Full text of Commercial and Financial Chronicle : February 3, 1912, Vol. 94, No. 2432

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EY Tbe.
VOL.94 FEBRUARY 3 1912

tirtattriat

I 33w tirontrie
NO.24321

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

CLEARINGS-FOR JANUARY FOR FOUR YEARS, AND FOR WEE
K _ENDING JANUARY .27
January.
Week ending January 27.
Own
Inc. or
1912.
1911,
Inc.or
Dec.
1910,
,
1909.
_---------1912.
1911.
Dec.
1910.
1909.
----S
$
$
$
New York
$
8,835,581,539 8,530,248,570 -N.6 11,249,
$
%
$
$
075,981
8,884,2
99,695 1,912,075,581 1,917,695,897 -0.3 2,439,753,081 1,865,0
Philadelphia
715,515,517
662,662,060 +8.0
13,1n
698,375,218
574,470,563
149,616,613 137,475,484 +8.8 147,455,920 118,166
Pittsburgh
223,050,185
217,044,702 +2.8
,669
226,457,891
180,837,380
60.853,262
Baltimore
172,666,688
49,687,288 +2.3
155,979,563 +10.7
53,807,477
40,655,
632
143,069
,024
125,993
,636
37,899,
Buffalo
697
35,485.011 +6.8
52,430,831
31,502,874
48,317,857 +8.5
27,495,767
47,069,375
40,652,835
12,804,740
Albany
9,269,409 +38.1
27,000,849
26,715,396 +1.4
9,439,5
7,970,5
55
44
26,034,579
23,842,695
Washington
6,322,893
5,706,348 +10.8
35,018,164
31,842,271 +10.0
6,481,4
4,953,892
97
32,093,272
27,818,628
Rochester
6,899,146
6,706,671 +2.9
20,683,705
7,054,788
19,062,217 +8.5
5,456,8
82
20,398,
053
17,044,
Scranton
3,827,0
812
11
3,240,893 +18.1
13,824,730
3,430,897
12,800,607 +8.0
2,766,846
12,674,757
11,868,688
Syracuse
2,708,728
2,711,323 -0.1
11.690,062
11,475,129 +1.9
2,496,092
2,535,091
11,688,773
9,311,113
Reading
2,210,959
7,379,206
1,708,847 +29.4
2,003,484
6,430,505 +14.8
1,508,541
6,892,6
87
Wilmington
5,770,5
1,502,1
61
02
1,345,8
6,950,563
61 +11.7
6,753,784 +2.9
1,627,829
1,232,994
6,828,737
Wilkes-Barre
5,697,787
1,445,327
6,748,654
1,385,552 +4.3
6,479,117 +4.2
1,485,660
1,266,117
5,961,472
Wheeling
5,292,101
1,486,991
8,164,784
1,604,4
19
-7.3
1,400.48
7,227,5
+13.0
1
52
1,121,2
27
7,541,407
Harrisburg
6,068,027
1,834,339
5,600,000
1.697,693 +8.1
5,384,601 t2.2
1,672,257
1,296,974
5,328,624
Trenton
5,080,246
7,137,894
6,581,288
8.4
6,316,3
York
41
6,165,7
74
4,048,636
1,499,303
1,586,960 -5.5
8,972,829
1,244,334
1.9
1,416,789
3,674,198
Erie
3,140,558
4,389,728
900,014
831,187 +8.3
3,728,504 +17.7
830,063
642,279.
4,088,949
Chester
2,687,457
2,561,193
825,427
800,494 +3.1
2,470,681 +3.3
774,749
656,815.
Binghamton
2,472,077
2,149,3
56
2,789,2
525,384
00
516,355
+1.8
2,275,800 +22.6
553,258
431,802
2,039,2
Greensburg
93
2,262,8
00
2,936,713
581,600
466,100 +24.8
2,721,352 +7.9
425,320
422,702
2,611,466
Altoona
2,128,867
2,216,850
692,148
487,423 +42.1
1,985,422 +11.6
401,500
420,724
1,753,944
Franklin
1,576,959
438,269
1,060,000
417,029 +5.1
1,096,000 -3.3
333,288
317,154
1,153,242
Frederick
1,143,9
19
1,330,7
97
1,298,163 +2.5
1,000,475
Beaver County, Pa
1,114.226
2,248,553
2,222,210 +1.2
2,158,702
Lancaster
4,682,943
4,985,588 -5.1
Norristown
1,050,000
1,941,137
1,028,626 +2.1
2,053,921 -5.5
Total Middle
10,179,638,521 9,783,824,68
0-f---(-4)
. 12,526,748,437 9,946,418,683 2,197,990,534
Boston
2,181,8
2,713,1
54,870
74,404
F
7
2,06674
842,802
8,962
,494
823,633,699 +2.3
881,075,419
Providence
781,319,189 161,523,937 158,011,667 +2.2 183,243
40,234,300
40,764,800 -1.3
,249 152,651,976
39,283,600
Hartford
33,315,300
8,460,500
22,142,595
7,958,700 +6.3
19,348,070 +14.4
7,990,400
6,415,200
21,286,524
New Haven
15,892,094
4,020,7
65
14,496,
3,741,1
976
92
13,849,
+7.5
4,271,1
965
41
+4.7
3,220,647
13.027,370
Springfield
12,192,538
2,599,517
11,300,108
2,676,485 -2.9
9,861,812 +14.6
2,323,600
2,242,822
Portland
10,570,750
9,365,529
2,344,060
10,445,216
1,908,108 +17.3
9,336,209 +11.9
2,250,000
1,591,617
Worcester
8,846,938
7,595,540
2,178,210
11,3688
1,814,6
82
+20.1
00
10,658,
892
1,841,6
79
+6.7
1,556,352
Fall River
9,533,408
7,415,248
2,319,165
5,080,105
2,271,389 +2.1
6,695,372 -10.8
1,969,323
1,534,168
New Bedford
6,086,1
35
5,127,2
947,422
30
4,449,984
1,126,6
35 -15.9
5,036,162 -11.7
1,266,083
1,057,680
Holyoke
5,308,720
3,476,314
835,281
1,016,363 -17.8
2,837,577
2,754,644 +3.0
1,117,266
660,228
Lowell
2,894,674
2,173,202
563,148
2,629,715
550,826 +2.2
2,625,069 +0.2
515,868
432,611
, 2,217,067
Bangor
1,940,2
498,984
48
2,275,685
447,855
+11.4
1,699,8
19
454,075
+33.9
393,560
Total New England
070,063,567
945,269,522 +2.6 1,00,13
0,605
879,812,92 186,290,989 181,613,819 -T-7276 207,242,674
Chicago
1,252,985,283 1,146,387,681
171,756,861
Cincinnati
+9.3 1,160,916.011 1,122,588,697 274,330,852 262,400,104 +4.5
121,309,500
120,286,300 +0.9
268,754,833 235,879,154
Cleveland
113,303
,000 . 128,717,650
25,328,700
97,975,625
25,496,300 -0.7
86,721,331 +13.0
24,754,
800
28,629,550
Detroit
86,459,166
70,621,157
90,318,692
19,831,335
16,803,215 +18.0
80,765,389 +11.8
19,269,433
14,449,869
Milwaukee
74,433,185
58,975,304
57,923.498
18,837,995
15,714,857 +19.9
60,775,628 -3.0
15,968,163
11,391,194
Indianapolis
53,734,
821
38,996,
49,350,
027
12,805,
576
13,593,495 -5.8
503
39,435,517 -1.1
12,265,
236
Columbus
10,759,
337
41,578,
943
38,637,
26,165,200
423
7,384,111
8,265,625 -13.5
26,999,300 -3.1
9,123,989
Toledo
8,677,024
28,688,000
24,640,400
21,900,000
8,543,900
6,256,900 +36.6
21,751,853 +0.7
6,275,900
Peoria
5,037,900
18,501,334
16,811,
15,293,
036
4,810,6
428
4,591,5
77
13,886,
04
+4.8
284 +10.1
3,693,243
Grand Rapids
3,697.282
13,777,969
12,515,597
12,985,641
3,387,380
2,828,685 +19.8
11,812,325
3,039,842
Dayton
9.9
2,608,354
12,292,892
10,562,809
9,821,722
2,694,218
2,575,881 +4.6
9,923,859
2,672,617
Evansville
6.5
1,860,585
9,386,199
7,982,8
11,170,326
78
2,071,1
1,949,0
00
11,102,476
+6.3
07
Kalamazoo
2,005,2
22
0.6
1,538,954
9,137,766
9,066,9
3,351,3
81
64
1,984,0
2,071,1
76
3,059,4
64 -4.2
82
Springfield, Ill
1,834,359
9.5
1,959,9
41
3,237.6
83
2,474,3
5,370,2
57
82
683,212
630,226 +8.4
4,458,144 +20.5
Youngstown
649,061
522,079
4,678,453
6,010.624
4,196,049
1,030,341
780.644 +32.0
5,667,814 +6.1
Fort Wayne
965,000
876,199
4,814,365
4,978,153
3,297,178
1,236,0
65
904,853
4,695,626 +6.0
+36.6
Lexington
1,153,5
58
646,971
4,563,984
4,796,626
4,063,173
1,001,325
1,129,954 -11.4
5,578,075 -14.0
1,073,177
Akron
1,164,612
5,068,639
2,924,276
6,660,000
1.066178
1,425,743 -25.2
4,944,000 +34.7
1,140,856
Rockford
515,034
4,594,600
3,029,556
3,400,179
1,686,100
1,13685
3,173,2
0
35
+39.5
849,200
South Bend
+7.2
642,500
2.894,030
2,524,826
2,528,123
784,781
785,368 -0.1.
2,396,182 +5.3
748.076
Canton
2,309,960
647,377
5,307,649
2,005,762
433,167
445,943 -2.8
4,172,297 +27.2
Quincy
47/2,630
3,984,236
351,899
2,999,322
2,940,064
1,204,270
872,009 +38.1
3,175,415 -5.5
Springfield,0
963,636
2,847,9
685,000
2,684,3
43
2,229,757
82
627,188
580,000
2,658,2
88
+8.1
Bloomington
+1.0
511,355
2,396,129
508,939
2,972,447
2,141,494
562,899
2,890,587 +2.8
517,356 +8.8
Mansfield
420,602
2,501,940
1,922,467
334,867
1,997,850
550,515
1,782,062 +7.9
648,492 -15,1
Decatur
541,909
1,705,026
2,226,791
402,267
1,451,839
361,390
1,853,248 +20.1
376,782 -4.1
Jackson
322,153
2,226,353
360,724
2,023,4
97
•1,687,311
475,189
1,904,361 +16.9
486,884 -2.4
Jacksonville, Ill
438,907
1,826,380
334,7131
1,112,377
1,431,445
500,000
1,350,812 -17.6
420,000 -19.0
Danville
403,660
1,813,482
1,297,137
247,500
1,170,377
260,611
1,793,951 +1.1
256529 +0.03
Lima
207,198
1,949,1
1,833,6
90
198,939
27
1,482,6
26
1,559,382 +17.6
410,421
Saginaw
387,776
+6.9
452,193
1,421,2
97
329,465
3,362,6
1,230,485
00
3,036,9
402,202
87
Lansing
312,650
+10.7
+28.7
250,390
1,788,027
2,817,740
233,055
2,409,400
1,591,5
658,234
34
Ann Arbor
+12.4
598,366
+10.0
559,209
812,695
835,693 -2.9
Adrian
192,541
891,460
744,363
146,830 +31.1
125,846
Gary
151,049 -16.7
162,881
850,000
160,971
142,521
118,189
747,088
30,161
Owensboro
+13.8
40,971
-26.4
20,364
2,598,476
24,725,
2,733,658
2.384,6156
Total Middle Western
1,830,792,115 1,696,052,694 +8.2
02,
398
506,971 +7.4
7
-1-79 1,681,558-,T5-1
550,000
Details of Pacific and Other Western on
1,694,226,789 396,697,340 376,990,153 +5.5
page 325,
Total Pacific
374,453
,952 335,663,63E
537,340,345
472,322,906 +13.8
450,007,575
Total Other Western
347,527,774
107,198,558
617,108,446
95,201,310 +12.5
608,164,902 +1.5
96,799,649
69,952,365
603,509
St. Louis
,026
493,908
,488
347,080,890
136,666.08 133,236,301 +2.6 131,305,040 101,031
352,848,277 -1.6
New Orleans
.126•
313,028,455
105,961,892
298,483,047
71,895,021
98,285,162 +7.8
Louisville
75,189.029 -4.4
118,035,551
66,413,
105
65,333,
60,816,
998
84,538,
835
726
21,777,
67,078,
186
376 -2.6
Houston
21,586,083 +0.9
66,327,
20,772.
060
78,074,
790
19,534.
261
63,520,
077
052
14,085,623
56,397,640 +38.4
Galveston
15,237,641 -7.6
69,903,400
15,134,560
42,471,500
13,309,398
60,109,669
19,723,
38,013,500 +11.7
764
Richmond
13,016,
978
+51.5
32,649,500
13,897,397
39,437,159
14,442,375
51,330,000
9,035,000
34,969,719 +12.8
Memphis
8,608,000 +4.9
36,652,042
7,130,000
41,098,885
7,764,500
31,902,929
9,048,000
38,528,855 +6.7
Fort Worth
7.882,879 +14.8
31,983,584
8,052,757
30,882,704
7,630,063
26,738,233
8,207,809
Atlanta
32,373,317 -4.6
7,995,9
53
+2.7
30,370,
5,406,4
070
49
71,326,341
5,640,811
28,980,438
6,826,6
Savannah
72
63,973,
176
+11.5
7,260,7
38
-6.0
56,832,216
8,275,864
28,339,091
7,227,862
25,039,594
16,372,925
Nashville
27,258,438 +4.0
14,798,
311 +10.6
11,838,749
20,333,995
26,900,065
5,448,276
19,065,000
Norfolk
6,330,439
19,154,702 +40.4
7.281,573 -13.1
3,856,231
16,360,293
18,638,080
4,444,4713
17,647.385
Birmingham
4.905,398
14,441,733 +13.0
3,768,428 +30.3
3,404,338
13,223,845
12,927,935
3,741,598
12,060,678
3,414,7
Augusta
12,217,
50
798
+5.8
3,520,2
06
-3.0
3,373,377
12,814,136
11,074,686
2,925,138
9,775,522
Little Rock
2,894,759
13,849,448 -20.0
2,643,796 +9.5
2,670,745
9,109,245
10,846,364
2,040,879
8,701.745
Jacksonville
2,806,638
8,381,235 +8.7
3,064,165 -8.4
2,178,654
14,900,000
7,997,917
1,925,434
7,300,551
2,201,193
12,964,885 +14.9
Knoxville
1,782,71
1
+23.5
1,661,2
8,292,7
10,740,
80
02
460
1,675,470
7,402,416
3,200,000
8,182,484 +1.3
Mobile
3,032,852 t5.5
2,481,253
6,957,860
7,411,195
1,539,9
7,011,351
72
7,515,1
1,789,9
Chattanooga
49
17
1,741,0
-7.4
56
2.8
10,966,000
1,638,308
7,131,854
1,552,701
6,390,271
1,683,186
8,508,580 +28.9
Charleston
1,563,529
7.7
1,545,397
8,476,168
9,445,028
1,337.297
6,553,007
10,394,454 -9.1
2,259,922
Oklahoma
1,847,2
86
+22.3
1,700,0
8,947,4
67
7,
371,6
57
96
1,382,394
7,117,051
1,931,217
Macon
10,521,740 -30.3
2,400,094 -19.5
18,873,000
9,571,923
1,977,889
5,661,923
1,725,000
1,600,000
19,413,632 -2.8
Columbia
2,300,000 -30,4
4,261,178
2,057,253
5,778,105
1,340,625
4,077,801
Austin
4,802,809 -11.3
3,773,764
4,438,241 -15.0
11,251,986
4,624,8
1,178,7
99
03
885,272
3,366,0
45
6,787,328 -1-6.7
Beaumont
2,881,183
4,686,591
2,576,029
Vicksburg
2,714,506 +6.2
2,000,000
1.005,100 +99.0
1,892,100
2,741,188
1,012,072
629,951
2,566,4
15
2,203,0
Columbus, Ga
00
-14.1
2,379,689
1,706,400
2,143,576
2,707,612 -12.1
Wilmington, N. C
412,251
432,797 -4.7
3,455,000
1,792,320
338,632
428,577
1,821,909
3,762,534 -8.2
Guthrie
1,200,000
2,448,651
1,716,270
Jackson, Miss
1,329,656 -9.7
850,000
827,821 +2.7
2,650,000
1,542,056
531,050
453,901
1,467.0
75
Valdosta
3,426,9
67
-22.6
997,374
2,242,928
2,495,000
Meridian
1,062,021 -6.1
357,962
1,200,000 -70.2
1,642,400
967,140
500,000
620,000
819,012
Tulsa
1,680.695 -2.3
2,978,000
• 1,579,817
Muskogee
2,652,0
00
+12.3
3,341,709 Not included
El Paso
599,789
in
total
567,935 +5.6
5,108,059
Lawton
4,743,099 +7.7
660,254 Not included in total
950,949
Total Southern
1,048,254,306
994,085
.476
+5-.4
Total all
911,925,267
788,378,728 219,983,185 214,990
15,183,107,300 14,499.715,189
,022 -1
30 187,030,920 170,462,884
Outside New York
6,347,615,761 5,969,466,619 +4.7 17,160,102,636 14,050,273,391 3,244,735,764,3182,887,475
+1.93,710,401,
+6.3 5,011,020,656 5,165.973.696
glIrTable Clearings by Te egraph
1.332.660.1831F.W.101.578 +5.3 1.270.6 639 2,934.615,769
and Canadian Clearings on
48.569 1.069.632.610
Page 325.
Clearings at-




302

THE CHRONICLE

[VoL. Lxxxxiv.

dent from the poor returns of other roads in the same
N.
AL
territory. The strike referred to may have served to
SITUATIO
FINANCI
THE
augment the less to some extent, but the hardly less
semithe
The reduction announced last week in
d shrinkages in the earnings of other leadpronounce
common
Paul
&
St.
annual dividend on Milwaukee
are evidence that the cause of the falling
systems
ing
for
earnings
of
railroad
returns
poor
stock and the
In illustration we may cite the
the month of December that have been coining in off lies much deeper.
gross and $208,220 in net by
in
$403,137
during the last ten days from Western roads have decrease of
month, the decrease of $490,same
the
for
Atchison
been serious depressing influences this week, under the
in net by the Rock Island
$346,762
and
gross
in
023
the pressure of which prices on the Stock Exchange
of $286,661 in gross and
off
falling
the
and
system
by
have sh arply given way. The losses sustained
& Southern.
Colorado
the
on
net
in
$176,345
they
if
vain
in
innocent investors will not have been
poor exhibits for
these
with
contrast
striking
In
political
the
in
n
serve to bring proper appreciatio
the highly fahave
we
world of the fact that under the hostile policy which the roads in the United States,
the railroad
of
month
same
the
for
has beeii pursued by Congress and the Inter-State vorable returns
line, in the
boundary
the
of
side
other
the
on
Commerce Commission the railroad carrying interest systems
Pacific
Canadian
the
Thus
of
Canada.
Dominion
is being steadily pushed to the wall and its power as a
$819,and
gross
in
gain
$1,949,587
than
no
less
shows
activity
beneficent fructifying agency in promoting
reports
Northern
Canadian
the
and
in
net,
gain
196
become
has
industries
and prosperity in other great
, seriously impaired. There is no likelihood of an en- $576,000 increase in gross and $144,600 increase in net.
during revival of business in the United States so long The reason why the Canadian lines are able to do so
very much better than our own lines lies on the suras the railroads are handicapped and shackled.
In its bearing on the general railroad situation great face. No Canadian Ministry has ever been openly or
importance has been attached to a statement given out covertly hostile to the growth and development of the
to the press on Saturday of last week by Roswell railroads. Nothing is being done to repress the activMiller, Chairman of the Board of Directors of the ity of the roads and everything is being done to attract
Milwaukee & St. Paul Co. And the statement is well immigration and to foster the opening up and settleon the other
deserving of careful consideration. Mr. Miller ascribed ment of new lands. In this country,
activiordinary
the
repressing
the loss in earnings by the Milwaukee & St. Paul to hand, we seem bent on
capitalists
the
that
fear
a
of
out
,
the
of
population
a twofold cause: (1) The wheat shortage in Minnesota ties
the purpose may
and Dakota and (2) the depressed condition of general who may advance the money for
. As a consetransaction
of
the
out
profit
a
make
business. Mr. Miller thought it reasonable to hope
a period of
through
going
is
States
United
the
quence,
dethe
as
to
for better crops the coming season, but
enlightened
its
under
while
Canada,
on,
retrogressi
no
immediate
seemed
there
pression in general business
prospect of a change for the better. He pointed out, policy, is forging steadily ahead.
It is quite remarkable that the sections which have
moreover, that aside from the falling off in
the volume of merchandise traffic and manufac- most to gain from a continued inflow of new capital
tures, the railroads are obliged to contend with fur- are the least liberal in their treatment of the railroads.
ther depressing agencies in the continued reduction Nowhere, for instance, has so much money been spent
of rates and the high cost of labor. Here we have during the last few years by the railroads in building
the troubles of the railroad world stated in a nutshell. new lines and in providing additional facilities for takNorthWhat Mr. Miller says in explanation of the poor results ing care of the growth of traffic as in the Pacific
in
advance
itself,
Paul
St.
&
on his road applies with no less force to the railroads as west. The Milwaukee
Sound line, put out $100,a whole. Those interested in railroad securities had of the building of its Puget
and part preferred,
common
part
new
of
stock,
and
bearing
000,000
its
only to be reminded of the fact to see
has more recenty
and
project,
the
to
finance
order
deeply
in
suffering,
are
significance. The railroads
the shape of new
in
00
$100,000,0
about
floated
also
suffering, everywhere.
bonds actually in the
Eastern roads had the worst of it a year ago and bond issues—counting only
other large systems
two
The
now, with the practice of great economy and the cut- hands of the public.
have during the last
Northwest
ting down of maintenance outlays to the smallest pos- running to the Pacific
new capital outlays,
enormous
similar
made
sible compass, are able to show some improvement in four years
a prodigious piece
such
have
not
did
they
though
comparison with the very poor results of the previous even
carry
through as the
to
work
n
constructio
new
of
Pennyear—as witness the December statement of the
& St. Paul.
the
Milwaukee
of
extension
Sound
Puget
the
in
But
sylvania RR. and the New York Central.
s
its
had
stockholder
1908
in
Western half of the country the situation is entirely The Northern Pacific early
being
payments
stock,
new
different. That portion of the United States com- subscribe for $93,000,000
through that year and 1909.
prises the newer and undeveloped sections, where there in installments running
its part, in 1907 issued $60,on
Northern,
always is much latent activity and where growth and The Great
payments for the same runthe
stock,
new
of
000,000
rethe
development are not readily arrested except as
the last few months the
Within
1908.
April
to
ning
e,
consequenc
sult of some overwhelming cause. As a
$35,000,000 of new bonds
railroad traffic in those districts was until quite lately company has also put out
bond issue.
much better maintained than elsewhere. But now under its first and refunding
capital has been provided
new
Thus $400,000,000 of
these sections, too, are paying the piper. Note the
by these three important
years
returns of earnings from those sections that have come during the last four
have they gained therewhat
And
systems.
railroad
in for December. The Union Pacific for that month
we have seen, has
Paul,
St.
&
The
Milwaukee
by?
in
net
loss
reports $172,190 loss in gross and $630,419
and
there appear to be
dividend
its
to
cut
obliged
been
in
loss
gross
and
$269,987
and the Southern Pacific
earnings will be sufficient
$716,595 loss in net. These are Harriman roads, and grave doubts as to whether
of dividends. The
amount
hence it may be thought that the strike of the shopmen to pay even the reduced
instead of
Great
Northern,
the
on these lines is responsible for the unfavorable re- Northern Pacific and
ate with
commensur
expand
sults. But that is an erroneous assumption, as is evi- seeing their revenues



FEB. 3 1912J•

THE CHRONICLE

303

the vast amount of new capital invested, have been stance, the new building
projects in 1911 footed up only
obliged to face very large shrinkages in earnings, the $3,159,600 in
1911, against $4,461,600 in 1910 and
Northern
Pacific in the fiscal year ending June 30 1911 $8,077,820 in 1909, while
•
in Denver.the'outlays fephaving sustained a loss of almost $10,000,000 in gross resented were
only $6,086,260 in 1911, against $11,(in exact figures $9,612,994) and a loss of $3,190,819 319,955 in 1910
and $11,553,983 in 1909. On the
in net. Both the Great Northern and the Northern other hand, in the
Dominion of Canada the outlays
Pacific are still giving their shareholders the old rate represented by 15
cities in the Canadian Northwest
of dividend, but the surplus above the amounts re- were no less than $73,911,
971 in 1911, against $49,quired for the purpose is now meagre, where previously 076,142 in 1910,
only $28,722,797 in 1909 and but
it was of very exceptional dimensions. Indeed, if it $18,998,748 in
1908. It is plain that the money that
had not been for the large antecedent margin of in- might be invested
in developing the United States is
come these companies, too, would ere this have been going into the Dominio
n.
obliged to take the same step as the Milwaukee &
The significance of the lessened outlay upon new
St. Paul, and reduce dividends.
buildings in our Western cities cannot be gainsaid.
Yet it is in the territory traversed by these systems With the demand for
labor reduced and the influx of
that the most strenuous efforts are all the time being new settlers in large
part cut off, thereby diminishing
made to compel the railroads to lower their rates and the prospective demand
for new dwellings, the work of
thus cause further inroads on revenues already inade- erecting additional structure
s is necessarily curtailed—
quate. The Inter-State Commerce Commission has as a matter of prudence
if for no other reason. Thus
given favorable consideration to a number of requests we once more see the
interdependence between the
for reductions in rates on the complaint of shippers railroad and the
community it serves clearly demonalong these lines. No one, apparently,is in least de- strated. The
Western settlers have sought to hurt
gree concerned as to the welfare of the roads. Last the roads. But
while succeeding in the effort, they
spring, when we were reviewing the action of the have also hurt
themselves. By crippling the railInter-State Commerce Commission in refusing permis- roads they have impaired
their own prosperity. Can
sion to both Eastern and Western roads to make a they not see the
foolhardiness of their course?
moderate increase in freight rates, to serve as a partial
No doubt they will be told by the self-seeking politioffset to the advances in wages which the roads had cal agitator that the contract
ion simply reflects trade
been obliged to make, and undertook to show how the reaction and business depressi
on, which at the moment
Commission had misrepresented the facts as to the is common all over the United
States. But let them
prosperity of railroad operations in the United States, not be deceived by any such
specious explanation, or
we were called to task by some of our subscribers on rest easily satisfied. They
must look for the cause of
the Pacific Coast who urged us not to bring out any the depression. And they
will find it in the fact that
more damaging facts lest the effectiveness of the Com- the activities of the railroads
have been crippled and
mission for curbing the roads be impaired. One bank curtailed as a result of the
hostile and antagonistic
official told one of our representatives that the country policy against them which
has been so widely pursued,
would not go to the devil even if the railroads had a both by the national
and the State governments.
few years of hard sledding.
For their own welfare they must learn this lesson and
We wonder if these guileless people are now inclined take it deeply to
heart. Until they do, and relegate
to modify their views. Owing to their trials, the to private life
the noisy political agitators who for
roads everywhere are now obliged to restrict their new selfish ends would
keep them blind, it is idle to expect
capital outlays, and, moreover, have been forced to any material betterme
nt in the state of trade.
curtail their ordinary operating expenditures in all
directions. The result is that where thousands of
An interesting event of the week was the piercing of
men could formerly be seen from an observation car the final web of
rock which had been purposely left,
working along different stretches of road, now one finds for official ceremon
y, in the tunnel by which the new
only a few men pottering around. The influx of new aqueduct passes
the natural barrier of the Hudson.
population, under the diminished demand for labor, Coming down
from the Catskills and reaching the
has almost entirely ceased. Instead of further growth river
at one of the narrow points, it must cross by
and development, which is the normal state in new bridge high in air
or by a tunnel far beneath. It
communities of this class, there is now reaction with seems strange
now to be told that engineers proreports in some instances of serious reverses.
nounced the latter an impossibility, for the lay mind
If any one is in doubt as to the extent of the setback would naturally infer
from the huge rock on each side
being experienced on the Pacific Coast, let him examine of the river at
the narrows that rock also lies beneath,
the statistics regarding new building projects which and so it proved.
The tunnel, nearly a thousand feet
we gave in an article devoted to that subject in our below the
river bed and more than a thousand feet
issue of last week. At Seattle the outlays represented long,
follows the known principle of the siphon, the
by the plans filed for new buildings aggregated only water
being compelled to rise in the eastern leg by
$7,491,156 in the calendar year 1911, against $17,163,- gravity
because it descends in the western. It is bet078 in the calendar year 1910 and $19,044,335 in the ter than
a tube carried across a bridge, because this
calendar year 1909. At Spokane the outlays repre- tube,
bored through rock, is out of reach of enemies
sented were only $3,314,780 against $5,883,484 in
and accidents and will remain as stable as the earth's
1910 and $8,766,226 in 1909, and at Tacoma and foundati
ons.
North Yakima combined they were only $2,616,839,
Mayor Gaynor went up on Tuesday and pressed the
against $3,481,448 and $5,942,764, respectively. Some
key for breaking the reserved web. The work is large
cities,for local reasons, make better comparisons than
in conception and magnitude, he said. For particuothers in the matter of these new building projects,
lar notice by the persons who are always extolling the
but it is significant how general and large the declines past,
he said this tunnel has a cross section of 17 feet,
are as a rule in the Western half of the country at while the largest
part of the Roman aqueducts which
widely separated points. At Salt Lake City, for in- he remembe
rs was only five by three feet. The di


304

THE CHRONICLE

mensions of this city work are large throughout. The
total length is given as about 127 miles, against 40
miles in the existing Croton. From the Ashokan to
Croton Lake, a distance of some 65 miles, the work is
about three-fourths completed, and of the entire distance to the city line the completed portion is only a
little less than three-fourths.
This tunnel is expected to cost over 29 millions, and
the whole work to reach 175 millions. So be it; we
can only hope the wastages will prove to have been
kept down to the minimum. It has long been too late
to discuss whether this was the best plan on the whole;
the city was committed to it, and the necessity for an
enlarged water-supply which should go beyond immediate needs was imperative. No class of municipal
bonds can have a better foundation than water and
school, because those are necessities, and private capital will not and cannot touch them. Therefore, because the needs of the city which cannot be met by
private capital are so vast, so impossible to avoid or
defer, and are increasing with the city's growth, what
can be more unanswerably clear than that those needs
which private capital can supply and is willing to supply should be left to it, and left cheerfully? The city
has its financial resources practically under a lien on
account of things it is compelled to do; why attempt
to add to the heavy load the things it can leave to
the private capital of the world?
We have put this question before, although it seems
to attract scant attention. Now that new subways
still seem to yield only talk and hope deferred, the
question again becomes timely.
On the score of novelty, at least, a commission's
finding in favor of a railroad seems worthy of mention.
A resident of New Rochelle left his commutation ticket
at home, in his other clothes or elsewhere, just from
heedlessness and not by malice aforethought, and the
railroad conductor, who may have admitted knowing
him perfectly well as a regular traveler, insisted upon
the customary fare, according to rule and orders.
Then the aggrieved commuter complained to the Public Service Commission, which was established to protect against common carriers, not to protect the carriers, and holds an office and a sympathizing ear almost always open to tales of woe and injury from the
public.
In this instance the complainant paid the fare demanded, took the conductor's acknowledgment of that
fact, then applied to the company for refund, tendering in return the coupon which was left at home. The
company refused, and the Commission sustains it.
The expense and trouble which would follow such an
adjustment in such cases would be disproportionate
to the amount involved, and the Commission finds
that the complaint of the rule as unjust and unreasonable is not sustained.
It seems plausible to say that the missing coupon
might be surrendered to the conductor on the next
trip. It also seems plausible to say that the road could
carry a neighbor, or some other member of the commuter's household in his stead, when he is detained
at home by indisposition. The man who wants a
pass can say that the train is to run for others and
could carry him without any increased outlay to the
road. A dozen half-plausible pleas can be made which
are satisfactory to one who desires to gain by them.
It costs no more to carry one person than another;
apparently, no more to carry a person thirty times
over a certain route within forty days than within




[VOL. Lxxxxiv.

thirty; yet the companies have their rules, which are
distinctly made public. Commutation rates are special, and below the regular ones, which are not attacked as unreasonable. For the manner in which
commutation rates are arranged the companies have
reasons which are not concealed. The commuter, at
least, cannot plead ignorance of terms which are made
for and accepted tacitly by him when he buys his
ticket; if he fails of compliance, wilfully or innocently,
he should not ask the road to waive its rules instead
of taking the consequences himself. Men should
stand by their contracts, even when made with railroads; and such a matter as the amount of a single
fare for a commuter who cannot produce his ticket
is too petty to deserve a better reply' than ridicule.
A little greater activity than a year ago in the
commercial and industrial affairs of the United States
as a whole is apparently reflected by the returns of
clearings for January 1912, as will be seen by referring
to our compilation on the first page of this issue. The
result at New York, however, while better than last
year, is much less favorable than for 1910, a situation
due in some measure, possibly, to the decline in
stock speculation. The same remark, although in
lesser degree, applies to Boston. The encouraging
fact is that a majority of the cities exhibit gains in
clearings over a year ago, and in a number of cases
the gains are noticeably heavy. In fact of the 153
cities for which we have comparative figures, 113
record increases over 191 1. Moreover, the grand
aggregate for the month shows clearings greater by
4.7%. As contrasted with 1910, however, there is
a loss of no less than 11.5%, though there is a moderate increase over 1909. At New York, there is a
gain for the month over 1911 of 3.6% and comparison
with 1910 and 1909 disclose losses of 21.4% and 0.5%,
respectively.
Outside of this city the January aggregate of
clearings is the heaviest on record, exceeding that of
1911 by 6.3%, 1910 by 7.4% and 1909 by 22.9%.
Lack of space prevents any extended reference to
individual cities, but we would state, in passing,that
especially heavy percentages of gain are recorded at
San Diego, San Jose, Houston, Nashville, Joplin,
Billings, Pasadena and Los Angeles and that losses
are quite generally slight. The aggregates for the
various groups also, without exception, compare
favorably with 1911, as in each instance a gain is
shown. In the Middle States division the increase,
with New York excluded, reaches 7.2%. In New
England it is 2.6%, in the Middle West 7.9%, on the
Pacific Slope 13.8%, at the South 5.4% and in "Other
Western" territory 1.5%.
Transactions in stocks on the leading Exchanges
of the country differed little in aggregates from those
of last year, but fell below the dealings of either of the
three preceding years. On the New York Stock
Exchange the sales for 1912 and 1911 were in close
agreement, having been 10,906,138 shares and 10,416,526 shares,respectively. In 1910, however, the
dealings reached 24,538,649 shares, and in 1909 an
1908 the volume of shares changing hands was of considerably greater magnitude than now. Sales of railroad and miscellaneous bonds, on the other hand,
were of comparatively full total in January, the
dealings covering a par value of $110,566,500, as
against 711-3 millions last year, 82% millions in
1910 and 134% millions in 1909—the record. Dealings
in State and city securities on the other hand (includ-

FEB. 3 1912.]

THE CHRONICLE

ing foreign government bonds) aggregated only
$3,135,500, against $20,116,500 in 1911 and $4,038,500 in 1910. On the Boston Stock Exchange the
January 1912 stock sales were 1,150,600 shares, against
539,576 in 1911 and 2,024,930 in 1910.
Canadian clearing-house returns are indicative
of the progress making in most sections of the Dominion. Conspicuously large percentages of increase are
to be noted this year at Edmonton, Calgary, Regina,
Hamilton and Saskatoon, these following heavy gains
in the previous year. The aggregate for the 18 cities
for which comparative figures are obtainable was for
January $678,961,493, an expansion of 27.1% over
1911. Contrasted with 1910 and 1909 the increases
are 39.1% and 78.1%, respectively, part of the gain
being due, of course, to the greater number of cities
now included.
Violence characterized the course of the labor difficulty at Lawrence, Mass., the early part of the current week, and it was found necessary to place the
city practically under martial law,in order to properly
protect life and property. Efforts that were made
towards the close of last week to settle the trouble
came to naught, owing to the attitude of the leaders
of the hands, and on Monday the streets of the city
were the scene of the worst rioting since the strike
began, during which one person was killed and a
number injured. Tuesday there was further rioting
early in the day, resulting in one death and many
injured. An incident of the day was the arrest and
confinement of the strike leader, Joseph J. Ettor, on
the charge of being an accessory to the murder of the
woman who was killed on Monday. It was at first
feared that the incarceration of the leader would be
the signal for added violence, but there was no outbreak on Wednesday,and, encouraged by the presence
of the militia, more operatives reported for work at
the mills than at any time since the trouble broke out,
and greater accessions are expected day by ,day, with
the fear of intimidation removed.
An impression has gained ground that while the
ostensible cause of the strike was the deduction made
from wages on account of the going into effect of the
54-hour law, the real reason was the especially low
compensation at Lawrence. This idea is clearly and
fully refuted by the Secretary of the National Association of Wool Manufacturers in a long statement in
which he makes comparison between the rates of
wages at Lawrence and other points in the United
States, using for the purpose data collected by
the Government. Respecting the accusation that
Southeastern European immigrants had been brought
to Lawrence by the mill-owners, presumably to take
the place of higher-priced labor, the Secretary cites
the fact that the Federal Government, after a searching investigation among those making the charge,
found no evidence of its truth. As to the claim that
the Italians and the "new people" generally were not
paid the same rate of wages as the English-speaking
operatives, the answer is made that there has been no
discrimination at all, Americans and aliens receiving
the same rate of pay for the same kind or quality of
work, and this, it is averred, can be confirmed by
examination of the pay-rolls of any• of the mills.
Some of the most competent operatives earning the best
wages, it is further stated, are Italian men and girls.
Advices that have been cabled from Berlin express
disappointment at the restricted volume of subscrip-




305

tions to the Imperial and Prussian State 4% loans
that were on Monday offered jointly by a group of
Berlin banks at 101.40. These loans aggregated
500,000,000 marks—$125,000,000. The cable has not
announced the exact volume of the subscriptions,
though it is certain that the banks,as underwriters, will
not be called upon themselves to take any of the securities, the full amount having been purchased. The
disappointment lies in the fact that a French loan of
500,000,000 marks offered for subscription in Paris
by the Credit Foncier during the week preceding, and
bearing only 3% interest, had been subscribed more
than nineteenfold. Neither English nor French bankers were to any important extent bidders for the Berlin
offering, and this is a fact that explains the small proportion of the loan that was taken by New York financial interests, namely between $3,000,000 and $4,000,000. It appears that the attitude of bankers in New
York was governed very largely by that of the English
and French financiers. In other words,New York banking interests, having learned that their friends abroad
were not going to subscribe, felt that under such circumstances there would not be a sufficiently ready market for the bonds in case circumstances should arise
that would require an immediate sale of the securities.
Had the English and French bankers subscribed on a
liberal scale, New York would also have taken a corresponding amount. Indeed, it seems quite fair to
assume, in view of the extreme ease in money on this
side, that New York under those circumstances would
have taken a more liberal share than might have been
considered desirable. But this situation in no sense
involves any indisposition on the part of New York
bankers to lend to Berlin,either on private banking or
German Government account. We learn, in fact, that
before the loan in question was announced,negotiation
had been tentatively completed for a loan by a New
York financial institution to Germany,through Berlin
banks,of a large amount for six months at a shade less
than 3 2%; but the Government finally decided on the
more permanent form of financing.
•British bankers are having their own problems at the
moment which contain distinct encouragement to keep
their funds at home. London has become one of the
firmest of the world's money centres, and there seems
every reason to believe that whatever relaxation is
likely to take place in money rental rates during the
current quarter will be exceedingly slight. Revenues are now being collected at an active rate and will
necessarily be taken out of the open market, thus giving
the Bank of England the control of the money situation for some time ahead. The item of public deposits
in the Bank of England's weekly statement issued on
Thursday does not fully reflect these revenue collections, as in the document in question a decrease of
£1,674,000 was registered for the week by the item
under consideration. The explanation, however, is
simple. On Monday the Government released £3,000,000 in part payment of its purchase of the National
Telephone system. To-day, Saturday, another £3,000,000 will be paid out on account of Treasury bills
that have matured. The Continental exchanges are
in favor of London,and American money, therefore, is
leaving Berlin for the British centre. Nevertheless
some American loans have been renewed in Berlin on
a 33% basis, so that to this extent at least American
banks have indirectly participated in the official German loans.
We learn that about $2,000,000 in American funds
were subscribed for the new Austrian 4% rentes ($41,-

306

THE CHRONICLE

500,000) for which subscriptions were recently invited in this market on behalf of leading Viennese
1 for delivery in March. These subscrip/
banks, at 901
tions,by their comparatively small volume,also reflect
the indisposition of American banking interests, despite the exceptionally large accumulation of unemployed funds, to tie up their resources in distant maturities for which it might not be possible to find an
instantaneously available market.

Lxxxxiv.

According to a forecast of the Government's
home-rule bill published in London yesterday, it
contemplates limitation of the functions of the
new Irish Parliament, which, while it will have
full control of customs and excise matters, will
not be able to interfere in any way with free
trade between England and Ireland. Ireland is
to receive for fifteen years an annual Imperial subsidy
of $10,000,000, after which she will make contributions
to the Imperial expenditure based on a percentage of
her revenues. The Irish Parliament, it is stated, will
consist of two houses—a legislative council of about
50 members and a legislative assembly of 103 members. The council will have a suspensory veto on
legislation. In the event of a disagreement between
the two houses, after the second rejection of a bill by
the council, it will be submitted to the two houses,
deliberating and voting together, and adopted or rejected according to the decision of the majority.
Ireland will continue to be represented, we are told,
in the Imperial Parliament, but in greatly diminished
numbers. The Irish Parliament is to have no control
with respect to the navy, army, militia, foreign policy,
coinage, military camps and coast lighting, and will be
forbidden to establish or endow any religion or deal
with any religious matter.

The success of the Credit Foncier loan, to which reference has already been made, has its own peculiar
political explanation contained in the well-known financial patriotism of the French people. The Credit
Foncier is one of the largest of the French credit institutions, standing probably second in importance in
popular estimation only to the Bank of France itself.
The association makes investments largely as a mortgage institution and lends heavily on municipal enterprises, but always, according to its general reputation,
on a highly conservative basis. Against these investments it offers, as in the present instance, its own obligations for public subscription. It would not be fair
to assume from the huge over-subscription in this instance that French money is again available for foreign
investment in the political strain that is now current
in European politics. It seems more clearly an indication of a disposition to confine investments to French
In the highly complicated situation in China the
enterprises. A somewhat similar indication of the
prospects of a republic seem once more to have imsame tendency is shown by the avidity with which
proved. Compromise is again in the air, and the for200,000,000 francs in short-term 3% French Treasury
mation of a new government in which both Premier
notes were taken early in the week by the French banks.
Yuan Shi-Kai and President Sun of the Provisional
Republic will hold office is the latest program apparWhile socialism is definitely shown to be actively
ently acceptable at both Peking and Nanking, accordexpanding in Germany, there seem signs of a reaction
ing to advices received by our State Department. The
in Britain. Usually conservative London correspondabdication of the Throne and the retirement from
ents reflect discussions in financial circles at the British
power of the Manchu Princes is assumed by the Revocapital of the possibility of a new election before the lutionists as
having been finally decided on, and the
end of the year. The Asquith Government having advance
on Peking of the Revolutionary troops has
carried through its old-age pensions, its employers'
therefore again been delayed. The formal armistice
liability obligations, its insurance against unemploywhich has been in operation for several weeks expired
ment and other paternal schemes, and having largely
by limitation on Monday last, and no definite steps
deprived the House of Lords of effective power to act
have been taken for its renewal. But neither Yuan
as a check upon popular clamor, finds itself face to face
Shi-Kai, the Premier, nor Wu Ting-Fang, the Rewith its obligation to give home rule to Ireland at the
public's Minister of Justice, according to cables from
approaching session of Parliament, which will meet in
Nanking, expect serious fighting to be renewed,
about a fortnight. The recent disturbances in Ireland
Dr. Wu naively remarking 'There is no one to fight.
show clearly that even at home there is opposition
All are our friends." Peking cables give the terms of
against the home-rule propaganda, and the task of fulabdication of the Throne as follows: The Imperial
filling pledges which were made to the Irish National- the
and Princes are to retain their titles, are to refamily
ists is unquestionably becoming an increasingly diffiin Peking or elsewhere at their pleasure, and are
side
cult one to the Government. Meanwhile evidence is
to receive annual pensions aggregating 3,000,000 taels;
accumulating that the burden of taxation necessary to
and the transfer of power shall be effected with as little
carry out the Lloyd-George schemes is becoming inloss of dignity to the Throne as possible.
creasingly depressing. The decision of Mr. J. Pierpont
Morgan to transfer his art treasures from England to
The week's developments in the European political
America, chiefly, it is understood, on account of the
have not been especially spectacular. The
situation
would
they
be
subjected
extremely heavy death duties
to in the event of his death, has apparently furnished twenty-nine Turks seized by Italy on board the French
an illuminating object lesson of the tendency of ex- steamer Manouba have been duly transferred to French
cessive taxation to drive away not alone capital but authority, and there are reports of a Franco-Italian
all kinds of taxable property. While the Government entente having been secretly arranged, which will preis strenuously denying the probability of a new elec- vent further friction between the two countries. A
tion this year, it is considered significant, according small French passenger steamer, the Tavignano, carryto London cables, that British merchants who have ing mails from Tunis to other coast ports, was arrested
applied to Lloyds for insurance against losses in their by Italian torpedo boats and taken to Tripoli, but was.
business, in the event of a general election, have been subsequently released, as nothing contraband of war
asked a prohibitive rate-35 guineas per cent—which was found on her. No important progress in the
clearly indicates that the underwriters are not anxious Italo-Turkish War has been reported.
to take up the risks being offered.




FEB. 3 1912 1

THE CHRONICLE

The arrival in London of William Morgan Shuster,
the American who was deposed as Treasurer-General
of Persia through the efforts of Russia, acquiesced in
by the British Foreign Office, has produced, according
to responsible London cables, a popular reaction
against the Government and is a heavy blow to Sir
Edward Grey's Persian policy. Mr. Shuster received
a remarkable ovation and his claims that Persia should
have complete independency) were enthusiastically
cheered at a banquet which the Persian Committee,
composed of members of the House of Commons and
other prominent men, gave in his honor on Monday
night. The speech was a detailed narrative of the
wrecking of Persia's Constitutional Government. It
carried weight and conviction as a result of its ability,
its sincerity and the moderate tone that prevailed
throughout its entire length. Mr. Shuster said he
was unable to find any real reason for the course
pursued by Russia and England in respect to his own
dismissal. The main reason given, he said, was his
reorganization of the gendarmerie, which was construed as a violation of the Russo-British treaty. He
urged that at the time his appointments were made
they were approved by the English Government,
which afterward used them for the purpose of demanding his removal. Persia, he declared, is now the prey
of anarchists and brigands.

307

forth, but it is evident that the Bank's Governors
are determined to exercise every precaution to keep
the Bank's position a strong one during the strain
of the next few weeks. India is actively demanding
gcld and on Monday purchased £1,000,000 of the
£1,800,000 of new South African gold that was
publicly offered in London, the remainder, £800,000,
being taken by the Bank at the Mint price. The
reason is not altogether clear for the continued demand
by India for gold. According to a statement by
Sir Edward Holden, Chairman of the London City &
Midland Bank, in a speech in London this week,
India's demand for gold is a subject meriting special
attention in banking problems. He showed that
India is now taking about a fifth of the world's production. For the year ended December 31 last the
total gross imports of gold to India amounted to
£21,526,000, compared with £15,913,000 in 1910
and £8,715,000 in 1909. The exceptional demand
at the moment for Indian account appears to be
resulting from the inability of Egypt to dispatch its
usual shipments of the 'precious metal this year. In
addition, general business conditions in India are
good and the Coronation Durbar has undoubtedly
operated as a special influence in India trade and has
resulted in the spending of large sums of European
money there.
Notwithstanding the Bank's shipments of gold to
India and Egypt,Thursday's statement of the institution as cabled by our special London correspondent
showed an increase for the week in gold coin and
bullion holdings of £290,703. The total reserve,
however, decreased £156,000 and the proportion of
reserves to liabilities declined to 48.01%, comparing
with 48.69% the week preceding. Public deposits
decreased £1,674,000 as a result of Government payment on account of the purchase of the National
Telephone system; and "other deposits" increased
£2,199,000. Other securities increased £638,000,
representing borrowings by the market to that extent.
Our special correspondent furnishes the following
details of the movement into and out of the Bank for
the Bank week: Imports, £541,000 (of which £5,000
from Australia and £536,000 bought in the open
market); exports, £600,000 (of which £455,000 to
India,£50,000 to Egypt,£70,000 to Java and £25,000
to Ecuador), and receipts of £350,000 net from the
interior of Great Britain.

The new Republic of Portugal is being put to a
severe test just now to demonstrate its ability to
govern. A condition very close to anarchy is declared to
prevail in various sections, though it is not unlikely
that the news dispatches contain an important proportion of exaggeration. Wholesale arrests have
been made and it is stated in Lisbon cables that
upwards of 1,000 persons have been taken prisoners
and are being placed for safekeeping on the warships in
the Tagus River for fear of rescues if they were placed
in prisons. On Tuesday a mob at Moita near Lisbon
stormed the Government House and killed the Governor. Martial law has been proclaimed at Lisbon
and General Carvalhaes has been appointed Military
Governor. All these troubles result from a general
strike ordered by the Federation of Labor on account
of the uprisings in the Elvora district, where the
Governor had subdued agricultural strikers by force.
The Federation demanded a removal of the Governor
and called a general strike to emphasize its demand.
The inference seems to be that the strike and the
general disorder are being utilized by the Royalists in
The • Bank of France in its weekly statement on
an effort to overthrow the Republic.
Thursday reported a decrease of 5,375,000 francs in
the gold item, reducing the total to 3,183,825,000
Foreign bank discounts still indicate the greater francs, which compares with 3,241,300,000 francs
strength of the money situation abroad than at home. one year ago and 3,476,325,000 francs in 1910. Silver
London rates in the open market,as cabled yesterday, holdings were increased by 1,575,000 francs, notes in
4% for 90 and 33/% for 60 days' bankers' circulation increased 145,750,000 francs, while general
were 33
acceptances, to arrive, with 33'% the spot rate for deposits at the Bank decreased 220,850,000 francs.
90 days and 354% for 60 days. A week ago 60 Bills discounted increased 51,125,000 francs and
days' acceptances were quoted at 332% to arrive treasury deposits decreased 39,850,000 francs. The
and 334% for spot, and 90 days' rates were 33% and weekly statement of the Imperial Bank of Germany in5 7
34
0, to arrive and spot,respectively. Paris closed dicated a reduction of 27,784,000 marks in the gold
yesterday at 33% for all maturities (comparing with on hand and of 60,051,000 in the gold and silver
314@34%
1
on Friday of last week.) Berlin ended combined. Loans increased 39,833,000 marks and
at 334% for all maturities (3yg(D314% for spot and discounts decreased 47,357,000 marks. Notes in cir34% to arrive a week ago) while Brussels yesterday culation increased 81,157,000 marks.
came M% lower for the week at 33
/
2% and Amsterdam
remains unchanged at 33
4%.
The New York money market still continues to
No change was made by the Governors of the Bank attract funds from various sections of the country.
of England in the official minimum discount from 4%. The demand is so light for banking accommodation
Predictions of a. reduction had been quite freely put that lenders recognize the folly of any cut-throat



308

THE CHRONICLE

[VoL. Lxxxxnr.

only direct evidence of the threatened disturbances
being a tendency on the part of manufacturers and of
ship-owners to contract for future supplies of fuel at
advanced prices. An active money market is confidently predicted in London for February and March.
Compared with Friday of last week, sterling exchange on Saturday was firmer, with demand quoted
at 4 8755@4 8760, cable transfers at 4 8810@4 8815
and 60 days at 4 8435@4 8445. Lower discounts at
London and selling for speculative account brought
about a decline of some 15 points early on Monday;later
there was a slight rally, with closing prices at 4 8745(0)
4 8750 for demand, 4 8795@4 88 for cable transfers
and 4 8425(0 8435 for 60 days. On Tuesday trading
was dull and featureless, with demand and 60 days
unchanged from Monday's level; cable transfers were
slightly weaker at 4 8790@4 8795. On Wednesday,
after a weak opening, the undertone became somewhat
firmer on a moderate investment demand and higher
discounts at London, although the final range was
below the previous day's close, at 4 8740@4 8745 for
demand and 4 8785@4 8790 for cable transfers; 60
days showed no change. Sterling advanced rather
sharply on Thursday on increased firmness in the London money market; at the close demand was quoted at
4 8755@4 8760, cable transfers at 4 88@4 8805 and
60 days at 4 8440@4 8450. On Friday the opening
was firm, but the market eased off later and a net
decline of 5 points was shown in demand and a net
advance of 5 points in 60 days. The close was at
4 8445@4 8455 for 60 days, 4 8750(0 8760 for demand and 4 88@4 8810 for cables. Commercial on
1 and documents
bank was quoted at 4 829@4 84Y
for payment 4 83%@4 843i. Cotton for payment
ranged from 4 833@4 83%, grain for payment from
4
Time money is still available at 3@4% for twelve 84 to 4 843g.
months. Closing quotations are 214% for 60 days
The following gives the week's movement of money
4% for 90 days (also to and from the interior by the New York banks.
(unchanged for the week), 23
unchanged), 3% for four months (last week 29@3%)
Net Interior
Shipped by
Received by
and 3@33% (unchanged) for five months and
Movement.
N. Y. Banks. N. Y. Banks.
Week ending Feb. 2 1912.
six months. The improvement indicated by some Currency
$4,818,000 Gain $9,714,000
$14,532,000
746,000 Gain 1,854,000
2,600,000
of these rates is largely sentimental. Mercantile paper Gold
$5,564,000 Gain $11,568,000
317,132,000
Total gold and legal tenders
is in excellent demand, especially by interior banks,
but the supply continues unusually limited, which
With the Sub-Treasury operations and gold exports
reflects the cautious attitude of manufacturers and the result is as follows
distributers as a result of the political uncertainty and
Net Change in
Out of
Into
Bank Holdings.
Banks.
Banks.
Week ending Feb. 2 1912.
the tariff entanglements. Quotations have not been
$5,564,000 Gain $11,568,000
Banks' Interior movement,as above_ $17,132,000
changed from 33'@4% for 60 and 90 days' endorsed Sub-Treas.
30,550,000 Loss 2,550,000
28,000,000
oper. and gold exports__
bills receivable and also for 4 to 6 months' single-named Total gold and legal tenders.- - - -- $45,132,000 $36,114,000 Gain $9,018,000
bills of choice character. Others are quoted at 43.'%.
The following table indicates the amount of bullion
in
the principal European banks.
Sterling exchange has not reached the point at
Feb. 2 1911.
Feb. 11912.
which it is generally figured gold can be shipped direct
Banks o
Total.
Silver.
Gold.
Total.
Silver.
loss.
or
Gold.
without
Continent
Kingdom
United
to the
lb4V-4
Nevertheless, as we indicate elsewhere, an engagement England.. 38,333,790_
36,467,105
38,333,790 36,467,105
32,739,680
162,391,600
129,651,920
3 5,390 159,588,190
France __ 127,352,800 32,2
of $2,000,000 in gold bars was made for Paris on Germany
_ 43,181,450 15,218,200 58,397,650 40,564,800 14,787,400 55,352,200
_a_ 143,287,000 6,149,000 149,436,000 144,971,000 6,447,000 151,418,000
Friday, which is explained by the shippers as a special Russia
Aus.-Hunb 53,846,000 12,345,000 66,191,000 55,165,000 12,418,000 67,583,000
____ 16,739,000 30,284,000 47,023,000 16,443,000 30.825.000 47,268,000
transaction. With the exception of $3,500,000 taken Spain
Italy _d__ 41,375,000 3,623,000 44,998,000 39,340,000 3,498,000 42,838,000
941,600 12,917,600 10,814,000 2,349,500 13,163,500
Netherl'ds
first
engagement Nat.Beig.d 11,976,000
for Paris last September, this is the
6,684,607 3,342,333 10,027,000 5,624,667 2,812,333 8,437,000
4,463,000
4,719,000 4,463,000
__ 4,719,00
6,250,000
of gold bars for export since June 1909. The week's Sweden
6,466,000 6,250,000
6,466,000
Switzerl'd
1,859,000
2,232,000 1,859,000
Norway __ 2,232,000
foreign gold engagements included $250,000 to
Total week 496,192,707 104,136,523 600,329,230 491,613,492 105,876,913 597,490,405
Buenos Aires on Saturday and $250,000 on Monday Prey. week 494,426,887 103,770,580 598,197,467 401,120,245 105,786,307 596,906,552
r.4
for Costa Rica, and an additional $250,000 for Costa a The total of gold tn. the Bank of Russia ncludes the balance held abroad—
is, the amount held for Russian account in other Continental banks. The
Rica on Friday. London is drawing funds from that
proportion so held, and consequently duplicated in the above statement, is about
of the total this year, against about one-seventh a year ago.
one-eighth
the Continent quite freely and is still likely to call b The Austro-Hungarian
Bank statement is now issued in Kronen and Heller
Gulden
and Kreutzer. The reduction of the former currency to sterling
of
instead
future.
British
trade Pounds was by considering
upon New York in the near
the Gulden to have the value of 80 cents. As the
Kronen has really no greater value than 20 cents, our cable correspondent in Lonis exceptionally active and is thus requiring its full don,
in order to reduce Hronen to Pounds, has altered the basis of conversion by
the amount of Kronen by 24 instead of 20.
quota of banking accommodation. Thus far the coal dividing
d The division (between gold and silver) given in our table of coin and bullion in
the Banks of Italy and Belgium is made from the best estimates we are able to obstrike in Scotland and Wales has not been accepted as tain: it Is not claimed to be accurate, as the banks make no distinction in their weekly
returns, merely reporting the total gold and silver: but we believe the division we
a definite probability in English industrial circles, the make
is a close approximation.

competition for the small volume of business available
from day to day. Therefore, 2% has been the
minimum for call loans during the week (except for
a short period, when 1% was current on Friday)
and the renewal rate was not changed until Friday
from 214%, which was the closing figure a week ago.
On Friday the renewal rate was reduced to 2%. On
Monday the extreme figures were 214@23'% and on
4%. Wednesday's and Thursday's
Tuesday 2%@23
range was 2(0)400. On Friday the highest and
lowest figures were 23g% and 1%%.
The direct shipments of gold to London or the Continent which were confidently expected a week ago
did not materialize until Friday, when an engagement
of $2,000,000 in gold bars for Paris was made by
Lazard Freres. The transaction is declared to be a
special one. In other words, there are considerations
that will compensate for the apparent loss on exchange,
for sterling rates show very slight change from the
quotations a week ago. Aside from the French shipment, the only foreign movement of the precious
metal included an engagement on Saturday of $250,000 to Buenos Aires and a similar amount on Monday
for Costa Rica, and an additional engagement, also for
Costa Rica of, $250,000 on Friday. The Argentine
shipments were on French account and represented
remittances of French bankers in respect to the
Argentine loan. The French underwriting syndicate
which guaranteed that loan has been notified by the
Banque Union Parisienne, through whom the transaction was conducted, that 40% of the loan will to-day
(February 3) be at their disposal. This, of course, is
official intimation of how poor were the public subscriptions.




FEB. 3 1912],

THE

CHRONICLE

309

deal more than it means, for instance, in this count
THE GERMAN ELECTIONS.
ry,
and there have been other times when it meant
a great
There were numerous reasons why the recent elecdeal less. The party had its origin in the insur
rections
tions to the German Reichstag were of particular
of 1848; it was then clearly a revolutionary
party.
public interest, not only in Germany itself, but
in the Organized by Karl Marx in the early sixtie
s, under the
outside world. All political observers, as
soon as the name of Social-Democratic Party,its politi
cal agitation
call for the first election since 1907 was issued,
agreed was aimed at upsetting some of the funda
mentals of
that a highly interesting test of the political situa
tion finance and industry as well as politics. The
propawas at hand. In the first place, it was recognized
that ganda of Marx was, indeed, directed prima
rily at
the result would probably show the real beari
ng on capital as an institution.
political majorities of the social unrest, prevalent
in
This being so, the Government of the period adopt
ed
Germany as elsewhere during the present era of politi
- frankly the policy of suppressing free discussion
. The
cal commotion. The complaint against the high
cost so-called "Exceptional Powers Bill" of 1878
prevented
of living on the Continent might easily empha
size popular gatherings in the Socialist intere
st, and in 1879
such influence. And, secondly, the growing spirit
of Bismarck went so far as to try to suppr
ess free disresistance among the German people against increased
cussion of the Socialist doctrines on the floor of Parli
aGovernment taxation for purposes of larger armament
ment. He failed in this, but the policy of repression
had already brought about, in and out of the Reichstag,
had its natural influence in the growing radic
alism of
widespread demand for a representative ministry
in- the Socialist faction itself. It was
in 1880 that the
stead of a Cabinet responsible only to the Kaiser.
national program of the party, which had forme
rly
These two considerations would naturally have
declared its purpose of achieving its needs "by
caused expectation of a Socialist victory. But,
every
on the lawful means," dropped out one word
and avowed it
other hand, there was the "anti-English
feeling," purpose of achieving them "by
every means."
stirred up by recent diplomatic developmen
ts, and the
Fortunately for both people and Government,
sentiment of patriotism, which must have been,
this
to a oppressive legislation was relaxed. Betw
een 1880 and
large extent, aroused by the war talk of
last summer. 1890 labor unions were formally
recognized by statute;
It was possible, no doubt, that the Moroc
co incident the law against free discussion was
permitted to lapse,
might cut both ways—might help the Gove
rnment and the Imperial Government itself took
a hand in
Party through the appeal to patriotism,
or might large Governmental schemes for the
benefit of labor.
also hurt that party through the argument
that a The consequence of all this very naturally
was a slower
needless derangement of the national peace of
mind rate of increase in the Socialist vote, and
later a very
had been brought about by the Government's
gratui- decided modification of the party
's program—but
tous attitude of belligerency toward France. But
this
merely gave an argument to each side. On the whole this last development, in turn, had the interesting
, result of once more largely increasing the
the country's expectations leaned toward subst
Socialist
antial Party, mainly because of the growi
ng moderation of its
gains by the Socialist Party as representing in the
main views. In the vote of 1878 the
Socialists polled
what we call the Opposition.
437,438; in 1894, 1,100,000; in 1898, 2,120,000;
The result of the vote, which was not fully
in
known 1907, 3,240,000. The exact numer
ical strength of the
until last week, is an undoubted and very
substantial party at the polls in the recen
t elections is not yet fully
victory for the Socialists. The Socialist
Party itself known. But a more impre
ssive showing is that of
has gained 57 seats in the Reichstag, of
which 35 came Socialist representation
in the Reichstag at this
from the Government's main supporter, the Conse
rva- month's election; it may be seen
from the following
tive Party, and the rest from the Clerical
and the comparative table:
Liberals. In the old Reichstag the combinatio
Old Parliament.
n of Socialists
New Parliament.
53
Conservatives, Clericals, Nationalists and Indep
110
s
51
end- Liberal
46
Radicals
49
ents, through whom the Government enact
49
Clericals and Nationalists
129
ed its legis- Conservatives
122
104
lative measures, had a clear majority
69
ndent
9
of 91; in the Indepe
Vacant
2
new Legislature that same combinatio
n stands in a Total
397
397
minority of 13. The Government "bloc
" now numbers
This
very
impre
ssive
rise
in
the Socialist Party's
192 members, as against the 205 Social
ist-Liberal- political power might on its face
be interpreted to
Radical combination. That a Social
ist should have mean that Germany's political
and
econo
mic extremists
been returned from Potsdam, the Emperor's
suburban are in the saddle. It would hardly,
however, be safe
residence, and that the Socialist candi
date in the palace to take for granted just that result
. We have already
district of Berlin should nearly have
been elected, seen how circumstances during
the generation past
are incidents which, while not important in
themselves, have altered the general attitude
of the party. Gerlend a picturesque touch to the general
result.
man socialism as a political force certainly
cannot now
With this powerful showing in the national
legisla- be classed as a revolutionary influ
ence in politics or in
ture, what is the Socialist Party likely next
to do? political economy. It stands out,
rather, as a general
Its leaders, since the announcement of the
vote, have opposition movement to the react
ionary tendencies of
talked with moderation and good sense,
but have the Imperial Party. It may,
indeed, be described,
clearly intimated restriction on the policy
of excessive so far as it concerns the Gover
nmental policies, as a
armament and on increased taxes. There
are those state of mind rather than an econo
mic doctrine.
who imagine that they will take the
tariff in hand.
This being s6, it is easily conceivable that the
It is possible that a movement for a
longer
ministry answer- result of the Socialist victory
may be by no means an
able to the legislative body itself will
be urged again unmixed evil. That it will tend
to restrict the policy
with renewed assurance. But this
hardly touches of indefinite expansion of arma
ments; that it will imwhat are considered the purely Social
ist ideas.
pose a check on belligerent diplomacy and
To understand the whole situation, somet
heedless
hing of an Government financing—these
things may safely be
historical review is necessary. There
have been times taken for granted. Whether
it will find a way to
when the Socialist program in Germany
meant a great create real representative minist
erial government in



310

THE CHRONICLE

VOL. Lxxxxiv.

to be a neglect of duty,the Central Government may
and should step in. No better argument has been
publicly made for this particular measure than the
remark actually made on the floor of the Senate: that
a government which undertakes to protect hogs from
disease cannot consistently draw back from doing
something for children.
The analogy here seems imperfect, and the comparison is degrading. Parental care is lacking as to
the hog, while the family is the unit, the microcosm,
the life of the civilized state. The parental relation
fails in some instances, notoriously. When children
are misused, starved, treated on lines which endanger
their morals, or are put out to labor at tender ages,
society intervenes, because society cannot afford to
let its children be sacrificed to any defects in parental
care, as it cannot afford to have them sacrificed to
automobiles. There are existing laws applicable to
all such cases, and if these laws are inadequate or are
poorly enforced,the proper line of remedy is evident.
If it were true, or if it ever becomes true, that the
parental relation, the most ancient of which we have
any record, can no longer be trusted to rear children,
civilization must stand confessed as a failure. To
state the monstrosity in plain language is to dispose
of it, for all rational minds. Senator Heyburn said
what should have disposed of it when he pointedly
said that such a law would have taken Abraham Lincoln
from his parents because he lived in a log cabin and
slept on the ground as a floor.
As to the argument from importance, children are
admittedly the most important things on earth; but
FEDERAL CARE OF CHILDREN.
if the Central Government is to control whatever is
six
weeks
some
the
Senate
in
important there is no stopping-place—it must,controlThe bill, introduced
Bureau
the
in
Bureau
Children's
a
birth to burial and nothing can escape it. Morefrom
establish
ago, to
of Commerce and Labor, has been taken so seriously over, the suggestion that the Bureau is to inquire into
that on Wednesday of this week it actually passed legislation by the States looks towards the day when
that once sober and deliberative body by a vote of the States will become mere departments of the
54 to 20. As originally shaped, the scope of the Central Government. If anybody derides such a
measure might have been fairly stated as covering possibility as absurd, then the question arises, when
everything about children, for the Bureau was to and at what line are we to stop moving towards that
investigate and report upon "all matters pertaining supposed impossibility?
Senator Borah of Idaho stands sponsor for this
to the welfare of children and child life", especially
the birth rate, infant mortality, orphanage, juvenile bill by introducing it; but its genesis is not exactly
courts, desertion, dangerous occupations, accidents, known. It doubtless proceeds from child labor and
and diseases of children, employments and legislation other labor leaders, with some aid from the same
misguided humanitarianism which would remove from
about children by the States and territories.
bill,
the
upon
all responsibility for their own recklessness.
talking
workmen
in
expended
Three days were
Originally
campaign
measure, conceived as a bait for that
made.
been
have
a
is
modifications
some
It
and
the inquiry was to extend to "the morals and social bane of our politics, a class "vote". It proposes a
and religious standing of the parents." The press Bureau within a Bureau, more useless inquiry, more
dispatches do not cover details very closely, but this offices, more inducement to relax one's own efforts
particular inquiry may, perhaps, be taken out by and rely on some imaginary power to carry us to
the amendment by Senator Culberson of Texas Paradise, more paternalism, more emasculation of
(adopted by 39 to 34) that no bureau agent shall manhood, more corruption of public morals. Excelenter any house "used exclusively as a residence," lent intentions do not take the evil out of evil measures.
against objection by the head of the family. Another For many years the common man in some European
Amendment adopted provides that the details discov- countries has been coming hither, as a refuge from
ered shall not be published,whereas those were originally bureaucratic and other oppression; and now we
Americans are busy in trying to reproduce and fasten
left open to inclusion in the periodical publication.
the
to
such
objections
It is difficult to select from
upon ourselves that from which he has been fleeing.
it
with
treat
to
patience;
also
and
difficult
a proposition,
yet argument and ridicule seam to have lost much of
PRODUCTION IN 1911.
their wonted efficacy. If Constitutionality is men- THE COUNTRY'S IRON
iron production in the
pig
The official statistics of
tioned, we have been told by one authority that if the
year 1911, as comcalendar
the
during
States
States do not do their duty in some asserted respects, United
the
American Iron dc
of
Swank
M.
Mr.
James
be
by
will
piled
found to
"constructions" of the Constitution
well
known before,
was
what
confirm,
Association,
Steel
authority
that
weighs
another
and
meet the exigency,
much with some people has intimated that when the that the year was a poor one in the iron trade. It may
Stites are guilty of what appears to advanced reform be said to have been unsatisfactory in a double sense—

Germany remains to be seen; that is a constitutional
change not so easy to secure.
But it must also be remembered that even the Socialist Party has no parliamentary majority of its own.
Such power as it may exert will be based on combination with other factions,which are not Socialist at all.
Behind all other possibilities, moreover, stands the undoubted fact that on other great national questions the
political groups of the German Reichstag are not necessarily cohesive. In a matter legitimately involving national patriotism, for instance, the action of the German Legislature would almost certainly be like that of
the French Chamber in its recent overwhelming vote of
confidence in the Poincare Ministry. There are still
six or seven separate factions in the Reichstag, which
unite with one another into groups only on special
questions; it is, therefore, possible that the extremists
will have considerably less power of carrying things
their own way than they have, for example, in the
British House of Commons, where at the moment only
two really distinct political groups exist. If the
Reichstag majority leaders were to go too far, reaction
from their leadership and loss of their control over
other groups would surely follow. But as to what
changes in the trend of German legislation or in the
general scheme of constitutional government in Germany are foreshadowed by this striking change of
electoral majorities, these are questions which are
perhaps as yet undetermined, even by those who are
close to the inner circles of German politics.




FEB. 3 1912 I

THE CHRONICLE

that is, not alone in the reduced volume of the output,
but still more so in the low prices realized for this
lessened product. For the twelve months of 1911 the
make of pig iron aggregated only 23,649,344 tons,
against 27,303,567 tons in the twelve months of 1910
and 25,795,471 tons in the twelve months of 1909.
The downward course of production in 1911 was really
a continuation of the retrograde movement begun during the latter half of 1910. In the first half of 1910
the product was, roughly, 15 million tons—in exact
figures 14,978,738 tons. In the latter half of 1910,
however, the output was only 12,324,829 tons, and
in the first half of 1911 there was a further decline to
11,666,996 tons, while there was very little recovery
in the second half of 1911, the product amounting to
11,982,348 tons.
The causes responsible for the setback experienced
in the iron trade, and which in diminished measure extended to nearly all other branches of business, were
the same as those noted in 1910. Radical Governmental policies and disturbing legislative enactments
deeply unsettled confidence and made men of means
and the managers of large corporations reluctant to
embark upon new enterprise or upon promotion work
of any kind. The risks were too great, the outlook too
uncertain. The numerous trust prosecutions, the
condemnation by the United States Supreme Court
of the Standard Oil Co. and the American Tobacco Co.,
the beginning of a suit under the Sherman Law against
the United States Steel Corporation, and, worst of all,
the fear engendered by the unfortunate speeches of
President Taft and the remarks of Attorney-General
Wickersham, that all large combinations belonged in
the forbidden class, were all influences that proved
depressing in the highest degree.
The most potent disturbing agency, however, as far
as the iron and steel industry is concerned, was the
unsatisfactory railroad situation. The connection between the iron industry and the railroad industry has
always been close. Prosperity in the latter has invariably meant prosperity in the former, and, vice
versa, when the railroads are depressed, the fact never
fails to be reflected in reaction in the iron and steel
trade. During 1911 the railroads encountered unusually trying conditions. At the beginning of the year
the managers were looking hopefully forward to the
prospect of being allowed to make slight advances in
rates, in order to compensate in part for the rise in
operating cost and, more particularly, the higher wage
schedules to which the carriers had been obliged to
assent during 1910. Congress had in 1910 enacted a
new railroad law giving the Inter-State Commerce
Commission power to veto proposed advances in rates.
But expectations were entirely disappointed. Towards
the close of February the Commission announced its
decision in the cases which it had had under consideration for about eight months, and refused to grant advances of any kind, either by Western roads or Eastern roads. The refusal, too, was on such broad lines
that it seemed unlikely the railroads could ever make
out a case which would incline the Commission to
sanction any general leveling Of rates upward. The
effect was to impair confidence in the stability and
integrity of railroad income. Several other decisions
by the Commission, handed down later in the year,
served still further to excite fears on that score. To
state the situation in brief, a blow was dealt at the
railroad industry in February by the action of the
Commission from which there was no recovery the
rest of the year




311

It may be stated as an undisputed fact that the
chief unfavorable feature in the iron and steel industry
during the year was the lack of orders from the railroads. On account of their crippled condition and
the impairment of their credit, they were obliged to
practice rigid retrenchment and economy. It was
absolutely necessary, as far as possible, to defer until
some future and more opportune occasion all improvements and extension work. This meant that they
could purchase only sparingly,though a slight change
in the attitude of the managers occurred the latter part
of the year, it being then found that as to certain
things it would be unduly risky to put off purchases
any longer. Low prices came as a further inducement
to buy
As indicating the part which railroad activity in
ordinary seasons plays in the iron and steel trade, it
should be noted that in April Chairman Gary of the
Steel Corporation gave out a statement saying that
the railroads usually buy about 30 to 33 1-3% of the
company's entire product, but for some time past
had been buying only about 7@8%. One feature of
an encouraging nature in the early part of the year was
that prices for iron and steel were, on the whole, fairly
well maintained, especially considering the small volume of business being done. In May, however, the
Republic Iron & Steel Co. announced a cut of $3 a
ton in steel bars at Pittsburgh and marked the quotation down from the nominal figure of $1 40 per 100 lbs.
to $1 25. Not only that, but the cut was accompanied
by the announcement that these reduced figures would
hold good to jobbers until Oct. 1 and to general consumers until Jan. 1 1912, while in the case of agricultural-implement makers it was stated these prices
would apply until July 1 1912. This action made it
evident that a long term of low prices was ahead.
The other independent producers, as well as the
Steel Corporation, at once met this cut. Chairman
Gary then called the steel manufacturers together at
one of his customary dinner conferences on May 29.
Following this conference a general downward revision
of ilrices of finished steel products was made, with the
exception of wire products, tin plate, rails, hoops and
tubular goods. In June came a reduction in wire
products also, and from this time on the price situation became steadily worse, until the latter part of the
year an absolutely open market for steel products
prevailed except in the case of one or two special articles, like, steel rails, where quotations have been
maintained on an unchanged basis for years. One
effect of these low values—the lowest in a very long
period of time and which in many instances left, it was
claimed, no margin of profit to the producer—was to
stimulate considerable activity in the trade, but not
until well along in the year. Consumers who had
previously been holding off now put in orders on a
pretty liberal scale. Even the railroads were, as already indicated, induced to purchase with greater freedom. This purchasing finally brought some slight
recovery in prices towards the end of the year, more
particularly in finished products. As an indication
of the change, the Republic Iron & Steel Co., which
after its action the previous May had further cut the
price of steel bars at Pittsburgh to $1 per 100lbs.,in December made two advances,first to $1 10 and then to
$1 15, these prices applying to 1912 shipments. Other
producers, of course, followed the lead. Steel billets,
which the first five months of the year were maintained at $23 a ton, dropped to $19 in November, with
a recovery to $20 the latter part of December. In the

[Vol, Lxxxxnr.

THE CHRONICLE

312

following we furnish the quotation at the beginning
and the end of the year for a number of leading
products, and also the high and low points of the year,
each with dates:
Price
Jan. 1
1911.
Old iron Trails a
No.2fdy.p.iron a
Basic, pig Iron_a
Gray f'ge p. i_b
Bess'r p. iron __b
Steel billets, at
b
mills

17 00
15 50
14 75
13 90
15 90

Price
Dec.30
Range for Year 1911.
High- 1911.
$
Nov. 1 to Dec. 13 18 50 Mch. 1 to Mch. 29 16 00
Nov. 29 to Dec. 30 15 50 Jan. 1 to May 31 14 85
Jan. 18 to Feb. lc 15 25 Mch. 8 to April 19 14 25
Nov. 29
14 40 Feb. 15 to May 10 13 40
Nov. 15 to Dec. 13 15 90 Jan. 1 to Sept. 27 15 15
Low

S
15 50
14 85
14 25
13 25
14 90

Excess of exports.. _1,930,908 1,049,975

23 00 19 00 Nov. 22 to Dec. 20 23 00 Jan. 1 to May 24 20 00

Average prices were quite generally the lowest since
1904, and in some instances for a much longer period
of time. We add a second table to show the average
prices for the last eight years on a number of leading
articles of iron and steel.
AVERAGE YEARLY PRICES OF IRON AND STEEL. 1904 TO 1911.
1911. 1910. 1909. 1908. 1907. 1906. 1905. 1904.
$
$
3
$
$
3
Articles$
Old iron T rails at Milt_ ton.. 16.90 19.09 19.42 18.60 23.88 23.05 22.08 16.22
No. 1 anth. fdy. pig at Phila. " 15.71 17.36 17.80 17.70 23.89 20.98 17.89 15.57
Gray forge pig iron. Lake ore,
" 13.06 15.24 15.55 15.23 21.52 19.85 15.62 12.89
at Pittsburgh
Bessemer pig iron at PIttsb.... " 15.71 17.19 17.41 17.07 22.84 19.54 16.36 13.76
" 28.00 28.00 28.00 28.00 28.00 28.00 28.00 28.00
Steel rails at mills in Penn
Steel billets at mills at Pittsb." 21.45 25.38 24.61 26.31 29.25 27.43 24.03 22.18
Best relined bar iron from
store at Philadelphia.100 lbs. 1.64 1.85 1.75 1.70 2.11 1.98 1.92 1.72

Production varied considerably from month to
month. According to the figures compiled by the
"Iron Age," the monthly output increased from
1,759,326 tons in January to 2,171,111 tons in March,
then fell off, mainly because of the blow dealt the
railroad industry by the adverse decision of the InterState Commerce Commission the previous February,
so that in June the output was only 1,787,566 tons.
Under the break in prices which then developed, the
product increased again month by month, and in
October reached 2,102,147 tons. This last was for a
month of 31 days. In November, with only 30 days,
the output was 1,999,433 tons and in December (31
days) 2,043,270 tons. The Steel Corporation in
May reported its steel ingot capacity employed
to the extent of only 58%. In June there was an increase to 68%, and at the end of December the company was running to the extent of 80% of capacity.
The unfilled orders on the books of the subsidiary corporations May 31 were only 3,113,187 tons. By
Dec. 31 they had increased to 5,084,761 tons. This
compares with only 2,674,757 tons on Dec. 311910.
In one particular there was noteworthy development.
There was a further marked expansion of the country's
export trade in iron and steel. In this, of course, the
United States Steel Corporation played the most noteworthy part. That wisely managed concern has from
the first sought to build up foreign markets for its
products, and during 1911, with the domestic demand
so small, its efforts to that end were redoubled. In
money value the country's exports of iron and steel
and their products reached $249,656,411 in 1911,
against $201,271,903 in 1910 and $157,674,394in 1909.
As far as quantities are concerned, many of the articles
are of such a description that weights are not given in
the Custom-House statistics. Taking the shipments
of all kinds of iron and steel reported by weight,the
aggregates of the exportsin 1911 reached 2,187,811 gross
tons. As the imports were only 256,903 tons, this
left a net excess of iron and steel exports in amount of
almost two million tons (1,930,908 tons), or nearly
double the net exports in 1910, which reached only
1,049,975 tons. The United States assumes prominence even as an exporter of tin plates, of which
the shipments in 1911 were 137,684,241 lbs., against
only 27,877,080 lbs. in 1910. The table we now insert
shows the imports and exports for each of the last six
years:

885,200

639,631

758,488

747,531

As much interest attaches to the iron production of
the different States, we annex the following table:

$

a At Philadelphia. b At Pittsburgh. c The same price ruled again from July 12
to 19 and from Dec. 13 to 30.




IMPORTS AND EXPORTS OF ALL KINDS OF IRON AND STEEL.
1906.
1907.
1008.
1909.
1910.
1911.
tons 256,903 487,967 356,296 205,755 662,350 578,209
2,187,811 1,537,942 1,241,496 964,243 1,301,981 1,325,740

Imports
Exports

PRODUCTION OF PIG IRON BY STATES.
Tons
2,240
lbs.

1911.

1910.

1909.

1908.

1907.

1906.

1905.

South.
Tons.
Tons.
Tons.
Tons.
Tons.
Tons.
Slates. Tons.
Ala .._ 1,712,443 1,939,147 1,763,617 1,397,014 1,686.674 1.674,848 1,604,062
478,771
483,525
320,458
510,210
391,134
444.976
293,642
Va __
426,874
393.106
372,692
290,826
333,845
397,569
324,648
Tenn..
298,179
304,534
291,066
65,551
228,282
174,661
291,472
W. Va
63,735
98.127
127,946
45.096
86,371
100,509
95,202
Ky __
38.699
92,599
55,825
24.345
26,072
14,725
1,200
Ga ... 1
Texas. I
386,709
332,096
411,833
183,502
286,856
326,214
255,816
6Id _.
Total_ 2,974,423 3,397,801 3.116,177 2,326,792 3,445,221 3,467,216 3,219,673
Penn..
Ohio.
N. Y.
N. J__
Ellin's.
6lich.a
Wisc.b
%fox.
Slam d

9,806,834 11,272,323 10.918,824
5,310,31s 5,752,112 5,551,545
1,562,756 1.938,407 1,733,675
294.474
264,781
40,663
2,108,002 2,675,646 2,467.156
964,289
1,163,932 1,250,103
348,177
307,200
276,807
428,612 382,766
395,968
18,388
16,582
9,649

6,987,191 11,348,549 11,247,869 10,579,127
2,861,325 5,250,687 5,327,133 4,586,110
1,019,495 1,659,752 1,552,659 1.198,068
311,039
379,390
225,372 373,189
1,691,944 2.457,768 2,156,866 2,034,483
288,704
369,456
436,507
348,096
351,415
373.323
148,938' 322.083
407,774
413,040
468,486
313,071
15,987
20,239
19,119
13,794

3r Tot 23,649,344 27,303.567 25,795,471 15.936.018 25,781.361 25,307,191 22,992,380
a Including Indiana. b Including Minnesota. c Including Colorado, Washington and California. d Including Connecticut.

ANTHRACITE COAL PRODUCTION IN 1911.
Anthracite coal production during 1911 repeated
past experience in showing an increased output at a
time when production in most other lines was being in
larger or smaller measure reduced. This is the second
successive year in which the anthracite output has increased. In 1909, on the other hand, at a time when
most other industries were showing revived activity,
the anthracite shipments to market registered a decrease. But the records make it clear that the
anthracite trade not infrequently follows a course
of its own.
The explanation is found in the fact that the anthracite region is of limited area and the product has a
distinctive use. No one needs to be told that hard
coal as a fuel goes chiefly into domestic and family
consumption, and is employed mainly for cooking
and heating rather than for manufacturing purposes.
A severe or a mild winter often plays a more important
part in extending or restricting the anthracite demand
than the state of general business. As it happens,
though, the early months of 1911 were not marked by
very cold weather, and in the closing month,December,
temperatures in these parts were milder than they had
been for years. There was nothing, therefore, in this
circumstance to stimulate the production or consumption of coal. Nevertheless, the shipments to market in
1911 reached 69,954,299 tons, against 64,905,786 tons
in 1910 and 61,969,885 tons in 1909. The demand for
anthracite was active all through the year, and there
can be no doubt that no portion of the enlarged output
remains in the possession of the mining companies.
The "Engineering and Mining Journal" of this city in
its review of the year says that the storage yards of
the large companies remained almost empty. This
statement we find confirmed by the statistics regarding
tidewater stocks, which it appears on Dec. 31 1911
amounted to only 712,958 tons, against 734,898 tons
Dec. 311910.
Very likely, however, coal dealers have been stocking
up to be prepared against the eventuality of a strike
by the miners on April 1. The contracts with the men
expire on April 11912, and it was known all through
1911 that demands would be made for higher wages
and for other concessions. There may,hence, be larger
supplies than usual in private bins and also in the yards

FEB. 3 1912.]

THE CHRONICLE

of retail dealers. The increase in production went on
steadily all through the year, there being only two
months out of the twelve in which the shipments did
not exceed the totals for the corresponding months of
the previous year. One of these exceptions was April,
and the other, as it happens, was December, when the
temperature was so extremely mild. The total for
the latter month was nevertheless among the largest
of the year, as may be seen from the following:

313

GOLD AND SILVER PRODUCTION!AND
MOVEMENT IN 1911.
The year 1911 witnessed progress in the produ
ction
of gold in some directions and a retrograde
movement
in others, with the net result a moderate
gain in the
aggregate yield of the world's mines as compared with
1910. To be more explicit, from the mines
of the
United States, Australasia, Russia and Mexico
small
er
Months1911.
1910.
1909.
1908.
1907.
1906.
January
5,904,117 5,306.61
5,183.345 5,618,339 5,249,946 5,458,084 supplies were obtained than in the previous year, but
February __ 5,070,948 5,031,7848 4,576,00
4 4,503,75
March
5,996,894 5,174,166 6,332,474 4.766,1586 4,563,720 4.712,099 an important augmentation in
yield occurred in Africa
4 5,797,167
April
5,804,915 6,224,396 5,891,176 5,987,221 5,235,81
5,916,58
488,203 (principally
May
6,317,352 5,679.661 5,063,873 6,088,116 5,976,90 3
in the Transvaal, of course), and Canada
June
6,215,357 5.398,123 4,904.858 5.704.852 5,994,276 3,254,230
2 5,676,018
July
4,804,065 4,202.059 4.020.765 4,541,50
5,669,024 4,981,948 and some of the- smaller producers contribute
August
5,531,796 4,996,044 4,198,27 4,599,0936 5,795,3
d more
47 5,400,511
8eptember_ 5,730,935 4,967,516 4,416,1203 5.211,04
freely. Our investigations during the
October
6,269,179 5.622,095 5,579,759 5,977,4977 5,512,717 4,527,886
cours
e
of the
6,108,065 5,384,768
November._ 6,193,314 6,071,746 6,027,800 5,839,49
year foreshadowed just such an outco
December- 6,115,427 6.231.578 5,775,438 5.827.931 5,743,522 5,182.153
me, and on
8 5,343,477 4,836,028
Oct.28 1911,in reviewing the result for the
Total tons_69,954,299 64,905,786 61.969,885 64,665.014
nine months,
67.109,393 55,698.595
It will be observed from the foregoing that the 1911 we expressed the opinion that 229 millions of fine
product exceeded by nearly 3,000,000 tons the 1907 ounces valued at about 470 million dollars would very
output, which was the previous maximum. In the likely represent the world's yield for the twelve months.
following we record the anthracite movement for each That figure proves very close to the mark, as our presyear back to 1874. The figures, it should be under- ent statement makes the output 22,618,696 fine ounces,
stood, relate only to the shipments to market. They or 595,294 fine ounces greater than in 1910.
The striking feature of the year has
do not include coal used at the mines, nor coal sold
been the phenomen
al expansion of production in the
locally, nor yet the consumption by the anthracite
Witwatersrand
carriers themselves. To get at the total output it field (the Rand, as it is commonly called) of South
will be necessary to add from 12% to 15% to the Africa. There have been times not long since when it
was thought that the limit of production
figures given.
of the Transvaal
mines, especially those of the Rand
YearTons.
YearTons.
, had been
1911
69,954,299 1802
41,893,320 reached. Parti
1910
cularly was this the case in the
64,905,786 1891
40,448.336
1909
closing
61,969,885 1890
35,855,174 month
1908
s of 1909 and the earlier months of
64,665,014 1889
35.407.710
1907
1910,
67,109,393 1888
yield
38,145.718
1906
55,698,595 1887
34,641,017 then showing a declining tendency. But
1905
61,410,201 1886
begin
ning
32,136,3
62
1904
57,492,522 1885
31,623,529 with July of 1910 the product materially
1903
59,362,831 1884
incre
ased,
30.718.2
93
1902
31,200,890 1883
31,793.027 and every month since has shown an
1901
53.568,604 1882
important gain
29.120,096
1900
45,107,486 1881
28.500,0
17 over the corresponding period of the
1899
47.665,203 1880
previous year.
23,437,242
1898
41,899,751 1879
26,142,689 The course of production in 1911
1897
41,637,866 1878
furnishes a striking
17,605.262
1896
43.177,483 1877
20.828.179 illustration of the progressive
1895
46,511.477 1876
growth. Starting with
18,501,011
1894
41,391,200 1875
19,712.472 a per diem yield of 21,001
1893
43.089,536 1874
fine ounces in January, new
20,145,121
With reference to prices, these, it is well known, are records were frequently made thereafter, the result for
maintained on a fixed basis by the large companies November being a daily average of 23,991 fine ounces
as far as the prepared or household sizes are concerned, and a month's total of 719,729 fine ounces. In Decemwhich constitute the bulk of the product. The only ber there was a moderate decline, the per-diem rate
variations are that during the summer months graded dropping to 22,871 fine ounces and the month's aggrediscounts are allowed so as to induce consumers to gate to 709,000 fine ounces, these comparing, however,
lay in supplies in advance and relieve the companies with 20,674 fine ounces and 640,905 fine ounces, refrom the crush which would otherwise come with the spectively, in December 1910. The total yield of the
advent of cold weather. For the small or steam sizes Transvaal for 1911 turns out to have been 8,236,815
of coal, however, prices do fluctuate to some extent. fine ounces, against 7,534,120 fine ounces in 1910.
Districts of Africa outside of the Transvaal
We notice that the "Engineering and Mining Journal"
collectively
have done moderately better than in 1910,
says;that for these steam sizes( pea coal and the like)
and
prices were a little uncertain early in the year, but consequently for the whole of Africa the total is 874,soon steadied up and remained firm, while toward 213 fine ounces in exceseof 1910 and of greater magnithe close of the year this class of coal sold at tidewater tude than the production from all mines of the world
at higher figures than had been realized for seven or for as late a year as 1894.
A largely increasing use of small rock drills
eight years previously.
in the
To show the shipments by the different carriers, we mines of the Transvaal is proving no unimportant elebring forward the following table, adding the figures ment in the development of gold-mining and indirectly
fori1911. It will be seen that the ratios of the different helps solve the labor problem. Referring to this matroads vary more or less from year to year, and that ter, a South African mining journal states that "it is
the Erie, the Delaware & Hudson and the Lehigh interesting to learn that even in the smaller mines of
Valley are enlarging their percentages, while the ratios the Rand the use of the machine drill has been found
of the Reading, the Lackawanna and the Pennsylvania capable of meeting the labor difficulty to a considerable degree." In one mine,it is instanced,
have declined somewhat.
the drill has
so
largely displaced hammers that at the time of
1911-- -1910-1909-- -1908writing
Tons.
%
Tons.
%
Tons.
%
Tons.
%
only 200 hammers were in operation, and within
Reading -----13,265,758 18.96 12.445,733 19.17 11920,757 19.24 12,578,8
83 19.45
two or
Lehigh Val-112,603,000 18.02 11,195,765 17.25 10296.627 16.61 10.772,0
40 16.66 three
months it was expected that the number would
Cent. of N. J. 0,218,802 13.18 8,519,135 13.13 7,938,370 12.81 8,495,425
be
13.14
D.L. & W.... 9,869,620 14.11 9,589,076 14.77 9,531,695 15.38 10,088,697
reduced to not more than 75. As indicating how
Del. & Ilud__ 7,206,731 10.30 6,578,356 10.14 6336.946 9.90 6,461,66 15.60
great
6
9.99
6,494,73
3 9.28 6,250.976 9.63 5,966,543 9.63 6,019,45
Penn. R1t.7 9.31 an increase there has been in the use of rock
Penn. Conl_..1
drills of
8,800,179 12.58 7,554,198 11.64 7,461,12 12.04
Erle
1
7,450.175 11.52 late, we note that,as against 3,851 emplo
yed
in
Janu2,495,476 3.57 2,772,547 4.27 2,717,82
6 4.39 2,798.671 4.33 ary,there were upwards of 5,000 at
the
close
of
the
Total _69,954,299 100.0 64,905,786 100.0 61969,885 100.0
year.




64.665,104 100.0

314

[VoL. Lxxxxiv.

THE CHRONICLE

The declining tendency in production in Australasia tina gained largely of the metal through imports from
in recent years has been referred to so frequently that Great Britain, another 88 millions being thus traced.
little is to be said now. The falling off was apparent In these various ways the larger part of the year's
in practically all districts in 1911, being greatest in production is accounted for—in fact, 355 millions of
Westralia, Victoria and Queensland, and the aggregate dollars, leaving about 112 millions as representing the
yield for the twelve months was materially less than extent to which banks, treasuries, &c., other than
in 1910 or in any year since 1897. The Colar field of those embraced in our remarks above, have beneIndia makes a little better showing in 1911, but the fitted from the year's output of gold.
The following detailed compilation of the gold
United States, mainly on account of losses in Colorado, California and Alaska, which gains in South Da- product will enable the reader to trace the growth of
kota, Nevada and elsewhere were not sufficiently the contribution from the various sources of supply
since 1880. Corresponding information from 1871 to
large to offset, exhibits a nominal decline.
1881 will be found in Vol. 70 of the "Chronicle," page
1911
Russia's production for a few years prior to
and from 1851 to 1871 in Vol. 54, p. 14, or in
256,
development
gave evidence of the effect of consistent
work in which Governmental interest was of no mean 1887 issue of the Financial Review.
ROL D.—PRODUCTION IN THE WORLD—OUNCES AND VALUES.
assistance. For the years 1906 to 1910, inclusive,
there was a steady increase annually, with the product of the latest year exceeding 2 million fine ounces.
2
Much was expected of 1911 on account of the new
discoveries in Siberia, but unusual and prolonged
q'S
drought in that section interfered with placer mining,
0100.4.100000
00
."1
ci".tV:1
and in consequence the year's result is an important
decline in yield. Canada showed a further small addition to output in 1911,but production was much below
that of any year from 1899 to 1905, inclusive. Recent 1FAXR
.„,.
discoveries in the Porcupine district, the Yukon and
Baffin Land made no impression on the late year's
result, but it is thought will add appreciably to the
yield of the Dominion in the near future. In Mexico
8
V, 1%3•`11
production increased very noticeably of late years
I.
down to and including 1910, but in 1911 the revolutionary movement was a factor adverse to mining
operations and a loss in product resulted.
As detailed below, the world's gold production
g:481,V.1Sr8
in 1911 was approximately 22,618,696 fine ounces, •.:2§2§%
01
.
:78"4,Tr.
7
595,294
of
increase
which
an
is
$467,596,160,
at
valued
fine ounces, or $12,305,799, over the yield of 1910.
In 1896 the yield was only 9,820,075 fine ounces, and
of the augmentation of 12% million fine ounces, 7,215,895 ounces, or more than half, has come from Africa.
Since 1906 the aggregate yield has increased 3,248,038
fine ounces, and within 500,000 ounces of that amount
cir-oficoco
•
has come from Africa.
It is interesting to trace so far as is possible the lodg•
raes14
ment of the large quantity of gold that is produced
annually. The operation, however, is not an easy
4V
one, as a considerable amount is used in the industrial
18
g
arts in the various countries each year, of which no kgnsl.r.?2
a9:.- 9c3c95
0 0000000040 0 0000000000 0 ow000r,oci, 0 cne,0c,..-,
E.
E.
exact record is obtainable, and no small quantity finds
For figures from 1881 to 1871 see Vol. 70, pages 256 to 260.
1871 to 1851 see Vol. 54, pages 141 to 144.
"
The ounces in the foregoing table for any of the countries given may be turned
its way into banks outside of Europe and the United Into
dollars by multiplying by 20.6718. The value In pounds sterling may also be
by multiplying the ounces by 4.2478.1 Thu3, according to the above.
States, from which information is not to be had read- ascertained
the product in Africa In 1911, stated In dollars, s $193,612,109, and in sterling
1;39,784,899.
ily and promptly. Furthermore, the treasuries of the
Details from Gold-Producing Countries.
various countries of the world are constantly adding
we have obtained from the mines,
the
From
returns
to their stocks of gold. We are, however, able to trace
other official and semi-official
the greater part of the year's product. Starting with mint bureaus and
mining in 1911, we are able to
gold
respecting
the use of gold in the arts, we find that the Director sources
following.
the
deduce
of the Mint estimates that $34,000,000 is thus acUnited States.—A
counted for in the United States alone for 1911, and
it would seem to be within the mark to credit the
world with an industrial consumption of about 150
million dollars for the same year. Leading European
banks, except those of France and Austria-Hungary,
were gainers of gold during the year, the combined
holdings of all the banks being some 33 million dollars
greater at the close of 1911 than at the beginning.
The visible stock of gold in the United States, as compiled by the Treasury Department, also showed an
important augmentation, being 88 million dollars
heavier at the close of the year than at the opening.
Moreover, India, Egypt, Turkey, Brazil and Argen-




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Official

further, but practically nominal, setback

mines of the country was witin production of gold from the
nessed

in

1911, according

to

the

preliminary

estimate

of

the Mint, the yield havMr. George E. Roberts, Director of

ing been

1,720 fine ounces less than in

the

previous year.

That the loss was not of greater magnitude is due to the fact
that much better results were secured in some of the smaller
producing States.

The

yield

of Alaska fell off 13,004 fine

ounces and Colorado 66,399 fine ounces.

In California there

was a moderate decrease and smaller results were reported

in

Montana,

Arizona

and

Washington.

Nevada, on

the

other hand, increased its output by 4,590 fine ounces, and
there were fair gains in Idaho, Utah and New Mexico.

The

greatest expansion in yield, however, was in South Dakota,
where an augmentation of 99,178 fine ounces is shown.

The

net result of gold mining in tile United States in 1911 was,

FEB. 3 1912.]

THE CHRONICLE

as stated above, a loss in production of 1,720 fine ounces,
valued at $35,572. The ounces and values, as estimated for
each State in 1911, compare as follows with the final figures
for 1910 and 1909:
GOLD PRODUCTION IN UNITED STATES.
Gold
1909
1910
1911Production.Fine ozs.
Value.
Fine ozs.
Value.
Fine ozs.
Value.
Colorado ____1.056.831 $21,846,600 992,967 520,526,500
926,568 619,153,860
California _ _1,001,538 20,703,600 988.854 20,441,400
982,544 20,310,987
Alaska
983,932 20,339,600 787,148 16,271,800 774,144
16,002,976
South Dakota 317,996
6,573,600 260,266
5,380,200 359,444
7,430,367
Montana
181,411
3,750,100 179,974
3,720,400 153,341
3,169,840
Arizona
127,072
2.626.800 165,113
3,413,200 142,938
2,954,700
Utah
203,819
4,213,300 208,627
4,312,700 227,834
4,709.747
Nevada -----792,684 16.386,200 913,015 18,873,800
917,605 18,968,578
Idaho
65,026
1,344,200
50,113
1,035,900
1,169,261
56,563
Oregon
40,103
829,000
32,960
681,400
28,988
599,235
New Mexico
12,229
252,800
23,084
477,200
30,955
639,897
Washington
20,753
429,000
38,992
806,000
24,407
504,537
South. States
5,810
120,100
7,901
163,300
9,158
189,313
Other States_
12,505
258,500
8.003
169,300
20,808
430,140
Totals
4,821,709 $99,673,400 4,657,017 396,269,100
4,655,297 $96,233,528

Africa.-As we have pointed out from time to time during
the course of the year, Africa was the one bright spot in the
gold-mining industry in 1911. Quite notable expansion in
yield is to be reported from almost all directions, with the
Rand making a particularly fine showing. The results in
that district, month by month, were much more favorable
than for the corresponding periods of 1910, and a feature of
the year was the frequent new high records established either
in daily average or monthly aggregate output. Outside districts of the Rand also did better than in the previous year,
and the combined product of Rhodesia, West Africa, Madagascar, &c., was moderately greater. The aggregate yield
of all of Africa was, of course, the heaviest on record, the gain
over 1910 being conspicuously larger than that disclosed by
1910 over 1909. The Rand alone produced in 1911 a total
of 7,896,802 fine ounces, or 93% more than in the preceding
year. The results for the Rand monthly for the last seven
years are subjoined.
WITWATERSRAND DISTRICT-FINE OUNCES.
1905.
1906.
1907.
1908.
1909.
1910
1911.
357,214 411,256 520,089 540,202 591,976
579,743 625,826
351,052 389,283 475.785 520,969 550,645 550,422
385,575 424.773 520,163 553/40 592,415 581.899 585,863
385,394 420,467 518.243 543,361 587,626 594,339 649,247
400,149 441.936 506.100 558,243 603,411 606,724 638,421
396.188 456.014 487,956 550,240 596,216 598,339 658,196
401,121 473.385 513,655 561,088 599,078 610,664 657,023
410,859 489.787 534,508 565,545 590,924 623,129 679,881
399.536 486,522 517,746 565.439 585.736 621,311 682,405
397.868 521,397 532,993 594,054 581,132 627,445 669,773
677,923
407.056 515.193 530,215 591.204 576.768
617,905 691,462
414.421 529.521 562.684 637,853 583,209 616.668
680,782
Totals. 4,706.433 5,559,534 6.220,227 6.782,538 7.039.136
7,228.588 7,896,802

Ounces.
January__
February_
March __
April ___
May
June ____
July __
August _
September
October__
November
December

Other sections of Africa, embracing the outside districts
of the Transvaal and Rhodesia, West Africa, Madagascar,
Mozambique, &c., gave, as already remarked, a larger yield
than in 1910. The appended compilation, which covers the
progress in gold mining in all districts of Africa since 1886,
will need no further explanatory comment.
AFRICA'S GOLD PRODUCTION-FINE OUNCES.
--Witwatersrand---Other
Year.
Ounces.
Ounces.
Ounces.
1887(part yr)
28,754
122.140
28,754
1888
190,266
808.210
50,000
212.390
240.266
1889
316,023
1,342.404
50,000
212,390
366,023
1890
407.750
1.732,041
71,552
303.939
479,302
1891
600.860
2,552.333 127,052
539,691
727,912
1892
1.001,818 4,255,524 148,701
631,652
1,150,519
1893
1,221.151
5,187,206 159,977
679,550 1,381,128
1894
1,637.773
6,956,934 227,705
967.500 1,865,538
1895
1.845,138
7,837.779 270.000 1.146,906 2,115,138
1896
1,857.071
7,888.465 293,035 1.244,755
1897
2,491,552 10,583.616 326.941 1.388,780 2.150,106
1898
3.562,813 15,134,115 341.908 1.452.357 2,818.493
1899
3,360,091 14,273.018 305.784 1,298.909 3.904.721
3,665,875
1900
395,385
1.679,518 166,922
709.051
562,307
1901
238,995
1.015.203 235,701 1,001,211
474,696
1902
1,691,525
7,185,260 307.286 1,305,299 1,998,811
1903
2.859,479 12,146,494 458.183 1,946.290 3.317,662
1904
3,653,794 15.520,329 509,747 2,165,303 4,163,541
1905
4.700.433 19,991,658 788.040 3.347,436 5.494.473
1906
5,559,534 23,585,400 1,042.151 4.486.849 6.601.685
1007
6,220,227 27,403.738 1,200,847 5,100,958 7,421,074
1908
0,782.538 28,810,393 1,397,147 5,934.845 8,179.685
1909
7,039,136 29,900,359 1,295,468 5,502,889 8,334.604
1910
7,228.588 30,705,089 1,263,200 5.365.823 8.491,788
1911
7,896,802 33,514,036 1,169,199 6,240,863 9,366,001

122,140
1,020,600
1,554,794
2.035.980
3,092.024
4.887,176
5,866.756
7.924,434
8,984.685
9.133.220
11,972,396
16,586.472
15.571.927
2,388,569
2,016.414
8,490,559
14,092.784
17,685,632
23.339.094
28.072.249
32,504,696
34,745.238
35,403,248
36,070,912
30.784,899

Australasia.-There is nothing new to report with regard
to gold mining in Australasia. The declining tendency
in
production to which we have referred so frequently
of late
years is still in evidence. Every important district
showed
in 1911 more or less decline from 1910, with the falling
off
greatest in ratio in Queensland and Victoria
. Poorer ores,
as we have heretofore explained, mainly account for the falling off in what was as late as 1904 the chief gold-producing
country of the world; but lack of prospecting and diversio
n
of labor to other industries is also stated to be in part responsible. From a total yield of 4,232,091 fine
ounces in
1905, Australasia's gold yield has dropped to less than 3 million fine ounces. The subjoined table indicates the product
of each colony and the total of all annually for a series of
years.




315

PRODUCT OF GOLD IN AUSTRALASIAN COLONES
-FINE OUNCES.
New So. Queens- Western
New
South Taxma- Total AsaYrs. Victoria. Wales.
land. Australia. Zealand. Australia. nia.
traki.tia.
1899.-793.418 468.665 871,816 1.512,366 358.418
1900_726,066 281,209 855.959 1.438.659 335.300 30.351 70.492 4.105.526
1901--_711,046 216.884 733,975 1,616.933 412.868 26.458 65,710 3,729.961
1902___728.380 254.432 653,362 1.769,176 459.408 29,668 70.990 3.792.364
1903___767.351 258.488 686,469 2.064.798 479.738 23.662 60,974 3,949.394
1904---771.298 269.817 624.917 1,985,230 467.647 24,401 36.678 4.317.923
17,913 60.000 4,196.822
1905--.810.050 274.263 577,559 1.955.316 520.040 20,547
74.316 4,232.091
1606.-786.054 253.987 493.120 1.794.542 532,922 14,078
50.888 3,925,591
1907...710,269 247,363 457.596 1,698,553 477,303
1908__676,001 224.788 452,451 1.648,505 474.415 11,870 65,354 3,668,308
14,500 60,453 3.551,113
1909___654,222 204,709 455.577 1,595,269 472,464 20,052
44,777 3,447.070
1910_ __578,860 189,214 440,784 1,470,632 450,433
7,108 40.434 3,177,465
1911__•507,000 *176,000 359,999 1,371,848 426,813 *15,000
*45,000 2,901,660

*Estimated.
India.-A moderately greater production than in 1910 is
indicated by the returns from the Colar field, the chief producing district of the country, for the year lately closed,
but
the output still falls below that of 1903 to 1905,
inclusive.
Details for the last seven years are appended.
EAST INDIA-GOLD PRODUCTION PRINCIP
AL MINES.
1911.
1910.
1909.
1908. 1907. 1906
1905.
Ounces. Ounces. Ounces. Ounces.Ounces. Ounces. Ounces.
Champion Reef
123,195 118,351 113.877 120,533 128.671 158.642
Ooregum
94,034 93.767 92,063 86,252 73,562 68,881 217.135
66.236
Mysore
230,135 228,727 228,249 216.488 209.441
205.389
Nundydroog
90,173 89,229 86,606 80,889 74,964 205.918
Balaghat Mysore
17,027 15.997 21,203 28,039 33.574 72.439 70.561
46,432 42,470
North Anantapura
5,282
159
2,009 2,176 9,319
8,525 13.177
Hutt!•
13,723
2.298
2.641
593
Totals
573,569 546.230 544.007 534.377 531.829 563.478
615.561
*Coromandel mines for 1905 to 1907, inclusive.
a Mysore West & Wynaad for 1905 to 1910 inclusive.

Russia.-It is as yet too early to obtain any informa
tion
of a very reliable nature as to the course of gold
mining in
Russia in 1911, but reports at hand seem to
warrant the
conclusion that there was a retrograde moveme
nt in production. This is especially true of Siberia,
prolonged and
unusual drought during the first half of the
year having
seriously interfered with placer mining. Taking
this into
consideration, in the absence of any dependable approxi
mation of the year's production, we have estimated the yield of
Russian mines at $34,000,000, or 1,644,753 fine ounces, in
1911, for the purposes of this compilation, pending the receipt of official data, which is not due for some months yet.
Details for the last thirteen years are subjoined:
Russia's production In 1899
- 1900
1901
"1902
1903
"
" 1904
"
"1005
" 1906
...
"1907
"1908
..:
"1909
" 1910
" 1911

Value
$22,167,100
20,145,500
23 464,562
22,739,013
24,632,200
24,803,200
22,291.600
19,494.700
26,684,000
28.052,200
32,381,300
35,579,600
34,000,000

Ounces
1,072,333
974,537
1,135,100
1,100,004
1,191,582
1,199,857
1,078,356
943,056
1,290,844
1,357,027
1,566,448
1,721,163
1,644,753

Canada.-According to the information we have received
from Mr. John McLeish, Statistician of the Department
of
Mines of Canada, the gold production of the Dominion
in
1911 was of moderately larger total than in 1910. For the
whole of the Dominion, his estimate indicates an increase in
output in 1911 of 28,743 fine ounces, the total yield being
put at approximately 522,451 fine ounces, against 493,708
fine ounces in 1910 and 473,592 fine ounces in 1909. The
latest year's product is, as will be seen below, less than half
that of 1900 or 1901, when mining in the Yukon gave such
encouraging results. The exhibit for Canada for the last
fifteen years, in fine ounces and values, is as follows:
Canada's production in 1897
" 1898
" 1899
1900
1901
1902
1903
1904
1905
1006.
1907
1908
1909
1910
1911
1.

44

61

41

611

44

as

11

Ge

Values.
6,089,500
13,838,700
21 324.300
27,916,752
24,462,222
20,741,245
18,834 500
16 400.000
14,486,800
12,023,1)32
8,382.780
9,842.100
9,790,000
10,205,835
10,800,000

Ounces.
294,582
669,445
1,031,563
1,350,475
1 183,362
1,003,359
911,118
793,350
700,800
581,660
405,553
476.112
473,592
493,708
522,451

Other Countries.-While the foregoing comprises the countries that have been most prominent in gold production for
a series of years, some others have shown material progress
in mining in recent times. Of these, Mexico enjoys greatest prominence, its yield having increased steadily, and at
times quite heavily, year by year from 1902 down to and including 1910, raising it to the rank of fifth among the world's
producers. The late year, however, witnessed a setback in
output, due to the disturbances inseparable from the revolutionary movement in the country, which naturally interfered with mining and mine labor. Some time must elapse
before full returns for the year 1911 are available, but the information at hand leads us to the conclusion that the completed figures will disclose a yield of not far from 1,060,000
fine ounces, against 1,205,051 fine ounces in 1910. This

316

THE CHRONICLE

decline, however, does not affect Mexico's relative position
as a producer. Indications are that this falling off has been
more than offset by increase in the product of South and
Central America and a net gain from the smaller fields. In
the aggregate, therefore, the net change in yield of "other
countries," excluding Mexico, which is given separately in
our general table, is a fair increase over 1910.
Silver Production of the World.
In the case of silver, very little early data can be secured.
The estimate for the United States, compiled by Mr. Roberts,
Director of the Mint, is, of course, at hand, as usual, and it
points to an augmentation in yield of about % of a million
ounces. In Canada, too, a gain is foreshadowed, the total
Mr. McLeish furnishes us being 34,725,000 ounces, or 2%
million ounces more than in 1910, the increase coming almost wholly from the Cobalt region. Mexico's product,
on the other hand, according to most recent advices, fell
off for the same reason that gold production declined—the
disturbances incidental to the revolutionary movement in
that country. From Australasia and some of the smaller
producers, however, the final returns are likely to reveal a
product of enlarged magnitude. Fluctuations in the price
of silver at London during the year were within a moderate
range and netted a slight decline from 1910. The highest
price was 263/8d., the lowest 23 11-16d. and the average
24 19-32d. In 1910 the average was 24 11-16d., or 3-32d.
higher, and the averages in the earlier years were 23 11-16d.
in 1909—the lowest on record-24 13-32d. in 1908 and
30 3-16d. in 1907.
We now present a statement of silver production covering
each year since 1890. See "Chronicle" of Feb. 11 1899,
page 258, for results back to 1871.
Si LVER.—WORLD'S PRODUCTION IN OUNCES AND STERLING.
United
All Other
Total.
Mexico.
States.
Fine
Australia. Producas.
Total
Values.
Ounces.
Ounces.
Ounces.
Ounces.
Ounces.
Ounces.
£a
1891-- 58,330.000 35,719.237 10.000.000 33.916,175 137,965,412 25,900.270
1892-- 63.500,000 39,504,800 13.439.011 36.496.175 152,939,986 25,370.513
1893_ --- 60.000.000 44,370,717 20.501.497 41,228.063 166,100.277 24,655,510
1894_ -- 49.500,000 47.038.381 18.073,440 53.140,696 167.752,517 20,226,410
1895-- 55.726.945 46.962,738 12,507,335 53.983,231 169.180.249 21,059.416
Total
'91-95-287,056.945 213.595,873 74,521.283 218.764,340 793,938,441 117,212,123
1896-- 58 834.800 45.718,082 12,238.700 40,268,888 157.061,370 19,959,882
1897.-- 53.860,000 53.003,180 11.878 000 44,431,992 164.073.172 18,885.500
1898-- 54.438,000 56,738.000 10,491.100 51.560.764 173,227,864 19.488.135
1899---- 54,764.500 55,612.090 12.686,653 44.161,000 167,224,243 19,161,112
1900.— 57,647.000 57.437,808 13,340,263 44.413,802 172,838,873 20,344.575
Total
'96-00-279,544,300 269,410.060 60.634,716 224,836,446 834.425,522 97.839.204
1901-- 55,214.000 57.656,549 10,230,046 49.910.688 173,011,283 19.598,934
1902-- 55,500.000 60,176.604 8.026.037 39.060,842 162,763.483 16.318.731
1903._ 54.300.000 70.499.942 9.682,856 33,206,394 167,689.192 17.292.944
1904...57,682,800 60,808,978 14.558.892 31,144,596 164,195,266 18.044,172
190&_._ 56,101.600 65.040.865 12,561,600 35.884.774 169,588,839 19.652.873
Total
'01-05_278,798.400 314,182,938 55,059,431 189.207,294 837,248.063 90,908,064
MIL__ 56.517,000 55,225,268 14,237,246 39,660,226 165,640.640 21,308.978
1907---_ 56.514,700 61,147,203 19,083,031 48,269,689 185,014,623 23,271,622
190S._.. 52.440,800 73,664.027 17,175.099 59,906,444 203,186,370 20,636.116
1909.-- 54.721,500 73,949,432 16,359,284 66,185.417 211,215.633 20,846,543
1910._. 57,137,900 71,372,974 21,545,828 72,822,660 222,879,362 22,926,393
Total
'06-10_277,332,800 335,358,904 88,400,488 286,844,436 987,936,628 108,989,652
1911(est) 57,796,117 67,000,000 23,000.000 76,000,000 223,796,117 22,933,274
a Values of silver in this table are commercial values and are computed on the
average price each year of sliver as given by Messrs. Pixley & Abell, London. Value
ot£ in this table $4.8665.

CONSTITUTIONALITY AND EFFECT OF THE RECENT
NEW YORK STATUTE FOR VALIDATING
MUNICIPAL BONDS.
By MAURICE B. DEAN, of the New York Bar.

Bond houses, investors and institutions loaning on municipal bonds are vitally interested in the new method for issuing
and validating bonds of New York municipalities which became effective in July of last year (1). The town of Watervliet has already validated one recent bond issue under the
Act. This law is of special interest, not only to lawyers
but to all municipal bond purchasers, by reason of its peculiar
phraseology.
Many purchasers rely upon responsible and old-established
bond houses to guard them against all irregularities of issuance, yet no one should forget that there is a certain element
of risk of loss running through all municipal bonds that no
human foresight or supervision can eliminate. So it behooves every purchaser of municipal bonds to know the general principles of the State laws relating to his bonds if he
would eliminate as many chances of loss as possible.
I.
The full text of the Act appeared in the issue of the
"Chronicle" of Dec. 9 1911 on page 1619 and need not be
repeated here. A brief summary, however, will aid in elucidating the principles herein propounded.
" Section 22 provides that a proceeding may be instituted
by a municipal officer, taxpayer or holder of bonds of the
municipal corporation for the purpose of having the Supreme




[VoL. Lxxxxiv.

Court legalize and confirm the preliminary proceedings and
also the issuance, form and sale of such bonds.
Section 23 relates to the petition to be presented to the
court, which shall pray the court to investigate the law and
facts and determine whether the proceedings substantially
complied with the statute under which it is proposed to issue
the bonds.
Section 24 prescribes the manner of giving public notice of
the filing of the petition and for the filing of an answer by
any taxpayer or holder of such bonds.
Section 25 prescribed for the hearing before the court.
Section 26 requires more detailed consideration. It provides that "if, after such hearing and investigation, such
court is satisfied that the statute under which such proceedings
were taken authorized bonds to be issued by the municipal
corporation for the aggregate amount for which it is proposed to issue the same, or for the amount of bonds issued
and sold thereunder,if such bonds have been already issued
and sold, and that the proceedings taken by such municipal
corporation, its officers, agents or voters, prior to the issuance and sale of such bonds, or including the issuance and
sale if such bonds have been already issued, substantially
complied with the statute, * * * the court may by order
legalize and confirm the proceedings taken prior to tile issue
and sale of such proposed bonds, or if such bonds have been
issued, including the proceedings on the issuance and sale
thereof and the form of the bonds issued thereunder, with the
same force and effect as though all the proceedings of law
in relation to such proceedings and form had been strictly
complied with." The remainder of the section gives the
court power to find substantial compliance with the statute,
"notwithstanding any other technical or formal irregularity
of like nature in such proceedings."
Section 27 relates to an appeal.
Section 28, "If the order of the Supreme Court legalizes
and confirms such proceedings, upon the expiration of the
time to appeal therefrom if no appeal is taken, or upon the
final order of the Appellate Division confirming such order of
the Supreme Court, such proceedings shall be deemed legalized
and confirmed, * * * and the validity of such bonds
shall not thereafter be in any manner questioned by reason
of any defect or irregularity in such preliminary proceedings."
As to bonds already issued and sold, "such bonds shall be
valid and binding obligations upon the municipal corporation, in like manner, and the validity thereof shall not in
any manner be questioned by reason of any irregularity or
defect in the proceedings for the issue and sale of such bonds,
or in the form thereof."
Section 29 defines "municipal corporations" and "bonds."
Before discussing the New York Act, let us consider the
pioneer work already done in Georgia and Texas.
The Georgia Act of 1897 resembles most nearly the New
York law and provides briefly as follows (2):
SECTION 445.—When a municipality holds an election in accordance
with the provisions of the constitution and in accordance with the laws of
the State to vote on a bond issue, the officer whose duty it Is to declare the
election shall notify the Solicitor-General of the judicial circuit in which
said municipality lies of the result of the election.
SECTION 448.—The Solicitor-General files a petition in court giving
certain notice to which the municipal officials answer.
SECTION 447.—Provides for a hearing, the order and exceptions by any
resident of the municipality.
SECTION 448.—"In the event no bill of exceptions is filed within the
time prescribed herein, or, if filed, is affirmed by the Supreme Court, the
judgment of the Superior Court so confirming and validating the issuance of
the bonds shall be forever conclusive upon the validity of the bonds against
the county, municipality or division, and the validity of said bonds shall
never be called in question in any court in this State."

The Texas statute of 1893 provides (3) that the bonds,
with certain information regarding indebtedness, the ordinance providing for the tax levy, assessed valuation, &c.,
shall be sent to the Attorney-General, "whereupon it shall be
the duty of the Attorney-General to carefully examine said
bonds in connection with the facts and the constitution and
laws, and if, as the result of such examination, the AttorneyGeneral shall find that such bonds were issued in conformity
with the constitution and laws, * * * he shall so certify. * * * Such bonds, after receiving the certificate
of the Attorney-General, and having been registered in the
Comptroller's office, as provided herein, shall thereafter be
held, in every action, suit or proceeding in which their validity is or may be brought into question, prima facie valid and
binding obligations. And in every action brought to enforce
collection of such bonds the certificate of the AttorneyGeneral * * * shall be admitted and received in evidence of the validity of such bonds; * * * provided, the
only defense which can be offered against the validity of said

FE& 3 1912.1

THE CHRONICLE

bonds shall be for forgery or fraud. But this article shall not
be construed to give validity to any such bonds as may be issued
in excess of the limit fixed by the constitution or contrary to its
provisions, but all such bonds shall, to the extent of such excess,
be held void."

317

took effect in 1897, the question of its constitutionality was
not raised until 1908.
The constitution of Georgia provides that a county, municipal corporation or political division of the State shall not incur debts exceeding 7% of the assessed value of all the taxable property therein without the assent of two-thirds of
the qualified voters thereof at an election for that purpose
as prescribed by law. In the city of Albany case bonds had
been authorized and validated when the plaintiff sought to
stop the issuance by injunction on the ground that the validation law was unconstitutional. The Court said in part:

All statutes relating to municipal bonds are either creative
or curative. Some are mandatory, others discretionary.
The New York statute is undoubtedly a curative Act and is
discretionary. It says that bonds "may be" legalized, not
"shall be" legalized. Compliance with the Act is not a conSome of the grounds assert unco stitutionallty in the Act referred to on
dition precedent to the legal issuance of bonds. A New York the contention that it seeks to confer power on counties and municipalities
municipality may continue to issue its obligation in the same to incur debts without the consent of two-thirds of the voters thereof.by .
to confirm and authorize an issue of bonds which may not have
old way, but if an irregularity inadvertently creeps in during attempting
been authorized by the necessary two-thirds cote; and that the Act seeks
the preliminary proceedings, then the new Act comes to the to rise superior to the constitution and preclude inquiry into the validity
rescue and says "we will legalize and validate the issue, not- of the bonds on such a constitutional ground, thus violating Art. 7, See. 7.
par. 1, of the constitution of the State of Georgia (Civil Code, Sec. 5893).
withstanding your failure to give the proper notice, or what- This
contention is based on a misconception of the purpose of the Act of
ever the irregularity consists of, and thus save you the trouble 1897. It was not the purpose to validate invalid ot irregular bonds. An
intent
to violate the constitution will not be attributed to the Legislature
of going over the same ground again." This general Act
unless it is plain. The Act of 1897 was not passed for the purpose of authortakes the place of the many special Acts adopted each year izing a court to empower
a municipality or county to issue illegal bonds.
in this State to legalize various bond issues. In 1904 there On the contrary, its object was to provide a method by which it could be
judicially
investigated
determined whether the law, constitutional and
and
were twelve such special Acts; 1905, 22 Acts; 1906, 5 Acts; statutory, has
been complied with as to elections thereafter held, and wheth1907, 23 Acts; 1908, 25 Acts; 1909, 20 Acts, and in 1910, er in law and In fact the bonds were valid; and to pass proper judgment upon
25 Acts. This is reason enough for the creation of a general that subject after full consideration before the bonds were floated or sold
and passed into the hands of innocent purchasers. It was not intended that
law covering all the ground at one stroke.
any judge should validate bonds as a mere matter of course, or without due
The Georgia Act is a creative necessity in every issue; it is and proper investigation and consideration
for the purpose of ascertaining
mandatory in every case (4). The Texas statute is in the whether the law had been complied with. It is his duty so to investigate;
and no judge should validate an issue of bonds and declare by his judgment
same category. These three States are the only States hav- of validation that the
requirements of the law have been met without first
ing laws providing for legalizing, validating and making in- ascertaining that such is the fact. The Act contemplates a real
investigation
and
determination,
not a mere pro forma declaration. Such being the
contestible bonds of its municipalities by a court order or
purpose of the Act, it does not violate the constitution, for the reason asby certification of a State official. It should be noticed that signed. We must presume that in this validating proceeding the presiding'
these are statutes as distinguished from constitutional pro- judge properly performed the duties imposed upon him.
visions. North Dakota provides in its constitution (Sec.
The statute and the opinion sustaining it were quite likely
187) that "no bond or evidence of indebtedness of the State
the
result of the popular desire to make Georgia bonds more
shall be valid unless the same shall have indorsed thereon a
certificate, signed by the Auditor and Secretary of State, marketable in financial centres. One may easily conceive
showing that the bond or evidence of debt is issued pursuant of a case where, through misrepresentations of city officials,
to law and is within the debt limit. No bond or evidence of bonds which far exceed the limit of indebtedness are issued
debt of any county, or bond of any township or other political for buying a water works. Yet those bonds would be made
subdivision shall be valid unless the same shall have en- legal by a statute in direct violation of the constitution.
Now let us turn to the New York Act. Apparently, as
dorsed thereon a certificate signed by the county auditor,
or other officer authorized by law to sign such certificate, before stated, its purpose is to take the place of the many
stating that said bond or evidence of debt is issued pursuant special Acts to validate mere irregularities of proceedings,
to law and is within the debt limit." This provision is purely It does not claim to go to the extent of the Georgia law. It
one of estoppel. It is a link in the chain without which the more modestly restricts itself to validating defects or irreguissue is defective. But it is quite different from saying that larities in the preliminary proceedings or in the proceedings
bonds bearing such a certificate are thereby validated, not for the issue and sale of the bonds or in the form thereof. If
subject to defenses and therefore incontestible. Of a similar "defect" is meant to include a constitutional defect such as
mandatory and creative nature are the provisions of the con- lack of power, it would even then be constitutional if the
stitution of Oklahoma (5) and the State of Kansas (6). rule of law adopted in the city of Albany case, which susThese Acts are of no value in interpreting the New York Act. tained the Georgia statute, be followed. If this be true, one
In approaching the subject of constitutionality, let us con- is forced to the conclusion that the Georgia case is bad law
sider the Texas law first, as it is easily and quickly dismissed. and to doubt if it would be followed in New York. But it
For the layman be it said that by constitutionality is meant— seems reasonably clear that there was no intention to cure
is the law repugnant to some provision of the constitution? other than irregularities and defects of proceedings, assuming
Has the Legislature, which is a body with limited powers, that the statute under which the proceedings are taken is
attempted to confer powers which the people, speaking constitutional. The language is carefully qualified in each inthrough the Constitution, have prohibited? The Texas Act stance. Suppose, for example, the Legislature should amend
has never been called to account on that score, so far as a the charter of the city of New York, thereby attempting
diligent search of the decisions shows. This is quite apparent to authorize it to issue bonds for some private enterprise or
when the statute expressly says that it "shall not be con- in excess of the debt limit, and suppose, to make the case
strued to give validity to any such bonds as may be issued stronger, that the Act was passed without a quorum in both
in excess of the limit fixed by the constitution, or contrary houses being present. Then, by authority of this statute,
to its provisions; but all such bonds shall, to the extent of bonds are issued and a court order entered validating the
such excess, be held void." No such reservation appears in proceedings incident to the issue of the bonds. Can it be
the New York or Georgia laws. We should notice, too, in the seriously contended that the empowering Act, otherwise
Texas Act that the certification by the Attorney-General clearly unconstitutional, is absolved of its sins and rendered
and the registration by the Comptroller are only prima facie constitutional by the court order? Such, I submit, is not
evidence of validity, which means that it is subject to rejec- the law.
Before we proceed further, let us clearly understand the
tion in proper cases containing stronger evidence of illegality.
On the whole the Texas Act is plain; it deceives no one with distinction between mere irregularities of issuance and coma false sense of security; it states clearly just how far it goes, plete lack of power to issue.
Judge Dillon, undoubtedly the greatest authority on
and leaves to the purchaser of its municipal ,bonds all constitutional questions. It cannot therefore violate the con- municipal bonds, says (9):
stitution.
Touching the rights of the holder of authorized negotiable bonds, it
may again be observed that such instruments are commercial paper, and
The Georgia Act goes much further, and, with a reckless governed
by the rules of the law merchant
such paper, and that
disregard of consequences, says: "If the Supreme Court as respects a holder for value, before due,concerning
of such bonds, containing the
usual recitals of compliance with conditions precedent, without notice of
puts its stamp of validity on a bond it shall never thereafter facts
constituting a defence thereto, the only defence which is available
that there was no power In the defendant corporation to issue the bonds
be called in question in any court of this State." (Constitu- is
or Instruments In question. By want of power as here used is meant the
tion or no constitution might be added in sotto voce.) Yet want of any valid legislative Act authorizing the municipality to make the
bonds or instruments; not irregularities in the exercise of the power, but
it has been held constitutional (7) (Lippitt vs. City of Al- want of power itself. This principle
is thus expressed in one of the judgments
of the Supreme Court. 'Bonds payable to bearer, issued by a municipal
bany), and the decision affirmed in a later case (8) (Holton corporation • * • if issued in pursuance of a power conferred by
Legislature, are valid commercial instruments; but If issued by suchthe
vs. City of Camilla). It seems strange that, while the Act corporation
which possessed no power from the legislature, they are Wad




318

THE CHRONICLE

even in the hands of innocent holders. (10) Irregularities in the exercise
of the power, as against a holder for value of such instruments, without
notice of such irregularities, constitutes no defence. Since, therefore,
want of power is the only defence open to the corporate maker of such instruments, when they have been negotiated for value to innocent holders,
the question of power is the one around which the principle interest centres
and to which in its various phases we have given our main attention."
He also adds that "the propositions in the text are no longer the subject
of judicial controversy." Again he says (11): "A purchaser of municipal
bonds is bound, as has already been shown, to take notice of any provisions
of the constitution or legislation of the State relating to the power of the municipality to issue them; and if the Act conferring the power is in conflict with
the constitution, the bonds are void, even in the hands of a bona fide holder
for value. And the purchaser must also notice the provision and extent
of the legislative enactments on the subject."

Many believe that the recitals in a bond are a panacea for
all ills. We believe this doctrine of "estoppel by recital",
even though it be a recital of a court order of validation
emblazoned on the face of the bond in glaring letters of red
ink, will not prevent a disgruntled taxpayer from saying
"I voted for the constitution of this State and that's the law.
I didn'b vote for this bond issue, I didn't know anything
about it until I received my bill for taxes, and I refuse to
have some grafting politician burden this city with an unconstitutional debt, thus taking my property without due process of law." And we believe he would be justified.
Judge Dillon further says:
lide holders in
(12) Recitals are only available for the protection of bona
cannot extend to
so far as they arc recitals of matters of fact. A recital know
the law, and
or cover matters of law. All parties arc equally bound to the
bonds are cona certificate reciting the actual facts, and that thereby
formable to the law when judicially speaking they are not, will not make
them so, nor can it work an estoppel upon the municipality to claim the
protection of the law. Otherwise it would always be In the power of a
municipal body to which power was denied to assert the forbidden authority
by declaring that its assumption was within the law. This would be a pure
exercise of legislative power and would suppose such corporate body to be
superior to the law itself. Hence, a recital in a municipal bond that is
issued pursuant to statute does not estop the municipality from attacking
the existence of the law#which Is claimed to authorize the Issue. The constitutional validity of such a statute may always be called in question, even
as against a bona fide holder for value. No recitals or conduct can cure
such a defect as an absolute want of power in the municipality to execute it.
If such bonds are issued without legislative authority, they are void, and
the levy of taxes and payment of interest will not render them valid. So
where there is want of power, the mere silence of the taxpayer in permitting
the issue of bonds will not create an estoppel, even In favor of an innocent
holder for value. It is the duty of purchasers to examine into the power
of the municipality to issue the bonds, and it no power exists, there can be
no recital which will protect even bona fide holders for value.

The decisions cited by Judge Dillon for his statements are
so numerous that they cannot be repeated here.
We conclude, therefore, as follows:
1. If the New York Act intends to give a complete and
incontestible stamp of validity to bonds that have complied with its provisions, then we believe it unconstitutional—
notwithstanding the fact that the Georgia statute has been
held constitutional—because (a) it attempts to preclude inquiry into the question of absolute want of power of the
municipality depending on the constitutionality of the authorizing statute; (b) legislative powers could thus be assumed by a municipality, without even the semblance of an
authorizing statute; (c) it would deprive citizens of property
without due process of law.
2. We believe the Act refers only to irregularities in the
exercise of power, which undoubtedly may be cured in this
way as well as by special statute, which was the method heretofore pursued. Reaching this conclusion, we concede that
all questions concerning an absolute want of power, such as
constitutional questions, are left in the same position as
they were prior to the enactment of this law, which must
be passed upon by the attorneys of bond purchasers especially skilled in such work, the last! guess, based of course
upon sound argument and reason, being left to the courts of
last resort.
3. For this reason we believe the statute is ambiguous and
gives a wholly false sense of security to innocent bond purchasers, and should, therefore, be amended to conform to
the Texas law, expressly exempting constitutional violations
and making the validation order just what it is—prima facie
evidence of validity.
CITATIONS.
(1) An Act to amend the general municipal law In relation to legalizing
municipal bonds or proceedings for the issuance thereof. Chapter 769,
Laws of New York, 1911, in effect July 24 1911.
(2) Code of the State of Georgia. Vol. 1, 1911, page 133, being Sixth
Title, Chapter 3, Article 2, enacted in 1897.
(3) Sayies' Texas Civil Statutes, Vol. 1, page 340, being Sections 918-a.
to 918-g. constituting Acts 1893, p. 84, Sec. 1, et seq.
(4) See Georgia decisions.
(5) "No bond or evidence of indebtedness of this State shall be valid unless
Auditor
the same shall have endorsed thereon a certificate signed by the
of
and Attorney-General of the State. showing that the bond or evidence
or
bond
No
limit.
debt
the
debt is issued pursuant to law and is within
poevidence of debt of any county, or bond of any township or any other
have enlitical subdivision of any county, shall be valid unless the same
officer
dorsed thereon a certificate signed by the County Clerk or other stating
authorized by law to sign such certificate, and the County Attorney,
said
that
and
law,
to
pursuant
issued
of
is
evidence
debt
that said bond or
issue is within the debt limit." Sec. 20, constitution of State of Oklahoma,
adopted 1907.
(6) "Within thirty days after the delivery of such bonds, the holder
ther:lot shall present the same to the Auditor of the State for registration,
and the Auditor shall, upon being satisfied that such bonds have been issued according to the provisions of this Act, and that the signatures thereto
of the officers signing the same are genuine, register the same In his office
in a book to be kept for that purpose, in the same manner that such bonds
are registered by the officers issuing the same, and shall, under his seal
of office. certify, upon such bonds the fact that they have been regularly
and legaliy issued, that the signatures are genuine, and that such bonds
have been registered in his office according to law.". Sec. 581, General




[VoL. Lxxxxiv.

Statutes of Kansas, 1909, the provision being part of Laws of 1872. Chap.
68, Sec. 14, as amended by Laws of 1874, Chap. 39, Sec. 6.
(7) Lippett et al. V. City of Albany, 131 Ga. 629 (1908)•
(8) Holton at al. v. City of Camilla, 134 Ga. 560 (1910).
(9) Dillon on Municipal Corporations, Fifth Edition, Vol. 2, Sec. 949.
(10) Per Clifford, J., in St. Joseph Township, v. Rogers, 16 Wall, 659.
(11) Dillon on Municipal Corporations, Fifth Edition, Vol. 2. Sec. 946.
(12) Sec. 933.

ITEMS ABOUT BANKS, BANKERS AND TRUST 00'S.
—The public sales of bank stocks this week aggregate 72
shares and were all made at the Stock Exchange. Only one
stock was dealt in, that of the National Bank of Commerce,
the price ranging from 195 to 196 and closing at 195. Twentyfive shares of trust company stock were sold at auction.
Extensive tables reporting the bid and asked quotations,
deposits, surplus, &c., of banks and trust companies in all
important cities in the United States are published monthly
in the "Bank and Quotation" Section, the February issue
of which accompanies to-day's "Chronicle." Bid and asked
quotations for all New York City bank and trust company
stocks are also published weekly in another department of
the paper, and will be found to-day on pages 332 and 333.
Last previous sale.
Low, High. Close.
Shares. BANK—New York.
Jan. 1912— 198
195
195
196
•72 Commerce, Nat. Bank of..
TRUST COMPANIES—New York,
874 % 874 % 874% Jan. 1912— 874 34
5 Guaranty Trust Co
190
Aug. 1911— 97x
190
190
20 Windsor Trust Co
•Sold at the Stock Exchange. x Old stock.

—Another message was transmitted to Congress yesterday
by President Taft. This latest communication relates to the
.work of the Department of the Interior, the cost of living
• and industrial questions. The message was accompanied by
the annual report of the Secretary of the Interior, whose
recommendations relating to legislation affecting Alaska are
concurred in by the President. In this part of his message
the President says:
"I concur with the Secretary of the Interior In his recommendation
that, after entry is made upon land being reclaimed, actual occupation as
a homestead of the same be not required until two years after entry, but
that cultivation of the same shall be required, and that the present provision under which the land is to be paid for in ten annual installments
shall be so modified as to allow a patent to issue for the land at the end
of five years' cultivation and three years' occupation, with a reservation
of a Government lien for the amount of the unpaid purohase money.
This leniency to the reclamation homesteader will relieve him from occupation at a time when the condition of the land makes it most burdensome
and difficult, and at the end of five years will furnish him with a title upon
which he can borrow money and continue the improvement of his holding.
"I also concur in the recommendation of the Secretary of the Interior
that all of our public domain should be classified and that each class should
be disposed of or administered In the manner most appropriate to that
particular class.
"The chief change, however, which ought to be made, and which I have
already recommended in previous messages and communications to Congress, is that by which Government coal land and phosphate and other
mineral lands containing non-metaliferous minerals, shall be leased by the
Government, with restrictions as to size and time, resembling those which.
now obtain throughout the country between the owners In fee and lessees
who work the mines, and in leases like those which have been most suecessful in Australia, New Zealand and Nova Scotia. The showing made
by investigations into the successful working of the leasing system leaves
no doubt as to Its wisdom and practical utility. Requirements as to the
working of the mine during the term may be so framed as to prevent any
holding of large mining properties merely for speculation, while the royalties
may be made sufficiently low, not unduly to increase the cost of the coal
mined, and at the same time sufficient to furnish a reasonable income for
the use of the publics in the community where the mining goes on. In
Alaska there is no reason why a substantial income should not thus be
raised for such public works as may be deemed necessary or useful.
"There is no difference between the reasons which call for the application
of the leasing system to the coal lands still retained by the Government in
the United States proper and those which exist In Alaska. • • •
"I am not in favor of Government ownership where the same certainty
and efficiency of service can be had by private enterprise, but I think the
conditions presented in Alaska are of such a character as to warrant the
Government, for the purpose of encouraging the development of that vast
and remarkable Territory, to build and own a trunk line railroad, which it
can lease on terms which may be varied and changed to meet the growing
prosperity and development of the Territory."

The President also renews his recommendation that Congress establish a commission form of government in Alaska.
Mr. Taft indicates his sympathy with the movement to investigate the high cost of living, and recommends that an international conference be had in the matter. We quote his
remarks on the subject:
"There has been a strong movement among economists, business men
and others interested in economic investigation to secure the appointment
of an international commission to look into the cause for the high prices
of the necessities of life: There is no doubt bet that a commission could
be appointed of such unprejudiced and impartial persons, experts In investigation of economic facts, that a great deal of very valuable light could
be shed upon the reasons for the high prices that have so distressed the
people of the world, and information given upon which action might be
taken to reduce the cost of living. The very satisfactory report of the
Railway Stock and Bonds Commission Indicates how useful an investigation
of this kind can be when undertaken by men who have had adequate
experience in economic inquiries and a levelheadedness and judgment
correctly to apply sound principles to the facts found.
"For some years past the high and steadily increasing cost of living has
been a matter of such grave publio concern that I deem it of great public
Interest that an international conference be proposed at this time for the
purpose of preparing plans, to be submitted to the various Governments,
for an international inquiry into the high cost of living, its extent, causes,

FEB. 3 1912.]

THE CHRONICLE

319

effects and possible remedies. I therefore recommend that, to enable the
President to invite foreign Governments to such a conference, to be held
at Washington or elsewhere, the congress provide an appropriation, not to
exceed $20,000, to defray the expenses of preparation and of participation
by the United States."

the fire in the Equitable Bldg. had been suspended since
Jan. 9.
—The following ruling, governing clearing charges between members of the New York Stock Exchange, was
He furthermore regards a Congressional inquiry into the adopted by
the Governing Committee on Jan. 24:
subject of industrial relations as an urgent need of the day,
Resolved, That the Governing Committee rules that in the matter of
clearing charges between members of the Exchange, said charges shall be
his message containing the following remarks on this point:

"The extraordinary growth of industry in the past two decades and its
revolutionary changes have raised new and vital questions as to the relations between employers and wage-earners which have become matters
of pressing public, concern. These questions have been somewhat obscured
by the profound changes in the relations between competing producers
and producers as a class and consumers—in other words, by the changes
which, among other results, have given rise to what is commonly called the
trust problem. The large-scale production characteristic of modern industry, however, involves the one set of relations no less than the other. Any
nterruption to the normal and peaceful relations between employer and
wage-earner involves public discomfort and in many oases public disaster.
Such interruptions become, therefore, quite as much a matter of public
concern as restraint of trade or monopoly.
"Industrial relations concern the public for a double reason. We are
directly interested in the maintenance of peaceful and stable industrial conditions for the sake of our own comfort and well-being; but society is
equally interested, in its sovereign civic capacity, in seeing that our institutions are effectively maintaining justice and fair dealing between any
classes of citizens whose economic) interests may seem to clash. Railway
strikes on such a scale as has recently been witnessed in France and in
England, a strike of coal-mine workers such as we have more than once
witnessed in this country, and such a wholesale relinquishing of a public
service as that of the street-cleaners recently in New York, illustrate the
serious danger to public well-being and the inadequacy of the existing
social machinery either to prevent such occurrences or to adjust them on
any equitable and permanent basis after they have arisen. • • *
"At the moment when the discomforts and dangers incident to industrial
strife are actually felt by the public,there is usually an outcry for the
establishment of some tribunal for the immediate settlement of the particular
dispute. But what is needed is some system, devised by patient and deliberate study in advance, that will meet these constantly occurring and
clearly foreseeable emergencies—not a makeshift to tide over an existing
crisis. Not during the rainstorm but in fair weather should the leaking
roof be examined and repaired. • • •
"The special investigations that have been made of recent industrial conditions, whether private or official, have been fragmentary, incomplete
and at best only partially representative or typical. Their lessons, nevertheless, are important, and until something comprehensive and adequate is
available they serve a useful purpose, and they will necessarily continue
to be made. But unquestionably the time is now ripe for a searching inquiry Into the subject of industrial relations which shall be official, authoritative, balanced and well-rounded, such as only the Federal Government
can successfully undertake. The present widespread interest in the subject
makes this an opportune time for an investigation, which in any event
can not long be postponed. It should be non-partisan, comprehensive,
thorough, patient and courageous."

—The Democratic bill revising.the iron and steel schedules
of the Payne-Aldrich Tariff Law (mention of which was made
in these columns last week) passed the House of Representatives on Monday by a vote of 211 .to 110. An all-day
debate on the bill took place last Saturday, and it had been
expected that the bill would pass on that day; at midnight,
however, Representative Underwood was obliged to consent
to an adjournment, and to defer submitting the bill to a vote
until Monday. At Monday's session a motion, offered by
Representative Payne, to re-commit the bill to the Ways
and Means Committee, with instructions to hold it until the
Tariff Board makes its report on the iron and steel schedules,
was lost by a vote of 206 to 106. The bill as passed is in
practically the same form in which it was endorsed by the
Democratic caucus on the 23d ult., every amendment offered
in the House by the regular Republicans having been rejected, the only changes incorporated being the correction
of clerical errors. On the final passage twenty-one Republican insurgents and Representative Berger, the Socialist
member, voted with the Democrats; the Republicans were
Representatives Jackson, Murdock and Young of Kansas;
Akin of New York; Davis and Lindbergh of Minnesota;
Haugen, Woods and Hubbard of Iowa; Warburton and La
Follette of Washington; Lenroot, Morse and Nelson of Wisconsin; Norris, Sloan and Kinkaid of Nebraska; Kent and
Stephens of California; Lafferty of Oregon and Helgesen of
North Dakota. The Republican insurgents who voted with
the "regular" Republicans were Representatives Miller,
Steenerson and Volstead of Minnesota; Kendall, Kennedy,
Good and Pickett of Iowa, and Cooper, Esch and Kopp of
Wisconsin. Three Democrats, Representatives Martin,
Rucker and Taylor of Colorado, voted with the Republicans
against the bill. On Wednesday of this week the bill was
referred by the Senate to its Finance Committee without
definite instruction as to the time for its consideration; a
motion had been presented by Senator Reed limiting consideration to twenty days, but this was subsequently withdrawn.
—Following the opening of the third and last vault of
the Mercantile Safe Deposit Co. on Tuesday, the law committee of the New York Stock Exchange on Thursday notified members of the termination of the ruling under which
deliveries between parties directly or indirectly affected by




based upon a stipulated sum of money for each one hundred shares of stock
or ten thousand dollars of bonds, or portions thereof.
The payment of a certain sum of money for any period of time for said
service, irrespective of the number of shares or amount of bonds cleared,
Is forbidden.
•
•

—An analysis of 16,000 answers to the questions through
which opinions on the Sherman Anti-Trust Law were sought
by the National Civic Federation was made public by that
organization on Tuesday. These questions, submitted to
editors, political economists, lawyers, publicists, statisticians, manufacturers, merchants, bankers, commercial,
labor and other organizations, were set out in our issue of
Nov. 11. The results of the first 1,000 answers were made
known by Seth Low, President of the Federation, when he
appeared before the Inter-State Commerce Commission the
latter part of November. It was shown at that time that
of the answers then in hand a majority was opposed to the
repeal of the law, but were in favor of its amendment. In
its analysis this week the Federation says:
The replies indicate little sentiment in favor of the unconditional repeal
of the Sherman Act. On the other hand, it is shown that there is practically no desire to abolish large combinations. The public have no desire
for Government ownership, on one side, or unrestricted and unregulated
private or corporate control on the other. They will accept large combinations adequately regulated. • • •
An overwhelming majority of the answers-84 per cent—pronounce the
Sherman Law neither clear nor workable, but only some 20 per cent declare
in favor of its repeal. Of these latter the larger number add that if not
repealed, it should be amended, dec. Substantially, the usual phraseology
of suggestions for amending the Sherman Law is—"make it so that business
men can understand it," or "bring it into line with modern business conditions."
Eighty per cent of the replies favor Federal license or incorporation for
companies engaged in inter-State commerce, about one-third of the 80
taking Federal license as an alternative. Seventy-five per cent are opposed
to holding companies, while of the remainder nearly all want holding
companies bound by restrictions that would prevent abuses.
Government regulation of capitalization is approved by 90 per cent of
those to whom that question was submitted, a few of the minority who
disa prove suggesting that over-capitalization is not always an evil but
sometimes brings capital into action that would otherwise remain idle.
Only 10 per cent mention a defective banking and currency system as a
primary source of trouble and several urge the adoption of the Aldrich
currency plan.
About 80 per cent favor an Inter-State Industrial Commission, some
qualifying this with the condition that it should be composed of business
men only, and two labor representatives proposing that the commission
should consist of one member ,from each State—a sort of Inter-State
Business Senate. A comparatively small proportion are in favor of control
of prices by an Industrial Commission. • • *
That business conditions are disturbed nearly every reply admits. In
the thousands of replies received a large majority assert that business
conditions are unsatisfactory. Enforcement of the Sherman Law is most
frequently mentioned by business men as a disturbing cause, on the ground
that they do not understand the law, and that the uncertainty as to its
meaning retards enterprise, snakes capital hesitate to enter upon new
investments and prompts those in charge of business undertakings to restrict
expenditures to the absolute demands of trade.
It is significant that the leaders of organized labor, representing three
millions of wage-earners, are practically unanimous in demand that the
Sherman Anti-Trust Act should be either repealed or amended to exempt
from its operations organizations of labor and organizations of farmers.
Many of them, however, argue for its amendment from the standpoint of
the business interests. Their experience and training on organization
work and their contract with the employers of the country have led them
almost universally to the position that too much competition is the death
of trade. Samuel Gompers, John Mitchell, James Duncan, Warren S.
tone. W. S. Carter, W. G. Lee, James M. Lynch and A. B. Garretson all
reflect this view.

—According to reports recently emanating from Washington the Treasury Department has decided that there is no
aw restricting the use of the term "United States depositary"
to the national banks named by the Secretary as depositaries of public money. This, it is announced, leaves
national or State banks or trust companies in which the
trustees of the postal savings system deposit the postal savings funds, or national banks holding certain Indian funds
for the Secretary of the Interior, free to adopt the title. In
this ruling, it is stated, the way is opened for the first time
in the history of the Government for State banks and trust
companies to become United States depositaries. According
to the view of the Treasury Department, any financiarinstitution in America, State or national, holding postal savings
deposits or other Government funds, may assume that title
without legal impediment, even though the designation is
not officially conferred by the Secretary of the Treasury'.
Only about 1,400 of the 7,300 national banks are officially
designated as "United States depositaries." There are
14,000 State banks and trust companies none of which
up to the time of this announcement was known as!clepositaries of the Federal Government.

320

—A protest against the reported plan to have Cincinnati
act as a reserve city under the National Reserve Association and take care of the business of Kentucky has been
made by Logan C. Murray, President of the American
National Bank of Louisville. Mr. Murray contends that
such action would result in sending to Cincinnati a large
volume of business which rightfully belongs to Louisville,
and he makes it evident that vigorous opposition to the suggested plan will be presented. In a letter to Senator Aldrich
in the matter, Mr. Murray says:
My Dear Senator—I see by the Assocfated Press that the fifteen cities
which under the sections of your bill will be designated probably in law
as reserve centers will include Cincinnati, to take care of the business
of Kentucky. The Clearing House of Louisville and the Senators and
Congressmen from Kentucky will in due time ask that Louisville be designated as one of the 15 cities, say within the Southern zone. Cincinnati does
not suit us. It is a rival city, and it is not agreeable that our business
go up to Cincinnati to be determined. We consider the section of the
country beginning with Louisville and ending at New Orleans to be the
proper zone within which Southern business should be transacted.
There will be a severe fight if Kentucky, and Louisville as its metropolis,
will be forced to do its business through Cincinnati, and the Board of Trade
of this city and the Louisville Clearing House will have a very active hand in
prohibiting our business from going to Cincinnati.
I would call your attention to the zones of commerce, suggesting Louis_
ville:and New Orleans as the two places for the South affording a metropolis
at each and overnight communication with either from all parts of the
Southeast.
Texas, New Mexico, Oklahoma, doe., of course, belong to St. Louis,
Ohio and Indiana and part of Pennsylvania belong to Cincinnati.
I ask your attention to this matter in the distribution of the headquarters, provided it goes into your bill. There is a determination on the
part of Louisville and Kentucky banks and the Scnatorsand Congressmen
of Kentucky to fight bitterly against our business going to Cincinnati,
and in the name of the Louisville Clearing House I ask your attention
to this matter thus early. The fact is, that the earnestness with which
you may expect the support of Kentucky, Tenessee and Alabama entitled
Louisville to be named as one of the designated cities.
With kind regards, I am very truly yours,
LOGAN C. MURRAY.

—H. Kern, Chairman of the Liverpool-Cotton-Bills-ofLading Conference Committee, before his departure for
Europe this week, gave out a statement relative to the conferences had during the past month on the cotton-bills-oflading question. In this, according to the New York
"Journal of Commerce," he said:
In view of the somewhat contradictory reports which have appeared in
the press regarding the results of the conferences which Mr. Stimson and
myself have been holding with the American cotton-exchange-buying
bankers and the representatives of the Southern Cotton exchanges, I am
happy to say definitely that our conferences with the New York bankers
and"the delegates of the Southern shippers have been extremely pleasant
and of great value, as tending to adjust differences that have previously existed in connection with the present movement for safeguarding export
cotton bills of lading.
At the meeting with the representatives of the New York exchange buying banks, which was held at the Chamber of Commerce on Wednesday.
Jan. 17, after a detailed discussion of the questions involved from the standpoint of bankers here and abroad, the representatives of the New York
banks which were present unanimously passed the following resolutions:
"Whereas, Mr. H. Kern, Chairman of the Liverpool-Cotton-Bills-of-Ladng Conference Committee, and Mr. J. H. Simpson, Secretary of the European Bankers' Conference on Cotton Bills of Lading, have come to this
country in the interest of the new rules for safeguarding cotton bills of
adIng; and
• "Whereas, We, as representatives of New York:cotton-exchange-buying
banks here assembled, are desirous of co-operating in the work being done
to minimize the risk of forgeries; now therefore It is resolved as follows:
1. That a return to the old methods of dealing with cotton drafts is
impossible; that some method of checking up and safeguarding the validity of through export cotton bills of lading is essential to the general interest of the trade.
"2. That the Cotton-Bills-of-Lading Central Bureau as now organized
and as supported by the cotton-carrying railroads is effective, and that
it is the best solution yet offered.
"3. That Mr. Kern and Mr. Simpson be supported in their efforts to
make the Central Bureau a complete success and universally operative.
"4. That a vote of thanks be extended to Mr. Kern and Mr. Simpson
for their untiring efforts for the general good of the cotton trade, and in
particular for their journey to this side to discuss with the American exchange buyers in person the questions involved.
On Jan. 20 we attended a general meeting of the representatives of
various Southern cotton exchanges, at Memphis, which meeting adopted a
resolution disapproving the plan as at present in operation, but appointed
a committee to confer with us as to the making of certain modifications
which, it was believed, would render the plan more acceptable to the South
in general. We met this committee on Monday, Jan. 22, and have agreed
to place before the American bankers the European bankers and cotton
exchanges, and the American railroads, the modifications which were then
suggested.
I take pleasure in stating that the attitude of the Liverpool committee
and the European Bankers' Conference has throughout been characterized
by a desire to co-operate with cotton shippers in every way possible, and
that every endeavor will be made to modify the plan before the opening of
the next season, so as to meet the views of the Southern shippers.

The details of the modified plan are indicated in a letter
which the "Journal of Commerce" reports has been sent
to exchange buyers by Mr. Simpson, that portion of the
letter covering the modifications being as follows:
Will you be good enough to state whether or not the plan, In so far as it
is modified below, is acceptable to you?
(1) That the Southern cotton shipper, instead of signing the notification addressed to the Central Bureau, as at present, shall simply attach
to his draft an unsigned statement, giving the particulars of each export
Cotton bill of lading in the following form:




Lxxxxiv.

THE CHRONICLE

PARTICULARS OF BILLS OF LADING ACCOMPANYING DRAFT.
For No
Drawn by
On
Name of
Railroad.

Issuing
station.

Marks.

Date of
Quantity. B.-L.

No. of
B,-L.

No. of
erv
ioanlidca
t
tificate

(2) That the exchange-buying banker shall detach these Statements from
each cotton draft and send them to the Central Bureau in order that the
latter may check up the genuineness of the bills of lading particulars of
which are given in the statements.
(3) That the exchange-buying banker shall stamp upon the original of
each bill of lading the notation:
"Notification mailed to Central Bureau by
Bank."

—Edwin Hawley, an important factor in railroad circles,
and associated as director in numerous banking and industrial organizations, died suddenly on the 1st inst. For the
past month and a half his health had been such as to necessitate his absence from business, but he had continued in touch
with his affairs daily by means of the telephone, and only the
day before his death had had communications with his office.
Mr. Hawley had suffered an attack of grippe, but had recovered sufficiently from this to warrant his contemplating
a trip South; during the past week or more, however, he had
been troubled with acute indigestion, and his death resulted
from an attack of heart trouble with which he was stricken in
the early morning on Thursday. Beginning as an office-boy
in the freight department of a railroad, Mr. Hawley achieved
distinction in railroad activities, the development of the
properties in the so-called "Hawley system" attesting to his
abilities as a railroad magnate. At the time of his death the
roads with which he was identified included the Minneapolis
& St. Louis RR.(which recently absorbed the Iowa Central
Ry.), the Chesapeake & Ohio Ry., the Hocking Valley Ry.,
the Chicago & Alton Ry. and the Toledo St. Louis & Western.
Mr. Hawley alSo had large interests in the Missouri Kansas &
Texas Ry., in which latter he was associated with Benjamin
F. Yoakum. For nearly twenty years, during the time the
Southern Pacific was under the control of the late Collis P.
Huntington, Mr. Hawley was connected with the traffic
department of that system. His withdrawal from the same
occurred in 1902 with the late E. H. Harriman's entrance
to its administration. Mr. Hawley was a member of the
New York Stock Exchange firm of Hawley & Davis, and had
held membership in the Exchange since 1895. The business
of the firm will be continued by the surviving partner, F. H.
Davis. Some of the other organizations with which Mr.
Hawley was identified as director are the American Exchange
National Bank, the Guaranty Trust Co., the International
Banking Corporation, the Colorado & Southern Ry., the
Colorado Fuel & Iron Co., the Colorado Midland Ry., the
Des Moines & Fort Dodge Ry., the Kansas City Fort Scott &
Memphis Ry., the Interborough Rapid Transit Co., the
Interborough-Metropolitan Co., the Pittsburgh & Shawmut
RR., the St. Louis & San Francisco RR., the United States
Light & Heating Co., the Great Western Power Co., the
Western Pacific Ry., the Western Power Co., &c. Mr.
Hawley was in his sixty-third year; he was born at Chatham,
N.Y.
At a meeting yesterday of the Executive Committee of the
Chesapeake & Ohio Railway Co., the following minutes were
recorded in testimony to the memory of Mr.Hawley:
We have assembled in the shadow of our great loss, to bear public testimony to the memory of our associate, Mr. Edwin Hawley, who died on
February 1 1912.
He was a director and a member of the executive committee of the
company; and in all respects was scrupulously attentive to his duties. In
their discharge his main consideration was the proper and permanent
development of the property, whose ownership he shared with many
thousand holders of its stock and other securities; to whom he felt and
acknowledged many times the full responsibilities of a trustee.
His wide experience prompted him to maintain his own convictions.
Notwithstanding the decisiveness of his character, he was unusually
considerate of the views of others, standing, however,at all times for justice
and fairness.
His sympathy for all subordinates in the service was especially characteristic; and in times of agitation and discontent, he would insist upon
equitable treatment commensurate with adequate control of the property
by its owners.
He looked far into the future; and the developments which he advocated,
and which mark the progress of the compnay in the past two years, were
cheerfully co-operated in by every officer, and are speaking evidence of his
genius.
His frequent visits to the railway, and the familiarity thus secured
with its details, augmented the power of his personality in the influence
he exerted for the benefit of the owners of the Company's securities.
To us who remain to carry on the work which he has laid down, his
example will ever be an inspiration to continue our best efforts for the
advancement of the interests entrusted to us.
By order of the Committee.
JAS. STEUART MacKIE, Secretary.

—Some idea of the place which the trust company organization of to-day occupies in the big business operations of
the financial world is to be had in the share which the

FEB. 3 1912

THE CHRONICLE

Guaranty Trust Co. of this city took in the dissolution
process of the American Tobacco Co. as ordered by the
United States Supreme Court. The exchange of over
$85,000,000 of American Tobacco Co. bonds for bonds and
cash of the Liggett & Myers Tobacco Co. and P. Lorillard
Co. was accomplished with remarkable precision and dispatch. The Guaranty Trust Co., which has had charge
of the reorganization plan approved by the Circuit Court,
paid out in cash in less than two weeks over $50,000,000, in
addition to the bonds and stock which were exchanged for
American Tobacco Co. securities. This was all done very
promptly and with absolute accuracy. The exchange of
securities made necessary by this reorganization plan involved the signing of several hundred thousand separate
personal signatures, all of which had to be affixed within a
few days. This was accomplished by the use of the new
signograph machine, which enables one man to reproduce
his own signature eighteen times with one operation. Every
one of the several thousand transactions produced fractions
which multiplied the intricacies several fold. These fractions
were eliminated by the simple method of purchasing or
selling the fractional shares. Preparations for the enormous
amount of detail involved in this reorganization were, of
.course, made by the Trust Company several weeks in advance. Mathematical tables were prepared showing the
exact amount of bonds, scrip and cash exchangeable for the
various amounts held by security holders of the American
Tobacco Company. Blank forms by the score, exclusively
for this reorganization, were invented and printed, and
every effort made to "cut corners" and facilitate the rapid
progress of the work.
—C. D. Landale will retire on the 10th inst. as Manager
of the Fifth Avenue Branch of the Guaranty Trust Co. of this
city. Mr. Landale had been Vice-President of the Fifth
Avenue Trust Co. prior to its consolidation with the Gura,anty
Trust Co. in 1910, since which time the Fifth Avenue office
had been under his management. The officers of the company have granted Mr. Landale a year's leave of absence.
—Robert H. Cox, formerly Assistant Secretary of the
Guaranty Trust Co. of New York, has been made Manager
of its bond department. Since graduating from Harvard
in 1905, Mr.Cox's rise in the financial world has been rapid.
He was first associated with Fisk & Robinson, and in 1909
entered the employ of the bond department of the Guaranty
Trust Co. In 1910 he was appointed chief clerk and in September 1911 he became Assistant Secretary.
—Stevenson E. Ward, formerly Cashier of the Bank of
Mansfield, at Mansfield, Ohio, has been appointed an Assistant Cashier of the National Bank of Commerce in New York.
—C. F. Koth, lately manager of the foreign exchange department of Redmond & Co., has become head of the foreign
exchange department of the Broadway Trust Co.
—The Swiss Bankverein of London announces the opening
on February 1 of a West End -Branch at 11 Regent St.,
Waterloo Place, London, S. W., for the convenience of
holders of letters of credit , tourists and the traveling public
generally.
—Seward Prosser this week tendered his resignation as
Vice-President of the Astor Trust Co. of this city to take
effect March 1. It is understood that on that date Mr.
Prosser will be made President of the Liberty National Bank,
succeeding Frederick B.Schenck, who will become Chairman
of the Board. In the Astor Trust Co. Henry J. Cochran
has been chosen to take Mr. Prosser's place as Vice-President.
Mr. Prosser continues as a director of the institution. Francis
L. Hine, President of the First National Bank, is a new
director in the Astor Trust Co.
—The sale of the vaults of the Carnegie Safe Deposit Co.
to Kissel, Kinnicutt & Co., representing the syndicate
of bankers interested in the transaction, was authorized by
Supreme Court Justice Gerard on Thursday. Announcement
of the proposed sale of the vaults, which the State Banking
Department has operated since last September, was made
in these columns a week ago, when the names of those taking over the property were also given. The price paid to
the Banking Department is $275,000. The new owners
have also arranged to purchase the Mercantile Safe Deposit
Co., which they propose to consolidate with the Carnegie
Safe Deposit Co. The sale of the latter was opposed by the
estate of Charles C. Dickinson, which contended that the
consideration was inadequate in view of the demand for
boxes in the vaults since the Equitable fire. Judge Gerard,
it is stated, expressed his willingness to entertain a higher
offer, but as none was presented, the sale was sanctioned.




321

—The sale of the interest held by the Trust Co. of America
of this city in the Corporation Trust Co. of New Jersey to
Oakleigh Thorne, President of the Trust Co. of America, was
ratified by the stockholders of the latter on Thursday. As is
known, the Trust Co. of America is to be merged into the
Equitable Trust Co. The Corporation Trust Co. of New
Jersey does not engage in a banking business. Mr. Thorne,
it is understood, acquires 2,475 shares of its stock, paying for
the same $200 per share.
—An order under which the affairs of the HungarianAmerican Bank of 147 Fifth Avenue, this city, will be wound
up has been issued by Supreme Court Justice Gerard upon
the petition of a majority of the stockholders. The institution was organized in 1907 and a year ago it was announced
that the capital and surplus would be increased to $1,000,000.
Control was said to have been acquired in 1910 by the
Hungarian Commercial Bank of Pesth,and the Central Credit
Bank of Hungarian Financial Establishments, Ltd., of Budapesth. Recenty the directors, it is reported, were called on to
make good an impairment of $15,000 in the surplus. According to the petition the bank is solvent, and it is stated that
the depositors will be paid in full. The deposits amounted
to $209,811 on December 21, when the capital was given as
8196,000. The bank was originally at 32 Broadway, but
moved last April to the Fifth Avenue location.
—In a statement to its stockholders on December 30 the
Irving National Exchange Bank of New York reports net
earnings for the year 1911 of $386,554; the deduction of
premiums and other items aggregating 617,014 left a balance
of $369,540, out of which $160,000 was paid in dividends
and $209,540 was credited to undivided profits. The deposits of the institution on December 19 stood at $29,342,018,
its total assets on that date amounting to $34,128,896.
The capital is $2,000,000, while the surplus and profits
December 19 were $1,994,479. The bank has, besides, a
guarantee account, not included in its active assets, valued
at $40,000. The institution will make its 'home in the mammoth fifty-five story Woolworth Building on Broadway
between Barclay Street and Park Place with the completion
of the structure about a year hence. F. W. Woolworth is a
director and one of the largest stockholders of the bank.
The statement to the stockholders is endorsed by a firm
of chartered accountants.
—Definite announcement as to the date for the annual
convention of the New York State Bankers' Association was
made this week. The meeting, which it had been expected
would be held in July, is scheduled for June 13 and 14.
The bankers will convene at Buffalo, the Lafayette Hotel
having been selected as their headquarters. William J.
Henry, of 11 Pine Street, is Secretary of the Association.
—Plans to consolidate the business of the Flatbush Trust Co.
of Brooklyn Borough and the Broadway Trust Co. of Manhattan are being considered. We understand, however, that
the negotiations have not proceeded far enough to warrant a
statement as to the terms on which the consolidation,if
carried through, will be effected. The Broadway Trust
Co. is controlled by interests identified with the Irving
National Exchange Bank of Manhattan; these interests
brought about the merger of the Savoy Trust Co. with the
Broadway Trust Co. last week, and are said to be the principals in the present proceedings. Lewis E. Pierson, President of the Irving Exchange National Bank is a trustee
of the Flatbush Trust Co. and Warren Cruikshank, a VicePresident of the latter, is a director of the Irving National
Exchange; William Halls Jr., formerly a Vice-President of the
Hanover National Bank, is a director of both the Flatbush
Trust Co. and the Irving. The Flatbush Trust Co. has a
capital of $300,000, surplus and profits of about $295,000
and deposits of over $4,000,000; it was established in 1899.
John Z. Lott is President of the Company. The Broadway
Trust Co. has a capital of $1,000,000; the amount was increased from $700,000 last month. Frederic G. Lee is its
President.
—The Greenpoint National Bank of Brooklyn Borough,
started business this week. The formation of the institution
was undertaken in 1910 by Walter Wilmurt, who is Cashier
of the new institution. George A. Morrison is President
and James A. McCafferty and George H. Rowe are the
Vice-Presidents. The offices of the Greenpoint National
are at 140-142 Greenpoint Avenue. The institution has
$200,000 capital and a surplus of $100,000.
—Group VII. of the New York State Bankers' Association
held its annual meeting and banquet at the Hotel Clarendon

322

THE CHRONICLE

in Brooklyn on the 25th ult. Douglass Conklin, President
of the Bank of Huntington, has been elected Chairman of
the Group, and Henry Billman, Cashier of the North Side
Bank of Brooklyn, is Secretary and Treasurer of the Group
for the ensuing year.
—Application has been made for a charter for the GermanAmerican Bank of Syracuse, N. Y. The institution will
have a capital of $300,000.
—A union of the American National Bank and the
Phoenix National Bank of Hartford, Connecticut, has been
arranged, subject to the approval of the stockholders. According to a circular issued to the shareholders of the American an offer has been made by the Phoenix National to consolidate the business of the two banks by taking over the
assets and assuming the liabilities of the American, guaranteeing to the latter's stockholders the book value of their
shares, not less than $87 50 per share. The matter will be
submitted to the stockholders of the American National on
the 27th inst. The American has $600,000 capital in $50
shares; its deposits are close to $2,000,000, and its surplus
and profits are about $455,000. The institution was established in 1852 as the Bank of Hartford County and it was
converted to the National system in 1865. The capital of
the Phoenix National is $1,000,000 (in $100 shares); its surplus and profits amount to $650,000, while its deposits on
Dec. 5 were $1,803,894. The bank's charter dates from
1814. An amendment to its articles of association will be
made on the 27th inst., under which the membership of its
board will be incrpased from fifteen to twenty-three, so as
to provide for the eleven directors of the American National
Bank. The Phoenix National has at present but twelve
members on its board. The name of the consolidated institution has not yet been decided upon, and its officers are
still to be named.
—An order restraining the Windsor Locks Savings Bank
of Windsor Locks, Conn., from paying out any of its funds
or declaring or paying dividends for a period of three months
was issued by Judge Samuel 0. Prentice of the Superior
Court on Saturday last, Jan. 27. The application for the
injunction was made by the Bank Commissioners of Connecticut, who in their petition stated that they had recently
made an examination and found the books to be in an unsatisfactory and incomplete condition, that no trial balance
had been taken in many years, and that the books indicated, so far as could then be ascertained, that the assets are
largely impaired and appear to be insufficient to pay the
depositors in full. In order to ascertain the exact situation the books of the depositors will be called in, and it is
expected that it will take from six weeks to two months to
complete the pending investigation. Up to about a year
ago the late Alfred W. Converse, postmaster of the town, was
Treasurer of the institution. He had held that post since
the organization of the bank in 1871, and it is stated that
during all the time of its operation no trial balance had ever
been taken, but from day to day a record was made of the
daily deposits and withdrawals. The Hartford "Courant,"
in referring to the bank's affairs, says:
The last report made to the Bank Commissioners on Sept. 1 1911 shows
that the bank had deposits of $403,817; yet the books show that the bank
paid interest on about $175,000 in excess of this amount. The question
the expert is endeavoring to find the answer to is what became of this
$175,000 or thereabouts. It was said Saturday that, with the bonds,
mortgages and other securities, and the $10,000 surplus which the bank
claims to have, the assets are sufficient to meet the $403,817 liability to
depositors as reported to the Bank Commissioners; but there Is nothing
to show for the excess $175,000 which the books show depositors are
entitled to.

C. F. Cleaveland succeeded Mr. Converse as Treasurer of
the bank in December 1910. Discrepancies which Mr.
Cleaveland discovered in the books from time to time are
said to have been adjusted by Mr. Converse, but recently,
it is reported, the differences in the accounts became more
involved, and the State Bank Commissioner was called in.
Mr. Converse died on the 16th of last month from a pistol
wound he received accidentally on Jan. 14 while he was
cleaning a revolver. Except for the two terms of President Cleaveland's administration Mr. Converse had served
as Postmaster of Windsor Locks since 1868. An examination
of his accounts as postmaster, made during the week, is
said to have shown them to be in perfect shape.
—Through the issuance of $2,000,000 of new stock,
whereby the capital of the First National Bank of Boston will
be increased from $3,000,000 to $5,000,000,a working capital
of $15,000,000 will become available. The latter will include
the surplus and profits of the institution, to which $4,000,000
will be added as a result of the sale of the proposed issue at




txxxxiv.

$300 per share. The proposition was voted upon by the
directors on Jan. 26 and a meeting of the stockholders to
ratify the proposal will be held on March 1. President
Daniel G. Wing, in referring to the enlarged working capital
which will be provided, pointed out that it, together with
the stockholders' liability of $5,000,000, will put a guaranty
of $20,000,000 of stockholders' money back of tile deposits
of the institution. The deposits under the Dec. 5 statement
aggregated about 62Y2 million dollars. Of the present 30,000 shares, 923'% are owned in Massachutetts, while the
actual control rests in the board of directors. Savings banks
and other financial institutions in the State hold 3,556 shares,
while 1,448 shares are owned by estates. There are in all
510 shareholders, and the last public sale of the stock was
at 426. Since 1904, subsequent to the acquisition of the
National Bank of the Redemption, the deposits have increased over 100%.
—The entire question of the removal of the Philadelphia
Stock Exchange to the site approved by the members last
July, on Walnut St., west of Broad St., seemed likely this
week to be brought before the members anew in view of
differences which had arisen with regard to certain technical
matters. The subject over which dispute arose concerned a
clause in the agreement entered into with William F.
Deakyne, who was to erect the building, giving the Stock
Exchange the right of supervision over the tenants and
public wires in the building. Arrangements were recently
entered into between Mr. Deakyne and the Land Title &
Trust Co., whereby the latter was to assume the agreement
and finance the building operations. The company, however, declined to carry the negotiations to completion unless
the clauses in question were eliminated. Acting on the
report of its removal committee, which recommended the
waiving of the clauses, the Governing Committee on the 25th
ult. signified its willingness to agree to the waiver, but
deemed it advisable to put the matter before the members
for decision. Meanwhile the agitation resulted in the issuance of a statement on the 26th ult. by a number of the
larger banking houses of the city expressing their opposition
to the removal of the Exchange to the proposed site and protesting particularly to the withdrawal of the right of supervision of the tenants of the new building. They added
that if the question of the removal of the Exchange were reopened they would favor a change from the present location
if a suitable site could be found, and stated that they would
endeavor to have a proposition placed before the Exchange
which it was hoped would prove acceptable to the members.
This statement bore the signature of Drexel & Co., Brown
Bros. & Co., Ervin & Co., Bioren & Co., Graham & Co.,
E. W. Clark & Co., George S. Fox & Sons, Montgomery,
Clothier & Tyler, E. B. Smith & Co., &c., &c. On Tuesday
of this week, by a vote of 117 to 86, the members agreed to
the modification of the original agreement by eliminating
the clause in dispute, this result tending to prevent any
further discussion of the removal question. It is stated that
the tenancy clause would have permitted the Exchange authorities to exercise authority over occupants of the building, and telegraph, telephone and ticker service, thus
barring the entrance of brokerage firms not members of recognized Stock or commodity Exchanges.
—At a special meeting to be held on March 21,the stockholders of the Real Estate Trust Co. of Philadelphia will vote
on the question of reducing the capital to an amount not less
than $3,000,000. The institution has $2,734,100 of preferred stock and $1,349,300 of common. In 1909 the stock-.
holders instructed the directors to reduce the capital at their
discretion to a sum not less than $4,000,000 and the proposition is now to consider a further reduction. The
original instructions from the stockholders covered both
common and preferred stock, as the directors saw fit.
—The West Philadelphia Bank, a new State institution
with a capital of $100,000 and surplus of $25,000, began
business on Monday. Its officers are J. Milton Lutz, President; Frank H.Benham and H. J. Rittenhouse,Vice-Presidents and Jan Van Hewerden, Cashier. The quarters of the
institution are in the Nixon Theatre Building, on 52nd St.
near Market St.
—The stockholders of the Mortgage Trust Co. of Philadelphia will hold a special meeting on the 7th inst. when the
proposal to decrease the capital stock and the par value of
the shares to one-fourth the present amount will be acted
upon. The capital at present stands at $500,000 and the
stock is in shares of $100.

FEB. 3 1912,J

THE CHRONICLE

—A celebration to mark the one hundredth anniversary
of the Pennsylvania Co.for Insurances on Lives and Granting
Annuities of Philadelphia was held the past month. The
affair took the form of a luncheon tendered by the officers
of the institution to representative bankers, railroad and
business men. The company was incorporated on March 10
1812. Its charter is perpetual. Many years ago the character of its business was changed from an insurance to a trust
company nature, although its name has continued unchanged since the company's formation. The insurance now
carried,it is stated, is nominal. The institution, it is claimed,
was the first in this country to engage in the care and management of property for others. It started with a capital of
$100,000; to-day the capital stands at $2,000,000; the
combined surplus and profits exceed $4,600,000, while its
deposits are close to $21,000,000. Since the payment of the
first dividend on July 1 1815, dividends have been paid
continuously each six months, a total of $15,819,751 having
been distributed to the stockholders. Samuel B. Marshall,
number twenty-one on the company's list of depositors, and
now in his 94th year, attended the recent celebration. The
institution is under the management of C. S. W. Packard,
President; Thomas S. Gates, Vice-President; A. V. Morton,
Treasurer; John J. R. Craven, Secretary; Jay Gates, Trust
Officer; Charles Osborne, Assistant Trust Officer; Jesse
William 2nd, Assistant Secretary; C. S. Newhall, Assistant
Treasurer; Joseph R. Carpenter Jr., Second Assistant
Treasurer.
—Samuel A. Crozer 3d has been elected Assistant Secretary
of the Commercial Trust Co. of Philadelphia. The stock
of the institution has been placed on a 16% basis, the directors on the 25th ult. having declared a semi-annual dividend
of 8%,against 7% previously.
—A. E. Niemann, who had been Secretary and Treasurer
of the Germania Savings Bank of Pittsburgh, has been
elected Vice-President and Treasurer. C. F. Gardner has
been made Secretary; H. J. Hutchinson has become Assistant
Secretary and L. H. Moeckel, Assistant Treasurer. A. E.
Succop and L. A. Meyran continue as President and VicePresident, respectively.
—Edward Brooke has been elected to succeed his father,
the late George Brooke, as President of the Pennsylvania
Trust Co. of Reading, Pa. The new President had previously
been Vice-President.
—Clarence W. Kuhn, formerly a member of the banking
house of S. Kuhn & Sons of Cincinnati, which was merged in
1910 with the Fifth-Third National Bank, died on the 1st
inst. Mr. Kuhn was a cousin of the founder of the banking
firm of Kuhn, Loeb & Co. of New York. He was forty-two
years of age.
—The stockholders of the Garfield Savings Bank Co. of
Cleveland ratified on January 13 the proposition to increase
thelcapital from $100,000 to $250,000. Of the new issue,
$100,000 has been offered to the shareholders at $150 per
share; the other $50,000 will be issued at the discretion of the
directors, at not less than $200 a share.
—The National City Bank of Indianapolis has succeeded
to,the business of the Columbia National Bank and the Union
National Bank of that city, in accordance with plans heretofore reported in these columns. The new institution has a
capital of $1,000,000 and surplus of $200,000 and is under
the management of James M. McIntosh, President; Frank M.
Millikan and John R. Welch, Vice-Presidents; William K.
Sproule, Cashier, and Harry B. Wilson, Assistant Cashier.
Mr. McIntosh was President of the Union National, while
Mr. Millikan was at the head of the Columbia National.
—A motion for the appointment of a committee to draft a
bill placing the banking institutions of Illinois under the
supervision of a banking department was defeated by a vote
of 13 to 11 at a meeting of the Executtve Council of the
Illinois Bankers' Association held in Chicago on January 24.
The suggestion was offered by B. F. Harris of the First
National Bank of Champaign, President of the Association,
who pointed out that under the present laws of Illinois "any
one can open an office, call it a bank and begin taking
deposits absolutely without any requirements on the part
ofkthe State as to character, experience or capital." Mr.
Harris is said to have intimated that the bankers who are in
sympathy with the movement to place the State banks under
proper supervision will take the matter individually before
the,Legislature. A proposition to incorporate the Associationwas referredltolarommittee




:

323

—The consolidation of the Western Trust & Savings Bank
of Chicago with the Central Trust Co. of Illinois was ratified
on the 27th ult. by the respective stockholders, those of the
Central Trust at the same time approving the proposition
to increase the capital of their institution from $2,500,000
to $3,500,000. The shareholders of the Western Trust
authorized the conversion of $250,000 of the stock of their
institution into surplus, thus making the capital $1,000,000
and the surplus and undivided profits approximately $470,000; the $1,000,000 additional stock of the Central will be
issued,share for share,in exchange for that of the Western
The directorate of the Central Trust Co. has been increased
from seventeen to twenty-five members, the board now
being made up as follows: A. J. Earling, Edwin F. Brown,
P. A. Valentine, H. A. Langhorst, Arthur Dixon, Z. G.
Simmons, Charles T. Boynton, William T. Abbott, Alexander H. Revell, Walter H. Wilson, S. M. Felton, Joseph E.
Otis, T. W. Robinson, George Woodland, Chandler B.
Beach, Burton F. Peek, George F. Steele, James W.Stevens,
Julius Kruttschnitt, W. 0. Johnson, Charles G. Dawes,
R. Floyd Clinch, Max Pam, William C. Boyden and A.
Uhrlaub.
—Negotiations through which the Continental & Commercial National Bank of Chicago formally acquires the
entire block bounded by La Salle, Adams and Quincy
streets and Fifth Avenue, have been concluded; the deeds
under which the property is conveyed to the bank were
filed a week ago. It is just a year since the institution
closed an option on the property. The consideration is
said to be $3,550,000. It is stated that the present buildings will be immediately demolished and the construction
of the new structure,in which the Continental & Commercial
National and its affiliated institutions will have permanent
quarters, will be hastened as much as possible. Arrangements were recently perfected for the purchase of the bank's
nineteen-story building and leasehold interest at Clark and
Adams streets by the Commonwealth Edison Co. The
negotiations were closed with the bank, which recommends
the acceptance of the offer to the holding company, namely
the Commercial National Safe Deposit Co., which has a
capital of $2,860,000, the Continental & Commercial National
Bank owning $2,074,500 of the same. The amount represented in the transaction is $4,667,932, the appraised value
of the property; of that sum the price agreed on for the
building is $2,877,000. The bank will remain in its present
quarters until the completion of its proposed structure.
—The directors of the Harris Trust & Savings Bank of
Chicago on the 26th ult. elected H. A. Brinckman as an
Assistant Cashier.
—Authority from the State Auditor to organize the
Franklin Trust & Savings Bank of Chicago has been applied
for. It is proposed to establish the institution with a
capital of $200,000 and a surplus of $150,000. The company
will locate at Michigan Avenue and 35th Street and its
opening is expected to occur in April. The incorporators
are Simon W. Straus of S. W. Straus & Co.; Charles G.
Dawes, President of the Central Trust Co. of Illinois and
Maurice L. Rothschild. Mr. Straus, it is stated, will be
President.
—E.V. Bacharach has been elected a Vice-President of the
Mid-City Trust & Savings Bank of Chicago. Mr. Bacharach
is Auditor of the Corn Exchange National Bank of Chicago.
—A pension system for the employees of the First National
Bank of Minneapolis is said to have been adopted by the
directors of the institution. The plan is applicable to those
serving the institution fifteen years and longer and will take
the place of the gratuity system formerly in force.
—Frank E. Holton has resigned as Cashier of the Northwestern National Bank of Minneapolis to become Secretary
and Treasurer of the Danaher-Holton Co., which is being
formed in Minneapolis, with a capital of $500,000, and of
which he is one of the organizers. The new company will
do a general land, farm mortgage and bond business. T. F.
Danaher, an extensive operator in Minneapolis, Montana and
Canada lands, will be President of the organization. D. C.
Warden, for some years identified with Wyman,Partridge &
Co., will be Vice-President. F.E. Kenaston, President of the
Minneapolis Threshing Machine Co., will be a director, as
will also E. J. Weiser, President of the First National Bank
of Fargo, N. D.; C. J. Weiser, President of the Winneshiek
County Bank of Decorah, Iowa, and J. B. Irwin, a retired
lumberman and capitalist. Mr. Holton had held the
Cashiership of the Northwestern National since 1908, prior

324

THE CHRONICLE

to which he was Assistant Cashier. A. V. Ostrom, for the
past three years Assistant Cashier of the Northwestern
National, has been elected Cashier. S. H. Plummer and
Henry J. Riley have been made Assistant Cashiers of the
bank.
—It is planned to consolidate the Fidelity Trust Co.
(capital $2,000,000) and the Columbia Trust Co. (capital
$1,000,000) of Louisville, Ky. The institution formed
by the union,in the event that the proceedings are sanctioned
by the shareholders, will be designated the Fidelity &
Columbia Trust Co., and it will have a capital of $2,000,000
and surplus of $500,000. The basis of the consolidation is
'set out in the following statement issued by the uniting
companies:
At a meeting of the directors of the respective companies it was decided to
recommend a consolidation under the name of Fidelity & Columbia Trust
Company, with offices in the Columbia Building; the capital is to be $2,000.000, surplus, $500,000. Each shareholder in the Columbia to pay in
$20 per share and thereafter the shares of each company to be on same
basis. Distribution of $1,000,000 will be made to the shareholders of the
two companies, with the result that the holder of three shares in each
company will receive two shares in the new company and $100 in cash.
The future dividends on new stock, probably 10 per cent; the entire directories of both companies to be directors of consolidated company.
All officers and employees to be named from present companies by a
committee to be appointed by the two companies to carry into effect
all matters pertaining to consolidation.
The entire plan subject to the approval of the stockholders of the two
companies.

John W. Barr Jr. is President of the Fidelity Trust Co.
and L. W. Botts is President of the Columbia Trust Co.
—It is proposed to increase the capital of the Seaboard
Bank of Norfolk from $100,000 to $200,000 and to convert
the institution to the Federal system under the name of the
Seaboard National Bank. The new capital, it is announced,
has already been over-subscribed by syndicates headed by
Goldsborough Serpell, President of the bank, and W. T.
Old of Elizabeth City, N. C.; the stockholders, however,
have been given an opportunity to secure some of the stock,
which has remained open for subscription until the 2nd inst.
Mr. Old and W. S. Blades were elected to the directorate
of the bank at the annual meeting. The Seaboard Bank
was organized in 1905.
—W. L. Walters has been elected President of the Commonwealth Bank of Richmond, succeeding H. L. Denoon,
who declined re-election. Mr. Walters' place as Cashier
has been filled by the election thereto of H. G. Proctor; F. P.
McConnell has been elected Vice-President, and S. E. Walters, formerly an Assistant Cashier, has also become a VicePresident.
—The Richmond (Va.) Bank & Trust Co., organized in
November, began business on January 2. The new
institution has been formed with a capital of $300,000, and
it occupies the former home of the National Bank of Virginia
at 11th and Main Streets. The bank starts under the
direction of H. R. Pollard Jr., President; W. J. Whitehurst,
and S. T. Beveridge, Vice-Presidents and Clinton L. Williams, Cashier. Mr. Pollard is a member of the real
estate firm of Pollard & Bagby; Cashier Williams was formerly
Trust officer of the Bank of Commerce & Trusts.
—Authority to increase the capital of the Hols ton National
Bank of Knoxville from $400,000 to $500,000 was conferred
by the stockholders at the recent annual meeting.
—The Hillyer Trust Co. of Atlanta, Ga., is now located in
its new building on Peachtree St., in the heart of the business
district. The building was opened with an informal reception, when the many patrons of the institution availed of the
opportunity to inspect the new quarters. The structure is
eight stories in height and the first three floors are occupied
by the company, in addition to which it has a complete
safe-deposit department below the street floor. The exterior of the building is of carved white limestone and gray
brick; the interior of the main banking room is especially
attractive and is furnished in white marble and solid mahogany
with bronze grills. The Hillyer Trust Company was incorporated in 1910 as successor to the Hillyer Investment
Co., formed in 1906. It has a paid-in capital of $250,000
on which the payments of dividends at 4% per annum, was
begun in July last. The officers of the company are Henry
Hillyer, President; William Hurd Hillyer, Vice-President
and Treasurer; George S. Lowndes, Vice-President; J. S.
Todd Jr., Secretary and Herbert L. Wiggs, Trust Officer.
—A reduction in the capital of the Montgomery Bank &
Trust Co. of Montgomery, Ala., was authorized by the
stockholders on the 18th ult. The institution has an
authorized capital of $500,000, of which $250,000 had
been paid in; at the meeting referred to it was decided




[VoL. Lxxxxiv.

to reduce the paid-in amount to $150,000 and to create a
surplus fund of $100,000. The dividend rate was raised at
the same time from 6 to 8% per year.
—The proposal to increase the capital of the Sullivan
Bank & Trust Co. of Montgomery, Ala., from $100,000 to
$250,000 was ratified by the stockholders on December 26.
The stock was issued at $110 per share. W. Nash Read, a
son-in-law of the late M. H. Sullivan, has become Cashier
of the institution.
—The creation in 'Houston of a bank with resources of
close to $15,000,000 is proposed through a consolidation
which has been arranged between the Commercial National
Bank and the South Texas National Bank of that city.
Under the proceedings entered into, the two existing banks
will simultaneously be placed in voluntary liquidation, substantially all their assets being immediately acquired by the
new organization, which is.to be formed under the name of
the South Texas Commercial National Bank. Owing to
the legal requirements incident to the merger, which must
be complied with in the meantime, the consolidation will
not become effective until March. The proposed bank is
to have a capital of $1,000,000, a surplus of $500,000 and
undivided profits of approximately $50,000. The consolidating banks each has a capital of $500,000, and their stockholders will be given the privilege of subscribing to an
amount of stock in the succeeding institution equal to their
present holdings. Those not desiring to exercise this privilege will receive in cash the liquidating value of their stock
holdings. The Commercial National Bank has surplus and
profits of about $625,000, and on Dec. 5 its deposits amounted
to $5,724,790. The South Texas National has surplus and
profits of $460,000, while its deposits under the last call of
the Comptroller of the Currency were $5,981,428. The
management under which the South Texas Commercial National Bank will begin operations will be as follows: Chairman
of the Board, Charles Dillingham; President, W. B. Chew;
Active Vice-President and Cashier, B. D. Harris; Vice-Presidents, James A. Baker, John M. Dorrance, J. E. McAshan
and Thornwell Fay; Assistant Cashiers, August de Zavala,
P. J. Evershade and Paul G. Taylor. The bank will occupy
the two-story building of the South Texas National Bank—
one of the handsomest banking structures in the South. The
Commercial National also owns its building, but in view of
the law which prohibits a national bank from owning real
estate outside of its actual home, it is probable that a building company will be organized to take over the property.
The South Texas National was organized in May 1890, and
its capital has remained at $500,000 since its formation.
Mr. Dillingham has been its President since 1898; Mr. Harris
is the active Vice-President and Cashier and Mr. McAshan
is also a Vice-President. The Commercial National dates
from July 11886; its capital was originally $200,000, but was
increased in 1902 to $300,000 and in 1909 to $500,000. Mr.
Chew is President and has held that post since 1891; Messrs.
Baker and Fay are Vice-Presidents of the Commercial and
Mr. Evershade is acting Cashier.
—The Standard Trust Co. has been organized in San
Antonio with a capital of $250,000, all of which, it is announced, has been paid in. The institution will conduct a
general trust and banking business and will specialize in
making and selling mortgage loans. The officers are:
J. M. Bennett, President; R. J. Kleberg and E. B. Carruth,
Vice-Presidents; J. M. Bennett Jr., Treasurer; James Anderson, Secretary; and W. J. Moore, Chairman of the Board.
—A movement is under way to organize a new institution in New Orleans under the name of the Banking Trust Co.
Subscriptions to the capital are sought, the stock being offered at $125 per share, $25 going to the surplus and the capital and surplus to aggregate $1,250,000. Deposits will not
be solicited by the new company, its activities being confined strictly to the business of a trust company in all its
branches. The charter of the institution provides that the
President, Vice-President and Treasurer shall receive no
salaries whatever until after the stockholders have been paid
a first dividend of 6% on the capital. The following constitute the first board of directors: J. B. Levert, Chairman of
the Board (of J. B. Levert & Co.); Ovide La Cour, President
(planter); W. Morgan Gurley, Vice-President (attorney and
notary public); Jules M. Burguieres of J. M. Burguieres &
Co., Ltd., and tile Louisiana Sugar Co.; William C. Dufour
of Dufour & Dufour, attorneys; F. A. Maddox, Manager the
Fairbanks Co.; John May, attorney; John Poitevent of the
Poitevent & Favre Lumber Co.; R. N. Sims, President New

FEB. 3 1912.1

THE CHRONICLE

325

Orleans Casualty Co. and Louisiana Manager of the West
January.
Kentucky Coal Co., and Arthur B. La Cour, Treasurer. Mr. Clearings atInc. or
1912.
Dec.
1911.
1909.
1910.
Gurley is chairman of the organization committee.
Francisco_ __ 222,320,255 198,716,360 +11.9 190,095,574 152,619,299
-In announcing the twentieth anniversary of the organiza- San
Los Angeles_
92,805,727
48,851,662
61,776,089
73,775,343 +25.8
tion of the Old National Bank of Spokane, which occurs Seattle
45,655,093
49,744 217
35,301 248
42,280,493 +8.0
Portland ___
43 841 289
25,709,299
41.343,303 +6.0
38,055 581
the present month, President D. W. Twohy takes occasion Spokane
18,592,427
14,495,429
18,549,028 +0.2
19,474,203
Salt Lake City_ _
37 013 446
26,034,579
29,854,425 +23.9
29,981.665
to compare its growth with that of the city. In the year Tacoma
18,546,146
24.133,281
19,108,872
18,176,553 +2.0
Oakland
18 384 928
16,626,985 +10.6
9 636 722
7 830 159
the bank was established, namely 1892, deposits of $100,000 Sacramento.
7 017 267
4 994 783
6 274 703 +11.8
3 865 409
9 710 760
were recorded, and the city's population amounted to 23,000. San Diego
4.210.974
4.886.537
6 084 914 +59.6
Stockton
3.406,250
2,184,621
1,919,263
2,806,499 +21.4
In 1902 deposits had grown to $1,000,000, the population in Fresno
3,695,742
2 134 751
2 967 413
3,045 597 +21.3
Pasadena
4.462.442
3,415.482
3,549,690 +25.7
the ten-year period increasing to 40,000, while in 1912, when San Jose
3,148,100
1,950,288
2,124,419
2,071,260 +52.0
North Yakima
1,522,590
1,198,734
1,860,723
1,871,144 -18.7
the population stands at 104,000, the bank's deposits have Boise
3,500,000
2,618,085
2,347,810
4,020,641 -12.9
Reno
risen to $8,700,000. Thus, it is shown, the growth and Ogden
1,007,000
1,005,274
1,058,180
924,003 +9.0
2,710,883
2,351,965 +15.3
progress of the bank have surpassed that of the city itself, the
Total Pacific
537,340,345 472,322.906 +13.8 450.007,575 347,527,774
percentage of growth in the latter case being 452%, while in
Kansas City
229,012,983 237,481,885 -3.6 216,960,367 118,953,477
the case of the bank it is 8700%.
Minneapolis
85,699,581
85,684,405 +0.02
96,859,099
70 701 406
Omaha
68,260.943
57,183,788
68,044,069
61,439,309 +11.1
-The consolidation of the Citizens National Bank and St.
Paul
43.587,752
41,439,023
45,141,784 -3.4
42.794,962
the Mercantile Bank of Seattle went into effect on Janu- Denver
42,314,391
37,982,498
40,373,217 +4.8
41,430,789
St. Joseph
36,091,205
27,835,841
32,287,830
+11.8
31,580,846
reference
to
the merger appeared in Duluth
ary 2. Previous
13,156,072
11,413,720 +15.3
15,582,666
Des Moin
18.191,411
13,333 255
15,944,935 +14.1
16,298,506
these columns December 16. It is stated that while the Sioux
City.......
10,631,314
10,634,103 -0.03
10,671,785
10,818,439
Wichita
15,116.547
13.020,187 +16.1
principal stockholders of the Mercantile Bank purchased Lincoln
7,486,678
11,076,099
7,192,728
6,656,888 +8.1
5,922,494
6,931,236
the controlling interest in the Citizens' National and in Davenport
7,215,649
7,086,376 +1.8
5,268,482
8.865,405
7,401,672
7,124,117 +3.9
5,884,721
5,545,482
reality consolidated the latter with the Mercantile, so far Topeka
Cedar Rapids _ _
5,515.913
5,911,859 ---8.7
5,871,172
4,242,987
Colorado Springs
2.814,571
2,833,971 ---0.7
3,046,473
3,338,361
as the official steps in the merger are concerned the Citizens' Pueblo
3,015,206
2,985,461 +1.0
2,461,892
3,036,774
National has taken over the Mercantile. On the 22nd inst. Fargo
3,274,814
2,897,140 +13.0
2,657,294
3,985,955
Sioux Falls
2,054,350
2,529,251
4.143,697 -50.4
3,879,923
the Comptroller of the Currency authorized the change in the Fremont
1.329,702
1,790,182
1,514,123
1,285,655 +3.4
Waterloo
4,984.448
4,721,170 +5.8
3,683,748
corporate title of the Citizens' National Bank to the Mer- Helena
3,923,515
4,167,542 -5.8
4:078,398
4,085,769
Billings
1,243.932
531,027 +134.3
cantile National Bank. The officers of the consolidated Hastings
715,144
779,760
730,087
835,586
482,302
12.6
bank are William N. Redfield, President; M. J. Henehan, Aberdeen
1,228,293
1,477,810
16,9
1,787,618
Joplin
3,121,369
2,085,228 +49.7
D. B. Fairley, J. L. Jaffe and Franklin Shuey, Vice-Presidents; C. S. Harley, Cashier; R. F. Harley and E. W. Tot. oth.West_ 817,108,446 608,164,902 +1.5 603,509,026 493,908,488
Campbell, Assistant Cashiers.
Week ending January 27.
-J. W. Spangler, Vice-President of the Seattle National Clearings atInc. or
Bank of Seattle, has been elected a director of the institution.
1912.
1911.
Dec.
1910.
1909.
-At the annual meeting of the Traders' Bank of Canada
$
$
S
Francisco_
45,607,495
40,587,949 +12.4
43,059,508
31.538.803
(head office Toronto) on Jan. 23, a second vice-presidency San
Los Angeles
19,671,676
16,807,273 +24.4
14,394.998
9,781,458
was created and W. J. Sheppard was elected to the office. Seattle
9,495,235
9,407,393 +0.9
5,587,127
10,643,660
Portland
8,153,564
8,053,724 +1.2
7,582,425
4,951,333
Mr. Sheppard is President of the Georgian Bay Lumber Co. Spokane
3,642,737
3,633,050 +0.3
3,974,241
2,857,990
Lake City
7,867,627
6,011,173 +30.9
5.485,161
5.128,070
An amendment to the by-laws was also made, increasing the Salt
Tacoma
4,056,575
3,963,071
+2.4
4,287,935
5,480,380
Oakland
3,757,697
3,232,228 +16.2
1,906,719
1,585,304
number of directors from seven to eight, and J. B. Tudhope Sacramento
1,185,961
1,275,878 -7.1
950,497
746,400
Stockton
656,618
of Orillia was elected as the additional member. The new
561,886 +16.7
460,129
315,016
Fresno
829,848
670,893 +23.7
714,203 ' 354,144
statement of the bank for the year ending Dec.30 1911 re- Pasadena
1,065,624
794,761 +34.1
800,000
Jose
63$,426
379,645 +68.2
397,728
375,000
flects considerable growth, the resources being over $5,000,- San
North Yakima.._
314.987
343.386 -8.3
400,000
278,627
Reno
254,488
greater
240,000
than
at the end of the preceding year, having
000
275,000
F 225,000
+6.0
increased in the twelve months from $47,152,737 to $52,427,Total Pacific.. 107,198,558
95,202,310 +12.6
96,799,649
69,952,306
•
827. The deposits (interest-bearing and non-interest-bear- Kansas City__
52,001,988
53.328,387 -2.5
47,363.485
40,347,821
Minneapolis
17,957,502
19,059,932 --5.8
21,382,750
14,577,814
ing) reach $39,977,638 in the latest report and compare Omaha
15,710,447
14,099,383 +11.4
14,302,268
11,364,806 '
10,155,614
with $36,077,835 on Dec. 311910. An addition of $200,000 St. Paul
9,260,216 +9.7
10,360,266
8,284,807
Denver ___
9,666,094
9,090,816
8,522,028
+6.3
7,899,516
has been made to the rest account out of the total of $754,- St. Joseph
8,315,722
6,899,400 +20.5
7,291,576
5,036,943
Dbluth
2,734,079
2,978,559 -8.2
3,567,449
569 available for distribution (of which $601,134 represented Des
Moines
4,013,129
3,231,367 +24.3
3,391,800
2,379,095
City
2,463 087
2,270,600 +8.5
2,443,268
2,032,910
the net profits), making the total reserve fund now $2,500,- Sioux
Wichita
3,179,136
3,334,498 -4.6
2,734,948
1,743,557
000. After the other customary appropriations, $181,209 Lincoln
1,407,403
1,350,287
1,490,372
+4.2
1,213,323
Davenport
1,598,185
1,404,809 +13.8
1,123,878
1,260,922
is carried forward to the new profit and loss account. The Topeka
1,599,394
1,319,244 +21.2
1,153,740
1,269,447
Cedar Rapids_ _
1,119,038
1,084,716 +3.2
1,370,137
716,010
bank has a paid-up capital of $4,354,500,on which it pays Colorado
Springs
546,294
531,740 +2.7
695,852
617,299
Pueblo
638,410
556,923 +14.6
dividends of 8% per annum. Since its inception in 1885,
633,309
441,135
Fargo
634,017
610,746 +3.8
824,749
532,491
total dividends of $3,080,355 have been paid by the insti- Fremont
267,423
334,784 -20.1
386,270
329,030
Waterloo
1,156,390
962,253 +20.2
797,767
tution. It has 125 branches throughout the Dominion. Helena
805,031
983,372 -18.1
724,819
814,712
Billings
219,461
102,980 +113.2
159,278
169,688
C. D. Warren is President, Hon. J. R. Stratton is First Vice- Hastings
___ _
171,952
183,626 -16.4
165,000
President, Stuart Strathy, General Manager, and N. T. Aberdeen
306,362
257,663 +18.9
420,000
Hillary, Assistant General Manager.
Tot. 0th, West 136,686,158 133,236,301
+2.6 131,305,040 101,031,126
-The Banking and Commerce Committee of the Canadian
Canadian Bank Clearings.-The clearings of the Canadian
Parliament has authorized the Union Bank of Canada to
change its headquarters from Quebec to Winnipeg. The banks for the month of January 1912 show an increase over
proposition was approved by the stockholders of the bank the same month of 1911 of 27.1%.
in December.
January
Clearings at

Clearings by Telegraph-Sales of Stocks, Bonds, &c.
The subjoined table, covering clearings for the current week,
usually appears on the first page of each issue, but on account
of the length of the other tables is crowded out once a month.
The figures are received by telegraph from other leading cities.
Clearings-Returns by Telegraph.
Week ending Feb. 3.

Per
Cent.

1912.

1911.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$1,771,123,759
173,927,824
134,502,409
35,748,943
252,820,921
63,364,164
18,180,158

$1,839,037,125
151,526,600
141,966,846
33,581,409
232,376,058
68,757,339
18,032,516

-3.7
+14.8
-5.3
+6.5
+8.8
-7.7
+0.8

Seven cities, 5 days
Other cities, 5 days

$2,449,668,178
507,216,409

82,485,277,953
496,274,118

-1.4
+2.2

Total all cities, 5 days
All cities, 1 day

$2,950,884,587
619,364,814

82,981,552,071
595,702,957

-0.1)
+3.9

53.576 240 401

es n77 9c,n9a

,r.t.,t nil Affirm fnr cupric

_11 (V2

1912.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
IIaltfax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw _
Fort William
Total Canada_

1911

Inc. or
Dec.

1910.

1909.

$
$
%
209,000,000 175,630,068 +19.0
175,019,996 144,716,325 +20.9
110,000,000
76,019,597 +44.7
48,371,226
38,953,289 +24.2
22,028,048
16,687,249 +32.0
11,631,964
9,833,769 +18.3
8,747,947
7,435,148 +17.5
12,670,922
9,124,652 +38.9
6,918,209
6.412.783 +7.9
6,542,859 +5.5
6,904.546
18,599,428
13,033,848 +42.7
9,013,716 +30.9
11,902,519
7,029,019 +103.8
14,328,480
7,860,812
4,189,527 +87.6
2,111,213 +18.3
2,498,257
2,669,025
2,014.214 +32.5
7,010,084
3,321,646 +111.0
2,800,000
2.190,669 +27.9
3,979,906 Not Included In total
Not included in total

$
174,154,089
134,571,457
69,703,144
29.274,530
15,813,594
9,945.298
8,993,057
7,930,767
6.463,577
5,786,808
9,447,788
7,390,767
5,243,160
3,511,208

$
134,935,526
116,564.080
51,729,453
16,406,127
13,999,766
9,085,776
7,760,344
6,259,986
5,742,472
5,258,393
5,561,296
4,235,476
3,580,022

678,961,493

988,229,244

381,118,717

534,259.616 +27.1

The clearings for the week ending Jan. 27 at Canadian
Pacific and Other Western Clearings brought forward from cities, in comparison with the same week of 1911, show an
first page.
increase in the aggregate of 20.9%.



Week ending January 27.
Clearings at1912.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William

43,090,468
37,477,833
22,354,186
10,718,625
5,061,971
2,545,291
1,622,179
2,474,988
1,587,596
1,410,603
4,000,653
2,648,868
3,365,692
1,874,969
457,866
615,978
1,630,881
497,671
952,571
663,351

1911.

Inc. or
Dec.

1909.

1910.

$
39,969,194 +7.8 41,180,444 30,036,274
30,679,842 +22.2 27,223,541 25,027,841
15,583,701 +43.4 13,577,667 11,186,949
9,570,778 +12.0 6,843,963 3,973,761
3,791,346 +33.5 3,571,969 2,985,826
2,132,322 +19.4 2.095,548 1,925,702
1,461,676 +11.0 1,924,201 1,717,123
2,226,414 +10.7 1,584,979 1,290,173
1,450,617 +9.4 1,386,381 1,176,646
932,837
1,316,119 +7.1 1,124,074
3,944,433 +1.4 2,126,989 1,299,201
2,064,948 +28.3 1,859,469 1,069,029
894,749
710,505
1,375,588 +144.6
614,163
852,297 +120.0
362,273 +26.2
466,836 +31.9
759,271 +101.6
498,243 -0.1
Not incl. in total
Not incl. in total

143,336,318 118,505,898 +20.9 106,008,527 83,331,867

Total Canada

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for the month of January in 1912 and 1911 are given below:
Aver. Par Value
or Quantity.
Pri

Actual
Value.

Par Value
or Quantity.

Actual
Value.

Aver.
Price

10,416,520
$958,417,28 08.7 3907,563,875 $872,467,411 96.1
$71,386,506
$105,417,618 95.3
$68,558,417 96.0
$1,009
$137,42 104.1
$1,01 101.8
$20,236,35? 100.6
$20,116,500
$3,043,193 97.1
$406,972 244.4
$87,340 247.4
$166,500

10,906,13
8970,876,42
RR. bonds 8110.566,50
$132,00
Gov't bds_
33,135,50
State bonds
335,30
Bank stks_
StockfShs

$1,084,745 725$1 067,102,863 98.4 $999,234,375

3961,670,17

96.2

The volume of transactions in share properties on the
New York Stock Exchange each month. since July 1 in
1911-12 and 1910-11 is indicated in the following:
SALES OT STOCKS AT THE NEW YORK STOCK EXCHANGE.
1910.

1911.
Wth
Number
of
Shares.

Values.
I

Actual.

Par.

Number
01
Shares.

lthqii34,912,27 3.183,267,42 -3,086,694,24 :.33,988,0913.056,114,7622,864.890,534
1011.
958.417.28; 10.416.72; 907.563.876 872.467,419

The following compilation covers the clearings by months
since July 1 1911-12 and 1910-11.
MONTHLY CLEARINGS.

Clearings Outside New York.

Clearings, Total All.
Month.
1910.

s

$

%

1911.

1910.

%

$
$
July.. 13,050,997,907 13,312,852,487 -2.0 5,535,161,493 5,434,185,690 +1.8
Aug _ 12,645,891,021 11,537,521,791 +9.6 6,261,768,815 5,075,253,966 +3.8
Sept _. 12,590 769.591' 11,395,370,432 +10.5 5,405,792,451 5,164,355,487 +4.7
3d qr_ 32,287,658,531 36.245 744 712 +5.6 16 202 722 759 16.573,795,143 +3.2
Oct __ 13,545,778,628 13,826,249,067 -2.0 6,035,674.738 5,922,160,013 +1.9
Nov.. 14,080,295,949 13,631.598,47 r +3.3 6,006,420,236 5,817,294,390 +3.3
Dec _ 14,204,677,330 13,963,284,047 +1.7 6,092,866,262 5,938,479,169 +2.6
4th qr. 41,830.751,907 41,421,131,591 +1.0 18,134.861,236 17,677,933,562 +2.6
1911.
1912.
1911.
1912.
Jan __ 15,183,197,301 14,499,715,189 +4.7 6,347,615,761 5,969,466,619 +6.3

The course of bank clearings at leading cities of the country
for the month of January in each of the last eight years is
shown in the subjoined statement.
BANK CLEARINGS
1912.
(000,0003
omitted.)
$
8,836
New York
1,253
Chicago
843
Boston
716
Philadelphia
347
St. Louis
223
Pittsburgh
222
San Francisco
173
Baltimore
Cincinnati,,121
229
Karma City
Cleveland
98
Minneapolis
86
106
New Orleans
Detroit
90
65
Louisville
68
Omaha
40
Providence
Milwaukee
59
93
Los Angeles
52
Buffalo
44
St.Paul
42
Denver
37
Indianapolis
39
Richmond
41
Memphis
46
Seattle
37
Salt Lake City
22
Hartford

AT LEADING CITIES IN
1911. 1910. 1909. 1908.
$
5
$
$
8,530 11,249 8,884 6,7.50
948
1,146 1,161 1,123
685
781
881
824
528
574
698
663
2/2
298
313
353
199
181
220
217
148
153
199
190
114
126
143
156
115
129
113
120
148
189
217
237
72
71
86
87
93
71
97
86
92
85
118
98
57
58
74
81
50
64
67
66
51
57
61
68
33
33
41.
39
47
40
54
61
38
49
62
74
35
41
47
48
41
41
45
42
33
40
38
41
30
39
39
42
27
35
32
37
25
39
27
32
31
42
35
50
17
26
30
30
17
19
16
21

JANUARY.
1907. 1906. 1905.
$
$
3
9,638 11,238 7,735
1,040
814
987
843
905
657
674
712
556
290
255
283
242
195
251
206
186
138
137
108
131
132
123
108
115
139
94
73
81
69
70
83
79
111
108
96
56
62
'50
62
62
53
45
40
36
39
40
33
50
36
44
58
35
47
30
35
38
38
26
32
36
29
31
40
30
33
24
.31
20
26
25
28
19
33
38
17
32
29
14
17
17

Total
Other cities

14,028 13,438 16.223 13,270 10,696 14,272 15,699 11,352
637
775
496
679
780
1,155 1,062
937

Total all
Outside New Y2rk

15.183 14,500 17,060 14,050 11,375 15,047 16,336 11,848
6,347 5,970 5,911 5,166 4,625 5,409 6,098 4,113




Silver.

Gold.
Months.
Bullion.

Coin.
1911.
January
February
March
April
May
June
July
August
September
October
November
December

1,146,400
2,018.200
15,957

650,000
747,000
401,360
10,250
11 400

Total 12 months
12 months 1910

Total.

Bullion.

Coin.

$
302,472 1,447,872
184.031 2,202,231
294,350
278,393
233,645 233,545
199.563 199,563
398,989 398,989
199,001 199.001
47,293 697,293
170,324 917,324
219,752 621,102
251,531 261,781
110 601 122 001

50,338
60,340
54.780
71,560
46.540
21,309
63,450
73.730
21,160
121,160
148,358
4.750

$
72,262
116,336
99,031
64,790
35,666
101,870
71,849
17,834
49,798
42,746
69,289
23.612

Total.
122,600
176,676
153,811
136,350
82,206
123,269
135,299
91,564
70,948
163,896
217,647
28.282

737.646 764,983 1,602,528
812,123 1,005,796 1,817.919

4.999,557 2,595.495 7.595,052
1,045,354 2,428,359,4,373,713

EXPORTS OF GOLD AND SILVER FROM SAN FRANCISCO.
Silver.

Gold.
Months.
Cain.
1911.
January
February
March
April
May
June
July
August
September_
October
November _
December

Bullion.

Total.

Coin.

Bullion.

Total.

$
5,000
350

663,000

668,000
350

200
2,000
1,990,000 1,990,000
707
707

814,000
814,000
1.036,000 1,036.000
1,096.000 1,096,000
734,100
734,100
762,400
964,486
202.086
738,100
765,100
17,000
817.400
817,400
1,004,372 1,004,372
805,584
805,584
180.600
180,600
658,200
658.200

7,890 2.663,707 2,671,597
10,000 1,970,208 1,189,208

219,086 8.646,756 8,865,842
31,000 7,451,259 7,482.529

10,000
340
200
2,000

10,000
340

Actual.

Par.

Oct.io.o36 ii1,003,848,32- 942,988,87; 13,452,381 1,228,154,700 1,229,096,411
Nov_ 14,919,48 1.352,048,15' 1,349,488,96, 10,713,469 963,828,47. 875,079,847
Dee. 9,055,88 827,370,951 794,216,40: 9,822,240 864,131,551 1759,814,276

1911.

IMPORTS OF GOLD AND SILVER AT SAN FRANCISCO.

Total 12 mos
12 mos. 1910_

Values.

$
$
$
$
July, 5,476,551 503.137.301 486,492 74 i 14,254,713 1,284,761,9251,235,461,646
.371.606.251 1.308,437,41 10,392,78: 919,409,951 855,016,748
Aug_ 14,994 5331 .371.606.25
Sept 17.395.05711,594,873.875 1,401,457,49: 7,673,529 666.140,110 600,099,980
Id (p 37.867,04 3,469,617,4253,196,387,66132,321,0312,870,311,975 2,691,478,376

1912.
Jan _ 10,000,1381 970,876,42

IMPORTS AND EXPORTS OF GOLD AND SILVER AT
SAN FRANCISCO.
The Collector of Customs at San Francisco has furnished us
this week with the details of the imports and exports of gold
and silver through that port for the month of December,and
we give them below in conjunction with the figures for preceding months, thus completing the results for the twelve
months of the calendar year 1911.

January 1911.

January 1912.
Description.

Total _

(Void. Lxxxxnr.

THE CHRONICLE

326

IMPORTS AND EXPORTS FOR DECEMBER.
The Bureau of Statistics at Washington has issued the
statement of the country's foreign trade for December, and
from it and previous statements we have, prepared the following interesting summaries:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are in all cases omitted.)
MERCHANDISE.
Imports
Exports
1911.
1909.
1910.
1911.
1909.
1910.
January
$197,083 $144.461 $156,713 $130,561 $133,671 $103,576
118.654
130.118
121,695
February _- 175,957
126,062
124,558
162,999
132,874
139.042
139.291
March
161.933
143.658
122,168
125,175
157.988
13:3,922
April
119,827
133,110
116,061
118.838
129,814
123.323
131.084
May
163,152
119,876
124,665
122,807
117.419
June
127.888
141,707
117.316
112.488
118,054
109,337
114,628
July
127,697
117,094
138,868
125,945
109.752
134.668
August
144,185
117,265
121,015
126,172
153,963
168,874
September__ 195,799
127,673
124,046
133,206
200,697
207,709
October
210,306
129,780
140,509
126,164
193,999
206,620
November
201,763
138,744
138.709
140,615
172,478
229,003
December
224,763
$2,092,373 $1,886,259 $1,728,199 $1,532,932 $1,562,901 $1,475,521
GOLD.
ImportsExperts
1909.
1911.
1910.
1909.
1910.
1911.
$3,420
$2,131
59.541
$7,866
$6,163
$924
/anuary
3,570
3,063
5.806
8.861
2,937
425
February
6,162
4.119
4,374
21,252
1,816
March
605
3,346
2,101
4.525
6,338
38,284
April
1,506
2,264
8,143
11,171
5,015
719
6,817
May
4,676
2,368
4,768
8,347
1,698
June
3,075
10,283
3,270
2,595
16,662
829
2,178
July
12.819
6,3
4,105
9,230
3,160
August
481
3,192
2,3
4,704
7,547
1,823
2,353
September
4,250
7,034
4,1(12
9,379
750
3.984
October
4,313
3,863
3,458
15,649
13,941
1,376
November
4,977
2,084
• 4,707
10,579
1,330
994
December
-$44,087
$59,222
857,445
$37,183
$58.775 $132,881
Total
SILVER.
ImportsExports
1910.
1909.
1911.
1909.
1910.
1911.
54.248
$3,665
53,552
$4,542
$4.498
January
*5.651
3,155
3.898
3,609
4,863
4.689
4.453
February -_
3,995
3,280
3.197
5,079
4,553
5,897
March
3,841
4,262
4,222
4,952
7,610
4,697
April
3.556
3,355
3.857
4,428
4,131
5.054
May
3,506
3,308
4,339
6,505
5,778
4.587
Juae
3.921
3,795
3,1)16
5,049
5.124
5.275
July
3.653
4.119
3,191
4,495
4,870
4,756
August
3,442
4,162
3.261
4,386
4.941
4,830
September...
3,404
4,049
3,395
4.054
5,087
4,270
October
3,339
4,695
4,827
4,951
5.052
5,265
November
4,204
3,307
4,398
5,298
5,997
6.061
December
Total

545.878
843,747
557.592
557.361
565.665
EXCESS OF EXPORTS OR IMPORTS.
-Gold
Merchandise
1911.
1910.
1911.
1911.
1909.
1910.
8
$
January
+60.522 +10,790 +58.137 -8.617 +4,032 +2.099
-128
+655
February
+54,262 -5,560 +7,398 -5.381
March
+22.891 -19,341 +6.417 -3,614 -2,558 +2,700
April
+38,161
-812 +3,007 --3,019 +34,183 +3,358
+23,338 +12.246 +7.262 +1.802 -2,424 +1,498
May
June
+18 900 +8.012 -7,246 -1.693 -2,978 +2,272
-417 -9,454 +1.354
July
+9.643 -2,688 -3.151
+18,240 -3,692 -7,342 -3,624 -9.669 +1,217
August
+779
+70,627 +51,609 +32.948 -2,351 -1,369
September
-118 -3,500 +1.683
+77,100 +83.663 +73,024
October
November ----+75.589 +70.834 +53,400 +10,483 -2,937 +1,713
December
+84,109 +92,293 +33,734 -3,713 -3,847 +2,690
Total

Total
+559,441+303,354+252.678 -20,262
-I- Exports -Imports.

$40,188
---1910.
+250
+1,434
+558
+856
+776
+1,279
+1.329
+637
+1,388
+875
+438
+1.663

--447 +21,918 +11.483

THE CHRONICLE

FEB. 3 1912

327

We subjoin the totals for merchandise, gold and silver for crate and there is an expectation that the Bank of England
will be able to put down its rate of discount some time in
twelve months since Jan. 1 for six years:
February. Money is scarce, partly because trade is exceedSilver.
Merchandise.
Gold.
ingly good, and therefore the internal circulation is large,
Twelve
partly because the collection of the revenue is now on a great
Excess
Excess
Months.
Excess
of
IntExscale and is transferring immense sums from the open market
Exof
blie
IntExof
ports.
ports. Exports ports. ports. Exports ports. ports. Exports to the Bank, and partly because India is withdrawing gold
to an unexpected extent. During the week ended Wednes$
5
$
$
$
$
$
3
$
1911_ __ 2,092,373 1,532,932559,441 37,183 57,445/20282 65,665 43,747 21.918 day night she took £720,000 in the metal, and she began
/447 57,361 45,878 11,483
1910_ __ 1,866,2591,562,904303,334 58,775 59,222
1909._ 1,728,1991,475,521252,678 132,881 44,087 88,794 57,592 46.188 11,404 the new week on Thursday with a withdrawal of £400,000,
1908._ 1,752.835 1,116,374 636,461 81,215 50,276 30,939 51,837 42,224 9,613 while all the reports from India are that trade is exceedingly
1907_ ._ 1,923,4261,423,170500,256 55,216143,398 /88,182 61,626 45,912 15,714
1906_ _. 1,798,243 1,320,502 477,741 46,709 155,579/108870 60,957 44,228 16,729 active. The Banks of Bengal and Bombay have put up
their rates of discount from 6% to 7%. The demand for
/ Excess of imports.
currency is urgent and the demand for remittances surpasses
years
expectation.
Similar totals for the six months since July 1 for six
The India Council offered for tender on Wednesday 100 lacs
make the following exhibit:
of its bills and telegraphic transfers, and the applications
Silver.
Gold.
Merchandise.
amounted to nearly 1,412M lacs, at prices ranging from.
Six
is. 4 3-32d. to is. 4 5-32d, per rupee. Applicants for
Excess
Excess
Excess
Months.
bills at is. 4 3-32d. and for telegraphic transfers at is. 430.
of Exports!Imports of
Exports Imports of
Exports. Imports.
Exports
Exports
Exports
per rupee were allotted 5%, and above in full. Next week
120 lacs will be offered.
$
$
$
$
$
$
260 31,221 21,786 9,435
1911... 1,104,553 769,186 335,367 23,931 23,671
The following returns show the position of the Bank of
1910._ 1,061,500 763,480 298,520 9,258 39,834 /30,576 30,307 23,977 6,330
1909... 940,225 757,523 182,702 69,046 23,952 45,094 28,233 23,317 4,916 England, the Bank rate of discount, the price of consols,
1908._ 875,038 593,923 281,115 27,697 23,888 3,829 26,323 21,082 5,241 &c., compared with the last four years:
1907_ 982,978 671,891 311,085 18,915 121,929 103014 32,407 23,517 8,890
1906._

940,401

683,143 257,258 15,098 93,041 /77,943 27,520 20,551

WonetarifiCommercialguglasttnnus
*MA/MO.

(From our own correspondent.)

London, Saturday, Jan. 20 1912.
The results of the first ballots at the German elections made
a favorable impression throughout Europe, which was
strengthened by the composition of the new French Cabinet.
Consequently the stock markets opened at the beginning of
the week with an improved tone, and there was a general
advance in quotations. The advance, however, was speedily
checked, and in the middle of the week markets fell back
into complete dulness. Partly this was due to the continued
weakness of the New York Stock Exchange, and partly it
was a consequence of the labor disputes at home and of the
hesitation of the Paris Bourse. American securities are held
so largely all over Europe that when the New York market
is weak it predisposes all the European markets to weakness
likewise. As regards France, when the Bourse is active it
exercises an immense influence because of the vast wealth
of the French people. When, on the contrary, there is an
indisposition to engage in new enterprise, markets feel the
effect.
Paris is weak, partly because this week a large loan for
20 millions sterling is being brought out by tile Credit Foncier.
Everybody has been preparing to apply. The applications
will unquestionably prove to be on a colossal scale, and dpubtless the new bonds will go to a premium. If the issue is as
successful as such issues usually are, operators will be in a
better mood to enter into new enterprise. Furthermore,
Paris is preparing other large issues, and, lastly, several of
the banking institutions have upon their hands new issues
which were not taken up by the public last year because of
the war scare. It will take some little time, therefore, for
Paris to completely recover confidence. But matters are
shaping themselves for a general improvement. The new
Ministry has been received with a chorus of applause both at
home and abroad. Indeed, the only objection to it is
that its members are too able and too popular to continue
to work together very long. However that may be, it is
undoubtedly an influence in favor of better business, especially as it is welcomed even in Germany.
In Germany the success of tile Socialists has not been received with misgivings by the business community, for it is
well understood that the majority of voters are not Socialists,
but are simply giving a warning that the present policy of
competition in armaments and extravagant taxation cannot
last very long. Moreover, the rise in coal and in steel and
iron has given a fillip to business upon the German Bourse.
Indeed, it is reported there, though we doubt its truth, that
already inquiries have been made in the German coal fields
with regard to the sending of coal to England. The rise in
coal is due almost entirely to the threatened strike in the
English and Scotch coal fields. There has, no doubt, been
a very large demand, which has lessened the accumulation of
coal at the various pits, and thus made more probable an
amicable settlement, for the difficulty on the part of the employers was that the cheapness of coal might land them in
loss if they conceded the men's demands. Now, however,
that the accumulation is so much diminished,there are hopes
that a settlement will be arrived at, the more especially as
the strike, even if it does take place, will not come off till the
end of February.
Concerning the London market, then, the situation is,
firstly, that international politics look much better than they
did, and therefore that there is more hopefulness; secondly,
that there is every prospect of an amicable settlement of the
cotton crisis; and, thirdly, that there is more hope than there
was of a friendly settlement of the coal dispute. Moreover,
though money in the open market is scarce, rates are mod-




Jan. 17.
1912.
£
28,044,040
16,983,685
39,607,897
15,270,184
31.665,009
27.712,507
37,306,547

6,960

/ Excess of imports.

Jan. 18.
1911,
£
27,416,775
10,057,069
40,033,910
14,955,493
27,524,597
25,695,489
34,661,264

Jan. 19.
1910.
£
28,003,850
11,392,392
41,589,836
14,707.945
29,376,890
26,911,426
36,465,276

Jan. 20.
1909.
I:
29,065,080
7,647,713
41,120,895
14,801,155
29,518,552
22,442,985
33,058,065

Jan. 22.
1908.
£
28,259,650
6,753,430
43,328,157
14,332,136
26,344,625
27,523.313
37.332,963

Circulation __
Public deposits_ _
Other deposits
Governml securities
Other securities__
Reserve,notes&coin
Coin&bull..both dep
Prop. reserve to liabilities
__ p. c. 48 15-16
51 3-16
50 13-16
46
5434
.334
Bank rate _
4
4%
P. c.
3
x4
Consols, 2% p. c_ __
8034
77 7-16
82 9-16
83 9-16
84%
243(d.
Silver
25 11-166.
24 3-168. 23 15-16d.
25 9-16d.
Clear.-house returns 344,306,000 319,250,000 309,529,000 275,323,000 249,112,000
x Jan. 23 1908. .Jan. 20 1910.

The rates for money have been as follows:
Jan. 19.
Bank of England rate
4
Open market rateBank bills-60 days
3 13-16
-3 months_ _ _
3 11-16
-4 months_ _ _
33.4
-6 months......
3 546
Trade bills-3 months_ ___
4%
-4 months_ _ _ _
4@)4%
Interest allowed for depositsBy joint-stock banks
2%
By discount housesAt call
234
7 to 14 days
23.4

Jan. 12.
4

Jan. 5.
4

Dee. 29.
4

313-16 354@3 7-16
3 13-16
3%Ct.3 7-16
3%
33(
3 9-16
3%
3% 3 9-16
3 5-16
3 5-16
334
4%
4
4%
4
43(

04

2%

234

234

2%
2%

234
23(

234
234

Messrs. Pixley & Abell write as follows under date of
Jan. 18:
GOLD.-Arrivals of bars from South Africa, India, &c., have amounted to £885,000, whilst in addition upwards of £100,000 more has come from the Continent. Of
this India has taken £195,000, its requirements this week being rather larger than
usual, and a small amount has been taken for the Continent. The balance is being
sent into the Bank of England. Sovereigns have again been withdrawn for India,
the amount taken this week being £825,000, whilst France, Egypt and the Argentine
have each taken £100,000, and £10,000 has gone to Gibraltar. Since our last the
Bank has received £711,000 in bar gold and £5,000 in sovereigns from Germany.
Next week £460,000 is expected from South Africa. Arrivals-South Africa,
£787,500; India, £74,000; Brazil, £18,500; China, £5,000; total, £885,000.
Shipments-Bombay, £138,500.
SILVER.-Indian purchases both for shipment and to cover short sales have been
continued during the past week, whilst China also has been in the market. As
offerings have been on a limited scale, quotations have advanced and close at 26d.
for spot and 26 1-168. for forward; these mark a rise of 9-16d. for spot and 340. for
forward. Of this rise 5-16d. has been established to-day, good orders having been
received from India, where a further loss of 1 crore in the holdings of silver rupees
by the Treasury reducing the amount to about is% crores was announced this
morning, whilst the holding of gold had increased by 1% crores to about 1434 crores.
This drain of silver rupees and increase in the gold brings the possibility of fresh
purchases of silver by the Indian Government distinctly nearer, though it Is not by
any means certain that purchases will be made in the near future, as much will
depend upon whether the present demand for silver rupees continues on a large scale
during the next few weeks. The market at the close is firm as all speculative selling
has ceased and the China banks show no inclination to sell. On the other hand,
speculators who have sold short are covering whilst others are buying for a rise.
The latest quotation from Bombay is Rs. 6554 per 100 tolahs for the February settlement. Arrivals-New York £255,000. Shipments-Port Said £1.500; Bombay.
£119,500; Shanghai, £30,000; Madras, £2,500; Australia (coin), £30,000; total.
£183,500.

The quotations for bullion are reported as follows:
GOLD.
Jan. 18,
London Standard.
s. d.
Bar gold, tine, oz
77 9
U. S. gold coin, oz
76 4
German gold coin, oz.._ 76 4
French gold coin, oz__ 76 534
Japanese yen
76 4

Jan. 11.
8. d.
77 9
76 4
76 4
76 5%
76 4

SILVER.
Jan. 18.
London Standard.
d.
Bar silver,fine, oz._ _ _26
" 2 mo. delivery....26 1-16
Cake silver, oz
28 1-16
Mexican dollars
nom.

Jan. 11,
d.
25 7-16
25 7-16
27 7-16
nom.

The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons: •
Nineteen weeksImports of wheat
Barley
Oats
Peas
Beans
Indian corn
Flour

IMPORTS.
1910-11.
1911-12.
1909-10.
1908-09.
cwt.36,188,400 38,278.800 38,160,840 32,147.400
14,733,000 9,496,200 11,736,900 11,754,300
4,988,800
6,720,300
7,310,600
4,705,500
844,921
2,031,046
806,467
613,630
624,720
348,047
1,512,600
633,820
8,972,500 17,148,800 13,868,900 14,306,600
4,114,400
4,313,300
5,334,400
5,186,200

Supplies available for consumption (exclusive of stock on
September 1):
Wheat, imported
Imports of Hour
Sales of home-grown
Total
Average price wheat, week
Average price, season

1911-12.
1910-11.
1909-10,
1908-09.
cwt.36,188,400 38,278,800 38,160,840 32,147,400
4,114,400
4,313,300
5,334,400 5,186,200
12,463,556 10,283,148 11,110,700 13,632,268
52,766,356 52,875,248 54,605,940 50,965.868
33s. Id,
30s. 8d.
33s. 6d.
329. 00.
328. 9d.
30s. 5d.
339. Od,
31s, 8d.

The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
Wheat
Flour, equal to
Maize

This week.
qrs. 2,325,000
120,000
295,000

Last week.
2,365,000
185,000
375,000

1910-11.
2,060,000
130,000
775,000

1909-10.
2,510,000
195,000
670,000

THE CHRONICLE

328

English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,

Lxxxxiv.

VOLUNTARY LIQUIDATIONS,
8,215-The Citizens' National Bank of Munday, Tex., Dec. 30 1911. This
bank has been consolidated with the First National Bank of Munday, Tex.
2,265-The Wachusett National Bank of Fitchburg, Mass., Jan. 2 1912.
Absorbed by the Safety Fund National Bank of Fitchburg.
7,171-The Cranford National Bank, Cranford, N. J., Jan, 15 1912. To
be succeeded by a trust company.
8,315-The Citizens' National Bank of Alamogordo, New Mex., Jan. 16
1912.
CHANGES OF TITLE.
9,662-The Citizens' National Bank of Seattle, Wash., to "The Mercantile National Bank of Seattle."
8,358-The Farmers' First National Bank of Fulton, Mo., to "The First
National Bank of Fulton."

as reported by cable, have been as follows the past week:
London.
Fri.
Sat.
Mon.
Tuts.
Wed. Thurs.
Week ending Feb. 2.
26 1346
d 269-16 26'4
26 13-1626 13-16 26%
Silver, per oz
773-16 77 5-16 77 7-16 77H
77 9-16 77 11-16
'Consols, 23 per cents
77 5-16 77 7-16 77 9-16 773i
77%
For account
773i
95.46 95.57%
95.35
French Rentes (in Parls)_fr.. 95.25
95.00
95.10
63
62(
6414
Amalgamated Copper Co __
65H
63H
633
72
70H
72
72
72
72%
Amer. Smelt. Sr Ref. Co
bAnaconda Mining Co
7
75
75
7Ji
7X
7%
106H
108H c106H
1063i
Atchison Topeka de Santa Fe.108Y, 107%
106
106
106
Preferred
106
106
106
104% 104'4
c104H
107 yi,
107%
107
Baltimore & Ohio
91
90H
c90%
92H
93
92H
Preferred
DIVIDENDS.
234%
234%
236%
235%
236% 236H
Canadian Pacific
The following shows all the dividends announced for the
74
72H
73H
73'4
'Chesapeake & Ohio
74H
72'4
18
18
18H
18
183i,
18
Chicago Great Western
future by large or important corporations:
104H
109
109H c104H
106%
Chicago Milw. dr St. Paul_ _110
Dividends announced this week are printed in italic .
214
21%
21%
21(
22
22H
'Denver & Rio Grande
45
45H
45%
45H
46
46
Preferred
313
31H
31H
31H
31
31H
Books Closed.
Erie
Per
When
52
52
51H
62
51%
523
First Preferred
Days Inclusive.
Cent. Payable.
Name of Company.
42
42%
42H
42H
42
42H
Second Preferred
139
139H
143% c140
143H
144
Illinois Central
Railroads (Steam).
164
154
154
159
158H
158H
Louisville & Nashville
Feb. 24 Holders of rec. Feb. 3a
Alabama Great Southern, preferred_ __ _ 3
27%
28Y,
27H
27%
28
28y,
Missouri Kansas & Texas_
Arch. Top. & S. Fe, com. (qu.) (No. 27) 1% Mch. 1 Holders of rec. Jan.31a
65
65
65
65
65
66
Preferred
Mch. 10
Atlantic Coast Line Co., Connecticut(qu.) 3
40H
40H
41
41
90%
41
Missouri Pacific
Mch. 1 Holders of rec. Feb. la
3
Baltimore & Ohio, common
71
71
70%
71H
70%
Nat. RR.of Mex., 1st Frei_ 71
Mch. 1 Holders of rec. Feb. la
2
Preferred
35%
363(
35%
36%
35H
35%
Preferred
Second
Feb. 15 Holders of rec. Feb. la
1
Bellefonte Central (annual)
114H
113%
113H
112Y, 114
N.Y. Central & Hudson Riv.112%
'2H Feb. 15 Holders of rec. Feb. 6
Buffalo Rochester & Pittsburgh, common
38
38H
38
38%
38%
39
N. Y. Ontario & Western_
Feb. 15 Holders of rec. Feb. 6
3
Preferred
111%
111%
110% 110%
112
112
Norfolk de Western
23,5 Mch. 1 Holders of rec. Feb. Sc
Chicago Milw. & St. Paul, common
94
Preferred
Preferred
3'4 Mel,. 1 Holders of rec. Feb. Sc
1i5i%
1i6;i
iiel
Ho- 1i§ii
.1206
Northern Pacific
Chic. St. Paul Minn. de Om., com.de pref. 3% Feb. 20 Holders of rec. Feb. 2a
63H
63%
63%
63%
65H
63%
aPennsylvania
March 1 Holders of rec. Feb. 17
Cripple Creek Central, pref. (qu.)(No. 25) I
80%
79%
78H
70%
81
7951
aReading Company
Mch. 20 Holders of rec. Feb.26a
Delaware & Hudson Co.(quar.)
46H
46M
46H
46H
46%
47
aFirst Preferred
Feb. 7 Holders of rec. Feb. 5
Green Bay & Western (annual)
49%
aSecond Preferred
3% Mch, 1 Holders of rec. Feb. la
Illinois Central (No. 114)
.,ik
.,i4.
fiii,
fi-;
iiii
25%
Rock Island
Lehigh Valley, corn. & pref. (extra)_.. 10
Feb. 26 Holders of rec. Jan.19a
1105j 111)
111
109% 109H la Louisville & Nashville
112H
Southern Pacific
3% Feb. 9 Jan. 20 to Feb. 9
28
27%
28
28
28%
273i ... Mexican Southern, ordinary
Southern Railway
26 Feb. 1 Jan. 18 to Jan. 31
71
71%
71%
71%
71%
72
Preferred
National Rys. of Mexico, 1st pre/ (No.9). 2
Feb. 10 Holders of war'nts No.9
165H
167%
165%
168
171
1673(
Mob. 1 Holders of rec. Feb. 2a
Union Pacific
N. Y. Chicago de St. Louis, common__ 3
94% lc
94
94
94H
94'4
94'4
2'4 Mch. 1 Holders of rec. Feb. 2a
Preferred
First and second preferred
62 RA Norfolk & Western, adj. pref.(guar.).
65%
65%
64
67%
62'4
1
Feb. 19 Holders of rec. Jan.31a
U. S. Steel Corporation.
111
Mg
non
113%
113g min
1133j
_
__ 4% Feb. 21 Holders of rec. Feb.10a
Preferred
Oswego & Syracuse
7H' s,,ii Pennsylvania (guar.)
7
7H
7H
7H
7H
1H Feb. 29 Holders of rec. Feb. 5
Wabash
18 i'l
17H
18
18
18%
18H
1H Fen. 8 Holders of rec. Jan.23a
Preferred
Reading Company, common tquar.).
67H
58
57%
57%
575i
67
Mch. 14 Holders of rec. Feb.26a
1
Extended 4s
First pref. (quar.)
Rome Water. & Ogdensburg, guar. (qu.) 1H Feb. 15 Holders of rec. Jan.31a
Feb. 10 Feb. 1 to Feb. 11
2
a Price per share. b £ sterling. c Ex-dividend.
Utica Clinton & Binghamton.

•Commercialand tnistellantonsBall*
FOREIGN TRADE OF NEW YORK-MONTHLY.
STATEMENT.-In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House.
Merchandise Movement to New York.

1910.

1911.
January _ _
February..
March ___
April
May
June -July
August _
September
October
November
December

Customs Receipts
at New York.

Exports.

Imports.

Month.

79,513,31 78,666,123
66,677,91 77,826,78
84,252,89 102,966,23
71,065,44 78,224,201
57,670,521 68,497,81
69,627,171 72,216,59•
69,247,13 69,966,87
74,673,583 81,340,437
73,313,594 68,590,61
77,295,84 70,317,97
76,462,09 75,083,744
81,713,427 76,681,91

1911.

1910.

1911.

1910.

61,365,707
61,749,88
71,039,36
73,279,673
66,065,07
65,127,72
58,702,124
62,056,957
70,132,541
65,514,265
67,843,513
77,965,832

52,644,329
49,927,253
56,874,80
52,027,289
58,511,642
61,704,701
56,019,567
65,279,11
66,183,11
61.166,95
60,821,026
63,598,53

16,898,957
16,334,953
19,847,785
14,903,015
16,013,192
14,917,68
16,481,668
18,023,013
15,834,007
16,968,77
15,870,054
15,249,90

17,545,140
18,778,746
21,988,922
16,276,428
14,999,384
17,119,870
10,911,067
20,276,113
17,699,966
16,381,800
18,533,078
16.487,755

Total ._ 894,312 934919,358,323800,740,616704,748,33 196,982,996212,998.270
The imports and exports of gold and silver for the twelve
months have been as follows:
Gold Movement at New York.
Month.

Imports.
1911.

$
1,325,198
January
632,423
February __ _ _
1,158,724
March
470,074
April
3,850,931
May
2,319,280
June
519,068
July
1,873,940
August
1,661,591
September_
2,045,191
October
1,347,824
November
1,764,901
December
Total

1910.

Exports.
1911.

1910.

$
$
$
871,445 3,113,676
421,946
351,125 2,786,542
1,912,799
2,425,926
436,292 1.644,417
591,794 36,168,360
470,490
438,769
305,600
493,413
49,777
127,603
532,143
177,490
4,906,446
269,508
9,335,389
84,400
276,000
431,581
179,027
134,500
689,290 2,816,299
132,185
256,900
746,321 2,305,278
678,172
387,610
1,881,121

Silver-New York.
Imports.

Exports.

1911.

1911.

s

876,816
604,167
070,394
873,623
882,315
672,630
556,492
644,005
632,385
855,434
760,569
679,821

$

4,858,676
3,585,088
4,764,044
3,742,414
4,312,224
4,679,370
4,449,553
3,920,270
3,774,911
4,182,162
4,805,863
5,282,376

18,169,097 24,246,365 9,029,117 45,643,852 8,807,447 52,310,836

Street and Electric Railways.
Binghamton (N. Y.) Railway...
Boston Elevated By
Connecticut Ry. & Ltg., com.& pf. (qu.)
Detroit United By.(guar.)
Duluth-Superior Trac., corn. (quar.)
Preferred (quar.)
Havana Elec. fly., com. & pref. (quar.)
Kokomo Marion de West. Trac., common_
Massachusetts Nor. Rys., pl. (qu.)(No. 1)
Philadelphia Company, preferred
Portland (Ore.) By., L. & P.(DO (No. 6)
Susquehanna By., Light & Power, pref. _
Tampa Electric Co. (guar.) (No. 29)
Twin City It. T., Minneap., com. (quar.)
Preferred (quar.)
.
Banks.
Mechanics & Metals National (guar.)._
Security (No. 45)
Miscellaneous.
Amalgamated Copper (guar.)
American Bank Note. com. (quar.)
Am. Beet Sugar, corn. (quar.) (No. 2L.
Amer. Pneumatic Service, first pref_ _
Second preferred
American Radiator, common (guar.)
Common (extra)
Common (payable in common stock) ____
Preferred (guar.)
Bond & Mortgage Guarantee (quar.)-Borden's Condensed Milk, corn.(No. 33)_ _
Cambria Steel (quar.).
Canada Cement,Ltd.,pref. (quar.)(No.8)
Casein Co. of Am., pref. (qu.) (No. 47)-Consolidated Gas of New York (quar.)
Continental Oil
General Chemical, common (guar.)
Gorham Manufacturing Co., com. (quar.)
Greene Cananea Copper(No. 1)
Internat. Harvester, pref.(par.)(No.20)
International Nickel, corn. (omar.)
Jefferson & Clearfield Coal & Iron, pref..
Lehigh Coal & Navigation (quar.)
Michigan State Telephone, common (guar.)
Common
Preferred (guar.)
Mobile Electric, preferred (guar.)
Montreal Lt., H.& Pow.(quar.)(No. 43)
Morris Canal & Bkg., consolidated stock
Preferred
National Carbon, pref. (quar.)
.
National Lead, pref. (quar.)
Nevada-California Power
North American Co.(quar.)
People's Gas Light & Coke (quar.)
Pressed Steel Car; pref. (quar.)(No. 52)_
Procter & Gamble, common (guar.)
Pullman Company (quar.) (No. 180) Quaker Oats, preferred (quar.)
Sears, Roebuck & Co., common (quar.) _
Silversmiths Company (quar.)
Tennessee Copper
U. S. Steel Corp., corn. (guar.)(No. 33)...
Preferred (guar.)(No. 43)
Virginia-Carolina Chemical, common

2e
3
1
IH
1H
1
1%
1H
2
1
2%
2H
1;•6

3
3

1
1H
3
1
2
2
lOg
IN
3
4
1H
2
60
1H
250.
1H
5
2%
$1
7-12h
111
2
2
5
1H
$27
1H
1%
3
2
1%
1%
1H
$1.60
1H

Feb. 15 Feb. 2 to Feb. 15
Feb. 15 Holders of rec. Feb. 3a
Feb. 15 Feb. 1 to Feb. 16
March 1 Holders of rec. Feb. 14
Apr. 1 Holders of rec. Mch. 15
Holders of rec. Mch. 15
Apr.
Feb. 10 Jan. 21 to Feb. 10
Feb. 10 Feb. 2 to Feb. 10
Feb. 1 Holders of rec. Jan. 26
Mch. I Holders of rec. Feb.10a
March I Holders of rec. Feb. 12
March 1 Feb. 16 to Feb. 29
Feb. 15 Holders of rec. Feb. 5a
April 1 Holders of rec. Mch. 11
April 1 Holders of rec. Mch. 15
Feb. 13 Holders of rec. Feb. 10
Feb. 1 Holders of rec. Jan. 20
Feb. 26 Holders of rec. Jan.27a
Feb. 15 Feb. 2 to Feb. 15
Feb. 15 Holders of rec. Jan.27a
Mch. 30 Holders of rec. Mch. 15
Mch, 1 Holders of rec. Feb. 3
Mch. 30 Mob. 22 to Mch. 30
Mob. 30 Mch. 22 to Mch. 30
Mch. 30 Mch. 22 to Mch. 30
Feb. 15 Feb. 8 to Feb. 15
Feb. 15 Holders of rec. Feb. 8
Feb. 15 Feb. 6 to Feb. 15
Feb. 15 Holders of rec. Jan.31a
Feb. 16 Feb. 1 to Feb. 10
Feb. 10 Feb. 1 to Feb. 9
Mch. 15 Holders of rec. Feb.14a
Feb. 28 Feb. 8 to Feb. 20
March 1 Holders of rec. Feb.19a
Feb. 12 Holders of rec. Feb.10a
Mch. 1 Feb. 12d to Mch. ld
Mch. 1 Holders of rec. Feb. 10
Mch. 1 Feb. 14 to Mch. 1
Feb. 16 Holders of rec. Feb. 6a
Feb. 29 Holders of rec. Jan.31a
Mch. 1 Feb. 16 to Mch. 1
MO. 30 Mch. 16 to Apr. 10
Mch. 30 Mch. 16 to Apr. 10
Feb. 15 Holders of rec. Jan. 31
Feb. 15 Holders of rec. Jan.31a
Feb. 6 Jan. 16 to Feb. 5
Feb. 6 Jan. 16 to Feb. 5
Feb. 15 Jan. 31 to Feb. 19
Mch. 15 Feb. 17 to Feb. 22
Feb. 10
Feb. 1
April 1 Holders of rect. Mch.21a
Feb. 26 Jan. 21 to Feb. 12
Feb. 21 Feb. 1 to Feb. 20
Feb. 15 Holders of rec. Jan.31a
Feb. 15 Holders of rec. Jan.31a
Feb. 20 Holders of rec. Feb. la
Feb. 15 Holders of rec. Jan.31a
Feb. 15 Holders of rec. Feb. Sc
Feb. 20 Holders of rec. Jan.31a
March 30 Mch. 2 to Mch. 12
Feb. 28 Feb. 6 to Feb. 28
Feb. 15 Feb. 4 to Feb. 15

National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO CONVERT APPROVED.
a Transfer books not closed for this div dend. b Less income tax. d Correction.
The Union Bank Fe Trust Co. of Monroe, La., into "The Union National e Declared 4%, payable 2% Feb. 15 and 2% Aug. 16. / Payable in scrip. o PaYBank of Monroe." Capital, $200,000.
common stock. h One month's dividend on common and two months' diviable
The Farmers' Bank of Leslie. Ark., into "The First National Bank of dendin
on preferred incident to change in dividend periods to Q.-M. 30.
Leslie." Capital. $50,000.
CHARTERS ISSUED TO NATIONAL BANKS JAN. 10 TO JAN. 24.
Auction Sales.-Among other securities, the following, not
10,126-The Somerset National Bank of Barker, N. Y. Capital, $25,000.
W. A. Sawyer, President; John O'Malley, Vice-President; Wallace usually dealt in at the Stock Exchanges, were recently sold at
.:..,
Coates, Cashier; Jay L. Dickinson, Assistant Cashier.
auction in New York, Boston and Philadelphia:
10,127-The First National Bank of Spencer, W. Va. Capital, $50,000.
r:1
By Messrs. Adrian H. Muller & Sons, New York:
Jno. W. Looney, President; John M. Baker, Vice-President, and
Per cent.
Per cent. Bonds.
Shares.
T. A. Hartley, Cashier.
$1,465,000
N.
J.
&
Pennsyl.
Y___874%
Co.
of
N.
Capital,
$50,000.
5 Guaranty Trust
• 10,128-The Farmers' National Bank of Belleville, Pa.
Trac. Co. 1st 4s, 1932.....
288
John Reed, President; Jos, T. Fleming, Vice-President, and 10 Lawyers' Mortgage Co
161H 8,738 N. J. ilt Pennsylv. $401,687 29
14 B'way & 7th Ave. RR. Co
F. W. Warner, Cashier.
Traction Co
190
10.129-The City National Bank of Sumter, S. C. Capital, $150,000. 20 Windsor Trust Co
1,490 Johnson Co
• • G. A. Lemmon, President; T. C. Strauss, Vice-President; George 301Bitlyn. Warehouse & Stor. Co.... 65
•
F •111 • • L. Ricker, Cashier; J. G. R. Wilder, Assistant Cashier. (Conver- 50,Thompson-Starrett Co., corn.,
__159
old stock
sion of the Sumter Savings Bank.) • • • • • • • • • • • • •




•

THE CIIRONICLE

FEB. 3 1912.1

By Messrs. Francis Henshaw & Co., Boston:
$ per sh•
$ per sh. Shares.
Shares.
1 Lowell Gas Light Co
2993'
5 Webster & Atlas Nat. Bank.. _ _181
120
5 Hotel Trust (Touraine) __ ..118 & int.
1 Ensign Mfg. Co
135
2 Cambridge Elec. Securities Co._301
6 York Mfg. Co
2 Bigelow Carpet Co
1713
Per cent.
Bonds.
8 Manchester & Law. RR...
226
89 Huff Electro. Separator Co...... 85c. $1,000 Bangor & Aroos. 1st 5s, 1943 102

By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares.
$ per sh. Shares.
1 state Street Exchange...823& int.
20 Webster & Atlas Nat. Bank _ _180%
20 Chelsea Trust Co
3 Columbian Nat. Life Ins. Co.,
124%
118g
1 Great Falls Mfg. Co
19714
5 Mass. Cotton Mills, ex-div__ 122g 10 Hood Rubber Co., pt, ex-div_133%
20 Lyman Mills, ex-div
5 Central Aguirre Sugar Co.,com_104
127g
Percent.
40 Bigelow Carpet Co
171g Bonds.
1 Naumkeag Steam Cotton Co 150
$1,000 ContinentalMills 1st 5s.1913 10034
270 New Eng. Steam Brick Co.,pf.1$75
330 New Eng.St'm Brick Co.,com.f lot

By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ per sh.
49 Amer. Pipe & Construction Co_ 90
3 Bank of North America
310
5 Corn Exchange Nat. Bank....300
46 Camd. & Burl. Co. RI),., $25 ea. 38g
10 Commercial Trust Co., ex-div_410
5 Consol. Ice Mfg. Co., $25 ea__ 24
25 Continental Title & Trust Co..
51g-52
$25 paid
150
50 Croft & Allen Co
20 Delaware Insur. Co., $10 each 25
2 Enterprise Mfg. Co.(v. t. c.) _ _114 Y,
44 Fire Assn. of Phila.,$50 ea.345-347)4
18 Har. Ports. Mt. J. & Lan. RR_ 983
20 Indepen. Tr. Co., $50 ea __73%-73%
199
6 John B. Stetson Co., pref
140%
15 Logan Trust Co
101%
150 Mortgage Trust Co of Pa
10 Mutual Tr. Co., ex-div., $50 ea. 4754
20 North Phila. Tr. Co., $50 ea_105%
5
120 Ocala Water Co
5
105 Oswego Water Works Co
1 Penna. Acad. of Fine Arts__ _ _ 11
8 Penn.Co.for Ins.on Lives, &c_632%
25 Penn Nat. Bank, $50 each....202g
45 People's Nat. Fire Ins. Co.,$25
each
25
26 Phila. & Darby RI. Co
385

$ per sh.
Shares.
10 Phila.Co. for Guar.Mtgs..160%-162
2 Phila. Tr. & Safe Deposit Co...676%
4 Real Estate Trust Co., pref.... 98%
64 Riverside Trac.Co.(asst.unpd)_1.45
30%
219 Tampa Water Works Co
50 U. S. Loan Society of Phila
15
$10 each
11 Western National Bank
120g
Bonds.
Per cent.
$6,000 Oswego Wat. Wks. 5s, 1926_ 913
$9,000 Tampa Wat.Wks.Co.6s,1938 92
71g
$100 Columbia Club 5s, 1930
$2,000 Springfield Water Co. Ss,
99%-100
1926
$3,000 Bethlehem City Water Co.
96
6s, 1937
$2,500 City of Phila. 33s, 1914.. 98%
8500 City of Phila. 334s, 1934.... 94
$1,000 City of Phila. 3s,1931_ 93
$10,000 Buff. & L.E. Trac. 58, 1936 6834
81,000 Georgia Ry. & El. 5s, 1932_102g
81,750 Ches.&Del.Canal Co.4s,1916 67
$1,000 Elmira Water, Light & RR.
91
55, 1956
$100 City of Phila. 334s, 1932..... 94%
$1,000 No.Springf.Wat.Co.58,1928_100
Membership in Commercial Exch.. 60

By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.
$ per sh.
63,500 Colo. Gold hIng.&Smelt.Co.$35 lot
1,000 Piedmont hing. & Mill. Co _ _82 lot
250 Cal. King Gold Mug. Co.. _ _$1 lot
400 Phila. Zinc & Lead Mng.Co..$1 lot
5,000 Empress Augusto Victoria
Gold Mining Co
.81 lot
15-16
50 J. G. Brill Co. com

Per cent.
Bonds.
86,000 Colo. Gold Mining & Smelt8385 lot
ing 1st (is, 1917
$1,000 hfahoning & Shen. Hy. & Lt.
9831
1st cons. ref. 58, 1916
81,000 No. Springf. Water 5s, 1928_100
81,000 Springf. Water 5s, 1925._ ..100

Statement of New York City Clearing-House Banks and
Trust Companies.-The detailed statement below shows the
condition of the New York City Clearing-House members
for the week ending Jan. 27. The figures for the separate
banks are the averages of the daily results. In the case of
the totals, actual figures at the end of the week are also given.
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, p. 836, in the case of the
banks, and V. 92, p. 1607, in the case of the trust companies.

DETAILED RETURNS OF TRUST COMPANIES.

Trust Cos.
00s omitted.

On Dep.
Net
Surplus Loans. Specie. Legate. with C.H Deposits. Reserte.
Average. Average. Average. Banks. Average.

$
$
Manhattan _ _ 2,252,1 16,736,0 1,846,0
100,0 3,287,0 12,673,0 15.3+20.5
Brooklyn
407.0 5.456.0 11,618.0 17.5+31.7
2,414,7 15,746,0 1,636.0
Bankers
311,0 17,763,0 100.121,0 15.0+15.0
13,518,4 121,121,0 14,738,0
U.S.Mtg.& Tr. 4,502,2 39,090,0 3,573,0
539,0 8,522.0 26.530,0 15.4 +24.0
Astor
306,0 1,816,0 11,718,0 17.3+10.5
1.139.4 16,719,0 1,734,0
Title Guar.&Tr 11,714,9 33,638.0 1.763.0 1.412.0 4,720,0 18.520.0 17.1+20.0
Guaranty
22,888,1 161,604,0 13,788,0 1,252,0 21,054,0 98,658,0 15.2+18.4
Fidelity _ _ _ 1,283,4 7,262,0
236,0
585,0
756,0 5,185,0 15.8+11.4
LawyersT.I.&T 6.171,5 18,882,0 1,569,0
720,0 1,790,0 13,871,0 16.5+11.4
Columbia.... 1,893,6 19,651,0 1,851,0
90,0 1,503,0 12,891,0 15.0+10.4
Standard _
1,411.2 15,434,0 2,018,0
43,0 2.342.0 13.566.0 15.1+14.7
Peoples
570,0 2,599,0 14,488,0 15.0+14.9
1,696.7 15,963,0 1,610,0
New York,... 11,572,3 46,762.0 4.605.0
161,0 3,682,0 31,388,0 15.1+10.4
Franklin
1,360,8 11,695,0 1,285,0 '318,0 1,211,0 10,606,0 15.1+10.0
Lincoln
550,1 10,291,0 1,185,0
227,0 1,297,0 9,316,0 15.1+12.2
Metropolitan _ _ 6,122,3 25,495,0 2,675,0
14,0 2,619,0 17,656,0 15.2+12.9
Totals, Avge

90,491,2 575,089,0 56.442,0 6,706,0 80,426,0 408,805,0 15.4+16.4

Actual figures Jan. 27. 579,986,0 58,166,0 6,670,0 74,286,0 410,293,0 15.8+15.3
The capital of the trust COMpatlieS Is as follows: Manhattan,$1,000,000; Brooklyn.
$1,000,000; Bankers, $5,000,000; U. S. Mtg. & Trust, $2,000,000; Astor, 81,250,000; Title Guarantee & Trust, 84,375,000; Guaranty. $5,000,000; Fidelity, $1,000,000; Lawyers' Title Ins. & Trust, $4,000,000; Columbia, $1,000,000; Standard.
$1,000,000; People's, $1,000,000; New York, $3,000,000; Franklin, 31,000,000
Lincoln, $1,000,000; Metropolitan, $2,000,000; total, $34,625,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Jan. 27

Capital. Surplus.

Capital. Surplus.

Bank of N. Y. 2,000,0
Manhattan Co. 2,050,0
Merchants' _ _
2,000,0
Mech.& Metals 6,000,0
1,500,0
America
25,000,0
City
Chemical _ _
3,000,0
Merchants' Ex
600.0
Gallatin
1,000,0
Butch. & Drov
300,0
___
Greenwich
500,0
5,000,0
Amer. Exch
25,000,0
Commerce
3,000,0
Mercantile _ _
500,0
Pacific
2,250,0
Chat. & Phen
200,0
People's
3,000,0
Hanover
2,550,0
Citizens' Cent
500,0
Nassau
Market & Fult 1,000,0
2.000,0
Metropolitan _
Corn Exchange 3,000,0
Imp.& Traders 1,500,0
5,000,0
Park
250,0
East River. _
5,000,0
Fourth
1,000,0
Second
10,000,0
First
2,000,0
Irving Exch
250 0
Bowery ..
500,0
N. Y. County750,0
German-Amer
5,000,0
Chase
106,0
Fifth Avenue
200,0
German Exch
200,0
Germania _
1,000,0
Lincoln
1,000,0
Garfield
250,0
Fifth
1,000,0
Metropolis _
200,0
West Side
1,000,0
Seaboard
1,000,0
Liberty
N. Y. Prod.Ex 1,000,0
1,000,0
State
1,000,0
Security
1,000,0
Coal & Iron
1,000,0
Union Exch
Nassau, Bklyn 1,000,0

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

$
$
3,774,7 21,696,0 4,412,0
903,0 20,094,0 26.4
4,697,1 35,200,0 8,921,0 1,592,0 40,800,0 25.8
1,970,4 21,032,0 4,041,0 1,671,0 21,862,0 26.1
8,382,4 53,216,0 10,195,0 2,655,0 50,713,0 25.3
6.208,4 29.334,0 5,752,0 2,036,0 30,635,0 25.4
26,668,4 188,299,0 63017,0 7.973,0 196,681,0 31.0
6,920,4 29,948,0 5,138,0 1,984,0 27,612,0 25.7
7,042,0 1,659,0
607,0
7,255,0 25.3
183,0
8,843,0 1,424,0
2,518,0
7,128,0 26.1
444,0
2,114,0
147.1
480,0
2,269,0 24.1
68,0
8,691,0
898,4
2,403,0
240,0 10,083,0 26.2
4,474,2 44,310,0 7,361,0 3,964,0 44,288.0 25.5
15,893,4 141,232,0 33,651,0 8,926,0 130,139,0 32.7
2,754,4 14,861,0 2,131,0
920,0 11,830,0 25.7
4,158,0
942,3
428,0
496,0
3,743,0 24.6
1,232,1 16,035,0 2,684,0 1,447,0 16,153,0 25.5
1,851,0
546,0
463,6
149,0
2,309,0 30.0
12,952,4 78,197,0 16,391,0 5.931,0 88,075,0 25.3
1,914,6 24,160,0 5,645,0
622,0 23.957,0 26.1
628,9 10,026,0 2,337,0 1,132,0 12,283,0 28.2
9,243,0 1,460.0 1,105.0
1,808,5
9,365,0 27.3
1,615,6 10,670.0 2,589,0
239,0 10,741,0 26.3
5.494.2 47,560,0 8.079,0 6,313,0 56,292,0 25.5
7,690,2 27,575,0 4,755,0 1,823,0 25,705,0 25.5
12,990,0 88,944,0 22,351,0 2,013,0 94,522,0 25.7
416,0
06,7
1,543,0
103,0
1.882.0 27.6
5,845,2 36,857,0 6,792,0 3,523,0 39,458,0 26.1
2,329,4 14,266,0 3,714,0
129,0 14.589,0 26.3
21,984,4 121,035,0 33,579.0 2,587,0 122,306,0 29.5
1,963,9 25,960.0 5,427,0 1,983,0 28,292,0 26.1
803,6
58,0
3,446,0 25.2
3.323.0
811,0
1,781,0
8,349,0 25.1
3,148,0 1,399,0
700,0
732,9
4.261,0
218,0
4,169,0 27.7
938,0
8,704,5 94,820,0 28,237,0 6,888,0 115,427,0 30.4
2.159,5 13,178,0 2,639,0 1,116,0 14,835,0 25.3
887,9
3,387,0
3.640,0 25.6
503,0
429,(
1,042,9
5,465.0 1,428,0
154,0
6,365,0 24.8
1,603,6 13,967,0 2,694.0 1.643.0 14,948,0 29.0
1,252,6
9,152,0 2,124,0
483,0
9,638,0 27.0
538,6
3,508,0
3,668,0 20.3
512,0
455,0
2,155.8 12,495.0 2,260,0 1,179,0 12,858.0 26.7
1,068,3
4,199,0
4,821,0 25.8
049,0
299,0
2,103,9 24,908,0 5,472,0 2,404,0 29,671,0 26.5
2,770,6 19,668,0 7,030.0 1,201,0 23,681,0 34.7
801,6
8,168,0 2,022,0
9,664,0 25.5
450,0
970,9 15,615,0 5,065,0
362,0 21,094,0 25.7
478,4 10,629,0 2,448,0 1,084,0 13,950,0 25.3
464,0
6,327,0 1,044,0
6,462,0 25.0
571,0
998,6 10,058,0 1,244,0 1,433,0 10,469,0 25.5
1,065,1
7,684,0 1,648,0
270,0
7,681,0 25.0

Totals, Avge__ 135,150,0 198,340,6 1402,858,0 328,114,0 84,683,0 1475,705,0 27.9
Actual figures Jan. 27

1403,607,0 331,032,0 84,084,0 1478,580,0 28.0

Circulation.-On the basis of averages, circulation of national banes in the
Clearing House amounted to $50,772,000, and according to actual figures was
$50,926,000.




Specie.

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

Total... 169,775,0288,831,8 1,977,947,0 384,556,0 91,389,01 80,426,0 1,884,510,0
Actual,
Banks
1,403,607, 331,032,0 84,084,01
1,478,580,0
Trust cos_
579,986,0 58,166,0 6,670,0 74,286,0 410.293,0
Total_

1,083,593,0 389,198,0 90,754,0 74,286,0 1,888,873,0

The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 86, p. 316.
STATE BANKS AND TRUST COMPANIES.

Week ended Jan. 27.

Capital as of Sept. 20._ _ _
Loans.
Average.

Loans

Averages.
$
Banks .._ 135,150,0 198,340, 1,402,858,0328,114,0 84,683,0
1,475,705,0
Trust cos_ 34,625,0 90,491,2 575,089
56,442,0 6,706,01 80,426,0 408,805,0

DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.

329

Surplus as of Sept. 29._ _ _
Loans and investments _
Change from last week_

State Banks
Trust Cos.
State Banks
Trust cos.
in
in
outside of
outside of
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.
61,956,000

38,568,700

174,752,800

11,456.214

11,378,230

287,066,100 1,097,518,400
-826,600 +5,863,200

103,653,000
+279,300

158,822,100
+428,100

110,006.600
+133,800

169,311,500
+910,100

22,316,000
+53,300

25,382,600
+574,700

Specie
Change from last week_

53,172,100
-810,000

115,093,600
-314,100

Legal-tenders & bk. notes
Change from last week_

23.039.000
+459,500

11,183,200
-191,900

Deposits
Change from last week_
Reserve on deposits
Change from last week_
P. C. reserve to deposits_
Percentage last week..

$
9,525,000

22,771,000

342,831,900 1,248.925,700
-1,560,200 +19,657,100
98,366,900
-628,800
29.6%
29.6%

136,468,900
-45,800
17.1%
17.0%

,

9,417,974

21.4%
21.4%

16.1%
15.9%

+ Increase over last week. -Decrease from last week.
Note.-"Surplus" includes all undivided profits "Reserve on deposits" includes,
for both trust companies and State banks, not only cash items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location, as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days,
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for It by any public department.
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment 01 1911) by bonds or obligations of the City or State of New York. and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department.
-Trust Cos.-Stale BanksTotal
Of
Reserve Required for Trust Companies
Total
Of
Reserve
which Reserve
and State Banks.
which
Required. in Cash. Rewired in Cash
Location15%
Manhattan Borough
15%
25%
15%
Brooklyn Borough (without branches in Man/at.) 15%
10%
20%
10%
10%
Other Boroughs(without branches in Manhattan) 15%
15%
754%
Brooklyn Borough, with branches in Manhattan _ _15%
15%
20%
20%
Other Boroughs, with branches in Manhattan_ __ _15%
15%
15%
15%
10%
Elsewhere in State
5%
15%
6%

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

330

THE CHRONICLE

[VOL. Lxxxxiv.

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
an
affording
aggregate
for
thus
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.-Hause Clear.-House State Banks de Total of all
Week ended Jan. 27- Members.
Members. Trust Cos. not Banks &Trust
ActualFigures
Aver. Cos. Average.
Average. in
1Nat. Banks'
Capital1 Dec. 5 and ) 169,775,000
State Banks'
Surplus
Dec. 21_
288,831,800

169,775,000

34,652,000

204,427,000

288,830,800

93,130.300

381,961,100

Loans and investments 1,983,593,000 1,977,947,000
Change from last week +23,613,000 +21,986,000

592,270,200 2,570,217,200
-9,054,700 +12,931,300

Deposits
1,888,873,000 1,884,510.000
Change from last week +19,869,000 +28,430,000

a591,163,500 2,475,673,500
-9,165,500 +19,264,500

Specie
389,198,000
LChange from last week +12,389,000

384,556,000
+15,923,000

64.124,500
-2,146,900

Legal-tenders
Change from last week

90 754,000
-1,326,000

91,389,000
-772,000

b11,028,700
-86,300

Banks: cash in vault _ _
Ratio to deposits__ _ _

415,116,000
28.07%

412,797,000
27.97%

12,017,100
14.09%

Trust Cos.:cash in vault

448,680,500
+13,776 100
•
1021417,700
-858,300
424,814,100

64,836,000

63,148,000

63,136,100

126,284,100

Aggr'to money holdings 479,952,000
Change from last week +11,063,000

475,945,000
+15,151,000

75,153,200
-2,233,200

551,098,200
+12,917,800

Money on deposit with
74,286,000
other bks. & trust cos.
Change from last week -11,913,000

[80,426,000
-3,543,000

21,416,400
+389.000

101,842,400
-3,154,000

Total reserve ___
Change from last week

554,238,000
-850,000

556,371,000
+11,608,000

96,569,600
-1,844,200

652,940,600
+9,763,800

Surplus CASH reserve
Banks (above 25%)_ _
Trust cos.(above15%)

45,471,000
3,292,050

43,870,750
1,827,250

Total
Change from last week

48,763,050
+6,688,350

45,698,000
+8,796,000

% of cash reserves of tr ust COS:
15.80%
Cash in vault
15.33%
Cash on dep. with bks.

15.44%
16.44%

15.70%
1.51%

31.13%

31.88%

17.21%

We omit two ciphers in au these figures.
Loans and
Investments. Deposits.
i
2,517,982,1
2,510,340,4
2,480,178,0
2,460,317,7
2,473,850,8
2,481,688,2
2,492,990,3
2,531.983.6
2,557,285.9

8
2,362,329,5
2,346,988,2
2,310.182,0
2,291,456,7
2,319,737,2
2,337,100,4
2,371,283,7
2.416,299.8
2,456,409,0

Specie.

Legals.

$
301,111,7
380,755,5
372,627,8
377,972,5
382,221,8
389,505,5
403,477,0
417,597.3
434,904,4
JAR ARO A

3
92,911,6
92,208,3
92,405,5
95,485,4
04,909,7
95,746,3
98,301,6
101.403,7
103,276,0
102 417 7

Tot. Money Entire Res.
Holdings. on Deposit.

Surplus.

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

New York City.
5
s
3
Manhattan dc Bronx.
$
$
5
47.0
160,0
317,4 2,185,0 486,0
300,0
Aetna National
158,0
307,7 1,399,0 141,0
78,0
Washington Heights.. 100,0
227,0
55,0
142,0 1,396,0 171,0
200,0
Battery Park Nat __
140,0
111,5 1,506,0
250,0
34,0 263,0
I:lentury
851.0
400,0
477,6 5,887,0 727,0 434,0
Dolonial
673,0
817,6 6,886,0 754,0 676,0
300,0
Columbia
214,0
167,4 1,094,0
200,0
37,0 119,0
Fidelity
123,7 1,208,0 369,0
6,0
117,0
200,0
Gotham National
650,0
529,5 3,674,0 344,0 436,0
500,0
Jefferson
319,0
250,0
345,3 2,438,0 420,0
34,0
Mount Morris
20,0 668,0
585,0
400,8 3,289,0
200,0
Mutual
84,0
596,0
200,0
280,0 2,597,0 255,0
New Netherland
100,4 1,799,0 234,0
87,0
266.0
200.0
Twenty-third Ward
52,0 726,0
726,0
100,0
531,9 4,078,0
Yorkville
Brooklyn.
545,7 3,083,0 432,0 121,0
308,0
200,0
Broadway
74,0
455,0
300,0
670,8 3,648,0 349,0
First National _
Manufacturers' Nat _. 252,0
892,4 5,477,0 589,0 168,0
680,0
898,2 10,520,0 351,0 1,613,0 1,563,0
1,000,0
Mechanics'
300,0
595,1 3,696,0 510,0 135,0
748,0
National City
200,0
168,7 1,872,0 186,0 107,0
447,0
North Side
Jersey City.
400,0 1,306,6 4,890,0 389.0 351,0 4,511,0
First National
219,0
60,0
250,0
790,6 3,247,0
711,0
Hudson County Nat
200,0
416,4 1,986,0 120,0 168,0
697,0
Third National
Hoboken.
63,0
220,0
646,0 3,843,0 203,0
557,0
First National
61,0
563,0
125,0
286,2 3,040,0 173,0
Second National _
Totals Jan. 27._ _ 6,847,0 11,889,4 84,736,0 7,565,0 6,634,0 16,882,0
Totals Jan. 20
8,847,0 11,869,4 85,273,0 7,730,0 6,780,0 15,142,0
Totals Jan. 13 _
6,847,0 11,869,4 86,095,0 7,785,0 6,899,0 14,208,0




15,481,0 161,854,9
15,467,0 151,732,5
15,481,0 158,542,3
15,506,0 140,759,8
15,474,0 179,321,1
15,432,0 152,890,8
15,430,0 162,929,0
15,404,0 149,652,6

1912.

1911.

$3,131,488
19,493,672

1910.

$3,197,119
15,883,993

1009.

$3,528,880
17,063,248

$4,162,992
14,124,309

$22,625,160 $19,081,112 $20,592,137 $18,287,301
$13,121,943 $12,994,539 $14,685,767 $14,395,161
61.010,522 52,191,017 60,527,024 46,513,697
$74,132,465 $65,186,456 $75,212,791 $60.908,858

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Jan. 27 and from Jan. 1 to date:
EXPORTS FltOM NEW YORK.
For week.

1912,

1909.

1910.

1911.

For the week
Previously reported

$19,910,761 $14,817,929 $11,888,601 $10,928,366
53,145,733 44,312,611 38,824,732 41,973,041

Total 4 weeks

$73,056,494 $59,130,540 550,713,333 $52,901,407

The following table shows the exports and imports of
specie at the port of New York for the week ending Jan. 27
and since Jan. 1 1912, and for the corresponding periods in
1911 and 1910:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Imports.

Gold.
560,301,6
546,531,7
535,306,4
543,718,6
548,801,5
561,446,3
583,433,9
621,969,4
643,176,8
652,940,6

We omit two ciphers(00) in all these figures.

Catrital.

$

FOREIGN IMPORTS AT NEW YORK.

Exports.
$
484,023,3
472,063,8
405,033,3
473,457,9
477,131,5
485,311,8
501,778,6
519,001,0
538,180,4
551 OOR 2

Reports of Clearing Non-Member Banks.-The following is
the statement of condition of the clearing non-member banks
for the week ending Jan. 27, based on average daily results:

Banks.

322,509,0
319,162,0
318,161,0
321 014,0
376,055,0
383,010,0
388.866,0
417,710,0

$

7,431,0 168,896,8
7,523,0 182,165,1
7,622,0 172,584,1
7,732,0 132.649.7
7,746,0 212,145.6
7,733,0 185,065,3
7,810,0 198,427,6
7,897,0 161,523,9

Imports and Exports for the Week.-The following are
the imports at New York for the week ending Jan. 27; also
totals since the beginning of the first week in January.

Total 4 weeks _

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

72,180,0
71,051,0
71,250,0
73,094,0
88,596,0
91,491.0
93,396,0
104,294,0

ClearinOs

a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $3,207,000 on Jan. 27 against $3,208,000 on
Jan. 20.
1. The totals now Include figures for the Land Title & Trust Co., Real Estate
T. I. & T. Co., Girard Trust Co. and West Philadelphia T. & '1'. 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.

Total
Since January 1.
Dry goods
General merchandise

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:

25__
29._
16__
23__
30._
6._
1320_

60,105,0 271,275,0
60,105,0 268,724,0
60,105,0 266,460,0
60,105,0 266,329,0
80,623,2 321,770,0
80,623,2 337,976.0
80,623,2 339.021,0
80,623,2 373,337,0

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 $698,774,000, an Increase of $1,384,400 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.

Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.

$
$
$
s
$
41,350.0 228,621.0 26,194,0 4,639,0 274,320,0
41,360,0 223,860.0 26,497,0 4.426,0 272,147,0
41,350,0 219,681,0 26,166,0 4,120,0 264,493,0
41,350,0 218,368,0 25,279,0 4,427,0 260,597,0
41,575,0 218.114,0 26,151,0 4,567,0 279,374,0
41,575,0 214,672,0 28,718,0 4,521,0 273,003,0
41,575,0 221.942,0 30,290,0 1,090,0 284,532,0
41,575,0 224,175,0 31,076,0 4,175,0 284,919,0

For week.

Total

Week
Ended.

Boston.
Dec. 9
Dec. 16
Dec. 23
Dec.30
Jan. 6
Jan. 13
Jan. 20
Jan. 27_
Philadelphia.
Dec. 9
Dec. 16
Dec.23
Dec. 30
*Jan. 6
Jan. 13
Jan. 20
Jan. 27

Specie. Legals. Deposits. Circufat/on.
a

s
2,156,0
1.158,0
1,446,0
1,563,0
6,619.0
7.938,0
1,025,0
1,295,0
4,408,0
2,704,0
3,643,0
2,756,0
1,962,0
4,561,0
3,058,0
2,862,0
4,973,0
12,425,0
3,806,0
1,880,0
4,007,0
1,950,0
1,695,0
1,724,0
1,320,0
82,934,0
83,840,0
85,135,0

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

Since Jan.1

$200

$12,500

160,000

1,470,723

$160,200 $1,483,223
766,320
150,200
270,200 2.970,900

Total 1912
Total 1911
Total 1910
Silver.
Great Britain..
France
Germany
West Indies
Mexico
South America
All other countries

Week.
$10,825

$17,256

920
435,338
9,259
43,568

8,245
1,155,364
223,525
242,385

$499,910 $1,646,775
311,757 1,242,752
94,633
322,289

$561,198 $2,457,291
224,600
431,800

600

24,462
53,967
14,376

$2,600
8,502
6,005
408,311
296,360
68,360

$786,998 $2,892,732
1,000,858 4,119,831
693,231 3,726,654

$92,858
121,127
169,831

$790,138
565,026
410,429

1,200

Total 1912
Total 1911
Total 1910

Since Jan.I

553

3,041

Of the above imports for the week in 1012,
American gold coin and ____ American silver coin.

were

Xaniting and financial.
Railroad and Industrial Stocks
Write for our Circular No. 614, entitled "Railroad and Industrial

Stooks," which describes 126 issues listed on the New York Stook
Exchange. and classified by us as follows: Investment Stooks, SemiInvestment Stocks, Speculative Stocks.

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

White, Weld & Co.
Bonds and Investment Securitle.
NASSAU STREET;
NE YORK

THE ROOKERY
CHICAGO

FEEL 3 1912.]

THE CHRONICLE

ftlatit
ure iazette.
Wall Street, Friday Night, Feb. 2 1912.
The Money Market and Financial Situation.-An active
and highly irregular stock market this week, in contrast with
a dull and steady one during the previous weeks in January,
does not prove that any noteworthy change has occurred
in the general situation or that there is any broader interest
in the security markets than heretofore. The bond market
at the Exchange has, as an illustration, been much less active
than for several weeks past. The increased volume of business in stocks represents simply greater activity on the part
of professional traders who thought, perhaps, that as there
had been no proverbial "January rise" in prices, it would be
relatively easy to force a decline. Doubtless a few small
holders of United States Steel shares have sold them, but it is
also evident that a large percentage of the enormous offerings
of that stock catne from operators who hoped to subsequently
buy the shares in at a lower price. To what extent these
efforts were successful a glance at our quotation tables will
show. Steel common sold down to 58% on Thursday, a decline of 73% points from last week's closing price.
There is a more logical reason for a similar decline in Union
Pacific and Southern Pacific shares, as the net income of
these roads have, for some tune past, shown a considerable
shrinkage.
On the other hand, reports of earnings by the New York
Central Lines and the Pennsylvania system make a favorable showing. Shares of the first named are one of two or
three railway issues which close .higher than last week and
Pennsylvania is only % lower.
The open market rate for call loans on the Stock Exchange
during the week on stock and bond collaterals has ranged
from 19 to 23
%%. To-day's rates on call were 1%(0,2 %.
Commercial paper quoted at 3%@4% for 60 to 90-day
endorsements and for prime 4 to 6 months' single names,
and 43'% for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £290,703 and the percentage of reserve to liabilities was 48.01, against 48.70 last week.
The rate of discount remains unchanged at 4%, as fixed
Sept. 21. The Bank of France shows a decrease of 5,375,000
francs gold and an increase of 1,575,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1912.
Averages for
week ending
Jan. 27.
Capital
Surplus.
Loans and discounts
Circulation
Net deposits
Specie
Legal tenders.
Reserve held
25% of deposits
Surplus reserve.....

Differences
from
previous week.

1911.
Averages for
week ending
Jan. 28.

1910.
Averages for
week ending
Jan. 29.

$
135,150,000
133,350,000 128,530,000
198,340,600
196,761,500 181,012,100
1,402,858,000 Inc. 7,638,000 1,273,974,700 1,218,476,900
50,772,000 Dec.
65,000
47,231,100
51,209,800
1,475,705,000 Inc. 20,905,000 1,300,821,500 1,290,711,800
328,114,000 Inc. 14,227,000 287,911,300 269,814,000
81,683,000 Dec.
660,000
76,659,500
74,026,700
412,797,000 Inc. 13,507,000
368,926,250 Inc. 5,226,250

369,570,800
325,205,375

343,840,700
310,177,950

43,870,750 Inc. 8,340,750

39,365,425

33,662,750

Note.-The Clearing House now issues a statement weekly show ng the actual
condition of the banks on Saturday morning, as well as the above averages. These
ligures, 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 irregular early in the week
but became firmer towards the close.
To-day's (Friday's) nominal rates for sterling exchange were 4 85 for
sixty days and 4 88 for sight. To-day's actual rates for sterling
exchange
were 4 8445@4 8434 for sixty days, 4 8750@4 8760 for cheques and
4 88®
4 8810 for cables. Commercial on banks 4 82 34@4
and documents
for payment 4 83 34@4 84 %, Cotton for payment 8434
4 83 34®4 8334 and
grain for payment 4 84@4 8434.
The posted rates for sterling as quoted by a representative house
were
not changed from 4 85 for sixty days and 4 88 % for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 20%@
5 20 less 1-16 for long and 5 1734 less 3-32 @ 5 1734 less 1-16 for short.
Germany bankers' marks were 94 11-16 ® 9434 for long and 95
1-16®
es % less 1-32 for short, Amsterdam bankers' guilders were 40 5-18
@
40 5-16 plus 1-32 for short.
Exchange at Paris on London, 25f. 26c.; week's range, 25f. 26 Mc. high
low.
and 25f. 24c.
Exchange at Berlin on London, 20m. 52p6.; week's range, 20m. 52 %pf.
high and 20m. 50 %pf. low.
The range for foreign exchange for the week follows:
Sterling, ActualSixty Days.
Cheques.
Cables.
High for the week_ -4 8434
48760
4 8810
Low for the week_ _ _ _4 84 %
4 8735
4 87 34
Parts Bankers' FrancsHigh for the week__ _5 20
5 17% less 1-32 5 16% less 1-16
Low for the week __ _ 5 20%
5 1734 less 7-64 5 1734 less 1-32
Germany Bankers' MarksHigh for the week... 94 %
95 % less 1-32
95 3-16
Low for the week ___ 94 %
93 1-16 less 1-32 9534
Amsterdam Bankers' GuildersHigh for the week__ 40 94
40 5-16 plus 1-16 40 %
Low for the week ___ 40 1-16
40 5-16 less 1-16 90 5-16
1-16
-The following are the rates for domestic
DOMESTIC EXCHANGE.
exchange on the undermentioned cities at the close of the week: Chicago,
25c. per $1,000 premium; Boston, par; St. Louis, 300. per $1,000 premium;
St. Paul, 000. per $1,000 premium; New Orleans commercial,
per $1,000
discount, and bank, $1 per $1,000 premium; Savannah, par use,
for selling and
buying 3-16% discount.

State and Railroad Bonds.-Sales of State bonds at the
Board include $24,000 New York 4s, 1961, at 102% to
102%, $88,000 New York Canal 4s, 1961, at 1023
4 to 103,
and $140,000 Virginia 6s deferred trust receipts at 50 to 52g.
The market for railway and industrial bonds has, as noted
above, been much less active than of late, although several
issues have continued to be freely traded in.




331

United States Bonds.-No sales of Government bonds have
been reported at the Board this week. The week's range
has been as follows;for yearly range see third pagefollowing.
Interest
Periods
2s, 1930
registered Q-Jan
2s, 1930
coupon Q-Jan
35, 1908-18
registered Q-Feb
35, 1908-18
coupon Q-Feb
45, 1925
•registered Q-Feb
45, 1925
coupon Q-Feb
2s, 1936.Panama Canal regis Q-Feb
35, 1961.Panama Canal coup Q-Dich

Jan.
27

Jan.
29

Jan.
30

Jan.
31

Feb.
2

Feb.
3

*100 *100 *100 *100 *100 *100
*100 *10094 *100 *100 •100 *100
*10136 *10194 *10136 •10136 •10154 *10154
*10136 *10134 *10134 *10136 *10134 *1013.4
*113 *113 *113 *113 *113 *113
*113 *113 *113 *113 *113 *113
*100 *100 *1u0 *100 *100 *100
*10134 *10194 *10194 •101% *101% *101%

*This is the price bid at the morning board no sale

WM

made.

Railroad and Miscellaneous Stocks.-The stock market
has been decidedly more active this week than since the
opening of the year, and correspondingly irregular. On two
days the transactions amounted to somewhat more than
900,000 shares, as against less than 500,000shares-the previous high record of the year. While the general tendency
has been downward, the market recovered substantially
on Tuesday, when the best prices of the week were recorded.
On Wednesday there was a sharp decline in practically the
entire list, led by a drop of over 4 points in U. S. Steel and
over 3 points in Union Pacific. This movement was continued during the early hours on Thursday, but later on
that day there was a rally on short covering and some
ing on the low prices then reached. To-day's marketbuyhas
been much less active, and although irregular during
early hours, it became steady later and closing prices the
are
generally but slightly changed from yesterday's.
Among the stocks which have fluctuated widely, Steel and
Union Pacific have covered over 7 points, Lehigh Valley
5%, Chesapeake & Ohio, Southern Pacific, Am. Copper and
Smelting between 4 and 5.
For daily volume of business see page 339.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Feb. 2.

Sales
for
Week.

Range for Week.
Lowest.

Highest.

Range Since Jan. 1.
Lowest.

American Snuff
1,1526 140 Jan 27 14476 Jan 27 130
Preferred
1,020 108 Feb 2109 Jan 27 1027i
Assets Realization
500 10534 Feb 1 106 Jan 27 10594
Buff Rochester & Pitts
10 105 Jan 29 105 Jan 29 105
Canada Southern
100 65 Jan 31 65 Jan 31 65
Canadian Pacific rights_ 10,015 734 Feb 2 73-4 Jan 3
736
Cent & So Amer Teleg
226 121 Feb 1 121 Feb 111534
Comstock Tunnel
2,600 15c. Jan 30 16c. Feb 2 13c.
Crex Carpet_
10 76 Jan 29 76 Jan 2. 75
General Chemical
515 131 Jan 31132 Jan 31 128
Preferred
42510834 Jan 29110 Feb 1 10736
G NV Helme
15516934 Jan 2716934 Jan 27 160
Green Bay & Western__
100 89 Jan 29 89 Jan 29 85
Homestake Mining
305 90 Jan 2, 90 Feb I 89
Lake Shore & Mich Sou_
10950 Jan 27450 Jan 27 950
New York Dock
. 100 20 Jan 29 20 Jan 20 20
New York & Harlem_ __
14035034 Jan 3035034 Jan 30 35034
Norfolk & Western righ
500
% Jan 31
% Jan 31
%
North °hid Trac & Ligh
100 5794 Feb 1 5734 Feb 1 5734
Pacific Tel & Tel, pref __
10 9994 Jan 29 9934 Jan 29 999-4
Philadelphia Co (Pitts)_
55 104 Jan 29 106 Jan 29 104
Pittsburgh Steel, pref.. • 100 103 Feb 2103 Feb 210134
Quicksilver Mining _____
1
334 Feb 1 394 Feb 1 3
Rome Watertown & 0._
50x126 Jan 31x126 Jan 31 126
St L & 8 F-C & E Il
new stock trust certfs_
12 53 Feb 1 53 Feb 1 53
Sears, Roebuck & Co __ 1,050191% Feb 214534 Feb 2 140
Sloss-Sheff Steel & I, pr.
11 90 Feb 1 90 Feb 1 90
South Porto Rico Sug, pf
30110 Jan 31110 Jan 31 110
Standard Milling
200 1694 Jan 29 17 Jan 27 1834
Texas Company (The)._ 1,400 85 Jan 21; 90 Feb 2 81
Texas Pac Land Trust
100 90 Jan 30 90 Jan 3 90
Union Bag & Paper, pt _
10 5134 Jan 31 5134 Jan 31 5134
United Dry Goods
170 98 Jan 29 98 Jan 201 98
Preferred
200 10594 Feb 2 10534 Jan 30 105
U S Indust Alcohol.
400 2994 Jan 31 30 Jan 29 26
Preferred
630 9834 Feb 2 99 Jan 27 95
Virginia Iron C dr C____
900 65 Jan 211 6834 Feb 1 65
Vulcan Detinning
1,565 19 Jan 29 21 Jan 31 15
Preferred
335 79 Feb 1 8094 Feb 1 70
Weyman-Bruton
205181 Jan 27181 Jan 31 170

Highest.

Jan 14434
Jan 111
Feb 108
Jan 105
Jan 65
Feb 834
Jan 121%
Jan 18c.
Jan 75
Jan 132
Jan 110
Jan 170
Jan 89
Jan 90
Jan 450
Jan 23
Jan 351
Jan
%
Jan 5734
Jan 9994
Jan 106
Jan 103
Jan 334
Jan 126

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan

Feb 56
Jan 145%
Feb 90
Jan 110
Jan 1754
Jan 90
Jan 90
Jan 52
Jan 10034
Jan 106
Jan 3034
Jan 9934
Jan 90
Jan 21
Jan 8034
Jan 181

Jan
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan

Outside Market.-There was little activity of moment in
the outside market this week. Industrials, except for the
Tobacco issues, which fluctuated widely, were fairly steady,
though Copper shares show weakness. British-Amer. Tobacco was again active, selling down from 17'% to 17% and
up to 18. MacAndrews & Forbes moved down from
to 170. Porto Rican-Amer. Tobacco advanced about178
10
points to 249 and reacted to 240. R. J. Reynolds Co. rose
from 189 to 194% and closed to-day at 192%. United Cigar
Stores was active and advanced 10 points to 196, reacted to
191 and ends the week at 192. Baldwin Locomotive
Works, corn., was traded in for the first time up from 50 to
%. Lehigh Valley Coal sales, w. i., dropped from 1963
503
to 1933 and finished to-day at 194. M. Rumely Co. fluctuated between 1003,- and 993 and closed to-day at the low
figure. Bonds were fairly active. Chicago Elevated 5s
ranged between 98 11-16 and 99. Inspiration Cons. Copper
cony. 6s were conspicuous for a break from 108 to 105.
Norf.
.& West.cony.4s were a feature,selling down from 1073'
to 106% and up to 106%. N. Y. City 43is moved up from
102k to 102% down to 102%, closing at 1029. Sinai
recessions were the rule among Copper shares. Butte Coalition
sold down from 22% to21 N,and up finally to 22. Greene Cananea lost half a pointto 8and closed to-day at 8%. Inspiration
Cons. Copper, w. i., dropped from 213-i to 20i and sold
after this "ex-rights" down to 185
%. The close to-day was
at 193'. Nipissing was conspicuous for a sharp rise from
5 the final figure to-day
6% to 7%,
being 73.
Outside quotations will be found on page 339.

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see preceding page.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Jan. 27

Monday
Jan. 29

Tuesday
Jan. 30

Wednesday
Jan. 31

Thursaay
Feb. 1.

Friday
.Feb. 2.

• 10514 10633 105 10512 105 10612 210313 10434 10314 10112 10378 10438
*10314 104 110334 10334 10314 10314 10314 10312 10312 10312 1033$ 10313
13613 13612 13513 13638 136 13618 13513 13638 135 13514 13513 13512
10134 102
110434 10512 10438 10514 10412 10514 10458 10514 210114 102
88
188
91
*83
92
92
*89
*89
92
*89
92
1 *89
78
7813
7873 7778 7838 7838 7812 7734 7812 7712 78
• 78
228 22918 22838 22912
22958 231
'23038 23034 229 23014 23012 231
340 340 *335 345 *335 350
*330 340 *330 340 1338 338
• 7134 7253 7038 7112 7034 7158 7018 7112 6814 6934 6834 70
17
17
17
§17
23
*17
23
*17
23
*17
23
l'*17
6612 *35
6612
6612 *35
6612 *35
*35
6612 *35
6612 *35
1814 1713 1712 1734 1734 *1713 1814
*1778 1814 1712 1778 18
36
*35
1 *3513 3614 3514 3514 3514 3513 35
35
35
35
10414 10512 10434 10635 10573 10612
10658 10758 106 10673 10434 107
*14513 14712 *146 14719 *14513 14612 14513 14553 14512 14513 *14534 14614
141 14313 14114 14234 14078 14134 141 141
141 141
14113 142
*190 200 *190 200 *190 200 *190 200 *190 200 *190 200
143 144 *142 145 *142 145 *138 142
*140 143
141 141
*145 160 *150 160
155 155 *150 160 *150 160 *148 160
*113 2
*118 2
*118 2
*118 2
2
*1
2
*1
512
513 *5
513 *5
*5
5
5
512
512 *5
*5
58
*57
60
*55
*52
60
5712 5913 5814 5814 *55
60
*92 100
*92 100
96
96
• *92 100
*92 100
*92 100
45
45
47
*43
47
*43
48
48
*44
.. *44
43
*44
77
*75
77
*75
77
*76
77
*76
77
*76
i *76
77
75
*65
75
*65
70
70
75
*68
76
*65
1 *68
75
171 171
*170 17212 *168 173
17153 17158 170 17112 *168 173
56434 56434 *550 570
560 560
569 569 0550 570
655 560
*20
22
*21
22
22
2112 2134 2114 2114 *2034 22
22
*41
46
44
*43
46
*4413 45
4412 45
4413 4412 44
*833 10
*838 10
*834 10
*838 10
*838 012 *833 10
*17
1712 *1634 1713 *1634 1713 *1634 1713 *1634 1712 *1634 1713
3012 3073
3014 3053 3014 3118 3038 3118 3014 31
3014 31
5112 5078 5113 5012 51
51
5034 51
5034 5118 5012 51
*4012 4213 4034 4034 4112 4110 *4013 4112 *4012 4173 *4012 4113
129 13012 12813 12914 12873 13014 128 12034 12713 12858 12814 12834
3814 3614 371z 3714 3738
36
3734 393
4013 3912 40
40
*1113 12
1112 12
12
*1112 1212 11
12
1212 1212 12

Sates of
the
1Veek
Shares.
26,950
650
2,900
13,480
50
9,620
9,840
163
45,725
120
1,300
2,200
77,1300
300
6,000
600
100

STOCKS
NEW YORK STOCK
EXCIIANGE
Railroads
A tch Topeka de Santa Fe
I1. Do pref
Atlantic Coast Line RR
Daltimore & Ohio
IP Do joref
Brooklyn Rapid Transit_
/ lanadian Pacific
k - antral of New Jersey _
Chesapeake & Ohio
Chicago & Alton RR
Do pref
Chic Gt West trust ctfs
Do pref trust ctfs
Chicago hIllw & St Paul._
Do pref
Chicago & North Western
Do pref
Chic St P Minn & Omaha
Do pre!
Chic Un Trac ctfs stmpd
Do prof ctfs stmpd
e CpirnerChic & St L
CleDvo

100
630
100
CoDloomot &preferreduthena
100 Colorado
100
500
800
700
525
500
615
42,000
4,565
200
29,700
18,600
75

Do 2d preferred
elaware & Hudson_
Delaware
Lack & West..
De
llver
o prhofRio Grande

D
Duluth
SoShore & Atlan

E

Range for Previous
Year 1911.

Range Since January 1.
On basiJ of 100-share lots
Lowest.

10314 Feb 1 107 Jan
10138 Jan 2 10312 Jan
13318 Jan 10 13814 Jan
210114 Feb 1 10678 Jan
8813 Jan 10 91 Jan
7634 Jan 2 7914 Jan
228 Feb 1 ;23534 Jan
305 Jan 9 340 Jan
6814 Feb 1 7412 Jan
17 Jan 25 18 Jan
35 Jan 5 35 Jan
1712 Jan 29 1938 Jan
35 Jan 31 3718 Jan
10414 Jan 31 11133 Jan
144 Jan 12 146 Jan
14038 Jan 18 143 Jan
141 Jan 18
155 Jan 30
113 Jan 24
5 Jan 2
55 Jan 15
96 Jan 31
45 Feb 2
7553 Jan 15
70 Jan 31
167 Jan 10
540 Jan 16
1958 Jan 2
4034 Jan 2
9 Jan 2
17 Jan 15
3014 Jan 15
5019 Jan 11
4034 Jan 29
126 Jan 15
36 Jan 31
11 Jan 31

Highest.

lizghest.
25
31
20
20
2.8
16
3
18
2
18
15
2
3
3
2
2

144 Jan 30
155 Jan 30
2 Jan 2
513 Jan 16
60 Jan 2
96 Jan 31
45 Feb 2
7678 Jan 19
70 Jan 31
173 Jan 211
569 Jan 29
2234 Jan 23
4614 Jan 24
933 Jan 9
18 Jan 22
3213 Jan 2
5312Jan 2
44 Jan 2
13212 Jan 23
4478 Jan 2
12 Jan 13

t.979 Sep 11658 J'ne
10034 Jan 10510 J'ne
117 Jan 13914 Nov
0312 Sep 10934 J'ly
8512 Aug
91 Jan
72 Sep
8458 J'ly
19558 Jan 247 J'iv
'260 Aug 320 Dec
6838 Sep
8634 Feb
15 Aug
311,3 May
53 Jan
37 Oct
17 Sep
2514 J'ne
4014 Feb
3512 Dec
10534 Oct 13313 Feb
141 Sep 15512 Feb
13813 Sep 15013 J'ne
191 Nov 1209 Jan
13018 Apr 144 J'ue
147 Nov §160 Mch
333 Feb
158 Sep
714 Feb
434 Sep
66 Jan
4813 Sep
98 Feb
9414 J'ly
60 Jan
43 Sep
82 J'ne
z70 Sep
7512 Mch
z63 Sep
15912 Sep 17478 J'ne
505 Sep 570 Nov
35 Feb
1753 Dec
74 Feb
3634 Dec
1558 Mch
9 Nov
3018 Mch
1718 Dec
3838 J'ly
2714 Jan
6114 J'ly
4553 Jan
4934 J'ly
35 Jan
119 Sep 140 J'ne
6334 Feb
3334 Dee
1514 Jan
11 Aug
9314 J'ly
98 Oct
9334 Jan 10258 Oct
124 Nov 134 Apr
132 Jan 147 J'ly
'2033 Feb
1313 Sep
5633 J'ly
3034 Sep
3612Sep
5512 J'ly
22 Sep
15 May
42 Sep
23 Apr
80 Dec
74 Apr
3738 J'ne
2514 Sep
6934 J'ne
6112 Sep
17 Nov
10 Sep
40 Jan
25 Set)
151 Sep 18678 Dec
63 Jan
45 Nov
13612 Sep 16034 Nov
13114 Sep 14212 Jan
4213 Sep
2112 Apr
35 Mai 6313 Sep
212434 Sep 15214 Mch
146 Nov 160 Mch
8012 Mch
8712 J'ly
3813 J'no
27 Sep
70 Oct
6234 Sep
63 Feb
3314 Sep
14014 Jan 160 J'ne
7233 Jan
60 Aug
3833 Feb
2578 Aug
29978 Sep 11513 Feb
65 Jan
48 Sep
9812 Nov 10158 hlch
8213 Aug 00 Jan
12678 Sep 15118 Feb
4678 J'ly
3734 Sep
0934 Sep 11114 Nov
8114 J'ne
8534 Apr
11034 Sep 13773 J'ne
9434 Dec 102 Jan

rieDo 1st preferred
Do 2d preferred
Great Northern pref
Iron Ore properties....
Green Bay & W.deb ctf13
avana Electric.....
____
Do preferred
no
171-0- *-_-_-_-- 1111- IC:: 01
Hocking Valley
___. *120 ____ *120 ____ *120
*120- *120 ---- *120
x13434 Feb 1 14118 Jan 23
Central
lllnols
i
8
5
135
3
2,250
1353
13612
213434
14014
13913
14012
14014
14012
14012
2
4
*139 11913 Jan 22
1753 1778 17,810 Interboro-Metrop v t ctfs 1633 Jan 3 5914
1812 1712 1814 1714 18
1734 1853 18
1758 18
Jan 22
5338 Jan 3
pref
Do
5614 33,650
5513 5714 5518 5753 5653 5734 5514 5634 5434 504 56
tr ctfs_..._ 5234 Jan 11 5733 Jan 22
vot
prof
Do
1,700
5414
5414
5414
5378
54
5312
5614
5614
5614
5412 5413 56
Jan 4
15
13
Jan
12
Central
Iowa
13
*11
470
12
1278 1278 12
13
*12
13
*12
*1213 13
2814 Jan 6 30 Jan 4
Do preferred
29
28
*28
*26
29
*26
29
*27
30
*23
30
- *27
7734 Jan 4
4
Jan
7734
tr
M
&
S
Ft
etfs,pref
C
7912
*7814
*7814
80
7912
*7814 7912
*7814 7913 *7814 7912 *7814
2534 Feb 1 2834 Jan 2
ansas City Southern
*26
2612 1,650
27
2534 26
2613 27
2614 26
2658 2658 26
62 Feb 1 65 Jan 5
preferred
Do
800
63
62
6273 *6134 64
*6278 6338 6273 6278 6373 6378 63
1113 Jan 26 13 Jan 31
de
Erie
ake
Western
14
200
13
*12
13
14
*12
14
1412 *1212
*11
14
*11
30 Jan 8 34 Jan 31
Do preferred
450
3212 3212
3312 34
35
*32
38
____ *32
*31
31
131
15812 Feb 1 18534 Jan 15
16012 16334 16018 16134 16012 16134 159 16113 15813 16014 15813 16038 99,550 LLoehnigghIsVlaanlidey
44 Jan 29 44 Jan 29
100
50
*44
50
*44
50
*44
48
*43
44
44
50
*44
Jan 2
14978 15058 *14978 15034 6,100 Louisville 4 Nashville_ 14978 Feb 1 156
15118 15134 151 15138 15018 15113 150 151
14 anhattan Elevated
135 Jan 2 137 Jan 4
13613 13711 13658 13658 *13612 13813 *13612 13812 *136 13812 1,000 1M
136 136
Jan 23
2712
20
Jan
oils
eap
inn
de
26
Louis
St
30
*___ 30 *____ 30 *__ 30 *__-- 30 *____ 30
156 Jan 15 157 Jan 15
Do preferred
56
*-- 56 *___ 56 *.._ 56 *____ 66 *____ 56
12912 Feb 1 135 Jan 3
12912 13018 130 13013 1,850 Minn St P de S S Marie
131 13118 13134 13134 130 131
13133 132
14714 Feb 1 161 Jan 10
Do preferred
100
14714 14714 *147 150
*147 150 *147 150 *147 150 4147 150
18713 Jan 12 18878 Jan 17
Do leased line ctfs
22
891 *8814 8912 *8814 8912 *8814 8912 18812 8810 *8812 8912
*89
ob 1 30 Jan 2
,e
F
3 I
6634
2
Mo Kansas & Texas
2,900
2718
2718
8
273
2714
4
263
2734
23
*2713
2714
27
2753
2718
65 Jan 25
preferred
Do
400
65
64
*6312
6312 64
63
6312 6312 *6312 65
4 4112 Jan 18
n 8
an
J
ja
Missouri
Pacific
9
69
3
391-2 3938 3934 3913 3958 4,000
3958 3934 -5972 --3912 3978 3938 40
Chatt & St Louis. 1
M
Mash
170
*157
170
*157
170
*157
170
,*157 163 *157 170 *157
Jan 4
1 j
69
228 11 at fly. of Alex 1st prof 6914 Feb 1 17
6914 13912 §6912 6913
71
*63
*6812 71
71
*68
71
*68
Do 2,1 preferred
34 Feb 2 3678 Jan 20
3414 5,700
3434 3434 34
3514 3434 35
3412 3434 3412 3434 35
11238 Jan 30
Central
41
h
Jan
Y
10614
N
Hudson
104,120
111
11014
11138
11018
112
11012
11038 11238
109 11013 109 111
58 Jan 29 61 Jan 30
5913 5913 *5514'6073 1,700 N Y Chic & St Louis
61
*59
5834 5873 61
5813 58
*57
Do 1st preferred
*9713 110
*100 ____ *100
*9313
*98 110
*98 110
2d
Do
Jan 27 90 Jan 18
preferred
87
90
200
*7712
90
--_*80
87
87
89
*82
*8612 88
87
87
136 Feb 1 130 Jan 18
137 137
700 N Y N H do Hartford
136 136
13734 13734 *136 13713 13738 13712 137 137
3718 3718 3,200 N Y Ontario & Western.. 3614 Feb 1 3834 Jan 9
3712 377s 3713 3712 3712 3713 3673 3738 3614 37
:10734 Feb 1 11078 Jan 8
108 10814 8,325 Norfolk & Western
109 10912 10878 10918 109 10914 :10773 10814 10734 108
Do adjustment pref.._
9013 Jan 4 9113 Jan 18
20
*9012 92
92
*90
92
§9134 9134 *91
*9013 92
*9013 92
Northern Pacific
11533 Jan 15 11034 Jan 22
11612 11712 116 11634 11612 11753 11578 11712 11538 11633 116 11612 36,700
Coast
Co
*90
0912
*00
9913
9912
*90
9913
9912 *90
0912 *90
*00
1
Do 1st preferred
*85 105
*85 105
*85 105
*85 105
*85 105
*85 105
Do 2d preferred
*90 105
*90 105
*90 105
*90 105
*90 105
*90 105
12212 Jan 9 12412 Jan 25
Pennsylvania
12,668
12438
124
12414
12358
124
12418
12334
12334 12414 12353 12373 12358
9812 Jan 2 10312 Jan 4
tsob CpTcfCerr
hIc
edde St L
100 10114 *10033 10078 2,450 PltD
*99 100
10012 10012 9914 9973 100 100
10813 Jan 2 115 Jan 22
113
*105
113
*105
113
*105
113
*105
113
4105
*105 113
Jan 11 15913 Jan 22
14818
859,750
159
15718
157
15338
153 15678 15212 15412 15:334 15513 15318 15578
9012 Jan 11 92 Jan 17
1trpreferred
1s
eac1.
92
*90
92
*88
92
*88
92
*88
92
*89
92
*89
94 Jan 11 9834 Jan 20
2d preferred
2,200
98
07
9713
9534
96
96
96
*9412 9613 96
95
95
Rock Island Company.-- 2318 Feb 1 2558 Jan 3
2438 2418 2433 2313 2414 2318 2313 2314 2358 8,810
2413 2434 24
48 Jan 3 5218 Jan 9
Do preferred
4918 4834 4933 4933 4913 8,700
49
4913 4034 4934 50
51
50
t Louis de San Fran _ . 23 Jan 5 2634 Jan 20
1,400
27
*24
2613
*25
2"
25
25
25
2538 2512 26
25
65 Jan 19 6712 Jan 30
Do
Do
3d
fee
rr
e
r
e
rp
t
p
Is
ed...
d
r
r
100
63
*65
68
*66
68
6713 6712 *67
68
*65
63
• *66
3912 Feb 1 42 Jan 18
4013 3938 4012 3912 3934 3978 3978 2,310
4014 4034 4014 4013 40
2934 Jan 22 3012 Jan 22
St
L
D
western
r
u
er
fo
S
sre
o
oul
o
a
h
te
*2912
3112
32
*2912
32
31
*30
*30
32
*29
32
*30
6812 Jan 17 70 Jan 23
600
6913 6912 6938 6938
70
*6934 70
70
6033 6938 *6938 71
10513 Feb 1 11258 Jan 2
10712 10878 10734 10918 107 10834 10512 10738 10658 10712 72,920 Southern Pacific Co
108 110
2613 Jan 31 2938 Jan 3
nro
herp
o
t
)
u
SoI
stmpd_
ctfs
tr
f
v
13,280
27
2634
27
2714 2753 2714 275$ 2612 2712 2658
2778 28
6834 Feb 2 7113 Jan 2
do
6834 6834 2,271
69
7013 69
69
70
*6953 7014 6958 6958 70
15
2
22 Jan153
J n 17 4
Pacific
&
Texas
400
22
*21
2113
2112
2213
*2112
2214
22
2212
*2112
22
22
Jan
29'2 Jan
200 1 hird Ave Ix etfs 2 paid. 39
41
*39
41
*39
39
41
3912 *39
41
*39
41
*39
9
Jan
4034
2
Jan
4014
issued)
New (when
4534 4634 4614 4734 4534 4733 4513 4618 4633 4638 11,830
47
46
4 Jan 20
3 Jan 15
300 Toledo Railways & Lt.__
334 334 *334 413 *.334 434
4
*334 414
4
' *334 414
Jan 20
14
4
Jan
13
Western
Toledo
do
L
St
1,500
1358
1358
1338
1334 1378 1358 1334 1312 1353 1318 1318 13
3234 Feb 1 3473 Jan 2
Do preferred
3414 3334 3334 3234 3312 3334 3334 1,000
3434 3434 3458 3434 34
Jan 2
100 Twin City Rapid Transit_ 10113 Jan 5 105
105 105 *10414 10512 *10478 105
*104 106 *10412 106 *105 106
Feb 1 17414 Jan 2
160
Pacific
Union
163
161
648,100
16418 16714 16258 16418 16314 16473 16114 16434 160 16278
93
Jan 30
29
Jan
9112
prefe
, Do preferred
9,100 k
92
*92
9234 9112 9218 92
9214 9113 9213 9214 93
92
1,700 Unito preferredinv'tof San Fr 3034 Jan 5 :35 Jan 27
34
33
3413 3312 34
*3312 35
3.412 3412 34
35
34
62
Jan 27
2
Jan
68
R
Ys
2,300
61
60
60
6013 6013 60
6034 6012 61
60
62
61
"wer-........ 41 Jan 4 4712 Jan 25
nop
200 Virginia
4713
*46
47
4734 47
*44 ---- *44 ---- 4713 4712 *46
Jan 26 87 Jan 26
87
y
t
n
re
d
rre
e
8758
*____
_
*87 - - --__ _- *8714 ---- ---714 Jan 10
6 Jan 4
1,900
7
7
8
--5'4 --61
abash
673
678 7
678 7
I
7
1678 Jan 2 1934 Jan 8
Do preferred
1738 1733 1713 1738 1714 1714 2,700
1712 1714 13
1758 1734 17
Jan 9 6034 Jan 3
4
553
Western
Maryland
By....
2,029
14
57
5714
57
5718
5634
5634
5634 57
5658 5718 5612 57
75 Jan 9 7712 Jan 25
Do preferred
•7612 8018 *7612 8013 *7612 8018 *7612 8013 *7613 8018
518 Jan 23
4 Jan 10
400 Wheeling & Lake Erie_
*412 5 *412 5
473 478 *413 5
*412 5
*412 5
11 Jan 3 1678 Jan 23
preferred
1st
Do
1,250
15
15
1513
15
1638
3
163
1638
16
*1512 17
17
*16
Jan
6
19
734 Jan 23
preferred
Do 2d
100
738 738 *612 712 *612 712 *612 712
*634 712 *612 712
50 Feb 1 54 Jan 6
400 Wisconsin Central
54
*49
50
50
52
52
54
5612 *52
*52
55
f *52
Mg
i
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.

H

1

K
L

P

R

S

i
1

W

9934 J'ly
11834 Sep
9018 Sep
10218 Sep
134 Sep
88 Mch
4.1012 Sep
2234 Sep
4334 Dec
23 Dec
69 Sep
3/ Sep
24 Jan
5934 Jan
10412 Sep
2434 Sep
6114 Jan
1978 Dec
h2114 Dec
31 Nov
4 Nov
12 Dec
3478 Dec
104 Sep
15312 Sep
84) Sep
2813 Sep
52 Sep
37 Sep
77 Sep
534 Dec
1414 Dec
4873 Apr
75 Jan
212 Sep
7 Sep
3 Aug
48 Sep

102 Jan
13018 Feb
100 Jan
112 Feb
16178 J'ne
J'ly
101 May
3438 J'ne
6858 J'no
'27 Oct
6014 Ply
4913 J'ly
34 Feb
72 J'ne
12638 J'ne
3338 J'iy
7514 J'ly
3014 Feb
112134 Deo
41 Dec
81. Jan
2434 Feb
5373 Jan
111 Feb
19233 J'ly
96 J'iy
43 Feb
7614 Mch
45 Apr
183 Apr
1833 Feb
4033 Feb
66 J'13r
8814 XIV
614 Feb
175s Feb
8 Feb
7218 May

Bid
Banks
Banks
Bid
Ask
Ask
Bid
Banks
Ask
Bid
Ask
Bank.
Bid
Banks
Bid
Ask
Banks
_ _ Metropolis 11 370 385 Prod Exch li 170
Harriman....
1721, Filth Avel_ 4100 4250
Chat&Phenli 170
New York
90
__
lteserve
'n'il
200
Alettopol
196
3000
69
Filth
200
325 Imp Is 'rrad 680
300
Aetna
190 Chelsea Ex'1 195
186
Mt Morris11- '250
260 Seaboard-- 415
35
225
450 First
1000 1005 Irving N
A.mertca II__ 605 610 Chemical __ 445
second ...,___ 375
li___
Mutual
295
290
..135
...
Fourth
201
205
_
Jefferson11-165
Amer Exch.. 24212 24712 Citizens' Oti
_ Security I-- 140
Nassau ___ 300
-0- 580
420 415 Gallatin -__ 330 335 Liberty__ 4
Battery Pk_ 125
130 City
22-0 sherman_ 135
405 New eleth_i, 210
276
230 Lincoln.... 395
___ Coal de Iron 15212 1571, Garfield __
Bowerylj___ 385
_ State 11 __,.... - __
Now
875
_
YorkCo
335
Manhattatl
il
f
_
Germ-Am
140
_
Bronxi3oroli 300
_ Colonial 11.- 425
S1-5 23d Ward. 175
43-5 - Niarlet&Fu 255
2-6-5- New York_ 310
1-8-0 - Columbia 11.. 340 3-5-0 Germ'n Ex 420
Bronx Nat_ 175
Union Exc.. 105
280
270
PaeltIc11-__
270
265
Germania
11&Met's
525
Mech
550
t196
Bryant Pk 11 150
155 Commerce - 1105
Wash 11..ts 11 275
373
370
Mercantile. 14712 1521, Park
155
140 Corn Ex 11.... 302 312 Gotham ___ 150
hutch as Dr 130
West Sloe
250
Merch Exch 16212 1671._ People's II_ 240
115 Greenwich ¶245 253
East River_ 105
150
Century 11__ 140
Yorkville II_
185
180
Hanover.625
Merchants'.
635
175
Fidelity
___
165
Chase
li-600
1
Less than 100 shares. 11 State banks. a Ex-dividend and rights. b New stock.
1* Bid and asked prices: no sales were made on this day. 1 Ex-rights.
Ex-dlvidend.
!Sale at Stock Exchange or at auction this week. A First installment paid. is Sold at private sale at this price. x




•_

Ask
176
_
41)0
150
,......
250
_

170

FEB. 3 1912. I

New York Stock Record-Concluded-Page 2

333

For record of sales during the week of stocks usually inactive, see second page preceding
S7'OCKS-IIIGHEST AND LOWEST SALE PRICES.
Saturday
Jan. 27

Monday
Jan. 20

Tuesday
Jan. 30

Wednesday
Jan. 31

Thursday
Feb. 1.

Friday
Feb. 2.

Sales at
ths
TVeck.
Shares.

STOCKS
NEW YORK STOCK
EXCHANGE

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

Highest.

Range for Previous
Year 1911.
Lowest.

Highest.

IndustrialikAiiscellaneous
*198 205 *198 203 *195 202 *195 202 *105 202 *192 202
dams Express
202 Jan 18 202 Jan 18 1198 Nov 1245 Apr
*114
112 *114
138
11.1
114
133 *I
114
114 *1
200
114
118 Dec
58 Jan 11
11 Jan 2
934 May
8
8
773 778 *6
8
*6
8
3
*6
*6
678
Do pref
200
618 Jan 20
658 Dec
8 Jan 2
34 Feb
6212 64
6134 6338 62
6073
6112
6273 61
6278 60
6158 97,25.5 Amalgamated Copper__ _
4934 Sep
60 Feb 1 671, Jan 3
7158 .1'ne
61
61
*6013 62
36103 6138 6012 61
60
6018 5914 6014 2,950 Amer Agricultural Chem_
4434 Sep
5914 Feb 2 6313
- Jan 2
6312 Dec
*100 105 *10134 10212 *10134 10212 *10178
*102
____ 102 102
Do pref
100
0912 Oct 105 Dec
101 Jan 13 10212 Jan 22
5578 5658 5512 5534 5533 5534 55 -5-512 5478 5512 55
5512 7,000 American Beet Sugar
3914 Jan
5934 Oct
5478 Feb 1
5834
Jan
3
*98
9938 *98
9938 *98
9912 *9313 9933 *98
9933
Do pre
0938 *98
9212 Jan 101 Oct
99 Jan 18 10078 Jan 10
12
1214
12
1114 1134
12
1112 12
1178 12
1112 12
7,700 American Can
1114 Feb 1
1212 May
1278 Jan 23
878 Jan
9112 9238 9112 9134 9158 9178 91
9033 92
92
9118 9178 10,515
Do prey
77 Jan
Feb 1
0318 Dee
3
8
2
90
Jan
9514
5114 5134 5073 51
5012 51
5014 51
4938 50
4938 5017 3,200 Americaa Car & Foundry
4933 Feb 1
4238 Sep
5814 J •IY
Jan 2
55
'2
11578 11578 11578 116
11534 11578 *11512 11578 *11512 11612 §11578 11578
550
Do pre
115'2 Jan 16 11612 Jan 15 113 Oct 120 May
9913 50
49
4038 ,50
50
4914 4912 4834 4912 4918 4918 2,600 American Cotton Oil
4513 Jan 19 51 Jan 26
4138 NOV
6238 Feb
*9514 9912 9534 9534 *9534 9912 *36
9912 *9534 9012 *0714_._
Do pref
170
02 Nov 10513 Feb
93 Jan 19 9534 Jan 29
*209 214 *209 214 1210 210 *205 210 *205 210
200 2-0
10 American Express
200 Feb 2 121211 Jan10 201 Sep 1255 Jan
*312 334 *312 334
338 358 *313 334
100 American Hide & Leather
*312 334 *312 334
312 Sep
5 J'no
334 Jan 5
338 Jan 30
21
21
2134 2134 *2012 2212 *2012 2212 *2012 2112 *2012 2212
Do pref
200
2012 Jan 5 2134 Jan 29
18 Sep
2638 J'ne
1912 2078
2012 *19
1914 2014 2018 2012 *20
2034 *1914 20
2,450 American Ice Securities_
1612 Aug
18
Jan
27
253
2
Jan
207
4 XIV
8
*10
11
*10
11
11
*10
*10
11
3973 11
American Linseed
*973 11
10 Jan 23 12 Jan 3
12>is Feb
8 Aug
32
*32
31
31
3218 3218 32
34
*30
32
*3018 32
Do pref
300
31 Jan 31
3413 Dec
2613 Oct
35 Jan 3
*3312 3433 *33
341., 3312 331.2 *33
331. 3212 33
*3234 3314
00 American Locomotive
3212 Feb 1
3658 Jan 2
3213 Oct
4314 May
*103 10414 *103 104 - 10318 10314 103 10314 103 103 *10278 10312
Do prof
600
10:3 Jan 15 10338 Jan 24 102 Oct 11034 Mch
773 778
734 8
738 7,8
712 713
712 734
738 758 2,915 American Malt Corp ___
53 Jan
Jan 10
3 Sep
8 Jan 31
434
*47
4678 4678 *47
4812 *4634 48
48
4673 4714 *46
48
Do pref
500
3112 Mch
42 Jan 6 4838Jan 26
4358 J'iy
*8634 8734 *87
*86
88
*36
88
88
*56
Amer Smelters Sec pref B
8712 *86
87
8613 Jan 3 87 Jan 13
82 Sep
8918 J'iy
7013 7134 6913 70.33 6978 701s 633g 7012 6778 70
69
70
50,900 Amer Smelting& Refining
6773 Feb1 7413 Jan 2
5638 Sep
8373 J'ne
*10312 10412 104 104 *10312 10112 *10312 10412 103 103 *103 104
Do pref
400
10233 Jan 2 10413 Jan 24
9834 Sep 10817 J'ne
*20
30
29
2912 2912 2973 29
29
29
29
*28
29
1,040 Amer Steel Found (new) _
26 Jan 19 3512 Jan 4
25 Sep
521;Feb
11712 11334, 11712 11934 119 12033 11734 12014 118 119
11312 11933 22,700 American Sugar Refining 11434 Jan 12 12038 Jan 30 11214 Sep 12212
Feb
11812 11912 *11812 11912 *113 120 *118 120 *118 120
118 118
500
Do pre
11512Jan 5 11912 Jan 29 111 Jan 11913 Feb
13934 190
13912 13978 1:3912 140
13913 140
13914 13912 13913 13912 7,830 American Teleph & Telcg 13753 Jan 2 14218 Jan 18 13112 Aug
15318 J'ne
278 280
275 279
273 282
279 270
277 277
4,560 American Tobacco
276 278
250 Jan 25 287 Jan 26
10714 10734 10734 10734 10753 10734 10714 10738 *10612 10712 10634 10634
Do prat
1,350
102 Jan 9 10834 Jan 19
87 Aug 10514 Dec
*10712 10734 10714 10714 *10714 108 *10714 10734 10613 10678 *10613 107
Do pref certfs of dep_ 102 Jan 10 10814 Jan IS
400
9212 Sep 105 Dec
10518 10534 105 10312 10538 10.533 105 105
10458 10434 10434 10434 5,000
Preferred, new
10114 Jan 11 10638 Jan 19
*27
*27
29
29
2612 27
2512 2618 126
26
750 American Woolen
26
26
2513 Jan 31
30 Jan 11
2512 Dec
3612 Mch
88
88
8734 8773 *8714 8814 38714 8714 8738 8738 *87
88
Do pref
418
8738 Feb 1 894 Jan
9614 J'ne
8514 Oct
2513 2512 2512 2513 255g 2553 2534 2534 26
26
2612 2712 2,548 Amer Writing Paper. prf. 2513 Jan 25 2712 Feb 10
2
2413
Sep
3412 Feb
35
3514 3434 35
3413 35
3438 35
34
:1414 3418 3414 8,010 aAnaeondaCopper Par$25 334 Feb 1 33334 Jan 3 329
Sep 34118 J'ne
410358 10333 110312 10312 10314 10314 *10278 10333 103 10314 10234 10318
1,656 Baldwin Locomotive, pf 10234 Feb 2 10334 Jan 2 10314 Dec 107 Dec
31
3173 31
3112 *3118 3158 3138 3218 3138 3158 :1112 3178 1,600
ethlehern Steel
3018 Jan 11 3238 Jan 2
26 Sep
3813 Aug
6014 6073 *60
6013 61
61
5934 6014 60
60
Do pret
5918 61
1,600
5058 Feb 2 62 Jan 2
54 Sep
6634 J'ly
13934 13934 *133 142 *1:39 140
13873 13873 13813 13813 *138 13912
400 Brooklyn Union Gas
138 Jan 25 14112.Tan 8 r129 Sep 14814 Nov
1442914 30
*2914 30
*2914 30
*2913 30
30
30
*2914 3018
2938 Jan 8 3018 Jan 11
1,010000 Bt utterick Co
28 Feb
31 Mch
1914 1914
1914 191
13 193
10
19
1834 19
lentral Leather
*1834 1914
1734
Jan
8
2112
Jan
2
1834 Sep
3338 Feb
*3612
*87
88 - ---- -------87
87
86
*86
86
87
510" Do pref
83 Jan 8 9214 Jan 2
9118 Dec 105 Feb
2558 2813 2513 2518 2512 2
2553 2614
2558 26
26
26
13,300 dChino Copper____Par 35 $25 Jan 15 $2718 Jan 2 $1612 Sep 32712 Dec
*2612 28
2612 2612 26
2614 2614 2(314
26
2(3
26
26
700 Colorado Fuel as Iron
26 Jan 30 2755 Jan 2
25
Sep
3638 Feb
139 13953 139 13912 1:3938 14014
3834 13918 13373 13914 13912 13912 7,300 Consolidated Gas (N Y)... 13834 Jan 24 14313 Jan 5 12834 Sep
14812J no
1034 1073 1034 1034
1034 1034*1012 11
1012 1012 *10-38 1078
700 Corn Products Refining
10 Jan 16
1113 Jan 17
938 Oct
1534 May
*7838 79
7878 7878 *78
79
7818 7813 *73
70
Do pref
7834 7878
550
x7614 Jan 3 7934 Jan 17
73 Sep
85 May
3113 3218 *3012 32
*31
32
31
3114 3078 31
3112 3112 1,455 Distillers' Securities Corp 3053Jan 19 3238 Jan 26
Sep
29
3814
Mch
*13
15
13
13
*12
15
*12
15
*12
400 Federal Mining & Sineit'g
15
*12
15
1212 Jan 10 13 Jan 29
13 Dec
36 Feb
*37
39
*37
39
38
38
38
38
*3734 40
*3734 40
Do pre
200
3713 Jan 23 39 Jan 5
37 Dec
6612 May
158 15913 158 15813 158 15818 157 15834 15634 15712 157 15712
4,820 General Electric
155 Jan 2 16073 Jan 24 142 Sep 165;.8 May
*33
3514 P__
3514 *33
35
*33
35
*33
35
34
34
100 Gen Motors vet tr ctfs
34 Jan 15 3514 Jan 19
35 Nov
5134 Aug
*75
76
*74
76
*74
76
75
Do pref vot tr ctfs
7514
7618 7613 *74
400
7614
75 Jan 18 7712 Jan 6
7413 Dec
8658 Aug
. *433 413
412 412
438
412
433
412
433 438
433
41: 3,700 daeldneld Con If Par $10 $114 Jan 3 $412 Jan 20
$312 Oct
$778 Jan
10734 10734 107 1071 10612 107
106 10612 10514 10513 *10538 107
1,600 I at Harvester stk tr efts 10:514 Feb 1 1008 Jan 3
9913 Sep 12933 May
*117 12012 *115 120 §120 120
115 12012 *115 12012 *115 12012
19 5- Do pref stk tr ctfs
11617 Jan 26 12012 Jan 11 115 Sep 12814 May
3433 5
4.431, 518
434 5
5
5
*434 473
434 434 1,8:30 Int Mer Marine stk tr otts
412 Jan 3
314 Sep
5 Jan 2
573 Jan
_ 2014 2058 2033 2013 2013 2114 2014 21
1938 20
Do prof
1934 1934
1,900
1933
Feb
231s
I
Jan 12
14 Aug
2212 Dec
10
1053 1033 1012 *10
1013 *10
1012 10
1018 1013 1038 2,000 International Paper
933 Jan 17
132 Jan
9
1034
26
Sep
Jan
5153 5178 *51
52
*50
52
5012 5012 *50
51
5012 51
Do prof
900
z4578 Jan 3 52 Jan 28
4458 May
5638 Jan
*30
31
*30
*30
31
31
30
30
2812 2313 2933 30
450 Internal Steam Pump
2812 Feb 1 34 Jan 2
23 Oct
44 Feb
8212 *80
*81
8212 *80
82
*80
8212 79
7914 *79
300
Do pref
81
70 Feb 1
8:334 Jan 9
80 Oct
9012 J'ne
10612 10634 *10614 10634 10612 10612 10618 10633 10638 10538 10614 10612 1,400 'Laclede Gas (St L.)
coin_ 10613 Jan 31 10834 Jan 4 10114 Sep 11412 Jan
182 188
178 181
175 177
176 177
178 178
177 177
1,82)) Liggett & Myers Tobacco 15678 Jan 15 185 Jan 26
. 112 112
11233 11234 112 1121. *111 112
11012 11012 *110 112
Do preferred
1,245
1051. Jan 12 11112 Jan 18
*7513 77
*75
77
*75
77 - 7518 7518 175
75
*7514 77
150 Mackay Companies
7518
- Jan 31
7412 Dec
79 Jan 4
95 Feb
*6913 70
*438
7012 *68
70
69
69
4,83
70
*69
70
Do pref
100
6.312 Jan 11 7078 Jan 23
63 Dec
77 Mch
*71
72
7113 7118 *71
72
*7012 7213 *7012 7212 *71
7212,
May
100
Department Stores_
7113 Jan 29 7113 Jan 29
70 Apr
87 J'ne
*109 11012 *100 11012 *109 11012 *109 11012 *109 11012 *109 11012
Do
110 Jan 8 112 Jan 11 10734 Sep 11314 J'ne
24
2413 2314 2334 2312 2378 2312 2:334 2333 2334 2334 2334 4,153 dMiainiprof
Copptx___Pur ;3 $2314 Jan 29 $2618 Jan 3 51638 Sep $2413 Dec
5146 140 *146 148
147 150
143 14834 *14713 14834 *146 14834 2,6.30 NaUonal Biscuit
13912 Jan 2 150 Jan 30 11714 Jan
14334 Nov
*12714 123 *127 12734 *12714 12712 12712 12712 *12712 128
123 128
200
Do pre
127 Jan 10 128 Jan 25 124 Jan 130 Feb
*14
1414 *14
1434 *14
1434 *14
1434 *14
1434
14
14
300 Nat Enamel; & Stamp'g
1373 Jan 2 1413 Jan 4
1212
Dec
22 J'ly
*92
9512 *92
9513 *92
9512 9412 9412 91
941
94
*02
Do pref
400
9517 Jan 2
94 Feb 1
85 Jan 10034 J'ly
53
5334 5312 5334 5334 51
5314 54
53
5312 5353 53 8 4,500 National Lead
5118 Jan 9 5473 Jan 2
4212 Sep
59 Feb
*10814 108 *105 108 *103 109 *105 109
10513 10513 *10512 107
Do prof
100
10512 Feb 1 10713 Jan 24 104 Sep 10034 Aug
1853 1834
1314 1838 1312 1812 1814 1853 1814 i8it 1812 1812 4,300 aNev Cons Copper_Pa
r $3 $18/4 Jan 29 32014 Jan 3 51513 Sep $2114 J'ne
56
58
*54
58
*51
56
5178 5473 *50
53
353
5.3
350 New York Air Brake__ ._
561., Jan 19
5478 Jan 31
45 Oct
73 Feb
79
7973 7858 7914 7378 7014
7718 7858 77
7738. 78
78
4,700 North American Co (new) 7412 Jan 3 7978 Jan 27
64 Jan
7334 May
304 301
30
3012 :11
3114 3114
31
3012 3034 3118 3234 7,625 Pacific Mall
30
Jan
3
3234
Jan 13
2313 Apr
3338 NOV
*4812 4914 4812 4312 *4813 49
4333 9313 4713 48
nO
ad
Telep
473
900
L
4714
&
4
Teleg....
4712
Feb
1
5138 Jan 4
35 Sep
5453 Jan
10553 10538 10514 10512 *105.33 10.514 10512 10553 10514 10618 10614 107
2,720 People's G L 414 C (Chic) _ 10:3 Jan 8 107 Feb 2 1(3113 Aug 101) Jan
*1713 1813 *17
1312 *17
1312 *17
18
*1714 1714 *1612 1812
Pittsburgh Coal Co
18 Jan 28
1858 Jan 6
17 Dec
2314 J'ne
*3018 8112 381
81
*3014 82
80
80
80
80
*79
1,060
Do
pref
82
80 Jan 31 8373 Jan 2
11734 Jan
185 135
9013 J'iy
182 182
182 182
130 182
17513 17514
1,482 P. Lorillard Co
180
169 Jan 11 189 Jan 26
113 11314 11234 11234 113 11314 11213 11313 112 11253 178
11212 11234 1,935
Do preferred
10734 Jan 12 115 Jan 19
*3212 33
*32
33
*3112 32
*3113 32i, *3153 3212 30
30
10 Pressed Steel Car
30 Feb 2 3414 Jan 4
25 Sep
0101 102 *101 102 3101 101 *100 102
375g J'ne
*99 102
*9412 101
Do ore:
25
10113 Jan 22 102 Jan 2
01 Sep 10234 J'ne
*106 109 *106 108
10733 10733 10733 10738 *106 100 *108 109
200 Pub Service Corp of N J_ 10714 Jan 26 10314 Jan 10 108 Oct 120 Feb
0160 15112 *160 16112 *16012 16112 *15812 161
15.853 15838 15812 1581
330
Pullman
Company
15312 Feb Z 161 Jan 23 154 Sep 163 Jan
*29
3012 *29
30
*29
31
29
29
*2814 31
*28
31
100 tjailway Steel Spring
20 Jan 31 32 Jan 2
26 Oct
.010114 105 *10114 105 *10114 105
39 J'ne
101 101 *100 105 *100 105
100 1 L Do pref
101 Jan 16 101 Jan 16
02 Jan 103 Jan
1613 1714
16
1673 1614 1678 1614 1634
1653 1634
9,050
allay
1673
17
ConsOopper Par $10 316 Jan 20 51938 Jan 2 $12 Sep 819 Dec
2414 241, 24
2414
2333 2334 2213 2358 22
2212 2253 23
4,300 Republic Iron & Steel
22 Feb 1
18 Oct
27 Jan 2
3514 Feb
83
837s 8112 8214 481
81
7812 8113 7878 7934 79
7912 5,230
Do pref
7813 Jan 31 8533 Jan :3
7418 Oct
*40
0913 Feb
40
43
40
3014 3914 *39
40
*37
41
*33
40
225 Sloss-Sheffield Steel & Tr_
3014 Jan 30 44 Jan 2
' 37
34 Sep
5614 Feb
3714 3534 304 3812 37
r3434 35
3412 3434 3458 3.5
2,60 dTennessee Copp_Par 125 33412 Feb 1 53812 Jan 18 53014 Sep 344
J'ne
*09 10213 *90 10'3
sr1.00 103 3101 101
*99 103
101 101
150 1 In:1eer/00.1 'rypewriter_ 101 Jan 3 102 Jan 15
63 Mch 111 J'ne
*11014 112 *11014 112 *11014 112
11114 11114 *11014 11112 11118 11118
200
k)
Do
pref
L *151 17
11113 Feb 2 11114 Jan 10 103 Mch 11378 J'1Y
*15
17
*15
17
*15
1634 013
1
2
US Cast I Pipe & Founar
17
165* *13
lb Jan 11
17 Jan 3
11 Sep
51
*51
51
511
19 Feb
51
51
51
51
50
50*50
Do prof
_
50 Jan 4
51 Jan 26
901. Sep r61 Feb
38
*34
*84
88
83
84
84
415
89
100 United States Express_ _ _
*81 If
84 Jan 31 386 Jan 10
84
Dec
, *8313 6.334 *8734 6834 *6734 439
3105
07
Jan
6734 *8873 69
*06
9714
2 4 U S Realty is Irnprovern't 67 Jan 31 6913 Jan 10
6518 Jan
7934 Ma)
4634 4612 963
46
4512 4(314
i 4933 465
4514 4514 *4514 46
1,500 United States ltubber
4514 Feb 1
49 Jan 3
3012 Sep
4812 Dec
11012 11(Y14 103) 110 *109 11012 109 102 *109 11013 1,604
IS/10012 111
Do 1st pref
109 Jan 80 111 Jan 11 104 Sep 11513 J'iy
*74
751 *74
, *73
7512 *73
79
731 *7373 7578 *7313 7812
Do 2d prof
73 Jan 23 7618 Jan 8
6(3 Sep
70 Met
5034 631
i 6414 6$73 63
6373 62711 61
5853 8013 00
6133 1094450 United States Steel
.5853 Feb 1
9973 Jan 3
50 Oct
82 Feb
. 111 11113 11053 11073 11012 11433 10034 11034 10).33 110
10934 11014 11,
Do pref
1033
3
Feb
11113
1
103
2
Oct 1205
Jan
, Feb
' 5813 5434 5213 5312 53
5.153 5514 55
5 P4 6
'
'
3 4 56
5573 43,400 d'Utah Conper_j'as 110 $5212 Jan 20 $5338 Jan 9 838 Sell $5778 Deo
H5514 5612 5514 5514 5612 5331' 55
5634 55
55
r5314 5.334 2,310 Virginia-Oarolina Chem
5233 Jan 0 5714 Jan 26
4313 Sep
7038 Feb
.12012 122 *120 121
120 120 *11912 12533 11934 120 *110 12
Do pref
300
11013 Jan 19 12173 Jan 25 114 Sep 12312 Mel:
i*112 147 *142 147 3145 145 *142 143 *142 145
44
100 IXTells Fargo & Co
3144 Jan 11 151 Jan 3 139 Sep 177 Mai
i 82
83
8212 83
8234 8314 83
831
824 8234 -------4,240 Y V astern Union Teleg
79 Jan 2 8614 Jan 18
7153 Apr
8413 Mal
, n 72
711
70
6913 7013 71
71
8934
7012
70
-7013 4,100 Wastingh'seitl&Mfg assen
isms 12n *11M... ion *117 120 *11.513 120 *115 120
8814 Jan 3. 7414 Jan 21
5813 Sep
73 Mai
12/1 1941
inn
Do 1st oroL
1147. Jan 5 120 Feb 2 11012 Aug 124 Jan

Allis-Chalmers

i

BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
'Banks
Brooklyn
*roadway 11
Qonay Isrdt
First
Ilskie11_„
ornesteady
anufao'rs
liteohanica'll
,
tion,
taik 1.

F

?Loma

Nat City

Bid
37'5
,213
____
_
4-11
235
,_- _
5212
'180

• *Old and asked
itliale all Bloch

Ask

Banks
Brooklyn
-._ _ North Stile
156
People's ___
235
pruswetyksj
125
100
Trust Co's
43)
245
N Y Cily
150
Astor
225
13 ankers"Pr
295
L1' way Tr.._

Bid
IZO
150
140

385
780
156

Ask

Trust Go's
Bid
Trust Co's
Ast
Bid Ask
N Y City
Hudson --- ---- 146
Central l'r 1010 vym;
KnIckerhkr 28712 2971,
Collluabla
Law T 114Tr 233
315
240
Commercial
fur Lincoln Tr_ 147 152
_- 100
Empire
re ___ 300
310
Mannattan
378
3180
Equit'bio Tr 515
_ _ Metroportn 400
410
Farm Loeer 1400 14-5'S
Mutual AlitFidelity ___ 230
224
ance
1.2.5
130
385
Fulton _
291
_ Mut.4 West__ Guar'ty Tr_ (37458cheater)
140
150
fso Guaxdlan Tr 100 115- NY Life &Tr 1000 1040
170
160
165

Trust Co's
Bid
Ask
N Y Trust_ 815
620
Standard rr 345
35212
FitleGu& Tr 550
____
Tr Co of Am 375
____
Union 'Fr _ 1300
_ _
US ittg&-ir 490
500
Unit States_ 1115 1140
VashIngton 400
410
Westchester 150
130
Windsor __ t190
___

trust Co's
Brolklyn
lireoklyn Tr
Citizens' ___
Flathush __
Franklin_
damllton __
Home
Kings Co
L 1st L & Tr
Nassau
Peoples'
Jueens Co_

Bid

Ask

965
133
215
270
273
105
520
310
150
290
100

140
230
280
235
115
3-21:r
165
300
110

deal: no sales on this day. Maga thlin 100 shares.
t Ex-rights. b New
d Quoted dollars per share.
or Si &WM= this wiAkk. &Mx atook dividend. Illanka marked stock. a Ex-div. and rights
with 2aragraph (1) are State banks..
Ea-dividend._




Yearly
New York Stock Exchange—Bond Record, Friday, Weeklyfor and
income and defaulted bonds.

Jan. 1 1009 the Exchange method of quoting bonds was changed, and prices are now all
Price
Fri
Feb.

BONDS
X. Y. STOCK EXCHANGE
Week Ending Feb. 2.

Week's
Range or
Last Sale

1

1
cq (53

Range
Since
Jan. 1.

interest"—except

'4
BONDS
N. Y. STOCK EXCHANGE Z
.., a.,
Week Ending Feb. 2.

Price
Friday
Feb. 2

Week's
Range or
Last Salt

Range
Since
Jan, 1,

High No, Low High
Bid
Ask Low
High No. Low High Chesapeake & Ohio—
Bid
Ask Low
U. S. Government.
10312 10412
Gen funding & impt 53_1929 J -J 103121(1414 10412 Jan '12
S 2s consol registered_ _d1930 Q- J 100 10012 10014 Nov'11
111 1 1112
1939 11-N 11112 11178 11112 11112
consol gold Is
1st
'11
Dec
10018
100
10034
coupon___
(.2-J
_d1930
consol
2s
S
U
t.„.__ 11134 11114 11114 10 11111 1 1114
/11-N
1939
Registered
'11
Sep
10118
ki918 Q-F 10112 10214
'138 3s registered
10114 102
42
102
10112
Sale
10112
11-S
1992
General gold 4 }is
10112 102
102 Jan '12
k1918 Q-F 10112
13 S is coupon
9033 Nov '11
1992 ;11-S ___
Registered
11314 11314
S 43 registered
1925 Q-F 113 113134 11314 Jan '12
211 9234 -5S1-2
93
Sale
9318
1-A
1
1930
}is
4
9314
Convertible
11334
'12
11314
113 114 11334Jan
S 45 coupon
1925
10 88 88
88
1944 J -D 88 Sale 88
Big Sandy 1st 43
10112 10134
100 _ _ _ _ 10012 J'ne'11
V S Pan Canal 10-30-yr 23 k1936
Coal lily fly lit gu 4s_ _ _ _1945 J -D 8513 8912 8812J'ne'll
10138 10178
U S Panama Canal 3s g
1901 Q-S 10112 10213 10134 Jan '12
1940 J -J 10112 10412 10234 J'iy '11
Craig Valley 1st g Is
4
8634 -t36383 87 8634 Jan '12
1946 J-J
Potts Creek Br 1st 4s
Foreign Government
9512 9(3
96 Jan '12
3 9'
R & A Div 1st con g 4s1989 J -J
3 97 9758
9714
(eirt-ilknutacrirsTliy
teln
,
n
ee
kijn
s
: S j 0612 9714 9714
1909
'11
-9214
J'ne
--_
----J
J
1989
---48
gold
2d
consol
9312 95
J -D ; 95 —__ 9338 Jan '12
5s
Warns Spr Val 1st g 5s 1941 15-S 105 10812 11314 Feb '05
---- - - irnperial Japanese Government
95 Oct '10
9312
3 9212 9312 Greenbrier fly 1st gu g 43 1940 11-N 9058 ____
Sterling loan 9 }is
1925 F-A 2 9318 9334 9318
4 -71
1949 A-0 71 72 7034 Jan '12 52 70,
27 9178 93 Chic & Alt RR ref g 3s
93
9212
2d Series 4 is
9254 93
1925 J -J
0334 651
6458
6334
1950 J-J ____ 0478
Railway 151 lien 3 03s
2 8634 8818
8818
8753
U
Sterling loan 93
1931 J J 587
9912Dec '11
1 10212 10358 Chic B & Q Denver Div 4s.. _1922 F-A 9912 100
10338
Republic of Cuba is eaten debt._ NI- S ;10258 103 10358
8713 88
88
8712 8614 8734
1949 J -J
Illinois Div 3}is
... _
9813 Dee '11
• External loan 4 }is
1949 1,- A ; 9134 _
8612 ____ 83 Sep '10
1949 J-J
973 Jan '12
Registered
9713 9714
9712 _
an Paulo (Brazil) trust 53_1919
10018 14 1)033 10018
100
Salo
1001
J-J
1949
Div
9614
Illinois
45
9714
'12
(3713
Jan
9714
; 96
S of Mexico a f g 55 of
1899
1949 J J ---- -----100 Jan '11
Registered
4 9034
-D 9034 92 9054 Jan '12;
Gold 93 of 1904
1954 -j
17,-;(903
1919 A-0 1015-8 ____ 10434 Dee '11
Iowa Div sink fund 5s
35 to £.
t Thisa are p rims on the JO
991 991$
1919 A-() 9911 9934 J01 Jan '12
fund
4s
Sinking
State and City Securities
9834 99
Nebraska Extension 4s 1927 11-N 9812 9934 9834 Jan '12
10234 58 10218 10234
N Y City-4 318
1960 M-S 10238 Sale 10228
1927 11-N 9712 ____ 9818 Mch'll
Registered
10018 42 9078 10018
4% Corporate 3tock1929 M-N 100 Sale 100
_10018 21 9978 10018
Southwestern Div 4s_1921 51-S 9912____ 9918 Dec '11
9978 10018 100
' • 4% Corporate Stook
1958
10018 23 9934 10018
Joint bonds See Great North.
• 4% Corporate stock
1 10078 101
1957 ,11-N 10014 Sale 100
101
101
10112
MN
101
1913
Is
11
10734
Debenture
10712
10778
10712
10753
10778
• New 4 }is
1957 11 N
9714 120 9634 9714
1958 11-S 9634 Sale 96$4
General 48
1021 Jan '12
10212 10212
; • New 4 }is
1917 M-N 10213
8138 1() 8014 811i
81 Sale 81
12 10712 10778 Chic & E Ill ref & Imp 4 gs_1955 J -J
1073
4 ..5% Corporate Stock_1957 ,11-N 10733 10734 10758
124 125
12534 126 125 Jan '12
A-0
1934
1
gold
consol
6s
1021J
10212
1st
10214
10212
Sale
10212
• 4.% assessment bond3_1917 11-N
10914 1114
1937 1I-N 110 111/3 11014 Jan '12
'12
General consol lit 5s
8718 8718
3}i% Corporate Stock 1954 11-N 843/8 8/12 871 Jan
Mch'll
1937 SE-N -------_ 10834
10278 21 10134 10278
Registered
S 10213 Sale 10212
1901
X Y State-4s
100 109
J -J 1091° ____ 109 Jan '12
41 10138 10278
1936
103
5s
fly
C
&
1st
10234
Ind
Chic
Sale
10234
j-,1
Canal Improvement 43_1961
82 8212 83
83
44 10134 103
10.3
1959 M-S 83 "Sale 83
Chic (it Western 1st 4s
Canal Imp'inent (new) 4s 1901 J -J 10238 103% 10234
12734 12912
12912
'12
_ 10112
---- --- Chic Ind & Loulsv—Itet 03_1947 J-J 129 130 109 Jan
Canal Improvement 43_1950 J -J 10152
NoN'll
-J 10012110
.
.1
1947
'10
J'ly
10312
gold
5s
Refunding
o Carolina 4 jis 20-40__1933 J -J
'11
Apr
53
9414
95
-J____
1917 J
Refunding 48 Series C
9714 -- 98 Oct '11
---- _--_
1913 J-J
nn new settlement 3s
-8.81; 8813
Ind & Loulsv 1st gu 43_1950 J -J ____ ____ 8812.Jan '12
1091 -,j .88 8812 8612 Dec '11 140 ---- ____
Virginia fund debt 2-3s
9012
9012 9012
9012 92 9012
5214
1956 J J
4(3 5214 Chic Ind 6e Sou 50-yr 4s
47 -___ 60
Is deferred Brown Bros ctfs__
'11
Dec
104
104
1969 J-1)
Chic LB ec East 1st 4 3.is
10134
4 10134
id134 10238 10134
Chic Mil & St P term! g 5s 1914 J -J 1013Railroad
9818 24 9858 9012
9878 Sale 9853
8414 11 7918 8414
8312
Gen'l gold 4s Series Ae1989 3'-J
83 81
nn Arbor 1st g 4s
'12
Jan
08
98
98
____
98
81989 Q-J
9912 164 99
991,2
Registered
95 A-0 9912 Sale 9914
19
199
'
tch Top & S Fe gen g 43.
86 8073
3 98 9814
98
Gen'l gold 3}is Series 13 _e1089 J-J 87 8718 8678Jan '12
1995 A-0 93 Sale 98
Re stered
J'ne'll
86
____
86
-J
J
lb
8
923
e1989
Registered
9114
9238
9238 Sale 9134
Nov
_h
9214 -03Adjustment gold 4s___1995
8
9238
9238 Sale 9238
25-year deben 4s
1934 J-J
9014 91
91 Jan '12
h1995 Nov
Registered
Chic ec L Sup Div g 53_1921 J-J 106 ___ 106 Dec '11
9252 31 9112 9238
14J-N 92 7.3; 9218
Stamped
1
.
10834
4
11g3
10834
4
___
1083
1083
4
J
J
1926
Chic & Mo lily Div 53
11433 J'ne'll -5 J -D
19 6
_1985
2 100 1038
Cony 48 Issue of 1909 _ 4
Chic & P W 1st g 58
1921 J -3 10018 10612 10618 10613
9 10534 10710
10534
1955 J -D ig3-4 Sale 10534
Ii 95 9514
Cony gold 4s
95
96
C 36 & Puget Sd 1st gu 95 1949 .1 -J ___. 96
10133 337 10014 10178
10114
Cony 43 (Issue of 10103_1960 J -D 10112 Sale 108
Aug'11
10313
8
1035
____
J
Dak & Gt So gold 5s_1916 J 10838 39 10718 109
108 Sale
10-year cony gold 5s__1917
113 11314
11318 11414 11318 Jan '12
-J
J
Dubuque
6s1920
Div
1st
f
s
987
Jan
'10
-F-A
1912
Debentures 45 Series J
Far & Sou assum g 6s__ ,,,j934 J - J 115 --__ 11758 Aug'11
9914 J'ly '11 ---- ____ _ _ _
1913 F.-A
Series K
'11
10412Dee
10334W
1919 J -J
90 90
LaCrosse & D 1st Is
_ 90 Jan '12
96
East Okla Div 1st g 43_1928
10633 10633
1921 J-J 10)333___ 10685 Jan '12
7 9234 0318
Wls & Minn Dlv g 5s_
9318
9318 Sale 93
1958 J Short Line 1st 48 gold
1920 J-J 11212_ 11238 Nov'll
Wis Vail Div 1st Os
S 10912 114) 10834 Nov'll
S Fe Pres 63 Pb 1st g 5s 1942
'11
Dec
10134
1913 J-D 10112 ___
Mil & No 1st cons 6s
_ _ 10138 J'112 '11
1915 11-S 10518
; Ohio & St I. 1st 6s
1913 J -D 10015 ___ 10014 Nov'll
Extended 4 is
9612 82 9,514 6612
tAtl Coast L 1st gold 45___h1952 11-S 9633 Sale 96
10712 104
108
Chicago & N West eons 7s _1915 Q-F 108 10132-4 108
98 Oct '06
16-S .94
;
Registered
9714 974
1886-1926 F-A _______ 9714Jan '12
48
Extension
_
'11
10858
Aug
____
109
2
8
1
2
1st gu gold 5s_.
la
9
1
.
14
11-N
.
9734N0v'll
F-A
1880-1926
Registered
4
-'12
Jan
-iE34
____
-6E39558
9534
;
runs Se W 1st gu gold 43 1938 J -J
15
- 87
-Ji
87
87
ia
1987
8618
11-N
General gold 3 Es
I Charles & Say 1st gold 7s 1930 -J 136
, 85 ____ 8634 Nos"11
p1987 Q-1
Registered
9514 Sale -6S
-951-41 57 9112 9124 General
01952
9814 177 9714 983
L & N col! gold 4s
98
Sale
11-N
9734
1987
4s
Bay F & W 1st gold 6s__1934 A-0 12334 ____ 12514 Dec '11
---__ 11134 Nov '11
Sinking fund Os____1879-1929 A-0 11118
___ ___
1934 A-0 101114 ____ 11038 May'll
1st gold Is
--__
1879-1929 A-0 11012 ____ 11114 Nov'09
Registered
-97 97
97 9814 97 Jan '12
Sil Sp Oka & G gu 43_1918
'11
Oct
110
10712
10718
A-0
fund
53
Sinking
1879-1929
17
93
93
9234 Sale 9212
9134
J-J
N_IO
& Ohio Priori }is _
1879-1929 A-0 10412 ____ 10378 Dee '11
Registered
9078 9078
_ _ 007 Jan '12
1)1.
Q-J
Registered
idi3-4 1051*
Debenture Is
1921 A-0 10158 10514 10512 10512
9878 81 9734 9878
1928
tht1
5 A-0 9878 Sale 9838
I Gold 98
Registered
1921 A-0 103 ____ 10612 Feb '10
'11
06'14 -- 9818 J'ly
51948
Registered
Sinking fund deb Is
iii112
1933 11-N 10812 ___ 10938 Nov'll
'12
Jan
112
11278
?-j
.1922
-J
Os....
1st
gold
f5itts June
1911315-N 107 ____ 10734 Aug'11
Registered
_ 8814 Jan '12
8814 8814
P Juno & DI Div 1st g 3 9is1925 M- N 8818
12718 Nov'll
32 91 92
Frem Elk & Mo V 1st 63_1933 A-0
92
9134
PLE&W Va Sys ref 48_1941 111-N 9134 Sale
9012 Sep '02
7 91
Mani G B & NW 191 3 Es 1941 J -J 126l----____
9112
9114
9114
9112
91
-J
J
1925
-is
3
3
gold
1st
Bouthw Div
____
_
&
_
S
Milw
List
J3
}0_1941
___-----gu
Mels'10
3
---103
_
_
--10034
Can Ohio It lst c g 4}is1930
114 114
i0 j,j7j12
i12
Mil L S &
1st g 6s 1921 11-S 11314 115 114 Jan '12
11013 Jan '12
01 Lor & W con 1st g 5s__1933 A-0 11)9 11112
110 no
Ext & imps
F-A 10824 ____ 110 Jan '12
'11
10412
1
Dec
Wes`'
gold
5s1929
10214
10214
-A
gu
53_1919
1st
g
lily
Monon
14212 Feb '02
____
11612
111-S
- 1925
Ashland
Div
g
'11
1st
63
Apr
_
10912
109
Ohio River RR 1st g 58_1930 J -D
Mich Div 1st gold Os_ 1924 J -J 11612,,._ 11618 Oct '11
1937 A-0 108 11018 100 J'ly '11
General gold 58
•
141-S 112 114/8 115 J'ly '11
-1-2
3
Northw
.
:11)17
11
1
2
li:;17s
_
g
1st
11312
Union
11312
_
11318
A-0
63_1922
Fitts Clev & 'rot 1st g
Winona & St P 1st est 7s 1010 J -I) 11111 11578 11334 Aug'11
9712 -- -- 9712 Sep '11
1917 J -J
pitta & West 1st g 43_
10871 l087
Chicago Rock 19 84 Pa 6s 1917 J -J 10858 10878 10878 Jan '12
Stat Is' Ry 1st gu g 4 343_1943 -D 85 90 95 Nov'll
,
1917 J -J 10/12 ____ 109 Aug'10
Registered
Nov'll
11258
11134
1937•S
9012 120 957s 0673
Buffalo It & P gen g 6s
sale 0618
9012
-J
J
gold
General
1988
4s
1957 111-N 10612 10714 10718 Aug'11
95 90 ;
Consol 4 }is
9534 9612 90 Jan '12
1988 J -J
Registered
'11
_
Feb
07
9512
-0
A
9012
178
g
gu_1998
1st
4s
All & West
8918 9034
Refunding gold 4s
1934 A-0 9038 Sale 9014
---- ---___ 103 J'ly '08
ci 83 Mali 1st gu g is... _ _1943 J - J 108
- - -- _ _ 11334 Nov'll
Coll trust Series J 48
1912 11-N 9734 ____ 9718 J'ly '10
---- ---_
Roch 6e Pitts 1st gold 63_1921 F-A 11258
L
11-N ____ ____ 9734 Sep 'II
Series
--- --1914
'11
Alch
11678
1113
11.514
1922
J
Consol 1st g Os
9612Nov'll
--- - 1915 M-N
241 4s
72 Mehl()
Bull & Susq 1st ref g 45_ _d11)51 J-J ___ 50
Dee '09
_N 45
1910 M-N ---- ---- 94_
45 .-1 611-2 101.3-4
1013
1913 J -J 10134 Sale 10134
,flan So 1st ext Os
0 4s
1917 M-N --------9.114 May'l0
1 10012 10058
1005
1913 m-S 10038 101 10038
) 2d 55
N.
9434J'ne'll
9538
____
11-N
93
P
1918
10034 Jan '1
1913 11-S
Registered
7314 6111 7112 734
Chic It I & Pac RR 4s__ _2002 M-N 731 Sale 7233
1133,
Central of (fa 1st gold 5s__p1995 F-A 11253 11378 11334 Jan '12 -16 11334
7234 7234
7234
2002 51-N ---- ----7234
Registered
1011 110
110
1945 11-N 10934 110 10334
Consol gold 55
14 9214 93
93
93
9214
U212
M-S
1931
Ark
&
Louis
1st
}is
I
4
R
1945 1I-N 107 ____ 10712 Nov' 1
Registered
4 11078 11072
11073
It & N—lst g 5s 1934 A-0 111 1113 11078
C
Bur
'11
103
Dee
Oct
p1945
5s_
g
income
pref
lit
_ 12012 Mch'03
1934 A-0 -------Itegistered
10612 May'll
Stamped
0 R I I' & N W 1st gu 53 '21 A-Q ---- ---- 10514 Sep '11
34 prof income g 5s__p1945 Oct
---- 105 Dec '11
__1927 J -I)
NI & St L 1st gu g 7s
96
Nov'll
____
pref income giSs stamped
---- ---Choc Ok & (.1 gen g 5so1919 J -J 10214.,.,., 1023-4Au-g-ii
107 Dec '11
3c1 pref income g is., _p1945 Oct ---'11
Sep
10812
10612..__
M-N
1952
53
Consol gold
8518 Oct '10
.--- ---_
101 iof
3(1 pref income g 53 stamped
Keolt sk Des M. 1st 5s_ _1923 A-() 100 10112 101 Jan '12
8933 91
110 0113 8938Jan '12
Chatt Div pur mon g 4s,,.1951
12343 12334
12338
1930 J -D 12314 12412 12338
[071.1 10714 Chic St PM 6,0 con 63_
Mac & Nor Div 1st g 53_1940 Jr -.7 101 _ _ _ _ 10714 Jan '12
'03
Dec
93
--__
(ions 6s reduced to 3 Es 1930 J -I) 01
.--- -_-_
Mid Cia & Ati Div 5s____1947 J-J 10518 10712 115 Nov'06
12;338 Dee '11
____
11-N
g
19I8
1st
Gs
Minn
&
May
P
11
St
10934
Ch
---_
.--_
10712
J-J
1946
Mobile Div 1st g 53
May'09
12953
___
J
123
-J
1st
_1930
__
Gs_
Wisconsin
101
Nov
'11
Nor
.- - 11-N 10212
11 111 iii"
ill
59 i;.11,- 31221
4 12234
St P 63S City lst g 6s.. _1919 A-0 111 11112 111
:181g J -J 12212 Sale 12238
dji "
flN&JBgg'?:(scic
ol
3 tR
1
_ -2-..1930 M-S 108 _ _„
10 ,2112 122
122
Superior Short L 1st 3s-g
12134 12314 122
51987
Registered
1081:.
1081;
10814
Q-1'11
6s
g
q19;12
gen
Ind
West
'12
Jan
,07 107
Chia 83
02 92
AM Dock & Imp gu 5s_ __1921 9-j 10634 -- 107
92
92 9214 92
1952 J -J
Consol 50-year 45
•--- ---Le 63 Dud It gen gu g 53_1920 J-J 10158
1937 J -J 10018 101 10028 Dee '11
— - --- Cln ii 63 D 20 gold 4 lis
Leh & Wilkes-B Coal 5s1912• N 100 __ - 1O01 Aug'11
4s
_
____
9112
-J
refunding
J
1959
lit 64
• -N Y & Long Br gen g 44_1941•S 9912 ---- 100 Dee '11
ow. iici ma-iii
1859 .1-i
1st guaranteed 43
9114 05 94:1. in:
(lent Vermont 1st gu g 45_,e1920 Q-F 110 ____ 9024
Page.
Next
on
d
S
BONDS—Continue
MISCELLANEOU

(1

t

A

i B&It

Street Railway.
Brooklyn Rap Trans g 5s...._19415 A-0
lit refund cony gold 4s__2002
Bk City 1st con Is 1916-1941 S-1
Bk Q Co 63 S con gu g 5:1_1941 Pri-N
Bklyn Q Co 63S 1st 5s _1941 J-J
Bklyn Un Si 1st g 4-5a_1950 F-A
Stamped guar 4-5s____1950 F- A
Kings Co El 1st g 4s
1949 F-A
Stamped guar 48
1949 V- A
Nassau Bloc guar gold 45.1951 J -J
J -J
Conn fly& List &ref 6g4
1951 J -J
Stamped guar 4 }is
eaver Con Tram cons g 56_1933 A-0
et United 1st cons g 4 Es 1932 J -J
, rand Rapids Ely 1st g 5s 1910
1952
i avana Elec consol g is
Doll 4 }is_1950 A-0
'terboro-Metrop
211
'uterboro Rap 'n* 5s Ser A_1952 11-N
1'
Iplo price Friday;late0 this week.

l




Street Railway,
0634 Is
97 9738 9634
Manhat fly (NY) cons g 48_1990
103 Jan '12
103 103
103
9712
9712 Sale 9733
86I 337 8378 8818
Stamped tax-exempt_ _ _ _ 1990
867,1 .3).1.(3 8534
10
102
102 1.0134
102
2 10112 10112 Met St fly gen coil tr g 5s_1997
101i 102 10112
10314 50
103
10314
10234
Trust
_
Co
_
_
Guaranty
carats_
97 Nov'ii - Refunding gold 45
'l
Dec
69
2002
2
6234
6234
Farmers' Loan & Tr ct1 _ _ _
MS- &We i5't iS- 48 i(f18 fai
81
8 ,;;Ttio
-667Stamped
10112 102
103 ____ 109 Jan '12
240
4
8
1
5
1
6
8
8
7
07
0
8
8118
Sale
Refunding 41 i when issued)- 8313 84
8512 ____ 8313 Jan '12
67138 Sale 5738
5834 707
Adjustmt !no is (wh Issued)
18 8412 85
85
85 88 8458
10372 ____ 10334 Jan '12
Bway & 7th Av late g 53_19 13
78 81
7934 80 81 Jan '12
101 ..._ 10112 Jan '12
Col & 9th Av lit gu g 58_1993
101 10173
10112 -- 10175 Jan '12
1
10214
._ 10214
10214.
03
1.
Lax Av & P F 1st gu g 58_1993
10134__,, 10172 Dec '11
'1'
8:: Jan78008:
0
780
Third Av RR cons gu 43_2000
inos 7818 8
4
Central Trust Co cone
79 ;311-'15
-79 793
43
Cent Tr Co eta stamped____
99e----1 90 J'ly '10
402
8678 Sale 8658
9934 99 Jan '12
1st ref 45 when issued
'IN- 90 1212 208
78 Sale 7734 11014
Adjust !no 55 when Issued._
8.378 1107 8013 8413
8234 Sale 8214
14
11014 1101 11014
163 10318 105
Third Ave Et' 1st g 5s_1937
10412 10478 10412 105
q Duo Dec.__ja Option
DueJu1y. I; Due Aug. 0 D1/0 Oat. p Due Nov
ii Duo April a Rue Bay.

0604 97
9634 9711
102 102
97 10314
571 (10
6753 62
80 8133
5414 6913
103 10314
1011210111
102 10213
80 80
71:113 8113
7612 8114
8478 86
7578 8014
10038 11011
aale.

FEB. 3 1912.1
,
BOBDi
N. Y. STOW& BXCHANGE 11
Week Ending Feb. 2.
NA,

335

New York Bond Record-Continued-Page 2
Pries
Friday
Feb.2

Range
Since
Jan. 1.

We,er
Range or
Last Sale

PONDSZ.9..
e
N. Y. STuCK EXCHANGE i
Week Ending Feb. 2. - • ...a.

Price
Friday
Feb. 2

Week's
,,..,
Range org..9,
Last Sale
nt;":.

Range
Since
Jan. 1.

High No. Low High St P M & M (Continued)Bid
Bid
Ask Low
Ask Low
High No. Low High
Obe Ham & Dayton (Continued)
Pacific Ext guar 4s .e.._ _ _1940 T- J
10312 10414
9234 .. _ 9258 Mch'11
MI D & I 1st gu g 511_1941 M-N 10312 104 10414 Jan '12
P3 Minn Nor Div 1st g4s1948 A-0 97 .._ _ 9812Jan '12 ____ -961-2 -9812
0 Find & Ft W lat gu 46 g 1923 M-N *. . 90 88 Alch'll
Minn Union 1st g 68_1922 J-J 116 11614 11518 Aug'11 ___ ___ ____
Cin I & W 1st gu g 4s__ _ _1953 J-J 8
.712 ..-- 8712 Nov'll
Mont C 1st rug 68____1937 J-J 12i34 __ 12714 Nov'll __ ____
Day & Mich lst cons 4)s 1931 J -J 100
____
---1041 id;i2
Ind Dec & W 1st g 5s____1935 J-J 10112 Sale 10412 1041
Registered
1937 J-J 4._ __ _ 132 13614 May'06
.,
1st guar gold 58
10712Dee '0'
1st guar gold Is
1935 J -J
1937 J-J 11114 113 11234 Sep '11 ----------.....
10 9212 -6S1-4
93
Registered
Cleve Cin 0 6: St L gen 48 1993 J -D 93 Sale 93
1937 J-J
'11
Dec
Will de S F 1st gold 5s_1938 .1-.1) 113 ____ 11212 Sep
Cairo Div 1st gold 48_ _ _ _1939 J -J 0212 9412 94
-- - 9014
014 1,014 Gulf de S / Ist ref & t g 5s....51952 J-J 91 93 95 Jan '12 ____ 95 - -95 Cln W & M Div 1st g 4s 1991 J-J 9018 9134 9014
Registered
St L Div 1st col tr g 4s...._1990 51-N 92 9212 9312Jan '12
9213 9313
51952 J-J
Registered
1990 M-N 89 __ 91 Oct '07
- - flock vat 1st cons g 4 %s_1999 J-J idifi Sire ioil, idif2 i'L idi iiii5;
LA. Registered
i Fr & Col Div 1st g 461940
_
1999 J-J __ ____ 10012Sep 'Os ____ _ _ _ __
M-S 90 _ _ 90 Dec '11
Col & II V 1st ext g 4s
0412
W Val Div 1st g 45_1940 J-J 91 ____ 91 Dec '11
'11
Dec
1948 A-0 9512._
Col & Tol 1st ex 4s
10534 Dec '11
1 St L & 0 consol 6s_ _ _1920 ,n-N 106
/
1955 F-A 9434 ____ 0618 Jan '12 __ 9616 9618
Hous Belt & Term 1st 5s
97 97
1st gold 48
31178 97 Jan '12
1937 J-J __ 100 10012Dec '11 ..- ...-- -k1936 Q-F 9614 _'11
111nois
9718
Dec
Central971
Registered
k1930 Q-F 96
ist gold 4s
Gin S & Ci con 1st g 58_1928 J -J 107 ____ 10714 Oct '11
1931 J-J 10314_ 103 Dec '11 ____ ____ __
Registered
_1951 J-J 100 ____ 100 Sep '11 ...... __ ---0 C C & I consol 7s
1914 J-D 10534 10614 10712 Aug'11
ist gold 33.45
Consol sinking fund 7s.,1914 J-D ---- ---- -- 1951 J-J 90 ____ 91 Aug'11 ____ --- -----Registered
• General consol gold 63_1934 J-J 12312._ 1213-4 Oct '11
1051 J-J ___ ___ 89 Apr '11 -- --___
Extended 1st g 334s_.,1951 A-0 _
- _-__ ____
1934 J-J
Registered
931 May'00 -_------- '08
Registered
1951 A-0
, Ind Bi & W 1st pref 4s__ _1940 A-0 --------94 J'iy
____ ---- -___
1st gold 3s sterling
___.
1951 M-S ---------80
0 Ind & W 1st pref 3s__d1938 Q-J ..„_ ___ ___
____ ___
J'ly '09 _--- ---- -9112 92
Registered
Peo & East 1st con 4s......1940 A-0 9112 ____ 911-2 Jan '12
1951 M-s
__
____ ____ ____ ---38 40
Coll trust gold 45
1990 Apr ___ 3814 38 Jan '12
1952 A-0 9938 ___ 99 Dec '11 ____ _--- -Income 48
26 9912 5812
53
1947 J-J
50 56 9912
Q0I Midland 1st g 4s
Registered
1952 A-0 ____ 9812 9812 Aug'11 _
-_9612 16 96 9612
1st ref 48
1955 M-N •9612 Sale 06
Colorado & Sou 1st g 4s_ __ _1920 F-A 9612 97 9614
9612 15 0633 0012
1935 m-N 98 Sale 9758
9818 68 9713 9818
Purchased lines 3%s
1952 J-J 861 8678 8618Jan '12 ____ 8618 8618
Refund & ext 4 Ms
11218 11218
L N 0 & Tex gold 4s
1953 M-N 99 Sale 99
Ft W & Den C 1st g as__ .1921 J -D 11134 11212 11213 Jan '12
1
901
__
Registered
1953 M-N -- 9812 9434 Jan '11.............__
Qonn & Pas Rivs 1st g 4s 1943 A-0 _-__ ___ __
Cairo Bridge gold 46
1952 J-J --------100 Ma-V10
1950 J-D 96 ---- 9712Feb '11 .... ___ _ ___
ouba RP, 1st 50-yr 5 g
Litchfield Div 1st g 3s_1951 J-J 75I___. 7518 Sep '11 ___
el Lack & Western__Louisv Div & Term g 3 As1953 J-J 85 Sale 8412
Morris de Essex 1st 7s....1914 M-N 10618 10712 10834 Nov'll
85
16 -841-2 -8.5
10912
8 1091;
7 10611915 J -D 109 _ _ 10918
1953 J-J ___ 86 8314 Nov'10 ____ ____ _ ...
1st consol guar 7s_
Registered
1915 J -D 105 _
_
11138 Dec 'It)
Middle Div reg 5s
Registered
1921 F-A 10534 ......_ 123 May'99 ___ ___ _91 Jan '11
2000 J-0 85
Omaha Div 1st g 3s
1951 F-A 743.__. 7618 J'ne'll ____ __ _ _
let ref gu g 33.48
11414 11414
1921 J -J 11314 ____ 11414 Jan '12
St Louis Div & term g 3_1951 J-J 75 7'7 751 Jan '11 ____ ____ __
NY Lack & W 1st 6s
10638 Nov'll
Construction Is
1923 F-A 106
Registered
1951 J-J 7313- ---- ---- ---- ---Term & Improve 4s_1923 M-N ___ 99 98 Dec '11
Gold 3;is
1951 J- J
Ms 863-4 8718 Ma-fil _ __ _ _ _ _ _ _._
Feb '03
Warren 1st ref gu g 3 30_2000 F-A -------10218_
1951 J-J 84
10113 Oct '99 ...... ____ --Registered
Del & Hod 1st Pa Div 7s__ _1917 M-S 11334 11512 11512 Aug'11
Spring Div 1st g 3 As
__ 100 Nov'00 ___ ____ __1951 J-J ---- ---___ _.
Registered
1917 M-S ___ ____ 149 Aug'01
Registered
1951 J-J I
10-yr cony deb 43
1910 J -D 9834 99 9858
9858 29 "Hi; -dif8
Western lines 1st g 43_
1951 F-A 96 __ -98- Jan '12 ____ id- 98
1922 J-J 101/
1
410158 10112 10158
9 10138 10158
1st lien equip g 434s
Registered
1951 F-A
1st & ref 4s
51 98% 09
99
1943 M-N 9834 Sale 9834
Bellev & Car 1st Os
1923 J-D iii ____ iffr2 Ma-57'15 ____ ____ __9212 27 9114 92%
Alb & Sus cony 3;is_ _1946 A-0 92 9212 9212
Carb & Shaw 1st g 4s_ _1932 M-S 9434..„- 9514 Oct '10 ____
,.._„._
Roes & Saratoga 1st 7s 1921 M-N 122 ____ 122 Dec '11
Chic St L & N 0 g 5s__ _1951 .1-13 11434 116 116 Jan '12 ____ 116 116
---- -Denver & Rio GrandeRegistered
- 1951 J-D 113 ___ 114 Feb '11 ____ ____ ____
3 8914 8978
• 1st consol gold 48
Gold 3 hs
8978
1938 i- J 8918 9038 8978
1951 J-D ___ __ 90 Oct '09 __ ____ __
98 98
• Consol gold 45s
- 08 Jan '12
1936 -J
Registered
1951 J-D
Memph Div lot g 46.,_„1951
1
mprovement gold 55
9812 19 96 9512
1928 -D 9712 0812 9712
iig ____ iiiiimciii5 ___ ...._. _ _ -8914 222 80 89%
Registered
et & refunding Is
1955 F-A 887 Sale 8812
1951
St L Sou 1st gu g 4s
lo Or Juno 1st gu g 56._1939 J-D ---- ----10434Meh'11
1931 NI-s gg 0-6 68 - xli 'TP.---- ___ -_,-Cud Ill & Ia 1st g 4s
lo Cr So 1st gold 48.......1940 J-J _--- 60 6112 Apr '11
- 90
1950 J-J 95 9612 05 Jan '12 ____ 9978
Cut & Great Nor 1st g 6s
Guaranteed
1940 J-J ____ ----85 Mch'08
1919 2.1-N 108 ____ 108 Jan '12 ___ 108 108
85 8814 [owa Central 1st gold 55_1938 J-D 102 10212 102
88
1 102 102
Rio Cr West 1st g 4s
1939 J-J 87 ____ 88
102
78 78
Refunding gold 4.8
Mtge & col trust 40 A 1949 A-0 78 801 78 Jan '12
1951 M-S 65 oi1. 65
6512 19 65 6613
-- jamestown Franklin &
Utah Cent 1st gu g 4s.a1917 A-0 -------- 97 Jan '02
•
1 Clearfield 1st 48
1959 J-D ____ 941 9412 Jan '12 ....... 9912 9912
Des Mol Un By 1st g 5s_ _1917 M-N 99 -__ 110 Sep '04
[Tan City Sou 1st gold 38_1930 A-0
Det & Mack 1st ilen g 4s1995 J-D 92 95 92 Nov'll
74
'731 74
7312
IA.
-id"
"id
Gold 46
Registered
1950 A-0 ---- -------63 Oct '00 -------1905 J -D 9012 92 90 Jan '12
__
,..'
100
Ref 6c impt 58
Apr 1950 J-J 10014 Sale 00
et Riv Tun Del Tor Tun 4 348'61 M-N 100 10014 10012 10012
10014 85 0978 10014_
---- Kansas City Terml 1st 4s__1960 J-J ___ 9834 0812 Jan '12 ____ 9812 9813 .
et I` & 1-OS Div 1st g 451941 M'S 701___ 6313 Jan '12
---ul Missabe & Nor gen 5s 1941 J-J 105 100 10412 Dec '11
F aka Erie & W 1st g 5s___1937 J-J 1081-21101 10012Jan '12 ....... 10812 109111
1.-4 2d gold Is
1941 J-J 10414 1041 104 Dec '11 .--- ____ ---ul 53 Iron Range 1st Is..., _19$7 A-0 10558 110 106 Nov'll
North Ohio lot gug 5s.._ 1945 A-0 103 -__ 10712001 '11
1987 A-0 1023 ___ 10012Mch'08
Registered
'...eh Vail N Y 1st gu g 43.g_1940 J-J 10538,._.. 10614 Jan '12 ____ 10514
1916 J-J-------104 Feb '11
2d 88
- 10514 •
108 10738 Dec '11
Registered
1940 J-J 10412 ____ 10412 Oct '11 __ ___ ____
l So Shore & Atl g 5s__1937 J -J
'..ehigh Vali (Pa) cons g 48_2003 M-N 9714 __ 9738 Oct 11 ____ __ ..-igin Jol & East 1st g 5s....1941 M-N 110 __ 112 J'iy '11
'...eh V Ter Ry let gu g 58_1941 A-0 11214 11418 11378 Nov'll ___ __ __
rie 1st consol gold 7s_ _ _1920 M-S 4,-... 1183-4 118 Nov'll
Registered
N Y 6.3 Brie 1st ext g 4s_1947 M-N 100 ___ 10112J'ne'll
1941 A-0 11158 112 11118 Dec '11 ____ ____ __
1074
10412
'..oh V Coal Co 1st gu g 5s 1933 J-.)- 10714 ____ 108 Nov'09 __ ____ --2d eat gold Is
1919 M-S 10418___ 10412Jan '12
3d ext gold 4 3.4s
1923 M-S 10218 10318 101 Oct '11
Registered
1933 i-S
4th ext gold Is
1920 A-0 10514._ 10514 10514
1st let reduced to 4e__1933 J -S -,•_, --- --2 10814 i6814
____ ___ ...... ---100 100
5th ext gold 4s
!,e11 & NY 1st guar g 4s
1928 J -D 06 101 100 Jan '12
1945 M-S 9312 -____ 933-4 Oct '11 ____ ____ ---Is/ Y L E & W ist g fd 7s_1920 M-S ____ 12034 118 Oct '10
Registered
1945 B-S
887
90
89
Sale
887
8
89
Brie 1st con g 4s prior
El C & N lot pref 6s
14
1996 J-J
1914 A-0 liii ____ loll-2 Feb '10 __ __ _88 88
88
Registered
_ 88
1996 J-J 88
Gold guar 58
1914 A-0 10014 ____ 10114 Sep '09 __ ____ -79
81 79 79
Ang Island15 78 79
lot consol gen lien g 48_1996 J -J
1st consol gold Is
Registered
1996 J-J ---- --77 J'ly '11
h1931 Q-: 10934 11018 10934 Jan '12 _.. 10934 110
89 - ci 8818 81)
1st consol gold 4s
Penn colt tr g 4s
1951 F- A 8834 8938 8834
h1931 0-5 93 .,____ --- - --- - - - 50-year cony 4s A
General gold 48
1953 A-0 8512 87 8538
i 6412 fii12
9-i12
1938 J-D 9412 Sale 011-2
3538 10 8538 87
do
Series B
58 7514 7638
1953 A-0 7578 Sale 1558
1922 M-S 9612 100 100 Aug'11 ___ ____ -Ferry gold 434s
76
10834 10958
Gold 4t3
Duff N Y & Erie 1st 78_1916 J-D 10914 11012 10938 Jan '12
1932 J-D 9118
0914 Oct '06
11214 113
Ohio & Erie 1st gold 5s 1982 M-N P238____ 113
Unified gold 45
1949 31-S 92 93 92
i 'di dila
9214
113
Clev & Mahon Val g 5s 1938 J -J 109 ___ 111 Apr '11
Debenture gold 58
1934 J-D 102 10412 10412 Dec '06 ___ _---Registered
1038 Q-J 108 .. _
--- .--); o'S ii
Guar ref gold 4s
96
1949 61-S 96 Sale 96
12518 Nov'll ,
ong Dock consol g 68_1985 A-0 1227 _
t
---1949 M-S ---------05 Jan 11 ---- --- ---Registered
Coal & RR 1st our gu 65.1922 M-N 10434 107 10418 Oct '11
N Y B &M B ist con g 55 1935 A-0 10534 ___ 1014 Nov'06 ___ ____ -• Dock & Imp 1st cur 68_1913 J-.1 10112 ___ 10134 Dee '11 .
N Y & R B ist g 5s
1927 M-S 10378 _ _ 105 Apr '07
Y & Green L gu g 5s_ _1948 M-N 102'2.,_.,.. 10212 Sep '11
•
- 10714 Jan '12__ 10612 10714
Nor Sh B 1st con g gu 5s.o1932 Q-J 10534 10714
103 105
It Sus dc W 1st ref 58_ _1937 J-J 103 105 10314 10313
-Aulsiana & Ark 1st g 58_1927 31-S ___- 96 9784809 '11 ____
1937 F-A 80 __ 10014 Dec '06
2d gold 4 y4s
.oulsville & Nashville89 80
1940 F-A 8812 ---- 39 Jan '12.
General gold Is
2 11578 11618
General gold 8s
1930 J-D 11618 __ 11612 11618
_
Terminal 1st gold Is _1943 M-N 10912 ____ 10812 Dec '11 •
Gold 56
1937 M-N 11134._ 11112Jan '12 __ 11112 11112
1l340 A-0 11112 11214 11012 Oct '11
9912 98 99 9912
Mid of N J 1st ext Is_
9938 Sale 11938
Unified gold 4s
1940 J- J
4 idi"
102
4 1661Wilk & Ea 1st gu g 58_1092 J-1) 102 Sale 102
9712 __ 9734 Nov'lu __ ___Registered
1940 S-J
Collateral trust gold 5s 1931 /4,1-N 10812 111 1083480P '11
tr Ss Ind 1st con gu g 6s__ _1926 J-J 106 ____ 110 Aug'11
1921 J-J 11213 -_- 11178 J'ne'11
B H & Nash 1st g 6s__1919 J-D 111 11138 11138Jan '12____ 111411138
ivans do T II 1st cons 6s
1942 A-0 102 ____ 10218 Aug'11 .
L Cln de Lex gold 4 34s
1st general gold Is
1931 M-N 10538 -- -_ 10434 Jan '12____ 113 1043
N 0 & M 1st gold 6s___ _1930 J-J 121 125 121 Sep '11 ___ -------Mt Vernon 1st gold 68_1923 A-0 10718 --108 Nov'll
N 0 & Ai 2d gold 6s
Sull Co Branch 1st g 5s 1930 A-0 9505 J'ne 08.'
1930 .1-J 117 118 11712Jan '12____ 11712 11712
8 Paducah & Mein div 48_1946 F-A 95 961 9534 Nov'll ____ ___--9958
2 97 "983iorlda E Coast 1st 43.4s_1950 J-D 973s -98 - 9734
Pensacola Div gold 6s__ _1920 M-S 10534 109 10534 Mch'11 ____ ____ __ ort St U D Co 1st g 4 148_1941 J-J 90 93 92 Aug'10 .
_
8112
_ 12 8112
4 8113 8113
St Louis Div 1st gold 65_1921 M-S 11212 11978 113 Oct '11 ___ ___ -Or
s w do Rio 1st g 4s
1928 J-J - _ - 81
2d gold Is
fiat If & H of 1882 1st 58_1913 A-0 9812._ 0712 Oct '11 .
1980 M-S 68 7338 7112 Feb '11 _ . Atl Knox & Cin Dtv 48..1935 M-N 9234 93 93
16.+Treat Northern93
l liifi di
9734 458 96 9858
() B & 0 coil trust 4s
Atl Knox & Nor let g 55_1946 J-D 11278 115 112 Oct '11 ____ ..- _1921 J-J 9734 Sale 0713
9738 22 9634 9833
Bender 13dge 1st s f g 6s..1931 31-S 105
Registered_h
1921 Q-J 0634_.- 9718
106 Apr '11
Sale 10138 1011
33 10034 10112
1st de refund 4 yis scr A....1961J - j
Kentucky Cent gold 41_1987 J-J 9412 Sale 9412
9458 17 9413 947S
Registered
L & N & M & /A 1st g 4 Ms1945 M-S 10512 106 103 Dec '10 ---- ___1961 _
10138-- -,
---- •
3 Dec '11.
St Paul M &Man 4s
1933 JL & N-South AI joint 4s_ _1952 J-J
--.1- 9814 __ -99190 Dec '11 ____ ____ ____
.3
_
1st consol gold 83
'11
1933 J-J 12534
.12558 Oct
Registered
h1952 Q-J ---- ------95 Feb '05
Registered
132 Apr'
1933 J-J
N Fla & S 1st gu g 5s_ __1937 F-A 1091-2 11112 0934 10934
2 1094 10934
10612 16E1-2
Reduced to gold 43.451933 J-j 104- ____ 10512 Jan '12.
N de C Bdge gen gu g 4 %8 1945 J-J 101
___
-___ --- ---- -- -Registered
1933 J-J
10834J'ne'0 .
Pens & Atl 1st gu g 6s_1921 F-A 111 112 110% Nov'll
08 9814
Mont ext 1st gold 48_1937 J-10 -if -988-4 0814 Jan '12.
S & N Ala con gu g 5s__1036 F-A 1107112 111 Jan '12 ____ 1.1.1 111
ow •'Pm%.11
nestrlatpred
1917 I_71
On.
1411.• IleA5 '11 _ __I ___
_
1011, /101...51
- - - - ...t. Inff llama. Oni oste v. ela
MISCELLANEOUS BONDS-Continued on Next Page.

D

_E

1

k

--L

F

Street Railway.
Vet W S El (Chic) 1st g 40_1938 F-A
lillw Bloc By & Lt cons g 551926
Refunding & exten 434s1031
tnneap St lot cons g Is.....1919
ew On By & Lt gee 4 y4s_1935 j-j
(inland fly 1st de ref 5s___1930 M-N
ortland By Light & PowGen Bloc1st 58_1035 j-j
Jos fly, L, II de P lstg 51 1937 Af-N
Paul City Cab cons g 5e-1937
Portland
1937
Guaranteed 5s gold
-City By do Lt 1st is f 58_1933 A-0
round of London 55_1920
I 4-4s
1938 J-J
1948
Income 138
'
t
,ht
on Eleo (Chtc) 1st g Is. _1945
*Med Rys /nv 1st lien coil
1926 M-N
trust Is Pitts issue

Il

p

Rderg

9312 rly '06
10412Deo '11
94 __ 9314 Dec '11
101
10712 Feb 'Of
8412 ____ 8412 Jan '12
9834 ---- 0812 Dec 'I/
"di"
10114
9758 98

"di- NOR;
10514 Jan '12

08 -98
08 Apr '09
96 Sale 9514
96
-- 78 78
76
84 Oct '08

841k 85

115814 MA;
5 98

98

6 95 9614
3 7412 8212

84 8514 8514
1 8412 8514
8514
prim Friday. latest bid and asked thy_wee_k._ DikeTan. ,b_Jo
.




Street Railways.
___ 80
United Rys St L lot g 4s___1934 J-J
_
St Louis Transit gu 58___1924 A-0 -88
6012 S
- ale
United RRs San Fr s f 4e.,,,1927
97 Sale
Va By & Pwr lst& ref 58-1934
Gas and Electric Light
Atlanta G L Co 1st g 5s____1947 J-D
Bklyn U Gas 1st con g 58_1945 M-N
1947 A-0
Buffalo Gas 1st g 58
J-J
Columbuis Gas 1st g 5s
2 J -J
192
933
Detroit City Gas g Os
1918 F-A
Dot Gas Co con let g 58
1933
Dot Edison 1st coll tr 55
Eq GLNY let eon g 58_1932 M-S
Gas & Elea Berg Co c g 5s 1949 J -D
1915 F-A
Or Rap G L Co 1st g 55
1949 M-N
Hudson Co Gas 1st g 58
Kan City(Mo)Gas 1st g 56 1922 A-0

7714 Jan '12
85 Jan '12
6912
70
96
07

103 ___ _
107 10712 i5658
00 61 60

1665-s
60

7714
85
12 69
8 96

7714
85
70
97%

4
i i6611 60 60

idi 101
101
9558 Sep 'Os ____
.6134
81
2 i613§iii 10134 1013
106 106
wog 1004 106 Jan '1'
101 _ _
6112 Oct '01
---- -9934 101 100 Oct '09
10414 105 10412 1041
2 fat; MI'
2 9918 9
993
100 ___ 9918
iddii lir

is Due
July'. _k Due Aug. o Due Oat
_ d Due
_ April.
_
_

a Option sale.

336

New York Bond Record-Continued-Page 3

,
V"3.
VV.
Price
BONDS
Wuk's
la
Range
BONDS
I
Friday
f. Y. STOCK EXCHANGE ;'•E
Range or
,R
N. Y. STOCK EXCHANGE 1.6
Since
,a,
Feb. 2
Week Ending Feb. 2.
Last Sate
....0.,
col'
Jan. 1.
Week Ending Feb. 2.
1
Bid
Ask Low
High No. Low High N Y Cent & H R-(Con)
I
_
____ _ _ _.
1Uranila RR-Sou lines 4s_1936 M-N
N Y Chic & St L 1st g 43_1937 A-0
J.V-L exican Cent cons g 4s.._1911 J-J ---- ----100 Maiii _____ _ ___
Registered
1937 A-0
2d cons Inc g Ss trust rects_ 1931 i1,-N
Debenture 43
-------- 2512 Apr '09 _-__ _ _ _ _ _
_ ___ ____ ___ ____ ____ ____ ____
Equip & coil g 5s
1917 -West Shore 1st 4s guar_ _2361 j-J
2d series g 53
1919 A-0
2.161 J-J
Registered
Mem Internat 1st con g 4s 1977 M-S
77 Mch'10 ____ __
NY Cent Lines eq tr 4 Ms 1923 J-J
Stamped guarantce(j___ _1977 M-S ---- 80 79 Nov10 _ __-- -- N Y New Haven & HartfMinn & St L 1st gold 7s
130 Aug'11 __ __-- -Non-conv deben 43
1955 J -A
1927 J-D 128
Pacific Ext 1st gold 6s_1921 A-0
1956 M- 130_ 11018 Aug'11 __ _ _-_ - -:-Non-conv 4s
1st consol gold 53
Cony debenture 3 Ms_ .. 1956 J-J
1934 M-N ---- 10618 105 Jan '12 _ 105 - jog 1st and refund gold 43
6712
3 6712 6978
Cony debenture 6s
1948 J - J
1948 M-S __ 6712 6712
• Des M & Ft I/0'1st gu 4s_ _1935 J-J
7914 82 81 Jan '12 ---- 81 81
Harlem R-Pt Ches 1st 43_1954 M-N
9738 9712 9733
31 StPdoSSM cent g 4s int gu.1938 J-J
9713
5 9'7 9712
Cent New Eng 1st gu 43_1961 J-J
9812Jan '10 ____
M S S M &A 1st g 4s Int gu_1926 J-J
_
Housatonic It con3 g 5s 1937 MN
-- ---N 11 & Derby cons cy 53_1918 51-N
__
Mississippi Central 1st 5s._1949 J- J -------_ 9812 Mch'll
New England cons 5s
Missouri Kansas & Texas1945 J- J
1st gold 4s
Consol 45
9678 10 9612 97
1945 J-J
1990 J D 9634 97 9634
84
84 8418 84
2d gold 43
3 8312 8418
g1990 F-A
Providence Secur deb 4s_1957 M-N
10214
10214
1
103
1st ext gold Is
10314
1944 M-N
10114 10214 N Y 0 & W ref 1st g 43_ _gl992 M-S
1st & refund 4s
Registered $5,000 only_g1992 66-S
2004 M-S 8014 ,..,.. 8013
8013
2 80 8112
8614 '74 8834 8914
General 43
Gen sinking fund 4 3'3s_1936 J-J
88,s Sale 8878
1955 J -D
_ 1Sort & South lst gold W...1941 M-N
7834 Noy'li --- ..._
St Louis Div 1st ref g 4s2001 A-0 _- 84
, Dal & Wa 1st gu g 5s
1940 M-N 1053-4 ____ 10533 Aug'11 ___ ___-- Nont & West gen gold 6s_1931 M-N
91 Nov'll _- _-:::- ' Improvement /3, ext g 63_1934 F-A
Kan C & Pao 1st g 43
1990 F-A 9012
New River 1st gold 63_1932 A-0
Mo K & E 1st gu g 5s__ _1942 A-0 10912 ____ 110 Jan '12 ---- 10912 110 1 10712 10712
' M K de Ok 1st guar 5s..._1942 MN 10612 10712 10713 10712
N & W By 1st cons g 4s_ _1996 A-0
104
1995 A-Q
. M K & Tot T-lst gu g 53_1942 6I-S ---- 10312 104
4 10234 104
Registered
10334 10334 10334
Sher Sh de So 1st gu g 53_1943 J-D
1 10334 10334
Div'l 1st 1 & gen g 4s_1944 J-J
,...,4 105 10534 Nov'll ____
_
Texas & Okla 1st gu g 5s 1993 61-S 1033
10-25-year cony 45_ __ _1932 J-D
1008 10 107
Pooah C 63 C joint 43_ _1991 J-1)
Missouri Pao lit cons g 63_1920 MN 10713 108 107
___- 108
_CC de T 1st guar gold 53_1922 J -J
Trust gold 53 stamped.._a1917 6I-S 10034 Sale 10012 10034
8 997s 10034
99 Mch'10 -__
Selo V & N E 1st gu g 43_1989 61-N
a1917 M-S ,..„._
Registered
10034 10 -993• 1st collateral gold hs____1920 F-A 10012.._ 100
4 10034 Northern }'ac prior 1 E 4s 1097 9-J
_
___
1920 F-A ..„.
__
1097 W-J_
Registered
Registered
74
12 7058 74
40-year gold loan 4s
General lien gold 3s____a2047 Q...F
1945 54-S 1612 7418 7358
--_
95
61-N
9612
May'll
____
ad 7s extended at 4%
a2047 Q-F
1938
Registered
St Paul-Duluth Div g 43_1996 J -D
8913 34 Ali -W51st & ref cony 5s
1959 66-S 8812 Sale 8812
8
92 Sale 92
92
3
1996 J-D
, Cent Br By 1st gu g 43_1919 F-A
92
Registered
Dul Short L 1st gu 53_ _1916 6I-S
Cent Br U P 1st g 43_ _ _1948 JD 78 8413 8312 Dec '11 ---- ____ ___
St P & N P gen gold 63_1923 F-A
• Leroy & C V A L 1st g 53_1926 J-J - - 102 110 Mch'05
Registered certificates_1923 Q-F
, Pac It of Mo 1st ext g 43_1938 F-A 5613 9712 9512 Jan '12 ...._ iE12 651-2
St Paul de Duluth 1st 53_1931 F-A
2d extended gold 53_1938 J - J 104 10014 10812 May'll _-_, _ _10618
3 10532d 53
1917 A-0
4 1061StL /r M&S gen con g 53_1931 A-0 10618 Sale 10613
4
Ill Sep '09
1st consol gold 43
1968 J-0
Gen con stamp gu g 53_1931 A-0
Wash Cent 1st gold 4s
8334
833- Sale 8334
8 7013 833-4
1948 Q-M
Unified & ref gold 4s_ _1929 J - J
Nor Pao Term Co 1st g 6s 1933 J-J
1929 J- J ---- ----78 Jan '12 __ 78 78
Registered
8334
84
13 8213 84
Oregon-Wash 1st & ref 45 .1061 J-J
Rly & G Div 1st g 4s 1933 St-N 831
,
---- ----10212Jan '10 ---_, ___ __ pacific/ Coast Co 1st g 5s_ _1046 J-D
Verdi V I & W 1st g 5s 1926 M-S14 _ _ 12014
•L enna RR 1st real est g4s_1923 M-N
12014
2 12014 121
Mob & Ohio new gold 63_1927 J-G
1 11534 11534
Consol gold Is
4 11534 11534
1919 M-S
1st extension gold 63_81927 Q-J 11514 1163Consol gold 45
1943 51-N
1938 64-S 8534 88 87 Nov'll --, General gold 4s
1101f
E ifoi; 11014
Convertible gold 3 Ms
1912 M-N
. Montgom Div 1st g 53_1947 FA 11038 11078 11014
___
-.
Dec
'1
85
33
Convertible gold 3 Ms__ _1915 JD
St L & Cairo coil g 4s_ __e193o C4-F 83
9314 ___ 9313 Mch'll
Registered
1915 J -D
1931 J-J
• Guaranteed gold 4s
Consol gold 4s
1948 M-N
'Mashy Chatt & St Louis6 10334 109
Alleg Val gen guar g 4s_1942 M-S
.List 7s
1913 J-J 10338 10518 10334 10334
10938
D R R R & Bge 1st gu 43g1936 F-A
4 10932 10032
1928 A-0 10912 ____ 10938
1st consol gold 5s
Phila Bait de W 1st g 4s....1943 M- N
Jasper Branch 1st g 6s 1923 J -J 113 _ __ 11578 Nov'10 ____
Sod Bay & Sou 1st g Is _1924 J-.1
-McM M W & Al 1st 6s
1917 J-J 10714 _:__ 10812 Dec '10
04
Sunbury & Lewis lst g 4s 1936 J-J
T & P Branch 1st 63._ _1917 J-J 10714 .. .._ 113 J'ly'
.:--9212 24 9214 921-2
9212 Sale 9238
U N J RR & Can gen 4s 1944 M-S
Nat Rys of Mex pr lien 4 M-3.1957 J-J
1921 J-J
Guaranteed general 4s
1977 A-0 86 8778 8614 Jan '12 --- 8614 8614 Penna Co guar 1st g4 Ms
Registered
1921 J-4
Nat of Mex prior lien 4 0_1926 J-J ----102 100 Jan '12 ___ 100 100
'12
Guar 3 Hs coil trust reg 1937 MS
___ 7912 7912
1951 A-0 79 8 8034 7012Jan
1st consol 4s
Guar 3 Ms coil trust ser B.1941 F-A
N 0 & NE prior lien g 63._,1915 A-0 10913----.._ -_ ___
Trust Co cents gu g 3 30_1916 Al-N
:-itT- DeZ3-.11. :___ ...... __ New Orleans Term 1st 4s1953 J-J 88
Guar 3 Ms trust offs C
1942 J -D
N Y Central & Hud RiverGuar 3 Ms trust ctfs D
,4Sale 8712
1944 J-D
8734 30 87 881s
873
Gold 3 Hs
1997 J-J
Guar 15-25 year g 4s_ _1931 A-0
;
8714 __ 87 Jan '12 _-_- 87 87
1997 J-J
Registered
Qin
Lob & Nor gu 4s g ._1942
16 9214 9314
93
61- N
1934 51-N 93 Sale 9213
. Debenture gold 4s
CI & Mar 1st gu g 4;0_1935 51-N
•
Registered.
1034 51-N 9212 ___ 9234 Sep '11 _ _ ___ __
Cl & P gen gu g 4 Maser A 1942 J-J
8 85
8478 236 807• Lake Shore coll g 3 3s
1998 F-A 8334 Sale 8312
Series B
8 79 84
83
8258 8158
1942 A-0
•
1998 F-A
Registered
Int reduced to 330_1942 A-0
8113 8218 8238Jan '12 __ '7834 8232
. Mich Cent coil gold 3;0_1998 F-A -,Series C 3;is
1948 6I-N
1998 F-A 79 8012 78 Dec '11 ____ __-- -'
Registered
9858 Deo '10 ___ ____
Series D 3 Ms
9913
1950 F-A
' Beech Creek 1st gu g 4s 1936 J-J
Erie & Pitts gu g 3 Ms B_1940 J-J
1938 J-J------ -99 May'11 ___ ___ ____
•
Registered
Series
0
___
1931 J-J 10812-__
1940 J- J
2d guar gold 5s
Gr R & I exist gu g4 Ms_1941 J-J
1936 J-J
•
Registered
Pitts Ft W 63 C 1st 73_1912 J-J
--__ ---- --- ___ _
• Beech Cr Ext 1st g 3 M3_61951 A-0 ---- -___ -__
__
.._
...._
2d
971
2
A.pr
'09
7s
1912 J-J
Cart ,S3 Ad 1st gu g 4s
1981 J-D 90 ___
____ __ ____
_.,
_ ____
3d 7s
31912 A-0
, Gouv & Oswc 1st gu g 53_1942 J -D 108
Pitts Y & Ash 1st con 53_1927 81-N
-9918 M611'11 ---- ---.. ,
Moh de Mal 1st gu g 43......1991 66-S ------____
Tol W V & 0 gu 40 A__1931 J-J
05 Oct '02
NJ Juno R guar 1st 4s 1986 F-A 9064 iou
Series B 43s
1933 J-J
'
1988 F-A
Registered
____
8 Fel
)
- ii
Series C 9s
1942 61-S
2000 51-N al/Vs ____ 561• N Y 63 Harlem g 3 Ms
____
____
____
_
P C C dc St L gu 4;is A 1940 A-0
2000 M-N --__
Registered
Sales B guar
1942 A-0
' N Y de Northern 1st g 53_1927 A-0 - - 10712 los - Oct '09 -___ __ __
Series C guar
1942 6I-N
• N Y & Pu 1st cons gu g 431993 A-0 if 9812 9773 Aug'11
Series D 43 guar
1945 611-N
---- ---- ---- ____
Nor de Mont 1st gu g 53_1916 A-0 •_---- --__ ___
Jan
1311
2
'09
Series
E
3
1949 F-A
;is
___
guar
g
12018
J-D
' Pine Creek reg guar 6s__ _1982
10714
3 10714 1o73-4
Series F gu 4s g
1953 J-D
R W & 0 con 1st ext 53_81922 A-0 10714 1073-4 10714
Series G 43 guar
1957 MN
' Oswe & R 2d gu g 53-31915 F-A --10513 105 Jan '08 -__ -___
C St L 63 P 1st con g 53_1932 A-0
_ 104 J'ne 10 ------ ____
R W & 0 T R 1st gu g 33_1918 M-N -------Peo & Pek Un 1st g 6s.... _1921 Q-F
90 ,..-,- 9838X1Y '11 ---, Rutland 1st con g 4 Ms_1991 J-J
3 86 86
86
2d gold 4 Ms
-b1921 M-N
86 Sale 86
Og&LCham 1st gu 4s g 1948 J-J
Rut-Canad 1st gu g 43_1949 J-J --------02 J'ne'o9 --_-__ Pere Marquette-Ref 4s___1955 J-J
,
Refunding guar 4s
1955 J- J
, St Lawr & Adir 1st g 5s 1996 J-J 10718 __ 115 J'ne'00 ---- -..........„
1921 J-0
Ch & W AI 55
125 Feb '08 ___ ___ ____
1996 A-I) 118
2d gold 68
Flint & PM g Os
1920 A-0
9934 _-_- 9978 Nov'il ____ ---- ___
' Utica de Blk fly gu g 43_1922 J-J
1 89 8978
1st consol gold Is
8912
1939 M-N
1997 J-D 8858 8958 8913
' Lake Shore gold 3 3s
Pt Huron Div 1st g 53_1939 A-0
8714 8834
1997 J-D 88 8914 8834 Jan '12 ._
Registered
Sag Tus & H 1st gu g 43.1931 F-A
9438 76 9.,14 9438
1928 M-S 94 Sale 94
.
Debenture gold 4s
9378 188 93 9378 Philippine fly 1st 30-yr s f 4s_'37 J-J
•
1931 M-N 9353 Sale 9358
25-year gold 43
1940 A-0
•
Registered
1931 M-N 9318 9312 9334 May'll --- ---- ___ Pitts Sh & L E 1st g 53
1st consol gold 153
1943 J-J
Ka A & G R lst gu c 53.1938 J-J 10812
---- -ft- --..
1997 J-J
.
Mahon C'l RR 1st 5s 1934 J-J 11112 ____ 11112Mch'll -- -- __ beading Co gen g 45
1097 J-J
• Pitts & L Eric 2d g 5s_a1928 A-0 10313 ___ 100 Dee '09 -- ---- __ IA, Registered
1951 A-0
Jersey Cent coll g 43
, Pitts MeK & Y 1st gu 63_1032 J-J 121 __ 13013 Jan '09- ---- ___
Atian City gu 43 g
1951 J-J
1934 J-J 12314
123 Oct '11 --- -2d guaranteed 6s
•
____
_
Qt Jo de Gr Isl 1st g 4s
1947 J-J
McKees do B V 1st g 63_1918 J-J 101
,
Ot L & San Fran gen g 6s 1931 J-J
1931 M-S 11o38 fig iii- Jan '12 _..._ iii- ii
. Michigan Central Is
General gold Is
1931 J- J
109 11
119 J'ne'06 - -1931 QRegistered
St L & SF RR cons g 43_1996 J-J
1940 J -J--------_ 9834 Nov'll __-- -- ___
,
4s
Gen 15-20 yr 58
1927 111-N
9812Nov'll .---Registered
1940 J- J --Southw Div 1st g 5s 1947 A-0
J L & S 1st gold 30_1951 5I-S __ 8818 90 J'ne'08 -- ---1951 J-J
Refunding g 43
1952 /11-N 863-4 8813i 8812 Oct '11
1st gold 3;is
911.-Irnn r t1.hcbin+11,,a A,, 1090 A.41
.- A 1 1 n
013c. 02 I AMA
01ln
91 -,iii
Reelstered
1951 J-J
---

-

..

Lxxxxiv.
PriceI
Range ,
Wcek't
la
Friday
Range or
Since 1
Feb. 2
Jan. 1. I
Last Sal) cq -

Bid
High No. Lola ;Wig
Ask Low
100__ 9978 100
6 997 100
*9813_
9834 Noy'll -----------1
9018 6
.212 9018
91
13 8918 91
10013 Sale 10038
10012 60 100 101
98
l 08
8 9778 9811
981
--- --- 10012,1'1y '11- ----------.
9213 93 9438 Aug'11 __ _ _ _ .
9218 93 93
93
a 9V12 iii
92 9218 Jan '12 ....._ 9213 9254
91
13218 Sale 132
13214 60 13158 13211
9918 ____ 99 Oct '11 __
9314 9312 9333
9312 15 -93 - -9311
11313
11318 J'ne'11 ___ __ _ _
10214 ____ 107 Aug'09 --_ _ _ _
115 ---- ------- -- ---____
__ ____ ---9913
82 8518 87 Ma-y'll
9438 96
95
05
i "i41-8 -9g
9314 Oct '11 ___ ___._
9213 _ _
--- 8953 9114 Aug'11
10314 __ 10212Jan '12 ._-. 1021-2 10212
12318 ___ 12314 Noy'll _- __ _
12478 12718 124 Sep '11
_
124 128 12312 Oct '11
99
9834 99 9834
19 9
-99
9618 ..,_,. 98 Jan '11 -----94
I 1/312 iii
93 933-4 94
10713 108 10713 10878 276 10712 11018
9334
9334 __ _ 9314
2 92 9331
10412_7.. 10412 Oct '11 .-- _ _ _ _
i13
9712 9814 11812 Jan '12 -- 98.12 9t67
9034 10034
10033
10034
10012 Sale
9834 9912 9912 Jan '12 -_ 9858 9913
10 Sale 6934
3' 69 70 ,
70
6734 6894 68 Dec '11 -------------.... 961, 96 Sep '11 -- --- ---_ _., ____ ___. ___.
99 - __ 99 Feb-'10 -- _-- ___..
11614 1163-4 11538 Nov.11 __ ___ __
11414 ____ 11533 Aug'11 ___ __ ___
109 __ 107 Jan '12 -- 107 107
10214
10234 J'ne'11
9234 Sale 9234
9234
1 9234 -9/34
89 __ 9118 Apr '11 _ _____,
11138 __ 11138 Dee '11
9234 67 92 iiii
9212 Sale 9213
10312 104 10312 10312
1 10312 10312
101 102 102 Jan '12 ---- 10114 102 4
108 110 108 J'ne'll
10218 10234 10234 Jan '12- 102 1037g,
60 9912 100
100 Sale 9978 100
0734 2'7'7 9634 9734
9734 Sale 9738
9614 Sep '11 --_
a iiii- Yes
Ma- RIS78 10313 10373
-7
9953 10014 9978 Apr '11 .... _-- _.
10012
___
____ --- ---- ---.
10178 ___ 102 Jan '12 ---- 192 103 J
---- ____ 102 Jan '03 -_ ---- _
-- --....i
97
9Jariii __ 10113 Mil
10012.::1011, 103i Jan '12 s20 10314 1031
10314 104_ 10278 Mch'll __ __ __,,
88 -__ 90 Aug'10 ---- ---- __....
88 ._ 8858 J'iy '11 --- ____ _.,
9734 Deo '11 -_-_ __-_ __...
9713
___
88 90 97 Aug'10 --.... ...
4 871;
8734 8*38 8734 Jan '12 --- 87-3--_- 9834 98 Jan '12 ____ 98 98
9613 9638 9612 Dec '11 ..... ___ _..
10313 105 110 Jan '05 --- -_ .....
10013 ____ 10734 Dec '11 -- ...... __.
10934J'ly '09 ---10618
---- ___
91149114 ____ 96 Aug 09 -__ -- _
.
9114.._ 90 May'08 ......-... __.,
9013.,.. 9012 Apr '11 _.. --- .......,1
9018
_ 9834 Apr '04 --- _.__
10412 ____ 105 Dec '11
10114 ___ 10114 Jan '12- 10114 10114
10114____ 10378Feb '11
____ _.___.
101 ____ 101 Dec '11 -----------1075s __ 109 May'10 ....--- ___
10113_.._ 103 Aug'07 _- -__ ___
10134 ____ 100 J'iy '10 _-__ ___ __
___
95
106 1067-8 10634 Jan'1.
2 .. 10614 1063-4'
2 10634 10634
10634
106 107 10634
_ --10614 10718 106 J'ne'll ____
9834_ 97 Jan '12 ..... 97 97
9313 ___: 93 8 Jan '12 _. 9313 9313
99 __ 977gAug'11 ____ ____ _
'11"
9834 9918 08 Oct
11018 ____ 11312 Nov'll __ __ _'.
109 May'll
------_ 99 9312Jan '11 __ __ _'.
---- ___ 66 Dec '11 ____ ____ __
--_.
2, -.. 0834 Nov'll
_ 10014 Apr '11
um;
11018 ___ 11018 Oct '11 ____ ___ ___
9012._ 994 Dec '11 ____ _____9958 102 98 Aug'11 ____ __ _ _
-,..,- -,,,„ -,,- -_--- _3414 8184 8414 Jan-'12 ____ 8414 8414
113 -___ 11214 Dec '11 __ __ _ ___
11013_ _ 11314 Ney'll
9812 1.0i iti gill
9813 Sale 9814
9714 ____ 9714 Dec '11 __ ___ ___
4
9712 Sale 9712
9712 20 9712 973ai No-y'li
g8.12
5 11878 11914
119 12012 11914
11014
1 10712 10813
10734 10812 10134
10734
88 9134 88 Jan '12 ___ 88 88
8838 33 8818 8813
8818 8813 8818
9812 _ _ 100 Oct '11 _ _ _
8134 .L1) id iiiii
8034
813
-------- 8034 Mch'll ___ __ ____

MISCELLANEO
Gas and Electric Light
Kings Co El L do P g 5s____1937 A-0
Purchase money 6s
1997 A-0
1922 M-S
Convertible deb 6s
Ed El Ii Bkn 1st con g 43_1939 J-J
Lae Gas Lot St L 1st g 5s _e1919 Q-F
1934 A-0
Ref and ext 1st g 5s
1927 M-N
Milwaukee Gas L 1st 4s
1948 J-0
Newark Con Gas g Is
NY GELH &Pg 5s.,.,.._1948 J-D
Purchase money g 4s
1949 P-A
Ed El Ill 1st cons g 53...._1995 J-J
NY & Q El L&P 1st cong 53_1930 F-A
N Y Fe Rich Gas 1st g
_1921 51-N
Pacific G & El Co Cal G5s_,S3E
Corp unifying de ret 53_1937 M-N
1949 M-S
Pat & Passaic G de E 5s

Gas and Electric Light
Peo Gas ec C 1st con g 63_1943 A-0
1947 AI-5
Refunding gold 55
Registered
1947 1/1-S
Ch G-L do Clio 1st gu g 53_1937 J-J
Con G Co of Ch 1st gu g 53 1936 1-1)
Ind Nat Gas & 011 30-yr Is '36 61-N
Mu Fuel Gas 1st gu g 53_ _1947 MN
Registered
1947 66-N
1919 F-A
Philadelphia Co cony 5s
Syracuse Lighting 1st g 53..1951 J-D
1954 J-J
Syracuse L & 1' 5s
Trenton G de E 1st g 53......_1949 51-S
Union Elec L & P 1st g 53_1932 M-S
1933 51-N
Ref & ext 53
1950 J-J
9512 Utica El L & P 1st g 53
1957 J-J
Utica Gas de E ref Is
Westchester LIght'g g 53_1950 3-1)

____ 10518 195 Dec '11 .•
--- q ,,:11512 116
11614 Sale 11512 11612
11734
11818 Dec '11
8812 Dec '11 _.
10212
8833_10278 10234
10278
2
. 10212 10273
10012 101 10334
101
1 101 10112
90 9012 897 Jan '12 _ . 8978 90
10473 Dec '11
10434
10334 Sale 10334 104
4 10258 104
8878 20 8814 89
8834 Sale 8813
11212 11212
112
1 11212 11212
___- 10012 Dec '11 _
101. 10278
_ ____ 9212J'iy '09 .. - -- -___
9518 Sale 9518
10134
_

9512
____ _

2 94

•
, *No price Friday: latest bid and asked.




a Due Jan. 3 Due Feb. e Due May. g Due June.

p

11614 11734 117 Jan '12 ..... 117 117
10214 Sale 10214
10214
3 10214 10213
10112 103 Feb '09 ___
_
103 10412 10318 Jan '12 ___ 103 10313
2 1023 102 Noy'll ____ __ ___
_:
Mch'll
-------- 90_
10058-- 10058
10058
1 1005-3 10053
__ ____
____ ...... --___ 109 116 J'ne'll _____
_.
100 10112 101 Dec '11 ____ ....- ---80 ---- SI J'ne'll ____ -----10213,,.,, 109 Feb '01 ___ -_--.
100 __ 0812 Sep '11 __ -- --96 0712 9612 Nov'11 ...... ---- - --_
___ __
10212._
__
---99 _ _ .
16014 Dec '11
105 1051-2 10512 Jan '12 __ 10614 Mill
_

Due

Nov. s Option sale.

FEB. 3 1912.]
BONDS
Y. STOCK EXCHANGE
Week Ending Fob. 2.

New York Bond Record—Concluded—Page 4
Week's
Range or
TAM Sala

337

13

Range
BONDS
Price
Week's
Range
Since
N. Y. STOCK EXCHANGE
Friday
Range or
Sims
E
Jan. 1.
Feb, 2
Week Ending Feb. 2,
Last Sala
Jan. 1.
--High No. Low High
Bid
Ask Low
'
et L & San Fran (Coil)
Bid
Ask Low
High No. Low High
1 117 118
KG Ft S & M con g 6s_ _1928 M-N 11738 Sale 117% 11758
Tandalla cons g 4s Ser A1955 F-A 94 9
97 Oct '11
8033 100 80 8012 • Consol 48 Series B ___ _1957 51-N 95 9614 97 Jan '12 -- -if--if
KG Ft S &M By ref g 4s..1936 A-0 8014 Sale 80
Registered
1936 A-0
Vera Cruz de P 1st gu 4 Ma_1934 J - J 9014 9934 93 Nov'll
79 Sep '10
KC &MR & B 1st gu 5s_1929 A-0 97 __ _ _ 10014 Dec '09
abash 1st gold 55
5I-N 10718 10738 107
91j
18 16
8
10738 -58
94n
-216
Ozark & Ch C 1st gu 55 g_1913 A-0 9934 10018 9934
3 -1561.67-8
9978
4 -0
2d gold 5s
F-A 98 Sale 98
98
8 91 9218
9218
St L S W 1st g 48 bd etts_1989 M-N 9218 Sale 9218
Debenture Series fl
105 98 Apr 11
339
9 J-J
993
1119
2d g 48 Inc bond ctfs___p1981) J-J 81 83 8034
1st lien equip s fd g 5s__ _1921 M-S 9912 Sale 9912
8118 11 8034 8018
9912
-6612 -6612.
• Consol gold 4s
8178 287 71) 817
1st lien 50-yr g term 4s_.1954 J-J 70 85 83 Dec '10
8114 Sale 8018
1932 J
Gray's Pt Ter 1st gu g 5s_1947 J -D 9712 _
10118 Apr '07
1st ref and ext g 4s
5512 56 5534
J-J
5612 153 -E51-2 58r5i
BA do A Pass 1st gu g 4s
16 87 8734
87
Det & Ch Ext 1st g 58_1
- 87
1943 J-J 87 ail2
106
Jan
'12
106
__
106 107
941
36 J-J
19
SF doNP 1st sink tg 5s 1919 J-J 99
_ 104 Oct '09
-- Des Moin Div 1st g 4s 1939
J-J 7518 ___ 8112 May'11
Seaboard Air Line g 45
Om Div 1st g 3 Ms
99 8734 Dec '11
1950 A-0 ..
2 6812 -ag36834
A-0
4
-- 6812
Gold 45 stamped
Tot & Ch Div 1st g 4s_1941 M-S 6812
20 ".ifs; 90 88
52 88 8734
721
4
1950 A-0 ifJan
'12
7718 80
7234 7234
Registered
Wab Pitts Term 1st g 4s_1
1950 A-0
4014 Dec '11
J-D
9
5
4
4
1
19
, Adjustment 55
2 Nij 8012
8334 76 8012 8414
Cent de Old Col Tr Co cents_
o1949 F-A 16739
41
-39-;i6421,1
Refunding 4s
• 8212 54 81 • 83
Columbia Tr Co etfs
1959 A-0 8212 8258 8282
3912
391
5 39 4112
Ati-Birm 30-yr 1st g 4s_e1933 51-S 90 Sale 8912
88 90
Col 'Fr etfs for Cent Tr ctfs
90
Car Cent 1st con g 4s
2d gold 4s
1949 J-J 9238 98 9134 Apr '11
134314 212 Dec '11
1954
Fla Cen & Pen 1st g 5s
103 May'll
1918 J-J 1011.
Trust Co certfs
238 212 Dec '11
1st land gr ext g 5s
Wash Terml 1st gu 3 5s__1945 F-A 87 __
1930 J-J 103
8735 Oct '11
1st 40-yr guar 4s
Consol gold 5s
J -J 10012 S- ala 10534 Apr '11
89 Dec '11
1945 F-A 97 __
10612
i6652
10714
West
Oa & Ala By 1st con 5s_o1
J-J
106%Jan '12
43
10658
Maryland 1st g 4s
1945
8818 47 -8758 jai
88
88
Sale
1
952
3
A-0
Ga Car & No 1st gu g 58_1929 J-J 10512
10518 Dec '11
West N Y & Pa 1st g 5s_1937 J-J •____ 109 109 Dec '11
Scab & Boa 1st 5s
109 May'll
Gen gold 4s
1926 J-J 10534
1943 A-0 ---- 8814 8812 Jan '12
8812 881
Southern Pacific Co—
Income 5s
34 Feb '07
d1943 Nov
Gold 45 (Cent Pac coll)..k1949 3-1D 92 92% 9213
921. 24 9134 9212 Wheeling & L E 1st g 53_1926 A-0 10314 10513 10412 Dec '11
k11149 J-D _ _ 9114 9112 Nov'1I.
Wheel Div 1st gold 5s___1928 J-J 102 104 10218 Nov'11
Registered
M-S 6414 Sale 96
20-year cony 45
Eaten & Imp gold 5s____1930 F-A ____ 103 102 J'ne'10
9612 257 -56- -97
29 F-A 9634 Sale 9634
40 0612 97
RR 1st consol 4s
_194
Cent Pac 1st ref gu g 45_ g
97
1949 51-S 84 85 8518
85% 10 84 8535
1949 F-A 9512 9634 97 Feb '10
20-year equip s I 5s
Registered
9812 __
1922
9812 Feb '11
J-D
-961-2 -6612 Winston-Salem S B 1st 4s.._1960 -J
9034 9138 9078
Mort guar gold 3 Ms_ _k19213
9078
95 May'll
Through St List gu 48_1954 A-0 __ 93 93 Dec '15
9272 17 9212 93
- ---- Wis Cent 50-yr 1st gen 4s 1949 J-J 0278 Sale 9258
1st & refunding 91
10712 10712 Dec '11
____
II &SAM &P 1st 58_1931 M-N
1959 A-0
Milw & L Winnebago (1s_1912 J- J
Gila V G de N 1st gu g 5s_1924 81-N 10412 10514 103 Dec '11
j6.112 10418
_ 10418 10418
Hous E & W T 1st g 5s 1933 M-N 10418
Sup &Dui div & term 1st 4s'36 M-N 9214 -012 9214
9214 22 -6158 92
1933 M-N 10418 10514 10412 Aug'11
1st guar 5s red
_ 1095 Aug'11
H & T ist g 5s int gu 1937 J-J 110
Manufacturing and Industrial
Consol g Os int guar_1912 A-0
11618 10712Sep '11
Gen gold 45 int guar 1921 A-0 5.14
4 Allis-Chalmers 1st 5s
9514
4 -6E1-6E19514
1936 J-J
64 52 57
Waco &N W div 1st g 6s'30 M-N 11412 115 11914 Mch'10
29
53
Am Ag Chem 1st o 5s
2
113134424 s:/:_e_ 10
1928 A-0 10
5323
14
8 10
52412 10 10134 10212
10712 16712 Am Cot 011 ext 4 Ms
__ 10712 Jan '12
N W 1st gu g 5s
1941 J -J 102
1915 Q-F 9985
e4 0
95
814 Jan '12
98 9813
31.forgan's La & T 1st 7s 1918 A-0 11234 has 11212 Sep '11
Debenture 55
Sale
21 95 9518
95
1st gold Os
1920 J-J 11014 ---- 111
Am Hide &L 1st s g 6s
74
978 S7
a8
le 9934
919
1 M-S
4 9912 100
N 9
193
9978
• N Y Tex & M gu 4s g___ _1912 A-0
Amer Ice Secur deb g 6s1925 A-0
7412
4 7212 76
75
. No of Cal guar g 5s
1938 A-0
Am Smelt Securities s I Gs 1926 F-A 10358 Sale 10314 10378 69 10212 104
_ 11452 112 Fel3.76-7
Oro & Cal 1st guar g 5s_1927 J-J lot
102 J'ly '11
Am Spirits Mfg 1st g 6s__1915 M-S 101 102 101
101
3 101 101
So Pac of Cal—Os E__1912 A-0 100l2 _ _ 10018 Deo '11
Am Thread 1st col tr 4s
9314
1919 J-J
9314 13 9258 9314
1st gold 6s F
1912 A-0 10015
Am Tobacco 40-yr g 6s__1944 A-0
12113
11412 Dec '04
126 11878 12112
•
1st con guar g 5s
M-N 11078
116 May'07
12118
Registered
1944 A-0
2 11878 1213g
So Pac Coast 1st gu 4s g_1
12114
1937 J-J 91
90 J'ly '09
Certificatesof deposit
34 11878 12112
San Fran Terml 1st 48_1950 A-0 9114 92 9138
9134 30 -617- -6174
i-9-:5
.
.
--1-_2- S
Gold 4s
i2
ale
103 9178 9578
Tex do NO Sab Div 1st g 58'12 M-S 10012 __ 1005 Dec '11
511 Jan
_ 91
111229211173:2
8823
Registered
9214 9514
Con gold 5s
1943 J-J
165- 10158 May'll
Certificates of deposit 1199 3511
96 -110 9178 96
So Pac RR 1st ref 4s
NA .are 123
1955 J-J 9514 Sale 95
P Lorillard Co 7s tem'pry bds_
9514 165 9478 -98
12312 471 119%12334
Southern 1st consol g 5s
1994 J-J 10314 Sale 10778 108% 190 10712 10838
9478 Sale 9512
5s temporary bonds
9658 18 9118 965$
Registered
1994 J-J
105 Sep '11
Ligg & Myers Tob Co7s tpy bds
12212 Sale 12212 123 587 11834 123
, Develop & gen 4s Ser A_1056 A-0 7878 Sale 7834
5s temporary bonds
70 204 -5
9898
814
534 Sale
98
4:
7
1
8
8
96
9 807 8934 96
34 -514
• Mob & Ohio coil tr g 4s_1938 M-S 8634 Salo 8612
4 8512 8634 Am Writg Paper 1st s f 5s__1919
8654
14 8814 8933
, Mem Div 1st g 4 5-53_1996 J-J 11012 112 10814 Jan .12
10814 10814 Baldw Loco Works 1st 5s..._1940 M-N 10358 _ _ _ _ 10358Jan '12
10312 10358
8852 8912 Beth Steel 1st ext s f 5s_ ___1926 J-J 954
St Louis div 1st g 4s.,
1951 J-J 8912 Sale 89
8912
514 stue
Sale 9
95
434
9514 52 9312 9514 ,
Ala Gen It 1st g Os
Cent Leather 20-year g 5s__1925 A-0
1918 J-J 10712 110 10778 Nov'10
9538 77 9134 96 '
• AU & Daisy 1st g 4s
Consol Tobacco g 4s
1948 J-J 8718 8978 9012 Nov'11
8 9134 9533
1951 F-A 9512 Sale 9513
955s
,
2d 4s
Registered
1948 J-J 8214 8234 8214 J'iy '11
57 Nov'07
1951 F-A
_ Corn Prod Ref s f g 5s
•
& Yad 1st g guar 4s 194
48
9 A-0 84 89
512 89
1931 11-N .9_4_3_4 97
'114141
956
5
:
:
12 Dec8956
1st 25-year s I Os
, Col & Grecnv 1st Os
iag3-4
1916 J-J 10538
1934 M-N --- 95 947s Jan '12
94 -4/5108 iai Cuban-Amer Sugar coil tr 831918 A-0
E T Va & Ga Div g 53_1930 J-J 10734 110 108 Jan '12
2 9514 9712
11078 11152 Distil Sec Cor cony 1st g 58_1927 A-0 8
•
Con 1st gold 58
1950 M-N 11112 Sale 11078 111%
7 S8
a811e3 77
75
92 7412 7814
78
E I du Pont Powder 43s.1936 J-D
1938 Ai- S 10534- 106 Jan '12
106 106
E Ten reor lien g 5s
11 85 8514
1946 A-0 6412 7-5 87 Dec '11
Gen Electric deb g 3 4s_ _._1942 F-A 80 ___ 18
Oa Midland 1st 35
52
814 J
J an 412
2
82 82
1922 J-J 1121.
11258 Jan '12
125; 1115-2
• Ga Pao Ry 1st g 6s
10-yr g deb 5s
1917 J-D
15312 15812
Knox & Ohio 1st g Os
115 Jan '12
1925 J-J 11518
115 115
Gen'l Motors 1st lien 6s
56 9812 99 •
1915 A-0 -di- iie; 99
99
' Mob & Bir prior lien g 53_1945 J -J 10418
10512 Nov'10
___----- Ill Steel non-cony deb 5s
1913 A-0
101 J'ne'09
Mortgage gold 45
'
1945 J-J 7678
78 Dec '11
-------- Ingersoll-Rand 1st g 5s_q1935 J-J
, Rich & Dan con g 6s
10378 10514 104 Oct '11
3
Int Paper Co 1st con g 6s 1918 F-A j6,1
1915
99
9630111-110 10
9
9903
4
312j
'
n1e0
---9'4193
14
2
7 17 104 jai
,
Deb 5s stamped
1927 0 10312
10412 Dec '11
Consol cony s f g 5s
1935 J-J
105 8412 9134
97a
Rich & Meek 1st g 4s__1948 M-N 72_ 71 Mch'll
1929 M-S
Sale
11 92 9312
---- Int St Pump 1st s 5s
So Car & Ga 1st g 5s
1919 51-N 10334 iof 1032 Noy'll
Lackaw Steel 1st g 5s
6 9612 97
1923 A-0
---Virginia Mid ser C 6s_1916 51-S 105 10712 112 Oct '06
1st con 5s Series A
9
83
0 Sale
3 80 8212
3
158
e
Series D 4-5s
5-year convertible 5s
1921
S 10338 ____ 10414 J'ne'11
19
5 11
M
1Sale
-S
16 91% 92%
S 923 S
195
• Series E 5s
Nat Enam & Stpg 1st 5s
19.6 M-S 10512 ____ 106 Mch'll
1929 J-D
'
899
9963207,1213 A1 4 2
s
28 Jars9
899
99
9206
33
79i4
9334 9334
't Series F 5s
NY Air Brake 1st cony 6s 1928 51-N
1931 M-S 10558 ___ 105 J'ne'10
5 9914 100
General 5s
By Steel Spgs 1st ef 5s_1921 J-J 9
2 108 108
1936 M-N 108 _ _ 108
108
1 9734 9814
99
7134
4 s9
a813
e4
Va & So'w't 1st gu 5s_2003 j-J 10758_ 10812 J'ly '11
Repub I & S lst&col tr 5s 1934 A-0 10278 ____ 102% Aug'11
_
10-30-year 5s s f
1st cons 50-year 5s 1958 A-0 9012 61
06l
.
12 97 Jan '12
9612 9712
4 -E11940 A-0
Sale
2 9335
Standard Milling 1st 5s
W 0 & W 1st cy gu 4s
1924 F-A 90 __ _ 96 Noy'll
2 88 8834
9213
98
213
1930 M-N .
9212
_ _ 88 8
88
West N C 1st con g 6s
The Texas Co cony deb 6s_ _1931 J-J 96 Sale 9512
1914 J-J 103
10434 J'ly '11
44 9412 96
96
okane Internet 1st g 5s.._1955 J-J 101 11112 10212 Apr '11
---- Union Bag & Paper 1st 5s 1930 J-J 9414 9412 9414 Jan '12
94 9414
er A of St L 1st g 4 Ms_1939 A-0 10478 __ 10578 Noy'll
Stamped
(1714
1930
---1st con gold 5s_.. _1894-1944 F-A 112
US Leath Co R f deb g 6s
112 Aug'11
943
114
2j
1913 M-N 101 102 10
J'n
ane4
12
1
1611-2 102Gen refund s f g 4s
1953 J-J
U S Realty & I cony deb g 58224 J-J 8712
4 9412 96
96 Sale 95
89
s 89 90
96
St L M Bge Ter gu g 5s_ _1930 A-0 106
U S Red & Refg 1st g 6s_1931 J-J _ -- 60 70 A pr'
10812 Feb '11
891113
Tex & Pao 1st gold 5s
- 10134 11018
2000 J -D 11018 ii612
16611 161-2 U S Rubber 10-yr coil tr 6s_1918 J-D 105 Sale 10412 105
67 10334105
2d gold Inc 5s
0000 Mich 40 60 70 Mehl°
Registered
1918 J-D
204413344
35315,
2: 148
8
33 Jan
11110000'0
10000
003
• La Div B L 1st g 53
1931 J -J 100
U S Steel Corp—Jcoup ___d1963 Af-N lai-3;Sale
9912 Apr '11
371, 10134 10413
W Min W dc N W 1st gu
F-A
10612 Nov'04
S 10-60-yr 5s1reg ,_,_d1963 M-N
6 101%104
Tol & 0 C 1st g 3s
1935 J-J i(5614
11)813 Jan '12
10818 10914 Va-Car Chem 1st 15-yr 5s 1923 J-D 10012 Sale
36 100 10034
Western Div 1st g 5s
1935 A-0 10818 16612
- 112 Sep '09
West Electric 1st 5s Dec 1922 J-J 1021210312
13 10212 10234
gold
General
5s
1935 J-D 103 10412 104
,
104 104
Westinghouse E & M St 5s_1931 J-J 0452 Sale 04
104
95
51 93 95
Kan & M 1st gu g 4s
1990 A-0 9214 93 0214 Jan '12
9214 9212
10-year coil tr notes 58_1917 A-0 96 9712 9712
3 9712 9712
9712
2d 20-year 5s
1927 J-J 9878 99 99
9812 9918
99
1st
gold 4s
Tel p & W
1917 J-J 9312 _ 9355 Jan '12
0358 9358
Telegraph & Telephone
Tol St L de W pr lien g 3 s1025M
J-J 85 fi7 8712Jan '12
8712 8712 Am Telep 63 Tel coil tr 4s__1929 J-J 91 Sale 9034
91
66 90 91
50-year gold. 48
1050 A-0
8 6778 6958
6812 6812
Convertible 4s
69
1936 ,11- S 10934 Sale 10934 11012 40 10834 112
Coll tr 4s g Ser A
1917 F-A — 75 75 Noy'll
Chicago Telephone 1st 5s_1923 J-D
_
Tor Ham & Buff 1st g 4s_a1946 J -D 018
Commercial Cable 1st g 4s_2397
89 Dec '11
83 No-v-qi
81
nister & Del 1st con g 58 1.022 J -D 10412 ___ 10412 Dec '11
Registered
80 -_-- _ 8312 Nov '11
2397
1st refund g 48
1952 A-0
Keystone Telephone 1st 5s_1935
8512 Dec '11
82 84 82 Jan '12
82 82
-Union Pacific—
Metropol Tel do Tel 1st s f 5s 1918 51.-N 10214 _
103 Dec '11
RR & land grant gold 4s_1947 J-J 10012 10078 100% 10078 108 10033 101
Mich State Telep 1st 5s
10014 10014
1924
10014
F-A
Sale
101
Rio
Registered
1947 J-J 10014 Sale 100
10314 May'11
10014 13 0978 10014 N Y & N 3 Telephone 5s g_1920 M-N
20-year cony 4s
1927 J-J 10218 Sale 10134 10232 482 10112 10352 NY Telep 1st & gen s f 4 Ms 1939 M-N 10035 giie 10014 10058 45 i662 1664
1st & ref 48
02008 M-S 9712 Sale 9738
9712 19 97 9712 Pao Tel & Tel 1st 5s
1937 J-J 100 Sale 99% 100 108 98%10012
, Ore Ry & Nay con g 4E1_1946 J-D 96 Sale 9534
West Union col tr our 5s
18 9533 96
96
1938 J-J 10318 Sale 10234 10318
4 101 10312
Ore Short Line 1st g Cs. 1922 F-A 11312 Sale 11338 11312 27 11312 11312
Fd and real est g 4 30_1950 111-N 9934 Sale 9918
9934 77 9714 9934
1st consol g 5s
1946 J-J 11114 112 11112 11112
1 111 112
Cony 4s, series A
1936
105
10458Jan
____
N
10432 10432
'12
Guar refund 48
1929 J-D 95 Sale 9412
Registered
9(1 9378 95
95
1936 51-N
_ 103 Feb '11
1926 J-J 105 ____ 108 May'll
Utah & Nor gold 5s
Mut tin Tel gu ext
_1941 M-N i613-2 _ 104 J'ne'll
extended
4s
1st
1933 J-J 92
Northwest Tel gu 4 Ms
5s_g _1934 J-J 9214 ____ 103 J'ly '04
MISCELLANEOUS BONDS—Concluded.
E

Price
Friday
Feb. 2

111

W

s.aw

15.

--

A

&

y

Coal & Iron
IBuff & Susq Iron s 1 58_1932 J-D
a19213
5s
Debenture
S
I
•Col & I Co gen s g 5s__1943 F-A
1919 M-N
' Col Fuel gen 65
Col Indus 1st & coil 5s gu.._1934 F-A
1935 J;I)
'Cons Ind Coal Me 1st 5s
,Cons Coal of Md 1st dc ref 55 1950 J-D
Or Riv Coal & C 1st g 6s....91919 A-0
!Kan & H C & C 1st sf g 58_1951 J-J
Rocah Con Collier 1st s 1 53_1957 J-J
St L Rock Mt & P 1St 5s-1955 J-J
1951 J-J
Tenn Coal gen 58
Birm Div 1st consol 6s 1917 J-J
a1917 A-0
• Tenn Div 1st g 6s
Cah 0 M Co 1st gu g 65_1922 J-D
1931 Al- S
Utah Fuel 1st g 5s
1953 J-J
!Viotor Fuel 1st s I 58
Va Iron Coal & Coke 1st g 531949 M-S

-

Miscellaneous
97 _ . 97 Feb '11
Adams Ex coil It g 48
1948 M-S 88 90 8773
88
9 86 88
_ E 91 Nov'll .
Armour la Co 1st real est 4 Ms'39 J -D 0218 Sale 92
9218 114 9158 9213
foci
_ 100
100
1952 A-0 91 0112 91
9112 20 91 92
--1 100 i664 Bush Terminal 1st 48
Consol 55
10734 - 10734 Jan '12 1_6 10734 10734
1950 J-J 98 9814 9838
9838
2 98 99 •
7312 76 75
Chino Copper 1st cony 55_1921 J-J 121 Sale 12078 126
75
75 77
54 116 126
Comstock Tunnel inc 4s
1919
85 J'ne'll
16 J'ne'll
Irrigation
of
Wks
A
4
&
ms
D
'43
-9294
Dec
.
11
-6E9318 Nov'll
-913-4
---fig
1922 A-0 67 Sale 67
Int Mercan Marine 43s
10258 Apr '06
6712 -al -66.34 6734
---08 101 99 Oct '11
Navigation 1st s f 5s
1929 F-A 7912 80 80
80
9 80 80
- -- lot
86 87 8112
1966 A-0 811,
8112 8112 Mge Bond (N Y) set 2-4s
8712 89 Apr '11
79 8014 8412 J'ne'll
1939 J-J 89% 8978 9112 Nov'11
Morris & Co 1st s 1 4 Ms
103 10314 10114 Jars '12
Q512
4 N Y Dock 50-yr 1st g 4s__..1951 F-A 85 87
10218 i6S18512
8434 8511
-- 104 104
1932
J 10012
Nisi; Falls Pow 1st 5s
104
3 104 104
102 Apr 11
_ 104 103 Jan '12
Refunding & gen 6s____a1932 A-0
103 103
1
110 110 Jan '00
1945 111-N
Ontario Transmission 5s
-6&8 714
-- Pub Serv Corp N J gen 53 1959 A-0 9234 Sale -9234 -65- 49 -6i786 -01
4
St Jos Stk Yds g 4 Ms
1930 J-J 87 ____ 10012 Sep '05
9812 Sale 9812
981
1939 J-J 102
9612 9812 Wash Water Pow 1st 5s
10212 M911.11
[ 'No price Friday; Walt bid and asked aDue Jan dDue April eDue May ()Due June hDue July kDue Aug, oDue Oct pDue Nov (iDue Dec sOptlon sale




••

CHICAGO STOCK EXCHANGE-Stock Record-Daily, Weekly and Yearly
STOCKS-HIGHEST AND LOWEST SALE PRICES,
Saturday
Jan. 27.

Monday
Jan. 29.

Tuesday
Jan. 30.

Wednesday
Jan. 31.

Thursday
Feb. 1.

Friday
Feb. 2.

Last Sale 190 Apr'll
190 *170 190 *170 190 *170 190
18
18 *___
1 *___
1 *____
1 *_-_
1
1
1 *-2 *____
2
2 1,.. __
2 *___
*____
3
37
*37
40
*35
*35
36
-Last Sale 3'712 Jan'12
40
*36
*92
94
*92
94
9214 9214 *9214 94
9214 9214 ,-,*100 104 *100 104 *100 10012 *95 104
Last Sale 10438 Jan'12
3612 3612 3534 3614 3614 3612
3638 3612 *3614 37
*3612 37
1012 *10
1034 *10
1012 1012 *10
1012 *10
101 *10
101
_
512
512 512 -------- -------*5
538 568 *512 0
Last ,sat-e 38
Dec'll
if *20 If ;55 -if
;55 If *20
Jan'12
Last Sale 20
5114
Last Sale 5012 Jan'12
5014 *50
5114 *50
*50
5114 *50
7
7
7
7
712
712 *7
712 *7
*7
*35
3712 3512 3512 35
;53 -if
37
35
*35
37
*35

*170

Sales
of the
Week
Shares

STOCKS
CHICAGO STOCK
EXCHANGE

Railroads
100
Chicago City Fly
12 Chicago & Oak Park_100
100
Do pref
9
Chic Elev itys corn
Do pref
23
Chic Rys part ctf "1"
789 Chic Rys part ctf "2"
25 Chic Itys part ctf "3"
82 Chic Bars part ctf "4"
155
Chicago Subway
Kans City Fly & Lt__100
100
Do pref
99 Streets W Stable C L_100
100
Do pref
40

Range for Year 1912.

Range for Previous
Year 1911.

Lowest.

Lowest,

Highest.

18 Jan 29
18 Jan 29
1 Jan 29
1 Jan 29
33 Jan 4 38 Jan 22
91 Jan 5 9334 Jan 20
0912 Jan 9 1044Jan 13
3534 Feb 1 38 Jan 9
1012 Jan 23 11 Jan 12
573 Jan 13
514 Jan 9
20
50
7
35

Jan
Jan
Jan
Jan

17
4
4
30

2012 Jan
5012 Jan
712 Jan
38 Jan

4
19
20
2

Miscellaneous
100 1112 Jan 2 1273 Jan 23
1112 1134 1134 1178 1,165 American Can
Do pref
100 91 Feb 1 95 Jan 2
680
91
-- -_
91
American Radiator 100
Last Sale 31141 Nov'll
Do pref
Last Sale 131 Ja'
100 131 Jan 15 131 Jan 13
------------ --70 Amer Shipbuilding__ .100 4812 Jan 5 5014 Jan 16
Do prat
____
15
103 103
100 103 Jan 18 10413 Jan 18
139 Jan 11 14112 Jan 22
50 Amer 'reiep & Teleg
13034 14014 *13934 14014
*46
1 Booth Fisheries corn...,. 45 Jan 17 48 Jan 17
4712 *46
4712
Voting trust ctf
Last Sale 44
44 Jan 18 50 Jan 9
Jan'12
84
Do pref
-8812 -164 -841-2 0
84
- .- IS- ;ii- -86
84
406
84 Jan 18 88 Jan 9
2 ;51
84
Cal & Chic Canal & D_100
5212
*51
5212 *51
5212 *51
Last Sale 50 Noy'll
5212 *51
*1
118 *1
Chic Brew'g & Mait'g_
118 *1
118 *1
118
Last Sale 118 Oct'll
8
Do pref
8
*6
Last Sale 612 Nov'll
*6
8
*6
8
*6
250 Chic Pneumatic Tool_100 4658 Jan 2 5012 Jan 26
*49
50
60
50 *49
50
4812 4912 49
50
50
49
Last Sale 13712 Jan'12 '
*13834 14012 ___ ____ ____ ____ __ ____
Chicago Telephone_100 13712 Jan 4 13712 Jan 4
Do rots
Last Sale 141 Jan'12
13712 Jan 9 14118 Jan 18
190 199
40 Chic Title & Trust___100 184 Jan 4 19814 Jan 9
*190 192 *190 192 *185 192 *190 191
190 190
13812 139
1,326 Commonw'th-Edlson_100 13514 Jan 4 14112 Jan 9
13812 139
13914 13914 139 139
13812 13834 139 139
50 Corn Prod Ref Co corn....
1013 Jan 15 1118 Jan 22
1078 1078
-1
,ast-isd
._
Jan'ii
-e 7;;
Do
do
pref. _
- 1.554 1-08
log- 1-15.
8-- jai- 1-0-ifs- 4
103 108
2 1.5i- 10
288 Diamond Match
100 106 Jan 2 11034 Jan 17
101 10114 wits 10112 10114 10133 101; 1-01-18 101 10114 1,429 Hart Stunner & Marx pr.. 10012 Jan 25 10134 Jan 31
10058 101
5734 5712 5712 5'712 5712 5712 58
57
5812 5812 5712 58
875 Illinois Brick
100 50 Jan 9 5978 Jan 25
10612 10612 _
_ 107 107
50 lnternat Harvester Co -_ 10612 Jan 31 10778 Jan 15
- -*47
50
50
Last Sate36 -Aug'il
iii 1-15 *ii EZ. *47
Masonic Temple
35
36
38
37
*36
3812 36
3812 38
3712 3712 *36
526 McCrum-llowell Co__100 35 Feb 2 4012 Jan 4
*9014 9034
91
8934 Jan 25 92 Jan 6
Do pref
*90
9034 9012 9012 *90
243
90
3 00
149 150
*146 148 *146 148
100 14312Jan 15 150 Jan 30
14814 148,53 ---100 National Biscuit
- -- - ------Last Sate 127 Jan'12
100 126 Jan 15 127 Jan 10
*127 128 *127 128 *127 128 *127 /28
Do pref
108 108 *105 108 *105 108 '*105 108 *105 108
100 107 Jan 24 112 Jan 3
*107 108
3 Nattonal Carbon
*117 11812 *118 119
11614 11614 *11.5 11614 *115 11614 11614 11614
100 11614 Jan 30 120 Jan 2
20 • Do pref
10534 10534 *10514 10534 10558 10578 10578 10578 10512 10578 10634 107
290 People's Gas L&Coke_100 10312 Jan 2 107 Feb 2
14212 142713 14212 14234 14234 14338 14012 14178 140 14112 14134 146
5,737 Sears-Roebuck com 100 140 Jan 5 146 Feb 20
123 123
*12212 123
123 123 *123 124
100 12112 Jan 11 12314 Jan 25
_ 123 123
Do prof
91
100 9834 Jan 2 10058 Jan 30
10014 10012 10014 10012 10012 10068 10038 10012 11551-2 1(7012 10014 10012
321 Swift & Co
231 231
*230 233 *230 235 *230 233
226 226
59 The Quaker Oats Co_100 215 Jan 15 235 Jan 22
108 10812 108 109 *109 10912 *109 1-0612 *109 10912
59
Do pref
100 10512 Jan 2 110 Jan 15
*108 109
134 *114 134 *114 134 *114 134 *114 134
114 Jan 10
158 168 *114
25 Unit Box Bd & P Co_100
178 Jan 18
6412 6534 6338 6334 63
2,000 United States Steel corn_
64
6014 6312 5834 6014 6034 61
5834 Feb 1 6913 Jan 3
12
15
1412 16
1412 1412 14
10
12
1134 12
100 10 Jan 17 1313 Jan 5
14
1,245 Western Stone

12
1214 *1134 1214 12
12
1112 12
9178 9238 9112 92
9112 92
9178 92
- - *305
- - *305
_ _ *305
_ _
*305- - *131 1-33- *131 133*131 1-33 *131 133
*49
5012 *50
5014 50
50
50
50
*102 105 *103 106 *103 105 *103 105
13978 13978 13912 13912 140 140 *13934 14014
*45
4712 45
4712
45 *46
4712 *46

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Fob. Z.

Pries
Friday
Feb. 2.

iVeek's
Range or
Last Sale

135 Jan 190 Apr
112 J'ne
112 J'ne
6 Mob
3 J'ne
21 J'ly
32 Dec
85 J'iy
94 Nov
80 Apr 101 Aug
2034 May 3778 Dec
8 May
1212 Aug
412 Mch
712 Aug
14 Nov
6 Mch
15 Sep
25 Feb
7212 Feb
39 Sep
7 Dec
1314 Feb
38 Nov
50 Jan
9 Jan
7678 Jaa
265 Jan
12612 Mch
48 Nov
10612 Sep
13158 Aug
35 Apr
38 J'ne
60 Sep
4912 Apr
1 J'ly
312 Mch
3912 Sep
115 Jan

I
1212 May
93 Deo
304 0',1t,
133 Nov
79 Feb
113 May
15214 Pile
5914 Mch
573.1 Mch
8838 Dec
52 Feb
114 J'ne
7 Nov
5512 Feb
14114 Nov

15112 Jan 1.80 Dec
113 Jan 13738 J'iy
1538 J'ne
934 Oct
78 Jan
78 Jan
0212 Feb 11034 Nov
100 Sep 10334 Dec
70 Jan
4978 Sep
9914 Sep 129 May
47 Jan
5018 Aug
3812 Nov
67 Jan
00 Oct
08 Feb
11714 Jan 14212 Dec
123 Jan 130 Mch
100 Aug 120 Mch
117 Sep 120 Itch
101 Sep 10858Jan
12334 Sep 19234 Jan
116 Sep 122 Mch
9734 Sep 101 J'ne
165 Men 212 Dec
10212 Feb 10712 J'iy
7 Jan
1 Dee
8178 Feb
5012 Oct
23 Jan
13 Dec

Chicago Banks and Trust Companies
Outstand-

Interest

Highest.

Sold

Rome
for
Year 1912

NAME

ing

Stock

Surplus
and
Profits
(5)

Dividend Reseed
1•11•11.

1910

In
1911

efftod.

Last Paid,

Bid
Mgt American State
Ask Labs
High No, Low
$200,000 $163,738 Org. A prll 3 1911 V.92, p.1004
Calumet National
Amer Strawb'd 1st 6s-1911 F - A
100,000
10012 Jan'll
An Jan '11,6
45
452,216
0
Armour & Co 4548._..1938 J
Chicago City
1)
9113 92
500,000
92
Jan'12
299,230 10
4-4 Jan '12,7
10
Contl'tal & Comm Nat_ 21,500,000 8,805,613
Booth Fish Co DebG 5s'17 J
J
- 100 Mail'11
Q-J Jan '12, 24
10
• Deb g 5s
1924 J
J
Corn Exchange National 3,000.000 5,814,152 16
100 Mch'll
Q-4 Jan '12, 4
10
• Sink Fd Danes It tee
A.0
200,000
Douglas State
0812 Apr'll
Beg,
us May 31'1 1. Y.1)2,p 1535
Calumet & South Chicago
Drexel State
50,283
8
200.000
Q-4 Jan '12.11$
1927 F .A /9838 9878 9914 uty'll
Fly 1st 59
Drovers' Del) National_
G00.000
Q-.1 Jan '12, 212.
453,399 10
10
Cass Av & fis (St L) 5u'12 J
J
10114 Oct'09
Englewood State
55,414
0
200.000
634 Q4 Jan '12,2
Ohio Board ot Trade 451927 J - 1)
100 May'07
First National
10,000,000 11,618,417 12
12 Q-M Dec 3(Y11,3
- A 155.75 gide 10278
1927
Chicago City Hy 50
103
150,000
First Nat Englewood
12 (4-ti Dec.30'11,44
196,748 10
10212 103
Chic Consol Br do Hit 6s___ J -J
103
Apr'04
Foreman Bros B'k'g Co., 1,000,000
565,220 Priv Me Ba nk
Ohio Consol Trac 4348 1939 J -I)
50
Apr'09
Q-4 Jan '12,2
Fort Dearborn National 2,000,000
611,695
8
8
Chic Auditorium 1st5.31929 F A
9834 Jan'06
Hibernian ll'k'g Ass'n
(5)
1,500,000 1,225,025 8+2
Q-4
(11)
Chicago Elev Ely 5s 1914 J -J 5
1
6
iti
9o
F;
15 973 -66 - Kaspar State Bank
J-J July '11; 5
129,145 10+15 10
9834
99
400,000
- S
9412 Dec'09
Ohio Jc 11Fl 1st H g 58_1945
Lake View State
200.900
Beg.. uz Apr 8'l1 7.92.p, 1001
Ohio No Shore Elec 6s.1912 A - U
87
Feb'06
La Salle St National__ 1,000,000
us. Ma y 10 V.90, p.1277
284,343 Beg,
11 92
Dec31'11,212
Chic Pe root 1st 53-al921 J - J 59334 911
9334
94
94 - Live Stock Exch'go Nat 1,250,000
10
603,762 10
1927 11 - A 10034 Sale 10014
10034 121 997g 10034 Nat Bank of Republic
Chic Hy 5s
8
Q-4 Jan '12,2
2,000.000 1,335,228
8
Chic Rys Si _series "A" A 9614
9638 67 96
9612 National City
",000.000
6
Q-4 Jan '12, 112
6
523,705
9638 Sale
964 Sale
Chic By 4s...series "A" A 9614
9638 10 9614 9738 National Produce
6
4
250.000
Q-4 Jan '12, 112
93,517
- 1) 9118 Sale
9114 55 9078 91.58 North Avenue State
Chic ttys 43__series "13"
91
Q-4 Jan '12, 134:
75,985
200,000
634
Chic !Lys 4,s .._0erles "C"
-A
Q-4 Jan '12, DI
9412
9412 Salo
9412
9412 9412 North Side State Say'gs
6
37,711
50.000
Jan'12
Chic itys coil 6s
North West State
191.) F - A
100
100 100
5 (.4-3 Jan '12, 112;
200.000
4
35,657
Chic itys Fund 68_1913
Jan'll
-A
100
_- People's Stk Yds State.
300,000
137,210
7
934 Q-4 Jan '12, 21i
Chic itys Tern Ctfs 191 5s
100 Deel 1
PrairieState
6 (4-ti Jan '12, 114
500.000
67,990
Second Security
Chic fly Pr m Mg 4s_c'27 J -J
Jan'12
8214 84
82
1,055 Beg. b tis.Nov I'll V.93, p.1235
200,000
7734 85
Chic Ry Adj/no 4s c1927 Mayl
4 48
Security
56
5978
5978 Sale
Q-4 Jan '12, DI
400,000 3137,858
43,4
58
60
Ohio it I di k• itit 4s_2002 51 - N
664 Aug'08
8
Q4 Jan '12, 2
200,000
---- South Chicago Savings,.
100,000
734
Collat trust g 5s-__1913
6812 July'08
S
SouthSide State
6
16,597
Jan '12, 112
200,000
Chic'relephone 5s____1923 J - ii 5103- Sale 103
12
103
Q-4 Jan '12,3
103- 155'- State Bank of Chicago_ 1,500,000 2,093,092 12
Commonvv-Edison 50.1943 51- 53 10338 Sale 10314
10328 61 103 10338 Stock Yards Savings
8
8 Q-M Des 3011, 2
250,000
198,015
Chic Edison deb 6s_1913 J - .1
0 M-N Nov '11,3
10078 Noy'lti
500,000
130,672
6
---- Union Bank of Chicago_
1st g 50____July 1926 A - U
Feb'll
6
100
Washington Park Nat'l
47,814
6
Q-4 Jan '12. lit
100.000
--Debenture 5s____1920 41 - Si
19,767 None None Q-M Deo31'08.112
10058 Aug'09
Wendell State
50.090
Commonw Elect 5061943 .1 16512 Sale. 10212
1 10212 1027 zeentral Tr Co of 111- y2.000.000 1,015,465
10212
Q-4 Oct '11, 3
Cudahy Pack l8tM5s_1924 IL -N 9934 9978 9078 Nov'll
6
226,687
Chicago Say ilk & Tr__ 1,000.000
Q-4 Jan '12, 14
Dla Match Coil di.) t3s_ 1920
10834 Sale 108
7 ioi- 110
8
Chicago Title & Trust__ 5,000,000 12,031,511
10834
Q-4 Jan '12, 2
734
Illinois Tunnel 5s____1923 3-7 -1)
6
80
Dec'03
16,19.5
10
Citizens Trust & Savings
50,000
Q-4 Jan '12, 212
Kan City Ely & Light
476,333 8+2 81-2
Colonial Trust & Saving
Jan '12, 212
600,000
Co Ss
1913 11 5 8912 9012 9734
Coot & Comm Tr & Say 3,000,000 1,011,315
50.11)23
A Knick'b'ker Ice 1st
100
8
15:3,309
8;4 (.4-4 Jan '12, 212
200,000
Drovers"rrust&Savings
Lake St EI-Ist 5s
1928 J . J
180
8812 Jan'12
16
-Fig; 8812 r First Trust & Savings _ r2,509,000 3,972,600 12
Dec30'11,4
1ncoine 5s
1925 Feb
16 May'03
6,377 Beg. b us,Apr 3' 11 V. 92, p, 929
250,000
---- -- Ft.Dearborn Tr&Say Bk
Metr W S!de El72,863
2).4 Q-J Jan '12, 212
Greenbaum Sous Bk & Tr 1,500,000
1st 48
4 8512 8534 Guarantee Trust & Sava.
1938
- A / 8512 Sale
)3512
8558
34,628
200.000
J-J Jan '12, 3
Extension g 43
1938 J - J /8258 8273 8234
8234 15 82
12
83
Harris Trust & Savings., 1,500.000 1,907,670 11+5
Q-4 Jan '12, 3
Morris tlt Co. 4 ;i
1939 J
8934
8978 25 8912 8978 Home Bank & Trust .,.,
8934 Sale
59,793 Beg. us Apr
300,000
'1 1V.02,p.1004
Nona West El 1st ts
1311 -ti- S
100 July'll
Illinois Trust & Savings 3,000,000 9,096,028 16+4 16+4
Jan '12, 4
Northwestern Gas Light ec
Dec30'11,14
71,007 7+134
200.000
Kenwood Trust & Savgs
Coke Co 5s
1928 Q - M / 9938 100
9934 Dec'll
6
58,839
Lake View Trust&Savgs
200,000
53
Q-4 Jan '12, 112
Ogden GO9 5.9
194.5
7 -63396
-N
96
96 Sale
'12, 4
15
4 96
Jan
Merchants' Loan &Tr Co 3,000,000 6,391,793 12
Q-1
Peanons-Taft150
1014
- I) 9812--__ 10038 Mch'04
272,394
0
750,000
6
- ---- zMetropolltan 'rr & Say
Q-4 Oct '11.112
4.4us
- S 95
9612 Sich'10
_-__
59,791 Beg. us. Oct 291 0791.13,1221
200,090
Michigan Ave Tr Co__
---4.60s Series E
it' N
97
Fels'10
96
56,791 Corn. b us. A p r10' 11V92 p1004
Mid-City Tr & Say Bk.
500.000
4.80s Series F
-N
8
9712 ----- 9814 Noy'll
Northern Trust Co____ 1,500,000 2,312,161
8
Q-J Dec 30'11;2
Peo Gas L & C 1st 68_1943 A - 0 /- - 1-1-8 - 11812 Jan'12
11812 11812 North-Western Tr &Say
115,530
250,000
J-4 Jan '12, 4
8
Refunding g 5s___1947
- Si /10178 10214 102
Jan'12
102 10214 Old Colony Tr & Say Bank
50,382 Beg,
200,000
us J'ne 1 - it V.92.p, 1537
Chic Gas L&C 1st 531937 J - J /103
10318 Dec'11
Jan '12. 2
166,26,1
People's Tr & Say Bk.,
500,000
Con.sum Gas 1st 5,9_1030
D /10212 103
103
6 i021 103
__- 10234
278,450
Pullman Trust h Savo_
8
300,000
8
Q-J Jan '12, 2
11(WI Fuel Gas lst5s1947
N /10034 10138 10112 Jan'12
10112 10112 Sheridan Tr & Say Bank
30,014 Beg. b U/11. J'17 12'O 9 V.89,44.111
200.000
South Side Blev 4 40_1921 J
g 06
9614 9014 Jan'12
324,378 Comm ended bus. Sept 6 1910
9618 9614 Standard Tr h Savings_ 1,000,000
Swift & Co 1st g 50_1914 J - J #1003
10012
July '11;3
8- 10012
10014 10034 Stockrnen's Trust & Say
46,358
200,000
5;4
6
Union El (Loop) 50_194.1 A - 0
Jan'12
89
89
Union Trust Co
1,200,000 1,331,735 t8+2 8+2 (1-11 Dec30'11.2
United Box Board col 61'26
j
Aap0
g5-3
-0
-- -8
70
9
86
6- 8
Jan '12, 14
22:3,002
zWestern Tr & Sayings 1,250,000
0
Q-J
6
General mtge as
J
j
60 Mch'll
145,128
West Side Tr ScSavBank
200,000
6
8+2 Q-M Dec30'11; 4
Western Elec Co 5s__ 1922 J
J /102 10212 10212 10212 10 10214
79,551
9 Q4 Oat '11; 2
200,000
744
• Note.-Accrued Interest must be added to all Chicago, ond prices.iff1-2 Woodlawn Tr &S'avBank
* Bid and asked prices; no sales were made on this day. t Dec. 5 (close of business) for national banks
anti Dec. 6 (opening of business) for State institutions. S No
price Friday; latest price this week.
Sept. 11911, 11 Dividends not published. Stock all acquired by the Cont. & Comm. Nat. Bank. a Due Dec. 31. b Due June.
*Due Feb. k Also 20% in stock. q Dividends are paid Q-J, with extra payments Q-F. r Capital to be increased to $5,000,000, a stock dly. of 100% to be declared.
V. 93. p. 1430, 1760. s A dly. of 50% paid in 1911 on security Bank stock, to provide capital for the new Second Security Bank. V. 93, p. 1235. t Dec. 30 1911.
'a Central Trust and Metropolitan Trust h sav. Bank eonsol.: V. 93, p. 1705, 1363. Central Trust also
absorbed the Western Trust & Say. Bank in Dee, 1911, V. 93.
D. 1760, 1705. y Capital increased to $2,500,000 on Dee. 15 1911.




-

8

5

FEB. :3 1912.]

THE CHRONICLE

339

Volume of Business at Stock Exchanges

Electric Companies
Lila
448
Industrial and Miscel
But Ask
Gr't West Pow Is 1946 J.J 84
4 Dittilljild Match o__ _100 107 108
85
e Kings Co El L & P 00_100 126 128
luPont
(E
I)
de
Nem
100
160
Po
165
Narragan (Prov) El Co__ _50 * 9012 9312
e Preferred
100 9034 95
N V & Q El L dc Pow Co_100
57
Gold 4
1936._ J-0 85
t,512
Preferred
100 /3
77
Empire Steel
100 10
15
United Electric of N J _ _ 100 85
00
Stocks.
Preferred
Railroad,
100 36
43
1st g 43 1049
Week ending
J-D
79
7914 •General Chemical
dec.,
100 132
State
Western Power corn__ .100 30
U.S.
Feb. 2 1912.
32
Shares.
e
Preferr
Par value.
ed
110
Bonds.
100
Bonds.
Bonds.
Preferred
100 59 60
(laid Hill Copper
1 *510
Telegraph and Telephone
Saturday
Greene-Cananea
405,036 535,883,600 52,537,000
20 *8
812
e Amer Teleg Sc Cable.
$117,000
Monday
_
_IOU
76
Guggen
78
000,179 53,805,500
heim
Explor
'n_10C 175 165
3,837,500
e Central Sc So Amer..._100 120
121,500
Tuesday
977,796 42,594,600
12114 I Hackensack Water Co2,933,500
Comml
41,000
Un
Wednesday
Tel
(N
Y)._ _25 108 115
010,583 81,209,800
lter g 43'52 op 1912 __J-J 55as 23
3,673,000
Empire & Bay State Tel_10
45,000
Thursday.
003,678 81,157,050
0 es
Hall Signal Co corn
75
2,989,000
14
100
Franklin
66,500
Friday
100 40
543,206 44,830,600
Havana tobacco Co
50
0
2,476,000
100
e Gold Sc Stock Teieg_ 100
66,500
Preferred
15
100 10
e Northwestern Teleg____50 115 120
Total
110
3,846.478 $339,541,150 518,448,000
115
18t
g
Si
June
/52
1922
1
_J-1)
57
Pacific Sc Atlantic
$447,500
06
Jecker-Jones-Jewell Milling
7.5
e Pao Telep Sc Teieg pref 25 99
101
1st Os 1922
Sales at
M'S 1011: 103
Week ending Feb. 2.
Southern & Atlantic _ __ 100
Jan. 1 to Feb. 2.
_25
90
Herring
100
-Flail-M
New York Stock
ar
new--100 15
25
South Bell Telep & Tele2Hoboken Land Sc Imp
Exchange.
1912.
1st g bs '41 op '16.--J-J 9978
1911.
1912.
1911.
10018
1st 53 Nov 1930....51-N 10312 - -Hockin
Stocks, No. shares__
g
Val
Produc
ts. 100 1112 13
3,846,478
3,420,432
Ferry Companies
12,353,019
12,638,619
1st g 5s 1961
Par value
8339.591,150 $306,514,700
J-J 60
64
1990,864,075 $1,107,219,675 i1 de N Y let Si 1911--J-J 95 100
Houston 011 corn ctrs 100
Bank shares, par
912
14,000
NYdeERFerry stk._ _10(1
522,100
$38,60
5
$178,4
0
12
New
00
Fret etts
Bonds.
____100 75
78
1st 55 1922
II
-N
45
In ,ersoll-Rand com
Government bonds...
100 95
$8,000
3132,000
$9,000 N Y Sc Hob 58 May '46 J-D 9914 100
e Preferred
State bonds
100 97
$447,500
Fy 1st 5s 1946 M-N 1043 10512
5,819,500
3,258,500
21,443,000 N Hob
Inspiration Consol Cop 20 • 1914 -1114
RR.and misc. bonds__
2
18,446,000 17,446,000
Y
NJ
53
1946
110,031,500
98
J-J
81,485,000 10th
-- Intercontinental Rubber 100 17
1712
d: 23d Sts Ferry_100 25
35
Internat'l Banking Co 100 88
Total bonds
92
818,893,500 $23.273,500
$119,422,000
5102,937,000 • 1st tinge 5s 1919....__J-D 57
65
International Nickel...100 258 265
Union Ferry stock....100 20
DAILY TAANSACTIONS AT THE BOSTO
22
Preferred
e 1st 53 1020
100 100 10212
N AND PHILADELPHIA
51-N 94
07
lit g 53 1902
EXCHANGES.
A-0 9912 10012
International Salt
2
4
100
Short-Term Notes
1st g 53 1951
10
Aural Cop 5s 1913
A-0 / 46
Boston.
10012 101
Philadelphia.
International Silver.- _100 85 100
Week ending
Balt Sc Ohio 4;0 1913 J-D 100
3
8
10012
Preferred
Feb. 2 1012.
Bethieh Steel 63 1914_11-N 10138
100 115
Listed Unlisted
Bona
10134
Listed
Unlisted
1st Si 1948
Bond
J-D 110
Ches Sc Ohio 412s 1914.4-D
shares, shares,
sales,
shares.
shares.
9958 9934 Internet Smelt Sc Refg_1011 120 130
sales.
Chic Sc Alton Si 1913_31-S 99
Jones
9912
Sc Laughlin Steel Co
Saturday.. _
Chic Eiev Rys 544 1914_ _J-J
28,275
19,550
$12,000
9834 99
lst s g 54 1939
12,132
7,836
$95.900 Ciu item Sc 4s 1913__
Monday
M-N 101 10112
26,601
21,972
64,000
10,104
12,766
90,100 Erie Us Apr 4 1914__ _J-1 0012 9978 Kayser (Julius) Sc Co __1(10
Tuesday
6212 6312
18,294
__A-0
10158
1013
10,986
4
21,844
63,500
1st preferred
104,700
7,905
Wednesday..
Col
5s
1914
31,594
A-0 10018 10038 e Lackawanna Steel.. 100 103 104
13,356
109,500
15,982
36,560
88,500 eGeneral Moors
Thursday
100 30 33
26,607
63'15 A &() 9834 99
17,500
e
70,200
14,410
1st
39,040
61,000
con
th 1950____M-S 79 80
Friday
Hudson Companies-.
18.602
7,262
e Deb 6s 1915
95,000
11,205
15,240
135,285
Os Feb 1 1913
M-S 9158 9232
F-A 9934 100
Lan.ston Monotype_ _.._10
Total .
(53 Oct
0 9034 9114
149,973
90,626 $414,200
04,746 110,387 $581,485 I nt & Gt 15 1913- Ade015 9912 9978 Lawyers' Mtge Co
100 285 5288
No 5s 1914- '1;-A 9838 9858 Lel] Sc
Wilkes-B Coal__ _50 275 300
Internet Harvester 68.1915
10078
Madiso
10
n
03
Sq
4
Garden
__
K Ry & Lt tis 1912._ M-S
100 50 60
Manhattan Transit
Minn Sc St L g 55 1913 F-A -20 *158 114
e May Dept Stores-See kith
97
110
Exch ilet
Mo Kan Sc 'Tex 531913 M-N
All bond prices are now "and interes
908
10018
Miami
t'. exce.rt where marked "t."
CaPPe
r-Ses
Stock Each list
MoPa.cillc 53 1914
9634
Monong
ahela It Coal
9714
*10
Nat Rya of Met 4
50
I3J-D 9918
Preferr
50 *31
Street Railways
0 Lines Eq Si '12-'22 54.90 9938 Mortga ed
Bid I Ask
Street Railways
Bid Ask eNY
ge Bond Co_____100 103 115
45s Jan 1013-1925_ _J-J 54.40 4.20 Nat
Pub Sere Corp N J (Con)Bank of Cuba
4.20
New Yerk Cdv
N Y cent Ois 1914
100 102 106
Rapid Tran St Ry
100 235 240
National Surety
Bleock St Sc Fut Fy stk 1
100 255 265
N Y N ii &11 430'12 M-5 10658 10034 e
22
26
1st 3.4 1921
A-0 103
533e% 3% e New Central Coal
90)
1st ratge 45 1950
St L Sc S F 5.3 1913._ MS
J-J
6(1
70
J 0 Hob & PatersonM-S 9978 1004 r New York Dock
B'y & lth Ave stk
100 19
23Si June 1 1913 opt-J-1) 9058
100 155 3613
4s g 1949
7512 7612
e
9948
Preferr
ed
2d 'rage bs 1914
100 40
55
South fly g bs 1913
J-J 993 1001
So J Gas El & Trite_ _100 126 129
F-A 10034 101
N Y Mtge & Security_ _100 210 215
Con as 1944-See Stock Exc list
Tidewa
Gu g Si 1053
ter
63,
1913,
gu.....1
M-S 9812 00
-D 10138 10134 N Y Transportation
B'way Surface 1st bsgu 1924 1011 103
20 *3
5
Wabash 45s 1913
No Cud Co fly lis 1914 J-J 10214 102
M-N 94
Niles-Bern-Pond
98
34 WestIngh'se
Cent
00
'
. Crosstown stock 100.... .
95
Is 1928
El Sc B Os 1913 1011210134 Nipissing Mines corn...100 *712
J-J 102
752
1st mtge 6s 1922____M-N / 85
Ext Si 1024
91
notes
.6%
Oct
1917-A-0 96 9712 Ohio Copper Co
M-N 0812
Cen Pk N & E Itiv stock 1
.10 *1116 1
10
Pat Ry con 63 1931__J-D 117 jar
20
Railroad
e Ontario Silver
120
Christophl Sc 10th St stk 100 116 130
100
152
1
2d 65 opt 1914_ __A-0 100 102
Chia Peor it St LOtis
Elevator CUM
100 72 73
Col a: Ott Ave 53-See Stock Ere list
Republic Ry &
Prior lien g 4348 '30.31-8 88 94
2734 2812
Preferred ......_____100 101 102
Dry Dock E U Sc 11Preferred
Con mtge g be 1930-J-J / 40
Pittsburgh Brewing
541
7734 7812
1st gold Si 1932
J-D 100 1021 So Side El (001e) See 100
50 * 934 10
Income
55,
July
1930_
Ch
7
Preferr
icago
ed
list
Scrip 58 1914
50 39 40
F-A / 40 50 Syracuse It T 53 1946
Chicago Subway-.....100
e Pittsburgh Steel pref__100 *10238
Eighth Avenue stock-100 300 359
103
Trent 1' & II Si 1943___J-D 101 10212 Northern Securities Stubs__ fg" 05
Pope
Mfg
Os
95
10J
coin
Scrip 6s 1914
100 38
42
P- / 99 1001 United Rys of St LeOregon-Wash RR&Nav Sc 8th E x
Preferred
list
42d Sc (1r St b"y stock 10 280 310
100
71
69
Pitts
Bess
Sc
Coin
E
L
vet
tr
ctfs
50 *30
Pratt Sc Whitney pref-100
100 1358 1334
33
4241 St XI & St N Ave_10
Preferred
98 10212
e Preferred _
50 *60
Producers Oil
4418 4414 e Railro
70
2d income ds 1915__J-J 1 -41
100 85
90
ad Securities 00Gen 43 1934-See Stock Esc list
(Ray Comet Copper-See IS tk
-Inter-Met-See Stock Exci ange -list
111 stk tr ctf.s ser A_ _52 90
lit
Unit Rys San Fran-See Stk Ere list
Realty Assoc (Bklyn)___100 116 119
95
Lex Ay Sc Pay F 53-See 5th Ere list
Seaboa
Wash Ry & El Co
Royal Bak Pond coaa
100 6078 6138 West rd Company-See Be it Exc !1st
Metropol St Ity-See 5th Exc list
100 190 195
Pao 1st 53 1933_ M-S 89
Preferred
100 90
Preferred
90
9012
Ninth Avenue stock._ _1
100 109 110
150 175
Industrial and Miscel
4s 1951
J-D 86
Rurnely (KJ Co, pret_100 9912 100
Second Avenue stock
8614 Adams ExP g 4s 1947__
1008
12
853
4
/
J-D
Safety
Car Heat Sc Lt....100 121 122
8614
Consol 53 1918
Ahmeek Mining
•F-A j 45
43
(las Securities
25 s245 250 &ears, Reebuek it Co...100 1413 14312
0 Sixth Avenue stock-100 115 12,
Alliance Realty
4
New York
118
ePrelerred
25
Sou Boulev Si 1945___J-J 05
00 123
Amer Bank Note corn 100
73 Cent On Gas Si 1027_
50
*43
Seneca
45
103 10312
Mining__ -------25 4, 25
So Fer 1st 5s 1919
uS
Preferred
A-0 85
95 Con Gas (N. Y)-See Stook Esc list
50 *511 1212 Singer Mk Co
Third Avenue RR-See Stk Esc
100 287 290
American Book
Mutual Gas
100
Soutil Ire* & sera___100
175
100 171 178
Tarry W P & 53 1928_ / 611
it
eArn Brake Sh&Fdy com 100 166
1
80
New
Amster
dam
94
Preferred
Gas9312
Y'kers St RR 5s 1016 A-0 83
100
2
4
ePreferred
90
1st consol 5s 1948_ -J-J 10214 10314
100 136 137
Standard Cordage
2818 Sc 29111 Sts Ss '06.-A-0 / 20
14
100
Americ
25 NY &ER (las 1st 53
100 125
lstMgSs'Slred
3(1
J-J 10412 10512 American Brass
Twenty-third St stock. 100 230 ',130
A-O/iO
14
an Chicle corn___100 227
Como' Ss 1945
Adjust M 58 Apr 1 1931._ / 1
34
J-J 10112 103
Union By lit Si 1942
F-A 10312 ---- N Y & Richmond
3
Preferr
ed
100 105 108
Standard Oeupler corn 10035 39
Gas_100
Westchester lit 5.5 '43 J-J 70
50
Am Graphophone corn..101.)
bU
Nor Un 1st bs 1027____M-N 35
312-Preferred
Brooklyn.
103
100 101 111
Preferred
e Standard Gas corn_-__100 100
100 35
e Standard Killing Co_.100
42
OJ
Allan Avenue RR1614 1714
Amer
Hardware
C ereterred
100 135 138
Preferred
Con Is g 1931
100
95
100 54
56
A-0 10112 103
Am Malting 6.3 1914
1st
5s
9912
1930
J-D
e
1st
10112
bs
1930
M-N 10412 106
B 13 & W E 53 1033____A-0 98 102
.M-N
88
Amer Press Assoc'n
Standard 011 of N J(old) 100 675 600
100
85
Brooklyn City Stock
10 163 108
eAmerSnpft corn(et-sub)100 130- 141
Other Cities.
Standard 011 ex-enbaitar's 357 365
Con 53-See Stock Exch sage list
• Preferred
Am Gas Sc Elea corn
Standard Oil Subsidiaries _ 330 338
100 108 110
50 *74
Bklyn llgts 1st Si 1941 A-0 1/8 102
76
Am St Found new-See S tk Ex list
Preferred
Studebaker Corp cora.._100 55
50 *45
Bklyn Queens Co Sc Sub56
46
Os 1935
Amer Light Sc Tract__ _100
A-0
9912
Preferred
14014
e 1st g its '41 op 1918'_J-J 08 101
287
lou 102 103
200
Deb 48 1923
Preferred
F-A 62
Sule berger & Sous uo p _100 OS 100
05
100 105 107
elst con 63'41 op '18 1I-N
95 97
American Surety
Amer Power Sc L. com_11
50 260
Swift & Co-See Boston Stk Exc list
)0 7412 78
Bklyn Rap Trait-See Stock Esc list
American Thread pref..- __5 *412 270
Preferred
514
let 5s. See Cliloago SUL Esc list
100 83
Coney 1st de 13klyn
84
10t, 50
Amer Tobacco corn-See tk Ex list
Bay State Gas
57
eTexae Company
.
7
50
16
1st cons g 4s 1948.___J-J
100 86
Ii
90
Amer
75
82
Typerd
klingh'ton (N Y) Gas Wks
ers corn. 100 45
e
Texas
48
Sc Pacific Coal 100 98 100
Con g 9s 1955
J-.1
Preferred
75
80
181 g its 1938
100 99 101
efexas Paclfic Land Tr_100 87
A-0 98 100
Brk 0 Sc N 53 1930___J-J 08 100
93
Deb
g
6s
Brookl
1939
yn
Un
Gas-See 8th Exc list
M-N
Pitle Ins Co of N V_ __IGO 121 124
102
Kings Co El 4s-Sec Stock Ere ilst
Amer Writing Paper____100 9912
Buffalo City Gas stock_ _100
112 2
Tonopah Min (Nevada)...1 4,7
NaSSIIII Elea pre(
4
b
.100
71g
ePreferred -See Stock Ex :th'ge
1st Si 1947-See Stock Exc
Trenton Potteries oom_100
53 1944
list
4
8
A-0 101 1103- Cities Service Co
alit s t g Si '19red 10534 88 list
100 88
Preferred new
Si)
lit 43 1951-See Stock Exc '1st
91
100 50
ti GI( Sc W I SS Lines...100
55
Preferred
100 8214 8314
Trow
Direct
w'o's Sc Flat Lst ea 4341
812
ory
912
100 25
90
Preferred
94 Clop Gas of N J Is 1030 _J-J
100 1812 20
eUnion Bag Sc Paper ___100
ita.inway let 63 1922-5-3 90
96
97
Col tr g 5s 1959
11X1 104
434 5
Coasunuers' L II Sc PowJ-J
68
6814
ePreferred
Other Cilia
100 49
55
Barney Sc Smith Car___100 15
54 1938
Union
20
J-D 100
auffalo Street ItYTypewr
iter corn 100 30
36
Preferred _100 80
Denver Gas Sc Elea
90
let preferred
100 220
1st consol Si 1931.___F-A 10134 106
100 10412 103
Bliss Company corn
Gen g 53 1049 op__M-N
30 80
85
2d preferred
Deb Os 1917
100 96
99
A-0 10312
9512 9612
Preferred
Elizabeth Gas Lt Co .100 300
50 124 128
United
Cigar
Columbus (0) St By....100 79 105
Mfrs
100 5212 54
811 Essex Sc
Bond Sc Mtge Guar
100
e Preferred
100 138 ii2
Preferred
100 103 106
- Borden's Cond Milk_ ___100 268 272
100 9212 19334 Gas Sc ElHudson Gas
13112 132
Bergen Co
United Copper
100 88 88
100
Colum By eon 53 1932 .1-.1 104 104
114 134
Preferred
e
Gr
100
Rap
1st
109
5s
Preferr
111
1915
ed
___P-A
100
5
Oros.st'n 1st 6.1 1933__J-D 101 102
10
9934 101
British Col Copper
Hudson Co Gas
eUnited Dry Goods
*
37
100
418
8
100
97
133
•Conn Ry Sc Ltg com___100 76
981i
136
Butte
Coalition Mining_ 15 *2178 22
77
elst Ss 1949
ePreferred
100 105 106
111-N 10414 105
e Preferred 100 8012 82 Indiana Lighti
Casein
Co
of
Am
corn..
100
U
214
Casual
S
234
ng Co.___100 40
ty
100 215
1st Sc ret 43-is-See Stock Exc list
4212
Preferred
4s 1958 op
100 52
13 S Envelope com
51
100 72
Federal Light Sc Tr.c 100 40
F-A
69
Casualty Co of Amer.. 100 125 140
45
Indianapolis Gas
Preferred
100 116
Preferred
50 20
26
100 80 82
Cellulo
id
Co
1st
100
g
Finishi
139
53
142
S
U
ng
1952
100 89
Grand Rapids My pref 100 82 85 Jackso
A-0
1)5
80
Cent Fireworks corn____100
n Gas Is g 1937_ A-0 73
Preferred
1
3
100 103 108
• Loulsv St Si 1930
97 100
Preferred
J-J 105 1051 e Laclede Gas100 10
lit g 53 1919
13
See Stock E xcii Ii it
J-J 100 105
Lynn Sc 1305 1st Si 1924,1-D 1041 106
Cheseb
rough
Mfg
Co....
O
100
Con
700
725
g Si 1920......_J-J 05 120
Preferred
0 New ON !Lys & Lgt_100 3412 371
100
City Investing Co
Madison Gas 6s 1926
100 57
e U S Indust Alcollot
60
e Preferred
100 29
A-0 104 100
Preferred
10
801E _- Newark Gl13 6s 1044.
100 99 101
sPreferred
100 9812
Gen Mg 448s 1935-See
-Q-J 125 126
Mein(H B) cool
e
Ex
100
list
k
Newark
90
102
U
S Steel CorporationConsol Gas
N Y Westch Sc B
100
98
100
preferr
1st
e
ed
100 90
e Con g 5s 1913
93
Col tr s f 5s 1951 opt'11
1st g 412i 1946
112 11311
J-D 105 108
preferred
e
2d
100
,.J
No
9918
90
94
993
Hudson
Col
tr
L
s
1 6.3 '51 not opt- 112
H Sc Pow006 Serv Corp of N 5-See ilk
Consol Car Heating____100 59
53 1938
E < iist
63
U S Tit Gu Sc Indem___100 90 1134
Tr ctfs 2% to 6% Perpet
A-0
100
100
Consol
.
Rubber Tire_ -__100
6
612 Westchester Sc Bronx Title
North Jersey St Ity_100 106 107 ['settle Gas Sc E, corn_ _111
5012 -57-12
Preferred
100 38
80
40
Preferred
Sc Mtge Guar
1st 48 1948
160
100
100
166
9212
9334
Debent
ure
43
1951_
A-0
M-N
/51
7734 583 Pat Sc Pas Gas Sc E1ee__10
55
Westinsh'se Air Brake
Cons Tract of N J____10(
92 95
1 Crucible Steel
100 1158 1172 Woolworth (F W) 0) - SO *157 158
e Con g its 1949
7514 753
(w I)
1st bs 1933
M-S
7834 80
• Preferred
J-D
100 8112 8212
it Joseph Gas Is 1937__J-J 10212
105
Preferred (w
New'k Pas fly bs '30_3-3 104
10834
92
Davis-Da
95
ly
Copper
Co .10
10712 1081
34 Worthingt'a Pump pret.1116 109 10914
*55
107
*Per share. b basis s SoUs on atocr Excaange,
ti a not very active, / Flat price.
n Noddeal s Sale price. aew stook.
a Ex-dir. If 1313-311111ga•
TRANSACTIONS AT THE NEW YORK STOOK
EXCHANGE
DAILY, WEEKLY AND YEARLY.

•••••••

ale

lir

Inactive and Unlisted Securities

I




BOSTON STOOlt EXCHANGE-Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENTUM PRICES
Saturday
' Jan. 21

Monday
Jan. 29

Tuesday
Jan. 30

Wednesday
Jan. 31

Thursday
Feb. 1

Friday
Feb. 2

Sales
of the
Week
Shares

Rangs trines January 1.
On basis of 100-share lots.

STOCKS
BOSTON STOCK
EXCHANGE

Lowest.

Railrolcis .
110 Atch Top & Santa Fe_100 £104 Jan 30
*10518 105.2 10512 10312 x104 104 *10338 10358 *10412 10434 *104 10414
100 10112 Jan 12
31
Do prei
*103 10312 *103 10314 *103 10312 10358 10338 10312 10312 103 103
100 220 Jan 3
75 Boston & Alintny
22112 222
222 22214 *221 22214 222 222 . 22214 22214
*22112 222
13014 Jan 2
100
506
Boston
Elevated
£13112
132
13412
13414
13414
13414 13414 13414 13414
13334 13334 13378
100 217 Jan 6
218 218
*218 __ *218__ 218 218
,91 Boston & Lowell
100 99 Jan 27
13 Boston & Maine
-5514 .-6-914
99
99
99
99
99
9912 99 fa)- 99 100
__
_ *298 ____ *298
*298
_ 299 299 *298
5 Boston & Providence_100 299 Jan 3
13 Jan 24
Boston Suburban El Cos_
Jan 12,
Last Sale 13
*13
15
15
*13
15
*13
15 *13
75 Jan 25
Do pref
Jan'12
Last Sale 75
_ *74
_ *74
_ *74
*74
12 Jan 6
Eke
Cos_
Boston
&
Wore
1238
Last Sals
Jan'12
121
;
*-___ 1212*-_- 1212 *___ 1212
54 Jan 5
Do pre!
5578 5578
*5578 58
*54
53
*55
53
55
56
56
*56
63
Chic Juno ity .34 USY _100 170 Jan 16
Last Sall 170 Jan'12
*170 171 *170 171 *170 171 *170 171
10812 Jan 2
Do pref
11
*111 11112 111 111 *111 11214 *111 11218 11114 11114 *111 11134
Connecticut 1tiver___190 271 Jan 3
*272Last Sale 272 Jan'12
____ 0272
*272 ____ 0272
198 Fitchburg, pre:
100 126 Jan 3
127 127
12712 12712 127 121 *127 128
127 127
12734 123
554 Ga By & ElectrIc
100 14912 Jan 4
175 17512 *173 176
174 175 ,1.75 177
17313 174
*17313 174
Do pre,
100 86 Jan 30
8612 8612 87
*8512 8613 *86
86
8613 86
440
861: *36
*86
Maine Central
100
Last Sat?. 135 Sep'11
*143 145 *143 145 *143 145 *143 145
100 2012 Feb 2
22
22
2114 2134 2012 2012 1,036 *1518 Electric Cos
22
22
22
22
22
22
Do pref
100 9412 Feb 2
*95
9512 9412 9434
9512 9512 9514 96
1;512 96
610
96
96
667
136 Feb 2
NYNH&
Hartford_100
136
13734
13714
13773
13714
13712
13712
1304
13714
13712 138
100 14218 Jan 19
143 143 *143
1 Northern N H
*143 ____ *143 ____ *143
4 Norwlen & Wor pref_100 211 Jan 8
____ *212
__ *212
136*2
*212 ____ 21212 21212 *212
67 Old Colony
100 18514 Jan 3
186 18612 18514 18514
187 187
186 186
*186 ____ 186 186
257 Autland pref
100 41 Jan 2
6312 *6212 6312 6212 6212 63
62
63
61
61
63
*61
161 Seattle Electric
106 109 Jan 10
112 112
11134 11134 *112 ___ *112 ____ 11112 1121, 112 112
Do
pref
10. 10114 Jan 8
1021:
10212
10213
10214
10212
102
102
102
191
102
10214
102 102
106 16012 Feb 1
163.'3 16434 16138 162.8 16012 16212 16214 16214 1,395 Union Pacific
16434 16612 16314 164
101* 91 Jan 26
Do pre,
*9214 9234 *9178 9238 *92
9214
:. *9212 93
5
9212 9134 91,
' *92
100 164 Jan 5
Vermont & Mass
Last Sale 164 Jan'12
____ *164 ____ *154---.
____ *161
*164
50 86!3 Jan 2
170 %Jest f•nci St
8114 8‘.12 8712 8714 8712 *8714 88
8712 8712
8734 87
50 10114 Jan 2
Do pref
45
*10112 __ 10112 10113 10114 10114 *10112 10134 *10112 10314
Miscellaneous
6114 60
61
6114 6134 61
5978 6018 1,460 Amer Agricui Chem_ 100 5978 Feb 2
61
613.:. 61
61
prei
106 10034 Jan 13
695 D
10214 1021:: 102 10212 10214 10238 102 10212 10214 10212 10218 10212
4 Jan 26
50
633 Amer Pam Service
41,,
414 41.;
414
4
4
414 414 *4
4
4
4
Do pref
50 £1434 Feb 2
*15
151, 15
15
1534 16
£1434 15
16
*15
110
15
15
10c 11434 Jan 10
11812 11914 3,451 Amer Sugar Refin
11/ 1181: 11712 11912 119 1201; 118 12013 11614 119
Do pref
10e 11513 Jan 4
11778 11914 11812 1191, 11812 11914 118 11812 11814 119
573
11712 119
13918 13978 13914 13934 4,207 Amer Telcp. & Teleg_100 13712 Jan 2
140 14018 13912 1397r 1.30-,',1 14018 132,3 140
*23,1
25
25
*2512 261:
27
190 Amer.can Woolen_IOu 25 Jan 31
*2712 2912 27
Do prat
100 8714 Jan 29
8712 88
-81;
8./12 88
8712 8734
276
8114 88
83
88
94 Amoskeag Manutacturing 77 Jan 3
78121 78
*78
78
78
78
7812
7514 78
*78
100 Jan 2
323
Do pref
10012 10012 101 101
ioi- 1-01 1031i 10014 10012 10012 101 101
7 Jan 4
57 Atl Gulf & W I SS L...100
9
*8
812 812 *812 9
812 812
*812 9
*812 9
100 16 Jan 4
Do pref
*1812 20
*1812 20
1814 1812 *1814 20
125
*1812 20
*1812 20
Jan 2
157
k;umb
Telep
&
eteg_10J
161
*160
160
Jan'12
1.160
16112
Last
Sale
16112
*160
161
*160
4,482 s5ast Boston Land_ 10 1034 Jan 2
14
1534 1434 1514 1434 15
1412 1312 14
1518 1314 15
295 Jan 2
138 Edison Eleo
298 298
299 29912 299 29912,
298 299
299 290
*290 300
ric100 155 Jan 2
412 General
15734 15814 157 15712 15734 15734
--15811 159
Geaner
ala
l usieetetts Gas Cos100 9014 Jan 2
593 biss
8 9078 9078 9078 9073 9078 9078
-OU4 -2-6791
9018 907, *9012 ---Do p et
100 9312 Jan 5
96
96
263
9538 9534 9412 9512 9512 96
9512 96
96
96
64 Mergenthaler Llno
100 218 Feb 1
220 220
218 218
219 219
218 218
*220 221 *218 220
Mexican Telephone__ 10
3 Jan 4
Last sale 4
Jan'12
*312 4
*312 4
*312 4
*312 4
70 N E Cotton Yarn____100 104 Jan 29
10434 105
104 104
105 105 *104 105
*104 105
104 104
95
Jan 15
Do
£10312
100
pref
105
10512
*104
105
*10412
106
10512
105
10512
104
104 104
219 N E Teiephon100 152 Jan 2
161 161 *160 161 *15812 15912 161 161
16112 16112 160 161
20 Pacific Coast Power_100 116 Jan 22
*11612
*11612 ____ *11612 ____ *11612 ____ 118 118 *11612
Portland (Me) Elec-106 7212 Jan 17
Last Sate 7212 Jan'12
_
*75
*75-.._ *75 ____ *75
231 Pullman Co
100 158 Feb 1
158 159
159 159
16012 16012
- *16012 16112 16112 1-62- £15813 159
298 Reece Button-Hole
10 1334 Jan 2
*1312
14
14
*1314 14
*1338 1414
14
14
*1312 ____
309 Switt & Co
100 9812 Jan 2
• 10012 10012 10014 10012 10014 10012 10014 10012 10014 10012 10014 10012
245 Torrington
25 3014 Feb 2
*30
31
31
*30
31
31
3014 3014
31
3038 3038 31
43
Do pre!
25 28 Jan 6
*28
30
2912 2912
*28
2912 2912 2912 30
30
*29
30
United 1,'rult
100 178 Jan 29
17914 180
17812 180
180 180
179 180
178 180
180 181
Un Shoe Mach Corp
25 4614 Jan 15
*4614 4714 47
47
4673 4678 4614 47
4612 4612 4614 4614
Do prat'
25 2758 Jan 10
2812
206
_
28
2818 2814 2812 2814 2814 2812 2812 28
*28
30
86
3 U S Steel Corp
100 5834 Feb 1
6138 39,8
6378 60
6358 5334 6073 60
63
6438 68
6278 64
Do prof
100 10958 Jan 31
11112 11112 11012 11114 *11014 11034 10938 11034 10938 10254 10334 10934
Mining
85 Adventure Con
25
6 Jan 15
6
*512 612 *512 612 *5
6
6
6
6
6
6
458 Jan 4
25
614 4,010 PP, °mall Milling
6
618 614
614 612
614 7
614 634
612 612
01.16Z
513
3814
25
Feb 1
39
39
39
3812
3812
39
3814
39
40
4012 4012 40
er_12
05
0 60 Feb 1
n
;1ateC&
opspni
igiaTL,„
nlaz
6112 8,451 ,:lm
6238 60
6238 6114 6158 6238 6218 6234 61
6112 61
2434 Feb 1
25
2434 2434 2434 25 *2434 2614
25
660
25
• *25
2512 26
420 Arizona Com'l etts dep_
2 Jan 2
318
3
• *314 312
3
318 314
314
318 318
goo Bonanza Dev Co
10 .42 Jan 4
.46 *.46 .48
.46 .46 , .40 *.35
.46 .46
.46
614 Feb 1
2,890 dos&CorbCop &SliMg
5
712
623
&II
614 634
7
714 734
8
734 8.
8
378 378 *334 414 1.205 Butte-Balalslava. Cop_ 10
4
4
312 Jan 22
378 018
4
4118
473
4
15 2134 Jan 18
2218 2178 22
2178 2218 22
2134 2178 1,921 Butte Coalition
22
2214 2214 22
10 5712 Feb 1
53
59
4,324 Calumet & Arizona
5712 5378 5812 59
5814 5912 5812 59
5934 61
25 405 Feb 1
47 Calumet & lieela
410 410
410 415
405 405
420 420
415 420
420 425
500 Centennial
29 1713 Jan 5
18
1778 1778 18
1812 1812 1814 19
19
*18
19
19
1 .04 Jan 13
100 0Ons Mexcur Gold__
.06 *.05 .07
.07 .06
.07 *.003
.07 *.06
5018 -86- 1614 3,029 ,;(apper Range Con Co 100 50 Jan 31
50
5112 50
5212 5018 5012 5012 51
52
5 Jan 19
20
235 Daly-West
5
6
512
• *5
514 4,954
514
518 518 *5
514
East Butte Cop Min
10 1214 Jan 15
1212 1278 1214 1212 1238 1212 1212 1234 1214 1212 1212 1212
25 1112 Jan 15
1253 1234 1213 13
12
1258 1218 1212
1214 1278 1258 13
ronukx1111Consolidated_ 5 4518 Jan 4
esrla
8
2;
380
18
0G
438 475
438 412 438 4 7-16
438 412
413 412
3414 141;
265 Granby Consolldated_100 34 Jan 29
36
36
*34
35
35
34
35
35
34
35
20
814
8 Jan 31
8
818 1,674 Greene Cananea
812
8
8
818 814
818 814
•
838 812
3134 3212 2,305 Hancock Consolidated 25 29 Jan 6
3314 3312 3334 3314 3312 3112 33
3334 3414 33
1 Jan 3
25
114
270 Helvetia. Copper
*1
1
1
114
*114 138
114 *1
1
25 1138 Jan 16
-1312 1373 3,095 Indiana Mining
15
1314 1334 1314 1312 1234 1312 1212 13
14
7,377 Inspiration Copper_ _16 10 Jan 16
1033 1078 1018 1012 1018 1018
1953 8,516 Inspiration Consol C_ 20 h19 Feb 1
2014 2012 2014 2012 h10- -1158
2078 2118 2014 21
1 4012 Jan 17
• 4334 4334 *42
4312 *42
43
4012 42
4134 4134 4218 4234 1,062 Island Creek Coal
1 85 Jan 13
Do prat
231
8614 *8534 8614 8614 861,. 8614 8614 8614 8612 8614 8614
*86
5,208 Isle Royale Copper_ 25 2014 Jan 15
2114 2114 2114 2178 2278 2134 2214 .22
22
2114 2112 21
5
234 Jan 2
105 Kerr Lake
*234 278 *234 278 *234 2"18
278 278 *234 278 278 2 15-16
415 Keweenaw Copper.-- 25 .80 Jan 2
114 138 *114 138
114 114
114 114 *114 138 *114 112
25 3212 Feb 1
1,672 Lake Copper Co
34
33
34
33
3414 3414 34
3212 3234 33
35
35
25
5 Jan 15
60 La Salle Copper
5
5
*458 518 *458 514
6
5
*478 533 *434 514
70 Live Oak Developm't-10 4038 Jan 15
42
4112 4112 *4012 4112
42
11 Feb 1
1114 -1711;
262 slaaon Valley Mines_ _
-11
*1158 1134 1112 1153 -Ilig
113
*1158 12
734 Jan 30
375 Mass Consol
25
*712 8
*712 8
*758 8
734 8
814 *758 8
8
25
234 Jan 3
5liaaymill
718 71: 12,3
420
70 m
673 713
714 838
814 9
834 038
878 10
5 2338 Jan 29
Copper
*2334 2414 *2338 2312 2338 2312 *2313 24
• 2438 2438 2338 24
400 Michigan
2 Jan 2
*212 3
278 3
3
3
312 312 *314 312 *314 312
Nevada
25 5012 Jan 30
52
1 Mohawk
5414 52
46
77
5112 5134
62
5013 53
54
6412 5412 54
Consolidated.. 5 1814 Jan 29
1831 1834 1814 1813 1814 1812 1838 1812 1814 1812 1838 1838
312 Jan 2
312 312
715 New Arcadian Copper 25
3 4
312 312
312 338
312 334
3
338
*37
673 7
734 7
718 734
5
712 734 2
534 Jan 3
738
2347 9
2-4114
6
712 712 1,749 Nipissing Mines
2414 23
15 2234 Feb 1
24
25
2534 6,329 North Butte
21
2412 2312 2414 24
25
288 North Lake
513 512
*534 614
514 6
512 512
512 6
6
6
514 Jan 30
1,480 0 ibway Inning
25
412 Jan 6
5
5
6
6
6
6
512 6
514 512
478 5
25
238 Jan 2
612 614
653 61e
6
638 12,637 Old Colony
613 634
634
6'3
634 738
25 44 Jan 31
497 Old Dominion Co
45
4512 44
45
*4412 45
4512 4578 45
46
46
46
25 106 Jan 15
311 Osceola
106 103
105 106 *105 103
*106 109
106 103
107 108
Parrot Silver & Cop_ 10 1234 Jan 13
25 7312 Jan 29
*73 74
240 .ulney
*73
75
74
74
74
7418 7312 74
75
74
10 1618 Jan 29
1714 1618 1673 1612 1614 1612 1678 1613 1658 1678 1678 1,340 Ray Consol Copper
17
112
1
1
*1
615 Santa Fe Gold & Cop_ 10
1 Jan 31
111; 1.18
114 112 *114 112
112 112
10
1,151 Shannon
9 Jan 31
9
9
9
9
914 9716
9
9
914 912
912 954
.70 .60 .68 *.60 .75
.65 *.65
2,350 South Utah Ii & S.__ 5 .60 Feb 1
*.70
.75 .75
.75 .65
2512 24
25
480 Superior25 24 Feb 1
25
25
*27
2812 2512 2634 2512 2512 25
414 454
414 458
414 458
412 478
414 412 14,497 Superior & Boston Ifin 10
413 434
334 Jan 2
26
23 26 Jan 31
26
27
27
6 Tamarack
*26
29
30
*27
29
*27
*26
29
25
1,123 PrinIty
5
5
6
6
6 Jan 15
578 618
533 534
538 534
514 514
34
*3334 3414 34
34
3412 3434 34
505 U S Smelt Bet & Min_ 50 34 Jan 31
34
35
3414 35
4712 48
4712 48
Di pret
60 47 Jan 10
4712 4712
93
48
48
447
48
4734 48
3
3
5
212 Jan 2
•
3
318
3
310
3 3 1-16 2,665 Utah-Apex Mining
3
3
3
3
15
15
15
15
5 15 Jan 31
t̀ 1513 1658 1514 1514 1514 1514 15
854 Utah Consolidated
1514
5438 5458 5514 5514 1,424 Utah Copper Co
30 5212 Jan 29
, 5418 5458 5212 5312 6312 5312 5334 55
26
438 Jan 4
478 478
412 412
434 5
514
5
5
5
1,935 Vic.oria
512 534
512 Jan 25
6
25
6
205 Winona
534 534
534 534
534 5-34
534 6
*534 6
96
96
90
96
25 9434 Jan 29
96
96
96
9434 96 *___ 9513 95
141 Wolverine
*2
214
2
2
.
212 212
2
260 Wyan,lott
25
2
134 Jan 5
*218 214
214 214
d New stool. 6 Asst paid. 0 Ex-stoog div. /1 Ex-rights. a Six-Sly. and rignts.
L __* Bid and.aeled




898

-1014

•

Range for Previous
Year (1911).
Lowest.

Highest.

Highest.

10658 Jan 25 10058 Sep
10358 Jan 31 101 Sep
22214 Jan 30 219 Apr
13412 Jan 29 12412 Sep
218 Jan 4 207 Feb
10012 Jan 3
9612 Oct
299 Jan 3 292 Mch
12 Sep
13 Jan 24
70 Oct
75 Jan 25
Feb
1212 Jan 6
3812 Jan
57 Jan 8
170 Jan 19 156 Apr
11114 Feb 1 107 Mch
272 Jan 18 205 Jan
128 Jan 25 125 Apr
17512 Feb 1 11712 Jan
86 Feb
9112 Jan 6
135 Sep
16 Apr
2318 Jan 8
8334 Jan
97 Jan 5
139 Jan 16 12714 Sep
143 Jan 24 139 Jan
21212 Jan 29 210 Jan
187 Jan 31 183 Mch
32 Jan
70 Jan 24
11212 Jan 31 10512 Apr
10212 Jan 30 £9712 Mch
17312 Jan 2 15312 Sep
90 Mch
92 Jan 20
164 Jan 16 156 Mch
85 Sep
8734 Jan 25
102 Jan 3 103 Aug

11514 J'no
105 J'ne
226 Feb
13013 Aug
218 Sep
12238 Feb
300 Mch
16 Mch
7614 J'ne
13 J'iy
68 J'ly
171 Dec
11612 J'ly
272 J'ne
130 Jan
164 Oct
9312 J'ne
215 Jan
24 J'no
96 Nov
15138 Feb
142 Mch
214 Nov
190 Nov
45 Dec
114 Dec
104 Aug
19218 J'ly
9513 May
16418 Dec
93 Mch
105 Jan

46 Sep
99 Jan
312 Aug
1218 Aug
112 Sep
11134 Jan
13158 Aug
26 2 Dec
8512 Oct
7712 Dec
99 Dec
738 Dec
1412 Nov
14514 Jan
714 Jan
275 Sep
142 Sep
8734 Jan
93 Dec
211 Jan
3 Oct
103 Oct
101 Nov
137 Jan
96 Jan
6234 J'ly
153 Sep
x12 Jan
9734 Sep
29 Sep
27 Mch
h178 Dec
4014 Aug
2613 Sep
50 Oct
10312, Sep

6334 Deo
10514 Melt
612 Jan
1914 Jan
122 Feb
12018 May
15314 J'ne
3614 Mch
9612 J'no
81 Nov
10012 Dec
11 May
26 Jan
15912 J'ne
12 May
297 Deo
16734 May
9634 Aug
9312 Oct
235 Aug
478 Jan
119 Mch
11612 Mch
16512 Dec
105 J'ne
7334 Nov
163 Jan
15 May
104 J'ne
36 Jan
31 J'ly
19712 Xly
5878 Feb
2914 Jan
8218 Feb
12012 Feb

6312 Jan 2
10234 Jan 2
4 Ja
Jan 15
17
518
12012 Jan
11913 Jan
14218 Jan
28 Jan
87897182 JanJan

30
30
18
8
2106

101 Jan 30
812 Jan 30
20 Jan 18
160 Jan 20
1614 Jan 27
29912 Feb 1
16112 Jan 25
92 Jan 20
9618 Jan 24
225 Jan 18
4 Jan 20
105 Jan 18
10513 Jan 31
16112 Jan 27
118 Jan 31
74 Jan 9
162 Jan 30
14 Jan 17
10012 Jan 22
32 Jan 10
30 Jan 13
187 Jan
4834 Jan 4
2812 Jan 25
6934 Jan 3
11134 Jan 3
an
e778j
Ja
Jan
4412 Jan
6738 Jan
2634 Jan

27
2
2
3
8

6
9
431142
2 .l
jjj
.
:
a
aa nn 111(
4
9)
2338 Jan
63 Jan 2
947 Jan 3
23 Jan 18
u 12
6
.8
06912 Jan
638 Jan 6
14 Jan 20
13 Jan 29
434 Jan 6
3912 Jan 3
911. Jan 22
e3512 Jan 17
112 Jan 16
15 Jan 27
11 Jan 24
2158 Jan 24
4334 Jan 26
Feb
8
22
67
18
2 Jan 6
1
3 Jan 2
134 Jan 10
33 Jan 2
534 Jan 9
4
2j
Jan 18
99
314
1218 Jan 18

4 Sep
718 J'ne
212 Oct
11 J'ne
21 Aug
4414 Deo
4434 Sep
7158 J'ne
3033 J'ne
1934 Oct
138 Dec 211, Dec
.30 Oct .75 May
1512 May
334 Aug
612 Jan
3 Nov
14 Aug
2313 Deo
45 Set)
6334 Dec
360 Sep 645 Jan
19 Dec
8 Aug
03 Nov .15 J'ne
4634 Sep
6934 Feb
3 Feb
7 Dec
1134 J'ne
878 Aug
512 Aug
14 J'ne
338 Sul
818 Feb
26 Aug
4312 J'ne
5918 Oct
858 Dec
3112 Dec
17 Sep
2 Feb
34 Sep
16 J'ne
514 Oct
1038 Dec
558 Sep

2914 May 44 Dec
91 J'ne
8218 Sep
23 Dec
1112 Aug
258 Oct
778 Jan
12 Nov
334 J'ne
40 J'no
22 Aug
6 Jan
3 Aug
4214 Dec
2014 Nov
1178 Deo
612 Apr
412 Aug 010 J'ne
313e Deo
10 Jan 29 .20 Feb
2438 Dec
1678 Sep
26 Jan 3
312 Jan
114 Nov
312 Jan 20
57 Dec
36 Apr
5813 Jan 9
2114 J'ne
15 Sep
2018 Jan 2
2 Aug
414 Acr
414 Jan 16
£612 Dec
1138 Feb
2
aa n
nn 30
7:482 a
270
20 Sep
3614 J'no
934 J'ne
334 Aug
358 Deo
812 J'ne
16
2
1
2
64
14 j
Jan 8
731
.50 Jan
313 J'ly
Jan
3414
49
Sep
J'ne
48 Jan 2
81 Sep 124 Jan
110 Jan 2
1434 Dec
77g Sep
1412 Jan 2
55 Sep
76 Dec
77 Jan 8
12 Sep
19 Deo
1912 Jan 2
134 J no
1,8 Jan 11
34 Apr
1214 Feb
1034 Jan 9
7 Oct
11/4 May
12 Dec
.85 Jan 17
20 Oct
4212 Jan
3012 Jan 2
6218 Oct
814 J'no
478 Jan 13
2
7
20 Sep
62 Jan
j.j.a
aa n 12
366
27
58
18
2J
3
278 Oct
512 Dec
3038 Sep
4018 J'no
4514 Aug
4913J'ne
48 Jan 3
178 Nov
312J'no
2
2j
Ja
an 8
13
714
20 J'ne
034 Jan
5814 Jan 9
38 Sep
5758 Dec
678 Jan 20
1 Aug
418 Dec
Jan 2
912 Feb
334 Nov
10226371.821
74 Nov 122 Feb
3 Feb
Jan 10 .30 Nov

FEB. 3 1912.1

Boston Bond Record

BONDSP.8
BOSTON STOCK EXCHANGE ,.6
Ss= a,
Week Ending Feb. 2

Price
Friday
Feb. 2

Week's
Range or
Last Sale

lt3
,..5
,-

Range
Year
1911.

341

*0.__Z
BONDS
BOSTON STOCK EXCHANGE 45
Week Ending Feb. 2
..3..,

Price
Friday
Feb. 2

Wee;:*:
Range or
Las: Sale

l'tt
,,i7,
rS
,-

Range
Year
1911.

Bid
Ask Low
High No Low High
Ask r.ow
11wh No 1.02.7 Hit
bid
8 10058 10238 Illinois Steel deben 5s
Am Agriottl Chem 1st 5s___1928 A-0 10112Sale 10114 10212
1001.
1913 A-0 1001 Sale 10018
3 100 102
9118 Sale 9034
9118 143 8012 92
la Falls 60 Sioux C 1st 7s
Am Telep Sc Tel coil tr 4s_1929 J-J
1917 A-0 ---- ----117 Apr 'Ois- ___ __ _ __
1936 M-S 10912 11012 11018
Convertible 48
11018 20 104 11112 Han C Clin do Spr 1st 5s
1925 A-0 97 99 97 Jan '12
4
9414 94 Am Writ Paper 1st s I 58 g 1919 J- J ------- 0834 Oct '11 ____ 90 9834 ICan C Ft Scott 60 Mem 6s 1928 ,11-N 11712-- 11712 1171s
4 115 117 4
1915 21-N 103
104
104
Am Zinc L & S deb 6s
1 08 12212 Han CM & B gen 4s
1934 M-S 92 ____ 83
8878
1 92 93
5412Sale 54
Ariz Corn Cop 1st 63 ctts of dep_ _ _
5612 11 45 5712
Assented income 53
1934 M'S 87 8812 89 Jan '12
5 88 90
Atch Top & S Ise gen g 4s_1995 A-0 9014 9958 9914
9914
1 98 9912 Kan C & 21 fly & Br 1st 53_1929 .1.0 10214 10234 10212 Jan '12 ____ 102 103'2
Adjustment g 4s____July 1995 Nov
92.8
92 93
9118
1 91 9175 Maine Cent cons 1st 7s
1912 A-0 ____ ___ 10014 Dec '11 ____ 10014 10SS
Stamped
July 1995 11-N 92 93 9158Jan '12
Cons 1st 43
91 92
10114 Sep '05 ____ ____ ___
1912 A-0
1955 J-1) ____ ____ 107 Dec '11 ___ 107 113
50-year cony 48
Marq Slough & Ont 1st 6s 1925 A-() -------- 115 J'ne'08
10-year cony 5s
1917 J -I)
11053 Mch'll
10814 11058 Mass Gas 4 Ms
1929 J -J
§gi-4 -9878 9812
0878
1) 9812 101.8
Atl Gulf & W I SS Lines 58_1950 J -J
Mich Telephone 1st 5s
68 Sale 68
1917 J • J ___
I/912 May'll ____ 9912 991 2
6514 12 6334 '73
1916 J -J --------19014 Meh'0) ____ ____ ____ New Eng Cotton Yarn 53__1929 F-A
Boston & Lowell 48
98
2 98 103
- - ST: 9734
Boston & Maine 4 Ms
1944 J -J
New Eng TeEph 58
104120ct '08 _
1915 A-0 -------- 10139 21ch'll ____ 10134102
Bur & Mo Illy cons Os
1918 J-J10234 Dec '11 __
55
10234 10312
1916 A-0 -------- 10012Sep '08
Cedar Rap & Mo 11 151 78_1916 M-N --------1h158 Sep '11 __ 11158 11134 New England cons g 5s_1945 j-J
997Jan '12 ____ 933 98'.
Cent Vermt 1st g 4s__ May 1920 Q-F 90 0012
Boston Term 1st 45
901
1 005
1939 A-0 -----------------_ -------------0 B & Q Iowa Div 1st 5s___1919 A-() ---- ---- 1103 Oct '07- ---- -------_ N_ ew Sliver (The) cony 5s_1934 J-J ---- ----75 Dec
___
'11 ____ 77
,- 75
Iowa Div 1st 45
1919 A-0 -------- 99 Feb '11
N Y N II & H con deb 3 Ms_1956 J -J ---____ ____ 9634 May'll ____ 9634 99:
Debenture 55
1913 81-N -------- 10014 Oct '11 ___. 10034 10114
Cony deb Os
1948 J -J
132 Jan '12 ____ 1291213,C
Deliver Eaten 4s
1922 F- A ----------9973 Sep '11 ____ 0914 100
Old Colony gold 4s
1924 F-A -------____ ____ 101 Apr '09 ____ ____ ___
1927 M-N -------- 9912 May'll
Nebraska Exten 4s
__ 9838 0912 Oregon fly dc Nay con g 4s_1946 J -I)
9873 Sep '09
B &SW5I 4s
5514 ____ 9918 Feb '11 ____ 9918 9918 Ores' Sh Line 1st g Os
1921 31-S
1922 F-A -------____ ____ 11314 Dec '11 ____ 113 114'
Illinois Div 3 s
1949 J-J
8712 ---- 8712 Nov'll ____ 8738 8814 Pere Marquette deb g 63_1912 J-J ____ -___ 95 Jan '12 ____ 98 98.4
Chic Jct By & St yds 5s__1915 J J 10114 Sale 10114
10138
5 100 10213 RePub Valley 1st s t Os
1919 J-J
03 Jan '11 ___ 103 103
Coll trust refunding* g 4s..1940 A-0 9012 ____ 90 Jan '12 ____ 8714 9034 Savannah Eiec 1st cons 5s_ _1952 J -J ---------7014 Dec '10
_
Seattle Elec 1st g 5s
Ch Milw & St P Dub D 6s_1920 J-J
114 Jan '11 ____ 114 114
1930 F-A 10414 ____ 104s4 Jan '12 ___ 104 105
6s_1920
J
J
Shannon-Ar
-------Cli Al 6c St P Wis V div
iz lot g 6s
11358 Feb '11 ____ 11358 11358
1019 21-N ____ ____ 80 Nov'11 __ 80 93
Terre Haute Elec g Is
Ch & No Mich 1st gu 55__1031 11-N 59 10018 99 Jan '12 ____ 9812 101
1029 J -J ____ ____ 97 Apr '07 ___ ____ ___
1921 J -D 101 ____ 101 Jan '12 _
991210134 Torrington 1st g Is
Chic & W Mich gen 55
1518 2,1-S
9934Jan '12
9712Sep '11 ___ 9712 9712 Union Pac RR dc 1 gr g 4s 1047 J-J -------- 10078Oct '11 ...._ 1003Concord & Mont cons 4s___1920 J-1)
8 101
20-ycar cony 45
Cudahy Pack (The) 1st g 55 1924 11-N -------- 10014 Aug'09
.. _ __ ____
1927 J -J -------- 10318Dec '11 _
10318 104
I926 A-0 1011-2 10214 10158
United Fruit gen of 4 3-s___1923 J-J
103
42 97 97
Current River 1st 55
96 963; 96
96
5 9578 97
48
1945
131
A-0 8534 __ 85120ct '11 ___ 8512 8738
Debenture 45s
Det Gr Rap & W
1925 J - J
96 Sale 9534
96
14 9512 96
Dominion Coal 1st 38 5s____1940 11-N 0812 9912 9758Nov'll
U S Steel Co 10-60-yr 5s Apr 1903 21-N ____ ____ 10334 104
953 981
2 100 106
1915 M-S ____ ____ 10318 Apr '05 --_
Fitchburg 45
__ West End Street My 4s__191- F-A
---- -------9918 Sep '11 ____ 9812 99 8
1927
21-S
4s
Gold 4 Ms
96 Apr '08
1914 M-S -------- 10018 Dec '11 ___ 10018 NO 2
Fronts Elk & Mo V 1st Os_ _1933 A-()
Gold debenture 4s
4 128 128 J'ly '11 ____ 12711916 M-N ---------9813
____ ____
Apr 'IC
_
Unstamped 1st 6s
1933 A-0 -------- 140 Asir '05 _
Gold 4s
1917 F-A
0812Noy'11 ____ 9818 99
General Motors 1st 5-yr 6s_1915 A-() 9812 9834 9712SeP '11 ---- 0712 9018 Western Teleph & Tel 5s-1932 J -J 100 - 10018 100
10018 47 9634 100 2
Gt Nor C B & Q eon tr 4s__1921 J -J
9758 32 9.512 0834 Wisconsin Cent 1st gen 4s_1949 J-J ____ ____ 9314Jan '11 _
97 Sale 97
9312 93 4
Registered 4s
1921 Q -J
9738 ___ 97
20 9538 98
97
NOTE.—Buyer pays accrued Interest In addition to the purchase price for all Boston Bonds. • No price Friday; late:t old and asked.
V Fiat price.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Share Pric34--Not Per Cestum Pstcos
Saturday
Jan 27

Monday
Jan 29

Tuesday
Jan 30

Wednesday
Jan 31

Thursday
Feb 1

*104 105
105
---- *10312
--_
*105 106
106 106
10614
912 934
914 953
95.5 955
955 935
935
73
75
7414 7518 753
7534 7.5l8 7518
123
12712 12712
12712
*2514
26
2512 2512
*25

10312 10312

Friday
Feb. 2.

Saler
ACTLVE STOCKS
ol the
Week (For Bonds and Inactive
Stocks see below)
Shares

Baltimore
105 *1013 -75 Con Gas Et Is Zs Pow_100
pret
100
Do
107
10714 10714
178
100
955
912 912 3,991 Houston Oil
pret
100
Do
3,006
1-i7-1-2 812713 128
83 Northern Centrai
50
*25
23's
26
100 Seaboard Company 100
1st pre:
Do
100
(33-14 *6212 63 -1:514
2d pref
Do
100
21
2012 207s 10,947 United By & Electric_ 50

Range ,or
Year 1911.
Lowest

Range for Previous
Year (1910)

H.gliest

64 Jan 9 9512 Dec 22
89 Jan
101 Sep 18
7 Mch 31 10 Aug 15
45 Feb 8 79 J'ly 3l
121 Jan 11 13034 J'ne 26
21 Jan 4 2838 J'ne 3
80 Jan
0978 Dec 26
4314 Jan 4 65 Nov20
1978 J'ly 20
1012 Jan 51

46 Mch
80 itch
5 Sep
35 J'iy
115 Jan
1858 J'ly
7213 Feb
40 Oct
1258 May

6412 Dec
90 J'ly
9 Nov
51 Dec
132 Feb
2714 Jan
8012 Jan
47 Jan
1612 Deo

Philadelphia
7
*6
514
5
341 American Cement____ 50
1712 Jan 4
5 Nov27
17 Dec
*45
7
3 -,This -414 45.3 451-2 4538 4335
4512 *45 -4112 458 15
381 American Railways__ 50
42 Jan 5 4612 Nov16
4134 J'ly
4312 4334 4314 4314 4312 435s x1338 4335 4234 4234 4234 42-34 1,424 Cambria Steel
50
4078 Sep 22 4834 Feb 18
4014 J'IY
1214 12
1214
*12
1218 1214
*1173
1215 1h73 117$
1214 1214
828 Electric Co of America 10
1114 J'ly
1112 Jan 4 1212 Jan 14
5458 5544 5412 5434 5373 5434 5334 5334 53
5334 5314 5314 2,063 Bice Storne Battery_100
42 J'ne
4812 Jan 3 5618 J'ne 15
31
31
32
*31
31
31
31
31
3014 3034 *3014 31
560 Gen Asphalt tr ctfs__ _100
2812 Aug 25 3914 Oct 23
1914 J'ly
72
*71
71
71
70
70
70
7012 70
*70
70
194
Do
7012
pret tr etts_100
68 Aug 26 8378 Jan 30
64 J'ly
758 738 ---- -758 734
185 Keystone Telephone_ 50
*714 734
918 Jan 10
638 Dec 19
7 J'ly
*2712 2814 2734 :›44 28
2812 2814 2814 2712 28
2712 2712 2,441 Lake Superior Corp 100
2112 Sep 14 32 Feb 6
1512 J'ne
8934 8978 *5912 00
8955 8075 z8834 89
*88
8834 89
81 Leh C & Nay tr ctfs
89
50
8312 J'ne 29 OS Jan 14
86 J'ne
8038 8178 80158 8012 8058
80 801te 1,589 Leh is-h Valley
7934 804 797u3 80
50
14
931te Dec 22
6212 J'iy
7534 Se!)
*818 9
9
918
*858 0,
9
9
865 Lehigh Valley Transit 50
*834 9
*1358 9
614 Jan 11
978 Oct 24
312 J'ne
2412 25
2412 2458 2412 2412 2412 2412 24
24
*2334 24
Do pref
555
50
1812 Jan 16 2538 Oct 23
1212 Jan
61446 6214 6178 62
6178 62 6115to 62110 6178 6218 62
6214 2,278 Pennsylvania RR
50
5938 Sep 25 65 Feb 2 611146 J'ly
5219 5212 5212 5112 5214 5112 5134 5112 5134 2,631 Philadel Co(Pittsb)
52
5212 52
4814 Sep 21 5914 J'ne 5
50
42 J'ne
18
1812 1778 18
1812 18
18
1818 1778 18
21,417 Philadelphia Elecil„ 25
18
18
1512 Nov23 18 J'ly 10 t1378 Feb
2334 24
2312 237, *2312 24
2355 235s 2334 24
2,220 Phil R '1' vot tr Ws
2375 24
50
17 Apr 18 2413 Aug 1
15 Apr
7718
76"to 77"j
77 77.46 761's 7734 76,34e 7838 78046 7938 42,679 Reading
Mut
50 661346 Sep 25 8034 Feb 10
0512
*7
714
715 718
7
718
1,179 Tonopah Mining
718 714
718 718
731.6
1
512 J'iy 28
83s Jan 17
012 Jan
5158 5158 5112 5112 5112 5112 5134 5134 5134 5134 5134 5134 1,297 Union Traction
50
43 Jan 3 5234 Aug 1
38 Oct
8818. 8818 8734 88
88
8734 8734 8758 8758 1,917 Union Gas 1mpt
8814 8734 88
50
8414 Sep 25 8938 Jan 9
79 J'ly

28 Jan
50 Jan
5312 Jan
1252 Jan
6414 Mch
3438 Dec
8414 Jan
13 Jan
2978 Dec
123 Jan
12114 Mch
634 Dec
20 Dec
69,
4e Mch
5314 Jan
1614 Mch
2812 Jan
86 Feb
9,1e May
5234 Jan
951k Jan

(13
20

6314 -55
6333 "5:1 63
2014 20142014 2012 *2014 2012

PHILADELPHIA

-55" 13-- -65"
203s 2034 2034

Bit Ask
PHILADELPHIA
Bid Ask
PHILADELPHIA
Ask
Bid Ask
BALTIMORE
Inactive Stocks
Bonds
Ph & neat' 2d Is 1933 A-0
Ity Ext6cImp 55 '32 111-S
American Milling
10
114 138
Prices are all "and
Ex Imp 21 4s 1947_A-0 i6a14 1003-4 Chas City fly 191 5s'23 J-J
Cambria Iron
50
interest'
TermInsl .5s g 1941_Q-F
116 Chas Ry & El 5s'99 M-S :
66 11_ 9634
Central Coal & Coke..100 7812 ,91. Alt & L V Elec.: 4 5)is'33F-A
92 _
P W & 13 col tr 4s '21_J-J 0013
City It Sub 1st 5s 1922 J-D
Preferred
100 79 10
Am Gas & Elec 55'07_F-A
8534 86
Read Trac 1st Gs '33__J-J
City It Sub(Was)1st 5s '48
NS"
Consol Trac of N J___ _100 7512
Am Itys Is 1917
A-0 0512
Roch By & Leon 5s'54 J-J
Co
Coat & C By 1st 5s'19 A-0
17,
Germantown Pass
50
120 Ati (.; Elec ref Is 1938_21-S
Spanish-Am Ir 6s '27__J-J 10112 icii" Coal & I By 1st 55'20_F-A
114
Huntington & B T____50
734
Berg&H13rew 1st 6821 J-J
Stan'd Gas & E 68'25 Isi-N
Col&Grnv 1st Gs 1916 J-J
Preferred
50 - liethleh Steel Os 1993
Stand St1 Wks lst5s'28 J-J
Consol Gas Is 1939___J-D
Indiana Union Tr__ _100
Choc & Me 1st Is 1949 _J-J
Trac
Ind
gen Is '19.J-J 97
9712
Gen 4 Ms 1954__A-0 9714
is
Insurance Co of N A
10 217 22 Cit Ok Se G gen 55 1019 J-J 103 10312 Un flys Tr ctfs
4s'49__J-J 77 7712 Cons G E & P 4 Ms '35 J-J 5934 8978
later Sm Pow It Chem_50
Con Trac 01 N J 1st Is '33 10414 ____ United Itys Inv 1st coll tr
Fair It Cl Tr 1st 5s'38 A-0 10034 10075
Interstate Ilys, pref., 10
818
Del Co Itys tr ctfs 45'49J-J
s
1
5s
1926_
_
84 8414 Ga It Ala lot con 5s '45 J-J 107
Kentucky Securities_ _100 15 _
Ulec & Peoples Tr tr ctfs__ 'Wi
z 88 Welsbach s f 5s 1930.._J-D 90 ____
Ga Car&N 1st 55 g '29_J-J 105
Preferred
100
Fr Tacdoll 1st Is 1940.44
_
Wil-B G&E con 5s'55_J-J
Georgia P 1st Gs 1922 __J-J 113
Keystone Telen v t c _50
Gen Asphalt Is 1916_M-S -gift; : York Itys 1st Is 1937-J-D
_ -041-2 Ga So It Fla 1st Is '45_J-J
Preferred
50
Indianan By 45 1933__J-J
83
(3-B-S Brew 3-4s '51_21-S 35 36
Keystone Watch Case_ 100 95 155.- Interstate 45 1943
F-A
61 -554BALTIMORE
Knoxv Trac 1st 5s '28 A-0 105
.10 17
Lit Brothers
18
Keystone Tel Is 1935_J-J
8212 8234
Inactive Stocks
MaconRy&Lt 1st 5s'53 J-J 101
50 5634
Little Schuyiklii
Lake Sup Corp Inc 5s'24_0
7012 7114 Ala Cons Coal & Iron_100
Md
Elec By 1st Is'31_A-0
Minehlii & Schuyl 11_50 5912
Lehigh Nay 4 Ms '14 Q-J
Preferred
100
Memphis St 1st 5s '45_J-J
Nat Gas Elec Lt & Po_100 20
Gen 111 4 Ms g 1924_Q-F 153-4 ----.. Allan Coast L (Conn) _100 566265 Mt Ver Cot Duck
1st 5s__ 7734 78
Preferred
10
70
Leh V C 1st Is g 1933 _J-J
_ i50-14 Canton Co
100 14712
Npt N It 0 P 1st 5s'38M-N 9634
North Pennsylvania.._50 9612 —__ Leh V eat 48 1st 1948_J-D
--__ Georgia Sou es Fla_
100 35
Nor&Port Tr 1st 5s'36 J-1.)
50 123
Pennsylvania Salt
Coos°, Os 1923
J-D
1st preferred
100
North Cent 4 Ms 1925_A-O
Pennsylvania Steel__ -100
Consol 4 Ms 1923 _ J-D
2d preferred
100
Series A 55 1926____J-J fid" 111
100
f551s
Preferred
Annuity 6s
J-D iii" Lift; G-B-j: Brewing
100
Series B 55 1926____J-J 110 111
4412
Piths Co (Pitts) pref_50 44
Gen eons ss 2003 M-N
953s 9812 Seaboard Air Line_
100 2412 -25 - P:tt Un Trac 5s 1997__J-J
Phil German & Norris_50
Leh V Tran con 48 '35 J-I)
Preferred
100 47
48 Poto Val 1st Si 1941__J-J 108
Pulls Traction
85
50
1st series A 48 1935_M-S
Say Fla It West Is '34 A-0
Railways General
10
1st series B 5s 1935 111-S
_
Bonds
Scab Air L 4s 1950___A-0
Tonopah Belmont Dev__1
858 834 NfarketStEl lot 4555 M-N
Prices erg all "and
_
Adjust Is 1949____F-A
United Cos of N J____100
NatLfi&P scr B Is '19 J-J _ _
_ 240
interest"
100"
Scab It Roan Is 1926__J-J i5g1
4
United Trac Pitts pref_50 39
New Con Gas 5s 1948_J-D
Balt City 3 Ms 1930_ _J-J 94
South Bound 1st 5s__A-0
Virginia fly & Pow., 100
N Y Ph & No 1st 4s'39 J-J
4s 1954-1955__ Various
0814 ____
U Et L&P 1st 4 Ms'29 M-N 68'- 9534
Preferred
Income 45 1939_ _M-N
100
Is
1916
M-N
Un Ry & El 1st 4s '49 21-S 8558 8534
Warwick Iron & Steet_10 11
1112 Pa & N Y Can Is '39_A-0
Anacostia & Potom Is A-0
Income 45 1949___J-D 65 6514
Washington-Va ity_ _ _100 4734 4818 Penn Steel 1st 5s '17_21-N
Atl Coast L(Ct)etts 53 J-D
Funding 5s 1936___J-D
Preferred
People's Tr tr ctfs 4s 1043 92
100
Ctts
of
indebt 4s____J-J
93
Va Mid 3d ser Gs '16__M-S
Welsbach Co
100
P Co 1st &colt tr 58'49 1S-S 10214 10234
5-20-yr 48 1925
9112
J-J
4th
ser 3-4-5s 1921_21-S
West Jersey 6: Sea Sh._50
53
Con & coil tr Is '51 21-N
9634 BSP &C lat 4 Ms'53 F-A 9738 98
96
5th series 5s 1926__M-S 10612
Westmoreland Coal____50
Phil Eiec gold tr etts_A-0 10212 10312 Balt Trac 1st Is '20__M-N
Va (State) 3s new '32_J-J
Wilkes Gas & Elec.100
Trust ctfs 4s 1949 __J-J
No Bait Div Is 1942 J-D
8212 8234
Fund debt 2-38 1991 J-J
York Railway
50
o P & E gen AI 5s g '20-A-0 10612 10712 Car Pow It Lt 5s 1938 F-A
West N C con Gs 1914_J-J
Preferred
50 2934 30
Gen ME 4s g 1920
A-0 ____ 10014 Cent Sty cons 53'32_21-N
I.V11 It Weld 55 1935___J-J
!Bid and asked; no sales on this day. 9 Fix-div.& rights.
9 *15 paid. 4 *13 3i paid.




-8414

[VOL. Lxxxxiv.

THE CHRONICLE

342

Purestment and 33ailtmaci Ttxtelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEANI railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings,
Week or
Month,

ROADS.

Current
Year.

Previous
Year

Latest Gross Earnings.

July 1 to Latest Date.
Current
Year.

Previous
Year.

$
$
5
S
Ala N 0 & Tex Par56,000 1,963,043 1,901,553
6 ,000
N 0 & Nor East_ 1st wk Jan
984,877
901,354
1,000
28,000
Ala do Vicksbur _ 1st wit Jan
787,931
836,735
23,000
26,000
Vieks Shrev& ii,e 1st wk Jan
45,890
65.302
11,659
15,772
Ala Tenn & North__ November_
37.936 1.310,605 1,201,863
38,020
Ann .^ r or
3d wk Jan
Atch Topeka & S Fe December 9,198,976 9,602,112 54,936,783 55,676,325
53,768 1,840,967 1,584,040
68,038
. tlanta 131rm & A tl 3d wk Jan
Atlantic Coast Line December _ 3,256,760 3,114,245 15,796,586 14 922,984
g Baltimore & Ohio. December.. 7,188,254 6,841,826 46,922,384 46,996,377
813,999
797,970
B & 0 Ch Ter RR December.. 110,301 115.436
Bangor & Aroostook November_ 278,220 246,477 1,423,434 1,242,436
December 3,763,841 3,528,563 24,039,530 23,529,782
Boston & Maine
28,704
4,370
24,849
5,414
Bridgeton & Saco 11 November..
Buff Roch & Pittsb_ 3d wk Jan 192,120 176,609 5,422,077 5,542,702
995,714
213,490 193,755 1,053,127
November_
Buffalo & SlISCI
Canadian Northern_ 3d wk Jan 249,300 191,400 11,114,600 8,610,000
3(1 wk Jan 1,503,000 1,263,000 66,933,494 59,451,367
Canadian Pacific
Central of Georgia 3d wk Jan 241,700 262,200 7,979,773 7,494,283
Central of New Jer_ November_ 2,513,850 2,447,727 12,641,504 12,093,471
November_ 335,469 337,686 1,822,642 1,731,828
Central Vermont
Ches do Ohio Lines_ 3d wk Jan 558,983 664,508 18.705,205 18,818,841
3d wk Jan 237,347 301,482 8,607,246 8,616,340
Chicago & Alton
Chic Burl & Quincy November_ 7,563,299 8,050,976 39,028,443 40,810,246
- Chic Great West_ 30 wk Jan 210,076 254,192 7,289,408 7,279,131
97,016 3,636,003 3,504,108
93,277
Chic Ind & Loulsv_ 3d wk Jan
17,325
23,058
142,541
78,005
Ohio Memph & Gulf December
Ohio Mliw & St Paul November_ 5,402,186 5,762,846 28,045,976 30,115,152
Ch MU & Pug Sil_ November.. 1,406,043 1,492,268 7,053,161 6,287,381
vChic 4 North West November.. 6,305,731 6,792,239 34,338,001 35,393,203
',Chic St Paul M & 0 November_ 1,399,366 1,531,807 6,821,083 7,553,643
168,926 162,458
706,338
990,781
Chic T H & S E.. .. November_
780,678 758,752 5,335,918 5,004,886
Cin Ham & Dayton December;
927,622
953,634
November_ 193,625 195,472
Colorado Midland
5 Colorado & South_ 3(1 wit Jan 255,853 335,330 8,467,807 10,037,534
12,856
16,706
96,183
86,251
December..
Cornwall
29,248
21.305
138,422
160,929
Cornwall & Lebanon November..
December.. 293,685 237,118 1,582,665 1,261,936
Cuba Railroad
Delaware & Hudson November_ 1,780,455 1,853,411 9,380,288 9,066,226
Del L ck & West.... December.. 3,027,925 3,033,375 19,174,316 18,534,818
Deny & Rio Grande 3d wk Jan 381,000 387,200 13,643,621 14,019,248
2,532.017
November.. 541,928
Western Pacific
650,658
19,009
610,517
24,065
Denver N W & Pac_ 3d wk Dec
35,301 1,006,504 1,144,019
31,847
Detroit Tol & Iront 3d wk Jan
22,346
657,006
665,121
17,608
Detroit & Mackin .c 3d wk Ja,
Dul & Iron Range__ November.. 378,884 419,143 4,330,966 4,936,070
40,417 1,814,028 1,865,625
45,60
Dui on Shore & AU 30 wk Jan
El Paso do S.m West December.. 668, 1: 643,:04 3,585,225 3,652,957
December.. 1,525,95 1,546,741 30,019,593 29,596,397
Erie
12,135
12,840
1,851
2,42
December..
Fairchild & N E
497,396
496,798
68,342
71,703
Fonda Johns do Glov December
Georgia Railroad.... December,. 307,853 295,385 1,776,122 1,643,728
3d wk Jan 760,575 812,861 28,122,495 25,396,060
Grand Trunk Syst
_0...997 121,745 3,645,798 3,0 ,207
Grand Trk vl est.. 2d wk Jan
37,808 1,300,625 1,136,896
31,900
Det Cr Hay tl: Mi. 2d wk Jan
34,906 1,159,411 1,034,349
31,948
Canada Atlantic_ 2d wk. Jan
Great Northern Syst December 4,910,155 4,658,245 36,543,925 34,823,507
095,807 1,012,576
168,258 180.173
Gulf & Ship Island_ December
November.. 664.775 675,079 3,338,485 3,621,048
Hocking Valley
Illinois Central.... December 4,935,761 5,534,443 30,409,860 32,229,286
Internet & Gt Nor_ 3d wk Jan 179,000 159,000 6,099,401 5,481,472
154,414 167,523 4,631,464 4,787,896
a Interoceanio Mex. 3d wit Jan
November.. 267.632 261.078 1,480,035 1,443,086
Kanawha & Mich
803,579 917,209 4,888,875 5,382,993
Kansas City South.. December
33,345
30,293
it Jan
21
K C Mex & Orient
December 3,116,124 3,033,692 19,829,907 18,714,036
Lehigh Valley
238,834
37,636
211,230
44,109
November..
Lexington & East
584,230
600,509
Louisiana & Arkan_ November.. 134.248 123,123
549,931
535,637
109,026
106,290
November..
L
St
do
'lend
Loulsv
3d wk Jan 992.415 1,062,570 31,227,077 30,997,774
s Louisv & Nashv
82,020
85,049
15,223
14,325
Macon & Birm'ham December
December.. 789,542 743,628 5,599,603 5,178,625
Maine Central
235,283
232,034
32,202
33.734
Maryland & Penna. December
171,100 159,600 4,335,500 ",521,500
a Mexican Railway.. 2.1 wk Jan
409,921
410, 08
14,684
13, 44
3d wk Jan
Mineral Range
Minn & St Louls...1 2d wk Jan 109,304 158.391 4,423,768 4,877,646
Iowa Central_ ..
Minn St P & S Slit 3d wk Jan 381,718 377,628 14,910,111 12,912,388
Chicago Divisioni
388,515
379,181
78.538
70,495
Mississippi Central_ November..
u Mo Kan & Texas_ 3d wit Jan 489,229 526,241 16,921,324 17,393,220
_ 3d wk Jan 889,000 1,038,000 31,002,900 30,525.434
Missouri
do StL November_ 1,041,475 1,050,184 5,123,915 4,923,486
Pacific)._Nashv Chatt
a Nat Rys of Mex_t_ 3d wit Jan 1,248,669 1,271,876 35,885,411 35,632,182
213,413
200,574
1,587
3,553
Nevada-Cal-Oregon. 3d wk Jan
34,344
29.215
7,906
6,179
Nevada Central.... November_
704,099
708,188
N 0 Great Northern November_ 137,019 128,986
860,756
922,254
40,875
44.060
N 0 Mobile & Chic.. Wit Dee 23
SNYC .So Mid Riv- December.. 8,645,587 8,455,546 55,146,199 52,937,879
Lake Shore & M S December., 4,165,654 4,104,336 25,615,954 25,707,085
n Lake Erie & W_ December.. 457,163 488,291 2,896,652 2,942,443
Chic Ind & South December.. 379,345 359.806 1,949,765 1,813,910
Michigan Central. December.. 2,695,982 2,577,490 16,105,075 15,707,411
Cleve C C 4 St L_ December.. 2,622,721 2,749,037 16,006,030 16,241,736
Peoria & Eastern December.. 294 352 334 008 1,654,005 1,944,310
704,310
707,092
Cincinnati North.. December.. 117,569 106,942
Pitts 4 Lake Erie December.. 1,208,360 1,092,133 8,371,263 8,769.076
N Y Chic & St L_ December.. 1.024.311 991,800 5,866,202 5,780,352
Tol & Ohio Cent_ December.. 406,050 446,892 2,830,373 2,924,300
Tot all lines above December.. 22017094 21706371 137149513 135481614

1

ROADS.

Week or
Month

Current
Year.

July 1 to Lales: Date.

Previous
Year.

Current
Year.

Previous
Year.

NYNH do Hartf__ December.. 5,418,045 5,032,911 32,963,002 32,365,222
N Y Ont & West__ Decem..er.. 690,422 734,169 4,777,331 4,077,401
Y Susq & West.... Deeemer.. 339,788 387,204 2,002,049 1,890,292
Norfolk Southern... December.. 270,252 253,978 1,594,284 1,432,352
Norfolk do Western_ November_ 3,258,598 2,967,714 16,728,327 15,559,089
Northern Pacific__ December.. 5,523,317 5,013,847 34,479,769 36,478,551
November_ 574,864 622,662 3,487,818 3,765,054
PacIflo Coast Co_
Pennsylvania RR__ December.. 13746379 13123245) 82,161,731 81,008,425
168,287
164,745
15,010
16,875
Bait Ches & Atlan December..
Cumberland Vall_ December.. 241,264 251,747 1,500,048 1,636,515
December.. 737,548 675,831 5,834,355 5,465,112
Long Island
81,660
85,257
8,661
9,000
Maryl'd Del 4 Va December..
N Y Phila & Norf December.. 261,980 265,033 1,728,009 1,774,039
6,538,064 6,660,355
Northern Central, December.. 1,024,842 1,126,966 9,794,905
0,959,138
Phila Balt& Wash December.. 1,581,121 1,552,675
W Jersey & Seash December.. 460,538 355,170 3,660,280 3,557,176'
December.. 3,945,120 53,776,571 27,471,180 28,403,032
Pennsylvania Co
Grand Rap & Ind December.. 407,024 405,113 2,686,505 2,725,071
Pitts Cin ChdoSt L December.. 3,288,972 3,340,080 20,498,320 20,872,703
December.. 843,966 930,442 5,200,331 5,852,445
Vendetta
Total linesEast Pitts & E_ December.. 19005102 18314043 119069915 118925144
West Pitts do E December.. 8,892,073 8,827,644 58,302,607 59,968,868
ill East& West December.. 27897176 27141688 177462524 17889.1012
December.. 1,520,680 1,406,323 9,093,727 8,516,185
Pere Marquette
05,60
13,418
14,718
73,422
Raleigh & Southport November.
Reading CompanyPhila & Reading_ December 4,050,369 4,012,167 23,282,688 23,05:3,29E
December 3,660,219 4,213,084 17,830,305 16,760,172
Coal ec Iron Co
December 7,710,588 8,225,251 41,113,083 39,819,468
Total both cos
905,555
959,189
Rich Fred & Potom November.. 192,227 177.166
378,618
362,926
95,567
99,496
October
Rio Grande June
281,661
:319,652
7,962
9,624
30 wk Jan
Rio Grande South
December.. 5,552,312 6.042,335 34,135,781 36,517,86:1
Rock Island Lines
November_ 293,485 304,528 1,577,918 1,509,218
Rutland
778,024
729,103
St Jos & Grand Isl. November_ 119,789 138,401
St Louis & San Fran November_ 3,949,598 1,033,988 18,507,717 18,855,534
6,614,973
6,801,127
1,354,436
1,371,321
November..
Ill_
dc
East
Chit)
Total all lines.. _ _ _ November_ 5,320,920 5,388,425 25,308,844 25,470,507
899,036
730,506
St L Rock Mt & P__ November.. 188,013 191,877
St Louis Southwest.. 20 wk Jan 175,000 232,000 6,720,153 6,910,721
San Pod LA do S L.. November.. 708,652 708,717 3,688,076 3,350,374
Seaboar Air Line__ 3d wit Jan 405,411 424,237 2,262,510 11,550,574
Southern Pacific Co December.. 11296477 11560464 09,60,365 71,137,721
Southern Railway.... 3d wk Jan 1,023,048 1,114,972 35,334,013 34,420,.14:1
Mobile & Ohio__ 3d wk Jan 206,304 214,507 6,394,525 6,173,217
Cin N 0 4 Tex P_ 30 wk Jan 169,569 179,558 5,327,478 5,321,718
113,754 2,610,597 2,562,318
75,171
3d wk Jan
Ala Great Snet
1,360,:305
45,101 1,368,51
41,041
Georgia Sou& ela 3d wk Jan
50,832
60,431
1,981
1,431
Tenn Ala & Georgia 2d wk Jan
Texas & Pacific__ 3d wk Jan 288,395 290,487 10,058,361 9,764,371
42,433
50,755
7,559
8,559
Tidewater & West_ December..
723,322
701,378
24,965
24,141
Toledo Peor & West 2.0 wit Jan
72,231 2,271,451 2,180,114
79,762
Toledo St L & West 3d wk Jan
35,238
41,552
7,751)
9,382
Tombigbee Valley__ November_
Union Pacific Syst. December.. 7,175,161 14%347,352 47,044,545 49,825,417
677,376
365,260
Virg' la & So West_ December.. 136,495 124,154
November.. 403,850 320,813 1,984,628 1,471,366
Virginian
Wabash
1st wk Jan 450,5,14 495,927 15,6.95,065 16,367,180
Western Maryland_ November.. 576,620 567,452 :3,095,308 :3,222,674
Wheel & Lake Erie.. November.. 636,708 584,280 3,468,540 3,164,868
169,303
191,682
33,702
34,651
& Termitic December..
Wri
Yazoo & Miss Valley December 1,032.817 1,292,280 5,222,469 5,631,177
Various Fiscal Years.

Period.

Jan 1
Delaware & Hudson
N Y Central & Hudson River_e_ Jan 1
Lake Shore & Michigan South Jan 1
Jan 1
Lake Erie do Western_n
Chicago Indiana & Southern.. Jan 1
Jan 1
Michigan Central
Cleve Cin Chicago & St Louis Jan 1
Jan 1
Peoria & Eastern
Tan 1
Cincinnati Northern
Jan 1
Pittsburgh do Lake Erie
New York Chicago & St Louis Jan 1
Jan 1
Toledo & Ohio Central
Jan 1
Total all lines
Jan 1
Pennsylvania Railroad
Jan 1
Atlantic..
&
Chesap
Baltimore
Jan 1
Cumberland Valley
Jan 1
Long Island
1
Jan
Virginia....
do
Maryland Dclaw
N Y Philadelphia & Norfolk_ Jan 1
Jan 1
Northern Central
Jan 1
Philadelphia Balt & Wash
Jan 1
West Jersey & Seashore
Jan 1
ennsylvanla Company
Jan 1
Grand Rapids & Indiana
Pittsb Cinoin Chic & St Lout, Jan 1
Jna 1
Vandalla
Total lines-East Pitts • Eni Jan 1
West Pitts do rie Jan 1
All lines E & IV_ Jan 1
Deo 1
Rio Grande Junction
Jan 1
Rutland
Jan 1
Texas & Pacific

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

Nov
Deo
Deo
Dee
Dee
Deo
Dec
Deo
Deo
Dee
Deo
Deo
Deo
Dee
Dec
Dee
Dec
Dee
Dec
Dec
Dee
Dec
Dec
Dee
Dec
1)e5
Dec
Dec
Dec
Oct
Nov
Jan

Current
Year.

Previous
Year.

30 19,604,297 3,633,840
3110:1954803 09,908,478
31 8,360,997 49,420,211
31 5.420,821 5,513,326
31 3,822,612 3,739,668
31 10,164,490 J9,894,815
31 10,431,915 0,423,005
31 3,218,28:3 3,536,068
31 1,248,678 1,294,279
31 15,308,561 7,052,697
31 11,258,008 1,238,877
31 4,938,646 5,089,986
31 258127873 J256911408
31 157487413 1160457299
31
269,321
273,545
31 2,801,331 3,128,258
31 10,517,751 9,779,116
129,244
31
134,231
31 3,326,455 3,466,617
31 12,745,867 12,793,628
31 18,914,244 19,021,707
11 13,2.17,667 5,981,673
31 50,110,590 54,170,875
1 •,031,661 5,148,094
1 38,549,933 40,601,379
31 9,970,327 10,528,374
:31 225993936 228818188
31 108356054 114800323
31 33434998e 343618510
31
938,743
883,181
30 3,151,747 3.075,582
21
820,131
841,546

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

Cuent Year Prey's Year Inc. or Dec.

Monthly Summaries.

Cuent Year Prev's Year Inc. or Dec.

$
$
Mileage Curr. Yr. Prey. Yr.
5
242,686 238,941 226,907,481 238,336,609 -11,339,128 4.78
March
+429,227 2.80
2d week Nov (43 roads)---- 15.775.795 15,346,568
218,177,128 225,700,811 -7,523,688 3.33
239,132
242,933
April
0.59
15,266,825
-91.200
3d week Nov (44 roads)..___ 15,175.625
243,170 239,357 229,642,771 2:34,339,874 -4,697,103 2.00
May
+476,922 1.93
2.71.
4th week Nov (44 roads)._ 19.967,122 19,490,200
"43.732 240,012 231,697.053 238,156,755 -8.459,702
June
15,251,799 14,088,335 +1.163,464 8.18
0.65
1st week Deo (40 roads)
944,503 240,088 231,688,006 233,169,887 -1,481,881
July
9.32
14,035,136
+1,398,273
0.73
Zd week Deo (42 roads)........ 15,343,409
-1,843,842
254,886,944
253,043,102
240,170
August.....244,531
+485,600 3.36
+507,987 0.19
3d week Dec (45 roads)....... 15,366,303 14,830,703
-555,066 2.80 September_245,491 240,825 257,256,782 256,748,775 +1,370,362 0.53
4th week Deo (42 roads)____ 19,416.818 19,971,884
238,291 233,199 260,182,221 259,111,859
October
+119,058 1.04
0.73
1st week Jan (42 roads),...... 11,753.095 11,634.037
-1,767,625
243,111,388
241,313,763
November _234.209 231,563
-805,950 6.44
2dweek Jan (42 roads)---- 11,097,198 11,903,148
89,193 71,100,323 69.326,828 +1,782,495 2.57
90,570
December
-466,367 3.89
3d week Jan (37 roads).
- 11.570,415 12,036,782
these
returns
1910
District Hy., from Nov 1 1011: in
a Mexican currency. b Does not include earnings of Colorado Springs & Cripple Creek &
Adirondack and the Ottawa & N. Y. fly,, the latter
are included. e Includes the Boston do Albany, the New York & Ottawa, the St. Lawrence
Includes Evansville & Terre Haute and Event,*
Commission.
Commerce
Inter-State
the
to
returns
make
not
does
road,
Canadian
a
being
of which.
the Northern Ohio RR. p Includes earnings Of
Includes
n
years.
both
in
Ity.
Wheeling
do
Lorain
yule & Indiana RR. g Includes the Cleveland
the Frankfort & Cincinnati. t Included the
and
Atlantic
Louisville do
Mason City & Ft. Dodge and Wisconsin Minnesota & Pacific. s Includes
other receipts.
v Includes not only operating revenues. but also all
_ _
Mexican International from July 1910. u Includes the Texas Central.




FEB. 3 1912.]

THE CHRONICLE

343

-GrossEarnings- -NetEarnings
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
N Y N H & Hartford_b_Deo 5.418,045 5,032,911 1,962,823 1,456,216
July 1 to Dec 31
32,963,002 32,365,222 12,219,680 11,721,443
N Y Ont do Western_a __Dec 690,422
129,277
151,112
734,169
July 1 to Dec 31
4.777,334 4,977,401 1.288,762 1,545,088
1911.
Increase. Decrease.
1912.
Third week of January.
N Y Susq & West _a_ _ _ _Dec 339,788
112,769
337,204
126,869
$
$
$
$
665,327
584 386
July 1 to Dec 31
•
2,002,949 1,890,292
93,754
18,580 Northern
75,174
Alabama Great Southern
Pacific_ b
Dec 5,253,317 5,013,847 2,250,304 1,822,344
37,936
38,020
84
Ann Arbor
1
15,107.886
July
to
36,478,551
15,305,850
Dec
31
34,479,769
53,766
68,038
14,272
Atlanta Birm do Atlantic
192,120
Pennsylvania Lines176,609
15,511
Buffalo Rochester do Pittsburgh
249,300
191,400
57,900
Canadian Northern
Pennsylvania RR_a_ _ Dec 13,746,379 13,123,249 2,893,939 2,072,647
1,503,000 1,263,000 240,000
Canadian Pacific
Jan 1 to Dec 31
157,487,413 160457,299 37,432,950 39,269,935
241,700
262,200
20,500
Central of Georgia
Balto Ches & Atl_ b_ _ Dec
9,509
def 504
15,010
16,875
558,983
664,508
105,525
Chesapeake ea Ohio
54,023
1
Jan
64,330
to
31
Dec
269,321
273,545
273,347
301,482
28,135
Chicago & Alton
210,076
44,116
254,192
75,822
Cuinberland Valley_a Dec 241,264
60,074
251,747
Chicago Great Western
93,277
97,016
3,739
Jan 1 to Dec 31
1,088,243
821,876
Chicago Ind & Louisville
2,891,331 3,128,258
169,569
9,989
179.558
Cin New Or! & Texas Pacific__ _
Long Island _a
46,499 def53,217
Dec
675,831
737,548
255,853
79,977
335,830
Colorado ec Southern
Jan 1 to Dec 31
9,779,116 2,006,855 1,802,755
10,517,751
381,000
6,200
Rio
387,200
Grande
&
Denver
,So
Maryland
Del
136
724
def
Va_a_Dec
9,000
17,608
22,346
4,738
Detroit & Mackinac
2,100
Jan 1 to Dec 31
def5,032
1
244
8
8,6
129
134,231
31,847
35,301
3,454
Detroit Toledo & Ironton
45,601
&
Shore
3,816
Atlantic_
49,417
Duluth South
65,468
N Y Phila. & Norfolk_aDec 261,980
49,352
265,033
41,041
45,101
4,060
Georgia Southern do Florida_ _ _
Jan 1 to Dec 31
732,882
3,326,455 3,466,617
987,335
Grand]Trunk of Canada
Northern
59,508
_Dec
Central_a_
114,767
1,024,812
1,126,966
760,575
52,286
812,861
• Grand Trunk Western
Jan 1 to Dec 31
12,745,867 12,798,628 1,600,960 1,576,274
• Detroit Gr Haven tic Milw _ _
Wash
&
Dec
a
Balto
Phtla
253,461
1,581,121
221,753
1,552,675
Atlantic
Canada
•
Jan 1 to Dec 31
179,000
18,914,244 19,021,707 3,915,831 3,840,184
159,000
20,000
International do Gt Northern__
154,414
167,523
13,109
Interoceanic of Mexico
West Jer & Seashore a Dec 460,538
355,170
25,839 def27,815
992,415 1,062,570
70,155
Louisville & Nashville
Jan 1 to Dec 31.
6.247,667 5,981,673 1,100,440 1,172,225
13,744
14,884
940
Mineral Range
PennsylvaniaComPany a Dec 3,945,120 3,776,571
628,863
706,132
381,718
377,628
4.090
Minneapolis St P & S S M_ _ _ _ 1
50,110,590 54,170,873 13,461,882 15,081,162
Jan 1 to Dec 31
Chicago Division
489,229
37,012
526,241
22,873
Cr Rapids & Indiana a Dec 407,024
405,115
73,692
Missouri Kansas & Texas
889,000 1,038,000
5,031,661 5,148,994
Jan 1 to Dec 31
149,000
708,788
900,165
Missouri Pacific
206,304
8,203
214.507
Mobile & Ohio
Cin Ch & St L_a_Dec 3,288,972 3,340,080
725,282
593,872
Pitts
1,248,669 1,271,676
23,007
National Railways of Mexico
38,549,933 40,601,379 9,478,646 9,127,647
Jan 1 to Dec 31
3,553
1,587
1,966
Nevada-California-Oregon
939,442
Dec 843,966
172,251
Vandal's.
165,483
9,624
1,662
7,962
Rio Grande Southern
9.970,327 10,528,374 1,838.364 2,068,338
Jan 1 to Dec 31
405,411
424.237
18,826
Seaboard Air Line
1,023,048 1,144,972
121,924
Southern Railway
Total lines East P&E aDec 19,005,102 18,314,043 3,420,128 2,419,250
288,395
290,487
2,092
Texas do Pacific
225,993,936 228818,188 48,763,857 51,115,129
Jan 1 to Dec 31
79,762
7,531
Toledo St Louis do Western_ _ _
72,231
Total lines WestP&E aDec 8,892,073 8,827,644 1,764,078 1,494,160
108,356,054 114800,323 26,782,940 27,980,631
to
1
31
Jan
Dec
Total (37 roads)
11,570,415 12,036,782 363,016 829,383
Total all lines _a_ __ _Dec 27,897.176 27.141,688 5,184,207 3,913,411
466,367
Net decrease (3.89%)
343618,510 75,546,796 79,095,759
334,349,989
Jan 1 to Dec 31
Rock Island Lines_ b_ _ _ _Dec 5,552,312 6,042,335 1,595,500 1,942,262
34,135,781 36,517,883 9,727,379 11,173,930
July 1 to Dec 31
Net Earnings Monthly to Latest Mass.---The table fol420,606
350,017
Southwest_a_ _ _Dec 1,175,115 1,167,979
lowing shows the gross and net earnings of STEAM railroads St Louts
July 1 to Dec 31
6,333,268 6,456,700 2,103,831 1,816,900
and industrial companies reported this week:
Dec 11,296,477 11,566,464 3,006,715 3,723,310
- Southern Paciftc-a
-Gross Earnings- -Net Earnings
69,069,365 71,137,723 23,234,815 25,472,366
July 1 to Dec 31
Current
Previous
Previous
Current
Southern RailwayYear.
Year.
Year.
Year.
Roads.
$
328,150
289,394
Dec 979,226 1,015,439
Mobile & Ohlo_b
89,533
84,040
268,396
Atlanta Birm & AtI__Deo 311,766
5,864,094 5,573,162 1,700,955 1,688,182
July 1 to Dec 31
487,781
375,344
1,690,864 1.422,742
July 1 to Dec 31
280,324
264,113
808,979
N 0 & Tex Pac_b Deo 808,996
Cinc
Atlantic Coast Line_a_Deo 3,256,760 3,114,245 1,231,247 1,193,620
4,838,755 4,810,112 1,773,224 1,890,605
July 1 to Dec 31
15,796,586 14,022,984 4,653,923 4,444,311
July 1 to Deo 31
147,690
134,483
420,191
Ala Great South_ b__ _Deo 443,531
681,454
303,611
Deo 3,763,841 3,528,563
Boston do Maine_,
708,937
772,319
2,411,399 2,319,316
July 1 to Dec 31
24,039,530 23,529,782 5,953,328 6,030,665
July 1 to Dec 31
60,552
68,387
232,161
Georgia Sou do Fla_ b_ _Dec 234,651
Deo 10,654,871 8,705,284 4,105,730 3,286.534
Canadian Pacifica
322,550
309,184
1,246,167 1,231,002
July 1 to Dec 31
62,566,366 55,787,851 24,470,248 22,616,708
July 1 to Dec 31
1,500
8,559
7,559
2,227
Tidewater & Western_ b_Deo
c417 925
c467,142
9,781
4,214
50,755
42,432
Central of Georgia_ b_ __ _Deo 1,275,863 1,277 289
July 1 to Dec 31
7,278,473 6,763,783 c2,347,587 c2,253,121
July 1 to Dec 31
p81,619
p85,980
327,991
St L & West_a_ _Dec 336,757
Toledo
898,330
2,835,282 2,684,020 1,017,665
•Chcsapeake ec Ohio _ b__ Dec_
2,061,080 1,991,165 p502,163 p594.480
July 1 to Dec 31
17,083,916 16,958,167 6,004,282 5,986,112
July 1 to Deo 31
Dec 7.175,161 7.347,352 2,205,225 2,835,644
Union Pacifica
3261,744
$201,909
Deo 1,175,881 1,268,057
Chicago do Alton_a
47,044,545 49,825.417 19,362,418 21,887,720
July 1 to Dec 31
7,875,734 7,795,310 $1,902,206 s1,910,797
July 1 to Deo 31
30,818
32,158
136,495
124,164
Virginia & Southwest_b_Dec
7 449
10 315
23,058
17 325
-Chic Memphis do Gulf_b_Deo
222,148
865,260
677,376
305,979
July 1 to Dec 31
24.955
65 739
142 541
78 095
July 1 to Deo 31
15,219
z34,651
14,931
z33,702
Wrightsv & Tennille_b_ _Dec
5,927
7,968
12,856
16,706
Dec
•Coruwall b
67,377
69,166
e191,682
z169,303
July 1 to Dec 31
50,019
40,698
96,183
86,251
July 1 to Dec 31
INDUSTRIAL COMPANIES.
97,713
137,953
237,118
Dec 293,685
Cuba RR
520,202
684,313
-GrossEarnings- -NetEarnings
1,582,665 1,261,936
July 1 to Deo 31
Previous
Current
Current
Previous
Del Lack & Western_b_ _Dec 3,027,925 3,033,375 1,256,848 1,309,574
Year.
Year.
ar.
s
Ye
s
Ye
ar.
Companies.
7,641,815
19,174,316 18,534,818 7,590,602
July 1 to Dec 31
3
$
465,440
567,192
'Denver & Rio Grande_a_Deo 1,863,536 1,979,470
12,619,258 12,981,718 3,294,272 4,001,240 Atlantic Gulf & W I SS Lines
July 1 to Dec 31
349,978
213,158
1,351,181 1,490,880
Nov
Cos)
(Subsidiary
13,607
14,753
88,715
96,007
Maokinao_a__Deo
Detroit &
15,203,777 14,926,804 2,570,562 3,149,371
Jan 1 to Nov 30
166,132
597,413
124,942
618,023
July 1 to Deo 31
535,668
565,201
736,260
Dec 4,525,963 4,546,742 1,083,622 1,237,128 Mexican Lt & Power_ _ _ _Dec 766,285
Erie a
8,246,349 7,234,308 5,593,183 5,163,442
31
Dec
to
1
Jan
30,019,593 29 596 397 8 523 895 8,546,587
July 1 to Deo 31
16,792
17,815
31,129
33,083
aDec
P
&
Lt
Water,
Superior
Deo
2,420
614
428
1,851
,Fairchild do N E-b
82,152
88,137
168,460
159,509
July 1 to Dec 31
12,840
12,135
1,826
def7,645
July 1 to Deo 31
965,673
148,609
172,308
1,100,521
Oct
Express_b
United States
'Genesee & Wyoming_b423,918
221,585
3,844,241 3,663,014
21,102
20,090
July 1 to Oct 31
8,896
8,038
Oct 1 to Deo 31
54,544
55,899
29,180
31,353
July 1 to Deo 31
a Net earnings here girin are after deducting taxes.
295,385
Dec 307,853
104,199
96,892
,Geor,
la b
1,776,122 • 1,643,728
549,361
436,610
b Net earnings here given are before deducting taxes.
July 1 to Deo 31
717,036
744,387
282,427
269,790
c After allowing for outside operations and taxes, operating income for
.g Interoccanio of Mex_ _ Dec_
4,187,949
4,300,779
1,402,299 1,575,301 Dec. 1911 was $359,686, against $422,714; from July 1 to Deo. 31 was
July 1 to Dee 31
300,326
859,139
Deo 315,778
868,002 $2,087,437 in 1911, agalsnt $2,015,899 last year.
Iowa Central_a
1,842,489 1,800,507 8395,572 8389,467
July 1 to Deo 31
e Includes the Northern Ohio RR.
4,771,675
1,573,580
4,655,837
1,475,594
b_Deo
Nashville_
Louisville &
g These results are in Mexican currency.
28,323,139 27,944,849 9,279,601 8,743,868
July 1 to Deo 31
h For Dec. 1911 additional income is given as showing a deficit of $11,823,
743,628
198,602
134,352 against
Dec 789,542
Maine Central_ b
a deficit of $10,482 in 1910, and for period from July 1 to Dec. 31
5,599,603 5,178,625 1,690,878 1,465,313 was a deficit of $41,452
July 1 to Dec 31
in 1911, against a credit of $1,146 last year.
102.060
890,278
414.845
•Minneap & St Louisa_ Deo 370.265
For
k
Dec. 1911 additional income was $6,102. against $7,389 in 1910.
2.371,445 2.779,923 8530,007 8792,521 and for period
July 1 to Deo 31
from July 1 to Dec. 31 was $49,573 in 1911, against $51,260
769,349 last year.
602,889
Missouri Kane & Tex_a_Deo 2,568,554 2,696,334
15,554,571 15,924,071 3,752,807 4,717,840
July 1 to Deo 31
p For December miscellaneous charges to Income were $5,374, against
g Nat Rys of Mexico_ _ _ _Deo 5,384,568 5,370,886 2,492,366 2,227,231 a credit of $134,575 in 1910; for period from July 1 to Dec. 31 were $59,349
32,251,878 31,944,188 14,707,311 13,239,017 in 1911, against a credit of $99,400 in 1910.
July 1 to Dec 31
.qN Y Cent & Hud Ittv_b_Dec 8.645,587 8,455,546 2,281,335 1 630,553
q Includes the Boston & Albany, the N. Y. & Ottawa, the St. Lawrence &
103,954,863 99,908,478 29,482,284 25,829,391 Adirondack
Jan 1 to Deo 31
and the Ottawa & New York Ry., the latter of which, being a
876,389 Canadian road, does not make returns to the Inter-State Commerce Comm.
Lake Shore & M S_b__Doo 4,165,654 4.104,336 1,709,561
48,360 997 49,420,211 17,282,419 14,499,278
Jan 1 to Dec 31
s After allowing for miscellaneous charges to income for the month of
109,545 December 1911, total net earnings were $147,035, against $192,955 last
488 291
108 033
eLakc Erie & West_b_Deo 457 163
5,420,821 5,513,326 1,125,200 1,216 233 year; for period from July 1 to Dec. 31 were $1,501,976 this year, against
Jan 1 to Dec 31
359,806
111 261
100 569 31,457,437.
Chic Indiana do Sou _ b_Deo 379 345
3 822 812 3 739 668
906,522
921,314
Jan 1 to Dec 31
z Includes $257 other income for Dec. 1911, against $120 in 1910, and for
663,724 period from July 1 to Dec. 31 includes $1,285 in 1911, against $557 last year.
737,960
Michigan Contral_b___Dec 2,695,982 2,577,490
30,164,490 29,694,815 9,237,551 8,065,909,
Jan 1 to Deo 31
Interest Charges and Surplus.
641 003
733,300
Cloy Cin Ch & St L_b_Dec 2,622,721 2,749,037
30 431,915 30,423,005 8,192,523 6,927,385
Jan 1 to Deo 31
-Int., Rentals, doc.- -Bal. of Net Earns.Previous
Current
Current
294,352
334,098
Previous
92,829
115,091
Peoria & Eastern_ b_ _ _Dec
Year.
Year,
Year.
Year.
3,218,283 3,536,068
Roads.
716,867
972,948
Jan 1 to Dec 31
106,942
117,569
20,132
20,401
Cincinnati Northern.b.Deo
2,033
3,316
6,997
5,414
1,248,676 1,294,277
181,874
270,788 Chic Memphis & Gulf___Dec
Jan 1 to Dec 31
10,501
18,963
46,774
14,452
July 1 to Dec 31
488,767
445,430
Pitts & Lake Erie_b_Deo 1,208,360 1,092,133
60,125
36,667
77,828
61,046
Dec
15,308,561 17,052,607 7,351,726 9,106,631 Cuba RR
Jan 1 to Deo 31
360,730
220,000
323,563
300,202
July 1 to Dec 31
991,800
364,702
279,308
N Y Chic do St Louis.b.Deo 1,024,311
d99.086 4210,089
509,412
11,258,008 11,238,877 3,237,810 3,409,221 Denver do Rio Grande_ _ _Dec 517,892
Jan 1 to Dec 31
3.034,251
4740,580
41,498,083
3,076,772
July 1 to Dec 31
446,892
105,185
142,700
'Toledo do Ohio ent_b_Deo 406,050
4,938,646 5,089,986 1.531,724 1,847,105 Genesee & WyomingJan 1 to Deo 31
35
def1.151
9,189
8,861
Oct 1 to Dec 31
Dec22,017,094 21,706,371 6,775.327 5,003,621
-Total all lines_b
14,220
12.574
17.133
18,508
July 1 to Dec 31
258,127,873 256911,408 79,246.497 73,006,163
Jan 1 to Dec 31

Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of January. The table covers 37 roads and shows 3.89% decrease in the aggregate udder the same week last year.




Roads.

344

THE CHRONICLE

[Vol, Lxxxxiv.

-Int., Rentals, &c.
-Bal. of Net Earns.
-GrossEarnings- -NetEarnings-Current
Previous
Current
Previous
Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
Year.
Year.
Year.
Roads.
Year.
$
$
$
3
$
3
Dec
66,399
62,717
22,718
550,543
Georgia
Dec
75,890
x45,810 Central Penna Trac
73,791
25,463
414,188
July 1 to Dec 31
239,666
451,848 x193,634
1:39,179
Jan 1 to Dec 31
868,433
831,167
260,766
Missouri Kan & Tex.. _ _ _Dec
548,625
28,328
524,260
83,827
x65,151
x280,267 Chattanooga By & Lt_a_Dee
75,659
33,593
July 1 to Dec 31
3,258,996 3,010,796 x569,409 51,867,345
943.472
Jan 1 to Dec 31
375,073
389,724
363,625
N Y Ont & Western_ __ _Dec 109,566
93,414
30,619
121,436
19,71129,676 Cleve Southw & Col_ b_ _ Dec
85,950
39,606
July 1 to Dec 31
679,962
713,225
608,800
1,128,622 1,054,089
434,188
831,843
Jan 1 to Dec 31
487,441
x276,618 5184,006 Coney Island & Brooklyn_a_ _
St Louis Southwestern_ _Dec 208,018
194,342
July 1 to Dec 31
1,182,601 1,116,409 x1,320,435
394,760
x897,249
July 1 to Sept 30
505,428
214,258
110,557
1,104,739 1,175,704
Jan 1 to Sept 30
321,643
287,035
INDUSTRIAL COMPANIES.
100,046
95,267
50,401
50,031
Duluth Superior Trac_b_Dec
-Int., Rentals, &c.- -flat. of Net Earns.Jan 1 to Dec 31
1,135,300 1,091,582
527,165
487,507
Previous
Current
Current
Previous
96,274
Grand
Rapids
Ry_a_
_
__Dec
108,609
48,442
36,402
Companies.
Year.
Year.
Year.
Year.
Jan 1 to Dec 31
512,932
1,169,303 1,132,578
509,115
41,162
22,497
Honolulu Rap Tr & Ld b Dec
20,498
48,129
Atlantic Gulf & W I SS LinesJan 1 to Dec 31
222,738
233,367
500,276
453,853
157,639
56,301
(Subsidiary Cos)
Nov
192,339
156,837
Jan 1 to Nov 30
828,718 1,347,271 Kingston Consol Ry_ b1,741,844 1,802,100
19,153
Oct 1 to Dec 31
19,025
36,271
36,072
50,848
48,098
July 1 to Dec 31
87,737
89,271
d These figures are after allowing for other income and for discount and
exchange. The sum of $10,000 is deducted every month from surplus and Lewis Aug & Waterv_a_Dec
12,353
14,360
41,346
37,694
placed to the credit of renewal fund.
122,693
July 1 to Dec 31
300,417
292,985
135,248
received.
.x After allowing for other income
Long Island Elect-a73,367
73,592
27,740
July 1 to Sept 30
21,098
19,507
Jan 1 to Sept 30
166,016
121,020
19,469
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Massachusetts Electric Cos_ b2,093,367 1,982,721
544,400
541,266
Oct 1 to Dec 31
Jan. 1 to latest date.
Latest Gross Earnings.
4,865,658 4,697,586 1,772,138 1,839,834
July 1 to Dec 31
Name of
Metropolitan
St
Ry_aPrevious
Current
Current
Previous
Road.
Week or
3,466,105 3,444,582 1,167,898 1,097,41a
July 1 to Sept 30
Year.
Year.
Year.
Year.
Month.
10,153,011 9,920,175 2,569,848 2,099,431
Jan 1 to Sept 30
261,146
285,836
511,949
565,629
Dec
Mexico Tramways
$
3
6,176,970 5,832,533 3,174,618 2,996,609
Jan 1 to Dec 31
American Rys Co__ _ _ December.. 409,000 381,935 4,413,185 4,177,972
22,840
19,864
342,131
349,360 MIlw Elect By & Lt_ bAtlantic Shore Ry_ _ _ December
143,178 129,874 1,784,162 1,673,226
cAur Elgin & Chic By December
Jan 1 to Dec 31
5,038,691 4,694,392 2,432,053 2,187,536
596,114
565,638
Bangor By & Elec Co December.. 54,383 47,515
10,707
9,747
107,018
99,168 Milw Lt, Ht & Trac_ bBaton Rouge Elm Co November_
591,228
644,534
1,056,750
Jan
1
to
1,121,205
Dec
31
30,706 27,609
Binghamton Railway November_
8,116
8,026
99,422
111,159
170,372
111,952 Nashville fly & Lt_a_ _ Dec
182,672
99,804
Brock & Plym St Ry_ November_
1944,329
1843,006
__
802,439
19,441,996 18,240,202
Jan 1 to Dec 31
838,449
1,963,784 1,832,465
Bklyn Rap Tran Syst October
30.991
29,960
306,139
296,492 N Y & Long Island Trac_aCape Breton Elec Co.. November_
321,983
373.698
Carolina Pow & Lt Co December.. 38,695 32,446
122,712
July 1 to Sept 30
123,328
45,564
42,829
55,591
55,508
532,013
531,885
Cent Park N & E Riv October __
Jan 1 to Sept 30
300,508
282,729
96,775
83,953
868,433
831,167
Central Penn Trac_ _ _ December.. 75,890 73,791
Queens
&
Co_aN
Y
943,472
Chattanooga By & Lt December.. 83,827 75,659
875,073
16,583
to
Sept
30
365,280
341,908
July
1
63,950
27,403 27,037
337,970
328,235
Cleve Painesv & East November_
17.524
952,876
Jan 1 to Sept 30
849,745
93,108
Clev Southw & Colum December.. 93,414 85,950 1,128,622 1,054,089
42,016
November..
44,957
El
Co
Columbus (Ga)
446,004
414,780 N Y City Interborough-a16,772
12,305
81,212
July 1 to Sept 30
64,262
Coney Island &Iiklyn October __ 101,406 114,932 1,206,144 1,288,721
15,029
40,092
Dallas Electric Corp.. November.. 146,013 127,042 1,483,558 1.330,027
Jan 1 to Sept 30
219,022
168,204
175,315
Detroit United Ry__ _ 1st wk Jan 175,315 150.992
150,992 Portland(Ore)Ry,L&P a Dec 556,397
299,664
296,274
529,969
54,322 51,089
510,928
DDEB & Batt(Rec) October __
507,991
Jan 1 to Dec 31
6,336,703 5,038,896 3,266,806 2,914,518
100,046 95,267 1,135,300 1,091,582
Duluth-Superior Trao December
East St Louis & Sub_ November.. 197,966 194,974 2,076,445 2,161,328 Richmond Lt & Rfl_a46,974
45,875
July 1 to Sept 30
123,599
119,044
November.. 62,684 59,985
618,114
El Paso Electric
575,489
75,477
30,185
Jan 1 to Sept 30
283,346
266,382
67,652 54,460
742,294
Fairm ec Clarks Tr Co December
611,643
92dStM&SNAv (Bee) October __ 149,553 133,841 1,334,312 1,195,627 St Joseph fly, Lt, II &P aDeo
45,033
45,435
96,048
101,401
430,083
Galv-Hous Eieo Co.._ November.. 132,004 118,251 1,386,065 1,197,863
417,958
Jan 1 to Dec 31
1,099,285 1,038,056
Grand Rapids By Co_ December.. 108,609 96,274 1,169,393 1,132,573 Staten Island Midland-a
185,392
Havana Elee By Co_ Wk Jan 23 45,621 43,523
170,231
46,107
43,920
July 1 to Sept 30
100,883
106,057
Honolulu Rapid Tran
51,138
42,671
209,220
Jan 1 to Sept 30
223,484
December.. 48,129 41,162
500,276
453,853
& Land Co
22,799
276,147
Houghton Co Trac Co November.. 22,001
286,440 Third Avenue (Bee)-a419,814
480,400
918,083
July 1 to Sept 30
965,116
Hudson & Manhattan November.. 406,133 362,793 4,187,100 3,616,087
Jan 1 to Sept 30
2,744,087 2,672,755 1,282,130 1,001,240
Illinois Traction Co_ _ November_ 602,949 578,769 8,284,729 5,485,849
Interboro Rap Tran_ October...... 2707,569 2547,654 24,795,600 24,030.857 United RRs of San Fran_Dec 701,004
326,530
332,061
682,356
45,703 48,904
518,232
520,679
Jacksonville Trac Co_ November_
Jan 1 to Dec 31
7,886,136 7,653,489 3,583,165 3,372,318
95,828 91,802 1,165.685 1,110,541
Lake Shore Elec By.. November_
15,334 21,187
180,406
181,348
Long Island Electric.. October __
a Net earnings here given arc after deducting taxes.
Metropolitan St (Bee) October __ 1210,060 1208,758 11,363,072 11,070,171
b Net earnings here given are before deducting taxes.
Milw El By & Lt Co_ December.. 466,546 423,524 5,038,691 4,694,392
90,333
80,894
December.,
Co_
1,121,205
&
Tr
1,056,750
Lt,
Ht
Milw
430,939 377,274 4,939,047 4,456,168
Montreal Street Ry_._ December
[Interest Charges and Surplus.
Nashville By & Light December.. 182,672 170,372 1,963,784 1,832,465
New Orleans fly & Lt September 521,570 489,458 9.894.456 9,618,471
-Bal. of Net Earns.-Int., Rentals,
29,697 22,751
248,720
190,805
N Y City Interboro_ _ October __
Previous
Current
Previous
Current
32,516 35,759
333,023
318,435
N Y & Long Isl Tram_ October __
Year.
Year.
Year.
Roads.
Year.
105,370
99,152
__
1,058,247
County
October
947,875
N Y & Queens
$
$
$
$
14,012 13,046
172,920
164,965
Northam Easton & W December
14,524
19,187
14,244
228,050
12,165
15,485
196,442 Bangor Ry& Elect
No Caro Pub Serv Co November.. 23,414
Dec
102,643
107,145
239,374 201,973 2,694,024 2,437,426
72,089
80,157
July 1 to Dec 31
North Ohio Tree & Lt December
North Texas Mee Co_ November_ 133,203 119,263 1,479,720 1,314,838 Bay State St By5,083
4,250
114,712
104,036
Ocean Electric (L I) _ October __
88,226
75,759
453,040
Oct
1
to
468,640
Dec
31
238,459
225,449
Paducah Trace,: Lt Co November.. 23,455 21,523
834,823
931,024
908,811
July 1 to Dec 31
937,316
262,406
247,539
25,602 24,426
Pensacola Electric Co November_
Brooklyn
Rap
Transit
1838,996
1964,271
Phila Rapid Trans Co December..
x936,850
July 1 to Sept 30
1,594,523 1,587,036 51,001,858
Port(Ore)Ry,L &PCo. December.. 556,397 529,969 6,366,703 5,638,896
Jan 1 to Sept 30
5,749,398 4,714,598 51,689,566 x1,367,301
Puget Sound Elec Co_ November_ 132,856 150,274 1,619,921 1,757,305
310,846
293,402 Chattanooga By & Lt.,....Dec
9,466
18,862
12,564
27,499 27,223
Richmond Lt & RR_ October __
21,029
220,807
150,011
142,818
Rio de Janeiro Tram
Jan 1 to Dec 31
239,713
Light & Power Co.. December 1173,566 997,007 12,951,050 10,942,047 Cleve Southw & Col
29,794
x6,552
x1,518
33,660
Dec
St Joseph (Mo) Rs/J.4f.
363.523
357,527 5131,658
584,974
Jan 1 to Dec 31
96,04B 1,099,285 1,038,056
Heat & Power Co.. December.. 101,401
363,289 285,003 3,595,140 2,950,594 Coney Island & BrooklynSao Paulo Tr, L & P.. December
72,733
535,996
x141,530
82,379
July 1 to Sept 30
56,862
634,584
578,838
Savannah Elec Co...._ November.. 63,331
218,814
566,644 5103,749
245,994
Jan 1 to Sept 30
Seattle Electric Co.... _ November.. 451,563 469,334 4,973,047 5,094,346
83.394 78,565
784,087
711,544 Duluth-Superior Trao__ _Deo
Second Avenue (Bee) October
24,065
25,966
34,360
22,041
10,721
10,015
105,833
93.692
Southern Boulevard.. October __
250,780
236,727
259,003
268,162
Jan 1 to Dec 31
196,610
179,356
Sou Wisconsin By Co December.. 17,775 15,453
14,349
22,053
33,886
14,556
Dec
Grand
Rapids
By
19,746 19,569
243,232
Staten Isi'd Midland.. October __
228,804
331,660
181,272
329,727
179,388
Jan 1 to Dec 31
60,318 43,249
624,929
545,708
Tampa Electric Co.._ November_
x17,895
3,164
516,370
6,637
Third Avenue (Ree)_ October __ 314,813 291,330 3,058,898 2,857,229 Honolulu Rap Tr & LandDeo
75,929 5159,832 5153,663
79,188
Toronto Railway Co.. November_ 413,525 365,466 4,350,065 3,941,125
Jan 1 to Dec 31
Tr -City By & Lt Co_ November_ 247,038 230,868 2,441,504 2,266,333 Kingston Consol By424,853
Twin City Rap Tran_ 3d wk Jan 145,853 141,302
413,761
7,069
12,089
7,374
11,651
1 to Dec 31
Oct
Underground El By
27,982
22,866
25,307
22,791
July 1 to Dec 31
of Londondef.747
13,100
def.88
14,448
Waterv__Deo
&
£60,700
£57,870 Lewis Aug
Three tube lines.._ _ Wk Jan 27 £15,115 £13,935
43,955
78,738
48,544
86,704
July 1 to Dec 31
£50,714
£47,252
Metropolitan Dist_ Wk Jan 27 £12,661 £11,558
£21,679
£20,984 Long Island ElectUnited Tramway.._ Wk Jan 27 £5,153 £5,189
517,594
8,422
x12,853
8,430
October
206,850 190,313 2,077,759 1,879,495
Union (Roc)
July 1 to Sept 30
25,181 zdef.5,402 zdef.4,760
25,229
UnionRy,G&ECo(Iii) November.. 290,240 265,668 2,864,796 2,687,557
Jan 1 to Sept 30
United Rys of St L_ _ December 1021,044 983,862 11,914,153 11,534,336 Massachusetts Electric Cos701,004 682,356 78,86,136 7,653,489
United RRs of San Fr December
88,226
75,759
468,641
453,040
Oct 1 to Deo 31
45,55T
510,367
48,731
448,414
Westchester El (Bee) October __
931,023
834,822
937,316
908,811
July 1 to Dec 31
349,140
Whatcom Co Ry & Lt November.. 34,880 37,165
372,076
Metropolitan St By565,110
59,063 57,664
Yonkers RR (Bee).... October __
x573,259 5508,356
652,441
652,988
July 1 to Sept 30
215,493
191,286
Youngst & Ohio By.. November.. 19,407 17,395
1,955,976 1,957,398 5762,159 5710,108
Jan 1 to Sept 30
C These figures are for consolidated company.
By
Lt
&
Elect
Milw
1,558,033 1,325,124 5990,633 5969,242
Jan 1 to Dec 31
Electric Railway Net Earnings.-The following table gives Milw Lt, Ht & Trac836,059 5560,904 5546,207
856,817
the returns of ELECTRIC railway gross and net earnings
Jan 1 to Dec 31
65,882
66,032
33,390
33,922
Nashville By & Light__ _Deo
reported this week.
433,866
402,427
400,012
404,583
Dec
31
to
1
Jan
-GrossEarnings- -NetEarnings-Long
Island
Trac&
Current
Y
N
Previous
Previous
Current
526,135
7,383
x31,415
16,825
July 1 to Sept 30
Year.
Year.
Year.
Roads.
Year.
48,925
548,813
538,946
48,360
Jan 1 to Sept 30
$
$
$
$
29,729
47,515
26,689 N Y & Queens Co54,383
Bangor By & Elec_a_ _ _ _Deo
62,994 def48,586
5389
65.169
July 1 to Sept 30
187,302
310,332
174,732
331,465
July 1 to Dec 31
188,7785def176,975 zdef96,871
199,284
Jan 1 to Sept 30
Bay State St Ry-bInterborough544,399
2,093,367 1,982,721
Oct 1 to Dec 31
541,266 N Y City
23,760 xdef6,088 zdef11,042
22,860
July 1 to Sept 30
4,865,658 4,697,586 1,772,139 1,839,835
July 1 to Dec 31
68,360 xdef27,558 xdef52,291
68,733
Jan 1 to Sept 30
Brooklyn Rap Trans-a123,333
172,941
166,914
132,750
July 1 to Sept 30
6,384,620 6,016,801 2,469,156 2,419,876 Portland(Ore)Ry,L&P_ _Deo
1,510,380 1,398,029 1,756,526 1.516,989
• Jan 1 to Dec 31
17,497,669 10,955,853 6,087,453 5,788,701
Jan 1 to Sept 30
Roads




FEB. 3 1912 I

THE CHRONICLE

345

-Int., Rentals, 8.;c.- -Bat. of Net Earns.
Additions, &c.-The mileage of the system has been increased 56-100
Previous
Current
Current
Previous
miles by the construction of double track in Canton, making a totalof
Year.
Year.
Year.
Year.
215.76 miles. Additions and improvements aggregated 1997,019. viz.:
5
Track and roadway
$156,562 Real estate and right of way $211,582
Power houses, car barns, &c. 407,353 General expenditures
Richmond Lt ZIG RR153
31,835
July 1 to Sept 30
31,664
x60,786
170,202 Light department
x60,228 Cars arid equipment
51,167
100,213
92,633
Jan 1 to Sept 30
z74,001
x78,812
The policy has been continued of making extensive repairs and renewals
19,708
19,221
St Joseph Ry,Lt,II &P_ _Dec
25,727
25,812 by way of rebaliasting, placing new ties and the laying of new rails; 44,600
231,608
Jan 1 to Dee 31
221,485
186,350
214,598 ties have been renewed; 25 cars were added to the service during the year.
To the Beach St. power house in Akron we have added one 2,500 k. w.
Staten Island MidlandCurtiss turbo-generator, also a 1,000 k. w. motor generator, an exciter,
July 1 to Sept 30
13,986
13,639
z30,096
z32,468 two boilers,
&c. We also have under construction a new power station,
Jan 1 to Sept 30
41,099
40,667
x1,860
x10,471 capacity 30,000
h. p. of steam turbo-generators, and are installing a
Third Avenue (Rec)hydro-electric plant, capacity 2,500 h. p., both on the Gorge property
July 1 to Sept 30
100,312
101,749
x380,087 z318,419 about 3 miles north of the centre of Miran. For the hydro-electric plant
Jan 1 to Sept 30
331,644
318,570 z955,611
x782,434 we are constructing a 60-ft. dam in the Big Cuyahoga River about X mile
from the new steam-power plant (V. 92, p. 1109; V. 93, p. 1534).
x After allowing for other income received.
The company has purchased an additional 5 acres of land in South Akron,
making a total of 13 acres upon which We contemplate constructing modern car barns and shops. Desirable property in the city of Akron has also
been secured for a proposed terminal station to handle our passenger and
freight business and as a location for our general offices.
In the light department we have completed placing our wires underground
in the business section of Akron and have increased our overhead lines
keep pace with the demands for light and power.
Annual Reports.-An index to annual reports of steam to Depreciation
.-The charging from the income account of $100,000 for derailroads, street railways and miscellaneous companies which preciation has been continued; total to credit of fund Dec. 31, $500,000.
.-The directors on Jan. 21 1911 declared dividends at the rate
have been published during the preceding month will be of Dividends
3% per annum, payable quarterly March
&c. At a later meeting.
given on the last Saturday of each. month. This index will held Nov. 24 1911, it was deemed advisable,15,
on account of the increased
to place the last quarterly dividend on a 1% basis instead of X of
not include reports in the issue of the "Chronicle" in which earnings,
1%. At the same meeting the dividend for the year 1912 was declared at
it is published. The latest index will be found in the issue the rate of 4% per annum,payable
quarterly at the regular dividend periods.
Preferred Stock.-To provide funds for future improvements and extennext
will
of Jan. 27. The
appear in that of Feb. 24.
sions, the stockholders on March 27 1911 authorized the issue and sale of
$3,000,000 6% cumulative pref.
,$1,000,000 of which has been sold
Twin City Rapid Transit Co., Minneapolis, St. Paul, &c. (V. 92, p. 956; V.93, p. 1789). Itstock
is the intention to dispose of the
of said issue as our requirements demand, the same to be offeredbalance
to the
(Report for Fiscal Year ending Dec. 31 1911.)
stockholders of record in proportion to their respective holdings at
such
as shall be authorized by the Pub. Serv. Corn. of Ohio.
President C. G. Goodrich, Jan. 20 1912, wrote in substance: price
Bonds Redeemed.-On July 1 we redeemed 12.000 Lake View Land &
General Results.-A comparison with the previous year shows an increase Imp. Co. bonds and on Nov. 1 $100,000 coll, trust serial bonds, thereby
in gross earnings of $279,545, or 3.71%, ana in operating expenses of $239,- reducing its bonded debt to $102,000.
Stockholders.-There are 1,143 stockholders of record, an increase of358.
014, or 1.05%, and in net earnings of $40,531, or 1.05%. The increase in
operating expenses is largely the result of continued extremely low llow
of water in the Mississippi River throughout the entire year and an increase RESULTS FOR CALENDAR YEAR OF COMBINED PROPERTIES.
in trainmen's wages. The stage of water in the Mississippi River has been
1911.
1910.
1909.
1908.
•
the lowest since the U. S. Government records have been kept. Unusually Average miles operated
215.76
215.20
214.88
214.05
heavy rainfalls during the fall months of 1911 and equally heavy snowfalls
Earningsso far this winter give promise of much improvement in the flow of the river Passengers
$2,267,986 $2,080,136 $1,875,334 $1,623,070
during 1912.
Freight, &c
73,394
67,422
58,596
44,615
Renewal Fund.-There has been appropriated from surplus and added Light and power
268,005
204,434
156,614
142,543
to the renewal fund $750,000; also Interest on invested renewal fund Parks
67,819
70,309
69,746
66.657
amounting to $58,000. There has been expended for renewals during the Miscellaneous income_ _ _
16,820
15,125
17,351
13,588
year $245,183. The balance sheet shows $2,495,110 in the renewal fund,
of which $1,173,500 is invested in the consolidated M. bonds of your comTotal earnings
$2,694,024 12,437,426 $2,177,642 $1,890,473
emergency.
panies and is available for any
The balance of the fund has
Operating Expensesbeen expended on the property, thereby making it unnecessary during the Matnt. of way & strue
$191,808
$174,326
$140,180
1100.160
past two years to issue additional stock or bonds. It is believed the future Maint. of equipment
222,913
212,238
173,222
147,603
will fully demonstrate the wisdom of providing as adequately as the earn- Operation-power plants
337,635
291,590
267,342
243,201
ings will permit for renewal and depreciation, thus insuring as far as possible Conducting transport'n_
429,066
399,231
365,718
355,320
the soundness and permanence of your investment.
General and taxes
311,104
271,578
243,595
240,130
The insurance fund has been increased $30,333.
New Construction.-There has been expended on new construction during
Total oper. expenses_ 31,492,526 11,348,963 $1,190,057 $1,086,423
power,
$453,312;
New
the year $957,513, viz.:
new shops and tools, $59.- Net earnings
$1,201,498 $1,088,463
$987,585
$804,050
509; car houses, $130,780; car equipment, $122,285; track and paving Deduct-Int.on bds.,&c. $531,032
$521,069
$524,066
$526,532
(Minneapolis track $168,502; St. Paul track, $12,088), $180,590; real es- Dividends on corn. stk_(3X)292.500(2 %)225,000(1 %)157,500(1 3.)134
.151
miscellaneous.
$11,035.
tate, buildings and
Balance,
surplus
0377,966
$342,394
$306,019
$143,366
EARNINGS,EXPENSES,CHARGES,ETC.
Comparison of separate items of earnings and operating expenses with
a Dividends on pref. stock ($1,000,000) were charged to profit and loss.
the year 1908 is impracticaole, owing to adoption Jan. 1 1910 of new classi- 1 ;i% quar. having been paid in July and Oct. 1911 and Jan. 1912.
fication of accounts prescribed by Inter-State Commerce Commission.
CONDENSED BALANCE SHEET DECEMBER 31.
1009.
1908.
Rev, passengers carried_154,380:730 146,980,553 135,729,811 123,508,388
1911.
1910.
1911.
1910.
$
$
Assets$
$
Liabilities$
$
Passenger earnings
7,749,157
7,481,696
6,924,6561 6,399,510 Cost of road & eq_21,921,939 20,927,577 Common stock,,. 9,000,000 9,000,000
Other sources
62,036
49,952
Stocks other cos
45,120f
22,130
32,030 Preferred stock
1,000,000
A.M Znyder,trustee 43,424
35,277 Bonds
10,737,000 10,858,000
Total receipts
7,811,193
7,531,648
6 969,776
338,472
0,399,510 Municipal bonds
Accounts payable_
158,711
87,672
ExpensesCash on hand and
Int.
accr.,
not
due
52,521
53,521
Maint. of way & struct_
358,606
in transit
316,766
32,672
256,990}
193,073 Taxes accr., not due 83,249
35,172
Maint. of equipment
380,270
Notes receivable__
373,065
345,753
2,622
2,469 Customers'deposits
1,295
96&
Traffic expenses
42,804
49,414
41,834
3,166,056 Due from individuNotes payable
23,820
Conducting transporta'n 2,470,401
als and cos
2,323,577
2,038.577
285,246
249,009 Sundry accounts__
13,991
9,321
Gen. & miscell. expenses
Material
654,635
dr
604,880
supplies 104,991
611,473
89,327 Uncollectible light
Prepaid and unexdept. accounts_
109
207
Total operating
3,906,716
pired accounts
3,667,702
3,166,056
3,294,627
5,643
9,945 Inj. dv damage fd_
30,369
20,871
Net earnings
Canton
3,904,477
State Bank
3,863,946
3,233,454
3,675,149
1,836
1,836 Depreciation ____ 500,000
400,004
DeductIncome account __*1,157,912 *1,074,812
Interest and taxes
1,486,129
1,466.394
1,359,363
1,466,527
Dividends on pref.(7%)
210,000
Total
210,000
22,758,976 21,540,544
210,000
210,000
Total
22,758,976 21,540,544
Dividends on common_(6)1,206,000 (6)1,206,000(5 X)1055250 (5)1,005000
* After deducting $294,866 in 1911 for depreciation, reconstruction, discount on
Total
2,902,129
2,882,394
2,574,363 bonds, pref. stock, &c., against $214,748 in 1910.-V. 94, p. 124.
2,731,777
Balance
1,002,348
981,552
943,372
659,091
Approp. for renew. fund
750,000
736,000
The Duluth (Minn) Superior (Wis.) Traction Co.
703,000
544,000
Roads

ANNUAL REPOWM

Balance, surplus
P.c. exp. taxes & renewal
approp. to earnings

252,348

245,552

240,372

115,091

(Report for Fiscal Year ending Dec. 31 1911.)
Pres. C. G. Goodrich, Jan. 24 1911, wrote in substance:

(65.96)
(64.77)
(64.20)
(64.35)
GENERAL BALANCE SHEET DEC. 31.
Resources1911.
1910.
1909.
1908.
Roadway, &c., including
securities in treasury_$45,637,776 $44,680,263 $43,607,287 $42,761,175
Notes & accts.receivable
34,149
66,286
61,097
92,625
Cash
59,623
112,100
944,690
986,007
Materials and supplies
543,999
569,686
424,216
557,375
Insurance fund
193,301
162,969
134,467
107,247
Renewal funds
1,173,500
1,173,500
1,173.500
1,173,500
Total
$47,642,348 $46,764,804 $46,345,266 $45,677,929
LiabilitiesCommon stock
$20,100,000 $20,100,000 $20,100,000 $20,100,000
Preferred stock
3,000,000
3,000,000
3,000,000
3,000,000
Funded debt
19,503,000 19,503,000 19,503,000 19,523.000
Unpaid vouchers. &c__ _
175,408
238,448
36,355
158,580
Taxes accrued, not due_
492,844
483,072
483,582
406,299
Int. accrued, not due__ _
328,529
328,529
325,429
316,200
88,000
Bills payable
Dividend payable
301,500
251,250
Renewal funds
2,495,110
1,932,087
1,621,914
1,173,714
281,121
Other reserves
253,679
293,050
208,822
Income account, surplus 1,178,336
925,989
680,436
540,064
$47,642,348 $46,764,804 $46,345,266 $45,677,929
Total
-V.92. p. 1637.

Construcion.-There was expended in new construction during the year
$252,657, distributed as follows: New cars and equipment, $142,664; new
track, $72,934; conduit and feed wires, $33,312; miscellaneous, $3,747.
Renewals.-There was expended during the year in renewals and charged
against depreciation reserve $82,169. The direct appropriation to this
fund was $58,288. The fund now amounts to $285,222.
Discount Charged Against Surplus.-There has been charged against
surplus discount on the Duluth Street By. general M. 20-year 5% gold
bonds sold, amounting to $46,705. This treatment is believed to be preferable to apportioning the amount in pro rata annual charges covering the
period between the sale and maturity of the bonds.
Taxes in Litigation.-The personal property taxes assessed in Duluth.
Minn., are in litigation, as the management considered same wholly
unfair
and unreasonably large. This explains the apparently large amount
shown in the balance sheet for accrued taxes not due, viz.. $94,040 [against
$48,563 in 1910.-Ed.).
Sale of Bonds.-During the year $167,000 Duluth St. Ry. general M.
20-year 5% gold bonds were sold and the proceeds applied against the cost
of construction, new cars, new track. &o.
INCOME ACCOUNT.
1911.
1910.
1909.
1908.
Revenue pass. carried__ 22,186,930 21,624,039 19,431,381 17,661,560
Transfers redeemed_ __ _ 3,787,791
4,036,815
3,778,780
4,275,087
Revenues$
$
$
$
Transportation revenue_ 1,110,246
1,082,815
972,509
884,213
Other revenue
25,054
8,767
25,097
8,425

Northern Ohio Traction & Light Co.
(Report for Fiscal Year ending Dec. 31 1911.)
Pres. H. A. Everett, Willoughby, Ohio, Jan. 20 1912,
wrote in substance (see map on page 6 of "Elec. Ry. Sec."):

Total revenue
ExpensesWay and structures_ _ _ _
Equipment
Traffic
Conducting transporta'n
General and miscell_ _ _ _

Earnings.-The gross revenue is $2,694,024, an increase
of $256,598, or
10.5%. The dividends paid aggregated 3
or $292,500, an increase
of $67,500 (see below).
Results per Mile (Average Miles Operated about
215).
1911.
1910.
1909.
Gross' earnings
$11,244 06 $10,376 36
$9,405 38
Net earnings
4,888 07
4,517 87
4,183 02
Ratio of expenses to earnings
55.40%
55.34%
54.65%




X%,

1,135,300

1,091,582

997,606

892,638

46,634
51,067
799
389,907
119,727

49,994
52,872
786
368,185
134,238

42,571
47,457
910
345,873
122,999

45,628
48,751
90
334,158
123,155

Total expenses
608,135
604,075
Net earnings
527,165
487,507
Interest and taxes
208,161
190,779
Pref. dividends(4%)
60,000
60,000
Common dividends_ ___(5%)175,000(4 %)157,500
Depreciation approp'n_ _
58,288
54,579

559,811
437,795
172,366
60,000
(2)70,000
48,578

551,780
340,858
159,201
60,000

$86,1151

$33.340

Balance, surplus

$25,715

$24,649

88,308

BALANCE SHEET DECEMBER 31.
1910.
1911.
1910.
1911.
LiabilitiesAssets3,500,000 3,500,000
Roadway,equip.,&c.8,809,134 8,592,327 Common stock
1,500,000 1,500,000
Res've fund(invested) 273,493 273,493 Preferred stock
20,328
47,968 First M. 5% bonds..2,500,000 2,500,000
Cash on hand
557,000 390,000
5,933 Gen. mtge. bonds_
8,070
Accounts receivable_
55,465 bills payable _______ 54,229
Material & supplies_ 82,466
50,339
1,594 Approved vouchers_ 63,546
1,580
Prepaid insurance_ __
68,146
2,413
Accrued Int. & taxes 119,515
Accrued interest__
itenewal, &c., funds 304,113 338,834
2,043
3,552
‘11scellaneous
605,529 626,518
)urplus
Total
-V.93, p. 666.

9,197,484 8,976,781.

Total

9,197,484 8,976,780

Capital Traction Co., Washington, D. C.
(Report for Fiscal Year ending Dec. 31 1911.)
President George E. Hamilton, Jan. 10 1912, wrote in substance:
Earnings.-Car earnings show an increase over 1910 of $33,217, and mis
cellaneous income a decrease of $7,072; net increase, $26,145. In operating
expenses and fixed charges there was an increase of $56,464, due in large
measure to increased tax assessments and to interest on additional bonds.
Bonds.-The funded debt consists of $6,000,000 of bonds of 1907, of which
$5,639,500 is outstanding (an increase of $1,639,500 during 1911-Ed.),
the remaining *360,500 being held for future extensions and betterments.
Improvements.-The work of reconstructing the Georgetown car barn and
office building was completed in April 1911. The reconstruction of the 7th
St. car barn is progressing satisfactorily. With the conclusion of this work
the car barn facilities will be adequate. Ten automatic switches were Installed, 5 on company's tracks and 5 on tracks operated jointly with the
Washington By. & Elec. Co. The new power plant at 32d and K streets
has been practically completed and put In operation (capacity of 11,000 k.w.)
thus supplying all needed power and affording for reserve, above present
consumption, from 2,500 to 3.000 k.w.
Rolling Stock.-In 1910 an order was placed for 150 pay-within cars (previously adopted by us as standard); 20 of these cars delivered during 1910,
80 in 1911 and the remaining 50 will be placed in service during 1912. With
the delivery of the cars last named the retirement of the small single truck
motor and trailer cars will have been accomplished.
Depreciation.-The sum of $74,025 has been charged off the surplus for
depreciation during 1911, and in addition the sum of $150.000 has been set
aside from the earnings to cover future depreciation.
OPERATIONS AND FISCAL RESULTS.
1910.
1908.
1909.
1911.
8,013,374
7,231,557
5,986,125
7,962,375
Car mileage
51,307,792
42,680,221
46,900,599
52,097,019
No.
passengers,
Revenue
Transfer passengers. No. 18,249,770 16,934,756 16,897,876 15,331,824
$2,256,640 $2,226,150 $2,024,484 $1,831,810
Gross earnings
Operating Expenses$41,789
$102,205
$58,641
$136,034
&o.
way,
of
Maintenance
97,057
77,246
77,909
90,203
Maintenance of equipm't
111,852
114,655
154,396
145,011
Operation of power plant
404,025
496,975
569,336
566,302
Car service
138,419
170,856
195,234
192,844
General and miscellan's_
Total oper. expenses_ $1,127,485
Net earns, from oper__ $1,129,155
10,173
Advertising, rents, &c

$1,101,989
$1,124.161
14,518

$918,373
$1,106,111
29,294

$793,141
$1,038,669
24,164

Total net Income__ $1,139,328
Deduct$128,383
Taxes
220,666
Interest
Renewals
720,000
Dividends (6%)

$1,138,679

$1,135,405

$1,062,833

$118,081
200,000
720,000

$100,337
151,937
40,752
720,000

$94.830
126,000
70,117
720,000

$1,069,049
$70,278

$1,038,081
$100,598

$1,013,026
$122,379

$1,010,947
$51,886

Total
Balance

[VoL. Lxxxxnr.

THE CHRONICLE

346

BALANCE SHEET DEC. 31.
1910.
1911.
1910.
1911.
$
Liabilities$
$
S
AssetsCapital stock
12,000,000 12,000,000
Coat of road, equip.
4,000,000
Bonds
5,639.500
16,419,375
_17,381.082
estate
real
and
275,000
Bills payable
Accr. taxes, Insur.,
75,974
76,789
276,313 Tickets
290.250
int., &c
intaxes,
Accrued
146,000
156,288
reserve_
Insurance
surance, inter23,294
*481,975
Cash in hand
93,855
107,331
est, &c
55,000
Bills receivable_
33,711 Dividends due and
34,280
Tickets of oth. cos.
182,128
183,175
accrued
50,653
46,725
Material &supplies
156,475
146,463
1,872 Fire ins. reserve
2,816
Accts. receivable_
150,000
Deprec'n reserve_
300
Miscellaneous._ __
232,799
80,446
Profit and loss ____
18.393,716 17,006,219
Total
18,393,716 17,006,219
Total
$193,Cash in bank, $481,975, consists of $138,150 to credit of operating account,reserve
825 to credit of bond sales account and $150,000 to credit of depreciation
fund.-V. 94, p. 278.

Brunswick Terminal 8; Railway Securities Co.
(Reportfor Fiscal Year ending Dec. 311911.)
President T. D. Rhodes says in substance:
Results.-The policy of improvements inaugurated by the present management has found justification in increased earnings and in the outlook for
still better returns in the near future.
The tracks of the City & Suburban Street By. have been extended on L
St. to North Boulevard., 2-3 of a mile, in order to reach certain industrial
plants and to develop a section in which this company is a large owner of
real estate. The gross earnings of the street railway lines were $33,629,
an Increase of $4,604, or almost 16%.
The gross earnings of the Mutual Light & Water Co. were $78,826, an
Increase of $5,715, equal to 7.83%. Gas mains were extended 1,020 ft.
to reach additional consumers on a guaranteed profitable basis. The
water mains have been extended 2,640 ft., giving greater fire protection
under city contract and affording new domestic service connections.
While real estate investments in Brunswick have been subject to the
same depression prevailing everywhere else, it is believed that the turning
point has been reached and that 1912 will show a considerable improvement
both in the number of transactions and in the prices obtainable. The year
just closed has, speaking from an industrial point of view, been unquestionably the best in Brunswick's history. The Georgia Veneering tre Package Co., employing over 100 operatives, has erected a large factory and
purposes greatly enlarging the same as soon as the Government's improvements in the Altamaha River are completed. The South-Eastern Naval
Stores Co. will shortly complete a factory costing $250,000 for the manufacture of rosin and turpentine, and has decided to double its capacity
by June 1. The owners of this last-named enterprise also contemplate the
erection of mills for the manufacture of pulp wood. A number of smaller
Industries have also been secured. The growth of the oty is evidenced by
an increase of 39% in the Post Office receipts and by large increases in
both exports and imports.
A hotel of 100 rooms and a street railway line were built early in the year
adjacent to the company's real estate holdings on St. Simon's Island, and
attracted visitors from a wide territory to Brunswick as an attractive
summer resort. The attention of the public) is also being directed to the
availability for agricultural purposes of large tracts of land In the immediate
vicinity of Brunswick. Several of these development companies have conducted successful experiments In drainage and irrigation.
The extension of the Georgia Coast & Piedmont RR. Into Brunswick has
not yet been accomplished, but Governmental sanction to the bridging of
the Altamaha laver has recently been obtained and its early completion is
oxactically assured
•
'




PROFIT AND LOSS STATEMENT.
1911. 1910.
1911. 1910.
$222
$249
$3,490 $2,991 Building repairs
Rents
1139
159
Interest and dividends. 18,505 17,048 Fire insurance
---525
Discount on bonds
$22,055 $20,039
$13,925 $12,321
Total
$2,549 $2,576
Expenses
3,500 2,979
Salaries
$8,130 $7,718
0,375
Balance,
surplus
6,943
Taxes
BALANCE SHEET DEC. 31.
1910.
1910.
1911.
1911.
LiabilitiesAssets7,000,000 7,000,000
4,974,447 4,974,330 Capital stock
Real estate
Mutual Lt. & W. Co 1,854,000 1,000,000 Real estate sales aco
c unt.
3,800
4,465
NI. L. & W. bonds__ 139,011
6,000
954,000 City &Suburban Ry.
City & Sub. Ry. Co_
9,765 Mutual Lt. & Water
9,765
New buildings
250
Co
53,267
Current accounts_ __ 24,867
15,848
7,718
18,855 Profit and loss
Real est.carry'g acct. 18,855
1,551
5,367
Miscellaneous
7,026,313 7,011,768
Total
7,026,313 7,011,76b
Total
Current accounts in 1911, $24,867, Inc udo bills receivable, $660; cash In banks,
$13,797, and dividends due, $10,410.-V 94, p. 278.

United States Steel Corporation.
(Earnings for the Quarter and Year ending Dec. 31 1911.)
The following financial statement of the corporation and
its subsidiaries for the quarter ending Dec. 31 was given out
on Tuesday after the regular monthly meeting of the directors. The "net earnings" as here shown were arrived at
after deducting each month the cost of "ordinary repairs
after maintenance of plants, employees' bonus funds and interest on bonds and fixed charges of subsidiary companies."
We append the results for the years ending Dec. 31 in 1908
to 1911, inclusive.
INCOME ACCOUNT FOR THREE MONTHS ENDING DEC. 31.
1909.
1910.
1911.
a$23,105,115 $25,901,781 $40,982,74$
Net earnings
Deduct$438,914
Sink, funds on bonds of subsid. cos__ y23,126,594 5 $410,430
6,134,217
15,185,810
Depreciation and reserve funds
5,880,324
5,816,640
5,751,680
Interest on Ti. S. Steel Corp. bonds
1,431,639
1,495,322
Sinking funds on U.S. Steel Corp...... _ 1,560,283
83,123 Cr548,445
Adjust'ts in sundry accts. charged off Cr.81,780
$10,356,777 $12,991,334 $13,336,648
$12,748,338 $12,910,397 $27,046,098
Balance
Dividend on preferred stock_ (1 %) 6,304,919 $6,304,919 *6,304,919
Dividend on common stock_ _ (134 %)6,353,781(1 X)6353781 (134)8895294
$2.11,697 $12,445,885
a$89,638
Surplus for the quarter
EXTRAORDINARY EXPENDITURES ORDERED FOR THE FOURTH
QUARTER.
1909.
1910,
1911.
*251,697 $12,445,885
$89,638
Surplus for December quarter
Surplus from previous 9 months-. 4,645,824 16,520,687 11,076,033
$4,735,462 $16,772,384 $23,521,918
Total
On account of expenditures made and
to be made for additional property,
new plants, construction and dis5,000,000
5,000,000
charge of capital obligations
3,200,000
1,000,000
Reserve to cover adv, mining royalties
$4,735,462 $10,772,383 $15,321,918
Balance, surplus
a This amount may be slightly changed on completion of audit of accounts
for the year. The complete annual report will be submitted at the annual
meeting in April 1911 or earlier.
UNFILLED ORDERS ON HAND (Compare V. 93, p. 1672, 1328).
Tonst
Tons.
Tons.
Dec. 31 '11_•5,084,761 Sept. 30 '08.'6,421,977 Mch. 31 '05_5,597,560
Sept. 30 '11.'3,611,317 June 30 '08.'3,313,876 Deo. 31 '04_4,696,203
June 30 '11_•3,361,058 Mch. 31 '08.'3,765,343 Sept. 30 '04...3,027,436
Mch. 31 '11..•3,447,301 Dec. 31 '07.'4,624,553 June 30 '04__3,192,277
Dec. 31 '10.'2,674,757 Sept. 30 '07_6,425,008 Moh. 31 '04_4,136.961
Sept. 30 '10..•3,158,106 June 30 '07_7,603,878 Dec. 31 '03_3,215,123
June 30 '10.'4,257,794 Mch. 31 '07...8,043,858 Sept. 30 '03 _3,278,742
Moll. 31 '10_•5,402,514 Dec. 31 '06_8,489,718 June 30 '03_4,066,578
Dec. 31 '09.•5,927,031 Sept. 30 '06_7,936,884 Mch. 31 '03...5,410,719
Sept. 30 '09.'4,796,833 June 30 '06..6,809,589 Dec. 31 '02...5,347,253
June 30 '09.'4,057,939 Mch. 31 '06_7,018,712 Sept. 30 '02...4,843,007
Mch. 31 '09.'3,542,595 Dec. 31 '05_7,605,086 June 30 '02...4,791,993
Dec. 31 '08.'3,603,527 Sept. 30 '05..5,865,377 Nov. 1 '01-2,831,692
June 30 '05_4,849,655
'On present basis-see V. 91, p. 1333.
NET EARNINGS FROM OPERATIONS FOR YEAR ENDING DEC. 31.
1909.
1908.
1910.
1911.
$5,869,416 $11,316,014 $7,262,606 $5,052,743
January
5,709,428
7,669,336
7,180,928 11,616,861
February
7,989,327
7,466,834
10,468,859 14,684,001
March
First quarter
April
May
June

$23,519,203 $37,616,876 $22,921,269 $18,229,005
$9,412,573 $13,414,956 $8,163,244 $6,761,680
6,021,279
9,661,228
9,590,444 13,229,289
7,482,797
9,105,503 13,526,716 11,516,019
$40,170,961 $29,340,491 $20,265,756
$12,132,188 $12,530,770 $8,599,630
9,152,311
13,132,755 12.437,754
9,354,333
12,100,244 13,278,383

Third quarter
October
November
December

$28,108,520
$8,750,467
10,710,145
10,062,113
$29,522,725
$9,159,338
6,946,717
x6,999,060

Fourth quarter
Total for year

x$23,105,115 $25,901,730 $40,982,746 $26,246,675
$104,255,563$141,054,754$131,491,414 $91,847,710

Second quarter
July
August
September

$37,365,187 $38,246,907 $27,106,274
$10,512,131 $14,048,205 $9,415,668
8,756,729
8,228,857 13,711,765
8,074,278
7,160,742 13,222,776

x See foot-note to quarterly figures above.
INCOME ACCOUNT FOR CALENDAR YEARS.
1908.
1909.
1910.
1911.
Total net earnings for
$
year (see introductory
104,255,563 141,054,754 131,491,414 91,847,710
remarks)
Deduct7,354,817
6,973.273
25,860,156 f 8,057,130
Sinking funds
122,140,555 21,994,054 15,377,111
Deprec. e, reserve frids}
23,017,294
23,802,648
23,366,761
23,106,925
Interest
25,000,000 15,000,000
Add'I prop., constr., &c.
Reserve to cover adv.
3,200,000
1,000,000
royalties
mining
Cr.94,035
83,123 Cr.548,445
Charged off for adjust'ts Cr.81,780
48,885,301 70,847,571 70,017,720 46,118,997
Total deductions
55,370,262 61,407,183 00,873,694 45,728,713
Balance
Dividends on Stocks25,219,676 25,210,676 25,219,676 25,219,676
Preferred (7%)
(5)25,415,124(5)25,415,124(4)20,332,100(2)10,166,050
Common
50,634,800 50,634,800 45,551,776 35,385,726
Total dividends
Undiv. earns, for year. 4,735,462 10,772,383 15,321,918 10,342,98
As to present outlook, see item on another page.-V.94: p. 141.

FEB. 3 193 2]

THE CHRONICLE

347

General Chemical Co., New York.
(Report for Fiscal Year ending Dec. 31 1911.)
Chairman Win. H. Nichols, N. Y., Jan. 26, wrote in brief:

BALANCE SHEET DEC. 31.
1911.
1910.
1911.
1910.
AssetsLiabtlitiesFem. & fixtures__
11,298
11,127 Cap. stock (issued) 6.590,700 6,590,700
Coal on hand
2,786,385 3,326,394 Accrued rentals...
41,148
44,504
On Nov. 17 1911 the directors declared an extra dividend of 5% upon the Due from agents... 4,285,432 4,379,069
Accts. payable__ 3,049,988 3,152,254
common stock out of the surplus profits of the past year, payable
130,000
common Bills receivables
95,000 Res. acct.(deprce.) 152,999
73,180
stock at par on and after Feb. 1 1912. This dividend amounts toin$407,600.
Accts. receivable
18,127
12,463 Unpaid dividends_
165,651
165,401
The Committee on Stock List of the N. Y.Stock Exchange has recommen
Cash
5.282,364 3,573,51C Profit and loss.... 2,513.120 1,376,530
that on and after Feb. 12 1912 such additional common stock be addedded
to
the list after official notice, making the total amount thus listed
Total
12,513,605 11,402,569
Total
12,513,605 11,402,569
and leaving $3,941,100 common stock authorized but unissued. $8,558,900 -V. 92, p. 523.
After payment of the regular dividends and all necessary charges for depreciation and dismantlement, there has been added to surplus the sum
America
n Real Estate Co., New York.
of
$372,279 over and above the $407,600 added out of profits to the capital.
(Balance Sheet of Jan. 1 1912.)
As the natural growth of business cannot be met wholly by the capital
provided from surplus profits additional capital will be necessary
The company's annual statement given last week in
within
the next 18 months for new construction. The directors have, therefore,
OUT
decided to offer for subscription to the pref. stockholders the remaining advertising department compares as follows:
available $1,250,000 pref. stock (authorized Aug. 16 1910)
par,
at
and
to
common stockholders $855,890 of the remaining amount of common
BALANCE SHEET OF JAN. 1.
stock
at par, these issues being 10%. respectively, of each class outstandi
1912.
ng.
1911.
1912.
1911.
Subscriptions to the additional stock will be payable in four
Assetsquarterly
equal
Liabilitiespayments, the details as to which will be announced later.
$
Real estate & imBonds
and
certfs.,
At their meeting held this day the directors declared a quarterly dividend
provements __*22,310,507 21,664,370
with
accr'd_11,
int.
808,343 10,555,167
of 1 Yi% upon the common stock, payable March 1 1912 to common stock- Aftges. receivable_ 970,095
701,680 Real estate mtges.,
holders of record Feb. 19 1912.
Cash
522,405
288,879
incl. int. to date 10,179,833 10,195.486
Due from agents
1911.
1910.
18,521
1909.
1908.
18,2.10 Accounts payable_
10,696
88.642
Surplus previous year__ 54 090,759 a$3,215,820 $3,189,01
Invest.in
other
cos.
102,000
8 $3,153,905
102,250 Bills payable
125,000
Net profits for the year_ 2,361,880
Sundry
accounts
2,341,339
88,805
1,227,837
2,139,692
116,079 Adv. pay'ts, rentSupp. & equipm't_
27,150
31,329
als,contracts,&c.
21,697
26,881
Total
$6,452,639 $3,557,159 $5,328,710 $4,381,742 Payments on acct.
Reserves & miscel_
37,084
24,465
of real est. contr.
Deduct3,377
7,278 Capital stock
100,000
100,000
Miscell. assets _ _
Pref. dividend (6%)..
91,380
$750,000
98,774 Surplus
$750,000
$660,000
$705,000
1.976,587 1,911,248
Common dividend
(6%)489,078(5%)398,302(4%)296,412(4%)296,412
Total
24,134,240 23,026,889
Charged oil plant amt.._
185,944
159,755
Total
236,312
246,102
24,134,240 23,026,889
Dist. among prof.sharers
137,626
140,343
109,346
*Real estate and improvements include
Res. for U.S. corp. tax_
19,353
properties in process of development,
18,000
15,000
Borough of the Bronx, $4,448,172
; developed properties ready for building improvements
Borough of Manhattan, $179,026; Borough
Total
51.582,001 $1,466,400 51,371,860 $1,192,724
of
Yonkers, $2,159,670), $5,855,113; buildings in of the Bronx, $3,516,418; city
Bal. to sur. acct. Dec. 31b$4.870,1338 $4,090,759 $3,956,850 $3,189,018
course of construction and land
therefor,
rental properties-land and
Exp.on new cons.. &c
$899,090
1,421,948
138,306 $8,275,000$8,526;
535,155
(Borough of Manhattan,
; Borough of the Bronx. $33,526,500;buildings
Exp. on repairs & recomicity
of Yonkers, $95,000). $11.806,500; houses ready for sale, $102.196; total,
str'n chgd. to exp.acot.
600,368
822,310,507.-V. 92, p. 393.
399,511
547.806
463,860
a After deducting common stock dividend of 10% distributed March 16
1910, 5741,030. 3 From which is deducted the
common stock dividend of
5% payable in stock to be distributed Feb. 12 1912 (V. 93, p. 1389),
leaving $4,463,035.
CONSOLIDATED BALANCE SHEET (INCL. SUB-COMPANIES) DEC. 31.
1911.
1910.
1911.
1910.
AssetsLiabilitiesManufacturing inPreferred stock_ _12,500,000 12,500,000
vest. at cost_ __*19,951,240 10,094,079 Common stock_
8,151,300 8,151,300
Invest, in co's partSundry acets acly owned
crued (not due). 476,071
933,892
600,505
409.534
Miacell, investm'te
58,709
Prof.-sharing fund 137,626
48,858
140,343
Mdse.on hand(cost) 3,176,118 3,031,035 Div. pay. Jan. 2._
187,500
187,500
Active customers'
Stock dlv. Feb. 12 407,600
acc'ts & bills rec. 1,442,344 1,321,643 Fire Ins. reserve.. 568,835
485,223
Miscellaneous
52,658 Sundry reserves._
105.961
101
Cash
785,074 1,248,808 Corp. tax reserve..
19.353
18,000
Fire ins. reserve__ 568,835
485,223 Surplus
4,463,038 4,090,759
27,012,323 25.982,660
Total.
Total
27,012.323 25,982,660
*The manufacturing investment 55 above Is figured after deducting mortgages
not due on properties purchased, amounting to $96,300, also the annual deductions
for depreciation, which, together with the cost of repairs and replacemen
ts charged
to expense account from the time of the formation of the company (1899) to the
present date, amount in the aggregate to $8,445,320.-V. 94, p. 126.

Sears-Roebuck & Co., Chicago.
(Report for Fiscal Year ending Dec. 31 1911.)
INCOME ACCOUNT.
1911.
1910.
1909.
Sales, less returns, allowances, discounts, &o
$64,112,191 $61,329,792 $51,011,536
Purchases, all exp. and admin. chges_ 56,948,625 54,360,516 44,391,68
1
Gross profits
57,163,569 $6,069,276 $6,619,855
Other income
310,842
250,046
123,969
Total income
$7,474,411 $7,219,322 $6,743,824
Repairs, renewals and depreciation
5489,444
5409,446
$325,358
Other reserves
50,000
226,106
Common dividend
•(7) 2,624,428 (7)2,100,000(4 ;4)1350000
Preferred dividend (7%)
599,200
617,750
669,375
Surplus for year
53,761,339 $4,042 126 $4,172,985
*Also 33 1-3% ($10,000,000) Stock dividend paid April
1 1911.
BALANCE SHEET DEC. 31.
•
Assets1911.
1910.
1909.
Real est., bhigs., plant, mach., goodwill, pat'ts, 1nvest's in 0th. cos., &c.$40,308,511 530,443,965 $39,242,3
11
Additions during year
x134,256
x864,546
x201,653
Supplies and merchandise
9,381,021
9,309,338
8,362,780
Outside enterprises' Wholly owned..
2,803,951
2,189,674
396,031
Advances to manufacturers
2,638,457
1,862,124
1,288,472
Sundry persons
479,323
509,670
494,555
Due from customers
358,002
160,932
103,450
Due railroads, claims, eec
76,552
95,957
69,843
Insurance and interest in advance_ _ _
34,013
59,268
29,962
Cash
2,381,851
1,123,233
1,674,593
Bonds owned
z2,173,012 z2,187,004 z1,393,523
Total
$60,768,940 557,805,712 553,257,173
LiabilitiesCommon stock
$40,000,000 $30,000,000 $30,000,000
Preferred stock, 7% cumulative
8,500,000
8,800,000
0,000,000
13111s payable
1,000,000
Merchandise and other open accounts 4,876,439
4,307,021
4,539,197
Dividends on preferred stock
148,750
154,000
157,500
Surplus
y7,243,760 13,544,691
9,560,476
Total
$60,768,949 $57,805,712 $53,257,173
x After deducting depreciation. y After deducting $10,000,000(33 1-3%)
stock dividend paid April 1 1911 and $382,270 paid for retiring $300,000
ref stock. z Municipal and railroad bonds, market value.-V.92, p. 797.

Delaware Lackawanna & Western Coal Co.
(Report for Fiscal Year ending Dec. 31 1911.)
1911.

E ACCOUNT.
1910.

1911.
1910.
39,865,403 38,668,250 Profit from osier__ 1,630,382 1,433,253
Coal sales
Expenses-Cost of
Interest, &e.,reed 165,278
109,363
coal & transp'n_36,683,321 35,716,405
---- ----Handling & selling 1,285,759 1.307,825
Total net profit_ 1,795,660 1,542.616
129,746 Dividends (10%). 659,070
Rental trestles,&c. 138,718
659,070
81,021
Taxes and general_
127,313
--Balance, surplus 1,- 136,590
883,546
Total expenses_38,235.111 37,234,997




United Cigar Manufacturers' Co., New York.
(Report for Fiscal Year ending Dec. 31 1911.)
INCOME ACCOUNT.
1911.
1910.
1909.
1908.
Gross profits
52,089.352 $2,332,318 $2,820,977 $2,403,397
Administen & selling exp. 996,958
1,166,809
1,217,654
1,091,410
Profit from operations_51,092,394
51,165,509 51,603,323 51,311,987
Misc, profit ec int. ree'd__
170,751
168,581
179,441
128,230
Total profit
$1,263,145 51,334,090 51,782,764 51,440,217
DeductInt. on loans and deposits $83,718
$78,588
$75,267
$88,540
Divs. on pref. stock (7%) 350,000
350,000
350,000
350,000
Divs. on corn. stock__(4 34)875,000
(6)900,000 (5)750,000
Total
51,108,718 51,328,588 $1,175,267
$438.540
Balance, surplus
5154,426
55,502
5607.497 51,001,677
B.4LA.VCE SHEET DECEMBER 31.
1911.
1910.
1911.
1910.
AssetsLiabilities$
8
Cost of property_*17,252,929 17,244,830 Common stock_
__15,000,000
Insurance, &es....
88,738
115,748 Preferred stock_ 5,000.000 15,000,000
5,000,000
Supplies, &c..... 4,239,661 4,086,345 Accounts payable_
147,625
135,825
Bills receivable... 439,482
451.360 Bills payable
950,000
900,000
Accts. receivable__b2,121,288 83,867,301 Deposits
505,082
589.489
Cash
601,069
845,764 Surplus & reserve.. 3,140,460 2,986,034
Advances
Total
24,743,167 24.611,348
Total
24,743,167 24,611,348
*Trade marks, patent rights and real estate and
machinery
as of Jan. 1 1911,
516,980,830; additional real estate and machinery
acquired during year, less
depreciation, $8,100; Investments In affiliated
companies. $204,000.
b After deducting reserve for discounts, 550,000.V. 94, p. 213, 127.

Great Northern Iron Ore Properties.
(Report for Fiscal Year ending Dec. 31 1911.)
The report, signed by Louis W. Hill, James N. Hill, Walter.
J. Hill and Edward T. Nichols, the trustees, St. Paul, Minn.,
Jan. 20 1911, says in substance:
Old Leases.-Leases to operating companies in effect at the
date of execu
tion of the trttst agreement of Dec. 7 1906 continue unchange
d. These
are mentioned hereinafter as the "old leases."
Termination Jan. 1 1915 of Lease of Properties to
S. Steel Corporation
Interests.-The Great Western Mining Co. has given U.
notice that it will terminate its lease on Jan. 1 1915. No general statement of future
policy can
be made at this time, but in order that a clear understan
ding may be had.
a detailed history of the trust from Dec. 7 1906 to Dec. 31 1911 is
presented
.
The trust was created in virtue of resolutions adopted by the
stockholders
of Great Northern Railway Co., the Lake Superior Co. Ltd.,
which held
certain securities and properties In the interest of stockhold
ers of Great
Northern Ry. Co., being thereby directed to organize the Great
Northern
Iron Ore Properties, and to turn over to the trustees thereof
the
shares of
stocks In certain companies shown in a list appended to
report. These
companies will be hereinafter called "the companies."the
tions it was further provided that any dividends declaredBy these resoluby the Allouez
Bay Dock Co. or by the Duluth Superior & Western
Terminal Co. up to
Dec. 31 1912 should be paid to such trustees,
to be by them applied to the
uses and purposes of the trust.
The trust agreement was executed Dee. 7 1906.
and the certificates of
beneficial interest, representing 1.500.000
shares,
to the holders of the stock of Great Northern Ry.were issued (as a dividend)
Co.
one share of trustees'
certificates for each share of railway stock.
The shares of stock delivered to
trustees under the trust agreement
comprise the entire capital stocks the
of those
, except two; 52%
of the stock of the Leonard Iron Mining Co. companies
thus delivered, and 5,879
shares out of the entire outstanding capitalwas
stock
of
6,488
shares of the
North Star Iron Co., the remainder being still held by the public.
The income of the trustees has been derived from three
(1) Dividends paid by "the companies." (2) Dividends paid by sources:
the Allouez Bay
Dock Co. and dividends paid by the Duluth Superior & Western
Co. (3) Interest earned upon funds derlved from t ,.(;) sources firstTerminal
The control of all the lands is vested In "the companies" eithernamed
by fee
title or by leasehold. Some of these lands had been leased for
prior to the agreement of Dec. 7 1906. The stocks of "the long terms
companie
s"
which had executed such leases were delivered to the trustees,
subject to
the obligations of "the companies" under these leases.
leases, negotiated some time since, were made at relatively low ratesThese
of royalty for the
ore that might be mined from the properties covered thereby.
The lands belonging to "the companies" not covered by
Great Western Mining Co. are all held in fee. They are as the lease to the
yet unexplored.
Tile lease with the Great Western Mining Co., the performan
ce of which Is
guaranteed by the U. S. Steel Corporation, eosers
30,293.88 acres, viz:
in
ffeeee jointly with others, of which "the companies" pro-19,933.81
Owned
d
portion is 7,914.95 acres
15,972.21
Held by lease
3,389.88
Payments Under Said Lease.-The lease to the Great Western
Mining Co..
as originally prepared, provided that at least 750,000 tons of ore
should
be
mid for in 1907. In that year a small amount of ore was taken from a
mine
that had previously been opened, and it was paid for in that year,
the lease
providing that the balance of the minimum payment should be prorated
in

[VoL. Lxxxxiv.

THE CHRONIC LE

348

RESULTS FOR YEAR ENDING DEC. 31.
later years and paid for at the royalty rates of the years in which the ore
might be mined. During 1908, 1909 and 1910 parts of the quotas of ore
1911. •
1908.
1910.
1909.
provided for those years were mined and paid for, and the balance of the Gross earns, from gas_ $838,009
$608,686
*863,6441 $748,119
quotas of ore for those years were paid for as minimum royalties as the Oil earnings
156,7791
lease provided.
368,616
Sale of oil prop. & acreage
In 1911 the full quota of ore provided to be mined in that year was so
mined and paid for, and an excess tonnage was mined over the year's quota
income__ $1,206,625 $1,020,423
gross
*608,686
Total
$748,119
which absorbed the entire credit of the Great Western Mining Co. by Operating exp., rentals,
ts minimum royalty payment for the year 1908 and a part of the credit
$258,7651
taxes, &c
$222,880{ $127,667
*108,739
established by it through its minimum royalty payment for 1909.
169,3441
Gas purchased
34,031
26,406
Other Income.-In addition to their revenues under the leases, "the com- Allowance for free service
12,537
panies" have received a small revenue from interest, rentals, advance roysales,
timber
sales
of
right
of
way, sales of surface rights, &c.
alties,
$778,516
income
$797,543
Net
*594,046
$453,380
Disbursements of "The Cornpanies."-These payments have been for Interest on bonds, &c_ _
78,541
82,525
104,964
105,890
checking operations, &c., at the mines, for registration of land titles and
for miscellaneous expenses; also for royalties on ore taken from lands held
$699,975
$715,018
Surplus earnings
$489,082
$347,490
under lease or as advance royalties on certain properties. No ore has been Accounts charged oil,
mined on these last-mentioned properties except from the Mississippi Mine,
depreciation, dcc
195,111
139,471
27,770
43,310
which is operated by the Great Western Mining Co. "The companies" have
also paid dividends upon their capital stock, a portion thereof going to the
$504,864
$575,547
$461,312
Net surplus
$304,180
stockholders
of
the Leonard Iron Mining Co.and the North Star Co.
minority
The surplus for 1911 ($504,864) was applied as follows: Additions to
It cannot be determined in advance what amounts of money may have plant, *163,747; bonds retired, $290,000; reduction in accounts payable
to be paid to the lessors of "the companies" on account of apportionment (net), $248,228; total, $699,976, less depreciation charge, $195,111;
of the advance royalties received from the Great Western Mining Co. In balance, $504,864.
view of such obligations, contingent and positive, it is necessary to retain
BALANCE SHEET DEC. 31.
a, large amount of funds as a reserve to meet the same. As the Great WestAssets1908.
1911.
1910.
1909.
ern Mining Co. will terminate its lease on Jan. 1 1915, income from that Investment
(lines, wells, .
lease will stop from that date. The payment of advance royalties as rentacreage,
&c.)
$4,799,968
$5,466,254
$5,456,613
$5,036,203
be
a
continuing obligation
als of the properties leased "the companies" will
Cash and accts. receivto preserve such leaseholds.
able, less accts. pay'le
13,735
41,061
Outlook.-While methods of handling the property subsequent to the
termination of the Great Western Mining Co's lease are being perfected,
$4,841,029 $5,479,989 $5,456,613 $6,036,203
business prudence dictates that the reserves in band should be maintained,
Liabilitiesand increased as much as possible, to the end that the interest of "the com- Accts.
pay'le, less accts.
panies" in the properties should be conserved and be made available.
$385,300
$271,202
receivable and cash_ _
Bonds: 1st M. bonds.
Ore Contents.
$750,000;2d M.bonds,
(a) Estimates by Great Western Mining Co. Jan. 1 1911 as to Properties
1,240,000
1,395,000
*930,000 *1,085,000
$180,000
Leased to It (Tons)2,000
108,058,756 Pipe line company
In lands owned in fee
108,236.283 Capital stock (30,000
In leaseholds of the first class
3,000,000
3,000,000
3,000,000
shares, par $100)
3,000,000
106,085,632
In leaseholds of the second class
370,001
1,394,989
831,313
Surplus
909,029
322,380,671
' Total under lease to Great Western Mining Co
Total
$4,841,029 $5,479,989 *5,456,613 *6,036,203
(b) In Mines Covered by the "Old Leases"-V. 94, p. 213.
85,704,722
Total from records of State Tax Commission May 1 1911

E. Grand

American Brass Co., Waterbury, Conn.

408.085,393

total

SHIPMENTS AND REVENUE. •
'• • 7,..; •
(Report for Fiscal Year ending Dec. 31 1911.)
-Under Great West. Mining Co. LeaseUnder "Old Leases"
RESULTS OF AMERICAN BRASS CO. (PARENT CO.)
Revenue
Tons
Average Average Royaity,incl.
Average
Tons
1910.
1911.
1911.
1910.
Royalty. Received. Shipped. % Iron. Royalty. Freight.
Mined.
$
2,902,880 13.9940c. $406,229 137,270 58.7641 $838726
$225,020
1907
992,000
1,069,860
cos_
Current
76,568
from
sub.
expend.,
&a_
192,833
Divs.
248,050
508
19.1548e.
65.1498
1.294,976
1,006
1.180295
1908
Paid for real estate__ 37,950
443,611
41,624 56.4001 .792687
32,995 Paid on account by
1909 _ 2,964,051 14.9664c.
40,000 Loans to subsid. cos_ 90,500
subsidiary cos_
455,079 2,046,970 56.9633 .853830 2,854,379
1910 ___ 2,993,893 15.2002e.
118,419
Paid
140,565
for stocks in
received_._
Interest
305,089 5,344,078 58.2148 .945308 8,591,831
1911 .._ 1,758,182 17.3525c.
8,676
25,000
3,710
other companies__
Accts. receivable.&c.
1
Dividends
Jan.
(8%)____ 900,000 900,000
balance
Cash
$1,858,058
7,570,450
57.8769
11,913,982
.917818
11,705,231
Total
58,644
27,626
88,104
Exp.for
bills&acc.rec.
1911
Add for 1910 (106,007 tons) and 1911
261,688 49.00
.30
265,829
(155,681 tons)
Total deductions_1,105 018 1,205,937
2,693,154
Deficiency minimum royalty (net)
58,644
1,194,919 1,264,581 Balance
89,901
Total
156,184
Interest earned on unapportioned minimum
BALANCE SHEET JANUARY 1.
7,832,138
$14,820,398
Grand total_
1912.
1911.
1911.
1912.
Note.-The schedule price of ore shipped by the Great Western Mining
LiabilitiesAssetsCo., when hauled by the Great Northern By. Co., includes delivery at Cash
89,901
_15,000,000 15,000,000
68,644 Capital stock
Lake Superior, the rail freight being paid by the lessor companies. This Due from sub. cos_ 2,379,756 2,304,756 Surplus
220,552
28,984
freight has been 80c. per ton, but on Dec. 1 1911 was reduced to 600. per Bilis receivable_ _
139,248
128,036
ton. No ore was shipped during the month of December 1911. For con- Accts. receivable
16,217
12,468
the
rates
for
Great
Western
royalty
Mining
Co.
above
shown
the
venience,
37,950
Real estate
are net rates; that is, the royalty rate after deduction of freight.
Stock subsid. COS- 12.557.480 12,525,080
TRUSTEES' STATEMENT OF RECEIPTS AND DISB URSEMEN TS.
1910.
1911.
1909.
1908.
$2,365,434 $2,105,000 $1,560,000 $1,745,000
Dividends
12,005
6,479
4,214
Interest, &c
Total receipts
Expenses
Distributions *

$2,377,439
$88,197
750,000

$2,111,479
$67,627
2,250,000

$1,560,000
$77,095
1,500,000

$1,749,214
$75,390
1,500,000

Balance for period _sur.$1,539,242 def.$206,148 def.$17,095 sur.$173,824
32,831
238,979
256,074
82,250
Balance brought forward
Total sur. Dec. 31__ _ $1,572,073

$32,831

$238,979

$256,074

Distributions: In 1911, 50 cts.; in 1910, $1 50; in 1909, $1; 1908, $1.
RECEIPTS, dec.. AS REPORTED BY AGENTS OF THE TRUSTEES
•
DEC. 7 1906 TO DEC. 31 1911.
Receipts from old leases
Receipts from Great Western Mining Co
Miscellaneous receipts

$1,858,058
14,820,398
937,371

$17,615,827
Total receipts
isbursements: Freight on ore shipments, $4,944,264; dividends
paid trustees, $3,685,434; dive, paid others, $615,514; royalities, $2,381,678; advance royalties, $2,714,805; misc.,$320,181)14,661,875
Excess of receipts over disbursements

* This item (including interest) represents amounts received from Great
Western Mining Co., against which shipments will be made in future
years.-V. 93, p. 1194.

Wichita (Ran.) Natural Gas Co., Pittsburgh, Pa.
(Report for Fiscal Year ending Dec. 31 1911.)
The report, dated Pittsburgh, Jan. 16 1912, says:
Since the last annual report your company has str ngthened its gas supply by developing acreage in the Hogshooter gas fields of Oklahoma, and
by making valuable contracts for gas supply from extensive holdings in the
same field. Line extension to the amount of approximately 55 miles were
made during the year. Including 37 miles of 8-in. pipe, 3 miles of 12-in.
and a one-half interest In 15 miles of 18-in. We also developed'a very rich
oil property and sold the same at a large profit (*368,616), as shown by
the financial report.
Your company as of Dec. 31 own and operate 45 wells and has a leasehold interest in approximately 25,389 acres.
Your company supplies the following cities and towns: Wichita, Winfield, Grenola, Burrton, Douglass, Mulvane, Bentley. New Salem, Mt.
Hope, Hutchinson, Wellington, El Dorado, Halstead, Belle Plaine, Derby,
Atlanta, Oxford, Haven, Newton, Arkansas City, Burden, Udall, Valley
Center, Sedgwick, Rose Hill, Cambridge.
Directors (and officers): L. G. Neely, Pres.; Walter S. Hoyt, 1st V.-Pres.
and Treas.; E. P. Whitcomb, 2d V.-Pres.; F. L. Bartlett, John A. Bell,
N. V. V. Franchot, John W.Smith, Robert Law Jr. and Harry W. Davis.

15,220,552 15,028,984

Total

16,220,652 15,028,984

COMBINED RESULTS OF SUBSIDIARY COMPANIES.
1911.
1910.
1911.
1910.
Earnings for year 1,445,543 1,887,006 Total income___ __13,696,275 13,320,593
Previous surplus __12.250,732 11,433,587 Deduct dividends_ 992,000 1,069,860
Total
13,696,275 13,320,593
Balance, surp__12,704,275 12,250,733
COMBINED BALANCE SHEET SUBSIDIARY COMPANIES JANUARY 1
1912.
1912.
1911.
1911.
$
LiabilitiesAssets$
$
$
Capital stock__ _ 5,550.000 5,550,000
Real estate, mach.
and tools « ----- 9,057,723 9,203,298 Loans from parent
2,379,756 2,304,756
company
841,578
Cash
902,923
Accts. receivable__ 4,101.689 3,976,374 Current accounts &
bills payable_ 1,222,725 1,689,856
Bills receivable... 500,826
421,819
Stock of other cos_ 3,137,056 3,135,651 Reserve for contin1,000,000 1,000,000
Patents
gencies
1,000
1,000
Material & supplies 5,216,885 5,154,278 Surplus
12,704,278 12,250,733
Total

22,856,757 22,795,345

Total

22,856,767 22,795,345

« After deducting in both years $500,000 for depreciation.-V. 93, p. 1709.

American Light & Traction Co.
(Report for Fiscal Year ending Dec. 31 1911.)

$2,953,952

BALANCE SHEETS DEC. 31 1911.
Agents' Statement.
Trustees' Statement.
Assets (85,652,246)Assets ($1,574,318)$1,570.097 Due from proprietary cos-$2,698,294
Cash
4,221 Investment securities_ __ _
920,009
Interest accrued__ _
Net cash and accts. receiv_ 2,033,942
Liabilities ($1,574,318)$2,246
Liabilities ($5,652,246)Unpaid distributions
Due proprietary cos
Undistrib. income Dec. 31
*2,802,908
1,572,073 Minimum royalties (see *) 2,849,338
1911




Total

RESULTS FOR CALENDAR YEARS,
1910.
1909,
1911.
Earns. on stk. of sub. cos.$3,618,793 $3,387,883 $3,033,668
444,669
Miscellaneous earnings_
525,260
311,773

1908.
$2,452,873
270,191

$3,832,552
119,688

$3,345,441
106,262

*2,723,064
45,000

$4,030,243 $3,712,864
Net earnings
$854,172
$854,172
Div. on pref. stk.(6%),f3)997,560
Cash div.on com.stock(10)1,101,388(9)

$3,239,179
$854,172
(0)778,495

$2,678,084
$854,172
(7)495,082

Gross earnings
Expenses

$4,144.053
113,810

$1,955,560 $1,851,732 $1,632,667 $1,349,254
Total dividends
$2,074,683 *1,861,132 $1,606,512 $1,328,810
Balance, surplus
There was also deducted in 1911 $1,101,587 (10%) for stock dividends
on common stock, against *997,665 (10%) in 1910, leaving 6973,098 in
1911 against $863,507.
CONDENSED BALANCE SHEET DECEMBER 31.
1911.
1910.
1911.
1910.
$
$
LiabilitiesAssets$
.14,236,200
acc't_27,423,495
14,236,200
stock
Investment
28,422,768 Preferred
Temporary invest_ 2,043,714 1,998,925 Corn. stk. In trees_ 3,573,800 4,655,800
39,908
14,268 Cora. stk. outst'g_11,426,200 10,344,200
do IntAdivs.rec.
.01
11,400
«1 Coll. tr. 6% notes_
Treasury stock_ __
165
do int. accrued_
Undtv. profits sub6,153,191 4.680,656 Undivided earns__ 3,766,969 3,687,870
sidiary cos
res've
4,068,758
578,388
3,274,75
967,605 Reconstrua.
Bills receivable_
67,112
75,086
41,055
205,716 Accounts payable_
Certf. of indebt
730,753
Managers stk. con. 163,000
176.400 Dividends accrued 784,853
2,398,897 1,358,080 Contingent fund__ 981,582
960,582
Cash
74,457
73,160 Deposits on man.
Acc'ts receivable_
stock contracts_
21,238
15,647
33,425
Taxes In adv., &o_
33,046
Total

38,950,137 37,897,480

Total

38,950,137 37,897,480

$3,573,800 of the company's common capital stock.-V.93, p 347.

FEB. 3 1912.]

THE CHRONICLE

Creamery Package Manufacturing Co., Chicago.
(Report for Fiscal Year ending Nov. 30 1911.)
EARNINGS FOR YEARS ENDING NOV.30.
1909-10.
1910-11.
$333,342
Net earnings
$302,298
Dividends, 8%
$240,000
$241,050
18,976
Depreciation
16,248

1908-09.
$273,713
$240,000
8,713

$74,366

$25,000

Balance, surplus

$45,000

BALANCE SHEET NOVEMBER 30.
1910.
1911.
Resources1911.
1910.
Merchandise -----51,274,407 $1,233,392 Common stock_ __$3,000,000 $3,000,000
..
73,900
Accts. & bills rec. 655,438
840,382 Preferred stock_ __
Special investments 271,264
289,963 Bills and accounts
816,406
984,620
payable
Cash on hand __ __ 251,407
205,923
436,095
391,095
Real estate
Surplus
662,3951
Machinery, tools,
) 1,806,055
plants, &c
1,211,4901
Total
84,326,401 $4,375,715
-V. 93, p. 1791.

Total

$4,326,401 $4,375,715

Results.-During 1911 the salmon markets have been brisk. We operated 14 canneries In Alaska and two in Puget Sound, total 16.
For current repairs and replacements $384,103 has been charged to
operating cost. New improvements and addtions to plants aggregated
$132,308. There has been written off for plant depreciation $117,221,
making their present appraised value $4,332,915. We have expended for
improvements and repairs to fleet $207,726 and have written off from fleet
values $99,981, leaving their present appraised value $1,423,900. The
Association now owns 9 ships, 11 barks, one barkentinc, 3 schooners and
59 steamers and launches, a total of 83 vessels.
The insurance fund has increased $631,898.
General.-The Association maintains six free medical stations in Alaska
for all employees and natives. The policy of the Association to assist in
the development of Alaska has been continued and expenditures exceeding $250,000 for the year were made in the territory.
Our two salmon hatcheries have continued operations; from the red
salmon eggs taken in 1910 67,967,000fry were liberated and 148,546,800 red
salmon eggs were taken. In Alaska the Government continued operating
large salmon hatcheries on McDonald Lake and at Litnik, Afgonak Island.
Bonds -During 1911, $68,000 bonds were redeemed and canceled,
reducing the bonded debt to $1,078,000.
Quarterly dividends of $1 50 per share were paid during 1911.
RESULTS FOR FISCAL YEAR ENDING DEC. 31.
1911.
1910.
1909.
1908.
Canneries operated
16
16
17
15
1,053,015
971,716
1,338,254
1,160,477
Cases packed
$677,140
$721,720 $1,027,606
Net profits
$880,682
Written Off
217,202
217,574
210.952
247,877
345,048
Dividends (6%)
345,048
$114,890

GENERAL INVESTMENT NEWS,
RAILROADS, INCLUDING ELECTRIC ROADS.
Alberta Central Ry.-Sale.-The Canadian Pacific Ry.,
it is reported, has arranged to take over the road.-V. 93,
p. 162.
Baltimore & Ohio RR.-All Sold.-The $10,000,000
4%% equipment trust certifs. sold on Jan. 25 to Kuhn, Loeb
& Co. and Speyer & Co., were all disposed of before the close
of the following day.
Graham & Co., Phila. have purchased and are placing at prices to net
about 4.30% $600,000 '
of these $10,000,000 equipment certificates, which
arc dated Feb. 1 1912 and due in 10 annual installments of $1,000,000 each,
Feb. 1 1913 to Feb. 1 1922 incl. Girard Trust Co., Phila., trustee. Par.
$1,000 c•&r. Secured by a first lien on the following standard equipment,
costing about $11,000,000: 120 consolidation and 30 Pacific type locomotives,3,000 steel hopper cars,2,000 steel coke cars,2,000 steel underframe
box cars, 1,000 gondola cars.-V.94, p. 277.

Binghamton (N. Y.) Ry.-Earnings.-For cal. year:

Alaska Packers' Association, San Francisco.
(Report for Fiscal Year ending Dec. 31 1911.)
Pres. Henry F. Fortmann, San Francisco, Jan. 16 wrote:

Surplus for year

349

$165,720

$779,729

$663,108

GENERAL BALANCE SHEET DEC. 31.
1911.
1911.
1910.
1910.
LiabilitiesAssetsCanneries, fleet, &c 5,756,815 5,804,626 Stock (37,500,000) _.5.750,800 5,750,800
1,078,000 1,146,000
1,351,162 1,127,994 Bonds
Inventories
Current indebtedness 76,336
67,428
Insurance fund in1,158,196 816,471 Insur. reserve fund _1,164,307 819,213
vestment
178,202
6,241
Accounts receivable 292,401 285,916 Contingent reserve
320,970 272,185 Profit and loss...... 631,899 517,009
Cash on hand

Calendar
Gross
YearEarnngs.
1911
$386,631
1910
359,803
-V. 94. D. 205.

Operating
Expenses.
$210,777
207,086

Net
Earnings.
$175,854
152,717

Interest and
Taxes.
$112,363
108,498

Balance,
Surplus.
$63,491
44,219

Boston & Lowell RR.-Increase of Stock.-The company
has applied to the Massachusetts Railroad Commissioners for
authority to issue $280,000 additional stock, increasing the
stock to $7,679,400, the proceeds to be used to reimburse
the Boston & Maine RR. for improvements and additions.
The stock is to be sold at public auction.-V. 94, p. 67.
Boston & Maine RR.-New Shops.-The "Boston News
Bureau" says that the Boston & Maine has recently made
a formal request to the Boston & Lowell to finance the earlier
small expenses in connection with the $3,000,000 equipment
repair shop project at Billerica, Mass.-V. 93, p. 1724.
Brooklyn Rapid Transit Co.-Fare to Coney Id.-It was
announced on Jan. 31 that the hearing on the complaint before the Public Service Commission would be discontinued,
an agreement having been reached.
Round-trip tickets on the elevated lines only will be sold for 10 cents,
good between 6 and 9 a. m.at the Coney Island terminal and between 4 and
7 p. m. from Manhattan and Brooklyn, from May 15 to Sept. 15. This
is for the benefit of Coney Island residents who work in Manhattan and
Brooklyn. Children leaving the island to attend school will be allowed to
return at any hour in the afternoon, and the reduced fare for them will be
continued as long as the schools keep open. The five-cent fare from Manhattan to Coney Island in non-rush hours, which was tried last August and
September, for the benefit of mothers and children, will be put into effect
again this year from May 15 to Sept. 15, with the time for the returnto
Manhattan extended to 4:30 p. m.-V.93, p. 812.

Canadian Northern Ry.-Sale of Terminal Bonds.-It is
announced in Montreal that Morgan, Grenfell & Co. of London have purchased about $7,500,000 terminal bonds at a
price reported as about par, the proceeds to be used for
making improvements in and around Montreal, including
the construction of a tunnel under Mt. Royal.-V.94, p. 206.
_8,879,544 8,306,692
Total
8,879,544 8,306,692
Total
Canadian Northern Ontario Ry.-Listed in London.-The
-V. 92, p. 1107.
London Stock Exch. has listed scrip for £7,000,000 3%7
0
Baldwin Co.(Pianos, Organs and Player-Pianos), Cincinnati. guar. 1st M. deb. stock, 1961. See V. 93, p. 1667, 1599.
Canadian Pacific Ry.-Listed.-The London Stock Exch.
(Report for Fiscal Year ending Dec. 311911.)
has granted a quotation to the £1,000,000 new 4% non-cum.
This company, Lucien Wulsin, President, and A. P. Hage- pref. stock and £1,000,000 4% perpetual consol. debenture
stock, making listed £12,428,082 and £30,225,428, respecmeyer, Secretary and Treasurer, issues the following:
tively.
SALES AND INCOME ACCOUNT, YEARS ENDED DEC. 31.
Total
Total
Add. to
Acquisition.-See Alberta Central Ry. above.-V. 94,
Dividends
Dividends
Added to
Sales.
Earns. Reserve.
on Pref.
Surplus. p. 206, 122.
on Corn.
1911 __$4,793,983 $313,302 $70.636 (6%)398,000 (8%)80,000 $114,666
1910 __ 4,933,825 330,260 71,181 (6%)48,000 (8%)80,000 131,079
Chicago City Ry.-Acquisition.-See Southern Traction
1909 __ 4,970,002 411,130 112,095 (6%)48,000 (8%)80,000 171,035
1908 __ 4,277,522 306,031 61,937 (6%)48,000 (6%)60,000 136,094 Co. below.-V. 93, p. 1785.
4,549,124
360,775
94,743
1907 __
(6%)48,000 (5%)50,000 168,032
Chicago City & Connecting Rys.-Report.-Collateral
1906 __ 4,423,572 372,278 64,701 (6%)48,000 (4%)40,000 219,577
rust income statement:
GENERAL BALANCE SHEET DEC. 31.
191..
1910.
1911.
1910.
Assets$
Real est. and bldgs__ 597,097 562,097 Pref. stk.(6% cum.) 800,000 800,000
342,201 318,708 Common stock
Machinery
1,000,000 1,000,000
144.752 166,831 Surplus earned
Cash
1,776,689 1,662,023
Bills & accts. receiv.1,897,279 1,687,506 Reserves
732,432 661,796
Accts. pay'le & taxes 164,389 171,486
Mdse., raw and man1,338,286 1,294,263 Bills payable (incl.
ufactured
ground rents)
Good-will, pat'ts,&c. 690,000 690.000
536,100 424,100
5,009,610 9,719,905
Total
Total
5,009,610 4,719,905
Office, 142 West 4th St.. Cincinnati.-V. 92, p. 1107.

Rotary Ring Spinning Co.
(Reportfor Fiscal Year ending Dec. 31 1911.)
The report says in substance:
The company, which has in the past bought rings and bases and assembled
them at its factory, is now manufacturing both rings and bases,and Is in a
position to supply the trade with either stationary or rotary rings, our
profit being about tho same on both.
The mill business during the last year has been extremely dull and the
mills have not bought anything they could avoid. The company has
therefore devoted its energy largely to placing its rings in mills on trial.
The result has been uniformly good and our agents believe that when business in the cotton industry Improves,we shall secure large orders, notwithstanding the strong opposition from the manufacturers of older rings.
BALANCE SHEET DEC. 31.
Assets1910.
Liabilities1911.
1911.
1910.
Patents ,S: machinery a$578,759 $576,782 Capital stock
3775,880 3775,880
Securities owned
151,200 100,000 Accounts payable.... __
523
1,133
Inventory
15,940 Profit and loss
16,199
6,632
Cash, loans and accts_ b36,877 b54,800
Profit and loss
29,991
Total

5783,035 $777,013

Total

$783,035 $777,013

a Includes patents, $572,624; machinery, $6,135. b Includes cash, $6,532; loans, $11,220, and accounts receivable, $19,125.
The balance sheet of the American Worsted Machinery Co. (controlled by
stock ownership) of Dec. 31 1911 shows total assets (incl. cash, $261; accts.
receivable, $2,246, and profit and loss, deficit, $5,713), $111,220, offset by
capital stock, $100,000, and accounts payable, $11,221.-V. 93, p. 43.




Calendar
Year-

Divs.

Income
Int.

Gross.

Bond
Gen. Divs. on Surp.
Interest. Exp. Part.Shares. Inc.

1911
2,537,968 79,704 2,612,672 1,100,000 48,762 1,925,000 38,910
1910
2,361,828 225866 2,587,494 1,096,525 40,267 1,425,000 25,702
-V. 93, D. 345.

Chicago & Milwaukee Electric RR.-Committee-Earnings.
-Harry Goodman has been made Secretary of the new
reorganization committee.
Receiver W. 0. Johnson has filed a statement in the U. S. District Court
showing that the net income for the year 1911 was $227,717,
against
$148,829, an increase of $78,888.-V. 94. P. 206.

Chicago Milwaukee & St. Paul Ry.-Explanation as to
Reduction of Dividend on Common Stock from 7% to 5%
Basis.-Chairman Roswell Miller says:
The cut in the dividend was made necessary by the reduction of net
earnings which was caused by the failure of crops in the Dakotas and Minnesota and by the depressed condition of general business, which seems to
furnish no immediate prospect of Improvement.
We can hope for better earnings from crops during the next fiscal year
but there is no prospect of improvement in general conditions, and In addition to the decreased volume of merchandise and manufactures, there Is
the continued reduction of rates and the high cost of labor.

"Financial America" on Jan. 27 and Jan. 29 said:
During the six months ended Dec. 311ast the company,including interest
received from the Puget Sound extension and all other net income, earned
a trifle more than 2
on its common stock, or at the annual rate of a
little over 5%.
It is not expected by well-informed interests that the earnings during the
last half of the current fiscal year will be any better than they were during
the six months ended Dec. 31 last. The lumber trade is extremely dull and
the movement of other classes of tonnage is on a more or less restricted
It probable, however, that unless the percentage earned on
scale
the common stock falls much below 2 %% for the period, and the outlook
for crops is exceptionally unfavorable, the next dividend declaration will be
2 %, the same as that announced on Thursday last.
The condition of the company's roadbed and structures, as well as the
rolling stock, is said to be in a high state of efficiency. On the Puget Sound
line nearly all of the wooden bridges have been replaced with steel structures, and the condition of the roadbed to the Coast is in first-class shape.
It is learned that the 1912 budget will include the expenditure of about
$5,000,000 for new rolling stook. The company has decided to build and

THE CHRONICLE

350

purchase 100 new locomotives and 2,500 new freight cars. Another important expenditure will be $1,000,000 for grade revision and alignment on the
Chicago & Council Muffs division. It is also contemplated to expend in the
neighborhood of $1,500,000 for new yards at Chicago, Milwaukee and
Seattle. This makes a combined total of between $7,500,000 and $8,000,000.
Most of the construction work will consist of the building of branch line
feeders for the Puget Sound extension.—V. 94, p. 278.

Chicago & North Western Ry.—Bonds Called.—Five and
six per cent sinking fund bonds of 1879 to the amount of
$135,000 drawn for redemption Feb. 1 are being paid at the
Farmers' Loan & Trust Co., New York, at 105 and accrued
interest to Feb. 1 1912. The numbers will be found in our
advertising columns.—V. 94, p. 206.
Chicago Railways.—New Director.—Williston Fish has
been elected a Vice-President and also a director to succeed
R. G. Hutchins, who resigned.—V. 93, p. 1724.
Chicago Rock Island & Pacific Ry.—Subscriptions.—Subscription books for the $20,000,000 5% debentures, offered
last week, were closed at the office of Speyer & Co. at 3 p. m.
on Jan. 29. The subscriptions, it is stated, were very satisfactory. See V. 94, p. 278.
New Officer.—A. C. Ridgway,formerly Assistant to F. 0.
Melcher, 2d Vice-Pres., who was recently killed in the wreck
at Kinmundy, Ill. has been made acting Second Vice-President.—V.94, p. 278,
' 206.
Chicago & Southern Traction Co.—Ordinance Passed.—
The City Council on Jan. 29, by a vote of 47 to 18, passed the
ordinance providing for the acquisition by the Chicago City
Ry. of the lines of the Traction Co. inside the city limits.
The result will be that a 5-cent fare will obtain from 119th St. on the
south to Howard Ave. on the north, a distance of about 30 miles.
By the terms of an operating agreement between the companies, which
Is made part of the ordinance, the interurban cars of the Chicago & Southern Traction Co. will run to a downtown terminal at Harrison St. and the
alley between State St. and Wabash Ave. The right to carry express matter on the Interurban oars between 11 and 5 a. m. terminates one year
from the date of the passage of the ordinance, and the City Council may
order the freight terminal removed to any point south of Twelfth St. which
may be determined upon.—V. 93, p. 1725.

Chicago Subway Co.—Underwritten—Penalties.--The reorganization committee gives notice to holders of bonds of
the Illinois Tunnel Co. and bonds or stock of the Chicago
Subway Co. that the committee has provided for the underwriting and payment of the assessments pertaining to certain
of the securities of said companies under the plan, and that
hereafter and until March 1 1912 no bond of either company
may be deposited except upon the payment of the assessment,
and the further payment of a penalty of $75 per bond. Deposits of Chicago Subway stock are permitted,as heretofore.
It was announced on Jan. 27 that the company would on Feb. 1 reduce
the telephone rates at pay stations from Sc, to 23;.c.

• See reorg. plan, V. 93, p. 938, 939, 1386, 1532, 1599.
Central Vermont Ry.—New Equipment Notes—Blair &
Co. have purchased and re-sold an issue of $980,000 5%
equipment trust notes dated Feb. 1 and maturing $49,060
semi-annually to Feb. 1 1921. The company has sold to
Blair & Co. $1,000,000 5% equipment trust notes.
The equipment purchased or to be purchased, which will cost approximately $1,100,000, includes 1.000 steel underframe box cars of 60,000
pounds capacity, 200 all-steel hoppers of 100,000 pounds capacity, 11 passenger, baggage and parlor cars, 3 switch engines and 4 Pacific-type passenger engines.—V. 03, p. 1596.

Cleveland (Electric) Ry.—New Officer.—John J. Stanley,
Pres. and Gen. Mgr., having relinquished the latter position,
has been succeeded therein by George L. Radcliffe, Gen.
Supt., but remains as President.
Report.—For calendar year:
Year. Gross Inc.
1911_ ___$6,423,209
1910____ 6,160,379
—V. 93, p. 1190.

Net.
$1,527,239
1,644,636

Int. & Tax. Divs. (6%). Bal., net.
$284,385
$903,635
$907,989
71,478
811,944
904,170

[VoL. Lxxxxiv.

In exchange for the present general lien bonds ($4,253,000) it is said that
adjustment income bonds will be Issued, while the consol. mtge. bondholders
will receive junior liens and provide new funds by t n assessment upon the
bonds. It is reported.that two prominent banking houses have agreed to
underwrite a block of the new prior lien bonds. The plan will make provision for building a cut-off about 22 miles long to shorten the line and avoid
heavy grades on the Ohio Southern division. The allotments of the new
income bonds, it is stated, will probably carry with them shares of preferred
and common stocks.—V. 93, p. 1786.

Georgia Railway & Electric Co.—Lease Approved.—The
stockholders on Jan. 30 approved the lease to the Georgia
Railway & Power Co.—V. 94, p. 123.
Green Bay 86 Western RR.—Distribution on Class B Debentures Increased.—The directors have declared, along with
the usual annual divs. of 5% each on the $2,500,000 stock
and $600,000 "A" debentures, a distribution of
of 1% on
the $7,000,000 Class "B" debentures (the same as in 1911 and
1908), comparing with % of 1% paid in Feb. 1910 and
of
1% in Feb. 1909. All these dividends are payable out of the
net earnings for the year 1911 at 40 Wall St., New York, on
and after Feb. 7 1912 to holders of record Feb. 5 1912.
Div. Record. '98. '99. '00. '01. '02. '03. '04.'05-'07. '08. '09. '10. '11.'12.
4 5 yriy. 5
5
"A"debs. % 2
3
4
4
5
5
5
2
2
Stock _ _ ___
4 5 yrly. 5
5
1 3,4 2 3i 3
4
4
5
5
5
"B" debs_
3.5
—V.92, p. 875.

Guayaquil & Quito Ry.—Coupon Paynzent.—It is announced that Glyn, Mills, Currie & Co., London, are now
prepared to pay the coupon, No. 3, due July 2 1910, of the
$2,486,000 prior lien 6% gold bonds. There are also $10,808,000 1st M. 5s outstanding.—V. 92, p. 1786.
Hagerstown (Md.) Ry.—Change in Control.—The control
of this property has been acquired by a syndicate of Hagerstown and Frederick capitalists, who have elected the following officers and directors:
Pres., Henry Holzappel Jr.; V.-Pres., M. P. Moller; Sec., V. M. Cushwa,
Treas., Alexander Armstrong Jr. Directors: Walter D. Wellson, D.
Ramacciotti, both of Hagerstown; Harvey S. Bomberger, Boonsboro;
David K. Cushwa, Williamsport; Cyrus Frank Flock, Myersville; Emery
Coblentz, Middletown; Dr. F. B. Smith, Thomas II. Haller and S.Lewis
Motter, all of Frederick.—V. 86, p. 1343.

International & Great Northern Ry.—Secured Notes
Offered.—Redmond & Co., N. Y., are offering at 983 and
int., yielding 5.55%, 3 year 5% secured gold notes, due
Aug. 11914, but subject to call at 101 and int. at any time on
30 days' notice. Auth. and outstanding, $11,000,000. Int.
F. & A. See advertisement cn another page.
Digest of Bankers' Circular.
Security.—These notes are secured by deposit with the Central Trust Co.
New York, of $13,750,000 "first and refunding" mtge. 5% bonds, taken at
80% of their face value. The deposited bonds are a direct lien on the company's entire 1,106 miles of road, subject to $11,489,000 of underlying
liens. This issue of notes is thus substantially a lien on the entire property
at less than $20,500 per mile, including prior liens.
Cash aggregating $5,000,000 has recently been obtained by the issue of
securities junior to these notes, and is being expended on the property
An effective agreement has also been made whereby the company, In order
to provide for Improvement requirements during the next three years,
has sold its "first and refunding mtge." bonds to an amount not exceeding
$1,000,000 per annum.
The Texas RR. Commission has placed a minimum valuation of $30,365,047 upon this property, which may be materially increased later; the total
funded debt, including these notes, is only $22,489,000—a large equity.
Property.—The railway extends from Longview, Texas, on the Texas &
Pacific RR., southwesterly via Austin to Laredo. Tex., where it joins the
National Railways of Mexico; also from Fort Worth to Houston, with
trackage into Galveston. Total mileage operated, 1,159 miles.
Earnings for Five Months ending Nov. 30 1911.
Gross earnings
$4,615,403 Fixed charges, about____ $562,435
Net earns., after taxes__ _ 1,541,507 Balance, surplus
979,072
The fixed charges for the year are $1,340,840. The company has thus
earned in the first five months its fixed charges for the entire year and about
$200,000 over.

Bonds.—The Texas RR.Comm.has authorized the sale of
$400,000 1st M. bonds to purchase 5 locomotives, 20 passenger coaches and 100 ballast cars.

Application will be made to the Texas Commission to sell enough additional bonds to cover the cost of 5 more locomotives which the company
needs. The cost of the equipment will be added by the Commission to its
recent physical valuation of the cost of the property.
The Commission has denied the application to issue $3,000,000 bonds at
the rate of $1,000,000 yearly during the next three years to cover the cost
of heavy steel rails between San Antonio and Laredo, 150 miles, and Valley
Junction and Spring, 99 miles.
Offers for the bonds have, it is said, been received at 91 3,6, but a higher
price, it was expected, could be realized. The Commission states that it
cannot depart from its practice, following that of tile Inter-State Commerce
Commission, to permit bonds to be issued for only the net cost of the difference in weight between the old and the new rails, and that its specific
The firm has also bought the $100,000 consol. 1st M. 4s of the Union recommendations to the Legislature to be clothed with power to provide
Light, Heat & Power Co. reserved to replace the Bellevue 6s, and later, for the betterment of Texas roads in the way suggested by the company
when the new bonds are received, will offer the privilege of exchanging the have been without avail.
Bellevue bonds for the Union Lights, which will then be first lien.
The company has deposited in New York sufficient funds to pay the interThe Columbia Gas & Electric Co. guarantees under lease the interest on est due and to become due on all of its obligations fpr the current fiscal year
all bonds of the system; also 4%% on the pref. stock of the parent company, up to July 1 next, Including all payments which are to be made on receivers'
and dividends on its common stock on a sliding scale, originally 3%,now 5%, equipment obligations. President Freeman has signed vouchers for the
beginning with April 1 1912, 53%, and from April 1 1913 6% yearly.— remainder due on equipment obligations and Interest thereon for the fiscal
V. 92, p. 1313.
year and also to provide for the payment of the rental duo April 1 next to
the Galveston Houston & Henderson RR.—V. 93, p. 1725.

krCincinnati Newport & Covington Light & Traction Co.—
Refunding.—On March 1 there will mature $250,000 South
Covington & Cincinnati St. Ry. 6% bonds, and on June 1
$100,000 Bellevue Water, Fuel & Gas Co. 1st 6s. W. E.
Hutton & Co., N. Y., Cincinnati, &c., have bought the $250,000 Cincinnati Newport & Covington 1st consol 5s, due July 1
1922, reserved to retire the St. Ry. 6s, and are offering the
privilege of exchanging the St. Ry. 6s for the new bonds.

Cumberland County Power & Light Co.—Lessor Company.
—See Portland RR. below.—V. 92, p. 465.
Delaware Lackawanna & Western RR.—$12,000,000 New
Stock.—The shareholders will vote Feb.20(1)on Increasing the
capital stock from $30,277,000 to $42,277,000. (2) On
taking a lease of the Syracuse Binghamton & New York RR.
The proceeds of the $12,000,000 new stock will be used for
straightening, widening, enlarging, constructing and completing the railroad lines in Pennsylvania west of Scranton.
r:Delaware Lackawanna (Pc Western Coal Co.—See "Annual
Reports."—V. 94, p. 207.
Detroit Toledo & Ironton Ry.—Reported Plan.—While
the reorganization plan is still under consideration, the following are said to be general features of the proposed plan:

Kansas City Mexico & Orient Ry.—Offering of Collateral
Trust Bonds—Sale of $5,000,000 French Issue of Convertible
53 Never Consummated.—The company, through its fiscal
agent, the United States & Mexican Trust Co., is offering at
par and int. $10,000,000 10-year 5% 1st mtge. collateral
trust gold bonds. Par $100, $500 and $1,000, convertible
and participating. The prospectus, as supplemented by extracts from letter of Pres. Stilwell dated Feb. 1, says in brief:

Each $1,000 of this issue is secured by deposit of $1,000 1st M.4% bonds,
$500 4% pref. stock and $500 common stock of the railway and $500 stock
of the El Oro & Rio Grande Development Co.; total par value, $2,500.
The 5% interest will be paid semi-annually by coupons and all dividends
from the El Oro & Rio Grande Development Co. pro rata by check annually,
making this a participating bond to this extent. The railroad company
can draw and pay off the bonds at any Interest period after 5 years, giving
the Development stock with the cash; or, if the bondholder desires, in lieu
The stock and bond capitalization is to be scaled down from about of cash, 50% pref. and 50% common stock of the Railway with the 50%
$38,000,000 to about $20,000,000, the stock issues,aggregating $25,000.000, stock of the Development Company,thus making these bonds convertible.
to be cut In half.
With the proceeds of this issue the main lino will be extended to a conA new prior lien mortgage Is to be created securing an issue of short-term nection with the line east of Chihuahua, thus forming a continuous road
5% bonds, of which $12,000,000 to $15,000,000 will be Issued from time to from Wichita, Han.,to Chihuahua, Mexico, a distance of about 1,000 miles.
time as funds are required; also an issue of new adjustment income bonds The line from San Angelo to Del Rio will also begcompleted to a connection
of $6,000,000 to $7,000,000 and new preferred and common stocks. • • •
with the National Railways of Mexico,iformIngrEaggvery direct shortiline-




FEB, 3 1_912.

THE CHRONICLE

from the Middle West to the city of Mexico. Work on the Mountain and
Pacific Coast sections will also be pushed vigorously. (See map on page 71
of "Railway and Industrial Section"-Ed.)
Recently, having secured underwriting for a $5,000,000 bond issue in.
France (see V. 93, p. 1324, 1260), no bank could be found to act in connection therewith, on account of interference by the money trust of this country. As the road approaches completion this opposition is more bitter.
Nevertheless, we built 130 miles of track in Texas last year. More than
$25,000,000 has been invested in the road and equipment and about 900
miles of the road completed and 240 miles additional graded. The road has
earned something over operating expenses while building, although there
are four disconnected sections.
El Oro & Rio Grande Development Co.-Incorporated in Arizona with $5,000,000 capital stock in $10 shares to push development in El Oro, Tex.,
the only town of Importance on the Mexican border between El Paso and
Del Rio, a distance of over 400 miles. Contracts are now being made, or
have been authorized, as follows: (a) With Mexican Timberfleids Co. for
exploiting timber lands; (b) for the erection of a tie and timber-treating
plant at El Oro; (c) with Chihuahua do Sinaloa Development Co. for option
on iron, copper, zinc, lead and sliver properties; (d) with K. C. M. & 0. By.
for use of its bridge over the Rio Grande for street railway traffic; and
(e) for franchise rights for street railway, telephone, gas, electric light and
power and water works at El Oro. The company is also planning for a
modern smelter at El Oro, for mining rights on 20,000 acres of land in the
quicksilver section of Brewster County,Tex.;for the erection of a quicksilver
reduction plant; for development of a water power on the Conches River
or its tributaries, and for a hotel and office building in El Oro. The company will also own a townsite on the Mexican side opposite El Oro.
The construction companies which are building the Orient road agree to
pay (by way of subsidy) into the treasury of the development company, as
and when its stock Is issued, to provide working capital: 2% in cash on
the present issue of Orient bonds as sales are made, $200,000; $1,000,000
Orient preferred and 5600,000 Orient common stock, being 10% and 6%,
respectively, on sale of these issues of Orient pref. and common; and 20%
of El Oro Townsite sales. These items are estimated to represent a possible
$1,380,000. Another company will pay to the Development Company,
when the railway connection is made, a loonus of securities estimated to be
worth 5177,000.-V. 94, p. 68.

Lakeview Traction Co. Memphis, Tenn.-Receivership.The Chancery Court at Memphis on Jan. 23, on application
of M. J. Roach, appointed Pres. James H. Sullivan receiver
as a preliminary, it is reported, to reorganization.

351

mortgage 4% gold bonds dated 1888 and due July 1
1938. The Canadian Pacific Ry. Co. guarantees payment
of interest by endorsement. Int. payable in N. Y. or London, J. & J. Now outstanding,$52,225,000. A circular says:
A first mtge. lien on 1,932 miles of railway, including all the lines north
and west of Minneapolis except 287 miles to Boynton; also covers this lastnamed line subject only to $286,000 Minn. & Pac. 4s unexchangcd, and the
493 miles from Minneapolis to Sault Ste. Marie subject to the prior lien of
$8,204,000 M. 8, S. M. & Atl. 4s. The first lien mileage includes the new
extension into Duluth, connecting with the Wisconsin Central By. now
operated as the company's Chicago division, the important Winnipeg division through the entire length of the Red River Valley, and the Pacific
Coast division, connecting with the Canadian Pacific Rys. Western lines.
Guaranty of Interest by Can. Pac. Ry., which Owns Majority of Capital Stock.
For value received, the Canadian Pacific By. Co. hereby guarantees the
punctual payment of the Interest on the within bond at the rate of 4% per
annum at the time and in the manner therein stated.
The company has paid dividends on both Issues of its capital stock In each
year slace 1004, on the common stock 4% till 1908, then 6% tir 1910, now
7%. Securities junior to the first consols: 2d M. 4s, 53,500,000; 7% pref.
stock, $12,603,400; common stock, $25,206,800. At present quotations,
the market equity In the stocks is approximately 552,000,000.
The mortgage limits the Issue of first consols, other than forretiring the
two divisional liens at par, to $20,000 per mile of railway acquired (exclusive of side tracks and switches); they have, therefore, not been available
for the company's heavy requirements on account of improvements and
additions to terminals and equipment, nor for the cost of railway construction above $20,000 per issue. These development expenditures have been
met out of current resources (surplus earnings over dividends have been
over $8,000,000 in the last five years), and by issue of stock for cash,over
$16.000,000 pref. and common shares having been so issued since 1907.V. 94, p. 279.

Nashville Ry. & Light Co.-Report.-For year end.Dec.31:
Net (after Int. on
Total
Calendar
Reserve Pref.
. Div. Balance.
Taxes). Bda„&c. (incl.dep.) (5%)
Year- Earnings.
Surplus.
$1,963,784 $838.449 $404,582 $58,982 $125,000 $249,885
1911
802,438
402,426
1,832,464
220,151
54,860
1910
125,000
-V. 92, p. 1370.

New Orleans Mobile & Chicago RR.-Bonds Sold-Status
of Road, Now Controlled by Louisville de Nashville and St. Louis
de San Francisco.-Douglas Fenwick & Co., 34 Wall St.,
N. Y., offered this week at 953 and int. the unsold portion
of their block of $450,000 "first and refunding" 5s of 1909,
due Jan. 1 1960, and have disposed of the entire amount.
Their advertisement, however, appears for record on another
Louisville Ry.-Bonds Sold.-The company has sold to page of to-day's "Chronicle."
Condensed Extracts from Bankers' Circular.
local bankers $1,000,000 additional 40-year general mortgage
Total Amount Authorized under Mortgage, $35,000,000.
5% bonds at a price reported as par and interest. There Outstanding, covering
404 miles of road, equip., terminals, &c..$12,049,500
pre now $3,000,000 of the issue outstanding.-V.93, p. 408. Held by trustee (Met. Tr. Co.) to retire $33,000 Mobile Jackson
33,000
& Kansas 5s, due 1946
Macomb & Western Illinois RR.-Sale Confirmed.-The Issuable for extensions, equipment, betterments, &c., as pro22,917,500
vided in mortgage
Court at Bloomington, Ill., on Jan. 27,confirmed the recent
In Nov. 1911 the Louisville & Nashville RR. and the St. Louis & San
sale of the road for $50,000 to Calvert Spensley of Chicago. Francisco Co. jointly purchased a controlling interest in the stock.
The new executive committee consists of Henry Walters (Chairman of
-V. 93, p. 469.
L. & N.); B. F. Yoakum (Chairman of St. L. & San Fr.); M H. Smith
L. & N.); B. L. Winchell (Pres. St. L. & San Fr.); and W. F. Owen,
Marquette County Gas & Electric Co., Ishpeming and. (Pres
President of the company.
Negaunee, Mich.-Bonds.-The $250,000 1st M. bonds reWith the purchase of this company the companies named plan to extend
line: (a) from Beaumont north of Mobile, about 70 miles to a point on
ferred to last week, it seems, were sold to the Cont. & Comm. the
the L. & N. near New Orleans, entering that city over L. & N. tracks:
Tr. & Savings Bank and Parson, Son & Co., both of Chicago, (b) From Middleton. Tenn., to Lexington, Tenn., 50 miles, connecting with
the Nash. Chatt. & St. L. (L. & N. system); and (c) From Paducah. Ky.,
jointly, and are offered by them at par and int. See V. 94, to
the Ohio River opposite Joppa, Ill., connecting at Joppa, via a proposed
p. 279; V. 91, p. 1767; V. 93, p. 70.
new bridge, with the Chicago 8; Eastern Illinois('Frisco system), and thus
a direct through line from Chicago to New Orleans and Mobile; being
giving
quar-A
Massachusetts Northern ys.-First Dividend.
970 miles from Chicago to New Orleans. or only 40 miles longer than the
has been declared on the $400,000 present Illinois Central route. The road Is exceptionally well prepared to
1
terly dividend of 14%
from interchange of traffic, there being 15 connecting lines at ten
preferred shares of this voluntary association, payable Feb. 1 benefit
points, crossing at right angles.
The gross earnings for the year ending June 30 1911 were $1,826,135,
to holders of record Jan. 26.-V. 93, p. 1787.
with a surplus of $83,564 (see report, V. 93, p. 870). With the proposed
Middlesex & Boston Street By.-Bonds Offered.-Este extensions forming a through north and south line, the gross earnings per
mile of road, which are now only $4,516, should equal those of the Mobile &
HigginLee,
and
brook & Co., N. Y., Boston and Chicago,
Ohio ($10,000 per mile). Assuming, however, that they are only $8,500
son &, Co., N. Y., Boston and Chicago, are offering at 983i. per mile, and allowing liberally for operation and fixed charges, this railroad
have surplus earnings within two years of the completion of these
and int., yielding over 4%,$500,000 "first and refunding" should
extensions of $1,375 per mile of road, or sufficient to pay 6% on the $2,04% gold coupon bonds dated Jan. 1 1912 and due Jan. 1 000,000 pref. stock, and a balance applicable for corn. stock of over $600,000.
Application has been made to list these bonds on the N. Y. Stock Each.
1932, but callable as below stated.
See also V. 93, p. 1463; V. 94, p. 123, 208.
Digest of Letter from Pres. J. L.. Richards, Jan. 29 1912.
New York New Haven & Hartford RR.-Court Order ComOperates about 98 miles of electric railway in Newton, Waltham, Watertown, Natick, Wellesley, Framingham, Hopkinton, Needham, Westboro, plied With.-Attorney-General Swift of Massachusetts on
Sherburn, Wayland, Belmont and Ashland, connecting with the Worcester Jan. 29 reported to the Senate, in response to an order
Consolidated Street By., the Boston Elevated By. (at 4 points), &e.
Population of the towns and cities served, 132,524. Forms a link in a adopted by the Legislature in 1911, that in his opinion the
through line from Boston to Worcester.
company has complied with the decree of the Supreme Court
Capitalization, Including Bonds Now Offered and after Retiring $240,000 dated June 23 1908, requiring it to divest itself of all interest
Bonds Due Feb. 1 1912.
in or control over the Springfield Street Ry.
Capital stock (all, except 7 shares qualifying directors, owned
The application for a receivership of the Clarksdale Covington & Collierville Interurban Co. was denied without prejudice to a renewal, should
occasion therefor arise. Mr. Roach sued as a stockholder and creditor of
both companies. The Lakeview road extends from Memphis to Lakeview,
Miss., 10 3.6 miles. The outstanding obligations are said to consist of
4235,000 due the Mercantile Trust Co. of St. Louis, secured by $350,000
bonds, and $90,000 additional, of which $30,000 due on Memphis real estate.
Common stock authorized, $500,000; preferred, 51,000,000.

by lioston Suburban Electric Cos., which also owns the Lexington 6: Boston St. By. Co., Norumbega Park and Lexing$1,462,000
ton Park)
Old bonds (Commonwealth Ave. St. Ry. 5s, due Feb:-1 1916,
575,000; Newton St. By.5s, due July 11912, $500,000; Newton
775,000
& Boston St. By. its, due July 11012, 5200,000)
500,000
First and refunding 4 %s, due Jan. 1 1932 (this Issue)
New Bonds.-Par, $1,000. Interest J. & J. at Boston Safe Deposit
h Trust Co., trustee. Callable for payment on any interest day after 30
days' notice as follows: Jan. 1 1917 to July 1 1921, at 107 Si% and int.;
Jan. 1 1022 to July 1 1926, inel.. at 105% and int.; Jan. 1 1927 to July
1931, incl., at 102 54% and int.
Issue limited to $5,000,000, of Which $500,000 arc now outstanding
(this block); $775,000 arc issuable to retire $700000 bonds due July 1
1912 and $75,000 5s due Feb. 11910; 3208,000 arc Issuable at any time for
general corporate purposes and $3,517,000 are reserved for future additions, extensions and improvements. Under the Mass, law the bonded debt
cannot exceed the capital stock, including premiums naid in.
The proceeds of thli $500,000 will be used to pay off part of the present
funded and floating debt. When the $700,000 bonds to be issued to retire
bonds due July 1 1912 are outstanding, the $1,200,000 first and refunding
bonds will be a first lien on the entire property now owned or hereafter
acquired, subject only to 875,000 divisional 5% bonds due Feb. 1 1916.
Total cost of present property, over $3,650,000; appraised at $3,613,025.
Earnings for Years ending Sept. 30 from Properties Now Constituting System.
1910-11.
1908-09.
1909-10.
$702,442
$646,843
$608,559
Total earnings
5206,923
$181,439
$199,610
Net earnings (after taxes)
Annual interest charges on the $1,275,000 bonds now outstanding_ $61,250
For the last four years has paid dividends averaging more than 4 %%
per year, the present rate being 5%-V.94, p. 207.

Minneapolis & St. Louis RR.-Notes Paid.-The $2,100,000 6% notes due on Feb. 1 were paid on that date.
Death of Mr. Hawley.-See items on "Banks, Bankers,
on another page.-V. 94, p. 279, 68.
Minneapolis St. Paul & Sault Ste. Marie Ry.-Offering of
Bonds with Interest Guaranteed by Canadian Pacific Ry.Win. A. Read & Co., N. Y., Boston, Chicago and London,
are offering at 97M and interest $1,520,000 first consol.




The Attorney-General finds that the New Haven Company has complied
with the decree by divesting itself of all right to or title in the stock or other
securities of the New England Investment & Security Co. by surrendering
to that company or transferring to individuals the common stock held by
it at the date of the decree.-V.94, p. 208, 124.

Omaha & Council Bluffs Street Ry.-Dividend Increased.A quarterly dividend of 13i% was paid on Jan. 1 on the
$5,000,000 common stock, comparing with 1% guar.in 1911.
1907.
2%

Dividend Record on Common Stock (Per Cent).
1910.
1908.
1909,
4%
5% (2 3&J and 1 Oct. quay.)
4%

1911
4%

Report.-For year 'ending Dec. 31:
Bal.,
Common
Gross
Net
Cal.
Int.
Pf.Divs.
Other
Sur.
Dividends.
&c (5%).
'
Yr. Earnings. Earnings. Inc. Taxes,
1911 52.740,577 51,280,573 88,845 $777,805 $200,000(4 q)1212,500 $99,113
1910 2,621,456 1,142,209 18,209 754,442 200,001 (4) 200,000 5,976
-V. 93, p. 45.

Pacific Gas & Electric Co., San Francisco.-Bonds Offered.
-N. W. Halsey & Co., N. Y.Phila., Chic. and San Fran.
Harris, Forbes & Co., N. Y.; N. W. Harris & Co., Inc., Boston, and Harris Trust & Savings Bank, Chicago, offered on
Jan. 29 at 923 and interest, netting an income of over 554%,
$20,000,000 'general and refunding mortgage" 5% gold
bonds. Dated Dec. 1 1911 and due Jan.1 1942, but redeemable as a whole Jan. 1 1937 or any interest date thereafter at
100 and int., or in blocks of $500,000 or upwards, or in any
amount for sinking fund, on any interest date at 105 and interest. Par $1,000 c*&r. Bankers Trust Co. and Frank
B. Anderson, trustees. Interest J. & J. Application will
be made to list these bonds on the N. Y. Stock Exchange.
The bonds have all been sold, but the bankers' advertisement appears on another page as a matter of record. A
circular says (see map on page 115 of "Elec. Ry. Section"):

352

THE CHRONICLE

The company serves a large part of the State of California, including San
Francisco, Oakland, Sacramento, San Jose and over 158 other cities and
towns, which, with the intermediate population, includes a total population
served of over 1,350,000; area, 33,000 sq. miles, including 24 of the 58
counties in the State. Owns and operates properties engaged in the manufacture and sale of gas and electricity for light, heat and power, in street
railway operation and in the sale of water. The number of communities
served is as follows: With electric light and power, 162; gas for heating and
lighting, 41; water for domestic purposes, 8; with street railway service
(Sacramento), 1. The development of the San Francisco Bay section (see
aforesaid map) will undoubtedly be greatly stimulated by the opening of
the Panama Canal and the exposition to be held In San Francisco in 1915.
Digest of Statement by President F. G. Drum, San Francisco, Jan. 19 1912.
Incorporated in California in 1905 and now owns in absolute fee all the
properties which it operates, including those heretofore belonging to the
California Gas & Electric Corporation and to the San Francisco Gas & Electric Co. The company ranks as one of the largest and most successful public utility corporations In the United States. All the properties have, with
minor exceptions, been controlled by the company since its organization.
Capitalization-$38,908,750 Stock, $71,912,000 Bonds.
[Upon completion of present financing, involving immediate retirement
of $8,492,502 5s due Jan. 2 1936 and $4,000,000 6s due Dec. 15 1937.j
Stock outstanding (common $28,908,750, pref. $10,000,000) __$38,908,750
"General and refunding mortgage" 5s, present issue
20,000,000
Underlying divisional bonds, to retire which a like amount of
gen.and ref. 53 are reserved (but the aggregate amount of the
present underlying Issues can never be increased)
51,913,000
The proceeds of the present issue of bonds will be applied to the retirement of $12,492,502 of underlying bonds; also to acquiring additional property, providing, It is estimated, for the capital requirements for at least
the year 1912. In view of the rapid development of the territory served,
in order to provide for future financial requirements the authorized issue
of the new bonds has been made $150,000,000, sufficient of which, as indicated above, are reserved to retire the underlying divisional bonds; the
remainder may be issued only for extensions and additions.
These bonds are a direct lien on all properties now owned, all extensions
thereto and all other property acquired through bonds of the new issue,
subject only to the divisional bonds. The company's gas and electric properties in the city of San Francisco have an appraised value of about $27,000,000, and are subject to underlying bonds aggregating only $10,623,000.
The unissued "gen. & ref." bonds are available as to $51,913,000 for refunding and to the extent of $08,087,000 (under safe restrictions) for not
over 90% of the cost of additions, betterments, extensions, &o., provided
the earnings available for bond interest are 1 Si times the annual bond interest, including the bonds to be issued but excluding those held alive in sinking funds. The remaining $10,000,000 bonds may either be issued, under
restrictions, for the stocks and bonds of other companies,or else for betterments, extensions. &c., as above.
Semi-annual sinking fund beginning April 1 1912, an amount equal to
1% of all bonds outstanding, including underlying issues and bonds alive
sinking funds; more than $38,000,000 bonds should thus be retired by 194 Z
Earnings for Calendar Years (Dec. 1911 partly Estimated)-No. of Consumers Dec. 31 1907 to 1910 and Nov. 30 1911.
1910.
1909.
1911.
1907.
1908.
Consumers, gas.
153,566
175,469
140,670
122,304
131,235
84,329
100,459
Electricity __
71,643
63,073
55,704
Water
6,430
7,238
5,939
5,263
5,601
Total
244,325
283,160
218,252
199,909
183,271
Gross earnings_$14,682,869$14,044,596$13,491,288$12,657,305$11,343,140
Net (after taxes) $6,531,305 $8,123,255 $5,959,712
Bond int. paid_ 3,278,177
As compared with net earnings for 1911, amounting, as stated, to $6,531,305, a full year's interest on all the bonds outstanding after the completion
of the present financing will be $3.584.820.
Physical Properties. See Aforesaid Map-All of the Electric Plants are
Linked into One System, with 105 Substations).
Electric.
Water Dept.
Gas,
Plants, No
16
16 49 reservoirs
Capacity
f hydro-el. 92,973h.p.1
41,200,000 18,543 million gallons
lsteam
x99,600h.p.1
cu.ft. gas
Reserve
water power 100,000h.p.
Lines, mains, &o_ _ _ _(61 undergr'd) 3,350miles
602
1,865
Upon completion of work now in progress more than 70% of the capacity
of the steam (electric generating) plants will be of modern turbine construction. The street railway has 38.98 miles of track and 62 cars, the gas department annual sales of 5,884,000,000 cu. ft., the water department has
529 miles of irrigation canals, pipe lines, &o., and 73 miles of mains.
During the past five years the aggregate expenditures for maintenance
have been in excess of $6,000,000 and are now running at the rate of about
$1,400,000 annually. More than $19,000,000 has been expended in the
last six years for improvements, betterments, extensions and other tangible
additions to Its plant. Over $10,000,000 of these expenditures were made
from earnings and sources other than the sale of bonds. A preliminary report by J. G. White & Co. Indicates property, exclusive of intangible items,
largely in excess of the total bonded debt, Including the present issue.
The franchise rights in municipalities are unlimited in time under Art. XI.
of the State Constitution. Most of the rights of way for transmission lines
Is owned In fee, and the county franchises, with minor exceptions, extend
beyond Jan. 11042.
These bonds precede preferred and common stock having a present aggregate market value of more than $25.000.000.-V. 94. . 284.

Philadelphia & West Chester Traction Co.-Increase of
Stock.-The company has filed notice of increase of its authorized capital stock from $1,000,000 to $1,400,000.-V. 81,
p. 1551.
Portland RR.-Lease to New Company.-Arrangements
have been completed to lease the road to the Cumberland
County Power & Light Co. for a term of 99 years. Under
the provisions of the lease a new issue of $2,000,000 stock:
(tax-exempt in Maine) has been created carrying 5% dividends guaranteed by the Cumberland County Co., which is
offered to old stockholders at $110 per share. Until the
latter have had time to take as much of the stock as
they desire, no public offering will, it is stated, be made.
The new stock issue has been underwritten by the bankers.
-V.94, p. 209.
Puebla (Mex.) Tramway, Light & Power Co., Toronto.Prior Lien Bonds, &c.-The letter published in connection
with the offering of $3,000,000 (£616,438) prior lien gold
5a, mentioned in V. 93, p. 1726, says in substance:
Digest of Letter from Pres. Sir Clarendon U. Hyde to Haes & Sons, Nov. 30.
Capitalization.-Fully-paid share capital, $6,500,000. Has also created
$6,000,000 5% 1st M. gold bonds, of which $4,349,900 have been issued
and are outstanding (see V.84, p. 1429); also an issue of $6,000,000 prior
lien 5% 50-yr. gold bonds, which rank in point of security as a first charge
In priority to the 1st M. gold bonds. Of these last, $3,000,000 are now
offered and $3,000,000 are reserved for future use when required.
Properties, ac.-(a) Concession from City of Puebla for electric light,
heat and power till 2007,and contract with city for street lighting up to 1929.
(5) Two hydro-electric plants at Portezuelo, capable of producing 0,500
h. p., and duplicate transmission lines to City of Puebla, and leases till
June 1949 water rights of Portezuelo Falls and reservoir. (c) Two hydroelectric plants on Rio Los Molinos, 4 miles from Portezuelo, generating
1,000 h. p.; also concession from Federal Government for 99 years from
1904 for water rights. (d) Tuxpango and Diaz Rugama concessions for
99 years from 1902 and 1898, granted by Federal Government, for utilization of waters of the Rio Blanco, Dist. of Orizaba, State of Vera Cruz.
e) Concession for 99 years from 1902, granted by Federal Govt., for utilizing waters of Rio Atoyac, In canton of Cordoba, State of Vera Cruz.
(f) Perpetual concession from City of Puebla for the urban tramway system, with special exemption from taxation till 1929, and from competing
Ines on next two parallel streets on either side of streets covered by the




[VoL. Lxx.xxiv.

concession. (g) Concession from Federal Govt. for 99 years from 1889
for operation of suburban and district tramway system of city.
The two tramway systems (at present worked by mule traction) are over
44 miles in length. The plants on the Rio Los Molinos belong to the Compania Hidro-Electrica de San Agustin S. A., a local light and power company in City of Puebla. The Puebla company has acquired the whole of
the shares and debentures of that company and has been working the San
Agustin Company undertaking for some time past.
Business.-In addition to operating the tramways In the city and suburbs,
has developed a large and increasing electric light and power business
in the city and surrounding district. The City of Puebla has a population
of upwards of 100,000, and besides being the capital of the State of Puebla
is the second city in importance in the Republic of Mexico and the centre
of an industrial district noted for Its cotton mills.
The company's business has outgrown the capacity of the plants installed
at Portezuelo, and the concession from the City of Puebla requires a minimum continuous supply of 16,500 h, p. to be available within the city
limits not later than Aug. 1913. The directors have accordingly decided
to lay down a large hydro-electric plant at Tuxpango, with transmission
lines to the cities of Puebla and Vera Cruz. In Vera Cruz it is intended to
supply electricity in bulk to Vera Cruz Electric Light, Power & Traction
Co., Ltd., with whom a contract is being arranged.
Capacity.-The existing installations have, at the switchboard, a continuous power of 7,500 h. p., and, with the masonry reservoir, a peak load
capacity of over 11,000 h. p. The Tuxpango and Atoyac falls, when fully
developed, will give a continuous power of 45,000 h, p. at the turbines and
a peak load capacity of some 70,000 h. p.• At present it Is only proposed
to provide 17,000 h. p. at the turbines, but in a manner enabling complete
Installation when necessary without increasing the capital cost per h. p.
The existing main distribution lines (all new) have a total length of over
112 miles, exclusive of the local distribution systems, and supply the towns
of Puebla, Cholula, Atlixo, Santo Domingo, Apizaco, Santa Ana, Tlaxcala,
Santa Cruz, Panzacola and San Rafael. The new transmission lines, 147
miles In length, will connect the new power plant at Tuxpango with Puebla
(78 Si miles) and with Vera Cruz (68
miles). Work has already been
commenced on the new transmission line and plant, upon which it is proposed to expend approximately £300.000, and should be completed in 1913.
New Bonds.-The $3,000,000 prior lien 5% gold bonds have been sold
to provide the price payable for the shares and debentures of the San
Agustin Company, and funds for the construction and equipment of the
new works, for the repayment of moneys borrowed and used for capital
purposes and for further working capital.
Earnings.-The net earnings for cal. years, subject to interest, depreciation and office expenses (certified by the auditors, except as regards
the current year) are as follows: 1908, £26,845; 1909, £48,115; 1910,
£61,274; 1911 (estimated), £67,500. The revenue has been steadily expand ng, notwithstanding the depression in the cotton industry for the
last three years. The interest on the $3,000,000 prior lien bonds per
annum is alerady covered more than twice over, apart from the revenue
to be derived from the additional 17,000 h. p.
Directors.-Sir Clarendon G. Hyde, President; Right Hon. Lord Cowdray, John B. Body, Esq., Samuel Mackew, Esq., Sir George Scott Robertson, K.C.S.I., M.P., Henry C. Waters, Esq. See also V. 93, p. 286, 1726.

Riverside Traction Co., New Jersey.-Bonds-Further
Data.-Bioren & Co., Philadelphia, write:
Out of part of the proceeds of the $300,000 5% bonds purchased by us,
money will be deposited to provide for the retirement of a car-trust obligation. A contract has also been entered into to acquire all the bonds, indebtedness and practically all of the stock of the Cinnaminson Electric Light
& Heating Co., located at Riverside, and the Bordentown Electric Light &
Motor Co.. located at Bordentown. When this acquisition is made, this
property so acquired will then be placed under the lien of this issue.
The bonds are dated June 1 1910 and due June 1 1960, but subject to call
at 110. Par $1,000. Int. J. & D. at West End Trust Co., Phila. trustee.
Total auth. $1,500,000; out, $868,000; balance, reserved for extensions,
'
betterments.
' &c., $632,000.-V. 94. p. 280.

Seaboard Air Line Ry.-Stock to be Listed.-The executive
committee has authorized the making of an application to
the New York Stock Exchange to list the preferred and
common stocks. The greater part of the holders of the stock
of the Seaboard Co. have accepted the offer under the dissolution plan.-V. 94, p. 69.
• Springfield (Mass.) Street Ry.-Bonds.-The Mass. RR.
Commission has authorized the company to issue $200,000
20-year 4% bonds to provide for floating debt incurred on
account of construction, new equipment, &c.-V.93, p.1789.
Twin City Rapid Transit Co.-See "Annual Reports.
Bonds Sold.-Wm. A. Read & Co. and Hayden, Stone &
Co. have sold on a 4.57% basis $1,000,000 Minneapolis St.
Ry. Co. and St. Paul City Ry. Co. 5% consols of 1903, due
Oct. 1 1928, guaranteed, p. & i., by Twin City Rapid Transit
Co. Total auth., $10,000,000; now out, $9,807,000.V. 92, p. 1637.
Underground Electric Railways Company of London, Ltd.
-Meeting to Approve Plan.-The holders of the 6%.non-cum.
income bonds of 1908, due Jan. 1 1940, will vote in London
Feb. 22 (1) on sanctioning a scheme dated Jan. 18 1912 for
the acquisition by the company of the (X1,200,696) ordinary
stock of the London General Omnibus Co. Ltd.; (2) sanctioning a supplemental trust deed in accordance with which
the income bonds will be endorsed with a statement modifying the conditions under which their interest is payable.
Additional Securities to be Authorized by underground Electric Railways.
(a) An increase of the present authorized issue of income bonds from
£5,200,000 to £6,500,000.
(b) The creation of a new issue of 6% first cumulative debenture stock;
due in 1945, at par, but subject to prior redemption at 125; interest thereon
to be payable out of the profits in priority to interest on the income bonds,
the Income bondholders being given by way of further security a second
charge, subject to the first charge of the above issue of income stock, on all
the ordinary stook of the London General Omnibus Co., Ltd., acquired.
(c) 1,200,696 "A" ordinary shares of is. each (total £60,035) entitled
to their proportion of one-third of the surplus profits after the income
bonds have received their full interest (the other two-thirds to belong to
the holders of the present £10 ordinary shares of the Underground El. Rys.
Co.), and to one-third of the assets remaining after the existing £5,000,000
ordinary shares have been paid in full.
Basis of Purchase of the £1,200,696 London General Omnibus Common.
z
6% Inc. ls.Shares. L10 Shares
4% Bds. 0% Deb.
.
Per £100
f51s
o3
£105 £1.00,0
Total exch. calls for
£1,260,731
Making capitalizat'n
of Underg.E1.Rys.£1,730,000 *1,260,731 6,185,780 60,035 £4,882,522
• May be increased to meet expenses in connection with amalgamation.
Note.-The ordinary stockholders of the London General Omnibus Co.
will also receive from their own company a cash bonus of £8 per £100 in
respect of accumulated profits to Dec. 31 1911.
There will also remain outstanding General Omnibus Co. redeemable
debentures, £654,500 (£300,000 4%, £150,000 "B" 5% and £204,500 "C"
5%), and of 6% preference stook, £391,680. The Omnibus company for
the year ending Sept. 30 1911 had, It Is stated, gross income of £1,906,400
and net available for interest and dividends, £229,456.

Increased Interest on Incomes.-Notice is given, by advertisement on another page, that 1% interest on the income
bonds for the half-year ended Dec. 31 1911, being at the ratA

FEB. 3 1912.]

THE CHRONICLE

353

Ames Holden McCready, Ltd. (Shoe Mfrs.), Montreal.of 2% per annum (free of British income tax) will be paidagainst surrender of Coupon No.8 on March 1 1912,contrast- Bonds.-The London Stock Exch. has listed £143,800 6%
30-year 1st M. sinking fund gold coupon bonds of £100 each,
ing with the previous distributions as follows:
Nos. B5,000 to 6,437. See V. 93, p. 529.
March 1911.
Sept. 1911,
Sept. 1910.
March 1912.
A of 1%
% of 1%
A of 1%
1%
Ann Arbor (Mich.) Water Co.-Report of City's Appraiser
Earnings of Sub.Companies.-For half-year ended Dec.31: in Connection with Proposed Purchase of Plant.-See "Ann
London ElectricRailway.
Arbor" in "State & City" department.-V.92, p. 1703.
Nct
Last Passengers, Gross
Other
Fixed -Dividends- Bat.,Sur.
Rev.
Rev. Income. Charges. Pref. Ordinary. or Del.
Hall- Numlmr.
Bucyrus Company of Milwaukee, Wis.-Pref. Stock£
£
£
£
X
£
£
£
1911_48,666,842 366,190 195,249
7,109 97,283 a63,000 1,46,640 cdef.4,565 Further Facts.-Pomroy Bros. and Edward B. Smith & Co.
1910_ _46,665,279 352,895 185,927 5,166 94,540 a63,000 b34,980 cdef.1,427 have sold, as stated last week, $1,000,000 7% cumulative
Metropolitan District Railway.
pref. stock and $200,000 common stock. The.bankers say:
1911_ __39,051,528 315,606 164,754 49,075
132,614 d83,415
cdef.2,200
1910____36,552,304 300,806 150,213 45,437 131,155 d34,751
sur.29,744
From the earnings of the 6 mos. In each of the two years £7,500 was set
aside by the London Electric Ry.as a reserve for contingencies and renewals
and £10,000 by the Metropolitan District Ry.

a Div. on £3,150,000 pref. stock at the rate of 4% per annum.
b Div. on £9,327,940 £10 ordinary shares, fully paid, at 1% per annum
In 1911, against 3,
1% in 1910.
c Covered by surplus from previous half-year.
d Includes divs. on 4% guar. stock and in 1911 on first preference stock
at the rate of 4
per annum (against 3)% in 1910), and on second preference stock at the rate of 2% per annum.-V.94, p. 209, 69.

United Properties Co. of California, San Francisco.Guaranteed Notes-Properties Controlled.-See United Light
& Power Co. under "Industrials" below.-V. 93, p. 873.
United Railways of St. Louis.-Report.All
Cal.
Net (after Other
Preferred
Balance,
Gross
Interest.
Dividends.
Surplus.
Year. Earnings. Taxes, itc.) Inc.
1911_$11,914,153 $3,924,091 $44,729 $2,740,305
$1,228,515
1910- 11,537,774 3,631,671 43,087 2,793,743 (2 %)$409,580
471,415
• The surplus as above was used in payment of new construction, $1,005,000 notes payable outstanding Dec. 31 1910, and in reducing other outstanding obligations.-V. 93, p. 591.

Business established over 30 years. Manufactures excavating machinery
of every type, steam shovels and dredges for mining, for canal and railroad
construction, for sewers, drainage and foundation work; also railroad wrecking cranes, pile drivers, snow plows, &c.
Successor of the Bucyrus Foundry & Mfg. Co., organized at Bucyrus, 0.,
in 1881. In 1883 it brought out the first Bucyrus steam shovels. In 1891
moved to South Milwaukee. The business suffered in the hard times following the panic of 1893, but since 1896 has increased from about $500,000
to almost $3,000,000 per annum. The present recapitalization provides the
company with the necessary funds for the new plant as well as additional
working capital. [Incorporated in Wisconsin in Nov. 1911-Ed.]
The largest steam shovels weigh 130 tons; some of the mining dredges
weigh more than 700 tons and have an output of 300,000 cu. yards a month.
Bucyrus shovels are in use by the U. S. Steel Corporation; by iron mines in
Norway, Sweden and Cuba; the copper mines of Utah and Nevada; gold
mines of Australia; the Rio Tinto copper mines of Spain; Penn. anthracite
coal fields; in cement and stone quarries,and 77 are used in the Panama
Canal operations. More than 50 of the placer-mining dredges are in use
In the U. S. and many in Alaska, British Columbia and South America.
Dredges operated by induction motors were sold to the Government of
Kashmir, India. A number are also in use in Siberia.
Capitalization authorized: $5,000,000 common and $5,000,000 7% cumulative preferred stock; outstanding, $4,000,300 common stock and $4,000,000 pref.; $1,000,000 pref. and $999,700 common held in the treasury for
future needs. No bonds or mortgage.
The pref. stock is pref. as to p. & d.; no lien or mortgage can be placed
ahead of it without the consent of at least 80% of the outstanding stock.
It is subject to call, all or in part, after three years upon 60 days' notice at
115. From Nov. 1 1914 there is to be set aside each year out of surplus net
earnings not less than $40,000 as a special reserve account for the retirement of the pref. stock until all of it has been retired. No dividends can be
paid on common stock while there is any deficiency in the special reserve,
and none in excess of 57until $100,000 has been so set aside. On default
of dividends for 12 months the pref. stock shall have the sole voting power
until the back dividends have been paid in full.
Public accountants report that the net current assets (without taking into
consideration real estate, plants and equipment valued at over $1,500,000)
are considerably above $2,500,000. The main plant, located in South Milwaukee, comprises 35 buildings, the principal ones of brick and steel. About
1,600 men are employed. An additional plant at Evansville, Ind., to cost
approximately $400,000, will be completed early in 1912. Here the lighter
types of excavating machinery formerly manufactured by the Vulcan Steam
Slaovel Co. will be made. This company, formerly located at Toledo, was
recently acquired by the Bucyrus Co. Over 1.000 men will be employed
eventually.
Est., Both
-Results for Years ending April 30.
1901-02.
1908-09.
1910-11. Avg.9 Yrs. Plants.
1909-10.
Sales.-$1,154,683 $2,037,979 $2,314,338 $2,920,357 $2,092,953
Profits. 122,271
500000
290,239
342,858
349,436
429,366
Amount required for the 7% div. on the outstanding pref. stock_ _$280,000
Howard P. Eells of Cleveland, former President and principal stockholder, retains, with his friends, an interest in the pref. stock of almost
$1,000,000 and is Chairman of the board. The officers were formerly connected with the company in responsible positions.
W. W. Coleman, Pres.; E. K. Swigart, V.-Pres.; D. P. Eells, Treas.;
Howard P. Eells, Chairman of Board, former President Bucyrus Co.; Otis
H. Cutler, Chairman Executive Committee and J. B. Terbell (respectively
Pres. and V.-Prcs. Am. Brake Shoe & Foundry Co.); W. H. Marshall, Pres.
Amer. Locomotive Co.; E. H. Steedman, Gates W. McGarrah, Pres. Mech.
& Metals Nat. Bank D. E. Pomeroy, V.-Pres. Bankers Trust Co.; George
B. Case, Mitchell D. Follansbee, Richard S. Aldrich, H. H. Dean (Edward
B. Smith & Co.), A. H. Lockett (Pomroy Bros.).
,[The "Iron Age" of New York on Jan. 4 1912 had a six-page illustrated
article regarding the plant at Evansville, Ind.-Ed.]

Vandalia RR.-No Dividends Likely at Present.-While the
company succeeded in paying a 4% dividend during 1911, a
period unusually hard upon the company, the history of the
railroad shows that its dividends are usually earned in the
last halgof the year. It is, therefore, we are informed, very
unlikely, even with an improvement in business, that the
company will be able to take any further action regarding
dividends until the fall of 1912.-V. 93, p. 1727.
Virginian Railway.-Stock Increase.-The shareholders on
Jan. 27 ratified the propositions (1) to increase the authorized
capital stock from $36,000,000 to $65,000,000 (the minimum
to be $50,000,000), of which $29,000,000 is to be 5% cumulative preferred and $36,000,000 common stock; (2) to in
crease the directors from 7 to 9. See V. 94, p. 209.
Wabash RR.-Foreclosure Suit.-Suit for the foreclosure
of the "first refunding and extensions" mortgage was instituted in the U. S. District Court at St. Louis on Jan. 29 by the
Equitable Trust Co.of N.Y., as mortgage trustee, acting with
the approval of both the Pierce and Wallace committees.
Later Judge Elmer B. Adams in the aforesaid Court
consolidated the receivership and the foreclosure suits and
authorized Messrs. Delano, Bixby and Pryor, who were continued as receivers in the consolidation action, to issue
$10,000,000 receivers' certificates to provide for payment of
floating debt, the purchase of new equipment and general
improvements and rehabilitation. There is also $1,600,000
(J. I.) Case Threshing Machine Co., Racine, Wis.-Pref.
on deposit in the Equitable Trust Co. applicable to the needs Stock Offered.-Option to Exchange Bonds.-J. P. Morgan &
of the property.
Co., New York City, offered for subscription this week
The order of Judge Adams, it is stated, will permit the expenditure of
cumu$3,525,000 for new equipment (including 25 additional locomotives, &c.). $8,000,000 of the present issue of $12,000,000 7%
$2,954,500 for second-track work and $1,010,000 for misc. expenses. The lative preferred stock trust certificates at par ($100 per
road will be double-tracked between Decatur and St. Louis and at other share) and accrued dividend from Jan. 1 1912. Pre(Ants. The receivers were also authorized to pay $333,550 Interest on
8,000000 notes of the Wheeling & Lake Erie RR. Co., part of the security ferred principal and dividends (Q.-J.). In payment for
or which is $3,500,000 of the Wabash "first refunding and extensions" bds. subscriptions the firm will accept the $2,300,000 serial 5%
Sale of Receivers' Certificates.-The receivers on Feb. 1 gold bonds at 1023i and int., which will be retired by May 1
awarded to Kuhn, Loeb & Co. at 1003 the entire issue of 1912 out.of the proceeds of this issue of pref. stock.
$10,000,000 5% receivers' certificates, par $1,000 each,
J. P. Morgan & Co. announced yesterday that they had
dated Feb. 1 1912 and due Aug. 11913, int. F. & A. These sold the entire $8,000,000 pref. Their advertisement, howcertificates have a lieu on the property prior to the issue of ever, for purposes of record, is published on another page.
"extensions and refunding" bonds. The notes will be issued
The pref. stock is also being handled by Blake Brothers & Co., White.
Weld do Co., Jackson & Curtis, Low, Dixon & Co., Pyne. Kendall & Holin varying amounts between now and August.
lister and other houses.

F

Other bids were: Francis Brothers & Co. and Bond & Goodwin, $1,001 50;
Lee, Higginson & Co. of New York, $1,000 79; White, Holt & Co., William
A. Read & Co. and A. G. Edwards & Sons, $1,000 37; William R. Compton dc Co. of St. Louis and Kissell, Kinnicutt Co., New York, par, plus
$101 premium for the entire issue; G. H. Walker and William H. Salomon,
$999 70. • The receivers announced that $3,500,000 of the bonds would be
issued as soon as possible to meet floating indebtedness.

Interest.-The Central Trust Co., N. Y., is paying the
nterest due Feb. 1 on the $14,000,000 2d M. 5s of 1889.
Notice to Bondholders.-See the announcement by the committee of which Winslow S. Pierce is Chairman in the advertising columns of to-day's "Chronicle."-V. 94, p. 280, 125.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Bank Note Co., New York.-Removal of Plant.See item on page 285 in last week's "Chronicle."-V. 92,
p. 1315.
American Radiator Co.-Stock Dividend.-A dividend of
10%, payable in common stock, has been declared on the
$5,150,000 common stock, in addition to the usual quarterly
distribution of 2% and an extra dividend of 2% payable
yearly. All of the payments are to be made March 30 to
holders of record March 21. The usual quarterly payment of
13
4% will be made on the $3,000,000 preferred stock on
Feb. 15 to holders of record Feb. 7.
Dividend Record (Per Cent)-All Cash Payments.
1904 1905 1906 1907 1908 1909 1910
1911
1912
1
4
4
4
4
6
8
8
Mch.,2
2
2
2 Moh.,2 Mch.,2 Mch.,2

Common
Extra
-V.93, p. 797.




Abstract of Letter from Pres. F. K. Bull, Racine. Wis., Jan. 5 1912.
Business began as a co-partnership in 1842 and has never had an unprofitable year. The present company was Incorporated in 1880 in Wisconsin and has since paid dividends annually, in all $9,073,000, and; has
carried to surplus $10,808,309, an aggregate of $19,881,309.
Manufactures a varied line of products indispensable for agricultural
purposes, viz.: all-steel grain and seed threshing machines, all-steel ricethreshing machines, clover hullers, steam traction engines, farm steam
engines, steam road rollers, gas tractors, both for gasoline and kerosene.
farm gas engines, corn huskers and shredders and corn shelters. Also acts
as distributing agent for Case automobiles (manufactured by the Pierce
Motor Co.), but has no commitment in their manufacture. The plant at
Racine is situated on navigable waters and has unusual advantages for
both rail and lake transportation. For possible future development in the
Canadian trade, the company owns a manufacturing site comprising 192
acres at Fort William, Ont., on the Kaministiqua River, which has 1,600
feet of dockage with 20 feet depth of water.
The Racine plant covers more than 40 acres of floor space, employs between 1,600 and 2,000 factory hands and has an annual capacity of 3,500 to
4,000 threshers, 2,500 engines, 200 road rollers, 1,000 gas tractors, 300 corn
shredders, 200 hay balers and 1,100 road-making machines. Also owns
80 acres contiguous to Racine, upon which it is planned to erect suitable
buildings largely to increase the output, including gas tractors, &c. There
are 66 branch houses in this and other countries, and between 9,000 and
10,000 local agencies, covering practically the grain-growing territory of
this and other countries.
Gross Sates 190110 1911, 1911 Partly Est.(000 Omitted) ---Aver., $5,480,000.
1901. 1902. 1903. 1904. 1905. 1906. 1907. 1908. 1909. 1910. 1911.
$3,774 $4,249 $5,152 $4,092 $5.189 $6.143 $4,831 $4,407 $5.996 $6,947 $9,500
Capital StockIssued.
votingAuthorised.
Pref.
.7% cum., pref. prin. and divs., equal
power with common stock
$20,000,000 $12,000,000
Common stock
8,000,000
20,000,000
The proceeds of the sale of this $8,000,000 pref. stock (making $12,000,000 pref. outstanding) will be used: (a) To cancel on May 1 1912 at
of the present outstanding bonded debt ($2.300,000); (b) as to about $1,200,000, for increases in plant and manufacturing facilities during the next
15 months; (c) together with the proceeds from bills receivable ($9,405,644)
as realized, for the retirement of present bills payable ($5,425,000) as they
mature. Upon the execution of this program, the company will have no
bonded debt and receive sufficient funds to retire the floating debt.

354

THE CHRONICLE

Profits for Last Six Years Available for Int. & Dividends (1911 Part g Est.),
1910.
1908.
1909.
1911.
1906.
1907.
$588,747 $1,336,234 $1,047,396
$074,344
11,080,348
$1,000,000
Average for 6 years, $1,054,177; average for last 3 years, $1,327,873;
present preferred dividend requirements, $840,000.
The net earnings for the calendar year 1912 available for dividends I estimate at $2,000,000.
Value of Net Assets (Excluding Good Will, Trade Marks and Trade Names)
Dec. 21 1911, over $20,700,000.
Real estate, plant, buildings, machinery, &c., as valued Dec. 21
1911 (based on appraisement of 1907, since which $434,000
has been written of for depreciation, the properties at the
same time being fully maintained)
$4,449,223
Horses, wagons, roiling stock, patterns and patents
412,880
Actual value of qiiick assets, above all liabilities except capital
stock (being more than 130% of the par value of all outstanding preferred stock) over
15,800,000
Directors (and year of entry into company's service).-Stephen Bull
(1657); Frank K. Bull (1877), President; Frederick Robinson (1896), VicePresident; Richard T. Robinson (1897), Sec.; F. Lee Norton (1889), Treas.:
Charles J. Farney (1902), Gen. Sales Manager; Francis L. Hine (Pres. First
First Nat. Bank, N. Y. City; Thomas W. Lamont of J. P. Morgan & Co.,
N. Y.; Alexander M. White, White, Weld & Co., N. Y. C.; E. I. Low,
N. Y.; W. E. Black, Milwaukee.
Voting Trust.-The preferred and common stocks (except stock held in
estate trust funds, about one-fifth of the total) have been placed in a voting trust for a period of three years, the voting trustees being Frank K.
Bull, Francis L. Hine and William E. Black. J. P. Morgan & Co. is transfer agent and Bankers Trust Co. registrar.
The pref. stock is entitled to receive, when and as declared from the
surplus or net profits of the corporation, yearly cumulative dividends at the
rate of 7% per annum, and no more, and in case of liquidation is entitled
to payment of principal and accrued dividends before any payment is
made on the common stock.
No dividend on the common stock in excess of 6% per annum shall be
declared or be paid if thereby the assets of the corporation applicable to the
payment of dividends, as determined by the board of directors, shall be
reduced to an amount less than $2,000,000.
Application will be made to list the voting trust certificates on the Now
York Stock Exchange.-V. 85, p. 101.

Central Indiana Gas Co., Muncie, Ind.-Bonds.-This
company, controlled by the Charles and Rufus Dawes gas
syndicate of Chicago, recently filed a mortgage in favor of the
Continental & Commercial Trust & Savings Bank and Frank
H.Jones,Chicago,trustees,in order to secure an auth.issue of
$5,000,000 5% 20-year gold bonds, of which $1,200,000 has
been issued and the remainder is reserved for future use."
The company is an Indiana corporation with $5,000,000 common stock
and $500,000 7% cum, pref. stock auth., all outstanding except $200,000
pref. Par of shares $100. The new bonds are dated Sept. 1 1911 and due
Sept. 1 1931, but redeemable on any int. day at 102 on 30 days' notice.
S. fd. after Sept. 1 1914 2% on amount out. Int. M. ec S. at office of
trustee. Par $1,000, No prior liens.
The mortgage covers franchises, mains, real estate, gas and oil wells,
pumping stations and other property in Muncie, Marlon, Hartford City,
Alexandria and in neighboring country. It Is the company's ultimate object, It is said, to convert the former Indiana national gas belt line into the
Indiana artificial gas belt, supplying the various towns from a central plant
htac will be completed In Muncie about May 1 of next year. Rufus C.
Dawes of Chicago is Pres. (see Met. Gas & El. Co., V. 01, p. 720): H. E.
Hurd, Sec., and J. H. Maxon, Treas. Chicago office, 1615 Harris Trust
Bldg.-V. 03, P. 798.

[VOL. Lxxxxiv.

Phila., and W. A. Foote, Jackson, Mich. The first-named
firm is offering a block of the $3,750,000 6% cum. pref. stock
at 95 and int. The entire $10,000,000 common stock is
owned by the Commonwealth Power, Railway & Light Co.
See map on page 55 of "Electric Railway Section."
Data from Statement by President W. A. Foote, Jackson, Dec. 30 1911.
Bonds Outstanding Aggregate $10,687,000, Including Bonds Sold Jan. 1912.
First lien and refunding 5s, auth. $35,000,000; outstanding_ _ _ _$7,304,000
Bonds of three constituent cos., to retire which first lien & ref. Os
arc issuable: Commonwealth Power Co. 5s, duo 1924, $1,384,000; Grand Rapids-MusitIngum Power Co. 5s, due 1931, $1,036,000; Grand Rapids Edison Co. 5s, due 1916, $3,383,000;
Grand Rapids Edison Co., $13,000
3,383,000
Earnings for Year ended Nov. 30 1911-Present Interest Charges.
$2,338,932 Interest charge
Gross earnings
$50
32
4:6
3;50
0
Net earnings after taxes__ 1,126,971[Balance
The hydro-electric generating plants have a total rated capacity of about
50,000 h. p. including the initial development of 12,000 h. p. recently
completed or;the Au Sable River; steam plants, 48,000 h. p.; total, 98,000
Is. p. The duplication value of the properties (appraisal made for Michigan
Railroad Commission) is materially In excess of the $10,687,000 bonds outstanding. Bonds of constituent companies to the amount of $7,863,000,
approved by the Commission, have been deposited with the trustee as
collateral. Compare V. 92, p. 526,465.-V. 92, p. 1438.

Cumberland Telephone & Telegraph Co.-Bonds Authorized-New Officers.-The stockholders on Feb. 2 ratified an
issue of $15,000,000 25-year "first and general" M.5% bonds,
dated Jan. 1 1912.
W.T. Gentry, President of the Southern Bell Telephone Co.; J. E. Brown,
Vice-President and General Manager of that company, and U. N. Bethel!,
President of the New York Telephone Co., have been elected directors.
Mr. Gentry was chosen President to succeed James E. Caldwell, who becomes Chairman of the board.-V.94, p. 210.

Eastern Pennsylvania Power Co.-Bonds Called.-One
hundred and twelve People's Elec. Light & Power Co. 1st M.
5% 30-year gold bonds, dated May 21 1002, have been called
for payment at 110 and int. on Aug. 1 at the Commercial Tr.
Co. of N. J., Jersey City, trustee.-V.94, p. 210.
Electric Co. of America.-Notice to Stockholders.-Shareholders have been notified that at a recent meeting of the
board it was decided to omit the semi-annual dividend of
3%%, which is usually paid early in February, and that no
dividend will be declared until after 6 months, and at that
time at a reduced rate.
Stockholders who turned in their stock before the close fo business on
Jan. 31 for exchange for American Gas & Electric bonds,In the proportion
of $140 of bonds for $100 par value of stock,received a bond with the February coupon attached, so that they will not have their income diminished.
Those who do not make the exchange for bonds until after Feb. 1 will receive
a smaller dividend, as the management proposes to deduct from the Interest
received on the bonds set aside to exchange outstanding shares a sum sufficient to pay the expenditures of the company, consisting of salaries, office
expenses, taxes, &c. Up to Jan. 31 there were still outstanding unexchanged $278,420 stock.-V. 86, p. 339.

Central Leather Co.-No Prosecution Expected.-An ofGeneral Chemical Co., New York.--Proposed Option to Subficer of the company is quoted as saying, in reply to a published report that the Government is contemplating the scribe for New Stock.-See "Annual Reports" on a preceding
commencement of a suit to dissolve the corporation under page.-V. 93, p. 1389.
the Sherman Anti-Trust Act:
General Railway Signal Co.---R 3port.
We have no knowledge of such a suit, neither do we know of the Government's Intentions. Any action would, of course, have to come from
the Department of Justice. No representative of the Department of Justice has been going over the company's books and the company does not
know of any investigation under way.-V.94, p. 281.

Gross
Calendar
Net
Interest Deprecia- Pref.Divs. Balance,
Year- Profits.
Earns.
Charges. lion,&c.
(6%).
Surplus.
1911
$815,620 $473,287
$38,004
$92,281 $120,000 $222,402
1910
828,781
612,247
60,271
135,323
From the surplus as above in 1911 $37,207 was transferred to 4reserve
rve
account, against $95,656 In 1910, !caving $185,195 in 1911, against $320,997.-V. 92, p. 959,

Cleveland (Ohio) Electric Ilhuninating Co.-Bonds Offered.
-Spencer Trask & Co., New York, Albany, Boston and
Harwood Electric Co.-Sale of New Bonds.-The company
Chicago, recently offered $1,000,000 1st M. 5% bonds at
has sold to Mellor & Petry and Henry & West of Phila.
102 and int., and have sold the entire amount.
Dated April 1 1909 and due April 1 1939, but redeemable on April 1 $1,900,000 first refunding mortgage 6% tax-free gold bonds,
1924 at 107 H and hit., and thereafter, on any interest date, at a price to be dated March 1 1912 and due March 1 1942 (callable at
decreasing at the rate of H of 1% yearly to maturity.
Authorized. Outstanding. 1073' and int.), by which time the sinking fund is expected
Capitalization1st M. 5% bds., int. A.&0. par $500, 11,0000_ _$30,000,000 $6,000,000 to have retired about half the issue. Trustee, Girard Trust
1,000,000
7,800,000
6% cumulative preferred stock
10,000,000
339,400 Co. We understand that these bonds have practically all
Common stock (but see V. 94, p. 281)
Any bonds issued beyond the first $5,000,000 are limited to 80% of the been sold on the preliminary offering at par and int.

cost of additional equipment or property, and can only be issued when the
net earnings for the preceding year arc twice the interest for one year
on the bonds issued and then to be issued.
This property showed a cost Dec. 31 1911 of $13,755,911, including two
generating plants, total capacity of 65,000 k.w., and a distribution system
extending over a territory of 74 sq. miles, including Cleveland and its
ten suburbs, with services, meters and house csnnections for about 39,000
consumers. (Jackson & Curtis also placed a part of the aforesaid bonds.

Earnings.-The "Cleveland Leader," Jan. 27, reported
for the calendar year 1911:
Gross earnings, $2,683,146; miscellaneous receipts, $27,020; total $2,710,166
Expenses (operating, $1,274,212; taxes, $193,390; depreciation
reserve, $300,000; doubtful accounts, $14,123; amortization
of debt discount, $10,430
1.792,161
Total net income
$918,005
Deduct-Interest
$255,123
Dividends: on pref. (6%), 148,000; on common (8%), $505,511_
553,511
Balance, surplus for year
$109,371
-V. 94, p. 281.
Oockshutt Plow Co., Ltd., Brantford, Ont.-Listed.-The

. New Bonds, $10,000,000 Authortzed-Amounts Issued and Reserved.
[Any future issues under tile mtge. will probably bear 5% 1;i1,o
teoresot:00
01
Present issue, interest 6%, payable M. & S
Reserved to retire 1st 5s (Harwood El. Power Co., V. 90, p. 1016)
(the holders of these bonds are offered an exchange, $ for $) _ _ 1,000,000
Reserved for acquisitions and improvements at 80% of cost, net
earnings to be twice charges
7100,000
The sinking fund will retire 50% of outstanding bonds by maturity.
Organization.-A consolidation of some 26 electric companiea operating
In 27 townships in Luzerne, Schuylkill, Northumberland, Columbia, Montour and Carbon counties, Penna., notably in the towns of Hazleton, Freeland, Mahanoy City, Bloomsburg, McAdoo, Berwick, Shenandoah, Danville and Mt. Carmel. Pepulation now served, 129,105; increase in 10
years, 40%. Population in territory, 350,000. Franchises perpetaul in
27 townships (limited in one to 22 years).
Property.-Modern electric plant, 10,000 k, w. capacity, capable of
indefinite enlargement; mine containing 2,773,000 tons of marketable coal
and culm banks containing 1,621,000 tons of coal that is used as fuel by
the electric department; two water companies, one with an old and valuable charter, giving right of eminent domain; general store, very profitable.
Long-time Contracts.-To supply: All collieries in Lehigh region of
Lehigh Valley Coal Co. and Coxe Bros.. Inc.; all fresh-water pumping
plants in Lehigh region of Wyoming Valley Water Supply, Co.;
power, light and trolleys in Berwick, Bloomsburg and Danville of Columbia
Power, Light & fly. Co.; Schuylkill Gas & Elec. Co. in Mahanoy City and.
Shenandoah; A. Pardee & Co., Pardee Bros. & Co., Inc., and C. M. Dodson do Co.
Est. 1912. Est. 1913.
1911,
Net Earnings$312,090
$3
19
5
10
7
4i00
00
0
000
0
Combined • properties
$244,000
50,000
Interest on first 5s
114,000
Interest on "first and refunding" 6s_ _.._ 1100
54:00(00)

London Stock Exch. has listed 50,000 7% cum. pref. shares
of $100 each, fully paid. See V. 93, p. 798, 531.
Continental Oil Co., Denver, Colo,-Dividend.-This
former subsidiary of the Standard Oil Co. of New Jersey
(V. 88, p. 372) has declared a dividend of $50 per share on its
$300,000 stock (par $100), payable Feb. 28 to holders of
$148,000
$233,000
$80,000
record Feb. 7.
Estimate for 1912 is based on contracts already signed.-V.93, p. 1792.
I.Consumers' Power Co.-New Plant.-The new hydro-elecHerring-Hall-Marvin Safe Co.-Official Statement.-Totteh tric plant recently completed by the company at Cooke on
the Au Sable River in Michigan was placed in operation yes- ing the proposition to increase the capital stock from $700,000
terday morning, transmitting electricity at 140,000 volts to $1,400,000, by the issue of 7,000 Shares of 7% cum. pref.
over the company's transmission lines to Flint, Mich., a dis- stock (pref. p.& d). Pres. Wm. F. Forepaugh Jan. 22 wrote:
The debentures and bills payable, as of Dec. 31 .1911, amount to $699,246,
tance of 125 miles. Like the company's other plants at and
it Is most desirable that so much of this Indebtedness as possible be paid
Rogers and Croton, Mich. (operating a voltage of 66,000 by the proceeds of the sale of new pref. stock, or he exchanged for such
stock,
even terms. The stock will be issued subject to retirement at
and 110,000, respectively), at the time of their completion, par andonaccumulated
dividends so that the company may at any time apply
the new plant is stated to be the largest the world over in Its surplus to reducing the 7% obligation.
With the new stock sold or exchanged as aforesaid, the company will be
voltage-producing power. The company is managed by
practically free from debt, and with this assistance It is expected that a till
Hodenpyl, Hardy & Co. of N. Y., E. W. Clarke & Co., Wend
will be earned on the pref. stock at an early date.-V.04, p. 282.




FEB. 3 1912 1

THE CHRONICLE

Illinois Car & Equipment Co.-Sale Effected.-The directors announce, under date of Jan. 12, that as the holders of a
sufficient amount of the $1,096,500 1st M. bonds had failed
to tender same for payment at 99.95%, it was decided to
accept for the Hegewisch property the alternative offer of
bonds of the Western Steel Car & Foundry Co (controlled
by Pressed Steel Car Co.). The agreement is now effective.
See V. 94, p. 70.
Inland Steel Co. Chicago.-Increase of Stock.-The stockholders will vote Aich. 5 on increasing the authorized stock
from $7,500,000 to an amount not stated. Amount outstanding at last accounts was $6,750,000. Compare V. 92,
p. 599.-V. 93, p. 343.
Inspiration Consolidated Copper Co., N. Y.-Assents.Over 96% each of Inspiration and Live Oak stock have been
deposited in exchange for Inspiration Consolidated, per plan
in V. 94, p. 126.
Kansas City Breweries Co.-Omission of Dividend.-The
directors, it is announced, have decided to omit the usual
quarterly dividend of 1M% on the pref. stock because "of the
high cost of material and no prospects for an early reduction."-V. 92, p. 1030.
Metropolitan Gas & Electric Co., Chicago.-Subsidiary
or Allied Companies.-See Central Indiana Gas, Muncie, Ind.,
above and North Shore Gas Co. of Illinois below.-V. 91,
p. 720, 340.
Mexican Eagle Oil Co., Ltd., London.-Negotiations Practically Completed.-Pres. Enrique C. Creel in the report for
the year ending June 30 1911,appearing as an advertisement
in London on Dec. 23 1911, says:
The directors have practically completed the negotiations for the acquisittfin from S. Pearson & Son, Ltd., of the remainder of that firm's oil properties and interests in Mexico, including its oil leases (covering an area of
over 50(1,000 acres) and wells, Federal and State rights, anti the refinery at
Minatitlan, which Is capable of treating 0,000 barrels daily. The terms
agreed are that S. Pearson de Son, Ltd., will accept payment of the purchase price of $24,000,000 In 520,000.000 fully-paid ordinary shares of the
company, to be Issued to them at a premium of 20%. This operation will
considerably enhance the economic conditions and increase the success of
the company.
[The bal. sheet Juno 30 1911 showed outstanding $30,000,000(Mexican
money) capital stock, viz.: 850,000 8% participating pref. shares and
2,150,000 ordinary shares, all of $10 each, fully paid; no bonds; advances to
co. $2,500,000. Results for year end. June 30 1912, gross income, $1,974,'(trading profits, $1,827,517; other, $146,571); net, $874,171; 8% on
088
pref. shares, $680,000; bal. $194,171, of which $13,163 carried to surplus
(making total surplus $40)58). and remainder to depreciation, legal reserve, &c. 'Has acquired by purchase and long-terM leases about 300,000
acres in addition to rights from Federal and State governments. Steel
tankage capacity, 1,500,000 barrels completed or approaching completion
,The 8-inch pipe line, 55 kilometers in length, capacity 30,000 barrels daily,
has been laid from the Potrero field to Tuxpam and was to be put In use In
December 1911.
Company was formed under Mexican laws In Aug. 1908, and has established over 150 depots and agencies throughout the Republic. As of Mc11.31
1909 there were acquired from S. Pearson & Son, Ltd. their oil concessions,
related to or were
oil properties anti oil interests in Mexico, so far as tlicy
situated north and west of a straight line drawn from the city of Vera Cruz
to Puerto Angel on the Pacific Coast, purchase price being $23,167,000 in
shareS full paid; in addition, $101,000 shares were issued in connection
with the acquisition of other properties. All the remaining shares, amounting to $0,732,000, were issued for cash at par. The $8,500,000 pref. was
offered to the public In May 1910 at par, I. e., .£1 Os. 6d. per $10 share.]
It has frequently been reported that tho enterprise had or would pass
under the control of the Standard 011 Co. of Tex. Co. The directors, as
shown by the report, are: Enrique C. Creel, Pres.; Lie. Francisco Diaz Bassos°, John B. Body, Rt. Hon. Lord Cowdray, Lie. Luis Elguero, Guillermo
de Lancia y Escandon. Fernadon Pltnentel y Fagoaga, Lie. Luis filha v
Cervantes. Mr. Creel is said to be closely affiliated with the Standard Oil
interests; he was elected President late In 1911.

Mexican Petroleum Co., Ltd., Los Angeles.-Bonds.--:Earnings.-As to the Series A, B and C bonds offered last
week by William Salomon & Co , a circular says:

355

In the Casiano District of the Huasteca and Tamiahua petroleum cos. a
single well has yielded during the last 13 months about 10,000,000 bbls. of
oil, and is still yielding about 25,000 bbls. per day; another well, closed in
for want of facilities for conserving the oil, within two weeks yielded 156,000
bbls. Dr. I. C. White, State Geologist of West Virginia, has valued our
properties in excess of $73,000,000, and we estimate that the ultimate production of oil from our properties will be not less than 1,000,000,000 bblsCertified Profits of Combined Companies (Before Deducting Interest and De
preciation)-Proportion Applicable to Stock Owned by Mex. Pet. Co.,Ltd.
1911 (4 Mos.) 1910-11(12Afos)
1910.
1909.
1907.
1908.
$1,237,213
$2.648,544
$757,384 $853,747 $794,591 $1,667,487
Total net fixed charges (sec
0
4n
1e
,10
with the pipe line bonds have no
Note.-The certificates issued
below)$6
on the property and arc only entitled to distribution of the excess pipe
line payments up to the maturity of the bonds.
The net fixed charges of the Mexican Petroleum Co., Ltd., and Its subsidiaries are $699,040, viz.: Interest on bonds ($3,940,000 "1st & ref. 6s"
and $1,624,000 bonds of sub. cos.), $333,840; sinking fund on $3,940,000
"first lien de refunding bonds" at minimum of 10% (maximum not to exceed 15% annually of bonds issued), $394,000; sinking funds on $1,624,000
sub. cos. bonds ($1,000,000 Pipe Line, $624,000 joint bonds), $81,200;
total, $809,040. Deduct annual interest and sinking fund on $1,000,000
Pipe Line bonds, amounting to $110,000, paid out of "pipe line charge";
net fixed charges, $699,040.
Approximate Annual Earnings Under Present Contracts. Calling for about
24,000 Barrels per Day.
40 0
9:9
69060
$5
Gross earnings$4,200,000
$3,200,0001 Net fixed charges
$2,500,960
Net (after taxes, dec.) _ _
Balance
The total sales above stated are subject to a possible deduction of 1,100
bbls, per day, depending upon question pending with one customer.
The proceeds of the first lien and refunding bonds will be applied partly,
for the purchase of outstanding underlying bonds of the subsidiary companies, and the balance towards the payment of developments partly completed, including 130 miles of 8-in, high-pressure oil line, 55 kilometers
of railway lines. 36 new steel tanks previously referred to, rights-of-way
for railways and pipe lines, lands for storage tanks, tank steamers, &o.
Security for These Bonds and Any Joint Bonds Pending Acquisition Thereof.
Mexican Petroleum of California 1st M. 6% bonds, total Issue
• $2,000,000 (bal. $295,000 or equivalent in cash as to not exceeding $100,000 to be deposited on or before July 1 1912)_ _ _$1.705.000
Huasteca Petroleum Co. 1st M.6% bonds to be deposited on or
2,200,000
before Oct. 1 1912
Pipe line 6% bonds, $1,000,000 out of a total issue of $2,000.000.
and 5295,000 6% joint bonds out of an authorized issue of
51,000,000 (V. 86, p. 1288), of which $329,000 are outataad1,295,000
ing and $376,000 arc treasury bonds
All the stock owned in the Mexican Petroleum Co. of California,
Huasteca Petroleum Co. and Tamlahua Petroleum Co., but
not the $1,000,000 stock of the Tuxpam Petroleum Co.(controlling 40,000 acres of proved but undeveloped property) ____see above
Total Auth. Issue of 1st dz. Ref. Bonds (Int. Not Over 6%). $12,000,000.
Authorised. Outstand'g.
Ser. "A" bonds, of which $700,000 in treasury_ _ _ _ $2,000,000 11,300,000
Scr. "B" bonds, £400,000 (exchangeable on basis
of £200 bond plus $30 cash for $1,000 bonds,
1,940,000
1,940,000
U.S. gold), equivalent at fixed rate of $4 85 per
700,000
2,000,000
Ser."C" bonds, of which $1,300,000 unissued
Following the issuance of up to $4,700,000 of the bonds above described,
there will remain in reserve $2,000,000 bonds, against $1,000,000 pipe line
bonds and $295,000 Mexican Petroleum Co. of Cal. 1st Ss outstanding
(to be deposited on or before July 1 1912, as above stated), and $705,000
joint 6% bonds equal in lien, of which $329,000 are outstanding. The
balance of $5,300,000 bonds are reserved for additions, improvements,
acquisitions and other capital expenditures, at the rate of $1.000 in bonds
for every 51,200 cash cost thereof, provided: (1) An appraisal shows
physical properties four times all outstanding bonds, including bonds
then to be issued; (2) consolidated net income Is three times the interest
and sinking fund charges similarly computed; or twice said fixed charges
provided the appraisal shows a value of five times such funded debt: (3)
not more than $2,000,000 of the bonds be used for further oil properties.
No dividends can be paid on the common stock unless the consolidated
net quick assets shall, after paying such dividend, equal twice the annual
interest and sinking fund payments on the first lien beads outstanding.
Market.-One of the company's largest customers is the National Railways of Mexico, under contracts running until 1920, now calling for 8,500
bbls. per day, to be increased to 10,000 within two months; also hss term
centracts with the Standard Oil Co., Gulf Refining Co. and Waters-Pierce
Oil Co. and with the Mexican National Gas Co., Mexican Asphalt Paving
do Construction Co., &c. Present contracts cover the sale for future delivery of about 55,500,000 bbls. of oil a,an average price of about 48c. per
bbl. equivalent to more than $26,000,000.
Idanagement.-E. L. Doheny, Pres., and C. A. Canfield, Vice-Pres.:
Herbert G. Wylie. V.-P. and Gen. Man.; Dr. Norman Bridge. Los Armies,
Treas. Among the directors are E. P. Ripley, President of the At. Top. &
S. Fe fly.,and W. G. Kerckhoff, Pres. of Pacific Light & Power Corp.V. 93, p. 389.
Michigan State Telephone CO.-Change in Dividend Dates.

-The dates for the payment of dividends on the preferred

Subscriptions were received simultaneously In London for Series "13'
and
by the London County & Westminster Bank, Ltd. Series "B" bonds are and common stocks have been changed from Q.-F. 1
convertible on basis of $1,000 stock for each £200 bond, plus $30 cash (with Q.-M. 1, respectively, to the last business days in March,
adjustment of interest).
June, September and December.
Abstract of Letter from Pres. E. L. DohenY. Los Angeles, Cal., Jan. 5 1912,
The following dividends have accordingly been declared: (a) al a share
Share Capitalization in $100 Shares (Co. Incorp. in Del. in 1907).
(for two months) on the 6% pref. stock, payable March 30 to holders of
8% non-cum. pref. stock (pref. only as to carninfts) authorized
record March 30; (b) 1 % on the common stock, payable March 1 to stock
and outstanding----_512,000,000 of record Feb. 15, and a further dividend on said stock for one month at the
------55.8,666,b-0-0-; outstanding
Common stook,
i4;1566,rate of 7% per annum, payable March 30 to holders of record March 15.
000 stock set aside for conversion)
36,000,000 -V. 92. p. 1037. 1029.
Dividends paid on outstanding pref. stock: 3% for last 6 months of 1907
Montreal Water & Power Co.-Bonds.-The London Stock
and 8% per annum continuously since.
Company's Stock Holdings (Properties Held Entirely Through Subsidiaries)
Exch. has listed a further £20,000 43,6% 1st M. prior lien gold
Issued.
Owned.
bonds, making the total listed e778,300.-V.93, p. 167, 161.
Mexican Petroleum Co. of California, organized
$6,248,175
In 1900, In successful operation for past 11 yrs_ $6,576,094
Morris & Co. (Packers), Chicago, Ill.-Report.-Year
successfully
1907;
Huasteca Petroleum Co., org. In
ending Oct. 28:
°per. since development in 1909. Authorized
Dist- Balance,
Total
Misc.
Net
14,680,600 x14,680,600
stock, *15,000,600
Profits. Income. Deductions. dends. Surplus.
Period CoveredTatniahua Petroleum Co., org. In 1906 and owns
1,000,000
x1,000,000 Year end. Oct. 28 1911_53,017.599 $92,106 $2,072,959$180,090 $856,746
proven property of great value
11 mos.end. Sept.30'10 2.907,190 87,616 1,592,305 345,000 1,057,501
Tuxpain Petroleum Co., org. in 1906, and owns
1,000,000
x1,000,000 Year end. Oct. 30 1909_ 3,544,988 159,014 *2,570,16$ 450,000 683,839
proven property of great value
* Includes discount and expenses of bond issue, $937,500.-V. 91. p.1510.
x Ail owned except directors' shares.
Motion Picture Patents Co.-Decision.-Justice Bijur in
These companies own or control about 600,000 acres, or nearly 1,000
test. case
square miles, comprising, as we believe, not less than 75% of the most the Supreme Court in this city on Jan. 30 decided a
promising oil territory of this region. Of this about 75% is owned In fee brought to determine the rights of film-renting agencies under
and the balance held under leases extending In most cases for about 25 contracts with the company.
years, and having an aggregate rental of less than $20,000 per annum,
The Court holds that the company may revoke licenses of film-renting
without any royalties or other percentages of production to be paid the
a cause.
lessors. The properties of the .11exican Petroleum Co. of California com- agencies on 14 days' notice without assigning
It
was charged that the company and a number of subsidiary manufacmence about 15 miles west of Tampico and extend to a point about 50
the field and exact oppressive
miles west of Tampico, In all about 450,000 acres. Of the remaining turing concerns practically have a monopoly of
companies claim that the con
properties (150,000 acres), the northernmost begins 45 miles south of conditions of exhibitors. The film-renting
It cannot be enforced, while the company
Tampico and the most southerly extends to a point 125 miles south of tract exacted is so one-sided that
contends that the owners of patents have an absolute right to prescribe
Tampico, for the most part within 20 miles of the Gulf of Mexico.
About $7,500,000 has been expended for improvements, anti this will be the terms of their use.-V. 93, p. 1792.
increased to 810,000,000 from the proceeds of bonds now issued. The
New York Taxicab, Ltd.-Prior Charge.-The holders of
developments Include: 211 oil wells, present aggregate producing capacity,
of 60,000 to 70,000 bbls. of oil per day; 15 kilometers (9.3 miles) of rail- debentures issued under trust deed of July 30 1910 were to
miles) of 8-in, pipe line (consisting of 2' vote Jan. 27 1912 on authorizingroad line; 212 kilometers (131
parallel lines of 106 kilometers each), with a total capacity of 60,000 bbis,
The creation of a charge on the rent payable to the company In respect
of all per day; 1.000 acres of terminal property at Tampico Harbor; steel
in New York, now sub-let to the Mason Seaman Transportatanks and concrete reservoir with storage capacity of 5,760,000 bbis. of oil of the garage
Co., the said charge to rank in priority to the debentures,In order to
tion
partially
or
completed for 2,016,000 bbls, of
and additional storage ordered
$80,000 and interest thereon at not over
oil, equivalent to about one year's supply on the basis of present contracts. secure the sum of not exceeding
the
The properties include upwards of 200,000 acres of first-class open graz- 8% per annum, this $60,000 to c additional to any sum secured under
the
by
passed
debenture
holders June 8 1911. Compare
resolutions
ing and agricultural lands, on which the company has over 8,000 head of
V. 93, p. 800.
cattle and 1,500 horses.
The two developed districts of the Mexican Petroleum Co. of Cal. (Chijol
North Shore Consolidated Gas Co.-Name Now North
and Ebano-Laguna) have produced about 11,500,000 bbls, of oil during the
past seven years from 23 wells, which, with one exception, are still flowing. Shore Gas Co.-See that caption below.-V. 94, p. 280.




356

THE CHRONICLE

North Shore Gas Co. of Illinois.-Bonds Offered.-The
Continental & Commercial Trust & Savings Bank (the mortgage trustee), Chicago, and E. H. Rollins & Sons, Bost.,
Chic., N. Y., Denver and San Fran., are offering at 97 and
interest, the unsold portion of their block of $1,491,000 1st
5% 25-year gold bonds, dated Feb. 11912, due Feb. 1 1937,
but redeemable on any interest day at 103 and int. on 60
days' notice. Interest payable F. & A. at First Nat. Bank,
N. Y. City, or at office of the trustee in Chicago. Par $1,000
and $500 (c*). See advertisement on another page.
Digest of Letter from President Chas. T. Boynton, Chicago, Jan. 1 1912
The company began business in 1898, supplying gas to the city of Waukegan, Ill. Service in the remainder of the territory began in 1901. The
business has shown constant growth and, owing to the strong ownership,
the entire earnings for the past ten years have been expended on the property. The company operates under long-time franchises which are without
burdensome restrictions. The shortest franchise expires in 1946 and the
balance run a few years longer.
Supplies gas for light and heat in the attractive suburban district of Chicago, extending from Winnetka through the "North Shore" residence district, notably the towns of Winnetka, Glencoe, Deerfield, Rockefeller,
Ravinia. Highland Park, Highwood, Libertyville, Fort Sheridan, Lake
Forest, Lake Bluff, North Chicago and Waukegan. Census population of
territory, 46,097, and rapidly increasing. Waukegan is a thriving industrial
oentre, containing extensive plants of the American Steel & Wire Co. Corn
Products Refining Co., Chicago Hardware & Foundry Co., and others.
Authorized.
Issued.
Capitalization$3,000,000
$3,000,000
Capital stock
1,491,000
5,000,000
Bonded debt
Earnings Years ending Oct. 31 (Showinq Increase in Net 15%,in Surplus 42%)
1910-11. 1909-10.
1910-11. 1909-10.
$74,550 $71,841
Gross earnings__ _$243,802 $214,630 Bond interest_ _
30,800
43,766
Net (after taxes).. 118,316 102,642 Surplus
Annual sales-cu. ft. (avg.rates $1 net per 1,000)_244,876,000 216,478,000
Plant.-Coal and water gas generating plant capacity, 1,100,000 cu. ft.
per day; three gas holders at Waukegan, capacity 750,000 Cu. ft.; 152 miles
of high-pressure mains with a maximum diameter of 8 inches and a pressure
of 25 lbs.; 191 miles of street mains. The company has 8,000 consumers,
with 5,990 gas ranges and 1,069 gas arc lamps in service.
The daily gas consumption having nearly reached the capacity of the
present plant, we are now erecting an additional generating plant of 1,000,000 ft. daily capacity located on 10 acres at the lake front in Waukegan.
This will be completed about July 1912, manufacturing coal gas under an
improved process. It is planned also to erect an additional holder on this
ground and early this spring to extend our mains five miles north to Zion
City, Ill., where we have a 35-year franchise. This will add 300 customers.
Mortgage.-The bonds cover all property and franohlses now or hereafter owned. The first $1,750,000 to be issued retire two prior issues
amounting to *1,491,000 and pay part of the cost of additional land and
the completed new generating station above described. The remaining
$3,250,000 bonds are deposited with the trustee and are issuable only at
80% of cash cost of additional property acquired or constructed after July 1
1912 at such time, if within five years, as the net earnings for the preceding
12 months shall exceed 1 ji times one year's interest, and if after live years•
1 X times one year's interest charge, including bonds applied for. The
mortgage provides that no dividends may be paid on the capital stock unless
the net earnings for the preceding 12 months shall have been equal to twice
the bond interest. Semi-annual sinking fund beginning Juno 1914, 10%
of the gross earnings to be expended (1) on improvements and additions or
(2) after Oct. 31 1913 for maintenance of properties or (3) the purchase and
cancellation of outstanding bonds at or less than 103 and int.
Equity.-Market value of stock $35 per share, showing equity $1,000,000.
Management.-PractIcally entire ownership is held by the following directors (and officers): Chas. T. Boynton, President; A. Volney Foster, V.-P.;
W.Irving Osborne, Sec.-Treas.; Geo, F. Goodnow, Gen. Mgr.; K. L. Ames,
Chicago, Ill. [Mr. Ames is closely identified with the Dawes syndicate.
See Metropolitan Gas ec El. Co. in V. 91, p. 720, 340. A certificate was
filed in January 1912 changing the name of the North Shore Consolidated
Gas Co. to North Shore Gas Co., the old title. (Compare V. 90, p. 1681.)

Pacific Light & Power Corporation, Los Angeles, Cal.Sale of Bonds, &c.-This company, controlled by H. E.
Huntington and associates has sold to a syndicate headed by
$10,000,000 "first and refunding
William Salomon & Co.'
mortgage" 5% sinking fund gold bonds, dated Sept. 1 1911
and due Sept. 1 1951, but callable as a whole (or in part by
lot for sinking fund) at 105 and int. on any int. date upon
60 days' notice. Int. payable M. & S. in New York and Los
Angeles. Auth. $35,00U,000; present issue, $10,000,000.
Par $1,000 (c*SZr*). Prin. and int. payable in London at
$4 86 per £, France and Switzerland, Fcs. 5.18; Germany,
M. 4.20; Holland, Fl. 2.48. Trustee, U. S. Mtge. & Trust
Co., N. Y. Tax exempt in California.
Among the syndicate members who will offer the bonds are, it is understood, Parkinson & Burr, New York and Boston; Louis Sloss & Co., San
Francisco and Sacramento; and William R. Staats Co., San Francisco,
Los Angeles and Pasadena, Cal.
Digest of Letter from Pres. Wm. G. Kerckholf, Los Angeles, Cal., Jan.23.
Organized Feb. 10 1910, succeeding Pacific Light ec Power Co., organized
In 1902. Sells electricity for light, power and street railways in Los Angeles,
Cal., and vicinity, and controls Southern California Gas Co., which supplies
gas in same territory (V. 91, p. 1777)
Outstanding Captialization.
Stock (1st pref., $1,207,000; 2d pref., $9,922,700; corn., $12,$23,336,700
207,000)
Pacific Lt. & P. Co. 5s, San Gabriel Elec. 6s and Mentone Power
8,620,000
5s (closed mortgages)
•10,000,000
First & DJ. 5% bonds, auth., $35,000,000; present issue
• In addition, $550,000 bonds are held in the treasury.
There are also outstanding $2,388,000 6% bonds secured by collateral, as
noted below.
Existing Properties.-Operates generating plants with a capacity of
75,000 h. p., about 75% of this being generated at the modern steam plant
in Redondo, 20 miles southwest of Los Ang., and at 2 smaller steam plants
in Los Angeles (one operated under lease) and the remainder (20,000 h. p.)
at six hydro-electric plants. Has about 450 miles of high-tension transmission lines with an underground distributing system in the conduit area
of Los Angeles and overhead lines outside that district.
New Development.-The increasing demand for power makes additional
facilities imperative, and opportunity is also afforded to substitute hydroelectric for the present steam power, effecting a largo saving in operating
cost. The company owns water rights on Big Creek in Fresno County, Cal.,
where, within 4 X miles, the river has a drop of 4,020 ft., divided into two
fails of 2,060 ft. and 1,960 ft. There will be constructed on this creek three
dams for a storage reservoir of 38,000 acre ft. capacity (ultimate capacity
102,000 acre ft), And the major construction for a plant of 80,000 h. p.
capacity at each fall. Units for the delivery of 26,500 h. p.will be installed
at present in each plant, or a total of 53,000 h. p. The storage area is
about 7,000 ft. above sea level, annual precipitation 82 to 150 in. Power
will be transmitted at 110,000 volts on a double steel tower line to Los
Angeles, about 275 miles, the towers, sub-stations, &c., being designed for
the maximum capacity. Stone & Webster will supervise construction.
New Bonds.-The "first and refunding" bonds will be a first mortgage on
the new development; also a general lien on the existing physical properties,
valued at over $13,350,000, subject only to $8,620,000 outstanding bonds.
The existing issue of $2,388,000 coll. trust 6% bonds (closed mtge.) due
July 1 1915 (V. 91, p. 1769) will be secured ratably with the new bonds.
Said 8% bonds are also secured by $4,000,000 So. California Gas Co. 6%
bonds, for which they are expected to be exchanged within a year. The
latter company is growing rapidly and is earning a substantial surplus above
fixed charges.




[VoL. Lxxxxiv.

Purposes for which the $35,000,000 New Bonds May Be Issued.
To provide funds for said new development at Big Creek. No
further bonds can be issued for such development until 53,000
h. p. (40,000 k. w.) electric power is developed and trans$10,000,000
mitted for use at Los Angeles
Reserved to retire a like amount of outstanding liens (see above) 8,620,000
Reserved for further construction at Big Creek, which, it is esti5,000,000
mated, will deliver 53,000 additional h. p. at Los Angeles
Reserved for 85% of cost of general additions and improvements,
provided the net income available for fixed charges for the
preceding 12 mos. are 1 M times all int. and rentals, incl. Int.
on the bonds applied for, except that no int. on the present
$10,000,000 bonds is to be included until their proceeds are
expended upon the construction of the new plants for 53,000
h. p. or until such plants are completed
11,380,000
The sinking fund payable annually Sept. 1, commencing 1914, will be
equal to 1% of the maximum amount of 'first and refunding" bonds issued
(whether or not outstanding), as well as bonds reserved for refunding,
and should retire by maturity over $19,000,000 of the bonds.
Gross Earnings for Cal. Years, Showing Increase of about 75% Since 1907,
1910.
1911 (partly est)
1907.
1908.
1909.
$2,026,197
*1,281,055
$1,796,899
$1,923,510
$2,255,000
Income Statement for Year ended Dec. 31 1911 (Partly Estimated).
[Excluding int. on $2,388,000 coll. 6s, which is provided by Sou. Cal. GasCo.]
Gross earnings
$2,255,000 Available for fixed chges__$1,068,500
468,500
Net (after taxes)
$1,031,000 Bond and other interest__
Other income
37,500
$800,000
Balance, surplus
The foregoing surplus will substantially cover interest and sinking fund
on the new issue, new bonds being reserved to refund the sinking fund
payments on the old bonds.
Estimate upon Completion, Late in 1913, of the Two New Plants, Capacity
26,500 H. P. Each.
Net income (a) As for 1911 (partly est.), $1,068,500; (b) saving
by substituting hydro-electric for steam power, $455,700;
(c) estimated additional sales of power (already largely con$2,174,200
tracted for), $650,000; total
Int. charges ($1,008.600) and sinking fund on new bonds
2,200,300
($191,700)
$973,900
Balance, surplus
Market for Power.-(a) Under long-term contracts, to Los Angeles Railway Corporation (ownership held by controlling interest of this company)
and Pacific Electric Ry. Co. for the operation of about 869 miles of eleotrio
railway out of a total of about 1,129 miles in Los Angeles and vicinity.
Extensive additions are projected to the interurban systems in the vicinity
of Los Angeles which will create an enormous additional demand for power.
(b) For lighting and commercial purposes in Los Angeles. (c) Directly, or
through wholesale deliveries to other corporations, in Pasadena, San Bernardino and 14 other adjoining towns. The Los Angeles territory is also
served by the Sou. Cal. Edison Co. and the Los Angeles Gas & Elec. Corp.,
with which cordial relations are maintained, all the principal difficulty
being to meet the requirements of consumers. Los Angeles County, incl.
City of Los Angeles, gained in population from 170,298 to 504,131 during
the past decade. or 198%.
Directors.-William G. Kerckhoff, Pres.' Henry E. Huntington, VicePres.; G. C. Ward, 2d Vice-Pres.; Allan d. Balch, W. E. Dunn, Kaspare
Cohn and Albert Crutcher. J. G. White & Co. are advising engineers.
(For further particulars as to property, see V. 91, p. 1769.)-V. 93, P•
669, 536.

Pennsylvania Salt Manufacturing Co., Philadelphia.New Stock.-The shareholders will vote April 10 on increasing
the capital stock from $5,000,000 to $7,500,000, the new stock
to be offered at par ($50 per share) to holders of record in
amounts equal to 50% of their respective holdings. A circular dated Jan. 29 says:
The company has prospered, and its accretions during the past few years
should take such shape as to redound to the immediate benefit of the owners
of its shares, while at the same time the important extension of the company's successful processes and improved methods and the growth of its
importing business call for further investment and additional working
capital. To meet these conditions it was decided to ask the stockholders
to authorize an increase in the capital stock. Your directors anticipate no
change in the present dividend rate of 12% per annum upon the Increased
capital.-V.89, p. 1226.

Pennsylvania Sugar Co., Philadelphia.-Reorganized COMpany.-The reorganization of the Pennsylvania Sugar Refining Co., per plan in V. 94, p. 213, will, it is now stated,
be effected under title of Pennsylvania Sugar Co., the name
first proposed (Keystone Sugar Ref. Co.) being already in
use. The directors (and temporary officers)are reported
as follows:

President, S. F. Houston; Sec., J. A. McCarthy; Treas., Louis J. Kolb;
A. F. Huston,J. A. Synnott and H. E. Barnes.-V. 94, p. 213.

Pocatello (Idaho) Water Co.-Decision.-The Supreme
Court of Idaho on Jan. 18 held that the company, which is
controlled by James A. Murray, is obliged to comply with the
resolution of the City Council of July 6 1911 requiring him to
appoint two commissioners to act with the two appointed by
the city to fix the rates to be charged for water service.
The Court states that the Act of the Legislature of March 16 1907, prescribing the manner of establishing rates to be charged for water service, is
not a violation of either the State or Federal constitutions; that contracts
such as the one under consideration may be honestly and fairly entered into
and be equitable and just at the time of their execution, "and yet, before
the lapse of 50 years, or a fourth of that time, by reason of changed conditions, become inequitable, unjust and oppressive upon the people on whom
the exaction is laid, and it is for this very reason that the people have
reserved to themselves the power to regulate and prescribe the method of
fixing rates in such matters."

Pressed Steel Car Co., Pittsburgh, Pa.-Purchase-Bonds.
-See Illinois Car & Equipment Co. above.-V. 94, p. 71.
Rhode Island Coal Co.-Receivership.--At Boston on
Feb. 2 Judge Dodge in the U. S. District Court appointed
John T. Burnett of Southboro, Mass., as receiver on application by H. M. Whitney, who stated that the company was
without working capital or borrowing capacity.
The following reorganization committee has been nominated: Charles B.
Jopp. Pres. Beacon Trust Co.; Edward Page, Vice-Pres. Federal Coal ea
Coke Co.; Herbert A. Tucker, of Tucker, Hayes & Co.
"Boston News Bureau," Jan. 24, said: "We understand that reorganization will be effected by forming a new company with the same capitalization
as the present company, stockholders getting share for share on payment
of $2 per share. The present company has 500,000 shares authorized, of
which 420,000 are outstanding. Holders of floating debt amounting to
$575,000 will probably take new stock at $3 50 per share. When the plan
Is carried out,the new company will have $500,000 cash after payment of
floating debt."-V. 93, p. 1026.

Riverside-Dan River Cotton Mills, Inc., of Danville, Va.Pref. Stock-Status.-Thomas Branch & Co., Richmond,
Va. who are offering a limited amount of 6% cum. pref.
stock at a price to net 59% income, report the earnings for
1911 at $757,281, contrasting with $821,983, as against a
present pref. dividend charge of $270,000 and a depreciation
charge in each year of $200,000.

FEB. 3 1912.]

THE CHRONICLE

357

BALANCE SHEET DEC. 30 1911.
Liabilities ($9,641,259)Assets ($9,641,259)1eal estate & machinery_*$7,114,327 Preferred stock
$4,500,000
Common stock
'Treasury common stock
2,500,000
180,000 Bills and accts. payable__ 1,802,569
(par)
90,000 Surplus
Stocks in other companies
838,690
Finished goods, supp.,&c. 989,462
Bills and accts. receivable 955,863
311,607
'Cash

Owned-Consumers' Light & Power Co., San Fran., 1,200 h.p.: Equitable
Light & Power Co., San Fran., 2,500 h.p.', Southside Light & Power Co..
San Fran. 1.300 h.p.; Central Oakland Light & Power Co., Oakland, 2.600
h.p.; total owned, 7.600 h.p. Leased for 10 years-Yerba Buena station
(S. F. 0. & S. J. Con. Ry.), Oakland, 10,025 h.p.; total present rated capacity, 17,825 h.p. Proposed additional development Yerba Buena station, 4,000 h.p., making total ultimate rated capacity, 21,825 h.p. Also
supplies steam in the centre of the business district of San Francisco, utilizing and distributing exhaust steam of the generating plants to the extent
of about 4.000 h.p.
The Yerba Buena generating station (leased for 10 years) will be suffiIncludes both Riverside and Dan River plants of 230,000 spindles,
water power developments, dams, power houses and water wheels, approxi- ciently enlarged to cover the contract made with the aforesaid companies
mately 1.600 acres of land; also mill buildings, blcachery, finishing plants' constituting the Oakland Railways System. These companies operate in
Richmond, Berkeley, Oakland and other cities on the east side of San Fran.electrical and machinery equipments, water supply, tenements, &c.
cisco Bay, covering a territory some 30 miles in length and from 2
The common stock is selling around 168. See V. 89, p. 476.
to 6
miles in width, and their 230 miles of city and suburban railway earn a surSealshipt Oyster System, Boston.-Bonds.-Hornblower plus over
and above fixed charges of nearly $700,000 per annum.
amount expended upon the developed properties and the proceeds
& Weeks, Boston, N. Y., Chicago and Detroit, offer for of The
these
to be expended for enlargements and betterments will provide
sale at 973, netting over 6%, the final $500,000 of the an amplenotes
equity over and above the notes issued. The balance of the proof the notes will be used to pay off floating debt. The company is
total issue of $2,500,000 5% bonds due July 1 1914, con- ceeds
making the necessary extensions for the Oakland power station and it will
vertible after July 1 1913 at option of holder into common be completed
so that all of the plants will be in full operation during 1912
'stock at par. Trustee, Old Colony Trust Co., Boston. The
Estimated Earnings Upon Completion of Yerba Buena Station.
(Based on report of Ralph D. Mershon, Electrical Engineer; Stephen 13
'company is engaged in buying, collecting, distributing and Kieffer,
M. Am. Soc. C. E.]
:selling oysters on a large scale. See advertisement on an1912.
1914.
1913.
1915.
Net earnings
$241,837 $322,844 $359,744 $548.568
'other page.
Interest on 6% notes
$129,000 $150,000 $165,000 $180,000
Owns or controls 45,000 acres of producing and maturing beds located
(The Central Oakland Co. was
early in 1909 with $1,250,000 capon the north and south shores of Long Island. (Including the ownership of tal stock and in Aug. 1902 madeincorp.
a mortgage to the First Federal Trust Co.
93% of the Blue Point oyster beds in Great South Bay, L. I.), at South of San Fr., as trustee, to secure an
of $800,000 5% 30-year bonds;
Norwalk and at New Haven, Conn. In Narragansett Bay, II. I. and on commercial operations were begun inissue
Oakland in Jan. 1911. The San Fr.
Cape Cod, Mass.; also owns 11 packing houses and a fleet of forty boats, properties were established by the Equitable Light
& Power Co. (V. 91.
and, as a guaranty of purity, markets the oysters in its own sealshIptors, p.656), located in the Pheland Bldg.; Consumers' Light
& Power, located
?sealshipticases and sealship tens-all under the constant sanitary supervision In Whitney Bldg., and South Side Light & Power Co., located
on Minna St..
of the Lederle Laboratories of New York, prominent food experts. Author- near New Montgomery.-Ed.]
ized capital, $2,500,000 7% cumulative pref., paying dividends of 7% per
United
States
Steel
Corporation.
-See"Annual Reports."
annum, and $2,000,000 in common stock. Funded debt, this issue of
$2,500,000 5% bonds, on Dec. 31 1911 $1,616,350 purchase-money notes,
Answer.-The answers of the company and other defendmaturing serially between now and 1023. See V. 93, n. 168. 1784.
ants
the
in
Govt.
suit
were
filed
in Trenton on Thursday.
The President is H. 0. Underwood of Boston and the directors include
Tariff Reduction Bill.-See- items on "Banks, Bankers,"
the following well-known men: Alvah Crocker of the Crocker-Burbank
Paper Co., Fitchburg, Mass.•, T. F. Manville of the Johns-Manville Co., &c., in to-day's
"Chronicle,"
also last week, p. 250.-V. 94,
New York, and A. W. Preston, President of the United Fruit Co., Boston.
p. 141.
-V. 93, p. 1784.

Solvay Process Co., Syracuse, N. Y.-Stock Dividend.The company on Jan. 31 filed a certificate increasing the
capital stock from $10,000,000 to $15,000,000, the new
shares to be distributed as a stock dividend of 50%.
Secretary George E. Francis is quoted as saying that the increase is made
in order to place the capital stock on a basis proportionate to the volume
of business done by the company."-V. 92, p. 61.

Southern California Edison Co.-Earnings.-For cal. years:
Gross.
Net.
Interest.
Deprec. Bal. Sur.
1911__
__$3,738,165 $1,902,280 $624,829 $650,000 $627,451
1910---------3,384.933
.___ - 3,381.933
1,667,078
651,492
545,000
470,384
Total- Earninqs
of Property for Eleven Calendar Years (000s omitted).
1911. 1910. 1909. 1903. 1907. 1906. 1905. '04. '03. '02. '01.
Gross.$3,733 $3,381 $2,895 $2,477 $2,206 $1,731 $1,272 $983 $774 $486 $372
Net_ 1,932 1.637 1,409 1,164 1,338 1,011
743 480 367 258 208
Compara V. 93, p. 1671.

Tri-State Telephone & Telegraph Co., Minneapolis, &c.Income Statement.-For year ending Dec. 31:

Utah Copper Co.-Earnings.-For 3 mos. ending Dec. 31:

1911.
1910.
1911.
1910.
Gross pro.(lbs)26,818,247 22,188,719 Total net prof.$2,157,784 $1,290,303
Net profits__ _51.475,680 $901,017 Dividends paid 1,177,011 1,171,949
Rents, &c_ _
86,897
14,099
Nev.Cons.divs. 375,187
375,187
Net surplus $980,753 $118,354
B.&G.Ry.divs. *220,000

• Income from Bingham. & Garfield By. divs. does not represent the
earnings of the By. Co. merely during the quarter, but includes trackage
rentals for the year.
The above earnings are computed on the basis of 13.642 cents for copper
in 1911 and 124 cents in 1910. The production for the year ending
Dec. 31 1911 was 98,436,224 lbs., against 89,019,511 lbs. in 1910.-V. 94.
p. 213. 141.

Wagner Electric Mfg. Co., St. Louis.-New President.V.-Pres. W. A. Layman has been elected President, succeeding S. M. Dodd, who is now Chairman of the board.

During 1911 the company increased its capital stock from $1,200,000 to
$1,500,000 (par $100) to provide, it was said, for development. Dividends
8% per attn. (Q.-J.). The Wagner Elec. Mfg. Co., Ltd., of Canada also
Calendar
Net(after
Total
Int. on Pref.Divs. Com.Divs. Balance, was organized with $50,000
stock as a Canadian auxillary.-V. 86, p. 48811
Year,
Income. Taxes,&c.) Bo Vil,&C.
(6%).
(6%).
Surplus.
1911
$1,398,627 $653,858 $228,375 $112,396 $59,811 $253,274
Yukon Gold Co., New York.-Director.-Transfer Agent
99,618
840,728
1910
226,053
1,307,819
59,811
255,246 D. A. Crockett recently
succeeded A. N. C. Treadgold on
From the surplus as above was deducted $150,000 for reserve for depreciation and $3,274 for contingencies, leaving $100,000 which was carried to the board.-V. 93, p. 1539.
surplus account. Total surplus Dec. 311911, $615,000.-V. 93, p. 1793.

United Cigar Manufacturers Co., New York.-Report.See "Annual Reports."
•
Increase of Stock Approved.-The stockholders on Feb. 1
approved the increase of common stock from $15,000,000
to $20,000,000.

-The sixty-second annual statement of the Aetna Life
Insurance Co. of Hartford, Conn., of which Morgan G. Bulkley is President, appears elsewhere in this issue to-day. This
life, accident, health and liability insurance company has
enjoyed a large degree of prosperity during the year ended
President Wertheim states that only $538.000 of the new stock will be
used at present, to mchange for stock of the Theobald & Oppenheimer Co. Dec. 31 1911. With $318,604,631 of life insurance ii force
of Philadelphia, the remainder of the stook of the latter being taken over by on Jan. 1 1911, the Aetna has made distinct gains in all the
the United company as purely es a cash transaction. The rest of the common items of business
which determines the standing of a live instock will be held for future purpos ;s.-V. 94, p. 213, 127.
surance company. Briefly, for the past year the growth in
United Light & Power Co. (of New Jersey), California.- life insurance
Guaranteed Collateral Trust Notes Offered.-The Smith-Tevis- policy-holders in force has been $11,501,982; reserves for
increased $4,207,874; assets increased $3,Hanford Co. New York and San Francisco, are placing at 737,392;
' $2,150,000 guaranteed collateral trust 6% 3- $476,302. total income, $488,109; and premium income,
9934 and int.
Aggregate assets on Jan. 1 1912 were $104,775,year coupon notes of this New Jersey corporation, which is
operating through the United Light & Power Co. (of Califor- 536; the number of life policies in force, 172,973. 1 he comnia) in San Francisco and Oakland, Cal. Dated Dec. 11911, pany has paid out to policy-holders since organization in 1850
due Dec. 11914, but redeemable, all or any part, on any int. over $219,120,500. A copy of its latest statement,showing
date at 102 and int. Interest payable J. & D. at Bankers its bonds, stocks and other investments will be sent to interTrust Co., N. Y., trustee. Coupon notes of $1,000 denomi- ested inquirers.
-The firm of J. H. Causey & Co. of Denver, dealers in
nation. Authorized, $3,000,000; to be issued, $2,150,000.
Unconditionally guaranteed as to principal and interest by municipal bonds, has been succeeded by the new firm of
the United Properties Co. of California, which owns the en- Causey, Foster & Co. A. C. Foster and William D. Downs
tire stock of the New Jersey company and also controls the are associated with Mr. Causey, Mr. Foster having an equal
Oakland Railways (see "El. Ry. Sec."), East Shore & Sub- interest with him. Mr. Downs, it is announced, acquires a
urban Ry. Co. (V. 94, p. 123), Union Water Co., United substantial interest in the new firm, but will not be active in
Properties Realty Co., &c. See full list, V. 94, p. 127; the business. The company has a paid-in capital of $175,000;
Mr. Causey is President,. Mr. Foster Vice-President and
also earnings, V. 94, p. 123.
Treasurer and Mr. Downs Secretary. Mr. Foster is also
Abstracts of Circular Describing Issue.
Collateral Security.-(1) $2,689,000 first general mortgage 6% bonds. affiliated with the United States
National Bank of Denver,
$1,500,000 6% cumulative pref. stock and $3,000,000 common stock of
United Light & Power Co. (of California). The trust deed provides that and it is announced that he will retain his membership in the
there shall at all times be deposited with the trustee not less than $1,250 directorate and continue as Vice-President of the institution.
bonds for each $1,000 notes outstanding and that all stook deposited shall
be held until the notes are paid. (2) Lease and contract with the San The firm will use the quarters heretofore occupied by its
Francisco Oakland & San .Tose Consol. By. to purchase all the electric energy predecessor in the Boston Building; the offices, however, will
required to operate their road, and that which they may supply to the
Oakland Traction Co. and the East Shore & Suburban By. Co. at a price which, be enlarged by taking in additional room on the Seventeenth
In conjunction with the earnings of the San Franelsco and Oakland plants Street side.
of the United Light & Power Co. of California, assures the gross net income
set forth under earnings below. (3) Any dividends paid on the deposited
-In the annual statement of The Fidelity Mutual Life
stocks of the 'United Lt. de P. Co. (of Cal.) shall be retained
by the trustee
as further security. (4) No dividend can be paid on stock of the New Jer- Insurance Co. head office, Philadelphia, published in our
sey company so long as any of the notes are unpaid.
advertising columns to-day, it is shown that the paid insurUnited Light & Power Co. of California; Incorporated May 2 1910-Securi- ance in force in this company has
grown to $128,290,057.
ties Pledged for These Notes.
CapitalizationAuthorized, Issued. So Pledged. Its ledger assets increased last year 11.35%, now amounting
Preferred stock (6% cumulative)
$2,000,000 $1,941,460 $1,500,000 to $24,142,952 22. Its re-insurance
reserve increasep
Common stook
4,000,000 3,811,732 3,000,000
First and gen. M.6% gold bonds, due'45 4,000,000 2,817,000 2,689,000 10.58%, with substantial increases in all other items. Since
Underlying bonds, to retire which "1st &
organization the company has paid out to policy-holders and
gen.' 6s are reserved
243,000
The remaining $940,000 "1st & gen." 6s are issuable for additions and their beneficiaries over $25,000,000. L. G. Fouse, the founoxtensions at par for 80% of the cost thereof.
der of the company, was recently elected President for the
The territory in which the company operates is the business districts of
San Francisco and Oakland. Cal. and adjoining cities, having a popula- thirty-fourth time, making him, in point of service, the dean
on of approximately 600,000. '
The company's physical properties are: of the life insurance presidents of America.




358

THE CHRONICLE

[VoL. Lxxxxiv.

Whiz Tomutertial

irn

d in business,
-The Compiling Co. of America has starte
way, N. Y.
Broad
149
ng,
Buildi
Singer
the
in
with offices
ad and inrailro
of
es
al
analys
origin
h
furnis
will
ny
The compa
ting adCOMMERCIAL EPITOME.
consul
and
ations
compil
ical
statist
s,
dustrial report
pubof
es
purpos
Friday Night, Feb. 2 1912.
for
uses
their
and
ics
statist
to
ve
vice relati
oller of
Comptr
y
ds some increase in general
is
Deput
towar
ncy
ly
tende
e,
recent
the
Perrin
h
T.
d
Thoug
Edwar
licity.
-Presi- business, the expectations that something like the beginning
Vice
,
Gould
B.
Henry
ent;
is
Presid
State,
New York
Hovey, Secre- of a marked expansion of trade would be observable about this
dent and General Manager, and Robert Le C.
nges are
rer.
time have been by no means realized. Bank excha
tary and Treasu
still more so as
and
ago,
year
a
of
those
behind
&
hat
somew
Taylor
York,
-A new firm has been formed under the name of
Building, to compared with those of 1910. Cities outside of New
English, with offices in the National City Bank bonds suit- it is true, make a better showing than the metropolis. The
do a general investment business, specializing incomprised .of disposition is to keep well within the lines of safety. Buyers
able for private investment. The firm is Fisk & Robin- are cautious. There is no boom in iron or steel, and copper
favorHorace Russell Taylor, who was formerly with
, Choate & is lower. Recent weather conditions have not sbeen
of money
fulnes
sein, and more recently as sales manager for Potter
plenti
very
The
l
trade.
H.
genera
m
for
Willia
able
of
Prentice, and James Radford English, a son Co., and who indicates that trade is not overstraining itself, and collece Trust
satisfactory. k
English, Vice-President of the Empirdepar
tment of Potter, tions are not by any means everywhere
was also connected with the bond
Western 9.35c.;
prime
r.
weake
and
LARD on the spot dull
Choate & Prentice.
'moderately active and
Refined lard
9.25c.
rn
Weste
Middle
r
page
anothe
on
t
isemen
-Attention is called to the advert Chicago and Boston, easier; Continent 9.60c.; South America 10.30e. Lard
At the West the market has been
of John Burnham & Co., New York,
stock. This company, futures stagnant here. lar;
of late the tone has weakened
offering the M. Rumely Co. 7% pref.
irregu
and
active
fairly
er
actur
t
manuf
larges
the
t.
established in 1853, is said to be
arrivals of hogs and large stocks of produc
free
under
l
genera
of
er
actur
manuf
t
red
of threshers and the third larges
have sold freely at times and there has been scatte
rs
Packe
propon
the
age
mortg
no
the
is
factor has been the strength of
harvesting machinery. There
without the consent liquidation. A steadying
selling.
erty and the plants cannot be mortgaged
ts. This has had a tendency to check
marke
ar
grain
circul
ptive
A
descri
stock.
YORK.
NEW
IN
ES
FUTUR
LARD
of three-fourths of the pref.
OF
S
Fri.
DAILY CLOSING PRICE
Wed. Thurs.
Tues.
Mon.
Sat.
will be sent on request.
9.47
9.47
9.52
9.57
9.54
9.59
Business May delivery
for
l
9.53
Manua
e's
9.63
"Whit
of
0.63
n
9.68
editio
9.65
9.70
-The eighth
y
rs' Co-operative July deliverCLOSI
ES IN CHICAGO.
NG PRICES OF LARD FUTUR
Corporations" has been issued by the Lawye
DAILY
Iri.
Wed. Thurs.
It
Tues.
1912.
Mon.
1
to
Jan.
d
Sat.
revise
St.,
u
Nassa
81
9.37 M
0.35
1.40
Publishing Co.,
9.45
9.40
9.45
zaorgani
May del very
the
to
ve
9.59
ure
relati
0.47
proced
;5
and
9.52
es
9.60
statut
9.523.;
9.57
y
contains the
corporations in the State July deliver
25@$17 75;
tion and management of business and
PORK on the spot dull and easy; mess $17
directors
of
ties
liabili
duties
s,
power
the
in fair demand and steady; mess
Beef
75.
of New York,
7
50@$1
$17
clear
cinstru
s laws, and
and steady;
and stockholders, the text of the variou
$12; packet $13; family $14 50. Tallow quiet
$2 50.
lard
tions, decisions and forms, &c. 450 pages; price,
c. Stearines dull and easy; oleo 9%e.;
fl6
City
ery extras 34c. Cheese
offices in
-The bond house of C. E. Denison & Co., with their new 103,4@)10 Mc. Butter lower; cream Eggs firmer,
steady; white, average fancy, 17c.
Boston and Cleveland, are distributing to investors
bonds.
r; city, raw,
circular containing offerings of high-grade investment
OILS.-Linseed dull and lower; seed weake
raw,
bonds and a
The list covers over thirty issues of municipal upon appli- Amerioan seed, 75@76c.; boiled 76®77c., Calcutta,. Conumber of corporation bonds, and will be mailed for savings 85c. Cottonseed quiet and firm; winter 5.60@5.90c
and firm; Cochin 10e. Ceylon 9M ®93,4c.
cation. Quite a number of the bonds are legal
, Rhode coanut quiet
and steady at 11414c. Corn dull and
quiet
banks in New York, Massachusetts, Vermont, Maine
wood
China
. Lard steady; prime 75(:)85e. Cod
5.75c
Island, Connecticut and New Hampshire.
5.70@
at
easier
RookThe
e. Weakness in linseed Of late has
and
52@53
Y.,
ic
N.
domest
St.,
;
steady
-O'Connor & Kahler, 49 Wall
anon
of all oils buy more conservatively.
to-day
t
mers
isemen
consu
make
to
advert
tended
ery, Chicago, are offering, by
at
bonds
pal
munici
of
better demand and firmer. Rio
issues
in
• COFFEE on the spot
other page, six investment
issues are ac- No. 7, 14%c.; Santos No. 4, 15@15c. West India
prices to yield 4.25 to 4.65%. Four of these
es. Inter- growths firmer; fair to good Cucuta 153
4®16c. The marceptable for postal savings bank deposit purpos
ete list of munici- ket for futures has shown more or less irregularity, but the
ested parties may write for the firm's compl
foreign marto 6% income.
trend has been upward in the main, on higherimpro
pal and corporation bonds bearing 3.63
vement
s from Brazil and an
report
crop
bullish
been
kets,
have
who
St.,
Wall
34
-Douglas Fenwiek & Co.,
There have been deliveries of late of
d.
deman
spot
,
the
go
in
bonds
Chica
&
Mobile
s
this has made some
specializing in the New Orlean
erable block this week. Robasto coffee on contracts here and
made a successful offering of a considrs
sing, fearing that large quantities of
purcha
us
about
cautio
r
page
and
anothe
on
appea
issue
are not known, might
A full description of the
hed as a matter of this coffee, the merits of whichwhere
there is said to be a
also their advertisement, which is furnisquickly sold.
Amsterdam
from
here
ht
broug
be
were
d
offere
record. All of the bonds
' ct here. Closing prices
tendered on contra
and
stock,
heavy
nge firm of
follows:
-The New York and Boston Stock Excha
13.17
Boston, and 60 were as
13,12 October
13.05 June
Tucker, Anthony & Co., at 53 State St.,
13.16
February
13.16 November
y,
T.
e
Ordwa
Georg
that
13.09 July
nces
annou
13.14
York,
March
13.13 December
Broadway, New
August
13.10
the Engin- April
of
er
y
Manag
l
Januar
Genera
13.22
and
dent
ber
-Presi
13.11 Septem
formerly Vice
e associated with May
firmer; centrifugal, 96eering Securities Corporation, has becom
SUGAR.-Raw more active and -degrees test, 3.90Me.;
office.
York
New
them in the firm's
4-40Me.; muscovado, 89
test,
s
degree
n, have issued a molasses, 89-degrees test, 3.651Ac. Refined quiet at 4.30
-.J. W. Bowen & Co., 53 State St., Bosto
that investors in @4.40c. London advices have been to the effect that,
belief
the
for
reason
their
g
statin
ar
circul
Bell System contrary to an impression which was at one time quite
American Telephone & Telegraph Co. and
request of a general, the Brussels Conference may permit Russia to export
the
over
worry
to
on
occasi
no
have
securities
ve the cor- 150,000 tons more than the regular allotment, although it is
dissol
to
ht
broug
be
suit
r
that
lawye
Westchester
ted the Conference to
oly.
true that Great Britain has reques
monop
a
poration as
tons. It is not altogether
0
300,00
t
expor
to
Gerald
Russia
and
allow
Co.,
in the matter. It is
-H..C. Nickerson, formerly of Spitzer &
co-partner- clear just what the Conference will do
M. Livingston,announce that they have formed a
deliberation. Of late Longreat
with
ding
dprocee
groun
nly
with
certai
Co.,
ary deliveries being
ship under the firm name of Livingston &
William Sts., don prices have been irregular, Februhigher
.
floor offices at the southwest corner of Pine and genera
somewhat
May
and
March
bond
l
and
lower
a
ct
this city. The new concern will condu
barrels 8.10e.;
;
and
higher
active
ned
-Refi
M.
PETROLEU
business.
strong; 86and
ne
active
Gasoli
9.90c.
cases
,
Great Nor- bulk 4.60c.
50 extra.
$7
drums
;
,
20c.
drums
-Redmond & Co. are offering International &
llon
100-ga
11914. The degrees, in
100-gallon
in
s,
degree
6
73@7
;
higher
thern Ry. 3-year 5% secured notes, due Aug.
and
active
advertise- Naphtha
facts regarding the issue are given very fully in the seen that drums, 18e.,- drums $7 50 extra. Spirits turpentine lower
86 65.
ment on another page and from which it will be
Rosin lower; common to good strained,
at 49
the
in
ed
occurr
has
the notes are amply secured.
e
chang
ial
TOBACCO.-No essent
conhas
ng
for
Tradi
ising
advert
is
Y.,
N.
week.
the
way,
during
market for domestic leaf
-Franz H. Krebs, 74 Broad
5s, 1942, and tinued along jobbing lines as a rule, though at times somebids and offerings on Pacific Gas & Electricwants
noted. In the
ngs
offeri
also
Krebs
Mr.
what larger sales of.binder tobacco have been
Norfolk Southern 5s, 1961.
impart a firm
Power
to
Worth
ient
Ft.
5s,
suffic
1932;
ng
been
Heati
has
aggregate the demand
of Marion (Ind.) Light &
and Connecticut
tone to the market. Supplies of Wisconsinbeen cleaned up.
& Light 5s, 1931, and El Paso Electric 5s, 1932.
, unlisted and in- tobacco of 1911 growth have apparently
-0.B. Lansinger & Co., dealers in active
d.
elphia, have Havana and Sumatra have ruled firm, with a fair deman
,
bonds
Philad
tment
inves
and
ties
securi
%
active
Yle.; electrolytic 133
Estate
COPPER easy; Lake on the spot 14occurr
removed to more commodious quarters in the Real
ed in contracts;
14c.; heavy liquidation has latterly ry were 30,967 tons,
Trust Building in that city.
ic ports in Janua
temAtlant
s
from
ying
export
been
occup
the
have
who
Co.,
&
nt
at
-August Belmo
are against 29,337 tons in January last year. Tin firmer
porary offices since the Equitable fire at 111 Broadway,
r dull at 6.35c. Lead quiet and easy
Spelte
Place.
spot.
nge
for
43
at
Excha
433e.
offices
dious
commo
into
moving to-day
Northern $15®$15 50; No. 2
nce at 4.20e. Iron firmer; No. 1
-Millett, Roe & Hagen of New York and Boston annou
Pipe manufacturers have been
25.
5
75@$1
$14
ern
South
rship
membe
from
Miles
the withdrawal of Alfred Graham
heavy buyers of pig iron of late.
in the firm.



On Shipboard, Not Cleared for-

COTTON.
Friday Night, Feb. 2 1911.
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
318,215 bales, against 319,526 bales last week and 285,431
bales the previous week, making the total receipts since
Sept. 1 1911 8,605,850 bales, against 7,127,084 bales for
the same period of 1910-11, showing an increase since Sept.!
1911 of 1,478,776 bales.
Total.
Wed. Thurs. Fri.
it1on. Tues.
----107,097
14,059
16.761
12,865
16,487 17,814 29,111
Galveston
2,271 17,389
2,925
3,092
3,712
2,557 2,832
Texas City
2,052
611
165
1,276
Pt. Arthur,
_
48,181
3,474
5,260
15,365
. 8-,852 9-,248
5-,li82
New Orleans_
1,157
1,157
Gulfport
1,046 11,134
1;171
-317
2,643 3-,611
2,046
Mobile
Pensacola
1-,627
-iii -iiia -585 -iiii 69,302
-508
:T.::
Jacksonville, ecc.
31 8,579 11,572 8,013
12,837 11,770
Savannah
5,450 8,600
__--_
---3,150 -----____
Brunswick
784 11,197
2,510 3,119
1,518
1,835
1,431
Charleston
Georgetown _ _ _
1-17136 3,258 1-,45 11,816
3-,015,-1
1-i14
Wilmington _ _ _ _
3,080 22,878
2,891
4,158
3,394
3,627 3,728
Norfolk
N'port News, &e.
New York
-ao
-iiio ---i -iii 62
Boston
4,185
___
_--------- 4,185 - --- ---Baltimore
Philadelphia _ _ 46.143 56.034 71.677 54.368 47.904 42.091 318.215
Total
Receipts at-

Sat.

1-,805

The following shows the week's total receipts, the total
since Sept. 1 1911, and the stocks to-night, compared with
last year:
1910-11.

1911-12.
Receipts to
Feb. 2.

Stock.

I

This Since Sep This Since Sep
1 1910.
1 1011. week.
week.

1912.

1911.

403,899
49,489

191,540

264,302
4,632
71,481

203,136
10,908
31,309

265,495
6,613
41,891

131,208
10,039
32,427

20,770
57,824

19,797
23,108

186,264
8,664
13,776
2,575

310,997
4,138
6,536
2,202

318,215 8,605,860 184,875 7,127,084 1,397,475

977,345

107,097 2,762,184 58,552 2,372,307
Galveston
17,389 508,603 10,346 259,279
Texas City
4,088 188,243
2,052 159,687
Port Arthur, &0_
New Orleans__ _ _ 48,181 1,112,196 40,239 1,214,239
25,726
1,669
40,691
1,157
Gulf port
6,734 219,786
11,134 293,148
doblie
87,712
5,616
130,084
Pensacola
21,595
666
43,538
1,627
Jacksonville, ecc_
69,302 1,846,631 29,713 1,263,721
Savannah
3,723 209,251
8,600 283,978
Brunswick
11,197 330,290 3,819 261,558
Charleston
931
85
480
Georgetown -- - _
Wilmington _ - - _ 12,816 423,130 '5,636 375,282
22,878 539,636 7,635 497,739
Norfolk
3,848
12,567
N'port News, 8ce_
5,642
i
3,718
New York
29,317
-666 40,861 1,071 90,593
Boston
4,392
74,438
4,185
Baltimore
315
Philadelphia
Total

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts it

1911.

1912.

1909.

1910.

_
Galveston
'Texas City,ecc
New Orleans _
Mobile
;Savannah _ _
Brunswick _
<Charleston,ece
Wilmington_ _
Norfolk
N'port N.,&a.
.All others_ __

107,097
19,441
48,181
11,134
69,302
8,000
11,197
12,816
22,878
7,569

14,325

27,934
1.584
16,660
4,007
4,913
4,087
536
622
2,059
849
5,081

'Total this wk_

318,215

184,875

69,282

58,552
14,414
40,239
6,734
20,713
3,723
3,904
5,636
7,635

1908.

1907.

98,739
11,073
64,706
7,869
23,7,13
5,980
3,609
6,420
11,942
1,628
11,994

80,249
10,249
66,858
6,003
25,041
2,983
1,704
7.319
9,742
50
4,825

119,037
8,529
67,743
4,281
21,521
5,916
1,788
5,664
10,404
2,148
4,258

247,763

215.113

251,289

:Since Sept. 1_ 8,605,860 7.127.084 5,696,532 7,568,435 4,391,212 7,5!5,840

The exports for the week ending this evening reach a total
of 193,275 bales, of which 70,442 were to Great Britain,
42,378 to France and 80,455 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1911:
Week ending Feb. 2 1912.
Exported to-Exports
front--

ContiGreat I
Britain. Fr'nce. nerd.

Galveston
'Texas City__ _ _
Pt. ArthuroScc_
New Orleans._
Mobile
Pensacola
Gulfport ___
:Savannah ____
Brunswick__
Charleston _
Wilmington_
Norfolkj
Newport News.
New York
Boston _
Baltimore _ _
Philadelphia
Portland, Me..
• San Francisco_
Seattle
Tacoma
Portland, Ore_
Pembina
Detroit.
Total

From Sept. 1 1911 to Feb. 2 1912.
Exported to-

ContiGreat
Total. Britain. France. nent. I Total.

18,41410,798 27,327 56,5391,015,273212,489 869,0132,036.775
31:131111 70,373, 57,146 458,970
56,104 116,324
35810g:71g 298,l6Q 8Q0,633
'
16,5iiii1i;i5O, 24,316 52-,flciu 452
173,686
5,8711 __
5,871. 53,705 37,71.1 82,26
36,426 40,408 53,368 130,202
15,560 36,059
20,499
14,51620,080 11,900 46,496 333,484 151,694 705,541,190,724
137,322 260,094
5,026 5,026 122,772
170,079 194,165
1,75() 1,750
24,088
101,120 95,445 181,341 377,906
6,896
1,109
5,787
_
,01)
8:i

-266

1,884

-46(1
6,162
_
_

3,844
2,230
2,178

10:ig5

156,9861 61,033

400
6,162

15,103 4,A308,477___
30,659
......
2,800

3,844
2,230
2,178
5,375

392,435
174,41
4,803 103,280
77,470 97,412
51,086
11,427
2,800
129,641 129,641
76,979
76,979
24,741
24,741

Feb. 2 at-

70,44242,378 80,455193,2752,808,898850,702,3,126,5836,786,183

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York,

Other CoastI GerGreat,
Brllaind France I many. Foreign wise.

Leaving
Stock.
Total.

4221 44,858
New Orleans_ _ 21,798, 1,7941 6,667 14,177
5,190 157,297
Galveston _ _ _ _ 49,915 12,0871 48,863 41,242
_ _ _1 42,984
9,700
____ 28,384
4,900
Savannah _ _ _ _
5,000
____, 3,000
2,000'
Charleston_ _ _ _
2,000; 25,747
5,333' 4,159' 14,255
Norfolk
19,500. E7,000
M obilei
7,500
Loon 1,200 ___ _I 7.000
06
New York_ _ _ _
2.000 2,8
__ 39.000
____ 18,000
Other Ports... 21,000

219,444
246,602.
222,511
36,691
45,734
30,824
179,264
67,519

Total 1912_ 114,446 20,840 120,169 66,319 27,112 348,886 1,048.589
Total 1911._ 80,175 16,772, 65,768 50,965 18,156 231,836 745,509
Total 1910_ 26,469 14,966 44,785 19,695 23,469 129,384 571,205

Speculation in cotton for future delivery has at times been
stagnant and at no time very active except to-day. Prices
changed but little until late in the week, when they advanced
sharply on heavy buying by spot interests, Liverpool, the
Continent and local and Southern shorts. The WaldorfAstoria party has covered freely, and one rumor is that it
has taken the bull side. Trade interests have leaned to that
side, while the speculative element has, as a rule, shown a
tendency to sell short. The January shipments have called
for large quantities of cotton at the South and the exports
have been on a generous scale. The spot markets have
naturally stood up well. The spot sales at Liverpool have
been as large as 15,000 bales a day. The state of trade at
Manchester has been reported good. Western jobbers have
reported a good business. Yarns have been stronger and in
Philadelphia higher. Large spot interests, though they
seem to have sold to some extent early in the week, have
latterly been good buyers of May and July, and apparently,
also, of October and December. Liverpool houses have been
buying here. Southern spinners have bought futures here
more freely. There has been no pressure to sell from the
South. Europe and Japan have been buying. China
has increased its purchases, it is stated, of cotton in
Texas. Its mills, it seems, are going more extensively
into the manufacture of fine cotton goods. Bulls
maintain that the crop is no longer a burden,
that it has been for the most part contracted for, not only
in actual purchases for this season but also in the shape of
hedges which have had to be made in this crop against sales
of cotton for some years ahead to European mills, which do
not care to take the chances of prices returning to their
former high level should anything happen to the crop in the
next year or two. Frightened by 15 to 20-cent cotton in
the recent past, they are said to be thankful to be allowed
to get cotton at 93 to 10c., and are in no mood to refuse the
bird in the hand and reach after two in the bush. In other
words, the European, especially the Continental spinner,
is buying to supply not only this season's wants, but to some
extent, at least, those for several seasons to come. On the
other hand, the predictions of a large acreage at present
prices are general, the Southern soil, after copious rains this
winter, is in unexceptionally good condition, and many believe that the weight of the crop has not been removed, that
it is still present and will ere long make itself felt, that a bull
speculation at this time is premature, can only hurt trade,
and hurt the South by causing an increased instead of a decreased acreage, and in the end lower rather than raise
prices. To-day prices again sharply advanced, making over
$2 a bale in two days, on strong advices from Liverpool,
where the spot sales were 12,000 bales, continued buying
by large spot interests, by New Orleans and Memphis people,
and Waldorf-Astoria operators, and increased buying by
commission houses. Spot markets at the South were firm
or higher. Exporters at the South are said to be short.
The backbone of the Lawrence, Mass. strike is reported
deal of realizing of
broken. On the rise there was a good'
profits. Spot cotton has advanced 30 points, middling
uplands closing at 10c.
The rates on and off middling, as established Nov. 15 1911
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
Fairc 1.75 on
Strict mid. fair_ __1.50 on
1.30 on
Middling fair
0.80 on
Strict good mid_
0.56 on
Good tntddling
0.30 on
Strict middling

Basis
c
Middling
Strict low mid_ ___0.33 off
Low middling....0.80 off
Strict good ord _ _1.40 off
Good ordinary_ _ _2.15 off
Strict g'd mid. tgd.0.43 on

Good mid. tinged_c Even
Strict mid. tinged_.0.15 off
Middling tinged_ _0.30 off
Strict low mid. ting.0.80 off
Low mid. tinged1.90 off
Middling stained_ _0.90 off

The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Jan. 27 to Feb.2Middling uplands

Sat.
9.65

Mon. Tues. Wed. Thurs. Fri.
9.65

9.65

9.70

9.00

10.00

NEW YORK QUOTATIONS FOR 32 YEARS.
1912 c
1911
1910
1909
1008
1907
1906
1005

1888_c
1806_0
16.75 c8.25
10.00 1904_
5.62 1887
9.05 1895
14.85 1903
1886
.94
7
1894
8.25
1902
14.80
9.44 1885
10.00 1803
9.90 1901
7.44 1884
8.25 1892
11.65 1900
9.25 1883
6,38 1891
11.00 1899 _____
10.94 1882
5.94 1890
11.45 1898
10.00 1881
7.25 1889
7.45 1897

10.62
9.50
9.19
11.12
10.75
10.19
12.00
11.69

MARKET AND SALES AT NEW YORK.

5,375

Total 1910-11_ 75.162:41,303,102,000218,4652,700,215725,4752,120,1465,545,916




359

TIIE CHRONICLE

FEB, 3 1912.)

Saturday __ _
Monday_ _ _ _
Tuesday ___
Wednesday_
Thursday __
Friday
t •N
' Total

Spot Market
Closed.

Futures
Market
Closed,

Quiet, 5 pts. dec.. _
Quiet
Quiet
Quiet, 5 pts. adv_ _
Wet, 20 pts. adv_ _
Steady 10 pts adv

Barely steady...
Barely steady-Steady
Steady
Firm
Steady

SALES.
Spot. Ccntr ct. Total.

1.56E.
935

7,100

2-0-4.66
8,100
100

7,100
1,005
2,400
8,100
1,035

1.940 18,700 20.640

360

THE CHRONICLE

[VoL. Lxxxxiv.

FUTURES.-The highest, lowest and closing prices at
AT THE INTERIOR TOWNS the movement-that is,.
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the receipts for the week and since Sept. 1, the shipments,
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tO
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for the corresponding period for the previous year-is set
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Il

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Receipts.

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Movement to February 2 1912.

@I 0
@I @I
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. 0._5
.s,
THE VISIBLE SUPPLY OF COTTON to-night, as made
.g 8 .43' 1'0'4
053:E, 84
5
made up by cable and telegraph, is as follows. Foreign
ga4g5;ggq4JR1W51)...EtflEtVA,,
,,7
stocks, as well as the afloat, are this week's returns, and
glje.52F:2°40glig-gE088.c4VEUgleaPt
consequently all foreign figures are brought down to Thursc=11r4.U86.65 6
. 665C.!
day evening. But to make the total the complete figures
The above totals show that the interior stocks have defor to-night (Friday), we add the item of exports from the
creased during the week 23,247 bales and are to-night 138,182
United States, including in it the exports of Friday only
bales more than at tile same time last year. The receipts
February 21912.
1911.
1910.
1909.
Stock at Liverpool
bales.1,014,000 1,174,000 1,062,000 1,274,000 at all towns have been 93,150 bales more than tile same
Stock at London
2,000
8,000
3,000
10,000 week last year.
Stock at Manchester
73,000
95,000 • 70,000
70,000
OVERLAND MOVEMENT FOR THE WEEK AND
Total Great Britain stock
1,089,000 1,277,000 1,135,000 1,354,000
SINCE SEPT. 1.-We give below a statement showing the
Stock at Hamburg
• 8,000 • p .[4,000
9,000
11,000
Stock at Bremen
392,000
237,000
297,000
424,000 overland movement for the week and since Sept. 1, as made
Stock at Havre
306,000
251,000
464,000
326,000 up from telegraphic reports Friday night. The results for
Stock at Marseilles
3,000
2,000
3,000
4,000 the week and since
Sept. 1 in the last two years are as follows:
Stock at Barcelona
17,000
15,000
8,000
41,000
Stock at Genoa
30,000
47,000
68,000
40,000
-1911 12
-1910-11-----Stock at Trieste
3,000
2,000
February 21,000
3,000
Total Continental stocks

759,000

558,000

850,000

849,000

Total European stocks
1,848,000 1,835,000 1,985,000 2,203,000
India cotton afloat for Europe__ _
207,000
49,000
274,000
145,000
Amer. cotton afloat for Europe 1,081,278
765,893
302,176
740,850
Egypt,Brazil,&c.,aflt.for Europe_
64,000
64,000
45,000
53,000
Stock in Alexandria, Egypt
288,000
281,000
213,000
308,000
Stock in Bombay, India
465,000
424,000
582,000
417,000
Stock in U. S. ports
1,397,475
977,345
700,589
924,813
Stock in U. S. Interior towns_ _ _ _ 806,329
668,147
720,743
818,259
U. S. exports to-day
39,002
57,612
29,892
29,674
Total visible supply
6,018,084 5,279,997 4,852,400 5,639,596
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales. 907,000 1,057,000
981,000 1,169,000
Manchester stock
49,000
78,000
56,000
58,000
Continental stook
728,000
523,000
794,000
815,000
American afloat for Europe
1,061,278
765,893
302,176
740,850
U. S. port stocks
1,397,475
977,345
700,589
924,813
U. S. Interior Stocks
806,329
608,147
720,743
818,259
U. S. exports to-day
39,002
57,612
29,892
29,674
Total American
East Indian, Brazil,
Liverpool. stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India

4,988,084 4,126,997 3,584,400 4,555,590
107,000
2,000
24,000
31,000
49,000
64,000
288,000
465,000

117,000
8,000
17,000
35,000
207,000
64,000
281,000
424,000

81,000
3,000
14,000
56,000
274,000
45,000
213,000
582,000

105,000
10,000
12,000
34,000
145,000
53,000
308,000
417,000

Total East India. &c___ ______ 1,030,000 1,153,000 1,268,000 1,084,000
Total American
4,988,084 4,120,997 3.584,400 4,555,596
Total visible supply
6,018.084 5,279 997 9,852,400 5,639 596
Middling Upland, Liverpool
5.77d.
7.88(1.
7.91d,
5.15(1.
Middling Upland, New York_ _ _ 10.000.
14.650.
14.90c.
9.85c.
Egypt, Good Brown, Liverpool__ 9 15-16d. 10 15-16d. 14 9-16(1.
8
I.
Peruvian, Rough Good, Liverpool
9.00d.
11.15d.
10th
7.75d,
Broach, Fine, Liverpool
5 11-16d. 7 13-16(1. 7 7-16d.
5(1,
Tinnevelly, Good, Liverpool__ _
5 Yid. 7 11-16d. 7 3-16(1. 4 15-16(1.

ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia ports
Via other routes, &o

Week.
23,640
464
276
9,135
5,553
5,284
13,948

Total gross overland
Deduct ShipmentsOverland to N. Y., Boston, &o
Between interior towns
Inland, &c., from South
Total to be deducted

Since
Sept. 1.
361.561
36,.
2 12
25
0

Sept. 1.
361,901
23,84
150,714

90,104
62,255
117,231
245,219

Week.
16,158
4,194
950
3,513
2,603
3,378
5,032

58,298

914,921

36,728

907,893

4,785
5 163
1,244

119,017
36,427
23,035

6,374
737
1 962

125,867
21,236
28 672

91,501
48,723
115,013
116,298

11,192

178,479

9,073

175,775

Leaving total net overland" ___47,106

736,442

27,655

732,208

'Including movement by rail to Canada.

The foregoing shows the week's net overland movement
has been 47,106 bales, against 27,655 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 4,234 bales.
-----1011-12----1910-11
In Sight and Spinners'
Since
Since
Week,
Takings.
Sept. 1.
Week.
Sept. 1.
Receipts at ports to Feb. 2
318,215 8,605,860 184,875 7,127,084
Net overland to Feb. 2
47,100
730,44227,655
732,208
South'n consumption to Feb. 2._ 54,000 1,068,000
51,000 1,017,000
Total marketed
Interior stocks in excess

419,321 10,410,302 263 530
•23,247
705,892 '39388

8,876,293
617,369

Came into sight during week,.,,396,074--------224,142
Total in sight Feb. 2
11-,1._____
-_ iii

6,:493.661

North. spinners' takings to Feb.. 2 63,174

1,340,747

36,570

1,516,705

• Decrease during week.

Movement into sight in previous years:
Week1910-Feb. 4
1909-Feb. 5
I908-Feb. 7
1907-Feb. 8

Bales.
Since Sept. 1130,507 1909-10-Feb. 4

Bales.
8,114,628

316,681 I908-09-Feb. 5
Continental imports for the past week have been 174,000
10,263,612
282,969 1907-08-Feb. 7
8,438,926
bales.
320,168 1906-07-Feb. 8
10,033,486
The above figures for 1911 show an increase over last week
QUOTATIONS FOR MIDDLING COTTON AT OTHER
of 133,398 bales, a gain of 738,087 bales over 1910,an ex- MARKETS.-Below
cees of 1,165,684 bales over 1909 and a gain of 378,488 bales cotton at Southern are tile closing quotations of middling
and other principal cotton markets for
from 1908.
each day of the week




Closing Quotations for Middling Cotton onWeek. ending
Febrvary 2.

10 3-16
9%
9 9-16
93%
93%
93%
93%
94
9.90
10
93%
93%
10
04

Sat'day. Monday, Tuesday, Wed'day, 7'hursd'ii, Friday,
Jan. 27. Jan. 29. Jan. 30. Jan. 31. Feb. 1. Feb. 2.
JanuaryRange
Closing
February-Range
Closing
MarchRange
Closing
AprilRange
Closing
MayRange
Closing
JuneRange
Closing
JulyRange
Closing
AugustRange
Closing
SeptemberRange
Closing
OctoberRange
Closing
DecemberRange
Closing
ToneSpot
Options

WORLD'S SUPPLY AND TAKINGS OF COTTON.

Sarday. Monday Arcuesday. Wed'day. 7'hursd'y. Friday.

0 3-16 10 3-16 10 5-16 10
10 3-16 1.
10
9 13-16 9%
9%
93%
I' ^-16
94
9%
9 11-16 9 13-16
93%
9.
93%
)
)
1 1
%, 6% 99,
T@"ie 10
9%
93%
9
94
9X
9%
93%
93%
95%
95%
10
93%
93%
9%
94
94
9%
10.25
10.15
9.95
9.90
0.90
103%@
10
10
10
10
97%
104
10
93%
93%
10
93%
93%
93%
93%
10 3-16 10 5-16
10
10
10
9%
94
9M
94
93,6
:i-The highest,
NEW ORLEANS OPTION MARKET.
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows.
Galveston
New Orleans_ - Mobile
Savannah
Charleston
Wilmington
Norfolk
Baltimore
Philadelphia
Augusta
Memphis
St. Louis
Houston
Little Rock..

361

THE CHRONICLE

FEB. 3 1.912d

9.83-.90 9.90-.96 - @ 9.87 - 9.90 -- 9.75 --

-@
-@

-@
-@

1911-12.

Cotton Takings.
Week and Season.

Week.

Week.

Season.

5,884,686
5,334,998
Visible supply Jan. 26
1,603,418
1,495,514
Visible supply Sept. 1
American in sight to Feb. 2_ __ _ 396,074 11,116,194 224,142 9,493,661
118,C00
907,000, 67,000 1.054,000
Bombay receipts to Feb. 1
70,900
12,000
1,600
108,205
Other India ship'ts to Feb. 1_
764,000
45,400
23,000
876,000
Alexandria receipts to Jan. 31
8,000
157,000
10.000
167,000
Other supply to Jan. 31'
6,453,760 14,618,512 5,671,140 13,194,380

Total supply
DeductVisible supply Feb.2

6,018,084 6,018,084 5,279,997 5,279,997
435,676 8,600,428
350,676 6,980,528
85,000 1,619.900

Total takings to Feb. 2
Of which American
Of which other

391,143 7,914,383
273,143 6,160,178
118,000 1,754,205

Embraces receipts in Europe from Brazil, Smyrna, West Indies, ace.
EAST INDIA COTTON MILLS.-Through the courtesy
of the Secretary of the Bombay Millowners' Association, we
have received this week a statement of operations for the
year ended June 30 1911, and they are given below:
OPERATIONS FOR YEAR ENDED JUNE 30 1911.

- ® -- @ - ® - 9.72
9.71 - 9.70 -I 4.70 -_ 9.73 -- 9.97 -10.12 -

Average
Approximate
No. of Quantity of Cotton
No.
No.
No. Hands
Consumed.
of
Em
of
of
Mills. Spindles. Looms. played.
Bales of
Daily.
Ctets.
392 Lbs.

9.70-.78 9.75-.87 9.72-.80 9.75,83 9.85-.05 10.12-.27
9.76-.77 9.76-.77 9.76-.77 0.79-.80 10.03-.04 10.15-.19
-- @ -- @ ----®9.79-.81 9.79-.81 9.79-.81 9.82-.84 10.06-.08 10.21 Bombay Island (working)_ _ _
Bombay Island (in course of
erection)
Bombay Presidency(working)
- @ - 10.30 -- Bombay Presidency (in course
-@9.88-.90 9.87-.89 9.89-.91 9.92-.94 10.13-.15 10.30 of erection)
9.80-.87 9.83-.95 R.79-.88 9.84-.92 9.93-.10 10.18-.35
9.88-.89 10.09-.10 10.25-.26
9.84-.85 9.84-.85

0.92-.98 9.94-.05 9.90-.98 9.95-.03 10.03-.20 10.29-.44
9.95-.96 9.95-.96 9.96-.97 9.99-.00 10.19-.20 10.35-.36

1910-11.

Season.

Total

85 2,890,590 42,467 104,500 3,337,075

953,450

2
86 1,630,382 25,025 55,373 1,319,031

376,866

9
182 4,520,972 67,492 159,873 4,656,106 1,330,316

Rajputana
34,208 1,119 2,220
45,696
3
13,056
@ --- @ - 10.38 -- Berar a
- @ - 9.91 --@ 3
38,472
43,414
12,404
830 1,596
9.92
9.95 -- 10.15 - 10.30 - Central Provinces
9.92 - 9.88
79,672
7
189,252 3,304 111,041 278,852
19,982
Hyderabad
3
59,454
820 2,638
69,937
__
-@- @ - 10.20 - Central India
63,984 1,250 3,201
88,627
25,332
4
9.89 - 9.83
9.86
9.89-.91 10.09-.11 10.23-.25 Bengal Presideney_a
13
433,657 2,022 10.208 406,525 116,150
Punjab b
12
133,896
682 2,693
78,883
22,538
9.83-.87 9.83-.93 9.82-.88 9.85,89 9.93-.08 10.16-.29 United Presidency of Agra &
9.85-.86 9.83,89 9.84-.85 9.87,88 10.07-.08 10.22-.23
14
396,300 3,780 12,223 423,794 121,084
Oudh a
12
Madras Presidency
362,576 2,187 18,320 413,483 118,138
- @ -- @ --@-10.02-.10 10.25 - Travancore
1
672
28,966
8,276
25,560
9.91 - 9.87 - 9.88 - 9.95 -- 10.12-.13 10.27-.28 Mysore
2
28,448
223 1,200
38,885
11,110
1,643 4,755
97,363
Pondicherry
5
70,681
27,818
Firm.
Firm.
Steady. Steady. Steady. Firm.
Steady. Steady. Steac y. Steady. Steady. Steady.
Total
*261 6.357.460 85.352 230.649 6.670.531 1.905.866

WEATHER REPORTS BY TELEGRAPH.-Telegraphic
reports to us from the South this evening indicate that rain
has fallen in most localities and at some points has been
rather heavy.

The movement of the crop continues quite

* Of these, 243 are working and 18 in course of erection. a Including 1 In course
of erection. b Including 4 in course of erection.
We now give a table covering information identical with
the totals given above, which indicates the progress made in
cotton-manufacturing in ,India during the past 33 years:

liberal for the season of the year.

PROGRESS1OF INDIAN MILLS DURING THE PAST 33 YEARS.

Galveston, Tex.-There

has been rain on one day of the
week, the precipitation reaching ninety-eight hundredths of
an inch. The thermometer has ranged from 42 to 69, averaging 55.

Year ending June 30-

Abilene, Tex.-We have had no rain during the week.
Minimum temperature 30.
Palestine, Tex.-There has been no rain during the week.
Minimum thermometer 30.
San Antonio, Tex.-We

have had no rain the past week.

Minimum temperature 36.

Taylor, Tex.-We have had rain on one day during the
week, the rainfall reaching one hundredth of an inch. Minimum thermometer 28.
Vicksburg, Miss.-There has been rain on two days during
the week, to the extent of one inch and thirty-four hundredths. The thermometer has ranged from 31 to 72, averaging 50.
Helena, Ark.-Not much farming work on account of cold.
Snow during the week, but not enough to measure. Average
thermometer 42, highest 63, lowest 24.
Memphis, Tenn.-Rain has fallen on three days of the
week, to the extent of one inch. The thermometer has averaged 43, ranging from 25 to 64.
Mobile, Ala.-There has been rain on two days during the
week, to the extent of eighty-nine hundredths of an inch.
The thermometer has ranged from 34 to 72, averaging 54.
New Orleans, La.-We have had rain on three days during
the week, the precipitation being twenty-eight hundredths
of an inch. The thermometer has averaged 56.
Montgomery, Ala.-We have had rain on two days during
the week, the rainfall being four inches and fifty-two hundredths. Average thermometer 53, highest 75, lowest 31.
Selma, Ala.-It has rained on two days of the week, to
the extent of three inches and forty hundredths. The thermometer has averaged 48, the highest being 69 and the
lowest 28.
Savannah, Ga.-There has been rain on two days during
the week, to the extent of fifty-two hundredths of an inch
The thermometer has averaged 54, ranging from 32 to 75.
Charlotte, N. C.-It has rained during the week, the precipitation reaching one inch and twenty-two hundredths.
The thermometer has averaged 45, the highest being 66 and
the lowest 24.
Little Rock, Ark.-It has been dry all the week. The thermometer has ranged from 24 to 69, averaging 46.5.
Charleston, S. C.-There has been rain on two days the
East week to the extent of thirty-six hundredths of an inch.
'The thermometer has ranged from 32 to 73, averaging 53. •




1879
1884
1889
1894
1899
1901
1902
1903
1904
1905
1906
1907
1908
1009
1910
um

Average
Approximate
No. of Quantity of Cotton
No.
No.
No. Hands
Consumed.
of
of
Em
of
Mills. Spindles. Looms. played.
Bales of
Daily.
Ciets.
392 Lbs.
56
79
124
142
188
193
192
192
191
197
217
224
241
259
263

1,452,794
2,001,667
2,762,518
3,649,736
4,728,333
5,006,936
5,006,965
5,043.297
5,118,121
5,163,486
5,279,595
5,333,275
5,756,020
6,053,231
6,195,671

9AI

A gA7 AAA

13,018 42,914 936,547 267,585
16,262 60,387 1,859,777 531.365
21,561 91,598 3,110,289 888,659
31,154 130,461 4,278,778 1,222,508
39,069 162,108 5,863,165 1,675,190
41,180 172,883 4,731,090 1,351,740
42,584 181,031 6,177,633 1,765,038
44,092 184,399 6,087,690 1.739,430
45,337 184,779 6,106,681 1,744,766
50,139 195,277 6,577,354 1,879,244
52,668 208,616 7.082,306 2,023,516
58,436 205,696 6,930,595 1,980,170
67,920 221.195 6,970,250 1,991,500
76,898 236,924 7,381,500 2,109,000
82,725 233.624 6,772,535 1,935,010
RR RA9 950 AAA A A7n e/1 I one..

COTTON CONSUMPTION AND OVERLAND MOVEMENT TO FEB. 1.-Below we present a synopsis of the
crop movement for the month of January and the five
months ended Jan. 31 for three years:
1911-12.
Gross overland for January
244,342
Gross overland for 5 months
894,792
Net overland for January
200,643
Net overland for 5 months
716,725
Port receipts in January
1,449,768
Port receipts in 5 months
8,515,865
Exports in January
1,556,750
Exports in 5 months
6,730,515
Port stocks on Jan. 31
1,385,675
Northern spinners' takings to Feb. 1_ _ _ _ 1,305,560
Southern consumption to Feb. 1
1,041.000
Overland to Canada for 5 months (In84,281
cluded in net overland)
Burnt North and South in 5 months-- - 10,900
Stock at North. interior markets Feb. 1..
1,710,411
Came in sight during January
10,983,590
Amount of crop in sight Feb. 1
Came in sight balance of season
Total crop
Average gross weight of bales
516.88
Average net weight of bales
492.88

1910-11.

1909-10.

169,429
89,1457
136,397
717,841
1,001,078
7,043,445
1,042,163
5,421,293
1,032,420
1,488,802
991,000

151,778
710,699
122,850
597,130
592,225
5,661,496
464,247
9,165,929
767,735
1,499,357
1,136,000

93,428

69,359
615
18,983
15,019
1,179,175
866,870
9,387,286 8,036,326
2,745,046 2,614,635
12,132,332 10,650,961
508.28
512.89
489.28
488.89

INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of cotton from Bombay and the shipments from
all India ports for the week and for the season from Sept. 1
for three years have been as follows:
Febuary 1.

1911-12.

Receipts atWeek.
Bombay

118,000

Since
Sept. 1.

1910-11.
Week.

Since
Sept. 1.

1909-10.
Week.

Since ,J
Sept. 1.1

907,000 67,000 1,054,000 105,000 1,520,000

Per the Week.
Exports
from-

Since September 1.

Great i Conti- 'Japan 1
Great I Conti- 1 Japan
Ilretain.! neat. &China Total. Britain.
nent. i& China. Total.

Bombay1911-12__
1910-11__
1909-10 _
Calcuttai911-12_
1910-11._
1009-10 _ _
Madras1011-12....
1910-11_ _
1909-10 _
All others-1911-12_

1910-11.._

1909-10._
Total all1911-12._
1910-11_
1909-10

12,000 10,000 22,00
1,000 68,000 25,000 94,000f
___ 43,000 30,000 73,0001
1,000
____
___

!
!
1,000. 70,000, 252,000 332,000
17,000 384,000! 245,000 646,000
30,0001 376,0001 349,000 758,000

i,iool
___.
____

100
__._
.___

2.0001
2,000
2,000

6,0001
6,004
14,000i
t
5,000,
13,000
7,000,
I
44,000,
58,000
41,0001

2,000
8,000
4,000
500
10,1(3.,
_ _ _I 2,000

'500
12,00
2,000

1,0001 12,000 10,600 23,60
3,000 78,000 25,000106,000
45,000 30,000 75,000

4,000
20,000
16,000

2,000

8,700
8,000
18,000

700
5
1,000

7,700
21,005
12,000

6,500
1,20
1,000

54,500
79,200
58,000

700

I
9,000 134,000, 259,000 402,900
47,000 461,0001 246,205 754,205
55,000 438,000! 35:3,000 846,000
_

ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
January 31.
Receipts (cantars)This week
Since Sept. I

1911-12.

1910-11.

1909-1 0.

840,000
5,729,708

170,000
6,570,214

65,000
4,607,036

This Since
This Since
Week. Sept. 1. Week. Sept. 1.

This Since
Week. Sept. 1.

Exports (bales)To Liverpool
To Manchester
To Continent and India
To America

2,250
9,500
6,730
2,500

118.588 5,000 153,036 6,250 103,772
142,672
146,407 4,500 90,334
192.907 11;25.6
232.776 10,000 191,747
38.602 3,000 77,529 3,000 48,525

21,006 492,769 19,250 609,748 23,750434,387

Total exports

MANCHESTER MARKET.-Our report received by cable
to-night from Manchester states that the market continues
firm for both yarns and shirtings. The demand for both
yarn and cloth is good. We give the prices for to-day below and leave those for previous weeks of this and last year
for comparison.
1911-12.
32s Cop
Twist.
d.
Dec.
15 8)4
22 8% (14
29 8%
Jan.
5 8% 0
12 8% 0
19 8%
(a)
26 8% 0
Feb.
2 811-160

1910-11.

83' lbs. Shirt- Cot'n
ins, e0171MOn Mid.
to finest.
Vpl's
d. s.d.

32s Cop
Twist.

s. d. d. d.

83' lbs. Shirting, common
to finest.
d. s. d.

C01'n

Mid.
Upt's

s. d. d.

5 4 ©b03
9% 5 4)4010 3
934 5 4 @103

5.02 11)1
5.05 11%
5.01 1134

68
114

1234 5
125,4 5
12% 5

854011 13' 8.11
8.16
9 (411 3
8.07
9 ©113

93,
5 5 4%010 4
9% 5 5 @105
9% 5 0,0410 6
£9.4 5 5 @1073'

5.22 11%
5.37 113.1
•,.40
5.50 11%

(14

12% 5
12% 5
12)4 5
12 5

9
ii
9
9

011
eS11
(011
@II

3
3
3
3

8.06
8.07
8.05
8.02

9 @11 3 7.88.
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 193,275 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
9% 5 5)4010 8

5.77 11

0 1254 5

Total bales.
NEW YORK-To Liverpool-Jan. 26-Carmania, 1,002__ _Jan. 27
-Bohemian, 1,875 upland, 125 Sea Island__ _Jan. 316,939
Celtic, 3,937
1,460
To Manchester-Jan. 29-Sallust. 1,460
200
To Marseilles-Jan. 26-Sant' Anna, 200
350
To Bremen-Jan. 29-Chemnitz, 350
932
To Hamburg-Jan. 27-Pretoria, 932
53
To Naples-Jan. 26-Principe di Piemonte. 53
549
To Japan-Jan. 31-Muncaster Castle, 549
11,371
GALVESTON-To Liverpool-Jan. 29-Riojano, 11,371
7,043
To Manchester-Jan. 29-Ramon de Larrinaga, 7,043
10,798
To Havre-Jan. 27-Montauk, 10,798
To Bremen-Jan. 27--Sandefjord, 14,819 _ _ _Jan. 31-Tre20,568
sultan, 5,749
6,759
To Hamburg-Jan. 30-Eaton Hall, 6,759
NEW ORLEANS-To Liverpool-Jan. 27-Cuban, 5,680._ _Feb. 2
11,680
Wanderer. 6,000
5,000
To Belfast-Feb. 1-Rathlin Head, 5,000
To Havre-Jan.30-Transport, 5,400 __ _Feb.2-Mexico, 5,900 11,300
10,963
To Bremen-Jan, 30-Spanish Prince, 10,963
150
To Antwerp--Jan. 31-Homer, 150
To Barcelona-Jan. 27-Margherita, 4,743__ _Feb. 1-Miguel
7,053
M.Pinillos, 2,310
5,950
To Genoa-Jan. 31-Cyfarthia, 5,950
200
To Vera Cruz-Jan. 29-City of Tampico, 200
5,871
MOBILE-To Liverpool-Jan. 31-Albanlan, 5,871
SAVANNAH-To Liverpool-Feb. 1-Sagamore, 7,009; Woodfield,
14,516
7,507 ___.
To Havre-Jan. 26-Harewood, 5,686.. Jan. 27-Katherine,
20,080
6.958 -Feb 1-Queenawood, 7,426
8,150
To Bremen-Jan. 26-Holland, 8,150
650
To Hamburg-Jan. 31-Tertia, 650
27-Southfield,
2,000
-Jan.
2,000
Rotterdam
To
1,100
To Bombay-Feb. 1-Woodfield, 1,100
5,026
BRUNSWICK-To Bremen-Jan. 27-Wearside, 5,026
1,750
CHARLESTON-To Bremen-Feb. 1-Gafsa, 1,750
400
BALTIMORE-To Leith-Jan. 29-Queen Wilheirnina, 400
4,710
PHILADELPHIA-To Liverpool-Jan. 29-Merlon, 4,710
1,452
To Manchester-Jan. 27-Manchester Importer, 1,452
3,844
SAN FRANCISCO-To Japan-Jan. 30-Nippon Marti. 3,844_ _
SEATTLE-To Japan-Jan. 27-Kamakura Marti, 1,918 Orterlo,
2,230
312
•
2,178
TACOMA-To Japan-Jan. 27-Willesden, 2,178
193,275
Total
The particulars of the foregoing shipments for the week,

V

arranged in our usual form, are as follows:

Great French Ger- -OtizZurope- Mex.,
Britain. ports. many. North. South. &C. Japan. Total.
-- -10,483
200 1,282
8,399
New York
__
56,539
18,414 10,798 27,327 -------------Galveston
150 13,003 200
___ 52,296
New Orleans__ _16,680 11,300 10,963
5,871
5,871
Mobile
6,496
4,516 20,080 8;iiiii5 2-,566 :::: io
Savannah
-------- ---_ ----5,026
_
_
Brunswick -------------5,026
----1,750
Charleston ------------1,750
___400
____
--Baltimore
400
--6,162
Philadelphia
6,162
__- --- 3,844
3,844
San Francisco
____
-- - ___ 2,230
223
Seattle
--- 2,178
2,178
Tacoma
- Total

[VOL. Lxxxxiv.

THE CHRONICLE

362

70.442 42,378 55,118




2,150 13,056 1,300 8 801 193.273

R.7,1The exports to Japan since Sept. 1 have been 218,524 bales
from Pacific ports, 17,548 bales from Galveston, 19,100
bales from Savannah and 11,209 bales from New York.
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs.:
Liverpool _
Manchester
Havre
Bremen
Hamburg
Antwerp
Ghent, via Antwerp
Revel
Gothenburg
Barcelona
Genoa
Trieste
Japan

Sat.
40
26
3234
40
40
45
51
50.60

10
50.56

50
50
55
70

50
55
70

Men.
35
35
35
45
40

Tues.
35
53
35
45
40
45
50
50.60

Wed.
35
35
35
45
40
45
50
60.60

Thurs.
35
35
35
45
40
45
50
50.60

50
50
55
70

50
50
55
70

55

55

50
55
70

Fri.
35
35
35
45
40
45
50
50.60

55

50
55
70

LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Jan. 12.
Sales of the week
bales_ 65,000
Of which speculators took__ 6,000
Of which exporters took_ _ _ _ 4,000
Sales, American
61,000
Actual export
10,000
80,000
Forwarded
887,000
Total stock-Estimated
Of which American
782,000
Total imports of the week_ __ _118,000
98,000
Of which American
452,00,0
Amount afloat
400,000
Of which American

Jan. 19.
57.000
6,000
3,000
51,000
24,000
78,000
927,000
812,000
141,000
114,000
493,000
450,000

Jan. 26.
73,000
8,000
6,000
66,000
14,000
89,000
962,000
848,000
138,000
113,000
492.000
450,000

Feb. 2.
75,000
4,000
5,000
67,000
15,000
118,000
1,014,000
907,000
1)15,000
164,000
409,000
355,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.

Saturday.

Market, 1
12:15
P. M.

Fair
business
doing.

Mid. tads
Sales
Spec.&exp

Monday.

Tuesday. Wednesday. Thursday.

Good
demand.

Fair
business
doing.

Good
demand.

Good
demand.

Friday.
Coed
demand.

5.53

5.56

5.57

5.57

5.80

5.77

10,000
1,000

12,000
2,000

10.000
1,000

15,000
2,000

14,000
1,000

12,000
500

Futures. Steady at
111ar!ict I 5 points
I decline.
opened

Steady at
1)4(14234
pts. adv.

Steady at Steady at Quiet,uncb. Firm at
2 point.;
1 point
to% point
505)4
decline.
advance. advance. pts. adv.

Market, 1 Quiet at
2%04
4
1'. M. 1 pts. dec.

Quiet at
25-4,66
pts. adv.

Steady at Steady at
103 pts.
10234
pts. dec. pts. adv.

Firm at lily st'y at
53409
7M(:)9M
pts. adv. pts. adv.

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 amid 100ths.

711us, 5.2.9 means 5.29-100d.

Sat.
Thurs.
Fri.
Jan. 27
Wed.
Mon.
Tues.
to
Feb. 2. 12341234 123' 4 123,, 4 123.5 4 1235 4 123' 4
p.m. p.m. p.m. p.m. p.m. 1).111. p.m. p.m. p.m. p.m. p.111. p.01.
-January -----5 29 34 35 35 34 34)4
Tan.-Feb_
5 29 34 35 34 M 33 )4 34 M 35 37-34 44 53- - 5334
Feb.-Mch. ____ 5 29 34 35 34 34 33 34 135 37% 43 )4 53 '53
Uch.-Apr. _ _ _ _ 5 32)4 37)4 37)4 8734 35)4 37 ,3734 39)4 4534 5434 55
kprli May ____ 5 35 3954 39,54 39)4 38 39 393.4 40)4 47 58 86)4
Slay-June ____ 5 3734 42 42 42 40 41 41 )4 43 M 48 Si 57 )4 58
42 43 4434 49 58 58)4
Tune-July ____ 5 39 43 43)4 43 41
42 42 M 44 )4 48 M .
158
ruby-Aug_ ____ 5 39 )4 44 44 43 Si 41
43 46% 55 56
5 38 M 42 )4 42 34 42 40 40 )4 41
kug.-Scp_
iept.-Oct. _ ___ 5 35 39 38)4 3834 37 . ,,38 M 40 )4 44 51 -525-4
5 33)4 37 36 )4 36 34 35 136 38 42 48 :50
Det.-Nov_
gov.-Dee. _ _ _ _ 5 3334 36)4 36 35.55 33 )4 35 1:36 38 142 48 .49 )4
4931
5 33)4 3634 36)4 353.4 833-j 35 136 38 ,42 48
Dec.-Jan_
n an 1.4 :in 44 36 3514 33 S4 35 38 38 42 48 49 V,
r,,,,, ..T.,,A, - -

BREADSTUFFS.
Friday Night, Feb. 2 1012.
Flour has been more or less strengthened in price by the
rise in wheat and at the Northwest there may have been some
small increase of business. But, taken as a whole, the trade
has continued to be only moderately active. In other words,
buyers as yet, to all appearances, see no necessity of abandoning the policy pursued so long of buying only for immediate requirements, thus showing a lack of faith in the permanence of the recent advance in wheat. To-day, however,
there were rumors of some increase in the flour trade at
Minneapolis.
Wheat has advanced under the spur of a good cash demand.
Europe has been buying steadily. European markets have
been rising. Argentina offerings have been comparatively
small. The supply in this country is steadily decreasing,
that is to say, at a more rapid rate than many had expected.
It is asserted that Europe will have to come to America for
good wheat. This country and Australia, it is contended,
are the only immediate sources of supply so far as really good
wheat is concerned. It is also said that a very large quantity of wheat in Western Canada, a quantity running up into
many millions of bushels, is damp, and that unless measures
can be taken to dry it out, developments more interesting
than pleasant are not unlikely this spring. Moreover, the
visible supply in the United States decreased for the week
no less than 3,776,000 bushels, against a decrease for the
same time last year of only 345,000 bushels. The world's
visible supply decreased 3,430,000 bushels, against only
645,000 for the same week last year. Interior millers the
other day bought 200,000 bushels of No. 2 red at
Chicago, 75,000 bushels at Kansas City, 75,000 at Toledo,
and half a million bushels of Manitoba were reported
here for export. Minneapolis has sold low-grade spring
wheat to St. Louis. The world's shipments dropped to 7,-

FEB. 3 1912.

THE CHRONICLE

363

376,000 bushels, showing a substantial decrease as compared
with the previous week and a very marked decrease as compared with last year. Some attempt has been made to make
it appear that winter wheat has suffered damage in Illinois
Indiana. But the strong cash situation has been the sheet
anchor of the market. Nothing in the shape of crop fiction
was needed. On the other hand, prices have latterly receded somewhat as Europe became less nervous about the
future supplies from Argentina. The railroad strike .in
that country is reported settled, and the indications point
to increased shipments from Argentina in the near future.
Besides, the stories recently circulated that the quality of
Argentina's crop was for the most part poor have latterly
been denied. The exportable surplus from that country is
estimated in some dispatches at 94,000,000 to 100,000,000
bushels, and the crop at 170,565,000 bushels, which is the
largest for seine years past. Besides, there has been a good
deal of profit-taking in all the world's markets, not excepting Buenos Ayres. To-day prices advanced sharply on both
sides of the water, especially at Chicago and Liverpool, owing
to small Argentina shipments, a report that a general strike
in that country may begin on Monday,expectations of small
world's shipments for the week, a brisk cash demand at the
West and large and aggressive speculative buying.

Total receipts of flour and grain at the seaboard ports for
the week ended Jan. 27 1912 follow:

DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
10484 10514 10584 10484 103% 105
May delivery In elevator
106% 10784 10714 10684 10684 10784
July delivery in elevator
10184 10284 101% 102
10114 10314
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
10284 10384 10384 10284 10284 104
1
July delivery in elevator
963 9684 9684 954
9684 9784
September delivery in elevator_
94 % 95
94% 9384 94
94%

Receipts atNew York
Boston
Portland, Me_
Philadelphia
Baltimore
New Orleans s...
Newport News_
Galveston
Montreal

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:
fteceipts at-

Flour.
Corn,
Wheat.
Oats.
Barley.
Rye.
bbls.196lbs. bush. 60 lbs. bush. 56 lbs. bush.32 lbs. bush.481bs. bu.56 lbs.
Chicago ......
129,203
116,400 3,217,650 1,467,000
502,500
36,000
Milwaukee.._
67,200
110,970
181,580
161,200
269,100
76,660
Duluth
10,445
39,632
40,125
2,222
1,847
Minneapolis_
2,663,000
260,820
345,440
398,290
41,770
Toledo
42,000
126,800
31,500
Detroit.
5,455
22,866
92,825
63,438
Cleveland
580
3,660
26,690
27,595
St. Louis50,740
315,600 1,506,000
307,700
1,600
Peoria.
47,109
18,000
492,690
166,400
34,800
1,100
Kansas City.
461,600
852,000
139,400
Total wk.'12
Same wk.'11
Same wk.'10

310,732
280.878
452,629

3,793,728
4.319,892
4,625,663

6,757,055
6,954,470
5,217,794

2,749,798 1,208,512
3,223,312 1,501,405
3,588,289 1,687,493

157,377
132,660
130,237

Since Aug. 1
61PRI
1911-12._ 5,943,094 173,783,916 95,658,411 80.960.587 48.245.586
5,822,116
1910-11_ 8,783,927 153,012,047 105,582,895 115,431.010 45,137,579
mlo_in
11 fiR7 771 174 720 ARC 512044 121 12 Acm KnA Act 411 ,A2 3,576,838
A nna 22a

Flour.
bbls.
121,680
36,897
19,000
41,625
32,910
26,857
714
11,308

Wheat.
Corn.
bush.
bush,
165,600
585,000
74,803
109,849
228,000
120,000
75,370
90,336
36,367 1,284.800
10,800
303,000
26,000
12,000
5,000
25,196
5.616

Oats. Barley.
bush.
bush.
248,575 423,474
108,380

Rye.
bush.

101,041
37,580
22,500

1,600
8.635

38,784

15,216 •

1.250

Indian corn has been in excellent cash demand, especially Total week 1912_ 291.991 993,136 2,529,601 557,460
438,690 11,485
at the Southwest, at rising prices. The severe winter tends Since Jan. 1 1912_ 1,141,864 4,491,156 7,097,532 2,701,598
1172,559
Week 1911
375,649
816,491 2,955.125 1,293,786 137,649 59.799
to advance prices of all foodstuffs at home and abroad. The Since
14,586
Jan. 1 1911_ 1,376,924 3,227,843 12,442,765 4,411,671 470,596
71.944
American visible supply of corn increased for the week
The exports from the several seaboard ports for the week.
1,068,000 bushels, but this was about 400,000 less than in the ending Jan. 27 are
shown in the annexed statement:
same week last year, and the total American visible supply is
Wheat.
Corn. Flour.
Oats.
Rye. Barley. Peas.
only 7,697,000 bushels, or about half what it was a year ago
Exports frombush.
bush.
bbls.
bush.
bush.
bush.
bush.
New York
363,343 2139,988 39,575
and at this time in 1910. Prices have advanced in the teeth Portland,
23,680
2.983
120,000 19,000
of noticeably larger receipts. The corn has been rapidly Boston Me__ __ 228,000
153,858 128,475
1,129
31,445
absorbed. The sharp cash demand has been accompanied Philadelphia ____ 347,000 69,000 36,000
..79,273 1,408,632 26,679
by an active speculation. Corn and oats prices have at times Baltimore.
New Orleans _.
1,000 336,000 9,462
1,000
100
really led those for wheat. In other words, coarse grain has Newport News
26,000
714
9,842
been in the van of the upward movement of prices. Large Galveston
operators have bought 1,000,000 bushels of corn in a day. A r"Total week.....1,527,474 2,358,095 143,401 56.125
3.083
526,841 2,039,536 169,658
reaction later was due to realizing profits. To-day prices Week 1911
9,032
4,033
The destination of these exports for the week and since
moved upward again, with Liverpool 13.id. higher, good
July
below:
1911
is
1
as
clearances from our seaboard, an excellent cash demand at
Flour
Wheat
the West and more confident buying by the bullish element.
--corn
Since
Since
Since
The pure food laws may help to advance prices.
Week
July 1
Week
July 1
Week
July 1

DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. 7'hurs. Fri.
Cash corn
nom. nom. 71 % 72% 73
73%
May delivery In elevator
nom. nom. nom. nom. nom. nom.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
67 .4 67% 67% 6784 68 k
69
July delivery in elevator
6684 6784 6784 6784 67 7,', 6884
September delivery in elevator
67% 67 % 6784 6784 6884 6884

Exports for weekend Jan. 27.
1911. Jan. 27.
1911. Jan. 27.
1911.
Since July 1 tobbls.
bbls.
bush.
bush.
bush.
bush.
United Kingdom... 74,157 2,825,073 859,478 33,387,091 537,698 7,903,319
Continent
30,668 1,233,793 644,736 21,810,426 1,786,189 9,660,900
Sou. & Cent. Amer_ 14,917 613,212
23,260
413,868
1,000
709,300
West Indies...23,080 759,159
9,588
29,144 1,145,394
Brit. Nor. Am.Cols_
115
33,700
3,000
11,878
Other Countries
964 193,480
23,000
1,064
21,548
Total
143,401 5,658,417 1,527,474 55,643,973 2,358,095 19,452,339
Total 1910-11
169,658 5,265,601 526,841 33,281,306 2,039,506 19,560,178

Oats have advanced on a keen cash demand and a brisk
The world's shipments of wheat and corn for the week
speculation, sympathizing with other feed stuffs. The visible supply in this country, moreover, decreased for the week ending Jan. 27 1912 and since July 1 1911 and 1910 are shown
1,158,000 bushels, against an increase for the same week last in the following:
year of 740,000 bushels. The world's visible supply is 23,Wheat.
Corn.
870,000 bushels, or about 6,500,000 bushels less than a year
E'rports.
1911-12.
1910-11.
ago. A Chicago dispatch the other day said: "According
1911-12.
1910-11.
to the Government report, we have more horses in this counWeek
Since
Since
Week
Since
Since
Jan. 27.
try than we ever had before, amounting to about 20,500,July 1.
July 1.
Jan. 27.
July 1.
July 1.
000, or about 230,000 more than a year ago. The consumpBudgets. Bushels.
Bushels. Bushels. Bushels.
tion of oats this year is very heavy. There is no substitute. North
r 3,088,000 104,652,000 72,601,000 2.189,000 17,193,000 Bushels.11
Russia ...... 824,000 55,042,000 139,472,000 459,000 24,710,000 18,026,000
Barley and all feed stuffs are so high that oats are being fed Danube
7.499,000
688,000
68,368,000 1,811,000 46,532,000 16,375,000
straight. The demand from the East continues good." Argentina _ 160,000 51,689,000
22,786,000 30,048,000
60,000 87,871,000
Australia
1,584,000
28,948,000 22,664,000
This and similar news and views have been bracing prices. India
824,000 27,506,000 27,598,000
Latterly there has been selling to secure profits and this 0th. countr's 208,000
6,665,000 5.640,000
has caused reaction. To-day prices were again higher, with
Total
7,376,000 297,288.000 366,391,000 4,459,000 88,495,000
129,771,000
an active cash demand, light country offerings and the bracThe quantity of wheat and corn afloat for Europe on dates
ing effects of the rise in other grains. One very large opermentioned
was
as follows:
ator at Chicago is said to be "long" of 7,500,000 bushels.
Sulphured oats seem to come within the purview of pure
Wheat.
Corn.
food laws.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Standards
56% 58
57% 59
59
6084
No. 2 white
57
5884 58
59
59% 6084
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. 7'hurs. Fri.
May delivery in elevator
5084 51 % 51 % 5184 5284 5214
July delivery in elevator
4584 4684 4684 473/ 4784 4884
September delivery in elevator
4014 4114 4184 4184 4284 4284

The following are closing quotations:

FLOUR.
$3 70 Kansas straights, saok.$4 75($5 00
5 10 Kansas clears, saoks___ 4 00 ® 4 50
4 60 City patents
6 30@ 6 60
4 25 Rye flour
4 SO® 5 20
5 60 Graham flour
4 35® 4 50
510 Corn meal. kiln dried... 3
OS® 370
4 75 Buckwheat. owt
2 75® 2 85
GRAIN.
Corn, per bushelWheat, per bushel-f. o. b.
Cents.
$1 23
N. Spring, No. 1
No. 2
f.o.b.
7384
1 20
N. Spring, No. 2
Steamer
_elevator
72 %
1 05
No 3
Red winter. No.2
elevator
73
Rye, per bushelHard winter, No.2
1 14
Oats, per bushel, newCents.
No. 2 Western
98
Standards
60 H
State & Pennsylvania Nominal
No. 2 white
6084 Barley-Malting
$1 20 e$1 $5
No. 3 white
60
Winter. low grades___..23 50
4 90
Winter patents
4 35
Winter straights
4 00
Winter clears
5 25
Spring patents
Spring straights
4 90
Spring clears
4 10




United
Kingdom. Continent.

United
Kingdom. Continent.

Total.

Bushels. Bushels. Bushels.
Jan. 27 1912._ 20,120,000 7,832,000 27,952,000
Jan. 20 1912.. 19,568,000 8,968,000 28,536,000
Jan. 28 1911._ 14,976,000 21,304,000 36,280,000
Jan. 29 1910.. 22,000,000 6,720,000 28,720,000
Jan. 30 1909_ 21,440,000 11,040,000 32,480,000
Feb. 1 1908_ 28,560,000 11,360,000 39,920,000

Total.

Bushels. Bushels. Bushels.
4,012,000 5,959,000 9,971,000
3,681,000 6,188,000 9,869,000
5,228,000 10,455,000 15,683,000
4,165,000 4,335,000 8,500,000
3,060,000 2,380,000 5,440,000
4.280,000 2.560,000 6,840.000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Jan. 27 1912, was as follows:
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Oats. Oats.
Wheat. Wheat. Corn.
In Thousands.
bush, bush.
bush.
bush, bush.
Montreal
3
219 ____
409 -__.
Fort William
7,588
1,689
" afloat
4,161
Port Arthur
4,900
1,371 ---Other Canadian
5,064
1,364
Total Jan. 27 1912_21,932
Total Jan. 20 1912_21,549
Total Jan. 28 1911_10,596
Total Jan. 29 1910_12,537
Total Jan. 30 1909_ 5,362

3.000
8
6
29
28

4,833
9,949
974
326
171

Canadian Bonded
Rye. Barley. Barley.
bush. bush. bush
110
------

-- --

[VOL. Lxxxxiv.

THE CHRONICLE

362
409 1,106 2,990
5,525 19,856
Total Jan. 27 1912_83,142 2,060
1,115 3,590
4,778 21,460
Total Jan. 20 1912_86,421
381 1,544
__ _ _
8,074 16,971
Total Jan. 28 1911_52,859
785 2,653
__
9,081
9,793
Total Jan. 29 1910_39,000
800 4,268
__
6,496 10,286
Total Jan. 30 1909_50,248
that the stocks
noticed
be
Nola.-In the grain stocks of the United States It will
In bonded warehouses is now given as separate items. They will be reported reguExchange.
Produce
York
New
the
by
larly hereafter

1911
1912
Since
Since
Week. Jan. 1.
Week. Jan. 1.
57
11
259
63
6
72
86
15
4,603
2,908
6,033
3,136
25
329
73
1,416
2,2601,552
375
823
55
54
411
3,005
5,127
921
40
160
270
15
463
485
1,630
1,780
4,935
1,751
5,790
1,118
1,849
3,829
973
3,980

New York to Jan. 27.
Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries

6,853

Total

THE DRY GOODS TRADE.
New York, Friday Night, Feb. 2 1912.
While conditions in the dry goods trade continue to improve, the movement of goods has not yet reached the volume which sellers would like to see. The tone is best in the
cotton and linen goods markets. The only complaint
is that the demand for cotton goods runs chiefly to the
lower grades, with manufacturers and cutters-up ignoring
goods of fine quality. The difficulty which buyers are experiencing in securing satisfactory deliveries on some lines
of which they are particularly in need is causing them to express greater confidence in present values. Commission
houses have been doing well with their staple lines of brown
and bleached goods, and the presence of a greater number
of buyers in the market this week leads to the expectation
of a still better demand in the immediate future. Jobbers
are, however, still practicing conservatism, only covering
their immediate and near-by requirements. As their wants
become more pronounced, they are filled, but this does
not give manufacturers a chance to figure ahead on their
0
future requirements of raw material and work for their mills.
so
N
A fair amount of mail-order business is coming to hand
n
among jobbers, the chief demand being for cotton wash
dress fabrics and early spring lines. Print cloths are steady,
with buyers here and there picking up spot lots of various
00000 O
varieties. The difficulty in obtaining satisfactory deliver0.0000 •
..00. 0
ies is, however, tending to stiffen prices. A continued firm44444 C's
V
ness still prevails in cotton yarns, and it is feared in some
quarters that the prices on finished goods will soon be correspondingly advanced in order to insure a fair margin of profit.
Advances on many counts of Southern yarns have ranged
from M to Ytc. and spinners are still arranging prices. Orders for linen goods are increasing, and the only complaint
heard is the difficulty which importers are experiencing in
00 W 00 fl
0 eg m mm
meeting the early deliveries called for. Business in linens
C.. 0
02 40
44..0 0
so far this season is far ahead of that of a year ago, and a
record season is confidently looked forward to. While markets for dress goods are somewhat quieter, business is generally fairly satisfactory. Well-styled lines , when attractively priced, have met with a good reception. Orders are
not well distributed, however, they being very encouraging
in some quarters and disappointing in others. Buyers are
o.mmo
centering their attention upon the new lines of the American
ocoom 0
Woolen Company and are anxiously awaiting the announce":".°° S
.c
v
M
mm 'a
ment of prices. The goods so far shown include kerseys,
broadcloths, worsted and woolen cheviots and fancies. The 0
hON.0
situation in serges is satisfactory from the standpoint of
•OV0000
ei
selling agents, the most important of whom are well supplied with business and are unable to promise additional
2=r42
shipments before the first of April. In the inen's wear
division of the market orders are coming forward steadily. O . vamoa
Labor troubles in New England are causing buyers some 0..4 mr-egam
m44'
anxiety as to the deliveries which they will get, but selling O
agents are assuring them that they will receive their goods
in time. While the strike at Lawrence, Mass., is causing
anxiety, prominent agents here claim that the situation is
nowhere as complicated and severe as reports indicate.
WOOLEN GOODS.-Buyers have been quite active in
the market for dress goods and men's wear. In dress goods
suitable for the jobbing trade, however, there have been
signs of brisk competition. A reduction of 5% in the price
of 36-inch colored storm serges for fall, 1912, by a leading
manufacturer was soon met by other large producers. It is
stated that the demand for cheaper qualities of dress goods has




27,523

7,518

20,848

The value of these New York exports since Jan. 1 has been
$2,118,968 in 1912, against $1,785,486 in 1911.
Markets for domestic cottons continue quite active and
firm. Large handlers are finding a steadily broadening demand for staple cloths, and in many instances have been
able to secure higher prices for quick deliveries. Mail orders are more numerous and reports from road salesmen in
the West confirm recent advices of improving trade conditions in that locality. Wide sheetings, branded bleached
cottons, pillow tubings and heavy brown cottons,in addition
to several lines of colored cottons, have been taken quite
freely in small lots, while there has also been a more active
movement in percales and some lines of wash fabrics. The
stiffening tendency in goods of print cloth yarn construction
is attributed to the demand for prompt shipment of varieties, stocks of which are light. Better makes of napped
goods are selling freely, with buyers operating confidently
at first-named prices. It is stated that the products of
some of the Southern mills are well contracted for and selling agents express the belief that should any price changes
take place the trend will be upward. More activity is also
noted in the demand for domestic cottons for export account,
a feature of the week being sales of sheetings to China.
Print cloths and convertibles are in fair demand and firm,
owing to the fact that users of goods have been unable to
secure prompt shipments as readily as anticipated. Some
mills are asking advances of Nc. for certain lines. Gray
goods, 383 -inch standard, are quoted steady at 4%c.
FOREIGN DRY GOODS.-Linens are reported to be
in more active demand, this being particularly true of dress
linens. As a result of the high cost of flax and yarns abroad,
prices are firm and in many instances quoted higher. Burlaps have been strong, and, with the scarcity of goods, buyers are said to be willing to pay almost any price asked.
Light-weights are 35c. higher at 4.75c. and 10M-ounce 25c.
higher at 5.75c. Futures are firm and in fair demand.
Importations and Warehouse Withdrawals of Dry Goods.
hv.0. N.
0000h ON
0404000 hN
0446vO C•70;
ca.na 'am
n.von
NO
e-7

1 1912 AND

e-I
a

10,534,646

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F-'..
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.n
NV

.
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c4
NV

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9c°
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C40
44

OWNIOR

4,

IMPORTS ENTERED

0
0

X
0

eo
o

g

4O

M

Oh0.40 MO
t.con.r. 00
t.mt.cto NO
C:44;

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VM000h oo
000.0 .r.
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00hON
.N .4 om
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41
,

vp

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co

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00

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tc

.a
rot. 0
OF- C°
.
erm

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mm.
OWVhV
0000. no
p03.4.4.;eg
hV..0
V.OVO

egoa.o .r o
r.1
mm
'am 'am
egem.4m. 00
vomma on
nanym
m.

ma

O 0.VVN
• herh0.
woom.c.

h40
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• 44,641:6
oacor.co
n..son
re

an
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egO

00
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44

00
••••

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ma

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• .aegveg

13,121,943

362
409 1,106 2,880
Total Jan. 27 1912_61,210 2,060 5,522 15,021
1,115 3,478
Total Jan. 20 1912_64,872
4,770 16,511
381 1,462
-.-Total Jan. 28 1911_42,263
8,068 15,997
785 2,602
8,755
Total Jan. 29 1910_26,463
9,764
890 4,186
Total Jan. 30 1909_44,886
6,468 10,115
SUMMARY.
Bonded
Bonded
Bonded
Corn.
Oats. Oats. Rye. Barley. Barley.
Wheat. Wheat.
bush. bush. bush. bush. bush.
bush, bush,
bush.
In Thousands,
362
409 1,106 2,880
5,522 15,021
United States
.61,210 2,060
110
.._
4,835
3
Canadian
21,932
____

increased considerably, and that one of the largest manufacturers has withdrawn all plain heavy-weight serges from sale.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for. the week ending Jan. 27 were 6,853
packages, valued at $592,008, their destination being to the
points specified in the table below:

13.214,979

UNITED STATES GRAIN STOCKS.
American Bonded
American Bonded
American Bonded
Oats. Rye. Barley. Barley.
Oats.
Wheat. Wheat. Corn.
bush. bush, bush. bush.
bush.
bush. bush.
bush.
In Thousands,
17
43
28
127
551
401
411
1,739
New York
" afloat
58
14
2
66
150
384
2
Boston
36
55
704
56
Philadelphia
104
2
136
1,068
404
1,244
Baltimore
158
375
29
New Orleans
-- -5
164
Galveston
345
53
62
627
550
34
24
2,636
Buffalo
354
117
493
____
3,436
" afloat
1
231
224 .._ _
____
1,440
Toledo
168
__ __
26
152
___
426
Detroit
126
" afloat
170
2,708 .... _ _
___
1,885
89
13,843
Chicago
4,360
1,002
__ - _
" afloat
77
222
203
___
118
__ __
964
Milwaukee
2
133
278
1,147 -229
7,442
106
Duluth
189
244
" afloat
17,918 ::
28
687
347
1,770 --Minneapolis
27
9
3,198 .....
286
223 -- St. Louis
4,224
181
131
Kansas City
26
7
__
106
658 -.-Peoria
27 -- -267
Indianapolis ....... 654
___.
128
586
Omaha
____
216
1,307 -- --

Total marketed

364

THE CHRONICLE

FEB. 3 1912.]

365

account in determining the constitutional limit of indebtedness as fixed
by Section 741-v of the Supplement to the Code, 1907.
Section 912 of the Code provides that any city may anticipate the collection of the taxes authorized to be levied under Sections 830 and 894 of the
Code and to that end may issue certificates or bonds and that such certificates or bonds and the interest thereon shall be scoured by said assessments and levies and shall be payable only out of the funds pledged to the
payment of the same, to-wit, the taxes that may be levied under the
Sections just referred to. It is clear from this language that the city in
issuing such bonds is not authorized to pledge the credit of the municipality.
PUBLISHED WEEKLY.
nor is a debt created against the municipality when such bonds are issued
In accordance with said provisions of the statute within the meaning of the
Advance
in
—Payable
Subscription
Terms of
provision limiting the amount of indebtedness which municonstitutional
$10 00
For One Year
cipalities may incur or within the meaning of said Section 741-v of the
6 00
For Six Months
the Code. 1907.
to
Supplement
00
13
Buropean Subscription (including postage)
These views arc supported by our Supreme Court In the opinion rendered
7 50
postage)
European Subscription six months (including
In the case of Corey VS. City of Ft. Dodge, reported in the 133 Iowa, page
14s.
22
pcstage)
Annual Subscription in London (including
21 118.
Six Months Subscription in London (including postage)
Respectfully yours.
$11 50
N. J. LEE,
Canadian Subscription (including postage)
[Special Counsel.
Supplements
following
•
Subscription includes
yearly)
times
(3
INDUSTRIAL
AND
Declared
13 %Mt AND QUOTATION (monthly) RAII.WAY RAILWAY(3 times yearly)
Ore.—Bonds
Jacksonville),
0.
(P.
County
Jackson
ELECTRIC
RAILWAY EAR,IN GS(monthly)
(yearly)
Invalid.—The State Supreme Court on January 23, in an
STATH AND CITY (semi-annually) BANKERS'CONVENTION
opinion by Justice Burnett, reversed Judge Calkins of the
Terms of Advertisind—Per Inch Space
$4 20 Circuit Court, who on Nov. 17 1911 &dared valid the
Transient matter per inch space(14 agate lines)
22 00 $1,500,000 good roads bonds voted by Jackson County on
(8 tim )
Monthsw
9 00
20
5
Three Months (13 times)
Sept. 30 1911. V. 93, p. 1547.
Standing Business Cards / Six Months
(26 times)
Twelve Months(62 times)
In 1910 Section 10 of Article XI was amended so as to read as follows:
0 "No county shall create any debts or liabilities which shall singly or In the
12.
87 0
Tel.Harrison40
CHICAGO OFFICE—Pliny Bartlett,513 Monadnock Block;
exceed the sum of $5,000, except to suppress insurrection or
aggregate
LONDON OFFICE—Edwards & Smith,1 Drapers' Gardens, E. C.
repel invasion, or to build permanent roads within the county; but debts
for permanent roads shall be incurred only on approval of a majority of
B. DANA COMPANY, Publishers,
those voting on the question." The Supreme Court holds, it is said, that,
New York.
1'. 0. Box 958. Front. Pine and Depeyster Sts.,
as a negative, restraining power against incurring indebtedness, the
amended Section of the constitution is self executing; that the powers
of the County Court are the same as they were before the amendment,
only the form of the restriction upon indebtedness being changed, and
that although the legislative power of the State had provided the method
of voting on the election of officers and upon direct legislative measures,
Ann Arbor, Mich.—Engineer Employed By City Makes It had never established any plan for voting on county indebtedness, In the
absence of which there was no authority for holding the election in question,
Report on Value of Ann Arbor Water Company's Property.— and
it would not validate the proposed indebtedness, the amendment
Gardner S. Williams, the engineer employed by the city to being in that respect not self executing. The Court further held, it is
orders or warrants are the only form In which county
appraise the property of the Ann Arbor Water Co.,on Jan. 2 stated, that county
may be evidenced under the present state of legislation and
submitted an exhaustive report, which is given at length indebtedness
that counties have as yet no power to borrow money or issue bonds.

STATE

CITY

Alin

Fl EfAVIIVIENT,

The Thratticle.

WILLIAM

News Items.

in the Ann Arbor "Daily Times News" of Jan. 25, showing
Janesville, Rock County, Wis.—Commission Form of
the estimated value of the plant, business and franchise of Government
Adopted.—The question of adopting the comthe company on Dec. 31 1911 (exclusive of values due to mission form of government was favorably voted on, it is
anticipated growth, cash on hand and in banks, and bills stated, at an election held January 23
receivable, and assuming indebtedness paid) to be not less
than $600,000. The water company, as previously stated, • Madison, Dane County, *,Wis.—Commission Form"'of
has offered to sell its plant to the city for $525,500,and it is Government Rejected.—By a vote of 2,193 "for" to 2,669
expected that the question of purchase will be submitted "against" the question of establishing the commission form
to the voters in the near future. The proposition to carry of government was rejected at the election held Jan. 30
will have to be approved, we are informed, by three-fifths (V. 94, p. 293.)
of the voters.
• Menomonie, Wis.—Commission Form of Government
Ashland, Marathon County, Wis.—Election on Com- Adopted.—The election held Jan. 29 resulted in the adoption
mission Form of Government.—An election will be held, of a commission form of government (V. 94,•p. 293). The
• • •
reports state, on February 6, to vote on the question of vote, it is stated, was 337 to 248.
adopting the commission form of government.
Merrill, Wis.—Election on Commission Form of Government.
Canadian Bond Sales.—Amount Marketed.—The Dominion —An election will be held Feb. 20 to vote on the adoption
-41
Securities Corporation, Ltd., of Montreal, Toronto and on a commission form of government, it is reported.
London Eng., is distributing a booklet containing a review
Bonds Held to be Direct and General
tch
Minnesota,—Di
by its President, Mr. E. R. Wood, of the Canadian security Liabilities of Counties Issuing Same.—The State Supreme
market in 1911. The total of all classes of Canadian bond Court, in deciding the case of W. E. Van Pelt vs. S. G. C.
issues marketed last year amounted, according to Mr. Wood, Bertilrud, as Auditor of Roseau County,holds that drainage
to $266,812,988, consisting of $5,675,000 Government issues, bonds issued under Sect. 18, Chapter 230,of the general laws
$47,159,288 municipal, $100,472,700 railway, $32,105,500 of 1905 as amended, are direct and general obligations of the
of public service corporations, $54,580,500 miscellaneous county issuing the same. The suit involved between 23."
corporations and $26,820,000 of Canadian corporations op- and 3 millions of State funds now invested in this class of
erating in foreign countries. Of all the loans disposed of, security. Mr. Van Pelt in seeking to restrain the sale of
Great Britain absorbed $204,269,143 (76.56%), Canada bonds by Roseau County claimed that the bonds should
$44,989,878 (16.86%) and the United States $17,553,967 constitute a lien on the property benefited instead of on the
(6.58%). The various Government, railway and corpora- entire county. The decision of the Supreme Court was
tion issues are given in tabular form showing what part of written by Justice Holt and affirms that of District Judge
part in the States Grindeland.
each loan was taken by Canada, wliat
and what part in Great Britain. A table is also given showing the monthly output of bonds by the eastern and western .• Mississippi.—Redemption of State Bonds.—As stated sevmunicipalties and school districts and in what country the eral weeks ago, the Legislature provided for an appropriation
of $600,000 for the redemption of so much of the $600,000
same were sold.
presented to the State Auditor between
of
Clarksburg School District (P. 0. Clarksburg), Harrison bond issue Jan.1910
15. We now learn that $336,000 bonds were
and
1
Jan.
that
advised
are
Decision.—We
Va.—Favorable
W.
County,
still holding the 1910 bonds are given an
the suit brought to enjoin the issuance of the $275,000 5% redeemed. Those
exchange them for the new bonds authorized
gold coup. bldg. bonds offered on Sept. 22 1911 (V. 93, opportunity to
at the time the appropriation bill was
p. 547) was decided by the lower Court on Jan. 29 in favor by the Legislature
• :•. • • :•:1 .11 :•11...1:..
See V. 93, p. 1547. •
passed.
district.
the
of
by Supreme Court.—
Law
Sustained
gation
Montana.—Irri
Grand Rapids, Wood County, Wis.—Commission Form
Laws of 1909, known as the district irrigation
of Government Rejected.—The proposition to adopt the Chapter 146,
in a decision rendered by
commission form of government failed to carry, it is stated, law was declared constitutional
the'
Montana Supreme Court in a case from Rosebud County
at an election held January 30. ai
—Thos. J. O'Neill vs. the Yellowstone Irrigation District and
Iowa.—Municipal Improvement Bonds Issued In An- the Sanders County Co-operative Ditch Co. The constituticipation of Taxes Not to be Considered in Determining tionality of the law was attacked by Mr. O'Neill in his atConstitutional Limit of Indebtedness.—We have just re- tempt to enjoin the district referred to from issuin$250,000
ceived a copy of an opinion, which we give below, bonds for reclamation purposes. According to the Helena
rendered by the Department of Justice in November to the "Montana Record," every point raised by O'Neill attacking
effect that municipal improvement bonds or certificates the constitutionality of the law is" decided adversely to him
issued in anticipation of tile collection of taxes need not be by the Supreme Court; but it does hold there was a technical
considered in determining the constitutional limit of in- irregularity committed by the Commissioners in failing to
debtedness as fixed by Section 741-V of the Supplement to detach tile interest coupons when the bonds were transthe Code, 1907:
ferred, thus giving to the person taking them an advantage
November 29 1911.
of $2,660. The case is remanded to the lower Court with
Hon. John L. Bleakly,
Auditor of State,
directions to take further action as outlined by the decision.
House.
State
•
Dear Sir—
New York State.—Resolution Introduced to Rescind Income
▪ Your communtoation of recent date addressed to the Attorney-General,
was introduced on Jan. 30
requesting his opinion as to whether or not municipal improvement bonds Tax Approval.—A resolution
issued under the provisions of Sections 830, 894 and 912 of the Code should by Assemblyman H. J. Hinman of Albany to rescind the
the
limit
of
determining
constitutional
indebtedin
into
taken
account
be
action taken by the Legislature last year in approving the
ness as fixed in Section 741-v. Supplement to the Code, 1907, was referred
proposed Income Tax Amendment to the United States
to me for reply.
to
the
you
and
statute
refer
of
it
my
Is
provisions
the
examined
• I hayo
See V. 93, p. 180. The reason why It is
character you describe should not be taken Into Constitution.
of
.opinion that bonds




the

[VoL. Lxxxxiv.

THE CIIRONICLE

366

desired to withdraw the consent of this State to a Federal
income tax are set forth as follows in the resolution:

fact that the question is not
That serious reflection has revealed the and
equitable tax, nor even
whether an income tax is in itself a fair
to
be
approved, but whether this
ought
tax
Federal
whether a proper
particular Amendment is suitable or disastrous. New York, is looking for
That every State. and particularly the State of
already appronew sources of revenue only to find so many such sources t.
priated or sought to be appropriated by the Federal Governmen
cofnmunlrecently
has
State
of
this
the
Governor
Excellency
That his
message, calling
catcd to the Legislature here now assembled by written
its conattention to the financial needs of the State of New York and
of the
sequent embarrassment entailed by the persistent encroachments
Federal taxing power.
e here now
That the State of New York, represented in the Legislatur
assembled, does not oppose the levy of an income tax by the Federal
is
Government under proper restrictions and for proper purposes, but
conopposed to the proposed Amendment expressed in the above recited
current resolution.
First-Because it has been defectively drafted so as to permit the taxation of income from State and municipal securities.
Second.-Because no provision is made for a levy of tax uniformly
throughout the United States, and
or
Third.-Because it has not been limited in its scope to use as a war
tax in
other emergency measure and In the event of its use as a general
division
a
for
no
provision
is
there
expenses
current
for
peace
of
time
ts.
of proceeds between the national and State governmen
Fourth.-Because there is no emergency calling for the immediate passage
t.
of the proposed Amendmen

DistrictLocal Improvement District No. 401
Local Improvement District No. 253
Local Improvement District No. 353
Local Improvement District No. 523
Local Improvement District No. 182

No. of Bonds.
70 to 91 Incl.
282 to 301 incl.
14 to 17 incl.
50 to 56 incl.
63 to 129 incl.

Interest Ceases.
Jan. 23 1912
Jan. 27 1912
Jan. 27 1912
Jan. 27 1912
Jan. 29 1912

Bond Proposals and Negotiations this week
have been as follows:

d Sale.-On Jan. 24 the
ABERDEEN, Brown County. So. Dak.-Bon
94, p. 224) were awarded to Devitt.
$200,000 434% 20-yr. sewer bonds (V.
& Willaman of Chicago at their joint
Tremble & Co. and Bolger, Messer
Among the bids received
bid of par and int., less *2,775 for expenses.
were the following:
L. & Tr. Co_ --$195.40G
Well, Roth & Co., Chicago_$197,2001Merchants'
& Corn. Nat. Bank.. 195,210,
H.C.Speer & Sons Co„Chic. 197,000 I Cont.
NO. 5 (New Meadow).
ADAMS COUNTY SCHOOL DISTRICT
6% 9-19-yr. (opt.) school-bldg.
Idaho.-Bond Sale.-On Jan. 20 $12,000
Denver. Denom. $500,
bonds were awarded to Jas. N. Wright & Co. of
Date Jan. 1 1912. Int. J. do J.
until 12 m.
AKRON, Ohio.-Bond Offering.-Proposals will be received434% bonds
Feb. 10 by J. McCausland, City Auditor, for the $815,000
the Akron Water-Worlds Co.
voted Dec. 5 1911 to purchase the plant of National
Park Bank in N. Y.
(V. 93, p. 1620). Int. semi-annually at the of bonds
bid for, payable to.
Cert. check on a solvent bank in Ohio forto1%
interest.
pay
accrued
Purchaser
required.
Auditor,
City
the
main-sewer(serial)
3-5-year
A%
4
$60,000
Bond Sale.-On Jan. 30 the
1911 (V. 94, p. 224) were awarded to the
1
Oct.
dated
bonds
to
on
Restrain,
extension
Injuncti
For
-a
75
$60,828
for
(101.381)
Palestine, Texas.-Application
Toledo
of
Co.
Trust
&
Bank
Security Savings
Other bids follow:
Expenditure of Funds for School Purposes Denied.-News- basis of about 4.10%. Clev_$60,
798 Atlas Nat. Bank, Cincinnati.$60,714
Co.,
25
Jan.
on
&Wolcott
Gardner
Judge
Tillotson
District
paper dispatches state that
Barto, Scott & Co., Colum__ 60,711
Otis & Hough, Cleveland---_ 60,784 Fleid,Long
streth & Co., Cin.. 60,665.
refused the application of the School Trustees for an in- A. E. Aub & Co., Cincinnati_ 60,781 Cleveland
Trust Co., Cleve__ 60,663
60.775
Cincin_
$20,210,
spending
Co..
from
tram
officials
Davies-Ber
junction to restrain the city
& Trust Co.,Cln 60,642.
Bk.
S.
Prov.
60,770
Well, Roth & Co.. Cincinnati
60,758 Hoehler & Cummings, Toledo 60,613
the proceeds of bonds issued by the city for school purposes. Stacy & Braun, Toledo
Cleveland__ 60,606.
Bank,
Nat.
First
at
Civil
of
60,733
Appeals
Cleve
Court
Co.
&
the
to
Denison
E.
C.
An appeal has been taken
'Colum_ 60,731 Mellon Nat. Bank, Pittsburgh 60.527
New First Nat. Bank.
Galveston.
will be received
roposals
Offering.-P
-Bond
Ore.
ALBANY, Linn County.
5%
8 p. m. Feb. 14 by H. B. Cusick,City Treasurer,for 1$75,000
Oct. 1911. Int,
Pontchartrain Levee District, La.-Tenders of Bonds until
bridge and sewer refund. bonds. Denom. $1,000. Date
op-311931.
Oct.
Due
York.
to
New
at
prepared
is
Oregon
of
oners
agency
A. & 0. at the fiscal
Requested.-The Board of Commissi
tional after Oct. 1 1921. Cert. check for 2% of amount bid for, required.
maturing
bonds
C"
"Series
ar
20-ye
w
its
of
Arbor),
Ann
Washtena
0.
$20,000
(P.
purchase
ANN ARBOR SCHOOL DISTRICT
resulted in theMich.-Bonds Defeated.-The election held Jan. 30(V.
p. 294).
94,
Nov. 1 1912 and offers to sell this amount will be received County,
bonds
school
$20,000
the
issue
to
n
propositio
the
of
defeat
by H. C. Leake, Prest. ,Room 3, Union Station, New Orleans, The vote was 197 "for" to 431 "against."
Proposed.-Accordlnr
to
added
be
will
ARDMORE, Carter County. Okla.-Bond Ejection authorizin
interest
Accrued
1.
March
m.
g the Mayor
until 12
to local papers. the City Council passed a resolution
$50,000 water bonds
the
issuing
of
Orleans
New
the
question
of
the
rules
on
the
vote
to
with
to call an election
selling price in accordance
(V. 93, p. 548).
-Bond Election.-A vote will be
Stock Exchange.
AVALON, Cape May County, N. J.
5% 30-year board-walk
ments
advertise
the
among
taken on Feb. 13 on a proposition to issue $29,000
found
be
will
Official notice
l.
semi-annua
Interest
bonds.
13 an issue of $15,00$
Feb.
on
for
sale
offer
will
city
Bond Offering.-This
elsewhere in this Department.
Jr. Is Boro. Clerk.
5% 30-year water bonds. Int. F. & A. E. 0. Howells
Janeiro
Rio'
I
Proposed.-Reporta
ty'of
elei
h
-T
Election
Sale.
-Bond
-Bond
Cal.
Brazil.
Rio Janeiro,
BAKERSFIELD, Kern County,
to prepare an
bonds. state that the City Trustees have ordered the City Attorney
has sold to Seligman Bros., London $2,500,0004%through
ordinance calling for an election to vote on the question of issuing $150,000
and
London
in
made
be
will
A public offering
city-hall bonds.
Jan. 31
Alsberg, Goldberg & Co., Amsterdam.
BARBOURSVILLE, Cabell County, W. Va.-Bond Sale.-On
to Hoehler .S3
the $11,500 6% sewer bonds (V. 94, p. 294) were awarded
n
resolutio
-A
.
Seattle, Wash.-Municipal Bank Proposed
Cummings of Toledo for $11,650, making the price 101.304.
Paid for Bonds.-We
requesting the Mayor to appoint a commission to investigate
BATTLE CREEK, Calhoun County, Mich.-Price
awarded as
advised that the price paid for the $150,000 city-hall bonds
the establishment of a municipal bank was adopted by the, are
the Harris Trust & Savings Bank of Chicago (V. 94, p. 294)
to
15
Jan.
on
4s
Erickson
man
City Council on Jan. :0. The plan of Council
was par less $1,874 discount.
-The State
BEAUMONT, Jefferson County, Texas.-Bonds Registered.
who introduced the resolution, proposes that the city bank
im- Comptrolle
r registered on Jan. 24 the $50,000 sewer, $25,000 street-impt.
can loan the city's surplus funds on city utility and public
(opt.) bondS
20-40-year
5%
jail
abbatoir,$25,000 school and $15,000
inde- $25,000
provement bonds and establish a clearing house forion
sold on Jan. 16 (V. 94. p. 294.)
on
Associat
E. Gallatin County, Mont.-Bond Offering.-Proposals will
pendent banks. The Seattle Clearing-House
members beBELGRAD
received until 8 p. in, Feb. 20 by G. G. Prescott, Town Clerk, for the
Jan. 4 passed a resolution recommending that itslast
0% 10-20-year (opt.) town-hall-building bonds voted Dec. 11 1911
$11,500
spring
voted
do not purchase any of the $800,000 bonds
93, p. 1680). Int. J. & J. Cert. check for *1,000, payable to J. M,
was (V.
Graybeal, Mayor, is required.
for a municipal street railway. The resolution, which
(P. 0. Bellaire), Belmont
bids
for
asking
r
Treasure
BELLAIRE CITY SCHOOL DISTRICTwill
be received until 12 m,
in answer to a letter from the City
Ohio.-Bond Offertng.-Proposals
at this County,
and 7626, Gen. Code,
Feb. 21 for $100,000 4% bonds. Anti'. Sec. 7625
on the bonds, stated that the city should not embark
S. Due $2,000 Meh. 15.
&
M.
Int.
the
,
$500.
that
and
(50)
moreover
$1,000
and,
(75)
Denom.
and $3,500 Mch. 15.
incl.,
time on unnecessary expenditures,
1921,
to
1917
Sept. 15 each year from
than and $3,000
incl. Cert, check for 1%
proposed car line would involve a larger expenditurebanks
and $4,000 Sept. 15 each year from 1922 to 1931,
H. T. Tyler is
required.
Is
,
Education
in
local
balance
to
of
the
Board
city's
payable
of bid,
that now contemplated. The
Clerk Board of Education.
NO. 1.
DISTRICT
carries 2% interest and ranges, it is said,from 4 to 5 millions.
SCHOOL
UNION
BETHANY AND PINE RIVER
-Proposals will be received until 7 p. m. Feb. 9
Sparta, Monroe County, Wis.-Election on Commission Mich.-Bond Offering.
bonds
school
voted
coupon
A%
4
$8,000
for
of
Board
Education
decide by the
l. Due Feb. 11927,
Form of Government.-On Feb. 20 the voters will
Dec. 20 1911. Denom. $1,000. Interest semi-annuaand
coupons and pay
blank bends
whether or not the city shall be governed under the com- Purchaser shall furnish the necessary
required. F. M.
accrued interest from Feb. 1. Certified check for $100
mission plan.
Vandercook is Director (P. 0. St. Louis, Mich.). These bonds were
of
p.
224).
Form
94,
(V.
n
4s
20
as
on
mmissio
Jan.
offered
Wis.-Co
previously
Superior, Douglas County,
d.-Local papers
BILOXI, Harrison County, Miss.-Bonds Atstharize
the issuance
Government Approved.-The election held Jan. 23 resulted state
that the City Council passed an ordinance providing for
ent.
of
governm
form
ion
in the adoption of the commiss
of $50,000 school-building bonds.
Emmons
County
.
Braddock)
0.
BRADDOCK SCHOOL DISTRICT (P.proposition to issue $40,000 bldg
(V. 94, p. 224.)
No. Dak,-Bond Election Proposed.-A
reports.
to
according
vote,
a
to
Winfield, Kansas.-Offer to Buy City's Water and Light bonds
submitted
will probably be
-Bond Electlon.-An election
Plants.-According to the Topeka 'Capital" a syndicate of
BRIGHAM CITY. Boxelder County. Utah.
proposition to issue $40,000 water
will be held, it is reported, to vote on a
capitalists has offered $500,000 for the city's water and light and
bonds.
refunding
Township, Huron County. Ohio.
plants. The parties interested have, it is said, deposited
BRONSON ROAD DISTRICT. Bronson Feb. 9 to submit to the cies:Ai:we
a certified check for $5,000 in one of the Winfield banks and
-Bond Election.-An election will be held bonds.
impt.
an
a proposition to issue $25,000 road
the City Council is asked to draw up a franchise and call
(P. 0. Brookville), Franklin
BROOKVILLE SCHOOL DISTRICTdistrict intends to issue $29,000
election to submit the question to a vote of the people.
County, Ind.-Bonds Proposed.-This
building bonds.
Sales.-During January the following 4%
BUFFALO,, N.
for various city sinking funds.
loans were disposed of to the Comptroller
Date.
Purpose.
Amount9.12
1 ule
Jan. 1 1912 July D
_Judgments and claims
00_
$25,000
1 1912 July 1 1912
Jan.
Call.
Mont.
),
-Bond
Missoula
0.
(P.
Missoula County
25,000 00_ _Investigations
July 1 1913
15
1912
Jan.
00_ _damages
Jan. 15 1912 July 1 1912
Local papers state, that call has been made for the payment 25,000
3,550 00_ _Court expenses
Jan. 15 1912 July 1 1912
on March 1 of $150,000 bonds, issue of March 1 1892.
9,751 20_ _Public works
of 434% reg. tax-free bonds, aggreBond Sale.-On Feb. 2 the four issuesawarded
g
impt.
special
followin
N. W. Halsey & Co. of
to
-The
Call.
-Bond
Wash.
,
were
Spokane
gating $545,000 (V. 94, p. 294)
Estabrook & Co., at
102.403. The next highest bidders were
bonds are called for payment on Jan. 15 at the City Treas- N. Y. atand
ven bids were
Twenty-se
102.219.
at
,
Pressprich
&
Watson
102.36,
none."
or
"all
for
urer's office:
seventeen firms making offers
received,
PAVING BONDS.
Essex County. N. Ji
CALDWELL SCHOOL DISTRICT (P. 0. Caldwell).
3d Ave. Dist, No. 515-Bonds Nos. 21 to 40 inclusive.
Treasurer has been awarded
-Bond Sale.-We are advised that the State
SEWER BONDS.
district.
this
of
bonds
4%
$50,000
an issue of
13th Dist. No. 337-Bond No. 5; Alley Dist. No. 522-Nos. 4 and 5;
-Bond Election ProCALHOUN COUNTY (P. 0. Port Lavaca), Tex.vote on a proposition
1 1 th Dist. No. 553-Bond No. 3; 5th Dist. No. 539-Bond No. 5; 16th
posed.-Reporta state that an election will be held to
Dist. No. 496-Bond No. 4.
to issue $200,000 road-construction bonds.
GRADE BONDS.
d Offering.-Proposals will be
CAMBRIDGE. Furnas County, Neb.-Bon
Louisiana Dist. No. 479-Bonds Nos. 14 to 28 incl.; Providence Dist,
Clerk, for $18,000 -5% warrant
received at once by C. A. Perry, Village Jan.
No 529-Bonds Nos. 5 to 8 incl.
15 1912. Int. annually at
Date,
bonds. Denom. $1,000.
funding
optional
after
1632,
15
BONDS.
Jan.
WALK
fiscal agency of State in New York. Due
$187,000.
8th Ave. Dist. No. 378-Bonds Nos. 10 to 13 incl.; Hilliard Dist, No. Jan. 15 1921. Total debt, Incl. above, $51,000; assessed value,
NO. 2, Texas.-Bond.t
338-Bond No. 3
DISTRICT
E
DRAINAG
COUNTY
CAMERON
held recently the Issuance of $105.Tacoma, Wash.-Bond Call.-The following bonds are Voted.-Reports state that at an election
authorized.
000 drainage construction bonds was
called for payment:

y.-Bqnd

Bond Calls and Redemptions.




FEB. 3 1912.]

THE CHRONICLE

CARBON COUNTY HIGH SCHOOL DISTRICT, Utah.-Bonds Voted.A favorable vote was cast on Jan. 23, it is reported, on the question of
Issuing $45,000 bonds for a high-school-bldg. at Price Utah.
CASS COUNTY (P. 0. Atlantic), Iowa.-Bond Sale.-We are advised
that an issue of $66,000 4)i% bonds recently authorized has been sold.
CHATTANOOGA. Tenn.-Bond Sale.-On Jan. 29 the $4,582 44 6%
paving assess. bonds (V. 94, p. 294) were awarded to the First Nat. Bank
of Cleveland, Ohio. at a premium. Denom. $1,145 61. Date Jan. 9 1912.
Int. annual. Due one-fourth yearly Jan. 9 from 1913 to 1916 inclusive.
CHICAGO, III.-SOUTH PARK DISTRICT.-Bond Offering.-Proposals
Will be received until 12 m. Feb. 21 by the Commissioners, J. F. Neil, See.,
for $90,000 4% bonds. Denom, $1,000. Cert. check (or cash) for $2,000,
payable to the South Park Commissioners, is required.
The official notice of this bond offering will be found among the adverttsements
elsewhere in Ms Department.
CHICOPEE. Hampden County, Mass.-Note Sale.-On Jan. 31 the
$8,000 4% 1-4-yr. (ser.) coup. fire-dept. notes dated Nov. 1 1911 (V. 04,
. 294) were awarded to Curtis dz Sanger of Boston at 100.76 and int.
Other bids follow:
Kuhn, Fisher & Co., Boston_100.759 Biodget & Co., Boston
100.532
E.M.Farnsworth & Co., Bost.100.67 Estabrook & Co. Boston_ _100.53
R.L. Day & Co., Boston_ _ _ _100.579 Blake Bros., & Co., Boston,,100.41
Merrill, Oldham & Co.. Bost_100.559 Adams & Co., Boston
100.177
CLEAR LAKE, Cerro Gordo County, Iowa.-Bond Election.-Reports
state that a proposition to issue $60,000 school bldg. bonds will be subMitted to the voters on February 6.
CLINTON, Clinton County, lowa.-Bond Sale.-We are advised that
the $19,800 District No. 1 sewer-construction bonds, authorized on Dee. 12
1911 (V. 93. p. 1738) have been delivered to Green & Sons Co. of Appleton.
CLINTON COUNTY (I'. 0. Lock haven), Pa.-Bond Sale.-An issue of
*58,000 4% 10-20-year (opt.) bridge bonds was awarded to local investors
Int. J. & D.
at par. Denom. $100 to $1,000. Date Dec. 15 1911
COLORADO SPRINGS SCHOOL DISTRICT NO. 11 (P. 0. Colorado
Springs), El Paso County, Colo.-Bond Sale.-On Jan. 10 $25,000 5%
10-20-year (opt.) site-purchase and building bonds were awarded to the
Exchange National Bank of Colorado Springs at 101. Date July 1 1910.
COLUMBUS, Ohio.-Bonds Authorized.-Ordinances were passed Jan. 22
providing for the Issuance of the following 4% coupon bonds:
230,000 street-Improvement bonds. Due Sept 1 1932.
15.000 sewer-Improvement bonds. Due Sept. 1 1932.
10,000 bridge-repair bonds. Due Sept. 1 1932.
Denom. $1,000. Date not later than Sept. 1 1912. Int. M. & S. at the
City Treasurer's office.
CORONA, Riverside County. Cal.-Bo qds Not Sold-Bond Offering.-No
bids were receive on Jan. 23 for the four Issues of 4 A% gold coupon taxfree public-improvement bonds, aggregating $ .1,000 (V. 93, p. 1621). We
are advised that proposals will again be receive.I, this time until March 5.
CORONADO, San Diego County, Cal.-Bond Election.-Reports state
that an election will be held March 5 to vote on propositions to issue $75,400 sea-wail and $80,000 Orange Ave. paving bonds.
COTTAGE GROVE, Lane County Ore.-Bond Sale.-The $5,519 31 6%
1-10-yr. strect-impt. bonds offered 'on Dec. 4 1911 (V. 93, p. 1414) were
awarded to J. H. Causey & Co. of Denver. Denom. $500. Date Sept. 18
1211. Int. H. & S.
CUYAHOGA COUNTY (P. 0. Cleveland) Ohio.-Bond Offering.-Further details are at hand relative to the offering on Feb. 28 of the $500,000
4% coup. impt. bonds (V. 93, p. 295). Proposals for these bonds will be
received until 11 a. m. on that day (Feb. 28) by Bd. of Co. Comm's, J. F.
Goidenbogen, Clerk. Auth. Sec. 2434, 2435 and 2438, Gen. Code; also
election held Nov. 8 1910. Denom. $1,000. Date Feb. 1 1912. Int.
A. & 0. at Treas. office. Duo $8,000 each 6 months from Apr. 1 1913 to
Oct. 1 1923, incl., and $9,000 each 6 months from Apr. 1 1924 to Oct. 1
1941, incl. Cert. check on a bank other than the one making the bid for
1% of bonds bid for, payable to Co. Treas., required. Bids to be unconditional. Complete transcript of proceedings, together with form of bond
and blank form for bids, can be had upon application to the Board of Corn.
DALLAS COUNTY (P.O. Dallas), Tex.-:-Bond Sale.--W. N. Coler & Co.
44f N. Y. have been awarded at par and int. the remaining $200,000 of the
;500,000 4)i% 10-40-yr.(opt.) coup,road and bridge bonds(V.93, p. 1680)
DAYTON, Ohio.-Bonds Authorized.-Ordinances have been passed proTiding for tile Issuance of the following bonds:
$1,000 6% Reeder Ave. impt. assessment bonds. Denom. $500. Date
Feb. 11912. Duo $500 Feb. 1 in 1914 and 1916.
11,500 5% Herman Ave. paving assessment bonds. Denom. $1,000 and
$1.500. Date Feb. 11912. Due on Feb. 1 as follows: $1,500
in 1914. $1,000 yearly from 1915 to 1918,Incl., $2,000 in 1919,
$1,000 in 1920, $2,000 in 1921 and $1,000 in 1922.
11,000 5% SummItt St. paving assessment bonds. Denom. $1,000.
Date Feb. 1 1912. Due $1,000 yearly Feb. 1 from 1913 to
1923, Inclusive.
1.200 5% L St. paving assessment bonds. Denom. $500 and $700.
Date Feb. 1 1912. Due $500 Feb. 1 1917 and $700 Feb. 1
1923. •
2.000 6% Deal Ave. improvement assessment bonds. Denom. $1,000.
Date Feb. 11912. Due $1,000 Feb. 1 in 1914 and 1916.
1.200 6% First Alley East of Main paving assessment bonds. Denom.
$500 and $700. Date Feb. 1 1912. Due $500 Feb. 1 1914
and $700 Feb. 1 1916.
800 6% First Alley North of Richard paving assessment bond.
Denom. $800. Date Feb. 1 1912. Due Feb. 1 1918.
450 6% Sanitary Sewer District No. 4 assessment bond. Denom.
$450. Date Feb. 1 1912. Duo Feb. 1 1913.
10.500 5% Sanitary Sewer District No. 9 assessment bonds. Denom.
;1,000 and $500. Date Feb. 1 1912. Due on Feb. 1 as
follows: $500 in 1914, $1,000 yearly from 1915 to 1918, incl.,
22,000 in 1910, $1,000 in 1920, $2,000 in 1921 and $1,000 in
• . .
1922.
1,000 4% Dunbar Ave. paving (city's portion) bond. Denom. $1,000.
Date April 1 1912. Due April 1 1914.
8,000 4 A% Forest Ave. paving (city's portion) bonds. Denom. $1,000.
Date April 11912. Duo $2,000 yearly April 1 from 1919 to
1922, inclusive.
1,600 4 A% Hawthorn St. paving (city's portion) bonds. Denom.$1,600.
Date April 1 1912. Due April 1 1914.
415,000 4% Keowee St. bridge-construction bonds. Donom. $1,000.
Date Jan. 1 1912. Due $5,000 yearly Jan. I from 1919 to
1931, inclusive.
8,200 4)i% Third Alley South of Fifth St. bonds. Denom. $1,000 and
$1,200. Date Jan. 1 1912. Due $1,200 Jan. 1 1919 and
$1,000 yearly Jan. 1 from 1920 to 1928, inclusive.
2.100 5% Sanitary Sewer Dist. No. 6 assessment bonds. Denom. $1.000 and $1,100. Date Feb. 1 1912. Due on Feb. 1 as tot•
lows: $1,100 in 1914 and $1,000 in 1917, 1918, 1921 and 1923.
Interest semi-annual.
Jan. 17 the five issues of coup, bonds, aggregating $120,-On
Bond Sale.
800 (V. 93, p. 1804), were awarded, it is stated, as follows:
*18.500 5% Huffman Ave. paving assess, bonds to the Dayton Savings
& Trust Co. of Dayton for $19,528, making the price 105.55.
r'
011.300 5% Huffman Ave. paving assess, bonds to the Dayton Savings &
Trust Co. of Dayton for $11,928 50, making tile price 105.50.
E30.000 4% general-lighting bonds to the Western German National
Bank of Cincinnati at 100.5611.
50,000 4% Great Miami River impt. bonds to the Western German National Bank of Cincinnati at 100.80.
20,000 4% storm-water-sewer bonds to the Western German National
Bank of Cincinnati at 100.5375.

1/DAWSON COUNTY SCHOOL DISTRICT NO.?(P.O. Savage), Mont.Bond Sale.-On Oct. 16 1911 the $4,000 5-10-year (opt.) coupon building
bonds, dated Nov. 8 1911 (V. 93, p.683) were awarded to the State Board
Land Commissioners at par for 5s.

• DELAWARE. Delaware County. Ohio.-Bond Authorized.-An ordinance was passed Jan. 16 providing for the issuance of $2,500 5% coup.
bonds for tile purchase of a street flusher, repairs to city-hall and acquisition




367

of real estate for erection of water-worlds. Denom. $500. Int. M. & S.
Due $500 yearly on March 1 from 1915 to 1919 incl.
DELPHOS SCHOOL DISTRICT (P. 0. Delphos), Allen County, Ohio.Bond Election.-The question of Issuing $25,000 school-bldg. bonds will be
voted upon, it is stated, on Feb. 12.
DEPEW, Erie County, N. Y.-Bond Sale.-On Jan.22 the $25,000 1-20
yr. (ser.) reg. village-hall-constr. bonds (V. 94, p. 223) were awarded to
R. M. Grant & Co. of N. Y. at 100.23 for 4.405.
DOUGLAS, Ward County, No. Dak.-Bonds Not Sold.-The $3,000 6%
10-year refunding bonds offered on Oct. 1 1911 (V. 93, p. 609) have not
been sold.
DUBLIN. Erath County, Tex.-Bonds Offered by Bankers.-Devitt.
Tremble & Co. of Chicago offer to investors the $30,000 5% 10-40-yr. (opt.)
water bonds registered by the State Comptroller on June 1 1911. V. 92,
p. 1582. Denom. $1,000. Date June 1 1911. Int. J. & D. at National
City Bank, N. Y. Total debt, $54,591 51. Water debt (incl.) $30,000.
Assessed val. 1911 $1,593,252. Actual val. (est.) $2,500,000.
ENTERPRISE IRRIGATION DISTRICT. Fremont County, Idaho.
Bond Offering.-Proposals will ife received until 2 p. m. Feb. 7 by 0. K.
Meservy, Sec. (P. 0. St. Anthony), for $20,000 funding bonds at not exceeding 7% int. Auth. Title XIV., Revised Codes; also election held
Jan. 8 1912. Denom.(4) $500 and (10) $1,000, Due on July 1 as follows:
$1,000 in 1923, $1,500 in 1924, $1,000 in 1925, $1,500 in 1926, $2,000 in
1927, 1928. 1929 and $2,500 in 1930, $3,000 in 1931 and $3,500 In 1932.
EXETER, Tulare County, Cal.-Bond Sale.-The $42,000 5% 1-40-year
(serial) gold coupon water-works bonds offered on Oct. 18 1911 (V. 93,
p. 895) were awarded on Nov. 18 1911 at par and tnt.,$21,000 to the First
National Bank of Exeter and $21,000 to the First National Bank of Porterville. Bonds are dated Sept .1 1911.
FALLON. Churchill County. Nev.-Description of Bonds.-The $15,000
electric-light bonds recently authorized (V. 93, p. 1621) bear Interest at 6%
and are in the denom. of $500 each. Int. J. & J. The City Clerk advises
us that these securities will be offered for sale within the next 60 days.
FARMINGTON. San Juan County, N. Mex.-Bonds Offered by Bankers.Ulen & Co. of Chicago are offering to investors $50,000 534% 20-30-year
(opt.) tax-exempt water bonds. Denom. $1,000. Date July 10 1911.
Int. semi-ann. in N. Y. Other debt, $3,000. Equal assessed, val. 1910
$272,000. Real val. (est.) $1,200,000.
FAYETTE.Fayette County. Ala.-Bonds Not Yet Sold.-We are a vised
that the $22,000 5% 10-year water-works and sewer bonds offered on Oct. 2
1911 (V. 93, p. 744) have not yet been disposed of.
FLATHEAD COUNTY SCHOOL DISTRICT NO. 38 (P. 0. Da_yton),
Mont.-Bond Sale.-On Oct. 14 1911 the $1,390 building bonds (V• 23.
p. 971) were awarded to the State Board of Land Commissioners at par for
6s. Date Oct. 14 1911. Due Oct. 14 1931.
FORT SCOTT SCHOOL DISTRICT NO. 55 (P. 0. Fort Scott) Bourbon
County, Kan.-Bonds Refused.-According to local papers, the Fort Scott
State Bank of Fort Scott have refused to accept the $110,000 4)4% building
bonds awarded to them on Nov. 8 1911 (V. 93, p. 1339.)
FORT THOMAS. Campbell County,, Ky.-Bonds Awarded in Part.-Of
the $40,000 5% school building bonds voted Nov. 7 1911 (V. 93, p. 1549)
$25,000 was awarded on Dec. 18 1911 to Well, Roth & Co. of Cincinnati at
104.07. Denom. $500. Due 30 years, opt. $5.000 every 5 years.
FRAMINGHAM (P.0. South Framingham). Middlesex County, Mass.
Temporary Loan.-A loan of $25,000 due Oct. 15 1912 has been negotiated,
It is reported, with Bond & Goodwin of Boston at 3.04% discount and $1
prem!um.
GEDDES,Onondaga County, N. Y.-Bond Sale.-On Jan. 26 the $60,000
4)
,M 3-22-yr. (ser.) Bridge St. ext. bonds (V. 94, p. 226) were awarded
to R. L. Day & Co. of N. Y. at 102.091 and int.-a basis of about 4.28%.
Other bids follow:
Watson & Pressprich. N. Y102.044 Isaac W.Sherrill, Poughk'sle.101.50
R. M. Grant & Co., N. Y_ _ _ _101.94 Syracuse Trust Co
101.26
Parson. Son & Co., N. Y____101.644 Ferris & Wlite. N Y
101.03
Adams & Co., N. Y
101.61 C. E. Denison & Co., Boston100.2702
GEORGETOWN, Copiah County, Miss.-Band Sale.-On Jan. 1 $5,000
6% school bldg. bonds were awarded to the Georgetown Bank. Georgetown.
at par. Denom.(20) $100 and (6) $500. Date Jan. 1 1912. Int. annual
In January. Due part yearly for 20 years.
GOREE INDEPENDENT SCHOOL DISTRICT (P. 0. Goree), Knox
County, Tex.-Bonds Registered.-The State Comptroller registered $12.000
5% 20-40-year (opt.) bonds on Jan. 27.
GREEN BAY, Brown County, Wis.-Bond Offering.-Proposals will be
received until 10 a. m. Feb. 6 for the $50,000 434% coup, school-building
bonds (V.94, p.295). Denom. $1,000. Date Oct. 11911. Int. A. & 0.
Due $2,000 yearly on April 11013 to 1925 incl., $4,000 yearly April 1 1926
to 1929 incl. and $8,000 April 1 1930. Cert. check on a Nat. Bank in
Wisconsin for $500 is required. Purchaser to furnish blank bonds at his
own expense. Official circular states that there is no litigation pending or
threatened affecting this issue and that no default has ever been made in
payment of any obligation.
GROVEPORT. Franklin County, Ohio.-Bond Sate.-On Jan. 8 the
$15,000 434% Alain St. paving assessment bonds (V. 93, p. 1680) were
awarded to Otis & Hough of Cleveland for $15,427 (102.846) and interest.
Due March 1 1922.
HAM LER, Henry County, Ohio.-Bond Offering.-Proposals willibe
received until 12 in. Feb. 29 by G. Johnson, VII. Clerk, for $7,000 5% Belton St. paving assess. bonds. Authority, Secs. 2706 and 2707, Rev. Stat..
and Secs. 95, 96 and 97, Hun. Code. Denotn. $700. Date Nov. 15 1912.
Due $700 yriy. Nov. 15 from 1913 to 1922 incl. Bonds to be delivered and
paid for within 10 days from time of award. Cert. check for 5% of bonds
bid for, payable to the Vii. Treas.. required. Purchaser to pay accrued int.
HARRIS COUNTY NAVIGATION DISTRICT. Tex.-Bond Sale.-Local
papers state that the $1,250,000 434% ship-canal-navigation impt. bonds
registered on Jan. 4 1912 by the State Comptroller (V. 94, p. 151) have
been sold.
HASKELL COUNTY (P.0. Haskell), Tex.-Bond Election.-An election
will be held to-day (Feb. 3) to vote on the proposition to issue $75,000
5% road bonds (V.93, p. 1738). Due 40 years.
HAMAR DS UNION HIGH SCHOOL DISTRICT NO. 3 (P. 0. Haywards). Alameda County, Cal.-Band Election Proposed.-Reports state
that an election will be held in February to vote on a proposition to issue
$80,000 bonds.
HEBRON SCHOOL DISTRICT (P. 0. Hebron), Thayer County, Neb.Bond Sale.-On Jan. 25 the $20,000 20-yr. bldg. bonds (V. 94, p. 226)
were awarded to the Lincoln Safe Deposit Co. at par for 5s. A bid of par
less $450 for attorney's fees was also received from the H. C. Speer & Sons
Co. of Chicago.
HEMPHILL COUNTY COMMON SCHOOL DISTRICT NO, 1, Tex.
Bonds Registered.-An issue of $6.500 5% 20-40-yr. (opt.) bonds was
registered on Jan. 25 by the State Comptroller.
HENDERSONVILLE. Henderson County, No. Car.-Bond Sale.-C. A.
Webb & Co. of Asheville have been awarded tile $21,000 (not $24,000 as at
first reported) 6% street.impt. bonds voted on Jan. 16 (V. 94, p. 226).
The vote was 218 to 5. Due part yearly beginning Feb. 1 1916.
HERMOSA BEACH SCHOOL DISTRICT, Los Angeles County, Cal.Bond Sale.-An issue of $8,000 5% bldg. bonds was awarded, it is stated,
to J. H. Adams & Co. of Los Angeles for $8,005-making the price 100.062.
HILLSBORO. Washington County, Ore.-Bond Election Proposed.
This city is contemplating holding an election to vote on the question of
Issuing $115,000 boulevard-system construction and $15,000 fire-depart•
ment bonds.
HOLDENVILLE, Hughes County, Okla.-Bond Sale.-W. A. Brooks
of Oklahoma City has been awarded $10,887 5% 20-year refunding bonds.
HOOD RIVER. Hood River County, Ore.-Bond Sale.-On Jan. 14 the
$37,250 water-plant-condemnation bonds (V. 93, p. 1681) were awarded
to the Merchants' Say. & Trust Co. at its offer of 94 for 5s.
No Action Yet To-ken.-No action has yet been taken in the matter of reoffering the $90,000 water-works bonds (V. 93. p. 1621).
HUDSON, Lenawee County, Mich.-Bond Offering.-Proposals will be
received until 8 p. m. Feb. 9 by F. P. George, City Clerk, for the $20,000
4% street-impt. bonds voted Sept. 12 1911 (V. 93, p. 824). Denom. $500.
Date April 1 1912. Int. J. & J. Due $2,000 yearly Jan. 1 1914 to 1917,
inci and $12,000 Jan. 1 1918, all bonds being subject to call, however,at

368

THE CHRONICLE

[VoL. Lxxxxnr.

Bonds are tax-free in
• LOCKLAND, Hamilton'County, Ohlo.-Bond Sale.-On Jan. 22 the
any interest paying period upon 15 days' notice.
•
. •
$22,737 55 5% 1-10-yr. (ser.) Wayne Ave. Impt. assess bonds dated Nov. 1
BAN..
Michigan.i tockj
1911 (V. 93, p. 1805) were awarded to the Atlas Nat. Bank of Ctn. for $23,of
amount
-The
Bonds.
of
-Amount
• HUGO, Lincoln County, Colo.
694 80_(104.21) and int.-a basis of about 4.14%. Other bids follow: •J
water-works bonds sold to G. Jaegor of Rich Hill, Mo.(V.93, p.1549) was,
Premium.
83
m2i0r.
:_r$e8
$32,000 and not $30,000, as at first reported. Mr. Jaeger ,who subse- Prov.Sav.Bk.FoTr.Co. Cin__$923 14 Mayer, Walter & Co., Cin_1
Was
awarded Seasongood do Mayer,'Cin__ _ 903 00 Otis & Hough, Cleveland_ _ _ _ 675100
quently resold the bonds to Jas. N. Wright & Co. of Denver,
00
&
the contract for the installation of the water system. • • • • • • • • •
830
Toledo
Stacy
Braun,
Cin
Co.,
Well, Roth &
7
y.
6 t3
LOCKLAND SCHOOL DISTRICT (P. 0. Lockland), Hamilton County,
• HUNTINGTON,Baker County, Ore.-Bond Election.-An election will be
held Feb. 20 to vote on the question of issuing $10,000 6% 1-5-year city- Ohio.-Bond Election.-An election w II be held Feb. 14 to vote on a propohail
sition to issue $150,000 school-bldg. bonds, It is reported.
ntrAHO....3-r;nds Not Yet Sold.-The 10 issues of 5% coupon school bonds,
LODI UNION HIGH SCHOOL DISTRICT, San Joaquin County, Cal.aggregating $250,000, bids for which were received on Oct. 20 1911 and later Bond Offering.-Further details are at hand relative to the offering on Feb.6
rejected (V. 93, p. 1213), have not yet been sold. We are advised that the of the $150,000 6% gold school bonds (V. 94, p. 296). Proposals for these
• •
• • • • • •
bonds will not be offered again, at least at public sale.
bonds will be received until 10 a. m. on that day by E. D. Graham, Clerk
(P. 0. Stockton). Denom. $1,000. Int. semi-ann.
--The'following issues of 4% road bonds were Bd. of Supervisors
.
• lOTX=i3aird aaes.-office of the fiscal agent of said
at the Co. Treas. office at Stockton or at the
recently awarded to Payne, Bush & Co. of Indianapolis at par and int.:
at the option of holder. Due $4,000 in 1 yr.,
Francisco,
San
in
district
I $6,000 of Jackson County.
$20,000 of Vermilion County.
5 and 6 yrs. and $6,000 yriy.
4,
in
$7,000
yrs.,
3
in
$6,000
$5,000 in 2 yrs.,
8,000 of Whitley County.
10,000 of Decatur County.
to the Chairman
from 7 to 25 yrs. Incl. Cert. check for 10% of bid, payable
20,000 of Huntington County.
•
Supervisors, required. No debt at present. Assess. val., equalized,
of
Bd.
Official
state
$11,000,000.
Sale.
1910,
-Reports
-Bond
for
(est.)
Cal.
County,
value
Los
actual
Angeles
INGLEWOOD.
1910, $5,500,000;
in the payment of any
182) for
that the $30,000 5% street-impt. bonds voted July 3 1911 (V. 93,
circular states that there has never been any defaultpending
or threatened,
p.
litigation,
or
controversy
were recently awarded to E. H. Rollins do Sons of San Francisco for $30,338
no
is
there
that
and
bonds,
of this district, the title
-making the price 101.126.
affecting the corporate existence or the boundaries
or the validity of their bonds.
• ITHACA, Tompkins County, N. Y.-Bond Offering.-Proposals will be of its officials to their respective offices
Sale.-On Jan. 30
received until 8 p. m. Feb. 14 by P. F. McAllister, City Attorney, for $50,LONG BRANCH. Monmouth County, N. J.-Bond
000 4% coup, or reg. water bonds. Auth. Sec. 159, Chap. 503, Laws of the $50,000 434% 30-yr. gold coup. tax-free school-bldg. bonds dated Nov. 1
of New York at
Co.
do
Grant
Denom.
not
less
1911.
than
M.
of
R.
to
Laws
401,
1908, as amended by Chap.
1911 (V. 94, p. 226) were awarded
$100. Date Jan. 1 1912. Int. J. & J. at Union Trust Co., New York. 102.77. The bids follow:
Due July 1 1927. Proposals may also be made upon the lowest interest R. M. Grant & Co., N. Y__ _102.77 C. H. Venner & Co.. N. Y. _101.893
basis at which the bidder will take these bonds, dated and maturing as Second National Bank, f•102.64 Kissell, Kinnicutt & Co., N.Y101.873
Y_ _ _ _101.578
above and callable July 1 1912 or July 1 in any year thereafter. No deposit
1'102.52 A. B. Leach & Co., N.
Red Bank
•
101.893 Chas. C. Harrison & Co.,P1111.101.436
required. • • • • •
Rhoades & Co., N Y
Y......_101.183
N.
Co.,
W. N. Coler &
• JAMESTOWN, Chautauqua County, N. Y.-Bond Offering.-Proposals
• *Bid for $25,000.
will be received until 2 p. m. Feb. 8 by A. G. Lofgren, Chairman Bd. of
Offering.-Proposals
Assessors, for $17,940 91 1-10-yr. (ser.) paving and $14,440 16 10-year
LONGVIEW, Oktibbeha County, Miss.-Bond
G. W. Johnson,
paving bonds, it is stated.
will be received until 1 p. m. Feb. 15 by the VII. Clerk and
February.
• JASPER COUNTY (P. 0. Rennsselaer,Ind.-Bond Sale.-On Jan. 29 Mayor, for $10,000 6% 20-yr. bonds. Int. in
orts state that
&
were
to
awarded
Breed
47,
'Authorized.-Rep
$23,538
three Issues of bonds, aggregating
LORAIN. Lorain County, Ohio.-Bonds
Harrison of Cincinnati for $23,546 47, making the price 100.033. Date an ordinance was passed Jan. 22 providing for the issuance of $1,800 Dela•
•
•
•
•
•
al
bonds.
Dec. 1 1911. Other bids follow:
Avenue,extension
$23,545 47 ware
Fletcher-American National Bank, Indianapolis
LOWELL. Middlesex County, Mass.-Temporary Loan.-On Feb. 2 a
$23,538 47
Evansville Security Co., Evansville
loan of $200,000, dated Feb. 5 and due Nov. 5 was negotiated with F. S.
JEFFERSON. Ashtabula County, Ohio.-Bond Election.-An election will Mosely & Co., of Boston, it is stated, at 2.88% discount and $2 35 premium.
be held March 9 to vote on the question of issuing $17,000 paving bonds,
• LYME TOWNSHIP, Huron County, Ohio.-Bond Election.-The elecaccording to reports.
tion to vote on the proposition to issue the $25,000 road bonds (V. 94,
JEFFERSON COUNTY DRAINAGE DISTRICT NO. 1, Ark.-Descrip- p.,296) will be held Feb. 6, according to reports.
the
Lesser-Goldtion of Bonds.-The $35,000 drainage bonds awarded to
price
LYNCHBURG,Campbell County, Va.-Price Paid for Bands.-The
man'Cotton Co. of St. Louis (V. 94, p. 296) bear int. at 6% and are dated
awarded
paid for the $550,000 4;4% 39-yr. coup. public-hunt. bonds
•
March 1 1912.
to Townsend Scott & Son of Baltimore and Breed &I Harrison of
jointly
JEFFERSON COUNTY (P. 0. Steubenville), Ohio.-Bond Sale.-On Ctn. on Jan. 25 (V. 94, p. 296) was 100.583 and int.
Feb. 1 the $30,000 4;i% coup. road bonds (V. 93, p. 1738) were awarded
Sale.-The State of Wash• LYNDEN, Whatcom County.Wash.-Bond
to the Miners' do Mechanics' Exchange Bank of Smithfield for $30,500,
(V. 93, p. 745).
• • • • • . . . . ington has been awarded the $2,000 water-supply bonds
•
•
making the price 101.66, it is stated. • • •
DISTRICT (P. 0. Lyons), Ionia County, Mich.-Band
SCHOOL
LYONS
held
lowa.-Bonds
-The
Defeated.
election
County,
'TE-WELL, Hamilton
election will be held to-day(Feb.3) to decide whether or not
yearly
Jan. 29 resulted in the defeat of the proposition to issue the $12,000 electric- Election.-An
$10,000 4% bldg. bonds shall be Issued. Due 15 yrs., opt. $1,000
•
light bonds (V 94, p. 79). The vote was 82 "for" to 108 "against.
after five years.
$50,the
20
Jan.
-On
• JUNCTION CITY, Lane County, Ore.-Bond Sale.-The $17,0006%
Sale.
Neb.-Bond
McCOOK, Red Willow County,
10-15-year (opt.) street-impt. bonds voted Dec. 4 1911 (V. 93, p. 1681) 000 5% 1-20-yr. (ser.) coup. refunding water bonds (V. 94, p. 226) were
were awarded in January to the Morris Bros. of Portland at par and int awarded to N. W. Halsey & Co. of Chic. at 100.55 and int. Other bids follow:
Denom. $500. Int. F. & A. Date Feb. 1 1912.
Hoehler & Cummings. T0l___$50,0251Farson, Son & Co., Chicago_$40,500
50.000111.0,Speer & Sons, Co., Chi_ 49,450
KANSAS CITY, Jackson County, Mo.-Certificate Offering.-Proposals Fidelity Trust Co
A bid was also received from S. A. Kean & Co. of Chicago.
will be received until 3 p. m. Feb. 12 by the Board of Park Commissioners,
certififund
F. P. Gossard, Secy., for $20,234 10 6% 10-Installment park
MACEDONIA VILLAGE SCHOOL DISTRICT (P. 0. Macedonia), Sumcates, Series "X". Int. from Sept. 9 1911, payable J. & J. at the City mit County, Ohio.-Bond Offering.-Proposals will be received until 11 a.m.
imp.
Treasurer's office. A deposit of $1,000 required.
Feb. 10 by D. L. Grimm, Clerk Bd. of Education, for $5,000 5% coup. Date
$500.
. Hudson County. N. J.-Bond Offering.-Proposals will be bonds. Auth. Sec. 7625, 7826 and 7627, Gen, Code. Denom.
---IXARNY:
Ohio.
Akron,
Bank,
Nat.
received until 8 p. in. Feb. 28 by the Town Council for the following 4 34% Feb. 10 1912. Int. A. & 0. at the First-Second
Due $500 yriy. on April 1 from 1913 to 1922 incl. Purchaser to pay acbonds:
crued int. Cert. check on a bank other than that making the bid for 5%
years.
10
Due
bonds.
paving
$65,000 Kearny Ave.
of bid, payable to the Board of Education, required.
80,000 street-impt. bonds. Due $8,000 yriy. from 1 to 10 years.
McINTOSH COUNTY (P. 0. Eufaula), Okla.-Bond Sale.-W. A.
108,000 school bonds. Due 25 years.
Brooks of Okla. City has been'awarded, it is.stated, $14,470 funding bonds.
years.
50
Due
bonds.
sewerage
71.000 Passaic Valley
• MADISON COUNTY SCHOOL DISTRICT NO. 7(P.O. Virginia), Mont.
1•• =fleck fa 5% of bid required. • Burton-E. Canfield is Town Treas. --New
Bond Election.-An election will be held to-day (Feb. 3) to vote on
The official notice of this bond offering will be found among the advertise- the question of issuing $9,500 bldg. bonds. These bonds, If authorized,
•
•
•
•
•
j
ments elsewhere in this Department.
will take the place of the $10.000 bonds which were to have been sold Jan. 20
for the sale of the bonds were
• KING COUNTY SCHOOL DISTRICT NO. 83, Wash.-Bond Offering.- (V. 93, p. 1739). The proceedings necessarythe assessed valuation for that
Proposals will be received until 11 a. m. Feb. 10 by W. H. Hanna, Co. commenced early in 1911, before the total of
were taken as a basis, the school
Treas. (P. 0. Seattle), for $4,000 coup. bldg. bonds. Auth., election held year was available, and the figures of 1910
would be fully as much. It seems,
Jan. 13 1912. Denom. $500. Int. (rate not to exceed 8%) ann. at Co. board thinking that the 1911 valuation
made public,there proved to be a
Treas. office or fiscal agency of State in New York, at option of purchaser. however, that when the figures werevaluation
of 1010 being $342,802 and
the
$12,000,
of
more
than
Cert.
shrinkage
date.
any
interest-paying
at
5
years
after
optional
years,
10
Due
is not permitted to bond in a sum
check or draft for 1% of bonds, payable to Co. Treas., required with all bids for 1911 $330.198; and as the district
that *10,000 exceeded the
found
except that of the State of Wash. Bonds will be ready for delivery March 1. greater than 3% of its valuation, it was
• • • • • • • • limit.
District has no bonded debt. Assess. val., $122,438.
Offering.-Proposals
MADISON COUNTY (P. 0. London), Ohio,-Bond Commrs.
for $10,000
nnWRSVILLE, Adair County, Mo.-Bond Election.-An election will be
until 12 m. Feb. 19 by the Board of Co.
held Feb. 6, It4ls stated, to vote on the question of issuing $99,000 water will be received
coup. bonds. De5%
bridge
Fork
Klousville bridge and $10,000 Spring
and light bonds.
Date Mch. 1 1912. Int. M. do S. beginning Sept. 11912, pay$500.
nom.
• KLAMATH FALLS, Klamath County Ore.-Bonds Refused.-AccordIng able at the Co. Treas. office. Duo one bond of each issue every six months
Denver, have refused to accept the from Mob. 1 1913 to Sept. 1 1922 incl. A cash deposit of 5% of bonds bid
to local papers, B. H. Rollins & Sons of'
$30,000 20-year city-hall, $8,000 10-yr. fire and $2,500 20-yr. garbage- for, payable to the Co. Treas., required. Purchaser to pay accrued int.
plant 6% bonds awarded to them on July 24 1911. See V. 93, p. 684.
(P. 0. ManchesMANCHESTER INDEPENDENT SCHOOL DISTRICT
COUNTY (P. 0. Benjamin). Tex.-Bonds Offered by Bankers.- ter), Delaware County. Iowa.-Bond Offering -Proposals will be received
NGX
rrr
Parson, Son & Co. of Chl3ago are offering to investors $13,500 6% bridge until 7:30 p. m. Feb. 5 for the $24,000 434% high-school-bldg. bonds voted
bonds. Denom. $500. Date Feb. 10 1912. Int. ann. at Farson, Son & Dcc. 12 1911 (V. 93, p. 1739). Date April 11912. Int. A. & 0. at Treas.
Co. of N. Y. or Chic, or the County Treas. office. Due part yriy. from office. Due April 1 1922. Cert. check for $500, payable to M. J. Yoran,
Feb. 10 1913 to 1921. Total debt (incl, this issue), $48,500. Assess. Sec., required. Proposals are also invited for bonds optional after 5 years.
•
val. $6,000,000. Real val. (est.). $12,000,000.g4,.,7.1 •
Bonded debt, $5,000. No other debt. Assessed valuation, $582,673.
Sale.LAWRENCE, Douglas County. Kan.-Band Sale.-Thls city has
'
• MANHEIM (P. 0. Dolgeville), Herkimer County, N. Y.-Bona
awarded an issue of $13,000 bonds, reports state, to the Perkins Estate On Jan. 31 $19,771,28 434% road bonds were awarded to Adams do Co. of
of
for $13,174 and interest, making the price 101.338.
N. Y. for $19,871 28 (100.505) and int. Denom. $2,000; one bond
-Bonds Offered by BankerFla7"r= $1,771 28. Int. F. do A. Due part yearly on March 11015 to 11)24 incl.
-Fort
LEE-COUNTY-(P.- 0.
to
offering
the
investors
are
$10,000 5% funding
Farson, Son & Co. of Chicago
MANITOU El Paso County, Colo.-Vote.-Reports state that
school bonds. Denom. $1,000. Date Nov. 1 1911. Int. J. & D. at the vote cast on Jan. 22 in favor of the proposition to issue $80,000 auditorium
County Treas. office in Fort Myers or at Farson, Son do Co. in N. Y. or Chic. bonds (V. 93, p. 296) was 103 to 95.
debt
(Incl. this issue), $10,062.
Due yearly from Nov. 1 1912 to 1916. Total
was
MARION, Marion County. Ohio.-Bonds Authorized.-An ordinance
.•
• . •
Assess. val., $2,684,302.
for the issuance of $38,925 4 34% coup, funding
Offered by Bankers.-The $25,000 passed Jan. 8 providingexcept
than
later
not
Dated
of
$425.
bond
one
PI LEON, Decatur County. Iowa,-Bonds
$500.
Denom.
bonds.
4 Wy. 10-20-yr. (opt.) water bonds offered on July 19 1911 (V. 93, p. 183) Sept. 1 1912. Int. M. & S. at Treas. office. Duo $1,000 on March 1 and
were purchased, we now learn, by Farson. Son & Co. of Chicago. Date $1,000 on Sept. 1 in 1912, $2,000 on March 1 from 1913 to 1920 incl.,
Aug. 1 1911. Int. F. & A. Bonded debt (incl. this Issue), $49,500, $2,500 on Sept. 1 from 1913 to 1920 incl., $500 March 1 1921 and $425
4z,
• AA:1.. 144,
the issuance
Water debt (incl.) $35,000. Assess. val., $1,300,000. • .
Sept. 1 1921. An ordinance was passed Jan. 22 providing for
Denom. $300,
• LESUER COUNTY (P. 0. Lesuer Center), Minn.-Bond Offering.- of $1,172 4;i% coup. street impt. (city's portion) bonds.
M. &S.
Int.
1912.
J.
1
by
H.
13
Feb.
m.
Sept.
of
a.
$272. Date not later than
Kaisersatt, County except one bond
Proposals will be received until 11
also $272
Auditor, for $7,000 6% coup. drainage bonds. Denom. $1,000. Date at City Treas. office. Due $300 on March 1 1914. 1915 and 1916;
February 14 1912. No deposit required. No debt at present. Assessed March 1 1917.
10-15-year
• • • • • • • • • • • • • • • • • • •
valuation 1911 $7,684,612.
MARYLAND.-Bond Sale.-On Feb. 1 the $1,000,000 334%
Road Loan "Series E"
LIBERTY UNION FREE SCHOOL DISTRICT NO. 1, SullivaritountY, (opt.) coup. (with priv. of reg. as to principal) State as follows:
Price.
N. Y.-Bonds Offered by Bankers.-Farson, Son & Co. of N. Y. are offering bonds (V. 94, p. 80) were awarded, we are advised,
PurchaserAnt.
Price.
Purchaserto investors $60,000 4 %% 1-20-yr. (ser.) bonds. Denom.$500 and $1,000,
County
Sullivan
Bank
in
&
Brown
Sons, f$30 000 95 50
Liberty. Alex
Date Nov. 1 1911. Int, ann. at the
r10.
94
'
0 5.
00C...9
4.100
Hambleton & Co.,
5
98
00
10:(
2
00:9
)00
945..2
Baltimore
Total debt (incl. this issue), $65,000. Assess. val., $615,216. Real val.
50,000..93.8629
Baltimore
(est.). $2,000,000.
10,000..93.821
15,000..95.08
LINCOLN, Lancaster County, Nob.-Bond Sale.-On Jan. 27 the $7,800
Scott &
000.......94:3
20,000__94.78
6
26
Baker. Watts dr Co. 100:00
Paving District No. 196 and $3,000 Paving District No. 206 assess. bonds Townsend,
Sons, Baltimore.... 25,000..94.53
(V. 94, p. 228) were awarded to the Lincoln Safe Deposit & Trust Co. of
000 :9
25.000..94.28
16
94:0
NeLsoann,dCook dr Co., 150:0
Lincoln for $10,900 (100.925), int, and blank bonds. Other bids follow:
25.000..94.03
Baltimore
$10,858 32
Spitzer, Rorick & Co. Toledo
25.000..93.75
$10,857 00
Hanchett Bond Co. 'Chicago
15,000..94.25
Election.
-An
Ohlo.-Bond
EsDunnington
election
will
Columbiana
A.
W.
County,
25,000..94.10
LISBON,
H. A. Orrick & Co.,
be held Feb. 24 to vote on the question of issuing $10,000 water-works10,000...94.9434
tate, Baltimore
. 10,000 _ _94.10
Baltimore..
•,
• , • kl.tj
impt. bonds, it is stated.
MI
j. S. Wilson Jr. & Co.,
10,000..94.94
Baltimore
100,000__93.83
LIVE OAK COUNTY (P. 0. Oakville), Texas.-Bonds Not Sold.-We Colston, Boyce & Co.,I 10,000...94.70
Harris, Forbes & Co.,
are advised that no sale has yet been made of the $25,000 5% 10-40-year
10,000 _ _94.4 l
Baltimore
25,000.._93.601
New York
I. 10,000_ _93.87
(opt.) gold road-impt. Dist. No. 1 bonds (V.92, p. 1656.) • • • • • . •




FEB. 3 19)2)

THE CHRONICLE

MARQUETTE. Hamilton County, Neb.-Bond Election.-The election to
vote on the question of issuing the $9,100 water and $2,800 electric-light
5% 5-20-yr. (opt.) bonds (V. 93, p. 1739) will be held Feb. 24.
MASSILLON CITY SCHOOL DISTRICT (P.O. Massillon). Stark County.
Ohio.-Bond Sale.-On Jan. 26 the $100,000 4% coup. high-school-bldg.
bonds (V. 93, p. 1805) were awarded to the Davies-Bertram Co. of Cin. at
100.56 and int. Other bids follow:
Mayer, Walter & Co., Cin___100.47 I Hayden, Miller & Co., Clev_ _100.22
Prov. Sav. 13k. & Tr. Co.,Cin.100.376 Otis & Hough, Cleveland_ __ _100.165
C B. Denison & Co.. Clev_ _100.2815 Western German Bk.. Cinc_ _100.16

369 I

Denom. $1,000. Date Nov. 1 1911. Int. M. & N. at the County Treas.
office, in Boston or at Farson, Son & Co., New York or Chicago. Due
yearly from Nov. 1 1912 to 1921. Bonded debt (this issue), $50,000.
Assessed valuation, $7,866,481.

PORTLAND. Ore.-Bond Sale.-On Jan. 22 the following bids were
received for $621,499 05 6% improvement bonds offered on that day:
Bidder.
Amount. Price.
Amount. Price.
Bidder.
Ladd & Tilton 5 $5,000_ _103.10 Henry Teal
$150,000_ _102
.Bank
100,000 _102.10 O.P./Allier
3,000_ _102
W. F. White_ _ _ _ 10,000_l03
Sec. Sav & Tr. Co_ 600,000_ _101.05
250,000102.17 Hoehler & Cum-1200,000_101.17
MECKLENBURG COUNTY (P. 0. Boydton). Va.-Bond Sale.-On Abe Tichner
105,500_102.50l
mings, Toledo_1200,000_ _100.67
Jan. 29 the $240,000 5% coup. road impt. bonds (V. 93, p. 1805) were Emma H. Drake
250._102.50
100,000__101
awarded, it is stated, to Mayer, Walter & Co., Breed & Harrison and
3,000._102.50
100,000_ _100.75
Well, Roth & Co. of Cincinnati, bidding jointly.
U. S. Nat. Bank_ 1 25,000_102.16 G. L. & J. A. Mc-1100.000_100.50
-Temporary
25,000_101.76
Loan.
-On Jan. 29
Pherson
1110,000__100.25
MEDFORD, Middlesex County, Mass.
25,000_101.51
a loan of $50,000 due Nov. 12 1912 was negotiated with the Old Colony
1221,499.05_ _100
Hibernia Savings 10,000.102.26 First N. Bk.,Clev_ _621,499.05.100.51
Trust Co. of Boston at 2.97% discount.
Bank
1
Davis-Struve Bond
MIDDLESEX COUN rv (p. o. Cambridge), Mass.-Temporary Loan.- A. W. Dolson_ _ _ _ 50,000_102.16
2,500..102.25
Co., Seattle
150,000__100.51
On Jan 31 a loan of $100,000 due Nov. 6 1912 was negotiated with Edgerly
S. F. Slferd
2,000.102.25 City Treasurer_ _ _ _200,000_ _100
& Crocker of Boston at 2.93% discount, It is stated.
The
bonds
were
awarded
as
follows:
MILWAUKEE, Clackamas County, Ore.-Bond Offeriny.-Proposals
Purchaser.
Amount. Price.
Purchaser.
Amount. Price.
will be received until 7:30 p. m. Feb. 13 by A. L. Boistad, Town Recorder,
$5,000_ _103.10 Emma M. Drake__
$250_ _102.50
for $16,054 25 6% 10-yr. impt. bonds. Denom. $500. Date Sept. 11 and Ladd & Tilton
Bank
100,000_102.10 Hibernia Savingsf 10,000__102.26
Nov. 12 1911. Int. semi-annual. Cert, check for 5% of bid required.
W.F. White
10,000.103
Bank
50,000_102.16
1
• MISSISSIPI couNrv DRAINAGE DISTRICT NO. 9 (P. 0. Osceola),
250,000__102.17 A. W. Dolson
2,500__102.25
Ark.-Bond Offeriny.-Proposals will be received until Feb. 14 for an issue Abe Tichner
2,000_102.25
of about $1,250,000 6% coup. bonds. Int. semi-ann. Cert. check for U. S. Nat. Bank_ f 105,500_102.50l S. F. Siferd
3,000__102.50
58,249.05_100
City
Treasurer_
$10,000 required.
1 25,000__102.16
M I SSOU LA COUNTY SCHOOL DISTRICT NO. 14(P. O. Bonner), Mont.
PORT WILLIAM SCHOOL DISTRICT (P. 0. Port William), Clinton
-Bond Offering.-Proposals will be received until 8 p. in. Feb. 16 by J. A.
Good, Clerk, for the $15,000 gold coup. tax-free bldg. impt. bonds (V. 94, County, Ohio.-No Action Yet Taken.-No action has yet been taken In
p. 227) at not exceeding 5 yi% int. Denom. $1,000. Date March 1 1912. the matter of offering for sale the school-building bonds recently voted
Int. M. & S. at County Treas. office. Due 15 years, opt. after 10 years. (V. 93, p. 1492). We are advised that these bonds will probably be disCert, check for $750, payable to "School District No. 14 of Missoula County," posed of at private sale.
required. No debt at present. Assessed val. for 1911, $950,710.
PRINCETON, Bureau County, III.-Bonds Proposed.-This city will
MONTGOMERY, Montgomery County, Ala.-Bond Sale.-On Jan. 30 issue $15,000 sewer bonds late in the summer. It was stated in one of the
the $60,000 5% paving (city's portion) bonds authorized Dec. 16 1911 papers that these bonds would be submitted to a vote on Jan. 23, but we
(V. 94, p. 152) were awarded to R. M. Grant & Co. of N. Y., at 101.27. arc advised by the City Clerk that an election is not necessary.
Duo Jan. 30 1922.
RACINE. Racine County, Wis.-Bond Election.-At the municipal elecMORA, Kanabcc County, Minn.-Bonds Defeated.-Tho proposition to tion to be held AprI12, the question of issuing *185,000 trunk-sewer bonds
issue $5,000 bridge bonds failed to carry at the election held Jan. 29.
will be submitted to a vote.
Bonds to Be Offered Shortly.-This city proposes to offer for sale about the
NAVAJO COUNTY SCHOOL DISTRICT NO. 1, Ariz.-Bond Sale.-On
Nov. 21 1911 the $17,500 6% 20-yr. gold bldg. bonds dated Nov. 20 1911 middle of March an issue of about $50,000 refunding bonds.
(V. 93, p. 1342) were awarded to C. H. Coffin of Chicago at 105.005.
REDFIELD SCHOOL DISTRICT (P. 0. Redfield), Spink County,
NEW BEDFORO. Bristol County, Mass.-Bond Sale.-On Jan. 26 So. Dak.-Bond Sale.-On Jan. 26 the $20,000 5% 20-year funding bonds
$100,000 4% 1-20-year (serial) registered high-school bonds were awarded voted recently (V. 94, p. 152) were awarded to the Wells & Dickey Co. of
to Adams & Co. of Boston at 103.639 and int.-a basis of about 3.58%. Minneapolis at 102.625 and int.-a basis of about 4.79%. Denom. $1,000.
Other bids follow:
Date Jan. 1 1912. Int. J. & J. Eighteen bids were received.
Curtis & Sanger, Boston_ _ _ _103.522 Merrill, Oldham & Co., Bos_ _103.079
RICHLAND DRAINAGE DISTRICT, Alexander County, 111.-Bonds
Blake Bros. & Co., Boston_ _103.33 it. L. Day & Co., Boston_ __ _102.839 Offered
by Bankers.-A, G. Edwards & Sons of N. Y. and St. Louis are
Biodget & Co., Boston
103.179 Estabrook & Co., Boston_102.79
offering to investors $23,500 6% bonds. Denom. $500. Date Dec. 15
Denom. $1,000. Date Jan. 1 1912. Int. J. & J.
1911. Int. J. ec J. at the Northern Trust Co. of Chicago. Due on July 1
• NEW CASTLE, Henry County, Ind.-Bond Sale.-On Feb. 1 the-$25,000 as follows: $500 in 1913 , $1,000 in 1914, $2,000 in 1915 and 1916, $2,500 in
4% 3-12-yr. (set.) funding bonds (V. 94, p. 152) were awarded to J. F, 1917, $2,000 in 1918 and $1,500 yearly from 1919 to 1927 inclusive.
Wild & Co. of Indianapolis at 100.05, according to reports.
RIDGEFIELD TOWNSHIP. Huron County. Ohio.-Bond Election.-A
NEWTON FALLS, Trumbull County, Ohio.-Bond Election Postponed.- proposition to issue $20,000 road-Improvement bonds will be submitted
The election which was to have been held Feb. 14 to vote on the proposition to a vote, It is reported, on Feb. 10.
to issue the $15,000 street-impt. bonds (V. 94, p. 296) has been postponed,
ROBERTSON couNrv (p. 0. Franklin), Tex.-Bonds Voted.-Local
reports state, until Feb. 21.
papers state that only 90 votes were cast Jan. 20 on the proposition to issue
NEZ PERCE SCHOOL DISTRICT NO.1 (P.O. Nez Perce), Lewis County $25,000 bridge bonds (V. 93, p. 1806), 30 votes being cast against the issue.
Idaho.-Bond Sale.-On Dec. 27 1911 $45,000 10-20-yr. (opt.) bldg. bonds
ROCHESTER, N. Y.-Note Offering.-Proposals will be received until
were awarded to James N. Wright & Co. of Denver at par and int. for 555s• 2 p.
m. Feb. 5 by E. S. Osborne, City Comptroller, for $312,000 revenue
Denom. $1,000. Date Feb. 1 1912. Int. F. & A.
notes in anticipation of city taxes, payable with int. 4 months from Feb. 10
NOR THA111'TON. iiimshirc County, Mass.-Price Paid for Loan,- 1912 at the Union Trust Co., New York.
The $80,000 loan, duo Oct. 29 1912, negotiated with Bond Ps: Goodwin of
ROSCOE, Nolan County, Tex.-Bond Sale.-The $7,500 5% 20-yr.
Boston on Jan. 20 (V. 91. p. 205) was made, we are advised, at 3.08% int. water-works
bonds registered by the State Comptroller on Sept. 11 1911
NOWATA couNrv (P. O. Nowata), Okla.-Bonds Proposed.-ThIs (V. 93. p. 826) have been purchased by Ulen & Co. of Chicago. Denom.
county proposes to issue $28,500 5% 20-yr. funding bonds, it is stated.
$500. Date May 15 1911. Int. ann. (May 15) at American Exch. Nat.
OKLA11.)11A cirlt SI1JJL DISTRICT (P. 0. Oklahoma City), Okla- Bank, Dallas. No other debt. Assessed val. $430,199. • Actual value
homa County. Okla.-Bona Sae.-On Jan. 24 the $118,000 5% 12 a-year (est.) $750,000.
(average) funding bonds (V. 91, p. 227) were awarded to 'I'. A. Toocy of
SACRAMENTO, Cal.-Bond Sale.-The $75,000 43i% river-Improvem't
Oklahoma City for $119,640 (101.39) and int.-a basis of about 4.851%. bonds declared valid by the Superior Court on Jan. 12 (V. 94, p. 293) were
Other bids follow:
awarded to the California National Bank and three other banks in SacraA.J. McMahan, okta.atty_*$119,421 M. L. Turner, Okla. City__ •$118,816 mento at par.
It J. Edwards, Okla. City__ 119,376 M.M.Rocke,Edmond,Olcia_ _ 1'118,337
SACRAMENTO COUNTY (P. 0. Sacramento), Cal.-Bonds Awarded in
W. A. Brooks, Okla. City__ 119,255 John Nuveen & Co., Chic._ *118,027 Part.
-Of the $240,000 6% reclamation District No. 551 assessment bonds
G. I. Gilbert, Okla. City__ _•119,205I
offered on Dec. 30 1911 (V. 93, p. 1682) $73,000 have been awarded at par,
$27,000 to the California National Bank in Sacramento and $46,000 to the
• And interest.
Union Savings Bank & Trust Co. of San Francisco.
OLUSTEE Jackson County, Okla.-Bonds Offered by Bankers.-Ulen
ST. JOHNS, Clinton County, Mich.-Bond Sale.-On Jan. 8 $8,305 12
& Co. of Chicago are offering to investors the $20,000 6% 25-yr. coup. paving
bonds were awarded to the Clinton County Savings Bank for
water-works bonds (V. 93, p. 1214). Denom. $1,000. Date Nov. 1 1911. $8,310 12
(100.06) for 5s. Denom. $1,038 14. Date Jan. 15 1912. hat.
Int. M. & N. at the fiscal agency of Oklahoma (National Reserve Bank) N.Y.
Total debt (this issue) $20,000. Assessed val., $450,051; est. value annually in Jan. Due $2,076 28 yearly Jan. 15 1913 to 1916, inclusive.
ST. JOSEPH COUNTY (P.O. South Bend), Ind.-Bids.-On Jan. 25 the
$1,000,000.
following bids were also received for the $60,000 4% 16-year coupon bridge
OMAHA. Neb.-Bond Sale.-On Jan. 23 the $50,000 4 4%
20-yr. coup.
1
city-hall-renewal bonds (V. 94, p. 227) were awarded to Spitzer, Rorlck & bonds awarded to C. C. Wedding & Co. of Indianapolis at 102.835 and int.
(V. 94, p. 297).
Co. of Toledo at 103.13-a basis of about 4.27%. Other bids follow:
W. N. Coler & Co., N. Y..$51,165 001Win.R.ComptonCo-St.I._$50,635 00 J. F. Wild & Co., Indianap__$61,4751Miller SC Co., Indianapolis_ _1$60,000
ros. & Co., N. Y. 51,070 00 Woodln, MeNear&Moore,Ch50,555 00 S. Jos. Co. S. Bk., So. Bend_ 60,668 Breed & Harrison, Cincin__ f
SALEM, Columbiana County, Ohio.-Bond Sale.-On Feb. 1 the $55,000
•
enison & Co., Cie_ 50,913 50 N. W. Halsey & Co., Chic_ 50,530 00
Merrill, Cliuham&Co ,Bos_ 50913 50Mercantile
Trust Co
50,378 00 4;i% sewage-disposal-works construction bonds (V. 94, p. 228) were
It. L. Mi.y & Co., N. Y... _ 50,894 50 Prov.Sav.Bk.&Tr.Co., Cin, 50,330 00 awarded, it is stated, to Breed & Harrison of Cincinnati at 104.78 and int.
B. h• 'jilins & Sons, Chic 50,881 50 Seasongood & Mayer, Cin_
50,261 00
SALT LAKE CITY SCHOOL DISTRICT (P. 0. Salt Lake City). Utah.131cRige:c & Co., N. Y
50,709 50 Devitt, Tremble & Co.,Chi 50,037 00 Bond Sale.-On Jan. 20 the $325,000 4 % 20-year gold school refunding
,B.,
Authorized.-It is stated that ordinances have been passed pro- bonds (V. 94, p: 152) were awarded to N. W. Halsey & Co. of Chicago for
\T.-Ling for the issuance of $100,000 intersection, $100,000 sewer and $50,000 $327,180 (100.67) and int. Other bids follow:
J. H. Causey & Co. Denver.$325,825 McCornick & Co
-------frark bonds.
a$323,880
Chicago_ 325,111 S. A. Kean & Co., Chicago_ 319,500
OSBORNE COUNTY (P. 0. Osborne), Kan.-Bonds Voted.-The elec- Well, Roth & Co.'
tion held Jan. 23 resulted in favor of the proposition to issue the 6% 10-30- Nat. Shawmut Bank, Bos__ 323,602
year (opt.) bonds in aid of the Salina Tipton & Northern By. (V. 94, p.
a And interest.
228). Bonds will be Issued to extent of $2,000 per mile for 16 or 17 miles.
SEATTLE. Vash.-Bond Sale.-J. E. Price & Co. of Seattle were
PAGE COUNTY (P. 0. Clarinda), Iowa.-Bonds Defeated.-The election
held Jan. 23 resulted, it is stated, in the defeat of the proposition to issue awarded on Jan. 20 the $1,130,000 5% refunding, $500,000 4 54% Park,
$1,000,000
4 A% light-extension, $500,000 434% water and $150,000 4 34%
$40,000 county-house-building and $15,000 county-farm-purchase bonds.
The vote was 311 "for" to 2.425 "against" and 113 'for" to 2,652 "against," general-impt. bonds (V. 93, p. 1806) for $3,284,000, making the price
100.121.
respectively.
SELMA, Johnston County, No. Car.-Bonds Voted.-The election held
PAYETTE. Canyon County. Idaho.-Bond Sale.-On Jan. 8 the $15,000
8% 1-10-year (serial) gold coupon tax-free sewer-impt. district No. 2 bonds Jan. 30 resulted in favor of the proposition to issue the $25,000 6% 30-yr.
(V. 93, p. 1806) were awarded to W. B. Sweet & Co. of Denver. Bonds light, water and impt. bonds (V. 94, p. 297). The vote was 86 to 53.
will be dated about March 1 1912.
SIOUX FALLS, Minnehaha County. So. Dak.-Bond Offering.-ProPEND OREILLE COUNTY SCI1001 DISTRICT NO. 5, Wash.-Bond posals will be received until 11 a. m. Feb. 19 by the Board of Commissioners
Offering -Proposals will be received until 10 a. m. Feb. 17 by E. E. Reid, for $100,000 5% water bonds. Denom. $500. Int. semi-ann. In New
County Treas. (P. 0. Newport), for $25,000 bonds at not exceeding 6% York. Due 20 years. Cert. check for $500, payable to Treas., required.
int. Int. annually at the County Treas. office. Due $5,000 in 5 years, Bids must be unconditional. W.C. Leysc is Auditor.
$10,000 in 10 years and $10,000 In 15 years.
SOUTH OMAHA. Douglas County. Neb.-Bond Sale.-On Jan. 27 Allen
PETERSBURG, Din wid die County. Va.-Bonds Voted.-Reports state Bros. of Omaha were awarded $110,800 43i% 20-year refunding bonds.
that a proposition to issue $212,000 bridge-building and street-Improvement These securities were awarded on Dec. 23 1911 to the H. C. Speer & Sons Co.
of Chicago (V. 94, p. 153), but that sale was not consummated.
bonds carried at an election held recently.
Bonds Authorized.-Local papers state that the City Council passed an
PIERCEFIELD, St. Lawrence County, N. Y.-Bond Offering -Propos- ordinance providing for the issuance of $90,200 paving bonds.
als will be received until 12 in. April 15 by L. E. Gale, Town Supervisor
SOUTH ORANGE TOWNSHIP SCHOOL DISTRICT. Essex County,
(P. 0. Gale), for $13,000 4)% coupon tax-free highway bonds. Auth.
Chap. 686, Laws of 1892. Denom.$500. Date May 11912, Int. M. & N. N. J.-Bond Sale.-On Jan. 29 the $12,150 434% 22-year coupon school
bonds
(V. 94, p. 297) were awarded to J. S. Rippel of Newark at 102.49
at the National Bank of Ogdensburg, Ogdensburg. Due $2,000 yearly
May 1 from 1916 to 1921, incl., and $1,000 May 1 1922. No deposit re- and int.-a basis of about 4.33%. Other bids follow:
quired. Bonded debt, including this issue, $19,000. Assessed valuation R. M. Grant & Co., N. Y____101.281John D. Everett & Co.. N. Y_101.07
for 1911, $614,439.
SPRING LAKE DRAINAGE AND LEVEE DISTRICT (P. 0. Pekin),
PIQUA SCHOOL DISTRICT (P.O. Piqua), Miami County, Ohio.-Bonds III.-Purcliaser of Bonds.-The purchaser of the $25,000 6% ditch bonds
Voted.-By a vote of 1,161 to 463, the question of issuing the $125,000 high- (V. 94, p. 228) was Farson, Son & Co. of Chicago. Denom. $500. Date
Dec. 1 1911. Intrest J. & J. at Farson, Son & Co., Chicago or N. Y.
school-building bonds carried at the election held Jan. 30 (V. 94, p. 152).
Due part yearly from July 1 1913 to 1959.
PLAINFIELD, Waushara County, Vis.-Bonds Voted.-At an election
SUTHERLIN, Douglas County. Ore.-Bond Sale.-On Jan. 22 the
held Jan. 24 the question of issuing $2,900 bonds was favorably voted upon,
$30,000
6% 20-year coupon water bonds (V. 94, p. 82) were awarded to
it is stated.
Bolger, Mosser & Williaman of Chicago at par. Other bids were received
POLK COUNTY (P. 0. Bartow), Fla.-Bonds Offered by Bankers.-Far- from J. H. Causcy & Co. of Denver, S. A. Kean & Co. of Chicago. Gordon
son, Son & Co. are offering to investors $37,000 5% funding school bonds. & Ambrose of Portland and Sutherlin & Co. of Kansas City.




j[VoL. Lxxxxxv.

THE CHRONICLE

3'70

• SYLVESTER, Worth County, Oa.-Band Offering.-Proposals will be
received until 7 p. m. Feb. 12 for the $20,000 5% 30-year school-building
and sewer bonds voted Dec. 5 (V. 93, p. 1683). Interest semi-annual.
TENAFLY, Bergen County. N. J.-Bond Sale.-On Jan. 24 the $42,500
5% coup, or reg. funding bonds (V. 94, p. 82) were awarded to Harris.
Forbes & Co. of N. Y. at 104.341 and int. Other bids follow:
R. M. Grant & Co., N. Y___ _103.29 First Nat. Bank, Tenafly- _102.70
101.57
J. D. Everett & Co., N. Y__103.17 1A, B. Leach & Co., N. Y
W. N. Color & Co., N. Y____102.91 lOutwater & Wells, Jersey City.10148
102.68 IPailsade Trust & Guaranty
Adams & Co., N Y
101.05
N. W. Halsey & Co., N. Y...102.775f Co., Englewood
I *TOLEDO, Ohlo.-Bonds Authorized.-Ordlnances have been passed providing for the issuance of the following 5% coupon assessment bonds:
$3,175 01 Superior St. No. 6 re-paving bonds. Denom. (1) $295 01 and
(9) $320. Date Nov. 29 1911. Due $295 01 Moll. 29 1913 and
$320 each 6,mos. from Sept. 29 1913 to Sept. 29 1917, incl.
1.483 54 Sewer No. 1,111 'construction bonds Denom. (3) $400 and (1)
$283 54 • Date Nov. 8 1911. Due $283 54 MO. 8 and $400
Sept. 8 in 1913 and $400 Mch. 8 and $400 Sept. 8 in 1914.
1,746 32 Detroit Ave. No. 6 impt. bonds. Denom. (1) $396 32 and (3)
$450. Date Sept. 20 1911. • Due $396 32 Mch. 20 and $450
• Sept. 20 In 1913 and $450 Mob. 20 and $450 Sept. 20 in 1914.
3,054-63 Sewer No. 1,112 construction bonds. Denom. (1) $654 63 and
- (3) $800. Date Nov. 30 1911. Due $654 63 Mob. 30 and $800
Sept. 30 in 1913 and $800 Mob. 30 and $800 Sept. 30 in 1914.
6,497;85 Mott Ave. No. 1 paving bonds. Denom. (1) $647 85 and (9)
$650. Date Dec. 4 1911. Due $647 85 Mob. 4 1913 and $650
each 6 mos. from Sept. 4 1913 to Sept. 4 1917, Incl.
1,388 06 Sewer No. 1,118 construction bonds. Denom. (1) $338 06 and
(3) $350. Date Jan. 8 1912. Due $338 06 Mch. 8 and $350
Sept. 8 in 1913 and $350 Mch. 8 and $350 Sept. 8 in 1914.
15,404 40 Forest Ave. No. 1 paving bonds. Denom.(1) $1,454 40 and (9)
$1,550. Date Oct. 22 1911. Due $1,454 40 Mch. 22 1913 and
$1.550 each 6 mos. from Sept. 22 1913 to Sept. 22 1917, incl.
7,053 59 Albion St. No. 1 paving bonds. Denom. (1) $663 59 and (9)
$710. Date Oct. 2 1911. Due $663 59 Moll. 2 1913 and $710
each 6 mos. from Sept. 2 1913 to Sept. 2 1917, incl.
2,840 33 Islington St. No. 1 paving bonds. Denom. (1) $275 33 and (9)
$285. Date Nov. 301911. Due $27533 Mch. 30 1913 and $285
each 6 mos. from Sept. 30 1913 to Sept. 30 1917, incl.
Interest semi-annually at the Second National Bank, Toledo.
• An ordinance was also passed providing for the issuance of $135,000 4%
coup. Ash-Consaul St. bridge bonds. Denom. $1,000. Date Feb. 1 1912.
int. F. & A. at the U.S. Mtge. & Trust Co. In N. Y. Due Feb. 1 1921.
Ordinances were passed Jan. 15 providing for the issuance of 5%
coupon street-impt. assess. bonds.
one
313,785 12 Broadway No. 6 Impt. bonds. Denom. $1,400, except
M. & S. at the
bond of $1,185 12. Date Oct. 13 1911. Int.
13 1913
Northern Nat. Bank, Toledo. Duo $1,185 12 March
and $1,400 each 6 months from Sept. 13 1913 to Sept. 13 1917
Inclusive,
bond
6,260 71 Peck St. No. 2 (mot. bonds. Denom. $630, except one
the Second
of $590 71. Date Oct. 26 1911. Int. M. & S. at
Nat. Bank, Toledo. Due $590 71 March 26 1913 and $630 each
6 months from Sept. 26 1913 to Sept. 26 1917 inclusive.
An ordinance was passed Jan. 22 providing for the issuance of $150,000
Date May 1 1912.
4% coup, water-works impt. bonds. Denom. $1,000
Int. M. & N. at U. S. Mtge. & Trust Co., New York. Due $50,000 May 1
1937. 1928 and 1929.

TOPPENISH, Yakima County, Wash.-Description of Bonds.-The
$50,000 5 A% sewer bonds awarded on Nov. 20 1911 to John Nuveen & Co.
of Chicago (V.94, p.297) are in the denom. of $1,000 each and dated Nov. 1
1011. Int. M. & N. Due Nov. 1 1931; opt. after Nov. 1 1021.
TREMPEALEAU DRAINAGE DISTRICT. Trempealeau and Buffalo

Counties. Wis.-Bonds Awarded in Part.-On Jan. 29 $55,000 of the
$75,000 5% 1-15-yr. (ser.) coup. constr. bonds(V.94, p. 228) were awarded
$15,000 to E. B. Clark of Minneapolis at 95 and *40,000 to the La Crosse
Dredging Co. at par. The bonds taken by the dredging company are
in payment for their contract to drain the land.
TRENTON. Wayne County, Mich.-Bond Sale.-On Jan. 11 $6,500 5%
highway impt. bonds were awarded to Bumpus & Co. of Detroit. Denom.
$500. Date Jan. 15 1912. Int. J. & J. Due $500 yearly Jan. 15 1913 to
1919 incl. and $1,000 on Jan. 15 in 1920, 1921 and 1022.
TULSA SCHOOL DISTRICT (P. 0. Tulsa), Okla.-Bond Election.An election will be held Feb. 20 . it is stated, to vote on the question of
issuing $300,000 bonds.
UMATILLA DRAINAGE DISTRICT, Ore.-Bond Offering.-Proposals
will be received until 11 a. m. Feb. 26 for $31,190 29 coup. drainage system
bonds at not exceeding 6% int. Denom. $500. Int. semi-ann. Due
10 years, opt. at or after 1 year at any interest-paying period. Cert. check
for 1% of bonds required. F. A. Baker is Secretary (P. 0. Stanfield.)
UNION IRRIGATION DISTRICT, Cameron County, Tex.-Bond
Offering.-Proposals will be received until 2 p. m. March 5 by the B oard of
Directors at Raymondville for $100,000 5% gold engineering and rightof-way bonds voted Deo. 30 1911 (V. 94, p. 298). Int. ann. on Jan. 1 at
place desired by purchaser. Duo serially in 21 to 31 years. Cert. cheek
for $5,000, payable to A. T. Woodhouse, required. No debt at present
Assessed valuation $756.000.
The official notice of this bond offering will.be found among the advertisements elsewhere in this Department.
be
UTICA, Oneida County, N. Y.-Bond Offering.--Proposals will the
received until 12 m. Feb. 8 by F. G. Rousswig, City Comptroller, for
1911.

1
following 4% registered paving bonds. 36,740 87 dated Dec.
$6,289 37 dated Dec. 15 1911 and $9,593 45 dated Jan. 13 1912. Authority
made
be
must
Bids
yearly.
one-Sixth
Due
Chap. 224, Laws of 1908.
on each issue separately. Cert. check for 1% of bonds bid for, payable
to the City Treasurer, required.
VALDOSTA, Lowndes County. Ga.-Bond Election Proposed.-Thero is
talk of calling an election to vote on a proposition to issue $100,000 publicImprovement bonds.
VALLEY FALLS. Jefferson County, Kan.-Bond Sale.-On Jan. 2
$24,000 4 A% water-works-impt. bonds were awarded to local investors at
prices ranging from par to 101.50. Denom. $400. Date Jan. 1 1912. Int.
J. & J. Due part each six months. Bonds are tax-free in Kansas.
VICTORIA COUNTY (P. 0. Victoria), Tex.-Bonds Voted.-Reports
state that at a recent election the issuance of $200,000 5% 20-40-yr. (opt.)
road bonds was authorized.

VICTORIA COUNTY COMMON SCHOOL DISTRICT NO. 2, Tex.Bonds Registered.-On Jan. 24 an issue of $1,000 5% 15-20-yr. (opt.) was
registered by the State Comptroller.
advised
WAGONER. Wagoner County, Okla.-Bond Sale.-We are
that the $45.000 light plant and water-works-impt. and $30,000 refunding

NEW LOANS.

NEW LOANS.

NEW LOANS.

Union Irrigation District

$90,000

NOTICE OF SALE OF BONDS AND TO CONTRACTORS FOR BIDS FOR PRELIM!.
• NARY ENGINEERING, SURVEYINCLETC.,
FOR IRRIGATION SYSTEM.

$324,000
TOWN OF KEARNY,

SOUTH PARK COMMISSIONERS

Hudson County, New Jersey,

NOTICE IS HEREBY GIVEN to all persons

that sealed bids will be received at the office of
the Board of Directors of the "UNION IRRI-

GATION DISTRICT," at the Town of Raymondville, Texas, until the hour of 2:30 o'clock
P M. of

Tuesday, the Fifth Day of March. A.D. 1912,
for the Preliminary Engineering, Surveying, &c.,
forathe Irrigation System of the "Union Irrigation District." This work includes no actual
Construction, but includes ALL WORK of surveying, engineering, making of estimates, specifications, &c., necessary to the commencement
of actual construction of the largest Irrigat:on
System thus far attempted In Texas.
Maps, plans, specifications and all necessary
data are now on file, and may be seen in the office
of the Board of Directors of the "Union Irrigation
District," at Raymondville, Texas. and any desired information may be had by applying to
V L. Conrad, District Engineer for said District.
Raymondville, Texas.
All bids received will be opened at 2:30 o'clock
P. M. of Tuesday, March 5th, A. D. 1912, at and
In the office of the "Union Irrigation District"
&The successful bidder for all of the above work
will be required immediately upon the acceptance
of his bid to buy from the Board of Directors of
the "Union Irrigation District," and pay for in
cash, the entire issue of irrigation District bonds
nowitissued, amounting in the aggregate to one
hundred thousand dollars ($100,000 00), voted
by said District on December 30th, 1911, at not
less than the par value thereof; and such successful
bidder will be required to furnish a certified cheek
!.the amount of $5,000 00, payable to A. T.
oodhouse, President of the Board of Directors
of the "Union Irrigation District," as a guarantee
that such successful bidder will faithfully perform
his obligations to said District.'
The Board of Directors of the"Union Irrigation
District"(as required by law)reserve the right to
reject any and all bids.
• Witness the signature of A. T. Woodhouse,
President:of the Board of Directors of tho "Union
Irrigation District," and this notice duly attested
by Frank S. Miller, Secretary of said Board, this,
the 2nd day of January, A. D. 1912.
A. T. WOODHOUSE,
President of the Board of Directors
• •
of the "Union Irrigation District."
Attest:
FRANK S. MILLER,
Secretary of the Board of Directors of
'
•',71.•,. • a.' the "UnionlIrrigation District."
•

•

•

F. WM. KRAFT
LAWYER

4
4% SERIAL BONDS

BONDS

Sealed proposals will be received by the Town
Council of the Town of Kearny, Hudson County,
New Jersey, at the Town Hall, Wednesday, February 28th, 1912, at 8 p. m., for the purchase of
the following bonds:
$65.000 10-year 4% Kearny Avenue Paving
Bonds
80,000 Serial 1 to 10-years, $8,000 due each
year, 4% Street Improvement Bonds,
108,000 25-year 4% School Bonds.
71,000 50-year 4% Passaic Valley Sewerage
Bonds.
Bids may be made for all or part of tile 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 rejee't
any or all Bids.
For financial statement of the Town or aflY
other information desired, address
BURTON E. CANF' 1-•D•
„T.easurer.
To

SEALED PROPOSALS will be received by the South Park Commissioners,
57th Street & Cottage Grove Avenue,
Chicago, Illinois, until twelve o'clock
noon, February 21st, 1912, for the purchase of ninety (90) One Thousand
($1,000) Dollars Four (4%) Per Cent
Serial Bonds.
A deposit of $2,000, either in currency
or certified check, payable to the South
Park Commissioners, must accompany
each proposal as a guaranty of the good
faith of the bidder.
Bolger, Mosser &
The South Park Commissioners reserve the right to reject any or all bids.
MUNICIPAL BONDS
Legal for Savings Banks;
Full information may be obtained
Postal Savings and Trust Funds
upon application to the undersigned.
BIND FOR LIST
J. F. NEIL,
CHICAGO
19 Borah La Sails St.,
Secretary,

Mellon National Bank
PITTSBURGH, PA.
Offers its unsurpassed facilities on
attractive terms to banks desiring
a Pittsburgh reserve agent.

Specializing in Examination of

Municipal and Corporation Bondl
1811 FIRST NATIONAL BANK BLDG

CHICAGO, ILL.



RESOURCES OVER 49 MILLIONS

371

THE CHRONICLE

FEB. 3 1912.]

bonds recently approved by the Attorney-General (V. 93, p. 1740) have
been awarded to the Oklahoma State Bank of Oklahoma City.
WAGONER COUNTY (P. 0. Wagoner), Okia.-Description of Bonds.The $55,000 6% refunding bonds awarded to W. A. Brooks of Okla. City
of $1,000 each and dated Jan. 15
(V. 94, p. 298) are in the denomination
1912. Int. J. & J. Due Jan. 15 1932.
WALLA WALLA. Walla Walla County. Wash.-Bond Offering.-Proposals will be received until 12 m. Feb. 15 by the City Commission for the
$10,000 5% gold coupon refunding bonds (V. 94, p. 229). Denom. $1.000.
Date Jan. 1 1912. Int. J. & J. Due Jan. 1 1932. Bonds are exempt
from all taxes. Cash deposit of 1% of bid required
WARREN, Trumbull County, Ohlo.-Bond Offering.-Proposals will be
received until 12 m. Feb. 27 by W. E. Miley, City Auditor, for $15,000
4 M% coupon tax-free Packard Park improvement bonds. Auth. Sec.
3939, Gen. Code. Denom. $500. Date Sept. 15 1911. Int. M. & S. at
the office of the Sinking Fund Trustees. Due $500 each six months
from March 15 1944 to Sept. 15 1973, incl. Bonds to be delivered and paid
for within 5 days from date of award. Certified check for $300, payable
to the "City of Warren," required. Purchaser to pay accrued interest.
WAYNESVILLE, Haywood County, No, Car.-Bond Sale.-We are
advised that John Nuveen & Co. of Chicago were awarded on April 1 1911
the $5,000 water-works and $27,000 funding 5% 30-yr. bonds offered on
March 7 1911 (V. 92, p 618). Denom. *1,000. Date April 1 1911.
Interest A. & 0.
WELDON, Halifax County, No. Caro.-Bond Offering.-Proposals will
be received until 12 m. Feb. 26 by W. W. Wiggins, Mayor, for the $40,000
6% water-works and sewerage bonds voted Sept. 19 1911 (V. 93, p. 748).
Denom. to suit purchaser. Int. annual. Due in 20 equal installments,
beginning 10 years from date. Cert. check for $500, payable to the Mayor.
required. Bidders may submit form of bonds, with bids, or same will be
issued in form requested by purchaser at time of acceptance of bid.
election
WHITE COUNTY (P. 0. Sparta). Tenn.-Bonds Voted.-The
held Jan. 27 resulted in favor of the proposition to issue the $90,000 road
400.
to
800
was
vote
The
229).
p.
bonds.(V. 94,
Wichita),Kan.-Bond
WICHITA SCHOOL DISTRICT NO. 1 (P. 0. bldg. bonds (V. 93,
Sale.-On Jan. 15 the $60,000 5% 5s-year (aver.)
par and int. A bid of
p. 1740) were awarded to the State School Fund atSons
of Chicago but the
101.77 and int. was received from E. H. Hollins &
State exercised Its prior right to purchase.
will be
Offering.
-Proposals
-Bond
Ohio.
County,
Wayne
WOOSTER,
received until 12 in. Feb. 24 by J. B. Minter, City Auditor, for $1,500
4 ki% coup. Henry St. sewer assess. bonds. Date Dec. 1 1911. Int.
semi-ann. at the Sinking Fund Trustee's office. Due from 1 to 5 years.
Cert, check for 5% of bonds bid for, payable to the Treas., is required.
WORCESTER COUNTY (P. 0. Worcester), Mass.-Temporary Loan.
A loan of $100,000 due Oct 5 1912 vat awarded, It is stated, to the First
premium.
25c.
and
discount
3%
at
Boston
of
Bank
Nat.
• YERINGTON, Lyon County, Nev.-Description of Bonds.-The $36,000
6% water-works bonds, the sale of which was reported in V. 93, p. 1278,
are being offered to investors by Ulen & Co., of Chicago. Denom. $1,000.
Date Sept. 1 1911. Int. M. & S. at the Nat. Bank of Commerce, N. Y.
Due $18,000 Sept. 1 1926, opt. after Sept. 1 1921 and $18,000 Sept. 1 1941,
opt. after Sept. 1 1931.
YOUNGSTOWN, Ohio.-Bids.-On Jan. 15 the following bids were
received for the fifteen issues of 5% bonds, aggregating $44,355, the sale
of which was reported in last week's "Chronicle":

Bid
Bid
Bid
Bid
Bid

No. 1
No.2
No.3
No.4
No,6

$4,565 $5,275 $6,210 $8,435
Issue. Issue. Issue. Issue,
$
$
$
$
"4,685 *5,424 '6,385 '8,673
4.656 5,408 6,367 8,654
4,668 5,395 6,353 8,629
4,658 5,392 6,339 8,554
8,570
4,640 5,360
$1,300 $1,500 *900
Issue. Issue. Issue.
$
$
$
903
1,305 1,506
901
1,301 1,501
1,317 '1,520 '912

$2,935 $3,445 $3,155
Issue. Issue. Issue.
$
$
$
"3,532 "3,234
2,993 3,513 3.218
3,002 3,524 3,227
2,975 3,505 3,216
3,510 3,200
$910 $1,115 $685
Issue. Issue. Issue.
$
$
$

$3,600
Issue.
$
3,672
'3,688
3,668
3,658
$325
Issue.
I

Bid No, 3
686
911 1.116
Bid No. 4
• 331
'935
Bid No, 5
326.
922 *1,130 "692
Bid No. 6
•1,321
Bid No. 7
Bid No. 1 is Seasongood & Mayer, Cin.; (2) Well, Roth & Co., Ctn.:
(3) Hayden, Miller & Co., Cleve.; (4) New First Nat. Bank, Colum.; (5)
Policemen's Pension Fudd; (6) Firemen's Pension Fund; (7) James Squire,
Youngstown.
A bid of $45,091 21 for "all or none" of the fifteen issues was also received
from the Tillotson & Wolcott Co,of Cleveland.
The bids marked with an asterTsl (*) were successful. The City Auditor
does not state what disposition was made of the $2,935 issue given above.

Canada, its Provinces and Municipalities.
BURNABY. B. C.-Loans Voted.-According to reports an election held
recently resulted in favor of the following by-laws: $250,000 for waterworks; $250,000 for road improvements; $50,000 for sidewalks, and $50,00.
for Burrard Inlet purchase.
CROWFOOT. Alta.-Debenture Sale.-Reports state that G. A. Stimson
& Co. of Toronto have purchased $1,900 6% 10-installment debentures.
DRUM-LELLER. Alta.-Debenture Sale.-G.A. Stimson & Co. of Toronto are reported as having purchased an issue of $1.600 6% 10-yr. debs.
GRAVENHURST. Ont.-Debentures Proposed.-This town is contemplating the issuance of $8,000 20-yr. refunding debentures, reports state.
HAMILTON, Ont.-Debenture Sate.-On Jan. 29 the eleven issues of 4%
debentures aggregating $1,762,660 (V. 94, p. 230) were awarded to G. A.
Stimson & Co. of Toronto at 96.05 and int. Other bids follow:
Dom. Sec. Corp., Ltd., Tor 95.03 Goldman & Co. Toronto_ _ _94.03.
' Toronto
93.03
94.51 Merchants' Bank,
Hanson Bros., Montreal
Ont. Sec. Co., Ltd., Toronto.. 94.04
HEWARD. Sask.-Debenture Sale.-An issue of $1,500 6% 10-yr.
debentures was awarded to Nay & James of Regina. according to reports.
HIGHFIELD SCHOOL DISTRICT NO. 2381 (P. 0. Burdett). Alta.DebenturcSale.-We have just been advised that on July 20 1911 an issue
of $1,600 6% 10-installment bldg. debentures was awarded to the Alberta
School Supply Co. of Edmonton. Int in January.
JUSTICE CONSOLIDATED SCHOOL DISTRICT NO. 696 (P. 0.
Forrest Station), Man.-Debenture Election.-An election will be held to-day
(Feb. 3), it is stated, to submit to the voters a proposition to issue $8,500
5%% 20-yr. debentures.
KA PPEL TOWNSHIP, Ont.-Debenture Sale.-According to reports, an
issue of $1,000 5% 20-yr. debentures,was purchased by G. A. Stimson &
Co. of Toronto.

BOND CALL.

NEW LOANS.

NEW LOANS.

Pontchartrain Levee District, La.

$50,000

$75,000
UNION COUNTY, N. J.

NOTICE TO BONDHOLDERS.
New Orleans, La., January 25, 1912.
The Board of Commissioners for the Pontchartrain Levee District is prepared to purchase
320.000 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.
HUNTER C. LEAKE,
President.

NATIONAL LIGHT,
h AT & POWER CONIPANT
GUARANTEED

BONDS

Smyth County, Virginia,
6% BONDS
Jan. 23, 1912.
SEALED BIDS will be received at the office
of WHITE & BUCHANAN, MARION. SMYTH
COUNTY, VIRGINIA, up to 12 M. on Monday,
the 19th day of February. 1912, for the purchase
of $50,000 00 of bonds of Smyth County. Virginia, issued for the purpose of permanently improving the roads and bridges of Rich Valley
Magisterial District of Smyth County. Va.; said
bonds being dated January 1, 1912, bearing Bib
per centum interest per annum, payable semiannually, and to run for a period of thirty years
from date, with the option of redeeming any or
all of said bonds at any interest-bearing period
after fifteen years from date.
Bids must be accompanied by properly certified
check for $1,000 00, payable to J. M. Gass,
Chairman Board of Supervisors of Smyth County,
Va., guaranteeing fulfilment of contract by
bidder.
The right Is reserved to reject any and all bids.
B. F. BUCHANAN,
JNO. P. BUCHANAN,
Agents Board of Supervisors of
Smyth County, Va.

A. H. Bickmore & Co.,

BLODGET & CO.
BONDS

BAN KERS
New

Sutherlin & Company
MUNICIPAL BONDS
Commerce Barna&
MISSOURI
KANSAS CITY

All Issues

$0 Pine Street,

HOSPITAL BONDS.
SEALED BIDS for the purchase of Seventy..
five $1,000 00 thirty-year 4 ;si per cent coupon
bonds, dated January 2nd, 1912, interest and
principal payable at National State Bank, Elizabeth, N. J.. with privilege of registration, as to
principal or interest, or both, will be received at
the office of the undersigned, on
MONDAY. FEBRUARY 5TH, 1912.
at 10:00 A. M. A certified check for $1,500 00
to the order of N. R. Leavitt, County Collector,
must accompany each bid, as a guaranty that
successful bidder will pay for bonds at the price
bid, and accrued interest, upon delivery thereof
within thirty days after February 5th, 1912.
No conditional bids will be received. The
right is reserved to reject any and all bids.
3144,344.613 36
Assessed (1911) Valuation
$1,065,000 00
Bonded Debt
N. R. LEAVITT, County Collector,
No. 130 Broad St., Elizabeth, N. J.

60 STATE STREET, BOSTON
Y?At&
80 PINE STREET, NEW YORK

STATE, CITY & RAILROAD BONDS

LYBRAND,
ROSS BROS el
MONTGOMERY
Certified Public Accountants
(Pennsylvania)

DENVER IMPROVEMENT
6% BONDS

ATTEMOLT & CO. Charles M. Smith & Co.
F. M.
Sol NerMoseol Bonk
ARCHITECT.

ACCOUNTANTS.

CORPORATION AND
MUNICIPAL BONDS

NEW YORK, 55 Liberty St.
PHILADELPIIIA, Morris Bldg.
PITTSBURGH. Union Bank Bldg.
CHICAGO, First Nat. Bank Bldg
SAN FRANCISCO, Kohl Bldg.
SEATTLE, Central Bldg.
LONDON, 58 Coleman St.

intsT NATIONAL BANK BUILDING
CHICAGO

JULIAN

BARNES

CERTIFIED PUBLIC ACCOUNTANTS

Suits 1118 Association Buildinc

ESTABLISHED 1688

CHICAGO. ILLINOIS

H. C. SPEER & SONS CO.

ilpeelallst in Designing Bank Buildings, Bank
Fixtures and Equipment

First Nat. Bank Bldg.. Chicago
SCHOOL,
3GUNTY AND MUNICIPAL BONDS




JAMES PARK & CO.
New York, Chicago, Cincinnati end
London, England.
AUDITORS FOR FINANCIAL INST/Ti).
TIONS, INDUSTRIAL AND
MINING COMPANIES
Investigations, Financial Statements:
Periodical Audits and Acooustan