Full text of Commercial and Financial Chronicle : January 11, 1913, Vol. 96, No. 2481

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

firtartriat

brontrte
VOL.96

JANUARY 11 1913

NO.2481

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

OLEA.RINGS-_FOR DECEMBER,SINGE JANUARY 1, AND FOR WEEK ENDING JAN.4
Twelve Months.

December.

Week Ending January 4.

Clearings alDie. or
Dec.

Inc. or
Dec.

Inc.or
1913.
1912.
Dec.
1911.
I
1910.
$
3$
$
%
'
8.6 100,743,967,262 92,372,812,735 +9.1 2,050,/88,974 2,066,419,956
8,808,722,017 8,111,811,068 T
New York
2,085,657,246 3,320,863,772
700,285,314 +6.3 8,166,286,613 7,691,842,937 +6.2
744,622,755
Philadelphia
178,824,553 179,321,122 -0.3 169,421,620 202,189,572
240,811,556
214,049,862 +12.5 2,798,990,215 2,520,285,913 +11.0
Pittsburgh
58,560,346
49,785,343 +17.6
48,624,805
60,651,457
179,548,760
145,578,737 +23.3 1,957,474,680 1,767,682,328 +10.8
Baltimore
40,526,167
39,118,582 +3.6
36,362,152
39,897,133
51,957,921
43,891,683 +18.4
Buffalo
579,088,538
516,876,771 +12.1
11,543,908
12,828,619 -10.0
11,814,032
10,652,122
27,924,829
Albany
314,737,890 -0.1
314,379,826
27,835,969 +0.3
6,862,941 -4.7
6,537,380
6,388,387
7,267,070
33,210,320
33,663,628 -1.3
391,776,792
Washington
368,535,028 +6.3
7,262,506
8,685,138 -16.4
7,642.648
8,967,011
23,552,604
21,024,397 +12.0
223,546,084 +12.0
Rochester
250,370,987
8,547,504
6,354,288 +3.0
5.890,765
7,263,038
13,256,246
11,992,485 +10.5
Scranton
141,484,320 +4.3
147,543,072
3,054,148
3.884,180 -21.4
3,327,457
3,996,767
11,776,936
10,117,832 +16.4
Syracuse
138,644,019
125,200,960 +10.7
3,479,242
3,423,821 +16.4
3,630,756
3,666,787
7,925,341
7,951,005 -0.3
Reading
81,081,542 +11.6
90,468,686
1,773,844
2,095,034 -15.4
1,583,678
1,830,771
7,313,300
6,970,375 +4.9
Wilmington
83,356,050
78,478,389 +6.2
1,822,764
1,661,067 +9.7
1,777,666
1,913,056
6,529,117 +13.8
7,433,847
Wilkes-Barre
77,326,975
71,808,436 +7.7
1,840,761
1,585,117 +16.1
1,605,471
1,421,898
9,632,540
7,924,032 +21.6
Wheeling
105,130,551
90,579,704 +16.1
1,965,504
2,023,481
1,960,937 +3.2
2,283,830
6,463,384
Harrisburg
5,897,517 +9.6
70,220,674
67,590,392 +3.9
8,376,238 +10.0
9,210,364
Trenton
92,005,347
83,090,587 +10.7
2,061,916
1,7133;222
1,617,498 +27.8
2,156;666
4,387,531 -10.0
3,950,051
York
48,811,037 +3.1
50,329,110
894,077
1,014,701 -11.8
971,021
1,064,981
4,147,276 +11.2
4,613,436
Erie
50,848,388
44,452,506 +14.4
1,085,815
1,308,864
-17.0
931,270
1,338,771
2,386,253 +9.4
2,610,056
Greensburg
31,320,078
29,311,453 +6.9
700,605
713,481 -1.9
749,127
700,000
2,337,300 +22.1
2,854,400
Binghamton
31,979,100
27,178,300 +17.7
+3.2
693,000
715,100
607,600
527,700
2,855,451
2,543,152 +12.3
Chester
31,635,427
28,379,624 +11.5
633,220 -40.6
890,847
610,877
649,128
2,516,513
AltOona
2,172,023 +15.8
27,114,343
24,486,225 +10.7
462,118
458,386 +0.8
415,820
449,078
1,217,750
Franklin
1,073,178 +13.4
12,839,516
12,091,304 +6.2
1,287,513
1,222,465 +5.3
Frederick
14,942,045
14,383,735 +3.9
2,486,221
2,157,432 +15.3
Beaver Co., Pa
26,482,821
+4.4
25,375,681
6,386,011
4,097,719 +55.9
Lancaster
79,668,455
55,847,926 +42.7
1,119,943 +16.2
1,071,423;
1,300,000
1,954,363 +1.1
1,975,399
Norristown
23,718,337
23,467,348 +1.1
2,205,481 Not Included
In_
total
Montclair
6,895,877 Not included In total
_
482,033 Not included n total
10T2T8,146,121 9,30377,951 +8.8 116387,907,407 106,849,-,f20,145 +8.9 2,382,6Total Middle
9-5,7
1M 2,391,154904
2192,542.487 3-,6771,-igr886
711,187,421
Boston
731,134,508 -2.7 8,963,808,530 8,339,718,582 +7.5
180,567,146 212,145,621 -14.9 204,868,915 221,556,898
41,036,100
33,759,100 +21.6
Providence
404,355,100 +9.5
442,694,200
9,660,400
9,344,800 +3.4
11,073,400
10,762,200
20,349,175
Hartford
18,446,823 +10.3
223,779,243 +9.9
246,001,422
5,353,462 +16.3
6,224,387
5,093,176
6,634,407
New Haven
3,562,111
3,690,918 -3.5
3,619,117
4,034,17
„
3,235,706
2,980,113 +8.6
2,659,575
2,874,007
,uso,iss
8,961,421 -10.9
Portland
115,418,692
2,571,046
-7.2
2,770,764
2,733,629
•
2,806,795
11,338,215
134,738,265
Worcester
122,233.,473 +10.2
, ,7
3,129,819
2,933,844 +6.7
2,902,853
2,387,210
6,837,986
5,399,293 +26.e
Fall River
62,062,096
57,225,146
+8.5
+12.1
1,394,626
1,362,549
1,244,026
1,558,092
4,689,032
4,472,707 +4.9
52,980,734
New Bedford
50,902,837
+4.1
1,239,551
1,113,339
1,087,219 +2.4
1,119,666
29,227,432
2,340,309
2,266,512 +8.3
+1.9
Lowell
28,679,554
495,287
648,131
-23.6
646,338
540,710
2,816,104
3,057,399
-7.9
34,565,188
31,228,483 +10.7
Holyoke
800,000
833,038 -4.5
798,347
799,899'
2,117,232 +19.5
2,531,331
26,347,935
Bangor
23,415,024 +12.5
697,796
575,396 +21.2
474,793
3,677,000 .Not included in'total
38,049,700 Not included in total
Waterbury
835,116,5a7
843,07E054
T67396,329,773
Total New England
9,649,7447606 +7.7
213,451,093 243,612,332 =12:4 237,543,409 255,020,812
1,360,413,737 1,240,769,765 +9.6 15,380,795,541 13,925,709,802 +10.4
Chicago
306,780,873 283,648,130 +8.2 260,799,850 295,447,742
121,272,700
112,914,250 +7.4 1,369,215,000 1,277,555,300 +7.2
Cincinnati
-5.1
27,578,900
29,007,500
33,445,050
29,676.500
107,844,701
+20.6
89,388,047
1,150,397,653 1,012,557,805 +13.6
Cleveland
26,546,069
23,156,166 +14.6
21,219,488
20,657,898
100,872,234
87,891,923 +14.8 1,127,793,196
968,647,059 +16.4
Detroit
22,194,944
21,459,319 +3.4
18,711,568
20,678,396
60,443,603
60,117,184 +8.9
724,683,441
690,732,779 +4.0
Milwaukee
14,780,550
11,913,105 +24.2
13,418,360
14,311,272
39,555,222
37,117,392 +6.6
441,157,900 -1.5
Indianapolis
434,525,979
8,832,393
9,102,229 -3.0
10,366,591
11,257,573
29,386,700
24,168,100 +21.6
291,301,300 +10.9
322,964,400
Columbus
6,362,800
5,648,600 +12.7
5,738,000
6,525,200
19,041,074 +16.0
22,091,896
250,594,130
239,180,837 +4.8
Toledo
+10.9
4,690,778
4,227,718
4,112,013
4,195,577
13,497,747
14,883,757 -9.3
175,209,346
161,223,685 +8.7
Peoria
3,298,299 . 3,312,896
2,999,725
3,677,302
+4.7
13,937,266
13,311,006
139,176,401 +20.0
Grand Rapids
166,987,575
2,509,863
3,155,251
3,624,958
2,892,878 +25.3
0,796,446
8,638,384 +13.5
Dayton
113,461,308
110,719,914 +2.5
-21.2
2,488,803
2,399,484
2,007,376
2,547,262
10,386,112
10,301,659 +0.8
Evansville
119,470,061
124,136,221 -3.8
3,134,496
2,422,808
2,747.157
3,443,186 -20.2
+5.0
3,509,963
3,342,341
Kalamazoo
38,409,962
35,664,276 +7.9
745,594
834,715 -10.7
755,692
772,629
5,438,854
f3pringfield, Ill
4,648,398 +17.0
62,957,249
53,945,165 +16.5
1,209,242
1,109,341
1,500,000
1,426,300 +5.2
5,211,122
Fort Wayne
4,612,253 +13.0
58,930,466
53,921,953 +9.3
+13.7
1,129,330
1,284,777
975,725
1,194,973
7,063,648
6,256,467 +12.9
Youngstown
77,539,471
62,839,008 +23.4
1,106,118
1,148,564 -2.0
1,813,479
1,123,053
9,139,800
Akron
5,869,000 +55.7
60.645,140 +53.9
93,375,000
962,000
1,553,000
1,279,900 +21.4
765,300
4,655,981
4,006,576 +16.2
Lexington
50,833,668
49,013,706 +3.7
1,239,135
942,544
1,076,320 -12.4
1,248,332
4,007,779
3,714,898 +7.9
Rockford
45,008,662
40,867,113 +10.1
819,034
+33.0
541,393
616,088
615,857
5,692,490
4,814,362 +18.2
Canton
65,950,577
54,984,290 +19.9
1,454,514
+8.5
1,349,967
1,045,891
950,000
3,027,484
2,786,584 +8.6
131lomington
38,628,527
33,993,309 +7.8
701,363
708,342
709,815 -1.2
704,439
3,412,583
2,518,784 +35.5
Quincy
38,052,114
34,465,362 +10.4
861,469
631,919 +36.4
1,903,236
775,000
2,914,577
2,244,012 +29.9
'Springfield, 0
30,814,520
28,324,784 +8.8
660,435
619,405 +6.6
722,479
673,346
2,294,920
1,976,986 +16.1
Decatur
20,461,475
22,773,835 +16.2
542,632 +10.6
409,212
600,100
589,408
6,800,221
2,273,649 +199.4
48,103,286
*South Bend
27,668,550 +73.9
647,836 +200.8
665,334
728,581
1,947,015
2,466,815
2,075,006 +18.8
28,086,354
Jackson
23,281,119 +20.6
440,000 +10.0
410,000
454,725
484,000
2,003,686
1,594,187 +25.7
22,930,316
Mansfield
21,109,010 +8.6
398,159
493,897 -21.9
385,254
361,017
2,069,918
1,883,697 +9.9
23,093,654
21,877,908 +5.5
Danville
+24.9
524,487
526,624
422,599
435,701
23,737,960
2,008,627
2,041,580 -1.6
19,503,152 +21.7
Lansing
+5.4
325,726
375,000
355,810
+16.6
21,704,974
1,960,748
1,681,667
19,615,827 +10.6
Llma
427,092
446,341
435,000
431,337 +0.9
15,670,884
1,485,018
1,221,561 +21.6
15,447,905 +1.4
Jacksonville, Ill
435,763
353,928
506,071
611,439 -17.2
10,013,905
820,624 +18.2
9,280,942 +7.9
Ann Arbor
969,536
247,976
228,174
289,628
221,830 +30.7
2,425,066 -36.7
22,358,535
Owensboro
1,535,380
22,711,369
300,000
557,467
375,849
777,415 -51.7
2,002,461
1,543,892 +29.7
21,310,114
17,884,180
Flint*
1,549,250
1,065,801 +45.4
15,082,329
10,921,820 +38.1
ORO
549,339
444,285 +23.6
6,196,362
5,133,022
Lorain*
232,936
173,294 +34.1
2,171,760
1,998,147 +8.7
Adrian
80,674
78,283
60,175 +34.1
50,377
137955,700 1782,587,330
22,194,106,268 20,1121952,693
Tot. Mid. Western1477090,095 415,929,416 +7.5 06077,623 428,760,887
Western
114.
Other
on
page
Details of Pacific and
588,635,455
529,092,097 +11.2 6,578,816,556 5,853,600,135 +12.4
125,356,980 118,799,679 +5.5 110,991,204 116,268,524
Total Pacific
723,267,904
631,499,543 +12.9 7,699,501,671 7,078,884,689 +8.8
155,017,017 133,796,854 +15.9 134,364,484 148,791,881
Total other West_ _
367,590,341
346,239,733 +6.2 4,027,580,808 3,859,681,136 +4.4
92,813,195
St. Louis
79,768,878 +16.4
84,452,614
81,746,080
104,848,693
107,457,526 -2.4 1,058,354,963 1,013,907,623 +4.4
24,449,875
30,305,951
New Orleans
25,290,784 -3.3
22,612,269
724,894,233
65,220,027
17,685,134
60,457,797 +7.9
14,733,881
14,479,914 +1.7
Louisville
674,533,455 +7.5
14,917,625
043,004,042
92,397,725
76,430,631 +20.9
Houston
706,110,380 +33.5
20,960,064
18,758,500 +11.7
13,630,775
15,822,415
Galveston
50,371,000
515,429,000
49,083,500 +2.6
455,968,000 +13.0
9,219,500
8,921,500 +3.3
8,317,000
9,140,500
Richmond
429,787,122
37,162,357
+9.5
-38.7
10,388,556
37,423,932 -0.7
392,574,301
12,500,000
9,500,000
7,669,486
Atlanta
71,155,500
691,941,254
74,057,415 -3.9
653,130,420 +5.9
15,284,358 -8.8
13,944,828
16,181,537
15,383,731
Memphis
47,507,651
421,302,288
9,522,480
361,984,292 +16.4
42,448,877 +11.9
10,304,936
10,374,560 -0.7
9,559,899
Fort Worth
386,933,076
39,082,889
319,933,333 +20.9
8,294,408
33,230,453 +17.6
7,091,043
6,289,516 +12.8
6,798,438
30,646,382
Savannah
294,297,728
32,196,460 -4.8
6,011,788
291,174,895 +1.1
6,436,219 -10.6
6,200,276
5,752,519
33,280,468
Nashville
307,042,702
23,072,082 +44.2
6,155,672
5,112.912
229,372,668 +33.9
7,378,157
7,665,092 -3.7
19,753,338
Norfolk
17,128,324 +15.3
190,057,721
3,118,600
3.358,012
3,504,279
168,714,706 +12.7
3,768,777 -7.0
13,808,083
11,736,246 +17.6
150,317,753
Birmingham
3,438,707
129,345,412 +16.2
3,725,863 -5.5
3,027,510
3,520,627
10,910,114
11,625,379 -5.5
113,583,916
3,616,225
Augusta
3,242,571
127,209,062 -10.7
2,160,583
2,392,319 -9.7
40,619,671
9,846,580 +7.9
109,330,076
1,921,987
1,944,287 +13.9
2,422,777
Little Rock
97,316,823 +12.3
2,214,508
15,079,437
14,740,820 +2.4
168,442,389
3,500,000 -2.9
3,216,161
2,853,478
3,400,000
146,872,149 +14.7
Jacksonville
9,804,849 +17.4
11,024,479
122,971,804
2,468,357 -3.6
2,562,462
1,807,132
100,726,356 +22.1
2,337,968
Chattanooga
9,221,023
9,570,789 -3.7
102,484,917
1,895,494
2,100,379 -27.6
Charleston
92,233,072 +11.1
1,521,180
2,215,751
7,216,201
6,275,187 +15.0
72,625,218
1,930,999 -10.7
2,064,360
1,724,097
73,692,002 -1.5
Mobile
1,830,633
8,205,980 -0.9
8,132,292
100,014,448
1,667,255
2,037,992 -18.1
90,200,199 +10.9
Knoxville
7,901,059 -0.8
7,832,462
85,091,348
1,474,209
1,522,786 -3.2
104,853,031 -18.8
Oklahoma
20,448,280 -6.2
193,476,617
1,450,000
19,179,800
3,265,173
3,258,472 +0.2
3,400,099
Macon
181,968,200 +6.3
4,501,479 +39.0
52,944,827
6,256,011
46,150,211 +14.7
Columbia
8,711,777 +22.6
118,116,852
1,223,266
10,678,589
1,424,857
1,500,000
Austin
2,024,859 -25.9
116,009,437 +1.8
2,826,809 +19.2
31,428,000
3,368,952
30,274,083 +3.8
Beaumont
1,813,678 +10.4
453,578
551,937
Vicksburg
15,88,1,377 +4.7
445,686
455,517 -2.2
2,001,700
16,628,255
41,238,464
2,619.174 +49.1
780,877
608,111
3,906,560
700,000
38,531,500 +7.0
750,000 -6.7
Wilmington, N. 0.
2,127,364 +31.8
25,684,404
Columbus, Ga
2,894,099
22,156,465 +15.9
El Paso'
5,000,000 +38.4
73,708,205
0,920,000
58,392,691 +26.3
------1,988,896 +0.8
23,500,001
385,105 -7.7
625,000
Jackson
2,004,811
355,274
400,000
24,441,286 -3.8
3,586,214 -54.9
18,109,230
Meridian
1,616,558
18,716,080 -3.2
Guthrie
8,389,466
606,399 +50.0
1,183,892 -7.1
1,100,000
11,078,365 -24.5
909,545
555,472
803,816 -8.2
Tulsa
3,115,204 +53.1
38,827,919
32,034,496 +21.2
4,770,000
737,046
Muskogee*
4,003,209
3,650,095 +9.7
41,455,877
40,100,832
Total Southern_ _ _ _ 1,118,048,212 17048;08,1$6 +6.8 117657,569,106 113-,6821171,496 4=o1
228,518,142 242,527,309
-73-9-,437,348 +2.61Total all
+8.6 174,914,230,781 160 229,773,666
15,455,139,949 14,225,492,061
+9.2 3,569,372,240 3,543,433,459 +0.7 3,498,137,349 4,872,738,389
Outside New York_ 6,616,417,932 6.113,680,993
74,170,263,519 -67,856,960,93,-.- +9.3 1,518-,383,26611.477;012,503 +2.8 17413,380,103,170-81,874,617
1912.

1911.

IMIVM! • 12729,90 .4,-.9.9

1912.

153,219,292

1911.

159,8!.1t.232 .4:2.9

:NI:IN

-24-875-570o4

3-i-

Table Clearings by Telegraph and Canadian Clearings on Page 114. * Not included for month and twelve months; comparison incomplete.




MUM

86

THE CIIRONICLE

[VOL. xclu.

been mere fustian. The law has not "received a
judicial construction depriving it" of its efficacy,
and there is no need of additional legislation so as.
to render it more drastic or more comprehensive.
All of the late decisions have served to emphasize
the fact that the law, as construed by the Court, is
of the widest possible application and that the Court
is determined that full effect shall be given to its
THE FINANCIAL SITUATION.
provisions.
The repeated decisions of the United States SuIn the "Bath-Tub" case the Court laid down the
preme Court, giving an ever-widening application to rule that even a patent monopoly cannot be made
the Sherman Anti-Trust Law, have both a political the basis of unlawful trade agreements in contravenand an economic aspect. It is quite possible that, in tion of the Anti-Trust Law. In the Union Pathe end, the political effects of these decisions will be cific case the Court reaffirmed the doctrine
quite as important as the economic. Their political first announced in its broad sense in the case of the
• significance lies in the fact that the strictures, so Northern Securities Co., namely that the mere
common a short time ago, on the earlier decisions power to restrain competition, whether the power to
are shown to have been entirely unfounded. Ac- that end be used or not, is sufficient to bring a chalcordingly, the radical element in politics will be de- lenged transaction under condemnation of the statute,
prived of one of its most effective weapons, and its and it refused to sanctionPomination of Southern Paplea for a special kind of legislation to meet the cific affairs by the Union Pacific, even though the
supposed inadequacy of the law loses all potency.
Union Pacific had a valid reason for wishing to conIt will be recalled that when the opinions in the trol the Southern Pacific Co. (wholly irrespective of
Tobacco and Oil cases were handed down,they were the power it might give to restrain Southern Pacific
denounced in and out of Congress as involving a competition) in the fact that the Southern Pacific
narrowing of the scope of the Anti-Trust Law when, controls the Central Pacific line and this latter forms
as a matter of fact, they actually broadened the a natural continuation of the Union Pacific route
scope of the law and extended its application. from Ogden to the Pacific Coast. The Court did
William J. Bryan was one of those who was quoted not object to the Union Pacific's getting the Central
at the time as condemning the decisions. But if Pacific in and by itself; to go further, however, and
any sincere and intelligent person had doubts that acquire the whole Southern Pacific property, a
the statute remained effective, because of the doc- huge competitive system, this the Court considered
trines then announced, recent decisions of the Su- an offense against the statute. In the anthracite
preme Court amplifying the views expressed in cases the Court was called upon to make still an1911 certainly suffice to remove them. Later other application of the law, and found it just as
when dissolution and disintegration of the Tobacco. effective for the purpose as in the other instances. The
and Oil companies was effected and when it was 65% contracts with the independent miners, While
hastily assumed that nothing had been accomplished innocuous if each contract stood alone, became parts
in either case except a change in the form of the of a conspiracy to restrain trade when made on a
combinations, the Sherman Act was again criticized wholesale scale with the independent operators colas falling far short of the requirements,and thefinger lectively. As Attorney-General Wickersham put it,
of scorn was pointed at the Supreme Court for its that decision meant that although a contract may be
inability or its apparent unwillingness to break up innocent in itself, a bundle of contracts may constischemes intended to restrain trade and competition. tute a violation of the law.
We were told that the Supreme Court could not be
The present week the Court had to apply the
depended upon to make its decrees effective.
statute in still another direction and found it effecIt is in this last sense that the action the present tive here too. We refer now, not to the Southern
week of the Court in refusing assent to a distribution Pacific ruling but to the case of the corner in cotton
of the Union Pacific Company's holdings of Southern which certain operators had undertaken to engineer
Pacific stock to Union Pacific shareholders, because in 1910. Corners are the most reprehensible of all
of the possibility that such a distribution might leave dealings for mulcting the consumer, and the Antithe same parties in control and thus prevent real Trust Law would have to be regarded as a very poor
competition between the Southern Pacific system statute indeed if its scope and operation were not
and the Union Pacific system, is of the highest im- broad enough to reach and punish undertakings of
portance. From the course pursued it is evident that kind. But the Court sees no difficulty about
that the one thing above every other thing which the bringing corners within the purview of the statute
Court aims at, where violation of the law is found to and indeed finds that they are expressly included
have occurred, is to make certain that the offense within the provisions of the law. Justice Van
shall be definitely and conclusively terminated and Devanter, who wrote the opinion, said that "control
that conditions as to competition shall be restored and enhancement of price were features of the conas they existed before the move in contravention of spiracy upon the attainment of which it is conceded.
the statute was undertaken.
its success depended. Upon the corner becoming efThe Democratic platform, adopted at the National fective there could be no trading in the commodity
Convention of the party in eBaltimore last July, con- save at the will of the conspirators and at such price
tained this declaration: "We regret that the Sherman as their interests might prompt them to exact. And
Anti-Trust Law has received a judicial construction so the conspiracy was to reach and to bring within its
depriving it of much of its efficacy, and we favor the dominating influence the entire cotton trade of the
emactment of legislation which will restore to the country." Proceeding along these lines, he adds:
statute the strength of which it has been deprived
"Bearing in mind that such was the nature, object
by such interpretation." This is now seen to have and scope of the conspiracy, we regard it as altoCHRONICLE INDEX.
The index to Volume 95 of the "Chronicle"—which
volume ended with the issue of December 28—is
mailed with this issue. As has been the practice for
some years, the index is issued as a separate pamphlet for convenience in binding.




JAN. 11 1913.3

THE CHRONICLE

87

gether plain that by its necessary operation it would to the allies, and a deadlock resulted. The Powers
directly and materially impede and burden the due at once took up the matter vigorously on Tuesday
course of trade and commerce among the States, at the Ambassadorial conference
and a resumption
and, therefore, inflict upon the public the injuries of
hostilities was averted. Turkey was frankly
which the Anti-Trust Act is designed to prevent.
"And that there is no allegation of a specific in- given to understand that the Powers would view the
tent to restrain such trade or commerce does not resumption of hostilities with the utmost displeasure.
make against this conclusion; for, as is shown by Sir Edward Grey, in the House of Commons, acting
prior decisions of this Court, the conspirators must practically as the spokesman for the Powers, said:
be held to have intended the necessary and direct "This subject is in course of receiving the attention
consequences of their acts and cannot be heard to of the
Powers, but I cannot make any public statesay the contrary. In other words, by purposely
engaging in a conspiracy which necessarily and direct- ment as to their views or decisions, except such as
ly produces the result which the statute is designed to may be made by common consent." As far as the
prevent, they are, in legal contemplation, chargeable question of ceding territory is concerned, the Powers,
with intending that result."
it appears, are practically unanimous that Turkey
Taking this latest ruling in connection with the shall lose Adrianople. There is said to be a division
instructions handed down at the same time in the of opinion, however, as to the Aegean Islands. The
Union Pacific case, it should be plain to the dullest Triple Alliance—Austria, Italy and Germany—is
comprehension that the Supreme Court is construing said to be opposed to Greece holding them, particuthe Anti-Trust statute so as to give the widest larly those islands nearest the Dardanelles. Russia
scopelto the purpose of the law-maker and that the and France, members of the Triple Entente, are
decrees will always be framed so that this purpose reported to be in favor of Greece, while the third
shall be fully carried out. The mode of distri- member of this group, Great Britain, s so far
bution of assets allowed in the Northern Securities neutral. On other questions the powers are said
Co. case and in the Tobacco and Oil cases to be in accord.
Other features of the European situation hinge
is rejected as not permissible in the matter of the
on
the action of Roumania and Austria. Roumania
Southern Pacific stockholdings, since the effect
might be to still leave control in the same hands and for some weeks has been demanding a portion of the
thus defeat the purpose of the law. Justice Vande- territory to be taken from Turkey as the price for
vanter says each case under the Sherman Act must her remaining neutral during the Balkan war.
stand upon its own facts and that the Court is unable Press despatches of Friday asserted that she is now
to regard the decrees in the Northern Securities Co. prepared to force her demands and will invade Bulcase and the Standard Oil Co. case as precedents to garia and attempt to seize the northeastern corner
be followed now, in view of the different situation of that country as her rightful possession. Russia
presented for consideration. "The main purpose and Austria, however, are said to be decidedly
of the Act," he declares, "is to forbid combinations opposed to such aggressive measures. Should Rouand conspiracies in undue restraint of trade or tend- mania take this action, it would probably mean a
ing to monopolize it, and the object of proceedings renewal of the war, at least as far as Bulgaria is
of this character is to decree, by as effectual means as concerned, and would prove a relief to Turkey, as
a court may, the end of such unlawful combinations the armies of the Allies now near Constantinople
and conspiracies. So far as is consistent with this would undoubtedly be weakened to fight the new
purpose,a court of equity dealing with such combina- enemy. Efforts of Russia and Austria, however,
tions should conserve the property interests involved, may prevent the actual step threatened by Roumania.
but never in such wise as to sacrifice the object and pur- Austria continued during the week to show a threatposes of the statute. The decrees of the courts must ening spirit,the promise that her reserve army would
be faithfully executed and no form of dissolution be be demobilized not being carried out. The large
permitted that in substance or effect amounts to re- army of reservists, estimated from 300,000 to 500,000,
storing the combination which it was the purpose of the is still on active duty, and Austria has continued to
assert her desire for further territorial acquisitions.
decree to terminate."
This is certainly conclusive. But what becomes of Russia has also been active, and a press despatch
the declaration in the Democratic platform that the of Friday stating that the Cabinet has issued orders
Sherman Law has received a judicial construction that no foreign aviators shall cross the western
depriving it of its efficacy and that the decrees of boundaries of Russia for a period of six months is
the Court are ineffective to break up combinations considered significant.
Russia on Thursday mobilized her Black Sea fleet
in violation of the law? Ex-President Roosevelt,
it will be remembered, made the same assertions in preparation for a naval demonstration proover and over while on the stump in his recent cam- jected by the Powers in the event of it being found
paign. One of the most comforting things connected necessary to coerce Turkey. If the demonstration
with these recent decisions of the Supreme Court is should be carried out, the Russian vessels will probthat by thus disposing so effectually of the criticisms ably appear in the Gulf of Iniada on the Black Sea,
made, in ignorance, against the law and the Court, seventy-five miles to the northeast of Adrianople,
demagogues of the Bryan and Roosevelt type are while those of the other Powers will gather in Besika
Bay, off the coast of Asia Minor, near the entrance
•deprived of their main stock in trade.
to the Dardanelles. Such a demonstration, it is
Intervention by the European Powers and the believed, would make easier the Turkish Governsuspension of peace negotiations between Turkey ment's task of surrendering to the demands of the
and the Balkan Allies have been the features of the Allies, as it could then plead coercion. Turkey, in
Balkan situation this week. The result seems to spite of this threatened demonstration, showed an
assure peace within a reasonable time. Turkey, at apparently determined front on Thursday,when the
the peace conference, remained firm in her refusal Porte sent a circular to the Turkish Ambassadors
to give up further territory, including Adrianople, abroad, intimating that unless the allies accept




88

THE CHRONICLE

[VOL. xcvi.

Turkey's peace proposals by the end of the week, the I when a provision was inserted for the introduction
Ottoman delegates will be invited to return to Con- of proportional representation into constituencies
stantinople.
which return three or more members, with the obItaly, though a member of the Triple Alliance with ject of securing representation for the Unionists and
Austria, is apparently jealous of the latter country the Nationalists where either form the minority party.
because of its seemingly successful arrangement The constituencies affected are Dublin City, Dublin
whereby Montenegro is to cede Mount Lowehen, County, Belfast and Cork City. Ulster continued
dominating the Gulf of Cattaro, to Austria as com- its opposition to the bill during the week and served
pensation for the latter's acquiescence in Montene- notice on the House of Commons that a provisional
gro's possession of Scutari. Italy takes the attitude government would be brought into existence if the
that any territorial compensation Whatsoever asked bill becOmes a law. Every effort, it was said, would
or accepted by Austria would release the other two be made to obtain separate representation and remain
Powers from their obligations under the compact, and free from an Irish Parliament.
that agreements and undertakings could not hold before .such a procedure, which would destroy the balA week of electioneering in France for the Presiance in the Adriatic, make Montenegro a vassal of dent, the election taking place on Jan. 17, seems to
Austria and threaten the peace of Europe.
show that Raymond Poincare, Premier, is well in
The only actual hostilities during the week oc- the lead and will probably be elected. The only
curred between the Turks and Greeks—the latter, other candidate who has offered his name is Alexanalthough taking part in the conferences, still refus- der Ribot, former Premier. By the Constitutional
ing to sign the armistice. The Turkish fleet off law, the President must be elected by a majority
the Dardanelles was reported to have retired on vote of the Senate and Chamber of Deputies sitting
Friday of last week after a brief engagement in which as one National Assembly. Premier Poincare's
neither side lost vessels. On Monday Greek artil- strength lies, it is asserted, in his recent display of
lery put out of action the Turkish batteries on the statesmanship during the European crisis, and he is
heights above Bazani, eight miles south of and the said to be a national figure on which extremes in
key to Yanina. The Turks were reported to have party views will unite. Should he be selected, it
been routed and many men captured. The situation will create an unusual situation in France without
in Adrianople is described as desperate. The town a precedent, as he will become Premier and Presidentis said to be filled with sickness, and provisions have elect as well. The present Cabinet will remain in
become so scarce that the military authorities have office until the new President is inaugurated, on
requisitioned all food supplies, even from private Feb. 17, but the Premier, if .elected, will probably
sources, and only one distribution consisting of a immediately resign the Premiership. In that event,
half ration is made daily. The Bulgarian besiegers it is thought Aristide Briand, Minister of Justice
have allowed medicines to be taken into the town, and ex-Premier, will take up M. Poincare's duties,
and Red Cross workers to enter; but no provisions M. Poincare collaborating with him at the Foreign
of any description have been received there.
Office.
There seems a distinct trend in favor of the Asquith
Government in the British political situation, the
Unionists apparently being all at sea on their tariff
propaganda. The abandonment by the Opposition
of the plans for taxation of foods is reported to be
rapidly alienating the agricultural districts, and will
also prevent the carrying out of the Unionist plan for
Colonial preference. Meanwhile the House of Commons, which has re-assembled after the holidays,
shows increased strength in the Government majority, and Mr. Lloyd-George's program is apparently
being carried out with clockwork regularity. On
Jan. 15 the Insurance Act will go into effect on schedule time, and the opposition of the British Medical
Association is thus proven to have been entirely unsuccessful. Ninety per cent of members of the association, it is now asserted, are willing to abide by
the terms of the Act, and virtually all positions,
even in reMote sections, have been filled. "Even
the quick overturns in politics frequently seen in
America," says one press dispatch from London,
present nothing more startling and specular than
the Unionists' performances in this country
within little more than a fortnight. Before the
Christmas holidays the Consevatives were presenting a United front against a dwindling Governmental
majority that was seeking a means to cover up
virtual Parliamentary defeat." The change in sentiment, as already noted, seems to be based on the
division in the Unionist ranks over the tariff program. The Home Rule Bill, now before the House
of Commons, was further amended on Tuesday,




Threats of military dictatorship in Portugal were
ended on Friday of last week when the Cabinet
resigned, and after one failure by the Conservatives
a new Cabinet was on Thursday of this week
formed by Alfonso Costa, leader of the Democrats.
President Manual d'Arriaga announced the combining of the various factions under Dr.Costa, who
has retained the office of Minister of Finance as
well as Premier. The quick action by the President
and Dr. Costa is believed to have prevented an outbreak throughout the republic.
The rebellion in Mexico apparently will not doWn.
According to press despatches, the revolutionists
were successful in two engagements during this
week. The opposition to President Madero appears
to be spreading, one of the newspapers in Mexico
City having boldly demanded his resignation.
Efforts to end the revolt are being made by the
Government to a greater extent than previously,
and the recent visit of Pedro Lascurain, Mexican
Minister of Foreign Affairs to Washington, led to
the report on last Friday that his mission was to
seek a loan to be used in a campaign to crush the
rebellion. The engagements this week took place
in and about Ayotcingo, only twenty-five miles from
Mexico City. On Thursday the Federal garrison
was defeated and the town razed. A force of 100
Federals sent from MexicO City was afterward reported also to have been defeated. Two other
detachments of Federal troops have not been heard
from. bridges On the Mexican Southerh Railroad

JAN. 111913]

THE CHRONICLE

89

near Puebla which were recently rebuilt have been consols closed last evening at75%, which is identical
burned again by the revolutionists.
with a week ago, while French rentes (in Paris)
finished at 89.10 francs, comparing with 89.323/
2
President Taft, in a speech in New York last francs last week. Russian 4s close unchanged in
Saturday, urged the settling of the contentions of London at 91. Turkish 4s gained an additional
Great Britain over the Panama Canal by a board M point and closed at 87 (making a similar rise
for
of arbitration. At first it was thought he meant three weeks); Bulgarian 6s still remain
unchanged
the Hague Permanent Court of Arbitration but the at 104, while Greek monopoly 4s are 4
11 point lower
President later explained he meant an Anglo-Ameri- at 54; Servian Unified 4s and German Imperial 3s
can Board alone appointed solely by the two both remain unchanged for the week at and
78
773/2,
countries. Canvasses of the Senate show that the respectively. Day-to-day money closed in London
President's plan would probably be defeated if ever at 33/2%, comparing with 23/2@33/2% a week ago,
brought before that body, a large majority of the while in Berlin the closing rate was 4%, which is a
members opposing the idea. Republicans joined reduction of 13/2% for the week and indicates
with Democrats in refusing to accept the President's relaxation at the German centre after the
year-end
view, contending that the stand of the United States strain.
is correct and there is nothing to arbitrate.
The official Bank rates in Europe are without
The European financial markets have been rather change this week, and while private Bank rates
are
nervous this week. The main influences have been fractionally lower, this does not necessarily signify
the hitch in the peace negotiations, the continued that an easier situation is prevailing. In London,
uncertainty regarding the real situation as between the spot rate for long and short bills is 432%,
with
Austria and Russia, and the unexpected entrance bills to arrive quoted at 4
7-16@43/
2%. A week
of Roumania into the Balkan imbroglio. Austria ago 4 9-16@4%% was the rate for spot bills
and
has shown no disposition to demobilize its army, 4 9-16% for bills to arrive. No
discrimination is
while Russia's intentions are still the subject made at the moment in rates for long and short
bills.
of smile distrust. Meanwhile money abroad has In Paris, 4% remains the open market discount
for
not shown a coriesponding reaction to that at home commercial bills while 43/8%, as a rule, is demanded
and it is beginning to look as though both London for finance bills, the latter being a concession
of
and Paris will take considerable amounts of gold %% for the week. In i3erlin 498%
covers the spot
from New York in the near future. In the British quotation with
432@4%% to arrive. Amsterdam
centre there is a considerable aggregate of under- is 1-16% lower at 3 13-16% for all
maturities,
writings awaiting a favorable opportunity for dis- Brussels is 44%
7
against 43'% a week ago, but
tribution, not to mention the large volume of Vienna is 38% lower at 54
5 %. The official Bank
European State funds that will be required and which rates at the leading foreign centres
are: London
must appeal to the London market soon after the 5%; Paris 4%; Berlin 6%; Vienna 6%; Brussels
4%;
declaration of peace. In Paris the Credit Fonder's Amsterdam 4%; Bombay 7%, and
Bengal 7%.
loan of 500,000,000 francs was duly offered on
The Bank of England statement, as was to have
Thursday. The result is highly significant of the been expected, recorded the return of funds from
the
European financial situation. Although it was a provinces after the holiday expenditures. Accord332% loan as against 3% a year ago when a similar ing to the dispatch of our special
correspondent, the
offering was made, the results justify the predictions Bank's gold and bullioii holdings
were strengthened
that had been made that it would not prove by any by the addition of £2,113,367 and the
total reserve
means.as successful as the 1912 issue. Press dis- increased £2,680,000, which brought
the proportion
patches announce that it was only subscribed one of reserve to liabilities up to 45%;
this compares
and a-half times, which compares with nearly with 30.65% a week ago and 46.97% at
this date a
twenty times for the last year's loan, and but for year ago. The feature of the report was the
large
the subscriptions of the leading Paris banks the repayments by the market to the Bank, which
.result of the issue would not have been brilliant. amounted to £16,935,000; this, however,
left
It was not supported by the small investors; no Lombard Street without any great surplus
of cash,
crowds were seen when the banks opened. This although it was aided by a decrease of
£4,351,000
absention is explained in a special cable dispatch in public deposits. Ordinary deposits were
reduced
to the Herald by the fact that investors and the £11,166,000. The bullion holdings
now aggregate
French "stocking" are impatiently awaiting the issue £33,413,854 and compare with £36,047,702
at this
of Chinese, Japanese and other foreign loans which date one year ago and with £32,899,789
in 1911.
are announced to be issued after the conclusion of The loan account (other securities)
now stands at
peace in the Balkans,with interest at 5% and more. £32,694,000 and compares
with £31,971,920 in
Even the small preparations for the Credit Fonder 1912 and £28,186,526 in 1911.
The total reserve
loan caused quite a strain in the Paris money market, is £23,230,000, as against £25,909,202
in 1912 and
however, and there should now be some relaxation, £23,451,664 the year preceding.
Our special corespecially as the usual annual dividend and rent pay- respondent furnishes the following details of
the gold
ments for Jan.15 have by this time undoubtedly been movement into and out of the Bank for the
Bank
provided for. The City of Paris will soon announce week: Imports, £683,000 (of which £19,000
from
a large municipal loan which will pay 3 or 332%, Ecuador, £12,000 from Australia, £30,000
released
and there will be an issue of 4% State railway bonds, by Straits Settlement and £622,000 bought
in the
while some of the large French credit associations open market); exports, £465,000 (of which
£425,000
will add to their capital by new issues of shares. _ to Brazil and £40,000 French coin sold),
and reSo far as the securities of the Balkan States them- ceipts of £1,895,000 net from the interior of
Great
selves are concerned, the uncertainty of the week Britain.
has not produced important fluctuations. British




90

THE CHRONICLE

[VOL. xcvi.

the Bank of France in the form of the payment of interest while the metal is in transit; and the expectation
in well-informed circles is,that the French demand will
require fully $10,000,000 before it culminates. This,
however, is probably dependent upon a continuance
of the remarkably easy conditions in local money
circles. There seems, nevertheless, no general expectation that the present wave of redundance in
the supply of funds will continue. The outward
movement of gold is in itself a rather significant
indication of the foreign demand and is clearly suggestive of what must be expected in the situation
on the other side of the ocean during the next few
months. Europe will be called upon to undertake
an unusual amount of financing. There will, in
the first place, be the necessity of repairing the waste
of war and, as readers of the "Chronicle" are aware,
conservative estimates of new European State loans to
be issued in the early part of 1913 indicate that the
requirements will not be far from $500,000,000.
In addition to this, account must be taken of the large
commitments that are already in the hands of
European bankers and underwriters. There has reThe return of the Imperial Bank of Germany was cently been an enforced restriction of European
unmistakably a strong one. The gold indicated an flotations of securities as a result of the high money
increase of 40,120,000 marks and gold and silver rates and and the general unsettlement of the investcombined an increase of 63,852,000 marks, making ment situation. Underwriters will be anxious to disthe aggregate of both kinds of cash 978,796,000 tribute their commitments atthe earliest opportunity,
marks, comparing with 1,059,220,000 marks in and will thus provide a demand for funds which; in
1912 and 988,600,000 marks in 1911. Circulation connection with the European State fundsflotations,
was canceled during the week to the extent of 281,- will constitute a continued source of demand for
962,000 marks, though the total still remains in ex- capital. In addition,the fact that negotiations have
cess of recent years, aggregating 2,228,426,000 marks, virtually been completed or a $125,000,000 loan to
comparing with 2,009,740,000 marks last year and China should not be omitted from general calcula1,788,060,000 marks in 1911. Treasury bills were tions. This loan will be participated in by the
reduced during the week 20,646,000 marks,loans were bankers of the Six Great Powers, and will thus add
paid off to the amount of 79,380,000 marks, while to the general drain of funds. Therefore the prosdiscounts matured to the extent of 299,151,000 pects for foreign demands upon New York for availmarks, net. The total of loans and discounts this able funds may be considered quite certain, and we
week is 1,829,246,000 marks and compares with 1,- may expect to send gold abroad in addition to the
625,160,000 marks one year ago and 1,222,740,000 continued active movement of exports of the products
marks in 1911. The abolition of the maximum limit of our soil and of our factories.
At home there are also large capital demands in
of 300 million marks ($75,000,000) for issues of
Imperial Bank notes below the value of 100 marks sight that do not suggest a continuance of the easy
($25) was recommended yesterday (Friday) by Ru- money conditions that have so suddenly come upon
dolf Havenstein, the President of the Reichsbank, us. The Baltimore & Ohio RR., for instance, anduring the session of the Budget Committee of the nounces an issue of $63,250,000 in bonds, the InterImperial Parliament. He put forth this proposal as borough will soon require possibly about $70,000,000
a means of increasing the gold stock of the Imperial for new subways, when contracts have been defiBank, arguing that it was necessary to augment this nitely signed, and, taken altogether, our bankers
to 1,200,000,000 or 1,500,000,000 marks ($300,000,- who are in a position to speak with authority on bond
issues that have not yet been officially announced
000 to $375,000,000).
figure that before the first of March the market will
be compelled to face new bond issues calling for at
suddenly
The local money situation has become
$250,000,000. This is entirely exclusive of
least
from
are
Funds
returning
one of exceptional ease.
of short-term notes and other similar
maturities
the
is
it
evident
and
that
volume,
in
interior
large
the
the moneys represented by the new year dividends obligations, which, of course, may be regarded very
and coupons are coming back to the banks with a largely in the light of renewals.
On the other hand, there seems reason for the exconsiderable degree of freedom. Lenders at the
that the mercantile and industrial demands
pectation
moment are seeking uses for their funds, the tables
will not continue as urgent in the future
money
for
turned
completely
from
in this respect having been
have
they
been in the recent past. The country
a
as
than
more
fortnight
not
the condition that existed
ago. Call money during the week has not exceeded is now doing a remarkably large volume of business,
extent at
3%% and the renewal rate for Stock Exchange loans but this represents, to an appreciable
that was
merchandise
of
has not gone above the same figure, while a con- least, the actual transfer
and
Banks
other
auago.
for
months
siderable part of the week's business has been done contracted
in
the
affairs
interior
with
in
touch
thorities
for
close
gold
has!
at 3% and below. A demand by Paris
already resulted in two shipments aggregating $3,- agree that there is a noteworthy abridgement of
000,000 to the French capital. This movement of thel business enthusiasm—a lack of new initiative that
precious metal has, it is understood, the direct aid of promises in the long run to curtail business activiThe weekly statement of the Bank of France,
which was published on Thursday, is suggestive of
the conditions that call for the exports of gold this
week to Paris on an entirely arbitrary basis. The
gold holdings were reduced 6,150,000 francs and the
silver holdings were lower by 10,375,000 francs.
There was, however, a contraction in the leading
items of liabilities, discounts showing a reduction of
121,225,000 francs and circulation a reduction of
76,250,000 francs. Treasury deposits were reduced
13,075,000 francs and general deposits 32,950,000
francs, while advances increased 17,400,000 francs.
The gold holdings are now slightly below those of a
year ago, amounting to 3,187,975,000 francs, comparing with 3,178,900,000 francs in 1912 and 3,247,725,000 francs in 1911. The silver report is not
quite so favorable, the total being 697,400,000 francs,
as against 801,950,000 francs in 1912 and 820,375,000 francs in 1911. The outstanding circulation
amounts to 5,810,075,000 francs and compares with
5,477,767,535 francs in 1912 and 5,409,210,050
francs in 1911.




JAN. 11 1913]

THE CHRONICLE

91
AP

ties. This is one of the natural accompaniments of
a tariff revision that, like the present movement,
promises to be actual and real. Furthermore, the
stock market is showing no sign of unusual activity,
such as would lead to a tax upon banking reserves.
Thus, with our trade and industrial activities and
with the requirements of the stock market restricted,
we have conditions which will ensure a surplus of
cash at home that will, however, find active demand
from other home and foreign sources. The net
movement of currency between the interior and New
York this week, including the Sub-Treasury transfers and the direct remittances and receipts by the
banks, shows a large gain in favor of this centre.
Last Saturday's bank statement indicated an increase of no less than $14,784,000 in money holdings,
but as a result of an expansion of $32,693,000 in deposits, the reserve requirements were increased
$7,326,050, making the net increase in cash surplus
$7,457,950. This brings the total cash surplus of
banks and trust companies in the Clearing House
to $13,854,550 and compares with $27,239,100 a
year ago.
The extreme figures this week for call money have
been 23/ and 334%, which also constituted the
range of quotations for Monday. On that day the
ruling rate was 34
3 %. On Tuesday and Wednesday 3% was the highest and 24%
3
was the lowest
and also the renewal basis; on Thursday 3% was
again the highest and 234% the renewal basis, while
23/2% was the lowest. Friday's maximum was 3%,
minimum 23/2% and renewal figure 234%. Time
money for early maturities is now virtual'y on a 4%
basis, and mercantile paper is 5%, which figure
could probably be shaded on choice names. Closing quotations for time money are 4% for sixty days,
4@434% for ninety days and 43@43/2% for four
months and later maturities. As already noted,final
quotations for mercantile paper are 5% for sixty and
ninety-day endorsed bills receivable and also for four
to six months'single names of choice character; others
are quoted at 532%.
Sterling exchange has this week continued the upward course that was the feature a week ago, and is
now ruling very close to the normal gold-export
point. Meanwhile, $3,000,000 in gold has already
been shipped to Paris—$2,000,000 going on Thursday and $1,000,000 by to-day's steamer—and additional amounts are expected to leave our shores right
along until a total of at least $10,000,000 has gone to
the French capital. The explanation of this movement at a time when the foreign exchanges are still
concededly below the shipping point is that the Bank
of France is granting facilities whereby the loss on
exchange is overcome. It is reported on excellent
authority that the Bank of France is, for instance,
paying interest while the gold is on the ocean; and
with the premium that the precious metal is commanding in France, it can well afford to aid the
movement in this way. Advices received by international bankers at this centre state that a rather
peculiar combination has developed in the French
money market. There has, it is asserted, been a
distinct renewal of the fear of war among the peasantry, and in France this is tantamount to a renewal
of hoarding of gold. A significant indication of this
feeling was the practical failure of the popular part
of the subscription—as distinct from the banking
subscription—to the Credit Foncier loan which was



offered on Thursday, and to which we refer more
fully in another column. The Bank of France offered
a particularly poor statement on Thursday—the
first statement of the New Year, which naturally
should have shown improvement. While the English
and German banks reported substantial increases in
their gold supplies,the French bank reported,instead
of an increase, a reduction of 6,150,000 francs.
The strength in sterling exchange has, of course,
been aided by the active demand for remittances
representing the January dividend and coupon payments on American stocks held abroad. But the
main influence has been the fact that while our high
rates that existed two weeks ago have disappeared,
the foreign money centres continue under appreciable
strain. As funds naturally go where highest rental
rates can be commanded, the international movement is, not unnaturally, running strongly against
this country. We discuss in our remarks on the
local money situation why the extreme ease that has
so suddenly developed in New York can hardly be
expected to continue for a protracted period. So
long as banking resources are in such active demand
in other parts of the world, we in New York must
not expect to hold aloof from worldwide influences.
British trade, notwithstanding the strain in the
European political situation, is still running at high
pressure and is making new records each succeeding
month. The complete totals of trade of the United
Kingdom for the year just ended are now available
and are highly suggestive. The imports for the year
aggregated £744,896,514 (approximately $3,724,482,570) and the exports totaled £487,434,002
($2,437,170,010). These figures indicate an increase
of £64,738,987 in imports and of £33,314,704 in
exports, making the combined increase in the total
trade of £98,053,691, or approximately $490,268,455.
Naturally, such activity in trade as is here indicated
requires correspondingly large banking facilities.
Our own foreign trade is likewise making new records.
At the present moment we are shipping our merchandise abroad at a remarkable pace, and we are also
shipping gold, which seems a reversal of the natural
order of things. The engagement of gold for France
is the first for export since July 1912. In February of last year $8,000,000 was shipped to France,
in March $4,000,000 and in July $8,000,000.
Although it must be conceded that there is thus far
slight evidence of any substantial curtailment in
our imports of foreign merchandise, international
houses here are watching the movement very closely
and are expecting that the near approach of tariff
legislation and the practical certainty of tariff revision
downward will have an effect upon the value and
volume of the inward movement. In that event,
granting that our exports keep up, there will be
established abroad a considerable trade balance in
our favor.
Compared with Friday of last week, sterling exchange on Saturday was very firm and advanced
about 40 points on short covering and the extensive
demands for remittance in connection with dividend
and interest payments on American securities held
abroad; the range was 4 8640@4 8650 for demand,
4 8685@4 8695 for cable transfers and 4 8205@4 8215
for sixty days. The undertone was weaker on Monday, the market reacting about 10 points, to 4 8630@4 8640 for demand and 4 8675@4 8685 for cable
transfers, although sixty days advanced to 4 8225@4 8235. On Tuesday there was a further decline

THE CHRONICLE .

92

at the opening to 4 8620 for demand .and 4 8665 for
cables; later in the day,however,this was recovered,
and the close was unchanged from Monday's final
figures. Sterling advanced on Wednesday on the
ease in the local money situation and lighter offerings of commercial bills—these influences offsetting
the usual effect of the exports of gold; demand moved
up to 4 8640@4 8650, cable transfers to 4 8685@4 8695 and sixty days- to 4 8240@4 8250. Rates
again advanced shargly on Thursday, due chiefly
to speculative operations and the continued ease
in money; the range was 4 8670@4 8680 for demand,
4 8715@4 8725 for cable transfers and 4 8265@4 8275 for sixty days. On Friday the market still
continued firm and a further rise of 20@30 points took
place. Closing quotations were 4 8295@4 8305 for
sixty days, 4 8695@4 8705 for demand bills and
4 8735@4 8745 for cable transfers. Commercial on
banks closed at 4 80%@4 824 and documents for
payment at 4 813'g4 823'2. Cotton for payment
ranged from 4 82@4 82%, grain for payment
4 83(&4 8334.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $17,794,000 net in cash as a result of the currency movements for the week ending Jan. 10.
Their receipts from the interior have aggregated
$24,691,000, while the shipments have reached
$6,897,000. Adding the Sub-Treasury operations,
and gold exports, which together occasioned a net gain
of $500,000,the combined result of the flow of money
into and out of the New York banks for the week
appears to have been again of $18,294,000,as follows:
TVeek ending Jan. 10 1913.
Banks' Interior movement
Sub-Treas. oper'ns and gold exports_
Total

Into
Banks.

Out of
Banks.

Net Change in
Bank Holdings.

$24,691,000
33,200,000

S6,897,000 Gain $17,794,000
32,700,000 Gain
500,000

$57,891,000

*39,597,000 Gain $18,294,000

The following table indicates the amount of bullion
in`rthe principal European banks.
Jan. 11 1912.

Jan. 9 1913
Banks of
Gold.
£
England_ _ 33,413,854
France _ _ 127,538,800
Germany 40,838,400
Russia • _ _ 155,295,000
Aus.-Hun 50,410,00
Spain
_ 17,500,000
42,619,000
Italy
Netherl'ds 13,533,000
Nat.Beig
7,478,000
Sweden _ 5,558,000
6,926,00
Switzerl'd
Norwp.y
2,353,I i:

Silver.

Total.

Gold.

£
£
33,413,854 36,047,7021
26,415,560 153,954,360 127,155,8401
13,750,000 54,588,400 38,684,7501
6,691,000 161,986,000 143,290,000
9,906,000 60,316,000 53,836,000
16,729,000
29,499,000 46,999,0
3,400,000 46,019,000 40,818,00
656,00t 14,189,00 11,883,00
3,739,000 11,217,000 6,768,000
5,558,000 4,718,000
6,926,000 6,436,00
2,353,001 2,192,00
£

Silver.

Total.

E

• £
36,047,702
32,077,5 159,233,340
14,276,550 52,961,300
6,277,000 149,567,000
11,831,00 65,667,000
30,074,000 46,803,000
3,570,000 44,388,000
856,800 12,739,800
3,384,000 10,152,000
4,718,000
6,436,000
2,192,000

Tot. week-503,463,054 .94,056,56 597,519,614488,558,292 102,346,850590,905,142
Prey.week 502,742,807 95,264,100 598,006,907483,739,495 102,359,113586,098,608
1
70 •

THE CURRENCY COMMITTEE'S HEARINGS.
With the beginning of hearings on the question
of currency reform this week, before the sub—committee of the House Banking and CurrencyCommittee, it may perhaps be imagined that definite
action on that important question is brought considerably nearer. This may be so; but we are not
sure:that it is the case. The inquiries by the Glass
Committee are undoubtedly designed to clear the
ground, so far as may be possible, for consideration
of the question in the next Congress. No one expects any definite action, or even any serious effort
at such action, in the present expiring Congress.
The idea of full and complete public hearings on
the question is of itself correct. That process would,
in fact, be essential before any proper reform measure
could possibly get upon the statute books. The
virtual lack of public hearings of this sort was one




[VoL. xcia.

of the weak points in the Aldrich Bill's program.
It is true, the leaders in the Monetary Commission
movement perfectly understood the disadvantage
in which the absence of such hearings placed them,
and deliberately adopted their own method, on the
ground that the first essential was the placing of a
concrete and coherent plan before the public, for
its discussion, dissection and criticism. This end
Mr. Aldrich and the Monetary Commission unquestionably achieved. The basis for discussion lie
before the public. But it is not so clear what the
next step in the matter is likely to be. In particular it is by no means certain that people, in or out
of Congress, who are urging immediate action by
that body on currency reform are following the wisest
policy.
The testimony of experts summoned this week
before the sub-committee was curiously varied.
Practically all the experts agreed as to the need for
a more comprehensive banking and currency plan.
But there the agreement stopped. On Tuesday Mr.
Morawetz re-stated his proposalfor the establishment
of a set of reserve banks, one for each clearing-house
district. Mr. Warburg, on the other hand, differed
wholly from this conception of the case, arguing that
the main difficulty of the present system was the
decentralization of reserves, and that district reserve
banks as proposed by Mr. Morawetz would be both
impracticable and dangerous. Mr. Hepburn, of
the Chase Bank, in his testimony favored the division of the country into clearing-house districts for
the purpose of partial centralization of reserves.
But the next day ex-Secretary Shaw rejected all
these expedients, and, taking up the question of
bank-note issues, set forth the somewhat fantastic
plan of a "supplementary currency",to be available
in times of active money.
Other plans and projects, differing as widely as
these among themselves, are undoubtedly awaiting
the hearing of the committee. It will not have
been forgotten that even the National Bankers'
Convention, last September, expressed by resolution
its willingness to co-operate with any plan which
should solve the difficulties of the situation. A year
before it had indorsed the Aldrich plan alone. At
the opening of the present hearings,the chairman of
the sub-committee carefully explained that both
the committee and congressional majority were
seeking for some other plan than that proposed by
the Monetary CommiSsion, because the Aldrich
plan had been denounced by the Democratic platform. Mr. Wilson, in his speech accepting the
Presidential nomination, declared of currency reform
that "no mere bankers' plan will meet the requirements. It should be a merchants' and farmers,
plan as well." Here again is a complicating suggestion—which, in fact, sounds just a bit like the insistence of twenty or thirty years ago on submitting
the question of this country's money standard to
the farmers' alliances and labor organizations. But
the mere fact that opinions in such conflicting variety
are at hand gives ground for warning against too
impetuous action in the matter. Mr. Morawetz
rightly observed to the committee that "great caution and conservatism are the first things to be considered in undertaking to change out banking and
currency laws"; while Mr. Warburg similarly warned
the committee "against experimenting with new
ideas" in the establishment of a reformed currency
system.

JAN. 11 1913.1

THE CHRONICLE

The truth is, the circumstances in Congress and
in our politics generally may easily turn out, for
the time at any rate, to be such that the decidedly
wiser part would be to bear those ills we have rather
than fly to others that we know not of. It is possible that the "ills we have" are somewhat exaggerated
in current discussion. The notion prevailing more
or less in certain circles, that the existing system of
bank- note currency caused the panic of 1907, has
not a shadow of foundation in fact. Mr. Hepburn's
explanation of that panic to the committee last
Tuesday, that "the whole world had overtraded
in 1907," is absolutely Correct. It is conceivable,
no doubt, that an ideal currency system, had it
been then in operation, would greatly have alleviated
the panic of that year, especially in the phenomenon
of money hoarding. But it is also conceivable that
a distinctly unsound system might have expanded
the bubble of credit to vastly greater proportions
than it actually reached, leaving the resultant
crash quite as much more disastrous.
Clumsy our present system of bank note issues
unquestionably is. It does not fulfill the function
of elasticity or of quick adaptability to emergencies.
But it is sound, so far as security and general confidence in the currency is concerned; it has lasted us,
through good and ill, during several generations of
successful trade expansion in this country, and it
at all events still provides a bridge over which the
interval may be crossed before safe and conservative
action on the general question is possible. We are
not defending the present system as an ideal plan,
nor are we advising abandonment of active propaganda in favor of a thorough currency reform. But
we do feel it necessary to speak strongly against the
idea that some sort of legislation must be hustled
through at all hazards at the earliest possible opportunity by Congress. That way lies danger. We
have no doubt that the wiser statesmen—those who
understand the full scope and meaning of the money
problem—are studying quite as closely the temper
and capacity of Congress itself as they are the various
plans now coming before the committee.
LACK OF CONSIDERATION FOR THE
RAILWA YS.
Mr. George A. Post of the Railway Business
Association remarks that] "it would no more be possible for the Interstate Commerce Commission to
be broad for any length of time in an atmosphere
of general public narrowness than for an individual
to exist in an atmosphere charged with poisonous
gases." In course of four year devoted to conciliation between the public and the roads, he adds, his
Associations has found certain public conceptions,
of which the dominant one is, "that the railways
of the United States are culprits that ought to be
punished on general principles." There is still a
failure to point out with sufficient frequency and
emphasis that, even if American roads are not
perfect, they have outstripped like systems in other
countries, particularly in that "with the lowest
capitalization per mile in the world they pay the
highest wages and charge the lowest rates." This
is exactly the sort of efficiency, he urges, which
Americans boast of in other business; "it should
particularly appeal to American pride, because it
has meant to the country a development unparalled
and the ability to compete with other nations in our
own markets and in theirs."




93

Mr. Post holds the real question of rates to be
not so much one of "rights" to any given return on
the investment as "one of common business sense."
He says:
"The question is what the public has got to have
done for it and whether the railroads, taken by and
large, are earning enough to do this. There may be
a wide difference of opinion as to what the railroads
should do for the country. We might conceive
some one urging that the stimulation to national
growth applied in the past through railway development itself, spurred on to great risks by hope of
great reward, has been an artificial and unhealthful
process,and that for the future agriculture, industry,
and commerce should lead and not be led by railway
development. We might also imagine some one
advocating just the opposite—namely Government
subsidy. . . The Railway Business Association interprets the public as desiring an indefinite continuance of railway leadership in agricultural and
industrial development, both intensive and pioneering."
This opinion of the attitude of the Commission,
a body of men who doubtless mean well, is justified
by their action. Even the "Journal of Commerce,"
generally rather in seeming accord with the current
feeling of quasi-hostility to corporations, editorially
remarked on Dec. 31 that the expression "suspends
freight advances" is a headline relating to the work
of the Inter State Commerce Commission that has
become so familiar of late as almost to warrant
keeping it in type, and on that very day a Washington special dispatch gave a list of suspensions just
ordered on a half-dozen roads located East and far
in the West, and applying to a variety of freight.
The mails manager of one road declares that the
new parcels post will involve the roads of the country
in a loss of at least 50 millions annually unless some
arrangement is made to prevent this. Not only
must roads in some sections where the fourth-year
weighing has been done not long ago haul a greatly
increased load for nearly four years without a cent
of pay, but there are other unfavorable changes.
When light express matter, heretofore paying the
roads something, is shifted by the senders to the
parcels post, that something of pay is lost; new cars
will also be required for the increased matter; and
the roads will be subjected to increased expense in
delivering matter from their stations to post offices,
under their existing contracts. Under the letter
of the contracts, this manager thinks, the roads could
not be forced to carry parcels-post matter at all, as
it is not "mail" matter, but to refuse would create
a further hostility against the carriers.
The question of what return is justly due to the
owners of railways is both important and timely,
yet it does not seem to be attracting proper attention; this is doubtless largely because millions of
persons who are deeply interested in savings banks
and other institutions that are financially based on
railroad stocks and bonds are not yet brought to
realize that the roads against which they clamor to
the Commission for protection and which they denounce verbally or in print are their own property
in large measure. But if the question,what is owed
to the owners of the roads is deemed academic, the
other question what the roads must do for the country if the country is to thrive ought to engage everybody's attention. The modern theory is that railroads are not private property but that they exist

94

[VOL. xcvi.

THE CHRONICLE

to render public service. They cannot serve unless
they have strength to do it. If it is of minor public
consequence whether net earnings suffice to pay
reasonable interest on what is already invested in
them,it is surely of great public consequence whether
the net earnings suffice to induce further investment.
Prosperity for transportation and prosperity for the
United States are one and the same question.

For the whole country the aggregate of bank
clearings for 1912 was $174,914,230,781, exceeding
by $14,684,457,115, or 9.2%, the total for the previous year, and by $9,076,089,451, or 5.4%, the
former record figures of 1909, and more than doubling
the result of 1900. In the following table we show
the clearings for New York, the total for outside
cities and the aggregate of all annually for the
sixteen years 1897 to 1912, inclusive.
Inc.
Year.

CLEARINGS AND SPECULATION IN 1912.
Conclusive proof of the trade activity which
prevailed in the United States during 1912 is found
in the reports of bank clearings from the various
cities of the country. For all but a very few of the
150 places included in our compilations, the figures
of 1912 exceed those of 1911 and are quite generally
records for the twelve-months period and in numerous
cases very decidedly so. Nor is the excellent showing
of the year in any mentionable degree to be ascribed
to the swelling of the totals by speculative transactions. At New York, of course, and in a gradually
lessening degree at Boston, Philadelphia, Chicago,
Pittsburgh and a few other cities, dealings on the
stock exchanges are a more or less important element
in the making of clearings, but in 1912 the operations
on these exchanges were a comparatively negligible
influence as contributing to the augmentation.
Taking New York as an example, there was an
absence of speculative activity in the late year, the
volume of transactions having been only nominaally
greater than in 1911 and well below the average
of recent years. The fact is there has been no well
sustained activity to operations since 1909, and in
1912 the aggregate of stock transactions was smaller
than in any year since 1898, only excepting 1911, as
compared with which there was a slight excess.
Clearings at New York record a gain of 9.1% over
1911 and 3.6% over 1910. Furthermore, as compared with the heaviest annual total of clearings at
this city (that of 1906, which was contemporaneous
with, and in considerable measure due to, very,large
Stock Exchange operations) there is a loss of only
$3,931,861,394, or 3.8%. Outside of New York
a new high mark in clearings was again set in 1912.
1 billion dollars compares with
The total at 744
67% billions in the preceding year, 66% billions in
1 billions in 1909; and, moreover, has
1910 and 62W
more than doubled since 1900, part of the increase,
although not by any means the greater portion of it,
being due to the including of new cities in the meantime. It is to be noted, also, that, as contrasted with
last year, very important gains are exhibited in
every section of the country and that at some of the
smaller places the percentages of increase are
phenomenally heavy. This is particularly true of
such points as South Bend, Akron, San Diego,
Billings, Nashville, Lancaster and Houston. Furthermore, accepting bank clearings as truly measuring
expansion or diminution in trade activity; very
satisfactory growth is indicated by the returns from
many prominent centres of business. Among these
may be named Buffalo and Springfield in the East,
Detroit and Grand Rapids in the Middle West,
Los Angeles on the Pacific Coast, Omaha and Duluth
in the "Other Western" group and Houston, Memphis
and Fort Worth at the South. Losses are very infrequent, quite generally nominal and due to locally
operating causes; in fact, only 16 of the 149 cities
outside of New York show any declines.




New York
Clearings.

OT

Dec.

$
%
100,743,967,262 +9.1
92,372,812,735 -5.0
97,274,500,093 -6.1
103,588,738,321 +30.7
79,275,880,250'-9.1
87,182,168,381 -16.7
104,675,828,656 +11.6
93,822,060,202 +36.7
68,649,418,673 +4.1
65,970,337,955 -13.6
76,328,189,165 -3.9
79,427,685,842 +50.9
52,634,201,865 -13.4
60,761,791,901 +44.8
41,971,782,437 +25.6
33,427,027,471 +15.8

1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
1902
1901
1900
1899
1898
1897

Clearings
Outside
New York.

Inc.
or
Dec.

Total
Clearings.

$
%
$
74,170,263,519 +9.3 174,014,230,781
67,856,960,931 4-1.6 160,229,773,666
66,820,729,906 +7.3 164,095,229,999
62,249,403,009 +17.2 165,838,141,330
53,132,968,880 -8.4 132,408,849,136
57,843,565,112 +4.8 145,025,733,493
55,229,888,677 +10.1 159,905,717,333
50,005,388,239 +13.9 143,827,448,491
43,909,594,342 +1.3 112,559,013,015
43,238,849,809 +3.8 109,209,187,764
41,695,109,575 +6.7 118,023,298,740
38,982,329,340 +16.6 118,410,015,182
33,436,347,818 +0.5 86,070,549,683
33,285,608,882 +23.9 94,047,400,783
26,854,774,887 +12.6 68,826,557,324
23,802,043,485 +6.4 57,229,070,956

Inc.
or
Dec.
%
+9.2
-2.4
-1.0
+25.2
-8.8
-9.3
+11.0
+27.7
+3.0
-7.4
-0.4
+37.6
-8.5
+36.6
+20.2
+11.7

Dealings in shares properties on the New York
Stock Exchange, as intimated above, were only a
very little greater in 1912 than in 1911 and fell
much below the aggregate for a number of earlier
years, the falling off being most marked as contrasted with 1906, 1905 and 1901. At times there
were comparative spurts of activity, but only of
short duration; after each of which the market
relapsed into quietness or virtual dulness. The
aggregate of the sales at the Exchange for 1912 was
131,128,425 shares, as against 127,207,258 shares in
1911, no less than 164 million and 214 million shares
in 1910 and 1909,respectively,and the record aggregate of 284,298,010 shares in 1906. Transactions in
bonds were of smaller volume in the late year than
in that immediately preceding, the decline extending
to all the various classes. Aggregate bond sales for
the year were of a par value of $675,213,500, against
$890,210,100 in 1911 and the 1909 record total of
$1,317,291,000. Bank stocks, also, were less
favored in the dealings in 1912 as will be seen below.
The subjoined table shows the details of stock and
bond and bank shares sales at the Exchange for each
of the last two years.
Twelve Months 1912.
Description.

Par Value.
or Quantity.

Actual
Value.

Twelve Months 1911.
Aver.I Par Value.
Price.! or Quantity.

Actual.
Value.

Aver
Price.

I

Stock tSh's.
131,128,425
127,207,258
f Val _ 511835,650,300511562,130,835 97.7511489,029,600$11003,600,829 95.8
RR. bonds
648,168,000
625,121,925 96.4
704,987,200
754,011,294 94.8
Gov. bonds
1,243,500
1,280,676 103.0
3,586,959 103.4
3,467,500
State bonds
25,802,000
24,978,218 96.8
91,755,400
91,276,997 99.5
Bank stks1,799,458237.5
757,600
1,574,600
4,051,858 257.3
Total _ _ _ _ 812511,621,400512215,311,112 97.6512380,814,300511856,527,937 95.8

Without comment, we append a table reporting
the dealings in stocks, month by month and quarter
by quarter, for the last two years.
SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE.
1911

1912
Mak
Number j
of
'
Shares.

I

Values.
Par.

Actual.

Number
of
Shares.

Values.
Par.

Actual.

$
$
Jan _ 10,906,138 970,876,425 958,417,286 10,461,526 907,5133,875 872,467,419
Feb.. 7,086,544 621,704,400 602,463,418 10,194,217 902,448,900 870,948,718
MO.14,552,052,1,334,837,225 1,312,748,973 6,823,868 619,067,575 6 0,470,480
lstqr 32,544,734'12.927,418,0502,873,629,67727,434,611 2,429,080,3502,352,895,617
April 15,959,338 1,452,962,7 1,438,401,408 5,369,350 471,409,900 456,396,404
May.13,662,747 1,233,734,950U,210,479,868 11,115,578 984,924,050 971,047,984
June. 7,219,721 645,234,975 622,417,928 10,608,400 951,730,450 940,178,916
2d qr 36,841,806 3,331,931,725 3,271,299,204 26,993,3282,407,064,4002,367,613,304
6 m' 69,386,540 6,259,349,775 6,144,928,881 54,427,9394,836,144,7504,720,518,921
July. 7,158,324 654,771,350 620,416,209 5,476,559 503,137,200 486,492,746
Aug_ 8,952,358 811,491,750 790,416,208 14,994,533 1,371,606,25 1,308,437,416
Sept.10,107,204 911,341,200 887,463,294 17,395,957 1,594,873,875 1,401,457,498
3d q 26,217,886 2,378,004,3002,298,295,711 37,867,0493,469,617,425 3,106,387,660
9 m' 95,604,4268,637,354,075 8,443,224,59292,294,9888,305,782,175 7,916,906,581
Oct _ 14,166,89 1,267,956,25 1,234,014,207 10,936,901 1,003,848,325 942,988,876
Nov. 8,725,317 786,689,4
769,948,928 14,919,4861,352,048,15 1,349,488,964
Deo_ 12,631,78 1,143,650,575 1,114,942,108 9,055,883 827,370,95
794,216,408
4thq 35,523,999,198,29e,2253,118,905,24334,912,273,183,267,42 3,086,694,248
Year 131128 42 11'835,650,300 11562,129,835 127207 25811489,029,6 I I 11003,600,829

JAN. 111913.]

THE CHRONICLE -

95

These compilations are interesting, of course, but
The clearings, month by month, for two years for
they present only a very limited comparison. For the whole country and outside of New York, are
the purpose, therefore, of indicating the course of shown in the subjoined compilation, which also
Stock Exchange speculation for a long series of years indicates the ratios of gain or loss for each period.
past, we give the following table which shows the
MONTHLY CLEARINGS.
share sales year by year since 1898.
Clearings, Total All.
Clearings Outside New York.
NUMBER AND VALUE OF SHARES SOLD AT N. Y. STOCK EXCHANGE'

1111111111

0==oZelt,c0c0CleZcZcZeD
D00.000000o+p-...
—.WC.4.C.Tt05-400,001—•

Year.

Stocks,
Shares.

Aver.
Values
Price. (approximate)

131,128,425
127,208,258
164,051,061
214,032,194
197,206,346
196,438,824
284,298,01i
263,081,1561
187,312,065
161,102,101
188.503,403

97.7
95.8
96.2
97.5
86.6
85.8
94.2
87.3
69.9
73.2
79.9

OAK OAA AKA 70A

$
11,562,129,835
11,003,600,829
14,125,875,897
19,142,339,184
15,319,491,797
14,757,802,189
23,393,101,482
21,295,723,688
12,061,452,399
11,004,083,001
14,218,440,083
911,1.21 wen RAI
P

Year.

Stocks,
Shares.

1900_ 138,380,1841
1899_ 176,421,135
1898_ 112,699,9571
1897_ 77,3 ,172
1896_ 54,654,096
1895._ 66,583,232
1894_ 49,075,032
1893._ 80,977,839
1892_ 85,875,092*
1891_ 69,031,689,
1890_ 71,282,885
IA120
79 Aid am

Values
Aver.
Price. (approximate)
$
69.2 9,249,285,109
78.6 13,429,291,715
72.7 8,187,413,485
67.0 4,973,553,065
05.2 3,329,969,940
60.3 3,808,338,604
64.2 3,094,942,769
60.3 4,550,260,916
63.5 4,874,014,209
57.1 3,812,247,412
60.2 3,977,664,192
Al n
A nAq.231.891

Conditions much the same as obtained at this
city were observable at the various other centres of
stock speculation in the country in 1912-a comparative lack of anything bordering upon activity.
Boston, it is true,reports sales of 11,134,908 shares,
against only 7,744,737 shares in 1911, but operations
in 1910 covered 11,679,572 shares, in 1909 more than
153/ million and in 1906 over 18 million shares.
Chicago traded in 1,174,931 shares in 1912, 1,048,737
shares in 1911 and no less than 1,623,495 shares In
1909. Philadelphia's dealings were the smallest
of any recent year, reaching only 5,455,842 shares,
against 5,618,764 shares and 8,358,518 shares, respectively, in the previous two years. At Pittsburgh the year's sales totaled 1,729,409 shares,
against 1,196,969 shares in 1911 and 715,001 shares
in 1910 and Baltimore's transactions aggregated
585,253 shares, against 563,266 shares and 247,122
shares,respectively. Bonds, as at New York, were
in comparatively restricted demand generally. At
Boston the dealings footed up a par value of $12,319,000, contrasting with $15,547,220 the previous
year, $15,253,387 in 1910 and totals in excess of
30 millions in 1909 and 1908. The sales at Chicago
reached $13,575,000, against $14,752,000 in 1911 and
$7,342,500 in 1910; at Philadelphia they were $17,318,740 and $18,395,680 and $14,628,436, respectively; at Pittsburgh $1,711,000 and $1,136,562 and
$763,500 and at Baltimore $31,876,200 and $33,655,852 and $21,585,219. .
With the general exhibit of bank clearings, as
intimated above, so distinctly favorable, further
remarks on the showing made by individual cities
would seem to be superlative. We, hence, subjoin
without comment a statement which indicates the
course of bank clearings at leading cities for December
and for the twelve months of the last four years.
BANK CLEARINGS AT LEADING CITIES.
December
Jan. 1 to Dec. 31
1911.
1912. 1911. 1910. 1909. 1912.
(000,000s
1910.
1909.
omitted.)
$
S
New York
8,809 8,112 8,025 0,907 100,744 92,373 97,275 103,589
Chicago
1,360 1,241 1,201 1,225 15,381 13,926 13,940 13,782
Boston
772 8,964 8,340 8,299
731
711
711
8,440
Philadelphia
700
865
745
7,692 6,690
747 8,166
7,022
St. Louis
368
323 4,028
346
338
3,800
3,728
3,442
Pittsburgh
241
214
221
234
2,799
2,520
2,587
2,301
San Francisco
231
216
203
194
2,324
2427
2,678
1,980
Baltimore
180
145
154
146
1,957
1,768
1,027
1,470
Cincinnati
121
113
114
123
1,369
1,278
1,252
1,348
Kansas City
250
223
233
223
2,713
2,679
2,635
2,396
Cleveland
108
89
85
83
1,150
1,013
877
1,001
105
107
New Orleans
109
107
1,058
1,014
904
987
134
114
103
Minneapolis
107
1,182
1,068
1,158
1,030
65
60
01
Louisville
68
725
675
654
675
101
88
77
Detroit
71
1,128
909
925
768
65
60
61
Milwaukee
65
725
697
603
058
109
85
74
65
Los Angeles
1,169
943
811
673
41
37
34
40
Providence
443
404
415
399
66
62
75
62
Omaha
861
753
735
833
42
43
44
52
579
Buffalo
517
503
468
48
48
42
52
579
St. Paul
532
576
518
41
40
41
37
Indianapolis
435
441
467
421
42
41
41
45
488
Denver
459
493
466
32
37
38
Richmond
37
430
393
375
361
42
42
32
48
Memphis
421
362
287
335
45
50
55
Seattle
53
602
553
590
587
18
18
18
Hartford
248
20
224
184
216
Salt Lake City....
33
33
37
369
33
334
337
328
Total
Other cities

14,195 13,089 12,885 14,901 161,389 148,114 152,701 156,102
967 13,525 12,110 11,394
1,260 1,136 1,078
9,736

Total all
15,455 14,225 13,963 15,868 174,914 160,230 164,095 165,838
•Outside New York_ 6,546 6,113 5.938 5.961 74,170 07,857 66,820 62,249




Month

1912.

1911.

%

1912.

1911.

%

$
$
$
i
Jan _ _ 15,175,151,478 14,494,695,194 +4.7 6,339,569,939 5,963,447,224 +6.3
Feb __ 12,968,617,648 12,269,918,159 +5.7 5,655,969,284 4,974.752,712 +13.7
Mch__ 14,520,179,200 13,471,919,904 +7.8 6,103,224,978 5,850,318,299 +4.3
1st qr_ 42,663,948,326 40,236,533,257 +6.0 18,098,764,20116,788,518,335 +7.8
April _ 15,043,870,590 12,403,607,069 +21.3 6,213,715,072 5,433,794,576 +14.3
May _ 14,883.783,164 13,524,593,344 +10.0 6,104,005,676 5,565,969,344 +9.7
J .ne__ 13,690,963,132 13,833,421,185 -1.0 5,729,871,661 5,616,887,308 +2.1
2d qr_ 43,618,616,886 39,760,621,598 +9.8 18,047,592,419 16,616,651,228 +8.6
6 mos_ 86,282,565,212 79,997,154,855 +7.9 36,146,356,620 33,405.169,563 +8.2
Ju-y__ 14,015,610,065 13,069,255,474 +7.2 6,094,527,836 5,553,439,060 +9.7
Aug __ 13,283,948,548 12,662,586,630 +4.9 5,797,664,988 5,278,444,426 +9.8
Sept__ 13,168,474,986 12,606,056,411 +4.5 5,735,639,164 5,421,079,267 +5.8
3d qr_ 40,468,033,599 38,337,898,525 +5.6 17,627,831,988 16,252,962,753 +8.5
9 mos. 126750,598,811 118335,053,380 +7.1 53,774,188,608 49,658.131,316 +8.3
Oct __ 17,249,375,879 13,568,107.327 +27.1 7,110,377,264 6,057,903,437 +17.4
Nov__ 15,459,116,142 14,101,120,898 +9.6 6,639,279,715 6,027,245,205 +10.1
Dec __ 15,455,139,949 14,225,492,061 +8.6 6,646,417,932 6,113,680,973 +8.7
4th qr. 48,163,631.970 41,894,720,286 +15.0 20,396,074,91118.198,829,615 +12.1
Year _ 174914,230,781 160229,773,6661 +9.2 74,170,263,519 67,856,960,931 +9.3

There is nothing special to say concerning the
exhibits by quarters. It deserves to be noted, however, that in each of the four quarterly periods the
showing was better than in 1911. The compilation
we now append gives the clearings by groups for
each quarter of the last six years.
Clearings Reported.
(000s omitted.)

First
Quarter.

Second
Quarter.

Third
Quarter.

Fourth
Quarter.

Total
Year.

S
$
$
S
$
1912- 24,565,184 25,571,025 22,840,201 27,767,557 100,743,967
1911._ 23,448,015 23,143,971 22,084,936 23,695,891 92,372,813
1910_ 28,446,400 24,512,952 20,571,950 23,743,198 97.274.500
1909._ 23,258,843 25,822,082 25,484,550 29,022,657 103,588,738
1908._ 17,147,346 17,811,268 19,524,685 24,792,581 79,275,880
1907._ 26,531.458 21.371.556 20,232.482 19,046,672 87.182,108

New York

1912._
1911._
1910_
1909._
1908_
1907._

3,749,219
3,553,524
3,532,896
2,925,964
2,680,911
3,410,094

3,841,720
3,700,011
3,656.683
3,191,864
2,734,726
3,502,746

3,785,150
3,498,495
3,395,374
3,198,910
2,803,691
3,259,576

4,267,851
3.724,577
3,679,394
3,719,869
2,890,939
3,154,647

1912.. 2,720,365
1911_ 2,483,820
Total
1910_ 2,625.116
New Eng1and_ 1909_ 2.368.358
1908... 1,993,691
11907_ 2,619,964

2,624,287
2,359,548
2,265,658
2.366,296
1,985,226
2,346,523

2,345,904
2,236,348
2,153,742
2,235,148
1,099,174
2,173,459

2,705,774 10,396,330
2,570,029 9,649,745
2,533,056 9.577.602
2,643,516 9,613,318
2,386,106 8,364.197
2,134,607 9,274,583

1912_
1911_
Total
1910_
Middle ,West_.11909_
1908_
1907._

5,326,201
4,933,959
5,048.470
4.665,473
4,038,266
4,395,913

5,492,257
5,020,607
5,091,016
4,799,241
4.090,625
4,549,767

5.440,768
4,951,408
4,787,959
4,811,822
4,082,140
4,457,819

5,934,882
5,206,979
5,061,566
5,131,076
4,548,444
4,063,140

22,194,106
20,112,953
19,989,071
19,407.612
16,759.475
17,466,639

1912„
1911._
1910._
11909_
1908_
1907_

1,577,950
1,366,950
1,345,534
1,052,661
889,712
1,207,478

1,590,428
1,426,511
1,411,831
1,180,092
928.382
1,180,829

1,605,420
1,450,055
1,382,950
1,236,306
1.020,146
1,148.632

1,805,019
1,610,084
1,475,833
1.387,942
1,110,518
976,668

6,578,817
5,853,600
5,616.148
4,857,001
3,948,758
4,513,607

1912._ 1,789,034 1,788,253 1,827,947
1911._ 1,755,129 1,068,917 1,674,669
Total
1910._ 1.838,775 1.779,187 1.757,791
Other West... 1903_ 1,471,337 1,467,696 1,511,813
1908._ 1,249,712 1,215.742 1,282,922
(1907_ 1,213,449 1,282,194 1,291,206

2,294,218
1,980,170
1,994,815
1,881,996
1,536,620
1,384.472

7,699,502
7,078,885
7.370.568
6,332.842
5,285,002
5.171,321

Total other
Middle

Total Pacific

1

15,643,940
14A76,607
14,264,347
13,036,607
11,110,267
13,327.063

Total Southern

(1912_
11911_
11910...
1909_
1908_
1907_

Total all

1912_ 42,663,948 43,618,617 40,468,034 48,163,632 174,914,231
1911_ 40,236,533 39,760,622 38,337,898 41,894,721 160,229,774
1910._ 45.359,443 41,068,911 36,245,744 41,421,202 164,095,300
(1909.. 37.930,474 40.860,058 40,522,048 46,525,561 165,838,141
11908._ 29,926.324 30.484.974 32,358,666 39,638,885 132,408,849
11907_ 41,501,514 36,189,727 34,463,766 32,867,726 145,025,733

)utside
New York

2,935,955
2,695,126
2,522,222
2.187,838
1,926,684
2,120,158

2,710,637
2,441,067
2,351,524
2,032,187
1,719,081
1,955,212

2,622,646
2,441,987
2,195,979
2,043.492
1,754,425
1,901,694

3,388,331 11,657,569
3,106,991 10,685,171
2,952,769 10,022,994
2.738,506 9,002,023
2 265,079 7,665.269
2,107,298 8,090,352

1912._ 18,098,764 18,047,592 17,627,833 20,396,075
1911._ 16,788,518 16,616,651 16,252,962 18,198,830
1910._ 16,913,043 16,555,959 15.673,794 17,677,934
1909_. 14.671,630 15,037,377 15,037,492 17.502,904
1908.. 12,778,978 12,673.706 12,732,981 14,947,303
1907.,14,973,056 14,818,171 14,231,284 13,821,054

74,170,264
67,856,961
66,820,730
62,249,403
53,132,968
57,843,565

Clearings in the Dominion of Canada, it is unnecessary to say, again established a new high record
in the late year. Of the twenty cities our records
cover proper comparison with the previous year
is possible at eighteen, and for those eighteen the
aggregate of clearings for 1912 at $9,051,059,570
shows a gain over 1911 of no less than 23.2%. All
the cities shared in the excess over 1911 with the

96

THE CHRONICLE

ratio of augmentation most decidedly marked at
Edmonton, Saskatoon, Regina, Victoria, Winnipeg,
Calgary and Hamilton. As in the United States,
stock operations on the Canadian exchanges, while
a little greater than in 1911,were less active than in
an average year. Montreal dealings aggregated
2,338,058 shares and $6,295,359 bonds, against
2,255,158 shares and $5,968,800 bonds in 1911, and
2,137,426 shares and $6,115,480 bonds in 1910.
In 1909 over 3 1-3 million shares were traded in.
The year's transactions at Toronto covered 1,168,329
shares and $1,711,220 bonds, contrasting with
662,645 shares and $1,998,230 bonds in 1911 and
940,544 shares and $2,829,220 bonds in 1910. The
record year's stock sales in Toronto (in 1902) was
2,163,277 shares. The Canadian clearings by quarters for six years we summarize as follows:

[VoL. xcvr.

significance of the increases over 1911 is in a measure
lessened by the fact that comparison is with only
indifferent results in the previous year, treating the
returns as a whole. It is true that our early statement for December 1911 showed a small gain and
not a loss-the increase being $1,782,495, or 2.57%but the three Canadian systems already referred to
were included at that time as they are now, and
these Canadian roads alone had a combined gain of
$2,830,947. In other words, with the Canadian
roads eliminated, the result for the United States
railroads standing by themselves was at that time
(acCording to our early statement, comprising substantially the same mileage as is now represented)
a loss in the sum of $1,048,452, though in part the
contraction followed from the circumstance that
the month had one less working day, December 1911
having contained five Sundays (the same as DecemSecond
Third
First1.1
Fourth
Total
Clearings Reported.
Quarter.
Quarter.
Quarter.
Quarter.
Year.
ber 1912) against only four in 1910. On the other
(000s omitted.)
S
8
$
S
3
hand, our early statement for December 1910 was
1912__ 1,936,495 2,278,571 2,239,788 2,598,206 9,051,060
1911__ 1,587,168 1,793,111 1,781,062 2,182,891 7,344,232 on the whole quite satisfactory, having recorded
1910__ 1,370,488 1.465,522 1,524,949 1.754,201 6,115,160
1909_ 1,088,570 1,220,420 1,245,681 1,635,641 5,190,312 $5,364,874 gain, or 8.55%. There were likewise
Canada
952,520 1,014,090 1,272,410 4,142,094
903,074
1908....
1907._ 1,004,009 1.070,924 1.087,591 1,162,154 4,324,678 larger or smaller gains in all the preceding years
back to 1896, with the exception of a loss incurred
RAILROAD GROSS EARNINGS FOR DECEMBER. in 1907, the year of the panic. We annex a summary
From our early statement for the month of De- of the December aggregates each year since 1895, as
cember it is evident that gross earnings of United disclosed by our early statements:
States railroads for that month made very satisMileage.
Gross Earnings.
Increase (+)
factory improvement as compared with the correDecember.
Or
Year
Year InYear
Year
Decrease (-).
sponding month of the previous year. This, of
Given. Preced. cese.
Given.
Preceding.
course, is in accord with expectations, for with the Year. Roads Miles. Miles. %
$
$
$
%
exception of a diminished cotton movement in the 1896..__ 130 93,075 92,282 0.86 40,895,711 41,791,251 -895.540 2.14
1897._ 183 99,418 98,122 1.32 50,020,193 44,542,149 +4,578,044 2.29
1808......_ 129 96,285 95,191 1.15 49,630,312 46,474,701 +3,155,611 6.78
South, all the leading conditions were favorable to 1899.......
113 98,508 96,637 1.93 55,557,813 51,661,909 +3,895,904 7.54
1900....... 101 96,447 93,002 3.70 59,606,431 54,271,094 +5,335,337 9.83
large earnings. Trade activity continued unabated, 1901
____ 99 103,496 100,694 2.78 64.922,983 62,104,946 +2,818,037 4.53
____ 80 100,638 98,801 1.86 70,769,049 64,416,412 +6,352,637 9.85
insuring a large total of general merchandise 1902
1003....... 71 89,278 87,067 2.54 61.868.2611 59.114.002 +2.764.269 4.66
____ 67 84,143 82,607 1.86 59,429,656 55,069,547 +4,360,109 7.91
freight, the iron and steel industry showed a volume 1904
1905....... 57 81.238 79,804 1.76 62.469,6791 57,027,847 +5,441,832 9.54
95.936 93,553 2.55 83,796,332, 79,327,117 +4,469,215 5.64
1906.__
of business of unexampled proportions, and in the 1907....._ 65
61 88,234 87,046 1.27 69,070,466 72,163,205 -3,092,739 4.28
49
74,744 73,180 2.14 52,154,203 49,474,321 +2,679,882 6.42
1008.......
farming regions there was the advantage arising 1909....__ 50 86,137
84,391 1,90 67,096,709 63,209,729 +3,880,980 6.15
1910....... 49 88,359 85;852 2.90 68,146,996 62,782,122 +5.364,874 8.55
harvests.
This
last was of great 1911...... 52 90,576 89,193 1.57 71,109,323 69,326,828 +1,782,495 2.57
from unequaled
immediate benefit to the agricultural classes, while 1012....... 44 87,174 84,845 2.62 76,694,7471 69.003.277 +7.691,470 11.15
meaning much for the whole population. As Note.-Neither the earnings of the Mexican roads nor the mining operations of the
anthracite coal roads are included in this table.
one effect, the grain movement over Western roads
We have referred above to the magnitude of the
was of prodigious dimensions. That gross earnings
of the railroads should record decided expansion grain movement. There was a very large gain in the
case of every one of the leading cereals. Of wheat
under these circumstances can be no surprise.
the
deliveries at the Western primary markets for
Our table covers only the roads which make it a
weeks ending Dec. 28 1912 were 34,936,000
the
four
furnish
preliminary
practice to
estimates of their
gross revenues, only ten days having elapsed since bushels, against 15,270,960 bushels in the correthe close of the month, and comprises mainly Western sponding four weeks of the previous year; of corn
grain-carrying systems and Southern cotton-carrying they were 23,849,000 bushels, against 17,006,144;
lines. A few of these latter show decreases because of oats, 17,972,000 bushels, against 11,392,525
the cotton movement, by reason of the smaller crop bushels, and of barley 11,381,000 bushels, against
raised (in contrast with the unprecedented yield of 5,014,059 bushels. Adding rye, the aggregate of
the previous season), fell considerably below that of the receipts of the five cereals for the four weeks
December 1911. With the exception of these in December 1912 is found to have been 89,355,000
Southern lines, the record is one of almost uniform bushels, as against only 49,337,434 in the four weeks
increases. Altogether we have returns representing of 1911. The details of the Western grain movean aggregate of 87,174 miles of road, and on this ment in our usual form are set out in the following:
WESTERN FLOUR AND GRAIN RECEIPTS.
mileage the increase reaches $7,691,470, or 11.15%.
Rye.
Corn.
Barley.
Oats.
Wheat.
Four weeks Flour.
(bush.)
Our statement includes, as heretofore, three large end.Dec.28. (b14s.)
(bush.)
(bush.)
(bush.)
(bush.)
ChicagoCanadian systems, namely the Canadian Pacific, 1912___ 728,000 1,391,000 22,543,000 8,910,000 3,459,000 236,000
171,500
493,626
5,947,500 2,016,300
1911___
1,020,100 8,006,400
the Grand Trunk Ry. and the Canadian Northern, Milwaukee307,000
1,043,000 2,064,000
160,000
1,713,000
1912___
454,000
and these are prominent as usual for large amounts 1911___ 270,465 463,300 1,064,460 913,200 1,071,600 204,000
St. Louts4,000
241,000
1,901,000
2,250,000
245,000 2,557,000
of gain. For the three together the increase reaches 1912_
74,200
7,700
1,222,300
716,022
2,140,045
201,500
1911___
$2,535,496, .but, even after eliminating these, an Toledo
202,000
213,000
429,000
1912_
180,000
803,500
242,000
1911__increase of $5,155,974 remains for the roads in the Detroli284,000
24,000
424,000
1912_
437,000
United States.
178,307
29,765
114,241
470,750
1911___
By reason of the very heavy grain movement some Cleveland
466,000
3,000
2,000
1912___
20,000
47,000
561,000
182,630
1,870
1911___
3,062
26,250
147,655
systems report for 1912 the largest December earn- Peoria
355,000
30,000
994,000
242,000
1,813,000
75,000
46,200
ings ever made. Speaking generally, however, the 1912_
437,500
221,560
1911_
222,651
53,333
1,698,931




JAN. 11 1913.]

THE CHRONICLE

Four weeks Flour.
Wheat.
end.Dec.28. (bbls.)
(bush.)
Duluth1912_ __
57,000 8,675,000
1911___
24,370
2,006,474
Minneapolis1912_
17,687,000
1911_
9,868,840
Kansas City1912_ _ _
2,324,000
1911___
760,400
Omaha1912_ _
1,176,000
1911---

Corn.
(bush.)

Barley.
(bush.)

Oats.
(bush.)

Rye.
(bush.)

403,000 1,153,000
196,319
822,668

4,243

2,259,000 4,106,000
1,057,920 1,432,210

1,025,000
543,160
1,350,000
2,037,000

376,000
444,500

1,741,000

1,134,000

160,000
28,796
478,000
195,550

Ala Gt South_
Ala N 0& T PN 0 & N E.
Ala & Vieks_
Vicks Sh&P_
Central of Ga.
Ches & Ohlo_c
Cin NO & T P
Lou & Na.sh_b_
Mobile & Ohio
Seaboard A L.
Southern Ry__
Yazoo & M V_

The cotton movement in the South fell much below
that of the previous year; the shipments overland
reached 325,876 bales, against 307,850 bales,
but the receipts at the Southern outports were
no more than 1,439,840 bales, against 1,765,382
bales in December 1911 and 1,616,386 bales in 1910.
At Galveston and Port Arthur the receipts ran in
excess of those of the previous year, but with that
exception all the leading points register a decrease,
as may be seen by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN DECEMBER FOR SIX
YEARS, 1907 TO 1912, INCLUSIVE.
December.

Galveston __ __bales_
Port Arthur, &c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News,&c---

597,189
160,989
268,229
27,610
23,425
154,402
16,300
33,156
51,943
77,046
29,551

1910.

1909.

1908.

447,353
100,917
371,177
66,627
53,030
267,182
63,609
54,495
42
60,656
130,235
1,063

338,064
41,882
141,875
32,363
27,448
111,587
18,805
24,418
177
33,141
69,167
5,273

605,238
26,849
386,009
62,584
54,620
228,591
102,613
24,124
644
48,405
111,908
228

1911.
521,715
156,607
200,284
70,441
62,752
308,453
73,343
62,837
112
80,182
132,769
5,887

1,439,840 1,765,382 1,616,386

Total

Total

1912.

1911.

1910.

1909.

1908.

$
455,403

$
443,532

$
420,191

$
370,269

$
1
319,865i

$
286,855

d337,206
d153,776
d144,717
1,223,100
2,953,225
926,557
4,993,715
985,007
2,069,621
6,086,547
1,138,406

337,206
153,776
144,717
1,275,000
2,835,282
808,996
4,655,837
979,226
1,992,462
5,607,472
1,076,365

357,482
186,951
153,791
1,277,289
2,684,020
808,979
4,771,675
1,015,430
1,914,955
5,441,586
1,292,289

292,773
305,169
160,751
160,5441
139,948
145,673
1,116,631 1,079,373
2,505,449 2,255,594
757,836
644,946
4,483,844 3,978,009
915,068
892,001
1,746,036 1,574,509
5,028,486 4,716,530
1,047,070 a1,166,229

267,109
143,050
127,800
1,012,530
2,142,130
593.562
3,358,314
802,047
1,254,960
4,133,264
1,068,381

I

1907.

21,457,280 21,310,771 20,324,638 18,564,161 17,238,442 15,190,017

a Includes, beginning with this year, some large items of income
not previously
included in the monthly returns.
b Includes Louisville & Atlantic and the Frankfort & Cincinnati in
1912, 1911.
1910 and 1909.
c Includes Chesapeake & Ohio of Indiana, beginning July 1 1910.
d December not yet reported; taken same as last year.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
December.
Canadian Pac_
Chic & Alton__
Chic Gt West*
Dul So Sh & A
Great North__
Minn & St L-1
Iowa Cent_ J

1912.

1911.

$
$
12,108,000 10,568,000
1,261,566 1,175,881
1,171,665 1,086,634
264,619
252,241
6,338,652 4,984,306
809,027
651,398

1910.

I

1909.

1908.

1907.

$
$
$
8,705,284 8,214,758 6,955,874 6,418.576
1,268,057 1,089,575 1,078,414
974,945
1,047,369
887,517
943,570
631,995
249,753
236,365
213,229
211,212
4 658,246 3.819,886 4,135,633 4,589,195
f414,844
347,215
368,927
313,717
300,326
267,027
262,635
251,856

Total

Ports.
1912.

EARNINGS OF SOUTHERN GROUP.
December.

Total of all1912_ 1,476,000 34,936,000 23,849,000 17,072,000 11,381,000 1,217,000
1911___ 1,245,438 15,270,960 17,006,144 11,392,525 5,014,059
653,746

9

1907.
482,844
22,709
455,202
69,118
28,466
252,304
42,987
27,043
160
82,108
114,663
1,171

844,200 1,651,810 1,578,775

21,953,529 18,718,360 16,643,879 14,862,343 13,958,282 13,391,496
'*Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific in

1912, 1911, 1910, 1909 and 1908.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
--December.
1912.
1911.
1910.
1909.
1908.
1907.
$

$

$

$

$

Buff Roch & 1'
890,198
807,501
784,377
701,834
566,123
515,623
Chic Ind & Lou
568,621
488,955
470,602
462,198
412,018
345,147
Grand Trunk
Or Trk W.. 4,842,965 4,147,769 3,857,822 3,564,380 3,185,287 3,659,296
Dot GH&M
Canada Atl
Illinois Cent_c 55,650,189 55,019,239 55,534,443 a4,953,948 a5,211,186 5,076,506
Tol Peo & W._
112,139
106,915
116,049
103,761
92,194
103,987
Tol StL & W._
359,374
336,757
327,991
317,747
291,431
313,205
Wabash
2,684,502 2,426,263 2,597.621 2,345,847 2,139,273 2,008,227
Total
15,107,988 13,333,399 13,688,905 12,449,715 11,897,512 12,021,991

The gains in earnings come from all sections of the
country. Among United States roads the Great
Northern leads with a gain of $1,354,346. This is a No longer includes receipts from outside operations.
No longer includes receipts from hire of equipment, rentals and other items.
a system which is deriving great benefits from the cb Includes
earnings of the Indianapolis Southern beginning with July 1910.
excellent spring-wheat yield in the Northwest. In
We now add our detailed statement for the month
the Southwest we have the Missouri Pacific with a
comprising
all the roads that have thus far furnished.
gain of $571,120 and the Missouri Kansas & Texas
comparisons
for December:
with an increase of $282,610. In the South the
GROSS EARNINGS AND MILEAGE IN DECEMBER.
Southern Ry. is able to show an improvement of
$479,075, while in the Middle West the Wabash
Gross Earnings.
Mileage.
Name of Road.
reports $258,239 increase. The Illinois Central,
Inc.(+) or
1912.
1911.
Dec. (-). 1912. 1911.
which in 1911 lost $515,204 by reason of the shop$
$
$
Alabama Great South.
men's strike, this time has a gain of $630,950. In the Ann
455,403
443,532
+11,871
309
309
Arbor
198,943
199,273
+330
292
292
Bellefonte
Central_
_
_
7,450
6,347
following we show all changes for the separate roads Buff Roch & Pittsb
+1,103
27
27
890,198
807,501
+82,697
573
568
Canadian
Northern
2,131,700
1,831,400
+300,300
4,297
for amounts in excess of $30,000, whether increases Canadian Pacific
3,731
12,108,000 10,568,000 +1,540,000 11,354 10,542
Central of Georgia_ _ _
1,223,100 1,275,900
-52,800 1,915 1,915
or decreases. The Central of Georgia and the Chesapeake
& Ohio
2,953,225 2,835,282
+117,943 2,315 2,242
Chicago & Alton
1.261,666 1,175,881
+85,685 1.026 1,026
Texas & Pacific are the only ones appearing in the Chicago Great West._ 1,171,665
1,086,534
+85.131 1,496 1,496
Chic Ind & Louisv_
582,621
488,955
+93,666
616
616
decrease column.
Cin N 0& Tex Pac
926,557
808,996
+117,561
336
336
PRINCIPAL CHANGES IN GROSS EARNINGS IN DECEMBER.
Increases.
Increases.
Canadian Pacific
$1,540,000 Chicago Great West
$85,131
Great Northern
1,354,346 Western Pacific
82,845
Grand Trunk
695.196 Buffalo Roch dc Pitts_ _-82,697
Illinois Central
630,950 Seaboard Air Line
77 159
Missouri Pacific
571,120 St Louis Southwestern_ -72,000
Southern Railway
479,075 Colorado & Southern_ __65,891
Louisville & Nashville_ _ _ 337,878 Yazoo & Mississippi Val_ 62,041
Canadian Northern
300,300
Missouri Kansas & Texas_
Representing 23 roads
282,610
Wabash
258,239
in our compilation_ _ _$7,696,262
Minneapolis & St Louis
Decreases.
157,629
Denver & Rio Grande_ _
146,300 Central of Georgia
$52,800
Chesapeake & Ohio
117,943 Texas & Pacific
31,161
Cinc New Orl & Tox Pac_
117,561
Chicago Ind & Louisv_ __ 93,666
Representing 2 roads in
Chicago & Alton
85,685
our compilation
$83,961

To complete our analysis, we furnish the following
six-year comparison of the earnings of leading roads
arranged in groups:
EARNINGS OF SOUTHWESTERN GROUP.

December.

1912.

1911.

1910.

1909.

1908.

1907.

Colo & South_
Deny & Rio G
Intermit & G N
Mo X & T_a_
Mo Pacific____
St L Southwest
Tex & Pacific_

$
1,337,463
1,968,300
991,000
2,851,164
5,160,167
1,247,000
1,776.749

$
1,271,572
1,822,000
1,020,493
2,568,554
4,589,047
1,175,000
1,807,910

$
1,558,233
1,979,470
827,052
2,696,333
4,457,678
1,167,979
1,763,169

$
1,421,575
1,815,330
767,441
2,298,254
4,248,735
936,621
1,655,169

$
1,409,608
1,717,789
794,427
2,208,876
4,125,296
1,008,994
1,636,053

$
1,389,838
1,760,527
671,424
1,920,378
3,577,857
781,711
1,627,901

Total

15,341,843 14,254,576 14,449,014 13,143,125 12,901,043 11,729,636

a Includes Texas Cent, In 1912, 1911 and 1910 and Wichita Falls Lines in 1912.




Colorado & Southern_
Denver & Rio Grande
Western Pacific_ _ _ _
Detroit & Mackinac
Dul Sou Shore & Atl_
Georgia South & Fla
Grand Trk of Canada
Grand Trunk West
Dot Or H & Milw_
Canada Atlantic..
Great Northern
IllinoisCentral
Internet & Grt North
Louisville & Nashville
Midland Valley
Mineral Range
Minneap & St Louis_ }
8
Iowa Central
Mo Kens & Texas_a_ Missouri Pacific
Mobile & Ohio
Nevada-Cal-Oregon..
Rio Grande Southern_
St Louis Southwestern
Seaboard Air Line....
Southern Railway_ __ _
Tenn Ala & Georgia
Texas & Pacific
Toledo Peoria & West
Toledo St L & West
Wabash
Yazoo .Sc Miss Valley_

1,337,463
1,968,300
485,000
94,885
264,619
247,324

1,271.572
1,822,000
402,155
90,677
252,241
234,650

+65,891 1,814 2,008
+146,300 2,598 2.555
+82,845
937
937
+4,208
411
358
+12.378
625
616
+12,674
395
395

4,842,965

4,147,769

+695,196 4,533 4,524

6,338,652
5,650,189
991,000
4,993,715
125,379
70,645
09,027

4,984,306 +1,354,346 7,712 7,345
5,019,239
-F630,950 4,763 4,763
1,020,493
-29,493 1,160 1,160
4,655,837
+337,878 4,723 4.705
125,809
-430
373
323
61,963
+8,682
127
127
651,398
+157,629 1,585 1.585

2,851,164
5,160,167
985,007
27,490
56,120
1,247,000
2,069,621
6,086,547
10,540
1,776,749
112,139
359,374
2,684.502
1,138.406

2,568.554
4,589,047
979.226
21.115
39,851
1,175,000
1.992,462
5,607,472
8,960
1,807,910
106,915
336,757
2,426,263
1.076,365

+282.610
+571,120
+5,781
+6,375
+16,269
+72,000
+77.159
+479.075
+1,580
-31,161
+5,224
+22,617
+258,239
+62,041

3,816
7,233
1,114
238
180
1,609
3.070
7.036
95
1,885
247
451
2.514
1,374

3,398
7,233
1,114
204
180
1,514
3.046
7,089
95
1,885
247
451
2.514
1,374

76,694,747 69,003,277 +7,691,470 87,174 84,845
Total (44 roads)
Net increase (11.15)
Mexican Roads(not in eluded in to tal
Interoceanic of Mex....
717,761
717,036
+725 1,030 1,034
Mexican Railway.... ,y481,400
y509,500
-28,100
395
361
Nat Rys of Mexico_z_ 5,703,028 5.384,568
+318,460 6,062 6,001
a Includes Texas Central in both years and Wichita Falls'Lines in 1912.
Includes Mex!can International in both years.
y These figures are down to the end of the third week only in both years

98

THE CHRONICLE

BANKING, LEGISLATIVE AND FINANCIAL NEWS.
—The public sales of bank stocks this week aggregate
only 35 shares and were all made at the Stock Exchange.
The transactions in trust company stocks reach a total of
30 shares.
Low.
13hares. BANK—New York.
*35 Commerce. Nat. Bank of _ _ _ 198
TRUST COMPANY—New York.
10 Title Guarantee & Trust Co__ 505%
TRUST COMPANY—Brooklyn.
.225
20 Franklin Trust Co
* Sold at the Stock Exchange.

High. Close. Last previous sale.
Jan. 1913— 198
198
198
505% 505% July 1912— 590%
225% 225% Nov. 1912— 240

[VOL. xcvi.

national banks (four in New York, two in Chicago and one in
Detroit) who participated individually as underwriters in the
sale of the stock of the Petroleum Co., Mr. Henry read into
the record his reason for declining to answer this second
question, the memorandum submitted being in the form of a
statement said to have been prepared by former Senator
John C. Spooner, as follows:

comI decline to answer the question upon the advice of counsel that the
upon
mittee is without jurisdiction to require the information called for
the ground:
That the subject is one in respect of which The Congress is without power
to legislate;
That the question is an unlawful intrusion into the private affairs of the
the
citizen under the Fourth and Fifth Amendments to the Constitution of

—A New York Stock Exchange membership was reported
United States
t: a,nsferred this week, the consideration being given as
Generally that the committee is not lawfully entitled to compel the infor$55,000.
was
sale
previous
last
The
$Z3,000.
mation called for.
Mr. Henry's testimony concerning the syndicate opera—In a message submitted to Congress on the 8th inst.,in
on
n
Commissio
the
of
report
the
it
to
and profits in the case of the Petroleum Co. differed
d
tions
which he transmitte
Economy and Efficiency, President Taft urges an appropria- somewhat from that of Frederick Lewisohn, whose testimony
tion of $250,000 to continue the Commission's investigation in the same matter, as reported in the daily papers, was
published by us on Dec. 21. Mr. Henry stated that after
into the executive departments of the Government.
were
trust"
the syndicate for the acquisition of $10,000,000 of
"money
forming
so-called
the
into
hearings
—The
n
and $7,500,000 of the common stock of the
on
Monday.
Washingto
preferred
the
at
re,umed by the Pujo Committee
arranged to market the seJust a day or two prior to the resumption of the sessions, Petroleum Co., Salomon & Co.
accordingly formed, each
were
ndicates
sub-sy
attempts
the
eluded
two
along
curities;
all
had
who
r,
William Rockefelle
0 common stock
$2,500,00
and
preferred
,
0
the
$5,000,00
before
Committee
appear
take
to
to serve him with a subpoena to
the preferred.
of
dividends
accrued
the
anaounced through his counsel that he would accept service for $5,000,000, plus
syndicate.
London
a
to
out
sold
s
-syndicate
the
time
At
same
sub
13.
these
Jan.
of
on
One
e
attendanc
of the subpoena for
ndicates
sub-sy
the
of
formaton
the
,
Henry,
was
advised
Mr.
Committee
to
According
Mr. Untermyer, counsel for the
a cash profit of
that Mr. Rockefeller's condition of health is precarious, and left Salomon & Co. and their associates
Mr. Henry
that it would be impossible for him to appear as a witness $1,784,328 and 25,729 shares of common stock.
York syndior even submit to examination at his home. According to also said that this stock, as well as the New
45, and that
Mr. Rockefeller's physicians, he is suffering from a "gouty cate's common stock, was sold at 40 and
out of
$1,085,000
got
officers
and
"
complete
s
and
wind-pipe,
institution
and
banking
larynx
inflammation of the
underwriting. He furtherrest of the larynx has been advised. On Tuesday the Com- a total of $10,000,000 of
& Co. became associated
mittee decided to engage a competent throat specialist to more testified that Salomon
in which there were 103
ate,
sub-syndic
within
York
come
New
shall
the
he
in
provided
examine into his condition,
rs were the 15 officers
the jurisdiction of the United States. According to reports, participants. Among these underwrite
three banking into
above;
referred
banks
yester7
national
the
dispatches
and
of
Islands,
Bahama
the
in
he has been
elsewhere; six
one
and
City
York
New
in
Miami,
for
two
leave
to
about
stitutions,
was
he
day from there•stated that
officers of four trust companies, of which three trust comFla.
and three
The Salt Lake Clearing-House Association and its opera- panies were in New York City and one in Chicago, Henry
Mr.
York.
New
of
outside
was
ago,
banks
officers of State
tions, which entered into the investigation a month
that it was all
the first matter to which the Committee directed its atten- also testified that the stock was sold so rapidly
formed.
entirely
been
had
syndicate
the
National
before
the
of
,
liquidated
President
tion this week. W.W.Armstrong
posseshad
never
and
money
no
up
put
rs
Copper Bank of that city, recited the circumstances which The underwrite
ng syndicate showed a
underwriti
The
stock.
the
n.
of
Associatio
sion
the
from
bank
his
of
separation
the
in
resulted
to how a market was
He testified that when the bank declined to abide by a rule profit of 9.8%, or $500,000. As
Brothers, Mr. Henry
by
Lewisohn
instock
pay
the
for
made
adopted by the Clearing House forbidding banks to
buying orders on a
"giving
by
done
was
members
it
that
other
stated
eight
the
accounts,
checking
or
open
on
terest
up." Questioned
scale
a
on
orders
immediselling
and
and
down
n
scale
Associatio
the
dissolved
in the Clearing House
e of activity
ately formed a new one, with a constitution embodying the as to whether this was done to give the appearanc
it was
contrary,
the
on
that,
His
stated
Henry
Mr.
objected.
in
had
stock,
the
Bank
Copper
National
rule to which the
of
enter
stock.
the
to
price
or
the
rule
the
to
steady
to
done
bank, he stated, declined to subscribe
Data were also read into the records on Tuesday to correct
the new Association, and he averred that it cost his instituClearing
the
outside
fill out the testimony of J. P. Morgan regarding the total
and
operate
to
tion $25,000 a year extra
Philadelphia banking
House. He is quoted as asserting that the rules of the Salt deposits, &c., of his New York and
showed that the combined
presented
statement
to
The
be
charged
interest
houses.
and
rates
regulate
House
Clearing
Lake
over $162,000,000 on
in practically every transaction between a bank and its deposits of the two establishments were
& Co. on that
Morgan
P.
J.
of
clients, and he argued that the Association is operating in Nov. 1 1912—the deposits
those of Drexel &
while
500
$113,345,
of
to
officers
amounting
the
of
date
the
functions
usurping
trade,
of
restraint
$49,146,320; for Jan. 1
the banks. Several members of the Association, however, Co. of Philadelphia on that date were
of J. P. Morgan & Co.
deposits
who followed Mr. Armstrong on the stand, were not at all in 1912, ten months earlier, the
of Drexel & Co. as
those
and
603
as
$103,177,
.
reported
were
statements
and
views
his
accord with
P. Morgan & Co.
J.
from
statement
previously
1.4
had
Another
which
3,532,890.
Another matter taken up this week
-State corporainter
of
ocoupied the attention of the Committee concerned the showed that the amount of securities
aggreinclusive,
1912,
to
1902
from
them
Co.
by
Petroleum
tions
California
marketed
the
of
marketing of the stock
185,to
amounting
securities
,000,
besides
$1,914,226
William
gated
George G. Henry, a partner in the banking firm of
of
Salomon & Co. of New York, who was on the stand on both 000,000 francs and £2,631,000. By years the marketing
States
the
in
United
Co.
&
J.
P.
by
Morgan
with
securities
questioned
these
was
Monday and Tuesday of this week,
regard to the syndicate operations affecting this company; on was as follows:
1902, $205,628,000; 1903, $126,618,000; 1904, $71,227,000; 1905, $163,two points, however, Mr. Henry declined to give the infor- 254,000;
,
1906, $205,475,000; 1907, $136,681,000; 1908, $200,415,000; 1909!
he
that
stated
mation called for, whereupon Mr. Untermyer
$191,629,000; 1910, $174,921,000; 1911, $207,808,000; 1912, $230,570,000.
would report Mr. Henry's attitude to the full committee and
The above list does not include the marketing of securities
the House of Representatives with a view to contempt pro- of the United States Steel Corporation.
ceedings. A resolution declaring Mr. Henry in contempt The following list of names of all inter-State corporations
for refusing to answer the questions was unanimously having deposits with J. P. Morgan & Co. upon whose boards
adopted by the full Banking and Currency Committee on the firm is represented has also been furnished the committee,
Thursday. Mr. Henry's testimony indicated that a fourth according to the New York "Times":
2% interest in the original syndicate
Alaska Development & Mineral Co.
firm had had a 123/
Alabama Great Southern Railroad Co.
formed by William Salomon & Co., Hallgarten & Co. and
Atchison Topeka & Santa Fe Railway Co.
Lewisohn Bros., to float the stock of the Petroleum Co., but
American Telephone & Telegraph Co.
Central New England Railway Co.
ho refused to divulge the identity of that corporation, "beCleveland Cincinnati Chicago & St. Louis Railway Co.
cause," he stated, "we told this firm at the time that its
Chicago Great Western Railroad Co.
n
He
name would not appear publicly in the transactio
Chicago Indianapolis & Louisville Railroad Co.
Cincinnati Hamilton & Dayton Railroad Co.
also refused tofurnish the names of the fifteen officers of seve




JAN. 11 1913]

TIIE CHRONICLE

99

body testified that his company (the Mutual) had 600,000
policyholders in 1908 and at the annual election that year
93 voted; in 1909 130 votes were recorded, and in 1911, when
there were between 600,000 and 700,000 policyholders,
13,527 voted. At this election there had been a contest and
ballots were sent out by the company. Mr. Peabody was
unable to say how many agents the company had or what
influence they exercised at elections. Mr. Untermyer unsuccessfully sought to obtain from Mr. Peabody an admission that the evidence presented by the latter indicated
that the administration of a mutual insurance company is
largely self-perpetuating. Mr. Peabody also testified that
his company still holds 17,294 shares of stock in the National
Bank of Commerce in New York, after having sold a like
amount of stock of that institution in 1911 to James Stillman at the same time that the Equitable Life Assurance
Society
disposed of 25,000 shares of Commerce stock to
corporations
Still another list shows the names of inter-State
George F. Baker. Mr. Peabody furthermore stated that
boards
whose
on
Co.,
&
Morgan
P.
J.
with
deposits
not having
the Mutual had annually available for investment about
the firm is represented. The list is as follows:
in new business and about 815,000,000 in the
825,000,000
Adams Express Co.
turning over of old investments. President Day of the
Boston & Maine Railroad Co.
Columbus Hope & Greensburg Railroad Co.
Equitable stated that his Society was a stock company,
Central & South American Telegraph Co.
and
not a mutual corporation; he reported, however, that
Central Railroad of Now Jersey.
in 1906 an amendment to its charter provided for the elecChicago & Erie Railroad.
Dunkirk Alleghany Valley & Pittsburgh Railroad Co.
tion of 28 directors out of 52 by the policyholders, and said
Ellenville & Kingston Railroad Co.
that out of 500,000 policyholders usually between 25 and 50
Co.
Railroad
Louisville
Fort Wayne Cincinnati Icr
voted; he added that a most extraordinary effort to get out
Gulf Colorado & Santa Fe Railroad Co.
Hartford & Connecticut Western Railroad Co.
vote procured only 22,000 ballots. The witness stated that
a
International Agricultural Corporation.
his company still retains about 25,000 shares of National
J. G. White & Co., Incorporated.
Lake Erie & Western Railroad Co.
Bank of Commerce stock over and above the 25,000 shares
Lehigh Valley Railroad Co.
sold in 1911 to George F. Baker for about 85,000,000. Mr.
Lamont Corliss & Co.
Woodward, of the Metropolitan, said that his company had
Maine Central Railroad Co.
Mexican Telegraph Co.
between eight and nine million individual stockholders; that
Mobile & Ohio Railroad Co.
in 1909 8,677 votes were cast by the policyholders, in 1910
New England Railway Co.
28,627 voted and in 1911 83,986. Mr. Woodward str ted
New Jersey Junction Railway Co.
New York & Ottawa Railway Co.
that he did not know how much of this vote was brought out
Now York Ontario & Western Railroad Co.
by the agency force of the company.
New York Westchester & Boston Railroad_Co
Niagara Falls Branch Railway Co.
Comptroller of the Currency Lawrence 0. Murray, who
Niagara Falls Power Co.
the witness stand on Wednesday, described the
occupied
Northwestern Fisheries Co.
present national banking law as "illogical, inefficient c.nd
National Tube Co.
New Jersey & New York Railway Co.
altogether unscientific," and declared that there is necessity
Ontario Carbondale & Scranton Railway Co.
for
a revision that will broaden the scope of the enastirent
Pittsburgh & Lake Erie Railroad Co.
and extend the powers of the Comptroller and his corps of
Port Jervis Monticello & Summitville Railroad Co.
Rutland Railroad Co.
examiners. Mr. Murray went on record as favoring amendReading Company.
ments to the law governing natiohal banks to provide
Syracuse Geneva & Corning Railroad Co.
changes as follows:
Santa Fe Prescott & Phoenix Railroad Co.
Erie & Jersey Railroad Co.
Erie Railroad Co.
General Electric Co.
International Harvester Co.
International Mercantile Marine Co.
J. I. Case Threshing Machine Co.
Kennecott Mines Co.
Lake Shore & Michigan Southern Railroad Co.
Michigan Central Railway Co.
New England Navigation Co.
New York Central & Hudson River Railway Co.
New York Chicago & St. Louis Railroad Co.
New York New Haven & Hartford Railroad Co.
Niagara Development Co.
Northwestern Commercial Co.
New York Susquehanna & Western Railroad Co.
Northern Pacific Railway Co.
Pullman Palace Car Co.
Pere Marquette Railroad Co.
Southern Railway Co.
United States Steel Corporation.
Western Union Telegraph Co.

Union Typewriter Co.
Utah Copper Co
Walkill Valley Railroad Co.
West Shore Railroad Co.
Westinghouse Electric & Manufacturing Co.

Correspondence which passed between J. P. Morgan Jr.,
James Stillman and George F. Baker concerning the understanding relative to the stock of the Equitable Life Assurance Society, was also incorporated in the records. Young
Mr. Morgan's letter to Mr. Stillman and the latter's reply,.
written as a footnote to the communication, were as follows:
23 Wall Street, March 14 1911.
Dear Mr. Stillman:
Referring to your conversation of to-day, I understand that my father
has the right at any time to call upon you to take one-quarter of the Equitable stock purchased by him from Mr. Ryan at the terms on which it was
bought by him, viz: cost and 5% interest. Your confirmation at the foo
will be entirely sufficient.
Yours very sincerely.
J. P. MORGAN JR.
Mr. Stillman's reply, on the same sheet of paper, was:
Dear Mr. Morgan:
I hereby confirm your understanding. I had the impression that the rate
of interest since the date of the Ryan purchase was to be 4%, but whether
that or 5% I leave entirely to your father or yourself to decide, without
further conference with me.
Yours sincerely,
JAMES STILLMAN,
By J. A. STILLMAN, Attorney.

The letter to Mr. Baker was substantially the same as
the above and his answer was: "I hereby confirm the above."
The examination on Tuesday of life insurance officials
tended to show that the policyholders take very little interest
in the election of officers. Among those identified with the
large life companies who testified before the committee on
that day were John C. McCall, Second Vice-President of the
New York Life Insurance Co.; Charles A. Peabody, President of the Mutual Life Insurance Co.; Judge W. A. Day,
President of the Equitable Life Assurance Society; George
B. Woodward, Third Vice-President, and Frederick H.
Ecker, Treasurer of the Metropolitan Life Insurance Co.
Mr. McCall, whose company is a mutual concern, stated
that in 1908, when its policyholders numbered 900,000, only
62 voted at the annual meeting; in 1909 32 policyholders
voted, while in 1911ithelnumber voting was 41. Mr-Pea-




First—Publication of the assets of national banks other than the names
of the borrowers.
Second—Publication and posting of the names of stockholders in national banks.
Third—Regulations to require the actual ownership of national bank
stock to be disclosed instead of being concealed through dummy holders.
Fourth—Prohibition of directors escaping stock liability by transferring
their stock to escape loss in prospective bank failures.
Fifth—Prohibition of directors dealing with the funds of their own tian1.
Sixth—National bank examiners should be required by law to serve un&r
oath and also under bond, this not now being required by law.
Seventh—A remodeling of the whole system of bank examination.
which is now illogical and unscientific.
Eighth—Cumulative voting if that is necessary to protect mine:
stockholders.

At the request of the Committee Mr. Murray submitted
information to the effect that there were but thirteen
national banks which could make loans of $1,000,000 to
an individual. About a dozen national banks, he statcs,
were affiliated with securities companies with practically
the same organization as the banks; these, he added, being
organized under the laws of the States, were not under the
jurisdiction of his department.
George F. Baker, Chairman of the Board of Directors of
the First National Bank of New York, who testified before
the Committee on Thursday and Friday, was the principal
witness of the week. From Mr.Baker's testimony it appeared
that profits of more than $80,000,000 have been made by the
*nstitution since its organization in 1863 with a capital
of $500,000. Mr. Baker became its President in 1873; in
that year, according to the information supplied toithe
Committee, the bank had a surplus of $350,000 and undivided
profits of $361,886. In 1901, when the capital was increased
from $500,000 to $10,000,000, the entire increase of 89,500,000 was provided for through a dividend of 1,900%, after
the payment of Ivhich the bank still had a surplus of 11,641,124. From further statistics presented it was shown
that in the four years from 1908 to 1911, inclusive, dividends
of 226% were paid,100% of that amount having been declared
(in 1908) to provide for the $10,000,000 capital of the First
Security Co., formed by the interests in the First National.
The record of dividends paid since 1901, when the capital
became $10,000,000, is indicated in the following table:

100

THE CHRONICLE

[VOL. xcvi.

In 1902, 1903 and 1904, 20%; in 1905, 263j%; in 1906, 26N %; in
1907, 32%; in 1908, 132%; in 1909, 28%;in 1910, 28%;in 1911, 38%,and
so far for 1912, 33%.

Q. Why' should they need a voting trust in order to buy other companies? A. I do not know. I never participated in their affairs. I
do not know anything about it.

As to the purpose in organizing the Security Co., Mr.Baker
stated that it was designed to engage in business not specifically authorized by the National Banking Act—that it was
to hold principally the investments which national banks
could not handle. In denying that it had been formed to
enable him and his associates to deal more freely in stocks,
Mr. Baker pointed out that he did not think that its purchases of stock since its organization had averaged one hundred shares a day. When questioned as to what bank stocks
had been turned over to the Security Co. by the First National, Mr. Baker declared that no bank stocks had been
owned by the bank; •the First National, he said, never
acquired an interest in other banks, such stocks having been
bought by him personally in the interest of the bank. He
stated that at the time of the company's formation in 1908,
he, individually, held a little more than half of the stock of
the Chase National, and had a clear control of the bank. The
stocks which were acquired in the interest of the First National, Mr. Baker said, were turned over to the First Security
Co.; a list of these bank holdings of the company was presented to Mr. Untermyer by Mr. Baker, who, though he
considered the matter of a private nature, interposed no
serious objection to its being made public. This list showed
the following bank holdings:

In answer to the specific question as to whether there had
been any move toward the consolidation of the Guaranty
Trust with the Bankers Trust, Mr. Baker stated that he
believed it to have been abandoned. With regard to his
personal bank holdings, Mr. Baker said:

Shares. I
Shares.
'Brooklyn Trust Co
50
First National Bank, Minne500[Chase National Bank
28,632
spoils
200 Liberty National Bank
Minneapolis Trust Co
928
200 National Bank of Commerce__ 5,400
Astor Trust Co
2,500 New York Trust Co
Bankers Trust Co
- _
250

Mr. Baker also testified that certain railroad securities
were likewise turned over by the First National to the
Security Co. With regard to the disposal during the past
week of 15,000 shares of Chase National Bank stock by the
Security Co. to A. H. Wiggin, President of the Chase, Mr.
Baker made the following statement:
I purchased the Chase National Bank shares with an idea of consolidating
it with the First National Bank, the same as we did the Bank of the Republic, that was the absolute intention of it. Later on it prospered so
well itself and the stock became more valuable and we concluded that was
not desirable; that our bank was large enough of itself and theirs was largo
enough of itself, and we felt that we would like to divest ourselves of some
of the responsibility of it. Mr. Wiggin was willing to make that bank his
life work, and it was to attach him and his associates to the bank that
10,000 shares went inside the bank, to be held and kept by them, to centre
their interest in the Chase National Bank permanently and anchor them
as much as such things can be done.

Mr. Baker testified that he owned 20,000 shares of First
National Bank stock; that his son, George F. Baker Jr.
owns something over 5,000 shares and that J. P. Morgan
owns 14,500 shares. Henry P. Davison and Thomas W.
Lamont, of J. P. Morgan & Co., he said, were also stockholders; in all, he added, something over 40,000 out of the
100,000 shares of the First National Bank were owned by
himself, his son, Mr. Morgan and his associates. Turning
to the Bankers Trust, Mr. Untermyer asked Mr. Baker if he
could not tell the Committee why "this solvent and pros-,
perous trust company was put under a voting trust"? This
elicited the following:

My principal individual holding is 4,600 shares of National Bank of
Commerce stock. I own fifty shares of Chase Bank stock in addition to
what I hold through tho First Security Co. I hold 1,500 shares in the
Bankers Trust Co. in addition to the holding through the First Security
Co. I hold 1,000 shares in the Guaranty Trust Co. and 250 shares .n
the New York Trust Co. I have no holding in the Liberty National Bank
and am not a director there. In the Farmers' Loan Co. I have 100 shares.
I own 300 shares of the Astor Trust Co.

The examination yesterday was relative mainly to Mr.
Baker's directorships and his interest in coal-carrying roads.
A request by Mr. Untermyer for "a record of the promotion
and syndicate transactions of the First National Bank and
the names of those with whom those transactions were in
joint account" brought forth at first a refusal from Mr.
Baker, on the ground that this inquisition was an intrusion
into the private affairs of the bank, but he finally consented,
subject to the authority of the directors, to give the committee
a statement next week of all syndicate participations of $500,000 or over. At yesterday's hearing Mr. Baker testified
that the bank had available for investment $74,000,000, of
which $31,000,000 was out in demand loans and $25,000,000
in time loans and discounts. The bank holds $43,466,000
in securities and has gross deposits of about 8110,000,000.
—With a view to devising new currency legislation, public hearings were begun at Washington on Monday, before
the sub-committee of the Banking and Currency Committee
of the House of Representatives, of which Carter Glass is
Chairman. The committee is seeking the opinions of those
who are regarded as authorities on the currency subject, and
to this end invited their appearance before it. A. Barton
Hepburn, Chairman of the board of directors of the Chase
National Bank of New York, was the first to present his
views to the committee, with the opening of the hearings.
According to Mr. Hepburn, there are three cardinal defects
in our currency system—want of elasticity, want of a market
for credit and competitive rather than co-operative operation of our reserves." Mr. Hepburn stated that, while he
was committed to the support of the Aldrich plan, he did not
regard it as the "last word" in currency legislation. A central controlling influence, he asserted, is absolutely essential.
There should be, Mr. Hepburn said, great reserve reservoirs
in the business centres of the country, and these should be
under a general altruistic control—that is, under a Government influence. If necessary, he added, he would favor a
central bank with the United States Government owning
51% of the capital stock.
Victor Morawetz of the financial department of the Atchison Topeka & Santa Fe RR.,in giving his views to the committee this week, said:
I do not think it would be desirable or practicable to establish a great
central bank in the United States. The plan I would suggest is to extend
our clearing-house system; to require the banks in various clearing-house
districts to form divisional reserve banks. Only divisional reserve banks
should be permitted to receive as deposits the reserves of other banks.

The Bankers Trust Co. was organized some years ago by a dozen of the
most alert and active financial men downtown, in whom the people have
generally reposed a good deal of confidence, and they made a very prosThese divisional banks, he said, should be so conducted
perous concern. They were not Astors, nor were they Vanderbilts, but
as
to be always prepared to furnish currency to other banks
they put this stock together,and after making a prosperous company they
did not want to have somebody step in and buy It and they made a voting and their constituent members, and in easy times should
trust. Later on they thought they would buy the Guaratny Trust and accumulate currency in reserve for stringent times. In his
consolidate it, the same as we contemplated with the Chase Bank.
said:
Q. You mean the Bankers Trust Co. wanted to buy the Guaranty further remarks Mr. Morawetz
It is true that such a system of divisional reserve banks would not bring
Trust? A. Yes; and it was bought in their interest in that way. They
about so great a concentration of reserves or centralization of power as
proposed to put it, so it could be handled conveniently, in a voting trust.
believe it would accomplish
Q. Then you understand that the Guaranty Trust Co. was bought in the establishment of a great central bank, but I
all that would be desirable or necessary, at the outset, at least. If these
the interest of the Bankers Trust Co., do you? A. Yes, sir.
Q. From whom was the Guaranty Trust stock bought? A. I think from divisional banks are given power to issue currency, it will be essential to
have some central power to force a contraction when the situation dethe Mutual Life, part of it.
Q. Where was the rest of It bought? A. They must have bought it mands it.
from the Harriman estate or else Mrs. Harriman kept an interest in it.
Paul M.Warburg of the banking firm of Kuhn,Loeb & Co.
I do not know which she did.
of New York warned the committee against experimenting
Q. That voting trust of the Guaranty Trust Co. was kept a secret, was
with new ideas in undertaking the establishment of a new
it not? A. I did not know that It was.
Q. Do you think a voting trust for a great financial institution is a currency system, and urged the adoption of some plan alproper form of management? A. I do not see anything improper in it.
ready tried and proved. The chief trouble of this country,
Q. Let us see if there is not anything improper in it. Do you not think
the public has the right to rely upon the statement as to who constitutes he declared, was the decentralization of reserves and immothe board of directors as being a statement that they are really the selection bilizations of commercial credits. He recommended a sysof the stockholders and that they are running the institution? A.Oh, yes,
tem of centralized reserves similar to those employed in
unless that was kept a secret, as you say, which I never heard of before.
Q. Do you not think it would be wrong to constitste a secret voting trust, Europe. The scattering of reserves among a number of
putting the power in two men who come in the boara of directors from time divisional banks, in his opinion, would defeat the desired
to time? A. I am surprised if that was the condition.
Q. Do you not think that would be wrong? A. I should not do It in ends.
Leslie M.Shaw, ex-Secretary of the Treasury, assailed the
that way, but I think it was all done for a specific purpose, for the purpose of putting those banks together, and to facilitate it.
Aldrich plan at Wednesday's hearing. In reciting his objecQ. Do you not know the Bankers Trust has been under a voting trust
tions to the National Reserve Association, as proposed in
since 1903, since it was organized? A. I did not know it before.
Q. That was not done for the specific purpose of putting it together that plan, Mr. Shaw said
with anything else, was it? A. They contemplated that always, I think,
First, I do not believe it will accomplish what its friends claim for it.
for combining will same other companies when they gathered them
The,,t it will result in dangerous inflation of currency is probable, but I do




in.

JAN. 11 1913],

THE CHRONICLE

not believe it will produce an annual and responsive reduction in the
volume of currency.

Declaring that we have sufficient money and sufficient
currency to meet the demands of business under ordinary
conditions, Mr. Shaw asserted that its sole defect is its failure to respond to the extraordinary demands of commerce,
and added:
The relief, which must consist of some form of supplemental currency,
should spring into existence when needed, where needed, in any volume
needed, remain in use as long as needed and then automatically retire
with promptness. Lastly and equally important, this supplemental currency must be of a character identical with what is in daily use, lest its
very presence invite suspicion and disaster. There are many ways by which
this can be accomplished, but its accomplishment, of course, will relieve
the country from dependence upon Wall Street and it will relieve cities
of one hundred thousand or less fron dependence upon cities of a million
or so. It will be a financial emancipation, and for that reason, if for no
other, the big banks of the country will oppose it. What most of the big
banks want is the Aldrich plan, which fastens Wall Street control upon the
country for fifty years, the life of the proposed charter.

As a remedy for existing conditions, Mr. Shaw proposed
that the Government authorize national banks to issue unsecured currency to be guaranteed by the Government, to
the extent of 25% of their capital stock, not including surplus, in times of emergency. To force contraction after the
emergency ceased to exist, he suggested that a tax of 5%
be imposed upon all such supplementary currency uncanceled
after a certain date. Prof. J. Laurence Laughlin of Chicago
also appeared before the Committee and the National Association of Credit Men was represented by D. G. Endy and
Charles D. Joyce of Philadelphia, 0. J. Sands of Richmond,
J. H. Tregoe of New York and G. W. White of Washington.
—The United States District Court in New York on Thursday granted the petition of the Government for a permanent
injunction under the Sherman Anti-Trust Law against the
Eastern States Retail Lumber Dealers' Association, the New
York Lumber Trade Association, the Building Material Men's
Association, the New Jersey Lumbermen's Protective Association, the Retail Lumbermen's Association, the Lumber
Dealers' Association of Connecticut, the Massachusetts
Retail Lumber Dealers' Association, the Lumber Dealers'
Association of Rhode Island, the Retail Lumbermen's Association of Baltimore, the Lumber Exchange of the District
of Columbia, and their officers, directors, members and delegates. The Government's petition was filed in May 1911;
the complaint charged conspiracy to restrain inter-State
trade, in that the defendants sought to prevent the wholesaler from dealing directly with the consumers and established
arbitrary rules for buying, selling and shipping lumber from
one State to another. This, it was charged, was accomplished through so-called "blacklists" or "official reports."
The order enjoins them from continuing this practice.
The "Journal of Commerce" says the present action was one
of three civil proceedings and one criminal prosecution which
have been brought against the retail lumber dealers' associations charged with conspiracy by various means to prevent
the public from dealing directly with the manufacturer or
wholesaler of lumber. The decision, a unanimous one, was
handed down by Judges Lacombe, Coxe, Ward and Noyes.
—A writ of supersedeas was granted on the 3d inst. by
Judge Baker in the United States Circuit Court at Chicago
in the case of the labor union men recently convicted in the
dynamite conspiracy case. Bonds, fixed on the basis of
$10,000 for each year of sentence imposed on thirty-two of
the thirty-three men involved, and aggregating $1,070,000,
are required by the Court for the release of the defendants
pending the decision of the reviewing court. It is stated
that no appeal will be made by Herbert S. Hockin, former
Secretary of the International Association of Bridge and Iron
Workers.
—In accordance with the resolution adopted at the recent
meeting of the Investment Bankers' Association of America,
authorizing the appointment of a committee of five to investigate the matter of proposed legislation on the currency system, President George B. Caldwell has named the following:
John M. Nelson of Nelson, Cook & Co., Baltimore, Chairman; J. S. Tait, President of the Washington & Southern
Bank, Washington, D. C.; H. M. Blackmer, President of
the International Trust Co. of Denver; Sol Wexler, VicePresident of the Whitney Central Trust & Savings Bank,New
Orleans, and Oliver C. Fuller, President of the Wisconsin
Trust Co. of Milwaukee.
—J. Pierpont Morgan, with his daughter, Mrs. Herbert L.
Satterlee, sailed for the Mediterranean on the White Star
Line S. S. "Adriatic" on Tuesday. The steamer, which left
the White Star Line pier at noon, ran aground off Governor's Island and remained there for about six hours, proceedng:oniher trip in the evening.




101

—Albert H. Wiggin,President of the Chase National Bank
of this city, has taken over from the First Security Company
(the holding company for the First National Bank of this
city) 15,000 shares of stock of the Chase. The latter has a
capital of $5,000,000; the First Security Company is reported
to have held an actual majority of the 50,000 shares of the
Chase, Mr. Wiggin's purchase reducing the interest to the
neighborhood of 25%. The price figuring in the transaction
has not been made known, but, assuming it to be somewhere
near the last bid price of $760 per share, it is estimated that
something like $11,000,000 is involved. The following announcement relative to the transfer has been made by Mr.
Wiggin:
The First Security Co. has for a long time held a large block of Chase
National Bank stock. An opportunity to purchase a portion of this stock
was recently presented. In order to increase my own holdings in the institution, of which I am President and which is to be my life work, and in
order that my associate officers in the bank and the employees of the bank
might increase their financial interest in the institution, I have taken advantage of the opportunity presented and have purchased 15,000 shares of
Chase National Bank stock. I hope to identify more closely with the bank
important business interests who are now connected with us by offering them
a stockholding interest to a limited amount.

—Henry W. de Forest has been elected a director of the
United States Trust Co. of this city, to succeed the late
George F. Victor.
—Roswell Miller, Chairman of the Board of Directors of
the Chicago Milwaukee & St. Paul Ry. Co., was found dead
in his bed at his home in this city on the 3rd inst. He
had been at his office all day on Thursday. Heart failure is
ascribed as the cause of death. Mr. Miller was in his seventieth year. He had been with the St. Paul since 1883, and
President of the Company from 1888 until 1899, when he
became Chairman of the Board and assumed charge of the
New York office. As the head of one of the leading railroad
systems he was widely known and highly esteemed.
—Joseph G. Robin, who pleaded guilty on March 1 1911
to an indictment charging the larceny of $27,000 of funds
of the Washington Savings Bank of this city, was sentenced
yesterday by Justice Seabury to one year in the penitentiary
on Blackwell's Island. Clemency was recommended by
District-Attorney Whitman on account of his service as a
witness for the State in the prosecutions against William J.
Cummins and Charles H. Hyde.
—In the past twelve months the Chelsea Exchange Bank,
266 West 34th Street, this city, of which A. E. Stilger is
President, has increased its deposits from $1,922,439 Dec. 16
1911 to $3,304,906 Dec. 16 1912. The bank's surplus and
profits are $188,450, in addition to a capital of $400,000, on
which it is paying 6% dividends per annum.
—The new Transatlantic Trust Co., 67-69 William Street,
which opened for business May 22 1912, is making very
favorable progress. The company's annual statement at
the close of business Dec. 31 1912 shows its deposits to be
$2,663,254, surplus $343,512, capital $700,000, and aggregate deposits $3,706,767. Many prominent bankers are
directors. Julius Pimitzer is President.
—At a meeting of the directors of the Corn Exchange National Bank of Philadelphia on the 7th inst., William W.
Supplee, desiring to be relieved of responsibility outside of his
regular business, resigned as Vice-President of the institution.
Mr. Supplee remains as a director. Merritt N. Willits Jr.,
Cashier of the bank, has been elected to succeed Mr. Supplee
as Vice-President, and has also been chosen to the directorate.
Newton W. Corson, heretofore Assistant Cashier, has been
appointed Cashier. Mr. Willits entered the bank about
twenty years ago; in 1900 he became Assistant Cashier, and,
since 1910 he had been the Cashier. Mr. Corson has been
with the institution since 1900; he was given the post of
Assistant Cashier in 1910.
—John Stokes Adams, Trust Officer of the Merchants'
Union Trust Co. of Philadelphia, has been elected a VicePresident of the institution. He has also been elected a director to succeed the late Frank W.Paul. Heverin S. Reed has
been chosen Real Estate Officer of the company and Henry
L. Casselberry becomes Assistant Secretary and Treasurer.
—John C. Knox, Cashier of the National Bank of Germantown, Philadelphia, has been elected a director of the institution.
—The Real Estate Title Insurance & Trust Co. of Philadelphia has announced the election of Henry R. Robins as a
Vice-President, to succeed the late Henry W. Hall. Mr.
Robins is Title Officer of the Land Title & Trust Co. of
Philadelphia. He will assume his new office about Feb. 1.

•

[VOL. xbvi.

THE CHRONICLE

102

—The resignation of Norman W. Harris as President of
the Harris Trust & Savings Bank of Chicago was announced
on the 7th inst. While withdrawing as the active head of
the institution, he will continue to be identified with it in
the capacity of Chairman of the board of directors. Mr.
Harris has been succeeded in the presidency by his son,Albert
W.Harris, who has been Vice-President, and who has worked
with his father practically ever since the organization of
N. W. Harris & Co. thirty years ago. With the promotion
of A. W. Harris, A. G. Farr becomes First Vice-President
and Chairman of the executive committee. Bowman C.
Lingle, heretofore one of the managers of the bond sales
department, has also been elected a Vice-President. James
Simpson, Vice-President of Marshall Field & Co., has been
added to the directorate of the Harris Trust & Savings Bank.
Mr. N. W.Harris will continue as President of theNew York
house of Harris, Forbes & Co. and the Boston house of N.W.
Harris & Co.
—The First National Bank of Chicago and the First Trust
& Savings Bank of that city, whose annual report has just
been submitted by President James B. Forgan, again show
satisfactory earnings for the year on their average capital10 7-10%. The net profits for 1912 (all losses provided for)
of the First National Bank are $1,827,815, as compared with
$1,778,571 last year, and the net profits of the First Trust &
Savings Bank are $1,165,588, as compared with $1,094,974
last year. In accordance with the policy heretofore adopted
by the directors, there has been no division this year of the
profits of the First Trust & Savings Bank. In lieu thereof
special dividends equal to 5% for the year on the capital of
the First National have been paid out of its earnings. The
First Trust & Savings Bank has thus been enabled to increase
surplus acenunt from $1,000,000 to $2,500,000. If the
nings of the First National will permit it, this will continue
to be the practice until the surplus of the First Trust &
Savings Bank is equal to its $5,000,000 capital. In the
Jan. 2 1913 statement of the First National Bank, deposits

of $110,308,836 are shown, with aggregate resources of
$136,252,412. On the same date he First Trust & Savings
Bank rep9rts deposits of $59,456,357 and aggregate resources
of $67,150,276.
—Stanley Field and Frank D. Stout were elected directors
of the Illinois Trust & Savings Bank of Chicago at the annual
meeting this week. They succeed the late William H.
Mitchell and W. H. Reid.
—At a meeting of the directors of the Minnesota Loan &
Trust Co. of Minneapolis on the 29th ult., the surplus was
increased from $200,000 to $250,000. The capital is
$1,000,000.
—The Second National Bank of St. Paul was merged on
the 1st inst. with the First National Bank of that city The
consolidation follows the acquisition of control of both institutions by James J. Hill, the transfer to him of the Second
National having occurred in October, while the First Nationa
was taken over by him on Dec. 31, on which date the capital
of the First National was increased from $1,000,000 to
$3,000,000, and its surplus was raised from $1,000,000 to
$2,000,000. Mr. Hill is understood to have paid $335 per
share for the stock acquired by him in the First National
and altogether, is reported to have paid more than $6,000,000
for the ownership of that bank. The Second National,
whose business has been transferred to the First National,
had a capital of $400,000; the price paid by Mr. Hill for its
stock was said to be $325 per share. The Second National
had deposits of over $3,000,000, while the deposits of the First
National before the consolidation exceeded $11,000,000.
The following have been elected to the directorate of the enlarged First National: Darius Miller, President of the Chicago Burlington & Quincy RR.; W. B. Dean, President of
the Second National Bank of St. Paul; Walter Butler, of
Butler Brothers; and Albert N. Rose. They succeed the
late Frank P. Shepard, D. C. Shepard, E. H. Cutler and
H. E. Thompson.

PRICES IN 1912 AT THE NEW YORK STOCK EXCHANGE.
The tables on the following pages show the highest and lowest prices at the New York Stock Exchange
of Railroad, Industrial and Miscellaneous bonds and stocks, and also of Government and State securities,
for each month of the past year. The tables are all compiled from actual sales. Under a resolution of the
Governing Committee of the Stock Exchange, prices of all interest-paying bonds since Jan. 1 1909 have
been on a new basis. The buyer now pays accrued interest in addition to the stated price or quotation.
Previous to 1909 the quotations were "flat"—that is, the price included all accrued interest. Income
bonds and bonds upon which interest is in default are still dealt in "flat."
1912.
BONDS

March
April I
January February
May
June
July
I August I September' October I November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Lou High Low High Low High

Ann Arbor—lst 1995 gold_ _4 7918 8414 84 84 80 8012 80 8112 7912 8012 7834 7912 77 79 I 7814 79 79 8014 7612 7912' 77 77 77 7714
Atch Top & S Fe gen g 1995_4 99 9912 9938100 9938 9978 9918 9958 9878 9912 973.4 9918 974 9814f 9612 9738 9634 98 9712 08 9612 9778 9614 9712
4 98 9814 98 99 99 9912 9814 9918 9814 9834
Registered
064 9618
_ _ _ 0634 9712.
- -4 9114 9214 9158 9238 91 9178 9012 9114, 9012 91 9014 08 8914 9012 8-918 -Adjustment gold 1995
8918 8734 8834 8734 8814 8758 8818 8718 877
Registered
4 9014 91 91 91 ---- -86 86
4 9112 9258 92 9212 91 92 0034 9112 0038 lc" 661
Stamped
.
4 16.3-4 89 -6612 "ii" "863:1 8734 W1-4 88 8812 8734 8818 8714 -87-3-4
50-year cony gold 1955_ _ _4 10534 10838 10534 10638 10534 109 Ions 10958 106 10734 10514 10734 107 10814 108 11014 10712 10938 107 111 110678 109,2 105 10638
10614 10612 10734 10734
Convertible issue of 1909_ -4 ---_ 10818 10818
4 10014 10
Convertible 1960
--178
- 19118 101-58 10112 10414 10318 10434 102 1035
- 8 102 1037
1-0714 104 1-66-1-2 10178 1041g.
- 8 19312 1-04-4 10458 1-0018 104 10534
10-year cony gold 1917_..5 10718109 10734 10812 10734 110 10812 11014 10712 10814 10612 108 10734 10812 10814 11058 10714 10934 10634 111 110678 10938 10458 10712
Registered
--110 110
-56- 163-4
Eastern Oklahoma Div lst_4 96 96
-_ _ _
94 9514
96 90
Transcon Short L 1st g__ _4 9234 9318 93 1312 9318 9334 9334 -a-1 -934 .93-38
- -9234 -0314 92 9258 9218 0234 91 9238 9034 91 I 91 9114 9034 -6114
CalAriz 1st & ref 1962_ _4 y,
9978 10312 9934 100 0934 10012 100 10034 100 10038 993410014
110 Cf61-2 110 116.- Santa F Pres&Phen 1st g- -5 ---..-_-_-_109 10913 109 109 1 _ _ _ _
10814 10834 10814 10814 ---Atlan Coast L—lst 1952 g_ _4 9514 9612 9558 9678 95 9534 95 -9512 95 -9512 9412 9538
4
95 I 9412 9514 9412 9518 9458 9514 9434 9558 04 8 ViaAlabama Alid 1st 1928 gu_5 ___4
108 108
Bruns & West 1st gu '33 g_4 953 95
95 95
Lou & Nash coil 1952 g__ _4 9412 9534 9434 1512 9412 9515 94 943-4 9378 943-8 9212 9418 9378 0412 9334 9614 "6314 6112 -6212 9353
01 9213
Say Fla & W 1st 1934 g- - -6
1231812318
------Sil S Ocala & U guar g_ _ _ _4 97 97
97
_ 97 97 07 97
B & 0—Prior lien g 1925- _3;i 9134 93 9213 935-8 -92- -9-3-5015 631
8 92 03
4 -5118 92 -91- 91-12 91 9112 9012 9112 91 9212 91 9158 9012 if3-4
9114 91
91
91
9114 9158
Registered
33'i 9078 9078
0014 0014
_ 90% 9058 - Gold 1948
4 9734 9812 9812 9914 9778 99 98 9834 984 9812 977 1812 "o:it, 98 97 9814 9512 9718 9614
97 9758 97 973s
981g 9818 97 98
9778 9778 0634 9734
Registered
4
96 96
9612 0612 9614 9614
Pitts Junction 1st 1922_6 112 112
- Pitts Junc & M Div__ _3
8814 8814 99i8 8878 88 88 — — - 88 88 "8'6"
8718 8718 874 8718
8
8.3;
"87"1"2
9158 92
Pitts L E & W Va System_4
91 92
9114 90 16"-9114 9134 9058 9114 91
9033 8912 90 89 8934 8812 8938 89 8938 8818 89
9114 8958 -9112 91
Southwestern Div 1st g.351 91
9112 9118 9112 91
Cent0 Reorg 1st con '30.451
_
Cleve Lor & %V con 1st '33_5 11012ff01-2 1012 1161-2 ii6121-1-61-2 105Monon Riv 1st gu 1919 g 5
10378 104
1091 1091 10938 10938
Ohio Riv 1st 1936 g
5
Gen 1937 g
105
- 5

9114 9034 9138

11-11-2

904 9114 go%

107 1-6/1041210412 10214 10214

110512
.6812 ---- ----

91

_7_1_2 ..9
.
7 8812 8912 8912 8978 8914 8934 89 9012
10158 10158 99 99 10158 10158 101 101
-- - -_ -- - ---- -- -I 10834 10834
-- ---- -- - -- -- --001.2 901-2

Pitts C & Tol 1st 1922 g 6 1131211312
Pitts & West 1st 1917 g 4
9712 V7-12
--- Staten Isld 1st guar- _ —4
91
91
-- - -- 1117 11212 1121211213
Buff Roch & Pitts—Gen '37_1!
4
Consol. 1957
9714 197-14
10558 10558 105 10512 04
-- 1-0034
Roch & P cons 1st 1922..-6 ---115 115 111434 11434 112 112
11553 11-8-52
Buff & Stisq—lst ref 1951 _ _ _4 ____
--- --- Canada Southern6 10112 10114 10134 102 101 102 101 10114
1st extended 1913
10078 101 110034 101 10012 10034
5 1001210058 10058101 10038 10058 10014 10038 100
114 10
2d 1913
00
1318
2 10038 10058 10014 100% 100 10014
1945
5 11334 11334
11278 11278
Georgia-1st
Central of
i99:34 11012 19912 19034 10914 10934 19914 1-1-1-18 1091 10012 100141161; 10
Consol 1945 gold
-9
- T8 1-001-2
5.........
Registered
107 107
-5-1112 0112
Chat Div Pur mon '51 g 4 8938 61 01 91 --.1 9112 9112 __-Macon & Nor Div 1st '46 g-5 10714 10714




1093
.
4 111-1-8 1094 f6634
104 104 104 10412
---_
100 10012 100 10014
9978 10018
9934 100
1071 109

nit;
9012 0012

108

JAN. 11 1913.]

THE CHRONICLE

103

1912—Continued.
BONDS

May
August September
June
November December
October
April
July
January February
March
Low High Low High Low High Low High Low High Low Iligh Low High Low High Low High Low High Low High Low High

10212 10212
101 101
10278 103 ---101 10112
10212 10212
Central RR & Banking Ga__5 ---- -Central of New Jersey—
General 1937 gold
5 12134 12234 12214 12234 122 12214 12112122 12058 122 120 12034 120 121 120 12014 118 11914 11814 119 11818 11834 118 11812'
122 122 12014 12014 12014 12034 11034 11034 11712 11734 11814 11814
5 12112 122 12112 12214
Registered
1061210612
2
10458 105 10514 10514 10534 106 105 f65-1106 106
Amer Dock & 'mot
5 107 107
10212 10212 _____
5
Leb & II R guar 1920
165 166
100 100
i5O- 100
Lehigh & W-B Coal 1912_ _5
166- 1-66N V & Long Brch gen '41_4
-Central Vermont—gu 1st g 4 90 9034 9118 9214 9112 9218 -9112 9175 - 113 0134 - 114 9113 9112 914 9113 9178 91 9112 -661-2 -if- 8973 161-2 89 8013
Chesapeake & Ohio—
Gen fund & impt 1928_ _ _5 10312 10412 10312 10312 10312 10312 1023410234 102 102 1021210212 10312 10312 10112 103 10178 10178 10312 10312 100 10178 991210o
1st consol 1939 gold
5 111 11112 111121113,1 10912 11158 1101211114 11012 11114 10914 11012 10912 11012 109 11012 109 10912 109 109 10918 110 109 10934
11114 11114 110 110 11033 11038 111 111
10938 10938
Ro.gistered
5
9912 100 -663.8 9912 9938 9978 99 10014
43
10114 10112 10112 103 10058 10158 10014 101 10012 10118 10018 1003.1 9978 10038 9912 100
General 1992 gold
9338 9334 93 94
9234 0314 0278 0312 9314 94
9338 94
9212 9314 92 93
Convertible 1930
43-i 9234 0312 9258 9312 0234 9312 9318 94
8718 8718 89 89
------- 88 8812 86 86
8618 8618
88 88
Big Sandy 1st 1944
8614 864
4 88 88
85 85 8812 8812
__---Coal River Ry 1st guar_ _ _4
---10154 10;13-4 _
------Craig Valley 1st 1940 g
5 ---- -- ---84 84
----Potts Creek Bch 1946
4 8634 8634
06
057
3
-5512
9512
06
9
3
12
913
4
95
9214 -9214 -95 - ____
95
92 92
R & A Div lot cons 1989 g_4
-661.2 -9-612
4
2(1 consol 1989 g
71707
71
72
71
7114
70
7012
70
7018
71
7018
71703
4
-667
s 67
6812
7212
19
.70
71
707
-3-4
7078 7114
Chicago & Alton—Ref '49 g-3
6812 6812
3
Registered
6512
-65f2
6512
6412
6412
6212
64
12
6514
6338
6412
65
6312
6114
63
6014
6158
-6034
64
65
6434
6512
6512
0312 6514
Chic & Alt Ry lst'50 g--3 M
33-i 604 6334 ---- ----- -Registered
---- -Quincy—
Chic Burlington &
4 ---- -- 9934100 100 100
9918 9918 9918 9934 99,
9958 100
9918 9912
9934100
100 100
4 100
Denver Division 1922
8712 88
85 8512
87 8734 87 8712 87 8758 87 8738 8714 875s 8518 874 8334 8512 8434 8518 8514 86
Illinois Division 1949-3 M 8712 88
_8512 8512
3/2
---- -8614 8614
Registered
4 0078 10018 9914 10012 9912100
9738 9812 9712 985
99 9934 -68-13 -9-9-14 0812 9034 9914 9958 99 9938 98 9814 977g 99
Illinois Division 1949
4
97 97
0858 9858
9912 9912 9914 9914
a' Registered
105 105
8
- -- 105
10478 10478 105
---- -- 10478 10478 105 105 10458 10478 105 105 long 1-68-1Iowa Division 1919, s f-._5
99 99
9814 9812 9812 9812
4 9918 9918 9914 0938 9913 9958 9914 0958 9012 9912 ---- -- 9911 0914 994 994
Iowa Division 1919, s f
9612
9612
9612 9612
963
4
98
4 0834 09
96
,
4
98
973
4
08
995
8
9334
99
0858
0834
99
99
973
4
Nebraska Ext 1927
9812 9834
9734 9734
Registered4
9658 9658
---- -Southwestern Div 1921
4
--- 9834 9834 -9834 9834
9938 9938 9912 9912
Debenture 1913
5 10078 101 10118 10158 101 10114 651.2 161.- 10012 Rif 10012 10034 10012 10012 10038 10058 ---- - - - 10018 10018 10013 10018 9978 100
General 1958
4 0634 9714 0633 97
0534 9612 9573 9612 0578 9614 9534 0618 9538 9612 0512 9578 9412 9534 9478 9512 9412 9538 9418 9514
Chicago & Eastern Illinois—
Refunding & impt 1995 g_ _4 8014 8112 8012 8114 80 8058 7912 8014 80 8012 7978 8012 7812 80
77 774 77 7711 7718 7714 7712 7812
7712 78
11912 11912
1st consol 1934 g
6 124 125 12434 12434 12412 12412 12334 12412 123 12334
122 12214
General consol 1st 1937
5 10014 11118 110 110 109 10934 109 109 10813 109 io5- 109 107 108 107- 113 167- 107 10612 107 107 107 107 107
10914 10914
5
Registered
---- ----Purchase money 1st coal_.5
98 98
9712 98
_
---6612 1-091-2 10812 10813 10812 10-85-2
10634 1-6(;14
Chic & Ind Coal Ry 1st__ _5 109 1-9-6- 6512 1-901-2
-76 77
8 7078 81
8212 83 -8114 1237053 80
Chic (it West—lst 1959_
7712 79
7714 7934 77 7734 77 7712 75 7718 7634 80
4 8233 83
27
03
14
2 12
10
814
Chic Ind & Lou—Ref'47 g_ _6 12734 12912 129 129 128 12834 11
4 12712 12812 12612 127 12513 12534 125 125
---- 12414 12412 12434 12434
---- 11012 11012 11012 11012 10934 10934
Refunding 1947 g
5
----9012 0012
---Ind & Louisv 1st gu 1956_4 8812 8812
-86 86
915 -0-1-5-8
Chic Ind & Sou-1956
4 0012 901,
0014 9114
- -58 1-90-58
Chic Mil & St P term 1914 g_5 10134 10134 10134 161-3-4 10112 1-61-3-1 16138 1-6138 10218 10218 10218 1-6213 1011.4 161-5; 101 10114 1005 1-664 i00
- i615C2 1-664 1001210034
9612 9712 9612 98 97 9314 9714 981s 9758 9858
Gen series A 1989 gold_ _ _ _4 0858 9918 0812 0878 9812 0878 98 9878 98 0858 9712 09
97 98
9712 9712 ---- --- -4 98 98
Registered
Gen series B 1989 gold_ _3 M 86 8678 -i-of4 8612 8578 8612 86 8634 8578 86 85 86
8413 8413 8358 8358 85 85 ---- -- 83s 8412
90 0034 90 9012 91 911? 9112 9112 9012 923s 90 9078 9058 91
00 91
25-year debenture 1934_ _4 9214 9238 92 9238 9134 9218 9012 92
-_ 10253 10334 1013410338 102 103 10278 105 10478 107 105 10634 10513 10638 1i0
0_6
53T4
4 11_06
667
:
4 1041210634
Con vcrtible 1932
10614 108
5
105 105
Chic & Lake Sup Div
108 10-8-3-4
108 108 1.65- 108
5 10834
Chic & Mo River Div
8 1156 1-66. 100 10618 10512103 1051 1-66 105 10534 10412 1-013-4 10412 10512 10412 10112 90414 1-64-1-2
5 106 10638 10618 10612
1-6e;5Chic 6c Pac West Div
9278 93 0212 9212 9212 9234 9212 9334 9314 9334
94 0458 0334 9418 93 9358 93 9314 9278 93
C M & Pug Sd 1st gen '49_4 95 9514 9458 95
10214 10214 10214 10214
103 103 10234 10234 1023410278
102 102
Dakota & at Southern— _5
---- 11134 11238 11178 11178 111 111 iii- 111
Dubuque Div 1st s f 1920_6 113 11314 11353 11358 113 11314 113 11314
10-134
1
64
3
1
---1919-5
10412 10412 10434 10434
- ---- ---La Crosse & D 1st
1.
0_ 6_14. 1061 1-6618 106 106
105 105 105 105
---- ____
Wise & Minn Division-5 10038 10-6:38
nioi41
-69-34
1920-6
1...??
11134
11134
---- ---- ---Wisconsin Val Div
11234 11234
10038 fO0-1-2 1003810012
-_
Mil & Nor 1st cons 1913__ _6
---- ---- ---- -- 101 10114 101 101
1913
43-4
Extended
10013 10018
---- ---- i2 167-7-8 10775 108 10734 1-67-78
g
10514 1-6i1-4 Ong 1-64-78 ____
- 10712 1075 1071 1-67-1.30434 1054
16558 1-0638
Chic & North West-1915_7 107
908 9658
Extension 1886-1926
---98 98
9612 904
9714 9714
------Registered
4 —
---_
-- - - -- - _ 96 96 ------General 1987 gold
3 M 87 87
8614 87
-8-6-1,-1 8514 Wig 85 -i5-3:1 8518 8578 8334 8518 8338 8414 84 8412 84 8412 8312 84
Registered
33-4
8412 8412 ---- -- 8434 8434
8634 8634
---- -General 1987
4 0734 9834 9778 9814 975 -9-8 - -9712 0773 9718 98
9713 98
4 9618 98
9714 98 96 9713 -651-2 -9-7 - 95 9712 9634 97,
Registered
4
---- ----- ---- ----- - 974 9714 - Sink fund 1879-29 reg
6
10934 10934 -------Sinking fund 1879-1929-5 ---166
10618 10618 105 10618 105 105
-- 166- ---- ---- 10512 10512
------- 10678
Registered
5
mos 10458 ---- ---- _-------Debenture 1921
10412
106742
4
5 6:13.4 10512 10412 1-65-1---- ---- 10414 1641-4 10234 1-6438 10314 104 __-101 nifRegistered
5
---- - - ---10812 10812
Sinking fund deb 1933_ — _5
10814 1-68-14
---- -- —
_
---- --12718 12718
Fremont E & Mo Val 1st_ _6
124
124
120 120
---1- 34 11
1-43H61'21-1-61-2
11213 113
11-518
- 108121081211515 11518 14
Milw L S & W 1st 1921 g- _6 114 1-1:i"
11112 11112 11134 11134
i65- 109 10014 10014
—
i6iC2 1-67-12 107 107
Ext & impt 1929 g
5 110 110 110 110
10634 10634
1 1634 11634
Mich Div 1st 1924 g
6
0358* 94
-55E8 04
—
9312 01
Mil Sparta & N W 1st
4
9314 0353 9212 9312 9212 93 93 9338 -627.8 -9-3-1-4 93 94
111 111 110 110 109 109
Winona & St P ext 1916_ _7
__-- -10734
10814
10814
1087
10853
10834
1087
3
10814
10814
167
lifq;
7
8
-34
1087
8
10778
&
Pac
10773 108 108 10634 10634
- - -Ry-1917 6
Chic Rock I
9234 9312
9578 0618 9558 0612 9412 9778 9413 9514 9412 95 9414 9434 9414 9512 9334 95
4 9578 0678 9534 0612 9512 06
General 1988 gold
04
0614
911 91
04
05
0534
96
95
9312
95
4
9312
Registered
- - 9338 9338
9514 9514
"
8-9-58
- "855-8 -8-9-3-4 8858 8918 8813 8914 8713 885 87 8734 8718 8758 868 8712 8612 8738
4 8018 0034 90 0034 80 9018 "
Refunding 1934 gold
00 00
4
8014 8914
- Registered
-03 9458 94 9412 91
9173 9218 91 9134 -6i38
94
- 9212 -f-361-4 917 89 9014
20-year debentures 1932 5
---9712 9712
Colfat trust Series K 1913_4 ---- -------- -814 -Ws 6578 6812 -oi- -6-6-38
- -54 7112 7314 7154 7314 -7158 727 i2f4 7318 -6/ -7-2-1-2 -6-'712 6-9-53 68 6912 6838 6914 51-8 -6-9-58
CR ItcP RR 2002
4 7234 7234 ---- -- 7134 7134 --------* Registered
6712 6712 ---8712 8712
9112 9134
0212 93
92 9214 ----R I Ark & L 1934
43.4 0214 03
---- 911 9113 -55- 901
11012 11012 110 110 ---10914110 10914 10914 108i2 1087
11012 11012
Burl C R & Nor 1934 g___ _5 11078 11078 11138 11112 -- -Choc 0 & U gen 1919 g5
ioi- 102
------107 107 ---- --1-66- - — ---- ____
Choc 0 & cons 1952 g_--5
10012 10114 ---98 9958
99 99 --Keok & Des Moines 1st__ _5 101 1"
- - 16012 1-61-1-8
0.1-- 100- 1-0-9-34
St Paul & K C Sh L 1st_ -43.
00 90
9112 9112
90 90,
9014 0014 8934 9014 8912 90 89 89
4 91 91
Chic St P Minn & Omaha-6 i2238 12-31-4 12314 124 .12278 124 12278 12312 12258 113-1?-3 12212 123 12178122 1211212112 12012121 1203812038 1203812038. 120 120
6s 1930 reduced to
33.4
894 8914
10114 1-6g 10334 104
Debenture 1930
5
_
- 10218 1-62-58 102 10213
6254 163-1-1 102 1-63-14 10214 1-621-4 1021 1762-58
120 120
Chic St P & Minn 1st g
6
- -- 123 123 122 122
12512 1-2-31-2
---16618 1-0-9-18 109 10914
St Paul ec Sioux City 1st g6 iii" 111 11118 1-1118 111 11138 111 111 11034 1104
— 1-64- '
io9- 109 i-69
---—
10812 10812
_16512 1-68-1-2
10712 10712
Chic 6c West Indiana-1932_6 108 10812 10812 10812
89 80
4 92 92
0134 021 9114 9134 01
9134 00 9034 9034 9034 8034 163-8
Consol 50-year 1952
8812 8812 89 89 90 90
Cin Hamilton & Dayton4M
101 101
m3810938-------2d 1932 gold
8614 87
1st guaranteed 1959 ------4
101 101 101- 101
Cin Day & Iron gu 1st g--5 10312 1641-4 104 104 - i55i2 104 10314 1-63-3-4 5212 1-62-1-2
— - -- 10212 162-1-3
8712 8712 --8713 8712
8634 8634 --------8634 8634
Cln Ind & %V 1st gu 1953__4
8634 88
104 104
10412 10412 i0
6.i
2i2 1-6
03
-- 104 10412
4-14
2
Ind Decatur & %V 1st g---5 - 9212
9214
2
38
9
3
--0
-- "
0134
"
9
"
9-0-1 19
03
1 14 19
03
q3s
9314
9212
9 112 9014 911 -9
9314
9012
g_4
9314
1—'93
9118
9112
02
St
92
Cln
Chic
&
9212
Cleve
_
92 9218- -------- 92l8 9213
9134 9258 91 91
---20-year deben 1931—.4 M ---- -9312 9334
----___
- - __----_ "9412 "
- 9318 9318 -- - — - 0-4-1-2 0358 9358
---4
Cairo Div 1st 1939 g
91 03 -- -- 00 00
91
___---Cin %V & M Div 1st
4 9014 9014 91
00 90
9112 9112 -6612 9-0-1-2 90 9012 91 92
9038 91
St Louis Div 1st 1990 g
4 9212 9312 9134 9314 9134 9134 0012 0012 90 0012 -8973 9034 90 91
-__—___
91
---- -- 01
---White W Val Div 1st
4
—
---9618 9618 9618 9712 9712 9712
C I St L & C 1st 1936
---97 97 - 9612 9612 06 97
- ---Registered
4
96 96
0718 1671Cm n San & Clcv 1st 1928
_-—
8
10718 10713
5
CCC& I cons 1914
-105 105
7 - -- 10512 10512 10512 10-5-1-2
Gen cons 1934 g
123 123
---12312 12312
6
9114 0034 9112 0012 0034 91
Pcor & East 1st cons 1940_4 9112 92 0112 "
8714 8778 8758 8978 -8534 60- 88 8814
9-11-2 91
01
Incomes 1990
45 48
35 3814 39 4678 40 4434 43 43
4813 49
45 50
-614 -4-614 4012 43
3812 40 -4
4 38 40
Colorado Midland-1st g
35 38
49 50
36 46
4518 47
49. 50
4 4912 5812 50 5012 42 5014 45 4914 45 47
45 4912 48 52




ioac210612_ _ 1-0-614_

-ia- -863-4 8513

1-6g1-4
101 101 10034 10034

104

THE CHRONICLE

[VOL. xcvi.

1912-Continued.
January February March 1 April
May
July
August 1 Septemberl October November December
Low High Low High Low High Low High Law High LowJune
High Low High Low High Low High Low High Low High Low High
Colo & South-lst 1929 g-__4 96 9612 0612 97% 97 9758 96 97 9512 9953 9434 9514 9434 9613 95 9618 9358 95 I 04 9158 9312 9114 93 94
Refund & exten 1935____434 9713 9318 9712 98
97 9712 9633 9738 9633 9678
1 965 9518 96
1 93
04 0518 9378 9413 9312 9112 93 9334
BONDS

Ft Worth & Den City lst_6 1121811218 1111311212 1111211134 1111211214 111 11213 ---- --10914 10914 109 10912 1081310812 103 108 106 107
__ ------___
Delaware Lack & NVesternMorris & Essex 1st 1914_7 --------106 106 10578 10573 10553 10753 --------10234 1051 10434 105 10438 10413 10634 10634, _ _
__ _ _
_ 10314 10314
1st cons gu 1915
7 1091 1091 1091 1091 10853 10853 10814 10814 10734 108 ----- ---- 10712 10712 10718 10714 10678 10678 10
-6
-34 1-0-634 10
-613 1-0-6-38 10538 107
1st refund gu 2000_3 3, ---- ---- ---- ----_ 90_
90
N V Lack & West 1st '21_6 1144 1414 --------1133.11133.1 1135 11-35 --------112- 1-1-21 11211-121 -------- 1111211112 --------1111311114 11012 fil-12
Construction 1923
5
1071 11 ---- ---- 10734 73 -------__
- ---_ ---------------------- ---10512 10512 105 10558
Term & impt 1923
4 ---------------- ---_ ----- _ ---- -----------98 98 ----------------9513 -9-6-12 9612 0612 ---- --_ 110 110
Delaware & Hudson10-year convert 1916
4 9712 9878 0814 99
08 9858 9773 9812 98 9814 98 9834 98 9812 9712 9812 9738 9734 9714 98
9713 9758 9634 975s
4 y, 10138 1015g 1013g 10134 10114 101,
1st lien equip 1922
8 10112 10112 101 10112 10113 10114 10118 10134 101 10114 _ _
_ 101 10113 10078 10078 10078 10078
1st refunding 1943
4 9853 99
9834 9033 9834 9012 9812 9918 9878 9934 9834 9934 9914 9934 9814 9913 9
-7
-12 -9-8-38 9818 9878 9714 9812 9714 0812
__ .. _
Registered
4
_- 99 99
9934 9934 - - - - - - -- - -- - - -2
- -9-218 90 9012 9013 91
9134 9212 92 9258 9
All, & SUS(' cony 1946 g_3 ,1,6 9114 9258 92 93
6612 -91 6618 -6612 96 -9-612 96 -9-614 88-12 -80
Registered
3
____ ____ _______
____
Renss & Sara 1st 1921____7 --.Denver & Rio Grande1st consol 1936 gold
4 8914 897 90 90 89 903 8
86 8818 85 851 84 8512 8514. 86
90
86 87 87 8812 8634 8712 8634 8714
Consol gold 1926
434 98 98 - ---------------- -------0813 9 1 -------- 975397% 9612 961 97 97 --------97 97 - 4
95 96 - --------0453 95 --------9312 16
Improvement 1928 gold___5 99 0812 9714 9912 ----------------_ ---- ----- 94
1871- -8-8-5
1
,1
1st & refunding 1955
5 86 891 8812 90 8838 89
61 8334 8514 8314 8334 81 83
8258 8334 83 8312 8214 8312
Adjustment income 1932_7 -------- -------- ------------- ---- ----- - ------- 101
_
Rio Or June 1st gu 1939 5 -------- ---------------------------------------_
10112 10113 161121-Oil, ------------------------109 166
8512 87 8512 87 85 8634 85 851
3 83
Rio G West 1st 1939 g_ __ _4 88 -8-8-1 86 88
1 831 821 827 8212 84
841
84
78 - --------80 81
79 79
81
81
Mtge & coif tr A 1943 g.. A 78
7834 80 -----------------------------------7878
__
787s
Detroit & Mackinac4 90 90 --------90 90
9213 9212 9212 9212 0212 9212 9112 9112 91
Gold 1995
01
9014 9012 9014 9014 --------87 87
Detroit Ter Tun 1961
434 100 10118 9934 10014 9034 100
9934 10018 9912 10012 9912 100 9912 9912 9812 9934 - - - - -__ _ 9812 9834 98 9812 9812 99
Dot T Cc 1-0 Son Div
4 6053 6012 75 75
---- 105 1-65.
Dul hlissabe & Nor-gen '41 5 -------- - 10619-0 --------1052310633
-- 1
- 66-34 10534 ----__
•
-_ ----_ 10413 105% 104 04-1 - -------10353
Dub & Iron Range--1st 1937 5 --------106 106 1061 1
._
_ 1051 061 ---10353 10312 10313 __ _ _ ____
5 --------107 107 ----- ------108
Dul Sou Sh & At1-1937
1-08. ---__
---- --------1051210512 -------- --------103 103
5
Elgin Jol & E 1st 1941
11034 11034 -- __ 110 110-_ 1218 112% -------- --------121-1-8- 11i121-1-8- 11714 11713 11614 11614 1161211612 117 117 ____ ____ '115 11-5-18 115 115 116 11-5
7 --------118 1185g 117
Erie-lst cons 1920 gold
N V & Eric 2d ext 1919 g_ _5 10412 10413 10413 10412 10414 10414
3d extend 1923 gold-434 -- 051-41-0-514 105 105 ---- ___
51
4th extend 1920 g
ioii 1-63_
4 100 100
5th extend 1028 g
.._
NY 113 & NV-funding-7 ------------------------1161311613 1161-4 11614 1153-4 11534 - -- - -- - -- - - 1st cons prior lien 1996 g 4 88% 90 8812 90 8813 8912 8812 891 881 8 7 8934 90
-6
- -8-7- --91 -8-9-3 - - -9-0- -8
85% 813-6
-% -8814 8
-7
-12 -8-813 8
4
88 88
88 88 86 86 - ---4 88 88
----- 8813 8812 ----- --- --------85 85 -- Registered
-_
- - -- - 4 78
78 795 79 8014 7812 79.38 78 79
793 777 79
1st cons gen 1996 g
i8
-53 -ifi7834 7713 7814 7658 7734 76
7614 -77-14 7312 -jai.
4 -------- ------------_ 77 77
- ---Registered
89 8912 8913 9014 90 91
Pennsylvania coil tr 1951 g 4 8818 8878 89 89
9018 9034 90 9012 90 91
885 89
8913 90 8812 8912 8813 89
4 8613 87 8558 86
8614 91
90 0118 86 89
86 8634 86 87
50-yr cony ser A 1953 g
8614 8814 85 8834 81 8812 84 8512 81 84
7514
7638
4
7512
77
77 797 7914 8078 7878 80 7814 79
50-yr cony ser B 1953 g
7814 79
7812 7978 78 7934 7714 7913 7714 7814 75 7712
Buff NY & Erie 1st 1916 7 1083410953 110 11034 -------- 110 110
5 1121. 113 112 1131 1123 1133
11
1-12 1-14 112 1-1-2 113 113 11234 11234 112 112 --------11018111 11014 11014
Chic & Erie 1st 1982 g
5
Cloy & Mah Vail 1938
----------------124
g__6
124
_
1935
cons
iii
Long Dock
--------------------------------109233 12412 124'
- ------------------------------------ 124 1-21
1, ---107 107 ----- ----_ 106 106 16673 10678'____ ____ 16-738 1-0738 16738 1-07-38
___ ____ 16a
N Y L E & W-Coal & RR -6
Imp..6
Dock
&
W
____1001410014
N VIE &
---- ---5 --------------------- ----__
____ ____ __ ____
.105. 1-6i -------- -------- 1031310313
N V Cc Green L gu 1946
_ ---- ---_ ---- ----_ 103 104 - N Y SIMI & W 1st ref g-.76 103 105 --------10332104 104 16 --------1031410312 103 163 -------8813 8812 ----------------- -88 90
5 89 89
General 1940 gold
87 87 1 87 87 87 8'7
87 -8-7- 87 87 8712 -8-7-12 - - -- -Terminal 1st 1943 g
____
Midland of NJ ext 1940-5 -------------------- ------------ 1111211112
.
_.
_
Wilkes & East 1st gu g_5 1001 1001 102 102 001 1-021 16(1 1-66 10012 10112 6612 69-34 _ _ _ _ _ _ _ 9912 -99-34 106- 10-6 9034 9934 034 0034 9834 09
Evansv & Ind-1st con gu-6 ----- ---- ------------- ----_ --- -106_
12181218 111121111
Ev & T II-1st cons 1921 g..6 --------11231123
10178 10212 -------- 102 102 102 1(1258 10-2- 1-02 1
1st gen 1942 gold
5
Sullivan Co Brch
1st95 95
9
-7
-5 -9-83 97
Florida East Coast-lst _ _4 36 9
-7 -9-8
9634 91 96 -0'i 6638 9-034 --------0653 -6-6-12
-C 975 973 973 --------97 97 • 66 -9-7
---- -------- --------79 79 1 77 78
Ft Worth & Rio Or-1st g 4 811 811 ---- ---- ---__
76 7712 7712 7713 --------7713 7713 ____ ____
__
Gail & Hot 1882-1st '13 5 ---- ----_ --------0013 9013 9913 9912 100 100 - - - --------9053 9912
-6
-14 -9-6% i 96 9638 96 961 9512 -9-614 9514, 9578 9533 9578 9478 9558
9614 9634 9
9612 9712 9612 97
Or North-C B & Q coil tr_ A 96 9858 97% 98
9614 9612 9614 9612J 9578 9618 --------_ 9553 9558 - 4 9634 9838 9714 9758 9612 9718 9638 97
- 9518 9513 9434 9518
Registered
--1, 100 10012 903410012
1st & refund set A 1961-434 1003 1011 1011,101 10078 10114 100% 10118 10018 101 10058 101 10038 10034 10038 1034 1001 1001 166 1-00
__ 0812 9812 .9912 9934 9913 9912 9814 9814 __ _ _ _ 9
_ --------4 ----- ---St P Minn & Man 1933
981 ---- ---- --------075 9734 98 9813
12512 12512 12512 125% 1253.4 12534 _-_- ____ 124
-34 1-24-34 ------6
_
_ 12534 12534 ----------------12112 12112
1st cons 1933 g
6
Registered
___
I122 122
434 10512 10513 10512 10513 105 10513 10434 1-0514 10434 105 10453 10434 10412 10412 10358 10358 --------1033. 1-0334 104 10112 - Reduced to
-0753 0814 9714 93
9814 9712 08
97
9714 97 97341 9612 97
9
-5
-12 -0-0
961s 9618 06 90
9612 9658 97 97
Mont Ext 1st 1937 g_---4 98
----------------9613 0612 9612 0613
E Ry-Nor Div 1st 1948__4 9612 9812. _
97
_97
1-1-0
7 11 7 --------11514 1151 110 110 114
- --------11414 ,1
hlinn Union 1st 1922 g_,,_6
____ ____
- ------- 1271412714 127 127 - ------------ ---Montana Cent 1st gu 1937_6 ------------_
125 125 124%124% _ _
___ ---------------____ ___
1st guar 1937
- 1-0-9-_ ill!,11112 --------11013 11O1, 160
-- -- - -- ---- ---- ---- ---- ---- ---- - 5 - :._
_ ____
_ 55 -63-34 6118 -9-114 ---------02 -92
__
null 5c Ship IsId-1st 1952 5 95 -65-. _ 94 9413 02 0234 92 9213 02 95
1-locking Vail-1st cons g_4
- 18 10-1 100 101
-2
-141-0-2-5s 101 1-03- 101 102 1,31 10173 100
-2
- 10-258 10
10178102% 10
093410134 1001310178 100 101 100 101
Col & Hock Val 1st est '48_4 ____
_ ____ ____ ____ ___
92 92
____ ___
___ ____ ____ ___ 62 -0-2
1
Col & Toledo 1st ext 1055_4 961 -9'6.
Houston Belt & Term-1st_ _5 ---- ----_ 0913 -9-91 --------99.34 -9-3 6653 - 934 .3 --3 ---------9953 I6512 1-6614 ----------------10014 10014
_
Illinois Central-lst 1951 g_4 --------104 104 - ------------- -----_ 102121021 ---- -------------- ------10153 1015 --------10034 11102 102
-------- -------------------------------- 9213
1st 1951 gold
353
Registered
-0
- 1-0-0- 99 99 --- -- 9
Collateral trust 1952 g____4 ____ ____ 1-0
-9-i4 -9-958 9'112 -9-8- 1)8-14 -9i14 --------09 -6612 65 -66 081a 9818 -------Registered95149514
.4- -661-2 -5Oill -665-8 . . O58 -663-8 -58f4 -66- -58- -66.1-8 -68i2 -661-34 -94- 65 -9-5-12 9378 0534
4 0
9
-3
1st refunding 1955
4 "6.54 -6i3-4 -93- -0i12 93 94
Purchased lines 1952_ _33'I 8613 8618 8614
4 99 9912 9838 99
£181.4 -9-9-18 6i -08-14 ;i1.8 -9-7-34 ofili.2 -9-7- Oa 91.' 9..534 L N 0 & T 1953 g
9534 9.;12 V(i 68 -9-534 9514 95% 9534 06
Cairo Bridge 1950g9453
0473
_ 7518 7513
__ _ _
_ ____ ____ _ _
_ _ _ _ _ iii2 7-312 _ _
_ _ _
-- - Litchfield Div 1st 1951-3 ---- ---_ -- _
86 -8-0 8.-718 87-18 8633 SI __-- ---- 8
Lou Div & Term 1953 g-9 34 --- _--- 8413 -8-5
-5
.78 -8-6- --------85
-- -8-512 8- 5- -85- - - - - - - - - ---- ---Registered
331
Omaha Div 1951 g
3
St L Div & Term 1951 g_ _3 ------_ ----------7513 751
._ 8534 -8-5-34
_ _
_ 8613 8634 ----- ---St L Div & Term 1951 g_3
8512 -id
i8553 -i5-33 8512 -8512 8512 -85.12 512 -i512 - - -- - - - - ---- ---0213 03__West Lines 1st 1951 g___A 9696
-- --- ---- -- 9614 9614 96 96 _ _ _ _ 9412 9412 ----------------93 93
_
_ 513 id
-- ---_
__ 9412 9412 ____ ____ ___- --_- ---- --__ ---- ---_
_
Carbon & Shaw 1st 1923_ _4 _ _
-121-1-ii2 _-- ---- 11418 11-418 1133.1 11334 - - -_- --_ 114 114 113%113%
Chic St I & N 0 1951 g__5 1i.(-3 116 ____ __ ___ ____ -1 -14
Memphis Div 1st
Ind Illinois & Iowa-1st g4 5i7
/8 -9-6 68i8 -65'18 58 -68. 5i -64.12 65j2 -6i 5258 13-38
94 91
- -- .38 1-67 107 1-64 167 1-67
- 108 108 108 108 108 108 10813 1-08-12 10812 10813 iii . 1-68 i66
Internat & (it Nor-lst'19 g 6 108 108 1081210812- -9513 9512 98 98
98 100 9913 9912 98 99
5 102 102 1011210219 161131-01-13 101 10158 101 101 100 100 100 105
Iowa Central-1st 1938 g
58 61
6512 6478 6512 6434 66
6012 61
61 63
6513 63
Refunding 1951 g
6213 63 64 65 62 64
4 6512 6612 63
lames F & Clear-lst 1959 4 9412 9413 9414 9413 9414 9414 - _ ____
_ _
__ _ _
- - 91 94 _ _
7218 72 2
7214
7212
--7334
7334
7214 7234 i273
7312
Kansas C Sou-lst 1950 g 3 7314 74
- -- - 72 -7314
64787134 7238 72
6-313-14 737312
7312 74
-- 7178 72
Refund & improv't 19505
_
0973 10014 9973 100% 9914 9978 9834 9058 9812 9834 98 9834 9734 9814 9712 9814 9612 98
9734 984
9714 9818 9734 98
9612
97's
965
8
9718 9788 9614 0814 9612
- 9714 98% 9712 9734 9934 9712 93 9814 98 .98
Kans City Term-lst 1960_4 9753 9813 9812 9858 - - 8 10912 10912 109341003 1
Lake Eric & W-lst 1937 g-5 1081210912 110 110 16618 1097108 1071 108 1071 0' 1 10634 107 1063410034 1061210712 1061310612
10414
104
10414
104
104
10414
10414
2d 1941 gold
- ------------------10414
_ ------__
__ 104 104 - ------ ---- ---- ---- ---5__ 105 10514 6:114 10414
,
_ 10512 1051,
North Ohio 1st gu 1945.g_ _5 _
__
_-• - - - Lehigh Val (N Y)-1st gu-43'.i 165
105 10518 16
-5-14 1-0-514 10514 106 - i681-41-0-53, _ _
1-6
.
5 16-i38 f6432 --------104 1-0i12 10378 10114 10312103 2
14 1-0-514 10
10412 10412 16;i12 10412 -- ---- - Registered
---- ---- ---- -434 -- - ---- --- - -- - - -Lehigh Val (Pa)-2003 g__ _4 ____ ____ ____ ____ __-- ---- 97 97
0814 981 _
1
-_ 68
-0"
6i12 -9512 9018 96't - - -- - - - - - --- -_ 11311131 114 114, - ---- --------- -----_ ---------113 113 1091311214 ___ ____ ____ ____
Lehigh Vol Term-lst gu g-5 -Lehigh Val Coal-lst gu g--5 -------------------- --------- ----_ ---- ---1612 1061, ____ __ 10612 10612 --,- ---- ---- -_ -------- 108 0
Lehigh & N Y-1st gu '45 g_4 --__ ____ ____ ____ 9378 93% --------9413 948 93 93
guar
103
__
____
1914___5
__
_
_
103___
C
&
N
Elmira
. 11014 11038 ii0
. f1-6 ii6 110 -- -10_
-34 11-0 ____
Long Isl-lst cons 1931 g__5 109
ii-6 1061410614 --------109 109 10834 10834
. 94 94
_
__ __ __ . _
_
9614 9614 _
4
1st cons gold 1931
__
_
93
- -0-313:11-4 -9-414 9418 -9-414 6:113 -6-41,2 13414 9414 9418 9418 94 94
4 9412 9412 0412 9412 94 04
0158 03
General 1938 gold
98 98
434
Ferry 1922 gold
_ __ _ - ---- 9614 9614 - 98 93 ____ ____ ___ ___ _
9233 93
92 9214 93 93
4
Unified 1949 gold
-9-6 -------- 01 91 Oi
_... _
9513 9512 9312 9512 ...-- ------90
94
96
9'7
97
9413
9412
05
9513
9414
9533
94
93
4 93 96
9712
Guar refund 1949 gold
951
9633
9578
953
8
9614
-9-57937
96 903
103
1031210312 104 104 - ---- --- -- -------- 103_
N I( & Rock Bch 1st
5
------------------------1041310414North Shore Br au
i
5 1061210714
.




fo6.1.

--------

JAN. 11 1913.]

TIIE CHRONICLE

105

1912—ContillirCd.
January I February
March 1 April I
May I June 1
October
November December
Low High Low High Low High Low High'Low Mitt Low Higlv LowJuly I August September
High Low High Low High Low High Low High Low High
t
La & Arkan-1st 1927
51
_
__ __ 9412 9412 93 93 -------- ,- -------- 94 94 93 93 96
96 93. 9318
Louisv 6: Nash—Gen '30 g_ _6 11578 11618
1 1161 -117 114 117 115 115 113 113
137 11334 11378 11312 11312 11312 11312 11312 114 -----Gold 1937
5 11112 11112 -------------112 112 ----------------'1
__—
------ 1113411218 11034 111 11118 11118 Unified gold 1940
4 99 9912 991-4 -9938 9834 -9-9-12 99 9014 99 9958 9834 9018
98 -00 9718 9834 9714 98/2 9738 9814 9
-6
-78 -9-7-398i2
4
-95i4
Registered
4
----------.._
983 983
-----9818 9818 _ _
_ 9612 961
Collateral trust 1931 g
5 --------1091211012 1
-i918 11018 ---- ----_ 1085 1083.8 109 109 109 109 11
_ ----------------10738107
-0
- 1-1-0 -------1B 11 & Nash 1st 1919 g..,_G 111138
12
111
111
...,
- --------11053 11058 11012 11058 11012 11012 --------1101
8 11018 11012 11012
Lou Cm n & Lex 1931 0•_ _ _4 3,1 1043 1043 19 1-05 --------10418 1-05 10434
10434 ---- - --- - - N 0 & Mobile 1st'
1930 g_ _6 ----------------121_
--- ---- ---- ---- ---- ---- ---NO & Mobile 2d 1930 g_ _ _6 1171211712
Paducah & hlem Div 1946_4 ---- ---- 9514
_
__
St Louis Div 1st 1921 g...._6 ------------ ----_ ----------------113 113
--------1121
-- 21121. __
-- -St Louis Div 2d 1980 g
3 -__ ____ __
_ 6958 6934 _ _
__ 6918 6918 -- - - - 6914 6914 _ - -_ -- -- -69i4 0958
- -- --- -- -- - - -- -- — --A Han Knoxv & Cin Div_A 9258 93 9278 -9-3- 9234 93 92
.12 -9-234 02 9234 9218 9234
9214
9234
92
-62.1-2 9158 9214 9114 -62 -9-114 -62-1-2 -9i- -9-212.
Atl Knox 5: Nor 1st '46 g.5 - ___ __ . __ _ __ _ _ _ 1121211212 ____
_
_
_
-- ---Kentucky Central 1987 g_ A 64
-4
-18 9-478 9
-1 9478
-12 -9-5 9
- 94
-4
- 9-43 9334 9334 N 9-43 55 -iii
1 -91- -92- 921-2 -iiT4 ii1-2 -6ii. ii- -6112 9134
L & N & Mob & Mist g-431 ---- ------------10414 10414 -------- 1041210412 -------- 1043810438 -----_
... 1043810438 103121034 ---- ----1031210312
L& N-Sou-Monon joint_ 4 --------8012 891 8914 895 --------8918 8958 8878 89 - 89
Nash F & Shelf 1st gu g..5 10934 10934 ---- ----_ 1093410034 --------1091210912 - _ - _ _ _ _ _ 109 8918 66 -96 --------_ 9212 904 - - 109 _ _ _ _ _ - 10814 10814 10812 10912._ _ - ---__- -____
--- -____
—
NeW EC Cin Bdge guar-4Yi ____ __-_ ---- ---- ---- ____ ____ __ ____ ____ ____ ____ ____ ____ 10012 loo12 1_ 1_o_i. 1_1_0
.
.
1 ___-_ 2
- _ ____ ____
Pens & All 1st gu 1921 g_ _6 ----------------112 1-1-i
-- - -_
_
____
__
So & No Ala eons gu g_ _ _ _ 5 111 111 11118 11118 11078 1107 11034 1:167g 11078 11078 ----- ----10215
- --- 1-00
-18 _ _ _ _ _ _ _ _
---- ---- ---- ---- ---- ___- ____
Louis & Jeff Bdge--Guar g_4 -- ---_ _
Minn & St Louis—lst 1927._ _7 --------129 129 - ----- ---- ----------------------------------------------- 12412 12412 _ _
_ •_ _
_
1st consol 1934 gold
5 105 105 105 105 1112 105 102 102 10158 10134 ----------------101 102 102_
102-14 99 99 100
-14 1-0-0-12 9
-9
-78 1-00
-1st & ref 1949 g
4 6712 6978 65 65 6112 65 62 64 61 631 60 60 60 62 63 61
7
61
7 6
63 64 60 63
Des M & Ft Dodge lit gu_4 81 81
7914 7914 7818 7818 80 80 78 78 - --------7714 78 --------- --------_
_- --- 76 76
7934 7934
M St P & S SM—Cons'38 g_4 97 97
9714 9734 9734 9734 9634 9714 97 97 96 96 96 9514 96 9678 9E112 -9-6-78 9512
812 95 95 9518 96
M StP&SSM& Cent Term
4
lit Chicago Term
___ ____ ____ ____
Missouri Kansas & Texas1st 1990 gold
4 9612 97 9614 9678 9538 9634 95 9512 9434 9534 9412 9514 94 95 9458 95
9234 95 9238 9312 9238 9412 94 95
2d 1990 gold
4 8312 8113 8334 8418 8112 84 8112 8214 80 817 8014 8034 8012 818 808 81
80 8034 8018 8138 8038 81
7914 80i2
1st extension 1944 gold-- _6 ini
___14 102
___14 in21
___ 2 in2
___12 in]
___ loi
___14 1021
__ _14 101
___ 4 in2
___ io
_ _21_9 101 102 100 10158 100 100 9912 100 993 1003 ____ ____ __ _
__
1st & refunding 2004
4 80 8112 8078 8078 7878 8034 783s 7012 7712 7812 7712 78
77/2 73 7712 7814 7712 78 ----- ---- --------771
- 4 -7-8
General sink fund 1936-4% 8834 8914 8834 8014 8812 8914 87 8834 87 88 8712 8814 8714 8778 8512 87 8514 8612
853
4
8618
8512
8612
86
87
St Louis Div 1st ref
4
76 77
76 78 __ ____
_
____ ____ ____ ____ 77 7712
Dallas & Waco 1st 1940— -5 ---- ---- ---1053
8 10538
Kan City & Pac 1st '90 g 4 --------9012 -0-012 0012 0012 65T -01 --------91
01.- ----------------88 88
M'o K & E 1st gal 1942 g 5 10912 110 1095 1095 10958 10958 ---- ----108 1081 108 108 108 18 ____ ____ 10618 107 19558 1063 155 1-68 .....
_
Mo K & 0 1st gu 1941
5 10712 10712 ---. ----_ 106 10612 1053 1061 106 100 - --------105
--------105 105 -------_ 10334 10334 i0412 1-0412
IR K & T of Texas 1st gu it-5 10234 104 10112 10312 103 10312 ----- ----_ 10134 10134 10112 10234110114 10534
102 101 101 10014 101
101
9912
10014
10114
1001210012
Sher Shrev & So 1st gu g_ _5
10334 10334 __ __ ____ __ ___
____ --'____ ____ ____ ____ ____ ____ ____ ____
Texas & Okla 1st gu g_
5 -------- 10514 10514 10378103% ------------------------ -1 ------------------------------ ____ ____ ____ ____
10012 101
Missouri Pac 1st con 1020 g-6 157 1-0-8 10738 108 10734 10818 107 1073s 10634 10738 10614 10338 10478 1178
10534 10534 105 10512 105 106 10534 108 10512106Trust 1917 gold stamped-5 997810034 1001410034 100 10014 9912 100 09 9958 00 9912
933
4
9914
99
4
993
994
9934
9912 9934 9918 100_
83
4
100
9
_
Registered
5
_
1st collateral 1920 gold__ _5 993410034 991210012 96f4 99-12 9912 9-934 98 90 97-7.8 -9112 58
9
01
3
9
-9
-18
9
7
7
7
-18
4
-34
658
967
9
-7
- 12 -9-7-34 9
8
-7
-4 -9-7-58
40-year gold loan 1945-4 7058 74
7338 7414 7312 7514 74 7458 7212 74 7034 71
70 72 7014 71
7114 74
7138 7214 707s 72
70 7118
1St & ref cony 1059
5 8612 8958 87 89 86.34 89 8814 89 86 881 84 801 8414 8712 8434 8533 8434 8734 8712 88 8614 8314
86
8718
Cent Brch Ry 1st 1919 g 4
92
3 02
1 92
92 92 - -------_ 92 92 92 92
1)2 92 92 9212 9234 9234 9134 921s
Cent Brch U P 1st 1048...A ---. _ --------___
_
_ -------- 81 81
---_ __
_ __
_ _ __
_ . _
_ 75 75 75 81
Pac of Mo 1st cxt 1938 g 4 6512 -9512 ---- ---- 99 -96 96 -9-6 95 96
9412 -9i12 --------9234 -9-3- 93
- 18 -9-3-12 93 93
2d extended 1938 it
St Louis Iron Mtn Cc Sou—
I
e
Gen cons ry&I gr 1931 g_5
3 10 1
(1
1
1
3
1 1051
11055
1 105
1 104
1 104
12 104 10312 10412 10418 10434 10418 10434
Stamped guar 1931_ — _5 ----------- ---------------- --------------- ----------- ------104 104 - - - - - --Unifying & ref 1929 g...._4 7012 -82-3- 823 82-3- 81 -8-3
815
17 -811
80 '
80 '5 -71
.
80
7914 8134 8-1. 8-1-34 8
-0
-34 -82
Registered
4 78 78 - ----- ----_ 80 80 ---- -- ------ ---- _ ----- ------ --_ ---- _ _ _
_
Riv & Gulf Div 1933 g- -4 8212 84 8334 84 8314 84 83 -8-4 89 -8-4- 8518 -9312 9914 -93-34 93% 4 ii -93--80 8078 ____
8114 84 8312 -8-4- 8
-2
-78 -8-3-12
Verdigris Va 1 & W 1st 5
_
_
_
_
_
_
_
_ ____ ____
— 100 100
_
_
_
_
Mobile & Ohio—New 1927 g_6 iiIii4 lii. F25j40614 ii6-34 1-i63-4 H-Of4 ail,' iiiii4 lick, ii5 lids' i 1
- -9 1-19-38 --------1183
- 4 118-34 11712 118 i -1i18 1-1-8- i i8
-5, i18-58
1st extension 1927 gold
6 1153411534 11534 11534 __ _ ____ ____ ____ ____ _ _ ____ _— ___ - - ---- ____ _ _
_ __
_ _ __
_ 11258 11258
General 1938 gold
4
S6
-78 8734 87 87 8634 8-63
- 4 --------85 8-5- --------853
—4 -8-5-34 853-4 -8-5-34 8
-518 -8-5-78 8512 8212
Montgomery Div 1st '47 g_5 11011101 __ __ 11031103 --------110 110 1081210812 --------10734
_
10214 ---------------- 1071310712 107 107
St Louis & Cairo coil tr g_ A ---- ----_ ------------- ---- 83 83 --------8358 8358 --------82 8358 ---------83 83 8518 8518 8558 8578
Guaranteed 1931 g
4
____ ____
__
____ .... ____ ___ _ 9112 92
Nash Chatt & St L-1st '13_7 iii5i8 fai 10358 10334 1031210358 --------103
- —
103 10234 10234 10234 10234 1021 1021 10134 10218 1011i 101% 10118 10114 101.38 1-01113
1st consol 1928 gold
5 1093810938 1091210958
_ 19958 1-9958 1005810958 10012 10912 10934 10934 ----- ----_ 10978 10978 10938 10938 10912 10912 1071
2109'4
61073410734
McM MW & A 1st
National R vs of Mexico—
Prior lien 1957
43-1 0214 9212 9112 9212 9058 92 90 9012 8912 9012 89 90 89 90 89 9014 90 9018 87 8978 8812 8812 8578 88
14
Guar general 1977
4 8614 8614 85 85 8514 8612 8414 8512 8314 84 8212 8212 83 85 SO 80 78 8012 7734 78
7712 7953 7578 8014
National of Mexico—
Prior lien 1926 gold----4 M 100 100 --------00 99
4 7912 7912 79 80 7938 80 78 /814 78 /8 7734 /8
1st consol 1951 gold
7912 /912 7
:
- 712 -7912 --------78
1£4 --------777s -7-7-7
;
921 04 911 921 0034 92 03 9034 8914 90 8812 8912 8834 89
N 0 Mobile & Chic—lst '60_5 ____ ____ 94 95
8714 89 8713 8814 86 8776
8812 8812 ----- -------- ---4
N 0 Terminal 1st 1963
- 8778 83 878 8778 ____ ___- ____ _-__ 871s 8712 ---- --_- ---- ---- ---- ---N V Cent & Hudson River—
Gold mortgage 1997_..334 87 881 873 881 87 88 8612 8714 8612 87 87 873 8678 8712 8512 87 85 8614
1 83 86 87 8618 8812
Registered
334 87 87 - ----- ---- --------86 87 86 86 - -------_ 8714 8714 88 86 8414 8414 ---- ---- - --------8334 85
Debenture 1934 gold
4 9214 9314 9212 9378 9312 03% 9358 9614 9312 9412 9234 93
9214 9334 927 94 92 9314 917 92% 9134 9214 9034 9258
Registered
4 •
Lake Shore coil g 1998.. 334 8058 85 8234 84 8234 833 8158 834 8134 827 91 -8-2 81 81-38 9914 81- 7912 8618 7812 /958 7914 /978 79 -7-9
Registered
331 79 84 8014 81 81 8158 8018 8158 8034 81
79 81
79 7912 73 78 --------7638 7712 7714 7714 77 78
Mich Cent coil g 1908.-3% 783 821 7934 82 70 8018 70 801 781 80 791 793 7035 7934 ___ __ 78 79 78 78 78 7814 78 a.78
Registered
33-1 ----- ---- 7012 71
71 '3 7 - ---- -------- ---- 7833 7838 --------78 78
.Beech Creek 1st 1936 lal- -4 ----------- ---- ---- ----- ------___ -___ ---_ - ---------9018 908 -------------------------------- 98 4
16-14 984 -9-914
Cartliage& Ad 1st EU 1981-4
Mohawk & Malone 1991.-4
.i8 -82:58 -------- --------89 -8-6
N Y & Harlem 2000 g- 33-4 --------88
_ _ _
_ _. _ _
_ _ _ _ __
_ 8712 8712
_ _ _ 10634 107
Rome W & Ogd lit cons--S 1071410734 10714 10714 1618 10718 --- .
10634 160.3-4 106
-34 1-0-93-4 108
--34 1-0i -106
-34 106-34 -10638 1-0-6-38 106 106
Osw & Rome 2d gu
Rutland 1st coils '41___434 ----------------9712 0814 ------------------------------------ ----963 -0.1i3a iii 16. - - - - ---0 & L C 1st guar
4
St L. & Adir 1st 1996
----------2d 1996
-----1191211
91 2, ---: --.- -::: :- ---;
6
.
- ---- - - - - --,-",- - - -"-- - - -7
L S & M S gold 1997____3
89 89,8 8812 89,8 88 881 87. -88. 58.8 -8-1) 8712 -8-9- 8812 8-9-14 8
-7
-12 -8-8-1 8,4 8-8- ;a -8-9-18 8
-7
-7.4 -8-8- -8-9- 8
Registered
33-1 8714 8834 88 8812 88 88 - ----- ---- 88 8834 88 88
.----------------8734 8734 8718 874
8734 8734 -------Debenture 1928 gold ....4 9314 9453 9334 0414.03% 9438 9314 9412 9318 9358 9314 94 038
9458 9212 94 9134 9234 92 9312 9258 93 9215 9334
Registered
4 0312 9312
25-year 1931 gold
4 93 9378 9314 9-3-34 9
-9C4 9-3-58 93
-1-8 -93-38 93 0-3-12 93
- C8 -03-38 9
-3
- -0-3-14 9
- -1 12 -92- 92 03 9914 -99 99 93
- 1-78 -9-3-18 9
Registered
4027 927 928 9258
BONDS

--------

--------

1940
4
3 M --------8634 8634 9612 -8112 — —
1st 1952 gold
—
.
_ __ _
_ _.-- — --- ---- ---- ---- ---- 8534 8534
1929__4
debenture
90 0112 9138 9158 9034 9112 9012 -9-1-12 90 -9-0-12 893
-year
20
-- 9014 -9-614 8818
- 4 -92
-- 90
4--N V C & St L 1st 1937 g_ A 9978 100 1001,1 10012 997 10058
7 00
3 10
7 10
0 00 981 993 9712 -9938 9758 -99 9818 9918 99 9912
-99 9034
Registered
--_-9
-78 91
------------90 9014 ------------25-year deben 1931---3 Y,I 8
99.
-i4 90 8913
96 991-8 90------------89 89 _ ------------___
_ _ - ------9834883
--- - 8712
8 88 88
88 -88
8 100 10012 100 10034 993410058 993410014 991210014 9912 -9-93-4 9
West Shore 1st 2361 gu
4 100 101 100381007-818 9958 9814 99 98 9812 97
4 9778 981 08 081 0734 081 977 983s 97 98 97 98 98 9812 9731 9814 98 98 96 9718 9638 97 97 9814
Registered
9714
1916-5
-------_
_
_
N V C Lines equip
-------- -------- ---- ----------101
N V C Lines equip 1914— _5 ---- ---- ---N V New Haven & Hartford—
Non-cony deben 1955
4--------------------------------- -92 92 9118 92 9112 92 91 91 ----------------8912 891a
Non-cony deben 1956
4 9212 9212 93 93 0212 934 024 9253 9112 92 --------9153 917 9112 9112 91 9112 90 91 --------8913 8913
Non-cony deben 1947-3% 82 82
Non-cony deben 1954-..-834 82 82 ------------------------8178 -8-178 81 8112 --------80 80 80 80
_
_ ___ ____ ___ ____
Convertible deben 1956331 9218 9258 90 92 92 0314 9212 9458 9038 9238 904 9112 90912 9012 91
9034 91 __9214 --9212 90 90 86 6612
Convertible deben 1948-- -6 13158 13212 132 13212 13012 1321 130 11 129 12012 128 129/ 12814 12914 12814 1291 12778 12914 12778 1291 126 127 123 126
Registered
6 13115 13112 131 132 13112 132 - ---------120 13012 --------_ 1231 12812 --------_ --------12738 128 ----------1224 123
consol Rv non-conY 19544 0112 0112
tfar Rh' t Ches 1st
— ---- --- 9918 0918 ----------------09 99 I 99 99- 99 99 ---------0914 994 _ _
4
Boston & N Y Air L 1.;t
4 -------------------------------------9-31.
__ _ _
....,..—
. 91^ _ _
. _ __
_ _ __ -- ___....;-..
e,...• pd V i et 1 or.i fr..
A rei ,c11. r 1
cl'e 033. 9:13; _ _ __. C2• 90, (vil. 0:1to 9:211 -9-2 .8. 9
114 -0-212 9014 -0114 6114 -02-141 9212 -0212 --------




106

THE CHRONICTAF

[VOL. xcw.

1912—Continued.
BONDS

October
November December
July
August September
June
January February
May
March
April I
Low High Low High Law High Low High Low High Low High Low High Low High Low High Low High Low High Low High

NVNH& Hartf—(Concl.)
115 115
Housatonic cons g 1937__5
---- 114 114 115 115
9914 10018 99 99% -9833 -00- 9512 983s
9878 9978 9978 10018 9978 10014 9934 100
NY W'ches Cc Bos 1st- -4 M ---- ---9918 99% 9914 100
-__N H & Derby cons 1918_ _ _ 5 ---- ------_
___
----9912 9912
New England cons 1945__5 ---- ---81 8134
81 81
84 84
Prov Secur deben 1957___ 4 ---- -1- 95 -0212 931 9212 9312 92 92 92 92 92 92% 92 9412 9218 9412
N V Ont & W—ref 1st g- A 9418 95 .0&1-4 96 943 -147-8 -614 95 -6,
9212 9212
4
Registered
------- ____
8952 8958
General 1955
4
---98 98
99 100 100 166. ---- ---- 99 100
100l 10013 664 1-66Nor! Sou—ref 1961
5
--------• Norfolk & Southern 1st
.5 10212 10212
-_- 10234 10234
12518
____
8
1
12334 123%12358 i254 1234
_--Nbrfolk & West—gen 1931_ _6
126%1263g 124 12412
• ImprOvt & exten 1934 g_ _6
- --124 124
New River 1st 1932 gold- _6
N&WRy 1st cons 1996_ A 98 99 9858 99 9812 99 99 9978 9853 9014 9838 99 9712 9812 9612 9733 9634 9758 9614 9712 965 9734 96 97
9314
92 9238 9134 9212 92 9238 9112 9212 9134 92
9218 0212 92 9234
9214 93
Divisional 1st lien
4 9312 94 9312 0334 93 93% 9234
10-25year cony 1932 _ 4 108 11018 10712 110 109 11114 11114 11414 11112 11314 11014 11612 11334 11712 116%118 11514.117% 115 11612 11414 116 11134 11312
11612 114 117 116 117 116 117 11412 11634 ---- -- 11138114
110
111
10358 10858 10734 10914 109 11134 10912
10-20-year cony (rects)-4
Pocahontas C & C joint-4 92 9334 9312 94 93 9334 93 9312 92 92 92 9.218 91 9218 9078 9114 90 91 9012 91 8978 9112 90 92
10638 10638
_
Col Con & T 1st 1922
5
Scioto V & N E 1st gu g 4 0812 9812 9712 9712 9812 9812 95 95 9534 96'- 95% 96 96 9612 9612 9612 96 9612 95 95
North Pac prior lien 1997 g-4 9934 10034 9934 10034 0958100 9938 9978 9914 9973 99 0953 98% 9938 9738 9812 97% 9812 98 9812 98 9312 978 9838
9714 0778 07 978 9712 9712 9684 9534
4 9558 9912 9834 9914 9834 9834 0814 0918 9812 9834 0814 0814
Registered
6818 69 6734 6814
General lien 2047 gold__ 3 69 70 6958 7018 6912 7018 6912 70 69 6978 69 5914 6834 6014 6812 69 6814 6912 6834 6912 68
68
68 68
---__-3
---Registered
9513
-- -0418 -9-4-1;
__-9512
9512
96
06
2
96
96
9
'
6611
98
----66 4 -661-4
St Paul-Dul Div g 1996_4 ---- ---- ---100 100
-_----- 101 10112
Dul Short Line 1st guar.-5 ---6152 11538 11533 11434 115 ---11512
---- 113- 1-1-3-il5i2 1161-2
15 4
4 ---- ------St P Cc No Pac cn gold-_ -6
---- ---- ---• St P & Duluth 1st 1931 5 107 107 ---- -- ---- ----- ---____
102T8 1-02-1;
---f02
8
-35
_ 2d1917
---94 96
4 9234 9234 9234 9234 9234 923-4
1st con sol 1C:£8 g
,
4
iff111118
11114
8
-1111
-111
111
11112
11112
11134
11134
1111
11153
211112
-11134
i Nor Pac Term-1st gold_ _ _ _6
- -8214 9258 9178 9238 9112 92 9114 9153 9112 9112 91 91% 8912 9114 8934 9014 9034 9114 • 9034 9214 90 91%
2- -92-34
1C/re-Wash-1st & ref 1961_ _4 -67
100 101
--- -- 104 104
104 104 1o33410434
iPacific Coast Co—1st g--- -5 ---- -- 10312 104 1031210312
,Pennsylvania RR10138 102
10118
10018
10014
100
10014
10012
10014
10014
10038
101
101
10014
101
102
102
101
101
10014
10114
101
1st real est-.te 1923 gold_ _4
108 108 110 110
5
Consol 1919 gold
____
-191
.011
10232
10112
18
61
1
10133
--7
03
---10212
_
1023
1
102
4
8
4
I Consol 1943 gold
997 9078
9978 9978 9978 9978 9978 9978
1-66 098 166- 9978 100
• 10-year cony 1912 gold-3 M 9912 100 MO 1-6618 9978 100
4
-2 96-3-1561
95%
9718
9612
9718
9738
97
9778
0678
9738
97%
9714
8
073
9734
9734
9.712 9734 9714 9734
! 10-year cony 1915 gold-3'i 9634 9712
9738 97% 97 97
9712 9712
3•
Registered
'
10212
1014
-3102
102
101
10314
10212
103
104
10312
10312
10418
104
10212
10334
03
1
2
1
163
1031O3
10514
2
-1103
8
-778
103
4
Cons 1948 gold
103 103
4
---- 102 102
RegisterA
-_—
9973 9978 ---- ---- 99% 99% i66itt 1-00-1-8
-4
1 Alleg Vr;i gu 1942 g
"100- 100
____ _ _4
____
Del Riv kR Bcige 1st
100
100
100
9912
-6S1i
1
99
102
10173
99
—
102
102
ioi
1028
1017
Phila Bait & Wash 1st g 4
10112 10112
4 10112 10112 101 101 10112 10112
• Un N J RR & C gen
103 103-- 103 10212 10353 10213 1-6217,
10334
10314 10312 10312 10378 10318 104 1031 163
-3-4 103%1035g 103 1-6318 10278 10332 i62511
:PennsY1 Co—gu 1st
10214 10214
10158 10218
102 103
103 103
---4 54
---Registered
89
89
-------661.
2
9
8
4
1---- 3Y ---- ---Gu coil ctfs A 1937
88
88
89
---- -89
_
---- ----8"3:1 "
8
8834 8834 8834 "
3 M ---- ---- 88 88
Gu coil ctfs B 1941
9758 97%
4
,
99
8
975
---4
973
4
973
9712
--4
-3
17
3 ---• Tr Co ctfs gu 1916 g
------88 8814
------3M
• Gu tr ctfs C 1942
----- - ____
---- -3y2 8734 8734
; Gu tr ctfs D 1944
06
06
96
9614
96
9634
9618
9714
96
4
963
0634
9634 le;34
15-25-yr guar g 1931
4 98 98 98 9814 9734 9818 97 9712 9634
------- 9114 9114
Cl&Pitts '42 reduced to-3 M
9013
9018
--__
---9114
-1311-4 -911
4 9114
3M
Series C 1945
'
--_9112 9112
Erie & Pitts gu ser B g-3 ---- ------___
96-1; 9013
____
Series C 1940
'
---10112 16112
105
104104
10414
1ioi6f
104
10434
104
10434
• Or Rap 6: Ind 1st gu g 43
100• 100
P Ft W & Chic 1st 1912_-7 10114 101-14 101 10114
---101
101
---P Ft W & Chic 3d reg
7
1021210212 ---10134 10134
454
Tol W V & 0 1st A
• Series B 1933.--436
10518 165-3; 10414 1044
PCC&StLguA 1942-4 54 10614 f663-4 106 foi1-2 10512 1-661-2 10578 1057-8
10434 10434
10612107
Series B guar 1942_4 M 1063410634
9558 9558
---Series C guar 1942--- -4 M
97 97
9712 W 9714 -652 I7-1-2
9714
99
-65
97
97
4
Series D guar 1945
94%
8
953
___
.. Series E guar 1949-_ _3 14 93% 9318 9312 932
97 97
4
Series F guar 1953
97 97
-96- -664
Series G guar 1957
;•
11018 fl-Ols
5
C St L & P 1st reg
'Pere Marquette-5812 5812
_ 6034 6034
4
efunding 1955
59 59% 5012 5612
5238 5238
54 54
4
efund guar 1955
.
93 98
3
9958
---Chic & West Mich 1921._ _5
104 104
8
108- 108 ---- -- 108 1681
6
; Flint & P M 1920 g
96 06
9534 -0
9634 9634
9812 9812
1-0
5
1st consol 1939 g
97 97 _--- _--9712
9712
Port Huron Div 1st g
•
5
___
86 86
—
4 8414 8414 8458 84%
PV1Ippine RY-15t s f
1
113
113
11314
1133
11313
131
__-- -4
ts Shenan &. L Erie 1st _ 5
97
1-4 96 97
0812 9778 9812 9734 98% 9714 9734 9812 9712 06 .?6-3-4 -00;8 -9-i- -6538
.R ading—Gen 1997 gold-4 98 9812 -081-4 18-3-4 98 9812 977g
•--- -- 96 95
9633 96%
9734 98
-4
Registered
9612
-9—C 07
96
96
9558
9678 9738 9012
Jersey Cent coil 1951 gold-4 9712 9734 9712 0812 97 9712 97 97 9673 9713 —
95 95
---- -_
4
Registered
---8712
88 8812
8753
8
873
87
872
87
8712 8912 8713 8712
-ge- 161-4 ____
4
St Jos Cc Or Is1-1st g
11812 11812
St L & San Fr RP/ gen 1931 g-6 11878 11914 11912 11912 11914 1198 11938 1193 10712 10712 10712
104
101
10134
1O13
8
-54
fo
10453
10412104%
f67-1-2 1051 fOi1-8 108 1-0i
5 10712 10812 10758 10812 10712 10734 10712 10712
' General 1931 gold
_ 83 83 8532 8512
8412 85
85 85
—
4 88 88 88 88
ER—Consol 1906 g
9312
8134
8
837
8318
84%
4
833
8534
5 8818 8812 88 8812 88 8814 8734 88 868 88 87 8738 8634 8714 8312 8678 8334
Gen 15-20-yr 1927
100 loo
-- - 9934 9934
South western Div 1947- 7414
7614
4
271-7534
7818
76%
73%
4
773
7914
7734
7734 7834
79
7818 -7-0
Refunding 1951 gold-4 80 8134 8034 I1-3-4. 703 -8.614 -'75" /9.78 785
11334 11334 11278 11314 11134 11134
K C Ft S & M cons 1928 g-6 117 118 11758 117% 11714 118 1171211712 11534 11634 11514 11514 115 11534
26- 78 7834 7712 78% 7614 7714
1936 gold__ _4 80 8012 80 8038 80 8014 7934 80 7912 80 79 7958 7712 7912 77 18.1-2 78
7712
7712
4
Registered
•
1031210312
• KC&M RV & Bdge 1st_ 5
992 99 0911 99 9918 99 99
5 9914 9978 9934100 9978 9978 9934 9978 9.9:34 -663-4 -66.18 99-78- 9934 9978 9958 -1;9-3-4 902
Ozark & C C 1st gu
90 89 90
9114 92 90% 9114 9012 91 9012 9378 8934 9032 8932 8978 89%
St Louis Southwest—lst g-4 91 92 921g 9212 915 9212 9112 9218 8114
80 8012 80 80 8112 8112
80
81
80
8038
83
81
8112
8212
8112
817
81%
82
81
8113
4
803
4
2d Inc bond ctfs gold
81
80%
81
80 8034
80
8034
80
4 79 8173 8034 82 8112 8178 8114 8412 8134 8314 8114 8178 8038 8112 8012 8112
Consol 1932 gold
8614 8712 86 864, 86 87 86 86% 8558 8634 8138 86
8638 8634 .8612 87
7
838
612 87
San Ant & Aran P—lst en g 4 87 8734 8633 8712 8614 87 87
85%
861s
8714
8714 8714
87 8714
8712
Seaboard Air Line-1950 g_4
87 8512 8312 8573 8634 8518 8614
4 8734 -9-6- 8734 1812 8712 8838 8712 8758 8612 8712 87 8834 87 8712 8714 87% 86
Do do stamped
7512 7634 7412 76%
8134 78 7912 77% 7812 76 79
5 8212 8414 79 8078 79 8014 80 8138 7912 8114 80% 81 8012
Adjustment 1949
7634 70
79
79 78
77 7912
77%
81
7912
82
7978
81
7812
8112
8214
81
8112
813
8112
4
8258
81
83
81
4
Refunding 1959
---—_
---88
87
88
---88
Atl-Birming 1st 1933 g-- -4 88 89 8012 90 89 8912 88 88
--- ------------9312
------9312
9312
4
3
92
4
---Carolina Cent 1st 1949 g
104
51
,
1
------------iol
104
------Fla C & Penin g 1030
5 --- -- ------- -—
107
COY107
--107
------Consol 1943 g
10512 10512 1047 1047s
10833 1063g 10534 10614 _ ---- --100i4
Oa & Ala 1st cons 1945__ _5 106%1065g
---10512 10512
---165-3;
-Oa Car & No 1st gu g
5 - 105
----105
__-Seaboard & Roan 1st '26_ _5
-- 10618 10618
-- -9-6-8814 83% 8834 8934 -89
9014
90
91
8914
90
913
4
0014
6118
1,i
2
9
-18
12
9134
92%
9133
92
9212
9134
g4
Co—Ct
'49
coil
Pac
So Pac
9112 9112
91 91
4
Registered
9078
9312
9434
9411
9314
9312
94% 95 91% 9518
9534 9614 -6534 -.063 -6818 -6.63-2 6:4E8 .96
942 05
97
4 -664
Convertible 1929
_
---- -96 96
4
Registered
-5-9
-049514
4
943
9512
9434
913_i 96
94 9512
4 9612 97 0658 97 9618 9678 951-4 9-614 9534 963 9534 964 9412
Cen Pac 1st ref gu g
___
9412
9412 9412 9112 9112
4
Registered
9078
9012
8
907
9034
0078
9058
9014 9014 9034 9133 9058 9053 90% 9058
-i4 91
355 9012 9078 9034 9112 91 9114 -00•
Mtge guar gold
91 9114
90% 9058
---- 90 9012 91 91
---- 9278 9278
Through St L 1st gu g_..4
105 105 10434 105
---10312
10634107
10512
107
107
5
g
/st
A—M&PDiv
---S
, GH&
1043410434
Gila Vail a & N 1st gu g- _5
103 103
105 105
1-64-13
• Nous E & W Tex 1st 1933_5
__-- —
—
104 104
10414 1641
4
1st guar redeemable_ _ _ _5 —
•
10914 1661-4
11-6- 110 1-1-6
• Nous & Tex Cen 1st 1937- _5 9814 9814 110 110 iio9312 9312 -03;2 1i- 933 Wit;
94 94
9412 94%
9514 9514 9518 9513
4
General 1921 gold
105 105 105 105
—
2
Austin & N W 1st 1941-_ _5 1071210712 11371.21-071
4
3
-1
-1
1
4
1113
Morgan's La & Tex 1st- 7
10714 107-1-4
6
1st gold 1920 .
5
• ,Oregoin & Cal 1st

Refunding




JAN. 11 1913.]

THE CHRONICLE

107

1912—Continued.
January February
BONDS
May
April
March
June
August I September
July
October I Norember December •
i Low High Low High Low High Low High Low High ,Low High Low High Low High Low High Low High'1,ow High Low
High
Southern Pac Co—(Concl.)
I
So Pac Cal 1912
10018 10018
6'
------- -South Pac Coast 1st
4
0113 9113
0134 -01- 112 -61- .-9-1-1.-4 0038 .6-67San Fran Terml 1st 1950_ _4 91
8 -6914 -661
8 6612 -6672 901 -661-4 8812 9012 8914 8914 8938 8912 89 90 8738 878
Tex & N 0—Sabine Div__ _6
_ 1003410034
-- -—
_
Sou Pac RR 1st ref 1955_ _4 9478 0538 95 0538 9434 9538 94,8 9514 9473 9514 9434 95
9414 95 93% 9413 9314 94
9338 9378 938 -9418 93 9334
Registered
4 -95 95
9314 9311
Southern-1st 1994 gold-- _5 1071210814
-58 10734 10714
108 10838 10758 10813 10733 107-78 107 10758 1.0
106 10712 10534 1-6638
- 1f-l34 1-063-4 16458
- 1-66;
1-0611
4
Registered
5
107 107
_
104 104
Develop & gen Set A
4 '7834 7918 7834 7938 7913 7912 7812 7934 7838 7873 78 7853 781-8
78 79
7814 7918 .7775
78 79
-8 7838 7634 -181
;
Registered
4
79 79
---- --- Mobile & Ohio coil tr
4 8512 86 -8012 -8-718 87 8712 -37- -8-7-38
-8-i- 85 85 8518 8634 85 87 85 8514 8541 8578 8518 86
- 87 8738
Memphis Div 1st g_4M-5
g_10814 108.14 10914 111 — - -- - - - - - -- 109 109
10738 107% 108 108 10718 10813
- - - - -St Louis 1st gold
8834 90
8912 9014 8834 9014 89 8938 -45- 19-4 8912 8934 8812 8934 83 89
4 8852 89
8714 8712 8712 88
8712 88
Alabama Cent 1st 1918_ _6
_
-_
10514 10514
1-Atlan & Dan v 2d 1948__4 -8214 8214
_
E T Va Oa div 1930
7
8
1
10734
67
1-681
4 108 1-6i- 1077
5 16- 1-68-- 10814 10814
10612 10634
Cons 1st 1956 gold
5 11078 11158 11034 11112 110% 11112 111 11134 11118 11134 11012111 110 110 110 11033 110 110 10934 110 10918 10978 10914 10912
E Term reorg lien gold
10534 106
5 106 106
10518 10518
-- - ---Ga Midland 1st 1946
--_ - 6412 -6-4-1:1
3
6412 6112 64 64
---11234 11234
11273 1127
Georgia Pac 1st 1922 g
111 111
6 11258 11258
- _ ---- ---::::
16
09
3718
2109
83718
2
114 114
114 114 114 fli
115
Kmxv & Oh 1st 1925 g__ _6
--- ---- ---Mob & Birm prior lien_
_5 -------_
10512 1-651-2
---Mortgage gold 1945 __ 4
- ---77'2 7712
10112 1-0412 10458 10434 10414 10434 ---- ---- 1041-8 1-6414 10-112 1-644
Rich 6( Danv cons gold__ _6
10314 1031-4 -102- 1-6i- 104 104 10434 10434 ---- -- ---- -Deben 1927 stamped-5 ----------_
Rich & Mecklen 1st 1948_ _4 ____
73 73
10314 104 10234 fail8 1023410314 10234 10234 ____
5 ---Sou Caro & Oa 1st g
10214 10214 i4iT4 1-66•
4-5
Va-Mid Set D 1921
_
1033410334
---____;
5
Series E 1926
10534 10534
---- ---108
108
10814
5
10814
10814
10814
10814
_
1
0814
Gen 1936
---- --- - ji•2 10712 1061210612 10814 10314
Va & SW 1st guar 2003 -5
_
109 109
- 0012 -96.34
1st cons 1958-5 0612 9712 97 -4:41-2 0713'V7-3-4 9712 -971-2 -6/ 97 -6654 6634
Va & S
-64- 16- -64- -66- -64- -961-2 95 96
-4
90 00
NVash 0 & W 1st 1924
9312 9312
6 ---- --- 1051-4 1-63-1-4 10314 10312
103 103
West No Caro 1914 g
_
102 102
105 105
Terml Assn St Louis-1st-4
10334 1-0334
1121
4
1
1
2
14
1
1121
2
12
8
1
5
gold
-----112 112 11114 fin-2 1104 1-1-63-4
1944
cons
1st
--9534 96
4 9412 96
Gen refund 1953 gold
9434 9512 04 9518 94 9458 9412 9412 95 95
9458 9514
St L Merch Mtge & Term_ 5
_6
_ _9_6_ 106
10712 10712 _9
9518 10
96
614
5 1091. 1101 11018 116-2 10912 11038 6W8110 - 10814 1-66 lb/ i6i1-2 108 109 108 109 10638 10814 10614 10814 157- 1-671-2 164Texas Cc Pacific-1st g
2d income 2000
--- 50 50
5 -------50 50
50 50
49% 50
51
51 _
091
_ 10918 10912 10858 10858 10814 10814
Toledo & Ohio Cent—lst g 5 10818-4
1084 10814 10814 10814 10712 10814 10538 106- - 106 107 166
- - 1-66-12
West Div 1st 1935
• 10734 10734 10734 1-671
5
4 -103 104 10312 10312
General 1935 gold
5
03
103
131
134 19
iora- 1-6610334 10334
---- ,
58
- ---4 9214 9212 92 92
Kan & Mich gu gold
9134 9134 9134 92 - lilt -9-39112 9112
9114 9114
- - ---5 9312 9918 9814 99
2d 20-year 1927
9834 9878 9814 9812 9814 9834 -6812 -9178 99 9912 99 9914 9714 99 9812 9878 9838 9878 98 9834
Tol Peoria & West—lst g_A 0338 0338 9314 9418 9418 9418 9418 9414 9158 9478 9413 9412
937 9378 90 93
Tol St L & NV—Prior lien.. _3 M 8712 8712
8614 8614
- - 86 86
_
- _ 8518 8518 8
84
85
8:8 8412 8419 84 8412 ----- ---84
68
412 68
50-year 1950 gold
4 6778 6958 6514 6812 63 6512 6212 65
6312 60 63
61
5812 60
6014 62
61 6112 6012 6212 60 61
5134 53
Coll tr 1917 set A
4
71
7312
68 68
3 69
68 63
-------- 70 70
Toronto Ham & Buff 1st
4
-- 8912 9012 8934 8934 8978 8978
::) 18
89 89 I312
89 89
09
312
Ulster & Del—lst con g
10578 106
106 106
5
1e4- 16514 105- 1-6689
10
54 104 10414 104 104
89
5'8 10
1st refunding 1952 g
4 --8618 86's 8512 86
_
---- 10014 10078 16038 101 101 10214 10034 10178 100 10034 106T8 1-6912 9S78 1-001-2 987 995 9912 10014 9938 103
Union Pac—RR & 1 g 1947_4 10038101
9812 9912
Registered
4 9978 100 10013 10014 0912 10018 100 10014 101 101
9914 9914 9978 9978 9934 9934 9812 9812 9914 9914 9878 93%
t
4 1011210358 1013.110214 102 10358 10234 104 10158 10238 10114 10214 10014 102 10112 10334 10112 10414 102
20-yr cony 1927
12 10134 11312 95 10218
32
4 102
1
11
10112 10112 — 4 ---_
Registered
10112 1011?
4 97 9712 9733 9778 0678 9-734 -64- -9-718 96 -9-7- - 0613 97
1st & refunding 2008
9514 96 9538 9534 051. 9612 9538 9614
9612 0712 96 97
9534 9618 9514 9578 95 9578 9514 9531 9'134 9512 9358 9478 9112 94
Oregon RR & Nay con g 4 0538 96
0238 03 9234 9334 9278 9331 9113 9313
Oregon Sh Line 1st g
6 11318 11334 11338 11334 11234 11312 11253 11234 11214 11234 112 11234 11212 11258 11212 11334 111 11238 11118 11112 111 11134 11118 11114
5 111 112 111 11114 11014 11114 11012 111 11014 110
1st cons 1946 gold
,
8 11018 11012 11014 11014 110 11018 10858 110 10812 109 10812 109 10814 10914
4 9378 95
9334
Guar ref 1929 gold
8 9412 0512 9312 0478 93 9414 9312 94
93 9478 92 93 9134 93 • 92 9214 9112 92 9034 9434
Vandalia—Cons 1957 Set B_4
_
9658 9658
01 9512 04 . 94
Consol set B 1957
4 97 97
—_
9712 9712
94 94
9212 9212
-- _
9133 9418
Vera Cruz & Pac 1st 1934_434 ----------9134 9134
94 94
_
Wabash-1st 1939 gold
95107 -3-4 107 f6i1-2 107 10778 10612 167-1-2 10434 10734 106 1-6734 10612 107 105 107 105 10714 1053
5 104121072
1-67
_-- 4 10
--63-4 10414
_10534
2d 1939 gold
5 96 9814 98 9834 9412 100
9938 100 100 10012 9912 10014 90 100 99 9914 99 9918 98 9834
9812 9912 9914 100
Debenture Set B 1939
100 100 100 100 00 90
6
---- -— -.1
1st lien equip 1921 gold
09 09
5
9912 9912 100 100
99 9918 9918 991g
9834 9834
9814 9814
1st & refund 1956 gold---4 5512 5858 5534 5758 5638 5912 59 6538 6453 7112 6612 7212 68 72
67 7038 6812 7012 6612 6412 65 6912 62 6634
Cent Tr ctfs of deposit--- -----6112 6478 6438 7038 67 71
67 67
-- - 63% 6312
do
stamped
6234 6234 63 6614 a
6934
6512 66
6312 6312
- Enna Tr ctfs of deposit
5512 5512 5914 6112 66 6958 70 70
6512 6512 (34 64
stamped
do
58 6334 6212 6912 6418 6958 64% 6938 64 68
65 67
6
5912 6312
2 66
Det 6c Chic Ext 1941 g____5 106 107
10638 10612
10618 10618
107 107 1C
---C7
3t4 10
_
674
5:'
Des Moines Div 1939
4
_
------ ----Omaha Div 1941 gold --_33. 6812 6834 70 70 -'76187012 --- - ---- 7134 /1-3-4 ---- ---- 7134 7134 7114 7114 70- 70
75- 70
_ -6-9--oItTol & Chic Div 1st g- _ -_334 23 723 78 80 80 8312 ____
_
80 80 /
----- 8018 8018
Wab-Pitts Terin—lst g
4 -------- 38 30
3812 39
37 3914
34 -3-512 31
3014 161-4
32
20 30 1
3734 3934 3712 304 35 38
Cent & Old Colony Tr Co ctfs 39 4914 3712 40
32 3618 3134 3334 3112 34
29 3112 25 2934
30 3412 3013 35
39 4112 3734 3912 3812 3914 37 3914 3434 38
Columbia Tr Co ctfs
34
25
30
34
3178
3314
3114
30
3514
3314
30
28 /'
3112 3314
Col Tr ctfs for Cent It ctfs- -_
2934 33
30 34
30 3013 25 29 ,
32 32
- 3112 32
2
2
4
112 - 212 134 - -13--- - - --i"
2d gold 1954
214 3
2%
2
4
------2
238 178 214 218 3
Trust Co ctfs deposit-218 258 238 238 --- - - - - --213 312 2% 278 2
238
2
_
Washington Term! 1945_ _ _ _4 ---- 9718 9718
_
:00 100
-- - - - - - -634 87-38 -*-32 87
West Maryland—lst gold- -4 8758 -1918 88 8814 8758 8814 87 87% 3
8612 8678 86 86,
85 8534 8234 8514
4 85323 861 8514 86
West N V 6: Pa—lst 1937 g-5
--- 10734 10734 108 10834
--- 10734 10734
107 10734 10634 107
106 107
---- 106 10633
General 1943 gold
4 8812 82
8714 8712
8714 88
81
8658 8658 8638 8638 86 8612 ---- ---Wheel Cc L 13-1st 1926 g
5
-- 105- 165 10478 10478 104 10414 10412 10512
10412 164-1-2
10114 10312 10112 10112 ___
Wheel Div 1st 1928
5
99 100
1st cons 1949 gold
4 84 8538 8458 8518 8412 8514 8458 8512 8458 8458 8214 84
2
8278 84 - 8314 8314 8314 8414 8212 8212 8014
Winston-Salem S 13-1st
4
92 92
0212 93 9134 9134
91114 9114 9034 9034 9034 9034
03 -(-)2i4 03 8 0278 9314 9258 9318 -0114 -9-318 9114 93
Wisconsin Cent-1st gcn
4 9212 --91
92 91 9214 91
92
9112 9218 9158 9218
82194 -1-61
2
9112 9034 91
Suo & Dul div & term 1st-4 0158 9214 9214 9214 9214 9212 9112 9134 01
9012 9012 9018 91
91 91
90 90
,
8 89 90 ,
STREET RAILWAY.
Brooklyn Rap Tr-1945 g 5 103 103 10334 10334 104 10614 104 10412 10412 10412 10518 10558 10514 10512
_ 10312 10512 10312 10418 103 10312 10212 10312
1st refund cony 2002 g
4 8378 8618 8538 8578 8513 8838 8634 8814 8612 9058 8834 9138 9114 9434 9112 93
,
8 8912 9214 8934 9258 90 9278 8713 927g
Brooklyn City 1st cons-5 10112 102 10134 102 102 102 10178 10214 10212 10212 102 10212 102 10214 10214 10212 101 101 192 102 102 10212 102 102
B Queens Co & Sub guar- -5
9834 98,
4
- -B Queens Co & S 1st 1941_5
9812 9812
Brooklyn-Un El 1st g_ A-5 10138 103 10214 10314 102- 10258 10138 10212 10134 10212 10134 102 102 10212 10112 102% 10112 102 - 10112 10178 101 10112 10018 10114
Stamped guar
102
_ 10212 10212 10238 10212 10134 10218 102 10212 102 10214 10112 102 10134 102 101 101 101 101
8
4-5
4 10112
Kings Co El 1st 1949
312 84 -8518 -8-514
15-12 85 8534 85 8534
8612 87
_ 8312 8412
Kings Co El stamped git_A 8412 85
86 89
85 8512 3
8512 8512 86 8612 8512 8512 8312 8312
8518 8514 85 85
7
86 86
114 -85-13 85 86
Nassau Eke guar gold_ __ _4 78 81
80 80
80 8012 7938 7934 78 80
78 79
79 79
79 7912 79 7912
79 79
78 7814 7712 79
Conn RY& Ltp:-1st g___4% 101 1017E1
10134 10134
10178 10178
---43(
Stamped guar
10134 1-61-3-4 10112 10134 10134 10214 1013810138 10112 10112 ---- -- ____
1017
.
8 1-61-73
134 1-6134
Det Unit—lst cons'32 g 4 35 79 7934 --7918 7812 7858 76 7812 75 7612 76 7712 7512 7712 7512 77 74 7612
78
-58 -7858 7958 -4
-1Tt57
5 .......
Ft Smith Lt & Trac 1st
93 93
93 05
---------5
_ 10014 10014
Grand Rapids Ry 1st
100— 1-66'-------------5 99 99
993.4 9034 9933 9934 9938 99.8
Havana Electric—Cons g
9878 9878 03i8 961; 99 99 93 99 93 98
--Interboro-Metrop—Coll— 4Y 8012 8412 8214 8312 8278 8378 8238 8338 ---8134 8312 8112 82-12 8214 8313 8112 8212 8078 82 8034 82
8012 8112 77 8078
4M 8212 8212 8313 8314 8318 8314
Registered
-Interboro R T 1952 Set A-__5 10318 105 10412 1047 10414 10434 101 10478 104 10473 10412 1-0478 10458 105 104 10458 10312 10.434 10312 10414 10312 104 10234 10334
Internat Trac—Coll 1949_ _ _ _4
-- - - 78 78
9714 -66- -6614 -66- -641-2 -661-2 -6/ -6/14
Manhattan Ry—Cons gold--4 9614 97
9534 9418 0438
- 96 9634 95 9614
58 9312 9313 9313 94
- 9614 .-6678
4 9634 9712 9712 9818 97 9818 97 9758 9612 9714 97 9712 9614 9718 9514 9634 95 9514 9434 9512 9334 9412 9312 9334
Stamped tax exempt
9912 101 100 102
Metropolitan Street-1997 g.5 10134 102
------Trust Co ctfs of deposit___ 97 104 100 102 101 10353 9914 100 99 99 -001-8 09-18 ---- ---- ---- ---_
_
5812 5812 ........ 64 64
Refunding 2002 gold
4 ------ ------- ---- 62 6214 ---- -Trust Co ctfs deposit_ _
5712 6234 6014 62
6114 6114 ------5814 61
Trust Co ctfs dep stamped 5758 62
5914 61
---Refunding 1942
:14 80 8152 8012 8112 8034 8138—SCCNY
Railways
---Adjustment income
5 5414 5912 5438 5778 5434 5734 —See N Y Railways
Bway & 7th Ave 1st g-- _5 103 10334 10334 104 10312 10412 10318 104 10378 10378
1-6334
1-63-1-2
103- 103
103
-- 1-431;I
Registered
5 102 102
-- 101- 1-6i
Colum & 9th Ave 1st gu g_5 10112 10112
_ ioi- 163-18 102 1-63-3-4 1.0212 1-6212 10312 1-6212
102 102
103 -102
10112 10214'
---Lex Av & Pa Fy 1st gu g_ _5 102 10214 10258 1-6258 10234 103
102 10318 102 102 ----




108

[VOL. xcyi.

THE CHRONICLE
1912—Continued.

BONDS

August September October
November December
January February
June
July
May
March
April
Low High Law High Low High Low High Low High Low High Low High Law High LW High Low High Low High Low High

Metropolitan St—(Concl.)
74 74
341 Av 1st gu 2000 gold___4 80 80 -------------------------4 8012 8012
Registered
__ .-76 "8-6 76 7612 73 73
Cent Tr Co ctfs deposit _ 7818 8118 _
Cent Tr Co ctfs stamped-- 7612 8114 7632
-7-832 7012 7912 74 7672 7214 75 -'14.1- -7-5- 7212 7212 -ii- /4-- -'-73- /6- -74i4 /6-74- -7-4-- ---- -_—
ist gold 1937
4
5 1C1938 11012 log 11014 10314 10012 10914 10934 108 1.0912 ---- ----108 10853 ------ ----------10734 1073 1073 1073 iiri" 1-073A8514 8514
Met W 5 El (Chic) 1st
- - - - - --- ---- -641- -916- ---- - --- - --- --Milw Elec RY & Lt ref-_--4% ---- ---- ---- ---- ---- --__ ------ iii-2 -0-5i ___
10112 102 - --------102 102 102 102 102 102 10134 10218 10134 102
Minn St RI, 1st cons
5
_ _ . 86 86
__
_
New Orleans Ry & Light-4A 841 85 85 881 8514 8712 36 86 8612 8712 --------8714 8714
7734 7918 7814 7912 --- 7612 7772 7012 -7752
7778 -7634 -7813
7872 _-4 ---- ------------- 8012 8138 7978 81 7814 80
N Y Railways refunding
1 581 5518 5678 51 5614 533 557 52 5738
7 593
1
1
5
5312 58 5134 5512 5158 5418
Adjustment income
-- __ 10034 10034 10072 10072 ----- ----_ 10034 101
99 99
98 9012 ------- ------ -----5
Portland 1y-1st 1930
90 96
Portland RY & Lt—conv '42_5
__ ..._ _ _ __- _
_ io-8 168
- 105 106
1-66 i68 1768 _ _
5 i6514 10514 106 106 __ St Paul C Cable 1937
- 83 8-434 8134 -8314 8178 -8-6 8232 8272 8134 8234 81 82 8073 -62-13 8014 8112 7913 -6134
4 8478 86 85 857; 8412 -8-i72
Third Ave lst ref 1960
5 7578 8014 7512 78 7353 7653 72 7412 70 735 72 7434 7034 7412 7114 7214 70 7112 7058 7458 7278 7458 7212 7558
Adjust income 1960
Tr -City RY & Light-1st-r-5 98 98 9734 98 9758 98 9773 09 9814 99 98 983 98 99 9812 99 93 9872 9734 98 071* 9734 9714 98
- 05 96 9512 9512 95 9512 9178 95 9512 9512 94 9434
Underground of Lon 1938-4 M 95 9614 96 9614 9412 9614 9512 9534 9512 9512 -------8512 87 86 88 8612 8834 85 8812 5 871 8714 9114
6 7412 8212 -- - ---- 75 86 8512 90 88 89 87 8
Income 1948
----8412
--85 ----------------8212 821 - --- --- 82l2 8234
/1 851 --------8612 8612 8334 84
United Rs Inv—Pitts issue 5 8412 8514 82
__
-- ---- 70 76 - -------- -74 74
1 761 7078 77- 7712 7712 .
4 7714 771 ----- ---- 78 80 781 79
United RYS St Louis 1st
---4 84 83 84 83 83
-------- -84 - -8
------------------4
_- 843 85 84 84 83
_
5 85 85
St L Transit gu
641 661 66 69 67- ./0 United RRs San Francisco--4 69 70 6714 6934 66 671 66% 6834 6. 634 6818 6612 5714 66 6612 6412 6534 6434 66 ---------953
4 9534 9413 95
5 96 9712 9634 9712 -------- 9612 9612 ----- 06 9714 91312 97 9612 9612 96 96
Virginia Ry & Pow 1st
GAS AND ELECTRIC.
10658 10534 10612
106
10614
4
1053
10613
10614
107
106
10712
107
10734
8
1073
10712
10738
10778
0738
!
3
Brooklyn Union Gas—lst_ _5 10614 10714 10712 10712 1073 10
- 81 63 6113 6112 6134 62 6112 611 6412 6558 65 655 51 65
5 60 GO 6012 6012 ---- -----Buffalo Gas-1st gold
--------100
foci iOsi 166
101
100
0018
10058
101
10114
_
10012
_
10018
_
_
101
7.
__r
------101
10038
_
101
Detroit City Gas-1923 g__ _ 5
10112 10112 011212 10158 10134 1011 1013 10012 10134 10078 10158 101141013;
1 fi
Detroit Edison-1st 1033_ _ _ 5 10138 1013 10134 102 1011 1021 1-0112 1-01-3
10613
--_- --__ ___
---10612
-----_
10612
10612
____
--____
----------10534
10634107-------10534
Built Gas Lt of N Y-1932_5 106 106
__ __ . :
_
_
__ ____ ____ 103 103
__ __ _
___ ____ __ ___
Gas & El of Bergen Co 1949_5 ____ ____ ___
-358 10-3-58
-0-4 10
1
12
3
10
34
4
0
1
418
0
1
--------105
105
-1
kis
0511
1051
1041410412
--------105
10
105-05
1
---8
1
fo"
Hudson Co Gas—ist 1949 S
981
- - ----------------_ --------9812
------ ---- ------- ..
_._
Kansas City (Mo) Gas-1st-5 9918 9934 ----------3
1047
--------104
1-64"
iiii
--__
--10414
10414
____
____
--------------10413
041
1
10518
105
105
10512
_
___
-------Kings Co El L&P—lst'37 g 5
611512118 11614 117 11612117 11634117 116 117 1163,1117 - --------1153411534 115 11534 115 11534 114 114 113 113
Purchase money 1997
1221212212
124
124
124
123
____
____
____
____
____
____
____
____
____
____
____
__
6
1922
Cony deben
____ ____ ____ ____ 88 88 8814 8814 - _
_...
Ed El Ill Bklyn 1st 1939 4
--112 1-0-2-43
5 ial21027-8 102121027-8 102 103 102 1021-2 1.5218 1021-3 1-0113 102 102 103 10234 10212 10214 10212 10214 10212 10134 10238 10
Laclede Gas—lst 1919 gRefund & ext 1st 1934 g _ _5 101 10112 101 10114 101 10158 1(1118 10112 10034 10138 10034 102 10112 1o0 102 102 101 10112 101 10114 101 10112 1001210112
9058 9053 9058 9058 9012 0012 ____ ___ 9032 9012 90 9038 9058 9033 00 90
Milwaukee Gas Lt—lst '27_4 8978 00 90 90_ ..—
.._
4 1-661
4
,
Newark Cons Gas—Cons-5 ------------------------1081
- -03- 1-0-3-13- 1--03-- 1-0-3-58- 1- -03-14- 1-0-3-12- 1-'
- 1-.i-4 1-0-2-5;
8
1032
--178
10414
10384
-38
104
1414
10334
-73 1-0-3-32- -1-02
-02
-33 1-0-3-58 1
163
194
10253
5
_
_
w
o
- 1-06- 1-0
P
&
Fit
N Y Gas Elec Lt
- 1-0-213 -10
8778 8634 88 8434 87
Purch money coil trust g _ A 8814 89 8814 8834 8838 8834 8814 8918 8833 8912 8812 89 8812 89 8812 89 87 8812 _ 8614
___ ___
__
--__
—
.
___
__
___
___
11318
11313
11313
11313
_
__
1121
1121
5
g
1995
Ed El III 1st cons
-- _-_____ __-_- ---- -991 991--- 100
-- _ --------100
_ -___
- 102 102 10212 10212 ---------------- ---------------N y & Queens El Lt & P--- -5 ---- ---Electric—
Pacific Gas &
061 96 0638 9558 96 9518 96 9514 957 9414 9512 9414 9533 9473 9532 9458 9514
96
Calif Gas & El Corp-1937_5 4 951 95 953
9312 95 --------_ 93 95 9312 95 ____ ____ _
Pacific Pow & L 1st 1930-5 -------- -------- -------------- 931 95
__ _ -_-_-_ ---_-.
_
_
____ ___
Pat & Passaic G & E 1949_ _ _5 -------------------------------- ------ -------- 10234102 --------117
- 14 1-1-6-32 -11573 1-1-57
- 1-1-7 1- 16
--- 1-17- -117
117 117
;
1161411814
----------------------fii
-1112
1
11713
117
6
Coko—lst
People's Gas Lt &
1011 1013 10034 10113
10114
101
10113
4
1003
1134
133
10
102
10133
102
10158
5 10238 10212 102 10214 10178 10213 102 102 10134 102
Refunding 1947 sold
---- ----_ 102 10313
4
1023
10212
103
1021
1027
10278
1031
10212
10338
10338
1027310318
10331031
1031041
—
1031
103
5
Chic CI L & Coke 1st
5 -------- ------------ ---- ----- ----_ 102 102 1011210112 103 103 - -------- ----- ----10314 10314 ---- ---- ---- ____
Consumers Gas 1st

ia vi-

ioa

____ ---- ---- - -- --__ -___
5 10058 1-0-058 --------101 - 10114 -- ---- -_— ---- ______ -_— ____ i5114 161-14 ___.
Mutual Fuel Gas 1st
- 1-0-0 _
-0
_
____ ____ ____ __ ____ ____ ____ 10
Phila Co (Pitts)—Conv '19 5 -- ____ 107 100 ____ ____ ________ ..........___ ____ ____ ____ ____ ____ ___. ____ __ ____
__ 9734 98 9
-34 -9-7-34
-7
_
Convertible deben 1922_ 5
10038 101 10012 10078 10038 10012
10012
10014
10012
10012
101
00
-1
101
-----------100
__-----___
---------------------------------6
conv'26
Elec
Standard Gas&
Syracuse Lt & Pow 1954_ _ _5 --------------------------------86 86 8512 8812
- -9-7-7
-- -9-6- 9
-- -9-7- ------------------------ 08
-----------_ ---- 97
Union Elec L & P—Ref'33 5 --------9712 9812 9'7 97 9612 961 ------------------------1001210012
------------------------102 102
101 101 5
1st 1932 gold
10538 0 12 10518 10478 0478 10478 10478
5
10
10512
105
10534
5
105
1043310512
10514
10512
10
105
1053
105
10514
4
105
10512
10512
_5
Lts-1950--Westchester
MISCELLANEOUS.
86 8512 8512 84 85 83 84 81 85 83 8334
Adams Express—coil trust 4 86 88 8778 8818 87 88 8612 88 86 8618 8212 8312 86
9113 9173 9012 0134 9014 91 9034 0152 9073 9158 9073 9113
Armour & Co—lst real est 4% 9158 92 9178 9213 9134, 9218 9134 9214 9112 92 9134 92 ____
____ _ _ _
16 16
Bklyn Ferry Co-5s cifs deP- 8918 90 9012 9058 9018 9018 65 -6.6 ---- - ---80 -89-71-1
91 9118 8914 801 9018 9034 8834 8834
Bush Terminal-1st 1952-_ -4 9112 92 98
- 9733 9738 97 97 ____ ____ 97 07 91312 -06.12 ---- ---;-------- 97 9712 97 9734 97 -97-78
983
5 98 99
Consol 1953
_
__ 9(312 9734 _....
_ _ ..
_
_
_ __
_
5
Bldgs tax ex 1960
- 1-9-512 180 200 165 1-8-i
-5
- 1-8-0- 16
- 1-4-0-12 1- 4-0 1-6-018 1--60
125 130 130 150 .1-30
Chino Copper—cony 1921-6 116 126 120 122 1201 125 12334 13034
10913
105
11012
10712
11012
10734
10812
10612
10814
10612
10718
10512
10512
10412
_
----------------.
Inspiration Cons Copper 1st-6 --------------------618
6712 6612 7038 63 7012 64 6578 6414 6512 6412, 6512 6412 6612 66 6714 6514 6678 6534 61312 6112 6
Internat Mere Marine- —4M 6334 674 67 80
80 8214 79 8212 7812 7918 78 7912 7812 7914 79 7972 7918 7912 7734 7912 7812 7912 7834 7912
Internet Navigation-1st-5 80 80 7934
.. _
----- ------- ---- ---- ---- 8973 8978 8912 8912 8953 8972 8934 8934 ---- ---- - Morris & Co-..1st 1939-- _4% ---- ---- ---- ---12 -9-912
_,,
r__ r _ r _ _ ,_
_ ,_
Mortgage Bond—Ser 3 1932_5 _,,
86
80
i13
0
7
83
80
81
- 81- -8-2-2
82- - 8-2- 8
843 -8-51 84 -8512 8512 -8812 84 -8-5 -------- -------- --------------------------------10214
New York Dock-50-year-- _4 -------------------------1001310012
10214 10218 10218
____ ____ 10178 10178_
5
Niagara Falls Power
-6514 92 92
--------0514
.
934
--------9212
212
212
9
93
212
0
_
Ontario Transmission 1st_ - _5 --------------------------------92 93 02 0312 92 9212
5 923 931 9258 9278 9234 9414 9338 9412 9312 0438 9312 9413 9312 9373 93 9352 9234 9312 123
Public Service Corp N J
118 12213
12512
124
130
1241130
128
124
125
116
_
118
,1
112
117
130
Ray Cons Copp—conv 1921_6 ----- ---- -------------------102 102
--------------------------------------_
Washington Water Power S —.. __ 10278 10278 103 103 --------104 104 --Tele')TELEG R APH.
89 8052 8834 8914
91 0012 9034 9014 9053 001k 9012 80 0014 8914 8973'
& Teleg coil tr 4 00 91 9078 9118 9034 9114 9058 0118 9058 11538
Amer
113%1,1412 114 11514 11334 11412 11212 114 112111 11414 11112 11234 10912 11113
4 10834 112 10934 11312 1135811614 1141211618 11334
Convertible 1936 gold
Commercial Cable—lst
___ ___ ---- --- 82 82
4
.
Registered
-- ---- ---- ---- ---- ---- ---___ _ _ 85 85
___ __
__ - -- Keystone Teleph 1st 1935 S 82 -82 82 82 __ ....._ -1-0-214 --------10112 10112 10113 10112
-0234 102-84 --------102
1
4
023
1
4
023
1
4
3
02
4
3
1
----------------102
--------103
103
Metrop Wet.& Teleg-1918.5
10038 100 10014 99 100
--------100
10018
10012 9978 10018 100
Michigan State Telep—lst_ _5 100 101 10014 10014 100 101 1008 10014 10014 10034 10018
9758 98 9634 9734
11 100 10012 99 10012 99 9938 9918 0012 9878 10018 989834 9734 9818
-8
N Y Telephone-1st 1939-4 34 100131005s 10014 10073 10018 101)
9934 9913 0913 99 993
0013
10032
9913
1001210114
8
1007
100
10014
Pacific Telep & Teles-1st- -5 987s 10018 9934100 100 3.0012 100 10038_ 100_ 10014 9978
_ 0012 100 9838 0934 6858 9873 9838 99
_ .
_
_
_
_
South Bell 1 & T-1st 1941 S
1004 10114 10012 10114 10024 101
vv„t union Teleg-193,9__ _9 joi foils ioa iciii2 iiiii2 id iih foi12 la fdi5-8 iini4 161-5; io-i4 1-014 ioi 1-0112 10012 1014 90 97 95 98 • 9413 9513
9814 97 98
Fund & real est 1950 g-_434 9714 9912 9953 10012 99 100 98 9938 9818 9834 9813 9812 9712 9812 9713
4 10458 10434 105 105
Cony 1936 Series A
---- --- - -- -- ---Northwestern Tel 1934-4% ---- ---- ---- ---- ..-- ____ __ ____ 05 95 064 06-14 - --- ---- ---- ---- ---- ---- ---- ---MFG. AND INDUSTRIAL.
6034 61 62 65 57 61
61
605a
62
6034
64
61
6212
67
6013
6218
6714
5938
59
5312
57
Allis-Chalmers—lst 1936 5 52
- -6-4-14 5712 6024 5812 63 60 6314 58 6018
-0
-- ------ -----..__ __ ____ 58 6312 5678 62 5812 62 6
Trust Co ctfs deposit
-- 53 58 5712 59 58 5884
-_,- ,,....„ = ::,.- -- ---- --- ---- --- -Ctfs of deposit stamped_ __ _ ____ ___ __
10134 10072 10152 101 10112 10114 102 101 1615.
10112
2
0
1
122
0
1
02
1
4
1013
Amer Agric Chem—lst '28_ _ 5 10134 1-0212 10238 1-023-4 111218 1-9253 102 1-023-8 10112 1-0218 9818
07 9638 9714 9(93 97
9812 98 9838 98 9814
081 9712 9812 9712 08 9634 9714 0634
Amer Cotton Oil—Deben..434 98 0812 9712 9812 98 95
94 0212 04 0214 93 93 9434
----------------93
9412 9434 9434 95 9412 95
5 95 9513 9473 9512 9412
Debenture 1931
10112
10012
101 100 10034
9934 9912 9978 0813 100 100 10034 10 0014 1-0 012 11 100 10012 75 7734 100
Amer Hide & Leather—lst_6 9018 100 99 9978 9014
73 73 73 74
7734 79
75 79 7712 79 7712 80 7934 82 7912 8014 79 7934 78 79 105
Amer Ice Securities—Deb- _6 7212 76 10314
106 10412 1057 1041 105 102 10412
105 10434 10572
10432
10412
105
10.334
10312
10412
10414
104
10514
3105
1043
10212
_6
Secur—Deb___
Amer Smelt
. 13 9912
_ ----99
1 91 100 100 100 100 -- ---100
6 101 101 101 101 1001 1001 10014 101 10012 10012 100 10014 100
Amer Spirits Mfg-1st
---- ---- -------- 0312 0312 9312 9312 9312 9312
- ---- 0312 9312 9312 9334 94 93 94 94_
,4 9258 9314 9234 9234 --American Thread—lst
119121193
4
100
11912
12012
120
100
20
1201
121
1201
101
121
1
1203
8
1213
121 12038 12058 12014 12012
Amer Tobacco-40-year----6 11878 12112 12014
_ ----_ -------- 12014 12014 120 120
„ - ------------1201812012 --------- ----- -------6 11878 12138 12014 12112 ---Registered
12
12
----------------1113
105;
11
2012
1
014
12
12012
12438
12014
12614
12058
11878 12112 12038 12118
Trust Co ctfs deposit
9'714 9512 -96 9534 9918 9534 96
4 9173 9578 95 9534 9514 9558 0514 9558 9514 0512 9514 9534 9512 9718 634 9714 9512
• Gold 1951
9533 - - -- -- - - - - -- --- - ---- -- - - ---- ---- - --- --- - - - - - -- -3 9538 - - - 0534_
4 9214 9514 95 9558 --------958
Registered
- -,-,:- ---- ---- ---- ---- -- -- - - _- - -, 9513 9512 0514 9558 9512 9512 014 9514 - -, -_- - 9175 96
Trust Co ctfs deposit
- 12 -9114 UU 0034 8914 90 88 89'
-13 -9132 U0
- -9-1-11 9-0
-0
8834 8034 8914 90 8934 -9-014 9
Amer Writing Paper—lst--5 8814 8958 8878 8914, 8814 8913 ...
--------10334 103 ---- --- - - - - - -- - - - - - - - - -10334
10334
___
104
_
_
___
104
__
___
____
104
104
1031210358
5
-1st
Works
Baldwin 1-000n1
-58 1-02 9778 9-9 9614 9778 9612 97 9614 9718 964 97 96 9634 9534 9612 9412 96
5 93,2 9514 9378 9512 0312 94 93
Bethlehem Steel-1926
8738 05 87'
- - --- - - 87
_. _
_ _
_ _
___ —„ — _ _ r _ _ _ _
_
_
5 ___ ___
1st & ref Series A 1942_
- -9-534 9514 9578 03 95'2 9334 9524
-5
- 12 -9-6- 0,-1ig -9-5-73 9
-5
-9614 9512 -9614 0i1-3 -9-5-78 9
0518
9512
9134 -96 - -9312 -051-2 -63i8
Central Leather-20-year__
9512 96
06
90
8
957
957/1
06
06
Como! Tobacco-50-year-4 9134 9558 9518 0512 9512 0512 9514 0512 9514 9514 9514 9512 9534 97 97 07
4 9434 0433
- Registered
Trust Co ctfs deposit
-ii4 "9-i14
-5
- i.4 -9-7. 9612 9634 9614 -9-3-34 0
-6
9613
-00.14 9
-12 -66-33 6-8iti -0678
-5
-7 -9-7 9
Cora Products Rcfg—s f__ _5 --------9534 9M2 9614 9612 9
9178 963; 65 -99 9514 9514 95 954 9134 95 94 9434 94 94 _
1st 25-year sink fund 1934_5 94 95 95 9018 96 9638 9512 9612 95 96 06
_
9612 9612 9612 --------97 97 97 97 0634 0634
9634 9678
Cuban-Amer Sugar-10-yr-6 9612 9712 97 9714 97 97 96 97
- _6871
7518 74 751? 743 7533 7334 7518 7338 7614 74 75 7012 7412 7034 7278 __Distillers Securaies—conv__O 7412 7814 7134 77 7334 7534 7334 92
8922 914 8812 8978 80 8914
044
874
88
88
89
93
4
893
8918
88
80
0213
8514
847
8514
8814
90
3
434 85
E I du Pont Powder




-------------------------------------9

JAN. ii 1913

THE CHRONICLE

109

1912-Concluded.
January February
BONDS
March
April
May
June
July
August September
October
November' December
Low High Low High Low High Low High Low High Low High Low High Low
High Low High Low High Low High Low High
General Electric-1942_ _ _3 34 82 82 82 8218 83 83 83 8314 84 84 8358 8358
_---80 80
10-year debenture 1917-5 15312 15812 155 159
/613.4 182. 18.
112
---Debentures 1952
5
-- - --- 102 10334 10212 10418 10212 1041
General Motors-lst 1915 6 -9812 ---9914
99 988
9912100 -9934 166
-66- 1-6658 9934100
- 1-0014 9912 9978 99 9978 9914 9912 9813 9938
-6953
Illinois Steel-deb 1940--4
92 9234 92 9214 92 92
8913 9012 9014 9034 90 91
9038 91
8378 90
Debenture 1913
5
100
100
Indiana Steel-lit 1952.-5
ioi- 161-5_
8 10118 1-01-li 10678 101-18
6638
- fcif 100
-- 1-01-International Paper-lst 6 104 1-04-3g 1031210412 1(5.-t- 10434 10358 104 10312 104 103 104 103% 102 9934 10118 i66- 101 1001-4 1-011-8 1.
103% 10318 10378 103 10358 103 103 10318 10338 102 103%
Consol cony sinking fund_5 8412 9134 8812 91 88 9114 8914 90 90 9114 90
8 90 9034 90 91
8814 90
8878 8914 89 8914 86 87
Internat Steam Pump-1929 5 92 9312 9278 9312 9134 93 9212 9312 92 9314 92 907
9212
9134 92
9012 9112 88% 8912
Lackawanna Steel-lst con-5 9612 97 9612 0634 9412 96 94• 95 94 9458 95 96% 92 9213 92% 9214 9114 9213 9612
9614 96113 9612 9714 9513 97
9712 96 9758 95 96%
1st cons 1950 Series A-__ _5 80 8212 7834 80 77 78 7712 7834 7712 7914 79 8212 78%
8114
8212
8112
8014
79 81
7913
77 8014
81
803
4
5-year cony 1915
5 9138 9238 9112 9234 01 0112 9034 9,112 9012 93 9278 9414 93 9414 9338 9454 94 95 9458 9534 95
96 93% 9434
LiTgett & Myers 1944
7 11834 12318 12034 12234 12012 12118 12038 121 12014 12078 120 12078 12058 12078 12012 1027
120
11978
1207
12018
119
1203
12018
4
8
120%
Registered
7
12034 12034
1951
9334 95
8934 96
94 9512 94 95 -9412 95 -94E8 -9-61; 96 -091-4 9714
973
4
9512
9534
97
06%
9614
-6/1-2
-083-4
Mexican Petrol-cony 1921-6 ---- -- _ 95 100 99 9912 96 99
98 9834 98 9912 99 101 10114 10314 10212 103 100 10314
Nat Enam & Stamp-1st-5 9358 9334
- 94 94
93 93
9312 9358 9314 9358 93 9314 93 95
948 9412
---Nat Starch deben 1930
5
8914 8914 8914 8914
8934 8934 ---National Tube-1st 1952 5
100E8 1-01-38
- 10012 10118 10012 10034 99%10033 991g 9973 9834 9978 99%
9978 9918 9934 9814 99%
N V Air Brake-Cony
98 99‘,8 07 9812 9878 100
6
9812 9914 99 10114 99 100% 100 10253 10014 10113 101 10218 102 10334 100 10312
P Lorillard 1944
138
6
19
5
14
12134
12312
1
2
6
6
3
3
12058
4
12214
12112 122 12114 12178 121% 12178 12158 12214 12112 122 120 12158 12014 12034 12012 121 12058 121%
7
1951
5 9118 9638 9478 961g 9434 96 9518 9633 9412 9512 9458 96 9614 99% 9712 99 9612 9814 96 97 96 9678 9633 9714
Railway Steel Spring-1st-A 98 9814 9734 9814 9712 9712
9712 9734 97 97
9713 98
9778 9812
_ 9712 9812 9714 9818 9734 9814
Republic Iron & Steel-1st-5
1027 11
0
10334 10334 10353 10358 10358 103%
10-30-year sink fund 1940-5 9234 9338 91 9212 9034 9112 9078 9314 0238 9314 9134 9212 -92- -621-4 9112
9112 9178 9158 9258 9112 92
91 9134
Standard Milling-lst
5 88 8834 88 88 8734 8814 8712 88 8634 8712 85 8634 8534 86 8712 88 88 8838 8838 9014 8914 90 87
8914
The Texas Co-cony 1931-6 0412 95% 9534 99 9734 9834 08 9878 98 10014 9812 10038 9978 10212 101 10178 10014 10112
100 101
9812 10014
10034
998
Union Bag & Paper-1st-5 94 9414 94 9412 94 9412 -9438 9438 94 04
92 92
92 92
90 92
Stamped
9412 9412 9412 0412
5
94 9412 94 9414
9312 9312
9234 9234 92 92
U S Leather-debenture----6 10112 102 10112 10134 101 10112 100i8 1-01 101 10114 10058 10034 10012 1-01- 10018 10012
100 10012,100 10014 66- 1-6618
U S Realty & Imp-deben--5 89 90 8712 89 8878 8912 8812 89 89 90
8934 9013 90 91
89 9034 8834 89141 8858 90 8712 88
U S Reduc & Refining
6
50 50
30 30
31 31
30 30
30 3212
--- 25 25
U S Rubber-coil tr 1918-_ _6 10334 105 100 105 10414 105 10414 10434 10-4T2
10414 10434 104 10112 104 10438 10358 10414 103 10378
10338 10213 10312
U S Steel-s f 10-60-year-5 10134 10418 10234 10358 10234 10318 102 10278 10178 10238 10218 10212 10134 10258 10218 10234110178 10258 10134 10278 103
10114 10218 100 10158
Registered
10158 104 10258 10358 10234 103 10178 10318 10134 10212 102 10212 102 10234 10211021s 10134 10234 10134 10238 10112 10238 10038 10178
Va-Caro Chemical 1st 1923-5 100 10058 10012 101 100% 10058 9958 10014 9912 9978 9878 9934 9814 99 9811 9834 9734 9812 9734 9838 9734 98 9713 98
Western Electric-1st
5 10218 10212 10258 10318 10212 103 10212 103 10178 10212 10112 102 10114 10214 10218 10214 10012 10112 10312 10118 10078 101
10118
Westingh
& Mfg-conv--5 93 95 9414 95 04 95 9434 9514 9434 9514 9414 9434 9414 9518 9434 96 9412 9512 9334 9434 9234 9334 10034
9214 9314
10-year coil notes 1917-5 9712 9712 9612 9612
-- 9712 98
9712 9712 98 98
9612 9714 97 9712
9712 9712

fifi;

-66775 1ti014
904 9034
6658

66-

COAL AND IRON.
Buff & Susq Iron-lst 1932-5
07 98
- - 97 97
-Colo Fuel & Iron-s f 1943-5 100 1-664 105" 1601-4 100 1001
4 100 1-601 100 100 -9918- 10014
99 99
97 97
9334 9938 9834 9834
97 98
Colo Fuel gen 1919 g
6 10734 10734
- - -- 10714 10714
Colorado Indust-1st 1934-5 75 77 7212 75 7212 74 7414 77 7512 7614 7534 82 80
-81-3-4 80 8314 -8212 80 8312 8514 8212 84% 8018 84
Cons Coal of Md-lst 1950_ _5
---94 94
93 93
Continental Coal-lit 1952_ _5
0712 9712
---9712 98
95 99
Kan & Hock C&C-lst '51 5 - - - --- - -68- -tii- -9734 -681-2
98 98
98 98
--98 9
Pocahontas Cons Collieries- -5 8112 8112 87 8834 8814 8812 8812 8938 8812 W9-12
8734 88 8
8612 8512 86 8712 86 87 -80- 86.- 87 87
7
,
7718
2 88
7912
St L Rocky Mtn & Pac-lst-5
7934 81
81 8414 8234 8412 82 8218 83 8334 82 83 80 81
Tenn Coal Iron & RR-Gen-5 16258 1-03-1-4 10214 1-03-1-2 10312 10312 10214 10378 10212 103 103 103 10238 103 10212 103 10134 102 -1101.r2 1-01-58
- 101%
81 1017
81 8
Birmingham Division
6 104 104 10338 104 104 10418 10312 104 10312 103% 10358 10412 104 104 10334 10334 10313 10334 - - - - 10218 10218 10
024
4 102
0314
Tennessee Division
-- 10334 104 104 104 10312 103%
6 103 103
- 10338 10338 - 10134 101%
- - - - 10214 1-0214
Victor Fuel-lst 1953
- -5
- -- 86 88 86 86
8534 8534
'fa Iron
95. 96
9653 9713 97 9712 96 97
9512 96
94'z 96
_ Coal & Coke-1st-5 9612 9812 9712 9812 66 _-9-61 9612 9812 9512 9612

COURSE OF PRICES OF GOVERNMENT SECURITIES FOR THE YEAR 1912.
(Compiled from sales made at the New York
Stock Exchange.)

COUPON BONDS.

REGISTERED BONDS.

COUPON BONDS.

2s,
Pan.
2s,
Pan.
cons. 3s.
Canal 41. cons. 3s,
4s,
Canal
1930. 1918. 3s,'61. 1925. 1930. 1918. 1925. 38,'61.
January.
Opening
Highest
Lowest
Closing
February.
Opening
Highest
Lowest
Closing
March.
Opening
Highest
Lowel
Closing
April.
Opening
Highest
Lowest
Closing
May.
Opening
Highest
Lowest
Closing
Juno.
Opening
Highest
Lowest
l'InctIncr

10134
102
10134
102

101%
101%
101%
101%

102%
10234
102%
.... 1024

101%
1014
10151
1014

1134
113%
113%
113%

11331
113%
1134
1134
102
102%
102
102%

1014 103% 101% 113%
1014 1034 1024 11431
1034 101% 1134
101% 1034 1024 11434

103% 101%

101%
10131
100%
100%

.
1144
1144
114%
11431

1024
102%
102%
102%

1014
102
101%
102

102
102
102
109

101%
101% 11414
10131 114%
101.4 114.
1

1144

101%
101%
1001
101%

1024
102%
10354..102%
1024
102%
1024
102%

mg

100%
100% 1034 101%
100% 1024 101%
10034 10234 101%

101%
101%
101%
101%

114%

-114% 11434 -1144100%
1004
100%
10031

11414
114%
114%
11431

11434

1014
11434 101%
114
101%
114
11174

I

REGISTERED BONDS.

' 2s, •
i Pan.
2s,
Pan.
cons. 3s, 1 Canal 4s, cons.
38,
48,
Canal
1930. 1918. •38,'61 1925. 1 930. 1918. 1925. 3s.'61
July.
Opening
Highest
Lowest
Closing
August.
Opening
Highest .
Lowest
Closing
September.
Opening
Highest
Lowest
Closing
October.
Opening
Highest
Lowest
Closing
November.
Opening
Highest
Lowest
Closing
December.
Opening
Highest
Lowest
,lrsolner

102
102
102
102

101%
101%
101%
101%

10231
102%
10231
102%

101%
101%
101%
101%

10234
10234
10214
1024

101%
10234
101%
102%

101
101
' 101
101

102%
103
1024
103

101%
101%
101%
101%

114
114
11314
113%

,
'

102%
10234
1024
1024

102
102
102
102

11431
114%
113%
113%

10234
103
10234
102

101%
102
101%
10144

1144
114%
113%
11254

101%
1014
_I 101%
! 101,4

10234
10234
102%
1024
113%
114
113%
114

113%
113%
113%
113%
101%
101%
101%
101%
101%
1014
101%
1014
1144
1144
114%
11414
1014
lot%
100%
ini ,..?

101%
101%
101%
101%

114
114
114
114

COURSE OF PRICES OF RAILROAD AND MISCELLANEOUS STOCKS FOR THE YEAR 1912.
1912
STOCKS

January February
March I April
June
May
November December
July
I August I September! October
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High

Atchison Topeka Ec. Santa Fe_ 10312 107 10314 10478 10418 109381107% 11038 1047
8 10734 10514 10778 10718 109 10734 110121 10738 11014 107% 11154 10634 10938 104%10713
Preferred
10138 10312 1033 10414 103 1035 10318 10334 103 10312 103 104 10214 103 10178 102341 10178 103 10178 10212 10112 10218 10113 10213
13318 13814 135 13714 13714 13912 13912 14312 139 14
Atlantic Coast Line RR
118 138 14112 13812 141 141 14812:140 14453 138 14434 137 141% c1303414114
.
Rights _
3
31s
10278 10678 10114 16-1
Baltimore & Ohio
- 10613 11173 iiii" 111-1-3 5521691i 16712 11058 10713 10913 10634 1095 10434 110-38 10.
4 10213116-78
518 108 10278 107
8812 91
88 89
Preferred
8818 8834 8734 88
86% 87
8634 8718 8618 8714 87 8714
8734 8014 8718 88
87% 88 8618 88
Buffalo Rochester & Pittsb 105 105
105 105 105 106 110 110 112 115 116 11912
115 116 115 115 115 115 114 11514
Preferred
137 137 130 130
Canadian Pacific __________.i 2284 2-36.3-4 228 23134 22612240 23812256 253 2/0 2621226758 262 27178 26934 283 2711 28112
219382
.603-4 2681;253 266%
226 225 23
Subscription receipts
1 249
269 26912 -------- 259 260 - 1- - - - --- - 220
253 255 259
714 838 7t8 712 -----------Rights
---------191221
-.1818 2078
Canada Southern -----------1 65 65 6613 6778 6712 6712 --------6712 -67-12
6812 6812 66 66
_
65 65
305 340 365 380 365 370 360 395 ---- -- 375 375 37114 37114 370 370 3743'.380 300 380 368 37312 355 370
Central of New Jersey
7018 7412 6814 728 7134 7834 7778 8134 7634 8038 7658 8058 7814 8112 8034 8314 7812 83
Chesapeake & Ohio
80 8514 7934 833 7612 8275
17
18
Chicago & Alton
17
17
17 2212 22 2414 18
2014 2014 20 20
21
20 20
18
18
1814 22
1814 1812 18 19
Preferred
35 35
40 40
35 35
25 25
38 38
-- 38 36 ---- -Chic Great West trust certs- 1712 1038 1712 18 18 1934 1834 2012 17 1918 17 1878 1638 1734 1714 1934 17 1918 17 2034 1 1712 20 1553 1734
Preferred trust certificates_ 35 3718 35 35% 3518 38 36 3913 33 36 33 36 31% 3418 337 3614 3118 3514 3212 3813 34 3712 3012 3312
Chicago Milwaukee & St Paul 10414 1113s 10312 10658 105i1103'. 10912 11234 104 11014 102 106 99% 105% 105 10913 10512 11078 107b8 114 :10914 11758 10912 11578
Preferred
144 148 145 14512 14412 14512 14212 14514 141 144 14038 14218 140 141 14133 144 14112 14212 141 14212 140 143 13914 14214
Rights
_
38 0-16 14 15-32
Chicago & North Western -___ 14038 143 14058 142 14014 144 14212
145 1 13634 142 1347 1-38- 134i 140 1.2912 144 138I 143 138- 1-4258 13712
13418 13812
Preferred
194 195 194 198 194 194 190 100 193 193
190 190 190 190 488 18813 183 187
c Ex -dividend and rights.




25(-34

fii

[VOL. xcw.

THE CHRONICLE

110

1912—Continued.
STOCKS

January February I March
June
October
August September
April
May
July
November December
Low High Low High Low High Low High Low High Low High Low High Low High Law High Low High Low High Law High

134 134 130 130
128 133 126 128 132 136 136 136
Chicago St P Minn & Omaha_ 141 144 139 140 135 138 135 140
162- 152
153 153
150 1-8-314
— -155 155 156 156---Preferred
138- 116Cincin Sandus & Cleve pref
55- -86 -84- -66- 52 55
4614 -53Cleve Cincin Chic & St Louis_ -55- -60 - -58- -E8 —541.2 -5758 57 621 58 58
5318 5318
9834 9834 05 96
96 96 9578 9578 9712 9712 loo 10112 101 101 101 101
Preferred
_
_ 18712
Cleveland & Pittsburgh
____
2212 --4014 41
39 41
3912 40
3714 39 -38 -45
.- -,f6.- -,-f2- 16-- 44 45 -To- lift; -56- -3-9-18 39 39
Colorado & Southern
74 7412 7412 7412 76 76
74 74 7312 7312 72 73 -------74 75
7634 7434 75
7558 7678 7512 7614, 7412 s
1 t preferred
67 68
71 71
70 70 - _ -- -- -- 6612 6612 6612 663
70 70 -- ---- 68 68
2d preferred
47 47
Cripple Creek Cent, pref.-1-711-2 16912 1/4-12 16778 172 168- 1-68-1-2 166 169 16218 17312 168 17134 16714 17112 166 17112 162 166
161 1-7-3-- ii5"
Delaware & Hudson _
530 543 540 557 530 550 535 550 545 597
Delaware Lackaw & Western 540 560 550 56434 560 560 54012563 540 560 535 54938
2234 24
1878 2258 1834 2058 1812 1912 1914 2212 2134 2318 207 2312 21 2312 1912 217g
1958 2234 20 2134 21 24
Denver & Rio Grande_
4114
4134
42
3412
3414
44
41
40
3512 3914 38 4034 3712 4178 3858 4178 3714 4014
37%
3478
4034
4614
4412
3618
Preferred
1-32 1
---- ----Rights
___ ____
5
------- ---- ---- ---- Des Moines & Ft Dodge_ - - - ____ ____
_.
-- - ------- -- ---Detroit & Mackinac, prcf — - - ____ ___ iiii- iiii4 —6- -ilia 612 634 812 934 938 1058 8 1038 9 934 838 838 8 8
938 873 878 —812 -1-11-2 -1014 101
Duluth South Shore & Atlan_ 9
1614 1678 16 2134 2038 2112 22 23 20 20
18 2112 1512 1912 1512 1734 16 1712 14 16
1734 22
17 18
Preferred
3312 36 30 345s
3014 3212 3014 32 31 38 3618 3918 3358 3678 3358 36
3318 3618 3518 3858 35 3814 3318 38
Erie
52 564 51 5512 5034 5312 42
7318
2 5
21:
5058 5438 5312 56
6
5012 5312 5018 5218 5114 5734 55 5778 51 5512 51 54
1st preferred_
4034 44 40 4112 4134 4712 4534 48 42 4514 4158 4312 42 444 4334 46 4312 45% 43 4514 4212 44 38 42%
2d preferred
Great Northern, preferred_ __ 126 13212 12718 13118 1303 13412 13014 13534 130 13358 13212 135 133 141 138 14334 13634 14212 13514 14178 13612 14114 b 129 13812
Rights
4412 53 4514 5112 44'2 183-4 40 461g
3612 44 3914 4278 39 45 4012 4278 -413.4 161-4 :13T4
36 448 361.4 39
Ore certificates
_
-- -- - - - -- 85 85
85 89 80 80
Green Bay & Western
-- - - 83 84 --------80 80
Deb2nture certificates A1212 1078 12
1078 1278 -12- -121-2 -111-2 13 -1214 -1/- 1234 13 - 1214 15 -1313 14 -1214 -1-6- 15 1712 1312 15
11
Debenture certificates B150 150
135 140
_ 127 127 127 127
Hocking Valley _
13918 14118 13434 13612 12514 13712 128 13212 ii*Ois 11912 126 12834 127 fii14 130 13212 127 111-1-2 12742131 - 127 136- 126- fiiia
Illinois Central
1238 1212 12 1212
11 11
101 123 11
12
12 15
12 1234 1212 1238
Iowa Central
-- -- --- ---2814 30 ---- ---- 24_
26 26 27
-- 2614 2612 2634 27 2858 2858 22 22
Preferred
773
7518
7518
77
77
7412
7912
7912
Wi
s
7412
78
79
- -78
4
79
783
81
7718
-7812
774
-7-81
2
K C F S & M trust certs. pref_ 7734 773
26 2834 25 2612 2534 2914 2434 2918 2212 2812 2414 2578 2438 2534 2412 2814 2612 3114 2734 3034 2712 2938 2534 28
Kansas City Southern
61
60
6012
655
8
62
6314
6118
63
6218
603
59
4
5912
62
63
5618
623
4
56
61
6278
65
647
8
56
5978 6434
Preferred
673 7
---- 8
814
8
512 612
712 8 --------6
7
7
614 658 7
712 7
912 7
7
Keokuk & Des Moines
- -40
45
--------45
45
----46
43
55
43
---Preferred
14 1438 -18- -1-5- 12 1238
1112 13 _______ 1134 15
1414 15
1418 1618 ---- -15 16
16 18
1434 18
Lake Erie & Western
35
_
35
3512
35
3212
3212
30
34
31
38
38
3934
38
36
3812
38
38
38
40
36
38
3858
. Preferred
464
---461 461
470 470
Lake Shore & Mich Southern_ 450 450 ---- ---- _ ___ 495 495
17134 17812 1767
1-72
159 18534 15578 1608 15834 1-6734 16312 17034 166
-8 16412 17512
.4181-14 170 17634 16414 172 16218 174
Lehigh Valley
_ 48 48 46 48 4412 45 45 45
44 44
4312 44
44 45 45 47 44 46 47 5412 53 5312
Long Island
16014
161
15612
16334
b14312
160
138 14612
1
15618
16412
188
1
'16
15614
15614
157
16134
150
156
149
7
8
163
15412 15412 15758
6012
Louisville & Nashville
O'2
912
958
8_
1
8
03
7412138
412
2
Subscription receipts
7-8 13158134 122- 133 132 133 12878 13114
135 13712 137 1384 136 1383-4 136 13114 135 1365-8 131- 137 134- 135 13312
Manhattan Elevated
2312
2538
2412
20
25
2638
2414
2014
2314
20
1834
2612
22
2512
2612
197
8
21
26
21
1812
2712 23 2612
Minneapolis & St Louis
2314
4618 4618 474 49 48 5112 50 5012 48 50 46 49
40 42 4478 4812 46 5114 47 4914 45 45
56 57
Preferred
130 135 129 13418 13338 14012 138 143 13914 14434 140 145 144 152 150 15413 14812 15312 139 14978 1404 14412 1353414314
Minn St Paul & S S hi146 146
148 151 14714 14912150 152 150 15178 150 15478 152 152 154 156 155 158 15312 15612 151 155
Preferred
25
712
4 8
28
434
8612 87 88 88 8712 8712 8412 8412 8
29
5372
25
412 8
8612 88 8634 87
8 8
8712 8878 8812 8812 8812 8812 87 88
Leased line certificates -_
2612 2738 267 3158 2914 3112 2614 2918 2614 2858 2558 28 2714 2978 2778 3112 2714 31
27 30
Missouri Kansas & Texas__
6414
60
62
61
61
,
59
6014
64
5812
653
4
62
6312
65
61
62
5738
6414
62
66
6134
6312
65
61
64
Preferred
39 4112 3858 4118 3834 4734 4214 4638 3512 4334 36 3938 35 3758 3634 3934 3812 4638 4112 4612 4218 4658 3934 4414
Missouri Pacific
- ------171 171
- 175 175 17578 17578
Morris & Essex
172 180 175 175 170 fie;
1'12- 173
. 1.- 5" iii" 166 16014 166 165 165 ------Nashville Chatt & St Louis 169 169 i'
63 63113
6218
6334
65
69
63
63
6418
65
6912
65
8
6912
71
667
6412
pref
National Rys of Mex. 1st
12-1-2 30 3112 2834 30 2638 2812 2612 28 2678 2834
3414 3678 31 3434 29 3112 28 3112 30 3112 3014 32
2d preferred
25
25
2712
2712
30
30
-Chicago,
prcf
N 0 Mobile &
: ---- ---8 1661-8 1-1-4-4
- -4 fil 11634 12018 11314 118-- 11512 11914 113 119 11312118 114- 1-1-i12 1171
N Y Central & Hudson River_ 166f4 1-1-23-8 11018 11138 11058 114 1123-8 1211
54 5912 56 5714 5578 6112 59 60 59 5934 5614 58 58 59 5712 5934 5712 5912 55 57 53 58
N V Chicago & St Louis _____ 58 61
10212 103
1st preferred
87 89 89 8912 90 90 86 86 -88- -66- 88 88 85 85
87 90
2d preferred
_
355 355 350 360 400 400 355 355
N V & Harlem _____________ - 35012351
12-1-N V Lackawanna & West_ _-13558 140 122- 1-3-i1-2 126- 133-34
8 136
N Y New Haven & Hartford -_ 137- 1-3-6" 15(-3- 1383-4,15512 14,-63-2 1363414214 13412 138 i5i- 13634 12,114 fit 1261.2 1-4-6134
34
3012
3218
3758
3378
3938
3412
357
8
3612
393
8
3014
2978
373
4
37
3978
3
8
3614
3718
35
7
8
391
3678
3834
2
Western
N V Ontario &
4618
4712
46
4712
4314
45
4738
46
4558
46
47%
4812
5012
4938
55
5012
5212 5212 4618 4934 48 5112 4614 49
Norfolk Southern
b 10771108 10734 11114 10858 11114 11078 11414 110 11338 11018 11738 11418 11812 11614 11914 11512 11712 11414 11714 114 11612 11012 11412
Norfolk & Western_ __ _
9012 9012 88 88
88% 89 88 89 8918 8914 92 92 88 91 8818 8843
9012 9112 91 , 92 92 92 91 91
Preferred
2032 1116_ ---- ---Rights
118i
.
2
1
21
3
8
121
58
81-4 12458
118120
- lib- 1-31-1-2 12612 1-301-2 1221813038 123 128 11771251g
125
-58
11538 11934 11538 11718 11712 12358
Northern Pacific
12
434 12
1221212412 1221212433 12
15
43
18
4 1233412618 12234 12614 123 12458 123 12438 122% 12514 12312 12512 12358 12514 12212 12418 11978 12338
Pennsylvania RR
1218 1311
1512
14 15
15
15
15
-1334
1778
-- -- 1312 1818 1334 17
Peoria & Eastern
10612
Pitts Cin Chic & St Louis__ __ 9812 10312 100 10712 105 10718 104 108 1061211014 107 169 107 10914 10878 11112 10834 11112 107 11034 106 10834 103
117
11018
117
114
114
117
115
117
114
110
10812 115 113 117 11612 11612
---Preferred
160
160
167
_
175
1-7
6
167
16912
16912
---------------Chic
---&
Wayne
Pittsburgh Ft
---- ---2
8-5-8 -83-1-2
-8812 861-2
8314 8314 8314 8312
86 86
- ---- ---- -- -Railroad Sec—Ills Cent ctfs
--814
- 173181
- 163% 17278 18012 1-6612 16578 17318 16534 1747e 16814 1781 16858 17478 15
6334 16214 17914 16514 1-7-7-78
14818
---- 1591
-- 2 15212 15914 15418 1-Reading
8712 88
89 90 89 9018 88 8912 88 9012 89 9118 89 9012
9014 9314 90 91
9012 92 9138 9178 8914 91
1st preferred
97
9334
97
92
96
99
97
96
96
9718
9812
95
9678
100
97
9612
96
96
9812
10112
9512
94
983
4
973
4
2d preferred
2312 2553 2234 2378 2278 2818 2634 3012 2212 2912 2312 2638 2338 2538 2458 2738 25 2958 2412 2918 2458 2734 2238 28 ,
Rock Island Co
4818 5738 4712 53 4214 4812
5012
573
4
50
4714
5314
51
49
4834
5212
54
5958
523
583
8
48
50
485
8
483
8
553
4
Preferred
- - ---Rome Watertown & Ogdensb 126 126 12512 12512 --- ____
-66- -61-58 55 -66- 58 58
50 65 __-- ---- --Rutland preferred
2234 26- - 1638 23- -1712 1913
2012 26
2
6
-2121
24
3
4
2919
2312
25
2514
2134 2512
23 2634 25 26 -2434 19-1-2
St Louis & San Francisco
291
0,
121 6
6
00113812
77182 6
37
23144 12
5
08
051112
22 13
32
35
138
14 6
61 6234 62 62 6114 6414 6
65 6712 6512 6512 66 6912 65 6812 61 63
1st preferred
35
3712
3412
3612
40
3534
37
3512
3312 3814
3958 42 3812 40 39 4314 3953 4334
2d preferred
_
-- -C & E III pref stk tr certfs 10518 10518 109 109 110 110
50 -if- -i5- 54 50 5018 50 52 48 4834 47 4812
5414 56
-E414 I51-4
C & E III new stock tr certs 56 56 53 57
3412 3812 3714 4038 3838 4014 34 3838
32 3214 3212 37
2934 3012 3034 33 32 3312 3212 345 33 3314 3-2i8 34
St Louis Southwestern
7278 74 7212 7812 7612 7934 77 8058 77 78 75 77
71 75 74 7718 73 75 75 77
6812 70 684 71
Preferred
2258 2518 2278 2434 2158 2334 1858 2178 1978 2112 18 2014
2518 2712 2434 2714 2412 26
Seaboard Air Line
56
513
4 5434 5134 5478 4912 5234 4712 5078 48 5038 4434 4914
5138
5038
5314
5312 5612
Preferred
8 11478 10834 114 10914 11318 1031211114 •
Southern Pacific Co_ ..._ __ __ __ 107 112% 10512 10834 108 11513 11112 11512 10814 11234 10838 110% 10813 11078 11053 11358 1085
2814 3178 2858 3058 27 2938
3118
2838
2714
2712
2878
2912
2914
2958 29 3112 2912 32
Southern vot tr certs stpd ext 2612 2938 2658 2838 2734 3038
8678 81 8234 70 8112
do_ 69 7112 6814 738 73 7612 73 7514 7314 7512 7312 7412 744 7734 7712 8234 8038 8658 8014
do
Preferred
82
88
86
Mob & 0 stock trust certs_ ____ ____ 82
24
2-613 -223.4 261; -2
.13.4 2334
2012 225g 2112 22 2214 2538 24 2614 23 251 23 2418 2034 26- -21- 26'- -22- 261-4
Texas & Pacific
13 1334 1234 1638 1412 1638 1312 1538 13 1478 1312 1434 1214 1378 12 14% 1358 1512 13 1438 1012 13
13 14
Toledo St Louis & Western
31
34
30 3312 28 31
2914 3218 3112 3178 29 3134
2912 3478 28 32
33 347 3214 34 32 3412 31 36
Preferred
16114 17414 160 16634 16378 17214 17018 17558 16618 17314 16618 17153 16334 17034 16978 17412 167 17634 16778 17534 1694 17538 15034 1717s
Union Pacific
9014 9138 8878 91% 8814 90 8934 92 90 9612
9112 9358 91 9238 91 92 9018 9114 90 9038 8934 91
9112 93
Preferred
514 4
434 378 413
514 418 514 414 514 4
918 678 934 334 712 4
714 678 • 738 614 714 7
Wabash
6
14 1612 13 1578 1312 1534 13 14
1678 1934 1718 1912 18 2014 1912 2278 1773 2218 1238 1914 1234 1518 14 15
Preferred
45 527g
6158
56
5514
59
5358
5938
52
5612
5614
5914
8
61
6358
587
5818
63
57
59
5712
5634
6414
5534 6034
Western Maryland RY76 7012 77 8012 77 79
77 79 66 74
80 81
78 8018 80 81
- - -- 79 81
75 7712 78 78
Preferred
658 812
713
912
77
8
9
7
1134
812
714
4
6
63
4
6
83
7
914
55s
7
8
478
612
73
4
518
4
Wheeling & Lake Erie1712 2112 20 22 2034 30 2812 3612 2712 32 2712 30
19 2278 2112 2578 23 25
2118 23
1678 15 21
11
1st preferred
8 1514
117
1512
1312
1712
9
13
1012
812
.11
1212
137
8
812
105
8
1334
1112
14
10
107
10
5
8
7
113
734
4
6
2d preferred
5212 5814 5212 55 49 5214
52 5612 558 5712 5412 57 5312 5312 5158 5478 55 6212 5718 59
52 54 48 50
Wisconsin Central

1-7-51-2 Jai-

16512 17378_

38,241

EXPRESS.
Adams
American
United States
Wells, Fargo & Co

202 202 192 200 191 200 205
207 21212 200 220 20814 219 218
97
84 86 87 9358 9212 97
144 151 142 145 143 14612 144

21712 205 21712 2097820978 200 205 200 200 4197 197 175 200 160 165
225 215 22018 215 220 205 21614 196 20612 105 200 177 202 172 182 160 174
10012 95 95
9312 9312 93 9312 85 92 85 85 68 82 6212 71 66 6714
14634 144 146 14212 14514 136 14712 133 137 13312 135 119 135 115 120 12534 12934

COAL AND MINING.
Prices of mining stocks of par
value of $25 or less are dollars
per share; others p. c. Par.
7958 8618 82 8834
7934 8458 8114 88
6758 8138 8014 85
Amalgamated Copper-- —100 61 6712 60 68
1126
American Coal
25 343 3834
161-2 -344 41-3-4 4114 4478 461-2 .;43-78 -4114 15-13 3934 4378 411 181-4
Anaconda Copperd First Ins tallment p Md.
1 Prices for Amer lean Coal Co stock are per cc nt.




1-4-618

8478 9238 8112 9234 8158 8714 7012 8514
85 85
4414 4734 4112 48 4218 45 37 -4-3-373
0 Ex-118h ts.

JAN. 11 1913

THE CHRONICLE

111

3932—Contin ue r'.
April
January February
May
March
June
August September
July
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High.
Batopilas Mining
-20 133 178 138 158
1.58 158 278 134 233 112 134 113 2
184 114 178 112 178 112 178 112 118
15
Chino Copper
5 25 2718 2514 2614 2512 2912 2838 3038 2812 3078 2934 3514 2978 34 32 3978 3934 4478 3934 4912 45 5038 3812 473g
Rights
300 50c
--- -- Colorado Fuel & Iron_ -- —100 26 2758 2318 2614 2412 3114 2714 3414 27 3012 27 338 2838 324 3012 34 3212 433-4 3412
4353 3434 -3-811-2 -29314 30
Preferred
100
- - ----- 106 108 110 110 110 110 115 11514
140 140
Comstock Tunnel ----------2 13c 15c 13e -1-6c 12c 150 100 15c 10c 13c 10c. 10c.
e. -1-3-c-. 138%.1132c.
10c. 12c. 8c. -1-0-c-.
6
__
102 102
Consolidation Coal
_
-418 438 4
Goldfield Consol Mines-- —10 414 412 438 412 438 5
414 4
412 373 418 338 4
234 --33-4 253 234 -.134 253 1% 214
Granby Cons M S& P —100 - -- ---- _
50 56
- --- - 744 7418
-- -Homestake Mining-------100 89 90 87
" 8614 9112 94 96 9612 96,2
9513 -96
96 98 9812
10
10
9 10012
1-fti
1878 1938 1814 1618 1814 1938 1834
Inspiration Consol Cop— —20 — —
184 20 19 2
1658 2038
21
6
'
8
1
18
4
1938
Miami Copper
24
- 2312 2612 25 2634 2412 2638 2534 28% 264 2978 2914 30 28% 3014 2612 297 27 2912 2412 28
_5 234 2618
16238 -38
84
2178
1958
2014
2314 2114 23
Nevada Canso! Copper_ -- —5 1814 2014 1814 1912 1914 2034
194 2214 2112 234 2134 2418 2078 2334 204 2358 1812 23
114 314 2
Ontario Silver Mining - - —100
2
1
112 114 238
2
2
212 3
212 212 214 3
2
112
112
112
2038
1634
2012
197
1712
8
-233-4
2312 2012 2212 2012 2318 21 2714 2314 2658 2314 2612 2258 25 20 2414
Pitts Coal of New Jersey —100 18 1858 17
Preferred ---------------80 8378 77 8012 78 8214 81 9218 87 92% 8834 9278 8912 9512 9014 1001 9312 9878 9112 9812 9118 94 8312 9218
8
758 5
6
Quicksilver Mining- -- —100 3
3% 358 358 318 438 312 812 6
614 4
414 634 478 5
8
4
412
614 5
5 1138 7 1214 712 12
4
5
Preferred -------------100 4
412 312 4
7
618 7
6
814 934 512 9
8
1618
187
177
8
1838
1818
1678
197
8
2212 197 -2-2.4 2034 224 21
1934
2034
RaY Consol Copper-------10 16 1938
2418
234
227
2018
2238
8
2118
19
Tennessee Copper---------25 3434 3812 3412 3714 3718 4034 4012 45.58 4118 4714
0378 4112 4512 42 4518 4178 444 41% 4714 40 4638 40 4312 35 4134
6014
62%
5
5612
8
5734
53
6112
5212
6512
583
8
Utah Copper-10
6112 6512 5934 6358 6134 6714 63% 6712 614 6612 6112 6514 5414 6378
Virginia Iron. Coal & Coke 100 65 90 56 6814 54 65 6312 68 584 62 58 60 55 57 56 64
61 67 63 7112 6412 6512 5312 62
STOCKS.

VARIOUS.
58 112
78 1
12 3
34 278
58 112
34
34
-- -Allis-Chalmers---- --- ---- ---__
d134, 238 d173 214 _d_ 1_ 11_82 _ _1_718: -(1
Certificates of deposit- -- --e-21-2 —3-38
- - e-1-- --2-1;
-12 -e-3-38
-1- 1-3 --1-4 d1142 13238 --d
----8
5
234
7
7
314
2
3
4
5
212 234
Preferred
____ _
2
412 ---- ---- --- - ---- ---- ---6 d412 514 d412 5 d4.34 512 d212
d5
Certificates of deposit- -e934
d278
e758 1013 e434 734
5
-8
-12 -6-0-4 -5
-8
-3-8 -€C3-5-3 -5873 -6i- 60 6214 6078 6238 60 6134 5814 16134
618-6312 -5
American Agricultural Chem_ - 36C2
12 5712 6018 57 5934 56 58 5
9
5778
-- 101 10214 102 10378 10134 10414 10014 11158 100 101 10014 101
Preferred -98 1004 10012 10034 10078 10134 100 10012 ----- ----99
5834
53
7112
76
60
-----55
6814
555
6253
Sugar
8
533
4
American Beet
8818 7534 6814 7412 6918 75,
4612
57
68
68
5234
77
7514
7314
4
99 10078 9712 9878 9812 100 97 99 99 10034 100 10114 99
Preferred -97
4 96
812 97 99 99 99 100 100 90 9912 90 9113
American Brake Shoe & Fdy_ 9112 95 94 94 9512 9614 95 98 9513 9512 96 96
9612 97 9758 9913 9734 9734 9812 10734 93,4 9834
130 138 13012 13512 13234 133 13312 13512 13534 137 137 141 140 14118 14012
Preferred
145 145 160 155 160 13612 145 135 139
Rights
12 Ws
---- ---- 134 233
-1114 12 1134 /3-1-4 -2078 19-5-8 -541.2 1112
American Can
34 -3313 3758
'd - -521.4 -3-8
:
- -3734 -42 —3818 -453-4 3834 4738 3858 4338 26 414'
Preferred
91 9514 9038 9278 9178 10658 10414 11734 114 12112 11558 11934 116 11812 11778 12078 11712 12614 120 12534 1203s 12412 112 12412
American Car & Foundry -5014 5512 49 5114 5118 58 5578 6138 57 61 5712 6058 5653 5938 5812 02 59 6328 5814 6318 5853 61 5258 5058
71.4 1
.20
.. 13
1.
1.
11512 11612 115 11534 115.8118 11612 11818.
18
Preferred
1144
3 13
13
934 11613 11834 118 11812 1175811978 11712 120 11812 11914 11514 119 •
American Cities-------------- ---- ---- ---- --- ---3212 34 31 3214 31 3112 3034 3938 36 5014 4712 6018
Preferred
--- ---- 7812 8318 7812 7958 7514 7738 7612 7712 764 8034 79 83 7812 8434
American Coal Products
--- --__ ---- --__ -_-- ---96 98 9518 96 97 97 98 98 9418 97 94 94 90 90
Preferred --------------110 1101s 10334 111 10918 111 114 114 111 11134 113 113 111 111
American Cotton Oil ------- -4512 -51-- -4'814 -E61;'
7
6' -5-5-14- "iii4 "551-2 -55E25714 5112 Al 1-2 5434 5252 5434 54
543.
- ., -,5853 558 5918 538 6014 5414 5914
Preferred
95 9534 9814 9914 9814 99 98 988 98 99 9678 97 9814 984 97 9712 98 98 93 99 98 98 96 98
American Hide & Leather-4
34 412 438. 6
478 612 5
512 5
358 334 3
512 528 512 558 714 534 7
518 614 434 513
2012 2134 20 2038 2038 2518 2414 2738 24 2712 2278 2414 25 257 26 27 2718 34 2812 3134 2713 3012 24 2814
Preferred
18 2078 1934 2118 2012 2314 2173 25 23 3034 2414 2758 25 277 2212 27 2234 2478 1938 2412 19 21
American Ice Securities
18 1934
10 12
American Linseed
9'34 934 9 1234 1134 1778 13 16 1358 1514 13 1412 1318 1414 1312 1514 14 1738 1238 1634 102 1212
31 35 30 3012 3012 3434 32 43 36 3934 36 3938 3412 37,2 3534 3733 3534 40 37 4134 3314 4014 31 35
Preferred
3314 3858 3134 333.1 33 40 39 4434 41 4434 4058 4334 41 4412 4318 4634 4212 4034 41 4514 4312 4712 40 4612
American Locomotive
103 10338 103 10478 10612109 10812 110 108 109 107 10814 108 110 109 11013 10812 10912 106 109 10612 10714 106 1074
Preferred
434 8
15 1812 16 1918 15 1778 1418 1614 1418 157 1153 144
American Malt Corporation
75s 98 812 1234 1178 1312 12 1514 1378 19
42 4338 4678 60 4838 5718 5314 59 55 5918 58 6258 59 6212 6214 8914 65 6812 6118 6612 6118 6414 57 6118
Preferred
8618 87 8638 87 85 8713 8634 8734 8734 89 8734 8912 8753 88 8712 88 8758 8814 8612 8634 85 86 84 8534
American Smelt Sec. pref B
0853 7412 6778 7258 7212 8958 8358 8853 8112 8814 8153 8718 8038 87 835 8838 8334 91
American Smelt & Refining
81 9018 778 8434 6612 7932
10238 10412 10278 10414 10334 108 10612 10812 107 10812 107 108 10714 10814 10714 109 10712 10958 107 109 106
Preferred
108 103 10658
.1693
130 14478 13118 137 123 12934 12634 13512 128 133 131
!10
American Snuff
68
2 10
78 1169
1,2 11911 185% 197 189 199 191 196 187%203,4
10213 111 10714 1081410512 10734 10712 10734 107 107
Preferred
- - - - -- - - - 101
101
102
101 1-0
-2
- 1-0-3- 10312 10312 10478 105 - --------10353104
Preferred, new
---- --- 99 101 100 10178
-- 1-046- -10
-4
-- 1-0-4-- -10:438
8
26 3512 2712 29 28 32 3178 38 36 3912 35 37 34 36 3418 3818 37 42 404 4438 3614 4238 34 38
American Steel Foundries -_
American Suar Refining Co_ 11434 12038 118 120 11734 12912 126 13118 1251213312 126 13338 12314 13138 12578 13014 125 12878 122 12734 11814 123 11312 11938
Preferred -- -------------- 1- 151211912 118 11834 117 12214 121 123 12118 123 121 12318 121 122 12138 12312 12213 124 12112 12334 119112 122 116 117
American Teleg & Cable Co — 77 78 78 78 76 76 78 78 7612 7612 6958 6958
76 76 ____ _ _ _ _ 6878 69 68 70 66 6712
American Telep & Teleg Co 13758 14218 13918 14434 14478 14918 14478 14712 14434 1467 14412 14612 14434 14618 54412 14614 1431214614 14214 14434 142 14353 13734 1424
250 287 2411827812 2411226434 25212265 245 280 2717831713 285 32412 2611230934 25978276 2631228278 265 27834 265 2804
American Tobacco
_ ------------ 102 10834 10338 10634 10312 10518 10418 10534 10412 10618 10714 1073 1 1 1 1 1
Preterred
9 -----------------------1081
Pref certs of deposit- ----- 102 10814 10438 10678 10334 10612 10578 10712 105 108 10812 109 --------------------------------------------------10114 10638 10112 10478 10178 10312 10112 10334 10112 10414 10338 10512 0:414 10514 5Q47 1655-4 103 4 0
Preferred. new _
104 4 10538 10414 10514 10212 105
Am Water-Works & (Mar pre!
_
- — - - - - -- --- American Woolen Co-------- 2512 10 - -2514 2734 -2714 1.0 - -2812 -2914 -2718 IF -ii- -2-912 -2
-7
-- -2-fi -it14
18
712 6
812 6
23
313
28
18
1627% 6
-2114 6
4
-iii8
-3 31 - -iii8
Preferred
8734 8934 86 8734 87 9412 9033 9178 9012 93 9014 9234 89 9034 8812 9234 8912 917 884 8934 7912 8512 79 83,4
American Writing Paper pref 2514 2534 26 31
2818 3012 2912 41 3512 4158 35 3712 3212 3614 35 4038 35 3812 3312 3853 3212 3612 29 3214
106 108 10512 10714 10712 113 111 123 119 123 12014 12414 12312 126 124 12618 12412 12419 124 12712 12012 12314 11814 123
Assets Realization
_ - _ ---- ---- 10212 103 1041210412 ___ ___ _--- ____ ____ ___ ---Assoc Merchants. 1st pref---- .....
-— ---- — -- 4612 4612 ---------------------------- ------------411
Associated Oil
- .2 -ii- -:1i- -41- --.. ........
Baldwin Locomotive -------5338 6012 5514 5978 5712 6034 58 2 60 5612 5958 5478 58 49 5512
116- f3
.2;4 10312 11531-2 10512 1.0i3
6-3-4 10
Preferred
.
4 1-0(T78- lot-li2 10i 104 10818 105 106 10512 10633 106 1061e 10614 10714 10678 10714 103 107
Bethlehem Steel Corporation_ 3018 3258 2734 3178 2834 3434 3358 42 3534 4038 3512 3812 34 384 36 4212 39 4938 4434 5158 39 4614 3353 4114
62
5934
5612
61 5812 6358 62 7414 70 7434 6912 7253 6534 7224 6834 74 70 80 7412 7938 6812 7512 6012 71
Preferred
7634 7914 7712 7834 7878 8433 8212 8458 8134 9018 8638 9012 91 9413 9114 9353 8812 92 89 9218 89 9314 8534 93
Brooklyn Rapid Transit_ -Brooklyn Union Gas-------- 138 14112 138 13918 13712 142 142 14512 14212 14534 142 144 14212 147 147 149 14512 148 144 14718 143 145 140 141
812 012 812 9
8
8
913 1014 9 1114
Brunswick Term & Ry Sec_
812 9
834 7% 8
8 1014 8
8
8
812 8
2958 3018 2934 3012 2912 3018 3012 4013 35 3812 -33
- 3378 337 363 38 32 3534 3114 3412 28 31
.C2 -3-3-12
Butterick Co
2814 2914
California Petroleum vot tr ctf
---- ----- ------------8478 7212 5934 68 4914 6534
Preferred
---------------------9012 9512 8934 92 84
11
:
1
00
_i5.. iili
Case (J I) Thresh M pref rects _
78 13
295%
.
2 -2_672 -iiits - 5-8 _
58 0
32
138
1
3 1213
61_4
07
04
3 10
00;82 12
2414 2754 -241
_ 34 2112
Central Leather ------------ 17
27 2634 _3
2823 335
83 9214 80 88 8214 8934 8812 9533 93 9434 91 9412 93 98
Preferred
100 9 100 98 10012 95 997 9118 9612
11512 12112 121 121 11934 12113 120 120 120 120 118 11934 112 112 --------------114 114 11412 11412 - — ---Cent & South Amer Teleg-_....
Chicago Union Traction—
118 118 114 238 214 38 218 338 24 273 258 253 2
112 2
----Trust Co ctfs deposit114 114
212 212 234 24 212 114 2
4
534 534 1014 6
612 714 618 678 7
9
Pre, Trust Co ctfs deposit
518 414 5
5
814
13834 14312 13814 14012 13953 146 14253 1453.1 13912 14534 13958 14234 142 14638 144 14912 1:13'38
Consolidated Gas- 1-4-7-78- 142
61'146
812 143
13
4 144
-iit 112-4
612 1-3
__ 10 1118 10 1012 10 1634 1438 1712 15 17 1434 1578 1312 154 1418 1638 15 1612 1538 2218 154 18 127 Ms
Corn Products Refining
Preferred
7614 7934 77 7878 7612 8412 8112 87 8212 848 8034 831, 801 841 8218 85 8334 8512 8134 8912 7812 8378 75 7914
Crex Carpet ---------------- 75 75 74 74 72 72 70 85 83 8478 86 86 - ----- ----_ 85 8533 --------8114 8114 80 85 84 84
Cuban-American Sugar
____ ___ ____ ___ 35 " 35 33 35 -___ ___ ____ ____
Preferred
..
92 93
96 9534 0619434 ii.S" .
---- - - -- ---- ---- --- ---- -- --- ---- ---- ---Deere & Co pref
993810014
_— -- - -- - • - - - -_,
Detroit United RY
-6114 -65 - -6512 -651-3 .67- -67 - -iii" -iii, -7314.
743.8 -7218 -743-4 -ii- '13— -i2,-4 -7252 7218 7618
6334 6412
Distillers' Securities Corp_
3038 3258 28 3112 2914 34 3138 3438 3118 3334 31% 3373 9
2858
35
2514
114 9
20
34
35
3,
58
2 32% 3614 33 3514 2578
2614
9012 9012
E I du Pont Powder. pref
_ -- ____ 9212 9434
9712 9912 9813 9S12 100 100 98 99
Federal Mining & Smelting._ 1212 13 -i14 -1-2-73 1112 1834 18 18 15 18 -1.5
- - -1-8- - 1712 2158 20 20 1934 2134 1918 2038 1338 1534 14 14
Preferred
3718 39 38 4512 38 46 4538 46 41 46 4073 43 44 50 4318 48 45 5234 46 437 4214 4714 3712 4218
67 67 ---- ---- ---- ---- ---- ---- ---- ---- ---- -::Federal Sugar Refining—
95 --:- --_- ---- ---_ _--- --_- __-- ---- --_- ---Preferred
95
128
- :::: :::: jai' iiiii 13713 13712 ilo- 150 153 172 185- iii- 19014 205 i0..i 2-05- 2(7./0- 2-0i
155 1-3-6-1,
General Chemical- -_ _
10712 10858 10858 111 10614 10812 10612 10773 108 111 111 111 110 110 110 113 115 115----------------1115811212
Preferred
ii6-200
212 258 212 338 --- _---- ---- -___ -- -- ____ ____ ___ ____ ____ __—__- ____ ---Rights -Preferred rights --------------12 58
-----------------------------155 1464
11114- 160 16812 ili----173 iiif4 17212
---- i i--17814 i7C12 1882 18s18118 17 18412 179 18
General Electric
1808 18734 179s18818
34 3514 30 34 30 3314 32 3814 33 36 3218 3134 3918 34 3414 4212 364 427 3414 3814 3338 38 32 3813
General Motors--------75 7712 74 7618 74 7818 73 82 7014 7612 73 7512 7412 7712 77 82 7934 8234 76 82 77 7914 7614 7919
Preferred — - 78% 801s 7412 81
___ —__
Goodrich Co (B F)
---- ------- ---- - - - - ----_ 10314 10312 106 10912 17
Preferred
00
672 10
08
71210
00
77
54 17
61142 16
77
312 16
00612
Guggenheim EXE1i0Y --Par $25
i'i- -624
- $53 -6-94 $56 603 $57 607s $5334 6912 $5412 57 47 55,2
iao" fi6 - 159- 166- iCi 171l; iiiii fir 155" 171 177 19434 19712 19712 185 19434 185 18712 187 200 187 19038 186 192
W Helme
---- ____ 112 112 10953 10953 10912110 11012 11012 113 113 114 116 115 115 ---- ---- _--- _--- _--- ---Preferred
110 110
Havana Electric 110 110 115 12014 :::: :::: :::: :::: ---- ---- ----__ ---____ ---- ---- :::: :::: ---- ---- ---- -'----- ---_
Preferred
---- ---Havana E RY. Lt & Power- -__. 89 89 89 89 --------8512
Preferred
96 96 98 9612 --------951
--:- --:--- -68-85-13- 1i
-i
- -- 18
:
71
iFirst last aliment pa Id. - e tie; o
--In-si;111 Went paid.
-iid




_1612 ..1i3;

90.4

/
8 li
f
.
2

17

6-

15612

112

[VOL. XCVI.

THE CHRONICLE
1912—Concluded.

STOCKS

January I February
March
April
June
July
May
August Septembcr
October
November December
Low High,Low HighiLow High Low High Low High Low High Low High Low High Low High Low High Low High Low High

lnterboro-Met vot trust ctfs_ 1638 19181 /718 1838 1734 2113 1834 2073 1814 2134 1913 2114 1934 22 1978 2118 1878 203I 1912 91
3 21 1614 20
— -78 198
5338 59141 5413 5812 5718 62 5752 6112 5514 6138 5634 6012 5713 62 5818 6112 573 6118 6014 6753 6314 67 5753 6558
Preferred
5234 5732 5312 5634 56 5834 5734 5734 6073 61 ____ __-- 6013 6118 --Pref voting trust certfs
Internat Agr Corp vot tr ctfs_
49 5312 43- 183-4 --_ -_ -_ -_ -_ -_ -4
5
Preferred vot trust ctfs- - - - ___.
_ -- --- ------- -__--- -- ----_ - -----_-_ --_-_-_ -9612 99 94 9612 94 95 -_9312 9412 9312 9312 9212 93 89 93
6581 10514 1603-8 1.0.654 1173-4 11312 1181; 11413 12412 117 12258 11712 122 121 12512 120 12678 120 12512 11914 12273 10512 120
International Harvester-- — 106 10.
11612 12012,11912 121 120 121 120 12134 117 120 120 121 11912 120 11914 120 119 119 11924120 t131119 11312 115
Preferred
512 412 5
414 434 4
Internat Mercan Mar stk tr ct 412 5
434 414 412 4
414 418 538 5
778 414 7
4
478 512 5
6
20 2318 1958 2134 1918 26
1618 2078 1934 2278 1838 21
Preferred
1534 .18
1873 2514 1713 1978 1712 19
1873 2113 1734 20
International Paper
933 1034 10 1073 1033 1414 1214 1538 1413 193.1 1434 1812 1412 1634 1512 1673 1514 1078 1512 1758 12 163 11 13
4578 52 5012 56 5212 5913 54 5834 57 6273 5712 6078 5112 5834 56 5834 5612 5814 5614 5934 5078 5712 47 5112
Preferred
26 2812 2614 2813 2613 29 2412 2918 23 2612 12 24
International Steam Pum— 30 34 28 30 28 3133 2812 3234 27 3112 2413 28
81Preferred
8334 79 80 8012 8273 82 8453 81 8234 7951 8078 7913 81 80 81 80 8112 8012 8134 7814 80 63 7814
Kayser (Julius) & -95 95J 9114 93 90 93
1st preferred
Knickerbocker Ice (Chic) pref ---------------- --------------------------------70
---- ---- -- ----------75 76 67 67
_Kresge (S S) Co
7912 8312 75 8012
_
Preferred
101 102 100 10512 10012 10012 100 102
- 29 31 32 2 3512 3(3 40% 40 46 43 5512 50 5414 45 51 46 50
2- 03o12 30
Lackawanna Steel
-14 fliii. 10518 108 105 10638 106 10612 10553 10712 10513 106 10512 10018 1053 10578 10218 101
10618 10834 106 10714 101 10734 His
Laclede Gas (St Louis) 15(373 185 169 17812 16618 180 180 108 180 19412 19212207 194 20834 20534 21578 208 21712 21213 225 20912 218 206 214;
LiggCtt & Myers
1051 1131 1071 1111 10718 11013 1091 1111 1091 1113 111 1131 11234 114 114 118 1151211(312 11573 117 11612 11612 115 116
Preferred
_
_ ---_ ---_ ---_ ------------_ ----_ ---- - ----_ 43 4718 43 4534 42 4534 4212 4514 4034 4414 36 4112
---Loose-Wiles Biscut trust ctfs ---- ------- --------------------------------------------103 10414 10338104 103 104 10212 104 10334 10534 103 10414
1st preferred
-------------90 9212 9114 92 91 9158 9012 9234 90s4 9158 90 92
2d preferred
-------------------------- 0 -.
34 86 8334 8878 8812 9214 87 9034 8612 8812 8634 88 847 8512 82 84
8 79 7513 8314 7912 83
Mackay Companies
681 707 6912 7012 69 7058 6812 6973 69 6958 6858 6978 6914 698 69 6912 6814 70 68 6878 0712 6814 66 68
Preferred
2
2
Manhattan Beach Co
1,- - - - - - - - - - - - - - 217 8ii4 4 8214 638 80 ii Sei :75; -84 8138 88 8-614 -8714 77612 -8118
742 113 ii
i2 713 7
May Department Stores_ __
110 112 11012 11112 110 110 10912 110 111 111 10534 10712 107 108 106 10712 10612 108 10612 10738 106 106 105 105
Preferred
Rights12 1
----------------------6234
72 6534 7338 6534 6934 67 70% 6712
_
-253 -9-0-12 7834 8-714 67 8634
---7958
- 7
-- -34 8
784
-Mexican Petroleum
_ ___ ____ ____ ____ ____ ____ ____ 10212104 99 102
Preferred
14814
161
15514
15414
147
16012
154
148
14313
159
12612 15312 134 142 137 14012 130 13712 12034 13514 114 130
13912 1-50
National Biscuit
127 128 12634 12814 129 129 127 12912 12834 130 12912 131 127 13014 12578 12834 12378 125 123 12413 12414 12718 122 124
Preferred
15
1714
1914
1512
16
173
4
1612
13
1958 2314 1634 20
1514 1718 1634 1914 17 2018 1813 26
Nat Enameling & Stamping__ 1378 1412 1214 14
9412 9513 88 94 88 94 90 9413 9212 9313 9234 9234 90 93 90 93 90 93 9212 94 9318 9313 90 9112
Preferred
55
567
8
60
6058
5614
5913
59
53
5118 5473 53 5412
5634 6012 5834 6078 59 6613 62 6814 59 6434 5412 6012
National Lead Co
10538 10712 10512 10934 10712 108 10812 10918 10914 10014 10714 10934 10838 10912 109%11014 10712 10934 10312 110 10953 11073 106 10834
Preferred
5472 5612 50 5312 50 5658 55 577 53 62 61 7612 70 78 74 83 74 80
78 '1 85 7212 8014
New York Air Brake
_ 20 23 20 20 20 2013 _ _ _ _ _ _
---_ 19 19 18 18
_ _
_
. ____
New York Dock
50 50 ,-.1i 4-7- 4473 147-2 40 40 4112 4-112 40
32
- -4-0_
---Preferred
_______ ____ __ __ ___ 8834 9334 8738 9278 8673 8913 89 8934 8914 9058 -8
-9- -01 8313 88 87 9038 89 89%
New York State Railways__
----------------------------------------92 92
Preferred
77 7878 7814 8078 7914 8478 80 837882 8334 -81- 83-1-2 -8214 -8-77-8 -8373 -8-5-78
- -8314 -fig- ----7212 83
North American Co new stock 7412 7978
5712 5712 5712 5712 56 6234 6318 6713 6314 64 60 62 60 6314 6334 6734 66 6714 6612 6714 67 7912 75 79
Northern Ohio Trac & Light
_ 108 109 109 10912 110 110 _ _ _ __ 110 110 .
____ ____ ___ _ 110 110 10678 10673
_
_
_
_
Pabst Brewing. Prer„ _
_30 --3234 3013 3314 3114 35 32 3478 3113 3-412 32 3378 3033 38 3233 3612 3234 3613 2834 3514
Pacific Mail Steamship
4833 5138 47 4834 47 491 47 5538 48 5414 4914 52 48 5012 4934 5314 492 52 481 52 49 51
45 49
Pacific TelePhone & Teleg-99
9912
9058
9953
-------100%
9212
10018
99
10018
10112 ---- ------------100 100
99
101
101
101
100%
100
Preferred
People's Gas Lt & Coke. Chic 103 10614 10518 107 106 10853 10814 114 10718 11814 11112 11612 11358 11634 11518 11814 116 11778 11658 12212 115 1 878 109% 116
Pettibone-Mtilliken
0734 9834
1st Preferred
___ _ _ ____
__
_ _ _
_ 2-1b132-1-5-13 ____
__
_ __
'12 ill
Phelps. Dodge & Co
-0
- 18 1-0-2- -10012 1-02- 100 1-0-0
-3 1-0-412 103 104 10314 1-0-5 10
1-0-5-3-8 10
Philadelphia Co (Pittsburgh) 104 106 105 11 114 107 1 1012,106 1-08 10212 107- 102
100
100
1013
4
100
10212
10312
103
10212
10414
10134
10112
103
10112
10312
10212
10212
1021002
10214
103
101
101
10112
1023
4
preferred-Pittsburgh Steel
169 189 168 180 167' 18412182 19212 178 189 1861320012 178 19812 190 19712118518 196 186 21512 199 210 198 209
P Lorillard
10734 115 10914 11278 10912 110 10912 11118 10934 112 11134 11313 112 114 116 118 1131211(3 116 117 11634 11634 115%11633
Preferred
32 3414 2834 3212 297 3533 34 373 3358 3614 3313 3612 3412 3612 36 3834 3612 4078 3714 407 37 3914 3312 37
Pressed Steel Car
Preferred --------------- _ 10118 102 96 10013 96 102 102 10313 100 10213 10012 101 10118 10212 10112 10334 10214 10313 10012 10238 101 10112 08 10113
Public Service Corp of N J_ __ 10714 10814 10634 10734 10712 11134 110 111 109 11112 10912 11112 10934 11612 116 1207 11834 11934 11812 11914 114 11514 11634 12014
Pullman Co (The)---------- _ 15918 161 15812 15912 159 16112 160 163 15913 162 15912 16178 16014 16212 16014 175 165 170 16712 170 164 16714 15912 165
0612
Railway Steel-Spring -------- 29 32 2712 2858 29 33 3134 3714 34 3634 34 3/ 34 3078 3512123312 3634341034 3612 3958 3614 38 3212 10138
101 101 10212 103 100 10212 100 101 100% 10058 101 102 10112 1021 103 105- 102 102 102 10318 101 101 9814
Preferred
2312
33
2614
2858
2478
2178
35
2913
2514 2878 27 2918 2658 3112 308
2213 27 1534 23 18 23 2112 25 2158
Republic Iron Cc Steel
79 8533 6412 7934 6812 7434 72 8134 7512 8034 76 8512 8274788614 8478 92 87 9212 9038 0338 8812 93 84 90
Preferred
-- ____ ___—__ _— ____ 107 107
Rubber Goods Mfg, pref
__ 97 101 8914 9734
_
_
__
_
__ _ ___ _ _
____ ____ ___ ____ ____ ____ ____ ____ ___.,_
RumelY (M) Co
-0
- 12 1-0-312 102 10312 9913 10212
-2
- 1-0-253, 10
- 00 1-01-34 -1-00 1-0-3 10
-1 1-0-2-12 10
101 1-01-34 1
Preferred
1921 189 19734 195 20678,203 22012 208 215 207 221 19212 218
19412
183
171
17512
153
16014
156
157
14112
143
140
Co
&
Sears. Roebuck
114 12312 12312 123 124 __ - —
- 12313 12312 124 1248 12312 12,
121 12358 12318 12412 12318 1237 12338 12413 12413 12418 -------Preferred
- -48-12
3914 44 40 401 411 491 48 52 48 5212 5012 5738 51 58 55 59 5112 593 55 5812 49 56 45
Sloss-Sheffield Steel & Iron
100
102
105
100
100
------..
1001
90
90
100
00
100
100 100 100 - --------94 96 97 97
Preferred
_
_
78 7412 79 ----------------77 77
79 83 -----------------78_
81 8112 81 88 80 81
South Porto Rico Sugar
-8
- 110
__ 109 1013 110 110 10
110 110 110 110 110 110 10934 110 10978 10978 105 110 _
109 109 ___
Preferred
1614 1712 1634 1712 1714 2112 2013 2573 25 2614 2613 3319 2-634 -3234 28 30 2912 -3018 2712 30 2814 3112 31 36
Standard Milling
53 5612 55 55 56 6134 5834 6214 60 6212 5913 6414 63 0412 6353 65 6412 6512 64 66 0312 64 6212 66
Preferred
Studebaker Corp (The)---------------------------------------------- 35 3634 30 3612 37 4913 41 45 41 4478 41 4378 3334 42
-----------------------------9012 92 9134 95 9412 9813 9412 9612 91 9634 94 9634 9112 93
Preferred
81 873 88 991 93 971 94 9934 97 1133 05 126 12118 130 12518 12912 12514 130% 11912 127 119 123 106 119,4
Texas Co. (The)
- 89 89 89 89 - --------92 9612 95 9512 --------96 9712 --------96 9613
- -------Texas Pacific Land Trust — — 90 90 - -------53_
- d2134 e41 ---- ---- /52
Third Ave trust receipts
35 -3718 3612 1134 3'-7 -40 3312 4158
4014 4934 3912 4638 4053 4478 37 1238 3533 1112 3673 -3-978 3512 -403-1
Third Ave, new
37 7
212 334
514 9
414 9
3
378 313 514 5 1058 534 713 534 658 512 512 373 5
4
3
Toledo Railways & Light -3 11113 104 10778 10478 105 103 105
1051
1061
105
1073
1051
105
105
1063 106 109 10613 109 10'714 10878 10'734 108
10412
Twin City Rapid Transit_ __
_ 10931 14034 ---------------- 145 145
-_
---- 14112 145 - --------_ --------14214 14214
145 145 ---Preferred
10534 112 10212 109 95 10453
Underwood Typewriter ------ 101 102 101 10533 9913 10013 9834 10413 10312 10812 105 11534 10678 c1-5- 161 iff 10512 112 11112
11314 1138 114 11212 113
_ ----114 11412
11114 11114 111 11234 11112 112 11114 11112 11112 11212 110 114 11134 11414 ---Preferred
1178 1438 714 1314 514 814
77
145
1253
1013
1312
513
112
1212
513
431
8
1313
512
177
473
714 1073 934
Union Bag Ec Paper--------- 458
59 351 47
5113 52 4934 5012 5412 5412 5513 60 5734 6734 60 64 58 60 58 62 5878 6218 57 6012 4512 5418
Preferred
47 547
541 584 52
5912 6434 5 641 5314 5732 5678 57 53 59% -----------------104_
United Cigar Manufacturers-- --- ---- - - - -- -- -104
- 105 106 105 10712 1041210412
- 10612107% -------1
- 05 1-0-5 1-0
-5 1-69- 106 1-07- 10
-6 1-06-73
Preferred
10114
99 101
99
10038
98
10018
9834
10112
10012
097
3
9912
10234
16014
98 10012 97 9712 9714 101 10034 10118 99 0912
United Dry Goods
108
10414
10214
10414
107
10514
---------- 105 106 103%10578 104 10513 10514 106 10558 108 10413 10613 106 10878 - - - --- 10512 107 32 3912 36 3812 34 3978
Preferred
-34 -34 32 33
United Rys Inv of San Fran-- 3034 35 33 3714 3312 36 3334 3514 31 3434 2012 3078 28 3034 29
691g
64
68
6712
6213
6118
Preferred ---------------- 58 62 60 6512 62 64 61 6334 GO 63 5734 60 57 59 5912 6334 60 62
1914 2112 184 21% 1834 1958 17 1773
U S Cast Iron Pipe & Fdy____ 16 17 13 15 1418 1613 16 1812 18 2212 1912 2253 1812 20 1878 21
593
4
63
6438
57
61
603
4
5734 5912 5812 61 59 6312
50 51 50 5114 5134 5318 53 5712 54 5612 56 61
Preferred
26 3013 27 30 2973 35 34 35 34 3814 37 4434 4234 4578 44 55 5412 5714 5212 55 50 55 43 447
U S Industrial Alcohol
99
99
105
9612
97
105
_ 105 105
95 9913 9678 9814 9078 10233 10078 104 102 10334 102 104 104 105 _ Preferred
-3
-1 -8-5- 82 86 8038 85 7934 82 7112 7914
67 6918 68 68 67 7778 7434 7934 745,8 8114. 75 7912 703 861 8
U S Realty & Improvement
113 112 114 17
153 318 212 212 ----- ----_ ----- ----133 112 112 2
3
____ ____ ___ ____ 118 114 2
U S Reduction Ec Refining__
4
4
4
51
3
412 4
612 4
7 _ _
- 412 412 4
Preferred ----------------------------------------10 101. 6
51
55
66 6034 677
5012
- 134 -6-7- 50 6734 51 5314 5012 5512
4513 49 4514 4613 46 56 5414 6112 56 6773 6
U S Rubber -106
1087
s
10678
1098
10634
112
10814
11112
16678
1087
3
11113
10834
112
110
116
11412
11233
11513
10553
110
109
110
109
111
1st preferred
75 761 --------75 7912 7812 8034 788 8512 80 8214 81 8112 7812 80 79 8138 7834 8178 80 8012 75 8014
2d preferre
34
12
34 7-16 34
1
Rights
-------- --------------------------------9
-1211-0-1 __ _ ___ ____ ..—
107 107 10
-7
- 1-09-14 -10
1st pref subscrip rects
____ ____ ____ ___ ---------- _ ---__
_
-12 -7858 635 -7412
71 75 7113 8034 7334 803 73
5958 6978 5814 6178 60 7018 6712 734 6
U S Steel Cororation_ __ __
111 114 107 11172
11.114
1121211612
117
11034
110
11278
112 114 11234
Preferred ---------10934111121073411034108 11353 11153 11334 1008 11314
4734 4034 4634
5238 5714 53 5514 53 5512 40 5112 5012 53 4738 5173 4714 5014 47 2 4934 45 48 46 497 45 11612
Virginia-Carolina Chemical
8 11534
1161 11538 116 11518 55 1147
1 117
1191212173 119 12034 11912 12233 11814 121 118 11878 117 1191 111 .. 1
Preferred
51 51
54 50
41 4713 45 47 4612 49 4734 50 4812 4912 4758 49 - ---------------- -------- 48_
Virginia Railway & Power_
92
92
9112
91
_
_
____
____
____
____
_
_
_
_
---,87 87 8812 881,3 _ - - - _--Preferred
-2 -2-3-2-3- 1-8- ----------------1634 -1-9-12 21 25 22 22
-0
- -24-13 21 -2-2- 2
Vulcan Detinning----------- 15 21 22 2713 2
87
8712
83
8712
8514
--------------85
8613
82
87
8012
85
85
_
83
87
---- ---70 7913 78 83
Preferred,
8134 7712 7914 7134 787s
Western Union Telegraph__ __ 79 8614 8212 8514 8318 86 8178 86 8214 8412 8134 83-34 8113 5318 8118 8412 81 8278 78 278
282
276
276
272
7
8
1
34
8534
28
_9
_
_
8
2
_7
_1
_
_
_
1
_
_
7
_
6
_1_
_
_
_
_2
7
_818
_
.
7
_5
_7
_3_
4
_7
_
8
_
0
_
1
_
8
_
_
8
_2
_14
_
_
8
_9
_1_
2
_
7
_
_7
_5
_
_1_8 _8_1_78
Westinghouse Air Brake
_ 93
_4 _7_4_ _7_3
_7_4_14_ _6
12 8438 7438 83
831
West'house El & Mfg, assent_-6-6-1-480
125 125 121 122
1st preferred
11473 11914 120 120 118 122 120 12012 117 12033 120 121 119 1213 12318 120 124 124 12412 120 275 275 _. __
Weyman-Bruton
170 181 186 186 186 19014 195 200 199 200 200 225 --------_ 250 270 250 250 275 300 116 116 1161211613
113 112 114 --------113 113 114 11078 1147l16 11018 11618 115 115
_
Preferred ----------------------------112
_ ____ ___ ____ 97 9914 9212 9778 94 97 96 11234 110 11778 11234 11778 101 114
_
Woolworth (F W)
_
_.._
_
Preferred -------------------------------- ------------------------ 115 116 1l3'41164 11312 115 11312 11512 11412 11512 11412 11634 11312 11530
t 1st pal6.
11 pa .
I




-------- -

3053 -3-273-4 -3034 3334

36 -3-85,

-

------------------

-32

J.111913.]

THE CHRONICLE

113

COURSE OF PRICES OF STATE AND CITY SECURITIES DURING THE YEAR 1912.
-BONDS.

I

April
January February
March
May
I
June
July
September
I August
October
November December
Law High Low High Low High Low High Low High'Low High Low HighiLow High Low High Low High Low High Low High

New York State—
Highway Impt 4s
1958 ____ ____ _ _ _ _
10034 10034
10112 10112 101 101
Registered 49
1958 ---- ---____ ---100 100
- - ---New 4s
1958 ____ ____ ---- ----- ____
151/4 1-61-14
43
1962
10033 19012 ioors 16•61; 106E8 1664 1.6612 10114
Canal Impt 4s
162 101'8 f613
1961 i61Es 1-62.7-8 i6214 1-C47-8 10214 1028.i
10134 10134 10038 10138 10058 10078 10114 10114
Registered 4s
10238 10238
1961
---- look)10114
New 43
1961 i6ii4 1-1:4 - i02E8 1-Cii5-8 10212 10258
Registered 43
102 102
---4s
19
960
1 -_-_-_-_ -_-_-_-_ ---- -- --10013 fiif ioni8
-43 registered
1960 _
102 102
48
1962
10018 10058 Ion 10114 10113 1011-3
Palisades Park 49
1961 iiiii4 iiiiis ioii3 1-(1d7i 10214 f62-3-4
1
613
4
2°01
4
10033 10114 10034 10034 101 10114
1
(
0714
3
Registered 48
1961 102 102 ___- ---Tennessee—
New settlement 3s
1913
Virginia6s deferred B
Bros
certificates ---------47 53
49 5012 4834 50 49 4912 47 49
50 55
53 57
5312 5834 5512 60
52 55
5414 59
New York City—
Consolidated Stock:
33-3, coupon
1926
9318
9318
---- -- ---- -- ---- -- ---- -Corporate Stock:
87 87
31,63, coupon
8638 8714 8612 8634 8614 8612 86 8612 85 86
1954 8718 871s 8712 88
8478 8558 8514 8512 8414 85,4 8312 8412
31.3, registered
1954 8712 8712 8718 8718
863
4
863
4
_
---- -8418 8414
33-5s, registered
1948
8412 8412
1959 9978 10018 -9978 1-0018 9978 10018 9958 10018 9938 9934 9834 9912 9878 9913 9838 161-g 98 087* 08 IS-12 9618 983 -6W29613
43, coupon
8
1959 9934 9934
100 100
4s, registered
9613 9618
993
4
i661958
f6iiii -6658 1-6618 6658 1001g -6612
9978 10018
43, coupon
-6658
-ii78 161
4 9838 19'- -64" 1134 98 9813 96 9812 9558 9612
1957
3 1001 100 1001 9973 10014 9934 10018 9938 10018 9933 9953 99 9918 9834 99
4s, coupon
9871( 987 98 9812 9614 9812 957s 9612
1957 ----------------4s, registered
9834 9834
-_
1956 ____ ____
43, coupon
9812 0812 9812 9812 9833 9833
-.
6-14 -9414
1956 ____ _ _ _ _ -6-8i8 -6i5-8 993 I61-2 -66i8 1161-2 9853 99
4s, registered
9814 9814 9734 9734 983* 9838 967 9712 ---- 95 96
9412 95
1955
4s, coupon
-___ ___ _ _ _ _
9878 9878
____
43, registered
1955 99 99 ---- ---- -6613 161-2
-6Lis 9518
45, registered
1936
99 9912
4 yo, coupon
March 19(10 la1
.
8 1-0.23-4 1.o6i8 1-(ii - iai8 163 loos 10212
1-6134 166-78 1-614 101 1415-8 io6i2 1614,i6618 fdti3-4 10018 10038 166- 1-6612 -9978 1664
434s, registered
1960 ____ ____ ____ ___
101 lOt 1014 10113 10114 10114
-9912 9912
4 Ils, rects (when issued) J962
___- - - - 10058 101 10058 10034 10018 10058 9973 10012 10014
4).111, new coupon
1957 10712 10773 10758 10773 ioiis
igr1: 214 10714 10738 10614 10678 10534 10018 10558 10614 10512 1664
10578 10418 1055* 104 fail
434s, coupon
1957 10'712 10778 10712 10778 10718 10734 107 10712 107 10712 10634 10714 10614 107 10534 10612 10512 10612 10512 10578 104 10558
10334 104311
1957 ---- --- ---- ---434s, registered
10714 107,4
Assessment Bondy
444s, new coupon
1917 10212 10212 10234 10234 102 0--------------------------------- - 10138
101 10112
06s, coupon
1917 10214 10212 10212 10212 102 10212 114 114
128
!10173 102'310178 102 10113 176112 16113 10178 101 102
2 114',
12 1

DEALINGS IN FOREIGN GOVERNMENT SECURITIES AT NEW YORK STOCK EXCHANGE.
1912.
January February I March
April
May
June
July
I August September
October I November December
BONDS
Low High Low High,Low High Low High Low High Low High Low High LowHigh Low High Low High Low High Low
High
Argentine—Internal 58 of 1909 97 9758 97 0714 9714 98. 9758 99
9834 9938 9834 9912 9938 100
9912 100 99 9912 9512 9878 9534 97
Imperial Chinese Government—
Hukuang fly, 1951
5 9314 95
9314 9412 9412 95
95 9512 95 95
9414 95 94 9458 94 9413 92 94
91 91
90 91
Imperial Japanese Government—
Sterling loan, 1925
4'4 9212 9312 9318 94
93 9312 92 9314 9218 93
9218 9234 9112 9238 9158 9238 921g 9234 90 92
9012 92
8912 9118
2d series, 1925
434 .9178 9278 9212 93
9178 9258 0112 9241 0114 9234 9034 9158 9058 91741 9034 91,4 91
9134 90 91
89 9034 8834 8934
Sterling loan, 1931
4 8634 8818 8718 8713 8014 8614 86 8614 8512 87 85 85
8418 8518 8312 84
8334 8334 8314 8312 825s 8312
Repub of Cuba, 1901 loan
5 10212 10358 10253 10314 103 10358 10318 10378 103 10312 10234 10358 10312 104 10312 104 103 105 102 103 10112
1021g 10153 10212
External loan, 1919
434
99 90
9913 9915 9914 9914 99 99
99 99
Sao Paulo (Brazil), 1008-19-5 9718 9712 9714 98- -15112 -98
9714 9712 9758 9758 9758 9758 9753 9834 9758 98
9734 973.1 972 08
97 97
1912
of
loan
5
Tokyo, City,
9413 95
94 9433 94 94
94 94,4 9378 9378 9178 93
U S of Mexico, 1899 .£ loan__ 5 9614 9714 9512 9641-9512 9653 9512 96
9512 9578 96 965s 97 97
9618 97
96 961s 96 96 -952 9512 0534 957
4 9034 9034 90 90 I 88 88
Gold debt of 1904-54
88 9014
89 897s 8978 90
Note.—In case of bonds of foreign governments issued in pounds sterling, the usage of the Stock Exchange is
to consider five dollars as the equivalent of one pound
sterling, and the above quotations are on that basis. With the exception of the Republic of Cuba 5s and 434s and the
U. S. of Mexico 4s of 1901 (which are Issued in the
denomination of dollars), the bonds In the foregoing are all sterling issues.
TRADE AND

TRAFFIC MOVEMENTS.

ANTHRACITE COAL PRODUCTION.—The shipments
of anthracite coal to tidewater in December were 5,944,502
tons, a decrease of 170,925 tons from December last year.
The tonnage for the entire year was 63,610,578 tons, against
69,954,299 tons in 1911, 64,905,786 tons in 1910 and 61,969,885 tons in 1909.

The shrinkage for the year is due almost
entirely to the suspension of mining during April and May

while the wage question was under adjustment. Below we
show the shipments by the various carriers for December,
this year and last, and for the periods from Jan. 1 to Dec. 31:
December
—Jan. 1 to Dec.31—'
1912.
1911.
1912.
1911.
Philadelphia & Reading
tons.1,223,880 1,238,727 12,852.386 13,265,758
Lehigh Valley
1,108,765 1,109,705 11,791,601 12,603,000
Central Railroad of New Jersey
760,479
820,963 8,342,477 9,218,802
Delaware Lackawanna & Western
850,977
827,248
9,065,622 9,869,620
Delaware & Hudson
598,969
592,922 6,361,238
7,206,731
Pennsylvania
543,361
5,548,193 6,494,733
600,803
Erie
067,532
722,093
8,800,179
7,435,679
New York Ontario & Western
190,539
202,966
2,213,382
2,495,476
Total

5,944,502 6,115,427 63,610,578 69,954,299

UNFILLED ORDERS OF STEEL CORPORATION.—
The United States Steel Corporation on Friday Jan. 10
issued its regular monthly statement showing the unfilled
orders on the books of the subsidiary corporations at the
close of December.

From this statement it appears that the
aggregate of the unfilled orders on Dec. 31 was 7,932,164
tons, or 79,281 tons more than on Nov. 30. In the following

we give the comparisons with previous months:
Tons
Tons
Tons.
Dec. 31 1912_ —7,932,164 Feb. 29 1912__5,454,200 Apr. 30 1911___3,218,704
Nov.30 1912____7,852,883 Jan. 31 1912__5,379,721 Mar. 31 1911____3,447,301
Oct. 31 1912.....7,594,381 Dec. 31 1911___5,084,761 Feb. 28 1911____3,400,543
Sept.30 1912.„..6,551,507 Nov. 30 1911____4,141,955 Jan. 31 1911___3,110,919
Aug. 31 1912...-6,163,375 Oct. 31 1911__3,694,328 Dec. 31 1910____2,674,750
July 31 1912..„.5,957,079 Sept.30 1911____3,611,317 Nov.30 1910......2,760,413
June 30 1912____5,807,346 Aug. 31 1911_3,695,985 Oct. 31 1910......2,871,949
May 31 19125,750,983 July 31 1911.___3,584,085 Sept.30 1910_3,158,106
Apr. 30 1912...„5,664,885 Juno 30 1911_3,361,058 Aug. 31 1910__3,1537,128
Mar.31 1912__5,304,841 May 31 1911__3,113,187 July 31 1910_3,970,931
Prior to July 31 1910 reports of unfilled orders were issued
only quarterly. In the following we show the totals at
the
end of each quarter or period for which the figures were
made
public, back to the organization of the Steel Company.




Tons.
Tons.
Tons.
June 30 1910_ _ 4,257,794 June 30 1907„..7,603,878 June 30 1904
p3,192,277
Mar. 31 1910_ 5,402,514 Mar.31 1907
°8,043,858 Mar.31 19044,136,961
Dec. 31 1009_ 5,927,031 Dec. 31 1006. 8.489,718 Dee. 31 1903_*3,215,123
Sept. 31 1909_ _ 4,796,833 Sept.30 1906_ _*7,936,884 Sept.30 1903_*3,728,742
June 30 1909_ _ 4,057,939 June 30 1906_*6,809,589 June 30 1903_*4,666,578
Mar. 31 1909_ 3,542,595 Mar.31 1906_ _*7,018,712 Mar.31 1903_*5,410,719
Dec. 31 1908_ 3,603,527 Dec. 31 1905_*7,605,086 Dec. 31 1902_*5,347,253
Sept.30 1908.. _ _ 3,421,977 Sept.30 1905_ __*5,865,377 Sept.30 1902_ _ _*4,843,007
June 30 1908___ 3,313,876 June 30 1005 _4,829,655 June 30 1902 _*4,79j,993
Mar.31 1908_ 3,765,343 Mar. 31 1905_*5,597,560 Dec. 31 1901„..*4,497,749
Dec. 31 1907..... 4,624,553 Dec. 31 19044,696,203 Nov. 1 l901
2,831,692
Sept.30 1907_ __*6,425,008 Sept. 30 1904.. *3027435
*The figures prior to Dee. 31 1907 are on the old basis. Under the present
method only orders received from sources outside of the company's
own interests
are shown. The amount as of Sept. 30 1901 shown shove as 3,027,436
former basis, would, it is stated, be 2,434,736 tons on that now employed.tons, the
COPPER PRODUCTION AND CONSUMPTION.
—The
statement of the Copper Producers' Association for the
month
of December, issued last Wednesday, indicates that
the production for the month was 143,354,042 lbs., an increase
of
8,658,602 lbs. over the previous month and of 20,457,345
lbs.
over Dec 1911. This total has been surpassed but
twice,
namely in Aug. and Oct. 1912, when the production
was
145,628,521 lbs. and 145,405,453 lbs., respectively. Domestic stocks increased during the month from 86,164,059 lbs.
to
The production for the year 1912 was
1,581,920,287 lbs., the highest figure ever recorded, and
shows an increase of 149,981,949 lbs. over 1911. In the
105,312,582 lbs.

following we furnish a comparison of the various items
for
Dec. 1912 and 1911 and for the periods from Jan. 1 to Dec.31.
We also add figures showing the European visible supply,
which decreased 799,680 lbs. during the month.
December
—Jan.1 to Dec.311912.
1911.
1912.
1911.
Stocks beginning period _lbs_ 86,164,059 111,785,188
89,454,695 122,030,195
Production
143,354,042 122,896,697 1,581,920,287 1,431,938,338
Total supply
Deliveries for—
Domestic consumption
Export

229,518,101 234,681,885 1,671,374,982 1.553,968,533
58,491,723 65,988,474
65,713,796 79,238,716

819,665,948
746,396,452

709,611,605
754,902,233

124,205,519 145,227,190 1,566,062,400 1,464,513,838
Stocks, end of period
European visible supply:
Beginning period
End of period

105,312,582 89,454,695

105,312,582

89,454,695

91,271,040 131,447,680
90,471,360 128,313,920

128,313,920
90,471,360

187,705,280
128,313.920

THE CHRONICLE

114

Clearings by Telegraph-Sales of Stocks, Bonds, &c. over the same month of 1911 of 19.7%, and for the twelve
-The subjoined table, covering clearings for the current months the gain reaches 23.2%. •
week, usually appears on the first page of each issue, but on
Twelve Months.
December.
account of the length of the other tables is crowded out once
a month. The figures are received by telegraph from other Clearings at
Inc. or
Inc. or
Dec.
1912.
1911.
1911. . Dec.
1912. .
leading cities.
Clearings-Returns by Telegraph.
Week ending January 11.

Per
Cent.

1913.

1912.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$1,758,113,871
143,512,030
146,212,925
39,859,918
273,631,783
74,514,395
16,404,370

$1,572,958,870
151,865,848
126,086,574
32,834,128
230,663,580
64,341,727
20,224,689

+11.8
-5.5
+16.0
+21.4
+18.7
+15.8
-18.9

Seven cities, five days
Other cities, five days

$2,452,249,292
572,481,694

$2,198,975,416
535,207,908

+11.5
+7.0

Total all cities, five days
All cities, one day

$3,024,730,986
603,339,461

$2,734,183,324
569,643,123

+10.6
+5.9

$3,628,070,447

33,303,826,447

+9.8

Total all cities week

Pacific and Other Western Clearings brought forward
from first page.
UV--

or
Dec.

Ine.

1912.

1911.

$
8
San Francisco_ 230,713,305216,209,058
Los Angeles_ _ _ 108,694,858 85,437,331
53,025,012 50,012,375
Seattle
20,853,261 19,062,547
Spokane
Salt Lake City 32,881,692 27,271,040
59,932,682 45,402,311
Portland
17,618,435 19,366,753
Tacoma
15,430,470 15,566,607
Oakland
Sacramento_ .. _ 9,832,080 7,540,789
12,358,617 8,555,543
San Diego
4,148,953 3,775,748
Pasadena
5,526,719 3,911,621
Fresno
4,077,347 3,769,697
Stockton
3,557,941 4,186,057
Boise
3,091,760 2,952,897
San Jose
North Yakima 1,977,312 1,792,078
1,243,805 1,207,385
Reno
3,671,206 3,072,260
Ogden

1912.

1911.

Inc. or
1 Dec.

$
!I
%
+6.72,677,561,9522,427,075,543
+27.21,168,941,700 942,914,424
+6.0 602,430,661 552,640,350
+9.4 225,436,618 219,937,389
-11.8 369,452,285 334,536,955
+32.0 606,386,609 557,464,848
-9.0 218,941,896 219,487,740
-0.9 192,580,948 172,667,406
78,376,700
92,747,060
+30.4
86,724,333
+44.4 131,894,087
41,606,000
47,142,736
+9.9
39,782,776
51,400,594
+41.3
+8.2 44,891,763 40,377,849
-15.0 40,178,453 40,868,068
+4.7
35,883,473
31,378,326
21,808,020
+10.3
23,242,080
14,100,859
14,776,664
-1.9
30,817,589
36,361,038
+19.2

%
+10.3
+24.0
+9.0
+2.5
+10.6
+8.8
-0.2
+11.5
+18.3
+52.1
+13.3
+29.2
+11.2
-1.7
+14.4
-6.6
+4.8
+18.0

Tot.Pacific_ 588,635,455529,092,097 +11.26,578,818,5565,853,600,135 +12.4
Kansas City 249,620,795223,433,935
134,242,102 114,083,004
Minneapolis
74,528,148 62,258,049
Omaha
48,126,839 42,247,460
St. Paul
44,945,881 40,961,572
Denver
30,970,063 29,578,667
St. Joseph
20,005,175 17,799,495
Des Moines
13,090,479 10,776,341
Sioux City
14,940,381 13,884,885
Wichita
29,326,825 17,789,310
Duluth
7,431,981 7,428,087
Lincoln
7*;5,375 7,783,971
Topeka
5,001,531 7,077,508
Davenport
Cedar Rapids_ 6,716,927 5,011,439
2,489,319 3,719,614
Fargo
Sioux Falls_ _ _ 2,936,970 2,178,449
5,408,820 4,926,672
Helena
Colorado Sp'gs 2,942,955 3,165,236
3,908,997 3,120,100
Pueblo
6,592,655 4,864,607
Waterloo
2,006,921 1,636,710
Aberdeen
2,371,989 1,618,283
Billings
1,284,574 1,323,297
Fremont
901,591
875,749
Hastings
3,885,053 2,931,252
Joplin

oy
%
8
$
2,388,493,239+
±20.0 2,8.44,368,42e
20.1
+12.7 2,170,230,376 1,852,397,605 +17.2
+28.7 1,537,817,524 1,172,762,142 +31.1
+11.6 645,118,877 543,484,354 +18.7
-16.3 244,124,453 213,052,294 +14.1
+20.4 158,760,185 133,319,176 +19.1
+4.9 100,486,678
87,994,043 +14.2
+32.1 168,127,435 125,250,982 +34.2
+18.7 275,492,303 218,681,921 +25.9
+24.3
77,328,182 +15.1
88,989,218
+21.6
71,554,221 +18.1
84,525,961
+44.9 183,544,238 134,929,816 +36.0
+53.2 220,727,624 121,438,394 +81.8
+39.1 115,727,647
73,032,089 +58.4
32,875,875
+14.0
29,430,274 +11.7
33,485,951
+3.6
28,818,698 +16.2
63,557,144 +82.4
+49.5 115,946,482
65,136,326
39,872,742
+100.9
30,749,317
27,806,985 +10.0
+22.8
7,865,925
40,503,080
+53.4

Tot. Canada 837,942,591 700,061,725 +19.7 9,051,059,570 7,344,231,559 +23.2
* Not included in total; comparison incomp ete.

Twelve Months.

December.
UAGUF6UWO
,

$
Canada8
Montreal _ _ 245,791,481 204,785,809
Toronto __ _ 194,894,901 172,975,920
Winnipeg_ _ _ 167,426,414 130,117,134
Vancouver_ 55,434,815 49,675,662
Ottawa _ _ _ _ 17,490,546 20,904,285
15,446,261 12,827,443
Quebec
8,899,594 8,483,856
Halifax _ _ _ _
Hamilton_ _ _ 16,982,293 12,852,254
Calgary _ _ _ _ 25,772,859 22,137,479
St.John_ _ _ _ 8,721,000 7,018,240
8,438,631 6,941,267
London _ _ _ _
Victoria _ _ _ 17,030,315 11,753,343
Edmonton_ _ 21,649,215 14,128,895
Regina _ _ _ _ 11,811,821 8,497,764
3,856,038 3,383,992
Brandon __ _
2,998,448 2,891,922
Lethbridge _
Saskatoon _ _ 12,189,098 8,152.668
Moose Jaw * 7,714,608 3,840,879
3,110,861 2,533,792
Brantford _ _
Ft. William* 4,172,481 2,719,990

+11.32,713,027,9182,578,730.359
+17.7 1 182,232,466 1,068,090,894
+19.7 860,681,558 753,108,354
+13.9 579,166,754 531,574,517
+9.7 487,848,306 458,897,827
+1.3 383,082,742 354,931,671
+12.5 236,472,559 210,796,817
+21.5 157,002,135 127,326,769
+7.6 176,184,144 165,088,919
+50.1 233,425,837 182,245,334
+0.8 89,310,224 81,592,682
-2.8 78,866,573 80,450,825
-1.1
78,474,564
84,161,123
+34.0
75,224,892 66,295,275
33.1
29,144,990 40,537,799
31,055,560 40,415,191
+34.8
49,067,748
51,821,056
+9.8
33,683,566
35,249,238
-7.1
33,441,516
35,786,414
+25.2
59,598,285
76,025,147
+35.5
17,989,736
19,262,945
+22.6
10,715,479
18,939,462
+46.7
16,330,881
16,857,901
-2.9
9,574,211
10,200,526
-2.9
29,925,490
38,500,203
+32.5

+5.2
+ 10.7
+14.3
+8.9
+6.3
+7.9
+12.2
+23.3
+6.7
+28.1
+9.4
-2.0
+7.2
+13.5
-28.1
-23.2
+5.6
+4.6
+7.0
+27.6
+7.1
+76.8
+3.2
+6.5
+28.7

The clearings for the week ending Jan.4 at Canadian cities,
in comparison with the same week of 1912, show an increase
in the aggregate of 8.7%.
Week ending January 4,
Clearings at
1913.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
Total Canada

•

1912.

Inc. or
Dec.

1911.

1910.

46,135,486
42,954,888
29,565,546
10,744,168
4,447,376
2,780,472
2,136,522
3,525,551
1,554,478
1,826,332
4,544,021
2,381,625
2,842,481
1,617,047
787,249
618,611
1,597,515
924,829
389,811
486,843

-1.0 37,388,376 40,401,983
+145 35,508,511 39,204,995
+15.6 20,037,222 19,285,320
-1.7 9,034,115 6,544,128
-25.2 3,255,092 3,454,106
+4.7 2,568,481 2,177,498
-4.6 2,488,222 2,242,443
-5.9 2,465,044 2,579,837
+17.1 1,444,684 1,737,052
-6.9 1,902,270 1,720,489
+14.2 2,934,976 2,310,949
+72.0 1,988,744 1,839,944
+28.0 1,649,114 1,208,843
+48.1 1,053,126
932,834
+12.8
663,888
-11.8
558.044
+33.7
811,518
+45.2
+75.7
569,000
+60.8

176,480,205 162,346,831

+8.7 126,318,207 125,550,421

45,658,794
49,197,959
34,066,500
10,561,052
3,328,357
3,080,396
2,038,828
3,317,486
1,820,040
1,700,606
5,191,378
4,095,429
3,639,000
2,394,122
888,699
545,322
2,138,806
1,342,864
685,399
782,168

WonetarglaorminevcialigngliatBms
(From our own correspondent.]

London, Saturday, December 28 1912.
Here in London the week has been broken by the Christ-.
mas holidays, business of every kind having been suspended
both on Wednesday and on Thursday, even the newspapers
of all politics not having appeared on Christmas Day.
Tot. oth. West 723,267,904831,499,543 +12.9 7,699,501,871 7,078,884,689 +8.8 Moreover, the last settlement of the year is going on, and
no where is there an inclination to engage in new risks.
This aftern000n the peace delegates will meet, when it is
Week ending January 4.
Clearings at
expected the Turkish delegates will put forward counterInc. or
1911.
Dec.
1912.
1910.
1913.
proposals to those presented by the Allies on Monday last.
$
Such being the state of things,all business that can be put
$
$
%
$
47,438,600
50,255,480
50,047,285 +8.3
54,197,333
San Francisco_ _ _
15,737,444 off is postponed, and only the most necessary things are done.
16,646,764
19,719,534 +19.7
23,608,159
Los Angeles
12,876,943 On the Continent the week has been an exceedingly anx9,591,097
10,324,565 +0.7
10,397,799
Seattle
5,418,139
4,885,726
4,098,702 +8.3
4,440,287
Spokane__
8,151,229 ious one, most especially in Austria-Hungary. The well7,834,214
8,423,514 -21.3
6,632,474
Salt Lake City_
9,234,382
9,429,124
1.0
10,000,000
10,100,000
Portland
6,130,250 informed have been aware for a considerable time that
4,312,192
3,867,878 -10.4
3,463,463
Tacoma
3,067,919
4,539,611
4,808,068 -13.1
4,178,755
Oakland
was passing through a grave and prolonged
1,132,758 Austria-Hungary
1,460,634
1,605,378 -8.5
1,468,343
Sacramento
1,220,000 crisis. But in the hope that it might somehow or other be
1,359,466
2,000,000 +46.3
2,927,269
San Diego
600,000
727,804
880,058 +8.5
936,853
Pasadena
596,058 averted,little hitherto has appeared about it in print. At
721,355
862,619 +15.0
992,168
Fresno
462,226
654,044
754,740 -9.7
681,270
Stockton
eceonomic press is
664,607 present, however, the Austro-Hungarian
603,589
768,146 +0.9
775,000
San Jose
450,000 setting forth the facts, attributing them to the war scare.
498,467
391,563
393,365 -0.5
North Yakima
271,089
245,827 -32.4
166,244
288,517
Reno
The war scare,it is quite,certain has aggravated the crisis
, Austria-Hungary has
125,356,980 118,799,679 +5.5 110,991,204 116,268,524 greatly. But, as a matter ?f fact.
Total Pacific
a financial crisis ever since the French
46,830,596 +13.5
54,619,465 been passing through
52,878,108
53,142,019
Kansas City
21,070,340 +32.9
23,987,752 banks in September of last year withdrew such immense
19,037,580
28.014,075
Minneapolis
17,557,284
15,769,591 +15.7
13,473,628
16,017,100
Omaha
which they had been previously employing both in
8,895,514 +42.0
10,885,277 amounts
9,851,551
12,635,035
St. Paul
9,387,644 +3.4
8,605,192
9,704,468
11,189,983 Germany and in Austria-Hungary. In Germany the crisis
Denver
6,000,400 is less severe; but it is severe for all that. Nobody doubts,
6,398,343
6,985,483 -16.1
5,860,402
St. Joseph
4,559,123
4,037,325
4,616,156 -21.4
5,515,474
Des Moines
2,550,000 however, that Germany will pull through, though the losses
2,124,630
2,229,978 +25.6
2,799,391
Sioux City
2,468,316 will be extremely heavy, and probably will make a period
2,927,242
2,850,378 +1.8
2,900,574
Wichita
+60.6
2,632,825
3,463,444
3,517,616
5,562,128
Duluth
1,606,797
1,907,305 of caution and recuperation necessary.
1,862,889 -4.1
1,786,412
Lincoln
1,157,916
1,861,861
+1.0
1,466,111
1,481,313
Topeka
In Russia, likewise, there is a crisis. But that is due,
1,980,961
2,483,075
+18.2
1,964,809
2,322,332
Davenport
Government of its own
1,654,445
1,616,870 partly, to the large purchases by the
1,437,100 +16.7
1,677,485
Cedar Rapids_ _ _
593,318
995,180 securities thrown on the market by Continental holders a
414,356 +21.3
502,612
Fargo
874,686
1,124,596
+58.1
805,462
1,257,468
Helena
the interruption,of trade,
800,000
895,837 couple of months ago; partly to
680,552 -4.5
650,000
Colorado Springs
859,148
613,451 owing to the war,and especially to the difficult sailing from
740,556 +2.3
757,604
Pueblo
780,323
1,029,120
1,103,390 +5.2
1,160,432
Waterloo
partly, also, from the injury to the wheat
452,649
493,462 the Dardenelles;
290,703 +50.4
Aberdeen
437,137
226,469 and beet crops recently by frost. Lastly, in France the
144,159
293,206 +36.4
400,000
Billings
398,236
276,986
267,728 -7.1
248,556
Fremont
fear of war has led to the fear of German invasion, and there
213,942
115,000
170,868 +8.3
185,000
Hastings
is hoarding upon a considerable. scale. One of the prinTot.oth. West. 155,017,017 133,796,854 +15.9 134,384,484 148,791,881 cipal economic journals of Austria-Hungary estimates that
13 millions sterling.
in that country the hoarding
Canadian Bank Clearings.-The clearings of the Cana- It is believed that the hoarding iss not. less in Germany.
dian banks for the month of December 1912 show an increase And it is certain that it is on a large scale in France. France




JAN. 11 19131

THE CHRONICLE

115

•is a richer country than either Germany or Austria-Hungary;
Supplies available for consumption (exclusive of stock on
but her people are exceedingly sensitive on the question of September 1):
1910-11.
1909-10.
1912-13.
1911-12.
war with Germany; and the German Chancellor has de- Wheat
ewt. 37,720,400 31,576,100 33,994,100 32,325,600
clared in the Reichstag that if war breaks out and Austria- Importsimported
of flour
3,658,500
3,710,500
3,740,600 4,420,800
9,541,211
7,415,991 11,281,803
8,947,242
Hungary is attacked by a second enemy,Germany will be Sales of home-grown
found by her side.
Total
48,794,891 46,568,403 46,681,942 46,287,611
305. 7d. 32s. 9d. 30s. 7d. 33s. 2d.
The condition of things, then, in those four great countries Average price wheat, week
32s. 4d. 328. 9d.. 30s. 4d. 33s. Od.
is exceedingly grave. The rates of interest are excessively Average price, season
The following shows the quantities of wheat, flour and
high, and were it not that the State banks have power to
lend on so vast a scale, nobody would venture to give an maize afloat to the United Kingdom:
opinion as to what might happen. But the large State banks
1911.
This week. Last week.
1910.
Wheat
2,520,000
2,130,000
qrs. 1,980,000 2,080,000
can lend to everybody in credit needing accommodation. Flour,
equal to
210,000
195,000
180,000
115,000
The pressure will continue-will, indeed, become even more Maize
1,260,000
345,000
860,000
1,040,000
severe on Monday and Tuesday. But after that it ought
The
British
follows:
as
imports
since
Jan.
1
have
been
rapidly to abate in Germany, for usually coin and notes
Per
1912.
Difference.
1911.
return from circulation very rapidly in the first fortnight of
ImportsCent.
January. In France it is not a question of financial diffi- January
+4,309,161
+6.8
67,002,582
62,693,421
February
59,719,722
56,071,259
+3,648,463
+6.5
oulty, it is a question of hoarding; and, therefore, when the March
61,187,949
58,533,382
+2,648,567
+4.5
pressure will end depends upon when the fear of war ter- April
60,414,742
51,850,615
+8,564,127 +16.5
May
+2.2
55,130,632
53,932,092
+1,198,540
minates. In Austria-Hungary there is both financial June
50,668,135
51,102,539
-434,404 -0.8
difficulty, runs upon banks and hoarding; and, therefore, July
58,304,351
+7,266,170 +14.2
51,038,081
only a bold man would venture to predict when the trouble August
59,686,976
50,548,929
+9,138,047 +18.0
57,184,788
53,679,555
+3,505,233
+6.5
will be over. It is earnestly to be hoped that the Austro- September
October
71,026,531
60,704,769 +10,321,762 +17.0
Hungarian Government will recognize the gravity of the November
70,995,218
65,394,159
+5,601,059
+8.5
situation, for issue of peace and war really depends upon
Eleven months
670,883,764 815,447,516 +55,436,248
+9.0
Austria-Hungary.
The exports since Jan. 1 have been as follows:
The India Council offered for tender on Wednesday 130 lacs
of its bills and telegraphic transfers, and the applications
1912.
1911.
Difference.
Per
Exports£
£
£
Cent.
amounted to 860 lams,at prices ranging from is. 4 1-16d. to January
40,416,812
37,720,831
+7.1
+2,685,981
is. 43/8d. per rupee. Applicants for bills at is. 4 3-32d. February
37,490,329
+1,337,209
35,653,120
+5.2
40,713,971
40,863,912
-149,941
-0.3
and for telegraphic transfers at is. 43/8d. per rupee were March
April
32,887.127
35,692,456
-2,085,329
-7.8
allotted 38 per cent. Next week 120 lacs will be offered.
May
38,832,475
37,614,828
+3.2
+1,217,647
34,972,331
36,113,150
The following returns show the position of the Bank of June
-1,140,819
-3.1
July
41,986,360
34.607,636
+7,378,724
+21.3
Bank
rate
of
England, the
discount, the price of consols, August
43,778,721
36,082,700
+7,696,021 +21.3
&c., compared with the last four years:
September
43,204,469
36,819,254
+6,385.215 +17.3
1912.
Dec. 25.

1911.
Dec. 27.

1910.
Dec. 28.

1909.
Dec. 29.

1908.
Dec. 30.

29,192,790
16,330,809
44,791,819
15,271,183
41,914,475
21,695,372
32,438,162

28,610,215
11,707,527
44,255,333
15,899,568
36,633,614
21,195,330
31,355,545

28,858,325
10,782,722
50,210,065
14,711,788
41,769,674
22,219,750
32,628,075

29,751,030
7,924,225
53,602,640
14,730,633
45,086,432
19,431,372
30,732,402

October
November
Eleven months

Circulation
29,272,565
Public deposits
12,435,572
Other deposits
39,069,033
Gov't securities_
13,034,568
Other securities
36,781,501
Reserve,notes&coin 19,506,002
Coln&bull.,both dep 30,328,567
Prop, reserve to lia1
bilities
p. c.
37%
Bank rate, p. c____
5
Consols,2% p. c___
75 1-16
Silver
28 15-16d.
Clear.-house returns250,923,000

31%
35%
37 15-16
36 7-16
4
454
454
82%
82%
79 9-16
77
24%d.
2354d
25 1-16d. 24 15-16d.
192,340,000 186,162,000 244,004,000 217,377,000

The rates for money have been as follows:
Dec. 13.
Dec. 27. Dec. 20.
5
5
5
Bank of England rate
Open market rate43„1©4 13-16
Bank bills-3 months
4 15-16 47- g 4 15-16
45%
-4 months
4%
434814 13-16
-6 months.- 4%0434 4 7-1614;434 4 5-16©434
Trade bills-3 months___.. 534@534
5341, 534
534
-4 months
53403554
53.'
55.1,65%
-Interest allowed for depositsBy joint-stock banks
33.'
334
334
By discount housesAt call
334
334
33.4
7 to 14 days
334
334
334

Dec. 6.
5
4 11-16@4%
414
451@4%
551
5%
394
394

3:x
The bank rates of discount and open market rates at the
,chief Continental cities have been as follows:

48,333,982
43,358,387

43,546,303
40,986,391

+4,787,679
+2,371,996

+10.9
+5.8

445,974,964 415,710,581

+30,264,383

+7.2

The re-exports of foreign and colonial produce since Jan. 1
show the following contrast:
1911.
1912.
£
£
9,594,626
8,641,472
10,724,619
9,994,156
10,866,706
9,174,666
10.084,058
9,488,811
10,825,163
8,834,951
5,738,549
8,753,388
7,093,669
8,178,719
9,957,760
6,649,132
8,034,758
7.818.319
10,044,724
8,673,107
9,631,336 . 7,834,229

Re-exportsJanuary
February
March
April
May
June
July
August
September
October
November

Difference.
Per
Cent.
£
+1.1
+953,154
+7.3
+730,463
+1,692,040 +18.4
+595,147
+6.3
+1,990,212 +22.6
-3,014,839 -34.6
-1,008,505 -13.2
+3,308,628 +49.7
+216,469
+2.7
+1,371,617 +15.8
+1,797,107 +23.0

Eleven months
102,595,998 94,040,950
+9.1
+8,855,048
Note.-The aggregate figures are official. They indicate that slight adjustments
have been mad.: in tha monthly returns as issued.

English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:

London,
Weelc ending Jan. 10.
Sat.
Mon.
Tues.
Wed.
Thurs. Fri.
d 2934
Silver, per oz
29 5-16 2994
29 5-16 295-18
2934
d Consols, 294 per cents.... 75 1-16 7534
75 3-16 753-4
7591
7534
Dec. 28.
d For account
Dec. 21.
Dec. 14.
Dec. 7. .
75 5-16 7554
75 5-16 7554
75 7-16
7594
Rates of
Bank Open
Bank Open
d French Rentes (in Paris) fr. 89.4234 89.40
Bank Open
Bank Open
89.35
89.10
89.2234 89.10
Interest atRate. Market. Rate. Market. Rate. Market. Rate. Market. Amalgamated Copper Co_ 8034
8154
8034
8154
797-4
7954
4
4 •
Paris
4
4
743-4
4
Am. Smelt. & Refining Co
7494
4
75
7454
75
76
3)1
354
Berlin
6
6
6
6
6
6
b Anaconda Mining Co
854
6
50
85-4
894
83-4
834
83-4
Hamburg
6
6
6
6
6
6
Atch. Topeka & Santa Fe._ _109%
10954
10954
10934
10934
10934
6 5 11-16
Frankfort
6
6
Preferred
104
6
104
104
104
534
104
53-4
10334
53-4
4
4
4
4
Amsterdam
4
4
109
Baltimore & Ohio
109
4
4
10834
109
10834
10834
5
454
5
Brussels
434
5
8954
4%
5
Preferred
8954
8934
494
90
90
90
6 5 15-18
6
6
Vienna
6
6
6
Canadian Pacific
253
25251
25294
.-25034
25154
25254
53-4
554 nom
St. Petersburg
8154
82
8134
594 nom.
534 nom.
Chesapeake & Ohio
594 nom.
8134
813-4
8154
454
454
Madrid
43.4
494
454
Chicago Great Western
17
17
17
17
17
17
494
434
494
53-4
53-4
-Copenhagen
53-4
116%
11854
118
119
119
119
53,4
0
,6
Chicago Milw.& St. Paul
Oi
554
534
Denver dr Rio Grande
215/
2254
24
2134
2194
2334
4054
Prefered
4054
41
42
Messrs. Pixley & Abell write as follows under date of
4034
4034
5
33
33%
3351
33
Erie
3394
3334
December 24:
First preferred
503-4
50%
51
51
5034
5094
Second preferred
41
4194
403.4
4094
4094
4134
GOLD.-The arrivals this week amount to about £840,000, including £766,000
13454
13454
13594
13594
13634
from South Africa. Germany has taken about £400,000, and the balance Is as yet Great Northern, preferred .13494
131
131
131
131
131
131
undisposed of, £144,000 is being shipped to India this week, but this was provided Illinois Central
14554
14534
14594
14594
14594
14534
out of last week's arrivals. At the Bank £149,000 has been received in bar gold, Louisville & Nashville
2934
2934
2934
2994
293-4
£12,000 from Australia in sovereigns and £20,000 from Ecuador. On the other Missouri Kansas & Texas__ _ 283-4
Preferred
64
64
65
65
65
6494
band, £50,000 has been withdrawn for India. Next week £1,115,500 is expected
43
43
44
45
4294
4294
..from South Africa. Arrivals-South Africa, £766,000; West Africa, £54,000; New Missouri Pacific
67
67
67
6694
6694
Zealand, £3,000; West Indies, £17,000; total, £840,000. Shipments-Bombay, Nat. RR.of Mex., 1st pref... 6654
Second preferred
2894
28
2854
2834
2834
2834
£116,250.
112
1113-4
112
11134
1113-4
SILVER.-The market. owing to sales from India and a slack demand, continued N. Y. Cent. & Had. River...111M
3234
3234
33
3234
3334
to fall until yesterday, when 28%d. was quoted for spot and 29d. for forward, but N. Y. Ontario & Western__ _ 323.4
Western
116
Norfolk
&
116
116%
116
116%
116%
to-day China sent good buying orders and quotations have recovered to 23 15-16d.
91
Preferred
91
91
91
for spot and 2954d. for forward. At the close the tone is steady, but the dearness
12434
125
124
125
126
-of money still exercises a depressing effect on the market. The last quotation from Northern Pacific
63
63
Pennsylvania
6334
6394
6394
6354
Bombay is Its. 7234 per 100 blabs for the January settlement. Arrivals-New a
86
8554
86
8534
8634
8534
York, £532,000; West Indies, £9,000; New Zealand, £1,000; total, £542,000. a Reading Company
4654
a First preferred
46
4654
463-4
-Shipments-Bombay, £30,000; Shanghai, £35,000; Port Said, £35,000; Gibraltar,
a Second preferred
48
48---------48
4794
£200; total, £66,000.
2434
Rock Island
25
2434
'2'5-iiii
2534
Southern Pacific
110
110
10834
10934
10834
10994
The quotations for bullion are reported as follows:
Southern Railway
29
29
2834
2834
2934
2934
8294
Preferred
83
83
Dec. 24. Dec. 19.
83
83
8354
GOLD.
SILVER.
Dec. 24. Dec. 19.
165
165
Union Pacific
16654
s. d.
s. d.
16534
16534
16454
London Standard,
London Standard.
d.
d.
95
95
9354
95
95
Preferred
95
77 9
Bar silver, fine, oz___28 15-16 29 3-16
77 9
Mar gold, fine, oz
U.S. Steel Corporation7054
6934
6954
7034
6934
" 2 mo.delivery, oz_2934
29 5-16
11334
Preferred
1133-1
11334
11334
Cake silver, oz
11394
3131
3134
4
4
Wabash
431
4
431
434
14
14
Preferred
1394
1334
1394
1394
The following shows the imports of cereal produce into
6534
65
66
Extended 4s
6596
6594
653-4
the United Kingdom during the season to date, compared
a Price per share. b £ sterling. d Quotations here given are flat prices.

18--

IN%

with previous seasons:

Sixteen weeksImports of wheat
Barley
-Oats
Peas
.13eans
Indian corn
Xlour _




IMPORTS.
1912-13
1911-12.
1910-11.
1909-10.
cwt_ 37,720,400 31,578,100 33,994,100 32,325,600
10,477,300 12,954,200 8,398,200 10,363,900
5,770,300 6,209,800 4,244,200 6,616,700
1,638,397
1,518,725
752,291
614,607
573,890
707,520
301,677
1,329,470
7,112,400 14,024,400 11,760,300
13,211,600
3,710,500
3,658,500
3,740,600 4,420,800

mntercial autIVAiscellantans

ems

DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
„pividends announced this week are printed in italics:

[VOL. xcvr.

THE CHRONICLE

116
Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Per
When
Cent. Payable

Name of Company.

Books Closed
Days Inclusive

Miscellaneous (Concluded).
Railroads (Steam).
2
Jan. 15 Holders of rec. Nov.30a
3
Feb. 24 Holders of reo. Feb. la General Electric (quar.)
Alabama Great Southern, preferred
Acch. T.,..dca de Santa Fe, corn. (guar.)_ _ _
30a Jan. 18 Holders of rec. Dec.31a
13% Mch. 1 Holders of rec. Jan.31a
Payable in stock
234 Feb. 1 Holders of rec. Dec.31a Harbison-lValker Refractories, pref. (quar.).. 134 Jan. 20 Holders of rec. Jan. 10
Preferred(No.29)
3
1
Feb. 1 Jan. 28 to Jan. 31
Mar. 1 Holders of rec. Jan. 24 Harrison Bros. & Co., Inc., pref. (quar.)._
Baltimore et Ohio, common
2
Preferred
Mar. 1 Holders of rec. Jan. 24 Homestake Mining (monthly),(No. 458)._ _ 65c. Jan. 25 Jan. 21 to Jan. 25
134 Feb. 1 Holders of rec. Dec.27a Illinois Brick
2
Jan. 15 Holders of rec. Jan. 5
Canada Southern
2
Feb. 1 Holders of rec. Jan.23a Indiana Pipe Line
Central RR.of New Jersey (quar.)
$4 Feb. 15 Holders of rec. Jan. 25
Chic. St. PaulMinn. & Omaha,corn. & pref. 33% Feb. 20 Holders of rec. Feb. 3 International Agricultural Corp., pref.._ _ _
334 Jan. 16 Holders of rec. Dec.31a
Clev. Cin. Chic. & St. L., pref.(quar.)_
Jan. 15 Holders of rec. Jan. 4
134 Jan. 20 Holders of rec. Dec.27a Internat. But'hole Sew. Mach.(qu.)(No.61) 1
Cuba RR., preferred
3
Feb. 1 Holders of rec. Dec.31a Internat. Harvester, corn. (qu.) (No. 12). 134 Jan. 15 Holders of rec. De0.24a
Delaware Lackawanna & Western (quar.)
234 Mch. 1 Feb. 11 to Mch. 2
23% Jan. 20 Jan. 5 to Jan. 9 International Nickel, common (quar.)___ _
Georgia RR. ar Banking (quar.)
Jan. 15 Jan. 2 to Jan. 14
3
136 Feb. 1 Jan. 14 to Feb. 2
Preferred (quar.)
Granite Railway
1
Jan. 15 Holders of rec. Jan. 6 International Paper, preferred (quarj_ _ _ _
34 Jan. 15 Holders of rec. Jan. 2a
13% Feb. 1 Jan. 11 to Feb. 2 Internat. Steam Pump, pref. (qu.)(No.55). 134 Feb. 1 Holders of rec. Jan. 20
Great Northern (guar.)
1
Jan. 15 Holders of rec. Dec.31a Island Creek Coal, common (quar.)
Kansas City Southern, pref. (quar.)
50c. Feb. 1 Holders of rec. Jan. 25
6
Jan. 29 Holders of rec. Dec.27a Kayser (Julius) & Co., lot & 2d pref. (qu.) 134 Feb. 1 Holders of lee. Jan. 20a
Lake Shore & Michigan Southern
Feb. 1 Holders of rec. Dec.27a La Belle Iron Works, corn. (quar.)
Guar. stock, Mich. Sou. de Nor. Ind_ _ _ 6
34 Jan. 31 Jan. 16 to Jan. 31
Lehigh Valley, common and preferred.._ _ _ $2.50 Jan. 11 Holders of rec. Dec.28a La Rose Consolidated Mines (quar.)
234 Jan, 20 Jan. 1 to Jan. 17
$1.25 Jan. 15 Dec. 14 to Jan. 15
Little Schuylkill Nay., RR.& Coal
Bonus
234 Jan. 20 Jan. 1 to Jan. 17
334 Feb. 10 Jan. 21 to Feb. 9 Lehigh Valley Coal Sales
Louisville & Nashville
$1.25 Jan. 20 Holders of rec. Jan. 7
Mahcning Coal RR., common
Feb. 1 Jan. 16 to Feb. 2
$5 Feb. 1 Holders of rec. Jan. 10a Loose-Wiles Biscuit, 2d pref. (guar.)(No.3)
Jan. 29 Holders of rec. Dec.27a MacAndrews & Forbes, common (quar.). 234 Jan. 15 Holders of rec. Dee.31a
Michigan Central
3
51.25 Jan. 15 Dec. 21 to Jan. 14
Mine Hill de Schuylkill Haven
Preferred (quar.)
134 Jan. 15 Holders of rec. Dec.31a
1H Jan. 15 Holders of rec. Dec.20a Manufacturers' Light & Heat (guar.)
N. Y. Central & Hudson River (quar.) _
134 Jan. 15 Jan. 1 to Jan. 15
Feb. 19 Holders of rec. Jan.3Ia Massachusetts Gas Cos., common (quar.) $1 Feb. 1 Holders of rec. Jan. 18
1
Norfolk & Western, pref. (quar.)
$2 Jan. 15 Holders of rec. Dec.31a Massachuaetts Ltg. Cos. (quar.) (No. 37) 134 Jan. 15 Holders of rec. Dec.26a
Northern Central •
13% Feb. 1 Holders of rec. Jan. 9a Mexican Lt. & Pow., Ltd., ordinary (quar.)_
Jan. 20 Jan. 13 to Jan. 19
Northern Pacific (guar.)
1
Pitts. an. Chic. Jc St. L., com.& pf. (qu.) 1 g Jan. 25 Holders of rec. Jan.15a Mexican Telegraph (quar.)
234 Jan. 16 Holders of rec. Dec.31a
Feb. 13 Holders of rec. Jan.27a Miami Copper (guar.) (No. 4)
2
50c. Feb. 15 Holders of rec. Feb. la
Reading Company, common (quar.)
Feb. 1 Holders of rec. Jan.17a Mountain States Telep. & Teleg. (quar.)_ _
1
St. Louis & San Fran., 1st pref. (guar.)_
134 Jan. 15 Holders of rec. Dec.31a
134 Jan. 15 Holders of rec. Dec.31a National Biscuit, common (quar.)
la( Jan. 15 Holders of reo. Dec.28a
St. Louis Southwestern, pref. (guar.)
Jan. 15 Jan. 1 to Jan. 15 National Carbon, common (guar.)
1
White Pass de Yukon
134 Jan. 15 Tan. 5 to Jan. 15
134 Feb. 15
Street and Electric Railways.
Preferred (guar.)
Jan. 15 Holders of rec. Jan. 4
1
Auburn de Syracuse Elec. RR., pref. (qu.) 1)4 Jan. 15 Holders of rec. Dec.31a National Fireproofing, pref. (auar.)
3
Feb. 1 Holders of rec. Jan. 18 New York Transit (quar.)
10
Jan. 15 Holders of rem Dec. 23
Bay State Street Ry. 1st pref
2
Jan. 15 [folders of rec. Dec.31a
Boston Suburban Electric Cos., pref. (qu.) 31 Jan. 15 Holders of rec. Jan. 2a Niagara Falls Power (quar.)
2
Jan. 15 Jan. 8 to Jan. 15 Nipe Bay Co., preferred (quar.)
Jan. 15 fielders of.rec. Dec. 24
1
Brooklyn City RR.(quar.)
Jan. 15 Dec. 31 to Jan. 1 NipissIng Mines Co., (quar.)
Jan. 20 Jan. 1 to Jan. 17
Chippewa Val. Ry., L. & P., corn. (quar.) 2
5
234 Jan, 20 Jan. 1 to Jan. 17
an.Newp.& Coy. Lt.& Trac.,com.(qu.) 13% Jan. 15 Jan. 1 to Jan. 15
Extra
1H Jan. 15 Jan. 1 to Jan. 15 Northern States Power, preferred (quar.)_
134 Jan. 15 Holders of rec. Dec. 31
Preferred (guar.)
May 1 Holders of rec. Apr.10a Nova Scotia Steel de Coal, common (guar.) 1.34 Jan. 15 Holders of rec. Deo.31a
Commonwealth Pow., Ry. de L., com.(No. 1) 1
13% Feb. 1 Holders of rec. Jan.14a
Preferred (guar.)
2
Jan. 15 Holders of rec. Dec.31a
Preferred (quar.)
2
Jan. 15 Jan. 1 to Jan. 15 Omaha Electric Light & Power, preferred_
Consolidated Traction of New Jersey
234 Feb. 1 Holders of rec. Jan.20a
13% Feb. 1 Holders of rec. Jan.15a Osceola Consolidated Mining (quar.)
East St. Louis & Sub., pref. (qu.)(No. 27)_
$3 Jan. 31 Holders of rec. Dec.28a
3
Jan. 13 Holders of rec. Jan. 4a Otis Elevator, common (quar.)
El Paso Electric Co., pref.(No. 21)
1
Jan. 15 Holders of rec. Dec. 31
13% Jan. 15 Holders of rec. Dec. 31
Ft. Smith Light & Traction, pref.(guar _
Preferred (quar.)
134 Jan. 15 Holders of rec. Dec. 31
2
Feb. 1 Jan. 22 to Jam 31 Pacific Coast Co., common (quar.)
International Traction (Buffalo), pref
134 Feb. 1 Jan. 18 to Feb. 2
4o Feb. 1 Jan. 22 to Jan. 31
Preferred (on acc't of accumulated dies.). _
First preferred (quar.)
134 Feb. 1 Jan. 18 to Feb. 2
2
Jan. 15 Holders of rec. Jan. in
Manchester Traction, Lt. & Pow.(quara_
Second preferred (quar.)
134 Feb. 1 Jan. 18 to Feb. 2
13% Feb. 1 Jan. 13 to Jan. 31 Pacific Telep. & Teleg., pref. (quar.)
Mexico Tramways (guar.)
134 Jan. 15 Jan. 1 to Jan. 15
(No.53)
Jan.
pi.
(qu.)
31
&
L.,
Holders
Elec.
Ry.
of
13%
Milwaukee
rec. Jan. 21 Pay-As-You-Enter Car Corp., pref.(quar.)
UM 15 Holders of rec. Jan. 6
2
Jan. 11 Jan. 9 to Jan. 12 People's Gas L. de Coke (guar.)
Monongahela Valley Trac., corn.(No. 1)_ _
Feb. 25 Holders of rec. Jan. 20
2
Jan. 31 Jan 19 to Jan. 31 Pittsburgh Coal. preferred (quar.)
New Hampshire Elec. Rys., preferred
132 Jan. 25 Holders of rec. Jan.15a
(quar.)
pref.
13% Jan. 15 Holders of rec. Dec. 31 Pope Mfg., pref. (quar.)
Ottumwa Ry. & Light,
134 Jan. 31 Holders of rec. Jan. 29
Pacific Gas & Electric, corn.(quar.)(No.4) 13% Jan. 15 Holders of rec. Dec.14a Procter & Gamble, pref. (quar.)
2
Jan. 15 Holders of rec. Dec.31a
13% Feb. 1 Holders of rec. Jan. 2a Pub. Sect'. Co. of Nor. Ill., coin. (guar _
Philadelphia Co., corn. (qu.) (No. 125). _
1
Feb. 1 Holders of rec. Jan. 21
32
Feb. 1 Holders of rec. Jan.18a
Public Service Investment corn.(No. 7)
2
Feb. 1 Holders of rec. Jan. 21
Preferred (quar.)
Preferred (guar.) (No. 15)
$1.50 Feb. 1 Holders of rec. Jan.18a Quaker Oats, common (quar.)
234 Jan. 15 Holders of rec. Jan. 2a
Puget Sd.Trac., L.& P., corn.(qu.)(No.2) 1
Jan. 15 Holders of rec. Jan. 2a
134 Feb. 28 Holders of rec. Feb. la
Preferred (quar.)
134 Jan. 15 Holders of rec. Jan. 2a Realty Associates(No. 20)
Preferred (quar.) (No. 2)
3
Jan. 15 Holders of rec. Jan. 6
3
Railway & Light Securities, corn.(No. 7).. _
Feb. 1 Holders of rec. Jan.153 Reece Buttonhole Mach.(quar.)(No. 107) 3
Jan. 15 [folders of reo. Jan. 4
3
Preferred (No. 16)
Feb. 1 Holders of rec. Jan.15a Rhode Isl. Perk. Horseshoe, pref. (quite.) 1
Jan. 15 Holders of rec. Jan. 3
Republic Ry.& Light, prof.(quar.)(No.8) 13% Jan. 15 Holders of reo. Dec. 31 Securitlea Company
234 Jan. 15 Jan. 1 to Jan. 15
Rio de Janeiro Tram., I,. & Pow.(quar.). 13% Feb. 1 Holders of rem Jan. 10 Shawinigan Water de Power (quar.)
134 Jan. 20 Holders of rec. Jan. 7
33 1 3e Feb. 1 Holders of rec. Jan. 15a Southern Calif. Edison, pf.(qu.) (No. 14) 134 Jan. 15 Holders of rec. Dec. 31
St. Jos. Ry., L., H. de Power, common_ -234 Feb. 1 Holders of rec. Jan. 10 Southern N. E. Telephone (quar.)
Sao Paulo Tram., Lt. & Power (No. 44)_ _
134 Jan. 15 Jan. 1 to Jan. 15
234 Feb. 15 Holders of rec. Feb. la Stetson (J. B.), common
Tampa Electric Co., (guar.)(No. 33)
Jan. 15 Holders of rec. Jan. 1
15
Union Ry. Gas & Elec., corn.(No.1)
1
April 1 Holders of rec. Mch.11a
Preferred
4
Jan. 15 Holders of rec. Jan. 1
United Traction, Pittsburgh, preferred_ __
23% Jan. 20 Holders of rec. Jan. 10 Tennessee Copper
$1.50 Jan. 20(holders of rec. Jan. 8
Western N. Y.& Penn. Tram, first pref_ _ 3
Jan. 20 Holders of rec. Jan. lt3a
Torrington Company, common
4
Feb. 1 Jan. 19 to Jan. 31
West Penn Traction, pref. (quar.)(No. 12) 13% Jan. 15 Jan. 9 to Jan. 15 Union Natural Gas Corp.,(quar.)(No. 38) 234 Jan. 15 Jan. 1 to Jan. 15
York Railways, preferred
23% Jan 30 Jan. 21 to Jan. 29
United Cigar Mfrs., corn. (guar.)
1
Feb. 1 Jan. 25 to Feb. 6
Banks.
Unit. Cigar Stores of Am.,com.(qu.)(No.1) 134 Feb. 15 Holders of rec. Jan. 31
5
Public (guar.)
Jan. 8 Holders of rec. Jan. 6
Extra
34 Feb. 15 Holders of rec. Jan. 31
Trust Companies.
Feb. 1 Holders of rec. Jan. 24
United Dry Goods COS., corn. (quar.)___ _ 2
2
Nassau, Brooklyn (guar.)
Feb. 1 Jan 29 to Feb. 1 United Fruit (guar.) (No. 54)
2
Jan. 15 (folders of rec. Dec.24a
Broadway (guar.)
13% Feb. 1 Jan 21 to Jan. 31 United Gas & Electric Co., preferred
234 Jan. 15 Jan. 1 to Jan. 14
Miscellaneous.
United Gas Improvement (quar.)
$1 Jan. 15 Holders of rec. Dec. 31
1
Jan. 15 Holders of rec. Dec.230 U. S. Industrial Alcohol, pref. (quar.)....... 134 Jan. 15 Holders of rec. Jan. 8a
Amer. Agile. Chem., corn. (qu.)(No. 5)_ _
Preferred (guar.) (No. 30)
13% Jan. 15 Holders of reo. Dec.23a U. S. Light & Heating, preferred
334 Jan. 31 (holders of rec. Jan. 11
_
1
Jan.
20
Holders
of
rec.
Dec.26a
(quar.)
(monthly).
_
_
common
Rubber,
common
U. S.
American Chicle,
Jan, 31 Holders of rec. Jan.13a
1
1
Jan. 20 Holders of rec. Dec.26a
First preferred (quar.)
Common (extra)
Jan, 31 Holders of rec. Jan.13a
2
134 Feb. 1 Holders of rec. Jan. 15
Second preferred (guar.)
American Cigar, common (guar.)
134 Jan. 31 Holders of rec. Jan.13a
(quar.)___
_
Jan.
15
Jan.
11
to
Jan.
15
13%
American Coal Products, pref.
U. S. Smelting, Ref. & Min., corn. (quar.) 134 Jan, 15 Holders of rec. Dec. 31
Amer. Gas & Elec. pref. (quar.) (No. 24) 134 Feb. 1 Jan. 16 to Feb. 2
Preferred (guar.)
134 Jun. 15 Holders of rec. Dec. 31
Jan. 15 Holders of rec. Jan. 10 Virginia-Carolina Chem., pf.(qu.) (No.69) 2
pf. (extra) (No.58)
'
American Graphaphone,
Jan. 15 Jan. 1 to Jan. 15
(guar.)
Feb.
1 Jan. 16 to Jan. 31 Vulcan Detinning, preferred (quar.)
23%
Amer. Light de Traction, coin.
lat Jan. 20 Holders of rec. Jan. 10
23%n Feb. 1 Jan. 16 to Jan. 31
Common (payable in common stock)
Washington Oil
34 Feb. 20 Holders of rec. Jan. 3()
2
Feb. 1 Jan. 16 to Jan. 31 Wells Fargo & Co
Preferred (qua,.)
* 5
Jan. 15 Jan. 5 to Jan. 15
American Locomotive, preferred (quar.)_ _
13% Jan. 21 Jan. 5 to Jan. 21 Western States Gas & Elec., pref. (quar.). 134 Jan. 15 Holders of rec. Dec. 31
4
Feb. 1 Holders of rec. Jan. 15 Western Union Telegraph (guar.)
Amer. Pipe & Construction Securities pref _
34 Jan. 15 Holders of rec. Deo.20a
(quar.).
1
Jan.
15
Holders of rec. Dec.31a Westinghouse Air Brake (quar.)
Amer. Seeding Machine, common
2
Jan. 15 Holders of rec. Dec.31a
Preferred (guar.)
13% Jan. 15 Holders of rec. Dec.31a
Extra
2
Jan. 15 Holders of rec. Dec.31a
American Shipbuilding, preferred (quar.). 13% Jan. 15 Jan. 3 to Jan. 15 Westinghouse Elec. & Mfg., corn. (quar.).. 1
Jan. 30 Holders of rec. Dec.31a
2
Jan. 15 Holders of rec. Dec 31a
Amer. Telephone & Telegraph (quar.)_ _ _ _
Preferred (quar.)
134 Jan. 15 Holders of rec. Dec.310
1
Jan. 15 Holdera of rec. Jan.10a
Amer. Type Founders, common (quar.)
White (J. (I.) & Co., pref. (guar.)(No.39) 134 Feb. 1 Holders of roe. Jan. 22
134 Jan. 15 Holders of rec. Jan.10a
Preferred (quar.)
Willys Overland, common (No. 1)
34 Feb. 1 Holders of rec. Jan. 20
134 Jan. 15 Dec. 24 to Jan. 7 Woolworth (F. W.) Co., coml (No. 3)
Amer. Woolen, pref. (quar.) (No. 55)_ _ Mar. 1 Holders of rec. Feb. 10
1
Anaconda Copper Mining (quar.)(No. 49) 75c. Jan. 15 Holders of rec. Jan. 4
15
Jan. 15 Holders of coup. No. 3
Anglo-American 011. Ltd
a Transfer books not closed for this dividend. b Less income tax. d Correction.
134 Jan. 15 Holders of rec. Dee. 31
Associated Gas & Electric, pref. (quar.) _ _
account of accum134 Jan, 15 Holders of rec. Jan. 8a la Payable in common stock at par. k Payable in stock. o On
Associated Merchants, 1st pref. (quar.)_ _
3.4 Jan. 15 Holders of rec. Jan. 8a ulated dividends. p Two months' dividend.
First preferred (extra)
13.1 Jan. 15 Holders of rec. Jan. 8a
Second preferred (quar.)
X Jan. 15 Holders of rec. Jan. 8a
Second preferred (extra)
2
Bell Telephone of Canada (guar.)
Jan. 15 Holders of rec. Dec. 23
Auction Sales.-Among other securities, the following,
Bell Telephone of Pennsylvania (quar)_ _ _
134 Jan. 15 Jan. 4 to Jan. 15
British Columbia Copper (quar.) (No. 6)_ 3
Jan. 15 Holders of rec. Jan. 2a not usually dealt in at the Stock Exchange, were recently sold at
2
Bush Terminal, common (No. 6)
Jan, 15 Holders of rec. Dec. 31
Canadian Car & Foundry, pref. (quara_ _
134 Jan. 25 Holders of rec. Dec.31a auction in New York, Boston and Philadelphia:
Central Coal & Coke,common (quar.)___ _
134 Jan, 15 Jan. 1
to Jan. 15
Preferred (quar.)
to Jan. 15
By Messrs. Adrian H. Muller & Sons, New York:
13% Jan, 15 Jan. 1
Chicago Pneumatic Tool (guar.)
1
Jan. 25 Jan. 16 to Jan. 26
Per Cent. Shares.
Per Cent.
Claflin (H. B.) Co., corn.(guar.)
134 Jan. 15 Holders of rec. Jan. 13 Shares.
45 Jersey Pink Granite Co.,
25 First Mtge. Guarantee Co.
Commonwealth Edison (guar.)
134 Feb. 1 Holders of rec. Jan.15a
$50 each
$25 lot
of Long Island City
124
Commonwealth Gas & Elec. Cos., com--- 50 cts. Jan. 15 Holders of rec. Jan. 5a
5 Nevada Smelting & Mines
50 William Peterman, Inc.,
Preferred (quar.)
134 Jan. 15 Holders of rec. Jan. la
_
Corporation, $5
Common
$7,775 lot
Consolidated Car Heating
234 Jan. 15 Holders of rec. Dec. 31
20 Franklin Trust Co. of Bklyn_22534
Corn Products Refining, pref. (quar)_ _ _ _
10 Mays Oil Co., $1 each
13% Jan, 15 Holders of rec. Jan. 6a
2 The Buffalo Mines, Ltd.,
Cuyahoga Telephone, pref. (guar.)
1,350 Tramp Cons. Mg. Co.,$1 ea$16 lot
13% Jan. 31 Holders of rec. Jan.15a
Dayton Power & Light, pref. (guar.)
$1 each
134 iJan. 15 Holders of rec. Dec.31a
30 Standard Plunger Elevator
$60 lot
Delaware Lack. & Western Coal (quar.). _
23% iJan. 15 Holders of rec. Dec.31a 2,000 Furnace Crk. Cop. Co.,$lea
Co
Detroit Edison (guar.)
20 Anti-Electrolytic Co
$20
134 Jan. 15 Holders of rec. Jan. 2a
Per Cent.
Dominion Canners, Ltd., common
6 North Woods Co
lot
Bondi. .
6
Feb. 1 Jan. 15 to Jan. 31
Dominion Coal, Ltd., pref.(No.40)
25 King Edward Silver Mines,
$1,000,000 Southern Iron & St. Co.
334 Feb. 1 Holders of rec. Jan. 18
25
Dominion Pow. de Tranamis., pt.(No. 27)
$5 each
1st & ref. bonds, 1929
334 Jan. 15 Dec. 16 to Deo. 31
Dominion Textile, preferred (quar.)
$5,000 Palisades Realty & Amuse134 Jan. 15 Holders of rec. Dec. 31 5,500 Bullfrog Indian Sp. Mg. Co.
$3,000 lot
duPont(E.I.) deNem. Powd., pref. (qu.)_
500 Mines Securities CorPoment Co. 5s, 1930 Jda 134 Jan. 25 Jan. 16 to Jan. 26
ration,35 each
Eastman Kodak, corn. (guar.)
23% April 1 Holders of rec. Feb.28a
$5,000 Palisades Realty & Amuse$3,000
Common (extra)
10
ment Co. 5s, 1930: J. & J
Feb. 15 Holders of rec. Jan.31a 1,000 Montezuma Mines of Coslot
Preferred (guar.)
ta Rica
$5,000 Palisades Realty & Amuse134 April 1 Holders of rec. Feb.28a
50534
10 Title Guar. & Trust Co
Edison Elec. Ill. CO. of Bos. (qu.)(No. 95)_ _
3
ment Co. participation certfs__
Feb. 1 Holders of rec. Jan. 15
134 Feb. 1 Holders of rec. Jan.28a
Electrical Securities Corp., pref. (guar.)_ _
By Messrs. Francis Henshaw & Co., Boston:
Electrical Utilities Corp., com.(qu.)(No21)
3% Jan. 15 Holders of rec. Jan.10a
Preferred (quar.) (No. 11)
13% Jan. 15 Holders of rec. Jan.10a
$ per sh. Shares.
$ per sh.
134 Feb. 1 Holders of rec. Jan. 16 Shares.
Emerson Brantingham, preferred (quar.)_ _ _ _
10 Pepperell Mfg. Co
10 Tremont de Suffolk Mills__.11034
10
3003%
Eureka Pipe Line (guar.)
Feb. 1 Holders of rec. Jan. 15
1 Fifty Associates
4100
3,720 So. Lake Mining Co., June 3
Federal Sugar Refg., common (quar.)
13% Jan. 30 Holders of reo. Jan. 28
26 Brookside Mills rights
5
1912 assessm't unpaid-A34434
Preferred (oar.)
134 Jan. 30 Holders of rec. Jan. 28
8 Pacific Mills rights
22
4 American Glue Co., pref__ _ _14534
5h Feb. 1 Holders of rec. Dec. 31
General Chemical, common (extra)
8 Naumkeag St. Cot. C0_15434-155
10 Mercantile F.&M. Ins. Co-- 80
10 Arlington Mills
116
5 Lowell Elec. Light Corp..___205




134

134
134

.)_

JAN. 11 1913.]

THE CHRONICLE

By Messrs. R. L. Day & Co., Boston:

117

DETAILED RETURNS OF TRUST.COMPAN

Shares.
$ per sh.
$ per oh. Shares.
11 Beverly (Mass.) Nat. Bank _ _152
5 Heywood Bros. & Wakefield
70 Pacific Mills rights
22
Co., pref
103M
12 Brookside Mills rights
5-5%
250 The Hoyt& Parker Co.,$20 ea. 3
Bonds.
Per Cent.
210 Wm.H. Wood Lumber Co_ _ _144
$4,000 Penn. Steel Co. rolling stock
10 U.S. Envelope Co. rights
trust 35,6s, ser. F., 1913_ _ __99M-9914
39

By Messrs. Barnes & Lofland, Philadelphia:
Shares.
'
$ per sh.
$ per sh. Shares.
66 Merchants' Warehouse Co_ _132
15 Phila. Tr.& Safe Dep. Co__ _740
150 The Chas. Howard WoodVul1 Provident Life & Tr. Co_ — _882
caniz. .4c Dying Co
6 Real Est. Trust Co., pref.__ 963i
$5 lot
107 United Ice & Coal Co., corn. 6
7 Phila. Warehousing & Cold
123 United Ice Jr Coal Co., pref. 10
140
Storage Co
10 Sixth National Bank
200
40 Delaware Ins. Co., $10 each. 73i
26 2d Nat. Bank, Vrankford__ _277
3 Fire Assoc. of Phila., $50 ea_348
7 Reliance Ins. Co., $50 each. 87
20 People's Nat. Fire Ins. Co.,
125 The Certigue Mg. & Dredg.
20
$25 each
Co., $5 each
$50 lot
10 Frank. & So'wark Pass. Ry-360U
1,000 Loveland Hill Silver Mg.Co.,
10 Am. Pipe & Construe. Co.__ 90
$10 each
30 DeLong Hook & Eye Co__ 100-112
$6 lot
15 Bank of Commerce
140A
46 Phila. Life Ins. Co., $10 ea__ 11
15 Henrietta Coal Mg. Co.,
200 Pratt Food Co., $1 each._ _ _ 4
Bonds.
$50 each
Per Cent.
70
20 American Bank, $50 each. _ _ 60
$1,000 Real Est. Title I. & T. Co.,
12 Farmers'& Meehan. Nat. Bk140
series N,4s, 1918
9331
6 Girard Nat. Bank
41751 $100 University Club of Phila. 5s, 22 9554
3500 Springfield Wat. Co. 5s, 1926_ 95
5 Ridge Ave. Bank,$50 each. _ 60
$169,000 Union Elec. Teleph.& Tel.
30 Continental-Equitable Trust
10054-10051
Co. 1st 5s, ctf. dep
Co., $50 each
$600 lot
$50 Camden Co. Country Club 5s,
36 Franklin Trust Co., $50 each 55
991
1913
10 Girard Trust Co
$12 lot
1 Fidelity Trust Co
1150 $600 Colonial Copper Co. 1st 6s,
1 Land Title & Trust Co
1914
$31 lot
50054
5 Logan Trust Co
136
$2,000 Lehigh Val. Coal Co. 1st
25 Northwestern Trust Co
185
4s, 1933
9154

By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.
$ per sh.lBonds.
5,000 Mex. Rincon Mg. Co.,$1 ea_ .05 I $5,000 Phila. City 4s, 1938
50 Standard Roller Bear. Co.,com 6 1
25 Fourth Street Nat. Bank_ _ _321

Per Cent.
101

_
kational Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED TO NATIONAL BANKS.
December 26 to December 31.
10,301—The First National Bank of Ducor, Cal. Capital,$25,000. H.C.
Carr, Pros.' Arthur L. Harris, Cashier.
10,302—The National City Bank of Rome, Ga. Capital, $100,000. Jno.
M. Graham, Pres.; Geo. C. Beysiegel, Cashier.
10,303—The Exchange National Bank of Rome, Ga. Capital, $150,000.
J. A. Glover, Pres.; W. W. Berry, Cashier. Succeeds Exchange
Bank of Rome.
10,304—The Tecumseh National Bank,Tecumseh, Okla. E. L. Rosebush,
Pres.; M. If. Wagner, Cashier. Succeeds Tecumseh State Bank.
Capital, $25,000.
10,305—The Rogers Park National Bank, Rogers Park, Ill.(P.0. Chicago,
Ill.) James J. Barbour, Pres.; W. H. Creber, Cashier.

Trust Cos.
00s omitted.

On Dep.
Net
Surplus. Loans. Specie. Legate. withC.H. Deposits.
Average. Average. Average. Banks. Average.

Reserve.

$
$
Brooklyn
2,465,7 15,973,0 1,346,0
448,0 2,024,0 11,875,0 15.1+14.3
Bankers
16,256,9 114,137,0 13,7230
40,0 10,886,0 91,433,0 15.0+10.6
U.S. Mtg.&T. 4,554,6 39,532,0 4,256,0
382,0 3,738,0 30,668,0 15.1+10.7
Astor
1,325,5 19,334,0 2,099,0
60,0 1,640,0 14,800,0 14.5+ 9.3
Title Gu.& Tr. 11,797,7 32,426,0 1,986,0 1,197,01 2,468,0 20,562,0 15.4+10.6
Guaranty _ _
24,350,2 161,665,0 14,315.0 1,141,01 10,792,0 107,499,0 14.3+ 9.1
Fidelity
1,326,1 7,722,0
244,0
726,0
766,0 6,214,0 15.6+10.8
LawyersT.I.&T 6,177,9 16,696,0 1,348,0
392,0 1,435,0 11,383,0 15.2+11.1
Col-Knicker _
7,289,8 46,068,0 4,857,0
810,0 4,561,0 37,339,0 15.1+10.8
People's
1,680,6 15,864,0 1,872,0
364,0 1,837,0 14,992,0 15.1+10.7
New York_
11,804,6 42,528,0 4,826,0
323,0 3,365,0 28,519,0 18.0+10.8
Franklin
1,244,9 8,828,0 1.019,0
920,8 8,006,0 15.0+10.2
174,0
Lincoln
558,8 10,007,0 1,121,0
208,0 1,050,0 8,660,0 15.3+10.8
Metropolitan _ 6,234,8 22,857,0 1,981,0
9,0 1,969,0 13,508,0 14.7+12.7
Broadway
597,5 9,006,0
971,0
310,0 1,017,0 8,868,0 14.4+10.1
Totals, Avge__ 97,665,6 562,643,0.56,446,0 6,132,0 48,368,0 414,326,0 15.1+10.4
Actual figures Jan. 4._ 560,251,0157,350,0 6,259,0 49,245,0 412,983,0 15.4+10.6
The capital of the trust companies is as follows: Brooklyn, 51,000.000-Bankers
810,000.000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000- Title
Guarantee & Trust. $5,000,000; Guaranty, $10,000,000; Fidelity, $1,000,000;
Lawyers' Title Insurance & Trust, $4,000,000; Columbia-Knickerbocker, $2,000,000;
People's, 11.000,000; New York, $3,000.000; Franklin, $1.000,000; Lincoln,
000,000; Metropolitan, $2,000,000; Broadway, 81,000,000; total, $45,250,000. $1.SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Jan. 4.

Capital, Surplus.

Loans.

On Dep.
Specie.1 Legal with C.H
Nd
Tenders. Banks. Deposits.

Averages.
3
$
3
$
3
$
I
S
Banks
_ 133,650,0202,480,11,296,053,0253,070,0 77,102,01
11,283,065,0
Trust cos.. 45,250,0 97,665,6, 562,643,0, .56,446,0, 6,132,0, 48,368,0.
414,326.0
Total _ _ 178,900,0300,146,71,868,696,0309,616,0. 83,234,0: 48,368,01,697,391,0
Actual.
1
1
Banks
1,303,038,0257,371,0 78,933,0,
11,296,441,0
,
Trust cos
I 560,251,0, 57,350,0, 6,259,0, 49,245,0 412,988,0
Total
11,863,289,0,314,721,0, 85,192,0; 49,245,0,1,709,429.0

I

I

I

The State Banking Department also furnishes weekly
returns of the State banks and trust compnies 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:
Statement of New York City Clearing-House Banks
For definitions and rules under which the various iteme
and Trust Companies.—The detailed statement below are made up, see
"Chronicle," V. 86, p. 316.
shows the condition of the New York City Clearing-House
members for the week ending Jan. 4. The figures for the
STATE BANKS AND TRUST COMPANIES.
separate banks are the averages of the daily results. In
the case of the totals, actual figures at the end of the week
Stale Banks
Trust Cat. I State Banks
Trust Cos,
Week ended January 4.
In
in
are also given.
outside of
outside of
Greater N. F. Greater N. Y. Greater N. Y. Greater N. Y
For definitions and rules under which the various items are
$
made up, see "Chronicle," V. 85, p. 836, in the case of the
22,325,000
62,775,000,
9,458,000
9,950,000
banks, and V.92, p. 1607, in the case of the trust companies. Capital as of Sept.9
1
Surplus as of Sept.9

DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
flanks.
00s omitted.
Bank of N. Y.
Manhattan Co
Merchants'__ _
Mech.&Metals
America
City
Chemical ___ _
Merch. Exch.
Butch.& Drov.
Greenwich
_
Amer. Exch._
Commerce
Pacific
Chat.& Phen _
People's
Hanover
Citizens' Cent.
Nassau
Market & Fult
Metropolitan CornExchange
Imp.&Traders
Park
East River_
Fourth
Second
First
Irving
Bowery
N.Y.County.
German-Amer.
Chase
Fifth Avenue_
German Exch..
Germania _ _
Lincoln
Garfield
Fifth
Metropolis _ _ _
West Side_ _ _
Seaboard
Liberty
N.Y.Prod. Ex.
State
Security
Coal & Iron_
Union Exch.._
Nassau, Bklyn

Capital. Surplus.I

Loans.
Average.

Specie. Legato. Net Depos-I ReAverage. Average. its, Aver. serve.

$
2,000.0
2,050,0
2,000,0
6,000,0
.1,500,0
25,000,0
3,000,0
600,0
300,0
500.0
5,000,0
25,00C,0
500,0
2,250,0
200,0
3,060,0
2,550,0
1,000,0
1,000,0
2,000,0
3,000,0
1,500,0
5,000,0
250,0
5,000,0
1,000,0
10,000,0
4,000,0
250,0
500,0
750,0
5,000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0

$
21,542,0
31,050,0
17,626,0
52,424,0
23,514,0
169,127,0
27,810,0
6,150,0
2,126,0
9,100.0
42,058,0
128,104,0
4,517,0
17,797,0
1,912,0
69,918,0
22.565,0
10,667,0
9,112,0
14,163,0
46,845,0
24,567,0
82,687,0
1,630,0
28,398,0
13,502,0
105.511,0
33,016,0
3,631,0
8,853,0
4,109,0
86,426,0
12,890,0
3,329,0
5,457,0
17,381,0
8,758,0
3,483,0
12,490,0
4,275.0
24,168,0
20,120,0
9,012,0
18,356,0
12,092,0
6,566,0
9,701,0
7,509,0

4,212,0 1,032,0
8,988,0 1,520,0
2,997,0
834,0
9,266,0 3,208,0
5,1555,0 1,750.0
33,647,0 5,128,0
4,260,0 1,884,0
1,258,0
207,0
428,0
78,0
2,405,0
195,0
8,687,0 1,634,0
18,299,0 10,190,0
365,0
637,0
1,888,0 2,062,0
458,0
154,0
14,034,0 5,728,0
4.999,0
613,0
1,502,0 1,292,0
1,373,0
985,0
3,572,0
267,0
8,562,0- 5,601,0
3,393,0 2,134,0
20,243,0 1,887,0
398,0
113,0
5,392,0 1,900,0
2,858,0
170.0
20,661,0 3,727,0
5,504,0 2,980,0
828,0
93,0
1,212,0
606,0
851,0
236,0
18,657,0 5,933,0
2,414,0 1,404,0
571,0
333,0
1,372,0
255,0
3,341,0 1,000,0
2,031,0
394,0
363,0
462,0
1,229,0 1,660,0
889,0
309,0
4,634,0 2,521,0
3,923,0 1,748,0
2,446,0
321,0
5,422,0
387,0
2,210,0 1,392,0
1,189,0
366,0
2,067,0
350,0
1,217,0
272,0

$
4,257,41
4,764,1
2,084,4
8,663,0
6,488,6
29,142,3
7,231,2
534,7
128,9
987,3
4,510,1
16,316,8
970,0
1,301,1
481,0
13,740,9
2,201,4
460,2
1,897,5
1,783,9
5,840,7
7,795,0
13,552,0
70,0
5,874,1
2,526,4
21,940,2
3,225,8
786,0
2,006,0
747,1
9,672,3
2,195.3
817,4
1,053,0
1,656,2
1,275,2
525,6
2,250,8
1,013,0
2,277,7
2,790,2
883,0
676,7
450,1
534,1
1,006,1
1,100,7

10,412,0;
36,550,0;
16,382,0;
50,416,0.
24,003,01
155,651,0;
24,224,01
6,029,0
2,265,0,
10,352,0;
40,418,0;
104,962,0;
4,146,W
17,206,0

27.0
28.7
23.3
24.7
30.8
25.0
25.3
24.2
22.3
25.1
25.5
27.1
24.1
22.9
26.6
2,297,0'77,304,0 26.7
21,333,0, 26.3
11,937,0; 23.4
8 928 W 26.4
15:064,01 25.4
55,067,01 25.7
21,494,01 25.7
85,235,0,1 25.9
1,948,01 26.2
27.891,01 26.1
12,530,01 24.1
94,277,0; 25.8
32,454,01 26.1
3,809,0; 24.1
8,456,01 21.4
3,976,0, 27.3
94,824,01 25.0
14,357,0, 26.5
3,601,0; 25.0
6,382,0' 25.4
18,232,0 23.8
9,019,0, 26.8
3,555,0, 23.2
12,129,01 23.8
4,866,0, 24.6
28,006,0; 25.5
21,554,0: 26.6
10,526,01 26.2
23,353,0 24.8
14,471,0, 24.8
6,359,0: 24.4
9,747,0: 24.7
6,068,01 24.5

Totals, Avge. 133,650,0 202,480,1 1296,053,0 253,070,0 77,102,0 1283,065,0
25.7
Actual figures Jan. 4_
1303,038,0 257,371,0 78,933,0 1296,441,0 25.9

1

Circulation—On the bads of averages, circulation of national banks in the Clearing
House amounted to $46,881,000, and according to actual figures was $46,929,000.kt




172,033,200

12,471,974

12,508,781

Loans and investments
Change from last week_

293,864,200 1,048,332,600
+1,590,200
—442,000

115,955,800
+135,700

174,559,200
—591,800

Specie
Change from last Week.

56,527,300
+2,020,500

Legal-tender & bk. notes_
Change from last week_

20,816.900
+223,100

38,321,500

109,090,600,
+2,319,400

Deposits
Change from last week_

9.931,500;
—344,500'
1
339,186,400 1,095,078,700 121,420,800
+4,698,900 +14,476,100'
+803,400

Reserve on deposits
Change from last week.

92,341,900
+2,904,400

126,508,400,
+2,375,000,

21,555,800
+267,800

22,729,500
+2,127,300

P. C. reserve to deposits.
Percentagelast week

28.0%
27.5%

16.3%1
16.2%

18.9%
18.7%

13.6%
12.5%

181,2o,wo
+2,280,300

+ 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 amountsdue
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty dyae
represented by certificates, and also exclusive of deposits secured by bonds o
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust gor it by any publiedepartment.
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department.
—Trust Cos.— —State Banks—
Reserve Required for Trust Companies
Total
Of
7,atal
Of
and Slate Banks.
Reserve which Reserve which
Location—
Required. in Cash. Required. in Cash.
Manhattan Borough
15%
15%
25%
15%
Brooklyn Borough (without branches in Manhat.)15%
10%
20%
10%
Other Boroughs (without branches in Manhattan)15%
10%
15%
754%
Brooklyn Borough, with branches in Manhattan_15%
15%
20%
20%
Other Boroughs, with branches in Manhattan__ _15%
15%
15%
15%
Cities of the first and second class
10%
5%
Cities of the third class and villaget
10%
3%
_
Elsewhere in State
15%

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

[VoL. xcvi.

THE CHRONICLE

118

Boston and Philadelphia Banks.-Below is a summary
House banks and trust companies. In addition, we have
oombined each corresponding item in the two statements, of the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
thus af ording an aggregate for the whole of the banks and
We omit two ciphers (00) in all these figures.
trust companies in the Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.

Week ended Jan. 4-

Clear.-House Clear.-House State Banks db Total of all
Members. Trusr Cos. Not BanItsetTrust
Members.
Average. in C.-H. Aver. Cos. Average.
ActualFigures

$

s

$

$
Capital INat. Banks }
Nov. 26 and
'Surplus State banks
Dec. 26___J

178,900,000

178,900,000

300,145,700

300,145,700

29,025,000

207,925,000

80,906,900

381,052,600

Loans and investments 1,863,289,000 1,858,696,000
Change from last week +10,910.000 +11,307,000

563,338,500 2,422,034,500
-1,351,100
+0,955,900

1,709,429,000 1,697,391,000
Deposits
Change from last week +32,693.000 +32,746,000

a557,045,000 2,254,436,000
-298,000 +32,448,000

314,721,000
'Specie
Change from last week +12,279,000

309,516,000
+9,408,000

60,944,900,
+62,500

370,460,900
+9,470,500

Legal-tenders
Change from last week

85,192,000
+2,502,000

83,234,000
+2,985,000

88,076,900,
-22,200

91,310,900
+2,962,800

Banks: cash in vault
Ratio to deposits

336,304,000
25.94%

330,172,000
25.73%

12,572,500,
14.22%'

342,744,500

56,449,300

119,027,300

63,609,000

62,578,000

Aggr'te money holdings 399,913,000
Change from last week +14,781,000

302,750,000
+12,393,000

TrustCos.:cash in vault

Money on deposit with
0th. bks. & trust cos_
Change from last week

69,021,800 461,771,800
+40,3001 +12,433,300

49,245,000
+2,275,000

48,368,000
+3,802,000

16,204,900
+1,021,400

64,572,900
+4,823,400

449,158,000
Total reserve
Change from last week +17,056,000

441,118,000
+16,195,000

85,226,700
+1,061,700

526,344,700
+17,256,700

Surplus CASH reserve12,193,750
Banks (above 25%)._
1,660,800
Trust cos.(above15%)

9,405,750
429,100

13,854,550
+7,457,950

9,834,850
+5,096,900

% of cash reserves of tr ust cos:15.40%
Cash in vault
10.67%
Cash on dep. with bks.

15.10%
10.41%

15.35%
1.28%

20.07%

25.51%

16.63%

Total
Change from last week

Total

Capital
and
Surplus.

Banks.

Loans.

Circu- Clearings,
lation.

Specie. Legals. Deposits.
a

$
60,735,4 226,297,0 24,442,0 4,270,0 278,186,0 7,163,0 198,716,5
60,735,4 225,952,0 24,846,0 4,090,0 270,343,0 7,197,0 163,952,1
60,735,4 226,985,0 22,911,0 4,065,0 262,616,0 7,219,0 140,897,7
60,735,4 224,283,0,21,132,03,939,0 260,770,0 7,228,0 197,938,3
60,735,4 220,514,0 23.595.0:4,225,0 259,458,0 7,207,0 165,675,6
60,735.4 216,489,022,983,0,4,246,0 256,041,0 7,209,0 170,140,6
60,735,4 215,239,0 22,095,04,453,0 250,013,0 7,222,0 131,772,1
60,735,4 216,381,0 25,403,0 4,745,0 259,274,0 7,223,0 180,567,1
i
*423,754,0 15,135,0,179,674,7
88,961,0
103,684,3 381,498,0
.418,387,0 15,140,0;182,119,3
89,562,0
103,684,3 375,884,0
*414,722,0 15,164,0;144,283,5
87,917,0
103,684,3 374,148,0
*411,884,0 15.115,0;193,583,1
84,770,0
103,684,3 374,982,0
*404,416,0 15,117,0,170,649,2
82,104,0
103,684,3 370,888,0
*402,683,0 15,129,0;175,075,7
83,713,0
103,684,31365,311,0
*403,546,0 15,134,0;149,158,7
87,205,0
103,684,3i 364,365,0
*418,425,0 15,133,01 1789824P6
04,188,0
103,684,31365,900,0

Boston.
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Jan, 4
Philadelphia
Nov. 16
Nov. 23
Nov. 30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Jan, 4

a Includes Government deposits and tho item "due to other banks." At Boston
Government deposits amounted to $901,000 on January 4 1913, against $890,000
on December 28 1912.
* "Deposits" now include the item of "Exchanges for Clearing House," which
were reported on January 4 as $20,726,000.

Imports and Exports for the Week.-The following are
the imports at New York for the week ending Jan. 4; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.

I

$3,827,614
14,784,935

$3,874,073
14,152,929

1910.

1911.

1912.

1913.

For Week.
Dry goods
General merchandise

$3,372,230
11,546,443

$3,296,924
15,220,285

$18,612,549 $18,027,002 $14,918,673 $18,517,209

Total
Since January 1.
Dry goods
General merchandise

$3,827,614
14,784,935

$3,874,073
14,152,9291

$3,372,230
11,546,443

$3,296,924
15,220,285

$18,612,549 $18,027,002 $14,918,673 $18,517,209

Total 1 week

The following is a statement of the exports (exclusive of
Specie) from the port of Now York to foreign ports for the
week ending Jan. 4 and from Jan. 1 to date:

+ Increase over last week. -Decrease from last week.
a These are the deposits atter eliminating the item "Due from reserve depositories and other banks and trust companies in New York City"; with this item included, deposits amounted to $614,331,800, an increase of $4,524,400 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.

EXPORTS FROM NEW YORK.
1912.

1913.

1910.

1911.

$15,054,8271 $20,273,797 $16,158,893i $10,078,871

For the week
Previously reported

$15,054,8271 $20,273,797 $16,158,8931 $10,078,871
Total 1 week
The averages of the Now York City Clearing-House banks
and trust companies, combined with those for the State banks
The following table shows the exports and imports of
,and trust companies in Greater New York outside of the specie
at the port of New York for the week ending Jan. 4
Clearing House, compare as follows for a series of weeks past: and since Jan. 1 1913, and tor the corresponding periods in
1912 and 1911:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

GREATER NEW YORK.
We omit two ciphers in all these figures.

imports.

Exports.
Loans and I
Week Ended- lInvestments, Deposits.I Specie.

I

Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov.30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
Jan. 4

$

1

$

I

s

2,515,054,6 2,335,724,8 378,728,8
,2,496,735,7 2,308,801,0 375,777.2
2,493,836,1 2,303,144,9 374,309,5
'2,480,706,3 2,290,470,8 372,417,8
2,476,317,0 2,275,323,6.362,459,9
2,442,755,02,234,183,1 360,720,8
2,415,385,3 2,207,395,4 355,442,1
2,405,324,8 2,203,094,3 359,060,9
2,412,078,6,2,221,988,0 360,990,4
2,422,034,5 2,254,436,0 370,460,9

$

$

91,511,3 470,240,1 536,079,5
87,858,7 463,635,9 528,052,6
89,412,7 463,722,2 526,523,9
90,306,0 462,723,8 524,960,0
89,878,4 452,338,3 512,730,2
89,886,6 450,607,4 510,675,8
90,376,0 445,818,1 505,578,6
88,711,3 447,772,2 507,490,9
88,348,1 449,338,5 509,088,0
91,310,9 461,771,8 526,344,7

Reports of Clearing Non-Member Banks.-The following 's the statement of condition of the clearing non-member
banks for week ending Jan.4, based on average daily results:
We omit two ciphers (00) ,n alt these figures,

Banks.

Ca*
tai.

Surplus.

Loans,
On
Legal
Disc'ts
Tender Deposit
and
Net
Specie, and
with
InvestBank
C.-II. Deposits
Notes. Banks,
menus.

New York City.
$
$
IS
Manhattan and Bronx.
8
543,2 3,034,0 599,0
500,0
Aetna National
344,2 1,481,0 163,0
Washington Heights_ 100,0
119,5 1,598,0 351,0
200,0
Battery Park Nat
511,6 6,240,0 645,0
500,0
Century
400,0
592,2 6,438,0 832,0
Colonial
300,0
815,1 6,708,0 663,0
Columbia
78,0
172,5 1,101,0
200,0
Fidelity
360,7 2,606,0 427,0
250,0
Mount Morris
479,0
4,909,0
445,6
200,0
Mutual
288,3 3,066,0 281,0
New Netherland_ _ _ _ 200,0
106,6 1,976,0 264,0
200,0
Twenty-third Ward
543,9 4,399,0 568,0
100,0
Yorkville
Brooklyn.
689,6 3,671,0 290,0
300,0
First National
912,8 6,107,0 536,0
252,0
Manufacturers' Nat
710,1 10,564,0 1,494,0
1,000,0
Mechanics'
576,6 4,359,0 556,0
National City
300,0
177,0 2,347,0 198,0
200,0
North Side
Jersey City.
400,0 1,355,3 4,814,0 239,0
First National
813,6 3,035,0 146,0
Hudson County Nat_ 250,0
96,0
200,0
420,8 2,440,0
Third National
Hoboken.
220,0
665,0 4,257,0 218,0
First National
297,7 3,267,0 177,0
125,0
Second National

$
70,0
91,0
59,0
392,0
383,0
577,0
114,0
61,0
325,0
03,0
112,0
250,0

$
89,0
205,0
42,0
691,0
831,0
743,0
142,0
263,0
524,0
164,0
233,0
506,0

$
2,679,0
1,248,0
1,640,0
7,436,0
6,650,0
7,635,0
1,068,0
2,897,0
4,930,0
2,740,0
2,186,0
4,841,0

92,0
479,0 2,797,0
226,0
670,0 5,559,0
397,0 1,594,0 12,719,0
713,0 4,316,0
95,0
208,0 2,363,0
109,0
427,0 3,490,0
610,0
73,0
744,0
151,0

3,783,0
1,400,0
1,490,0

368,0
530,0

1,636,0
1,483,0

28,0
41,0

Totals Jan. 4_ _ _ 6,597,0 11,461,9 88,417,0 9,300,0 4,156,0 13,839,0 83,406,0
6,597,0 11,333,1 88,725,0 9,452,0 4,061,0 10,847,0 83,292,0
Totals Dec. 28
6,597,0 11,333,1 88,917,0 9,565,0 4,106,0 10,445,0 84,880,0
Totals Dec. 21
w.




Gold.

To:Money EntireRes.
Legals. I Holdings. onDeposit

Week.

Since Jan.1

Week.

Since Jan.1

$9,825

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

59,248
173,625
79,873
121,883

$100

$100
$93,014
$520,000

Total 1913
Total 1912
Total 1911
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

$510,000

5444,454
$74,012
$232,656

$63,440

$995

$1,396,142
185,968

442

7,364
100,326
68,648
82,185

$1,605,352
1,413,012
880,657

$63,440 $259,518
148,816
932,492
212,572
793,9881

22,800

Total 1913
Total 1912
Total 1911

$74,042
$232,656

$148,816
212,572

Of the above imports for the week in 1913, $26,758 were
American gold coin and $12,647 American silver coin.

gaulting and Financial.
Railroad and Industrial Stocks
Write for our Circular No. 614 entitled "Railroad and Industrial
Stocks," which describes 124 issues listed on the New York Stock
Exchange. and classified by us as follows: Investment Stocks, SemiInvestment Stocks, Speculative Stocks,

Spencer Trask 8z Co.
43 EXCHANGE PLACE-NEW YORK.
Chicago, III. Boston, Mass. Albany. N. V.
lembers New York Stock Exchange.

White, Weld & Co.
Bonds and Investment Securities.
14 WALL STREET
NEW YORK

THE ROOKERY

111 DEVONSHIRE STREET

CHICAGO

BOSTON

rria.

JAN. 11 1913.]

Vatikers'

CHRONICLE

azette.

Wall Street, Friday Night, Jan. 10 1913.
The Money Market and Financial Situation.-The
first real investment demand for securities in many months
is now being felt in the market. Evidence of this is seen in
a larger movement of high-class stocks and in a more active
demand for bonds. This is true not only at the Exchange,but
leading bond houses report increasing sales at the counter
and an upward tendency in prices.
Several good reasons are apparent for this change. First
and most important of all are the money markets here and
abroad. Last Saturday's bank statement showed a gain of
about $15,000,000 in cash holdings and rates here have declined to a point below the recent level,as is sometimes the
case at this season. This week both the Bank of England
and the German Bank report enormous gains in cash and
heavily reduced loans, the former showing a proportion of
reserve about 15 per cent greater than last week. The
Bank of France is behind somewhat in the matter of recuperation but shows substantial progress in that direction,and the
receipt of $3,000,000 shipped from here this week,destined
for Paris, will aid the movement. Further illustration of
improved conditions on the other side is seen in an advance
in the price of British consols and French rentes.
A report of the unfilled orders on the books of the U. S.
Steel Corporation shows them to aggregate nearly 83'
million tons, or enough to keep the entire producing capacity
of the company employed well into the summer.
As was expected, the output for 1912 was the largest in
he company's history.
The open market rate for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 2%@3%%. To-day's rates on call were 2%@)3%.
Commercial paper quoted 5% for 60 to 90-day endorsements and for prime 4 to 6-months' single names and 532%
for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £2,113,367 and the percentage of reserve to liabilities was 45.00, against 30.65 last week.
The rate of discount remains unchanged at 50
/, as fixed
Oct. 17. The Bank of France shows a decrease of 6,150,000
francs gold and 10,375,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1913.
Averages forl Differences
week ending
from
Jan. 4.
previous week.

1912.
Averages for
week ending
Jan. 6.

1911.
Averages for
week ending
Jan. 7.

$
Capital
133,650,000
135,150,000 133,350,000
Surplus
202,480,100
198,340,600 196,577,100
Loans and discounts_ 1,296,053,000 Inc. 10,393,000 1,330,363,000 1,228,335,500
Circulation
46,881,000 Inc.
7,000
50,986,000
47,518,900
Net deposits
1,283,065,000 Inc. 23,842,000 1,350,410,000 1,203,490,000
Specie
253,070,000 Inc. 7,089,000 277,573,000 239,203,400
Legal tenders
77,102,000 Inc. 3,278,000
80,326,000
71,171,600
1
Reserve held
330,172,000 Inc. 10,367,000 357,899,000 310,374,900
25% of deposits
62,578,000 Inc. 5,960,500 337,602,500 300,872,500
Surplus reserve

392,750,000 Inc. 4,400,500

20,296,500;

9,502,400

Note.-The Clearing House now issues a statement weekly, showing the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of State
banks and trust companies not reporting to the Clearing House, appear on the second
page preceding.

119

these transactions is again in low-priced issues, but strictly
investment bonds are more in request and generally show a
tendency to higher prices. Actual advances are, however,
generally limited to fractions.
United States Bonds.-Sales of Government bonds at the
Board include $5,000 Panama 3s, coup., at 1023.; $5,000.
3s, reg., at 102%, and $1,000 4s, reg., at 1133/2. For todry's prices of all the different issues and for yearly range see.
third page following.
Railroad and Miscellaneous Stocks.-The stock market is showing more activity and the increasing interest,
especially during the middle of the week, seems to have
been, as noted above, largely of an investment character.
It was accompanied, moreover, by a firmer tone,which has
been maintained practically throughout the week until to-day,
and includes some of the notably high-grade issues. Among
the latter are Pennsylvania, Lehigh Valley, St. Paul, Great
Northern and Canadian Pacific, some of which are substantially higher than last week.
T -day's market opened down on lower prices at the London Exchange before the opening here, and the volume of
business was the smallest of the week.
Among the exceptional features,St.Paul,Canadian Pacific,
Great Northern, American Tobacco and Texas Co. have been
notably strong. Am. Tobacco sold to-day nearly 16 points
higher than on Tuesday and Texas Co. is up 53/2. On th?,
other hand, Am. Beet Sugar added 7 points to the decl n
noted last week and some of the copper stocks are lower.
For daily volume of business see page 127.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Jan. 10.

Sales
for
Week.

Range for Week.
Lowest.

Highest.

Range for Year 1912.
Lowest.

Highest.

Adams Express
126 145 Jan 10 150 Jan 7 160
No 217% Apr.
Allis Chal tr rec 2d paid_ 3,280 1
Jan 10 134 Jan 7
34 Sept4 334 Oct
Pref tr rec 2d paid_ _ _
600 534 Jan 10 534 Jan 6 234 Sept 1034 Nov
Am I3rake Shoe & Fdy
soq 95 Jan 9 9634 Jan
9134 Jan 107% Nov
Preferred
60013534 Jan 913634 tan 6 130
Jan 160
Sept
American Express
1721161
Jan 6165 Jan 10 150, Dec 225
Apr
Amer Teleg & Cable_ _ _ _
10. 6734 Jan 6 67% Jan 6 66
Dec 78
Jan.
Am Wet Wks .Sc Cu, pfd 1,300 97 Jan 10 99 Jan 1 9734 Dec 9834 Nov
Atlan Coast Line rights_
250 334 Jan 9 334 Jan 9 3
Dec 334 Dee
Brunswick Terminal_ _ _
56 8 Jan 6 8 Jan 6 734 Dec 1134 May
Can Pacific rights
10,410 1834 Jan 7 1934 Jan 9 1834 Dec 21
Nov
Colorado & Southern__ _
100 33 Jan 10 33 Jan 10 3234 Dec 45
Feb.
5 Jan 6 99%
7 Jan 9 9934 Dec 100% Dec
Deere & Co, pref
550 99%
Gen Chemical, pref....
10010934 Jan 61093-8 Jan 6 10634 Mch 115
Sept
Gt Northern pref rights_
522 234 Jan 4 234 Jan 4 234 Dec,2 9-16 Dec
Green Bay & W,deb B._
27 1534 Jan 6 16% Jan 81 10% Febl 18
Oct
Havana Eiec Ry L & P. 400 8634 Jan 6 8634 Jan 4 8534
Aug
NovI 89
Preferred
200 96 Jan 8 96 Jan 8 9534 Nov 9634 Sept
Homestake Mining
480110 Jan 4 115 Jan 10 8634 Mch 112
DeoK C Ft S & M pref
40oi 7734 Jan 9 78 Jan 7 7434 Novi 81
Mch
Long Island
200 4334 Jan 6 4334 Jan 6 4334 Feb 5434 JuneMackay Cos
500 84
Jan 8 85 Jan 9 7534 Jan 9234 July
Preferred
300 68 Jan 8 68 Jan 9 66
Dec 7034 Jan.
N Y Chic & St L
200 58 Jan 6 58 Jan 6 53
Decj 6134 Apr.
Ontario Silver
100. 234 Jan 8 234 Jan S 1
Feb 334 May
Pittsburgh Steel, pref
375! 9934 Jan 6 100 Jan 6 100
No 104% Aug
Quicksilver Mining
300 4 Jan 7 4 Jan 8 3
Jan 834 Apr'
UP.. Securities, Ser A _ _ _
2(1 81
Jan 10 81
Jan 10 8234 Nov 8834 Apr
St L & S F-C & E Ill
new stock trust certfs_
41 47 Jan 6 53 Jan 10 47
Dec 57
Feb.
Slos.s-Sheff St & I, pref
50 9334 Jan 7 98 Jan 7 90
Feb 105
Apr
So Porto Rico Sugar....
100 70 Jan 6 70 Jan 6 7434 Aug 88
Feb.
Texas Pee Land Trust
10G 9634 Jan 7 9634 Jan 7 89
Apr 9734 Oct
United Cigar Mfrs
200 4834 Jan 4 48% Jan 6 47
Dec 6434 May
United Dry Goods
550,100 Jan 7 101
Jan 8 97
Feb 10234 July
Preferred
3001104% Jan 710434 Jan 7 10234 Dec 108% July
U S Express
140 64
Jan 10 65 Jan 7 50
Jan 6434 Oct.
U 5 Reduc & Refg
250 134 Jan 10 134 Jan 10 134 Mch 334 May.
Preferred
100 4 Jan 1
4 Jan 10 3
DecI 1034 Apr.
Virginia Ry & Power
300 51
Jan
51
Jan 9 41
Jan 55
Nov
Preferred
me, 9134 Jan 9 92 Jan 6 87 Janl 92 DeeVulcan Detinning, pref_
1001 90 Jan 6 90 Jan 6 7834 Oct4 8734 Dec
Wells, Fargo & Co
130 120 Jan 9 123 Jan 6 115
No 151
Jan.
West Maryland, pref.__ 3,100 57 Jan 8 6334 Jan 6 66
Apr DecI 81
Westinghouse Air Brak
100280 Jan 10 280 Jan 10 272
Nov 282
Nov
Weyman-Bruton, pref
100 117 Jan 6 117 Jan 6,112
Mc 116% Dec-

Foreign Exchange.-With a much weaker money market
at home than abroad, sterling exchange has naturally ruled
firm during the week, but has not yet reached the normal
gold-export point. However $3,000,000 in gold has been
engaged for Paris as a special transaction, the Bank of France,
Outside Market.-"Curb" business this week was li
it is understood, paying interest while the precious metal is
as a rule though a generally firm tone prevailed. A featu
in transit.
To-day's actual rates for sterling exchange were 4 8295014 8305 for 6() of the market was the activity in the bond department,price
days,4 8695(04 8705 for cheques and 4 8735(4)4 8745 for cables. Commer- showing improvement.
British-American Tobacco advanc
cial on banks 4 80%(44 82% and documents for payment 4 81%04 82%.
4 to 25% and closed to-day at 253'. Tobacc
Cotton for payment 4 8231(04 823 and grain for payment 4 83(04 8334. from 243
The posted rates for sterling, as quoted by a representative house, were Products pref. sold down from
99 to 973
4,the final figu e
not changed during the week until Friday. when they were advanced %c.
to-day being 97%;United Cigar Stores corn. dropped from
to 4 83% for 60 days and 4 87% for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 2034 109% to 1053
4, recovered to 108% and ends the week at
less 1-16(05 20% for long and 5 17%045 17% plus 1-32 for short. Ciermany bankers' marks were 9434@94 7-16 for long and 9534 less 1-32 (4) 9534 108%. The preferred was traded in up a point to 117..
for short. Amsterdam bankers guilders were 403 plus 1-32(4)40%
plus Brown Shoe corn. improved from 57 to 59. Emerson1-16 for short.
Exchange at Paris on London, 25f. 19c.; week's range, 25f. 20c. high Brantingham pref. gained over a point to 101 and closed
and 25f. 17c. low. Exchange at Berlin on London. 20m. 48pf.; week' to-day at 1003/2. Manh. Shirt pref. moved up from
1023/i to
ranee, 20m. 4834pt. high and 20m. 4734pf. low.
103. Stand. Oil of N.J.lost about 8 points to 430,recovered
The range for foreign exchange for the week follows
Sterling, Actualto 437 and to-day dropped to 429. The close was at 430..
Sixty Days.
Cheques.
Cables.
Bigh for the week___4 8305
4 8705
- 4 8745
Willys- Overland corn. advanced from 703/i to 75. An
Low for the week ___4 8205
4 8620
8640
4
initial dividend of 1 M% was declared. Business in bonds
Paris Bankers' FrancsHigh for the week_ --5 2034
5 1734 plus 1-32 5 163 less 3-32
was large. The Baltimore & Ohio new 43/28 appeared in
Low for the week___5 2134 less 1-16 5 1734 less 3-32 5 1634 less 3-32
the trading and sold up over a point to 983/2, the close
Germany Bankers' vfarksHigh for the week_ _ - 94 7-16
95%
to-day being at 983/8. Braden Copper 6s fell from 211 to
9534
Low for the week__ 94 5-16
95
9534
195. The old 7s lost about 16 points to 195. Brooklyn
Amsterdam Bankers' GuildenHigh for the week_ _ _40 plus 1-16
Rap.Trans.5% notes eased off from 963
%to 96%,then rose
4034 plus 1-16
40 5-16
Low for the week_ __40 less 1-16
4034 less 1-16
4034 plus 1-16
to 97 5-16, closing to-day at 97%. Canada Southern 5s,.
Domestic Exchange.-Chicago, Sc. per $1,000 premium. Boston, par.
St. Louis, 30c. per $1,000 premium bid and 40c. asked. San Francisco, "w.i." moved up from 106% to 107 and ends the week at
60c. per $1.000 premium. Montreal, 7834c. premium. Minneapolis, 1063%. Chicago Elevated 5% notes improved from 98 to,
75c. per $1,000 premium. Cincinnati, par.
983%. Western Pacific 5s fell from 86% to 85% and adState and Railroad Bonds.-Sales of State bond at the vanced to 88%. N. Y. City 4%s of 1960 were traded in.
Board include $5,000 New York 4s, 196 , at 1013', $15,000 up from 99 11-16 to 997
4. The 4%s of 1962 advanced
N. Y. Canal s, 1962, at 1013/8, and $21,000 Virginia 6s, 99 9-16 to 99%. Copper shares were lower. Braden from
Copdeferrred trust receipts, at :.- 14 to
5 and rested finally at 9. Greeneper dropped from 10% to 9%
The market for railway and industrial bonds shows a good Cananea dropped from 9% to 8%. Mason Valley recededi
deal more activity and the day-by-day trading includes a from 103/i to 83
4 and closed to-day at 9.
larger number of issues than of late. A large proportion of
Outside quotations will be found on page 127.




120
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO P.A.G'ES
For record of sales during the week of stocks usually inactive, see preceding page.
S7'OCKS-HIGHES7' AND L014'4'82' SALE PRIGES.
Aaturday
r
, ------Jan.4

Monday
Jan.6

Tuesday
Jan.7

Wednesday
Jan.8

Thursday
Jan 9

Friday
Jan 10

sales o/
the
Week
Shares

sTocKS

NEW YORK STOCK
EXCHANGE

Range /or Year 1912.
On basis 01 100-share tots.
Highest.

Lowest.

Range lor Previous
Year 1011.
Lowest.

Highest.

Railroada_
Feb 1 11134 Oct 4 9978 Sep 11658 J'no
0533 10572 10534 10638 105 10014 105 10614 103 1064 106 10614 7,200 A toh Topeka 6s Santa Fe 10314
10138 Jan 2 10414 Feb 10 10034 Jan 10512 J'ne
pret
Do
10114
10114
-c-1
10118
740
101
101
•
8.100 102 101 10114 *1004 10134 101
Dec 30 14812 Aug 12 117 Jan 13914 Nov
a13034
RR_
Line
Coast
Atlantic,
13234 13338 *132 13312 2,300
3113 13112 13112 13134 1314 13112 *131 133
0312 Sep 10914 J'ly
210114 Feb 1 11173 Ain 31
4 Ohio
054 106
10478 1064 10518 10512 10512 10618 1054 10614 10578 10818 9,305 Baltimorepref
91 Jan
8512 Aug
8618
Aug 13 91 Jan 23
Do
.
1.
3
250
88
88
80
*87
88
*8613 87 *2613 874 87 87 *87
72 Sep
8458 3'ly
2
Jan
2
9413
J'ly
4
763
0034 91
91
9112 9034 9114 9078 9134 9134 9233 92 024 14,470 Brooklyn Rapid Transit_ 221112 Mch 4 283 Aug 1..., 19558 Jan 247 J'lv
26314 26418 262 26412 26212 26412 26378 26478 26434 26634 26414 26514 18,520 / lanadlan Pacific
Dec
Aug
320
260
29
395
Apr
Jan
9
305
kientral
of
.
Jersey
New
*360
*362
370
370
*360 870 *380 370 *360 370 *360 370
6838 Sep
8634 Feb
6814 Feb 1 8314 Oct 3
7958 7334 7334 6,200 Chesapeake & Ohio
7834 79
7814 7912 7914 7912 7938 7938 79
2514 J'ne
17 Sep
Oct
26
24
2034
1558
Deo
ctfs„
trust
GI
West
Chia
2,300
1734
17
107
3
177
8
1658
164
*1613
1678
1678
*1612
7164 1678
9914 Feb
3512 Dec
3011 Dec 26 3912 Apr 8
Do pref trust etfs
3378 314 2,600
35
8212 33
32
32 *31 . 33
*31
*31
32
29,600 Chicago MIN/ & St paw _ 9933 J'ly 13 11758 Nov 7 10534 Oct 13312 Feb
41278 11434 114 11512 11.414 1154 115 11558 1154 11614 11513 116
141 Sep 15513 Fels
2
Dec
12
146
Jan
13914
14114
14112
pref
Do
14112
*141
1,000
*1404
14212
14112
*140
140 140
14114
14012
2,116 Chicago & North Western 1344 Dec 11 195 Apr 26 1334 Sep 15012 J'ne
138 138
137 137
137 137
137 137
137 138
137 137
183 Nov 0 198 Mch26 191 Nov §209 Jan
10
Do pref
*180 190 1189 189 *181 190 *181 190 *181 183 *181 189
00 Jan
9818 Sep
4514 Deo 10 6212 Apr 23
5014
*53
4
,
50
594
Cleve Cin Chic & St L
5913
*53
5912
*50
6912 *53
5912 .53
98 Feb
9414 J'ly
95 Dec 11 10112 Apr 17
pref,,
*90
95 *90 95
Do
30
$95
95 *90 05 *90 95
*90
05
162 Dec 13 17512 Feb 6 15913 Sep 17478 J'ne
n,elawaro & Hudson
167 167 „,.- _..,___ *165 167,
*163 166 *162 167 *162 167
Nov
570
605
Sep
Deo
18
Aug
23
597
530
West_
-I--xelaware
Lack
&
210
1445
445
*440
444
578
578
*445
*41812 575 §41414 44414 49.4
35 Feb
1758 Dee
1813 J'iy 12 24 aich27
22
900 Denver & Rio Grande
2213 234 23
23
*2012 2112 *2014 2112 *2013 2112 22
74 Feb
3634 Dec
3414 J'ne 19 4614 Jan 24
Do pref
3,475
3934 4012 4014 4034 4013 41
39
39
39
39
30
39
1558 Mch
9 Nov
8 Sep 9 1134 May10
Duluth So Shore as Atlan
812
*7
*712 9
*7
9
*713 9
*713 9
•713 9
1718 Dec
3013 Mch
14 Deo 10 23 May15
Do pre(
17 *15
17
100
*14
1513 1512
17
*15
1518 154 *15
17
3838 J'iy
2714 Jan
30 Dec 16 3918 Apr 11
32
3218 3214 3238 3218 3214 7,700 Ude
32
3134 3218 3114 321. 32
9558 Jan
6114 J'ly
2,309 LA Do 1st preferred... 4712 Dec 16 877,, Apr 11
494 4878 49
*49
491
/
4 4938 4938 4918 • 4918 4914 4938 49
35
Jan
11
4934 J'11,
Apr
48
11
Deo
38
Do 20 preferred
*3938 414 *39
500
411 *39
41
3878 3914 3934 40
*39
40
126 Jan 15 14334 Aug 10 119 Sep 140 J'ne
pref
13013 13012 13018 13158 13073 13134 131 13134 13112 11258 213014 13078 22,900 Great Northern
Dec
Feb
0334
333
4
26
53
Sep
31
30
Jan
properties
Ore
•
Iron
1,269
41
9018
4012 4012 4078 41
40
$40
4014 41
41
41
12058 May 9 14118 Jan 23 132 Jan 147 JOY
850 I llinois Central
127 127 *12612 12712 *126 12714 127 12712 12712 12712 128 128
1318 Sep
2038 Feb
Dec 12 22 J'ly 2
161
/
4
a
1814
nterboro-Metrop
v
t
etre
2,762
1812
1812
1812
1814
1814
1812
1812
1853
1813 1812 1814
3934 Sep
5638 J'ly
5338 Jan 3 0733 Oct 15
Do pref
6234 6314 6314 6378 6334 6438 6,625
6314 6312 624 6314 6258 63
3733 J'ne
2514 Sep
2212 May20 3114 Sep 30
1,200 Vansas City Southern
27
274 *2614 27
2034 27 *2614 27
*2634 27
*26
27
6112 Sep
6934 J'ne
66 May29 6553 Mch 26
preferred
300 -13%- Do
6112 6112 *6034 62 *60
02 *60 62
*6013 62
61
61
10 Sep
17 Nov
1112Jan 25 18 Apr 29
lt ake Erie & Western
14 *11
14 *Ws 14
1412 *1112 14 *12
*12
*1113 14
40 Jan
25 Sep
30 Jan 6 90 May21
35 *32
*32
36 .32
30
100 -1-1 Do preferred
*32
35
35
35
36
*34
151
Sep
1867
8 Dec
Jan
15
Feb
6
18534
8
1557
Lehigh
Valley
11364
10,600
16634
167
167
16612
166
16534
16612
16734
267 167 16534
138 Dec 16 170 Aug 14 13013 Sep 16034 Nov
142 1424 1,100 Louisville & Nashville
-.. 14113 142
___
141 14118
141 141
12378 Dec 20 13834 Mch 13 13114 Sep 14212 Jan
200 M anhattan Elevated
12978 130 *129 132 *130 1-32 *129 133 *139 133 *130 133
4212 Sep
2112 Apr
*2212 2413
200 ilLinneamplis 6s St Louis 1812 J'ly 24 2712 Jan 23
24
---- ---- 2213 2213 *2214 2313 2214 2214 *22
35 Meh
6812 Sep
§40 Feb 26 §57 Jan 15
45 *45
40
Do preferred
45
47 *45
47
*45
47
*45
4712
129 Feb 3 15113 Aug 12 212434 Sep 15214 Mch
14134 14214 14138 14178 1,745 Minn St P 4 S S Marie
140r2 1401-2 140 14014 *140 142 142 142 *145
190
Nay
18
100
alch
Aug
158
Deo
5
143
Do
154
preferred
*145 154
*145 153 *145 152 *145 152 *145 154
3818 J'no
27 Sep
2513 Dec 12 3158 Melia)
*2712 23
28
2814 2833 294 2878 2918 2878 294 *2818 28; 6,200 Mo Kansas & Texas
V/ Oct
6234 Selo
Do preferred
6738 May20 60 Apr 17
600
6313 *0234 6313 *6258 6338
*60
63
6273 6278 63 6314 *62
3314 Sep
63 Feb
35 J'ly 12 4734 Mch 27
4358 4234 4358 14,200 Missouri Pada('
43
414 4178 4114 4214 4134 4178 4112 43
60 Aug
7233 Jan
6612
Vat Rys ot Mex 1st pref 624 Oct 7 71 Jan 9
6612 *63
*64
13678 *63 66 *63 67 *63 67 *63
2573 Aug
3833 Feb
2618 Oet 18 3678 Jan 20
900 al Do 2d preferred
2712 2714 2714
2712 2712 *2738 2712 *27
2713 *2613 274 *27
1084 Pee 16 12112 Apr 26 29978 Sep 11612 Feb
§10853 10853 108 10838 10818 10814 10812 10812 109 109
10811 10018 2,170 N Y Central e4 Hudson
1267
8 Sep 15118 Feb
126 Deo 11 14214 Apr 1
700 NYN II & Hartford
12973 12978
128 12818 12718 1274 "127 12812 *12612 12813 12813 129
4078 J'ly
12
3734 Sep
*3114 32
3113 3112 *3114 3178 3113 314 3158 3234 33
3338 1,900 N Y Ontario & Western_ '2478 J'ne 29 4138 Apr
8312 Oct 25 9334 Apr 26
100 N Y State Railways
8713 8712 *,.--- 88 * .. 8912
*8758 88 *3713 83 *3712 88
9934 Sep 11114 Nos
0.0734 Feb 1 11914 Aug 12
800 Norfolk 4 Western
*113 114
11312 11312 11318 11318 11333 11338 11312 11312 ii538 11313
8534 Apr
911
/
4 J'ne
Do adjustment prat_ 88 J'ne 12 92 Feb 17
91
---- ---- *88
91 .88 91
-- --- ___ ____ *88
3012 Jan
6534 Iklol
Nor Ohio Trao & Light__ 56 Mch 11 7912 Nov30
11538 Jan 15 13112 Aug 19 11034 Sep 1778 J'as
12,375 Northern Pacific
212034 1211
/
4 12012 121
iiOis fill; HA 1225; 1E12 1221; iilig fill;
11978 Dec 11 12614 May 2 11833 Sep 1 04 Feb
12273 12334 12313 12358 123 12358 12318 12314 9,896 Pennsylvania
12234 123
12234 123
0812 Jan 2 11112 Sep 23
9018 Sep 1 0 jou
260 Pittsb Chi Chia & St L
103 103 $104 101
*100 10378 *100 104 *102 104 *100 104
10812 Jan 2 117 Feb 20 10218 Sep 112 F,ob
Do preferred
*110120 *110 120 *110 120 *110 120 *110 120 *110 120
Sep 10173
Jan
11
17914
Apr
134
1484
29
168
134,400
16653
D
1603
4
16712
eadlnit
18658 16758 10512 16838 16614 16718 16638 16738
88 Melt, 92 'V
8712 J'ne 27 9314 Apr 29
*90 91
*90 9053
91
200 1-V 1st Preferred
*00
*90 01
*8913 91
0012 Sep 101
53
92 Dec 31 10112 Apr 29
gd preferred
93 *92
600
9314
93
9314 93 93
9314 *92
93 .92
93
3438 J'11
2234 Sep
2238 Dec 0 3012 Apr 8
2334 2334 *2312 2414 *2334 2414 2414 2433 2418 2414 1,500 Rook Island Company
2334 24
6858 J'11e
4214 Deo 80 5958 Apr 4, I 4334 Dec
44
4412 4413 4913
Do preferred
WO
45 *4312 45
4312 4312 *43
*43
45
27 Oct
23 Dec
1713 Dec 28 2912 Mch 26
18
800 Qt Louis & San Fran..
*1712 194
1714 18
19 *16
18
17
*1613 1812 *16
6914 J'ly
59 Sep
Do lit preferred._ _ _ 5812 Dec 30 6912 Jan 23
0
1
*58 62
64
64 *54
*54
64 *54
64 *54
*58 60
4912 J'1y
37 Sep
2012 Deo 30 4334 Apr 11
Do 2d preferred
28
32734 2934 2712 28
2314 2812 28
890
28
28
*2713 28
34 Feb
24 Jan
St Louts Southwestern._ 2934 Jan 22 4033 Oct 4
*3212 36
*3212 3613 *3212 364 *3212 3612 *3212 3612 *3513 3012
6934
Jan
72
J'nc
4
Oct
8958
17
Jan
6812
Do preferred
100
75
75 *78
75
78
*72
*72
76
*72
77
78 *72
18 Dec 12 2112 Apr 9
18$4 1834 1878 2038 204 2012 4,825 Seaboard Air Line
19
19 *18
*18
19
119
7
J'ne
peo
12
5013
4434
Do
preferred
2,260
4714
47
4714
4412
464
4518
*45
4512 *4434 4513 *4434 4512
10312 CoD 21 11512 Apr 8 10412 Sep 12638 J'nt
10538 10634 10412 10034 10533 10658 100 10718 16578 10673 10635 10714 76,420 Southern Pacif1c, Co
3338 J'ly
2434 Sep
Ms 0,100 Southern v tr otfs stmpd_ 261 Jan 31 32 Sep 33
1
4 2833 28
2818 2758 2813 28/
28
274 2778 2753 28
6814 Feb 4 8678 Oct 2
6114 Jan
Do
pret
81
81
760
*803
4
do
81
7514 J'1g
8012
$8012
4
4
803
8034 8034 8014 8014 803
2612
Nov
1978
Dec
3
7
goo
Jan
2012
3014 Fe
2212
2213
'Texas
&
2234
Paola°
2212 2258 *22
*2113 2212 2134 22
22
22
31 Nov 41 Dec
3312 Dec 10 4934 Jan 9
39
40
3913 3912 6,350 I bird Ave New _ __
3813 39
3912 3814 1938 3814 39
89
4 Nov
814 Jan
212 Deo 9 1058 Apr 16
Toledo Railways 4-Lt34
*213 312 *214 312 .214 312 *24 312 *214 312 *214 127
8
500 Toledo St L 61 Western_ 1012 Dec 24 1633 ch27
13 *124
12 Dec
12
2434 Fet
12 *__ 12 *____ 12
*10
12
*10
2$ J'ne 7 36 Apr 8
3978 Dec
5378 Jan
Do preerred
2812 2934 2834 2912 1,820
28
27
27
$27
28
*25
28 *25
106 108 $10678 10678
150 Twin City Rapid Transit.. 103 Dec 11 11118 Sep 17 104 Sep 111 Fet
*ma 10812 *104 100 *105 106 *103 106
15034 Deo 12 17634 Sep 30 15312 Sep 1923831y
15934 161
15314 16234 15914 16013 15912 16038 16973 16112 16013 161 159,500 1 inlon Pacific;
9112
96 J'iy
89 Sep
8814 Oct 21 964 Deo 2
4
9212
9113
913
V Do preferred
6,730
01
53
95
9134
9312
9112
92
9213
9213
99 Fel:
2812 Sep
35
*33
3478
200 Unit Flys Inv't of San Fr 28 J'iy 11 3973 Deo 4
*33
34
34
34
34
*34
35
*34
30
52 Sep
7614 Mei
6312 *62 634
57 J'ly IS 6918 Deo 4
200
Do preferred
*6213 8312 6213 6234 *02
*6213 64
*6212 64
634
Mayll
Dec
1338 Fet
13
934
334
Jale
al/
3
3
4
BOO
34
312
abash
*312
33
4
312
414
*4
414
*44 414 *4
4083 Fet
1414 Dec
1238 J'ne 2'7 2278 Apr 0
14
375 77
*13
14
Do preferred
*134 1312 1313 1318 1318 1318 *1318 1414 *13
us J'13
4878 Apr
15,120 Western Maryland By... 45 Dec 18 6414 hich25
•
4012 3733 3912 3814 4114 4012 4078 403s 41
3014 4034 33
614 Fa
212 Sep
4 Jan 10 1134 Oct 10
Wheeling da Lake Erie
8
8
*7
*7
8
84 *7
8
*7
812 *7
*7
1758 Vet
'1 Sep
11 Jan 3 3112 Oct 0
29
30 *28
Do 1st preferred
30 *28
80 *27
30 *28
30 *27
*28
8 Fe
3 Aug
0 Jan 19 1712 Oct 0
200
Do 20 preferred
*1212 14
18
1212 1212 13
15 .10
15
15 .12
.10
7212 Ma'
43 Sep
98 Feb 5 6212 Aug 12
Wisconsin Central
55
*50 55
65 *50
55 *50
55 *50
55 *50
*50
.
Industrial &Miscellaneous
7158 In
4434 Set)
GO Feb 1 9234 Oct 4
764 7734 139,250 A matgamated copper_
7938 7714 79
7853 7914 7733 794 7814 7912 77
6313 Del
4434 Sep
5418 Dec 26 0358 Mch 2::
il_PlerAgricultural Chem
33
' *60
56
*50
6812 .66
83 *56
56
, :35 83
9912 Oct 105 1)e•
93 Jay 17 10414 atch20
10
Do pret
*9812 99 *9813 '
199 9
*984 0
09 .93 99
98
6934 Oct
3914 Jan
37
393
38
3614 40,210 American Beet Sugar_ _ 4612 Dec 28 71 Sep 12
394 • 354 38
35
4114 3313 40
, gg
0212 Jan 101. Oct
40 Nov 20 10114 J'ne 19
Do pret
85 *83
10
89
00 *____ 90 *75 90 185
90 *75
' *80
878 Jan
1212 Ma
1114 Feb 1 4738 Oct 11
3012 3033 3112 3013 304 11,176 American Can
80
3012, 2013 3012 2018 3012 30
77 Jan
9313 Del
9058 Feb 1 12614 Sep 19
117 118
4,150
117 118
Do pref
i 316 11612 11512 11634 11513 11614
4238
Sep
Sep
23
5814
6358
J'ij
0
5512
Feb
553
4
5512
51z
5534
56
49
1,200 American Car 63 Youndry
*6413 5612
5634 034 5512 56
115 Feb 14 120 May34 113 Oct 120 Ma
300
Do pref
11618 11612 *116 11613 f11678 11678 *116 1l61 *11584 11678 11612 11612
3
Deo
6012
8
Oct
*4814
4912
4912
.
483
2
4838
*4712
Amer:can
Cities
4912
4
*474
400
z)93
:
484 4912 4813 4334
7514 Aug 6 8334 Deo 4
*7712 80
200
*77
81
Do preferred
7812 7812 •____ 80 *___ 79
80
78
9158 NOV
623Fe1
4612 Jau 15 6014 Nov18
*5513 5012 1,100 American Cotton Oil
564 5714 *5512 57
57
5513 554 564 6612 57
92 Nov 10513 Fe]
*91358
jan 19 9914 Feb 13
97
95
97
963
4
063
4
pret
100
Do
*96
48 97 *9614 97 0653 9658
714 Sep 25
312 Sep
6' Jal
3 Feb 19
300 American IfIde 4 Leather
513 518 *433 54 *413 614
5
11
4,434 514 *413 512
18 Sep
2658 J'n
28 *25
20 Feb 20 34 Sep 21
28 *25
*25
100
28
Do prat
28
: *26
28
28 *25 28
113 Aug 2684 J'11
2012 2134 22
2314 4,250 American Ice Secur1t1es_ 18 Jan 2 30134 May20
• *20
2014 20 2014 2013 2035 *2013 21
g
Mell
6
1778 Apr 23
a Aug
124 Fe]
360 American Linseed
12
1078 1078 11011 1012 1034 1078 *1053 11
*1114 12 *11
2618 Oct
3213 *30
3412 De,
33 *30
30 Feb 20 93 Apr 23
8233
Do prat
3212 *30
3312 *30
3012 *30
*30
4314 Ma
3134 Feb 27 474 NoV18
2218 Oct
43 4412 4212 4314 4312 4313 *4278 4312 4212 4278 4,650 American Liteonsetive
*4213 44
103 Jan 15 11012 Aug 14 102 Oct 11034 Mc
100 106
108 106 *105 107
Do pref
300
103 106 *105 107
*101 107
13 .12
Vs Jai
3 Sep
13 *12
13
American Malt Corp
434 Jan 10 1918 Aug 6
13 .12
13 *12
13 *12
*12
4353 31:
3112 Mch
61
6012 6012 *5912 6012
*59
42 Jan 6 6214 Aug 14
Do pret.
225
61
61
*59
6014 6034 *59
8918 3'1
86
86
12 Sep
*8513 88
100 Amer Smelters SO pret 11 84 Deo 9 8912 J'ne 10
*8511 8612
87
85 *854 864 *85
*54
564 Sep
8378 J't
72
7318 72
7312 7214 734 7218 7358 714 7433 7213 74 85,000 Amer Smelting& Raining 6612 Peo 16 01 Sep 26
9834 Sep IMP 2 J'r 0
*105 108 *10512 106_ 106 100
105 10033 *10513 1081 *10512 106
10233 an 2 19938 Sep 28
Do pref
600

vi.

00 90

at 1.

ii.„i

BANKS AND TRUST COM PA NI ES-BROKERS' QUOTATIONS.
Banks
New York
Aetna
Amerio4 IIAmer Exch.
Battery Pk.
Bow,eryll- _
Brous Boroa
Broax Nat_
Bryant PIC II
Butch & Dr
Century
Chase

Litt

Ask

200
605
212
130
926
300
180
155
130
220
740

210
615
237
140
196

1.4

23
760

Bt1
Banks
Clult&Pharibt 179
OttelSeit Sri
Chemical _ 440
Citizens' Ctl 197
420
city
Coal & Iron 160
Colonial 113... 925
Columbia
330
commerce. t193
Corn Ex 11._ 320
East River
85
Fidelity
165

Ask
183
153
450
202
428
165
340
323
05
175

RU Ask
Banks
Fifth Avell_ 1399
Filth
300 326
First
1013 1025
Fourth
108 202
Garfield
220 29
Gersn-Ans
Germ's ExIl
Gerinania 11- 525 510
175
Getilani
Ureenwica
2.50
Hanover
703 716

Banks
flarrinsaa„
& Trad
trvina
Liberty
Lincoln.....
‘iaaltattant
Wark't& Ful
viech &Met's
(1lerch Each
gerehante_

Bud
293
560
198
645
360
350
250
258
165
197

Ask
310
560
203
66)
805
80
263
161
205

Banks
Metropolis I
Metrepol 'n1;
Sit Morrisll.
Mutual 'I-Nassau
New NethA
eveYork00
ew York_
_
Park
People's V__

Banks
liti Ask.
350 275 .'rod Exoh
190 198 ileserve _
. Sea board
200
accon d
200.
217 iecurttra
220
itate.1
875
2;14 Wardll.
390 40
U Won Exc.
255 265
Nash WU; I,
360 370
240 260 :Vest Side t
orkville

Bid
108
9312
450
37:1
130
180
240
175
160
270
875
690

Ask,
172

64'140
266

626
610

134 and asked_nrloas.; no sales yrsre, mad.) on tht3 day. t t-claqts. 4I.132 tap 100 glares, IlS1at3 banks. a Ex-doodend and rights. oNewutooks
.141,4,
prlyatt 4/44 tag! 921.9. .44:;44y1a4c1,_ lt0
t. Salo at ttoolc 191011111W.or at au4t1 011 t1113 IVJOIL First Installment patch la10
4




-

JAN. 11 1913.1

New York Stock Record-Concluded--Page 2

121

For record of sales during the week of stocks usually inactive
see second nags preceding.
S2'OCKS-111GIIES7' AND LOWEST SALE PRICES.
Saturday
Jan. 4

tronday
Jan.6

Tuesday
Jan. 7

•Vednesday
Jan.8

Thursday
Jan 9

Friday
Jan 10

Sales of
thc
Week
Shares

STOCKS
NEW YORK STOCK
EXCHANGE

Rawc for Year 1912
On basis 6/ 100-share tots.

Range for Previous
Year 1911

Lowest
Highest
Lowest.
Highest.
Industrial and Misc.(Con)
*185 192 *189 192
18812 18812 18812 18812 *182 102
190
191
500
American Snuff
123 Mch 6 20314 Dec 4 225 Sep 325 MeV
*10112 105
104 104 *10112 105 *10112 105 *10112 105 *10112 105
100
Do pref, new
(21) Feb 0
*35
38
Aug 13
*35
37
36
36
*3512 37
*3512 37
*35
37
100 Amer Steel Found (new). 26 Jan 19 103
116 110
11618 11612 116 11612 *11512 118
4138 Oct 8
25 Sep
5213 Feb
11612 11713 *116 113
1,345 America
rleia
ner
3rnSugar
11312 Dec 11 13312 May13 11214 Sep 12212 Feb
*115 11734 *115 118 *115 117 .11512 117 *115 118 *116
RetIning
117
Jars
13934 140
5 124 Sep 21 111 Jan 11912 Feb
115'2
13912 13912 13914 1393 13912 13934 1395 13953 13914 13012 2,410
America
n Teleph de Teleg 1375 Jan 2 14918 Mob 25 13112 Aug 15313
28012 28212 281 284
279 283
283 28012 285 28812 290 29434 10,050 American
J'ne
Tobacco
21118 Feb 29 32412 Ply 1
10314 10314 1033 104 *103 10412 10412 105
10514 10534 1058 10534 2,295
1i)rreitcealyld.v,,
10114 Jan 11 1063 Jan B
.16
19
*16
19
*15
20
*15
20
*1812
20
*1812
America
2012
n
.7913 82
*79
18 Nov 19 31 May17
82
2512 Dec
§8013 8013 *7912 8112 *7912 81
3612 Meh
03112 8112
Do pre uunteeu
w
*31
32
*31
79 Dec 31
33
Mch 12
8514 ()et
*31
33
315 315
9614 J'no
*32
33
15 Amer Writing Paper, pH. 2518 Jan 25 9413
3978 40
3912 4018 3934 4014 39
413 May 2
2412 Sep
341. Feb
4
4014
3834
14,700
391
aAnacondaCopper
*120 124 *120 125
$34 Feb
110 120 *119 123 *110 120
120 120
400 Assets RealizationPar$25 10512 Feb 1 618 Oct 2 529 Sep 611.1g J'ne
5138 5138 51
5112 5138 5112 5234 5312 5314 5312 5234 5234 1,600
7 12712 Oct 3 10612 Dec 108 Dec
ilaidwin Locomotive _
*10334 10414 10334 10334 *10334 10414
49 Dec 10 0034 Aug30
10378 10378 *10334 10414 104 101
400 I
.381, 39
Do prer
3814 3814 3838 3878 3834 3912 3958
10234 Feb 2 10818 J'ne 11 10314 Dee 107 Dec
4112 4012 4012 9,825 Bethkeo
hernn.
let
Steel
*0712 69
2734 Feb 27 51% Oct 2
68
68
*68
26 Sep
3818 Aug
69
683
4
6834
09
71
7012
7012
4,200
*139 144 *139 144 *139 144 *130 144 *139 144
6612 Feb 27 80 Sep 23
54 Sep
*140 144
6634 J'IY
Brooklyn Union Gas
*2814 2912 2958 2058 *2914
13712 Mob 21 149 Aug 12 x129 Sep 14814
*2914 30
30
*2914 30
2914 2938
Nov
317 Butterick Co
52
5312 5053 53
28
Nov26 40% Apr 30
51
28 Feb
5214 5238 53
5212 5412 6234 54
31 Itch
36,200
3allto
r
1
Petrol
vot tr ctfs 4914 Dee 18 7212 Oct 5
_*84
87
*84
*84
85
85
87
85
*84
87
200 A
Do pref
;55 16
Deo
84
30
*99 100
9513
Oct
10014
5
*99 100
10014 10014
*9934 102
260 Case(JI)ThreshMpt
2812 2812 *2814 2914 2333 2914 .2834 2934 20 10014
tr ctfs 9978 Dec 20 10112 Dec 2
29
285 2834 2,000 Central Leather
093
05
1612 Feb 27 3358 Sop 24
*93
05
05
05
*93
05
*94
1834 Sep
97
3335 Feb
95
9518
300
Do pref
4634 4718 46
80
Feb
27
10017
4514
Oct
471s 4034 4714
17
4738 4512 4638 4311 45
0113 Dee 105 Feb
33,710 dCiiino Copper.
3418 3418 34
34
*3312 3434 3358 3358 3412 36
3518 2,500 Colorado Fue ._Par $5 625 Jan 15 $5038 Nov 8 $1612 Sep .2712 Dee
35
l
Iron
2311 Feb 28 4334 Sep 2t.
*139 14012 14018 14012 13978 14014 140 14138 14034 14238 14134 14214
25 Sep
3638 Feb
7,050 Consolidated Gas (N
*141i 15
Y): 13534 Dec 12 14912 Aug 1% 12834 Sep 14812Joe
14
1414 1378 1418 1358 1418 1358 1418 1373 14
3,910 Corn Products Refinin
*7613 79
,76
77
I() Jan 16 2218 Oct 19
g
7612 7912 *76
77
958
Oct
7634 7634 *70
1534 May
78
1,000
Do
pref
75 Dec 10 8212 Oct 18
2118 2118 2034 21
2018 2012 1938 2014 1014 1912 *1914 20
73 Sep
85 My
3,100 F
Delsdteirliaelrs;n8
nein
en
grktis
esmC
.
13
ce
it,g
18
rp 20 Dec 10 3614 Aug 21
*13
*13
18
18 .13
18
29 Sep
*13
18
*13
3814
18
Mch
*39
1114 Feb 28 2111.4 Sep 25
45
*40
45
*40
45
*40
45
13 Dec
*40
45
*40
30 Feb
45
Do pret
*184 18512 18312 18412 18553 18512 185 185
3718 Jan 23 5234 Sep 26
37 Dec
18434 186
6612 May
185 185
1,600 General Electric
155
*3312 3412 3312 3312 3412 3412 •3312 3612 *3312
Jan
2 18812 J'ly 25 112 Sep 1685 May
3612 *34
3612
200 Gen Motors vot
30 Feb 26 4273 Sep 3
ctfs
*7712 79
7818 7813 7818 79 .78
79
35 Nov
*78
5134 Aug
7812 7812 7812
760
1)o pret vot tr ars
218 218
7014 May 3 8234 Sep 3
2
214
2
2
2
218
7412 Dec
218 218
2
8553 Aug
218 3,700 dGoldfleld Con H Par $10 $138
.67 68
Dec 11 $5 Mch 18
*67
69
6614 67 .6614 08
6312 Oct
*60
6612 68
67
$778
Jan
1,050
Goodric
h
(B F)
0014 Dec 11 81 Sep 9
105 105
105 105
10514 10514 .10434 10512 *105 1051 .105 10512
922
Do prof
105 Dec 10 10012 Sep 16
5134 5134 5134 5134 5178 5234 52
62
5178 5338 4912 5178 4,700 dGuggenh Exp1o_P
*1814 1912 *18
ar
647
1014 1812 1858 18
Dec 12 r86233 J'no 14
$25
19
1812 1834 1712 18
1,900 di nsp'ri Con Cop Par $20 61658 Dec 16
11114 11112 11038 111% 1103.1 111
$2118 Oct 10
111 111
111 111
11038 11058 2,300 international Harvest
*1133 117 *11414 117 *11338 117 *11353 117 *11338
er 10514 Feb 1 12673 Sep 16
9918 Sep 1293
117 *11353 117
*43
Do
pret
5
11312
Nov 26 12134 Apr 4 115 Sep 12814 May
453 438
438 438 *433 5
*414
6
*414
5
300
May
Int
Her Marine stk tr ctfs
*19
1912 .1834 1912 1912 1912 *1912 20
4 Meh 7
77 Meh 29
*1938 20
314 Sep
*184 20
.578 Jan
300
Do
pref
12
12
151.1
1114 1178 .11
Ply
30
1112
26
*11
Mch29
1134 1114 1114 .1114 1134 1,200 International
14 Aug
2212
Dec
477 478 46
Paper
938 Jan 17 1934 May23
4712 46
4614 *46
47
9 Sep
47
47
*46
135 Jan
48
000
Do pret
.16
19 .10
x4578 Jan 3 0278 May23
19
11618 1618 17
17
4453 May
563 Jan
18
1812 18
13
1,085 Internat Steam Pump
07
67
12 Dec 30 34 Jan 2
69
69
6813 0878 69
69
23 Oct
70
70
44
6978 70
Feb
1,115
Do
pret
63 Dec 30 848 Apr 8*88
91
*88
9112 *88
92
*88
SO Oct
92 .88
02
*87
9012 J'no
90
Kayser (St Co (Julius)*107 110
110 110 *108 111 *108 112 *108 112 *108
90 Dec 10 0534 ()et 24
111
100
Do 1st pref
*77
7912 7812 7812 7912 7912 .7612 82
107
Dec
12 10) Oct 21
*7613 82
*7612 82
200 Kresge Co (S S)
102 102 *10012 102 *10012 102 *10012 102
71 Sep 2' 8912 Oct 2
10012 10012 *100 10112
200
*48
Do
4912 48
prof
100 Oct 10 10512 Oct 2
48
4712 4712 47
4712 40
4714 47
47
900 Lackawanna Steel
*10312 10412 10334 10334 .104
20 Mch 21 6512 Sep 30
10412 10112 10412
30 Sep
10512 *10312 1051.
48 Apr
300 Laclede Gas (St L) corn
*210 215
213 213 *210 215 *213 215 *104
10218 Dec 20 1094 Jan 4 10114 Sep 11413 Jan
*210 215 *210 215
220 Liggett & Myers Tobacco 156% Jan 15 225
*109 115 .109 115
Oct 18
115 115 §112 112 *114 110 .100 110
120
*3812 393
Do
preferre
10512 Jan 12 118 Aug29
3834 397 *3812 3912 *3812 3912 39
3912 3914 3912 1,200 Loose-Wiles 131sd
*103 104 .103 101 8 *103
tr co etfs 3613 Dec 12 4713 J'ly 21.
104
104 108
105 105 *10412 10514
300
.91
Do 1st pref
9234 02
10212 Oct 7 10538 Nov16
93
93
03
94
05 .94 ____ *94
720
Do
*75
2d
prof
701
7612 7612 *76
90 J'ly 22 9234 Oct 14
7634 7514 7514 *75
76
753 -7512
600 May Department Stores_ 69 Apr 11 88
*103 105 *103 105 *103 105 *103 105
Oct
70 Apr
*103 105 *103 105
87 J'ne
Do pref
70
105 (Dee 10 112 Jail 11 10734 Sep 11314
7212 6713 71
6818 6912 70
71
x72
7012
Pao
7334
7314
28,360
Mexican
Petrole
2612 2612 26
6234 Apr 20 1013 Oct L
2012 2614 2612 20
2014 2578 26
2514 2512 2,395 aNliami Copper_ um
_ _Par 65 62318 Feb 14 63014 Sep 25 116S8 Sep 62112
*124 12838 *124 12812 *124 12813 *124 12838 *124 128 *125 128
Dec
Mational 13(seult
114 Dec 10 101 *Apr 30 11714 Jan
*120 12512 *120 12512 .12112 12512 12478 12478 .121 12512 *121 125
14.334 Nov
100 i
Do pref
.1812 1912 1878 1878 18
122 Dec 12 131 J'ne 10 124 Jan
1834 *1784 1812 18
*17
18
19
130 Feb
500 Nat Enarnerg & Stamp'g
.87
1214
92
Feb
*83
29
92 .88
20
Oct
02
*88
15
92
*88
*87
02
02
1212 Dee
22 J'ly
Do prof
*55'2 38
88 Feb 27 9512 Jan 2
*5512 6712 .5512 6712 *55,2 58
85 Jan 10034
*5512 5712 *55
57
National Lead
*106 107% 10714 10714 *106 10812 .10712
5118 Jan 0 6814 Oct 7
10812
10712 10712
4212 Sep
59 Feb
200
Do pret
1938 1958 1914 1912 1912 1958 1938 1912 .10712 100
10512
Feb
1
11073
Nov20
101 Sep 10934 Aug
1918 1938 19
1938 3,850 dNev Cons Copper
.75
80
_Par ;5 11814 Jan 29 $2418 Sep 30 81518 Sep $2114
7812 7812 81
81
82
8212 81
81
81
81
I'ne
1,000
New
York Air 13ralie_
*79
81
*79
60 Feb 17
81
8053 8058 *80
83
45 Oct
8112 8113 8112 8112
76 Feb
300 North Ameilcan Co (new) 7412 Jan 3 85 No, 18
*30
31
*2812 3013 *28
87% Aug 21
(A Jan
303 *28
3012 30
3012
7634
3112
May
3112
300
Dacillo
46
Mall
46
2834 Dec 12 38 Sep 36
*45
4712 *45
2318 Apr
46
40
46
45
4514 *4312 46
3333 Nov
760 1. acid()
114 11418 11412 115 *11412 1151 115 116
& Teleg
45 Dec 12 553 Apr 2i,
35 Sep
116 110
11512 11512 1,300 People's Telep
5458 Jan
G
2312 2334 2334 21
L
&
C
103
(Chic).
Jan
8 12212 Oct 9 10112 Aug 109 Jan
*23
24 .23
24
24
2433 2334 2384 1,700 Pittsburgh Coal
9212 933
1634 Lich 1 2714 Aug 11
Co
93
0412 *93
943
0318 93% 0378 05
17 Dec
2314 J'uo
0434 9478 6,800
Do pref
200 *____ 200 .130 200 *185 200
77 Feb 8 10034 Aug 14
6734 Jan
200
200
1)078 d'IY
P. Lorillard Co
.1T1
•116 *114 116 *114 110 *114 116 *100
167
Mch 11 21512 Oct 18
116 116
11613
100
Do
3534 357 *3512 30
preferred
10734 Jan 12 118 Aug 20
3514 36
36
36
3514 3512 *35
36
1,000 Pressed Steel Car
*10012 101 §101 101
2834 Feb 27 4078 Sep 30
10078 10118 .10034 10114 *10034 10112 1101 101
25 Sep
3758 J'Ae
402
;yre2
*117 11912 .11734 11912 *11712
90 Feb 28
$1912 .117 1191 *117 11912 *117 11912
Aug 16
91 Sep 10234 J'ne
Pub
Service Corp of N J_ 10634 Feb 17 10334
165 165
165 165
12078 Aug 13 108 Oct 120 Feb
165 165 .163 16512 165 105
165
105
670 Pullman Company
34
34
15812
*33
Feb
36
*33
2
36
175
3418 3414 34
Aug 21
Sep 163 Jan
36
*34
36
000 I)aIlway Steel Spring- _
*98 100 §100 100
2712 Feb 8 404 Sep 25 154
*08 100
*98
26 Oct
*98 100
39 J'ne
15
2153 2158 2112 2134 215 2134 2112 100 .08 100
Do prof
0814 Dec 16 105 Aug 28
2134 21
2112 20
92 Jan 103 J'no
203.t 18,238 dRay ConsCopper Par $10 510
.25
26
26
26
Jan
2512 2612 2512 2578 26
29
$2418
Sep 23 612 Sep 119 Dec
2614 2513 255
2,010
Republi
8(112 8612 §87
Iron
c
et Steel
1534 Feb 26 35 Oct 4
87
§88
86
88
8634 86
8612 8512 8578 1,747
18 Oct
3514 Feb
*92
1)o pre(
03
611. Feb 27 933 Oct 2.5
02
92
0112 9214 *02
9212 01
02
7418 Oct
*9013 02
0938 Feb
050 Rumoly (M) Co
9914 9934 *99 10012 .99 10012 110012 10012 99
891i Dec 19 101 Nov14
99 .9812 0912
700
Do
21018 21018 20914 21012 *201 210
9912 Dec 30 10312 Oct 25
20958 21012 211 211
20834 20912 1,695 ,iears, pref
*42
45 .43
Roebuck de Co_ - 140 Jan 15 221 Nov 8 12612
47 .42
*42
50 .42
60
60
*4213 50
Sep 192 Feb
Sloss-Sheffield Steel de -Ir_
*3612 3712 37
3914 Jan 30 59% Sep 20
372 .3612 3712 3712 371
38
39
31 Sep
*3712
39
5614 Feb
1,125
Standar
*6512 6612 .65
d Milling.
1614 Jan 19 30 Dec 19
67
6612 .65
6612 .65
6613 6612 *65
15 Aug
1718 J'no
67
250
Do pre
.35
37
53
*34
Jan
8
66
1
Oct I
3633 2 3312 *33
50 J'ly
3312 3334 3312 3312
36
53
Dec
880
16
0
a,
Studeba
ker
*92
Corp
9412 *02
(The) _ _
30 J'ly 10 4912 Aug 1,
0412 *92
9412 .92
9412 *92
0112 .03
05
Do pre!
39
3912 39
9012 J'ne 28 9818 Aug 13
3912 3918 3914 x3712 3734 87% 3734 *37
38
11838 120
nnessee
Copp_
Par
53412
117 120
325
Feb
1
118 11812 119 120
$4714
May21 $3014 Sep $44 J'ne
120 12134 122 122)4 0,650 Texas
*98 100
Company (The)
81 Jan 16
*03 100 .98 100
*98 100
*97 100
58 Sep
*97 100
7412 Nov 13613 Feb
*111 113 *111 113 .111
I f ntlerwood lypewriter. (25 Dec 10 130
113 .111 113 *111 113 .110 113
11534 Pne 2,63 It h 111 J'no
k)
034 718
Do
pref
110
638 634
'1014
2.
11412 Sep 11 103 Meh 11378 Ply
614 614
6's 653 *6
613
618 614 2,130 Union 13ag 41c
4013 4018 39
Paper
453.lan 25 1773 May is
3956 3653 3658 3712 3712 .3614 39
*3634 40
434 Dec
0 Feb
700
Do pret
.
15
17
.15
3518 Dec 6 6734 Niayl,
17
17
*15
17 .15
*15
1712 .15
6018 Nov
17
5912 Jan
U S Cast I Pipe & Founar
*5612 63
13 Feb 16 2212 Niay11
*5612 61
*5612 63
*5612 5812 56
5614
11
*5612
58
Sep
10
Feb
320
Do
pret
*39
43
50 Jan 4 6138 Oct 18
44
44
*38
*38
45
45 .39
4012 Sep 2.61 Feb
48
*38
44
100 U S Industrial Alcohol
75
26 Jan 8- 5714 Sep 24
7512 7073 7678 .75
*75
77
77
77
24
77
76
76
600 U S Realty de
6212 6234 623.1 6312 6338 6518 6534 667
prov't_
67
Jan
_
31 8612 J'ly IS
0518 Jan
6814 6734 6838 29,150 United States Rubber
A g
70
934 hy
3
May
lu
10738 10738 10712 10734 10712 10734 109 109 8 07
4514 Feb 1 6778 May21
1109 109
10812 109
2012 Sep
4812 Deo
1,725
Do 1st pref
*7912 81
10551, J'ly 25 116 MoY20 104 Sep
7912 7912 7912 791
8034 81
81
8112 81
8114 2,300
11512
J'ly
Do
6733 6818 6078 6834 6712
2d
pref
75
Jan 23 8512 May21
6814 6738 6818 6758 6812 6712 68
06 Sep
180,080
79 MCh
110 110
States Steel
11018
1.1(14 reb 13 80% Sep 36
1105 1105 11018 11012 11018 11053 11018 11014 2,100 United
60 Oct
8218 Feb
5914 5912 5812 11058
Do pre
10714 Dec 10 117 Sep 30 103
5978 69
5913 5712 5938 5734 5878 5634 58
Out
12073
21,550
.4134 43
dUtah
Copper_
42
__Par $10 85213.1an 29 5571. Sep 3(1 $38 Sep $577 Feb
4212 42
4218 4214 4214 4Os 4214 4234
42
Deo
•1i3 118 .112 116
1,200 VIrginta-Carolina Chem
4034 1)ec 10 5714 Jan 26
*110 110 *110 113
112 112 *111 115
4313 Sep
7038 Feb
100
Do pret
*7428 73 `7153 75
11478 Dec 17 122 Mch27 114 Sep 12812 Mch
.;712 7914 7814 7834 7434 7434 75
75
75's 7518 7473
7134 Dec 16 8614 Jan
78
78
78
7812
7133 Apr
783
8412 May
78
747'
783
s 2,400
•118 120 .118 11934 78
WU W gittF1r411
'
1j
szZinikTieflig-s; 6614 Jan 3 s91? Aug 9
11934 11934 *118 1193 *118 1193 *118 1193
79 May
58,
8 Sep
11112 112
200
Do 1st pret
111 111 *110 112
1147 Jan 5 126 Aug 8- 11012 Aug 123 Jan
10734
103 100
4,250 Woolworth (F WI
*11412 11512 311513 11512 *11412 11512 11512 11014 10838 109
9212 Ply 25 11778 Oct 2
11612 *11412 11512 .11412 11512
126
Do pre!
11:31iP1y 29 110% Ply 2

BANKS AND TRUST COMPANIES-BANKERS QUOT
ATIONS.
'
Banks
Bradklyn
Coney Isi'd1
First
reenpoint
IlhiLsidclI
• 11oniesteadl
Manutae'rs
Mechanics'I
Montauk II.
Nassau
Nat City___

14 1:4

Ask

•Tz-

153
293
160
123
100
430
240
150
220
205

85
405
2,0
2-1;:;
275

Banks
Brooklyn
North Side
Ceopla's _
Prosp'etPill;

1114

Ask

175
145
150

200
155
165

N Y City
Astor
395
dankers"fr 525
13'way Tr
170

405
535
178

Trust Co's

Trust Cu'
N Y City
Central
_
Col umblaKniekerli
Commercial
Empire ___
Equit'ble Ii
Farm Lo &'l
VIdelity
Pill toll ___
(.3uar'ty

Bkt

Ask

Trust Co's
N Y City
(luard(au l'L
tludson
550 553 Law T I &Tr
Lincoln Tr_
9712
300
Nictropo(
525
835
Mutual Alll
1300 1325
ancc
214
\fut.( West315
31.5- chester)
625 (130

1191

1025 1040

Ask
95

113212
218
130
123
450
440
115

152

140

150

Co
N Y City
NY Life&cr
N Y Trust_
TitleGu & Tr
Union Tr.__
(IS Mtg.& Tr
Unit States_
\Vashington
Westchester
Windsor

1494

Ask

1025 1039
630 610
150512
1290 1310
475 485
1105 1125
375 395
160
160
18212 18712

'rust Co'r, u': il;k
Brooklyn
Brooklyn Tr 500
Citizens' ___ 150
165.
Franklin__ (22514
Hamilton __ 270 2-8.5.
Home
118
Kings Co
520
L 1st L & Tr 355
Nassau
130
Peoples'
295 i6i"
,!ueens co_ 100 110

• Hid and asked prices no sales on this day.
Less than 100
t 2x-rights. a La-div and rights. b New stock. d Quoted dollars
I Sale at Stook Exchange or at auction this week. 3 Ex stock shares.
per share.
dividend. II Banks marked with a paragraph (II) are
State banks. a Ex-dividend.




122

Yearly
New York Stock Exchange—Bond Record, Friday, Weekly and
ncom and defaulted bonds.

are now all—“and inIcres!"--excel) fir
Jan. 1 1909 fto Exchange method of quoting bonds was changed, and prices

c

-',5
BONDSg
Y. STOCK EXCHANGE '
...3..
Week Ending Jan 10.

IC

Price
Pride?,
Jan 10

Week's
Range or
Las: Sale

av2,

Range
Year
1912.

-,
'd 8
BONDS
N. Y. STOCK EXCHANdE b•C
-,a,
Week Ending Jan 10.

Prior;
Friday
• Jan 10

Week's
Rangc or
Las; Sal

,
1
1.3 vs

Range
Xpar '
1912.

Iligl. No Low High
Ma
Ask Low
H Lai. No. Low high Chesapeake & Ohio—
Ask Low
Bid
7
1.1. S. (Jovernment.
Gen funding It impt 54_1920 J -J _ --10312 9912 Dec '12 _. 99 10412
1061:1 10114
s Is consol registered_ _d1930 Q-•J 101 10138 10118Dee '12
4 109 11134
110
109
10913
10912
11-N
1939
54
gold
1st consol
10034 10112
S 25 consol coupon____d1930 Q-J 101 101iz 10112 Dec '12
11114
___.
10938
'12
Nov
1939 11-N _— ... _ 10932
Registered
3 102 1023.1
10278
S 3s registered
k1918 Q- F 102)2 10314 1027
99 103
10078
1992 '4-S 10014 Sale 10018
General gold 43-44
10112 10.04
, 10234 10314 103 Dec '12
k1918 Q-I
U S 35 coupon
___
'II
Nov
99%
99
____
11-S
1992
Registered
11314 11458
11312
1925 Q-F 11358 1141 11313
II S 4s registered
'
1/-di" "tii
9212 56
—14
9212 Sale (19,
1930 F- A
Convertible 4 14s
11314 11434
1925 Q-11 113%114% 1132 Dec '12
U S 95 coupon
1944 J -D 8518 8734 801 Nov 12 ... __ 86 89
B.g Sandy 1st 43
V S Pan Canal 10-30-yr 2s kl936 Q-N 10078 19114 10012 J'ne •li
8812
85
....
12
Oct
*d4
___.
83
J-D
1945
Coal Riv Ily Ist gu 4s_
1013 10212
10214
U S Panama Canal 38 g
1901 Q-S 10134 10214 10214
1940 J -J 100 ____ 1013, May'12 ____ (013411)11.1
Craig Valley 1st g 5s
2 31
8434
8634
8314._.. 8434
1946 J-J
Potts Creek Br 1st 44
Foreign Government
2 9134 96
9312
9134 94 9312
It & A DINT ist con g 4s_1989 J -J
5 0
512 100
98
00
9012 9012
ArgentIne--Internal 158 ot 1009 M-S 1 9734 Salt 9734
_
_
9012
_
8834
-J
J
1980
gold
43
2(.1
come!
9514
11
91
903
4
91
Chinese (Hukuang) Ely 5s £___ J -D t 8978
'10 ____
Aug'12--Greenbrier Ely 1st gu g 48 1940 51-N 8712 ____ 95 Oct
Imperial Japanese Government
"iii2
1949 A-0 6712 70 67 Dec 12 --6118
Chic & Alt RR ref g Is
9014 39 8912 94
Sterling loan 4 14s
1925 F-A : 9014 Sale 90
13 6014 6512
6312
627
J-J
8
8
625
637
4s__._1950
,
5
4
3
89)
1st
lien
Railway
61
4
3
3
8912
88
8813
8834
93
2d Series 4 144
1925 J -J 1
100
9913
__
Dec
'12
9918
100
4
993
F-A
1922
Chic B & Q Denver Div 4s
3
83
Sterling loan 4s
1931 J J t 8214 835 83
8 8334 88
8512
8512 Sale 8518
1949 J -J
Illinois Div 33-45
6 10
102
11142 10
118
8
82
8,
Republic of Cuba Os oaten debt_ NE-S 0102 Sale 10158
8614
_
-•
,131,
8614
Aug'12
J-J
1940
Registeied
9612
3
99 9914
1949 F-A 1 -_,, - 9712 9012
External loan 4 14s
lf_e: 9814
.
9834 —9 t -7% 10018
•Li S:i
1949 J-J sti_f;
Illinois Div 45
2 97 9814
9712
San Paulo (Brazil) trust 53_1919 J -J t 91515 97 97
97 Sep '12 ..... 97 9012
1949 J J _
89
Registered
8838
Sale
110
91%
05
89
NE-S
Tokyo City loan 0( 1912, Os____
.1051-2 105 Deo '12 ___ 104% 105
Iowa Div sink fund 54_1919 A-() 10314
95
1 9512 9714
1890 (,)-J t 9412 9514 95
U Sot Mexico s I g 5s ot
.1,s
1919 A-0 9834 9912 9912 Jan '13 ___. 9814 99,
Sinking fund 44_ _
83 91
1954 J -D ---- 871 90 Nov'12
Gold 42) of 1904
3 9613 9941
9034
01314 98 9634
Nebraska Extension 4s_1927 A1-N
1 l'il:s.: an p ricee on die Oa 713 II / $5 10 .E.
1927 N-N _ _ .......__ 9658 Sep '12 ___• 9953 9053
Registered
State and City Securities
9814 -- 9834 Nov'12 .___ 9334 9912
1921 51-S
Southwestern Div 43
10012 87 99% 103
1960 M-S 10013 Sale 10014
N Y City-4 Us
Joint 0o11ci3 See Great North
Sale 9638
9658 94 9512 10018
11
15
07
71 10
9:
94
1 0
9934 20
934
79
4% Corporate Stock___ _1059 11-N 9653
8,; 0
7/3 ...
.
.
_9
5s_9
Debenture
9652 35 95% 1001g
965 Sale 9614
1958 131-N
4% Corporate Stock
fl
General 45
1 9578 10018
9634
1957 11-N 9612 9634 9634
4% Corporate stock
5'8 10 77 8112
1)9
7
95 9518 9478
N
J
8
gs_111999551385
E
&
&
Iii
ref
4
Chic
Irnp
1043
105
10512
84
N
10512
104
10778
1957 34
New 4 14s
11913 125
1934 A-0 11812 125 11912 Oct 62
1st consol gold Os
103
38
134 1
1127
4
1917 M-N 100%102 101 Dec '12
108 -- ii 10013 113
New 4 14s
General consoi 131 5s........1937 4,1-N 105 108 106
10538 54
Feb '12 ___ 10914 10914
43-4% Corporate Stock _1957 M-N 105% Sale 10412
_ 10612
_10914
M-N
1937
Registered
10112
10034
101
10112
6
101 10212
4% assessment bonds_1917 11-N 8412 85 8413
Pur money 1st coat 5s_1942 F-A ___ 98 93 Deo '12 ____ 9712 98
85
13 8313 88
33-4% Corporate Stock_1954 M-N
Registered
10438 102%
1901 131-S 10078 101 1007 Dec '12
N YState-45
Chic & Ind C Ely 1st 5s__1936 -J---S i(31.5-8 :_-_-,- 16.014 No-v-712- — -- ititiii 1661-2
10118
10112
Jan
'13
100.38 10273
Canal Improvement 4s 11)61 J-J 10118
778 - iii
7738 sale 77
Chic Gt Western 1st 43_1959 51-S
100%103
Canal Imp'ment (new) 4s 1951 J J 10114 _ _ _ 1001 Oct '12
114 129
75
8313
chic Ind & Loulsv—Itef 68_1947 J-J 12212 125 12434 Dec '12 __-_ 12
13913 102
Canal Improvement 48_1950 J J 101 ____ 10058 Oct '12
12 ____ 10934 11034
Aug
1083
4
4
1093
_
J
___
J
gold
Os
Refunding
98 ..— 10:31.2,.Fly '10
So Carolina 43-4s 20-40_ _ _1933 J -J
95% Apr 11
5 Dec '12
Refunding 4s Series 0_11994177
97
97)3_-__
4
3-6i
975
J-J
1913
3s
new
settlement
Tann
1
Ind & Loulsy 1st gu 4s...1956 J-J _ _ _ _ 84 80 J'ly '12 ...... -gd - -i.1.6;
1901 J-J -,,.. 87 8612 Dec '11
Virginia Lund debt
_ 90% Aug'12 ______ 0014 9158
1956 J J
Chic Ind It Sou 50-yr 4s_
33 4(1 "titi
55
2-35_Bros etts__ ---- bi 50 5413
6s deferred Brown
Chic L S & East 1st 4 hs__ _1909 J-1) --------104 Dee '11
5 Dec '12 ...56 itiiii ittli
4 --_- _ 10
7%
00
Chic Mil & St P tenni g 53_1914 J-J 1003•
Railroad
9838 S
- a-le
Gen'i gold 4s Series A__e1989 J-J
79
7 7012 8414
79 Sale 79
81995 Q-J
A in Arbor 1st g 48
9713 Apr '12 ____ 9712 98
*11)89 Q-J ____
Registered
121
100
9014
98
97
Sale
98
SFe
gen g 4s_1995 A-0
[Itch Top &
5 8358 8073
85
8378 ...... 85
(kill gold 3 145 Series B_s1989 J-J
12 061g 9912
96
Registered
1995 A-0 00 98 9512
.
8112 _
41989 J -J
Registered
7 8718 9238
88
Adjustment gold 4s___ 81995 Nov 8714 88 8738
9114 -ii -66" "tigs
siiii Oils
9118
1934 J-J
48
deben
25-year
12
Nov
86
86
91
8612
,
*
81995 Nov
• Registered
106% 314 10134 107
1932 J-D 10614 Sale 10534
Convertible,1.,s
16 8714 91248
88
81095 51-N 8734 8814 8758
• Stamped
Chic & L Sup Div g 53_1921 J -J 103 ___ 105 Sep '12 __ 105 108
111014 10818
— _ _ ._ 10818 Sep '12 • _
19.05 j-D
Cony as issue of 1909,
53_1926 J -J 105 __10614 Nov'10 ____ 10614 10834
Ely
Mo
Div
&
Chic
21
111
105
10614
10512
10514
10512
1955 J -D
Cony gold 45
6 10414106)3
10514
58.- 10484
1921 J -J 10412 105
Chic & I' W 1st g 5s
103% 207 100%10714
Cony 4s (issue of 1910) _ _1960 J-D 10314 Sale 1031
9354 22 9212 9514
9334 Sale 9353
CM do Puget Sd 1st gu 4s 1949 J -J
10512 91 104%111
10-year cony gold 5s_ ,_1917 J -D 10514 10578 1055
_ 10214 Oct 12 ...„ 102 103
10314
Gt
So
J-J
Dak
It
1916
gold
5s
11
J'iy
1)914
3
---1913 F-A 98
Debentures 4s Series K
Dubuque Div 1st a f 6s 1920 J-J 1091 11112 111 Dec '12 ___ 111 11352
94 9034
East Okla Div 1st g 4s.1928 in-s 0454 - - _ _ 94 Oct 12
11738 Aug'11
Far It Sou assum g (3s_
1924 J-J 11313
2 90349014 94
92
9114 92 92
1958 J-J
Short Line 1st 4s gold
4
3.
idil-2 1(14
_ 10434 J'ne'12
It D let 5s
LaCrosse
1919 J-3 10258
'12
Dee
10014
1O(;34
10138
9914
Cal-Ariz 1st & ref 4 55s.._ 1962 /11-S 10012
: 105 10032
Nov'12 -.::
1(15
It
4
Wls
10614
Minn
1043
J-J
1921
Div
g
5s
Oct '12,
1014 no), 5'/is Val, Div 151 as
S Fe Pres & Ph. 1st g 5s_ _1942 51-S 10634 ___ 10814 J'ly
1920 J -J 10914 112$4 10934 Dec '12 .__ 10934 11234
'11,
_
10318
10(338
,...
m..s.
1915
Chic & St L 1st 135
AliEz&teNnodeld
1913 J -D *10012 ___. 10012 Dec '12 __ ._ 1003 10114
ss 133
9514 15 94% 96%
95
&t1 Coast L 1st gold 43_81052 51-S 95 Sale 98
11)13.4 Aug'12 ____ i0018 10013
43-4s1913 J -D
Oct '00
81952 M-S *95 ---Registered
Chicago It N West cons 7s _1915 Q-F 105 10714 10478 Deo '12 __ 10134 108
'12
108
108
Oct
104
108
51-N
Ala Mid 1st gu gold 5s___1928
9612 Sep '12 ---- 9612 98
_
_
94
1.'-A
45
Extension
1880-1920
9458 05 Aug'12
95 9534
Bruns & W 1st gu gold 4s1938 J -J 90 ___96
1880-1926 F-A *_ 90 96
Registered
634
7
90
0
31 8
3:
4
85
5
5 9
32
41
85
Charles & Say 1st gold 7s 1936 J -J 12714
.Sale 8434
8478
51-N
gold
General
3
1987
148
4
1
-60
27
3
9238
-tif
92
92
Sale
e1952 51-N
8434
84
L di N col' gold 45
Sale
4
843
Q-F
p1987
Reglstered
12318 12318
9834
95
112
98
2
Say F & W 1st gold 6s_ _1934 A-0 118 12314 12318 J'ne •1.
977
Sale
9778
General 43
1987 131-N
1934 A-0 106 112% 110% May'l
1st gold 5s
Sinking fund 135____1879-1929 A-0 10913 ____ 11134 Noy'll _ _ _ _
97 97
97 100 97 Oct '12
4 kills;
Sll Sp Oca & G gu g 4s.._ _1918 J -J
Registered
1879-19.29 A-0 NS .._ 101Eit Aug'12 -- - - iti63911
48 9012 933,8
9113 92 91%
1925 J-J
plait & Ohio Prior 3 14s
Sinking fund 55
1879-1929 A-0 10512 -__. 10512 Dec '12 ____ 105 10073
_ 9014 913,
8912 9012 9014 Nov'12
81925 Q-J
LP Registered
10458 Oct '12 ___ 101%10158
____
104
A-0
Registered
1870-1929
978
0914
25
9312
97%
) 975 Sale
1,1942 A.4.
Gold 4s
1921 A-0 10234 103 10118 Dec '12 ____ 10118 10513
Debenture 53
90 081s
81948 Q-J --- ---- -9614 Dec '12
ANeogv12
D00
114 105
14
21 _____......... 105
Registered
1921 A-0
Reglstered
12 Jan '12
112 112
Pitts June 1st gold 5s.. _ _1922 J -J 199 -i(i_g..- i..O. 7112
1933 11-N .
fund
Sinking
deb
Os
Novq2
90
8718
---8718
87%
.PJunc & M Div 1st g 3-5481920 M-N 8912
110008:3144
Al-N
1933
891
Registered
20 8812 92
Sale 89%
P L E & W Va Sys ret 48_1941 M-N
Hi- iiiii
Frem Elk It Mo V 1st 13s_1933 A-0 1213-4 ___ 124 Oct '12
897s 904 8978
9014 16 8812 9112
Southw Div 1st gold 3 14s 1925 J-J
Mani G B It NW 1st 3 1fis 1941 J -J _ _ 8514 9012 Sep '09 -....._-...--: --- --,....
101
09 1015,,
Cen Ohio R 1st c g 45)15.,J930 51-S 101 Sale 101
5111w & S L 1st gu 3 54s 1941 J -J
10(
J'ne•12
11112
1055s10912
107
A-0
5s__1933
g
1st
con
W
&
Lor
Cl
2 ficii", 1151
102% ._ _ _ 10214 J'ne'12
Mil L S It West 1st g us_ _1921 M-S iii- Hi - iii3-4 iff3-4
10214 1041,
Monon Ely 1st gu g 54_ _1919 F-A
Ext It Imp s I gold 5s_ _1020 F-A 10614 _--- 107 Dec '12 .. _ 10634 110
108 ____ 10834 Nov'12
10834 10938
Ohio River RR 1st g 5s_ _1936 J -D 101
__ 14212 Feb '02
Ashland Div 1st g 68_1925 N-S 114%
Apr '12
1051
..2
„.
10512
105
A-0
1937
158
gold
General
4 iufsi
___. iI-(5Mich Div 1st gold Os 1924 J -J 11418 ,____ 11634 May'12 ---— 11312 Feb '12
11313 11312
Pitts Clev & Tol 1st g 139_1922 A-0 11214 ---- 9012 Oct '1
1 9212 94
021f
Mil Spar & N W 1st gu 4s.1947 51- S 9312 Sale 932
1:(312 9712
9612
1917 J-J
Pitts & West 1st g 4s
Northw Union 1st is g 1917 51-S 109 ___. 115 J'ly '11 __
J'ne'12
91
91
91
--__
91
-D
J
Stet Isi Ely lit gu g 4 148_1943
Winona & SI P 1st ext is 1910 J-I) 10812 111%109 Sep '12 ___ iiiii- ill"
3 10974 11212
....._ 10934 1103s
Buffalo It & P gen g Os,.,,,.1037 51-5 10912 10438
1 10334 10873
10512
10414 Dec '12
10334 10714 Chicago Rock Is It Pa 6s 1917 J -J 10613 _. 10612
1957 M-N 10334
Consol 4 148
1917 J -J 105 __._ 109 Aug'10 ____
Registered
'11
Feb
_
97
___
8
957
All & West 1st g 45 gu_ _ _1998 A-0
-9234 -96738
4
933
s
9358
9312
Sale
-J
J
1088
43
gold
General
—_
9614
1943 J -J 105 ____ 103 J'iy *0
Ci & Mah 1st gu g 55
9113 94 91 Dec '12 ___. 91
1988 J -J
Registered
Roch & Pitts 1st gold 08_1921 F-A 110 —.11334 Noy'l
8814 60 8613 9054
A-0 88 Sale 8738
1934
gold
4s
Refunding
8
5115
112
Aug'l
112
_
1022 J -I) 11112
33 89 9454
90
Consol 1st g Os
20-year debenture 5s _ _ _ _1932 J - J 8914 90 8914
4012 30 40 40
4014 Sale 38
Buff & Susq 1st ret g 4s_. _d1951 J -J
94 ____ 9734 Sep '11 ___ . _ _
Coll trust Series L 45 __1914 Al-N .
_ 100 102
1913 J -J *„..,..„- 100 100 Dec '12
_
an So 1st ext as
_._ 05 9434 J'ne'11 ___ 6_7_12 ,723t
1918 M-N
P 43
99%
101
1011
454
10014
1913 11-S 190
9 -64 - -7i1;
.
.
10
.
6634.
2d 58
Chic R I It Pac RR 4s...._2002 51-N 66% Sale 00
1913 M-S 99% ..... 10084 Jan '11
Registered
6713 Nov'12
2002 131-N
Registered
11334
'1
110
Jan
111
____
10912
gold
F-A
1st
58.._p194.5
Central ot Ga
.(I - -8-f1-2 8713 Nov'12 _. 8712 93
R I Ark It Louis 1st 43-4s 1934(11-S -8
108
20 10534 ini8
1945 m-N 103 Sale 107%
1! 1112.
.
10_8
Consol gold 5s
3
Bur 0 11 & N—lst g 58_1934 A-0 10834 10914 10878 Dec '12 ____ .
107 107
__ _.
194551-N ---- 107 107 Aug'12
Registered
1934 A-0 10834 ___. 12012Mch'03
Registered
'11
Deo
103
___
---Oct
1st pre( Income g 5s____p1945
100 10514 Sep '11
10212
A-0
'21
Ss
gu
It
W
N
1st
F
I
It
C
'11
Dec
105
_
2d pret income g 5s____p1945 Oct --- ___
1027 J-1)
M & St L 1st gu g 7s
---- ---- 90 Noy'll
Hi'
'
:'la Sep '12 -.: -_-_ itii
:
:
2d pref income g 5s stamped__ _
Choc Ok It G gen g 53_01919 J -3 -563-4:
-c-t- ---- -- 107 Dec '11
2 103 10814
100
3d pret income g 53____p1945 0
1952 M-N 10412 _. 106
58
gold
Consol
'1
Oct
8513
10114
'12
Dec
98
____
9938
9912
bd pret income g Os stamped__ _ _ ---- ____ 9013 Noy'l
99
A-0
Keok & Des 51 1st S___.,1923
895 9112
.._. 89 911
2
Chatt Div pur mon g 4s 1951 .1--b 90
913 00 90 Dec '12
8
St Paul& K C Sh L 1st 4 145'41 F-A
10714 Jan '12
10714 10714
10414
-Mac & Nor Div 1st g 5s 1946 J -J 105
1930 J -D 120 12113 120 Jan '13 ___ 120 124
(Alle St P AI It 0 con 04
115 Nov'0
1947 J -J
_
4
e
..11
Mid Ga & At) f)ly 5s
t
0
_
1
9
..s
8914
-D
J
Cons 6s reduced to 3 Ms_ _1930
1916 J -J 105 ___ 10934 May 11
Mobile Div 1st g 5s
34 22 102 105
S 10334
1-N
.
11
55
10
65_ 143
Debenture (Is
101 103
1013; 10112 Nov'12
8
P
e1C
2209142 IDIC
C0:212 .....-:: 12
014 12
89
83
14
9;
Cen RR & B ot Ga col g 5s_1937 M-N 100 119
Ch St P & Minn 1st g
113 12234
11814 Jan '13
1987 J -J 11812
_
Cent of NJ gent gold 5s
1930 J -J 119 .._ 12953 May'01 ____
1181,
Os__
Nor
1st
Wisconsin
12214
118%
11712
11812
5
—
9-1
81987
Registered
10812 100 10014Jan '13._ 109 - li133
A-0
1919
S
&
City
1st
P
was
St
107
1C458
165
105
105
Sale
Am Dock Ss Imp gu 5s__1921 J -3
Superior Short L rst 5s g_1930 /31-S 10938 _ _
10212 10212
10212 May'12
_ 1,571; Oci-'i :::: 10712 10811.
Le & Hud R gen gu g 5s_1920 J -J 10015_,,_
Chic & West Ind gen g 6.1..-q1032 Q-M 10618
100 100
98 ____ 100 Sep '12
89 8913 89 Dec '13 ____ 8812 92%
N Y do Long Br gen g 45_1941 51-S
1932 J -J
Consol 50-year 4s
9214
89%
893
Dent Vermont 1st gu g 4se1920 Q-1, 8934 Sale 8934

g

C

MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
Brooklyn Rap Tran g 5s__1945 A-0
1st refund cony gold 4s__2002 Bk City 151 con 5s 1916-1941 J J
Bk Q Co It S con guy 5s_1941 11-N
Bklyn Q Co & S 1st 5s.__1941 J-J
Bkiyn Un El 1st g 4-53_1950 F-A
Stamped guar 4-5s____1950 F -A
1949 F-A
Kings Co El 1st g 4s
1949 F-A
Stamped guar 45
Nassau Elec guar gold 4s_1951 J -J
Conn Ry& List & ret 5 g 4 14s_'51 J-J
1951 J -J
Stamped guar 4 54s
Det United 1st cons g 4 548_1932 J -J
Ft Smith Lt It Trac Istg 55_1936 51.-s
Grand Rapids By 1st g 5s...1916 J-D
1952 F-A
Havana Elec consol g 5s
Interboro-Metrop coil 4 148_1950 A-0
• No price Friday; latest thls week




Street Railway.
10314 24 10212 10614 Interboro Rap Tr Os Set' A_1952 M-N
10314 Sale 103
923
94443
8
s
37
)1
8
1,
RY (NY) cons g 44_191)0 A-0
manhat
259
9214 Sale 9013
10213
Stamped tax-exenipt...-1090 A-0
102 10218 102 Jan '13
1 9834 9834 Metropolitan Street Ity—
98
__ 99 98
.
0
.
.A..Refunding gold 48
9812 9812
:. 10078 9813 Dec '12
Farmers' Loan & Tr al!!!
10114
10018 10.314
10118 Sale 10118
Stamped
101
'12
10212
Dec
101
10114
10012
8312 87
Bway It 7th Ay Isle g 5s_1943 J-D
84 8512 8312 Dec '12
112
86
Col & 9th Av 1st gu g 5s..1993 51-S
711: 5
73
8
- - - - 80 8312 Dec '12 _
Lex Av & P F 1st guy 5s_1993 51- 5
78
78 Sale 78
(70):311311 10
1731!
97250
Third Av RR cons gu 4s.2000 J -J
48 40 10
01372
'
:i J'ne0.70
04917
i,,, 197
i2
10
_ix;.
Central Trust Co certs.....
Cent Tr Co cts stamped.... ---.1-11
Third Ave By 1st g 5s_1937 91 93 93 Apr '12 ---F-A
__ ____ 100 Sep '12 ..._ 100 10014 Met W S El (Chic) 1st g 43_1938 F-A
581920
g
cons
Elec
Lt
Ry
&
98
Milw
9934
.___
__ _ 98 98 Nov'12
Refunding It eaten 4 10_1931 J -J
8114 218 77 8412
8118 Sale 8078
Minneap St lat cons g 5s_1919 J -J
d Due April. 0 Duo Slay.

h Due July. k Duo Aug. o Duo Oct.

10478 198 10234 105
104% Sale 104
9313 98
9414 9618 9312 Dec '12
9312 9813
9414 __ 94 Jan '13
5812 64
1;
1
'
a;,.
:r
M
1 :TI
34
2_12 16
5_0
____ 1_0
5712 6214
6212
......_ 6212
575g 02
103 10412.
8
334 Mc1h0•3112
59
_ 10312 10
__.
10314
12
10112
Dec
10112
103
98
102 103%
74 80
_9_9_
73 81%
oYv'
;'411.3j
‘
'l
N
'11"4
72% 8114
- --- -- - '
- 10734 Dec '12
107 11012
lo'i - 16/34
_ ___
03
1
2
116
1)
Y:
o
412j
lt
De
o
84:: 19
0
____ 10
0412 954
04
10112 1021*
101 _ _ 102 Nov'12

p Duo Nov.

4.1
q Due Dec. s Option sale '

.1 AN. II 1 1 3.1
BONDS11"-%

N. Y. STOCK EXCHANGE
a,
Week Ending Jan 10 , ,

New York Bond Record-Continued-Page 2
Price
Friday
Jan 10

Week's
Range or
Last Sale

A
qr7j

Range
Year
1912.

Bid
Ask Low
High No Low High
lon
Ohl H Ss D 2d gold 4 Ms____1937 J -J --10114 10034 Oct '12
9112 _
• lit de refunding 41
1959 J -J
8614 87
, lit guaranteed 45
1959 J -J ___. 01. 8614 J'ne'12 -_1941 111-N 99 ...._ 101 Nov'12 _-_-_- 101 10414
'In D do I lit gu g 5s
.
:JN -888654
.... .... ..: - 23 NI
NMocv1921
195
1Inde.64
WFl
t,
'
W
t glustgg4us..4_s g_1
8713
8654 88
Fin
Pay & Mich lat cons 4;is 1931 J -J
1935 J -J
103
. Dec'
-1
idi 1042
Ind Dec de W 1st g 5s
1935 J -J --- - ----10712 Dec '02
lit guar gold Is
6 -66 - 9313
92 92
02
Cleve Cin 0 & St L gen 4s 1993 J -D
1931 J-J ___20-yr deb 4 345
0138 9212 9218
9214 24 91 9334
Cairo Div lit gold 4s___1939 J J
91
92 934 Sep '12 _
9318 9414
Cin W & M Div 1st g• 4s....1991 J -J
87
8938 90 J'iy '12 --_ - 00 03
St L Div lit col tr g 4s.......1990 M-N 90 92 92 Dec '12 -- - 8978 9312
Registered
1990 M-N --------91 Oct '07
Spr & Col Div 1st g 4s
1940 \t-S 87 90 90 Dec '11
W W Val Div lit g 4s
87 ____ 91 Apr '12 ---- -61 - -of 1940 J -J
()1 St L & C consol 6s
1920 1I-N 10514 ___ 10534 Dec '11 --9712 Nov'12 ---- -id
lit gold 4s
k1936 Q-F
96 J'iy '12 .
96 06
,
ilegIstered
k1936 Q-I
CM S & Ci con 1st tr 58_1928 J -J 105 ____ 10712 J'ly '12
10718 10718
0 C 0 & I consol 78
105 1551
1914 J-1) 102 105 105
J'ne12.,Cosl
sinking fund 78_1914 J -D ---General consol gold 6s_1934 J -J ---. HI- NS- coci-.H
_ 123 12312
1939 j-J ___. 122
Registered
/nd 131 & W 1st pref 4s
1940 A-0 90 ____ 94 - J'iy 'OS
_
0 Ind & W 1st pref 5s__di 938 Q-J -,,,,8814
8814 -1 8714 92 Peo de East 1st con 4s
1940 1-0 88,4 89
4512 4812 4713 Tan '13 _
35 50
1990 Apr
Income 48
344 38 3514 Dec '12 -_ - 35 5812
1047 J..1
Col 'Midland 1st g 4s
9178' -- 93 9758
1929 P-A 9312 9478 9478
Colorado & Sou 1st g 4s
1035 11-N 04 Sale 94
9113 20 93 9818
Refund do ext 4 34s
1021 .1-i) 107 10712 107 Dec '12
106 11212
Ft 1V & Den C 1st g 6s
___-Conn & Pas ItIvs 1st g 4s1913 4-0
1932 J -J --------100 - Ma-y-'10 -_-_-Cuba RR 1st 50-yr 5 g
nel Lack & Western10234 10234
3 10234 10758
Morris de Essex 1st 7s 19I4 11-N 10234
lit consol guar 7s_1915 J -1) 10514 ___ 10538 Dec '12 ____ 10538 10918
11138 Dec '10
1915 i-1)
Registered
2000 I -I) 8612
90 Mch'12 _- -- 90 90
1st ref gu g 3 5-is
N Y Lack & W 1st 6s_......1921 J -J 11138 11158 11034 Dec '12 - 11013 11414
1923 F-A 105 10618 105 Dec '12 --- 105 10734
Construction 58
O618 ___ 9612 Nov'12 --- 9512 98
Term & Improve 48_ _1923 11-N
_ 10218Feb 03 --_Warren 1st ref gu g 3 158_2000 F-A _ __
- - _- - 11512 Aug '11Del & Hint 1st Pa Div 7s_1917 81-S 1101-2
Registered
1917 M-S -------14)3 Aug '01
1
4 Sale 9712
9778 66 9054 9878
10-yr cony deb 4s
1916 J -D 97/
0978 100 9934
1 10078 10134
0934
1922 J -J
lit lien equip g 4 As
99,8 76 9714 0934
1st & ref 4s
1943 11-N 99 Sale 9812
Alb & Sus cony 3;is_
1946 A-0 8834 8934 8834 Jan '13 _ 8812 03
Rena & Saratoga 1st 78_1921 11-N 117 ____ 12113 May'12 --_ - 12112 12112
874 88 8718
84 9054
87,8 - Deny& 11 Cr 1st con g 4s_1936 .1-J
9612 98,2
Consol gold 4 1ts
1936 J -J -,..... 9734 97 Nov'12
Improvement gold 5s
2 9312 9912
9712
1928 J sr) 98 99 9712
8414 Sale 8312
8114 38 81 90
lit & refunding 5s
1955 le-A
1110 Cr June lit gu g 58_1939 .1 -I) -------- 109 Dec '12 _ 1014 109
Rio Cr So 1st gold 4s
1940 .1 -.1 --- 7712 0112 Apr '11 - _ 70 85 Meh'08 --Guaranteed
1940 1 -J
8312 802 8412
Rio Cr West lit g 4s
4 82 8814
8453
1939 J J
78 81
Mtge & col trust 4s A 1940 A-0 7812 ---- 7878 Dec '12
_
Utah Cent 1st go g 4s_a1017 A-() 82 ____ 97 Jan '08
- 1917 1i-N 98 ____ 110 Sep '04
Des Mo, Un Ity lit g• 5s
bet & Mack 1st lien g 4s
1995 J-1) 89 ____ 92 Nov'll
__
'12
Dec
87
12
-if -6.
1995 i-1) 87 ____
Gold 4s
6 08 10118
994
Dot itiv Tun Det Ter Tun 4 10'61 11-N 9013 Sale 094
6912 75
Det T de 1-0 S Div 1st g 431941 11 S ---- 6212 75 Feb '12 _
105
103
Sep
'12
-__
105 106
Dui Missabe & Nor gen 53_1941 J -J
10312 107
Dui de Iron Range 1st 55_1937 A-() 103 10312 10312 Nov '12
Registered
1937 A-0 --------10612 Mch'08
'11
Feb
____
104
10138
1918 j-j
ad 68
103 idi
Oul So Shore & Atl g 5s1937 J -J 10338 ____ 103 Oct '12
110 11218
riligin Jot de East 1st g 58_1941 11-N 106 ____ 110 Aug'12
i 115 11858
115
1920 11-S _, _ _ 116 115
5-4rie 1st consol gold 7s
N Y & Erie 1st eat g 4s_1047 11-N 99 - _ __ 10112 J'ne'll
_. 1011-4 10412
1919 81-S 10278 104 10414 Mck'12
2d ext gold 5s
1
4 Oct '12 T9954 103
•
3d ext gold 4 3-is
1923 11-S 1004 ..... 99/
10313
--i
10318
103 10514
1034
A-0
4th eat gold 5s
1920
100 100
5th eat gold 4s
1928 J -I) 9258 101 100 Jan '131
11534 11612
N Y L E do W lit g td 7s_1920 I 5 1134 11614 11534 J'ne'12
9 8558 90
87
Erie 1st con g 4s prlor_1996 (.7 861 8634 8634
I 85 8812
Registered
1996 J -J --- - ---- 85 Sep '12
7578 151 7313 8014
7512 7673 7538
lit consol gen lien g 43_1996 J -J
1 77 77
7712 77 Apr '12
Registered
1996 J -J
89 8912 8914
Penn coil tr g 4s
89,2 21 8818 91
1951 11-A
9118
81
50-year cony 4s A
1953 A-0 8313 84 8312 Dec '12 __
774 -3 75 8078
•
do
Series B
1953 A-() 774 Sale 70
10834 11034
Huff NY & Brie 1st 73_1916 j-r) 105 10034 110 Apr '12
; Chic & Erie 1st gold 5s 1982 11-N -,-- 11012 11014 Dec '12 -- 11014 114
Ciev & Mallon Val g 58_1938 7-7 105 -___ 101) May'12 --- 109 109
12334 12412
Long Dock consol IT 63,...,1935 A-0 12212 ___ _ 124 Nov'12
106 10738
i coal de RR 1st cur gu 6s_1922 11,-N _ .__ 10713 106 Dec '12
- 10014 10134
0912 101 10014 Oct '12
Dock & Imp 1st cur 6s...1013 J-J
, -_
10312 105
& Green L gu g 5s_1946 11-N 104 109 1034 Aug 12
-NY
•
1014
103 105
N Y Sus & W lit ref 5s_1937 J -J 10034 ____ 101
1937 F-A 8258 90 10014 Dec '06
2d gold 4 3is
80 8712 8634 Jan '13 1940 F-A
87 00
General gold Si
•
10812 110
Terminal lit gold 55_1943 11-N 10714 10812 10812 Nov,12 _
1940 A -0 -,.- - ___ 11112 May'12 - 11112 11112
Mid of N J lit ext 5s
-i 0854 10212
99
1942 J-1) 99 Sale 99
Wilk do Ea lit gu g 5s
100 106
By & Ind lit con gu ir 68_1926 J -J 106 10934 106 May 12 _
110 11238
1921 J • J 10858 11013 110 Dec '12
'Ivens de 'I' 11 1st cons 6s
10178 10258
1042 A-0 0873 100 102 J'ne'12
lit general gold Si
Nov'll
108
11)23 A-0 10714
Mt Vernon lit gold 6s
' Sun Co Branch lit g 55_1930 1-0 94 ___ 95 J'no'12 ___ -di 06 9953
1
4 Sale 90
Viorlda E Coast 1st 4 3,55_1959 J -I) 05/
9810
2
i
I
.
1-' ort St II D Co lit g 4 )0_1941 J -J -------- 02 Aug•1
-id.- -ii11-2
Ft 1V & Rio Cr 1st g 4i
1928 J -J -,-- 7712 7712 NOv,12
0912 Aug 12
9912 100
al II & II of 1882 1st 53_1913 A-0 9914 10
.Arent Northern/
4
9014 222 9478 9858
0614 Sale 951
,0 13 & Q coil trust 43
1021 J -J
8 9454 981
90
/
4
•
1921 (-J *.... ... 96 9512
Registered _h
1st & refund 4 ).4s scr A _ _19(31 I J 10014 Sale 10014 10012 41 9934 10158
Registered
11)61 _
9818
2 1758 9934
St Paul Al de Man 48
1933 J---J- 9734 100 9813
lit consul gold Gs
12134
7 1214 12534
1933 J-J 12134 Sale 12114
Registered
122 122
1933 J-J --------122 Sep '12
Reduced to gold 4)01933 J- J 1031 10414 10312 10334
2 10353 10512
Registered
1933 .7-3 10354 ____ 10834 J'ne'09

101

G

BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan 10

123
Price
Jan 10

Range
Ye&
1912.

Week's
Range or
Last Satz

St P M & M (Continued)Bid
High No Low High
A Lor,
Mont ext 1st gold 46_1037 J -D 9534 96 9578 Dec '12
9512 984
1037 -D
Registered
98 J'ne'll
1940 J -J
Pacific!' Ext guards E
92/
1
4 Mch '11
II Minn Nor Div lst g9s1948 A-0 -64.1-2 -67 97 Sep '12
0612 -6871-2
Minn Union 1st g 6s
1922 J -J 11058
_ 11414 Sep '12
111 116
1937 J -J 1231
Mont C 1st gu g 6s
/
4 12412 12413
12412
12458 12714
1937 J-J 121
Registered
13614 141 ay'06
1937 J -J 109 11158 109 Dec '12
1st guar gold 5s
idi 11112
1937 J -J
Registered
Will & S F 1st gold 55_1938 J -D i661-2
ll2l Sep '11
9513 Jan '13
Gulf &S I Ist ref &tg 5s_b1932 J -J
-61-1; -dr;
b1952 J -J 9112 9512
Registered
r_Tock Val 1st cons g 4 3i5_1999 J -J 10012 Salt 1063-8
idi - -18 91134 103"
1999 J-J __ 100 10012 Sep '08
11. Registered
_ 92 Nov'12
1948 A-0 6f1 8 _
Col Jell V lit ext g 4s
-02- "6i1955 F-A 02_ 92 Dec '12
Col & Tol 1st ex 4s
92 9618
9912 rod 11)014 Dec '12
Roos Belt & Term 1st 5s-1937 J -J
9938 10014
Ilinois Central lit gold 4s_1951 J -J 102 __ _ 102 Dec '12
10034 104
L Registered
1951 J -J
- 100 sep '11
-1951 J -J
1st gold 3 )is
1)0 0212
8812 9114 9212 Oct '12
1951 J -J ___ 91 89 Aug '12
8912
Registered
89
Extended 1st g 3 30
---- 9312 May'09
1951 A-0
1951 A-0 ---- ---Registered
1951 (fl- S ---1st gold 3s sterling
80
1951 111-S ---- -Registered
1952 A-0 9514 9818 98l N'oa'12
idd 'Coll trust gokl 4s
9513 9514
A-0
Registered
95,4 9514 Sep '12
1st ref 45
N U434
95
- Sale 9412
60 93 9658
3618 8614
Purchased lines 3 )4s___ _1952 J-J
_
8614 Feb '12
L N 0 & Tex gold 4s____ 1119995552
9614
8 95 9912
35 111-N 95 9712 0534
9434 Jan '11
N
Registered
Cairo Bridge gold 4s
J-1)
94/
1
4 J'iy '12
-9t7 -dg
195
5593
1 J -J ____ 7518 751
Litchtleld Div 1st g 3s__ _1
7312 7512
/
4 Nov'12
Loulsv Div & Term g 3)481053 J -J
8412 8715
_ 85 85 Oct '12
1953 J -J
Registered
_ 85 83 Aug'12
83 83
Middle Div reg 5s
F- A idi
123 May'99
F-A
Omaha Div lit g 35
75,8 Aug 12
75 75I
St Louis Div de term IT 3s:
7512 Meli'12
1199055211 J -J . _ _ _ 77
7512 7513
1951 J -J
73 75
Registered
•
J -J _--- 8512 8512 Oct '12
Gold 3 5,6s
8512 -8034
J -J
Registered
---- 1014 Oct '99
---Spring Div 1st g
100 Nov'0
11 h
51 J -J ---J -J
Registered
- - - - -4
Western lines 1st g 4s
1995511 F-A 9214 95 -6i1-2 Oct
-921; -961F-A 8912
Registered
_
1923 J -D 10812 ____
Bellev de Car lit Ss
ma-37.16
Carb & Shaw 1st g 48_ 11993223 35-S
9413 -66
_
9412 J'iy '12
Chic St L & N 0 g 5s.. _ 1951 J-1)
11314 Nov'12
11314 116
R
1951 7-D ii01-4
1:egistrd
_ 114 Feb '11
---1951 J -D 80 ____ 90 Oct '09
Gold 3 35s
--1951 J-D
Registered
1951 J-1) 89 9212 0212 Aug'12
Memph Div lit g 45
9212 921k
1951 J-D
Registered
St L Sou lit gu g 48
1931
-96 - -664 -6iInd Ill & la 1st g 4s
J-J
91
9454 94 Aug'12
9258 -66
Int & Great Nor 1st g 63_ 119190
1
4 40852
10634 10812
95 M-N 106 10634 106/
Iowa Central 1st gold 5s
9512 105
1938 .1-1) 98 100 98 Dec '12
1951 51-S 644 Sale 63
1,,x1tiefe
n llsatd
olw
Ilgn gO
FIrda4
05
6414 24 58 6612
Franklin
1959 J -D
94 May'12
Clearfield 1st as
94 9412
I
rCaniciel,r
72/
1
4 7212 Dec '12
tyisS
teorued1st gold 3s_ 1950 A-0 -7114 -.
7134 74
A-0
63 Oct '00
Ref & impt 5s
J-J -66- -664 983s
99
16 -661-2 10014
Kansas City Terml Ist I:1199956
J
-J
9413
964
9614
9712
%
1
5 9614 9854
eke Erie & W 1st g 5s___-1937 J -J __ 105 10612 Dec '12
10612 110
LA 2d gold 5s
J -J 156 10212 100
100
104 10414
North Ohio 1st
19914 10512
10414 J'ne'12
IT 55._ 1994451 A-0 100 105
_
Leh Vail N Y lit gu g )0:1940 J -3 10414 _
10312 Dec '12 _ 10312 106
1940 J-J
Registered
10418 May'12 -10412 10418
Lehigh Vail (Pa) cons g 43_2003 11-N
-1563-4 9618 Oct '12
9512 9814
Leh V Ter By 1st gu IT 5s_ 1941 A-0 .
_ 11234 Oct '12
16 _
10.214 114
-1941 A-0
Registered
11118 Dec '11 -Leh V Coal Co lit gu g 5s_ 1933 J -J id&
_ _ 10612 Oct '12
jod1-4 108
-1933 J -J -- - Registered
- _ 1st int reduced to 48._ 1933 J-J
93 J
Leh & NY 1st guar g 41
n-e-'12
'
93 941
1945 81-S
-1945 81-S
_
Registered
A-0
1611-2 Fel-3-'10
El C de N 1st pret Si
11991144 A-0
103 - 103 Gold guar Si
103 Mcii 12
1
4
_ 10914 108
10834 110/
Long Isld 1st cons gold 58_0931 Q-J _
108
51031 Q-J
08 _
9614 Mch '12
1st consol g
94 9614
4s
J -D 92 _
_ 94
9158 9412
94
General gold 43
119
92
38
% 11- S Ferry gold 4)ifs
0614 Nov'12
9614 98
J -D _
97 9914 Oct '06
Gold 4s
194
32
S 8918
9
__- 93 91 liec '12
Unified gold 4s
-id - -0E1-2
J -D ___ 101 10413 Dec '08
Debenture gold 5s
193
949
4 ,11- S ____ 9458 9412 Dec '12
Guar ref gold 43
-iS -9758
1949 It- S
95 Jan '11
Registered
-- NY B&M 13 1st con IT 55 1935 A-0 idi
11014 Nov '06 27_
1927 51-S 100 idi 103 Oct '12
103 Rif N Y & It 131st g 5s
10414 10714
Nor Sh B 1st con g gu 5s.o1932 Q-J 104 ___. 10414 Dec '12
1927 81-S 9134 9312 934
Louisiana & Ark 1st g 5s
93 96
9312
Louisville & Nashville-1930 J -I) 113
11458
General gold 6s
1141
/
4
2 11212 11713
193
47
0 /11-N 11012_
111
111
Gold 5s
5 11034 11218
J-J
99 'Safe 9812
99
41 9654 9958
Unified gold 48
1940 J-J
9612 9838
0612 Sep '12
Registered
10712 110's
Collateral trust gold 5s 1931 M-N idi idi 10738 Dec '12
_ 11012 Dec '12
11018 11138
11 11 & Nash 1st g 6s
1919 J-I) 11012
10418 ]05
10434 May 12
L Cln & Lox gold 00_1931
12011 121
1
4 Aug'12
N 0 114 M 1st gold 6
1030 J -J 118 120l 120/
_ 117!2 Jan '12
11712 11712
1930 J -J 11418
N 0 & M 2d gold 6s
94 Oct '12
93/
1
4 96
Paducah & Mem div 4s 1946 13-A
1051
/
4 1,1c11'11
S i
1920
Pensacola Div gold 63
1121 113
_ 11212 11212 J'ly '12
St Louis Div lit gold 63..1921 M-S
1
4
6918 69/
2d gold 33
/
4 Sep '12
1980
S
_ - 7012 691
93
91
91
At) Knox de Cln Div 4s.,_1955 111-N 9134 9213 91
Atl Knox & Nor 1st g 5s_1046 J -D Ill
110
110
2 11212 1124
Render Bdge 1st s f g 63_1931 5!- S 1‘05 _
106 Apr '11
Kentucky Cent gold 4s_1987 J9134 di 0214 Jan '13
-611; -66'10312 10458
L & N & 35 & M lit g 4 Hs1945 Si- S 103 10314 103
103
8812 Sale 8812
L & N-South M joint 45....1952 J-J
2 8878 9012
8812
Registered
95 Feb '05
R-J
10814 10934
N Fla & S lit gu g 53
5
_ 195
32
7 1.-A id/ 10813 10912 Oct '12
lo0t2 10012
N & C Bdge gen gu g 4 hs 1945 J-J 10112 - -- 1004 Sep '12
11014 112
11014 Oct '12
Pens & Ati 1st gu g 6s___1021 F-A 11(1
10918 11118
S & N Ala con gu g 58....1036 F-A 10834 11058 10918.1'1y '12
9114 9114
L & Jeff Bdge Oo gu g 9s___1945 M-S 88 ____ 914 Meti'12

-

1

MISCELLANEOUS BONDS-Continued on Next Page,
Street Railways,

Street Railway

Now On 1W & Lt gen 4 •is_1935 J -J
N Y Bys 1st It 11 & tel 43 temp J -.1

84

8412 8812 United Rys St L lit g 4s._1934
St Louis Transit gu 53_1924
79 445 76 80
771
/
4
5758
591
/
4 2142 5113 5954 United 14145 San Fr s I 4s__1927
101 Dec '12
Va Fly & Pwr 1st& ret 5s_103
99 101
Oas and Electric Light
96 Jan '13
913 96

8712 86 Oct '12

781
/
4 Sale
1942 A-0 59 Sale
30-year ad] Inc 5s1930 11-N 10018 101
Portland Ily lit & ref 5s
Portland Ity Lt& Pow 1st &
1942 F .A 9513 90
ref cony s f 5s
_
; Portland Gen Blec 1st 5s_1935 J J
-di - No-;
1. q16
fit Jos By, L, & P lstg Si 1937 1I-N
_1937 J -J 10312
105 Nov,12
,t Paul City Cab eons g
8238 301
hird Ave 1st ref 4s1960 J - .1 8258 Sale 824
/
4 5761
Ad) Ina 53
a1)60 .8-0 7512 Sale 7538
9918
Tr1-City fly & Lt lit s f 53_1923 A-0 99 Sale 98,4
Underground of London
9534 18
95/
1
4 97 9518
1933 J -J
4 34S
9114
9112 16
9114
Income 63
1041 --84 Oct '08
nion Elea (Chic) 1st g 58_19 15 A-0
United Ilys Inv lit lien coil
8112 864 8212 Dee '12
trust Si Pitts issne_..,___1926 11-N
.^^.

-

01

/lo igloo FrldaY: West bid and its4e8 this week.




a P148 ..414.

J -J
A-0
A-0
J-J

____
____
(3612
94

Atlanta C L Co 1st IT Si ____1947 J-D
Bklyn U Gas 1st con g 5s_1945 M-N
1947 A-0
Buffalo Gas lit g Si
1932 J -J
Columbus Gas 1st IT 55
1923 J -J
Detroit City Gas g 5s
I918 F- A
Det Gas Co con lit IT 5s
Det Edison lit coil tr 5s_1933
1932 .11
M
94 9(314 Eq 0 L N V lit con IT 5s
7912 90 (Ms & E4
Berg Co c g 53_1949 71915 P-A
L Co hit g 5s
Gr Rap
11149
Gas lit g 5s
Coiudsn
t
ssop sals Kan Otty0lo)Clas lit g 5s_ _1222 A-0

idi idd
7912 86
70 13014
9714 99 ,

041i rob. 4 DUI APrIL is DA14

k Plc Am, .9

74
87
07
95

74 Dec '12
83 Nov'12
67
67
95
95

hid
idd
54 Oct '12
ido
idd
9534 Sep 08
102
10134
10612 Oct '12
103 Sep '12
100 Oct '09
10312 Deo '12
981 Sep '12

74 80
83 85
35 6412 70
1 9412 97

5 [6634
51 6558
1 idd 10114
8 1661-2 1621;
10534 107
103 103

owl
0:290.0taalct

124
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan 10
lUfaalla RR--Sou lines 0_1936 M-N
INJ-exioan Cent Me g Is tr rects.
McLain A coil g 53
-1917 -A-15
Mex Internal 1st con g 0_1977 11-S
• Stamped guaranteed_ __ _1977 11-S
Minn & St L lst gold 7s__ _1927 J -D
aclfio Ext let gold 681921
A-0
_
st consol gold 5s
1934 M-N
St and refund gold 48_1945 .14-S
Des M & Ft I) 1st gu 4g 1035 J-J
M StP&SSM con g 4s int gu.1938 J-J
let Chic Tenni s f 4s...._ _1941 11- N
lISSM&A 1st g 4s int gu 1926 J-J
Mississippi Central 1st 58_1949 J-J
Mo Kan Rs Texaslst gold 451990 J
2d gold 4s
01990 F-A
1st eat gold be
1944 11-N
let Fe refund 4s
2004 11Gen sinking fund 4 3ig_ _1936 J-J
St Louis Div 1st ref g 48_2001 A-0
Dal & Wa 1st gu g 5s
1940 M-N
Kan C 53 Pao 1st g 4s_ __ _1990 F-A
Mo K & E 1st gu g 5s.....1942 A-0
, If K & Olt 1st guar 58_1942 /11-N
Al IC
T of T 1st gu g 58_1942 MS
Sher Sh 54 So 1st gu g 55.1943 J-D
Texas 54 Okla let go g 5s 1943 11-S
Missouri Pao let cons g 68_1920 M-N
Trust gold 5s stamped_ _al 917 MS
Registered
0tA
let collateral gold 5s_._1920
1920 F-A
Registered
1045 m-g
40-year gold loan 48
3d 70 extended at 4%__A938 511958 16-5
1St Fa ref cony 5s
Cent Br By let gu g 4s.._1919 F-A
19411 JD
Cent Br U P let g 4s
Leroy & C VA L 1st g 58_1926 -J
Pao R of Mo let ext g 0_1938 FA
2d extended gold 58_1938 J -J
StL Jr M &S gen con g 58_1931 A-0
Oen con stamp gu g 58_19311-0
Unified Fe ref gold 4s....1929 -J
1924 J -J
Registered
Illy & G Div let g 0._1934 M-N
Verdi V I as W let g 5s,._19213
&fob & Ohio new gold 68_1027 -1.)
let extension gold es_h1927 Q-J
General gold 45
1038 /1-$
Montgom Div 1st g 58_1947 F-A
St L & Cairo coil g 4s___81939 Q-F
Guaranteed gold 48,...1931 J-J
oashy Oh & St L let 73._ 1913 J-8
let consol gold 5s
1923 Aiper Branch 1st g 63_1923 1-J
M
W
Al 1st 68_1917 -J
& P Branch let 68_ _1917
Nat Rye of Mex pr lien 4 3i-s.1957 JGnaranteed general 43
1977 ANat of Alex prior lien 434s1928J-J
ljst consol 4s
1951 AN p Mob de Chic let ref Sc 1960 J NO & E prior lien g 6s__p1915 A-Q
New Orleans Term let 45_1953 J-J
N Y Central 54 11 B g 3 3is_1997 J-J
Registered ,
1907 J-4
Debenture gold 43
1934 M• Registered_
1984 M-N
_1990 F-A
Lake Shore coll-g
Registered
1998
Mich Cent colt gold 3 348_1998 -A
Registered
1991 -A
Beech Creek 1st gu g 4s 19343 4-4
Registered
1934 J J
2d guar gold 158
1936 J-J
Registered1936 J-j
Beech Cr Ext ist-g
- 3-30_b1901 A-0
Cart & Ad 1st gu g 0_1981 J -D
Gouv & Oswe let gu g 53_1942 J-D
Molt 53 Mal let gu g 4s...._1991 M-5
NJ Juno R guar let 0_1986 F-A
Registered
,
1986 F-A
M-N
N y & Harlem g
Registered
2000 .11-N
N Y & Northern let g 58_1927 A-0
N Y & Pu let cons gu g 451992 A-0
Nor & Mont 1st gu g 68_1916 A-0
Pine Creek reg guar 6s__. 1032 J-D
W & 0 con let ext 5a_h1922 A-0
Oswe & 14 2d gu g 53_41915 F-A
W &O TR 1st gu g 5s_1918 M-N
Rutland 1st con g 4 30_1941 J-J
Og&LCham 1st gu 4s g 1948 J -J
Rut-Canad 1st got g 48_1949 J-J
St Lawr e Adir 1st g 58_1096 J-j
0
2d gold 6s
1098& Blk lily gu g 48_1922
J-j
La e Shore gold 330
D
19971997 J-13
•
Registered
Debenture gold 4s...-1928
1931 M-N
• 257yekr gold 4s
•
Registered
1931 M-N
Ea A & 011 let gu o 58.1938 4-J
'Mahon Cl Rft 1st 58_1934 J• Pitts & L Erie 2d g 5s_a1928 A-0
Pitts Molt 53 Y 1st gu 08_1932 J-J
2d guaranteed 6s
1934 J-I
McKees & B V 1st g 68 10111 J• Michigan Central 53
1931 In• Registered
toes Q-M
1940 J Registered _
_1940 JJ L & 1st gorti3 -375i....1951
' 1st gold 3 30
1982 ,
,(10-year debenture 4s,_1929 A-0
Ohio & $t L 1st g 0_1937 A-0
egIstered____
1937 A-0
obenture 4s
1931 .11-N

i

N

rO

New York Bond Record—Continued—Page 3
Price
friday
Jan 10
1314

Week's
Range or
Last Sall

Aik Low

aa

Range
Year
1912.

BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan 10

—t;
•Za,

High No Low

High NY 0411 R—(Con)—
West Shore 1st 43 guar_2361
—_
2361 -J
RecrIstered
— --N Y Cent Lines eq tr 430 1923 J -J
----fi- Alc-h-'115
N Y New Haven & Hartf—
79 Nov'10
1955 .1-J
Non-cony deben 45
12413 129
M-N
12318 12412 Oct '12
Non-cony 4s
11018 Aug '11
Cony debenture 3 30
1956 J-J
100 idi 100
100
Cony deblenture 13s
-15.6- 105
1940 J -J
6234 Sale 6234
6234
5978 6978
Harlem R-Pt Ches let 43_1954 M-N
B & N If Air Line 1st 4s 1955
78 81 7934 Dec '12
78 81
9518 98 9518 Dec '12
Cent New Hog 1st gu 43 1061 J
95 9734
F9714 J'ne'12
95 __
Hou.gatonic B cons g 5s 1937 M-N
9714 9714
N YW'ehes 4B1st ser I ,1 30'46 J -J
9614 9614
9614 - - 9614 May'12
_
9i 9812 Mch'11
N H 4 Derby cons oy 58_1918 11-N
9514 18 925 97
_ _ _ 9412
New England cons 5s
1945 J-J
8134
7 7914 8418
81 8218 81
Conso' 4s
J-J
98
9814 99 98
10 0912 10212
Providence Secur deb 48_1194
957
5
78 78 Dec '12
7714 8112 N Y 0 dcW ref 1st g
_0902 Al- S
87
___8678 Sale 8634
15 8514 8914
M-S
Registered $5,000 only_g1992
4s___ 7712 77 Dec '12
_ 76 78
General 4s
1955 J -1)
1.61 _ _ _ _ 10478 Sep '12
10178 10538 Norfolk Sou let & ref A 5s 1961
5
8613_.. 88 Sep '12
Nod & South let gold 58_1941 51-N
88 91
105 ioi 108 Nor'12
Nort & West gen gold .6s_ _1931 11-N
10618 110
10412
104 10612 104
Improvement & ext g 6s..1934 F- A
10334 10712
10038 10112 10012 Jan '13
New River 1st gold 68_1932 A-0
9912 104
9912 104 103 Jan '13
N Fc W By 1st cons g 43_1996 A-0
10334 10334
10138 10514 101 Nov'12
A-0
Registerel
1 )012 10514
10614 10714 106
10612 11 10478 10812
94
94 J-J
Div', 1st I & gen g 4_
3 119
9912 Sale 9914
9978 15 9858 10034
J-1)
10-25-year cony
97 May'12
10-20-year cony 43 _ _1932
S
07 97
-9712 -9018 9812
9918
•Pocalt C & C Joint 43_1941 J -D
9634 10034
CO & '1' let guar gold 58.1921 J-J
-f68-4 24 -16- 7514
Selo V & N E 1st gu g 48_1982 11-N
4 Sale
____ 9612 9612 May'll
Northern l'ac prior I e 0_1997 Q- J
8712 Sale 8712
88
Registered
1907 Q- J
19 84 "i63-8
92 _
9218 Dec '12
General lien gold 3s,, _a2047 Q-F
9112 9234
80 81 81 Dec '12
Registered
0-F
75 81
110 Meh'06 _
St Paul-Duluth DIV g 04
46
7 J-D
199
_2
9314 95 93 Nov'12
Dul Short L let gu 58___1916 11-$
9234 96
100 105 10314 Dec '12
10314 10314 St P 54 N P gen gold 6s_ _1923 p-A
106 Sale 105
106
Registered certificates_1923 0-F
32 i0212 10612
_ 104 Oct '12
St Paul & Duluth 18t 58_1931 F-A
104 104
8218 27 7'758 8384
82 Sale 8178
2d 58
A-0
8078 Oct '12
4-D
1st consul gold 4s
78 8078
8312 14 8114 84
Sale 83
Wash Cent 1st gold 4s_._ _19
4
5
91
96 96 Jan '13 • _
Nor Pac Term Co 1st g 63_ _1933
100 100
11698 11784 11658 Dec '12
Jregon-Wash let & ref 4s .1061
11638 121
1125g,_
11234 11234
acitlo Coast Co let g 58_1946
4 11258 11534
8578 8712
_- 8534
8534
ennsylvanla nrt—
1 85 8734
107 10812 107 Deo '12
ist real est g 42
1923 51.-N
107 11034
8512 _ _ 8578 Dec '12
M-3
Consol gold 55
82 8578
92 Nov 12
Canso! gold 45
9112 92
101
101 10114 101
Convertible gold 3 30_o110
994
13011 J -D
10118 104
10812 10914 10712 10712
Registered
J-D
2 10712 10978
Consol gold 48
ht-N
111 _ _ 11578 Nov'10
Alleg Val gen guar g 45_°
S
412
31
10458 107 10734 Mon '12
_ 19994
iffs; iff3-4
D
R Ii 4 age let gu 4sg1936 F-A
10438 _ _ _ 113 J'ly '04
8812
Phila Bait & W let g 48_ _19411
8712 88 - 8812
-1i5.7-8
Sod Bay & Sou 1st g 5s_ _ 1924 J -J
78
78 80 78
7678 8612
Sunbury & Lewis 1st g 4s 1936 J -J
_—_ 100 99 Itch'12
99 100
U N RR 63 Can gen 0_1944 M-S
7612
7712 80
,.„- 7712 7612
Pennsylvania Co—
87
-87 Sale 86
13 88 95
Guar 1st g4 Ms
_
1921
1192211 J-J
Registered
_ 88 -H1:2 Sep '12
3
8 -611-2
-87l. ,trltir 3 30 coil trust teg 1937 M-- 1
8612 Sale 8814
18 85 8812
87
uar 30 coil trust ser /3.1941 F-X
8412
8'112 10 8384 8714
0l1 Sale 9114
ust Co certfs gu g 3 3,0_1916 ta
9112 10 9034 9614
93 May'12
Ouar 3 30 trust ctes C
1942
93 93
79
79 Sale 7838
Guar 3 ••611 trust 003 13_1944 J-53 7814 85
77
Guar 15-25 year g 4s
1931 A-0
77 Sale 77
2 7684 84
7818 80 7818
7812 11 78 8212
Cin Leb & Nor gu 4e g_1342 11-N
78 Sep '12
CI 10 Mar 1st gu 4 30_1930 115-N
7734 7912
9834 Dec '12
Cl & P gen gu g4 30 ser A 1943 J-J
9834 9914
99 May'ii
Seriesint
A-0
rti
educed to 3M8_1942
.4t-g
10618 - -943 51
—_
Series IQ 3 30
19411
Series D 3 Ms-----1950
r2
-t78 • 63 Pitts gu g 3;is /3_1
8194
88
5g
Series 0
108 _
„
1
wi_119
940
Dec
'12
Or & I ex 1st fru g 4
Oci-1g
- - 083
J"di - 00
Pitts Y & Ash let con 50..1927 1I-N
_ 105 Oct '02
Tol W V & 0 gu 430
1931 J -J
87l Dec '12
Series B 4 30
87l 39
Series 4s
j
M
:
P
& St L gu 4 ;is
losta Sale 10512 1051
0
934
40
33 A-0
1
119
Series B guar
—_- 98 97/8 Aug'11
A-0
Series C guar
51-N
131t-3 Jan '09
Series D 45 guar
•
19
994
4422
5 M-N
106
Series E 3 30 guar g
. 106 Dee '12
1949 F-A
100 10734
Series F gu 45 g
1953 J-1)
1
.9112 101 Mch'12
101 101
1.0112
Series G es guar
104 J'ne'10
1957 16-N
57
2 A-0
02 67
O St L 4P let con g 58_193
/38 90 Oct '12
-01- -156.14
Peo & Pek Un let g 68_1921 0-F
8314 86 85 Nov'12
84 86
2d gold 4 30
92 J ne 09
81921 M-N
16734
108 Sep '12
_1955
1
108 W - Pere Marquette—Ref 45_8
11912 Mch'12
114
Refunding guar 4s
1199255
1 -J
1191211912
95_ 9978 Nov'11
Oh
W M 58
88
8738 81 8734
Flint & P 11,1 g 63
A
J -8
-1167;
8718 Dec '12
let oonsol gold Se
M-N
8718 8854
9212 Sale 9214
Pt Huron Div 1st g 53_1
9258
19
993
329
90 A-0
7 9134 0412
9214 168 9112 9378
Sag Tus 54 H 1st gu g 45_1931 F-i
9214 Sale 92
99 __ 93 Oct '1
Philippine fly 1st 30-yr s C 4s_'37 J92 93
105 _
1940 A_ Putts Sh & L 5 1st g 5s
108 __ -_ 11112 Mcls'lI
let consol gold 5s
3J -J
10512-- 105 Apr '12
eadlng Co gen g 43
f5Sl301 Jan '09
117 —
I-' Registered
J -J
12314 Mch'12
117
Jersey Cent coil g 4s___11119
99999
5
4773
1 A-0
12314 12384
106
Atlan City gu 45 g
J -J
10614-- 111 Jaii'll
Qt Jo & Or Isl let g 48_2
19
947
51 J-J
111 111
119 J'ne'O6
104
,-)t Louis & San Francisco—
98 Apr '12
General gold 68
1931 J-J
9812 Noy'll
00 Pne'08
$6 38 Jan '18
Gen 15-20 yr 58
51-N
E3-4
Southw Div 1st g 33_19
8812 92
88 6012 8812 Aug'12
92
47 A-0
9912
Refunding g 4s
9712 1003„
0018 9914 9918
1951 J -J
0834 Nov'12
Registered
1051 J-J
89
____ 90 89
6 0834
8712 9934
91
—

-2512 Apr '09

P

j:p

s-A

J--1

-

h':terd:151154-o-onsT4i:11::6

[VoL. xcvi.
Price
Pridag
Jan 10

Lila
98
98

TYz•ek"s
Range or
Last Sale

Rano. 1
Yeur :

All, Low
JI igh No Low ligh
R4
9814 98
98
39 97 101 *I
9612 9612
9634
7 96 98/2
10012 J'ly '11

---- 8912 8912
8912
_ _ 8912 90 Sep '12
87 Sale 87
87
12538 Sale 125
12512
95 __ 9914 Nov 12
J'ne
992913
12 Nov'12
'12
111
_ 115 Aug'12
9734 Sale 9738
9734
107 Aug '09

1 8912 92
8912 9318
46 86 9418
22 123 13212
90 9914
0012 9913
9014 9358
_ 114 115
52 9512 10014
-- —

_ -561; Mch 12
-_-_-_-_ -83 8134 Dec '12
92 9412 9412 Dec '12
_ 9212 J'ne 12
___ 89 8958 Feb '12
-98 0812 9814
9838
102 ____ 10234 Apr 12
11918 _ 11912 11012
12412 May'12
12118
9612
s
_rise8 19
26
434 May
10
20
8 l

-661-2 -99-1-2
84
81
92 96
9219 9212
8914( 8918
3 98 10018
10212 10234
5 12338 12618
124 12638
124 124
19 96 997

_
98 98 Jan '11
9234
_- Sale 9214
9234
112 113 11212 11212
116 11234 Dec '12
91 9114 92 Dec 12
I053,_., _ 10638 Meh'12
9334
04
94
9858 Sale 98
9858
Dec '12
6814
-66(8 Sale 68
68 Nov'12
92 9512 9418 Dec 12
10012
10112 Oct 12
1l234__ 113 Dec '12
11218 ___ 11538 Aug '11
109
_ 107 Jan 12
10218 ___ 10218 Dec '12
9234 _.._ 94 J'ne 12
95t8 9118 Apr '11
ifoi _
11034 11034
90 91 9118
9118
10114 10318 10114 Jan '13

10 1)112 1)4
10 10/12 118
108 117
8,78 94
103V18 10638
1 95 9812
9738 10034
0634 1142
6734 70Ig
68 68
9418 9612
100 le112
113 11512
Rif- jai
10218 1023g
9234 96
III 1114
8013 0234
100 10434

10114 10114 10114
100 102
108 110 •
19
1611-2.
214 ANIo
19_8 _ 10
ely1:1
212
101 10378
9712 133 9612 9772,
i9
o7
f:
11
.
e
l4 9678
97 J'ly '12
9558 11712'
102
10238
3 101 10418',
98 10,08 10018 Aug'12
0958 Loma
95 ___ 100 Sep ',2
100 100 ,
ua 10312
9978 __ 100 Jan '13
102 Jan '03
9612
011-2 Ma.7'1;
2
.
101 10l1
1 104
04
104
10338 _
2
_ 10214 Deo '12
89 Sep 12
8512
8512 8512
9758 Dec '12
88 Meh'12
-„- 8834 8734 Jan 12
96 Sale 96
96
92 94 9612 Dec '11
10134 _- 110 Jan '05
10212 __ 10734 Dec '11
10212 ---- 10934 Jig '09
9114 Feb '12
___
9018 Oct '12
90 May 08
0113 May 12
0198 Ply '12
10112 Dec '12
105 ____ 109 May 10
10112
10218 Joe 12
101l2_
10238 Nov'12
94 91 9538 Oct '12
10312 _._ 10414 J'ly '12
103 10514 10434 J'ly '12
106 J'ne'll
9514 9878 97 Dec '12
90
_ _ _ 0514
9514
96 Nov'
9514
9514 —_. 97 J'ly '12
10712 _--- 11312 Nov 11
10610 -109
93'3 Jan '11
64 Sale 54
64 "—i
___ 5934 5612 Nov 12 ....
98 'Set '12
l03'2 105 104 Oct '12:i.. _:. . "
94 97 95 Jan '13
06 9812 97 Nov'12.-- _
--

:i.

10214 104
10158 103 I
8812 8014
8512 fee • .
9712 9314
83 8814,
8734 8784'
96 9814'

9114 9114
9018 9114
9112 914
9018 9015'
10112 105 I

10134 10214
10238 102344'
9558 95%
10414 10684'
10434 107
1
.
96 -46
9318 9538
96 971
97 99 ,

-Egli -Cifoi!
1258 60;8
9s51a'
104
00
8 816090
9712i

97

"86 Ma:37'ri ::: "iiii •tier.
---1.154 _ _ _ 113 J'ly '12 ____ 113 11314
11314 Nov'll
_
.1
9788 52 91- -6i84
97 9712 9673
06
98
-911-3 -6618 95 Dec '12 _8
_ 9
05 0
98
812
8812 _ - -gf11-2 Dec '12 :::: 18
16
812 18
19
011
4
11318 12034 11812 Sep '12
10434 10712 104 Del:3'12
104 10812
8312 88 8512 Dec '12
8214 Sale 82
8214 i8
9.- 81334 8$
813'
100 ,_ 100 Dec '12
Sale- 7538
.
89
121
.
4:
7634 91 .
41
..9
9_:1!
7
8034 Meh'll

MISCELLANEOUS BONDS--Continued on Next Page.
(las and Electric Light
Kings Co El L &Pg 5s____1937 A-0
Purchase money 6s
1997 A-0
COnvertible deb 6s
1922
S
Ed El Ii Bkn 1st con g 0_1939
Lac Gas L of St L 1st g 53_61919
Ref and ext 1st g 5s
1934 A-0
Milwaukee Gas L 1st 4s
1927 M-N
Newark Con Gas g bs
1948 J-D
P 5s1948 J-1)
N Y GEL 11
Purchase money g 4s_
1949 F-A
Ed El Ill let cones' 58_1995 J-J
y & Q El L&P Ist cong 58_1930 F-A
_1921
y 54 Rich (las 1st g
4E
Pacific G 54 El Co Cal G5s..Corp unifying & ref 5s....1937 11-N
Pao Pow & Lt let & ref 20-yr
bs Internet Series
1930 F -A
1949 11-S
Pat es Passaic 0 & 5s

Gas and Electric Light
Peo Gas & C let con g 6s___1943 A-0
Refunding gold 58
1947 11-S
Registered
1047 M-S
Ch G-L 54 Cke let gu g 58..1937 J-J
Con G Co otCh 1st gu g 58 1930 J-1)
Ind Nat Gas & 011 30-yr 158 '36 m-N
Mu Fuel Gas 1st gu g 59 1947 M-N
Philadelphia Co cony 53_1919 F-A
Cony deben g 5s
1922 M- N
Stan Gas& Dec cony sf Os 192( J-1)
Syracuse Lighting let g 58_1951 J -D
Syracuse L & P bs
1954 J-J
Trenton GI & E let g 5s
1949 In-S
Union Elec L P 1st g 5s 1932 11-8
18 94 9638
Ref se ext 5s
95
9472 Sale 9434
1933 51-N
Utica El L 53 P lets' 5s_ _ _1950 J-J
93 95
Utica Gas ds Fl ref 58
95 06 Oct '12
1957 J -J
l02511)234 Westchester Light's' g 5s
100 103 10258 J'ly '12
1950 J-D
No prloe Friday; latest bid and asked. a Due Jan. Cr Due,Feb. a Due may. g Due June. h DuaJuly. o_Dne




_ ___ 105 104 Dec '12 ____ 104 10512
113 117
108 11784 113 Dec '12
12212 Dec '12
12112 _
12212 121
8818 ____ 8814 Nov'12 ____ 88 9814
102
11 10112 103
10134 102 102
2 10018 102
102 Sale 10112 102
8078 905s
8934 9038 90 Dec '12
10312 ........ 10614 Apr '12 ____ 10614 10614
10314 Sale 10214 1031g 38 10114 10414
8612 18 8484 8912
8584 Sale 8512
11318 Mch'12 ____ 11212 1131s
100 iodis ow:Dec'129912 10212
9212 J'ly '09

11512 Sale 11513 11512
10178 Sale 10134 1017e
103 Feb '09
l0I5e Sale 10258 10258
100 10278 10314 Oct '12
89 93 Mch'12
— 10114 Aug 12
___ 104 100 Nov'12
98
98 Sale 98
10018
99 10058 100
101 Dec '11
8512 J'ne'12
109 Feb '01
192 Jan '13
9913
95 ---- 97 Dec '12
101 ---98 ___ 10014 Dec '11
105 106 10412 10514

7
1 10
25
1 11015:
13
714
11
10,J34 10212
3 idi-

fair,

93 93
10058 10114
100 199 ,
5 9734 98
4 100 101
15-1-2
10013102 3
96 98121

Out. p Due Nov. a Option mtge.

JAN. 1 1 1913.]
N.

BONDS
Y. STOCK EXCHANGE
Week Ending Jan 10.

New York Bond Record—Concluded—Page 4
Price
Friday
Jan 10

iVcek'?
1?anye or
Last Sal.,

1-5
sp
(11

Range
Year
1912.

N.

Mel
A s1, Low
L Ss San Fran (Ccn)
111311 No. Low nig!,
11112 11234 11134 Dec '12
KU Ft S & M con g 6s__1928
11134 118
K (1 Ft 3 63 M By ref g 43_1036 A-() 7718 Sale 7012
7718 17 7614 801;
1936 A-0
7712.1'1y '12
Ileg'stere(i
7712 7712
' K C & M 11 3, B 1st go 5s...1929 A-() 95 _
10312 J'iy '12
10,112 1021
Ozark & Ch C 1st gu 5s g_1012 A-() 9914 6678
- 901s Jan '13
09 100
StL S W 1st g 45 bd etts_1089 M-N 8912 00 8934
10
00
89 921:
20 g 4s Inc 1)00(.1et1s____p1980 J -J
797a
80 Jan '13 __•
80 83
Consol gold 49
1932 - 1) 81 Sale 8038
81
78 79 841
Gray's Pt Ter 1st go g 5s_1947 .1-I) 9918 _
10118 Apr '07
8 A & A Pass 1st go g 4s__ _1943 J -J
8534 23 /43-88734
8512 Sale 8512
S F & N P 1st sink t g 5s 1919 J -J
95 _ _ _ _ 104 Oct 'Os
Seaboard Air Line g 4s
1950 A-0
861g Oct '12
NI)Is 8734
Gold 43 stamped
3 8518 90
1050 A-0 -851-2 "id 8512
8534
Registered
1950 A-0
• Adjustment 5s
678 Sale 7534
767s 78
01949 I,- A
' Refunding 48
8 7634 83
1959 A-0 79 7934 7814
7812
Ati-I31rm 30-yr 1st g 4_c1033 51-S 84 87 88 J'iy '12
87 93
Car Cent let con g 4s
87
_ 9312 Apr '12
0234 931.,
1949 J -J
Fla Cen'h Pen 1st g 5s_1918 J -J 10214 -- 10314
10314
1st land gr ext g 5s__1930 J -J 10314
104 Nov'12
101 idi
_ 107 J'ne'12
Consol gold 53
107 107
1043 106 10478 Nov'12
Oa de Ala Sty 1st con 5e_o1945 J-J
10478 10714
• Ga Car & No 1st go g 53_1929 J-J 116_1.12 _
10122 Sep '12
10534 10534
102 16618 105 May'12
Seal) & Roo 1st 53
105 10618
1926 JSouthern Pacific Co—
9412 Ill SS 96
Gold 4s (Cent Pac coil) _k1949 J -D 9412 Sale 92118
92 Dec '12
91 92
Registered
k1949 J -D
9312 372 0078 97
20-year cony 49
01929 21-S -661-2 Sale 9258
9512 22 114
97
Cent Pac 1st ref go g 4s_ _1049 F-A 9512 Sale 95
9412 Ply '12
9412 941.
1019 F-A
Registered
9078 0012 Oct '12
•
Mort guar gold 3 46_k19
12
40
9 J-1) _ _
9012 9112
s
Through St L 1st gu 45 _ 1954 A-0 ---. 9178 91 Nov'12
89 9278
10434 107
8 A M & P 1st 5s_1931 '11-N .--- 10512 10434 Dec '12
- 10314 10218 J'iy '12
Gila V G & N 1st gu g 5s_1924 11-N
10218 10434
_ 103 Dec '12
Hous E Ss W T 1st g 5s 1933 91-N
103 105
1033 M-N 103 lois 10414 May'12
104 10414
1st guar 55 red
3 J-3 10912 110 10014 Sep '12
37
ii & 'J.' C 1st g 59 Int go_ _1103
10014 110
Gen gold 43 lot guar _1921 A-0 924 9414 9434 Dec '12
9318 0512
Waco & N W (LW 1st g 651'30 91-N 114 118 11104 Meh'10
102.105 Dec '12
1941
N W lmt gu g 5s
105 10712
Morgan's La & 'V 1st 7s1918 A-0 100 11112 11134 Aug'12
11124 III),
1st gold 6s
1920 J-J 10673 - - - - 10714 Dec '12
10714 10714
112 Feb '07
No of Cal guar g 53
A-0 107
_ 101 Oct '12
Ore & Cal 1st guar g 59_1
938
27 J -J 10118
19
101 idi
105
_
116
Pac
May'07
of Cal—Go gl5s _1937 3I-N
So
91
_ _ 0112 Sep '12
So Pao Coast 1st gu 4s g_1037 .1-J
(113 9112
90
San Fran Terml 1st 48_1050 A-0 8812 00 8914
8758 92
Tex & NO con gold 63 1943 J-J 1001s 101 10158 May'11
9318 Sale 93
Sp Pao RR 1st ref 45
1956 J-J
03,4 OS 03 "051-2
Southern1st consol g Is
1004 J-J 10718 Sale 10612 1071s 51 10512 10838
,
105 Sep '11
Registered
1094 - .1
7814 216 7654 791
Develop & gen 4s See A_1956 A-0 7818 Sale 7778
Mob & Ohio colt tr g 43_1938 NI- s 8534 81312 80
86,2 12 85 8712
10718 Dec '12
Mem Div 1st g 4 42-53
1990 J -J 10718 _
10718 111
87 8
.614 88,2
St Louis div 1st g 4s
88,2
1051 J 8714 0014
Ala Cen 11 1st g Gs
J -3 10534 -- 10014 Sep 12
10514 10514
S634
87
87
AU & Danv 1st g 49_11,118
2(.1 4s
8214 Feb '12
8214 821g
J-3 82
Atl & Yad 1st g guar 49_1194
8 A-0 8312 __.
949
103
10534 Dec '11
Col Ss Greenv 1st 8s
. ET Va & Oa Div g 63_1
993
10
6 -J 106 -- 10012 Oct '12
1(3612 i&T14
10914
_ 10914
10015 11134
•
1956 51-N 10014
Con 1st gold Ss
1051 R 100
1938 11-$ 10412 _ - 10518 .1'ly '12
E Ten reor lien g 53
(14
6714 64 Dec '12
6312 641,
1940 A-0
ea Midland 1st Its
10972 11278
Oa Pao fly 1st g 63
J-3 1097s - - - 10078 Deo '12
114 J'ne'12
114 115
• Knox do Ohlo 1st g 63_ _9
1925
22 J-J 112
105 ____ 10512 Nov'12
Mob & Blr prior lien g 55_1945
1051:10512
7712 Doe '12
79
Mortgage gold 49
J
1045 3
7712 7712
10218 1.6512
- 102 Oct '12
Blob Ss Dan con g 6s..„_1015
102 10434
10434 Apr '12
• Deb 53 stamped
1927 -0 103
104 10434
_
73 Sep '12
Rich & Meek 1st g 4s
1948 21-N 72
73 73
10235 Nov'12
So Car 33 Gs let g 5s__1019 411-N
10214 104
112 Oct '06
Virginia Mid ser 01 6s
1916
S 104
•
D 4-Os
1021 -s 10334 16; 10334 Nov'12
f)is;feh10454
erle3 E 6s
1936 -8 104 _ 10434
1o53.t 10524
105 J'ne•lo
10458
Series 9' Os
1931 91Dec
'12
10814
10814
General 6s ,
i(5.61-2 10814
1936
Vs Is So'w't 1st go 55_2003 J-J 108 jails 100 Dec '12
109 109
9534
0512 9534 9534
1st eons 50-year 5s_ _1'158
95 9734
03 ____ 9312 Sep '12
'99' 0 & W 1st ay gu 4s
1924
90 931:
100_ 102 Nov'12
West N C 1st con g 6s_....1914 J 102 10312
ltokane Internet 1st g 5s.._1955 J.
fo'S 10212 Apr '11
4
_ 10321 Oct '12
er A of St L 1st g 4 20_1930 A) 1'62'1
10334 105
10312 11112 111 Aug'12
1st con gold iSs_ _1804-1944 F11034 11214
- 9315 9458 Oct '12
1953
• Gen refund s t g 4s
94 00
idS
106 10018 Sep '12 _ 10618 11214
St L M Bge Ter go g 5s 1930
107
Tex 33 Pac 1st gold 53
2000 J:8 10814 10712 10014
12 103 11012
45 _ _ _ _ 51 Nov'12
(72000 Meh
20 gold Inc 51
4978 51
05 ___
0912 Apr '11
1931 J -J
La Div B L 1st g 5s
10612 Nov'04
. W Min W h N W ist gu 59.230 F- A
10014
Dee
108
'12
10012
1035
Tot Ss () C 1st g Is
1.1161-2
_ 10754 .105'12
Western Div 1st g 59....„1035 A
10734 10734
J -6 1004
103 103 Nov'12
General gold 5s
1935 J -D
103 104
__
0113
9112
Dec
'12
Kan & M 1st gu g 4s..„..1900 AO
9114 93
dm 9834 15834
9854
1927 'i-i
2020-year 5s
1)714 091ur01 P & W 1st gold 41
1917 J-3 9112 93 93 Dec '12
00 9478
TOI St L h W pr lien g 3 423_1925 J-3 85 - - _ 84 Dec '12
84 8712
5612
5712 "13 5334 6958
60-year gold 45
1950 A-0 67 _
. id 08 Deo '12
Coll tr 4s g Scr A
731:
1917 F-A
68
89
_ _ 80 Jan '13
or Siam & Dull 1st g 4s__//1946 J -0
89 0012
1031)
ister & Del 1st con g 53_1928 3-1) 102 _ 10314
10313 100
8512J'ue'12
1st refund g 4s
1952 A-0 _
8512 861s
Union Pacific0834 sale 9834
133 9813 10214
09
1st 1511 Is land grant g 48.1947 J-J
983
8
Nov'12
Registered
1947 J -J
0812 101
07
121 95 10114
20-year cony 48
1937 -j 6113-4 S"ftr,; 9634
31-8 Os% 0512 953s
9512
1st Is ref 4s
6 9614 977k
9312
95
035.1
99
48
6 3-I)
Ore Ity & Nov C011 g 43.9
19
9353 11 9112 901e
_2
11114 20 111 11334
Ore Short tine 1st g 63_1022 p - A 11114 11218 11114
13814 112
1st consol g Is
11946 J-J 109 10912 10014 Dec '12
0212
0314
CUM' refund 45
917s
0318 -32 0034 053:
1029 J -l)
108 May'll
Utah Ss Nor gold bs__ _1026 J -J 104
1st extended 43
93 90
1933 .1-J
‘Tandalla cons g 4s Ser A...11)55 F-A ____ 1)4
Deis" 661
2
Consol 4s Series B_1957 M-N _911__2 94 9438 Nov'12
V
9212 9712
_ 03 91 Oct '12
Vora Cruz Ss P 1st gu 4 1,63_1934 J-J
9134 04

BONDS
Y. STOCK EXCHANGE
Week Ending Jan 10.

Pricz
Py'td
Jan:0
6
63
00

8t

0 II

A

&

&

f

125

122abash 1st gold Is
11-N
2d gold Is
F-A
Debenture Series It_ _19
339
20 J-J
993
1st Ilen equip s Id g 5s
1921 bi1st lien 50-yr g term 4s 1054
1st ref and ext g 4s
19 56 -J
Cent t rust Co etfs
Do Stamped
Eqult Trust Co etts
Do St
,
mped
Det Is Ch Ext 1st g 5s_19,11 Des Moir) Div let g 43_1939 j-j
Om Div 1st g 3 463
A-0
Tol
Ch I)Iv 1st g 43
94 1 21-8
1911
\Val) Pitts Term let g 45__ _1954 -1)
Cent Is Old Col Tr Co certfs_ Columbia Tr Co etfs
2(1 gold 4s
J -D
Trust Co certt3
Wash Terml 1st go 3 463_1
94
55
4 F-A
19
1st 40-yr guar 4s
1945 F-A
West Maryland 1st g 4s_
_1
1952
5 A-0
West N Y & Pa 1st g
J -J
Gen gold 4s
1943 A-0
Income Is
Nov
Wheeling & L E 1st g 53___d1194
26
3 A-0
Wheel Div 1st gold 53_1928
Eaten Is Imp gold 53__1930
RR 1st consol 4s
M-5
20-year equip s f 53_1
3 J -J
949
192
Winston-Salem S B 1st 4s 1960
Wis Cent 50-yr 1st gen 48_1949
Sup&Dul dB, Is term 181 43'36 11-N

Week%
Range or
Last Sale

Rangs
1912.

As?,'
lid
k Low
11171, ,V, Low High
10614 Sale 10618
10612 22 10414 10775
9914
99
96 10012
9914
90 J'ne•i
90 100
9918 Dec '12 ____ 9814 100
50
83 Dec '10
,63
6312
6378 74 550' 72l
6378 Oct 12
_ 6112 71
6312 Oct '12 __-_ 6234 6934
---- 6718 64 Nov'12
5914 70 ,
60 65 61
6114 104 58 6958
107
2 106 10714
107
107
80 80
80 80 Aug '12
69 Dec '12
79 82 80 Dee '12
6
72
83 8312
713142
2612
2612 Sale 2612
1 30 3914
1:31
:
14
_ 561_ 25
51178 42
2614 Sale 26
27 _ _30
28
28
112, 2
2
2
2
214 214
214
8358 _
87.2 Oct '11
9718
-(,
_ 100 Sep '12
8312 Sale 8318
8312 44 872
f3
1-44 IN14
10638 _ _ 10638 Dec '12
100 10834
84 8614 80 Oct '12
34 Feb '07
__
10113
10112 Oct '12 _ _ _ 1.6
8E
812
3
86117, in
100 102 100 Dec '12 _-- 09 100
99 101 102 J'ne
8014 83 8013 Jan '13
2
4 -8E1.8.6197
01112 Feb 11
8958 91
0034 Nov'12
'30.34 93
0112 Sale 91
9112 19 8954 9338
90 Sale 90
9012 11 89 9212

Manufacturing and Industrial
Allis-Chalmers 1st 55
5914 6078 57 Dee '12
J-J
Trust Co etfs deposit
6012 Sale 5934
61
Am Ag Chem Isle 53
173:
- 0
gr58
A-0 10114 Sale 101
10138 5
01
6:
27 1(
:
6
0
512
4 1314
4
2
Am Cot 011 ext 4 3.6s
(J-1, 97 9714 9634
17 9613 9812
97
Debenture Is
M-N 9314 9378 9434 Dec '12
Am Hide
Lists f g 65_1
101
10112
101
9930323
1
9
8561
61-8
19
Jan '13
Amer Ice Secur deb g 6s
1925 A-0 7538 Sale 7538
-8
. 9
721142 8
7614 -2
92
512
Am Smelt Securities s f 6s_ _1926 p- A 10412 Sale 10438
10454 37 102 106
Am Spirits Mfg 1st g 63
___- 101
1915 1.19912 Dec '12
326: 11(89
()
91).1388258
)
2:113221 1111,009
0
224511
1:32
Am 'litres(' 1st col tr 4s,,,,,11)19
9312 9334 0312
9312
AM Tobacco 40-yr g 82_ _ _ _ 1944
12014
- 11878 12112
120343 ---7
Registered
A120 Nov'12 _ .
3
1 16
18
1788 112171:4
certifIcates of deposit
11912 Sep '12
1944
97
G°55
1
971s
R
ideg
4s
isterea
0
90
538 J'ne • 12 --51 F-A
9214 9558
Am Wiltg Paper 1st
2 "ftie
9038
5..1919 J -J -661
Bald ly LACO Works let 53..
103 Sep '12
0 M-N 10238
Beth Steel 1st ext e I 5s
1926 J -J
9554 Sale 9514
9578
1st Is ref 5s guar A
1942 24-N 8578 8634 8534
8614 22 85 8758
Cent Leather 20-year g Is 1925 A-0 95 Sale 9434
44 9134 9614
95
Consol Tobacco g 4s
9714 9612
97
1951 F-A
Registered
4 _56. 77 Nov 'II?
193
54
1 F-A -iv3Corn Prod Bets f g Is
9534 Dec '12
.91-N
1st 25-year sf Is
411-N ---- 9312 9313
9312
Cban-Amer
u
96 06
Sugar cell tr 65119
18
1 A-0
93
96
Distil Sec Cor oonv 1st g 55_1927 A-() 6912 70 691*
.188
:
1._ 2
63
171:1 110858
70:
6
90998
611
2304:
11751822 :
11 7999.t)04s 867:
242 4
8232
I du Pont Powder 4 565_1936 -D 90 Sale 81.3
90
Gen nlectrle deb g 33s_..1942 F-A 78 Sale 78
10-yr g deb 5s
3-12
Debenture 5s (rects)
17 51-S 10514 itie 10
952
_1
84
19
112 °ell:
71'5%
2
Cen'l Motors 1st lien Os.. 1915 A-0 9954 Sale 9s78
9934 17
47
8 98
95142 1(3
110
,392
0:
fil Steel deb 4 46s
8912
3 8812 9234
A-0 89 Sale 89
Indian,- Steel 1st 58
11-N 101 Sale 10078
10114
Int Paper Co let con g 63_ _ 19
18
29 F-A 10378 Sale 10212 10378 8,0
9954
54:
07
412
04
212 190
6
8 19m
Consol cony s I g Is
87 90 8712
J -J
9014
Int St Pump 1st s f 53
1939
192
5 Si-S 8834 Sale 881g
8834
Lackaw Steel 1st g 511
9
7
,
61:
8
8
8,
0
11
e
s
9
7
0
,11
9
7
,
61:
1
1923
1st con 5s Series A
1950
5-year convertible 5s
9434 Salo 9414
56 0
780
7613 9
896
231122
1915
9154 30
Ligg Is Myers Tob Co7s tpy bds-12034 Sale 120
120 11834 12318
121
55 temporary bonds
16
14
7 r)5
914
Mexican Petrol Ltd env 63A '21
10
a0le 99
714 19
99
914
2S
09014
Nat Enam Is Stpg let 5s___1929 -D 9412 9478 95
1 93 95
95
Nat Starch 20-yr deb 53_1030 J -J
,. .... 8812 8934 Sep '12
8914 8932
National Tube 1st 55
m-N -99 Sale 99
9912 126 9814 10138
N Y Air Brake 1st cony 65_ 119
6
17
/2
1 ii)7118 10
58
103
00
3512
8
2 .11-N 10212 10314 10278
P Lorillard Co 7s tem'ory bds— 12114 12134 12138
12138
6 11938 12334
Is temporary bonds
9878 Sale 9734
9938
Fly Steel Spgs 1st a I 5s
1921
0714 9814 9814
9878
Repub I Is S 18t &col tr 153 1934 A-0 103 __._ 1027 Jan '13 _
278 10
1(917
94
812
10-30-year Is s
14 9034 0338
A-0 9178 92 92
92
Standard Milling 1st 55_ _ 193
40
9 M-N 8834 Sale 13834
8 85 9014
80
The Text13 Co cony deb 6s 1931
10034 Sale 100
10078 99 9412 10213
Union Bag Is Paper 1st 5s...1930 -J ---- 9114 9018
0018 10 90 9412
Stamped
2 22 9412
119;11 18
U 8 Leath Cost deb g es
09
19
3
13
'2
4 18
09
0:
193
11 Jan8
'
9113
2 _ --6
)2
1
_ 1(810
712 110
S Realty Is I cony deb g 55.24 J-J
89 Sale 8812
89
U 9 lied Is Refg 1st g 6s
25 3212 25
1931 J-J
1 25
25
50 1
U 8 Rubber 10-yr coil tr 63_1918 J10234 Sale 10234
492
3: 10
:6
103 _:
2
21:42 i
16
0
,645_1i
Registered
11)3I Jan '10
13
8 J01196
(1 S Steel Corp—fcoup
NI-. 1017s Sale 10134
102
1 10-60-yr 5sIreg __di963 21-N
10112
_
102
1 10038 104
Va-Car Chem 1st 15-yr 55_1923 3-0 98 Sale 9778
46 0712 101
98
West Electric 1st Is Dec 1922 J-J 10214 Sale 10158
10214 13 10012 10318
Westinghouse F. Is Si s I 5s_1931 J -J
94 Sale 9334
94
10-year coil tr notes 5s_ _1917 A-() 06 97 0/ Nov 12 ---_ 5613 98
'telegraph h 1 elephone
Am Telep Is Tel cull tr 4s. 1929 J -J
90
8053 Sale 8914
Convertible 45
S 1107,5 Sale 110
11078 99
18 10
88
83
542 19
161114
4
Chicago Telephone 1st Is. 193
1926
3 J -D 101
Commercial Cable 1st g 43_2397
78 8512 821-2 Dec '12
-012
Registered
2397
8312Nov'll
ICeystone Telephone 1st 5s_1935
84 __ 25 Aug'12
82 81
Metropol Tel Is Tel let s f 5s 1015
___,103 10112 Dec '12
10112 103 '
Mich State Telep 1st 5s___ _1924 F-A 100 Sale 9912 100 ---3
- 99 101
_
NY ecNJ Telephone Is g_1920 M-N
10314 May'll
N Y Telep 1st Is gen s 4 46s 1939 hi-N 9778 bale 9712
9778 149
Pac Tel Is Tel 1st 55.._„__ _1937 J-J 10012 Sale 0958
10012
South Bell Tel Is V lets? 58_10 11 J
9938bale 0914
9938 9
36
6 -9
!186
87s3-84
8 IT48
West Union col tr cur Ls
1931 J -J 10014,_ 101
101
5
_ 10014 10312
Fd and real est g 4 423
11.150 411-N 9658 -065-4 9512
9412 10013
96
Mu). Un Tel gu ext 5s1241 91-N ____ 103 101 J'ne '11
Northwest Te/ ru 4 4.62 g_1934 J-J
6E- -g(Tii
01 ____ 9614 J'ne'12

5
:8

m-s

m-N

MISCELLANEOUS BONDS—Concluded.
Coal Is Iron
Buff Is Susq Iron s f 58—__1032 3-1')
01026 51-13
Debenture Is
001 F Is I Co gen s 1 g 53-19413 F-A
1019 ,11-N
CO Fuel gen Os
1:,1 Indus 1st Is coil 55 gu_1934 F-A
1035 3-1)
Cons Ind Coal Me 1st 5s
Cons Coal of 141(1 1st & ref bs 1050 J-0
CO 15Iv Coal Is C 1st g 6s_h1019 A-0
Kan Is II C &o lit s f g 55_1951 J -J
Pocah Con Collier 1st s f 5s_1957 .1-3
St I. Rock Mt Is P 1st 5:4_1055 J -.I
1951 .1- j
Tenn Coal gen Is
Birm DIV 113t consol 6s 1917 J -J
Tenn Div 1st g Gs
al017 A-0
Call 0 Si Co 1st go g 6s_1922 J-1)
Utah Fael 1st g Is
1931 21-S
1953 J-J
Victor Fuel 1st s f bs
ija Iron Coal Is Coke 1st g 531949 ,11-S

.....--_ 97 J'iy '22 __
85 ____ 1)1 Noy'll
9712 _-__ 98 Dec '12 ._-__
10714 J'ne 12
8334 Sale 8358
8378 44
___ 8412 85 J'ne'll
__
- -,- 94 03 Oct '12 ____
7
0258 Apr '06 _ _
---- --- -98 Deo '12 ._
87 8834 877s Jan '13 _
7912 12
7812 Sale 7812
10211 1031s 1027s
10278
5
10218 103 10214 Dec '12 _
10112 10334 10154 Dec '12
10212 __ 110 Jan '09 ...._
_ _„
______
„ 83 851-4 Oct '12 ___
-981-2 0634 9612
3
97

Miscellaneous
Adams Ex coil tr g 45
1943 .11-S
Armour Is Co 1st real est 4 4.0 '39 3-1)
Ilush Termlna) 1st 45
1952 A-Q
1955 J -J
Consol Is
131(Igs Is guar tax ex .-1060 A-0
Chino Copper 1st cony 69_1021 J -J
I )(sift Cons Cop 1st Cs (recta,
__
Int Mercan Marino 4 30_1022 ,h,---0
lot Navigation 1st 5 f 5s
1929 F-A
\Igo Bond (N Y) 43 aer 2_1956 A-0
10-20 yr Is series 3
1912') -J
Morris Is Co 1st s f 4 34s
1939 J-J
N Y Dock 50-yr 1st g 4s
1951 F-A
Slag Falls Pow 1st 55
1932 J -J
Ontario Transmission 5s
1945 91-N
Pub Ser./ Corp N J gen 53._1959 A-0
Ray Cons Cop cr lst cony 631931 J -3
8514 85
9412 0812 Wash Water 'ow 1st 59—.1939 J-3

97 08
---- ---97 10038
10714 10734
7212 8514
_
6:_i- -95
.. .. ____
6f34 9819
8112 801,
7912 8412
1(1118 10378
10'218 1011.
10134 101'
___ ____

9No Enloe Friday; lateit bid and asked aDuo Jan (11)110 AprIl eDue May




82 Sale 82
8212
2 81 8818
02 Sale 9111
43 9014 9214
92
3 8824 92
8912
89 00 8911
95 Sale 95
95
2 9612 99
____ 97
97 Nov'12 •___ 9612 0714
170 Sale 18312
13 11(1 200
188
10812 Sale 10612
108
6 1011.• 1101s
662, 34 63 - 1054
6,524 6638 6554
'7934 Sale 7912
'7954 18 '7734 8214
_
_
_
_
____ _ _
_.
964 .„_ 6d12 Dec 'i .
6612 ido
____ 90 8954 Aug 12 ___ 8912 8979
83 __..- 83
4 76 86
84
3: 21 0212 Dec '12 ___. 10012 10214
------ ---02 Dec '12 ___ 92 9412
923-4 Sale 925,1
41 92 941i
93
121
23 112 130
1111 120 120
102 ____ 102 Dec '12 .,.,i02 104

Duo Juno hDito July ICDuo Aug oDuo Oot dDue Nov qDue Doc sOption Wei

CHICAGO STOCK EXCHANGE-Stock Record.

126

S7'OCKS-RIONEST AND LOWEST SALE PRICES
Saturday
Jan. 4

tfonday
Jan. 6

Tuesday
Jan. 7

Wednesday
Jan. 8

Thursday
Jan.9

Friday
Jan. 10

Sates
of the
Week
Shares

STOCKS
CHICAGO STOCK
EXCHANGE

Range for Year 1912

Range for Previous
Year 1911,

Lowest.

LOW 73,,

Highest.

Railroads
25 Nov23 ...0 Apr 24
Chicago Elev Rys com___
*28
35
*28
*2712 30
35
*28
35
Last Sale 30
Jan'13
90 Mav27 9334 Jan 20
Do pref
9112 90
90
*90
*89
9112 *90
10
9112 *90
9112 *90
9112
83 Dec 20 101% Jan 18
88
*86
20 Chic Rye part cti "1"
88
*86
88
*86
88
*86
88
8814 8814 *80
• 2378 24
1934 NoY26 38 Jan 9
2312 2334 2312 2334 22
2338 2312 2312 2,058 Ohio Rys part ctt "2"
2314 22
6 J'ne 13 11 Jan 12
*7
8
806 Chic Rys part ctt "3'
612 7
712 712 *7
8
712 712
734 8
3 Oct 1
573 Jan 13
203 Chic Rys part ctt "4"
*A 37s
312 338
318 314 *3
312
312 312 ,---__ -,._.
*16
Kansas City Ely & Lt_100 1414 Aug 8 25 Sep 27
1814 *16
Last Sale 18 Noy'12
1814 *16
1814
1814 *16
*38
Do pref
4012 *38
Last Sale 41 Noy'12
100 40 Oct 10 5012 Jan 19
4012
4012 *38
038
4012 '
*9
6 Mch 2
10
1178 Apr 10
*9
10
25 Streets W Stable C L_100
*9
10
9
9
*9
912 *9
912
*48
55
Do pref
*48
• 100 35 Jan 31) 52 J'ne20
55
Last Sale 50 Dec'12
*48
55
*48
55
/Ili scel aneous
3018 3012 2934 3014 3014 3014 3018 3038 3038 31
3018 3012 1,500 American Can
100 1112 Jan 2 47 02t 11
116 116
Do pref
1,070
116 11634 11512 11614 11614 11614 11712 11712 117 118
100 91 Feb 1 126 Sep 19
*464 500 *464 500 *464 500 *464 500
Last Sale 470 Jan'13
American Radiator_100 325 Feb 1 405 J'iy 2
*1331 13458 13458 13458 *13318 13458 13458 13458 *134 13458 *134 13458
Is
Do pre
100 131 Jan 15 135 Apr 30
Last Sale 54 Dec'12
*53
57
Amer Shipbuilding_100 45 Aug 7 61 Oct 1
*54
57
57
*54
57
*54
Do pref
*101 10312 10212 10212 *101 10312 *101 10312 *101 10312 *101 1031
25
100 100 Feb 6 11.638 Oct 28
*13912 14014 *13912 14014 13912 13912 13912 13912 13958 13958 -------_
150 Amer Telep Sc Teleg
138 Dec 11 198.8 Mch 17
68
*66
68
67
68
*68
6612 67
7012 *68
7012 68
815 Booth Fisheries com
39 Mch 14 70 Dec 31
_
Last Sale 47 Apr'12
Voting trust ctf
4312 Feb 2.. 51) Jan 9
;gir lir "iii8 167-8 "i5- 161-2 -ii- iiii 89 89 89 89
Do 1st prof
631
77 Mch 14 95 J'ne 5
.52
60
Last Sale 55 Noy'12 ____ Cal & Chic Canal Sc D_100 49 Feb 9 6658 May13
*52
*5012 _ _
60
*52
60
51
3014 5112 5014 5014 *5012 5112 *5012 -5112
51
5112 52
405 Ohio Pneumatic Tool_100 44 Mch 15 5512 Oct 15
Last Sale 142 May'12
Chicago Telephone _100 13712 Jan 4 145 Mch 9
-- ____ ___ ____ ____ -- ---Sio2r2 21-6 *210 215
211 212 *210 215 *210 215 *210 215
18 Chicago Title & Trust.100 184 Jan 4 222 J'ne 20
14412 145 *144 145 *144 145
144 144
145 145
145 145
31 Commonveth-Edison_100 13514 Jan 4 150 Mch 7
14
1334 1334 ---- -_
*1312 14
*1312 14
1334 1378 14
150 Corn Prod Ref Co com__
10 Feb 13 2112 Oct 21
_
Last Sale 14 Dec'De 12
Do
do
pret___ 87 Oct 17 87 Oct 17
4554 Jig- iiiiii kir lair., iiii3-4 *iOir2 1-61 10712 10713 ------07 Diamond Match
100 103 J'iy 5 11134 Feb 5
*9758 08
98
*9578 -98
97 Dec 26 10212 Mch 8
*9712 9734 *9712 9734 9734 9734 98
20 Hart Shallner & Marx pt_
5912
69
*69
6912 *69
*69
6912 6912 69
70
*69
70
100 56 Jan 2 7312 Sep 23
20 Illinois Brick
___
Ill 111
11034 11034 111 111
300 Internat Harvester Co___ 10512 Dec 11 12678 Sep 10
fastiae 7-6i;-Atiiii
/638 Aug 6
Knickerbocker Ice pref_
67 May 1
Last Sale 12812 Jan'13
*DT fir 458 fir *Hi- 126- gig- 1-19
100 114 Dec 10 16112 Apr 30
National Biscuit
124 124
124 124
12312 125 *122 125 *122 125
100 12214 Oct '25 131)34 MaY28
Do pre
69
*11812 125
120 120 *11812 125 *11812 126
100 103 Mch 5 135 Sep 24
119 120 *11812 125
60 National Carbon
Last Sale 11712 Dec'12
*11714 11812 *11714 11812 *11714 11812 *11714 11812
100 115 Feb 11 120 Jan 2
Do prat
6234 6234
6258 6258 6212 6212 6234 6234 *6212 63
x 61 J'iy 2 x 67 Apr 22
232 P..cifIc Gas & El Co
Last
Sale .60 May-'12
Do
tights
z.60 May :2 x.65 Apr 23
---- ---- ---- ---- ---- ---- ---- ---*9112 ____ *9112
...__
_
*9112 __-- *9112
-- *9112 -_-_ *9112
Do
preferred
11514 11512 116 110
114 114
11412 1-1-478 115 115
11534 1-1-6
814 People's Gas L&Coke_100 10312 Jan 2 1221 Oct 9
85
85
*82
Last Sale 84 Dec'12
*82
84
*82
85 .82
Pub Serv ot No 111 corn. z 80 Dec 23 z 9412 Apr 24
9912 9912 9912 9934 *9912 100
101 101
100 100
10112 10112
205
Do preferred
z 98 Dec 6 310712 Apr 24
*90
91
*90
91
*90
91
*90
91
Last Sale 9412 Dec'12
Rumely Common
9412 Dec 5 9878 Nov22
*10012 10112 *10012 10112 *10012 10112 *10012 10112
Last Sale 99
Do preferred
Jan'13
x 9912 Apr 27 310312 Oct 25
21112 21138 209 21012 20812 20912 20912 21114 210 211
20878 211
4,511 Sears-R0e9uck corn.. 100 140 Jan 5 22112 Nov 8
*12334 12412 *1237 125
12378 12378 *123 125 *123 125 *123 125
12112
100
Do prof
100
Jan 11 12534 J'ne 8
12 332 - - 103
Studebaker Corp com___ 30.2 J'iy 18 49 Aug 9
Las! Sale 9
Dec
Do preferred
92 Dec 31 9712 Aug 7
iiiia 11614 Ida 10612 iiiiiis 1-411-2 lois; 10i612 10614 10612 10618 10614
759 Swift Sc Co
100 9834 Jan 2 10914 Apr 4
*230 245 *230 245 *230 245 *230 245 *230 245
4
240
10 The Quaker Oats Co_ 100 215 Jan 15 397 Nov23
107 107 *106 107
10612 107
107 10712 107 107
---- -100 Do pref
100 1051 Jan 2 110 Jan 15
203 204
203 203
20212 203
202 20212 201 20534 20538 20612
£13534 May 8 231 Nov 4
700 Union Carbide Co
.4 31 1 May 8 x 6 May22
Last Sale 412 May'12
Do
rights
*118 112 *118 -1-12 *1% -1.1-2 *113 -1-12
Last Sale 114 Dec'12
173 Jan 18
Unit Box Bd 62 P Co_100
38 May 2
6734 68
67
6834 6758 6734 6738 6818 6738 68
5852 Feb 13 8012 Sep 30
6778 8778 1,875 United States Steel com_
*13
14
*13
14
*13
14
*13
14
1312 1312 *13
14
25 Western Stone
100
9 Sep 30 15 Nov25

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Jan. 10.

Interett
period

Price
Friday,
Jan. 10.

Week's
Range or
Last Sale,

NW/14st.

21 J'ly
85 J'iy
50 Apr
2034 May
8 May
412 Mch
15 Sep
39 Sep
7 Dec
33 Nov

32 Dec
94 Nov
101 Aug
3778 Dec
1212 Aug
712 Aug
25 Feb
7213 Feb
1314 Feb
50 Jan

9 Jan
7678 Jan
165 Jan
12512 Mch
41 Nov
10512 Sep
13158 Aug
33 Apr
31 J'ne
10 sop
4912 Apr
3912 Sep
115 Jan
15112 Jan
113 Jan
934 Oct
78 Jan
l'212 Feb
100 Sep
4978 Sep
9914 Sep
•
11714 Jan
123 Jan
100 Aug
117 Sep

1212 May
93 Dec
304 Oct,
133 Nov
79 Feb
113 May
15214 J'ne
5914 Mch
5734 Mch
8838 Dec
52 Feb
5512 Feb
14114 Nov
130 Dec
13732 J'iy
1538 J'ne
78 Jan
11034 Nov
10334 Dec
70 Jan
129 May

101

Sep

1081k3Jan

12334 Sep
116 Sep

19234-Jan
122 Meh

9734 Sep
165 Mch
10212 Feb

101 J'ne
212 Deo
10712 J'iy

1 Dec
501. Oct
13 Dec

'/ Jan
8178 Feb
5 Jan

14212 Dec
130 Mch
120 Mch
110 Mch

Chicago Banks and Trust Companies
li'ds
Sold

Range
ier
Year 1912

Sid
sk Lw.
High No Low. Iliqh
Am Tel & Tel coil 4s_..1929 J - J ---- ---- -91 Apr'12 _-__ 2•91
91
Armour Sc Co 4 34s.._1939 J - D 5 9178 Sale 9172
9174 11 9013 9214
Auto Elea 1st AI
_19288214 Apr'12 .._ 28214 8214
pal Gas Sc El unit6s..44ret 56'37 31 - N ---- ----961 Hay'12 ___. 296% 9618
Chicago City fly 5s___1027 F - A 1011 Sale 10078
10114 32 101 103
ChloOlty&ConRys 5s.d1927 A - 0 t 8712 89
89
Jan'13 --- - 86
9238
Chicago Eley Ry 5s__1914 .1 - J 5 97
-- 9712
9734 22 967 99
Chic Pne Tool 1st 5s_a1921 J - J t 92 15
95 Dec'12 .___
90
95
Chicago Rys 5s
9978 37 • 9838 10114
1927 F - A t 9934 9978 9934
3 9418 97
9434
3 9518 9434
Chic Rys 5s__serles "A" A - 0
9814 9738
: Chic Rys 43__series "A" A - 0 ----- ---9638 Jan'12 ____
85
88
' Chic Rys 45....series "B" J - D 86 Sale
19 8212 9158
9518
94
94% Dec'12 ____
• Chic Rys 4s__series "0" F - A
93
Chic Rys coil 6s
1913 F - A - --------100 Jan'12 ._100 100
85
7212 j,i) 70
7213
' Chic By Pr m II g 4s _c'97 J - J 5 7212 Sale
48 Dec'12 ___
50
42
Chic Ry Adj Inc 4s.c1927 Mayl 5 47
60
Chicago Telephone 5s_1923 J - D 1118 1011 101% 10114
9 10012 10314
9612 9928
Cicero Gas Co ref G M_1932 J - J - - ------ 9618 Dec'12 ____
10214 48 10134 10334
COmmonw-Edison 53_1943 111 - S 510214 Sale 10218
Commouw Eleo 53.6 1843 NI - S10138 _ _ 10112 10113
1 10034 10334
Cudahy Pack 1st M 5s.1924 II - N 510012 10114
- 9934 Dec'12 ____
0934 10158
Din Match Con db 6s....1920
5108 11)814 108
108
9 107 11014
Gen Mot 6% 1st L notes'15 A - 0
_-_
9934 Apr'12 __-- 29952 9934
Ind Steel let g 5s___1952 M - N ---- ---- 10114 May'12 __-- 310114 10112
• Do
1st g 6s,.__1928
Tat liar 3-yr 5% g notes'15 F - A 5 9938 9958 10058 May'12 _--- 310012 10058
Ini'd St'l ls. M g 6.s....1928
10518 Apr'12 ____ 410518 10518
Kan City By Sc Light
Co 5s
1913 61 - N-___ 90 Oct'12 ._ .. 89
9414
Lake St El-lst 5s
1928 J - J (861-2 -88
88 Sep'12 ____
8714 90
Metr W Side El 1st 4s_1938 F - A 5 82 Sale
8112
82
5 8012 8534
Extension g 43
1938 J - J j 7712 ___
7718
78
6 7734 83
Mil El By Sc Lt 1st g 5s1926 1' - A
0478 Apr'12 __-__ £10472 10478
, do re.- Sc ext 4;0_1931 .1 - J ---------96
___
Apr'12 ____ 295
95
do gen Sc ref 5s
1951 J - I) ____ ____ --_
-___
__
Milw Gail Lt 1st g 4s....1927 Al - N
-_
Ws May'12 ___ 35934 -9018
Morris Sc Co 4 ;is
1939 J - J5 88 Sale 83
83
3 8734 9014
Pint Tube let g
_1952 in - N ___ ---- 10034 May'12 ___ £10034 10114
Nor Shore El 1st
10314 Apr'12 ___ 310314 10314
5s_g 68_1922 A - 0 51027g _
do 1st & ref g 5s 1940 A - 0 510038 170078
- 10038 Apr'12
__ x10038 10038
Nor Sh Gas o. Ill 1st 52 '37 F - A ____ ___
9512 Sep'12 ____ zg5i2 9712
North West El 1st 45_1911 51 - S
10014 July'12 ____ 10014 10014
NW GL Sc Coke Co 5s 1928 Q -Si j 9978
9978 Dec'12 __
9012 10012
Ogden Gas 58
.1945 M - N 5 9612 Sale
9612
9 9534 99
9614
Pas Gas Sc El ref g 53_1942 J - J __ ____
92 May'12 --, 29178 92,
1
Pao T&T 1st coil tr 5s_1037 J - J _
____ 100 May'12 ----3100 100%
Pearsons-Taft 5s
_
1916 J - 13 t iir3
10038 mcwo0 _
4..40s
IL- S t 94 ....... 9612 Mch'10 ____ ____ ____
4.605 Series E
97 Feb'10 ___ ____ ___
35 - N 5 95 _
__
4.80s Series I
,
If - N 5 9614 --- 9814 Nov'll ____ ___
Poop Gas I. Sc()1st 66_1943 A - 0 511-4 117
11512 Sep'12 _--- 11612 11812
• Refunding gold 5s__1947 bil - S 519112 10134 1013e Jan'13 ____ 10034 102114
• Chic Gas L&C 1st 5s 1937 J - J 103 Sale 10258 103
8 102 10334
Consum Gas 1st 5s_1936 J - 1)
_ _- - 10114 Sep'12 ---- 10114 103
Mut'l Fuel Gas 1st5s1947 M - N 5100 101101 Dee'12 ____ 100 10112
Pub Serv Co 1st ref g 58'56
t 98
9614 9558 Dec'12 ____ z9538 100
Son Bell T Sc T 1st el Ss '41 J - .1
_
__
10014 May'12 ____ x100 10014
South Side Elev 4 34s_1924 J - J 592
-921-2 9212
9212
5 9112 9614
Swift Sc Co 1st x 53._1914 J - J 510038 Sale 100
10038 11 9934 10034
Tr -City fly Sc it coil
trust lien $ I 55
1923 A -0_
9814 Apr'12 _--- 298
9814
Union Eleo (Loop) 5s..1945 A - 0 -- -80-- 85 Apr'12 __-- 85
89
US Gypsum 1st g 58_1922 II - S ----- _ - 100 May'12 -_- x9973 100
U S Steel 10-60-yr s t g 5s
10212 Apr'12 ___ 210212 10238
Western Elea Co 53_1922 J - J 510114 10214 100% Oct'12 __ 10034 103
Note-Accrued interest mttst be adc1.2e1 t o all Chicago bon d prices.

NAME

Outstandinj
Stock.
(5)

Surplus
and
Profits.

Dividend Record.
In
1911.

In
Per- Last Paid,
1912. Lod.

_ Jan '13, 134
American State
$200,000 $188,960
23e,
Calumet National
100,000
69,084
None An Jan '13, 6
Cont'tal Sc Comm Nat.._ 21,500,000 9,459,060 10
10
Q-J Jan '13,234
Corn Exchange National 3,000,000 6,133,773 16
1,44 Jan '13,4
16
Drexel State
200,000
6
6
Q-J Jan '13,134
85,085
Drovers' Dep National_ v600,000
600,000 10
10
Q-J Oct '12, 234
Q-J Jan '13.2
200,000
Englewood State
8
61,431
113.6
10 000,000 11,815,233 12
First National
17 Q-M Dec31'12,414
First Nat Englewood
150,000
209,125 12 10-2124 Q-34 Dec 31 '12,6
Foreman Bros B'k'g Co.. 1,000,000
575,690 Priv Jae tia ilk
Fort Dearborn National 2,000,000
8
750,800
8
Q-J Jan '13,2
Hibernian Banking Assn 1,500,000 1,513.768 Not pu bllshe d- see note. (11)
Hyde Park State
33,091 Beg. b us Aug '12. V. 95. n.273
200,000
Kaapar State Bank
400,000
177,687 10
10
J-J Jan.'13,5
Lake View State
200,000
4.902 Beg. b us Apr 3'l1 V.92,p. 1004
Lawndale State
200,000
49,150 Org D ee. 16 1911
Live Stook Exch'ge Nat 1,250,000
603,477 10 10&26 (4-10 Jan '13,434
Mech. Sc Traders State_
200,000
52,853 Beg. b us.Aug 26'1 V 95,p593
Nat Bank of Republic__ 2,000,000 1,433,581
8
Q-J Dee 31'12, 2
National City
Q-J Jan '13, 134
2,000,000
662,389
6
6
National Produce
250,000
100,457
'i-i Dec31'12,112
6
6
North Avenue State
Q-J Jan '13,134
200,000
90,199
7
7
North Side State SaVII's
,50,000
Q-J Oct '12, 134
50,982
6
26
200,000
North West State
244,751
5
6 (44 Jan '13, 134
People's Stk Yds State_
500,000
112,877
9)i (?) Q-J Oct '12,23.4
Second Security
6,024 Beg. b us Nov t '11 V.93,p. 1236
200,000
Q-J Jan '13, 13.4
6
Security
160,729
6
400,000
Q-J Jan '13,4
8
South Chicago Savings_
114,000
8
200,000
Q-J (let '12, 134
6
6
South Side State
18,545
200,000
(4-.1 Jan '13,3
12
State Bank of Chicago
1,500,000 2,393,161 12
8
Stock Yards Savings_ _
245,422
10 (4-11 Dec 31'12, 8
250,000
6 31.-N Nov'12, 3
6
Union Bank of Chicago_
503,000
155,823
6
63i Q-J Jan '13, 234
Washington Park Nat
11,872
100,000
Wendell State
50,000
27,060 None None Q-M Dee3V08,1 34
Q-J Jan '13 2
Central Tr Co of
8
8
1,500,000 1.972,735
Chia City Bk Sc Tr Co
10&2e J-J Jan '13,7
500,000
356,967 10
Q-J (Jet '12, 134
6
Chicago Say Bank Sc Tr 1,000,000
6
285,129
(4-3 Jan '13, 2
Chicago Title Sc Trust
5,600,000 I 2,263,235
8
mi Q-J Oct '12,3
Citizens Trust Sc Savings
50,000
216,510 10
Colonial Trust Sc Savings
600,000
476,369 8&28 8.5,2e Q-3 Jan '13234
Cent Sc Comm Tr Sc Say 3,000,000 1,652,358
2B4
Jan
"ioDrovers Trust Sc Say
200,000
187,641
5,000,000 2,367,102 -First Trust Sc Sayings
168;76
- None Q-M Dec 30'11,4
250,000
Ft Dearborn Tr&SayBk
16,539 Beg. b us Apr 1'11 V,; 92, p. 929
200,000
0pr 3'12 V.94, p 1030
w Franklin Tr Sc Say Bk
.3i
b us1A
w63,673 Beg2
GreenebaumSonsB k &Tr 1,500,000
Q-J Jan '13,234
223,431
Guarantee Trust Sc Say_
200,000
u43,000
J- J Jan '13, 3
Harris Trust Sc Sayings_ 1,500,000 2,235,542 12
12
Q-J Jan '13, 8
Home Bank Sc Trust
300,000
:72,483 Beg b UR Apr 10'1 1V.02,p1004
Illinois Trust Sc Savings 5,000,000 110035,103 168410 16&46
Jan '13, 4
Kenwood Trust Sc Say..
200,000
86,520
7
7&2e Q-J Dec31:12,134
Lake View Trust Sc Say_
200,000
264,714
(4-3 Sep30'12,112
U La Salle St Tr Sc Say B 1.000,000
265,511 Beg b us. Ma y'10 See note (14)
Mercantile Tr. Sc Say_
250,000
41,522 Beg. b us.J'iy 1'12 . V.94,p.484
Merchants' Loanlar Co 3,000,000 6.714,212 16
Q-J Jan '13. 4
16
Michigan Ave Trust Co_
200,000
70,134
Q-J Jan '13 114
Mid-City Tr Sc Say Bank
500,000
‘
88- pr to'1 IV .92021004
94,009 CO-ni
88-b u,;-/
Northern Trust Co
Q-J Dec 31'12,2
1,500,000 2,804,056
North-Western Tr& Say
.J-J Jan '13, 4
250,000
129,670
Old Colony Tr Sc Say 13k
'ne 1'11 V.92,p. 1537
200,000
52,028
!
i3. :..12 us J8
People's Tr Sc Say Bank
Q-J Jan '13,4
500,000
208,354
Pullman Trust Sc Say
8
8
C1-J (Set '12, 2
300,000 2273,541
3
Sheridan Tr Sc Say Bank
Q-J Jan '13, 134
200,000
243,036
Standard Tr Sc Savings_ 1,000,000
8d bus. Sept 6 1910
389,813 CO-m
81
-721 ence
Stockmen's Trust Sc Say
J-J July'12,3
200.000
246,209
Q-M Sept 30'12, 2
Union Trust Co
e
1,200,000 1,501,633 8&9
2x
West Side Tr &Say Bk..
0
8 Q-M Jan '13,4
400,000
121,126 8&243 8it,21
Q-J Jan '13.
Woodlawn Tr Sc Say Bk
200,000
86,840
234

• Bid and asked prices; no sales were made On this day. t Nov. 26 (close of business) for national banks and Nov. 27 (opening of business) for State
hstitutions. 5 No price Friday: latest price this week. iSept. 1 191-1. II Dividends not published. Stook all acquired by the Cont. Sc Comm. Nat.
Bank.
a Due Dec. 31.
b Due June.
c Due Fab.
dDue Jan. 1.
e Extra dividend.
q Dividends are paid Q.-J. with extra payments Q-11'.
j Dec.31 1012. s Sales reported beginning April 18. u Formerly La Salle Street Nat. Bank, See V.05,13 1094. w Douglas State Bank absorbed by
the Franklin Tr. Sc Say. Bk. V. 95 p. 1511. Figures here given are as of Dec. 2 1912 and are for consolidated institution.
o Capital to be increased
)0 S700,600. V. 95. p. 1511. s Capital increased to 5100,000, a stock dividend of 100% being declared. U Jan.3 1913. y Sept. 4 1912. sSept. 5 1912*




JAN. 111E3.1

THE CHRONICLE

Volume of Business at Stock Exchanges

Telegraph and Telephone
e Amer Teleg Or Cable ___ 100
C Central Or South Amer_100
Comin't Un Tel(NT
Empire & Bay State Te1 100
Franklin
10,
e Gold & Stock Teleg.
e Mackay Cos ('0:0 -----1(1)
• Preferred
10,
e Northwestern Teleg__ 50
Pacific & Atlantic
25
c Pac TON)& Teleg pref.,100
Southern Or Atlantic

127
Rid

Act
70

indult and (niece!!-(Ceir.) Ltd Ask
American Thread pref.....6 .4
5
Amer Typefounders com 100 48
51
100 110
Preferred
100 10212 105
65
75
Deb it 65 1939
M-N
9912 101
40
50
8mer Writing Paper_ _100
212 3
115 120
Barney Or Smith Car cernlOu 10
12
Stocks
Railroad,
8514 88
Preferred
100 82
85
Week ending
Jct.,
U S.
Slate
6512 6814 Bliss (E W) Co corn
50 75
82
Jan. 10 1913.
Shares
Par value.
Bonds.
Bonds
Bonds.
115 120
Preferred
50 122 130
68
75 Bond Or Mtge Guar
100 300 305
Saturday
132,495 $12,467,C00 $1,084,500
$37,500
96 10112 Borden's Cond Milk com,100 119 1204
Monday
343,192 31,894,500
2,410,000
$5,000
117,000
85 90
Preferred
100 10512 10612
Tuesday
215,256 20,116,100
2,553,500
5,000
62,500
iritish Col Copper Co_ __:: .414 414
Wednesday
203,374 19,625,400
103,500
2,637,00
Sitert-Terns Notes
B -son Shoe corn
100 59
5912
Thursday
300,108 28,100,300
2,841,500
281,000
1,000 Area: Copper Sc 1913.
014
4
100
18
08078 0
100 100 101
Friday
207,668 19,758,800
121,500
2,233,600
Or Ohio 4 3es 1913_4-D
Cast
'
PeienfeCIoceodt Amer cons._ ;ou _ _ _: 2
Bklyo Rairfr 55 1918
9714 9784
Preferred
America_iliiii,i
40
Total
1,407,089 5131,892,100 513,713,000
5722,0001 811,000 C:les & Ohio 48,
0 1914 __J-D 993 8934 Casualty Co of
0 i lid 120
Chic & Alton bs
99 100 Celluloid Co
103 138 140
Eley
Chic
Rye
Sales at
Sc
Week ending Jan 10.
1914_J-J
9812 99 City Investing Co
Jan. 1 to Jan. 10.
10..) 47
50
Cln Hain di I) 4s 1913 ___J-J 9938 9934
New York Stock
Preferred
100 100 101
Erie es April 8 1914 __A-OS 10058 10078 ;Ciatlin (H B) co cons 10
Erch::nge.
1913
1913
1912
1912.
90
85
Cell 52 Oct 1 1914.._ A-0 9912 9934
e 1st preferred
92
100 88
Sc April 1 1916....A-0 9884 9914
Stocks-No.shares___
1,407,089
2,460,555
a 2d preferred
2,022,240
4,246,633
Par value
$131,892,100 5225,030,875
5183,951,200
5302,823,675 Gee'! Dozers 6s'15"-&e N Y ilk LA 1,-e. .:cett Peabidy & co con2
9
68
70
89
2
.
Hudson
CompaniesBank shares, par
23,800
33,500
$5,700
Preferred
10
72012 18
00
3
$8,900
63 Feb 1 1913
Bonds.
F-A
9812 100 Consul Car Heating__ 1tr
Oct
15
1913
03
Government bonds.._
$61,000
„A&011
$11,000
98
,
9912 ,..'onsoi Rubber Tire.., fl
533,000
574,000
14
15
State bonds
727,000
728,000
J&.) 9982 9978
1,311,000 Ili Cent 4s 1914
828,500
Preferred
RR. and misc. bonds_
13,713,000 26,777,000
44,605,000 Sat Or (It Nor bs 1914 F-A 9882 9918
17,799,500
Debenture Is 1951___A-0
57 -EV
1° 1 56
Inter Harvester be '15.F&A
9954 10014 a Crucible Steel
com__100 1614 1612
$14,452,00d $27,565,000
Total bonds
e Preferred
518,661,0001
$45,890,000 K C Sty Or Lt 65 1912_ M-S
100 9512 96
Minn Or St L g 63 1913 P-A
99 ig" Davis-Daly Copper Co___10 .17s 21s
Alo
Ran
Or
Tex
Ss
TRANSACTION
1913.M-N
997a
S AT flIE BOSTON AND PHILADELPHIA
10014 luPont(1) de Nem Pow 1011 190 195
DAILY
Missouri Pacific 5s 1914_4
9734 9814
EXCHA NGES
e Preferred
198
Nat Rye of Mex 4 Ms '13.J-D 9814 99 ,
:merson-Brantingliam _100 -iW4 70
eN YC Lines Eq 61 1913.22 0 4.80 4.60
Preferred
100 100 101
Boston.
4s Jan 1913-1925__J-J is 434 4.55 Empire Steel Or Iron
13
10
corn 10
O 434 45.5
4;is Jan 1913-1927.
Week ending
Preferred
45
Unitred
Cent
Listed
4s
Bond
N
Y
Jan. 10 1913
1 Listed 'Unlisted
1914_ M-S 1,934 10014 c General Chemical com.WO) 11212 20
Bond
51
1
08
sales,
shares shares
NY N H& Hartford 53'13J-D 10018 10088
shares.
sales
shares.
e Preferred
108
t
St L Or S F 6s 1913 opt J-D 9914 9912, k Hackensack Water (.:o103
4,793
5,987
320,000
Gs Sept 1 1914 01st.. M-S 9884 9912
Saturday
8,0951
$12,500
2,077
lief g 4s '52 op 1912_ __J-J
---7,391
10,426
Monday
32,0001
13,233
103,100 South lty g 5s 1913
9,251
P-A 9984 100 Havana Tobacco Co ___.100 85
4
7
6,727
6,754
Tuesday
21,000, 10,825,
69,500 Wabash 480 1913
2,523
M-N
Preferred
-- - 8
15
1
13,351
Wednesday
7,849
66,000
14,044!
61,000 West Maryland Ss 1915_ J-J -iii - 9812
1,630
1st g 55 June 1 1922J-D 161
64
12,669
11,347
Thursday
30,000
17,3331
72,700 Westingh'se El Or M 6.9 1913 1003s 10034 Hecker-Jones-Jewell Millie;
4,365
12,850
14,409
Friday
41,600
3,3791
notesOce17-See NY 8,d. E :ii.t
48,900
4,333
let 6.9 1922
- _
---,-Railroad
Herring-Hall-Niarvin
62,037
52,516 5210,600
Total
66,9111 24,079 $370,700 e Chia & Alton com
1818 Hoboken Land & ImPr-o-v
100 17
hli
i 1100114 1200212
26
40
e Preferred
1st EA Nov 1930
100
id104
Chic 8t P M & Om
100 125 135 flocking Val Producta_10
512
et Preferred
1st g Si 1961
100 150 160
52
55
32 83 e Ingersoll-Rand corn
5 0010 & South co__100
ra
105
2
.1j
100
0
All bond prices are now "and interest" except where marked '1"
e 1st preferred
72
67
e Preferred
63
intereontin
70
e 2d preferred...
Rub com_1
100
108
9° 92,2 ICI Street Rali ways-wend
Bid Ask
N Y Chic Or St L corn -100 53 59
Internet Banking Co. 100 110 120
Street Railways
Bid Ask United Lt & Rys coin. 100 77
80
e let preferred...
100 09International Nickel ___100 145 147
First preferred
100 8112 84
e 2d preferred
Preferred
100 80 -17Q7g
10u 106 107
New York City
Second preferred
76
100 74
Northern Securities Stubs.. 105 110 International Salt
WO
2
5
Bieeck St els Ful Fy stk 100 20
25 United Rys of St LPitts Bess Or Lake Erie_50 .31
34
let g Is 1951
5212
1st mtge 4s 1950
JO
85
72
Com vet tr etfe
1034
103 10
erar,
*62
ta llo
iPrie
68 International Silver pref A
13
5
0
9
/
SO
U
10
136
B'y & 7th Ave stk
100 170 182
e Preferred
100 35se 36
Securities Co
let Os 1948
Id Mtge 5s 1914
JacJ 9914 10014 Wash Ity & El Co _
8888
100 88
79
C stk tr etfs Ser
85 Internet Smelt & Refg 7.00
ihi1
:
Broadway Surface 1(18Preferred
100 9038 91
West Pao let bs 1933_ M-S 8612 8712 Lanston Monotype
'"0
6
W 68 1924
J&J 101 103
41 1951
J-D 8334 85
:
j
i0
Lawyers' Mtge Co
'1) 2
1;1 2
Cent Crosstowa stook_100
West Penn Tr& Wat Pow 100 3312 34
Standard 011 Stocks
MadisonLehlglc Val.
GCora
di
,n
.
0
1 233
,.
8a
sltes
60_ 23
u b;
5
Preferred
let mtge es 1922__M-N 104
100 80
8012 Angin-Arnerican Oil
20
fl *19
2
7
Con Pk N OrE Riv stook _100
Atlantic Refining
100 635 645 aianhattan Shirt
70
Christopher&lOth St stk 100 125 135 Electric, Gas & Power Cos
250
Borne-Scrymser Co.
260
100
Preferred
'
cac_M
0)
1 18.111 103
Dry Dook E B & BNew York City
Buckeye Pipe Line Co_ _58 *174 177
Manhattan Transit
20
: 13s
J-D 10014 10112 Cent Un Gas 5s 1927___J-J 102 10312 Chesebrough Mfg Cons
lot gold 53 1932
108 645 655
MonongahelaR Con
bt *1012
P-A 180 40 e Kings Co El L & P Co 100 122 125
Scrip 6s 1914
130
Colonial 011
140
Preferred
100
fa, •
Eighth Avenue stook
100 810 320 New Amsterdam Gas1725 1775 Hortgage Bond Co
Continental Oil
100 104 ie
Scrip (is 1014
P-A / 99 101
10012 102
let consol Si 1948..
Crescent Pipe Line Co_ 1
66 a National Surety
1 0 .63
100 200 205
424 Or (Jr 81 Py stock. 100 260 285 N Y & H It Gas let 53'44 J-3 103 103
Cumberland Pipe Line_100 62 66 5 New York Dock com 100 ---42d at B&St N Ave
100
Consol 53 1945
J-3 101 10.1
Eureha Pipe Line Co.., 100 390 395
et Pre:erred
100 32
42
1st 63 11310
M-S /99
s N Y Mutual Gal L.--IOC) 108 176
(la4na-Signal 011 com100 302 307
N I Mtge & Security. 100 250 210
Meth Avenue etook
100 160 180 NY&Q El L & Pow Co_ 100 62
58
Preferred.
100 133 142 N Y Title Ins Co
100 115 119
Second Avenue stook
10u
85
1
8
Preferred
100 78
Indiana Pipe Line Co_ .50 154 157
N Y Transportation.
20 *5
0
Consol 5s 1948 etts 41-A
40 N F Or Richmond Gas.. 100 63
85
02
National Transit Co
Niles-Bem-Pond com
28 •48 49
101) 83
87
• Sixth Avenue stock_100 116 126 North'n Un 151 bs 1927 bl-N 100 102
355 365 Ohio Copper Co
New
York
Transit
Co.
..100
10
*1
'A
1
Boa Boelev 5s 1995
J-J 88
93 Standard L 1st 521030 M-N 104 106
Northern Pipe Line Co_ 100 113 117 a Ontario Silver
IOU
214 23
00 Fer let 55 1019
A-0 90 95
Ohio Oil Co
28 *130 132 Otis Elevator corn
101) 78
80
Tarry WP & M 63'28..,M&S 176 80
Other Cities.
Prairie Oil & Gas
100 335 340
Preferred
28 & 29th SW 63 '96 etWA-0 /20 28 Am Gas Or Elea corn
_
600 620 ePettibonbl
50
Solar
Refining
100
e
-ulliken Co1
00 121 12°914
10
Twenty-third St stock 10U 250 275
Preferred60
263
Southern Pipe Line Co. 100
268
e let preferred
10
.88
SO0 9
99
Union Sty let 65 1942_1S-A 104
Am Lt & Trao corn
43
.8346
5 4470'; South Pena Oil.
100'
100 890 905 Pittsburgh 13rewing.
814
Westchester let 58 '43_J-J 96 100
Preferred
00 109 111
Sou West Pa Pipe Lines 100 108 175
Preferred
Yonkers St RR Sc 1940,A-0 88 95 Amer Power Jrd Lt com 100 05
68
Standard Oil of Calif..J00 192 194 5 Pittsburgh Steel pref.
*
9
3
6
8
9
L
100
3
7
Brooklyn
Preferred
85
100 84
Stand 011 of Indiaaa_ .100 357 363 Pope Mfg Co com
100 35
37
/Ulan Ave Hi8 con as '31A-0 102 104 Bay State Oita10 .
38
12 Standard Oil of liansas_100 500 510
Preferred
100 79
80
as 14/33
A-0 97 101 BulYalo City GSA st00-100
41 13 & W
4
612 Stand Oil of lEentucky_100 880 390 Pratt & Whitney pref
100
101 103
Brooklyn City It Et
-_10 161 160 Mies Service Co eom
108) 110 115
Stand Oil of Nebraska _100 315 325 Producers Oil
130
/Alps Ilgts 1st 83 1941.A-0 100 103
Preferred
8812 Stand Oil of N J (old)..j00 1180 1200 Realty Assoc (Bklyn)_1
100 87
00
0 115 1.1-8.10
Coney Is! Or Dklyn
100 93 101 Columbia Gas Or Elee. _1(10 15
16
Stand Oil of N J
100 427 430 Royal Bak Powd com
100 205 212
85
lit cons g 45 1948__J-J 80
let 68 1027
J-J ..__ 75
Standard Olt subsidiaries_
750 770
Preferred
100 105 108
J-J
83 Con Gas of N J Si 1.936__J-J 98 100
78
, Con g 4s 11156
Standard Oil of N Y __JOU 690 700 a Rumely (M) Co corn-See zztkEx list
Brk C & N 6s 1939
J-J 99 101 Consumers' L U Or PowStandard Oil of Ohio_ __10U 292 298 Safety Car Heat & Lt_100 114 115
Nassau Elea 1st 6s 11/44.A-0 102 10314
es 1938
J-1) 100 -___ Swan Or Finch
100 250 265 Sears,Roebuck&Co-SeeNY Stk E x list
N Winsburg & FlatbushConsumers Power (MinneUnion Tank LineCo __JOU 75
78
ePreferred-See Chic stk Ex IL t.
lit 4s July 1941...F&A 02 05
87
lst&rof 53 11)20op'14_M-N 86
185 187 Singer Mfg Co
Vacuum Oil
100
100 315 325
Steinway let ew 1922
J-J 100 103 Deaver & El Ss 1949.M94
90
Washingum Oil
40 South Iron Or 8 corn...J.00 -- 2
10 .36
325
Elizabeth Gas Lt Co. 100
1425 1473
Waters-Pierce Oil
100
Preferred
IOU
1
3
Other Cities
Essex 4 Hudson (lea.,j0)) 133
Tobacco Stocks
Standard Coupler com_100 30
40
Sul/ St lty let eon 53.31F-A 103 105 11as Or El Bergen Co.. 100 89 00
(See also Stock ExchangeLiso
Preferred
108
100
112
87
8834
Deb 63 1917
108
104
A-0
(let West Povr Si 1940 _J-J
Amer Machine & Fdy _100 65 65 Stern Bros prof
100 77 80
Com'ivIth Pow Sty & L_100 /0
71 Hudson County Gas.. 100 131 13-8
British-American Tobae..£1 .25
2518 Surzbcrger ilk Suns Co pf 100 07 100
40
Preferred
100 0012 92 Indiana Lighting Co. _100 42
Conley Foil
100 290 300 Texas Or Paettic Coal. 100 94 100
68
70
•Conn Sty Or Ltg com_100 71
73
F-A
4s 1958 opt
e Heime (Geo W) com_100 180 185 e Texas Pacitic Land Tr 100 93 97
• Preferred
40
100 76
78 Indianapolis Gas
50 35
e Preferred
IOU 105 117
ronopa,r blin(Nev)-SeePhila .411: E x list
0 Detroit United Sty _100 78
90
81
let g Os 1952....„...A-0 80
Johnson Tin Foil &Metal 100 180 190 Trenton Potteries com_100
4
7 •
Federal Light & Trao
97
100
100 80 84 Jackson GAS 63 it 1037..A-0
MacAndrews & Forbes_100 195 205 I Preferred new
100 50
55
Preferred
100 83 85 eLaolede Gas preferred...105 st19 100
Porto-Rican-Amer Tob.100 260 270 frow Directory
101) 20 _
I Ilas/ans. Elea Sty L &P 100 8614 90 Madison Gas 63 1926._ A-0 103 109
Reynolds(1(J) Tobeeco_100 260 275
Union Typewriter com Illu 34
36
e Preferred
99 Narragan (Prov) El Co _50 *94
100
97
120 140
Tobacco Products corn (w
let preferred
IOU 103 105
/ St 53 1930
E Louie,
J-J 10512 10584 Newark Gas Os Ape44-Q-J 125 127
9712 9814
Preferred (w 1)
20 preferred
IOU 100 102
I NS* Or! Rye & Lt corn IOU z84
Newark Coesol
9712
9812
.....100
e United Cigar Mfrs corn 100 481e 5012 United Copper
100
N 112
Preferred
100 z 7412
No Stud L II &P 6111938 A-0
__
e Preferred
100 10014 105
Preferred
100
6 12
Pub Serv Carp of N J
See Stk E Tc-11si
- PaciElo Gas Or E cora...JOU 1000214 0232 UnitedelgarStoresofAm corn 10338 1085 5 United Dry Goods ____100
9934 100
Tr etfs 2% to 6% perpet 108
Preferred
91
92
100
11612 118
Preferred
100 10412 105
c Preferred
North Jersey St liy 100 79
80 Pat Or Pal Gas Or Rico. 100 90
93
e Woyman•Bruton Co_ ..100 250 300
U 8 Casualty
100 190 200
79
M-N
80 St Joseph Gas 5s 1937. J-J 00
let 4s 1448
94
e Preferred
10000
100 11612 11812 U S Envelope corn_
7612 Standard Gas Or Elec(Del) 60 .2138 2212
Cons Tract of N J....100 75
Young (J S) Co
100 170 180
Preferred
11
08
4 11
16
512
Preferred
let 65 1933.......J-D 103 104
61
150 *60
c u s Express
100 63 68
NeW'k rase By 53 '3U.J-J 106 108 United Electric Of N J..100 90
95
Industrial and Miscellaneous
100
75
Ity....100
240
230
let g 4s 1949
Rapid Tran St
8314 e Adams Express
J-D 82
ed
ing
ersrh
elfill
100 145 155
U IlrF
104 ---- 95
A.0 102
Western Power cam
let Ls 1921
26
_100 24
Col tr g 4s 1947
J-J 155 105
1st it fie 1919
J-D / 8012 8184
Preferred
J C Hob &Pat 4s 1949-68-N 7812 -g()
52
100 61
Alliance Realty.
117
115
Con
Si
1924)
g
100
J-J 95 100
So J Gas El & Trao....100 125 128 Western States Gas&ElecAmer hank Note Com _50 .62 64 (38 Indus Alcoh-See NY 8 A Ex list
leit & ref g 63 1941 op _J-D
9212 98
M-8 99 100
it Se 1953
Preferred
e Preferred
50 .5214 5312
100 91 105
No Ilud Co By 63 1914 J-J 102 103
American Book
U S Steel Corporation100 170 175
Perry Companies
Con 44 63 1928
J-J 10312 104
135 138
American Brass
Col s 1 Apr 5s 1951 op 1911 114
& N Y 1st 6s 1911......1-3 92 98
Ext 156 1024......M-N 98
American Chicle corn.. 10J 205 210
Col s f Apr 5s 1951 not opt 114
Pat RI con 681931_3-D 112
N Y Or E R. Ferry stock.10s
8
15
U 8 Tit Gu & Indem__ _100 871 .021Preferred ......_100 100 102
2
26 tis 1914 opt____A-0
let bs 1922_......
50
60
eArneriean Hxpres.
100 16212 167 e Virginia Iron C Or C-100 bb
ei
Republio Sty Jv Light
100 25is 2712 N Y Or Bob 5s May '46 J-D 99 100
Am Graphophone corn __100 43 4812 5 Wells Fargo & Co____ 100 118 125
Preferred
Hob Fy 1st 531946 M-N 105
100 79
8012
100 75
Preferred
85
Westchester Or Bronx Titl
Tennessee fly L&P com 100 221s 2312 N Y &NJ 55 1946......1-.1 98
American Hardware__ 100 z13712 13912
es Mtge Guar
100 _.165
Preferred
100 7612 771 10th Or 23d Sts Ferry. 100 25
fig
Amer Malting Os 1914 J-11) 101 102 sWestingh'se Alt Brake ..50 *138 13812
Trent P & 11 63 1943
1-1) 96
1st mtge Ss 1919
J-D 55
05
Amer Press Assoe'n___100 4.5
55 Willys-Overiand corn __ 100 7484 752
Union fly Orts & El corn 100 6112 64 Union Ferry stock
100 14
16
Am Steel Fdy Os 1935 A-0 99 10012
Preferred
100 99
91)te
Preferred
100 88 90
let bs 1920
90
93
Deb 43 1923
F-A 71
73 eWoolworth (F W)-See NY Stit E x list
American Surety
50 200 203 I Worthington(FIR)Co pf..100 104 108.
• Per share a And accrued dividend. b Basis. k Listed on Stock Exchange but usually inactive.
1 Flat price. n Nominal. a Sale price. t New stock. x Ex-dre
v Ex-rights 15 Includes all new stock dividends and subscriptions e Listed on Stock
Exchange but Infrequently dealt in; record of sales, If &try, will be found on it
brecedIng vase.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY

Inactive and Unlisted Securities




100 id

ig- 115

BOSTON STOCK EXCHANGE-Stock Record.

128

SHARE PRICES-NOT PER CENTUM PRICES
Saturday
Jan. 4.

Ifonday
Jan. 6.

Tuesday
Jan, 7,

Wednesday I Thursday
Jan. 8.
Jan 9

Friday
Jan. 10

*10534 100 *10534 100
100 106 *10534 10614 106 106
10614 10614
*10012 10112 *10034 10114 *10034 10113 *10034 10114
Last Sale 10218 Dc'12
214 214
21312 214
214 214
214 214
214 214
214 214
11112 112
112 11234 112 11212 11214 11212 11238 11234 11214 11212
*203
*202
- 203 203 *202
*202 ____
97 -ff- 97 -97
96
06
97
*98
97
96
96
96 *202-*290 29212 *_ _ 295 •290 290 *28712 290 *28712 290 *28712 290
10
Last Sale 10 Dec'12
*5
8
wi
8
*5
8
Last Sale 70 Dec'12
*07
70
70
*87
70
*67
70
*67
7
_
7
Last Sale 7
7
U---Dec'12
*40
Last Sale 50 Oct'12
so
50 ;
,5
4 5
*40
50
so
Last Sale 167 Dec'12
*167 168 *167 168 *167 168 *167 163
Last Sale 103 Dec'12
109 *____ 109 *____ 109 *____ 100
Last Sale 260 Aug'12
*260 276 *260 270 *260 271
*120
*120 12014
12674 1-16.1-4 120 120
11912 120 *120
Last Sale 125 Nov'12
*122 -*120
*122_ *122
84
8484
8334 8413 84
*8212 83
*8312 -8112 *8312 85 .
Last Sale 125 Nov'12
125
125 *.
125 *____ 125 *
1614 1613 1613 1612
1634 17
;1
5
17
*17
16133
- 17
18
7614 76
7634 76
704 7638 76
7614
767,3 764 7634 76
128 12814 123 12338 1284 1284 128 12814 123 130
12914 12934
12812 12812 128 128 *128 130
*12812 130
Last Sale 200 Dec'12
" 175 175 *175 177
'174
574( ci414 175- fir,
'174
49
Last Sale 49 Dec'12
'42
49 '42 -49
*42
49 .43
16018 16018 16073 16073 *16038 16034
•16031 161
16214 16214 160 160
9013 9013 *9113 92
*9138 9134 *9013 91
*9214 9234 *9153 92
Last Sale 150 Dec'12
*150
8013 8012 81
-5534 -6514 ;55- 1;1- 803 Wig 8012 -81
81
9812 9812 *98
loo loo
100 *_ 100
99
9934 100
5612 5612 5614 57
5814 5614 5634 57
5678 5678
5612 57
9812 09
9812 99
9878 99
9834 9834 984 99
9878 99
438 412 *414 412
413 412
438 438
412 412 *414 412
2213 2212 *2212 2234 2212 2212 2312 2313 2312 2312 23
23
11678 113 *117 118
11614 11714 110 11714 11614 11634 11612 117
116 11612 116 117
116 11612 11634 117
11678 117
116 117
13934 140
13914 13978 13938 13034 13912 13978 13912 13934 13914 13934
20
Last Sale 22 Nov'12
+19
2012 *18
*19
20
2012 +18
81
804 81
8112 81
81
81
8112 8078 81
804 81
75
Last Sale 75 Dec'12
*74
75
*74
75
75
*74
*74
*9812 99
0812
0812 9812 0813 9512 9812 9812 *--,, 9812 98
"78612 *573 6
5,
8 578
5
534
514 514 *573 6
12
12
11
*1012 11
1034 12
10
104 1012 1012 11
1212 1213 13
13
13
1314 1314
*1212 1312 *1212 13
284 284
284% 28512 285 28812
28434 285
284 235
234 285
186 186 *18312 185
18518 18578
18312 18512 18518 18512 18518 186
9234 03
9234 93
9311 9338 9234 9312
03
93
9212 93
0434 95
9458 9434 9434 95
9434 9538
*944 96
9412 95
*21612 219 *210 220 ,219 220 *216 220 *216 220
219 210
+3
4
3
3
314
*3
314
*3
114 *3
314 *3
90
90
Last Sale 93 Dec'12
00
90
+90
9312 9112 9117 *90
0313 *-- 93
9312 +
0312 *90
15512 15512 165 155
15913
iL3r3
160
158
15912 15912
135 158
Last Sale 90 Meh.'12
HIT& 1-5-6- 16412 165
1(3412 16453
155- 165
151- cal; iol- 165
.15
1513
1512
1534
*15
'
15
1531 *15
1512
1534 '15
1512
10614 10658 10G 10634 10613 1064 106 10613 100 10613 106 10612
2814 2813 2814 2814 *28
28
2813
28
28
28
23
23
28
2734 28
28
*2713 28
*26
28
28
*27
28
28
2
2
214
214 *2
212 *2
*2
214 *2
181 182
iii- -151
181 182
18112 182
18112 18112 181 182
50
4834 4834 4834 4834 4912 4912 4913 4912 50
50
5014
2714 2714 2712 2712 2778 2778 2773 2778 2734 28
2714 28
(1758 63
6812 6712 6778
67
6834 6712 6734 3714 6838 68
10973 11012 *110 11012 110 11012 11012 11012 110 11013 110 110
6
6
2
2
42
O40
7834 7913
2934 30
*334 4
*.31 .40
6
6
4
4
424 4318
7112 7134
*535 545
*18
1812
4634 4678
.0.02 .04
62
5234
*313 4
1434 1434
*813 9
*334 4
6813 704
9;4 918
2412
*23
*34 1
16
16
*18
19
5712 59
*86
87
324 3234
234 234
*134 1%
25
2513
514 514
*10
5
1434 15
*26
2612
*134 238
8313 64
1934 1934
+213 234
*834 9
3278 33
213 212
278 314
8
8
64
55
103 103
2712 28
7713 7712
2153 2153
+253 8
13
1314
*28
29
+.25 .40
*3834 3934
24 238
80
3612
5
5
338 338
4313 4313
49113 4912
*213 214
11
1114
5953
69
0134 2
*34 414
74
74
*1
112
.
4,
,5 Bid and

*514 6
*514 6
534 534
*514
514 514
2
212
2
2
214 *2
218 213 *2
212
42
41
41
41
39
39
41
42
*4013 42
7914 7714 7834 7612 774
7734 7912 784 7914 77
2934 30
30
2912 2934
2912 30
2934 3014 29
312 4
*353 373 *358 378 *3% 178 *312 334
Last Sale .30 Dec.12
*.31 .40 *.31 .40 *.30 .40
512 512
54 512
*512 6
513 534
*513
338 338 *314 358
333 312
358 358
378
38
3958
42
4314 4214 4318 4114 4212 3834 4218 37
70
69
7014 68
71
7112 69
7112 7214 71
616 520
520 525
520 840
540 545
540 540
1712 1712 1712 1712
18
1812 18
18
18
+18
4714 4578 4612 4314 45
4612 47
4613 4678 46
Last Sale .01 Nov'12
+.02 .04 *.02 .04 .0.02 .04
59
50
5012 49
60
50
52
52
5134 52
Last Sale 313 Dec.'12
*3% 4
*331 4
*334 4
1433 1434 1434 1434
1434 1434 1434 1434 1434 15
814 814 *814 9
814 814
8% 812 *812 9
358 358
334 334
334 378
334 3%
34 334
69
7034 6812 6912
72
72
70
70
7112 70
9
9
9
9
9
914
/4
8% 914
93
4 94
22
2212 2212 2112 23
22
24
24
24
*23
4,34. 1
*3,
1
*34 1
*34 1
34
34
10
1512 1512
1514 1513 16
10
16
16
16
1812 184 1812 .
1813 1334 *1714 18
*18
1812 *18
57
5612 564 *55
*5612 57
59
*57
*5612 57
87
8712
87
87
86
*86
86
8612 864 87
3153 3314 3212 3212 2112 32
3234 3312 3234 33
258 2% .258 278 *253 278 *258 278 +258 278
134 134
134
113 112
134 134
134
134 134
24
25
2313 24
2513 2513 254 2512 2434 25
538 *478 614
*518 612 *5
514 *5
538 *5
10
978 978
10
1012 10
1012 1012 *1012
5
514 *5
512
5
5
512
*5
512 *5
1414
1414
14
14
14
15
11
15
1413 1412
2558 2558
2612 *254 2618 *2558 26
2534 2534 *26
Last Sale 134 Jan'13
*134 2
*134 214 *158 2
64
259
03
59
64
64
64
65
65
65
1918 1918
1913 1958 1912 1913 1918 1913 1914 1914
238 238 *214 213
*212 234 *213 234
212 2.13
*878 9
9
9
9
9
9
9
834 878
33
3334 3312 3334 3258 3418 3234 3373 3214 3313
258 258
*213 3
24 212 *215 3
*253 3
3
318 *212 3
3
318 *212 3
;7; -88
8 7
758 758
734 8
758 734
8312
5412 55
544 5312 5312 53
5414 6414 54
302 1024 101 101
103 103
103 103
104 104
2614 27
28
2758 28
274 2778 2718 2758 27
7558 7558
78
75
78
7712 78
7712 7312 77
2034
2158 214 2113 2113 +2138 2158 2138 2138 20
212 234
*212 278 *212 278
213 212 *234 3
1213
212
134 1338 1318 134 13
1318 13
13
28
28
2812 2812 2814 2814 28
28
28
28
.25 .25 •.27 .35
.20 .20 .35 .35 * .25 .38
3913 3912 3834 3914 384 384 3812 3812 3513 3738
214 213
213 212
24 212
213 213
213 24
36
35
3634 3512 3613 35
35
35
*35
36
518 514
5
5
54 578
5
6
6
512
*3
314
3
318
3
3
314 314 *3
34
43
4213 4278
43
424 4258 43
4314 4231 43
4912 50
4913 50
4034 4034 4934 4934 4934 50
218 218
2% 2%
218 218 *2% 218
2% 2%
11
11
11
11
1058 11
1053 1058
+1058 11
5834 5834 5834 5834 574 6754 *5814 6812 *5678 5712
2
184 184
2
*134 2
134 134 .134 2
413 *313 413
334 4
+312 4
*3'2
*312 4
74
71
74
74
70
70
75
71
73
72
14 14
113 112 *114 113
114 114
*114
112
asked prices. a New stock. a Asst't paid. 0 Ex-stook




scaes
,, (Sc
Week
Shares,

STOCKS
BOSTON STOCK
EXCHANGE •

Range for Year 1912,
On Oasts 01 100-3/4,4n, 1043
L010.11

Illgnest

Railroads
135 Atch Top & Santa Fe_100 10378 Feb II 11114 Oct 2
100 10114 Nov , 10414 Feb 7
Do pre,
455 Boston & Albany._10U 2111? Sep 17 22213 Apr 3
100 112 Dec 20 13434 Mch 25
2,923 Boston Elevated
100 202 Nov25 218 Jan 4
81 Boston & Lowell
94 Dec 11 10052 Jan :t
1110
97 Boston & Maine
9 Boston & Proviclenco_100 290 Dec 5 JOu Apr 27
10 Dec 11 1
May 23
Loston Suburban El Cos_
Do pref
70 Dec 28 SO J'no
Boston & Wore Elee Cos_
Dec
1212 Jan G
1)., pre;
50 Aug 30 57 Jan b
'Chic Juno Ity & USY.100 135 May 6 170 Jan 15
Do pref
10113 Oct 3 112 J'ne 1 i
Connecticut Itiver___100 260 J'ly 21 272 Jed Is
100 119 Dec 17 128 J:111 25
98 Fitchburg, pref
Ga Ry & Eleo stmpd_100 121 J'ne 12 ,179 Apr 1
Do pre;
100 83 Dec 30 0112 Jan 0
17
.ialno Central
100 125 Dec 6 14738 Nlay31
315 viass Electric Cos__ 100 16 Dec 10 2318 J418
Do pret Stamped _100 7238 Dec 13 83 Feb 2b
623
645 NYNH& Hartford_100 126 Dec 11 14238 Apr 2
10 Northern N H100 12812 Oct 3 143 .8 Ii 3.4
Norwich & Wor pref_100 200 Oct 24 21212 Jan 21/
100 r174 J'ne 14 187 Jan 31
3 Bid Colony
70. Jan 24
Hutland pref
100 41 Jan :
152 Dec 12 /014 Sep •Si
Union
Pacific
100
195
Do pre,
100 8:08 Sep .4 9378 Dec 2
10
Vermont & Mass--_ _100 120 Dec 30 164. .88311 10
E.ad St
50 80 Oct 10 »8 Feb :Ai
297
Do pre!
50 96 Nov 4 10313 Mcli 1.
40
Miscellaneous
lmer Agricul Chem 100 54 Dec 9
pref
100 98 Dee 26
.1 Aug 2
Amer Pneu Service
50
Do ['ref
60 14 Mch 20
Amer Sugar Itenn_100 11334 Dec 12
Do pref
100 11414 Dec 12
Amer Te121, & Teleg 100 13712,1a.
Amer.can Woolen____100 22 Nov18
Do pref_100 7914 Nov 18
233
Amoskeag Marltila-c-t-urIng 75 N ov 27
Do pref
x9u14 J'no .1
61
5 Aug 20
20 Ml Gulf & W I SS L 100
Do pref
745
100 1012 Aug 21
160 East Boston Land_ 10 1034 Jan 2
360 Edison Eleo Illum
100 27212 Sep 25
484 General Electric
100 155 Jan 2
1,641 Massachusetts Gas Cos100 z8818 J'ly 15
Do p-et____
100 93 Dec 10
1,557
1 Mergenthaler Lino__ _100 21412 Dee 21
212 mch 14
10
5 Mexioan Telephone
N E Cotton Yarn
100 10 Dee 16
Do pret
100 90 Deo 24
7
100 11814 Oct
820 N E Telephone
oortland (Me) Eleo-100 7212 Jan 17
100 158 Feb 1
207 Pullman Co
5 Reece Button-Hole.. 10 1334 Jan 2
100 9812 Jan 2
450 Swift & Co
23 27 May 8
298 Torrington
Do pref.
25 28 Jan 5
66
530 Union Copper L & 51 25 .85 Jan 6
327 United Fruit
100 11174 Sep 16
1,020 Un Shoe Mach Corp__ 25 4614 Jan 15
Do pref
25 2712 Deo 11
558
6,400 U S Steel Corp
100 5838 Feb 13
112 Do pref
100 1074 Feb 13
421
366
355
340
423
298
2,182

Range Ior Previous
Year 1911
Lowest

Illghest.

10058 Sep 11514 J'ne
•101 Sep 105 J'ne
1.19 Apr 226 Feb
12412 Sea 13012 Aug
207 Feb 218 Sep
0612 Oct 12238 Feb
292 Meh 300 Mch
12 Sep
16 Mch
70 Oct
7614 J'ne
6 Feb
13 J'ly
68 J'ly
2812 Jan
136 Apr 171 Deo
IU/ Meh 11513 J'ly
_65 Jan 272 J'ne
125 Apr 130 Jan
211713 Jan 3164 °let
80 Feb
9113 J'no
115 Sep 215 Jan
lo Apr
21 J'no
122,4 Sep
13.2 Jan
210 Jan
183 Men
32 Jae
15312 Sep
90 Mch
150 Mob
85 Sep
10) Aug

15138 Feb
142 Mch
211 Nov
190 Nov
45 Dec
19213 J'ly
0518 May
16418 Dec
1)3 Meh
105 Jan

46 Sep
6334 Nich 23
99 Jan
105 itich 22
614 J'1183 19
33 Au.4
1218 Aug
2112 Nov11
13358 Ma.'13 112 Sep
12.334 Aug 30 11134 Jan
149 Mew.... !31.58 Aug
1:315 Dec
30 Men:2
85i2 Oct
9414 MO 23
7/1,, Dec
84 May .
Go "Dec
105 Mch 20
733 Dec
9 Feb 14
1412 Nov
20 Jan 14
714 Jan
1714 May21
30/, Met, •
1.75 Sep
189 Dec 30 142 Sep
8734 Jan
95 Oct 11
93 Dec
9878 Feb 1,
22) Aug.. 211 Jan
3 Oct
412 J'no 2,,
105 Jan 18 103 Oct
107 Mch 2i 101 Nov
164 Men 1.4 13/ Jan
0234 J'ly
00 Me1120
153 Sep
184 Aug 2
1733.Apr 11 x12 Jan
9734 Sep
10918 Sep 2.,
32 Jail 10
21) Sep
27 Mell
31 Apr 11
334 Apr 8
34 May
20815 J'ne 19 0.78 Dec
4014 Aug
5712 Aug2
2612 Sep
2934 Sep 13
50 Oct
8058 Sep ,A)
t1632 Oct 1 10312 Sep

6334 Deo
10514 Mch
612 Jan
1014 Jan
122 Feb
12018 May
15314 J'ne
3614 Itch
0012 J'ne
81 NOV
10013 Deo
11 May
26 Jan
12 May
291 De0
10734 May
11634 Aug
9812 Oct
235 Aug
478 Jan
119 Mob
11612 Men
16512 Deo
7334 Nov
103 Jan
15 May
104 J'ne
36 Jan
21 J'ly
1148 Mch
19712 J'iy
5873 Feb
'21)14 Jan
8213 Feb
12103 Feb

Mining
5 Dec 9 1114 Apr 2/.
25
210 Adventure Con
2 Dec 30
814 May 3.
25
260 Algomah Mining
25 35 Deo 10 5013 J'ne 21
235 Allouez
7,034 Amalgamated Copper 100 60 Feb 1 9253 Oct 4
1,481 in Zinc Lead & Sm. 25 2412 Feb 15 35 Oat 3
678 Apr
12 Arizona Com'l etfs dep.
2 Jan 2
Bonanza Dev
_ 10 .25 Nov30 .55 Apr 11
014 J'no
180 Bos&CorbeopetS11311r
413 Deo 5
Co__5
534 Apr 3.
375 Butto-Balaklava Cop. 10 21•48 J'ly 25
19,045 Butte & Sup Cop(Ltd) 10 1912 Feb 5 6134 J'ne 8:.
2,703 Calumet & Arizona... 10 5712 Feb 1 8312 Aug 2,
55 Calumet as Hecia
25 405 Feb 1 615 Sep 2,
127
25 1512 Dec 11 2712 Apr 1,
1,912 CentennialCioCopper
Chino
6 2514 Feb 28 5014 Nov 8
Cons Merour Gold__
1 .01 Nov 14 .09 Jan 19
1,500 Copper Range Con do100
4812Deo 10 0613 Apr 11
712 Meh 27
Daly-West
312 Oct 14
20
1,350 East Butte Cop Min._ 10 1214 Jan 15 1634 Sep 3.6
215 Franklin
aa 673 Sep 27 1614 Apr 1
1,375 Giroux Consolidated_ 5
3 Dec 4 614eApr 6
4,967 Granby Consolidated_100 33 Feb 5 7734 Nov11
2,243 dreene Cananea___"_, 20
712 Feb 29 1118 Oct 4
595 Hancock Consolidated 25 22 Oct JO 37 J'no 11
2 May •
30 Helvetia Cop.,er
25 .70 Dec 4
400 Indiana Mining
25 1118 Sep ;Ai 23 Apr 21
10 InspiratIon.eonsol C 20 1638 Dec 10 2158 Jan 21
6534 J'ne 10
15 Island Creek Coal
1 4013 Jan
91
Do pret
1 85 Jan 13 9114 Aug
1,419 Isle Royale Copper
25 2034 Jan 15 374 Nov21
318 Feb :3
70 Kerr Lake
2 Apr
5
1,790 Keweenaw Copper
ga .80 Jan 2 3 May 8
1,545 Lake Copper Co
25 2234 Deo 11 49 Apr 10
35 La Sand Copper
8 Apr 1/
413 Feb 15
25
491 AItn,on Valley Mines...5 1014 Dec 18 1412 J'no 27
914 Jan 4
320 mass Consol
2'
5 Deo 10
740 ,layllowe2
234 Jan :3 1812 Apr 23
23
35 Miami Copper
5 2338 Jan 29 3048 Sep 25
512 Apr 20
158 Deo 13
Mlehlgan
1,053 Mohawk
25 51113 Jan 30 7.3 J'nOSi
108 Nevada Consolidated_ 5 1814 Jan 20 2438 Sep 30
014 Apr 10
2 Deo 11
200 Nevi Arcadian Copper 25
914 Deo 26
5
885 NIpissing
534 Jan 3
15 2234 Feb 1 3918 Oct 8
8,309 North Butte
834 Apr 23.
25
218 Deo 0
105 North Lake
25
610 1) lbway Mining
113 Dec 0 2634 Jan 11
25
745 Old Colony
253 Jan 2 1314 May I
25 44 Jan 31 64 Oct I.
002 Old Dominion Co
203 Osceola
25 100 Dec 6 13012 J'ne
8,523 Pond CreekCoal
10 15 Mch 27 29 Nov 29
155 Quincy
25 7212 De0 16 9,, J'flCSJ
284 Hay Consol Copper__ 10 164 Jan 29 2.513 Sep 25
473 May2J
1 Jan.31
155 Santa Fo Gold & Cop_ 10
10
1.055 Shannon
9 Jan 31
1778 Aug 8
3113 Nov11
615 Shattuok-Arizona ___ 10 17 Feb 21
• zoo South Utah 31 & S.__ 5
114 Apr 3
14 Dec 18
4878 J'ly 27
25 24 Feb 1
480 Superior
478 Jail 13
1 Deo 17
2,825 Superior& Boston 111n 10
85 28 Jan 31 51 Apr 18
110 Tamarack
8,128 Trinity
012 Apr 9
4 Dec 12
25
255 TuolurOne Copper
212 Dec 12 4142 Nieh 26
1
2,295 U S Smelt Ret & Min_ 50 34 Jan 31 x5053 Sep 30
1,284
pref
50 47 Jan 10 5234 Sep 25
725 Utali-Apez Mining_ 5
1 Nov20 31143 Feb
280 Utah Consolidated
2038 Apr 2
5
912 J'ly b
74 Utah Copper Co
10 5213 Jan 29 6738 Sep 24
800 Victoria
134 Dec 12
25
578 Jan 20
ao Winona
318 Deo 11
25
734 Men 1
281 Wolverine
25 86 Dec 12 117 Apr 17
350 Wyamtott
331 Mch 4
25
1 Deo 10
dly. is Ex-rights.
Ex-dly, ond rightto. z UnstamPe(1.

Sep
212 Oct
21 Aug
4434 Sep
. 1934 Oct
133 Dec
.30 Oct
334 Aug
3 Nov

718 J'ne
11 J'ne
4414 Deo
7158 J'ne
3058 J'ne
21114 Dec
.75 May
1513 May
512 Jan

45 Sep
300 Sep
8 Aug
1623 Sep
03 Nov
4634 Sep
3 Feb
878 Aug
512 Aug
333 Sell
..6 Aug
59j6 Oct
17 Sep
514 Oct

6334 Dec
545 Jan
14/ Deo
274 Dec
.15 J'110
0934 Feb
7 Dec
1134 J'ne
14 J'ne
818 Feb
4312 J'ne
85s Dec
2112 Deo
2 Feb
10 J'no

3914 May
814 Sep
JI12 4%im
258 Oct
12 N ov
22 Aug
3 Aug
612 Apr
4.13 Aug
.20 Feb
1673 Sep
114 Nov
16 Apr
15 Sep
2 Aug
3612 Dec
20 Sep
334 Aug
358 Deo
50 Jan
13414 Sop
81 Sep

44 Dec
91 J'ne
'23 Dec
773 Jan
334 J'ne
40 J'act
t, Jan
11:8 Dec
Jill J'ne
11.1 De0
2433 Dec
312Jan
37 Dec
2114 J'ne
414 Aor
1138 Feb
3614 J'ne
934 J'ne
812 J'ne
318 J'ly
40 J'119
124 Jan

55 glep
12 Sep
32 Apr
7 Oct
1413 Sep
12 Dee
20 Oct
e24 Oct
20 Sep
278 Oct
134 Sep
3038 Sep
4514 Aug
173 Nov
934 Jan
88 Sep
1 Aug
334 Nov
74 NOV
.30 Nov

76 Deo
10 Doe
134 J'ne
1214 Feb
24 Jan
1144 May
4212 Jan
834 J'ne
52 Jan
5131)00
47,3 May
4018 J11:
491,, xi,.
3l,1'10
20 J'ne
5758 Deb
418 Dec
012 Fob
122 Fob
2 Feh

34 Sep

JAN. 11 i13j

Boston Bond Record

r!k.

A
b

BONDS
III,
)1110.111T014 trroott EX01IANG3 :-.3
Weak Ending Jan 10.
.5.. a,

Price
Friday
Jan 10

Week's
, Range
1
Year
Rams or„t.
5
1912.
Lan Scats
"'`-

129

00

BONDS
,
li-''
o
BOSTON STOCK EXCHANGE
Week Ending Jan 10.
zz, .1.

Pr.fte
Fillip,
Jan 10

Wee;'-':
Rani,: or
Las Sets

2,
Q3S

Pangs
Year
1912.

'

Ak Low
High No Low Ifigi.
i
Iiid
AS!: ',0?/' -1Tio
li
10114
2 1011810234 General Motors 1st 5-yr 63_1913 A-0 9813 9912 9914 Feb '12 ___ 9914 991,
-1011
Arrieu1 Chem 1st 5s---1928 A-0 - --------_
i'Am Toler). Tel coil tr 45.._1929 J-J
8934 27 8834 0114 Cit Nor (3 B & Q coll tr 48_1921 J-J
8958 Sale 8912
9618 Sale 98
96)4
29 9478 981!
1036 .11-S
ConyertIble es
11238Nov'12 _-- _ 1083411534
Registered 45
1921 Q-J
0578 Sale 9578
954
4 9434 975;
Am 'Writ Paper 1st 81 Is g _1919 J- J ____ _ __ 8978 J'ne'12 _-_ 8973 90
Illinois Steel debcn Is
191:3 A-0
9978
99
2 98581003,
1913 NI-N ____ _-___ 131 J'ne'12 ____ 103 131
Ia Falls & Sioux C lot 7s___1917 A-0
Am Zino L & 8 deb Os
117
Apr
'08
-_
,
___ 82 jqy '12 ...._ _ 54 88
_
Nan C Ciln & Spr lot 5s____1925 A-() -------- 07 Meh 12 ____ -- Ariz Corn Cop 1st Gs otts of dep.. _
9(352 -9-7'Atch Top h S Fo gen g 4s 109.5 A---0 --------9034 Dec '12 ---- 0633 9934 Ran C Ft Scott & Meru Gs_1928 11-N 1113-4 .___ 111
11112 11 113 1171
Adjustment g 4s__Juiy 1995 Nov -------____ ____ 8733 Nov'12 _--_ 8738 9218 Kan CM & B gen 4s
1034 11-S ____ 92 9212Sep 12 ___.. 92 924
8912jily '12 _ .... 8912 9153
Stamped
July 1903 Al-N
Assented income Is
1934 li.s ____ 85 8338 Nov 12 ____ 8338 89
1955 J - D ___ _ ____ 10134 Sep '12 -___ 10.13410318 Earl C & Al By h Br 1st 5,.1929 A-() __ ____ 101 Dec '12
50-year cony 46
__ 100 1021
.._ Marq Hough & Ont 1st 6s_1925 A-0
1917 J -D
10-year cony Is
11053 lich'll --_..
115 Jne'08 _-_
_.
_
Atl Gulf & W I. SS Lines 5s_1950 J -.T -------6252 26 -6178
- -6-814 Mass Gas 4 ;Ss
6134
_
1929 J -J
3on
96
6 -9-4-34 -9-91
Boston Elev. 30-yr g .1s19:35 11-N ---- ____ 0518Feb '12 ___ 95 954 Afich- Telephone lot 55
1917 J -J ---- --- -10018 Apr ':2 ___
Boston es Lowell 4s
1916 J-1 ________ 10(7)4 Mch'09 ____ ____ ____ New EnT Cotton Yarn 53_1929 F-A ____ 93 94 Dec '12 ____ 1001810011
94 99
104100ct '03.Boston & Maine 4 ;fis
New hug Tel -ph Is
1944 J - J
1913 A-0
101;3811ch 11 ____ _- ---,
Improvement 4s
5s
193i F-A
1916 A-0 -------____ ____ 10013Sep -OS __-_
-_ 7_7
95
"9
5
'11:••
Feb
---------95
New
Plain 4s
England cons g 5s194.5 J -J ____ ____ 9978Jan -12 ____ -9-934
1942 F-A
-99-7;
02
102
Bur es Mo Illy cons Gs
Boston Term 1st 4s
2 103 10318
1918 J -J
1939 A-0
---- -,-,- ..,----,_ _ 111,isSep '11 ___
Cedar Rap es Molt 1st 73_1914 11-N _
_
New River (The) cony 53_1934 J-J ------75 Dee '1 1 ---- ------.
--__
----8912 21 -8-9- -9-214 N Y N II es II con deb 3 lis_1956 J -J
Cent Verint 1St g 4s,.Stay 1920 Q-I, 813-s Sale 8938
921 i -923,
9214 Itch '12
011 & Q Iowa Div 1st 5s___1919 A-0
Cony deb Gs
__ -___ 110:3 Oct '07 -___ _ _
1948 J -J 12514 Sale 1254 12538 11 123581321;
Iowa Div 1st 45
1019 A-0 -------- 09 Aug 12 ___ 99- -9-91r Old Colony gold 45
1924 F-A
ui Apr -U.) ---- ---- ---.
Debenture Is
-_-- 094 Dec '12 ---- 997810112 Oregon By & Nay con g 4s_1944 J -D --------1913 )1-N
____ ____
0834 Sep '0., .__
. -___ ___.
Feb '12 ____ 9978 1041
1922 F- A --------0934
_Denver Eaten 4s
Ores; Sh Lino 1st g Gs
1922 F-A
_ 11138 Oct 'I:.
1121133.
Pore
-_-_
9812
Nebraska Exton 4s
983,,
Marquette
Mch'12
--0812
11-N
deb
1027
g 6s1912 J-J
_
95
Jan
'12
____
9512 95
9812 Deo '12
B &SW:314s
9812 9812 Repub Valley 1st a f Os1219 J -1 ---- ---- 103 Jan '11 _ ___ -___
1921 11-S
-_-.
Illinois Div 3;is
1949 J-J __,_ ____ 8513 Nov 12 ...._ 8512 8734 Savannah Elec 1st cons 5s__1952
J
-J
--------. .
-___ ____ 70141)ec '10 ____
...
_
9978 Sale 994 100
Chic Jot Fly & Stk Yds 5(3_1915 J J
b 091210134 Seattle Elec 1st g Is
1930 1---A
10312.1'1y
'II
.___
CO
3
191
0-51,
Shannon-Ariz 1st g Gs _
_ 138 8734 N0:12 __ _ 87 91
Coll trust refunding g 48_1940 A-0
1919 NI-IN4 -1)6" -di 95 Dec '12 ____ 8312100
___ ----114 Jan '11 ____
Ch Mliw 43 SIP Dub D 6s__1920 J -J ---__ ___ Terre Haute Elec g Is
1929 J -J
97 Apr 'u,
_
__ ____ 11338Feb '11 ____ _
Olt AT 63 St P Wis V div Os__1020 .1 J
_ Torrington 1st g 5s
1918 51-S ---___ ---___ 116 Sep ------ -_ -9934101
,Ch & No latch 1st gu 5s__1931 11-N --------91 May'12 ___
Union Pac RR h I gr g 4s 1947 J -J
9-1- -9-910018.1'1y '1', _ _ 1001,31005
1921 J-D ---- ----08
Chic & W Mich gen 53
98
20-year cony 43
1 0614 101
1027 J
51as-12 ._ _ lora 10V
_ united Isnot gen s 1 %s1923 J-J
_
97t2sep -11 .__
Concord de Mont cons 4s___1920 J -D __
96 Sae 95
96
-4 95 971
Debenture 43-4s
Oudahy Pack (The) 1st c 5,1924 11-N --- -----10014 Aug '1:: ____ 1-0-0-1.11-0-0-1.1
1925 J -J
954 0514 9514
9514
7 9478 961
1926 A-0 95 100 100 Aug'12
9914103
Current River 1st 55
U S Steel Co 10-60-yr 5s Apr 1903 NI-N
158 10134 20 10012 104
4s____1946
A-0
____
100
1st
8014
Sep '1'i ____ 80 8614 West End Street Ity 4s____1913 F-A -------- --9
Oct Or Rap ec W
0
May 12 ____ 99 991;
Dominion Coal 1st *1 5s____1940 )1-N ____ ____ 0918Jan '13 ____ 9834 991 1
Gold 4
1914 .11-S
9913
Oct
"
I
2
9931001,
1915 11-S
Fitchburg 43
10313 Apr '03 ..
Gold debenture 4s
1016 11-N ____ ____ 9878 Apr '12 -------___
_ ...._
1027 51-S
95 Oct '12 .___ ii5 95
45
Gold 4s
1917 F-A
93312 Nov .11
irtenst Elk & Mo V let 03-1933 A-0 -------- 12712 Meh'12 ____ 1271212712 Western Teleph & Tel 5s-1932 J -J 10012 Sale 9934
10013
32
IA
99
1933 A-0 -------- 121 Aleh'12 ____ 127 1271, Wisconsin Cent 1st gen 49_1949 J -J
(Insult-aped lit 65
9358 Feb 12 ____ 9458 93
NOTH.-Buyer pays accrued interest In addition to the purchase price for all Boston Bonds. • No price Friday: atest bid and
asked.
at price

-.CT 7,2717i;

ati.ra

-.---------10134

4

Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Veekly, Yearly
Share Pno,,s-Not Per Centum Prices
-Saturday
Jan. 4
e_
113
18
6513
*119
19

Tuesday
Jan. 7

fonday
Jan. 6

:Vednesday
Jan. 8

--------11112 112
112
113
114
11312 1312 11412 115
116
133
1784 18
1734 174 18
6512 6512 6512 65
6512 66
121 .120____ .12014 125 *120
19
____
_ ____ ____
1834

-i378 -2-378 -11- I35-4 -a*2
212
*4(312 41
5012 5034
*12__,.
5334 ..6384
3938 4114
7334 7614
•1114 1134
*3012 31
93
93
*8312 8358
1534 1534
*3212 33
61.ifs 6112
*49
50
2314 2314
*2758 2778
8332 8332
614 614
5078 51
8978 8978

.2
212
4034 41
51
621 4
*12
1212
*5334 54
4114 4238
7512 7634
.1114 1134
*3012 31
*9214 9312
831
/683*/{.
1534 1534
3234 3234
613 619
4
4913 4912
2314 2338
2778 2778
8278 8272
612 614
5078 507s
8958 8934

113 .112 116
116
115 116
1912 1938 1034
6712 68
68
__ 122 122
19
204 2012

23i-4 -2512 -21

*2
212
4054 403,
5134 5232
2._
.12
5334 -63-34
417s 4212
7614 7672
.1172 1218
*3012 31
9213 93
*8312 8332
*1534 16
3234 3234
61 %
1 361%
*4934 50
2258 234
*2758 2778
8334 8332
6
614
5078 51
89513 90

Thursday
Jan. 9

Friday
Jan. 10.

-4-04

Range for Year 1912.

Range lot Previous
Yea‘ (1911)

Lowest

Lowest

Ilighest

Highest

Baltimore
72 Con Gas El L & Pow_100
prof
Do
375
100
Houston
011 tr ctfs_ bit
3,963
337
1)o
pre: tr ctts_100
1 Northern Central
50
675 Seaboard Air LIne_100
Do
pre:
100
2,403 United By de Electric- 50

90 Jan 3 117 May 6
101 Jan 2 11(3 Apr 3
814 Jan 3 2518 Nov22
5334 Jan 25 723 Jily 18
121 Dec 28 1.10 Apr 8
18 Dec 17 2714 May24
4512 Mch 14 5534 J'ne 10
1314 Jan 2 2632 Sep 9

64 Jan
89 Jan
7 Mch
45 Feb
121 .lan
20 Jan
33 Jan
1612 Jan

9512 Dec
101 Sep !
10 Aug i
79 J'ly
13034 J'ne
27 J'ne,
50 Nov
1973 J'ly

Philadelphia
.2
212
American Cement____ 50
4034 4034
43 American ftallways__ 50
5214 5272 10,730 Cambria Steel
50
*12
2 Electric Co of America, 10
1212
54 • 51
897 Elec Storage 13attery_100
4182 42
14,853 Gcn Asphalt tr ctfs__ _100
7612 7054 5,696
Do
pref tr ctfs_100
1134 1134 4,871 Keystone Telephone_ 50
*3114 3134 1,328 Lake Superior Corp 100
*0214 931
290 Leh C & Nay tr ctfs
50
83
831
48 Lehigh Valley
50
175 Lehigh Valley Transit 50
*1534 16
*3212 33
195
Do pref
50
61.•,f461';4'
1,481 Pennsylvania itit
50
50
50
180 Phliadel Co(Pittsb)
234 2312 7,712 Philadelphia Elea
25
*2734 28
1,881 Phil B T vot tr ctfs
50
835, 8312 1,170 Reading
50
6.*, 614 1,646 Tonopah Mining
1
5112 5112 2,42:1 Union Traction
50
0014 0038
867 United Gas lmpt
59

1 J'nel4
7 Jan 10
4012 Oct 30 47 Sep 25
4113 Mch 2 551g Oct 10
1112 Jily 31
1212,317 8
5234 Jan 16 5838 Aug 12
18 Apr 2 3912 Dec 14
5934 Apr 2 7312 Dec 27
6 Apr 4 13 Sep 16
27 Feb 20 3514 Sep
874 Mch 20 100 Sep 25
7818 Feb 5 9278 Jan 16
813 Jan 3 1678 Sep 16
23 (an 12 3312 Dec 20
60 Dec 10 6314 Apr 26
4934 Dec 13 5614 Feb 16
111678 Jan 2 2434 Sep 6
2218 May 6 29 Sep 13
7414 Jall 11 8914 Apr 30
6 Dec 14
814 Apr 15
4934 Feb 28 43 Sep 9
8614 Jan 9 9238 Aug

5 Nov
42 Jan
4078 Sep
1112 Jan
4812 Jan
2812 Aug
118 Aug
6)8 Dec
2112 Sep
8312 J'ne
7534 Sep
614 Jan
1812 Jan
5038 Sep
4814 Sep
1512 Nov
17 Apr

1712 Jan .
4612 Nov
4834 Feb .
1212 Jan ;
564 J'ne '
3914 Oct •
33373 Jan
918 Jan
32 Feb
OS Jan
93146 Dec
IJ78 Oct
2533 Oct
63 Feb
5914 J'ne
18 J'iy
2418 Aug
1034 Feb
853 Jan
5234 Aug
6:P3 Jan

112 112
11512 11512
1934 20
*6714 68
*12012
2014 2012

2578 24

.2
212 *2_
.4034 4138 4034
5158 5134 5178 5332
•l218 _.....
1218 1212
*5314 -54
5334 541.1
4112 4238 4134 4217
7612 7712 7714 7714
1112 1212 1112 12
3078 3072 3072 3112
93
93
9312 9312
*83
8314 *S3
8318
1578 1578 ---3234 3234 3234 -3-23-4
6134 6178 61%01%
4913 50
50
50
2234 23
2318 234
2734 2778 2778 2812
.83i64(33 4 8334 83%
614
6'4
614 614
61
6114 5114 5112
8978 00
00
0038

Saks
ACTIVE STOCKS
O' the
Week (For Bonds and Inactive
Stocks see below)
Shares.

2334 24

G615„ Sep
512 J137
43 Jan
8414 Sep

Olt

PHILADELPHIA
Inactive Stocks
American Milling
10
Amer Itys receipts
Cambria Iron
50
Central Coal & Coke __100
Preferred
100
Con-sol Trac of N J_ _100
Germantown Pass
50
Harwood Elcctric
100
Huntington & 13 T____50
Preferred
50
Insurance Co of N
Inter Sin Pow & Chem_50
Interstate Itys, pref_10
Kentucky Securities__100
Preferred
100
Keystone TelcP. Prcf--59
,Keystone Watch Case_100
Llt Brothers
10
Little Schuylkiil
110
Atinclilll es Schuyl 1f_ 50
'Nat Gas Elec Lt & P0_10u
Preferred
100
North Pennsylvania_ __50
Pennsylvania Salt
Du
Pennsylvania Steel___100
Preferred
100
Philo. Co (Pitts) pref_50
Phil German & Norris_50
50
Phlia Traction
10
Railways General
Tonopah Belmont Dev_l
United Cos of N J__100
United Trac Pitts prof_50
__100
Virginia lty
Preferred
100
Warwick Iron & Steel_10
Wa-shington-Va Ity
10
Preferred
10
Weisbach Co
100
West Jersey & Sea Sh_50
Westmoreland Coal____50
Wilkes Gas & Eicc
10
York Railway
3(
Preferred
50

Ma I Ask

1023
2'8
4 212
4334 4414
92 03
8112 8212
76
-2812 -56 _
30 31
2178 224
_
72
40

74
41

57

5734

106

107

-943-4
431 4412
8212 813.
_
838 812
2331 ____

---- -fir
_1312
13
38 3912

PHILADELPHIA

.
!
1 Bid and asked; no sale.; on this day.




Bid

Bonds
Prices are all "and
interest"
Alt & L V Elcc 4 50'33 F-A
Am Gas & Elec 58 '07_1"-A
Am Rys Is 1917
A-0
AU C Gas 1st s t Is '60_J-.1
13erg&Ellrew 1st 63'21 J-J
Bethleh Steel (Ss
Gh Ok es gen 5s 1919 J-J
Con Trac of N J 1st 55 '33
Del Co Itys tr ctfs 43'40J-J
Edison Mee 35 1046.21-0
Elec & Peoples Tr tr ctfs__
Fr Tachli lit ti 1940_J-J
Gen Asphalt Is 19113_51-S
Harw Mee lot Os 1942 _M-S
Interstate Is 1943
F-A
Keystone Tel Is 1935_J-J
Lake Sup Corp Inc 53'24_0
Lehigh Nay 4 ;is
Gen M 4 Iis g 1924_Q-F
Leh V 0 1st 5s g 1933_J-J
Leh V cxt 45 1st 1948_J-1)
Conso• Os 1023
J-D
Cousol 4 As 1923
J-D
Annuity Gs
J-D
Gen cons
2003 M-N
Leh V 'Fran con 4s '35 J-D
1st series A 45 1035_M-S
lot series 13 5s 1935 Al-S
MarketStEl 1st 43'55 51-N
NatLII&P set II 55 '19 J-J
New Con Gas Is 1948_J-D
NY Ph & No 1st 43'39 J-J
Income 45 1939._ _M-N
Pa & N Y Can 5s '39_A-0
Penn Steel 1st Is '17_5f-N
People's Tr tr ctfs 45 1943
P Co lsteccoll tr 53'49 Af-S
Con & coil tr 53'51 M-N
Phil Mee gold tr ctfs_A-0
Trust ctfs 45 1940 __J-J
P & E gen if Is g '20-A-0
Gen II 45 g 1920
A-0
11 Ex-dly. & rights.

Ask

"261-8 8634
9558
87
11014 11634
10114 10158

8514 8512
-19-13
6- 01-4
_ 997
: 01 s
8612 8714
7512 ____
1051-2 106-14
114
____ 104
-6d3-8 -00a-4
---. ---_
--- - --9534 06 _
-_-_-_-_ idg-

iiiiiiioi 0534 96
103 10331
8212 8234
--_

I515 paid.

PHILADELPHIA
Pb 63 Read 2d Si 1333 A-0
Ex Imp 51 45 19.37_A-0
Vermin.-1 Is z• 1941..Q-F
P W 6c B col tr 4s '21__J-J
Read Trac 1st Gs '33__J-J
Hoch By es L con 5s'54 J-J
Spanish-Am Jr Gs '27_J-J
Stan'd Gas de E Os'26_J-1)
Stand SU Wks lst3s'28 J-J
U 'Frac Ind gen Is '19 _J-J
Un Itys Tr ctfs 433'49_J-J
United Rys by 1st coil tr
s f 5s 1926__M-N
Welsbach s 1 Is 1930 __J-D
Wit-13 GhE con 53'55 _J-J
York Itys 1st Is 1937-J-D

Bid

Ask

BALI 1.11012E

Coat & By 1st 5s '19 A-0
-6E11.
Coal & I By 1st Is '20_F-A
2 99
Col&Grnv 1st Gs 1916 J-J
Consol Gas Is 1931)_ __J-D
Gen 454s 1954_A-0
1:004 Rif - Cons (1 E & P 4 54s '35 J-J
10112 102 Consol Coal 5s 1950_ _J-D
Fair & Ci Tr let 53'38 A-0
11°°
02314 Ga es Ala 1st con 5s '45 J-J
Ga Car&N 1st 53 g '20
7412 _ _ _ Georgia P 1st Lis 1922__J-J
Ga So & Fla 1st Ss '45_J-J
8214 8234 G-B-S 13r,w 3-42 '51_54-6
9312 94 Houston 011 div ctfs _F-A
10214 103
Knoxy Trac 1st 53 '28 A-0
Macon Ity hLt lot 55'33 J-J
Md Elec fly 1st Is '31..A-0
BALIAMORE
Memphis St L.t 5s '45_J J
Inactive Stocks
Monon V Trao 53.42.J-D
Atian Coast L (Conn) _100
Mt Ver Cot Duck lit 53__
Canton Co
100 135
Npt N & OP 1st 5s'33311-N
Consolidation Coal
100 104
N & A Terml 55 '29_ M-S
Georgia Sou & Fla
100 28
Nor&Port 'jr 1st 5s'36 J-L)
1st preferred
100 92
Nod lty es L Is'49M-N
2d preferred
100 78
North Cent's
1823-A-U
G-B-S Brewing
100
212
Series A 55 1926____J-J
Bonds
Series 13 38 19211____J-4
Prices era all "and
Ptt Un Trac 5s 19137__J-7
interest"
1941__J-7
Polo Val 1st
Balt City 3 ;is 1930
J-J 91
Say Fla & West 54 '34 A-0
45
53 1195
9146-1955__Various 96
Scab Air L 4s 1950_A-O
SI-N 1
5:
31 2424, 96 Scab 43 Roan Is 1026__J-J
:950397
1
111909:9
0
Anacostia & Potom 5s A-0
South Bound 1st 55__A-u
AtCoast L conv deb 4s5I-N
U
1.6:P 1st 4;0'29 11-N
AM Coast L(Ct)ctfs 53 J-D
Un By &
let 4s '49 M-S
5-20-yr 43 1923
J-J
Income 4s 1949___J-1)
13 S P & 0 lst 4 ;is '53 F-A
Funding* 5s 1036__J-D
Bait Trac 1st 5s '29_ _M-N
Cony notes 5s 1914_ J-J
No Bait Div 65 1942 J-D
Va Mid 3d ser Gs '16__M-S
Cent Sty cons Is '32__54-N 106
4th ser 3-4-53 1921_11-S
Ext 6: Imp Its 1032_M-S 106
5th series js 1926 _
Char City Ity 1st 53'23 J-.1 103
Va (State) Zs new '32..J-J
Chas ity G & El 53'99 M-5 97
Fund debt 2-3s 1901 J-J
City h Sub 1st 5s 1922 J-D 1031t
West N C con Cs 1914_J4
City & Sub(Was)Ist Is '48 103
Wll & Weld Is 1935___1935__J-.I
4 13 54 paid. t 517 54 said.

Ilia

Ask

9412
100 101
10734
9434 95
87
93 934
10034 101
105
10514
110
105
45
83
-_ i43;
9812 99
9712 98
7512
9712
92
4134 92
0934
104
idi 1081k
107
107
109
107
93
8312 _
6214 G212
8612 87
102

85
8514
idii
id41-2

[VOL. xevr.

THE CHRONICLE

130

linuestment and V.ailroad Intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be cbta ned. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
ratament 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 subsement pap.
Latest Gross Earnings.
ROADS. .

Week or
fonth.

Current
Year.

Previous
Year.

Latest Gross Earnings.

July 1 to Latest Date,
Current
Year.

Previous
Year

$
Ala N 0& Tex Pac75,000 1,721,806 1,698,837
59,000
N 0 & Nor East_ 2d wk Dec
850,685
32,000
32,000
780,577
Ala & Vicksburg_ 2d wk Dec
786-.626
25,000
29,000
668,034
Vicks Shrev& Pac 2d wk Dec
58,658 1,188,305 1,211,229
61,732
4th ACS Dec
Ann Arbor
Atch Topeka & S Fe November 10828886 9,948,421 50,808,116 45,737,808
,
92,084
Atlanta Birm & Atl October __ 313,898 309,478 1,080.825 1.
Atlantic Coast Line. November 3,071,228 2,857,844 13,460,077 12,553,231
761,138
170,227 167,841
818,718
Chariest & W Car November
106,260
534.996
107.125
549,930
Louisv Hen& St L November
g Baltimore & Ohio.. November 9,040,351 7,583,335 44,146,241 39,734,130
646,803
560,644
B & 0 Cla Ter RR October -- 174,484 153.824
278,22C
286,976
1,327,651 1,423,434
Bangor & Aroostook November
679,849 574,424 4,582,829 4,400,980
Bessem & Lake Erie November
67,856
103,917
478,592
345,405
Birm'ngham South_ November
November 4,012,1)87 3,862,06() 21,752,384 20,275,690
Boston & Maine
Buff Koch & Pitts.._ 1st wk Jan 170,772 183,575 5,900,005 5,113,013
209,266 213,490 1,041,809 1,053,127
November
Buffalo & Susq_
Canadian Northern. 4th wk Dec 615,000 506,500 12,239,600 10,334,700
4th wk Dec 3,647,000 3,040,000 73,414,913 62,479,493
Canadian Pacific
Central of Georgia.. 4th wk Dec 381,600 390,400 7,302,176 7,278,510
Cent of New Jersey November 2,584,591 2,513,850 14,021,459 12,641,95
311,742 314,973 1.617,371 1,426,620
Cent New England_ November
October __ 389,884 376,483 1,522,381 1,487,173
Central Vermont
Ches & Ohio Lines_ 4th wk Dec 885,695 828,386 17,940,863 17,083,916
ith wk Dec 405,576 347,028 8,204,885 7,875,734
Chicago & Alton
Chic Burl & Quincy November 8,617,535 7,563,299 42,585,271 39,028,443
p Chic Great West.. 4th wk Dec 307,776 242,070 7,260,138 6,779,651
Chic Ind & Louisv_ 4th wk Dec 176,243 146,014 3,655,898 3,374,760
Chic Milw & St P.. November 6,724,271 5,402,186 32,642,792 28,045,976
Chic Mil & Pug S November 1,946,021 1,406,043 9,546,672 7,053,162
°Chic Sr North West November 7,335,104 0,425,068 38,470,068 34,474,943
rChic St Paul M&O November 1,589,748 1,399,366 7,831,869 6,821,083
796,338
844,665
180,219 168,926
Chicago T 11 & S E_ November
945,754 837.504 4.718,936 4,555,211
Cin IIam & Dayton November
927,622
961,776
177,161 193,625
Colorado Midland.. November
b Colorado & South. 4th wk Dec 429,724 371,164 7,948,530 7,734,661
15,809
100,867
19,337
79,477
November
Cornwall
138,422
21,305
173,991
31,947
Cornwall & Leban_ November
November
278,968 251,023 1,536,543 1,288,980
Cuba Railroad
• Delaware & Hudson November 1,928,507 1,780,455 10,313,773 9,380,288
'Delaw Lack & West November 3,665,305 3,248,928 17,807,322 16,146,391
Deny & Rio Grande 4th wk Dec 583,500 521,800 13,490,307 12,577,721
485,000 402,155 3,335,375 2,934,172
Western Pacific.._ December
573,898
580,218
93,152
89,533
Denver N W & Pac November
766,580
778,877
155,043 153,380
Detroit Tel Sr front November
632,245
28,019
28,115
612,693
Detroit & Mackinac 4th wk Dec
November
372,064 378,884 4,422,038 4,330,966
Dul & Iron Range
88,876 1,741,561 1,676,378
Dul Sou Shore & Ati 4th wk Dec 100,172
Elgin Joliet & East.. November 1,137,645 839,749 5,535,866 4,131,692
704,032 665,409 3,443,964 2,917,113
El Paso & So West_ November
November 5,447,117 4,905,766 27,794,149 25,493,631
Erie
November
3,150
2,870
12,012
10,421
Fairchild & N E
367,992 294,493 1,475,687 1,221,294
Florida East Coast_ November
73,693
72,705
441,811
Fonda Johns & Glov November
425,693
290,496 312,245 1,278,191 1,468,269
Georgia Railroad.... November
Grand Trunk Syst_ 4th wk Dec 1,695,339 1,391,873 28,734,992 25,867,347
Grand Trk West.. 3d wk Dec 157,192 135,196 3,503,883 3,197,590
50,300 1,260,383 1,169,459
58,953
Det Or H & Milw 3d wk Dec
35,399 1,201,649 1,046,168
44,631
Canada Atlantic_ 3d wk Dec
Great North System December 6,338.652 4,984,306 43,900,925 36,618,076
840,562
821,935
171,402 175,489
Gulf & Ship Island._ November
688,796 664,775 3,576,870 3,338,485
November
Hocking Valley
Illinois Central_ __ _ December 5,650,189 5.019,239 33,362,850 30,493,338
Internet & Ott Nor. 4th wk Dec 338,000 345,000 6,474,045 5,635,095
a Interoceanic Mex_ 4th wk Dec 252,469 239,788 4.355,443 4,187,948
270,405 267,632 1,466,721 1,480,035
Kanawha & Mich November
959,329 861,243 4,593,763 4,033,549
Kansas City South.. November
November 3,744,284 3,320,232 19,081,325 16,713,873
Lehigh Valley
305,011
59,107
44,109
238,833
Lexington & East...,. November
664,760
135,027 134,248
561,230
Louisiana & Arkan_ November
sLouisv & Nashville 4th wk Dec 1,421,875 1,281,842 29,865,724 23,323,139
71,322
14,678
13,349
72,486
Macon & Birm'ham November
940,439 898,734 5,044,318 4,810,061
November
Maine Central
225,406
201,548
34,730
40,522
•Maryland & Penne_ November
a Mexican Railway_ 3d wk Dec 174,400 167,200 3,939,000 3,789,000
428,839
373,096
18,336
24,240
4th wk Dec
Mineral Range
Minn & St Louis__ 1, 4th wk Dec 200,187 159,345 5,119,773 4,086,040
Iowa Central..__
Minn StP & S SM.. November 2,186,505 1,535,431 9,848,692 7,812,916
949,091 775,142 4,640,350 4,089,755
Chicago Division November
370,181
70,495
421,283
83.187
Mississippi Central_ November
is Mo Nan & Texas_ 4th wk Dec 933,914 894,798 17,503,958 15,554,572
Missouri Pacific.... 4th wk Dec 1.719,000 1,283,000 32,629,942 28,667,587
•Nashv Chatt & St L November 1,131,080 1,041,475 5,522,901 5,123,915
aNat Rys of Mex_t_ 4th wk Dec 1,859,342 1,730,512 32,582,568 32,251,878
241,174
189,740
5,725
6,077
Nevada-Cal-Oregon 4th wk Dec
708,188
693,803
131,203 137,018
N 0 Groat Northern November
253,371 173,853 1,039,476
783,855
N 0 Mobile & Chic_ November
November
9,726,305 8,881,691 49,753,457 46,500,613
eN Y C & Hud Riv_
Lake Shore & M S November 4,723,152 3,933,993 24,218,320 21,450,299
505,533 444,903 2,655,629 2,439,489
nLake Erie & W.. November
380.191 313,481 1,815,069 1,570,420
Chic Ind & South November
. Michigan Central November 2,898,480 2,586,717 14,623,526 13,409,094
Clev C C & St L.. November 2,995,368 2,532,303 14,981,057 13,383,308
313,909 250,416 1,577,796 1,359,655
' Peoria & Eastern November
132,159 109,443 • 662,810
590,424
Cincinnati North November
Pitts & Lake Erie November 1,622,499 1,352,293 8,514,744 7,162,904
• N Y Chic & St L_ November 1,178,225 982,948 5,413,932 4,841,891
503,857 464,076 2,602,300 2,424,324
t- Tel & Ohio Cent.. November
- Tot all lines above November 24971)678 21842265 126718646 116132419

ROADS.

Week or
Month.

Current
Year.

July 1 to Latest Date.

Previous
Year.

Current
Year.

Previou.:
Year.

NYNH& Hartf_ _ November 5,835,357 5,364,635 30,298,575 27,544,956
N Y Ont & West__ November
715,145 692,772 4,341,120 4,086,912
N Y Susq & West_ _ November
311,801 324,731 1,536,951 1,663,160
Norfolk Southern__ November
291,302 272,182 1,463,903 1,324,034
N orfolk Sr Western._ November 3,550,503 3,258,598 18,572,426 16,728,327
Northern Pacific_ _ _ November 7,136,248 5,856,037 33,365 961 29,226,452
Pacific Coast Co._ _ _ November' 710,202 571,864 3,664,433 3,487,819
Pennsylvania RR.. November 15167 102 13824 261 77,184,091 68,415,352
173,291
17,466
151,415
Bait Ches & AtL November
21.603
Cumberland Vail November
295,869 250,93 1,478,454 1,258,782
Long Island
869,370 780,819 5,475,368 5,096,808
November
84,274
76,256
8,281
Maryl'd Del & Va November
10,851
N Y Phila & Nonf November
283,790 277,887 1,581,809 1,466,029
Northern Central November 1,133,298 1.155,017 5,694,834 5,513,253
Phil Bait Sr Wash November 1,763,418 1,590,341 9,112,500 8,213,785
400,499 386,006 3,341,838 3,199,742
W Jersey & Seash November
November 5,993,572 4,724,451 30,149,890 25,154,769
Pennsylvania
455,265 397,180 2,481,088 2,279,480
Grand Rap Sr Ind November
Pitts C 0 Sr St L.. November 3,862,678 3,328,354 19,463,254 17,219,347
978,529 856,696 4,944,460 4,356,365
Vendalia
November
Total Lines__
East Pitts Sr It...... November 21589 297 19474 088 111959 648 100077 929
West Pitts Sr It.... November 114138279413,377 57,663,080 49,568,923
All East &West November 33003 124 28887 444 169625 729 149646 852
Pere Marquette_
October...... 1,625,530 1,609,287 6,134,285 0,045,183.
Reading CompanyPhila Sr Reading.. November 4,479,306 4,122,541 21,999,581 19,232,319
Coal Sr Iron Co.... November 4,365,766 4,237,676 18,958,153 14,170,176
Total both cos
November 8,845,072 8,360,217 40,957,733 23,402,494
Rich Fred Sr Potom November
959,159
228,580 192,226 1,099,648
Rio Grande June...... October _ 142,183
376,618
454,268
99,406
Rio Grande South 4th wk Dec
344.080
255,121
10,380
17,376
Rock Island Lines
November 6,333,893 5,630,280 32,107,304 28,583,469
313.748 293,48 1,695,757 1,577,918
Rutland
November
729,103
741,056
120,460 119,789
St Jos & Gr Island.. November
St L Iron Mt & Sou November 3,081,464 2,788,185 14,676,247 12,904,113
865,615
730,505
St L Rocky Mt & P November
198,951 188,013
St Louis Sr San Fran November 4,249,863 3,949,599 20,086,224 18,507,717
f Ohle Sr East Ill_ November 1,432,647 1,371,321 7,045,559 6,801,127
Total all lines_ _ _ November 5,682,510 5,320,920 27,131,783 25,308,844
St Louis Southwest.. 4th wk Dec 390,000 344,000 7,046,571 6,353,154
San Ped L A Sr St L November
893,139 708,652 4,291,530 3,688,076
Seaboard Air Line.... 4th wk Dec 539,915 521,554 11,559,294 11,151,676
Southern Pacific Co November 12651418 11956913 63,496,603 57,772,888
Southern Railway 4th wk Dec 1,991,231 1,702,518 35,131,180 32,347,237
Mobile & Ohio 4th wk Dec 298,307 288,44 6,090.051 5,864,094
Cin N 0Sr Tex P_ 4th wk Dec 322,016 279,975 5,150,335 4,838,755
Ala Great South_ 4th wk Dec 170,458 170,122 • 2,605,999 2,411,390
GeorglaSou Sr Fla 4th wk Dec
74,021 1,273,676 1,246,166
78,845
Spok Port Sr Seattle November
451,500 430,538 2,362,753 2,212,756
56,690
67,168
Tenn Ala Sr Georgia 4th wk Dec
2,795
2,823
675,204
713,381
Tennessee Central_ November
146,793 125,171
Texas Sr Pacific_ _ _ _ 4th wk Dec 593,755 627,986 9,845,828 9,205,673
35,092
36,313
Tidewater Sr West October __
656,078
713,504
1
6.15
9,7
38
Toledo Peer Sr West 4th wk Dec
0
65
72
4,3
47
68,384 2,093,373 2,061,080
Toledo St L Sr West 4th wk Dec
86,873
Union Pacific Syst_ November 8,731,119 7,677,923 43,737,121 39,869,383
753,261
728,765
Virginia & So West.. November
154,861 145,627
Virginian
November
456,682 403,850 2,220,911 1,984,628
5 16,891,833 15,282,521
0i:243
Wabash
December 2,684,602 2,426
2,557,341 2,524,679
Western Maryland_ October _ 630,478
5 3,759,657 3,458,540
78
Wheel Sr Lake Erie_ November
80
3:7
36
712,825 63
Wrightsv & Tennille November
133,488
156,003
28,450
Yazoo & Miss Vail_ December 1,138,406 1,076,365 5,684,316 5,266,017
Various Fiscal Years.

Period.

Delaware Sr Hudson
Jan 1
N Y Central & Hudson River_e_ Jan 1
Lake Shore Sr Michigan South Jan 1
Jan 1
Lake Erie & Western_n
Chicago Indiana &.Southern_ Jan 1
Jan 1
Michigan Central
Cloy(An Chic & St Louis-- Jan 1
Ja 1
Peoria Sr Eastern
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
New York Chicago Sr St Louis Jan
Jan 1
Toledo Sr Ohio Central
Jan 1
Total all lines_
Jan 1
Pennsylvania Railroad
Baltimore Chesap Sr Atlantic_ Jan 1
Jan 1
Cumberland Valley
Jan 1
Long Island
Jan 1
Maryland Delaware Sr Va
N Y Philadelphia Sr Norfolk.. Jan 1
Jan
Northern Central
Jan 1
Philadelphia Bait & Wash
Jan 1
West Jersey Sr Seashore
Jan 1
Pennsylvania Company
Grand Rapids Sr Indiana...._ _ Jan 1
Pitts Chic Chicago Sr St L_ _ _ Jan 1
Jan 1
Vandalla
Total lines-East Pitts Sr Erie Jan 1
West Pitts & Er Jan 1
All lines E Sr W Jan 1
Dec 1
Rio Granle Junction
Jan 1
Rutland

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

Current
Year.

Previous
Year.

Nov 30 20,422,783 19,604,296
Nov 30 100315.853 95,309,276
Nov 30 49,204,241 44,195,343
Nov 30 5,309,190 4,963,658
Nov 30 3,840,861 3,443,267
Nov 30 20,860,919 27,468,508
Nov 30 29,675,873 27,809,194
Nov 30 3,084,245 2,923,932
Nov 30 1,279,565 1,131,107
Nov 30 16,585,182 14,100,200
Nov 30 11,141,205 10,233,697
Nov 30 4,921,355 4,532,597
Nov 30 255278488 236110776
Nov. 30 159614 207 143741 034
256,670
285,963
Nov. 30
Nov. 39 3,012,759 2,650,067
Nov. 30 10,393,435 9,780,203.
133,163
125,231
Nov.30
Nov.30 3,277,955 3,064,475
Nov.30 11,705,436 11,721,056
Nov. 30 18,615,097 17,333,123
Nov.30 6,032,675 5,787,129
Nov. 30 57,649,612 49,418,278
Nov.30 4,976,807 4,624,638
Nov. 30 39,721,635 35,260,961
Nov.30 9,764,169 9,126,360
Nov.30 226625 546 206994 233
Nov. 30 113432 330 99,636,120
Nov.30 349057 876 306630 353
Oct 31
960,290
883,182
Nov 30 3,313,043 3,151,747

AGGREGATE3 OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.

Ourrent
Year.

Previous
Year.

Increase or
Decrease.

%

Monthly Summarie:.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

$
$
5
X
•Mileage. Cur. Yr. Prey. Yr.
$
$
238,218 234,692 237,564,332 224,608,854 +12,955,678 5.77
March
roads1--- 16.343.506 15,054,025 +1.289.481 8.57
3d week Oct 39 roads
236,722 233,057 220,678,465 216,140,214 +4,538,251 2.10
April
4th week Oct 39 roads _-_- 24.173,996 21,461,606 +2.712,390 12.64
+921.847 6.70
235.410 231,597 232,229,364 226,184,666 +6,044,698 2.67
May
23
let week Nov 36
_--- 14,696,080 13.774,3
235,335 230,894 243,226,498 228,647,383 +14,579,115 6.38
June
2d week Nov 37 roads ___ 15,621,495 14,075,098 +1.546.397 10.98
230,712 227.191 245,595,532 222,587,872 +23,007.660 10.34
July
34 week Nov 35 roads _--- 15.289,490 13,482,111 +1,787,379 13,26
August
4th week Nov 39 roads _--- 20.632.339 18,527.249 +2.105,090 11.36
239,230 235.404 276.027,416 251.067,032 +25,880.34 10.30
September 237,591 235.140 272,209,629 252,318,597 +19.891,032 7.88
+790.556 5.52
lot week Dec (39 real......____ 15,124,728 14.334370
+871,048 6.13
237,217 233,545 293,738,091 258,473,408 +35,264,683 13.64
October
2d week Dec (37 roads
.. 15,088,984 14,197,936
November
86,371
84,098 79,457,311 71,015,980 +8,441,331 11.88
3d week Dec (_39 roads ---- 15.592.404 14.175,524 +1,416,880 9.99
24.24A 76.894.747 69,003,277 +7,691.470 11.15
87.174
December
4th week Dec (39 roads)____ 20.250.307 12.309.553 +2.550.844 13.93
a Mexican currency. b Does not include earnings of Colorado Springs& OdDpie Creek District Railway from Nov. 1 1911. e Includes the Bosand
Adirondack
the
Ottawa
Sr
Railway, the latter of which, being a Canadian
Albany.
York
&
New
the
New
York Sr Ottawa, the St. Lawrence
ton &
road,does not make returns to the Inter-State Commerce Commission. f Includes Evansville Sr Terre Haute an.1 Evansville Sr Indiana R it. g Includes the Cleveland Lorain Sr Wheeling Ky. in both years. n Includes the Northern Ohio RR. p Includes earnings of Mason City Sr Ft. Dodge and
Wisconsin Minnesota Sr Pacific. s Includes Louisville Sr Atlantic and the Frankfort Sr Cincinnati. t Includes the Mexican International. is Includes
the Texas Central in both years and the Wichita Falls Liuss-in 1912, beginning Nov. 1. o Includes not only operating revenues, but also all other
receipts. z Includes St. Louis Iron Mountain & Southern.
Office of the COMMERCIAL Sr FINANCIAL CHRONICM Front, Pine and Deoeyster Streets, New York.




JAN. 11 1913.]

THE CHRONICLE

Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth
week of December. The table.covers 39 roads and shows
13.93% increase increase in the aggregate over the same week
last year.

131
Interest Charges and Surplus.

-Int., Rentals, &c.- -Bat. of Net Earns.Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
Bangor & Aroostook_ _ _ _Nov 109,728
xigla
xixt3142
101,858
556,816
July 1 to Nov 30
527,108
Central
507
244
Dec
1,274
250
Increase. Decrease. Bellefonte
Fourth week of December.
1911.
1912.
Jan 1 to Dec 31
9,351
3,000
2,928
13,009
Central New England3
July 1 to Nov 30
336
240,743
213,567 x292,514 z158,593
170,122
170,458
'Alabama Great Southern
3,074
58,658
Ann Arbor
61,732
Duluth So Sh & AU__ _ _Nov 112,080
96.125 zdef78,092 zdef25.813
8,582
260,484
Buffalo Rochester & Pittsburgh
251,902
July 1 to Nov 30
484,300thef176,008
zdef9,994
505,390
506,500 108,500
Canadian Northern
615,000
Mineral
Range
12,619
12.382
x9,772
Nov
zdef719
Canadian Pacific
3,647,000 .3,040,000 607,000
July 1 to Nov 30
63,090
62,015
x12,599
x3,902
8,800
390,400
Central of Georgia
381,600
N
Y
57,309
Ont
&
828,386
West
Chesapeake & Ohio
118,463
26,617
69,423
Nov 119,714
885,695
July 1 to Nov 30
58,548
347,028
Chicago & Alton
589,088
859,072
570,397
601,512
405,576
65,706
242,070
Chicago Great Western
307,776
Norfolk & Western
385,753 x974,022 x841,023
Nov 455,897
30,229
146,014
Chicago Ind & Louisville
176,243
July 1 to Nov 30
2,298,209 2,380,070 x4,977,169 x4,175,959
279,975
42,041
322,016
Cinc New On & Texas Pacifi
Rio Grande JunctionOct
21,516
34,322
8,333
8,333
371,164
58,560
Colorado & Southern
429,724
Dec 1 to Oct 31
173,289
196,424
91,666
91,666
521,800
61,700
583,500
Denver & Rio Grand
28.019
Rio Grande Southern_ __Nov
96
28,115
Detroit & Mackinac
19.397
x9,132 zdef20,146
18,833
88,876
100,172
11,296
July 1 to Nov 30
Duluth Sou It Shore & Atlantic_
96,834
94,359 zdef13,812 zdef60,280
74,021
78,845
4,824
,Georgia Southern & Florida__ _
St Louis Iron Mtn & Sou Nov 712,025
697,073 x396,777 z285,798
Grand Trunk of Canada
July 1 to Nov 30
3,645,346
z1,114,922 x427,400
3,538,457
1,391,873
1,695,339
303,466
Grand Trunk Western
x After allowing for other income received.
Detroit Gr Hay & Milw_
Canada Atlantic
INDUSTRIAL COMPANIES.
338,000
7,000
345,000
Internat & Great Northern_ --252,469
239,788
-Int., Rentals, &c.
- -Bal. of Net Earns.12,681
Interoceanic of Mexico
1,421,875 1,281,842 140,033
Previous
Current
Current
Previous
Louisville & Nashville
Companies.
24,240
Year.
Year.
5,874
Year.
18,366
Year.
Mineral Range
$
Minneapolis & St Louis
$
200.187
40,852
159.335
Keystone Tel & TeL _ _ _Dec
Iowa Central
25,145
24.212
25
803
28,818
933,914
894,798
39,116
Missouri Kansas & Texas
Jan 1 to Dec 31
286,824
302,616
305,745
295,820
1,719,000 1,283,000 436,000
Missouri Pacific
Nevada-Cal
Power
Nov
26,100
z39,009
19,550
z32.054
298,307
9,862
288,445
Mobile & Ohio
Jan 1 to Nov 30
248,917
211,460 x401,506 x319,593
1,859,342 1,730,512 128,830
National Rys of Mexico
6,077
352
5,725
Nevada-California-Oregon
GROSS EARNINGS.
17,376
6,996
10,380
Rio Grande Southern
-Latest Month- -July 1 to Latest Date390,000
46,000
344,000
St Louis Southwestern
1912.
1911.
1912.
1911.
539.915
521,554
seaboard Air Line
18,361
$
3
$
1.991,231 1,702,518 288,713
$
Southern Railway
Central Mass Lt & Pow_Oct
16,838
13,772
47,612
60,132
2,823
Tennessee Alabama & Georgia_
2,795
28
13,699
11,313
52,671
42,816
593,755
Texas & Pacific
627,066
34.211 Commonwealth Gas & El Oct
H
Pk
G
Dedham
&
E
&
_Nov
6,123
5,488
29,277
26,311
44,320
Toledo Peoria & Western
4,565
39,755
Dayton (0)Power & Lt_Nov
63,386
61,970
274,986
255,583
86,873
Toledo St Louis & Western_ _ _ _
68,384
18,489
Gardner(Mass)Fuel & Lt Oct
2,283
1,910
10,412
7,336
(Mass)
Elec_ _Oct
8,836
8,455
33,075
30,931
20,860,397 18,309,553 2,609,437
Total (39 roads)
58,593 Marlboro
Nov
Mass Lighting Cos
95,214
83,648
419,488
375,808
Net increase (13.93%)
2,550,844
38,959
Mass Northern Rys_ _ _ _Nov
33,871
202,797
167,614
7,711
Weymouth Lt & Pow _Oct
5,815
31.049
23,
Net Earnings Monthly to Latest Dates.-The table
-Latest Month- -Jan.1 to Latest Date1912.
1911.
1912.
1911.
following shows the gross and net earnings of STEAM rail$ '
$
8
$
roads and industrial companies reported this week:
54,867
Columbia (8 C) G & El__Oct
53,643
528,491
492,432
Marion
18,164
(Ind)
19,404
Lt
&
Ilt__Oct
165,255
147,820
-Gross Earnings
Net Earnings
White River (Vt) RR_ _ _Oct
39,284
33,935
Previous
Previous
Current
Current
Roads.
Year.Year.
Year.
Year.
-Latest Month- -Oct.1 to Latest Date-1911.
$
1912.
$
1912.
$
1911.
$
Ala Tenn & Nor, including
$
$
$
$
Tombigbee Valley_ _ _ _Nov
17,720
25,154
10,943 Carolina Power & Lt.. _ _Nov
40,643
34,839
41,938
87,800
75,935
47,935 Union (Dubuque, Ia) EI_Oct
78,952
July 1 to Nov 30
106,853
184,243
33,822
37,497
97,437
103,569
278,220
Bangor & Aroostook_ __Nov 286,967
EXPRESS COMPANIES.
527,768
1,327,651 1,423,434
455,493
July 1 to Nov 30
September
7,450
1.518
6,437
757
July 1 to Sept. 30
Bellefonte Central_ b___Dec
1912.
77,263
15,937
70,643
12,351
1911.
1911.1912.
Jan 1 to Dec 31
Adams Express Co.8
• 3
$
$
9,302
4,0194,195
1,890 Gross
Birm'ham & Southwest_Nov
receipts from oper__
2.929,112 2,806,813 8,577,640 7,030,766
9,084 Express
•
July 1 to Nov 30
18,068
34,031
13,280
privileges-Dr
1,520,574 1,436,252 4,326,410 4,013.681
Central New England_ bJuly 1 to Sept 30
362,022
975,938
514,757
Total operating revenues_ 1,408,538 1,460,560 4,251,230 3,917,084
793,779
Chic Burl & Quincy b__Nov 8,617,535 7,563,299 3,667,208 2,760,021 Total operating expenses.__ 1,338,641 1,212.538 3,890,279 3,606,505
July 1 to Nov 30
42,585,271 39,028,443 17,003,680 14,175,933
Net operdting revenue_ ___
69,896
248,021
360,951
310,579
Chic Ind & Loulsv_b_ __Nov 588,531
177,243
515,733
135,723 One-twelfth of annual taxes_
20,056
17,337
50,605
59,479
3,073,277 2,885,805
July 1 to Nov 30
996,582
989,711
Chic Milw & St Paul_b_Nov 6,724,271 5,402,186 2,198,770 1,529,703
Operating income
227,965
310,345
52,558
251,100
July 1 to Nov 30
32,642,792 28,045,976 11,695,449 7,653,452
SeptemberJuly 1 to Sept. 30Chic Milw & Pug Sd b Nov 1,046,021 1,406,043
939,643
554,675
1912.
1911.
1912.
1911.
July 1 to Nov 30
9,546,672 7,053,162 4,633,191 3,089,152 Canadian Express Co.$
269,484
782,342
894,636
Delaware & Hudson b__Nov 1,928,507 1,780,455
684,338 Gross receipts from operation 317,838
684,338
153,883
68,792
126,390
427,627
Jan 1 to Nov 30
20,422,783 19,604,296 7,632,720 7.783,782 Express privileges-Dr
Denver & Rio Grandeoperating
Total
revenues_
163,954
143,094
13,549
467,009
Western Pacific_ bNov 560,284
451,927
151,392 Total operating expenses_ _ _
174,368
133,569
110,524
21,999
387,870
July 1 to Nov 30
2,850,375 2,532,017
689,089
939,377
Duluth So Sh & Atl_b__Nov 264,786
244,589
33,590
Net operating revenue_ _ _ _
66,717
30,385
32,570
79,139
91,550
July 1 to Nov 30
1,476,942 1,424,137
322,965
2,750
452,207 One-twelfth of annual taxes_
2,250
8,250
6,750
El Paso & Southwest _ b_Nov 704,032
665,409
315,825
288 923
Operating income
27.635
30,320
70,889
64,800
July 1 to Nov 30
3,443,964 2,917,113 1,574,977 1,129,975
September
July 1 to Sept. 30Nov 7,921,727 6,224,730 4,209,218 3,359,643
Great Northern_b
1911.
1912.
1912.
1911.
37,562,273 31,633,770 18,492,224 16,293,929
July 1 to Nov 30
Southern Express Co.$
$
Lexington & Eastern_ b_Nov
59,107
44,109
17,444
12,506 Gross receipts from oper____ 1,120,274 1.138.655 3,360.362 3,147,459
July 1 to Nov 30
238,833
305,011
111,100
79,683 Express privileges-Dr
547,024 1,657,461 1,503,376
547,206
Mineral Range_ b
Nov
71,139
60,611
20,584
10,293
July 1 to Nov 30
Total operating revenues.. 573,067
358,194
311,133
591.630 1,702,900 1,644,083
72,336
61,475
503.916
474,807 1,527,402 1,421,424
692,772
189,137
N Y Ontario & West_a_Nov 715,145
145,080 Total operating expenses_ _ _
July 1 to Nov 30
4,341,120 4,086,912 1,460,584 1,159,484
Net operating revenue_ _ _ _
69,150
222,659
175,497
116,823
Norfolk & Western_ bNov 3,550.503 3,258,598 1,258,967 1,192,834 One-twelfth of annual taxes_
13,207
14,832
44.416
40,006
18,572,426 16,728,327 6,794,616 6,265,683
July 1 to Nov 30
Operating income
574,864
99,956
Pacific Coast
82,884
Nov 710,202
55,943
101,990
135,491
178.242
702,114
3,664,433 3,487,819
July 1 to Nov 30
694,500
-August
July 1 to Aug. 31192,226
73,922
Richmond Fred & P b__Nov 228,580
63,500
1912.
1911.
1912.
1911.
Wells, Fargo & Co.959,189
1.099,648
July 1 to Nov 30
376,997
$
$
326,850
$
Gross receipts from operation 2.931.829 2,570,765 5,908,254 4,581,335
Rio Grande Junction___Oct 142,183
99,496
v42,655
u29,849 Express
privileges-Dr
1,416,675 1,190,213 2,873,391 2,129,454
Dec 1 to Oct 31
883,182 u288,090 ta64,955
960,299
Rio Grande Southern b_Nov
62,366
39,909
def1,360
28,425
Total operating revenues_ 1,515,154 1,380,552 3.034,862 2,451,879
July 1 to Nov 30
215,270
287,060
79,796
29,920 Total operating expenses__ 1,329,324 1,117,218 2,632,339 2,070.765
Rock Island Lines_ b_ __Nov 6,333,893 5,630,280 1,679,818 1,589,872
July 1 to Nov 30
32,107,304 28,583,469 9,569,414 8,129,878
Net operating revenue
381,113
185,830
263.333
402,522
One-twelfth of annual taxes_
49,463
60,000
30,000
24,750
St L Iron Mtn & Sou_ b_Nov 3,081,464 2,788,185 1,075,219
973,485
July 1 to Nov 30
14,676,247 12,904,113 4,632,167 3,807,888
income
342,522
Operating
238,583
331,650
155,830
seaboard Air Line_a_ __Nov 2,081,381 1,983,637
555,367
527,645
July 1 to Nov 30
9,48i),674 9,159,224 2,376,209 2,335,018
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Nov 1,953,759 1,825,502
Texas & Pacific_ b
656,014 '720,053
8,060,077 7,397,763 1,799,290 2,447,240
July 1 to Nov 30
Latest Gross Earnings.
Jan. 1 to latest date.
Nov 2,742.492 2,434,307
'Wabash b
523,539
631.228
Name of
14,207,331 12,856,258 3,945,746 3,501,580
July 1 to Nov 30
or
Current
Week
Previous;
Road.
Current , Previous
a Net earnings here given are after deducting taxes.
donth.
Year.
Year. I Year. I Year.
b Net earnings here given are before deducting taxes.
gross
earnings.
u These figures represent 30% of
$
-S
S.
American Rys Co_ __ November 402,878 376,195'
. - -INDUSTRIAL COMPANIES.
-----Ry___ November
Shore
Atlantic
22.756
337,144.
21,363'
319,289
-Gross Earnings- -Net Earnings
- cAur Elgin & Chic Ry,November 155,213 140,050 1,757,574 1,640,984
Current
Previous
Current
Previous
Bangor Ry & Elec Co November
61,681 50,234; 649,605
541,731
Ye.
ar
Year.
Companies.
Year.
Year.
Baton Rouge Elcc Co November
12,494 10,7071 132,9971
107,022
$
$
Binghamton Railway October __ 33.495 30,038
354,920, 322,138
Amer Pub Utilities
186,174
Nov 212,455
113,789
99,332 Brazilian Tr, L & P__ November 1773,623
Oct 1 to Nov 30
417,161
365,799
196,104 Brock & Plym St Ry_ November
217,675
111,160
112,159
8,051
8,116
Keystone Tel & TeL a-.Doc 106,480
98,875
54,621
49,357 Bklyn Rap Tran S st September 2044,553 2027,273 18,268,137 17.497.667
Jan 1 to Dec 31
1,217,429 1,167,010
34.563 30.9911 325,789' 306,139
608,361
482.644 Cape Breton Elm RyjNovembcr
E RivlSeptember
53,174 54,4921 484,751; 476,422
Nevada-Cal Power
Nov
66,708
78,857
60,507
51,604 Cent Park N &Trac__
1 November
73.921 68.648' 836.927' 792.543
Jan 1 to Nov 30
703.398
791.704
624.858
531,053 Central Penn




Roads.

132

THE CHRONICLE
Latest Gross Earnings.

Name of
Road.

1Veek or
Month.

Current !Previous
Year.
Year.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

Chattanooga Ry & Lt November
91,293 78,711
969,220
859,645
Cleve Painesv & East November
356,570
337,970
29,542 27,403
Clev Southw &Colum November 100,352 89,590 1,084,979 1,035,208
Columbus(Ga) El Co October __ 48,766 44.452
444,249
401,046
Commonw P.By &Lt November 584,515 506,309 5,738,477 4,969,118
Coney IsI'd & Bklyn_ September 145,432 115,427 1,248,685 1,104,738
Dallas Electric Corp.. November 163.751 146,013 1,647,319 1,479,364
Detroit United By...... 2d wk Dec 209,260 182,498 11,098,731 9,724,957
DDEB& Batt(Rec) September
459,692
49,603 50,803
456,606
Duluth-Superior Trac November
980.113 1,035.254
91,687 93.217
East St Louis & Sub. November 224,023 197,966 2,224,246 2,076,445
El Paso Electric Cos_ November
712,092
75,011 62,684
618,114
42d St M & St N Ave. September 158,429 146,872 1,330,829 1,184,759
Galv-Hous Elec Co.._ November 181,074 132,003 1,844,264 1,386,065
Grand Rapids By Co November 100,776 94,323 1,126,610 1,060,784
Havana Electric By Wk Jan 5 53,645 50,210
Honolulu Rapid Tran
& Land Co
October
49,243 42,582
463,717
409,727
Houghton Co Trac Co November
24,110 22,001
281,084
276,148
Hudson & Manhattan September 281,908 242,332 2.656,145 2,188,818
Illinois Traction
November 666,898 601,523 6,677,847 6,225,329
Interboro Rap Tran_ November 2811,622 2690,886 29,169,864 27,486,487
Jacksonville Trac Co. September
49,956 45,099
449,080
422,787
Lake Shore Elec Ry_ November 104,789 95,828 1,213,814 1,165,685
Long Island Electric_ September
20,301 20,216
173,213
166,014
Milw El By & Lt Co.. November 481,094 449,687 5,050,017 4,572,145
Milw Lt, Ht & Tr Co November
95,397 87,200 1,139,350 1,030,872
MonongahelaValTrac November
70,715 63,003
674,642
776,165
NY City Interboro September
41,697 27,612
330,598
219,023
NY & Long Isl Trac. September
38,766 41,464
299,392
300,507
N Y & Queens Co_ _ _ September 117,054 117,303 1,007,775
952,877
New York Railways.. October __ 1255,203 1210,060 11,436,337 11,363,072
Northam Easton & W November
168,840
154,765
14.809 13,075
North Ohio Trac & Lt November 239,141 214,562 2,736,156 2,454,651
North Texas Elec Co_ November 169,151 133,203 1,619,830 1.479,719
Ocean Electric (L I)_ September
110,649
126,021
13.107 13,688
Paducah Trac& Lt Co October .._ 24,643 21,775
233,107
215,005
261,591
262,409
Pensacola Electric Co November
24,560 25,602
Phila Rapid Trans Co November 2008,400 1881,975 21,216,474 20,177,067
Port(Ore)Ry,L&PCo. November 570,863 541,934 6,055,452 5,780,306
6.877.898
Puget Sd Trac, L & P October __ 715.378
283,347
293,217
Richmond Lt & RR_ September
34,217 34,490
StJoseph (Mo) Ry,Lt
997,884
Heat & Power Co_ November 100,787 94,577 1,068,965
324,404
367,291
Santiago El Lt& Trac November
32,490 31,937
Savannah Electric Co November
63,440 63,331
634,588
678,610
Second Ave (Rec)___ September
700,693
89,382 89,775
737,764
Southern Boulevard.. September
14,736 12,071
110,289
95,112
Sou Wisconsin Ry Co November
19,267 17,315
180,894
206,317
Staten IsI'd Midland_ September
229,983
26,900 29,224
223,486
Tampa Electric Co__ November
62,145 60,318
687,037
624,934
Third Avenue
September 318,677 315,410 2,858,397 2,744,085
Tr -City Ry & Lt Co.. October __ 283,102 250,610 2,573.174 2,342,038
Twin City Rap Tran_ 4th wk Dec 228,597 212,983 8,201,430 7,803,845
Underground Elec By
of LondonThree tube lines
Wk Jan 4 £14,810 £14,925
Metropolitan Dist_ Wk Jan 4 £13,230 £12,535
United Tramways.. Wk an 4 £5,971 £5,664
London Gen'l Bus.. Wk Jan 4 £58,065 £39,733
Union Ry Co of NYC September 218,122 227,628 1,912,643 1,870,909
UnionRyG&ECo(I11) November 386,772 290,240 3,553,966 2,864,796
United Rys of St L October __ 1096,445 1051,472 10,171,510 9,910,980
United RRs of San Fr October... 756.153 700,271 6,987,233 6,511.043
Westchester Electric_ September
461,636
50,580 55,490
448,919
Yonkers Railroad
September
63,302 59,714
506,047
547,917
Youngst & Ohio Riv_ November
20,040 19,407
215,533
219,459
Youngstown & South November
13,543 11,757
152,851
134.591•
a These figures are for consolidated company.

Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and not earnings reported this week:
-Gross Earnings- -Net Earnings
Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
$
50,234
61,681
34,313
Bangor Ry & F.lec_a_ _ _Nov
29,166
277,082
325,536
187,620
July 1 to Nov 30
157,573
91,293
78,711
35,931
Chattanooga Ry & Lt_a Nov
31,199
969,220
859,645
391,689
Jan 1 to Nov 30
356,131
27,403
13,835
Cleve Painesv & East_a Nov
29,542
10,938
Jan 1 to Nov 30
337,970
162,818
151,679
356,571
Commonwealth Pow Ry &
228,899
263,927
Lt (Mich)_a
Nov 584,515.
506,309
Jan 1. to Nov 30
5,739,477 4,969,118 2,403,985 2,111,348
117,454
Cons'rs Pow(Mich) a Nov 263,903
143,185
230,879
Jan 1 to Nov 30
2,490,440 2,126,081 1,153,763 1,013,037
Cumberland County • (Me)
Power & Lt a
64,937
Nov 176,866
163,105
78,798
July 1 to Nov 30
411,880
993,636
950,567
476,349
Detroit.United_b
Nov 986,040
303,768
847,580
338,677
Jan 1 to Nov 30
10,677,740 9,359,314 3,633,127 3,349,597
East St L & Suburban a Nov 224,023
197,965
105,171
87,110
Jan 1 to Nov 30
2,224,246 2,076,445
981,516
891,112
Federal Lt & Trac
Nov 161,242
141,572
72,005
64,235
Jan 1 to Nov 30
1,545,735 1,344,620
639,501
542,197
General Gas & Elec_a_ _Nov
57,126
50,037
25,133
23,763
Dec 1 to Nov 30
629,656
537,045
271,201
234,655
94,323
Grand Rapids Rya.._ _ _Nov 100,776
41,894
41,179
Jan 1 to Nov 30
1,126,610 1,060,784
491,088
460,673
Lowist'n Aug&W'ville a Nov
44,655
16,633
14,972
47,844
July 1 to Nov 30
294.515
300,894
132,551
131,181
449,687
Milw El By & Lt_a_ __ _Nov 481,094
149,031
128,850
Jan 1 to Nov 30
5,050,017 4,572,145 1,487,130 1,307,238
87,200
Milw Lt lit & Trac_a__Nov
31,236
96,397
28,935
Jan 1 to Nov 30
409,121
1,139,350 1,030,872
394,820
24,046
8,384
Northwestern Penna.._ _Nov
29,040
4,840
169,437
Jan 1 to Nov 30
78,843
220,806
52,755
Portland (Me) RR_a_ _ _Nov
72,068
18,273
76,071
18,117
July 1 to Nov 30
470,615
181,179
473,222
169,296
St Jos By Lt Ilt&Pow_a Nov 100,787
94,577
46,292
34,255
Jan 1 to Nov 30
997,884
457,315
1,068,965
372,523
Union By Gas & El (III)allov 386,772
165,497
290,240
127,808
Jan 1 to Nov 30
3,553,966 2,864,796 1,469,388 1,218,651
Roads.

a Net earnings here given are after deducting taxes.
b Net earnings here given are befroo deducting taxes.

Interest Charges and Surplus.
-Int. Rentals ekc.- -Bal. of Net Earns.Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
It
$
$
$
Elect
Nov
17,074
Bangor By &
16,484
17,239
12,682
103,512
July 1 to Nov 30
84,108
92,901
64,672
Chattanooga Rye & Lt_Nov
22,678
13,253
10,647
20,552
Jan 1 to Nov 30
242,066
149,623
218,684
137.447
Roads.




[VOL. xcvi.

-Int., Rentals, &c.- -Bal. of Net Earns.Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Cleve Painesv & East_ _ _Nov
9,993
8,541
3,843
2;396
Jan 1 to Nov 30 '
109,221
91.607
53,597
60,071
Commonwealth Power Ry
& Lt(Mich)
Nov 131,396
106,506
132,531
122,393
Jan 1 to Nov 30
1,377,146 1,152,875 1,026,839
958,473
Consum's Pow(Mich) Nov
55,045
41,758
88,140
75,696
Jan 1 to Nov 30
567,045
438,046
586,718
574,991
Cumberland County (Me)
Power & Lt
Nov
22,288
56,510
49,866
15,071
July 1 to Nov 30
276,391
249,111
199,958
162,769
Detroit United
Nov 175,941
177,132 z180,512 z141,299
Jan 1 to Nov 30
1,945,831 1,943,259 z1,876,483 x1,565,467
East St Louis & Subur_ _Nov
48,598
56,573
46,058
41,052
Jan 1 to Nov 30
451,064
530,452
501,910
389,202
General Gas & Elect___ _Nov
10,927
14,206
13,384
16,880
Dec 1 to Nov 30
165,967
105,234
161,678
72,976
Grand Rapids Ry
Nov
14,363
14,490
27,530
26,689
Jan 1 to Nov 30
160,973
164,831
331,015
295,842
Lewiston Aug & W'ville Nov
14,400
14,429
2,233
543
July 1 to Nov 30
72,258
72,000
60,551
58,923
Milw Elec Ry & Lt
Nov
59,181
60,831
x95.116
x75,419
Jan 1 to Nov 30
615,076 x866,301 z771,843
678,099
56,571
Milw Lt Ht & Trac
x22,001
Nov
54,386
x17,385
618,436 x315,231 x316,578
Jan 1 to Nov 30
618,089
8,019
Portland (Me) RR
9,636
Nov
10,524
8.481
47,774
129,497
July 1. to Nov 30
51,682
121,622
26,582
19,381
St Jos Ry Lt Ht & P___Nov
19,710
14,878
211,900
240,965
216,350
Jan 1 to Nov 30
160,623
63,751
91,565
73,932
Union Ry Gas & El (Ill) Nov
64,057
598,589
870,799
680,000
Jan 1 to Nov30
538,651
x After allowing for other income received.
Roads.

ANNUAL REPORTS.
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of Dec.28,1912. The next will appear in that of Jan.25,1913.
New Orleans Mobile tit Chicago RR.
(Report for Fiscal Year ending June 30 1912.)
Pres. W. F. Owen some time since wrote in substance:
Results.-The gross earnings Increased $167,593, or 9.67%; net operating
revenue decreased $115,427, or 15.48%. Earnings from freight traffics
increased $169,983, or 12.36%; tons of freight increased 12.09%. Passenger revenue increased $4,730, or 1.41%. Operating expenses increased
$292,020, or 27.03%,and the ratio of expenses to earnings increased 9.04%.
After meeting fixed charges there was a deficit for the year of 5150,453,
due largely to damage and loss sustained by floods, which affected not only
your line, but also every other line in Mississippi, and interfered with the
handling for a period of 60 days of our traffic in New Orleans and Memphis.
The deductions from income increased $118,590, as follows: int. on bonds
$17,146; int. on equipment notes, $3.036; other int., $14,016; rentals,
852.896; taxes, $2.681; hire of equipment, $27,807; miscellaneous, $1,008.
Improvements, ex.-Tie renewals amounted to 251.309. Twenty-five
new industrial tracks, aggregating 14.826 ft. in length, were laid; also 19,957
ft. of track in yards, including 16,293 ft. in the new terminals at Mobile;
25% miles of track were standardized, 21 miles of embankment widened;
4,114 ft. of new bridges were built, including 421 ft replacing a like amount
damaged or destroyed by fire; 8,392 ft. of underground culverts were replaced with corrugated iron pipe.
Work on the improvement of roadbed between Laurel and Now Albany,
213 miles, authorized by the board on April 11912, is progressing satisfactorily.
Forty-seven hundred tons of 85-lb. steel rail and accessories have been
received, these rails being put in main line track, replacing 70-1b. steel.
The 32 miles of 50-1b. rail on the north end of the line (leased from the
Southern By. Co.) is being replaced with used 70-lb. rail.
At Mobile the new depot and facilities were completed, the depot being
opened for freight service on Oct. 20, and for passenger service on Dec, 1.
Due to the unprecedented rains, the work of building the line through
Decatur was seriously retarded, but the service through the town should
be inaugurated about Oct. 1 1912.
Delivery of the 4 passenger Pacific typo and the 8 freight Mikado type
locomotives will be made in Sept. 1912 by the Baldwin Locomotive Works
and delivery of 400 box and 100 gondola cars from the Am. Car & Foundry
Co. will begin about Sept. 25, to be followed later by 10 cars for passenger
service.
Entrance into New Orleans.-On Feb. 6 1912 an agreement effective
Mar. 1 was entered into with the New Orleans & Northeastern RR. Co. for
the joint use of 138.14 miles of track between Laurel and the junction with
the New Orleans Terminal. While we are enjoying the use of the facilities
of the New Orleans Terminal Co. by agreement, contract has not yet been
•
executed, pending a final Interpretation of the proposed agreement.
General.-The fiscal year just closed may be noted for the unprecedentediy
heavy rainfalls, which have seriously affected track conditions, increasing
costs of operation and maintenance, and to some extent demoralizing train
service. There was a decrease of about 8% in cotton acreage in the bottom
lands because of the heavy,rainfall, and washouts on the middle and northern
divisions were numerous during the winter from the same cause.
The tide of immigration into the cut-over pine lands continues. Truck
farming is becoming more extensive. Crops are diversified, and results are
emcoura,ging. All conununities are showing an increase in population,
particularly in the truck-farming territory; 327 farms, averaging from 20
to 200 acres, have been extablished; 24 new industries, comprising a bonded
cotton warehouse, gins and wood-working plants, have been located at
various points.
Extensions.-Surveys from Middleton north to a connection with the
Nashv. Chatt. & St. L. RR. Co. at Lexington, Tenn., and to a connection
with the LouLsv. & Nasliv. RR. Co. between Milan and Atwood, are in
progress and should be completed by the middle of August.
Express.-Contraet covering the handling of the express busInesslover
your company's line was renewed with the Southern Express Co. [See
offering of $450,000 1st and refunding 5s, V. 94, p. 351.1
CLASSIFICATION OF FREIGHT TONNAGE-PRODUCTS
Agricul. Animals.Mines. Forest. Manufac.
1911-12
83,771 2,744 86,169 650,420 154,915
1910-11
78,049 1,808 30,029 640,034 109,561

OF
Mdse,
68,168
64,943

GENERAL STATISTICS YEARS ENDING JUNE 30.
1911-12.
1910-11.
1909-10.
583,858
Passengers carried
592.90
12,5.37
35880'8632 12,005,494 12,360,494
Passengers carried one mile
Average per passenger per mile
98
240
,4
22
79
4
$
8E
56.
02
16
78
0
Tons of freight carried
1,0:6
3°
,2
147
5
Tons offreight carried one mile
117,635.680 S0,.552,478 73,342
5.17
0
,982
2
Average per ton perAlle
8.0131 6[111.0170

as

JAN. 11 1913]

Miles operated, average
Freight earnings
Passenger
Mail, express, &c

THE CHRONICLE
INCOME ACCOUNT.
1911-12.
1909-10.
1910-11.
404.33
547.06
404.33
$1,545,592 $1,375,609 $1,262,486
340,778
332,497
336,048
76,210
83,111
79.308

Total transportation revenue
Non-transportation revenue

$1,962,530 $1,790,965 $1,678,094
40,148
33,615
35,170
Total operating revenue
$2,002,728 $1,826.135 $1,711.709
Maintenance of way and structures_ _ _ $327,611
$263,238
$254,193
Maintenance of equipment
215,352
155,293
151,539
Traffic expenses
40,217
33,720
27,689
Transportation expenses
693,521
544,377
520,383
General expenses
95,767
96,618
101,553
Total operating expenses
$1,372,468 $1,080,447 $1,068,156
Net operating revenue
$643,553
$630,260
$745,688
Taxes
53,000
43,587
50,319
Total income
$599,966
$577,260
$695,369
DeductionsInterest on funded debt
$485,711
$591,165
$574,010
Interest on equipment obligations_
5,337
11,310
8,274
Other interest
11,740
Cr.2,276
38,520
Rents paid
60,429
5,940
7,533
Hire of equipment
51,442
23.636
34,900
Discount on securities
1,009
619
Outside operations, net
def.618
Total
$727,713
$570,409
$611,805
Balance carried to profit and loss_def.$150,453 sur.$83,565 sur.$29,557
BALANCE SHEET JUNE 30.
1911.
1912.
1912.
1911.
AssetsLiabilttie.s-$
$
$
3
Road & equip_ _ _*21,811,459 21,570,733 Common stock__ _ 8,075,300 8,075,300
Cash
350,640 Preferred stock__ _ 2,000,000 2,000,000
506,259
Due from agents
Mortgage bonds_ _12,699,500 12,082,500
24,370
13,776 Equipment trusts. 226,000
and conductors_
336,582
Occurs. issued held
Loans & bills pay.. 635,431
83,450
1,589,725 1,182,815 Traffic, &c., bats_
in treasury
18,232
15,9.5
• 35,410 Vouchers & wages_ 369,629
57,988
Accounts recelv
277,176
6,164
Traffic, &c., balm_
Misc. accts. pay__
75,015
31,077
Material & supp__ 217,563
81,319 Matured Int., divs.
24,654
0th. work. assets_
6,834
rents, &c
292,068
2,820
Taxes, &c., paid in
Accr. liab. not duo 319,686
20,539
advance
5,277
7,048 Operating reserves
21,572
9,839
Oth.def.deblt items
31,791
43,491 Other def. items__
190
86
Unexting. discount
Profit and loss, bal
104,831
45,247
39,914
on securities_ _ _ _
372
372
Miscellaneous
64,546
Profit and loss__._
Total

24,385,414 23,337,351

Total

24,385,414 23,337,351

*After deducting reserve of 8266,393 for accrued depreciation, again2
$307,832 in 1911.-V. 94, p. 488, 351.

Third Avenue Railway, New York.
(Report for 11 Months ending Nov. 30 1912.)
The consolidated income account for the 11 months
ended Nov. 30 last shows a surplus over charges, including
depreciation of ($355,000,) of 81,209,429. President Whitridge, however, states that,estimating December earnings at
$110,000, net for the year ended Dec. 31 last was about
$1,319,000, after paying interest upon all the. subsidiary
securities and upon the 4% refunding bonds and setting
aside the $400,000 depreciation fund.
President F. W. Whitridge, referring to these figures,
further says in substance:
Interest on Incomes.-Ordinarily this would have been more than sufficient to pay the interest upon the 5% adjustment bonds, but this has
not been a normal year. Large expenditures were necessary for the completion of the reorganization.
The cash on hand amounts to $2,556,756, of which $1,131,104 are allocated to tracks under the reorganisation plan, $35,239 (together with
453 4% refunding bonds) are in the depreciation fund, $1,024,270 are in
the interest and tax account and $358,719 are in the current account.
The unpaid bills for paving reduce the amount of free cash on Irtnd, but
there remains sufficient to pay an installment of interest on the adjustment
bonds on April 1, the next interest date, amounting to 1u,%, which I
recommend be paid on that day (See a subsequent page.)
Increased Receipts.-All of the companies show a steady increase in gross
receipts, except the Dry Dock road, which is affected by the partial suspension of the Desbrosses St. Ferry and the Westchester road, which is
affected by the beginning of operations on the N. Y. Westchester & Boston
Railway. In this latter case I think the decrease is only temporary, as
more people will be brought into the territory. The increased gross
receipts for the year, including these roads,are in round numbers 8520,0190.
While a part of this Ls due to our having assumed the possession of the
subsidiary companies and of the N. Y. City Interborough company, the
increase upon the Union and the three Manhattan companies alone ,of
which you have heretofore been advised,during the past twelve months,
Is $308,000, an amount far in excess of the estimates originally made.
Expenditures on Properly.-There are large expenditures still necessary
to be made upon.the property. I have had a careful budget prepared of
all the expenditures which can be foreseen during the next one or two years.
A considerable part of the expenditure upon the track and paving would
be charged, under any circumstances, to qperating expenses,.and a large
part of the balance, together with nearly the whole of the expenditures
called for by the other departments, are properly chargeable to capital.
Such expenditures could probably be met by the issue of additional 4%
refunding bonds.
The company has, however, sufficient funds on hand to.meet all these
expenditures for the current year as well as to pay $350,000 on account of
the purchase of the N. Y. City Interborough and upwards of $100,000
which will be necessary to expend upon the Mid-Crosstown road, in case the
owners of that property should conclude to accept our offer to purchase it.

133

CONSOLIDATED INCOME FOR 11 MONTHS ENDED NOV.30 1912
Operating revenue-transportation, $8,424,189; advertising,
$80,067; rents, $139,891; sale of power, $108,085; total
$8,752,235
Operating expensesMaintenance: Way and structures, $788,039; equip.. $565,658_ _ 1,353,694
Power supply,$681,329;operation of cars,$2,251,793
3,933,142
Injuries to persons and property
448,610
General and miscellaneous expenses
624,494
Total operating expenses
$5,359,923
Not operative revenue
$3,392,312
Deduct-Taxes
$618,339
Deductions, $1,600,343, less int. revenue, $35,799
1,564,544
Balance, not income
The "deductions, $1,600,343," include:(1) Interest on (a) 1st 31,209,429
M. bonds.
8530,090; (b) refunding bonds, $578,967; (c) receiver's certfs., $18,999;
(d) notes payable, $56,706; (e) other interest, $2,808. (2) Depreciation,
$355.000. (3) Sinking fund, $27.500. (4) Trackage, rents. &c.,$30,073.
THIRD AVENUE RAILWAY CO. BALANCE SHEET NOV. 30 1912.
Assets-

Rd.& equip., bldgs.,&c_$33,786,246
Cash
2,120,356
Securs. controlled cos.._ _ 12,769,541
Notes of controlled cos__ 17,876,228
Materials and supplies__
344,264
Accounts receivable_ ___ 2.397.267
Interest receivable
3,096,427
N. Y. City gold exempt
corp. stock
2,500
Dep. for deprec., &c....._
368,336
Dep.for coupon interest..
369,717
Other deposits
500
Capital items for distrib_
230,190
Insurance and rents__ _ _
59,530
Total
-V.95,p. 1747.

$73,421,082

Liabilities-

Common stock
$16,590,000
Adj. M.income bonds
22,536,000
First refunding 4% bonds 15,790,000
Third Ave. RR.1st M.5s 5,000,000
Reserves
9,235,991
Notes payable
1.350,000
Acc'ts payable, sundry.._
447,868
Taxes accrued
252,653
Interest accrued
751,758
Depos. by contr. cos. for
interest and taxes_ _ _ _
234,633
Miscellaneous
19,811
Corporate surplus
1,212,568
Total

$73,421,082

Lawyers Mortgage Co., New York.
(Report for Year ending Dec. 31 1912.)
The report of President Richard M. Hurd for the late
fiscal year is published in the advertising pages of to-day's
"Chronicle." The report shows:
OPERATIONS FOR CALENDAR YEARS.
1912.
1911.
1910.

1909.
Guar. mtges. sold
39.742,271 38,411,204 34,495,430 35.333,294
Guar. mtges. paid off. _26,605,161 28,600,125 20,977,486 17,908,748
Guar. mtges. outstand'i
Dec 31
131,168,613 118,031,503 108,220,424 91,702,480
Income from-

Premiums for guaranties
Interest on mortgages
Rents, commissions, &c.
Gross earnings

614,564
355,480
21,343

564,042
267,888
12,470

504,559
262.427
16,781

410,888
235,925
7,362

991,387

844,400

783,767

654,175

Rent
Salaries
Advertising & sta'ery
Taxes and gen. expenses

18,000
125,120
19.485
38,171

18,000
110,810
16,681
31,174

19,000
102,205
14,409
25,414

19,000
86,625
14,404
25,969

Gross expenses
Not earnings
Dividends paid (12%)

200,776
790,611
660,000

176,665
667,735
480,000

161,028
622,739
480,000

145,998
508,177
390,000

130,611

187,735

142,739

118,177

Expenses-

Balance, surplus

Note.-In addition to the cash earnings are the unearned premiums, which

consist of the company's contract profit of of 1% per annum on outstanding mortgages from the date of the annual statement to the maturity of the
mortgages. These uw.,
,arned premiums, which, as future profits, are not carried as assets, have increased as follows: Jan. 1 1903, $103.555; Jan. 1 1004,
$149,257; Jan. 1 1905, $279,948; Jan. 11906, $449,200; Jan. 11907, $591,508; Jan. 1 1908, $701.201; Jan. 11009, $836,115; Jan. 11910, 31,036,961;
Jan. 11911, $1,251,679; Jan. 11912, $1.205,692; Jan. 1 1912, $1,409,176:
total net increase since Jan. 1 1903. *1,196.621.
BALANCE SHEET DEC. 31.
1912.
1911.
1911.
1912.
Assets$
$
N. Y. City mtges__ _7,306,295 5,114,603 Capital
6,000,000 4,000,000

Accrued interest__
Co.'s Bklyn. bldg.,
cost
Real estate
Cash

295,111 Surplus
2,500,000 2,500,000
Undivided profits
77,872
208,498
175,000 175,000 Mtges. sold, not de212,500 138,201
livered
268,884 301,312
991,828 1,218,794 Res. for prepaid premiums,&c
56,375
62,525
318,134

Total
Total
9,033,757 6,941,709
9,033,757 6,941,709'
There are 9,940 guaranteed loans outstanding (see "operations" above),
the average loan in Manhattan amounting to $33,000, in Brooklyn to
$5,600 and in the Bronx to $19,000.-V. 95, p. 174.

Swift & Co. (Packing-House Products).
(Report for Fiscal Year ending Sept. 28 1912.)
Pres. Louis F. Swift at the meeting Jan.2 said in substance:
The year's business just past has been quite satisfactory,both as regards'
volume and profits. We have been able to earn the customary dividend,
7%.and a fair amount for surplus. There were over 27,000 people on the
payroll- working under somewhat more favorable conditions than heretofore'
Our turn-over this year has exceeded $300,000,000, or about $1,000,000

per working day, 80% of which has been paid in cash for live stock, about
87 reaches the homes of the working people in wages, about 5% is freight
paid to the railroads, and about 7%-the remainder- is expenses, supplies,
dividends and additions to the surplus.
The use of cold storage and its economic value have been the subject of
much discussion during the year, with the result of a better understanding
It may be desirable to apply to the P. S. Commission for consent to issue all around. What Is needed is proper regulation, covering inspection in
4.% refunding bonds for part of these capital expenditures. It will not and out of store, the proper limit of time of storage (not to exceed 1.2 mos.or
be necessary to market such bonds, and it should be our policy, so far as from season to season), and the education of the consuming public.
possible, not to increase our fixed charges.
As regards the investment your officers and directors have made in a
The budget calls for an outlay of $232,388 by,lie Third Ave.; $148,200 portion of the assets of the National Packing Co., we know that this action
by the Union fly. Co.;$55,074 by the Westchester ..lectric RR.Co.:818,850 will be the means of very materially increasing our volume-making the by the N. Y. City Interborough Ity. Co., making a total of $454,513. coming year the largest one in our history (V. 95, p. 548, 1547).
For maintenance and construction all lines $1,142,140, making a grand
Treas. L. A. Carton, in the course of his remarks,said:
total of $1,596,653.
Out/wk.-Notwithstanding the large eipenditures shown in this budget
The financial report shows that besides paying 7% upon the capital stock.
and which will probably hereafter be shown.in similar budgets, the outlook amounting to $5,250,000, there has been added to thesurplus $3,000.000,
for the owners of Third Ave. securities is encouraging.
increasing it to $29,000,000, and also increasing comparatively (by $252,Purchase.-During the year a contract for the purchase of the N. Y. City 939) the reserves.
Interborough road was approved by the Third Avenue Co.. and a note for
There was an increase in the value of the turn-over of some $25,000,000,

$1,350,000 was given to the Central Trust Co. for the money necessary
to purchase the securities offered for sale and to partially complete the
road it was entitled to build under its franchises. Since that time the
Third Avenue has purchased additional securities of this road at a cost
of $229,375 for cash, The purchase includes all the bonds and about
four -fifth° of the stock. (V. 95, p. 544, 1274.)
Franchise Tar Litiyation.-Pending the decision of the litigation in respect
to the franchise , taxes for the last three years. I have paid to the City
Comptroller such amounts as we considered should be paid under any circumstances and have aLso paid in to the account. entitled "Interest and
taxes account", the. remainder of the amount claimed by the State att-

thorities. This amounts to upwards of $275,000 and is deposited witJA the
Central Trust Co. at interest. (The pamphlet report contains Mr. Whitridge's protest to the State Tax Board against franchise tax impositions.
2801-201h St. Crosstown fly.-(td-Crosstown Ry..-(See V. 94, p. 487)




due in a measure to prevailing high prices; but the excess volume does not
fully represent the excess work connected with the departments,which work,
in order to cover more adequately the wants of the public, is ever on the
increase. This $300,000,000 in value was practically all sold on credit.

As an indication of the work done, the requirements for some of the articles,
used in the _preparation and transportation of our tonnage will convey an
idea: Salt, $360.000; Paper, $131.000; sugar, $148.000; coal. $1,225,000;
cloth, burlap, &c., $450,000; boxes, cooperage and tins, $2,000,000; total
$4,314,000. The freight handled for us by the railroads aggregated, in round
number, 150,000 car-loads, not including the very considerable tonnage
delivered drectiy from our "plants" by wagon and auto of the company and.
its customers.
[The purchase of certain of the properties and assets of the NationalPacking Co. was confirmed by the stockholders. The stockholders alsovoted to extend the charter of the company to Jan. 1 1984.1

THE CHRONICLE

134 '

OPERATIONS FISCAL YEARS ENDING ON OR ABOUT SEPT. 28.
1911-12.
1910-11.
1909-10.
1908-09.
J "Over"
"Over"
"Over"
"Over"
Business
done
18300,000,000 $275,000,000 $250,000,000 $250,000,000
Deductions (approximate)Live stock, 'about
240,000,000
80%." say
Wages, "abt. 8%," 24,000,000
Freight,"abt.5%," 15,000,000
Exp.& supp., about 12.497,061
Dividends(7%p.a.)
5,250,000
4,025,000
4.987,500
4,200,000
To surp. & reserve_

$3,252,939
$1,335.929
$3,159,175
BALANCE SHEET SEPT. 28 TO 30.
1911.
1910.
1912.
Assets$
Real estate, improve'ts,
including branches__ 39,914,922 32,118,798 29,789,309
Horses, wagons&harness
177,721
152,454
Stocks and bonds
24,173,941 23,660,408 17,688,110
Cash
6.019,393
5,308,761
7,474,342
Accounts receivable_ _ _ _ 40,156,735 38,568,395 38,992,183
Live cattle, sheep, hogs,
dressed beef, &c., on
hand
39,766,381 33,112,210 33,795,489
Total assets
151,486,321 133,656,925
LiabilitiesCapital stock paid in
75,000,000 75,000,000
5,000,000
Bonds
5,000,000
Reserve for bond int._ _1 1,375,0001
62,500
Reserve for dividends.f
Bills payable
24,649 200 15,883.400
Accounts payable
7,832,841
12,330,998
3.878,184
Reserves
4.131,123
Surplus
29,000,000 26,000,000
Total liabilities
-V. 96, p. 66.

$4,783,295
1909.
28,640,646
139,833
17.356,084
3,308,234
36,433,482
27,046,016

125,726,306 112,924,296
60,000,000 60,000,000
5,000,000
5,000,000
62,500
62,500
24,404,750 13,882,200
7,716,801
8,596,517
3,692,255
3,383,079
24,850,000 22,000,000

151,486,321 133,656,925 125,726,306 112,924,296

Cudahy Packing Co., Chicago.
(Report for Fiscal Year ending Nov. 2 1912.)
TOTAL SALES FOR PAST NINE YEARS.
$84,420,766 1906
1912
$90,443,970 1909
$69,319,158
71,988,213 1905
1911
87,803,856 1908
62,722,755
1910
93,315,696 1907
79,886,4791 1904
50,828,638
Note.-In 1911 a greater tonnage was produced but the sales value was
less by reason of reduced prices.
INCOME ACCOUNT YEAR ENDED NOV. 2 1912.
1908-09.
Profits before repairs,&c. $1,129,4.
65
$830,334 $1,464,9.
52 $2,699,556
Ordinary repairs
451,0271
252,337
250,264
Extraor. rep'rs (impts.
522,221
& Govt. inspection
requirements
193,498
187,823
Profits for year
$607,244
DeductPreferred div. (6%)_ _ _ _
$120,000
Common dividends ___ 4%)400.000
Extra corn. div. (3%).._

$379,307 $1,019,117 $2,261,469
$120,000
$120,000
$120,000
(7%)700,000(7%)700,000
300,000

Balance,surplus

$87,244
$259,307
$199,117 $1,141,469
BALANCE SHEET NOV. 2 1912.
1912.
1911.
1912.
1911.
Assets$
$
Plants, property,
Preferred stock__ _ 2,000,000 2,000,000
&c____z10,669,266
equip.,
10,210,039 Common stock_ __10,000,000 10,000,000
1,354,952 1,065,154 First mtge. bonds_ 4,272,500 4,538,000
Cash
City & c'try acc'ts 4,262,845 3,799,435 Bills payable
8,042,270 6,150,267
Bills receivable_ _ _
48,054
38,439 Due for sundry
Gen't acc'ts (perpurchases
349,898
223,166
sonal, RR.,&c.) 458,795
424.,231 General accounts
Unexp.insur., &c. 179,206
150,419 (personal, railAdvances on purch. 719,649
roads, wages,
599,266
Consigned mdse.,
621,546
668,871
&c.)
196,561
unsold (net)- _ _v3,459,872 2,838,763 Employees'depos_ 220,664
3,787,323 3,528,016
Product & supplies 8,303,068 7,642,173 Surplus
_
Profit
for
year_
_
547,123
_z1,129,465
379,307
Stocks and bonds_ 621,896
321,821
393,885
Other assets
Total

30,470,788 27,636,883

Total

30,470,788 27,636,863

x Includes in 1912 packing plants, real estate, buildings and machinery at
South Omaha, Kansas City, Sioux City, Wichita and Los Angeles, $6.982873; Calumet property, $290,348; sales branches, real estate and buildings,
11,769,507; sales branches, equipment, $266,340; car and refrigerator line,
$1,360,199.
y After deducting $191.
,843for advances in 1912, against $264,650 in 1911.
z The "profit for year' is stated in the balance sheet for 1912 and 1911
before deducting any dividends.-V.96, p. 64.

GENERAL INVESTMENT NEWS.

[VoL. xcvi.

mately $705,000 has been or may be used to pay the principal and interest
of all equipment trusts maturing up to and including July 1 1913,
and the remainder, approximately $1,045,000, for additional motive
power, to lay heavier ballast and rails on some of the older parts of the road
and to make waterfront and harbor improvements in Brunswick. It is
expected that these improvements, when completed, will result in a material
reduction in expenses of operation.-V.95, p. 1744, 888.

Baltimore & Ohio RR.-463,250,000
% 20-Year Convertible Gold Bonds Offered to Shareholders at 953/
2.-The
directors on Thursday authorized the issue of $63,250,000
432% 20-year convertible gold bonds dated March 1 1913
and convertible at option of holder at any time within first
ten years into the common stock at $110 a share. The holders of the pref. and common stock of record on Jan. 24 will
be permitted to subscribe for the issue at 953/b and int. to
the extent of 30% of their holdings. The subscriptions may
be paid in full on March 3 or in installments of 30% on that
date, 30% on April 15 and 40% on May 15. See adv.
The entire issue has been underwritten by Kuhn, Loeb &
Co. and Speyer & Co., who have already received subscriptions from other bankers and investment firms for a large
proportion of the issue, a considerable share of which will
be taken abroad.
An officer of the company is quoted as saying in substance: "It seemed
desirable to make use of the present market to recoup the treasury for
money expended for construction and equipment, and to provide for the
turther requirements of the company hereafter. Whether these funds will
also be used in connection with the retirement of the $50,000,000 of notes
will depend on circumstances and conditions at that time.

Six Months' Approximate Statement.-The earnings for the
6 months ending Dec. 31 (Dec.•estimated) were:
Other
Total
Operating Net (after
Balance,
Deduc. Dividends. Surplus.
Taxes). Income.
Revenue.
6 Mos.$
$
1912 ____52,466,910 14,213,684 1,832,082 7,402,070 5,750,000 2,893,696
1911 _
46,942,384 13,205,001 1,908,031 7.556,963 5,750,000 1.806,069
Dividends as above in 1911-12 include $1,200,000 (2%) on the preferred
and $4,550,000 (3%) on the common stock.
The regular divs. of 3% on common and 2% on the pref. stock have been
declared, payable March 1.

New Director.-Robert Garrett, grandson of John W.
Garrett, founder of the road, was on Jan.9 elected a director
to succeed Samuel Rea, who resigned because of the requirements of his new duties as President of the Pennsylvania RR.
Refunding Mortgage.-The Baltimore & Ohio RR. Co. of
Pennsylvania, recently formed by the consolidation of subsidiary companies in that State has filed a $40,000,000
mortgage to the Maryland Trust Co. of Baltimore, as trustee.
The bonds secured by this mortgage, we are informed, "will
be deposited with the trustees of the various mortgages now
holding the securities of the old subsidiary lines." See
V. 95, p. 1744.
Brooklyn Rapid Transit Co.-Applications by Subsid's.
The following applications have been made by the company's subsidiaries in connection with the plan for operation of the new dual system of
rapid transit:
(1) By the New York Municipal Railway Corporation for authority to
issue $1,000,000 in capital stock for working capital.
(2) By the New York Consolidated RR. for authority to purchase the
entire capital stock of the New York Municipal Railway Corporation The
Municipal Company, to carry out its contract with the city, is to make a
first mortgage to the Central Trust Co. of N. Y. to secure an isssuefrom
time to time of 5% gold bonds to provide the capital required by the contract with the city. The Consolidated Company is to guarantee the bonds,
and under the law it must own the stock of the Municipal Company before
it can make the guaranty.
(3) The joint application of the Brooklyn Heights RR. Co. and the New
York Municipal Railway Corporation for the approval of a contract between them for the use of the right of way of the Lutheran Cemetery elevated road from a connection with the Myrtle Ave. line near the intersection of Wyckoff Ave. and Palmetto St. to Fresh Pond Road, and from that
point to Metropolitan Ave. The contract is for 85 years and the Municipal
Corporation is to pay $25,000 a year for the privilege.-V.96, p. 61.

Canada Southern Ry.-Sale of Bonds.-Ladenburg,
Thalmann & Co. announce that the $16,500,000 new 5%
bonds available as of Jan. 1 have been disposed of, having
either been taken in exchange by holders of the $14,000,000
maturing 1st M. bonds or sold by the international banking
syndicate which underwrote the issue.
The remaining $6,000,000 of the total present issue of $22,500,000 new
bonds is reserved to retire a like amount of 2d M.bonds maturing March 1,
holders of which had the right up to Thursday night to exchange the same
for new bonds on a 4.70% basis.-V.95, P. 1744, 1607.

Capital Traction Co., Washington, D. C.-Earnings.RAILROADS, INCLUDING ELECTRIC ROADS.
Interest, Dividends. Balance,
Other
Gross
Net
Calendar
TaxesAc. (6%). Surplus.
Atlanta Birmingham & Atlantic RR.-Receiver's Cer" Year- Earnings. Earnings. Income.
$720,000 $47,126
$412,749
$13,317
$1,166,557
tificates Offered.-Clark, Dodge & Co., N. Y. and Chicago, i912_.._$2265214
349,050
720,000
70.278
10,173
1,129,155
1911....... 2,256,640
and White, Weld & Co., N. Y., Bos. and Chicago, are offer- -V.94, p. 346. 278.
Ry.-Application.--The
company
ing at 993 and int., yielding over 6%, an additional $500,Central New England
000 5% gold receiver's certificates, dated July 1 1912, due has applied for permission to issue $2,429,000 1st M. 50-yr.
July 1 1913, but subject to call, in the discretion of the Court, 4% bonds for double-tracking and new equipment. There
at par and int. on 90 days' notice. Par $1,000 (c). Int. are now $11,967,000 of the issue outstanding.-V.95, p. 968.
J. & J. at Farmers' Loan & Tr. Co., N. Y. City. AuthorChesapeake & Ohio Ry.-Details of Decision.ized, $5,000,000; outstanding, $4,700,000. See full deComplete copies of the voluminous opinions of the U. S. District Court
for the Southern District of Ohio, Eastern Division, rendered Dec. 28 in the
scription in V. 94, p. 1762. The bankers say:
suit brought by the Government against the company,the Lake Shore& Mich.

Secured by first lien, (a) on 329 miles of main track, at rate of $15,179
other companies,involved in the agreement between the 0.&
per mile; (b) on terminal properties in Atlanta and Birmingham costing Southern,and
Shore companies dated Mch.12 1910 show that the conclusions,
over $5,795,700; total cost of properties on which certificates are first lien, 0.and Lake
telegraphic
on
accounts,were substantially as stated last week (p.62).
based
over $23,000,000. Additionally secured by lien on: (a) Subject to $4,090,hold
000 1st M. 5s of 1904, 300 additional miles of main track; (b) equipment It should be noted, however, that the majority of the Court definitely
the
equity
of
tile I ake Shore and of the C.& 0,in the capital stock
that
(1)
$1,144,000
only
costing $4,704,000, subject as to part to
equipment bonds,
this
to
and
Sunday
Creek
to.
sale,
shall
be
the
disposed
absolute
of
of
by
exclusive of those to be retired with the proceeds of this issue. Followed by
end the trustees in whcse names such stock is held shall be made parties
$14,443,000 1st 5s of 1906, $3,000,000 Georgia Terminal Co. 1st 5s and defendant
control of the
to
the
and
suit;
ownership
and
(2)
that
the
joint
$2,445,000 Alabama Terminal RR. Co. 1st 5s.
Kanawha & Michigan must be terminated. In regard to the questions
Earnings for Years ended June 30 (Compare V. 95, po. 888).
which have not been decided by the Court and which were mentioned in last
1910-11.
1911-12. 1910-11. week's item, theCourt directs that further argument be had at a date to be
1911-12.
Gross income_$3,282,956 $2,942,736 Int. on $4,090,000
fixed between Jan. 21 and 31.-V. 96, p. 62.
Net after taxes,
prior lien
$204,500 $204,500
&c
Chicago Burlington & Quincy RR.-Decision.298,681 442,840
503,181
6,47,340 Balance
Estimated interest on receiver's ctfs. for year ended
The U. S. Supreme Court on Monday reversed the judgment of the
June 30 1913, based on actual amts. outst'g to date__ 221,110
Nebraska Supreme Court, which had affirmed a verdict awarding damages
The net earnings after operating expenses for the first four months of the to a shipper who had lost a valuable horse in an inter-State shipment over
present fiscal year have been reported as follows: July, $13,563; Aug., $46,- the road. The Court held that since the passage in 1906 of the Carmack
648; Sept., $52,219; Oct., 188,422. This increasing trend of net earnings amendment to the Inter-State Commerce Law,the States had ceased to
indicates the return to more normal operating conditions. The high oper- have power to annul contracts between railroads and shippers limiting
ating ratio prevailing during a large part of the past year was due to abnor- liability for loss of inter-State shipments. Previous to the passage of the
mal weather conditions and to the interference with traffic resulting from Carmack amendment the Court had upheld State statutes limiting damages
the extensive improvement work in progress.
in such cases.
Part of the proceeds of this issue of certificates was used to retire $3,250,The Court on the same day in another case, also reversing the State Su000 certificates which matured on July 1 1912. Of the balance, approxi- preme Court, held invalid the Minnesota "reciprocal demurrage" law




JAN. 11 1913.]

THE CHRONICLE

which imposed a penalty on railroads of $1 a day for failure to supply cars
to shippers on demand. The Court said that the Hepburn law of 1906
expressly fixed the duties of carriers to furnish cars and that precluded the
States from acting further in the matter.—V. 95, p. 1683.

Chicago & Milwaukee Electric RR.—Further Details—

The lengthy opinion of Judge Landis,in which he finds that the foreclosure
sale of the Illinois division to the reorganization committee in Sept. last
should be set aside, is based on the following rulings: ;(1) The arrangement
whereby the Illinois division bonds held by the Milwaukee Electric Ry. &
Light Co., John I. Beggs and others, connected therewith, for which
they paid, it is stated,about $770,000, and, it is alleged, were induced, in
consideration of $1,122,000,to sell the same and agree that they would refrain from bidding at the sale, amounted to suppression of bidding at the
sale, and made the same void; (2) the Illinois properties were worth at least
$4,500,000, whereas the $1,650,000 bid at the sale plus the underlying bonds
aggregate only $2,800,000; (3) the proposed plan of reogranization (V. 94,
p. 630) would provide for the issue of "a great mass of securities which
represent no investment whatever by anybody at any time." Jacob Newman, who represents the Wisconsin bondholders, has made a statement in
which hejustifies the purchase for the Beggslinterests as a protective measure
to prevent the sacrifice of the Wisconsin division bonds,and says that the
Court is in error in regard to the laws of Wisconsin governing reorganization,
which permit securities to be issued up to the amount of outstanding old
securities in exchange therefor.—V. 96, p. 62.

Chicago & Western Indiana RR.—Proposed Off-ing.—
J. P. Morgan & Co., the First National Bank and theNational
City Bank will, it is expected, shortly make a public offering
of the $10,000,000 3-year 5% mortgage notes recently purchased by them. (V. 95, p. 419, 759).—V. 95, p. 1471.
Chicago Milwaukee & St. Paul Ry.—Electrification of
450 Miles of Main Line in Montana and Idaho.—A press
dispatch from Washington, D. C., on Jan.7 announced that
the Interior Department had made a 50-year grant to the
Great Falls (Mont.) Power Co. (V. 94, p. 985, 914) for
transmission lines and it is understood additional hydroelectric developments which will enable it to furnish electric
power not only to other consumers but also for the operation of 450 miles of the main line of the Chicago Mil. & Puget
Sound division between Harlowton, Mont., and Avery, Ida.
Pres. A. J. Earling subsequently confirmed the report that
the Chicago Milw. & Puget Sound Ry.had contracted for the
electrification of 450 miles of its main line in Montana and
Idaho. The installation of electrical equipment will be completed as soon as possible, and Mr. Earling expects it will be
in full operation within 3 years. The stretch of road to be
electrified traverses three principal mountain ranges, the Belt
Mountains, Rocky Mountains and Bitter Root Mountains.
An authoritative statement says in substance:

135

6% convertible gold coupon notes due Jan. 15 1913, says
in substance:
The right to convert these notes ceases on Jan. 15 1913, and all notes not
converted will, upon presentation at office of trustee, receive their face
value and accrued interest. These notes are convertible at the State St.
Trust Co., Boston, prior to maturity, into common stock (on which dividends are now being paid at the rate of 7% per annum), $ for S. with an
adjustment of interest and dividend.—V. 95, p. 618.

Idaho Northern Ry.—Sale.
See Oregon Short Line RR. below.—V. 86, P. 856.

Illinois Central RR.—Equipment Trust Certificates Sold.
—Kuhn, Loeb & Co. have purchased and re-sold $8,000,000
4
gold equipment trust certificates, maturing in semiannual installments from Aug. 1 1913 to Feb. 1 1923.
The

certificates, which represent 85% of the cast of the new equipment,
are subject to call on any interest date on or after Feb. 1 1918 at 1023i%
and interest upon 90 days' notice. Coupon certificates of the Commercial
Trust Co. of Philade phia, trustee, with privilege of registration. Principal
and interest payable without deduction for taxes. Temporary certificates
will be ready for delivery early in February.—V. 95, p. 1684.

Interborough Rapid Transit Co., New York City.—
Bonds.—Application was made to the P. S. Commission on
Jan. 8 for the approval of the financial arrangements by
which the company proposes to carry out its agreement with
the city for new construction. The company has made a
contract with J. P. Morgan & Co. for the purchase, at not
less than 93 and int. of $170,000,000 new 1st M.5% bonds,
dated Jan. 1 1913 and due Jan.1 1966, but re-purchasable at
110 and int. for the 1% sinking fund provided in the subway
contracts. The proceeds of the bonds to a total of $150,622,900 and $174,600 reserved bonds are to be applied as
follows (compare V. 94, p. 1507, 1565):
Construction

of new subway, Interborough Co's one-half. $58.000,000, of which cash
$53,000,000
Equipment of new subways, $22,000,000, of which cash
Manhattan Ry. and third-tracking, abt. $10,800,000; exten- 21,000,000
sions,$16,154,000; total
Refunding Interborough, $33,018,000 45-year gold mtge bonds26,954,000
redeemable at 105
34,668,900
Refunding $15,000,000 nine months' 5% notes
15,000 000
To be reserved to pay off real estate liens
174.600'
It is stated that there have been issued $33,959,000 of 45-year gold mortgage bonds, but of these $587,000 are held in the sinking fund and the trustees hold $372,314 cash with which to redeem at 105 additional $354,000,
leaving only $33,018,000 to be taken up at the redemption price, 105%.
—V.96, p. 62.

Indianapolis Newcastle & Eastern Trac. Co.—Lease.—

The company has made a 999-year lease of its property to the Union
Traction Co. of Indiana, dated Oct. 25 1912, including the extension under
construction from Newcastle to Muncie. The rental covers interest on the
bonds, also dividends on the 5% pref. stock, payable 2y % semi-annually
on June 1 and Dec. 1, beginning Dec. 1 1912, and dividends on the common
stock as follows: 3,6 of 1% each on April 30 and Oct. 31 1913 and 1914, 1%
on said dates in 1915 and 1916. 1 % in 1917 to 1920,and 2% semi-annually
thereafter; also $500 yearly for organization expenses.—V. 94, p. 1695.

The combination of' water powers in the section where this electrification
takes place, under practically same ownership and management,
is the one
thing that makes possible this electrification, nowhere in the world
equaled
for distance, the contract providing that 9 separate and distinct water-power
developments which are connected in their transmission lines shall furnish
the power. The grant is looked upon as an important step in the way of
International Ry., Buffalo, N. Y.—Bonds Sold.—
conservation, because it not only keeps the coal in the ground for future
Bertron, Griscom & Co. announce that the $3,832,000 refunding and imgenerations, but it utilizes water which has been going to waste and which provement 5% bonds offered by them last week
have been practically all
would always go to waste were it not put to uses of this kind.
disposed of, the larger amount being taken by New England investors.
[The grant to the power company,it is stated, provides for (a) Compen- —V.96, p. 62.
sation to the Federal Govt. of 5 mills per 1,000 k.w., but subject to periodical adjustment every 10 years; (b) Government regulation of the rates and
International Traction Co., Buffalo, N. Y.—Preservice and the sale of power to the U. S. and to the State within which the ferred Dividend.—A
dividend has been declared on the $5,transmission lines are located and to municipal corporations in such States
at as low a rate as can be given to any other purchaser for a like use under 000,000 4% cumulative preferred stock for the 6 months
similar conditions. The company is forbidden to claim any earning
value ending Dec. 31, also an additional dividend of 4% in part
for the grant or any selling value should the public take over the company's
works at any time. The power company has the right to contest in the payment of the accumulated dividends upon the stock, both
courts any rental it believes to be unreasonable.]
payable Feb. 1 to holders of record.
The cost of electrifying the 450 miles of main line, it is estimated,
These are the
dividends paid on the stock which was organized in
be about $7,000,000, spread over possibly three years.—V. 96, p. 62. will March 1899, thefirst
distribution being made as a result of the recent sale of'
collateral trust bonds.—V. 96, p. 63.
Chicago

Peoria & St. Louis RR. of Illinois.—Possession.
The Company, which was incorporated on Dec. 6 1909, on
Kansas City Terminal Ry.—Additional Bonds Offered.—
Jan. 1 took over as successor the property of the railway com- J. P. Morgan & Co., New York; Lee, Higginson & Co., New
pany of the same name, per plan V. 89, p. 285.
York, Boston and Chicago, and the Illinois Trust & Savings
The receivers have been discharged and John P. Ramsey has
been Bank, Chicago, offered this week at 95 and int. the unsold
lected President of the now company.—V.95, p. 1745, 1402.
portion ($4,000,000) of an additional 810,000,000 1st M.
Cleveland & Pittsburgh RR.—Listed.—The New York 4% gold bonds dated 1910 and due Jan. 1 1960, but callable
Stock Exchange has listed $2,019,100 additional 4% special as a whole on or after Jan. 1 1930. The remainder of the
guaranteed betterment stock, making the total listed $12,- $10,000,000 has been placed in Great Britain and Europe by
946,100.
Higginson & Co. and Morgan, Grenfell & Co. See adverThe new stock represents improvements for the year 1911 ($2,014,413) tisement
on another page of this issue.
also unadjusted balance ($4,688) on account of 1910.
The $20,094,000 bonds previously issued (see V. 91, p.
Details o $2,014,413 Improvements in 1911.
Right of way and station
1386; V. 90, p. 627, 698) are listed on the New York Stock
Station buildings and fixgrounds, track elev., &c.. $303,816
tures
$2,587 Exchange and application will be made to list the new bonds.
2d, 3d and 4th tracks, storDock and wharf property_ _1,240,106
age yards and track aleFreight cars
vation
219,503 Passenger cars

55,936
192,465

Earnings.—For 6 months ending June 30:
Operating
SixMonths.
Revenue.
1912
$5,448,165
1911
4,403,096
—V.95, p. 1331.

Fixed
Net (after
Dividend Balance,
Taxes).
Charges.
Fund.
Surplus.
$1,507,815 $509,848 $612,029 $385,937
1,109,292
392,565
590,550
126,177

Commonwealth Power Railway & Light Co., Grand
Rapids, Mich.—First Common Dividend.—

An initial dividend of 1% has been declared on the $12,000,000
common
stock, payable May 1 to holders of record Apr. 10.—V.
94, p. 767.

Dedham (Mass.) & Franklin Street Ry.—Applicatio

n.—
Eugene H. Mather, receiver of the Dedham & Franklin and Medfield
&
Medway street railways, which form a continuous line
between
Dedham
Franklin, has petitioned the Supreme Judicial Court for authority to and
discontinue operations on the ground that while he has exercised
strictest
economy in every respect, the earnings of each company havethe
fallen short
of expenses. Judge Morton decided that before taking such action
the
Selectmen of the towns through which the roads pass must be given an
opportunity to appear and object if they so desire.—V. 94, p. 1316.
Denver Northwestern & Pacific tRy.—Status.—Newman Erb is quoted as saying:
"The reorganization has proceeded so far as to
the prediction
of the foreclosure sale of the property within 60 days.warrant
Application has been
made for a decree of foreclosure in the Denver courts..
There is no opposition, all notes having been deposited for reorganization."
[Over 70% of
the $10,940,000 lst M. bonds and all of the $3,500,000 Denver
Ry. Securities have, it is stated, been deposited.—Ed.]
Newman Erb has been elected President of the Denver & Salt Lake RR.,
which was incorporated last month to take over the property, and
William
M.Wadden of F. H.Prince & Co.of Boston has been chosen
Vice-President.
H.B. Blanchard will be Sec. and Treas.—V.96,13• 62.

El Paso (Tex.) Electric Co.—Conversion of Notes.—
Treas. Henry B. Sawyer, addressing holders of the $450,800




Maximum Authorized Issue $50,000,000 (Trustee Ill. Trust & Savings Bank).
Outstanding (including bonds now offered)
$30,094,000
Reserved to retire, $ for 5, all 1st M.6% bonds of the Kansas
City Belt Line Ry. Co., due July 1 1916
2,500,000
Reserved for construction, equipm't, additions and improvemls 17,406,000
Abstract of Letter from Pres. ii. II. Adams, Kan. City, Dec. 12 1912.
Organization.—Incorporated in 1906 in Mo. The $1,200,000 outstanding capital stock has been hilly paid in cash at par and is held by, or for the
benefit of, the twelve railroad companies named below.
Bonds.—The maximum authorized issue is $50,000,000, of which $30,094,000 are outstanding, including the bonds now purchased by you. The
proceeds of $20,091,000 were used to acquire the Kansas City Belt By., the
present Union Depot property, real estate for the new union station, passenger and freight terminals and rights of way, and for construction purposes. The proceeds of the $10,000,000 now sold will be used for the acquisition of additional real estate and equipment and for construction.
Proprietary Companies which Covenant to Meet Principal and Interest.
[Under agreement with the company and the mortgage trustee.]
A. T.& S. Fe By. C. M.& St. P. Ry. K.C. South. Ry. St. L.& S. F. RR.
Ch. & Alt. RR. C. Gt. West RR. Mo. K.& T. By. Union Pac. RR.
Ch. B.& Q. RR. C. R. I. & P. By. Mo. Pac. By.
Wabash RR.
Under the above agreements, each of these twelve proprietary companies
covenants unconditionally to pay an amount equal to 1-12 of the principal
of all outstanding bonds of this issue when due, and an amount equal to
1-12 of the interest thereon and 1-12 of all taxes payable by the Terminal
Company ten days before such interest and taxes become due and agrees
also to pay its share of the total expenses of operation and maintenance of
the terminals proportionate to the use thereof. If any of the proprietary
companies should default in its obligations under these agreements, the
remaining companies must make up all deficiencies ratably, and the defaulting company will be excluded from the use of terminals.
The combined surplus income of the above twelve railroad companies for
the fiscal year ended June 30 1912, after payment of all their fixed charges.
exceeded $77,000,000.
The estimated cost of the property as now designed (Including real estate)
is in excess of $40,000,000. Practically all of the real estate required has
been secured. Construction work is progressing satisfactorily and it is
expected that the passenger station and its approaches will be ready for use
in October 1913. The other work proposed is expected to be completed,
most of it within six months thereafter, and all of it within a year. The
existing properties and contemplated improvements are described

130

THE CHRONICLE

substantially as in V. 90, p. 627, except that in the Union Station, along
with the 18 parallel tracks, there is left space for eight instead of six additional tracks.—Ed.)
The combined population of Kansas City, Mo., and Kansas City, Kan.,
> grown from 58,985 in 1880 to 215,170 in 1900 and 330.712 in •1910, and
for 1912 is estimated by the local Post Office autherities at 338,068: The
bank clearings have grown fron $775,264,813 in 1900 to $2,578,730,349
in 1911.—V. 94, p. 1185.

Maine Central RR.—Option to Subscribe.—The stockholders on Jan. 8 authorized the proposed increase in the
stock from $15,000,000 to $25,000,000. Stockholders of
record on that day are given the option up to Feb. 15 at
2 p. m. to subscribe for the new stock at par on the basis of
two new shares for every three shares now held.—V. 95, p.
1684.

[VOL. xcvi.

are placing privately $3,000,000 1st M.5% sinking fund gold
bonds, dated Nov. 1 1912 and due May 1 1937, butredgemable at 105 and int. on any interest date. Interest M.'& N.
in N. Y. and London. Par $1,000 (205 9s. 8d.) each c*.
Authorized, $5,000,000; outstanding, $3,000,000. Trustee,
N. Y. Trust Co., N. Y. Registrar, Am. Tr. Co., Boston.

Subscriptions are payable $50 per share March 1, $25 July 1 and $25
January 1 1914. •
Subscribers have the option of paying their subscriptions in full on March
1st, or, having paid their first installment When due,of paying the remainder
of their subscription on July 1.—V. 95, p. 1684.

Minneapolis & St. Louis RR.—Maturing 5% Notes—
Additional $1,000,000 to Be Paid-153,000,000 to Be Refunded
at 6%.—It was announced on Tuesday that financial arrangements had been made with Speyer & Co. in relation to
the $4,000,000 5% secured notes maturing Feb. 1 1913,
which will be paid on that date at the office of the Central
'Trust Co. of New York. Two years ago the company had
$5,000,000 of these notes outstanding and then paid off $1,000,000. This year the company will pay off another $1,000,000 and will offer in exchange for the remaining $3,000,000 notes new notes of like amount maturing Feb. 1 1914,
with interest at 6%, payable F. & A.
The company will allow to holders accepting the exten7
sion a bonus of $15 in cash per 151,000 note; in other ivords,
the new notes are offered on about a 734% basis. Holders of
notes desiring to extend same must deposit them (ex Feb.
1913 coupon) with Speyer & Co. on or before Jan. 24 1913.

The $3,000,000 new 6% notes will be redeemable at any time at par and
int. on 60 days notice, and will be secured by the deposit With the Central
'trust Co. of N. Y., trustee, of $6,000,000 of the same collateral as is now
deposited for the $4,000,000 notes, Viz.: The Minn. & St. Louis RR. Co.
"refunding and extension mtge." 5% bonds, due Feb. 1 1962, part of a total
_with. issue limited to $75,000,000, whereof, including the bonds to be doposited, there is now outstanding $10,126,000. • These bonds are secured by
a mortgage on the railroads and other properties of the company and upon
those acquired from the Iowa Central Ry. Co., subject to the existing liens
thereon, and further by a direct first lien upon the'railroad (229.60 miles)
and other property acquired from the Minnesota Dakota & Pacific Ry. Co.,
and On future extensions or the company.
The Minneapolis & St. Louis RR. Co., which to-day represents the consolidation of the Iowa Central Ry. Co. and the Minnesota Dakota & PaIty.' Co., operates a total of 1,585 miles through the States of Minnesota, South Dakota and Iowa. For the first six months of this fiscal year
the company reports gross revenues of $5,119,772, an increase of $1,033.731
over the same period of the previous year and an estimated surplus over all
.charges for this period of $429,045. Net earnings from July 1 to Nov. 30
show an increase of 25.50% and surplus for this period an increase of
-$135,185 over the same period last year.—V. 96, p. 63.

Digest of Statement by Pres.P.O. Gossler, Spartanburg, S. C., Jan.6.
Organization—Incorporated in Mass. to acquire the properties of the
Spartanburg Railway, Gas & Electric Co. and the Electric Mfg. & Power
Co.,&c. Does the entire as and street railway business of the city of SpartanbUrg, S. C.. and supplies without competition power and electric light
for manufacturing, commercial, domestic and municipal use in Spartanburg, Gaffney, Cowpens, Woodruff and Blacksburg, S. 0. Among the
principal consumers are many of the large cotton mills located at and near
above five cities and towns. Company owns a modern hydro-electric
Power plant, located at Gastln Shoals on the Broad River in Cherokee
County, about 28 miles northeast of Spartanburg. Serves a population
of about 45,000. Has the right of eminent domain (confirmed by State
Supreme Court). Franchises contain no objeCtionable restrictions and
run beyond May 1 1937.
Authorized. Outstanding.
Capitalization—
$5,000,000 $3,000,000
First mortgage 5% sinking fund gold bonds
500,000
1,500,000
Preferred stock 6% cumulative
3.500,000
2,500,000
Common stock
The bonds are an absolute first mortgage on all property now owned or
hereafter acquired': comprising at present: (a) Hydro-electric power plant
capable of generating 12,000 h.p.;(b)63 miles-of transmission lines and substations; (c) electric motors of 3,000 h.p. capacity in mills of customers;
capacity
(d) auxiliary steam plant 1,600 h.p. capacity; (o) gas plant with aand
interof 187,500 cu. ft: per day;(f) 20 miles of Completely equipped city
urban street railway; (g) undeveloped power sites capable of developing
about 18,000
Additional bonds may be issued only for the acquirement of property,
extensions, &c., under carefully draWn provisions in the mortgage. Sinking fund beginning Nov. 1 1915, an amount annually equal to 1% of outstanding bonds, to retire the bends or for extensions and additions.
Est.1913.
Est.1914.
1912.
Earnings (Cal. Years)— 1911.
$3.11,568
$375,724
$575,474
8288,306
Gross
237,773
404,727
216,157
166.319
Not (after taxes)
The estimate of 1914 is based on additional development of 10,000 h.p.;
Issue
an
additional
on
of
charge
5%
in connection therewith an interest
of about $1,000,000 bends'must be deducted.
Outlook.—It is estimated that within the territory now covered by the
company's transmission lines there is 20,000 additional horse-power required
by the manufacturing interests, which can be sold by this company as soon
as it is ready to Supply same. From 1899 to 1909 the capital invested in
Spartanburg manufactories increased 91.5%. Spartanburg is the third
largest city in South Carolina, its population having increased from 1900
to 1910 bY 547 or to 17,600, and is now estimated to exceed 20,000. The
growth of Gaffney the last few years indleates that within five years Oafney alone will use the entire power output of -the Gaston Shoals plant.
Cowpens.Woodruff and Blacksburg are also prosperous towns.;---V.95,p.751.

Southern Pacific Co.—Proposed Union Pacific Plan
Rejected.—See that company below.—V. 95, p. 1747.
Terminal RR. Association of St. Louis.—Writ Granted.
—The U. S. Supreme Court on Monday in a unanimous
opinion handed down by Chief Justice White, granted the
application of Attorney-General Wickersham for a writ of
prohibition to prevent U. S. District Judge Trieber from
entering a final decree accepting the plan of reorganization
as proposed by the Terminal Association.
Oregon Short Line RR.—Acquisition.—The company on
Under the terms of the decision,at least three circuit judges, sitting as a
Jan. 6 acquired by deed the Idaho Northern Ry.
U. S. 'District 'Court, will pass on the plans sub.nitted • by the company

The line extends from Murphy, Idaho,to Montour, Idaho, 73 miles, and
,is under construction from Montour to Payette Lakes, 89 miles.—V. 93,
io• 1669.

Public Service Corporation of New Jersey.-90-Cent
Gas Rate.—President McCarter on Jan. 6 notified the Board
,of Public Utility Commissioners that the company's subsiaiary, the Puhlic Service Gas Co., will obey the order of
the board made on Dec. 27 fixing the price of gas in • the
Passaic division at 90 cents per 1,000 cu. ft. on -Feb. 1.
The Gas Co. reserves the right to test at its convenience the legality and
the
conStitutienality of the board's valuation Of its property Upon which
of the
crder is based. The Gas Co. will also respect the recommendation
same
reduced
the
set
and
case
division
Passaic
the
in
decision
its
in
board
rate to be-90-Cent rate throughout all the other divisions, said reduced
cerise effective May 1 next and to remain in force, unless Changed by the
of
principle
the
of
litigation
the
of
termination
Commission, pending the
valuation upon which the order in the Passaic division case is made. The
cOmpany will also, as of the same date, respect the recommendation of the
board that the schedule for quantitative discounts'be readjusted to the now
rate and will file such readjusted schedule with the board.
The present rate is $1 10 per 1,000, with a reduction or10 cents per 1,000
it the bill is paidwithin a certain time. The new rate svill be flat, no MS- count being allowed for prompt payment. Discounts will be allowed as
usual, however, to large consumers, principally factories where gas is used
for other than lighting purposes.—V. 95, p. 1208.

Railway & Light Securities Co.—Dividend Increased.—
stock,

A dividend of 3% has been declared on the $1,000,000 common
payable Feb. 1 to holders of record Jan. 15, comparing with 231% in Aug.
1912 and 2% semi-annually from Fob. 1 1910 to Feb. 11912.—V.95, p. 619.

Rapid Transit in N. Y. City.—Routes Approved.—

The Appellate Division of the Supreme Court has apprcved the so-called
Whitehall-Montague tunnel from Manhattan to Brooklyn,to be operated,
when built, by the Brooklyn Rapid Transit Co.,objection to which was made
by Manhattan pioperty owners. The section consists of a proposed 4-track
,read beginning at Broadway near Canal St., continuing in Broadway to
near Park Place; thence southerly as a 2-track road to a_ point north in
Vesey St., then through private property to Church St. to Morris St., then
under private ptoperty and Broadway to Whitehall St., and under the
East River and private property to Montague St., Brooklyn. to Court St.,
under Court St., public property, Fulton St. and private property to
Willoughby St. to Flatbush Ave., where a connection can be made with
-the main subways.
The commission appointed to take testimony in the matter of the ClarkWilliam street tunnel to Brooklyn to be operated by the Interborough
-Rapid Transit Co. have decided to report in faster of the line as laid out.
—V.96, p. 63.

and by the Government: The latter contended'that the Stilt having been
instituted in the U.S. Circult.Court for the Eastern District of Mo. under
the"Expedition Act", which was enacted with a view to 'expediting cases
brought under the Sherinan Anti-Trust Law, the Circuit Judges of the
Eighth Circuit should 'enforce the mandate of the highest Court and that
one District Judge should not have authority to pass finally on the form
of the decree.
Judge Trieber held that the new judicial code, which abolished the
Circuit Courts and bestowed their jurisdiction upon the District' tiCorts,
also by implication repealed the Expedition Act and that the questions
involved in enforcing the mandate of the Supremo Court were not such as
to call for action under tho Expedition Act, if it were in force.
Justice White says that the lower Court erred in concluding that the
United States was not entitled to a District Court organized in the mode
pointed out hi the Expedition- Act unless the subject in hand was -of stteh
a character as not to be within the scope of the Expedition Act; also further
that "while it is true that the mandate of this Court gave certain specific
directions as to the scope and character of the decree to be entered, it
afforded an opportunity to the deendants to submit a plan on order to
carry out the decree and gave to the United States an opportunity to be
heard in opposition to that plan, and loft to the Court a serious and important duty to be discharged in any event and especially in case of controversy on the snbject. These considerations, we think, brought the subject
within the scope or the Expedition Act and justified the request of the
United States that the case be considered and a decree entered by a 'court
coniposed as provided in the Expedition Act."—V. 95, p. 1685, 1208.

Third Avenue Ry., N. Y.—Dividend on Incomes.--The
directors on Wednesd Ly voted to pay on April 1 1%.% on the
$22,536,000 5% adjustment inceme bonds for the 6 mos.
ending Dec. 31 1912. See annual report on a preceding page
and 'compare bond provisions, V. 94, p. 706.
no interest having been
'this is the initial paynient on the income bonds,
paid for the 6 mos. ending June 30 last (V. 95, p. 112). The interest
became cumulative on Dec. 31.—V. 95, p. 1747.

Union Pacific RR.—Supreme Court Rejects Proposed
Southern Pacific Distribution Plan.—The U. S. Supreme
Court on Monday handed down it decision holding thatthe
proposed pro rata plan of distribution of the Southern Pacific
Co. stock, either by sale'or by WO'Of dividend, exclusively to
the stockholders of the Union Pac. Co. Would not constitute
compliance with the opinion filed on Dec. 2 1912(V. 95, p.
1543, 15.02). Justice Day wrote the oPinion, Justice Van
Devanter taking no part in the decision of the motion. The
St. Joseph (Mo.) Ry., L. H. & P. Co.—Pref. Stock Guar. Court says (substantially) in part:
to
the
Co.
purchase
&
Doherty
In connection with the contract of H. L.

common stock, E. W. Clark & Co., who control a majority of the common
-shares, announce that arrangements have been made with the purchasing
firm by which the5% div.on the outstanding $1,560,000 of the pref. stock
will be guaranteed in form which must be approved by E. w. Clark & Co.
The sale is contingent upon the deposit of 75% of the $2,500,000 coin, stock
by Jan. 15 1913. If less than 75% is deposited by that date. Doherty & Co.
may either decline to accept the stock deposited or may take-what has been
deposited, as they may elect. Payment for the deposited stock at a price of
as
860 a share will be made by E. W. Clark & Co. to the shareholders
follows: $10 a share on Feb. 11913, $15 a share Aug. 11913, $15 a share
share
a
$1
deduct
will
Feb. 11914, $20 a share Aug. 1 1914. Clark & Co.
front the payment to be made Aug. 1 1913 as a commission for negotiating
of the
the sale, past executive and financial management, &c. Deposits
.com. stock are to be made with the Fidelity Trust Co., Phila. A div.•0
-33 1-3c. -a share will be paid on the coin. stock Feb. 1 to stock of record
:of Jan. 15.—V. 95. p. 15-12.

South Carolina Light, Power & Railways Co., Spar;tanburg, &c., S. C.—Bonds Offered.—A. B. Leach & Co.




and we
Each case under tho Sherman Act must stand upon its own facts,and
the
case
are unable to regard the decrees 111 the Northern Securities Co.
of the
view
in
now
followed
be
011
td
Co.
case
as precedents
Standard
different situation presented for consideration.
• The Southern Pacific Co.'s'Stock was mainly purchased from private
parties, legatees of the Huntington estate, and it is evident that it is impossible to restore the status quo by the return of such stock to the persons
iroin whom it was purchased'Upon Such vendors refunding the purchase

Ian proposed of distributing the stock among the shareholders of the
P. acific Co.; or or selling it te'stich sharehoiders, will its effect transfer
oeeyP
ninToinhn
U
the stock from the Oregon Short Lind Co., whieh nOw holds it for the Uniee
Pacific Co., to the stockholders of' the latter conipany. who Own and control
that eoinpany. Upon the face of it, this would seem to' be a proposition
the
to perpetuate the domination and control of the Union Pacific Co. over
Southern Pacific Co., because of the power given to the !Mien Pacific Co.'s
stockholders to choose the directors of the Southern'Pacific Co. The ultimate determination of the affairs of a corporation rests with its stockhoiddrs
and arises from their power to choose the governing board of directors

JAN. 11 1913.]

137

THE CHRONICLE

Unless otherwise provided by law, the stockholders may authorize the
directors to delegate to an executive committee the authority to do any and
all acts which the directors are authorized to do. The executive committee
thus derives its authority from the Stockholders through the directors
(Union Pacific ity. Co. vs. Chicago Rock Island & Pacific Ry. Co., 163
U. S. 564, 597.) In the present case the record discloses this mode of
management of both the Southern Pacific Co. and the Union Pacific Co.,
and,since 1905, as the proof shows,a majority of both executive committees
consisted of the same persons, and Mr. Harriman was chairman of both
committees.
It is contended that in view of the great number of widely scattered
stockholders of the Union Pacific Co. there is no probability of their acting
together to continue the control of the Union Pacific Co. over the Southern
Pacific Co. Indeed, this is said to be impassible. But we are unable to
accede to this contention. In rejecting the plan for the transfer of the
Southern Pacific Co.'s stock held for the Union Pacific Co. either by distribution or sale to the stockholders of the Union Pacific Co., we do not
mean to preclude the District Court from considering and acting upon plans
which may be submitted to it Under the former opinion and decree of the
Court. We are of opinion, however, and now hold, that the proposed plan
of disposition of the entire stock holdings of the Union Pacific Co. in the
Southern Pacific Co. by transfer to the stockholders of the Union Pacific
Co. will not so effectually end the combination as to comply with the decree
heretofore ordered by this Court to be entered.—V. 95, p. 1685.

Statementfor Five ..14-os. Ended Nov.30 1912 of the Western Maryland fly. Only.
$715,945
Operating revenues
$3,197,468 Operating income
89.552
Operating expenses
2,381,523 Total other income
Net operating revenue_ $815,945
Gross corporate income. $805,497
1,157,182
Taxes accrued
100,000 Total deductions
$351.685
Operating income
$715,945
Balance
Int. on capital adv. to sub. cos. for construction of new lines_ _ _ _ $333,592
100,000
Dividends paid on preferred stock Jan. 20 1913 (1%)
10.358
Appropriations for additions and betterments
Deficit for five months to Nov. 30 1912
Surplus at June 30 1912

$128,451
841,359

Surplus at Nov. 30 1912
Compare V. 95. p. 1535.—V. 96, p. 64.

$712,908

Wheeling & Lake Erie RR.—Sale of Securities.—
Receiver Duncan on Jan. 7, after sharp bidding, sold to a
Cleveland syndicate headed by Hayden, Miller & Co., and
Otis & Co. (a) $2,000,0001 5% equipment trust obligations
dated Feb. 1 1913 and maturing in 20 equal semi-annual
installments beginning Aug. 1 1913; (b) $460,000 6% 2-year
Union By., Gas & Elec. Co., Springfield, Ill.—
An initial dividend of 1% has been declared on the $6.000,000 common receiver's certificates.
1747.
95,
Mch.
11.--V.
record
P.
stock, payable Apr. 1 to holders of
New Board, &c.—In accordance with the Court decision
noted last week the "insurgent board" elected on June 4
Union Traction Co. of Indiana.—Letter.as to Failure to last formally
took office on Jan. 7 and elected Joseph RamDeclare the 2d Pref. Div.—An offieial statement says in subst.: sey Jr. of Toledo
President, George P. Rust of Cleveland
At the last meeting of the board of directors the not earnings for the year
after
$75,000,
reported
as
exceeding
were
December,
and R. E. Slaven of New York, Vice-Prests., T. D. Rhodes
1912, estimated for
allowance for dividends on the first pref. stock. The board determined, of N. Y.,
Secretary; W. W. Merritt, Asst. Sec., and Henry
however, in view of the financial requirements, especially in connection with
the purchase of additional rolling stock, including ten interurban steel cars & McGraw, general counsel.

to be delivered about March 1 1913, automatic block-signal equipment
and the installation of lighting systems, not to declare a dividend on the
2c1 pref. stock payable Jan. 10 1913, that being the date from and after
which the consolidation agreement provides that a dividend of'1% on such
stock becomes cumulative.

The directors are: former Judge F. A. Henry of Cleveland, Joseph Ramsey Jr., R. E. Stevens, S. W. Carey and Mr. Avery of New York; John J
Taussig, St. Louis; Ralph E. Cohen, Steubenville; W. D. Holliday, Bellwood, Pa.; Frederick Reynolds, C. M. Spitzer, Toledo; George T. Rust,
Henry McGraw and Mr. Webb, Cleveland; F. A. Palmer, N. Y., and
D. A. Worthington, Cleveland.
Executive Committee: Joseph Ramsey Jr., Geo. T. Rust and Judge
F. A. Henry.
Abridged Statement by President Ramsey.
The present board intends to make every effort to terminate the receivership. Even under the receiver the operations for the five months
of the present year (fiscal) shows $1,400,000 net earnings—at the rate
of $3,000,000 per annum—sufficient to pay all charges of all kinds and
leave about $1.000,000 surplus. Total bonded and floating debt amounts
to about $30,000,000, of which $15,000,000 is covered by 4% bonds.
The road can earn 4% on over $50.000,000 of 4% bends. Such a property
ought not to be in receiver's hands.
The present board has no quarrel with the Wabash or the WabashPittsburgh Terminal Co., except such as may be forced on it to protect
the interests of the Wheeling & Lake Erie stockholders and I know of no
reason why the interests of the three companies would not be better served
by harmony and co-operation than by fighting. 'rho Tinancial plans of
the board arc partly worked out, but are not ready for giving out to the
public.—V. 96, p. 64.

Lease.—See Ind. Newcastle & Eastern Trac. Co. above.
—V. 96, P. 64.
United Railroads of San Francisco.—Financing.----The
$3,359,000 bonds maturing on Jan. 1 were taken up, principal and accrued interest, at the offices of the Union Trust
Co. in San Francisco on Jan. 2. The $350,000 Park & Cliff
House 63 were retired with a portion of the proceeds of the
sale of prior pref. stock of the California Ry. & Power Co.
(see V. 9.6, P. 61; V.95, p. 1540; also United Rys. Investment
Co., V. 95, p. 1609). Of the $3,000,000 Market St. Cable
6s, $1,200,000 were retired from the sinking fund and the
other $1,800,000 have been temporarily extended by a syndicate to Dec. 15 1913.—V. 95, p. 1609, 1333.
Wilmington (Del.) Newcastle & Delaware City Ry.—
Western Maryland Ry.—No Dividend—New Notes.—The
directors on Tuesday decided not to declare the usual guar. Acquisition.—The company has acquired the Wilmington
div. on the $10,000,000 4% non-cum. pref. stock, because "it Southern Traction Co., extending from Wilmington to Newhad not been earned during the quarter and the profit and castle, 6 miles.—V. 95, p. 681.
Wilmington (Del.) Southern Traction Co.—Sale.—
loss surplus shown by the balance sheet in the last annual
See Wilmington Newcastle & Delaware City By. above.—V. 95, p. 681.
report is not now available, as it has been invested in the
property. Regular quar. divs. of 1% each were paid from
.April 1910 to Jan. 1912, both inclusive.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Statement Issued by Edward D. Adams, Chairman of the Board.
Adams Express Co.—U. S. Supreme Court Decision.—

The Western Maryland is now in process of transformation and evolution
The U. S. Supreme Court on Monday, reversing the Kentucky Supreme
from a local railway to a seaport terminal link in one of the largest railway Court in a case involving a shipment by express from Cincinnati to Augusta,
systerfis of the country. Such a transformation necessarily involves lar e Ga., held that the Carmack amendment to the inter-State Commerce Law
increases in operating expenses, alike (a) in the maintenance accounts by governing the issuance of bills of lading and fixing the liability superseded
reason of the charges required to be made therein under the Inter-State State law because of the paramount authority of Congress to regulate interCornmerce Commission rules in respect to property abandoned or replaced State commerce. The bill of lading in the case issued by the company was
in the course of improvements; (b) in traffic expenses through expenditures In the usual form providing that the limit of liability should be $50 on any
necessarily made in advance to promote traffic for the now line, and (c) in shipment the value of which was not disclosed by the consignor.—V. 95.
transportation expenses by reason of the innumerable difficulties of carrying p. 1209.
on construction and improvement work and current traffic simultaneously.
Alabama Consolidated Coal & Iron Co.—Deposits end
Betterments of Old Main Line Expected to Be Completed Late in the Spring.
When the new line, still incomplete, was opened for through business in Jan. 15—Over Majority of Pref. Assents.—
August last, the betterments of the old line were not finished; traffic became
Considerably more than a majority of the pref. stockholders having
congested, construction and improvements were delayed, and the manage- assented to the plan dated Dec. 18 1912, and only a comparatively small
ment was obliged to decline a largo amount of business offered and to in- number of the common stockholders having assented thereto, the reorganizastruct its agents not to solicit freight requiring prompt movement.
tion committee, Joshua Levering, Chairman, gives notice under date of
The conditions That now obtain are unquestionably abnormal and tem- Jan.
6 that the time for receiving assents to the aforesaid plan has been exporary. Substantial improvement in operating conditions is not, however, tended until 3 p. in. Jan. 15 1913, and that this will be the last extension of
to be anticipated until the betterments of the old line are near completion, time. The committee will endeavor promptly, at the expiration of the
latter
part
of
the
spring, though it is date named to have underwritten the full amount which may be rewhich may be expected during the
the opinion of the operating officials that October will be found to have quired to carry out said plan, for the boneift of the assenting stockholders.
been tho period of maximum expense.
Compare V. 95, p. 1685. 1747.
Provisions for Financial Requirements—$3,000,000 New 6% Notes.
American Graphophone Co., N. Y.—Extra Dividend.—
During the Past year the directors have provided, upon the 5% notes
An extra dividend of
0( 1% (No. 58) has been declared on the $2,095,maturing July 1 1915(V.95, p. 960) the sum of $10,000,000 for the purchase
of equipment, completing the now Cumberland-Connellsville extension, 630 7% cumulative and participating pref. stock, payable Jan. 15 to holdimproving the Port Covington terminal in the harbor of Baltimore, and ers of record Jan. 10. In May 1912 1% (the first distribution since Nov.
providing tho facilities required, especially upon the old line, to handle 1008) was paid, and in Aug. and Nov. 1912 1% %. The regular disburseeconomically the largo increase of business provided for by the connection ment of 14 c,'S on Feb. 1 would therefore bring the payments from the earnestablished at Connelisville with the Pittsburgh & Lake Erie RR. and the ings of the calendar year 1912 up to 7%.
Previous Preferred Dividend Record Since 1896 (Per Cent).
New York Central System, of which it is a part.
Furthermore, realizing that the unexpended proceeds of this issue (ap- Year— '97. '98. '99. '00. '01. '02. '03. '04. '05. '06. '07. '08. '09-'11. '12.
7
7
7
7 7 7
inadequate
for
the
Por
ct_
7 7 7% 8 74, 7
0
purposes
43i
indicated,
be
would
$3,000,000)
proximately
they have recently subscribed an additional sum of $3,000,000 on 6% notes —V. 94. p. 1765.
maturing Jan. 1 1914, making a total provided by them during the year of
American Light & Traction Co.—Increase of Stock.—
$13,000,000, the net cost of which to the company,including all commissions
and expenses, Is less than 6% per annum.
The stockholders will vote on March 17 on increasing the authorized comThe stockholders, of whom the directors personally represent a consider- mon -stock from $15.000,000 to $40,000,000. The proposed increase in
able part, had previously provided $12,734,835 in cash for use in the con- common stock, it is stated, is for the purpose of providing sufficient stock
struction of the new line, receiving therefor common stock. The Pennsyl- to permit the company to continue its regular quarterly dividend payments
vania and Maryland corporations that have constructed and equipped the et2 % in stock, or at the rate of 10% per annum. See below.
88.9 miles of new lino from Cumberland, Md., to Connelisville, Pa., are
Four Mon'hs' Preferred Dividend Declared—
owned entirely by the Western Maryland By. Co. through the purchase of
A dividend of 2% has been declared on the $14,236,200 6% cumulative
their capital stocks. The line is still in an unfinished condition and cannot
preferred stock to cover the period of 4 months from Sept. 30 1912 to Jan. 31
be completed until spring. It is free from mortgage lien.
New equipment of the types most suitable for the economical handling of 1913, payable Feb. 1 to holders of record Jan. 15. 'While the dates of paythe large volume of traffic expected has been purchased at a cost of $5,- ment of future dividends will remain the same as heretofore, viz., Feb. 1,
% each
310,316. No equipment trusts have been issued by the present company May 1, Aug. 1 and Nov. 1 (on which quarterly distributions of
have been made), they will be declared for quarters ending on the last days
and only $324,000 of these assumed by it are now outstanding.
The changes developing in the character of the business of the company of Jan., April,July and Oct.instead of, as in the past,for those ending Dec.,
since the opening of the new line indicate clearly the necessity for additional March, June and Sept.
The regular quarterly dividend of 2%% cash and 2%% in stock has also
harbor terminal facilities at Baltimore not hitherto fully appreciated or
provided. Plans have been formulated and important progress has already been declared on the $12.304,020 common stock, both payable Feb. 1 to
holders of record Jan. 15.—V. 95, p. 299.
been made in this direction.
Assurance for Future Thought Even Greater Now Than at Outset.
Sold.—The
American Locomotive Co., N.
In short, the directors feel that the situation of the greater Western
Maryland By. Co., while making demands for the present upon the patience company has sold to Harvey Fisk & Sons $1,200,000 5%
of stockholders and operating officials, contains even more definite elements notes, maturing $400,000 yearly on July 1 1915 ,1916 and
of assurance concerning the Prospective business of the company than were
present when tho construction of the new lino was decided upon or when its 1917, part of the authorized issue of $6,000,000, of which
partial operation was begun. Tho difficulties in the way of immediate full $3,600,000 were sold to the same bankers last June (V. 95,
operation all along the lino are patent, but they are being gradually overp. 615; V. 94, p. 1628.—V. 95, p. 1209.
come.
It is with a full understanding of these circumstances, and having before
American Pipe & Construction Securities Co.—Div.—
them the exact financial condition of the company, that the directors have
An initial semi-annual dividend of4% has been declared on the $1,000,000
ProVided the additional capital necessary for the efficient and economical
S%'corn. pref. stock, payable Feb. 1 to holder.; of record Jan. 15.
operation of the enlarged property.




'1.—Notes

138

THE CHRONICLE

American Seeding Machine Co., Springfield, 0.I

Gross
Net
Taxes & DepreOct. 31
Divs.
Balance,
Earnings. Earns. Interest. ciation.
YearPaid.
Surp.
1911-12
$4,749,140 $935,098 $80,103 $198,818 $349,824 $306,353
1910-11
4,956,229 1028,476
85,894 303,766 327,226 311,590
Dividends as above include 6% on pref. and 47
0 on common stock yearly.
Authorized and outstanding issues are now $5,000,000 on common and $2,500,000 on pref.-V. 92, p. 1702, 727.

Atlantic Fruit & Steamship Co.-Notice to Shareholders.-President Joseph Di Giorgio Jan. 3 wrote in substance:

At a special meeting of the shareholders held on Nov. 6 1912, a resolution was passed authorizing the sale of the properties and assets. This
transaction has now been consummated, and the "Atlantic Fruit Company"
has been formed and has acquired the same. [The authcrized capital of
the new company, which was incorporated in Dela. in Dec. 1912, is 35 C00,000 common stock,$2,500,000 7% cum. pref.(p.& d.) stock and $1,500,00020-yr. 7% gold debenture bonds. The debentures are dated Jan. 2 1913
and due Jan. 2 1933, but are callable on any hat, date at par and int.; par
$1,000; trustee, Equitable Trust Co., N. Y. Int. J. & J. The present
Issues will be about $4,800,000 common stock, $2,000,000 pref. and all
the debentures. The stock, it is understodd, is in a 5-yr. voting trust
Par of all shares, $100. See plan, V. 95, p. 1275.
The Atlantic Fruit & Steamship Co. has received voting trust certificates for common stock in the Atlantic Fruit Co. of an amount which will
allow to each of its aockholders a voting trust certificate for one share in
return for each five shares now held in the old company. Pending certain
adjustments, the old company will be kept alive, its assets consisting of the
voting trust certificates lot stcck in the Atlantic Fruit Co., but in due course
such voting trust'certificates will be distributed in exchange for the old stock.
The Atlantic Fruit & Steamship Co. was organized under apparently favorable auspices, and under normal conditions we had every right to expect a full measure of success. Unfortunately, unfavorable weather conditions seriously affected both the quantity and quality of the fruit handled,
resulting in heavy losses and diminished working capital. Early last year
is e formulated a plan, which was entirely underwritten, and which, if carried through, would have resulted to the benefit of all concerned, but for
reasons beycnd tho control of ourselves or the bankers, the contemplated
reorganization failed to materialize.
The present reorganization has been effected to a great extent through
the loyal co-operation and substantial assistance of the large shareholders
in the company, as well as of the bondholders, who all realized that a reorganization was a vital necessity. The organization of the new company
is of such a character that in my opinion the results will satisfy all parties
interested in the old company that the best possible arrangements have been
made in the interests of all concerned.
The directors of the new company are: H. H. Wehrhane of Hallgarten &
Co., 5 Nassau St., N. Y. City; Joseph Di Giorgio, Pres. and Gen. Man.;
R. G. Muirhead of G. W. Farrell & Co., Montreal, Vice-Pres.; S. H. Voorhees, director Coal & Iron Nat. Bank, N. Y.; G. W. Farrell, Montreal;
George Burton Hunter, Wallsend-on-Tyne, England; Sir John Pringle,
K.C.M.G., Jamaica, B. W. I. I. H. Lehman and James A. Fechtig Jr.,
New York City; Robert Penington, Wilmington, Del.-V.95, p. 1275, 1124.

Atlantic Fruit Co., New York.-Reorganized Company.-

See Atlantic Fruit & Steamship Co.'below.

Batopilas Mining Co.-Earnings.--Figures are given
in Mexican currency ($1 00 equal to $0.50 in U.S. currency).

Calendar
Year1911
1910
-V. 93. p. 1193.

. Total
Income.
$575,462
835,433

Net
Earnings.
sur.$92,615
def. 65,877

Interest,
Taxes, &c.
$127,433
146,639

Balance,
Sur.or Def.
def.$34,818
def.212.516

Calumet & Hecla Mining Co.-Output.-The estimated
copper output of the company and its subsidiaries for December and the year ending Dec. 31, stated in pounds, was:
December
Year end. Dec. 311912.
1911.
1912.
1911.
4,860,505
6,133,175 68,490,538 75,145,027
1,311,360
1,320,885 16,197,800 15,147,365
1,620,270
1,486,605 18,144,725 18,248,245
•650,035
7,470,545
656,535
7,783,294
7,988,582
7,307,734
668,102
685,330
9,988,203
843,449 11,260,096
1,017,270

Calumet & Heels
Ashmeek
Osceola
Tamarack
Isle Royal
Other subsidiaries
Total

10,127,542

11,125,979 129,865,035 133,307,119

. 10-Year Gold Notes Called.-

The $1,685,000 5% 10-year gold notes,series A,dated Feb. 18 1909, have
been called for payment at 102 and int. on Feb. 18 at Old Colony Trust Co.,
Boston (as successor trustee to the City Trust Co.)-V.95, p. 1609.

Chicago Suburban Gas & Electric Co.-Pref. Stock
Offered.-W. Irving Osborne & Co., Inc., N. Y. City (111
Broadway), Chic. and Boston, and Kennett Cowan & Co.,
Chic. and N. Y., are placing at 973/2 and int., with bonus
of 25% in common stock, $600,000 6% preferred (p. & d.)
stock, cumulative from Oct. 1 1912, callable at 105. Divs.
Q.-J. Transfer agent. Central Trust Co., Chicago.
Abstract of Letter from Pres. Chas. T. Boynton Jan. 1 1913.
Owns every share of the capital stock ($1,000,000 pref. and $2,000,000
common) of the North Shore Gas Co. of Illinois, a company having also
outstanding $1,750,000 1st M. 5% bonds (V. 94, p. 356) and operating
under favorable long-time franchises running until 1946.
Capitalization (Inc.in Del. Aug.27 1912)Authorized.
Issued.
Preferred stock
$2,000,000 $1,000,000
Common stock
4,000,000
2,750,000
The North Shore Gas Co. began business in 1898 and now supplies gas
for light and heat throughout one of the most rapidly growing suburban
districts of Chicago; Census population, 46,097. From Winnetka through
the North Shore residence district, the company furnishes gas exclusively
to the following 14 cities and municipalities: Waukegan, Lake Bluff, Fort
Sheridan, Libertyville, Highland Park, Hubbard Woods, Winnetka, Deerfield, Rockefeller, North Chicago, Lake Forest, Ilighwood, Ravinia and
Glencoe. Waukegan contains extensive plants of the American Steel
& Wire Co., Corn Products Refining Co., Chicago Hardware & Foundry
Co., National Envelope Co. and others.
Gas Sold. Net Earns.
Meters.
Status of North Shore Gas Co.1,748
1902
45,674,900
$24,174
1912
286,650,100
8,554
145,850
Properly (Jan. 1 1912).-(a) Coal and gas generating plant, capacity
1,100,000 cu. ft. per day. (b) Three gas holders at Waukegan,capacity,
750,000 cu.ft. (c) 152 miles of high-pressure mains, maximum diameter
6 in., pressure 25 lbs. (d) 191 miles of street main. Company has 8,554
consumers,with 6,545 gas ranges and 1,289 gas arc lamps in service. The
generating station and holders are located on a two-acre tract of land on
the lake front in Waukegan. Adjoining land is occupied under long-time
lease for coal storage. Additional real estate and buildings are owned in
Highland Park and Winnetka, required for offices and storage tanks.
On Sept. 15 1912, at a cost of $300,000, an additional generating plant
of 1,000,000 cubic feet capacity, with by-products ovens (Semet-Solvay
process), was completed,located on ten acres of land owned on the lake front
in Waukegan,doubling the company's capacity, providing for future growth
of business and greatly reducing the cost of manufacture. Contracts have
been letfor an additional holder of $1,500,000 Cu. ft. capacity, to be finished
July 11913. which will treble the present holder capacity. Mains are now
being laid at Zion City, Ill., where a 35-year franchise has just been obtained. This extension will add 300 customers immediately.
Forecast of Henry I. Lea, Chicago Consulting Gas Engineer,for Year 1913.
Forecast of net earnings (after taxes, &c.)
$211,000
Interest charges of North Shore Gas Co
87,500
Preferred div. Chicago Suburban Gas & Electric Co
60,000
Excess earnings for 1913 over interest and dividend charges_ $63,500
Since the organization of the Chicago Suburban Gas & Electric Co. and
he installation of the Bernet-Solvay plant, gross earnings have increased




[VoL. xcvx.

21% and net earnings more than 40% over those for the same period in 1911*
For the three months ending Dec. 31 1912 gross earnings were $79,574.
net $47,406, contrasting with $65,594 and $33,586, respectively, in 1911.
Management.-Directors of Chicago Suburban Gas & Electric Co.:
Charles T. Boynton, Pres. (Vice-Pres. Pickands-Brown Co., director Copt.
& Comm. Nat. Bank, Cont. & Comm. Tr. & Say. Bank and Central Trust
Co. of Ill., Chicago); A. Volney Foster, Vice-Pres.; W. Irving Osborne,
Sec.-Treas. (director Cont. & Comm. Nat. Bank, and Cont. & Comm.
Tr. & Says. Bank, Chicago); George F. Goodnow, Gen. Man., and E. E.
MeWhiney, Wilmington, Del.-V. 95, p. 1686, 546.

Childs Co. (Restaurants), New York.-Earnings.Gross
Dividends
Nov. 30
Surplus
Previous
Total
Profits.
YearPaid.
for Year.
Surplus.
Surplus.
1911-12_ _ - - $881,103
$609,436
$271,667
$239,719 $ 511,386
1910-11_ _ - _ 957,480
474.998
482,482
984,428
1,466,910
There was charged to depreciation during the year $868,021, compared
with $731,000 in 1910-11. The balance sheet Nov. 30 shows cash on hand,
$445,945; notes and accounts renivable, $423,477. Notes and accounts
payable are $1,090,235, against $862,248 in 1910-11.-V. 95, p. 1334, 1210.

Continental Gas & Electric Corporation, Cleveland.
-New Holding Co.-Bonds Offered.-P. W. Brooks & Co.,
New York and Boston, are offering at 93 and int., by advertisement on another page, $685,000 "first lien collateral trust
sinking fund 5% 15-year gold bonds." A circular shows:

Trustee, Citizens Savings & Trust Co., Cleveland. Par $100, $500 and
,000c*. Int. M. & N. in Cleveland or N. Y. Bonds dated 1912, due
Nov. 1 1927, but callable all or part on any interest date at 105% and int.
Represents the ownership of nine public utility properties, 4 in Iowa and
5 in Nebraska, includung the Gage County Gas Light & Power Co. of
Beatrice, under whose controlling interests the new consolidation is now
held and operated. Of the $950,000 bonds first issuable. $265,000 are
reserved to exchange for certain outstanding bonds and to purchase certain
additional stock and property. The bonds now offered are secured by
deposit "of the issues of 1st M.'bonds and the shares of capital stock of
each one of the combined companies, or an equivalent amount of cash or
bonds of this issue, representing the equities therein"
Data from President C. S. Eaton, Cleveland,0., Dec. 24 1912.
Organized [Nov. 16 1912 in Delaware] to acquire,through ownership of
all their securities, the several controlled companies, including the plant
and property of the Gage County Gas Light & Power Co. of Beatrice, Nob.,
the electric and gas plants and property at Plattsmouth, the electric light,
steam heat and gas plants of York, Neb.; the gas and electric light and
steam heating plant at Red Oak, Ia., and the gas and the combined electric
light, steam heat and ice plants at Shenandoah, Ia. Combined population
served about 45,000. In due course other desirable public utility properties will probably be acquired. All franchises are satisfactory and all
extend beyond Nov. 1 1927 or are without time limit, except the franchise
of the Red Oak Gas Co., which expires 1925. Provision has been made
whereby these bonds shall mature Nov. 1 1924, unless before that time the
Red Oak gas franchise shall have been extended until 1932, or cash equivalent has been deposited with the trustee.
Electric service is supplied over about 104 miles of high tension transmission lines to a number of towns with several thousand population outside
of both Red Oak and Shenandoah. The combined distributing systems
embrace substantially 68 2-3 miles of 1-inch to 10-inch gas mains; about
3 Pities of steam piping; and electric pole lines carrying around 585 miles
of primary and secondary wiring.
Capitalization of Continental Gas c% Elect. Corp.- Authorized. Issued.
Common stock in $100 shares
$5,000,000 $1,250,000
Preferred stock(6% cum.) in $100 shares
1,000,000
300,000
First lien coll. trust 5% sink, fund bonds
5,000,000
685,000
Of the $950,000 bonds first issuable, $265,000 are held for the acquisition
of certain bonds and stock of the Beatrice Gas Co. and for the York Water
plant, leaving the $685,000 now offered.
Further bonds can be issued to a par value of 80% of the cash cost of
additional properties or the securities representing them or of permanent
additions, improvements and extensions, but only when,after ample provision for maintenance, the annual net earnings are twice the entire fixed
charges, including the bonds purposed to be issued. Annual sinking fund
beginning two years from date of issue, an amount equal to 2% annually,
of the maximum amount of the bonds at any time outstanding to provide
for their cancellation.
Combined Annual Earnings(Not including about $20,000from Residuals &c.)
Gross earnings
$240,342
105,271
Net after taxes available for interest
These earnings are for the twelve months immediately prior to July 1 1912,
except for Nebraska Lighting Co. of Piattsmouth(Plattsmouth Gas & Elec.
property) and Peoples Gas Co. of Shenandoah, Ia., which are for year
ended Sept. 30 1912, supplemented by figures of Gage County Gas Co.
(Beatrice Gas Co.)for 12 months ended Aug. 311912.
With the advantages and economies from consolidation and from certain
betterments and extensions to be promptly undertaken, the net earnings
for tho coming fiscal year should be at least $125,000. The replacement
valuation of the combined properties is already, in my judgment not less
than $1,350,000.
The management of all the companies including the Continental is in
the same hands as have managed the Beatrice and other properties.

Curtis Publishing Co., Phila., Pa.-Stock Increase.The stockholder will vote on Tuesday, March 18 on increasing the capital
stock from 810,000,000 to $20,000,000.-V. 95, p. 682.

Detroit (Mich.) Edison Co.-New Stock Issue.-

The company, it is understood. contemplates offering to stockholders at
an early day $2,000,000 or $3,000,000 new stock at par.-V.94, p. 914.

Dominion Canners,Ltd., Hamilton,Ont.-lst Corn. Div.

An initial dividend of 6% has been declared on the $2,148,600 common
stock for the year 1912, payable Feb. 1 to holders of record Jan. 14. Dividends of 14% each (6% yearly rate) will, it is announced, ho paid quarterly hereafter on April 1, July 1, Oct. 1 and Jan. 1.

Bonds Offered.-The Dominion Bond Co., Ltd., recently
offered at 104 (yielding 5.70%) a block of the 1st M. 6%
bonds due April 1 1940.

Of the $2,500,000 authorized, $997,500 are outstanding. For the year
ending April 1912, the profits after paying bond interest, preferred stock
dividend, and adding $50,000 to the insurance reserve, were $161,118, or more than twice the interest on the bonds.-V. 94, p. 829.

Follansbee Bros. Co., Pittsb., Pa.-lstM Bds. Called.-

All of the outstanding ($68,000) 1st M.5% serial gold bonds dated Jan. 1
1906 and duo on Jan. 1 from 1914 to 1917, have been called for payment
at 102% and int. on July 1 at Union Nat. Bank,Pittsburgh.-V.95, p. 483.

Great Falls Power Co., Butte.-Large 'Contract.-

See Chicago Milw. & St. P. By. under "RRs." above.-V.94,p.914.985

Griffin Wheel Co. Chicago.-Stock Offered.-A syndicate headed by Curtis & Sanger, Estabrook & Co. and
William Salomon & Co. is offering at 10232 and accrued dividends about $3,000,000 of the 6% cumulative preferred
stock, which is subject to redemption as a whole at 115, or
in part at 120. Compare plan V. 95, p. 1125.
Hartford (Conn.) Elec. Light Co.-Option to Subscribe.

Stockholders of record at 5 p. in. Jan. 8 are given the right to subscribe
for the $600,000 new stock at par pro rata to the extent of 20% of their
holdings. Subscription books will be open at the office of Richter & Co.
(who will adjust fractional rights) from Jan. 9 to 12 o'clock noon Jan. 31.
Compare V. 95, P. 1749.

Homestake Mining Co.-Dividend Increased.A monthly dividend of 65 cents per share has been declared on the
$21,840,000 stock, payable Jan. 25 to holders of record Jan. 20, comparing
with 50 cents monthly from March 1910 to Dec. 1912,inclusive. Payments
were made monthly from June 1879 to April 1907, inclusive, but suspended
in May 1907 because of a fire, then resumed at cld 50-cont monthly rate

139

THE CHRONICLE

J.11 1913]

on Jan. 25 1908 and continued to Dec. 1909, when they were suspended,
owing to labor troubles, being again resumed in March 1910; 25 cents
extra was paid in Nov. 1908.-V. 95, p. 1686.

Loomis Company, Cleveland.-Bonds Offered.-

The Tillotson & Wolcott Co. of Cleveland are placing at par and int.
$390,000 lst- M.serial gold 6s dated Jan. 11913. Stock $400,000.

Stock Div.Manhattan Electrical Supply Co.-100% stockholders
Indianapolis (Ind.) Water Works Securities Co.- The
on
100% stock dividend which was authorized by the
Bonds Offered.-Brown Bros. & Co. and Drexel & Co. of Oct. 15 last has been declared on the $600,000 common stock. payable
of
dividends
semi-annual
6%
regular
The
trust
12.
Jan.
to
3
record
Feb.
of
collaterla
holders
Philadelphia are placing at par and int.
on the common and prof. stock are payable at the same time. Compare
sinking fund gold bonds dated Jan. 1 1913 and due Jan. 1 3%
V. 95, p. 1042.
1948, but redeemable, all or any part, for sinking fund after
Pacific Coast Co.-New President.-William M. Barnum
Apr. 1 1916 at 1023/i and int. Par $1,000 (c*). Interest has been elected President to succeed Henry W. Cannon, who
1913
April
due
semi-annually (A. & 0.), except coupons
resigned and remains Chairman of the Board.-V. 95, p.
and Jan. 1948.
with trustee 1038, 1055.
Total auth. and issued, $2.500.000. Secured by deposit
(Pa. Co. for Ins. of Lives, &c., Phila.) of $4,999 300 of the 35,000,000stock
Phelps, Dodge & Co.-Copper Production.-The proof Indianapolis Water Co.
Incorp. in Dela. on Jan. 1 1913 with $2,000,000 'common stock, all duction of copper by the Copper Queen, Detroit and Mocte$1,500,which
of
stock,
pref.
cum.
7%
outstanding, and $2,500,000 auth.
zuma, mines, owned by Phelps, Dodge & Co., for the year
000 has been issued. l'res., C. H. Geist, Phila.
ended Dec. 31 1912 was 138,725,567 lbs., as compared with
Earnings of Indianapolis Water Co. (Dec. 1912 Est.) and Int. on Its Bonds
Yrs. Ending-Mch. 31'11. Dec.31'12. I Yrs. Ending-Mch. 31'11. Dec.31'12. 123,369,990 lbs. in 1911, as follows:
Gross
$738,487 $840,928 Bond interest_ $223,277 $230,405
304. 627
201,846
535,032 Bal., surplus_
Net, aft. tax_
425,123
The Ind. Water Co.(inc. in Ind. in 1881) has an auth. issue of $10,000,000
1st & ref. M. 43f
:s, due Jan. 1 1940, of which $2,419.000 outstanding;
$2,431,000 held to retire same amount gen. 5s due Jan. 1926, $150,000
for expenses of said refunding and remainder issuavie for 80% of future
additions and improvements (V. 91, p. 1718).-V. 95, p. 1611.

Ingersoll-Rand Co., N. Y.-Listed.-The Now York
Stock Exchange has listed $182,400 additional common stock
on official notice of issuance and payment in full, making the
total authorized to be listed $6,775,500.
the extent of

The stock was offered to stockholders of record Dec. 4 to
for
2% of their holdings at par, payable on Dec. 24. Stock not subscribed
as
may be sold to or for the benefit of such employees as the employees
will
stock
new
The
par.
than
less
not
at
determine,
may
directors
the
carry dividends declared after Jan. 1.

1912:
Earnings.-For 9 months ending Sept. 30
interest.. _ _
31,232,090 Deduct-Bond
359,230 Pref. div. (9 mos.)
872,860 Balance, surplus

Earns, before doprec
Depreciation
Net earnings
-V. 94, p. 979.

$75,000
113,638
684,222

International Cotton Mills.-Plan Approved.-

The shareholders have duly approved the plan of Dec. 2 for reorganizing
under the laws of Massachusetts. See terms V. 95, p. 1476, 1686.

International Harvester Co.-Sub. Co. Stock Increase.-

nternational Harvester Co. in Russia, a Maine corporation, has filed a
c rtificate of increase of stock from $8,000,000 (at present $6,500,000
o tstanding) to $40,000,000. Incorporated in August 1910 and purchased
the works of the New York Air Brake Co. at Lubertzy, a suburb of Moscow
(V.90, p. 1242). The new stock will be issued from time to time as the
gr wth of the Russian business may require. Compare V. 94, p. 1324;
v" 92, p. 1250, 1251; V. 90, p. 1099.

International Steam Pump Co., N. Y.-Dividend.usiness Outlook.-The directors having on Jan. 8 declared
0 on pref. stock
the regular quarterly dividend of 1 M7
put out the following:
The board feels particularly gratified with immediate prospects as the
business of the company through its bookings shows substantial increase
of 41%% for first three months over similar period of last year. Prices
obtained on this new business likewise show an improvement. Directors
are confident that the ensuing year will witness much better results than
the past and stockholders, therefore,have every reason to be satisfied with
these prospects. In fact, 1913 promises to be a banner year for International Steam Pump Co. Compare V. 95, p. 1681, 1611.

Kansas Natural Gas Co.-Modification.-

Judge Pollock in the Federal Court on Jan. 4 denied the request of two
of the receivers who,in consequence of public clamor, made an application
to him to rescind the recent order raising rates. The original order, however, is modified so that no distributing company will have its gas cut off
if it refuses to pay the higher price; otherwise the old order remains in effect
until again modified by the Court. All interested parties are requested
to appear before the Court on the first Monday of February either as petitioners, intervenors or advisers in the case.-V.96, p. 65.

Kaufmann Department Stores, Inc.-Incorporation.-

Kaufmann Brothers, owners of large department stores in Pittsburgh,
Pa., and heretofore doing business as a co-partnership, are about to organize a corporation under New York laws, to be known as Kaufmann Department Stores, Inc., which will take over the business of the co-partnership.
The Kaufmann Brothers and Edgar Kaufmann will continue their active
identification with the business. The new company will issue 32,500,000
7% cumulative pref. stock and $7,500,000 common stock, a portion of which
Ladenburg, Thalmann & Co. have organized a syndicate to acquire and
have associated with them Altheimer & Rawlings Investment Co. of St.
Louis, who will handle the Western market.
The bankers and their associates are Owing privately $2,500,000 7%
cum. pref. stock at par and int., and a limited amount of the $7,500,000
common stock at $52 50 per shire. Par, value of all shares, $100. The
pref. stock is redeemable at any time on 3 months' notice at 125 and accrued
divs. No divs. can be paid on the common until the special surplus fund
shall amount to $175,000, and not over 4% can be paid thereon untilsaid
fund reaches 8500.000.
Earnings of the Kaufmann Stores of Pittsburgh.
1909.
1911.
1910.
$8,467,402 $9,228,530 $9,135,282
Gross earnings
738,339
803,569
751,624
Not earnings
In 1912 the store enjoyed the largest volume of business ever handled
in its history, sales for the first 11 mos. having increased about $600,000,
and for December up to Christmas Day approximately $100000 over the
same period of the year previous. The primary purpose of incorporating
the company, which will have at least $2,500,000 in net tangible assets, "is
to effect greater concentration of energy and operation.'.

Keystone Telephone Co., Philadelphia.-Earnings.Calendar Year1912
1911
-V. 95, p. 300.

Gross Earns.
$1,217,429
1,167,009

Net Earns. Int.Charges.
$302,616
$608,361
295,819
582,644

Del. Sur.
$305,745
286,824

Klots Throwing Co. (Silk Throwers), New York and
Scranton.-8% Pref. Stock Offered.-Status.-

Brooks & Co., Wilkes-Barre and Scranton, Pa., are making a first public
offering of the 8% cum. pref. (p.&d.) stock at 102%, yielding about
734%. Par $100. Dividends Q.-J. The firm report:
Capitalization: common stock 31,000,000: 8% (voting), pref. stock sold
for cash $1,000,000 (increased $500,000 in 1912); closed 15t M.67 bond
Issue due 1939 ; $650,000 net assets and reserve after deducting all indebtedness are more than 135%; and surplus and reserve Nov. 1 1912 were 37%
of pref. stock issued. On Jan. 1 1913 the pref. stock received its 69th
quarterly dividend of 2%, an uninterrupted record of 8% per ann. for 17
years. For past three years the average earnings (including Villa Stearns
Co., importers, entire $450,000 stock acquired Oct. 1 1912) after all fixed
charges, have been over three times the dividend on the entire issue of pref
stock. No additional mortgage without the consent of two-thirds of the
stockholders. Incorporated in N. J. in 1895, and is engaged in the silkthrowing and raw-silk importing business. The company has seven large
mills, four of which have been running night and day,Sunday excepted,for
past several years. See also V. 95, p. 1406.

(S. S.) Kresge Co.-Total Sales.1912.-Dec.-1911.
$1,739,085
$1.361,888
-V. 95. P. 1611. 1545.




Increase.I 1912.-Year-1911.
27.62% I $10,325,567
$7,923,064

Increase.
30.32%

Pounds.
1912.
January _ _ _10,892,391
February _ _ _10,230,280
March
10,928,169
April
11,312,759
May
11,134,545
June
12,083,089

1911.
9,789,639
9,857,962
10.197,516
9,793,817
9,832,300
9,777,120

1911.
1912.
Pounds.
9.809,251
11,875,618
July
12,275,593 10,861.189
August
9,919,160
September _10,764.580
October _ _ _12,238,241 11,060,473
November _ _12,032,743 10,128.418
December _ _12,957,609 12,343,145

Total (pounds) for year
138.725,567 123,369,990
Custom ores business added a further amount for the year of 9.957,315
lbs. in 1912, against 10,714,784 lbs. in 1911.-V. 95, p. 1611, 1546.

Powell River Co., Ltd., Newspaper Print, Minneapolis., Minn., and Powell River, B. C.-Guaranteed Bonds
Offered.-The Continental & Commercial Trust & Savings
Bank, Chicago; A. B. Leach & Co., Chic., N. Y., Boston
and Phila.; and McCoy & Co., Chicago, are offering at par
and int., by advertisement on another page, the unsold portion, about $500,000, of the present issue of $3,500,000 1st
M.6% ser. gold bonds, dated Jan. 1 1913, unconditionally
guar. as to prin. and int. by endorsement on each bond by
D.F.Brooks,A.S. Brooks and M. J. Scanlon, Minneapolis.
Duo in annual installments on Jan. 1 from 1915 to 1927 (respectively
2each of$150,000, $200,000, $250,000 2, 3 of$300000 and 4 of 8350,0003
but callable after Jan. 1 1915 at 105 and int. Principal and int. (J. & J.)
payable at Cont. & Comm. Tr. & Savings Bank, Chicago, registrar. Par
$1,000 and $500 (c*). Auth., $5,000,000; outstanding, $3,500,000
Trustee, Dominion Trust Co., Ltd., Vancouver, B. C.
Digest of Statement by V.-Pres. M. J. Scanlon, Dec. 2 1912.
A leading manufacturer of newsprint paper, located at Powell River,
in British Columbia, on Strait of Georgia, about 80 miles north of Vancouver. [Incorp. in B. C. in July 1911 and purchased property of Powell
River Paper Co. Ed.]
Authorized. Outstand'g.
Capitalization as of Jan. 1 1913$5.000,000 $3,500,000
Stock
5,000,000
3,500,000
Bonds
Additional bonds can only be issued at not over 50% of the actual cost
of permanent extensions, improvements or acquisitions.
The purpose of this $3,500,000 issue is to retire all present debt and provide in part for the acquirement of additional assets, the balance being provided from the sale of stock and from earnings.
Sinking Fund.-$2 per 1 000 ft. on all timber cut, to retire bonds.
Guaranty.-The bonds will bear the personal guaranty (by endorsement
on each bond) of D. F. Brooks A. S. Brooks and M.J. Scanlon, Minneapolis. The vatious companies in which we are the principal stockholders
and our personal statements show a combined net worth of over $5,000,000
outside of our interest in the Powell River Co.
Security.-The bonds will be a first mortgage on all the property except
town-site lots. This property consists of: (1) A water-power development
on Powell River, B. C., and a perpetual right to the use of water which has
an estimated continuous power capacity of 34,000 h.p. at the minimum
flow; also fee to about 2,400 acres of Crown grant lands lying on both sides
of said river. The company has raised the water in Powell Lake only 21 ft.,
while its grant from the Government permits it to raise the water 50 ft.
Water now impounded by company's concrete dam is estimated to yield
at minimum flow not less than 34,000 h.p. Some 22,500 h.p. will be required to operate the paper mills alone up to an output of 220 tons of paper
per day, and additional units can be installed at moderate cost.
(2) Fireproof paper mill properties of reinforced concrete, with the
most modern equipment and appliances, and 40 acres of fore shore lands
on which are said buildings, with wharves, railway sidings, workmen's
houses, &c. Present daily capacity 100 tons of newsprint with a ground
pulpwood mill of 125 tons, and a sulphite mill capable of supplying 220 tons.
The company is enlarging its paper mill and ground pulpwood mill, which
will give the plant a balanced capacity of 220 tons p day. The enlargements are expected to be completed early in 1913.
(3) Leases by British Columbia Govt., covering 135,000 acres of timber
lands well located on tidewater, running for 21 years from Jan. 9 1907,
renewable in periods of 21 years from date of expiration on the terms which
may prevail at date of expiration of present leases. The limits are estimated to contain over 5 billion ft. of saw timber (14 inches and up at the
small end) and a vast quantity of additional timber suitable for pulpwood.
The company pays an annual tax of only 2 cts. per acre and royalties of
50 cts. per 1,000 ft. on all timber used for saw-mill purposes, and an average of about 32 cts. per 1,000 ft. for timber used for pulpwood. Of the
timber about two-thirds would be suitable for pulpwood, if desired. Plant
at its increased capacity will have sufficient raw materialfor over 100 years.
(4) We also expect to build a modern lumber manufacturing plant of
about 40,000,000 ft. capacity per annum and a shingle mill of about 100,000,000 shingles capacity per annum, and, after the opening of the Panama
Canal, one of the largest lumbering operations on the West coast.
The value of the mill, water power, pulpwood and such incidental equipment as is required to make the company a going concern is estimated by
George F. Hardy at $9,000,000, not including the saw timber not suitable
for pulpwood. This valuation I regard as ultra-conservative.
Has sold all of its output of 100 tons a day of newsprint on the Pacific
Coast, about 80% on 5-year contracts. Much larger contracts are obtainable in this territory. 'Under the recent Reciprocity Act, our paper when
made from timber cut from its leased lands is admitted free into the U. S.
Earnings.-The present paper mill was set in operation during May 1912,
since which time the cost of manufacture has been steadily reduced. Making a substantial allowance for the possibility of a reduction in the price
of paper through competition or unforeseen conditions, the company's
profits by July 1 1913 should be not less than $15 per ton on an annual output of 60,000 tons, or $900,000. Added to this will be the earnings from
the sale of logs and the profits from the lumber-manufacturing plant, which
we expect to build in the near future.
fanagement.-The manufacturing is in charge of N. R. Lang of Portland, Ore., formerly General Manager of the successful Willamette Pulp &'
Paper Co., Oregon City, while the President of that company, William
Pierce Johnson, together with Mr. Lang and their associates, own a onequarter interest in the Powell River Co., Ltd. The lumbering is under the
same management as the Brooks-Scanlon Lumber Co., Minneapolis (y. 91,
p. 718: V. 93, p. 591).

San Joaquin (Cal.) Light & Power Corporation.Bonds.-N. W. Halsey & Co. are offering an additional
block of "first and refunding M.5% gold bonds" "series B",
dated 1910 and due Aug. 1 1950, but callable at 105 and int.
Total of all bonds issued, as of Dec. 15 1912.
First and ref. M. bonds outstanding "Series A", $1,500.000;
Series "B", $2,151,000
$3,651,000
Reserved to retire an equal amount of old divisional bonds outstanding, covering portions of the system (including $50,000
bonds alive in sinking funds)
3,164,000

140

THE CHRONICLE

[VOL. xcvi.

Operates in the San Joaquin Valley (Cal.) from Merced on the north to Columbia Motor Car
Co., 91%; Dayton Meter Car Co.. 39%; MaxwellBakersfield on the south, a territory approximately 195 miles in length by Ilrisc.oe
Co., 60%.—V. 95. p. 1626, 1407.
78 miles in width; population 192,514 in 1910 and increasing rapidly.
Aug. 1. Oct. 31
United Stites Steel Corporation.—Unfilled Orders
Aug. 1. Oct.31
Statistics—
Statistics—
1910. 1912.
1910. 1912. Dec. 31.—See "Trade and Traffic Movements
" on page 113.
Light consumets
7,792 14,206 Generating capac.,
Power consumers
450 1,287
hydraulic h. p
6,735 25,900 —V.96, p. 66.
Gas consumer
2,555 4,724 Gen. cap., steam h. p _ _1,800 11,135
Washington Oil Co.—Dividend Declared.—
Transm., &c., lines , m. 614 2,299 Reservoir cap., acre ft_4,300 50,000
A dividend of $4 per share (40%) has been declared on the $100,000
Earnings (Cal. Years)—
stock
1910
1911 (10 mos )1912 (par $10), payable
20 to holders of record Jan. 30. 'Phis is the second
Gross earnings
$984,252 $1,106,303 $1,097,133 payment since the Feb.
disintegration of the Standard Oil Co. of New Jersey,
Net income available for interest _ _ _ _
a
609,474
622.538
658,335 dividend of 29% having been paid in 1911 from accumulated
surplus.
Bond interest
197,095
299,794
282,518
Compare V. 93, p. 412; V. 94, p. 1123.; V. 95, p. 1611, 240.
Westinghouse Air Brake Co.—Listed.—The New York

. Southern Iron & Steel Co.—Bonds at Auction.—

There were sold at auction on Jan. 8, at 25%, by Adrian H. Muller &
Son, N. Y., $1,000,000 "1st and refunding M. 20-yr. gold bonds, dated
Oct. 1 1909.—V. 96. p. 65.

Stewart-Warner Speedometer Corporation, Chicago.
—Pref. Stock Offered.—White, Weld & Co., N. Y., Chic.
and Boston, are placing privately at par ($100) and int.'
the $1,000,000 7% cumulative pref. (p. & d.) stock of this
new company. Redeemable three years after issue as a
whole or in part on dividend dates (Q.-F.) at 110 and div.
Transfer agent,

Central Trust Co. of Ill.; registrar, Merchants' Loan
& Trust Co., Chicago.
Digest of Letter from Pres. J. 1C. Stewart, Chicago, Jan. 2 1913.
Incorpor. in Virginia Dec. 19 1912 and has acquired patents relating to
magnetic speed-indicating devices as well as all the stock of the Stewart &
Clark Mfg. Co. and the Warner Instrument Co., manufacturers of speed
indicators and odometers for automobiles, motor cycles and other vehicles.
Will manufacture and sell instruments of both types.
Auth. Capitalization, All Out.(No Funded Debt—Properties Free and Clear).
7% cumulative pref. stock, pref. as to assets and dividends_ _ _ _$1,000,000
Common stock
10,000,000
Combined Net Earnings of Two Constituent Cos.for Four Years ended Oct. 31,
as Reported.by Chartered Accountants—Co.'s Est. for 1913.
1908-09. 1909-10. 1910-11. 1911-12. Average. 1913 (est.).
In excess of_ _ _3585,000 $825,000 $870,000 $925,000 $801,000 $1,100,000
As the result of settlement of patent litigation and based on the estimated
output of automobiles for
I estimate that the net earnings for the
calendar year 1913 will exceed
1913'
$1,100,000.
Assets and Business.—As shown by Arthur Young & Co., the combined
net tangible assets on Oct. 31 1912 were in excess of $1,750,000 without
allowances for the value of good-will or the numerous patents. As of the
same date the combined net quick assets were in excess of $850.000, or
85% of the par value of this issue of pref. stock.
Patents coveting the essential parts of the mechanism of both the
Stewart and Warner magnetic speed indicators have been acquired by the
new company. All of these patents, with two unimportant exceptions,
have from 10 to 15 years to run. This corporation, therefore, is the only
cue in the United States which can .manufacture said speed-indicating
devices, practicallY the only commercial devices of the kind now made
in this country that operate on the magnetic principle. The popularity
of speed indicators so operating is attested by the fact that approximately
85% of the 400,000 speed indicators sold in this country during 1912
employed this principle.
Based on the estimated output of automobiles in the United States in
1913, the number of speed indicators required for the coming year for all
purposes should be over 500,000. There is also a large field for the sale of
speed indicators in foreign countries, as shown by the sale of about 25,000
Stewart instruments abroad during 1912. The output cf the StewartWarner Speedometer Corporation includes instruments of many types,
ranging in prices from $12 to $125,and adapted to all kinds of automobiles,
motor trucks and motorcycles, as well as to machinery requiring speed
indicating devices. Mere than 200 manufacturers of automobiles have
contracted to use Stewart or Warner instruments as standard or special
equipment on their 1913 cars.
Factories, cc.—(a) Stewart & Clark factory on Diversey Boulevard,
Chicago, a modern plant employing about 500 persons and containing
nearly 4 acres of floor space in the main buildings. (b) Warner factory,
in Beloit, Wis., a modern factory, fire-proof steel and cement construction, floor space 100 x 440 ft., employing about 400 persons; 8.28 acres of
land; office, brass foundry and power plant. (c) Most of the
output is
sold direct in largo lots to the manufacturers of automobiles, but there are
over 30 branch selling houses and service depots, notably in N. Y., Boston,
Phila., Detroit, Minneap., Cleve., Indianap., Kan. City, Chic., San Fran.,
Los Angeles, Cincinnati, Atlanta and Seattle.
Various Provixions as to Preferred Stock,--If the corporation shall sell any
manufacturing plant,the proceeds must be applied to redeeming pref.stock.
The pref. stock is redeemable three years after issue at 110 and div. on any
dividend date in the proportion of 10% (or multiples thereof) of all the
pref. stock then outstanding (fractions of one share to be ignored)." No
further issue of pref. stock may be made without the consent of a majority
of the pref. stock outstanding. No mortgage may be placed on any of
the property without the consent of 75% of the pref. stock outstanding,
but such consent is not necessary for the issue of debenture bonds. The
pref. stock has equal voting power with the common stock, both classes
voting together. No dividends can be paid on the common stock which
will reduce the net quick assets below 80% of the pref. stock.
On or before Dec. 31 1913 the corporation must pay into a sinking fund
$65.000, and semi-annually thereafter 5;32,500 on each June 30 and Dec. 31,
such payments to be a prior charge on all net earnings or surplus, for use
in the purchase and redemption of pref. stock if obtainable at or under
$110 per share and accrued dividends, in response to request for sealed
offerings, and any residue to be applied to the property or left for the
subsequent retirement of pref. stock.—V. 96, p. 66.

Tobacco Products Corporation, N. Y.—Acquisition.—
The company, it is stated, has acquired half of the stock of
Stephano Bros., Inc. incorp. in Virginia, on Jan. 2 1913
with a capital of $3,410,000, to succeed Stephano Bros.,
cigarette manufacturers, Philadelphia. The Hooker Tobacco Co. of Lynchburg, Va., was to be taken over on Jan. 1.
—V. 95, p. 1547.
Union Carbide Co., New York.-123/
2% Distribution
in Stock of Onveld Acetylene Co.—The directors on Jan. 3
voted to distribute on Feb. 15, to holders of the company's
$11,987,300 stock of record Feb. 4, a dividend of 12
in
the common stock of the Oxweld Acetylene Co., calling for
$1,498,412 thereof.
The Oxweld Acetylene Co. was incorp. in W. Va. in Jan. 1912, and it
has outstanding common stock (total auth.), $2,000,000; 6% cum. pref.
stock,
No bonds or mtge. An initial dividend of 15i% has
been declared
$215,000.
on
common stock, payable Apr. 1. The company has
two plants, one at Chicago and the other at Newark. Officers:
Pres.,
M.K. Carney; Sec., S. M.Wiley; Treas.,W.I. Cobb. Office, Chicago,
Ill.
The Chicago "Inter-Ocean" on Jan. 5 said: "The
which was
purchased by the Union Carbide Co. about a yearcompany,
ago, owns valuable
patented machinery used in applying a modern chemical process for melting and welding iron, steel and other hard metals. The process
is an enormous labor-savey,and has been almost universally adopted among
the steel
mills where castings are cut. The company has but one competitor,
which
buys all its supplies from the Union Carbide Co."—V.95, p. 1478,685.

United States Motor Co., New York.—Sale.—Judge
Hough in the U. S. Dist. Court on Thursday directed the
receivers to accept bid No. 2 for all of the properties of the
company, submitted on Jan. 8 by Henry G. Holt and Wm.
McAllister Jr. on behalf of the reorganization committee.

The bidders will pay all costs of the case, including the expenses and obligations of the receivership and the following percentages of all claims as
finally adjudged and assessed of the following companies: , United States
Motor Co., 32% %; Alden-Sampson Co., 24%; Brush Runabout Co., 33%;




Stock Exchange has authorized to be listed $1,676,750 additional capital stock on notice of issuance and payment in
full, making the total to be listed $20,000,000. The proceeds
will be used for general corporate purposes.
Earnings.—The net earnings from all sources, including
profits of sales for 3 months ending Oct. 31 aggregating $3,399,156, were $1,335,312; dividends paid (4%) $732,332;
balance, surplus, $602,980; total surplus Oct. 31 1912,
$5,009,401.—V. 95, p. 1126.
Willys-Overland Co.—First Common Dividend.—
An initial dividend

of 1%% has been declared on the 820,000,000 corn.
stock, payable Feb. 1 to holders of record Jan. 20.—V. 95,
p. 1751.

(P. W.) Woolworth & Co.—Total Sales.-

(%).

1912.—Dec.-1911.
1912.—Year-1911.
Inc. (%),I
Inc.
$9.475,375
$8,563,110
10.631560.561,514
$52,472,447
15.41
—V.95, p. 1751, 1626.

—In a circular of January investments just issued, White,
Weld & Co. at 14 Wall St., New York, Chicago and Boston,
have a very interesting colored chart. This comprehensive
chart shows the increases in gross and net earnings of electric
light and power companies, gas companies, electric railways
and steam railroads 'plotted" on a basis of percentage of
earnings of the year 1902. The chart covers two periods
of financial depression, but nevertheless earnings of electric
light and power companies have increased over 200%,
earnings of gas companies over 100% and earnings of electric
railways over 80% and in not a single year have the earnings
decreased. White, Weld & Co. recommend investments
in the bonds of public utility companies for the following
reasons: the earnings of public utility companies are not
affected by changes in tariff, their prosperity hinges on the
growth of this country alone, irrespective of the conditions
in other countries, experience has indicated that their growth
is largely independent of financial and business depression
as strikingly shown by the firm's chart. Brief descriptions
of the securities of five public utility companies at prices
yielding 5.35 to 6% are also included in the circular. Free
copies of chart and circulars will be mailed on application.
—The January 1913 issue of the"Hand Book of Securities'
coMPiled by the publishers of the "Commercial and Financia
Chronicle", will be ready January 15. The book contains
192 pages, and gives very full information concerning the
various railroads and the leading industrials whose securities
are dealt in on the New York, Boston, Philadelphia, Baltimore, Chicago and Pittsburgh exchanges. It shows their
earnings, dividends, &c., for a series of years, present fixed
charges, and the amount of the different issues of bends
outstanding, their rates of interest, &c. There is also given
the monthly range of stocks and bonds to Jan. 1 1913,
together with a yearly range for four years.
dollar, or to "Chronicle" subscribers, 75 cents. Price, one
—William E. Sweet & Co., dealers in municipal and corporation bonds, Denver and Philadelphia, are distribtiting a
booklet containing a number of photographs of the firm's
handsome new offices in the Equitable Bldg., Denver.
Amos C. Sudler, the Vice-President of the company, is
manager of the Philadelphia offices, in the Morris Bldg.
Perry B. Strassburger, formerly manager of the Philadelphia
office of Leonard Snider & Co., has become associated with
the Philadelphia offices of Sweet & Co., and is organizing a,
department to deal in securities in which local capital is invested, specializing in tax-free bonds.
—John S. Harris, manager of the bond department of the
New First National Bank of Columbus, Ohio, his resigned,
to become identified with Sidney Spitzer & Co. of Toledo.
L. R. Ayres has also resigned his position as sales manager
in the bond department of the New First to enter the Cleveland concern of Tillotson & Wolcott Co. The firm of
Sidney Spitzer & Co. is a comparatively now concern, being
compoped of Sidney Spitzer, formerly a member of the firm
of Spitzer, Rorick & Co.,and Lewis B. Tucker, formerly
Assistant Secretary of the Home Savings Bank of Toledo.
—Standard Oil Securities Reference Table. Carl II.
Pforzheimer, 25 Broad St., N. x., specialist in Standard Oil
securities, has issued for distribution to bankers and investors
a very interesting and comprehensive reference table on
all Standard Oil securities, which arc now being actively
traded in. It shows at a glance the range of prices for 1912,
dividend rates and when payable,as well as the capitalizations
of various companies;also the transfer offices where certificates
can be exchanged, as well as other timely data, of value.
—A very interesting address entitled "The Relation of
Electrical Engineering to the Other ProfessionS," delivered
by Gano Dunn, President of the American Institute of Electrical Engineers, before the annual convention of that body
at Boston in June 1912, has been reprinted by J. G. White &
Co., Inc. 43 Exchange Place. Mr. Dunn has this week
been elected President of the J. G. White Engineering Corporation. Complimentary copies of his address will be
mailed upon request.

JAN. 11 191 3.1

1- The Tounitercial Times.

-Miller & Co., members of the New York Stock Exchange,
with offices at 29 Broadway this city, have issued a booklet
entitled "Conditions Affecting Railroad Bond Values,"
copies of which will be mailed on request. The booklet
points out that as a result of drastic liquidation of securities
bearing a low interest rate, railroad bonds in particular have
suffered a severe depreciation in their market value, and that
well secured bonds of this class, which formerly sold to yield
an income from 4 to 43'% can now be purchased to yield
5% and over. Among the bonds recommended by Miller
& Co. are those of the Duluth Rainy Lake & Winnipeg Ry.
• Co. of the Canadian Northern System; Gulf & Ship Island,
St. Louis & San Francisco, St. Louis Southwestern and
New Orleans Mobile & Chicago Ry. Co's.
-"How to Invest Money Wisely," by John Moody, a
book bound in flexible leather similar to Moody's "How to
Analyze Railroad Reports," has just been published. It is
arranged in three parts-"Diversifying Investments," "Investing for Profit,' "Classes of Investments." The author
claims that this book is the first comprehensive discussion
on the subject of diversified investing which has ever appeared in book form. John Moody, 35 Nassau St.
-J. Herndon Smith and Charles W. Moore of St. Louis,
both of whom were formerly associated with the bond department of the firm of A. G. Edwards & Sons of that city, have
formed a copartnership under the firm name of Smith,
Moore & Co. The firm will do a general business in the
field of Investment Bonds,with offices at No.509 Olive St.,
St. Louis, Mo.
-H. J. McCaully, for a number of years with the First
National Bank of Philadelphia, has become associated with
the bond department of C. Clothier Jones & Co., and will
also have full charge of the banking department, which has
just been opened. The banking department will be kept
entirely separate from the brokerage business of the firm
and operated solely as an independent private bank.
-The new January bond circular of A. G. Edwards &
Sons of St. Louis and New York contains over twenty-five
high-grade bond issues consisting of railroad, public utility
municipal and industrial, netting the investor from 5 to 6%
and also a number of 7% cumulative preferred stocks
yielding from 6.83 to 7.37%. The circular and complete
information will be mailed upon request.
-W.E. Hutton & Co., bankers and members of the New
York and Cincinnati stock exchanges, are offering on another page St. Louis & Suburban Ry. Co. (underlying lien
of the United Railways System of St. Louis) gen. mtge. 5%
bonds, due April 1 1923. The bonds will yield the investor
over 63/2%. A descriptive circular will be mailed upon application to the firm's offices, 60 Broadway.
-Morris F. Fox has opened a branch office for H. M.
Byllesby & Co., Chicago, at No. 733 Wells Building, Milwaukee, for the sale of the various securities handled by the
Byllesby firm. The territory covered by this office will
comprise the State of Wisconsin. Mr. Fox has, for two
years, been handling the sale of securities for the Byllesby
firm in the State of Illinois.
-The January list of investment securities being offeied
by the banking house of Wm. A. Read & Co. is a most attractive one, comprising, as it does, municipal, railroad and
corporation bonds yielding the investor from 4 to 4.45%.
The various issues are described in detail in the circular,
which will be mailed upon request to any of the firm's offices.
-The partnership of Finley Barrell & Co. of Chicago and
New York having expired Jan. 1, William E. White and Eugene R. Pike, heretofore active partners in the concern, have
retired from the firm. The business will be continued with
Finley Barren and J .W. Aldrich of Chicago and Peter J.
Maloney and Benjamin Block of New York as partners.
-Harris, Forbes & Co. of this city are offering $500,000
Lake Shore & Michigan Southern Ry. Co. 1st M. 332%
bonds at prices to yield over 4%. Thewe bonds are tax-free
in Pennsylvania and are legal investment for savings banks
and trust funds in New Yerk, Mass. and Conn. See advertisement for other particulars.
-Curtis & Sanger, 49 Wall Street, members of the N. Y.,
Boston and Chicago stock exchanges, are advertising for
sale in our columns to-day two issues of notes and a deben4 to 532%.
ture bond with an income yield of 43
-J. Herndon Smith and Charles W.Moore of St. Louis,
Mo:, have formed a co-partnership under the firm name of
Smith, Moore & Co., with offices at 509 Olive Street. The
new firm will do a general bond business.
-Thomas C. Shotwell, for several years financial editor
of one of the morning papers,is now associated with Harriman
& Co., 111 Broadway, this city, in charge of the firm's
"customers' department."
-The Dominion Securities Corporation, Ltd., Toronto,
Montreal and London, has issued a 35-page pamphlet offering
desirable Canadian Government, municipal and corporation
bonds.
-Colston, Boyce & Co., Baltimore, are offering Merchants-Mechanics Nat. Bank of Baltimore stock at the market price,about$3150 per share (par $10). See advertisement.
-Ferris & White, 37 Wall St., have issued a card giving
a list of railroad bonds legal for savings banks in New York
State.




141

THE CHRONICLE

COMMERCIAL EPITOME.

Friday Night, Jan. 10 1913.
Business is still good, as plainly reflected in large bank
clearings. They show significant gains over last year and
the year before. Production of iron and steel continues on
a surprising scale.- Textile industries are crowded with
orders. Lancashire is active and buying American cotton
freely. American exports and imports are enormous.
New York's imports last year made a new high record. Export business in wheat shows a noteworthy increase. Not
a little foreign trade has also been done in corn. The
seasonable weather has helped retail trade. Though a
freeze has damaged the California orange crop, snows have
latterly been of benefit to the winter wheat. Money has
declined. Collections are fair. The amount of building
in this country last year was the largest ever known.
LARD has been quiet but latterly steady. Prime Western $10, refined Continent $10 30, South American $11 70,
Brazilian, in kegs, -$12 70. Lard futures have receded at
times under the influence of liberal hog receipts at the West.
Of in e these receipts have fallen off sharply by reason of the
bad weather at the West, where traffic has been greatly
impeded by storms. Packers have latterly been buyers and
prices have been firmer; but the belief is general that with
better weather the receipts of hogs will again increase, with
the inevitable effect of depressing prices, at least for a time.
DAILY CLOSING PRICES
Sat.
January delivery __cts- 9.6734
May delivery
9.8254

OF LARD FUTURES IN CHICAGO.
Fri.
Wed. Thurs.
Tues.
Mon.
9.67%
9.75
9.50
9.5734 9.45
9.80
9.77% 9.80
9.70
9.873

PORK lower; mess $18 75@$19 25; clear $22@$24; family $22@$23 50. Beef steady; mess $20@S21; packet $22®
$23;family $24(026;extra India mess $40@$41. Cut inea:8
3 c.; bellies clef..r
firm; pickled hams, 10 to 20 lbs., 13%@134
f.o.b. New York,6 to 12 lbs., 11%®12c. Butter, creamei y
Cheese, State whole milk, colored spcextras, 36@36
cials, 1734@18c. Eggs, fresh gathered, extras, 31(32è.
OILS.-Linseed firm; City, raw American seed 46 ®47c ;
boiled 47@48c.; Calcutta 70c. Cottonseed oil easier; winter 6.15@6.18c.; summer white 6.15(0.80c. Cocoanut oil
firm; Cochin 10/2©103
%c.; Ceylon 93/2@9c. China wood
/0. Corn lower at 5.55@5.60c.
easier at 73' ®73
COFFEE has continued quiet but has latterly been firm,
with No. 7 Rio 1334@133c. Mild grades have been qui(t
but steady; fair to good Cucuta 1534 @16c. Coffee futurca
have been only moderately active but latterly there has been
less pressure to sell and prices have risen. Shorts have been
covering. European markets have advanced. At Santca
prices have been strong, owing to covering of shorts. Costs
and freight prices have been noticeably firm. Receipts at
Brazilian points have decreased. At the same time intericr
dealers are plainly averse to buying on anything more than a
hand-to-mouth scale. As a rule they seem inclined to await
the valorization sale. There is a more determined bear party
than there has been for some time past. Circulars are being
sent out advising dealers to adhere to the hand-to-mouth
policy of buying. Closing quotations were as follows:
January __13.20 13.22
February _13.30®i3.32
March __.A3.44 cy13.46
April
13.60P13.61

May _____13.74©13.75
001
13.803.82
June
13.87013.88
July
August ___13.94P13.95

September 14.01P14.02
October_ _ _14.00 14.01
November 13.98014.00
December_13.97013.98

SUGAR.-Raw has been quiet and easier. Receipts at
Atlantic ports for the week were 36,837 tons, against 13,125
in 1912 and 19,133 in 1911. Stocks are 51,902 tons, against
70,802 last year and 49;262 in 1911. Centrifugal,96-degrees
test, 3.48c.• muscovado, 89-degrees test, 2.98c.; molasses,
89-degrees test,2.73c. Refined lower with a moderate trade;
granulated 4.65c.
PETROLEUM.-Refined stronger; barrels 8.50e., bulk
4.80e. and cases 10.80@11.80c. Naphtha firmer; 73 to 76
degrees in 100-gallon drums 24c.; drums $8 50 extra. Gasoline, 86 degrees, 283ie.; 74 to 76 degrees 25 Xc.; 68 to 70
degrees 223.c., and stove 21c. Spirits of turpentine 433-@
44c. Common to good strained rosin $5 75.
TOBACCO.-The situation is unchanged. Trade is for
the most part quiet. Moderate sales of binder are being
made, but in filler the transactions are very light. Manufacturers continue to buy only as their immediate necessities
require. Sumatra still meets with only routine demand.
Cuban leaf sells to a fair extent. Taking the situation as a
whole, prices are steady and even in some cases firm. But
when it comes to business, there is still the same obvious disposition on the part of manufacturers and others to purchase
on a very small scale until the general outlook clears up. Ultimately a much better business is expected, with improving
times in this country.
COPPER has met with a moderate demand at somewhat
easier prices. London quotations have risen. The year
1912 witnessed a record-breaking production. Lake 17.60@
582
Stock Dec. 31, 105,312)
17.623/20., electrolytic 17
lbs., against 89,454,695 lbs. on the same date in the previous
year. Tin firmer but rather quiet. London stronger. Spot
here 503/2c. Lead 4.30c. and quiet. Spelter 7.30e. with
small sales. Iron and steel continue active. Pie-,production
in 1912 was the largest ever known. Pig irc.,L7No. 2 foundry, East, at furnace, $17 50@$18.

142

THE CHRONICLE
COTTON.

Friday Night, Jan. 10 1913.
THE MOVEMENT OF THE CROP,as indicated by our
179,000 bales, against 262,348 bales last week and 262,724
bales the previous week, making the total receipts since
Sept. 1 1912 7,230,104 bales, against 7,682,688, bales for the
same period of 1911-12, showing a decrease since Sept.1 1912
of 452,584 bales.
Receipts at-

Sat.

Mon.

Tues.

Wed.

Thurs.

Fri.

Total.

Galveston
9,192 16,365 32,357 8,809 5,390 5,898 78,101
Texas City
6,644 3,782 1,895 6,093
____ 3,814 22,228
_
Port Arthur_ _
---------------------974
Aransas Pass,&-c.
r
9;74
New Orleans__ _ _ 9-,597 4,081 7,307 3,638 2,376 4,011 31,010
Gulfport
Mobile
338
655
120
546 3,680
840 1,181
Pensacola650
650
Jacksonville. &c.
182
182
Savannah
3,554 4,065 2,992 3,839 2,4'74 2,132 19,056
Brunswick
4,500 4,500
Charleston
174
70
227
50
233
588 1,342
Georgetown ____
Wilmington
-:164 -144 -421 -.Mi 1-,812
i-§6 --iii
Norfolk
1
2
955 6,846
N'port News, &c
---------------------- 2,892 2,892
New York
183
352
321
50
507
21 1,434
Boston
4'7'7
406
684
508
656
285 3,016
Baltimore----------------__----__ 1,227
1,22'7 1,227
.8
Philadelphia_ _ _ _
-_-_-__
§8
---_--_
50
Totals this week 31.757 32.645 48,207 34,808 12.377 29.2061170.000

The following shows the weeks total receipts, the total
since Sept. 1 1912, and the stocks to-night, compared with
last year:
191142.

1912-13.
Receipts to
January 10.

This Since Sep This Since Sep
Week. 1 1912. Week. 1 1911.

Stock.
1913. 1

1912.

Galveston
78,101 2,990,348 108,664 2,468,787 394,968 414,367
Texas City
22,228 563,674 26,184 447,183
45,061
51,453
81,085 J13.847 152,6691
Port Arthur
63,243 1
Aransas Pass, &c.
974
779
New Or1eans_ _ _ _ 31,010 986,364 58,281 954,106 185,523 284,416
Gulfport
35,276
1,746
Mobile
3,680 158,835 13,518 257,782
33,401
92,678
Pensacola
87,170
90,943
• 650
13,695 3,097
38,979
Jacksonville, &c_
182
1,885
Savannah
19,056 995,510 61,158 1,672,075 146,463 267,645
Brunswick
4,500 200,700 7,340 260,628
14,562
24,800
Charleston
1,342 258,003 4,523 308,632
37,225
32,688
Georgetown
480
1,812 300,086 18,193 387,554
Wilmington ____
13,463
13,785
6,846 383,392 14,400 490,318
Norfolk
73,177
48,477
57,703
Newp't News,&c. 2,892
587
11,371
1,434
10,434
190
3,939 111.973 198,042
New York
3,016
Boston
30,974 1,571
38,774
8,621
7,690
Baltimore
1,227
47,516 2,864
63,189
6,856
9,683
Philadelphia
50
1,372
4,515
4,394
Total

179,000 7,230.104234.417 7.682.688 1.078.472 1.451.864

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

1913.

1912.

1911.

_
Galveston
Texas City,&c
New Orleans_
Mobile
Savannah __ _
Brunswick__ _
Cliarleston,&c
Wilmington •
Norfolk
N'port N.,&c.
All others_ _ _ _

78,101
23,202
31,010
3,680
19,056
4,500
1,342
1,812
6,846
2.892
6,559

108,664
40,031
58,281
13,518
61,158
7,340
4,523
18,193
14,400
587
7,722

60,019
32,506
55,953
5,689
30,181
5,088
1,734
13,255
10,351
1 49
24,410

Total this wk.

179,000

334,417

239,335

1910. 1

1909. I

82,8211
. 8,416'
42,532;
4,884!
18,0571
900'
1,610;
3,428:
5,826:
398:
10,542'

80,271!
11,7771
64,336,
9,293.
20,005'
12,9011
1,906
8,847
12,924
964
13,605

159,414! 236,829

1908.
75,038
1,498
96,138
7,346
26,153
3,684
2,372
11,479
13,999
4,429
242,136

Since Sept. 1_ 7,230,104 7,682,688 6,508,006 5,396,022 6,704,358 5,637,473

The exports for the week ending this evening reach a total
of 205,981 bales, of which 99,273 were to Great Britain,
37,147 to France and 69,561 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1912:
Week ending Jan. 10 1913.
Exported toExports
fromGalveston _
Texas City_
Port Arthur
Ar.Poss.,&c
New Orr
Mobile
Pensacola
Savannah.._
Brunswick _
CharlestonWilm'ton
Norfolk
N'port N's_
New York_
Boston
Baltimore
Philadel'ia _
San Fran
Pt. T'nsend

From Sept. 1 1912 to Jan. 10 1913.
Exported to-

ContiGreat
Great
ritain. France. nent. Total. Britain. France.

Continent.

Total.

30,995 13,771 16,711 61,477 1,003,457 328,306 923,895 2,255,658
45,158 329,819 133,176 44,773 507,768
33,786 11,372
26,528 16,407 38,15
12,921
16,048
5,191 34,160
29,967 4,938 16,451 51,359 464,331 110,940 204,307 779,578
40,576 23,411 23,886 87,853
20,228 34,791 32,151 87,170
______ 0,266 12,3521 18,618 115,493 62,869 401,152 579,514
84,771
84,267 169,038
57,404
5,000 113,659 176,063
10,50t 10,55
87,554 59,673 129,137 276,364
13,33
500 42,899 56,729
291
291
291
291
3,669 8,703 154,714 33,729 89,204 277,647
4,234
92,136
5,508 97,644
1,850 26,185 32,029
3,994
24,941
4,468 29,409
93,638 93,638
5,800 5,800
42,140 42,140
4,025 4,025

Total ___ 99,273 37,147 69,561 205,981 2,532,488 826,700 2,304,590 5,663,778
Tot. '11 '12 145,028 43,323 189,323 377,674 2,461,941 744,693 2,658,251 5,864,885
Note.-N. Y. exports since Sept. 1 include 16,972 bales Peru, &O., to Liverpool.

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.




[VOL. xcvi.
On Shipboard, Not Cleared for-

Jan. 10 atGreat

Other CoastLeaving]
France. many. Foreign wise. I Total. . Stock.

New Orleans__ 10,304 2,039 5,292 7,007
5421 25,184 160,339
Galveston ____ 39,986 16,309 42,419 36,659 11,286 146,659 248,309
Sairannah3
',700 142,763
Charleston ___
_
_ _ _ _ ----- -3,0_
-----------3:666
34,225
Mobile
,
-------- 2800.
1.517 1,997
6,314
Norfolk
__ 25,339' 28,839
4
27
4:3
08
38
7
New York_
5,000
700 3:80
60
6
____ 6900 17
02
5:7
04
73
2
ports_ _ _ 12,000
____ 11,000
---------23,0Other
Total 1913_ 71,807 21,045I 66,011 44,066 40,667 243,596 834,876
Total 1912
85,946 32,593 113,781 45,905 22,341 300,566 1,151,298
Total 1911
67,132 51,068 72,744 32,765 22,004 245,713 890,058
_.

Speculation in cotton for future delivery has reached fair
proportions only, and at times, indeed, has been comparatively small. Prices, under the weight of various depressing
factors, have declined sharply. Chief among these adverse
items were the decision of the United States Suprene Court
in the matter of the so-called August corner of 1910, the failure to conclude peace in the Balkans, the fact that tariff
revision is still to be encountered, and, finally,the large ginning figures in the Census report of Jan. 9. They stated the
total at 12,919,257, against 14,317,002 bales for the same
time last season and 11,084,515 for the like period in 1910-11.
These figures are brought down to Dec. 31. They encouraged not a few to believe that the crop is somewhere in the
neighborhood of 14;250,000 to 14,500,000 bales. It is worthy of note, too, that the ginning up to Dec. 31 in Georgia
has reached a total of 1,767,000 bales, or some 66,000 bales
larger than the Government crop estimate for that State
issued early in December, i. e., 1,701,000 bales. It is also a
fact that the South Carolina ginning very nearly equals the
crop estimate for that State. That is to say, the total ginning there is 1,173,000, as contrasted with the crop estimate
for that State of 1,184,000 bales. The ginning in North
Carolina is within 21,000 bales of the crop estimate, and that
in Alabama within 41,000 bales. In some parts of the South,
moreover, spot prices have weakened somewhat. What is
more, there is said to be less disposition on the part of American spinners to buy. Some of them seem disposed to hold
aloof, hoping that the fact that there are said to be large stocks
of cotton held by speculators and merchants at the South
will ultimately bring about lower prices. Farmers, it is believed, have largely gotten rid of their cotton at good prices.
Merchants and speculators are • carrying what remains.
Banks would, therefore, have considerable to say about holding cotton. Of late there has been a good deal of selling
out of long accounts, partly on stop orders. New Orleans
and Memphis have sold. So have Wall Street, the WaldorfAstoria element and the West. Bull speculation has received a sharp check. On the other hand, after a very sharp
decline of late, amounting, indeed, to about 70 points,
nothing, it is argued, would be less surprising than a rallyperhaps, even, a sharp rally-through it should prove to be
short-lived. It is worth while to remember that Liverpool's
spot sales this week have been large. In five days they
amounted to 62,000 bales. Liverpool has shown on the
whole far more steadiness than the American markets.
Liverpool, moreover, has bought here to some extent, as
differences have widened noticeably on the March-April delivery. Manchester has reported a good demand for cloth.
Silver is considerably higher than in recent years. That,
naturally, increases the buying power of the Far East. Spot
holders at the South have been generally firm, even if they
have found trade quiet. Many think that we have seen the
last of anything like important ginning for this season. The
big ginning in recent periods they trace to the fact that the
weather at the South on the whole has been very favorable
this season. Also the price has been high. These two circumstances have favored rapid picking, ginning and marketing. So that it would be very easy, it is urged by bullsi to
get a delusive idea as to the size of the crop. Not a few,
therefore, believe that whatever may be the appearances to
the contrary, the Government crop estimate early in December of 13,820,000 bales was pretty close to the mark. They
think it is not over 14,000,000 bales. Exports this season
are very large. Some believe that America has over-exported and that there will be a scramble for cotton later on.
To-day cotton advanced on buying by spot interests, spinners, Liverpool houses and shorts. Interior receipts are decreasing noticeably. Spot markets were generally reported
firm. It is said that some 30,000 bales are on the way to
New York from Atlantic points for delivery on contracts.
The January premium over March, however, continues high,
ending a 36 points, after ruling for a time at about 40 points.
Spot cotton closed at 13.10c. for middling uplands, showing
a decline for the week of 20 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Jan. 4 to Jan. 10Middling uplands

Sat. Mon. Tues. Wed. Thurs. Fri.
13.30

13.20 13.20 13.10 13.00 13.10

NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Jan. 10 for each of the past 32 years have been as follows:

1913_c

1912
1911
1910
1909
1908
1907
1906

13.10
1905_c
9.45 1904
14.95
15.45
9.80
11.45
10.80
11.75

1903
1902
1901
1900
1899
1898

1897_c
7.30 1896

13.70
8.90
8.25
10.12
7.56
6.06
5.94

1895
1894
1893
1892
1891
1890

7.38
1889_c
8.31 1888

5.76
8.19
9.88
7.44
9.38
10.38

1887
1886
1885
1884
1883
1882

9.85

10.32
9.52
9.29
11.10
10.6
10.1
12.

JAN.11

prices at
FUTURES.-The highest, lowest and closing
New York the past week have been as follows:
L.,
w
b

TS lo TS
tote

c4c.,

(403

to

8.1,. 0

Pt"'

614

WN

tote

11

TS

10
ba:4

OW

0303

to

to

01,.
TS

tote

tote

to

TS TS
ww To

tote

to▪ te

tote

tot:
-40

I@
tote
now
tote

To

tel
To
Loi
tote

5300

l H 1pco lpw
14 it 1; 1,-%) tor,
1:1. 11
to

I*

-40

to
to
I V;

10
NN
:414
WW

tote
Colo

0

05

0 .050W.CONN03NO3W.00.400WO00NA.00..00
01.1
.
0
.
-41
.
-41.0
.
05
.
0
.
2;5-kki5-00
..00ki-..0.
.
0V0
.
..01.1
.
00
1030;40.
.
.0 0t1414

tote

Ci"21
?

tote

P.•

I

I

-4
to I@
to

03

18

1:9

.85ogc=1,1588=g1.4 r61,4
wagksnw. ao..V. Z.:=4O-

t'
igaratralttgaggii0MtVg '?a
CO.
wt., .t.,- c40,403 INI.r..to V,
0
0 0,.
CS p. to
A
.03-.4-1.004;-.
00-400145 -,5--0
.00 9.1.30.90010 .
E• 1
82SS
8=
R844
==
E8ZE
18
E 88N8
184842
to
0,
ii t
.44,:..
.
CA .C4
-0..,.1 .4.3
10-*.t.ts,
,
WW0.04. ow wwWW03WW.i40
14=0N005w ,„ •

NW

hobo
ww

03.3

I

Ce

g

14;sa

T6 00

10

tote

W
wo

Mt3gl
18:81s.ile4SEV,
888"ogg'41517
Qg'88..:1'...
13 3:-.

(710

WW
W. tote

TS
w.

E

;.„
TO' TZ TS
4b,

tot,
W

g
Nzu.s
'.

,g .w ,tli .. 8. b., to .47,4.- a..w.3. .11p.'
.
B41.0.60 tot
';1 gksgla_924.Pa.-.0,..44-mwbv."
e5egntS • •'

boe:o
tow
NN
6001

TS I@
,ono t."
'
kio
tom CIO

.4 I
1."
:

to

to▪ te

24=84tE4t8EV:=0W4

P

e0V,I.
tE'4 30lom;
,4b144
.b74,0
=44.
E41
Tcmqp
pp
ocom
ww.p
0cow
w004
.....n.nOlaio
ic):.1
.itt
.
1
.
3
1.
t
i
0 00,gp:GEissE&cegamasgslionagc=5;gggo,rag •

tote

l k

,03 05.4

to

Pt

401

tote

tote
to-

Coin
t o
I0

2 8,:4888=88-

w-1
tots,
Cez4

W.
WN

W.
WN PP

gk

iol I

to-night, as made
THE VISIBLE SUPPLY OF COTTON
is as follows. Foreign stocks,
up by cable and telegraph,
returns, and conseas well as the afloat, are this week's
down to Thursday
quently all foreign figures are brought
figures for
evening. But to make the total the complete
exports from the
to-night (Friday), we add the item of
Friday only.
United States, including in it the exports of
1910.
1911.
1912.
1913.
January 10bales.1,430,000 887,000 1,089,000 1,084,000
Stock at Liverpool
5,000
8,000
2,000
5,000
Stock at London
71,000
81,000
66,000
99,000
Stock at Manchester
1,160,000
Total Great Britain stock ____1,534,000 955,000 1,178,000
7,000
3,000
8,000
10,000
Stock at Hamburg
523,000 327,000 259,000 263,000
Stock at Bremen
466,000
218,000
237,000
452,000
Stock at Havre
3,000
2,000
2,000
2,000
Stock at Marseilles
9.000
9,000
15,000
24,000
Stock at Barcelona
76,000
23,000
43,000
36,000
Stock at Genoa
1,000
2,000
3,000
Stock at Trieste

8
to
4.

...
CO.

-InEVIroggogg,'Eftreagg= '
4:18tAltrainigt1.
N
N
co c4,... i m,
cm w.. oacnnanam. .c4.40,00naco01
- 0-004. iya, .i..cdo,C);-.t.:Io:tskIWw:46titoo. T-4.:03-000.
0.0

8toi:1888:8:88888?8t=224=8;tt8t0

.
0 .
=
2...W. W ..i0Ngtagr,=
0
.
1
,
•
0
Ww
0
_0›.00 NW0.0.
W WWW0W4Ww0 0
..0034M
.0.
0
.
W
.
0147-..0
.
0N.
0.
L
0.
0
.
0.4
05.
00
.
Q
0.
.
CO .
0.14

4
!.._.,

t2?13.

Movement to January 12 1912.

ON

4

w05

:g

74 In046t,a..144pe,..,.00000cn704.144k50m R.
•

to

-470

kgit

W.
W.
0505 40
5000 500

g°
0W

.40W
.
....

.1
NW

.0

II 11

1
...

isi°,
3$$$$$

dovement to January 10 1913. !

ti

tote
70

0301

%

T0 i0

'0 n?
110
30 i '
'
06'
A541°IZ P‘° ...V
0' Fi.,
°
i 8:
0

II

—

b
"8
Ecra

r;

wto
tote
1.16 CSbZo

Towns.

IO

nop
Zn:4
coo I 1

17; 1
:4

.? ,c.
r
1 11T11111111
-EC., 1111,1,1111 ci,11111111(
plriorm
e)
'qlgt,...1:1 4
5,-.1..; 85
,
2a2Pg..Enga1
0:474
wg HgEoRm?
olat,g540.0/4.110g..ig.P0.

.

pp
°M

nvl
41 1.
0

.

0gl8118 04814 9.18g 0 0

-that is,
AT THE INTERIOR TOWNS the improvementshipment
s
the
the receipts for the week and since Sept. 1,
items
for the week and the stocks to-night, and the same
year-is set
for the corresponding period for the previous
out in detail below.
014.
0. .
t3 .,-.3F004
'1?
Ipsgb°
P
I3
O
,

5.1W OW' OW1

; I
8

14;

'I'HE CHRONICLE

1913J

2 gagsgA,A=22Egn4t2282=2n244M

*Last year's figures are for Louisville, Ky.
AND
OVERLAND MOVEMENT FOR THE WEEK
the
SINCE SEPT. 1.-We give below a statement showing
1, as made
overland movement for the week and since Sept.
for
up from telegraphic reports Friday night. The results
the week and since Sept. 1 in the last two years are as follows:
-1911-12--1912-13Since
Since
January 10Sept. 1.
Week.
Sept. 1.
Week.
t. Louts
aer
Shtpip
21,526 303.485
30,229 317,476
66,794 6169,415
7,989 155,880
Via Cairo
1,696
106
11,228
923
Via Rock Island
73,550
3,068
50,667
1,533
Louisville
Via
51,242'
3,125
85,872
7,655
Via Cincinnati
7,419 100.932'
89,914
3,484
Via Virginia points
26,437 188,357
13,264 187,523
Via othbr routes, &c
68,469 888,677
65,077 898,560
Total gross overland
Dedua Shipments4,625 105,902
90,296
Overland to N. Y.. Boston,&c__ _ 5,727
21,532
943
61.901
3,481
Between interior towns
19,501
680
48,145
3,950
Inland, &c., from South
146,935
6,441
200,345
13,158
Total to be deducted

62,021 741.742.
51,919 698,215
Leaving net overland*
* Including movement by rail to Canada. a Revised.
t
The foregoing shows the week's net overland movemen
1,054,000 628,000 516,000 825,000
Total Continental stocks
last
been 51,919 bales, against 62,012 bales for the week
has
2,588 000 1,583,000 1,694,000 1,985,000
date the aggregate net overTotal European stocks
33,000 169,000 166,000 year, and that for the season to
47,000
India cotton afloat for Europe
780.022 1,105,875 790,558 423,893 land exhibits a decrease from a year ago of 43,527 bales.
Amer. cotton afloat for Europe
51,000
84,000
66,000
1912-13- ------1911-12Egypt,Brazil,&c.,aflt.for Europe.. 87.000 254,000
295,000 229,000
Since
326.000
Since
Stock in Alexandria, Egypt
In Sight and Spinners'
543,000
388,000
307,000
Sept. 1.
Wish.
527,000
Sept. 1.
India
Week.
Stock in Bombay,
'Takings.
1,078,472 1,451,864 1,135,771 819,050
7,230,104 334,417 7,682,688.
000
10____179,
Stock in U. S. ports
Jan.
to
ports
at
Receipts
858,849 908,927 795,345 771,436
741,742
62,021
698,215
51,919
Stock in U. S. interior towns
11,039 Net overland to Jan. 10
55,857
42,593
18,328
906,000'
54,000
U. S. exports to-day
Southern consumption to Jan. 10_ 56,000 1,056,000
6,310,671 5,752,259 5,407,531 4.999,418
286,919 8,984,319 450,438 9,330.430
Total visible supply
Total marketed
s are as follows:
808,4901
761,813 *56,299
*15,089
Interior stocks in excess
Of the above, totals of American and other description
American967,000 998,000
782,000
394,139
,000
bales.1,243
Came into sight during week_ _271,830
Liverpool stock
60,000
16.138.920
50,000,
9.746,132
63.000
Total in sight Jan. 10
Manchester stock
1,025,000 599,000 498,000 783.000 Northern spinn's takings to Jan.10102,450 1,452.918 63,731 1,297,716.
Continental stock
423,893
790,558
1,105,875
780,022
American afloat for Europe
1,078,472 1,451,864 1,135,771 819,050
* Decrease during week.
U. S. port stocks
858,849 908,927 795,345 771,436
U. S. interior stocks
11,039
55,857
42,593
Movement into sight in previous years.
18,328
U. S. exports to-day
Bales.
Since Sept. 1Bales.
Week3,866,418
4,300,531
4,940,259
8.749,383:
5,066,671
American
Total
284,633 1910-11-Jan. 13
1911-Jan. 13
7,620,532
-10-Jan. 15
East India, Brazil, &c.
1909
214,004
14
-Jan.
1910
86,000
9.271,706
187,000 105,000 122,000
Liverpool stock
310,458 1908-09-Jan. 15
5,000 1909-Jan. 15
2,000
8,000
5.000
London stock
AT'
COTTON
11,000
16,000
23,000
MIDDLING
36,000
IONS FOR
Manchester stock
QUOTAT
42,000
18,000
29,000
29,000
Continental stock
are the closing quotations;
-Below
S.
MARKET
OTHER
166,000
33,000
169,000
47,000
India afloat for Europe
51,000 of middling cotton at Southern and other principal cotton
84,000
66,000
87,000
Egypt, Brazil, &c., afloat
326,000 254,000 295,000 229,000
Stock in Alexandria, Egypt
markets for each day of the week.
543,000
527,000 307,000 388,000
Stock in Bombay, India
1,133,000
Closing Quotations for %fiddling Cotton en1,107,000
1,244,000
812,000
&c
India,
Total East
5,066,671 4,940,259 4,300,531 3,866,418
Week ending
Total American
Thursd'y, Friday;
Jan. 10.
I Sarday, tionday, Tuesday, Wed'day,
6,310,671 5,752,259 5,407,531 4,999,418
Total visible supply
12
11-16 12 11-16
12%
12
15-16
15
7.84d.
16
12
8.07d.
5.37d.
7.02d.
13
Galveston
Middling Upland, Liverpool
12 11-16 12 11-1612%
13
14.45c. New Orleans... 12 15-16 13
14.90c,
9.65c,
13.10c.
Middling Upland, New York.... 10.65d.
12%
12
9-16
12
11-16
12
11-16
12%
14%d.
11%d.
9%d.
1231
Mobile
Egypt, Good Brown, Liverpool12%
12%
12%
12%
12%
9.75d. Savannah
123-1
9.05d. 11.00d.
Peruvian, Rough Good,Liverpool6 10.25d.
12%
12%
12%
7%cl.
12%
12%
7%cl.
12%
5%d,
11-16d.
Charleston
Broach, Fine, Liverpool
7%d. Wilmington
Tinnevelly, Good, Liverpool_ _ 6 11-16d. 5 7-16d. 7 13-16d.
i577A
13
13
147,000 Norfolk
13
been
past
week
have
13
the
13
for
13
13
13
imports
tal
Baltimore
Continen
13.35
13.25
13.35
13.45
13.45
13.55
Philadelphia
bales.
13
13
13
13
13
13
Augusta
13%
13%
13%
13%
13%
The above figures for 1913 show a decrease from last week Memphis
13%
13
13
13%
13%
13%
13%
of 101,230 bales, a gain of 558,412 bales over 1912,an excess St. Louis
12%
12%
12%
12%
13
13
Houston
12% 12%
12%
of 903,140 bales over 1911 and a gain of 1,311,253 bales Little Rock_
12%
13
13
over 1910.




144

THE CHRONICLE

[VOL. xcin.

NEW ORLEANS OPTION MARKET.-The highest,
WEATHER REPORTS BY TELEGRAPH.-Our telelowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows: graphic advices from the South this evening indicate that
the cold wave that passed,over Texas, accompanied by snow
Sat'day. Monday, Tuesday, Wed'day, Thursd'y, Friday,
Jan. 4. Jan. 6. Jan. 7. Jan. 8. Jan. 9. Jan. 10. and sleet in some sections, has
now abated. Elsewhere at
Januarythe South rain has fallen in most sections during the week,
Range
12.87-.93 12.74-.96 12.62-.79
12.53-.63 12.55-.70
Closing
12.91-.93 12.79-.80 12.73-.74
12.56-.58 12.68-.70 but at only a few points has the precipitation been more
Februarythan
Range
- @ -- ® -moderate. The marketing of cotton has been on a rather
Closing
12.91-.93 12.79-.80 12.7t.75
12.51
12.6
1
.
5
8
-.70
larchrestricted scale.
Ramp
12.86-.93 12.70-.97 12.64-.82
12.50-.63 12.58-.70
Closing
Galveston, Tex.-The cold wave in Texas has abated.
12:91-.92 12.80-.81 21.75-.76
12.57-.58
12.68-.70
fayand sleet reported in southwestern sections. Lowest Snow
Range
12.90-.98 12.75-.01 12.68-.86
ther12.55-.68
12.62-.74
Closing
12.94-.95 12.84-.85 12.79-.80 HOLI- 12.59-.61 12.73-.74 mometer was 2 degrees above at Abilene. The week's
rainJulyDAY.
fall
has
been
twelve
hundrdet
hs
Range
of
an
inch on two days.
12.92-.05 12.83-.06 12.75-.93
12.65-.75 12.69- 80 The
Closing
thermom
eter
13.01-.02 12.90-.91 12.87-.88
has
averaged
47,
ranging
12.61-.62
from 28 to 66.
12.79- 80
AugustAbilene, Tex.-We have had rain on one clay during
Range
12.49-.50 12.53 -12.34-.35
the
0
week,
the
Closing
rainfall
being
12.48-.49 12.35 -12.30-.34
two
hundredt
hs
of
12.11-.20 12.31,35
an inch. MiniOctobermum
thermom
eter
this
week,
10.
Range
@ - 11.69-.76
- 011.62-.66 11.65-.67
Palestine, Tex.-We have had rain on one day of
Closing
11.85 -11.76-.78 11.75-.78
11.66-.68 11.72-.74
week,
'Tonethe precipitation reaching twenty hundredths of the
an inch.
Spot
Steady.
Quiet.
Quiet.
Easy.
Steady.
Minimum thermometer 16.
Quiet.
San Antonio, Tex.-There has been rain on one day during
CENSUS BUREAU'S REPORT ON COTTON GIN- the week, the precipitation reaching six hundredt
hs of an
NING.-The Division of Manufactures in the Census inch. Lowest thermometer 20.
Bureau completed and issued on Jail- 9 its report on cotton
Taylor, Tex.-We have had rain on one day during the
ginned to Jan. 1 as follows (counting round as half-bales week, the precipitation being four hundredths of
an inch.
and excluding linters):
Lowest thermometer 18.
New Orleans La.-There has been rain on two clays of the
Ginned Prior
-Ginned Prior to Jan. 1
Crop- to jun. 1.
past week, the rainfall being three inches and fifty-fou
State1913.
1912.
1911.
1911.
r
1910.
1912. 1911. hundredths.
Alabama ___ 1,289,576 1,618,510 1,162,728 1,695,284 1,192,179
The thermometer has averaged 60.
95.5 97.5
Arkansas __
786,329
732,240
724,100
908,014
Shrevepor
798,156
t,
86.6 90.7
La.-We have had rain here on three days
Florida
86,421
56,018
63,105
94,471
67,172
Georgia
1,767,016 2,623,917 1,762,070 2,794,295 1,812,178 91.5 93.9 during the week, the precipitation reaching
ninety-four
93.9 97.2
Louisiana_ _ _ 367,195
352,503
240,170
380,826
hundredt
hs
of
246,788
an inch. The thermometer has ranged from
Mississippi _
937,356 1,047,299 1,131,562 1,169,066 1,212,104 92.6 97.3
93.4
89.6
16to
73.
Nor. Carol'a 857,403
975,223
702,150 1,126,276
753,087 86.6 93.2
Oklahoma
948,453
900,409
895,926 1,016,538
Vicksburg, Miss.-The week's rainfall has been two inches
919,842 88.6 97.4
Sou. Carol'a 1,173,549 1,508,753 1,154,003 1,692,146 1,210,968
89.2 95.3 and fifty-seven hundredt
Tennessee
248,506
381,281
hs, on three days. The ther289,299
430,027
321,103
88.7
90.1
Texas
4,461,932 3,926,059 2,888,393 4,107,152 2,949,968
95.6 97.9 mometer has averaged 55, ranging from 27 to 75.
82,013
All others
110,298
71,009
138,978
84,789 79.4 83.7
Helena, Ark.-We have had rain on four days during the
UnitedStates12,919,257 14,317,002 11,084,515 15,553,073
11,568,334 92.1 95.8 week, the rainfall being three inches and twenty-seven
The statistics in this report include 77,799 round bales prior
to Jan. 1; 96,277 hundredths, and there are indications of more. Average
the previous year and 109,292 for 1910. The number of Sea Island
67,329 prior to Jan. 1, 105,988 for the preceding year and 82,432bales included is thermometer 44, highest 70, lowest 24.
for 1910. The
distribution of the Sea Island cotton prior to Jan. 1 by States
Little Rock, Ark.-It has rained on three days of the week.
is; Florida, 21,084;
.Georgia, 39,526, and South Carolina, 6,719.
the precipitation being three inches and twenty hundredt
The statistics of the report for the current season are subject to
hs.
slight
corrections
Average thermometer 41, highest 68, lowest 14.
when checked against the individual returns of the ginners being transmitted
by mall.
Mobile, Ala.-We have had rain on three days during the
COTTON CONSUMPTION AND OVERLAND MOVEMENT TO JAN.1.-Below we present a synopsis of the crop week, to the extent of twenty-eight hundredths of an inch.
movement for the month of %member and the four months Minimum thermometer 37, highest 69, average 57.
Selma, Ala.-We have had rain on two days of the week,
ended Dec. 31 for three years:
the precipitation reaching fifty-two hundredths of an inch.
The thermometer has averaged 51, the highest being 77
1912.
1911.
1910.
and the lowest 31.
Gross overlandfor December •
bales.
325,876
307,850
247,062
Gross overland for 4 months
Savannah, Ga.-There has been rain on four days during
809,376
775,273
722,033
Net overland for December
232,519
259,169
193,737 the week, to the extent of thirty-seven hundredths of an inch.
Net overland for 4 months
625,444
640,905
581,444
Port receipts in December
1,476,935 1,804,644 1,662,264 Minimum thermometer 39, highest 78, average 59.
Port receipts in 4 mounths
Charleston, S. C.-We have had rain on one day of the past
6,942,668 7,066,097 6,042,367
Exports in December
1,389.248 1,401,815 1,303,618 week, the precipitation
Exports in 4 months
being three hundredths of an inch.
5,338,227 5,173,765 4,379,139
Port stocks on Dec 31
1,203,370 1,550,380 1,186,238 Minimum thermometer 37, highest 74, average 56.
Northern spinners' takings to Jan. 1._
1,317,467 1,177,126 1,234,239
Charlotte, N. C.-We have had rain on one day during the
Southern consumption to Jan. 1
972,000
807,000
770,000 week, the
Overland to Canada for 4 months (inprecipitation being one hundredth of an inch.
cluded in net overland)
45,287
59,382
66,672 Lowest thermometer 28, highest 71, average
Burnt, North and South, in 4 months
49.
143
Came in sight during December
2,094,454 2,416,813 2,185,301
Amount of crop in sight Jan. 1
WORLD'S SUPPLY AND TAKINGS OF COTTON.
9,316,112 9,398,002 8,208,111
Came in sight balance of season
6,645,314 3,924,221 The following brief but comprehensive
statement indicates
Total crop
16,043,316 1,232,332 at a glance
Average gross weight of bales
the
world's supply of cotton for the week and since
520.51
517.39
514.37
yverage net weight of bales
495.51
492.39
489.37 Sept. 1 for the last two seasons, from all sources from which
statistic
s
are
obtainable; also the takings, or amounts gone
NEW YORK COTTON EXCHANGE.-The Board of
out of sight, for the like period:
Managers of the Cotton Exchange has appointed the following delegates to the first annual meeting of the Chambers of
Cotton Takings.
1912-13.
Commerce of the country to be held at Washington Jan. 21,
1911-12.
Week and Season.
22 and 23: S. T. Hubbard, Chairman; L. Mandelbaum,
Week.
Season.
Week.
Season.
R. E. L. Lewis, Bruce L. Rice and George E. Moulson.
Visible supply Jan. 3
6,411,901
5,696.107
EXPORTS OF COTTON GOODS FROM GREAT Visible supply Sept. I.
2,13-571/48
American in sight to Jan. 10..
271,830 9,746,132 394,139 10,138,920
BRITAIN.-Below we give the exports of cotton
Bombayreceipts to Jan. 9.._ _ _
yarn,
99,000
658,000
73,000
556,000
goods, &c., from Great Britain for the month of November Other India ship'ts to Jan. 9
3,000
71,410
61,000
receipts to Jan. 8
825,000
38,000
42,400
and since Jan. 1 1912 and 1911, as compiled by us from the Alexandria
639,200
Other supply to Jan. 8*
5,000
117,000
8,000
134,000
British Board of Trade returns. It will be noticed that we
Total supply
6,828,731 13,553,027 6,213,646 13,132,538
have reduced the movement all to pounds.
DeductYarn & Thread.
000s
omitted. 1912. 1911.
1912.

Cloth.

Total of AU.

1911.
1912.
1911.
1912.
1911.
Lbs.
Yds.
Yds.
Lbs.
Lbs.
Lbs.
Lbs.
21,369 559,693 563,228 104,615 106,585 127,319 127,954
19,297 489,529 529,007
91,501
98,881 113,587
24,142 622,341 636,198 116,325 118,915 142,142 118,178
143,057
1st quar 70,607 64,808 1,671,563 1,733,433 312,441 324,381
383,048 389,189
Lbs.
Jan ___ 22,704
Feb____ 22,086
Mch
25,817

April _.. 20,88 19,394 524,131 521,003
May __ 22,708 20,775 560,800 544,545
June .._ 21,683 18,813 519,865 517,112

97,968
164,822
97,171

97,197 118,848 116,591
101,784 127,53
122,559
96,656 118,834 114,469

26 quar. 65,251 58,9821,614,7861,582,66

Visible supply Jan 10
6,310,671 6.310,671 5,742,259 5,752,259
Total takings to Jana°
518,060 7,242,356 461,387 7,380,279
Of which American
421,060 6.044,946 363,987 6,051,079
Of which other
97,000 1,197.410
97,400 1,329,200
* Embraces receipts in Europe from Brazil, Smyrna
, West Inclies,&c.

ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
January 8.

299,961

295,637 365,212 354,619

Receipts (cantars)This week
Since Sept. 1

July -__ 22,548 16,580 635,381 469,866 118,759
Aug ___ 22,812 21,640 641,782 577,897 119,959
Sept___ 20,73 17,562 589,622 528,367 106,471

87,825 141,307 104,405
108,018 142,771 129,658
98,842 127,201 116,404

Exports (bales)-

ad quar. 66,09

294,685 411,279

55,782 1,846,765 1,576,13

345,189

Oct --- 24,703 24,139 666,185 663,504 124,521 124,019
19,897 22,681 568,94
Nov
580,682 108,345 108,541
Stockings and socks
Sundryfirticies
Total exports of cotton manufactures




350,567

149,224
126,242

148,158
131,222

1,013
44,708

1,080
42,403

1,480,7261.417,679

1912-13.

1911-12.

1910-11.

300,000
6,178,177

320,000
4.794,217

300,000
5,992,814

This Since
Week. Sept. 1.
To Liverpool
7,500 134,877
To Manchester
9,250 142,049
To Continent and India_ 28,000 179,892
To America
7,250 63,905
Total exports
52,000 520,733

This Since
This Since
Week. Sept. 1. Week. Sept. 1.
8,250 104,077 1,750 133,601
9,250 124,441 8,000 131,968
17,500 157,600 19,250 194,669
5,000 27,531 4,750 65,409
40,000 413,649 33,750 525,647

The statement shows that the receipts for the week were
300,000 cantars and the foreign shipments 52,000 bales.

INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton into 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:
-1010-11.
1911-12.
1912-13.
January 9
Since
Since
Since
Receipts atWeek. Sept. 1. Week. Sept. 1. Week.1 Sept. 1.
99,000 658,000 73,000 556,000 86,0001 818,000

Bombay

Since September 1.

For the Week.
Exports
from--

Great
Great Conti- 1 Japan
Britain. neat. &Chtnal Total. Britain.

Bombay1912-13__
1911-12....
1910-11_
Calcutta1912-13__
1911-12_
1910-11__
Madras1912-13__
1911-12__
1910-11._
All othe
1912-13__

Japan
& China. Total.

Continerd.

93,000 153,00 257,000
55,000 166,000 221,000
11,000 277,000 175,000 463,000
8,010
10
6,000
2,000
7,000
6,000
1,000
8,000
6,000
2,000
12,000
8,000
4,000
7,000
5,000
2,000
5 19,005
7,000 12,000

11,000

6,0001 75,000 81,000
1,000 19,000 20,000
27,000
27,000

3,005
3,000
200 8,200

1911-12..1910-11-

6,000
4,000
15,0001

44,000
42,00
42,00

1,400
1,000
1,200

Total bales.
6,266
SAVANNAH-To Havre-Jan. 4-Murfield, 6,266
5,689
To Bremen-Jan.4-Pontiac, 5,689
e,
7-Hohenfeld
Jan.
,
25....
4-Muirfield
Tegu Hamrg-Jan.
3,538
3,513
3.125
•
To Genoa-Jan. 4-Alberta, 3,125
10,550
10.550
CHARLESTON-To Bremen-Jan. 4-Brika,
291
NEWPORT NEWS-To Glaggow-Jan. 4-Indrani, 291
5,800
SAN FRANCISCO-To Japan-Jan. 4-Shinyo Maru, 5,900.. _ 4,025
4,025_
Maru,
7
PORT TOWNSEND-To japan-Jan. -Chicago
205,981
Total
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French Ger- -01h.EuropeTotal.
Britain. ports. many. North. South. &c.Japan. 8,703
619 1,400
800 1,650
New York
4,234
--- 61,477
Galveston
30,995 13,771 9,841 6,870 -45,158
--- ---Texas City
33,786 11,372
51,359
New Orleans
29,967 4,938 7,820 1,358 7,276
18,618
Savannah6,266 9,227 ____ 3,125
10,550
-_-10,550
Charleston
291
---- ---Newport News_ 2
5:800 5,800
____
___
San Francisco------------4.025
4,025
-__
__
.
Port Townsend

51,400
47,000
58,200

Total all328,410
9,000 75.000 84,000 23,00) 151,000 154,410 282,000
1912-13__
7,000, 108,000 167,000
_ 1,000 19,000 20,000
1911-12._
548,205
176,205
337,000
35,900
20538,205
1910-1E_ 1,000 37,000
- inan
show
to
According to the foregoing,Bombay appears
26,000
.crease compared with last year in the week's receipts of 64,000
bales. Exports from all India ports record again of
increase
bales during the week and since Sept. 1 show an
of 42,410 bales.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Market
Closed.
Saturday.._ _ Quiet
Monday _ _ _ Quiet 10 pts dec.. _ _ _
Tuesday _ _ _ Quiet
Wednesday_ Quiet 10 pts dec___ _
Thursday _ _ Quiet 10 pts dec.. _
Friday ---- Steady 10 pts adv
Total

145

THE CHRONICLE

JAN. 11 191 3.)

Futures
Market
Closed.
Steady
Steady
Steady
Steady
Steady
Firm

SALES.
Spot. Contr'ct Total.
4,600

4,600

57
132

800
2,200

857
2,332

189

7,600

7,789

-Our report received by
MANCHESTER MARKET.
is
cable to-night from Manchester states that the market
quiet for both yarns and shirtings. The demand for both
India and China is improving. We give the prices for to-day
last
below and leave those for previous weeks of this and
year for comparison.

___ 9,825 205,981
99,273 37,147 39,088 8,847 11,801
LIVERPOOL.-Sales, stocks, &c., for past week:
Jan. 10.
Jan. 3.
Dec. 27.
Dec. 20.
68,000
32,000
26,000
bales_ 55,000
Sales of the week
3,000
1,000
1,000
5,000
Of which speculators took.._
1,000
1,000
1,000
4,000
Of which exporters took___
57.000
26,000
21,000
48,000
Sales, American
20,000
16,000
8,000
12,000
Actual export
108,000
108,000
88,000
106,000
Forwarded
1,179,000 1,240,000 1,433,000 1.430,000
Total stock-Estimated
1,016,000 1,066.000 1,241,000 1,243,000
Of which American
122,000
317,000
157,000
Total imports of the week__ _ 214,000
90,000
278,000
112,000
176,000
Of which American
354,000
348,000
489,000
561,000
Amount afloat
297,000
288,000
468,000
423,000
American
Of which
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:
Total

Spot.

I Saturday.

Market,
12:15
P.M.
Mld.Upl'ds
Sales
Spec.&exp.

Quiet.
7.16
5,000
300

Monday. I Tuesday.
Good
demand.
7.13
12,000
1,000

Good
demand.

Wednesday Thursday.
Large
business
doing.

Good
demand.

Friday.
Good
demand.

7.06

7.09

7.04

7.02

12,000
1,500

14,000
1,500

12,000
1,000

12,000
500

Steady
1 point
advance.

Steady
2@3 pts.
decline.

Steady
unchanged.

Quiet
Quiet
Steady
Futures.
Market I 35@1 pt. 2%03 pta 405 pts.
decline.
decline.
decline.
opened
Quiet Barely st'Y
Market, I Quiet unch
03% Pta 0734Pts
10 1491.
4
decline.
decline.
decline.
P. M.

Barely sty
Easy
Quiet 1 pt.
to 2 pts. 53408 pts. unch. to 2
pts. dec.
advance. decline.

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths. Thus,6 94 means 6 94-100d.
•
Fri.
Thurs.
Wed,
Mon. I Tues.
Sat.
Jan: 4.
to
4 1234 4
Jan. 10. 1234 12341234 4 11234 4 12141 4 1234 P.m.
P.m. Pm.
P.m.' P.m. P.m. p.m. p.m. P.m. P.m. P.m. P.m.

d. d. 1 d. d. d. 1 d. d. d. d. d.
1 d.
7634
-- 6 9434 91% 91 ,84 83% 87 86 82 78% 80 73%
-Feb_ --- 6 9034 8714 87 81 8014 8354 8234 7814 75 77
January--Jan.
Feb.-Mar. ____ 6 8814 8534 8534 7934 79 82 81 77 7334 7534 72
7434 7034
Mar.-Apr. ____ 6 8634 8334 $4 78 78 8034 80 76 72 73
69
Apr.-May ____ 6 85 82 8234 77 7634 7834 78 7434 7034
1911.
1012.
1
May-June _ _ _ _ 6 83 80 81 7534 75 77 17614 72% 69 71346754
65
67
6934
7034
75
73
73
78$
6
7734
7434
8034
834 lbs. Skirt- Col'n June-Jul
834 lbs. Shill- Cot'n1
71 67% 64 6634 62
ings, common Mid. July-Aug------6 76 73 74 69% 70 7134'603;
32s Cop
ings, common Mid .1
32s Cop
5134
56
53
57
61
60
59
63
6134
---6
64
_
-Sep--Aug.
Upra
to finest.
Twist.
uprsi
to finest.
Twist.
6 45 42 44 4134 4334 45 42 3934 3634 39 36
Sep.-Oct
3234 3034 2634 2934 2634
3534
34
3234
3334
36
6
3534
____
-Nov.
d.
d.
s.
Oct.
d.
d.
s.
'd.
d.
d.
s.
d.,s. d.
d.
23
Nov.-Dee_ _ 6 33 30 32 29 3034 32 12934 27 23 26
Nov
25 22
5.22 Dec.-Jan- -- 6_ 32 29 31 28 2934 31 28 126 22
6.91834 @ 914 5 4%010 4
113l 116 2 011 4
22 10“,
24 21
21
25
27
30
2834
27
30
28
31
6
4
-Feb_
5.08
Jan.
455010
7.09834 0 954 5
1
29 1034 @ 1134,6 3 011 6
I
Dee.
8.04
6.998 9-16 ® 9 7-16 5 4%010 4
8 103-16(4 11146 3 ®11 6
0
4
5.02
014
5
@103
7.06834
13 1014 @ 113i 6 3 011 6
5 05
7 11 8% 0 9% 5 4%010 3
3 011 6
20 lox co 1134
5.01
7.18834 0 px 5 4 @103
27 1034 0 113( 6 3 011 6
Friday Night, January 10 1913.
•
Jan.
931 5 4%010 4
0
5.22
7.19834
7%
®11
4
3 10% (4 1134
as buyers persist in their policy
quiet,
continued
5.37
has
5
5
5
010
0
Flour
914
7.02834
4 011 7
11.14
10_1034
of purchasing as their immediate requirements dictate.
-As shown on a previous page, the At the Northwest, too, the sales as a rule have been light,
SHIPPING NEWS.
have though in some cases mills have done a very good business.
exports of cotton from the United States the past week
small, but mills have been
reached 205,981 bales. The shipments in detail, as made At St. Louis sales have been at
Kansas City also. The
firm. Trade has been 'plot
up from mail and telegraphic returns, are as follows:
Total bales. production last week at Minneapolis, Duluth and Milwaukee
3,072
3,072
-Celtic,
3
-Jan.
Liverpool
-To
NEW YORK
943 reached 433,230 barrels, against 304,606 in the previous
To MancheXter-Jan. 3-Thespis, 943
219 week and 308,930 barrels in the same week last year. On
To Hull-Jan. 3-Toronto, 219
800
To Havre-Jan.6-Bordeaux, 600 upland, 200 Sea Island
Thursday there were reports from Minneapolis of sales to
1,650
To Bremen-Jan, 3-George Washington, 1,650
619 bakers amounting to 250,000 barrels. Towards the end
To Antwerp-Jan. 8-Michigan, 619
736
To Genoa-Jan. 3-Berlin, 736
cheerful, though trade as a
664 the tone became a trifle more
To Naples-Jan.3-Berlin, 150; Laconia, 514
18,328 rule continued rather small.
GALVESTON-To Liverpool-Jan.8-Rowanmore, 18,328
12,667
To Manchester-Jan. 6-Victoria de Larrinaga, 12,667
Wheat has shown greater strength of late. There has been
13,771
To Havre-Dec. 28-Monadnock, 13,771
8,572 more talk of export business. The cheering circumstance
To Bremen-Jan. 7-ALster, 8,572
1,269
To Hamburg-Doc. 31-Westphalia, 1,269
were not confined to Manitoba wheat.
1,536 was that these sales
To Rotterdam-Jan. 6-Eatoh Hall, 1,536
No. 1 Northern and hard winter. A
of
of
themlwere
1,155
Some
c.
1,155
Antwerp-De
31-Sizergh
Castle,
To
4,179 certain amount:of export business was done at Kansas City.
To Ghent-Dec. 31-Sizer8h Castle 4,179
'TEXAS CITY-To Liverpool-Dec. 1-Chancellor, 8,989._ 33,786 The tendency/has certainly been towards a broadening
Jan. 4-Antillian, 10,474; Nicosian, 14,323
11,372 business with Europe. Foreign houses have bought May
To Havre-Jan. 2-Dtmdrennan, 11,372
NEW ORLEANS-To Liverpool--Jan. 4-Historian, 15,367
at Kansas City. Foreign markets have advanced Towards
29,867
Jan. 9-Candidate, 14,500
100 the last of the week',considerable sales of flour were reported at
To Glasgow-Jan. 4-Ka.ssala, 100
4,792
bushels of
To Havre-Jan. 6-Californie, 4,792
146 Minneapolis as well as something like 1,000,000
To Marseilles-Jan. 3-Jadera, 146
6,120 cash wheat to arrive. At one time there were reports of liberal
To Bromen-Jan. 7-Kish, 6,120
1,700
and Manitoba wheat, some of it
To Hamburg-Jan. 6-Bethania, 1,700
100 export sales:of both Duluth
To Christiania-Jan. 4-Mexicano, 100
100 afloat at Buffalo. Also some 40,000 bushels were sold
To Gothonburg-Jan. 4-Mexican°. 100
1,278
To Trieste-Jan. 3-Jadera, 1,278
y at New York. This tendency of export sales
2,143 on Wednesda
To Venice-Jan. 3--Jadera, 2,143
ing
to increase has naturally been one of the most strengthen
To Barcelona-Jan. 4-Catalina, 2,615.....Jan. 6-Auguste,
3,855 factors. If it continues it can hardly fail to put prices on a
1,240
99
To Antwerp-Jan. 7-Kish, 200_ _-Jan. 8-AlbenTa, 791..
higher plane. The Southwest has been buying in Chicago.
16
To Rotterdam-Jan. 9-Miml Horn, 1117




BREADSTUFFS.

4;

THE CHRONICLE

[VOL. XCVI.

Low temperatures have prevailed in the West and SouthGRAIN.
per bushel-f. o. b.
west, catching the plant practically unprotected by snow. Wheat,
Corn, per bushelN. Spring, No. 1, new.._ ..$0 99%
No. 2
elevator Nominal
Even as far south as Texas the temperatures have been
N. Spring, No. 2, new....._ nom.
Steamer
elevator
55
Red winter, No. 2, new...._ 1 07%
as low as 10 to 20 degrees above zero. Fears of damage to
No.3
c.i.f. Nominal
Hard
winter,
No.
2
1 02i Rye, per bushelwinter wheat have been no unimportant factor in the rise. Oats, per bushel, newCents.
No. 2
67@69
In Nebraska it has been at or below zero. Though the
Standards
40
State & Pennsylvania._ Nominal
No. 2, white
Barley-Malting
world's shipments have increased, they are believed to be
60c1670
No. 3
n
38®39
below requirements. They reached a total of only 9,680,000
The statements of the movement of breadstuffs to market
bushels, against 7,768,000 bushels in the previous
week and 6,768,000 bushels in the same week indicated below are prepared by us from figures collected by
last year. Europe undoubtedly needs a good deal of foreign the New York Produce Exchange. The receipts at Western
wheat, whether of American, Argentine or other, in lake and river ports for the week ending last Saturday and
order to make good the practical deficiency arising from the since August 1 for each of the last three years have been:
poor quality of the crops in England, France and Germany
The world's wheat supply during the past week increased. Receipts at- Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
only 4,950,000 bushels, against 7,925,000 in the same week
bbls.1981bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu.56 lbs.
last year. On the other hand, within a few days snow have Chicago...._ _ 165,000 517,000 4,650,000 2,738,000 670,000 68,000
Milwaukee _
26,000
185,000
761,000
fallen over much of the wheat belt and the plant is now said to Duluth
542,000
502,000
74,000
2,064,000
57,000
308,000
10,000
have sufficient covering to protect it from cold weather. The Minneapolis. 33,000 1,850,000
248,000
486,000
814,000
99,000
Toledo
15,000
world's stocks are 205,385,000 bushels, against 207,832,000 a Detroit
144,000
104,000
5,000
7,000
107,000
60,000
year ago and 190,097,000 at this time in 1911. The supply Cleveland
5,000
7,000
113,000
95,000
1,000
1,000
St. Louls
46,000
of American wheat in the world is 130,985,000 bushels, Peoria
784,000
628,000
503,000
45,000
46,000
61,000
481,000
339,000
97,000
10,000
against 122,532,000 a year ago and 79,697,000 at this Kansas City
506,000
412,000
190,000
time in 1911. The weather in Argentina is fine. On the Omaha
378,000
689,000
276,000
whole, however,the news has latterly been rather bullish than Tot. wk.'13 326,000 7,374,000 8,233,000 5,300,000
262,000
otherwise. Much difficulty is being experienced in making Same wk.'12 221,036 1,844,596 4,789,152 1,842,287 2,437,000
852,978
64,545
contracts for River Plate wheat,and besides freights there are Same wk.'11 213,055 2,023,342 3,842,414 3,340,906 994,391 84,968
scarce and high. It is added that at this season of the year Since Aug. 1
1912-13
8,431,520 231,168,966 86,601,228 129,316,688 56,583,336 10858642
oats and linseed also have to be shipped from Argentina, so
1911-12_ 5,233,070 131,299,424 79,676,262 75,145,093 45,663,698 5,428,845
that it does not look as though exports of wheat from Argen1910-11_ 8,042,869 142,420,842 89,206,918 106,142,326 41,043,206 3,284,098
tina in the near future will be very heavy. To-day
advanced on the unsettled Balkan situation, reports of aprices
Total receipts of flour and grain at the seaboard ports for
tinued good export demand and considerable coveringconof the week ended Jan. 4 1913 follow:
shorts. There were reports of sales of 800,000 bushels, part
Flour,
Wheat,
Corn,
Oats, Barley,
Rye.
macaroni, part hard winter and Manitoba, here and at the
Receipts atbbls.
bush,
bush,
bush,
bush.
bush.
New York
170,000
886,000
315,000
326,000 101,000
outports.

IN NEW YORK

DAILY CLOSING PRICES OF WHEAT FUTURES
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 red
cts_108
107% 107
107
10734 107
May delivery in elevator
97% 97% 97
98
98% 99
July delivery
953( 95% 95
95% 963-( 97%
DAILY CLOSING PRICES OF WHEAT FUTURES
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts 91% 92
913i 91% 92% 93
July delivery in elevator
89X 89% 895( 89% 90% 90
September delivery in elevator_
88X 883
88( 82% 89% 89%

IN CHICAGO.

Boston
Portland, Me_
Philadelphia ____
Baltimore
Richmond
New Orleans s
Newport News....
Galveston
Mobile
Montreal
St. John
Port Arthur

54,000

73,000
40,000
35,000
7,000

510,000
323,000
484,000
540,000

446,000
441,000

25,000
3,000
3,000

55,000

92,000

71,000
759,000

200,000
303,000

244,000
171,000
19,000
24,000

85,000
279,000

65,000
383,000
254,000

10,000
143,000

1,000

1,000

14,000
35,000
25,000
1,000

8,000
7,000
17,000

Indian corn has advanced partly in sympathy with wheat. Tot. week
1913 410,000 4,332,000 1,658,000 1,300,000 272,000
76,000
Large interests have been buying May heavily. There Week
1912
305,621 1,377,808. 1,500,411
843,703 393,439
30,211
have been rumors of large sales for export. Early in the
Receipts
*
do
not
Include
grain
passing
through
New
Orieasn
for
foreign
ports
week exporters took 200,000 bushels. Last Saturday they on through bills of lading.
are said to have taken some 400,000 bushels. On Tuesday
The
exports
from
the
several
seaboard
ports
for
the
week
they took 120,000, on Wednesday 200,000 more and on ending Jan.
4 are shown in the annexed statement:
Thursday 208,000, showing that there has been
very
1Vheat,
Corn, Flour,
Oats,
gratifying exhibit of export business during the a week.
Rye, Barley,
Peas,
Exports frombush,
bush.
bbls.
bush,
bush,
bush.
bush.
Feeding to farm animals has moreover, it is believed, been New York
1,050,783 276,813 58,107
2,950
504,599
1,439
Me_ ___ 323,000
larger than usual this year under the stimulus of high prices Portland,
143,000
Boston
458,809
17,143 21,683
22,147
105,733
for wheat. Europe evidently wants considerable quanti- Philadelphia ____ 234,000
26,000 43,000
670,864 730,586
8,179 828,942
ties of American corn, although it is a fact that Argentina Baltimore
178,344
New Orleans_ _ _ _ 628,000
35,000 11,000
4,000
has a large crop. Some reports have placed the American Newport News....171,00
0 7,000 279,000 25,000
382,000
export sales at a very much higher total than is here mentioned. Galveston
6,000
Mobile
24,000 25,000
8,000
Baltimore has been buying at Chicago. Wet weather at St.
John
383,000
3,000
17,000
times has had a tendency to cause a falling off in receipts. Port Arthur
254,000
Offerings have been light and the demand brisk. Cold, Total week____4,384,456 1,280,542
182,969 1,145,039 25,000 948,676
1,439
stormy weather at the West has not lessened it. To-day Week 1912
1,207,819 1,244,203 126,772
35,244
8,396
2,046
corn advanced partly in sympathy with wheat and partly
The destination of these exports for the week and since
by reason of heavy covering of shorts, which offset consider- July 1 1912 is as follows:
able selling by large elevator interest, Baltimore was again
Flour
Wheat
buying corn for exports. The export sales were 120,000
Since
Since
Since
Week
July 1
1Veek
July 1
Week
bushels, part at the outports. The crop movemen
July 1
for teeelc and Jan. 4.
t was Exports
1912. Jan. 4.
1912. Jan. 4.
1912.
since July 1 tolight.
bbls.
bbls.
bush,
bush,
bush.
bush.

NEW YORK.
Fri.

DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN
Sat. Mon. Tues. Wed. Thurs.
Cash corn
cts nom. nom nom. nom nom.
January delivery in elevator
nom. nom. nom. nom. nom.
DAILY CLOSING PRICES OF CORN FUTURES IN
Sat.
Ion. Tues.
January delivery in elevator.._cts_ 45% 46X 46% Wed. Thurs.
May delivery in elevator
48% 49% 49% 49% 50%
July delivery in elevator
49% 50% 50% 505
51%
September delivery in elevator
50% 51% 513
51% 52%

nom.

CHICAGOnom.
.
Fri.
_
51
52
53

United Kingdom__
Continent
Sou. & Cent. Amer_
West Indies
Brit. Nor.Am.Cols.
Other Countries

Total
Total 1911-12

95,625 2,573,916 1,584,393 43,494,000
30,787 1,067,463 2,669,973 43,798,241
12,928 627,130
34,090
578,080
43,629 1,032,705
98,235
57,051
155,669
96,000 1,651,020

385,309
832,521
26,062
36,650

1,121,995
1,602,899
351,028
898,116
42,874
37,098

187,960 5,514,534 4,384,456 89,710,576 1,280,542 4,054,010
126,772 5,228,074 1,207,810 50,950,762 1,244,203 14,769,681

The world's shipments of wheat and corn for the week
Oats have advanced in company with other grain. The ending Jan. 4 1913 and since July 1 1912 and 1911 are shown
in the following:
trade, however, has been on only a fair scale. Nothing
activity has been noticeable at any time. The receiptslike
at
Wheat.
times have been comparatively large at Chicago. On a single
Corn.
day they have been 152 cars, against 60 cars on the same day
1912-13.
Exports.
191112.
I
1912-13.
1911-12.
last year. On another day Chicago got 238 cars. Sample
Since.
Week.
Since.
Week.
Since
prices have advanced, but, taking the market as a whole, it
Since
July
1.
Jan. 4.
July 1.
Jan. 4.
July 1.
July 1.
has been rather an echo of other grain markets than one which
Bushels.
Bushels.
Bushels.
Bushels, Bushels.
has developed individual features of decided interest. To- North
Bushsel.
5,680,000 135,162,000 95.388,000 1,368,000 3,215,000 12,734,000
day prices moved up with those of other grain. Commission. RussiaAmer. 1,544,000 68,611,000 52,554,000
17,000 5,998,000 22,720,000
776,000
36,815,000
Danube.......
.
48,921,000
houses were buying to cover shorts. The cash demand, how- Argentina
77,000 9,714,000 42,655,000
560,000 33 274,000 22,258,000 3,231,000 151,505,000
60,000
ever, was moderate.
144,000 11,032,000 24,052,000
Australia

NEW YORK.

DAILY CLOSING PRICES OF OATS IN
Sat. Mon. Tues. Wed. Thurs.
Standards
cts_ 393
39% 39% 39% 39%
No. 2 white
nom. nom. nom. nom. nom.
DAILY CLOSING PRICES OF OATS FUTURES IN
Sat. Mon. Tues. Wed. Thurs.
May delivery in elevator
33
33
331
33
33
335
July deliveryin elevator
333' 33% 33.
33
33.
September delivery in elevator..
32% 33i2
3334 3334

Fri.

40

CHICAGOnom.
.
Fri.

Closing prices were as follows:

34
34
33%

FLOUR
Winter, low grades_ _ --$3 60®$3 95 Kansas straights,sacks-34
10 $4 30
Winter patents
54
5 55 Kansas clears, sacks__ 4 00
4 10
Winter straights
4 60
4 70 City patents
6 20
6 50
Winter clears
4 25l4 4 30 Rye flour
3 65116 4 05
Spring patents
4 500 4 70 Graham flour
4 00® 4 70
Spring straights
4 300 4 50 Buckwheat,cwt
2 35
Spring clears
4 00(1) 4 20




India
0th countr's

880,000 39,352,000 25,018,000
96,000 4,102,000 6,041,000

Total ___ 9,680,000 328,348,000 274,232,000 4,693,000 170,432,000 78,169,000

The quantity of wheat and corn afloat for Europe on dates
mentioned were as follows:
Wheat.
United
Kingdom. Continent.

Corn.
Total.

Bushels.
Bushels.
Bushels.
Jan. 4 19l3.. 12,400,000 14,290,000 20,696,000
Dee. 28 1912._ 14,184,000 13,216,000 27,400,000
Jan. 6 1912.... 18,360,000 10,328,000 28,688,000
Jan. 7 1911_ 12,288,000 17,064.000 29,352,000

United
Kingdom.

Continent. Total.
Bushels.
Bushels.
Bushels.
8,672,000 17,944,000 26,610,000
8,0(17,000 18,819,000 26,886,000
3,264,000 8,339,000 11,603,000
6,647,000 13,796,000 20,443,000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Jan. 4 1913, was as follows:
UNITED STATES GRAIN STOCKS.
Amer.Bonded. Amer. Amer.Bonded. Amer. Amer.Bonded
Rye. Barley. Barley.
Wheat. Wheat. Corn. Oats. Oats.
bush. bush. bush. bush, bush, bush. bush. bush.
In Thousands98
220
33
207
209 1,406
925
2,573
New York
40
"
afloat
Ei
"ii
"ioi
55
OO
::::
852
52
Boston
95
94
998
276
Philadelphia
456 ____
850
-iLi ---i
879
657
Baltimore
142 ---- ---- ---562
1,178 ____
New Orleans
59
Galveston
8
68.
"ioi
6252,786
65 -565 ____
1,5ii
Buffalo
455
265
8,493 1,016347 ____
afloat
2
1,515
-iii
328 -__
Toledo
53 -_ -_ -__- -56
372 "ii5
107
61 -___
Detroit
afloat
256
2-,i6i
7,787 ____ 165
,
_- 1.45
Chicago
83
166
211
98- -Milwaukee
98284
58
832
158
385 "jai
7,036
____
Duluth
"
afloat
2,268 ------1,022
"iio
____
"iii "Hii
19,340 ____
Minneapolis
1
21
210 ____
186
St. Louis
3,504 --68
232
____
Kansas City
4,942
-- g
370 - -- 155
6 ____
Peoria
295 ---282
331
____
Indianapolis
670 ---- --ii -85
561
1,207 ---Omaha
-----287
314 1,719 3,610
Total Jan. 4 191365,342 6,560 5,874 8,467
419
154 1,801 3,422
Total Dec. 28 1912_63,168 7,589 5,213 8,532
____ 1,360 3,744
-- 5,460 18,422
Total Jan. 6 1912_ _69,706
482 1,758
6,527 15,593
Total Jan. 7 1911__43,920
CANADIAN GRAIN STOCKS.
Bonded
Canadian
Bonded
Canadian
Canadian Bonded
Rye. Barley. Barley.
Wheat. Wheal. Corn. Oats. Oats.
bush. bush. bush, bush. bush. bush, bush. bush.
In Thousands_
50
521 ---_
8 1,470
Montreal
2,976
FtWilliam & Pt.Arthur10,301
_--_
311
1,695
afloat
"
____
_ 3,350 ---8,730 ____
Other Canadian
50 - -.8 8,107 _47 __
10 8,068
112 -_- 12 5,881
88 ---5 1,151
SUMMARY.
Bonded
Bonded
Bonded
Rye. Barley. Barkd
Wheal. Wheat. Corn. Oats. Oats.
bush, bush, bush, bush. bush. bush, bush. bush
267
314 1,719 3,610
65,342 6,560 5,874 8,467
8 8,107
21,247 ____

Total Jan. 4 1913._21,247
Total Dec. 28 1912_22,684
Total Jan. 6 1912__19,456
Total Jan. 7 191111,722

in ThousandsAmerican
Canadian

147

THE CHRONICLE e#

JAN. 11 1913]

__
____

Total Jan. 4 1913_86,589 6,560 5,882 16,574
Total Dec. 28 1912__85,852 7,569 5,223 16,600
____ 5,472 24,303
Total Jan. 6 1912__89,162
__ 6.532 17,744
Total Jan. 7 1911...55,642

314 1,719 3,660
154 1,801 3,469
-- 1,360 3,856
482 1,846

267
419

The value of these New York exports since Jan. 1 has been
13,478 in 1912.
$231,985 in 1913, against
been displayed in domestic
has
activity
Increased
cotton markets during the past week and prices have been
well maintained. In fact the demand has been much better
than merchants generally anticipated, large houses reporting a broader inquiry for all staple lines. Openings on new
cotton blankets for fall 1913 and napped goods have attracted
many buyers to the market and a good business has been
booked. It is reported that the staples in cotton blankets
are offered in superior finishes and as a result the old-style
goods are hard to sell. Owing to the good demand and the
fact that supplies are not heavy in any quarter, the new
blanket lists show advances ranging from 5 to 10 cents as
compared with prices of a year ago. Sheetings and drills
as a result of the well-sold-up condition of mills are firm and
offered sparingly, which fact is restricting export business.
It is stated that a good export business could be put through
if concessions were offered. Demand for denims is increasing, owing to the steady operations of the manufacturing
trades, while there is also a good request for dressgingh ams
with prompt deliveries of the more popular styles hard to
obtain. Bleached goods are in better supply, but firmly
held. Fine and fancy cottons affected by the strike among
waist and garment workers are less active,as buyers in view
of the uncertainty of the duration of the troubles are unwilling
to place orders. It is also likely that if there is.not an early
settlement of the difficulties cancellations will be asked.
Print cloths and convertibles are quiet, although there has
been a fair trade in the latter. Gray goods, 383/i inch stand3 to
ard, are quoted at 5%
53'c.
-Notwithstanding the strikes in the
WOOLEN GOODS.
New York clothing trades, men's wear and dress goods markets are active. Openings of fall lines of men's wear; contrary to expectations, are not being held back as a result of
the troubles, but are making better progress than usual.
Business so far booked is of greater volume than that of a
year ago as out-of-town houses appear to have very little
fear of the effects of the strike and are ordering goods freely.
Prices continue firm with the tendency upward in both

primary and secondary markets.
-Conditions in the markets
FOREIGN DRY GOODS.
for linens are about unchanged. Business is active, the
undertone firm,and indications point more to a rise in values
New York, Friday Night, Jan. 10 1913.
than to any recession. Buying of dress linens by the manuAside from the strike of garment workers, which to some facturing trades still continues, with desirable goods scarce
extent is restricting local trade in men's wear,the dry-goods and a number of lines withdrawn from the markets on account
situation is satisfactory. Dress goods cutters-up and manu- of mills having sold their output. Complaints are still
facturers of ladies clothing have not yet been affected, with heard regarding the backwardness of deliveries from the
the exception of the whi e-goods,wrapper and kimono trades, other side,which is causing much trouble as it takes shipments
and are pushing operations in order to have large stocks on three to four weeks or more to get here. Burlap markets,
hand should the trouble spread to their operatives. Selling while maintaining a steady undertone, have been more or
agents in men's wear have received requests to hold back less irregular, with most of the business confined to heavyfurther shipments of spring goods against standing orders weights. Light weights are quoted at 6.50c and heavyuntil the situation clears, and reports are current that weights at 8.75c.
there have been some cancellations. It was expected in
Importations & Warehouse Withdrawals of Dry Goods.
V
some quarters that there might be cancellations of the
Di
4
.
11
4
4
4
4
heavy early business placed on spring serges, but with
2
';3 iNg-t
..1'04
"
q c4";,3 g
Pg
cutters-up and clothiers at a standstill it becomes a certainty
g8e,
unless matters are speedily adjusted. It is also a matter
0
,
of much speculation to the trade as to what action selling
8
ga
agents will take regarding cancellations should they occur.
Spring business in dress goods is completed as far as first
2,
4
=
0.
selling
and
their
agents are turning
hands are concerned,
.3
aP
0
LTI
fall
lines.
new
have
already
Some
of
these
attention to the
0
well,
taking
are
but
as
are
and
yet they
F.,
been introduced
O"
ti
L4
t:1
confined to coatings and heavy-weights, complete lines not
rCetF
0
:
1:4
..1
H.
.
0 r, C4[4.0
being expected on the market for several weeks. Cotton
'13
0
4,
)
t'
,
ta
0
C0
00 t40 0
goods continue in a strong position, with prices firmly
.
w 0,4 -4-4.4c71,
established, and a fair volume of business steadily coming to
-4 wol op.-.ow
.3
hand for both near-by and distant supplies. The price of
,
0
.7
oz
1
0303
........ w
74
raw material is the controlling influence and buyers are
b.,
0, r3 .°
m
"c)
,
0-4
42:71 •
'
'47,700
ga
NI
accept
to
busforward
manufacturers
0 80 0030040, m 8 2aPEcon;m
despairing of inducing
....1 00OWN
-1
W U ;... ;1,1,1-4 m , QA
O.
-0, ;+74 1,a.b.
Eb:47=13) t
iness at any recession from present levels. Buyers are find.0
W --10c.W3 .
.. Ca 00
SI
.3
4,
and
are
readily
scarce
very
supplies
ing spot and near-by
P-I
B
*1•
the
0
during
first
delivery
for
offered
taking anything that is
,, ...
.,... Z
.
;13 4
.
ww
*I a, b24. t.,2
quarter. The year-end inventories are about completed
oo t40 03
1., 03w,t
'"
2,, E
,
,.41
,
7:)o IsD bi Oa rt7
b, iv Ca 'coop.004
among the jobbing trade, and the latter are fully aware of
0
00 b.,
400 W
W op4, .4.4,
to t2:Potnt
a• 0
'4 ba Cu 00..0to 48 0 8 N o. Cu
their requirements for the first half of the year. From the
CO
III
? .3
urgency on their part it can safely be judged that their stocks
...
o 0, 03
ig
O 03
to0)
are none too plentiful. Export business is generally reported
'op --.....,..... t.,?...
as being quiet; but toward the end of the week reports were
:-A, • p 1
in circulation, reputed to be well founded, to the effect that
- ;-.;p• ..'4".
0
..,2 ...i....wo
at • .., ww co,.....
,-. ,...
N 4,0 W4,0,-.-' el
0
,
004
Southern mills had sold a large volume of heavy cotton
, 4a0 E84
4
Cil
'll
goods to China. However, stocks at Chinese markets are
?•il K2.
z
0 1'11
r+
0 C40 ol,
reported to be moving more freely and the outlook improving. 5 Wwts2
40
:
DOMESTIC COTTON GOODS.
-The exports of cotton
co g•
1:0
goods from this port for the week ending Jan. 4 were 2,291
c.3
1
1
,
Z
•••
0350
•
5050
X
packages, valued at $231,985, their destination being to the
10
1
T- WOcniow.44
18 - 4
o•-• 4
I;c ;-. -a
°
tables
the
in
below:
specified
00010.30
points
et
-4 co c)co co PCI '
1913
-----1912
•51j
40.i.6"a •
M k
b
,
w -AR ktttlg g 4 ;1
...9g
Since
Since
•4
00000-4
5
8=3
Week, Jan. 1.
Week. Jan. 1.
New York to Jan. 41
6
68
68
4
4
,Great Britain
8
17
8
17
Other Europe
c.+,
r3 ..
P It4.
. ....a
1,.,
0.
2,897
*n
r+
2,897
China
wt,D
r0 g
375
375
;-' .00N (%D.C.r+ 003
India
t bo :4 owoowbr.,
2,238
00
2,238
Arabia,
:3 00-400
a, '4;1 gC,14V
r881:32
c*
...c.
329
14
329
Africa
.14
1,179
1,065
1,179
1,065
West Indies
ro.
0.7
70
217
70
217
Mexico
CI 0
C4 g Z.4
207
195
195
207
Central America
E.
CO
bo.
toototo
607
1,217
1,217
607
South America
0004.00
8t woo8;2 100c0c0
160
2,085
160
2,085
Other countries
us
us too
i.37t.:4Cn
00O
-low
ow
3
-5
.0.0000-1
00
030101
10,661
10,661
2,291
2,291
8V wwwww
Total

THE DRY GOODS TRADE.




iE

. i! E R
I
R v s'
8

.. cor,4 8

g

.
i

1

528.0 e rcs.:(43. B..c..00

.
.

.......

.
.
...

-onts, 0 -..„ beni4
s16
;) ben:74.

0. n§0§

-

z

14s

THE CHRONICLE

[VOL. xcvi.

1922, and it is figured that if the revenues from licelise fees
railroad taxes remain the same, the sinking fund by that
SIMI: AM) CITY VEPAIITMENT, and
time will be much larger than the amount of the bonds.

News Items.
Arizona.-Vote on Constitutional Amendments.-In the
"Chronicle" of Nov. 23, page 1420, we referred to five pioposed amendments to the State constitution which were
adopted on Nov. 5. The vote on these amendments, we
are now advised, was as follows:
Amendment to Sec. 1, Art. VIII., extending the recall to all public
officers of the State, either by election or appointment. 16,272 "for" to
3,705 "against."
Amendment to Art. II. granting to the State and municipal corporations the right to engage in industrial pursuits. 14,928 'for" to
3,602 "against."
Amendment to Sec. 2, Art. IX., providing that the method of assessing,
equalizing and levying taxes shall be such as may be prescribed by law.
15,967 "for" to 2,283 "against."
Amendment to Sec. 8, Art. IX., limiting municipal indebtedness.
15,358 "for" to 2,676 "against."
Amendment granting women the right of suffrage and right to hold
public office. 13,551 "for" to 5,804 "against."

Baltimore, Md.-Special Paving Tax Declared Unconstitutional.-In an opinion handed down Jan. 6 Judge Bond of
the Circuit Court held unconstitutional Chapter 688 of the
Acts of 1912,which levied a special paving tax on property in
City of Baltimore specially benefited by improved paving.
The case will be taken to the Court of Appeals It was expected to raise about $5,000,000 by the new tax, this amount
to be added to the proceeds of the $5,000,000 loan provided
for in Chapter 401, Acts of 1906.
Colorado.-Result of Vote at State Election.-Of the
thirty-two propositions submitted to the voters at the last
general election (V. 95, p. 1143), nine were adopted, according to the State Canvassing Board. The questions which
received a favorable vote were as follows:
Women's Eight-Hour Act declaring the employment of females in
certain occupations injurious; to regulate and limit the hours of employment. 108,959 "for" to 32,019 "against."
Amendment to Sec. 6 of Art. XX. granting home rule to cities and
towns. 49,596 "for" to 44,778 "against."
Direct Legislation League's amendment to the constitution adding thereto
a new article to be known as Article XXI.-recall from office. 53,620 "for"
to 39,564 "against."
Direct Legislation League's measure, entitled: "An Act concerning the
official ballot and the method of voting at elections in this State, fixing
penalties for the violation of the provisions thereof, and to repeal all Acts
and parts of Acts inconsistent therewith." 43,390 "for' to 39,504
"against."
Amendment to Sec. 1 of Art. VI. giving the people the right to overrule
or recall the decisions of the Supreme Court declaring laws unconstitutional and concerning the judicial power of the State and courts for the
Protection of children. 55,416 "for" to 40,891 "against."
Mothers' Compensation Act, being an Act to amend an Act concerning
dependent and neglected children, and permitting keeping such children
in family homes, and for workhouses for men convicted of non-support.
82,337 "for" to 37,870 "against."
Act relating to civil service. 38,426 "for" to 35,282 "against."
Act to regulate and limit the hours of employment in underground mines,
smelters, mills and coke ovens; to declare certain employment injurious
to the health and dangerous to life and limb. 52,525 "for" to 48,777
"against."
House Bill No. 46, Laws of 1911, eight-hour law for miners. 69,489
"for" to 30,992 "against."

The various propositions disapproved byithe voters were
as follows:
State-wide prohibition amendment to constitution adding Article XXI.
75,877 "for" to 116,774 "against.'
Enforcement by search and seizure of laws prohibiting the sale of intoxicating liquors. 64,616 "for" to 79,190 "against.'
Denver Trades and Labor Assembly Act to establish public service commission, and to provide for the regulation of public service corporations.
30,347 "for" to 64,138 "against.'
Act establishing a State fair. 49,002 "for" to 52,462 "against."
Amendment to Art. X.addinif Sec. 17,"Special fund for the State Immigration Bureau." 30,359 "for' to 54,272 'against."
State Editorial Association Act reducing the cost of publishing constitutional amendments, initiated and referred laws, and for publishing
arguments for and against the same. 39,551 "for" to 50,635 "against."
Direct Legislation League's amendment to Sec. 2 of Art. XIX. 33,413
"for" to 40,634 "against."
Direct Legislation League Act concerning elections. 37,616 "for" to
38.537 "against."
Direct Legislation League's contempt amendment, being Sec. 31 of
Art. VI. 31,850 "for" to 41,855 "against."
Direct Legislation League's amendment to Art. VI., to be known as
Sec. 31, creating a public utilities court. 27,534 "for" to 51,820 "against."
Direct Legislation League's amendment to Sec. 7 of Art. XX., providing
for the wider use and control of the schools by the people. 38,318 "for"
to 59,691 "against.'
Amendment to the law establishing a State highway commission, and
the placing of the internal improvement permanent fund and the internal
improvement income fund under the control of the said highway commission. 44,568 "for" to 45,101 "against."
Senate Bill No. 219, Laws 1911, branding and marking of live stock.
37,387 "for" to 37,740 "against."
Senate Bill No. 459, Laws 1911, public funds. 20,968 "for" to 44,322
"against."
. House Bill No. 85. Laws 1911, teachers' summer normal school districts.
23,521 "for" to 63,266 "against."
House Bill No. 91, Laws 1911, examinations for teachers. 25,369 "for"
to 54,086 "against."
Part of Sec. 4 of Senate Bill N2, 134. Laws 1911, relation to irrigation.
22,931 "for" to 47,614 "against.
Amendment concerning mills and smelters. 35,997 "for" to 37,953
"against."
Amendment concerning a State tax commission and county board of
equalization. 32,548 "for" to 40,012 "against."
Amendment to Sec. 15 of Art. XIV. concerning the fees and compensation of county, precinct and other officers. 28,889 for to 41,622
"against."
.Amendment enlarging the limitation upon county debts for highway and
other purposes. 29,741 "for" to 47,284 "against."
Amendment to Sec. 3 of Art. XI. of the constitution, authorizing a
bonded indebtedness for the creation of a fund for the construction and
improvement of public highways. 36,636 "for" to 53,327 "against."
Act to construct a tunnel under and through the base of James Peak, a
spur of the Rocky Mountains, to be used for public or semi-publicour,
poses.
7,..°1-1221?s
_ CV3,183 "against.' los

t.jralizabeth, N. J.-Mayor Advocates Change in Administration of Sinking Fund.-One of the principal recommendations made by Mayor Mravlag in his annual message, presented to the City Council on Jan. 1,is a change in the administration of the city's sinking fund for the payment of the
adjustment bonds issued in 1888. These bonds mature in




Heretofore these revenues have been applied solely toward
the payment of the principal of the debt, the interest being
raised by taxation. It is now proposed that $100,000 of
the license fees and railroad taxes be applied annually toward
the payment of interest. The Mayor also recommends
that the $100,000 still be raised annually by taxation and
that the same be used to meet the expenses of new improvements, which otherwise would have to be paid for by further
bond issues. We quote below that part of the message dealing with the subject:

wish to call your attention to the condition of the sinking fund. In 1882
the city adopted an ordinance authorizing the issuance of adjustment bonds
under the Encumbered Cities Act of 1881, to adjust the bonded debt of the
city at that time. These bonds, although dated July 1 1882, were not
actually issued until 1888. Since their issuance the city has turned into
its sinking fund for the payment of these bonds all of its receipts from license
fees and taxes on second-class railroad property, which latter taxes are received from the State Comptroller
The revenue from these sources in 1888, when the adjustment bonds were
actually issued, amounted to about $50,000 per year, but have since increased to and over $180,000 per year, and these amounts have hitherto
solely been used to pay off the principal of the bonds and no part of such
revenue has been used to meet the interest on the city debt.
If these revenues from license fees and second-class railroad taxes remain the same, this sinking fund at the maturity of the bonds in 1922 will
be much larger than the amount of the bonds. Meanwhile, the city will
be compelled from year to year to issue long-term bonds in order to meet
the expenses for new improvements, such as schools and streets, which
could be met by taxation were it not for the oppressive and unnecessary
sinking fund charges, and this the more objectionable because recently,
and for some time to come, neither this nor any other city in New Jersey
can place its bonds at less than 4N, to 4A % intermit.
To meet this situation, I would urge upon your honorable body the advisability of making a change in the policy of administering the sinking
fund as follows:
I suggest that $100,000 of the receipts from license fees and second-class
railroad tax be applied toward the payment of the interest of the city's
debt, instead of being used solely to meet the principal. I then propose
that this amount be still raised by taxation, but instead of being applied to
the payment of interest as heretofore, and for which purpose from now on
the sinking fund is to be used, it shall be used to pay for new, permanent
improvements, especially schools and streets, for which we otherwise would
be obliged to make new bond issues and at a higher rate of interest than
heretofore.
If this policy is followed for the next ten years, about $1,000,000 of adjustment bonds will have to be refunded at maturity, but on the other hand,
the city's debt other than adjustment bonds will be at least $1,000,000 less
than it would be if the present policy were continued, because we would have
paid out of taxes under this new plan $1,000,000 for improvements which
must otherwise have been raised by the issuance of long-term bonds. Thus
the debt of the city in 1922 would be less than if we should continue the present policy and the city would have saved the interest and sinking fund
charges on the bonds, which otherwise must be issued for new improvements
under the present plan.
While sinking fund moneys are generally only applicable to the payment
of the principal of debt, the sinking fund of this city, under its charter, can
be used for paying interest charges as well. When the revenue from license
tax and second-cless railroad taxes was small it was entirely proper that
It should be applied to the payment of the principal but this revenue has
now more than trebled, while $1,000,000 of the adjusted debt and other
bonds have been retired, and there is, therefore, no further need for so
large a sinking fund, which has become extremely burdensome and in the
way of a healthy development of the city.
I have carefully studied the whole subject for over half a year, and obtained the opinion and advice of high and competent legal authority,upon
the subject, and I am fully convinced that my proposition is legal and in no
way,intended to nor apt to boa breach of faith with our creditors, and rather
tending to increase than to diminish our credit and financial standing.
I fully recognize, however, that it is a serious matter to change a course of
procedure which has been followed by the city for so long a time. On the
other hand, this matter is of such vital importance tor the benefit of the city
that my proposition merits your prompt and serious attention. I should
recommend to your honorable body that you retain the firm of Hawkins,
Delafield & Longfellow of New York to examine into the law and facts
relating to the sinking fund situation and report whether my plan may be
legally and without detriment to its credit followed by the city. I suggested
the above firm because they are high authority in the special line of municipal bonds and Municipal law; have been retained by this city in several instances before this, and because their opinion,if favorable, will be accepted
unhesitatingly in financial circles.
It is very important for the credit of the city that investors in municipal
bonds should be assured that our proceedings in this matter have the approval and supervision of attorneys in whom they have confidence, and it
must be made clear to them that our sinking fund is increasing too fast and
that these proceedings are entered into to keep it within bounds. In leaving this matter in your hands for consideration and action, I wish to
state most emphatically that it is of paramount importance for the welfare
of the city that its credit be preserved, and faith with the city's creditors
be most scrupulously kept, and that I should with all my strength oppose
any plan which diminishes the city's credit, nor would I advocate any plan
which would make default in the payment of principal and interest of the
city's debt oven remotely possible; but I am satisfied that this plan I suggest
will strengthen the financial condition of the city, and, properly understood
and rightly carried out, will make its credit higher than over.

Florida.-Vote on Constitutional Amendments.-Wo are
advised that the vote on the two constitutional amendments
adopted on Nov. 5, as previously stated, was as follows:
Amendment to Art. V. relative to judiciary department18,051 "for" to 3,057 "against." Amendment te Art. XII.
authorizing the incorporation of Special Tax School Districts
-16,348 for" to 4,014 "against." It was reported that
an amendment establishing the initiative and referendum
had also been submitted on Nov. 5, but the report appears
to be in error, as no returns are made on such a question.
Hood River, Ore.-Bond Sale Declared Void.-The State
Supreme Court in an opinion by Chief Justice Eakin handed
down Dec. 24 declares void the contract entered into for
the sale of the 890,000 water-works bonds. See V. 95,
p. 1226.
Jacksboro, Jack County, Tex.-Election on Commission
Form of Government.-An election will be held Feb. 11, reports state, to vote on the question of establishing a commission form of government.
Lackawanna, N. Y.-Proceedings to Validate Bonds and
Test Constitutionality of Validating Provisions of the General
Municipal Law.-On Dec.31 1912 a petition by the Common
Council of the City of Lackawanna, N. Y., was filed in the
City Clerk's office, requesting the Supreme Court, under
Article 2A of the General Municipal Law (added by Chap.
769 of the Laws of 1911), to validate proceedings authorizing
$130,000 43% road bonds of said city, which were offered
for sale on Oct. 5 1912, and which bonds, under the pro-

Li 13]JAN.

THE CHRONICLE

149

his
subject to the approval of the Attorney-General. In
ceedings and notice of sale, were to be dated Dec. 1 1912, and
says:
Creamer
Mr.
report
to
1913
mature serially $5,000 on Dec. 1 in each of the years
bonds are issued
I recommend that it be provided by law that whenever
-General be required
1938, inclusive.
by a political subdivision of this State, the Attorneythat
York
in order that he
to examine all the proceedings incident thereto, and
The bonds were awarded to Adams & Co. of New
subdivision issuing
may make proper examination, the proper officers of thetranscript,
showing
City, but their attorneys declined to approve them because
certificate
a
with
him
the bonds be required to furnish
taken with reference to the bond issue,
of alleged defects in two of the three elections at which the in detail each and every proceeding
law,
with
y
in
conformit
and
regular
s
proceeding
voted.
the
If
he
finds
that
with the issuance
different improvements covered by the issue were elec- and
he certify on each bond that all proceedings connected
him and found to be regular and that
The attorneys, however, were satisfied that the third issue of the bonds have been examined byobligation
on the political subdivision
the bond is a valid and subsisting
tion, by which $70,000 of bonds(part of said proposed and, issuing
the same.
of $130,000) was authorized, had been legally held,issued
nt
Ottumwa, Iowa.—Commission Form of Governme
under further proceedings, said $70,000 of bonds were proof the
favor
in
resulted
recently
held
.—An
election
Adopted
present
by the city and delivered to Adams & Co. The
g commission form of government. The vote is reported as
ceeding, therefore, is brought to validate the remainin
held
1,351 to 1,275.
elections
$60,000 of bonds authorized at the special
Pensacola, Fla.—Proposed Commission Form of GovernJuly 3 1911 and May 31 1912. There have been a number
of ment.—We are advised that the election held Dec. 30 (V.
of validating proceedings taken under this new Article 2Abut
95, p. 1633) was simply to determine whether or not the peothe General Municipal Law added by the Act of 1911,
resulted in
none of them has been contested and the questions which ple wanted the new form of government, and
ion- 557 votes for commissioners and 396 votes against. The
have been raised by some attorneys as to the constitut
upon. people,we are further advised, will also vote on the kind of
ality of the law have never been judicially passed answer
charter at some later date, and when approved the same will
It is understood that a tax-payer of the city will file an
be submitted to the next Legislature for passage.
and oppose the validating proceedings, so that it is probable
of
Raleigh, No. Caro.—City Rejects Offer of Water Company
that a judicial determination as to the validity and scope
to Sell Plant.—The Board of Aldermen on Dec. 26 adopted a
this statute may be obtained.
Water Co. to sell
Massachusetts.—Report of Special Legislative Committede resolution declining the offer of the Wake
resolution
Another
.
$263,000
appointe
for
ee
to
city
the
committ
property
special
its
.—The
Finance
l
on Municipa
City Attorney to
the
municing
26
of
instructi
Dec.
on
subject
adopted
was
general
the
study
to
ure
Legislat
last
by the
im- prepare a bill for presentation to the next Legislature authorpal finance submitted its report on Jan. 8. The more
briefly
are
ee
Committ
izing the issuance of not exceeding $400,000 for the constructhe
of
s
ndation
recomme
portant
tion or purchase of a water plant. A bill is also to be prefollows:
as
zed
summari
may assess annually for pared nullifying the Act passed by the last Legislature which
That the limitation on the amount which cities
be abolished.
-works systhe payment of municipal expenditures, except intoBoston,
fix by ordinance, after prohibited municipalities from building a water
That cities, except Boston, be given authority
es.
in operation.
is
already
plant
private
a
where
tem
a public hearing, a limit of taxation for municipal expenditur
heads of city
That mayors of cities, after consultation with the various
ion bills and submit
Santa Ana, Orange County, Cal.—Commission Form
departments, make up the annual budgets or appropriat
the latter body shall
the same in itemized form to city councils; and that
Government Defeated.—Reports state that the charter
of
therein.
item
any
increase,
to
not
but
reduce,
to
have authority
appropria- providing for a commission form of government failed to
That no department of any city or town be allowed to exceed
people
tions, except for emergencies involving the health or safety of the
carry at a recent election, the vote being 475 "for" to 1,797,
or their property.
and for "against."
That cities be authorized to incur debt for specified purposes
towns not
specified periods of time to an amount not exceeding 2%% and
South Carolina.—Proposed Issue of.Refunding Bonds by
propexceeding 3% of the average of the assessors' valuation of the taxableby
the State—Test Suit.—On Jan. 6 a suit was instituted in the Suerty of the preceding three years, the valuations being first reduced
amount of all abatements made thereon previous to the last day of Decem- preme Court by a taxpayer in the name of the State of South
ber in the year preceding said assessment.
of about $4,700,000 bonds and
That cities and towns be authorized to borrow outside the debt limit for Carolina to enjoin the issuance
Fund Commission proSinking
the
which
specified periods of time.
State
the
of
stock
special
in
That limitations of amount which may be borrowed, imposed
indebt- poses to issue under the Act of Feb. 23 1912, for the purpose
the
to
only
applicable
amount
the
limit
to
construed
be
shall
Acts,
of refunding outstanding Redemption Brown Consols. It
edness authorized in said special Acts.
borrow in anticipation of revenue
That cities and towns be authorized to and
State is understood that it is proposed to raise and settle in this
the
from
received
sums
levy
tax
the
exceeding
to an amount not
taxes for the preceding year.
suit all questions as to the validity of the new consols. The
for bank, corporation and street railway
revenue shall be made payable
That notes issued in anticipation ofthe
chief ground of objection is that some of the consols to be
note.
the
of
date
from
year
therefrom not more than one
for a shorter period than one refunded are, for various reasons, claimed to be invalid,
That notes in anticipation of revenue issued
of
be for a period
and that the refunding of them would be an attempt to inyear may be renewed, provided that such renewal shall renewed.
time not longer than one year from the date of the note
donor thereof, crease the debt of the State in violation of the provision of
the
by
for
provided
otherwise
unless
funds,
trust
That
which are legal Section 11 of Article X of the State Constitution, requiring
shall be deposited in savings banks or invested in securities
to be refunded
investments for savings banks.
to general an election. for an increase of debt. The debt
funds
trust
ed
appropriat
have
which
towns
and
That cities
as recommended was originally incurred at various times, beginning in the
purposes be required to restore them and invest them
and including the
above.
of debts earliest period of the State government,
That the authority to establish sinking funds for the payment
shall contribute Reconstruction period. The greater part of it has been reincurred in the future be repealed; but that cities and towns
sufficient
annually to all sinking funds heretofore established an amount
funded several times.
to pay the debts incurred at maturity.
of future
In 1873 the Reconstruction Government of South Carolina
That cities and towns be required to provide for the payment
debts by tho serial payment method.
that the entire funded debt Of the State then outdirected
.
That the issue of demand notes be prohibited
notes standing, except certain obligations which were clearly not
That cities and towns be required to refund outstanding demand
refunded at fifty cents on the dollar.
under the serial payment method.
of binding on the State, be
That assessors be appointed by the mayors of cities and the selectmen
ise measure is the only instance in the history
towns, tho appointments to be subject to the approval of the tax commis- This comprom
milthe State of the repudiation of a valid debt, although
sioner.
e with the financial officers of of
have been issued fraudThat assessors be made jointly responsiblof
ss falling duo and lions of dollars of bonds are known to
indebtedne
amount
the
g
determinin
in
towns
and
cities
Civil War.
ulently in the years immediately following the consisten
to be assessed with the year.
tly
the payment of taxes.
That no discounts shall be allowed for
time the State has adopted and
that
since
Ever
remaining
on
all
taxes
year
a
6%
of
rate
the
at
That interest be charged
policy of paying in full all obligations not dethe
which they are assessed.
followed
unpaid after Nov. 1 of the year inexcept
Boston, shall end on Nov. 30, to
That the fiscal year of cities,
dared invalid by the Supreme Court or scaled down by the
of the State.
make them correspond to the fiscal year
31.
Reconstruction Government.
That the fiscal years of towns shall end on Dec.
The South Carolina Sinking Fund Commission has retained
d.—The
nts
Defeate
Amendme
nal
stitutio
Mississippi.—Con
, Delafield & Longfellow, attorneys, of New York
Hawkins
'initiathe
ing
establish
nts
amendme
proposed constitutional
on with the proposed issue of refunding bonds
in
connecti
City,
nine
suits
civil
in
that
g
providin
tive and referendum and
and. stock.
on
defeated
were
verdict
a
upon
or more jurors may agree
"against"
Utah.—Vote on Constitutional Amendments.—As stated
Nov. 5, the vote being 25,153 "for" and 13,383
latter.
the
"
weeks ago (V. 95, p. 1421), the eight proposed constisome
"against
14,255
to
'for"
the former and 28,964
to
nts
amendments submitted to the voters on Nov.5 were
tutional
amendme
the
for
y
necessar
was
it
In order to carry,
election,
. We are now advised that the vote was as follows:
the
in
defeated
polled
vote
total
the
of
a
secure majority
on of the State of Utah be
Shall See. 9 of Art. VI. of the constituti
of the Legislature?
was
which
64.948.
amended relating to the compensation of members
"against.'
Declared
30,113
to
onds
"for"
6,056
Muskegon School District, Mich.—B
State of Utah be
the
of
on
constituti
the
of
Shall Sec. 4 of Art. XIV.
of counties, cities,
Valid.—In an opinion handed down Jan. 3, the State Su- amended
to permit fixing the limit of indebtedness
"against."
25.004
to
"for"
bonds
9,122
school
districts?
towns and school
premo Court declared valid the issue of $30,000
the State of Utah be amended
Shall Sec. I of Art. XI.of the constitution ofand
providing for the creating
purchased by the Harris Trust & Savings Bank of Chicago. relating
to existing counties, cities and towns
"against."
this
and
22,132
to
illegal,
"for"
of new counties? 12,966
The bank contended that the bonds were
of the State of Utah be
on
constituti
Shall Sec. 17 of Art. VII. of the duties of the State Auditor and State
contention was sustained by Circuit Judge Sullivan, whose amended
to permit the fixing of the
1420.
p.
"against.
95,
V.
Court.
21,150
Treasurer? 13,041 "for' to
decision is now reversed by the higher
constitution of the State of Utah be
Shall Sec. 2 of Art. XIII. of the
"for" to
Nevada.—Constitutional Amendments Adopted.—Tho Sec- amended
relating to the general taxation of property? 6,415
25,684 "against."
retary of State advises us that the vote cast on the five proof the constitution of the State of Utah iae
XIII.
Art.
of
11
Sec.
Shall
and county boards of equalization, and defining
posed constitutional amendments submitted on Nov. 5 amended relating to State
6,944 "for" to 24,863 "against."
the duties of each such boards?
(V. 95, p. 310) was as follows:
of the constitution of the State of Utah be
XIII.
Art.
of
3
Sec.
Shall

ayes, 9,956; nays, 1,027.
ion of property for the purpose of taxaAmendment establishing initiative referendum;nays,
amended relating to the classificat
1,173.
recall; ayes, 9,636;
Amendment providing forinvestmen
to 25.737 "against."
t of school moneys; ayes, 8,418; tion? 6,093 "for"Art.
of
the
constitution of the State of Utah be
XIII.
Amendment concerning
of
4
Shall Sec.
"for" to 23,440 "against."
naYs, 1,683.
s; ayes, amended relating to the taxation of mines? 8,919
Amendment relating to criminal cases pertaining to indictment
Plan of Government
ission
N.
J.—Comm
Orange,
West
8,259; nays, 1,504.
as notary publics; ayes, 8,603;
Amendment as to eligibility of females
question of accepting the Walsh Act, pro.—The
Rejected
nays, 2,241.
form of government, was defeated

al viding for the commission
was
Ohio.—State Treasurer Recommends Approval of Municip
at an election held Jan. 7. The total vote it is reported
Creamer
S.
r
D.
Treasure
--State
General.
Attorneyby
79 ballots
",
Bonds
"against
635
and
"for"
of
566
g
consistin
1,280,
all
in his annual report to the Governor recommends that be being rejected. At the general election in November the
bonds issued by any political sub-divisions of the State




150

THE CHRONICLE

total vote was 2,160. The petitions calling for the election
contained 594 signatures.
Zanesville School District (P. 0.Zanesville), Muskingum County, Ohio.-Court Refuses to Enjoin Sale of School
Bonds.-Judge A. A. Frazier of the Common Pleas Court on
Dec. 23 refused to grant a temporary injunction to Chas. U.
Shryock to restrain the Board of Education from issuing the
$80,000 high-school bonds the sale of which was reported
last week (V. 95, p. 1766).

[VoLt xcvi.

$135,000 5% 40-year road bonds (V. 95, p. 1634). The unofficial vote is
given as 320 to 40.
CALIFORNIA.-BOND OFFERING.-E. D. Roberts, State Treasurer,
will, it is stated, offer at auction at 1:30 p. m. Jan. 31 at Sacramento
000 4% highway bonds. Denom. $1,000. Date July 3 1911. Int. $400,J.& J.
Due July 3 1922.
CALLAHAN COUNTY (P. 0. Paird), Tex.-BOND ELECTION PROPOSED.-Reports state that the County Commissioners will call elections
n Precinct Nos. 1 and 2 to vote on the proposition to issue road-impt. bonds.
CALVERT, Robertson County, Tex.-BONDS DEFEATED.-An
election held Dec. 19 resulted in the defeat of the proposition
to issue
opera-house-construction bonds, reports state.
CAMP COUNTY COMMON SCHOOL DISTRICT NO. 17, Texas.
BONDS REGISTERED.-The State Comptroller registered $1,500 5%
20-yr. bonds on Dec. 28.
CARBON COUNTY (P. 0. Mauch Chunk), Pa.-BOND SALE.On Dec. 11 the $50,000 434% 5-30-year (opt.) bridge bonds dated Jan. 1
1913 (V. 95, p. 1486) were awarded to Newburger, Henderson & Loeb
ALICEVILLE, Pickens County, Ala.-BOND
-Reports state of Philadelphia at 100.69.
that the ;11,000 6% 10-year school-building bonds SALE.
CHAMPAIGN, Champaign County, Ill.-BOND ELECTION.-Local
voted Dec. 16 (V. 95,
p. 1761) have been sold to the Knights of Pythias.
papers state that the question of issuing $17,000 5% fire-station-impt
. and
equipment
bonds will be submitted to a vote on Jan. 21. Int. semi-annual.
ALLEN COUNTY (P. 0. Lima), Ohio.-BOND OFFERING WITHDue $1,000 April 1 1915 and $2,000 yearly April 1 from 1916 to
DRAWN.-The Clerk Bd. of Co. Comars advises us that the offering
1923, incl.
-of the $14,454 55' coup. constr. bonds which was to have taken place on
CHATTANOOGA, Hamilton County, Tenn.-BOND SALE.-On
Dec. 31 1912 (V. 95, p. 1761) has been withdrawn and that the bonds will Jan. 7 the $6,604 60 6% coup. paving bonds (V. 96, p. 80) were
to the First National Bank of Cleveland for $6,684 30 (101.206)awarded
be re-advertised.
and interest. Other bids follow:
ALTAMONT,ALBANY COUNTY,N.Y.-NO ACTION
TAKEN. Security Savings Bank & Trust Co., Toledo
$6,676 60
No action has yet been taken looking toward the issuanceYET
Vol. State Life Ins. Co., Chattanooga
of
$6,000
the
6,670 64
building bonds (V. 95, p. 1421).
CHEHALIS COUNTY'SCHOOL DISTRICT NO. 29, Wash.-BOND
ARLINGTON HEIGHTS (P. 0. Cincinnati), Ohio.-BOND OFFER- SALE.-The State of Washington was awarded at par for 534s on Dec. 28
ING:-Proposals will be received until 12 m. Feb. 4 by A. J. Orth, Village $6,360 school bnds of this district. Other bids follow
Clerk, for $9,500 4% 25-year sewer bonds. Denom. $500. Date Jan. 1 W. D. Perkins & Co., Seattle
$6,365 for 534s
1913. Int. semi-ann. Cert. check for $300, payable to the Village
C. II. Coffin, Chicago
6,421 for 6s
Treasurer, required. Purchaser to pay accrued interest.
CHICAGO JUNCTION, Huron County, Ohio.-BOND SALE.-On
BOND SALE.-The above securities ($9,500) are part of the $12,000 Dec. 23 the $2,500
-year
(ser.)•
%
Main
6
-10
St.
impt.
(city's
portion)
bonds recently authorized (V. 95, p. 1633), $2,500 of which have been taken bonds dated Dec. 1 1912(V.
95, p. 1787), were awarded to Spitzer, Rorick
by the Village Sinking Fund.
& Co. of Toledo.
ASBURY PARK, N.J.-BOND OFFERING.-Proposals will be received
CHICOPEE, Hampden County, Mass.-TEMPORARY LOAN.-A
-until 8 p. m. Jan. 13 by W. C. Burroughs, City Clerk, for $175,000
% loan of $50,000, due Nov. 15 1913, has been awarded, it is stated, to
-coup. (with privilege of registration) school bonds. Denom. $1.000.
Worcester North Savings Institution of Fitchburg at 4.12% discount and
Date Jan. 1 1913. Int. J. & J. in New York exchange. Due Jan.
75 cents premium.
Official advertisement states that there has never been any default11943.
in the
CINCINNATI, Ohio.-BONDS AUTHORIZED.-An ordinance was
payment of principal or interest of any bonds and there is no controversy
or litigation pending or threatened concerning the validity of the bonds,the passed Dec. 30 providing for the issuance of $16,500 4% sewer-constr.
corporate existence, boundaries of the municipality, or the title of the pres- (city's portion) debentures. Denom. $500 or multiples thereof. Date
March. 1 1913. Due March 1 1933.
ent officers to their respective offices.
BONDS AUTHORIZED.-Ordinances were passed Nov. 26 providing
ASHLAND, Ashland County, Ohio.-BOND SALE.-On Jan. 4 the
.31,200 434% 1 2-3-year (avge.) coupon tax-free Arthur St. impt. bonds for the issuance of the following 4%o bonds
(V. 95, p. 1633) were awarded to the Farmers' Bank in Ashland for $1,211 $113,000 00 Eastern Ave. impt. (city's portion) bonds. Denom. $500 or
multiples thereof. Date Feb. 1 1913. Due Feb. 11933.
(100.916) and int. A bid of $1,210 was also received from the First Nat.
45,500 00 street-impt. (city's portion) bonds. Denom. $500 or mulBank of Ashland. Int. M.& S. at the City Auditor's office.
tiples thereof. Date Feb. 1.1913. Due Feb. 1 1933.
ASHTABULA, Ashtabula County, Ohio.-BONDS AUTHORIZED.
5,000 00 condemnation bonds. Denom. $500 or multiples thereof.
-ordinances were passed Dec. 16 providing for the issuance of the following
Date Feb. 1 1913. Due Feb. 11933.
5% coupon assessment bonds
2,561 81 street-impt. assess. bonds. Denom. $2,561 81. or any divisewer-constructi
St.
McCreary
$1,000
on bonds. Denom. $200.
sion thereof. Date Dec. 1 1912. Int. semi-ann. Due Dec. 1
1,500 Aunger Ave. improvement bonds. Denom. $300.
1913.
2,000 Farrington St. improvement bonds. Denom. $400.
10,000 4% Burgoyne'Alley comfort-station bonds. Denom. $500 or mulDate Oct. 1 1912. Int. A. & 0. at City Treas. office. Due one bond
tiple thereof. Date Feb. 15 1913. Due Feb. 15 1933.
,of each issue yearly on Oct. 1 from 1913 to 1917, inclusive.
250,000 4% coupon house of refuge constr. bonds. Denom. $500 or multiples thereof. Date Feb. 1 1913. Due Feb. 1 1938.
ASHTABULA SCHOOL DISTRICT (P. 0. Ashtabula), Ashtabula
County, Ohio.-NO ACTION YET TAKEN.-We are advised by the
BOND SALE.-On Jan. 3 the Sinking Fund Trustees purchased, reports
District Clerk that no action has yet been taken looking towards the issu- state, $44,000 assess. and $60,500
general bonds.
ance of the ;20,000 building bonds voted Nov.6 1912 (V. 95, p. 1288)•
CLAIRBORNE COUNTY (P. 0. Port Gibons), Miss.-BONDS
AVOCA, Luzerne County, Pa.-BOND SALE.-On Jan. 6 the $30,- PROPOSED.-Reports
state
that
this
000 5% coup, funding bonds (V. 95, p. 1695), were awarded to Harris, of $50,000 5% 20-yr. refunding bonds. county is considering the issuance
Forbes & Co. of N. Y. at 100.01, int. and blank bonds. No other bids
CLINTON, Custer County, Okla.-BONDS VOTED.-At a recent
,received.
election the proposition to iSSUO $25,000 hospital bonds carried, it is stated.
BALLARD COUNTY (P. 0. Wickliffe) Ky.-BOND OFFERING.
COLDWATER, Mercer County, Ohio.-BONDS NOT SOLD.-No
Proposals will be received until Feb. 15 by R. D. Nelson, Bd. Drain. award
was made on Dec. 30 of the $2,000 5% coup.
Comm.,for $24,1006% 2-11-year (ser.) first lien drainage bonds. Denom. and water-course bonds (V. 95, p. 1696), it is reported.tax-free street impt.
to suit purchaser. Interest annual.
COLERIDGE, Cedar County, Neb.-NO ACTION YET TAKEN.The official notice of this bond offering will be found among the advertise- No further action has been taken looking toward the issuance of the $8,500
5% 5-20 yr. (opt.) water works bonds(V. 95, p. 1226.)
ments elsewhere in this Department.
COLUMBUS, Ohio.-BONDS A UTIIORIZED.-Ordinances were re
BAYLOR COUNTY (P. 0. Seymour), Texas.-BONDS OFFERED BY cently passed providing
for the issuance of the following bonds:
.BANKERS.-Of the $100,000 5% 10-40-year (opt.) road bonds registered
$1,000 434% coupon sewer-constr. assess. bonds. Denom.$1,000. Date
on Aug. 30 1912 (V. 95, p. 635), John Nuveen & Co. of Chicago are offering
not later than Mar. 1 1913. Due Sept. 1 1917, optional beto investors $75,000. Denom. $1,000. Date Feb. 15 1912. Int. F. & A.
ginning Sept. 11913.
-at the Hanover National Bank in New York.
5,000 45' coupon Deshler Ave. impt. assess. bonds. Denom. $1,000.
BERGEN COUNTY (P. 0. Hackensack), N. J.-BOND SALE.-Date not later than Mar. 1 1913. Due Mar. 1 1924, optional
'The People's Nat. Bank of Hackensack has been awarded the $11,000
beginning Mar. 1 1914.
% Rahway Bridge bonds offered without success on Nov. 3 1911
20,000 4% coupon Ogden Ave. impt. assess. bonds. Denom. $1,000.
•(V. 93, p. 1620) at 104.09. Due July 11931.
Date not later than Mar. 11913. Due Mar. 1 1924.
4,000 4% coupon 20th St. impt. assess. bonds. Denom. $1,000. Date
BIG SPRINGS, Howard County,Tex.-BONDS REGISTERED.-On
not later than Mar. 1 1913. Due Mar. 11924, optional begin-Jan. 4 the $50,000 5% 20-40-year (opt.) water-works bonds,(V.95,p. 1070)
ning Mar. 1 1914.
-were registered by the State Comptroller.
2,000 4%o coupon Sherman Ave. impt. assess. bonds. Denom. $1,000.
BLACKSHEAR, Pierce County, Ga.-BOND SALE.-J. B. McCrary
Date not later than Mar. 1 1913. Due Mar. 1 1924, optional
•& Co. of Atlanta have purchased the $23,000 water-works, $22,000 sewer
beginning Mar. 1 1914.
and $10,000 electric-light 5% 30-year gold bonds offered on Oct. 2 1912
24,000 4% coupon High St. impt. assess. bonds. Denom. $1,000. Date
and dated July 11012 (V. 95, p. 700).
not later than Mar. 11913. Duo Mar. 1 1924.
BLAIRSVILLE, Indiana County, Pa.-BOND SALE.-The Washing5,000 4% coupon Cole St. impt. assess. bonds. Denom. $1,000. Date
ton Investment Co. of Pittsburgh has been awarded $40,000 434% tax-free
not later than Mar. 1 1913. Due Mar. 1 1924, optional beginbonds of this borough.
ning Mar. 11014.
3,000 47o coupon Oregon Ave. impt. assess. bonds. Denom. $1,000.
BLANCHESTER, Clinton County, Ohio.-BONDS NOT SOLD.Date not later than Mar. 1 1913. Due Mar. 1 1924, optional
No award was made on May 6 1912 of the $2,500 4% 14-yr. armory bonds
beginning Mar. 1 1914.
(V. 94, p. 1131).
2,000 4% coupon epidemic prevention bonds. Denom. $2,000. Date
BLOOMINGTON SCHOOL DISTRICT (P. 0. Bloomington), Mcnot
later than Mar. 11913. Due Sept. 11915.
Lean County, Ill.-BONDS DEFEATED.-An election held Dec. 23
5,000 4% coupon Cline St. impt. assess. bonds. Denom. $1,000. Date
resulted in the defeat of the question of issuing $250,000 high-school-bid.not later than Mar. 1 1913. Due Mar. 11924. optional begin•constr. bonds (V. 95, p. 1559), reports state.
ning Mar. 11914.
BLUE MOUND, Linn County, Kan.-BOND ELECTION.-It is
19,000 4%
0 coupon Warren Ave. impt. assess. bonds. Denom. $1,000.
reported that an election will be held Jan. 20 to submit to the voters the
Date not later than Mar. 1 1913. Due Mar. 1 1924.
question of issuing $6,000 bonds to purchase and improve the property of
2,000 4%
0 coupon alley north of Mt. Vernon Ave. impt. assess. bonds.
the Blue Mound Electric Co.
Denom. $1,000. Date not later than Mar. 1 1913. Due Mar. 1
1924, optional beginning Mar. 1 1914.
BRAZORIA COUNTY (P. 0. Angleton), Tex.-BONDS REGIS22,000 4% coupon Harris Ave. impt. assess. bonds. Denom. $1,000.
TERED.-The ;150,000 5% Road Dist. No. 3 road bonds recently voted
Date not later than Mar. 1 1913. Duo Mar. 1 1924.
(V. 95, p. 1695) were registered on Jan. 2 by the State Comptroller. Due
4,000 4% coupon Mt. Vernon Ave. impt. assess. bonds. Denom.$1,000.
$3,000 yearly.
Date not later than Mar. 1 1913. Due Mar. 1 1924, optional
BRAZORIA COUNTY DRAINAGE DISTRICT NO.8, Tex.-BONDS
beginning Mar. 1 1914.
REGISTERED.-An issue of $130,000 55' bonds was registered by the
7,000 4% coupon Conklin St. impt. assess. bonds. Denom. $1,000.
State Comptroller on Jan. 2. Due $3,000 yearly.
Elate not later than Mar. 1 1913. Due Mar. 1 1924, optional
beginning Mar. 1 1914.
BRAZOS COUNTY (P. 0. Bryan), Tex.-BON.DS PROPOSED.10,000 4% coupon State St. impt. assess. bonds. Denom. $1,000. Date
Reports state that the Commissioners' Court is considering the
not later than Mar. 1 1913. Due Mar. 11924.
of $10,000 levee-impt. bonds for Improvement District No. 1. issuance
Interest semi-annually at City Treasurer's office.
BRIDGETON, Cumberland County, N. J.-BOND OFFERING.
CORNELIA, Habersham County, Oa.-BOND ELECTION.-A vets
Proposals will be received, it is stated, until 7 p. m.Jan. 21 by B. F. Sharp,
City Comptroller, for the $55,000 4;45' 30-year water and filtration
will be taken on Jan. 15. reports state, on the questions of issuing $15,000
impt. bonds recently authorized (V. 95, p. 1695). Int. semi-ann. -plant
Cer- water-works-system and $5,000 sewer 5% bonds.
tified check for 1% is required.
CORPUS CHRISTI, Nueces County, Tex.-BOND SALE.-Farson,
BROCKPORT, Monroe County, N. Y.-NOTE SALE.-The $7,900 Son & Co. of Chicago were awarded at par and int. the $14,000 554 sewer
Main St. paving notes offered on Dec. 30 1912 (V. 95, p. 1695) have
registered on Nov. 11 1912. (V. 95, p. 1423). Denom. ;1,000.
bonds
awarded, it is stated, to the State Bank of Commerce of Brockport atbeen
par Interest semi-annual.
and interest for 5s. Due $1,975 yearly Aug. 1 1913 to 1916, inclusive.
CROSSVILLE, Cumberland County, Tenn.-NO ACTION YET
TA KEN.-We are advised by the City Recorder under date of Dec. 29
BROOKS COUNTY (P. 0. Falfurrias), Tex.-BONDS VOTED.
The election held Dec. 21 resulted, it is reported, in favor of the propositions that no action has yet been taken looking towards the issuance of the
5% coup. street-impt. bonds (V. 95, p. 1346)•
$10,000
to issue the $80,000 court-house and $45,000 road-impt. bonds (V.
95.
p. 1634). The vote was 344 to 9 and 349 to 23, respectively.
CUERO, Do Witt County, Texas.-BOND SALE.-The $25,000 5%
CALHOUN COUNTY (P. 0. Rockwell City), Iowa.-NO ACTION 20-40-year (opt.) sower-system bonds, registered Aug. 3 1912 (V. 95, p.
YET TAKEN.-No action has yet been taken looking towards the issuance 636), were awarded, reports state, to Cutter .May & Co. of Chicago.
of the $125,000 court-house bonds voted Nov. 5 1912 (V. 95, p. 1634).
CUERO INDEPENDENT SCHOOL DISTRICT (P. 0. Cuero),
CALHOUN COUNTY (P. 0. Port Lavaca), Texas.-BONDS VOTED. De Witt County, Texas.-BOND SALE.-Cutter, May & Co. of Chicago
-The election held Dec. 31 resulted in favor of the proposition to issue the have, it is stated, been awarded the remaining $27,000 of the $35,000 5%
20-40-year (opt.) bonds (V. 95. p. 1428).

Bond Proposals and Negotiations this week

have been as follows:




JAN. 11 191 3.]

THE CHRONICLE

CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.-BONDS NOT
SOLD.-No bids were received on Jan. 4 for the $23,820 4ki% coup.
Richmond Road No. 3 (county's portion) bonds (V. 95, P. 1487).
DADE CITY, Pasco County, Fla.-BONDS NOT SOLD.-No award
was made on Dec. 16 of the two issues of 5% 30-year coup. bonds aggregating $15,000 (V. 95, p. 1634).
BOND OFFERING.-Proposals will again be received for these securities, this time until 12 m. Jan. 20.
DALLAM COUNTY COMMON SCHOOL DISTRICT NO. 16, Tex.BONDS REGISTERED.-On Dec. 30 1912 the State Comptroller registered $2,500 5% bonds.
DAYTON, Ohio.-BONDS AUTHORIZED.-Ordlnances were passed
Nov. 18 providing for the issuance of the following 5% assess. bonds:
$1,300 Magnolia St.-paving bonds. Denom. $500 and $800. Duo $500
Dec. 1 1917 and $800 Dec. 1 1922.
2,200 Holiencamp Ave.-paving bonds. Denom. $1,000 and $1,200
Due $1,000 Dec. 1 1917 and $1,200 Dec. 11922.
2,300 Eaton St.-impt. bonds. Denom.(1) $300, (2) $1,000. Due $300
Dec. 1 1913 and $1,000 Dec. 1 1915 and 1917.
1,800 Newport Ave.-impt. bonds. Denom. (1) $800, (1) $1,000. Due
$800 Dec. 1 1914 and $1,000 Dec. 11917.
3,000 Wildwood Ave.-impt. bonds. Denom. $1,000. Due $1,000
Dec. 11914, 1916 and 1917.
700 Delaware Ave.-impt. bonds. Denom. $700. Due Dec. 1 1917.
9,000 Morton Ave.-paving bonds. Dcnom. $1,000. Due $1,000 yearly
on Dec. 1 from 1914 to 1922 incl.
4,500 Meigs St.-paving bonds. Denom. (1) $500, (4) $1,000. Due
$500 Dec. 1 1914 and $1,000 every two years on Dec. 1 from
1916 to 1922 incl.
1,200 Mead St.-paving bonds. Denom. (1) $500 and $700. Due $500
Dec. 1 1917 and $700 Dec. 1 1922.
5,100 June St.-paving bonds. Denom. (1) $1,100 (4) $1,000. Due
$1,100 Dec. 1 1914 and $1,000 every two years on Dec. 1 from
1916 to 1922 incl.
7,500 Eagle St.-paving bonds. Denom. (1) $500 (7) $1,000. Due $500
Dec. 1 1914; $1,000 yearly on Dec. 1 from 1915 to 1917 incl.
and $1,000 yearly on Dec. 1 from 1919 to 1922 incl.
1,300 Alloy North of Edgewood Ave.-impt. bonds. Denom. $500 and
$800. Due $500 Dec. 1 1915 and $800 Dec. 1 1917.
1,500 Alley North of Cottage Grove Ave.-impt. bonds. Denom.$500 and
$1,000. Due $500 Dec. 1 1915 and $1,000 Dec. 11917.
Auth. Sec. 3914 Gen. Code. Date Dec. 1 1912. Int. semi-annual.
DENTON COUNTY (P. 0. Denton), Texas.-BONDS PROPOSED.
The issuance of $250,000 5 % 40-year road bonds is being comtemplated,
according to reports.
DEPOSIT, Broome County, N. Y.-NO ACTION YET TAKEN.
No action has yet been taken looking towards the issuance of the $50,000
water-works bonds voted Nov. 26 1912 (V. 95, p. 1487)•
DICKSON SCHOOL DISTRICT (P. 0. Dickson), Dickson County,
Tenn.-BONDS VOTED.-At an election held Dec. 31 the proposition
to issue $10,000 school-bldg.-completion bonds received a favorable vote,
according to reports.
DILLER, Jefferson County, Neb.-BONDS DEFEATED.-The
proposition to issue the $5,000 water-works bonds (V. 95, p. 1635) failed
to carry at the election held Dec. 23.
DONA ANA COUNTY(P.O. Las Cruces), N. Mex.-BONDS VOTED.
-The election held Dec. 28 resulted in favor of the proposition to issue the
$100,000 5% 20-30-year (opt.) coup. road and bridge bonds, it is stated.
These securities were sold Dec. 10(V. 96, p. 80) subject to approval at this
election.
DON ORA, WASHINGTON County. Pa.-I30ND ELECTION.-We
are advised that the question of issuinT $75,000 4%% sewer and street
bonds will be submitted to a vote on Feb. 4.
DULUTH SCHOOL DISTRICT (P. 0. Duluth), St. Louis County,
Minn.-BOND ELECTION PROPOSED.-Local papers state that an election will probably be called to submit to the voters the question of issuing
$200,000 building bonds.
ESSEX FELLS SCHOOL DISTRICT (P. 0. Essex Fells), Essex
County, N. J.-BOND OFFERING.-Attention is called to the official
advertisement elsewhere in this Department of the offering on Jan. 17 of
$35,000 4%% 30-yr. school bonds. For details of bonds and terms of
offering, see V. 95, p. 1762.
EVERETT, Wash.-DESCRIPTION OF BONDS.-The $47,356 62
77 1-10-year (opt.) impt. bonds awarded on Dec. 23 to J. E. Price & Co.
of'Seattle at 101 and int. (V. 95, p. 1762) are in the denom. of $100 each
and dated Dec. 21 1912. Interest annually in December.
FALL RIVER, Mass.-BOND SALES AND TEMPORARY LOANS IN
1912.-During the calendar year ending Dec. 31 1912 this city sold $362,000
long-term bonds and negotiated temporary loans amounting to $649,900.
While these transactions with few exceptions, have been reported in the
"Chronicle" at various times during the year, we reprint them all below as
a matter of record.
MUNICIPAL BONDS.
Amount. Purpose.
Date.
Due.
Int.
Purchaser,
Price.
$215,000 Municipal Feb. 1 '12 Feb. 1 '22
4% Blodget & Co.
103.60
70,000 Sewer
Mch. 1 '12 Mch. 1 '42
4% Blodget & Co.
106.84
July 1 '12 July 1 '13-22 4% Estabrook & Co.
50,000 Street
100.74
12,000 Municipal Sept.3 '12 Sept.3 '22
4% E. H. Rollins & Sons 100.50
15,000 Highway Dec. 2 '12 Dec. 2 '22
4% Et. L. Day & Co.
100.330
TEMPORARY LOANS.
Amount.
Rate.
Amount.
Time.
Time.
Rate.
2 mos
243 days
$100,000
2.76% $25,000
4%
80 days
5 mos
100,000
3.25% 100,000
4.07%
40 days
100,000
4
3.52% 66,000
126 days
8,900
1 mo.
150,000
124 days
4 %
3.55%
FLEMINGTON SCHOOL DISTRICT (P. 0. Flemington), Taylor
County, W.Va.-BONDS NOT YET SOLD.-We are advised by the Secy.,
Bd. of Ed.,under date of Jan.2, that no award has yet been made of the
$1,500 (the unsold portion of the $6,000) 6% coup. bonds (V. 95, p. 1346).
FLORA TOWNSHIP HIGH SCHOOL DISTRICT, Clay County,
Ill.-BONDS OFFERED BY BANKERS.-John Nuveen & Co. of Chicago
are offerng to investors $35,000 5% bonds. Denom. $1,000. Date Oct, 1
1912. Int. ann. in July at Flora. Due from July 1 1917 to 1928. No
other debt. Assessed valuation 1911, $710,873.
FRANKFORT UNION FREE SCHOOL DISTRICT NO. 9 (P. 0.
Frankfort), Herkimer County, N. Y.-BONDS VOTED.-We are
advised that this district has voted to issue $45,000 building bonds.
GALVESTON, Texas.-BONDS AUTHORIZED.-This city, according to reports, has authorized the issuance of $200,000 school and $125,000
sewer bonds.
GILA COUNTY SCHOOL DISTRICT NO. 26, Ariz.-BOND SALE.
On Dec. 2 $7.500 6% bonds were awarded to the First National Bank of
Globe at 105.125. Denom. $100. Interest annually in December.
GIRARD, Russell County, Ala.-BONDS PROPOSED.-This city is
contemplating the issuance of water works bonds, we are advised.
GRANBURY, Hood County, Texas.-BOND ELECTION PROPOSED.
-It is stated that the voters will have submitted to them in the near future
the question of issuing water-works-plant-construction bonds. .
GRAND RAPIDS, Mich.-BOND SALE.-On Jan. 6 the two issues of
4%% 2-5 yr.(ser.) coup.tax-free bonds aggregating $240,000 (V.96, p. 80)
were awarded to the Detroit Trust Co. in"Detrolt for $240,705 (100.314).
Int. and blank bonds. Other bids foil >w•
N. W. Halsey & Co., Chicago
$17 00 premium and blank bonds
Breed, Elliott & Harrison
106 76 premium for $60,000 issue
GRAND VIEW HEIGHTS, Frankl n County, Ohio.-BOND OFFERING.-Proposals will be received un il 12
.Feb. 7 by V. W. Jones,
VII. Clerk, for $4,000 437
0 deficiency bo d
Auth. Secs. 3909 and 3914
Gen. Code. Denom. $1,000. Date Dec, 16 1012, Int. J. & D. at Citizens' Trust & Savings Bank in Columbus. Due $1,000 yearly on Dec. 16
from 1920 to 1923 incl. Cert. check for 1% of bonds, payable to the Vii.
Treas., required. Bonds to be delivered within 10 days from time of award
Purch. to pay accrued interest.
GRANT'S PASS JOSEPHINE COUNTY, Ore.-BONDS AUTHORIZED.-Thls city has authorized the issuance of $200,000 5% 15-30-




15 I.

year (opt.) gold coup. municipal bonds."Denom. $1.000. Int. .1. Isc J.We are advised that these securities will soon be offered for sale.
.1
GREGORY COUNTY (P. 0. Fairfax), So. Dak.-PURCHASER OF"
BONDS.-The purchaser of the $90,000 5% 20-year warrant-funding.
bonds sold on Dec. 17 (V. 96, p,80) was the Wells & Dickey Co. of Minneapolis. The price paid was $91,600, or 101.77. Denom. $1,000. Date
Jan. 1 1913. Int. J. & J.
HAMILTON COUNTY (P. 0. Cincinnati) Ohio.-NO ACTION YET
TAKEN.-No action has yet been taken loolang towards the issuance of
the $500,000 Longview Hospital impt. bonds voted Nov. 5(V. 95, p. 1346)•
HAMPTON SCHOOL DISTRICT (P. 0. Hampton), Hamilton
County, Nab.-BONDS VOTED.-The question of issuing $12,000 5%
5-20-year (opt.) building bonds carried at an election held Sept. 27.
HANCOCK COUNTY (P. 0. Jackson), Miss.-BONDS PROPOSED.
It is stated that this county is contemplating the issuance of $50,000 roadand-bridge-construction bonds.
•
HART COUNTY (P. 0. Munfordville), Ky.-BONDS PROPOSED.
Reports state that this county is contemplating the issuance of $200,000•
road bonds.
HESPERIA, Oceans, County, Mich.-BOND SALE.-On Jan. 2'
$2,5005% water-works bonds were awarded to C.B.Buck at par. Denom.
$250. Date Jan. 2 1913. Int. ann. in Oct. Due Oct. 151923.
HIGHTSTOWN, Mercer County, N. J.-BOND SALE.The $35,0004%% sewer bonds offered on Oct. 2 1912 (V. 95, p. 845) were awarded at
par, $10.000 to the First Nat. Bank in Hightstown and $25,000 to local
investors.
HILL COUNTY SCHOOL DISTRICT NO. 4, Mont.-BOND SALE.
-On Dec.9 the $1,000 8-10-year (opt.) gold coupon site and school-building
tax-free bonds dated Dec. 10 1912 (V. 95. p. 1560) were awarded to the
Barnesville National Bank In Barnesville at 101.10.
HILLCREST IRRIGATION DISTRICT, Idaho.--LBOND-ELEdTRW
PROPOSED.-Reports state that this district is considering the issuance'
of approximately $60,000 bonds.
HINTON, Caddo County, Okla.-BOND SALE.-This town has
disposed of the $30,000 6% 25-yr. water and light bonds offered without
success on Nov. 19 1912. (V. 95, p. 1487)•
HOHOKUS TOWNSHIP SCHOOL DISTRICT (P. 0. Mahwah),
Bergen County, N. J.-BOND SALE.-On Dec. 9 $2,500 4%% building
bonds were awarded to the Suffern Nat. Bank in Suffern at par. Denom.
81,000 and $1,500. Date Dec. 1 1912. Int. J. & D. Due $1,000 in
1929 and $1,500 in 1930.
HOWELL, Colfax County, Neb.-BOND SALE.-On Jan. 6 85.000.
5% town-hall bonds were awarded to A. Folds at 100.54. Denom. $500.
Date Dec. 11912. Int. ann. in Dec. Due $500 yearly from Dec. 1 1923.
optional after 10 years. Other bids follow:
C. H. Coffin, Chicago
96.50f First Trust Co., Lincoln
95.00
HUNTINGTON BEACH, Orange County, Cal.-BONDS AUTHORIZED.-It is reported that resolutions were passed providing for the issuance of $19,000 city-hall-constr. bonds.
IDAHO FALLS, Bonneville County, Idaho.-BOND SALE.-On
Jan. 3 the $35,000 10-20-year (opt.) coup. water-works bonds (V. 95, p.
1560) were awarded to the Harris Trust & Savings Bank of Chicago for$35,026 (100.074) and interest.
JACKSON, Jackson County, Ohio.-BONDS NOT SOLD.-No bidswere received on Dec. 28 for the $6,500 deficiency and $2,500 pumpingmachinery 4% 20-year coupon bonds (V. 95, p. 1635), it is stated.
JACKSONVILLE, Fla.-BOND OFFERING.-Further details are at
relative to the offering on Jan. 15 of the $100,000 street-impt.,
,000 city works and electric plants building and Inapt. and $50,000'
park-site 4%% gold coupon impt. bonds (V. 96, p. 80). Proposals forthese bonds will be received until 3 p. m.on that day by W. M.Bostwick Jr.
Chairman Board of Bond Trustees. Denom. $1,000. Date Feb. 1 1912.
Int. F. & A. at the City Treas. office or at a New York City bank to be
designated by the City of Jacksonville, at the holder's option. Due Feb. 1
1937. Cert. check on a Jacksonville bank for 2% of bonds bid for required. Bonds have been certified as to genuineness by the U. S. Mtge. &
Trust Co. of N.Y.and their legality has been approved by Dillon. Thompson & Clay of N. Y., whose opinion will be furnished the purchaser. Purchaser to pay accrued int. Delivery of bonds to be made Jan. 16, unless
a surbsequent date shall be mutually agreed upon. Bids must be made
on blank forms to be furnished by the city.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
BOND ELECTION.-The election to decide whether or not this city
shall issue the $1,500,000 434% gold coup. dock and terminal bonds(V. 95._
p. 1148) will be held Jan. 21. Denom. $1,000. Date March 1 1913.
Int. M. & S. at the City Treas. office or at a bank in New York City
designated by the city of Jacksonville. Due March 11943.
JAMESTOWN, Chautauqua County, N. Y.-BOND OFFERING.
Proposals will be received until 12 m.Jan.18 by the Board of Water Comma.,
it is stated, for the $150,000 10%-yr. (aver.) water-works-ext. bonds voted
Int.
(rate not to exceed 4%)semi-ann.
Sept. 14 1912 (V. 95, p. 769).
Due $7,500 yrly. Cert. check for 2% required.
JEFFERSON COUNTY (P. 0. Birmingham), Ala.-BOND SALE.On Dec. 31 the $100,000
% 50-year gold Hillman Hospital bonds.
(V. 95, p. 1635) were awarded, it is stated,to Ladenburg, Thalmann &.Co.
of New 'York at 100.2731.
JERSEY CITY, N. J.-BOND SALES IN 1912.-We print below, as a
matter of record, a description of the bonds sold by this city during thecalendar year ending Dec. 31 1912
Amount.
PurposeInt.
Due.
Date.
Price. Purchaser.
$200.000 School
4g June 1 '12 June!'42 101,238 A.B.Leach
60,000 Harbor
4g June 1 '12 June 1 '42 101.238 &
43j Sept.3 '12 Sept.3'62 Par
332,000 School
N. Y.
70,000 Park
Sink. Fund,
4
Apt. 1 '12 Apr. 1 '62 Par.
316,100 Tax arrears ren. 3% Jan. 1 '12 Jan. 1 '17 Par.
Commis'n.
JEWELL, Hamilton County, Iowa.-BONDS REFUSED.-Local.
papers state that Geo. M. Bechtel & Co. of Davenport have refused to'
accept the 85.00020
-year water-works bonds recently awarded them (V.95.
p. 1697) on account of certain irregularities found in the election authorizing.
the issuance of the bonds.
JOPLIN, Jasper County, Mo.-BOND ELECTION.-An election will
be held Jan. 22 to vote on the proposition to issue $90,000 market-square
bonds, reports state.
KALAMAZOO, Mich.-BOND SALE.-We are advised that $150.000
municipal light bonds were awarded on July 15 1912 to Toledo bankers.
KANSAS CITY, Mo.-BONDS VOTED.-The election held Jan. 7 is
said to have resulted in favor of the eight issues of 20-yr. gold coup. bonds
aggregating $2,950,000. (V. 95, p. 1636).
KEARNEY, Buffalo County, Neb.-NO ACTION YET TAKEN.
No action has yet been taken looldngtowards the issuance of the proposed'
$50,000 electric-light bonds (V. 95, p. 1488)4
KELLOGG, Shoshone County, Idaho.-BONDS PROPOSED.-Theissuance of sewer bonds is being contemplated, according to reports.
KEOKUK SCHOOL DISTRICT (P. 0. Keokuk), Lee County, Iowa.
-BOND ELECTION.-The election to vote on the proposition to issue the
$50,000 school-bldg. bonds (V. 95, p. 1763) will be held Jan. 31.
KEWANEE, Henry County, Ill.-BOND SALE.-On Dec. 30 the
$12,000 5% gold coupon cemetery-site-purchase bonds (V. 95.P. 037) were
awarded, it is stated, to N. W. Halsey & Co. of Chicago at 101.69.
L
E CITY, Calhoun County,Iowa.-NO ACTION YET TAKEN.
No • ion has yet been taken looking toward the issuance of the proposed;
$12,000 water-works-plant-impt. bonds (V. 95. p• 1424)•
LANARK SCHOOL DISTRICT NO.43, Carroll County, Ill.-BONDS'
OFFERED BY BANKERS.-An issue of $15,000 5% bldg. bonds is being
offered to investors by John Nuveen & Co. of Chicago. Denom. $1,000.
Date Aug. 1 1912. Int. F. & A. at the office of John Nuveen & Co. of Chicago. Due from Aug. 1 1914 to 1928. No other debt. Assess. valuation 1911 $438.055.

152

THE CHRONICLE

LAUREL Jones County, Miss.-BONDS PROPOSED.-It is reported
that this city is considering the issuance of $25,000 West End school-bldg.
and $50,000 sewerage and water-works bonds.
LAWRENCE COUNTY (P. 0. Deadwood), So. Dak.-BOND SALE.
-On Dec. 17 the 3150.000 5% 10-20-yr. (opt.) reg. funding tax-free bonds
(V. 95, p. 1561) were awarded to H. 0. Speer & Sons Co. of Chicago for
3151,500, making the price 101.0006.
LEFLORE COUNTY (P. 0. Poteau), Okla.-BONDS DEFEATED.
Using newspaper reports, we stated that the election held Nov. 5 1912
resulted in favor of the proposition to issue $75,000 court house bonds
(V. 95, p. 1347). We are now advised by the County Clerk that the bond
Issue was defeated.
LEON COUNTY COMMON SCHOOL DISTRICT, Texas.-BONDS
REGISTERED.-The State Comptroller registered the following 55 bonds
on Dec. 30 1912 $800 bonds of Dist. No. 1; $500 bonds of Dist. No. 23;
$1,000 bonds of Dist. No. 44. and $1,600 bonds of Dist. No. 47.
LINCOLN SCHOOL DISTRICT, Placer County, Cal.-BONDS
VOTED.-The proposition to issue the $4,500 playground-site-purchase
and impt. bonds
95, p. 1636) carried, it is stated, by a vote of 88 to 21
at the election held
(V. Dec. 31 1912.
LOCIELAND, Hamilton County, Ohio.-BOND SALE.-We are advised that the $29,500 4% 20-yr. Wyoming Ave. impt. bonds recently advertised to be sold Jan. 20 were purchased by the Sinking Fund Trustees
on Dec.31 at par and int. Denom.$500. Date Nov. 11912. Int. M.&N.
LOGAN, Cache County, Utah.-BOND SALE.-On Dec. 12 $40,000
5% 20-yr. refunding bonds were awarded to the Harris Trust & Say. Bank
of Chicago at 101.375. Denom. $1,000. Date Jan. 11913. Int. J. & J.
at the office of the City Treasurer.
LORAIN, Lorain County, Ohio.-BONDS NOT SOLD.-No bids were
received on Jan. 3 for the two issues of coup. bonds,aggregating $37,286 52
(V.9, p. 1636).
LORIMOR, Union County, Iowa.-BOND ELECTION PROPOSED.
Reports state that an election will probably be held to vote on the question
of issuing $8,000 electric-light-plant bonds.
LOUDONVILLE, Ashland County, Ohio.-BOND OFFERING.
Proposals will be received until 12 m. Feb. 3 by M. J. Huffman, Village
Clerk,for $12,0005% water-works and electric-light-impt. bonds. Denom.
$500. Date Jan. 15 1913. Int. M.& S. Due $500 each six months from
March 1 1914 to Sept. 1 1925 incl. Cert. check for 5% of bonds bid for,
payable to the Treas., is required. Purchaser to pay accrued interest.
LOVELAND, Clermont County, Ohio.-BOND SALE.-On Jan. 6
the 31,095 13 6% 1-5-yr. (ser.) coupon street-impt. bonds (V. 95, p. 1697)
were awarded to the First Nat. Bank of Barnesville for $1,106 13,(101.004)
and interest.
LOWELL, Middlesex County, Mass.-BOND SALE.-MerrIll, Oldham & Co. of Boston were awarded on Dec. 31 at 100.029 322.500 water
and $248.000 municipal 4% bonds due from 1927 to 1932. The former
issue is dated Sept. 1 1912 and the latter Dec. 1912.
McMINN COUNTY (P. 0. Athens), Tenn.-NO BONDS TO BE ISSUED.-We are advised that the newspaper reports to the effect that this
county is contemplating the issuance of $50,000 high-school bonds (V. 95,
D. 1424) are erroneous.
MADISON, Madison County, Fla.-BONDS AUTHORIZED.-A resolution was recently passed by the City Council, it is stated, providing for
the issuance of $5,000 water-works bonds.
MALDEN, Mass.-TEMPORARY LOANS IN 1912.-During the year
1912 this city borrowed $850,000 in anticipation of taxes. With the exception of a 9-mos. loan of $150,000, negotiated Jan. 12 with'Curtis& Sanger,
at 3.15% discount and 37 cts. premium, these loans were all previously reported in these columns.
MARSHALL, Harrison County, Texas.-DESCRIPTION OF BONDS.
-The $28,000 5% 10-40-year (opt.) street-impt. bonds awarded to Well,
Roth & Co. of Cin. (V. 96, p. 81) are in the denom. of $1,000 each and
dated July 1 1912. Interest J. & J.
MARYLAND.-BOND OFFERING.-Further details are at hand relative to the offering on Feb. 3 of the $500,000 3%% coup. tax-free Series
"F" road bonds (V. 96, p. 81). Proposals will be received until 12 m on
that day by M. Vandiver, State Treasurer (P. 0. Annapolis). Denom.
$1,000. Date Feb. 11913. Int. F. & A. Due Feb. 1 1928, opt. Feb. 1
1923. Certified check for 5% of bid is required.
MASSACHUSETTS.-TEMPORARY LOANS IN 1912.-During the
calendar year ending Dec. 31 1912 the State of Massachusetts negotiated
temporary loans aggregating $8,725,000 at an average rate of 3.05% int.
MELROSE, Middlesex County, Mass.-TEMPORARY LOAN.-A
loan of $30,000, due Oct. 17 1913, was negotiated with the Worcester North
Say. Institution of Fitchburg at 4.10% discount and 60 cts. premium.
MILFORD TOWNSHIP HIGH SCHOOL DISTRICT, Iroquois
County, Ill.-BONDS OFFERED BY BANKERS.-John Nuveen & Co.
of Chicago are offering to investors $20,000 4 % bonds. Denom. $500.
Date July 1 1912. Int. ann. in July at the office of John Nuveen & Co.
Due from July 1 1914 to 1923. No other debt. Assess. val. 1911. $1,343,887.
MILLTOWN, Berrien County, Ga.-BOND SALE.-On Dec. 10 the
$10,000 water-works. $10,000 school and $5,000 electric-light 5% bonds
voted Aug. 5 1912 (V. 95, p. 437) were awarded to H. C. Speer & Sons Co
of Chicago at par. Date Sept. 11912. Int. J. & J. Due 35,000 on Jan. 1
In 1918, 1923, 1928, 1933 and 1938.
MONROE TOWNSHIP (P. 0. Marysville), Nodaway County, Mo.BOND ELECTION PROPOSED.-According to reports, the proposition to
issue $15,000 road bonds will probably be submitted to the voters.
MONTANA.-BOND SALE.-The Permanent School Fund purchased
at par the $533.000 insane-asylum bonds voted Nov.5 1912(V.95,P. 1425),
according to reports.
MONTGOMERY,Ala.-BOND SALE.-The Farley Nat. Bank of Montgomery has been awarded an issue of 378,000 5% 10-year paving bonds.
MONTPELIER, Williams County, Ohio.-BOND SALE.-The Farmers' Bank of Bryan has been awarded 33,000 5% refunding bonds, we are
advised.
MORRIS SCHOOL DISTRICT NO. 54, Grundy County, Ill.BONDS OFFERED BY BANKERS.-John Nuveen & Co. of Chicago are
offering to investors $21,000 5% bldg bonds. Denom. $500. Date
July 1 1912. Int. ann. in July at the office of John Nuveen & Co. of Chicago. Due from July 1 1913 to 1922. No other bonded debt. Assess. val.
1911, $1,528,837
MORRISTOWN SCHOOL DISTRICT (P. 0. Morristown), Morris
County, N. J.-BONDS DEFEATED.-An election held Jan. 2 resulted,
reports state, in the defeat of the question of issuing $50,000 bldg. bonds.
The vote was 28 "for" and 52 "against."
NASHUA, Hillsboro County, N. H.-TEMPORARY LOAN.-A loan
of $50,000 due Dec. 2 1913 has been negotiated with Loring, Tolman &
Tupper of Boston at 534% discount
NEENAH, Winnebago County, Wis.-BOND SALE.-On Jan. 2 the
$20,000 water-works refunding bonds (V. 95, p. 1764) were awarded to
Devitt, Tremble & Co. of Chic. at 100.07 for 434s. Other bids for 43.4s
follow:
Chapman,Mills & Co.. Chic_320,0001Harris Tr. & Say. Bk., Chic_319,717
H.C.Speer & Sons Co., Chic. 19,760 A. B. Leach & Co., Chic__ __ 19,712
A bid of$20,540 for 5s was also rece ved from John Nuveen & Co. of Chic.
Denom. $1,000. Int. semi-ann. at the City Treas. office Due $2,000
yearly Jan. 1 1920 to 1929 inclusive.
NESHOBA COUNTY (P.O.Philadelphia), Miss.-BONDS VOTED.
An election held Jan. 3 resulted, it is stated, in favor of the question of
Issuing $100,000 Dist. No. 1 road bonds.
NEVADA CITY, Nevada County, Cal.-BONDS PROPOSED.-This
city, reports state, proposes to issue $20,000 city-hall bonds.
NEW BOSTON SCHOOL DISTRICT (P. 0. New Boston), Scioto
County, Ohio.-BOND OFFERING.-Proposals will he received until
12 m. Jan. 24 by Roy H. Coburn, Dist. Clerk, for $29,500 43% coup.
school bonds. Auth. Sec. 7629 Gen. Code. Denom. $500. Date
Jan. 24 1913. Int. J. & J. at the Portsmouth Banking Co. in Portsmouth.
Due $1,000 yearly on Jan. 24 from 1923 to 1951 Incl. and $500 Jan. 24 1952.
Cert. check on some solvent bank for 5% of bonds bid for, payable to R. IE.
Coburn, Clerk, required.




[VOL. xcirr.

NEWPORT BEACH, Orange County, Cal.-BONDS NOT SOLD.
No bids were received on Dec. 30 for the $25,000 electric-light bonds offered on that day(V. 95, p. 1764).
NORMAL, McLean County, Ill.-BOND ELECTION PROPOSED.
Reports state that the question of issuing street-impt. bonds will probably
be submitted to the voters at the spring election.
NORTHAMPTON, Hampshire County, Mass.-BOND SALE.-On
Jan. 3 $25,000 4% 1-5-yr. (ser.) coup. school-bldg. bonds were awarded to
Clement Parker & Co. of Boston at 100.43 and int. Other bids follow:
W.L. Raymond & Co.. Bos__100.18Estabrook & Co., Boston_ ___100.002
Edgerly & Crocker, Boston__ _100.17
Denom. $1,000. Date Jan. 1 1913. Int. J. & J. at the Hampshire
County Nat. Bank of Northampton.
NORTHAMPTON TOWNSHIP (P. 0. Mount Holly), Burlington
County, N. J.-BOND SALE.-We have just been advised that Moron
& Co. of Phila. was awarded at 100.28 on Jan. 18 1912 an issue of $46,000
43-4% school-bldg. bonds. Denom. $1,000. Date Jan. 1 1912. Int.
J. & J. Due part yearly from 1913 to 1959.
NORTH CADDO DRAINAGE DISTRICT SUB-DISTRICT NO. 1
(P. 0. Gilliam), Caddo Parish, La.-BONDS VOTED.-An election
held Dec. 30, it is stated, resulted in favor of the proposition to issue
improvement bonds.
NORWOOD, Hamilton County, Ohio.-DESCRIPTION OF BONDS.
-The $90,000 4% 20-year city-hall bonds awarded on Dec. 30 to the Western German Bank in Cincinnati at 100.919 (V. 96, p. 81) are in the denom.
of $500 each and dated Dec. 30 1912. Interest J. & D.
OCILLA. Irwin County, Ga.-BOND SALE.-On Jan. 3 the $16,000
5% sewer bonds (V. 95. p. 1764) were awarded to Cooke, Holtz & Co. of
Chicago for $16,027 (100.168) and int.
OHIO CITY, Van Wert County, Ohio.-BOND SALE.-On Jan. 6
the 84,000434% 134-yr. (ay.) electric-light bonds (V. 95, p. 1764) were
awarded,it is stated, to the Farmers' State Bank of Ohio City at par and int.
ONEIDA COUNTY (P. 0. Utica), N. Y.-BOND SALE.-On Jan. 6
the $150,000 43-4% 2-11-yr. (ser.) reg. funding tax-free bonds (V. 95, p.
1764) were awarded to Harris, Forbes & Co. of N. Y. at 100.653. Other
bids follow:
A. B. Leach & Co., N.Y.$150,345 00
Kis.sell, Kinnicutt & Co.,
$150,850 00 Blodget & Co., Boston_- 150,201 00
N. Y
N.Y
150,190 00
R. L. Day & Co., N.Y.._ 150,666 00 Sutra
Bros.,
Son& Co., N.Y. 150,187 50
Bond & Goodwin, N. Y.. 150,496 50 Farson,
C. H. Venner & Co.,N.Y. 150.469 50 E. H. Rollins & Sons,
•
150.166 50
Boston
150,463 00
Adams & Co.. N.Y
OKLAHOMA.-BOND OFFERING.-Proposals will be received until
4 p. m. Feb. 1 (date changed from Jan. 15) by Robt. Dunlop, State Treas.,
at OklahomaCity, for $3,000,000 4% coupon refunding bonds (V. 95, p.
1636). Auth. Chap. 7, Art. 1. Session Laws of 1895. Denom. $1,000.
Int. F. & A. at the Oklahoma fiscal agency in N. Y. or the State Treas.
office. Due $300,000 yriy. Feb. 1 1934 to 1943 incl. A deposit in cash or
cert. check on some responsible banking institution for 2% of bid required.
The official notice of this bond offering will be found among the advertise•
ments elsewhere in this Department.
ONTONAGON TOWNSHIP SCHOOL DISTRICT, Ontonagon
County, Mich.-BONDS OFFERED BY BANKERS.-John Nuveen & Co.
of Chicago are offering to investors 345,000 5% high-school bonds. Denom.
$500. Date Sept. 1 1912. Int. ann. in March at the office of John Nuveen & Co. Due from Mch. 1 1914 to 1927 incl. No other debt. Assess.
val. 1911 $999,985.
OSCEOLA, Clark County, Iowa.-BONDS VOTED.-By a vote of
246 to 29 the question of issuing $6,500 water-works-impt. bonds carried at
an election held Dec. 30.
PECOS, Reeves County, Texas.-BOND ELECTION.-On Jan. 21 the
voters will have submitted to them the proposition to issue $35,000 seweragesystem bonds, reports state.
PETERSBURG, Dinwiddie County, Va.-BOND OFFERING POST% 40-yr.
PONED.-We are advised that the offering of the $100,000
gold coup. or reg. tax-free public-impt. bonds which was to have taken
place on Jan. 8 (V. 95. p. 1489) was postponed.
PHOENIX SCHOOL DISTRICT NO. 1 (P. 0. Phoenix), Ariz.BONDS VOTED.-The election held Jan. 4 resulted in favor of the proposition to issue the $200.000 5% 20-yr. school bonds (V. 95, p. 1637), according to reports.
PITTSBUGRH, Pa.-BONDS AUTIIORIZED.-Ordinances were recently passed providing for the following 4 % coup. or reg. bonds
$390,000 public-playground bonds. Duo $13,000 yearly on Dec. 1 from
1913 to 1942 inclusive.
5.000 street-impt. bonds, Series "D." Due $1,000 yearly on Dec. 1
from 1913 to 1917 inclusive.
1,350,000 funding bonds of 1912. Due $45,000 yearly Dec. 1 from 1913
to 1942 inclusive.
Denom. $100 or multiples thereof. Date Dec. 11912. Int. J. & D. at
City Comptroller's office.
POINT PLEASANT SCHOOL DISTRICT (P. 0. Point Pleasant),
Ocean County, N. J.-BONDS DEFEATED.-An election hold Dec. 30
resulted in the defeat of the question of issuing $20,000 bldg. bonds. The
vote was 5 "for" to 95 "against."
PORTLAND SCHOOL DISTRICT NO. 1, Multnomah County, Ore.
-BOND ELECTION.-Local papers state that an election will be held
Feb. 1 to vote on the question of issuing $1,000,000 building bonds.
PORT OF SEATTLE, Wash.-BONDS AWARDED IN PART.-On
Jan. 331,000,000 of the $2,350,000 434% gold coup. bonds, bids for which
were received on Dec. 19 1912 (V. 95, p. 1764), were awarded to Well,
Roth & Co. Plympton, Gardner & Co., Eyman & Co. and Seasongood &
Mayer at Mick joint bid of 93.53.
PORTSMOUTH CITY SCHOOL DISTRICT (P. 0. Portsmouth),
Scioto County, Ohio.-BOND SALE.-On Dec. 12 the 331,000 4% coup.
school-impt. bonds (V. 95, p. 1489) were awarded to the First Nat. Bank
of Portsmouth for $31,040 making the price 100.12.
PRATTVILLE, Autouga County Ala.-BOND OFFERING.-Proposals will be received at once by .1. 0:Burns, Mayor, for the $10,000 6%
gold coup. or reg. funding tax-free bonds (V. 95, p. 1699) voted Dec. 16.
Auth. Page 187, Acts of Special Session of 1909. Denoin. $1,000. Date
Jan. 1 1913. Int. J. & J. at the Nat. Park Bank in N. Y. City. Due
Jan. 11923.
PRESTON, Jackson County, Iowa.-NO ACTION YET TAICEN.No action has yet been taken looking towards the issuance of the $8,000
light bonds voted Nov. 22 1912 (V. 95, p. 1489)•
PROVIDENCE, R. I.-NO ACTION YET TAKEN.-No action has
yet been taken looking towards the issuance of the$350,000 eity-hall-impt.
bonds auth. Nov. 7 (V. 95, p. 1348)•
RICHMOND, Va.-BOND SALE.-On Jan. 1 the Board of Sinking
Fund Cotnnirs. purchased at par, it is stated, $120,000 public-impt. bonds.
RICHMOND COUNTY (P. 0. Augusta), Ga.-NO ACTION YET
TAKEN.-No action has yet been taken looking towards the issuance of
the proposed $200,000 road and bridge bonds (V. 95, p. 1426)•
RISING STAR INDEPENDENT SCHOOL DISTRICT (P. 0. Rising
Star), Eastland County, Tex.-BONDS REGISTERED.-An issue of
$3,000 5% bonds was registered on Dec. 30 1912 by the State Comptroller.
ROCHESTER, N. Y.-BOND OFFERING.-Proposals will be received
until 2 p. m. Jan. 14 (not Jan. 9, as at first reported. V. 95, p. 1764) by
Ed. S. Osborne, City Compt., for the following 434% reg. bonds:
93. bonds. Date Jan. 15 1913. Int. J. & J. Duo Jan. 15
$5,659,000 funding
520,000 refund. bonds. Date Feb. 1 1913. Int. F. Sc. A. Due Feb. 1
•
1933.
Auth. Chap. 755, Laws of 1907, as amended by Chap. 55, Laws of 1912.
Denom. $5,000. Int. payable at Union Trust Co. of N. Y. Cert, check
for 2% of the bonds voted for, payable to the City Compt., required.
Bonds will be certified as to genuineness by the Columbia-Knickerbocker
Trust Co., N. Y., and their legality will be approved by Caldwell, Masslich

JAN. 11 1913]

THE CHRONICLE

153

SOUDERTON,Montgomery County,Pa.-BOND SALE.-On Dec.14
& Reed of N. Y., whose favorable opinion will be furnished to the pur- this
borough disposed of the $25,000 4% coupon tax-free municipal bonds
chaser. Purchaser to pay accrued int. Bids must be made on blanks to recently voted (V. 95, p. 1426) at prices ranging from 100 to 100.37.
Denom.(100) 3100 and (30) $500. Date Jan. 1 1913. Int. J. & J. at the
be furnished by the city.
1923, incl.. and
The official notice of this bond offering will be found among the advertise- Union Nat. Bank. Due $1,000 yearly Jan. 1 1914 to
$1,500 yearly Jan. 1 1924 to 1933, inclusive.
ments elsewhere in this Department.
SOUTH HADLEY FIRE DISTRICT NO. 2, Mass.-BOND OFFERNOTE SALE.-On Jan. 8 $350.000 revenue notes due in 5 months from
-Proposals will be received until 3 p. in. Jan. 20 by H. T. Brockway,
Jan. 13 1913 were awarded to Bond & Goodwin of N. Y. for $350,055 ING.
Chairman (P. 0. South Hadley), for $10.000 4% coupon Water bonds.
(100.01) for 434s. Other bids follow:
Int. Prem.m. Denom. $500. Date July 1 1912. Int. J. & J. at the Old Colony Trust
Amount.
$3 00 Co. of Boston. Due $500 yearly July 1 from 1917 to 1936, inclusive.
$65,000 4.62
Watson & Pressprich, New York City
8 65 Bonds will be certified as to their genuineness by the Old Colony Trust Co..
350,000 4.75
Goldman,Sachs & Co.. New York
00 Boston. They will further certify that the legality of this issue has been
150
350,000 5.00%
H.Lee Anstey, New York
71 75 approved by Messrs. Ropes, Gray & Gorham, Boston, whose opinion will
350,000 5.007
Parkinson & Burr, New York
76 be furnished to .the purhaser without charge.
8
5.00%
50,000
York
New
Co.,
J. A. Clark &
1 00
100,000 5.007
Security Trust Co., Rochester
SOUTH HAVEN, Van Buren County, Mich.-BOND SALE.-We are
350,000 5.00
Alliance Bank, Rochester
advised that this city has disposed of $1,934 park bonds.
-10066
350,000 5.00
Union Trust Co., New York
SOUTH SIOUX CITY (P. 0. South Sioux City), Dakota County,
4,000 5.00
Bonbright & Hibbard, Rochester
Neb.-BOND OFFERING.-Proposals will be received until 2 p.
100,000 5.10
° water bonds. Denom. $500.
15 by the City Clerk for $25,000 57
Jan.
100,000 5.15
Luther Robbins, Rochester
1-3-66 Interest semi-annual.
150,000 5.25f
10 00
350.000 5.25 °
ru & Savings Bank, Chicago
First Trust
NOT SOLD.
---- F, SPENCER COUNTY (P. 0. Rockport), Ind.-BONDS
350,000 5.60
Daniel A. Moran & Co., New York
No award was made on Dec. 21 of the $4,477.70 5% drainage bends.
ROCK FALLS SCHOOL DISTRICT (P. 0. Rock Falls), Whiteside (V. 95, S.• 1637). Date Oct. 7 1912. Due, Jan. 23 192s.
County, Ill.-DESCRIPTION OF BONDS.-The $17,000 5% schoolSPRINGFIELD, Mass.-TEMPORARY LOANS IN 1912.-During the
bldg. bonds awarded on Jan. 1 to L. P. McMillen of Rock Falls for $17,125 calendar
year ending Dec. 31 1912 this city negotiated the following tem(100.73) and Int.(V. 96, p. 82) are in the denom. of $1,000 each and dated porary loans aggregating $750,000
to
1914
1918.
from
Oct. 1 1912. Int. ann. In Oct. Due
Date.Due.
With Whom Negot'd.
Rate.
Amount.
SACRAMENTO COUNTY, Cal.-BONDS NOT SOLD.-No bids were $400,000 Morgan & Bartlett_ 3.43%disc. June 14 1912 Nov.6 1912
do
do
July 26 1912 Nov.7 1912
received on Dec. 30 for the $63,000 6% 203(-year (avge.) Reclamation
250,000
-4.05% do
Dist. No. 551 bonds (V. 95, p. 1637)•
50,000 Union Trust Co____ 4.50% int. Sept. 12 1912 Nov.4 1912
50,000 Third Nat. Bank_ __g 4.507° do, Sept. 13 1912 Nov.4 1912
ST. BERNARD, Ohio.-BONDS AUTHORIZED.-This city has authorized the issuance of $6,000 police-dept. bonds. These securities take
GROVE, Houston County, Minn.-BONDS VOTED.-At a
SPRING
the place of the $5,000 bonds authorized Nov. 8 (V. 95, p. 1426).
recent election the question of issuing electric-light-plant-constr. bonds re31
Dec.
-On
SALE.
Ore.
-BOND
ceived a favorable vote, according to reports.
ST. JOHNS, Multnomah County,
were
the $17,340 6% 1-10-year (opt.) street-impt. bonds (V. 95, p. 1699) price
SUNBURY, Delaware County, Ohio.-BONDS VOTED.-By a vote
the
making
Johns
for
$17,515,
St.
of
Bank
Nat.
First
awarded to the
of issuing $10,000 street-impt. bonds carried it
and blank of 122 to 38 the questionheld
101.009. Denom. $500. Int. semi-ann. A bid of $17,440Johns.
Dec 30.
at an election
reported,
bonds was also received from the Peninsular Nat. Bank of St.
SALE.-This city during December1.911
-BOND
Wash.
TACOMA,
will
SALINA, Saline County, Kan.-BOND OFFERING.-Proposals
assess, bonds, aggregating $29,199
7%
special-impt.
following
the
issued
be received until 8 p. m.Jan. 20 by Chas. E.Banker, City Clerk,for $26,400
Due.
Date.
Purpose.
Amount.
and
$540
5% coup. paving bonds. Denom. (10) $1,000, (10) $600, (10)
Dec. 4 1912 Dec. 4 1917
-walks
cement
35
$15,262
at
(10) $500. Date Jan. 11913. Int. J. & J. at the Kansas fiscal agency
Dec. 10 1912 Dec. 10 1917
3,317 75 grading
check
Cert.
incl.
1
1923
from
1914
Jan.
to
yearly
$2,640
Due
Topeka.
Dec. 20 1912 Dec. 20 1917
2,596 95 grading
for $500 required.
Dec. 26 1922 Dec. 26 1922
5,855 60 paving
Dec. 26 1922 Dec. 26 1917
SALINE, Washtenaw County, Mich.-BOND SALE.-On Dec. 17
2,166 35 water-main
the $30,000 water-works bonds voted Oct. 1 1912 (V. 95, p. 997) were
yearly.
part
call
to
subject
Bonds are
•
awarded to W. E. Moss & Co. of Detroit as 43s for $30.565 (101.88)to
TEXARKANA, Bowie County, Texas.-BOND SALE.-Otireac7r0
Denom. $1,000. Date Feb. 1 1913. Int. F. & A. Due Feb. 1 1918
the $50,000 5% 15-40 year (opt.) school bldg. bonds (V. 95, p. 1562) were
1937.
to Cutter, May & Co. of Chicago at 101 and blank bonds.
awarded
SALISBURY SCHOOLDISTRICT, Chariton County, Mo.TITUSVILLE, Brevard County. Fla.-BOND OFFERING.-ProposBONDS OFFERED BY BANKERS.-The H. P. Wright Investment Co. of
5%building
received until March 1 by W. J. Bailey, City Clerk, for $29,000
be
will
als
Kansas City is offering to investors $8,500 of an issue of $10,000
securities are part of an issue of
bonds. Denom. $500. Date Sept. 16 1912. Int. M. & S. at the Third 5% tax-free water-works bonds. Thesebeen
sold. Auth. Chapter 6407.
Bonded
which $1,000 has already
of
1922.
$30,000,
16
Sept.
opt.
Nat, Bank In St. Louis. Due Sept. 16 1932.
1 1913. Int. J. & J. at the City
Jan.
Laws 1909. Denom. $i,000. Date
debt, including this issue, $23,000. Assessed valuation 1911, $679,050.
debt (including this issue),
Bonded
Jan.
11941.
Due
office.
Treasurer's
is
SAN FRANCISCO Cal.-BOND SALES IN 1912.-The following
Assessed valuation 1912, $274,242.
a complete list of the bonds put out by this city during the calendar year $32,000.
esals will be received
OFFERING.-Prop
-BOND
J.
N.
TRENTON,
of
record
matter
a
as
ending Dec. 31 1912, printed herewith
until 2 P. M.,Jan. 14, by H.E.Evans, City Treas., it is stated„for 351.650
Price.
Purchaser.
Due.
Date,
Int.
Purpose.
Amount.
Cert. check for $1,000 is
semi-ann.
Int.
bonds.
paving
10-yr.
%
45
1920-1964
sale.
Private
44%
1910
$148,000 Water
required.
5% July 1 1908 1914-1938 Watson &
250,000 School
TROY, N. Y.-BOND OFFERING.-Proposals will be received until
1916-1955 Pressprich and
do
320,000 Fire apparatus -5%
Co.
106.044
&
Adams
1915-1954
10 A. M., Jan. 17 by W. H. Dennin, City Comptroller, reports state, for
do
5%
600,000 Sewer
400,000 Geary St. RR_4l4% July 1 1910 1915-1934 Adams & Co. 100.516 $82,000 4%% 1-20-yr. (ser.) refunding bonds. Int. semi-ann. Cert.
104.572 check for 1% Is required.
Syndicate.
5%
5,300,000 Various
5% July 1 1912 1916-1960 Private sale. 107.056
308,000 Civic. centre
TROY SCHOOL DISTRICT (P. 0. Troy), Miami County Ohio.do
390,000 Geary St. RR_ _4%% July 1 1910
DESCRIPTION OF BONDS.-The $125,000 4% 30-year building bonds
do
442,000 Various
3l4% July 1 1904
awarded on Dec. 14 to the Troy Nat. Bank in Troy (V.96, p. 82) are in the
do
July 1 1908 July 1 1912
5%
8,000 Garbage
denom. of $500 and dated Dec. 14 1912. Int. M.& S.
TUPPER LAKE,Franklin County, N. Y.-BOND SALE.-On Dec. 31
$8,166,000
$1,500 electric-light-plant-impt. bonds were awarded to A. S. Hosley at
SCHENECTADY, Schenectady County, N. Y.-BOND SALE.- par for 4.95s. pate Sept. 1 1912. Int. ann.in Sept. Due part on Sept. 1
On Jan. 7 the two issues of 4 % 10-yr. (aver.) reg. bonds aggregating In 1914, 1915 and 1916.
$400,000 (V.96. .82) were awarded to Rhoades & Co.of N.Y.at 100.92
6 the
UNION, Hudson County, N. J.-BOND SALE.-On Jan.
and int. Other bids follow:
4 % coup. or reg. Series "C" school bonds (V. 95, p. 1699) were
Harris, Forbes & Co., N.Y_$403,284 Bond & Goodwin, N. Y_ _ _ _$402,084 $100,000 at
Wm. Peter Brewing Co., $25,000
the
to
$25,000
int.
and
par
awarded
402,080
Y__
N.
Co.,
&
Grant
M.
R.
403,124
Y____
N.
Estabrook &
402,040 to the D. Bermes Brewing Co. and $50.000 to Rannenberg Bros.
Co., N. Y___ 402,468 Adams & Co., N. Y
Farson Son &Co.,
A. B. Leach & Co., N. Y.._ _ 400,520
URBANA, Champaign County, Ill.-BONDS VOTED.--Tnt;
Spencer, Trask & Co., 1
N.Y.402,204
White
held Jan. 4 resulted in favor of the proposition to issue the $5,000 5% autoFerris &
Due $1,000
SCOTT,Scott County, Kan.-BONDS VOTED.-AccordIng to reports, fire-truck bonds (V. 95, p. 1699). The vote was 165 to 105.
the question of issuing $40.000 municipal electric-light- plant and water- yearly from May 1 1914.„,i
works bonds carried at an election held Dec. 31.
VIOLA, Mercer County, Ill.-BOND ELECTION.-An election will
be held Jan. 14 to submit to the voters the question of Issuing $14,000
SHAKER HEIGHTS, Cuyahoga County, Ohio.-BOND OFFERING. road and bridge bonds, according to reports.
10 by Carl A. Palmer, VII.
-Proposals will be received until 12 M.
WACO, McLennan County, Tex.-BOND ELECTION.-An election
Feb*for the following 5% coup.
Clerk (P. 0. First Nat. Bank, Cleveland),
will be held Feb. 6. it is stated, to decide whether or not this city shall issue
assess. bonds:
Due, $104 Oct. 1 1913 and $25,000 sewer, $100,000 street and $125.000 school-bldg.-impt. bonds.
$ 8,104 Southington Road Impt. bonds.1922
incl.
0121i)=BuND-OFFERIN=
,$1,000 yriy, Oct. 1 from 1915 to
-WiliffreitroN. Fayette Countr
on Oct. 1 as follows: $295 Proposals will be received until 12 m. Feb. 4 by G. M.Pine, City Auditor.
Due
bonds.
11,295 Endicott Road impt.
in 1913; $1,000 in 1914 and 1915; $2,000 in 1916; $1.000 yrly. for $2,000 43 % sewer bonds. Denom. $500. Date Sept. 1 1912. Int.
from 1917 to 1921, Incl., and $2,000 in 1922. as
Due $500 yearly Sept. 11913 to 1916 incl. Cert. check for 3%
1
follows: $380 annual.
11,380 Wicklow Read impt. bonds. Due on Oct.
of bonds bid for, payable to the Treasurer, is required. Purchaser to pay
In 1013; $1,000 in 1914 and 1915; $2,000 in 1916; $1,000 yrly. accrued int.
. .
from 1917 to 1921, incl. and $2,000 in 1922.
WATJSAU SCHOOL DISTRICT (P. 0. Wausau), Knox County,
11,347 Leighton Road impt. bonds. Due on Oct. 1 as follows: $:3347 Neb.-BONDS
VOTED.-By a vote of 98 to 17 the question of issuing
in 1913; $1,000 in 1914 and 1915; 32,000 in 1916; $1,000 yrly.
school-bldg. bonds carried at a recent election, it is reported.
from 1917 to 1921 incl., and $2,000 in 1922.
WAYNE COUNTY (P. 0. Detroit), Mich.-BOND OFFERING.
12,000 Drummond Road imot. bonds. Due on Oct. 1 as follows' $1,000
yrly from 1913 to 1916, incl.; $2,000 in 1917; $1,000 yrly. from Proposals will be received until 11 a. m. Jan. 18 by the Bd. of Co. Auditors.
Denom.
bonds.
1922.
road
tax-free
in
coup.
$2,000
W. Gutman, Sec.. for $500,000 4%
1918 to 1921, incl., and
$500 in $1,000. Date Feb. 1 1913. Int. F. & A. at the Co. Treas. office. Due
13,600 Litchfield Road impt. bonds. Due Oct. 1inas follows:years
and $100,000 yearly from 7 to 11 years incl. A deposit in cash or a cert, chock
the even
1913; $1,000 In 1914 and 1915 and $2,000
Incl.
to
1922,
1916
on any national bank of the United States,for 3% of bonds bid for,required.
$1,000 in the odd years from
18,000 Attleboro Road impt. bonds. Due on Oct. 1 as follows: 31,000
WEBSTER GROVES (P. 0. St. Louis), St. Louis County, Mo.In 1913 and 1914 and $2,000 yrly. from 1915 to 1922, incl.
BOND OFFERING.-Further details are at hand relative to the offering
14.000 Devonshire Road impt. bonds. Due on Oct. 1 as follows: $1,000 at auction at 8 p. m. Jan. 20 of the $15,000 5% 20-year coupon fire-dept.
In 1913 and 1914 and $1,000 in the odd years and $2,000 in the bonds (V. 96, p. 82). Denom. $1,000. Date Nov. 20 1912. Int. M. &
even years from 1915 to 1922, incl.
N. at Webster Groves. Cert. check for $1,000 required. L. F. Booth is
15,000 Fontenay Road impt. bonds. Due on Oct. 1 as follows: $1,000 Treas.
In the odd years and $2,000 ha the even years from 1913 to 1922,
WENATCHEE, Chelan County, Wash.-BOND SALE.-On Dec. 31
Incl.
$27,000
Auth. Sec. 3914, Gen. Code. Date "day of sale". Int. A. & 0. G.II. Tilden & Co. of Seattle were awarded $15,500 general and15
1912.
beginning April 1 1913, payable at the Village Treas. office. Bonds to be water 5% 20-year bonds. Denom. $500 or $1,000. Date Dec. &
Co.of
Rockwell
to
securities
these
of
award
previous
time
of
check
from
Cert.
award.
paid
for
A
and
within 10 days
delivered
Int. semi-ann.
on some bank other than the one making the bid, for 10% of bonds bid Chicago was rescinded.
for, payable to the VII. Treas. required. Purch. to pay accrued int.
WEST LIBERTY, Logan County, Ohio.-BOND SALE.-On Dec. 28
Baird St. paving bonds were awarded, it
Caddo Parish, La.-BOND ELECTION.-Local 1912 $16,500 4%% 1-10-yr. (ser.)
p SHREVEPORT,
& Co.,of Cincinnati for $16,525(100.151) and int.:31
papers state that an election will be held Feb. 4 to submit to the people is stated, to Well, Roth
Pa.-BONDS AUTHORIZED.County,
Lake
Fair
$50,000
Cross
impt.
and
Grounds
Allegheny
is.suing
$200,000
of
VIEW,
WEST
the question
land purchase and municipal impt. bonds.
According to reports, an ordinance was passed by the Borough Council on
BONDS AUTHORIZED.-An ordinance was passed Dec. 31 1912, it is Jan. 2 providing for the issuance of $70,000 street-impt., sewer and bridgestated, providing for the issuance of $193,000 4% refunding bonds. Denom. construction bonds.
$1,000. Date March 11913. Interest M.& S.
WHARTON COUNTY (P. 0. Wharton) Tex.-BONDS REGIS
SIDELL TOWNSHIP HIGH SCHOOL DISTRICT, Vermilion and TERED.-The State Comptroller registered on Jan. 2 $300,000 5% Road
Edgar Counties, Ill.-BONDS OFFERED BY BANKERS.-John Nuveen Dist. No. 1 bonds. Due $37,000 every 5 years.
& CO. of Chicago are offering to investors 320000 5% bonds. Denom.
WHITESBORO, Oneida County, N. Y.-BOND SALE.-On Dec. 20
$1.000. Date July 1 1912. Int. annually in July at the office of John the $1,338 1-5-yr. (ser.) reg. paving else S. bonds (V. 95, p. 1638) were
Nuveen & Co. 1)uo from July 11014 to 1923. No other debt. Assessed awarded to J. W. Countryman for SI 340 10).149) for 43-is.
valuation 1911. $1,323,000.
WHITMAN, Plymouth County, Ma -BOND FFERING.-ProSIGOURNEY INDEPENDENT SCHOOL DISTRICT (P. 0. Sigouruntil 8 p. m.Jan. id by 11. C. Reed, Town Treasurer,
ney), Keokuk County, Iowa.-BONDS NOT SOLD.-No award was posals will he receivedcoupon
bonds:
0 10-yr. reg. tax-free bldg. bonds offered on Jan. 6. for the following 4%
made of the $15 000 4%7
bonds. 1)enom. $500. Due $500 yearly
-equipment
-school
high
$5.000
(V. 95, p. 1699).
1 from 1913 to 1922, inclusive.
Dec.
elec-The
VOTED.
Va.-BONDS
Marion),
0.
SMYTH COUNTY (P.
of
bonds
Dencm. 81.000. Due $3.000 yearly
1912.
high-school
45,000
tion held Dec. 30 resulted, according to reports, in favor of the proposition
Dec. 1 from 1913 to 1927, inclusi
to issue the $150,000 and $75,000 road 5% 30-year bonds(V.951 p. 997).




154

THE CHRONICLE

• Date Dec. 11912. Int. payable at the Old Colony Trust Co. of Boston.
Bonds will be certified as to their genuineness by the Old Colony Trust Co.,
Boston. They will further certify that the legality of this issue has been
approved by Messrs. Ropes, Gray & Gorham,Boston, whose opinion willI
be furnished to the purchaser without charge.
WILDWOOD, Cape May County, N. J.-BOND OFFERIN(f.-R. W.
Ryan, Director Dept. of Rev. and Finance, will offer at public sale at 2
p. m. Jan. 16 the $41,500 5% refunding bonds. Denom. $500. Date
Jan. 15 1913. Int. semi-ann. Due Jan. 15 1943. An unconditional
cert. check for 10% of bonds bid for, payable to the "City of
required. Bonds to be delivered and paid for Jan. 283101174", Wildwood,"
"“411
WINCHESTER., Randolph County, Ind.-BOND SALE.-On Jan. 3
the $8,000 43.% funding bonds (V. 95, p. 1638) were awarded to J. F.
Wild & Co. of Indianapolis at 101.2625. Other bids follow:
Payne & Co.,Indianapolls_$8,088 21 Breed Elliott & Harrison,
Goodrich & Ward,Winch__ 8,082 50
Indianapolis
$8,070 00
Miller & Co., Indianapolis_ 8,082 50 Meyer-Kiser Bk.,Indianap. 8,051 00
Fletcher-Amer. Nat. Bank,
Evansville Security Co.,
Indianapolis
Evansville
8,071 50
8,050 00
Denom. $500. Date Jan. 1 1912 Int. J. & D. Due $1,000 yearly
Jan. 1 from 1914 to 1921 inclusive.
WINNEBAGO,Thurston County, Neb.-BOND SALE.-0.H. Coffin
of Chicago has been awarded the $9,000 5% 5-20-year (opt.) gold coupon
water-system bonds (V. 95, p. 1490).
kOSI
$4 'OS
"
1114
WISE COUNTY (P. 0. Wise), Va.-BONDS VOTED.-The election
held Dec. 31 resulted in favor of the proposition to issue the $130,000 road
bonds (V. 95, p. 1765). The vote was 487 to 247.
WORCESTER, Worcester County, Mass.-TEMPORARY LOAN.
A loan of $150,000, due Oct. 17, has been negotiated, it is reported, with
Estabrook & Co. of Boston at 4.09% discount and 65 cts. premium.
WYOMING, Hamilton County, Ohio.-BOND SALE.-On Dec. 31
the $16,000 4% 50-year water-works-extension and impt. bonds dated
Sept. 1 1912 (V- 95. p. 1563) were awarded to Seasongood & Mayer of
Cincinnati for $16,210 (101.312) and interest. Other bids follow:
Weil, Roth & Co., Cincin_ _..$16,1841New First Nat. Bank Colum_$16,000
YOLO COUNTY (P. 0. Woodland), Cal.-BONDS PROPOSED.
Reports state that the issuance of road bonds for Reclamation District
No. 537 is being considered.
•
YOUNGSTOWN Ohio.-BONDS AUTHORIZED.-Ordinances were
passed Dec. 23 providing for the issuance of the following coup. bonds
$1,900 5% Salt Spring St. bridge-constr. (city's portion) bonds. Denom.
$1,000, $500 and $400. Due Oct. 11914.
72,200 43 % water-works bonds. Auth. Sec. 3949, Gen. Code. Denom.
$1,000 and $200. Due $7,000 yrly. on Oct. 1 from 1914 to
1922 incl. and $9,200 Oct. 11923.
Int. semi-annual at City Treas. office.

Canada, its Provinces and Municipalities.
BARRIE, Ont.-DEBENTURES VOTBD.-An election held Jan. 6
resulted, it is said, in authorizing the issuance of $50,000 debentures.
BEAVERTON, Ont.-DEBENTURES VOTED.--The question of
issuing the $10,000 5% 30-yr. hydro-electric debentures carried, at the
election held Jan.6(V. 96, p. 83). The vote was 168 to 3.

BERLIN, Ont.-RESULT OF DEBENTURE ELECTION.-The propositions to issue the $18,000 fire-station and $6,000 municipal-shed debentures carried and the $9,000 bonus and $30,000 abattoir debentures were
defeated at the election held Jan. 6 (V. 95, p. 1700), it is stated.
BRAMPTON, Ont.-RESULT OF DEBENTURE ELECTION.-An
election held Jan. 6 resulted, reports state, in favor of the proposition
to
issue $7,000 fire-brigade and in defeat of the question of issuing $40,000
school debentures.
BRANTFORD, Ont.-DEBENTURES VOTED.-The election held
Jan.6 resulted, reports state, in favor of the proposition to issue the $150,000 water-works and $15,000 flood-prevention debentures (V. 95, p. 1700.)
BRECHIN,• Ont.-DEBENTURE ELECTION.-An election will be,
held Jan. 21,reports state, to vote on the question of issuing $1,750 electriclight debentures.
BRIDGEBTIRG, Ont.-LOAN ELECTION RESCINDED.-We are
advised by the Municipal Clerk that the by-law providing for an election
for Jan. 6 to vote on a loan of $25,000 for a town-hall (V. 95, p. 1766)
was
withdrawn.
CLINTON, Ont.-DEBENTURES VOTED.-According to reports, the
proposition to issue the $33,000 hydro-electric-light-plant debenture
carried at the election held Jan.6(V.95, p. 1638).
CORNWALL, Ont.-DEBENTURES AUTHORIZED.-This town,
according to reports, has authorized the issuance of improvement debens.
CUT KNIFE, Sask.-DEBENTURES NOT SOLD.-No award has been
made of the $1.000 permanent-impt. debentures offered by this place
(V. 95, p. 1229).
DELISLE, Sask.-DEBENTURE OFFERING.-Proposals will be received, reports state, by H. N. Freeman, Sec.-Treas., for $1,000 firedepartment debentures.
DRYDEN, Ont -DEBENTURE ELECTION PROPOSED.-This place
is considering holding an election to vote on the issuance of $6,500 debentures, it is stated.
DUNCAN, B. C.-DEBENTURE SALE.-On Dec. 1 the $65,000 25year electric-light, $25,000 25-year water-works, $15,000 15-year school
and $10,000 10-year street 5% debentures (V. 95, p. 1074) were awarded,
it is stated, to L. N. Rosenbaum & Co. of Seattle at 90.
ELMIRA, Ont.-DEBENTURES VOTED.-According to reports the
election held Jan .6 resulted in favor of the proposition to issue the $20,000
hydro-electric debentures (V. 95, p. 1766).
FORT WILLIAM, Ont.-DEBENTURES VOTED.-The election held
Jan. 6 resulted, it is stated, in favor of the proposition to issue the $35,000
incinerator-plant, $5,000 hospital, $10,500 road, $50,000 bonus and
$140,000 street-railway debentures (V. 95. p. 1766.)
GALT, Ont.-DEBENTURES VOTED.-At an election held Jan. 6.
the question of issuing $15,000 water-works-extension debentures carried,
it is stated.
GODERICH Ont.-DEBENTURES VOTED.-The election held Jan.6
resulted, according to reports, in favor of the question of issuing the $35,000,
hydro-electric debentures (V. 95, p. 1766).
GUELPH, Ont.-RESULT OF DEBENTURE ELECTION.-The
election held Jan .6 is said to have resulted as follows:(V. 95, p. 1638, 1701):
$15,000 fire-protection debentures defeated by a vote of 519 "for" to
725 "against".
28.000 hospital debentures carried by a vote of 1,671 to 726.

NEW LOANS.

NEW LOANS.

$3,000,000
STATE OF OKLAHOMA
FUNDING BONDS
The Treasurer of the State of Oklahoma will receive sealed bids at his office
at Oklahoma City, Oklahoma, for all or any part thereof of Three Million Dollars
of Oklahoma State Bonds until 4:00 o'clock p. m. FEBRUARY 1, 1913.
Said bonds are coupon in form and bear interest at the rate of four per cent
per annum, interest and principal payable at the State Treasurer's Office or at
the Fiscal Agency for the State of Oklahoma in New York City. Interest payable
semi-annually on the first days of February and August of each year. They are
in the denominations of $1,000 each, and are issued in the following series:
Series.
Maturity.
Amount.
A
February 1, 1934
$300,000 00
B
February 1, 1935
300,000 00
C
February 1, 1936
300,000 00
D
February 1, 1937
300,000 00
E
February 1, 1938
300,000 00
F
February 1, 1939
300,000 00
G
February 1, 1940
300,000 00
H
February 1, 1941
300,000 00
I
February 1, 1942
300,000 00
J
February 1, 1943
300,000 00
These bonds are issued under Article I, Chapter 7, of the Session Laws of
1895 and by law are incontestible.
They were approved and 'authorized by the Supreme Court of the State of
Oklahoma, November 15, 1912. Said bids should be accompanied by a deposit
in cash or a certified check of some responsible banking institution for two per cent
of the amount of bid.
The State reserves the right to reject any or all bids.
(Signed) ROBERT DUNLOP,
State Treasurer of the State of Oklahoma,
Oklahoma City.
MUNICIPAL AND RAILROAD

Charles M. Smith & Co
LIST ON APPLICATION
CORPORATION AND
MUNICIPAL BONDS
SEASONGOOD & MAYER
Ingalls Building
F LEST NATIONAL BANK BUILDINO
BONDS

•

OINOINNATI

CHICAGO

EDWIN R. CASE

GEO. B. EDWARDS

NEW JERSEY SECURITIES
Ng better State
No better ScourItle,
15 EXCHANGE PLACE
•
Ts.M sad 762
• JERSEY CIT1




[VOL. xcvr.

Tribune Building, NEW YORK, N. Y.
FOR SALE.-Timber, Coal, Iron, Ranch and
other properties.
Negotiations, Investigations, Settlements,
Purchases of Property, Information.

$35,000
Borough of Essex Fells, N.J.,
SCHOOL BONDS
Sealed proposals will be received by the Board
of Education of Essex Fells, New Jersey, until
9 o'clock P. M., on JANUARY 17, 1913, for
all or any part of $35,000 43,6 per cent School
Bonds of the Borough of Essex Fells, said bonds
to be of the denomination of $1,000 each, dated
January 1, 1913, and to mature January 1,1943,
with interest payable on the first days of January and July in each year. until payment of the
principal sum.
Both principal and interest of said bonds
will be payable in New York exchange at the
Montclair Trust Company, Montclair, New Jersey, and bonds may be registered as to principal only, or converted into registered bonds,
payable, both principal and interest, to the
registered
Proposals should be addressed to Herman
A. Miller,
ler, District Clerk, Essex Fells, New Jersoy, and each proposal must be accompanied
by a certified check on an incorporated bank
or trust company to the order of James A.
Speer, custodian of school moneys of the Borough of Essex Fells, for 2 per cent of the par.
value of the bonds bid for, and all proposals
must provide for the payment of accrued interest on the bonds to the date of delivery.
Said bonds will not be sold for less than par.
and accrued interest.
Tho Board recerves the right to reject any
or all bids.
HERMAN A. MILLER.
District Clerk.

$24,100
Ballard County, Kentucky,
Land Drainage Bonds
First lien on 5,159 acres of land in Ballard
County, Kentucky, present value per acre $35 00.
Bonds begin to mature 2 years from date of issue,
one-tenth annually thereafter; boar 6 per cent,
payable annually; will issue in denominations to
suit purchaser. Sealed bids will be received by
the undersigned until Feb. 15th, 1913. The right
to reserve any and all bids.
R. D. NELSON,
Board Drainage Commissioners,
Ballard County, sty.

BLODGET & CO.
BONDS
60 STATE STREET, BOSTON
30 PINE STREET, NEW YORK

STATE, CITY & RAILROAD BONDS

JAN. 11 1913.]

HAMILTON, Ont.-DEBENTURES VOTED.-The proposition to
issue the $130,000 park debentures carried at the election held Jan.6(V.95,
p. 1766). The vote was 4,070 to 2,955, it is stated.
KERRISDALE (P. 0. Point Gray), B. C.-DEBENTURE ELECTION.-An election will be held, it is stated, to vote on the proposition to
issue $100,000 park debentures.
ISIKINGSTON, Ont.-DEBENTURES DEFEATED.-The question of
Issuing the $7,850 fire-dept. debentures was defeated, it is stated, at the
election held Jan.6(V. 95, p. 1564.)
LAMBTON COUNTY (P. .0. Sarnia), Ont.-DEBENTURES PROPOSED.-This county is contemplating the issuance of $20,000 court-house
debentures, it is stated.
MIDLAND, Ont.-LOAN VOTED.-By a vote of 597 to 46 the by-law
providing for the loan of 325.000 as a bonus to the Midland Dry Dock Co.,
Ltd. (V. 96, p. 84), carried at the election held Jan. 6.
NEWMARKET, Ont.-DEBENTURES VOTED.-A vote of 267 to 125
authorized the issuance of $100,000 sewerage-system debentures at an
election held Jan. 6, according to reports.
PIINIAGARA FALLS, Ont.-RESULT OF DEBENTURE ELECTION.The election held Jan.6 resulted in the defeat of the proposition to issue the
two issues of bonus debentures aggregating $5,500 (V. 96, p. 84) and in
'
favor of the question ofissuing $3,000fire-dept. debentures.
NORTH BAY, Ont.-DEBENTURES VOTED.-By a vote of 597 to
213 the by-law which provides for the issuance of the $60,000 5% 30-annualinstallment hydro-elec.-plant debentures (V. 95, p. 1701) carried at the
-election held jan.
6.
OSAGE, Sask.-DEBENTURE OFFERING.-This place is offering
for sale $1,500 debentures, according to reports. J. E. Witty is Soc.-Treas.
OSHAWA, Ont.-DEBENTURES AUTHORIZED.-The issuance of
$1,000 bonus debentures was authorized, it is stated, at an election held
Jan. 6.
OTTAWA, Ont.-DEBENTURES DEFEATED.-The election held
Jan.6 resulted in defeat of the proposition to issue the $1,100,000 filtration
debentures (V. 95, p. 1767), it is reported.
OTTHON, Sask.-DEBENTURE OFFERING.-A. Forsyth, Sec.Treas.,is offering for sale $2,000street and sidewalk debentures, it is stated.
OWEN SOUND, Ont.-DEBENTURES VOTED.-An election held
Jan. 6 resulted in favor of the question of issuing $50,000 hydro-electrio
debentures, reports state.
PARRY SOUND, Ont.-DEBENTURES VOTED.-The election held
Jan. 6 resulted in favor of the by-law providing for the issuance of $5,500
• 5% 15 annual-installment electric-plant debentures (V. 95, p. 1701). The
vote was 210 to 134.
PETERBORO, Ont.-DEBENTURES DEFEATED.-The election
held Jan. 6 resulted, according to reports, in the defeat of the question of
issuing the $10,000 incinerator, $12,000 bonus and $120,000 hydro-electric
debentures (V. 95, p. 1701.)
PRAIRIEDALE, RURAL MUN. NO. 321, Sask.-DEBENTURE
•OFFERING.-Proposals will be received by C. E. Carruthers, Sec.-Treas.
(P. 0. Howiedale), it is stated, for $15,000 improvement debentures.
RED DEER PUBLIC SCHOOL DISTRICT NO. 104 (P. 0. Red
Deer), Alta.-DEBENTURES NOT SOLD.-No sale has been made of
the $10,000 5% 30-installment coupon debentures offered by this district
gal 41
(
, V. 95, p. 1430).

RICHMOND HILL, Ont.-DEBENTURES VOTED.-An election held
Jan. 6 resulted in favor of thequestion of issuing $7,000 road debentures.
The vote, it is stated, was 81 to 20.
ROSSER, Man.-DEBENTURES NOT SOLD.-No sale was made of
the $18,784 debentures offered on Dec. 7. we are advised.
SAANICH, B. C.-DEBENTURE ELECTION.-An election will be
held, it is reported, to vote on the proposition to issue $350,000 debentures.
ST. AGNES ROMAN CATHOLIC SCHOOL DIST. NO. 22, Sask.DEBENTURE OFFERING.-Proposals will be received until 5 p. m.
Jan. 25 by Edw. J. Baker, Sec.-Treas. (P. 0. Moose Jaw) for $50,000 5%
40 annual installment school-site-purchase and construction debentures.
ST. CATHERINE'S, Ont.-DEBENTURES VOTED.-The question
of issuing the $7,000 gas-plantand $12,000 fire-station debentures carried,
reports state, at the election held Jan.6(V.96, p. 84.)
ST. MARY'S, Ont.-DEBENTURE OFFERING.-Proposals will be
received until April 15 for the $17,000 5% 20-yr.over-draft debentures
(V. 95, p. 1564). Auth. vote of 401 to 252 at the election held Jan. 1.
SASKATOON, Sask.-DEBENTURE ELECTION.-An election will
be held, reports state, to vote on the question of issuing $200,000 sewer,
$100,000 fair-building, $175,000 electric-light, $100,000 parks, $65,000
incinerator, $50,000 water and $50,000 exhibition-building debentures.
STAYNER, Ont.-DEBENTURES VOTED.-The proposition to issue
$9,000 hydro-electric debentures carried, it is reported, at an election held
Jan. 6.
SWIFT CURRENT SCHOOL DISTRICT NO. 167 (P. 0. Swift
Current), Sask.-DEBENTURE SALE.-On Dec. 13 $20,000 6% 20
year building debentures were awarded to Wood, Gundy & Co. of Toronto
at par. Denom. $10,000. Date Jan. 1 1913. Int, annually in January.
TORONTO, Ont.-DEBENTURES VOTED.-The election held Jan. 1
resulted, it is stated,in favor of the eight by-laws providing for the following
debentures aggregating $13,056,000 (V. 95, p. 1639)
Purpose.
Amount.
3,8i5
16,8i5
$250,000 Grant to hospital
4,736
14,496
6,677,000 Water-works-plant extension
6.919
10,978
1,375,000 Additions to filtration plant
4,801
954,000 Storm over-flow sewers
12,990
5,520
14,756
2,500,000 Bloor St. viaduct
4,040
14,624
1,000,000 Garbage and refuse-disposal plant
3,994
15,216
200,000 Grant to National Sanitarium Association
4,066
16,542
100,000 For road improvement
TUGASKE, Sask.-DEBENTURE SALE.-The $4,000 6% 10-year
rink debentures recently authorized (V. 95, p. 1152) have been awarded, it
is stated, to the Flood Land Co. of Regina.
VICTORIA, B. C.-DEBENTURE ELECTION.-An election will be
held, according to reports, to vote on the question of issuing $700,000 sewer.
$50,000 water, $290,000 school and $125,000 sea-water bath debentures.
WALKERTON, Ont.-DEBENTURES VOTED.-The election held
Jan. 6 resulted in a vote of 201 to 177 in favor of the question of issuing
the 31,7005% library-site-purchase debentures(V.96, p. 84). Int. annual.
Due Jan. 1 1932. We are advised that these debentures will probably be
offered for sale about Feb. 1.
WINCHESTER, Ont.-DEBENTURES VOTED.-It is stated that an
election held Jan. 6 resulted in favor of the proposition to issue $10,000
hydro-electric debentures.

NEW LOANS.

NEW LOANS

MISCELLANEOUS.

$6,179,000

$250,000
JACKSONVILLE, FLORIDA,

F. WM. KRAFT

CITY OF ROCHESTER, N. Y.,
43/2% Registered 20-Year Bonds
The undersigned will receive sealed bids until
two o'clock p. m. JANUARY 14, 1913, at his
.office in the City Hall in the City of Rochester,
N. Y., for the purchase of all or any part of
$6,179,000 4A% twenty-year Registered Bonds
of said City in denomination of $5,000 each,
authorized by Chapter 755 of the Laws of 1907
as amended by Chapter 55 of the Laws of 1912.
Interest payable semi annually. Both principal
and interest payable at the Union Trust Company
In New York City.
The bonds will be issued for the purposes named
and will be dated and mature as follows.
Water Bonds, $1,849,000, dated January 15,
1913; due January 15, 1933.
Local Improvement Bonds, $2,100,000, dated
January 15, 1913, due January 15, 1933.
Sewage Disposal Bonds, $1,000,000, dated
January 15, 1913, due January 15, 1933.
Exposition Park Bonds, $470,000, dated January 15, 1913, due January 15, 1933.
Incinerating Plant Bonds, $100,000, dated
January 15, 1913, due January 15, 1933.
Park Improvement and Extension Bonds,
$140,000,dated January 15, 1913, duo January 15,
1933.
Rochester ft State Line Railroad Refunding
Bonds, $520,000, dated February 1, 1913, duo
February 1, 1933.
A certified check for 2% of the face value of
bonds bid for, payable to the Comptroller of the
City of Rochester, must accompany each bid.
No bid will be accepted for less than par.
The right is reserved to reject any or all bids.
Bids may be submitted for all or any part of
each of the above seven issues separately or for all
of the bonds offered, and award will be made to the
bidder or bidders whose bid or bids for all of the
bonds, or the aggregate of whose bids for all individual issues, shall be deemed highest and best.
All of the bonds except the Rochester & State
Lino Railroad Refunding Bonds will be ready for
delivery on January 20, 1913, or as soon thereafter as possible, not exceeding ten days. The
Rochester & State Line Railroad Refunding Bonds
will be ready for delivery on February 1, 1913.
The legality of these issues will be examined by
Messrs. Caldwell, Masslich & Reed, of Now York,
whose favorable opinion will be furnished to the
purchaser.
The bonds will be engraved under the supervision of and certified as to genuineness by the
Columbia-Knickerbocker Trust Company of New
York City.
For further information communicate with the
Trust Company or with the undersigned.
E. S. OSBORN, Comptroller,
Rochester, N. Y.

IMPROVEMENT BONDS
Sealed proposals will be received by the Board
of Bond Trustees of Jacksonville, Florida, until
Wednesday, January 15th, 1913, at 3 o'clock
p. m., for the purchase of all or any part of $250,000 00 four and a half per cent Improvement
Bonds of the City of Jacksonville, Florida. The
legality of these bonds has been approved by
Messrs. Dillon, Thomson & Clay of New York.
Printed circulars containing more definite information with reference to said bonds, and blank
forms for bids, can be had on application to
J. Everts Merrill, Assistant to Secretary, Jacksonville, Florida, or to Messrs. Dillon, Thomson
& Clay, 195 Broadway, New York.
W. M. BOSTWICK,Jr.,
Chairman Board of Bond Trustees.

$10,000
City of Fort Pierce, Florida
PUBLIC UTILITY BONDS
Notice is hereby given that the City Council
of the City of Fort Pierce. Florida, will receive
bids for the purchase of 310,000, par value, of
City of Fort Pierce Public Utility Bonds at Fort
Pierce, Florida, at the City Hall, at 8 o'clock
p. m., on WEDNESDAY, JANUARY 15, 1913.
Said bonds are dated January 1st, 1912, payable
thirty years after date, in denominations of
5500 00 each, and bear interest at the rate of six
per cent per annum, payable semi-annually on
July 1st and January 1st of each year. All
bidders shall accompany their bids with a certified check for $200 00 as security for compliance
with bid. The right is reserved to reject any
and all bids.
Address all bids to
F. M. TYLER, City Clerk,
Fort Pierce, Florida

Adrian H. Muller & Son,
AUCTIONEERS,
Regular Weekly Sales
OF

ESTABLISHED 1885.

H. C. SPEER & SONS CO. STOCKS and BONDS
First Nat. Bank Bldg., Chicago
SCHOOL,

SWINT

155

THE CHRONICLE

AND MUNICIPAL BONDI




EVERY WEDNESDAY
Nam No. U WILLIAM STREET:
Comer. Pins Street.

LAWYER.

Specializing in Examination al

tilunicipal and Corporation Bona
1/07-11 FIRST NATIONAL BANK BLDG..

CHICAGO, ILL,

Bolger, Mosser & Willaman
MUNICIPAL BONDS
Legal for Savings Banks,
Foetal Savings and Trust Funds.
SEND FOR LIST.

29 South La Salle St.,

OBTOM110

TERRITORY OF HAWAII
4% PUBLIC IMPROVEMENT BONDS
Due Sept. 3, 1942-32 @ 102.75 and interest.
Tax Free Throughout United States
Accepted at par for Govt. and Postal Deposits

STACY & BRAUN
Cincinnati, 0,
Toledo, 0.
ACCOUNTANTS.

LYBRAND,
,ROSS BROS &
MONTGOMERY
Certified Public
Aocountanta
(Pennsylvania)
NEW YORK, 66 Liberty St.
PHILADELPHIA, Morris Bldg.
PITTSBURGH, Union Bank Bldg.
CHICAGO, First Nat. Bank Bldg.
SAN FRANCISCO, Kohl Bldg.
SEATTLE, Gemara' Bldg.
LONDON, 58 Coleman DC

PARK, POTTER & CO.
CERTIFIED PUBLIC ACCOUNTANTS

New York, Chicago, Cincinnati and
London, England.
FINANOIAL INSTITUAUDITORS FOR
TIONS. /NDUfrrRIAL AND
MINING COMPANIES
luvontgationa. Finannial Statement
Period/sal Audits andl teL stint

156

THE CHRONICLE

[VOL. xcw.

gritst gompantes.

gnpineers.

OEN 31810S 111161 COMP8110 Of $OW YOft

ESTABLISHED 1894

Chartered 1853
405 and 47 WALL

STREE7
CAPITAL,
.
.
. .
SURPLUS AND UNDIVIDED PROFITS
-

gorb, J13acon & raVis3
tttgineeria

$2,000,000.00
14,020,801.12

ACT AS

This Company acta as Executor, Administrator. Guardian.
Trustee. Court Depositary and in
oiler recognized trust capacities.
It allows interest at current rates on deposits.
/t holds, manages and invests money, securities and other property,
real or personal, for estates,
aerporatIons and individuals.

CONSULTING ENGINEERS
CONSTRUCTING ENGINEERS
OPERATING MANAGERS
APPRAISERS

EDWARD W. SHELDON, President.
WILLIAM M. KINGSLEY, V.-Pres. WILFRED J. WORCESTER,Secretary
WILLIAMSON PELL, Asst. Secy.
CHARLES A.EDWARDS, 2d Asst. Secy.
William Rockefeller.
Alexander E. Orr,
William H. Macy Jr..
William D. Sloane.
Frank Lyman.

TRUSTEES.
JOHN A. STEWART. Chairman of the Board.
James Stillman.
Payne Whitney.
John Cleflin,
Edward W. Sheldon.
John J. Phelps,
Obau.neey Keep.
Lewis Cass Ledyard,
George L. Rives.
Lyman J. Gage.
Arthur 0. James,

PROPERTIES FINANCED

William M. Kingsley,
115 BROADWAY, NEW YORK
William Stewart Tod.
Ogden Mills,
\JEW ORLEANS
SAN FRANCISCO
Egerton L. Winthrop.
N Bliss Jr.
Henry W. de Forest.

J. G. WHITE &CO.,Inc,
Engineers, Contractors

CHARTERED 1864

UNION TRUST COMPANY OF NEW YORK
MAIN OFFICE. 80 BROADWAY
Fifth Avenue Branch,
Plaza Branch.
495 Fifth Avenue. corner 38th St.
786 Fifth Avenue. corner 60th St.
Modern Safe Deposit Vaults at both Branches.

Investigations and Reports on Electric
Railway. (las, Electric Light and Power
Properties, bcc., for Financial Instate.
Hone and Investors.

Electric Railways, Electric Light aud
Power Plants, Gas Plants, Financed;
Designed and Built.
43

Exchange Place, - NEW YORK
Chicago

Capital $1,000,000

Surplus (earned) $7,700,000

ALLOWS INTEREST ON2DEPOSITS
Acts -s Executor, Guardian, Trustee, Administrator and in all Fiduciary
Capacities on behalf of Individuals, Institutions or Corporations.

San Francisco

London Correspondents:
J. G. WHITE & 00., Limitad,
9 Cloak Lane. Cannon St.. E. C.

se BARSTOW et.
Incorporated

CAPITAL. $1,000,000

SURPLUS, $4,000,000
THE

PHILADELPHIA TRUST

-

Co.

CONSULTING and
CONSTRUCTION ENGINEERS
PUBLIC SERVICE PROPERTIES
FINANCED and MANAGED
50 Pine Street

New

Veer,

(Ay:3
5
E D0
SAFC
4kINSURANCE

C. G. YOUNG
Main Office, 416 Chestnut St.

Branch Office, 1416 Chestnut St.

EXECUTES TRUSTS OF EVERY DESCRIPTION.

Acts as Trustee for Corporation Mortgages, Registrar or Transfer Agent
Interest allowed on Individual and Reserve Accounts
Thomas S. Oates.
President.

John Story Jenks.
Vico-Pres. pro tern.

Edmund D. Scholey,
Secretary.

Henry (I. Brengel°.
Treasurer.

Engineering and Construction
Plans, Methods, Examinations
Public Utilities and Industrials

REPORTS FOR FINANCING
Bankers Trust Bldg., New York
Alfred E. Forstall

Charles D. Robiso

FORSTALL AND ROBISON

iliellon National Bank

ENGINEERS
Investigations and Appraisals of Gas and
Electric Properties for Owners or Financial
Institutions.
84 William St.,

PITTSBURGH, PA.
8-26

NEW YORK CITY

Alex. O. Humphreys

Assurance of safety, perfect service and 3%
interest on reserve accounts are offered to correspondents of this bank. Your account is invited

Alton S. Maier

HUMPHREYS& MILLER,Int.
ENGINEERS

Power—Light--Gas
165 BROADWAY.

RESOURCES OVER 50 MILLIONS

. .

NEW yon

Established 1889.

A. L. REGISTER &
ENGINEERS — CONTRACTORS
Philadelphia

L. F. DOMMERICH & CO.
NEW YORK
General Offices, 67 Greene Street
Will Remove to

N. W. COR. 20th ST. & 4th AVE.

In

January

SOLICIT MERCANTILE ACCOUNTS TO FINANCE
FOR MANUFACTURERS,
DISCOUNT AND GUARANTEE SALES
AGENTS AND OTHERS
CARRY NO GOODS FOR OWN ACCOUNT
Established over 60 Years




Wining gnginetvs.
MINES MANAGEMENT CO.
CONSULTING MINING ENGINEERS
Managers of Mining Properties
NEW YORK.
r;o BROADWAY.
28 and 29 St. Swithins Lane,
LONDON. E C.. ENGLAND.
Avenida 16 De Septiembre, Num. 48:
IMMO. D. F.. MEXICO.

H. M. CHANCE 41, CO.
Mining Engineers and Oeologists

COAL AND MINERAL PROPERTIElli
Examined, Developed, Managed
Drexel Illds

PHILADELPHIA.