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Bank & Quotation Section
Railway Earnings Section
VOL. 94
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City _Section
SATURDAY, FEBRUARY 24 1912
ix Thronicle.
NO. 2435
1Veck ending February 17.
C'Icartngs at-
PUBLISHED WEEKLY.
v.ipty
[19121 4
Terms of Subscription-rayable in Advance
$ --Jr.-
II
1911.
mps s %0.
Inc. or
Dec.
1910.
1909.
8
Chicago
277,386,681 248,574,949 +11.6 307,103,744 260.098,126
Cincinnati
25,506.700
25,306,700 +1.1
23,215,450 )8,994,100
Cleveland
.. z 19,310,011
18,341,101
+5.3
17,161,835
16,250,624
Detroit
20,774,824
17,450,820 +0.5
12,878,817
19,332,305
Milwaukee
16,365,185
15,586,208 +5.0
13,793,725
15,867,872
dlanapolis _ _ _
8,266.732
8.427.450 -1.9
8,383,002
9.687.097
Columbus
6,701,800
5,792,000 +15.7
5,578,300
4.985.500
Toledo
4.635.463
4.288,804
+8.1
3,937,571
3.131,734
Peoria
3,140,113
3,243,052 -3.2
3,151,308
3,614,580
Grand Rapids.-2,855,696
2,364,590 +20.8
1.957,231
2,937,532
Dayton
1,804,118
1,931,374 -6.6
1,913,324
1,548,416
Evansville
2,066,039
2,288,527 -9.7
1,839,561
2,268,767
Kalamazoo
679,591
578,337 +17.5
.527,817
Terms of Advertising-7rer Inch Space
597,140
Springfield, Ill
1,053,697
910,000 +15.8
848,828
991,080
Transient matter per inch space(14 agate lines)
Fort Wayne__
960,741
936,564 +2.6
807,354
1,030,287
$4 20 Youngstown
_
1,183,063
Two Months
(8 times)
1.143.162 +3.5
598,578
927,700
22 00 Akron •
1,179,000
(13 th)
936,700 +25.9
nes
Standing Business Cards
080,000
29 00 Lexington
827,200
1,161.695
Six Months
(26 times)
1,293,588 -10.2
570,312
875,401
50 00 Rockford
782,279
Twelve Months(52 times)
751,532 +4.1
514,390
635,686
87 00 Quincy
633,061
CHICAGO OFFICE-Pliny Bartlett,513 MonadnockBlock;Tel.Harrison
606,564
+4.4
505,184
732.574
4012. Bloomington__ _ _
758.212
551,222 +37.6
366,732
528,076
LONDON OFFICE-Edwards &Smith,1 Drapers' Gardens,
Canton
E. C.
1.270,815
999,759 +27.1
750,396
938,271
Decatur
592,732
WILLIAM B. DANA COMPANY, Publishers,
490,291 +20.9
425,784
500,612
South Bend.....
530,071
493,143 +7.5
412,965
562,641
P.O.Box 958. Front. Plno and Depeyster Sts., Now York.
Springfield, Ill _ _
455,619
474,088 --3.9
643,473
584.802
Jackson
495,194
300,000 +65.0
366,623
340,000
Published every Saturday morning by WILLIAM B. DANA COMPANY, Lansing
425,761
392,544
+8.5
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold
Mansfield
378,349
331,187 +14.2
(I.
286.787
Dana,
378,152
Vice-Presidents; Arnold G. Dana, Scc. Addresses of all, Office of the Company. Jacksonville, Ill_
322,427
388,612 -17.0
272,664
332,424
Danville
400,768
374,058 +7.1
287.376
:384.941
Lima
489,830
271,710 +80.3
188,816
241,725
Ann Arbor
173,412
CLEARING-HOUSE RETURNS.
144,228 +20.3
119,875
163,621
Adrian
27,996
55,907 -50.0
24,146
21,594
The following table, made up by telegraph, &c., indicates that the total Owensboro
520,469
542,828 -4.1
430,000
bank clearings of all clearing houses of the United States for week
ending
Tot. Mid. West . 403:378,147 366,561,618 +9.6
Feb. 24 have been $2,693,537,557, against $2,998,505,528 last week
368,284,291
422,568,156
and
$2,653.083,498 the correspondlpg week last year.
San Francisco_ _ _
48,958,272
42.867,209 +14.2
49,042,138
37.067,868
Los Angeles
22,249,135
18,200,000 +22.2
13,021,483
17,900,009
Seattle
Clearings-Returns by Telegraph.
9,592,747
10,148,886 -5.5
12,77.5,755
9,238,885
Per
Portland
ending
Week
11,054,550
Feb. 24.
1912.
9,993,647 +10.6
1911.
9,952,219
6,306,441
Cent.
Salt Lake City_
7,801,316
5,299,618 +28.3
6,957,279
5,380,559
Spokane
New York
4,366,460
5138,281.971 81.259.152,454
4,200,000 +4.0
4,932,509
3,314,517
-1.7
Boston
4,102,060
114,297,845
3,621,224 +13.3
98,797,810 +15.7 Tacoma
5,849,672
4,452,409
Philadelphia
Oakland
3,729,874
99,177.732
2,936,806 +27.0
96.022,871
3,314,845
1,820,057
+2.3 .Sacramento
Baltimore
1,405,152
1,359,027 +3.4
25,076,507
21,184,824 +16.6
1,251,928
747,956
Chicago
San Diego
2,328,089
1,384,179 +68.2
200,284,732
187,991,943
1,000,000
806,000
+6.5 Fresno
St. Louis
725,000
674,523
+7.5
51.054.635
53,493,325
685,260
456,265
-4.6 Pasadena _
New Orleans
_
• -899,813
12,680,093
791,896 +13.6
13,397,283
800,000
-5.3 Stockton
773,662
578,676 +33.7
501,626
435,020
Seven cities, 5 days
San
Jose
595,530
$1,740,859,575 $1,730,040,510
529,869 +12.5
373,993
563,377
+0.6
Other cities, 5 days
North
398,068
422,693,284
442,087 -10.0
400,927,618
318,210
531,667
+5.4 Reno Yakima _ _
236,034
226,337 +4.3
226,000
277,947
Total all cities, 5 days
$2,163,552,859 $2,131,868,128
Total Pacific_ 119,216,761 103,253,989 +15.5 117,242,231
+1.5
83,965,663
All cities, 1 day _
529,984,698
521,216,370
+1.7
Kansas City__ _53,455,641
52,161,845 +2.5
'1'nfill n11 ,.If I. frtr• wool:.
42,687.944
49,890,064
549 Allq K17 KM7
.29 nml nQA Anct
A_1 M
Minneapolis
19,1:18,953
•
18,106,430 +5.7
17,360,158
21,916,875
Omaha
18.125.042
13,454,258 +3.4.7
12,680,660
The full details for the week covered by the above will be
14,818,778
9,037,795
8,401,716 +7.6
10,053,752
8,350,897
urday. We cannot furnish them to-day, clearings being given next Sat- St. Paul
made
Denver
up
by
8,595,486
the
8,704,788
-1.2
9,212,876
clearing houses at noon on Saturday, and hence in the
10,456,193
above the last day of St. Joseph
7,742,420
7,563,862 +2.4
the week has to be in all cases estimated, as we go to press
6,882,283
5,389,076
Des Moines.....
4,118,890
3,586,946 +14.8
We present below detailed figures for the week ending Friday night.
3,531,703
4,291,928
with Saturday, Sioux City
2,675,790
2,238,337 *19.5
2,361,198
2,807,158
noon, Feb. 17 for four years.
Duluth
2,169,820
2,269,031 -4.4
2,484,239
'Wichita
3,313,845
_3,160,703 +5.2
3,050,000
1,850,000
Lincoln
1,618,225
1,285,355 +25.9
1,539,440
1,595,402
Week ending February 17.
Davenport
1,298,051
1,360,677 -4.6
1,108,841
1,343,813
Clearings alTopeka
1,541,669
1,533,811
+0.5
1,305,451
1.579,156
Inc. or
Colorado Springs.
687.732
676,246 +16.4
727,415
786,058
1912.
1911.
Dec.
1910.
1909.
Cedar Rapids- -009,904
1,010,819 -10.0
1,228,761
891,931
Pueblo
623,267
574,617 +8.5
627,567
607.779
$
$
%
$
Fargo
$
700,900
597,529 +17.2
606,856
482,689
New York
1,036,977,829 1,633,323,685 +0.2 2,236,699,540 1,751,044,341 Fremont
312,704
270,161 +15.7
372,641
Philadelphia __
333,537
137,499,515 139.480.363 -1.4 157,279,937 132,557,740 Waterloo
883,482
932,180 -5.3
1,100,000
Pittsburgh
45,146,572
43.839.095 +3.0
50,617,211
38.827.149 Helena
766,952
862,973 -11.1
940,074
818,129
Baltimore
37,070,720
33,254,079 +11.5
27,293,742
26,978,530 Billings
275,000
106,855 +157.2
160,251
164,135
Buffalo
9,781,526
9.231,813 +6.0
9,443,788
8,109,377 Hastings
203,314
131.105 +55.1
140.000
Albany
6.698,431
6,932,783 -3.4
6,500,291
5,524,711 Aberdeen
300,000
370.000 -18.0
Washington __
300,000
7,529,436
6,968,861
+8.0
6,695,250
7,088,265
Tot.0th. West' 138,494,882 129,350,244
Rochester
4,288,511
+7.1 137,102,182 111,763,526
3,837,930 +11.8
4,096,488
3,778,035
Scranton
2,582,672
2,420,971
76,531,511
+6.7
2,640,360
70,349,642 +0.2
2,227,811 St. Louts
67,443,525
01,272,913
Syracuse
2,470,837
New Orleans__
3,431,379 -28.0
23,789,459
2,452,861
20,145,286
+18.1
2,251,018
16,065,671
18,280,366
Reading
1,640,718
1,447,665 +13.0
18,383,889
1,528,509
17,112,948 +7.4
1,492,778 Louisville
15,357,548
15,071,433
Wilmington
1,441,865
Houston
1,689,354
18,774,391
14.7
12,512,271 +50.0
1,550,453
14,393,256
1,280,947
13,367,764
Wilkes-Barre _
1,221,542
1,354,512 -9.8
0,129,500
1,175,569
8,452,000 +8.0
7,678,000
974,776 Galveston
6,767,000
Wheeling
2,050,775
1,093,240 +2.9
9,176,769
1,756,556
7,544,432 +21.6
1,458,631 Richmond
7,804,016
0,473,229
Trenton
2,135,394
1,593,380 +34.0
Atlanta
15,106,453
1,699,863
12,771,052
+18.3
1,440,720
10,746,001
5,067,053
York
965,715
877,669 +10.0
Memphis
9,430,545
+34,1
918,647
6,187,781
7,032,911
805,121
5,044,501
Erie
879,797
737,056 +19.3
6,788,039
774,421
7,072,896 -4.0
6,358,499
6,479,868
598,588 Fort Worth _ _
Greensburg .....
524,429
938,144 +19.6
5,329,104
434,564
3,730,029
3,805,477 +36.5
428,640 Nashville
3,411,675
Binghamton
594,800
511,500 +0.5
Savannah
6,527,871
483,800
4,711,522
4,118,569 +53.5
504,400
2,747,962
516,892
Chester
437,206 +18.1
3,753,358
654,818
2,981,351 +25.9
2,665,689
475,779 Norfolk
2,341,664
539,800
Altoona
445,489 +21.1
2,955,683
496,362
2,392,241
2,551.515 +15.8
1,760,597
424,469 Birmingham __
1,081,295
Lancaster _
1,095,732 -1.3
Mobile
1,668,821
1,702,365 -2.0
1,384,996
1,225,297
Knoxville
1,963,017
1,724,625 +13.9
1,401,592
1,538,237
Total Middle.. 1,903,584,071 1,895,341,906 +0.4 2,515,198,045
Charleston
2,065,228
+13.0
1,818,503
1,618,147
1,982,261,826
1,279,702
Augusta
2,507,955
2,313,813 +8.4
1,935,379
1,540,372
Boston
171,394,022 156,270,289 +9.7 167,519,804
2,348,562
1,877,095 +25.1
7,701,756
158,070,539 Chattanoog
1,540,000
Providence
8,948,200
8,600,300 +4.0
Rock
Little
2,365,580
1,768,977
+33.8
8,619,600
2,013,197
7,345,000
1,450,937
Hartford ...
4,151,430
4,136,928 +0.4
3,410,000
2,929,942 +16.4
4,688,761
2,433,143
3,891,061 Jacksonville _
1,929,795
New Haven
2,601,294 +5.2
2,735,775
1,652,149
2,000,000 -17.4
3,171,998
2,487,032 Oklahoma
2,182,878
1,564,824
Springfield
2,827,937
2,308,403 +22.5
4,364,159
3,510,539 +24.3
2,275,000
1,892,149 Macon
1,050,000
722,715
Worcester
2,455,948
2,345,020 +4.7
4,150,710
2,700,000 +53.7
2,159,879
1,459,092
1,511,202 Austin
683,602
Portland
1,706,974 +13.3
1,933,288
327,976
375,847 -12.8
1.580,914
271,396
1,603,172 Vicksburg
369,045
Pall River
1,305,277 -10.3
1,170,090
Wilmington,
N.C
727,378
660,311 +10.2
1,002,765
485,206
1.272,314
382,897
New Bedford
1,058,899
971,727 +9.0
573,862
1,345,550
965.000 -40.5
420,000
810,071 Jackson
482,000
Lowell
624,845 -9.1
567,061
689,175
652,720 +5.6
450,949
420,300 Tulsa
Holyoke
523,350 +13.0
591,410
1,069,426
Muskogee
790,000 +35.3
511,086
440,229
Bangor
357,017 +22.1
436,977
Total Southern 235.560.630 208.34(1.177 +13.1 186,075,288 180,580.844
Total New Eng 108.271.037 181.757.454
Total all
8.505,528 2,884.0)5,283
U5
+9.1 193.321.296 171E549.069
+3.0.3,571.507,198.2,892.375.219
Note.-Foreanudlan clearings see "Commercial and Miscellaneous News."
Outside N.Y.. 1,361.527,699 1.251.281,598 +8.811,334.807,05811,141,330.878
For One Year.
$10 00
For Six Months
6 00
European Subscription (including postage)
13 00
European Subscription six months (including postage)
7 50
Annual Subscription in London (including pcstage)
22 14s,
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21 11s.
Canadian Subscription (including postage)
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Subscription includes following SupplementsBANK AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL(3 times yearly)
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512
THE CHRONICLE
"RAILWAY AND INDUSTRIAL SECTION."
A new number of our "Railway and Industrial
Section," revised to date, is sent to our, subscribers
to-day. In the editorial columns of the same will be
found articles on the following subjects: "Bridge
Building for Stress of Heavy Rolling Stock," "Increased Train Movement through Cut-Offs and Grade
Reduction," and "Negligence in Railway Accidents."
• THE FINANCIAL SITUATION.
The announcement the present week that the
Bankers Trust Co. of this city is to take over the
Manhattan Trust Co. will no doubt, because of the
concentration of banking capital and banking resources involved, give new vitality to the talk which
has been so prominent recently of a "Money Trust."
As has lately been pointed out by us, the "Money
Trust," of which our legislators profess to be so much
afraid, is simply a bugaboo. In the case of this latest
merger there were special reasons for a union in the
fact that with the opening of the gigantic new building now approaching completion at the corner of Wall
Street and Nassau,the two institutions were to be housed
in the same structure. Under the circumstances
there was nothing to be urged in favor of keeping the
two concerns separate and there were obvious advantages and there was obvious economy in combining them.
There can be no doubt that there has been great
growth in banking power in this country in recent
periods, and that many of the separate institutions
have been steadily growing larger and still larger. But
this growth and concentration follow inevitably from
the growth and development of the country itself.
Our banking institutions are infinitely larger and more
powerful than they formerly were because the United
States in its material advancement has risen to new
heights. In a new country with vast undeveloped resources, growth is necessarily faster than in the older
and settled countries, and banking facilities have to
• keep pace with the rapid expansion; otherwise, material progress would lag. Our financial leaders have
been alive to the necessities of the situation, and hence
it is that banking operations and banking resources
have been expanding in a marvelous way. Naturally,
such expansion has attracted attention, where, if the
growth had been more gradual, as in many other
countries, it would have received little notice and no
unfa,voralle comment. It is, nevertheless, well not
to lose our sense of proportions.
Demagogic politicians and sensational newspaper
writers take great "delight in grouping together ten or
a dozen of our larger banking institutions and pointing
out that, combined, they represent a banking power of
over a billion dollars. But why should any alarm be
felt over that fact? The remark might be made—and
with much more force than it was once applied to
excessive Congressional appropriations—that this is
a billion-dollar country and a billion-dollar age.
Large banking institutions and powerful banking combinations are a necessity of the times, and the United
States could not hold its own in the community of nations if its banking facilities did not expand commensurate with the expansion which is a feature of our
national life.
It is rather singular that the attitude of so many
critics in this country towards wealth and capital
should be so different from what is the attitude of
intelligent opinion in every other leading country of
[VoL. Lxxxxiv.
the world. These other countries take delight in
seeing banking facilities extended, and, so far from
large banking institutions being unwelcome, they are
regarded as an occasion for gratification and rejoicing.
But in the United States the shining lights in the political world profess to fear that injury may result to the
community from large aggregations of capital. The
fact is completely lost gight of that the larger these
institutions become the better equipped they will be
for responding to the needs of the community, and
that it is only through the misuse or abuse of their
powers that injury could result. Nothing need be
feared from the mere size of the institutions.
As a matter of fact, however, are our banking concerns of the huge and exceptional magnitude that we
suppose them to be? That they are larger by a great
deal than they formerly were we have already seen
is beyond dispute. In a matter of this kind, though,
it is wise not to let the vision be confined to the domestic horizon. How do our banks and banking institutions compare with those in other leading countries—
with Great Britain, for instance? The United States
produces more than twice as much iron and steel as
the United Kingdom, and many other operations here
also far surpass in magnitude those on the other side.
Do our financial institutions possess equal eminence?
London now is, and long has been, the financial centre
of the globe, and many Americans are hoping that the
time is not far distant when New York City will
wrest this leadership from the English centre. Yet
from the discussions in the political world and in newspaper organs that cultivate a taste for the lurid,
one might imagine that the dozen or more financial
institutions here which are able to show deposits or
resources of from $100,000,000 to $200,000,000
constituted something unique in the world of finance.
Unique they are in this country, but in Great Britain
people have become accustomed to banking institutions of vastly larger size. Nevertheless on the other
side no one seriously suggests the possibility of danger
to the mercantile community or to the national welfare
from the multiplication of institutions of such magnitude. We say "multiplication", because large banking concerns are vastly more numerous there than in
the United States.
We may mention among prominent banking concerns
in Great Britain Lloyd's Bank,which on Jan.31 had deposit accounts of £83,134,045 and aggregate resources
of no less than £95,702,746. The London County &
Westminster Bank at the same date had deposit accounts of £79,800,726 and resources of £95,004,857.
Reduced to dollars, this means that these two institutions hold banking resources of close to half a billion dollars each. For the two together the amount is
in excess of $950,000,000. The largest of our own
institutions still has a great way to travel before in
magnitude it will come anywhere near the two London banks referred to.
These two are the foremost institutions in Great
Britain (not including, of course, the Bank of England,
which, being a central banking institution, we leave
out of consideration), but there are others hardly less
striking in size. Thus, the London City & Midland
Bank on Jan. 31 had deposit accounts of £75,934,905
and resources of £89,485,603. This means in dollars 447 millions. Banks with deposits running
between $200,000,000 and $300,000,000 are quite
common over there. The National Provincial
of England reports resources of £69,056,556 and Barclay & Co. resources of £60,655,513. Among others
FEB.24 1912.]
THE CHRONICLE
513
tion of additional wealth, out of which new colonies of
millionaires will surely spring. In like manner the
banks are encouraged to extend their operations and
to add to their. resources and strength by the emission
of new capital or the absorption of other institutions.
Hence it is a distinguishing feature of Canadian progress
that the banks in their growth are keeping pace with
the growth of the Dominion itself.
—In Pounds Sterling—
The result is that with each succeeding year the
Total
Deposit
leading
Canadian banks are growing in size and a
Accounts, dec. Resources.
of them have reached very large dimensions.
number
1912—
Jan. 31
95,702,746 At the close of last month the Bank of Montreal re83,134,045
Lloyds
95,004,857
London County & Westminster.. _ _ 79,800,726
ported deposits of no less than $173,101,928 and the
75,934,905 89,485,603
London City & Midland
Aggre48,217,326 Canadian Bank of Commerce of $139,316,385.
38,752,267
Union of London & Smiths
date
that
at
39,033,603 47,287,511 gate resources of the Bank of Montreal
Parr's
Bank
42,353,629
Canadian
the
of
38,778,065
and
25
to
amounted $225,388,4
Capital & Counties
Dec. 31 1911—
of Commerce to $179,213,201. The combined assets
69,056,556
National Provincial of England--.. 62,891,548
the two institutions, it will be observed, exceeded
of
41,024,722
34,391,746
London Joint Stock
00. Not only that, but both institutions
$400,000,0
60,655,513
55,677,435
Barclay & Co
at work making further additions to
moment
are
at
the
District
Liverpool
Manchester &
29,417,501
23,497,271
their capital. The Canadian Bank of Commerce is to
Banking Co
take over the Eastern Townships Bank at the close of
Total 10 banking institutions.. _ _531,891,611 618,205,964
the present month. There are other large Canadian
In Dollars
banks which rank inferior only to these two preeminent
Total
Deposit
Royal Bank of Canada
Accounts, dec. Resources. concerns. For instance, the
$108,736,004. These
of
assets
reported
31
Jan.
on
Jan. 31 1912—
415,670,225 478,513,730 large banking concerns are serving to promote,Canadian
Lloyds
London County & Westminster.. 399)003,630 475,024,285 advance and progress. Why should the United States
379,674,525 447,428,015
London City & Midland
let large banking institutions spring up and
193,761,335 241,086,630 be afraid to
Union of London & Smiths_ _
them
195,168,015 236,437,555 flourish when our Canadian neighbors are finding
Parr's
material
own
their
promoting
in
211,768,145
useful
193,890,325
so helpful and
Capital & Counties
Dec. 31 1911—
growth?
National Provincial of England.. 314,457,740 345,282,780
But even in the United States it is not merely in
171,958,730 205,123,610
London Joint Stock
Street—that place so much dreaded by the legisWall
278,387,175 303,277,565
Barclay & Co
in New York City that large banking instilator—or
DisManchester & Liverpool
147,087,505
117,486,355
tutions are growing up. In the West, where banking
trict Banking Co
concerns do net cater to the so-called Wall Street
Total 10 banking institutions _2,659,458,055 3,091,029,820
interests, but where it is the custom to look most careafter the growing needs of the thriving communities
fully
of
these
resources
It will be seen that the aggregate
an
the backbone of the Republic on the other
,000,
form
that
$3,090,000
reach
ten British banking concerns
Allegheny Mountains, large banks have also
our
of
the
of
side
figures
The
each.
for
average of $309,000,000
a necessity,and some of these have already
City
found
been
National
the
which
of
s,
own large institution
Bank, with resources of $265,000,000, ranks first, pale reached dimensions where they are disputing for first
into insignificance alongside the vast resources of the position with the leading banks of the East. At the
British institutions. The average Englishman looks date of the last national bank call the Continental &
with pride upon the huge British banking concerns Commercial National Bank of Chicago reported aggrebecause they are a synonym of British strength and gate resources of $202,794,850, while .its allied instipower, and are the main element in the maintenance tution, the Continental & Commercial Trust & Savings
and promotion of Great Britain's vast foreign trade. Bank, held $27,070,702 more, making,roughly,$230,,
Why should we cultivate the notion that banking in- 000,000 together. We believe the National City Bank
stitutions one-half or one-quarter the size of those on of New York, which at the same date reported $265,the other side are a menace to our national welfare 845,697 of assets, is the only bank in the United States
and a detriment to the country's morals? Must we that can claim a larger total than this.
The First National Bank of Chicago on Dec. 5 had
not admit, at least on behalf of our radical politicians,
of $136,673,774, while the First Trust &
instituresources
banking
regarding
in
country
this
ideas
that
Savings Bank, which is tied to it, had $58,860,498
tions are, after all, somewhat provincial?
more, making over $195,000,000 together. Several
There is still another point bearing upon this question other large Chicago institutions might also be menof laige banking institutions in the United States tioned, though not quite of the same prodigious size.
which deserves to be noted. Some banks of great Under the continued expansion of the remoter sections
magnitude, in size hardly inferior to the biggest banks of the country, it is quite possible that New York may
in the United States, exist on the other side of the some day have to yield primacy to Chicago in the
Canadian border. Canada is a new country like the matter of large banks. In the meantime, why should
United States, and the Dominion's policy in securing any one feel concern over banking developments
the opening up and developing of its vast virgin re- in either city which are so clearly the outgrowth of the
sources, is perhaps the most enlightened ever pursued country's expanding activities, in a mercantile and
under similar circumstances in the world's history. financial sense, and the index and measure of the same.
The Dominion authorities are not afraid of having too
After patiently viewing the objections raised to
many millionaires. On the contrary, they are affording opportunities in all directions for the untold crea- Judge Hook and Secretary Nagel, President Taft has
may be mentioned Parr's Bank, with resources of.
£47,287,571; the Union of' London & Smiths, with
resources of £48,217,326, and the Capital & Counties
Bank, with resources of £42,353,629. In the following we show the deposits and resources for just ten
leading British institutions, giving the figures first in
pounds and then in American dollars on a basis of
five dollars to the pound.
514
THE CHRONICLE
nominated Chancellor Mahlon Pitney of New Jersey to
succeed the late Justice Harlan on the Supreme Court.
The Chancellor is in the vigorous prime of life, as measured against the traditions, having just passed his
fifty-fourth birthday. He. has served two terms in
Congress, and his judicial experience is also ample. If
his face, as shown in the newspapers, may be trusted,
he is a man of reasonableness, dignity and refinement,
and the appointment promises to help maintain the
high standard of the highest Court.
Conformably to the bad rule which has gradually
become fixed, that the President is the titular and
responsible .head of his party and must see that it
receives no detriment, we must suppose that Mr. Taft
has taken somewhat into account the exigencies of the
year and has sought to smooth differences and promote
party harmony; yet he has plainly taken his time
about it, and the selection is by deliberation and not
by impulse. He has evidently sought to meet—what
it would be impossible for him to treat lightly—the
importance of the selection and the paramount obligation to keep the Supreme Court up to the highest level.
The choice seems to elicit only expressions of satisfaction, thus far; but it is, at least, not a personal one in
the sense that the Presidential predilections have
weighed above fitness. Of all duties devolving upon
the President, judicial appointments should be, kept
farthest from influence through personal agreeableness
and "following." In this Mr. Taft obeys the obligations of duty, according to the old standards.
VOL. Lxxxxiv.
and maintain institutions of culture for themselves,
must wait, Meanwhile, let the most advanced orator
admit that capital has its extenuations.
An English friend writes to express his appreciation
of the "Chronicle", after reading it regularly for thirteen years, and his indebtedness to it for assistance
in clear thinking on economic and labor problems. He
encloses a communication of his own in the "Spectator," on labor unrest, the key note of which is that
labor unrest and "hooliganism" are the natural and
inevitable result of the humbugging of voters by politicians in every country. It is uncertain what country is worst in this respect. We Americans find that
denunciation of wealth as predatory and of property
as virtual robbery are at present the most taking of
appeals to that public opinion which is superficial and.
therefore most quickly impressible. In Great Britain,
Mr. Lloyd-George is spokesman and leader of an unmistakable movement to help the poor by taking from
the rich.
Uplift and social reform and betterment for the
common people are all catchy phrases, but our English friend says that "social reform" can be spelled_
with five letters—"t-a-x-e-s." Precisely so. Pensions, national insurance and all the other schemes are
so many devices for scattering more largess, which requires more revenues, and in turn means more taxes.
The politician of the hour is never a deep thinker;
he does not need to be. Present popularity being his
Mr. Francis L. Leland, President of the New York
County National Bank, has made the all-unexpected aim, it is his cue to foster pleasant delusions and promgift of 1,200 shares of the stock of that bank to the ise that they shall be realized. The politician is now
Metropolitan Museum. The stock stands so high in as he was in the first century, and even earlier. The
market value that these shares are at present worth agreeable thing is still the popular thing, for people
almost a million, and the income from them will ap- still say "prophesy not unto us right things, speak
proach $50,000. The gift is wholly without conditions, unto us smooth things." Nor does taxation appall
and it is presumed that the principal will be left to the many, because it is so easy to imagine that others
stand intact and the income will he used for the will do the paying.
The drift in the last twelve years has been more
purchase of more works of art. This notably large
donation is one of the four largest which have come to and more to the notion that government is instituted
the Museum and is the largest during the lifetime of a to do things for the people, the very latest suggestion
donor.
being that it should now make itself the universal
eyond the due personal acknowledgement, the first foster-father and take children from their parents.
suggested comment is that this is one more cumulative The fallacy in all this movement is so elementary that
evidence that men of wealth aacept the doctrine that one feels almost humiliated in pointing it
out again
they are really stewards of a responsible trust, and that and again. Government is merely an
imperfect huthey owe a mdral obligation to the mass of the people. man instrument, never
above the average level of
They do not need philippics from orators of the people, the people
and often temporarily a little below that.
for they show that they have reason and conscience of It
was founded merely to hold in check the strong arm
their own. Further, they give cumulative evidence
which originally decided everything and to secure
that the comparative lack of the civic spirit in New
to each individual the right of full play for his own
York is diminishing.
individual exertions on his own behalf. A few necesAnother suggestion is that wealth has its advantages,
with respect to what the people may derive from it. sary public functions have been added from time to
As an academic proposition, perhaps, it is a more time, because these could in their nature be handled
ideal condition that a thousand men have put by a only by the people collectively; but every step taken
thousand dollars each than that one man has a beyond those involves hazards, the chief of which is
million; the trend of much talk nowadays is that the that the process grows by what it feeds upon and there
one man has somehow or other wrested his million is no definite stopping place for it.
Government is unintelligent, ineffective, unjust and
from the others and it ought to be divided, thereby
wasteful
compared with private work. The worst
raising the sum of hu'van well-being. Well, he does
divide voluntarily, and he does it more and more. thing it can possibly undertake is just that to which
But public institutions must look for their endowment the drift has been moving; enforcement of a wholly
on any large scale to the few, not the many; the misunderstood "equality" among men, the insane dealternative to large gifts would be to impose them as lusion that it is unfair that one should possess more
a tax to be borne by the whole people;for the socialistic than another, and that human happiness can be secured
dream of a "common good" so compelling and a by having government pass laws and direct
prosecubrotherhood so masterful that the people will found tions to the end of making all men good
and happy.
I'm 24 1912.]
TIIE CHRONICLE
The natural evolution is the other way; government
cannot improve men, but men may improve government by slow degrees, as they improve themselves.
Certainly, there is nothing to be done about it. The
laws of the universe and the principles of life will have
their way. The millennium cannot be rushed in.
Persons who think calmly must exercise patience and
wait for delusions to cure themselves.
The Transvaal starts the year 1912 with a new high
monthly record of gold production, although the
daily average made in November of last year still
stands unexcelled by a narrow margin. The yield for
January 1912, as cabled, is 737,060 fine ounces, or
a daily average of 23,776 .fine ounces, whereas the
per diem output in November was 23,991 fine ounces.
A year ago (in January 1911) the daily average was
only 21,001 fine ounces and in 1910 reached 19,399
fine ounces. In connection with this latest return
from the Transvaal, a recent communication on the
labor question in the "Pall Mall Gazette" (London)
possesses more than passing interest. We have'noted
at times the competition between the mining and agricultural interests for any available labor, and the correspondent's letter indicates a possible solution of
the question. Stating that the South African Government is showing itself keenly alive to the difficulties of the situation, the writer remarks that the question of the introduction of 100,000 laborers from one or
other of the cheap European labor markets (Italy,
in fact) is being discussed, and that semi-official inquiries have been made with a view of testing the
possibility of supply. There is no doubt that such a
move as outlined would largely, if not wholly, solve
the labor problem of South Africa; but the idea is not
entirely new. It transpires that the suggestion to introduce Italians (known as good and capable workers)
Into the mines was made prior to the importation of
Chinese, but was not adopted, owing to the fear that
with a colony of Europeans at the mines of a different
nationality from residents on the Rand, complication might arise which would prove difficult of settlement. The'Transvaal Chamber of Mines, moreover,
in 1903 was the recipient of offers to supply Italians,
Finns, Hung, Russian Jews, &c., but none were acceptable. It does not necessarily follow, however,
that some such move now would not be successful.
The Lawrence (Mass.) strike situation has been
steadily improving the last tWo Weeks. Since We last
wrote, on the Subject (Feb. 3),the Ideal authorities,
assisted by the militia, have been able. to Inaintain
order, and the security thug afforded has influenced
many who struck throngh. fear to return to work.
Early in the month stateiii6Uts were made that efforts
.would be directed toward .extending the strike to other
localities, but there is no evidence whatever of the
likelihood of any success in that direction if attempts
Iv'ere really made. There were also 'reports Of the
intention of the strikers to hold out for their 'original
demand for. a 15% increase, with double pay for overtime and the abolition of the premium systeM. Latterly there has been little heard of the Wage qtiestibn,
and,beginning with the 13th, the number retUriiing to
work has been steadily increasing.
On Monday of the current week there were many
complaints that pickets were holding up operatives
returning to work, worrien being utilized for picketing
515
purposes; but there was no serious disorder. As showing the status of affairs at this time, an authoritative
statement was issued on Thursday that of the mills at
Lawrence affected by the strike one (a small one) is
operating at full capacity and the others have from
25 to 70% of the required labor force. It is further
stated that of the 22,000 operatives in the mills before
the strike, 12,000 are now at work, 3,000 have left the
city and between 7,000 and 8,000 are still out.
Aside from the trouble at Lawrence, there have been
no strikes worthy of mention in Massachusetts mills as
a result of the going into effect of the new 54-hour
law. Some operatives struck at Fall River, but the
number was few and as a rule they quickly returned
to work when it was found that their action would be
futile.
Our January compilation of building statistics covers
returns from 123 cities and indicates contemplated
expenditures of $46,639,035., against $53,136,686 in
1911, or a falling off of 12.2%. Compared with 1910,
there is a decrease of 6% and With 1909 a loss of
12.6%. Contrasted with 1909 and 1908, large gains
are found. As regards the individual cities,76 report
smaller totals than last year and 47 heavier. Greater
New York, furnishing as it does close to one-third
of the combined total, attracts first attention, and
there we find an important decrease. But that decrease is due entirely to a let-up in operations in the
Borough of Manhattan. In fact, as against a decrease
there of $6,723,527 (comparison being between
$6,947,250 and $13,670,777) the estimated outlay in
the Bronx advanced from $609,600 to $3,337,930,
and in Brooklyn from $1,136,765 to $2,057,947.
Queens, however, discloses a falling off $887,740 this
year,contrasting with $1,841,591 in 1911. The total
for all the boroughs in 1912 is $13,230,867, against
$17,258,733 a year ago—a very noticeable falling off.
Comparison with 1910 reveals a small gain ($555,806)
but there is a loss of 2% millions from 1909.
Outside of New York, due to the inactivity in the
Eastern section of the .country, there is a. moderate
diminution in the contemplated outlay for construction
—$33,408,168,contrasting with $35,877,953 in 1911—
and there is a decrease of practically 23/2 millions from
either 1910 or 1909. At individual cities, of course,
wide variations in the Percentages of increase or decrease are to be found. Among some of the smaller
municipalities where really few dollars Mean a phenomenal change, there are percentages Of, gain running
up'into the thousands. But the larger cities, as a
exhibit decreases; Chicago, for example, reports a
total of only $1,999,300 this year, against $3,143,200
in 1911)Philadelphia $1,265,020 against $2,597,460,
Washington $757,954 ana $1,278,952, Detroit $602,285
and $1;249,800, Cleveland $328,107 and $564,122.
Cineinhati,$195.,045 and $545,350, Memphis $252,170
and $846,725, Newark $589,401 and $938,691, Pittsburgh $256,359 and $594,065 and New Haven
$391,183 hnd $1,012,325. On the other hand, such
cities as Boston, Baltimore, Buffalo, Los Angeles, New
Orleans, San Francisco, Seattle, St. Louis, Tacoma,
Dallas,and a number of smaller municipalities,report
increases.
Considering the returns by sections; 9 cities out of
13 on the Pacific Coast report increases, with the
total for all $7,425,018, against $6,495,589 a year
ago; most of the municipalities in the "Other Western" group also show increases. In the South., while
a majority of the cities, including Memphis and Bir-
N.
516
THE CHRONICLE
[VOL. Lxxxxiv.
mingham, report losses, these are more than offset by
gains at such points as New Orleans, Jacksonville,
Little Rock, Norfolk, &c. On the other hand, for the
New England group the outlay arranged for in January
1912 was only $5,991,588, against nearly seven
million dollars in 1911. The Middle division makes
an even less favorable exhibit, recording only $5,990,837 (not including New York, of course), against
$7,905,445. Finally, the Middle West makes the
poorest showing of all, twenty-four cities furnishing a
total of contemplated outlay of only $4,316,472, or
2A
1 millions less than in 1911.
Canadian building operatic ns continue of unprecedented extent. Of the twenty-six .cities reporting
comparative figures for January, but six exhibit decreases, and only in the case of Vancouver and Montreal are they of mentionable amount. On the other
hand, at Toronto, Hamilton, Ottawa and Fort William
in Ontario; Winnipeg in Manitoba; Edmonton and
Medicine Hat in Alberta; Regina in Saskatchewan, and
Victoria on the Pacific Coast, the gains are very large.
Altogether, for the twenty-six cities the outlay arranged for in January 1912 reached $3,884,403, against
$3,197,332 in 1911, or an increase of 21.5%.
Nel Ospina, the Colombian Minister at Washington,
sent a note to Acting Secretary of State Wilson,
intimating that Secretary Knox's proposed visit to
Colombia "is inopportune." The Minister explained
that he was acting on his own initiative in making the
suggestion, and that he would ask his Government for
definite instructions. He based his action on the
failure of the State Department to make a reply to a
diplomatic note which he submitted to the Department
about three months ago'requesting the arbitration of
the pending questions between the United States and
Colombia. The Colombian Government, according to
dispatches from Bogota, has promptly recalled its
Minister from Washington, and this is considered a
distinct disavowal of the Minister's action. If an invitation from Colombia now follows for Mr. Knox to
visit the republic, there can be no doubt that it will be
cordially accepted. One of the, questions of dispute
between our country and Colombia relates to the
boundary line between Colombia and Panama which
has been unsettled since the secession of Panama from
Colombia in 1903. Secretary Knox sailed from Key
West yesterday morning and his trip will probably
extend well into April.
Conditions in Mexico show no indication of direct
improvement. South of the Rio Grande the situation
is such as to cause much uneasiness in official circles in
Washington. Thus far the revOlution does not appear
to be a concerted national uprising, but is being carried
on by independent rebel bands and desperadoes using
the garb of revolution for their personal aggrandizement. Of course every day thq Madero Government
finds it impossible to put down this chaotic state of
affairs makes the task all the greater. President Taft,
as is well known, is fully alive to the exigencies of the
situation, though'American troops have not been
• massed along the border line in the same numbers as
was the case about a year ago. An evidence of the
growth'ef the revolutionary movement is contained in
a public declaration by Emilia Vasquez Gomez, a
leader in the revolution through which Madero gained
the Presidency, that he will accept the provisional
presidency "in ,case the rebels succeed in forcing
Madero froni the national palace."
Up to this time no foreign country, so far as has been
reported, has•specifically demanded protection by the
United States Government for its citizens in Mexico,
although complaints have been made to Mr. Bryce, the
British Ambassador,of robberies on the property of a
big English corporation, the Sonora Mexico Land &
Timber Co., Ltd., at Yzabal, Sonora. A cable from
Toulon quotes an interview with Porfirio Diaz, the
former President of Mexico, stating that the followers
of Madero believed that if they made him President
the haciendas would be partitioned among them and
they would soon enjoy an era of great prosperity.
When they found that Madero could not do this, they
became disgruntled and the present revolution resulted. If Madero attempted a dictatorship, Diaz
said., both the army and the ,people would forsake
him. The fragmentary reports received from various
sections of Mexico indicate a disturbed condition over
a large area of the country.
• British trade and industry are greatly concerned
over the complete stoppage of coal production that is
threatened. Unless some new arrangement is concluded before Feb. 29, all the miners in the Welsh and
Scotch districts will cease work and a protracted test
of endurance will begin between labor on the one hand
and employers on the other. This contest will by no
means he confined to the coal trade, but will promptly
spread to all the many ramifications of industry that
are dependent upon coal for power. Already "notices"
have been very freely given in the iron and steel and
similar industries that the works will close down as a
result of the prospective scarcity of fuel. Not alone
will British manufacturers be affected; it is not
unlikely that the Continental industries that use the
Welsh and Scotch coal so freely will be forced to
restrict their output.
A coal strike at this time would be particularly
Unfortunate, since trade in Britain and in the leading
Continental countries is so particularly active. The
Asquith Government,recognizing these riousness of the
situation, has taken the matter up and is endeavoring
to secure a compromise. Latest cables suggest that
some measure of definite success is attending their
efforts. The first point that the Government is striving for is to secure a postponement of the conflict with
a view of permitting the entire matter to be discussed
calmly—under conditions that, to quote one London
correspondent, "are not sultry." According to the
"Daily Telegraph" of London, Premier Asquith at the
separate conferences—one with the miners and the
other with the mine-owners—that were held at the
Foreign Office on Thursday, proposed: "First, a postponement of the date of operation of the strike notices;
second, that the owners should admit the principle of a
minimum wage; third, that negotiations should ensue
to settle the amount of the minimum wage." It is on
the minimum-wage question that the dispute is primarily based. The agreement,which expires on Feb.29,
provides what is known as a sliding scale of wages
based on the price of the coal. The men are willing
to continue the agreement if the satisfactory minimum
rate be established to cover prices when they are low.
The mine-owners refuse to make this change. The
miners offered no substantial objection to the Premier's
A rather unfortunate incident has marred the beginning of the visit of Secretary Knox to certain Central
and South American republics and to various points
in the West Indies for the purpose of promoting
more friendly relations. Last week General Pedro
F.24 1912.]
THE CHRONICLE
suggestion for a delay,and some of the owners also
concurred. But the South Wales owners refused to
listen to the request for a postponement on the ground
that it would only result in further disorganization of
trade Nevertheless, the coal owners have appointed
a committee to hold further Conferences with the
Premier and his colleagues and the miners' representatives have been invited to have a committee meet the
Premier and his colleagues when the National Miners'
Conference opens in London on Feb.27. If postponement can be secured as a first step, it is not improbable
that a fairly permanent adjustment of the difficulty
may be reached, for the Government is exerting considerable pressure upon the owners by the intimation
that it, itself, will undertake the operation of the mines
as a national necessity. On the other hand, the
attitude of the Asquith Government towards labor has
been such as to create confidence that if the miners
put their grievances in the hands of the Government
for adjustment they will not be placing them in unfriendly hands. There is a distinct intimation in the
London cables that the mine-owners are taking advantage of the present strained situation to dispose of their
large surplus of coal at the present panic prices and
that after this has been accomplished,they will show a
much greater disposition to meet the views of the
Government.
In China affairs are progressing in the way so characteristic of Chinese negotiations. The important point,
of course, is that the Throne has definitely passed out
of Chinese affairs. But now the period of reconstruction and re-adjustment must be faced. Yuan Shi-Kai,
the Premier under the Manchu regime, in a telegram
to the Nanking Government, formally declined the
• Presidency; but Shanghai cables suggest that this is
merely a display of "Chinese politeness" on the part
of the former Premier. In fact a contemporaneous
cable from Peking gives an interview with Yuan in
which he says: "Owing to lack of experience, the
Republican Government will make many errors. Having been elected President of the Republic,I will undertake the task." The main contention at the moment
appears to be the selection of the ctpital. Thus far the
new President has refused to go to Nanking for the inauguration. The situation in Manchuria is causing him
much concern as foreign intervention—supposedly by
Russia or Japan—is threatened if control is relaxed.
Foreign open market discount rates show no special
indication of a general easing up in the money situation
abroad, though London at the extreme close was distinctly easier. The demand for gold for India was the
present week on a reduced scale, and if, as now appears
probable, Argentina's requirements for the precious
metal are to be financed largely through New York,
the Bank of England's gold item will be gradually
replenished from the weekly offerings of new South
African gold. In that event it is possible the Bank
may in the near future further reduce its minimum
discount rate in order to aid the general money situation. Much depends, of course, on the progress that is
made before the first of March in adjusting the coal
labor situation. If work is suspended at the mines, a
condition is not unlikely to be created that will quickly
spread to mercantile and industrial channels. Revenue collections are now in full swing in Great Britain,
though the payment of Treasury bills as they mature is
serving to release the funds back to the market.
To-day (Saturday) £3,400,000 six months' Treasury
S17
bills mature and will be paid. Private London dis4% for
counts as reported by cable yesterday were 3.3
sixty days' bankers' acceptances spot and 3 5-16% to
arrive. For ninety days the closing rates were
3 5-16% spot and 33/% to arrive. A week ago sixty
days' acceptances were 3 7-16% spot and 39/% to
arrive, and ninety days' were quoted 3 5-16% and
314%, respectively, for spot and to arrive. Paris
rates were yesterday. cabled at 2 15-16@3% for all
maturities, comparing with 2 15-16% a week ago.
Berlin discounts, on the other hand, were firmer, at
334% spot and 4% to arrive, for all maturities. comparing with 39% for spot and 3%% to arrive a week
ago. Brussels remains unchanged at 3 7-16% and
Amsterdam is H% higher at. 3%%.
The weekly statement of the Bank of England, as
cabled by our special London correspondent, indicated
an increase of £675,442 in gold coin and bullion
holdings and the reserve registered a further expansion
of £696,000. The proportion of reserve to liabilities,
however, is only 48.64%, against 51.24% last week.
The market was a borrower at the Bank of £3,898,000.
Public deposits, representing very largely revenue
collections, were increased by £3,940,000, but this item
will be modified by the payment of £3,400,000 of
Treasury notes which mature to-day. The bullion
item of the Bank now stands at £39,904,969. comparing with £38,197,152 at this date last year and
£36,632,803 in 1910. The Bank is riow in an exceptionally strong position and a further decline in the
discount rate is• expected in the near future. Our
special correspondent furnishes the following details
of the gold movements into and out of the Bank for
the Bank week: Imports, £479,000 (of which £14,000
from Australia and £465,000 bought in the open
market); exports, £445,000 (of which £295,000 to
India,£100,000 to Egypt and £50,000 to Java) and receipts of£641,000 net from the interior of Great Britain.
The weekly statement of the Bank of France on
Thursday registered an increase of 38,475,000 francs in
the gold holdings, following a gain of 12,400,000 francs
the week preceding. This suggests that the gold
shipped from this country during the early part of the
month has lodged in Paris, and that if the exportations
from this side were connected with gold transferred to
Italy, the American movement was intended to reimburse the Bank of France for shipments previo aisly
made. The total holdings of gold in the Bank now
aggregate 3,236,075,000 francs. comparing with 3.263,000,000 francs one year ago.and 3,483,675,000 francs
in 1910. Silver holdings this week increaged 9,675.000
francs and general deposits increased 82,225.000
francs. All the other leading items were decreases, including 68,600,000 francs in circulation, 55,350.000
francs in bills discounted, 17,875,000 francs in Treasury
deposits and 9,150,000 francs in advances.
Lenders in New York are still maintaining a rather
confident attitude. But the demand for money for
industrial, mercantile and speculative purpose, unquestionably remains backward. Banks and other
financial institutions are, however. investing freely in
short-term railroad and other obligations, a:ni the
month of February, as was the case with its immediate
predecessor, will prove to have been one of marked
activity in the distribution of new capital issues by
railroads. Nevertheless, with the current tendency
toward continued restriction in trade and industry,
there are no indications—in fact no expectations in
518
THE CHRONICLE
usually broad-visioned banking circles—that the
money situation at New York during the next few
months will show any distinct trend towards definite
strength. Stock exchange speculation at the moment
is so completely dull that there is virtually no demand
for funds in this usually permanent channel. Mercantile and industrial activities are so fully adjusted to a
basis of day-to-day requirements that the demand for
funds in this direction also is much below normal and is
hardly likely to improve very much until the political
situation shows signs of clearing and tariff legislation
has progressed sufficiently to permit manufacturers to
proceed on broad lines. We must, therefore, wait
until the late summer and early autumn for the first
important and sustained demand from home sources,
namely for the demands for financial facilities for the
crops that, with the exception of the winter grains,
have not yet been planted. The currency movement is
no longer strongly in this direction, and we are not
unlikely to have in the near future the usual seasonable
demand from New England and from the South for
currency to purchase cottonseed and to finance Southern planting generally. But this will not be of sufficient extent to affect materially the general monetary
situation.
It is to the foreign markets, therefore, that our banks
must have recourse for any active use for their funds.
Fortunately, the demand in this direction promises to
continue quite free unless the coal labor situation on
•the other side should strike a staggering blow at the
unusually active and profitable trade conditions that
exist in Great Britain, France and Germany. London
and Berlin were reported bidders this week for money
in the New York market. We have taken occasion to
investigate these reports and we find the facts to be less
striking than might appear. It is quite true that loans
to London and Berlin by New York banks and bankers
have been increased this week and it is true also that a
demand from both these centres has been current.
But neither London nor the German centre has been
"bidding for money in New York" on a large scale.
It has, in fact, rather been a case of New York offering
funds in London and Berlin at terms that under the
conditions now existing in those centres were found
attractive.
Another foreign demand that is appealing to
the New York money market is Argentina's gold
requirements. For the week ending last evening the
engagements of the precious metal for Buenos Aires
reached a total of $3,250,000, of which all has been
shipped with the exception of $750,000 arranged for
by the National City Bank to go forward in the first
week of March. The exportations comprised the
following items: On Saturday $750,000 engaged by the
National Bank of Commerce, to which was added an
additional engagement of $350,000 by the same bank
on Monday. The National City Bank on Monday
engaged $300,000, Goldman, Sachs & Co. $250,000,
and the Anglo South American Bank $250,000. On
Tuesday L. Dreyfus & Co. arranged at the SubTreasury for a shipment of $600,000. It is expected
that a steady demand for gold for Shipment to Argentina will continue during the next few weeks.
Call money this week has covered the same range as
last, namely 2@2%, while the ruling rate of 214%
which was current last Friday has continued all this
week without change. To make a record of the dayto-day rates, it may be said that the highest and lowest
figures on Monday were 2%% and 214%,on Tuesday
they were 23'2% and 2% and on Wednesday 2317
0
Lxxxxiv.
and 2%. Thursday was a holiday (Washington's
Birthday), and on Friday the range was 2@2%%,
with, as already noted, 214% the ruling figure.
Time money is firm in tone, though still in restricted
demand. Closing quotations in some instances were
fractionally higher. They follow: 2@2 % for 60
days (unchanged from last week), 23
4@3% for 90 days
(unchanged)., 3@33'% for four months (against
3%) and 33I@3Y2% for five and six months (against
/
1%). Mercantile paper shows no important
3@31
expansion in the supply, though, as is the case with
time money, lenders are assuming a more indifferent
attitude. Closing quotations are unchanged at 3M@
4% for 60 and 90 days' endorsed bills receivable and
also for four to six months' single-name bills of choice
character. Others are quoted at 432%.
Sterling exchange has, not unnaturally, been
influenced by the renewed borrowings by London and
Berlin at this centre. The firmness in rates quoted
at the close last Friday continued throughout the week
until Friday when a reaction of about 10 points
occurred, and while quotations are still well below the
figures at which it is usually estimated that the
precious metal can be sent abroad without loss, the
prospects of additional exportations direct to the
Continent are not considered poor. This is not
connected so much with obligations resulting from
the movement of either securities or merchandise.
It is merely due to the better demand for funds
abroad than at home and the probability that
our bankers will find it desirable to re-enforce by
actual shipments of gold the credits they have been
extending abroad. Of course the situation could
easily change almost over night. Should, for instance, the proposed strike of the Welsh and Scotch
coal miners develop on anything like the • scale the
labor leaders threaten, British industry, for the time
being at least, would become paralyzed, and it is
not at all improbable that the necessary curtailment of
coal exportations would cause some degree of restricttion of industrial activity on the Continent. Probably
the most effective reason for the steady day-in-andday-out demand for money abroad is the exceptionally
active trade conditions now existing in Great Britain,
France and Germany. This activity necessarily
requires banking facilities and the money market is
accordingly called upon to meet more than ordinary
demands. Including $750,000 engaged last Saturday,
the week's shipments of gold to the Argentine have
aggregated $2,500,000. In addition $750,000 have
been engaged to go forward to the same destination
the first week in March. These shipments are for
practical purposes equivalent to a direct movement
to London or Paris, since they are but very slightly
connected with any merchandise imports of our own
from Argentina. It is not entirely accurate to say
that they are made on either British or French account,
for London and Paris do not wire to banks on this
side to ship specific amounts of gold on their account
to the South American republic. The entire transactions are governed by the price at which Buenos
Aires can obtain the precious metal laid down at
that city. The credits, as a rule, are in London or
Paris, and the final consignees of the gold use the
cable to obtain bids for the transfer. Thus London,
Paris and New York bid against each other for the
business of making the shipments and at the present
time the conditions affecting these three centres are
such that New York is able to name terms most
FEB. 24 1912.]
THE CHRONICLE
519
advantageous to the Argentine Republic and is thus
shipping the gold. Of course, our New York banks
THE NEW RADICALISM.
are paid with the gold by exchange on London or
Mr. ROOSe elt's speech of Wednesday to the Ohio
Paris. The transactions, therefore, it will be ob- Constitutional Conve
ntion at Columbus had been
served, are equivalent to direct shipments to Europe. awaited with
a curiosity excited partly by expectation
Another strengthening influence on our foreign that some new
light might be thrown on the speaker's
exchanges was the offering of the American allotment attitude towar
d political and social problems of the.
of $10,000,000 of the new Tokyo municipal loan in this day, but chiefly,
so far as concerned the majority of
market,the proceeds of which will, of course, require newspaper reade
rs, for disclosure of his intentions int
remittance.
the impending Presidential campaign. In this Niter:
Compared with Friday of last week, sterling ex- regard, little
or no fresh light was thrown upon the
change on Saturday was firmer, with demand quoted question. No
declaration of a purpose to run or not
at 4 8735104 8740, cable transfers at 4 8770@4 8775 to run for
President was made.
and sixty days at 48430@4 8440. On Monday
The occasion, to Le sure, did not call for such
declararates ruled firm and closed unchanged from Saturday's tion; the
gathering having the duty solely of considerfinal figures. Selling by speculative brokers caused ing changes
in the constitution of a State. Yet Mr.
a decline of about 10 points at the opening on Tuesday, Roosevelt's
specch did indirectly give plain intimation
although later the 'market recovered and advanced that if, throu
gh any combination of circumstances, he
on renewed borrowing of American funds for European were to be nomin
ated for the Presidency, it would have
account. Closing quotations were 4 8740@t4 8745 for to be either
as candidate of an independent party made
demand and 48775@4 8780 for cable transfers; sixty up largely of
the fragments of the old Populist faction,
days ruled unchanged. Sterling was slightly firmer or else as
candidate of a Republican Party which had
on Wednesday on higher discounts at London and a deli erately
and knowingly repudiated the principles
continuation of the European demand for funds of its own
past history and the teachings of all its own
here; at the close cable transfers were 4 8775@4
8780 great leaders.
and demand 4 8745@4 8750; sixty days were still
We do not propose to indulge in political predi
ction,
quoted at 4 8430(0 8440. • Thursday was a holid
ay. which is always futile and unprofitable at this period
On Friday, after a firm opening the market declined of a Presi
dential year. But the Columbus speech is,
about 10 points, reflecting the easier money situation neverthele
ss, an incident which deserves some examinin London. The close was 4 8430@4 8440 for 60
days, ation, because of the possible bearing of doctrines thus
4 8735@,4 8745 for demand and 4 8770@,4 8775
for enunciated on the character of the campaign, whoever
cables. Commercial on banks was quoted 4 82,74@, is nomin
ated for President. That Mr. Roosevelt's
484 and documents for payment 4 835
/
(
3 0 843. speech was radical surprises no one. In his so-cal
led
Cotton for payment ranged from 4 831
4 to 4 83%; "New Nationalism" speech of 1910, he under
took to lay
grain for payment from 4 84 to 4 843.
down the law and prescribe the political progr
am of the
American people in a way which marked an
absolute
The following gives the week's movement of mone revers
al of political principles recognized by both
y
great
to and from the interior by the New York banks.
parties.
That speech was delivered under the influe
Received by
Shipped by
Net Interior
nce of a
Week ending Feb. 23 1912.
N. Y. Banks. N. Y. Banks.
Movement.
personal ovation which the speaker had recei
Currency
ved on
$8,503,000
$6,336,000 Gain $2,167,000 his
Gold
return from Europe, and was proclaimed in
1,974,000
1,064,000 Gain
910,000
a tone
Total gold and legal tenders
$10,477,000
$7,400,000 Gain $3,077,000 and with an emphasis which clearly indic
ated the
orator's belief that the American people were merel
With the Sub-Treasure operations and gold expor
y
ts waiting to hear from him in order
to formulate their
the result is as follows:
own opinions. The response of the people at
the
November elections of that year was scarcely
Into
Out
of
Net
Change in
Week ending Feb. 23 1912.
such
as
Banks.
Banks.
Bank Holdings.
to encourage such an inference. The candidates
Banks' interior movement as above_
$10,477,
whom
000
$7,400,0
00
Gain $3,077,000
Sub-Tress. oper. and gold exports__
18,100,000
27,030,000 Loss 8,950,000 he personally supported went
down almost invariably
Total gold and legal tenders
$28,577,000 $34,450,000 Loss
S5,873,000 in defeat; the candidates whom he most
violently
opposed were triumphantly elected. •'
The following table indicates the amount
of bullion
A long spell of silence followed, as was not unnat
in the principal European banks.
ural;
but such prolonged abstention from public utter
ance
is
Feb. 22 1912.
Feb. 23 1911.
Banks of
ordinarily bound, in the case of a temperamen
t like
Gold.
i Silver.
Total.
Gold.
Silver.
Total.
Mr. Roosevelt's, to result in far more
radical and
X
X
X
England._ 39,904,969
viole
nt declarations when the silence is at
39,904,9
38,197,1
69
52
France ___ 129,443,360 32,541.
38,197,152
length
440
161,984,
800 130,519,840 33;253,440
Germany.. 45,520,45 16,590,4
5 62,110,900 44,805,750 15,813,850 163,773,280 broken.
Whether it was altogether good taste to dicRussia s. 143,755,000 6,395,00
60,619,600
0
150,150,
000
144,811,
000 6,649,000 151,460,000
Aus.-Hunb 53,995,000 1
tate with such calm assurance a revolution
2,039,000 66,634,0
Spain
16,790,000 30,149.000 46,939,000 55,248,000 12,620,000 67,868,000
ary program
00 16,466,000 30,868,000 47,334,000
Italy d___ 41.840.000 3,775.00
0
to
a convention whose own views are presu
45,615.0
00
39,440,000 3,515,000 42,955,000
Netherl'ds 12,134,000 1,178,00
med to be
Net.ilelg.d 6,058,000 3,329,000 13,312,000 10,846,000 2,449,000 13,295,000
0 9,987,000 5,860.667
2,930,333 8,791,000 already reasonably settled, may be a quest
Sweden _. 4,710,000
ion. But
4,719,000 4,463,000
Switzeri'd. 6,569,000
4,463,00
0
6,569,000 6,257,000
Norway __ 2,204,000
6,257,000 the convention had invited him, and it must
2,204,000 1,869,000
have
1,869,000
known what sort of speech it was likely to get
Total week 503,532,779 106,506,890 610,129,
66
in
498,783,
409
retur
108,098,
Prey. week 498,981,777 105,572,820
n
622 306,882,032
604,554,597 495,615,590 106,924,753
302,540,343 for the invitation.
a The total of gold in the Bank of
Mr. Roosevelt's Columbus speech, like most
that is, the amount held for Russian Russia includes the balance held abroad—
of his
proportion so held, and consequently account in other Continental banks. The formal
utterances, embraced a bewildering and
duplicated in the above statement,
one-eighth of the total this year, against
is
about
conabout
one
-seventh
a year ago.
b The Austro-Hungarlan Bank statement is
now issued in Kronen and Heller fusing variety of topics; but attention
instead of Gulden and Kreutzep. The reductio
has instantly
n of the former currency to sterling
Pounds was by considering the Gulden to
Kronen has really no greater value than 20 have the value of 80 cents. As the and rightly been focused altogether on his
assertions
don, in order to reduce Kronen to Pounds, cents, our cable correspondent in Lonhas altered the basis of conversi
regarding the initiative, the referendum
dividing the amount of Kronen by 24 instead
on by
, the recall and
d The division between gold and silver givenof 20.
the Banks of Italy and Belgium Is made from in our table of coin and bullion in the position of the American judiciary.
The following
obtain; Ills not claimed to be accurate, as the the best estimates we are able to
banks make no distinction in their paragraphs sum up
weekly returns, merely reporting the total
his position on this matter. First,
division we make Is a close approximation. gold and silver; but we believe the
as to fundamental principles:
520
THE CHRONICLE
Many eminent lawyers believe that the American
people are not fitted for popular government, and
that it is necessary to keep the judiciary "independent
of the majority of the people." I take absolute issue
with all those who hold such a position.
Next, as to practical methods:
I do not believe in adopting the recall, save as a last
resort, when it has become clearly evident that no
other course will achieve the desired result. But
either the recall will have to be adopted or else it
will have to be made much easier than it now is to
get rid, not merely of a had judge, but of a judge who,
however virtuous, has grown so out of touch with
social needs and facts that lie is unfit longer to render
good service on the bench. It is nonsense to say that
impeachment meets the difficulty. In actual practice
we have found that impeachment does not work, that
unfit judges stay on the bench in spite of it, and, indeed, because of the fact that impeachment is the only
remedy that can be used against them. A quicker, a
more summary, remedy is needed.
But there is one kind of recall in which I very
earnestly believe and the immediate adoption of which
I urge. When a judge decides a Constitutional question, when he decides what the people as a whole can
or can not do, the people should have the right to
recall that decision if they think it wrong. We should
hold the judiciary in all respect, but it is both absurd
and degrading to make a fetish of a judge or of any
one else.
No one who reads these paragraphs, especially the
last, can mistake the fact that a very long step is
I ken in the assumption of such a position. It goes
beyond even the attitude of the Arizona constitutionmakers. They provided for the recall of judges, but
they never ventured to propose a doctrine so extraordinary as the granting to popular plebiscite the function of overruling decisions of the State Supreme Court
on matters of fundamental law. Boiled down to its
simplest terms, this proposition amounts to granting
to litigants or to prosecuting officers, under certain
conditions, first, an appeal from the lower to the
highest court, but next, a direct appeal from the
highest court to the majority at a popular election.
it is not at all difficult to see what this program
would amount to. All of us have been educated to
understand the purpose and reason for a government
of checks and balances like our own. The educated
American understands perfectly well why the absolute
power of a majority at the polls is thus restricted.
Experience had taught the founders of the American
Constitution, and later experience has only confirmed
those teachings, that the one imperative necessity, in
a democratic form of government, is to restrain the
outright power of majority over minority, and to
prevent the overturning of all government plants and
institutions at the whim or passion of a moment.
The delegation of legislative powers to the chosen
representatives of the people, the fixing of different
terms of office to Senators and Representatives, the
election of Senators and the President, not according
to population, but by States, and the veto power
possessed by the Chief Executive, are all provisions in
which the dangers of unrestrained democracy were
recognized and provided against, and nothing in our
Constitution has more widely and rightly attracted the
respect and admiration of political thinkers throughout
the world. We have had cited to us, in the comments
on Mr. Roosevelt's Columbus speech, such remarks as
this from Washington's farewell address:
Toward the preservation of your Government, and
the permanency of your present happy state, it is
requisite, not only that you steadily discountenance
[VoL. woopay.
irregular oppositions to its acknowledged authority,
but also that you resist with care the spirit of innovation upon its principles, however specious the
pretexts. One method of assault may be to effect, in
the forms of the Constitution, alterations which will
impair the energy of the system, and thus to undermine what cannot be directly overthrown. In all the
changes to which you may be invited, remember that
* * facility in changes, upon the credit of mere
hypothesis and opinion, exposes to perpetual change,
from the endless variety of hypothesis and opinion;
and this from De Tocqueville's "Democracy in America:"
The omnipotence of the majority appears to me
to be so full of peril to the American republics that
the dangerous means used to bridle it seem more
advantageous than prejudicial . *
I hold it to be an impious and detestable maxim that,
politically speaking, the people have a right to do,
anything. *
* A majority taken collect*
ively is only an individual whose opinions and frequently whose interests are opposed to those of
another individual who is styled a minority. If it be
admitted that a man possessing absolute power may
misuse that power by wronging his adversaries, why
should not a majority be liable to the same reproach?
Men do not change their characters by uniting with
each other.
But citations of the sort are scarcely necessary,
since every student of American political history is
aware that the same position has been taken by all
public men of mark from Washington to Webster,
from Webster to Lincoln, and even more unmistakably
since Lincoln's day, and by all competent political
critics,from De Tocqueville to Bryce. It is recognized,
in all such comments on the situation or on the fundamental principles of democratic government, that
these essential and necessary safeguards are embodied
in continuance of a term of office for a stipulated
period, subject to impeachment; in the delegation
to the legislature of the authority for making laws;
in the double-chamber system, with longer terms
of office in the one than in the other; in the Presidential veto, and in the committing to the judiciary
of the power to interpret laws in the light of the
situation.
We venture to say that at no time in the various
agitated periods of our history—not even during the
Populist uprisings of 1892 and 1896—was such a
series of propositions as Mr. Roosevelt's submitted
to the people. What their practical result would be is
unmistakable. The delegation of authority from
people to legislature is largely removed by the initiative and the referendum. The safeguards of a continued term in office and of judicial review of laws
are openly threatened by the recall. Finally, the
function of constitutional interpretation by the court
of last appeal, whether Federal or State, is altogether
shaken by the new doctrine of constitutional referendum.
It is plain enough on what general assumption these
raw and crude political propositions are based. Mr.
Roosevelt himself remarks—apparently with a side
thrust at President Taft—that "many eminent lawyers
believe that the American people are not fitted for
popular government, and that it is necessary to keep
the judiciary independent of the majority of the
people." He adds: "I take absolute issue with all
those who hold such a position." To any intelligent
thinker, it should be needless to remark that Mr.
Roosevelt absolutely mis-states the position. Neither eminent lawyers nor any one else believes that
FEB. 24 1912]
THE CHRONICLE
521
the American people are not fitted for popular gov- the beginning, he says, "to be political in character,
ernment. But, on the other hand, not only eminent and therefore not cognizable by the judicial power, but
lawyers, but every man who has passed beyond solely committed by the Constitution to the judgment
the stage of primary education in, political history, of Congress." Appealing to the Court in such a case, ,
is aware that neither the American people, nor he adds, "results from failing to distinguish between
the people of any other country in the world, are things widely different; that is, the legislative duty to
fit to be entrusted with the absolute and unrestrained determine the political question involved in deciding
power of forcing into instantaneous legislation what- whether a State government,republican in form,exists,
ever may be dictated or suggested by the whim or and the judicial power and ever-present duty, whenpassion of the moment. If Mr. Roosevelt is an ever it becomes necessary in controversies properly
exception, it must be because he is temperamentally submitted, to enforce and uphold the application of the
opposed to a government of sober second thought.
provisions of the Constitution as to each and every
On the whole, we are glad that the political doc- exercise of governmental power."
trines of the Columbus speech went as far as they did.
The far-reaching character of the intervention sought
The carrying of them to such an extreme as this in this case is also pointed out. Since an existing
serves at least to clear the air, and to show the not governmental form cannot be both republican and
illogical result of a good part of the superficially non-republican as the Constitution requires, all of its
plausible theories and assertions of the so-called statutes and acts must stand or fall together; thereProgressive school. All the logicians are aware that fore, if the judicial power assumed to condemn a State
when all other forms of reasoning fail, conviction will government which is recognized by the other branches
often be obtained by the reductio ad absurdurn.
of the Federal Government, that would needs imply
For ourselves, we have not the slightest notion authority to construct a new, government upon the
that the American people, or any considerable part ruins of the one condemned. From such consequences
of it, seriously sympathizes with such views of political the Court draws back.
and Constitutional principles as were set forth for the
A little reflection shows this to be, in no way surbenefit of the Nation last Wednesday. That such prising. If a State should make the Executive veto
doctrines will appeal to the extreme faction of restless final without review, or should abolish the veto, or
and excitable agitators, there can be little question. should provide in its fundamental law that the minority
But it is not that noisy element which controls elec- shall have a proportionate representation (as some
tions. Majority votes are cast in American politics think ought to be) or should reduce, judicial terms to
by a great body of people who wait and listen, and a year or to a shorter time—surely nobody would deny
are not definitely heard from until they have made up that all this might lie within a republican form. We
their mind through serious reflections on both sides have pointed out that the only novelty in the initiative,
of the controverted question. So far as regards such or the referendum, or the recall, is in their being
people, it is not unfortunate that Mr. Roosevelt's caught up as vital issues and declared to be means of
speech should have carried his doctrines to so plain progress and possessing political healing powers. As
and manifest an extreme.
to the first, anybody can "initiate" a bill by writing
one and persuading a legislator to present it. The
THE SUPREME COURT ON "REPUBLICAN
second has long been in vogue in this State as to certain
FORM."
financial propositions, and how wretchedly it works in
The decision of the United States Supreme Court on respect to constitutional amendments we
continue to
the Oregon case involving initiative and referendum discover. The third has always existed through the
possesses unusual interest because it comes in a year reCurring process of elections, and provision for imof a general election when that notion has been taken peachment or removal for misconduct meanwhile.
up as a panacea. But there is nothing surprising or
Doubtless this decision will give some impetus to the
very novel in the decision itself. A State corporation agitation for turning these means into
injury by pushrefused to pay its share of a tax laid upon certain ing them to excess. It may be
assumed that the
corporations by a law obtained in course of operation Supreme Court has approved them,
whereas it has not
of the new process in Oregon, contending that legisla- passed upon them at all. What flip Court has
affirmed
tion thus had is invalid: The highest Court in Oregon is what has never been denied or even doubted,'hamely
. sustained the trial Court in affirming validity for this the right and power of the people to select for themtax, and the final tribunal now unanimously confirms selves any form, wise or foolish. Once more it
must
this by the negative, although effectual, process of be pointed out that courts do not pass upon the wisdom
deciding that it has no jurisdiction.
of measures, but only upon their validity. The quesThe Federal Constitution provides that "the United tion of the Constitutionality of statutes and
procedures
States shall guarantee to every State in this Union a —that is, upon their conformity or non-conf
ormity to
republican form of government." The main conten- the fundamental law which the sovereign
people have
tion against this particular tax was that adoption enacted for themselves—is one which must
be deterof initiative and referendum destroys "republican mined somewhere. We,the people, agree that
certain
form." The guaranty might be interpreted as fallible arbitrators called judges shall apply the
touchmeaning that a republican form is among the reserved stone to our actions from time to time, and we agree
in
rights of the States of which the central power shall not advance to accept their findings. The latest
proposideprive them; but the more natural meaning is that tion is that when these do not suit our present
humor
the central power shall secure a republican form to the we shall reverse them and shall jerk the judges
off the
States, against themselves, and the remainder of the .bench by their necks. This faces from democracy
and
section declares that it shall protect the States against towards anarchy. The politicians will cheerfully
invasion, and also (when the exigency is very sharp) accept it, for their desire is to please. The people
can
"against domestic violence." But this protection, try it if they persist; but let them not make the
mistake
says Chief Justice White, is to come from Congress as of relying on the courts to prevent them
from being
a legislative action; it has been held by the Court from sovereign, just because they become, foolish.
522
THE CHRONICLE
THE COMMERCE COMMISSION AND THE
SHORT-HAUL CLAUSE.
It is becoming more and more evident that of all the
amendments to the Inter-State Commerce law made
by Congress in 1910, the one dealing with the longand-short-haul clause is likely to work the greatest
mischief. It will be remembered that this clause was
amended by striking out the words "under substantially similar circumstances and conditions" in the
prohibition against charging any greater compensation
for a shorter than for a longer distance over the same
line in the same direction. The result is that it is now
unlawful, except with the permission of the Commerce
Commission, for a carrier to charge more for a shorter
than for a longer distance; and this permission is not
easy to obtain.
The Commission is given power to authorize a
carrier, upon application "in special cases" and
after investigation, to charge less for the long haul than
for the short haul, and "may from time to time
prescribe the extent to which such designated common
carrier may be relieved from the operation" of the
provision. But the duties of the Commission are
multifarious and, though it may grant relief only "in
special cases," it has evinced a disposition to prescribe
rules which shall be of general application so as to
obviate the need of considering any more "special
cases" than absolutely necessary. This disposition
was illustrated in the Spokane and inter-mountain rate
cases, where the Commission resorted to wholly arbitrary methods and sought by the establishment of a
zone system to dispose of the matter in a wholesale
way. The Commerce Court, however, declared that
the Commission had exceeded its authority in seeking
to cover the whole country by a sort of blanket
arrangement. It said the Commission could not lay
down a hard-and-fast rule which should apply to every
long-and-short-haul case wherever originating or whatever the destination—that by no device could the whole
United States be made a "special case." The Commerce Commission has appealed to the United States
Supreme Court from the ruling of the Commerce Court
and the outcome is awaited with no little interest.
But, after all, the point at issue is simply a question
of method. Whether the word "special" is to be
given a limited or a wide application, the fact remains
that it rests entirely with the Commission as to whether
a road is to be allowed to charge less for the longer
haul and the extent to which the exemption is to be
permitted. In other words, in this respect, as in so
many others, the carriers are left completely at the
mercy of this board of seven men, which has never
manifested very tender consideration for the interests
of the roads. The point of chief concern is that the
decision of the Commission means serious disturbance
of the rate situation in many different parts of the
country. To the casual observer it may seem as if only
the rates to the longer distance points are involved.
The long-haul rate certainly is involved. But there is
almost equal likelihood that the rates to intermediate
points will also be disturbed. This last is the serious
consideration. Long-haul rates cannot be cut any
further, since, admittedly, they are already lower than
would be justified except for the presence of extraneous
conditions. It is quite probable, however, that the
Commission may order the short-haul rates rearranged in a downward direction, and this means
further encroachments upon profits already very
meagre.
[VOL. mocxxiv.
Emphasis to such apprehensions is given by the action
of the Co mmission in a case decided week before last.
We have reference to the order made on Feb. 5 in the
matter of the application of the Southern Pacific Co.
for relief under the provisions of the short-haul clause
with *respect to traffic moving between Portland and
San Francisco and other San Francisco Bay points.
The Southern Pacific Co. petitioned for authority to
continue all rates shown in its local rate tariff from
and to points between Portland and San Francisco
Bay. Some of these rates are lower to more distant
points than to intermediate points, and are also lower
from more distant points than from intermediate
points. For the long haul from San Francisco to
Portland the Southern Pacific charges less than onethird of the rate imposed upon certain interior cities
little more than half of the San Francisco-Portland
distance. The case was presented on the part of the
Southern Pacific Co. upon the theory that the Commission chould not concern itself with the extent of the
discrimination obtaining between intermediate points
and terminals or with the adjustment between the
various cities concerned. On that account Commissioner Lane, who wrote the opinion, thinks the Commission would be entirely justified in declining to grant
the application of the carrier were it not "for the
gravity of the situation." "Acting, however, upon
public grounds," the Commisbion felt it its duty to give
consideration to the matters presented.
Disregarding almost entirely the wide spread between the rates to Portland and those to intermediate
points, the Southern Pacific Co. sought to justify its
violation of the prohibition of the fourth section by
establishing the fact that it was called upon to meet
water competition in its haul between San Francisco
and Portland. This contention the Commission admits is fairly established. From the statement of the
San Francisco & Portland Steamship Co. it appeared
that the water tonnage from the different points
around San Francisco Bay to Portland for the year
ending June 30 1911 amounted to 77,584 tons, while
the amount carried by rail was only 21,027 tons,
showing that this one boat company secured nearly
four times as much traffic as did the only rail line
which operates between the two points. It was asser- •
ted that there were several boat lines. competing for
this business, though the volume of their traffic was
not shown. It was furthermore brought out that
of the freight that moved by rail from Portland to
Sacramento, Marysville and to points on San Francisco
Bay, the total tonnage was about 13,332 tons, while
the San Francisco & Portland Steamship Co. alone
hauled 93,193 tons.
In response to the contention that water rates on
the Pacific Coast are very low, the Commission makes
the point that "inasmuch as the Southern Pacific Co.
receives the back-haul into Southern Oregon by rail, on
that portion of the traffic which goes into that territory, and likewise may receive the haul both north
and east, the existence of a not unfriendly water
carrier has advantages to a railroad." Nevertheless,
Commissioner Lane frankly admits that "there is no
other conclusion to reach but that the San FranciscoPortland rates are forced by water competition; that
they are in part at least less than normal, fair and
reasonable rates.
The Commission holds, however, that no sufficient
justification is shown for the wide spread which exists
between the Portland rates and those to intermediate
points. The contention of the Southern Pacific Co.
FEB. 24 1912.)
THE CHRONICLE
that it is neither the duty of the Commission, nor was it
contemplated by Congress, that the Commission should
give consideration to intermediate rates, where justification was shown by the existence of water competition at the more distant point for lower rates than to
the nearer points, is held to be untenable. Bearing
on that consideration, Commissioner Lane argues as
follows: "As a practical matter, no doubt we shall
find in many cases that we are permitting carriers to
continue unlawful discriminations by carrying rates
to intermediate points that are excessive, and in
passing upon all applications it will not be practicable
to make immediate investigation into the reasonableness of intermediate rates or the wide spread that may
exist between the rates to nearer and more distant
points. In point of law, however, we have before
us, on every application for deviation from the fourth
section, the reasonableness of the rates which are involved in the carrier's application. Surely it was not
the intention of Congress to permit a carrier to discriminate in favor of a more distant point to such an
extent as to effect not only an undue discrimination
against the nearer point but the imposition of an
excessive charge."
Mr. Lane then goes on to say that the Commission
has "made investigation into the rates to points in
Southern Oregon and finds them to be excessive and
unreasonable in themselves, thereby emphasizing the
discrimination betwean such points and Portland."
He also finds certain inconsistencies in the rates to
different points. Accordingly, it is held that •the
carrier has not justified its rate situation in a number
of particulars, more especially in the matter of rates
to intermediate points. Instead, however, of denying
the application of the company, it is given permission
to make a further showing as to the reasonableness of
the rates in question at a hearing ordered for March 4.
But from the statements and remarks of Commissioner
Lane, it is made reasonably plain what the ultimate
verdict of the Commission will be. Rates for the
short haul will be ordered reduced.
There seems little reason to doubt, either, that in
other cases where relief is sought from the operation
of the long-and-short-haul clause, permission for discrimination against the.short-haul traffic, even where
clearly justified by special competition to the longdistance points, will be coupled with a requirement
that rates to the intermediate points must be lowered
so as to narrow the difference in charge between the
short-haul traffic and the long-haul traffic. In other
words, the short-haul clause, under the administration
of the Commission, will operate to reduce local rates.
We refer at length to this particular case, since it
contains a distinct enumeration of principles, and also
because it deals with the situation on the Pacific Coast
and attracts extra attention on that account. But the
same question is constantly cropping up in other parts
of the country. The same day the Commission handed
down its decision in the matter of the application of the
Southern Pacific, it also announced its conclusions in
a proceeding instituted by the Kansas Railroad Commission wherein the rates on salt from the Kansas field
to points between the Mississippi and Missouri rivers
were attacked. Here the Commission holds that the
rates complained of are not unreasonable in and of
themselves, and the fact that the Commission should
at last have given a ruling in favor of the carriers has
excited comment in the newspapers. But the rejoicing
is premature. The case has not yet been wholly
concluded, and the applications made by the carriers in
523
the matter of these salt rates for relief from the operation of the short-haul clause has been set down for
further investigation. The opinion in this instance is
by Commissioner Prouty, and he takes occasion to say:
Before we allow these defendants to depart from the
mandate of the statute as expressed in the present
fourth section, we must be satisfied that the more
distant rates are unduly low and that the departure
from the fourth section is warranted by competitive
conditions at the more distant point which do not
exist at the intermediate point. In this case we fail to
find that the long-distance rates are unreasonably low,
and apparently the competition at the more distant
point is of exactly the same sort as at the intermediate
point.
If, therefore, these applications stood for disposition,
we should deny the right to maintain the higher intermediate rates. So far as we can see, the facts are fully
before the Commission, and nothing would be gained
by another hearing; but if these defendants, or any of •
them, conceive that a further investigation should be
held, they may file with this Commission,on or before
the 15th day of March, a statement asking for such
further investigation, and giving briefly the reasons
why the present investigation has not been sufficient.
If, upon considering these statements, ground for further investigation appears, the applications will be set
down for hearing. Otherwise orders will be entered
denying the applications as to these rates on salt,
effective as of May 11912.
Thus the outlook is not encouraging. The attitude
of the Commission makes it clear that in the course of
the enforcement of the short-haul clause, rates to intermediate points are to be widely leveled down.
IMMIGRATION AND EMIGRATION IN 1911.
A marked decline from all recent years except
1908 in the influx of aliens into the United States, and
a concurrent efflux of the same classes much above the
normal, leaving only a comparatively moderate increase in the foreign-born population of the country in
1911, is the result disclosed by the official and semiofficial statistics. The depression into which the
country was thrown following the panic of the fall of
1907 was responsible,of course,for the restricted inward
trend and the accelerated outward movement of aliens
in 1908, which culminated in the net loss of 41,198 in
our foreign-born population that year. But recovery
from depression, as usual with us, was rapid, and
immigration was upon practically normal lines in 1909
and much of 1910.
In the meantime, however,Governmentinterference
with industrial affairs in many directions was making
progress, resulting in a checking of development work,
especially among our railroads, and with lessened
activity there the demand for ordinary labor has
appreciably decreased. It is, therefore, not surprising
that in every month of 1911 the arrivals of aliens was
noticeably less than for the corresponding period of
1910 or 1909, and the departure of steerage passengers
conspicuously greater. The number going out in
July, in fact, was in excess of the arrivals, the net
inflow in August was conspicuously small for the
season of the year, and from that time to the close
of 1911 there was, according to unofficial figures,
practically no gain in population as a result of the
alien movement. The trend outward was so strong
at times that accommodations were insufficient, as
w
-itness the case of the steamer "Ivernia"that sailed for
Mediterranean ports on Nov. 30,leaving 300 behind,
her steerage being filled to its capacity.
The decline in immigration and the increase in the
outward movement from the United States, although
54
extending to all nationalitieS in 1911, did so in widely
varying degree. In 1910, as we remarked in reviewing
the data for that year, the arrivals of Poles were
much larger than usual, and the departures moderate,
so that on balance we added to our population nearly
a hundred thousand of that race. For 1911 the
showing is in sharp contrast with this previous result,
the outflow having equaled or exceeded the influx.
The net movement of Italians into the country in the
latest year was also much less than in 1910—in fact,
not one-half of what it was then—and the same is true
of the Greeks. From Northern Europe, too, a much
smaller aggregate movement is reported, although the
arrivals of Hebrews kept up better than those of any
other race.
Recently there has been considerable delay in issuing
the official immigration bulletins,the latest at hand
being that for October 1911. But semi-official results
are available for the remainder of the year, so that we
are able to arrive at an approximately correct idea
of the in-and-out movement of aliens for the full twelve
months. The arrivals (immigrant and non-immigrant
combined) for the year 1911, as we have compiled the
figures, were about 912,000, as contrasted with
1,223,473 in the previous year, 1,142,013 in 1909 and
557,585 in 1908. The record movement was in 19071,505,468. The outward flow, as intimated above,
was much above normal, the number of steerage
passengers departing in 1911 having been then bout
650,000, and comparing with 459,455 in 1910 and
339,341 in 1909. It follows, therefore, that the net
gain in foreign-born population in the late year was
only about 262,000, a very moderate addition as contrasted with that of 764,018 in 1910. We append a
summary to show the figures for the last four years:
Alien Arrivals—
Immigrant
Non-Immigrant
1911.
Total
Allen Departures—
Emigrant
Non-Emigrant
912,000
Total
Net gain in population
650,000
262,000
1910.
1,071,886
151,588
1909.
957,105
184,908
1908.
410,319
147,266
1,223,473
1,142,013
557,585
260,439
199,016
187,131
151,510
341,426
257,357
459,455
764,011
339,341
1102,672
598,783
•41,198
•Net loss.
Sharply contrasting with the showing made by the
United States, immigration into Canada in 1911 was
of new record proportions, and a goodly portion of it
—in fact, almost one-third—was made up of those
crossing the border from the United States. This
movement, as we have frequently pointed out, is
largely of the farming element of the Northwest, who
have been attracted to the Dominion by the advantages held out by the homestead laws of the country.
Touching upon this last point, Senator Borah, of
Idaho, recently in a speech in the Senate declared
that our land laws should be made more liberal, and
he particularly contrasted them with those of Canada,
which are very inviting to settlers, whereas ours retard
development of the country because they are so unfair
to the individual. The Senator advocated a shortening
of time of settlement under the United States Homestead Act from five to three years, and a more liberal
interpretation of many other important provisions.
Canada has for some time carried on,through competent agents in Europe,a campaign to induce immigration that has been fruitful of excellent results.
While immigration is very much desired, however, the
regulations as regards admission into the Dominion
are stringent. Mr. Obed Smith, the Canadian emigration officer in England, referring to the subject
not long ago, stated that "some criticism has been
[VOL. LxxxxI v.
THE CHRONICLE
leveled at the Canadian Government in regard to what
some have called the stringent admitting regulations;
but even her critics now admit that Canada has become
more attractive since the general emigrating public
learned that she was not being made the dumpingground for all sorts of undesirables. Indeed, this immigration forms the most extraordinary movement of
human beings of all classes that the world has ever
seen. There are no work-houses in Canada and no
poor rates, and we do not want to begin them."
The Dominion authorities place the immigration for
1911 at 351,595, as against 311,084 in 1910. Of the
latest year's total the number coming from the United
States is put at over 130,000.
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
—The public sales of bank stocks this week aggregate 69
shares, of which 45 shares were sold at the Stock Exchange
and 24 shares at auction. The transactions in trust company
stocks reach a total of 140 shares. The first public sale since
July 1910 of Equitable Trust Co. stock was made this week
at 545, an advance of 70 points over the price paid at the last
recorded transaction. Fifteen shares of stock of the Columbia Trust Co. were sold at 361, this price being 55 points
hig.her than that paid at the last previous public sale, which
was made in April 1911.
Shares. BANKS—New York.
Low.
•10 Amer. Exchange Nat. Bank__ 245
.35 Commerce, Nat. Bank of_._ 195
24 Imp. & Traders' Nat. Bank__ 570
TRUST COMPANIES—New York.
15 Columbia Trust Co
361
25 Equitable Trust Co
545
100 Lincoln Trust Co
135
High.
245
196
570
Close.
245
196
570
Last previous sale.
Nov. 1911— 250
Feb. 1912— 194
Dec. 1911— 568
361
545
135
361
545
135
Apr. 1911— 306
July 1910— 475
Feb. 1912— 138
• Sold at the Stock Exchange.
—In a message sent to Congress on Tuesday, President
Taft submitted to that body the report of the Employers'
Liability Commission and the latter's proposed Liability and
Workmen's Compensation Bill. The President endorsed
the newly drawn bill and in recommending its enactment
said: "I deem it one of the great steps of progress toward a
satisfactory solution of an important phase of the controversies between employer and employee that has been proposed within the last two or three decades." The bill, it is
stated, would provide that every common carrier engaged in
inter-State or foreign commerce by railroads shall pay compensation to any employee who sustains personal injury in
line of duty, or to his dependents in case of death. The
remedy here proposed is to be in substitution of all other
remedies now open to the employee—that is the Act abolishes
all existing common law and statutory remedies. The
President points out that the proposed Act would not
only insure to employees of railroads engaged in inter-State
Commerce quick adjustment of their claims for damages
but would relieve the courts of a vast amount of work and
enable them to administer judicial affairs with greater dispatch. Passing upon objections voiced against the bills
President Taft says:
• In the first place, the question arises whether, under the provisions of
the commerce clause, the bill could be considered to be a regulation of interState and foreign commerce. That seems to be already settled by the decision of the Supreme Court in the employers' liability case.
The second question is whether the making of these remedies exclusive
and the compelling of the railroad companies to meet obligations arising
from injuries, for which the railroad would not be liable under the common law, is a denial of the due process of law which is enjoined upon
Congress by the Fifth Amendment to the Constitution 'in dealing with
property rights. This question the report takes up, and in an exhaustive
review of the authorities makes clear, as it seems to me, the validity of the
Act. It is sufficient to say that the argument of the Commission is most
convincing to show that the police power of the Government exercised in
the regulation of inter-State commerce is quite sufficient to justify the imposition upon the inter-State railroad companies of the liability for the
injuries to its employees on an insurance basis.
The third objection is that the right of trial by jury, guaranteed by the
Seventh Amendment, is denied. As a matter of fact, the right is preserved
in this Act by permitting a jury to pass upon the issue when duly demanded,
in accordance with the limitations of the Act.
The report indicates that the combined railroad companies
of the country are paying out to their employees for accidents
in settlements and judgments approximately $10,085,000
annually, and the proposed law, as nearly as the Commission
can figure it, will raise this by 25%. Figuring on the periodical payments extending over a term of years and capitalized
at 5%, the Commission points out that the total sum to be
received by the beneficiaries would reach an aggregate
of $15,000,000 annually. It is argued that for every dollar
the railroad companies are compelled to pay under existing
FEB. 24 19124]
THE CHRONICLE
law, they will pay under the proposed law approximately
$1 25, and that for every dollar the employees and their
dependents are now paid they would receive a sum very
much in excess of $1 25. The report says that in 1908, 1909
and 1910 the railroads paid $14,500,000 in settlements and
judgments alone, on account of the death of nearly 12,000
workers, and $21,330,000 approximately for permanent
or temporary disabling injuries, as well as sustaining an
economic loss of 161,654,000 days. The proposed bill
declares that it is the policy of Congress to consider the
burden of payments for personal injuries as an element of the
cost of transportation and directs the Inter-State Commerce
Commission to recognize and give effect to this policy.
—A second message sent to Congress this week (Thursday)
by President Taft deals with postal matters. In this he
approves the report of the Commission appointed last year
to investigate the handling of second-class mail matter, in
which it is recommended that the rate thereon be -increased
from one to two cents a pound. With the President's
communication was transmitted both the Commission's
report and the annual report of the Postmaster General.
Mr. Taft dissents in one particular from the recommendations of the Postmaster—that in which he advocates the
Government ownership of telegraph lines. As to this the
President says:
There is only one recommendation in the Postmaster-General's report
to which I cannot agree—that is the one which recommends that the telegraph lines in the United States should be made a part of the postal system
and operated in conjunction with the mail system. This presents a question of Government ownership,of public utilities which are now being conducted by private enterprise under franchises from the Government. I
believe that the true principle is that private enterprise should be permitted to carry on such public utilities under due regulation as to rates by
proper authority rather than that the Government should itself conduct
them. This principle I favor because I do not think it in accordance with
the best public policy thus greatly to increase the body of public servants.
Of course, if it could be shown that telegraph service could be furnished
to the public) at a less price than it is now furnished to the public by telegraph companies, and with equal efficiency, the argument might be a
strong ono In favor of the adoption of the proposition. But I am not satisfied from any evidence that, if these properties were taken over by the Government, they could be managed any more cc monlically or any more
efficiently, or that this would enable the Government to furnish service
at any smaller rate than the public are now required to pay by private
companies.
525
that the returns from third and fourth class matter are slightly in excess
of their cost of handling and carriage; and that, while second-class matter
embraces over 65% of the entire weight of all the mall carried, it nevertheless yields little more than 5% of the postal revenues.
The recommendations of the Commission as to the postage rates on
second-class mall are as follows:
1. The rate of 2 cents a pound on copies mailed by publishers to news
agents, and as sample copies, and by news agents to their subscribers or
to other news agents.
2. The rate of 1 cent a pound for each 4 ounces for copies mailed by other
than publishers and news agents; that is, the present transient rate.
3. The present free-in-county privilege retained, but not extended.
The Commission also recommended that the cent-a-copy rate for newspapers other than weeklies and for periodicals not exceeding 2 ounces In
weight, and the 2-cent-a-copy rate for periodicals exceeding 2 ounces In
weight when mailed at a city letter-carrier office for local delivery, be
bollshed.
As to the effect and adequacy of the proposed increase of 1 cent a pound
In postage, the Commission says:
"Such an increase will not, in the opinion of the Commission, bring distress upon the publishers of newspapers and periodicals, or seriously Interfelt with the dissemination of useful news or information. A reasonable
time should be allowed, after the rate is fixed, before It is put into effect.
While the new rate will be very far from compensating the Government
for carriage and handling of second-class matter, it will to some extent
relieve the existing burden and reault In a more equitable adjustment
of rates."
The Commission suggests that the Department maintain an adequate
cost system, so that the effect of the new rates may be closely observed and
a proper basis may be secured for the consideration of any further proposals.
In these recommendations the Postmaster-General and I heartily concur
and commend them to the early attention of Congress. The proposed Increase of 1 cent a pound to the second-class postage rate I believe to be
the most reasonable, and if sufficient time is allowed before the change goes
into effect It should work little serious injury to the business of the periodical
publishers, while equalizing, at least in a measure, the burdens of postal
taxation.
The President also spoke in commendation of Postmaster
Hitchcock's department, saying: '"I cannot speak with
too great emphasis of the improvement in the Post Office
Department under the present management." He noted
that there was a surplus of $219,118 at the end of the last
fiscal year, compared with a deficit of $17,479,770 two
years before, and pointed out that this was not to be accounted for by reductions of force or numbers of post offices
or salaries, but by scientifie economy.
—The bill revising the chemical schedule of the PayneAldrich Tariff Law was passed by the House of Representatives on Wednesday by a vote of 178 to 127. Practically
all the so-called "insurgent" Republicans voted with the
The development of the postal savings bank system is regular Republicans against the bill, their opposition to
alluded to in the message as follows:
the measure, it is stated, being based on the ground the
The report shows that the postal savings system was begun experimen- the bill is a revision upward instead of downward. The
to
extended
as
so
include
been
now
has
It
that
and
tally in January 1011,
7,500 Presidential post offices, which include. practically all of the post only Republican members who voted with the Democrats
offices of that class. Preparations are also being made to establish the were Representative Akin, an "independent" and Represystem at about 40,000 fourth-class offices. The deposits in 11 months
sentative Hanna, a regular. Some of the changes in the
have reached a total of $11,000,000, distributed among 2,710 national
chemical tariff which the bill would effect were indicated in
and State banks.
The Postmaster-General recommends, as I have done in previous mes- these columns last week. No amendments were made to
sages, the adoption of a parcels post, and the beginning of this In the orthe bill in the House, and it passed that body in the form
ganization of such service on rural routes and in the city delivery service first.
In his discussion of second-class mail matter Mr. Taft's al)proved by the Democratic caucus on the 14th inst.
—Trust companies in villages and cities of the third
remarks are in part as follows:
One of the most important matters referred to by the Postmaster-General class in New York State which are now called upon to
is the proposed fixing of new rates of postage for second-class mall matter. hold 50% of their 10% reserve in cash, are obliged to mainIn connection with this subject I have the honor to transmit herewith the
report of the Commission on Second-Class Mall Matter, appointed pursuant tain but 30% of the required reserve in cash, under a bill
to a joint resolution of the Sixty-first Congress, approved March 4 1911.
said to have been passed by the Assembly on the 20th inst.
The report discloses a most exhaustive and critical inquiry into the sub—The Special Committee named last May, under the
mail
adequate
second-class
notice
to
matter
parties.
the
after
all
ject of
resolution of the House directing an inquiry into the Sugar
In interest.
The findings of the Commission confirm the view that the cost of handling industry to determine whether there have been violations
and transporting second-class mail matter is greatly in excess of the postAct, submitted its report to the House
age paid, and that an increase in the rate Is not Only justified by the facts, of the MU-Trust
on the 17th inst. The report is signed by all the members
but is desirable.
•
•
•
•
•
•
•
•
•
•
•
•
of the Committee, the Chairman of which is Representative
Since the Commission has determined that the cost of handling and
Thomas W. Hardwick. The cOmmittee decides that there
ji
5
matter
for
paidcents
approximately
is
mail
second-class
transporting
at-the-pound-rate and approximately 5 cents each for free-In-county and is a sugar trust, but makes no recommendations as to how it,
transient matter, without taking Into account the cost of the general or those responsible for it, shall be dealt with; this phase of the
post office service, and certain unassignable Items of expense, It Is apparent•
that the aggregate cost of all service performed by the postal establishment matter, in its opinion, coming under the jurisdiction of a
in connection with this class of mail matter is considerably above that Standing
Committee df the House. The Hardwick
amount.
estimates that 62.39% of the sugar industry
Committee
selfa
upon
in
time
service
operated
Is now for the first
years
The postal
sustaining basis, and in my judgment this is a wise policy, but it should not is controlled by the American Sugar Refining Co., and it
be carried out at the expense of certain classes of mail matter that pay reve- finds that the alleged trust has a large interest in the beetrite largely In excess of their cost. It is not just that some classes of mail
business. With its strongest competitor, Arbuckle
should be exorbitantly taxed to meet a deficiency caused by other classes, sugar
the revenue from which is much below their cost of handling and carriage. Bros., there is said to be a condition of "armed neutriality".
Where such inequalities exist they should be removed as early as'practicable. The report condemns the original promoter of the so-called
The business enterprises of the publishers of periodicals, however, have been
present owners of the
built up on the basis of the present second-class rate, and therefore It Sugar Trust, but describes the 18,000
would be manifestly unfair to put into immediate effect a large Increase in stock of the American Sugar Company as "innocent purpostage. That newspapers and magazines have been potent agencies for
chasers" of profitable stock which was unloaded on them
the dissemination of public intelligence, and have consequently borne a'
by the few men who organized the trust. henry 0. Havethe
development
of
In
but
the
part
is
admit;
it
must
country,all
worthy
likewise true that the original purpose of Congress in providing for them meyer is credited with the organization of the combination,
a subvention by way of nominal postal charges In consideration of their
and of him the report says:
mediums of public information ought
an
Increase
not to prevent
value as
because they arc now not only educational but highly profitable.
There Is no warrant for the great disparity between existing postage
rates on periodidals and the cost of the service the Government performs
for them. The aggregate postal revenues for the fiscal year 1011 were
$237,879,823 CO. derived mainly from the postage collected on the four
classes of mail matter. It is carefully estimated by the Post Office Department that the revenue derived from mail matter of the flrht class is
approximately one and one-half times the cost of handling and carriage;
That this colossal speculation has come through with success and to-day
stands on an established business basis is due to the genius of Its architect
rather than to any of the restraining powers of society as expressed In law.
In its ,findings the Committee says: "We find strikingly
developed in the sugar industry several evils, aside from the
primary one of stifling competition, which seem to demand
careful consideration and remedial legislation by Congress:
526
THE CHRONICLE
1. Original overcapitalization of great industrial corporations, resulting
In Increased cost of production, if a profit is to be made (as is always insisted upon) on the inflated capitalization and higher prices of the product
to the consuming public.
2. The temptation of the persons who organize and control these large
corporations to earn dividends on watered stock as soon as possible, so
that such stock may be unloaded in the open markets upon the investing
public. These dividends can rarely, if ever, be made without increasing
prices to the consumer.
3. Exploitation not only of the consuming public and of the investing
public, as already sent out, but also of the corporations themselves, by
their officers, directors and trustees, who do not hesitate to overburden
the consumer, to deceive the investor and to take advantage of the corporations that have trusted them whenever It will line the pockets of such individual trustees.
While fully admitting the forcefulness of the argument in favor of the
conduct of the large industries of the country by powerful and efficient
agencies that can fully develop and apply the economies of co-operation,
yet your committee finds itself unable to subscribe to the doctrine that the
Government had just as well recognize that competition must give place to
monopolistic combinations and proceed to legitimatize and regulate the
great trusts.
It may be quite true that large industrial combinations could produce
more cheaply than smaller and competing concerns, but as the presence of
competition is of itself the chief incentive to cheaper production, so it
seems to us that the absence of competition is of itself an invitation to
sloth, to lax methods,to snore expensive production that more than counterbalances the advantages resulting from co-operation.
Large trusts, if they produce more cheaply, could sell more cheaply than
smaller and competing concerns, but that they would, unless forced by
law to do so, is Inconceivable.
To undertake to force them by law to treat the consumer fairly and charge
him only a reasonable price Is then the only condition upon which their continued existence can be contemplated, and yet to adopt that course, to fix
the price of commodities by law, whether by commissions or by other
method, would clothe the Government with dangerous power, rob the
citizen of individuality and embark the nation into extreme paternalism.
Competition and Individuality are great remedies that have been sufficient through all the ages to protect us from the evils that now threaten.
We are not yet ready to write an epitaph over either.
The Sherman Law ought to be rigidly and Impartially enforced. It
ought, In our judgment, to be supplemented by legislation that will make
Its provisions definite and certain, protect the consumer and investor from
the evils of overcapitalization and guarantee corporations from exploitation by their trusted officers and agents for their Individual benefit and
profit.
As this matter belongs to the jurisdiction of a great standing committee
of the House, your special committee will not as a committee undertake to
present a bill upon the subject or further to elaborate the idea herein suggested, being confident that the entire subject matter will receive careful
and.prompt consideration by the standing committee having jurisdiction
thereof.
The Committee charges that since the organization of the
American Sugar Refining Co. it has repeatedly violated the
Sherman Anti-Trust Law. The report states that "at the
time it (the company) was chartered the Sherman Law had
been in force more than six months, and both its organization
and its existence, coupled with its methods of doing business,
were, as the testimony seems to indicate to your committee,
a palpable and continuing violation of the Sherman Law,
and yet no serious attempt was made(prior to November
1910) to invoke the civil remedies provided by the Antitrust Law against the corporation." "It is also to be noted",
the report adds, "that the Government',has not up to the
present time, so far as has appeared, made any effort to
enforce the penal provisions of the Sherman Law". Twentyone actions in the organization and operation of the Sugar
Trust which the Committee believes were violations of the
Sherman Law are enumerated, and after tracing the growth
, of the American Sugar Refining Company and discussing its
alleged over-capitalization and sale to its present owners,
the report says:
These salient facts indicate with supreme emphasis the basio condition of
the problem uncovered by this committee: That we have In this Government ample machinery for rigid inquisition into the property of these 18,000
people, and for suits to decompose that property into Its original parts by
the destruction of its organization; but there is no arrangement of government whatever whereby any one of these 18,000 people might have informed
himself definitely of the hazards into which he or she was buying.
[VoL. Lxxxxxv.
1901 to 1908 he was an Associate Justice of the New Jersey
Supreme Court.
—President Taft also sent to the Senate on Monday the
nomination of Julius M. Mayer of New York City to be
Judge of the United States District Court for Southern
New York, and Ferdinand A. Geiger, of Cassville, Wis., to
be District Judge for the Eastern District of Wisconsin.
—The Department of Justice at Washington, in a communication addressed to the Board of Commissioners of Talladega, Ala., holds that the business of insurance is not
inter-State commerce. The opinion, we learn from the New
York "Journal of Commerce" developed as a result of the
endeavor of the Talladega Chamber of Commerce to have the
United States authorities institute proceedings against the
fire insurance companies and the Southeastern Underwriters'
Association under the Anti-Trust law of 1890. The letter
of the Attorney-General says:
DEPARTMENT OF JUSTICE.
Washington, January 27, 1912,
Mr. A. G. 'Weldon, Esq., Board of Commissioners,
Talladega, Alabama.
Sir: Your letter of the 24th Inst., enclosing a copy of a resolution passed
by the Board of Commissioners of the City of Talladega to call upon the
Attorney-General to cause an investigation to be made to determine whether
the affairs of the Southeastern Underwriters' Association are being conducted in a manner violative of the Sherman Anti-Trust Act, was received.
The courts having held a number of times that the writing of insurance
Is not commerce, this Department has been constrained to take the view
that the business of insurance companies has no effect upon inter-State
commerce, and hence cannot be violative of the Sherman Anti-Trust Law.
Very respectfully,
For the Attorney-General,
(Signed) J. A. FOWLER,
Assistant to the Attorney-General.
—Under a new ruling of the Comptroller of the Currency,
national bank examiners will be required to examine banks in
voluntary liquidation, the same as if they were going concerns, until the creditors have been paid in full. In the
practice heretofore pursued no attention whatever had been
paid to a bank from the time of the adoption of the resolution
of the stockholders placing it in liquidation; the bank
examiners' regular examinations were discontinued, and no
reports were required from the person or persons conducting
the liquidation, so that the Comptroller was without information as to whether the creditors were paid or not. As a
result of the old custom, it not infrequently happened that
some of the creditors were not paid by the liquidating agent,
and that, furthermore, requests for the appointment of a
receiver and for the assessment of the stockholders were
made upon the Comptroller in some cases as late as eight
to twelve years after the bank voted to liquidate. The
future requirements will be as follows:
The Comptroller will hereafter require a national bank going into volun
tary liquidation to adopt a resolution providing:
That a liquidating agent or liquidating committee shall be appointed.
That an ample bond shall be given by the agent or committee.
That the liquidation shall be under the supervision of the Board of Directors.
That a quarterly report of the liquidating agent shall be made to the
Comptroller of the Currency until all creditors are paid In full.
That the liquidating agent or committee shall make a report to the stockholders at their annual meeting.
That the shareholders at this meeting may, If they see fit, by a vote representing a majority of the entire stock of the bank, remove the liquidating agent and appoint another.
That the shareholders may at any time between annual meetings call a
special meeting, at which they may, by a vote of a majority of the stock,
remove the liquidating agent.
That the national bank examiner shall continue to examine the bank in
voluntary liquidation, the same as If it were a going bank, until the claims
of all creditors have been paid in full.
The Comptroller has also issued an announcement in which
states that in all cases where losses are sustained on
he
greatly
conditions
have
that
however,
finds,
report
The
that have been made in excess of the limit prescribed
loans
it
the
makes
following
point
changed in recent years. On that
the loss must be made good to the bank by the
law,
by
important statement:
excess loan, and must not be
Since 1907 new influences have controlled Abe company, and the testi- directors responsible for the
mony does not show a continuation of the policy in investing in competing charged against undivided profits or the surplus of the
concerns, but does show that some of the properties previously acquired bank. Hereafter, whenever a bank sustains a loss on excesshave been sold. By this statement your committee does not wish to be
present
understood as entertaining or expressing the opinion that even since 1907 ive loans, the examiners have been instructed to
the American Sugar Refining Co. Is not existing In violation of the Anti- the matter to the directors, and request that they pass a
Trust Law. An affidavit filed with the committee by the American Sugar resolution to be entered on the minute book, setting forth:
printed shows that within a few
Refining Co. since the testimony was
months the company has disposed of its interest in the Western Refining Co.
of California and the Carver County Sugar Co. of Minnesota.
—The nomination of Mahlon Pitney to be Associate
Justice of the Supreme Court of the United States, succeeding
the late John M. Harlan, was sent to the United States
Senate by President Taft on Monday. Mr. Pitney is Chancellor of the State of New Jersey, having been chosen to that
office in January 1908 for a term of seven years. He is fiftyfour years of age, and was graduated from Princeton in
1879. He was admitted to the bar in 1882. He served two
terms in Congress, from 1895 to 1899, resigning in the latter
year to become a member of the New Jersey Senate, From
1. The name of the directors responsible for the excess loan.
2. The amount of the loss thereon.
3. That the loss will be met by the directors who authorized the illegal loan.
The Comptroller has likewise notified the national
bank examiners that he regards it as highly important to
have them, at every examination, meet with the directors
for a general conference on all the affairs of the bank. He
especially directs that the examiners go over the loans and
discounts with the officers and directors. In the large cities
the examiners are permitted to use their own discretion with
respect to this order when nothing is found in the condition
of the bank derserving criticism.
FEB. 24 1912.
THE CHRONICLE
—A bill reported to the House of Representatives by the
Ways and Means Committee on the 9th inst. confers upon the
Secretary of the Treasury power to deposit all customs
receipts in national banks, instead of in the sub-treasuries,
under the same restrictions as apply to the deposit of internal
revenue funds. The bill was introduced by Representative
Lobeck and is intended to amend the Act approved March 2
1911, authorizing the acceptance of certified checks drawn
on national and State banks and trust companies in payment
of duties on imports and internal taxes. That law made no
provision as to how these checks should be collected, where
they should be deposited, and what should be done with
such deposits, and the pending legislation has been framed
to remedy these omissions. It is reported that on March 30
last the question as to whether receipts from customs could
be deposited in national bank depositories in the subTreasury cities was placed before the Solicitor-General for
decision by Assistant-Secretary of the Treasury A. Piatt
Andrew. The Solicitor is said to have ruled that they
could not be so deposited in the national depositories of
Washington, nor in the Sub-Treasury cities of New York,
Boston, Philadelphia, New Orleans, San Francisco, Baltimore and St. Louis, but that they could be deposited in the
national bank depositories in Chicago and Cincinnati. The
report of the Ways and Means Committee on the proposed
legislation was filed by Representative Francis Burton
Harrison. It points out that the effect of Treasury practice
is to produce discrimination. The report says:
527
for any director, officer or employee to knowingly overdraw
his account. And a penalty, he thinks, should be provided
for any one who knowingly overdraws by check or otherwise.
On this point he says:
For the purpose of arriving at the aggregate lines of large borrowers, T
believe it would be a wise provision if the law were amended to give the
Department the right to call simultaneously on State banks for a list of all
loans in excess of 10% of capital and surplus in the smaller banks and a list
of all loans in excess of $5,000 or $10,000 in the larger banks.
At present it is almost impossible for the Department to arrive at the
total loans from State banks of any person, firm or corporation, for thereason that the examinations are made on various dates. If this information
could be obtained from all State banks, say, once each six months, It would
not only be useful to the Department, but valuable as well to the banks.
It would then be possible to arrive at the aggregate loans of large borrowers,
and if such were deemed excessive, a further extension of credit could be
retarded, and the banks saved from probable loss. It cannot be denied that
better results would be accomplished if the Federal Act could be amended
along the same line, and with the national and State banking departments
working together the danger of excessive loans would to a large extent be
eliminated. This, in my mind, would eliminate a weakness which exists
In the banking laws of the country as a whole at the present time.
—The nomination of William Temple Emmet as New York
State Superintendent of Insurance was unanimously confirmed by the Senate on the 19th inst. Mr. Emmet
succeeds William H. Hotchkiss, whose term of office has
expired. There is a bill in the Assembly increasing the
salary of the Superintendent from $7,000 to $10,000 a year.
The term of office is three years. Mr. Emmet until recently
was Chairman of the local branch of the Democratic State
League.
—B. F. Harris of Champaign, Ill., is making it his policy
and chief effort as President of the Illinois Bankers' Association to bring that organization into the field of public
service. In accordance with this idea he has suggested
that the association work along the following lines:
First—Notwithstanding the plain provision of law authorizing the deposit
of any public money in all national banks designated for that purpose by
the Secretary, the Department does not permit collectors of customs to
deposit their receipts in banks at ten cities—cities where eleven-twelfths of
such revenues are collected. The cities discriminated against are Baltimore,
First.—To secure better agricultural or farming methods.
Boston, Chicago, Cincinnati, New Orleans, New York, Philadelphia, St.
Second.—To secure agricultural instruction In all the country schools of
Louis, San Francisco and Washington.
the State.
Second.—The Department discriminates between these cities, holding
Third.—To secure better roads in the State.
that customs receipts might be deposited in Chicago or Cincinnati banks,
Fourth.—To secure a better banking law, bringing all banks in the State
concities
two
the
but not in the banks of the other cities. Nevertheless,
under supervision.
the
which
eight
the
like
just
treated
are
restriction
sidered exempt for the
Fifth.—The desirability of adopting in Illinois some such legislation as
Department supposes to come under the prohibition of the law.
the "Blue Sky Law," enacted in Kansas, to save innocent Investors from
Third.—The Department discriminates between collectors in each of purchasing valueless "get-rich-quick" securities by bringing certain securthese ten cities, exempting collectors of internal revenue altogether from ity-selling concerns under supervision of the State Banking Department.
the restraints Imposed by the Act of Aug. 6 1846, codified in Section 3615,
Sixth.—By publicity to further inculcate among citizens the desirability
Ttovised Statutes, which provides that "all collectors and receivers of public and necessity for habits of thrift and saving and sane investments.
money of every description within the District of Columbia • • • pay
all public
Only the first three of the above propositions, Mr. Harris
over to the Treasurer of the United States, at the Treasury,
advises us, have been submitted to the convention, and
moneys collected by them. • • • "
It is to make Treasury practice uniform in these particulars and clearly in conformity with the law that the
present bill has been proposed.
—It is reported that a clearing-house association has been
formed in Waterbury, Conn., by the following institutions:
the Waterbury National Bank, the Manufacturers' National
Bank, the Citizens' National Bank, the Waterbury Trust Co.,
Colonial Trust Co. and Merchants' Trust Co.
—State Treasurer W. J. Speer Of Georgia has decided
that, under an Act of 1907, state banking institutions in
the hands of receivers, or in process of liquidation, are subject to State examination and supervision just the same as
though they were going concerns. In accordance with this
view he has called for a report on the defunct Neal Bank
of Atlanta from the receiver, and will likewise require reports from the receivers of the Exchange Bank of Macon
and the Bank of Waycross.
—A number of recommendations regarding the laws
affecting the State banking institutions are made by State
Bank Commissioner Doyle of Michigan in his recent annual
report. Mr. Doyle asserts that the principal weakness of the
banking laws of several States, including Michigan, is the
absence of authority delegated to supervisors or commissioners of the State departments to prevent the organization
of banks by undesirable parties. He advocates an amendment to the Michigan laws making it the imperative duty
of the Commissioner to determine the financial responsibility
and standing of stockholders in a proposed bank and to
investigate the character and experience of those who are
to be in active charge, and the authority to refuse to approve an application to organize or to refuse to issue charters
where the investigation is not satisfactory. Mr. Doyle
thinks, too, that the Department should have authority
to exercise its discretion in the matter of passing upon the
necessity of new banks in communities already having
State or national banking facilities. He also refers to
directors who seldom, if ever, attend meetings of their
board, and expressed himself in favor of an amendment
which would make ineligible to membership for five years
a director who inexcusably missed directors meetings for
three consecutive months. The Commissioner also recommends an amendment which would make it a misdemeanor
they were unanimously endorsed. The last three have
only been brought forward recently. Mr. Harris admits
that it might seem wiser to focus on one or two of these
policies, but his term of office is one year, and to his mind
the necessities of the matter seem to justify making the whole
policy public. Reforms and innovations, he points out,
take time, and the adaptation of the association,as well as the
public to these ideas, he adds, cannot begin too soon.
—Under a resolution adopted by the New York Stock
Exchange on the 14th inst. the regular commission of A of
1% must be charged in all cases when non-members deal with
privileges through members of the Exchange. While the
constitution of the Exchange forbids trading in privileges
on the Exchange by members, receipts and deliveries of
securities or privileges ("puts", "calls," "straddles") are
not prohibited. The ruling just adopted stipulates that
the charge in question must be made whether the securities
are' received or delivered upon the day of expiration of the
privilege or prior thereto. /n the custom heretofore observed
no commission was required where the privilege was delivered
before the last day named in the agreement. The resolution
says:
"When securities arc received or delivered on a privilege for a nonmember, 5 of 1% commission must be charged,whether said securities are
received or delivered upon the day of expiration of said privilege or prior
thereto."
A petition requesting the Governing Committee to rescind
its ruling on arbitrage trading has lately been circulated
among the members, and was expected to have been presented to the Committee at its meeting on the 14th. It
is stated, however, that it was decided to hold it back
until the next regular meeting of the Governors on the 28th
inst. in order that additional signatures may be secured.
Already 450 of the members have signed the petition, it is
reported.
•
—A State inquiry into the cost of living is to be conducted
in this city under the direction of a commission of eleven
appointed under an Act recently passed by the Legislature.
William Church Osborn, the former legal adviser of Governor
Dix, is Chairman of the Commission. The hearings,
which were begun yesterday, will be public and will be
held in the Fruit Exchange Building, at 202 Franklin
Street. The Commission, it is stated, has power to issue
528
THE CHRONICLE
subpoenas and to compel the production of bills of lading
and all papers having a bearing on the investigation.
In the inquiry it is intended to start at the farm and to
follow the principal food products to the consumer; the
exact cost to the farmer of commodities such as butter,
eggs, potatoes, apples, drc., will be considered, together
with the freight and receiving charges, the entire expenses of the commission dealer and his profits, and the
profits of the retail dealer. Incidentally an investigation
of the cold-storage business will be had,but that, it is stated,
will be a minor feature of the proceedings. The results
are to be embodied in a report which is to cover the entire
cost of food, exclusive of meats. An appropriation of $5,000
has been made to meet the attendant expenses.
(Vol, wcxxxiv.
was held
We have informally settled many disputes, but the first trial
understand our
this afternoon. The trouble is, the business man does not
are shortmethods,and most.lawyers arc against us because they think we
ening litigation and taking business from the lawyers.
in which
court
a
demanding
been
time
long
Business men have for a
Commerce
they could arbitrate their differences. In 1910 the Chamber of
of this
began an investigation of this subject, and we found that a Court
Comcharacter had been one of the first institutions of the Chamber of
Arbithis
that
was
a
There
time
1768.
in
established
merce, having been
tration Court was the only civil court in New York.
After we had studied the history of the Court in New York, we went
that a
ahead and amended the by-laws of the Chamber of Commerce so
special arbitration committee could be elected, and the Court;re-established.
We found in the old statutes of tile State a provision by which such a Court
could be made a part of, the legal procedure, and on Juno 1 1911 the members of the arbitration committee were sworn in by Justice Vernon M. Davis,
and the Business Men's Court thereupon acquired a legal status.
It is surprising the amount of public spiritness there is among our business men. When thisrourt was established in June we wrote to 215 of the
leading business men in this city, notifying them that we had decided to appoint them on the official list of arbitrators and asking them if they would
serve. Prompt acceptances were received from 209.
Under our procedure men who have a dispute come to us and ask that
our Court consider their matter. A man need not be a member of the Chamber of Commerce to take advantage of this Court. The disputants sign an
a
agreement to abide by the judgment of the arbitrator. They fix time for
We can disa hearing and then go before the umpire and state their case.
week.
a
for
courts
the
pose in one day of a ease that would drag through
—A formal complaint was filed two weeks ago against the
New York Mercantile Exchange as the result of an investigation made by Assistant District Attorney William A. De
Ford into its methods of dealing in butter and eggs. The
proceedings have been followed by the institution on Tuesday of this week of a public inquiry into the Exchange. Mr.
—Complying with the Armstrong Law,the Mutual Life
De Ford, it is stated, accuses the Exchange of conspiracy to
holdings of
restrain trade, in regulating the prices of these commodities. Insurance Co. has sold the remainder of its
syndicate
the
to
Co.
&
are
Trust
in
report
given
Guarantee
his
the
Title
in
the
made
in
stock
allegations
the
Some of
The
company.
in
the
title
interest
controlling
the
follows:
owning
New York "Times" as
It fixes the price or the bases of the price which the receivers of butter Mutual Life held in all 5,172 shares of the Title Company,
and eggs, who are members of the Exchange, shall pay the shippers there- which it acquired during the period from April 1895 to
for; it fixes and establishes the price * * • at which the receivers
$224 28 a share,or at a total cost of $1,who are members of said Exchange shall sell and do sell butter and eggs to January 1897, at
the jobbers thereof; • • • it fixes the price, or tile bases of tho price, 159,992. In the sale of the stock it will receive $2,607,997,
at which the members of said Exchange, who sell butter as jobbers, shall and
or an average price of $504 25 per share. In addition to the
do sell the same to the retailers thereof, within the City and County of New
gain thus made of $1,448,005, the Mutual received $309,720
York. • • •
It appoints inspectors whose duty it is to pass upon the grades of butter in a cash dividend of 60% on the stock and $851,730 from
and eggs purchased or sold by its members, whether receivers or jobbers,
the sale of "rights" to new stock offered to the shareholders
for the purpose of determining, when any question arises between the
g $1,161,450,
shipper and seller with respect thereto, what the grade of a particular con- some time ago, these two items alone aggregatin
signment of butter is, and the price that should be paid therefor, whether and representing more than the original cost of the stock.
the same was bought and sold upon the open market or pursuant to a
In all there is a total credit to the company on its investment
oontinuing contract therefor, hereinafter described.
, or 224.95%,
The complaint against the Exchange, it is stated, formally over and above the original cost of $2,609,455
income
yearly
average
an
received
the
which
Mutual
besides
sets out that:
"Officers and members of said Exchange then being engaged in compe- on the investment of 5.66%.
tition with each other as dealers in butter and eggs and then controlling
—On the eve of the completion of the new building of the
practically 95% of the butter and eggs received within the City and County
streets, it is anof New York for sale to its people, did, on or about Fob. 1 1911, conspire, Bankers Trust Co., at Wall and Nassau
combine and confederate together to restrain and prevent competition in nounced that arrangements have been perfected for a merger
the purchase, sale and in the supply and price of butter and eggs shipped to
of the Manhattan Trust with the Bankers Trust. Plans
and received for sale in the City and County of New York and to secure for
con- to this end were considered at the time the Manhattan Trust
themselves a monopoly of the supply of butter and eggs, and that so
spiring they agreed to become, and did become, members of the Mercantile Co. sold its property to the Bankers' Trust in 1910, but it
Exchange and authorized and empowered the said Mercantile Exchange, for
continue the Manhattan's separate
and in their own behalf, and to accomplish the purposes of their said con- was finally decided to
spiracy, to transact the business, to perform and do acts, to make and identity, and provision for both it and the Bankers Trust
enter into arrangements from day to day, whereby the prices which said Co. was made in the mammoth building whose erection was
members should pay and at which they should buy and sell butter and eggs
then planned, and which will be ready for occupancy in
so purchased and sold by them should be fixed and be made uniform."
month or so. The statement given out in the
another
Exthe
that
to
allege
said
e
furthermor
is
Ford
Mr. De
by
the Manhattan Trust Co. this week says:
matter
grades
the
a
change fixes and designates, through committee,
Negotiations which were considered at the time of sale of this company's
of butter which must be recognized by the members; that the property, corner of Wall and Nassau streets, to the Bankers Trust Co.,
members have fixed the price of butter and eggs so as to two years ago, have now been renewed and successfully concluded and
shortly result in a merger of this company into the Bankers Trust Co.
depress the price in the summer months when the supply is will the
By
terms of the proposed merger plan, tile Bankers Trust Co. will incold
storage.
in
supplies
putting
of
object
the
with
large,
crease its capital stock $5,000,000, to $10,000,000. Of the new stock,
n
between
no
competitio
$4,000,000 will be sold to the present stockholders and $1,000,000 will be
He states that there is practically
for the $1,000,000 outstanding capital stock of the Manhattan
the receivers and shippers, and gives it as his opinion that exchanged
building
Trust Co. The two sets of offices in the new Bankers Trust Co.
acts
such
that
and
prices,
offices
regulate
the members conspire to
will now be thrown into one, and, in fact, tho proximity of those
merger.
the
of
about
bringing
has been the leading factor in
are injurious to trade and commerce and in violation
Using the figures shown in the latest report to the Banking
Section 580 of the Penal Law.
t, namely December 21 1911, the union will serve
Departmen
—In an opinion given on the 12th inst. Attorney-General to
the total resources of the Bankers Trust Co. from
increase
provisions
Carmody of New York State holds that the
07
to $182,330,705, the Manhattan Trust Co. on
$157,678,2
of Section 121 of the Insurance Law prohibit not only the that date having reported resources of $24,652,498. Only
issuance of a policy insuring against loss by fire of coupon one
other trust company in the city shows resources in excess
bonds and other negotiable securities, but also the issuance of
the
combined figures of the Bankers and Manhattan Trust
of a policy covering the liability of a safe-deposit and storage
companies, that institution being the Guaranty Trust Co.,
company for loss thereof by fire.
whose assets on the date mentioned stood at $208,793,678.
—The Business Men's Court of Arbitration of the New On Saturday last, February 17, the net deposits of the
York Chamber of Commerce, through which a settlement of Guaranty Trust amounted to $176,340,000, while those for
commercial disputes may be had, was revived on the 5th inst., the uniting companies totaled $166,340,000—the Bankers
when it held its first trial, after a suspension of seventeen Trust being credited with $148,427,000, and the Manhattan
years. The Court was established in 1768 and was one of Trust having $17,913,000. Through the consolidation last
the first institutions of the Chamber; its jurisdiction was ex- year of the Mercantile Trust Co. with the Bankers Trust Co.
tended in 1861, and the tribunal received recognition from the latter added about $40,000,000 to its deposits. The
the State in 1874 when a salary of $10,000 was voted by it Bankers Trust Co. was formed less than ten years ago—in
to the official arbitrator; in 1895 the salary was cut off by 1903—and has been conspicuous by reason of the important
the Legislature and the existence of the Court was terminated. financial interests identified with it, its directorate being
Its reorganization was undertaken by the Chamber a year or made up of thirty bankers representative of New York,
so ago, and in March 1911 the following Committee on Arbi- Philadelphia, Chicago and Kansas City. The Manhattan
tration was named: Charles L. Bernheimer, Chairman; Henry was established in 1.871, and for some years was the only
Hentz, James Talcott, James H. Post, William Lummis, trust company in the city enjoying Clearing-House privileges
Frank A. Ferris and Algernon S. Frissell. Mr. Bernheimer, as a non-member. John I. Waterbury is President of the
who presided at the opening of the Court, had the following Manhattan, and E. C. Converse President. of the Bankers
Trust Co.
to say concerning its scope:
FEB. 24 1912.]
THE CHRONICLE
—The purchase by J. P. Morgan dr Co. of the building in
which it is housed at Wall and Broad Streets is understood
to have been arranged. The property is known as the
Drexel Building and it was erected in 1872 for the original
firm of Drexel, Morgan Sc Co. The site was owned by the
late Anthony J. Drexel, and since his death has been held
by the Drexel Estate. It has a frontage of 82.7 feet on
Wall Street and 113.5 feet on Broad Street. The price paid
for the property by the Drexel interests was $1,000,000, or
$348 per square foot—a record price at that time. The
building is six stories high. It is generally understood that
a floor in the new Bankers Trust Building has been reserved
by J. P. Morgan dc Co. and this has given color to the reports
that it is the purpose of the firm to erect a modern structure
on its present site.
—A gift which was a surprise and a pleasure to the artloving public of this city was gracefully conveyed to the
Metropolitan Museum of Art this week by Francis L.Leland,
President of the New York County National Bank, at 8th
Avenue and 14th Street. Mr. Leland's gift, made unconditionally, consists of 1,200 shares of the stock of the
bank, valued at more than $1,000,000. The donation was
made known in the following brief note:
February 19, 1912.
J. Pierpont Morgan, Esq., President Metropolitan Museum of Art:
Dear Str—I herewith make a gift, outright, of one thousand two hundred (1,200) shares of the New York County National Bank stock to the
Metropolitan Museum of Art, without condition.
Very truly yours,
FRANCIS L. LELAND.
529
trip abroad which the firm offers him in recognition of his
services.
—The artistic new home of the Mutual Bank, of which
Charles A. Sackett is President, was formally opened on
the 13th inst. at 49-51 West 33d St., this city. The new
building adjoins the five-million-dollar McAlpin Hotel, now
in course of erection on Broadway between 33d and 34th
streets. The bank's exterior is classic or colonial in style
and is built entirely of limestone, with granite base and
steps. The interior of the bank is marked by a display of
good taste and gives promise of great serviceability. The
banking room is 42 by 95 feet, with ceiling 38 feet above the
floor. Its walls are of Caen stone up to and including the
cornice, where a copper frieze and ceiling form a rich
frame for the skylight of amber and white leaded glass.
Eight decorative electric chandeliers hang from the ceiling.
The banking fixtures are of bronze and Bottichino marble
of soft brownish gray. The officers' desks are to the left
of the entrance on a platform slightly elevated above the
floor level. A marble staircase to the right of the entrance
affords convenient access to the safe-deposit vaults in the
basement. The vaults are constructed of the strongest
materials and are of the latest pattern. Over the entrance
vestibule and in the front portion of the building are three
upper stories, on the first of which is the directors' room.
Any one of the tellers can close the only entrance and exit
to the bank instantly by touching an electric button with
his foot, making it impossible for a "hold-up"to get away,
and at the same time starting the huge gong going. Mr.
Sackett's associates are Hugh N. Kirkland, Vice-President
and Cashier; John C. Van Cleaf, Vice-President; Eugene
Galvin, Assistant Cashier, and Richard Delafield, Chairman
of the board of directors.
—William E. Corey has been elected a director of the
Mechanics' & Metals' National Bank of this city.
—The board of the Broadway Trust Co. of Manhattan
Borough has been enlarged in sonsequence of the proposed
absorption of the Flatbush Trust Co. of Brooklyn and now
consists of the following:
Robert W. de Forest, Vice-President, gave it as his
opinion that the trustees of the Museum would hold the
principal of the gift and use most of the yearly income
therefrom, which is now approximately $48,000, for purchasing works of art. Mr. Leland is a member of the Museum
of Art. His gift is one of the four largest ever received by
the Metropolitan Museum and. the largest given during the
lifetime of a donor, the others having been bequests.
In a speech delivered at the celebration of the fortieth anniversary of the Museum in February 1910 Joseph II. Chaote
said: "Not one dollar of public money has gone into the
F. A. M. Burrell of C. A. Schieren & Co., M. M. Belding Jr. of Belding
Eugene S. Benjamin of
collections of the Museum. Everything in the Museum Brothers & Co., Ira Lee Bamberger, attorney;
Alfred Benjamin & Co., William C. Breed of Breed, Abbott & Morgan;
of
for
the
work
given
money
with
bought
or
gift
a
has been
James Clarke, M. M. Belding Sr., James Cochran of Lalance-Grosjean
the Museum. This generosity is a distinctly American habit, Manufacturing Co., Warren Crulkshank, M. J. Drummond, Emanuel Geril,
dent of Borden's Concharacteristic of the people, and I hope it may continue." Robert L. Gerry, Walter M. Gladding, Vice-Presi
Milk Co.; William Halls Jr., Frederic G. Lee, President of the BroadFrancis L. Leland is 73 years of age and besides being densed
way Trust Co.; John Z. Lott, Adam K. Luke of the West Virginia Pulp &
President of the New York County National Bank is Vice- Paper Co., Edwin P. Maynard, President Brooklyn Savings Bank; James
& Co.; Lewis E. Pierson, President Irving
President of the West Side Bank, 34th Street and 8th Ave. E. Nichols of Austin, Nichols
National Exchange Bank; Walter Scott, Vice-President Butler Brothers;
York
New
The
corporations.
several
in
director
a
and
Theodore F. Whltmarsh of Francis H. Leggett & Co., Frank W. WoolCounty National Bank, for whose successful management worth, President of F. W. Woolworth & Co., and Peter B. Woman of
he is mostly responsible, was organized as a State bank in Fred Butterfield & Co.
The stockholders of the two institutions will ratify the
1855 and entered the national bank system in 1865. Mr.
on March 5. It is stated that the arrangements
merger
Leland, and his father preceding him, have been executives
for the payment of a cash dividend of $50 per share
provide
dividend
a
As
institution.
the
of
existence
entire
the
during
stockholders of the Flatbush Trust Co. (capital
to
the
organization
its
in
early
payer the institution took front rank
who will also receive one share o fBroadway Trust
$300,000)
among the banks in this city. Beginning with 4% in its
Trust stock. The
first year, the bank has never passed a dividend. In the Co. stock for each share of Flatbush
$1,000,000 and a
of
capital
a
has
Co.
Trust
Broadway
has
past twelve years the New York County National Bank
$500,000.
of
surplus
had a noteworthy dividend record. To the holders of its
—The capital of the Harriman National Bank of this city
original $200,000 capital it paid 50% in 1901, besides an extra
dividend the same year of 100%; 50% in 1902; 75% in both. has been increased from $200,000 to $500,000. The issuance
1903 and 1904; 100% in 1905; 75% in 1906; 50% in 1907, to- of the new stock was authorized at the annual meeting in
gether with a 150% stock-equalizing dividend. The institu- January, and following the approval received from the
tion, to enlarge its loaning power in compliance with the new Comptroller of the Currency on Wednesday, the enlarged
law, on July 15 1907 increased its capital from $200,000 to capital became effective yesterday.
$500,000 by the payment of this latter 150% stock dividend
—W. Seward Webb Jr., of the Stock Exchange firm of
out of surplus and undivided profits. During 1908, 1909, Du Val, Greer & Co., has been elected a member of the
1910 and 1911 the dividend was 40% per annum on a Advisory Board of the Shoe & Leather branch of the Metrocapitalization of $500,000, which is equal to 100% yearly politan Bank of this city.
on the former capital of $200,000.
—The first number of the "Guaranty News," a small
--Gen. T. Coleman du Pont, President of the E. I. du magazine devoted to the interests of the employees of the
issued by the
Pont de:Nemours Powder Co., has been elected a director of Guaranty Trust Co. of New York, has been
Guaranty Club. H. R. Wohlers is editor, and he is assisted
the'Knickerbocker Trust Co. of this city.
by six associate editors. Besides many other interesting
—A dinner in honor of Albert J. Sauter, Cashier of the features there are articles on "Discipline" by Stuart H.
dc
at
firm
Co., was given by the
banking house of Speyer
Patterson and "Building a Bank's Business" by Fred. W.
Delmonico's on Monday night. The affair was in celebra- Ellsworth, Publicity Manager, Guaranty Trust Co.
tion -)f the fiftieth anniversary of Mr. Sauter's connection
—Charles 0. Ireland, of the Bank of Amityville, at
with the house, whose employ he entered on Feb. 19 1862,
L. I., has been elected Chairman of Group VII
Amityville,
whenlit was known as Philip Speyer & Co. All the members
York State Bankers' Association. Douglass
New
the
of
the
at
employees
attendance
in
were
the
ofthe firm:and all of
was chosen to the office at the annual
Huntington
of
Conklin
dinner, at which Mr. Sauter was presented with a gold watch
but later made known to the
25,
Jan.
on
meeting
andianiengrossed testimonial. Mr. Sauter is in his sevento accept the post.
his
inability
committee
executive
system
pension
tietllyear. Although he may avail of the
the Secretaryship of the
for
slated
is
Congdon
B.
—Henry
established by the firm and retire on a pension, Mr. Sauter
prefers to continue in harness. He will, however, take a Industrial Trust Co. of Providence, succeeding Charles H.
530
THE CHRONICLE
[VoL. Lxxxxiv.
Manchester, who is to become Treasurer of the Providence
—The Arkansas Bankers' Association will hold its annual
Gas Co. Mr. Manchester's resignation as Secretary of the convention
at Little Rock on May 14 and 15.
trust company will take effect on March 15 and Mr. Cong—The present year's annual meeting of the Kansas
don's election to the post will occur on the 27th inst. Mr.
Congdon is at present Assistant Cashier of the Mechanics' Bankers' Association will be held in Topeka on May 23 and
24. W. W. Bowman is Secretary of the organization. This
National Bank of Providence.
will be the 25th annual gathering of the Association.
—The Old Colony Trust Co. of Boston increased its
—Last week in reporting the personnel of the committee
deposits from $64,803,309 to $79,198,295 between Decemwhich has been appointed by the associated banks of Deber 31 1910 and December 31 1911. Undivided profits in
the same period rose from $708,360 to $1,120,322 and total troit to name the local committees who are to arrange the
assets from $78,011,669 to $98,218,617. The company's details of the annual meeting of the American Bankers'
capital and surplus fund is $12,500,000. The City Trust Association, we stated that Charles Moore, one of the committee, was Vice-President of the Security Trust Co. of
Co. was consolidated with the Old Colony in February 1910
ten months prior to the date with which comparison is Detroit. This was in accordance with the announcement
made. The senior executives of this institution are: Philip issued by the American Bankers' Association. Mr. Moore
Stockton, President, Gordon Abbott, Chairman Board of advises us, however, that he is Secretary and Treasurer of
Directors; Francis R. Hart, Vice-Chairman Board of Direc- the Security Trust—not Vice-President.
—At the annual election of officers of the Mississippi Valley
tors; T. Jefferson Coolidge Jr., Chairman Executive Committee and Wallace B. Donham, Julius R. Wakefield, Trust Co. of St. Louis on the 14th inst., Walton W. Steele
E. Elmer Foye, and Chester B. Humphrey, Vice-Presidents. was made Assistant Trust Officer. Mr. Steele has been
with the company's trust department for the past eleven
—The Board of Governors of the Philadelphia Stock Exchange has decided to accept the bid made by the People's years, coming to it from the Missouri State Bank of Butler,
National Fire Insurance Co. for the purchase of the old Mo., and was formerly connected with the Walton Trust Co.
of the same place. All present officers were re-elected to
Exchange Building on Third and Walnut streets. The price
serve
for the ensuing year. They are as follows: Julius S.
offered by the company is $169,999, subject to a yearly
ground rental of $437 75. The Stock Exchange will con- Walsh, Chairman of the Board; Breckinridge Jones, Presitinue to occupy the building pending the erection of the new dent; John S. Davis, Samuel E. Hoffman, William G.
Lackey and Henry Semple Ames, Vice-Presidents; Frederick
structure on Walnut St. west of Broad St.
Vierling, Trust Officer; William McC. Martin and J. H.
—An extra dividend of 50 cents a share has been declared Keebaugh
, Assistant Trust Officers; Geo. Kingsland, Real
to the stockholders of the Equitable Trust Co. of Philadel- Estate
Officer; James E. Brock, Secretary; Hugh R. Lyle,
phia of record Feb. 17, payable on the 24th inst. The com- Henry
C. Ibbotson, C. Hunt Turner Jr., Louis W. Fricke
pany, which had a capital of $1,000,000, has consolidated and Edwin
J. Kropp, Assistant Secretaries; James H. Grover,
with the Continental Title & Trust Co. under the name of Bond Officer,
and Frank C. Ball, Safe Deposit Officer.
the Continental-Equitable Title & Trust Co.
—The Real Estate Bank & Trust Co. of Savannah, Ga.,
—Negotiations for merging the Western National Bank has decided to increase-it
s capital from $150,000 to $300,000.
of Philadelphia with the Girard National Bank, rumored The proposed addition
of $150,000 is to be offered to the
as pending for the past few weeks, were concluded on stockholders at $120,
the present market value of the stock,
Wednesday. While the stockholders'of the Western National which has a par
value of $100. The institution began busihave not yet formally sanctioned the proceedings,it is stated ness on July 5
1910. A departure which it is to make, acthe merger was carried into effect yesterday. The Western cording to
the Savannah "News," is that of receiving money
National has a capital of $600,000 and surplus and profits on deposit
from investors in any section of the country and
of about $260,000. The purchase price is said to be in lending
it upon real estate in Savannah, the bank guaranexcess of $110 per share. The building of the Western teeing
both principal and interest and paying the investor
National on Chestnut Street is not included in the trans- not less
than 6% per annum. The institution will pay 4%
action, and it is expected that through its sale the stock- interest
on the money until it is invested in real estate, the
holders of the Western National will receive from $40 to
account in:the meantime remaining as a deposit in its savings
$50 additional per share. The deposits of the Western departmen
t. It has been found necessary to enlarge the
National amount to about $4,300,000. George E. Shaw,
bank's quarters and -an addition -will be made to its offices
President of the Western, will become a director of the
as"soon as the lease on adjoining.property expires—in October
Girard National, and Charles F. Wignall, Cashier of the next.
Western, will become an Assistant Cashier of the Girard.
—Ledoux E. Smith, who in May enters upon the office of
The Western National and Girard National both date from State Treasurer
of Louisiana, is said to have acquired an
1832. The latter's deposits under the last call (December 5)
interest in the Capital City Bank of Baton Rouge, and has
were $38,923,636 and its resources were then $46,595,879. been elected
Vice-President of the institution.
—Checks were mailed for the fourth dividend, amounting
—An application to organize the Security National Bank
to 15.79%, to the creditors of the defunct City Trust, Safe of Pasadena
was approved by the Comptroller of the CurDeposit & Surety Co. of Philadelphia on the 16th inst. rency on
the 6th inst. The institution is to have a capital
Together with the three other dividends, the receiver has of $100,000.
Ernest H. May, formerly President of the
distributed a total to date of 93.396%.
First National Bank of Pasadena, is identified with the
—Depositors of the defunct Allegheny National Bank, movement.
Pittsburgh, Pa., have received checks for an additional
—The merger of the San Gabriel Valley Bank with the
234% dividend, which was declared Feb. 6. It is believed Union Savings
Bank and the Union National Bank of
that the depositors will be paid in full. The latest pay- Pasadena, referred
to in our issue of November 11, became
ment, it is stated, increases the total dividends to 95%.
effective on the 1st inst.
—Edwin F. Brown, President of the Monroe National
—It is reported that the American Bank & Trust Co. of
Bank of Chicago at the time it was taken over by the Cen- Portland, Ore.,
which closed its doors on Dec. 18, plans to
tral Trust Co. of Illinois several months ago, died on the reorganize. The
institution had a capital of $150,000 and
15th inst. With the consolidation Mr. Brown became a the plans under
consideration call for a capital of $250,000
member of the executive committee of the Central Trust Co. for the reorganize
d bank.
Mr. Brown was formerly a national bank examiner. He
—The proposed merger of the Eastern Townships Bank
was one of the organizers in 1903 of the Manufacturers'
(head office Sherbrooke) with the Canadian Bank of ComBank of Chicago, which was converted into the Monroe
merce (head office Toronto) was authorized by the stockNational Bank in 1906.
holders of the first-named institution on the 14th inst. As
—The directors of the Merchants' & Farm
- ers' State Bank announced in this department Dec. 23 the basis of the union
of Milwaukee on the 5th inst. elected E. C. Kambe as Cashier is an exchange
of two shares of the Bank of Commerce stock
of the bank and Secretary of the board, to succeed P. F. (par $50) for one
of the Eastern Townships Bank (par $100).
Leuch, resigned. Dr. John T. Bliffert was elected Assistant The latter has a
paid-in capital of $3,000,000. The CanaCashier and A. G. Schwefel was elected a director to fill a dian Bank of
Commerce proposes to increase its authorized
vacancy.
capital from $15,000,000 to $25,000,000 and to change the
—The executive committee of the Oklahoma Bankers' par value of its stock from $50 to $100 per
share. The
Association has chosen Tulsa as the meeting-place for the merger will become operative on the 29th inst.
next convention to be held during the week beginning
—In its annual statement for the year ending November 30
May 20.
the Bank of Hamilton (head office Hamilton, Ont.,) reported
FEB. 24 1912.]
THE CHRONICLE
deposits of $34,738,494 and aggregatd resources of $44,732,138. The report showed a paid-in capital of $2,869,400
and a reserve fund (to which $111,170 had been added from
the year's profits) of $3,300,000. The bank pays dividends
of 11% per annum. It carries forward to profit and loss
account $190,360.
-New members on the board of the National Bank of
Cuba (head office Havana) are Edmund Porges, of Edmund
Porges & Co., Paris, bankers, and William M. Taibott,
President of the Cuban Telephone Co. The bank published
its certified general balance sheet for December 30 1911 in
last week's issue of the "Chronicle". It has made substantial growth in the twelve months of the last business
year by increasing its deposits from $22,310,246 to $23,523,296, surplus from $251,781 to $306,255 and total assets
from $33,278,303 to $36,351,519. The bank now has four
branch offices in the city of Havana and twenty-one branches
throughout the island of Cuba, Panama, &c. Its New York
agency is at 1 Wall Street.
531
TREASURY CURRENCY HOLDINGS.-The following
compilation, based on official Government statements, shows
the currency holdings of the Treasury at the beginning of
business on the first of November and December 1911 and
January and February 1912.
TREASURY NET HOLDINGS.
Nov.1 1911. Dec. 1 1911. Jan.1 1912. Feb. 1 1912.
Holdings in Sub-Treasuries$
$
$
$
Net gold coin and bullion
280,180,440 285,303,171 276,029,643 235,654,356
Net silver coin and bullion
18,199,735 9,920,357 14,289,630 24,935,035
Net United States Treasury notes
11,651
9,868
8,230
14,386
Net legal-tender notes
4,768,101
5,868,032 8,730,716 9,547,034
Net national bank notes
33,166,353 29,800,608 35,366,974 47,855,918
Net fractional silver_
18,617,856 17,490,432 18,016,294 21,775,660
Minor coin, d,c
3,212,199 2,542,084
2,144,282 2,863,378
Total cash in Sub-Treasuries _358154552f350932914 354,591,895 342,643,032
Less gold reserve fund
150,000,000 150,000,000 150,000,000 150,000,000
Cash balance in Sub-Treasuries _ _208,154,552 200,932,914 204,591,895 192,643,032
Cash in national banks
48,200,874 47,820,242 47,768,604 47,439,241
Cash in Philippine Islands
6,334,028 6,138,299 5,853,793
6,470,553
Net Cash in banks, 5ub-Treas_262,689,454 254,891,455 258,214,292 246,552,826
Deduct current liabilities_a
126,167,055 122,647,827 131,288,300 123,139,323
Available cash balance
136,522,399 132,243,628 126,925,992 123,413,503
a Chiefly "disbursing officers' balances." I Includes $1,477,172 77 sliver bullion
and $2,863,378 56 minor coin, dm, not Included In statement "Stock of Money."
DEBT STATEMENT OF JANUARY 31 1912.
The following statements of the public debt and Treasury MmtetattiCo nrmerciaMnglisitBnus
cash holdings of the United States are made up from official
(From our own correspondent.)
figures issued Jan. 311912. For statement of Dec. 31 1911
London, Saturday, February 10 1912.
see issue of Jan. 27 1912, page 257; that of Jan. 31 1911, see
London has witnessed once more this week a brilliant
Feb. 18 1911, page 434.
pageant in the Thanksgiving Service at St. Paul's Cathedral
INTEREST-BEARING DEBT JAN. 311912.
which the King and Queen attended on their return from
Amount
Amount Utast=lino
their tour in India. Even the most timid friend of law
Interest
Issued.
Registered. Coupon.
Total.
and order must have been reassurred on Tuesday by the
Title of LoanPayable.
2s, Consols of 1930
Q-J. 646,250,150 642,114,950 4,335,200 646,250,150 hearty reception accorded the King on his
progress to the
3s, Loan of 1908-18
Q-F
198,792,660 43,774,660 20,170,800 63,945,460
4s, Loan of 1925
Q-F. 162,315,400 99,693,500 18,796,400 118,489,900 Cathedral. Whatever alarm may be felt at the growing
2s, Pan. Canal Loan 1906_Q-F.
54,631,980 54,606,740
25,240 54,631,980 labor unrest and the general uncertainty which exists, both
2s, Pan. Canal Loan 1908_Q-F.
30,000,000 29,645,820
354,180 30,000,000
3s, Pan. Canal Loan 1911_Q-S.
50,000,000 29,101.500 20,898,500 50,000,000 at home and abroad, those who witnessed Tuesday's pro2;•0, Post.Sav. bonds 1911 J-J.
41,900
36,720
41,900 cession cannot fail to have been impressed by the deep5,180
23s,Post.Sav. bonds 1912 J-J.
417,580
313,900
417,580 seated
103,680
loyalty to the Throne of the English people.
Aggregate int.-bearing debt...1,142,449,670 899,287,790 64,489,180 963,776,970
Mr. Churchill's meeting at Belfast on Wednesday went off
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
without any untoward incident. With the text of the
December 31.
January 31. speech, or as much of it as they are interested in, readers
Funded loan of 1891, continued at 2%, called May 18
1900, interest ceased Aug. 18 1000
$7,000 00
$7,000 00 are already acquainted. In his sketch of the proposed
Funded loan of 1891, matured Sept. 2 1891
23,650 00
23,650 00 measure of Home Rule, Mr. Churchill said that the new
Loan of 1904, matured Feb. 2 1904 _
13,350 00
13,350 00
859,000 00
Funded loan of 1907, matured July 2 1907
855,450 00 Irish Parliament to be set up will have, within reasonable
14,480 00
Refunding certiflcates, matured July 1 1907
14,420 00 limits, the power of adding to its income by taxation.
Old debt matured at various dates prior to Jan. 1 1861
What that income will consist of, and how great the power
and other items of debt matured at various dates
904,350 26
subsequent to Jan. 1 1861
904,35026 of taxation will be it is not possible to say until the Bill is
actually presented. But the success or failure of the measure
Aggregate debt on which interest has ceased since
51,821,830 26 $1,818,220 26 will depend almost wholly upon its financial clauses. Even
maturity
DEBT BEARING NO INTEREST.
the opponents of Home Rule will, after a time, get accusDecember 31.
January 31.
tomed to it, if, as there is every reason to hope, it is properly
United States
$346,681,016 00 $346,681,016 00 administered. But
the financial aspect of the question
Old demand notes.
53,282 50
53,282 50
National bank notes-Redemption account _
26,203,861 50
26,158,715 00 cannot fail to present the most formidable difficulties. Mr.
Fractional currency, less $8,375,934 estimated as
Gladstone's proposals more than twenty years ago now,
lost or destroyed _
6,856,639 90
6,856,639 90
were defeated mainly upon that ground, as the people they
Aggregate debt bearing no interest
$379,794,799 90 $379,749,653 40 were expected to benefit foresaw at once that their efforts
RECAPITULATION.
to govern Ireland would be crippled from the outset for
Increase (l-) or
Jan. 311912.
ClassificationDec. 311911.
Decrease (-). lack of pounds, shillings and pence. It has to be remembered
Interest-bearing debt
$963,776,970 00 $963,359,390 00 +$417,580 00 that not any of the men who will be entrusted with the
Debt interest ceased
1,818,220 26
1,821,830 26
-3,610 00
Debt bearing no interest
379,749,053 40
379,794,799 90
-45,146 50 administration have ever had experience of the actual
work of administering a public office. It has to he rememTotal gross debt
31,345,344,843 66 51,344,976,020 16 +5368,823 50
Cash balance in Treasury... _
273,413,503 02
276,925,902 06 -3,512,489 04 bered, in addition, that not only is Ireland a very poor
country but she has been habituated to being administered
Total net debt _
_ $1,071,931,340 64 $1,068,050,028 10+53,881,312 54
from Downing Street by Ministers accustomed to deal with
*Includes S150,000,000 reserve fund.
vast sums of money and with big problems all over the
The foregoing figures show a gross debt on Jan. 31 of world. It seems evident from Mr. Churchill's speech that
$1,345,344,843 66 and a net debt (gross debt less net cash she will still have to contribute something to Imperial taxation as she is to have the benefit of Imperial defence,
in the Treasury) of $1,071,931,340 64.
external and internal, should the Government require it.
TREASURY CASH AND DEMAND LIABILITIES.- The most important item, therefore, perhaps, in the whole
The cash holdings of the Government as the items stood speech was that in which the Mnister promises that the
newGovernmentshall have certain powers of internal taxation.
January 31 are set out in the following:
Throughout the week the stock markets have been dull
LIABILITIES.
ASSETS.
Trust Fund Liabilitiesand uninteresting. Consols have hardened in price on the
Trust Fund Holdings8
Gold coin
1,035,612,369 00 Gold certificates.
1,035,612,369 00 steady purchase day by day by the Government broker
Silver dollars
484,594,000 00 Silver certificates
484,594,000 00
Silver dollars of 1890
3,057,000 00 Treasury notes of 1890._
3,057,000 00 on accout of the Sinking Fund. But the breakdown once
more of the Coal Conference has depressed the Home railTotal trust liabilities_1,523,263,369 00
Total trust fund
1,523,263,369 00
way market. There is hardly any public interest in any
General Fund HoldingsGen. Fund LiabilitiesCertified check
1,058,336 35 National Bank 5% fund 22,596,364 36 department of the Stock Exchange, while any favorable
Outstanding
Gold coin and bullion
checks and
14,195,515 87
dealers from
drafts
Gold certificates.
71,458,840 00
12,745,273 74 movement attracts a crowd of jobbers and
Silver certificates
15,934,925 00 Disbursing officers' balother section of the House, plainly showing that
every
dollars
ances
Silver
7,522,937 00
77,527,058 02 members are trying to live upon one another, having very
Silver bullion
1,477,172 77 Post Office Department
9,547,034 00
United States notes
account
8,034,751 92 little public business to exist upon.
1890._
11,051 00 Miscellaneous items _
Treasury notes of
2,235,875 02
It is a maxim laid down by Cavendish in his book on
National bank notes
47,855,917 78
Fractional silver coin__ 21,775,659 51 Total gen'l liabilities... 123,139,323 06 "Whist" that "when in doubt, play trumps". Evidently,
150 54
Fractional currency... _ _
the Bank of England directors are of opinion that when
1,797,922 53
Minor coin
uncertain whether to alter the rate of discount or not the
6,969 14
Bonds and interest paid_
Tot. in Sub-Treasles. 192,643,031 49
best procedure is to reduce or raise it as the case may be
In Nat. Bank Depositariesper cent. This week they have reduced it to 332 per
by
Credit Treasurer of U.S. 35,714,169 37
Credit U.S. dia. officers.. 11,725,072 42
cent from 4 per cent. Apparently, they are unable to make
up their minds very clearly whether or not the Indian gold
47,439,241 79
Total in banks
In Treas. of Philippine Islandsdemand is satisfied. The objection to a reduction by M
2,837,692
38
S.
U.
Cash
of
Balance and ReserveCredit Treasurer
3,632,860 42 Total cash and reserve__ 273,413,503 02 per cent is that it unsettles the market without conferring
, Credit U.S. dis. officers_
Made up ofany real benefit upon borrowers. It indicates, of course,
80
6,470,552
Available _ 123,413,503 02
Total in Philippines...
that the majority of the Bank directors take a favorable
and
Reserve Fundview of the outlook, but all the same it has the objection
Reserve Fund HoldingsGold coin and bullion_ __ 150,000,000 00 Golddrbull.150,000,000 00
stated. The Bank return itself, even better than that of
Grand total •
.1,19.816,105 08
Grand total
1,919,816,195 08 last week, of course, justifies a further reduction if, in the
•
THE CHRONICLE
532
[VoL. Lxxxxiv.
opinion of the Court, it is thought desirable. The coin and
bullion item now amounts to practically 39 millions sterling, gounntrcial and WiscellantansgenIS
or more than half a million greater than that of last week,
BANK NOTES-CHANGES IN TOTALS OF, AND IN
and an increase of a million and a half upon last year's
figure. The reserve at 293. millions is more than three- DEPOSITED BONDS, &c.-We give below tables which
quarters of a million greater than last week and exceeds by show all the monthly changes in bank notes and in bonds
nearly a million last year's amount.
and legal tenders on deposit.
The India Council offered for tender on Wednesday 140 lacs
of its bills and telegraphic transfers and the applications
Bonds and Legal Tenders
amounted to nearly 1,020k lacs at prices ranging from
en Deposit for
Circulation Afloat Underis. 4 3-32d. to Is. 43d. per rupee. Applicants for bills 1911-1912.
Legal
Leval
.
at is. 4 3-32d. and for telegraphic transfers at is. 43id. per
row
Bonds,
Tenders.
Tenders.
Bonds.
rupee were allotted 21 per cent of the amounts applied for.
$
The following returns show the position of the Bank of Jan. 31 1912 719,811,320 26,167,972
26,167,972 741,661,968
England, the Bank rate of discount, the price of consols, Dec 31 1911 717,578,120 26,240,119 715,493,996
714,363,068 26,240,119 740,603,187
Nov.30 1911 715,560,170 27,649,008 712,115,338 27,649,008 739,764,346
dm., compared with the last four years:
Oct. 31 1911 714,170,320 28,065,375 711,099,938 28,065,375 739,165,313
1912.
Feb. 7.
£
Circulation
27,939,205
Public deposits
18,223.969
Other deposits
37,303,767
Govemm't securities 19,870,184
Other securities,
29,327,784
Reserve,notes&coin 29,402,701
Coln&bull.,both dep 38,891,906
Prop. reserve to liabilities
p. c. 52 15-16
.3%
Bank rate _
p. c.
Consols, 2% p. c_ __
78%
Silver
27 1-16d.
Clear.-house returns 310,819,000
1911.
Feb. 8.
E
27,297,140
11,796.400
41,751,273
14,905,493
28,219,391
28,990,857
37,337,997
1910.
Feb. 9.
£
27,798,685
7,891,151
44,764,088
14,013,424
29,454,525
27,227,055
36,575,740
1909.
Feb. 10.
£
28,878,610
10,512,691
41,320,889
14,801,155
29,255,647
25.787,251
36,215,861
1908.
Feb. 12.
.£
27,865,920
13,654.443
39,810,384
14,327,216
28,675,259
28,618,570
38,034,490
5
51%
49%
53%
13
3
4
84 15-16
82 1-16
so%
87%
26 7-16d.
23%d. 23 11-16d. 23 15-16d.
262,918,000 241,473,000 233,996,000 216,115,000
53%
4
Sept.30 1911
Aug.31 1911
July 31 1911
June 30 1911
May 30 1911
Apr1130 1911
Mch.31 1911
Feb. 28 1911
713,062,810
710,141,420
705.648,210
698,605,810
697,441.300
695,657,540
697.082,510
697,088,760
28,811,903
30,025 825
31,396,930
33,169.435
34,812,726
36,675,998
35,891,130
35.815,326
U. S. Bonds Held Jan. 31 to SecureBonds on Deposit
Jan. 311912.
Messrs. Pixley Sc Abell write as follows under date of
Feb. 8:
Feb. 1.
s. d.
77 9
76 4
76 4
76 5%
76 4
SILVER.
London Standard.
Bar silver, fine, oz_ _
" 2 mo. delivery_ __
Cake silver, oz
Mexican dollars_
Feb. 8.
d.
279-16
27 5-16
29%
nom.
Feb. 1.
d.
26%
26 13-16
29
nom.
English Financial Markets-Per Cable.
The daily closing quotations for securities, drc., at London,
as reported by cable, have been as follows the past week:
Total
Held.
4%, U. S. Loan of 1925
3,
9
0, U. S. Load of 1908-1918
2%, U. S. Consols of 1930
2%, U. S. Panama of 1936
2%, U.13. Panama of 1938
3%, U. S. Panama of 1961
4%, Philippine Loans
4%,Porto Rico Loans
3.65%, District of Columbia
Various, Territory of Hawaii
4%, Philippine Railway
Various, State, City and Railroad
Total
$
22,91)0,800
18,652,580
597,569,900
52,246,300
28,351,740
$
3,749,000
3,889,300
13,699,900
1,739,500
712,000
14,797,000
4,692,000
744,000
872,000
685,000
146,000
1,904,000
1 82,88:;8888888
,1 ...............
1 ..g.7.P.S
,.....,.,..=
..
.3a-c,;.4
1 NN.0C4*
0
The quotations for bullion are reported as follows:
Bank
PublicDeposits
Circulation.
in Banks.
I
GOLD.-About £837,000 of gold in bars has arrived during the week, of which
India has taken £219,000. The balance, In the absence of any further inquiry
from abroad, is being sent into the Bank. The Indian demand for sovereigns has
been smaller, only £260,000 having been forwarded since our last circular. £250,000,
however, has been sent to Egypt to replace a shipment from that country to India.
We also hear of £400,000 being sent from Australia to India this week. In addition
to the above amounts sent to India„and Egypt, £655,000 has been set aside for the
Indian paper currency reserve. On the otner hand. the Bank has received £1.060,000 in bar gold. while Australia has sent £8,000 in sovereigns. The Bank rate,
which has stood at 4% since the beginning of the year, was to-day reduced to 3%%.
Next week £717,000 is expected from South Africa. For the week: ArrivalsSouth Africa. £644,000; West Africa, £40.500; India, £127,500; South America.
£25,000; total, £837,000. Slipmentz-Boirbay, £236,000. For the month: Arrivals-Germany,£20,000; France,£3,000; Turkey,£580,000; Egypt,£2,000; India,
£194,000. Shipments-Germany,£112,000; Holland, £380,000; France, £215,000;
Egypt, £750,000; India, £3,015,000.
SILVER.-A further•advance has taken place, and closing quotations are 27 9-16d
for spot and 27 5-16d. for forward, which are 11-16d. and %d. higher than last week.
To-day's spot quotation is the highest since the 7th of November 1907. Covering
by shorts and purchases on Indian account have been the support of the market,
but much of the latter has been to replace sales made in India to China. The
premium on spot, which, after being %d. during the week, is to-day gd., is due
to anticipation of a scarcity of spot silver later on, though for immediate requirements the supply seems to be adequate. At the close the market is quiet and fairly
steady, though the immediate tendency after to-day's sham rise is uncertain. The
stocks in Bombay are 600 bars larger and now amount to 12,000 bars, with a daily
offtake of about. 60 bars. Last week's currency returns from India showed a loss of
1 crore of rupees, and the total holdings are now about 20 crorei This week's return has not yet come in. The Bombay quotation is Its. 68 9-16 per 100 tombs.
For the week: Arrivals-New York. £97,000; West Indies, £5,000; Chili, £3,000;
total, £105,000. Shipments-Bombay, £101,500; Shanghai, £100,000; Calcutta,
£15,000; Colombo, £1,500; total, £218,000. For the month: Arrivals-Germany,
£70,000; France, £,4000; Portugal, £2,000. Shipments-Russia, £143,000; Germany, £142,000; France, £38,000; Portugal, £74,000.
Feb. 8.
s. d.
77 9
76 4
76 4
76 5%
76 4
737,788,358
737,207,748
732,824,016
728,194,508
728,478,011
728,144,718
729,152,916
728.935,041
28.811,903
30,025,825
31,396,930
33,169,435
34,812,726
36,675,998
35,891,130
35,815,326
The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositories on Jan. 31.
* Feb. 8. '1 Feb. 10.
GOLD.
London Standard.
Bar gold, fine, oz
U. S. gold coin, oz.. _ _
German gold coin, oz
French gold coin, oz
Japanese yen
708,976.455
707,181,923
701,427,086
696 025,073
693.665.285
691.468,720
693 281,736
693,119,715
719,811,320
47,629,700
767,441,020
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Jan. 1 and
Feb. 1, and their increase or decrease during the month
of January.
National Bank Notes-Total AfloatAmount afloat Jan. 1 1912
Net amount isstied during January
Amount of bank notes afloat Feb. 1 1912
Legal-Tender NotesAmount on deposit to redeem national bank notes Jan. 1 1912
Net amount of bank notes retired in January
8740,603,187
1,058,781
$741,661,968
72:114
17
9
526,240
Amount on deposit to redeem national bank notes Feb. 1 1912.... $26,167,972
GOVERNMENT REVENUE AND EXPENDITURES.Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for the month of
January. From previous returns we obtain the figures for
previous months, and in that manner complete the statements for the 7 months of the fiscal years 1911-12 and 1910-11
GOVERNMENT RECEIPTS AND DISBURSEMENTS.
1911-12.
1910-11.
(000s omitted.)
London,
Fri.
Wed. Thurs.
Tues.
Mon.
Week ending Feb. 23.
Sat.
Nov. Dec. Jan. 7 Mos. Nov. Dec. Jan, 7 Mos.
Silver, per oz
275-16 27 5-16 27 1-16 271-13 27
d 27
79 1-16 78%
Consols, 2% per cents
78 15-16 79
Receipts78 13-16 78%
$
S
$
$
$
$
8
$
78 15-16 Customs
79 1-16 79%
For account
78%
78 15-16 79
24,704 24,587 24,655 175,521 27,508 27,444 24,293 186,428
94.80
French rentes (in Paris)..jr 95.10
94.77% 94.65 94.85
94.02%
Internal
_ 26,648 25,060 22,091 172,760 25,151 26,185 21,840 178,117
Ordinay,f
66%
66%
66%
Amalgamated Copper Co..
66%
67%
67
RevenueiCorp. tax _ _
47
21
443 2,258 -I
American Smelt. & Ref. Co_ 73%
74%
73%
73%
Miscellaneous
73%
73
5,189 4,081 5,323 30,940 f .812 9,060 5,872 28,658
b Anaconda Mining Co
7
7%
7%
7%
74
7%
Atch. Top. & Santa Fe
106%
106%
106%
106%
106%
106%
Total receipts
56,588 53,749 52,462 381,479 58,471 57,689 52,005 393,203
Preferred
106%
106%
106%
106%
106%
106%
Disbursements105
104%
Baltimore & Ohio
105
105
105
Civil and miscellaneous 14,286 14,785 15,703 109,171 14,691 15,507 14,954 107,497
104%
Preferred
91
91
91
91
91
13,591 11,921 11,825 96,242 12,771 14,492 12,736 99,444
War
Canadian Pacific..
237%
237%
235%
235%
235%
10,530 12,852 11,175 81,461 9,631 10,955 9,480 72,145
235%
Navy
73%
74
74
Chesapeake & Ohio
73
73%
73%
2,694 1,644 2,131 11,255 1,348 1,113 1,206 9,378
Indians
Chicago Great Western
18
18
18
18
18
18
14,807 12,561 11,170 89,948 15,356 12,716 11,656 92,666
Pensions
107%
Chicago Milw. de St. Paul_ 107%
107%
107%
3,001
107%
2,125
55 1,000 __ _ _
Postal deficiency
107%
Denver & Rio Grande
21%
21%
22
22
21%
22%
Interest on public debt_ 1,951
492 3,288 14,520 1,980
177 3,274 13,951
43
44
Preferred
44
43
43
42%
3,375 3,122 2,921 20,900 2,852 3,309 2,823 '22,746
Panama Canal
Erie
32
32
31%
31%
31%
31%
First preferred
52%
53
53
53
52%
52%
Total disbursements, 61,289 58,377 58,213 425,652 58,629 58,269 56,129 420,828
Second preferred
42%
42%
42%
42%
42
42%
Less repayment of un139
Illinois Central
139
139
139
139
138%
865
749 1,870
expended balances
825 1,545 2,161 1,034 _ 742
156%
156%
156%
156%
155%
Louisville & Nashville
155%
Missouri Kansas & Texas_
27%
27%
27%
27%
27%
27%
60,924 51,628 56,343 424,827 57,084 56,108 55,095 920,086
Total
63%
64%
64%
64%
Preferred
65
65
41
40%
41
40%
Missouri Pacific
41
41
67
67
Nat. RR. of Mex. 1st pref., 67
67
67
-National Banks.- The following information regarding
Second preferred
34%
34
33%
33%
33%" 113%
113%
N. Y. Central ar Hud. Riv _ _113%
113%
113%
113%
national banks is from the office of the Comptroller of the
N. Y. Ontario & Western_
38
38
38
38
38%
38
Currency, Treasury Department:
Norfolk & Western
112
113
ig 113
113
113
9294
Preferred
93%
-----------APPLICATIONS TO CONVERT APPROVED.
Northern Pacific
120-120
11 -11-- 120
119%
a Pennsylvania
The Lebanon State Bank, Lebanon, Ore., Into "The Lebanon National
63
63%
6.3
63
63
62%
Capital,
535 ,000.
Bank."
a Reading Company
80%
80%
80%
80%
78%
78%
a First preferred
The Spearville State Bank, Spearville, Kan., into "The First National
47
47
47
____
47
47
Bank of Spearville." Capital, $30,000.
a Second preferred
----------------49
49%
Rock Island
24
23%
24%
24
24
24%
CHARTERS ISSUED TO NATIONAL BANKS JAN. 31 TO FEB. 10.
Southern Pacific
110%
110%
110%
110%
110%
no%
10,133-The First National Bank of Winters, Cal.. Capital, $75,000.
Southern Railway
28%
28%
28%
28%
28%
28%
M. 0. Wyatt, Pres.: William Brim*, Vice-Pres.; I. A. Morris,
Preferred
74%
75
75
75
75
74%
Cashier; C. E. George, Asst. Cashier. (Conversion of the Bank
168%
Union Pacific _
167%
167%
167%
168%
168%
of Winters.)
95
95
95
95
Preferred
95
95
01
10,134-The First National Bank of Tustin, Cal. Capital, $25,000. Wil
61%
61%
61
U.S. Steel Corporation
61
61%
61%
111
C. Crawford, President; John Dunston, Vice-President; Edmund
111
111
111
111
110%
Preferred
Assistant
7%,
Cranston,
7%
J.
Cashier;
Courrier,
Cashier.
.1
Fred
7%
G.
7%
7%
Wabash
7%
19%
19%
10,135-The Commercial National Bank of Smithfield,lUtah. Capital,
19%
19%
19
18%
Preferred
$25,000. E. R. Miles, Jr., President; Job Pingree and James
57%
58%
58%
18%
__..
5854
Extended 4s
Pingree, Vice-Presidents; G. Y.Smith, Cashier:1G.113.1Ml1ss. Assistant Cashier.
a Price per share. b .£ sterling
1.• :.•
ct.t.
FEE. 24 1912.]
THE CHRONICLE
10,136-The Heard National Bank of Jacksonville, Fla. Capital, $1,000,000. J. J. Heard, President; W. B. Sadler and J. G. Boyd, VicePresidents; C. W. Hendloy, Cashier.
10,137-The First National Bank of Hartsville, S. C. Capital, $25,000.
H. J. Nettles, President; J. W. McCown and C. C. Best, VicePresidents; Douglas R. Ellerbe, Cashier; E. P. Rogers, Assistant
Cashier. (Conversion of Farmers & Merchants' Bank, Hartsville.)
10,138-The First National Bank of Leslie, Ark. Capital, $50,000. N.
W. Redwine, President; W. C. Leonard, Vicerpresident; Ed. Mays,
Cashier; Emma Treece and H. G. Treece, Assistant Cashiers.
(Conversion of The Farmers' Bank of Leslie.)
10,139-The National Bank of Commerce of Sioux City, Ia. Capital.
$100,000. G. R. Whitmer, Pres.; T. F. Harrington, Vice-Pres.;
J. B. Alexander, Cashier; J. W. Van Dyke and C. B. Toy, Asst.
Cashiers. (Succeeds Farmers Trust & Savings Bank of Sioux City)
VOLUNTARY LIQUIDATIONS.
7,566-The First National Bank of Melrose, Minn., February 1 1912. To
be succeeded by a State bank.
4,444-The Merchants National Bank of Carlisle, Pa., February 1 1912
Absorbed by The Carlisle Trust Company, Carlisle, Pa.
--
533
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.
$ per sh.
3 Fairmount Park dr Haddington
Pass. Ry., par $50
6134
25 Seeond Nat. Bank, Mechanicsburg, Pa
160
Bonds.
Per cent.
$160,000 Three Forks Coal Mining
Co. 1st 5s, 1928
$1,000 lot
$5,000 Internat. Nay. 1st 68, 1929_ 8034
81,000 No.Springf.Wat.Ist 56,1928 100
$1,000 Springf. Water 68, 1926_ _ _100
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name 01 Company.
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, preferred.... 3
Feb. 24 Holders of roe. Feb. da
hub. Top & S Fe. corn. (qu.)(No.
1 Holders of rec. Jan.31a
27) 134 Mch
Atlantic Coast Line Co.. Conn.
3
Mch. 9 Feb. 28 to Mch. 8
Baltimore & Ohio, common (quar.)- - - 3
Mch. 1 Holders of rec. Feb. la
Preferred
2
Mch. 1 Holders of rec. Feb. la
Boston & Albany (guar.)
2
Mch. 31 Holders of rec. Feb.29a
Boston & Maine, common (guar.)
1
April
1 Holders of rec. Mch. la
Preferred
Week ending February 17.
3
Mch. 1 Holders of rec. Feb.15a
Canadian Pacific, corn. (Q11.) (No. 63).., 234
Clearings eaApril 1 Holders of rec. 51ch. la
Preferred
Inc. or
2
April 1 Holders of rec. Mch. 1
Chesapeake & Ohio (guar.)
1911.
1912.
Dec.
1910.
1909.
131 Mch. 30 Holders of rec. Mch. 8a
Chestnut Hill (guar.)
134 Mch. 4 Feb. 21 to Mch. 3
Chicago
Milw. & St. Paul, common
Canada234 Mch, I Holders of rec. Feb. 5a
Preferred
Montreal
42,764,522 40,253,772 +8.2 36,314,553 27,067.059
334 Mch. 1 Holders of rec. Feb. 5a
34,552,407 32,549,160 +6.2 26,927,424 25,771,073 Chicago North Western, common (guar.) __
Toronto
134 April 1 Holders of rec. Mch. 1
Preferred (guar.)
22,608,187 15.285,992 +47.9 12,879,990 9,664,429
Winnipeg
2
April I Holders of rec. MO. 1
10,602,790 9,329,566 +13.7 7,219,982 3,976,862 Cin. N.0. & Tex. Pac., pref. (guar.) _ _
Vancouver
114 Mob. 1 Holders of rec. Feb.24a
3,808,780 3,645,356 +4.5 3,701,725 2,910,640 Cincinnati Northern
Ottawa
134 Mch. 1 Holders of rec. Feb. 23
2,266,462 2,036,602 +11.3 2,418,784 1,844,714 Cleve. & Pittsb., reg. guar.(guar.)
Quebec
134 Mch. 1 Holders of rec. Feb.10a
1,500,082 1,334,961 +12.4 1,827,010 1,500,646
Halifax
Special guaranteed (quar.)_
1
Mch. 1 Holders of rec. Feb.100
Hamilton
2,626.682 1,709,750 +53.6 1,717,792 1,309,946 Cripple Creek Cent., pref. (qu.) (No. 25) 1
March 1 Holders of ree. Feb.17a
1,403,992 1.178,036 +19.3 1,291,915 1,159,559 Delaware & Bound Brook, guar. (quar.)_
St. John
2
Feb. 20 Feb. 10 to Feb.19d
London
1,329,937 1,175,785 +13.1 1,075,430 1,057,908 Delaware & Hudson Co. (guar.)
234 Mch. 20 Holders of rec. Feb.26a
Calgary
4,235,785 2,577,922 +64.3 3,172,880 1,197,377 Grand Trunk, guaranteed stock
2
_
Victoria
2,951,180 2,400,602 +22.5 1,584,390 1,101,703
First and second preference
234
Edmonton
Third preference
4,120,432 3,309,534 +24.5
968,394
13.4
828,464
Regina
Illinois Central (No. 119)
1,713,341
939,834 +82.4
648,330
334 Mch. I Holders ot rec. Feb. la
Brandon
Lehigh Valley, corn. & pref. (extra). _ _ _ 10
435,870
471,453 -7.6
Feb. 26 Holders of rec. Jan.19a
Lethbridge
548,417
N. Y. Chicago & St. Louis, common_ _ 3
399,211 +37.3
Mch. 1 Holders of rec. Feb. 2a
Saskatoon_
First and second preferred.
1,558,744
866,802 +79.9
234 Mch. 1 Holders of rec. Feb. In
New York New Haven dr Hartford (qu.) 2
Brantford
478,558
399,377 +19.5
Mob. 30 Holders of rec. Mch. 9a
Norfolk
Moose Jaw
& Western, corn.(guar.)
906,680
470,297 +92.7
134 Mch. 18 Holders of rec. Feb.29a
North Pennsylvania (guar.)
Fort William
812,108 Not include d in tot al
2
Feb. 26 Feb. 15 to Feb. 20
Pennsylvania (guar)
134
Feb. 29 Holders of rec. Feb. Sc
Total Canada..
140,410,588 120,326,971 +16.7 101,748,599 79,469,380 Phila. Germ. & Norristown (guar.)
3
Mch, 4 Feb. 21 to Mch. 3
Pittsb. Youngs. & Ashta., com&pf. (qu.)
134 Mch. 1 Holders of rec. Feb.20a
Reading Co., 1st pref. (guar.)
1
Niel, 14 Holders of rec. Feb.26a
Reading Company, second preferred (guar.) 1
April 11 Holders of rec. Mch. 26
Auction Sales.-Among other securities, the following, not Southern
Pacific (guar.)(No. 22)
.
134 Apr.
1 Mch. 6 to Apr. 3
usually dealt in. at the Stock Exchanges, were recently sold at Southern Railway, preferred_
2
April 24 Holders of rec. Mch.30a
Union Pacific, common (guar.)
auction in New York, Boston and Philadelphia:
1 Holders of rec. Mch. 2a
234 Apr.
Preferred
2
Apr.
1 Holders of ree. Mob. 2a
By Messrs. Adrian H. Muller & Sons, New York:
Utica ce. Black River, guaranteed
.334 Mch. 30 Holders of rec. Mch.15a
Wisconsin Central, preferred
2
Shares.
April 1 Holders of rec. Mch. 12
Per cent. Shares.
Per Cent.
Street
and
Electric
Railways.
19 N. Y. Bowery Fire Ins. 00.,1
30 Realty Associates
115
American Railways (guar.)
134 Mch. 15 Holders of rec. Mch. 1
$25 each
SI4
30 Chris. & 10111 St. RR.Co__ _133
Brock. & Plymouth St. Ry., pref. (No.6) 3
Itch. 15 Holders of rec. Mch. 2a
100 United Wireless Tel. Co.,1 lot.
5 Atlantic Fruit & SS. Co.
Brooklyn Rapid 'Transit ((Mar.)
134 Apr.
1 Holders of rec. Mch. 9a
$10 each
temporary certificates
2834 Chicago Elevated Rys., pref. (guar.)._ _ _
Mch. 1 Holders of rec. Feb. 23
15 Columbia Trust Co
134
361
25 Equitable Trust Co
545
Chippewa Valley Ry., L.&P.,
24 Imp. & Traders' Nat. Bank_ _570
Bonds.
Per cent. Columbus (0.) IV., corn. (qu.)pref. (qu.) 134 Melt. 1 Holders of rec. Feb.29a
(No. 35)100 Lincoln Trust Co
134 Mch. 1 Holders of rec. Feb.15a
$50,000 Union Waxed & Parehm't
135
Detroit United Ry. (guar.)
13.4 March 1 Holders of rec. Feb. 14
5 Floor Plan. dr Surfacing Co.1
Paper Co. 1st 88, 1920. Juno
Duluth-Superior Trac., corn. (guar.)-.- 134 Apr.
of N. Y, preferred
I Holders of rec. Mch.15a
1910 coupons attached
1885
$23,900 lot
Preferred (guar.)
1
Apr.
3 Floor Plan. & Surfacing Co.] lot. $100 Crescent Athletic Club of
1 Holders of rec. Mch.15a
Elmira Water, Light & RR.. preferred
234 Mch. 1 Feb. 21 to Feb.29a
of N. Y., common
Bklyn. 2d 5s, 1923
7034
El
Paso
Electric
Co., common (No. 5) _ _
3
1,000 Peterson Lake Sliver Cobalt
Mch. 15 Holders of roe. Mch. 9a
$9,000 Atlantic & Gulf Port. CeFederal Light & Trac., prof. (quar.)- - -- 134 Mch. 1 Feb. 18 to Mch.
Min. Co., Ltd., $1 each _._$63 lot
ment Co. 1st 6s, 1928
1
$1,800 lot
6 Brooklyn Real Est. Exch.. 81
$25,000 Steel Ores Ity. 1st interim 931$60 Ft. Wayne dc Nor.Indiana Trac., P1.(qu.) 134 Mch. 1 Holders of rec. Feb.20a
Metropolitan West Side Elev., Chicago, pre/ 134 Mch. 1 Feb. 24 to Mch.
1 Interborough Garage Co.. _.$2 lot 295 Steel Ores Ry
I
pot. Northern Ohio Trite. & Light, corn. (qu.) 1
Mch. 15 Holders of rec. Feb.29a
By Messrs. Francis Henshaw & Co., Boston:
Nor. Texas Elec. Co., corn. (qu.)(No. 10)_
134 Mch. 1 Holders of rec. Feb.23a
Shares.
Preferred (No. 13)
S per sh. Shares.
3
Mch. 1 Holders of rec. Feb.23a
S per sh.
3 01(1 Lowell Nat. Bank
234 Mch. I Holders of rec. Feb.10a
1073i
5 No. Boston Light Co. rts__ 1.10 Philadelphia Company, preferred
Portland (Ore.) Ry.,LAP. (gu.) (No. 5) 1
10 Wamesit Nat. Bank, Lowel1.100% Bonds.
March I Holders of roe. Feb. 12
Per cent. Rochester Ry. & Light,
4 Union Nat. Bank, Lowell__ A87
pref. (guar.) _ _ _
$16,000 Iowa Falls & S. C. RR. 78,
134 Melt. 1 Holders of rec. Feb.23a
St..Jos. Ry.,L..H.&P.,com.(qu.)(No.14)
5 Mercantile Nat. Bank,Salem 1203-i
1917
34 Mch. I Holders of rec. Feb.15a
112%
Susquehanna
Ry.,
Light & Power, pret _
8 Appleton Co
180% $25,000 Argo Min. & Tunnel Co. 68,
234 March 1 Feb. 16 to Feb. 29
Terre Haute Trac. & Light, pref
2 Hamilton Mfg. Co
83%
3
Feb. 29 Feb. 20 to Feb. 29
1919
Twin City R. T., Minneap., corn. (quar,) 134 April 1 Holders of me. bich.11a
50 Massachusetts Mills in Ca_ _ _1011i $5.000 Bos. & Prov. RR. Corp. 4s. 50
Preferred (guar.)
5 Pepperell Mfg. Co
34
28734
1918
April
1 Holders of rec. Mch.15a
32 Nash. & Lowell RR__ _250-25111 $1.000 Rutland' RR. Equip. 4345, 90% Washington(D.C.) fly. & El.,emu.(gti.) 1
Mch. 1
Feb. 20.
Whatcom Co. fly. & Light, pref.(No. 17). 3
9 Mass. Lighting COS
12434
1917
Mch. 1 Holders of rec. Feb.26a
.
97%
Banks.
By Messrs. R. L. Day & Co., Boston:
Chemical National (bi-monthly)
Mch.
1 Feb. 25 to Feb. 29
234
Shares.
$ per sh. Shares.
Trust Companies.
$ per sh.
7 Taunton National Bank.....
• _105
4 Rights American Screw
3
Mch. 1 Feb. 21 to Feb. 29
__ 1016 Citizens, Brooklyn (No. 7)
2 Andover National Bank. _ _162-162 A 29 Massachusetts Lighting Cos_100
Miscellaneous
,
Co_- -& int.
20 Arlington Mills
12534 64 Charlest'n Gas & El. Co.,$50 ea.12434 Adams Express (guar.)
$3 Itch. 1 Feb. 15 to Feb. 29
5 Border City Mfg. Co., Fail River 125
5 Merrimack Mfg. Co., common__ 43X
Amalgamated Copper (guar.)
34 Feb. 26 Holders of rec. Jan.27a
25 Pepperell Manufacturing Co__ _ .28734 Bonds.
American Coal
3
Per
Mch. 1 Holders of rec. Feb.29a
15 Wamsutta Mills, New Bedf.133-13434 $6,000 Boston, Mass.,334s,'22_9634¢.
American Express (guar.).
3
April 1 Holders of rec. Feb.29a
int.
5 Naumkeag Stearn Cotton Co_ _150
$3,000 Fall River, Mass., 334s,
American Gas (guar.)
134 Mch. 1 Holders of rec. Feb. 21
1 King Philip Mills, Fall River._ _147
1930
Amer.
Pneumatic Service, first Pre:
9334 & int.
334 Mch. 30 Holders of rec. Mch. 15
10 Atlantic Cotton Mills
40
83,000 Malden,Mass., 48,..32.10034& int.
Second preferred
1
Alch, 1 Holders of rec. Feb. 3
6 Manchester & Lawrence RR.00.226
$1,000 Eastern SS.Co.Ist 5s,'27_101&int. American Radiator, common (guar.) _
2
Mch. 30 Mch. 22 to
Mch. 30
14 Wilton RR., N. H
220
$2.000 Ellicott Square Co. 1st 58,
Common (extra)
2
Mch. 30 Mch. 22 to Mch. 30
8 Central Vermont Ry. Co
934
1935
Common (payable in common stock)- 107 Mch. 30 Mch. 22 to Mch.
10014 & int.
30
52 Concord & Mont. alt., Class i.,160
$1.000 Michigan State Tel. Co. 5s,
Amer. Sm. & Ref., corn.(special)(No.34) 2,1 Mch. 15 Feb. 24 to
Mch. 3
2 Pittsfield & No. Minns RR. Co 140
1924
Preferred (No. 51) (special)
1 1-61 Mch. 1 Feb. 15 to Feb. 22
10034 & int.
12 Rights Cone. & Mont. RR. Co
2c. $80 Central Vermont ltR. scrip _.9% flat Amer. Sugar Ref., corn. & pref. (guar.). _
134 April 2 Holders of rec. Mch. la
American Telegraph & Cable, guar.(guar.) 1!4 Mch. 1 Holders of
rec. Feb.29a
By Messrs. Barnes & Lofland, Philadelphia:
American Tobacco, pref. (quar.).
134 April I Feb. 22 to
Mch. 13
Shares
$ per sh. Shares.
$ per sh. Amer. Writing Paper, preferred
April 1 Holders
$I
43 People's Trust Co., par $50_ _ 50
1 Frank. & S'wark Pass. Hy_ _ _ _380
Associated Merchants, common (guar.). 1 ft. Feb. 29 Holders of rec. Mch.15a
of
rec.
Feb.
23
90 Fentress Coal & Coke Co._ _ _ 1% 10 Phila. Warehousing & C.S.Co. 150
Common (extra)
% Feb. 20 Holders of rec. Feb. 23
24 Corn Exch. Nat. Bank _ _293U-2933i
9 John B. Stetson Co., pref
19134 Blackatone Valley Gas & Elec., corn
2
Itch. 1 Holders of rec. Feb.17a
10 Philadelphia Nat. Bank _44011-441
16 John B. Stetson Co., corn.,
Preferred (guar.) (No. 13)
134 Mch. 1 Holders of rce. Feb.17a
50 Independence Tr. Co., par $50_ 7334
Bordens' Cond. Milk, pref. (qu.)(No. 41) 134
94916-456
Mch. 15 Holders of rec. Mch. 5
9 Integrity Title Ins. & Trust Co.,
12 Assets Realization Co
Brooklyn Union Gas (guar.) (No. 94)_
106
134 April 1 Mel). 17 to Mch. 31
par $50
15 Nor. Liberties Gas Co., par $25 4434 Buckeye Pipe Line
154
Mch.
15 Holders of rec. Feb.20a
$5
Germantown
18
Pass. Ry. Co ... _114% 26 East St. L. & Sub. Co.,com
Butterick Co. (guar.)
22
34 Mch. 1 Holders of rec. Feb.19a
70 People's Nat. Fire Ins. Co,
5 American Acad. of Music
Cities Service, common (monthly).
225
1-3 Mch. 1 Holders of rec. Feb.20a
par $25
2514- 28
7 Phila. Life Ins. Co., par $10
Preferred (monthly)
1134
34 Mch. I Holders of rec. Feb.20a
1.5 American Gas Co
140 Rights to subscribe to Camden
100
Columbus (0.) Gas & Fuel, corn. (guar.).
34 Mch. 1 Holders of rec.
15
12 Guarantee Trust & Safe Dep.
Fire Ins. Association
Consolidated Gas of New York (gear.).. 154 Mch. 15 Holders of rec. Feb.
2
Feb.14a
Co
4 Phila. Bourse, Com., par $50.. 4
158-159%
Continental OIL
50
Feb. 28 Feb. 8 to Feb. 20
20 Bergner & Engel Brewing Co.,
20 German Comm'i Accident Co
Crescent
Pipe
Line
81.50
334
Mch. 15 Feb. 22 to Mch. 15
preferred
97-97% _ 18 Internat. Lomb. & Dev. Co.,
Cuban-American Sugar, preferred (guar.)_
1% April 1 Holders of rec. Mch.15a
2 Penna. Acad. of Fine Arta_1216-17%
par $50
Deere & Co., pref. (guar.)
154 Mch. 1 Feb. 19 to Mcb. 1
25
25 Standard Ice Mfg. Co., pref_ -.55
1 Amer. Dredging Co
Diamond
Match
(gear.)
134
190
Mcb. 15 Holders of rec. Feb.29a
25 Standard Ice Mfg. Co., com_
Bonds.
Extra
1
cent.
Mch. 15 Holders of rec. Feb.29a
19 Bank of North America.30611-307% $2,500 Standard Ice Mfg. Co. Per
du Pont Internal. Powder, pref. (guar.)_ _
5s,
11; April 1 Holders of rec. Mch.22a
20 First Nat. Bank of Phila
233
1929
Eastman
Kodak,
common
(guar.)
234 April 1 Holders of rec. Mch. 15
40516 $1,000 Scranton & Pittston Trac. 8114 • Common (extra)
13 Girard National Bank
734 April 1 Holders of rec. Mch. 15
126
10 Western Nat. Bank
Co. 68, 1923.,..
Preferred (guar.)
1
134 April 1 Holders of rec. Mch. 15
1000-1001
5 Girard Trust Co
$1,000 New Jersey Gas Co. 68, 1940 0734
Federal
Mining dr Smelting, pref. (guar.) 134 Melt. 15 Holders of rec.
89
Feb.24a
Hainilton
850
5014
_
Trust Co.. par
5
$3,000 Amer. Cement Co. 55, 1914 50
Federal Utilities, Inc., pref. (au.)(No. 3) 134 Mch. 1 Holders of rec. Feb.15a
20 Mutual Trust Co., par $50._
4234 $500(level. & Erie RR. income 58,
Galena-Signal Oil, common
$4
Mch. 30 Mch. 1 to Mch. 31
2 Phila. Tr. & S. D
1929
686
Preferred (guar.)
30
32
Mch. 30 Mch. 1 to Mch. 31
16 Real Estate Trust Co., pref.
95
$1,000 Springfield Water Co. 58,
General Asphalt, pref. (guar.)(No. 19)- 111 Mch. 1 Holders of rec. Feb.19a
5 Fire Assoc. of Phila., par $50_34811
1926
General Chemical, common (guar.)
100
134 March 1 Holders of rec. Feb.19a
5 Delaware Ins. Co., par $10_._ 20
$1,800 No. Spring. Wat. Co. 68,
Preferred (guar.)
11.6 April 21 Holders of rec. Mch. 21
10 Lehigh Valley RR. Co.. pref _ _122
1928
General Electric (guar.)
0934-100
2
April 15 Holders of rec. Mch. 2a
0 Continental Pails. Ry. Co
12534 $5,000 Georgia & Florida ItR. 1st fre 7534 Great Northern Paper (quar.)114 Mch. 1 Feb. 24 to Itch. 1
Canadian Bank Clearings.-The clearings for the week ending Feb. 17 at Canadian cities, in comparison with the same
week of 1911, shows an increase in the aggregate of 16.7%.
534
THE CHRONKME
Name of Company.
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
[VoL. Lxxxxiv.
DETAILED RETURNS OF TRUST COMPANIES.
On Dep.
Net
Miscellaneous (Concluded).
Trust Cos. Surplus. Loans. Specie. Legals. with C.H Deposits. Reserve.
Greene Cananea Copper(No. 1)
25c. Mch. 1 Feb. 12 to Mch. 1
Average. Average. Average. Banks. Average.
003 omitted.
Harbison-Walker Refractories, corn.(qu.)
34 Mob. 1 Holders of rec. Feb. 17
—
Homestake Mining (monthly) (No. 447)_ 50c. Feb. 26 Feb. 21 to Feb. 26
$
$
4
3;
$
Internat. Harvester, pref. (qu.)(No. 20)
$
%
Mch. 1 Holders of rec. Feb.10a
100,0 1,838,0 13,500,0 15.4+11.9
International Nickel, corn. (quar.)
5
Mch. 1 Feb. 14 to Mch. 1 Manhattan _ __ 2,252,1 17,077,0 1,985,0
Brooklyn __ __ 2,414;7 19,644,0 1,819,0
454,0 2,054,0 15,263,0 14.8+11.7
International Silver, pref. (quar.)
I% April 1 Feb. 28 to April 1 Bankers
13,518,4
-----124,979,0 14,246,0
230.0 14,987.0 96.508,0 15.0+13.4
Preferred (extra)
341/ April 1 Feb. 28 to April 1
643,0 0,410,0 26,766,0 15.0+19.1
Preferred (extra)
lh
May 15 May 2 to May 15 U.S.Mtg.& Tr_ 4.502,2 42,927,0 3,384,0
1,139,4 15,653,0 1,489,0
97,0 1,705,0 11,210,0 14.1+ 9.6
Internat. Smelt. & Ref. (quar.)
2
Mch. 1 Feb. 24 to Mch. 1 Astor
Intern. Smokeless Pow.& Chem.,cont. VIts•
1
April 1 Holders of rec. Mch. 22 Title Guar.&T. 11.714,4 34,105,0 1,340,0 1,422,0 4,222,0 18,744,0 14.7+17.9
22,888,1
Guaranty
170,337,0
1,285,0
13,462,0 100,466,0 15.4+11.8
14,260,0
Preferred
4
May 15 Holders of rec. May 4
1,283,4 7,608,0
245,0
755,0 5,575,0 15.3+10.4
606,0
Kings Co. Elec. L. & Pow.(Mi.)(No. 48) 2
Mob. 1 Feb. 17 to Feb. 26 Fidelity
782,0 1,821,0 14,801,0 15.5+10.9
Knickerbocker Ice, preferred (No.26) 3
April 1 Holders of rec. Mch. 15 LawyersT.L&T 6,171,5 20,136,0 1,521,0
Columbia
1,893,6
21,139,0
00,0
1,320,0
1,927,0
13,408,0 15.0+ 9.0
Lehigh Coal & Navigation (quar.)
81 Feb. 29 Holders of rec. Jan.31a
1,411,2 16,296,0 2,021.0
47,0 2,539,0 13,435,0 15.4+15.9
Liggett & Myers Tobacco, pref
13j April 1 Feb. 16 to Moll. 11 Standard
1,696,7 16,084.0 1,668,0
537,0 3,028,0 14,395,0 15.3+17.0
Mahoning Investment
13% Mch. 1 Holders of rec. Feb.23a Peoples
11.572,3 46,968,0 4,877,0
168,0 3,782,0 32,782,0 15.3+10.3
May Department Stores, corn. (quar.)_ _
Mch. 1 Holders of rec. Feb.15a New York __
1
338,0 1,248,0 10,398,0 15.3+10.4
1,360,8 11,825,0 1,259.0
Michigan State Telephone, corn. (quar.) 13% ?itch. 1 Feb. 16 to Mch. 1 Franklin
550,1 10,677.0 1,262.0
210,0 1,287,0 9,746,0 15.1+11.6
Common
7-12e
Mch. 16 to Apr. 10 Lincoln
6,122,3 25,927,0 2,725,0
13,0 2,523,0 18,130,0 15.1+12.2
Preferred (quar.)
18 Mch. 3 Mch. 16 to Apr. 10 Metropolitan
Nat. Biscuit, corn. (quar.)
13% April 1 Holders of rec. Mch.28a
(.54)
Preferred (quar.) (No. 56).....
Feb. 2 Holders of rec. Feb.16a Totals, Avge 90,491,2 600,382,0 56,389,0 6,661,0 62,980,0 415,127,0 15.1+13.1
National Lead, common (quar.)
Mch. 30 Mch. 9 to Mch. 13
.17_ 601,387,0 56,851.0 6.617,0 64,050,0 414,067,0 15.3+13.3
Preferred (guar.)
13% Mch. 15 Feb. 17 to Feb. 22 Actual figures Fcb.'
National Transit
75e. Mch. 1 Mch. 1 to Mch. 15
Nevada Consolidated Copper (guar.)
3734c. Mch. 30 Mch. 9 to Mch. 11
N. Y.& Queens El. L. & P., pref (guar.> 1
Mch. 1 Holders of rec. Feb.23a
The capital of the trust companies is as follows: Manhattan,51,000,000; Brooklyn,
Niles-Bement-Pond, common (quar.)_ _ _
134 Mch. 20 Mch. 13 to Bich. 20 $1,000,000; Bankers, $5,000,000; United States Mortgage & Trust, 52,000,000;
13.1 April 1 Holders of rec. Mch.21a Astor, $1,250,000; Title Guarantee & Trust, $4,375,000; Guaranty, $5,000,000;
North American Co.(quar.)
Ohio Oil
$1.25 Mch. 20 Feb. 25 to Mch. 10 Fidelity, $1,000,000; Lawyers' Title Insurance & Trust, 54,000,000; Columbia,
13% Feb. 26 Jan. 21 to Feb. 12 $1,000,000; Standard, $1,000,000; People's, $1,000,000; New York, $3,000,000;
People's Gas Light & Coke (quar.)
Philadelphia Electric (quar.)
134 Mch. 1. Holders of rec. Feb.17a Franklin. 51,000,000; Lincoln, $1,000,000; Metropolitan, $2,000,000; total.
134 Feb. 29 Feb. 19 to Feb. 29 $34,625,000.
Pittsburgh Brewing, pref. (guar.)
134 Moll, 1 Holders of rec. Feb.16a
Pittsburgh Steel, preferred (quar.)
P. Lorillard, preferred
13% April 1 Feb. 21 to Mch. 12
If SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Pure Oil, common (quar.)
234 Mch. 1 Feb. 2 to Feb. 29
23% April 15 Holders of rec. April in
Quaker Oats, common (quar.)
134 Feb. 29 Holders of rec. Feb. la
Preferred (quar.)
Week
On Dep.
134 May 31 Holders of rec. May la
Preferred (quar.)
ending
Capital. Surplus. Loans.
Net
Specie.
Legal with C.H.
Quincy Mining (guar.)
Mch. 25 Holders of rec. Mch. la
31
Feb. 17
Tenders. Banks. Deposits.
Railway Steel-Spring, pre/. (guar.)
194 Mch. 20 Mch. 12 to Mch. 20
Southern Pipe Line
$6
Mch. 1 Feb. 16 to Mch. 1
$
$
Averages.
5
$
$
$
$
Standard 011 of N. J. (quar.).
$5
Mch. 15 Holders of rec. Feb.19a Banks _ _.135,150,0 198,340,6 1,418,859,0325,445,0 79,819,0
1,482,480,0
Stern Brothers, pref. (guar.) (No. 5)
Mch. 1 Feb. 20 to Mch. 3 Trust cos_ 34,625,0 90,491,2 600,382,0 56,389,0 6,661,0 62,980,0 415,127,0
Studebaker Corporation, pref. (quar.).
13% Mch. 1 Holders of rec. Feb. 15
Underwood Typewriter, common (quar.) _
1
April 1 Holders of rec. Mch.20a
Total... 169,775,0288,831,8 2,019,241,0381,834,0 86,480,0 62,980,0 1,897,607,0
Preferred (guar.)
1'% April 1 Holders of rec. Mch.20a
Actual.
Union Carbide (guar.)
2
April 1 Holders of rec. Mch. 13 Banks ___
1,417,655,0325,591,0 79,416,0
1,490,648,0
Union Stock Yards, Omaha (guar.)
Mch. 1 Feb. 20 to Feb. 29 Trust cos_
601,387,0 56,851,0 6,617,0 64,050,0 414,067,0
United Cigar Mfrs.. pref. (guar.)
134 Mch. 1 Holders of rec. Feb. 26
United Dry Goods Companies. pref. (qu.) 13% Mch. 1 Holders of rec. Feb. 24
86,033,0
64,050,011,894,715,0
Total_
2,019,042,0382,442,0
U.S. Envelope, preferred
33% Mch. 1 Feb. 15 to Mch. 8
U. S. Steel Corp., corn. (qu.)(No. 33)._
13% March 30 Mch. 2 to Mch. 12
Preferred (quar.) (No. 43)
134 Feb. 28 Feb. 6 to Feb. 28
Utah Copper Co.(guar.)(No. 15)
75e. Mch. 30 Mch. 9 to Mch. 11
The State Banking Department also furnishes weekly
a Transfer books not closed for this dIv dend. b Less income tax. d Correction.
e One month's dividend on common and two months' dividend on preferred incident returns of the State banks and trust companies under its
to change in dividend periods to Q.-M. 30. / Two months' dividend incident to
change of dividend periods to Q.-M. 15 for the common stook and Q.-M. 1 for pref. charge. These returns cover all the institutions of this class
h On account of accumulated dividends.
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
Statement of New York City Clearing-House Banks and
Trust Companies.—The detailed statement below shows the New York) and those for the rest of the State, as per the
condition of the New York City Clearing-House members following:
for the week ending Feb. 17. The figures for the separate
For definitions and rules under which the various items
banks are the averages of the daily results. In the case of are made up, see "Chronicle," V. 86, P. 316.
the totals, actual figures at the end of the week are also given.
STATE BANKS AND TRUST COMPANIES.
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, P. 836, in the case of the
State Banks
Trust Cos.
Trust Cos.
State Banks
banks, and V. 92, p. 1607, in the case of the trust companies. ,Week ended Feb. 17.
in
in
outside of
outside of
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. y
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all case?.
$
$
$
$
Banks.
00s omitted.
Capital. Surplus.
3
Bank of N. Y. 2,000,0 3,774,
Manhattan Co. 2,050,
4,697,1
Merchants' _ _ _
1,970.4
2,000,
Mech.& Metals 6,000,
8,382,
America
6,208,4
1,500,
City
25,000,0 26,668,
Chemical
3,000,0 6,920,
Merchants' Ex
607,1
600,0
Gallatin
1,000,0 2,518,0
Butch. Sc Drovi
300,0
147,
Greenwich _
500,0
898.4
Amer. Exch
4,474,
5,000,
Commerce _ _ _ 25,000, 15,893,
Mercantile _
3,000,0 2,754,
Pacific
500,0
942,,
Chat. & Phen_
2,250,0 1,232,
People's
200,0
463,
Hanover
3 000. 12.952.4
Citizens' Cent_
2.550,
1,914,'
Nassau
500,0
628,9
Market & Fult 1.000,0 1,808,5
Metropolitan _
2,000,0 1,645,
Corn Exchange 3.000,0 5,494
Imp.& Traders 1,500.
7,690,2
Park
5,000,0 12,990,
East River_ _ _
250,
06,7
Fourth
5,000,
5,845,2
Second
1,000,0 2,329,4
-First
10,000,0 21,084,
Irving Exch._
2,000,0 1,963,1
Bowery
250,0
803.1)
N. Y. County_
500,0 1,781,0
German-Amer
732,,
750,0
Chase
5,000,0 8.704,
Fifth Avenue_
100,0 2,159,5
German Exch.
200,0
887,9
'Germania ....
200.0 1,042,
Lincoln
1,663,6
1,000,
Garfield
1,000,0 1,252,6
Fifth
538,r
250,0
Metropolis _ 1,000.0 2,155,
West Side
200,
1,068,3
Seaboard
1.000,0 2,103,9
:Liberty
1,000,0 2,770,6
N. Y. Prod.Ex 1,000,0
801,6
State
1,000,0
970,.
Security
1,000,0
478,4
,Coal & Iron_ _ _
1,000,0
464,
'Union Exch
1,000,0
998,
Nassau, Bklyn
1,000,0 1,065,1
Totals, Avge
Loans.
Average.
21,513,0
34,500,0
20,983,0
57,049,0
29,678,0
181,025,
29,642,0
6,944,0
9,102
2,088,
8,448,0
45,670,
148,694,1
14,650,
4,409,1
16,397,
1,889,
75,868,0
23.730,
10,525,
9,203,0
10,763,0
49,208,
27,152,0
94,852,0
1,577
37,226,
14,461,0
124,299,0
25,407,
3,368,(
8,227,0
4,351,1
96,952,
_13,250,
3,327,
5,412,
14,260,
9,205,0
3,502,
12,446,0
4,181.0
25.602,0
19,532.0
8,279,0
15,085,0
11,020,0
6,330,0
9,571,0
8,007,0
Specie. Legals. Net Depos- ReAverage. Average. its, Ara. serve.
4,481,
8,216,
4,478,
11,476,0
5,360,
59,488,0
4,832,0
1,652,0
1,622,0
402,
2,388,0
8,700,
25,096,0
1,863 0
361.0
2,842.0
429,
17,279.
5,370,0
2,520,0
1,419,
2,872,
9,030,(
4.534,
23,707
361,
7,443,
3,650.
28,173 11
5,675
856,
1,513,
892,
28.348,
2,809,
.125,
1,420,0
3,379,0
2,585,
387,
1,961,0
888,0
6,116,0
4,190,0
2,197,0
4.934,0
2.420,0
1,223.
1,396,0
1,727.0
$
793,0
1,371,0
1,194,0
2,101,0
2,224,0
7,890.0
2,090,0
153,0
426,0
63,0
220,0
3,325,0
8,211,0
1,120,0
508,0
1.425.0
150,0
5,311,0
640,0
863,0
1,041,0
225,0
5,749,0
1,869,0
1.806.0
108,0
3.620,0
133,0
2,283,0
2,194,0
68,0
756,0
222,0
6,867,0
974,0
453.0
203,0
1,253,0
309,0
513,0
1,374,0
275,0
2,495,0
1,112,0
413,0
352,0
1,113,0
642.0
1,039.0
274,0
61,956,000
9,402,900
0,525,000
176,850,100
11,874,943
11,826,516
and investments.. 280,641,400 1,136,970,000 104,055,300 159,544,700
26.6 Loans
+351,500
+628,000
Change from last week_ —2,576,600 +20,430,800
24.6
26.0 Specie
53,060,700 114,224,000
__
24.6
—402,000
+475,000
week_
24.6 (Change from last
34.5 Legal tenders & bk. notes
11,209,400
22,470,200
25.4
+283,600
Change from last week.
—27,000
25.1
27.1
342,988,200 1,274,730,000 111,619,300 171,040,800
23.6 Deposits
+205,700
Change from last week_ —5,337,200 +8,860,600 +1,149,200
26.5
26.0
26,127,500
96,476,400 136,588,100
23,229,600
25.9 Reserve on deposits.
—420,600
Change from last week_ —2,187,300
+912,300
—321,500
25.8
21.7
16.4%
22.1%
29%
16.9%
25.6 P.C. reserve to deposits
16.7%
21.5%
Percentage last week
17.2%
29.2%
24.4
26.2
25.8
+ Increase over last week. — Decrease from last week.
26.4
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" includes
26.7
for
both trust companies and State banks, not only cash items but amounts due
27.9
by law to
25.4 from reserve agents. Trust companies in New York State are required
according to lo25.5 keep a reserve proportionate to their deposits, the ratio varyingcomputed
on the
is
required
below.
shown
cation
reserve
The
as
percentage
of
25.1
and not payable within
25.0 aggregate of deposits, exclusive of moneys held in trust
payable within thirty days,
27.2 thirty days, and also exclusive of time deposits not
by bonds or
26.1 represented by certificates, and also exclusive of deposits secured
of an amount equal to
25.3 obligations of the State or City of New York, and exclusive
obligations
of
the
State
or City
market
value
(not
the
or
bonds
exceeding
par)
of
27.9
any public department.
25.7 of New York owned by the bank or held in trust for it by
reserve varying according to loca26.3 The State banks are likewise required to keep a
25.9 tion, the reserve being computed on the whole amount of deposits exclusive of time
by certificates (according
30.0 deposits not payable within thirty days, represented
25.2 to the amendment of 1910), and exclusive of deposits secured (according to amendState
of New York, and exor
City
1911)
by
bonds
ment
the
of
of
or
obligations
25.0
25.5 clusive of an amount equal to the market value (not exceeding par) of bonds or
29.5 obligations of the State or City of New York owned by the company or held in trust
29.0 for it by any public department.
—Trust Cos.—
—State Banks—
25.9
Of
Total
Total
Of
26.1 Reserve Required for Trust Companies
Reserve
which Reserve
and State Banks.
which
24.8
Required. in Cash. Required. in Cash.
Location—
27.7
15%
15%
257
157
25.7 Manhattan Borough
10%
20%
10%
25.6 Brooklyn Borough (without branches In Manhat.) 15%
10%
15%
734%
25.1 Other Boroughs(without branches In Manhattan) 15%
15%
20%
20%
25.0 Brooklyn Borough, with branches in Manhattan _15%
15%
15%
15%
27.5 Other Boroughs, with branches in Manhattan__ _15%
10%
6%
5%
15%
25.0 Elsewhere In State
25.4
1417,655,0 325,591,0 79,416,0 1480,648,0 27.3
Circulation.—On the basis of averages, circulation of national banks in the
Clearing House amounted to $50,733,000, and, according to actual figures was
$51,399,000.
22,665.100
38,842,200
°A11bV,
19,844,0
39,000,0
21,774,0
55,065,0
30,740.0
194,774,0
26,950,0
7,166,0
7,551,0
2,217,0
9,801,0
46,242,0
128,441,0
1,1573,0
3,988,0
16,619,0
2,370,0
85,889,0
23,207,0
12,813,0
9,209,0
11,093,0
58,088,0
25,078,0
101,550,0
1.873,0
40,553,0
14,489,0
120,190,0
28,150,0
3,580,0
8,598,0
4,299,0
117,139,0
15,002.0
3,502.0
6,347,0
15,526,0
9,946,0
3,469,0
12,744,0
4,676,0
31,078,0
20.598,0
10,167,0
21,017,0
41,128,0
6,760,0
9.729,0
7,872,0
135,150,0 198,340,0 1418,859,0 325.445,0 79,819,0 1482,480,0 27.3
Actual figures Feb. 17
Capital as of Dec. 21....
Surplus as of Dec. 21_ __
The Banking Department also undertakes to present separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-
FEB. 24 1.912.)
THE CHRONICLE
535
House banks and trust companies. In addition, we have
Boston and Philadelphia Banks.-Below is a summary of
combined each corresponding item in the two statements, the weekly totals of the Clearing-House banks of Boston
thus affording an aggregate for the whole of the banks and and Philadelphia:
trust companies in the Greater New York.
We omit two ciphers (00) in all these figures.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Capital
and
Loans.
Surplus,
Banks.
Clear.-House Clear.-House State Banks & Total of all
Members. Trust Cos. not Banks &Trust
Week ended Feb. 17.- Members.
Average. in C.-II. Aver. Cos. Average.
Aetna:Figures
$
$
1Nat. Banks'
CapitalI Dec. 5 and I
State Banks
Surplus
Dec. 21.....
$
$
169.775,000
169,775,000
34,652,000
204,427,000
288,831,800
288,830,800
93,130,300
381,961,100
Loans and investments 2,019,042,000 2,019,241,000
+975,000
+7,680,000
Change from last week
607,502,300 2,626,743,300
+11,858,900 +19,538,900
1,894,715,000 1,897,607,000
Deposits __ .
_
Change from last week -6,120,000 -6,951,000
a608,837,900 2,506,444,900
+15,402,000
+8,451,000
Specie
Change from last week
382,442,000
+35,000
381,834,000
-6,718,000
63,448,400
+795,900
445,282,400
-5,922,100
Legal tenders
It Change from last week
86,033,000
-2,647,000
86,480,000
-839,000
b11,089,600
. +91,000
97,569,600
-748,000
Banks: cash in vault _ _
Ratio to deposits__ _ _
405,007,000
27.35%
405,264,000
27.33%
12,165,800
14.44%
417,429,800
Boston.
Dec.30
Jan. 6
Jan. 13
Jan. 20
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Philadelphia.
Dec. 30
*Jan. 6
Jan. 13_
Jan. 20
Jan. 27
Feb. 3
Feb. 10
Feb. 17 '
Specie. Legals. Deposits. Circa- Clearings
a
lotion.
$
$
$
$
$
41,350,0 218,368,0 25,279,0 4,427,0 260,597,0
41,575,0 218.114,0 26,151,0 4,567,0 274,374,0
41,575,0 214,572,0 28,718,0 4,521,0 273,003,0
41,575,0 221.442.0 30,290,0 4,090,0 284,532,0
41,575,0 224,175,0 31,076,0 4,175,0 284,919,0
41,575,0 230,296,0 30,778,0 4,131,0 294,214,0
41,575,0 232,768,0 29,410,0 3,842,0 281,582,0
41,575,0 233,178,0 27,099,0 4,343,0 284,320,0
60,105,0 266,329,0
80,623,2 321,770,0
80,623,2 337,976,0
80,623,2 339,021,0
80,623,2 373,337,0
80,623,2 376.436,0
80,623.2 379,907,0
80,623,2 382,207,0
73,094,0
83,596,0
91,491,0
93,396.0
104,294,0
106,911,0
102,404,0
102,315,0
$
$
7,732,0 132,649,7
7,746,0 212,145,6
7,733,0 185,068.3
7,810,0 198,427,5
7,897,0 161,523,9
7,913,0 206.851,5
7,926,0 166,816,5
7,910,0 171,394,0
321,014,0 15,506,0 140,759,8
76,055,0 15,474,0 179,321,1
333,010,0 15,432,0 152,890,8
"88,866,0 15,430,0 162,929,0
417,710,0 15,404,0 149,652,6
424,523,0 15,408,0 170,130,6
421,047,0 15,400,0 146,303,6
427,493,0 15,488,0 137,499 8
a Includes Government deposits and the Item "due to other banks." At Boston
Government deposits amounted to $3,500,000 on Febrtiary 17, against $3,224,000
on February 10.
* The totals now include figures for the Land Title & Trust Co., Real Estate
T. I. & T. Co., Girard Trust Co. and West Philadelphia T. & T. Co. The inclusion
of these companies added $20,253,200 to capital and surplus; $56,400,000 to loans:
$10,641,000 to specie and legals and $50,112,000 to deposits.
Trust cos.; cash in vault
63,468,000
63,050,000
62,372,200
125,422,200
Aggr'te money holdings
Change from last week
463,475,000
-2,612,000
468,314,000
-7,557,000
74,538,000
+886,000
542,832,000
-6,670,100
Money on deposit with
other bks. & trust cos.
Change from last week
64,050,000
+1,107,000
62,980,000
-8,784,000
20,982,900
83,962,900
-2,735,100 -11,519,100
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Feb. 17; also
totalsIsince the beginning of the first week in January.
532,525,000 531,294,000
-1,505,000 -16,341,000
95,520,900 626,814,900
-1,848,200 -18,189,200
FOREIGN IMPORTS AT NEW YORK.
Total reserve
Change from last week
34,644,000
780,950
36,202,950
-1,413,900
35,424,950
-5,520,850
% of cash reserves of tr ust cos15.32%
Cash In vault
13.39%
Cash on dep. with bks.
15.18%
13.17%
15.44%
1.63%
28.71%
23.35%
17.07%
Total
Change from last week
Total
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Loans and
Investments.
16._ 2,460,317,7
23._ 2,473,850,8
30.... 2,481,588,2
6._ 2,492,990,3
13.... 2,531,983,0
20._ 2,557,285,9
27... 2,570,217.2
3. 2,586,925,1
10._ 2,607,204,4
17... 2,626,743,3
Deposits.
2,291,456,7
2,319,737,2
2,337,100,4
2,371,283,7
2,416.299.8
2,456,409,0
2,475,673,5
2.488.372,8
2,497,993,9
2,506,444,9
Specie.
Legals.
Tot. Money Entire Res.
Holdings. on Deposit.
$
377,972,5 95,485,4 473,457,9
382,221,8 94,909,7 477,131,5
389,565,5 95,746,3 485,311,8
403,477,0 98,301,6 501,778,6
417.597.3 101,403,7 519,001,0
434,904,4 103,276,0 538,180,4
448,680,5 102,417,7 551,098,2
454,180,5 99,921.0 554.101.5
451,204,5 98,317,6 549,522,1
445,282,4
97,569,6 542,852,0
We omit two ciphers(00)in all these figures.
Capilat.
Surplus.
Loans.
Legal
On
Disets
Tender Deposit
and
Specie, and
with
Net
InvestBank C.-H. Deposits.
ments.
Notes. Banks.
-
New York City.
Manhattan it Bronx.
$
$
$
317,4 2,242,0
Aetna National
300,0
Washington Heights_ 100,0
307,7 1,295,0
Park
200,0
Battery
142,0 1,336,0
250,0
111,5 1,512,0
Century
400,0
Colonial
477,6 6,222,0
300,0
Columbia
817,6 6,899,0
200,0
Fidelity
167,4 1,114,0
200,0
Gotham National
123,7 1,178,0
500,0
Jefferson
529,5 3,777,0
250,0
345,3 2,453,0
Mount Morris
200.0
400,8 3.369.0
Mutual
200,0
280,0 2,690,0
New Netherland
Twenty-third Ward__ 200,0
100,4 1,842,0
100,0
531,9 4,124,0
Yorkville
Brooklyn.
200,0
545,7 3,130,0
Broadway
300,0
670,8 3,523,0
First National
Manufacturers' Nat _ _ 252,0
892,4 5,390,0
1,000,0
898,2 10,522,0
Mechanics'
300,0
595,1 3,728,0
National City
200,0
168,7 1,963,0
North Side
Jersey City.
400,0 1,306,6 4,966,0
First National_ _ ....
790,5 3,456,0
Hudson County-Nat_. 250,0
200,0
416,4 2,065,0
Third National
Hoboken.
220,0
646,0 3,832,0
First National _
286,2 3,076,0
125,0
Second National
$
$
45,0
479,0
64,0
140,0
47,0
332,0
29,0 263,0
748,0 440,0
720,0 646,0
46,0 118,0
15,0
380,0
403,0 264,0
38,0
420,0
18,0 688,0
249,0
82,0
246,0 100,0
56,0 737,0
$
112,0
214,0
121,0
148,0
804,0
757,0
228,0
169,0
353,0
367,0
843,0
380,0
267,0
652,0
$
2,182,0
1,039,0
1,465,0
1,566,0
6,534,0
7,970,0
1,054,0
1,280,0
4,390,0
2,722,0
3,790,0
2,518,0
2,058,0
4,618,0
439,0 133,0
313,0 3,116,0
327,0
69,0
614,0 2,685 0
567,0 182,0
813.0 4,875,0
370,0 1,587,0 1,701,0 12,427,0
543,0 144,0
846,0 3,809,0
189,0 105,0
360,0 1,980,0
288,0
257,0
119,0
224,0
174,0
382,0 2,897,0
68,0
528,0
153,0
435,0
32,0
55,0
288,0
375,0
1909.
$4,386,751
19,726,542
$4,041,593
17,112,156
Total
Since January 1.
Dry goods
General merchandise
$19,339,441 $17,596,010 $24,113,293 $21,153,749
Total seven weeks
4132,479,341 $116,562,124 $134,354,457 $114,332,248
$22,527,801 $23,503,303 $25,535,049 $26,341,093
109,951,540 93,058,821 108,819,408 87,991,155
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Feb. 17 and from Jan. 1 to date:
EXPORTS FROM NEW YORK,
1912.
For the week
Previously reported
1911.
1910.
1909.
$15,622,977 $13,110,471 $10,056,785 $10,908,879
101,924,018 90,251,733 76,985,000 75,292,827
Total seven weeks
$117,546,995 $103,362,204 $87,041,785 $86,201,706
The following table shows the exports and imports of
specie at the port of New York for the week ending Feb. 17
and since Jan. 1 1912, and for the corresponding periods in
1911 and 1910:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.
Week.
Imports.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1912
Total 1911
Total 1910
Since Jan.1
$7,993,687
$9,333
$26,589
57,000
34,876
2,075,599
2,250
158
435,002
12,017
18,443
2,230,731
344,044
302,997
$456,510 $2,922,814
70,977 1,599.348
36,173
988,725
61,100,996 $4,775,557
427,000 1,558,100
3,212
7,047
8,708
SOO
Total 1912
Total 1911
Total 1910
Since Jan.I
$100
$34,978 $10,128,536
33,000
939,845
525,200 3,652,463
Silver.
Great Britain
France
Germany
West Indies .
Mexico
South America
All other countries
Week.
$1,531,208 $6,350,212
1,506,093 6,981,172
1,046,354 5,967,978
$139
636 61,610
$2,739
11,612
7,171
908,165
535.11&
173,478.
$62,385 $1,638,284
80,240
882,251
57,951
610,030,
Of the above imports for the week in 1912, $193 were
American gold coin and $555 American silver coin.
Aaniting and EirtanciaL
Railroad and Industrial Stocks
Write for our Circular No. 614. entitled "Railroad and industrial •
Stooks." which describes 126 issues listed on the New York Stock
Exchange, and classified by us as follows: Investment Stocks. SemiInvestment Stocks, Speculative Stocks.
Spencer Trask & Co.
43 EXCHANGE PLACE.--- NEV YORK.
Boston, Mass.
Chicago. 111,
Albany. N. Y.
Members New York Stock Exchange.
4,099,0
2,239,0
1,770,0
1,718,0
1,395,0
Totals Feb. 17... 6,847,0 11,869,4 85,704,0 7,769,0 6,457,0 14,585,0 83,299,0
Totals Feb. 10.... 6,847,0 11,869,4 85,386,0 7,788,0 6,524,0 15,158,0 83,224,0
Totals Feb. 3..6,847,0 11,869,4 84,714,0 7,427.0 6,277,0 15,584,0 82,050,0
1910.
$3,210,171
14,385,839
Gold.
543,718,6
548,801,5
561,446,3
583,433,9
621,969,4
643,176,8
652,940,6
653.852,1
645,004,1
626,814,9
Reports of Olearing Non-Member Banks.-The following is
the statement of condition of the clearing non-member banks
for the week ending Feb. 17, based on average daily results:
Banks,
1911.
$2,847,618
16,491,823
Dry goods
General merchandise
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City"; with this item included,
deposits amounted to $715,757,900, an increase of $9,450,300 over last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
Week
Ended.
1912.
For week.
Surplus CASH reserve.34,845,000
Banks (above 25%)._
1,357,950
Trust cos.(above15%)
White, Weld & Co.
Bonds and Investment Securities
5 NASSAU STREET:
NEW YORK
THE ROOKERY
CHICAGO
[VOL. Lxxxxiv.
THE CHRONICLE
536
aniters'
aunt.
Wall Street, Friday Night, Feb. 23 1912.
The Money Market and Financial Situation.—Not since
the dull period of last mid-summer has the daily average of
business at the Stock Exchange been so small as this week.
Nothing has transpired to offset the depressing influence
of ex-President Roosevelt's speech at Columbus, and it is
not to be expected that business men of intelligence will
make aggressive plans for the future, or do more than meet
daily requirements while prominent political leaders are
advocating such radical measures as those referred to.
The speech itself had, perhaps, little direct effect in Wall
Street affairs, but general business is depressed because such
sentiments are known to exist,and Wall Street and practically
every other centre of activity in the country is suffering
as a result of the business stagnation.
A good illustration of the above is seen in the annual
reports of some of the industrial companies for 1911, given
out this week, notably those of the Pressed Steel Car and
New York Air Brake. The former shows gross receipts for
the year substantially less than one half of those for 1910
and less than one-third of the receipts for 1907. These
reports are, no doubt, typical of a long list of railway supply
companies and other industrial reports for last year.
The announcement this week of a proposed merger of
The Bankers and the Manhattan trust companies attracted
some attention; otherwise there has been little news of .
interest in financial circles. Further engagements of gold
to South America have been made during the week, amounting to $3,250,000 (of which $750,000 will be shipped later),
and it is reported that additional loans have been made by
our bankers to German borrowers. Local money rates
remain about as heretofore reported for some time past.
The open market rate for call loans on the Stock Exchange
during the week on stock and bond collaterals has ranged
from 2 to 23'%. To-day's rates on call were 2@2%%.
Commercial paper quoted at 33@4% for 60 to 90-day
endorsements and for prime 4 to 6 months' single names,
and 4%% for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £675,442 and the percentage of reserve to liabilities was 48.64, against 51.24 last week.
The rate of discount remains unchanged at 33% as fixed
Feb. 8. The Bank of France shows an increase of 38,475,000
francs gold and 9,675,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1912.
Averages for
week ending
Feb. 17.
Iliffcrences
from
previous week.
1911.
Averages for
week ending
Feb. 18.
1910.
Averages for
week ending
Feb. 19.
$
s
$
$
133,350,000 128,350,000
135,150,00
Capital
196,761,500 182,627,500
198,340,60
Surplus
Loans and discounts_ __ 1,418,859,000 Dec. 1,232,000 1,322,972,500 1,223,674,900
50,733,00 Dec.
75,000
46,383,300
50,030,600
Ofrculation
1,482,480,00 Dec. 9,935,00 1,360,728,400 1,236,853,500
Met deposits
325,445,00 Dec. 6,451,00
301,852,600 267,513,000
Specie
79,819,00 Dec.
725,00
74,172,900
67,379,800
Legal tenders
Reserve held
25% of deposits
Surplus reserve
405,264,00 Dec. 7,176,000
370,620,00 Dec. 2,483,75
376,025,500
340,182,100
334,893,700
309,213,375
34,644,000 Dec. 4,692,25
35,843,400
25,680,825
Note.—The Clearing H01.1.90 now issues a statement weekly show ng the actual
condition of the banks on Saturday morning as well SS the above averages. These
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of State
banks and trust companies not reporting to the Clearing House, appear on the second
page preceding.
Foreign Exchange.—Ruled firm all week until Friday;
then it declined sharply.
The market for railway and industrial bonds has beei
much less active than of late. Prices have fluctuated
within a narrow range and are generally lower.
Among the exceptional features Norfolk & Western cony.
4s are conspicuous for an advance of over a point and
Missouri cony. 5s and Metropolitan Street 5s (w. i.) are a
point lower than last week.
United States Bonds.—Sales of Government bonds at the
% to 1013
Board are limited to $120,000 Panama 3s at 1016
%. Closing prices have been as
and $20,000 3s reg. at 1023
follows;for yearly range see third page following:
Interest
Periods
2s, 1930
registered Q—Jan
2s, 1930
coupon Q—Jan
3s, 1908-18
registered Q—Feb
Is, 1008-18
coupon Q—Feb
4s, 1925
registered Q—Feb
4s, 1925
coupon Q—Feb
2s, 1936_Panama Canal regis Q—Feb
is, 1961_Panama Canal coup Q—Mch
Feb.
17
Feb.
19
Feb.
20
*100 *100 *100
*100 *100 *100
'102V, '1023% '1023%
*10234 *1023% '1023%
*113 *113 *113
*113' *113 *113
*100 *100 *100
*1013% *1013% *1013%
Feb.
21
Feb.
22
Feb.
23
*100
*100
*100
*100
102%
*10251
*102% HOLI- *102
*113
DAY. *113%
*113
*113%
*100
*100
101%
*101%
* This is the price bid at the morning board; no sale was made.
Railroad and Miscellaneous Stocks.—As noted above the
stock market has been decidedly of a holiday character,
both in the volume of business reported and the range of
prices covered. On Tuesday the transactions aggregated
only 127,894 shares, the smallest for any full day since last
July,and in only a few cases have fluctuations covered a full
point. To-day's market has been a little more active and,
led by a sharp advance in some of the copper stocks, General
Electric and a recovery of about a point in Reading, practically the entire list of stocks traded in has moved up
fractionally.
Reading was the weak feature on Wednesday, selling 33/2
points lower than on Monday. The coppers were all then
lower and few shares showed any strength. Practically
all the trading and movements of the week are the result
of professional activity and manipulation. There have been
no developments, having diregt effect upon the market.
For daily volume of business see page 546.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sales
Week ending Feb. 23. for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Amer Brake Shoe &Fdy
100 94 Feb 23 94 Feb 23 913%
Preferred
200 13036 Feb 19 132 Feb 17 130
American Snuff
583 1313% Feb 20 135 Feb 19 130
Preferred
200 1073/, Feb 201073% Feb 20 1025/,
Assets Realization
250 106 Feb 19106% Feb 20 1055/,
Batopilas Mining
400 513% Feb 19 513% Feb 17 513/,
Canada Southern
100 673% Feb 21 673/, Feb 21 65
Can Pacific subs, 1st pd_
200226 Feb 17226 Feb 172223%
Cent & So Amer Teleg
1011213% Feb 191213% Feb 191153%
Comstock Tunnel
5001 13e. Feb 21 14c. Feb 21 13c.
General Chemical
30051353% Feb19 5136 Feb 10 128
Preferred
260110 Feb 17 110 Feb 21 1073%
Preferred rights
10021-32 Feb 1921-32 Feb 19 21-32
Homestake Mining..
25 873/, Feb 20 873% Feb 20 87
Lackawanna Steel
1001 30 Feb 19 30 Feb 10 30
Norfolk Southern
1001 483% Feb 20 483/, Feb 20 483/,
%
Norfolk & West rights..
50015-16 Feb 19 1 1-64 Feb 21
Ontario Silver Mining
2301 13/, Feb 17 13% Feb 23 1
Pabst Brewing, pref....
10 109 Feb 17 100 Feb 17 108
Philadelphia Co (Pittsb) 2,40107 Feb 21 103% Feb 17 104
20 101 Feb 17 013% Feb 17 101
Pittsburgh Steel, pref.__
Rome Wat & Ogdens_
3011253% Feb 20125% Feb 2 1253%
Sears, Roebuck & Co..._
70011503% Feb 20152 Feb 20 140
So Porto Rico Sugar__
150 81 Feb 19 81 Feb 1' 81
10110 Feb 23 110 Feb 2 110
Preferred
Texas Company (The)._
800 953% Feb 17 953% Feb 1 81
Union Bag & Paper........
100 5 Feb 20 5 Feb 20, 434
Preferred
570 493% Feb 21 503% Feb 1 493%
United Cigar Mfrs, pref.
15 109 Feb 20100 Feb 2 105
United Dry Goods
200 97 Feb 23 97 Feb 23 97
U S Indus Alcohol
200 28 Feb 21 30 Feb 21 26
800 56 Feb 21 60 Feb 21 56
Virginia Iron C & C
1,191 253% Feb 17 273% Feb 2 15
Vulcan Detinning
150 83 Feb 23 83 Feb 23 70
Preferred
Highest.
Jan 95
Jai 138
Jan 1443%
Jan 111
Feb 108
Jan 513%
Jan 673/,
Feb 222
Jan 121;6
Jan 16c.
Jan 1363%
Jan 111
Feb 21-32
Feb 90
Jan 303%
Feb 523%
Jan 1 1-64
Feb 13%
Feb 109
Jan 1113/,
Feb 103
Feb 126
Jan 1533%
Jan 88
Jan 110
Jan 9934
Jan 53%
Feb 52
Jan 109
Feb 1003%
Jan 3056
Fe 90
Ja. 273%
Jan 83
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Feb
Jan
Jan
Jan
Feb
Feb
Outside Market.—Fair activity and a firm tone was displayed in the "curb" market at the outset this week. Later
the storm and the holiday caused an ahnost,complete cessaM.
tion of business and a weaker tendency to prices in the main.
The new Tobacco issues, with one or two exceptions, were
neglected. British-Amer. Tobacco advanced from 193. to
19%, reacted to 19 and closed to-day at 193i. R. J. Reynolds Co. started at 203 and dropped to 198, to-day's business
carrying the price to 201, with the close at 200. United
Cigar Mfrs. corn. fell from 5434 to 533. United Cigar Stores
from 184% rose to 187, sank to 184 and recovered subsequently to 1853/2. J. I. Case Threshing Mach. pref. advanced from 1003/9 to 101 and finished to-day at 10034. Intercontinental Rubber corn. sold up frotn 153/8 to 153/9 and
down to 15, closing to-day at 1534. Lehigh Valley Coal
Sales was a strong feature, selling up some 9 points to 196
and to-day to 207, the close being at 203. F. W. Woolworth Co.cont.,after an early decline from 79 to 78X,ran up
to 81, reacting finallY to 7934. The preferred moved up
over 3 points to 11234. There was a good business reported
in bonds. Norf. & West. cony. 4s were by far the most
active, selling up from 10734 to 10834. Inspiration Con.
Copper cony. 6s weakened frotn 10334 to 1Q338, rose to 1037%
4finally. N. Y. Westchester & Boston
and sold back to 1033
By. 43-is sold up from 99% to 9934 and down to 99%. The
mining department was very quiet. Butte Coalition weakState and Railroad Bonds.—Sales of'State bonds at the ened from 23 to 22% and sold back to 23. Greene-Cananea
4. Inspiration Con. Copper, w.
Board include $10,000 New York 4s, 1961, at 1027
%; $7,000 was off from 8 to 73
4.
New York Canal 4s, 1961, at 1029. to 1027% and $10,000 moved down from 18% to 183 and up to 183
Outside quotations will be found on page 546.
Virginia 6s deferred trust receipts at 50%.
To-day's (Friday's) nominal rates for sterling exchange were 4 85 for
60-day and 4 88 for sight. To-day's totual rates for sterling exchange
were 4 8430®4 8440 for 60 days, 4 8735®4 8745 for cheques and 4 8770
4 8775 for cables. Commercial on banks 4 82% 4 84 and documents for
Cotton for payment 4 83% ® 4 83 M and grain
payment 4 83 /i® 4 84
for payment 4 84® 4 84 %.
The posted rates for sterling, as quoted by a representative house, were
not changed during the week from 4 85 for 00 days and 4 88 for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 520%
less 1-16 ® 5 20% less 1-32 for long and 5 18 % less 1-32 ® 5 18
for short.
Germany bankers' marks were 94 9-i6@94 % for long and 95 V,@05 3-16
less 1-32 for short. Amsterdam bankers' guilders were 40 5-16 less 1-16
@40 5-16 less 1-32 for short.
Exchange at Paris on London, 251. 26 3,6c.; week's range, 25f. 27c, high
and 25f. 25 %c. low.
Exchange at Berlin on London, 20m, 50 5ipf.; week's range, 20m. 50 %
pt. high and 20in. 48 Mpf. low.
The range for foreign exchange for the week follows:
Cheques.
Cables.
Sterling, Actual—
Sixty Days.
High for the week.... _4 84 y,
4 8790
4 8750
4 8765
Low for the week__ _4 84 3g
4 8730
Paris Bankers' Francs5 173/, less 1-16
1Hgh for the week.....5 203/,
5 18 54
Lcw for the week__ _ 5 203/, less 1-16 5 18 M less 3-84 5 18 A
, Germany Bankers' Marks—
High for the week..- - 94 11-16
95 5-16 less 1-32
95 8-16
Low for the week.... _ 94 9-16
95 3-16
95% less 1-64
Amsterdam Bankers' Guilders—
High for the week__ 40 %
40 % less 1-32
40 5-16
Low for the week.... _ 40 % less 1-16
40 5-16 less 1-16 40 % less 3-32
• Domestic Exchange.—The following are the rates for domestic exchange
on the under-mentioned cities at the close of the week: Chicago, 25c. per
31,000 discount; Boston, par; St. Louis, 20c. per $1,000 discount bid and
150. discount asked; New Orleans commercial, 50e. per $1,000 discount
and bank $1 premium; San Francisco, sight 30. and telegraphic 6c.; Savannah, buying, 3-16% discount and selling par; St. Paul, 90e. per $1,000
premium.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see erecedinz page.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Feb 17
Monday
Feb 19
Tuesd- ay
Feb 20
IVednesday
Feb. 21
104 104
104 104
104 10414 10373 104
101 104
101 104
101 104
10334 104
*136 13612 *136 13612 *13(3 13612 13573 13614
*10214 10212 10212 10212 *10213 10212 10213 10238
89
80
*88
*3712 8912
83
90
88
*7734 78
78
7814 78
7818 7773 78
23112 23113 23034 231
22958 23014 22953 230
*350 370 *350 370 *350 370 *350 370
7138 7113 7178 71/8 7233 7158 7214
*71
*17
*17
*17
*17
20
20
20
20
6612 *34
6612 *35
6612 *33
*35
6612
1734 1734 *1713 18
*1712 18
1712 1712
*3514 3558 3512 3512 *3512 313
*3512 36
10434 10.111 10484 10473 105 10533 10453 10514
14538 14538 14538 14538 *144 145381,144 14512
14112 14112 *14114 14212
1142 142 *14138 142
s1.90 200 *190 200 4190 200 *191 200
*139 142 *139 140
139 139 *138 141
*148 160 4150 160 *150 160 *150 160
*114 2
*113 114 *114 2
*114 2
*4
458
414 414 *4
5
*4
5
*52
58
*52
58
53
53
*52
60
*95 100
*95 100
*9.5
9758 *95
9758
*43
45
*43
45
*43
45
*42
45
*76
77
77
*76
1.7612 7612 *76
77
*65
70
*65
4335
70
*65
70
70
*170 172 *170 172
17112 17112 *170 172
*540 550
550 550 *540 555
555 555
*2013 2114 21
2134 *21
22
*21
22
*41
44113 4312 42
44
4112 4112
42
*8
9
*8
879 *8
878 *8
878
*16
1712 *16
1712 *16
1712 *Id
1712
3118 3113 3114 3113 3114 31
31
3118
5114 5114 5112 5112 5112 5112 5034 5114
*4114 4112 *41
4112 *11
4112 41
41
12934 13018 130 13012 130 13014 12913 130
37.53 3734 3714 3714 *3712 3814 :3738 3712
*11
12
*11
1278 *11
1134 *11
1112
*-_--..110 110 110 *____ 110
*13-Ill
*120
____ *120
- *12(1
*13514 131) *13514 13612 *13514 138 *13514 137
1738 1778 1753 1758 1758 1734 1778 13
6653 5658 5633 5714 5812 5634 5812 5714
5453 517,3 5.112 5.158 54
54
;Ili., Ili- *1134 13
*1134 13
*1134 13
*25
29
*25
*25
29
29
*25
29
*7814 7912 *7814 7912 479
79
*78
80
20
26
*2514 2612 *2534 2612 *25
2612
*6212 64
*6212 64
*6212 64
6212 6212
*12
1412 *12
15
1412 *12
*12
15
*32
34
*32
34
*32
3234 *32
34
15714 15734 15712 15773 *15712 158
15673 15758
*44
50 *44
50 *44
50
*44
50
*152 1523.1 153 153 *15214 153
15112 152
*1361. 13812 *13512 13812 *1:3613 13813 *136 13812
2578
- 2578 *---- 26
2534 2534 25
2512
*45
55
55
*45
50
*45
56
*132 133 *132 13:312 132 13214 *132 193
*147 150 *147 150 *147 150 *148 180
4,8828 $918 *8833 8018 *8833 8914 *3838 8918
*2612 27
2653 2658 2634 2634 2653 2634
*02
6414 6253 6258 *6173 6414 6173 8178
*3912 40
3934 40
*3034 4012 3912 3958
*160 170 *160 170 *160 170 *160 170
*65
*05
*65
68
63
63
*65
88
*3214 33
3214 3258 32
3212 3212 3212
11033 11012 11034 11034 11012 11053 11018 11013
5612 454
54
*54
*54
5613 5612 5612
*9712 110
*9712 110
*9713 110
*9713 110
*84
8912 *84
8912 *84
8912 *84
8912
*13734 13812 138 138
13812 13834 13813 13812
*3634 3734 *37 3734 *37 3734 37 37
10914 11012 110 11053 11014 111
11014 11073
9173 92
*90
92
*90
02
*90
92
117 11714 11653 11714 117 11718 11613 117
9912 *90
*90
9912 *90
9912 *90
9912
*85 105 *85 105 *85 105
*85 105
*00 105
*90 105
*90 105
*90 105
123 123
12234 123
12278 123
12234 12278
10312 10313 10334 10414 10.114 100
105 10018
0105 115 *105 115
113 117 *110 118
15612 15718 15573 15714 15614 15634 15:334 15614
*91
9178 *91
9178 *91
0178
_
*96 9612 96 06
96
96
9512 -9-51-2
2314 2314 2313 2338 2314 2314 2318 2318
*4834 50
*49
5() *49
4912 4912
50
*25
27
*25
27
*25
27
68
*65
*65
63
*0.5
68
3873
*3858 39
53353 3858
3878 *3834 40
*2012 31
*30
31
33
33
*30
33
*7012 71
*69
71
7012 7012
7034 71
108 103
103 10814 10778 10812 10733 108
2734 273. *2734 23
2734 2778 2753 2734
73
7314 73
7314 7314 7338 7313 7313
*2112 2:112 2134 2134 *2134 2312 2134 213.1
;65 63
-56-34 1112
157T4
7
*3
1:312
3273
10612 10612 *10512
16312 16414 10414
39214 93
*0214
30
3612 36
8412 6412 *6312
0144
____ *44
4178 -:1/74
*3
4
1313 *1212
3278 3253
10812 *106
16434 16483
9212
93
36
30
5412 6314
43
*46
*718
*1858
*57
*7718
*478
*1512
7
*48
88-1-2
733
7
718
10
1834 19
60
53
58
8018 *7713 8018
5
5
514
1634 1673 18
7
758
714
52 *48
52
3
3
133s 1312
3234 3234
738
19
60
8018
5
1612
7
52
-,7,7
7*1812
*57
*7712
5
1612
7
*48
-411-4 404 11-1-4
4
*314 4
1312 1314 1333
3278 3212 3212
10712 10612 10612
16178 163 16458
0212 9213 9212
36
*35
36
64
03
63
7
*18
*57
*7712
5
1653
7
*48
_
7
19
6014
8018
6
1734
778
52
Thursday
Feb 22
Friday
Feb 23
sToc KS
NEW YOltli STOCK
EXCHANGE
Sate-s of
axe
Week
Shares
Range Since January 1.
On ba.sts of 100-s85re tots
twicett
Range for Previous
Year 1911
L'IiCeS1
wlest
Highest.
Railroads
104 10414 3,500
Topeka de Santa Fe 10314 Feb 1 107 Jan 25
Sep 11058 J'ne
*10312 101
750 La. Do prof
10138Jan 2 10114 Feb 10 10034 Jan 10512 J'ne
13613 13618
400 Atlantic Coast Line RR_ _ 13318 Jan 10 13814 Jan 20 117 Jan 13914 Nov
102 10212 2,150
attlmore & Ohio
r10114 Feb 1 105's Jan 20
0312 Sep 10934 J'iy
*83
8912
1)o pre
210
8512 Aug
38 Feb 20 01 Jan 23
91 Jan
78
78
1,385 Brooklyn Rapid Transit_
7634 Jan 2 7014 Jan 16
72 Sep
8458 J'iy
22934 230738 3,050 lanadian Pacific.
223 Feb 1 12.3534 Jan 3 19558 Jan 247 J'1W
*350 370
k icutral of New Jersey _ 305 Jan 9 380 Feb 7 260 Aug 320 1)ec
7114 7178 3,000 Chesapeake Is Ohio
6314 Feb 1 7412Jan 2
6833 Sep
8634 Feb
*17
Chicago & Alton 1411
20
17 Jan 25 18 Jan 13
15 Aug
3118 May
*35
6612
Do pret
35 Jan 5 35 Jan 15
37 Oct
1712 1734
620 ChM Gt West trust ctfs
1712 Jan 20 1938 Jan 2
5
23
Ane
514 j
17 Sep
*3512 36
Do prof trust Mrs
200
35 Jan 31 3713 Jan 3
4914 Feb
3512 Dec
10473 10538 6,300 Chicago Mllw & St Paul._ z10312 Feb 5 11138 Jan 3
10534 Oct 13313 Feb
Do pre
145 145
144 Jan 12 146 Jan 2 141 Sep 1551, Feb
*14113 14212
2
4()
70
1) Chicago & North Western 1403 Jan 18 143 Jan 2 13813 Sep 1501; J'ne
*190 200
Do pref
4195 Feb 13 1195 Feb 13 191 Nov (Si)) Jan
Chic
*137 141
St P Minn Is Omaha 139 Feb 26 144 Jan 30 13018 Apr 143
200
438 :
1
J enbe
Do pref
*150 160
155 Jan 30 156 Feb 6 147 Nov ;IGO Me ta
Chic Un 'rrao ctfs stmpd
*114 2
113 Feb 1(3
2 Jan 2
153 Sep
Do pref ctf3 stmpd
*4
100
514
414 Feb 16
518 Jan 16
434 Sep
b
6067
03614 jji nab
53
200 Clove Chi Chic & St L__ _
58
55 Jan 15 60 Jan 2
4818 Sep
Do pref
*95
9758
96 Jan 31 06 Jan 31
0114 ..Fly
Colorado & Southern
*43
45
45 Feb 2 45 Feb 2
43 Sep
1)o 1st preferred
7512 Feb 5 7673 Jan 19 x70 Sep
*76
77
70
82 J'ne
*65
Do 2d preferred
70
30 Jan 31 70 Jan 31 x6-3 Sep
7512 Meta
4170 172
200 flelaware Is Hudson
167 Jan 10 17512 Feb 6 45912 Sep 5
e
1-0
478 1,1
nv
17
70
*5.1014 56-1
400 -1-felaware Lack & West.. 540 Jan 16 569 Jan 29 505 Sep
*2112 2212
900 Denver & Rio Grande_
193 Jan 2 2234 Jan 23
1758 Dec
35 Feb
*41
Do pref
4213
326
40714 Jan 2 4614 Jan 24
3634 Dec
74 Feb
Duluth So Shore Is Atlan
*8
878
878 Feb 16
938Jan 9
9 Nov
1558 NMI
*18
Do prof
1712
1614 Feb 16 18 Jan 22
1713 Dec
3013 /tick
3073 3118 6,650 Uric
3014 Jan 15 3212 Jan 2
2714 Jan
3838 J 'ly
51
5114 1,800 -821 Do 1st preferred
5018 Feb 3 5:3(2 Jan 2
4553 Jan
*4034 4112
225
Do 2d preferred
40 Feb 3 44 Jan 2
35 Jan
6171
49 14 j:1
J 1;
12918 12912 6,220 Great Northern pre(
120 Jan 15 13212 Jan 23 119 Sep 1640334 cue
b
3714 3714 1,300
Iron Oro properties
36 Jan 31 4478 Jan 2
3334 Dee
Feb
1112
*11
Green Bay & Waleb ett 13
11 Jan 31 12 Jan 13
11 Aug
1514 Jan
14avana Electric
9314 J'iy
88 Oct
4 1i
205 1-_1.
.
-01
Do preferred
200
110 Feb 20 110 Feb 23
9334 Jan 10
258 Oct
34
Ap,
Hooking Valley
124 Nov
13612 13612 --- 100 I BMWs Central
z13434 Feb 1 14118 Jan 23 132 Jan 147 .rly
1712 1734 2,700 Interboro-Metrop v t etfs 1933 Jan 3 1913 Jan 22
1313 Sep
2038 Feb
5718 5714 2,900
Do pref
3934 Sep
5633 J'iy
538 Jan 3 5914 Jan 22
*5414 5512 1,000
Do prof vet tr etfs
3912Sep
5234 Jan 11 578 Jan 22
5512 Jay
*1134 13
Iowa Central
1012 Feb 8 15 Jan 4
15 May
22 Sep
*25
29
Do preferred
2814 Jan
23 Apr
30 Jan 4
42 Sop
*73
80
11)
Ft S &
tr etfs,pref 7734 Jan 4 7734 Jan 4
74 Apr
80 Dee
§2558 2553
110 11,-ansas City Southera_ _
25 Feb 9 2834 Jan 2
2514 Sep
3733 J'n•
*6173 8314
Du
100
preferred
62 Feb 1
6112 Sep
6.5 Jan 5
0934 J'n•
1412
she Erie Is Western
*12
1113 Jan 26 13 Jan 31
10 Sep
4
10
7 j
aon
N!
.1-.4 Do preferred
*32
34
30 Jan 8 34 Jan 31
25 Sep
15753 15812 7,400 Lehiga Valley
15578 Feb 5 18624 Jan 15 151 Sep 15
86
27
14
3M
D:
*44
Long Island
50
4312 Feb 13 44 Jan 20
45 Nov
63 Jail
152 152
1,400 Louisville Is Nashville.. 149)3 Feb 1 158 Jan 2 13613 Sep 16034 NoT
*13613 13812
anhattan Elevated
135 Jan 2 137 Jan 4
41036402
52182.3845;11:1:
312
Sep 113,37601
8:284j4j
J
jjucma
i , ,10.111
14a
aj
600 1-81-Inneapolia Is St Louis 24 Feb 23 2712Jan 23 13114
2112 Apr
4212 Sep
41--58
Do preferred
456 Jan 15 457 Jan 15
35 Mch
6812 Sep
345 Minn St P & S S Marie._ _ 129 Feb 3 135 Jan 3
X12414 Sep
Do preferred
14714 Feb 1 151 Jan 10 146 Nov
alei,
F
81
11:2432
8
7 3 1835
Do leased line etfs_ _ 48713 Jan 12 18878 Jan 17
100
24412
8712 J'iy
2658 2153
800 Ito Kansas & Texas
2612 Feb 7 30 Jan 2
27 Sep
*0114 64
Do preferred
200
6173 Feb 21 65 Jan 25
6234 Sep
70 0
40
40
500 Missouri Pacific
39 Jan 8 4112Jan 13
3314 Sep
*4,
136
00
2512 1_3712)il8 TVash Chatt dc St Louis_ 169 Jan 4 169 Jan 4 14014 Jan
LI at Rys of Rex 1st prof 6673 Feb 10 71 Jan 4
60 Aug
1,030
Do 2d preferred
32 Feb 14 3673 Jan 20
2573 Aug
11012 11034 4,400 N Y Central Is Hudson.... 10614 Jan 9 11238Jan 30 x9978 Sep
*54
57
N
Y Chic & St Louis
150
5514 Feb 15 61 Jan 30
43 Sep
*0712 110
Do 1st preferred
9812 Nov
8912
*84
Do 2d preferred
87 Jan 27 90 Jan 18
8212 Aug
634 1:
3
.18
13
734
38
S*
433 N Y N 11 & Hartford....
136 Feb 1 1:19 Jan 18 12673 Sep 111
5
40
,
111
:
7 j
j
1;
111
100 N Y Ontario & Western_
3614 Feb 1 3334 Jan 9
3754 Sep
110 111
12,000 Norfolk Is Western
110784 Feb 1 111 Feb 20
9934 Sep 11114 No? .;
92
*00
Do adjustment pref
200
9012 Jan 4 92 Feb 17
9114
8534 Apr
11684 117
5,420 Northern Pacific
11538 Jan 15 11934 Jan 22 11034 Sep 13773 J'n41 I
091
*90
Pacific Coast Co
9134 Dec
*85 105
Do 1st preferred
*
10
90
514 10
05
658
Do 2(1 preferred
9914 J'iy 102 Jan
12234 12273 4,524 Pennsylvania
122)2 Jan 9 12413 Jan 26 1183) Sep 13018 Feb
12,200 Pittsb Cln Chic Is St L
9813 Jan 2 10653 Feb 23
9013 Sep 100 Jaz*
*105 117
Do preferred
200
1081a Jan 2 117 Feb 20 10213 Sep 112 Feb
15318 15.134 242,450 Deeding
14818 Jan 11 15912 Jan 22 134 Sep
*45
112 0
63
178
.1.8) 1st preferred
9012 Jan 11 92 Jan 17
83 aich 11542
173 j
J
'
ly
ne
2d preferred
400
94 Jan 11 9834 Jan 20
0012 Sep 101 May
2313 2314
1,700 Rook Island Company__ _
2318 Feb 1 2558Jan 3
2234 Sep
49
49
Do preferred
GOO
48 Jan 3 5218 Jan 9
4334 Dec
*25
27
Qt Louis & San Fraa
23 Jan 5 2634 Jan 20
23 Dec
g
I s j'
Oct
*65
67
30 Do 1st preferred...._ _
65 Jan 19 6712Jan 30'59 Sep
125
*3834 3012
Do 2d preferred
3812 Feb 5 42 Jan 18
3/ Sep
3213 3212 1,400 St Louis Southwesterd_
2933 Jan 22 33 Feb 19
:A Jan
3
74
.7 J,
Fet
7014 5014
700
DO preferred
8813 Jan 17 71 Feb 19
5934 Jan
10738 10814 7,300 Southern Pacific, Co
Feb 1 11258 Jan 2 10412 Sep 13
13
38 J:in;
2:
273.1 2778 1,900 Southern v tr °Hs strnpd _ 10513
2612 Jan 31 2938 Jan 3
2434 Sep
73(4 7314 2,313
Do pref
do
6814 Feb 3 7338 Feb 16
6114 Jan
*2113 2213
200 Texas Is Paolflo
2012 Jan 3 22.58Jan 22
1978 Dec
3
1(5114
4j
i;eis
li
hird Ave tr Ws 2 paid _
39 Jan 17 41 Jan 15 52114 Dec )128
Daen
131)
23
o
4012 42
2,575
New (when issue(I)
3912 Feb 7 4934 Jan 9
31 Nov
41 Deo
*314 4
200 Toledo Railways Is Lt_ _ _
3 Jan 15
4 Jan 20
Nov
4
*612233.: 163314
500 Toledo St L Is Western_ _
13 Jan 4 14 Jan 20
12 Dec
2434 Feb
13
62
314 1:32
643
800
78
Do pro erred
3214 Feb 23 3478 Jan 2
3478 Dec
5378 Jan
*106 108
200 Twin City Rapid Transit_ 10413 Jan 5 10612
Feb 17 104 Sep 19
16
1 F
J,eir
b
101,430 1 Triton Facia°
160 Feb
17414 Jan 2 15312 Sep 1923s J'iy
9234 0234
300 %--)
Do preferred
0113 Jan 29 03
30
89 Sep
801 Unit Rys Inv't of San Fr 30-34 Jan 5 3714 Jan
*35
36
Feb 14
2812 Sep
49 Feb
1,101
Do preferred
53 Jan 2 0512 Feb 14
52 Sep
7614 Etch
*46 ---- ------ Virginia Ity Is Power..
41 Jan 4 471 Jan 25
37 Sep
45 Apr
8812
1)0preferred
87 Jan 26 8812 Feb 15
77 Sep §83 Apr
1,08:3
7
7
abash
6 Jan 4
733 Feb 8
534 Dec
:
1
83
100
400
8
7)8 86
:
1
Do preferred
1678 Jan 2 1934 Jan
6
4
10
:
6
533
4
3 Febir
1414 Dec
b
100 Western Maryland
55.34 Jan 9 6034 Jan 3
_
4878 Apr
Do preferred
75 Jan 9 78 Feb 6
75 Jan
8814 J'ly
614 714 7,350 Wheeling Is Lake Erie4 Jan 10
714 Feb 23
212 Sep
Feb
1712 1,913 5,020
Do 1st preferred
11 Jan 3 1912 Feb 23
7 Sep
8753 Feb
8
6,820
10
Do 2d preferred
0 Jan 19 10 Feb 23
3 Aug
6 Feb
52
*48
Wisconsin Central
48 Feb 5 54 Jan 5
43 Sep
72l8 May
0
r
-
1:30
1:
W
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Bid
Banks
New York
Aetaa
18712
America 11
605
Amer Each. 12.15
Battery Pk. 125
Bowerylj
400
Bronx Borol. 300
Bronx Nat_ 175
Bryattt Pic
150
Batch Is
3
Century I]----Blume
600
Ask j
I3anks
Clir.ta,l'aentx
1921 L;heisea ExT
610 Chemical __
Citizens' CU
13(5 City
Coal Is Iron
Oolonial 11....
1;11 Columbia 11_
155 Commerce 140 Corn Ex 11_
East laver_
145
Fidelity 11_
Bid
Ask
170
173
195
200
445
455
170
410
150
160
423
335 350
1195 1196
300 310
105
115
165
175
Bid
Banks
Ask
Fifth Ave_ 4100 4250
Filth
300 325
First
995 1010
Fourth
202
205
Gallatin
330 335
Garnet('
275
290
Germ-Am 11 140
Gertn'n Exli 420
435
Gertnanla
525
545
Gotham _ _ _ 150
155
Greenwich 11 251)
liauover_ 630
_
flanks
Bid
Harriman -- 300
1)1(1) Is
1570
Irving N lix 227
Joiferson11__
Liberty___ _ .;;di
LI neol a _
_ 395
Manhattan!: 335
Mark't&Ful 255
Meth &Met's 260
Mercantile . 149
Merch Each 16212
Merchants _ 130
Ask
Banks
Metropolis 5,
Metropol
Mt alorrisg_
235
Mutual
135
Nassau
530
New Neth..5
-105
NewYorkCo
New York_
205
Pacifiell__
2(35
Park
151
10711- People's
135
Bfd
375
197
250
290
300
210
875
310
270
373
240
Ask
400
200
280
295
220
SIT
230
375
250
Banks
Prod Ezell 1,
Reserve ___
Seaboard _
-3econd
_
Security
Sherman
State 11
_
23d 3,5 ard11.
Uu:on Exe_
lVa.sh H'te
West Side
Yorkville 11_
*131d tvid asked prices; ti) sales were made on this day.
41 elm than 100 shares. 11 State banks. a Ez-divIdend and rights.
7 Sale at Stock L'iehauge or at auutioa this week. S FirstEx-rIg4st8.
installment paid, a Sold at private sale at taut price. a Ex-dividend.
Bid
170
90
415
375
Ask
175
.fdir
145
135
175
185
275
E6E-
b New Kock,
1E"
(i&i"
538
New York Stock Record-Concluded-Page 2
For record or sales during the week of stocks usually inactive. ,ee
second page preceding.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Feb. 17
Monday
Feb. 19
Tuesday
Feb. 20
Wednesday
Feb. 21
*196 203 §200 200 *195 202 *195 221
*34 1
*34 1
78
%
1
1
*512 612 *512 612
*5
7
612 612
6514 6558 6512 68
6518 6534 6412 5512
5012 5934 5058 5052 5334 5934 59
59
10314 10338 10378 10378 *10212 10312 103
103
65
55
5418 504 54
5412 5353 5418
*9712 99
*9712 09
*9712 99
*9712
99
1158 1138 1134 1178 1173 1218
1158 1138
92
92
9178 91% 92
9214 9151 92
51
51
51
51
*5012 5112 5034 51
*114 118
115 115 *11412 11612 *115 11012
4812 5014 4934 5012 *4914 50
4914 4914
*9814 ---- *9814 - *9814
9914 9812 9812
*216 221 *216 222 *215 222
*215
221
314 314
3
3
*3
31, *3
314
*20
21
*20
21
2014 2012 *20
*2012 2114 2012 2012 *2012 2118 2012 2012
2012
*912 1012 *912 1012 *012 1012 *912 1012
*30
32 *30
32
30
30
*2973 32
*32
34
*32
34
33
3334 *32
34
*103 105 *10312 105
101 104 *10378 105
*734 9
*712
9
*712 9
*712 9
4878 49 *4712 49
*4812 4912 *48
49
*8614 8634 *8614 8634 *8612 8634 *8612 8634
7112 7178 7134 7214 7112 7178 71
7134
10312
10312
104 101
10378 1037 *10312 10412
2812 2812 *28
282- 28
28
*28
2812
110 119
111) 119
11014 11914 11833 119
*118 11812 11814 11834 *11712 11812 *11712 119
14078 141
141 14118 141 14138 14114 14112
260 260 *256 260
258 26134 256 256
10412 10434 105 10514 10478 105 210312 10312
*10412 145
105 105
10478 10478
105 105
10314 10338 10338 10334 10334 10334 210238 10212
2714 2712 2712 *2612 2712 *2612 2712
*26
*86
88
87
87
48613 88
*8618 88
2038 2038 2978 2978 2973 30
*2914 3014
3618 3614 3578 3638 3534 36
3512
35
*10234 10318 *10278 1031- 0103 10312 *103 10312
*29
30
29
2912 2912 30
*28
30
*5712 5812 57
571r .5678 5878 *5714 58
*139 140 *13812 140 113912 13012 4140 140
*2978 3012 *2913 2934 *2018 2934 *2918 2934
1814 1814 1814 1858 1838 1838 *18
1812
*85
87
87
87
*85
87
*85
87
2512 2512 2512 2531 2558 2558 2512 2552
*2412 25
*2412 2558 *2434 2558 *2412 2558
13814 13812 139 139
13812 140
13914 190
10
10
10
10
10
10
1014 1014
17712 7712 7712 7712 *7714 7812
77
7714
*2834 2938 2858 2858 20
2914 2878 2878
*11
15 *11
*11
15
15
*11
15
*40
4934 541
41
*3912 49
43
43
1153 158
15812 150
159 16014 15014 16614
33
33
*3212 33
3212 3212
33
*7412 78
74% 7478 *74
78
*74
78
*438 412
433 412 *438 412
412 412
10512 10558 *10558 10638 10618 10618 410512 -*11914 120 *11914 120 011914 120 *11914 120
414 414 *4
412 *4
41, *4
412
*2014 2118 *2014 2112 *2033 2112 *2014 2114
: *1012 11
*10
11
1012 1058 *10
11
*5912 56
*54
56
548 5512 5512 5512
*28
30
*28
30 *28
30
*20
3012
• *79
8012 7934 80
*79
81
*79
81
*10612 107 *10612 107 *10612 107 *10812 107
*170 180 *172 176 *170 180
175 175
108 108
10838 10812 10858 10858 10812 10812
82
82
8314 8234 8314 8212 83
83
7014 *6912 7014 7014 7014
70
7
62
912 79
2
*7112 7314 *71
72
*71
72
*11113 112 *11112 120 *11112 112 *11112 112
2314 2378 2334 24
2358 24
2358 24
*145 14612 *145 147 *145 197 *145 147
' *12814 12634 412831 12634 12634 12634 *12634 130
*1314 14
1312 1312 1334 1334 *13
1334
94
*91
91
95
*90
9412 *90
95
5312 5312 *5312 53% 5312 5312 5338 5312
108 108 *106 108 *107 108 *107 108
1834 1878 18343,9
19
1018 1834 19
50
50
*51
53
56
5312 *5012 55
7812 7812 78
7812 7318 7818 7712 78
3158 3158 3134 3238 3238 323
3238 3238
4714 4714 4712 47
*47
4714 *47
48
*10514 106
106 10618 10534 10534
idoi2 18 *17 18 01612 18 *1612 18
79
79
*76
80
*76
80
*76
80
*173 175 *170 180
173 173 *172 175
*11112 11218 11134 11131 211014 110. *10934 11012
*3012 3112 *31
52 31 31
2978 3012
*100 101 *10(3 101 *100 101
10634 10634 *106 10714 10634 10634 *106 1-0.
9*15834 15912 0159 15914 *159 15914 *15812 15914
*2712 2812 *2712 2812 *2712 2812 *2712 2812
*102 103 *102 103 *102 103
103 103
1614 1612 1638 1634 1614 1612 1618 1658
1958 1934 20
20
1958 1978
*1912 21
7312 7414 *7312 7412 *7312 75
7312 74
*37
45
*37
45
*40
45
40
40
3678 37
36% 3672 *3634 37
3638 3634
10412 10.1 12 *10118 10412 *101 10412 *101 10412
*112 11212 11212 11213 *112 11214 *112 112
14
*1312 15
11334 1334 1414 1414 *1312 15
150
50
51
*5012 54
51
*5012 55
8•
91
191
.
97
*91
4935 '9358 *92
06
69
*67
*6852 6834 *6712 6812
g58 r
534 4553 4558 4512 4558 4512 4512
*100 110
10978 110 4110 110 *10912 11012
*7312 75
*7312 75
*7312 75
*7312 75
5918 5978 5978 6012 597 6058 5933 6038
10814 10838 10812 10812 410838 10812 10838 10812
5634 57
5678 5714 5658 57
558 5612
5434 55
5518 5514 5434 5434 5414 5458
*119 120
11934 120 *11912 12012 *120 121
*143 147 1145 145 *142 147 *143 147''
*8334 84
84
8412 8412 8514 8414 85
*70
72
72
72
7238 7378 73
74
*11414 11978 *115 11072 1115 11978 4115 11978
g
Thursday
Feb. 22.
Friday
Feb. 23.
Sales 01
the
Week
Shares.
STOCKS
NEW YORK STOCK
13 X CHANG E
Range Since January 1.
On Oasis o> 100-s/inc tots
Lowest
Highest.
Range for Previous
Yew 1911.
Lot:est
Highest,
industrial&Miscellaneous
50 A dams Express
§200 Feb 19 202 Jan 18 3108 Nov 1245 Apr
53 Jan 11
112 Jan 2
200 IA Ills-Chalmers
118 Dec
934 May
618 Jan 20
Do prof
8 Jan 2
100
658 Dec
34 Feb
6714 58,905 Amalgamated Copper
65
60 Feb 1 6712 Jan 3
4434 Sep
7158 J'ne
*5812 59
5834 Feb 20 6312 Jan 2
1,850 Amer Agricultural Chem_
4434 Sep
6312 Deo
*10238 10312
101 Jan 13 10378 Feb 19
Do prof
400
0912 Oct 105 Deo
5314 Feb 23 5834 Jan 3
3914 Jan
4,820 American Beet Sugar_
5934 Oct
*9
57
312
4 6
99
0834 Feb 10 10078 Jan 10
334
Do pref
921. Jan 101 Oct
1114 Feb 1
*1112 1212 1:6
00 American Can
1278 Jan 23
818 Jan
47
1212 May
Do prat
9058 Feb 1 9514 Jan 2
9212 9212
77 Jan
0318 Deo
15012 5012
420 American Car ,Sr Foundry 49 Feb 5. 5512 Jan 2
4238 Sep
5814 J'ly
*115 11612
115 Feb 14 11612 Jan 15 113 Oct 120 May
Do met
100
*49
3,800 American Cotton Olt
50
4512 Jan 19 51 Jan 26
4158 Nov
6238 Feb
100
Do pre
95 Jan 19 9914 Feb 13
92 Nov 10512 Feb
*9814
*912
1215 21612
160 American Express
200 Feb 2 1220 Feb 13 201 Sep 4255 Jan
*3
314
American
3 Feb 19
Hide & Leather
600
312 Sep
4 Feb 5
5 J'ne
500
Do pref
*2014 2012
2014 Fel) 20 2134 Jan 29
18 Sep
2653 J'ne
*20
2114
300 American Ice Securities_
18 Jan 2 2118 Feb 15
1512 Aug
2534 J'Iv
1012
American Linseed
10 Jan 23 12 Jan 3
1238 Feb
Aug
*29% 32
Do
30 Feb 20 35 Jan 3
2618 Oct
3412 Deo
3212 321:
2
42
00 Am orleparnefLocootive
3218 Feb 16 3658 Jan 2
m
32c8 Oct
4314 May
0104 105
100
103 Jan 15 10414 Feb 14 102 Oct 11034 Aieri
*8
9
AmpeorleparnerMalt Corp-434 Jan 10
3 Sep
958 Feb 7
58 Jan
3
10
00 A mDeor pref.
*4731 49
42 Jan 6 50 Feb 7
3112 Men
4358 J'ly
8634 863.1
Smelters Sec pref B 8618 Jan 3 87 Jan 13
82 Sep
8918 J'ly
27012 7178 10,000 Amer Smelting& Refining 6778 Feb 1 7412 Jan 2
5658 Sep
8378 Joe
10358 103% 1,200
Do pref
10233 Jan 2 10412 Jan 24
9834 Sep 10812.1ms •
28
28
570 Amer Steel Found (new) _
25 Sep
26 Jan 19 3512 Jan 4
5212 Feb
11834 11834 1,600 American Sugar Relining 11434 Jan 12 12038 Jan-30 11214 Sep 12222 Feb ,
118 118
11512Jan 5 11012 Jan 29 111 Jan 11912 Feb
Do prof
412
14112 14218 9,034 American Teleph & Teleg 13758 Jan 2 14218 Jan 18 13112 Aug 18318 J'no
*252 260
250 Jan 25 287 Jan 26
800 American Tobacco
10312 10312 1,9
102 Jan 9 10834 Jan 19
Do o
60
prrefr
80
87 Aug 10514 Dec ,
8
*103 105
9212 Sep 105 Dec
certfs of dep_ 102 Jan 10 10814 Jan 18
10112 10238 3,267
10114 Jan 11 10638 Jan 19
Preferred, new
*2612 2712
100 American Woolen
2514 Feb 6 30 Jan 11
3612 Mal
2512 Dec
200
8714 8714
8514 oet
Do pre(
88 Feb 7 8934 Jan 10
9614 J'ne .
*2914 30
650 Amer Writing Paper, prt. 2518 Jan 25 30 Feb 20
2412 Sep
3412 Feb
3518 3614 5,700 aAnaeondaCopper Par325 $34 Feb 1 $3834 Jan 3 $29 Sep $4118 J'ne
10338 10318
100 paldwin Locomotive. Pf 10234 Feb 2 10334 Jan 2 10314 Dee 107 Dec
*2
58
,12 3
56
838 1.500 Ieth
illo
ehv
er
m
29 Feb 19 3258 Jan 2
et Steel
26 Sep
3118 Aug
5678 Feb 20 62 Jan 2
1,000
54 Sep
6634 J'ly '
*13812 140
30 Brooklyn Union Gas
138 Jan 25 14112 Jan 8 x129 Sep 14814 Nov ,
*2918 2934
Butterick Co
2958 Jan 8 3012 Feb ii
28 Feb
31 Mch
1814 1814
900 Central Leather
1734 Jan 8 2112 Jan 2
1834 Sep
3338 Feb
87
Do pref
83 Jan 8 9214 Jan 2
100
9118 Dec 105 Feb
*285.8
251 27
534 6,000 dChIno Copper_ _Par 55 $25 Jan 15 $2718 Jan 2 31612 Sep $2712 Dec '
2334 2412
650 Colorado Fuel & Iron
2334 Feb 23 2758 Jan 2
25 Sep
3633 Feb
139 139% 3,200 Consolidated Gas (IN Y)_ 13814 Feb 17 14312 Jan 5 12834
Sep 14812 J'no
*10
1014 1,020 Corn Products Refining
10 Jan 16 1118 Jan 17
958 Oct
1534 May ;
683
77
77
Do pref
27614 Jan 3 7934 Jan 17
73 Sep
85 May
28% 2914
870 Distillers' Securities Corp 28 Feb 5 3258 Jan 26
29 Sep
3814 Mch
*11
15
Federal Mining & Smelt'g 1212 Jan 10 13 Jan 29
13 Dec
36 Feb
*38
48
6,3
Electricpref
13
20
3718 Jan 23 43 Feb 21
37 Dec
6012 May •
16012 161
General
155 Jan 2 161 Feb 23 142 Sep 108%8 May
*30
33
200 Gen Motors vot tr otts_
3214 Feb 9 3514 Jan 19
35 Nov
5134 Aug
*74
433 74
412
Do prof vol tr ctfs__
100
7412 Dec
74454 Feb5
3 $
8
8658 Aug
7719
412 Jan
2,600 dcloldtleld Con M Par 510
Jan
42312 Oct
Jan 20
8778 Jan
100 106
9918 Sep 12938 May
500 I nt Harvester stk tr efts 10514 Feb 1 10958 Jan 3
I. Do pref stir tr ctfs__ 11612 Jan 26 121 Feb 8 115 Sep 12814 May
*11914 120
Int
*4
Mer Marine stir tr ctfs
414 Feb 17
412
100
314 Sep
5 Jan 2
5/8 Jan
*2014 2114
Do prof
1958 Feb 1 2318 Jan 12
14 Aug
2212 Dec
*5
10
5
5
1512
0
400 International Paper
938 Jan 17 1078 Feb 10
Sep
1338 Jan
24578 Jan 3 56 Feb 13
Do pref
900
4453 May
5638 Jan .
28
29
300 Internal Steam Pump
7
29
8 Feb 23
1 833434 an 9
23 Oct
2
44 Feb ,
*79
81
Do pref
Feb
200
80 Oct
Jan
9012 J'ne
Laclede
107 107
100
Gas (St L) corn_ 106 Feb 3 10834 Jan 4 10114 Sep 11412 Jan ,
*170 178
100 Liggett & Myers Tobacco 15678 Jan 15 185 Jan 26
4108 108
895
Do preferred
10512 Jan 12 11312 Jan 18
83
83
1,200 Mackay Companies
7518 Jan 31 8314 Feb 19
7412 Dec
95 Feb
7014 7014 1,2
Dopp
er
pear
t
100
00 May
6812 Jan 11 7018 Jan 23
68 Dec
77 Moll
*71
72
tment Stores, 7118 Jan 29 7412 Feb 7
70 Apr
87 J'ne
*11112 112
1)o pref
110 Jan 8 112 Jan
10734 Sep 11314 J'ne
23% 2438 5,300 dNi lam! Copper_ _Par $5 $2313 Feb 14 $2618 Jan 11
3 $1658 Sep $2412 Dec
*145 147
Mational Biscuit
13912 Jan 2 150 Jan 30 11714 Jan 14334 Nov
12612
**
13 1258.
1338
4
Do pref
110 II
12634 Feb 20 12814 Feb 9 124 Jan 130 Feb
400 Nat Enamel'g & StamP'g
1312 Feb 19 1412 Jan 4
1212 Dee
22 J'ly
Do pref
9212 Feb 15 9512 Jan 2
85 Jan 10034 J'ly
*5
89
312 9
52
34
2 1,000 National Lead
511s Jan 9 5478 Jan 2
4212
Sep
59 Feb
*107 108
100
Do pref
10512 Feb 1 10934 Feb 15 104 Sep 1093.1 Aug
1873 1938 5,000 (Met/ Cons Copper..Par $5 $1814 Jan 29
$20(4 Jan 3 31518 Sep $2114 J'ne
*50
55
400 New York Air Brake
45 Oct
50 Feb 17 5612 Jan 19
TO Feb
7738 78
1,600 North American Co (new) 7412 Jan 3 7
7834 May
Jan
n 27
64 Jan
4
8j
59
17
)
*3112 321
900 pacific Mall
2318 Apr
30 Jan 3 3314 Feb 3
3338
Nov
4712 4712 1,100
twine Telep & Teleg
35 Sep
47 Feb 5
5458 Jan
10578 105%
400 People's 0 L & C (Chic).. 103 Jan 8 107 Feb 2 10112 Aug 109 Jan
17
17
Pittsburgh
100
Coal Co
17 Dec
17 Feb 5 1858 Jan 6
2314 J'ne
*77
80
Do pref
100
6734 Jan
77 Feb 8 8378 Jan 2
9078 J'ly
*172 175
100 P. Lorillard Co
168 Feb 9 189 Jan 26
*10934 11012
Do preferred
700
10734 Jan 12 115 Jan 19
30
30
1,300 Pressed Steel Car
2978 Feb 21 3414 Jan 4
25 Sep
3758 J'ne
93
98
Do pre
185
01 Sep 10234 J'ne
98 Feb 23 102 Jan 2
107 107
300 Pub Service Corp of N J. 10634 Feb 17 10814 Jan 19 108 (let 120 Feb
1159 150
40 Pullman Company
15822 Feb 2 161 Jan 23 154 Sep 153 Jan
12712 2712
50
allway Steel Spring
26 Oct
2712 Feb 8 32 Jan 2
39 J'ne
*102 103
100 44- Do pre
92 Jan 103 Joe
101 Jan 16 103 Feb 21
1638 1634 13,050 dRay ConsCopper Par $10 $16 Jan 29 $1038 Jan 2 $12 Sep 319 Dec
1734 1058 6,600 Republic) Iron & Steel
1734 Feb 23 27 Jan 2
Feb
6912 7318 8,100
Do prof..
6912 Feb 23 853s Jan 3
7
1,9113 °
0c
et
9
39
1314s Feb
40
40
300 Sloss-Sheffield Steel & tr. 3914 Jan 30 44 Jan 2
34 Sep
5614 Feb
3612 3634
800 dTennessee Copp _Par $25 53419 Feb 1 $3812 Jan 18 $3014 Sep $44 J'ne
10
12
41/4
2 105%
700 1 1 nderwood Typewriter_ 101 Jan 3 10538 Feb 23
12
63 Mch 111 J'ne
200 Si Do prof
11118 Feb 2 11234 Feb 13 103 Mch 11373 J'ly
*14
15
190 U S Cast I Pipe da Founar 13 Feb 16 17 Jan 3
*50
55
113
Do pref
50 Jan 4 51 Jan 26
*92
96
120 United States Express_ _
8
414
9112 Dec
6
87 Jan 3
311 19358 Feb 20
88ee pb z
16016
91 Jan
FFeebb
*63
69
U S Realty Cc Improvem't
6918 Jan 10
Jan
8518 Jan
7934 may
43
5114
2 7
45
6
700 United States Rubber___
3012 Sep
4514 Feb 1 49 Jan 3
481k Dec
110 110
225
Do let pref
109 Jan 30 111 Jan 11 104 Sep 11512 J'iy
Do 2d pref
75 Jan 23 7618 Jan 8
5913 6038 189,600 United States Steel
5814 Feb 13 6978 Jan 3
6
50
6 S
Oeept
8
72
91s lid
Feb
10818 10838 1,445
Do prat
10738 Feb 13 11112 Jan 2 103 Oct 1207s Feb
50
5738 14,600 dUtah Copper_ _Par $10 $5212 Jan 29 $5838 Jan 9 5343818
p $5778 Dec
5414 5414 1,800 Virginia-Carollna Chem
5238 Jan 9 5714 Jan 26
Sep
12038 12034
600
Do pref
119 Feb 14 12178 Jan 25 114 Sep 17
29
84 Mecbh
'
*143 147
60 Iv ells Fargo & Co
4142 Feb 7 151 Jan 3 139 Sep 177 F
May
8434 85
5,741 VT estern Union Teleg_
8614
Jan
Jan
2
79
18
7158 Apr
8412 Mal?
73
74
4,100 Westingh'seEl &Mfg assen 6614 Jan 3 7414 Jan 24
685s Sep
79 May
*115 11972
Do letpref
11478 Jan 5 120 Feb 2 1101$ Aug 123 Jan
*1:8
8
5 201
12
*73
:7
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Bid
Brooklyn
Broadway I 390
Coney
'First 131'027-iilise11.-.. -_
omesteadl
.
anutac'rs 415
-- 'Mechanics'1 235
ontauk 1.
assau
21
--2-fat City- 280
ikl
[€.
Ask
410
155
235
125
100
43)
245
150
225
295
Banks
Brooklyn
North Side
People's __ _
Prosp'etPk,
Bid
Ask
150
150
140
170
160
155
Trust Co's
N Y City
Astor
358
Bankers' 'Jr 790
B'way Tr
155
•Did and asked prices; no sales on this day.
365
180
Trust Co's
Bid Ask
Frust Co's Bid
Hudson
140
150 N Y Trust. 625
nickerb'kr 28712 2921 Standard Tr 345
Law T I&Tr 230
FitleLiudo Tr 645
240
Lincoln 'Fr. (135
'Cr Co of Am
Manhattan
410
Union Tr__ (300
SletropoP('n 405
415
US Mtg& 'Cr 485
Mutual AlliUnit States. 1115
ance
125
Washington 390
130
&Int.( Westeatchester 150
chester)
140
150
Windsor -- 102
NY LifedsTr 1000 1040
Ask
Trust Co's
Brooklyn
31212 Brooklyn Tr
550' Citizens'Flatbush 500
410
160
197
Franklin.Hamitn
....
Home..
Kings Co -L III L & Tr
Nassau
Peoples'
Jueens Co_
Bid
405
135
215
270
275
105
520
336
150
290
100
Ask
145
230
280
285
115
3-41160
300
110 I
Mess than 100 shares. *Ex-rights. b New stock.
a Ex-d1v. and rights
d Quoted dollars per s4age. ,
s Ex stook dividend. liBanknmarked with
a DaragraPh
(II) are State banks.
. _
L_tklale at Stook lixohange or at auction thin week.
Trust Co's
Bid
Ask
Y Cliy
Central Fr_ 1010 1015
Columbia _ _ (381
Co mmercial
1-66Limpire
166- 310
Equit'ble Tr (545
Farm Lo&T 1400 1425
Fidelity ....., 220
224
Fulton
300
Guaety Pr, 863 870
Guardian Tr 100
115
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Sxchange meth3d of quoting bonds Was chanasci. and prices ar3 now all—"and interest"—excep
for income and defaulted bonas.
ti
BONDS
L•• 6
N. Y. STOCK EXCHANGE ...!!
.. .6
Week Ending Feb. 23.
4.1a,
Price
Friday
Feb. 23
U. S. Government,
Cr S Is consol registered_di930 Q-J
U S 25 consol coupon____d1930 Q-J
U S 38 registered
kl018 Q-F
11 3 38 coupon
k1918 Q-F
U S 48 registered
1025 Q-F
U S 48 coupon
1025 Q-F
U S Pan Canal 10-30-yr 2s k1936 Q-N
U S Panama Canal Is g
1961 Q-S
Range
Since
Jan, 1,
Week's
Range or
Las: Sale
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 23.
E
Price
Friday
Feb. 23
Week's
Range or
Last Sal:
tts
Range
Since
Jan. 1.
High Chesapeake & Ohio—
Bid
Ask Low
High No. Low High
Gen funding & impt 5s1929 J -J 1031210412 10312 10312
5 10312 10413
1st consol gold Is
1939 M-N 11112 112 11112 11134 20 111 11134
102 10233
Registered
11012
11112
I90
32
9 AM
11114 Feb '12 ---- 1111411114
10
10112 10212
General gold 4 ms
10112 102 100
013
7 N01
l017
v,1178
1 33 10114 103
11314 11314
Registered
9013
1992 n—s
11314 11334
Convertible 4 1.4s
1930 F-A 93 Sale 9278
14 -92393
4 -9312
10112 19134
ilig bandy 1st 4s
8714 8913 88 Feb '12 __-- 88 88
10138 10178
Coal My Ely 1st gu 4s
44 j
J -ii
1945
I) 8518 8912 8812 J'ne'11
_--Craig Valley 1st g 5s__1940 J-J 10112 10412 10234 J'ly '11 __-_
Foreign Government
Potts Creek Br 1st 4s_ _1940 J-J 63 87 8634 Jan '12
8634 -8634.
Argentine—Internal Is of 1009_ 1M-S 2 97 Sale 97
1 97 9758
It & A Div 1st eon g 4s_1989 J -J
97
05 97 19
15
2 __-- 9512 90
13
014 lk:eb :0
Chinese (Hukuang) By Is 1.:____ J-D ; 9314 94 94
2d conso! gold 4s
9418 28 9314 95
8913
_ 9214 J'ne'11
1989 J-J
Imperial Japanese Government
Warm Spr Val 1st g 5s_ _194 1 M-S 10513 101;12
10 9213 04
Sterling loan 4 ms
94
1925 F-A 8 9314 Sale 9313
Greenbrier By 1st gu g 4s 1940 11-N 0118_ 95 Oct '10
2d Series 4 Ms
0235 12 9178 93
Chic 6: Alt RR set g Is
1923 J -J 8 9253 9278 0258
1. -f6314- 7073
1049 A-0 7078 73
4 -f
7078
8718
Sterling loan 45
8715
877
8
1
8634 8818
Railway 1st lion 3 Ms__1950 J-J
1931 J J ; 8714
0414 6334
64
04
0 6334 6512
Republic of Cuba 58 eaten debt_ IM-S 8103 10314 10318
10314 20 10212 10358 Chic B & Q Denver Div 4s 1922 F-A 9934
9934 9934
- 0034 Feb '12
External loan 4 Ms
9813 Dec '11
Illinois Div 3 Ms
1949 F-A ; 99
1949 J-J
8734 Sate 8712
8734 27 8712 88
San Paulo (Brazil) trust 83_1019 J -J 2 9714 Sale 9714
-0718 -58-Registered
9714
88 Sep '10
3 90 9714
9013
U S of Mexico a t g Is ot
Illinois Div 4s
1809 Q-J 2 90 0012 96
10
949 j
J :Jj 10013 Sale
72
10013
Gold 4,3 of 1904
9034 90 Feb '12 ____ 90 9034
Registered
1954 J-D
1949 J J
9912 9913
9812 9912 99172 Feb109111
I Th.,se are p rices on the w cls 0 / 35 to £
Iowa Div sink fund 5s__ _1910 A-0 10478 _ _ 10434 Dee '11
State and City Securities
Sinking fund 4s
1919 A-0 9014 10012 9914 Feb '12
9914 -9914
N Y City-4 jis
93 10213 103
Nebraska Extension 4s_1927 h1-N 9858 99 9834
1900 M-S 103 Sale 10234 103
9812 99
9834
4% Corporate Stock
Registered
1059 M-N 100 10018 0978 10013 23 0973 10018
1927 M-N 9712
9818
Meh'll
• 4% Corporate Stock
Southwestern Div 4s_ _ 1921 51-S
1958 IM-N 100 Sale 100
10018 26 9973 10018
9912 ---- 9918 Dec '11
• 4% Corporate stock
5 9934 10014
Joint bonds Sei..• Great North,
1057 11-N 10014 Sale 100
10014
• New 4 Ms
1957 M N 10712 10734 10778 Feb '12
Debenture 5s
10712 10778
1913 11—N 10112 Sale 101/
1
4 10112
1917 11-N 103 1031. 10234 Feb ,12
• New 4 Ms
General 4s
1021. 10234
0634 Sale
82 9658 9714
10734 26 10712 10778 Chic & E 111 ref & imp 4 gs_1
• 44% Corporate Stock_ _1057 M-N 10734 Sale 10758
38 '1S
J1-.I
1955
8073 Sale 8
9
:
'
0
6
78
2
0
80:14
8
4:8
8
90
63
748„1:8_
07
114
3
10212
1027
8 10212 Feb 'n --- 10214 10212
1st consol gold Os
43'a% assessment bonds_ 1917 h1-N
12334 12434 12434 Feb '12
i 10
20
414 11
25
113
2 8718 88
83
General consol 1st Is_ _ _ 1937
3 h% Corporate Stock 1954 hi-N 8033 8612 88
110 Sale 110
934 NA,12°
N
110
1001 in-s 10178 10234 10278
10273 10 10134 10278
N Y State-4s
Registered
1937 Al-N
10914 Feb '12
Canal Improvement 4s_ _1 991 J -J 10212 10234 10278
4 1015s 10278
Chic do Ind C By 1st 5s_ _1036 J-J 1.69
10278
.1-2 -_-_-_-_
65
1 18
09
212 18
03
912
CanalImpinent (new) 4s 1901 J -J 10212 10234 10234
3 10134 103
Chic Gt Western 1st 4s_ _1959 XI-S 8212 Sale 122
10234
'
12
2 122812
58
Canal Improvement 4s_1060 J -J 1027 ____ 10112 Nov'll
Chic Ind & Loutsv—Ret 6s_1947 J-J 12812 12914 129 Feb '12:72 1_2_7_3!1_2_9_1!
10312.1'1y '10
1933 J -J ---Bo Carolina 4 Ms 20-40
Refunding gold 53
10014 110 109 Nov'll
Tenn new settlement 3s
4 --__ 93 Oct '11
1013 J-J971Refunding 48 Series C_ 194
_
917
7j
J-j
J ____ 9414 0553 Apr '11
Virginia fund debt 2-3s.__1091 J-J *---- 8814 86/2 Dec '11
Ind & Loulsv 1st gu 48_1956 J-J
8812 Jan '12
•
5012 10 -id - -016s deferred Brown Bros etts„ --- 5012 Sale 5012
91 -5S1-2 9013 Jan '12
4 Chic Ind & Sou 50-yr 4s_1956 J J
6
9o
f71
2 6
9:
f
o .4
2
Chic L S & East 1st 4 Ms
1969 J-D
__ 104 104 Dec '11
Railroad
Chic Mil & St P termi g 5s 1914 J-J 10E34 10238 10134 Feb '12
A nn Arbor 1st g 95
1i1995 Q-J 8114 8312 84 Feb '12 _- 7918 8414
Gen'l gold 4s Series A__51989 J-J
9878 Sale 9878
9878 21) 9838 9918
9953 86 99 9934
['itch Top & S Fe gen g 4s1995 A-0 995s Sale 9912
Registered
98 __ 98 Jan '12 ---- 98 98
____
Registered
9814
Feb '12
1995 A-0 9712
Gen'l gold 3 Ms Series B_e
98 9814
8614 if 8614
8612 34 80 8673
J-j
J
e1989 Q
Adjustment gold 4s____h1996 Nov 9134 02 92 Feb '12
9114 9238
Registered
0
82
G J'ne'11
91
Registered
91
81995 Nov *-,-- 01
9014 91
25-year deben 45
92 bale
24 -gi -62-392
8
917
8
9218
9214 9213
Stamped
h1995 M-N
9112 921/
1
4
Chic & L Sup Div g 5s_e_11
1
4 __
1j
j
J:I 100/
294
106 Dec '11
983
199
, Cony 45 issue of 1909_.._1915 J -D .._— - 10612 11433 J'ne'll
Chic & Mo Itiv Div 5s
1926 J-J 10834 Sale 10834 10834
lad" i#58-4
11 .
• Cony gold 45
106
1055 J -D 100 Sale 100
1
683
4
Chic & P W 1st g 5s
1071-2
10638 10612 10038 10012
8
4 100 10612
10138 45 10014 10178
Cony 4s (issue of 1910)_1900 J-D 10118 10112 10114
CM & Puget Sd 1st gu 48 19
3 0478 9514 •
J 9478 Sale 9478
1 :11-j
02
49
95
10-year cony gold Is..
18 105 109
1017 J -D 108 Sale 105
108
Dalc 63 Gt So gold 5s
1916 J-J 103 10358 10318 Aug'11
1912 1-1-A --------____ -987 Jan '10
, Debentures 45 Series J
Dubuque Div 1st s f Gs 1920 J-J 11314 11312 11358Feb '12
113 11353
Series K
1913 F-A -.,,
9914 J'ly '11
Far & Sou assum g Os__ 1924 J -J 110
11738 Aug'11
East Olcia Div 1st g 4s_1028 M-S09 __ 96 Jan '12
90 06
LaCrosse de D 1st 55
10413
_ 10412 Dec '11
Short Line 1st 43 gold
93 931-2 9314
1058 J -J
9314
Wis 64 Minn Div g 5s
9234 9312
1 jj
J:J 10035
19
192
10E58 16638
10638 Jan '12
S Fe Pres & Ph 1st g 5s_1942 M-S 10912 110 10834 Nov'li
Wis Vail Div 1st 6e
112i2
11238 Nov'll
Chic 63 St L 1st Os
1915 M-S 10518 __ 10033,11y '11
Mil & No 1st cons 8s-1
j 102
J -1.)
_ 10134 Dec '11
912 j
192
9612 38 -6E14
AU Coast L 1st gold 4s___81952 MS 9018 Sale 9618
Extended 4885
10014
iti78
10014 Nov'11
81952 ht-S
Registered
08 Oct '06
Chicago & N West cons 75 _1
106 10712 idi
91
15
3 9-e
j-D 10734 10838 10778
19
108
4 10914 10858 Auell
MaMid 1st gu gold 5s___1928 hi-N 1073Extension 9s
9714 Jan '12
1886-1928 F-A 9714
9714 9714
953
4
1938
9553 ____
J -J
• Bruns & W 1st gu gold 45
9534 -9-E3a
Jan '12
Registered
1888-1920 F-A
9734 Nov'll
___
Charles & Say 1st gold 78 1936 J -J 135
General gold 388s
N
11:F
37 (4
p1
10
98
6 8614 87
87
4 -67 87
o1952 het-N 95 Sale 95
L & N coil gold 4s
0514 --id 9412 -6E3-4
Registered
85
8034 Nov '11
• Say I
,& W 1st gold Os___1934 A-0 12334 12534 12514 Dec '11
General 4s
9778 Sale 9778
9818 05 9734 9854
1934 A-0 10012
1st gold 5s
11058 Mity'll
Sinking fund 6s____1879-1
A- N
O 11118
1929
987 M
11134
14 N
No4:0
10
1
Sil Sp Oes, & G gu g 48_1918 J -J
-di07 9814 97 Jan '12
11012 _ _
Registered
9213,,_
92.3
4
9212
Prior
3 Ms
BM 5 J-J
'D alt its 01110
9134 93
Sinking fund 5s___ _117
0 10718 110 10712 Oct '11
929 A-°
919
79
0073 Jan '12
9078 _
81925 Q-J
LP Registered.
9078 9075
Registered
1879-1929 A-0 10412 - - 104
037
34
3 D e1c0434
'11
57 9734 0914
99
81948 A-0 0878 Sale 9858
Gold 45
Debenture5s
1921 A-0 10434 10514
idi34 10512
97
Registered
81948 Q-J
9712 9818 J'ly '11
Registered
-O
__ 10613 Feb '10
1921 A1-N
Hi- 112
__1922 J -J 11218 --__ 112 Jan '12
, Pitts June 1st gold
Sinking fund deb Is
10310812 ____
10812 10812 .
10813 Feb '12
g 3M81925 M-N 8818 89 8814Jan '12
, P June &M Dlv lst6s_8814 8814
Registered
106
_ _ 10
273
18
4A
No
ug
v
9134 14 91 92
P L E its W Va Sys ref 4s_1941 M-N 9112 92 0158
Frem Elk & Mo V 1st 6s_1
AAO 12618
3
333
33 M-N
_
9
112
911
/
4 41 01 9112
&mike/ Div 1st gold 3 Ms 1925 J-J
9114 Sale 9114
Mani G B & N W 1st 3 Ms 1941 J -J
9012 Sep '09
• Cen Ohio it 1st c g 4 5s__1930 II-S 10014 103 103 Mch'10
Milw & S L 1st gu 3 Ms1941 J -J
11012 110)2
CI Lor & W con 1st g 5s_1933 A-0 11012 Salo 11012 11012
Mil L S & West 1st g 6s_1921 M-S 11314 11E12 la" fiC8
8 11458 11458
Monon Itiv 1st gu g 5s
1919 F -A 10214 10412 10214 Dec '11
Eat & imp s f gold 58.._1929 F-A 10958
110 Feb '12
110 110
, Ohio River lilt 1st g 55_1938 J -D 10018 11018 10913
10013 1O1)l
Ashland Div 1st g (35_1925 n—s 11658
10918
14212 Feb '02
General gold Is
Mich Div 1st gold 6s1924 J-J 11858
1937 A-0 108 11018 100 J'ly '11
11618 Oct '11
- - ---11312 11312
Pitts Glev & Tol 1st g 9s_1922 A-0 11312 ____ 11312 Feb '12
Northw Union 1st 7s g 1917 NI-S 11212 114-78 115 J'iy '11
Pitts de West 1st g 4s_ _ _1917 J -J
Winona & St P 1st eat 7s 1916 J-D 11158 11478 11334 Aug'11
9712 Sep '11
9712
---i•btat 181 Sty 1st gu g 4 M8_1943 J -D 8912 96 95 Nov'll
1-01773 1087;
---- ---- Chicago Rock Is its Pa 6s 1917 J-J 10853 10834 10878 Feb '12
Buffalo It & P gen g 5s
11258 Nov'll
1937 ht-S 11158
Registered
1917 J-J 107
109 Aug'10
---- ---Consol 4 Ms
1957 Al-N 10514 10714 10718 Aug'11
___
General gold 43
96 Sale 90
1988 J-J
9638 13 9575 9675'
Alt & West 1st g 48 gu
1998 A-0 9512
07 Feb '11
Registered
2 95 9614
1988 J-J 95'2 96 9534
9334
• CI & Mali 1st gu g 58._ 1943 J -J 108 _
103 J'ly '08
Refunding gold 4s
1934 A-0 9018 Sale 90
9014 31 8915 9034
Boob & Pitts 1st gold Os_1921 F-A 11278 __ 11334 Nov'll
_
Coll trust Series J 45
1912 M-N 9734
9718
J'ly
'10
--Consol 1st g Os
1922 J-4) 11538 117 11075 Meh'll
Series L
1914 M-N
---- 9731 Sep '11
Bull & Susq 1st ref g 4s_ _d1951 J-J -_- 50
72 Mch'10
M 4s
1915 1I-N ---- ---- 9612 Nov'11
1913
j-j
1st
Os
102
ext
So
an
10218 102
3 idf1102
8 idi
N 48
4-N --__
1916 in
94 Dec '00
--- - - 2d 55
1013 /1-S 100%
10058
10053
10012 101
O 43
1917 M N
9414 May'10
- Registered
1913 111-S
10031Jan '1
P 4s
4 9512 943. J'ne'11
0.g11918
Central of Ga 1st gold 5s__p1945 F-A 112
_.5-8 _
11334Jan '12
11334 11334
Chic It I & Pac RR 43
2002 M-N 72 Sale
155 7113 7314
Consol gold 5s
10934
1945 ,M-N 10934 1101410934
100 11012
Registered
723, 7234
72
134
72Jan'12
Registered
1945 13,1-hl 107 ___ 10713 Nov'll
RI Ark 63 Louis 1st 4 Ms 2
11-S
N -01---19
9212 Feb '12
93
94
2.M
9214 93
4
-034
_ 103 Dec '11
• 1st pret Income g 5s____p1945 Oct --Bur 0 It & N—let g 5s1934 A-0 11114
---- ---11112
11075
,
_ _ ---- ____ 10612 May'll
Stamped
Registered__
12
10
111 W11.'1032
3---- --_ 105 Dec '11
p1945 Oc-t ---' 2d pre( income g 5s_
_--CR/F&NWlstgu 58
A-0
10514 Sep '11 --_
19
'34
21 A43
' 2d pret income g Is stamped
--- -___ 90 Nov'll
_
_
M & St L 1st gu g 7s_ 1927 J -D
— --3d pret Income g 53_ _p1945 Oct
--- --------107 Dec '11
Choc Ok 63 G gen g 5s__o1919 J -J
1021-4 A u-g-'11
- ' 3d pret Income g 53 st-amped
._ - --_- ____ 8513 Oct '10
Consol gold 5s
10612
10812
'11
10715
Sep
--_
895 -61Chatt Div pur mon g 4s_1951 J -ID 91 9213 91
91
Keel( & Des Al 1st 5s
192
1933
2M
A-0
-N 100 10012 10034 Feb '12 -- 10034101
, • Mae & Nor Div 1st g 58_1940 J -J 107
7s4 Jan '12
10714 10714 Chic St P M 64 0 con 6s__.,1930 J-D 12375 12413 12312 Feb '12 -- -- 12314 12334
• Mid Ga its Ati Div 5s____1947 J -J 10518
. 115 Nov'05
Cons 63 reduced to 3 Ms 1930 J -D
93 Dec '03 -- — -Mobile Div 1st g Is
- 1045 J -J 10713 _ _ _ 10934 May 11
Ch St P 64 Minn 1st g 6s_ _1918 M-N
_
12338 Dec '11 -Ceti RR 63 B of Ga col g 5s_1937 141-N 10258 104 102 Nov '11
Nor Wisconsin 1st 6s
1930 J -J
_ 12958 May'09 --3 12134 12234
Cent of N J gen'i gold 5s
12214
St P 63S City 1st g 6s__I919 A-0 11115
1087 J-J 12214 12212 12214
lilts Feb '12 ---- 111 hug
12112 122
Registered
81987 Q-J 12184 12314 122 Feb '12
Superior Short L 1st 5s g_1930 XI-S 108 _
, Am Dock & Imp gut 5s___1921 J -J 10634___ 107 Jan '12
107 107
Chic &West Ind gen g 63_0932 Q10812 Feb '12
-t4 10814 _
Hid" 10815
• Le & Ilud R gen gu g 58_1920 J-J 10153
Consol 50-year 45
1952 J J ---- 018 9134 Feb '12
9134 92
•Leh its Wilkes-11 Coal Is _1912 IM-N 10018 __ 100 - Feb '12
fad - iod
Cln II & D 2c1 gold 488s,,,, 150
0
J1037
-.1
J _-__ 101 10033 Dec '11
---N Y 63 Long Br gang 4s_1941 M-S 9934 ____ 100 Dec '11
1st & refunding 45
9113
------r!pnt vis.rmont 1st ma e 48_ _4192n O-F 9134 Sale 953,
20 90 9214
92
1st guaranteed 4s
1959 J-J ____ 9075
---Bid
Ask Low
High
100 10012 10014 rfov'll
100 10034 10018 Dec '11
10234
10234 Sale 10234
102
10212 Feb '12
11314 11334 11314 Jan '12
11314 114 113344an '12
100
10012 J'ne'11
10112 1013-4 10158 10134
Low
C
:
MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
Brooklyn Rap 'Fran g 5s___1945 A-0
1st refund cony gold 48_ _2002 J-J
'33k City 1st con Is 1916-1941 J .1
Bk Q Co do S con gu 5s_1041 111-N
< Bklyn Q Co & S 1st 5s_11)41 J-J
; Bkiyn Un El 1st g 4-5s__1950 F-A
Stamped guar 4-5s___.,1050 I7-A
1049 F-A
Kings Co El 1st g 4s
1949 F-A
Stamped guar 4s
,
; Nassau Eicc guar gold 48_1951 J -J
leonnRy&Llst & ref 5g 4 Ms_'51 J-J
1051 J -J
' Stamped guar 4885
'Denver Con Tram cons g 5s_1033 A-0
IDot United ist cons g 4883 1932 J -J
1Grand Rapids fly 1st g 5s 1916 J -D
:Havana Elec consol g 5s.._1952 F-A
anterboro-Metrop coil 4 Ms_1956 A-0
(rnterboro Rap Tr Is Bar A_1952 1M-N
Street Railway,
10134 102 10334 Feb '12
_ 103 10334 Manhat By (NY) cons g 4s_1990 A-0 97 9712 9738 Feb '12
8512 81358 8534
8334 126 8.378 8618
Stamped tax-exempt., ,,,,1990 A-0 9712 99 98
98 _Ili_
102 Sale 10/34 102
5_
Met St By gen coil tr g 6s__1997 P-A ____ 10078 9912
9 10112 102
9012
____ 97 07 Nov 11
Guaranty Trust Co certifs____
100
99 10075 100
26
' Refunding gold 9s
2002
59 Dec '11
162:34 Sale 10234
joi7-8 22
1154-4
Farmers' Loan & Tr ctf___ _
80 62 Feb '12
*_
10235 103 102 Jan '12
10112 102
Stamped
6814 Sale 5814
61
12
8518 8.512 8814
8514
4 8312 8514
Refunding 45 (when issued)- 8012 Sale 8012
81
101
8518 8512 80 Feb '12
Adjustmt Inc Is (wh Issued).
5434 Sale 5412
8412 86
5514 384
80 Sale 80
80
10 78 81
Bway & 7th Av lsto g 58_1943
10355 10414 104
104
2
10112
50173 Jan '12
101 •10178
Col & 9th Av 1st gu g 5s_1993 M-5 10112 10275 10112 Jan '12
10113_., 10178
10178
Lea Av & P F let gu g 5s_1993
6 10178 10178
S 10238 103 10258 10258
2
Third Av RR cons gu 4s_2000 J-J
80 Jan '12 --__
79 Jan '12
79 "91
Central Trust Co carts
-- --- 805 Jan '12
10014 _ _ _ 90 J'iy '10
Cent TrCo eta stamped
7914
3
7614
7612 35
____ 9978 9034 Feb '12
-61- 0934
1st ref 48 when issued
81378 8518
8578
8318 Sale 83
Adjust Inc 55 when issued _
7614 Sale 76
8312 271 8012 8412
10
1
7614
10412 Sale 10413 10458 10 1034 105
Third Ave By 1st g 58_1937
10812 110 109
109
-
9_ 6:
9
6
1:4
27
6
98
;
9012 102
97 103/
1
4
5758 62
80 81/
1
4
5414 5912
103 104
10112 10112
102 10253
80 80
1
4
7818 81/
114,
36
84
784
1 8
109
7512 18
10
04
L.•No Dace Friday; latest slits week. d Duo April •DI,te May. h Due Ju y. • k Due Aug. •INe Qat. p Duo Nov (pa Dee. *Ojaion sale.
BONDS
EXCHANGE
II. Y. STOCK
Ending Feb. 23.
Week
[Vor,. Lxxxxrv
New York Bond Record-Continued-Page 2
540
11
...9.
Price
Friday
Feb. 23
Week's
Range or
Last Sale
I
al
Range
Since
Jan. 1.
il
BONDS
N. Y. STOCK EXCHANGE .6
...n.
Week Ending Feb. 23.
Price
Friday
Feb. 23
Week's
Range or
Last Sate
Range
Since
Jan, 1.
1
4
NO
Ask Low
High No. Low MO
Bid
High No. Low High St P M & M (Continued)Ask Loto
Bid
Ian Ham & Dayton (Continued)
Pacific Ext guar 4s X,. __UM() J-J 03 ___ 9258 Meh'll
104 10458 104 Feb '12 __-_ 10312 10414
0111 D & I let gu g 5s_ ___1941 Mi4s1948 A-0 97 083-4 9853 Jan '12 ---- -961-2 -9812
let
Div
Nor
Minn
E
__
__
88
Meli'll
Mgu
g
43
1st
Ft
___
1923
W
&
Find
0
Minn Union let g 69_1922 J -J 11234 11612 116 Feb '12 ____ 116 116
Oln I & W let gu g 4s___1953 J- ' -871-2 -88 8712Feb '12 ---- -871-2 -S71-2
Mont C let gu g 6s____1937 J-J 122 __ 12714 Nov'll ____ ____ __
100 _
' Day & Mich 1st cons 4 Hs 1931 J1937 J-J ---- ----13614 May'06 ____ ___ __:Registered
- -_-_ 101- 1(741-2
32
Ind Dec & W lat g 53____1935 J- . 10412 _-_-_-_ la- FeP-11.
___ ___:
1937 J-J 11114 115 11234 Sep '11
1st guar gold 59
1935 J__ __ 10712Dee '02
let guar gold 3s
1937 J -J ___ _--_ ___
Registered
3 9212 9314
9234
923-4 9318 9234
Neve Cin C & St L gen 4s 199 J--'11 _--___ -_-_-_- --_-_1121-2Sep
J
____
-D
113
59_1938
gold
F
S
let
&
Will
'11
Dec
94
041
9234
Cairo Dlv let gold 41_ _ _1934 J95 - -95 -5 401g -GI - Gult dc S I 1st ref & t g 5s_ _bli)52 J-J 91 93 95 Jan '12 ---- ,.„.
91
91 Sale 91
Cin W & M Div let g 411_1991 J-J
„_,_ ---51952 J -J ___ _____ ___
Registered
9112 04 93 Feb '12 ____ 9134 9.312
St L Div 1st col tr g 48_1990 M102%
5
02
10214
102
J
102
Sale
-J
45e1999
g
cons
1st
Val
Uock
____
_.-_
Oct
'07
91
____
39
1996 MRegistered
------'08
10012Sep
___
__
J-J
1999
1-1- Registered
Sur & Col Div 1st g 49_1940 11-5 90 ____ 90 Dec '11
9412 Dec '11 -- _
8
5948 A-0 957Col & H V let ext g 4e
9114 __ 91 Dec '11
W W Val Div 1st g 4&....,1041 J-J
1955 F-A 9934 -..„. 061 Jan '12 -- 6613 6618
-Col & Tol 1st ex 4s
10658 __ 10534 Dec '11
192 MC I St L & C consol Os
0912 0012
9012Feb '12 __
991210014
J-J
1937
2 -67 - Hous Belt & Term let 5s
74193 Q-1. 9014 9612 9612Feb '12 __ 9611st gold 48
Illinois Centralk1936 Q-17 95 9718 Oils Dec '11 _
Registered
5 104 104
104
109
____
102
J-J
1951
48
1st
gold
'12
____
Feb
1()710718
8
1
ifil18
' Cin E & CI con 1st g 59_1928 j-J 107 10712
1951 J-J 100 ___. 100 Sep '11 __ ---- ---Registered
1914 J-D 10534 1065; 10712 Aug'11 ____
C CC & I consol 7s
1951 J -J 0078 ---_ 91 Aug'11 ____ __-- -lst gold 3 Hs
-- ---Consol sinking fund 79_1914 3-D
J-J ---- _-- 89 Apr '11 __ __1951
'11
Oct
Registered
4
1213
1231i
____
' General consol gold 69_1934 J-J
1051 A-0 ____ ____ 9312May'09 ---- ---- --Extended let g 3 Hs
- ,- ----1034 J-J
Registered
___ ___ ___
1951 A-0
Registered
___- ___ -94 - J'iy-'08
1941 A-0 -------Ind B1 & W 1st prof 43
J'ly '09 ____ ____ _ _ _ _
---- ---1951 M-S ---------80
1st gold as sterling
---- --- ,--0 Ind de W 1st pref Os__d1938 Q-J
M-S
1951
.2
-4
2
Registered
1940 A-0 911-2 ____ 9112 Feb '12 ____ OfiPeo & East let on 4s
2 foe; foci
1952 A-0 014 ____ idd" iditi
Coll trust gold 48
36 3814 38 Jan '12 ___ 38 90
1990 Apr
Income 4s
981. 9812Aug'11
1952 A-0_
Registered
1947 J-j 50 51 50 Feb '12 ___ 4912 5812
101 Midland 1st g ils
9614 jai
1
.
2
065
8
9614
4161Sale
2
if-N
1055
let ref 49
9712 25 96 9712,
lolorado & Sou 1st g 45...._1939 F-. 0714 Sale 9714
Purchased lines 3 54e_,,_ _1052 J-J 8614 864 8618 Jan '12 ___ 8618 9618
904 16 9718 Mg
9712 93 9758
1935MRefund & ext 4 Hs
9838 9912
2
9812
9514
99
9812
M-N
_
s
4
3
5
9
1
&
0
Tex
N
L
gold
18
112
112
113
11124
1111.3 11218
• Ft W & Den C 1st f: 69_1921 J1953 NI-N ____ 9812 9434 Jan '11 ____ ___ ____
Registered
- --- -loan & Pas Rivs let g 48....19. A-0 ------J -D 9413 97 0712 Feb '11
1050
Bridge
48
Cairo
gold
-_-_-_
i'lo
Ma
--160
1952 J-J
tuba RR 1st 50-yr 5 g•
Litchfield Div 1st g 3s_ _1951 J-J 7614 78 7518 Sep '11 -----------r\el Lack do WesternLoulsv Div dc Tering 3A21953 J-J 8512 8618 85 Feb '12 __- 841-2 -85
L Morris & Essex 1st 7s....1914 M-N 106 107 10634 Nov'll
,
1953 J-J 84 __ 8314 Noelf) _-- ---- ____
10618
Registered
15418
'12
____
Fob
10:J18
_
__
3
1087
j
_191
let consol guar 7s___
1921 F-A 10634 __ 123 May'99 ____ -_-- ___.
Middle Div reg 5s
8
113
Dee
'10
-- -- -- -1915 J-D 105
Registered
7618 J'ne'll ____ -- ___
1951 F-A 75 _
Omaha Div 1st g 3s
200 J-) 851"-----91 Jan '11
1st ref gu g 3 Hs
•
11914
J-J 78 77 7512Ja0'
St
11414
g
33_1951
term
Div
Louts
&
'1__
11 ---- ---- -Jan
11414
11334_-_
-J
j
8s_1921
• NY Lack & W 1st
1951
J-J
____
7312-'11
Nov
Registered
---_ 10638
-----,--,,
102 F-A 106
Construction 53
4
3 -8012 WA8012
1951 .1-3 86135810 3912
Gold 3 34s
__
_
Term & Improve 48_1923 M-N ---- 9012 98 Dec '11
Oct '99 ---- ---- --_
1(1118
84
J-J
1951
_
___
'03
Registered
10218Feb
---,„
F-A
Warren 1st ref gu g 3 5s_200f
__
_
....--__
100
Nov'00
____
85
J-J
Spring
Div
_1951
Hs__
1st
3
____
11512Aug'11
g
-__
)el dc Hod 1st Pa Div 78_1917 51-S 1133. 1151 149_
- -- ---- ---- --- 1951 J-J 84 --- --Aug'01 ___
Registered
191 M-S --- - ---Registered
1951 F-A 98 ____ 90 - Jan '12 ____ 06 98
9: : 1 i 971;-99 Western linos let g 4s
1016 j-D 9858 Sale 9812
' 10-yr cony deb 48
---- _ __ _
___
____
---,--F-A
1951
Registered
7 10138 10134
1922 J -J 10138 10134 10138 10134
let Hen equip g 4 Hs
1923 J-D 116 ___ 11712Ma-y'10
Belle,/ & Car let 68
99
12 9853 9918
1943 M-N 90 Sale 9878
let & ref 41
Oct '10
0514
--4
943
M-S
93
let
4s1032
&
9114
Shaw
25
92
Carb
g
92
92
9234
A-0
1946
• Alb & Sus cony 3 Hs_
,
1951 J-D 11934 110 116 Jan '12 ....... 11.6 - 116
Chic St L & N 0 g 53
Rens & Saratoga 1st 79_1921 M-N 122 ____ 122 Dec '11 _ __ _ ---,
1951 J-D 113 ____ 114 Feb '11 ____ ____ __
Registered
)enver & Rio Grande'94_
1951 J-D ---- ____ 90 Oct
Hs
3
Gold
90
c
8914
90
90
1936 J-J 90 93
let consol gold 45
1951 J-D
Registered
98 96
98 Jan '12
1936 j-J 03
Consol g•old 4 Hs
---- Ciii2mciiio __ --- __J-D
jig
1951
g
Div
let
4s
Memph
9913!
96
9912
15
0912
_,..,_
9812
-D
J
gold
1928
5s
Improvement
1051 J-D
Registered
8034 145 86 90 1
1955 F-A 8914 Sale 8914
let & refunding 59
--1931 M-S fig if ii rii-'08
St L Sou let go g 43
Rio Gr June 1st gu g 59....1939 J-D ---- -10434 Mch'll ____ ____ _......
8 06
8 9470518
1950 J-j 9518 Sale 9518
48
g
Ill
&
1st
la
Ind
____
____
___
'11
Apr
6112
60
Rio Gr So 1st gold 48..„..1940 J-J ---108 10812
___
'12
Feb
10812
10912
10812
5I-N
1919
Nor
Great
let
de
g
Int
6s
_
_
_
1940 J-J __ _.,„._ 85 DIch'08 _
•
Guaranteed
10113
2
10112
10212
10112
10112
10212
8 Iowa Central 1st gold 5s......1938 J-D
8714 15 ii ii8-4Rio Gr West 1st g 4s__1939 J-J 90 88 87
6 63 6612
63
1931 M-S 62 63 63
Refunding gold 48
Mtge & col trust 48 A_ _1949 A-0 78 801 78 Jan'12 _ _ 78 78
amestown
Franklin
63
Jan '02
Utah Cent 1st gu g 49,21017 A-0 -------- 97_
•
1959 j-D 9414 9434 9414 Feb '12 ___. 9414 9413
____ ____
Clearfield let 4s
__
1917 M-N 99 --_- 110 Sep '04 -----------13 7314 74
he Mot Unity 1st g 53
74
___ ____ Tran City Sou 1st gold 3s 1950 A-0 731 74 7312
1995 J -D 9212 95 92 Nov'll _
..„, _,___
)et & Mack lst lien g 9s
&&
90
1950 A-0 --------63 Oct 'Of
'12
90
Registered
Jan
1995 J -D 9012 92 90
Gold 4s
8 10014
78 00,
100
100
Ref & impt 5s
Apr 1950 J-J 100 10018
100 Feb '12 __ 100 10078
)ot Blv Tun Det Ter Tun 4 Ks'61 M-N 9938100
1(812 Feb '12 _--- 9812 9858
'75
75
__
Ws
Kansas
J
'12
City
-J
,--_1960
Feb
4s.
let
Terml
75
_
74
__
110
'12
10812
Feb
)et T .53 1-0 S Div 1st g 491991 M -S 105 106 10412 Dec'I__
110
110
109
__
_
J-J
T
ake
L
Erie
5s___1937
W
dc
1st
g
901 MLisabe & Nor gen 5s 1941 J-J
.11-4 2d gold Sc
_ 106 106
1991 J-J 10414 10412 10414 Feb '12 __ 10414 10414
1937 A-0 106 109 106 Feb '1
Nal & Iron Range let 5s
____ 10712 Oct '11 ___ -- --- ._
....
__
-_-__
'08
North
Mch
58
1945
105
A-0
g
Ohio
let
10012
gu
___
103
1937 A-0
1 10514 10534
Registered
_ Leh Vall N Y 1st go g 41481940 J-J 10634 106 10634 1053
-'11 1916 J -J -------104 Feb '12
.... ____ ___
2d 69
107 107
.
1940 J-J 10412-- 10112 Oct '1
Registered
1937 J -J 107 108 107 Feb
)nl So Shore de Atl g 5s
--- 9738 Oct '11 ____ __ ____
9714
'12
__
Vail
Feb
Lehigh
hi-N
49_2003
11034
(Pa)
11034
g
cons
110114
.___
110
Dien Jol & East let g 5s 1941 M-N
3 118 11108 Leh V Ter fly 1st gu g 5s_ _1941 A-0 113 11918 11378 Nov'll ___. _--- _11858
1920 M-S 118 119 118
12rie let consol gold 7s
_
1941 A-0 11158 112 11118 Dec '11 ___ ____ _--Registered
____ 10112J'ne'll _
N Y de Erie 1st ext g 49_1947 M-N 10114
'12
Feb
_
10412 10412 Leh V Coal Co lst gu g 5s 1933 J -J 10114____ 108 Nov'09
10912
1919 Ati-S 10412 ____
2d ext gold 5s
10212 10224
Registered
1923 M-S 10212 .10212 Feb '12
• 3d ext gold 4 Hs
let int reduced to 4s
1933 J-J -,,,
7 105 10514
-- ,_- -105
1920 A-0 10412 ___ 105
• 4th ext gold 5s
---Leh & N Y 1st guar g 4s_ _ 1945 ti-S 031-2 ------ -933-4 Oct-'11 --- ------- -100 1_0_0
1928 j-D 98 101 100 Jan '12
5th ext gold 4s
•
Oct'10 _____ _
Registered1943 H-s
NYLE&Wletgir79_1920M-S __119 118
N
&
let
C
El
1914
90
A-0
pref
2
8912
8873
1
:
16
6s
8912
---6
'
151131
801
16
'
---8914
---1996 J-J
Erie let con g 48 prior
Gold guar 59
1914 A-0 10014 --__ 10114 Sep '09
88 88
88 Feb '12
1906 J -J 88
Registered
Long Island16 78 79
781
7838 Sale 7838
lat consol gen lien g 49_1996 J -J
gold
consol
-3 111)14 112 10934 Jan '12 ___ 10934 110
let
Sc
h1931
----'1
J'1Y
77
1998 J-J
Registered
i,1931 -J 93 ---- ---- ,--1st consol gold Is
10 881g 89
89
1951 F-A 89 8938 80
Penn coil tr g 49
2
i1-D 0434- 1)412 Feb '12 ...._ W1-2 -5
gold
1938
43
General
_
87
'12
8558
Feb
86
87
86
A-0
53
19
A
4s
__ _ __
50-year cony
1922 M-S 9612100 100 Aug'11
Ferry gold 454s
7634 175 7514 7634
1953 A-0 7612 Sale 7612
Series B
'06
do
Oct
9914
---91
3-D
1932
Gold 4s
a 11034 Feb '12 _ _ 10834 11034
ali
-4
Buff N Y & Erie let 78_1916 J -D 110 110
1949 n..s ..__ 92 92 Feb '12____ 92 t
Unified gold 4s
___ 11214 11318
11234 --_ 11318 Feb '12 -___ __
Chic & Erie let gold 5s 1982 hi1934 J-D 102 10412 10412 Dec '03 ____
Debenture gmd 59
10934 -___ Ill Apr '11
93
6
9012
;
9612
........
967
Cloy & Mahon Val g 59_1938 J -J 108
9658
1949
31-S
Guar ref gold 43
_
1938 Q-J
_ ___
Registered
1949 M-S 061s ---- 05 Jan '11 .._ ___ _.
Registered
11 .- 3N0v'
Nov'06 _
Long Dock coned' g 69_1935 A-0 123 128 125111014
-4
2
1051
A-0
:935
B
M
'11
&
B
5s
g
Oct
let
_
NY
con
10634 107 10418
_
Coal & RR let cur gu 681922 M-N 10112
1927 M-S 10J7____ 105 Apr '07- ___ _
NY&RB lstg 53
10134 Dec '11
Dock & Imp let cur 69_1913 J-J 10212 ____ 10212Sep '11
10714 Jan '12- 10612 107-14
Nor Sh B let con g gu 5s.o1032 Q-.7 10534 10714
--.._
'11
NY & Green L gu g 53_1946 M-N
1(6
Sep
9734
---M-S
'12
do
Ark
105
Jan
53_1027
__
g
103
Louisiana
1st
N Y Sus &W.lst ref 5s 1937 J-J 103 105 10312
Louisville ec Nashville1937 F-A 80 ____ 10014 Dec '06
11612
2d gold 4 Hs
1930 J-D 11/ ..__ 11612 Feb '12.- 11578
9 89
General gold 6s
1940 F-A 8812 9112 89 Jan '12 __
11112 11112
General gold 53
____
_______
1937 M-N 112__._ 11112Jan '12 ... 9
'11
Dee
Gold 5s
Terminal let gold 5s 1943 M-N 10912 ____ 10812 Oct '11
0912 3-. 99 99%
9914
9912 a
1940
J-J
gold
4s
Unified
11012
____
11112
A-0
1940
5s
ext
let
NJ
Mid of
1940 J-J 98 -. 9734 Nov'10 _--i 1j412
10014 102
Feb '12
Registered
Holy
Wilk & Ea let gu g 59_1943 J -D 102 ___ 102 Aug'11
11012
Collateral trust gold 5s 1931 51-N 11014 ....-- 11012
111%
11138
___
'12
lv & Ind let con gu p; 63_1926 J-J 106 ____ lip
11138Jan
115
8
8 11238'
1123E II ec Nash 1st g 6s_ __ _1919 J-D 1113
'12
10134 105
!vans & T H let cons 63_1921 J -J 11218 ____ 11233 Feb
1031 M-N 105 __ __ 105 Feb '12 --L Cln & Lex gold 4 Hs
i 10178 10212
1942 A-0 10178 Salo 10178 1017f
..
-__
let general gold 58
1930 J -J 121 125 121 Sep '11 _......
Nov'l _ ____ ____
N 0 & M let gold 6s
'12
11712 117.
Mt Vernon 1st gold 6s__ _1923 A-0 10758 -- 108
11712Jan
118
12
117
1930 .1-J
N 0 & M 2d gold 6s
-- ----Sull Co Branch 1st g 5s 1930 A-0 95 - 95 J'Ile"08
9514
9514
,
9514
9514
Ms
9514
F-A
1946
9958
de
4s
Mom
div
97
Paducah
98f
'11 -_-__ ___
Wlorida E Coast let 4 Hs_ _1059 J -D 9738 99 9734
1920 A1- S 10534 109 10534 Mch'11
___ __
Pensacola Div gold Els
92 Aug'10 _s.194
_..
41,
J-J 90
-. _ _ __
1 ort St U D Co let g 454s.,19
:
8112 8112
St Louis Div let gold 63_1921 M-S 113 115 113 Oct
8 8112 Jan '12 _
--- 807_
1928 J-J
Feb '11 ...
7112
Ft W & Rio Cr let g 4s
7112
6912
M-S
3s
__
1980
gold
2d
____
__
'11
8 -fii
ill ijis03
03
Sale
"-I al H & H 01 1882 let 59_1913 A-0 9918 100 971;Oct
93
All Knox & Cin Div 4s 1955 M-N
____
______
'11
Oct
112
115
areat Northern
Atl Knox & Nor 1st g 58_1946 J-D 11278
0758 172 96 9858,
9758 Sale 9712
__
1921 J-J
Apr '11 ...
106
___
0-13 & Q coil trust 4s
105
M-S
69_1031
g
let
13dge
f
s
Header
9/58 10 9634 9838
1921 Q-J ____ -..'•__ 9738
Feb
'12
Registered_h
05
-46
2
141---8
9479412
Kentucky Cent gold 4s 1987 J-J
10128 101 10034 101%
let & refund 4 Us ser A 1961 J- j 10138 Sale 10114
L &N &M &M 1st g 4 Hs1945 M-S
1901
et'12
Fe
0 -_-_-_-_ -i4189l2D
103
Registered
2 -1;912
10512--C___
J-J
XI
.1952
joint
48_
N-South
&
L
_ ,_
1933 -J---J- gi12 ---- 9418 De°'11 ---St Paul M & Man 4s
h1952 0_j ------- -95 Feb '05
Registered
- 12558 Oct 'II
1933 J-j 1251
let consol gold 6s
N Fla & S 1st gu g 58_1937 F-A 134 11012 0934Jan '12 -- 1093;1.043;
-- __1933 j-j -------- 132 Apr 'Of
Registered
__
___
,
___
101
J-j
gu
4
1945
g
gen
Hs
Bdge
N &C
Reduced to gold 4;01933 .1-3 10512 ____ 10512 Feb '13 ____ 10512 10512
•
4 Nov'll
Pens & All 1st gu g 6s___1921 F-A 11012 112 1101
_-- __„_„ _
___ 10834 J'ne'09
1933 J- J _
r
Registered
112 11118 Feb'
iii iiiis
11118
..-12
F-A
Ala
con
N
gu
53__1936
g
&
S
2
98
9712
9814
• Mont ext let gold 46_1937 .11 -D 97 - -98 98
9114 ; 9114 911.4
men M-)1 9114 911 9114
____ r, & Jeff Bdee Co en e Is
98 J'ne'i1
1017 1 -11
TIP471,4tAre41
Next
on
Pace.
-Continued
BONDS
US
MISCELLANEO
J
Street Railway.
at W S El (Chic) let g 48_1938 F-A
8514 ____ 9312J'ly '06
10412Dee '11
Elec fly & Lt cons g 591026 F-A
9314 Deo '11
Refunding & eaten 43.0_1931 J -J
10712 Feb '06
_
_
_
_
101
Minneap St lst eons g 5s__ _1919 J-J
8412 8813
8418 8712 8812 Feb '12
New On fly & Lt gen 4 Hs..1935
Portland By let & ref 5s__ _1930 51-N 9834 __ 9812 Deo '11
Portland fly, Light & Pow____
Portland Gen Elea 1st 53_1935 J - J
----Jos fly. L, If & P istg 58 1937 51-N -6g - jai- 'fig- No-v-.613
13t Paul City Cab cons g 5s_ _1937 J -J 106 ___.10414 Jan '12..- 10514 145.14
1937 J -J
Guaranteed 5s gold
- 0778 Feb '12
9734 98
59_1923 A-0 -5734 -6178
tr,_ I-City By & Lt let
08 •Apr '09
Undergronnd of London 59-1920 M-N
95 9e14
-9'5* - 663-4 9614 Feb '12
1938
4Hs•
7412 8212
1948
74 _. 76 Jan '12
Income Os
---- __
84 Oct '08
nion Elcc (Chic) 1st c 5s 1945
nited Rye Inv let lien colt
8434 60 5414 8514
192 M-N 8312 841 8414
•net 59 Pitts issue
.10.. b Due Feb
*No Price Friday; latest bid and Asked this week- a D40 4
O
Street Railways.
7678 80 I 7714 Jan '12
United Rys St L let g 4E3_1934
St Louis Transit gu 5s___1924 A-0 86 ____185 Jan '12
70 64) Feb '12
...._
A-0
4s...1927
s
San
Fr
I
United RRs
1)634
9512 96laJ 9634
Va By & Pwr Istdcref 5s__1934 J-J
(las and Electric Light
Atlanta G L Co let g 5s _1947 j-D 104
13klyn U Gas let con g 53_11)45 M-N 10712 _ _ _
1947 A-0 6012 03
Buffalo Gas let g 55
1932
Columbus Gas 1st g 5s
1.:1 11103; ioi:
59
g
Gas
City
Detroit
3 F-A 10038_..__
918
192
Det Gas Cocoa 1st g 59
Del Edison let coil tr 53_1933 J -J 102 _ _
1932 11-5 10614 1061
Eq 0 L N Y let con g 5s
Gas & Bice Berg Co a g 59_1949 J-D 101 ____
1915 P-A 100 101
Gr Rap G L Co let g 5s
_.1_
138 1_06
1949 M-N.
Hudson Co Gas let g 6s
Kan Olty(Mo)Gas lat g Ss_1922 A-0
4 Due Apill.
is Da. July.
1071-2 ion;
60 Jan '12
14
85
69
96
1
ia100i5 Fe13-'-1.2 -_-_-_-_
9558 Sep '08
102 Feb '12
106 Jan '12
61120ct '01 ..-.
100 Oct '09 __-i
1oo
101312
9934 Jan
b Due Aug. •Dile 00. a Option *aim.
7714
85
70
9712
FEB. 24 1912
N.
New York Bond Record—Continued—Page 3
BONDS
Y. STOCK EXCHANGE
'0 t
Week Ending Feb. 23.
Price
Friday
Feb. 23
Week's
Range or
Last Sale
Range
Since
Jan. 1.
541
Price
Friday
Feb. 23
BONDS
N. Y. STOCK EXCHANGE
Week Ending Feb. 23.
,
Week'i
Range or
Last Sal.
Range
Since
Jan. 1.
High No. Low
Ask Low
lltd
N Y Cent & H R-(Con)
Bid
Asl Low
litgh N. Low High
anila RR-Sou lines 48_1936 11-N
N Y Chic & St L lit g 43_1937 A-0 10038 101 10033
10012
9978 10012
2 Api'-'115
Aw-I-exican Ccut Inc g 3s tr rects_
---- -5519834 Nov'11
Registered
1937 A-()
1917
Equip & colt g 55
Debenture 4s
91 Jan '12
1931 11-N 9014 91
678- f
2d series g 5s
1919 A-() ____
West Shore 1st 4s guar 236I J -J 10033 101 10033
10012 26 100 101
77 Atc-h
Mex Internat 1st con g 4s 1977 NI- S
11 9773 9812
(381
Registered
2351 J -3 98 981, 9814
_
_
80
11S
79 Nov 10
N Y Cent Lines eq tr 4 Es 1923 J -J
1977
Stamped guaranteed
10012.1'1y '11
Ed.- Ed - N V New Haven & Haar192i J-1) 128 130 129 Feb '12
Minn & St L 1st gold 7
11018 Aug '11 .._ 106 105
1921 A-0
Non-cony deben 45
Pacific Ext 1st gold 6s
1855 J -J
9434Au'l1 -561551-3 105 Jan '12
N
1931
Non-cony 4s
105 105
1st consol gold 53
93
-0
-II; -63-93 Sal
11)56 111-N
65
1 6712 097s
1940 M-S 65 13512 65
Cony debenture 3 385.-1959 J -J
1st and refund gold 48
90
92 93 92
9253
7914 80
7914 Feb '12 ---- 7914 81
Cony debenture 6s
32 13153 13213
Des M h Ft D 1st gu 4s 1935 J-J
1323
100 J -J 13218 Sale 13218
9733 0734 9734 Feb '12 ---- 97
9734
Harlem It-Pt Ches 1st 4s_1954
M StP&SSM con g 4s Int gu.1938 J-J
9913 100
99 Oct '11 -9812 Jan '10
Cent New Eng 1st go 41_1061 J-J
MSSM &A 1stg 4s lot gu_1926 J - -176521
931,, 9313
8
23
93
93
9812 Nich '11
Housatonic It cons g 5s_ _19:17 11-N 11312 ____ 11313 J'ne'll
Mississippi Central 1st Is_ 1949 J - J
---N H & Derby cons ey 5s_1918 11-N 1021, ___ 107 Aug '09 ---Missouri Kansas & Texas---- --9612 97
1990 JD
New England cons 5s
0612
9634 15 9614 97
151 gold 4s
____
1945 J-J 115
84 Sale 81
g1990 F- A
84
Consol 45
73 8312 8413
2d gold 4s
1945 J-J
9912 ---- -- - - - - ---1021.
1944 NI- N 10112 10.312 10212
4 10114 10212
Providence Secur deb 4s_1957 M-N
1st ext gold Is
51 87
____
_
8014 8112 8012 Jan '12
'004 M- S
80 8112 N Y 0 de W ref 1st g 4s_ _ _//1992 Ni-S
' 1st & refund 4s
9113 96
8914 8t
,
33 8913
8914
llegISterea $5.000 on1y_g1992 M-S 8
Gen sinking fund 4 Es__ _1936 J-J
92
42315
3!
6 8834 9914
_9
O
k
l\lae
cn
21
1
84
General 4s
7834 Nov'11
St Louis Div 1st ref g 4s_2001 A-0
_-__ -idag 8955
1955 J -D
895.3Feb
_ 10531 Aug'11
Norf & South lit gold 5s 1941 111-N
1940 11-N ;6E3-4 _
Dal & Wa lst gu g 5s
10212 10212
102)2 Jan '1'
_
9013 di 91 Noy'll
Norf & West gen gold 6:3_1931 11-N 123121251 12314 Noy'11
. Kan C & Pao 1st g 4s_ __ _1990 F-A
- - - - --Mo K & E 1st gu g 5s
1942 A-0 109-1 __ 14WA3 Feb '12
Improvement & ext g 6s_1934 F- A 12473 1271,124 Sep '11 ---idol2 lid
M K & Olc 1st guar 5s__ _19 42 M-N 10612 1gi 10712 Jan '12
New River 1st gold 6s
- 10712 10712
1932 A-0 124 128 123120ct '11 -7 . AI K & T of T 1st gu g 5s_1942 11-S 10313 104 10312
N
10312
& NV fly 1st cons g 4s_1995 A-0 9834 Sale 9834
1 10234 104
24 -di - -id
94
Sher Sh & So 1st go g 5s_1043 J-D 10313 101 10334 Feb '12
Registered
10334 10334
1994 A-0 9612 _
98 Jan '11 ---Div.
Texas & Okla 1st go g Is 1943 NI- S 10334 10514 10314 Feb '12
!1st 1 & gen g 4s_ _1914 J-J
10514 10514
9313 53-34 9313
9334
7 9312 94
11N
10734
10-25-year cony 4s_
Missouri Pac 1st cons g 6s 1920
Sale 10734
41 107 108
108
1932 J
135 10712 11018
10334 Sale 10833
110
Pocah C & C joint 43_ _1941 J-D 94 Sale '34
Trust gold 5s stamped__a1917 Ni- S 10012 Sale 10014
:3 0973 10034
10012
91
22 92
94
CC&
al917 NE- S
1st guar gold 5s_1922 J -J 105
Registered
130 Meh'10
10113 Oct '11 -9912 1O0l 10013
Selo V & N E 1st Cu g 43_1989 M-N
• lit collateral gold 5s____1920 F-A
-661
2 1003-4
10018
9713 ___
9712 Feb '1'
9712 9812
1920 F-A
Northern Pac prior I g 4s 1937 Q-J 100 Sale 100
Registered
•
1003 152 9934 10934
7312 Sale /313
1945 11-S
Registered
40-year gold loan 4s
16 76574
1997 Q-J
s "7414
9834 9918 9834 Feb '12 ---- 9833 9912
1938 NE- N
General lien gold 3s____a2047 Q-F 70 Sale 697,3
3d Is extended at 4%
9'04 9612 May'll
70
29 69
701
3734
1059 Ni- S
- Sale 87
Registered
1st & ref cony 5s
71 -/;(3
89
.12 805
a2047 Q-F 6734 6934 68 Dec '11 ---- - - - - Cent Br Ry 1st go g 4s 1919 13- A
St Paul-Duluth Div g 4s_1996 J -I) :--- 9614 96 Sep '11 ---9134 ---- 92 Feb 12
9134 92
-8113 8313 Dec '11
1948 J-1) 78
Cent Br U P 1st g 4s
Registered
1990 J-D
_ 102 110 NIch'05
Leroy &OVAL 1st g 5s..192 J-J
Dui Short L 1st gu 55
dd- -_-_-_-_ -901916 M-S
Pac It of Mo 1st ext g 4s_1938 F-A E12 9712 951 Jan '12
St P & N P gen gold 6s 1923 F-A 11538 ____ 11512Feb '12
9513 951',
11313 1151
2d extended gold 5s_1938 J-J 104 10914 10812 May
Registered certificate:3_1923 Q-F 11434 ____ 11533 Aug'11
'
11
StL Ir Mc'IcS gen con g 53_1931 A-13 10613 Sale 10613
10638
_ 107 Jan '1'
161371 1663; St Papl & Duluth lit 5s_1931 F-A 109
idi - 107
•
_ 111 Sep '00
Gen con stamp gu g 53_1931 A-0
A-0
10214
1917
2d 33
-_
10234 J'ne'11
8214 8312 83
Unified & ref gold 4s 1920 J -J
9234
lit consol gold ris
83
3- 9234 Feb '12
1068 J-D
9234 -03
7912 8334
.
4
8134 78 Jan '12
Registered
891'. ----911
1948
1929 J-J
Wash Cent 1st gold 4s
p'11
78
78
fly & G Div 1st g 4s1933 IA-N ..._Nor Pac Term Co 1st g 6s 1933 -J 11138
81
11 8212 84
8334
9334 84
11133 Dec
A '1 1
Verdi V I & W 1st g 5s1926 A1- S
9214 9213 9233
10212Jan '11
9212
8 -92 - -923;
---- -- Oregon-Wash lit & ref 43 _1961 J-J
3 12034 12014 Jan '12
pacific Coast Co 1st g 5s 19.16 J -D 10312 104 10312
Mob & Ohio new gold 6s..._1927 J-D 156512014 121
1031
1 10312 101
•4st extension gold es_ h1927 Q- J 11514 11634 11534 Feb '12
enna RR 1st real est g 4s_1923 M-N 101 Sale 101
1 101 102
101
11534 11634
8673 8734 87 Nov '11 _
General gold 48
Consol gold 53
1919 Ni-S 108 110 108 J'ne'll
1938 It- S
Consol gold 4s
1947 F- A 11034 111 11014 Jan '12
Montgom DIY 1st g 5s
1943 11-N
- 1021,10234Jan '12
11013 11014
102 f6i7i
85
St L & Cairo coil g 4s _c1930 Q- F 83
33 Dec '11
Convertible gold 3 Es_ _1912 11-N 165 10018 100
100
9912 10013
9:314 9312 9312 Mch'11
1915 J -D
Guaranteed gold 4s_1931 J -J
9734 Sale 9/53
Convertible gold 3 Es
9734 88 9634 9778
Mashy Chatt & St Louis1915 J -D
Registered
9712
1
0712 9712
9712
10312 10:373 104 Feb '12
4 10384 104
Consol gold 4s
1913 J-j 10334 Sale 10334
IN 1st 7s
1948
10334
103 104
Alleg Val gen guar g 4s_ _1042 Al- S 0958 10014 9973 Apr '11
10958
• 1st consol gold 5s
109143
1928 A-0 10912
3 10033 10933
---_ 11573 Nov 10
Jasper Branch lit g 6s 1923 j-J 11334
DRRR & Bge 1st gu 4sg1036 F-A 10012
Phila. Bait & W 1st g 4s 19.13 M-N 102 ___ 102- Jan '12
Mobt M W & Al lit 0s_1917 J -J 10714
idi 102- - 10312 Dec '10
Sod Bay & Sou 1st g 5s_ _1924 J - J
'P & P Branch lit
_ 113 J'iy '04
_ _ _ _ 102 Jan '03
__ _1917 J-J 10714 _
---- ---Sunbury & Lewis 1st g 43 1936 J-J
Nat Rys of fdex pr lien
-6113 -624;
Os4 3s.1957 J -J ____ 92
91 s
9112
U NJ 1411 & Can gen 4s 19.14 M-S 10158 _
Guaranteed general 4s
3 101
16i_ 161
1977 A-0 85 8534 8614 Jan '12
8014 8614
Penns Co guar 1st g4 s
102 100 Jan '12 ---- 100 100
3 10314
Nat of Ilex prior lien 4 Es1026 J-J
10334
1021 J-J 10312 Side 10312
lit consol 4s
Registered
10276 Moil'11
1951 A-() 7813 8034 79 Feb '12 ___ 7913 80
1921 J -J
--- - -10 9432 05
Guar 3 Es coil trust reg I037 M-S
9453 Sale 94.53
N 0 Mob &Chic 1st ref Is 1950 J -.1
95
8812 ___ 90 Aug'10
Guar 3 Es coil trust ser B.1941 F-A
NO Ss N E prior lien g 6sp1015 A-0 10443 ____
88
88 89
10378 68
J-J
Trust Co ccrtfs go g 3 Es_1915 11-N
88 ____ -54;12
Now Orleans Term 1st 43_1953
8818
88
9712 _
_ 9734 Dec '11
Guar 3 Es trust ctfs C
N Y Central & Ilud River1942 J-1) 88
dd
87 Aug'10
&Os
9 87
Guar 3 Es trust etts D
88 Sale 88
8:31',
Gold 3 Es
1997 J-J
J-1)
8734
1944
8713 883 8731 Jan '12
6734
87
Guar 15-25 year g 4s
87 Jan '12
87 87 'Registered
1097 -J
1931 A-0
98
9812
931', 13 0214 9312
0314 Sale 0314
Cln Lab & Nor gu 4s g_ _ _1942 M-N
Debenture gold 4s
1934 111-N
9212
9224 Sep ,ir
Cl & Mar lit gu g 4 Es 1935 111-N Itegistered
1934 11-N
1(91312
4-- 105
08
968 199
10
84
612
Jpaen
c:8
90
115
1
1
8338
125
8234
8314
Sale
CI & P gen go g 4 Ms ser A 1942 J -J 10013 _
Lake Shore coil g 3 %s_ _ _1998 F- A
-i678
- 85 _ 10734 Dec '11
8034 81
81 Feb '12
Series 13
Registered
79 84
1998 - A
1042 A-0 10618
_ _ 10934 J'ly '09
7834 8112 7934 Feb '12
Int reduced to 3 Es_1942 A-0 0114
Mich Cent coil gold 3 Es_1908
7834 8212
'12
Feb
79
7934 7911
Registered
1998 F-A
---- 791, 7912
1948 Ni- N
9114 _ _ _ _ -gr.; SerIesC3Es
9918 ____ 9833 Dec '10
Series D 3 Es
Beech Creek 1st gu g 4s 1936 J-J
1950 F-A
---9114 ____ 90 May 08
Erie & Pitts gu g 3 Es B_1940 J -J
1)9 May'll ____
1936 J-J
Registered
Series C
2d guar gold 5s
1936 J-J i561-2
_-_-_-_ 0
99
9118 1940 83
14
2 AP
pr :0
141 -Grit & lex 1st gu g 4 ;0_1941 J-J 10434 ____ 105 Dec '11 --__
_
Registered
193 J-J
Pitts Ft W & C 1st 76_1012 J-J 101 ____ 101
Beech Cr Ext 1st g 3 Es_b1951 A-0
101
1 fdf 10114
_
2d 7s
Apr '09
Cart & Ad 1st gu g 4s_ _ _1981 J-1) 90
1017 Feb '11 ---1912 J-J 101
3d 7s
Gouv dc (ism 1st Cu g 5s_1942 J -D 108 _
101 Dec '11 ---_
h1912 A-() 10034
9812
1-i
d
3
4
-6d18
Mob & Mal 1st gu g 4s1991 NI- S
Pitts I' & Ash 1st con 58_1927 Ni- N 10753 ____ 109 May'10
- - - - ---Tol W V & 0 gu 4Es A1931 J -J 10273 ____ 103 Aug '))7
N .7 Juno It guar 1st 4s_1086 F- A 9534 100 103 Oct '02
---- itegisteced
Series B 43.4s
I_:::
1986 F- A
1933 J-J 10153 ____ 100 J'ly '10 .
883g Feb '12
90
91
N V & Harlem g 3 s__ _24)00 M-N
Series C 1s
95
1942 M- S
8853 8853
Registered
FCC & St L gu 4Es A1940
2000 M-N
166- il;0;3-5
163-4 i66106 11N Y & Northern 1st g 5s1927 A-0
_ 10712 103 Oct '09
Series B guar
1942 A-0 10613 10634 10634 Jan '12 -__ 10834 1;;:-,34
N Y & Pu 1st cons gu g 481993 A-()
Series C guar
9812 9778 Aug'11
1942 NI-N 10614 10718 106 J'ne '11 ---Nor & Mont 1st gu g Is..19l6 A-0
Series D 4s guar
1945 Ni-N 98 _ _ _ _ 97 Jan '13 -- 97
9,
Pine Creek reg guar 6s__ _1932 J -D fid18 -_-_-_-_
Series E 3 Es guar g
Jan'-'55
9312 ____ 9313 Jan '12 ---_ 9318 9315
1949 F-A
W &()con lit ext 5s_1i1922 A-0 107 10713 10714 Feb '12
Series F gu 4s g
71.1
1953 J-D 98
10714 f69713 Aug'11 -- - -- Oswe ec It 25 gu g 5s_c1915 F-A ___ 10512 105 Jan '08
Series G 4s guar
9853 -____
1957
98 Oct '11
N
--- --R w ec 0 T 141st gu g 5s_1918 M-N
104 J'ne'10
C St L & P 1st con g 5s_ _1932 A-0 11013 ____ 11313 Nov '1 I ::::
-- - - g5_ 9838.1'1y '11
Rutland 1st con g 4 14s_1941 J -J
Peo & Pee Un 1st g 6s
1921 Q-F
109 May'll
84
gi
Og&LOham lit gu 43 g 1943 J -J
86 Feb '12
2d gold 4 18s
81921 N1-N
80 -gd
99
1)312 Jan '11 --__
Rut-Canad 1st gu g 48_1949 J - .1
92 J'ne '09
Pere Marquette-lief 4s___1953 J - J
65
60 Dee '11
8
115 J'ne'03
St Lawr & Adir 1st g 5s199 J-.1 16f1Refunding guar 41
683tNoy'll
1055 J -J
125 Feb 'OS
1996 A-0
2d gold Os
Ch & W Ni Is
9953Feb '12 ____ dd51921 J-1) 100 101
3 ddri
093
4
101
J-J
'1
4s_1922
Noy
9973
g
Utica & 131k My gu
Flint &.Pliel g Os
1920 A-0 11018
11018 Oct '11
1997 J-D 8312 8918 89 Feb '12
• Lake Shore gold 3 Es
lit consol gold 54
21 -9534 kid 1939
Sale
100
9934
_a
4
90
1997 J-1) 88 8834 881.
8313
3 8714 8834
Registered
Pt Huron Div 1st g 53_1939 A-0
1001. 93 Aug'11 -- - - 9378 Sale 9378
94
13 9314 • 0434
1928 Ni- S
•
Debenture gold 4s
Sag 'Pus & II 1st gu g 43_1931 F-A
_
0353 82 93 0378 Philippine fly 1st 30-yr s f 4s_'37 J-J
1931 11-N 9358 Sale 9333
25-year gold 4s
3 8414 S455
0313 Sale 9312
1 9312 9312 Pitts Sh & L B 1st g Ss
Registered
1931
9312
1940 A-0 113 ____ 11214 Dec '11
_
10812
Ka A & G It 1st Zu 0 58.1938
lit consol gold 5s
1043 J-J 1101, _ _ _ _ 11314 Nov '11
_ 11 112
•
Mahon C't RR 1st 53_ _1934 J-J 11112
j)eading Co gen g 41
0834
113 '38
97
31;
54.
1997 J -J
S e_
100 Dec '09
Pitts & L Erie 25 g 5s_ _a1•028 A-0 10333
3-1., Registered
98
814
5 Feb9'871311
9814 9814
1997 J-J
u
Pitts Mel(' & Y 1st go 6s..1932 J-J 121 ____ 13018 Jan '09
Jersey Cent coil g 43_
9712 9812
1951 A-0 07135a1e 9713
12314
-- 123 Oct '11
2d guaranteed Os
1934 Atian City gu 4s g
1951 J -J
MoKees & 13 V 1st g 05_1918 J-J 101
Qt Jo & Gr Iii 1st g 4s_ _1947 J -J
87 Nov'11
861g__
2
Michigan Central Is
1031 It- S 11033 115 iif Jar-4-'1:
•.3t L & San Fran VII g 63....1931 J-J 11878 1201 11912
11912
6 1187 i1-61:2
Registered
1031 Q-11 109 112 119 J'ne'06
General gold 5s
1931 .7-J 10712 10812 108
2 10712 10812
108
4s
0834 Noy'11
1940 J -J
St L & S F ItR cons g 4s_1996 J- ,11
u5 88 88 Feb '1
88 88
Registered
9812 Nov'11
1940 J-J
Gen 15-20 yr 55
1927 M-N 8814 Sale 8814
881
60 3813 8812
J L & S 1st gold 3 3'63_ _ 1951 Ni- S
8813 90 J'ne'08
Southw Div 1st g 58_1947 A-0 9812 ----100 Oct '11
1st gold 3 M9
1952 M-N -ii4271 88
8634
4
8631
Refunding g 4s
1951 J-J
8212 Sale 81
S21
80
9113
20-year debenture 4s_1920 A-0 9112 Sale 9112
Registered
1951 J-J
8034 Mch'
82111
6
----
----
----
----
----
---.
--i
,n-N
m-N
J-
MISCELLANEOUS BONDS-Continued on Next Page.
Oas and Electric Light
Kings Co El L & P g 5s____1937 A-0
1907 A-0
Purchase money Os
1022 M-S
Convertible deb 6s
Ed El II ilkti lit eon g 4s_1030 J-J
Lac Gas I. of 51 1. 1st g 53_c1910
1034 A-0
Ref and ext 1st g Is
1927 ,11-N
Milwaukee Gas L 1st 4s_
1948 J-1)
Newark Con Gas g 55
1948 J-1)
WYGFILIE & 1) g 5s_
Purchase money g 4s_ __ _1949 F-A
Ed El Ill lit conic 53-1995
NY& Q El L&P lst cong 53_1930
N
NY & Rich Gm 1st g 5s__ _1021
Pacific 0 & El Co Cal (1 53 16
Corp unifying & ref Is_ 1937 NE- N
5s_
1949 ,11.-S
Pat & Passaic (; &
96 Sale
*No price Friday;!stoat bid and asked.
(Ins and Electric Light
10513 10512 Peo Gas & C 1st con g 6s___1943 A-0
1947 M-S
Refunding gold Is
11513 117
___ _
Registered
1947 NI- S
Cli (3-1, & eke 1st gu g 53_1937 J-J
1021-2 i02i78
Co of Ch 1st gu g 5s 1936 J-1)
Con
Ind Nat Gas & 011 30-yr Is '35 11-N
101 101i,
8978 91)
' Mu Fuel Gas 1st gu g Is _1947 NI-N
Registered
1947 NI- N
il4
t)
- 38
4 it14
- Philadelphia Co cony 5s_1919 F- A
Syracuse Lighting 1st g 5s_1951 J -D
11213 11213 Syracuse L & P 5s
1954 J-J
Trenton G & E 1st g 5s_ „A940 M-S
102 102
_ _ --_ _ Union Ellen L 8:. P 1st g 5s_ _1932 51-S
Ref & ext Is
1933 M-N
24 94
9512 Utica El L & P 1st g 5s
1050 J -J
Utica Gas & E ref Is
1957 J-J
Westchester Light'g g 5s_,.,,1950 J-D
_ 105 10513 Feb '12 ___ _
____ 117 Feb '12 ____
,._ _ 11813 Dee '11
8312 Dec '11
10214
1021.
- 1027-8 10212
2
101 10113 10114 Feb '12 ____
90
9034 90 Feb '12 ____
10478 Dec '11
10314 111414 10334
101
28
8812 Sale 8814
8812
8
11:1 __._ 11213 Jan '12
10114 102 102
2
102
9212J'1y '09
117
118
95
a Due Jan.
9514
b Duo Feb.
•Due May
0 Due Juno.
4 Due July.
11712 Feb '12
11753
102 10214 102
102
- 103 Feb '09
16:54 154-14 10313 Jas. '12
102 Noy'll
90 Meh '11
10053Jan 13
i(5533
103 Feb '12
1001. 101-12 101 Deo '11
- - - - - - - 81 J'ne'll
10214 _ _ _ _ 109 Feb '01
9813 Sep '11
10012 - - 97 -- - 0812 Feb '12
10312
10014 Dec '11
10014 _
10534 Sitii 10534
10634
p Due Nov. s Optto_a sale.
117 11712
1 102 10212
103
l031
i6658 10055
107
109
9712 9813
1110514 1055g
New York Bond Record-Concluded-Page 4
542
[VOL. Lxxxxiv.
Range
••••:,
Wcek'::
Price
...%'
BONDS
.pl V
Range
Week's
Since
Friday
Range ar
N. Y. STOCK EXCHANGE .!. E
Since
z•*
Range or
,
E
ov
' Jan. 1.
Last Sale
.,3, Feb. 23
Week Ending Feb. 23.
Last Sale
coJan. 1.
High No Law High
Bill
Ask Low
Bid
Ask Low
High No. Law High .
I L & San Fran (Con)
94 965s 97 Oct '11
5 117 118 'Vandal's cons g 4s Ser A_1985 F-A
K C Ft S & M con g 8s__1028 M-N 11753 Sale 11753 1175
Consol 4s Series I3_ __1957 .11-N 9533 9614 97 Jan '12 __. j:i 97
801- v
1 80
8014 23 SO
0
K C Ft S .3c AS By ref g 4$_1930 A-0
0134 023.1 93 Nov'11
1936 A-() -------- 79 Sep '10 ____ __ „...7 Vera Cruz & P lot go 4 ;is_1934 J-J
Registered
.
10734 2 05 ft,
1939 51-N 107 10712 107
_ 10014 Dec '09 ____ ____ ____ Wabash 1st gold Is
K C &NI it 6:13 1st gu 5s_1929 A-0 97
93
0813 7.. 96 1075Ozark 9812
0334 0814
F-A
1039
55
gold
2d
100
9914
_
_..
1st
_
'12
Is
Feb
100
C
g_1913
A-0 9034 100
& Ch
gu
11
Apr
93
__
J-J
Debenture Series 1__1939
3 91 9212
9232
I L 8 W 1st g 4s bd etfs 11189 M-N 92 9212 9214
1921 M-S 9.9 ------9912Feb '12 ..._. i);71-2 -1.11I12
1st lien equip s 51g 5s
817s
2 8034 S2
81
83 8112
2d g 4s Inc bond ctf3__p1989 .1-J
70 85 83 Dec '10 _„. .__ _
1st lien 50-yr g term 4s_1954 J-J
82
Consol gold 93
1932 J-D 8178 Sale 8151
575;,. 114 551., 5858
57 Sale 5633
1958 J -J
1st ref and ext g 4s
Gray's Pt Ter 1st go g 5s_1047 J-1) 9712
10118 Apr '07 ---- -------- 3
Dot & Cla Ext 1st g 5s_194 I J-J 106 10612 106 Jan '12 ____ 106 - 107
871.
A & A Pass 1st gu g 4s1943 J -J 8712Sale 87
Moin
Des
J-J
1st
7712
1939
---- ---- - - Div
4s
g
MaY'll
8112
---__
----------'09
P
Oct
N
99
&
04
F
1st sink f g 5s_1910 J-J
4
1941 A-0 6812 /5 6812Jan '12 ---- 6812 683Om Div 1st g 3 16s
---_
_-_
°aboard Air Line g As_ _ _ _1950 A-0 ---- -----8734 Dec '11
7934
Tol & Ch I)Iv 1st g 4s_._ _ _1941 51-S 79 ____ 7034
5 7234 '
10
4 -66
6 -873Gold 4s stamped
83
1950 A-0 4 Sale 8'734
'
39
38
t
3812
3812
_
Wab
J-D
__
Pitts
____
Terns
413_1954
____
___
g
____
1st
-_-_,
_
__
Registered
1950 A-0
3834 151 3712 4214
4 Sale 3812
Cent & Old Col Tr Co certfs__ -___ -383Adjustment Is
', 7932 8414
79,8
o1949 F-A 70 f177-s 704
381: 13(.. 3734 4113
____ 3812 sale 3734
Columbia Tr Co ctfs
8114 __
81 83
Refunding 43
1059 A-0 8238 8212. 81
Col Tr ars for Cent Tr ctfs
-_ _- -- ---- ---Atl-Birm 30-yr 1st g 4s_e1933 111-S 8512 0018 90 Feb '12 ___ 88 90
---- ---- ---- ---_
212Deo '11
2
231 gold 4s
1954 .1---1) -_
Car Cent 1st con g 4s__1949 J-J 92% 93 9134 Apr '11 ___ ____ ____
;
23
23:
3Sale
7 i
273214
Trust Co cents
Fla Cen & Pen 1st g 5s
1918 J-J 10112 ____ 103 May'll ____ ____ __
-------.
_
_
_
'11
Oct
8733
____
___
___
__-_-_
Wash
87
-A
Term!
V
1st
34s___1945
go
3
1st land gr ext g 5s
•
1930 .1-J 103
_,__ _
SO Dec '11 ___.
'111st40-yr guar 48
1945 F-A 9718
Consol gold 5s
4 Apr
lo-.531943 J - J 1002 _
8S14 14 -8V11;
:M14
1952 A-() 83 8818 81318
Ga de Ala By 1st con 5s_1945 J-J 10012 10714 106.8 Jan '12 ____ 10633 10633 West Maryland 1st g 4s
1 1051-2 10512 West NY & Pa 1st g 5s_1937 J -J __ ____ 109 Dec If
Ga Car & No 1st gu g 53_1929 .1-.1 10512 Sale 10512 10512
Gen gold 45
1943 A-0 __-_ 88 8312 Jan '12
1-2 -ig1Z
1061s
6 10613 10618
10618
Scab & Boa 1st Is
1926 J-J 106
, ___ 34 Feb '07 ___.
Income 5s
01943 Nov
'outhern Facie° co165
iog
7
105
105
Sale
105A-0
53_1928
&
LB 1st g
92
2 9134 9212 Wheeling
Gold 43 (Cent I'ao 0011) _k1949 J-D 92 9212 02
Wheel Div 1st gold 5s___1028 J-J 10312 104 10218 Noy'll _- ___ ____
9112Nov'11 __ -- ___Registered
k1949 J-D ___ 91
Exten & Imp gold 5s____1030 F-A ___ 103 102 J'ne'10
75 9534 97
4 Sale 9634
96
20-year cony 4s
g1929 lI-S 953RR 1st consol 45
1949 NI- S 8458 8518 85 Feb '12 -- ii 853;
17 9612 97
07
Cent Pac 1st ref gu g 4s__1949 F-A 9634 Sale 9034
0812 _
----9312 Feb '11
20-year equip s t 5s
1922 J-J
.
Registered
1949 F-A 9512 9634 97 Feb '10 ____ ___ ____
9214 9313 95 - May'll ___
•
Mort guar gold 3 3,6sk1929 J-D 9018 9012 911 Feb '12 __ _ _ 9012 9112 Winston-Salem S B 1st 4s_1960 J-J
38
C.1 1212
9338
9,3
93
Sale
4
1
/
Cent
Wis
J-J
50-yr
1st
gen 4s1949
2 9278 9278
Through St L 1st gu 48,1054 A-0 ____ 9278 9278
9272
____ --- ____ ---1st & refunding 4s
1959 A-0 ____ ____ __
_
0 H & 8 A NI & P 1st 5s_1931 M-N 107 10712 10712Dec '11 ____
„MIlw & L Winnebago 63_1912 J-J -„ ,___
1 1043-4 1.5-1-3-4
10434
Gila V G & N 1st gu g 5s_1924 fil-N 10218 10314 10434
4 Sale -921Sup&Dul dly & term 1st 43'36 411-N 9214
;-9.414
4 ---il -913
-021Mous E & W 'I' 1st g 5s 1933 5I-N 10412 __ 10l1 Jan '12 ____ 10418 10418
1st guar Is red
_
1933 M-N 10412 ____ 10414 Feb '12 ____ 10414 10414
110
and
manufacturing
110
Industrial
____
'12
Feb
110
110
J-J
1st
H &T C
g Is int go._1937
• . Consol g Os int guar_1912 A-0 ___. 11018 10713 Sep '11
4 -6E14 Allis-Chalmers 1st 5s
58. Sale 53
5814 40 52 5314
1938 J-J
• , Gen gold 4s Int guar 1921 A-0 9514 ____ 9514 Jan '12 ___ 6E1_ Am Ag Chem 1st c Is
1028 A-01021.5 Sale 1021. 10234 40 10131 10234
Waco 63 N W div 1st g as'30 111-N 11412 118 11914 Mch'10 --__ ___
,
9812 15 98 9812
1915 Q-17 9814 0353 911‘a.
A. Fe N IV 1st go g
_ _1941 .1-J 10712 10734 10712 Feb '12 _-_ 1071-2 1-67'12 Am Cot 011 ext 4;6s
2 95 951a
9518
1931 M-N 9514 9512 9518
Debenture Is
7s1918 A-0 11234 11418 11212 Sep '11___ _ _ _ .., ___
Morgan's La & T 1st
5s_10 99 100
9912
:11-S
____
1919
Hide
9912
L
Am
9938
&
1st
6s
g
f
s
--_-_
11014
111
J-J
---_
---Meh'll
1920
1st gold 6s
721. 79
____
8
____
79
7633
____
Amer
79
A-0
Sale
Ice
Scour deb g 6s
1925
1912 A-0 ___- ___
N Y 'rex & Atgu 43 g
1938 A-0 ,___ 1145-8 ifi- Feb-in ____ ___ ____ Am Smelt Securities s f Os 1926 F-A 10351 Sale 10312 10358 24 1021;104
No of Cal guar g 5s
-101
'12
101
Feb
...._.
101
10178
____
Am
_______
Ill-S
Mfg
____
1915
Spirits
'11
J'iy
g
10114
102
1st
Os
J-J
1st
5s_1927
guar g
Ore & Cal
93 ___ 9234 Feo '12 __- 9253 9314
10013 Dec '11 ---_ ___ ____ Am Thread 1st col tr 4s
1919 J-J
1912 A-0 10018
So Pac of Cal-Os E
1944 A-0 120% Sale 12012 12634 47 11873 12112
1912 A-0 10018 ____ 11412 Dee '04 ---- ---- -- Am Tobacco 40-yr g Os
1st gold 6s F
•
2 11873 12138
12056
12053
1944 A-0 ____
Registered
116 May'07
1937 1.1-N 11078
1st con guar g 5s
- ____ 12114 Feb '12 ___ 11873 12112
_
Certificates of deposit
9112 --_ 90 J'ly '09
So I'ac Coast 1st gu 4s g_1937 J-J
53 9173 9573
9"
9512
Gold 4$
1951 V--A -9539112 30 -91-92 San Fran Term! 1st 43_1950 A-0 9151 Sale 911$
____ 03 Feb '1' _-_ 9214 9558
1951 F-A -------Registered
Tex & N 0 Sal) Div 1st g Os'12 11-S 10034__ 10053 Dec '11 ___ _ __ ____
____ ___
9512Feb '12 _-_-_. 9178.
1 90
CertIlleates of deposit
Con gold 53
1043 J-J -„- 105 10153May'll
12214 7C, 11143 12334
P Lorillard Co 75 tem'pry lads_ ---- 12213 Sale 122
9514 12(, 9473 9538
o•Pac RR 1st ref 4s
1955 J -4 uals Sale 95
___ 9613 sale 9553
9618 132 9118 0653
Is temporary bonds
outhern 1st consol g 5s
10818 10 10712 10138
1994 J-J 1081 Sale 10813
123
11834
Llgg &Myers Tob Co7s tpy bds - --- 12078 Sale 12073 12118 78
Registered
1994 J-J ---- ----105 Sep '11 _ _
192 8934 96
05
5s temporary bonds- 95 Sale 9458
7938 480 -783; 7938
;Sale 7912
Develop & gen 45 Ser A_1950 A-0 793
8968
8814
16
13914
8113
J
.1
8914
Writg
_1919
Sale
1st
Am
Paper
s
5s_
f
3012 8714 8634 Feb '12 ___ 8512 8713
Mob & Ohio coil tr g 4s_19313 111-S
Flaldw Loco Works 1st 58_11140 51-N 810333 104 104 Feb '12 __-, 10:310 104
M'em Div 1st g 43-5s,_1998 J-J 109 112 111 Feb '12 __-_. 10814 111
0312
31
0112
Steel
Beth
1st
0372
0512
ext
-J
J
3
51
937
5s____1926
Sale
8910
8338
St Louis div 1st g 4s
1
1951 J-J
8834
1 ---- 8834
88...
'
30 9134 06
0
Ala Con R 1st g Os
1918 J-J 105.3 _ _ 10772 Noy'10 -_ _______ Cent Leather 20-year g 5s_1925 A-0 0914 Sale 9418
Consol Tobacco g 45
1951 F-A ___ 9534 0512Feb 'L. __- 9134 0538
. ____
871g 3-978 9012 Noy'll
1948 J-J
Atl & Dany 1st g 4s
..„ -„---,
Nov'07
Registered
57
____
F-A
1951
4
823
8214
'11
J'ly
2d 4s
8214
J-J
1948
0612
1 0534 0612
1931 M-N 9518 ii(112 9612
____ ____ -_ Corn Prod Ret s f g 5s
Ati do Yad 1st g guar 4s_1949 A-0 84 go
964
1 9.1
6618
96i3
131 25-year s f 58
1934 NI-N 9512 97
15E3-4 DeC-ii
Col & Greenv 1st Os
1918 J-J 10534
2 9614,9712
0714
9714
Cuban-Amer
98
Sugar
coil
10814
97
A-0
In
1918
Os
108
1
E T Va & Ga Div g 5s_1930 J -j. 108 10012 10814
10814
7312
7153
23
7814
Sec
Distil
Cor
73
7312
cony
A-()
Sale
11158
g
1st 5s_1927
7 11034
111
Con 1st gold Is
1050 lil-N 11034 Sale 11034
8 8473 8534
8134
E I du Pont Powder 430_1936 J-I) 8434 8534 8512
E Ten reor lien g Is
1938 51-S 10534_ _ 106 Jan '12 _--- 106 100
82
82
2
82
82
Gen
Sale
82
Electric
_
deb
F-A
3
g
3.48
1942
'11
Dec
6'7
65
67
Ga Midland 1st 3s
1946 A-0
159
1 15313155)
_ 159
10-yr g deb 5s
1917 J -I) _ _
8 iii58
1922 J-J 11212 -- 1125 Jan '12 __ 112-5Ga Pac Ity 1st g 6s
Gong Motors 1st lien (Is
8 9812 9914
1915 A-0 9010914
are 99
4 -:.
Knox & Ohio 1st g 63_1925 J-J 11312 118 115 Jan '12 ____ 115 115
_ ___ Ill Steel non-cony deb 5s
_ 101 J'ne'09
1913 A-0 ____
Mob & Bir prior lien g 58_1945 J -J 1041s _ __ 10512 Nov'10
Ingersoll-Rand 1st g 5s___q1935 j--,J ___
95 J'ne'07
7678 _-__. _ 73 Dec '11 ___,
.
1945 J-J
Mortgage gold 4s
9 1031,1041.5
4 104 10312 104
10412
b 10412 1-(3i10 Int Paper Co 1st con g 6s_1918 F-A 1033Rich & Dan con g 6s
1915 J-J 10468 10614 10412
Consol
cony
___
s
1
____
91
g
20 8412 9134
Is
8312
91
J-J
___
1935
'11
Dec
10412
•
1927 A-0 10334Deb Is stamped
-_ Int St Pump 1st s f Is
8 Sale 9278
93
7 92 0312
1929 NI-5 927Rich 63 Meek 1st g 4s_ _1948 M-N 72 ____ 71 Ifeh'll
3 9612 92
0610
1923 A-0 9612Sale 9612
_- 1919 51-N 10378 105 10338 Noy'll ____ ____ ____ Lackaw Steel lst g 5s
So Car do Ga 1st g 5.s..Is
79 8212
con
12
793.i
1st
Series
A
79
79
fil-S
Sale
1950
--__
___
105
112
Oct
'06 ---- --1918 M-S
• Virginia Mid ser 0 6S
5-year convertible 5s__1915 11-S 92 Sale 92
9212 25 9133 9239
1921 51-S 10333 ___ 10414 J'no'll ___ ___ _
Series D 4-5s
•
9334 9334
-_ Nat Enam & Stpg 1st 5s
1936 B.s 106 1075; 106 Mch'll
1929 J-D 93 9378 935g Jan '12
• ' Series B 55
9014 -3 9914 100
9014
105 J'ne'10 ____ __ ___ N Y Alr Brake 1st cony 6s 1928 p1I-N 99 100
1931 51-S 106
Series 10 Is
Fly Steel Spgs 1st $ t 15s
1921 J-J 9712 9812 9814 Feb '12 __-- 9734 9814
6 103 108
10814
1936 /11-N 10813:::: 10314
General 5s
•
_ _
_
_ Repub / & S lst&col tr 5s_1934 A-0 10278 _ _ 10278 Aug '1.1 _
Va do So'w't 1st gu 5s_2003 ,J -J 10738_7. _ 10812 j•iy 411 _ _ _
9112 ii 617 iii3;
10-30-year Is s f
1940 A-0 01 sale 91
9712 ie tidi2 i'il2
1st cons 50-year 5s 1958 A-0 9712 Safe 973s
83 8834
1930 /.1-N *-....„ 88 88 Fob '12 __
90
96 Nov'll ........ ____ __ Standard Milling 1st 5s
1924 F-A
• W 0 & W 1st cy gu 4s
0812 iii 0412 99
0738 9834 98
_ 10434 J•ly '11 ____ ____ ____ The Texas Co cony (let) 6s_1331 J -J
1914 J-J 10314
West N 0 1st con g 6s
_ 10212 Apr '11 __ ___ __ Union Bag & Paper 1st 5s1930 J-J *9412 95 94 Feb '12 ____ 94 9412
pokaue Internat 1st g 5s 1955 J-J 101
1 9412 9412
9412
94 9712 9412
Stamped
____
1930
3::.. 10573 Noy'll
•riper A of St L 1st g 4 ;is_ _1030 A-0 1047
jI-N 10112 102 10153 10134 10 10112 102
11214
2 11214 11214 11 S Leath Co s f deb g Os_ _1913 i
11214
L 1st con gold 5s___1894-1944 F-A 112 _
8'712 90
5
8812
8712
89
8712
I
do
-.I
cony
US Realty
deb g-5s.'24
1
96
9573
9534 -Gen refund s f g 45
1953 J-J
1931 J-J ____ 58 70 Apr '11 ____ __ __
10813 Feb '11 ---- ---- ----U S Red & Refg 1st g 8s
St L )41 Bge Ter gu g 5s_1930 A-0 106 _
12
1(15
10334
105
10473
Sale
105
10-yr
-D
Rubber
123
J
coil
tr
88_1918
2
1101
.(512
110
11012
11012
5 159-1-2
2000 J-D
'ex & Pao 1st gold Is
__
1918 J -I) --------10313 Jan '10 _-_
Registered
40 59
70 Meh'10
2d gold Inc 5s
q9000 N1ch
89 10134 104113
103
3
1931 J-J 100 _-- 9912 Apr '11 ____ ______ U S Steel Corp-leouP --d1963 111-N 103 Sale 1007
• La Div B L 1st g 5s
104
8
1015
3
4
1023
10234
Sale
10234
11-N
_01983
_
5sireg
10-60-yr
1
S
W Min W & N W 1st gu ris_'30 F-A -- ___ 10612 Nov'04
10078 20 100 101
10813 10914 Va-Car Chem 1st 15-yr 5-i-i_1923 J-D 10034 Sale 10034
'ol 453 0 C 1st g Is
1935 J-J 10914 1093-4 10313 Jan '12 __
103
27 10218 103
1935 A-0 1081s 10012 112 Sep '09 ____ _ ____ West Electric 1st Is Dec 1922 J-J 103 Sale 10234
Western Div 1st g 58
945$
8 03 95
0478
9478
4
943
-J
J
53_1931
f
Ms
Westinghouse E 63
1935 J -D 103 104 104 Feb '12 ..._ 104 104
• General gold Is
9813 Feb '12 .--- 9012 9712
10-year coil tr notes 5s 1917 1-0 9612 97
1990 A-0 9114 --__ 92 Feb '12 ____ 92 0212
• Kan do XI 1st gu g 4s
0104 9014 9873 Feb '12 __ 9814 9913
1927 J-J
2d 20-year Is
Telegraph & Telephone
9413 ____ 9314 Feb '12 ____ 9314 9358
1917 J-J
'ol P 6a W 1st gold 4s
9113 16 90 9118
91 Sale 91
85
. 87
8712Jan '12 __ 8712 8712 Am Telep & Tel coil tr 4s_11120 J-J
'01 St L & W pr lien g 3;0_1925 J-J
11112 87 10834 11.2
1930 111-S 11112 Sale 11034
Convertible 43
3 6514 0958
6512
6514
1950 A-0 6512 68
50-year gold 43
---- --- ----,-----__-J-D
58_11)23
1917 F-A -,..,_ 75 75 Norll _. ____ _ Chicago Telephone 1st
Coll tr 4s g Ser A
81 ____ 83 Nov'ii
'or Ham & But! 1st g 4s_h19413 J-D 894-4 ____ 9012 Feb '12 ____ 8912 9012 Commercial Cable 1st g 4s_2397 Q-J
_ _.
8312N0y'll
____
80
0-.1
Registered
2397
78
106
106
Sale
106
-D
J
58_1938
Del
1st con g
'lister do
82 831: 82 Feb '12 ____ ii gi
-J
1st refund g 4s
1952 A-0 851t1 ---. 8512 Deo '11 ----------- - Keystone Telephone 1st 53_1935 J-J
'12
Feb
____ 103 103
Metropol Tel & Tel 1st s f 5s 1918 fil-N 10234 10312 103
fnlon Pacific3 100 101
10014
WW1 State Telep 1st 5s_ _ _1924 F-A 10014 10011 10014
RR 63 land grant gold 48_1947 J-J 10058 Salo 10012 10034 171 100.18 101
_
__. 10314 Ma.y'll __ _ __
9012 --,.10014 Feb '12- 9978 10173 N Y la N J Telephone 55-g_1920 5I-N 102 10069
1947 J-J
Registered
•
- 10053 1007926 10013 1007;
76 10112 103N N Y Telco 1st & gen 814 Hs 1939 1M-N 10012
1927 J-J 10173 Sale 1017s 102
• 20-year cony 43
10018
9873
9978
100
Sale
125
100
J-J
Is
1st
Tel
1937
&
Tel
Pao
0778
97
9734 10
g2008 Mr S 0712 0734 9734
, 1st & ref 4s
103
2 101 10314
1938 J-J 10234 10311 103
18 9538 0818 West Union col tr cur 5s
96
Ore By & Nay con g 43_1946 J-D 96 Sald 0534
10012 22 9714 10012
Fd and real est g 43-s_,,_1950 M-N 100 101 100
11358 21 11318 11334
Ore Short Line 1st c 0_1922 F-A 11333 Sale 11338
105
____
Feb
'12
105
___
10458 105
IM-N
A
1936
series
43.
112
Cony
11114
111
10
1948 J-J 11114 11158 11118
• 1st consol g 5s
-__ ____ 103 Feb '11
1938 st-N
Regtstered
9558 65 9378 9552
1929 J-I) 9514 9534 9512
• Guar refund 4s
-138 ___ 104 J'ne'll ____ __-- -Mut Un Tel gu ext 5s.. _1941 M-N 1-0
Utah & Nor gold 58_1920 J-J 1061s __-- 108 Millen ---- ---- ---____
103
9318
--___
J'ly
'04
J-J
4
gu
g
Tel
;is
_19$4
Northwest
_
____ -- -__- -92
•
1933 J-J
1st extended 45
BONDS
r.
Y. STOCK EXCHANGE
Week Ending Feb. 23.
-#.7.
t
4a,
Price
Friday
FeD. 23
--------
•
._-
hlISCBILLANEOUS BONDS-Concluded.
Coal & Iron
311ff do Susq Iron *1 5s____1932 J-D
a1928 31-S
Debenture 5s
iol F & I Co gen a t g 5s____1943 F-A
1919 41I-N
Col Fuel gen Os
701 Indus 1st & coil Is g11-1934 F-A
ions Ind Coal Me 1st 511_1935 J-D
ions Coal of 11,1d 1st 63 ref 511 1950 J-D
3r Filv Coal & C 1st g 68-711919 A-0
Kan do H C & 0 1st a f g 58_1951 J-J
?ocah Con Collier 1st a f 5s-1957 J-J
it L Rook Mt & P let 5s-1955 J-J
['eon Coal gen 55
1951 J-J
Birm Div 1st consol 15s-1917 J-J
a1917 A-0
Tenn Div 1st g 8s
- Cat) 0 Ai Co 1st gu g 8s__1922 J-D
1931 11-S
Ztah Fuel 1st g Is
1953 J-J
Tletor Fuel 1st a f as
ra Iron Coal & Coke let g 581949 11-S
Miscellaneous
1948 11A-S
Adams Ex coil tr g 4s
Armour & Co 1st real est 4 iis '30 j-D
1952 A-0
Bush Terminal 1st 45
1955 J-J
Consol 53
Chino Copper 1st cony 68_1921 Comstock 'Tunnel Inc 48_ _1919 --irrigation Wks da Do!A 4-}is'43 11,1--N
Int Mercan Marine 4 hs-1922 A-0
1929 F-A
Int Navigation 1st s f 5s
lige Bond (N Y)son 2-48_1965 A-0
Morris do Co 1st s t 454s__1939 J-J
N y Dock 50-yr 1st g 48-1951 F-A
1932 J-J
Ming Falls Pow 1st lis
Refunding & gen Is,_,_a1932 A-0
1945 31-N
Ontario Transmission 5s
Pub Serv Corp N J gen Ss 1989 A-0
1930 J-J
St Jos Stk Yds c 4 Ms
1939 J -J
Wash Water Pow 1s1 5s
3 88 881
8818
8818 Sale 8778
113 9158 921
0112
92
92
91 9112 91 Feb '12 __ 91 92
1 98 99
98
....... 9812 98
18 110 129
2112 122
120 121
-------- -16 rne'll ....-- ---- -92 9312 9318 Nov'll ----- --6738 34 6634 673
8714 0712 6714
80
24 7978 80
e 7978
0
---- ----80 Apr '11 ---- ---- --2 -883-4
-8118938 9012 9112 Noy'll
_.
_
j,0j12
10218 .
8414 87 84 Feb '12 -. 84 15.51
__ _
2 Ar '11
1
104 109
--------------------------_103 103
--....--,,
__ 95 _-____ ____
8 -927; 19 02ss NI
8 Sale 926__ __
92788 ____ 10012 Sep '05
9913 9812
19273____ 10212 Mch'11
_
No prise Friday:!stein Old and asked *Due Jan fiDue April,/Due May oDue June ADue July isDue Aug (Quo Oot pDue Nov. Duo._110:10,110Dgfarktir
97 ____ 97 Fob '11 ___
___ ___ 91 Nov'll
100 __ 10014 Feb '12 ____
10734 Jan '12
10734 __
1
7412
73 7412 7412
_ _ 8412 85 J'ne'll ___
....--__ 0538 94 Dec '11 ____
94 ____ 1,2058 Apr '08 -99 Oct '11
98 101
3834 36
8812 Sale 8814
8412 J'ne'll ____
78
103 10-43-7-8 103l Fob '12 ___
10414 105 104 Feb '12 __
10414 105 103 Jan '12 -...._ 110 II() Jan '09 ___
__ ____
_
_
86 8714 Ma-y'll
9713 98 98 Feb '12__.
__ ___
100 10051
10734 10734
7414 '7'7
___ ____
___ ___
--- ___
CHICAGO STOC:K. EXCHANGE-Stock Record-Daily, Weekly and Yearly
•••••••I,I.
STOOKS-nicuiesr AND LOIVES7' SALE PRICES.
Saturday
Feb. 17
*170 190
*___
1
2
*5512 38
93
93
*98 102
3412 35
10
514 al
10
Monday
Feb. 19
Tuesday
Feb. 20
*170 190 *170
1........
1 *__
4 _...
2 *____
3612 *34
*34
*92
04
*92
98
*08 100
*3412 3512 *3434
034 034 *912
*5
534 *514
--- -_- ;15
*50
7
*034 I
*35
37
*35
-2-1-12 ;15
*50
52
*7
7
37
*35
115 1158 1178 1178 1173
*91
92
02
___ 02
_ *335
*335
- - *335
*12914 1-3; *12914 133*12914
*4913 50
*48
5014 49
410214 104 *10214 103 *10214
*14034.14114 *14012 14113 *14034
*4312 40
4612 *4512
46
IY ednesday
Feb. 21
190 *170
1 *__
2 •*__
3612 *34
94
*02
_
98
3512
4
1014 *912
*514
6
190
1
2
3612
94
_
Thursaay
Feb. 22
Last Sale
Last Sale
Last Sale
Last Sale
WASHiNG_
TON'S
5 r2 -31014
-4-12 BIRTH-
-2-0-1,, ;15
52 - *50
712 *7
*35
37
6
2-612
52
712
37
1178
0214 0134 -0-219
_
_
133
*335-133- *12914
50
10212 *10214 1-0212
14112 *14034 14112
47
*45
47
Friday
Feb. 23
100 Apr'll
Jan'12
13
Jan'12
1
3512 Feb'12
- .
5i -LW
DAY.
Last sale 13 -Dee'll
Jan'12
Last Sale 20
Last Bale 3012 Feb'12
Last Sale 35
Feb'12
Last Sale 325 Feb'12
Last Sale 130 Feb'12
Last Sale 102 Feb'12
Last Sale 141 Feb'12
LastI Sale li---Jan'12
;83- -iir - 5- '8T634 -3678 861
8 - 51-.41 86:3.1
*48
50
*43
50
50
*48
50
*48
118 *1
118
118 *1
*1
118 • *I
*0
8
*5
8
8
*0
8
*6
4612
*4614 4612 4614 4613 4612 4634 46
1 155- iiiT 455- ilig
*155- fijT 155- iliii- ,
14213 143
13912 13912 13012 13912 13012 142
- ---- ---- ---- -- 11012 1-1-03-4 11512 in- 111 1111,1 11012 11013
10134 10133 10112 10134 10134 10134 10153 10113
5833 5038 5914 6014
58
58
5734 53
---_- ---- ---- ---- ---- ---;1- 47- -5-0- *47
50
*47
50
*47
50
38
38
38
38
38
38
*89
0012 90
*89
00
0012 *89 -0012
*140 147 *146 143 *145 147 *145 147
*12514 127 *120 127 *126 12712 *126 12712
*100 106 *100 106 *100 105 *100 105
*115 11614 116 113 *115 11614 *115 11614
10573 106
10534 106 *10573 10618 100 100
143 14934 14912 14934 14912 152
15012 152
12312 12:334
._
*12314 12312 *12314 124
102 1023 10218 10212 10232 10212 10292 1-023s
220 220
*215 225 *215 225
-__
___
*107 10713 *107 10713 107 107
*78 114
1
1
*34 1
5918 5934 5973 6038 6018 6013 5912 -6-014
*1312 15
*1312 15
*1314 15 *1312 15
Last Sate 50
Last Sale 118
Last Sale 612
Feb'12
Oct'll
Nov'll
Last Sale 13712Jan:1'
192 19,
14212 143
Last Sale 10 Feb'12
Jan'll
Last Sale 78
-.
04 WC
- 4
Last Sale 10578 Feb'12
Last Sale 50 Aug'11
Last Sale 149 Feb'12
Last Sale 128 Feb'12
Last Sale 105 Feb'12
i5ifs 1-0578
15012 15134
1t-)214 1-654
22712 236
10712 10934
1
1
5933 60
Last Sale 1478 Feb'12
Sates
of the
(Veal'
Shares
Interest
Period
Price
Friday
Feb. 23,
Week's
Range or
Last Sale
Range lot Year 1012.
tones.:
Railroa as
Chicago City ity
100
Chicago & Oak 1-'ark_100
Do pref
100
Chic Elev itys coal
Do pref
5
43 Chic Rys part ctf '1"___
286 Chic Rys part ctt "2"_.._
135 Chic Rys part et( "3"__
12 Chic Rys part ctf "4"..__
Chicago Subway
100
Hans City Ry & Lt 100
Do pref
100
95 Streets W Stable C L_100
Do pref
100
Miscellaneous
275 American Can
100
Do pref
300
100
American Itadiator 100
Do ore..
100
lb Amer ghipbuticling__ .100
Do pref
100
Amer Telep & Teleg
38 Booth Fisheries corn
Voting trust ctf
Do pref
490
Cal & Chic Canal & D.100
Chic Brew'g de Malt'g_
Do pref
178 Chic Pneumatic Tool_100
Chicago Telephone_100
25 Chic Title 44 Trust___100
895 Commonw'th-Edison _100
Corn Prod Ref Co com
Do
do
pref293 Diamond Match
100
122 Hart Shaffner & Marx pf_
1,312 Illinois Brick
100
Internat Harvester Co __
Masonic Temple_
95 31cCrum-Howell Co,, 100
20
Do pref
National Biscuit
100
Do pref
100
Nat'onal Carbon
100
Do pre:
100
100
146 People's Gas L&Coke.100
3,740 Sears-Roebuck coin 100
52
Do peel
100
431 Swift & Co
100
107 The Quaker Oats Co 100
169
Do pret
100
70 Unit Box lid & P Co_100
1,175 United States Steel corn_
Western Stone
100
Chicago Bond Record
BONDS
CIIICAGO STOCK
EXCHANGE
ending
Feb. 23,
1Veck
SIOCKS
CHICAGO STOCK
EXCHANGE
18 Jan 29
% Jan 29
1 Jan 29
1 Jan 29
33 Jan 4 38 Jan 22
91 Jan 5 9334 Jan 20
93 Feb 20 10438Jan 13
3412 Feb 17 38 Jan 9
1734 Feb 19 11 Jan 12
578 Jan 13
514 Jan 9
20 Jan 17
50 Jan 4
7 Jan 4
35 Jan 30
2012 Jan 4
5012 Jan 19
712Jan 20
38 Jan 2
1112 Jan
91 Feb
325 Feb
131 Jan
'z Jan
100 Feb
139 Jan
45 Jan
44 Jan
84 Jan
49 Feb
2
1
1
15
5
(3
11
17
18
18
9
46 Feb
13712 Jan
184 Jan
13514 Jan
10 Feb
21 5012 Jan 26
4 13713 Jan 4
4 19814 Jan
4 143 Feb 21
13 1118 Jan 22
100 Jan
10012 Jan
56 Jan
106 Feb
2 11134 Feb
25 10134 Jan 31
9 6014 Feb 21
14 10743 Jan 15
35 Feb 2
8912 Feb 13
14312 Jan 15
126 Jan 15
107 Jan 24
115 Feb 10
10312 Jan 2
140 Jan 5
12112 Jan 11
9834 Jan 2
215 Jan 15
10512 Jan 2
1 Feb 20
58% Feb 13
10 Jan 17
1278 Jan 23
95 Jan 2
325 Feb 1
133 Feb 6
5014 Jan lb
10418 Jan 18
14112 Jan 22
48 Jan 17
50 Jan 9
88 Jan 9
50 Feb 15
4U2 Jan 4
92 Jan 6
150 Jan 30
128 Feb 5
112 Jan 3
120 Jan 2
107 Feb 2
15318 Feb 6
12414 Feb 8
10212 Feb 19
235 Feb 23
110 Jan 15
178 Jan 18
6912 Jan 3
1478 Feb 7
Range jot Previous
Year 1911.
to:,est.
185 Jan
112 J'ne
3 J'ne
21 Jay
85 Jay
80 Apr
2034 May
8 May
412 /dell
14 Nov
15 Sep
39 Sep
7 Dec
38 Nov
100 Apr
112 J'ne
6 Mch
32 Dec
94 Nov
101 Aug
3773 Dec
1212 Aug
712 Aug
6 Mch
25 Feb
721° Feb
1314 Feb
50 Jan
9 Jan
7673 Jan
165 Jan
12612!deli
48 Nov
0)112 Sep
131% Aug
35 Apr
38 J'ne
60 Sep
4912 Apr
1 J'ly
312 Mch
3912 Sep
115 Jan
15112 Jan
113 Jan
934 Oct
78 Jan
'3212 Feb
100 Sep
4978 Sep
9914 Sep
47 Jan
3812 Nov
90 Oct
11714 Jan
123 Jun
100 Aug
117 Sep
101 Sep
12334 Sep
116 Sep
9734 Sep
165 Mch
10212 Feb
1 Dec
5012 Oct
13 Dec
1212 May
93 Dec
304 0C
133 Nov
79 Feb
113 May
15214 J'ne
5914 Mch
5734 Mch
8838 Dec
52 Feb
114 J'no
7 Nov
5512 Feb
14114 Nov
180 Dec
13738 J'ly
1538 J'ne
78 Jan
11034 Nov
10334 Dec
70 Jan
129 May
50% Aug
67 Jan
98 Feb
14212 Dec
130 Mch
120 Mch
120 Mch
10333 Jan
19234 Jan
122 Melt
104 J'no
212 Dec
10712 Jay
7 Jan
8178 Feb
25 Jan
Chicaffo
0 Banks and ifrust Companies
D'ds
Sold
Range
for
Year 1912
NAME
•
• • •
•
• •
Otastanatag
Stock
CP
Surplus
awl
Proftu
(11
Dividend Record
In
1910
in Per- Last Paid,
1911 god
.
(lid
Ask Loto
High No. Low
High American State
$200,000 $16.3,728 Org. A pill 3 1911 V.92, p.1004
Amur Strawb'd 1st 63_1911 P - A
0012 Jan'Il
__
. Calumet National
100,000
f52,216
6
6
An Jan '11, 6
Armour & Co 4 ias....1939 J • I) ----------92
Feb'12 ____ -9158 92
Chicago City
500,000
299,239 10
J-J Jan '12, 7
10
Booth Fish Co Debtl 5s'17 J - J ____ __ 100 lich'll .-- ---- --Contrtal
21,500,000
&
Comm
8,805,613
Nat_
Q-J
10
Jan '12, 212
--Deb g 5s
1929 J - J
00 Mehl'
. Corn Exchange Nationa. 3,000,000 5,814,152 16
Q-J Jan '12, 4
16
Sink Fd Deb(is It me _ A - 0 ---------9312 Apell ........ ____ _
oeuglac State
200,000
Beg. b uElaay 31'1 1.V.92,p1538
Calumet Se South Chicago
Drexel State
200,000
50,233
8
6
Q-J Jan '12, 113
lty 1st 5s
1927 F - A 10838 9878 9.914 July'll ------------,, Drovers' Dep National..
600,000
453,399 10
Q-J Jan '12, 213
10
Cass AY & F(i (St L) 5s '12 J - .1
___ 10114 Oct'09 ___ ____ __ Englewood State
200.000
55,414
(3%
Q-J Jan '12, 2
6
Board
of Trado 4s1927 ,J. - I):97 -9812 100 May'07
Chic
First National
10,000,000 11,618,417 12
/-1.4. De330'11,3
12
Chicago City RI, 5s___1927 '
1, - A 110'3 Sale 10278
103
First
10213
103
17
Nat Englewood
150,000
196,748 10
12 Q-11 Dec3(Y 11,412
Chic Consoi Br & Slit Gs__ J - J
Apr'04 __ ____ _
03
Foreman Bros B'k'g Co. 1,000.000
Ba
565,226
ate
nk
Priv
Chic Como( Trao 4 iis 1933 J - I) ---------50
Apr'00
Fort Dearborn National 2,000,000
611,695
8
Q-J Jan '12. 2
8
Chic Auditorium 1st5s1929 F - A 1 92 -94
9834 Jan'06 ____ ____ ___ Hibernian B'k'g Ass'n_ 1,500,000 1,225,025 8+2
(1)
14-./
(1)
Chicago Elev lay 53_1911 J - J: 981 99
99
Feb'12 ---- 9738 99
Kaspar State Bank
400,000
129,145
J-4 Dec30'11: 5
10
10+15
Ohio Jc Mt 1st Al g 55_1945 AI - 3 ___ __
9412 Doe'09 ___. ____ __ Lake View State
200,000
Beg. b us Apr 311 V.92,p, 1001
Ohio No Shore Elea 6s.1912 A - () ____ ____ 87
Feb.06
La Salle St National- 1,000,000
284,343 Beg. b us. Ma y'10 V.90. P.1277
Chic One Fool 1st 5s-a1921 J - J t 95 Sale
9312
95
10 92
95
Live Stock Exch.ge Nat 1,250,000
603,782 10
10 Q41 Dec31'11,212
Chic Ity 5,3
1027 ,
1 - A 10034 Sale 10034
10078 35 9978 10078 Nat Bank of Republic
2,000,000 1,:335,228
8
8
1.1-3 Jan '12, 2
Clue 1tys 5s _series "A" A - 0 9034 Sale
9638
9673 86 96
National City
2,000.000
967
523,705
6
Q-J Jan '12. 112
6
Chic By 4s__series "A" A - 0 ____
9038 Jan'12 __-- 9614 9733 National Produce
250,000
93,517
4
8. (.1-3 Jan '12, 113
Ciao ttys 45L_serles "B" J - 1) 91 Sale
91
91
17 903 0158 North Avenue State..
200,000
75,985
6%
<-1-J Jan '12, 15
7
Chic itys 4s __series "0" f, - A 1-- 95
94
9418 17 9334 9412 North Side State Sav'50,000
g;
37,711
Q-J Jan '12, 112
6
6
Chic rtys coil 6s-1913 If - A __ ____ 100
Jan'12 ____ 100 100
North West State
200.000
35,657
4
(.2-,1 Jan '12, 112
5
Chic Itys Fund 68_1913 /1 - A
100
Jan'll __
--__
People's Stk Yds State_
300,000
9% Q-J Jan '12, 213
137,210
7
Chic itys Tern Ctfs 1st is
100 Deo'll -Prairie State
500,000
6 Q41Jan '12, 114
67,996
6
Chic Ely Pr m Mg4s_c'27 J - J
8214 Sale
8214
8214
5 7734 85
Second Seearlty
200,000
1,055 Beg. b us.Nov I'll V.93, p.1235
Chia IlyAdj Inc 4s c1927 Mayl 1 8958 Sale
5418
593
22 48
60
Security
400,000 *137,858
it)
Q-J Jan '12, 111
453
Chic a i ed 1. RH 4s_2002 21' ;\
6612 Aug'08 ___ __ __ South Chicago Sayings_
100,000
200,000
Q-J Jan '12. 2
8
733
Collat trust g 5s-_1013 M. - 3 -------- 6612 July'03 ....... --------ISouth Side
State
200,000
16.597
Q-J Jan '12, 112
6
6
Chic Telephone 5s......1923 J - 0 :____ 103- 103
Feb'12 ____ 103 103
State
Bank of Chicago. 1,500,000 2,093,092 12
Jan '12,3
Q-J
12
Cominonw-litilson 5s.1943 .11 - 8 10313 Sale 1033
10312 18 103 1031
Yards Savings
250,000
8 Q-1.1 Dec30'11, 2
198,015
8
Chic Edison deb 63_1913 J - J ..._ ____ 10078 Noy'lu ___ ____ __ Stock
Union Bank of Chicago_
500,000
130,672
8
6 St-N Nov '11,3
111 .; 5s__July 1926 A - (.)
IOU
Feb'll ____ _____
Washington Park Nat'l
10,711
6
Q-J Jan '12, 112
100.000
6
Debenture 5s___1920 11- 8 ---- --- 1003 Aug'09._
. Wendell State
50,000
19,767 None None Q-M Dec31'08,112
Conimonw Elect 501943 *1 - S 10278 Sale 1023$
10278 10 10212 10273 xCentral Tr Co of III- 72,000.000 1,015,465
(.2-.1 Oc; '11, 2
8
733
Cudahy Pack lstM5s_1924 Si -N 1100 10014 100
10018
8 9978 10018 Chicago Say Bk & Tr
1,000,000
226.687
Q-.1 Jan '12, 111
6
6
Dia Match Cou db Os_11/20 --- - 1110 Sale 10934
110
12 107 11018 Chicago Title do Trust
5,000.000 t2,031.511
7%
8
ti-J Jan '12. 2
Illinois Tunnel 53___11123 J - -1) ...... ---- 80
Deo'08 ---- _-- -- Citizens Trust & Savings
16,395
50,000
6
Q-J Jan '12. 21;
10
Ran City lty .5: Light
Colonial Trust & Saving
476,333 8+2 84-2 Q-J Jan '12, 21;
600,000
Co Os
1913 "1. N 1 91
94
9734 May'll __ _-__ __ Coat & Comm Tr de Say 3,000,000 1,011,315 _
ICnIcic'b'ker Ice 1st 5s.1923 A - 0 --- __,_
100 May'll - ........ --- Drovers'Trust &Sayings
15:3,309
200,000
8
853 Q-J Jan '12. 21:
Lako St 111-1st 5s-1923 J - J :88 Sale
83
,t8
5 88
8812 r First Trust & Savings- r2,500,000 3,972,60
12
16 (.2-31 Dec30'11,4
Income 53
1920 Feb
__ ._
16 May'05 ____ __ ___. tot.Dearborn Tr&Sav Bk
250,000
6,377 Beg, b us.Apr 3' 11 V. 92, p. 921
Metr W S!cle ElGreenbaum Sons Bit& Tr 1,500,000
253 (.2-.1 Jan '12, 211
72,863 -_
1st 43
1933 F - A:8512 85.34 8534
8534
4 8512 8534 Guarantee Trust ec Say34,628 __
__ J-J Jan '12: 3
200,000
Extension g 4s__._1038 J - J
8234 Salo
0238
8234
6 82
Harris Trust & Savings- 1,500.000 1,907,670 11+5
83
Q-J Jan '12, 3
12
Morris & Co. 4 %_
1939 7 • 3: 9(114 Sale
001
9014
3 8912 9014 Home Bank .is Trust__
59,793 Beg. b us Apr 1.,'1 1V.92,p.1001
300,000
._ 1911 1E.5 ____
Nona Weet El lst 4...i
100 poen ____ _--- Illinois
Savings
9,096,028
16+4
16+4
3,000.001
q Feb20'12, 4
Trust
ea
Northwestern Gas Light Se
Kenwood Trust & Savgs
71,007 7+134
200,001
7
Q-J Dec30'11,13,
Coke Co 5s
1923 Q - Si t....-- 100
00711
0078
1
View
9934
Trust&Savgs
9978
Lake
58,839
200,000
Q-J
6
Jan '12, 11;
533
Got
5s
Ogden
1943 11 - N
96 Sale
96
96
2 0534 96
Merchants' Loan&Tr Co 3,000,0J0 6,391,793 12
15
Q-J Jan '12, 4
Pearsons-Taft Os
1916 .'
1, IA
9812 --- 1003 Melf09 ....... __
_ zkietropoiltan Tr &Say
272,394
750.000
6
6
Q-J Oct '11,11;
4.401
5.1"
---- 9613 Meh'10 _ _ ____
95
____ Michigan Ave Tr Co__
-- 200,000
59,791 Beg. b us. Oct 291 0V91,p.1221
51 - N
4.603 Series B
96
___
07
Feb'10
Mid-City Tr & Say Bk500,000
56,791 Corn. b us, Ap rill' 11V92p1004
Al - N
9712 - _
4.805 Series F
9314 Noy'll ---Northern Trust Co___._ 1,500,000 2,612,164
8
8
Q-J Dec30'11;:
Peo Gas L & C 1st 6s_1943 A - U 111758 118
11812 Jan'12 .._ 11812 11812 North-Western Tr&Say
250,000
115,530
6
J4 Jan '12; 4
8
.1947 Al - S :10213 Sale 10218
Refunding g
10213
5 102 10214 Old Colony Tr & Say Bank
200,000
50,382 Beg. b us J'ne I'll V.92,p. 153'
Chic Gas L&O5s...1st 5s1937 J - 3 13103__,- 10314
500.000
10314
1 10314 10314 People's Tr de Say Bk_
166,264 __- --_- Q-J Jan '12. 2
Consum Gas 1st 58_1036 J - 0 110212 10312 103
Pullman Trust & Sava's_
Jan'12 -- 10218
300.000
278,450
Q-J Jan '12,2
8
8
Mut'l Fuel Gas 1st5s1947 A • N 1„.... 10114 10112 Jan'12 ___ 10112 103
10112 Sheridan Tr & Say Bank
200,000
30,044 Beg, is us. Jay 120 9 V.89,1).19
South Side Kiev 4 53s-1924 J - J: 9534 96
9584
9534
4 9534 9014 Standard Tr & Sayings_ 1,000,000
324,378
bus
:Sept 6 1910
enced
Comm
SivIlt & Co 1st g 53-1914 J • J 110012 Sale 10013 10012
8 10014 10034 Stockmen's Trust & Say
200,000
46,358
5%
J-J Jan '12. 3
G
Union El (Loop) 53_1945 A • 0 :---- 85
89
Jan'12 -_
Union Trust Co
89
89
1,200.000 1,331,735 k8+2 8+2 Q-M Dec30'11;2
United Box Board col (4326-,T 30
38
70
Apr'10
zWestern Tr & Sayings 1,250,00
_
_
223,002
6
Q-J Jan '12, 11
6
General mtg.() 6s
J --J --- - 60 Mch'll _.
_-_-_- -_-_- West Side Tr&SayBank
200,000
145,128
8+2 Q-11 Dec30'11/ 4
6
Western Elm Co 5s..., 11)22 J - J 110212 foi
10212 Jan'12 __-_- 10214
2 Woodlawn Tr &SayBank
- 1021200,000
79,551
7%
9
Q-J Jan '12, 212
Note.-Aceruect interest must be added to all Chicago b ond- prices.
*131(1 and asked prices; no sales were made on this day. t Dee, 5 (close of business) for national banks and Dec. 6 (opening
of business)
State institutions. 13 No
price Friday; latest price this week.
Sept. 11011. 1 Dividends not published. Stock all acquired by the Cont. & Comm. Nat. Bank. afor
Due Dec. 31. 5 Due June.
0 Duo Feb. k Also 20% In stock. q Dividends are paid Q-3, with extra payments Q-F, r Capital to be increased
to 15,000,000, a stock div. of 100% to be declared.
V. 03, P. 1430, 1700. s A div. of 50% paid in 1911 on Security Bank stock, to provide capital for the new Second
Security Bank. V. 93, p. 1235. (Dec. 30 1911.
g Central Trust and Metropolitan Trust & Say. Bank consol.; V. 93, p. 1705, 1363, CenSral Trust also absorbed
the Western Trust & Say. Bank In Dec. 1911. V. 93.
v. 1760, 1705; V.04. IN 323, y Capital increased to $2,500,000 on Deo. 15 1911.
BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENTUM PRICES
Strurday
Feb. 17.
Monday
Feb. 19.
Tuesday
. Feb. 20.
Wednesday
Feb. 21.
Thursday
Feb. 22.
Friday
Feb. 23.
Sales
of the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Rang., stare January 1.
On basis or 100-share tots.
Lowest.
.1I ighe,t.
Range for Previous
Year (1911).
:e32.
Loz,
Highest.
Railroads
Jan 25 10038 Sep 11514 J'ne
130 Atch Top & Santa Fe_100 10378 Feb 10 10638
10373 10378 *10373 10418 10414 10414 10433 10138 WASH- *104 10414
100 10112 Jan 12 10414 Feb 7 101 Sep 105 J'ne
Do prat
1
10331 10334 *10373 10418 *104 10414 *10373 104 INGTON'S
30 219 Apr 226 Feb
Jan
22214
3
Jan
220
100
Albany
&
Boston
22112
4
295288
22112 22134 BIRTH22112 222
22112 222
22112 222
100 13014 Jan 2 13412 Jan 29 12412 Sep 13012 Aug
13212 13234
330 Boston Elevated
DAY
13112 132
132 13212
132 132
132 132
100 215 Feb 16 218 Jan 4 207 Feb 218 Sep
Lowell
&
Boston
Feb'12
215
Sale
Last
218
*
218
218 *
*__
•
218
9612 Oct 12238 Feb
100 90 Jan 27 10012 Jan 3
9978 9978
48 Boston do Maine
9"):11 9034
100 100
;5;54 100
*9912 100
Boston & Providenoe_100 299 Jan 3 29014 Feb 5 292 Mot 2700 Mch
Last Sale 29014 Feb'12
__
_
____ *299 1_ *299
*299
16 Mch
12 Sep
13 Jan 24 13 Jan 24
Cos_
El
Boston
Suburban
13
Jan'12
Sale
Last
15
*13
*29915
*13
*13
15
5 *13
7614 J'ne
70 Oct
75 Jan 25 7712 Feb 20
Do pref
*76
100
__
____ *74__ 7712 7712
*74
13 J'ly
Feb
6
6
Jan
1212
12 Jan 6
Boston & Woro Elect Cos_
Last See 1233 Jan'12
331, Jan
• ___ 1212 *
125 *____ 1212 *76-1212
58 J'ly
57 Jan 8
5
Jan
54
pre
Do
27
5573
5578
57
*55
5573 56
i3 58
5
171 Dec
Apr
150
19
170
Jan
16
Jan
170
Ry
do
_100
Y
Juno
US
Chlo
Last Sale 170 Jan'12
*170 171 *170 171 *170 171 *170 171
10813 Jan 2 114 Feb 19 107 Mch 11512 J'iy
Do prof
60
*11312 11334
*11314 115
11333 11338 11334 11334
11312 114
Connecticut Itiver__100 271 Jan 3 272 Jan 18 265 Jan 272 J'ne
Last Sale 272 Feb'12
_
126 Jan 3 128 Jan 25 125 Apr 130 Jan
100
prat
Fitchburg,
128 128
101
*Hi- 19i- 12712 12776 128 1-29.- 12712 197-1-2
Feb 1 11712 Jan 164 Oct
*166 168
181 Ga By .1.1 Electric__ _100 14912 Jan 4 17512
165 156
161 165 *162 163
164 164
9313 J'ne
86 Feb
86 Jan 30 911,Jan 6
prel
Do
100
8712
*
8713
_
239
8734
*8714 88
881- *8634 8734
88
135 Sep 215 Jan
...fain°
100
Central
Last Sale 135 Sep'11
145
*143 145 *143 145 *143 145 44..-1
24 J'ne
16 Apr
21
108 Masa Electric Cos____100 20 Feb 8 2313 Jan 8
21
2034 21
*20 ...._ *2014
96 Nov
8334 Jan
Do pref
100 9234 Feb 13 97 Jan 5
__
77
9312 94
94
9412 9334 -64
Feb
15138
Sep
12714
16
Jan
139
2
Feb
136
Y
N
N
li
do Hartford..100
. 139
;
Hi
611
*9312130 139
13733 138
138 13812 13812 139
100 14213 Jan 19 143 Jan 24 139 Jan 142 Mob
Northern N H
Last Sale 143 Feb'12
Norwich do Wor pref_100 211 Jan 8 21213 Jan 20 210 Jan 214 NOV
Last Sale 21312 Jan'12
100 18514 Jan 3 187 Jan 31 183 Mch 190 Nov
*18514 186
87 Old Colony
*iti8C4 186 1853 1954- 1/1.51-4 196- *_18538 18538
32 Jan
45 Deo
100 41 Jan 2 70 Jan 24
55
56
55
52 Rutland pref
6734 58 * _ 581: 56 56
100 109 Jan 10 11514 Feb 20 10512 Apr 114 Deo
Electric
Seattle
*116
61
_ 11.4 114
115 11514 *1514 -*11312
Aug
Mch
104
30712
30
10212
Jan
8
100 10114 Jan
Do prof
*10212 ____
10214 1-0214
49
102 102
10214 10214 *102
100 16012 Feb 1 17312 Jan 2 15312 Sep 19213 J'iy
16312 16338
365 Union Pacific
16:333 16414 164 1-6412 16413 16478 16214 16358
9518 May
Mch
00
8
Feb
9212
26
Jan
91
pref
100
Do
Sale
0212
Last
9212 Feb'12
*9134 9212 *92
9214 *9214 9258 *9214
100 164 Jan 5 164 Jan 16 156 Mch 16418 Dec
Vermont & Mass
Last Sale 164 Feb'12
*163 *163
03 Mch
85 Sep
50 8813 Jan 2 8834 Feb 19
3 8812
8812 8834
162 West End St
8511 8814 8812 883.4 *8814 8834 76,
50 10114 Jan 2 10212 Feb 7 100 Aug 105 Jan
pref
Do
*10112 102
61
102 102 *10113 102
*10112 10212 102 102
Miscellaneous
6334 Dec
40 Sep
5334 59
1,381 Amer Agricul Chem 100 5812 Feb 21 6312 Jan 2
5834 593, 5813 5914 WASH5938 5934 5938 60
99 Jan 10514 Mob
100 10034 Jan 13 10312 Feb 17
D5 prof
103
1,378
103 10312 10313 10312 10234 10314 10234 103 INGTON'S 10234
612 Jan
Ana
312
518 Jan 16
4 Jan 26
414 414
BIRTH4
4
210 Amer linen Servico_ 50
438
*4
414
413 414 *4
1914 Jan
1218 Aug
50 31434 Feb 2 1714 Jan 16
*1513 1512
DAY
185 .Do prof
1517 1513 1518
1518 1515 *15
*15,8 16
Feb
122
Sep
112
30
12012
Jan
10
Jan
11434
Amer
100
in
Sugar
Su
Refin
11853 119
11858 119
487
11834 119
11834 11874 119 119
Do
100 11512 Jan 4 11912 Jan 30 11134 Jan 12913 May
11814 11814
300
118 11838 11812 11834 11818 11812 118 11812
13153 Aug 15314 J'ne
23
Fob
14214
2
Jan
Amer
13712
&
Telep
14214
Teleg_100
14158
14158
14133
5,315
141 14113 141 14114 141 1413$
3614 Mob
2012 Dec
Ameormap
nre
troolen_ _100 25 Jan 31 28 Jan 8
lf
Jan'12
Last Sale 25
8512 Oct
9612 J'ne
Do
100 86 Feb 5 8978 Jan 10
8714
8714
87
226
4 87
;8-7- 8712 8634 8712 87 97-17712 Dec
61 Nov
15
Feb
7912
3
Am
p
o
o
Jan
o
i
g
a
77
skep
ilanufacturing
120
7812
7812
7813
*78
79
7812 7812 *78
00 Dec 10012 Dec
100 Jan 2 101 Jan 30
ioi" 101
111
10012 101
10012 10012 10012 10012 10012 101
11 May
733 Dec
9 Feb 14
Atl Gulf & W'I SS L.100
7 Jan 9
Feb'12
*812 834 *812 834
Last Sale 9
58t.
*812 0
2(5 Jan
1412 Nov
Do prat
100 16 Jan 4 20 Jan 18
18
18
*18
135
1818
18
18
. 19
4
*131.
*1814 19
J'ne
Jan
15912
14514
20
Jan
Climb Telep do Teleg_100 157 Jan 2 160
Last Sale 160 Jan'12
*160 16114 *160 16114 *160 16114 *160 16114
12 May
714 Jan
10 1034 Jan 2 1614 Jan 27
1514 1538 6,623 e:a.st Boston Land
15
1533 1618 15
161s 1434 1514 15
Dec
297
275
Sep
1
Feb
29013
Edison
2
295
Jan
Eleo
100
11111M
46
29831 299
299 299
*____ 298
209 299
100 155 Jan 2 16112 Jan 25 142 Sep 16734 May
16014 161
397 General Electric
158 15812 160 16038 15912 160
9634 Aug
8734 Jan
562 Massachusetts Gas Cos100 9014 Jan 2 92 Jan 20
9114 9114
9114 9114
91
9114 91
-9114 .91-1; 91
9812 Oct
93 Dec
of
Do
p_
100 9313 Jan 5 9878 Feb 113
835
0812
98
9812 9812 9812 9878 9813 981, 9812 9812
Jan
237
211
Aug
100 Mergenthaler Lino100 218 Feb 1 225 Jan 18
220 222
221 22212 221 221 *22113 22214
*220 221
478 Jan
3 Oct
20
Jan
4
4
Jan
3
10
Mexican
Telephone
Feb'12
318
Sale
Last
*312 4
*312 4
*312 4
*312 4
111) Mch
Oct
103
18
Jan
29
100
101
105
Jan
E
N
Yarn
Cotton
*_
214
105
105 105
10434 10414 105 105 *103 105
Do prof
105. x10312 Jan 15 10512 Jan 31 101 Nov 1161* Mob
Last Sale 105 Feb'12
*101 106 *101 106 *104 106 *104 106
100 /52 Jan 2 162 Feb 21 137 Jan 16512 Dec
198 N E Telephone
*160 162
161 162
160 160 *160 16114 160 160
06 Jan 105 J'ne
116 Jan 22 118 Jan 31
100
Pacific
Coast
Power
_
Last Sale 118 Jan'12
*123
*121
_. *123 _
*123
7334 Nov
6234 J'iy
Portland (Me) Eleo_1u0 7212 Jan 17 74 Jan 9
Last Sale 7212 Jan'12
*75 90
90
96 *80
*81
90 *80
153 Sep 103 Jan
30
Jan
162
1
158
Feb
Co
100
Pullman
15834 159
185
15834 159
159 159
15) 159
15 May
Jan
159 159
x12
19
Feb
15
2
10
Jan
1334
_
430 Reece Button-Hole,,,,
*1334
*14
_
1434
*1312
15
15
9734 Sep 104 J'ne
100 9812 Jan 2 10212 Feb 16
10213 10212
458 Swift do Co
36 Jan
10214 10238 10138 10214 10218 10212 1658 Rai
29 Sep
10
Jan
32
20
Feb
30
25
Torrington
30
364
30
30
30
30
31 J'iy
27 Mch
3012 3012 3014 3014 30
25 28 Jan 5 30 Jan 13
Do lore,
29
29
17
29
2913
30
2912 30
2912 *29
*28
187 Jan 6 /1178 Dec 10712 J'iy
29
Jan
178
100
Fruit
United
18218
185
464
18313
183
5878 Feb
*183 1831: 18212 18312 182 183
41)14 Aug
Feb
23
4913
16
Jan
4614
25
Un
Shoe
Mach
Corp
4914 4912 9,103
2914 Jan
4813 4838 4814 4817 4734 9814 4812 4918
2612 Sep
25 2753 Jan 10 29 Feb 7
Do pref
28.13 2814
254
2811 2814 2814 2814 2812 2814 2814
8213 Feb
*28
50 Oct
Feb 13 6034 Jan 3
5833
U
S
Steel
Corp
100
6013
5913
5,628
6038 6014 6058 5914. 69 8
Feb
5938 5934 60
12013
Sep
10312
3
Jan
4
13
1113
Feb
10713
Do
pref
100
10818 10812
20
*10818 10838 *10814 1083.: *10814 10812 108 10858
Mining
4 Sep
713 J'ne
2
Jan
773
25
13
Feb
538
Con
Adventure
738
1,709
712
7
712
7,3 758
612 7
7
*6
11 J'no
212 Oct
e7 Jan 27
25
453Jan 4
6
6
2,015 A tgomah Mining
6
614 *578
614 Oho 614
6
4414 Dec
21 Aug
25 3814 Feb 1 4412 Jan 2
40
41
4014
165 Aliouez
4012 4012 40
4014 4012 4012 41
7158 J'ne
4434 Sep
1
100
3
Copper
60
6738
Feb
Jan
Amalgamated
65
67
5,229
65
6412
6513 6553
6518 6538 6533 66
J'ne
3058
Oct
1934
Ani
8
Zinc
Lead
25
do
Sm..
Jan
2412
Feb
4
15
263
*2434 25
110
2434 2434 *2473 25
2478 2473 *2434 25
133 Dec 21140 Dec
Arizona Corn'l ctfs dep_
2 Jan 2 e412 Feb 9
414
4
1,841
438
414
41.
413
414
413 417
*4413
.30 Oct .75 May
19
Jan
12
10
4
.42
Jan
Dev
Co.__
Bonanza
Feb'12
Sale
.48
Last
.48
*.42
2 .48 *.42 .48 *.42
1512 May
334 Aug
9 Jan 16
614 Feb 1
5
175 Bos&CorbCop&S1151:4
634 7
*612 634 *612 634 *612 634
1331 634
612 Jan
3 Nov
5 Feb 23
312 Jan 22
433 5
069 Butto-Balalciava Cop.. 10
433 912
412 412
2312 Dec
414 414
412 434
14 Aug
3
Jan
2333
18
Jan
2134
butte
Coalition
15
23
1,899
2213
2234 2278 2233 2234
Dec
6334
*2234 23
*2273 23
Sep
45
2
Jan
63
1
Feb
5712
&
Calumet
Arlzom._ 10
5912 61
1,528
60
0314 59
6012 60
60
60
60
25 405 Feb 1 447 Jan 3 360 Sep 545 Jan
425 440
107 Calumet do Heola
430 430
425 430
19 Dec
425 425
8 Aug
425 425
18
Jan
23
5
Jan
1712
Centennial
25
21
2012
234
1834 1834 *1873 20
03 Nov .15 J'ne
*1S12 1012 *1834 19
1 .04 Jan 13 .09 Jan 15
Cons Mercur Gold
Last Sale .06 Jan'12
*.03 .06
6934 Feb
4634 Sep
*.03 .06 *.03 .0(' *.03
2
53
54
1,895 Copper Range Con Co 100 50 Jan 31 5013 Jan
5:318
5314 5312 5334 53
5211 5214 53
7 Deo
3 Feb
6
Jan
638
19
Jan
5
Daly-West
20
172
51 t 514
*514 512
5730 Pie
1434 J'ne
514 *5,8
Aug
873
*5
20
Jan
14
16
10 1214 Jan
1212 13
1,675 East Butte Cop Min
1233 125, 1214 1212
14 ,J'ne
512 Aug
1273 1278 1278 13
11i Jan 15 1312 Feb 1)
25
Franklin
1312
3,326
1273
121. 1234
1278 13
1234 1278 1234 13
818 Feb
338 Sep
434 Jan 5
414 Feb 7
414 414 1,915 Giroux Consolidated.. 3
3 412
.
43.
433 47to
438 438 47io
4313 .1'ne
438
20 Aug
Jan 3
345 Granby Consolidated_100 33 Feb 5 3912
30
*35
3.112
36
34
35
35 *35
115 Jan 22
*34
34
858 Dec
Oct
913
5
9
21
Feb
734
20
Cananea
Greene
726
778 778
734 8
778 773 715ie 7'34e
8'46
3112 Dec
17 Sep
3412 1,792 Hancock Consolidated 25 29 Jan 5 3534 Feb 14
34
3314 3412
35
35
35
3412 3512 35
2 Feb
34 Sep
113 Jan 15
1 Jan 3
25
Helvetia
Copper
Feb'12
Sale
Last
114
*1
112
114
*1
*118 138 *1
16 J'ne
514 Oct
25 1133 Jan 16 15 Jan 27
15
14
2,030 Indiana Mining
1412 1478 1433 1412
1414
1414 15
14
24
Jan
2133
1814 1834 2,345 Inspiration Consol C.. 20 18 Feb 6
1812 1838 1812 1812 1818 185;
1812 183s
2914 May 44 Dec
1 4013 Jan 17 45 Feb 21
140 Island Creek Coal
45
*44
4412 95
44
4414 4412 44
8118 Sep
01 J'ne
1 85 Jan 13 8714 Feb 21
Do peel
4
335
87 9771*8614 8634 3634 87
4 8034 8614 8714
23 Dec
111. Aug
25 2034 Jan 15 26 Feb 23
6,951 Isle Royale Copper
2412 26
24122478 2433 2473 2412 2458
24
24
Vs Jan
258 Oct
2
13
318
Jan
5
Feb
234
Lake
Kerr
3
575
3
1
273
3
*273 3 8
3
*273 3
334 J'ne
12
Nov
10
Jan
134
2
Jan
SO
26
Copper
Keweonaw
8
13
*118
114
65
114
40 J'no
22 Aug
*114 112 *114 112 *114 11, 3512
25 3212 Feb I 33 Jan 2
3512
3512 3634 3,616 Lake Copper Co
3634
36
37
35
35
35
6 Jan
3 Aug
534 Jan 0
412 Fel) 15
25
5
135 La Salle Copper
5
*412 5
*412 5
4214 Dec
*412 ---- *412 5
201,1 Nov
Live Oak Developm't_10 4038 Jan 15 4312 Jan 18
Last Sale 4112 Jan'12
___
1178 Dec
612 Apr
1078 Feb 8 13 Feb 10
Mason Valley Mines,,,,,b
13
0,280
1212
2
1911934
-1272
1234
238
1
12
12
02 Aug Jlt) J'ne
814 812 1,610 Mass Consol
812
734 8
8
*712 8
4 .20 Feb
712 814
3,13 Dec
3 1g134 'IA,1,)
b 113
cn
Sa
27 % '
2g
914 1013
978 1038 15,280 Mayflower
912 1034
14
)
2433 Deo
934 11
012 934
1673 Set/
5 2333 Jan 29 26 Jan 3
Miami
Copper
2414
2414
1,270
24
2334
2378
2373
24
2312 2312 2358
312 Jan
Nov
20
114
Jan
312
2
Jan
2
25
Michigan
210
3
3
373.373
312
*3
314 314
3
3
57 Deo
36
Apr
0
5312
Jan
30
Jan
5013
25
5512 5512
206 Mohawk
5512 5512 5512 *55
54
5412 55
56
21,4 J'ne
15 Sep
Jan 29 2013 Jan 2
1814
0
Consolidated..
Nevada
562
19
19
19
4
*183
19
19.
19
1873 1878
414 Apr
19
2 Aug
414 Jan 16
314 Feb 8
312 312
65 New Arcadian Copper 25
334 334
*333 378
333 338 *353 378
1133 Feb
3612 Dec
734 Jan 30
3
534 Jan 3
771 Nipissing Mines
714 738
733 71.
738 712
714 7710
3614 J'no
712 712
20 Sop
1 2912 Jan 2
Feb
2234
15
Butte
Nortti
25,8
2534
1,710
2612
2512
26
014 J'ne
261:1 26
334 Aug
2534 2534 26
714 Jan 2
25
514 Jan 30
874o 612 1,575 North Lake
St2 J'ne
114
6
618 638
614 612 *618 612
353 Dec
412 Jan 5 e634 Jan 11
25
513 512
395 011bway Mining
5
5
518
5
513 512
313 J'lv
514 514
.50 Jan
16
712
Feb
2
Jan
258
25
11,176
7ie
6
718
713
71,
4
53
619
738
6316
49 J'ne
673 6,416
3414 Sep
25 44 Jan 31 48 Jan I:
Old ColonyDominlon Co
96
902 O
96
4512 4578
47
4633 464 96
43
*45
81 Sep 124 Jan
25 106 Jan 15 11.412 Feb 11)
112 114
485
11212 11312 113 11412 11212 11312 110 112
10
Feb
1612
21
Feb
3
161
10
areek
dC
Coal
e
n
woi
o
O
P
1613
1578
1618
620
1613
76 Dec
/012 1612 1613 1638 1614 1638
;35 SOP
'5 7312 Jan 29 77 Jan 8
76•51 77
135
7'1
7634 7678 *76
19 Dec
77
77
*7612 77
12 Sep
1633 1653 2,007 Cl
tucjonsol Copper.... 10 1613 Jan 29 1013 Jan 2
uy
Ita
134 J'ne
1614 1633 1633 1612 1633 1612 1c.55 171
Apr
11
Jan
4
3
178
31
Jan
1
10
&
Fe
Sale
Cop_
Gold
113
Last
ianta
Feb'12
1
*118 133 *133 112 *113 138 *113 1 2
1214 Fob
7 Oct
1034 Jan 9
912 958
51 5, s..... 10
5
9 Jan 31
634 978
91, 91,
700
12
934 934
Dec
May
11to
938 034
17
'.60 Feb 1 .85 Jan
Last See .70 Veb.12
South Utah
*.65 .75 *.65 .75 *.65 .75 *.13,5 .74
4212 Jan
20 Oct
3012 Jan 2
25 24 Feb 1
28
26
451 Superior
*2534 211
26
2614 26
*2514 281, 26
Oct
e218
814
J'ne
13
Jan
473
21
Feb
2:3
334 2,985 Superior & Boston 2 tin 10
3
3
313
418
318 312
52 Jan
20 Sep
312 z,1•.:
29
^5 26 Jan 31 3273 Jan 2
29
10 Tamarack
29
*28
30
*28
*28
29
30
e"3
512 Deo
273 Oct
160 Trinity
512 512
*512 6
512 512 *511 6
*534 8
473 May
Sep
4
13
7
1
b
nt
Irle
F
'
2
5
5
:
Jan 12
1
312 j
723 Tuolumne Copper -__ '5
414
4
373 378
314 334
3038 Sep
4013 J'ne
334 4
) 2,155 U 5) Selett Has a Min_ 50 24 Jan 31 3612 Jan 2
3833 357'
3534 36
3538 3578 3538 3512 3512 36
491., J'ne
9514 Aug
47
Jan
30
;..ref
10
4
473
0
408
I)
4734
1
1. f,al
o?, 1
4753 4738
4734 48
4712 4T/8 4712 48
173 Nov
312J'no
212 Jan 2
5
8
213at 215,
125 Utah-Apex Mining
3
3
*278 3,8 *273 313 *278 3
934 Jan
20 J'ne
1712 Jan 2
15
15
412 Utah Consolidated...,.. 5 1434 Feb 21
15
1434 15
1514 15
15
1514 16
38
9
3 Dec
Sep
Jan
575
5814
211
Jan
Co
5212
Copper
0
5
1
57
390 Utah
5714
2
5634 5714 *5678 5718 5634 5634 5012 561,
1 Aug
418 Dec
573 Jan 20
.133 Jail 4
412 478
505 Vic orbs
453 45.8"
473 478 *412 478
412 413
912 Feb
334 Nov
712 Feb 16
25
Jan
512
7
7
1,259
25
Winona
71
712
71.2
624 7,8
8 738
714 714
74 Nov 122 Feb
"5 9434 Jan 29 10212 Jan 2
100 101
259 Wolverine
100 100 *100 101
100 100
*9312 100
3 rib
234 Jan 10 .30 Nov
25
134 Jan 5
238 238 2,731 Wv5n, Ott _
212 211 2911 2't
238 234
214 21/
Ex-div. and.rigats..
*1141 and closed prices. a DI w ato5..c. e Ass't paid. * Ex-etacec thy. /1Es-cleat3.
n
545
Boston Bond Record
FEB. 24 1912,1
BONDS
BOSTON STOCK EXCHANGE
Week Ending Feb. 23
11,4
Am Agrioul Chem lst 53_1938 A-0
Am Tolep & Tel coil tr 45_1939
Convertible 48
1936 11:•S
j
AM Writ Paper lets f 5s g 1919 J-J
Am Zino L & S deb Os
1915 M-N
Arts Corn Cop let Os ctfs of dep_
Atch Top & S Fe gen g 4s 1995
Adjustment g 4s____July 1995 Nov
Stamped
July 1995 61-N
50-year cony 4s
1955 J -D
10-year cony 513
1917 J -D
At! Gulf & W 158 Lines 58_1950 J J
1918 J-J
Boston & Lowell 4s
1944
Boston & Maine 4 he
1918 J-J
Bur de Mo Riv cons Os
Cedar Rap de Mo R let 78_1916 M-N
Cent Vermt let g 4s__ _May 1920
19111
O B & Q Iowa Div let 5s
1919 A:8
Iowa Div let 45
1913 M-N
Debenture 5s
1922 F- A
Denver Eaten 45
1927 M-N
Nebraska Exten 43
S
1921
B &SWet 4s
1949 J -J
Illinois Div 3 ,
•j3
Chic Jet By do Stk Yds 53_1915 J J
Coll trust refunding g 48_1040 A-0
Ch Milw & St P Dub D 63_1920 J-J
Oh M & St P Wls V div 63.._1920 J J
1931 M-N
Oh & No Mich let gu 5s
1021 -D
Chic 6: W Mich gen 53
Concord & Mont cons 43_1920 J -D
Cudahy Pack (The) 1st g 5s 1924 11-N
1926 A-0
Current River 1st 5s
1046 A-0
Dot Cr Rap & W 1st 45
1940 f11-N
Dominion Coal 1st 51 5s..
1915 M-S
Fitchburg 43
1927 M-S
48
Fremt Elk & Mo V 1st 0s__ _1933 A-0
1933 A-0
Unstamped 1st es
General Motors 1st 5-yr 63_1915 A-0
GE Nor C B do Q coil tr 43_1921 J-J
Registered 4s
1921 Q-J
Range
Since
Jan.1.
Wsat's
Range or
Last Said
Price
Friday
Feb. 23
BONDS
BOSTONBOSTON STOCK EXCHANGE
Week Ending Feb. 23
-011
High No Low IliA
Low
1913 A-0
10212 10234 20 11)11410234 Illinois Steel deben 53
9118 91 90i3 9118 fa Falls & Sioux C 1st 7s_1917 A-0
91
11058 11034 15 1033411114 Kan 0 Clin & Spr 1st 5s___ _1025 A-0
Kan C Ft Scott & Mem 6s_ _1928 M-N
9834 Oct '11
1-6,1 1-6;
;
.
Kan CM de B gen 4s
1931 M'S
104 Jan '12
"
54 60
Assented income 5s
1934
55
55 Sale 55
3 90 9912 Kan O.& M Ry & Br 1st 53_1929 A•0
9912
9912 9934 9938
9114 9218 Maine Cent cons 1st 7s
1912 A-0
9112 9212 92 Feb '12
Cons 1st 4s
9138 9158
1012 A-0
9112 9212 9158Jan '12
Marq Hough & Ont 1st Os_ _1925 A-0
107 Dec '11
Mass Gas 4;53
11018 Mch'll
1929 J-J
6818 15 ▪ 18-14 Mich Telephone 1st 5s
1917 J -J
68 Sale 6734
New Eng Cotton Yarn 5s_1929 F- A
---- 10014 Mch'09
1915 A-0
10412 Oct '08
---- New Eng Tel-ph 55
--Os
10234 Dec '11
1916 A-0
New England cons g .5s___ _1915 J-J
11158Sep '11
----Boston Term 1st 4s
8912 92
1939 A-0
9178
9134
9134
New River (The) cony 55 1934 J -J
1103 Oct '01
_
NY N H & H con deb 3;0_1956 J - J
99 Feb '11
Cony deb 6s
1948 J -J
1-01: 1-0-112
Mi
."7:: 10114 10114
Old Colony gold 4s
1924 F- A
100 100
100
loo .
100
9912 May'11
- ---- Oregon Ry 6: Nay con g 4s_1946 J
1922 F - A
9914
9918 Feb '11
---- -- Oreg Sh Line let g Os
Pere Marquette deb g (is_ _1912 J- J
8712 8734 8712 Nov'11
1910 J-J
.
11;6371 1-ti134 Repub Valley 1st 8 1 es
10112 Sale 10112 10134
Savannah Mee 1st cons 5s_1952 J -J
91 Sale 01
91
10 898 91
Seattle Elce 1st g 5s
1930 F- A
114 Jan '11
- -- Shannon-Arlc
1919 SI-N
1st g Os
11358 Feb '11
1929 J-J
g 5s
09 100 99 Jan '12
- "• UV Terre Haute1stDec
g 5s
1918 61-S
Torrington
101 101
10012
_ 101 Feb '12
9712Sep '11
- Union Pac RR <Ye I gr g 4E3_1947 J-J
1927 J-J
20-year cony 4s
10014 Aug'09
-6-9-11923 J-J
4 1-63-- United Fruit gen 81 4 %s
100 idi 102 Feb '12
1925 J-J
Debenture 45s
8614
85 __ 8614
8614 8614
99 9914 U S Steel Co 10-60-yr es Apr 1963 SI-N
99 100 99 Feb '12
West End Street Ry 4s___ _1915 F-A
10313 Apr '05
1914 11-S
Gold 4 s
96 Apr '08
1916 11-N
Gold deuenture 4s
128 J'ly '11
Gold 4'
,
1917 F- A
12712 1-27-1-2
12712 12712
9914 9914 Western Teleph & Tel 5s_ 1932 J-J
004
99 105 9914
975f 19 9834 9812 Wisconsin Cent 1st gen 4s 1949 ,J -J
9712Sale 971,
9638 9738
9114
971;Feb '12
Ask
Bid
10212 Sale
9118 Sale
111
g
..-
5
--.
NOTE.—Buyer pays accrued Interest in addition to the purchase price for MI Boston Bonds
Price
Friday
Feb. 23
Range
Since
Jan, 1.
Week':
Range or
Last Salo
High No, Low High
id
Ask
10034 Sale 0034 10034 16 1001810034
17 Apr 08
97 17-97 99 97 Feb '12
1 117 11712
11712117% 1712 1171,
92 9212
9212 _ 9213Feb '1
_ 89 84) Feb '12
85 89
10212 10212
102 10234 10212 Feb '12
0014 Dec '11
--0114 Sep
____
15 J'ne'08
9914 29 08 1)91:i
99
Sale914
112 9912 May'li
15 971, 1(834
98
98 Sale 98
---- 10133 Mch'11
Sep
'08
10012
---9934 99 8
'3973 Jan '12
---'11
Dcc
-ig
---marii
---- 0634
1 1117813212
3218 13218
---01 Apr 'Os
9873 Sep '0:1
113'3411334
1334 Feb '12
95 95
- ---- 95 Jan '12
03 Jan '11
---7014 Dec '10
101 1o412
1641-216E12 0414 Jan '12
8312 85
8312 Feb '12
97 Apr '0i
9934 Feb '12
1434 -664
00%8 Oct '11
0318 Dec '11
9614 1)63 9638
9612
9 95 965
0l
96 9638 9618
2 9634 9612
10313
10318
3 101 104
9918 Sep '11
10014 Feb '12
1-664 fo-Oia
(3812 Apr'lu
9812 N ov 1 1
folit;
10014 "Sale 10018 10014 23
---- -- 93% 9358 1 0358 03-58
• No price Friday; late:t old and asked.
Flat price.
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Share Prices—Not Per Centum Prices
Saturday
Feb 17
Monday
Feb 19
Wednesday
Feb 21
Tuesday
Feb 20
Thursday
Feb. 22
109 109 'P.... 109 e__ 109 *____ 109
10912 10912 10934 10934 10934 10934 10934 10934
10$8 1038 1014 1014 1038 1012 1033 1038
63
6218 6238 6238 6212 6234 6312 63
12734 12734 12758 12758 ---- ---- *127 12734
-;1555 ",
*2
*45
4234
12
5412
32
*70
I -6258
------ ,
-*1912 1934
*___. 20
214
-4614 4514
4234 4234
*12
12
5434 5112
3234
32
72
71
1934.
1-9-58
214 *2
-- *214 --4514 4514 1514 45
4514
4234 4234 4234 4234 4234
1214 1178 1173 *1178 ,
5412 5412 5412 *54 14.4
3378 *3212 3312 3212 3212
73
7212 7212
*7214 73
;ii- 'i- ili .7,57- *iiii -ii- -iii; -57; -2-7-1-2
89
8858 8858
11815us 781510
934 1014
2514 2634
131718 6112
5434 5514
Z1812 1812
*2334 24
7838 7812
7518 712
5112 5112
• 8734 8754
89
7834 7878
1014 1012
2712
27
6138 61940
5478 55
1814 1838
2378 24
78
7812
714 738
5112 5156
88
88
8834 8834 *88
8834
7834 7834 7812 7834
1014 1012 1014 1014
27
2718 2634 27
6138 6194c 61716 61gio
54
5412 5434 53
1814
1814 1814 18
2334 2334 2338 2334
7814 7838 77 7715 e
7348 7546
7518 7636
5112
5112 5112 51
88
8818 8818 8814
PHILADELPHIA
Inactive Stocks
10
merican Milling
50
arnbria Iron
Central Coal de Coke. 100
100
Preferred
100
gonsol Trac ot N J
60
Germantown Pass_
Huntington & B T____50
50
Preferred
Indiana Union Tr____100
Insurance Co of N A__10
inter Sin Pow do Chem_50
interstate Rys, pref__10
Kentucky Securities_ 100
• Preferred
100
Keystone Telep v t c___50
preferred
50
Keystone Watch Case.]e0
Lit Brothers
10
Schuylkill
Little
50
Minehill es Schuyl 11_50
Nat Gas Elec Lt & Po_100
Preferred
100
North Pennsylvania..__50
50
Pennsylvania Salt
Pennsylvania Steel.._100
100
Preferred
Plait% Co (Pitts) prof...50
Phil German do Norris,. 50
50
Phila Traction
10
Railways General
Tonopah Belmont Dev__1
United Cos of N J____100
United Trac Pitts pref_50
Virginia By & Pow.,..100
100
Preferred.
Warwick Iron do Steel_10
Washington-Va Ry._.,100
100
Preferred
100
Welsbach Co
West Jersey & Sea Sh_50
Westmoreland Coal_ ___50
Wilkes Gas & Elec,.,._,.100
50
York Railway
Preferred
50
,
Bid
Ask
Z
cE-i
4
,-.
PI
,ce
Z
O
Ei
0
., .,
40812 109
*____ 110
1038 1038
6234 63
*127 12758
*21
25
.
6212
*61
1938 1958
*2
4514
4238
*1178
51
*32
*7134
*714
41
ci)
"4
9
283,
88
7878
10
2634
6138
5314
1838
2312
7634
714
5034
88
II 13x-dle.dc r14hts.
Sales
ACTIVE STOCKS
of the
Week (For Bonds and Inactive
Stocks see below)
Shares
Baltimore
10 Con Gas El L & Pow_100
pre(
100
Do
130
1,172 Houston Oil tr Ws_ _100
pref tr ctfs _100
Do
1,629
50
48 Northern Central
Seaboard Company_ 100
100
Do
1st pre(
2d pref
Do
100
60 United Ry & Electric_ 50
Philadelphia
50
10 American Cement
214
50
520 American Railways
4514
50
565 Cambria Steel
4212
1218
65 Electric Coot America 10
371 Elec Storage Battery _100
5412
100
995 Gen Asphalt tr ctfs
33
Do
peel tr ctfs_100
7234 1,617
Keystone Telephone_ 50
739
9,995 Lake Superior Corp 100
30
189 Leh C & Nay tr Ws_ 50
88
50
435 Lehigh Valley
7914
10
7,447 Lehigh Valley Transit 50
50
Do pret
2634 3,731
50
6112 1,017 Pennsylvania RR
50
5418 4,289 Philadel Co(Pittsb)
1838 2,672 Philadelphia Bled_ 25
2334 1,840 Phil R T vot tr ctfs.. 50
50
7714 10,662 Reading
1
738 2,803 Tonopah Mining
60
5078 1,302 Union Traction
50
931 Union Gas 'rapt
8814
Bid
PHILADELPHIA
liond'!,
Prices are all "and
---interest"
45
77 - "'- 7g
- - Alt & L V Elec 4 Hs'33F-A
7812 7912 Am Gas es Elee 5s '07_F-A
A-0
Am Rys Os 1917
7614
__ _ _ iitirg All () Elec ref 5s 1938_M-S
1018 ___ Berg& E Brew 1st 63'21 J-J
Bethleli Steel 6s 1998.Q-F
2412_
.-_
_ Choc & Me 1st Se 1049..14
-2
1-3-4 -22 - C• it Ok & G gen 53 1919 J-J
Con Trac of N J 1st 55 '33
---- ---- D• el Co Rys tr ctfs 43.49J4
"15- ___ Bice es Peoples Tr tr etts_ _
--- Fr Tacecli 1st 5s 1940.44
Gen Asphalt 53 1916_M-S
:7:
---- Indianan By 43 1933 _ _J-J
"41- No-- Interstate 45 1943...F-A
Keystone Tel Os 1935..J4
"EU ____ Lake Sup Corp Inc 53'24_0
5912 -- Lehigh Nay 4;is '14...Q4
Gen 61 4 ;is g 1924..Q-F
20 ____
Leh V 0 1st 55 g 1933,14
70
77 ____ Leh V ext 4s 1st 1948 _J-D
Consol es 1923
J-D
Consol 4 Ms 1923.__J-D
16-6- ---Annuity 65
J-D
4414 4412
Gen cons ss 2003 M-N
151 ____ Leh V Tran con 43'35 J-D
85 ____
1st series A 4s 1935..M-S
1st series B 5s 1935 M-S
953 91i16 MarketStEl let 48'55 M-N
290 ___ NatLII&P ser li 5s '19 J-J
New Con Gas Os 1948.J-D
--._
NY Ph Fe No 1st 43'39 J-J
Income 48 1939_ ..61-N
11 ___. Pa & N Y Can 5s '39_A-0
6312 54 Penn Steel let 58 '17_61-N
0912 __ People's Tr tr ctfs 4s 1943
P Co Istdecolt tr 53'49 1.1-S
Con & coil tr 5s '51 SI-N
53----- — Phil Elec gold tr ctfs_A-0
Trust ctfs 4s 1049 __J-J
"-ii —61-2 P & E gen If 53 g '20_A-0
Gen 1.1 4s g 1920
A-0
30 31
!Bid and aeked; no sales on this day.
`
4
Friday
Feb. 23
Ask
PHILADELPHIA
Ph do Read 2d 53 1933 A-0
Ex Imp NI 45 1947_A-0
Terrnin..1 55 g 1041_Q-F
02 P W & B col tr 43 '21__J-J
8714 8712 Read Trac 1st 6s '33__J-J
95 96
Roch By & Leon 5s'54 J-J
Spanish-Am 1r 63'27__J-J
Stand Gas & E 6s'25 SI-N
11534 11612 Stand St1 Wks lst58'28 J-J
U Trite Ind gen 5s '19.J-J
106
103
Un Rys Tr ctfs 43.49_J-J
United Rys Inv 1st coil tr
s t 5s 1926_M-N
Welsbach s f 5s 1930__J-D
gi3-4 88
Wil-B GesE con 53.55_J-J
------ 9612 York Rys 1st Os 1937.4-D
8338
83
6212
BALTIMORE
823
..
4 8
7
0
23
14
2 Alal,rcelofn
enrasrcec
tdiova
el S
.
.
1. :
1:-.1.
!
e 0if
rkosn_100
100
ior :::: A• tlan Coast L (Coma)..100
100
109
Canton Co
10312 ____ Georgia Sou & Fla___100
1st preferred
100
_
1031!
2d preferred
100
•
G-B--. Brewing
iki100
9812 Seaboard Air Line____100
98
Preferred
100
Bonds
Prices are all "and
_ ___ 98
interest"
100
tis 1930._.J-'J
City
3
Bait
:7::
48 1954-1955_Various
9814 ___
SI-N
5s 1916
Anacostia & Potom 53A-0
114
Atl Coast L(Ct)etts 53 J-D
_
Cas of lndebt 4s____J-J
-04 -923-4
J-J
5-20-yr 45 1925
10312.
97 ____ B S P do C 1st 4 ;is'53 F-A
10314 10358 Bait Trao let 53'29__M-N
No Bait Div 5s 1942 J-D
8134.
:
8
:
2.
1!
107
Car Pow & Lt 5s 1938 F-A
Cent Ry cons 5s'32M-N
100
I 515 paid.
•
$ 513 A paid.
Range Sines
January 1
Big/zest
Lowest
06 Jan
101 Jan
814 Jan
5334 Jan
12712 Jan
251 Jan
3 109 Feb 9
2 110 Feb 7
3 1073 Feb 14
25 6373 Feb 14
30 12812 Jan 17
27 2513 Jan 2'7
-6012 Feb 13
1814 Jan 2
6412 Jan5
21 Feb 1
Range for Previous
Year (1911)
Lowest
Hisfisesi
64 Jan
89 Jan
7 Mch
45 Feb
121 Jan
21 Jan
80 Jan
4314 Jan
1613 Jan
9512 Dec
101 Sep
10 Aug
79 J'ly
13(Pi J'ne
2838 J'ne
9978 Dec
65 Nov
1978 J'ly
5 Nov
2 Feb 9
1712 Jan
7 Jan 10
42 Jan
4612 Nov
45 Feb 2 4512 Feb 1
4078 Sep
4834 Feb
4238 Feb 23 4412 Feb 2
1113 Jan
1212 Jan
1178 Feb 2 1214 Jan 29
4812 Jan
5618 J'ne
5234 Jan 16 5512 Jan 23
2812 Aug
3914 Oct
3014 Feb 1 3314 Jan 3
68 Aug
8378 Jan
69 Feb 15 73 Jan 3
653 Dec
918 Jan
7 Jan 4 81:o Jan 8
32 Feb
2113 Sep
2714 Jan 3 30 Feb 23
8312 J'ne (38 Jan
88 Feb 5 9014 Jan 3
7534 Sep 93746 Dec
7818 Feb 6 9278 Jan 16
614 Jan
978 Oct
812 Jan 3 1012 Feb 10
2538 Oct
1812 Jan
23 Jan 12 2712 Feb 19
5938 Sep
65 Feb
6114e Jan 27 6214 Feb 2
5914 J'ne
4814 Sep
5012 Jan 11 5614 Feb 16
18 J'ly
1512 Nov
1678 Jan 2 1834 Jan 25
17 Apr
2418 Aug
2313 Jan 2 243g Jan 25
7414 Jan 11 79940 Jan 221 651,18 Sep
8034 Feb
712 Feb 17
634 Jan 11
512 J'11,
858 Jan
5234 Aug
43 Jan
8034 Feb 23 5214 Jan 26
8414 Sep
8938 Jan
834 Jan 26
8614 Jan 9
Bid
All;
BALTIMORE
Ely Ext&Imp 5s '32 11-S
11314 __
5s'23 J-J
Chas City Ry
10014
_-8 Chas By G & El 55'99 M-S
1157
City & Sub let 5s 1922 J-D
City & Sub(Was)let 5s '48
10114 Coal & C Ry 1st 5s'19 A-0
12_12 :
:
102 Coal & I Ry 1st 5s'20.F-A
Col &Grnv 1st 056 1916 J4
Consol Gas 5s 1939___J-D
Gen 430 1954____A-0
Com G E & P 4)is '35 J-J
Fair & CI Tr 1st 5s'38 A-0
Ga & Ala 1st con 5s'95 J-J
.0
7
021!
_ (la Car&N 1st 58 g
Georgia P 1st Gs 1922..J4
95 (ia So & Fla 1st Os '45.J4
G-B-S Brew 3-4s '51_M-S
Knoxv'Frac 1st 53 '28 A-0
MaconRy&Lt 1st 5s'53 J-J
90 Md Elec By 1st 5.5'31-A-0
70 Memphis St 1st 51 '45_J-J
6414 265 Mt Ver Cot Duck let 5.3_
145 ___ Npt N &0P 1st 5e'38M-N
Nor&Port Tr 1st 53'36 J-D
North Cent 4 Ms 1925 _A-0
Series A 58 1926___J-J
Series B 55 1926_ __J-J
--114 212
23 2434 P:tt Un Trac 5s 1997__J-4
45 ____ Poto Val let 5s 1941_44
Say Fla & West 55 '34 A-0
Scab Air L 45 1950__A-0
Adjust 53 1949____F-A
Scab & Roan 56 1926__J-4
South Bound 1st
9412
U El L&P 1st 4;0'26 M-N
Un Ry
El 1st 4s '49 m-s
Income 45 1949___J-D
fa"
Funding 5s 1936-4-D
627 _
vaMid 3d see 68'16_M-S
4th ser 3-4-58 1921.M-S
5)7
5th series Is 1926__M-S
9712
Va (State) 38 new '32_J-J
Fund debt 2-38 1991 J-J
West N C con es 1914_J-J
W11 & Weld 58 1935___J-J
Bid
Ask
104
95 9612
105 106
10234
••••••
i5614
97
9014 9012
100 10014
10534
_—
3638 37
10614 107
101 10114
99 9912
7714 7734
97
8812
10412
10912
10958 11012
_-__
8712 88
80
so
10575
9458
8514
65
8712
951
8518
6518
88
idi"
8734
8734 8812
103
11014 Hari
-Mot. Lxxxxrv.
THE CHRONICLE
1-46
Bid Aslt
Industrial and Miscel
e Diamond Match t o___100 110 11112
duPont(E I) de Nem Po 100 180 165
e Preferred
100 9039 95
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
e Gold 4 MS 1930
1936
J-l) 8434 8534
DAILY,WEEKLY AND YEARLY.
10
Empire Steel
15
10
Preferred
43
100 30
e General Chemical
100 135 137
Stocks.
Railroad,
e Preferred
100 10812 11012
U. S.
Week ending
&c.
State
Gold Hill Copper
1 *J.
Bonds.
Shares.
Bonds.
Par value.
Feb. 23 1912.
Bonds.
'
Greene-Cananea
20 *734 7171
175 190
Guggenheim
Explor'n_100
$5,000
$48,000
Saturday
87,153 37,998,100 31,065,500
e Hackensack Water 0)71,000
1,832,500
167,335 14,489,500
Monday
g 45 '52 op 1912 J-J 80
Ref
82,000
1,812,500
Tuesday
127,894 11,839,400
13
Hall Signal Co corn
100
Wednesday
77,000 115,06.5
292,169 22,399,400
1,913,500
3
Havana Tobacco Co__ 100
Thursday
HOLI DAY.
12
6
101
Preferred
20,000
46,000
Friday
240,021 21,709,600
1,757,500
87
1st g 5s June 1 1922 _J-D 1 02
Hecker-Jones-Jewell Milling
3324,000 3140,000
Total
914,572 378,436,000 38,381,5001
A1-4 102 104
1st Cs 1922
20
Herring-Hail-Mar new_ _100 10
Jan. 1 to Feb. 23.
Soles at
Week ending Feb. 23,
Hoboken Land Sc Imp
New York Stock
let 58 Nov 19.30____M-N 103 105
1911.
1912.
11
Exchange.
1911.
1912.
Hocking Val Products_ .100 10
614
5)4
1st g 5s 1961
J-J
Companies
19,576,001 B Sc Ferry
16,672,694
2,236,644
!Woks-No. shares...
914,572
98
100 11114 1012
N Y 1st 6s 1911....5.3 92
Houston Oil corn ma
^ Par value
$78,436,000 $196,225,900 21,375,349,100 $1,719,419,725 NY &ER Ferry stk__ _10
10
6312
20
Pre ells ___ _ __ __ _100 Cl
$255,300
256,100
$17,100
Bank shares, par.._
$4,500
45
e In Lemon-Rand corn__ _100 95
1st Os 1922
M-N
Bonds.
e Preferred
100 97
N Y Sc Bob 5s May '48..J-D 99 1131:7$57,500
1335,500
$15,500
Government bonds_
$140,000
Bob Fy let Os 1946_111-N 10434 __ __ Inspiration Consol Cop._ 20 1858 187
31,090,500
4,475,500
1,989,000
15
State bonds
324,000
1512
_
NY&NJ 5s 19415
Intercontinental Rubber IOU
J-J
128,130,000 10th (1: 23d Sts
151,320,000
8,381,500 19,329,000
RR.and misc. bonds_
91
25
36internat'l
-Banking Co..Co_100 . 88
Ferry_ _100 9765
international Nickel__ _100 258 202
1st mtge 5s 1919____J-1) 57
$159,278,000
3156,137,000
Total bonds
38,845,500 321,333,500
100 10112 103
6 Union Ferry stock_..100 2012 23
Preferred
9612 9812
let g Os 1932
A-0 0912 10012
e 1st 5s 1920
M-N
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
2
4
100
International Salt
EXCHANGES.
4812
1st g Os 1951
A-0 / 40
Short-Term Notes
55
100
International
Silver
100
•
Amat Cop Os 1913 --A-0 10078 101
Philadelphia.
Boston.
Preferred
100 115
Salt & Ohio 44,
0 1913_J-D 10108 10034
110 iil"
1st (is1948
Week ending
Bethieh Steel 6s 1914__M-N 10114 10134
Unlisted
Bond
Listed
Bond
-00 115 125
Listed Unlisted
Feb. 23 1912.
Ches Sc Ohio 4124 1914-1-D 9938 9968 Internal Smelt Sc Refg 11D
shares.
sales.
shares.
sales.
shares. shares.
Chic Sc Alton 5(3 1913_81-3 9912 9978 Jones Sc Laughlin Steel Co
1st a 1 g Os 1939
M-N 101 10112
Chic Elev Rys bs 1914__J-J 9032 9878
10,590
1,412
346,000
$77,900 Cin Ham & 1) Is 1913___J-1
10
00 8 Kayser (Julius) & Co...100 6312 8412
7,075
8,001
Saturday
1,077
13,085
111,000
8
97,000 Erie Cs Apr 3 1914 __A-0 10
134
1st preferred
993
15,111
28,640
100 10314 104
Monday
2,145
9,122
26,500
74,800
7,752
15,467
Col 5s 1914
A-0 100 10014 e Lackawanna Steel- _100 2312 30
Tuesday
3,809
11,201
96,000
9912
d 1st con 65 1950____81-3 79
95,150 eGeneral Motors 0'15 A&O 99
0,620
18,033
7934
Wednesday
HOLI DAY.
e Deb Os 1915
M-s 9058 9212
Thursday
Hudson Companies24,374
3,263
83,000
72,100
Lanston Monotype--100 9114 9134
18,025
18,899
(is Feb 1 1913
F-A 9934 100
Friday
Lawyers'
Mtge
Co
205
100
2/0
Os Oct 15 1913- A&015 9934 100
68,372
9838 9834 Leh Sc Wilkes-B Coal-_-_50 290
12,306 3416,950 Int dr Ut No 5.1 1914
54,583 3347,500
88,840
Total
Madison Si Garden---100 55
0812
Internal Harvester bs_1915 10078 101
Transit
20
*112 158
K C Sty Sc Lt Os 1912-M-S 97 --- Manhattan
e May Dept Stores-See Stk Exch list
96
Minn Sc St L 358 1913 F-A 95
9078 10018 eillarni Coppor-Se, Stock Ezell list
Ho Kan & Tex 55 1913 M-N
60 *10
9634 Monongahela It Coal
MoPaciila 5s 1914 _..-J-1) 96
All bond prices are now "and interest" exceAt where marked "I."
50 *31
Preferred
Nat Itys of Mex 44013J-D 9918 9912
104 112
100
Bond
Co
Mortgage
64.40
4.2u
•N YC Lines En Os '12-'22
Bid Ask
Bid Ask
Street Railways
100 102 106
Street Railways
4%5 Jan 1913-1925._ _J-J 54.40 4.15 Nat Bank of Cuba
Pub Sery Corp N J (Con)100 250 260
N Y Cent 43-is 1914
M-.4 10312 10034 e National Surety
*0
Rapid Tran St Sty_ ___100 235 240
New York City
St L Sc S F 5s 1913
M-8 9978 10014 e New Central Coal
28
1st 5.3 1921
2212
A-U 102 ---.
100 20
Bieeck St & Ful Fy stk_100 22
Os June 1 1913 opt J-D 9912 90/8 a New Yon Dock
J C Bob & Paterson70
66
J-J
100 40
55
1st mtge 45 1950
e Preferred
Smith ay g 5s 1913........F-A 10012 101
45 g 1949
M-N 77 -- Tidewater 6s, 1913, gu J-D 10188 10134 N Y Mtge Sc Security...100 210 215
100 160 104
B'y & 7th Ave stk
*3
So J Gas Et & Trac _100 125 130
5
20
J-J 9934 1001,
2d mtge 55 1914
Wabash 440 1913
N Y Transportation
90
94
M-N
95
Go g Os 1953
M-8 9812 11912 WestIngh'se El Sc B Os 1913 10112 102
NUes-Bem-Pond coin...100 90
Con 51 194 .-See Stock Exc list
No Bud Co Sty 8s 1914 .I-J 101 103
5 *738 712
NipissIng Mines
B'way Surface lot 6s gu 1924 10112 103
e5% notes Oct 1917-A-0 9612 1(7
__
102
*1
-J-J
118 .
Is 1928
10
Cent'l Crosstown stock 100 -_- -- ..
Ohio Copper Co
98 __ ..... Chia PeorRailroad
91
Ext 5s 1929
M-N
100
118 134 •
1st intge 65 1922_ ___M-N / 85
& St L
e Ontario Silver
Pat Sty con (Is 1931__J-D 114 -- ....
20
7
100 7312 75
Prior lien g 44is '30_M-S 88
Cen Pk N dr E Rly stock_100
Otis Elevator corn
94
102
100
_A-0
2d fis opt
Preferred ______ ___ _100 101 102
Christophl & 10th St stk 100 120 )133
Con mtge g 53 1930___J-3 / 40
50
31
Light___10(.4 30
812 9
Republic RI &1914_60
Pittsburgh Brewing
Income 53, July 1930....
Col & 9th Ave Is-See Stock Exc list
7
100 7812 7912 Chicago Subway
Preferred
50 3714 3934
Preferred
Dry Dock E B & B100
cago
list
J-D 100 1021 $o Side El (Chtc)-See Ch
Northern Securities Stubs__ 1(10 ird- :Pittsburgh Steel pref_100 100 105
1st gold 5s 1932
45
Syracuse R T Is 1946 -A1-8 102 104
50
100 42
F-A / 40
Scrip 5s 1914
eOregon-Wash R.R&Nav See Stk E a list Pope Mfg Co corn
rrent P & il 5s 1943.__J-D 97 100
78
100 76
Pitts Bess & L E
Elgath Avenue stock...100300 359
Preferred
33
50 *31
pref-100 98 10212
F-A / 99 1901, United ays of St LScrip 6s 1914
Preferred
Pratt
Sc
Whitney
+63
70
60
100 1114 1134 e Railroad Securities CoCorn vot tr ctts
100 90 100
921 & Gr St Wy stock_100 280 3-..10
Producers 011
100 4234 43
8 Preferred
428 St K& St N Ave_ _100 -_ __
in C stk tr ctLs ser A__ _62
cagy Consol Copper-See 8 tk Ba llst
Gen 48 1934-See Stock Exc list
21 income (Is 1915___J-J , 65
Seaboard Company-See Ba It Sac list
Realty Assoc (Bklyn)_100 3115 116
Unit Rys San Fran-See Stk Exc list
list
Inter-Met-See Stock Exch ange -Royal Bak Powd corn.. 100 190 195
8d
7412 West Pao 1st 55 1933__M-S 86
100 X 73
Wash Sty Sc El Co
100 110 112
Lea Av & Pay F 5s-See Stk Exc slat
Preferred
Industrial and Miscel
100 9234 9314 Adams
Preferred
Dietropol St Ry-Sea titk Exc list
9934 100
Rumely (AL) Co, pret_10
Rap
g
8614
4s
/
8534
1947__J-D
95 1951
J-D 8014 8034 Ahmeek Mining______
100 150 176
Ninth Avenue stock
Safety Car Heat Sc Lt._ ..100 121 122
240 250
.....25
12
8
Second Avenue stock _100
eSears, Roebuck dr Co...1M 15012 15138
Alliance Realty
118 125
100
48
Gas Securities
F-A I 45
101/ 123 12334
Cousol Os 1948
ePreferred
Amer Bank Note com
50 *4312 45
New Fork
60
Seneca Mining_......25 25
•Sixth Avenue stook___100 115 125
Preferred
50 *5112 53
75 Cent Un Gas 5s 1927___J-J 10212 10312 American Book
100 291 294
Singer Mtg Co___
00l1 Boulev 5s 1945___J-J 65
170 180
100
95 Con Gas (N Y)-See Stock Exc list
A-0 85
2
80 Fee 1st Os 1919
9512 South Iron Sc 8 corn....100
eA al Brake Sh&Fdy com100 93
a Mutual Gas
100 172 180
2
100
Preferred
Third Avenue RR-See Stk Exc list
ePreferred
100 130 13212
14
New Amsterdam Gas80
IOU
Standard Cordage
Tarry W P & 31 Is 1928_ / 60
125 130
American
100
Brass
1st consol Os 1948_ _J-J 10212 10312 Americgn Chicle
95
1st Mg 5s '31 red....A-0 / "10-- 14
Y'kers St RR 53 1940 A-0 83
100 230 235
corn
- J-J 10412 10512
N Y Sc E It Gas 1st Os'44
25
Adjust M 5s Apr 1 193I__ / 1
3
28th & 29th Sts 5s '96.-A-0 / 20
105 108
Preferred
100
10312
Consol Os 1945
J-J 10212
Twenty-third St stock-10(J 230 150
3712
9 -... Standard Coupler com_100 34
Am (lraphophone coin. 100
IOU 105 110
Preferred
Union ay 1st Os 1942-F-A 10312 ---- N Y Sc Richmond Gas. 100 3712 -- 55
Preferred
100 90
Nor Un 1st 5s 1927___31-N 10112 103-12 Amer Hardware
80
70
Westchester 1st 3.3 '93 J-J
e Standard Milling Co_ 100 1612 18
130 135
100
3 Standard Gas corn
100 tie -- Ain Malting Cs 1914____J-1) 10() 102
100 50
.4 Preferred
Brooklyn.
65
100 05
. Amer Press Assoc'n__100 82
e L'refer red
3.5
r 1st bs 1930_ ____ .3I-N
Atlan Avenue RRM-N 10412 fa eAtuer Snuff corn
1st Os 1930
Standard Oil of N J(old) 100 fii- 800
A-0 101 102
Con Is g 1931
101) 128 130
Other Cities.
Standard Oil ex-subsidiar's 352 358
B B & W E 5s 1933-_A-0 96 WO
e Preferred
100 10712 104
50 *80
Am Gas & Elm corn
Stead ad Oil Subsidiaries _ 425 930
10 161 164
Brooklyn City Stock
e Preferred (new) __..100 100 102
50 *4512 47Preferred
Studebaker Corp com_1(40 6012 6112
Con 5s-See Stock Each ange list
Am St Found new-Sea 6 tk Ex list
_10(4 10012 10112
Preferred
Amer Light Sc Tract___100 297 300
Bklyn Hgts 1st Os 1941 A-0 08 102
6s 1935
A-0 9912 101434
100 105 10712
Preferred _
Sulzberger & Son.; uo p f _100 9812 100
65
Bklyn Queens Co Sc SubDeb 49 1923
P-A 62
76
Amer Power Sc L. corn_100 73
e 1st g 5s '41 op 1910' _J-J 98 101
American Surety
50 26712 27212 Swift & Co-Sea Boston Stk Exe list
WU 85 88
Preferred
1st 55. ,See Cnick:o Stk Exe list
9612 971,
s 1st con 53'41 op '16 M-N
American Thread pref___5 *412 d14
50 *710
100 94
Bay State Gas
12 Amer Tobacco corn-SeeS tk Ex list
eTexas Company
Bklyn Rap Tran-See Stocs Exc list
96
100 50
IlInghlon (N Y) Gas Wks
57
52 •Texas Sc Pular) Corti 100 89
Coney 1st dr Bklyn
93
Amer Typerders corn___100 46
efexas Pacitio Land Tr_100 89
75
A-0 97 100
82
1st g 5.3 1938
1st cons g 45 1948-J-J
93
Preferred
100 99 lul
list
Exc
IC_
.1-3 75
80
l'itie Ins Co of N
Brooklyn Un Gas-Sea Stk
__100 121 124
Con g 4s 1955
Deb g 13s 1939
M-N 9912 102
Buffalo City Gas stock..100212 4
Brk C & N 5s 1939_ _J-J 90 100
714
112 214 l'onop th Min (Nevada)._ 1 .7
Amer WritIng Paper____100
1st Os 1947-See Stock Exc list
frenton Potteries com_16U
Slags Co Et 4s-Sea Stock Su list
4
8
el/referred -See Stock Ex ch'ge list
91
Preferred new
Cities Service Co
109
100 89
Nassau Ow pret
100 5U
55
elst s g 5s '19 rod 105J-J 8812 8914
85
Crow Directory
Preferred
100 83
A-0 101 103
9
100 25
5.3 1944
40
8
Atl Ulf & W 1158 Lines__100
99
90
Con G9.9 of N J as 1938 _J-J
(Minion Bag Sc Paper
19
1st 45 1951-Sea Stock Ego 1st
HO
478 0
Preferred
100 18
el/referred
94 Consumers L a & Pow/3734 0814
50
100 49
N W'b'g & Flat 1st ex 4;is 140
J-J
Coi tr g Os 1959
Union Typewriter com 100 31
5s 1933
J-D 100 ....... Barney Sc Smith Car...100 15
20
Steinway 1st 6s 1922-J-J 103 105
33
Denver Gas & Elea
1st preferred
100 220 __ _
Other Cities
1)0
100 104 10512
Preferred _
100 80
9611 811ss Company com____ 50 80
(len g 5s 1949 op.___M-N 95
2d preferred
9812
90
Buffalo Street Ry100 97
Elizabeth Gas Lt Co____100 300 -..
United Cigar Mfrs
let CORSO' 5s 1931__F-A 10434 108
1(49 5312 5412
Preferred
50 12212 127
Essex & Hudson Gas _10(1 138 140
a Preferred
Deb (Is 1917
A-0 104 105
100 108 110
Bond Sc Mtge Guar
100 20712 27212
90
Ws ac El Bergen ce___100 85
United Copper
112
80
Columbus(0) St Ry
100 75
Borden's Cond Milk___100 128 129
e Gr Rap 1st Os 1915 _ F-A 100 101
15
94
Preferred
100 92
Preferred
Preferred
100 100 111
Hudson Co Gas
eUnited Dry Goods
100 132 134
Column /Ay con 5s 1932 J-J 102 104
F()
)
jr7s 97
British Col Copper
6 *334 4
elst 5s 1949
Crosst'n 1st Os 1933_J-D 101 102
el/referred
100 40358 10484
11I-N 105 10511 Butte Coalition Mining_ 15 *2218 23
/Conn Ay dr Ltg com-100 70 ___. Indiana Lighting Co... 100 42
47
214 234 U 3 Casualty
Casein Co of Am corn....100
U 8 Envelope corn
12 2B
F-A 71 e Preferred _ -------100 81431953 op
55
Preferred
100 52
Hsi;
26
50 20
1st & ref 45s-Sea Stock idge 11;t- Indianapolis Gals
Preferred
Casualty Co of Amer_ _100 125 149
1st g 5s 1952
95
80
) Ill
42
U 4 Finishing
II
Federal Light & Trac 100 40
A-0 73
Celluloid Co
100 139 142
Jackson Gas bs g 1937_ A.-0 97 100
IOU 103 108
81
100 x 79
Preferred
1
3
Preferred
Cent Fireworks corn.. ....100
J-3 10I) 106
85 a Laclede Gas--See StockE will II st
13
let g 6s 1919
Preferred
Grand Rapids KY p100 82
100 10
e Preferred
J-J 95 100
e Louts,/ St Os 1930....3-3 105 40514
100 9612 971; Chesebrough Mfg Co____100 700 725
Con g 5s 1929
Madison Gas 8s 1926_ _A-0 104 109
3018
Lynn Sc Bos 1st Os 192-4 J-D 10412 108
50 • U 8 Indust Alcohol .....100 27
City Investing Co
100 51
100 97
371, Newark Gas Os 1944__Q-J 125 128
9912
e New Orl Rys Sc Lgt
el/referred
100 35
Preferred
100 100 101
C Preferred
100 8014 811 Newark Consol Gas.... 100 96
v0 1142
U 13 Steel CorporationClaflin (H B) corn
1p0
112 11312
e Con g Os 1948
Gen 131 g 43s 1935-See S tk Ex list
J-D 105 106
93
Col tr e f Os 1951 opt '11
e let preferred
100 9()
N Y Westch & Bost RVNo Hudson L H Sc Pow(14
Col tr s f Os '51 not opt- 112 11312
e 28 preferred
100 00
5.9 1938
1st g 412s 1948__ __J-J 9914 991,
A-0 100 --- Consol Car Heating
95
00
U 3 Tit Gu Sc 1ndem__100 90
100 57
ePub Serv Corp of N-J-See Stk E s list Pacing Gas Sc E, corn. 100 6712 581.. Consol Rubber Tire
100
8
812 Westchester & Bronx Title
Preferred
100 MO 166
Tr ctfs 2% to 6% perpet 106 107
IOU 89
92
Preferred
39
& Mtge Guar
100 37
Pat & Pas Gas Sc Elec_100 93
North Jersey St Sty. 100 80-Vestingh'so Air Brake._ 50 $ 16734 158
95
Debenture 44 1951.-A-0 / 54
58
a Con g 5s 1949
1st 4s 1948
7712 _
M-8 103 104 • Crucible Steel
M-N
1012 1034 Woolworth (F W) Co (v/ 0, 79 80
10
Cons Tract of N J....„100 75_ . it Joseph Gas 5s 1937._J-.J 90
Preferred (w I)
11112 11214
94
• Preferred
100 8038 8034
1st Os 1933
3-1) 104 105- StandardGas&Elec.(Del.)50 *24
c58
25
Davis-Daly Copper Co .10
34 yorthingt'n Pump pref.100 106 10812
prpferred
m) *A91. i.81
1•RIvek P.Rv Po g8) .1-I 1f171. 1.1
Volume of Business at Stock Exchanges
Bid Ask
Electric Companies
85
Gr't West Pow (is 1946_J-J 84
a Kings Co El L Sc P Co_100 12812 128
91
Narragan (Prov) El Co___50 * 92
62
NY & Q El L & Pow Co_100 58
100 75
85
Preferred
90
100 85
United Electric of N J
.1.1) 79
7914
1st g 1s 1949
32
Western Power com___ _100 30
5'J
100 57
Preferred
Telegraph and Telephone
80
e Amer Telep; Sc Cable_ _100 75
100 119 122
e Central Sc 130 Amer
Un Tel (N Y)___25 109 115
75
Empire Sc Bay State Tel_100. 85
50
100 40
Franklin
e Gold & Stock Tele& 100 115 120
e Northwestern Teleg___5 110 118
70
Pacific, Sc Atlantic
25 06
e Pao Telep Sc Teleg pref 100 9814 IOU
Southern Sc Atlantic. _ _25 90 100
South Bell Telep Sc Teleg9934 100
1st g'53 '41 op '16_ ___J-J
Inactive and Unlisted Securities
-
*Per sitar,.
b iiasts.
e Sells on Stock Excaange, b.:t not very active. / Inat price, a No.aivat
s sate Dr co.
s few stook.
x 14x-div.
yl4x-rIghts,
FEB. 24 1912.]
THE CHRONICLE
Anuestmeirxt
547-
and *aitroad intetttgence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEA NT railroad from which
can be obtained. The first two columns of figures give the gross earnings for the latestregular weekly or monthly returns
week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month.
We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July,
but covers some other
period. The returns of the electric railways are brought together separately on a subsequent
page.
Latest Gross E'arnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year
July 1 to Latest Date.
Current
Year.
Previous
Year.
Latest Gross Earnings.
ROADS,
Week or
Month
Current
Year.
July 1 to Latest Date.'
Previous
Year.
Current
Previous
Year.
Year.
Ala N 0 63 Tex Pao3
$
5
5
5
N 0 & Nor East_ January _ 320,322 314,823 2,216,365 2,160,376 N Y N II 63 H.rtt.._
December..
5.418,045 3,032,911 32,1163,002 32,365,222
Ala & Vicksburg- January __ 149,061 154,959 1,022,415 1,108,836 N Y Oct & West__
Decem er..
4,977,401
Vieks Shrev& Pac January _- 128,154 135,585
890,085
949,320 N Y Susq & West__ Decem cr.. 89 ,422 734,169 4,777,33
339,788
317,2
2,002,945
,4
North..
1,890,292
December..
Ala Tenn &
16,675
11,850
81,977
57,740 Norfolk Southern__ (,ocember.. 27 (,252
253,978 1,594,-84 1,432,352
Ann Arbor
2d wk Feb
38,211
39,006 1,469,689 1,339,531
Norfolk
Western_ December., 3,257,244 2,935,533 19,985,571 18,494,622‘
Atoll Topeka & S Fe December 9,198,975 0,002,112 54,936,783 55,676,325 North .rn63Pacific__
December.. 5, 23,317 5,013,847 34,479,769 36,478,551
Atlanta Birm & At! 1st wk Feb
68,828
59,518 2,018,292 1,720,309 Pacific) Coast Co___ December.,
586,960 605,663 4,074,787 4,370,717
Atlantic Coast Line December _ 3,256,760 3,114,245 15,796,586 14 922,984 .ennsylvania rut__
December.. 13746379 13123249 82,161,731 31,908,425
o Baltimore & Ohio_ January __ 6,570,122 6,413,316 53,492,506 53,409,693
Bait Ches & Atlan December..
16,873
15,010
168,287
13 & 0 Ca Ter It it Decem her.. 110,301 115,446
164,745
813,999
797,979
Cumberland Vail.. De.:ember.. :4,0
11:20
60
4 25s.747 1,500,048 1,636,515
Bangor & Aroostook December.
246,052 256,068 1,669,486 1,498,504
Long Island
December.. 737.548 675,831 5,834,355 5,465,112
Boston 63 Maine
December 3,763,841 3,528,563 24,039,530 23,529,782
Maryl'd Del & Va December..
8,661
85,257
Bridgeton & Saco II December
81,660
3.517
3,336
32,221
28,185
N Y Phila. & Norf December.. 261,980 265,033 1,728,009
Bull 1toch & Pittsb 20 wk Feb
1,774,039
199,020 180,130 6,065,210 6,079,624
Northern Central. .'ecc ber.. 1.024,812 1,125,056
6,538,064 6,660,358
13ulfalo & Susq
December.. 211.661 199,185 1,264,788 1,194,988
Phlia Balt& Wash December.. ..581,1 .1 1,552,675 9,;94,905
9,959,138
Canadian Northern_ 20 wk Feb 276,900 203,000 12,101,700 9,232,500
W Jersey & Seash December.. 460,518 355,170 3,6
.0,280 3,557.176
Canadian Pachic
2d wk Feb 1,982,000 1,589,000 73,917,366 04,186,651
Pennsylvania Co
December.. 3,945,120 3,776,571
28,403,032
Central of Georgia_ _ 2d wk Feb 280,300 289,300 8,941,273 8,431,683
Grand Rap & Ind December.. 407,024 405,113 27,471,180
2,686,505 2,725,971
Central of New Jet*. December.. 3,001,111 2,957,045 15,642,705 15,050,516
Pitts Cin 013.63St L December.. 1,288,972 3,340,080 .:0,498,320
Central Vermont
December
322,608 312,744 2,145,251 2,044,572
Vandalia
December.. 843,966 939,442 5,200,331 20,872,703
5,652,445
Ches & Ohio Lines_ 2d wk Feb 628,199 579,939 20,029,388 20,969,680
Total linesChicago & Alton
2d wk Feb 324,419 308,005 9,523,890 9,496,006
East Pltts & E_ December.. 19005102 18311043 119069915
118925144
Chia Burl & Quincy December.. 6,942,257 7,451,014 45,970,700 48,261,260
West Pitts & E December.. 8,892,073 8,827,644 58,392,607
p Chic Great West_ _ 20 wk Feb 275,077 265,539 8,067,700 8,051,168
East& West December.. 27897176 ;7141688 177462524 59,908,866
Chile Ind & Louisv_ 2d wk Feb 101,072 105,999 4,035,710 3,863,699 Pere All
178894012
Marquette
January __ 1,157,198 1,196,750 10,250,924 9,712,934
Chic Memph 63 Gulf December
23,058
17,325
142,541
78,095 Raleigh
14,713
13,418
73,422
65,566
Chic Milw & St Paul December. 5,208,589 5,407,238 33,344,555 35,522,390 Reading&Southport November_
CompanyCh Mil & Pug Sd_ December. 1,370,707 1,226,120 8,42:3,868 7,513,501
Phila & Reading_ December 4,050,389 4,012,167 23,282,688 23,053,296
aChlo & North West December. 6,305,925 6,353,779 .10,643,927 41,746,982
Coal
&
Iron
Co
December
3,660,219
4,213,084
17,830,395
16,766,172
aChic St Paul M & 0 December.. 1,312,574 1,399,788 8,133,657 8,053,431
Total both oos
December 7,710,588 8,225,251 41,113,083
Chic T II & S B_ December.. 161,868 171,834
958,206 1,162,615 Rich Fred 63 Potom December.. 210,213 187,424 1,169.402 39,819,468
Cln Ham & Dayton December
1,092,979
780,678 738,752 5,335,018 5,004,886 Rlo Grande June
December..
77,774
75,930
562,141
554,060
Colorado Midland_ _ December
133,974 162,932 1,061,596 1,116,567
Grande South
2d wk Feb
9,721
7,276
319,066
376,151
I) Colorado & South.. 20 wk Feb 2. 6,376 248,290 9,330,944 10,067,135 Rio
Rock Island L nes
December.. 5,552,312 6,042,335 34,135,781 36,517,883
Cornwall
Deco :(ber..
16,706'
12,836
06,183
86,251 Rutland
December..
264,986
264.272
1,842,884 1,863,400
Cornwall & Lebanon Deoember..
22,2641
28,306
160,087
189,233 St Jos & Grand 181_ December.. 114,063 141,527
843,166
919,552
Cuba Railroad
oecember.. 293,685 237,118 1,582,601 1,261,936
63 San Fran December.. 3,689,504 3,914,985 22,197,221 22,770,519
Delaware 63 Hudson December.. 1,753,629 1,695,840 11,133,007 10,762,066 StILouis
Chic
&
East
Ill_
December..
1,354.0791,4
14,046 8,155,206 8,029,019
Del Lack 63 West_ member.. 3,0 7,925 3,033,375 19,174,316 18,534,818
all lines
December.. 5,043,583 5,329,032 30,352,427 30,799,539
Deny Ss Rio Grande 2d wk Feb 378,300 348,100 15,045,158 15,320,418 StTotal
L Rock Mt 63 P
December.. 183,268 220,357
913,774 1,119,393
Western Pacific
December.. 402.155
2,934,172
St Louis Southwest.. 2d wk Feb 249,000 257,000 7,771,268 8,014,700
Denver N W & Pao_ 3d wk Dec
24,085
19,099
650,658
610,517 San Ped L A & S L_ December.. 694,351 763,276 4,382,428
4,113.650
Detroit Tol & Iront 2d wk Feb
45,672
25,405 1,136,270 1,236,578 Seaboard Air Line- 20 wk Feb 445,806 468,725
13,850,276 13,112,986,
Detroit ec Mackinac 2d wk Feb
20,685
20,664
744.766
727,125
outhern Pacific) Co Decem.per.. 11296477 11566464 60,069,365 71,137,723
Dui 63 Iron Range__ December..
92,436 136,509 4,423,402 5,072,579 Southern Railway
2d wk Feb 1,200,493 1,164,173 30,565,063 38,414,158
Dui Sou Shore & Atl 2d wk Feb
55,842
51,237 1,083,676 2,066,385
Mobile & Ohio
2d wk Feb 215,091 219,050 7,190,134 6,942,531
El Paso & Su Was December.. 668,112 643,304 3,585,225 3,652,957
On N 0 & Tex P.. 20 wk Feb 184,055 178,459 5,992,386 5,962,410
Erie
December.. 4,525.963 4,540,742 30,019.593 29,590,397
Ala Great South _ 2d wk Feb
88,746
84,786 2,968,387 2,886,579
Fairchild & N E.
December..
2,420
1,851
12,840
12,135
Georgia Sou & Fla 2d wk Feb
49,286
52,344 1,528,220 1,533.228
Fonda Johns 63 Cloy December
71,703
68,342
497,396
496,798 Tenn Ala & Georgia 2c1 wk Feb
1,666
1,724
67,169
58,725
Georgia Ralf road
December.. 307,853 295,385 1,776,122 1,643,728 Texas 63 Pacific
wk Feb 309,039 284,910 11,198,946 10,8414221
Grand Trunk Syst_ _ 20 wk Feb 777,236 749,091 30,848,082 27,947,006 Tidewater & West_ 2d
January __
6,696
7,303
57,451
49,735
Grand Tric West_ 4th wk Jan 188,012 189,593 3,948,805 3,607,632 Toledo Peor & West 20
wk
Feb
25,079
26,606
814,818
834,018
Det Cr Hay & Mil 4th wk Jan
57,293
54,733 1,393,015 1,232,4,14 Toledo St L & West 2d wk Feb
83,013
844 2,517,818 2,410,186
75;2836
Canada Atlantic_ 4th wk Jan
60,048
56,817 1,255,009 1,126,375 Tombigbee Valley
December..
8,935
50,487
Great Northern Syst January _ _ 3,707,532 3,285,815 10,415,608 38,100,412
43,484
Union
Pacific
Syst_
December..
7,175,161 7,347,352 47,044,543 49,825,417
Gulf & Ship Island_ December
168,258 180.173
005,897 1,012,570
Virginia & So West.. December.. 136,495 124,164
865,260
Hocking Valley
677,376
December.. 547,718 583,563 3,886,203 4,204,611 Virginian
December..
371.781
303,267
2,356,409 1.774.634
Illinois Central
January __ 1,186,988 5,487,348 34,680,327 37,710,634
December.. 2,426,263 2,597,621 15,282,521
Internet & Grt Nor_ 20 wk Feb 179,000 159,000 6,859,893 6,068,524 Wabash
Western Maryland.. December.. 568,223 55',417 3,663,533 15,871,269
a Interoceantc Mex_ 20 wk Feb 167,936 204,481 5,267,461 5,456,428 Wheel
3,776,09
Lake
&
Erie..
January
__
561,987
462,754 4,558,761 4,152,623
Kanawha 63 Mich
December.. 250,821 252,480 1,730,856 1,605,567 WriAhtsv & Tenn'lle December..
34,651
33,702
191,682
Kansas City South_ January .._
169,303
714,989 837,506 5,603,864 6,220,499 Yazoo ec Miss Valley January __ 784,809
1,050,163 6,050,826 6,681,340
0 flex & Orient
4th wk Jan
53,346
58,323 1,090,008 1,169,028
Lehigh Valley
January __ 2,868,305 2,906,730 22,698,302 21,620,766
Current
Lexington 63 East
Previous
December..
40,948
43,734
279,782
254,965
Various Fiscal Years.
Period.
Year.
Louisiana & Arkan_ December.. 116,889 122,526
Year.
081,119
723,035
Louisv fiend & St L December
101,576 107.016
651.507
642,653
5
s Louisv ec Nashv_ _ 2d wic Feb 1,125,635 1,020,025 34,067,794 34,534,099 Delaware
Hudson
63
Jan
1
to Dec 31 21,357,924
Macon & Birm'ham December
14,325
15,223
85,049
82,029 N Y Central ec Hudson River_e_ Jan 1 to Dec 31 103954863 20,329,679
Maine Central
99,908,478
December.. 789,542 743,628 5,509,603 5,178,625
Lake Shore & Michigan South Jan 1 to Dec 31 48,360,997 49,420,211
Maryland & Penna. December
33,734
32,202
235,283
232,034
Lake
Western_n
Erie
63
Jan
1 to Deo 31 5.420,821 5,513,326
a Mexican Railway_ 4th wk Jan 274,900 242,500 4,779,500 4,936,300
Chicago Indiana & Southern_ Jan 1 to Dec 31 3,822,612 3,739,668
Mineral Range
20 wk Feb
15,728
15,602
467,936
474,723
Michigan Central
Jan 1 to Deo 31 30,164,490 29,694,815
Minn & St Louls_l 20 wk Feb 156,034 182,842 4,906,443
5,630,866
Cleve Cin Chicago ec St Louis Jan 1 to Deo 31 30,431,915 30,423,005
Iowa Central___ J
Peoria & Eastern
Jan 1 to Deo 31 3,218,283 3,536,068
Minn St P & S S MI 20 wk Feb 409,700 356,304 16,406,297 14,066,250
Cincinnati Northern
Jan 1 o Deo 31 1,248,678 1,294,279
Chicago Division J
Pittsburgh & Lake Erie
Jan 1 to 1),..o 31 15,308,561 17,052,697
Mississippi Central.. December..
73,732
81,699
452,913
468,214
New York Chicago & St Louis Jan 1 to Dec 31 11,258,008 11,238,877
u Mo Kan & Texas.. 2d wk Feb 534,391 548,252 1.8,893,001 19,336,365
Toledo ec 01110 Central
Jan 1 to Deo 31 4,938,646 5,089,986
Missouri Pacific..
2d wk Feb 1,086,000 1,017,000 34,909,230 34,083,566
Total all lines
Jan 1 to Deo 31 258127873 256911408
Nashv Chatt & St I.. December.. 959,195 1,064,043 6,083.110 5.988,110
Pennsylvania Riuroad
Jan 1 to Dec 31 157487413 160457299
a Nat Rys of Nlex_t _ 2d wk Feb 1,050,327 1,298,930 10,110,940 39,935,203
Baltimore Chesap & Atlantic_ Jan 1 to Deo 31
2.73,545
Nevada-Cal-Oregon. 20 wk Feb
269,321
4,987
3,391
215,485
222,794
Cum berland Valley
Jan 1 to Deo 31 2,891,331 3,128,258
Nevada Central-_- December..
4,737
9,282
33,953
43,626
Long Island
Jan 1 to De3 31 10,517,751 9,779,116
N 0 Great Northern December.. 131,544 132,866
839,232
836,965
Maryland
Delaw
&
Virginia...
Jan 1 to Deo 31
134.231
N 0 Mobile & Chic_ December
129.244
178,571 175,006
962,426
913,790
N Y Philadelphia & Norfolk_ Jan 1 ti Deo 31 3,326,455 3,466,617
N Y C & ilud
December.. 8,645,587 8,455,546 55,146,199 32,937,679
Northern Central
Jan 1 to Dec 31 12,745,867 12,708,628
Lake Shore & M
December...1,165,654 4,104.336 25,615,054 25,707,085
Philadeiphia
Bait
&
Jan 1 to Dec 31 18,914,244 19,021,707
n Lake Erie & W_ December.. 457,163 488,201 2,806,652 2,942,443
West Jersey & Seashore-- _. Jan 1 to Dec 31 6,247,667 5,981,673
OhioInd & South Deoember.. 379,345 359,806 1,949,765 1,813,910
Company
Jan 1 to Dec 31 50,110,590 54,170,875
Michigan Central. December.. 2,695,982 2,577,490 10,105,075 15,707,411 Pennsylvania
Grand
Rapids
&
Indiana
Jan 1 to Dec 31
,031.6(11 5,148,994
Cleve C 0 & St L. December,. 2,622,721 2,749,037 16,006,030 16,241,736
Plttsb Cincin Lhio 63 St Lout: Jan 1 to Dec 31 38,549,933 40,601,379
Peoria 63 Eastern December.. 294 352 334 098 1,654,005 1,944,310
Vandalla
Jna 1 to De 31 9,970,327 10,528,374
Cincinnati North_ December.. 117,569 106,042
704,310
707,902
Total
lines-East
Pitts
c;r1 Jan 1 to Dec 31 225993936 228813188
Pitts & Lake Erie December.. 1,208,360 1,002,133 8,371,263 8,769,076
West Pitts & ne Jan 1 to Dec 31 1083'4054 114800323
N Y Chia & St L_ December.. 1,024,311 901,800 5,806,202 5,789,352
All lines E & W. Jan 1 to Deo 31 334349981 34361
Tel 63 Ohio Cent_ December.. 406,050 446,892 2,830,373 2,924,300
75.0
85
01
30
Rio
Grande
Junction
Deo 1 to Dec 31
Tot all lines above December.. 22017004 21706371 137149513 135481614
77,77,1
Rutland
Jan 1 to Dec 31 3,416,713 3,339,834
Texas ec Pacific
.fan 1 to Feb 14 1,982,130 1,897,181
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Cuent Year Prev's Year Inc. or Dec.
Monthly Summaries.
Cur'nt Year Prev's Year Inc. or Dec.
4
4 $
Mileage Curr. Yr. Prey. Yr.
(40 roads)........ 15,251,790 14,088,335 4-1,163,464 8.18 , April
242,933 239,132 218,177,123 225,700,811 --7,523,688 3.33
(42 roads)--- 15,343,402 14,035,136 4-1,308,273 9.32
I% ay
243,170 239,357 229,642,771 234,339,874 --4,697,103
(45 roads)...... 15,366,303 14,880,703
4-485,600 3.36 June
243,732 240,012 231,697,053 238,156,755 --6.459,702 2.00
2.71
(42 roads)---- 19,4115,818 19,071,884
--555,066 2.80
244,508 240,088 231,688,006 233,169,887 --1,481,881 0.65'
July
(42 roads)___ 11,753.095 11,634,037
4-119.058 1.04
August
244,531 240,170 253,043,102 254,886,944
(42 roads)........ 11,097,198 11,903,148
--805,950 0.44 September_245,494 240,825 257,256,762 256,748,775 --1,843,842 0.73
4-507,987
(37 roads) _--- 11,570,415 12,036,782
--466.367
October _215,633 241,321 266,064,129 263,637,356 4-2,426,773 0.19
(44 roads)____ 20,138,140 17,036,265 4-2,200,875 3.80
0.92
November _234,209 231,563 241,343,763 243,111,388
(39 roads)---- 13,109,182 11,938,471 1-1.170,711 13.27
0.73
9.81
December -238,561 235,685 233,614.912 232,275,177 4-1,339,735 0.57
(40 roads)
- 13,233,646 12,630,319
4-603,327 4.78
January __ 87,407
85,984 57,898,264 58,001,445
--103,181 0.18
a Mexican currency. 0 Does not include earnings of Colorado Springs & Cripple Creek District
By. from Nov 1 1911; in 1910 these returne
are Included. e Includes the Boston 63 Albany, the New York
of which, being a Canadian road, does not make returns to the& Ottawa, the St. Lawrence & Adirondack and the Ottawa & N. V. By., the latter
Inter-State Commerce Commission.
Includes Evansville & Terre Haute and Evans'
yille 63 Indiana ltR. q Includes the Cleveland Lorain & Wheeling
Mason City 63 Ft. Dodge and Wisconsin Minnesota & Pacific. s By. in both years. is Includes the Northern Ohio RR. p Includes earnings
Includes Louisville & Atlantic and the Frankfort & Cincinnati. t
Mexican International from July 1910. u Includes the Texas Central.
Includes the
v Includes not cnV,y operating revenucs, but also all other
receipts._
1st
20
3d
4th
1st
20
3d
4th
1st
2d
week Deo
week Dec
week Deo
week Dec
week Jan
week Jan
week Jan
week Jan
week Feb
week Feb
I
a
[VoL. Lxxxxiv.
THE CHRONICLE
548
C RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings by Weeks.-In the table which ELECTRI
second
the
follows we sum up separately the earnings for
Jan. 1 to latest date.
Latest Gross Earnings.
week of February. The table covers 40 roads and shows
Name of
Previous
year.
Current
Current
Previous
or
last
Week
Road.
4.78% increase in the aggregate over the same week
Year.
Year.
Year.
Month.
Increase. Decrease.
Year.
$
351,274
373,510
American Rys Co-__IJanuary _ _ 373,510 351,274
17,592
17,592
20,120
_
10,120
_
January,
__
.
,
Rs
Shore
Atlantic
121,196
125,717
Ry January __ 125,717 121,196
Chic
&
Alabama Great Southern
Elgin
cAur
795
565,638
596,114
Ry & Elec Co December.. 54,383 47,511
Ann Arbor
Bangor
18,890
110,174
119,476
Buffalo Rochester & Pittsburga
Baton Rouge Eiec Co December.. 12,453 11,003
357,063
73,000
383,503
Binghamton Railway December
Canadian Northern
119.626
393,000
7,672
119,201
8,040
December.
Ity_
St
Plym
&
Canadian Pacific
9,000 Brock Rap Tran Syst November.. 1871,329 1764,048 21,313,325 20,004,850
Central of Georgia
Bklyn
48,260
337.555
326,010
lice Co.. December.. 31,418 20,520
13reton
Cape
Chesapeake & Ohio
16,414
321,983
373,698
Chicago & Alton
Carolina Pow 63 Lt Co December.. 38,695 32,446
10,138
385,086
585,035
53,022 53,201
N ec E Rly November_
Chicago Great Western
1,927 Cent Park
868,433
831,167
_ December.. 75,890 73,791
Trac__
Penn
Chicago Indianapolis OC Louley_
Central
5,596
943,472
875,078
Cincin New Orleans &Texas Pac
Chattanooga Ry & Lt December.. 83,827 75,659
8,086
337,970
328.235
27,403 27,037
Colorado 63 Southern
Cleve Painesv Fe East November_
30,200
1,128,622
1,054,0139
85,050
93,414
,
December..
Rio
Grande
Coium
ec
&
Denver
Clay Southw
21
492.325
428,154
Detroit ec Mackinac
Columbus (Ga) El Co December.. 46,318 40,834 1.306,083 1,392,878
20,267
99,939 104,157
Detroit Toledo & Ironton
Coney Island & Bklyn November_
4,603
1,632,291
1.469,318
139,291
152.926
December..
Atlantic
&
Corp.
Duluth South Shore
3,058 Dallas Electric fly_
768,420
680,843
.._ 4th wk Jan 257,604 221,621
Georgia Southern & Florida__ _
Detroit United
564,094
559,073
53,166 51,082
Grand Trunk Western
DDEB & Batt(Rec) November_
28,145
87,844
84,196
749,091
84,196
777,236
87,844
_
_
_
January
__
Grand Trunk of Canada_
Duluth-Superior Trac
2,279,147 2,364,142
Detroit Grand Hay ec Milw_
East St Louis & Sub_ December.. 202,702 202,814
640,658
691,607
December.. 73,494 65,168
Electric
Canada Atlantic
Paso
El
742,294
20,000
611.643
159,000
179,000
67,652 54.460
Tr Co December
International & Great Norther
38,545 Fairm & Clarks
1,472,339 1,320,076
204,481
167,936
Interoccanic of Mexico
42dStM&SNAv (flee) November_ 138,027 114,149 1,523,169
1,312,986
105,610
1,020,025
1,125,635
115,123
137,103
December..
Co
&
Face
Nashville
Louisville
Galv-Hous
126
15,602
15,728
Ry Co_ December.. 108,009 96.274 1.109,393 1.132,578
Mineral Range
316,667
26,808 Grand Baal&
182,842
324,373
156,034
Wk Feb 18 45,994 47,048
Minneapolis & St Louis
Havana Elec fly Co
Iowa Central
Honolulu Rapid Tran
453,853
53,396
356,304
500,276
409,700
December.. 48,129 41,162
Minn St Paul & S S I/
& Land Co
311,475
300,963
Chicago Division
Houghton Co Trac Co December.. 24,814 25,032
3.616,087
13,857
548,252
4,187,100
534,395
362,793
406,133
Missouri Kansas & Texas
Hudson & Manhattan November_
69,000
1.086,000 1,017,000
December.. 637.492 620,403 0.002,221 6,106,250
Co
Traction
Missouri Pacific
Illinois
3,959
219,050
215,091
Trail_ November_ 2690,886 2558,279 27.486,486 26,589,136
Mobile ec Ohio
576,081
248,603 Interboro Rap
567,548
1,050,327 1,298,930
December.. 51,090 55,307
National Railways of Mexico
Jacksonville 'Ire Co
1,596
3,391
4,987
95.828 91,802 1,165.685 1,110,541
Elec fly_ November_
Nevada-California-Oregon ___
Shore
Lake
194,336
2,445
7,276
13,930
9,721
195,186
13,838
November_
Southern
Rio Grande
8,000 Long Island Electric_
257,000
249,000
St (flee )November _1144,96 61143,14 912,508,03 912213,320
StiLouls Southwestern
22,919 Metropolitan
468,725
445,806
Seaboard Air Line
SIlty de Lt Co_ December.. 466,546 423,524 5.038,601 4,694,392
Milw
38,320
1,200,493 1,164,173
Co. December.. 90,333 80,894 1,121,205 1,056,750
Southern Railway
58 Milw Lt, fit & Tr
1,724
1,666
430,939 377,274 4,939,047 4,456,168
December
Tennessee Alabama 63 Georgia..
Montreal Street Ry
24,129
284,910
309,039
& Light December.. 182,672 170,372 1,963,784 1,832,405
Texas & Paciffe
Ry
Nashville
1,527
6,380,909 6,090,234
26,606
25,070
Toledo Peoria & Western
New Orleans Ry & Lt Deeember.
211,806
280,368
7,179
75,834
83,013
31,648 21,001
November_
Toledo St Louie & Western__ _
N Y City Interboro
345,882
361,037
27,447
28,014
November_
Trac.
Isl
&
•
•
Long
Y
N
•
1,036,527
1,155,022
377,056
88,652
980,3133
12,630,319
13,233,646
96,775
• Total (40 roads)
'
N Y & Queens County November_
164,965
172.920
603,327
14,012 13,04
Net „Increase (4.78%)
Northam Easton & W December
217.315
252,174
No Caro Pub Son,Co December.. 24,124 20,873
186,271
209,388
North Ohio Trao 4. Lt January _ _ 209,388 186,171 1,622,875
1,442,807
North Texas Eiec Co. December.. 143,155 127,960
Net Earnings Monthly to Latest Dates.-The table fol- Ocean
107,469
118,834
3,383
4,122
Electric (L I). November.
249,746
lowing shows the gross and net earnings of STEAM railroads Paducah Trac&Lt Co December.. 26,835 24,296 265.296
273,103
280,715
Pensacola Electric Co December.. 24,307 25,561
and industrial companies reported this week:
1,716,946
1,808,472
1716,94
_
_
1808,472
- Philos Rapid Trans Co January
--Net Earnings
-Gross Earnings
556,397 529,969 6,366,703 5,638,896
December..
Ry.L&PCo.
Port(Ore)
Previous
1,915,280
Current
Previous
Current
Puget Sound Elee Co_ December.. 147.788 157,981 1,766,742
Year.
317,085
330,253
Year.
Year.
Year,
25,407 23,683
Roads.
Richmond Lt & RR_ November_
$
$
Rio de Janeiro Tram
10,942,047
12,951,050
1,137,281
997,007
1173,566
1,298,228
Co_
&
December
Light
Power
jan 6,570,122 6,413,315
Baltimore & Ohlo
53,492,506 53,409,693 16,161,822 14,502,718 St Joseph (Ido) Ity.Lt
July 1 to Jan 31
96,048 1,099,285 1,038,056
Heat & Power Co_ December.. 101,401
263,366
158,301
837,506
Kansas City Southern_b_Jan 714,989
363,289 285,003 3,595,140 2,950,594
Paulo Tr, L & P. December
632,356
1.603,864 6,220,499 1,857,381 2,303,735 Sao
696,608
July 1 to Jan 31..
62,079 53,515
Savannah Elec Co_ _ _ December..
Seattle Electric Co.... December.. 467,907 493,84 5,440,955 5,588,188
Lehigh & Hudson River-b164.572
781,047
165,270
860,206
69,503
308,540
76.119
432,894
November.
Oct 1 to Dec 31
280,360 Second Ave (Rec)
102,548
286,522
115.810
724,059
8,85
9,977
798,810
July 1 to Dec 31
556,424 Southern Boulevard_ November
564,201
14,584
18,000
1,433,744
14,584
1,540,527
18,000
By
Co
January
31
Wisconsin
Dec
Sou
to
1
Jan
245,484
261,704
955,611 Staten Isi'd Midland_ November_
16,683
18,472
753,140
Jan 2.868,305 2,906,730
Lehigh Valley_ b
592,964
691,323
47.254
7,711,499
66.1190
_
7;571,658
December..
Co
Tampa
Electric
21,620.766
98,302
29,6
July 1 to Jan 31
52,564 Third Avenue (flee). November_ 304,882 283,36 3,363,780 3,140,597
Jan 1,157,198 1,106,750 def21,663 2,217,736
4.851,541 4,377,116
Pere Marquette_ b
Toronto Railway Co December.
10,250,924 9,712,934 2,385,770
July 1 to Jan 31
Tr -City Ry & Lt Co.. December_ 264,993 246,614 2,707,472 2,513,487
889,341
920,124
140,257
146.949
Tran_ 2d wIr Feb
Pitts Shaw & Northern_b
30,494 Twin City RapEl
131,576
375,509
361,514
By
Oct 1 to Dec 31
136,954 Underground
237,115
735,691
693,629
of
31
London
Dec
to
1
July
£99,780
n28,561
n32,324
Three tube lines__ _ Wk Feb 17 £14,815 £13,615 £105,165
95,204
__Nov 107,749
£82,528
£88,642
• Rio Grande
Metropolitan Dist_ Wk Feb 17 £12,732 £11,502
990,931 1,033,948 n297,279 12310,184
Nov 30
Junction_Dec 1 to
£36,131
£36,917
£5,337
£5,497
17
n22,779
Feb
Wk
n23,332
United
Tramway
75,030
77,774
December
2,052,518
2,271,183
173,023
103,424
November_
1.189 Union (flee).
def1,299
7,303
6,698
294.154 3,190,110 2,081,711
325.314
Tidewater 63 Western_b_Jan
December..
Co(Ill)
UntonRY.G&E
5,403
8,482
49,735
57,451
July 1 to Jan 31
December 1021,044 983,862 11,914,153 11,534,336
United Rys of St L
587,619 United RRs of San Fr December
701,004 682,350 7,886,136 7,653,489
482,912
Deo 2,426,263 2,597,621
Wabash_ b
490,484
556,052
45,685 42,073
4,837,131
3,984,493
November_
15,871.269
(flee)
El
15,282,521
Westchester
31
July 1 to Des
411,160
388,374
39,233 39,084
December..
rI49,154 Whatcom Co Ry ec Lt
rI84,339
553,417
621,391
52,848
Western Marylantl_a_ _ _Ds* 563,125
56.281
November_
RR
(Rec)
Yonkers
r1,330,180
r1,237,104
3,776.091
3,663,533
208,626
234,458
17,34
July 1 to Doc $1
18,965
December..
&
Ry_
Ohio
Youngst
INDUSTRIAL COMPANIES.
c These figures are for consolidated company.
12,402
15.121
28,145
30,910
Atlantic City Electric.... Jan
Electric Railway Net Earnings.-The following table gives
15,480
21,128
28,214
35,846
Jan
Canton Electric
189.318
returns of ELECTRIC railway gross and not earnings
218,285
the
442,424
498,978
Kings Co Eiec Lt & P_a_Jan
9,924 reported this week.
14.129
28,577
33,825
Jan
Muncie Electric
--NetEarnings--Gross Earnings
15,161
19,809
37.456
39.822
Jan
Rockford Elestris
Current
Previous
Previous
Current
1,706
120,932
Year.
858,253
Year.
Year.
United States Express_b Nov 1,041.983
Year,
Roads.
425,624
342,516
4,886,224 4.521,208
3
$
July 1 to Nov 30
4
def.111
17,592
882
255,147 Atlantic Shore Ry_b_ _ _ _Jan
20,120
173,704
Wells Fargo Express_b_Sep 1,549,709 1,150,505
601,915
31,704
44,102
654,818
121.196
3.284,732
•
125,717
4,001.588
$0
Sept
_Jan
July 1 to
Aurora Elgin & Chic_ b _
0
52
9
6
:1
498,824
5
54
8
462,326
0
1,
2
04
7:864
08
1.18
July 1 to Jan 31
30,055
31,894
a Net earnings here given are after deducting taxes.
Duluth-Superior Tract.b.Jan
91,421
42,691
48,503
b Net earnings here given are before deducting taxes.
102,522
_Jan
_
Valley
Transit_
Lehigh
•
n These figures represent 30% of gross earnings.
180,271
79,367
86,853
209,388
other
& Lt_ _Jan
r After allowing for miscellaneous receipts and net from coal and$208,- Northern Ohio Tr
634,803
1,716,946
645,060
1,808,472
against
were
December
_
$212,027,
_Jan
_
Piffle, Rapid Transit_
departments, total net earnings for
.1,836,927
12,449.480
5,131,581
13,152,880
July 1 to Jan 31
350 In 1910, and for July 1 to Dec. 31 were $1,441,543, against $1,494.759.
Syracuse Rapid Transit _13133,287
400,030
410,858
153,487
31
Dec
to
1
Oct
Surplus.
and
Charges
Interest
263,992
809,593
328,325
829,276
July 1 to Dec 31
Earn.
500,065
of
1,545,843
Net
-Bat,
&c.602,668
Rentals.
1,611,364
-In..
Jan 1 to Dec 31
Previous
Previous
Current
103,924
Curent
246,614
120,590
Tr -City By & Light.._Dec 284,993 2,513,487
Year.
Year.
Year.
Year.
Roads,
1,155,961 1,031,519
2,707,472
Jan 1 to Dee 31
taxes.
deducting
after
are
here
given
a Net earnings
Lehigh & Hudson Myer__ _
b Net earnings here given are before deducting taxes.
85,241
79.331
82,998
82,272
Oct 1 to Dec 31
127,424
Charges and Surplus.
135,439
152,936
Interest
161,950
31
Dec
to
1
July
- -Bat, of Net Earns.251,104
305,320
252,278
-Int., Rentals, &c.
321,790
Jan 1 to Dec 31
Previous
Current
Previous
Current
012
363
,954ydef374,
,7891/def456
390,789
Jan
Pere Marquette
Year.
Year,
Year.
Year.
f635,471
Roads.
2,739,856 2,532,2561sde1719,124yde
July 1 to Jan 31
13
3
7,167 def.3,314
36,935
35,018
Pitts Shaw 63 Northern&
Elgin
Chicago_Jan
Aurora
x63,980
x27,652
97,452
225,414
242,356
118,675
Oct 1 to Dec $1
230,912
236,408
•
July 1 to Jan 31.
x101,764
z37,713
184,835
222,352
8,218
9,803
July 1 to Dec 31
22,041
22,737
23,991
20,278 Duluth-Superior Tract_ _Jan
8,333
8,333
6,050
0,018
Rio Grande Junction__ _Nov
36,641
39,485
n
Valley
Transit___Ja
Lehigh
197,279
201,184
100,000
/00,000
Dec 1 to Nov 30
34,938
43,029
43,824
44,429
14,999
14,446 Northern Ohio Tr & Lt_ -Jan
8,333
8.333
December
740,321
733,920 def.94,061 def.911,122
Jan
Phlla Rapid Transit
.09,004 def.281,323
INDUSTRIAL COMPANIES.
July 1 to Jan 31__._ 5,170,045 5,118,240 dcf
6,356
5,765
6,637
8,765
Atlantic City Eleetrio_ __Jan
Syracuse Rapid Transitx85,654
x37,162
16,372
11,125
90,575
4,364
73,510
4.756
Jan
Oct 1 to Dec 31
Canton Electric
571,508
193,005 x183,952
145,468
5129,865
July 1 to Dec 31
z150,861
64,736
2,236
Kings Co Elm Lt de Pow_Jan
z280,053
5117,234
384,807
318,202
Jan 1 to Dec 31
7.831
4,904
5,020
0.298
Jan
Muncie Electric
58,694
44,029
59,805
c61,896
Ry & Light_ _Dec
11,967
8,148 Tr -City
7.013
7,842
408.501
330,539
700,1180
Jan
c747,401
Rockford Electric
Jan 1 to Deo 31
-.-3
.
dividend.
c Includes preferred stook
x After allowing for'other Income received.
x After allowing for other interest received.
y After allowing foroutsideloper., hire of equip., and other income.
Second week of February.
1912.
1911.
$
$
84.786
88,796
39,006
38,211
180,130
199,020
203,900
276,900
1,982.000 1.589.000
289,300
280,300
579,939
628,199
308,005
324,419
265,539
275,677
105,999
104.072
178,459
184.055
248,290
256,376
348,100
378,300
20,664
20,685
15,405
45,072
51,237
55,842
52,344
49,286
$
3,960
$
FEB. 24 1913.]
THE CHRONICLE
549
New York Street Railways.
milk traffic show further increase. The company's rates per passenger mile
-Gross Earnings
--NetEarrings
- and per ton mile have not changed materially from those of preceding years.
Current
Previous
The further increase in the cost of maintaining and operating the property
Current
Previous
Roads.
Year.
Year.
has resulted in a decrease in net revenue from operations of 51,161,572.
Year.
Year.
Operating Expenses.-The increase in expenses in all directions is to a great
$
$
Hudson & Manhattan _a_ Nov 270,472
239,227
c151,614
c124,041 extent due to the very general advance in wages paid to practically all
July 1 to Nov 30
1,221,594 1,032,772
669,056
526,749 classes of employees in the service of the railways located in the territory
Interboro R T (Sub) _a_ _ Nov 1,384,716 1,262,490
815,806
773,402 east of the Mississippi and north of the Ohio rivers.
The cost of maintenance of permanent way and structures increased
July 1 to Nov 30
5,706,737 5,271,783 3,003,321 3,045,443
$340,008, largely due to the increased cost of labor and materials. In reInterboro R T (Elev) _a_Nov 1,306,170 1,295,789
656,186
645,351 newal, 18,669 tons of 91-lb. and 101-1b. open-hearth rails
were laid, or 6,403
July 1 to Nov 30
6,299,087 6,254,522 2,974,172 3,001,940 tons less than
in 1910 (in 1909 and 1910 rather more than the average rail
Total Interb R T_a__Nov 2,690,886 2,558,279 1,471,902 1,418,753 renewals were made); also 550,485 ties, being 123,038 more than
in 1910.
12,005,824 11,526,305 5,977,493 6,047,383 The cost of tie renewals was increased by nearly $200,000, in part
July 1 to Nov 30
due to
the fact that practically all the ties laid were treated with creosote. It is
Brooklyn Rap Tran_a_ _ Nov 1,871,329 1,764,648
637,323
587,840 estimated
that the life of ties so treated will be double that of untreated ties.
10,200,278 9,624,444 3,813,070 3,685,585
'July 1 to Nov 30
It is confidently believed that pursuance of the improvement policy of the•
Metropolitan Street_a_ _Nov 1,144,966 1,143,149
336,349
374,226 last few years
another period of equal length will result in the property
5,821,131 5,796,489 1,934,693 1,872,071 being brought for
July I to Nov 30
to as high a standard as that of any railway in any country.
53,022
The cost of repairs, renewals, &c., of equipment increased $728,298.
Cent Pk N & E River_a_Nov
53,201
941
1,850
30
278,558
July 1 to Nov
284,398
16,805
31,771 This company has within the last 12 years made extensive additions to its
quota of heavy engines and much of this equipment is now arriving at a
Nov
76,119
Second Avenite_a
69,503
13,872
3,422 stage necessitating
extensive repairs and renewals. This large expense will
435,538
' July 1 to Nov 30
401,379
118,390
68,588 have to be continued
for at least another year, and thereafter may be reNov
304,882
Third Avenuc_a
283,368
133,692
118,606 duced to some extent; but it cannot be expected that the cost of maintaining
July 1 to Nov 30
1,584,811 1,492,779
701,538
657,783 the motive power will be reduced to what it has been for someyears,during
Dry Dk E B & Batt_a__Nov
53,166
51,082 def.5,139
7,525 which the new engines were so extensively Introduced, replacing older and
July 1 to Nov 30
265,270
262,249
13,342
59,636 lighter power, which was dismantled. The large increase in cost of repairs
on cars, both passenger
42d St Man &St N Ave.a.Nov
138,027
124,429
47,343
35,283 pairs, as well as to the and freight, was due to extensive renewals and reinstallation of various safety appliances, as required
July 1 to Nov 30
710,551
655,673
255,539
233,471 by the United States
Safety Appliance Act.
N Y City Interboro_a_ _ _Nov
31,648
21,001
The total charge in maintenance of equipment account for depreciation,
5,278
1,536
July I to Nov 30
142,558
108,013
22,431 namely $1,293.087, was a very liberal one. It was credited on the books to
23,835
Southern Boulevard_a_ _Nov
9,977
8,856
2,757
2,396 account of replacement of equipment, against which the cost of new equipJuly 1 to Nov 30_.__
58,545
52,577
19,960
15,926 ment purchased was charged, as hereinafter stated in detail.
The cost of fuel for
Nov
Union a
193,424
173,023
37,930
34,003 higher prices paid for locomotives shows a large increase, in part due to the
coal purchased, as also to the increase in
July 1 to Nov 30.
1,099,818 1,014,673
286,808
292,833 the charge per ton for bituminous
the anthracite coal mined by the company and used
Westchester Electrie_a_ Nov
45,685
42,073
6,259
3,171 in its transportation service, this charge being based on the mining cost,
July 1 to Nov 30
281,182
260,382
68,607 which was somewhat higher than in the previous year.
74,992
The Increase of $315,715, or over 20%, in taxes, is largely to cover the
Yonkers_a
Nov
56,281
52,848
1,400 def.9,633
July 1 to Nov 30
294,347
293,600
64,199
52,331 increase in taxes levied by the New Jersey authorities if they succeed in
maintaining their new system of taxation, under which a re-valuation of the
Long Island Electrle_a_ _Nov
13,838
13,930 def.1,883
def.989 railways was made for the avowed
purpose of increasing a burden of taxaJuly 1 to Nov 30
103,039
108,709
18,514
31,440 tion, already very high. It is believed
by the railways that this new basis
NY & Long Isl Trac _a _ _ Nov
28,014
27,447
2,791
7,095 of taxation can be shown to be unjust and unfawful, but it is uncertain what
July 1 to Nov 30
193,853
185,916
51,980
65,391 relief, if any, will be obtained.
N y & Queens-a
Additions and Betterments.-There was charged against Income for addiNov
96,775
88,652 def.12,858 def.2,189
July 1 to Nov 30
567,425
520,711 def.2,912
46,206 tions and betterments the sum of 52,200,627. as follows:
Ocean Electric (L I) _a_Noy
4,122
3,383 def.2,016 def.1,599 Bridges, trestles & culverts.$204,604 New pier No. 9, Jersey City..$178,750
Elimin'n of grade crossings_ 75,184 New yards, tracks, &c
July 1 to Nov 30
83,065
73,181
37,206
38,042 Block
signal Installation_ __ 179,725
third track, &c. (un- 4
25
Coney Isi & Bitlyn_a_ ._Nov
68
6:6
79
76
2
99,939
104,157
20,506
21,231 Station buildings & fixtures_ 149,747 New
completed)
July 1 to Nov 30
596,105
724,517
151,652
267,668 Shops, engine-houses and
Miscellaneous
212,876
Richmond Lt & RR-a_ _v
25,407
turn-tables
23,033
596
2,217
474,273
July 1 to Nov 30---- ---170,505
170,403
50,155
59,218
Included in these expenditures as here shown were substantial sums for
Staten Is! Midland _a_ _ _Nov
18,472
16,683
1,257
1,466 bridges, tracks, &c., on the new industrial spur line at Syracuse, now almast
July 1 to Nov 30
144,276
137,255
50.089
46,611 completed; the construction of bridges and culverts, also grading and laying
of track for a re-location of line and addition of third track between Analoa Net earnings here given arc after deducting taxes.
c Other Inc. amounted to $80,661 In Nov. 1911, against $62,867 In 1910. mink and a point 2 miles west of Henryville, Pa.; the construction of third
track between Taylor and Scranton, Pa.•, the re-location and re-building of
main tracks and connections through Pert Morris yards. N. J.; and the construction of additional yard and side-track facilities at various other points.
The completion of the new machine shops at Scranton also involved quite
an additional expenditure. These shops arc now in full operation just at a
when most needed for repair of motive power.
Annual Reports.-The following is an index to all annual time
Replacement of Equipment.-There was credited to this account for deprereports of steam railroads, street railways and miscellaneous ciation
of equipment during the year the sum of $1,532,275. Against this
was charged the cost of new engines and cars purchased or built, viz.: 35 .
companies which have been published since Jan. 27.
locomotives,
500 steel underframe box cars, 500 steel hopper cars, 1 scale
This index, which is given monthly, does not include re- test car, 15 steel
suburban coaches, 13 steel vestibule coaches. 2 steel underports in to-day's "Chronicle."
frame dining cars, 10 steel express cars, 12 steel underframe milk cars, and
sundry
improvements
in old equipment, amounting to $1,953,925; also a
RailroadsPage.
Industrials (Continued)Page. balance of $491,020 brought forward from 1910. or a total of $2,444,945.
Atlanta Birmingham dr Atlantic 11.11-412 Childs Co.(Restaurants), N. Y
281 After deducting from this the credit of $1,532,275, as above, there remained
Huntingdon & Broad Top Mountain
Consolidated Gas Co. of New York_ 275 a debit balance of $912,670,
as representing the value of new equipment
RR. & Coal Co
487 Creamery Package Mfg. Co., Chicago_349 purchased
to Dec. 31 1911 in excess of depreciation charged against op. exp.
Maryland & Pennsylvania RR
487 Crex Carpet Co., New York.
489
Lackawanna RR. of New Jersey.-The line of railway built by the aboveNorthern Central fly
484, 492 Dayton (0.) Breweries Co
489 named company was completed and put in service on Deo. 24 1911. It was
Pere Marquette BR.
484 Dela. Lack & Western Coal Co.
347 leased in perpetuity to this company on the basis of the stock being paid 4%
St. Louis Rocky Mtn. & Pacific €0 274 Diamond Match Co
415 per annum. Said capital stock, which this company held in its treasury in
Electric RailwaysDominion Natural Gas Co
419 return for moneys advanced to pay for its construction, was distributed pro
Binghamton (N. Y.) fly
349 (E. I.) duPont deNemours Powder
rata to the stockholders of this company as a dividend of 35% on their
Brunswick Terminal & fly. See. Co_346
Co. (preliminary statement)
413 holdings (V. 93, p. 1323, 1786).
Capital Traction Co., Wash., D. C..346 DuPont International Powder Co
489
A pamphlet sent to the stockholders with the certificates of stock covering
Chicago City & Connecting Rys.....349 General Chemical Co., New York__ _ _347 the dividends
fully described this new line, the total cost of which to Dec. 31
Cleveland Railway
350 Gen. fly. Signal Co., Rochester, N. Y.354 1911 was 511,065,511.
Columbus (0.) Ry. & Light Co
278 Great Northern Iron Ore Properties __347
Coal-Mining Department.-The net income from the operations of this
Denver & Northwestern (Elec.) fly. 413 Hendee Mfg. Co., Springfield, 2.fo _277 department
was $3,490,085, or $108,822 more than for 1910. The tonnage
Detroit (Mich.) United Ry_
485 Illinois Brick Co., Chicago
415 produced from the collieries and washerles owned was 8,445,684 tons, or
Duluth (Minn.) Superior (Wis.)Tr.Co 345 Internat, Paper Co., N. Y.(6 mos.) _ _414
tons more than in 1910. The coal purchased from other companies
Lake Shore Electric fly., Cleve., 0 413 Internat. Smokeless Pow.&Chem. Co 489 367,581
was 1,579,482 tons, or a decrease of 62,613 tons (compare report of D. L. &
London (Ont.) Street fly
487 Kansas City Breweries Co
419 W. Coal Co., V. 94, p. 347).
Nashville (Tenn.) By. & Light Co_ __351 Kings County Elec. Light
Pow. Co 489
The cost per ton of the coal produced was about 2c. more than in 1910.
Northern Ohio Traction & Light Co_345 Laclede Gas Light Co., St.&Louis__
414 This steady increase in mining cost from year to year is due to the mining
Spokane & Inland Empire RR
274 Lehigh Coal & Navigation Co
419 of more thin veins of coal each year; also to the mining in the thicker veins
Toronto (Can.) Railway
485 Mackay Companies
490 being more remote from the shafts, resulting in larger underground cost of
Twin City Rapid Transit Co., MinneMfrs.' Light & Heat Co., Pittsburgh_491 transportation, with consequent
increase in cost of pumping and ventilation.
apolis, St. Paul, &e
345 Monongahela River Consolidated Coal
Good progress has been made in opening up a new colliery (The Loomis),
United Railways of St. Louis
& Coke Co., Pittsburgh
413
276 the sum of $148,479 having been •expended thereon. The extraordinary
Washington (D. C.) fly, & Elec. Co. 280 Morris & Co., Chicago..
355 expenditures made on the various coal properties aggregated $747,265.
IndustrialsNarragansett Electric
The company's Avondale Colliery has been idle virtually during the entire
Alaska Packers' Association, San Fr_349 National Biscuit Co Lighting Co. 419
485 year, owing to a bad "squeeze" which occurred in certain of the veins late in
American Brass Co..Waterbury,Conn.348 Nebraska (Bell) Telephone Co
490 1910, permitting water to enter and drowning out many of the workings.
American Can Co., New York
..414 N. Y. dr Richmond Gas Co
490 It Is believed that early in 1912 the mine will again be in condition to proAmerican Cement Co., New Jersey_ __276 Old Dominion Co., Maine
American Dist. Telegraph Co., N. Y_418 Pacific Telephone & Telegraph Co_ 419 duce its normal tonnage of coal.
419
Demands of Mine-Workers.-On March 31 next the 3-year arrangement
American Light & Traction Co
349 People's Gas Light & Coke Co., Chic_486 under which the mine employees
are now working will expire, and the
American Real Estate Co., N. Y
Republic Iron & Steel Co. (6 months
anthracite mine operators have been notified by the United Mine-Workers'
(balance sheet Jan. 11912)
347
ending Dec. 31)
275
Organization that an increase in wages and changes in certain methods of
American Sewer Pipe Co. (balance
Rotary Ring Spinning Co
349 paying for labor which have been in effect many years are desired. These
sheet Dec. 31)
414 Safety Car Heating & Lighting Co_ __277 demands, It conceded,
will greatly increase the cost of producing anthaacite
American Writing Paper Co
414 Sears-Roebuck & Co., Chicago
347 coal, and it is our conviction cannot in any essential
be granted unless a
Armour & Co., Chicago
276 Southern California Edison Co
357 substantial increase in the price of coal is charged to the
consumer. This
Atlantic Gulf & West Indies SS. Linea,
Southern New England Telephone Co.420 the operators believe
should, if possible, be avoided. It is not believed
Now York City
415 Tri-State Tel. & Tel. Co., Minn.,&c_357 that there exists any such
feeling
of
unrest
as
prevailed
among
the miners in
Automatic Electric Co., Chicago.
418 Union Elec. Light & Pow. Co., St. L.284 1902, or that their condition
generally is such as to warrant their repiesenBaldwin Co. (Pianos, Organs and
Union Natural Gas Corp., Pittsburgh.491 tatives in pressing their demands
to the point of calling a strike.
Player-Pianos), Cincinnati
349 Union Oil Co. of Cal., Los Angeles_ _420
Everything indicates that the demand for coal during 1912 will be fully
Beatrice Creamery Co., Lincoln, Neb 489 Union Stock Yards Co. of Omaha,
up to that of 1911.
489
(J. G.) Brill Co., Philadclphia
Ltd. (South Omaha, Neb.)
276
Financial.-There matured on Aug. 1 last $400,000 1st M. bonds of the
British Columbia Copper Co...... _ _489 United Cigar Mfrs. Co., New York.._347 Valley
RR., the payment of principal and interest of same being guaranteed
986, 493 United States Envelope Co
Cambria Steel Co.
991
this company. These bonds were paid off and are held in our treasury.
Chicago Breweries Co., Ltd_
281 U. S. Industrial Alcohol Co., N. Y__276 byThe
leasing of the Lackawanna RR. of New Jersey and the distribution
Chicago Junction Rye. & Un.Stk. Yds486 U. S. Steel Corp. (prelim. statem't) __346
413 Warwick Iron & Steel Co., Phila.. _.420 of the stock ,,f that company was the only other Important financial transChicago Pneumatic Tool Co.
of the year. (See V. 93, p. 1324, 1786.)
Chicago Telephone Co
489 Wichita (Kan.) Nat. Gas Co., Pittsb_318 actionJan.
1 1912 $1,800,000 4 34% real estate mortgage bonds of the Morris
On
& Essex RR.Co. will mature. It has been arranged to pay off these bonds
Delaware Lackawanna & Western RR.
when due and for this company to be reimbursed therefor with the 3 34%
"first and refunding" bonds of the Morris & Essex RR.
(Report for Fiscal Year ending Dec. 31 1911.)
The company's financial condition continues as strong as heretofore, as
will be seen by the balance sheet. [As to authorization Feb. 20 1912 of
President W. H. Truesdale says in substance: .
$12,000,000 new stock, see a subsequent page.-Ed.]
Earnings.-The gross earnings show an increase of $533,631 distributed
Outlook.-At the close of
year the general business conditions of the
among practically all branches of traffic. While the tonnage of anthracite country at large were good,the
for 1912 a volume of business and
coal handled was less, tho earnings on same were slightly more, due to the gross earnings for the railwaypromising
that will be at least equal to what
average haul being longer and the earnings per ton handled slightly greater. they enjoyed during the yearcompanies
just past.
The aggregate tonnage of miscellaneous freight handled was slightly larger,
The outlook as to the net results of railway operations, however, is not so
as also were the earnings thereon.
encouraging. It Is generally understood that demands for further increases
The largest increase in earnings was from passenger traffic, due in part in wages will be made early in 1912 on
behalf of certain classes of employees
to an increase in the rates obtained on the large suburban traffic handled, which arc strongly organized and whose
several organizations are more or
as explained in the last annual report, but to a greater extent to the steady less federated.
annual increase in all branches of the company's passenger business. The
Bills also are now pending before Congress, and some of the State Legislaincrease in express earnings was somewhat abnormal, due to the strike of tures, further to decrease the
hours of servioe and increase the number of
express company employees in the latter part of 1910. The earnings from men employed,
which, It passed, will result la additional burdens at expense.
ANNUAL REPORTS°
[VOL. Lxxxxiv.
THE CHRONICLE
550
Developments during the past year have shown conclusively that control
entirely out of
of the revenues of the railways of the country has been taken
managethe hands of those charged with the duty and responsibility of their
is concerned.
rates
their
in
increases
any
ment; that is, so far as making
Such a situation cannot be regarded as altogether hopeful for those interested in the future of the railway properties of the country.no doubt, as is
The Presidential election during the coming year will,
usual, cause some hesitation in general business activities.
EARNINGS AND EXPENSES.
1910.
1909.
1911.
$
$
$
2,087,242
2,230.361
2,284,962
9,477,318
9,717,958
9,830,006
738,261
680,333
742,947
RevenuesPassengers
Freight
Mail, express and miso
STATISTICS OF OPERATION.
1908.
1909.
1910.
1911.
957
957
957
985
Road operated Dec. 31_
$3.60
$3.84
$4.09
$4.15
Earn. p.Igt.tr.m ,all fgt
m.,
train
pass.
per
Earns,
$1.42
$1.49
$1.55
$1.61
incl. mall, exp. & milk
484.06
520.53
566.72
583.82
Av. tr. load (rev. tons) _
Traffic
Coal
8,902,733
9,034,048
8,921,033
8,864,419
Tons (gross) carrled
1689942,333
Tons carried one mile_1,687,831,181 1681100,221 1679244,282
cts.
0.861
cts.
0.861
cts.
0.837
Rate per ton per mile__ 0.835 cts.
Merchandise Traffic8,228,094
11,804,105 11,758,953 10,273,000
Tons (net) carried _
Tons carried 1 mile ____1842778,235 1788021,198 1627302,423 1391118,177
0.708 cts.
0.700 cts.
0.696 cts.
Rate per ton per mile__ 0.676 cts.
Passenger Traffic23,666,228
25,915,267
26,512,689 26,246,479
Passengers carried
469,227,303
Pass. carried 1 mile__ _510,845,564 501,580,192 492,757,937
1.374 cts.
1.385 cts.
1.454 eta.
Rate per pass. per mile_ 1.507 cts.
CHARGES.
EARNINGS, EXPENSES AND
1908.
1909.
1910.
1911.
Revenue front414,096,725 $14,067,778 $14,464,221 $14,558,702
Coal
9,850,008
11,393,860
12,443,473
__
12,462,679
freight
Miscellaneous
6,449,032
6,825,430
7,290,943
7,696,800
Passengers ___
2,040,753
2,131,500
2,250,738
Mall, express and misc. 2,330,359
1908.
1,964,895
8,632,547
.667,544
12,745,867
12,798,628
12,253,893
11,264,986
1,558,302
2,517,763
181,825
6,176,006
292,448
1,941,172
2;513,106
192,195
5,841,474
293,522
1,495,101
2,354,673
160,089
5,321,731
246,645
*944,684
2,228,343
152,773
•5,152,000
237,491
Total operating exp__ 10,726,345
(84.15)
P.c. of exp. to earnings_
10,781,469
(84.24)
0,578,329
(78.16)
.8,715,291
(77.37)
2,019,522
6,218
2,017,150
6,864
2,675,564
7,706
2,542,695
2,024,024
Total net revenue_ ___ 2,025,740
Taxes Nor. Central Ry_} 418,563 j 382,974
57,912
Taxes leased lines
2,683,270
314,236
42,601
2,549,695
278,482
42,292
1,583,138
1,607,177
INCOME ACCOUNT.
1910.
1911.
2,326,433
2,228,920
1909.
1908.
1,607,177
1,382,051
1,583,138
1,435,245
2,320,433
1,374,677
2,228,920
1,247,049
2,989,228
Total income
Disbursements410,586
Rent leased lines, &o_..
347,315
Jut, on bonded debt_ __ _
1,547,400
Dividends (8%)
320,813
Equip.-Int. and rentals
Principal of car trusts_ _
Advances to Elmira &
62,281
Lake Ontario RR_ _ _ _
7,359
Miscell. interest, &c_ _
Extraordinary
3,018,383
3,701,110
3,475,969
399,889
347,315
1,547,400
299,105
24,578
382,490
347,315
1,547,400
310,630
59,382
430,561
347,315
1,547,400
306,413
59,382
105,580
7,359
50,325
7,353
800,000
24,715
7,367
600,000
Operating revenues__
ExpensesMaintenance of way, &o.
Maint. of equipment ___
Traffic expenses
Transportation expenses
General expenses
Net earns, before taxes_
Outside oper.(net rev.)_
1
Net earns. over taxes_
Receipt
Net earnings
Rents and other receipts
$36,586,563 $36,052,932 $34,815,011 $32,898,495
Total
ExpensesS4,144,940 $3,804,931 $3,208,390 $3,343,396
Maint. of way, &c _ _
4,747,700
4,797,073
5,034,605
Maint. of equipment... 5,762,903
569,308
651,888
716,347
779,489
__
expenses
Traffic
9,312,644
9,340,845
10,379,455
Transportation expenses 10,864,107
650,516
657,314
688,110
767,213
General
$18,623,654
$18,745,510
$20,623,448
$22,318,652
Total
$14,267,011 $15,429,484 $16,069,501 $14,274,841
Net revenue
155,898
364,685
210,756
b408,705
Net rev. outside oper
$14,430,739
Total net revenue- _ _$14,676,016 $15,640,240 $16,434,186
1,180,800
1,394,500
1,518,925
1,834,640
Taxes
Net, after taxes _ __ 312,841,976 $14,121,315 $15,039,686 $13,249,939
Add$355,543
$391,030
$405,818
$448,685
Interest on Investments_
467,887
394,530
240,165
226,661
Dividends on stocks__
4,166,793
4,628,771
3,381,262
Coal department earns.* 3,490,085
138,659
45,909
19,756
Cr.6,399
Int., disc't and exchange
149,519
154,700
185,582
199,509
Rentals-Miscellaneous_
296,703
175,141
201,558
239,014
Hire of equipment
105,148
113,855 c2,683,829
226
Miscellaneous (net)
3,323,152
3,504,895
2,731,235
Total disbursements_ 2,695,754
152,817
196,215
287,148
293,474
Balance, surplus
to
transferred
was
in
$293,474,
1911,
as
above
surplus,
The balance,
reserve for additions and betterments; in 1910 to extraordinary expenditure
fund; In 1909 to profit and loss.
• In 1911, 1910 Caul. 1909 the results from outside operations are given as
gross earnings,
a net item, while In 1908 they are included in miscellaneousand
transportanet earnings and operating expenses (maintenance of way
tion). The total revenues from this source in 1911 were $10,751, against
$4,240 and
against
$4,533,
in
expenses,
1909;
and
$10,877
1910
$11,113 in
$3,171, and net, as above, $6,218, against $6,864 and $7,706.
GENERAL BALANCE SHEET DEC. 31.
1010.
1911.
1910.
1911.
Assets
19,342,550 19,342,550
$17,437,757 $18,669,311,$23,513,595 $18,930,191 Road and equip_a32,044,986 30,153,887 Capital stock.
Total
Bonds (see "Ry. &
Prop., Mill, &e.,
Deduct$3,243
Ind." Section)._ 7,201,388 7,277,266
$6,486
$6,486
cos. stock (all but
Interest on bonds
5,160,140
5,160,140
5,160,140
$0.55 unple(iged) 2,040,701 2,040,701 Mtges. and ground
Rentals leased lines __ 5,204,889
124,827
124,827
291,323
271,563
6,245
6,245
rents
238,584
investments
224,043
Other
facilities__
Rentals joint
060,587
2,258,074 2,042,788 Traffic, &c., babe. 1,523,388
Cash
Renewals & betterments
795,713
2,781,603 Seems. In treasury
2,099,454
12,000
12,000 Vouchers & wages 670,836
2,542,117
(see remarks above) __ 2,200,628
646,076
7,527
Marketable securs. 4,753,281 4,760,526 Misc. accounts ___ 833,545
Miscellaneous
553,486 Matured int.,dlys.,
162,142
Agents and cond'rs 335,280
Discount on bonds sold_
777,826
2,62-0,666 Traffic, &c., bats_ 947,679 1,101,708 &c., unpaid
777,960
3,014,400 1/2,8Dividends (10%)------x3,014,400
2,620,000 Misc. accounts__
378,041 Unmatured inter3,014,400 v3,014,370
181,416
Extra dividend (10%)__ x3,014,400
123,891
132,064
637,870 est, diva., &c.
Material & supplies 799,912
107,676
$13,473,066
$13,365,086
Taxes accrued.... 216,198
sink$13,976,127
in
&c.,
$13,834,515
Cash,
Total
$5,457,125.
credit
$10,147,609
def.
Other
$4,693,184
557,000
576,000
funds__
$3,603,242
ing &c.,
Balance, surplus
2,344
2,642
Items
Ins.fd.s.
1,265,975
1,250,976
were:
656)
p.
92,
V.
remarks
(see
• Results of coal department
143,357 Approp'd surplus_84,971,324 4,643,357
197,246
Advances, &c____
1908.
1909.
•
1910.
1911.
9,657,391
„
loss
c9,837,369
and
10,919 Profit
15,296
$22,593,288 $21,786,127 $35,665,865 $41,487,555 0th. def.deb.items
Earnings
19,103,203 18,404,865 31,037,094 37,320,762
Expenses
45,434,091 44,549,504
Total
46,434,001 44,549,504
Total
$3,490,085 $3,381,262 $4,628,771 $4,166,793
Profit
of equipment, 8742,312.
depreciation
for
accrued
as
reserve
deducting
was
derived
After
In
1911
a
above
as
operations
S Net revenue from outside
leaving $408,705.
S Appropriated surplus in 1911 ($4,971,324) Includes additions to property since
follows: Oper. revs., $3,143,098, less exp., $2,734,393,
of Lehigh June 30 1907 through income, $2,324,557: reserves from Income to surplus (a) inc Includes the special item of profit from sale of 37,000 shares
in sinking and redemption funds, $576,892, and (h) In other reserve funds,
vested
Valley RR. stock, $2,622,730.
in stock of 81,265,975: car trust principal charged out in advance, $379,388, and reserve for
z Also 35% extra dividend ($10,550,400) paid Dec. 20 1911
and betterments, $424,512.
additions
Jersey.
New
of
RR.
,
the Lackawanna
diviC After deducting sundry; net debits during the year aggregating $20,022.--1,/.94
y Also 50% extra cash dividend paid July 20 1909 and 15% stock
1).492, 484.
dend paid Aug. 2 1909 from profit and loss.
17-,216
GENERAL BALANCE SHEET DECEMBER 31.
1911.
1910.
1911.
AssetsRoad & equIpl__a38,960,907 37,080,650
Securs. of prop'y,
affil.,
9,580,063
9,580,963 17,265,686
pledged
Adv. to atilt., &c.,
cos. for con4,005.885 3,042,586
struction, &c
Misc. Investments
(Physical prop.) 2,937,472 2,974,502
779,115
482,761
Cash
344,900
Securities in treas. 344,900
Marketable securs.10,783,362 10,231,273
23,931
16,518
Loans & bills rec
125,308
165,291
Traffic, &c., bats_
476,862
Agts. & conductors 578,277
Mise.accts.rec.,&e. 3,990,663 4,096,733
Materials & sups. 3,153,588 2,928,789
Advances to leased
2,985,181 3,463,083
lines, &c
22,733
14,699
Prepaid rents, &c.
37,180
Oth.det.deb.items. 127,046
1910.
Common stock...30,277,000 30,277,000
Premiums realized
70,720
70,720
on capital stock
320,000
Mortgage bonds__ 320,000
26,667 1,026,667
Loans de bills pay_
414,707
Traffic., &c., bats. 524,731
Vouchers Sc wages 3,467,463 3,388,757
463,708
Misc. accts., &c__ 803,635
Matured interest,
1,320,712 1,220,573
dividends,
Unmatured interest, diva., &c_ __ 1,207,986 1,212,236
1,839,157 1,620,728
Taxes accrued
18,575
61,553
Operating reserves
Other deferred cred138,978
227,738
it items
Appropriated sur.b12,477,520510,276,892
Profit and loss...c25,502,631 32,449,789
':78,127,513 82,899,331
Total
78,127,513 82,899,331
Total
a After deducting reserve for accrued depreciation, $5,471,570. b Appropriated
out of income since
paid
property
to
betterments
and
renewals
surplus represents
June 30 1907. c After deducting extra dividend of 35% paid Dec. 20 1911 calling
for $10,550,400; see above.-V. 94, p. 350, 207.
Northern Central Railway.
(Report for Fiscal Year ending Dec. 31 1911.)
The report of President James McCrea, with the detailed
balance sheet and income account, was given in last week's
"Chronicle" on page 492. Below we compare the results
for several years.
TRAFFIC STATISTICS.
1908.
1909.
1910.
1911.
487
468
469
(miles)...
473
Road operated
Operations4,816,211
4,498,258
5,150,217
Passengers carried, No. 4,882,417
Pass. carried 1 Mile____112,704,849 111,815,677 105,705,834 98,411,961
2.008 eta.
1.985 cts.
2.006 cts.
Rate per pass. per mile_ 2.043 cts.
Freight (tons)carr.(rev.) 22,654,778 22.583,012 21,111,851 20,226,288
Freight (tons) 1 mile_ _1,647,378,779 1652548,258 1543516,513 1392230,374
0.622 cts.
0.616 cts.
0.596 cts.
Rate per ton per mile... 0.592 cts.
514.85
486.38
539.65
522.72
Train-load (tons)
$3.167
$3.219
13.092
Earns, per fr't train mile
$1.202
$1.230
$1.228
Earns. per pass. train m.
$26,217
$27,306
$26,932
Gross earnings per mile_
Underground Electric Railways Co. of London, Ltd.
(Report for Half-Year ending Dec. 31 1911.)
Chairman Edgar Speyer, London, Feb. 7, wrote in brief:
and of the
Associated Conapanies.-The traffic of the railway companies
is interested,
London United Tramways, Ltd., in which your company of
3, p.
Feb.
"Chronicle'
(see
continues to show satisfactory increases
traffic on the railways was
353-EdJ, notwithstanding the fact that the weather
during the summer
fine
y
extraordinaril
by
the
affected
adversely
last. The London
months and by the general railway strike in August
United Tramways not only shows an increase in gross receipts, but a very
expenses.
in
working
substantial decrease
in the Lots Road
The Lots Road power-house undertaking became vested
thereupon
Power-House Joint Committee as from .Tan. 1 1912, and was
and London
District
Metropolitan
the
leased by the joint committee to
become part of
Electric Railway companies. The property has therefore
sale of "joint power-house
the undertakings 9f those companies. (See
93, P. 165.)
rent charge stock,' £2,250,000, in July 1911; V.has
paid in respect of the
Metropolitan District Ry. Co.-This company
annum
on its 5% 2d pref.
per
2%
of
rate
at
a
the
dividend
year
halt
last
and for the first time
stock,
this
stock. Your company owns the whole of
secures a return on this investment.
The widening of the London Sc South Western and the Metropolitan
was
District Railways between Studland Road and Acton Lane Junction
exclusive
practically completed on Dec. 3 last, giving to the District By. the a more
permitting
and
points
those
between
use of a separate pair of rails
served by
frequent and faster train service to the rapidly growing districts District
the
the western extensions. To provide for the additional service,
By. Co. has purchased 65 new carriages.
.Co -Contracts for-the construction of the Paddington
London Electric Ry.
and the work is proand Charing Cross extensions have been entered into Earl's
Court station
ceeding satisfactorily. The moving stairway at
Justified the
was opened for public use on Oct. 4 last and its success has
lifts at other
of
instead
escalators
of
in
the
installation
approving
company
stations.
Sundry Provisions front Parltatnentary Bills.
debenMetropolitan District fly.-Power to apply £40,111 prior lien
tor arrears of debenture stock (the balance of £60,000 originally reserved
Sc South Western
London
the
to
Pdwer
to
interest)
general
purposes.
ture
By.and to equip electrically
By.Co. to widen their Wimbledon and Fulham Putney
and Wimbledon staand set apart two lines thereon between EastTo
confirm an agreement becompany.
of
the
the
use
exclusive
for
tions
in regard thereto,
tween the company and the South Western company
(as a working expense)
under which the District Company is to contribute
the
with
increased earnwill,
as
£4,000)
sum
(not exceeding
such a yearly
to interest at 4% on the cost
ings of the widened lines, make up a sum equal
incurred by the South Western Company (estimated at about £250,000)
In carrying out such wIdenings.
St.
London Electric Ry.-Powers to construct an extension of the Baker the
of
and Waterloo line from Paddington Station to Queen's Park Station
London Sc North Western By. To confirm an agreement with the London
money
Sc North Western By. Co. whereby that company will advance the
and
required for the construction and equipment of the Extension Railway
service to
also for the rolling stock required by the company for the through
FEB. 24 1912]
THE CHRONICLE
551
Watford. The interest on the amount expended by the London & North
Western Steel Car .1. Foundry Co.-The new steel car shop at Hegewisch,
Western fly. Co. will be treated as part of the cost of working the underwill be completed early in 1912. The contracts were placed at a time
taking of the company. Powers to amalgamate the Edgware & Hampstead when prices were lowest. During the year some cars were built and a large
By. Co. with the company, and to increase Its capital powers for that pur- number repaired. Considerable business has been booked for 1912, which
pose. The additional capital sought is £700,000, with the usual borrow- will show a fair margin of profit. [In January 1912 the Western Co. closed
ing powers.
a deal for the purchase of the Hegewisch property of the Illinois Car &
Edgware & Hampstead Ry.-Power to the said company to enter into Equipment Co. (previously held under lease) for $1,100,000 1st M. 5%
agreements with the London Electric Ry. Co. for the construction of the gold bonds to be issued by the Western Co. in connection with the transacrailway and the use of the Edgware & Hampstead and London Electric Rys. tion. See V. 94, p. 355, 70.-Ed.]
London General Omnibus Co.-It is proposed that if the holders of 75%
SALES, PROFITS, DIVIDENDS, ctc., FOR CALENDAR YEARS.
(or such less proportion as the boards of the two companies may agree) of
1911.
1909.
1908.
the ordinary stock of the London General Omnibus Co. accept the offer
1910.
thereby made, your company will create and issue first cumulative income Gross sales........$11,331,064 $27,975,978 $10,346,816 $8,589,422
$265,478
debenture stock carrying interest as from Jan. 1 1912.an additional amount Net earnings, all sources $892,836 $1,848,366 .51,954,583
Deductof 6% Income bonds to rank part passu with the present income bonds, and
$875,000
$875,000
$875,000
$875,000
carrying interest as from Jan. 1 1912, and 100 "A" ordinary shares of is. Divs. pref. stock (7%) __
120,000
110,000
280,000
each (part of a proposed issue of 1,200,696 like shares) [all as stated in V. Depreen and renewals....
94, p. 352, 417].
Balance, surplus_ __
517,836
$959,583 def.$719,522
$693,366
Balance Sheet -The decrease of £1,003,232 in the figure shown in the
5,694,057
6,653,640
7,347,005
6,413,579
balance sheet, as compared with June 30 1911, mainly results from the sale Previous surplus
of £1,285,000 London Electric fly. preference stock.
Net surplus_
$7,364,841 $7,347,006 $6,653,640 $5,694,057
[On Feb. 1, notice was given that 1% interest on the income bonds for the
half-year ended Dec. 31 1911, being at the rate of 2% per annum (free of
• The profits for 1909 include sale of Canada Car Co. stock, $1,700,000.
British income tax) would be paid against surrender of Coupon No. 8 n
March 1 1912, contrasting with a payment of
of 1%1n Sept.1911 and with
BALANCE SHEET DEC. 31.
distributions of % of 1% each in Sept. 1910 and March 1911.]
1911.
1911.
1910.
1910.
Assets
PASSENGERS CARRIED AND PASSENGER RECEIPTS OF ASSOCIATED
-3
LiabilitiesProperties & franCOMPANIES-HALF-YEARS ENDING DEC. 31.
Common stock_ _ _12,500,000 12,500,000
chises
26,947,062 26,840,665 Preferred stock_ ..12,500,000 12,500,000
Total.
-London Electric- -Metrop. Dist.- London Un. Tramw.
Six
Stocks owned
2,961,170 2,785,095 1st M.5% g. notes
500,000
Passengers. Receipts. Passengers. Receipts, Passengers. Receipts. Passengers.
Taxes and insurPur. money mtge_
75,000
75,000
ance
14,060
7.796 Accts. payable ___ 1,018,711 1,062,087
1907._ 34,459,012 251,816 25,808,732 204,882 30,021,463 182,349 91,189,207 Accounts
and bills
Accr.salarydrwages 113,616
124,674
1908._ 43,342,990 309,465 31,503,722 243,117 30,938,446 180,409 105,285,158
receivable
2,005,121 3,252,966 Accrued interest....
10,623
1909._ __ 46,783,143 328,566 33,902,406 260,767 29,675,506 164,092 110,361,055 Materials
on hand_ 1,147,973
640,799 Accrued pref. diva. 218,750
218.750
1910_ __.46,665,279 332,563 36,552,304 280.051 30,642,937 166,538 113,860,520 Cash
••
1,515,533 1,610,819 Reserve for contin. 800,000
800,000
191L....48,660,842 342,451 39,051,328 293,481 31,980,055 173,101 119,698,425
Surplus
7,364,841 7,347,006'
* Prior to July 1 1910 a through passenger was counted as one passenger on each
Total
34,590,919 35,138,140
Total
34,590,919 35,138,140
of the company's lines used; since that date such passenger is counted once only.
-V. 94, p. 356, 71.
REVENUE ACCOUNT, HALF-YEARS ENDING DEC. 31.
1911.
1909.
Receipts1910.
Morris & Co. (Packers), Chicago, Ill.
£102,885
£80,335
£97,413
Income from investments
(Reportfor the Year ending Oct. 28 1911.)
45,918
40,241
44,715
Net Income from open of power house
Arrears of div. on Met. Dist. By.
INCOME ACCOUNT.
2,687
guaranteed stocks
2,629
Yearend. 11 Mos.end. Yearend.
2,419
6,368
General interest
89
2,640
Oct. 28 '11. Oct. 1,'10. Oct. 30 '09.
1,449
1,173
Rents of properties
Net profits on manufactures & sales_ _$3,017,599 $2,907,190 $3,544,988
£156,549
92,106
87,616
£128,393 Miscellaneous earnings
£146,019
Total receipts
159,014
• ExpendituresTotal income
$3,109,705 $2,994,806 $3,704,002
Directors' and trustees' fees, salaries,
£3,281
$159,670
£5,252 Deduct-Interest on borrowed money.. $315,013
£4;580
rent and general expenses
$501,245
Interest on bonds
550.500
870
515,625
435
Commission, discount and expenses..
870
187,500
Administrative expenses_ __ _
97,764
815.452
616,690
112,296
113,898
593,670
Interest on bonds and debentures__ _
Taxes, insurance, &c
a52,333
391,993
300,320
826,166
Interest on Income bonds
350,248
Payment under guaranty on Met. Dist.
9,404
$2,072,958 $1,592,305 $1,632,663
By. assented extension pref. stock_
539 Net earnings
$1,036,747 $1,402,501 $2,071,339
619
Rents and expenditures for letting
243
Less-Dividends paid
$180,000
$345,000
$450,000
Discount & exp. of bond issue_
£154,867
£127,926
Total expenditures
£145,757
937,500
£1,682
£466
Balance, surplus -------£262
$180,000
$345,000 $1,387,500
Balance, surplus
a At rate of 2% per annum. b At rateof 1% per annum.
$856,747 $1,057,501
$683,839
GENERAL BALANCE SHEET.
BALANCE SHEET DEC. 31.
Oct. 28'11. Oct. 1 '10.
Oct. 28'11. Oct. 1'10.
1911.
Assets1910.
1909.
AssetsLiabilities$
$
$
Freehold land and bldgs. at Chelsea,
497,839 Capital stock
Pack. h'se, real est. 497,839
3,000,000 3,000,000
to
date
expenditures
on
including
do blds.,mach.,&c.10,131,356 9,414,166 Bonds.
12,100,000 12,300,000
power house and transmission line.. £1,489,084 £1,473,468 £1,398,905 i3r.mrkts,b1dgs..tc 2,551,749 2,449,939 Bills payable
6,936,204 3,777,284
Stocks, shares and other property.... 10,988,685 12,015,636 12,032,339 Car equipment__ 1,980,919 1,554,680 Accounts payable.. 2,023,456
2,835,482
Preliminary and other expenses ----104,865
104,865
104,865 Cash
2,788,789 3,234,201 Bond Int. accrued.. 178,009
140,625
818,700
Corn. & disc. on 5% prior lien bonds..
818,700
818,700 Products & supp _ _15,969,879 13,880,089 Res. for depr., &c. 3,003,375 3,553,763
48,586
Corn., disc., &c., on 1st pow.h. dabs_
50,326
52,061 Marketable invest. 2,310,288 2,389,317 Sur. to Oct. 31 '08.20,228,588 20,228,588
242,834
Sundry debtors, debit bal. and stores
214,585
189,018 Accts. & bills rec _14,003,759 14,156,852 Sur.sinceOet.31'08 2,764,945 1,741,340
174,773
Power-house depreciation fund _____
159,909
135,036
3,091
Pow. h. spec. maint. fd. held by trus_
2,020
Total
50,234,578 47,577,082
Total
50,234,578 47,577,082
95,416
Cash at bankers and on hand
114,664
118,348 -V. 94, p. 355.
25,106
27,034
Debit revenue account _
27,611
Total _
_ £13,991,140 £14,981,297 £14,876,884
LiabilitiesShare capital issued
5£4,888,522 *£4,888.522 £4,835,250
1,000,000
5% prior lien bonds
_ _____
1,000,000
2,818,700
4 % bonds of 1933
2,818,700
2,818,700
4,928,050
4,928,050
6% income bonds.....4,928,050
1,000,000
1,000,000
Power-house debentures
1,000,000
159,848
Sundry Creditors, credit balance, &a_
128,724 ' 159,366
24,640
Interest payment on income bonds
49,280
135,036
Deprec. reserve Chelsea power house_
159,999
174,773
Power-house special maintenance fund
2,020
3,091
Total
£13,991,140 £14,981,297 £14,876,884
• Share capital consists of 500,000 ordinary shares of £10 each; less calls
unpaid, £111,478.
For earnings of operating companies for half-year ending Dec. 31 1911,
see V. 94, p. 352.-V. 94, p. 417, 352.
Associated Merchants Co., New York.
(Report for Half-Year ending Feb. 1 1912 and Results for
Entire Fiscal Year.)
During the last half-year 20 shares of first preferred stock
were converted into second preferred stock and 177 shares
were converted into common stock.
RESULTS FOR HALF-YEAR ENDING FEB. 1.
1911.
1912.
1910,
1909.
Net earnings _______
5721,073
$813,265
$810,058
$734,574
Dividends on 1st pref _(3)5136,521 (3)$138,549 (3)5147,852(234)150,442
Dividends on 2d pref (3 %)179,368(3 M)179,200(3 M)179,105 (3)152,214
For common
$405,184
$495,516
$483,101
$431,917
Div. on common stock_(434)340.785(4 %)337,815(4 )0296,163(3 %)214,996
Remainder
Pressed Steel Oar Co., Pittsburgh, Pa.
(Report for Fiscal Year ending Dec. 31 1911.)
President F. N. Hoffstot Feb. 21 wrote in substance:
Results.-Up to Aug. 1 1911 there were fewer cars ordered than in
any
year of which we have record. About this time the prices of materials
were considerably reduced and car builders desiring to preserve their shop
organizations offered to sell cars at about cost, which resulted in a large
amount of business being placed, but even so, the total car orders placed
were less than in any year since 1903.
Your company accepted some orders on this low basis, but we anticipate
that business will increase,since during the past three years they have been
materially below the average, and should this be the case the new business
will likely be taken at a fair margin of profit.
The usual charges have not been made this year for depreciation, as it
seemed unnecessary, since your plants have only been operated to about
25% of their capacity, and in former years under full operation large sums
were charged off for depreciation to meet just such contingencies. The
usual dividends at rate of 7% per ann. were paid on the pref. stock.
Mortgage Notes Paid.-The last of the $5,000,000 notes authorized in
1901 were paid off during the year, thus freeing the company from all indebtedness other than a small purchase-money mtge. maturing in June 1912.
Progress of a Decade.-During the past ten years, in addition to paying
off the $5,000,000 notes, there has been spent on the properties over $3,500,000, the stocks and securities owned have increased $2,822,170; the
working capital has increased, as shown in financial statement, and a contingent fund of $800,000 has been established, while $2,040,000 was credited to properties and franchises by way of depreciation. Dividends have
been paid on the pref. stock, amounting to $8,750,000, and $1,000,000 has
been disbursed on the common stock. Both the Allegheny and McKees
Rocks plants have been practically rebuilt and materially enlarged, modern
machinery and appliances have been installed, a steel passenger car shop,
new general office buildings, steel tank car, forge, bolt and rivet and spring
shops have been erected and equipped. We also now own the entire capital
stock of the Western Steel Car & Foundry Co. and over 86% of the stock
of the Pennsylvania Malleable Co.
Improvements,-During the year $283,572 was expended on Improvemls.
Patents.-Eleven patents were granted during the year, 22 applications
are still pending and several more arc in course of preparation.
Passenger Cars.-The volume of business turned out by this department
during the year was almost as great as the previous year. With the orders
on the books at the close of the year and the outlook for new business, this
department should be able to make the best showing it has ever made.
$64,399
$157,701
.$171,762
.5216,782
• After deducting $15,176 "adjustment of interest" in half-year ending
Feb. 1 1910 and $139 in half-year ending Feb. 1 1909.
RESULTS FOR ENTIRE YEARS ENDING FEB. 1.
Year1911-12.
1910-11.
1909-10.
1908-09.
Net earnings..
$1,316,544 $1,469,991 $1,411,080 $1,273,237
Div. on 1st pref. stock __(6)273,520 (6)278,006 (6)326.007 (5)301,300
Div. on 2d pref. stock __(7)358,621 (7)358:375 (7)357,423 (6)304.428
Div. on cowmon stock __(9)681.010 (9)673,029 (9)574.245. (7)429,889
Total dividends
$1.313,151 $1,309,410 $1,257,675
Balance
53,393
$160,581
$153,405
BALANCE SHEET FEBRUARY 1.
Assets1911.
1912,
Cash
$1,333,951 $1,330,558
Cash (£9,000 in 1912, £10,000 in 1911
and 1910) for importations in transit
48,700
43,830
All the primary securities of: J. McCrecry & Co.,N.Y.; Stewart & Co.,
Bait.; J. N. Adam & Co., Buffalo;
and $2,400,000 debenture bonds of
O'Neill-Adams Co.. N. Y., aggregating $8,100,000 par value
y8,100,000 y8,100,000
45,001 shares H. B. Clailin Co
5,000,000
5,000,000
Junior securs., aggregating $5,500,000
par value, yielding more than 10%
annual income on $5,500.000 _____ 5.000,000
5,000.000
$1,035,617
$237,620
1910.
$1,170,396
48,700
y8,100,000
5.000,000
5,000,000
Total assets
$19,477,781 $19,479,258 $19,319,096
LiabilitiesFirst preferred stock _
54,534,500 $4,577,200 $4.725,400
stock
preferred
Second
5,124,800
5,120,200
5,118,800
Common stock
7.590,700
7,405.800
7,552,600
Importations in transit43,830
48,700
48,700
Extra dividend account
514.130
353,968
517,523
Surplus
1,666,428
1,666,428
1,666,428
Total liabilities __
- ______ -$19,477,781 $19.479,258 $19,319,096
y Includes entire business of McCreery & Co.. Stewart & Co. and J. N.
Adam & Co. and four-fifths of debenture bonds, two-thirds of income
bonds and four-fifths of capital stock of O'Neill-Adams Co. and four-fifths
of common stock of C. G. Gunther's Sons,-V. 93, p. 728.
552
Lxxxxiv.
THE CHRONICLE
United Dry Goods Companies, New York.
(Report for the Hat:f-Year ending Jan. 15 1912.)
President John Clatlin says:
Our plants are in excellent condition and will respond promptly to an
improvement in general business.
INCOME ACCOUNT.
6 Mos. to
6 Mos. to
6 Mos. to 736 Mos. to
Jan. 15 '12. Jan. 15 '11. July 15 '10. Jan. 15 '10.
$1,073,399 $1,161,463
$953,084 $1,176,568
Net income
371,000
366,768
Deduct-Pref divs.(3)6%) 375,212
350,000
• Common dividends (4%)577,100(4%)511,812(4%)446,524(2%)211,104
7,717
Div. & int. adjust'ts_
$952,312
$882,812
$568,821
$813,292
$607,747
$121,087
$278,651
$139,792
BALANCE SHEET.
Jan. 15 '12. Jan. 15 '11. July 15 '10.
• Assets98,131 sh. cap. stk. of Assoc. Mer.Co_ $9,813,100 $9,813,100 $9,813,100
Net tangible assets of Hahne & Co.,
• Powers Mercantile Co., Wm. Hen. gerer Co. and Stewart Dry Deeds
10,592,967 10,545,036 10,590.920
• Co., exclusive of cash
Cash of United Dry Goods Cos.,Hahne
• & Co., Powers Mercantile Co.. Wm.
• Hengerer Co. and Stewart Dry
2,106,610
2,447,054
2,716,349
• Goods Co
Securities of Lord & Taylor and cash
3,264,400
,• available for further investment_ _ _ 3,264,400
•
• • Total
$26,386,816 $26,069,500 $22,510,639
r• Liabilities$10,747,400 $10,615,900 $10,600,000
Preferred stock
14,427,500 14,427,500 11,163,100
Common stock
747,539
1,026,190
1,211,916
Surplus
•
0
$26,386,816 $26,069,590 $22.510,639
• Total
• During the season 590 shares of pref. stock were issued to employees at
par and paid for by them.-V. 93, p. 728.
. Total deductions
Surplus
National Carbon Company.
(Reportfor Year ending Dec. 31 1911.)
Net earnings
Div. o.n pref. stock
Div. on commen stock
y Depreciation
Charged off
-Years end. Dec.
11 mos. clic!.
Year
1911.
1910.
Dec. 31 '09. Jan. 31 '09.
8931,145 81,303,206 81,211,439
$980,283
(7)3315,000 (7)$315,000*(554)8236250 (7)3315,000
(6)330,000 (6)330,000x(45)261,250 (4)220,000
234,820
280.000
400,000
293,000
7,154
5,893
3,323
7,019
B.to profit and loss acct.
$44,171
$372,903
$417,616
$38,264
* Three quarterly dividends. x Four quarterly dividends. ylExcluslve of
monthly charges aggregating in 1911 and 1910 $120,000; in 1909, $107,000.
BALANCE SHEET DEC. 31.
1911.
1910.
1911.
1910.
Liabilities8
Assets$ '
Preferred stock_ __ 4,500,000 4,500,000
Real ee tate pitints,
machinery, &c_ _ 8,824,881 8,616,690 Common stock__ 5,500,000 5,500,000
Mdse.,raw & mid. 1,389,582 1,263,380 Common dividends
82,500
82,500
166,807 payable
Cash
102,221
261,232
82,500 Accounts payable_ 319,693
Cash for div.
Construction conCash for construc216,042
216,042 tracts
tion contracts_
472,730
516,901
687,085 Profit & loss Burp_
Bills&accts.rec.,&c. 602,410
•
The Baldwin Locomotive Works, Philadelphia.
(Reportfor First Half-Year ending Dec. 31 1911.)
President Alba B. Johnson says in substance:
Total
10,919,094 11,032,504
-V. 92, p. 524.
Total
40,919,094 11,032,504
J. G. Brill Company, Philadelphia.
(Report for Fiscal Year ending Dec. 31 1911.)
Pres. James Rawle, Phila., Feb. 14 1912, wrote in substance:
The combined profits for 1911,after charging to repairs and maintenance
the sum of $164,987, amounted to $689,409, from which there has been set
aside for depreciation 3134,429, leaving a net profit for the year of $554,980.
The usual quarterly dividend on the pref. stock, at the rate of 7% per
annum, amounting to $80,150, was paid Feb. 1 1912.
While, during 1911, the conditions which governed the obtaining of
orders and .their execution by your companies were by no means normal,
vet they were much improved in comparison with any year since 1907.
This resulted in earnings from the year's business sufficient, after the deduction of all the liberal allowances for repairs, maintenance and depreciation, not only to meet the full dividends on the pref. stock declared during
the year, but also to add to the combined surplus of your companies the
sum of $234,380.
On Feb. 10 1912 the combined companies had orders in process of completion amounting to $3,152,156, with a good outlook for profitable work
for the coming year.
THE J.G.13RILL CO. AND SUBSIDIARY COMPANIES'SALES AND
EXPENDITURES FOR THE YEARS ENDING DEC. 31.
1911.
1910.
1909.
1908.
$5,870,907 $5,960,779 $4,261,205 $3,845,174
Total sales
Oper-gen.& admin.exp_ $5,181,498 $5,519,823 $4,075,979 $3,656,343
107,352
134,429
Depreciation reserve
114,624
98,090
Results.-Although the gross sales for our first fiscal period, the last half
of the calendar year 1911, were practically equal to those for the first half
of that year, the profits were diminished by the expenses occasioned by
the general strike of employees, which reduced the results of operation for
July to a deficit of $40,000. The satisfactory settlement of the strike has
been beneficial alike to the employees and to the works by reducing the
cost of operations whilst fully maintaining the standard of wages and permitting the acceptance of a considerable volume of remunerative work
which could not otherwise have been executed.
The profits for the last half-year have been further diminished by charging off the entire expenses of reorganization, amounting to $139,214. (The
expenses of creating the bond issue, amounting to $558,562, had been previously extinguished.) The sum of $590,786 has also been charged against
the operations of the six months for maintenance and renewals. This corresponds with the practice followed during more than 20 years, which has
proved by appratsement from time to time to maintain the efficient con$77,874
$554,980
$326,332
$90,741
Net profit
dition of the plant. The allowance for the previous six months had been Other income
52,909
$651,860, making the total for the year $1,242,646.
Notwithstanding the somewhat meagre business conditions and the
$130,783
Total income
•$554 980
$90,741
$326,332
charging off of extraordinary expenses, the net earnings for the six months Less-Div.on pf.stic.(7%) $320,600
$320,600
$320,600,
$320,600
are $1,671,419, from which the board has authorized the payment of divicorn.
on
(2%)
stk.
Divs.
100,000
dends at the rate of 7% per annum on the pref. stock and 2% per annum on
unthe common stock, amounting together to $900,000, and crediting to
sur. or def. _sur.$234,380 sur.$5.732 der.$189,817 def.3329,859,
Balance,
Baldthe
by
divided profits the surplus of $771,419. The business done
win Locomotive Works for the six months constituted about 75% of the THE J. G. BRILL CO. AND SUBSID.COS.' CO2III3INED BAL.SHEET DEC. 31
capacity of the plant, whilst that done by the Standard Steel Works Co.
1911.
1910.
1911.
1910.
has been about 62% of its capacity.
AssetsLiabilitiesthe Baldwin
Additions.-Betterments chargeable to capital account of amounting
Cost of properties...7,950,025 8,35.3,684 Preferred stock.
4,580,000
4,580,000
to
half-year
the
during
Locomotive Works have been made
.5,000,000 5,000,000
Common stock
real estate, Material, raw,in pro$141,198. These include expenditures for equipmeat $104,221;
cess and finished_ _.1,342,500 1,492,485 Bonds (John Ste.
Betterments charge$14,387, and improvement of real estate, $13,423.during
Investments
283,222
305.823
Co.)
400,000 400,000
phenson
the
period
same
Co.
Works
able to capital account of Standard Steel
Bills and accounts
Bills & accts. pay'le_ 690,367 1,496,181
have been $74,872. principally for equipment. 1 1911 amounted to $10,receivable
1,489,698 2,009,006 Sur. %Yawn Mfg. Co
a429,123
July
books
the
on
orders
unfilled
Orders.-The
349,442 343,027 Surplus
c744,521 5598,816
to $3,549,265. It is evi- Cash _
378,338, whilst on Dec. 31 1911 they amounted
governing railroad operations,
dent that the depression In the conditions
r Toter+
11,414,888 12504,120 Total
11,414,88812,504,120
together with the political uncertainties attending a presidential election,
are likely to lead to a reduced volume of business during the early months
a See footnote S. b After deducting 3429,123, representing surplus of Wason
Of 1912.
Mfg. Co., set aside for permanent surplus of that company as an addition to its.
Neto Plant.-The directors, having decided that It Is expedient to estab- working capital and also $62,797 for adjustmenta.
lish a Western plant, have authorized the purchase of a tract of 370 acres
c After deducting $88,676 for adjustments.-V. 04, p. 489.
there
for
construction
developed
the
being
are
Plans
Ind.
Chicago,
East
at
of works for the manufacture of tires and wheels, as part of the business
The Mackay Companies, New York.
of the Standard Steel Works Co., and for the building of locomotives, as
part of the business of the Baldwin Locomotive Works. The board has
(Report for Fiscal Year ending Feb. 1 1912.)
not yet determined upon a program of construction. It Is decided, however, that the future growth of the business shall be divided between EddyPres, Clarence H. Mackay, Feb. 15, wrote in substance:
stone and Burnham in the east and East Chicago in the west.(V.94,P.210.)
[See offering of the pref. shares of the new company In V. 92, p. 1703.
Results.-The gross Income of your telegraph and cable companies in
com$20,000.000
on
paid
was
the
1%
of
dividend
initial
an
1912
2
Jan.
On
1910 was the largest in their history. In 1911, notwithstanding tho
mon stock, also a semi-annual dividend of 3 56% on the $20,000,000 7% temporary interruption of your telegraph company's business to and from
cumulative pref. stock. The pref. stock has been listed on the N. Y. Texas, Arkansas, Oklahoma and parts of the adjoining States by reason
Exchange.-Ed.j
Stock
of the action of a Texas telegraph company (whose wires formerly worked
RESULTS FOR HALF-YEAR ENDING DEC. 311011'ALSO FOR PRE- with your wires) the gross income, separately or combined, was almost
exactly the same in 1911 as In 1910. Expenses, however, have increased,
CEDING HALF-YEAR UNDER FORMER OWNERS, AND
principally due to the higher wages paid to the skilled operators and other
AVERAGE FOR TEN YEARS,
-Six Mos. Ending- Yearly Avg. employees engaged in the fast service.
Rates.-A 'night letter" service was inaugurated by tho Western Union
Dec. 31 '11. June 30 '11. 1910-1911.
two years ago. The Postal Telegraph Company is giving this
Gross safes of Baldwin Loco. Works 314,589,645 $14,752,940 $27,271,019 Company
of service but is not seeking it, as we are convinced that it is carried
kind
Manufacturing maintenance, adminon without a profit and probably at a loss. The "day letter" is a proistrative expenses, depreciation,
lan12,965,429 13,123,312 24,778,079 position to transmit in the day time a telegram of 50 words in plainright
agencies, commissions, &c
guage at 1 56 times the 10-word day rate, the company retaining the
to defer the transmission until after other day telegraph messages are
$1,624,216 $1,629,628
Manufacturing profit
transmitted. The Postal Teegraph Company declined to adopt it on tho
Other income (including dividends of
ground that it Is unprofitable and detrimental to the regular traffic.
508,415
336,684
Standard Steel Works Co.)
The Atlantic Cable Companies have cut cable rates on cable messages
in plain unabbrieviated lanugage to certain specified countries, to one$2,132,631 $1,906,312
Total Income
the rate previously charged; for example, from 25 cents a word to 12 56
half
Interest on bonds, deposit accounts,
cents a word, subject to the messages being deferred. The Commercial
461,212
394,241
organization expenses, &c
Cable Co. does not expect that the traffic will be either largo or profitable.
rate
$1,671,419 $1,572,071 $2,560,188 This expectation Is borne out by the returns to date. The reduced
Net profit
Is proper because there is a large class of persons of limited means whose
Half-yearly div. on 7% pref. stock__(356)700,000
"codes" to
the
no
cable
of
Is
service
only
have
need
who
and
occasional,
(1)200,000
Dividend on common stock
compress their messages. They will find the new cable rate of advantage.
As a general proposition, however, reductions in present cable rates can$771,419
Surplus
be expected since cablegrams are necessarily expensive.
The net profit for the last six months, including the Standard Steel Works, not
Extensions, C.c.-The combination of the Bell Telephone interests with
were $1,653,810, leaving, after payment of the dividends, a surplusof$753,Western Union created a temporary difficulty for your companies in
the
810, as shown in the consolidated balance sheet.
Texas and the adjoining States. Your land-line systent had a contract for
BALANCE SHEETS DEC. 31 1911.
the exchange of business with the independent Texas Telegraph Co. and
Baldwin Incl. Stand. when the Texas Company and later the Western Union Co. passed into
Baldwin Incl. Stand.
Loc. Wks. Stee1211rks. the control of the American Telephone & Telegraph Co. the situation for
Loc.Wks. SteetWics.
AssetsLiabilities$
trustees proceeded
$
your companies became intolerable, and thereupon your '
Real set., mach'Y.
Preferred stock...20,000.000 20,000,000 to extend your land line system throughout that territory. A first-class
patents, &c___36.084.543 42.897,958 Common stock_ _ _20,000,000 20 000 000 line
has been built from Wichita, Kan. through Oklahoma and Texas,
Stand. St. Wics.Co. 4,041.501
*Bonded debt...._ _10,000,000 14,200,000 via Fort Worth, Dallas and Houston '
to Galveston, nearly 1,000 miles,
72,414
72,414 Accts. payable__ 652,111
Other real estate_
596,694 also from Batton Rouge, La., to Houston, Tex. Still another line is rapidly
3,082,320 4,388,901 Pay-rolls &salaries 151,585
Inventories
151,885 Appr
n to Little
completion
L
,an
from
opposite Memphis, Tenn,,
inctonhaseniacevtiAusAn
oer
Accts. receivable_ 5,034,971 5.507,236 Depositors' funds
;po
g
alas.rexa
subject to notice 2,046,017 2 116.733 and San Antonio. Numerous spurs and branch lines have also been
Bills receivable_ __ 1,522,087 1,044,019
498.754 Employees' Ben.A, 122,956
135,950 completed. The result Is that that vast territory has been covered with a
Marketable securs. 898.054
3,622,077 3,709,970 Accr'd int. on bonds 83,334
83,334 network of Postal lines and wires, and competitive Service Is now given In
Cash
0,523 Int. rec. In adv._ 37,068
6,523
37.668 the full sense of the word. With the completion of that system, the
Deferred charges_
Surplus
771.419
753,810 receipts of your land line system from telegraph business to and from
that part of the United States are increasing rapidly and those receipts are Total
53,805.000 58,075,775
53.865.090 58.075.775 no longer divided with a connecting company, as was formerly the case.
Total _
*As to bond Issues of Baldwin Co., see V. 91, p. 40; V. 90, p. 1104; of Standard The changing of our cable landings adjacent to N. Y. City from Manhattan
Steel Works Co., V. 89, p. 1416.-V. 94, D. 210.
Beach to Far nockawaY, it is expected, will soon be completed.
THE CHRONICLE
FEB. 24 1912
553
In London, the entire building, 63 and 64 Gracechurch St., which is in
CONSOLIDATED BALANCE SHEBT DEC. 31.
the heart of the financial district of London, has been remodeled to accomo(Manufacturers' Light et Head Co. and its affiliated companies.)
date the increased business of the Commercial Cable Co.
1911.
1910.
1910.
1911.
Litigation.-During the past year three important litigations have
Assets$
' 3
Liabilities$
$
resulted in favor of the Postal Telegraph Co., viz.: (a) The Public Service
28,726,458 29,130,092 Capital stock
21,500,000 21,500.000
Commission of N. Y. State decided that on messages received by the Investments
628,600 Bonds, less sk. fd_ 5,900,000 5,107,000
Postal Company and destined to exclusive Western Union points, the Treasury stock_ __ 628,600
744,937
303,538 Bills payable_
2,549,952
Western Union must not wake an extra charge against the Postal Company Cash
686,749
260,334
In addition to the full regular Western Union rate. (b) In California the Accts. receivable_ 661,422 1,929,382 Accounts payable_
18,337
32,061 Accr. int. & taxes_
92,262
Court held that the Postal Company could not be prevented from con- Bills receivable_ __
20,445 Security deposits_
130,453
demning a right-of-way for its telegraph line on a railroad even though Incomplete invest. 100,504
15,722 Miscellaneous __
54,109
2,040
7,867
the Western Union had a contract with the railroad whereby the Western Material & supplies
2,040
7,680 Surplus
3,051,319 2,224,950
Union was given a monopoly of the railroad right of way for telegraph Miscellaneous _ _ _
purposes. (c) On Jan. 1 1912 the Bell Telephone Companies surrendered
Total
30,936,408 32,067,519 Total
30,936,408 32,067,519
on the question In litigation between the Postal Telegraph Co. and the
Cumberland Telephone & Telegraph Co. as to the right of the latter to -V. 94, p. 490.
compel the Postal Company to give to the telephone company a percentage
of the receipts of the telegraph company on telegrams delivered or received
New York Air Brake Co., New York City.
over the telephone. The U. S. Court decided in that case that the exaction
(Report for Fiscal Year ending Dec. 31 1911.)
was illegal and discriminatory.
Telephone Business.-As to the telephone situation, your land line
Pres. C. A. Starbuck, New York, Feb. 14 1912, wrote:
system proposes to string heavy copper wires on its poles in any part of
the country, where independent telephone companies care to lease teleThe decision of the Inter-State Commerce Commission on an advance
phone circuits between cities and towns, and where such wires will be In railroad freight rates was adverse to the increase. The result was to
useful to your land line system for telegraph purposes in case any of such compel a far more rigid exercise of economy by the railroads than ever beindependent telephone companies should discontinue such leases by reason. fore. In consequence, the business of your company suffered and the
of their being purchased by Bell telephone interests. Considerable pro- year's business has been unsatisfactory. Dividends were continued until
gress has already been made in this direction.
July in the hope that each month would show an improvement, but such
Status.-The Mackay Companies has no debts. Its outstanding pref. improvement did not appear until November. The company in the last
shares ($50,000,000) have not been increased during the past five years. two months of the year booked more orders than in the whole ten months
Its outstanding common shares ($41,380,400) have not been increased previous, and we are encouraged to believe the resumption of business may
during the past seven years. No bonds, notes or stock have been issued continue and the coming year's business be large and profitable. The physiand no debts incurred during the year and yet there has been substantial cal condition of the company as well as the
financial was never in better
growth of your ocean and land-line systems. During 1912 important shape, and we are in position to handle all the business that we may be faextensions and improvements to the system will be made on land and sea.
vored with.
The income of the subordinate companies is greater than is required to
CONSOLIDATED INCOME ACCOUNT YEARS ENDING DEC. 31.
pay the dividends of The Mackay Companies, but our policy is to obtain
from the subordinate companies only enough money to meet those dividends.
1911.
1010.
1909,
1908.
All extensions and improvements have been paid for from annual receipts, Sales _-__ __ _ _ _ ___ -_ $1,585,681 $2,568,3641 $2,115,116 $1,601.606
including the new lines in Texas and adjoining States. No debts have Receipts from invest'ts,
been incurred.
int. and disc. bills__ __
58,714
121,8341
The employees of The Commercial Cable and Postal Telegraph systems
continue to invest their savings very largely in the shares of The Mackay
Total income
$1,644,395 $2,690,108 $2.115,116 $1,601,606
Companies, their holdings being over $2,000,000 par value.
DeductSpecial Fund.-The $12,000,000 realized about two years ago from the Cost of mfg., dm ___ _ _ _ $1,181,550 $1,836,639
sale of American Telephone & Telegraph Co. stock is still preserved intact Administration exp's
210,2051
1 $ ,660,244 51,237,507
217,787
in cash and in the highest class of securities, including N. Y. City bonds, Taxes
15,460
13,503
'and is ready for emergencies, extensions or a new line of business.
Interest on bonds ___ _ _
181,800
120,000
181,800
181,800
Deprec'n (less reserve)_
3,986
__ __ -PROFIT AND LOSS ACCOUNT FOR YEARS ENDING FEB. 1.
Dividends
(4 M %)449,858 (3)219.772
1911-12.
1910-11.
1909-10.
1908-09.
Income from investm'ts
Total deductions
$2,046,255 $2,541,909 $1,846,032 $1,357,507
$
in other compaies
4,128,491
4,125,907
11,808,779
3,685,761 Balance, surp. or def -def.$401,860sur.$148 ,2811sur.$269,084sur.5244 ,099
Div. on pref. stock-_ _(4)2,000,000 (4)2,000,000 (4)2,000,000 (4)2,000,000
CONSOLIDATED BALANCE SHEET DEC. 31.
Div. on corn. stock _
_(5)2,069,020 (5)2,069,020(4 X)1758667 (4)1,655,216
Oper. exp., incl. transfer
1911.
1910.
1911.
1910.
agents', registrars' and
Assets$
Liabilities$
$
$
trustees' fees, office
,
apital stock
10,000,000 10,000,000
Factories, patents,
rent, salaries, &c
_
32,092
37,194
25,027
32,335
wat.pow.,I'd,&e. 9,923,338 9,278,4U First M. cony.bds. 3,000,000 3,000,000
Stock, bonds, &c_ 444,700
416,26e Accounts payable_
36,052
25,701
Bal. carried forward_
27,379
19,693
17,777
5,518 Cash
571,482
658,665 Accr.int. on bonds
30,000
30,000
Acc'ts & bills rec_ 1,227,646 1,615,741 Real est. M.(other
BALANCE SHEET FEBRUARY 1.
Inventory
1,152,933 1,253,477
than factories)
10,000
1912.
1911.
1911.
1912.
Profit and loss
295,953
Profit and kiss_
155,907
Assets-$
$
Investin'ts In other
Pref. shares issued 50,000,000 50,000,000
13,066,052 13,222,608
13,066,05? 13,222,608
companies
91,919,339 91,919,330 Corn. shares issued 41,380,400 41,380,400 -V.94, p. 212.
Cash
384,521 Balance, profit_
950,839
923,960
411,900
Total
92,331,239 92,303,860
-V. 94, p. 490
Total
92,331,239 92,303,860
Manufacturers' Light & Heat Co., Pittsburgh.
(Report for Fiscal Year ending Dec. 31 1911.)
President John E. Gill, Pittsburgh, Dec. 311911, wrote
in substance:
United States Motor Co., New York.
(Report for Fiscal Year ending July 31 1911.)
Pres. Benjamin Briscoe, N. Y., Dec. 19 1911, wrote in
substance:
Adjustment of Accounts.-During the past year the company employed
chartered accountants to co-ordlnate the reports and accounts of the various corn pantee In the most conservative manner. The surplus of the respeotive companies was adjusted as shown in the accompanying balance sheet.
Results.-Considering the many problems which were related to the first
Results.-With the increased cash on hand there has been a reduction in
Indebtedness of $1,106,837. This, with $453,048 expended for improve- year's operations of the company, the showing for the year is gratifying,
ments, betterments and extensions, including a fully equipped machine shop though not up to the expectations entertained at the beginning of the year.
located at Washington, Pa., accounts in full for the earnings of the year It will be recalled, however, that the automobile industry went through
an extremely harassing period during the summer and fall of 1910, which
after disbursement of dividend on Dec. 20 of X of 1%, or $161,250,
greater effect upon the progress of your company, which
While the gross earnings diminished, on account of depression in industrial had a considerably
than would have been the case had the organizabusiness, it is gratifying, however, to note that after deductions for °per. had just been organized,
machinery been co-ordinated and running as smoothly as it is to-day.
exp., int. on bonds and extraordinary expenses incident to the re-financing of tion
The company was organized during a period when prices for steel, tires
the company's debt, the net earnings do not show a corresponding decrease. and
other principal materials ranged considerably higher than in
Re-financing.-On Aug. 2 the debts of the company were re-financed in July most
1911. It was considered wise to write down the inventory to an abaccordance with plan adopted in conjunction with Geo. W. Crawford, S. Y. solutely
conservative basis. This has, of course, diminished the apparent
Ramage and A. C. Warne, the special committee appointed at meeting of
hand it is a proper foundation for future operations.
stockholders held March 29 1911 (explained in detail in circular of Aug. 3 surplus; on the other
Debentures.-In order to maintain the factories at a steady rate of pro1911), by which the debt was converted into a bonded debt of $5,900,000thought
best to add to the company's working capital durduction,
It
was
not a great deal in excess of the gross income for the current year-requiring
annual payments not to exceed $700,000; all bonds to be paid and mort- ing the year, so that it would not be necessary to borrow so heavily on
short-time loans throughout the fall and winter months, in preparation for
gages satisfied by Oct. 1920 (V. 93, p. 411).
Gas and Oil TV ells.-The supply of gas has been adequate for all demands the more active spring selling season.
To provide for this additional working capital, the directors authorized
and has enabled 118 to increase the number of consumers. Your companies
now have on their books a total of 80,470 consumers, of which number an issue of $12,500,000 5-year convertible debentures, of which $6,000,000
were
sold to a banking syndicate. The last installment, paid on Oct. 2,
79,716 are domestic.
in a position where, by keeping its inventories at a
During the year there were drilled 24 wells, 11 of which were productive 1911, put the company
figure, and with little additional borrowing throughout the
commensurate
and
4
dry
holes.
company
Is
now
of gas, 9 ell
The
operating 951 gas wells, fall
months, it would be able to maintain its plants at a steady rate of
270 oil wells, with 13 drilling and uncompleted.
thus obtaining many economies. (V. 92, p. 1503, 1706.)
Acreaqe.-Unoperated leaseholds were acquired, approximating 19,849 production,
Our business, averaging as it does about $2,000,000 per month, requires
acres; 97,086 acres of operated and unoperated territory, were surrendered, the
tying up of a great deal of capital in materials; it is estimated that inmaking total acreage owned in Pennsylvania, Ohio and West Virginia of ventories
must be maintained of about one-third of the annual gross sales.
288,387 acres, 102,447 acres being operated and 185,940 acres held In
Sales.-The sales of the company show a constant growth. The line of
reserve for future operations.
Outlook.-With the annual debt requirements confined to $700,000 and products for the season of 1912 is the most popular ever produced by the
a decreased and further decreasing charge for interest, we are confident company, and the orders on the books at the present time are largely in
excess of the orders on the books at the same period of any year heretofore.
the future of the company is assured.
New inventions and improved methods of manufacturing are being constantly developed. It is the company's purpose to offer to the public the
RESULTS OF OPERATIONS FOR CALENDAR YEARS.
best possible value at the lowest possible cost, based upon large production.
(The Manufacturers' Light efe Heat Co. and its affiliated companies.)
Outlook.-Prospects are exceedingly bright, For Aug., Sept. and Oct.
1911 the company's business shows an increase of 1,365 automobiles shipped
Receipts1911.
1910.
1909.
over the same period of the previous year; and the ,,usiness of all the autoGas sales
$4,872,804 $5,370,930 $5,020,322 mobile companies, including the Briscoe Mfg. Co., the Providence EngineerOil sales__198,951
215,742
267,003 ing Works and the Gray Motor Co., shows an increase in volume for the
Water sales_2,553
2,332
1,805 above three months of about 25% over the same months in 1910.
Miscellaneous_
34,664
21,306
47,292
Abstract of Circular of Feb.7 1912 Regarding Omission of Dividend.
Total gross earnings
ExpensesOperating expenses
Drilling wells
Changing construction _ _ __ _
Gas purchased
Taxes
$5,108,973
$5,610,311
52,711,426
:11
$2,985,164
140,524
Total operating expenses and taxes...52,851,950
$2,257,022
Net earnings
51,834
Other income
$5,336,423
151,433,305
428,147
119,957
601,543
95,066
104,693
$3,080,230
$2,530,081
6,996
$2,687,645
$2,648,778
3,641
Gross income _ •
$2,308,856 $2,537,077 $2,652,419
Interest, discount, dec _
*371,143
278,145
275,369
312,015
Interest on bonds
320,900
370,260
Sundry adjustments.--------------,95,436
Cr.56,974
Dividends ('4%)-------------- -- 181,250
Depreciation
738,235
802:715 1,62-2,5.78
-]
deductions
.111otal
T
51.487,207 $1,344,784 $2,268,207
Balance, surplus
$821,649 $1,192,293
$384,212
---• Includes extraordinary charges incident to re-financing of floating debt
as of AugE2 1911
r
For the first five months of the year '11-12 your company and its manufacturing departments have made a substantial profit, and it is worthy of note
that, though this period is conceded to be the leanest of the entire automobile season, the profits are greater than those made heretofore during any
like period. The number of cars sold during the five months ending Dec. 31
1911 was 6,512, as against 4,483 cars for the same period in 1910, being
an increase of 45%. This year the company has contracts with 1,503 dealers, as against 1,043 dealers last year, and the number of cars contracted
for by this year's dealers is by more than 25% in excess of the number for
the previous year. The accounts payable for merchandise is almost $1,500,000 less than six months ago.
These facts demonstrate that our business is in better shape than ever
before. Notwithstanding this, your directors have deemed it best for the
interests of all concerned not to declare a dividend payable at this time.
Even tinder the most favorable circumstances this particular period of the
automobile season lends itself least to the paying out of dividends, because
at this time it is absolutely necessary to carry large inventories in order to
be prepared for the heavy spring selling season. In view of the fact that
dividends on the preferred stock are cumulative, this action must be considered as a sound business measure. The growth of the business also increases the requirements for working capital, and the seasonal nature of
the automobile business is so pronounced that it always has been a serious
question whether it would not be better to pay dividends annually, or at
most semi-annually.
Price, Waterhouse & Co. reduced the selling companies to their actual
book values, allowing nothing for their good-will and for the expense incident to their establishment. The company's working methods have been
entirely reshaped. The reorganization has resulted in numerous savings
which reach a total of $300,000 to $400,000 a year in expense account.
The operating efficiency, on the other hand, has been greatly increased.
The officers and directors are thoroughly convinced that the United States
Motor Co. has a bright future before it, and that the stock as an investment
is a better one to-day than it has been at any time heretofore.
INCOME ACCOUNT FOR YEAR ENDING JULY 31.
Yr. End. *Period End.
July 31 '11. July 31 '10.
Total earns, of all props, after deducting all cost of
operation and production, all expends, for ord'y
repairs and maint., employees' bonus funds, current experimentation and development exp. and
provis'l allow, for corporation excise tax
$1,569,266 $2,765,006
Reserved for depreciation
98,507
Contingent losses on receivables
25,440
Net earnings for the period
Interest on loans
Preferred dividends
$1,569,266 $2,641,059
$718,756
(7%)738,411(3%)258,729
Undivided profits carried to surplus
$112,099
$2,382,330
• Includes earnings of various cos, for periods ranging from 3 to 9 mos.
COMBINED BAL. SHEET JULY 31 (INCLUDING ALL FACTORIES).
1910.
1911.
1911.
1910.
AssetsLiabilities$
Land, bidgs. & eq. 9,276,126 7,120,168 Preferred stock ___11,491,1331x20442140
Securs. of sell. cos. 720,000
678,494 Common stock_ __12,193,3501
37,258
Pat'ts, contracts &
0th. cap. oblig'n.s_ y100,303
trade names_ 12,321,223 10,810,775 Ser. 6% bonds_ __ 6,000,000
Cash to retire debs. _
37,500 Mtges. & bals.pay.
287,170
472,276
Deferred charges_v1,706,678
on plants
78,336
710,135
Inventory
7,890,073 6,549,535 Res've for deprec_ 802,217
352,856
Investments
do doubtful accts. 644,913
135,380
z453,740 2,382,330
Accounts receiv'le 2,992,478 2,580,270 Surplus
287,594
Bills receivable... 1,268,861
507,710 Customers' dep's_ 226,281
Cash
1,305,746 1,331,846 Accounts payable_ 2,898,212 2,514,793
4,462,920 2,531,269
Bills payable
Subscrip'ns to 6%
Accr'd wages &
bonds
2,433,723
expenses
149,089
Div. pay. Aug.10'11 201,082
Accrued int, on
bonds, &c
103,852
Total
moomv.
THE CHRONICLE
554
40,050,288 29,694,634
Total
40,050,288 29,894,634
v Deferred charges include in 1911 discount and commission on 6% gold
bonds, improv'ts to leased buildings and prepaid expenses; in 1910 consist of prepaid expenses.
z After deducting $531,200 stock, valued at $424,960.
y Consists of capital stock and surplus of subsidiary cos. not owned by
U. S. Motor Co.
z After deducting $954,010 for adjustments made in accordance with
report of Price, Waterhouse & Co., and $1,086,670 to provide for obsolete
material and to bring book inventories into agreement with physical inventories.-V. 94, p. 420.
Detroit Edison Co.
(Report for Fiscal Year ending Dec. 31 1911.)
Vice-Pres. Alex Dow, New York, Feb. 5 1912, wrote:
Earnings, &c.-The gross earnings were $3,598,094, an increase of $567,887, or 18:7%; the net earnings were $1,536,904, an increase of $226,821,
or 17.3%, and the surplus, after interest charges, was $853,175, an increase
of $144,792, or 20.4%.
The Eastern Michigan Edison business included in the foregoing is $349,346 gross earnings and 3151,383 net earnings, being increases of 31.4%
gross and 28.4% net. This excellent showing is In part the result of opening additional territory. In Detroit and in the villages immediately adjoining, our business is carried on in the names of the Edison Illuminating
Co., the Peninsular El. Lt. Co. and the Central Heating Co.; these three
properties being operated as a unit. The Eastern Michigan Edison Co.
serves the cities of Ann Arbor, Ypsilanti and Mt. Clemens and 18 villages.
The number of customers for electric supplyfon Dec. 31 1911 was 55,407,
an increase of 11,983, or 27.6%. The connected load of general light and
power equipment was 114,676 k.w., an increase of 22,147 k.w., or 23.9%;
these figures do not include the equipment of certain customers supplied in
bulk, whose use of our service, reported a year ago as requiring 9,850 k.w.,
has increased to 12,420 k.w. The largest gains in earnings were in sales of
current for power; the effect of which is to lower the average rate and reduce the ratio of net to gross earnings. Manufacturing and general business
in Detroit was good during 1011, all established lines being active.
Finances.-The outstanding stock was increased from $5,747,000 to
$5,998,000, representing the completion of the conversion of the $1,000,000
debenture bonds due Sept. 1 1911 and called March 11911, and the sale of all
except 20 shares of the small remainder not taken in the conversion (V. 92,
p. 121). On Nov. 15 1911 the shareholders voted to increase the capital
stock from $9,000,000, including $3,000,000 reserved for conversion of
debenture bonds. Of the increase, $1,500,000 was offered to our stockholders and subscribed for (excepting four shares) as of Jan. 3 1912 (V.
93, p. 1197, 1467). As noted last year, the company issued and sold, as of
Feb. 1 1911, the second half of the $3,000,000 10-year convertible debenture bonds authorized in 1910 (V. 92, p. 325).
Of the 1st M. 5% 30-year gold bonds, $1,000,000 still remain in the
treasury, available for sale whenever desirable.
The outstanding 1st M. bonds of the Eastern Michigan Edison Co. has
been increased from $1,410,000 to $1,892,000. The Washtenaw Light &
Power Co. 1st M. bonds ($129,000) have been called for redemption on
Feb. 1 1912; this will release a like amount of Eastern Michigan bonds held
in escrow and will make the Eastern Michigan issue an absolute first lien.
Dividends.-Four quarterly dividends at the rate of 7% per annum have
been paid on the outstanding stock.
Construction.-Capital charges during the year for development and
additions amounted to $2,405,619.
A third turbo-generator of 14,000 k.w. capacity and two large boilers
have been added in No. 2 power house at Delray, and the engine room has
been extended to give space for this third generator and for a fourth to be
installed in the future. In the No. 1 power house, two of the original
generators, rated at 3,000 k.w. and capable of 4,000 k.w. each, have been
replaced by two of the latest type turbo-generators, rated at 8,000 k.w.
each, and a contract has been made for. the substitution of two similar
new units for the remaining two oldest machines. The cost of the displaced
machinery has been written off against depreciation reserve.
The turbo-generator capacity of the Delray station when the work in
progress is completed will be 78,000 k.w., which should be adequate until
after 1913. The second section of the boiler room of No. 2 power house
will be completed in 1912 and two additional large boilers will be installed,
with space for four more. Two new sub-stations were constructed and
equipped, one at Milan, the other at Brush and Macomb streets. The
Broadway site was too small and too valuable to retain as a battery station and has been sold at a profit.
CONSOLIDATED INCOME ACCT.(INCL. ALL CONSTITUENT COS.).
1911.
1910.
1909.
Number of customers
55,407
43,424
33,766
General connected load, k.w
114,676
92,529
71,091
Gross revenue
$3,598,094 $3,080,207 $2,199,143
Operating expenses, taxes and reserve 2,081,190
1,720,124
1,274,578
Gross income
Interest paid and accrued
Dividends
Balance, surplus
$1,536,904
$683,729
(7%)414,330
$1,310,083
$601,701
(5)250,000
$924,565
$511,702
(2)100,000
$438,845
$458,382
$312,863
CONSOLIDATED BALANCE SHEET DEC. 31.
1910.
1911.
1910.
1911.
LiabilitiesAssets$
Prop., plant, &c _21,048,794 18,690,268 Capital stock
6,000,000 5,747,000
32,550 Subsc'n to cap.stk. 332,350
33,900
Securities in trees_
451,627 Funded debt
341,522
Cash
14,021,000 12,292,000
523,454 Bills payable
851,808
x975,000
Bills & accts. rec.._ 561,207
489.502 Accounts payable_ 378,771
Materials & supp_ 729,189
432,783
347,758 Surety deposits
Deferred charges_ 381,670
35,504
29,671
15,011
8,767 Int. due dr accrued 317,453
271,532
Prepaid accounts_
Reserves
517,584
412,394
Surplus
*533,631
506,738
Total
_ 23,111,293 20,543,926
23,111,293 20,543,926
Total
* After deducting $360,000 appropriated for depreciation and $51,952 for adjustments, being mainly the annual proportion of discount on bonds.
x Since Jan. 11912,$675,000 of bills payable have been paid.-V.94, p. 282, 210.
Kings County Electric Light & Power Company.
(Report for Fiscal Year ending Dec. 31 1911.)
The report, signed by A. N. Brady, President, and W. W.
Freeman, V..-Pres. and Gen. Mgr., is dated Feb. 26.
Results.-The gross revenue shows an increase of $459,220, with a net
increase in operating revenue of $103,897. After deducting all charges,
Including depreciation, reserve items. Interest charges and dividends, the
net profit and loss surplus for the year is $178,682, as compared with $171,062 for 1910.
An encouraging feature has been the increase of power business for operating large manufacturing plants. During the year numerous contracts
have been closed, which will produce large increases in power business.
One such contract contains a minimum guaranty of revenue of $45,000
annually, for a term of 10 years, becoming operative within a few months.
Special Funds.-The fire insurance investment fund has been Increased
$19,644 and amounts to $199,321, representing our interest in a joint insurance fund with other similar large companies, which fund aggregates
more than $1,800,000. The casualty reserve account has increased $10,123 and amounts to $41,452. The replacement and depreciation reserve
has been increased $194,030, representing the difference between the depreciation credits and the cost of property withdrawn from service; net
credit in this fund $793,257. The accrued and suspense accounts, containing a credit of $128,141, represent accrued expenses charged against earnings, payment of which is not due.
Additions.-The plant and property account has been increased $1,781,931. The sum of $2,076,306 has been expended in new construction anti
additions, the difference having been charged to the depreciation reserve,
for replacement of property retired from service.
Guaranty Fund.-This fund of $1,000,000 is held by the Central Trust Co.,
as trustee, to insure the payment of interest on the purchase money bonds
It is invested in approved securities which earn an average of 4.65% per ann.
Convertible Bonds.-During the year $1,500,000 of 6% convertible debenture bonds were issued to the stockholders at par and the proceeds have
been applied to payment for construction work and extensions made to
date, a portion of the same remaining on hand Dec.31. (V. 92, p. 1036.)
An application has been made to the P. S. Commission for approval of a
further issue of $1,000,000 of said debentures which will meet the limit of
the authorization of $5,000,000. It is proposed through the issue of these
debentures to reimburse the surplus funds of the company temporarily
applied during past years to the payment of construction obligations, as
well as to provide for further additions to the plant and property of the co.
Plant.-A 12,000-k.w, turbo generator has been installed in the Gold
St. power house, and one-half of the new boiler house completed at the same
location, containing 16 boilers of 650 h.p. each, with coal bunkers having
a capacity of 7,500 tons. Ten rotary converters and frequency changers of
1,000 k.w. each have been installed in the various substations. A turbo
generator of 6,000 k.w. capacity has been contracted for, for installation
in the Bay Ridge power house early in 1912. With the addition of this
extensive apparatus, the generating equipment will be sufficient to meet the
growing demands of the business for several years.
COMPARATIVE COMBINED EARNINGS, &c.
1908.
1909.
1910.
1911.
No.of customers Dec.31
(?)
19,838
23,866
28,057
Conn.load, 50-wt.equiv. z2,142,064
1,546,498
1,772,357
2,036,473
Gross operating revenue $4,707,914 $4,248,695 *$3,733,840 *33,613,470
Oper.exp.. incl, general,
technical, production
and distribution exp.
1,747,757
and taxes
1,823,985
2,033,781
2,323,072
404,856
Depreciation charges__ _
430,261
530,346
605,378
Net operating revenue $1,779,464
Non-operating revenue_
75,364
$1,675,567
90,241
$1,47!),594
$1,462,856
Total
$1,854,828 $1,765,808 31,479,594 $1,460,856
Deduct-Bond discount
24,783
20,269
20,269
written off, &e
20,269
Interest on bonds, &c
Dividends paid (8%)_ _
Pay't to Bkiyn. Ed.. Inv.
Fd., as per employees'
profit-sharing plan__ _
$1,834,559
$810,202
800,000
$1,745,539
$736,306
800,000
$1,459,326
$617,754
800,000
$1,436,073
$606,560
800,000
45,675
38,171
$178,682
Profit & loss surplus_
Prey. profit & loss bal. 1,421,294
ance, as adjusted...
$171,062
$41,572
$29,513
1,245,121
1,203,624
1,178,061
_Iota( p. & 1. balance_ $1,599,976
$1,416,183
$1,245,195
$1,207,574
• Prior to 1910 non-operating revenue was included in the item of
"gross earnings."
Coney Isl. fire.
z After 122,478 50-watt equivalents disconnected acct.
COMBINED BALANCE SHEET FOR YEARS ENDING DEC. 31.
1911,
1910.
1910.
j910.
1911.
$
$
$
Assets$
cap.stk.10,000,000 10,000,000
Plant & property_24,165,018 22,383,088
ns:M.4s 4,275,000 4,275,000
Ed. 1st1cl:si's
Unamortized debt
Kings
Co.
1st
M.
5s
5E34,193
2,500,000
2,500,000
discount, &c__ _ 543,925
045,000 Kings Co. purchase
License under pats. 9-15,000
694,386 money 6s_
5,176,000 5,176,000
Material & supplies 642,580
Kings
Co.
309,285
cony.
516,769
Cash
49,697 deb. Os
4,000,000 2,500,000
Billsreceivable_ _.
58,948
168,890
188,890
Accts. receivable_ 565,514 .613,423 Bond int. accrued_
127,235
Consumers'gu.dep. 171,777
Stocks and bonds
243,237
599,640 Accounts payable_
117,406
601,140
In other cos
ReservesCo
,
Trust
Central
trustee (guar. td.) 1,000,000 1,000,000
Casualty
Insurance investPeens
pla
locn
e.fu
&nddepr.:
179,677 R
728
25
45
9
125
10
3
,
911279
. :
,34
3
25
nd
199,321
7
12
943
5:
t nfures
ens
enio
pm
reserve fd.
25,340
4,900 AO
cctrhueer
Real est. deposits_
d and susDeposits(city light44
71
3
8
57
3,8
21
6
9,625 pense accounts__
9
14
68
0,
12
10,500
Mg bids)
10,542
5,723 Pre
om
m ludc
msbss,
onsto
baci.
k 1 10,542
Prepaid and sus,599,970 1,416,183
13,974
pease accounts_
29,288,038 27,358,635
Total
-V. 94, p. 489.
29,288,038 27,358,838
Total
Standard Chain Company.
(Reportfor Year ending Dec. 31 1911.)
RESULTS FOR CALENDAR YEARS.
1909.
1910.
1911.
$48,523
$67,008
Net Income over bond interest.. *343,205
on
Dividends
preferred stock ___(4%)20,628
1008.
Not stated
$48,523
Not stated
Balance, surplus
$22,577
* After allowing for depreciation in 1911.
$67,008
-;
FEB. 24 1912]
THE CHRONICLE
. BALANCE SHEET DEC. 31.
1911.
1910.
Assets$
LiabilitiesCost of property__ _ _1,348,505 1,324,814 Preferred stock
Cos. bonds In vault__
5,000
Common stock
1st M. bonds pledged
First mtge. bonds_
for notes payable__ 40,000
30,000 Notes and accounts
John C. Schmidt,
payable
trustee co.'s stock_
*6,400
*6,400 Other reserves
Cash
30,674
44,138 Reserve for deprec'n
Accts. & notes rec'le 318,364 285,254 of plant and equip't
Materials &supplies_ 277,264 289,758 Surplus
Total
2,026,207 1,980,364
Total
1911.
515,700
284,871
488,000
1910.
$
515,700
284,871
507,000
366,323
15,897
344,129
12,051
100,000
255,416
316,613
2,026,207 1,980,364
BALANCE SHEET DECEMBER 31.
1911.
1910.
1911.
Assets$
Liabilities$
Plant
11,249,354 10,095,612 Capital stock
8,792,800
Supply department 317,129
311,939 Stock installments
Stocks and bonds_
56,625
44,625 Surplus
477,509
Bills and accounts
Bonded debt
1,000,000
receivable ..... 228,142
219,909 Deprec'n reserve
1,595,362
Prepaid expenses..
38,889
Other reserves__ __
65,420
Cash
222,482
42,498 Bills & accts. pay_
181,526
Total
12,112,617 10,714,583
Total
12,112.617
V. 94, p. 420.
(Report for Fiscal Year ending Dec. 31
American Window Glass Co., Pittsburgh, Pa.
(Report for Fiscal Year ending Sept. 11911.)
President McMullin says in substance:
At the beginning of the fiscal year a number of the tanks were shut down
for repairs. The demand for window glass was very limited, owing to the
overstocked condition of the market. Consequently it was deemed advisable to allow these furnaces to remain idle, after the repairs had been
completed, until market conditions should justify a resumption. During
this period, from Sept.•1 to Nov. 12, only 40 of the machines were operated.
A.general resumption took place Nov. 12 1010. Through the maintenance
of a high standard of quality the product of the company is now recognized
by the trade as being the Standard for the country.
In order to reduce the fuel costs, improvements have been made on most
of the tanks, which materially reduced the fuel consumption and also prolonged the life of the furnaces. During the past year the market price of
window glass has steadily declined and glass is now selling at the lowest
price In the history of the company.
IThe total production of common window glass during the year was
3,509,973 boxes, also 902,914 sq.ft. of 3-16ineh. crystal sheet glass. The
production of common window glass is an increase of 805,911 boxes, or
nearly 30% over the largest amount previously made by the company in
any fiscal year of Its existence.]
INCOME ACCOUNT YEAR ENDING SEPT. 1.
1910-11.
1909-10.
1910-11. 1909-10.
Net profits
$957,868 $886,523 Net income
$801;665 $633,000
Other income ____ 110,712
76,023 Royalties
928,785
640,553
Total income_ _.$1,068 ,580 $962,546
Deductions
266,915
329,546
Net loss
$127,120
BALANCE SHEET SEPT. 1.
1911.
1910.
1911.
AssetsLiabilities$
$
$
Prop. & plants. _17,365,610 17,364,970 Common stock_ __13,000,000
Materials & supp_
- 1,653,884 1,810,760 Preferred stock.. . 4,000,000
Investments
1,697,935 1,879,677 Accts.& notes pay. 3,532,143
Cash & accts. rec. 199,483
453,155 Royalty accounts_ 3,569,372
Int.& taxes in adv.
63,631
9,650 Res'd for repairs _ .. 132,990
P. & L. deficit__ *3,253,962 3,074,718
$7.553
1910.
$
13,000,000
4,000,000
4,914,142
2,623,500
55,288
Total
24,234,505 24;592,930
Total
24,234,505 24,592,930
* After adding charges applicable to prior year's open, 352,123.-V. 93, p. 1107.
Southern New England Telephone Co.
(Report for Fiscal Year ending Dec. 31 1911.)
Pres. John W. Ailing, New Haven Conn., Feb. 6, wrote:
Results.-The total income was $2,975,368, an increase of $269,355 over
1910; the total expense was $2,409,374, an increase of $260,706. The plant
account Increased $1,153,742, bringing the total plant account up to
$11,249,354. The operations of the year resulted, after payment of the
usual 6% in dividends, in an Increase of the surplus by $104,373, which is
$8,649 greater than was carried to surplus in 1910.
The net increase In stations of all kinds in our Connecticut system during
1911 was 10,313, of which 10,229-a gain of 12.6%-were stations owned
by this company. The total number of stations Dee. 31 1011 stood at
93,106, including 1,613 stations of several small associated systems which,
although not operated or maintained by this company, are provided with
Its full facilities by connecting lines. Recent negotiations brought the
Winsted Local Exchange into direct connection with our service, and all
facilities of the Bell system are now available to every telephone user In
the State. On the basis of population In 1910 we estimated that in our
territory there is now one telephone station for each 12 inhabitants, as
against one for every 13.2 Dec. 311010.
Additions, &c.-New exchanges were established during the year at
Thompsonville, Lakeville and Mantic, bringing the total number of exchanges up to 68, including the seven associated exchanges not operated by
this company. The substitution of common battery for magneto service
was continued by the installation of the common battery system in Danielson, Guilford, Manchester and Rockville, and in the three new exchanges,
Lakeville; Niantio and Thompsonville. Of our total stations in the State,
82.8% are now operated on this plan. Our new 3-story building in South
Norwalk was completed and placed In service; the 6-story building in
Hartford is nearly completed, and in WInsted a new 2-story building will
be opened by July 1. Land for new buildings has been purchased in
Waterbury, Willimantic, Putnam, Milford and Fairfield.
Rural Mites.-We have closed 571 propositions for rural line extensions In
new areas, obtaining thereby 008 subscribers, to reach whom required the
setting of 9,635 poles (or about 230 miles of pole line). So far as we knew
there are only 136 unclosed rural propositions in the State, with a maximum
estimate of 210 subscribers obtainable. The plan of local ownership and
operation has found very little favor In our country districts, although we
have freely offered it; each rural application, therefore, involves a proposition for tile company's full exchange service.
Dividends.-Towards the close.of the year the directors carefully considered the question of increasing the dividend rate from 6 to 7%, to commence with the April 1012 dividend. The rate of earnings and the surplus
representing undivided profits justify the proposed increase.
7% is
under the dividend rate which prevails in public service corporations in this
State, and also mtuth under the dividend rate which prevalisl n industrial
organizations in this State. We are clear that the stockholders are entitled
to the increase, and the directors will favorably consider this proposition
when declaring the dividend of April 1912.
GROWTH OF SYSTEM.
1908.
1911.
1909.
1907.
1910.
1906.
Stations, all classes(No.) 93,196 82,883 73,584 66,012 60,735 52,476
Toll stations
1,233
1,554
1,298
1,140
1,402
1,021
Stations with complete
underground service
(t)
14,761 13,372 12,354 11,523 10,485
EARNINGS, EXPENSES AND DIVIDENDS.
Earnings1911.
1909.
1910.
1908.
Exchange service
$2,302,826 $2,080,967 $1,887,270 $1,704,415
Toll service •
663,363
618,573
578,006
524,555
Miscellaneous service_ _
9,179
6,473
7,170
35,805
Total earnings
$2,975,368
ExpensesOperating
Rental and royalty
$1,009,810
Miscellaneous
I
General expenses
J
Taxes
111,201
Maintenance & depreo'n. 1,210,000
78,362
Interest
$2,706,013
$2,473,346
$2,264,775
103,309
1,075,000
63,678
1$554,970
106,463
I 47,385
1 186,970
85,528
892,000
53,627
$498,076
97,167
25,742
191,041
75,333
789.927
48,509
$2,409,373
Total expenses
Net revenue
$565,995
461,622
Dividends paid (6%)_ _ _ _
$2,148,668
$557,345
461,622
$1,926,944
$546,402
461,622
;1,725,885
$538,890
461,605
$104,373
$95,723
$906,681
$84,780
$77,285
• Includes "long-distance service," amounting to $65,200 and $60,817 In
1910 and 1009, respectively; amount in 1911 not stated.
.Vote.-As to changes in accounting, see text above.
10,714,583
Pacific Telephone & Telegraph Co.
* At par.-V. 02, p. 601.
Carried to surplus
1910.
$
7,693,700
33,650
373,137
1,000,000
1,050,991
63,454
499,651
1911.)
OPERATIONS AND FISCAL RESULTS.
1911,
1910.
1909.
1908,
Number of stations__
503.626
446,622
392,822
329,977
EarningsExchange service
$10,972,768 $10,051,963 $8,933,796 ;7,660,411
Toll
3,073,650
3,715,329
3,091,991
2,580,365
Miscellaneous
1.123,694
899,820
859,230
458,874
Total
$16,070,112 $14,667,112 $12,885,018 $10,699,650
ExpenseGeneral (including taxes $666,822
$652,958
;790,055
$616,198
Commercial
1,815,107
1,637,3111 3,308.997
3,002,348
Traffic
2,874,052
2,598,0035
, Repairs
1,603.708
2,035,3801
Station remov.& changes
815,942
718,232
4,100,571
3,280,000
Deprec'n of plant
3,217,200
2,604,500J
Rentals
714,379
846,138
539,351
470,554
Insurance
21,347
89,081
78,9631
533,723
Miscellaneous
879,281
810,096
956,4201
Total
$12,607,838 $11,791,699 $9,774,358 ;7,902,823
Total net revenue
$3,462,274 $2,875,413 $3,110,660 $2,796,827
Interest
$2,186,147 $1,676,208 $1,267,131 $1,021,356
Dividends (6%)
1,090,500
1,080,000
1,080,000
1,080,000
Reserve for maint
600.000
Bal., surp, for year-$185,627
$119,205
3163.529
$695,471
BALANCE SHEET DEC, 31
1911.
1910.
1911.
1910.
AssetsLiabilities$
Plant
54,901,303 49,676,440 Preferred stock ___18,350,000 18,000,000
Real estate
3,545,032 3,084,567 Common stock __18,000,000 18,000,000
Supplies, &c
2,319,059 2,515,792 Bonded debt
33,445,000 29,375,000
Sinking fund
991,382
811,979 Accrued liabihtles_ 477.066
472,527
Bond discount__ 2,275,277 2,107,888 Reserve account&
7.774
32,953
Bills & sects, rec_ 4,131.232 2,138,896 Replacement rePrepaid expenses_
153,504
311,624
serves
- 5,982,650 4,190,567
'Stocks and bonds_16,088,348 16,066,712 Bills and accounts
Cash and deposits_ 809,182 1,001.317
payable
7,472,848 6,350,815•
Surplus
1.478,980 1,293,353
Total
85,214,319 77,715,215
Total
85,214,319 77,715,215
Total expense during 1911 on plant and real estate, $5.685.328, against
$8,277,616 in 1910.-V. 93, p. 1327.
Chicago (Bell) Telephone Co.
(Report for Fiscal Year ending Dec. 31 1911.)
President Bernard E. Sunny, Chicago, Feb. 14
wrote in brief:
1912,
Results.-The average number of telephones in service was 315,494 (251,614 in the city and 63,880 In the suburban division) and the gross telephone
revenue was $39 56 per telephone, as compared with $40 60 for 1910.
decrease 31 04 per telephone. The revenue per telephone in the city was
$41 24, a decrease of $1 68 and In the Suburban division was $32 90, an
increase of $1 17 per telephone. The expenses of operation in Chicago in
1910 were 534 75 per telephone and in 1911 they were 534
a decrease of
74 eta. The decrease in net revenue in Chicago amounted 01.
to 94 cts., while
for the entire company It amounted to 79 eta. per telephone.
The failing oil in the revenue in Chicago is mostly because of the
constantly increasing number of "nickel-a-day" telephones
-the revenue on
which averages 322 70 per annum, as against a cost of operation
said
to
be
$28 64 by one set of city experts and $25 28 by another city expert. The
percentage of "nickel-a-day" telephones to the total number of telephones
In Chicago has risen rapidly from 36% in 1908 to 42% in 1911.
There were installed 75,243 telephones, while 40,209 were
removed.
making a gain of only 35,034. The cost of moving or removing telephones
was $730,107, or $177,606 more than in 1910.
Investigation by City's Expert.-The examination into the affairs of the
comPany by the city for the purpose of fixing rates for the five-year period
beginning June 1 1910 is still In progress under the city's third expert.
The work of the first experts was not satisfactory to the city and was laid
aside in April 1910, and that of the second expert was similarly dealt with
in 1911. The company is co-operating with the present expert on the same
liberal basis as in previous investigations by city experts.
New Office.-A new office building Is under construction, 140x180 ft.
and 20 stories high, in which the general office force, now working at a disadvantage, will be housed, increasing its efficiency.
Employees.-The number of employees on Dec, 31 1911 was 10,628,
increase 1,258. The amount expended for salaries and wages was $6,332,485, or slightly under 50% of the total gross revenue.
GROWTH OF COMPANY'S PLANT.
1911. 1910. 1909. 1908, 1907. 1905. 1903.
No.exch. teleph_335,652 300,618 262,359 231,180 202,681 143,223 101,187
Underground ebnduit, miles _
703
647
614
598
431
335
235
Miles wire un'gd_653,989 536,137 493,787 423,082 352,008187,231 149,234
Tot. miles wire_ _807,570 668,733 626,438 550,445 471,168 291,155 231,198
EARNINGS, EXPENSES, eke.
1911.
1910.
1909.
1908.
Gross earnings
;12,678,390 $11,331,153 $9,907,450 $8,741,517
•Operating expenses_ _ _ 10,415,850
9,076,080
7,686,742
6,668,176
Net earnings
Dividends paid
32,262,540 82,255,073 82,220,708 32,073,341
(8%)2,160,000 (8)2,160,000(8)2,160,000(9 M)2012790
Surplus
$102,540
$95,073
$60,708
$60,551
Includes repairs and maintenance amounting to ;4,228,221 in 1911.
BALANCE SHEET DEC. 31.
1911.
1910.
1911.
1910.
Assets$
$
.13,776,612 30,207,132 Capital stock
Plant
27,000,000 27,000,000
Real est., bldgs. &
Bonded debt
5,000,000 5,000,000
other investments 3,946,960 3,79.5,372 Replace't reserves 5,497,787 4,113,644'
Material .... 831,630
703,415 hilscell. reserves
139,023
134,039
Bills & accts. recle 865,233
950,994 Bills and accounts
Furn.,fixtures,&c.. 482,736
411,337 payable
2,948.696 1,545,998
874 948 1,820.504 Surplus
Cash
197,613
95,072
Total.
40,778,119 37,888,754 Total ....
40,778,119 37,888.754
-V. 94, p. 489.
United States Envelope Co.
(Report for Fiscal Year ending Dec., 31 1911.)
Treasurer William 0. Day says: "There has been added
during the year to our permanent plant and equipment, in
machinery, $145,587, and in real estate and buildings,$3,125,
556
.
THE CHRONICLE
14XXXXIV.
Companies" Are
d Class(Royalties Payable by "The
(d) Leaseholds of Secon
of Same Amount as Royalties Receivable).
EARNINGS, CHARGES. &c.
end.
Year
Western Mining
end.
of
Great
Mos.
ate
6
1911
(estim
311
-Year end. Dec.
Total iron ore contents Jan.
Dec. 31 '09. June 30 '09.
1910.
1911.
$642,182 Co.), 106,085,632 tons.
913
$335,
971
$751.
378
$722,
$260,375
Wysox Iron Co.-Profit
$29,500 1,106,250
125,000
Itasca & Lamberton 20 h,
Deduct$87,209
$50,000
$99,792
$97,292
324,750
St. Anthony Nos. 1
5,821
000
Int. on 1st M.bonds_
0
2,400
1,075,
98,40
00
300,0
3,196
45
1,400
1,629,705
and 2 and Eddy-42 to
,000
Int. on deb. bonds. &c_
706,860 1,732,500
(7)262,500 (3)112,500 (6)225
Co. text 693,000
Div. on pref. stock__ _ (7)262,500
000 (I VD 65,625 Sargent Land
120,056
(2)75,
02
,500
117,7
(1)37
,750
tt
2).)93
Benne
68,626 zLongyear &
'Def. div. on pref. stock(
42,784
75,887
48,822
Depreciation
,702 $1,105,066 7,985,404 $3,222,118
Tot. both 1st & 2d class_ _1,850
$452,281
$282,684
$478,875
764
$503,
MinneTotal
901
$189,
29
$33,2
096
minimum payments to the State of agains
$273,
$218,614
t
• State properties. Credit for
Carried to surplus
made, the amounts not mined
7%. A sota expire with the year for which
year.
1912,
1
each
of
Jan.
end
of
the
as
at
loss
ends
ed into profit and
charg
• Leaving amount of deferred divid
being
1912.
1
ted.
March
estima
paid
will be
lease is
x The 1912 minimum under this
regular semi-annual distribution of 3%
olds
to be paid for under the above leaseh
1.
The annual minimum tonnagesas for 1912, except In the case of the Sar• BALANCE SHEET JANUARY
years
future
In
1911.
1912.
same
will be the
year until 1917, for
per
tons
0
1911.
115,50
se
1912.
increa
$
3
gent Land Co. which will
minimum will be 1,270,500
$
3
ri Assets,000 4,000,000 whiah year, arid for each year thereafter, theto such an extent that they
942 Preferred stock4,000
sted
Plant investment_ _6,179,095 6,144,
_ _ _1,000,000 1,000,000 tons until the lands shall become exhau
stock
n
Commo
cing this output yearly,
7
produ
873,29
ically
7
994,18
,000 1,950,000 shall no longer be capable of econom
Stock on hand
9 First mtge. bonds_ _ _1,900
readjusted to suit changed conditions.
be
will
61,000
um
25,000
company
__
Accts.&bilis rec..&c_ 858,588 873,55
minim
bonds_
the
ure
when
en the Wysox Iron Co. and the
234,829 323,009 Debentcoupon
5,175
7,225
Cash
s
after being reimUnder the agreement betwe
5,175 Bond
7,225
9 whose stock is held by the trustees, thh latter company,
5
257,17
307,01
lands for
Cash for coupons
pay'le_
&
bins
Accts.
Co.'s
Iron
Wysox
the
0
from
Wysox
Treasury stock,corn. 250,000 250,000 Reserve for depree'n 700,000 675,000 bursed from the proceeds of ore mined
of the minimum obligations of the ies
col784,684 *771,628 moneys advanced in the paymentcompa
Treasury stock, prof_ 250,000 250,00 Surplus
royalt
the
e
of
balanc
the
ny
to that
125
$585,
and
Iron Co., will pay over
tons
250
the total of 2,181,
8,723,929 8,719,983 leoted from the Great Western. Of
Total
x leaseholds, 681,250
Wyso
the
983
under
8,719,
nts
924
payme
8,723,
um
Total
least
the
of
ion
covered by the minim
the
execut
to
prier
,
- tons ($167,475) were paid for by others
adjustment of patent and good-will account.
the trustees.
• After deducting $205,559 for
rn
to the holding company of
rement under leasehold from Northweste
, at
V. 99, v. 491.
There is no minimum requi
leases are terminable, individdually
Wysox
The
Co.
t
vemen
Impro
.
of the secon class are
York
leases
,
New
other
The
rties
.
Prope
notice
Ore
days'
Iron
any time upon 90
Great Northern
of from 12 to 18 months.
able on Jan. 1 1915, upon notice
Dec. 17 1906 to Dec. 31 1911.) termin
with the Great Western Mining Co.,
Great Western Lease.-The lease ation, covered at the outset 39,295.88
(Reportfor Year 1911 and From
Corpor
Steel
S.
the
guaranteed by the U.
others, of which
which was published in
in fee, 19,933.81; owned jointly with
1. • The abstract of the report347) may now be supplemented acres, viz.: Owned propor
held by lease,
tion is 7.914.95 acres, 15,972.26; dered
for lack
"The companies"
surren
been
since
has
"Chronicle" of Feb.3 1912(p.
there
in
t
olds
repor
the
the leaseh
in
Of
81.
data
3,389.
the
ion 160 acres,
from
litigat
gh
iled
throu
lost
has been
there
and
acres,
25
1,043.
by further tables comp
66 serer;
ore
of
3,961.
.63, Of the fee lands,
explanatory statements.
making the total acreage now 38,092
the trustees hold
connection with the officialthe lands is vested in "The companies" are
North Star Iron Co., of whose stock
the
by
owned
all
of
l
old. Some of these
• Properties.-The contro
1,500,000
, either by fee title or by leasehion of the agreement about 91%.
mining and shipment of at least each
(see list in table below)
year
This lease provides for the for
for long terms prior to the executrn Mining Co. The
an additional 750,000 tons in
and
1908,
g
lands had been leased
durin
Weste
Great
ore
8,250,the
of
year
than
tons
that
From
s other
is reached in 1917.
red
of Dec. 7 1906 to lessee
and shipped.
had executed such leases were delive
thereafter until 8,250,000 tons
mined
be
which
to
t
nies"
amoun
compa
um
minim
l
nies"
"The
of "The compa
stocks of
of such ore
000 tons remains the annua
trustees, subject to the obligations
iron, the royalty for each ton
to and taken by the
cents
some time since, were made On ore containing 59% of metallicin
. These leases, negotiatedthat
1907, (with a rise or fall of 4.82
under these leases
might be mined from the delivered at the dock was $1 65
ic iron), and inthe ore
metall
for
y
of
t
royalt
of
amoun
rates
the
in
low
1%
of
decrease
or
of
at relatively
se
ores
increa
If
lease.
each
the
for
of
by.
life
the
by the lease to the creased 3.4 cents per ton annually during lessees pay a minimum royalty
properties covered there
to "The companies" not covered as
The lands belonging Co.
yet unexplored. lower grade than 49% iron are shipped, the include the cost of handling
They arc
fee.
in
held
all
are
g
ies
Minin
royalt
These
Great Western
All these charges
of ore provided to be mined in that year thereon of $1 10 per ton.
transportation and dockage. paid
In the year 1911 the full quota
by "The comand delivery, sorting, rail
g Co. was mined and paid for, and an excess
1 1912 80 cents) are
by the Great Western Minin
absorbed the entire (now 60 cents per ton, before Jan.ts.
which
y announced,
1911,
alread
for
as
quota
lease,
the
over
[This
y receip
nt
royalt
tonnage was mined
y
payme
the
of
um
royalt
out
"
its
minim
by
rn
panies
Great Weste
credit established by thethe
established by It through its minimum will terminate Jan. 1 1915.]
credit
of
part
a
and
TEES 1911 AND
for 1908
ME RECEIVED BY TRUS
royalty payment for 1909. companies" have been for expenses of check- STOCKS HELD AND INCO
31 1911.
DEC. 17 1906 TO DEC.
.
The disbursements of "Themines, for registration of land titles and for
Divs. Received Thereon.
Trustees
Par
nts
Total
ing operations, &o., at the
Tot, 06- 11.
1911.
nies" have also made disburseme
Hold.
Shares.
which
miscellaneous expenses. "The compa
$300,000 $2,067,500
"The Companies." Stock.
their lands, where the lands from
000
from
$750,
taken
0
ore
$1,00
on
0
ies
nt
50,00
royalt
for
be L. Co_$7
provided for the payme
Missa
which
West
0
leases
50,00
under
held
were
100
royalties Arthur Iron Mg. Co_ 50,000
such ore was taken
50,000
nies" have also paid such advance
100
f. No ore Fillmore Iron M. Co. 50,000
of such royalties. "The compa
50,000
were required in the leases thereo
100
on lands leased to them as these
ties, except from the Harrison Iron M.Co. 50,000
340,000
proper
230,000
ular
partic
50,000
on
100
Mining Co. Jackson Iron M. Co_ 50,000
has as yet been mined
390,000
130,000
operation by the Great Western
50,000
100
0
com50,00
"The
of
Co__
Mississippi Mine, which is under
sheet
30,000
Iron Min.
0
the balance
30,00
Polk
of
form
the
50,000
n
explai
100
-To
of "The Tyler Iron Min. Co_ _ 50,000
Balance Sheet.
500
the trustees act as agents for each
100
500
panies," it may be stated that and disbursing all funds, and crediting or Van Buren Ir. M.Co.
34
270,4
34
270,4
587,900
funds
100
sed for its ac- North Star Iron Co_ 640,800
companies," receiving all
587,500
305,000
moneys received for or disbur
100,000
100
trustees simi- Leonard Iron M.Co_ 200,000
The
nt.
debiting each company with
rseme
disbu
or
t
such receip
um royalty
count, coincidently with
Controlled by Lake
companies" receive the minim
and hold same until actual
larly acting as agents for "The
Superior Co.,Ltd5,160,000
Western Mining Co„ variou
nies to which Alleuez Bay Dock Co.)Dividends only turned over 1,000,000
compa
s
Payments from the Great
the
shows
nts
payme
to the trustees.
mining of ore against such
580,000
Duluth Superior &
0
made.
100,00
be
t
to
is
f
under
thereo
nies"
ent
"The compa
apportionm
Western Term. Co.
the lands are held by s:
lands where the
Leaseholds.-Certain of divide
d into two classe First,than
$2,365,434 $9,425,434
are
ies
royalt
the
less
nds.
are
s
leases. These leases"The
divide
20,942
Total for
12,006
oompanies" as rental
royalties payable by lease to the Great Western Mining Co.; Second, lands Interest and exchange
,376
• receivable under thepayable by "The companies" are the same as the royal$9,446
,440
$2,377
where the royalties the lease to the Great Western Mining Co.
$374,303
Total Income
$88,198
nies," must pro- Deduct-Administration of trust
compa
000
ties receivable under
"The
7,500,
for
00
750,0
agents
as
ty
capaci
ent of minimum royalThe trustees, in their
Dividends on ore certificates
obligations: (a) the apportionm
vide for two sets of Great Western Mining Co., in a measure a contingent
$1,572,073
,242
$1,539
e
the
ties leased by "The
ties received from
Balance undistributed incomthe Allouez Bay Dock Co. and the Duluth
royalties or rentals of proper dates. The amount
obligation; (b) advance obliga
Note.-The capital stock of
tion to be met at fixed
owned by the Lake Superior Co., Ltd.,
companies" a positive
retain lands held under Superior & Western Terminal Co. is
to
tly
promp
met
company their dividends are turned
be
must
increases atinually androyalties or minimums received from the Great West- but by vote of the shareholders of that
leaseholds. Advance apportioned to "The companies" only as ore is mined over to the trustees. See V. 94, P. 347.
be
ORE PROPERTIESum
the minim
ern Mining Co. can
GREAT NORTHERN IRON
as a whole in any year after
from their properties taken year ahs been mined by the Great Western REPORT OF AGENTS SHIPMENTS,INCOME.
that
for
and
ibed
gent
prescr
contin
tonnage
Western Mining
two classes of obligation, as
Old leases; (b) lease Great
a reserve.
Mining Co. In view of these
(Revenue shown is from (a)
a large amount of funds its intention to
account of shipments; (2) deficit of mini(1)
viz.:
,
Corp.)
Positive, it is necessary to retain
of
Co. (U. S. Steel
unapportioned minimum;(4) miscell.j
Western Mining Co.
that lease will mum royalty (3) interest earned on1909.
The notice given by the 1Great
1907.
Total.
1908.
1915 means that income fromce
1910.
ies as
$
royalt
1911.
terminate its lease on Jan.
advan
5
-Roy
of
nt
$
Tans
payme
date. The
$
$
5
be discontinued from that
nies" will be a continuing allies Rec'd1,294,976 2,902,880 11,913,982
compa
"The
64,051
by
8932,9
leased
1,903,
ties
proper
"_1.758,182
rentals of the
0c.
leases
.
13.994
.1548e
19
"Old
.
olds.
.96640
leaseh
obligation to perserve such
y_ _17.3525e. 15.2002c.14
5.393). Avg.royalt
508 137,270 7,570,450
Great Western-under Lease (Total Est.Tonnage.408.08
41,624
Lands Owned in Fee & Held
5.344,0782.046,070
iron
"
%
nies.
56-65
Compa
"The
by
79.26870. 31.180295 83.8726c. 91.7818c.
(a) Owned in Fee
sAv.roy'ty94.5308e.85.3830o.
acres,
19,934
07
Co.,
g
106,0
Minin
1
rn
Under 49%_ 155,68
108,058,756 tons
(1) Leased to Great Weste
30c.
to contain
30e.
Royalty _ _
and by it estimated Jan. 1 1911
Not yet explored
rn Mining Co
Revenue(2) Not leased to Great Weste
443.611 248,050 ' 406,230 1,858,059
Thereunder.
".. 305,089 455,079
able
leases
Receiv
ies
1,006 225,020 11,971,060
"Old
Royalt
32,995
imum
2964,758
,281
_b8747
(b) "Old Leases"-Min
2,693,153
.-Ship
ers
ssion
Gt.W
806,366 1886787a (See a)
by records of State Tax Commi
156,184
Def.min.roy.
Total ore tonnage as shown
d
earne
937,371
y
12
Int.
Rou'll
9
724,6
156,33
Minim
May 11011, 85,704,722.
Rate.
19,614
y
Tons. Royalt
20,067
Min.
16,738
l
s_
Annua
laneou
00
Miscel
$82,5
Mine'273-c to 12 he
300,000
60,000
007 405,395 1355,862 17,615,827
Mahoning
to 12 he
20e
300,000
9069,108 4246,270 2383,
27,000
Total
Stevenson and Utica
36e
0
75,00
116,934
ions
Deduct
9,375
12,307
8,409
Leetonla
13,317
25c
51,939
37,500
43,867
Sundry exp... 30,962
21,792
2,376
Sweeney
4,836
5,782
9,081
100,495
$178,875 Taxes
2,065
0365
51,524
1
00
45,84
712,5
st
Total
nson and Utica mines Intere
58,885
ies8,667
the Mahoning, Steve
11,588
13,400
The Ma- Royalt
12,830
Royalty rates under leases on to
12,400
amount of annual shipments 000
34,318 2,381,678
Min. State
ing
300
14,660
tons;
90
332,5
of
1,500,
t
are on a sliding scale, accord
outpu
805
810
an
2,714,
_1999,
on
0th. leases
rate named
04 556,237 433,604 343,740
tively The
honing obtains the minimuman
t of 500,000 tons, respec
Adv. royal_ 723,120 658,1
406 109,888 4,944,264
1185,193
the Stevenson and Utica on inoutpu
and Sweeney mines and in
776
ia
ore
3648,
t,
Leeton
Freigh
the
lf The annual
interest of "The companies"
3,685,434
paidis an undivided one-ha
575,000 440,000 675,000
40 acres of the Stevenson mine ,
, show the one-half in- Diva.
615,514
Trustees ...1265,434 730,000
mines as above stated
140,000
0
142,50
minimum tonnages in these only
mines are regular shippers
4
_
333,01
_
these
others
of
All
To
terest of "The companies"
712 14,661,875
1205,
748
1038,
ey
515
Sween
t
the
1178,
excep
Royalties Payable by
Total ____8068,438 3170,462 1204,492df.633,353 105,149 2,953,952
(Those Under Which
(g) Leaseholds of First Class
Bal., surplus. 1000,670 1075,808
Royalties Receivable Under
"The Companies" Are Less Than Mining Co.)
Great Western Mining Co.
n
Lease to Great Wester
ore shipped by the
ry at Lake Sux The schedule price of North
ern fly. Co. includes delive
(estimate of Great Western Mining when
hauled by the Great
companies. This freight
Total iron ore contents Jan. 1 1011
lessor
the
by
rail freight being paid
the
per ton. No
,
600.
to
ed
perior
reduc
to
'12Pd
Co.), 108,236,283 tons.
Min.
mum- -Net
on Dec. 1 1911 was
the royalty rates
Yrs. Yet -Ann'l MiniAmoun
has been 80c. per ton, butDee.
Tons. Amount,
t.
1911. For convenience,
Tons.
shipped during
to Run.
after
was
deduction of
rate,
90
y
ore
Property60
$59,8
royalt
239,5
the
00
is,
$12,5
net rates; that
50,000
45
n of 1909 deficiency mini116,401 above shown aredefici
Wentworth
465,605
12,500
ency minimum and portio
50,000
20
00 freight. a 1908
b This amount ineludes. In
00
285,0
Whiteside
1911.
880,0
in
0
ents
30,00
shipm
by
•
100,000
40
mum were absorbed at the regular schedule rates for the required miniAdams
ency minimum
190,312 addition to payments
568,750
Leonard & Aiworth_ 8&40
26,250
entire amount of the 1908 defici
, 75,000
•42
were ab00 Mum shipments for 1911,thedefici
212,5
00
Longyear No.2
850,0
0
ency minimum payments, which 1911,
25,00
100,000
to41
portion of the 1909
g
a
durin
5
g
Co.
39
and
60,68
Minin
242,7
South Agnew
rn
18,750
Great Weste
the
of
0
ents
75,00
shipm
22
by
0
sorbed
82,50
Mississippi
825,000
d thereon.
10,000
100,000
39
•
gether with $154,187 interest cante
Smith..
16,250
65,000
*State leases, var..31 to 44
THE CHRONICLE
FEB. 24 1932]
AGENTS GREAT NORTHERN IRON ORE PRPORTIES-BALANCE
SHEET DEC 31 1911
Assets (15,652,296)
Balances due from proprietary companies (Van Buren, $2 109.596; Arthur, 1580,695; Fillmore, $5,291; Harrison, $2,762) _ _ _52,098,294
Investment securities ($10,000 St P M & M cons. 45, $9,7-50;
$100,000 C. B. & Q.gen. M.9s, $96,000; 1814,260 Allouez Bay
020,010
Dock 5% mtge. notes, $814,260)
2,033,942
Cash and accounts receivable, less acc'ts payable
Liabilities (55,652,246).
Balances due to proprietary companies (West Mlssabe, $1,021,487; North Star, $82.838; Polk Iron, $742,769; Jackson, $454.2,802,909
777; Tyler, $344,153; Leonard, $156,885)
Minimum royalties received from Great Western Mining Co.,
against which shipments will be made in future years (see
table above and V 94, p. 348): Principal, 12,693,153; interest,
2,849,338
5156,189
See also V.94.0. 347.
Washington Water Power Co., Spokane, Wash.
(Report for Fiscal Year ending Dec. 31 1911.)
557
BALANCE SHEET DECEMBER 31.
1911.
1911.
1910.
Assets-Liabilitiess
s
Real estate, bldg.&
Capital stock
11,737,600
water-power prop 3,453,002 3,399,408 Subscr. to cap.stk_ 1,800,100
Elec. L.& P. prop_11,160,523 9,498,524 Bonded debt
5,731,000
Electricity. prop_ 4,473,348 3,918,244 City Sty. tickets
Supplies
211,768
out
4,795
147,060
Paid on contracts&
Accts. current and
•
unfit'. contracts.
pay-rolls
3,627
62,156
208,213
Stocka of other cos.
31,760
17,510 Bills payable _
Prepaid insurance.
214 Accrued taxes__
1,942
30,323
Bills & accts. ree_
198,915 Accrued damages_
100,000
187,081
Ainor.fd.Ist ref.M. 216,000
224,000 Surplus
1.186,041
Cash
659,021
205,545
Unsold bds.in treas 400,000
400,000
Total _
20,798,072 18,071,576
20,798,072
Total
-V. 92, p. 591.
1910.
9,390,100
562,500
5,838,000
4,642
304,539
775,000
25,754
100,000
1,071,041
18,071,576
Buffalo General Electric Co.
(Report for Fiscal Year ending Dec. 31 1911.)
INCOME ACCOUNT,
The report signed on Feb. 6 by D. L. Huntington, Presi1908.
1911,
1909.
1910.
Gross
operating
revenues
$1,213,139
$967,456 . 1891,477
$1,085,312
dent, and Henry M. Richards, Chairman executive comOperating exp. and taxes
977,499
753,396
599,723
665,524
mittee, says in substance:
Income from oper'ns_
1459,743
1413,983
1367,733
$419,788
Capital Expenditures.-The expenditures in 1911 for extensions and
52,680
49,787
43,448
40,629
betterments aggregated $2,798,335, as follows: Real estate and water Non-operating income_ _
power, $233,070; electric light and power (notably sub-station buildings
Gross income
1512,423
$463,236
5463.770
$408,362
and apparatus. $239,195; distributing system, 1130,054; underground dis1152,458
5133,888
1123,300
$118,750
tributing system, $170,205; transmission lines, 1137,776; Little Falls de- Interest _
223,440
223,440
223.940
223,940
velopment, 1120.303, and Long Lake development, including railroad Dividends (6%)
Z12.17 miles long from Springdale to Long Lake, $928,335), 51.798,579; elecBalance,
surplus_
__
$136,525
$105,908
cars
and
$221,110;
$61,622
new
equipment,
$121,580
city
lines,
(chiefly
system
tric railway
new paving, $215,953; re-laying steel rails, $158,792), 5766,686; total,
BALANCE SHEET DEC. 31.
12,798,335.
1911.
1910.
1911.
1910.
Stock.-The company offered its stockholders in Oct. 1911 an issue of
Assets-1Liabilities20% new stock, payable either in full by Jan. 2 1912, or half then and half
Capital stock
• 3,724.000 3,724,000
,fuly 1 1912. Of this issue, about $2,307,800 was paid for by Jan. 2, leav- Real estate, plant,
distribution sysFirst M.543
2,375,000 2,375,000
ing $34,400 to be taken by ,Tuly 1. The number of stockholders increased
tem, &e
.55,910,071 $5,574,428 First ref. M. 5.3_ 813,000
243,000
during 1911 from 718 to 1,088. The increase in stock has been from
940,840 Notes payable_ _ _
Investments
950,840
25,000
55,518
15,016,300 Jan. 1908 to 114,045,400 Jan. 1912, all paid for in cash at par.
130,704 Consumers' depos_
385,362
15,825
11,959
It is not expected that another issue of stock will be made before July '13. Cash
137,035
135,994 Accts. payable_ __
59,288
84,273
Bonds.--The bonded debt was reduced by the purchase for the sinking Accts. receivable_
45,572 Interest accrued__
51,637
74,785
58.899
fund of $107,000 first refunding bonds, leaving $5,486,000 outstanding, Mater. dr supplies_
22,928 Taxes,&c.,accrued
17,110
32,464
12,499
of which $400,000 are still in the treasury. There are also outstanding Prepaid taxes, &c_
.164,371 *121,723
Reserves
1245,000 collateral trust bonds, the same as last year. The company has Special deposit for
bond int. acced
72,832
57,199 Surplus
x271,862
220,694
no floating debt.
Capital Requirements in 1912.-The proposed expenditures for extensions
Total ---------57,540,241 16,907,565
Total
$7,540,241 86,907,565
and betterments in 1912 are estimated at $1,557,667, of which $1,000,000
will be required at Long Lake, including: Continuation of construction of
• Reserves include unatnot•tized premium on debt, $690 yearly, and
Long Lake power station; water storage rights in Lake Coeur d'Alene and
tributaries; placing wires underground in Spokane; extensions of light and accrued amortization of capital. $163,681 in 1911. against 1121,033 in 1910.
z After adding miscellaneous credits, $14,214, and deducting $67,599
Power system; additional sub-station machinery in Spokane; altering cars
to pay-as-you-enter type; street paving work and track work incident for depreciation of capital prior to Jan. 1 1909. $27,549 for discount and
expense on sale of $570,000 1st ref. M. bonds and $4,423 mise.-V.93,p.1728.
thereto, as required under city ordinances.
Results.-During the early months of the year general business in this
Orocker-Wheeler Company.
section was fairly good, but later became quiet and still remains so, as
Indicated by a falling off in the street railway receipts toward the end of
(Report for Fiscal Year ending Dec. 31 1911.)
the year. The other branches of the company's business show a moderate
Increase. The total power output for the year is 133,979,985 k. w. hours,
RESULTS FOR CALENDAR YEARS.
an increase over 1910 of 8.6%.
(before Deprec'n Balance,
Interest Dividends Balance,
The Spokane banks hold larger deposits than ever before, perhaps a con- Calendar Net
Depr'n).
YearReserve. Net Profits. Paid.
Paid.
Surplus.
comparative
business
Northwest.
Pacific
inactivity
in
the
the
sequence of
1230,167
171,890 $158,277
$6,454 4130.994
$21,329
Dividends amounting to 8% on the capital stock have been paid during 1911
344,175
66,031
278,144
44,300
104,502
129,342
1911, and the trustees intend to continue the same rate in 1912. The com- 1910
1909
161,497
*46,240
115,257
33,324
99,228
def17.295
trusaccumulated
from
11,186,041,
the
earnings
a
and
surplus
of
pany has
1908
def30,581
'93,116 def73,697
29,460 . 99,228 def202,385
tees arc of the opinion that this surplus can, if necessary, be properly used
431,666
*81,754
349,912
50,934
127,952
171.026
to a moderate extent to equalize the lean years with the more profitable 1907
339,579
'94,931
244,648
49,616
76,500
118,532
ones. The cost of the construction work at Long Lake was on Jan. 1 about 1906
215,922
70.641
145,281
26,219
74,370
44,692
11,882,970, and there will be a large additional expenditure during 1912. 1905
03
29,621
93,214 def63,593
19,938
84,904 def167,935
This expenditure, of course, produces no income until the work is entirely 1904
319,507
45,427
269,080
31,085
70,000
167,995
capital
earned
on
the
and
during
this
period
completed,
the percentage
1902
233,621
36,556
197,065
22,786
99,854
124,425
stock is necessarily reduced.
151,530
37,086
114,444
20,927
41,938
51,579
Improvements, &c.-The improving of city streets in 1911 has required 1901
miles
paving between the rails, and track work incident thereto, on 12.28
'In addition to reserve for depreciation as above, the following amounts
of track. The railway lines have been extended 2.93 miles, principally
through completing the Canon Hill line and double-tracking on streets were written off: In 1909 and 1908, $115,996 and $79,147, respectively,
where paving has been done. Twenty-five pay-as-you-enter cars ordered for designing, repairs and renewals of plant; in 1907, $29,030 for patents,
and in 1906, 141,753 for designing. x Dividends as above in 1911 include
In 1910 were delivered early in 1911.
The Little Falls power station, which was placed in service in 1910, was "6% on the common stock and 7% on the pref. stock. There was also recompleted in 1911 to its full capacity, consisting now of four generating served $8,750 for the quarterly dividend (1 Yi %) on the pref. stock, payunits of 5,000 k. w. rated capacity each. This plant, we believe to be one able Jan. 15 1912.
of the finest in the world. The storage battery installation was put into
•
BALANCE SHEET DECEMBER 31.
successful operation early in 1911, and is sufficient to carry the load in
1911.
1910.
1911.
1910.
case of temporary interruption to the generating system. There were laid
AssetsLiabilities$
147,600 duct feet of underground conduit and 109,100 feet of underground
1,700,000 1,700,000
cable were drawn into the ducts. The Pend' Oreille transmission line to Plant & equipment.a1,308,380 1,348,367 Common stock
Patents at cost
825,000 825,000 Preferred stock
500,000 258,375
Newport. Wash., has been completed.
24,021 Accounts payable_
4,583
22,399
The construction of the new power station at Long Lake has proceeded Stocks and bonds. _ _ c20,000
344.000 657,500
steadily. Special illustrated pamphlets concerning this work were mailed Merchandise at cost_ 731,594 730,031 Notes payable
8,750
to stockholders in October. The river has been entirely diverted from the Accts. & bills receiv_ 794,723 787,947 Accrued pref. divs
88,585 136,969 Surplus
420,949 414,061
site of the dam through a short tunnel,the rock excavation is well advanced, Cash
and the placing of concrete for the dam will be commenced in the coming
_2,978,282 3,052,335
Toth! _
2,978,282 3,052,335
Total
summer. The dam will be of concrete and will rise 170 feet above the present water level, thus impounding water in a lake 23 miles long and avera After deducting reserve for depreciation, $619,794.
of a mile in width. The entire plant will be in operation
aging about
b After deducting $104,832 for depreciation.
late in 1913 or early in 1914, depending partly on the duration of the highc consists of stock of Canadian Crocker-Wheeler Co., Ltd.(licensee).-V.93, p.591,
water period in the river and partly on the increase in power requirements.
Upon the completion of the Long Lake power station, the installed caAmerican Piano Co., New York.
pacity of our power plants will be as follows: Spokane, 12,000 h. p.,• Post
Falls, 15,000 h. p.; Little Falls, 27,000 h. p.; Long Lake, 66,000 h. p.;
(Report for Fiscal Year ending 'Dec. 31 1911.)
Spokane steam, plant, 19,000 h. p.; total, 139,000 h. p. Also 25,000 undeveloped horse power in Spokane.
The report dated Feb. 1 1912 says:
COMPARATIVE STATISTICS.
The statemen shows a strict adherence to the policy of the company to
hold itself in a str ng financial position at all times, and to expand only
1911.
1910.
1907.
1909.
1908.
(?)
Incan.lamps(No.)
163,286 as conservative business principles will warrant. This pol cy has forced
209,278
CI)
CD
(I)
173,448
122,792 a "snugging up" all along the line, such as reduction of work in pr cess
Equiv. in 16-can.
(?)
(1)
2,087
2,346 the quick turning of finished product, urtailment of expens s, close
Enclosed are l'ps
2,392
2,462
2,675
watching of collections, &c. Such methods, rat er than a policy of exHorse power of
16,229
motors in Spo_
15,692
6,863 pansion, we deem to the best let rests of the atoe holders at this time.
9,880
8,506
Notwithstanding the above, the earnings for the year have permitted the
Do on transmis18,735
17,824
10,569 payment of 7% on the pref. stock and the passing to surplus of $112,697.
sion lines_ __ _ 16,652
14,176
18,850
17,852
:Meters in use(No.)
10,503 Sales for 1911 exceeded sales for 1910 by over $300,000. The outlook for
15,502
12,843
112
109
101
Allies of track_ __
97
96 1912 is most encouraging.
Among our more recent activities is the development an perfection of
Pass. car'd (No.)23,691,820 24,730,145 21,842,767 19,520,942 17,249,527
Car miles run_ __ 3,982,362 3,990,653 3,624,586 3,393,479 3,111,563 Rythmodik record music rolls for player-pianos, which bids fair o revolutionize the player and music-roll industry, and to be a continual and inRESULTS FOR CALENDAR YEARS.
creasing so..ree of prestige and profit,
1911.
1910,
1909.
1908.
RESULTS FROM OPERATION.
13,243,5891 $3,155,223 12,788,743{ 12,437,406
Gross earnings _
1911.
1910.
20,569f
-- ,17,170 Net
Sundry receipts
$382,799 abt.$973,993
v idends (7%)
ar
270,102
l fe
erreling
270,102
$3,264,158 13,155,223 $2,788,743 12,954,585
Total receipts __
1,652,981
1,678,540
1,503,895
1,343,232
Expenses, incl. taxes_ _
$112,697 abt.$.03,891
Balance, surplus
BALANCE SHEET DECEMBER 31.
$1,611,177 11,976,683 $1,284,848 $1,111,353
Net earnings 1911.
1010.
1911.
1910.
DeductLiabilitiesAssets$
$
Int. on bonds,less int. on
$205,345
$223,424
Preferred stock
$154,567
3,858,600 3,858,600
180,000 Real estate, plants.
work under construe_
3,357
4,947
Common stock
machinery, good
3,161,100 3,161,100
Prem. on bds. exch.,&c.
31,467
12,772
5,171,654 5,256,386 Notes payable_
will, &c
181,092
203,789
Interest on loans
1,585,500. P
132,767 133,527 Accounts payable_ _ 75,421
Investments
- on
Amort. fd. for disit.
83,606
8,000
263,494 359,928 Accrued wages
Cash
5,983
5,333
1st ref. M. bonds__
Accts. & notes rec2,054,987 1,926,480 Preferred dividend.
Written off for deprecia314,400
325,000
payable Jan. 1_ _ 67,525
tion of plant, &c
273,600
238,600 Materials & supplies 1,472,050 1,637.813
67,525
2,367
Insurance,
Cr.16,000
552
Profit and loss account_
8,534 Prepaid
Inventory reserve_.
. 74,785 180,732
,
(8)939,008 (8)708,231 (7)442,424 (7)351,141
18,360
15,362 Surplus
'
585.297 472,600
Dividends
taxes, &e
.
w
i • Total int., diva., &c.
Balance, surplus for year
$1,496,17.7
$115,000
$1,266,191
5210,542
11,052.235
$232,613
$882,064
$229,289
Total
-V. 93, p. 1463.
9,414,212 9,329,496
Total
9,414,212 9,329,496
General Railway Signal Co.
(Report for Fiscal Year ending Dec. 31
Central Coal & Coke Co., Kansas City.
(Report for 18 Months ending Jan. 1 1912.)
1911.)
President W. W.Salmon and Vice-President and Treasurer
George D. Morgan say:
As of Jan. 1 1911, your company had on hand unfilled contracts and
orders aggregating $647,883; during 1911 additional contracts and orders
were secured aggregating $1,839,934, making a total of $2,487,81.7. Contracts and orders were executed amounting to $2,183,036, leaving work on
hand Jan. I 1912 (exclusive of work not yet ordered installed under N. Y. C.
& H. R. RR. electric zone contract), $304,781.
New contracts and orders received during 1911 reflect a continuance of
the same conservative policy, on the part of the railroads, as prevailed in.
1910. Of the total signaling business done, your company enjoyed, however, an increased proportion. Until improved conditions shall more
generally obtain, it is not likely that a maximum output will be approached,
operations during 1911 having been somewhat less than 50% of normal
capacity. Taking advantage of the light demand,'we have made certain
improvements and extensions which will materially reduce our cost of output
and improve our facilities for taking care of a large amount of business
economically when It shall offer.
The sum of our Cash accounts and bills receivable as of Dec. 31 1911 was
$578,727, as against a total of $218,988 of bills and accounts payable
on the same date.
While earnings would have permitted of larger dividend payments, your
directors have thought best for the time being to conserve and increase
working capital by adding to surplus account. At no time in the history
of your company has Its general condition justified so encouraging expectations for the •future.
INCOME ACCOUNT YEAR ENDING DEC. 31.
1911.
1908.
$828,781
1910..
$233,434
$260,663
Gress profit on sales, &c. $815.620
342,333
216,534
182,869
213,319
Operating expenses_ ___
$473,287
Net earnings
Deduct$38,604
Int. paid and accrued
•92,281
Deprec'n & extraor.chgs.
Preferred dividends__ _(6%)120,000
Total deductions_
Balance
$612,247
$50,565
$47,344
$60,271
135,323
$43,818
15,054
$47,333
19,113
(3%)60,000
$195,594
$250,885
sur.$222,402sur.$416,653
$58,872
$126,447
def.$8,307 def.$70,103
* Includes $28,753 account materials and equipment and $63,528
count patents, Including Young system.
BALANCE SHEET DEC. 31.
1911.
1910.
191U.
1910.
1911.
Liabilities$
$
Assets83,181 Preferred stock
2,000,000 2,000,000
71,767
Cash
3,000,000 3,000,000
Bills & accts. receiv_ 606,960 742,671 Common stock
85,550 Pneumatic Signal Co.
Securities owned__ __ 90,800
48,000
68,000
bonds
Material in stock, in
824,006 842,371 Gen. Ry. Sig. bonds_ 544,000 640,000
brodess, &o
150,000 482,802
Mach. tools & fixt's_ 776,494 748,230 Bills payable
775,984 736,962 Accts. payable
68,089 141,899
Factory plant
Employees' bond payPatents. incl. Young
ments
5,131
' 3,316,400 3,348,077
System
960
1,360
Miscellaneous
36,617
14,066 Am.Int. on bonds__
Reserve
132,863
95,656
Bond disc. and tax,
48,649 Surplus
*500,104 314,909
being charged off_ 45,888
Total
[Void. Lxxxxrv.
THE CHRONICLE
558
6,444,916 6,649,757
Total _
6,444,916 6,649,767
* After transferring $37,207 to reserve account.-V. 94, p. 354.
The pamphlet report contains no text. The results for
two periods compare as follows:
RESULTS OF OPERATIONS.
,
18 Mos.end. Jan. 1 1012. -Year end. June 1 '10DepartmentGross.
Net.
Net.
Gross.
$1,307,631
Wholesale coal
$633,835
.$360,645
$860,434
112,987
Retail coal
17,534
17,344
81,264
coal
Wichita
42,834'
5,691
2,633
24,011
17;165
3,602
St. Joseph coal
55
11,535
62,712
8,296
Salt Lake City coal
55,061
. 3,215
36,533
Washer
85,149
17,203
72,388'
Mining
90,955
*185,860
12,858
159,402
141,568
Mining stores
127,048
Wholesale lumber
306,372
. 907,946
6:47,76'2.
183,751
Carson mill
807,158
123,875
744,599
144,393
Keith Mill
732,417
145,074
515,251
123,016
Miscellaneous
158,784
111,619
Total
* Loss.
$1,395,304
INCOME ACCOUNT.
Years ending June 1
18 Mos.end.
1910.
1909.
Jan. 1 1912
. 1908.
Net earnings as above_ _ $1,395,304 • $1,103,781 $1,076,459 81,352,702
Deductions$81,773
$79,141
Royalty cred. coal lands $125,665
588,933
241,805
264,873
Royalty cred. timber Ids.
278,619
200,603.
37,839
34,586
Depreciation mill prop..
39,803
28,65a
4,008
4,008
Depreen washer prop_ _
6,346
4,008
85,447
81,007
77,734
General expense
137,474
110,359
118,17X
130,610
Interest on bonds
193,146
18,500
8,500
Interest and exchange
119664
29,500
8526,609
$900,717
$601,557
*602,799
Total
$826,093
$494,587
Surplus earnings
$502,224
$473;660
Divs. on pref. stock _•(7 M)140,625 *(5)93.,750 *(5)93,750 *(5)93,750
Divs. on cons. stock_ _ _•(9)461,250 *(6)307,500 •(6)307,500 "(6)307,500
Balance after divs_ _•clef.$107,288*sur$100,974 *sur$72,410•sur$424,843.
* These items have been,supplied; they do not appear in the reports
What'other deductions or credits there were, we do not know.-Ed.
ASSETS AND LIABILITIES.
Jan. 1 '12. June 1 '10.
Jan. 1 '12. June 1 '10.
Assetss
LiabilitiesCoal lands
4,324,558 4,293,659 Common stock... 5,1'25,000 5,125,000Timber lands
3,423,014 3,256.063 Preferred stock _ _ 1,875,000 1,875,000
Coal shafts&bidgs. 1,670,192 1,678,875 Undivided profits_ 1,404,499 1,508,967
Sawmills & Mins_ 289,608
296,042 Bonds
2,406,000 2,572,000,
Yards 8: equip't__
91,448
329,613
6,852'
50,578 Audited bills
Personal property
71,792
23,262
68.661 Bond int. not due_
46,313
Co.
Mo. & La. RR.
78,385
141,653
Sundry accounts
stock
150,000
150,000 Pay-roll balances_
94,723
26,068
Bdnds,&c.,in other
Freight charges uncompanies __
155,101
130,101
57,937
adjusted
99,726.
27,790
Accts.for collection 1,299,914
847,812 Sink, fund for ins_
31,700
506,524
700,000
Inventories
626,29,1 Bills payable
450,000
175,486
386,163
50,000
91.667
Sinking fund_ ____
14,572
Sundry balances__
7,367
..12,122,209 11,883,279
Total
-V. 92, p. 1638.
Pennsylvania Water 85 Power Co.
(Report for Fiscal Year ending Dec. 31 1911.)
$1,103,781
Total
12,122,209 11,883,279..
The Vulcan Detinning Co., New York.
The report of Pres. J. E. Aldred, presented at the annual
(Report for Nine Months ending Dec. 31 1911.)
meeting on Feb. 6 1912, said in substance:
Pres. Eugene E. Spiegelberg, N. Y., Feb. 1 1912, wrote:
Results.-While large contracts for the delivery of power to the United
Railways & Electric Co. and the Consolidated Gas, Electric Light & Power
Results.-In order to conform with the period covered by the F edcra
Co. of Baltimore were concluded early in the year, your company did not tax reports, we have changed our fiscal year to expire with the cal. year.
receive the full benefit of these contracts until the month of July last.
Net profits during the.9 mos.ending Dee. 31 1911,after making all deducThis of course, had a marked influence on the total income for the year, tions for depreciation and betterments, were $155,791, thus closely apas will be best realized by the statement that the income from power for the proaching the two most successful years. viz.: 1902-03 and 1909-10.
last six months of the year was double that between Jan. 1 and July 1..
'In view of these earnings the directors in September last advanced the
The operation of the plant during its first year has been successful and dividends on the pref. stock to the full yearly rate of 7%. During the 9.
has fully met the requirements of the service. The results so far obtained months there were declared one quarterly div. of 1 4% and two quarterly
have been accomplished with the hydraulic plant as originally designed.
divs.'of 1 4% each. There remains 21% accum. dlvs duo the pref. stock.
Improvements.-There has recently been installed a system of flashCharged 011.-In accordance with our policy of reducing the "patents and
boards on the top of the dam, whereby we obtain an increased head of 4 ft., processes account," the directors have ordered the sum of $325,000 to be
with the resultant increase in the storage capacity above the dam. This charged off this account, and the surplus acct. Is reduced correspondingly.
device should give the plant an increased efficiency of about 25% at the
Suit.-Through our previous circular letter you were .advis,ed that In our ow stage of the river. The engineering department is constantly engaged case against the American Can Co., Special Master W.J. Magic found profits.
in developing plans for a further increase of storage of water for power from dettnning of $677,352 18 duo to us, from which finding the American
purposes, both at the immediate site of the company's power development Can Co., as well as ourselves, appealed. The hearing of this appeal is set
and at other points in the Susquehanna watershed. We hope at the next for the early part of March of this year. (V. 93, p. 475.)
annual meeting to report substantial progress along this line.
RESULTS FROM OPERATIONS.
Proposed New Plant.-The present income Is derived from contracts of a
9 Mos. end.
Years ending March 31
nature which employ at times very nearly the present capacity of the plant.
1911.
Dec. 31 '11.
1910.
1909.
With a varying water supply, it is necessary for this company to make con- Net profit over depree., &c..$155,791
$110,057
$208,685
$182,619
tracts which provide large capacity for limited periods of time. By reason Dividends, preferred.(4 4%)71,250 (51082,500
(6)00,000 (34)56,250'
of this fact, your directors propose to extend the capacity of the plant by
installing, during the year 1912, an additional unit of water-wheel and
$84,541
0,7,5576118,685
6126,389
Balance, surplus
generator capacity. This will increase the present electrical capacity by
16,000 li.p., giving us at the end of 1912 an installed electrical capacity of
BALANCE SHEET.
making
of
further
the
increased
capacity
permit
will
72,667 h.p. This
Dec.31'11. 3fch31 '11
Dec.31'11. Mch.3111
contracts for the delivery of power.
Liabilities8
Assets$•
Bonds.-During the year there has been issued $350,000 of bonds on Plants, land, tonePreferred stock _____ 1,500,000 1,500,000.
been
taken
construction
have
work. Of this amount, $100,000
account of
stock
Common
2,000,000
2,000,000
ments,patents,prodown from the trustee and sold, the balance being held for the purpose of
18,750
3,933,317 3,900,820 Dividend payable_ __ 26,250
ccsses (t.c
covering the cost of the proposed extension of plant during the year 1912.
Accts. 'payable (not
Cash, cash items, acThe working out of the problems confronting your company is being
61,113
•
71,876
counts
receivable
(1ue)
done without undue haste, it being important that no false steps be taken.
1,032'
and Inventory__ 407,645 340,460 Accrued taxes
Outlook.-While it may be considered satisfactory that in the first year Miscellaneous
1,600 Surplus
3,690
746,526 661,985.
of operation your company earned an amount adequate to meet all fixed
charges and operating expense, the present rate of earnings justifies a
Total
Total
4,344,652 4,242,880
4,344,662 4,242,880%
belief that the second year of operation will give materially better results. -V. 93, p. 1108.
At the close of the fiscal year your company was in receipt of income at a
rate in excess of $600,000 per year.
INCOME ACCOUNT FOR YEAR ENDING DEC. 31 1911.
$447,326
Gross income from all sources...6516,285i Net' earnings
Operating expenses and taxes__ 68,959 Interest on 1st mtge. bonds.... 381,125
GENERAL INVESTMENT NEWS.
_$447,326
' Net earnings
Transferred to contingent fund
Balance,surplus.
$66,201
30,000
$36,201
Balance at credit of profit and loss
BALANCE SHEET DEC. 31.
1911.
1910.
1911.
1910:
Liabilities$
$
$
Assets8,495,000 8,495,000
Property account _14,685,926 14,122,687 Capital stock.
7,680,000 7,580,000
128,520 1st M. bonds.
Secur. of other cos.x1,228,120
Bills payable
250,000
Reserve invest. In
Accounts payable_
43,628
179,622
6% pref. stk. of
Unclaimed coupons
4,150
Cons.Gas, EI.Lt.
30,000
& Pow.Co.,Balt.
900,000 Contingent fund__
36,201
122,170 Profit and loss._ __
Treas. bds. & stk. p18,550
62,859
Loose pit & equip.
56,005
Accts. receivable_ 264,754 1,127,995
40,391
31,529
Cash
Prepaid charges
4,096
Total
16,288,979 16,504,622
Total
16,288,979 16,504,622
x Includes $1,092,600 bonds of transmission cos. owned and operated.
y Stocks only. Bonds in treasury were deducted in 1911 before showing amount
outstanding as above, $7,680,000.-V. 93, p. 800.
RAILROADS, INCLUDING ELECTRIC ROADS.
Allegheny Valley Street Ry.-Sold.--See West Penn Traction Co. below.-V. 82, p. 1039.
American Cities Co.-Report.-For calendar years:
DeducBalance,
Calendar
Other
Operating
Net (after
tions.
Surplus.
YearTaxes, &c.) Income.
Revenue.
1911
$13,261,071 $5,286,262 $42,612 $3,007,856 $2,321,018
2,944,448
47,852
2,076,704
4,973,300
1910
12,594,417
Deductions as above iirelude all interest charges on bonds of underlying
companies, &c., but not on outstanding bonds of the American Cities Co.
V. 93. P. 1783.
British Columbia Electric Ry.-Oversubscribed.-The issue
of p800,000 43% perpetual guaranteed debenture stock of
the Vancouver Power Co., it is stated, was largely oversubscribed. See V. 94, p. 486.
Canadian Northern Pacific Ry.-Listed.-The London?
Stock Exchange has listed scrip for £1,48,356 1st M. 4%.
guaranteed debenture stock. See V. 93, p. 1461.
FEB. 24 1912.1
THE CHRONICLE
Chicago & Milwaukee Electric RR.-Plan.----The official
plan of reorganization proposed by the new committee,
George M. Reynolds of Chicago, Chairman (see V. 94, p.
206), has not been received by the "Chronicle," but its
salient features are, we understand, substantially as follows:
Proposed Securities of New Company to be Organized Following Foreclosure.
First mortgage 5% Bonds.. Total authorized, $10,000,000, covering entire property and all future acquisitions. Present issue
to provide for cash requirements of reorganization, payment of
receivers' certificates ($1,036,000) and to retire $1,080,000
Chicago & Milwaukee Electrie Railway 1st M. 5s, duo July 1
1919, but callable on any interest date at 105 (an Underlying
lien on III. div,)
$4,500,000
First 4% non-cumulative Incomes (a second mortgage on the Illinois diviSion and on the net earns, of the new co). Not over
6,000,000
Second 4% non-cumulative Incomes (a second mortgage on the
Wisconsin division and a third mortgage on the Illinois division
and on the income of the new company). Not over
6,000,000
Capital Stock, Inci. $5,000,000 for partial exch. of Wis. div. 5s_ _
(?)
Terms of Exchange for Principal of Old Bonds.
Holders of Existing
ExchangeReceive in
SecuritiesStock.
2d Incomes.
1st Incomes.
III. div. 55 1902 __$4,000,000 100%-$4,000,000
Wis. div. 5% bds_10,000,000
50%-$5,000,000 50%-$5,000,000
Judge Landis at Chicago on Feb. 23 issued an order for the sale of the
Illinois division and ordered that steps for the sale of the Wisconsin division
be expedited.-V. 94, p. 487.
Dayton Lebanon & Cincinnati Railroad & Terminal Co.Sold.-The control of this 31-mile road has been acquired by
the Pennsylvania system.-V. 88, p. 374.
Delaware Lackawanna & Western RR.-See "Ann.Rep."
New Stock.-The shareholders voted Feb. 20 (1) to increase the capital stock from $30,277,000 to $42,277,000;
(2) to take a lease of the Syracuse Binghamton & New York
RR. See V. 94, p. 350, 207.
Denver Laramie & Northwestern RR.-Financial PlanNew Officers.-It was announced in Denver on Feb. 16 that
negotiations pending for several months had been concluded
for the readjustment of the finances of this company and its
allies the Denver-Laramie Land & Iron Co. and the Colorado-Wyoming Coal Co. As part of the arrangement, several
new officers were elected. The plan calls for a reduction in
he total debt (funded and floating) to not over $1,000,000
hrough a reduction in the floating indebtedness by $1,000,00. Also, t is stated, "sufficient money will be forthcomng, through .a bond issue of $2,000,000, already provided for,
t is year, to continue construction of the railroad from
Gree ey o Scott, 100 miles from Denver, by an extension
of 44 miles."
Salient Features of Plan.
A reduction of $1.000.000 in the floating debt; an arrangement for the
concentration of sufficient of the stock to assure stability of management
for at least 10 years; a provision for a co-operation between the railroad
and the Colorado-Wyoming Coal Co., looking to a representation in the
management of the latter company of the persons who furnish the funds
for the railroad company; and the financing of the extension of the road
during the present season to Scott,.100 miles from Denver.
The tangible property of the railroad company has cost something more
than $2,000,000 in money; by the reduction of its floating debt by $1,000,000, its total indebtedness, Including both bonds and floating debt, is
reduced to not more than $1,000,000; so the tangible property of the company is worth more than twice its present total indebtedness.
The extensions proposed during the coming season will open up a large
new territory that will be directly tributary to Denver.
Officers.-N. T. Guernsey of Des Moines, Ia., Chairman; Charles Scott
Johnson of Denver (re-elected), President; W. E: Green of Denver (reelected), 1st Vice-Pres.; F. A. Bridge of Madison. Wis., 2d Vice-Pros.; Otto
Huber of Rock Island, Ill.., Treas.. and 0. D. Berroth of Denver, Sec.
-V. 92, p. 1374.
El Paso (Tex.) Electric Co.-Dividend Increased.-A semiannual dividend of 3% has been declared on the $1,000,000
• common
stock, payable Mch. 15 to holders'of record Nich. 4,
comparing with 2% semi-annually in 1911 and 2% in
1910, the first distribution having been made in Mch. 1910.
-V. 93, p. 1259.
Federal Light & Traction Co., New York.-Sale of Bonds.
• -Earnings, Improvements, &c.-The company recently sold
to bankers $3,000,000 30-year 5% bonds and $1,500,000 6%
10-year debentures, providing, it is stated, ample cash (1) to
fund temporary financing rendered necessary by acquisitions and improvements made during 1911;(2) for immediate
needs for improvements, extensions and acquisitions, and
(3) to retire all outstanding bonds except $2,000,000 Springfield (Mo.) Ry. & Light 1st lien bonds (V. 93, p. 1669) sold
last spring. •The new bonds are part of an authorized issue
of $50,000,000 which will be available under conservative
restrictions for the company's needs for a long time to come.
Preliminary Report for Calendar Year 1911-Neu's Items,
The official audit for 1911 has not as yet been completed, but returns
already at hand indicate earnings. Including the full twelve menths' earnings
of new acquisitions, will exceed $1,550,000 gross and $630,000 net. As a
result of the clearing up of intermediate obligations (see above) a larger
share of the constantly increasing net revenue should accrue to the benefit
of the common stockholders.
In addition to the acquisition of the Springfield Ry. ec Light Co. and the
Trinidad Electric TranSmIssion, By. & Gas Co., the company has effeeted
various improvements and extensions and has secured franchises at Sheridan
and Rawlins for 50 and 30 years, respeetotely, both free from undesirable
restrictions as regards operation.
Earnings of Sub. Companies-Month of December and Twelve Months ending
Dec. 31--Comparison with Same Companies for 1010,
-rnel. Trinidad-- Inc. --Excl. Trinidad-- Inc.
1911-Dee.-1910.
% 1911-12 Mos.-1910.
$158,177 $145,795 8.5 $1,335,272 $1,221,737 0.3
Gross
71,413
67.400 5.9
Net
552,807
521,091 6:1
Springfield, Mo.-The Springfield Ry. & Light Co. has just installed anew
2,000 k. w. generating unit, which will be sufficient to carry it through the
present year, and has also contracted with the Ozark Water & Power Co.
for a large amonnt of its power requirements, to be supplied from the hydroeleetric development te be completed by the latter by 1913 on the White.
River 40 miles froth Springfield. (See that CO. under "Railroads" above.
Trinidad.-Work is in progress on the new Waisenburg plant, 3,000 k. w.
capacity, which will serve a territory not heretofore covered. The company
has already secured contracts for 2.000 h. p., which, with a large amount or
new business in sight, will be cared for by the new plant. All old power
contracts have been renewed for at least 5 years at advantageous rates.
Sheridan.-Contracts for power executed with the coal operators some
time ago are becoming operative as fast as equipment Is Installed by the
mine-owners. The street railroad, which purchases its power from the
company, has been completed and mit into operation. As a result of these
two sources of demand, the electric output at Sheridan for Jan, 1912 was
more than double that for the previous year -V. 91, p. 207.
559
Georgia Railway & Electric Co.-Report.-For year:
Gross
Cal.
Earnings.
Year.
$
1911 __4,493,309
1910 __4,040,886
-V. 94, p. 350.
Net
Other Int.d.,
Earnings. Income. Taxes.
$
$
$
2,387,824 57,126 898,407
2,132,442 45,954 847,705
123.
Pf.Div. Common Balance,
(5%). Dividends. Surplus.
$
$
$
120,000 (8)681,168 745,375
120,000 (6M)553,449 657,242
Grand Trunk Ry.-Earnings.-For half-year
Dec. 31 (approximate in 1911):
ending
Half-Year to
1911.
1910.
Half-Year to
1911.
1910.
Dec. 31-Dec. 31Gross receipts__4,135,800 3,699,899 Bal. for half-year 466,900
385,965
Oper. expenses_3,110,900 2,790,686 Brought in
11,600
12,553
Net receipts_ _1.024,900
909,213
Divisible bal._ 478,500 398,518
Cligs.,less credits 519,100 487,031
Guar. dividend_ 215,600 204,958
Balance
505,800 422,182 1st pf. div.
85,400
85,421
G. 11. & M. bal def.6,600 sur.3,863 2d pf. div. (2
63,210
(2,4) 63,200
Can. Atl. deficit_
32,300
40,080 3d pf. div_.. (1 M)107,500(3035,823
Bal. for half-yr 466,000 385,965
6,800
Bal. forward _
9,105
The gross receipts for the calendar year 1911 were £7,697,000 (approximately), against £7,021,535 (actual) in 1910; net, applicable to dividends.
Including guar. stock,£829,900, against £733,125 in 1910; deficit after divs.
paid;£2,200, against deficit of £2,734 in 1910.-V. 94, p. 416, 207.
Grants Pass & Rogue River Ry.-Receivership.-Presiding
Judge Gatens in the Multnomah County Circuit Court on
Jan. 9, on application of H. L. Chapin, one of the promoters,
who brought suit on notes aggregating $11,000, appointed
John C. Jenkins as receiver of the company, the Land Co. of
Rogue River and the Rogue River Townsite Co.
A controversy arose between Portland and S3uthern Oregon persons interested in the projects, one of the developments being the indictment of
H.L.Chapin and John Kollock, a Portland attorney, the indictment against
the latter being dismissed. The railway company was organized to build
a road southwesterly from Grants Pass 30 miles, less than a mile of which
has been completed. Mr. Chapin alleges In the complaint that the company
owes $42,000 for materials and is insolvent. The Land Co. owns 142 acres
which were platted as a townsite, and owes, It is stated, $15,000 to the
Grants Pass Banking & Trust Co. The Rogue River Townsite Co. holds
several townsites and purchased 7,000 acres along the right of way of the
road, and Is said to be heavily in debt to those from whom the land was purchased and unable to discharge its liabilities. The Pacific Western Co. is a
holding company which controls the stock of the other companies.
Halifax Electric Tramway Co.-Report.-Far cal. year:
Cal. YearGross.
1911
$502,399
1910
477,109
-V.80, p. 1223.
Net.
Bond Int.
Dividends.
$245,525 $30,000 (8%)$112,000
230,475
30,000
(7%)98,000
Surplus.
$103,525
102,475
Illinois Southern Ry.-Earnings.--An official writes:
A friendly reorganization as of June 1 1911 was consummated about
Dec. 1, and any returns for the company prior to June 1 1911 would not do
justice to the company as it is now constituted. Instead of the $4,600,000
1st M. 4% bonds dated Dec. 1 1903, which were outstanding, there Were
authorized $3,000,000 1st M.5% bonds dated June 11911, due June 1 1951,
of which $1,630,000 were issued. There were also authorized, and issued,
$1,380,000 5% income bonds dated June 1 1911, due June 11951. The
capital stock remains unchanged.
Results for Half-Year ending Nov. 30 1911.
Gross earnings
$266,226 Interest (bondint. $40,750)_ $44,294
Net (after operating exp.)
$62,583 Taxes
12,000
Other income
8,943 Hire of equipment
11,374
I
Net income
$69,526
Surplus for 6 months__ $1,858
Gross earnings here include passenger earnings, $30,816; freight, $227,731, and other, $7,679. Oper. expenses embrace maint. of way and structures, $44,697; maint. of equipment, $34,670; traffic expenses, $9,096;
transportation expenses, $98,991, and general expenses, $16,189; total,
$203,643.
General Balance Sheet Dec, 1 1911.
Assets.-Road and equipment, $7,973,378; materials and fuel,
$52,561; cash, $47,539; other working assets, $51,959; total_48,125,437
Liabilities.-Aggregating $8,125,437Capital stock, common_ .$4,000,000 Working liabilities
$97,928
Cap,stock, pref.6% cum_ 1,000,000 Taxes, not due
12,000
First M. bonds, out
1,630,000 Equipment repiaoement__
3,650
Income M. bonds, out.... 1,380,000 Profit and loss
1,858
Road owned, Salem. Ill. to Bismarck, Mo., 121.86 miles; Mississippi
River transfer, 3i mile; Missouri Jot., Ill., to Chester, Ill., 10.67 miles:
branches, 2.83 miles; total owned, 135.36 miles; trackage. 2.81 miles; total
operated, 138.17 miles. Gauge. 4 ft. 834 in. Rails (steel), 65 to 85 lbs.
Locomotives, 18; passenger cars, 5; combination cars, 6; box cars. 86; flat
cars, 25; coal cars, 321; 1 transfer steamer; 1 pile driver; 2 landing barges.
Officers.-Pres., E. K. Bolsot, Chicago; V.-Pres. and Asst. Treas., J. W.
Walsh, St. Louis; V.-Pres., 0. A. Bestcl, Chicago; Sec., E. M. Tourtelot.
Chicago; Treas., M. D. Lawlor, Chicago. Directors: E. K. Bolsot, F. 0.
Wetmore, J. C. Hutchins, E. M. Tourtelot, Samuel Insull, 0.A. Bestel and
Maurice Rosenfeld, all of Chicago. Gen. offices, 717 Locust St., St. Louis,
Mo. Chicago office, 38 South Dearborn St. Operating office, Sparta, Ill.
Interborough Rapid Transit Co., New York.-Order
Modified.-The Pub. Serv. Comm. on Feb. 23 modified its
order of Dec. 18 last permitting the company to issue $12,755,000 40-year 5% gold bonds, due Nov. 11952, by reducing
the amount to $7,254,200 and permitting the substitution for
the remaining $5,500,800 of bonds that had been issued
previously to secure the short-term notes which are shortly
to be paid off. Compare V. 93, p. 1725.
Kansas City Mexico & Orient Ry.-Extension.-The extension building west from San Angelo, Tex., has been completed to Granada, Tex., 132 miles west of San Angelo, and
mixed train service has been inaugurated.
Until the Orient Is built Into Fort Stockton, Granada'will be the shipping
Point bra big territory. Including the Pecos Palisades, Leon Valley and
Lconcita districts, which arc rapidly settling with irrigationists and dry
farmers. The extension goes through the centre of a territory from 180 to
240 miles wide which heretofore has not had any railroad facilities. The gap
of 32 miles between Granada and Ft. Stockton Is served by automobile
busses.-V. 94, p. 350, 88.
Lake Champlain & Mnriah RR.-Stock Issue Approved.The P. S. Commission on Feb. 16 authorized the company to
issue $200,000 common stock to reimburse it for moneys expended from income from June 30 1905 to June 30 1910.
-V. 93, p. 527.
Lake View Traction Co., Memphis.-Status.--The "Memphis Appeal" on Feb. 3 contained a statement of assets, liabilities, &c.,signed by Pres. R. F.Tate,intended to show that
the company is not insolvent.
Mr. Tate reports that the company's assets have cost $845.282 (including
10.83 miles of road, new 70-lb. rail and new steel bridges, $170,639; franchise of Clarksdale Covington & Collierville Interurban fly., $500,000, &c.),
and have a present value of 8912,223. Against these are $350,000 bonds
secured by the $2,500,000 mortgage made in July 1909 (Mere. Tr.
St.
Louis, trustee), vrhich have been sold to a syndicate at 70, but which
Co., the
company has the right to buy back till Aug. 1 1912 for $231.000; bond on
Union St. property, $17,000; other liabilities. 5:19,570.-V. 94, p. 351. •
560
THE CHRONICLE
Macomb & Western Illinois RR.—Operation Discontinued.
—It is expected that the operation of the road, which was
recently sold at public auction to a Chicago wrecking firm
for $50,000, will be discontinued and the equipment disposed
of as junk.—V. 94, p. 351.
Maine Central RR.—Sale of Notes.—Lee, Higginson & Co
and F. S. Moseley & Co., N. Y. and Boston, offered and sold
at par and int. on Wednesday the issue of $12,000,000 1-year
4% coupon debenture notes which they purchased from
J. P. Morgan & Co., the syndicate managers. Dated Mch.15
1912 and due Mch. 15 1913. (No option.) Par $1,000 and.
multiples. Int. M.&S. 15. Legal investment for Mass.savings banks. "Boston News Bureau" on Feb.21 said in part:
This offering is simply a refunding operation and amounts to an annual
saving in Interest charges of between $150,000 and *160,000.
Last July the shareholders authorized the issuance of a little over 55,000.000 of stock. [This stock was offered at par to shareholders of record
Aug. 7.1 A general mortgage bond issue of $25,000,000 was also created
for refunding purposes. The road was authorized to sell 312,000,000 of the
bonds at once, but for one reason or another has never done so. The sale
of these $12,000,000 notes at this time is a temporary expedient and means
that upon maturity the notes may themselves be refunded into the general
mortgage bonds or taken up,in part at least, through issuance of more stock.
Of the $20,392,192 bonds of Maine Central proper there matures on
April 1 1912 over 75%, or, to be exact, $15,484,000. This comprises four
issues of consols—$3,924,000 7s, 5269,500 5s, 51,525,000 4 Ms and $3,265,500 4s. In addition there will then mature two issues of notes-55,000,000
2-year 4 Ms and $1,500,000 1-year 45.
The proceeds of the stock, already paid for, and the new notes give about
$1,500,000 in excess of the total maturing obligations.
An interesting feature of this new financing is the fact that it leaves the
main line between Portland and Bangor without any prior mortgage lien
of any kind. The obligation of these debenture notes is equal to that of
the sinking fund bonds. Not only is there no mortgage on this 304 miles
of main line, but on the entire 441 miles of Maine Central proper there will
be outstanding after April 1 only $1,781,000 mortgage obligations, a total
of only $4,000 per mile. These mortgage bonds are made up of three small
issues on the Maine Shore Line, the Penobscot Shore Line and the Knox It
Lincoln lines. There are, of course, numerous mortgage issues on the leased
lines, but the 441 miles of main line is practically free from mortgage debt.
The sale of these notes is understood to be the last important piece of
financing which the Mellen system has in mind for 1912.—V. 94, p. 68 .
Missouri Oklahoma & Gulf RR.—Bonds Offered.—The
Banque Franco-Americaine of Paris, it is stated, has offered
the $10,000,000 5% bonds, in $100 denominations or 515
francs, at 475 francs. See V. 94, p. 487.
Missouri Pacific Ry.—Engraved Bonds Ready.—Treasurer
A. H. Calef announces by advertisement on another page
that the engraved certificates representing the Missouri
Pacific and St. Louis Iron Mt. & Southern equipment gold
notes, Series 2, dated Nov. 1 1911 (V. 93, p. 1260), are now
ready for delivery at the Central Trust Co., 54 Wall St.,
New York, upon presentation and surrender of the outstanding temporary certificates outstanding.
Favorable Decision.—The Missouri Supreme Court on
Feb. 9 en bane unanimously sustained the demurrer to the
petition filed by Attorney-General Major to oust 16 of the
principal railroads from the State on the ground that the
petition failed to allege facts to support the allegations
therein.
Lxx.xxiv.
& Co., Boston, N. Y. and Chicago; N. W. Harris & Co., Inc.,
Boston, and Harris Trust & Say. Bank, Chicago, offered this
week at 1003i and int., yielding about 43j%, $7,500,000
2-year 5% mortgage gold notes dated Feb. 1 1912 and due
Feb. 1 1914. Callable as a whole, but not in part, at 101
and int. on the first day of any calendar month on four weeks'
notice. Par $1,000 c*. Int. F. & A. in Boston. Trustee,
Old Colony Trust Co., Boston. See advertisement on
another page.
Abstract of Letter/from Stone fc Webster Management Association, General Managers, Boston, Feb. 17 1912.
Organized in January 1912 [under laws of Maine, per plan In V. 94, p. 124]
and owns or controls, through ownership of a large majority of their capital
stock, properties comprising substantially all the electric street and interurban railway and the commercial electric light and power companies serving the Puget Sound district, including the cities of Seattle, Tacoma, Bellingham and Everett, Wash. Population served (1910). over 400,000.
Properties Acquired Outright or Through Acquisition of Capital Stock.
[See statement for each company in "Electric Railway Section."--Ed.)
(1) The physical property of the Seattle-Tacoma Power Co., which has
been in successful operation for 12 years and which owns a hydro-electric
plant of 25,000 h.p., with transmission lines to Seattle and Tacoma.
(2) Subject to $4,000,000 of bonds, the physical property of the Pacific
Coast Power Co., which has just completed a hydro-electric plant of 27,000
h.p. (ultimate capacity approximately 80,000 h.p.) on the White River,
20 miles from Seattle and 15 miles from Tacoma.
(3) A large majority of the pref. and common stocks of the following cos.:
(a) Seattle Electric Co., which owns and operates substantially all the
street railway and a large part of the electric-lighting and power business
in Seattle, and owns all the stock of the Puget Sound Power Co. and all the
stock of the Pacific Northwest Traction Co. The Puget Sound Power Co.
owns and operates a hydro-electric plant of 20,000 h.p. on the Puyallup
River, with transmission lines to Seattle and Tacoma. The Pacific Northwest Traction Co. owns and operates an interurban electric railway between Seattle and Everett; is constructing an interurban electric railway
from Bellingham south through the Skagit Valley to Burlington, Mt. Ver&
non. &c., and owns the stock of the Puget Sound International Ry.the
Power Co., which controls, through a 99-year lease, the street railway,
water supply and practically all of the electric lighting and power business
in the city of Everett. (5) Puget Sound Electric By., which owns an Interurban railway line between Seattle and Tacoma and controls the entire
electric railway and a portion of the electric power business in the city of
Tacoma, through owne:.•ship of all the stock of tho Tacoma Ry. & Power
County
'Co.. and all the stock of the Pacific Traction Co. (c) Whatcom
By. & Light Co., which does the entire electric railway, light, power and
Bellingham
in
station
steam
h.p.
4,000
a
gas business of Bellingham; owns
and a 2,000 h.p. hydro-electric station about 50 miles from the city.
Capitalization—Funded Debt—Total Stock Outstanding and Issuable underPlan
[If all the stocks of the controlled companies and the convertible bonds
of the Seattle Electric Co. should be exchanged for stock of this company,
per plan of consolidation, V. 94, p. 124.1
Authorized. Out Feb. 17. Under Plan.
$25,000,000•518,022,540•520,328,110
Com/non stock
15,000,000 *7,993,333 *11,10(1,967
Preferred stock 6% cumulative
Funded debt: 2-year 5% mortgage
8,000.009
7,500,000
issue)
(this
12,000,000
notes
Remaining $4,000,000 notes in escrow issuable
only under conservative restrictions.
Bonds of controlled cos. (not incl. $1,833,000 Se•
attle-Tacoma Pow. Co. 5s to be retired by proceeds from sale of $7,500,000 of notes now sold). $29,154,900
'Of these amounts $1,476,180 of common stock and $1,025,000 of pref.
stock are represented by non-Interest-bearing receipts exchangeable,'par
for par,for stock certificates by Jan. 15 1016. (V. 94, P. 124.)
The proceeds of this issue will be used to acquire the physical property ol
the Seattle-Tacoma Power Co., to retire maturing obligations and all existing floating debts of the controlled companies and to provide for additions to the companies' property. The notes will be secured (a) by a first
mortgage on the property formerly owned by the Seattle-Tacoma Power
Co., which includes a hydro-electric plant of 25,000 h.p. and transmission
forThe ouster proceedings were filed while Goy. Hadley and members of the lines; (b) by mortgage subject to $4,000,000 of bonds on the property
a completed
Legislature were negotiating with railroad officials for an agreement under merly owned by the Pacific Coast Power Co., which includes of
controlled
securities
of
hydro-electric
pending
plant of 27,000 h.p.; (c) by pledge
which the railroads would not charge in excess of 2 M cents a mile
the result of litigation in the Federal Court to determine the validity of companies having a market value of approximately $14,780,000, of which
the 2-cent law. The Attorney-General declined to take part in the nego- amount approximately $7,770,000 will also be subject to the $4,000,000
tiations, saying that, as the State's chief law officer, he would insist upon mortgage of the Pacific 'Coast Power Co. mentioned above. Additional
the observance of tho 2-cent law. This upset the negotiations and the securities of the controlled companies will from time to time be obtained
railroads, with the exception of the Frisco and the Burlington, returned to a in exchange and will be pledged as further security.
3-cent fare, It was charged that the railroads were in a conspiracy to Net Earnings in 1911 from Property on which These Notes.are a First Lien,
Added to Diridends Paid in 1911 on Stock now Pledged to Secure Notes.
charge more than 2 cents, the legal fare, and the Court was requested to fine
*51,563,440
Net income derived, as above stated
and oust them.—V. 93, p. 1534.
375,000
Annual
interest on $7,500,000 of notes
_
Montreal Tramways & Power'• Co.—Notes All Sold.—
$1.188,440
Balance
Dominick & Dominick and Coggeshall & Hicks announce
power
River
development
the•White
from
'Not
earnings
any
including
that the $1,350,000 6% 3-yeat collateral notes have been [now owned by the company] which began operation in Dec. 1911.
On the above basis earnings were more than 4 times the annual intermore than twice oversubscribed. See V. 94, p. 488.
est charge
these notes.
Morris & Essex RR.—Bonds.—See Delaware Lackawanna Estimate ofon
Combined Earnings of Co. and its Controlled Cos.—Cal. Yr. 1912.
5.
above.—V.82,p.80
Reports"
"Annual
58,593,0001Int. (Incl. these notes)—$1,800,630
Gross earnings
& West. RR. under
fund
221,000
Net earnings (after taxes) 3,734,0001Sinking
New York Central & Hudson River RR.—New Treasurer.—
Milton S.Barger has been appointed TreasUrer of New York
Central Lines west of Buffalo,to succeed the late Charles F.Cox.
Mr. Barger is the son of Samuel F. Barger, who was a director of the New
York Central for many years and was one of the intimate associates of
William H. Vanderbilt.. He is Treasurer of the New York & Harlem RR.,
Assistant Treasurer of the Mohawk Valley RR. and Treasurer of the Clearfield Bituminous Coal Corporation. Mr. Barger will be succeeded as Assistant Treasurer of the New York Central's Eastern system by George W.
Porter.—V. 94, p. 279, 208.
•
Northern Ry. of Costa Rica.--Bonds Called.—Twenty-one
($21,000) bonds issued under mortgage dated Sept. 15 1900,
for payment at par and int. March 1 at Old Colony Trust Co.,
Boston, trustee.—V. 93, p. 527.
Philadelphia Company, Pittsburgh, Pa.—Meeting.—An
advertisement on another page calls a meeting of the shareholders for April 29 to authorize $25,000,000 6% cum. pref.
stock and $10,000,000 convertible debentures, viz.:
(a) The increase of the authorized capital stock from $48,400,000 to
573,400,000, such increase to be in the cumulative preferred shares, entitled
to dividends at 6% per annum out of net earnings, and preferred also as to
payment of the par value thereof and all accrued dividends out of assets
upon liquidation or distribution of assets, but with no right to vote except upon increasing the mortgage or secured indebtedness or the issue of
further pref. stock of a priority or parity with such preferred stock, so long
as dividends are paid upon it; upon default in the payment of dividends,
such preferred stock, however, to have the right to vote upon all corporate
questions to the same extent as any other stock.
(b) 310,000,000 5% debentures maturing in 10 years and to be convertible
at option of holders into cumulative preferred shares on basis of 20 shares
of $50 each for 51,000 of debentures. See V.94. p. 488, 417.
Purchase.—Control of the Duquesne Light Co. has been
purchased by Mason P. Starring, Pres. of United Rys. Investment Co., in the interest of the Philadelphia Co.
Balance after all int. (Incl. Int. on these notes) and sinking fund_57,712,350
The interest charge ($1,800,650) here included embraces the interest
charge on this note Issue; also interest on $993,000 Seattle Electric Co. convertible 5s, which may be converted Into common stock.
The equity in the property over and above the $7,500,000 of notes now
sold, as evidenced by the market value of the pref. and common stocks now
124
outstanding, amount approximately to $17,500,000.—V. 94, p. 279.
Sacramento-Woodland Electric RR.—New Company.—
This company, incorporated in California last July with
$1,000,000 of authorized capital stock, to build an electric
railway from Sacramento to Woodland, Cal., 17 miles, has
filed a mortgage with the Mercantile Trust Co. of San Francisco, as trustee, to secure an issue of $1,000,000 bonds, of
which $750,000 will be issued on the aforesaid line and the
remainder reserved for additions and improvements. Contracts have been let, and the entire line is expected to be completed by June 1 1912. Branches are proposed. The
President is T. T. C. Gregory of Sacramento, who is also
President of the projected Vallejo & Northern RR.
St. Louis Southwestern Ry.—Improvements.—Gen. Mgr.
F. H. Britton is quoted by the "Manufacturers' Record' as
follows in regard to improvements to be provided fromm the
recent sale of $7,500,000 first terminal and unifying bon ds.
Terminal construction at St. Louis includes 5-story freight-house 750 ft.
long; house and team tracks to hold approximately 240 cars under way,
will be completed June 1; work not started at other cities; details not complete. Depot building is of steel and reinforced concrete; tracks laid with
75-1b. steel rail; driveways paved; contemplate erection of freight-house
and team tracks at Fort Worth and have in mind enlargement or construction of additional terminals at several other cities.—S co V. 04, p. 488, 417.
San Diego & Arizona Ry.—Suit.—The Southern Pacific
Co., it is reported, on Feb. 3 filed suit in the Federal Court
at San Francisco against John D. and Adolph B. Spreckels
Puget Sound Traction, Light & Power Co., Seattle:— to recover $3,220,919, being $2,670,000 for advanceslfor
Notes Offered.—Harris, Forbes & Co., N. Y.; Lee, Higginson the construction of the road and interest thereon.
The Duquesne Light Co. during 1911 increased its authorized capital
stock from $500,000 to $3,000,000; bonds out at last accounts, 51,000,000
1st 5s dated 1907, total auth. $10,000,000 (V. 93, p. 49).—V. 94, p. 488.
FEB. 24 19324
THE CHRONICLE
The company was Incorporated In California on Dec. 15 1906 to build
from San Diego, Cal., at a connection with the Atch. Top. & Santa Fe, to
Yuma,Ariz., with $6,000,000 authorized stock, of which $2,000,000 paid in;
par $100. At last accounts 36 miles had been constructed, of which 14
,miles were in operation between San Diego and San Ysidro, Cal. The dispute is over the interpretation of a contract entered Into between the
Southern Pacific Co. and the S reekols in 1906, the defendants insisting
that the contract was an option by them to purchase the road, while the
Southern Pacific Co. claims that it was an agreement of purchase.
Toledo Railways & Light Co.-Report.-For cal. year:
YearNet.
Exp.&Txs.
Gross.
1911
53,399,372 32,384,838 $1,014,534
1,004,828
1,980,554
1910
2,985,382
-V. 94, p. 209, 125.
Interest.
5820,424
814,427
Surplus.
5194,110
190,401
Wabash RR.-Improvements.-The "Railway Age Gazette," New York, Feb. 2, in a detailed statement regarding
the extensive program of improvements which have been outlined by the receivers, principally/for the present year,reports;
List of Expenditures Authorized-Estinzated Cost $7,489,500.
New Equipment-30 additional engines, 1,000 steel underframe
36-ft. and 40-ft.. 80,000 lbs. capacity, stock cars; 750 40-ft.,
80,000 lbs. capacity, automobile cars; 1,000 steel underframe,
36-ft., 40-ton box cars; 200 steel hopper cars, 50 tons capacity;
20 passenger train cars _
_53,525,000
Second track work (17 pieces), in all 180.8 miles of new 2d track,
which will increase the capacity of the line in and out of all important terminals, and when it is completed will give the Wabash a double-track line from Lodge, Ill., to St. Louis, Mo.,
• leaving only 116 miles of single track on Chicago-St. Louis line 2,954,500
Miscellaneous Items-Track elevation, Ft. Wayne, $125,000:
block signaling and telephone dispatching, $150,000; replacing
or strengthening bridges, first year, $100,000; industry sidings
and passing tracks, $150,000; Delray enginehouse,&c., $75,000;
miscellaneous improvements authorized under old management
not completed or paid for, $250,000; machine tools, $100,000;
new rail on Chicago-St. Louis line, 100-1b. rail suggested,
10,000 tons, say, 5300,000, of which to be carried to capital
account $60,000
1,010,000
See also V. 94, P• 353.
561
Adirondack Electric Power Corporation.-Securities Approved.-The P. S. Commission on Feb. 20 approved the application of this reorganized company (successor of the Hudson River Electric Power and allied companies) for permission to issue $9,500,000 common and $2,500,000 pref. stock
and $5,000,000 50-year 5% bonds, as provided for in the
plan (V. 93, p. 348).
The Commission issued a statement saying that prior to the decision of
the Court of AppeaLs in the Third Ave. RR.case, it uniformly held, In reorganization cases, that a reorganized corporation should be treated upon
precisely the same footing as any other corporation in the matter of stock
and bond Issues, holding that stock and bonds must bear a proper relation
to the value of the property for which they were issued. 'Under the law
as It now stands the Commission, it is stated, has no power to inquire.
except as to two particulars, (1) whether the applicant Is duly incorporated
pursuant to the laws of the State, and (2) to determine that the securities
of the reorganized corporation are not In excess of the valid outstanding securities of its predecessor.
The Commission says that they have not been able to inquire into the
value of the properties involved, because of the decision in the Third Ave.
case, and that no evidence has been submitted concernini; the value of
the properties: that they are entirely unable to say what such value Is, and
that the decision Is made without reference to the value of the properties
to be taken over by the new corporation, solely because the law compels
the Commission to make such decision.
It is proposed to ask for bids shortly in connection with
the bond issue. The stock will be issued at once and placed
in a 5-year voting trust.-V. 93, p. 1790.
Amalgamated Asbestos Corporation, Ltd.-Plan.-At a
meeting in Montreal on Jan. 25, at which $6,521,886, or
more than 75% of the $8,000,000 bonds, were represented
(the Canadian committee holding $1,351,386, English committee $2,084,500, U. S. committee $2,456,500, F. J. Cockburn $575,000, various $54,500), there was appointed a central committee composed of J. E. Aldred (Chairman), H.J.
Washington Baltimore & Annapolis Electric RR.- Fuller and Uzal H. McCarter to formulate a plan of reorganization. This committee on Feb. 16 1912 issued a plan of
Earnings.-For 9 months ending Dec. 31:
reorganization which will be submitted at the bondholders'
Gross
Net
Other -Deductions- Bal.,
meeting Feb. 29. The committee says in brief:
Nine Months. Earnings. Revenue. Income. Taxes. Bond Int.
Sur.
The average annual earnings over a period of 3 ii years has been not less
than $250,000. The plant is capable of an annual output of 30,000 tons.
and a conservative estimate of the profit would be $8 per ton, or a total of
$240,000 per year. Under normal conditions, free from cut-throat competition, profits should exceed this amount. Conditions during the past
years have been abnormal. If reorganized (after foreclosure of the
Washington-Virginia Ry.-Report.-For cal. year 1911: two
1st M.]on the basis shown below, the company will have in its treasury cask
Gross earnings and income, $507,085;operating expenses and taxes, $265. and quick assets amounting to approximately $1,000,000.
101; net earnings, $241,984; interest, $160,453.; bal., stir., $81,530.Proposed Capitalimlion of Successor Company.
V. 93, p. 797.
1st M. 30-yr. sink. fd. 5% bonds, authorized issue, 55,000,000:
Issued (additional bonds only with consent of two-thirds of
West End Street Ry., Boston.-Application to Issue Bonds.
the preferred stock)
-The company has petitioned the Mass. RR. Commissioners Pref. stock 6% participating (after(1% on pref. the common stock$2,875.001
Is to receive 5% dividends, any further dividends to be shared
for authority to issue $754,000 negotiable 20-year 4M%
pro rata by the pref. and comrnon),auth, and issued
4,000,001
bonds dated July 11910.
Common stock, authorized and issued
2,875,000
Rights of Exchange and Subscription Offered Holders of Present Securities.
The proceeds, together with $20,396 realized as premiums on an issue of
Holder
of PayCash. New First 5s.
27,800 shares of stock Sept. 15 1910, are to be applied towards cancellation
Preferred Stock.
Common Stock.
50
00,
0,
0
00
00
0 50% 54,000,000 25% 52,000,000
of $774,976 due to the Boston Elevated By.for improvements.-V.93.P•667. 1st M. 5s None.- 25% $2,0
do optIon_85%
(1"n(bonus) 500,000
West Penn Traction Co.-Acquisitions.--This company, Old pref. stk_85% _ _ _
375,000
The plan reduces the interest charge from $400,000 to $143,750, 4
5h%
*
one of the largest public utility companies controlled by the will
be easily met under adverse conditions." (The report for 1911 Is
Kuhn interests, on Feb. 20 acquired the Allegheny Valley said to show total profits of $98,003; asbestos on hand, $690,000; accounts
$47,927; cash, $19,887; bills payable, over $400,000-Ed.jStreet Ry. Co., running from Aspinwall to Natrona, about receivable.
V. 93, P. 1790.
22 miles, and giving the West Penn
1011
5555,902 5293,943 $2,190 $21,370 5179.108 $95,955
1910
536,904
270,634
1,495 (Reorg.in'11; V.92,p.796, 957)
Note.-The earnings reported in the "El. By. Sec.," p. 127, are those for
the three months ending June 30 1910 and 1911 and not those for the
twelve months.-V. 93, p. 409.
an entrance into PittsAmerican District Telegraph Co. of N.Y.-New Director.burgh over the Pittsburgh Railways Co. tracks. The Allegheny Valley Light Co. was also acquired by the purchase. Ford Huntington has been elected a director to succeed J. S.
Patterson, who resigned.-V. 94, p. 418.
An authoritative statement says:
American Felt Co., Boston.-Preferred Stock Sold.-KidSome few weeks ago the company took over the Kittanning & Lecchburg
Railways Co.,embracing 11 miles of track, serving Kittanning, Manorville, der, Peabody & Co., N. Y.and Boston, have placed the block
Ford City and Wickboro, and the Pittsburgh & Allegheny Valley Traction
Co., Including 9 miles of track, serving Leechburg, Hyde Park, Vander- of $1,250,000 6% cum. pref. stock which they recently
grin, Vandergrift Heights, North Vandergrift and Apollo; also the Kiski- offered at 101 and accrued div. from March 1. .Divs. M..& S.
minetas Valley Electric Co. and the Kittanning Electric Co. These properties, with those purchased Feb. 20,embrace all of the electric transporta- The present issue of stock is to be limited to pref. stock.
tion, lighting and power business, under private ownership, in the Alle- $1,250,000; common stock, $2,000,000.
gheny Valley, from Pittsburgh to Kittanning, and in the Kiskitninetas
Valley from Freeport to Apollo. The total mileage of the traction lines
acquired Is 42 and the total population served with transportation facilities
about 83,000, and the population served with electric light and power
amounts to about 37,000.
The West Penn Traction Co. now operates a total of 212 miles of track,
located in Westmoreland. Fayette. Allegheny and Armstrong counties, and
Ls furnishing light and power in nearly 100 municipalities located In Westmoreland, Fayette. Allegheny, Armstrong, Greene, Washington and
Beaver counties. The company's transmission lines from New Alexandria
in Westmoreland County are being extended to connect with the new
properties at Apollo on the Kiskiminctas River, Salina and Saltsburg being
served by the connecting link. See also V. 93, p. 165.
Winona (Minn) Ry. & Light Co.-Payment of Interest.'The U. S. District Court on Feb. 19 authorized receiver
Howard Morris to pay the int. on the $500,0005% bonds
which was due on Jan. 11912; also a claim of $4,667 45 for
coal.-V. 93, p. 1727
•
Digest of Letter from Treasurer George F. Willett, Boston, Jan. 26 1912:
A Massachusetts corporation and a large manufacturer of all kinds of felt.
some of its mills having been In successful operation over 50 years. Total
net assets exceed $3,500,000; net quick assets behind this $1,250,000 pref.
stock over $1,800,000.
The average net earnings of this company, and its predecessor, the American Felt Co. of New Jersey, for the past five years have been over $290,000
per annum, and the net earnings of the company for the year 1911 were
over $325,000, or over four times the pref. div. As is well known, the past
year has been a poor one for the textile industry; nevertheless, the gross
sales,'as well as net earnings of this company, show a substantial Increase
over the average for the previous five years.
No dividend on the common stock, beyond 6%, shall be paid, if the net
quick assets are thereby reduced below 125% of the outstanding pref. stock.
without the consent of two-thirds of such pref. stock. Up to $500,000 additional pref. stock may be issued for cash at par, provided the common stock
outstanding has been increased by an equal amount for cash at par. Other
than this, no more pref. stock can be issued and no bonds placed upon the
property without the consent of two-thirds of the pref. stock.
The pref. stock will be callable in whole or in part at 125 and accrued div.
and will have equal voting powers with common stock. V.92, p. 658, 7P"
American Gas & Electric M.-New Directors.-M. J.
Warner has been elected a director to succeed A. M. Young.
INDUSTRIAL, GAS AND MISCELLANEOUS.
•
Acme Tea Co. Philadelphia.-Stock Increase.-The stock- deceased.-V. 93, p. 1536.
holders will vote March 19 on increasing the stock,common
American Tobacco Co., New York.-Directors.-Further
from $750,000 to $1,000,000,pref.also $750,000 to $1,000,000. Changes.-The changes to date are:
The new stock, we are informed, will be subscribed for at par. Company
operates a large bakery, also an extensive warehouse for its tea, &c., business. Pres., Thomas P Hunter; V.-P., William M. Crowe; Sec., John
Glenn; Treas.. Archibald McKinley. Office, Phila.-V. 85, p.223
Adams Express Co.-Indictment.-The Federal Grand
Jury at Cincinnati on 'Feb. 23 returned an indictment, with
11 counts, against the company, charging it with having
exacted more than the published rates from shippers. This
is said to be the first of a series of indictments against express companies for exacting from shippers more than the
published rates.
During the investigation of express companies by the Commission, Commissioner Lane announced the intention of the Commission, stating that
discovery had been made of 3,000 instances of overcharging In a single day.
The alleged violation of the law for which the indictment was returned was
the exaction of excessive unlawful rates on shipments from Indianapolis,
Ind., to Franklin, Penn. The rate between the two cities is $1 75 a hundred
pounds, but the agent of the company at Franklin, it is said, collected $2
a hundred.
Seven Cincinnati manufacturing firms were also indicted, charged with
attempting to obtain transportation at lower rates than those established
by the Commission. All of the indictments for misbilling of freight were
the result of the Investigation by the Commission.-V. 93, p. 1023.
New directors (all employees of the company): M. W. Reed, 'r. J .
Walker, J. M. W. Hicks, J. Fletcher Jr., P. J. Hanlon, J. T. Wilcox, M. C.
Patterson, E. S. Edwards. Geo. W. Hill, C. S. Keene and W. H. O'Brien.
Old directors retained: Percival S. Hill, George Arents. Anthony N.
Brady, Paul Brown, H. At. Hanna, Pierre Lorillard, Oliver H. Payne.
Frank H. Ray, Thomas F. Ryan, Grant B. Schley. Robert A. C. Smith,
Charles N. Strotz and Thomas B. Yuille.
Directors retired: Caleb C. Dula, Robert B. Dula, Robert D. Lewis and
W. R. Irby, who have become directors of Liggett & Myers; Thomas J.
Maloney, Herbert D. Kingsbury and Robert K. Smith, who are now on the
board of the P. Lorillard Co.; Jas. B. Duke, William R. Harris (recently
Chairman of the British-American Tobacco Co.), R. L. Patterson, Geo. D.
Widener, P. A. B. Widener, G. W. Elkins and Geo. A. Heime.-V. 94,
p. 489, 418.
American Union Telephone Co., Harrisburg, Pa.-Modified Plan.-The supplemental proposal of the Telephone Investment Co. omits from the proposed reorganization the
National Telephone Corporation and its underlying properties, and covers only the American Union Telephone Co.
and Consolidated Telephone Companies of Pennsylvania
and their subsidiary or allied concerns. A circular sent
on Feb. 3 to the bondholders of the United Telephone:&
Telegraph Co. says:
[VoL. Lxxxxiv.
THE CHRONICLE
562
Capitalization of the New Company. the North American Telephone ee, Telegraph Corp. of Pennsylvania,(V. 94,.p. 419)•
First mtge. 50-year 5% bonds to be sold to net 80% in cash for
following purposes: (a) Purchase of underlying companies'
bonds and stooks; (b) payment of all secured floating debts of
acquired companies; (c) payment of all receiver's obligations
and expenses and accrued interest on bonds specified in the
different proposals; (d) expenses of organization; (e) to provide
about $2,400,000 for working capital, reconstruction and ex$7,000,000
tensions
10,000,000
Gen. M. 50-year 5% bonds
To be Issued for reorganization, not over
$5,500,000
Issuable only with consent of two-thirds of general
mortgage bonds outstanding for future extensions or betterments at not to exceed 85% of cost
thereof, and for property acquired with approval
of the board, after an independent examination of
remainder
both physical property and earnings
5% non-cum. pref. stock (non-voting save as to stock Increases) _ 9,000,000
2,500,000
Common stock
The present issue of general mortgage bonds, preferred and common
stock, are to be used for the acquisition of the stocks and bonds of the
acquired companies, and in connection with the reorganization.
The report of the accountants employed by the bankers purchasing the
first mortgage bonds shows that the average net earnings of the companies
enumerated (in "a," "b" and "d" in V. 93, p. 1466) for the years 1908,
1909, 1910 and nine months of 1911 were $560,749. Adding to this the
income derived from the uninvested working capital would give an estimated yearly net income of the corporation of $630,749. The Independent
examination of the physical properties confirms the opinion of the management that the expenditure of the capital set aside for reconstruction and extensions will result in largely increased earnings and decreased operating
expenses. Should any of the aforesaid companies be omitted, the general
5s and pref. stock intended for their purchase will be left in the treasury.
The Telephone Investment Co. offers to the holders of bonds of the
United Telephone & Telegraph Co. the right, on or before March 22, to exchange such bonds for 55,4 In general mortgage bonds and 45% in pref.
stock of the corporation, accrued interest to July 1 1911 to be paid for in
cash;from July 1 1911 to date of exchange to be paid for in general mortgage
bonds of the corporation on basis of 120%. [Signed Telephone Investment
Co., by W.H. Hanger, President, 710 Bailey-Farrell Bldg., Pittsburgh, Pa.]
-V. 93, p. 1466.
town,(d) 66 acres adjoining the above tract, on which it is proposed, to
build an open-hearth steel plant having a capacity of between 1,000 and
2,000 tons per day. (e) Two sheet mills at Niles, Ohio, having 18 stands
of hot m1113, producing sheet steel, metal lath, ceiling, &e., capacity
nearly 90.000 tons per year.
The physical properties represent a valuation of $8,512,000, of which
$7,453,000 is represented by common stock, $535,000 by pref. stock,
, bonds on the rolling mill
$250,000 in cash and $275,000 bynnderlying 6°,
properties (only indebtedness). Cash was paid
the inventories of the
Thomas Steel.Co.. the Empire Iron 4 Steel Co. and the Garry Iron &
raw materials In the yards of the Brier Hill Iron &'Coal
'
Steel Co. and the
Co. and tile Youngstown Steel Co. are to be paid for in cash or stock, at its
option, in 12 equal monthly payments, beginning April 1912; also the
pig iron in said yards is to be paid for at a price guaranteed against loss, but
only When the iron is used or sold.
The present.offering of pref. stock, in addition to the $535,000 issued in
payment for propetties, is limited to $1,300,000, of which amount $100,000
has been sold and the remaining $1,200,000 has been underwritten and is
now offered for sale, to provide additional working Capital and extensions.
The disposal of the remaining common stodic has been provided for under
an arrangement by which it will be sold for cash at a price not less than par.
[Signed H. H. Stambaugh, Chairman of Board, and John Tod, First VicePresident.] See also V. 94, p. 418, 281.
•
Results.-During the year just past the net product of the mills ha
been a little larger than for any other year and the sales have been but a
few tons per day less than our record. The selling price la. up to the
average for the past 12 years, having been exceeded but three times. The
cost of production has been slightly higher than the average, due to increased expenditures In the selling and advertising departments. There
has been expended on the plants during the past year, and charged to
operating expenses, $388,157, of which $230,719 for ordinary repairs and
*157,438 for extraordinary reparis and betterments.
Sinking Fund, &c.--BegInnIng with 1901 the company has deposited
yearly $100,000 cash for sinking. fund purposes. With thisfund the trustee
has purchased, at the market, the bonds of the company, and has also
used the interest on the bonds so purchased for buying more bonds, so that
there are now in the sinking fund $1,771,000 bonds, costing $1,460,449.
From organization until 1908 no dividends were paid and out of surplus
earnings $1,237,411 was set aside as reserve.for additional working capital.
From time to time investment has been made In bonds of the company,
from the surplus earnings, so that at the present time the treasury holds
41,325,000 bonds, costing $1,120,152, held as an asset, subject to cancellation or sale as the directors may determine.
During 1911 $200,000 bonds were bought for the sinking fund at an
average cost of 90.29% or $180,557; $98,000 bonds at 89.97%, or $88,205,
from interest on bonds in the treasury, and $129,000 bonds at same average
cost, $116,000, from proceeds of real estate sold.
The company has in the sinking fund and in the treasury $3,096,000
bonds, all drawing interest. The reserves, now amounting to $3,524.131,
consist of $1,237.111, set aside for additional working capital; $1,504,750
sinking fund and $781.970 available for dividends. See V. 94, p. 414
30,000 h. p. development. There will be about 50 miles of transmission
lines to carry the electricity ,to places In the Sacramento valley. The
company also plans to use its 'very cheap hydro-electric power" for electrochemical industries. Pres. F. G. Baum; Sec.-Treas., A. G. Boynton.
Office. 801 Alaska Commercial Building, San Francisco.
Buckeye Pipe Line Co., New York.-Dividend.-.--A dividend of 10% ($5 per share) has been declared on the $10,000,000 stock of this former subsidiary of the Standard Oil
Co. of N. J., payable Mch, 15 to holders of record Feb.10.
Of the $10,000,000 stock (par $50) the Standard 011 Co. of N. J. recently
owned and distributed to its shareholders 59,999,700. Compare Standard
Oil Co. of N. J., V. 85, p. 217, 790; V. 93, p. 1390.-V. 85, p. 224.
California Power & Manufacturing Co., San Francisco.Bonds.-This company, incorporated in California in.Feb.
1911 with $5,000,000 of auth. capital stock, all Outstanding, has filed a mortgage to the Mercantile Trust Co. of
San Francisco as trustee to secure an issue of $5,000,000 6%
gold bonds, of which $1,000,000 has been or will shortly be
Dated Dec. 1911, due in 40 years, but callable at
issued.
Co.,
of
Springfield, Mass.-Text
American Writing Paper
9%.
$1,000. Int. M. & N. Sinking fund, 13/
105.
Par,
figures
were
annual
94,
given
V.
in
Annual Report.-The
-electric plant at a point 50
The company proposes to establish a hydro
in
report
says
substance:
p. 414. The pamphlet
miles east of Redding, Cal., where it owns lands and water rights for a
Auglaize Power Co., Toledo, Ohio.-Bonds Status.-Crawford, Patton & Cannon, New York and Philadelphia,
who originally placed the issue jointly with H. L. Crawford
& Co., recently bought in and offered at 95 and int. a small
block of 1st M.6% gold bonds due July 1 1941. Int. J. & J.
Authorized, $1,000,000; outstanding, $700,000. A first
mortgage on a modern hydro-electric plant situated on the
Auglaize River near Defiance, Ohio, transmission lines, water
rights, real estate, franchise and contracts.
This company was incorporated In Ohio June 26 1911 with $1,000,000
of authorized capital (in $100 shares), all of which is outstanding, and has
built a dam 700 feet long and 30 feet high and a 6.000 k, w. hydro-electric
plant on the Auglaize River 3 miles south of Defiance, Ohio; also a 60,000volt transmission line to supply electric power in Lima, Defiance and Toledo,
Ohio, at the last-named place to the Toledo Railway & Light Co. and others.
It Is proposed shortly to begin building two additional plants, each with a
capacity of 3,500 k. w., and to complete the same during 1912. The St.
Marrs River and also tho waste waters of the Celina and Laramie reservoirs are to be diverted into the Auglaize River.
The directors and officers are: J. M. Ashley, Toledo, President; Robert
R. Livingston, 3 Rector St., N. Y., Vice-Pres.; W. P. Wallace, Sec.,
Toledo, and 1-1. L. Crawford, N. Y.,,Treas.; Charles S. Ashley and Grant
Miller. The same interests are back of the hydro-electric development on
the Maumee River at Miami, Ohio. Construction to begin late In 1912 and
be completed early in 1913.
Bell Telephone Co. of Pennsylvania.-Report.Gross.
Cal. Year$19,862,382
1911
18,349,425
1910
-V. 93, p. 1791.
Net.
$4,928,861
4.535,907
Interest.
8235,974
213,886
Dividends,
*3,600,046
3,550,784
Bal.,Surp.
$1,092,841
739,237
Brier Hill Steel Co., Youngstown, Ohio.-Underwriting
Offered.-The Realty Guarantee & Trust. Co. of Youngstown, Ohio, is offering the unsold portion of the underwriting
for $1,200,000 7% cum.,(non-voting) pref. stock at 105 and
int., to yield 6.8%. Pref. p. & d. Callable after 1922 at
$105 per share and accumulated (quarterly) dividends.
Resources Feb. 1 1912-Total, $9,563,000.
Rolling-mill properties, $1,880,000; blast furnace, coke and ore
$8,512,000
properties, $6,652,000; total
1,051.000
Cash and inventories at mills
Offsets-Stock (Including above Offering) ;9,288.000; Bonds, 5275.000;
in
$10,000,000;
_$7,453,000
treasury,
$2,547,000;,out
Common stock auth.,
Pref. stock. 7% cum., auth., $5,000,000; in treas., $3,165,000; out 1,835.000
273,000
Underlying 6% bonds (retirable after July 11012 at 102)
Average total net earnings of the constituent companies for the years
1907 to 1911, incl., aggregate $1,500,000 per year [against present pref.
dividend charge of $128,150].
Digest of Letter from Brier Hill Steel Co., Youngstown, 0., Feb. 13 1912.
Incorporated in Ohio Jan. 29 1012 with an authorized capital stock of
515,000,000, or which $10,000.000 Is common stock and $5,000.000 Is 7%
cum. pref. stock. Formed by merger of Brier Hill Iron & Coal Co. (In
operation since 1859). Youngstown Steel Co. and Thomas Steel Co., and
has sillee Purchased the properties of the Empire Iron & Steel Co. and the
Garry. Iron & Steel Co. of Niles, Ohio.
Properties owned: (a) Between 4,000,000 and 5,000,000 tons of Iron ore
on the Mesaba Range In Minnesota, In an open-pit mine; about half Bessemer and half basic ore; practically all uncovered. (b) Over 800 acres of
thick-vein coking coal in the Connellsville region, with 470 coke ovens, totat capacity 30,000 tons of coke per month. (c) Two modern blast furnaces,capacity 270,000 tons per year, situated on 57 acres of land in Youngs_
Canada Cement Co., Ltd., Montreal.-Report.-Net
Calendar Year- Profits.
$1,313,898
1
10
91
19
1,177,698
-V. 93, p. 798.
Bond
Interest.
$300,000
300,000
Pf. Div. .Stirplus
for Year.
(7%).
$730,000 $278,898
142,698
735,000
Total
Surplus.
$496,892
217,994
Canadian Locomotive Co., Ltd., Kingston, Ont.-President.-Vice-Pres. Aemilius Jarvis, of Toronto, has been
elected President, succeeding Hon. Win.Harty, who resigned.
("Toronto Globe," Jan. 5 and Jan. 6).
Bonds.-Touching the bonds offered by Aemilius Jarvis &
Co. and Dominion Securities Corporation, Ltd. (see V. 93,
p. 261), a circular said in part:
Incorporated June 9 1911 toltake over as a going concern the undertaking
of the Canadian Locomotive Co. Ltd., whose average annual not earnings
(see V.93, p. 47), against which the
'
for the four years 1907-10 were4291,719
present annual bond interest is only $90,000.
Net Assets7$5,000,000 July 1 1911.
$3,837,912
Real estate, buildings., plant and good-will
Current assets (including $734,910 invested in municipal and
other bonds,see V.93, p. 47), $1,242,638; less current liabilities,
1,162,088
$81,874
Issued Capitalization.
Capital stock ($1,500,000 is 7% cum. pref. stock, V. 93, p. 47) _53,500,000
1,500,000
First mortgage bonds, with., $2,000,000; present issue
An expert appraisal of June lath 1911 shows: reproductive value, $2,027,228; depreciated value, $1,501,029, not including net liquid assets.
The present capacity of the plant, which may be said to comprise everything required for the building of the most modern and up-to-date locomotives. Is capable of producing a yearly output of about 75 engines. The
company is at present installing additional machinery, which within the
next three months will increase its output very materially, and when the
plans In hand for new buildings are completed,the capacity of the plant will
be raised from 6 to 16 locomotives per month, without any increased fixed
charge by way of bond interest or preferred stock dividend.
Under an agreement with the city of Kingston, the company enjoys exemption from all.taxation, except school taxes, up to the year 1916.
As a sinking fund the company is required to pay to the trustee yearly
from 1916 to 1950 inclusive a sum equal to 1% of the par value of the bonds
outstanding. This will redeem the entire $1,500,000 bonds prior to 1951.
The excellent management has been strengthened by the acquisition as
General Manager of A. W. Wheatley, previously the General Manager of the
American Locomotive Co.'s plant at Dunkirk, N.Y., the second largest locomotive works on this Continent.
(Directors.-AemIllus Jarvis, Toronto (Pres.); John L. Whiting, K.C.,
Kingston;. Robert Hobson Hamilton (Gen. Mgr. Steel Co. of Canada, Ltd.,
V. 91, p. 157; V. 93, p. 734); Frank G. Wallace. Pittsburgh, Pa.; Warren
Y. Soper, Ottawa; James Redmond, Montreal.]
Statement by General Manager A. W. Wheatley, Oct. 24 1911.
In reply to your inquiry as to the amount which the Locomotive Co,expects to have available for payment of interest on Its bonds and dividends
on its preferred stock by the 1st of July 1912, I estimate the amount. including the interest on company's investments, should be in the neighborhood of $300.000. We have unfinished contracts In hand for 62 locomotives
which are scheduled to be completed by the end of July 31 1912. The estimate made by our engineers of the cost of extensions to buildings and•plant.
so as to bring the capacity of the works up from 6 to 16 locomotives per
month is approximately $400,000. These extensions I expect will be completed by January 1013, so that the earnings after that date should be materially increased. Compare V. 94, p. 47; V, 92, P. 1638.
(It was announced in,November that orders had been booked for iecomotive3 as follows: (1) CanOdlall Northern fly., 25"consolidation"freight locomotives, with sUperheat. and 5 large switching engines;(2) Temiskanting ,h
Northern Ontario fly., 4 "conSolidation" freight locomotives, to weigh
206.000 lbs. each.j-V. 93. p. 1261. 47.
(J. I.) Oak) Threshing Machine Co.-Bonds Retired.-The
company ti11116uticd5 that it \Vitt redeem on May 1 at 1023' and
int. the $2,300,000 serial 1st M. 5% gold bonds. Paythent
was provided for by the recent sale of $8,000,000 pref. stock.
Compare V. 94, P. 353.
•
Cedar, Rapids Manufacturing & Power Co., Montreal.Stock-iVetv Project.-This company, incorporated in 1904
and long quiescent, passed in March last under the control
of D. Lorne McGibbon (now the President). On Nov. 6
notice was given to the DOrninion authorities and subsequently approved of an increase in authorized capital stock
from $250,000 to $10,000,000 (par of shares $100) with a
view to making hydro-electric development (initial installment 25,000 h.p. to 50,000 it.p:) at the Rapids in the St.
FEB. 24 1912.1
THE CHRONICLE
Lawrence River (below Lake St. Francis)30'ni
les from Montreal, known as the Cedars Rapids,
r authority recently
granted by the Canadian Governmeunde
nt.
563
securities. It Is always the desire
of the company to render to the
the best and cheapest possib servic
public
e. We can fulfill our obligations
this respect even better than le
in
before if we are able to impro
methods of financing by the manne
ve our present
r proposed by this Act.-V.
94, p. 418.
Crescent
The plant will be in Canad
the Canadian Light & Powerian territory, across the river from the plant of
Pipe Line Co., Pittsburgh, Pa.-Div
The S. Lawrence Power Co., controlled
idend.-A
bY the Aliiminum Company Co.
dividend of $1 50 per share (3%) has
of America, has been long seeking to obtain
the right to establish a great hydro-elec
been declared on the
tric
plant
at
the
Long
$3,00
Sault
Rapids,
0,000
but without success. The Cedar Rapid
stock
of
this
form
subsi
er
diary
of the Standard Oil
s Company is independent and
there is no probability of operat s
ion in conneetioa with any other power Co. of N. J., payable Mch. 15 to holders of
company. Its office is at 9 Victor
record Feb.21.
ia Square, Montreal.
Of the $3,000,a00 stock (par
$50)
Stand
the
ard
Oil Co. of N. J. recently
owned and distributed to
Central Leather Co.-Protective Committee.
•
its shareholders $2,999,850. Compa
-A
prote
ctive
011
Co.
re Standard
of
N. J., V. 85, p. 216, 790; V. 93,
committee of 50 or more has been formed, including
p. 1390.
some
of
De Long Hook 86 Eye Co.-Decisio
the principal owners of common and preferred stock
n.-The Appellate
, with sion of the Supr
ex-Governor E. C. Stokes of New Jersey as Chai
eme Court, First Dept., on Dec. 30 decidDivirman.
ed in
favor of Leroy F. Hovey,
The committee proposes "to Inquire Into the busine
stock
a
holde
r, the suit brought to
corporation and to endeavor to Improve and moder ss management of the recover a penal
nize the methods emty of $250, under Sec. 33 of the 5tock Corp
ployed in the interest of all stockholders." An atteni
orpt will be made at the ation Law (Chap. 61,
annual meeting on Feb. 28 to oust 7 directors
Laws 1909) for refusal to exhibit the
who have received $30,000
each yearly for what are termed "nominal
company's stock books in itsOf
servic
es."
The
New
movem
York
ent
office to stockholders,
is stated to have a broader scope than the effort
s made by J. S. Bache & Co. creditors and State offic
In behalf of the minority stockholders a year
ers.
ago (V. 92, p. 528, 598, 661).
-V.
94, p. 354, 281.
Central Pennsylvania Coal Co.-For
sure Sale March 8.
-The property (embracing 090 acreseclo
in Lycoming County,
Pa.) is advertised to be sold at Williamspo
rt, Pa., on March 8.
The sale is made
under decree entered Jan. 30 1912
with U. S. Circuit
Court for Middle Dist. of Pa., Knick
erbocker Trust Co., trustee, compl
ant. Upset price $5,000. Enterp
ainwas more or less closel
the defunct Pitts. Bing. & Easternrise
RR. See V. 83., p. 953. y allied with
Central 86 &kith American Tele
h Co.-Partly Estimated Earnings.--For 3 months and grap
year ending Dec. 31:
3 Mos.- Total Inc. Net
Incom
Dividends.
Bal., Sur. Total Sur.
1911 ____ $447,500 $294,250e.
(134%)$143,565
685 $2,677,654
1910
435,500
271,750 (134%) 143,565 $150,
128,185
Year2,249,478
1911 ____$1,638,500 $999,300
(6%)$574,260 $425,040 $2,677,654
1910
1,719,000 1,00,200
(6%)
574,2
60
486,940
"V'res
2,249,478
___ident Serymser says that the report
confirms the belief previously
expressed that the large redUct
finally result in a paying growth ions recently made in cable rates would
of traffic.-V.93, p. 874, 48.
CbicagPnemnatic Tool Co.-Ne
Richardson has been elected a direc w Director.-E. M.
tor to succeed Oliver
Wrenn.-V. 94, p. 413.
•
:••;
Chicoutimi (Quebec) Pulp Co.-Dividen
d lncreased.-A
quarterly dividend of 1 Y2% has •been
March 1, comparing with former paym declared, payable
the stock on a 6% basis.-V.76, p. 707.ents of 1%, placing
Cities Service Co.-Earnings.--For year
end. Jan. 311912:
Earns, on sub. cos.'
The company was organi
zed under the laws of Pennsylvania. The
sion holds that the law
decior railroad corporationrequiring a foreign corporation other than a moneyed
business in this State, to keep its stock
open daily in Its officedoing
books
s
here,
includ
es a corporation which merely has a
selling force here and
expenses. Any foreign keeps only enough money for stamps and petty
corporation may or may not, the
an office in the State for
Court says, have
the
transa
ction of business. A corporation
into the State to do busine
coming
which the State imposes on ss can be made subject to the same regulations
its
own
corpor
ations
. The opinion was written
by Presiding Justice
Ingra
Justice Miller, in a dissen ham, Justices Laughlin and Clarke concurring.
ting opinion, concurred in by Justic
that the mere emplo
e Scott, says
conducting business inyment here of salesmen and an agency incident to
another State does not constitute "doin
within the meaning of the
g,business'
statutc.-V. 92, p. 1245.
Dennison Manufacturing Co.,
Makers of Tags,86c.,Boston
and South Framingham, Mass
.-Recapitalization.-This company (est. 1844; first incorp. in
corporation in Mass. on Dec. 1878) filed new articles of in-.
its authorized capital stock
being $5,600,000, viz.: $4,504,
shares), which is given to the 0,000 first 8% pref. (in $100
holde
stock in payment for the plant rs of the old $2,500,000
, business, good-will, &c.;
$50,000 is issuable as 4% cum.
$1,050,000 is to be "industrial 2d pref. in $10 shares and
The articles of associatio contpartnership" shares, $10.
eMplate placing the entire
control of the managementnwith
the 'principal employees" '
after these have purchased
provided prior dividends are$1,000,000 of the stock, and
maintained. The provisions
are so novel that we give the
main features, as follows:
Capital Stock
Authorized and Outstanding Dec. 15.
Authorized.
First pref. stock. 8%, cum.,
Outstanding.
divs. to accrue
from Dec. 1 1911
*527,655 Second pref. stock,
$4,500,000 alit. $4,500,000
cum.,
first series,6%
152,589 Industrial partnership
50,000
None
stock,
_- to
exceed 25%, non-cumulativdividends not
Total dividends
e
$680,245
1,050,
000
abt.5,000
Surplus
Articles of Association (Much
01.416
Condensed.-MIJ
1912, $402,122.-V. 94, p.$2216
Three Classes of Stock-Right
to
Increa
se.
Cleveland 86 Sandusky Brewing Co.-Rep
(1) First preferred stock
0,000) may be issued for the
ort for Year.
good-will, &e., of the origi($4,50
property'
Calendar
Gross
natcompany, with the assumption
0per.Exp.,
Bond
of its liabilities.
Sinking
YearBalance, Entitled to a preferential cumulative dividend of
Earnings. Deprec'n, c. Intere
8% per annum, payable
quarterly when declared by the
st.
Fund.
1911
$945,644
*337,586'
$384,081
No increase shall be authorized board, and accruing from Dec. 1 1911.
$50,000
1910 _
1,030,336
$1 73977 outsta
without the written consent of
373,043
385,007
nding stock of each of the
75% of the
--V. 93, p. 467.
50,000
222,286
three classes.
(3) Second Preferred Stock
"Industrial partnership stock, may be issued only In exchange for
Concordia Land 86 Timber Co.,
"
or
for
cash
or
Vidal
proper
ty. Entitled, after,
8% dividends have been provid
-Timber Land Bonds.-The Continenta ia and Jeffris, La. full
ed on the first pref. stock, to cumul
dividends at such
ative
(not less than 4% per annum
) as may be fixed for
& Savings Bank (mortgage trustee) andl & Commercial Trust successive series byrate
the
by-law
s.
Increa
ses
of
second pref. stock may be
by vote of a majority of all stock
both of Chicago, are placing at par and F. A. Brewer & Co., auth.
of classes then entitled to vote.
May be Issued In series, the first
int. $500,000 1st M.
series to include all second pref,
6% gold bonds of this Wisconsin
until, by amendment of by-law
stock
s, the rate of dividend is changed;
corporation, dated Dec. 1 issued
second series to include all stock
the
1911 and due $25,000 semi-annually
issued until another change of rate;
on, but the rate so fixed shall alway
and so
June
1
1913
to
Dec.
s
remai
1
n
the
rate
1922, both incl., but callable at 1,03 and
of div. for that series.
.[The "by-laws" at present fix
the
rate of dividend for
int. Par $500 and stock at 6% per annum, but
second pref.
$1,000 (c*). Int. J. & D. at offic
the rate for subsequent issues the
by amending the by-laws, which
may
e of Trustee.
changed
may be done at any meeting (a)be
Bankers' Description of Property
one class of stock is entitl
ed
(Located in Concordia Parish (La.)
to vote, by a two-thirds vote; andwhen only
A first lien on 43,009 acres
, &c. first pref. and "Industrial partnership
(b) when
of virgin timber lands owned
stock
"
Parish, La. (near Vidalia),
are
entitl
in
by
ed
a
Conco
to
vote of two-thirds in interest
rdia
er,
and over 372,000,000 ft. of merch
of the outstanding shares vote togeth
wood timber thereon; hardw
antable hard(3) Industrial Partnership
ned.
ood mills at Jeffris and Cookesville,
Stock ($1,050,000).-The first combi
bined daily capacity 100,00
La.; com- offered for cash in amounts propor
issue shall be
0 ft. of lumber; planing and floori
tionat
e
plant, electric-light-plant,
to
salary
to such employees as
ng mills, ice shall be design
by the directors as having substa
& Nay. Co., 10 miles nowwater-works; railroad property of Southern fly. requirements ofated
ntially fulfilled the
"principal
built, connecting with the Texas
yees."
Frisco lines at Jeffris, La.,
& Pac. and
All subsequent issues shallemplo
and to be extended at once
be
to
'princ
ipal
connecting there by ferry with
emplo
7
miles into Vidalia, ation for services" (see
yees"as "extra remunerthe
Illinoi
beloW)
s
Centra
,
but
after Jan. 1 1913 no such issue shall
l lines
other roads. This is a standa
Natchez and with made unless a dividend is
be
rd-gauge common carrier at
paid for the preceding calend
commercial business.
built to do a general 5% in cash on "Industrial
year of at lea.st
partnership stock." Increasesar
River to New Orleans.The timber can also be shipped via the Mississippi be authorized by
of said stock may
vote
of
a
majori
ty of all stock then entitled to
Experts estimate
vote.
when the proposed improvements arc
Application of Profits after Payment
value of the timber that
installed, the
of First and Secohd Preferred Dividends
stumpage in connection with the plant
•(1) First 5% thereof to be set aside for
207, including 127,93
will be $1,661,the
first
prefer
5,000
ft.
red
of
red
oak
(2) Then one-half of the remainder may
at $5 per 1,000
shares.
of white oak at $6 per 1
80,640,000 ft
be paidas dividends on "indus
,000 ft.; 77,935,000 ft. of gum at ft.;
trial
$2; 17,105.000 ft. partnership stock," but not to exceed 25% for any
of ash at $6; 16,420,000
year. (3) Remainder
ft. of cypress at $5; also 43,008.72 acres
to "principal employees" as "extra remune
after the timber is remov
of
ration
land,
for
servic
ed,
es,"
and land $2,091,295. The at $10 an acre, $430,087; total for stumpage an amount not at any time exceeding 10% of the total outsta except that
nding
entire output is sold through the Chica
stock may be reserved and applied
l
Lumber Co. and D. K.
OA a suspense account, at discrecapita
go Car directors,
Jeffris & Co. of Chicago.
tion of
subject to reduction once in eight years.
The purpose of this
issue Is to furnish funds to pay off all outsta
Such extra remuneration shall
debt, furnish workingbond
be
nding
paid
issuing "Industrial partnership
capita and build a now steam-turbine hardw
" of the total par value equal to theby
ood mill stock
at Jeffris. La., with a capacilty
apportioned extra remuneration.
In ascertaining net profits
plant, water-works, ice-Plant. of 80,000 ft. per 10-hour day, electric-light- 5%
depreciation charges shall not be less
The m111 will be modern in every way, conyearly, figured on dies,, the
sisting of a single band and
tools,
fixtures, buildings and machinery.than
ntal band re-saw with a turbin power plant
of 1,000 to 1,200 h. p. All horizo
Who Are "Principal Employees."
machines are to be driven by indiviedual
motors. The trust deed
These shall be limited to
electr
ic
emplo
provides for the payment to the truste
(Including salaried officers) whose
1,000 ft., log scale, for all
e of *3 per aggregate service and whose remunyees
timber cut prior to its removal.
eration for the last calendar year
retire all the bonds when less
This should counting pay for overtime,
(not
work or commissions) shall have
The railroad property can be than half of the timber has been removed. least as follows: (a) Seven pieceyears' service, $1,200; (0) six years, been at
rawn at any time upon payment to the (c) five years, $1,800
trustee of $100,000, for retirewithd
$1,500;
.
ment of bonds. After the
timber is removed Retirement of "Ind.
the land can be released on payment
Part. Shares when Holder Ceases
to the trustee of $10 per acre.
Officers.-D. K. Jeffris (Pres.);
to Be an Emplo
All shares of "Industrial"partne
Marvin Hughitt Jr. (V.-P.). and
rship stock" shall be non-transferable yee.
jeffris (Tress.), all of Chicago; M.
Fred J.
whenever any holder ceases
and
G.
Jeffris (Sec.), and M. 0. alo.au
, from any cause, to be an
(director), both of Janesville, Wls
employee, no divia dends shall thereafter accrue to
his
stock,
and
said
stock
shall thereupon be
surrendered to the company
at
Consolidated Gas, Electric Ligh
thereof in cash, or at co.'s optionits request in exchange for the par value
, of an equal number of 2d pref. shares.
more.--Proposed Debenture Stock.t 86 Power Co. of BaltiOrder of Payment in Case of Liquid
-Pre
side
ation or Dissolution.
nt
Aldre
d
has
1.
First preferred stock
sent to Senator Coady for intro
$125
2. Second preferred stock__ _$10 aa share and all accrued dividends.
legislature a bill approved by the duction in the Maryland 3.
share and all accrued dividends.
Indust
rial
partne
rship
company's counsel and its 4. All surplus remain stock_ _$10 a share and all declared but unpaid div,
London solicitors • permitting it to
ing_ _ _ _Pro rata among all stock,
according to par val.
issue debenture stock.
When Entire Voting Power Will Vest in
President Aldred says:
Industrial Partnership Stock.
Until
$1,000
.000
'Indus
trial partnership stock" is
The bill is designed to give the securi
•
issued, the entire
voting
power
excep
ties
,
t
as
an
provided in subdivision (c)
international standi
will permit the Issuance of a security
Is well known in Englang. It pref. and "Industrial partnership stock," together,below, shall vest in first
Canada and popular abroad and whichwhich
nd and stock being entitled to one
each holder of $100 in
we
expec
vote.
t
to
Debenture stock bears a fixed
After "Industrial partnership stock" to
of interest and become popular here.
redeemable as to principal. It rate
tile amount of $1,000,000 shall
is also transferable is generally made ir- have been issued, the entire voting
denomination. This makes a securi
in certificates of any excep
power
vest in that class of stock.
ty which is permanent
t
If for any 12 months dividendsshall
at the same time readily transferable.
in its nature and 4% per(a)
on
annum
, except in case of destruction offirst pref. average less than
The bill will not permit any inflation of
any substantial part of the
capitalization. It expressly pro- plant by fire, earthquake, or other natural calamity,
vides that any Wile of debenture stock
or if for any 24 months
such divide
of the Public Service Commission just as shall be subject to the approval shall have nds average less than 6% per annum, then the first pref.
stock
in the case of bonds.
sole voting power; but, when full
It is dontemplated that the newer to Issue
obligations to first pref. shall
have been again earned and paid,
deben
ture
stock will be availed trial partne
the voting power shall revert to "indu
of as required to provide for the growing
rship
sbuSiness or the refunding
" (b) If for any 36 months such divide
of other less than 7% perstock.
nds average
annum, or if in any 4-year period
the company shall not
stock _ _$935,084
Miscellaneous earnings
50,627
•
Gross earnings
$994,711
Expenses
53,350
Net earnings
$941 361
Total accumulated surplus Jan.
31
Net earnings
DeductPreferred dividends
Common dividends
$941,361
564
THE CHRONICLE
[VoL. Lxxxxifv.
Receivers Addison E. Cudworth
have paid all accumulated dividends in full, then the sole voting power ter, Mass., on Feb. 21 by
shall vest and thereafter remain in first pref. stock. (e) Dissolution of the and Fred. W. Crandall, under order of the U. S. District
outstanding
company may be authorized only by a vote of a majority of the
District of New York, R. B. Fentress
stock of each class and an alteration of this agreement or a sale or lease of Court for the Southern
the property only by votes of 66 2-3% of each class.
of Baltimore, representing a syndicate, purchasing the physLimitation of Right to Mortgage.
ical properties for 8410,000. The accounts receivable,
No mortgage for an amount exceeding 50% of all stock outstanding shall
amounting to $113,000, were bought in by Ralph B. Cooley
be made without the written consent of 75% of the first preferred stock.
of New York, a creditor, for $80,000.
Extra Remuneration (as Provided by By-Laws).
The company may contract In writing with employees for extra remuneraThe company was successor of the National Novelty Corporation (V. 77;
of
tion for future services, but without conferring any right to an accounting
p. 403, 454; V. 81, p. 612) and the sale, it is stated, will include factoriesH.
disit
may.
contracts
such
holding
Employees
profits.
its
concerning
Co., Brattleboro, Vt.; Wilkins Toy Co., Keene, N.
net the S. A. Smith
charged, appeal to the directors, whose decision shall be final. Suchshall
Co., Pawtucket, R.;Jones & Bixler Mfg. Co., Bethlehem,
Bliss
Mfg.
R.
t,
profits as are to be apportioned as "extra remuneration" for services
Pa.; Grey Iron Casting Co., Mt. Joy, Pa.; F. W. Crandall Mfg. Co., Elkian
be apportioned annually in proportion to the amount of remuneration
Pa.; Gong Bell Mfg. Co., East Hampton, Conn.•, J. L. Watrous Mfg. Co..
actually received during the preceding year by such principal employees, East Hampton, Conn.; N. N. Hill Brass Co.. East Hampton, Conn.;J. & E.
not including any pay for overtime, piece-work or commissions.
Stevens Co., Cromwell, Conn.•, Kenton Hardware Mfg. Co., Kenton, 0.:
(There are, it is said, at present about 180 employees who will qualify in St. Louts Rattan Co., St. Louis, Mo.; Noble & Cooley, Cranville; Mason k
the distribution of the partnership stock, out of a total pay-roll of 2,500; to Parker, Winchendon, and the Whitney Reed Chair Co., Leominster. See
Dec. 15 about $5.000 of said stock was outstanding.-Ed.]
also V. 86, p. 724; V. 89, p. 922.
The officers are: President and Treasurer, C. S. Dennison; V.-Pres.,
Jr.;
Home Telephone Co. of Los Angeles.-Injunction Denied.
Frank E. Ewing; Asst. Treas., J. M. Woodbridge; Clerk, L. Cummings
Ness,
Directors: C. S. Dennison, F. E. Ewing, A. A. Adams, F L. Van
Federal Court on Feb. 13 denied
Boston office, -Judge Wellborn in the
E. C. Thomas, H. Lockwood and H. S. Dennison.
the application for a temporary injunction restraining the
26 Franklin St.
Doherty Securities Co. New York.-Stock.-A certificate
17, increasing the capital stock
was filed at Augusta, Me.,
from $2,000,000 to $3,000,000.-V. 90, p. 375.
Duquesne Light Co., Pittsburgh.-Sold.-See Philadelphia Company under "Railroads" above.-V. 94, p. 488.
Electric Bond & Share Co.-New Directors.-A. J. Hemphill and E. W. Hill, President and Treasurer, respectively,
of the Guaranty Trust Co., have been elected directors to
succeed G. B. Moffat and A. M. Young, both deceased.V. 94, p. 282.
V Electric Power Co., Toronto.-Offer to Sell to Ontario
Hydro-Electric Commission.-Vice-Pres. A. B. Colville of
Campbellford is quoted ("Toronto Globe," Jan. 19):
city from enforcing the ordinance reducing rates passed by
the Common Council in July last.
The Court holds that the averments of the bill itself exclude the case
from the cognizance of the Federal Courts as one arising under the Constitution of the United States, by alleging that the ordinance was enacted
In violation of the positive laws of the State. The ordinance, It is held.
Is therefore not the action of the State, and there is no Federal jurisdiction.
It is expected that the application will be amended.-V.93, P. 1728.
International Cotton Mills Corp.-New Officers.-The following changes were announced:
E. A. Brinckerhoff Jr. has been elected Treasurer and a director to succeed August P. Loring. J. D. Armitage, formerly Gen. Mgr., becomes a
Vice-Pres. as well as Gen. Mgr. R. P. Sterling was elected a director.
-V. 94, p. 211.
International Silver Co.-Extra Dividend.-The directors
have declared on the pref. stock ($6,028,588) a quarterly div.
of 13% and an extra div. of 3 of 1% (total 2%), payable
April 1 to holders of record Feb. 27, being the same amounts
as have been paid quarterly since 1910. V. 92, p. 722.
A dividend of 1% was also declared on account of deferred
cumulative divs. on the pref. stock, payable May 15 to
holders of record May 1.
Trent River, which has
• The company has 16,500 h.p. developed on theextending
from Napanee
all been sold, and is being delivered in ti3e district
into
the mining district of
extend
also
lines
company's
The
to Oshawa.
the
North Hastings, and supply Poterboro', Lindsay and Milibrook in line
transmission
north, there being. over 200 miles of 44,000-volt
in
or
fee
held
simple
either
are
powers
water
The
and 24 sub-stations.
sunder lease from the Crown. The Trent being a Dominion river, leases
are granted by the Department of Railways and Canals.
The company has now under construction two additional power houses
Previous Dividend Record of Preferred Stock (Per Cent).
1912.
at 5,000 h.p. and 11,000 h.p. capacity, the first to be finished by July and
1900. 1901. 1902-06. 1907. 1908. 1909. 1910. 1911. Jan.,
2
8
the second by Jan. 1913. Thirty-year franchises have been obtained in
734
4 yearly
0
434
434
834
ii
the
in
district.
practically every town of importance
quarterly.
paid
extra
34%
1
and
54%
1911,
In
The Hydro-Electric Commission now desires to extend into Central OnAlso in Jan. 1903 scrip for unpaid divs. (2134%) then due, $1,085,343.
tario and the Electric) Power Co. has offered to soil the whole of its undertakings, including power-houses, transmission lines, sub-stations, electric
International Smelting & Refining Co.-New Director.and gas plants, street railways, &c., at a price to be fixed by arbitration.
to succeed Adolph
[The "Monetary Times of Toronto" Jan. 20 said: "The Electric Power W. E. Corey has been elected a director
Co. controls practically all the electric power companies in Central Ontario. Lewisohn.-V. 93, p. 411.
bond
$4,000,000
the
of
holder
local
largest
the
Is
Co.
Assurance
Life
The Sun
Jacksonville (Fla.) Gas Co.-Earnings.-Chas. H. Jones
issue of the company. The Electric) Power Co. was incorporated four years
has
ago with a capital of $4,000,000 and a bond issue of like amount, and it CoCo. report for calendar years:
&
Bowmanville,
Oshawa,
in
distribution
power
a monopoly of electric
Net. lstM.bd.int. Surp.
Gross,
CampExpenses.
Yearburg, Peterboro, Lindsay, Belleville, Trenton, Napanee, Brighton,
$225,755 $106,576 $119,179 $56,750 *62,429
beliford, Colborne and Tweed. Arrangements were under way to extend 1911
49,892
49,487
99,379
104,877
204,256
h.p.'
60,000
to
1910
up
develop
Its operations to Kingston. It could
controlled are Statistics, Earnings and Surplus after 1st M. Interest-Calendar Years.
J. G. G. Kerry of Toronto is President. The companies
Ry.;
1007.
Radial
Peterboro
1908.
Ltd.;
1909.
Co.,
Elec.
1910.
&
Pow.
1911.
Seymour
stated to include:
(?)
Water Co., Ltd.; Gas sold (1,000 cu. ft.) _ 183,056 165,445 127,727
99,676
Auburn Pow. Co. of Peterboro, Ltd.; Trenton Elec. & Oshawa
3,315
Eleo. Lt. Number meters
4,370
5,699
7,023
7,764
Sidney Elec. Pow. Co., Ltd.; Nipissing Pow. Co., Ltd.;
Ltd.,
Corp..
46
Utilities
Coburg
54.2
Ltd.;
64.4
Oshawa,
mains
68.4
of
of
77.1
Co.
Miles
Co., Ltd.; City Gas
2,8116
3,708
4,863
6,086
6,996
Northumberland-Durham Pow. Co., Ltd.,and Central (Ont.) Povr.Co..Ltd.) Number of gas ranges _ _
1,006
1,440
1,702
1,849
arcs
gas
of
2.054
Number
Empire District Electric Co., Joplin, Mo.-Contract.-See Gross earnings_
3295,755 3204,256 $168,832 $138,735 $102,897
Ozark Power & Water Co. below.-V. 92, p. 1245.
$119,179 $90,370 $80,806 $64,851 $48,888
Net earnings
Surplus after interest
$62,429 $49.892 $33,833 $32,293 $22,634
ty.
Sheet-Guaran
-Balance
York.
New
Co.,
Securities
Gas
-V. 91. p. 1633.
-See Ozark Power & Water Co. below.-V. 92, p. 959.
General Chemical Co.,ew York.-New Stock.-As foreshadowed in the annual report (V. 94, p. 347), preferred
stockholders of record March 1 1912 are offered, by circular
of Feb. 16, the right to subscribe at par (on or before April 1)
at the Title Guarantee & Trust Co., 176 Bway., N. Y. for
$1,250,000 pref. stock to the extent of 10% of their holdings,
respectively. Subscriptions will be required in four installments of 25% each as follows: April 1, July 1 and Oct. 1
1912 and Jan. 2 1913, at said trust company.
Similarly, common stockholders of record on March 1 1912
can subscribe at par at said trust company on or before
May 1 1912 for $855,900 common stock to the extent of 10%
of their respective holdings. Subscriptions payable 25%
May 1, Aug. 1 and Nov. 1,1912 and Feb. 3 1913.
Kansas City Gas Co.-Loccision.-Judge Lucas in the Circuit Court at Kansas City, in the suit brought by the city and
consumers to adjust the prices of gas to the inferior service
stated to have been given during the cold weather in January,
continued the temporary injunction impounding one-half of
the receipts until it is determincd what amount,if any,shall be
returned to the consumers who paid on the basis of good service. There had then been impounded $169,500.
is
It is held that consumers need only pay what Impaired gas servicethe
worth
worth, and that the company must furnish what Is reasonably
Commission,
price charged. Clyde Taylor, counsel for the Public Utilities
to all public service
says that the decision Is important in its application
that when one party to a
corporations in upholding the fundamental Ideaobligations,
contract falls to perform the full measure of its -V.84, p.it cannot exact
1371.
the full measure of compensation from the other.
Lehigh Portland Cement Co.-Increase of Stock.-The
has filed notice of a proposed increase of stock
company
The subscription warrants in both cases will be issued about March 2.
.-V. 86, p. 339.
Payments must be either In cash or New York funds. Installments will from $8,000,000 to $12,000,000
draw interest at 6% per annum. Payments anticipated will not draw int.
Co.-Favorable Decision.Electric
&
Gas
Lincoln
(Neb.)
Certificates of full-paid stock will be issued at said trust company, but not
to
before the due date of the last installment, dividends accruing from that The U. S. Supreme Court on Monday,in the suit,brought
and
sales
of
fractional
purchases
date. The trust company will facilitate
pass on the validity of the ordinance passed in Nov. 1906
warrants to complete full shares.-V. 94. p. 489.
reducing the price of gas to $1 per thousand cu. ft. remanded
Great Western Beet Sugar Co.-Sale Confirmed.-Judge the case to the U. S. District Court for further findings.
the
confirmed
10
recent
Feb.
In
Walters in the District Court on
It is held that the findings on the part of the city are insufficient
As the decision means in
receiver's sale to James H. Brady for $56,548. The pur- regard to valuations of plant and equipment.
large sums of
and
again
over
spend
all
the
city
begin
that
must
of
a
effect
construction
large
the
chaser proposes to begin at once
money in preparing its case, it is thought that the suit may be dropped
irrigation system.-V. 94, p. 211.
and that the ordinance may not be enforced.-V, 83, p. 289.
Lowell (Mass.) Machine Shop.-Lee, Higginson & Co.,
Great Western Cereal Co., Chicago.-Purchase of Bonds.&
Savings
of
Bank
Trust
York, Boston and Chicago, and Higginson & Co., LonNew
Commercial
&
Continental
The
Chicago has purchased $425,000 of the bonds for $355,000 don, recently offered at 102 and accrued div. an issue of
under the tenders recently received at an average price of $1,250,000 6% cumulative pref. stock sold to provide addi82.47, compared with 77 paid for $290,500 bonds a few tional working capital. Par $100 per share; divs. Q.-J.
Redeemable as a whole, but not in part, on any dividend
months ago.
Of the original issue of $975,000, there remain outstanding $259,500, and date after 60 days' notice'at $115 per share and accumulated
received
from
$1,000,000
Quaker
the company still has $420,000 from the
Old Colony Trust Co., transfer agent; First NaOats Co. in payment for mills sold to that company, so that after the entire dividends.
now 1053.
bond Issue has been retired,there will remain a surplus for stockholders. tional Bank, registrar of stock. Market price
-V. 94, p. 282.
Great Western Power Co.-New Officers.-Mortimer
Fleishhacker succeeds the late Edwin Hawley as President.
This carries with it the presidencies of the two subsidiary corporations,
the California Generating Co. of Oakland and the City Electric Light &
Power Co. of San Francisco, A. W. Bullard of Boston goes to San Francisco as the active Vice-President under Mr. Fleishhacker.-V. 94, p. 70.
Hardware & Wooden Ware Co.-Sale Feb. 21.-The company's various properties were sold at auction in Worces
Preferred as to 6% cumulative dividends and upon liquidation entitled
anything. Company has
to $115 per share before common stock receives
consent of 75% of pref.
no mortgage debt and can create none without the
stock. No additional pref. stock may be issued except at or above par for
two
preceding fiscal years
the
for
cash, and then only when the net earnings
have been at least twice the annual dividend requirements of the pref, stock,
Including the proposed new issue. This restriction as to net earnings may
be suspended with the consent of two-thirds of the pref. stock. The pref.
stock carries no rights to subscribe for any increase of pref. or common stock.
Total net assets more than $200 per share of pref. stock; net quick assets
more than 1120 per share. No dividends can be paid on common stock
FEB. 24 1912.1
THE CHRONICLE
If net quick assets are less than the amouat of pref. stock outstanding.
After paying the pref. dividend and a 6% common dividend, company is to
retain in business 35% of each year's remaining profits unless net quick
assets are double amount of pref. stock.
Statement by Company's Auditors, Herbert F. French & Co., Boston,Jan.8.
One of the live largest manufacturers of cotton mill machinery in the
United States, and in addition manufactures worsted mill machinery.
Incorp. In Mass. in 1845 with a capital of $500,000, which was increased
in 1849 to $600,000, in 1881 to $900,000 and is now being increased to
$2,250,000, of which $1,250,000 is the preferred. The Lowell shop, located
on 10 acres of land in tho heart of the city, manufactures practically all the
machinery, including plain looms but not automatic looms, necessary for
a cotton mill. The Kitson Machine Shop, acquired in 1905, produces
pickers and other preparatory cotton mill machinery. Practically all the
machinery made by both shops is sold before it is manufactured.
Tagai Consolidated Earnings 12 Years ending March 31 1911 and Average.
Total.
Gross earnings
$31,475,585
$2,622,965
Net earnings _ _ - _ $3,451,853
$287,654
6% dividend on $1,250,660 pref. stock will require
$75,000
During the past six years (since the Kitson shop was l'acquired), the
Lowell shop has paid cash dividends averaging $142,500 per year, or nearly
required
$75,000
for
double the
dividends on this pref. stock. Has paid
dividends each year since 1846 excepting only 1855, 1858 and 1859.
Balance Sheet Based on Inventory of Sept. 30-Other Items Jan. 1 1912.
(Readjusted to include purchases, expenses and sales (excluding profits) to
Jan. 1 1912; also present sale of $1,250,000 preferred stock.]
Assets-Cash in excess of debts, $79,225; receivables, *660,966;
merchandise, $699,840; securities, 570,540; net quick assets_ _$1,510,572
chandise, $699.840;securities, $70,540;total net quick assets_
_$1,510,572
Plants, at valuation of April 1 1911 fixed by city tax assessors__
1,072,500
Liabilities-Preferred stock, $1,250,000; common stock,
$1,000.000; surplus, $333,072; total
$2,583,072
President. Wilmot R.Evans;Treasurer, Robert F. Herrick.-V.81, p.558.
565
Abstract of Letter from Pres. W. E. Matthews, Ottawa. Dec. 7 1911.
Following successful operations extending
42 to 60 years, the following companies herein over periods ranging from
have united their
interests under the name of Matthews-Laing.mentioned
.(incorporated Nov. 3
1911 under the Canadian Companies Act), viz.:Ltd.
Geo. Matthews Company,
Ltd., Laing Packing &• Provision Co., Ltd.,
Park, Blackwell Co., Ltd.
The officers and managers of the old companies
become the directors of
Matthews-Laing, Ltd. Tile new organization includes
five modernlyequipped packing plants, with necessary stock yards,
points for carrying on the company's operations, situated at favorable
and selling organizations, both in Canada and Greatwell equipped buying
35 retail markets, which will be added to as conditionsBritain. It includes
warrant.
For the purpose of furnishing additional working capital
to extend the
company's operations, a bond issue of $2,000,000 has
which $1,200,000 is now sold to you. These bonds arebeen authorized, of
by a trust
deed upon all of the company's properties, comprisingsecured
modern packing
plants and stock yards at Montreal, Toronto. Hull, Peterborough
and
Brantford. valuable city properties used for retail markets in Montreal.
Ottawa and Peterborough, together with branch distributing
houses at
Montreal, Ottawa, Sydney, Halifax and other points.
Midvale Steel Co.,Phila.-Report.-For years end. Oct. 31:
Net profits
Dividends
1910-11. 1909-10. 1908-09. 1907-08. 1906-07.
$734,580 $1,311,181 $555,347 $306,272 $914,929
487,500
367,500 150,000
75,000 206,250
Balance, surplus
-V. 94, p. 212.
$247,080
$943,681 $405,347 $231,272 708, 679
Mountain States Telephone & Telegraph Co.-Report.Of consolidated properties for calendar year:
Total receipts, $5.870,151; operating expenses. $2,489,855; current
maintenance, $928,474; depreciation, $801,168;
taxes, $307,349; interest, $277,180; total deductions, $4,804,026; revenue bal $1,066,124.
The company
operates 324 exchanges and has a total of 172,803 subscribers'
stations.
-V. 93, p. 1195.
Luzerne County(Pa.) Gas & Electric 0o.-Sale ofBonds.Baker, Ayling & Co. and Cassatt & Co., Phila., recently
National Cash Register Co., Dayton, 0.-Indictments.offered at 99 and in the unsold balance of $1,796,000 "first The
Federal Grand Jury in Cincinnati on Feb. 22 indicted
mortgage refunding and improvement" 5% gold bonds of
30 officials and employees in the sales department on charges
1908, tax-free in Pennsylvania.
of criminal violation of the Sherman Anti-Trust law.
Year1911
1910
-V. 93, p. 1326
Results for Calendar Years.
Gross.
Net. Bond Int.,&c. Bat.,Sur.
$271,833
$141,647
$90,463
$51,184
112,817
229.450
81,298
31,519
Maritime Telegraph & Telephone Co., Halifax, &c.-Bonds
Offered.-1?. B. McCurdy & Co., Montreal, Halifax, &c., recently placed at 101 and int. $100,000 1st M. 6% bonds of
this company, which, we are informed,. have since been sold
at 105 and int. A circular shows:
Dated July 1 1911 and due July 1 1941, but redeemable at company's option on any interest day at 110. Interest J. & J. at Canadian Bank of
Commerce, London, and at Eastern Trust Co. (the trustee), Montreal and
Halifax. Par $100 and $500.
CapitalizationAuthorized.
Issued.
6% preferred stock
$1,000,000
$650,000
Common stock
1,000,000
850,000
6% first mortgage bonds
1,500,000
1,180,600
Of the authorized issue of bonds ($1,500,000), $1,180,600 was set aside
for exchange for Nova Scotia Telephone stock; the balance is left
in the
treasury and can be issued only for the acquisition of additional properties
and to the extent of not more than 50% of the value of the properties acquired.
Directors.-The following consented to serve as directors: C. F. Sise and
L. B. MacFarlane, Montreal, respectively President and Managing Director
Bell Telephone Co. of Canada; Samuel M. Brookfield, 0. E. Smith. Robert
E. Harris, Hon. B. F. Pearson, K.C., Hugh R. Silver, Michael Dwyer and
John R. MacLeod, all of Halifax.
Incorporated by special Act of the Legislature of Nova Scotia 1910, with
an authorized capital of $500,000 and power to increase to $5,000,000.
Organized May 1910. In June 1911 the shareholders of the Nova Scotia
Telephone Co. agreed to sell their entire undertaking to the Maritime company at the rate of 135, or $13 50 per share. In lieu of
alternative
offers of securities were taken advantage of by over 80% of cash
the shareholders
of the Nova Scotia Tel. Co.(V. 92, p. 1640). The $100,000
offered
bonds
for sale represent the balance not applied for by Nova Scotia shareholders
or otherwise disposed of, The Nova Scotia Tel. Co. has for many years
been paying a 6% dividend on a capitalization equal in amount to the present bond issue of the Maritime company.
In addition to purchasing the entire assets of the Nova Scotia Tel. Co..
the Maritime company has secured: (1) Absolute control of all the independent telephone companies operating in Nova Scotia and Prince Edward
Island which are deemed to have any value for revenue purposes. Amongst
these companies are: Antlgonish & bnerbrooke Tel. Co., Queens County
Tel. Co., Prince Edward Island Tel. Co., astern (Cape Breton) Tel. Co.,
(Annapolis) Valley Tel. Co., Yarmouth Xmalgamated Tel. Co. (2) Patent
rights for utilizing telephone wires simultaneously for the purpose of telegraphing and telephoning. (3) A 90-year lease of the submarine copper
wire cable connecting up the Prince Edward Island and Nova Scotia Telphone lines. (4) Operating under the patent system mentioned in paragraph 2, a private telegraph wire system connecting Halifax, Sydney
Charlottetown has been leased on profitable terms to E. & C. Randolph.and
These properties embrace the following: Telephones, 15,000; miles of
poles, 3,500; miles of wire, 33,000; office buildings, 16.
Total assets behind these bonds over $2,000,000. Estimate of the earnngs from all sources, $140,000, which should increase from year to year.
Massachusetts Lighting Companies.-New Stock Authorized.-The stockholders on Feb. 20 authorized the issue of
$785,200 additional stock, increasing the same to $5,000,000.
The now stook is to be offered to stockholders at par ($100 per share).
the proceeds of $431,600 to be applied towards taking up the notes of the
companies, $300,000 for improvements to the companies' property, and of
the remaining $53,600 for general purposes.
The vote on the question of changing the date of the annual meeting
from February to October was adjourned to March 20 because of a lack of
a quorum.-V. 93, p. 1263.
Matthews-Laing, Ltd., Ottawa.-Bonds, &c.-C. Meredith & Co., Ltd., Montreal, offered on Dec. 16, at par and
int., $1,200,000 1st M. 6% 20-yr. sinking fund gold bonds
due 1931. A circular shows:
CapitalizationIssued.
First mtge. 6% bonds (Royal Trust Co., trustee) _ Authorized.
_52,000,000 $1,200,000
Preferred stock (par of shares $100)
2,500,000
2,000,000
Common stock (par of shares $100)
2,250,000
1,500,000
Bonds dated Den. 1 1911 and duo Dec. 11931. Interest payable
J. & D.
at Bank of Montreal, Montreal and Toronto. Sinking fund of 2%
per
annum, commencing 1914; bonds redeemed to be canceled, but
the
coupons to continue payable. All or any part of the issue may
redeemed
after Dec. 1 1915 at 105 and int. The remaining ($800,000)beauthorized
bonds can only be issued on the basis of 66 2-3% against new properties,
and only when the earnings for the year previous shall have
been three
times the amount necessary for interest on the existing bonds.
Total Assets Nov. 1 1911, $3,277,250, Exclusive ,of Good Will.
Real estate, plants and equipment, &c., as:appraised
$2,019,057
Water rights and privileges
89,980
Inventories, accounts receivable, cash and other assets, after
liabilities
deducting
to be assumed
1,168,213
The combined earnings for the last three complete fiscal years, after
providing for depreciation, were: 1909. $280,105; 1910, $290,351;
1911.
$289,019; average per annum, $286,491• average interest
after
taking into consideration the saving which will be effectedcharges,
by
additional working capital provided out of present bond issue, $36,231;the
balance,
net average earnings available for bond interest, $250,260.
Directors: W.B. Matthews, Ottawa, President; C. S. Blackwell, Toronto,
Vice-Pros.; T. F. Matthews, Peterborough, Ont., Sec.-Treas.; Peter Laing,
Jas. N. Laing and Campbell Laing, Montreal; Albert Matthews, Ottawa.
There are three counts to each indictment. The first count charges that
nearly all competitors have been bought or driven out of business.
The
restraint is alleged to have been in operation for the last 20 years, although
the specific charge is confined to the last three years and is said to have been
effected by bribing employees of competitors and transportation, telegraph
and telephone companies,and injuring the credit of competitors by libeling
their machines. In the second and third counts monopolization of
the
cash register business is alleged to have been secured
cutting prices and
selling imitations of competitive machines made toby
'knockers."
as
use
The selling plan is stated to include the threatening of suits merely
to harass
manufacturers and purchasers and the organizing of bogus corporations
pretending to be competitors, as well as the making
of applications for
patents on machines and improvements invented by competitors.
Most of the defendants were included among those named in the civil suit
brought by the Government in December last.-V.93, p. 1605.
National Transit Co., Oil City, Pa.-Dividend.-A dividend of $1 50 per share (3%) has been declared on the
$12,727,575 stock of this former subsidiary of the Standard
Oil Co. of New Jersey.
Of tke $12,727,575 stock (par 550) the Standard 011 Co. of N.,T. recently
owned and distributed to its shareholders $12,725,825. Compare
Standard
Oil Co. of N. J., V. 85, p. 216. 790; V. 93, p. 1390.-V. 93, p. 669.
New England Power Co.-New President.-George S.
Smith, former President of the Chamberl of Commerce,
Boston, has been elected President.-V. 93, p. 669.
Ohio Oil Co., Findlay, 0.-Dividend.-A - dividend of
$1 25 per share (5%) has been declared on the $15,000,000
stock of this former subsidiary of the Standard Oil Co. of
N. J., payable Mob. 20 to holders of record Feb. 24.
Of the $15,000,000 stock (par $25) the Standard Oil Co. of N. J. recently
owned and distributed to its shareholders $14,999,850. Compare V. 85.
p. 216, 70; V. 93, p. 1390.-V. 86, p. 1227.
Old Colony Gas Co., Braintree Mass.-Status.--This
company, incorporated in Mass. Oct. 26 1908, under title
of Plymouth County Gas Light & Power Co., (recently
changed as above), has filed a mtge. to the Commonwealth
Trust Co. of Boston as trustee, to secure an issue of not
exceeding $1,000,000
'1st M. 5% gold bonds of $1,000 each,
dated Dec. 1 1911 and due Dec. 1 1931, without option of
prior redemption. Int. J. & D.at office of trustee. Present
issue, $192,000. No prior liens.
'Statement Wren Out by E. M.Farnsworth & Co., Boston, on Feb. 3.
The Gas and Electric Light Commission has just authorized the company,
to issue $188,000 of additional stock, making the total capitalization authorized by the board $480,000. Bonds (1st M.5s ). $192,000; stock. in $100
shares,$288,000(of which $144,000 is5% voting non-cum.pref p.&d.-Ed.)
Proceeds of these securities are to b3 applied to the cost of construction
completed in 1911. comprising the works in Braintree and 52 miles of highpressure distribution system in Braintree, Weymouth, Rockland, Abington and Whitman. Gas was turned into the mains Deo. 18 1911, and is
being supplied in these towns as rapidly as consumers can be connected.
The plant, consisting of new brick and cement fire-proof buildings, with the
latest designed machinery, is now practically complete, with the exception of
a 750,000-cu. ft. storage holder, for which the contract has already been let.
It is expected that the distribution system will be finished during the comng summer, making a total of about 115 miles of mains. President, E. M.
Farnsworth; Sec. and Treas., Joseph A. Hall. Boston office,
24 Milk St.
Osceola Consolidated Mining Co.-Report.-For cal. years:
.
191Y17-
Gross.
Profits.
Dividends.
Bat., Def.
$2,371,374
$604,628
(28%)5673,050
$8,422
1910 __ _
2,571,865
758,586
10,614
(32%) 769,200
During the year 1911 there were produced 18,388.193 lbs. of copper,
against 19,346,566 lbs. in 1910.-V. 93, p. 109.
Ozark Power & Water Co.-New Doherty Enterprise.Underwriting Offered.-Henry L. Doherty & Co., 60 Wall
St. N. Y., announce by advertisement on another page
that they have underwritten and now offer for subscription
till noon, March 1, any part of $750,000 common stock of the
Ozark Power & Water Co. with $1,500,000 cumulative 6%
pref. stock (with dividends guaranteed) of the Electric
Bond Deposit Co., for $1,500,000 in cash.
Abstract of Prospectus Dated at New York Feb. 20 1912.
Ozark Power & Water Co. has been organized in Missouri and owns the
necessary water rights, overflow lands and filings along the White River
In the Ozark Mtns. of Missouri. Under Act of Congress passed Feb. 4 1911.
and by permit of the Secretary of War issued Nov. 24 1911, authority has
been given to construct the necessary dam for this proposed development.
Capitalization Ozark Power & Water Co.Autharized. Now Sold.
18t M. 5% 40-year gold bonds
$6,000,000 $1,500,000
Preferred stock, 6% cumulative
500,000
375,000
Common stock
1,500,000
1,500,000
The bonds and stock to be issued at this time are for the first development of a 15.000 h. p. hydro-electric plant near Forsyth, Mo., together
with about 123 Mlles of 66,000-volt transmission lines from the plant to
Springfield, Mo..and thence to Joplin, Mo., and for the necessary feeders
and sub-stations to supply the'tractioli, lighting and power requirements in
.566
THE CHRONICLE
[VoL. Lxxxxxv.
Richelieu
. & Ontario Navigation Co., Montreal.-Report.--..
Springfield and to feed the excess current to the Empire District Electric
Net
Insur. Written Dividenda Bal.,Sur. Total
Co. at Joplin, a company that is now supplying light and power service
Gross
and
lead
Southwest
the
famous
Missouri
in
for Yr. Surplus.
Paid.
to more than 100,000 people
Calendar Earnings. Profits. Fund, Off.
zinc mining district (V. 92, p. 1245). The contracts for the dam and the
Yearhydraulic and electrical machinery have been let and construction Is under
1,556,601,556,60448,241 30,000 92,884 (633)271,573 47,754 439,249
$1,500,000.
way. The contracts insure the completion of the plant for
1910
91 1 _25.1,437,931 363,116 51,000 124,022 (53)1(4,430 12,764 391,465
It is estimated that the station will be In operation not later than Apr. 1913. 1909 __'._1,235,044 257,562 36,000 30,566 (5)136,600 28,31)6 378,701
Twenty-five-year contracts have been executed with the Springfield Gas --V. 93, p. 1327.
& Electric Co. and the Springfield Traction Co. for their entire pdvver requirements, upon terms which will yield as a minimum income, after the
(Wm. A.) Rogers, Ltd., Toronto.-Report.second year of Operation,an amount in excess of the entire interest charges Calendar
Pre1. Div.
Net
Corn, Div. Transfered to .Balnce,
on the bonds issued in this offering. (See Federal Light & Traction Co.
Reserves.
Profits.
Yearunder "Railroads" above). Under the terms of this contract the right
$
Surplus.125,8i
0)
$
6
7"
(7
$
0
)
0
7
2.5
$305,806
3
(11197,
0
.
1911
and
System
has been reserved to sell power to the large shops of the Frisco
147,767
$25,000
329,517
93,750
to the city water works of Springfield. A contract has also been made with 1910
a bonus
that
15
Feb.
all
at
the
of
stated
on
Moore
J.
annual
meeting
S.
company
Pres.
that
to
for
the
delivery
Co.
Electric
District
the Empire
and
1911
1
Feb.
any
paid
in
($187,500)
was
company
common stock
dividend of 20%
surplus and secondary power and to purchase from that
been declared,
current that may be necessary to handle the business connected to the that another of 10% ($121,550), also in common stock, has This
'a
makes
1912.
of
stockholders
19
common
record
Feb.
to
interruption.
payable
or
of
period
deficiency
transmission system during
distribution in bonuses of $496,550 in 3 years. It is propOsed to stop
Estimated Earnings from This First Development for Years ending April 1. total
on a 12%
1913-14. 1914-15. tile distribution of stock bonuses and to place the common stock
distributions.
$193,500 $245,500 basis. It is not expected, however, to discontinue bonus boriuses may
Gross earnings
$158,500 $205,500 as, if the company .continues to Increasingly prosper, other now proposed
Net earnings
out of the net profits. Ills
distributed
be
time
to
time
from
$75,000
$75,000
Interest at 5% on $1,500,000 bonds
22,500 to Issue - the remainder of the common stock ($162,950) at $150 per share
22,500
Dividend (6%) on $375,000 preferred stock
to provide $244,425 additional capital for extensions. This would bring
the amount outstanding to *1,499,000.-V. 02, p. 730.
$108,000
0
Earned for $1,500,000 coin. stk.(4.06% & 7.2%,respec.)$61,00
As other power developments are being planned at other points on the
Rohr McHenry Distilling Co.-Bonds Called.-Twenty-one
White and James rivers, a bond ISSUC of *6,000,000 has been authorized,
that 1st M. Q% bonds, dated March 1 1906, for payment at 105
in accordance with the estimates of our engineers, and it is expected
accruing
earnings
the
to
Trust Co., 516 Spruce St.,
these additional developments will add materially
one addi- and interest on March 1 at Scranton
to the common stock. We anticipate the development of at least
85, p. 473.
tional site within two years. The operation and management of the prop- Scranton, Pa., trustec:-V.
Co.
Operating
erty will be under the direction of the Doherty
Russell Motor Co., Toronto.-Stock Offered.--Holders of
The territory served had a population in 1910 of 54,294, including the
(adjacent to both common and preferred stock are offered the right to
following cities and towns: Springfield, Mo., 35,204; Aurora
Billings,
1,272;
lead and zinc mines), 4,148; Monett, 4,177; MarionvIlle, largo mines and
subscribe to the extent of one-fourth of their holdings for
760; Verona, 475; Pierce City, 2,043; Granby (near by are
terri- $400,000 new 7% cumulative pref. stock at par.
a lead smelter), 2,443; Neosho, 2,461; Sarcoxie, 1,311. The entire terria
tory between Springfield and Joplin is one of the richest agricultural
Business for the 6 months ending Jan. 21 1912, it is stated, shows
towns there are large
contories in the United States, and. In the various small
marked increase over a year ago, with 'every promise that it will be their
than 1,500 h. p.
to
flour mills which, we estimate, will require more in
operated
been
have
works
the
Although
the
year.
through
tinued
Delaware or elsewhere,
care of
The Electric Bond Deposit Co. is to be formed
will be 6% full capacity, facilities must be further expanded In order to take
with an authorized capital of $15,000,000, of which $10,000,000
profitably
stock, to purchase and the new business offered, although in 1911 over *100,000 was
Cumulative preferred stock and $5,000,000 common
1322.
p.
93,
-V.
plant.
and to sell them expended In increasing the
hold underlying issues upon electric and gas enterprises
Ozark bonds, the
Sayre (Pa.) Electric Co.-Bonds Offered.-Meikleham
When their market value has been established. The
common stock will be
$375,000 pref. stock and one-half ($750,000) of the
N. Y. and Boston, are placing at 94 and int.
Dinsmore,
comthe
less
part
such
of
Co.,
Deposit
Bond
Electric
the
by
held
sold to and
mon stock as shall be used by it to pay the expenses of this offering and to $200,000 1st M. gold 5s dated 1907 and due Apr. 1 1947, but
pay the originators of this enterprise. bonds at the proper time at a much callable at 105 and int. on or after April 1 1912 . Par $1,000
This plan will enable us to sell these
and $500 (c*). • Int. A. & 0. at Girard Tr. Co., Phila.
higher price than if they were scattered about in the hands of severe!, hundred subscribers. This will prove directly beneficial to the holders of the Trustee, People's Bank, Wilkes-Barre. Total auth. $750,Co.
Water
&
Power
Ozark
common stock of the
In 000; outstanding, $210,000.
The Gas Securities Co. of New York, for a consideration to be paidthe
bonds
common stock of Electric Bond Deposit Co., has agreed to guarantee
There are also outstanding $40,000 6% 5-year notes convertible into Co.
Deposit
to
Bond
of
preferred
stock
Electric
the
of
dividends upon $1,500,000
in V. 92, p. 193; $40,000 bends of Waverly El. Lt. & P.
for as stated
arc held; $100,000 pref. and $150,000 corn, stock.
1907
5s
of
which
Co. until such time as the Ozark Company shall have earned interest
retire
.stock.
out.pref
its
upon
and
dividends
bonds
outstanding
its
1909
ce:.
1908
one yearupon
Earningsfor Years ending Aug.31 1910 and 1911 and Cat. Years
1908.
1910-11. 1909-10. 1909.
BALANCE SHEE7'OF GAS SECURITIES CO. OF N. Y.(V.92, p.958).
'$67,807 $62,408 $50,415 *53,845
Dec.31'1l. J'ne30'10. Gross receipts
Dec.31'11. J'ne301.0.
_25,082
and taxes. 28,759
exp.,
oper.
rentals
after
Net
Liabilities
AssetsThe bonds reserved for extensions and betterments above $225,000
Preferred stock_ 487,800 487,800
Stk.owned (marissued for only 80% of the cost thereof when earnings for the previous
292,000
be
may
365,000
stock__
Common
1,915,554
4,190
value)____1,80
ket
12 months are twice the interest on bonds, Including those then to be
Bills payable__ _ 175,000
Bonds owned
issued. The company, It Is stated, is operating in Sayre under a franchise
8,903
55.795 Acc'ts payable__
(market val.) _ 266.599
Waverly
1,816,851 1,500,004 which runs till 1957,a perpetual franchise in Athens, and in South
Surplus
Adv. to sub.cos_ 458,497
under a franchise which runs till 1942; also has leased for 99 years, and
2,892
6,366
Acced int. reclo
Co., the
P.
&
L.
El.
Y.)
(N.
Waverly
owns the entire capital stock of, the
Val. Int. In pools 304,692 236,882
owner of a perpetual franchise. Annual sinking fund 1912 to 1917, 52,500;
57,680
13,200
Cash
to 1947 an amount equal to 1% of bonds out1917 to 1922, $5,000;
2,853,553 2,288,894 standing, but not less192""
than *5,000 yearly. Within the last three years
Total
2,853,553 2,288,804
Total
over $220,000. Is is reported, has been expended for a new power house
use
the
to
Owing
.
-Correction
043.
overhead system, &c., 'the present light and power load requiring only
Pabst Brewing
in the balance one-half the plant capacity. Has a very advantageous contract with the
of an advance statement, there was an error
Co., which runs for 8 years from 1911.
the only bonds Waverly Sayre & Athens Traction
sheet as published last week. It seems that
Increase In customers since 1906 about 35%. See also V. 02, p. 193.
94,
V.
Compare
4s.
M.
1st
$2,327,000
are
outstanding
Shawinigan Water & Power Co., Montreal.--Earnings.
Bal.,Sur,
p. 490.
All Interest, Dividends.
Net.
Gross.
Yearin
Co.
-Decision
Initia$1,349,715 51,189,263 $436,750 (5%)$4511,250 4296,263
1911
Pacific Telephone & Telegraph
120,877
456,388 (4%) 286,378
863,643
991,029
1910
Supreme
S.
U.
Court
on
-The
61,306
379,816 (4%) 260,000
tive and Referendum Case.
701,122
819,171
1909
fund
reserve
to
the
transferred
was
of
there
"
want
the
"for
in
1911
jurisdiction
From the surplus
Feb. 19 unanimously dismissed
a balance of $46,626 carried to the credit of profit and
leaving
$249,537,
the
2%
tax
onal
on
the.
unconstituti
suit brought to declare
loss.-V.93, p. 1793.
franchise of the telephone company, which was imposed as
.Southern Bell Telephone & Telegraph Co.-New Director.the result of a vote of the people on June 4 1906, under the
Epps Brown has been elected a director to succeed Joseph
J.
the
of
Oregon
State
conclause
initiative and referendum
Brown.-V. 91, p. 1635.
M.
was
decision
similar
rendered
A
stitution, adopted in 1902.
Spanish River Pulp & Paper Mills, Ltd.-Bonds.-The
in a suit involving the validity of an ordinance providing for
bonds.
London Stock Exchange has listed 4267,0006% 1st M.
the issuance of bonds for a bridge in Portland.
Meredith Co. of Montreal
Chas.
that
reported
was
it
last
November
In
In
a
referendum,
and
giving
initiative
The company contended that the
a controlling. interest
4, Section 4, of the U. S. and associates had acquired a considerable, if not
government by pure democracy, violates Articlerepublican
L. Innes of Hamilton
form of govern- in the stock, A. H. B. Mackenzie of their firm and R.
Constitution, which guarantees to the States a
as directors. The firm on
Sheppard
B.
0.
McCooland
A.
the
C.
main
succeeding
White,
ground
Justice
a block of 7%
stock,
ment. The opinion was written by Chief
common
of
bonus
20%
Nov. 23 Wrered at par with
in all-dividends
for the decision being that the question as to.whether a State still maintained
and refer- cumulative pref. stock, participating equally with common
outstanding $2,100,000
a republican form of government after it adopted the initiaive
were
there
thne
that
At
common.
on
to':
judicial
one
after 7%
and the net
endum method is a political problem for Congress and not a
pref. stock and $2,000;000 conunon stock,
were estiMated at
the courts. The defendant, the Court States, does not contend that it 1st M. 6s, $1,500,000
1911, after depreciation and interest charges,
Could not have been required to pay a license tax, or that there was any- earnings for
475.
p.
93,
V.
See
1910.
in
$207,899
against
thing In the tax or involved intrinsically In the law which violated his Con- $250,000,
stitutional rights-such questions, if raised, would have called Into operaStudebaker Corporation, Now .York.-Sale of Notes.-The
tion the judicial power. The assault which the contention advanced
Sachs & Co. and Lehman
makes is, it Is stated, not on the tax as a tax, but on the State as a State, company has sold to Goldman,
and is addressed to the framework and political character .of the govern- Bros. $8,000,000 5% serial notes, which will probably be
that
the
Govment by which the statute was passed-a demand being made
mature in 20 annual installdated March 1 or March 15 and
ernment establish its right to exist as a State.-V. 94, p. 419.
The issue, it is stated, will provide
Phillips Sheet & Tin Plate Co., Weirton, W. Va.-Bonds ments of $400,000 each.
will not, therefore, infor retiring present obligations and
Offered.-The Bank of Pittsburgh recently offered at 97
indebtedness. (see V. 92, p. 534,
company's
the
crease
1st
M.
5s
$400,000
of
the
of
issue
portion
and int. the unsold
93, p. 1729.
dated Feb. 1 1912. Auth., $1,000,000; outstanding, $1,- 602, 1247).-V.
000,000. See V. 94, p. 213.
Tennessee Copper Co.-Report.-For calendar years:
General Balance,
Dirtled. an Oth.Int. DepreTotal
Calendar
Pittsburgh Plate Glass Co.-Report.-For calendar year:
SAT
,
.*
$4e0
R
Surplus.
,0to*eo
ser
dends.
Year- Income. Bds.,&c. &Disc. elation.
1908.
1911.
1910.
1909.
Year$1,942',647 $2,540,167 $1,913,036 $1,313,275 1911 _5577,928
20,387
125,000
(6)5300,000
Brofits
-00
40,0
7884
,7,6
79
*303,265 $713,835 $594,506 $610,811 1910 ___ 547,158 57,007$14
Depreciation
-V. 94, p. 284.
379,230
Fire loss No. 4
18,000
18,000
18,000
18,000
-Report.-For cal. years:
(12%)
pref.
Co.
Div. on
Underwood Typewriter
1,560,578 1,284,232 1,214,500 1,214,500
Divs. on common (7%)
ar
Prof. Dirs. Conot.%D)i.vs.surplupse
Net
nd
ear
Cayle
Reserve, Surplus.
$60,804 $144,870
Profits.
$86,030def$330,036
Bal., sur. for year
56
30
$114
8;4
7
72
$496,12u4s0
5255,000
)00
0,0
7%
(5
$3
7
94
52
77:8
20
1:0
$1
1911
-V. 93, p. 1389.
602,918
262,500
1910
Providence (R. I.) Telephone Co.-Stock Offered.-Stock-Sylvester C. Dunham, Pres. of the TravDirector.
New
holders of record Feb. 21 are offered the right to subscribe
elers' Insurance Co. of Hartford, Conn., has been elected a
until March 4 pro rata at par, to the extent of one-seventh
director to succeed A. R. Erskine.-V. 92, p. 1503, 1315.
of their holdings,for the $500,000 new stock recently authorUnion Water Co. of California. Oakland.-Bonds Offered.ized. Compare V. 94, p. 491.
Smith-Tevis-Hanford Co., N. Y. and San Fr., is placing
The
the
year:
calendar
-For
Co.
-Report.
Oats
Quaker
and int. $755,000 1st M. 6% gold bonds dated Jan41
par
at
Cam.
Div,
Bat.
,Sur.
Div.
Pref.
Depreciation,
Net.
Year$500,000
$740,096 1911 and due Jan. 1 1956, but redeemable at 110 and int.
$540,000
$197,877
$1,977,973
1911
440,000
244,343
540,000
176,774
1,401,117
1910
from 1916 to 1931; at 105 and int. from 1931 to 1946, and
-17, 93, p. 1729.
FEB. 24 1912.
THE CHRONICLE
thereafter at par and int. Par $100, $500, $1,000 and
£205 15s. 2d. (c*&r). Int. J. & J. Auth., $5,000,000;
issued, $755,000. Anglo-California Trust Co., San Francisco,
trustee. Unconditionally guaranteed as to principal and
interest by the United Properties Co. of California, which
controls through ownership of stock the Oakland Rys.(see"El.
Ry. Sec."), East Shore & Suburban Ry. Co.(V. 94, p. 123),
United Light & Power Co.(V. 94, p. 357), Bay Cities Water
Co. (V. 83, p. 1172, 1472), Sierra Water Supply Co. (stock
$5,000,000), United Properties Realty Co.(see advertisement
on another page and V. 94, p. 127, 123), &c.
Digest of Statement Describing Property.
CapitaWalton (Company Incorporated in California Dec. 20 1910).
Stock ($2,0)0,000 is pref. stock 6% cumulative), auth. and iss'd_$5,000,000
First M.6% bonds auth., $5,000,000; issued
755,000
Reserved for additions and betterments
$4,245,000
The company has begun supplying water for domestic and all other purposes in the territory extending along the eastern short of San Francisco
Bay from Richmond and San Pablo on the north to Newark on the south,
containing tile cities of Oakland, Berkeley, Alanicda and Richmond, with
many minor cities and towns; total comhined population, about 250,000.
This district, which is about 30 miles long and two to six miles wide (from
bay to hills), is apparently destined,to be the site of one great city. From
1900 to 1910 Alameda and Contra Costa counties (virtually this particular
territory) practically doubled in population, Oakland and Berkeley, respectively, more than doubled and trebled in size, and Richmond sprung form
nothing to nearly 10,000. Reasonable assumptions indicate a population
in 1920 of not less than 475,000. without taking into account the influence
of the World's Fair in San Francisco and the opening of the Panama Canal.
The company owns 14 pieces of property widely scattered over the above
territory, with an aggregate area of 1,144 acres, of which 1,130 acres are
water-bearing, having been so selected as to tap the underground gravel
reservoir strata formed by streams from the hills on the cast; and 14 acres
are reservoir and reservoir properties. There has already been expended
on the acquirement and development of the property $875,000, and as the
lands have since increased considerably In value as real estate, there is
a substantial equity over the bonds issued.
At the three principal points water is now being pumped from wells and
delivered through pipes to consumers In Oakland and vicinity. The company is now, therefore, a going concern, actively engaged in the delivers,
of water to a constantly increasing number of customers. A capital expenditure of about $2,500,000 is proposc,d from which the company will be
-•ible to supply a daily output of over 6,000,000 gallons. The company is
how delivering to more than 1,425 customers, and 18,685 consumers have
signed 10-year contracts to take water at remunerative prices so soon as it
can be delivered.
Earnings Estimated by Stephen E. Kieffer, M.Am.Soc. 0.E., of San Fran.
Gross.
Net.
Interest Charges.
Surplus
1912
$182,500
$135,500
$48,000
$87,500
1913
254,000
190,000
96,000
94,000
1914
325,000
244,000
144,000
100,000
1915
448,000
334,000
150,000
184,000
John W. Alvord, M. Am. Soo. C. E. of Chicago, has also recently made
a report on the property.
Bond sinking fund Jan. 1 1918 to Dec. 311918, $10 78 cash annually for
each $1,000 bonds issued before 1919,and on those issued after Jan.1 1919
an annual sum of $10 78 plus interest at 3% per annum, compounded for
each $1,000 of bonds issued. All bonds so retired will continue to draw
interest for the sinking fund. :The above bonds, it is understood, arc
offered, with a bonus of 20% in the water company's 8% cum. pref. stock.
ED.:
United Missouri River Power Co., Helena, Mont.-Foreclosure Sale.-Albert Strauss and William B. Gower of N. Y.,
representing the bondholders' reorganization committee, on
Feb. 9 bid in the property for $750,000 at the auctionsale
under the judgment for $2,904,713 31 obtained by the U. S.
Mtge. & Trust Co. The property was again sold on
Feb. 13 for $450,000 to satisfy the judgment obtained by the
Central Trust Co. Compare V. 94, p. 285.
United States Express Co.-Decisions.-The United States
Supreme Court on Feb. 19 held valid the Minnesota statute
imposing a tax on gross receipts of express companies.
The law provides that the tax is to be in lieu of all other taxed on the
property of the corporation within the State. The Court overruled the contention that, as part of,the tax was from Inter-State commerce,it could not
be taxed by the State. Justice Day wrote the opinion.
While the amount involved in the particular case was less than $4,000,
the decision is considered as of great importance Inasmuch as it holds that
gross earnings can be used as a measure of taxation, and the same principle
applies to railroad and other companies. The amount of annual taxes controlled by the decision is estimated by State Attorney-General Smith as
about 84,000,000.
The Court on the same day, in another case, held invalid the Oklahoma
State tax on express companies, because it was imposed upon the gross receipts in addition to a general property tax. Such a tax is declared to be
an imposition seRely on the gross receipts from business, the greater part of
which was done outside of the State, and a burden on inter-State commerce
and not justified under the taxing powers reserved to the States. Justice
Holmes wrote the opinion in this case -V.94, p. 420.
567
part redeemable at option of company on 3 months' notice
at 125% and accrued divs. Par $100. Transfer agent,
Farmers' Loan & Trust Co., N. Y. Registrar, Lawyers'
Title Insurance & Trust Co., N. Y.
Organized under laws of N. Y. to take over as going concerns the following businesses:
F. W. Woolworth & Co. of N. Y.
F. M. Kirby & Co., Pennsylvania.
S. H. Knox & Co., New York.
The E.P. Charlton & Co., Conn.
The 5-and-10-cent store business of 0. S. Woolworth.
The 5-and-10-cent store business of W. H. Moore and W. H. Moore & Son,
The controlling interest in F. W. Woolworth & Co., Ltd., owned by F. W.
Woolworth & Co., and now operating 12 stores in England.
INITIAL,BALANCE SHEET(COMPANY WAS MCORP. DEC. 15 '11).
[Introducing assets and liabilities to be taken over as of Jan. 1 1912 of
F. W. Woolworth & Co., S. H. Knox & Co., F. M. Kirby & Co., The
E. P. Chariton & Co., C. S. Woolworth, W. H. Moore and W. Ii Moore
& Son, and assets and liabilities of the subsidiary corporations of the
four first-named conipanies.]
Assets ($65,157,155).
Liabilities ($65,157,155).
Leases, Improvements 6:
Cap. stk. auth. & issued:
good-will
$55,009,388
7% cum. pref. stock_ _$15,03
00:0
000
0
Real estate
607,751
Co.
rn stk.($100 shares) 50,000,000
Investments
*309,928 Purchase money mtges_ _
Inventories of merch'dise 8,141.010 Sundry creditors
52,155
Supplies & prepaid dap__
160,727 Reserve for corporation
Sundry debtors
101,047
and miscellaneous taxes
75,000
Cash
827,303
* F. W. Woolworth & Co., Ltd., England, $279,928; real estate mortgage, $30,000.
Application will be made to list the preferred stock upon the New York,
Chicago and London stock exchanges.
Charter Provisions Safeguarding the Security of the Preferred Stock.
(a) Tile company has no power to mortgage or encumber any of its property, assets or undertakings without the consept of at least 75% in interest
of each class of outstanding stock, both preferred and common; the
Pony may, however, pledge its liquid assets for loans made to it in thecorn
current course of business.
(5) Yearly beginning July 1 1913 (until all pref. stock is redeemed) there
shall be set apart to a "special surplus account," out of surplus profits after
all dividends due upon the pref. stock shall have been paid, an amount
equal to at least 3% of the largest amount of pref. stock at any time
outstanding, for the purchase and permanent retirement of pref. stock
at
the lowest price obtainable, but in no event exceeding $125 per share and
accrued dividends.
(c) in no event shall any dividend be paid on the common stock until:
(1) All dividends due on pref. stock and all arrears in respect of said "special
surplus account" shall have been paid; and (2) there shall be created and
maintained (in addition to said "special surplus account") at least the
further surplus of $1,000,000.
No dividend in excess of 4% per annum shall be paid on the common
stock until said further surplus shall amount to and be maintained at not
less than $2,500,000. Whenever $5,000,000 Pref. stock shall be retired
as above stated, all requirements to maintain any such farther surplus
shall forthwith cease.
(d) The pref. stock shall not be increased without the consent of at least
two-thirds of each class of outstanding stock.
(e) Upon any dissolution, liquidation or merger, or upon any distribution of capital, the holders of the pref. stock shall receive *125 per share,
together with unpaid accrued dividends thereon, before any sum shall be
paid to or any assets distributed among the holders of the common stock.
(f) The right to elect directors is vested in the common stock, but upon
default in the payment of three qUarterly dividends on the pref. stock, and
until such defaults are made good, the pref. stock alone shall elect directors.
Digest of Letter from Pres. F. W. Woolworth, New York, Feb. 14 1912.
The companies whose businesses have been acquired have been engaged
in the operation of so-called "5-and-10-cent" stores in different sections of
the United States, Canada and England. This class of business was
originally started in Lancaster. Pa., In 1879, and has steadily grown,until
at the present time the new F. W. Woolworth Co. operates or controls about
558 stores in the United States and 32 stores in Canada, and owns a controlling Interest in F. W. Woolworth & Co., Ltd., of Great Britain, operating thus far 12 stores in England. These companies nave never In any
way been competitors, nor has any of them maintained or operated a store
in any city or town in which any other of said companies has maintained
or operated a store.
We employ about 20,000 people and cater to about 3,000,000 customers
a day. Our business is conducted on a strictly cash basill, so that there are
no losses entailed ,by bad accounts. The success of our organitation tnay
be attributed to great buying power and ability to take advantage of all
cash discounts, combined with economy in distribution. The popularity
of the business is evidenced by its remarkably steady growth, even in the
faeJ of occasional panics and hard times.
Gross Sales and Net Profits of the Coin blued Stores for Six Yeat's end. Dec. 31.
Profits.
Sales.
Profits.
$52,6°11.
8
124 $4,955,255 1908
536,206,674 $3,617,077
50,841,547 5,065,031 1907
11991101
32,968,145 2,971,119
1909
44,438,103 4,702,802 1906
27,760,664 2,723,354
The net profits fir the past three years have averaged almost five times
the annual dividend on the 7% cumulative preferred stock, or at the rate of
over 7.7% per annum on the common stock.
I believe the business is still in its infancy and is capable of great future
development. The management of the new company will include those
men through whom the acquired businesses have achieved success in the
past. In my judgment, however, the organization has been so perfected
as to render the conduct and further development of the business independent of the Individuality of any one person.-V.93, p. 1267, 1729.
Western Union Telegraph CO.-The Postal Telegraph &
*Cable Co. has filed a complaint with the Inter-State ComUnited Telephone & Telegraph Co., Pittsburgh.-Plan.- merce Commission against the Western Union company,
See Am. Union 'relep. Co. above.-V.93, p. 1480.
alleging discrimination and unreasonable charges by the
Western Telephone & Telegraph Co.-Payment of Notes.- latter on messages transmitted beyond the Postal lines.
This involves the same question as to Inter-State messages which was
The $10,000,000 2-year 5% collateral notes were paid at decided
by the Public Service Commission of New York State In
maturity Feb. 1, the funds for the purpose being temporarily favor of recently
the Postal company.
The Postal company, It is alleged, collects from the sender the same fee
.advanced by the Am. Tel. & Tel. Co.-V. 93, p. 1794.
as is charged by the Western Union company between the sending and reWilmington City (Del.) Electric Co.-Bonds Offered.- ceiving points, but the
Western Union not only charges the local fee from
the point where it receives the message to the destination but also adds a
Parkinson & Burr, Bost., Hartf. and N. Y., recently offered charge
for four or five extra words indicating that the message has been
at 99 and int.,and have mostly sold,an additional $300,000 turned over to that company
for further transmission. These additional
words give the place where and date when the message was turned over
1st M.5% gold bonds, dated May 1 1911 and due May 11951, to
it. It is also contended that the Western Union often charges for these
but redeemable on and after May 1 1921.
words a rate that is in excess of the full local rate.-V.94, p. 285.
Guaranteed, prin. & int., by the Wilmington & Philadelphia
Co.
• Total auth. issue, $1,000,000; now out., $800,000; remaining Traction
$200,000 reserved for future extensions and improvements at 80% of cost,
and net
earnings of double interest charges.
Earnings for Calendar Year 1910 and Year Ending Oct. 31
1911.
1910.
1910-11.
Gross earnings (Wilmington City Electric Co.)
$215,312 $245,036
Net earns, after operating expenses and taxes
$59,554
$92,356
Annual interest, as increased by present issue
$40,000
The Wilmington & Philadelphia Traction Co. estimates a saving
of about
• $30,000 per annum In cost of generating electricity
through tile operation
of the new steam station, which will be completed
two or three
months, work thereon having been delayed by the within
cold weather. See
further particulars in V. 92, p. 1441.
(F. W.)Woolworth Co., New York.-Pref. Stock Offered.Goldman,Sachs & Co., New York, Lehman Bros., New York,
and Kleinwort, Sons & Co., London, announce by advertisement on another page the sale of the entire issue of $6,000,000
7% cumulative pref. stock, recently offered. Dividends
payable quarterly, April; July, &c. Preferred as to divi.dends and as to assets in liquidation. The whole or any
-We are in receipt of a card compiled by the Los Angeles
Chamber of Commerce giving statistics indicating the progress
which has taken place in that city during the past few years.
In 1860 Los Angeles had less than 4,000 inhabitants, while
the (estimated) population to-day is 400,000. The county
has a population of 600,000. The amounts represented in
building permits in 1911 reached the sum of $23,004,185,
while ten years before (1901) the aggregate was only $4,381,855; bank clearings clearly demonstrate a city's growth
and importance; therefore from those for Los Angeles, which
in 1911 were $943,963,357, as against $145,170,809 in 1901
and $37,096,126 in 1891, can be readily seen the expansion
that has taken place in the city. P. B. Hammond, who
sends us the card, is a member of the Los Angeles Stock Exchange and makes a specialty of high-grade stocks and bonds.
Mr. Hammond is a son of W. T. S. Hammond, the wellknown Cashier of the First National Bank.
•
568
THE CHRONICLE
[VOL. LXXXXIV.
-H. M. Byllesby & Co. Chicago, have7ordered ten
Pulmotors for installation at'
ten of the important Byllesby
properties, delivery to be made as soon as possible. The
Pulmotor is a machine manufactured by the Draeger Oxygen
COMMERCIAL EPITOME.
Apparatus Co. of Pittsburgh, Pa., to aid in the resuscitation
Friday Night, Feb. 23 1912.
of persons avercome by asphyxiation, electric shock or
Widespread storms for a time somewhat interfered with
poisoning-in all cases where respiration has been suspended business. Nevertheless, outside of New York there has
or restricted. The Commonwealth-Edison Co. of Chicago, been some noteworthy increase of trade at most of the leadhas tried out two of these machines during the past three ing points and in not a few cases the bank exchanges are
months and has demonstrated beyond question their great noticeably larger than those of last year and the year before.
value in saving lives, particularly in cases where physicians Progress is rather slow, but it is in the main steady, though
have given the patient up for lost.
the iron and steel trade, on the other hand, shows less life.
-The Florida East Coast Ry. has issued a beautifully Milder weather has helped general trade somewhat. Copillustrated 32-page pamphlet (accompanied by maps and an per exhibits an upward tendency.
LARD on the spot has been quiet and easier; prime Westadditional illustrated folder) in regard to the Key West
extension, which was opened on Jan. 22. The East Coast of ern 9.15c., Middle Western 8.90c. and City steam 83. ®85Ac.
Florida and its development, the Florida Keys and the work Refined lard has ruled steady with a fair demand; Continent
itself, resulting in the construction of this wonderful "over- 9.30c., South America 10.100. and Brazil in kegs 11.10c.
sea" road, are all interestingly described in the pamphlet, Lard futures here have been nominal. At the West the
which also gives well-merited commendation to Mr. Henry speculation has been moderately active with irregular
M. Flagler, the moving spirit in the enterprise the crowning changes in prices. Of late, however, the tone has been
easier, owing to dulness and depression on the spot. Also
work of his life, to which. he devoted a princely fortune.
the receipts of hogs have been comparatively large and an
-The banking house of Plympton Gardiner & Co., New increased movement is expected. Packers have sold and
offering
at
92M and interest (yielding there has been scattered liquidation, while the principal
York and Chicago, are
5%) $500,000 St. Paul & Kansas City Short Line RR. first buying has apparently been to cover shorts.
mortgage 432% gold bonds. The issue is a first mortgage
DAILY CLOSING PRICES OF LARD FUTURES IN NEW YORK.
Fri.
Wed. Thurs.
Sat.
Mon.
Tues.
on main line mileage in the heart of a system operating
9.13
Holt9.10
9.10
9.05
9.05
May
road.
The
bonds are guaranteed principal July delivery
8,000 miles of
9.35
day.
9.25
9.15
9.10
9.10
delivery
the
Chicago
Rock
Island & Pacific Ry..Co.,
and interest by
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
which has paid dividends uninterruptedly for forty-five years,
Wed. Thurs.
Sat.
Mon.
2'ues.
9.05
Holl9.05
May
delivery_
9.02 i.<1 9.02 3i 8.95
legal
investment for Massachusetts Insurance July delivery
and are a
9.20
day.
9.17 Yj 9.15
9.12 3i 9.20
companies.
PORK on the spot has been quiet and without material
-A very elaborate brochure entitled "The Trend of change in prices. Mess $17 25®$17 50, clear $17 50®
Investment," is being distributed by the well-known St. $17 75 and family $20@$21. Beef has been steady with a
Louis bond firm of D. Arthur Bowman & Co. The booklet fair demand; mess $12, packet $13, family $14 50 and extra
is especially gotten out for the guidance of investors ,and India mess $21 50@$22. Tallow has been quiet and steady
treats on the fundamental essentials of safe and profitable at 6c. for city. Stearines have ruled quiet at 89c. for oleo
bond investments of varying types, particularly municipal, and 10()10K.c. for lard. Butter has been quiet and easier;
railroad and public utility, showing in detail the yield, creamery extras 28Mc. Cheese has been in light demand
marketability and the possibility of increase in their value. but firm; State whole milk, colored, average fancy, 173.c.
The booklet will be mailed upon request.
Eggs have been easier on larger receipts; Western firsts 36c.
OILS.-Linseed has been steady, with the trading con-Robert S. Dana, who has been head of the Statistica
Department of Alfred Mestre & Co. has taken charge of the fined to small quantities; seed prices at the Northwest have
76®
statistical department of Callaway, Fish & Co., members been firmer; city, raw, American seed, 75@76c.; boiled,
been in light deof the New York Stock Exchange, 37 Wall St. William 77c.; Calcutta, raw, 85c. Cottonseed hasfor summer white
H. Macafee, lately manager of the Bond Department of mand at 5.75c. for winter, 5.75@6.25c.has been quiet and
Alfred Mestre & Co., has taken charge of the bond depart- and 4.54@4.67e. for crude. Cocoanut
China wood has
ment of Callaway, Fish• & Co. The latter firm proposes in steady; Cochin 10c., Ceylon 931®93'c.
been quiet and steady at 11@14c. Corn steady,with a good
future to make a feature of the bond investment business.
demand at 5.45@5.50c. Lard quiet and steady; prime
-The Dominion Secutities Corporation, Ltd., Toronto, 75@85c. Cod in fair demand and steady; domestic 52®53c.
&c. is offering a block of Ottawa Electric Co. "refunding and
COFFEE on the spot has been steady, with a somewhat
'mortgage" 5% gold bonds of 1908, due June 1 1923; larger demand; Rio No.7, 149/
first
80.; Santos No.4, 153/2c. West
$625,000 outstanding; remainder ($500,000) reserved to India growths have been quiet and steady; fair to good Curetire $500,000 1st 5s, due Dec. 1 1920. The company, which cuta 1634(:)163'c. The speculation in futures has been more
in 1911 had net earnings of $257,594 (present int. charge, active and prices have advanced. A stimulating and
$56,250), is controlled by the Ottawa Lt., H. & Pow. Co.
strengthening factor has been bullish crop news from 13razil.
to one cable, the crospects for the next Santos crop
OX-The attention of savings banks and investors in New According
of only 7,000,000 bags is indicated.
York, Massachusetts, Connecticut, New Jersey and Pennsyl- are so poor that a yield
hand, receipts continue liberal and there is na
vania is called to the advertisement on another page of Clark, On the other
To-day prices weakened on disappointDodge & Co., 51 Wall St., offering six issues of high-grade scarcity of supplies.
liquidation. Closing prices were as follows:
railroad bonds which, in some cases, are legal for investment ing cables and
February _13.15c. May _ _ _ _13.17c. August _ _13.27c. November 13.25c.
in these States and also tax-exempt. Detailed descriptions March___13.19o.
1$.20c. September 13.310. December 13.25o.
June
_
13.240. October _ _13.28c. January _ _13.25c.
April__ _. _13.18c. July
and full information will be furnished upon request.
been
in larger demand and firmer.
has
SUGAR.-Raw
-The new Chicago bond-house of Chapman, Mills & Co.
muscovado, 89-degrees
(mentioned in our issue of the 10th inst.) has rented ground- Centrifugal, 96-degrees test, 4.80c.;
89-degrees test, 4.05c. The movement
floor quarters at 126 West Monroe St., being a portion of the test, 4.30c.• molasses,
or
banking room formerly occupied by the American Trust & of the Cuban crop thus far this season is 457,709 tons,
Refined
Savings Bank and, later by the Hamilton National Bank. 181,000 tons less than in the same time last season.
firmer at 5.80 ®5.90c. for granulated.
They are fitting up handsome offices and will open for more active and -Refined
has ruled firm with an active.
PETROLEUM.
business March 1.
domestic and foreign demand; barrels 8.10c. bulk 4.60c. and
86 degrees
-Harris, Forbes & Co., Pine St. corner William St., New cases 9.90c. Gasoline has been firm and active;
'
York, and Lee, IliggHison & Co. of Boston, N. Y. and Chi- in 100-gallon drums 203'c.•, drums $7 50 extra. Naphtha
cago, are to-day offering for investment $7,500,000 Puget has been firm with a good foreign and home trade; 73®76
Sound Traction, Light & Power Co. 2-year 5% mortgage degrees in 100-gallon drums 18c.; drums $7 50 extra. Spirgold notes at 100M and interest. See advertisement else- its of turpentine quiet and steady at 50M0. Common to
where in this issue for particulars.
good strained rosin quiet and steady at $6 75.
TOBACCO.-There has been no material change in the
-George H. Taylor, Chicago Manager and resident
partner of E. H. Rollins & Sons, has.gone to California for situation in domestic leaf. The best demand has been for
a long rest, and has left the office in charge of John W. binder, but even for this description the request has by no
Esmond, who has been with the house for many years. means been large. Manufacturers of cigars are believed to
Mr. Esmond has been given the title of Assistant Manager be carrying small supplies as a rule, but there is no disposition
to anticipate. On the other hand, stocks of leaf among
of the Chicago office.
light, and in such circumstances the
-B. F. McGee, formerly of McGee & Co., and for the dealers are generallysteady.
Stocks of Sumatra are limited
past ten years identified with the bond investment business tone continues very
light, is sufficient to sustain prices.
in Chicago, has become associated with Alfred L. Baker and the demand, though
demand.
& Co., of Chicago, in its bond department, where he is Havana is firm with a moderate
METALS.-Pig iron has been rather quiet. It is said that
prepared to serve his former clients.
prices are in some cases modified on orders that make it
-The Commercial Bond & Investment Co., Jesse Brigel, worth while. Foundry and basic iron has sold to a moderate
President, has opened offices in the Harris Trust Bldg., extent, but Bessemer has been slow. Only light sales have
Chicago, and will deal in general investment securities. been made of railroad equipment and plates, and there is only
The company makes a specialty of Catholic loans.
a fair business in structural material. The heavy damage
-Gilbert Eliott & Co., 34 Pine St. this city, are specialists clone by extreme cold weather to rails may result in notein all the Standard Oil issues. The firm will deal in the stock worthy business later. It is said that the contract of one
and scrip, purchase entire allotments, will make calculations railroad company alone has been increased to over mom
andFurnish quotations:upon application.
tons.
Trimutercial
ims
FEB. 24 1912.1
THE CHRONICLE
COTTON.
On Shipboard, Not Cleared for-
Priddy Night, Feb. 23 1912.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
288,510 bales, against 303,385 bales last week and 364,644
bales the previous week, making the total receipts since
Sept. 1 1911 9,562,399 bales, against 7,517,670 bales for
the same period of 1910-11, showing an increase since Sept.
1 1911 of 2,044,729 bales.
Receipts at-
Sat.
Mon.
Tues.
Wed.
569
Thurs.
Fri.
Total.
Great
GerOther CoastFeb. 23 al- Britain. France many. Foreign wise. Total. Leaving
Stock.
New Orleans.. 21,880 4,893 9,836 31,759
361 48,729 249,190
Galveston
68,480 11,027 43,337 3C1,298 2,239 155,381 251,971
Savannah ___ _ 13,000
____
3,900
____
____ 16,900 232,851
Charleston_
4,000 ' ____
3,000
7,000
48,833
Mobile
14,284 16,619 19,680
____
2,500 53,083
32,217
Norfolk
19,500 19,500
34,446
New York_ _ _ _
iiiiii 1,66 1-;850
. 4:000
_•_ _ _
8,800 164,130
Other ports__ _ 19,000 3,500 15,000 1,000
____ 38,500
87,989
Total 1912.. 142,644 37,039 96,553 67,047 24,600 367,893
1,101,626
Total 1911_ 26,556 11,094 32,740 46,358 10,262 127,010
Total 1910_ 29.338 9.620 35.021 32.375 18.797 125.151 612,424
549.731
Speculation in cotton for future delivery has been
what restricted by fears of a mammoth coal strike in someGreat
Britain, involving some 800,000 men, and, also, the recent
sharp decline within two days tended to make operators
3-,vel
1;-610
2,66 Mfg: 12:N2 for an advance cautious. But for all that something of a
rise has taken place, owing partly to reports of bad weather
--iat the South and of at least some delay in crop preparations,
partly to some optimistic reports as to the possibility
1:8,1 W32 and
of averting the big coal strike in England through the efforts
fiii
of Prime Minister Asquith and others of the English Cabinet,
who have been holding conferences with the miners and
mine owners. Also, it is said, the generality of spot holders
have refused to follow the recent decline in futures, the spot
demand has been reported good and the dry goods situation
Totals this week 37.381 41.414 77.215 30.132 42.045 60.323 288.510 is said to be improving. Some goods have
advanced.
River's sales of print cloths have shown an encouragingFall
toThe following shows the week's total receipts, the total tal. Furtherm
ore, a good deal of interest has centered in
since Sept. 1 1911, and the stocks to-night, compared with
reports
of
heavy
rains in parts of the South and cold weather,
last year:
with snow and sleet, in other parts. Naturally, there
a
good deal of interest in the question whether the South is
will
1011-12.
.Stock.
1910-11.
be
able
to reduce its acreage and whether fertilizers will be
Receipts to
Feb. 23.
This Since Sep This Since Sep
as extensively used as they were last year, and, in a word,
week. 1 1911. week. 1 1910.
1912.
1911.
whether another big crop is likely to be raised. Some reports
Galveston
90,038 3,020,680 26.204 2,486,881 407,351 131,911 are to the effect that crop preparations
are two or three weeks
Texas City
11,988 554,525
280,059
37,344
late. Some advices from Alabama assert thatpreparations
Port Arthur, &o_ 15,537 188,757 28,343 226,448
New Orleans__ _ _ 45,123 1,273,451 20,201 1,310,073 317,919 157,686 are from 30 to 40 days behind and that condition
s thus far
Gulfport
3,000
50,678
1,037
32,560
5,785 for making a crop are worse
14,000
than they were in 1909. HowMobile
12,955 325,699
864 228,577
85,300
17,943 ever
this
may
Pensacola
be, it is certain that the weather news and the
156,051
103,312
Jacksonville, doo
585
47,112
50
22,476
progress of planting preparations this year will be watched
Savannah
49,915 2,025,374 12,185 1,301,661 249,751
77,720 with
unusual
Brunswick
interest. As usual, there will be a good deal
13,000 344,198 3,700 217,126
23,935
4,034
Charleston
9,972 368,394
812 266,300
18,248 of exaggeration, no doubt, of unfavorable condition
55,833
s, and a
Georgetown
480
74
1,030
good
deal
of
silence about favorable developments. This is to
Wilmington
10,019 461,375 2,065 382,978
10,673
26,557
Norfolk_
20,569 597,125 3,695 516,760
be
expected.
21,215
53,946
If anything occurs to seriously delay crop prepaN'port News, do_
2,518
17,510
3,848
rations, and still more if the crop should get a bad start
New York
107
4,248
150
6,795 172,930 280,970
or
Boston
anything
271
42,002
really
695
33,319
4,659
happens to the plant, it is reasonably
8,742
Baltimore
2,913
84,690
1.349
97,152
3,531 certain to be exaggerat
21,151
ed ten fold. Naturally, a good
Philadelphia
50
315
3,760
5,059
many at the South would be glad to see a reduced
acre985.810 9 592.:010 101_224 7_817.8701.489.519 739.434
Total
age, since another big crop might force prices to the lowest
point
seen
for
years past. The producer is keenly
In order that comparison may be made with other years,
alive to this danger, just as, on the other hand,
we give below the totals at leading ports for six seasons:
European spinners this year, through a fear of a possible
decrease in the next crop and a renewal of the high prices
Receipts at1912.
1911.
1910.
1909.
1908. !I 1907.
of recent years have resorted to the extraordinary expedient
__
90,038
26,204
27,217
50,398
89,324 of buying in some cases
48,3-831
for delivery four or five years ahead,
GalvestonTexas
City,.to
27,525
28,343
13,487
20,018
4,358
8631
New Orleans_
45,123
20,201
18,704 , 27,773
33,966: 49,843 that is up to 1916 and 1917 and even in some instances, it
Mobile
12,955
864
7,091
3,157
3,520,
3,733 is stated, as far ahead as 1920.
In other words, a return
Savannah
49,915
12,185
11,166
11,541
12,956! 15,779
Brunswick__ _
13,000
3,700
3,875
2,798 to high prices is greatly dreaded by the consumer and a
2631
Charleston,&o
9,972
686
805
1,725
863
2,178 possible slump to the abnormally low prices
of some years
Wilmington
10,019
2,065
1,211
3,175
3,749
1,925
Norfolk
20,569
3,695
4,022
4,714
7,288, 12,249 ago is equally dreaded by the producer. That means that
N'port N., &a
2,518
148
386
!
1,682 weather news is going to be sharply watched for the next
All others__ _
6,876
3,281
1,278
2,225
6,133
7,023 six months, to
go no further. The short side, it may be
Total this wk_ 288,510 101,224
85,129 128,987 117,984 190,892 stated, was recently overdone just as previous
to that time
0 •
the market had become overbought. Following the depression of last week came a sharp rally when liquidation ceased
The exports for the week ending this evening reach a total and shorts tried to recover their cotton-,
Wall Street,
of 156,787 bales, of which 53,107 were to Great Britain, Waldorf-Astoria and spot interests at times have
been free
17,498 to France and 86,182 to the rest of the Continent. buyers, to say nothing of the rank and file of traders,
who
Below are the exports for the week and since Sept. 1 1911:
found it expedient to cover their shorts. On the
other
hand, few believe that the acreage will be reduced
or the
Week ending Feb. 23 1912. From Sept. 1 1911 to Feb. 23 1912.
use of fertilizers, whatever may be said to the contrary.
Exported toExported to11,101 13,615 28,292 11,708 14,781 10,481 90,038
Galveston
724 2,354 3,237 2,840 2,02'7
Texas City
806 11,988
15,000
Port Arthur, &c.
537 15,537
5-,i01-5 5,410 7,852 3.309 10,802 12,644 45,123
New Or cans_ _
Gulfport
3.666
Mobile
-iiii
Pensacola
Jacksonville, &o.
-_-_-_-_. -_-_-_-_ -165 1-_ -_ -_ -685
Savannah
8,954 8,020 10,967 6,766 7,583 7,625 49,915
Brunswick
Charleston
2:674 2-,162 2:848
-66
-168
Georgetown _ _
Wilmington _ _ _ _
1-,575 1,510 1,710
1-,8'74
-ifii 10-,(3i0Norfolk
4,540 4,481
4,744
2,198 2,183 2,423 20,569
N'port News, &c.
2,518 2,518
New York
32
--------25
____
107
50
Boston
10
52
---91
____
1111
271
Baltimore
2,913 2,913
Philadelphia_ _
1
Exports
from-
Galveston
Texas City. _ _
Pt. Arthur.&e.
New Orleans _ _
Mobile
Pensacola,
Gulfport
Savannah _
Brunswick
Charleston....
Wilmington_ _.
Norfolk
Newport News
New York....
Boston
Baltimore _
Philadelphia _
Portland, Me _ _
San Francisco
Seattle
Tacoma
Portland, Ore
Pembina
Detroit
n KA., ann., Kl,
/ A,A K AI. Agit 0 AAA 0.11K A
onn nno 0 lo/n K4A
Great I
Conti&eat
Britain.iFr-ncc. neat. Total. Britain. France
..
5,200 5,514
.... _
6,870 8,45
12,840 _.__
10,712
.....
-_-- __ __
21,271 21,27111,090,086232,077
1 368,5681 79,33.
15,037 15,0371 13,6361 55,509
2,713 13,427 513,39a121,457
10,417 10,4171 57,5031 37,713
_, 45,7781 40,637
21,232
1,00 16,328 361,137
, :
12,840 151.2621
29,1861
10,712 111,832105,54
223
223
12,888
Contineat.
Total.
987,6682,309,831
69,148 517,051
71,431 140,576
326,79 961,650
02,685 187,903
70,48• 156,903
15,446 36,768
830,28. 1,351,320
147,230 298,492
176,108 205,294
190,73. 408,113
2,582
15,470
7,560 3,82- 1-6,091 27,1771 176,2491 64
- ,771 209,305 450,325
4,828 .___
4,828 115,4451
5,126 120,571
1,099 1,099 15,363 4,871
79,069 99,302
5,097 ____
500 5,597, 45,5561
12,969 58,525
2,800
2,800
17,13' 17,130
. 157,740 157,740
I
701
701
..... 78,851 -78,850
-..... 38,952 38,952
......
-- -- - -- -.
4,81
4,818
53,10717,49 86,182 156,787 3,115,501 923,0443,562
Total
,6137,601,164
Total 1910-11_ 76,76324,173 95,668196.6042.916,333799.3812.423.4376.139.151
In addition to above exports, our telegrams to-nig
ht also
give us the following amounts of cotton on shipboard
, not
cleared, at the ports named. We add similar
figures for
New York.
The visible supply is large beyond precedent
, and to many
it. is by no means clear how it is
to be digested at the
present level of prices.
To-day,
prices declined. The
quantity brought into sight for the week was large. Spot
cotton closed at 10.45c. for middling uplands, an advance
for the week of 10 points.
The official quotation for middling upland
cotton in the
New York market each day for the past week
has been:
Feb. 17 to Feb. 23Sat. Mon. Tues. Wed. Thurs. Fri.
Middling uplands
10.35 10.50 10.50 10.50
H. 10.46
NEW YORK QUOTATIONS FOR 32 YEARS.
1912..0
10.45 1904_c
14.80 1896_0
7.88 1888_0
10.56
1911
14.10 1903
10.05 1895
5.62 1887
. 9.56
1910
14.10 1902
8.81 1894
7.75 1886
:78.86
9.65 1901
1909
9.38 1893
1908
11.50 1900
9.06 1892
9.
7.2
15
2 188
84
5
10
1.
.3
75
1
1907
11.00 1899
6.56 1891
19
1.0
31
0 1883
2
10.19
1906
10.80 1898
6.25 1890
1111..5612
7.90 1897
1905
7.12 1889
10.12 1881
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday... Quiet
Monday_ __ _ Steady 15 pts adv _ _
Tuesday _ _ _ Quiet
Wednesday_ Quiet
Thursday __
Friday
Quiet 5 pts deo
Total -- -
Futures
Market
Closed.
Barely steady..
Steady
Barely steady
Very steady
_
HOLIDAY.
Barely steady
SALES.
Spot. Confect.
"Rio
100
N
•
[VOL. wc.xxxiv.
THE CHRONICLE
570
AT THE INTERIOR TOWNS the movement-that is,
FUTURES.-The highest, lowest and closing prices at
the receipts for the week.and since Sept. 1, the shipments
New York the past week have been as follows:
for the week and the geocks to-night, and the same items
81 .7,0 1
'
for tile corresponding period for the previous year-is set
1181 21 41 11 ni 41
out in detail below.
r.1
1.4
,1
•••1
, v...
•-1
,I
••••
--,
4
2:1
.
:1
e
4 1
r;
e
.. 1I 0
I n ',
n
nn
to. 'To i.
000 000: 2
el ol @I of ol
C?:1
r
:?.1
cm,
,n
22
oF
el el
el
el
@I
Cq
IN . 0
0*
CV
;1
='
no
is m ,
g
on
22 22
ol of
0
CI
(V
(,)
)1
:
i
e
‘
• 1
';
.4e • .
Cit'r
:1
•
)
:
'?!
I1 m.
o Im
n n ,
n
I9'0
Tr,
22 000 2
of @I ol oct
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THE VISIBLE SUPPLY OF COTTON to-night, as made
made up by cable and telegraph, is as follows. Foreign
stocks, as well as the afloat, are this week's returns, and
consequently all foreign figures are brought down to Thursday evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
1911.
1912.
bales.1,112,000 1.305,000
10,000
2,000
100,000
77,000
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Steek at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
1910.
1909.
962,000 1,416,000
5,000
9,000
67,000
83,000
1,191,000 1,415,000 1,034,000 1,508,000
9,000
11,000
4,000
8,000
507,000
249,000 293,000 466,000
321,000 306,000 428,000 356,000
2,000
3,000
3,000
4,000
9,000
16,000
48,000
17000
70,000
76,000
70,000
32,000
2,000
4,000
2,000
2,000
890,000
649,000
816,000
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
EriPt. Brazil, &c., afloat"
Stock in Alexandria, Egypt
Stock in Bombay, India
4,864,226 3,882,417 3,330,413 4,386,237
124,000
2,000
23,009
29.000
80 000
66,000
277,000
568,000
130,000
10,090
12,000
29 000
147.000
44.000
251,000
480,000
73.000
5,000
13,000
52 006
241,000
30,000
187,000
681,000
11111111$111111111111011
*Actual shipments for the week were. 209,020 bales, showing a reduction
and a
in stock of 33,455 bales. But 53,622 bales are added to shipments
like amount deducted from stock to cover the loss at tho Houston fire.
The above totals show that the interior stocks have decreased during the week 87,077 bales and are to-night 34,763
bales more thari at the same time last year. The receipts
at all towns have been 118,375 bales more than the same
week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two yearsareasfolloxvs:
----1911-12---Since
1Veek. Sept. 1.
427,758
_24,141
41,178
1,646
2,996
142
107,498
4,701
75,507
3,965
137,056
9,461
12,987 270,374
----1910-11---Since
Week. Sept. 1.
8,906 402,247
168,103
5,540
25,683
25
102,649
2,487
55,226
1,259
129,127
8,042
131,814
5,273
57,043 1,062,367
Total gross overland
Deduct Shipments130,990
Overland to N. Y., Boston, &c.._ _ 3,291
43,187
5,560
Between interior towns
25,244
922
Inland, ecc., from South.
199,421
8,773
Total to be deducted
- 862,946
48,270
Leaving total net overland•
31,532 1,014,849
963,000
2,081,000 2,064,000 1,860,000 2,471,000
Total European stocks
147,0,00
241,000
124,000
80,000
India cotton afloat for Europe
607,082 267,743 481,743
839,299
Amer. cotten afloat for Etirope
30,000
44,000
39,000
66,000
Egypt,Brazil,ecc.,afit.for Europe_
187,000 315,000
251,000
277,000
Stock in Alexandria, Egypt
681,000
480,000
499,000
568,000
India
Stock in Bombay,
1,469,519 739,434 674,889 821,760
Stock in U. S. ports
639,908 605,145 672,108 771,997
Stock in U. S. Interior twons
9,284
10,737
47,756
12,500
U. S. exports to-day
6,033,226 4,085,417 4,612,413 5,534,237
Total visible supply
Of the above, totals of American and other descriptions are as follows:
Americanbales_ 988,000 1,175,000 889,000 1,320,000
Liverpool stock
68.000
54,000
88,000
54,000
Manchester stock
861,000 620,000 764,000 912,000
Continental stock
267,132 481,743
839,299 607,082
American afloat for Europe
1,469,519 739,434 674,889 821,780
U. S. port stooks
639,008 605,145 672,108 771,997
U. S. interior stocks
10,737
9,284
47,756
12,500
U. S. exports to-day
Total East India, doc
Total American
co ;
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February 23Stock at Liverpool
Stock at London
Stock at Manchester
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Receipts.
IVednesdaY,
Feb. 21.
Tuesday,
Feb. 20.
;
:
I.
01
•
,
0'
M al
Saturday,
Feb. 17.
Monday.
Feb. 19.
01'
v.
12 22 12 22 12 22 22 12 22 12 22 12
Thursday,
Feb. 22.
Friday,
Feb. 23.
C) I
11
OP.ow
01
CO
r. .
Season.
.
I Week.
et
to February 24
01 01 0 1
01 01
40 . 0*
Movement to February 23 1912.
g
96,000
9,000
15,000
51 000
124,000
39,000
315,000
499,000
1469 000 1 103 000 1 282 000 1 148 000
4,864 226 3 882 417 3 330 413 4 386 237
February 23shippedVia St. Louts
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, ecc
2,194
4,207
486
137,531
27,615
30,363
6,887
195,559
24,645
819,290
* Including movement by rail to Canada.
The foregoing shows the week's not overland movement
has been 48,270 bales, against 24,645 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 43,656 bales.
----1910-11
Since
/n Sight and Spinners'
Week.
Sept. 1,
Takings.
9,562,399
288,510
Receipts at ports to Feb.23
862,046
48,270
Net overland to Feb. 23
South'n consumption to Feb. 23_ _ 55,000 1,232,000
S 1.
Sept.
Week.
101,224 7,517,670
810,200
24,645
50,000 1,168,000
391,780 11,657,345 175,869 9.504,900
Total marketed
554,367
*33,455 a539,471 *11,658
6 033 226 4 985 417 4 612 413 5 534 237 Interior stocks in excess
Total visible supply
5.02d.
7.99d.
7.51d.
5.93d.
Middling Upland. Liverpool
_358,325 __ _____ - 164,211
week_
during
sight
9.65c.
into
Came
14.45c.
10.45c.
14.10c.
Middling Upland. New York
__..__ 10,059,327
12,196,816
Egypt. Good Brown. Liverpool_ _9 13-16d. 10 5-16d. 15 13-16d. 8 9-16d. Total in sight Feb. 23
7.75d.
10d.
9.1dd.
11.30d.
Peruvian. Rough Good. Liverpool
16,507 1,642,378
77,156
23
1,542,442
Feb.
to
takings
spinn's
15-16d.
4
North'n
74d.
714d.
11-16d.
5
Broach. Fine. Liverpool
43.0.
7d. 7 1-16d.
5 Ytd.
Tinnevelly. Good. Liverpool-.--.• Decrease during week.
a 53,622 bales deducted to cover loss by fire at Houston.
for the past week have been 213,000
Continental imports
bales.
The above figures for 1912 shoyv a decrease from last week
of 111,053 bales, a gain of 1,047,809 bales over 1911, an
excess of 1,420,813 bales over 1910 and a gain of 498,989
bales over 1909.
Movement into sight in previous years:
Week1910-Feb. 25
1909-Feb. 26
1908-Feb. 28
1907-Meh. 1
Dales.
129,999
182,735
186,663
265,263
Bales.
Since Sept. 11909-10-Feb. 25__ _____ 8,530,000
10,942,803
1908-09-Feb. 20
9,087,278
1907-08-Feb. 28
- 10,895,472
1906-07-Moh. 1
FEB. 24 19 2
THE CHRONICLE
57
QUOTATIONS FOR MIDDLING COTTON AT OTHER seven hundre
MARKETS.-Below are the closing quotations of middling ing from 38 dths. The thermometer has averaged 53,rangto 67.
cotton at Southern and other principal cotton markets for
Little Rock, Ark.-It has rained on two days during
the
each day of the week.
week, to the extent of one inch and two hundre
The
thermometer has averaged 47, the highest being dths.
65 and the
Closing Quotations for Middling Cotton onlowest 29.
Week endi
February 23. Sat'day. Monday. Tuesday. Wecraay. ri nursa y. r ractay.
The following statement we have also received by
tele--.•
graph, showing the height of rivers at the points named
Galveston -----1034
10 13-16 10 13-16 10 13-16
at
10 13-16 8 a. in.
New Orleans- 1034
of the dates given.
10 7-16
10 7-16 Hol.
10 7-16
Mobile
103(
Savannah ---1034_
Charleston_
104
Wilmington-- 1034
Norfolk ..__ __ 104
Baltimore
10 4
Philadelphia _ - 10.60
Augusta ___ __ 10 4
Memphis
104
St. Louis -----_
1034
Houston
10
4
r 84.4.1... 1,...,1
1n14
103
103-16
1094
103-16
1034
1034
10.75
1034
1034
1034
1034
Hot.
104
1034
1054
1034
1034
10.76
1034
1034
1034
1034
1014
1014
10 5-16
10 5-16
1054
1034
1040 4
1034
HOLT- 1034
1034
1034
DAY. 1034
1034
1034
10.75
10 70
1034
1034
1034
1034
1034
1034
1034
1054
1031
1034
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Feb. 23 1912. Feb. 24 1911
Feet.
Feet.
9.3
10.6
10.1
24.6
28.4
13.7
1.7
4.5
17.9
33.6
Above zero of gauge_
Above zero of gauge..
Above zero of gauge_
Below zero of gauge..
Above zero of gauge..
DOMESTIC EXPORTS OF COTTON
FACTURES
-We give below a statement showing the MANU
exports of domestic
cotton manufactures for December and for the twelve
month
NEW ORLEANS OPTION MAR KET.-The highest, ended Dec. 31 1911, and for purposes of comparison likes
lowest and closing quotations for leading options in the New figures for the corresponding periods of the previous year are
Orleans cotton market for the past week have been as follows: also presented.
_
Quantities of Manufactures of Cotton
Month end ng Dec.31. 12 Months end. Dec. 31.
(colored and uncolored).
Exported to-1911.
1910.
1911. I
1910.
FebruaryUnited Kingdom
liange ------10.26 -- e yards
0
522.950
148,982 2,139,5021 1,591,016
@
Canada
Closing
10.27-.33 10.51-.34
1.645,153
10.43-.45
772,1131 12,261,043 10,764,064
10.44 - Central American States
Marchand British
Honduras
Range __
10.34-.39 10.42-.60
10.44-.61
3,778.459 2,901,158 40,687,069 27,389.873
10.44-.5
0
Mexico
Closing
10.37-.38 10.59-.60
10.54-.55
210,301
184,176 1,688,456 1,836,42
10.46-.47 Cuba
April2,395,505 1,111,377 24,486,299 12,315,1214
Haiti
Range ......,- 0 --•.
5,256,775
24.866,307
Other
West
Indies and Bermuda..
10.37 -10.59 Closing
10.57 2,148,505 4,511.695 28,633,948 39,825.34i
10.41 :
7
Brazil
May130,615
167.417 1.268,823 2,170,844
Chile
10.32-.40 10.41-.64
Range
10.47-.66
765.190
10.48-.57 Colombia
911,406 11.331,564 10,459,8
closfng-----_
10.38-.39 10.63-.64
10.59 1,834,788 1,226,013 18,117.722 16,173,867
10.50-.41 Other South America
32
Junn
1,591,195 1,241,410 18,557,300 13.878.497
Aden
Range
10.48
1 -- 0 - HOLT- - 0 - HOLT- - 0 .••••••
4,215,500 1,043,250 24,545,354 10,811,005
Closing -10.65 - DAY. 10.61 - DAY. 10.52 - Chinese Empire
12,534,2
70
3,294,806 110,163,246 65,506,099
British East Indies
July624,317
66.400 11,306,376 7,621,119
British Oceania
Range
10.38-.44 10.46-.68
10.52-.70
1,114,092
10.53-.61 Philippine Islands
999,993 10,001,317 8,273,588
Closing.....
.10.43-.44 10.67-.68
10.63-.64
6,737,48
7 4,904,329 49,827,773 54,261,978
10.54-.55 Other Asia and
AugustOceania
390,445
111,240 3,827.537 2,641,916
Other countries
Range .....
.10.35-.39- 0 -0-@1.057.869
634.970 16,510,565 10.215,988
Closing_
10.36-.38 10.60-.62
10.57-.59
10.49-.50
Total yards of above
September46,953,418 24,181,253 410,200,201 295,736,
Total values of above
336
Range
10.31-.35 10.47 -063,056,597 31,790,631 $28,280,031 $20,271,204
- 0 - Value per yard
Closing
10.31-.32 10.52-.54
10.52-.54
$.0651
30.741
10.43-.45
3.0689
3.0685
OctoberValue of Other Manufactures of
Range
10.26-.34 10.32,49
10.38-.51
10.40-.49
Cotton Exported.
Closing
10.28-.25 10.48-.49
10.49-.50
10.41-.43 Clothing and other wearing
Decemberapparel:
Knit goods
Range
10.32 -10.42 $133,438 3132,255 $1,729,794 $1,433,546
10.51 10.44-.50 All other
Closing
.
.10.30-.31 10.50-.52
544,785
10.52-.5
3
440,934 6,020,650 4,983,731
10.43-.4
5
JanuaryTotal
Range
0 -10.503678.223 $573,189 $7,750,444 $6,417,277
-0-0Closing....10.35-.$7 10.55-.57
10.56-.58
10.48-.50 Waste. cotton
Tone3312.695 8326,935 $3,371,059 $3,599,231
Yarn
Spot ....
Steady. Steady.
82,153
Easy.
44,877
605,990
Steady.
All other
574.809
Options
Steady,_Steady.
471,528
Steady.
470,505 5,679,067 4,715,544
Steady.
Total manufactures of
$4,601,199 $3,206,137 $45,086,591 535,578,
WEATHER REPORTS BY TELEGRAPH.
065
Sarday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Feb. 17. Feb. 19. Feb. 20. Feb. 21. Feb. 22. Feb.
23.
-Reports to
us by telegraph from the South this evening indicate
that
EXPORTS OF BREADSTUFFS, PROVI
rain has fallen in most sections during the week but
precipitation has been moderate, as a rule. Heavy the TON, PETROLEUM, ETC.-The exports ofSIONS, COTsnow
during the month of January and the seven these articles
s torms have been reported in Northwest Texas.
months for the
past three yes have been as follows:
Galveston, Tex.-Rain has fallen on two days of
the rainfall being eleven hundredths of an inch. the week
1911-12.
mometer has ranged from 40 to 69, averaging 55. The ther- Exports
1910-11.
1909-10.
from
Abilene, Tex.-We have had light rain on one day
U.S.
January. 7 Months. January, 7 Months.
during
January. 7 Months.
the week. Lowest thermometet 26.
Quantities.
Palestine, Tex.-Rain has fallen on one day of the
Wheat.bu. 2,018,594 24,166,802 2,789,15
2 17,016,164 1,411,781 37,325,638
Flour bbls.
837,504 6,862,212
to the extent of ten hundredths of an inch. Minimumweek,
932,388 5.828,145
786,787 6,334.633
thermometer, 32.
Whe't.bu. 5,787,362 55,046,756 6,984,89
43,242,816 4,952,322 65,831,484
San Antonio, Tex.-There has'been light rain on one day Corn --bu. 7,601,295 24,178,605 9,752,1486 24,951,1
20 6.047,900 18,055,424
of the week, the precipitation being twelve hundredths of
bu. 13,388,857 79,225,361 16,737,044
an Total
68,193,936 11,000,222 83,886.908
Values.
inch. Lowest thermometer 36.
$
$
$
$
$
Wh.&flou
$
5,706,671 54,757,412 6,896,301 44,841,2
Taylor, Tex.-We have had no rain the past week.
61 5,651,975 71,747.290
'l 5,585,193 18,017,838 5.334,99
Mini- Corn&me
8 14,790,151 4,272,423 13,109,446
Rye
mum thermometer 34.
1,593
132
Oats&me'l
153.529
57,846
730,100
New Orleans, La.-We have had rain on two days during Barley
109.045
792,742
157,904
753,787
1,877 1,069,374
532,744 4,538,980
426,483 2,782.566
the week, the precipitation reaching twenty-eight hundre
dths
Bedst'f 11,351,587 74,576,317 12,873,0
of an inch. The thermometer has averaged 54.
88 64,963,266 10,508,785 88,546,618
Provisions 11,135,616 77.116,385
10,485.632 65,389,1
Vicksburg, Miss.-There has been rain on five
10,360,691 67,167,803
C'tle&hog
1,042,990 6,918,597 1317,405 6,190,2535
days
during
7 1,490.054 9.093,220
Cotton
71,227,897368,837,180 77,349,2
the week, the rainfall reaching ninety-one hundredths
4.130 37.872.378323,250,520
Peten.drc. 7,514.684 58,651,865 4.147,1468443,15
of
an
5
inch. The thermometer has ranged from 30 to 78,
55 6,429.244 56,817,833
oil 3,812,173 14,408,096 1,969,267 50,486,4
averaging Cot'se'd
7,950,039 1,204.000 8.797,35
2
•
50.
naA nil,
Helena, Ark.-Not much farming done. We
have
*Including flour retluctd to &morals.
had
rain and snow on two days during the week, the precipitatio
Note.-All the above figures are based on the monthly
preliminary returns issue
being sixty-eight hundredths of an inch. The thermomete n by the Bureau of Statistics, and cover about
96% of the total exports.
r
has ranged from 24 to 64, averaging 43.7.
HOUSTON, TEXAS, FIRE.-As a result of
the fire
Memphis, Tenn.-There has been rain the past
week to Houston on the 21st, a loss of 53,622 bales of cotton at
is
the extent of two inches and thirty-four hundredths on two
reported.
days. The thermometer has averaged 42, ranging from
26
MANCHESTER MARKET.-Our report
t)57.
ble to-night from Manchester states that the received by caMobile, Ala.-We have had rain on five days during
market is steady
the
for
yarns and firm for shirtings. Spinners aro
week, to the extent of two inches and thirty-nine hundredths.
considered to
be well und. r coqtract. We give the prices
The thermometer has ranged from 33 to 69, averaging 53.
for
to-day below
Selma, Ala.-We have had rain during the week to the ex- and leave those for previous weeks of this and last year for
tent of sixty-eight hundredths of an inch, on three days. The comparison.
thermometer has averaged 41, ranging from 27 to 73.
1912
Madison, Fla.-Rainfall for the week, three inches
1911.
and
fifty hundredths. The thermometer has ranged
Its S54- eot'n
from
33
81 lbs. Skirt- Cot's
to
75,
32s
Cop
mann
InQC.
averaging 54.
32s Cop
ings, common Mid.
Twist.
to finevt.
Upes
Tzoist.
to finest.
Savannah, Ga.-We have had rain on three days during
Uprs
the
d.
d. s. d.
week, the rainfall reaching one inch and eighty-five
s.d
d. d.
d. s. d.
8. d d.
Jan.
hundredths. Average thermometer 55, highest,70 and lowest
5 8%
9'4 5 44016 4
5.22 114 0 124 59 011
39. 12
8.08
854
9% 5 5 *6105
Charlotte, N. C.-We have had rain during the week, the
5.37 114 0 124 59 011 3
19 834
3
8.07
5 44010 6
994
5.40 114 0 124 59 011 3
precipitation being one inch and twenty-five hundre
28 84
8.05
9%
5
5 0I0 7% 5.50 114
12 5 9 011 3
8.02
The thermometer has ranged from 26 to 63, averaging dths. Feb.
2, 8 11-160
954 5 54010 8
5.77 11
Charleston, South Carolina.-There has been rain 44.
0 12% 5 9 011 3
854
7.88
@913-1
65 634011 0
on
three
5.90
10%
0
11%
5
8
011 1
9
days during the week, to the extent of one inch and
ig5
7.77
10 5 734011 1
5.85 10% 0 114 5 74011 0
fifty- 21 9
7.56
OA
105 734011 1
5.93 10 7-160
Ifla
fillA Kfla A AO 11A 0111 QIIS RIM
Pr/ 1,1
•
.
. .
. .
AI ARK I KOC GO 0,. ,.••
.
.
.
.
COM
114 5 7 010 104 7.51
WORLD'S SUPPLY AND TAKINGS OF COTTON..
1910-11.
1911-12.
Cotton Takings.
Week and Season.
Season.
Week.
Week. I Season.
5,082,558
6,144,1791
Visible supply Feb. 16
1,495.514
1,603,418
Visible supply Sept. 1
American in sight to Feb. 23t..- 358,325 12,196,816 164,211 10,059,327
66,000 1,234,000
126,000 1,266,000
Bombay receipts to Feb. 22.._
171,305
18,000
75,000
3,900
Other India shipls to Feb. 22_ _
12,000
922,000
853,700
26,700
Alexandria receipts to Feb. 21__
189,000
7,000
186,000
4.000
Other supply to Feb. 21*
6,663,104 16,160,934 5,349,769 14,071,146
Total supply
DeductVisible supply Feb. 23
6,033,226 6,033,226 4,985,417 4,985,417
629,878 10,127,708 364,352 9,085,729
Total takings to Feb. 231
525278/ 8,185,008 225,352 6,970,424
Of which American t
104,600 1,942,700 139,000 2,115,305
Of which other..,_
• Embraces receipts in Europe from Brazil, Smyrna, West Indies, &o.
t 53,622 bales deducted from American in sight since Sept. 1; burned
at Houston. To the extent of this amount (53,622 bales) deducted
from stock, and therefore from the visible supply, the total takings and the
Amrican for the weekin 1912 are increased. The true approximate
total takings for the week are 578,256 bales, and of American 471,656 bales.
INDIA COTTON MOVEMENT FROM ALL PORTS.
Feb. 22
Receipts at-
1911-12.
1910-11.
1909-10.
Since
Week. Sept. 1.
Since
Week. Sept. 1.
Since
Week. Sept. 1.
126,000 1,286,000 66,000 1,234,000 118,000 1,864,000
Bombay
Since September 1.
For the Week.
Exports
from--
Lxxxxxv.
THE CHRONICLE
572
Japan
Contineat. & China.
Great
Great Coed- Japan
Britain. neat. &China Total. Britain.
Bombay1911-12..
1910-11
4;11
1909-10
Calcutta1911-12_
1910-11._
1909-i0_ 1:666
Madras1911-12_
1910-11_
1909-10_
All others1911-12
1910-11_ 1,000
1909-10
Total all1911-12
1910-11
1909-10._
6,000 58,000 64,00
10,000
10;000
13,000 f8;666 35,000
1,000
400
3,500
16,000
11,000
400
1,00
1,000
3,500
17,00
11,000
1'31,900 67,900
28,000
1,000 27,000 _
5,000 24,000 18.000 47,000
223.
Total bales
NORFOLK-To Hamburg-Feb. 19-Reorichla, 223
BOSTON-To Liverpool-Feb.19-Devonian,4,360; Megantic, 468 4,828
400
BALTIMORE-To Bremen-Feb. 17-Koln, 400
699
To Hamburg-Feb. 20-Mountoswald, 699
5,097
5,097._
,
17-Haverford
.
IA-To
Liverpool-Feb
PHILADELPH
400
To Hamburg-Feb 14-Alesia, 400
100
To Antwerp-Feb. 15-Marquette, 100
SAN FRANCISCO-To Japan-Feb. 21-Korea, 6,110; Oceano,
17,513130
11,020
SEATTLE-To Japan-Feb. 21-Titan, 513
188
To China-Feb. 21-Titan, 188
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
'Great French Ger- -Oth.Europe- Mex.,
Britain. ports. many. North. South. &c. Japan,
140
____ 2,858 9,693 3,400
7,56(1 3,526
New York
---__ _
16,939 1,550 2,782
Galveston
-_15,037
Port Arthur_
.._____
300
____
5,200 5,514 2,413
New Orleans
___
10,417
Mobile
___
:::: 1,666
6,870 8,458
Savannah
___
___
____
____
Brunswick _ _12,840
Wilmington_ _ _10.712
_
__
___
223
Norfolk
.._ _
_-_4,828
Boston
--- __ _
___
1,099
Baltimore
-i66
400
5,097 --- Philadelphia
-_-_-_17310
____
San Fraancisco__ ____
188 513
Seattle
1,300
6000
14,000
9.300
13,000
33,000
2,000
8,000
4,000
5,000
16,00
8,000
700
5
1,000
7,700
24,005
13,000
4,000 44,000
26,000 102,000
16,000 70,000
1,650
Total.
27,177
21,271
15,037
13,427
7
18
42
0:3
10
12,840
10,722132
41:080208
5 597
17,710301
5,640 11181 21043 156,787
The exports to Japan since Sept. 1 have been 262,516 bales
from Pacific ports, 17,548 bales from Galveston, 28,975
bales from Savannah and 14,609 bales from New York.
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs.:
2,000 108,000 393,000 501,000
17,000 416,000 273,000 706,000
41,000 466,000 415,000 922,000
6,000
10,000
16,000
53,107 17,498 46,668
Total
Total.
2,000
2,000
3,000
156.787
Total
10,000 58,000
1,300 129,300
1,000 87,000
10,000 161,000 405,000 576,305
53,000 544.000 280,305 877,305
64,000 560,000 431,000 1,055,000
Liverpool
Manchester
Havre
Bremen
Hamburg
Antwerp
Ghent, via Antwerp
Reval
Gothenburg
Barcelona
Genoa
Trieste
Japan
Sat.
40
40
35
45
40
45
51
60
Tues,
40
40
35
45
40
45
51
60
__
Mon.
40
40
35
45
40
45
51
60
io50
50
50
55
70
50
55
70
50
55
70
Wed.
40
40
35
45
40
45
51
60
Thurs.
HOLI.
DAY
50
50
55
70
Fri.
40
40
35
45
40
45
51
60
50
50
55
. 70
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Feb. 9.
Feb. 2.
82,000
bales.. 75,000
Sales of the week
3,000
4,000
Of which speculators took__
1,000
5,000
Of which exporters took__
72,000
67,000
Sales, American
6,000
15,000
Actual export
84,000
118,000
Forwarded
1,014,000 1,027,000
Total stoek-Estimated
907,000015,000
Of which American "
102,000
Total imports of the week_ _ _ _ 185,000
92,000
164,000
Of which American
486.000
409.000
Amount afloat
415.000
355,000
Of which American
Feb. 16.
63,000
5,000
3,000
53,000
13,000
90,000
1,110,000
1,000,000
195,000
187,000
409.000
349.000
Feb. 23.
57,000
6,000
3,000
51,000
13,000
120,000
1,112,000
988,000
133,000
103.000
356.000
302,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
60,000 bales. Exports from all India ports record a gain of
39,900 bales during the week and since Sept. 1 show a
decrease of 301,305 bales.
The tone of the Liverpool market for spots and futures
ALEXANDRIA RECEIPTS AND SHIPMENTS OF each day of the past week and the daily closing prices of
COTTON.-Through arrangements made with Messrs. spot cotton have been as follows:
Choremi, Benachi & Co. of Boston and Alexandria, we now
receive a weekly cable of the movements of cotton at AlexSaturday. Monday. Tuesday, Wednesday. Thursday, Friday,
Spot.
andria, Egypt. The following are the receipts and shipFair
Fair
1
ments for the past week and for the corresponding week of Market,
Moderate
Fair
Moderate
business
bnsiness
12:15 ) Quiet,
demand. demand. demand.
doing,
doing.
the previous two years:
P. M. )
Elexandrta, Egypt,
February 21.
Receipts (cantars)This week
200,000
A AA9 RAA
1910-11.
1909-10.
90,000
A 017 AAA
A
32,000
Mqft Awe
•
Exports (bales)To Liverpool
To Manchester
To Continent and India
To America
This Since
This Since
This Sine
Week. Sept. 1. Week. Sept. 1. Week, Sept. 1.
8,250 142,478 10,000 169,628
___ 163,859
5,550 171,008
8,500 233,858 6,250 267,260
5,750 57,722 3,000 86,907
3,000 114,749
97,258
3-.866 214,617
700 50,949
28,000 604,866 19,250 687,654 7,200 477,573
Total exports
750 lbs.
Note.-A cantar is 99 lbs. Egyptian bales weigh about
The statement shows that the receipts for the week were
200,000 cantars and the foreign shipments 28,000 bales.
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 156,787 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:Total
NEW YORK-To Liverpool-Feb. 21-Cymric, 5,615 130 Sea Isl.
To Manchester-Feb. 17-Cervantes, 1,815 upland,
To Havre-Feb. 16-Horsley, 3,526
To Hamburg-Feb. 21-Presldent Grant, 140
To Genoa-Feb. 17-Calabria, 1,758
To Naples-Feb. 17-Calabria, 800__ _Feb. 19-Caronia, 300_
To Japan-Feb. 16-Erroll, 3,400
To Bmb-Feb.16-Steenturm, 1.314.....Feb. 21-Karema,
987
To Port Said-Feb.16-S,200
To Madras-Feb. 21-Braunfels, 1,192
GALVESTON-To Bremen-Feb. 19-Errington Court, 12,645_
To Hamburg-Feb. 19-Folgate, 4,294
To Gothenburg-Feb.21-Noruega, 1,400
To Christiania-Feb. 21-Noruega, 150
2,782
To Barcelona-Feb. 22-Conde Wilfredo,
20-Heliopolis, 15,037
PORT ARTHUR-To Bremen-Feb.
17-Jamaican, 5,200
NEW ORLEANS-To Liverpool-Feb.
To Havre-Feb. 17-Californian, 5,314
To Bordeaux-Feb.22-Nordkyn, 200 2,413
To Hamburg-Feb. 23-Senegambia,
200
To Mexico-Feb. 23-City of Mexico,
To Port Barrios-Feb. 22-Ellis, 100
MOBILE-To Bremen-Feb. 16-Glendene, 10,417
SAVANNAH-To Liverpool-Feb. 17-Enosis, 6,870
To Havre-Feb. 17-Muirfleid, 8,458
To Bombay-Feb. 17-Enos's, 1.000
BRUNSWICK-To Liverpool-Feb. 20-Nestoria, 12,840
WILMINGTON-To Liverpool-Feb. 19-Dacre Hill, 10.712_
5.83
Mid. Upi'd
1911-12.
bales.
5,815
1,945
3,526
140
1,758
1,100
3,400
8,301
200
1,192
12,645
4,294
1,400
150
2,782
15,037
5,200.
5,314
200
2,413
200
100
10,417
6,870
8,458
1,000
12,840
10,712
Sales
Spec.&exp.
6,000
500
5.86
5.97
5,90
5.94
5.93
8,000
500
10,000
2,000
7,000
1,500
8,000
1,500
7,000
2,000
Steady.
Quiet at
1 point
advance.
Futures. Quiet at Steady at
Market 1 102 pts. 2 points
5 decline, advance,
opened
Steady at
5@8 pts.
advance,
Steady at
8©7 pts.
decline.
Quiet at Barely sty
Market, 1 Steady at Steady at Quiet at
234©3 pts.7©734 pts. 6@7 pts. 4@434 pts. unch. to 1
4
nt. den_
dAplinp
P• If
I
dponnp
ndynnen
ndvftnnp.
Easy at
34(3134
ntn den_
The prices for futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
Mon.
Sat.
Feb. 17
to
Feb. 23. 1234 1234 1234 4
Tues.
Thus: 5 60 means 5 60-100d.
Wed.
Thurs.
Fri.
4 1234. 4 1234 4 12 3,4 4
p.m. P.m. p.m. p.m. p.m.
P.m. P.m. P.m. P.m. p.m. p.m. P.m
6934
__ __ 693,4 (1) 18
6634
74
February_ ____ 5 60 61 % 67 7234
-- -- 89 68 34 67%
5 5934 61 66% 72 7334 66 69
Feb.-Mch.
A
A
69
66
---.693469
88
74
34
72
%
67
Mch.-Apr. ....._ 5 60% 82
-_ __ 70 69 34 68%
.Apr.-May .... __ 5 61 A 62 68% 73 174 % 67 70
6934
__
-71
7034
171
68
17534
74
69
62
5
6334
May-June
71
-...70347034 6934
June-July __ __ 5 62 63 A 69 74 1753468
34 __ __ 70 70 69
July-Aug.. __ __ 5 61 34 63 6834 7334 75 6734 70
6634
17035
-...66 66 34 65
8334
69
6434
59
5
-_
Aug.-Sep_ -5734
_ _ __ 63% 63 62 x
64
Sept.-Oct. -- 5 54 58 61 A 68 16834 61
.6134 61 % 60 34
__.
Oct.-Nov _...... 5 52 34 54 60 6434 6634 59% 82
__ 60 60 14 59 35
__
61
A
58%
65
6334
59
53
51 %
Nov.-Dec.
_ _ __ 60 60 m. 5934
Dec.-Jan --_ 5 513453 59 63 653458 ,61
__ __ 80 6034 5934
Jan.-Feb - _ 5 5134 53 59 63 653458 ,61
8114 60 34
tit
__
C C2*4 54 60 64 6634 59 62
Feb.-Mch.
1234
BREADSTUFFS.
Friday Night, Feb. 23 1912.
Flour has until latterly continued to meet with little more
than a routine trade demand, never calling for more than
moderate quantities. But within a few days sales have increased at lower prices. Tilt output at Minneapolis, Duluth
and Milwaukee last week was 327,615 bbls., against 318,115
in the previous week and 293,690 last year. Latterly at the
Northwest the demand has increased somewhat, but shipping directions are only fair. Sales are behind production.
Some mills quote very low prices in competing for business.
To-day business:on the Pacific Coast is reported active.!
FE.' 24191:]
THE CHRONICLE
Wheat has declined partly because of continued large receipts, the existing large stocks in the world and the belief
that before long the shipments from Argentina will be greatly
increased. For several days there was ,no market open at
Buenos Aires, owing to the Mardi Gras and other religious
holidays, but the impression is that the tendency of prices
at Buenos Aires is downward. They declined there to-day.
Meantime the world's stock of American wheat is 114,157,000
bushels, against 74,543,000 a year ago and 52,753,000 at
this time in 1910. Furthermore, the world's visible supply
decreased last week only 776,000 bushels, against a decrease
of treble this, or 2,367,000 bushels, in the same week last
year. The world's stock of all kinds of wheat is 190,157,000
bushels, against 182,443,000 bushels last year and 144,353,000 the year before. In other words, there is, after all,
plenty of wheat in the world, according to the present consensus. Besides it is asked, who knows what the big bulls
of Chicago may do on any important advance? Would it
not be natural to expect them to part with some of their
load? Speculation, therefore, halts. Some apprehension
has existed that the late mild weather might be succeeded by
a damaging freeze and the alarmist is not entirely silent.
He has been sending reports of fields full of water in Ohio,
Illinois, Indiana and Missouri, merely waiting for a freeze
to damage the crop, and so on. On the other hand, the
Grain Dealers Association, which is supposed to have reasonably trustworthy sources of information, states that the outlook for the crop is very favorable, some of its members
naming as high as 120,000,000 bushels as the next crop in
Kansas, as against 51,030,000 last. year and 62,480,000 the
year before. If this estimated yield turns out to be correct,
Kansas will this year exceed the crop of any previous year.
Still, it is entirely too early for estimates in actual figures
from any source to command' very serious attention. From
the continent of Europe favorable crop reports are being
received. The cash trade is slow in this country. The
receipts at the West, even at this late date in February, far
surpass the expectations at one time entertained, and many
draw the inference that the American crop has been underestimated. To-day prices, though lower at one time on poor
cables, light clearances and large receipts, rallied, and ended
higher, owing to covering on some unfavorable crop reports.
NEW YORK.
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
10234 10234 10134 10134 Holt- 10234
May delivery in elevator
104 % 104 % 104
day. 10434
104
July delivery in elevator
100
100% 100 54 10034
101 %
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
100 % 100 % 99 % 100
Holl- 100
July delivery in elevator
94 A 9534 95 34 9534 day. 98
September delivery In elevator_
93 54 94 h 93% 94 %
94%
573
GRAIN.
Wheat, per bushel-f. o. b.
Corn, per bushelCents.
N. Spring, No. 1
$1 20 %
No. 2
f.o.b.
7234
N. Spring, No. 2
1 1634
Steamer ___ _elevator
nom.
Red winter, No.2
1 02%
No. 3
elevator
nom.
Hard winter, No. 2
1
Rye, per bushelOats, per bushel, newCents
No. 2 Western
97
Standards
60
State & Pennsylvania Nominal
No. 2 white
60
Barley-Malting
$1 22@$1 32
No. 3 white
60
1034
I
WHEAT IN HUNGARY, ROUMANIA AND JAPAN.
The Department of Agriculture has cable advices dated
Feb. 17 1912 from the International Institute of Agriculture
at Rome, Italy, giving the following information:
The area planted to winter wheat this season In Hungary'(including
Croatia and Slavonia) Is 8,926,000 acres; to winter rye 2,544,000
acres;
to winter barley 160,000 acres. The area planted to winter wheat
In
Roumania is 5,041,000 acres; to winter rye 282,000 acres; and
winter
barley 91,000 acres. The area planted to winter wbeat in Japan
Is reported as 1,196,000 acres; and winter barley 5,000,000 acres.
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years has been:
Receipts at-
Flour.
Wheat.
Corn.
Oats,
Barley. I Rye.
bbls.1961bs. bush. 60 lbs. bush. 560s. bush. 32 tbs. bush.481bs.
bu.56 lbs.
Chicago ____
155,198
322,800 9,061,000 1,460,500
349,200, 52,000
Milwaukee__
28,200
159,850
491,660
253,800
358,800.
58,300
Duluth
14,390
109,025
68,533
3,8981
2,755
Minneapolis
2,202,480
245,370
405,040
305,590
20,200
Toledo _
80,000
97,300
73,500
Detroit
3,971
35,250
103,147
24,575
Cleveland _
800
4,295
31,610
46,912
1,250,
1,000
St. Louis_
76,770
310,800
940,800
396,100
6,400'
Peoria
99,400
21,000
714,084
156,612
48,200;
2,200
Kansas City.
553,200
996,000
146,200
I
Total wk.'12
328,729 3,798,700 7,680,971 , 3,031,772 1,073.338 136,455
Same wk.'11
268,128 2,389,825 6,035,096 2,927.081
830,982,
62,709
Same wk.'10 .419,726 3,620,538 6,427,001 3,487,111 1.832,040
125,563
I
Since Aug. 1
1912
6,957,232 183,693,840 119,192,157 90,297,794 51,838,849 6.379,925
1911
9,620,173 161,572,256 122,626,793 124,746,319 48,263,920 145,919
1910
12.834 497 188.428,894 107,181,499 27,107 249 84 271 792 4 000 750
Total receipts of flour and grain at the seaboard ports for
the week ended Feb. 17 1912 follow:
Receipts atNew York
Boston
Portland, Me
Philadelphia
Baltimore
New Orleans ..
Norfolk
Galveston
Mobile
Montreal
Flour,
bbls.
111,608
23,940
5,000
35,638
38,808
28,515
Wheat,
bush,
153,400
95,285
305,000
72,359
19,763
10,800
28,000
4,000
10,293
18,201
Corn,
bush,
249.750
155,420
47,000
145,894
907,926
371,850
143,000
3,000
3,000
729
Oats,
bush.
251,625
96,964
Barley,
bush.
51,876
1,304
42,000
124,922
37,461
78,500
Rye,
bush.
6,900
6,709
11,608
6,563
Indian corn has declined under large receipts, but only
Total week 1912._ 291,802 1,156,808 2,070,569
601,080 101,743
slightly, for the reason that the cash demand; especially at Since
13,604
Jan. 1 1912..2,130,454 7,972,683 14,376,680 4,332,139 1,621,924
85,869
the Southwest, has been good. The export business has Week 1911
335,772 1,143,245 3,339,615
706,057
45,186
17,533
1911...2,445,483
Since
Jan.
1
5,842,701
21,994,574 7,146,815 859,454 106,161
been rather small. but the domestic demand has been in the
main so good as to' interpose something of a barrier to any
Receipts do not includa grain passing through New Orleans for foreign
ports
through
on
lading.
of
bills
very marked decline of prices, although it is true that of late
the pre§sure of supplies has caused,a downward drift of cash
The exports from the several seaboard ports for the week
quotations. In fact, on Monday cash prices at the West ending
Feb. 17 are shown in the annexed statement:
fell 1 to 2 cents. Farmers are offering less freely now,and
Corn, Flour,
Oats,
Rye, Barley, Peas,
although liberal receipts'may continue for a week or ten days, Exports from- Wheat,
bush.
bush.
bbls.
bush,
bush,
bush.
bush.
232,530 506,496 33,945
it is believed that the crop movement will then decrease. New York
500
336
Me.... 305,000
47,000
5,000
42,000
Big "professional" operators at Chicago have apparently Portland,
Boston
125,989
17,407 22,681
1,280
been scalping the market, buying May on declines and selling Philadelphia ____ 379,000
1,000 3,000
16,000 297,214
3,986
out on rallies. The visible supply in this country is 13,858,- Baltimore_
New Orleans
248,000 11,000
1,000
000 bushels, as contrasted with a supply about 6,000,000 Galveston.
5,000
3,000
4,000
bushels larger than this a year ago and 8,000,000 larger at Mobile
this time in 1910. To-day prices advanced on a good cash
Total week.. 1,512,519 1,306.117 122.612
2,780 ----- 92,000
336
1,244,024 2,474,113 152,047
and speculative demand. The country roads at the West Week 1911
11,666
2,653
are in bad condition and farmers are selling little.
The destination of these exports for the week and since
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
July 1 1911 is as below:
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
nom. nom. nom. nom. Ho!!- nom.
May delivery In elevator
nom. nom. nom. nom, day. non).
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery In elevator
6754 67 % 6834 6734 Holl- 68 54
July delivery in elevator
6734 6734 6634 6734 day. 6834
September delivery in elevator_ _ _ _ 67 34 67 34 6634 67 54
68
Flow
Wheat---- -Corn
Since
Since
Since
Week
July 1
Week
July 1
Week
July 1
Export* for week and Feb. 17.
1911. Feb. 17.
1911. Feb. 17.
1911
Since July,1 to-bbls.
bbls.
bush.
bush.
bush.
bush.
United Kingdom.., 77,161 3,093,856 015,957 36,180,853
77,161
3,093,856
Continent
17,086 1,293,301 596,562 23,564,805
17,086 1,293,301
Sou. & Cent. Amer_ 10,803 676,882
468,872
10,803
676,887
West Indies
17,181 827,673
......
11,088
17,18X
827,673
Brit. Nor. Am. Cols_
346
36,046
346
36,046
Other Countries__
35 219,430
23,000
35
219,430
Oats have as a rule presented a steadier front to the forces
making for lower prices than any other grain. The visible
supply is some 6,500,000 bushels smaller than a year ago.
Total
.122,612 6,147,188 1,512,519 60,248,618 122,612
Of late the country offerings at Chicago have been small.
6,147,188
152,047 5,742,757 1,244,024 35,913,428 2,474,113 27,616,029
The cash demand there from the East has been good. Kan- Total 1910-11
sas City reports state that the demand for oats there is better
The world's shipments of wheat and corn for the week
than for any other grain. Large interests still seem to be ending Feb. 17 1912 and since July 1 1911 and 1910 are
shown
identified with the bull side at Chicago. To-day prices ad- in the following:
vanced. There is no pressure to sell. Large interests were
buying May at Chicago.
Wheat.
DAILY CLOSING PRICES OF OATS IN
Sat, Mon. Tues.
Standards
6034 60
60
No. 2 white
6034 60
60
DAILY CLOSING PRICES OF OATS FUTURES
Sat. Mon. Tues,
May delivery in elevator
52 % 52 % 52 A
July delivery in elevator
47% 4734 47%
'September delivery in elevator__ -- 41
41 % 4034
Corn.
NEW YORK.
The following are closing quotations:
Winter low grades__
Winter patents
Winter straights
Winter clears
Spring patents
Spring straights
:Spring clears
$3 50
5 00
4 35
4 00
5 15
4 80
4 10
Wed. Thurs. Frt.
60
Holt- 60
60
day. 60
IN CHICAGO.
Wed. Thurs. Fri.
52 % Holl- 62
4734 day
4734
4034
4134
54
FLOUR.
$375 Kansasstraights, sacks $4 90@$5 10
5 15 Kansas clears, sacks___ 4 40
4 60
4 50 City patents
6 SO
6 60
425 Rye flour
450@520
5 40 Graham flour
4 151 4 60
5 10 Corn meal, kiln dried
3 65
3 70
4 75 Buckwheat. cwt
2 75
2 85
Exports.
1911-12.
Week
Feb. 17.
Since
July 1.
1910-11.
Since
July 1.
1911-12.
Week
Feb. 17.
Since
July 1.
1910-11.
Since
July 1.
Bushels. Bushels. . Bushels. Bushels. Bushets,
Bushels.
North Amer. 2,192,000 114,100,000 80,057,000 1,394,000 21,635,000 25,095,000
1,280,000 57,522.000 147,080,000 1,386,000 28,587,000
Russia
1,280,000 55,217,000 70,592,000 1,495,000 50,816,000 9,038,000
Danube
17,931,000
1,024,000 25,306,000 37,634,000
Argentina
60,000 88,186,000
2,024,000
33,380,000 29,064,000
Australia _
832,000 29,178,000 29,718,000
India
88,000 7,225,000 6,018,000
0th. countr-s
8.720.000 321.928.000 400.163,000 4,225.000 101.008.000
140.250.000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Total
packages, valued at $303,060, their destination being to the
points specified in the table below:
Total.
Bushels.
Bushels.
Bushels. Bushels.
Feb. 17 1912_ 23,072,000 9,680,000 32,752,000 6,163,000
Feb. 10 1912.. 22,712,000 7,920,000 30,632,000 5.245.000
Feb. 18 1911_ 17,968,000 25,120,000 13,088,000 4,148,000
Feb. 19 1910_ 27,040,000 12,800,000 39,840,000 2,635,000
Feb. 20 1909.. 30,320.000 21,280,000 51,600,0003.145.000
Bushels.
7,174,000
7,098,000
6,214,001
4,250,000
2,295,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Feb. 17 1912, was as follows:
lx Thousands.
New York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
afloat_
Toledo
Detroit
"
afloat.
Chicago
'
afloat.
Milwaukee
Duluth
"
afloat
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
UNITED STATES GRAIN STOCKS.
Amer. Bonded
Bonded
Amer.
Bonded
Wheat. Wheal. Corn. Oats. Oats. Rye. Barley. Barley.
bush. bush. bush. bush, bush. bush. bush. bush.
7
1,365
319
322
134
76
17
583
__
61
2
2
13
__ __
345
27
217
120-184
39
-135 --i. ::::
1,134
17 2,568
89
__ _
20
__ __
400
158 .....
__
..... ....
4
143
2.116
24
159 'ilia -id -82 "M'i
- eiii
180
129
106
2,432
283
393 [1275
2
1,397
198__
-§6.5
-- -130
224
____
27
428
___
126 ---__ __
'Hi "i4i
13,474
3:462 2:486
-- 3,899
-_-_ -_-_
999
----253
187
__. -iji
.. J(i --944
- - -115
1 1,278 -362
281
-i4.it
7,596
8
244
189
---1,989
-,
ii
49
18,303
658
-- -92
451
____
7
2,651
25
1,005
69 ---3,970
470
860 ------:i -_
---24
28
307
604
---945 1,067
--JO -i(h
681
----
759 1,082 2,806
608
1912...58,436 1,559 11.330 13,599
378 1,096 2,694
1012.59,815 1,690 10,113 14,382
626
11.383 16,299
310 1,333
1911 _ _42,478
737 3,000
12,294 8,698
1910..25,827
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Canadian Bonded
, Wheal. Wheal. Corn. Oats. Oats. Rye. Barley. Barley.
bush. bush, bush. bush. bush. bush, bush. bush.'
In Thousands.
64_.
288 .......
00
_
Montreal
____ ....1.9
5,109
Port Arthur
-----__
3,801
-__ 1.421
Fort William
------___
5,330
80
_.. ---afloat.
---"
---3,976
1,199
Other Canadian
---Feb. 17
Feb. 10
Feb. 18
Feb. 19
3 4,952
--190
4 5,414
-__.
96
____
12
841
82
......
27
294
149
___
SUMMARY.
Bonded
Bonded
Bonded
Wheal. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush, bush, bush, bush, bush
1;1 Thousands,
bush, bush. bush.
American ........58,430 1,559 11,330 13,599
759 1,082 2,806
808
Canadian
23,080
3 4,052 ....
90
_ __
___
Total
"(Total
,, Total
1, Total
Feb. 17
Feb. 10
Feb. 18
Feb. 19
1912..23,080
1912..22.)27
1911._ 9,770
1910...10,937
Total Feb. 17 1912_81,516 1.559 11,333 18,551
759 1,082 2,896
608
628
Total Feb. 10 1912..82,742 1,690 10,117 19,796
378 1,096 2,790
___ 11,395 17,140 ......
310 1,415
Total Feb. 18 1911_52,248
737 3,049
Total Feb. 19 1910..37,764
____
___ 12,321 8,992
Note.-In the grain stocks of the United States it will be noticed that the stocks
in bonded warehouses are now given as separate items. They will be reported regularly hereafter by the New York Produce Exchange.
THE DRY GOODS TRADE. .0.
New York, Friday Night, Feb. 23 1912.
Firm conditions continue in the drygoods markets, with
buyers evincing more willingness to place orders for future
delivery. The strike situation at Lawrence, Massachusetts,
is being closely watched by manufacturers of cotton goods,
as they fear should the strikers in the mills there be successful
in obtaining the 54-hour week, operatives elsewhere would
make like demands. The fact that cotton goods are sold
upon a very narrow basis makes manufacturers anxious as
to the outcome of the labor dispute, for should the same
demands be made upon them, it would mean a complete
• change in the selling prices for finished goods. Request for
staple cotton goods continues active and buyers are beginning
to have more confidence in values. There have been advances in ,nearly all lines of gray goods, sheetings and
prints,and,aside from a shading of nearly a cent in the price
of duck, there have been no reductions worth notice. In
the market for print cloths sales are being put through at
firm prices but the volume of business is small, owing to the
fact that buyers are only operating against immediate and
near-by requirements. Fluctuations in the market for
cc)tton futures are causing buyers to display caution concerning their purchases against the future, being impressed
with the belief that they may obtain more satisfactory
prices later. Fluctuations in cotton futures so far, however, have failed to have any effect upon the ideas of sellers.
The fact that spot supplies are well cleaned up and the
majority of the mills sold ahead precludes the possibility
of sellers receding from their present strong position. What
sellers most desire is a steady and reliable price for cotton.
The frequent fluctuations in the market for raw material
serve to unsettle buyers and retard business generally in
the market for finished goods. The price situation on
cotton yarns continues to stiffen as the mills become better
situated on forward business, despite the fact that this
increase in price, together with inability to make satisfactory deliveries has somewhat checked the volume of
sales. Owing to the firmer situation in the yarn markets,
underwear and knit goods manufacturers have been compelled to make sharp advances in the price of finished goods.
While export business is more or less uncertain,substantial
orders on sheetings are reported booked for both China
and Red Sea account.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending Feb. 17 were 4,630
-----1812
Total.
Bushels.
13,337,000
12,343,000
10,362,000
6,885,000
5.440,000
New York to Feb. 17
Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
a
[89
7
------7
873
32
169
1,086
286
93
4,603
2,787
5,256
442
5,532
339
2,559
8,404
5,870
47,447
2,465
4,630
Total
-----1911
Since
Week. Jan. 1.
29
477
46
103
1,084
9,495
1,746
5,001
160
1,975
1,069
8,005
134
503
332
2,443
1,604
10,599
172
7.000
Since
Week. Jan. 1.
35,874
The value of these New York exports since Jan. 1 has
been $3,650,950 in 1912, against $2,833,210 in 1911.
Demand for domestic cottons is becoming more general
and steadier. Buyers are not only taking goods they need
to meet immediate requirements, but are ordering ahead.
Quick deliveries are hard to obtain and their stocks are too
small to meet the steady call from retailers. Prices are firm
with a number of advances recorded. Fruit-of-the-Loom
xx 4-4 bleached and Stark crashes have been marked up
%c• a yard. It is reported that orders on bleached goods
have been quite liberal since the first of the year and that
two or three of the leading brands have been well sold.
Values on denims, tickings, cheviots and other coarse yarn
goods are hardening, as the demand is active and orders
booked ahead are of sufficient volume to take care of a very
substantial portion of the production. Gingliams are receiving considerable attention and the staple lines are being
well taken. The most uncertain factor in the general situation is the export demand, but with prospects of more settled
conditions in China, views regarding the future are optimistic.
Print cloths and convertibles are in steady demand, with
mills firm. Gray goods, 383' -inch standard, are quoted
steady at 4 7-16c.
WOOLEN GOODS.-Increased activity is noted in men's
wear and dress goods. An encouraging feature has been the
improvement in the demand for fancy worsted suitings, and
prices on varieties that were opened low have been advanced
2% to Sc. a yard. Overcoatings have been in active request, while carded woolen suitings have moved along in an
encouraging way. Serges have also been well taken, with
stocks in first hands reported as being the smallest in years.
FOREIGN DRY GOODS.-Linens are active and in
many cases stocks have been reduced to such low levels that
buyers have found it hard to secure desirable deliveries.
Inquiry for fall goods has broadened considerably. Colored
dress linens are in particularly good demand. Burlaps are
in light supply and very little business has been transacted
in spots during the past week. Prices remain firm, with
light-weights quoted 20c. higher at 5.45c. and 10%-ounce
unchanged at 6c.
Importations and Warehouse Withdrawals of Dry Goods.
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[VOL. Lxxxxiv.
THE CHRONICLE
1 1912 AND 1911.
374
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FRB. 24 19321
THE CHRONICLE
STATE MID CITY
DEfilitilVtENT,
News Items.
575
We think this case distinguishable from those decisions
hi other States
where, under other statutes, certain indebtedness
for school purposes has
been aggregated with that for city purposes to determine
the debt limit as
fixed by comprehensive constitutional provisions
or general application.
which declare that no political or municipal
shall become indebted in any manner for any purpose to any corporation
amount in the aggregate exceeding a certain sum. Here a city charter, dealing
with
a
particular subject, fixes a limit as to that subject.
Guided by the foregoing considerations, we are constrained
to hold that
the school bonds and library bonds of the city
of Detroit were not intended
to be, and are not, Included in the 2% limit of
indebtedness for municipal
purposes specified in the charter.
As these conclusions relieve the other bonds Involved in
this controversy
from the imputation of exceeding the debt limit,
the special questions relating to them become unimportant and need not be
further considered.
City of Tokyo(Japan).—Loan Offering.—The 42,000,000
City of Tokyo, Japan, 5% loan of 1912, purchased by Kuhn,
Loeb eic Co., is offered for public subscription at 95% and
accrued interest, lists to be closed at 3 p. m. on Feb. 27 or
earlier. Subscriptions will also be received in Boston by
As a result of this decision the borrowing capacity of the
Kidder, Peabody (lc Co. The rate of exchange fixed for
city increased by the amount of school bonds ($3,463,000)
subscriptions in New York is $4 87X per 41 sterling, at and is
library bonds ($25,000) now outstanding, less the perwhich rate the New York issue price (figuring $5 per 41 centage of the sinking funds
that will have
be set off
sterling, according to the usage of the New York Stock against such debt. Concerning the decision,toCity
CompExchange) is the approximate equivalent of 973% and troller Heineman says, according to the Detroit"Free Press":
This entirely relieves the city's financial troubles, which
accrued interest. Payment for bonds allotted is to be made troubles
were more
of law and bookkeeping than anything else. It removes
the cloud
in New York funds as follows: On application $25 per 4100 from all of the city's securities, and we
will now be able to go ahead and
Issue and sell all of the bonds that have been authorized, Including
$288,000
bond and on March 15 $452 77 per bond, which includes an for
sewers, $95,000 for the city hospital, $636,000 for schools, $216,000
for a,
library site, $100,000 of garbage bonds, $40,000 for a west
adjustment of the accrued interest, a total of $477 77.
side
bathhouse and $125,000 for voting machines, besides $300,000 contingent
It is officially stated that the proceeds of the total loan bonds for the art museum and $42,000 for sewers.
Some of these bonds will never be issued, as those authorized for voting
(49,175,000, the balance after the New York allotment to machines,
for instance, but if we were to sell them all there
still be a
margin of nearer $3,000,000 than $2,000,000 for the issuancewould
of more bonds
be issued in London and Paris) will be applied to the extent this
year if the city desires. I guess that will provide all the money
of about 46,542,000 to the purchase by the Tokio Govern- the city will care to spend until we have time to amend the charter. that
ment of the electric tramways and electric lighting underGrand Rapids, Mich.—Voters Defeat Proposed Charter.—
takings acquired from the Tokio Railway Co., Ltd., and the Newspaper dispatches from Grand Rapids state that the
balance will be employed for the extension of these works. proposed new charter incorporating the initiative, referendum,
The principal and interest is specifically secured by a first and recall, civil service, control of rates of public utilities
non-partisan elections was defeated Feb. 20 by a macharge upon the annual net revenue of these undertakings jority of 1,282 votes. A total
of 12,470 votes was cast, which
and is also secured by a general charge upon all the other is said to be about two-thirds the normal vote at a regular
revenues of the city, ranking pani passu with the sterling election.
loan of 1906 except as regards a small special charge in
Houston, Tex.—Conflagration.—Fire which started shortly
favor of that loan. The city's assets are valued at 34,309,013 after midnight on Feb. 21 destroyed a part of the residence,
yen. The estimated revenue of the city for the fiscal year wholesale and factory districts of this city. The total loss
of property is estimated to be in the neighborhood of $6,1912 is 17,463,909 yen, while the expenditure is estimated 000,000.
The burned area is said to cover 57 city blocks;
at 13,665,533 yen, exclusive of the operations of the tram- over 50,000 bales of cotton
are also reported to have been
ways and electric-lighting plants. The new loan will be re- burned.
deemed on or before Sept. 1 1952, by means of an accumuIllinois.—Suprenze Court Declares Invalid University of
lative sinking fund of 1% per annum, beginning in 1916, to Illinois Appropriation Act.—Yesterday
(Fob. 23) the State
be applied annually to purchase of bonds when the price is Supreme Court declared unconstitutional the Act of the last
under par, or by drawings at par when that price is exceeded. General Assembly providing for an appropriation for the
The municipality, however, reserves to itself the right to maintenance of the medical department of the University
of Illinois.
accelerate redemption at any time by purchase and also any tively small,While the appropriation involved is comparaconsiderable importanc
time after ten years from issue, on six months' notice, to re- Court's ruling, inasmuch as it is based e is attached to the
upon the failure of the
pay at par through drawings any portion or all of the amount Legislature to print the bill after its adoption and to enter
outstanding. Application will be made in due course to it as an amendment in the journal. The Court is unanimous
list the sterling bonds on the New York and London Stock in finding that the bill should have been printed as the law
Elxchanges. [A cable from Paris Feb. 21 says that the city specifies, but Justices Carter and Dunn dissent as to the
finding that it should have been entered in the journal.
of Tokyo loan was a great success there—premium now 1 Yi%]
Attorney-General Stead says the validity of bills passed in
(For further details see advertisement on a preceding page.)
the last forty years is involved. It has been the practice,
Antigo, Langlade County, Wis.—Commission Form of it is also said, to jam bills through during the final hours of
Government Defeated.—The question of adopting the com- legislative sessions without regard to requirements of the
mission form of government was defeated, it is stated, at an constitution. Among the most important measures said
election held Feb. 20 by a vote of 345 "for" to 619 "against." to be affected are the Corporation Act, Jurors' Acts, GarChamberlain, Brule County, So. Dak.—Sale of Water nishment Act, Australian Ballot Act, Senatorial ApportionBonds Enjoined.—According to the Mitchell, So. Dak., "Re- ment under which members of the General. Assembly have
publican," an injunction was recently issued by Judge been elected for lest ten years, Primary Elections Act,;BankFrank B. Smith, restraining the City of Chamberlain from ing Act and Game Law.
Initiative and Referendum.—U. S. Supreme Court Deselling the $20,000 water-works bonds offered on Jan. 29.
V. 94, p. 294. The action of the Court, it appears, was clares Question to be Political and Governmental and Not
based on the allegation that the election at which the bonds Within Reach of Judicial Power.—See Pacific Telephone (cc
were authorized by a vote of 200 to 66 was defective because Telegraph Co. among our "Investment News" items on a
of the short period of notice in the call. It is said that a new preceding page.
election will be called at once.
Merrill, Wis.—Commission Form of Government Defeated.—
Detroit, Mich.—Bonded Debt of Library Commission and The question of adopting the commission form of governBoard,of Education not to be Considered in Computing City's ment was defeated by a majority of 100 votes, it is reported,
Borrowing Capacity under City Charter.—In a decision ren- at the election held Feb. 20 (V. 94, p. 365).
dered Feb. 16 the State Supreme Court held that the Board
Minnesota.—U. S. Supreme Court Decision Sustaining
of&Education and the Library Commission are corporations
separate from the city and therefore their bond issues should Gross Earnings Tax.—See "United States Express Co." in
not.be included in the 2% limit of indebtedness for municipal our "Investment News" on a preceding page.
Nevada.—Special Session of Legislature.—Governor Oddie
purposes specified in the city charter. This ruling was
made in the suit brought up from the trial court, where it issued a proclamation convening the Legislature in special
was.held that a bond issue in excess of $120,000 was illegal session Feb. 23 to provide for a State loan for the purpose
for the reason that the bonded debt of the city would be in- of enabling the State to transact business on a cash basis
creased beyond the 2% limit based on the assessed valuation and to provide for a State tax levy.
The last regular session commenced Jan. 16 1911 and
.of its!real and personal property to which it is restricted by
the city charter and the so-called Home Rule Act of 1909. ended March 16 1911.
In support of the proposed bond issues, it was urged that the
Newark, N. J.—Assessment for 1911 upon Property of
debt limit had been increased to 3% by Act No. 302 of the Prudential Insurance Co. Ordered Reduced by State
Board of
Local Acts of 1911. This Act is declared unconstitutional Equalization.—On Feb. 13 the State Board for
the Equalizaby the higher court. The Court says, in part:
tion of Taxes at Trenton ordered that the assessment for
r.,Tho:litnit of gross debt of the city of Detroit for strictly municipal pur- 1911 made by the city of Newark upon the
property of the
poses was and is fixed by the charter at 2% of the assessed valuation, and
Prudential Insurance Co. be reduced from $31,483,800 to
under the constitution and Home Rule Act it can only be changed
by a
general revision of the city charter made pursuant to the provisions
157,346,767
reduction
this
Of
.
$23,441,441 represents the
of the
Home Rule Act.
r4,TheILegislature,enacting a comprehensive scheme of local government fund reserved by the company upon its deferred dividend
for a large and rapidly growing city, omitted absolutely
policies,
the
Board
State
having
followed the ruling made
from its charter
any provision for the maintenance of public schools and
wholly ignored the Dec. 28 1911 by tile New Jersey Supreme Court in
subject. We must conclude this was intentionally done with
the case
that other laws controlled the subject of education, and otherthe knowledge of the Mayor and Common Council of City
of Newark vs.
been and would be made for financial support of time school provision had
system,
Vivian
hence
M.
Lewis
(Commissi
oner of Banking and Insurance)
the;charter was confined strictly to "local government to
the exclusion of
"education." and the limit of indebtedness was directed"strictly
to expendi- et al. In that case the Court decided that by the setting
turefer local government, itsInecessities:and conveniences
.
aside of such a fund as provided by Chap. 71, Laws of 1907
576
THE CHRONICLE
[VOL. Lxxxxiv.
(p. 132) a fixed liability to deferred dividend, policies is and sold. It is stipulated that such bonds and notes are
created, which forms an essential part of the total policy not to be a debt or obligation of thelState of South Carovalues required to be computed by the Commissioner of lina. It is provided also that:
Banking and Insurance, and to the amount of which the
All lint cotton properly baled and such other commodities as the Corn
company's assets are exempt from taxation, together with mission deem proper shall be received for storage at said State warehouse
the charges for same shall be fixed by the State Warehouse Commission.
the general liabilities on policies pursuant to the taxing Act and
Each bale of cotton shall be weighed, graded and numbered, so as to be
of 1906 (P. L., p. 418). This question was previously dealt identifle'd at all times, the grades to be according to the standard grades
by the United States Government. The person depositing,the
with in the case of Mayor, &c., of Newark vs. State Board of adopted
cotton or other commodities shall be given a receipt from the Commission
Equalization, 80 N. J. Law, 258; 77 Atl., 795, affirmed by signed by the manager of the warehouse in which the cotton or other
is stored, which receipt shall give the weight, grade and numthe Court of Errors and Appeals in Vroom, but was not commodity
ber of each bale of cotton, or description of other commodity. The said
finally set at rest, although the newspapers, in speaking of receipts to be transferable only by written assignment and the cotton or
commodities Which it represents deliverable only upon the production
the decision at the time, erroneously made it appear that the other
of the original receipt, which is to be marked "canceled" when the cotton
earlier decision of the higher Court (Court of Errors and or other commodity is taken from the warehouse. All cotton or other
on storage shall be fully insured.
Appeals) sustained without qualification the position of the commodities
In fixing the
for handling and storing cotton, the Commission
city in holding. that the special reserve fund is an asset tax- shall, in additioncharge
to providing a sinking fund to retire the bonds, previously
to, also provide a sinking fund for the retirement of the amount
able against the company. What the Courts did decide was referred
by the State in fifty years.
merely that no new liability was created by the annual ascer- advanced
The charges on cotton shall, after the system herein provided for has
tainment and apportionment of this fund in the manner pro- been put in operation, cover all current operating expenses, it being the
to make this system self-sustaining, and at the same time give
vided by the Act of 1907, but that the Act simply required intention
storage at actual cost, as nearly as practicable.
The Warehouse Commission is to have the power to acquire by lease
that to be made definite which was theretofore uncertain;
standard-built cotton warehouse in the several towns of the States and
that the amount ascertained and apportioned to deferred any
operate then in all respects, under the provisions of this Act, as applied
dividend policies pursuant to the Act of 1907 was a "liability in the State warehouse.
Any person offering cotton for sale in the open market can have his
on policies," but that, assuming that the Commissioner of cotton
weighed and graded at any warehouse operated by the State, and
Banking and Insurance in his computation of the total value shall receive his certificate setting forth the number, weight and grade of
bale. The fee for such services not to exceed the sum of twenty-five
of policies had failed to include the amount in question when each
cents for each bale so weighed and graded.
he should have done so, his computation was conclusive on
The State board shall make an annual report of the operations of the
system to the General Assembly.
the taxing officers and could be questioned only by direct warehouse
The sum of $5,000 is appropriated for the contingent expenses of said
attack in the Courts. Under this opinion the insurance com- board, also $250,000 divided into two equal
annual installments of $25,000
1912 and $125,000 in 1913 to carry out the purposes of the Act.
pany was required to pay the tax assessed upon its reserve in Prorided,
that the Attorney-General of the State immediately after the
fund in 1909 and 1910, but it was left open for the Commis- approval of this Act shall institute in the Supreme Court,a proceeding against
the Constitutionality of
sioner of Banking and Insurance to decide in the future the said Commission for the purpose of determining
Act and that no part of the moneys herein and hereby appropriated shall
whether to include the amount of the deferred dividend fund, this
become available until the termination of said proceedings.
in whole or in part, in his annual valuation. This question
It is thought quite likely that the bill will be vetoed by
was taken up by the Commissioner in making his valuation the Governor.
for 1911, and hence the broad question of the liability of the
Sparta, Monroe County, Wis.—Commission Form of
company to taxation on its deferred dividend fund came
before the Court for adjudication in concrete form, free from Government Defeated.—The election held Feb. 20 resulted in
any technical contentions involving the conduct of the taxing the defeat of the commission form of government (V. 94,
and banking and insurance departments, and has been p. 366). There were 131 votes "for" to 241 "against."
decided favorably to the company. In the 1911 valuation
Wausau, Marathon County, Wis.—Commission Form of
the Commissioner designated the total net policy values as Government Rejected.—By a vote of 738 "for" to 2,007
$174,421,973, and adds the item of $23,441,441 apportioned "against," the question of adopting the commission form of
to deferred dividend policies, making a grand total of $197,- government was rejected at an election held Feb. 20, it is
863,414. The Prudential, in making return to the taxing reported.
authorities, returned this "grand total" as the liabilities on
Willow Marsh Drainage District, Jefferson County, Tex.—
policies, and claimed exemption for all of it. The assessors
Bonds.—The
conceded that the item of $174,421,973 should be allowed, County Commissioners Decline to Issue Drainage
Commissioner, after a hearing Feb. 14, declined to
but declined to allow the amount apportioned to deferred County
action in the matter of a request urged by certain
dividend policies. Application was then made by the city take anyand
taxpayers to issue $46,000 bonds authorized at
for a writ of mandate to compel the Commissioner to correct citizens
election held in 1908 for drainage improvements in the
his valuation so as to clearly show the total value of the out- an
Willow Marsh District. Newspaper accounts state that
standing policies on Dec. 31 1910 to be $174,421,973.
Judge Hightower of the Sixtieth District Court recently reGovernment
FetNew London, Wis.—Commission Form of
fused an application brought by the Commissioners of the
Rejected.—By a vote of 251."for" to 289 "against" the ques- Drainage District to compel the County Commissioners'
government
was Court to issue the bonds.
tion of establishing a commission form of
rejected at the election held Feb. 20 (V. 94, p. 427). 2.,•
Winston (P. 0. Winston-Salem), Forsyth County, No.
r111Ohio.—Supreme Court Approves Findings of Lower Court Caro.—Bonds Declared Valid by Superior Court.—On Feb. 13
in Deciding Diegle's Final Appeal.—In deciding the final ap- Judge Frank A. Daniels of the Superior Court declared valid
peal of Rodney J. Diegle, Senate Sergeant-at-Arms, sen- the $160,000 4%% bonds awarded last October to a synditenced to serve three years in the penitentiary for aiding and cate headed by A. B. Leach & Co. of Chicago. V.94, p. 224.
abetting bribery, the State Supreme Court has, it is said, ap- It was sought to test the legality of the issue for the reason
proved every ruling made during the trials by Judge E. B. that while it was stated exactly what part of the bonds would
Kinkead of the Common Pleas Court and Judge Henry be used for each separate purpose, the question was submitted
L. Ferneding of the Circuit Court. The trial in the cases of on one ballot. The Court, it is said, holds that this fact does
Senators Andrews, Hoffman and Cetone and Representative not invalidate the issue, as the objects for which the money
Nye,indicted jointly with Diegle, which was postponed until will be spent were plainly stated, election notices duly pubthe Supreme Court had made its decision, will be resumed, lished and the voters thoroughly understood what they were
it is stated, on March/4. V. 93,fp. 1413.
voting for. An appeal will be taken to the Supreme Court.
Oklahoma.—U. S. supreme Court Sets Aside Gross Earnings Tax.—See item under "United States Express Co." in
our "Investment News" on a preceding page. • • • '• '•• •
Bond Calls and Redemptions.
— —
Portage, Columbia County, Wis.—Commission Form of
Wash.—Bond Call.—The following bonds are
Tacoma,
Government Adopted.—The election held Feb. 20 resulted,
for payment:
it is stated, in a vote of 538 to 360, in favor of the adoption called
No. of Bonds.
Int. Ceases.
District—
of the commission form of government (V. 94, p. 502.) • Local Improvement District No. 630
7
Feb. 13 1912
1 to 16 incl.
Feb. 14 1912
Local Improvement District No. 562
426 to 459 incl. Feb. 16 1912
South Carolina.—Legislature Passes Cotton Warehouse Act. Local Improvement District No. 254
176 to 217 incl. Feb. 17 1913
—The Legislature has passed a bill creating a State Ware- Local Improvement District No. 166
house Commission of three members whose duty it is to be to
provide a system of warehouses capable of storing not less
Bond Proposals and Negotiations this week
than 250,000 bales of cotton. The Commission is authorized
to issue not more than $250,000 coupon bonds, to bear not have been as follows:
Idaho.—Bond Election Proposed.—Local
exceeding 6% interest (semi-annual), denominations of Fc7ADA COUNTY (P. 0. Boise),being
circulated asking for an election to
papers state that petitions are
not less than $500 each and run for a term of 30 years and to submit
to voters the question of issuing $1,000,000 road-construction bonds.
execute as security for said bonds a mortgage or deed of
ADAMS, Robertson County. Tenn.—Bond Offering.—Proposals will be
trust on any real estate said Commission may then own, received at any time for $6,000 5% school-building bonds. Auth. vote of
with the right to retire by purchase any or all 56 to 38 at election held Feb. 10. Due 20 years. S. S. Farmer is Mayor.
ADAMS COUNTY (P.0. Natchez). Miss.—Bonds Proposed.—It is stated
of said bonds, at the end of 20 years from the date that
the Board of Supervisors has been petitioned to issue ;100,000 road
of issue. In the meantime, and until the Com- bonds.
mission shall find itself able to sell the bonds, it
ALBANY. Linn County, Ore.—Bond Sale.—On Feb. 14 the $75,000 5%
(opt.) bridge and sewer refunding bonds dated Oot. 1 1911 (V. 94,
is given authority to borrow money upon notes 10-20-yr.
p. 366) were awarded to the Cont. & Comm'i Trust & Say. Bank of Chicago
not exceeding $250,000, to run for not more than at
100.98 and int.—a basis of about 4.87% to the opt. date and 4.95% to
maturity. Other bids follow:
(5) years (int. not to exceed 6%), said notes being subject fullB.
Leach & Co., Chicago _ _575,305 Hanchett Bond Co., Chicago_$75,077
A.
to renewal from Wme - to time, in the discretion of sa
Harris Tr. & Say. Bk., Chicago75,200 Farson, Son & Co., Chicago__ 75,026
Commission. As security for the money so borrowed on John Nuveen & Co., Chicago- 75,187 J. N. Wright & Co., Denver_ 75,005
75,125
D. Lennhag & Co
notes the Commission is given the right to pledge by way L.Bids
were also received from Well Roth & Co. and S. A. Kean & Co.,
of mortgage or deed of trust any property, real, personal, both of Chicago.
ss.—Bond Offering.—Proposals
ALCORN COUNTY (P. 0. Corinth),
or mixed, whichTit may then own: said notes to be taken up
will be received until 2 p. in, April 2 for $11,500 5% 10-yrs jail bondst
and retired _when_the_bonds ,,..havelbeen issued, negotiated 0.
M. Hinton is Clerk.
FEB. 24 1912.1
THE CHRONICLE
ALLEN TOWNSHIP SCHOOL DISTRICT (P. 0. Allen Center), Union
County, Ohio.-Bond Offering.-Proposals will be received until 12 m.
March 8 by W. F. Edwards, Clerk, for $15,000 5% bonds (V. 94, p. 149).
Auth. Sec. 4726 and 7625, Gen. Code. Denom. $500. Date March 15
1912. Int. M. & S. at the Farmers' & Merchants' Bank, Milford Center.
Due $500 each six months from March 1913 to Sept. 1927. incl. Cert.
check for 10% of bonds bid for, payable to Treas., required. Bidders are
requested to satisfy themselves of the legality of these bonds. Bids to be
unconditional and include accrued interest.
ALMA, Gratiot County, Mich.-Bond Offering.-Proposals will be received until 7 p. m. Feb. 27 by D. W. Adams, City Clerk, for the $30,000
5% coup. street-impt. and water bonds voted Jan. 22 (V. 94, p. 294).
int. annually at the First State Bank, Alma. Due on July 15 as follows:
$9,000 in 1913; 52,000 yearly from 1919 to 1922, incl.; $3,000 in 1923,
1924 and 1925 and $4,000 in 1926 (bids may be submitted on the first
$9,000 and the $21,000 separately, if desired). Cert. check for $500, payable to the City Treas., required. Purchaser must furnish blank bonds and
coupons.
ANDOVER, Ashtabula County, Ohio.-Bond Offering.-Proposals will
be received until 12 m. March 12 by F. A. Woodard, Village Clerk, for $12,000 434% sewage-disposal-works-construction bonds. Denom. $500.
Date Feb. 1 1912. Int. semi-annually at the Andover Bank in Andover.
Due $500 each 6 months from March 1 1914 to Sept. 1 1921 and $500 yearly
March 1 from 1922 to 1929, incl. Bonds to be delivered and paid for within
10 days from the date of award. Cert. check for 1% of bonds bid for, payable to the Village Treas., required. Purchaser to pay accrued interest.
Bonds Authorized.-An ordinance has been passed providing for the
issuance of $7,000 43,6% coup. street-impt. (city's portion) bonds. Denom.
$250. Date April 1 1912. Int. semi-annual. Due $250 each six months
from March 1 1916 to Sept. 1 1929, incl.
ANDREWS COUNTY COMMON SCHOOL DISTRICT NO. 2, Tex.
Bond Sale.-The State Permanent School Fund has been awarded an issue
of $1,500 5% 10-20-yr. (opt.) bonds at par and int.
ARCADIA (Town) UNION FREE SCHOOL DISTRICT NO. 8'(P. 0.
Newark), Wayne County, N. V.-Bond Offering.-Proposals will be received until 12 m. March 5 by C. H. Herrick, Attorney, for $27,500 4%
reg. tax-free site and bldg. bonds. Denom. $2,750. Date March 1 1912.
Int. ann. in Dec. at the First Nat. Bank, Newark, in N. Y. Exch. Due
*2,750 yearly Dec. 1 1917 to 1926 incl. Cert. check for 2% of bonds bid
for, payable to the district, is required. Purchaser to pay accrued int.
Bonded debt, including this issue, $57,500. No floating debt. Assess.
$2,500,000. These securities were to have been offered on Feb. 29,
val.'
but owing to an error on the part of a local paper in dropping an insertion
of the advertisement, the date of sale was changed.
ARGENTA, Pulaski County, Ark.-Bond Sale.-On Feb. 15 530,000
53i% Impt. Dist. No. 13 bonds were awarded to the Union Trust Co. of
Little Rock at 100.10, it is stated. Due in 1, 2 and 3 years.
ARMSTRONG COUNTY (P. 0. Claude), Tex.-Bonds Registered.-On
Feb. 8 $60,000 5% 5-40-yr. (opt.) bonds were registered by the State
Comptroller.
ARMSTRONG COUNTY COMMON SCHOOL DISTRICT NO.6, Texas.
Bond Sale.-An issue of $4,500 5% 5-20-yr. (opt.) bonds was awarded at
par and int. to the State Permanent School Fund.
ASHLAND COUNTY (P. 0. Ashland), Wis.-Bonds Authorized.-It is
stated that the county board authorized the issuance of *50,000 10-year
road bonds.
BAKER, Baker County, Ore.-Bond Sale.- On Feb. 6 $3,923 45 6%
1-10-year (opt.) sewer bonds were awarded to J. C. White at par. Denom.
$500. Date Jan. 10 1912. Int. J. & J.
BARBERTON CITY SCHOOL DISTRICT (P. 0. Barberton), Summit
County, Ohio.-Bond Sale.-On Feb. 19 the $48,000 45% coupon bonds
(V. 04, p. 503) were awarded to Stacy & Braun of Toledo, it is stated, for
$50,900, making the price 106.04.
BASTROP COUNTY COMMON SCHOOL DISTRICT NO. 26, Tex.
Bond Offering.-This district is offering for sale an issue of 51,500 5% 10-20yr. (opt.) bonds. Denom. $100. Date Oct. 10 1911. Int. In April.
T. N. Powell is Co. Superintendent of Schools.
BAY CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Bay City),
Matagorda County, Tex.-Bond Sale.-The State Permanent School Fund
has been awarded $4,000 5% 5-40-yr. (opt.) bonds at par and int.
BAYOU BIJOU DRAINAGE DISTRICT (P. 0. Donaldsonville), Ascension and lberville Parishes, La.-Bond Sale.-The Hibernia Bank & Trust
Co. of New Orleans has been awarded, it is stated, the $60,000 5% drainage
bonds voted Nov. 28 1911 (V. 93, p. 1020). Denom. $500. Due from
1916 to 1931.
BEE COUNTY COMMON SCHOOL DISTRICT NO. 14, Texas.-Bond
Sale.---An issue of $10,000 5% 5-40-yr. (opt.) bonds has been awarded to
the State permanent School Fund at par and int.
BENOMINE INDEPENDENT SCHOOL DISTRICT (P. 0. Benomine),
Wheeler County, Tex.-Bond Sale.-The State Permanent School Fund
has been awarded at par and Int. $4,000 5% 10-40-yr. (opt.) bonds.
BILLINGS COUNTY (P.O. Medora), No. Dak.-Botzd Sale.-On Feb. 5
$50,000 6% 2-5-year (opt.) ualn-seed bonds were awarded to the New First
National Bank of Columbus, Ohlo, at par. Denom. 5500, Date March 1
1912. Interest M. & S.
BISMARCK, Burieigh County, No. Dak.-Bonds Voted.-It is stated
that a proposition to issue bonds for an auditorium carried at an election
held recently.
BLYTHE SCHOOL DISTRICT, Riverside County, Cal.-Bond Offering.
-Reports state that the Clerk was ordered to re-advertise the $7,000
school bonds.
These bonds were awarded on Jan. 2 to J. H. Adams & Co. of Los Angeles,
but it is not stated why this sale was not consummated.
BOONEVILLE. Prentiss County, Miss.-Bond Sale.-Reports state that
the $15,000 5% 20-yr. street-impt. bonds, bids for which were received on
Aug. 8 1911, but rejected (V. 93, p. 360), have been sold.
BOWMAN COUNTY (P. 0. Bowman), No. Dak.-Bond Sale.-On
Feb. 20 the Minnesota Loan & Trust Co. of Minneapolis was awarded at
101.10 for 68 535,000 3-year grain-seed bonds. Denom. $500. Date
Feb. 20 1912. Interest semi-annual. Other bids follows:
Hoehler & Cummings, Toledo (for 6s)
$35,350
New First National Bank, Columbus (for 7s)
35,963
Beiscker & Co., Fessenden (for 7s)
35,000
BUTLER, Butler County. Pa.-No Action Yet Taken.-We are advised,
under date of Feb. 21, that no action has yet been taken looking towards
the issuance of the $90,000 viaduct bonds voted Nov.7 1911 (V.93, p.1414.)
CALDWELL. Noble County, Ohio.-Bond Offering.-Proposals will be
received until 12 m. March 14 by 11. A. Smith, Viii. Clerk, for $1,000 4%
Combs Read impt. (village's portion) bonds. Anal. See. 3821 of the Gen.
Code. Denom. $100. Date Dec. 28 1911. Int. J. & D.. Due Dec. 28
1923. Cert. check for 10% of bonds bid for, payable to Treas., required.
Bonds to be delivered and paid for within 10 days after time of. award.
Purchaser to pay accrued interest.
CAMBRIDGE, Washington County. N. Y.-Bond Offertng.-Further details are at hand relative to the offering on Feb. 29 of the $30,000 1-30-year
(ser.) reg. street bonds at not exceeding 5% int.(V.94, P. 503). Proposals
will be received on that day until 7:30 p. m. by J. W.Smith, Village Clerk.
Denom. $1,000. Date March 1 1912. Int. M. & S. at the Cambridge
Valley Nat. Bank, Cambridge, in N. Y. exchange. Cert. check on an incorporated bank or trust company for $500, payable to the "Village of Cambridge," is required. These bonds will be certified as to genuineness by the
Knickerbocker Trust Co. of N. Y., and their legality approved by Hawkins,
Delafield & Longfellow of N. Y., whose opinion will be furnished prior to
the delivery of the bonds. No other debt. Assess. val. (real est.), $601,981. Bonds to be delivered on or before March 20 unless a subsequent date
shall be mutually agreed upon. Purchaser to pay accrued interest.
Blank forms for bids furnished by village.
CAR LION, Vamhill County, Ore.-Bonds Voted.-A proposition to issue
,vater-works bonds carried by a vote of 90 to 30 at an
about 540,000 8% ,
election held Feb. 5. Due 20 years, optional after 10 years.
CHAFFEE UNION HIGH SCHOOL DISTRICT, San Bernardino County.
Cal.-Bond Sale.-On Feb. 13 $100,000 5% 9-40-year (serial) gold building
bonds were awarded to J. H. Adams & Co. of Los Angeles at 104.461 and
Int.-a basis of about 4.692%. Denom.31,000. Date Sept.I11 1911. Interest annual. Other bids follow:
577
Harris Trust & S. Bk..Chic..$103,8101Wm. R.Staats Co.,Los Ang.3102,056
N. W.Halsey & Co.,San Fr. 103,610 G.G.Blymyer&Co..San Fran 101,257
E.H.Rollins&Sons,SanFran. 103,560 Federal Nat. Bank. Denver- 100,251
CHICAGO, III.-Bond Election.-At an election to be held on April 2
propositions to issue $5,000,000 harbor-impt., $2,245,000 police-department bldgs. $1,814,000 fire-department bldgs., $380,000 health-department bldgs.'
and $250,000 bathing beaches bonds will be submitted to the
voters.
CHICAGO, Ill.-SOUTH PARK DISTRICT.-Bond Sale.-On Feb. 21
the $90,000 4% bonds (V. 94, p. 367) were awarded to Well, Roth & Co. of
Chicago at par less $129 for expenses.
CHICAGO JUNCTION (P.O. Chicago), Huron County, Ohio.-Bond
Offering.-Proposals will be received until 12 m. March 20 by E. K. McMorris, Clerk, for the following 5% impt. bonds:
'
$6,155 90 1-10-yr. (ser.) Motson Street assess. bonds. Denom. $615 59.
Date Oct. 2 1911. Int. ann. Cert. check for $100 is required.
590 40 Washington St. assess. bonds. Denom. $196 80. Date Apr. 2
1911. Int. ann. Due $196 80 yearly Oct. 2 1913 to 1915, incl.
Cert. chcek for $50 is required.
2,500 00 Motson St. (village's portion) bonds. Denom. $500. Date
Oct. 2 1911. Int. ann. Due $500 yearly Apr. 2 1913 to 1917.
incl. Cert. check for $100 is required.
CINCINNATI, Ohio.-Bonds Authorized.-An ordinance was passed
Jan. 30 providing for the issuance of $1,000 4% coup. sewer bonds. Date
Apr. 1 1912. Int. A. & 0. at Treas. office. Due 5 years after date.
CLAY JOINT SCHOOL DISTRICT, Tulare County, Cal.-Bonds Proposed.-It is stated that a resolution was adopted calling for the issuance
of $8,000 auilding bonds.
CLEBURNE,Johnson County, Tex.-Bond Sale.-0a Feb. 10 the $178.000 5% 20-40-yr. (opt.) water-works bonds voted Dec. 30 1911 (V. 94. p.
225) were awarded to the Harris Trust & Savings Bank of Chicago at 102.53
-a basis of about 4.80% to the opt. date and about 4.85% to full maturity.
Denom. $1,000. Date Jan. 1 1912. Int. J. & J. Other bids follow:
Well, Roth & Co., Cincin5181,123 i Spitzer, Rorick ec Co., Tol__$180,278
Comm.Tr. Co., Kan. City__ 180,776 Cutter. May & Co., Chicago_ 179,193
W.R. Compton & Co., St.L. 180,670 Farson, Son & Co., Chicago 177,110
CLEMONS SCHOOL DISTRICT (P.O.Clemons), Marshall County Iowa.
-Bond Election Propose.-Reports
Propose
state that an election will be held in
the near future to vote on a proposition to issue $10,000 school bldg. bonds.
CLEVELAND, Ohio.-Bond Offering.-Proposals will be received until
12 m. March 18 by T. Coughlin, City Auditor, for the following coupon
bonds:
$18,000 4 %% park bonds. Int. from Oct. 1 1911. Due Oct. 1 1936.
180,000 4% Dugway Brook West Branch main sewer bonds. Int. from
Dec. 1 1911. Due Dec. 1 1947.
145.000 4.1% park bonds. Int. from Dec. 1 1911. Due Dec. 1 1936.
Denom. $1,000. Int, semi-ann. at the American Exchange Nat. Bank
in New York. Cert. check on a national bank for 5% of bonds bid for.
payable to the City Treas., required. Bids must be made on blank forms
furnished upon application to the Auditor
Bond Offertngs.-The City Auditor, Thos. Coughlin, has announced, it
is stated, that bonds will be offered for sale by the city on the following
dates:
March 25-5450,000 street and sewer, $350,000 park, $725,000 hospital and
infirmary, $75,000 correction farm improvement, $25,000 boys'
farm, $25,000 West Side market-house, $45,000 fire department
and $30,000 police department bonds.
April 8-$1,000,000 municipal lighting-plant bonds.
April 22-$756.000 street-intersection assessment bonds.
COLEMAN, Coleman County, Tex.-Bonds Registered.-The $25,000 5%
15-40-year (opt.) street-impt. bonds voted Aug. 12 1911 (V. 93, p. 609)
were registered by the State Comptroller on Feb. 14.
COLUMBUS, Ohio.-Bonds Authorized.-Ordinances have been passed
providing for the issuance of the following coup. assess. bonds:
$2,000 4% Bryden Alley impt. bonds. Due Sept. 1 1924, opt. after
Sept. 1 1913.
7,000 4% sewer bonds. Due Sept. 11918, opt. after Sept. 11913.
1,000 4% Cole St. sewer bonds. Due Sept. 11918, opt. after Sept. 1'13.
16,000 4% Thirteenth Ave. impt. bonds. Due Sept. 1 1924, opt. after
Sept. 1 1913.
9,000 4% Canal St. impt. bonds. Due Sept. 1 1924, opt. after Sept. 1 '13.
14,000 4% Twelfth Ave. impt. bonds. Due Sept. 1 1924.
2,000 43.% sewer bonds. Due Sept. 11918, opt. after Sept. 1 1913.
Denom. $1,000. Date not later than Sept. 1 1912. Int. M. & S. at
City Treas. office.
Ordinances have also been passed providing for the issuance of the follow.*
ing 4% coup. bonds:
$250,000 water-works-impt. bonds. Date not later than Dec. 31 1912
Due Sept. 1 1942.
10,000 street-cleaning equipment bonds. Date not later than Sept. 1
1912. Due March 1 1926.
Denom. $1,000. Int. M. & S. at the agency of the city in New York.
Ordinances were passed on Feb. 20, it is stated, providing for the issuance of $50,000 motor-driven fire-apparatus and $10,000 fire plugs ext.
bonds.
Bond Election.-In addition to the propositions to issue the $700,000
grade-crossing-elimination, $250,000 prison-bldg., $265,000 light-ext. and
$350,000,city-hall, mall and art-museum-site bonds to be voted upon at
the election to be held May 21 (V. 94, p. 504), the question of issuing
$425,000 Third St. viaduct bonds will also be submitted.
CORPUS CHRISTI, Nueces County, Texas.-Bond Sale.--Sutherlin &
Co. of Kansas City, Mo., have been awarded 5150,000 5% 20-40-year (opt.)
improvement bonds at 101 and interest-a basis of about 4.92% to thc
optional date and about 4.95% to full maturity.
CROW WING COUNTY (P. 0. Brainerd), Minn.-Bond Election.-An
election will be held March 12 to vote on a proposition to issue $35,000
bridge bonds.
CUMBERLAND, Md.-Bond Offering.-Proposals will be received until
8 p. m. March 11 by R. Clary, Commissioner of Finance and Revenue, for
$369,900 4%% water-works bonds. Denom. (369) $1,000 and (9) $100.
Date Oct. 1 1911. Int. A. & 0. at the City Treasurer's office. Due Oct. 1
1941. Certified check, cash or bank draft,for 2% of subscription required. Bonds to be paid for within two weeks from March 11. These
securities are poart of an issue of $469,900, of which 5100,000 have been sold
(V. 93, p. 1212).
DALLAM COUNTY COMMON SCHOOL DISTRICT NO. 1, Tex.-Bonds
Registered -The State Comptroller registered on Feb. 12 an issue of $15,000
5% 10-20-year (opt.) bonds.
DALLAM COUNTY COMMON SCHOOL DISTRICT NO. 11, Tex.
Bonds Registered.-An issue of $10,000 5% 10-20-year (opt.) bonds was
registered on Feb. 12 by the State Comptroller.
DEER PARK, Spokane County, Wash.-Bond Sale.-On Jan. 20 the
$10,000 6% 20-year gold coupon tax-free water-works bonds dated Dec. 1
1911 (V. 94, p. 150) were awarded to the New First National Bank of
Columbus at 100.17 and interest.
DELPHOS SCHOOL DI STRICT (P.O. Delphos). Allen County. Ohio.
Bond Offering.-Proposals will be received until March 20 for $25,000 4 h%
building bonds. Authority vote of 580 to 222 at election held Feb; 12
(V. 94, p. 367). Due part yearly from 1915 to 1945 inclusive.
DENTON COUNTY (P. 0. Denton), Tex.-Bonds Registered.-The $75,.
000 5% 10-40-year (opt.) Lewisville Road Dist. No. 1 bonds offered without
success on Jan. 8 (V. 94, p. 225) were registered on Feb. 12 by the State
Comptroller.
DETROIT, Mich.-Bonds Not to be Re-offered at Present.-We are advised that the $250,000 4% 20-yr. water bonds, bids for which were rejected
on Jan. 9 (V. 94, p. 150) will not be put on the market at present.
DICKSON COUNTY (P. 0. Charlotte). Tenn.-Bonds Befeated.-We are
advised that the proposition to issue $100,000 4% road bonds was defeated
at the election held Feb. 17 (V. 94, p. 225).
DRYAD SCHOOL DISTRICT, Lewis County, Wash.-Bond Sale.-On
Feb. 9 $6,500 5% 1-15-year (opt.) bonds were awarded to the State of
Washington, according to, reports.
EAST CLEVELAND CITY SCHOOL DISTRICT. Cuyahoga County,
Ohio.-Bond Offering.-Proposals will be received until 12 in. March 19
by C. Ammerman, Clerk Bd. of Ed. (P. 0. 929 Williamson Bldg., Cleveland), for 516,000 4°7 refunding bonds. Auth. Sec. 5656 and 5658, Gen.
Code. Date "day of° sale." Int. A. & 0. at the Cleveland Trust Co..
Cleveland. Due Oct. 1 1931. Bonds to be delivered and paid for with n
10 days from time of award. Cert. check on a bank in Cuyahoga Coun ty
578
THE CHRONICLE
[VOL. Lxxxxiv.
• Tor 10% of bid, payable to the Clerk Bd. of Ed., required. Purch. to pay Carroll County-$15,000 Deer Creek Twp. bonds dated Feb. 6 1912.
accrued int.
4,500 Jefferson Twp. bonds, dated Feb. 5 1912.
EA ST PEORIA. Peoria County. 111.-Price Paid for Bonds -We are ad- Washington County-55,600 Posey Twp. bonds, dated Jan. 2 1912.
Denom. 1-20th of each Issue. Int. M. & N. at County Treasurer's office.
vised that the price paid for the $4,000 6% bridge bonds awarded on Nov. 15
1911 to F. L. Stiers of East Peoria (V. 94, p. 428) was par. Denom. $500 Due one bond of each issue every six months from May 15 1913 to Nov. 15
Date Oct. 25 1911. Int. in October. Due $1,000 yearly from 1913 to 1922 inclusive. Legality approved by Smith, Duncan, Hornbrook & Smith.
The following tax-free school-house bonds are also offered by Wild & Co.:
1916, incl.
$40,000 44% bonds of Washington Twp., Marion Co. Denom. $500.
EL
El Paso). Tex.-Bond Offering.-Proposals
Date Feb. 15 1912. Int. F. & A. at Broad Ripple State
will be received, It is stated, until 11 a. m. Feb. 27 by P. W. Pitman,
Bank, Broad Ripple. Due $2,500 yearly Feb. 15 1913 to
County Clerk, for 140,000 5% 10-40-year (opt.) court-house bonds. Certi1922 inclusive and $3,000 Feb. 15 1923 to 1927 incl. Bond,
fied check for 31,000 required.
debt, incl, this issue, 356.000. Assess. val., $6,602,135.
•
EL PASO
Real val. (est.), $12,000,000.
SCHOOL DISTRICT NO. 14 (Manitou), Colo.
Bond Sale.-On Feb. 10 ;25.000 5% 10-20-year (opt.) bonds were awarded
9,000 414% bonds of Johnson Twp., Clinton Co. Denom. $500. Date
to E. H. Rollins & Sons of Denver at 100.10 and interest.
Feb. 15 1012. Int. J. & D. at Farmers' Bank, ScircievIlle.
Due $3,000 on Dec. 20 1914, 1915 and 1916. Total debt.
EMMONS COUNTY (P. 0. Linton), No. Dak.-Bond Offering.-Propos
Incl. this issue, $24,340. Assess. val., $1,220,820. Real
als will be received until March 4, it is stated, by J. 11. Snyder, Co. Auditor
val. (est.), $2,500,000.
for $20,000 7% 2-year seed-grain bonds. Cert. check for $500 required.
ERATH COUNTY COMMON SCHOOL DISTRICT NO. 51. Tex.-Bond
ISABEL, Dewey County, So. Dak.-Bonds Not Sold.-No award has
Sale.-On Jan. 10 the $2,000 5% 10-40-yr. (opt.) bonds registered on Dec been made of the $5,000 6% refunding bonds offered on Jan. 9 (V. 93. IL
26 1911 by the State Comptroller (V. 94, p. 79) were awarded to the Com- 1621). Denom. ;1,000. Int. A. & 0.
missioners' Court of Erath County at par and Int. Denom. $500. Date
ISLAND COUNTY SCHOOL DISTRICT NO. 201, Wash.-Bond Sale.
June 1 1911. Int. ann. In April.
The State of Wash, has been awarded $9,500 5% bonds at par. Denom.
EVANSVILLE, Vanderburg County, Ind.-Bonds to Be Offered Shortly.- $500. Due 20 years.
Proposals will be received In the near future for $020,000 4% coup. refund.
water-works bonds. Denom. $100, $500 and $1,000. Date July 1 1912.
JOHNSON COUNTY (P. 0. Cleburne). Texas.-Bond Election Rescinded.
Int. J. & J. at Evansville or New York. Due $400,000 in 25 years and -The election which was to have been held Feb. 23 to veto on the question
$520,000 in 30 years. Bonds will be tax-free in Indiana. Cert. checks of issuing the $300,000 road bonds has been postponed indenniteiv
City
Treas.. will be required. J. M. Kollmyer Is
for 2 A %, payable to
KEARNEY. Buffalo County. Neb.-Bonds Voted.-The election held
Township Clerk.
13. 4. - •-•-• • 7ferr1117#114
Feb. 14 resulted, it is stated, in favor of the proposition to issue the $40,000
P FALL RIVER, Bristol County, Mass.-Bond Sale.-On Feb. 17 $215,000 electric-light-plant
bonds (V. 93, p. 1549).
4% 10-year bonds were awarded to Biodget & Co. of Boston at 103.60a basis of about 3.57%. The bids follow:
KIRKSVILLE, Adair County, Mo.-Vote.-A Kirksville paper states
Blodget & Co., Boston ____ 103.60 Curtis & Sanger, Boston_ _103.19
that the proposition to issue $99,000 water bonds, which failed to carry at
Merrill, Oldham & Co., Bos_103.429 R. L. Day & Co., Boston__ __103.079 the election held Feb. 6 (V. 94, p. 505), received a vote of 613 "for" to 453
Estabrook & Co., Boston_ __103.39 Adams & Co., Boston_103.027 "against". A two-thirds malority was required, however, to authorize.
Kuhn Fisher & Co., Boston_103.277 Blake Bros. & Co., 13oston_102.91
KUNKLE SPECIAL SCHOOL DISTRICT (P. 0. Kunkle). Williams
E. H. Rollins 8: Sons, Bos_ _A03.198 C. H. Venner & Co., N. Y_ _102.513
County, Ohio.-Band sale.-On Feb. 17 the $5,000 4 A% 1-10-yr. (ser.)
Denom. $1,000. Date Feb. 1 1912. Interest F. & A.
coup. bldg. bonds (V. 94, p. 505) were awarded, It is stated, to M. S. Pond
FLINT UNION SCHOOL DISTR CT (P. 0. Flint), (lenesee County. of Somerset at 103.03-a basis of about 3.882%.
Mich.-Bond Offering.-Proposals will be received until 12 in. March 5
LAWRENCE COUNTY (P. 0. Ironton), Ohlo.-Bond Sale.-On Feb. 20
by W. C. Lewis, Sec. Bd. of Trustees, for the $60,000 4% coup. bldg.
the $100,000 4% 30-year coup. tax-free turnpike bonds (V. 94, p. 296) were
bonds (V.94, p.428). Int. semi-annually.
awarded to Well, Roth & Co. of Cino. at 101.667 and int.-a basis of about
FORT PIERCE. Saint Lucie County, Fla.-Bond Sale.-On Feb. 14 the 3.906%. Other bids follow:
$30,000 6% 30-yr. water, sewer and light bonds (V. 94, p. 79) were awarded Seasongood & Mayer, Cin_ _3101,521 1 Hayden, Miller & Co., Cley_5100,81141
to the Bank of Fort Pierce at 102.3475 and int.-a basis of about 5.84%. Mayer, Walter & Co., Clno. 101,470 C. B. Denison & Co., Clev__ 100,412
Other bids follow:
Stacy & Braun, Toledo_ _ _ . 101,188 It. Kleybolte & Co., Ine.,Cin.100,301
H. T. Holtz & Co., Chicago__$81,757 1 St. Lucie Co. Bank, Jensen_ $80,000 A. E. Aub & Co., Cincinnati 101,030 Western German
Bk., Cin_ _ 100,231
New First Nat. Bk.. Coium__ 80,500 S. A. Keen & Co., Chicago_ _ 80,000 Prey. Say. Bk. & T. Co.,Cin_100,895 Cent. Tr. & Safe Dep.
Co-Cin100.270
Cutter, May & Co., Chicago_ 80,400 John Nuveen & Co.. Chicago 80,000
LESNER COUNTY (P. 0. Lesner Center), Minn.-Bond Sale.-On Feb.
FOUNTAIN. El Paso County, Col.-Bond Election.-An election will be 13 the $7,000 6% coup. drainage bonds (V. 94, p. 368) were awarded
to the
held, It is stated, to vote on the question of issuing electric-light and water- Security State Bank of Waterville at 101.50 for bonds due on
or before 8 yrs.
works bonds.
LOGAN COUNTY (P. 0. Bellefontaine). Ohlo.-Bond Offering.-Local
FRANKFORT SCHOOL DISTRICT (P. 0. Frankfort), Ross County, papers state that the County Commissioners will offer for sale at public autoOhio.-Bond Sala.-On Feb. 20 the $25,000 4% school-bldg. bonds (V. 94, non on March 6 an issue
of 516.000 414,% ditch bonds. Denom. 5500.
p. 429) were awarded to J. P. Phillips of Chillicothe at 100.104. It is stated.
LONG BEACH SCHOOL DISTRICT (P. 0. Long Beach), Los Angeles
FULTON SPECIAL ROAD DISTRICT (P. 0. Fulton), Callaway County,
Mo.-Bond Sale.-On Feb. 15 the $100,000 5% road bonds (V. 93, p. 971) County, Cal.-Bond Election Proposed.-Iteports state that an election will
were awarded, it Is reported, to the Mercantile Trust Co. of St. Louis at be called to vote on a proposition to issue $90,000 bldg. and impt. bonds.
100.7555 and cost of printing bonds.
LORAIN, Lorain County. Oltio.-Bonot Offering.-Proposals will be reGASSAWAY, Braxton County, W. Va.-Bond Offering.-Proposals will ceived until 12 m. March 19 by H. P. Keating, City Auditor, for $25,000
be received until 12 m. March 2 by II. A. Hays, Town Recorder, for $15,000 4 A% coup. river improvement bonds. Auth. Seo. 3939, Gen. Code. De6"
,coup. bridge bonds. Denom. $500. Date Feb. 1 1912. Int. In Feb. nom, $1,000. Date March 15 1912. Int. U. & S., beginning March 15
at °Bank of Gassaway. riassaway. Due Feb. 1 1032, opt. after 1922. No 1913. payable at the Sinking Fund Trustees' office. Due Sept. 15 1932.
deposit required. No bonded debt at present. Floating debt, $4,041. Bonds to be delivered and paid for within 10 days from time of award.
Cert. check on any Lorain bank or on any national bank outside of said city
Assessed valuation for 1911, $921,421.
for 5% of bonds bid for, payable to the City Treas., required.
GENESEE INDEPENDENT SCHOOL DISTRICT(P.O. Genesee), Latah
LYONS SCHOOL DISTRICT (P.O. Lyons), Ionia County, Mich.-Bonds
County, Idaho.-Bonds Voted.-An election held Feb. 14 resulted In favor Voted.
-The election held Feb. 3 resulted In favor of the proposition to issue
of the question of issuing ;10,000 bldg. bonds, reports state.
the $10,000 4% bldg. bonds (V. 94, p. 363). Tho vote is reported as 70
GENOA. Nance County. Neb.-Bonds Voted.-The election held Feb. 13 to 21.
resulted in a vote of 170 to 7 In favor of the proposition to Issue $5,500 6%
MADISON COUNTY (P. 0. London). Oh'o.-Band Sale.-On Feb. 111
. .
. . . .
10-20-year (opt.) town-hall bonds.
• •
the $20,000 (two issues) 5% 531-year (average) coupon bridge bonds
GRAND HAVEN, Ottawa County, Mich.-Bonds Voted.-According to (V. 94, p. 368) were awarded to Scasongood & Mayer of Cincinnati
at 104.91
reports a proposition to issue $60,000 water-works-impt. bonds carried by -a basis of about 4%. Other bids follow:
a vote of 627 to 46 at a recent election.
•,.1
Davies-Bertram Co., Cin.$20,972 00 1 Fifth-Third Nat. Bk., Cin.$20,902 00
GRAND RAPIDS SCHOOL DISTRICT (P. 0. Grand Rapids).-Kent Breed & Harrison, Cincin_ 20,943 50 Citizens N. 13k., Wooster_ 20,813 50
County, Mich.-Bond Sale.-On Feb. 19 the $45,000 4% coup, school-site Madison Nat, 131L,London 20,940 00 R.KleybolteCo.,Inc.,Cin _ 20.549 if
bonds (V. 94. p. 504) were awarded to Estabrook & Co. of Chicago at
MAGNOLIA. Stark County, Ohio.-Bond Sale.-On Feb. 5 the $10,000
100.034. Due ;35,000 Sept. 1 1922 and $10,000 Sept. 1 1923,
414% 11 1-6-year (aver.) water-works bonds (V. 94, p. 226) were awarded
GREELEY SCHOOL DISTRICT (P. 0. Greeley), Weld County, Colo.- to the First Nat. Bank of Cleveland at 103.0175-a basis of about 4.15%.
Bond Offering.-Proposals will be received until March 11 for $41,500 5%
MANCHESTER. Meriwether County, Ga.-13ond Sale.-On Feb. 15 the
bldg. bonds. Authority vote of 19 to 0 at an election held Feb. 3. Due $15,000 5% 20-29-year (ear.) electric-light gold coup. bonds (V. 94, p. 227)
March 11912. opt. after March 11927. E. B. Coulter is Secy. Bd. of Ed.
were awarded to John W. Dickey of Augusta at 98.58 and Int.
GUTTENBERG. Hudson County, N. J.-Bond Sale.-On Feb. 19 the
MANITOWOC. Manitowoc County. Wis.-Bond &Vs.-Local papers
3143,000 5% 30-year coupon funding bonds (V. 94, p. 504) were awarded state that $100,000 water-works bonds have been disposed of. These
to Well, Roth & Co. of Cincinnati at 101.35 and interest-a basis of about bonds are part of an Issue of $230,000 voted Aug. 17 1911 to purchase the
4.914%. Other bids follow:
plant of the Manitowoc Water Works Co. V. 93, p. 543.
Bennett & Herrick _ _.$143,473 33 I PeoplesS.D.&Tr.Co.,Jer.Cy.$143,000
MASON CITY, Mason County, III.-Bond Election.-The proposition to
HAMILTON COUNTY (P. 0. Chattanooga), Term.-Bids.-The other issue water-works and lighting-plant improvement bonds will be voted en
bids received on Feb. 10 for the $490,000 (three issues) 4 A% coup.bonds at the spring election, ills stated.
awarded to the Provident Say. Bank & Trust Co. of Cino. for $494,284
MASSENA. Saint Lawrence County, N. Y.-Bond Sale.-On Feb. 2
(100.874) and Int.(V. 94, p. 504) are reported as follows:
45% Idassena Springs bridge bonds voted May 23 1911 were
W. N. Coler & Co., N. Y_ _ _3493,935 Hayden. Miller & Co., Clev_5492,360 $30,000
awarded to the Masscna Banking Co. of Massena. Denom. (40) $250,
Kissel, Kinnicut & Co.,
Venncr
& Co.. . Y. 491,925 (20) $500 and (10) $1,000. Date Feb. 1 1912. Int. In Feb. Due
C. H.
$1000
New York. and
493,547 Bolger, Mosser & Willamad,
yearly Feb.1 from 1913 to 1924, Incl.. and $2,000 Feb. 1 from 1925 to 1933,
Wm. R. Compton Co., St.
Chicago
490,585 Incl.
Louts
R. H. Grant & Co., N. Y__ 483.336
MATAGORDA COUNTY (P. 0. Bay City), Texas.-Correction.--We are
Seasongood & Mayer. Cin__ 402,842 Chattanooga Clearing-House
that the reports in local papers to the effect that $264,000 drainage
A. B. Leach & Co., Chicago 492,695
Association
490,000 advised
bonds had been sold to the New First Nat. Bank of Columbus, 0., are
HANCOCK COUNTY (P.O. Bay St. Louis), Miss.-Bond Offering.-Pro- erroneous.
posals will be received until 12 m. March 4 by W. Smith, Pres. Bd. of SuMEDFORD, Middlesex County. Mass.-Loan Offering.-Proposals will
pervisors, for $25,000 6% 5-20-yr. (opt.) coup. tax-free bridge and road
received until 9 a. m. Feb. 27 for a loan of $50,000 due Nov. 18, In anticibonds. Auth. Sec. 2, Chap. 149, Acts of 1910. Denom. $500. Date be
pation
of taxes.
Jan, 1 1911. Int. ann. at the Treas. office
Cert. check for 1%, payable
MELVIN, Ford County. III.-Bonds Voted.-An election held Feb. 13
to the Pres. Bd. of Sup., is required. These securities are part of an issue o.
$100,000 bonds, of which $50,000 have previously been sold. V.93, p. 1339 resulted, it is stated, in favor of the pr000sItion to Issue ;8,000 water-workeHARRISON SPECIAL SCHOOL DISTRICT (P. 0. Harrison), Boone system bonds, the vote being 67 to 42. These bonds have already been
County. Ark.-Description of Bonds.-The $20,000 5% bonds awarded sold (V. 93, p. 1214), and aro re-voted merely to correct a technicality ln
Aug. 15 to Francis Bro. & Co. of St. Louis (V.93, p. 548) are in the denom, the original proceedings.
ot$500 each and dated Sept. 11911. Int. M. &S. Due from Sept. 1 1912
MERCER COUNTY (P. 0. Trenton), N. J.-Bond Sale.-The Mercer
to11931 inclusive.
County Sinking Fund Commissioners were awarded at par the $18,000 30•
year
Yardville-Allentown road-impt. and $7,375 48 20-yr. bridge 4%
TOWNSHIP.
HARRIS
Ottawa County, Ohio.-Bond Offering.-Proposals will be received until 2 p. m. March 14 by H. E. Burmann, Township bonds (V.94, p. 151). Denotn. $1,000. Date Jan. 11912. Int. J. &J.
Clerk (P. 0. Elmore), for $12,000 5% coupon road-Improvement tax-free
MERIDIAN INDEPENDENT SCHOOL DISTRICT NO. 33(P. O. Meridbonds. Auth. election held April 14 1909. Denom. $500. Date Mch. 1 ian), Ada County, Idaho.-Bond Eisclion.-An
election will be held Feb. 28,
1912. Int. H. & S. at the Treas. office. Due ;1,000 yearly Mch. 1 1923 according to reports, to vote on the proposition to issue $30,000 building
to 1934 incl. Cert. check for $200 is required..,,Bids must be uncondi- bonds.
tional. - Purchaserto pay accrued ,interest.
MIDLAND COUNTY (P.O. Midland), Mich.-Bond Election Proposed.• HASTINGS SCHOOL DISTRICT (P. 0. Hastings), Barry County. ,,....n. According to reports, tile question of issuing $20,000 Jail bonds will be sub-Bonds Defeated.-A proposition to issue $75,000 bldg, bonds failed to mitted to the voters at the spring election.
carry, it is stated, at an election held Feb. 20.
MILLERSBURG. Holmes County, Ohio.-Bond Offering.-Proposals
HELBIG SCHOOL DISTRICT (P.0. Beaumont), Jefferson County. Tex. will be received until 12 in. March 18 by S. Franks Jr., Village Clerk, for
-Bonds Voted -It is reported that a proposition to issue ;25,000 bldg.
$5,827 04 South Clay St. and $2,242 13 Mad Anthony St. 4 A% 1-10-yr.
bonds was authorized at an election held Feb. 1,
ase Q (scr.) coup. street-impt. assess, bonds. Denom. one-tenth of each issue
. litia1L I, Riverside County, Cal.-Bond Offertng.-Proposals witeruo re- Date March 11012. Int. H. & S. at the Village Treas. office. Cert. cheek
ceived until 5 p. m. Feb. 28 by J. A. Jacques, City Clerk, for the $30.000 for 10% of bonds bid for, payable to the Treas., Is required. Amount
5% 1-40-year (serial) sewer-construction bonds. Denom. $750. Date of bonds issued will be reduced by cash payment of assessments prior to
Jan, 1 1912. Int. J. & J. at City Treasurer's office. Certified check for date of sale.
1% of bid, payable to the Clerk Board of Trustees, Is required. Bonds
MILTON SCHOOL DISTRICT
0. Milton), Umatilla County, Ore.
to be delivered wor ,before April 3 1912. No bonded debt at present. . Bonds Voted.-Iteports state that(P.
an election held recently resulted In faHUNTSVILLE, Madison County, Ala.-Bond Sale.-According to local vor of a proposition to issue $7,000 bldg. bonds. The vote was 28 to 12.
papers, the $130,000 5% 30-year refunding bonds voted Nov. 6 1911
MILTON SCHOOL DISTRICT NO. 7 (P. 0. Milton), Pierce County',
(V. 93. p. 1339) were awarded on Feb. 17 to the American Trust & Savings Wash.
-Bonds Voted.-It Is stated that a proposition to issue $7,000 bldg
Bank of Birmingham at par.
bonds carried at an election held Feb. 5.
• INDIANA.-Bonds Offered to'Investors.-The following 4 A% tax-exempt
MILWAUKEE, Clackamas County. Ore.-Bond Sale.-On Feb. 13 the
gravel-road bonds are hang offered to investors by J. F. Wild & Co. of $16,051
25 on impt. bonds due in 1921 (Y. 94, p. 369) were sold at par and
Indianapolis: J..... •
•, int.
PASO COUNTY (P. 0.
COUNTY
FEB. 24 1912.1
THE CHRONICLE
579
MILWA U KEE, Wis.-Bond Election
PAULLINA, O'Brien County, lowa.-Bond Election Propose
school bonds will be submitted to the .-The question of issuing.$490,000
d.-It is
•
votcrsonAL
• •
stated that petitions are being circulated calling
2
, • .• •
an election to vote on &
MINERVA VILLAGE SCHOOL DISTRICT (P. 0. Minerva
proposit
ion to issue $8.000 bonds for a pumpingfor
station and electric-light= plant improve
Carroll Counties. Ohlo.-Bond Offering.-Proposals will be ), Start
ments.
received until
12 m. March 2 by C. H. Unkefer, Clerk Bd. of Ed., for
$2,500 6% 5-9-yr.
(ger.) bonds. Auth. Sec. 5656. Gen, Code. Denom.
PERRY COUNTY (P. 0. Marion). Ala.-Bond Sale.-Local
papers state
Bonds are tax-exempt. No debt at present. Assess.$500. Int. semi-ann. that the successful bidders for the $110,00
val. $1,500.000. • •
bonds offered on Dec. 27 1911 (V. 93, p. 0 5% 30-yr. coup. tax-free road
1682) were Otto Marx 63 Co. of
TAMISSISSIPPI COUNTY:DRAINAGE DISTRICT NO. 9 (P.
Birmingham.
0.
Osceola
)
Ark.-Bond Sale.-On Feb. 14 the W.n. R. Compton Co.
of St. Louts and
the Harris Trust & Saw. Bank of Chicago were awarded
PICKAWAY TOWNSHIP SCHOOL
CT,Pickaway County. Ohio.
$1,200,000 6% coup, draina.0 bands. Son V. 94, p. 363.at 100.10 and int. -Bond Sale.-On Feb. 15 the $30,000DISTRI
43i% 10 fi-yr. (aver.)
Denom. $1,000, and building
Date May 1 1912. Int. M. & N.
bonds (V. 94, p. 297) were awarded to the First site-purchase
. . Circlevil
Nat. Bank of
le for $31,128 50-making the price 103.761
-a basis of about
MISSOULA COUNTY (P. O. Missoula), Mont.-Bond ,Sale.-On Felo7r9 4.06%. Other bids
follow:
the $100,000 4% 10-20-yr. (opt.) refunding bonds dated
First Nat. Bank, Cleve__ _$31,053 75 Bart°,
March
1
1912
Scott &
Col__$30,925 50
(V. 94, p. 296) were awarded to the Missoula Trust & Sec.
Co. of Missoula Seasongood & Mayer, Cin.•31,020 25 Breed 6c Harrison. Cln___ 30,924
at 101 and int.-a basis of about 4.376% to opt, date
OG.
and 4.424% to full Hoehler & Cummings,Tol. 30,981 25 Hayden, Miller&Co.'
Co.,Cleve 30,876 00
maturity.
Davies-Bertram Co., Cin_ 30,975 00 Otis
& Hough Cleve
Other bids follow:
30,825 00
Well, Roth & Co., Cin____ 30,945 00 Mayer,
Walter & Co., Cin. 30,768 00
Harris Tr. & Say. Bk., Chic_$100,670 Yard, Otis & Taylor,
Chic__ $99,013 Terry, Briggs & Slayton,To1.30,939 00 C. E. Denison & Co., Clew.
N. W. Halsey 60 Co., Spok_ 100,080 Well, Roth &
30,724 60
ino____ 99,010
Dexter-Horton Nat. Bk.,Seat100,070 John Nuveen
PINEVI
LLE,
RaPides Parish, La.-Bond Sale.-The New First Nat.
&
Co.,do., Chic__ 98,873 Bank of
James N. Wright & Co.,Den.100,012 S. A. Kean & Co.,
Columbus. Ohio, was awarded on Feb. 16 at par $9,000
Chicago
__
98,500
5%
40-yr.
street-impt. bonds, it is stated.
First Nat. Bank, Missoula__ 99,525 L. D. Landing, K.
C., Mo_- 98,530
Devitt, Tremble ec Co.. Chic. 99,400 Causey, Foster
PLAIN CITY VILLAGE SCHOOL DISTRI
&
Co.,
Deny.
98,000
Compto
CT
(P.
Win. R.
n Co.. St. L. 99,350 Bolger, Mosser & WIllama
son County, Ohio.-Bond Offering.-Proposals will 0. Plain City), Madin,
be received until 12 m.
WM. Rollins 6c,Sons. Chic_ 99,083 • Chicago
96,210 Feb. 26 by E. L. Bechtel, Clerk Bd. of Ed., for $2,500 4 5,5% funding bonds.
Auth. Sec. 2834-A of State Laws. Denom.
bm, MONROE. onroe County, Mich.-Bond Election
(1) $300 and (11) $200. Date
.-An election will be March 12 1912.
held Feb. 27 to vote on a proposition to Issue $25,000
Int.
M. & S. at Farmers' Nat. Bank, Plain City. Due
4;i% paving bonds. one bond yearly on March
Denom. $500. Due $3,000 Jan. 1 1916 and
12 from 1925 to 1936, incl. Cert. check for
$2,000 yearly thereafter.
$100 on a national bank, payable
IVMONROE. Union County. No. Caro.-Bond
to Clerk, required.
Election
Propose
d.-According to reports. an election will be called shortly
PONTIAC SCHOOL DISTRICT (P.
0. Pontiac), Oakland
to vote on the question of -Bonds Voted.-We
Mich.
issuing $30,000 sewer bonds.
are advised that a proposition to issue County.
$175,000 bond
carried
by
a vote of 445 to 184 at an election
r•'MOSELY CREEK DRAINAGE DISTRI
held Feb. 15.
Feb. 15 the $45,000 6% 3-12-year (serial) CT. No, Caro.-Bond Sale.-On
PORTLAND. Ore.-Bond Sale.-On Feb.
13 the $500,000 4% 25-yr.
coup. tax-free bonds (V. 94, P. gold water bonds
152) were awarded to the New Bern Banking
& Trust Co. of New Bern for & Co. and Morris(V. 94, p. 430) were awarded jointly to C. E. Denison
$45,362 50, making the price 100.805
Bros. of Portland at 95.58 and int.-a
-a
basis
of
about
5.87%.
basis of about
Date
4.29%.
April 1 1912.
Other bids follow:
Merrill, Oldham & Co., Boston_95.47
MURPHY TOWNSHIP (P. 0. Murphy)
Lee, HiggInson & Co., Chleago..95.04
R.
.
-Bond
M.
No.
Grant
Caro.
Offerin
&
Co..
g.N
Y
Proposals will be received until April 1 by the
95.31 Sec. Say. & Tr. Co., Portland__94.93
Highway Comtn'rs for $50,000 Well, Roth & Co.. Chicago
to $100,000 coup. bonds. Due 30
94.70
Cert, check for $500,required. Breed & Harrison, Cin. andl_ _95.15 New York Life Ins. Co
Bidders arc requested to submit bids yrs.
Estabrook as Co., Chicago)
for
Seasong
and
bonds.
57.
6%
ood
L.
Mauney
&
Mayer, Cin.
is Secretary of the Highway Commission.
L. Day & Co., N. Y., andl 95.09
Wm.A. Read & Co.. Chicago_ _95.07 R.
Blodget
& Co., N Y
NiNACOGDOCHES. Nacogdoches
County, Tex.-Bond Election.-Reports G. H. Tilden & Co., Seattle_ j•95.06 O'Connor & Kohler, Chic. and195.01
state that an election will be held March
la94.27 Davis es Struve Bd. Co..Seat-1
$110,000 paving, sewerage and lighting 12 to vote on a proposition to issue
-impt. bonds.
• If payable In N. Y. a If payable in
• NASH COUNTY (P.0. Nashville), No. Car.-Bond
Portland.
Sale.-Otis & Hough
et Cleve. have been awarded
Denom. $1,000. Date March 1 1912. Int.
the $65,000 four Issues- 30-yr. coup.
M. & S. In New York.
road
bonds(V.94, p. 227) as Os. Dcniam.
The above bonds are now offered to investor
$1,000. Date Jan. 11912. Int. J.&J.
s by C. E. Denison & Co. of
Boston and Clevelan
NAUGATUCK. New Haven County,
Conn.-Bond Offering.-Proposals ment on a preceding d at 97 and int., yielding about 4.20%. (See advertisepage.)
will be received until 8 p. m. March
5 by Bd. of Warden and Burgesses for
PORT OF SEATTL (P. 0. Seattle), King
Use $200,000 4% refunding bonds (V.
County, Wash.-Bond Eke94, p. 80). Date Feb. 11912. Int. tion.-We print belowEthe
several bond propositions to be
F. es A. Due $10,000 yearly Feb.
submitted to the
1 1913 to 1932 Incl. Cert. check for voters on March 5 In connection with
the acquirement, construction,
2% of bid is required. Purchaser to
pay accrued int. Bonds to be de- maintenance, operation, development and regulation of a system of harbor
improve
ments
livered and paid for within 20 days. G.
and rail and water transfer and terminal facilitie
T. Wigmore is Treasurer.
s within
the port district of the Port of Seattle:
The official notice of this bond offering
will be found among the advertise- $1,000,000 Smith's Cove improvement bonds.
Due
as
ments elsewhere in this Department.
follows:
$10,000
in
1 and 2 yrs., $11,000 in 3 and 4 yrs., $12.000
In 5, 6 and 7 yrs.,
$14,000 in 8
NRINEW LONDON. Waupac County, Wis.-B
$13,000 in 9 yrs., $14,000 In 10 yrs.. $15,000
onds Voted.-Local papers
in 11 yrs.. $16,000
state that the proposition toa issue $l5,003
yrs.. in 12, 13 and 14 yrs., $17,000 in 15
bridge bonds carried by a vote
yrs.,
$18,000 In 16 yrs.. $19,000 in 17 yrs.
sot 267 to 215 at the election hell Fe.
$20,000 In 18 and 19 yrs.,
$21,000 In 20 yrs., $22.000 in 21 and
Due $1,000 yearly on May 1 from 1013 6 (V. 91, p. 227). Denom. $500
'
22 yrs.. $24,000 in 23 yrs.,
to 1027 incl.
$25.000
in 24 and 25 yrs., $27,000
NEW MADRID COUNTY, Mo.-Bond Offering
26 yrs.. $28.000 In 27 and
28 yrs., $30,000 in 29 yrs., $31,000 in
.-Proposals will be received until 2 p. m. March 1 by II. Myers,
In 30 yrs., $33,000 in 31 and
Sec. of Road Dist. (P. 0. Sikes32 yrs., $35,000 In 33 yrs., $37,000 In 34
ton), for 293,000 5
1-21-year (opt.) coup. Kings Highway Road Dist.
$39,000 In 36 yrs., $41,000 in 37 yrs.. $43,000 $38,000 In 35 yrs.
boads. DInoTri. $100 or multiples thereof.
yrs..in 33 yrs.,$44,000
in 39 yrs., $46,000 in 40 yrs., $48,000
Date March 4 1912. Int,
sun. on March 1. Cert. check (or cash)
in 41 yrs. and $4,000 in
for
5%
42
of
yrs.
bonds
bid for, payable to
trke road district, Is required.
650,000 East Waterway improvement bonds.
Due as follows: $8,000
NEWTON COUNTY (P. 0. Newton), Tex.-Bonds
in 1 yr., $9,000 In 2 and 3 yrs., $10,000
4
Proposed.-It is
$9,000 in 5
stated that this county Is contemp
yrs. $11,000 in 6, 7, 8 and 9 yrs., $12,000In
lating the issuance of $500,000 roadin 10yrs..
yrs., $13,000 in
construction bonds.
11 and 12 yrs.. $14,000 In 13, 14 and 15 yrs.,
in 16, 17
and 18 yrs., $17,000 in 19 yrs., $18,000 in 20$16,000
NORTH TARR YTOWN. Westchester County, N.
$19,000 in
Y.-Bond Offering.21 and 22 yrs., $20,000 In 23 yrs.. $21,000 In 24 yrs..
AddltIonal details are at hand relative
yrs.. $22,000 in
25 and 26 yrs., $24,000 in 27 and 28
$72,000 registered street-impt. bonds (V.to the offering on Feb. 27 of the
$26,000
yr.. $28,000 In 31 and 32 yrs., $30,000 yrs.. yra., in 29 and30
lat. Proposals for these bonds will be 94, p. 506) at not exceeding 5%
$31,000 in 34
Yrs..$32,000 In 35 yrs. $31,000 In 36 In 33$35,000
by the Board of Trustees, J. Wirth, received until 8 p. in, on that day
In 37 yrs.,
President. Denom. $1,000. Date
$36,000 In 3/3 yrs., '
April 1 1912. Int. J. & J. Due
$37,000 in 39 yrs..
yrs..
$40,000 In 40 and 41
yearly July 1 from 1928 to 1939,
yrs. and $4,000 In 42 yrs.
incl. Bonds to be delivered April$5,000
10
1912
unless
a
subsequ
350,000 Salmon Bay improvement bonds. Due
ent date shall
be mutually agreed upon. Cert, check
as follows: $3,000 in
on an incorporated bank or trust
1 yr. $4,000 In 2 yrs., $3,000 in 3 yrs.. $4,000
company for $1,030, payable
in 4 and 5 yrs.,
the VII. Treas., required. Blank forms
$5,000 in 6
for bids will be furnished by theto
$4,000 in 7 yrs., $5,000 in 8 yrs., $4,000
village. Purchaser to pay accrued
In 9
interest.
yrs. $5 000 yrs..
These bonds will be prepared tty and certified
In 10 and 11 yrs.. $6,000 In 12
$5,000 in 13
as to their genuineness by the
Yrs., $6,000 in 14, 15 and 16 yrs.. $7,000 Inyrs.,
Knickerbocker Trust Co. of New York.
17,
18,
19
and
20
yrs. $8,000 In 21, 22 and 23 yrs.. $9,000
,OCHEYEDAN. Oiceala
24 yrs.. $8,000 in
lowl.-/3ond S2le.-On Jan. 1 the
25 in.. $10,000 In 28 yrs.. $9,000 In 27 yrs.in$10,000
$3,0006% 5-2)-year (opt.) Crsity.
In
28
yrs..
w tter-,v,r.cs b )n is voted Dee. 11 1911 (V.
$11,000
in
29, 30 and 31 yrs., $12,000
94,
p.152) were asarded to Goa. M. BeJatel
and 33 yrs..
& 03. of Davenport at par. Dc
$13,000 In 34 and 35 yrs., $14,000 In 38 andin3732
morn. $3)). 1ri. f.
$15,000 in
38 and 39 yrs.. $16,000 in 40 yrs., $17,000 in 41 yrs.,
yrs.
and $3,000
OGDEN, Weber County, Utah.--Bond 911*.-We
in
42 yrs.
are now advised that
$100,000 (not $50,0,)0 as reports tin V.
750,000 Central water front Improvement bonds.
91,
p.
430)
4
5
,
5
% 10-20-year (opt.)
Due as follows:
refunding bonds were awarded Jan. 24 to E.
$7,000 In 1 yr., $8,000 in 2, 3 and 4 yrs., $9,000
In 5 and 6 yrs.,
par. Denom. $1,000. Date ($50,000) Feb.H. Rollins & Sons of Denver at
$10,000 In 7 yrs., $9,000 In 8 yrs., $11,000 in 9 yrs.
1 1912 and ($50,000) April 1
$10,000 in
1912, Int. F. & A. on $50,000 and A.
10 yrs., $11,000 in 11 yrs., $12,000 In 12, 13 and 14 in.,
& 0. on $50,000.
$13,000
in
15
yrs.
$14,000
in 16, 17 and 18 yrs., $15,000 in 19 yrs..
• OMAHA, Neb.-Bond Sale.-On Feb. 20 the
$50,000
park,
$100,000
$16,000 In
'20 yrs., $17,000 in 21, 22 and 23 yrs.. $19,000 in 24
sewer and $100,000 intersection and $288,50
improvement 4;
,6% bonds
and 25 yrs., $20,000 in 26 yrs.. $21,000 In 27 and
(V. 94, p. 430) were awarded to Parkinson &0 Burr
yrs., $23,000
of N. Y. at 101.3371.
in 29 and 30 yrs., $24,000 in 31 yrs.. 126,000 in 28
Other bids follow:
$2 and 33 yrs.,
$27,000 in 34 yrs., $28,000 in 35
Livingston ec Co., N. Y1
$30,000 in 36 yrs. $31,000
I01.09
A. B. Leach & Co. Chleago1100.57
in
37
yrs.
5
$32,000
Seasongood & Mayer, Cin_l
in
38
yrs., $33.000
yrs.'
in 39 yrs., $34,000
N. W. Halsey
'
in
Chic f
•
40 yrs., $36,000
'
in 41 yrs. and $4,000 in 42 yrs.
Meroh.Loan & Tr. Co _ __ )101.0553!Blake Bros. & &
Co., NI. Y _ _ _ _100.53
160,000 Lake Washington improvement bonds. Due
W. R. Compton Co.. SC. Li
as follows: $1,000
R. L. Day & Co., N.Y
in
100.273
1
yr..
$2,000
Spitzer, RorIck & Co. Tol_ _100.73
in 2 yrs., $1,000 In 3 yrs.. $2,000 in 4 and 5 yrs..
Kountze Bros., N Y
100.213
$1,000 In 6 yrs., $2,000 yrly. from 7 to 11 yrs..
Bids fromm Merrill,'
Oldham & Co., Boston;
Incl.. $3,000
In 12 yrs.. $2,000 in 13 yrs., $3,000 in 14 yrs., $2,000
E. H. Rollins & Sons, Chicago; and J. NickersEstabrook & Co., Chicago;
in 15 yrs.,
on
Jr.
were
rejected
,
$3.000
being
conditional.
yriy. from 16 to 22 yrs., incl.. $4,000 in 23 yrs.. $3,000
In 24 yrs. $4,000 in 25, 26 and 27 yrs., $5,000 In 28
yrs..
ONTONAGON COUNTY (P. 0. Ontonagon), Mich.
$4,000
In
29
yrs..
-Bond
$5,000
in 30 yrs.. 14,000
Election.According to reports, an election will be held April
31 yrs., $5,000 In
32 yrs., $6,000 in 33 yrs.. $5,000 in 34 yrs. in$6,000
1 to vote on a proposition
to issue $150,000 road bonds.
in 35,36,37
and 38 yrs., $7,000 in 39 yrs., $6,000 In '
40
yrs.. $7,000 in 41
ORANGE couNrv (P. 0. Orange). Texas.-Bond
yrs. and $3,000 In 42 yrs.
SlIe.-On Feb. 13
Spitzer, !Oriel{ & Co. of
3,000,000 Harbor Island improvement bonds.
roledo were awarded at par and int. the $200,00
Due as follows: $30,000
5%, 10-40-year (opt.) road
0
in
1
yr..
$31,000
In
yrs.,
bonds
2
$32,000
(V.
91,
p.
430).
in
3 yrs.,
in 4 yrs..
Is conditioned upon the bon is being approved by the The sale, it Is stated,
$35,000 In 5 yrs., $36,000 In 6 yrs. $38,000 $34,000
7 yrs.. $40.000 in
Attorney-General and
tke bond company's attorney.
8 yrs., $41.000 in 9 yrs.. $43,000 in 10 yrs.,in$44,000
$46,000 In 12 yrs., $48,000 In 1$ yrs.. $50,000 in 11 yrs.,
OROVILLE (IR VIM 114 SZ.11-130 ulsrRi
cT (P. 0. Oroville). Butte
452.000 In 15 yrs., $54.000 In 16 yrs.. $56,000 in 17 in 14 yrs.,
County. Cal.--Bond Election.-WeL learn that
yrs., $58,000
an election will be held
In 18 yrs., 161.000 in 19 yrs.. $63,000 in 20 yrs.,
March 16 to vote on a proposition
$66,000 in 21
to Issue $45,000 5% building bonds.
yrs., $68,000 in 22
$71,000 In 23 yrs., $74,000 in 24 yrs..
OTTUMWA SCHOOL DISTRI
$77,000
in 25 yrs., $80,000
CT (P. 0. Ottumwa), Wapello County
yrs.. In 26 yrs., $83,000 in 27 yrs., $87,000
Iowa.-Bond Election.-Local papers
In 28
$90,000 In 29 yrs., $93,000 in $0 yrs.. $97,000
state that an election will be held,
in 31
March 11 to vote on a proposition
y..
rs $101.00
yrs.. 0 In 32 yrs., $106,000 In 33 yrs., $109,000 in
to issue $43,000 school-building bonds.
yrs., $114,000 in 35 yrs., $118,000 in 36 yrs., $123,000 in $4
OWEN. Clark County, Wis.-B
Offering.-Proposals will be received,
37
yrs.,
$128,00
It is stated, until 7 P. m. March ond
0
in
38
yrs.
$133,00
0
in
39
yrs.,
$139,00
1 by G. D. Richards, Village Clerk, for
0 in.40
yrs., $143,000 in 41 yrs. and $8,000 in 42 yrs.
$16,000 6% water and sewer bonds.
2,000,000 Harbor Island supplemental improvement bonds.
PADUCAH, Cottle County, Texas.-Bond
• Due as
Sale.-Cutter, May & Co. of
follows: $20,000 In 1 and 2 yrs., $22,000 in 3 and 4
Chicago have been awarded the
yrs., $24,000
strect-impt. and $27,000 waterIn 5 and 6 yrs.. $25,000 in 7
$27,000 in 8 and 9 yrs., $28,000
works 5% 10-40-year (opt.) bonds$10,000
(V. 93, p. 1682) at 94-a basis of about
In 10 yrs.. $30,000 in 11 yrs.,
yrs..
$31,000 In 12 yrs., $32,000 in 13
5.815% to the optional date and about
yrs. $33,000 In 14 yrs. $35,000 in 15 yrs.,
5.363% to full maturity.
$36,000 in 16 yrs..
PADUCAII, McCracken County,
$37,00
in 17 yrs., $39,000
'
In
Ky.-Bo
18 yrs.. $40,000 In 19 yrs..
nds
Authoriz
ed.
-It
is
stated
issuance
that the
of $23,000 water bonds
$43,000 in 20 yrs.. $43,000 in 21 yrs.. $46,000
has been authorized.
In 22 yrs.. $47,000
in 23 yrs.. $49,000 in 24 yrs., $52,000 in 25 yrs.,
PALO ALTO. Santa Clara County, Cal.-Bonds
$53,000 in 26
Proposed.-Newspaper
yrs.. $55,000 in 27 yrs. $58,000 in
reports state that this place is consider
yrs., $60,000 in 29 yrs.,
ing the issuance of the following
$62,000 in 30 yrs., $65,000 in $1 yrs.,28
beads:
$67,000
in 33 yrs., $73,000 in 34 yrs., $76,000 In 35 In 32 yrs., $70,000
$12,500 for a 500-k. w. turbo-generator for
yrs., $82,000 in 37 yrs., $85,000 in 38 yrs., yrs., $79,000,in 36
3.500 for the construction of a pressure the municipal power plant.
$39,000 in 39 yrs..
$92.000 in 40 yrs., $96,000 in 41 yrs.
Pacific RR. to the power plant. oil pipe line from the Southern
and $6,000
Denom.
$1,000.
Date as Issued. Int. (rate not to,excee In 42 yrs.
11,000 for a street-impt. plant to carry on
d.434
paving
annuall
at a reduced cost.
y at the fiseallagency.of the,State in Newaor
3,000 to purchase a lot adjoining library
k.
20,000 Municipal light and water-piant bldg.
PO U OH KEEPSIEADutchessliCounty. N.MY.-B
bonds.
ids.--T
henothe
r!lbid
received on Feb. 15 for the $50,000,..high-s
chool and,$70,000 grade-school
[VoL. Lxxxxiv.
THE CHRONICLE
580
3.50% and $10 00 premium
at Livingston & Co., New York
434% 10-year coupon bonds awarded to C. H. Venner & Co. of N. Y.
3.50% and $10 00 premium
Bank for Savings, New York
and $11 00 premium
3.60%
103.393 (V. 94, p. 506) were as follows:
$50,000 Issue. $70,000 Issue. Bond & Goodwin, New York
3.625% and $9 60 premium
York
New
Co.,
&
Sachs
Goldman,
00
00
*72,219
$51,585
*19 00 premium
and
3.875%
Wm. A. Read & Co.. New York
Rochester
72,111 90 Bonbr1ght & Hibbard,
51.508 50
4
A. B. Leach.& Co., New York
72,025 00 Ford. Enos, Wolcott & Ranson, Rochester
51,470 00
James R. Magoffin, New York
00
72,016
51,440 00
M. Bechtel &
Watson & Pressprich, New York
SAC COUNTY (P. 0. Sac City), Iowa.-Bond Sale.-Geo. advised.
72,011 00
51,437 00
Livingston & Co., New York
Co. of Davenport were awarded $18,000 funding bonds, we are
00
71,995
00
51,425
Biodget & Co., New York
rlIn & Co. of
71,993 36
51,423 83
SAN BENITO, Cameron County, Tex.-Bond Sale.-Suthe
Chisholm & Chapman, New York
71,989 00 Kansas City, Mo., has been awarded $30,000 6% 15-30-yr. (opt.) sewer
51,421 00
Sutro Bros. & Co., New York
optional date
the
to
20
5.55%
71,971
about
00
51,408
bonds at 102.60 and int.-a basis of
Estabrook & Co., N. Y
71,967 00 and about 5.72% to full maturity.
51,405 00
Bond & Goodwin, New York
60
71,958
00
51,399
York
New
Sons,
E. H. Rollins &
71,932 00
SEBRING SPECIAL SCHOOL DISTRICT (P. 0. Sebring), Mahoning
51,380 00
2 p. m.
Dominick & Dominick, New York
71,883 70 County, Ohio.-Bond Offering.-Proposals will be received until
51,345 50
94.
R. L. Day & Co., New York
00
11 by H. L. McConnell, Clerk, for the following 4 A% bonds (V.
71,876
March
00
51,340
Ferris & White, New York
00
71.869
51,335 00
p. 506):
incl.
1919
Isaac W. Sherrill, Poughkeepsie, N Y
to
1916
from
1
71,827 Of? $2,000 refunding bonds. Due $500 yrly. on Mch.
51,305 00
Curtis & Sanger, New York
1916 to 1919 incl.
71,716 40
7,000 funding bonds. Due $500 yrly. on March 1 from
51,226 00
Harris, Forbes & Co., New York
and $1,000 yriy. on March 1 from 1920 to 1924 incl. 1 1912. Int
71,712
51,225 00
Kissel, Kinnicutt & Co., New York
March
71,710 00
Auth. Sec. 5658, Gen. Code. Denom. $500. Date
51,221 50
payable to
Kountze Bros., New York
71,687 00 M. & S. at Treas. office. Cert, check for 2% of bonds bid for,
51,20500
Morgan, Livermore & Co., New York
71,589 00 Treas., required. Each issue to be bid for separately.
51,135 00
N. W. Halsey & Co., New York
60
71,240
50
50,886
to
g
reports.
C. E. Denison & Co., Boston
SENOIA, Co'weta County, Ga.-Band Election.-Accordin
102.948
issuing $10,000
R. M. Grant & Co., New York..
an election will be held March 26 to vote on the question of
int.
and
----102.93
York
New
&
Co.,
Rorick
Spitzer,
----102.733 and Int.---- school-building bonds.
Rhoades & Co., New York (all or none)
Authorized.-It
102.095
SHALER TOWNSHIP, Allegheny County, Pa.-Bonds
Farson, Son dc Co., New York
issuance
-102.079 and int.- is reported that the Board of Commissioners have authorized the
Boston
Co.,
&
Merrill, Oldham
bonds.
int.
ruction
and
102
bridge-const
of $25,000
Fallkill National Bank, Poughkeepsie
101.62
Sate.-On Feb. 19
S. A. Kean & Co., Chicago
SIOUX FALLS, Minnehaha County, So. Dak.-Bond$300,000
par for $5,000
5% coup.
Mosser & Willaman of Chicago were awarded
Wappingers Savings Bank
$4,080 for $4,000 Bolger,
water and sewer bonds, dated Dec. 1 1911, for $304,300 (101.433) and int.
G. H. Kinney
follow:
bids
Other
11911.
Dec.
(P. 0. Prosper). Col- Date
3,7501N. Y. Life Ins. Co.. N. Y..$103 321
PROSPER INDEPENDENT SCHOOL DISTRICT
14 the State Comptroller S. A. Kean & Co., Chicago$30
sale to Boiler,
lin County, Tex.-Bonds Regtstered.-On Feb. voted
It was reported that these bonds had been sold at private
in June 1911 (V. 92,
registered the $8,000 5% 20-40-yr. bldg. bonds
but they were apparently re-advertise
18,
Jan.
on
Mosser & Willaman
p. 1586).
Hyde Park, Dutchess
STAATSBURO FIRE DISTRICT, Town of received
until 7:30 p. m.
-We are advised that
N. Y,---Bond Offering.-Proposals will be
RICHMOND, Va.-Bonds Awarded in Part.
(the unsold portion of the County,
Bd. Fire Comm'rs (P. 0. Staatsburg).
Chairman
by
F.
Bodenstein,
26
Feb.
$41,500 of the $900,000 4% reg !mot. bonds
99 and int.
and (9) $55.
at
$500
investors
(9)
local
to
of
$1,000,
(9)
disposed
been
Denom.
have
bonds.
reg.
for $13,995 5%
Issue of $1,400,000)
yearly from 1913 to
Date Dec. 6 1911. Int. ann. In March. Due $1,555 company
See V. 94, p. 152.
for 2% of
trust
or
bank
national
a
on
check
Cert.
incl.
1921
Robins), Linn County, Iowa.
ROBINS SCHOOL DISTRICT (P. 0.
bonds bid for required. Purchaser to pay accrued interest,
building
$2,000
issuing
of
question
the
reports,
to
g
Bonds Voted.-Accordin
Tex.-Bonds Registered.STERLING COUNTY (P. 0. Sterling City).5%
bonds carried at an election held recently.
10-40-yr. (opt.) courtthe $10,000
-Proposals will be received until The State Comptroller registered
1587) on Feb. 12.
p.
92.
(V.
1911
29
ROCHESTER. N. Y.-Note Offerings.
Apr.
voted
bonds
jail
and
house
, for $100,000 refuse2 p. m. Feb. 27 by E. S. Osborne, City Comptroller
Sale.-On Feb. 19
of notes and
SUMMERS COUNTY (P. 0. Hinton), W. Va.-Bond
disposal notes due 8 months from March 4 1912. Denom.
will be the two issuca of 6% 32-yr. road and bridge bonds aggregating $105,000
rate of interest desired to be named in bid. Principal and interest
at 106 and int.
Chicago
of
Co.
&
McCoy
(V. 94, p. 431) were awarded to
payable at the Union Trust Co. in N. Y.
Proposals will also be received until 2 p. m. Feb. 29 by the Comptroller -a basis of about 5.59%.
-On Feb. 6
Sale.
seWage-dis$100,000
park-impt.,
for $160,000 local-Improvement, $64,500
TALIIi INA. LE FLORE COUNTY, Okla.-Bond
to the Perry
7 1912 and due in 8 months. $25,000
6% 20-yr. water-works-constr. bonds were awardedOct.
posal and $10,000 park-impt. notes dated March
19 1911.
in
bids.
be
Principal
Date
to
named
*1,000.
desired
Denom.
of
interest
par.
rate
and
at
Denom. of notes
Construction Co. of Poteau
Co. In New York,
& 0.
A.
and Interest will be payable at the Union Trust
Int.
s
-improve8-months'
water-work
0
1100.000
4347
the
20
*45,000
Feb.
-The
-On
Sale.
Sale.
-Bond
Note
TAMAQUA, Schuylkill County, Pa.
ment notes (V. 94, p. 506) were awarded to the Bankers Trust Co. of 10-30-year (opt.) sewer and relunding bonds voted Jan. 9 (V. 94, p. 153)
New York at 3.50% int. and $25 premium. Other bids follow:
NEW LOANS.
NEW LOANS.
NEW LOANS.
Union Irriaation District
$1,600,000
$150,000
N.J.,
TARRANT COUNTY, TEXAS Borough of Haddonfield,
NOTICE OF SALE OF BONDS AND TO CONTRACTORS FOR BIDS FOR PRELIMIImprovement Bonds
NARY ENGINEERING. SURVEYING,ETC.,
ROAD AND BRIDGE BONDS
FOR IRRIGATION SYSTEM.
the Borough of Haddonfield
of
Council
The
Sealed bids will be received by the under- invites sealed proposals for tile whole or any part
NOTICE IS HEREBY GIVEN to all persons
for
Improvement Bonds of the
that sealed bids will be received at the office of signed up to 11 a. m. MARCH 11TH, 1912,
Street
of
$150,000
of
the Board of Directors of the "UNION IRRI- the purchase of $1,600,000 road and bridge bonds,
denomination of $1,000 each, bearing date
bonds
These
Texas.
Rayof
Town
County,
the
at
"
Tarrant
by
issued
GATION DISTRICT,
April 1st, 1912, with interest at 4 per centuM,
mondville. Texas, until the hour of 2:30 o'clock are in the denomination of $1,000 each and bear payable semi-annually, at the office of the
interest at the rate of 5% per annum, payable Borough Treasurer, Haddonfield, N. J., Said
P M. of
annually in either New York or Fort Worth, bonds to be payable after thirty years from the
Tuesday. the Fifth Day of March. A.D. 1912,
for the Preliminary, Engineering, Surveying, &o.. Texas.
date of issue.
Irriga"Union
the
of
Each bid must be for the entire issue, $1,800,System
Irrigation
the
for
The proposals for the above-mentioned bonds
actual 000.
tion District." This work includes no of
addressed to Hon. Chas. 0. Brown, Mayor,
surTwo propositions will be considered, one for Haddonfield, N. J., endorsed "Proposals for
construction, but includes ALL WORK specidelivery of the entire issue ($1,600,000) April 10, Street Improvement Bonds", will be received by
veying, engineering, making of estimates,
follows:
the Borough until MONDAY,
fications, &c., necessary to the commencement 1912, and one for three deliveries, as
July 10th, the Clerk of 1912,
up to the hour of 8 o'clock
of actual construction of the largest Irrigation $550,000 April 10th, 1912, $500,000
MARCH 4TH,
1912.
10th,
October
Texas.
$550,000
in
and
1912,
attempted
m., of the same day, who will certify thereon
System thus far
p.
rs'
Commissione
The
necessary
Certified check in favor of
by him.
receipt
their
of
Maps, plans, specifications and all the office
time
the
Court, Tarrant County, Texas, in the sum of
Said proposals will be publicly opened at a
data are now on file, and may be seen in
$32,000 (2% of the amount to be purchased) meeting of the said Council to be held in the
of the Board of Directors of the "Union Irrigation
District," at Raymondville, Texas, and any de- must accompany each bid.
Council Chamber of the said Borough of HaddonBids will be opened and considered by the field, on the Fourth day of March, 1912. at 8
sired information may be had by applying to
11th,
V L. Conrad, District Engineer for said District. Commissioners' Court at 2 P. M., March
o'clock p. m. No award will be made on any bid
1912.
Raymondville, Texas.
below the par value of the bonds.
The Commissioners' Court reserves the right to
All bids received will be opened at 2:30 o'clock
Said proposals must be accompanied by a
P. M. of Tuesday. March 5th, A. D. 1912, at and reject any or all bids.
check payable to Chas. E. Magill,
certified
Descriptive circular giving all data, information Borough Treasurer, for two per centum of the
In the office of the "Union Irrigation District"
its
The successful bidder for all of the above work &a., touching and relative to Tarrant County,
the par value of the bonds bid for.
of
amount
to
will be required immediately upon the acceptance condition, resources, assets, liabilities, doe.,
The Mayor and Council reserve the right
this
with
of
in
Directors
connection
of
procedure
all
will
Board
the
together
from
bid
to
buy
of his
reject any or all bids as may seem best to them
the "Union Irrigation District," and pay for in bond issue, may be had o application.
Interest of the Borough.
the
In
C. J. McKENNA, County Auditor,
cash, the entire issue of irrigation District bonds
Any information with regard to this bond issue
Fort Worth. Texas.
now issued, amounting in the aggregate to one
will be furnished by addressing.
ALLEN CLYMER,
hundred thousand dollars ($100,000 00), voted
Borough Clerk.
by said District on December 30th. 1911, at not
less than the par value thereof; and such successful
Haddonfield, N. J.
bidder will be required to furnish a certified check
in the amount of $5,000 00. payable to A. '1'.
Woodhouse, President of the Board of Directors
of the "Union Irrigation District," as a guarantee
that such successful bidder will faithfully perform
his obligations to said District.'
The Board of Directorsof the"Union Irrigation
District"(as required by law) reserve the right to
REFUNDING BONDS
reject any and all bids.
Witness the signature of A. T. Woodhouse,
FIRE DEPARTMENT BONDS
Sealed proposals will be received until 8 P. M.
President of the Board of Directors of the "Union
Irrigation District," and this notice duly attested MARCH 5, 1912, by the Board of Warden and
Proposals for the purchase of 12 Fire
this,
of
Wanted,
part
$200,000
Board,
any
of
said
or
the
Secretary
for
whole
Miller,
S.
BUrgesses,
by Frank
of Highland
the 2nd day of January, A. D. 1912.
4% Refunding Bonds. Dated February 1, 1912. Department Bonds of the Village
$1,000, interest
A. T. WOODHOUSE,
Interest February and August. Due $10,000 Park, of the denomination of Bonds expire as
ly.
semi-annual
1932,
payable
to
1913
Directors
4%,
of
from
Board
the
of
1st,
on
President
February
annually
3 October 1, 1919,
of the "Union Irrigation District."
inclusive. Bonds to ty.. delivered and paid for follows: 2 October 1, 1918,
1, 1921. The
within twenty days from date of award. Certi- 3 October 1. 1920, and 4 October
Attest:
delivery.
immediate
for
ready
are
bonds
Purchaser
above
required.
FRANK S. MILLER,
fied check for 2% of bid
Secretary of the Board of Directors of to pay accrued interest. Right reserved to reject Address all proposals to FORD,
R. MILTON
the "UnionlIrrigation District."
any and all bids.
Clerk of Highland Park.
Full particulars may be obtained by addressing
Borougia Treasurer, Naugatuck, Conn.
G. T. WIGMORE, Treasurer.
4% Street
$200,000
Naugatuck, New Haven
County, Conn,
4%
Specializing in Examination of
Municipal and Corporation Bondp
1312 FIRST NATIONAL BANK BUHL!
CHICAGO, ILL.
VILLAGE OF HIGHLAND PARK, MICH.,
MUNICIPAL AND RAILROAD
F. WM. KRAFT
LAWYER
$12,000
ESTABLISHED 1885
PL C. SPEER & SONS CO.
First Nat. Bank Bldg., Chicago
SCHOOL,
SOUND,' AND MIINIIIIPAL BONDS
•
BON DS
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
FEB. 24 1912.1
THE CHRONICLE
were awarded at private sale to Harris, Forbes & Co. of New York at
101.689 and int. Denom. $1,000 and $500.
TOPEKA. Kan.-Bond Sale.-Reports state that this city recently
disposed of an issue of $75,000 refunding bonds.
TULARE SCHOOL DISTRICT (P. 0. Tulare), Tulare County, Cal.
Bond Election Proposed.-There is talk of calling
an election to vote on a
proposition to issue building bonds.
TURTLE CREEK DRAINAGE DISTRICT NO. 1, Wa!worth County.
Wis.-Bond Offering.-Proposals will be received until 2 p. m. March
14 by
H. D. Barnes, Sec, of the Commission (P. 0. Elkhorn),
tor $22,760 6%
construction assess. bonds. Denom. $100 or 3500, except one bond for
*60. Due one-tenth yearly on or about June 14 from 1912 to 1921 incl.
UHRICHSVILLE, Tuscarawas County, Ohio.-Bond Offerina-Proposals will be received until 7 p. m. March 8 by H.0. Snyder, Village Clerk,
for the 4% 25-year coupon refunding bonds (V. 94, p. 297). Denom. $500.
Date March 1 1912. Int. M. & S. at the Village Treasurer's office. Bonds
to be delivered and paid for within 10 days from time of award. Cert. check
for $500, payable to the Village Treas., required. Purch. to pay accrued int.
Bond Sale.-On Feb. 20 the two issues of 4 %% impt, bonds aggregating
$9.400 (V 94, p. 297) were awarded to Mayer, Walter & Co. of Clue, at
101.68 and int. Other bids:
First Nat. Bank, Cleveland $9,552 50 Well, Roth & Co., Cinc__ _ 49,483 75
arto, Scott & Co., Coium_ 9,541 00 Stacy & Braun, Toledo_ ___ 9,443 10
Seasongood & Mayer, Ctn. _ 9,522 50 Winton Banking Co., WinOtis ec Hough, Cleveland__ 9.503 00
ton
*2,631 46
• Bid for $2,600.
UNION, Union County, Ore.-Bond Sale.-Keeler Bros. of Denver were
warded at par, less $500 commission, $12,000 5% water-works bonds. Denom. $1,000. Due Jan. 1931, opt. after 10 years.
UNION SPRINGS, Bullock County, Ala.-Bond ()henna-Proposals
will be received until 8 p. m. March 7 by P. L. Cowan, City Clerk, for the
$30,000 sewer and $5,000 water-tower 5% gold bonds voted Nov.13 1911.
(V. 93, p. 1493). Denom. $500. Date Jan. 1 1912. Int. J. & J. at the
Hanover Nat. Bank, New York. Due 30 years. Cert. cheek for *500,
payable to City Clerk, is required.
UNIVERSITY PLACE SCHOOL DISTRICT (P. 0. University Place),
Lancaster County, Neb.-Bond Sale.-The *50,000 5% 14-year (average)
building bonds (V. 94, p. 298) were awarded, it is stated, to the First Trust
Co. of Lincoln at 104.60-a basis of about 4.553%.
VENICE, Los Angeles County, Cal.-Bond Election.-An election will
be held April 4, it is stated, to vote on a proposition to issue $43,000 sewer
and garbage-disposal-system bonds.
VERNON TOWNSHIP SCHOOL DISTRICT NO. 7 (P. 0. Durand),
Shlawassee County, Mich.-Bond Sale.-On Feb. 16 $17,000 4 A% 8 A-yr.
(aver.) coup. bldg. bonds were awarded to Bumpus & Co. of Detroit for
$17,176 50-making the price 101.038-a basis of about 4.35%. Other
bids follow:
H. W. Noble & Co. Det_$17,150 00 John Nuveen & Co., Chic.$17,051 00
Dot. Tr. Co., Detroit_ ___ 17,145 00 W.E. Moss & Co., Detroit 17,035 00
First Nat. Bk., Detroit__ 17,127 50 C. H. Coffin, Chicago...... 17,017 00
A. B. Leach & Co., Chic_ 17,051 00 Bolg.Moss.& Willam.Chic. 17,011 50
Shiawassee Co. Bk., Dur'd 17,000 00
Authority Chap. VI Sec. 91 Gen. Sch. Laws of 1909. Denom. $500.
Date April 1 1912. Int. ann. in Jan. at Detroit. Bonds are tax-exempt
In Michigan. No other debt. Assessed valuation 1911 $925,810.
581
VICKSBURG, Warren County. Miss.-Bands Voted.-The election held
Feb. 14 resulted in favor of the propositions to Issue $400,000 water-works
and $100,000 street bonds (V. 94, p. 153). The vote was 1,092 to 167
and 1,159 to 96, respectively.
WAC0_, McLennan County, Tex.-Bond Election Proposed.-It is stated
that the Water Commissioner has requested the City Commissioners to call
an election to vote on a proposition to issue $400,000 pumping plant
and
water-system eitenslon bonds.4 •
• c.f.I • •
•
WALLA WALLA, Walla Walla County, Wash.-Bond Sale.-On Feb. 15
the $40,000 20-yr. gold coup. refunding bonds (V. 94, p. 371) were awarded
to E. H. Rollins & Sons of Chicago as 4 As at par and int. less a discount
of.3391-a basis of about 4.575%. Twenty -two bids were received.
• WARREN COUNTY (P. o. Vicksburg). Miss.-Bond Sale.-On Feb. 5
$2,600 5% 5-20-yr. (opt.) bridge and road bonds were awarded to T. J.
Frank at 102.85-a basis of about 4.36% to opt. date and 4.777% to full
maturity. Denom. $1,000, *500 and *100. Date Feb. 5 1912. Int.
annually in February.,ji4
'WELLESLEY, Norfolk County, Mass.-Temporray Loan.-A loanrof
$40,000, due Nov. 20 1912, was recently negotiated with the First Nat.
Bank at 2.79% discount, it is reported. „...1
•
• WEST ORANGE SCHOOL DISTRICT (P. o. Montclair),'N.
J.-Bonds
Defeated.-An election held Feb. 20 resulted in the defeat of the proposition
to_issue $55,000 bonds. • The yet" was 270 "for" to 309 "against.'
•
WEST PALM BEACH. Palm Beach County;Fla.-Bond Offering.-Proposals will be received until 2 p. m. March 18 by A. M. Lopez, City Clerk.
for $16,000 sewer, $10,000 street. $6,000 fire department and $8,000 dock
5% gold coupon bonds. Denom. $500. Date Jan. 1 1912. Int. J. & J.
at the City Treasurer's office. Due Jan. 1 1942. Certified check for 1%
of bid required. Bonded debt at present, $16,000. Assessed valuation for
1911, 3600,000. :1,1
• -;•.2101
,11
WHIGHAM, Grady County, Oa.-Bond Election.-Reports"state that an
election will be held Feb. 27 to vote on a proposition to issue
$12,000 5%
elec.-light-plant, street-impt. and water-works-ext. bonds. Denom.
$500.
Due Novi 1931. id j
•
• WHITE SALMON, Klickitat County, Wash.-Bond Sale.-On Feb. 13
the $9,000 coup. funding bonds (V. 94, p. 298) were awarded to the Washington State Board of Finance at par for Os. Other bids follow:
C. H. Coffin, Chle.(for 6s)_•$9,091 Cont. Tr. Co., Denv.(for 6s) _$8,460
Un.Tr.& Sav.B., Spok.(for 6s) _ 8,650 Morris Bros., Port. (for 6 As)_ 9,101
Causcy, Foster & Co., Denver
Brand & Stevens. Los Angeles
(for Os)
8,610
(for 7s)
9,000
• •
• • For 10-year Jonds.:
• WINFIELD, Cowley County, Kan.-Bond Offering.-Geo. WYSIoan,
City Clerk, is offering at private sale $55,000 4 A% cottp. refunding bonds.
Denom. $1,000. Date "day of sale." Int, payable at Kansas Fiscal
Agency. Due serially alter 10 years in amounts to be agreed upon at
time of sale. • No deposit required.
•
• WINSOR TOWNSHIP (P. 0. Pigeon); Huron County, Mich.-Bonds
Voted.-A recent election resulted in favor of a proposition toeisosue $5
$1.0.
00
,0
000
5% coupon road bonds. Date of sale not yet decided.
Interest annually in December at Detroit or Pigeon. Bonds are taxexempt in Michigan. No debt at present. Assessed valuation, $1,060,000
John J. Campbell is Township Clerk.
NEW LOANS
BOND CALL.
$324,000
TOWN OF KEARNY,
Pontchartrain Levee District, La.
Hudson County, New Jersey,
New Orleans, La., January 25, 1912.
'I
The Board of Commissioners for the Pontchartrain Levee District is prepared to purchase
$20,000 00 of its 20-year bonds. Series C, maturing
November 1, 1912. Sealed offers to sell this
amount, or any part thereof, will be received at
the office of the President up to 12 o'clock noon.
FRIDAY. MARCH 1ST, 1912. Accrued interest
will be added to selling price in accordance with
the rules of the New Orleans Stock Exchange.
Address all proposals to Hunter C. Leake, President, Pontchartrain Levee Board, Room 3, Union
Station, New Orleans, La. The right is reserved
to reject any or all offers.
IIUNTER C. LEAKE.
President.
4%% BONDS
Sealed proposals will be received by the Town
Council of the Town of Kearny, Hudson County,
New Jersey, at the Town Hall, Wednesday, February 28th, 1912, at 8 p. in., for the purchase of
the following bonds:
*65,000 10-year 4I'% Kearny Avenue Paving
Bonds
80,000 Serial 1 to 10-years. $8,000 due each
year, 4 A% Street Improvement Bonds.
108,000 25-year 4 ,5% School Bonds.
71,000 60-year 45i% Passaic Valley Sewerage
Bonds.
Bids may be made for all or part of the above
Issue.
Each Bid must be accompanied by a certified
check for 5% of the amount of the Bid.
The Town Council reserves the right to reject
any or all Bids.
For financial statement of the Town or any
other information desired, address
BURTON E. CANFIELD,
Town Treasurer.
MISCELLANEOUS.
NOTICE TO BONDHOLDERS.
GUARANTEED
BONDS
All Issues
A. H. Bickmore & Co.,
BANKERS
SO Pins Street,
New York
Bolger, Mosser & Willaman Charles M. Smith & Co.
MUNICIPAL BONDS
Legal for Savings Banks,
Pooal Savings and Trust Funds
19 South La Salle St.,
CORPORATION AND
MUNICIPAL BONDS
mar NATIONAL BANK BUILDING
BIND roe LIST
$225,000
NATIONAL LIGHT.
HEAT & POWER COMPANY
CHICAGO
CHICAGO
Wilkes-Barre, Pa., City School Dist.,
43.j% BONDS ;
IOThe Wilkes-Barre (Pa.) City School District
will accept sealed bids at not less than par and
accrued Interest for an issue of $225,000 4 54%
coupon bonds to be dated March 1, 1012. Bids
are to be accompanied by a certified check for
$5,000 and must be in the hands of the Secretary
of the Board by noon of March 4, 1912. The
Board reserves the right to reject any and all bids.
Furtherjnformation given by
A. W. MOSSASecretary.
ke.•
HODENPYL, HARDY & CO.
7 Wall St
Now York
BLODGET & CO.
BONDS
110 PINE STREET. NEW YORK
STATE, CITY & RAILROAD BONDS
Adrian H. Muller & Son,
AUCTIONEERS,
SECURITIES
Regular Weekly Sales
OF
MUNICIPAL BONDS
Commerce Building.
KANSAS CITY
MISSOURI
MANILA SISAL AND JUTE
69 STATE STREET. BOSTON
Railroad, Street Ry., Gas & Elec. Light
Sutherlin & Company
THE AMERICAN MFG. CO.
STOCKS and BONDS
EVERY WEDNESDAY
Office, No. 55 WILLIAM STREET
Corner Pine Street,
CORDAGE
65 Wall Street
-
New York
Gouvonment Accountant
P. 0. BOX IT. MAIN OFFICE,
WASHINGTON. D. C.
OFFICIAL ORGAN OF THE ASSOCIATION Of
AMERICAN GOVERNMENT ACCOUNTANTS.
A MONTHLY MAGAZINE OF INTEREST TO
ACCOUNTING AND FINANCIAL OFFICERS
OF MUNICIPAL/TIEN, BANKS, RAILWAYS
AND OTHER PUBLIC SERVICE CORPORA,
TIO NEL
TO BE FOUND IN ALL LEADING CERTIFIED
PUBLIC ACCOUNTANTS' OFFICES.
Sample Copy 13(mute. Per A.nowee $1 SO
[VoL. Lxxxxiv.
THE CHRONICLE
582
on the
OWEN SOUND, Ont.-Debenture Election.-An election to vote
WINTHROP, Sibley County, Minn.-Bands Voted.-We learn that a
debentures for a ship-building plant will
proposition to issue $1.2.000 4% refunding bonds carried at an election question of issuing $1,500,000
reported.
held Feb. 9 by a vote of 93 to 0. Due $1,000 yriy. after 1920. It Is be held March 0, it Is
Debentures to be Offered Shortly.-We aro advised that $5,000 bonus deexpected that these bonds will be bought by the State.
bentures to purchase a site for a rubber company will be put on the
WORCESTER. Worcester County. Mass.-Bond Sale.-On Feb. 21 market shortly.
$200,000 3 A% 10 year municipal bonds were awarded to Merrill, Oldham
held Feb. 12& Co., of Boston at 100.082, it is stated.
PARRY SOUND, Ont.-Debentures Voted.-The election$85,000
20 and
of the proposition to issue
YAKIMA COUNTY SCHOOL DISTRICT NO. 6, Wash.-Bond Sale.- (V. 91, p. 428) resulted in favor
will not
to
103.
301
Debentures
was
vote
On Jan. 27 the $5,000 1-20-year (opt.) coup. bldg. bonds (V. 04, p. 220) 30-year .)% debentures. The some
months.
for
advised,
are
we
Issued,
be
the
to
of
As.
5
at
State
for
awarded
par
Washington
were
received
YONKERS, N. Y.-Bond Offerino.-Proposals will be received until 12
PENTICTON, B. C.-Debenture Offering.-Proposals will be
m. March 5 by J. Miller, City Comptroller, for $05,000 4 A% 1-19-year until Feb. 26 by J. Gardner, Sec.-Treas., for the following 5% debentures:
(ser.) local-Impt. and $80,000 4 A% 1-40-yr. (ser.) water-works bonds. $10,500 20-yr. granolithic sidewalk debentures.
Int. semi-ann. Cert. check for 2% required.
5,500 5 yr. plank sidewalk debentures.
2,800 10-yr. municipal' bldg. site debentures.
4,000 10-yr. recreation ground debentures.
4,500 10-yr. lire loan.
Date Oct. 10 1911. Int. A. & G. Purchaser to pay accrued interest.
ACTON, Ont.-Debentures Voted.-The election held Feb. 10 resulted,
-This county
PRINCE EDWARD COUNTY, Ont.-Debentures Proposed.
It is stated, In favor of the proposition to issue the $8,500 electric-powerIs said to be considering the issuance of $100,000 road debentures.
plant debentures.
BEAVERTON. Ont.-Debentures to Be Offered Shortly.-We are advised
RENFREW ROMAN CATHOLIC SCHOOL DISTRICT, Out
that the $4,000 5% 20-year town-hall-erection debentures voted Jan. 1 Proposed.-The matter of issuing *5,000 debentures is being considered, It
(V. 94, p. 82) will soon be offered for sale.
Is stated.
•
BERLIN. Ont.-Debentures to Be Offered in Spring.-We are advised
RURAL MUNICIPALITY OF BLUCHF.R, Sask.-Debentures Authorised
that the $100,000 water, $10,735 Wilmot St., $7,400 railway-ext. and
to reports, this place has authorized the issuance of $18,000
$1,700 sewer debentures voted Jan. 1 (V. 94, p. 82) will not be Issued until -According
impt. debentures.
April or May.
RURAL MUNICIPALITY OF TRAMPING LAKE NO. 380, Sask.CALGARY. Alta.-Debenture Eledion.-An election will be held Feb. 29. Debentures Proposed.-This plaoe, it is said, will borrow $10,000 for permareports state, to vote on a by-law to provide $12,000 for advertising pur- nent improvements.
poses.
SOUR IS, Man.-Debenture Sale.-On Feb. 12 the $93,570 12 and 428,001
ESTERHAZY, Sask.-Debentures Authorized.-It is stated that the 5% 30-yr. coup. water and sewer debentures (V. 91, p. 372) were awarded
issuance of $1,000 debentures has been authorized.
to the National Finance Co. of Toronto for $117,326, making the prise
FORT ERIE, Ont.-Debenture Election.-An election will be held, It Is 96.50. Other bids follow:
(Goldman Fc Co., Toronto _ _4114,041
stated, to vote on the question of Issuing $10,000 and $5.000 debentures.
C. H. Burgess & Co., Tor __$116,437
113,511
Nay & James, Regina_ __
INN ISFA I I„ Alta.-Debenture Offertny.-Proposals will be received until W. A. Mackenzie & Co., Tor. 115,311
W. L. McKinnon & Co.,
115,127
Tor__
8 P. m. March 4 by Lewis C. Harry, Sec.-Treas., for the $15,000 5% 20- Wood, Goody & Co.,Toronto114,311
Toronto, for $28,000--. 26,655
Co.,
&
Brent,
Noxon
p.
1217).
93,
(V.
debentures
Installment electric-light
debenDebenture Sale.-On Feb. 12 the $37,000 5% 20-yr. coup. school
LUCAN, Ont.-Debentures Not to Be Offered this Year.-We are advised
Corp., Ltd., of Toronto.
by the Municipal Clerk that the $2,500 bonus debentures voted Jan. 1 tures (V. 01, p. 155) were awarded to the Ont. Sec.
until
received
SUDI3UR Y. Ont.-Debenture Offering -Proposals will be
(V. 94, p. 135) will not be offered for sale this year.
550,000
1 for $16,000 hre-department, $15,000 power-house,
MELVILLE. Sask.-Debenture Offering.-Proposals will be received 12 m. Marchand
debentures.
5%
$15,000 water-works and $50,000 sewer
until March 4 for the $6,000 5 A % 40-year debentures (V. 94, p. 200) and street-impt.
in 20 annual installments of principal and Inter$7,500 5% 30-year debentures. Interest payable at the Merchants Bank The first four issues are due
installments. G. Elliot is Town Treasurer.
of Canada in Melville, Toronto or Montreal. Bids to include accrued int., est and the sewer loan In 30
ITlection.-Reports state that an eleetioi
Que.-Debenture
oast of printing debentures and bank charges. John Crow Is Sec.-Treas.
VERDUN,
to vote on the question of issuing $220,001
MINNEDOSA, Man.-Debenture Sale.-On Feb. 15 $10,580 5% deben- will be held in the near future
debentures.
Improvement
for
Toronto
$10,117
and
of
Int.
Co.,
&
Burgess
tures were awarded to C. H.
Other bidders were:
WA LKERV I LLE, Ont.-Debentures Defeated.-We are advised that the
Brent F0 Noxen, Toronto_ _ _ _510,1071 Goldman & Co., Toronto_ _ _ _$10,055 question of issuing $8,000 debentures failed to carry at an election held
NORTH VANCOUVER, B. C.-Debenture Sale.-G. A. Stlmson & Co. Feb. 10.
that the
YORKTON, Sask.-Price Paid for Debentures.-We are advised awarded
of Toronto have, it Is stated, been awarded $590,000 43i% debentures.
Due $150,000 in 20 years and $440,000 in 50 years.
price paid for the $108,300 5% 20 and 30-Installment debentures
of Toronto (V. 94, p. 500)
Ltd.,
Corp.,
Seeuritien
Dominion
the
to
1
Feb.
on
the
that
NORWOOD. Man.-Debentures Authortzed.-Reports state
was 97.11.
issuance of $130,000 debentures has been authorized.
Canada, its Provinces and Municipalities.
MISCELLANEOUS.
MISCELLANEOUS.
LLOYDS BANK LIMITED.
1.)
Subscribed Capital, $130,362,500.
Reserve Fund, $15,000,000.
Paid up Capital, $20,960,600.
HEAD OFFICE: 71, LOMBARD STREET, LONDON, E.C.
Deposit and Current Accounts - (31st December, 1910)
Cash in hand, at Ci1:1, and at short notice 11
Dills of Exchange
11
Investments
11
Advances and ether Securities 11
- $390,582,340
.
98,016,300
.'
43,793,530
.
58,547,085
.
218,709,400
The
Lumbermans
National Bank
Houston, Texas
Capital and Surplus,
$500,000
TEXAS ITEMS
Remitted on Receipt
THIS BANK HAS OVER 600 OFFICES IN 7.NCLAND AND WALES.
Colonial and Foreign Department: 60, 1.c.1 1‘11BARD STREET, E.C.
PARIS AUXILIARY: LLOYDS BANK (FRANCE) LIMITED, 19, RUE SCRIBE.
ASSETS
REALIZATION
COMPANY
Capital $10,000,000
1. F. DOMMERICH & CO.
NEW YORK
Oeneral Offices, 67 Oreene Street
SOLICIT MERCANTILE ACCOUNTS TO FINANCE
FOR MANUFACTURER,
DISCOUNT AND GUARANTEE SALES
AGENTS AND OTHER'
CARRY NO GOODS FOR OWN ACCOUNT
Established over 60 Years
Will loan on security requiring species! investigation
or close supervision, and
not available for bank loans.
large enterprises financed.
Prompt investigation of
security offered, whatever
its character or location.
Correspondence Invited
liEW YORK
PUILADELPIIIA
75 Broad Si.
Lafayette li!do.
MICA GO
?Wel National Bank
@FedFRASER