The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
fittantipil
nurriallH4bromrte
INCLUDING
Bank & Quotation Section
Railway Earnins Section
VOL.94
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, JANUARY 20 1912
Witt (gimmick.
Terms of Subscription-Payable in Advance
For One Year
vo 00
For Six Months
6 00
European Subscription (including postage)
13 00
European Subscription Ell months(including postage)
Annual Subscription in London (including postage)
27
25
10
4 a.
Six Months Subscription in London (including postage)
21 118.
Canadian Subscription (including postage)
$11 50
Subscription includes following Supplements
BANK AND QUOTATION (monthly) I RAILWAY AND INDUSTR
IAL(3 times yearly)
RAILWAY EAR‘ING8(monthly)
ELECTRIC RAILWAY(3 tunes yearly)
STATE AND CITY(semi•annually) BANKERS'
CONVENTION (yearly)
Terms of Advertising-Per Inch Space
Transient matter per inch space(14 agate lines)
$4 20
Two Months
(8 times)
22 00
Three Months (13 times)
Standing Business Cards
29 00
Six Months
(26 times)
50 00
Twelve Months(52 times)
87 00
CHICAGO OFFICE-Pliny Bartlett,513 MonadnockBlock;
Tel.Harrison 4012.
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens
, E. C.
WILLIAM B. DANA. COMPANY, Publishers,
P.O. Box 95S. Front. Pine and Depeyster Sts.,
New York.
Published every Saturday morning by WILLIAM B. DANA
COMPANY,
Jacob Seibert Jr., President and Treas.; George S. Dana and
G. Dana,
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office Arnold
of the Company.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that
tho total
bank clearings of all clearing houses of the United States for
week ending
Jan. 20 have been $3,529,736,133, against $3,300,467,460
last week and
$3,379,704,963 the corresponding week last year.
Week ending January 13.
Clearings at
PUBLISHED WEEKLY.
1912.
Chicago
Cincinnati
Cleveland
Detroit
...
Milwaukee
Indianapolis
Columbus
Toledo
Peoria
Grand Rapids_ ..
Dayton
Evansville
Kalamazoo ----Springfield, Ill __
Lexington
Fort Wayne .
Youngstown
_
Akron
Rockford
Bloomington__ _
Quincy.
Canton.
Decatur
South Bend
Springfield, Ohio
Jackson
Mansfield.......
Danville
Jacksonville, Ill_
Saginaw
Ulna
Ann Arbor
Adrian
Owensboro
Tot. Mid.West.
NO. 2430
$
273,176,108
26,798,650
24,052,169
20,942,407
14,065,296
8,522,085
6,085,400
4,761,853
3,479,810
2,802,192
2,682,126
2,510,162
803,693
1,178,790
1,118,290
1,029,885
1,764,448
1,412,000
764,194
653,232
736,142
985,493
473,793
662,622
614,836
520,000
470,231
361,350
283 364
837:025
446,672
224,410
42,562
600.000
405,861,240
1911.
Inc. or
Dec.
3
272,256,455 +0.3
27,444,250 -2.4
22,998,504 +4.6
19,619,658 • +6.7
14,926,235 -5.8
10,027,925 -15.0
6,656,200 -8.6
5,490,414 -13.3
3,502,489 -0.7
3,095,000 -9.5
2.785,939 -3.7
2,559,825 -1.9
925.006 -13.2
1,160,396 +1.6
1,300,878 -14.0
1,274,512 -19.2
1,999,011 +17.3
997,100 +41.6
789,579 -3.2
683,530 -4.4
889,035 -17.2
996,195 -1.1
417,058 +13.6
609,542 +8.7
701,153 -12.4
500,000 +4.0
477,477 -1.5
417,110 -13.4
304,446 -6.9
803,226 +4.2
328,822 +35.9
255,800 -12.3
24,090 +76.6
500.000 +20.0
1910.
269,559,038
26,809,700
21,551,387
17,202,542
12,890,692
9,613,147
7,011,600
4,782,116
3,163.883
3,002,283
2,259,345
2,559,124
820,984
1,168,472
1,283,946
1,014,042
1,226,151
814,000
780,834
499,702
729,691
1.014,085
309,381
542,104
602,184
474,545
381,862
387,962
352,200
812,302
316,597
216,248
40,454
325,000
1909.
267,256.351
30,815,200
16,435,795
13,702,860
12,269,121
8,893,779
5,832,200
4,154,064
3,112,295
2,457,166
1,869,332
2,286,122
609,732
932,253
749,484
873,108
768,798
650,000
686,714
462,964
527,378
660,895
435,095
433,678
526,235
350,000
325,322
323,551
260,957
298,895
202,644
32.141
407,217,806 -0.3 394,517,693 379,194,1
29
48,936,363
47,989,012 +2.0
44,490,807
38,945,164
21,693.69
8
18,673,735 +16.2
Clearings-Returns by Telegraph.
15,019,299
12,782,731
10,795,221
Per
11,213,340 -3.7
12,593,939 fi 9,250,695
Week ending Jan. 20.
1912.
1911.
13,048,000
Cent.
11,566,533 +12.8
10,463,876
7,011,917
10,024,54
8
7,566,964 +32.5
New York
7,815,890
7,050,895
$1,763,212,833 $1,634,123,501
4,867,599
+7.9
4,801,668 +1.4
Boston
4,869,451
3,620,284
169,490,3
43
4,211,071
177,534,6
47
-4.5
4,318,321
-2.5
Philadelphia
5,852,800
4,560,850
137,655,871
4,050.156
132,862,405
+3.6
4,042.711
+0.2
Baltimore
2,134,506
1,995.890
30,334,732
31,121,133
1,920,888
-2.5
1,774,056 ' +8.2
Chicago
1,378,124
985,828
244,438,604
225,372,3
942,859
+8.5
86
865,165 +9.0
St. Louts
683,535
492,179
72,498,209
919,212
72,056,445
+0.6
812,980 +13.1
New Orleans
565.387
579,206
20,622,181
801,516
19,803,485
+4.1
495,016 +61.8
546,896
470,636
1,062,913
912,303 +16.5
Seven cities, 5 days028.000
32,438,261,773 32,292,874,002
329,164
+6.3
434,832 -24.2
Other cities, 5 days
420,000
269,419
520,207,418
514,697,298
294,189
+1.1
227.219 +29.5
257.713
123,897,397 115,693,855 +7.1 108,070,2
Total all cities, 5 days
$2,958,460,191 $2,807,571,300
23
88,015,69
4
+5.4
All cities, 1 day
571,269,942
567,133,663
+0.7 Kansas City _ _
49,580,147
54,869,245 -9.6
50,110,808
45,808,721
Minneapolis
Totn1 n.11 Mien for week
.
19,308.99
2
20,540.32
1
53.520.73n 13'A
-6.0
24,895,156
5.3 :174 704 Ottl
-(-45
18.311,799
Omaha
14,376,541
14,726,502 -2.4
17,390,693
13,959.660
The full details for the week covered by the above
St. Paul
9,931,138
10,066,195 -1.3
will be given next Sat- Denver
10,094,653
10,274 714
urday. We cannot furnish them to-day, clearings
0,282,933
9,819,382
-5.5
9,9304306
9,104,226
clearing houses at noon on Saturday, and hence in being made up by the St. Joseph
7,900,335
7,983,247 -1.0
above the last day of Duluth
7,224.446
6,699,448
the week has to be In.all eases estimated, as we go the
3,576,873
2,795.946' +27.9
to press Friday night.
3.503.725
Des Moines _
We present below detailed figures for the week ending
3,662,530
4,042,253 -9.4
with Saturday. Sioux City
3,775,658
3,556,285
noon, Jan. 13 for four years.
2,355,493
2,566,850 -8.2
3,053,269
3.028,647
Wichita
3,210,098
3,522,532 -8.0
2,953,870
1,696,205
Lincoln
1,506,687
1,630,539 -7.6
1,686,654
1,457.807
Topeka
Week ending January 13.
1.695,328
2,042,290 -17.0
Clearings cU
1,298,669
1,411,135
Davenport
1,290,970
1.535,082 -16.0
1,564,156
1,138.230
Cedar Rapids_ _ _
Inc. or
1,330,529
1.469,328 -0.5
1,386,667
1912.
1,028.823
Fargo
1911.
Dec.
769,236
1909.
817,391 -5.9
1908.
1,103,142
7,59,851
Colorado Springs
606,583
775,000 -21.7
824,966
$
826,094
Pueblo
$
704,789
%
$
764,396 -7.8
$
889,985
1,894,142,333 1,082,905,063 -4.5
New York
744,471
Fremont
2,457.115
332,349
.364
2,166,840
293,417
,502
+13.3
Philadelphia __ _ 152,890,791 154,013,567
429,378
370,985
1.100,942
-0.7 165,786,119 135,890,708 Waterloo
1,157,007 -4.8
Pittsburgh
896,198
52,605,525
49,900,753 +5.2
978,365
52,347,566
42,182,944 Helena
976,274 +0.2
Baltimore
1,093,908
39,984,803
908 199
Billings
36,330,500 +10.1
315,790
34,186,70
3
104
31,450,61
922
+20.0
6
Buffalo
201 207
10,889,222
172 540
10,839,354
+0.5
166 924
10,683,232
187 491 -11.0
9,101.093 Hastings
Albany
140 000
6,067,864
6,269,067 -3.2
242,754
5,620.354
331.996 -26.9
5,572,835 Aberdeen
Washington _ _
500 000
8,334.712
7,781,940 +7.2
...
7,796,419
Tot.
oth.West
6,965,033
. 134,256.326 143.017.606 -6.1
Rochester ..
4.228.173
4,298,075 -1.7
144 948 043 121,258,838
4,747,828
3,991,602
Scranton
3,264,462
2,814,042 +16.0
3,023.027
St.
Louis
3,042,213
75,281,06
7
Syracuse
82.237.175 -8.5
2,207,754
2,894,305 -23.7
76.881.694
73.887,666
3,061,767
2,231,690 New Orleans__ ._
24,353,771
Reading
23,684,474
+2.8
1,655,309
1,398,229 +18.4
34,672,556
21,609,848
1,606,766
1,480,826 Louisville
15,165,232
Wilmington
16,345,838 -7.2
1,558,705
1,606,305 -24.3
14,49.,451
15,169,852
1,694,909
Houston
1,396,543
..
20,616,93
1
Wilkes-Barre _
14,884,421 +38.5
1,403,002
1,443,326 -2.8
15,021,311
15,206.632
1,386,004
1,223,836 Galveston
9,834,000
Wheeling
9,195,500 +6.9
1,680,627
1,711,850 -1.8
7,552,500
6,916.000
1,584,249
Richmond ----1,418,195
8,600,000
Trenton
8,279,410
+3.9
1,714,380
1,623,866 +5.6
8,371,995
7,440,140
1.640,141
1,411,117 Atlanta
18.461,477
York
15.897,174 +16.1
834,964
939,522 -11.2
14,868.319
6,487,129
847,048
Memphis
761,280
9,393,011
Erie
9,307,085
+0.9
872,254
935,677 -6.7
8 384 162
6 270,648
934,540
643,332 Fort Worth
Binghamton
6,759,072
_
8,492,686 -20.4
633.500
571,100 +10.9
7,727,410
6,370,541
513,400
578,700 Savannah
6,357,463
Chester
5,789,234
+9.8
564,992
581,840 -2.9
5,196,454
4,442,080
560,336
Nashville
494,979
Greensburg
6,367,758
4,910,083
+29.7
700,000
4,351,254
710,077 -1.5
632,796
Norfolk
3,409,96
0
461,957
3
,763
.087
Altoona
3,533,696 +6.5
544,104
471,808 +15.5
3,101,808
456,334
2,532,612
452,270 Birmingham _
2,936,541
Lancaster
3,080,899 -3.4
067,557
1,279,857 -24.4
3,497,377
2.494,734
..
2,450,638
... Augusta
3,494,400 -29.9
2,492,024
Jacksonville
2,244,786
3,160.000
3,103,579 +1.8
Total Middle__ 2,187,743,023 2,271,300,132 -3.7 2,750,225
2,694,521
1,883,493
,802 2.417,592,271 Knoxville
1,815.080
1,986,657 -8.6
1,621,875
Little
1,737,375
Rock
2,153,372
Boston
2,063,811
185,065,329 198.963,167 -7.0 202,785,7
+4.3
1,970,627
1 713.010
54 197,952,330 Charleston
2.306,314
Providence
2,721,210 -15.3
0,010,700
10,102,100 -10.8
2,104.055
9,943,900
1,675,000
8,496,000 Chattanooga _
2,525,983
Hartford
2,052,742 +23.0
4,274,171
5,065,917 -15.6
2,020,190
4,926,956
1.604,327
3,855,283 Mobile
1,387.635
New Ilaven
1.838.363 -24.6
3,596,662
3,540,313 +1.6
1,612,548
3,306,275
1,567,127
3,186,913 Oklahoma
1,723,209
Springfield
2,386,665 -27.8
2,413,330
2,251,218 +7.2
2,197,162
1,297,904
2,326,000
2,304,904 Macon
5,268,197
Worcester
4,940,000 +6.6
2.538,668
2,322,428 +9.3
1,500,000
2,071,324
1,012,391
1,892,376 Austin
2,300,000
Portland
2,477,608 -7.2
2.205,819
2,152,259 +2.5
1,077,753
2,070,343
576,536
1,882,980 Vicksburg
397,914
Fall River
665,641 -40.2
1,403,356
1,436,001 -2.3
392,341
1,513.458
535,322
1.466,046 Jackson
898,794
New Bedford _
700,000 +28.4
1,113,662
1,199,162 -5.5
650,000
1,374,836
475,000
929,804 Wihnington,N.C.
800,000
Lowell
865,149 -7.5
608,187
574,757
650,561 -6.5
552,267
383,921
555,296 Muskogee
825.479 Not included in total
Holyoke
600,000
589,579 +1.7
644,383
489,196 Tulsa
783.044
702,415 +11.5
..
Total New Eng. 212,849,884 228,272,505 -6.8
Total Southern 235,859,590 235.636.005
+0.1 225,026,344 188.903,353
231,514,496 223,011,127
Total all
3,300,467,460 3,401.324,973
Tö 3.860,232,511 a.418,004,893
Note.-For Canadian clearings see "Commercial and
Outside N.Y.1,406,325,121 1.418.419,910
Miscellaneous News."
-0.9 1,403,117,147 1,251,164,391
San Francisco_ _ _
Los Angeles
.
Seattle
Portland
Salt Lake City__
Spokane
Tacoma
Oakland
Sacramento,.
Fresno
Stockton
San Jos&.
-Pasadena
North Yakima _ _
Reno
Total Pacific
158
THE CHRONICLE
OUR RAILWAY EARNINGS ISSUE.
We send to our subscribers to-day the January
number of our "Railway Earnings" Section. In this
publication we give the figures of earnings and expenses
for the latest month of every operating steam railroad
in the United States, big and little, which is required
to file monthly returns with the Inter-State Commerce
Commission at Washington—altogether nearly 900
roads or systems, comprising an aggregate of about
240,000 miles of line.
THE FINANCIAL SITUATION.
With the State legislatures once more in session the
subject of the proposed amendment to the Constitution of the United States conferring upon Congress
undisputed authority to levy an income tax, is again
receiving consideration. Coincidently the Supreme
Court of Wisconsin has just handed down a decision
upholding the validity of the State Income Tax Law
enacted by the Wisconsin Legislature in 1911. We
have several times in recent months referred to this
remarkable State Income Tax Law, and now that it
has been sustained it is in order to refer td* it again.
Most of those who favor the Federal Income Tax
amendment do so on the supposition that it is going
to be a tax merely on the rich. It is in the highest
degree important that this erroneous conception
should be removed. The Wisconsin Tax Law furnishes an example of what an income tax law is like in
actual practice. Doubts regarding its Constitutionality having been removed, it is now to be enforced, and the citizens of that State are confronted
by the fact that the Act,so far from applying merely
to the rich, applies to practically everybody except
paupers.
In the first place it is to be noted that under this
Wisconsin law every one in possession of an income
of $500 a year is reguired to make a return to the
assessor. In other words, at this stage of the proceeding, even the office boy or youthful clerk who
finds himself in receipt of a weekly stipend' of ten
dollars (making for the fifty-two weeks of the year
$520) is under the necessity of declaring his income
to the tax-gatherer—adding to the $520 any little
extra profits he may have made or any extra money
he may have earned from time to time, for the record
must be a truthful one and absolutely complete. The
limit of exemption is equally low. That is to say, the
yearly income does not have to be much in excess of
$500 in order to make a person subject to the tax.
Single persons have to pay on amounts above $800,
which means a wage of less than $16 a week, and a
married person is taxed on any income in excess of
$1,200 a year, which is not quite $24 a week. There
are also provisions for lumping the income of husband
and wife, and even the income of the children must be
added on, though the limit of exemption in the latter
event is placed a trifle higher.
In printing the opinion of the Wisconsin Supreme
Court upholding the law,the Milwaukee "Sentinel" furnishes a summary of "What the Law Means." This
is useful in indicating in a brief way the comprehensive
scope and character of its provisions. It should serve
as an eye-opener to those who in their blind ignorance
imagine that an income tax law, made by Federal
enactment to cover the whole country, would apply
only to persons like Mr. Carnegie (who has just made
such a pitiable exhibition of himself on the witness
[VoL Lxxxxiv.
stand), or the Rockefellers and others of that class.
In the Wisconsin case income for taxation purposes
includes, according to the outline in the "Sentinel,"
the following: (1) All rent of real estate, including the
estimated rental of residence property occupied by the
owner thereof; (2) all interest derived from money
loaned or invested in notes, mortgages, bonds or other
evidences of dcbts of any. kind whatsoever; (3) all
wages, salaries or fees derived from services; (4) all dividends or profits derived from stock, or from the purchase or sale of any property or other valuables acquired
within three years previous, or from any business
whatever;(5) all royalties derived from the possession or
use of franchises or legalized privileges of any kind;
(6) all other income of any kind derived from any
source whatever except such as is expressly exempted.
The Court finds nothing unconstitutional in the law
containing these provisions. It points out that the
people of Wisconsin in November 1908 adopted an
amendment to the State Constitution expressly conferring authority upon the Legislature to levy a tax
on incomes, and the Legislature has acted in accordance with the authority thus conferred upon it. It
will be noted that that is just the kind of authority the
Federal Income Tax Amendment would confer upon
Congress, whereupon Congress would be in position to
avail of such authority just as the Wisconsin Legislature was rendered competent to act by the amendment
of the State Constitution. We ought to say that the
Wisconsin law also provides for progressive rates of
taxation, the rate increasing as the amount of income
rises. This feature likewise is sustained by the Court,
the 1908 constitutional amendment having contemplated a tax of that kind.
A variety of objections that had been raised against
the Wisconsin law are held to be without merit by
the Court. For instance, the allowance of exemptions to individuals and the denial of them to partnerships was claimed to be unjust discrimination. But
the Court holds that there is valid ground for distinction between the two. It says: "A partnership ordinarily has certain distinct and well-known advantages
in the transaction of business over the individual,
arising from the fact that it allows a combination of
capital, brains and industry, and thus makes it possible to accomplish many things which an individual"
could not do. In like manner a different rate of taxation for corporations from that fixed for individuals is
sustained on the same ground. On that point the
Court says: 'Ile corporation is an artificial creature
of the State endowed with franchises and privileges of
many kinds which the individual has not. The corporate privileges, which are exclusively held by corporations, and the real differences between the situation of a corporation and an individual, among which
may be mentioned the fact that the corporation never
is obliged to pay an inheritance tax, plainly justify
a difference of treatment in the levying of the income
tax."
Another objection urged against the validity of the
law is disposed of with equal facility. The objection
was aimed at that provision of the Act which directs
that the estimated rental of residence property occupied by the owner shall be considered as being income.
It had been argued that this is not income, and that
calling it income does not make it income. The Court
concedes that things which are not in fact income
cannot be made such by mere legislative fiat, yet urges
that it must also be conceded that income in its general
sense need not necessarily be money. The Court takes
JAN. 20 1912.]
THE CHRONICLE
159
the view that the clause was inserted in an effort to rations of Senator La Follette or the third-term ambiequalize the situation of two men each possessed of a tion of Mr. Roosevelt.
house of equal rental value, one of whom rents his house
It is somewhat surprising to find our Board of Estito a tenant while the other occupies his house himself.
unanimously agreeing upon a public proposition.
mate
under
and
That is undoubtedly what was intended,
is the long-delayed and long-vexed one
The
matter
property
like
with
in
clause
men
the
question
two
the
are placed upon an equal footing. But, admitting the of the Court-House site, and the vote on Thursday,in
force of the argument, no one will deny that the pro- confirmation of the report of a board committee a
vision works hardship in the case of persons of limited week earlier,selects a plot bounded on three sides by
means. For under .the operation of that clause the Leonard, Lafayette and Baxter and Park streets.
small wage earner who happens to be fortunate enough Some adjacent pieces which are included in the general
to own a house must add the supposed rental from that plan will be considered later.
The imperative necessity for a Court House both
house to his yearly wages and consider his yearly inpurposes.
and decent has long been admitted, and
taxation
commodious
for
amount
that
by
come swelled
Nor does the Court see invalidity in the provision the importance of clearing the small space about the
that the income of a wife shall be added to the income City Hall instead of further encroaching upon it has
of the husband and the income of children under eigh- been hardly less elear. No selection of a site could win
teen years of age living with their parent or parents approval from everybody, and it is sensible to judge
shall be added to that of the parent or parents. The this one by what it offers of value now and in the disCourt says that this is another case 'of classification tant future, which New York has never sufficiently
where there is some substantial difference of situ- considered. This site obeys one sound rule by avoidation which suggests the advisability of difference of ing solidly built spots and choosing what will certainly
treatment. Experience has demonstrated, it is ar- be improved, to the general public advantage, by the
gued, that otherwise there would be many opportuni- new use of it. The site is•good in respect to accessities for fraud and evasion of the law which the close re- bility, being within a short distance of Broadway, close
lationship of husband and wife or parent and child to an existing subway station and within convenient
reach of surface lines. In point of access there could
make possible, if not easy.
this
perhaps be no better selection. It is directly north
and
ideas
radical
of
era
an
in
living
are
We
whole Wisconsin law indicates to what length people of the new municipal building, and on the upper side
will go in order to exploit and carry out new social and is close to the Tombs and the proposed building for
economic theories. We know that many will refuse the criminal courts. The bill which is expected to
to see a parallel between the case of the Wisconsin appear soon in the Senate for a new Federal Courts
Income Tax and the tax Congress would levy under building and a new Post Office will clear the lower end
the permission of the Federal Amendment to the of City Hall Park and put those buildings within the
U. S. Constitution. It will be claimed that Congress lines of the new city "centre," if the plan is carried
could be trusted to frame a law that would not be so along on the lines which have been studied out.
It is of interest, and it offers encouragement, that
sweeping in its character—a law indeed that would
in fact as well as in name be aimed only at the rich. this plan is for a "civic centre," whether the larger plan
We are told that Congress representing the people will for a permanent city-planning commission proceeds or
see to it that the law shall work no hardship to per- waits yet awhile. The great and continuing error in
sons of small incomes and that the political party New York has been the lack of foresight (itself not so
that failed to recognize this plain requirement would culpable, for we of this generation have shown little
go down to overwhelming defeat. But the same argu- of that ourselves) and a total indifference to the relament might have been made with reference to the tionship and effects of one building towards others.
Wisconsin Income Tax Amendment. The Wisconsin Construction has been local, isolated and haphazard;
Legislature certainly represents the people of that State. and now the architects are just beginning to study
Obviously its members are in closer touch with local "groups" and "centres," and to teach us all that beauty
sentiment by reason of being on the spot than and profitableness may go together. New York has
the Federal legislative body at Washington, made up few avenues and open spaces; utility has been joined
of members coming from all parts of the country, with hideousness until we have almost accepted this
ever could hope to be. Yet the Wisconsin Legislature as naturally inseparable. No city on the globe is so
actually passed this law, under which wages above the continually tearing down, but we shall not reach perlevel of that of a junior clerk are to be taxed. There manent improvement until consistent and inter-related
can hence be no assurance that Congress,once endowed planning is made one aim. It will be a great boon
with the authority, would not undertake to• enact a when we can make a beginning by getting the idea
similar law. Do the advocates of the Federal income and the idea generally accepted.
tax like the prospect? Let no one deceive himself.
Some recent public criticism of the conduct of the
When a power of that kind has once been granted,
there is always danger that it may be used—and in United States Steel Corporation in respect to its employees has drawn from Judge Gary a number of timely
a most oppressive fashion.
Wisand interesting statements. He believes the treatIncidentally, it should not be forgotten that
consin is the home of Senator La Follette and the place ment of its employees will compare favorably, all
where progressive ideas of the La Follette and Roose- points together, with that in any other line of industry
velt type are being tried out. Are the admirers of in any country and at any time. Particularly, he
Messrs. La Follette and Roosevelt prepared to have says that "we are paying 25% higher wages than we
these ideas extended to other States and also made were when the Corporation was organized, and we
part of the program of our national legislative body have spent and are spending millions to prevent acat Washington? Unless they are ready to have the cidents in the works, to improve the sanitary condi-•
so-called "progressive" doctrines applied in that way tions, to furnish voluntary relief in case of accident,
they will do nothing to further the Presidential aspi- regardless of legal liability, and for pensions to the
160
THE CHRONICLE
•—
superannuated." There are standing committees, he
says, constantly engaged in welfare work. Work for
seven days of the week is largely abandoned; considerable work is still done on the basis of the I2-hour
day, but this is because the employees prefer the larger
compensation which it yields them.
Hours of labor could be reduced by reducing the
wage payments, Judge Gary adds, and of course the
question whether as much is paid as ought to be is
one that is always in order. But the Corporation has
in the past declined to cut wages when others were
cutting; it tries, above all, to satisfy its employees that
the treatment is fair, and some recent remarks at one
of their own meetings seem to imply that they they
think it so.
There is an ancient story how a potentate of minor
size, who was having some trouble by political unrest
in his domain, visited a larger potentate and sought
advice; the major potentate had taken his visitor to
walk through the palace gardens during the interview,
and he made no reply in words to the story of the
trouble, but as he walked he deftly struck off the tops
of the tallest plants with a light sword which he was
swinging. It has not surprised observant persons to
find the U. S. Steel Corporation attracting the stroke
of all swinging implements, it stands so tall. It has
been unable to please Mr. Gompers and his associates,
and the profit-sharing and other amelioriation plans,
by which it sought to improve the relations with its
employees, have particularly failed to please those intervenors. Yet it is impossible not to see that the
employees themselves are reasonably content, as
this life goes.
The labor troubles in the textile mills of Lawrence,
Mass., involving some 15,000 operatives, that were
precipitated by the going into effect of the new 54-hour
law, assumed serious proportions on Monday last,
putting the local authorities to the necessity of calling
out the militia to hold the rioters in check as well as to
protect mill property. The trouble arises out of the
fact that manufacturers, to meet the forced reduction
in the hours of labor under the new law (a week's work
formerly covered 56 hours), deducted two hours' pay
from the wage envelopes. Troops have had considerable difficulty at times during the week in maintaining
order, the disturbers being largely excitable foreigners,
and on occasions have only been able to do so by threats
to shoot to kill. It was announced on Monday by
the operatives who are out that, while the strike was
originally started as a protest against the reduction in
pay through the operation of the new 54-hour law,
they would not return to work without a 15% increase
in wages and other concessions, including double pay
for overtime. What efforts have been made to settle
the strike have thus far been ineffective. These included a suggestion that an attempt at settlement be
made through the State board, but neither owners nor
operatives would agree. While there have been small
strikes at other points in Massachusetts against the
operation of the new law, in so far as it serves to decrease pay, nothing serious has developed.
It was reported from Boston on Tuesday that a feeling exists among mill officials that the issue the 54-hour
law has brought up must be fought to the end. They
asserted, so it is said, that to grant any raise in wages,
even such as the two hours a week would cover, would
put them at so great a disadvantage with establishments in other States that are not so handicapped that
the question will be whether they can op erate at all.
LXXXX/Y.
The granting of the raise at Lawrence would, of course,
mean that it would have to be granted by textile establishments elsewhere in the State, and thus handicap every industry in Massachusetts. Latest advices
from Lawrence are to the effect that the strikers are
ready to abandon demands for the 15% increase in
wages if pay under the new 54-hour law be maintained
at the rate of 56 hours a week.
Any broad survey of current foreign developments—
those affecting the domestic activities of the Old-World
nations hardly less than their international relations—
cannot fail to suggest a distinct impression of political
unrest. If a sentiment credited to Lord Salisbury be
trustworthy, that in the diversity and multiformity of
political troubles lies the guaranty of international
peace, then the outlook is clearly a favorable one, for
in the Old-World political situation of to-day there
are few idle hands for Satan to find mischief for.
France has apparently passed her Ministerial crisis
but must now take up anew her important fiscal questions, including not only the ratification by the Senate of the, Moroccan agreement with Germany, but
.the claims of Spain for compensation for losses involved in the German agreement. Spain, meanwhile,
has itself had a Cabinet crisis. It arose from a difference of opinion between King Alfonso and Premier
Canalejas y Mendes as to the advisability of commuting
to life imprisonment the death sentence of a leader of
rioters who killed Judge Lopez Rueda and Police Chief
Dolz, when the latter were investigating sabotage on
the railroads during the revolutionary strike in September. Alfonso, yielding to pressure, commuted the
sentence against the Premier's advice. At the King's
request, the resignation of the Cabinet was subsequently withdrawn, which was especially desirable
because of the important stage that has been reached
in the Franco-Spanish negotiations over the Spanish
claims in Morocco. Incidentally, the return of the
old Cabinet is not liked in Paris, because of its determined position on the Moroccan question.
. In Germany, the week's elections show a substantial
increase in strength in the Socialistic party, though
not particularly a landslide. The Asquith Government in Great Britain has been weakened, it is thought,
by the disclosures that at the time the British Foreign
Office was accepting the risk of war with Germany,
in supposed defence of France, the French Prime Minister, acting for French financiers, was engaged in secret negotiations with influential German interests.
It is not by any means clear, however, that English
fears regarding France's action were well founded.
We discuss this matter more in detail in a subsequent
column. Sir Edward Grey's policy having, in spite of
the handicaps, proved successful so far as Germany
is concerned, there is slight encouragement for the
Opposition to indulge in direct criticism. But the
British Foreign Secretary's policy in Persia is not only
being freely condemned by Sir Edward's opponents,
but by influential interests in his own party. Great
Britain and Russia have, it is argued, in effect partitioned Persia, and destroyed its independence. This
is unfortunate for Persia. But Sir Edward's critics
agree that it is quite as unfortunate for Britain, since
it has removed Persia as the buffer between Russia
and India, and has, instead, converted it into a frontier that can hardly fail to prove the source of deep
concern in the future.
Industrial conditions in England are giving substantial signs of improvement. The coal miners of
JAN. 20 1932
THE CHRONICLE
Wales and Scotland have, it is true, by a decisive vote
—445,801 in favor and 115,921 opposed—authorized
their leaders to declare a strike on March 1 for a fixed
minimum wage. But latest advices contain the promise that, in the intervening period, every effort will be
made to arrange a compromise, the more so as the
miners' associations' treasuries are not in a sufficiently
satisfactory position to finance a. long strike. The
Conciliation Board of the Board of Trade has called a
meeting for Jan. 22 to see if the contending interests
cannot be induced to show a compromising attitude.
In the Lancashire cotton dispute a satisfactory adjustment has been reached, and all the mills will re-open
on Monday. The cotton mill owners,through Sir George
Askwith, the Chairman of the Board of Trade's
Conciliation Board, suggested a six-months' truce
on the non-unionists question. The operatives
claimed the right to refuse to work with non-unionists,
and the employers insisted on maintaining an impartial attitude between the members of the union
and the non-unionists. Therefore, it was proposed
that work should begin forthwith, on the understanding that at the end of six months, during which
no notices shall be given or strikes declared on the nonunionist question, Sir George will, if asked, submit
to both parties suggestions aiming to provide means
whereby the two sides may maintain their principles
without injuring the rights of each other.
Russia, in addition to acknowledging the independence of Mongolia, has, it is intimated by the cables,
taken the initiative in a concert of action by the Powers
looking towards a settlement of the halo-Turkish War.
Italy, obviously, is not making the progress she had
hoped to make in attaching Tripoli; the cables suggest
that Italy will pay a satisfactory purchase price or
indemnity to Turkey, or in some other way remove
occasion for the sting and humiliation of defeat.
Even little Monaco has not been out of fashion this
week, Paris cables quoting it in the throes of a constitutional crisis, the 'National Council having resigned
because its votes were ignored by the Government and
because the Franco-Monigasque convention was negotiated over its head.
The new French Ministry, which was officially announced on Sunday, has been enthusiastically received
in France and will undoubtedly command respect
abroad. It comprises the following names, several of
which are already well known on this side of the ocean:
Premier and Minister of Foreign Affairs, Raymond Poincare; Minister of Justice, Aristide Briand; Minister of Labor,
Leon Bourgeois; Minister of War, Alexandre Millerand;
Minister of Marine, Theophile Delcasse; Minister of Finance,
L. L. Klotz; Minister of the Interior, Jules Steeg; Minister of
Public Works, Jean Dupuy; Minister of Agriculture, Jules
Pams; Minister of Colonies, M. Lebrun; Minister of Public
Instruction, M. Giushau; Minister of Commerce, Fernand
David; Under Secretaries: Interior, Paul Morel; Finance,
Rene Bernard; Posts and Telegraphs, M. Chaumet; Beaux
Arts, Leon Berard.
The new Premier has twice, in previous cabinets,
been Minister of Public Instruction, and also has twice
been Minister of Finance. He is an experienced parliamentarian, and is welcomed by the French press,
almost without exception, as a leader admirably fitted
to direct the Government in its current crisis. M.
Briand, the Minister of Justice, and M. Bourgeois,
the Minister of Labor, will both be recalled as former
premiers; while M. Delcasse, the Minister of Marine,
has served with distinction as Foreign Minister. A
new feature of the present Ministry is that M. Briand,
161
the Minister of Justice, is named Vice-President of the
Cabinet, which means that he will represent the Government in Parliament and elsewhere, in the absence
of Premier Poincare. The Chamber of Deputies on
Tuesday expressed confidence in the Government by
the overwhelming vote of 440 to 6. A Ministerial
declaration setting forth the policy of the new Cabinet
had previously been read in the Chamber by the
Premier and in the Senate by Minister of Justice Briand.
The declaration, a dignified document, especially insisted that France intends to remain faithful to her
alliances and friendships, and that to be strong and
respected she must have a Government that really
governs. The first duty of the Government will be
that of ratifying the Franco-German accord on the
subject of Morocco and negotiating a loyal accord with
Spain. This will permit France speedily to organize
her protectorate over Morocco; which is the logical
climax of France's African policy. The Cabinet urges
rigorous economy in the nation's expenditures and the
granting of assistance to the country's commercial
activities, while it also seeks the development of industry and agriculture. In conclusion, the declaration says the strengthening of the army and navy will
receive special attention. "France," it is declared,
"is profoundly pacific, but she is not the master of all
eventualities. The army and navy must remain the
sacred defenders of the republic and the fatherland."
The internal troubles of Turkey are at the moment
giving greater concern than those in Tripoli. The
Parliament which has for months been out of harmony
with the Government was dissolved on Thursday, and
no election of members for the new Parliament will
take place for several months. This will give the
Government a freer rein in foreign affairs, though dispatches from Constantinople suggest most unsatisfactory internal conditions throughout Turkey generally. Macedonia is declared to be in a state of
anarchy, the conditions being even worse than they
were under the rule of Sultan Abdul Hamid. There
is a complete absence, it is reported, of security for
life and property, and the authorities appear to be unable to put any check on the prevailing lawlessness.
The whole country from the Aegean Sea to the Adriatic
is declared to be ripe for rebellion. It is this internal
situation, which is fully realized by the Powers, that
is causing the present pressure for a settlement. An
incident that is not unlikely to play an important part
in future negotiations is the seizure by Italy of ‘a
French mail steamer, the Carthage, which was taken
to Cagliari, Sardinia, because she was carrying an
aeroplane and parts of another, which were regarded by
the Italians as contraband of war. The French Ambassador at Rome has been instructed to formally request the release of the French steamer and to inform
Italy that France reserves all her rights in reference
to indemnity.
It is difficult to gather from the week's news from
China a connected narrative of the actual developments.
In some accounts it is reported that the armistice has
been extended and that the throne has decided to
abdicate and retire to Jehol. No formal action has
yet been taken, and it is evident that no definite decision to abdicate has yet been reached. The Peking
correspondent of the "London Times" telegraphs
under date of Thursday that an understanding has
been reached between the Republican leaders and the
Imperial clan, and that two edicts will be issued at
162
THE CHRONICLE
[VoL. Lxxxxiv.
once, the first empowering Premier Yuan Shi Kai
to establish a republican form of government and the
second announcing the abdication of the Throne.
Yuan, the correspondent states, is to be elected President of the republic, Dr. Sun Yat Sen retiring in his
favor. The Emperor Pu Yi will be permitted to retain
the title of "Manchu Emperor," but not Emperor of
China. Yuan proposes to grant to the Court pensions
amounting to 5,000,000 taels or about $3,000,000
per annum.
this were not agreed to by the President, to make it
the basis of "the last resort," was considered the most
disturbing feature of the situation. This always
means in Cuba a revolutionary appeal to arms. At a
meeting of the Veterans on Thursday General Nunez,
the President of their association, and Col. Coronado,
one of the leaders, were authorized to visit President
Gomez and assure him of their desire to aid in the reestablishment of peace. This, it is expected, ends
the crisis.
Our own hemisphere has not been without its political disturbances this week. Conditions in Cuba
have recently become so threatening that the Administration in Washington deemed it necessary virtually
to threaten intervention unless the Cuban Government
succeeded in getting a better control over its own affairs. Fortunately, the action at Washington appears to have been taken in time, and while the atmosphere is not entirely cleared, it is now much better
than a week ago. The trouble seems to have originated
with the organization of what is known as the Veteran
movement last fall, which was founded on the proposition that public offices should be filled by men who
had fought for the independence of Cuba and that
there should be no places for those Cubans who had
either fought against independence or had sympathized
with the Spaniards. The lengths to which a movement
of this character could be carried under unwise leadership will readily suggest themselves. President Gomez
at first temporized with the Veterans, feeling that he
was protected by the Civil Service Law passed by the
Provisional Government organized during the previous idtervention by this Government; but finally the
Veterans secured the passage by both houses of the
Cuban Legislature of a bill suspending the Civil Service Law for eighteen months, including the judiciary
as well as other branhces of the public service. Sufficient pressure was brought to bear on President
Gomez to induce him to sign the bill. The direct
cause of the Washington Government's action is contained in the following statement issued by the State
Department:
Foreign bank discounts have indicated increased
ease in the Continental money centres, though in
Great Britain there is continued firmness. In London
open market discounts were quoted by cable yesterday
at 3%% for 60 days and 3%7
0 for 90 days' bankers'
acceptances. The closing range a week ago was
3 13-16%. Paris was cabled yesterday at 3% for
all maturities; a week ago the rate was 3%. Berlin
again was lower, closing at 3%,as against a range of
3Y8@3 % last week for spot and to arrive. Amsterdam still remains unchanged at 3%,while Brussels
is again cabled at 39%. In both Paris and Berlin
important large financial transactions are pending,
and surprise is expressed in international financial
circles here that these transactions have not made
themselves more noticeably felt in banking quarters.
It is suggested that the continued ease reflected by
market discount rates must be artificial, and may be
part of a program to create a market for new securities
whose flotation has been necessarily held back, owing
to the exigencies of the political crisis during the latter
half of 1911. The special German transaction to which
we have alluded is the proposed Government financing,
including two loans amounting to 500,000,000 marks
($125,000,000). These loans were Placed on Thursday
by the Imperial German Government and the State
Government of Prussia jointly with a group of Berlin
banks and will bear interest at 4%.. The Prussian part
of the loan, which is 420,000,000 marks, is a railroad
transaction: The proceeds are to be devoted to construction and to the acquisition of rolling stock. The
German Empire proportion is only 80,000,000 marks,
and is intended for the reduction of part of the 240,000,000 marks of Treasury notes maturing this year,
the remainder of these notes having been extended or
redeemed from the surplus in the treasury. Thus
there is no increase in the Imperial debt. The subscription list will open on Jan. 29 at the rate of 101.40.
As practically all American loans made to German
banks in December mature this month, it is not improbable that some of this money will remain in Germany and participate in the Government bonds.
There is slight inducement to bring the money home.
We are informed, for instance; that one of our largest
international banking houses on Thursday purchased
quite an amount of 90-day sight bills on Paris to yield
about 338% and long bills have also been bought
freely on London yielding 3(4)3%%. Official figures
of our own commerce for 1911, which are just available,
show an excess in merchandise export account over
imports of $559,441,280.
The French transaction to which we have referred
above is a large issue by the Credit Foncier. • This,
according to cables from Paris, will be announced today (Saturday). This transaction has involved the
temporary tying up of a large amount of French capital
which, however, will be promptly released, and the
Paris market is expected thereafter to show increasing
ease. That transaction is understood to be merely the
Minister Beaupre reports from Cuba that, in defiance of a
decree issued by President Gomez, forbidding officers of the
army.and rural guard to participate in politics, which already
was prohibited by military law, and also forbidding their
attendance at meetings of the Veterans' Association, many
officers of the army and rural guard attended a meeting on
the night of the 14th inst. of the National Council of Veterans,
where they were accorded a pronounced ovation. The situation is regarded as the most serious that has yet presented
itself since the Veterans' movement began.
Following is the official notice sent to Minister
Beaupre for presentation to the Cuban Government:
The situation in Cuba, as now reported, causes grave concern to the Government of the United States.
That laws intended to safeguard free republican government shall be enforced and not defied is obviously essential
to the maintenance of the law, order, and stability indispensable to the status of the Republic of Cuba, in the continued well-being of which the United States has always
evinced and cannot escape a vital interest.
The President of the United States looks to the President
and Government of Cuba to prevent a threatened situation
which would compel the Government of the United States,
much against its desires, to consider what measures it must
take in pursaunce of the obligations of its relations to Cuba.
In addition to the defiance of President Gomez's decree by officers of the army and the rural guard, the
fact that the Veterans demanded that the decree be
treated as a dead letter and threatened that,in case
JAN. 20 1912]
THE CHRONICLE
163
, fore, reflect a further addition to the bank reserves,
initial one in a considerable number that have been
according to last week's statement, showed
underwritten by the French banks. These latter are which,
s above legal requirements of $34,950,holding
awaiting the approach of favoring market conditions surplus
are those of the banks and trust
figures
These
to distribute the securities. The exchanges have 300.
Thus far the banks and other
ed.
combin
ies
compan
.
London
moved against Paris this week and in favor of
ions evince no general disposition to
l
The latter centre seems to be endeavoring to retain its financia institut
invest their surplus reserves in bonds. This is someFrench balances.
be recalled, that they did very freely a
The Bank of England's weekly statement on Thurs- thing, it will
have discussed this question with the
We
day was, taken altogether, a satisfactory document, year ago.
of the large Wall Street banks
several
of
ves
especially considering the large shipments of gold to executi
no
find
expectation of a similar moveand
week,
this
repaid
India and other points. The outside market
ate
future, at least. The head
immedi
the
in
the
in
ment,
on
reducti
£307,000 to the Bank, this being the
his full board was in accord
that
ed
explain
bank
one
of
Monday
on
Bank
loan account for the week. The
that the political situation
namely
view,
,
own
his
offering
with
gold
new
the
of
secured at the Mint price most
with too many unknown
fraught
uncertain and
amounting to £775,000, and the total increase in its was too
ents at the moment.
large
investm
justify
to
gold coin and bullion holdings, our special London cor- factors
l
ions had declared
nationa
convent
the
when
y
respondent cables us, is £1,258,845. The total reserve Possibl
d candidates,
had
and
ms
selecte
platfor
l
politica
liatheir
increased £1,803,000, making the proportion to
commitments
into
enter
to
safe
bly
reasona
be
a
would
it,
e
from
46.98%
bilities 48.94%. This is an increas
e
ent character in advanc of the actual
week ago and compares with 51.23% one year ago, of an investm
election; but these possibilities were in
50.75% two years ago and 45.97% in 1909. Loans as results of the
the volume of securities
measured by the item of "other securities" amount to the future. Furthermore,
ions is unusually large,
institut
£31,296,000. One year ago the corresponding figures held by our banking
ing caution in making
suggest
itself
were £27,524,597 and two years ago £29,376,890. which is a factor
es.
ng
purchas
additional
Our special correspondent furnishes the followi
We have referred above to New York bankers purdetails of the movement into and out of the Bank for
long bills drawn on Paris and London on a
£5,000
chasing
which
(of
the Bank week: Imports, £666,000
@3%%. These transof
from Germany and £661,000 bought in the open mar- basis giving a net return 33/8
accurate gauge of local market
ket); exports, £1,030,000 (of which £720,000 to India, actions furnish a rather
expected that call money rates
£100,000 to Argentina, £100,000 to France, £100,000 conditions. It is not
below 2% for any protracted
go
to
ed
to Egypt and £10,000 to other destinations), and re- will be permitt
understanding to regard
a
tacit
appears
there
of
Great
period;
ceipts of £1,623,000 net from the interior
m.
minimu
a
as
figure
that
Britain.
The range for call money this week has been 19©
the lower figure having been available for a
Both the French and German official bank state- 23/2%,
time only. On Monday the extreme quotations
ments also made strong exhibits this week. The Im- short
/2%, with the lower figure the ruling one.
perial Bank of Germany registered an increase of 64,- were 2%@23
Tuesday were made at 231%, while the
on
ls
148,000 marks in the gold on hand and of 92,647,000 Renewa
%. The ruling rate on Wednesday
2@2%
was
range
marks in gold and silver combined. Notes in circued 23.1%, while Wednesday's
continu
ay
Thursd
and,
lation decreased 232,988,000 marks and discounts dee quotations were 1%@,23,4% and Thursday's
creased 290,127,000 marks. Loans and discounts are extrem
%. Friday's highest and lowest quotastill high, however, amounting to 1,330,268,000 marks, were 2@2X
respectively, and the ruling rate,
3
2©2/%,
comparing with 1,091,380,000 marks one year ago tions were
first time this year, dropped to 2%. Time
and 949,840,000 marks two years ago. This showing for the
on Friday became distinctly weak, 30 and 60
is not surprising when we consider that official reports money
virtually to the demand basis. Closing
falling
just to hand show that Germany's foreign trade for days
2@23/2% for 30 and 60 days, 23-1@,
are
ons
quotati
1911 established new records, both in imports and
days, 2U@3% for four months,
exports. The imports reached the unexampled total 291% for 'ninety
for five and six months, and 3U(4)4% for
1
of 9,544,800,000 marks, an increase from the preceding 3@34%
ies, including over-the-year funds.
year of 614,000 marks. The exports indicated a much longer maturit
paper has shown some slight improvelarger increase, namely 627,200,000 marks, making Mercantile
ment in supply, but still reflects the conservative
the total value of shipments 8,101,800,000 marks.
both merchants and manufacturers.
The weekly statement of the Bank of France re- attitude of
paper has sold at 33/2%, and quomill
choice
Very
corded an increase of 3,300,000 francs in gold on hand,
are 33/2@4% for 60 and 90close
the
at
tations
with
ing
making the total 3,182,200,000 francs, compar
d bills receivable and also for 4 to 6
3,251,150,000 francs for the corresponding week in days endorse
choice character. Others
1911 and 3,476,000,000 in 1910. The Bank's note months' single-name bills of
are about WI% lower
rates
are quoted 43/2%. These
circulation decreased 35,575,000 francs.
for the week.
The future of New York's money market,for the first
Sterling exchange at times has given evidence of
half of the year at least, seems to be predicated altive selling during the week. London has been
specula
.
most entirely on the extent of the foreign demand
te scale in this market, paying
Bank officers concede that home requirements cannot a borrower on a modera
es 4@43.4%, the lower rate carrying
reasonably be expected to afford adequate employ- in several instanc
to the February mid-monthly settlement for the full volume of banking reserves that will the borrower over
for 60 days' maturities. The
higher
the
be, in the natural order of things, increasingly availa- ment find
ly higher than New York
relative
is
market
ble at this centre from now on. It is usual for currency London
the end of March, as it
until
so
remain
to
s
promise
to gravitate toward New York at this season, and the and
Treasury will absorb
the
British
that
ted
calcula
is
present week the Movement has been fully up to exin revenues and
market
the
from
sums
onal
excepti
therepectations. To-day's bank statement should,
164
THE CHRONICLE
[VoL. Lxxxxiv.
Government financing before that date. This means
With the Sub-Treasury operations tne result is as
that the Bank of England will control the London follows:
money market for some little time, though it would
Into
not surprise important banking interests here if there
Out of
Net Change in
Week ending Jan. 19 1912.
Banks.
Banks.
Bank Holdings.
should be a reduction in the official bank rates at Lon- Banks' interior movement as above_ $17,076,000
$5,775,000 Gain 511,301,000
33,000,000
28,800,000 Gain 4,200,000
don, Paris and Berlin in the comparatively early future, Sub-Treasury operations
Total gold and legal tenders
$50,076,000
$34,575,000 Gain $15,501,000
notwithstanding the disposition of these official banks
to recognize the current political strain and keep themThe following table indicates the amount of bullion
selves well fortified. The Lancashire cotton disturb- in the
principal European banks.
ances have continued to restrict the supply of cotton
bills, but a prompt improvement in this direction will
Jan. 18 1912.
Jan. 19 1011.
Banks of
Gold.
undoubtedly follow the successful adjustment of the
Silver.
Total.
Gold.
Total.
I Silver.
difficulties. Less attention is being shown to the coal England__ 37,306,547
37,306,547 34,661,264
34,661,264
France _ _ 127,287,500 32,190,480 159,477,980 130,046,400 32,806,840 162,853,240
miners' threats to stop work. It is recognized that Germany
_ 38,684,750 14,276,550 52,961,300 38,996,450 13,941,350 52,937,800 •
Russia
a,,
143,290,000
6,277,000
142,855,00
such a strike as is said to be contemplated would ma- Aus.-Hunb 53,836,000 11,831,000 149,567,000
6,448,000 149,303,000
65,667,000 55,122,000 12,192,000 67,314,000
16,733,000 30,123,000 46,856.000 16,439,00 30.716,000 47,155,000,
terially restrict British industry; but the spirit of com- Spain
Italyd _ _ 41,318,00
3,599,000 44,917,000 39,350,000 3,558,000 42,908,000.
Neth'Iands 11,833,000
887,200 12,720,200 10,785,000 2,226,600 13,011,600
promise is thought to be in the air, and the disposition Nat.-Belgd
6,684,667 3,342,333 10,027,000 5,442,667 2,721,333 8,164,000,
Sweden __ 4,719,000
4,719,000 4,466,000
4,466,000
on this side seems to be one of skepticism as to any Switz'land 6,426,000
6,426,000 6,232,000
6,232,000.
2,232,000 1,919,000
1,019,000
final suspension of work. Aside from a sharp upward Norway __ 2,232,000
week 490,350,464 102,626,563592,877,027486,314,781 104,010,123 590,924,904
reaction in sterling exchange rates on Monday, the Total
Prey. week 488,558,412 101,919,840 590,478,252 181.152,786 103,706,263 584,859,049,
market may be said to have steadily declined until on
a The total of gold in the Bank of Russia Includes the balance
he d abroad—
is, the amount held for Russian account In
Thursday quotations indicated a loss of 20 points for that
Continental banks. The
proportion so held, and consequently duplicated inother
the above statement, is about'
one-ninth
of
the
total
this, year, against about one-sixth a year ago.
60 days and 25@30 points for demand and 15@25
b The Austro-Hungarian Bank statement Is now !wiled in
Kronen and Heller
points for cables. On Friday, however, the sharp Instead
Of Gulden and Kreutzer. The reduction of the former currency
to sterling:
was by considering the Gulden to have the value of 80 cents.
decline in time money rates had a distinctly stimu- Pounds
Kronen has really no greater value than 20 cents, our cable correspondent As the
in London. In order to reduce Kronen to Pounds. has altered the basis
of conversion by
lating influence, and the day's recoveries extended to dividing the amount of Kronen by 24 instead of 20.
The division (between gold and silver) given in our table of coin and bullion in.
15 points on 60 days and cables and 15@20 points for thed Banks
of Italy and Belgium is made from the best estimates we are able to obtain; it Is not claimed to be accurate, as the banks make no distinction in their weekly
demand.
returns, merely reporting the total gold and silver: but we believe the division we•
Gold shipments this week have included $1,500,000 make Is a close approximation.
taken for Costa Rica and $500,000 for the Argentine.
An additional amount of $800,000 was withdrawn
DOWNFALL OF THE FRENCH MINISTRY.
from the Sub-Treasury for the Argentine, but the order
Like so many other incidents in the recent political
was canceled by cable and the gold was yesterday imbroglio of Europe, the incident of the Caillaux Minreturned to the Sub-Treasury. The shipments to istry's downfall has both a disagreeable and an agreeCosta Rica are, it is understood, connected with first able aspect. To understand both the good and the'
payments on capital account of a new national bank in bad sides of the episode, it is necessary to review exthat republic to be established as an agency in the actly what has happened. In the first place, the
matreform of the currency system that is now in progress. ter has to do with the French Constitutional
mode of
Compared with Friday of last week, sterling ex- procedure in the matter of treaties with foreign
change on Saturday was much weaker, demand declin- Powers. Authority for proposing and concluding
ing some 20 points, to 4 8690 ®4 8695, cable transfers treaties rests by the French Constitution with theto 4 8740@4 8745 and 60 days to 4 8350@4 8360. President of the Republic; the Russian treaty, for inThere was a sharp recovery on Monday from Saturday's stance, was concluded without the formal concurrencelow level, due in large measure to the stiff rates for of the Legislature. But it is also a Constitutional
money in London; the final range was 4 87@4 8705 provision that treaties involving territorial possessions
for demand, 4 8745 ®4 8755 for cable transfers and of France, home or colonial, must be submitted to the
4 8370®4 8380 for 60 days. Sterling moved un- legislative body. Furthermore, all foreign negotiasteadily on Tuesday, closing at a decline of about 10 tions are naturally carried on through the Cabinet Minpoints for the day, with cable transfers at 4 8735 ® isters; there are, indeed, certain old laws of the French.
4 8740, demand at 4 8695 ®4 87 and 60 days at 4 8360 Republic which specifically require that such negotia@,4 8370. Selling on speculative account caused a tions shall be directly under the charge of the Cabinet
further decline on Wednesday and demand fell to Minister primarily interested in the subject of ne4 8685@4 8690, cable transfers to 4 8730 ®4 8735 and gotiation.
60 days to 4 8355@,4 8365. On Thursday the market
Until last week,no general misgivings seemed to havewas dull but steady, with final figures unchanged from existed as to the manner of carrying on the recent
Wednesday's close. On Friday the market ruled firm negotiations with Germany. On Tuesday of last
on an active demand and light offerings at an advance week, however, ex-Premier Clemenceau suddenly
of 15@20 points. The close was at 4 8360'@4 8370 brought the accusation that part of the negotiations.
for 60 days, 4 87@4 8710 for demand and 4 8745 ® with Germany which had resulted in the formal treaty
4 8750 for cables. Commercial on banks was quoted then before the Chamber, and some which had apparat 4 82@4 83% and documents for payment 4 82% ® ently been abandoned, had been carried on over the
4 839.. Cotton for payment ranged trom 4 83 to head and without the knowledge of M. Cambon,.
4 833/2, grain for payment from 4 839' to 4 84.
French Ambassador at Berlin, M. Caillaux using other
secret emissaries to the German Government. When
The following gives the week's movement of money taxed with this in committee session
of the Senate, the
to and from the interior by the New York banks.
Premier denied the whole assertion. Clemenceau
thereupon turned to the Foreign Minister, M.De Selves,
Received by
Shipped by
Net Interior
Week ending Jan. 19 1912.
N. Y. Banks. N. 1. Banks.
Movement.
and asked him to confirm the Premier's statement;
Currency
$13,676,000
$4,085,000 Gain $9,591,000
Gold
3,400,000
1,690,000 Gain 1,710,000 to which the Foreign Minister replied: "I cannot anTotal gold and tell! tenders
$17,076.000
$5,775,000 Gain $11,381,000 swer the question. I am tied between a double
duty
JAN. 20 1912.)
THE CHRONICLE
165
—to hold to the truth and tell all, and not to hurt the acrimonious demand for publication of all the undisclosed and possibly awkward facts of the alleged ne interests of the country by deserting the Cnbinet."
Presently, however, M. De Selves' resignation was gotiations.
An effort has been made to excite the English over
sent to the President. A violent discussion at once
broke out in the Paris press, many of the most serious the presumption that France had been making ready
newspapers taking grounds strongly against Caillaux. at the height of the Morocco crisis to desert its English
The "Journal des Debats," a newspaper of the highest allies and come to quick terms with Germany. But
standing, directly charged that Caillaux, through for this we fail to find any evidence whatsoever, inassecret agents and without the knowledge either of his much as the Anglo-French agreement necessarily held
foreign office or of the President of the Republic, had good, with or without a renewed understanding beoffered Germany a large part of French equatorial tween France and Germany on the Morocco question.
Africa in exchange for free play in Morocco, had ex- Indeed, if M. Caillaux were to be presumed to have
pressed willingness to approve Germany's Bagdad had in mind, in his secret negotiations, the purpose of
railway enterprise, to give the presidency of the betraying England, the same presumption would have
Turkish Debt Commission to a German and to admit been equally valid in the case of the actual settlement
German securities to the Paris Bourse. It is difficult of the Morocco matter, which was hailed in England
in the confusion of confirmation and denial to say just with intense relief.
All things considered, general feeling throughout
how far this serious accusation was warranted. At all
events, the feeling of the French Legislature was soon Europe seems to be that all three nations are now very
shown by the failure of Caillaux to re-form his Cabinet well out of a bad chapter in international affairs. All
three have learned a lesson—Germany in the probable
and by his consequent resignation.
All this might have seemed to foreshadow a highly results of unfriendly and coercive diplomacy; England,
critical situation, both as regards the formation of the in the peril of secret treaties by its Government (a connew Ministry and as regards the fate of the Anglo- sideration in which the still more recent Persian affair
French agreement. On the contrary, however, when has something of a hand), and France, in the absolute
the President of the Republic, after unsuccessfully necessity for observance of all the forms by Governapplying to one or two statesmen to undertake the ment in its negotiation with foreign Powers.
Further than this, the upshot of the episode shows
task of government, named M. Poincare, a former
formed
things—first, the disinclination of the European
two
Premier
promptly
Minister of Finance, the new
its
in
to war; second, that public resentment at
public
comprising
distinction,
a Cabinet of unusual
membership two former Premiers and the well-known secret Ministerial actions which might tend to bring
statesman Delcasse. When the first opportunity ap- on war. In both regards, the political position stands
peared, last Tuesday evening, for a vote of confidence in utter contrast with that of fifty or even twenty-five
or want of confidence in the new Government, the years ago, when European cabinets were accustomed
Chamber of Deputies gave to the Poincare Ministry the to play with the problem of foreign diplomacy, of
sweeping majority of 434 in a total vote of 446. In peace and war, as if the people had no voice whatever
its own declaration of policies, the new Cabinet had in the matter. The change in the public attitude,
expressed the purpose of improving the social organ- and the manifest determination to hold some restraint
ization, maintaining the public peace, rigidly repress- over impetuous ministers, explains also Europe's feeling crime, rigorously enforcing economies, and fur- ing over the Italian war.
Not the least curious aspect of all this development
ther strengthening both army and navy; but beyond
this committed itself to nothing. So it will be ap- in European politics is the extent to which the scheme
parent that a strong Ministry, with a powerful fol- of offensive and defensive national alliances is losing
lowing in the Legislature, has entered on its labors with hold. The Triple Alliance between Germany, Austria
its hands entirely free for the larger international af- and Italy has already gone pretty far towards disintefairs. In fact, its position is conceded to be the gration as ai result of the Turco-Italian War. The
strongest occupied by any new Ministry in the fac-, Persian incident has strained the Anglo-Russian entional confusion of French legislative politics during tente. Public sentiment is likely at least to insist that
many years. It is impossible to escape the conclusion the Anglo-French agreement be held strictly to its
that the French Legislature, reflecting what it knew to original limited purposes. It may be asked—supbe the feeling of the French people, has publicly subor- posing these special international guaranties and allidinated political differences to the larger motive of ances to be destined to play hereafter a distinctly
patriotism, and in so doing has utilized a serious min- smaller part—what is to replace them in maintaining
isterial crisis to present to the world stronger evidence, the international status throughout Europe? A poseven than before, of the calmness, determination and sible answer is, that the political groupings of Europublic spirit with which the nation is confronting the pean States, a generation ago, were based on the preserving of the balance of power in Continental affairs,
international problems of the day.
The curious fact about the episode is that no clear and the prevention of any such diplomatic or terriexplanation has been made as to what was the nature torial advance by a single nation as should upset that
of M. Caillaux's alleged secret negotiations, and why equilibrium; that this theory was supplanted, later,
so many of them failed to come to a head. Whether by such direct alliances or ententes as the Francothey were merely efforts to "sound" the German Gov- Russian and Anglo-French arrangements, and that
ernment and discover, without committing the Foreign this second expedient may now have similarly passed
Office, what terms of formal agreement would be pos- beyond its period of highest usefulness.
If so, there could be no doubt that the recent plan
sible, or whether, as has also been intimated, they
were part of the effort made by international bank- of offensive and defensive alliances will be largely
ing interests to bring the two governments into har- replaced by the growing insistence of both governments
mony again—these questions are left to pure conjec- and people,in all the European States,on the policy of
ture. The self-restraint of the French has certainly good relations toward all other foreign Powers. This,
. been thus far demonstrated by the absence of an to be sure, would be only one more indication that the
166A
THE CHRONICLE
relations of the great States of the world are undergoing
an important and fundamental change. That this
change in the actual attitude of ministries and people
should have come simultaneously with the rise of the
policy of arbitration treaties is something more than
an incident. The political horizon is still too obscure
to. look very far ahead; but the one conclusion which
may be reached even now, with entire assurance,is that
the tendency of the day is distinctly in the direction
of restraint on international armed collision. It is not
the least important aspect of the matter that this
tendency chould have demonstrated itself in a year
of such political uproar and unsettlement as 1911.
GOVERNMENT OWNERSHIP OF THE
TELEGRAPH.
The proposition for Governmental ownership of the
telegraph, at an outlay of only a few hundred millions
to begin, was appropriately met by discouragement in
the highest official quarter as soon as tentatively
communicated to the press. This suggestion has been
mentioned before as a possible step in progressiveness;
but it ought to be disposed of immediately as outside
the realm of sane thought. The plea that important
economies and lower rates could be had by joining
the telegraph to the postal service, because in so many
places the same persons could handle both messages
and mails,is grotesquely humorous,however seriously
offered. The ancient deficit in the postal finances is
not objectionable, provided efficiency is kept at the
highest and waste at the lowest. The reported surplus
for the last fiscal year cannot stand strict inquiry, for it
comes, ii2 part, by inaccurate methods of accounting.
By putting fixed charges and some other items to the
account of some other department, it is easy to figure
out an apparently favorable result. Many years ago,
when a formal show of bids for some of the work of the
Federal engraving and printing bureau by private
concerns was set against the bureau's figures, an apparent saving was made out for the latter, by charging
the bureau nothing for rent, heat and some other items
of cost; similarly, the savings bank scheme of industrial insurance in Massachusetts, by putting part of its
necessary expenses upon the general funds of the State,
made out an apparent economy as compared with
private companies which have to meet their own bills.
There is no difficulty in producing any desired result
by correct figuring and incorrect accounting. That"a
marked extension of the postal service and higher compensation for its employees have gone hand in hand
with a vanishing deficit" (as the last report of the
Postal Department declares) is a roseate accomplishment which would not bear hard analysis, and it does
not encourage to any more commitments. Whatever
Great Britain may seem to have accomplished in public
ownership of utilities, the conditions here are so widely
different that they cannot rationally be brought under
the same argument; and when we are told that the
telegraph under government control is in successful and
profitable operation in approximately fifty countries
of the world, the statement needs qualifying, and the
figures need non-interested searching before they can
impress.
Waiving for the moment the vast objection to widening the already too-wide scope of Government undertakings, public work is the least efficient and most
wasteful done in the country. Some functions are
committed to Government because private persons
cannot, and some because private persons would not,
undertakel them; but whatever Government does—
[VoL. Lxxxxiv.
- other than closing a grip upon private operations—it
does ill and feebly. It has not given, to this hour, one
bit of evidence of business ability equal to that of
private persons. And when we contemplate such a
proposition as this latest tentative one, we must forecast the future as well. It is the belief of some that
the telephone will gradually absorb and displace the
telegraph. At least, the two will come closer together,
and nobody can be sure that wireless methods will not
cover the entire field. All we know is that development is likely to be more rapid, and when we think of
efficiency (momentarily laying aside the matter of
economy), experience shows that the dead hand of
Government officialism would retard, if it did not quite
paralyze, the development of carrying of ideas through
the air, as it just as certainly would do in transporting
material things on land or water. It is foolish to
deceive ourselves by rhetoric; wherever and whatever
Government touches it largely benumbs.
A significant comment is given by Mr. Taft's message
on economy and efficiency, in which he urges a further
expenditure upon investigating how to expend to advantage, so that departments may learn how to get
more for the money and even how much money is
expended. By labor-saving machinery, by stopping
needless copy work, by stopping waste in printing—
these are some of the suggestive means of reform mentioned. The inveterate obstacle is that everybody
believes in retrenchment but objects to applying it
just where he is interested. Increase in the pound rate
on second-class matter is urged by the Postal Department, but a real determination for economy would
begin to check the enormous waste in printing matter
which is then transported free; even the attempt of
Representative Murdock to stop the practice of loading
the "Record" with speeches, said to have been delivered in open session, which are inserted under "leaveto-print," was too severe a test.
Yet this economy message is timely, for waste can
never be lessened until its existence is forced upon public
recognition. Meanwhile, it ought to startle the public
that such a scheme as Governmental acquisition of
public utilities is even mentioned. Not many years
ago, such a thing would have seemed only the dream
of an unsound mind; but we get wonted, little by little,
to views which an average intelligence would once
have rejected instantly.
OUR FOREIGN TRADE IN 1911.
Exports of merchandise exceeding in value by a
very considerable amount those for any former year,
notwithstanding the lower level of prices recently
prevailing, and a volume of imports only very little less
than the high mark set in 1910; furnish, when combined, an aggregate in the foreign trade of the United
States for 1911 quite noticeably greater than for any
earlier twelve-month period in the history of the
country. In fact the total of imports and exports for
the year was no less than $3,625,305,002, exceeding;
by 196 million dollars the aggregate for 1910, overtopping the 1909 result by 421 millions and that of
1908 by over three-quarters of a billion.
The increase in our export trade has been very
comprehensive of late years, especially in 1911—
practically every country to which our commodities
go taking more from us. A conspicuous example of
this growth is Canada, to which country we sent in
1911 merchandise exceeding in value by some 50
millions the outflow thence in 1910, this being concurrent with a shrinkage in our imports from 'the
A.N. 20 lin 2,1
THE CHRONICLE
167
in agricultural impleDominion. The movement of goods from here to moderate gains are to be noted
largest exporting
world's
the
we
are
which
(of
ments
South America also showed marked expansion in 1911
and numerous
nuts
and
fruits
stores,
naval
country),
of
and the inflow was less, but on balance the volume
small.
generally
and
few
are
Decreases
articles.
other
trade is still much against us.
some
in
year
to
year
from
changes
the
To
indicate
•
much
Aggregate merchandise exports in 1911 were
those
relation
of the leading staples of export, and the
the heaviest on record, the total having been $2,092,principal items bear to the full outward movement of
year,
preceding
373,141, against $1,866,258,904 the
merchandise, we insert here the following compilation,
$1,728,198,645 two years previous, $1,752,835,447 in
which covers the results for the last six years:
1908 and $1,923,426,205 in 1907. The increase over
EXPORTS OF LEADING PRODUCTS FOR SIX CALENDAR YEARS.
the previous record mark (1907) is some 169 millions
1906.
1907.
1908. 1
1910.
1909.
of dollars, but noteworthy changes have taken place in Export3. 1911.
$
1
$
$
$
$
$
the outward movement of commodities in this interval Cotton _ _.516,810,316
530,824,222 461,919,568 438,829,110 469,826,661 413,137,936
Breadst'ffs1135,500,000 109,096,306 139,779,08 196,508,311 214,639,405 189,069,690
of four years. In 1907 and in all earlier years, as Prov'nsdre
161,000,000 129,522,085 151,964,537 181,492,154 197,634,3501208,546.501
well as during 1908 and 1909, the articles for which Cattle,sh'p
& hogs_ 15,000,000 9,714,743 16,616,121 27.533,329 34,808,8191 39,445,459
advance statements are issued—cotton, breadstuffs., PetTni,are 105,500,000 94,107,022 103,838,500 08,815,455 91,383,0641 85,738,866
_ _ 933,810,316 873,264,378874,171,396453,178,359 1008372 2991935,978,852
provisions, cattle, &c., and mineral oils—made up the AllTotal_
other
of
articles,"
articles_ 1158562825992,994,526.54,081,249 99,656,888915,053,906 862,264,582
"other
1910
In
totals.
the
of
part
greater
6205i 1708243434
which manufactures constitute the most important Total.... 2092373141 1866258904 172819864 17528352471192342
part, gained the ascendancy, and increased their lead in
Imports of merchandise reached a total of $1,532,1911. It is this expansion in the outflow of manufac931,861, which contrasts with $1,562,904,151 (the
tures that is particularly gratifying.
record) in 1910 and $1,475,520,724 in 1909. This data
Breadstuffs exports in 1911, due to heavier shipdoes not indicate important expansion in the inflow
ments of corn, wheat and flour, covered a value quite
of
commodities into the county in the more recent
appreciably greater than in 1910, the comparison being
Since 1904, however, when the 1,000 million
years.
between $135,500,000 and $109,096,306; but there is
mark was first passed in imports, there has been an
a small decline from 1909 and very decided losses from augmentation of nearly 50%, or a heavier ratio of
recent earlier years. The 1901 total was 2763 mil- growth than shown by exports during the same period.
lions. The provisions outflow in 1911 was also of With a few prominent exceptions, the leading commuch greater magnitude than in 1910, and 10 millions modities show an increased inflow in 1911, the decline
in excess of 1909; but smaller than for a number of in the aggregate from 1910 being more than accounted
years prior to that time. The increase of 313/b millions, for by the losses in sugar and India rubber, both of
as compared with 1910, is found wholly in hog and which were imported less freely following the heavy
dairy products, beef exhibiting a further contraction. inward movement of the previous year, while at the
Cotton exports were larger in quantity in 1911 than in same time there was a lower average basis of value.
any former year, the heavy shipments subsequent to Imports of hides and skins in 1910, also, were modSept. 1 materially assisting in that result. These
erately less than in 1910, and the same remark applies
shipments followed because of an important decline in
to leather, oils, wines and silk manufactures. Raw
prices, it being realized that the crop now being marwool, too, shows a decline which lower prices do not
keted is of record proportions. The value of the
fully explain, and manufactures of that article are in
8,590,000 bales sent out in 1911 is placed at only
the same category. Iron and steel and manufactures,
$516,810,316, while the 7,097,254 bales shipped in
and wood and manufactures, exhibit small losses. On
1910 was $530,824,222, the average price per pound
other hand, chemicals, cocoa, raw cotton, fruits
the
having been 11 9-16c. and 14 9-16c., respectively. In
nuts, raw silk, tin and tobacco, and many other
and
1909, also, the price was higher than in the late year commodities,showed more or less important additions.
(11%c.), but shipments were much smaller—only Coffee recorded a large gain in value, much of which
7,576,153 bales—and the value, therefore, but $461,was due to the higher prices, although quantity was
919,568. Petroleum exports for 1911 were above the
greater; and flaxseed, the inflow of which in 1910
former record total of 1909 as to quantity, but smaller
showed such a phenomenal increase, was further
than in 1908, as regards value,in consequence of the
augmented.
lower average price received. In this commodity
The trade balance in favor of the United States in
there has been a steady decrease in the average export 1911 was, of course, very large, but even at that it
price since 1907. Starting at 7.2c. per gallon in that
has been exceeded several times. It reached $559,year, it dropped to 7.1c. in 1908, falling to 6.7c. in
441,280, comparing with $303,354,753 in 1910 and
1909 and 6.3 cents in 1910,and finally to 6.1c. in 1911.
$252,677,921 in 1909. In 1908, however, with imThe shipments of 1911 at 1,730 million gallons comports reflecting the depression that followed the panic
pare with 1,502 million gallons in 1910 and about half
of
1907, and exports very free, the balance in our favor
the current total twenty years ago.
was no less than 636 million dollars, and even that
Among other articles of export, and especially manu- figure was exceeded in 1900
factures, notable expansion is quite generally the rule.
The movement of gold, while not especially heavy
Iron and steel and manufactures, for example, reached in either direction in 1911, netted a moderately large
a total in the late year of virtually 250 millions of balance of imports. The imports were most largely
dollars, very much the heaviest on record, an excess of from Mexico, although receipts were quite heavy from
50 millions over the aggregate for 1910, which in turn Canada; this latter item however, was' more than offhad shown a gain of 40 millions over 1909. The ship- set by the return flow to that country, which was the
ments of these products have nearly trebled in the preponderating item in the export total. The net
last eight years. Copper, cotton manufactures, vege- import balance for the year, at $20,262,110, compares
table oils, cars, carriages, &c., including automobiles, with $447.696 in 1910 and a net outflow of the metal
coal and wood and manufactures,were likewise sent of $28,793,835 in 1909. Silver was exported more
out much more freely in 1911 than in 1910. More freely in 1911 than in 1910, and there was a slight fall-
168
ing off in the imports; consequently the net export
was nearly double that of the previous year. the con;trast being between $21,918,075 and $11,482,805.
Bringing together the various net balances, we have
the subjoined comparative summary of the trade
‘-balance as a whole:
YEARLY TRADE BALANCE.
1907.
1911.
1910.
1909.
1908.
$
559,441,280303,354,753 252,677,921 636,461,360 500,256,385
9,613,541 15,713,506
21,918,075 11,482,805 11,404,607
s
Excess of-Mdse. exports
,Silver exports
TOM
'Gol8'
,
a9orts
(
a1and total
•
s
s
$
581,359,355 314,837,568 264,082,528 646,074,901 515,969,891
*20,262,110
*447,696 88,793,855 30,939,163 *88,182,391
561,097,245 310,389,862 352,876,383 677,014,064 427,787,500
* Excess of imports.
All items being included, we find the net export
balance for the latest year to have been $561,097,245,
this contrasting with balanGes on the same side of the
account of $310,389,862 in 1910 and $352,876,353
in 1909. The record balance was in 1908--$677,014,064.
A:: .• matter of record we append a table from which
we
. 3 drawn many of the data mentioned further
abov-.
BR!
)STUFFS AND COTTON EXPORTS FOR CALENDAR YEARS.
1911.
1910. 8
g le09.
fel 1908.
-
1907.
•
Wheat & flour83.370,001 61,923,291 92,085,642 151,338,121 160,127,925
Bushels
586,109,7
366,439,668 i100,520,381 $153,741,845$151,044,577
Values
92Ac
Wheat, ay. price
063.c. $1.04 13-3
945c.
9954c.
34.61
Flour, ay. price_
35.133<
$5.15M
$4.25
$4.73
42,692,961 36,205,65
Corn -bushels.. 65,000,00
37,577,717 83,200.872
538.168,00' 528,019,711 525,444,98 $23,216,114 846,991,377
Values
Average price_
58Ms.
653c,
70c.
670.
56 7-16c.
2,150,006
Oats-bushels
1,931,18
1,272,294
1,204,859
1,745,859
Values
8925,79
$860,12
8672,46
8627,547
$886,040
43 1-16c.
Average price_
44 9-16c.
527.c,
52'/,c.
503c.
8,590,001
Cotton-bales
7,097,254
7,576,153
8,436,143
8,132,734
Average price_
11 9-16c
14 0-16c.
11Mc.
10c.
11;I c.
•
[VoL. Lxxxxiv.
THE CHRONICLE
LISTINGS ON THE NEW YORK STOCK
EXCHANGE FOR THE YEAR 1911.
The amount of securities listed on the New York
Stock Exchange during the year 1911 falls far below
the total of the two preceding years. The bonds representing new capital aggregated only 70% of the total
for 1910 and less than 60% of the aggregate in1909.
Early in the year new issues of stocks and bonds
on account of improvements, additions and extensions
were made on a pretty liberal scale, but even during
that period temporary note issues (which are seldom
listed) reached a large aggregate. In the second half
of 1911 disturbed confidence at home and less favora13:3 money-market conditions abroad reduced the security issues of all kinds, notes as well as stocks and
bonds, to within very narrow limits. Then, too,
while, the importance of having securities listed at
this centre is recognized B.83 never before, the listing
of .a considerable amount of each year's output, and
possibly this last year to a greater volume than usual,
is deferred, for one reason or another, till after the
period has closed.
The note issues brought out during the year aggregate more than 310 millions. Among them we note:
PRINCIPAL NOTE ISSUES SOLD DURING 1911.
Date.
Maturity.
Ann Arbor RR
5% May 1 1911 *May 11013
Baltimore & Ohio RR
06% June 1 1910 June 1 1913
4% June 15 1911
1912
Boston & Maine RR
4yi% June 1 1911 *June 1 1914
Chesapeake & Ohio RY
Chicago Elevated Rys
556 July 1 1911 *July 1 1914
Columbus (Ga.) Electric Co_ _ 5% July 1 1911 *July 1 1914
Columbus(0.) Ry. & It, CO.5% June 1 1911 *June 1 1914
Coney Island & Bklyn. RR_ 6% Jan. 1 1911 *Jan. 1 1914
Denver Ry. Securities Co.. _ _ 6% Nov. 1 1911 May 1 1912
Denver Realty Co
53-8% Oct. 1 1911 *Oct. 1 1913
6%
Erie RR
Apr. 8 1011 *Apr. 8 1914
do
do
5% Oct. 1 1911 Oct. 1 1914
do
Fairmount & Clarksburg Trac. 5% Feb. 1 1911 Feb. 1 1914
Federal Lt. dt Traction Co__ - _ 6%
Feb. 15 1911 *Feb. 13 1913
Galveston-Houston Elec. Co_
Apr. 1 1911 Apr. 1 1914
Hocking Valley Ry
06% Nov. 1 1911 *Nov. 1 1913
Idaho & Wash. North. RR_ _ _ 6%
Dec. 1 1910 *Dec. 11916
Interboro.-Rapid Transit Co_ 43-8% Apr. 29 1911 Apr. 29 1912
Lake Shore dr Mich. Sou. Ry_ None Mch. 4 1911 Mch. 4 1912
Maine Central RR
Apr. 1 1911 Apr. 1 1912
4%
Memphis Union Station Co
5% Nov. 1 1911 Nov. 1 1913
Minneapolis & St. Louis RR- _ 6% Feb. 1 1911 Feb. 1 1912
Missouri Kansas & Texas Ry.. 5% May 1 1911 *May 1 1913
Missouri Pacific Ry
5% June 1 1911 *June 1 1914
Amount.
$600,000
10,000,000
5,000,000
16,000,000
30,000,000
1,000,000
600,000
500,000
3,500,000
750,000
12,500.000
4,550,000
1,000.000
2,000,000
600,000
4,000,000
1,200,000
10,000.000
12,000,000
1,500,000
2,100,000
2.100,000
10,000.000
20,000,000
Int.
Dale.
Maturity.
•
Muscatine No.& So. Ry.(syn6% Oct. 1 1911 *Oct. 1 1914
dicate)
National Rys. of Mexico
43-8% June 1 1911 June 1 1913
N. Y. Cent. & Hud. Ely. RR_ 436% Mch. 1 1911 Mch. 1 1914
N. Y. N. H. & Hartford RR 43-8% Feb.-Mch.'11 Feb.-Mch. 1912
Northern Elec. Ry., California 6%
1911
2 or 3 years
Oakland Railways
Sept. 1 1911 *Sept. 1 1915
Pere Marquette RR
64 Mch. 1 1911 *Mch. 1 1916
Pittsburgh & Shawmut RR_ 6% June 1 1911 *June 1 1913
Portland (Me.) RR
4M% Dec. 1 1911 *Dec. 1 1916
Puget Sound Electric Ry__ _ _ 5% Feb. 1 1911 Feb. 1 1912
St. Louis & San Francisco....._ 5% June 1 1911 *June 1 1913
Scullin (John)
6% Sept. 30 1911 Oct. 1 1914
Springfield (Mo.) Ry.& Lt. Co 6% Nov. 1 1909 *Nov.'11-Nov.'14
United Rys. & Elec. Co., Bait. 5% July 15 1911 *July 15 1914
Waco Street Ry
6% June 1 1911 *June 1 1910
Western Maryland RR
5% Jan. 1 1912 *July 1 1915
York (Pa.) Railways
6%
1911
1-2 years
Tot.RR.& St. Ry. notes,dco
Amalgamated Copper Co_ _ _ _ 5%
Associated Simmons Hardware Cos
5%
Ayer Mills
06%
Brooks-Scanlon Lumber Co.. 6%
Cambria steel Co
5%
Chicago Suburban Lt. Sz P.Co. 5M%
Connecticut River Power Co _ _ 6%
Consolidated Gas Co. of N. Y.5%
Croisic Realty Co
6%
Deere & Co
5%
Denver Gas & Electric Co_ __ _ 6%
Empire District Electric Co„
Joplin, Mo
6%
Federal Sugar Refining Co.._ 5%
Great Falls Gas Co
6%
Intermit, CottOlt!
41'..ls Co-Isl.:. 6%
Xeystone Telephcne Co
5%
Lake Superior Corporation
6%
Lake SuperiorIrondrChem.Co.6%
Lincoln (Neb.)Gas & ELL Co.
Manufacturers' Waterro
Mitchell-Lewis Motor Co_
. 6%
Pactard Motor Car Co
5%
6%
Sayre Electric Co
6%
Seeger Engine Works
Sealshipt Oyster System
5%
Sierras Construction Co
6%
Southern Timber Co
6%
Symington (T. H.) Co
6%
Tremont Lumber Co
United States Lithograph Co_ 6%
Mm.C
U.S.Smelt. Ref. & MiCo..5%
6%
Waco Gas &Electric Co_
Warwick Iron & Steel Co.... 6%
Amount.
$425,000
10,000,000
30,000,000
22,000,000
2,000,000
2,500,000
8,000,000
3.250,000
350,000
1,500,000
2,500.000
900,000
65,000
3,125,000
500,000
8,000,000
700,000
3247,315,000
Apr. 1 1911 Apr. 1 1913
1911
1916
Mob. 11911 Me-h. 19 '16217
1911
1912-1915
1911
*1914
Feb. I 1911 *Feb. 1 1916
April 1 1910 *April 1 1915
Aug. 10 1911 Aug. 10 1912
April 1 1911 *Oct. 1 1915
May 1 1911 *Aug. '12-'16
Apr. 11011 *Apr. 11014
May 1 1911 *May 1 1912
Nov. 1 1911 *Nov. 1 1914
Aug. 1 1911 *Aug. 1 1913
July 1 1911 *July 1 1916
1911
1913
April 110111 April 11014
1911
1916
1911
*Aug. 1 1914
Aug. 1 1911 Aug. 1912-1913
Dec. 1 1911 Dec. 1 1916
Oct. 11010 *Oct. 1 1915
Stay 1 1911 May 1912-1914
July 1 1911 July 1 1914
Sept. 1 1911 Aug. '13-July '14
Nov. 17 1910 *May '11-Nov. '13
Dec. 1 1911 *Dec. 1 1913
Nov. 1 1910 *May '11-Nov. '15
Nov. 11011 *Nov. 11014
Aug. 1 1911 Aug. 1 1914
June 1 1911 June 1 1916
Jtine 1 1911 June 1 1914
12.500,000
5,000,000
2,000.000
750,000
2,000,000
2,000,000
314,000
5,000,000
200,000
5,000,000
2,500,000
500.000
2,500,000
50,000
2,000,000
300,000
2,500,000
1,000,000
600,000
1,000,000
2,500,000
2,000,000
40,000
500,000
2,500,000
600,000
200,000
350,000
1,500.000
1,000,000
4,000,000
250,000
300,000
$63,354,000
Total Industrial companies_
$310,669,000
Tot.RRs..St.Rvs. & indust'l_
•Subject to call at an earlier date at a certain price at company's opt on.
This total of 310 millions contrasts with 187
millions for the year 1908.
Following is our usual 10-year comparison.
LISTINGS ON NEW YORK STOCK EXCHANGE.
Bonds.
1911
1910
1909
1908
1907
1906
1905
1904
1903
1002
Issuesfor New Old Issues
Replacing
Capital, dc. Now Listed. Old Securities
397,563,800
571,526,800
712,734,963
648,869,500
246,733,914
x 303,112,000
509,070.000
429,810,500
a 191,515,050
197.516,313
35,122,000
52,008.309
8.479.000
05,794.000
72,362,000
12.304.500
20.000,000
12,798,000
2,878,000
Total.
148,148,000 580;834,400
184.627,400 808,162,500
377,742,537 1.098.956.500
128,294,500 872,958,000
101,717,086 420.813,000
256,482,000 x 571,898.500
390,947,650 980,026,650
105,209,100 535,079,600
376,975,750 581.288,800
333,124,987 a 533,519.300
Stocks.
349,717,615 643.614,830
467,644,255 1,239,501,54n
664,571,448 1,325,526,085
141,169,350 513,927,450
95,869,506 576,032,050
408,849,150 662,769.450
308,422,900 533,434,900
55,231,750 175.866,800
38,791,600 215.151,495 426,890,295
11,462.300 521,500.895 784.032,595
•
-Note.-Appl!catIons for the listing of Trust Company receipts and of securities
marked "assented" (if preparatory to reorganization), or of securities stamped
"assumed" or "assessment paid"-the securities themselves having previously been
listed-are not included In this table.
n Not including S1,155,000,000 Imperial Russian State 4% certificates of rente.
x Excludes 3125.000.000 Japanese Government bonds
255,897,215
304,681,590
297,253.037
123,977,000
159,106,244
237,479,000
125,12:1,300
120,6:15,050
172,944,200
251,069,400
1911
1910
1909
1908
1901
1906
13)05 _
1904
1903
1902
38,000,000
467.175,700
363,701.600
248,780.200
321.056,300
16,440,700
99,880,200
BON DS.
STOCKS.
Year.
Railroad.
Street Ry.
Railroad.
Street Ry.
Misced.
3
I
s
1911 ___ 298,003,900 34,160,000 248,670,500 204,889,550 141,226,600 297,498,680
1910 ___ 444.167300, 53,679.000 310,315,800 361,05,460 9,763,500 868,072,585
1909... 770,500,7001 37,339.000 291,116,800 742,508,115 14,002.500 569,015,470
1908 ___ 506,160,000; 65,076,090 301,722,000 200.502,600 2,417,600 311,007,250
1907 ___
, 2.
, 16.072,000 136,749,000 146,750,800 20,443,400 408,837,850
1906 ___ 305.727.500 126.231,000 a139940000 248,186,550 188,210,100 226,372,800
1905 ___ 533.584,001i 29,650,0001411,792,650 176,922,800 58,274,400 298,2:37,700
1904
343,036.500 17,118,0001174,925.100 120,015,550
54,951,250
1903
270,759,000, 52.042,000258.487,800 226,013.400
200,874.895
1 81902 6,127,300
•
390,388,340 54.479.850 339,164,405
___ 434,612,000; 12,780,000,x
a Excl !ding 3425.000,000 Japanese Government bonds. x Omitting Russian
bonds. 81,155,000.000.
We see by the foregoing tables that the total listings of stock during the year 1911 aggregated 50% less
than in the years 1910 and 1909, but, as regards the
amount in 1910,it should be remembered that this was
extraordinarily swelled by the abolition of the unlisted
department. For new capital the stock issues for
the late year amounted to 255 millions, contrasting
with 304 and 297 millions in 1910 and 1909 and with
124 and 159 millions in 1908 and 1907. The force of
this comparison, however, is lessened by the fact that
a few railroads and a handful of industrial corporations
contributed the bulk of such new issues in 1911.
JAN. 20 1912.
THE CHRONICLE
169
The purposes on account of which the several blocks
The three principal issues of railroad bonds sold,
of bonds listed during the year were issued are seen wholly or chiefly to finance extensions or additions,
from the following:
have this past year 'included, first, 25 millions first
LISTINGS OF RAILROAD BONDS.
mortgage 4% bonds on the Pacific extension of the
Company and Title of Loan—
Purpose of Issue.
Amount.
Atoh. Top. & S. F.cony. 45, 1910 $15,933,000_
Chicago
extensions,&c.
Milwaukee & St. Paul Ry. Co. (known as the
Cent. New Eng. 1st 50-yr. gu. 4s.. 11,967,000_ _Refund
Ampts.' bonds and notes.
Cent. Pao.-Through Short Line
Chicago Milwaukee & Puget Sound Ry.), which,for a
1st guar. 43
1,340,000_ _Equipment and improvels.
Ches. & Ohio 1st consol. 50-yr. 5s 2.000.000_ _Retire Els due Jan. 11911.
new road, has shown such unusual earning capacity;
do
gen. 4 Ms
1,500,000_ _Double-track.
do
do
339,000_ _Additions.
second,
20 millions of the present issue of 35 millions
Chicago Burl. & Quin. gen. 4s_ _ _ 4,509,0J0_ _Retire old bonds.
Chin, & E. Ill. ref. do (mot. 4a_ _
3,141,000_ _Equipment & betterments. "first and refunding"
434 per cents of the Great NorthChic. Ind. & Lou. ref. 4s, ser. C
2,300,000_ _Retire 6s due Aug. 1911.
Ch. Mil. & Pug. Sd. 1st guar. 4s_ _ 25,0'00,000_ _Construction of road.
ern Ry.; and,third,20 millions "first and refunding" 4s
Chic. & North Western gen. 4s
18,851,000_Rotire old bonds.
do
4,000,000__Impts., add'ns & equipt.
do
do
Chios. R. I. & Pao. RR. 4s
132,000_ _Exch. C. R. I. & P.Ry. stk. of the Union Pacific's new consolidated subsidiary,
Chic. R. I. & Pac. ref. Ry.4s __ .. 3,830,000.. _Additions and improvem'ts.
the Oregon-Washington RR. & Navigation Co., a furdo
__.
1,494,000_ _Retire ser. I coll. bds.Mayl
do
do
73,000_ _Construction of road.
Ohio. St. P. Minn. & Om.con. es20 millions of which has been sold, largely abroad,
ther
Stip. Sh. Line 1st 5s 1,500,000_ _Old bonds Just sold.
do
Chic. & West. Ind. cons. 50-yr. 4s 5,000,000__Additions & improvements.
but not as yet listed.
106,000_ _Retire old bonds.
Clev. Cin. Chic. & St. L. gen. 4s_ _
do
do
1,000,000_ _Equipment, constr., &c.
do
Other noteworthy railroad issues are the 16 millions
Colo. & Sou. ref. & ext. 4 Ms_
2,913,000__Improv'ts, equipt., &o.
Cuba RR. 1st 50-yr. 5s
112,000_ _Ext's., sta. bldgs. & equip.
Dayton & Mich. con. 1st gu. 4 Ms 2.701,000 _ _Old bonds extended.
Atchison convertible 4s, 14 millions 1,1.ew Orleans
of
Dela. & Hudson 1st & ref. 45_ _ _ 7,000,000_ _Additions & improv'ts.
Denver & Rio Gr. 1st & ref. 5s
3,000,000_ _Bett'ts, add'ns, exten., he. Terminal bonds (10 millions long oul tanding,
12
Great Nor. 1st & ref. 4 Is. ser. A_ 20,000, 00_ _Gen. corporate purposes.
do St. P. M. & M.con. 4s.._
28,000...Exchange old Os.
millions
first
4s
of
the
Central
New
1:
Ry.,
Houston Belt & Term. 1st 5s_
2,070,000_ _Acquisitions & improv'ts.
Illinois Central ref. 4s
2,740,000_Retire old bonds.
guaranteed by the New York New Haven & Hartford
do
do
10,000,000_ _Acquits) Ind. Sou. RR.
Iowa Central By. ref. 4s
395,000....Add'ns, impts. & equipt.
RR. Co.; 10 millions Louisville & Nashville 4s (Atl.
K.C. Ft. Scott & M.guar. ref. 4s.. 2,688,000_ _Refunding old bonds.
Kansas City South. 1st & ref. 55_ _ 5,000,000_ _Improvements & equipmq:
Kansas City Term. By. 1st 4s_ _ _ _ 5,094,000_ _Additions h improvements. Knox. & Cinc. division); 7 millions of Delaware &
Lake Shore & Mich. So. 25-yr. 4s_ 5,745,000_ _Retire 3-yr. 5% notes Feb.
Hudson 1st and refunding 4s, and
millions of
1910.
Long Island guaranteed 4s
1,600,000_ _Retire old bonds.
St. Louis Rocky Mountain & Pacific Ry.5s. Also,for
Lou. & Nash.-Atl.K.h.C.div. 45_ 10,000,000__Add'ns, improv'ts, &c.
Manila RR.-Sou. Lines 1st 4s_ _ _
906,000_ _Construction of road.
refunding operations, we note 18% millions of the
Nat. Rys. of Mexico prior lien 4 Ms
860,4001 Improvements.
do
do gu. 70-yr. 4s_.
466,500J
New Orleans Term, 1st 4s
Chicago & North Western general 4s and the same
10.000,000_ _Old bonds Just listed.
do
do
4.390,000_ _Additions and improvein'ts.
N. Y. Ont. & West. gen. 4s
6,650,000....Additions & improvem'ts. amount of the Reading Company's general mortgage
Oregon-Wash. RR. & Nay. Co.
1st & ref. 4s
20,000,000_ _Acquis'ns, impts. & equip. bonds, the annual saving in interest charges in the
Phila. Balt°. & Wash. 1st 4s_ .__ 4,500,000. _Retire old bonds.
Reading Co. gen. 4s
case of the latter amounting to about $480,000.
1,532,000 _.Impts. & acquisitions.
do
do
18,811,000_ _Retire old consols.
St. L. R. M. & P. 1st 50-yr. 59.._ 7,500.000„Aequis'ns, impts. & constr.
The constantly increasing importance of the public
St. Louis & San Fran. gen. lien 5s
431,000_ _Retire old bonds.
do
do
ref. 48..
618,000_ _Purchase Ft. W. & Rio Gr. service company to the investing public is recalled
by
stock and bonds.
do
do
do
5,000_ _Retire underlying bonds.
the additions made to the bond list by the Public SerSeab'd Air L.-Att. Birm. 1st 4s_ _
150,000_ _Construct 5 miles of road.
do
do
ref. 45_ 19,000,000 _Refund. maturing bonds, vice Corporation of
New Jersey, the Portland (Oregon)
and improvements.
South. Pacific) RR. 1st ref. 4s_.._ 5,775,000_ _Retire $4,180,000 old 6s and Railway,
Light & Power Co. and the Pacific Gas &
$1,595,000 4 Ms.
Southern Ry. 1st consol. 54
1,500,000_ _Retire old bonds.
Electric Co. of San Francisco. Conspicuous in the
Virginia & S. W.1st consol. 4s_ _ _
430,000_ _Additions, betteets, &c.
Wabash RR. 1st ref. & ext. 4s....
15,000_ _Retire old securities.
industrial
department are the notes of the General
Weatherford Mineral Wells & Nor.
West 1st guar. 5s
160,000.. Construction of road.
Motors Co. (the only exception this year to the rule
Western Maryland 1st 50-yr. 4s_ _
215,000..Impts., equipment. ecc •
do
do
do
_ _ 3,900,000_ _Retire old bonds.
that note issues, owing to their brief life, seldom arrive
Winstoa-Salem Southbound guar.
1st 50-year 4s
5,000,000_ _Construstlon & equipt.
at a quotation on the official list), and the bonds of the
Total
5298,1 03,900
American Smelters' Securities Co., Republic Iron &
LISTINGS OF STREET RAILWAY BONDS.
Company and Title of Loan—
Amount.
Steel
Co.,- American Telephone . & Telegraph Co.,
Purpose of Issue.
Detroit United By. 1st cons. 4 Ms $1,066,000_ _75% cost of (mots.
Havana El. By.consol. 50-yr. 55_
700.000..General purposes.
Baldwin
Locomotive Co., American Writing Paper
do
do
do
do
1,147,000_ _Retire 1st 5s & 2d Os.
Pao. Gas & El.-Cal. G. & El. Corp.
Co. and Consolidation Coal Co.
un. & ref. 5s
5,469,000-85% better'ts & exten'ns.
do
do
do
792.000...Refund underly'g bonds.
Government and State bonds are responsible for
Portl. Ry.,L.&P.-Gen. El. 1st 4s_ 5,267,000_ _Old bonds Just listed.
do
do
do
2.219,000_ _Imp'ts. extens'ns, &c.
an
addition of 823' millions to the amount of securiProv. Scour. Co. 50-yr. gu. deb. 4s 1,000,000...General purposes.
P. S. Corp. of N. J. gen. 50-yr. 5s 9,860,000_ _Extensions, improv'ts, he.
representing new capita? outlay. Included in this
ties
do
do
do
2,640,000...Acquire N. J. & H. R. Ry.
..
& Ferry Stock.
total are 50 millions Panama Canal bonds and 323.
do
do
do
4,000,000_ _Redeem notes.
millions bonds of the State of New York for canals,
Total
$34,160,000
LISTINGS OF MISCELLANEOUS BONDS.
highways and the Palisades Park.
Company and Title of Loan—
Amount.
Purpose of Issue.
The several stock issues and the objects of each are
Am. Agri°. Chem. 1st cony. 5s_ ___$4,000,000__Improv'ts, exten's, &o.
Am. Cotton 011 Co. 20-yr. deb. 55_ 5,000,000_ _Impts.. °stens. & wk. cap.
Am.Ice Scour. Co. 20-yr. deb. 6s.... 330,900_ _Sold for cash.
embraced
in the following compilation:
do
do
____
do
14,100_ _Accum. Am. Ice pref. divs.
Am.Smelt. Sec. Co. 15-yr. f. s. 6s_15,000,000...Repay adv.toAm.S.&R.Co.
Am.Tel. & Tel. Co. coll. tr. 4s_ _ __25,000,000__General purposes.
Am. Writing Paper Co. 1st 5. f. 55_15,429,000...Old bonds just listed.
Baldwin Loco. Wks, 1st 30-yr. 5s_10,000,000__Exten's & gen. purposes.
Chino Copper Co. 1st convert. 6s_ 2,500,000_ _Mostly subscribed at par.
Consolid. Coal 1st & ref. 40-yr. 55.. 9,000,000_ _Retire $6,630,000 underlying bonds & impts. to
Elkhorn field.
___ 4,000,000__Rettre $4,000,000 underlydo
do
do
ing treasury bonds.
Cuban-Am. Sug. Co. coll. tr. 6s..— 1,049,000_ _Acquire subsld'y bds., &a
Distillers' Scour. Corp. cony. 5g....
20,000_ _Acquire scours. subsid. cos.
Gen.MotorsCo.lst 1. 6% 5-yr.notes 15,000,000_Pay debt & for work. cap.
Internat. St. Pump 1st I. 20-yr. 5s_ 1,500,000_ _Acquisitions, impts., &o.
Kings Co. El. Lt. & P.conv.deb.6s 1,355,000__Subscrlbed at par.
Laclede Gas Lt. ref. & ext. 5s ___ 2,182,000__Additions & improv'ts.
Mich. State Telep, Co. 20-yr. 5s_ _ _ 1,334,000__Extensions & improv'ts.
N. Y. Dock Co. 1st 50-yr. 4s
750,000__Improvements.
Ontario Transm. 1st 40-yr. 5s_ _ ... 1,804,000_ _Acquisitions & imprts.
Pao. Tel. & Tel. Co. 1st 30-yr. 5s_ 2,445,000_Additions & improvemonts.
Rep. of Cuba 4 M% ext.loan,ser.0 5.500,000_ _ General purposes.
Republic Ir. & St. Co. 10-30-yr. 5s 3,230,000_ _Construction & improvts.
do
do
do
8,206,000_ _Retire 1st M. & coll. tr.bds.
Standard Milling 1st 5s
2,926,000..01d bonds Just listed.
State of New York 50-yr. 45
10,000,000 _Improve highways.
do
do
do
2,500,000_ _Improv. Palisades Interstate Park.
Canal Impt. 45.. 20,000,000_ _Improve canals.
do
Syrao.Lt. &P.-Syr.Ltg.coll.tr.5s_ 5,506,500_ _Acquire Syr.Ltg.secur's
Texas Co. cony. deb. 6s
12,000,000_ _Mostly subscribed at par.
U. S. Gov't PanamaCanal 3s
50,000,000__Build Panama Canal. .
Utica Gas & El. ref. & ext. 50-yr.5s
500,000_ _Extensions & improvem'ts.
Westchester Ltg. Co. 1st 50-yr. 5s_ 2,386,000_Additions & extensions.
do
____
do
do
95,000_ _Retire old bonds.
Western Electric Co. 1st 55
5,025,000...Retire $5,000,000 coll. tr.
4 Ms Jan. 1911.
do
do
do
1,225,000_Improvements.
Western Un. Teleg. Co:Mutual.Un.
Tel. guar;30-yr. ext. 4s
1.858,000_ _Old bonds extended.
Total
$248,670,500
LISTINGS OF RAILROAD STOCKS.
Company and Class of Stock—
Amount.
Purpose of Issue.
Atch. Top. & Santa Fe stock
$3,837,000_ _Exch. convert. bonds.
Chic. & E.Ill., preferred
3,216,100_ _Exch. E. &T. H.com. and
Evansv. Belt By. stock.
Clev. & Pittsb. spec. bett't stock
1,073,950_ _Improv'ts and equipment
Minn.St. P. & 8.8. M., pref
2,187.4001 Subscribed at par to purch.
do
do
common 4,374,800J Wis.Cen.com.stk.,imps.Ao
do
leased line certs
2,400_ _Exch.for Wis.Cent.pf.stock.
Missouri Pacific stock
18,000_ _Exch. stks. cos. acquired.
Nat. Rys. of Mex. 2nd pref
442,500_ _Exch. scours. props. consol.
N. Y. N. H. & Hartforfstock_ _ _ _40,462,100__Sold & issued for cony. bds.
do
do
do
_ -33,500,000_ _Subscribed at 125.
Norfolk Southern RR.stock
16,000,000.._Exch. old bds. under plan.
Norfolk & Western By. oommon-10,401,000_ _Exch. convert. bonds.
Pennsylvania RR. stock
41,261,600_ _Subscribed at par.
do
do
do
1,850_ _Exchange div. scrip.
do
do
4,984,250_ _Exch. stks. cos. merged.
do
Pere Marquette common
39,000
do
do
12.200}..Issued under consol. plan.
1st preferred
do
do 2nd preferred_ _ _
26.300J
Pitts. Ft. W. & Ch. gu. bett. stk.._ 3,338.300__Tmpts. & equipment.
Rock Island Co. common
132,1001 Exch. Ch. R. I. & Pac.R.
92.SOOJ
do
do
preferred
stook.
St. L. & San Fran., common
29,000,000_ _Old stock just listed.
C.&E.I.pfd.stk. tr. cgs_
do
106,100_ _Exch. C. & E. I. pref. stk.
Union Pacific RR.common
283,100_.Exch. convert. bonds.
Wabash RR.,common
11,000 _Exchange debenture "B"
do
preferred
11,0001
Western Maryland By. common_ _10,075,000_ Construct llne Cumberland
to Connellsville.
Total
$204,889,550
LISTINGS OF STREET RAILWAY STOCKS.
Company and Class of Stock—
Amount.
Purpose of Issue.
Inter.-Met. com. vot. tr. ctfs.,ext $80,419,500.
certfs. extended.
pref. vot. tr. ctis
28,784,100_ _Exchange preferred stook.
do
N.Y. State Rys. 5% cum. pref_.. 3,862,500_ _Exch. stk. controlled cos.
THE CHRONICLE
170
Purpose of Issue.
Amount.
$2,509,000__Exch. cony. 5% deb. iss
sued for improvements.
Public Service Corp. of N. J. stock _ 6,250,000_ _Exchange convert. notes.
do
do
do
_ 4,750,000_ _Subscribed at par.
_14,000,000_ _Old stock just listed.
do
do
do
1.000,000_ _Acc't porch. Sierra & S. F.
United Rys. Inv. Co. stock
Power Co. stock.
Virginia By. & Power Co.. pref __. 4.456,5001 Issued for old securities.
under plan.
do
do com_ _ _ 7.450,5001
do
do
do
253,500_ _Purch. 1091d Dorn. Iron &
do pref'd _
Nall Works.
do
do pref _ _ _ 3,000,0001 Exch. Norfolk & Portsdo
mouth 'Proc. stocks.
do
do
do corn __ _ 4.500.0001
Company and Class of Stock—
Philadelphia Co. common
[VoL. Lxxxxiv.
by six companies(but no more), notably 25 millions
by the Public Service Corporation of New Jersey, 191A
millions (partly preferred) by the Virginia Railway &
Power Co. of Richmond, Norfolk, &c.; and 893
millions-(voting trust certificates) by the InterboroughMetropolitan Co. of New York, 603-i millions being
% millions
the common extended certificates and 283
just issued against deposited preferred shares.
The new industrial corporations figure prominently
in the last of the tables above, the General Motors
Co., a merger with 28 millions stock, and the Baldwin
Locomotive Co., Underwood Typewriter Co. and May
Department Stores, all three previously private enterprises, with a total of 533 millions, a part of the
shares in each case being preferred. The U. S. Industrial Alcohol Co. also has listed its 18 millions stock
(one-third preferred) and the Sears-Roebuck (mailorder) Co. of Chicago 10 millions for a stock dividend
of 33 1-3%. The American Telephone & Telegraph
Co. has added 15 1-3 millions, issued at 133%, for
conversion of bonds and 39% millions of the
55 millions subscribed at par by shareholders last
summer; and the General Electric Co. 7% millions,
also for bond conversion, at par.
There being now no unlisted department, the following part-paid and temporary certificates have been
given temporary lodgment on the regular list, pending
the issue of the permanent certificates:
$141,226.600
LISTINGS OF MISCELLANEOUS STOCKS.
Purpose of Issue.
Amount.
Company and Class of Stock—
$258,000_ _Exchange convert, bonds.
Am. Agric. Chem. Co. pref
1.670,2001 Additions and improvern'ts.
do
do
do
do
do
do common_ 1,115,3001
3,900_ _Exch. Am. Ice Co. stock.
Am. Ice Securities Co. stock
6,2O0 Exch. stock Am. Malt Co.
Am. Malt Corp., common
15,660,100_ _Exchange convert, bonds.
Am.Telep. & Teleg. Co.stock
39,802,500_ _Subscribed at par.
do
do
do
Am. Writ. Paper Co.7;cum. pfd.12,500,000_ _Old stock just listed.
2,812,500_ _Acct porch. Clark prop's.
Anaconda Copper Min. Co.stock
3.500.000_ _Working capital.
Assets Realization Co., stock
6,500,000_ _Exchange old stock.
do
do
do
pref.20.000,000__Aquisitions
and Improv'ts.
Baldwin Locomotive Works.
2,3001 Exch. U. S. Leather Co
Central Leather Co. common
stock.
2,8001
do
do
preferred
Chatham & Phoenix Nat. Bank.} 1,800,0001 Purch. Phoen. Nat. Bank
1
and new capital.
N. Y., stook
1,875.009_ _Exch. Santa Rita Cop. stk.
Chino Copper Co. stock
1.625,000_ _Sold for cash.
do
do
pur. Holcomb St. Co.
Crucible Steel Co. of Am. pref
1,598,8001
pt..
Develop San Miguel Sugar
dim.
Cuban-Am.Sugar 00.7%
639,5001
Co. property
common
do
do
294.000_ _Exch. cony. bonds.
Detroit Edison Co. stock
10,500_ _Acquire Dis. Co. of Am.stk.
Distillers Securities Corp. stock
7,639,100_ _Exch. convert. bonds.
General Electric Co. stock
Gen. Motors Co. com. vot.tr.otts_ _14,914,0001 EXohangeci for stock.
pref. do _ _13,097,800(
do
do
150,000_ _Acquisition.
Granby Con.s.M.,S.&P.Co. stook
2,274,500_ _Exch. pref. stock.
Ingersoll-Rand Co. common
do
1,318,600_ _25% stock dividend.
do
do
_
1,000,000_ _Retire certfs. of indebt.
Laclede Gas Light Co.common
do
do
do
1,200.000_ _10% stock dividend.
PART-PAID AND TEMPORARY CERTIFICATES, FIRST TIME
May Dept. Stores 7% cum. pref
5,000.0001 Acquisition of properties.
QUOTED BUT NOT REGULARLY LISTED.
do
do
common __ _15,000,000f
Mergenthaler Linotype Co. stock_
10,500_ _Control foreign companies. Atch. Top. & S. Fe By.. subscr. rots. for 4% convert. bonds, 2d and 3d
installment paid.
Miami Copper Co.stook
3,300,000_ _Acquisitions & sold for cash
loan of 1911.
gPaccri
tiCill
o
eesi
dosvutb
.sfeurli-rpl
ety
do
do
31,165_ _Exch. 1st M. cony. 6s.
Liggett & Myers Tob. Co. 7% bonds, "when issued."
Nevada Cons. Copper Co.. stock
5,115_ _General purposes.
do 5% bonds "when issued."
do
do
New Central Coal Co.(W. Va.)_ _ _ 1,000,000_ _Exch. stook Md. Co.
(P.) PorIllard Co. 7% bonds "when issued."
do
do 5% bonds "when issued."
Niagara Falls Power Co. stook_ _ _ 1,511,100_ _Subscribed at par to retire
Metropolitan .St. By.(N. Y. Rys.) ref. 4s "when issued."
Can, coll, debs.
adjustment M. income 58 "when issued."
do
do
49.100_ _Exchange Ton. Power stk. Third Ave.(N. Y.) 1st ref. M. 48 "when issued."
do
-- —
do
do
adjustment M. Income 5s "when issued."
do
do
_ _ _ 3,762.400_ _ Exch. Mon. Coal & C. corn.
Pittsburgh Coal Co..
do
stock "when issued."
do
stock
common7,000,000_ _Retire $3,750,000 6% bds.
Pittsburgh Steel Co. pref.
Jan. 1911 and improv'ts.
bds.
Ray Consol. Copper Co. stock__ _ _ 5.000,000_ _Property & bonus with
3.000,009_ _Conversion of bonds.
do
do
do
2.O3.0.3...Sold at $15 per $10 share.
do
do
do
1,991,750_ _Exch. Gila Copper Co. stk.
do
do
do
Sears-Roebuck ec Co. common_ __ _10,000,000....33 1-3% stock dividend.
750,000_ _Old stock as reduced.
Security Bank of New York, stock
250,000_ _Subscribed at 150.
do
do
do
do
100,0001 Purch. Central Romana st.
South Porto Rico Sug. Co. corer
corn
do
do
do
100,0001
4,600,0001 Old stock just listed.
Standard Milling Co. common
preferred_
_
_
do
do
6,900.0001
Underw'd Typew.0o.(Del.)7% pf_ 5.000,000_ _Sold for cash.
corn. 8.500,000_ _Exch. stock N. J. Co.
do
do
do
2,075,800_ _Stock dividend.
United Fruit Co., stock_
6.000,0001 For $2,500,000 cash and
U.S. Indus. Alcohol Co.,pfd. stk
corn. stk_ 5,909,9001
prop. constit. cos.
corn. stk_ 6,000,100__Dis. Co. of Am. for guaranteeing pref. divs.
66,500_ _Purchase property.
Utah Copper Co. stock
Virginia-Carolina Chem., prof _ _ 2,000,000_ _Subscribed at 115.
13,7501 Pay debts and subscr. under
Westinghouse El. & Mfg. Co. as-}
plan
senting
I
_36,647,400_ _Exch. assenting stock.
do
common
do
Total
563,500Ac't
=tfus.1-oiaMs1-7M,ang By.
Some of the leading financial events of the year are
brought to mind more or less sharply by the items in
this miscellaneous group. Note the evidence of the
dismemberment of the Tobacco Trust and the final
steps in the reorganization of both the great surface
railways of New York City. The reader will recall
also the authorization by the Atchison of new convertible bonds, none of which have as yet been sold,
those mentioned in the table being the issue of
$43,686,000 brought out in .1910. The offering at
150 in December last of 10% new ordinary stock by
the Canadian Pacific is included, so far as paid f9r in
Cull, in the form of subscription certificates.
Total
$297,498.680
Of the 205 millions of railroad share capital here
embraced, 181 millions was furnished by six companies.
These were: (a) N. Y. N. H. ciz; Hartford, with 74
millions, of which 333/ millions subscribed for by
stockholders or their assignees at 125 in December 1909,
but only in 1911 entirely full paid; and 403' millions
sold privately or issued in exchange for convertible
bonds;(b) Pennsylvania RR.,413. millions, subscribed
for at par by shareholders or their assignees in May
last; (c) St. Louis & San Francisco, 29 millions old
common; (d) the reorganized Norfolk Southern's 16
millions stock, given in exchange for bonds of the old
company; (e) Norfolk & Western, 103' millions issued
in exchange for convertible bonds, and (f) Western
Maryland,10 millions, sold in connection with the building of the new line from Cumberland to Connellsville.
The street railway stocks, of which there were added
in the aggregate 1413-i millions, were similarly issued
RAILROAD GROSS AND NET EARNINGS FOR
NOVEMBER.
It is evident from our compilation of the gross and
net earnings of United States railroads for the month
of November that conditions remain very trying in
the railroad world. Gross earnings, speaking of the
roads collectively, fail to come up to the level of the
preceding year, though that was by no means a high
level, while expenses show little or no curtailment as a
whole, notwithstanding the active efforts put forth
by the managers to cut down maintenance 'outlays,
and notwithstanding the general practice of economy
in other directions. The results for September and
October had encouraged a faint hope that we were
about to enter upon a brighter era, inasmuch as the
results for those two months showed a slight improvement in net as a result of a curtailment in expenditures, but the present exhibit for November again
disappoints expectations and indicates that no definite
JAN. 20 1.912
THE CHRONICLE
171
GTOS3 Earnings.
Net Earnings.
or real improvement is yet in sight-always speaking Year.
year
(+) or
Year
Inc.(±)or .
Inc.
Year
Year
collectively.
roads
of the
Given.
Preceding. Dec.(-).
Given.
Preceding. Dec.(-)•
Our compilations cover 234,209 miles of line, and Nov.
$
$
_._ 55,297,917 61,137,081 -5,839.164 18,853,228 22,275,14. -3,421,921
therefore comprise over 97% of the railroad mileage 1896
1897 ___ 72,815,681 61,978,481 +10,837.20 27,565,524 21,737,851 +5.827,673
1898 ___ 79,086,654 76,616,617 +2,470,037 28.954,644 28,533,16
+421,486
of the country. In gross, the loss from the previous 1890
___ 73,062.397 65.872,002 +7,190,395 27,496,343 24,882,03 +2,614,307
1900 _ 91.073,648 87,721,616 +3,349,032 3:3,744,165 33,154,551
+589,614
year on the mileage represented is $1,767,625. Rela- 1901 ___ 107,769,028 95,618,077 +12,150,951 40.629,133 35,200,311 +5,428,822
1902 ___ 106,144,534 99,638,088 +6,506,446 36,061,175 36,992,90
-941,729
thus
1%,
tively this is not a large loss, being less than
1901 _
115,874,619 111,303,371 +4,571,24838 380,632 38,962.77
-582,146
1904 ___ 126,367,962 115,108,874 +11,249,0881 44,280,359 37,588,51 +6,691,843
indicating that gross receipts are, on the whole, being 1905 ___ 133,104.559 120,692,062
+12,412,497 47.419,761 42,232.243 +5,187,518
1906.. 140,697,123 131,123,621 +9,573,502 48,065,287 46,506,1 I +1,559,127
___ 138,079,281 133,284,422 +4,794,859 39,171,387 46,113,47 -6,942,084
fairly well maintained. The fact remains, however, 1907
1908 _ 211,597,792 220,445,465 --8,847,673 74,511,332 66.294,99 • +8,216.336
___ 248.087,561 211,784,357 +36.303,204 94,531,128 74,556,9 • +19,974,258
that the movement is a retrograde one, while in a' 1909
1910 _ 248,559,120 247,564,470
+994,650 83,922,437 94,383,39 -10,460,960
normal state of things there would he further growth. 1911 ___ 241,343,763 243,111,388 -1,767,625 79,050,299 82,069,16 -3,018,867
1896 the number of roads included for the month of November was 127;
With this falling off in the gross, there was at the same in Note.-In
1897, 134; in 1898, 130; In 1899, 122; in 1900, 122; In 901, 109: n 1902, 107;
1903, 106; In 1904, 102: in 190,5, 96: In 1906, 97; In 1907, 87.gIn 1908 the returns
time-and that is the surprising feature in view of the in
were based on 232,577 miles of roads; In 1909, 239,038; in 1910, 241,272; in 1911.
efforts at retrenchment-an augmentation of consid- 234,209
We have stated that in the case of the Harriman
erably over a million dollars in expenses. The two
combined-the decrease in gross and the increase in roads the returns are particularly unfavorable. The
Union Pacific has lost $1.,056,538 in gross and $977,057
expenses-have produced a loss in net of $3,018,867.
in net; the Illinois Central $486,546 in gross and $1,Inc.(+) or Dec.(-)
Amount.
1911.
1910.
November (779 roads)+2,646
1.14 038,943 in net; the Yazoo & Mississippi Valley $108,738
231,563
Miles of road..234,200
$241,343,763 $243,111,388 -81,767,625 0.71
Gross earnings
161,042,222
-1-1,251,242 0.78 in gross and $235,264 in net, and the Southern Pacific
162,293,464
Operating expenses
$82,069,166 -$3,018,867 3.68 $269,274 in gross and $613,977 in net. But the Chi$79,050,299
Net earnings
As the Harriman roads are particularly distinguished cago & North Western is not a Harriman road and was
for losses in net this time, and these roads had a spe- not involved in the shopmen's strike, and yet reports
cial difficulty to contend against in a Strike of the shop- $482,449 decrease in gross and $317,326 in net. The
men, involving many different crafts, it may be sup- same is true of the Burlingion & Quincy, which falls
posed that that circumstance accounts for the re- behind $487,677 in gross and $168,838 in net, and the
newed unfavorable results. As a matter of fact, how- Rock Island, which has a decrease of $478,745 in
ever, the falling off in net is quite general, extending gross and a decrease of $503,205 in net; also
to classes of reads where the shopmen's strike was the Missouri Kansas & Texas, which loses $279,806
not a feature at all, making it clear that the causes of in gross and $392,002 in net; the Colorado & Southern,
the unsatisfactory results are widespread, just as which loses $178,554 in gross and $108,080 in net; the
they have been all along. Indeed, it is important to Denver & Rio Grande, which shows a shrinkage of
bear in mind that declining net earnings have been a $119,635 in gross and $164,326 in net, and the Northern
continuous feature for over a year and a half past. Pacific, which has sustained a decrease of $116,110 in
Looking back over the seventeen months from July gross and of $4,853 in net. There are, hoWeVer, a few
1910 to November 1911, it is found that in the whole instances of conspicuous savings in expenses. To this
of' this period there have been only three months- class belongs the Milwaukee & St. Paul, which,with
namely, December 1910 and September and October $360,660 decrease in gross,has $188,382 increase in net,
1911-that did not register some decrease in net, and the Baltimore & Ohio, which, with an addition of
$113,229 to gross, has managed to add no less than
large or small.
What is particularly depressing about the present $403,993 to net; likewise, the Great Northern,which,
November showing is that the loss in net follows a very with $601,721 gain in gross, managed to reduce exlarge falling off in the corresponding month of the pre- penses $86,154, thus producing a gain in net of $687,ceding year. According to our own compilation for 875.
The Pennsylvania Railroad on the lines directly
November 1910, covering 237,596 miles of road, there
was an increase in gross of $999,511, but this was at- operated east and west of Pittsburgh has $272,272 intended by an augmentation in expenses in the large crease in gross with $230,751 loss in net. This folsum of $11,488,397, thus causing a loss in net of lows no less than $1,028,655 decrease in -gross and
$10,488,886. According to the complete return of the $2,000,608 decrease in net in November 1910. The
Inter-State Commerce Commission for the same month, New York Central this time has $337,775 gain in gross
covering 241,272 miles, there was a gain of $994,650 and $175,473 gain in net. This is for the Central
in gross with a decrease of $10,460,960 in net. The proper. Including the various auxiliary and conloss of $3,018,867 in net now shown for November 1911 trolled roads, the whole going to make up the New York
is in addition to this loss of $10,460,960 in November Central System, the result is a (min of $168,083 in gross
and of $985,484 in net. In November 1910 the result
1910. We may go further and say that, with the ex- for the New York Central System was a small loss in
ception of November 1909, when the roads began to gross ($126,028), but a falling off in net in the large
recover from the effects of the panic of 1907 (as far as amount of $2,198,718. In the following we show all
the volume of business is concerned), and were still changes for the separate roads, whether increases or
practicing that rigid economy which the panic had decreases, for amounts in excess of $100,000, both in
made an urgent necessity, results as to net earnings the gross and in the net:
IN ()ROSS EARNINGS IN NOVEMBER.
have not been of a very stimulating character for a PRINCIPAL CHANGESIncreases.
Decreases.
$601,721
Great Northern
Union Pacific
$1,056,538
good many years past in November. In the following N
Y Cent & IIudson River a337,775 Chicago Burl & Quincy
487,677
Norfolk & Western
290,884 Illinois Central
485.546
we furnish the November summaries back to 1896
: Pennsylvania
y272,272 Chicago & North Western
482.449
183,394 Rock Island
Central of New Jersey_ _ _
478,745
For 1910, for 1909 and for 1908 we use the Inter-State Pere
Marquette
131,377 Chicago Milw & St Paul
360.660
Spokane Portland & Seatt
119,724 Missouri Kansas & Texas_
279.806
Commerce totals,, but for preceding years we give the Missouri Pacific
118,791 Southern Pacific
269,274
Baltimore & Ohio
113,229 Colorado & Southern_ _ _
178.554
106.6t4 Wabash
results just as registered by our own tables each year- Texas & Paclio
150,891
Erie
103,215 Chicago St Paul M & 0.. 135,099
102,307 Denver & Rio Grande..._ _
119,635
a portion of the railroad mileage of the country being Dela Lack & Western_
Chesapeake & Ohio
119.583
Representing 12 roads in
Northern Pacific
116.110
always unrepresented in the totals for these earlier
our compilation
$2,481,303 Yazoo & Miss Valley
108,738
.101,936
Cleve Cin Chic & St L
years, owing to the refusal of some of the roads at that
Representing 16 roads in
time to give out monthly figures for publication.
$4.942.241
our compilation
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these returns do not show the total for any system, we have combined the separate
roads so as to make the results conform as nearly as possible to those given
in the statements furnished by the companies themselves.
a These figures cover merely the operations of the New York Central itself.
Including the various auxiliary and controlled roads, like the Michigan Central. the Lake Shore, the "Big Four," the "Nickel Plate," &c., the whole
going to form the New York Central System. the result is a gain of $168,083.
These figures represent the lines directly operated east and west of
Pittsburgh, the Eastern lines showing $289,186 increase and the Western
lines 816,914 decrease. For all lines owned,leased, operated and controlled,
the result is a gain of $157,280.
PRINCIPAL CHANGES IN NET EARNINGS /N NOVEMBER.
Decreases.
Increases.
Great Northern
$687,875 Southern Pacific
$613,977
Lake Shore & Mich South _
503,205
491,372 Rock Island
Baltimore & Ohio
403,993 Missouri Kansas & Texas.. 392,002
Michigan Central
268,829 Chicago & North Western
317,326
St Louis & San Francisco.. 196,898 Yazoo de Miss Valley
235,264
Chicago Milw & St Paul_ _
188,382 Pennsylvania
y230,751
N Y Cent & Hudson River a175,473 Wabash
182,473
Norfolk & Western
172,014 Chicago Milw Fc Puget Sd_
179,619
Northern Central
154,451 Chicago Burl & Quincy..._
168,838
Denver & Rio Grande_ _!_
164,326
Southern Railway
Representing 9 roads in
143,549
our compilation
$2,739,287 San Pedro Los Ang & S L_
141,237
Delaware & Hudson
112,533
Colorado & Southern_ _
108,080
Duluth & Iron Range_ _
104,358
Chicago St Paul M Fc 0_
103,788
Decreases.
Representing 18 roads in
*1,088,943
Illinois Central
our compilation
Union Pacific
977,057
*5,767,328
a These figures cover merely the operations of the New York Central itself.
Including the various auxiliary and controlled roads, like the Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate," &c., the whole
going to form the N. Y. Central System, the result is a gain of $985,484.
y These figures represent the lines directly operated east and west of
Pittsburgh, the Eastern lines showing $206,493 decrease and the Western
lines $24,258 decrease. For all lines owned,leased, operated and controlled,
the result is a 1034 of $227,548.
When the roads are arranged in geographical groups
or sections, the unfavorable nature of the comparisons
becomes still more apparent. Out of the seven sections, four show diminished gross and four also .show
diminished net. Our summary by groups is as follows:
SUMMARY BY GROUPS.
Section or Group.
1911.
NovemberGroup 1(23 roads) New England_ 11,361,916
Group 2(136 roads) East & Middle 58,473,396
Group 3( 94 roads) Middle West_ 32,849,130
Groups 4 & 5(156 roads) Southern. 31,553,242
Groups 8 & 7(118 roads) Northwest 51,783,401
Groups 8 & 9(194 roads)Southwest 40,721,111
Group 10 (68 roads) Pacific Coast_ 14,601,567
Total (779 roads)
Gross Earnings
1910.
Inc.(+) or Dec.(-)
3
+272,848 2.16
11,089,068
+1,109,138
1.03
57,364,258
-120,737 0.36
32,969,867
+747,766 2.43
30,805,476
54,229,537 -2,446,136 4.51
41.780,224 -1,059,113 2.53
1.83
-271,391
14,872,958
241,343,763 243,111,388
-Mileage--1911. 1910.
Group No. 1
Group No. 2
Group No. 3_
Groups Nos. 4 & 5._ __
Groups Nos. 6 & 7_ _ _
Groups Nos. 8 & 9_ _.
Group No. 10
Total
[VOL. LXXXXIV.
THE CHRONICLE
172
7,629
26,331
26,030
40,768
62,374
54,711
16,366
7,599
26,191
25,782
40,292
61,815
53,964
15,920
1911.
3,454,460
18,822,083
9,732,831
10,168,898
17,820,056
12,955,704
6,096,267
-1,767,625
0.73
Net Earnings
1910. Inc.(+)or Dec.(-).
+2,287 0.07
3,452,173
18,334,451
+487,632 2.66
+707,586 7.84
9,025,245
-475,465 4.47
10,644,363
19,858,186 -2,038,130 10.26
14,226,501 -1,270,797 8.65
6,528,247
-431,980 6.62
234,209 231,563 79,050,299 82,069,166 -3,018,867 3.68
NOTE.-Group I. Includes all of the New England States.
Group II. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota, and
Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming and
Nebraska, together with Colorado north of a line parallel to the State line passing
through Denver.
• Groups VIII. and /X. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory; Missouri south of St. Louis and Kansas City; Colorado south of
Denver; the whole of Texas and the bulk of Louisiana; and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Santa Fe to El Paso.
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona, and the western part of New Mexico.
Our compilations, as heretofore, are based entirely
upon the returns filed with the Inter-State Commerce
Commission at Washington. As has been previously
pointed out by us, all the railroads in the United States
-barring only the few that operate entirely within
State boundaries-are obliged to file monthly statements with the Commission. The returns are open to
public inspection, and we have transcripts of them
made for our own use. In order to furnish full details
for all the separate roads, we issue each month a
special supplement, termed our "Railway Earnings"
Section. The January number of that supplement
accompanies to-day's issue of the "Chronicle," and in
it will be found in full the reports of earnings and expenses of all the separate roads for the month of November. The summaries in the present article are
the totals derived from these statements of the separate roads.
COTTON SUPPLY AND CONSUMPTION IN EUROPE.
Mr. Ellison's "Annual Review of the Cotton Trade for the
Year 1911" was issued in Liverpool on Friday of the current week, and by cable we have received all the results
of interest given therein. Not only have the statistics of
supply and consumption for the calendar year 1911 and the
first three months of the new-crop season been cabled, but
also such estimates as Mr. Ellison furnishes for the full season
ending Oct. 1 1912. The actual figures of spinners' takings,
consumption and stock in Great Britain and on the Continent
for 1911, in bales of 500 lbs., have been as follows:
SPINNERS' TAKINGS, CONSUMPTION AND STOCKS IN 1911.
In 500-15. Bales.
Great Britain.
Total.
Continent.
Stocks Jan. 1 1911
Takings
455,000
4,034,000
1,110,000
5,803,000
1,565,000
9,837,000
Supply
Consumption
4,489,000
3,925,000
6,913,000
5,525,000
11,402,000
9,450,000
564,006
1,388,000
1,952,000
75,481
106,250
181,731
Stocks Jan. 1 1912
Weekly consumption
The average weekly consumption of the mills in Great
Britain is much heavier than in the preceding year, having
been 75,481 bales of 500 lbs. each in 1911, or a gain of 13,558
bales per week over 1910. Continental consumption shows
an increase over the 1910 rate of 1,250 bales, being at the
rate of 106,250 bales per week. For the whole of Europe the
1911 average weekly rate, and consequently the total consumption, exhibits a large gain over 1910 but a slight loss
from,1909.
In the above compilation the results for 1911 only are
presented; to bring out clearly the relation the 1911 figures
bear to those for previous years, we have prepared the following, which covers the period from 1905 to 1911, both years
included:
Spinners'
Bales of 500 Stock
Takings.
lbs. Each.
Jan. 1.
Great Britain.
1911
1910
1909
1908
1907
1906
1905
Spinners' Weekly
Supply. Consum, Stock Consurnplion.
Dec. 31.
tion.
564,001
455,000
321,000
476,000
534,000
441,000
330,000
75,481
61,925
73,365
65,885
75,846
72,673
71,115
6,913,000 5,525,000 1,388,000
6,570,000 5,460,000 1,110,000
6,997,000 5,655,0001,342,000
7,008,0005,720,000 1,288,000
6,588,000 5,525,000 1,063,000
5,969,000 3,304,000 665,000
5,759,000 5,174,000 585,000
106,250
105,000
108,750
110,000
106,250
102,000
99,500
All Europe1911 '
1,565,000 9,837,000 11,902000 9,450,000 1,952,000
1910
1,663,000 8,582,000 10,2450008,680,000 1,565,000
1909
1,764,000 9,369,000 11,1330009,470,000 1,863,000
1908
1,597,000 9,313,000 10,9100009,146,000 1,764,000
1,106,000 9,960,000 11,0660009,469,000 1,597,000
1907
915,000 9,274,000 10,1890009,083,0001,106,000
1906
697,000 9,090,000 9,787,0008,872,000 915,000
1905
181,731
166,923
182,115
175,885
182,096
174,673
170,615
Continent1911
1910
1909
1908
1907
1906
1905
455,000 4,034,000
321,000 3,354,000
476,000 3,660,000
534,000 3,368,000
441,000 4,037,000
330,000 3,890,000
264,000 3,764,000
1,110,000 5,803,000
1,342,000 5,228,000
1,288,000 5,709,000
1,063,000 5,945,000
665,000 5,923,000
585,000 5,384,000
433.000 5,326,000
4,489,0003,925,000
3,675,0003,220.000
4,136,0003,815,000
3,902,000 3,426,000
4,478,0003,944,000
4,220,0003,779,000
4,028,0003,698,000
Official returns from the mills of Great Britainvmade public
since the close of 1911 indicate that while the year's operations
have been profitable generally, they have been only very
moderately so. The showing made by the Oldham mills
since 1905 has been as follows:
Years1911
1910
1909
1908
1907
1906
1905
Cornpanies.
100
100
100
100
106
104
96
Profit (+) or
Loss (-).
+£29,812
-368,006
-272,072
+586,511
+1,323,945
+692,343
+746,913
Profit or LOSS
per Mill.
+£298
' -3,680
-2,721
+5,865
+12,490
+6,657
+7,780
We have also received separately by cable the figures of
takings, consumption, &c., for the last three months of the
calendar year 1911. Those three months are the first quarter
of the current season, beginning with Oct. 11911. For those
three months the spinners' taking in actual bales and pounds
have been as follows:
October 1 to January 1.
Great Britain.
Continent.
Total.
For 1911.
Takings by spinners
bales
Average weight of bales_ _ _ _lbs.
Takings in pounds
1,301,000
495
845,995,000
3,053,000
1,752,000
492.2
489
856,828,000 1,502,823,000
For 1910.
bales
Takings by spinners
Average weight of bales_ _ _lbs.
Takings,n pounds
1,169,000
503
588,007,000
2,731,000
1,562,000
490.1
481
751,322,000 1,339,329,000
According to the above, the average weight of the deliveries
in Great Britain is 495 lbs. per bale this season, against
503 lbs. during the same time last season. The Continental
deliveries average 489 lbs., against 481 lbs. last year, and for
the whole of Europe the deliveries average 492.2 lbs. per
THE CHRONICLE
JAN. 20 1912.]
bale, against 490.1 lbs. last season. Our dispatch also gives
the full movement for this year and last year in bales of
500 lbs.
Oct. 1 to Jan. 1.
Bales of 500 lbs. each.
000s omitted.
1910.
1911.
Great ContiGreat ContiBrit's. sent. Total. Brit'n. sent. Total.
Spinners' stocks Oct. 1
Takings to Jan. 1
312
1,292
1,104
1.714
1,416
3,006
169
1,176
972
1.503
1,141
2.679
Supply _
Donsumption, 13 weeks
1,604
1.040
2.818
1.430
4,422
2,470
1,345
890
2,475
1,385
3,820
2.255
364
1,388
1,952
455
1.110
1,565
80
80
80
110
110
110
190
190
190
60
70
74
105
105
105
165
175
179
Spinners' stook Jan. 1
Weekly Consumption.
000s omitted.
rn October
In November
In December
The foregoing shows that the weekly consumption is now
at
190,000 bales of 500 lbs. each, or 11,000 bales more than
stocks
spinners'
total
The
year.
last
time
g
the correspondin
in Great Britain and on the Continent have increased 218,000
bales during the month, and are now 387,000 bales more than
at the same date last season.
According to our cable, Mr. Ellison has made no change in
the figures given last October of estimated requirements for
the season of 1911-12, which were as follows:
Requirements—Ordinary bales—
•
American
East Indian
Egyptian
Sundries
Estimated.
1911-12.
13,300,000
1,000,000
800,000
300,000
Actual.
1910-11.
11,950,000
1,306,000
879,000
291,000
Actual.
1909-10.
11,507,000
1.408.000
734,000
329,000
Total requirements
Average weight
Requirements, bales 500 lbs
15,400,000 14,426,000
485.7
487.7
15,020,000' 14,015,000
13,978,000
478.7
13,383,000
TEXT OF BILL FOR ESTABLISHMENT OF NATIONAL
RESERVE ASSOCIATION.
We furnish below the full text of the bill of the National
Monetary Commission, providing for the creation of the
National Reserve Association, in the form in which it is
embodied in the report of the Commission filed with Congress
on the 8th inst.
A BILL
of the United States,
To incorporate the National Reserve Association
purposes.
and for other
•
CHARTER, CAPITAL AND LOCATION.
of the United
Representatives
of
House
and
Senate
the
by
enacted
Be it
That the National Reserve
States of America in Congress assembled,
Association of the United States be, and it is hereby, created and established
with the Comptroller of the
filing
of
date
from
the
years
fifty
of
for a term
provided.
Currency a certificate of paid-in capital stock as hereinafterper
centum
It shall have an authorized capital equal in amount to twenty
in
membership
for
eligible
banks
all
of
capital
unimpaired
and
of the paid-in
shall be
said National Reserve Association. Before said association
the
authorized to commence business two hundred million dollars of
dollars of its
capital stock shall be subscribed and one hundred million
be
capital shall be paid in cash. The capital stock of said association shall
capital
outstanding
The
each.
of
dollars
one
hundred
shares
into
divided
increase
banks
subscribing
as
stock may be increased from time to time
or may be decreased
their capital or as additional banks become subscribersassociation
by liquidas subscribing banks reduce their capital or leave the
ation. The head office of the National Reserve Association shall be located
of
Columbia.
District
the
in
Washington,
in
POWERS.
Comptroller of the
Section 2.—Upon duly making and filing with the
hereinafter
required, the National Reserve Assocertificate
Currency the
ciation of the United States shall become a body corporate and as such
and by that name shall have power— seal.
First. To adopt and use a corporate
the date
Second. To have succession for a period of fifty years from
of said certificate.
out the
carry
to
proper
and
necessary
Third. To make all contracts
purposes of this Act.
of law
court
any
in
defend,
and
complain
sued,
be
and
sue
To
Fourth.
or equity. as fully as natural persons. and officers in the manner hereinFifth. To elect or appoint directors
after provided and define their duties.
not inconsistent with
Sixth. To adopt by its board of directors by-laws
in which its property shall be transferred, its
this Act, regulating the manner
to it by law exergranted
privileges
the
and
conducted,
general business
cised and enjoyed.
Seventh. To purchase, acquire, hold and convey real estate as hereinafter provided.
duly authorized comEighth. To exercise by its board of directors or powers
and privileges
mittees, officers, or agents, subject to law, all the
Act.
by
this
Association
conferred upon the National Reserve
MEMBERSHIP.
companies chartered
Section 3.—All national banks, and all banks or trustDistrict
of Columbia,
by the laws of any State of the United States or of thein
the said National
membership
for
requirements
the
complying with
to its capital to
Reserve Association, hereinafter set forth, may subscribe and
unimpaired
an amount equal to twenty per centum of the paid-in
capital of the subscribing bank, and not more nor less; and each of such
subscribing banks shall become a member of a local association as hereinafter provided. Fifty per centum of the subscriptions to the capital stock
of the National Reserve Association shall be fully paid in; the remainder
of the subscriptions or any part thereof shall become a liability of the
subscribers, subject to call and payment thereof whenever necessary to
meet theobligations of the National Reserve Association under such terms
and in accordance with such regulations as the board of directors of the
National Reserve Association may prescribe.
STATE BANKS AND TRUST COMPANIES.
the
The subscriptions of a bank or trust company incorporated under
stock of the
laws of any State or of the District of Columbia to the capital
National Reserve Association shall be made subject to the following conditions:
have a paid-in and unimpaired capital
First. That (a) if a bank, it shall
a national bank in the same locality; and
of not less than that requireditfor
have
an unimpaired surplus of not less
shall
company,
that (b) if a trust
If located in a place having
than twenty per centum of Its capital, and
or less shall have a paid-in and
inhabitants
thousand
six
of
a population
thousand dollars; if located in a
unimpaired capital of not less than fiftysix
thousand inhabitants and not
of more than
city having a population inhabitants,
shall have a paid-in and unimpaired
more than fifty thousand
thousand dollars; if located in a city
capital of not less than one hundred
having a population of more than fifty thousand inhaoltants anti not more
than two hundred thousand Inhabitants shall have a paid-in and unimpaired capital of not leas than twolhundred thousand dollars; if located in
173
a city having a population of more than two hundred thousand inhabitants
and not more than three hundred thousand inhaultants shall have a paid-in
and unimpaired capital of not less than three hundred thousand dollars: if
located in a city having a population of more than three hundred thousand
inhabitants and not more than four hundred thousand inhabitants shall
have a paid-in and unimpaired capital of not less than four hundred thousand dollars, and it located in a city having a population of more than four
hundred thousand inhabitants shall have a paid-in and unimpaired capital
of not less than five hundred thousand dollars.
Second. That it shall have and agree to maintain against its demand
deposits a reserve of like character and proportion to that required by law
of a national bank in the same locality. Provided, however, That deposits
which It may have with any subscribing national bank, State bank or trust
company in a city designated in the national banking laws as a reserve
city or a central reserve city shall count as reserve in like manner and to the
same extent as similar deposits of a national bank with national banks In
such cities.
Third. That it shall have and agree to maintain against other classes
of deposits the percentage of reserve required by this Act.
Fourth. That it shall agree to submit to such examinations and to
make such reports as are required by law and to comply with the requirements and conditions imposed by this Act and regulations made in conformity therewith.
The words "subscribing banks" when used hereafter in this Act shall be
understood to refer to such national banks, and banks or trust companies
chartered by the laws of any State of the United States or of the District
of Columbia, as shall comply with the requirements for membership herein
defined.
RESERVE ASSOCIATION—HOW ORGANIZED.
Section 4.—The Secretary of the Treasury, the Secretary of Agriculture.
the Secretary of Commerce and Labor and the Comptroller of the Currency are hereby designated a committee to effect the organization of the
National ReserveAssociation,and the necessary expenses of said committee
shall be payable out of the Treasury upon vouchers approved by the
members of said committee, and the Treasury shall be reimbursed by the
National Reserve Association to the full amount paid out therefor.
Within sixty days after the passage of this Act said committee shall provide for the opening of books for subscriptions to the capital stock of said
National Reserve Association in such places as the said committee may
designate. Before the subscription of any bank to the capital stock
of the National Reserve Association shall be accepted, said bank shall file
with the organization committee, or after organization with the National
Reserve Association a certified copy of a resolution adopted by the board
of directors of said bank accepting all the provisions and liabilities imposed
by this Act and authorizing the President or Cashier of said bank to subscribe for said stock.
LOCATION OF BRANCHES.
Section 5.—When the subscriptions to the capital stodk of the National
Reserve Association shall amount to the sum of two hundred million
dollars, the organization committee hereipbefore provided shall forthwith
proceed to select fifteen cities in the United States for the location of the
branches of said National Reserve Association: Provided, That one branch
shall be located in the New England States, Including the States of Maine.
New Hampshire, Vermont, Massachusetts, Rhode Island and Connecticut;
two branches in the Eastern States, including the States of New York.
New Jersey. Pennsylvania and Delaware; four branches in the Southern
States, including the States of Maryland, Virginia, West Virginia, North
Carolina, South Carolina, Georgia, Florida, Alabama. Mississippi, Louisiana,
Texas, Arkansas. Kentucky, Tennessee, and also the District of Columbia:
four branches in the Middle Western States, Including the States of Ohio,
Indiana, Illinois, Michigan, Wisconsin, Minnesota, Iowa and Missouri;
four branches in the Western and Pacific States, including the States of
North Dakota, South Dakota, Nebraska, Kansas, Montana, Wyoming,
Colorado, New Mexico. Oklahoma, Washington, Oregon, California, Idaho,
Utah, Nevada and Arizona.
When the cities in which the branches are to be located have been selected,
the organization committee shall forthwith divide the entire country into
fifteen districts, with one branch of the National Reserve Association in
each district; Provided. That the districts shall be apportioned with due
regard to the convenient and customary course of business and not necessarily along State lines.
The districts may be readjusted, and new districts and new branches
may from time to time be created by the directors of the National Reserve
Association whenever.In their opinion,the business of the country requires.
ORGANIZATION OF LOCAL ASSOCIATIONS.
be grouped by the
Section 6.—All subscribing banks within a district shall
organization committee, or after organization by the National Reserve
Association, into local associations of not less than ten banks, with an
aggregate capital and surplus of at least $5,000.000. for the purposes hereinafter prescribed: Provided, That the territory included in each association
shall be contiguous and that in apportioning the territory due regard shall be
had for the customary course of business and for the convenience of the
banks forming the association: Provided further, That in apportioning the
territory to local associations comprising a district every bank and all of
the territory within said district shall be located within the boundaries of
some local association: And provided further, That every subscribing bank
shall become a member only of the local association of the territory In
which It is situated.
The banks uniting to form a local association shall, by their Presidents
or Vice-Presidents, under authority from the board of directors, execute
a certificate in triplicate setting forth the name of the association, the
names of the banks composing it, its principal place of business, its territorial limits and the purposes for which it is organized. One copy of this
certificate shall be filed with the Comptroller of the Currency, one copy
shall be filed with the National Reserve Association and one copy shall be
flied with the branch of the National Reserve Association of the district in
which the local association Is included. Upon the filing of such certificates
the local association therein named shall become a body corporate and by
the name so designated may sue and be sued and exercise the powers of a
body corporate for the purposes mentioned in this Act, and not otherwise.
The local associations in each district may be readjusted from time to
time and new associations may be authorized by the directors of the National
Reserve Association.
DIRECTORS OF LOCAL ASSOCIATIONS.
Section 7.—Each local association shall have a board of directors, the
by the by-laws of the local association. Threedetermined
be
to
number
fifths of that number shall be elected by ballot cast by the representative.
of the banks that are members of the local association, each bank having
one representative and each representative one vote for each of the positions
to be filled, without reference to the number of shares which the bank
holds in the National Reserve Association. Two-fifths of the whole
number of directors of the local association shall be elected by the same
representatives of the several banks that are members of the association,
but in voting for these additional directors each representative shall be
entitled to as many votes as the bank which he represents holds shares in
the National Reserve Association. Provided, That in case forty per centum
of the capital stock in any subscribing bank is owned directly or indirectly
by any other subscribing bank, or in case forty per centum of the capital
members of the
stock in each of two or more subscribing banks, being the
same person,
same local association, is owned directly or indirectly by
corporation, then
persons, co-partnership, voluntary association, trustee orbe
shall
banks
entitled
to vote
such
of
neither
cases,
such
and in either of
separately, as a unit, or upon its stock, except that such banks acting
together, as one unit, shall be entitled to one vote, for the election of the
board of directors of such local association. In no case shall voting by
proxy be allowed. The authorized representative of a bank, as herein
provided, shall be its President, Vice-President or Cashier.
Each director shall take an oath that he will, so far as the duty devolved
upon him, diligently and honestly administer the affairs of such association
and will not knowingly violate or willingly permit to be violated any of the
provisions of this Act.
The directors originally elected shall hold office until the second Tuesday
in February immediately following their election, and thereafter the directors shall be elected annually on that date and shall hold office for the term
of one year.
The board of directors of the local association shall have authority to
mako by-laws, not inconsistent with law, which shall be subject to the
approval of the National Reserve Association.
DIRECTORS OF BRANCHES.
Section 8.—Each of the branches of the National Reserve Association
of
directors, the number, not less than twelve, in adshall have a board
dition to the ex officio members, to be fixed by the by-laws of the branch.
be
elected in the following manner:
shall
directors
These
174
THE CHRONICLE
The board of directors of each local association shall elect by ballot a
voting representative. One-half of the elected directors of the branch
shall be
elected by the vote of such representatives, each representative
having one
vote for each of the positions to be filled, without reference to the
number
of shares which the banks composing the association which he represents
holds in the National Reserve Association. One-third of the elected directors
shall be elected by the same voting representatives, but
each voting representative in this case shall have a number of votes
equal to the number
of shares in the National Reserve Association held by all the
banks composing the local association which he represents. The remaining
one-sixth
of the directors shall be chosen by the directors already
elected and shall
fairly represent the agricultural, commercial, industrial and
interests
other
of the district, and shall not be officers nor, while serving, directors
of
banks, trust companies, insurance companies or other financial institutions.
The manager of the branch shall be ex officio a member
of
board
the
of
directors of the branch and shall be chairman of the board.
Each director shall take an oath that he will, so far as the duty devolves
upon him, diligently and honestly administer the affairs of such
and will not knowingly violate or willingly permit to be violated association
any of the
provisions of this Act.
All the members of the board of directors of the branch except the ex
officio member shall at the first meeting of the board be divided
into three
classes. One-third of the directors shall hold office until the first Tuesday
in
March immediately following the election; one-third of the directors shall
hold office for an additional period of one year after the first Tuesday in
March immediately following the election; the remaining one-third of the
directors shall hold office for an additional period of two years
first Tuesday in March immediately following the election. All after the
shall be held on the first Tuesday in March of each year, and afterelections
the first
election all directors shall be elected for a term of three years: Provided,
That the by-laws of the National Reserve Association shall provide
for the
manner of filling any vacancies which may occur in the board of directors
of the branches.
The board of directors of the branch shall have authority to make by-laws,
not inconsistent with law, which shall be subject to the approval
of the
National Reserve Association.
[VoL. Lxxxxiv.
It any member of the National Reserve Association
become insolvent
and a receiver be appointed, the stock held by it in shall
association shall be
canceled and the balance, after paying all debts said
due by such insolvent
bank to said association (such debts being hereby declared
to be a first lien
upon the paid-in capital stock), shall be paid to the receiver
of the insolvent bank.
Whenever the capital stock of the National Reserve Association
ducal, either on account of the reduction in capital of members is reof said
association or the liquidation or insolvency of
member, the board
of directors shall make and execute a certificate any
showing
reduction
such
of capital stock and the amount repaid to each bank.
This certificate
shall be flied in the office of the Comptroller of the Currency.
EXEMPT FROM TAXATION;
Section 13.—The National Reserve Association and its branches
and the
local association shall be exempt from local and State taxation
except in
respect to taxes upon real estate.
EXECUTIVE COMMITTEE OF THE NATIONAL RESERVE
ASSOCIATION.
Section 14.—The directors of the National Reserve Association shall
aunually elect from their number an executive committee and such
committees as the by-laws of the National Reserve Association mayother
vide. The executive committee shall consist of nine members, of whichprothe
Governor of the National Reserve Association shall be ex officio
and the two deputy governors and the Comptroller of the Currencychairman
ex officio
members, but not more than one of the elected members shall be
chosen
from any one district.
The executive committee shall have all the authority which is vested in
the board of directors, except the power of nomination, appointment,
and
removal of the Governor and deputy governors, and except such as may
be
specifically delegated by the board to other committees or to the executive
officers, or such as may be specifically reserved or retained by the board.
BOARD OF EXAMINATION.
Section 15.—There shall be a board of examination elected annually
by the board of directors from among their number excluding the members
of the executive committee, of which the Secretary of the Treasury shall be
DIRECTORS OF THE NATIONAL RESERVE ASSOCIATION.
ex officio chairman. It shall
the duty of this board to carefully examine
Section 9.—The National Reserve Association shall have a board of the condition and the businessbe
of the National Reserve Association and of its
directors, to be chosen in the.following manner:
branches and to make
First. Fifteen directors shall be elected, one by the board of directors at least once a year. a public statement of the result of such examination
of each branch of the National Reserve Association. In case the number
EXECUTIVE OFFICERS OF LOCAL ASSOCIATION
of districts shall be increased hereafter, each additional district shall be
Section 16.—Each branch shall have a manager and a deputyS.manager
entitled to elect an additional director of this class.
Second. Fifteen additional directors shall be elected, one by the board appointed from the district by the Governor of the National Reserve
of directors of each branch of the National Reserve Association, who shall Association with the apporval of the executive committee of said asso;Early represent the agricultural, commercial, industrial and other interests ciation and the board of directors of the branch, and subject to removal at
time by the Governor with the approval of the executive committee
of the district, and who shall not be officers nor, while serving, directors any
of the Nationar Reserve Association. The powers and duties
of banks, trust companies, insurance companies, or other financial institu- •and
of the manager
deputy manager and of the various committees of the branches
tions. In case the number of districts shall be increased hereafter, each
shall be
ad- prescribed by the by-laws of the National Reserve Association.
ditional district shall be entitled to elect an additional director of this class.
Section 17.—The directors of each local association shall annually elect
Third. Nine additional directors shall be elected by voting representafrom
their
number
a
President,
a
Vice-President,
and an executive comtives chosen by the boards of directors of the various branches, each of
whom shall cast a number of votes equal to the number of shares in the mittee, whose powers and duties shall be determined by the by-laws of time
National Reserve Association held by the banks in the branch which he local association, subject, however, to the approval of the National Reserve
Association.
represents. Not more than one of the directors of this class shall be
chosen from one district. Directors of each of the three classes named
LIST OF BANKS OWNING STOCK IN NATIONAL RESERVE
above shall be residents of the district from which they are elected.
ASSOCIATION.
Fourth. There shall be seven ex officio members of the board of directors,
Section 18.—The National Reserve Association shall cause to be kept at
namely: The Governor of the National Reserve Association, who shall be all times at the head office of the association a full and correct list of the
chairman of the board, two deputy governors of the National Reserve names of tile banks owning stock in tile association and the number of
Association, the Secretary of the Treasury, the Secretary of Agriculture, shares held by each. Such list shall be subject to the inspection of all the
the Secretary of Commerce and Labor and the Comptroller of the Currency. shareholders of the association, and a copy thereof on the first Monday
No member of any national or State legislative body shall be a director of July of each year shall be transmitted to the Comptroller of the Curof the National Reserve Association, nor of any of its branches, nor of any censy.
local association.
EARNINGS AND DIVIDENDS.
All the members of the board, except the ex officio members, shall at
Section 19.—The earnings of the National Reserve Association shall be
the first meeting of the board be divided into three classes. One-third
disposed of in the following manner:
of the directors shall hold office until the first Tuesday in April immediAfter the payment of all expenses and the franchise and other taxes
ately following the election; one-third of the directors shall hold office
not provided for in this Section.the shareholders shall be entitled to receive
for an
an additional period of one year after the first Tuesday in April immediately
anneal dividend of four per centum on the paid-in capital, which dividend
following the election; the remaining one-third of the directors shall hold shall be cumulative. Further annual net earnings shall be disposed of as
office for an additional period of two years after the first Tuesday in April follows: First, a contingent fund shall be created, which shall be mainImmediately following the election.
All elections shall be
on the tained at an amount equal to one per centum on the paid-in capital, and
first Tuesday in April of each year, and after the first election held
all directors shall not exceed in any event two million dollars,and shall be used to meet
shall be elected for a term of three years: Provided, That all directors any possible losses. Such fund shall, upon the final dissolution of the
provided for in Sections seven, eight and nine of this Act shall serve until National Reserve Association, be paid to the United States and shall
their successors have qualified: And provided further, That the by-laws under any circumstances be included in the book value of the stock ornot
be
of the National Reserve Association shall provide for the manner of filling paid to the shareholders. Second, one-half of additional net earnings
any vacancies which may occur in the board of directors of the National shall be paid into the surplus fund of the National Reserve Association
until said fund shall amount to twenty per centum of the paid-in capital,
Reserve Association.
Each director shall take an oath that he will, so far as the duty devolves ono-fourth shall be paid to the United States as a franchise tax, and oneupon him, diligently and honestly administer the affairs of such association fourth shall be paid to the shareholders, until the shareholders' dividend
and will not knowingly violate or willingly permit to be violated any of the shall amount to live per centum per annum on the paid-in capital: Provided,
provisions of this Act.
That no such dividends, exclusive of the cumulative dividends above
The board of directors of the National Reserve Association shall have provided for, shall at any time be paid in excess of five per centum in any
authority to make by-laws, not inconsistent with law, which shall prescribe
one year. Whenever and so long as the contingent fund has been provided
the manner in which the business of said association shall be conducted for and the five per centum dividend has been paid to shareholders, ono
and the privilege granted to it by law exercised and enjoyed.
half of the additional earnings shall be added to the surplus fund, and onehalf shall be paid to the United States as a franchise tax. Whenever and
EXECUTIVE OFFICERS OF NATIONAL RESERVE ASSOCIATION. so long as the surplus fund
of the National Reserve Association
to
Section 10.—The executive officers of the National Reserve Association twenty per centum of the paid-in capital and the shareholdersamounts
shall have
shall consist of a Governor, two deputy governors, a secretary, and such received dividends not exceeding five per
centum,
excess
all
earnings
subordinate officers as may be provided by the by-laws. The Governor shall be paid to the United States as a franchise tax.
of the National Reserve Association shall be selected by the President of tile
GUARANTY OF COMMERCIAL PAPER BY LOCAL ASSOCIATIONS.
United States from a list of not less than three submitted to him
the
board of directors of said association. The person so selected shallby
Section 20.—Any member of a local association may apply to such assothereupon be appointed by the said board as Governor of the National Reserve ciation for a guaranty of the commercial paper which it desires
to redisAssociation for a term of ten years, subject to removal for cause by a count at the branch of the National Reserve Association in
two-thirds vote of the board. There shall be two deputy governors, to be Any such bank receiving a guaranty from a local association its district.
elected by the board, for a term of seven years, subject to removal for commission to the local association, to be fixed in each case shall pay a
by its board
cause by a majority vote of the board. The two deputy governors first of directors. Expenses and losses in excess of commissions shall
be met by
elected shall serve for terms of four years and seven years, respectively. an assessment of the members of the local association
in proportion to the
In case of any vacancy in the office of the deputy governor his
ratio which their capital and surplus bears to the aggregate capital and
successors
shall be elected to fill the unexpired term. In thefabsence of the Governor surplus of the members of the local association, which assessment shall
be
or his inability to act the deputy who is senior in point of service shall act made by its board of directors, and the commission received for such
as governor. The board of directors shall have authority to appoint
guaranty, after the payment of expenses and possible losses, shall be dissuch
other officers as may be provided for by the by-laws.
tributed among the several banks of the local association in the same proportion. A local association shall have authority to require security from
•
FILING OF CERTIFICATE WITH PAYMENT OF 50% OF
any bank offering paper for guaranty, or it may decline to grant the applicaSUBSCRIPTION.
kvz Section 11.—When the National Reserve Association is duly organized tion. The total amount of guaranties by a local association to the National
its board of directors shall call upon the subscribing banks for a payment Reserve Association shall not at any time exceed the aggregate capital and
surplus of the banks forming theiguaranteeing association.
of fifty per centum of the amount of their subscriptions to the capital
stock
of said association. When one hundred million dollars of capital have been
MAY ASSUME FUNCTIONS OF A CLEARING HOUSE.
paid in the board of directors shall at once proceed to execute and file with
Section 21.—Any local association may by a vote of three-fourths of its
the Secretary of State a certificate showing the payment of one hundred members,
and with the approval of the National Reserve Association, assume
million dollars on capital stock and they shall further file with the Compand exercise such of the powers and functions of a clearing house as arc not
troller of the Currency a certificate showing the title and location of
each Inconsistent with the purposes of this Act. The National Reserve Assobank which has subscribed to the capital stock of the National Reserve
ciation may require any local association to perform such services in
Association, the number of shares subscribed by each, and the amount facilitating
the domestic exchanges of the National Reserve Association
paid thereon.
as the public interests may require.
OWNERSHIP OF STOCK, &C.
MEMBERS MAY BE SUSPENDED.
Section 12.—Shares of the capital stock of the National Reserve
ciation shall notSbe transferable, and under no circumstances shall AssoSection 22.—All of the privileges and advantages of the National
they
be hypothecated, nor shall they be owned otherwise than by subscribing
Association shall be equitably extended to every bank of any of theReserve
banks, nor shall they be owned by any such bank other than in the pro- herein defined which shall subscribe to its proportion of the capitalclasses
portion herein provided. In case a subscribing bank increases its capital it of the National Reserve Association and shall otherwise conform stock
to the
shall thereupon subscribe for an additional amount of the capital
of the requirements of this Act: Provided, That the National Reserve Association
National Reserve Association equal to twenty per centum of the bank's
may suspend a bank from the privileges of membership for refusal to comply
increase of capital, paying therefor its then book value as shown by the
requirements
or for a failure for thirty days to maintain its relast with such
published statement of said asociation. A bank applying for membership
serves, or to make the reports required by this Act, or for
ion
in the National Reserve Association at any time after its formation must in any report or examination as to its condition or as tomisrepresentat
the character or
subscribe for an amount of the capital of said association equal to twenty
extent of its assets or liabilities.
per centum of the capital of said subscribing bank, paying therefor its then
FISCAL AGENT OF UNITED STATES.
book value as shown by the last published statement of said association.
Section 23.—The National Reserve Association shall be the principal
When the capital of the National Reserve Association has been increased
the
agent
of
United States, The Government of the United States
either on account of the increase of capital of the banks in said association fiscal
or on account of the increase in the membership of said association, the shall upon the organization of the National Reserve Association deposit its
board of directors shall make and execute a certificate showing said increase general funds with said association and its branches and thereafter all
In capital. the amount paid in and by whom paid. This certificate shall be receipts of the Government, exclusive of trust funds, shall be deposited
filed in the office of the Comptroller of the Currency. In case a subscribing with said association and its branches, and all disbursements by the Governbank reduces its capital it shall surrender a proportionate amount of its ment shall be made through said association and its branches.
DEPOSITORS RESTRICTED TO MEMBERS AND UNITED STATES
holdings in the capital of said association, and if a bank goes into voluntary
liquidation it shall surrender all of its holdings of the capital of said assoGOVERNMENT.
• • • • • • •
ciation. In either case the shares surrendered shall be cancieed and the
Section 24.—The Government of the United States and banks owning
bank shall receive in payment therefor a sum equal to their then book stock in the National Reserve Association
shall be tile only depositors in
value as shown by the last published statement of said association.
said association. All domestic transactions of the National Reserve Asso-
JAN. 20 1.912.)
THE CHRONICLE
banks.
elation shall be confined to the Government and the subscribing
with the exception of the purchase or sale of Government or State securities
bullion.
or
coin
or secu rities of foreign governments or of gold
NO INTEREST ON DEPOSITS.
Section 25.—The National Reserve Association shall pay no interest on
deposits.
REDISCOUNTS AND DISCOUNTS.
Section 28.—The National Reserve Association may through a branch
rediscount, for and with the indorsement of any bank having a deposit
with it, notes and bills of exchange arising out of commercial transactions;
that is, notes and bills of exchange issued or drawn for agricultural, industrial or commercial'purposes, and not including notes or bills issued or
drawn for the purpose of carrying stocks, bonds or other investment
securities.
Such notes and bills must have a maturity of not more than twenty-eight
days and must have been made at least thirty days prior to the date of
rediscount. The amount so rediscounted shall at no time exceed the
capital of the bank for which the rediscounts are made. The aggregate
of such notes and bills bearing the signature or indorsement of any one
person, company, firm, or corporation, rediscounted for any one bank,
shall at no time exceed ten per centum of the unimpaired capital and
surplus of said bank.
Section 27.—The National Reserve Association may through a branch
deposit
also rediscount, for and with the indorsement of any bank havinga
with it, notes and bills of exchange arising out of commercial transactions
not
as hereinbefore defined, having more than twenty-elght days, but
exceeding four months, to run, but in such cases the paper must be guaranteed by the local association of which the bank asking for the rediscount is
a member.
ReSection 28.—Whenever,in the opinion of the Governor of the National
opinion to be conserve Association, the public) interests so require, suchReserve
Association
National
the
of
committee
executive
curred in by the
the Naand to have the definite approval of the Secretary of the Treasury,
a branch, discount the direct obligational Reserve Association may,through
that
provided
by
its
association,
indorsed
local
bank,
tion of the depositing
pledge
the indorsement of the local association shall be fully secured by the
local
the
by
held
be
securities,
shall
which
satisfactory
of
it
with
deposit
and
association for account Of the National Reserve Association; but in no
such case shall the amount loaned by the National Reserve Association
exceed three-fourths of the actual value of the securities BO pledged.
Section 20.—The power of re-discount and discount granted to the
National Reserve Association by Section twenty-six, twenty-seven and
twenty-eight of this Act shall in each case be exercised through the branch
In the district in which the bank making the application is located.
RATES OF DISCOUNT.
Section 80.—The National Reserve Association shall have authority to
fix its rates of discount from time to time, which when so fixed shall be
published, and shall be uniform throughout the United States.
ACCEPTANCES.
Section 31.—National banks are hereby authorized to accept drafts or
bills of exchange drawn upon them, having not more than four months to
run, properly secured, and arising out of commercial transactions, as
hereinbefore defined. The amount of such acceptances outstanding shall
not exceed one-half the capital and surplus of the accepting bank, and
shall be subject to the restrictions of Section 5,200 of the Revised Statutes.
Section 32.—The National Reserve Association may, whenever its own
condition and the general financial conditions warrant such investment,
purchase from a subscribing bank acceptances of banks or acceptors of
unquestioned financial responsibility arising out of commercial transactions as hereinbefore defined. Such acceptances must have not exceeding
ninety days to run and must be of a character generally known in the
market as prime bills. Such acceptances shall bear the indorsement
of the subscribing bank selling the same, which indorsement must be other
than that of the acceptor.
INVESTMENT IN GOVERNMENT AND STATE BONDS.
Section 33.—The National Reserve Association may invest in United
States bonds; also in obligations, having not more than one year to run, of
the United States or its dependencies, or of any State or of foreign government.
POWER TO DEAL IN GOLD COIN OR BULLION.
Section 34.—The National Reserve Association shall have power, both at
home and abroad, to deal in gold coin or bullion, to make loans thereon
and to contract for loans or gold coin or bullion, giving therefor when
necessary acceptable security, including the hypothecation of any of its
holdings in United States bonds.
POWER TO DEAL IN EXCHANGE.
Section 35.—The National Reserve Association shall have powor to
purchase from its subscribing banks and to sell with or without its indorsement Checks or bills of exchange, arising out of commercial transactions as hereinbefore defined, payable in such foreign countries as the
B oard of Directors of the National Reserve Association may determine.
These bills of exchange must have not exceeding ninety days to run. and
must bear the signatures of two or more responsible parties, of which the last
one shall be that of a subscribing bank.
POWER TO MAINTAIN BANKING ACCOUNTS IN FOREIGN
COUNTRIES AND TO ESTABLISH FOREIGN AGENCIES.
Section 36.—The National Reserve Association shall have power to open
and maintain banking accounts in foreign countries and to establish agencies
In foreign countries for the purpose of purchasing, selling and collecting
foreign bills of exchange, and it shall have authority to buy and sell, with
or without its indorsement, through such correspondents or agencies,
checks or prime foreign bills of exchange arising out of commercial transactions, which have not exceeding ninety days to run, and which bear the
signatures of two or more responsible parties.
TRANSFER OF BALANCES.
Section 37.—It shall be the duty of the National Reserve Association or
any of its branches, upon request, to transfer any part of the deposit
balance of any bank having an account with it to the credit of any other
bank having an account with the National Reserve Association. If a
deposit balance is transferred from the books of one branch to the books
of another branch, it may be done, under regulations to be prescribed by
the National Reserve Association, by mail, telegraph, or otherwise, at
rates to be fixed at the time by the manager of the branch at which the
transaction originates.
POWER TO HOLD REAL ESTATE.
Section 38.—The National Reserve Association may purchase, acquire,
hold, and convey real estate for the following purposes and for no other:
First. Such as shall be necessary for the immediate accommodation in
the transaction of the business either of the head office or of the branches.
Second. Such as shall be mortgaged to it in good faith by way of securlty for debts previously contracted.
Third. Such as shall be conveyed to it in satisfaction of debts previously
contracted in the course of its dealings.
Fourth. Such as it shall purchase at sales under judgments, decrees,
or mortgages held by said association, or shall purchase to secure debts
due to it.
But the National Reserve Association shall not hold the possession of any
real estate under mortgage or the title and possession of any real estate
purchased to secure any debts due to it for a longer period than five years.
RESERVES OF SUBSCRIBING BANKS.
• Section 39.—All subscribing banks must conform to the following
requirements as to reserves to be held against deposits of various classes,
but the deposit balance of any subscribing bank in the National Reserve
Association and any notes of the National Reserve Association which it
holds may be counted as the whole or any part of its required reserve:
First. On demand deposits: National banks in different localities shall
maintain the same percentages of reserve against demand deposits as is
now required by law, and the same percentages of reserve against demand
deposits shall be required of all other subscribing banks in the same
localities.
Second. On time deposits: All time deposits and moneys held in trust
payable or maturing within thirty days shall be subject to the same reserve
requirements as demand deposits in the same locality. All time deposits
and moneys held in trust payable or maturing more than thirty days from
date shall be subject to the same reserve requirements as demand deposits
for the thirty days preceding their maturity, but no reserves shall be
required therefor except for this period. Such tithe deposits and moneys
held in trust, payable only at a stated time not less than thirty days from
175
date of deposit, must be represented by certificates or instruments in writing
and must not be allowed to be withdrawn before the time specified without
thirty days' notice.
REAL ESTATE LOANS BY NATIONAL BANKS.
Section 40.—National banks may loan not more than thirty per centum
of their time deposits, as herein defined, upon improved and unencumbered real estate, such loans not to exceed fifty per centum of • the
actual value of the property,which property shall be situated in the vicinity
or in the territory directly tributary to the bank: Provided, That this
privilege shall not be extended. to banks acting as reserve agents for banks
or trust companies.
RESERVE TO BE KEPT BY RESERVE ASSOCIATION.
Section 41.—All demand liabilities, including deposits and circulating
notes, of the National Reserve Association shall be covered to the extent
of fifty per centum by a reserve of gold including foreign gold coin and gold
bullion) or other money of the United States which the national banks
arc now authorized to hold as a part of their legal reserve: Provided, That
Whenever and so long as such reserve shall fall and remain below fifty per
centum the National Reserve Association shall pay a special tax'upon the
deficiency of reserve at a rate increasing in proportion to such deficiency
as follows: For each two and one-half per centum or fraction thereof that
the reserve falls below fifty per centum a tax shall be levied at the rate of
one and one-half per centum per annum:Provided further, That no additional
circulating notes shall be issued whenever and so long as the amount of such
reserve falls below thirty-three and one-third per centum of its outstanding
notes.
Section 42.—In computing the demand liabilities of the National Reserve
Association a sum equal to one-half of the amount of the United States
bonds held by the association which have been purchased from national
banks, and which had previously been deposited by such banks to secure
their circulating notes, shall be deducted from the amount of such liabilities.
REPORTS OF NATIONAL RESERVE ASSOCIATION.
Section 43.—The National Reserve Association shall make a report
'
showing the principal items of its balance sheet to the Comptroller of the
Currency once a week. These reports shall be made public. In addition,'
full reports shall be made to the Comptroller of the Currency by said
association coincident with the five reports called for each year from the
natiOnal banks,
• '
'
REPORTS OF SUBSCRIBING BANKS.
Section 44.—All subscribing banks shall, under regulations to be pre.scribed by the National Reserve Association, make a report monthly, or
oftener if required, to said association showing the principal items of their
. • • • LI
balance sheets.
r
REPORTS OF NATIONAL BANK EXAMINERS.
Section 45.—All reports of national bank examiners in regard to the
condition of banks shall hereafter be made in duplicate, and one copy
shall be filed with the National Reserve Association for the confidential use
of its executive officers and branch managers.
Section 46.—The National Reserve Association may accept copies of the
reports of the national bank examiners for subscribing national banks and
also copies of the reports of State bank examiners for subscribing State
banks and trust companies, in States where the furnishing of such information is not contrary to law: Provided, however, That the standard of such
examinations, both national and State, meets the requirements prescribed
by the National Reserve Association. The National Reserve Association
shall have the right at any time to examine or cause to be examined by its
own representatives any subscribing bank. The National Reserve Association may make such payments to national and State examiners for such
services required of them as the directors may consider just and equitable. •
REPEAL OF PROVISIONS CALLING FOR DEPOSIT OF BONDS
BY NATIONAL BANKS. 1.1 J • ------ • •
Section 47.—All provisions of law requiring national banks to hold or to
the Treasurer of the United States bonds of the
to
deliver
and
transfer
United States other than those required to secure outstanding cireulat.ing.
notes and Government deposits are hereby repealed.
FURTHER ISSUE OF CIRCULATING _NOTES SUSPENDED=
Section 48.—There shall be no further issue of circulating notes by any
national bank beyond the amount now outstanding. National banks may
maintain their present note issue, but whenever a bank retires the whole
or any part of its existing issue,its right to re-issue the notes so retired
shall thereupon cease.
RESERVE ASSOCIATION TO PURCHASE GOVERNMENT 2s ANO
• • • • • • • • ISSUE ITS OWN NOTES,
Section 49.—The National Reserve Association shall, for a period of one
year from the date of its organization, offer to purchase at a 'price not less
than par and accrued interest the two per centum bonds held by subscribing national banks and deposited to secure their circulating notes.
The National Reserve Association shall take over the bonds so purchased
and assume responsibility for the redemption upon presentation of outstanding notes secured thereby. The National Reserve Association shall
issue, on the terms herein provided, its own notes as the outstanding notes
secured by such bonds so held shall be presented for redemption and:may
issue further notes from time to time to meet business requirements, it
being the policy of the United States to retire as rapidly as possible, consistent with the public interests, bond-secured circulation and to substitute
therefor notes of the National Reserve Association of a character and secured
and redeemed in the manner provided for in this Act.
note Issues of the National Reserve Association shall at all
Section 50
times be covered by legal reserves to the extent required by Section fortyone of this Act, and by notes or bills of exchange arising out of commercial
transactions as hereinbefore defined, or obligations of the United States.
TAX ON NOTES OF NATIONAL RESERVE ASSOCIATION. 1 •
Section 51.—Any notes of the National Reserve Association in circulation
at any time in excess of nine hundred million dollars which are not covered
by an equal amount of lawful money, gold bullion, or foreign goln coin
held by said association, shall pay a special tax at the rate of one and
one-half per centum per annum, and any notes in excess of one billion two
hundred million dollars not so covered shall pay a special tax at the rate
of five per centum per annum: Provided, That In computing said amounts
of nine hundred million dollars and one billion two hundred million dollars
the aggregate amount of any national bank notes then_outstanding shall be
included.
CIRCULATING NOTES TO BE A FIRST LIEN ON ASSETS.
Section 52 —The circulating notes of the National Reserve Association
shall constitute a first lien upon all its assets and shall be redeemable in
lawful money on presentation at the head office of said association or any
of its branches. It shall be the duty of the National Reserve Association
to maintain at all times a parity of value of its circulating notes with the
standard established by the first Section of the Act of March fourteenth;
nineteen hundred. entitled "An Act to define and fix the standard of value,'
to maintain the parity of all forms of money issued or coined by the United
• • • • • • !J
States, to refund the public debt and for other purposes."
•• •
to,k1 *), •„1;.!1,t 111 •V_ NOTES TO BE LEGAL TENDER.
Section 53.—The circulating notes of the National Reserve Association
shall be received at par in payment of all taxes, excises, and other dues to
the United States, and for all salaries and other debts and demands owing
by the United States to individuals, firms, corporations, or associations;
except obligations of the Government which are by their terms specifically
payable In gold, and for all debts due from or by one bank or trust company
to another, and for all obligations due to any bank or trust company.
Section 54.—The National Reserve Association and its branches shall at
once, upon application and without charge for transportation, forward its
circulating notes to any depositing bank against its credit balance.
•1
UNITED STATES 2s TO BE EXCHANGED/FOR 3s.
-1
Section 55.—Upon application of the National Reserve Association the
Secretary of the Treasury shall exchange the two per centum bonds of the
United States bearing the circulation privilege purchased from subscribing
banks for three per centum bonds of the United States without the circulation privilege, payable after fifty years from the date of issue. The
National Reserve Association shall hold the three per centum bonds so
issued during the period of its corporate existence: Provided, That after
five years from the date of its organization the Secretary of the Treasury
may at his option permit the National Reserve Association to sell not more
than fifty million dollars of such bonds annually: And provided further, That
the United States reserves the right at any time to pay any of such bonds
before maturity, or to purchase any of them at par for the trustees of 04
. . .
..
•
postal savings, or otherwise.
•
176
THE CHRONICLE
SPECIAL FRANCHISE TAX.
Section 56:—The National Reserve Association shall pay to the Government a special franchise tax of one and one-half per centum annually during
the period of its charter upon an amount equal to the par value of such
United States bonds transferred to it by the subscribing banks.
FOREIGN BANKS MAY BE FORMED.
Section 57.—That banking corporations, for carrying on the business of
banking in foreign countries and in aid of the commerce of the United
States with foreign countries and to act when required as fiscal agents of the
United States in such countries, may be formed by any number of persons,
not less in any case than five, who shall enter into articles of association
which shall specify in general terms the object for which the banking
corporation Is formed and may contain any other provisiofis not inconsistent
with the provisions of this Section which the banking corporation may
see fit to adopt for the regulation and conduct of its business and affairs,
which said regulations shall be signed, in duplicate, by the persons uniting
to form the banking corporation, and one copy thereof shall lm forwarded to
the Comptroller of the Currency and the other to the Secretary of State, to
be filed and preserved in their offices.
That the persons uniting to form such banking corporation shall under
their hands make an organization certificate which shall specify, first, the
name assumed by such banking corporation, which name shall be subject to
approval by the Comptroller; second, the foreign country or countries or
the dependencies or colonies of foreign countries or the dependencies of the
United States, where its banking operations are to be carried on; third, the
place in the United States where its home office shall be located; fourth, the
amount of its capital stock, and the number of shares into which the same
shall be divided; filth, the names and places of residence of the shareholders
and the number of shares held by each of them; and, sixth, a declaration
that said certificates is made to enable such persons to avail themselves of
the advantages of this Section.
That no banking corporation shall be organized under the provisions of this
Section with a less capital than two million dollars, which shall be fully
paid in before the banking corporation shall be authorized to commence
business, and the fact of said payment shall be certified by the Comptroller
of the Currency and a copy of his certificate to this effect shall be filed
with the Secretary of State: Provided, That the capital stock of any such
bank may be increased at any time by a vote of two-thirds of its shareholders with the approval of the Comptroller of the Currency anti that the
capital stock of any such bank which exceeds two million dollars may be
reduced at any time to the sum of two million dollars by the vote of shareholders owning two-thirds of the capital.
That every banking corporation formed pursuant to the provisions
of this Section shall for a period of twenty years from the date of the
execution of its organization certificate be a body corporate, but shall not
be authorized to receive deposits in the United States nor transact any
demesne business not necessarily related to the business being done in
foreign countries or in the dependencies of the United States. Such
banking corporations shall have authority to make acceptances, buy and
sell bills of exchange or other commercial paper relating to foreign business,
and to purchase and sell securities, including securities of the United States
or of any State in the Union. Each banking corporation organized under
the provisions of this Section shall have power to establish and maintain
for the transaction of its business a branch or branches in foreign countries,
their dependencies or the dependencies of the United States, at such places
and under such regulations as its board of directors may deem expedient.
A majority of the shares of the capital stock of such banking corporation
shall be held and owned by citizens of the 'United States or corporations
chartered under the laws of the United States or of any State of the Union,
and a majority of the members of the board of directors of such banking
corporations shall be citizens of the United States. Each director shall
own in his own right at least one hundred shares of the capital stock of the
banking corporation of which he is a director.
Whenever the Comptroller shall become satisfied of the insolvency of any
such banking corporation he may appoint a receiver, who shall proceed to
close up such corporation in the same manner in which he would close a
national bank, the disposition of the assets of the branches to be subject to
any special provisions of the laws of the country under whose jurisdiction
such assets are located.
The annual meeting of every such banking corporation shall be held at its
home office in the United States and every such banking corporation
shall keep at its home office books containing the names of all stockholders of such banking corporation and members of its board of directors,
• together with copies of the reports furnished by it to the Comptroller of the
Currency exhibiting in detail and under appropriate heads tho resources
and liabilities of the banking corporation. Every such banking corporation
shall make reports to the Comptroller of the Currency at such times as he
may require, and shall be subject to examinations when deemed necessary
by the Comptroller of the Currency through examiners appointed by him;
the compensation of such examiners to be fixed by the Comptroller of the
Currency.
Any such banking corporation may go into liquidation and be closed by
the vote of its shareholders owing two-thirds of its stock.
Any bank doing business in the United States and being the owner of
stock in the National Reserve Association may subscribe to the stock of any
banking corporation organized under the provisions of this Section, but the
aggregate of such stock held by any one bank shall not exceed ten per
centum of the captal stock'of the subscribing bank.
'Section 58.—Congress reserves the right to alter or amend the provisions
of this Act, to take effect at the end of any decennial period from and after
the organization of the National Reserve Association.
Section 59.—All Acts or parts of Acts inconsistent with the provisions
of this Act are hereby repealed.
JAS P. TALIAFERRO.
NELSON W. ALDRICH,
BOIES PENROSE,
Chairman,
W. WEEKS,
JOHN
VREELAND,
EDWARD B.
ROBT. W. BONYNGE,
Vice-Chairman,
L. P. PADGETT,
JULIUS 0. BURROWS,
CEO. F. BURGESS,
EUGENE HALE,
A. P. PUJO,
H. M. TELLER,
CEO. W. PRINCE,
H. D. MONEY,
JAMES MeLACHLAN,
THEODORE E. BURTON,
A. PIATT ANDREW,
Assistant to Commission.
ARTHUR B. SHELTON,
Secretary.
Washington, January 8 1912.
[VOL. Lxxxxiv.
—The resolution of Representative Henry changing the
date of the Presidential inauguration from March 4 to the last
Thursday in April was favorably reported to the House by
its Judiciary Committee on the 18th inst. The change
would be effective in 1917.
—Robert Bonynge resigned as a member of the National
Monetary Commission on the 9th inst.
—The question of permitting the free entry of wood pulp
and paper from countries other than Canada is dealt with by
President Taft in a message laid before the House of Representatives on the 9th inst. The law, it appears from the
message, was brought in to question on two points, viz.:
"First, whether the second section of the Act to promote reciprocal trade
relations with the Dominion of Canada, and for other purposes, In view of
the failure of the Dominion of Canada to pass a similar Act, is to be regarded as existing law in full force and effect; and, second, assuming an
affirmative answer to the first question, whether the favored-nation clause
extends the benefits of the second section of thisAct to the countries with
which we have treaties containing favored-nation clauses. As the treaties
are the law of the land and as the Reciprocity Act is a statute in part at
least to become operative upon conditions, the question of the effect of the
one upon the other can bo better considered in a court of law than by
Executive construction."
The President has therefore "directed that the refusal of
the Treasury Department to admit wood pulp and paper and
other articles under the joint effect of the Canadian Reciprocity Act and the favored-nation clauses of the treaties
with other countries shall stand as the attitude of the Government pending the consideration of the two questions
above stated before the tribunals regularly appointed by
law for the consideration of such questions."
—A special message, covering the progress made in the
investigation conducted by the Commission on Economy
and Efficiency, was transmitted to Congress by President
Taft on the 17th inst. The communication was accompanied by a report of the Commission, which is still engaged
in the work undertaken by it, and whose continuance is
asked for by the President. The most important recommendation made in the Message is that practically all
administrative officers of the Government be removed from
political influence and placed under the Civil Service. The
President also urged the adoption of the budget system for
handling the Government's finances, pointing out at the
same time that the United States is the only great nation
whose Government is operated without that system. Other
opportunities for effecting a saving and for improving the
efficiency of the service are cited in the Message, and are
outlined as follows in the New York "Sun":
Abolishing the returns office of the Department of the Interior.
Consolidating the offices of the six auditors of the Treasury, and also
abolishing the seven naval officers in different parts of the country, whose
only duty it is to audit customs accounts.
Revising the laws as to annual reports to be furnished to Congress by
the departments.
Providing a civil service retirement law for superannuated employees. •
Reducing unnecessary cost of handling and Sling correspondence.
Introducing labor-saving devices used in the business world.
Reducing waste in handling Government documents.
Preventing wasteful use of property and equipment
Reducing the present excessive cost of travel.
Introducing better purchasing methods.
—John E. Gardin, a Vice-President of the National City
Bank, upon his return this week from Europe, where lie had
spent the last few months, commented upon the extent of
the unrest which has developed throughout Europe, and
more especially in Germany. In his utterances with regard
to local conditions in Great Britain, as viewed by him, lie said:
"Local conditions in England are In my opinion in a bad way. Socialism
rules; and the methods of taxation now in fora) and being discussed are
extremely detrimental. Parliament is being filled with men who have
no idea of law-making, and they arc enacting legislation which is seriously
ITEMS ABOUT BANKS, BANKERS AND TRUST CO'S. injuring the investing class. Through direct taxes alone a man must pay
percentage of his income to the Government, and in addition
—The public sales of bank stocks this week aggregate 381 a considerable
to this there is the excise tax, which in respoct to the revenue derived
auction
at
and
sold
73
were
shares, of which 308 shares
equals the tariff in this country.
"There is absolutely no demand for gilt-edged securities. A large
shares at the Stock Exchange. The transactions in trust
of money is being invested in Canadian projects, but there is no
company stocks reach a total of 192 shares. A sale of 25 amount
money for first-class home investments.
made
was
Co.
at
889, "European money conditions at present are quiet. There will undoubtshares of stock of the Guaranty Trust
the year, however, as nearly
an advance of 39 points over last week's closing salo price. One edly be a heavy borrowing demand during
everyState in Germany, tile Imperial Government and Italy will all need
sold
was
at
150
stock
Co.
Trust
of
shares
Lincoln
hundred
funds. The city of l'arls will put out an issue of bonds in the spring of
The last previous public sale of the stock was made in Feb- 300,000,000 or 400,000,600 francs, and if money remains as easy here
as it is now, this country will participate in many of the offerings of Euroruary 1911 at 125.
bonds should cause gold exports
Low. High. Close. Last previous sale. pean nations. The issue of city of Paris
Shares. BANKS—New York,
Irons the United States.
Jan. 1912— 425
425
425
425
•10 City Bank, National
"In talking to men in England you would not gather from what they
Jan. 1912— 199
198
199
198
.58 Commerce, Nat. Bank of_
say that they arc worried, but you can feel the undercurrent, and you
Jan. 1912— 205
205
205
205
•5 Fourth National Bank
may learn from their business operations that they are afraid. The situaNov. 1911— 251
258
258
50 Market & Fulton Nat. Bank.. 258
Sept. 1911— 154k tion is serious, but in my opinion not dangerous."
150
151
258 Mercantile National Bank__ _ 150
. TRUST COMPANIES—New York.
—The appointment of George H. Newhall as Bank
Jan. 1912— 850
889
889
889
125 Guaranty Trust Co
Commissioner of Rhode Island, mentioned ill our issue of
1001Lincoln Trust Co
150 3i 150 ;f. 150 3 Feb. 1911— 125
Nov. 1911— 400
405
December 30, was confirmed by the State Senate on the
405
405
L 25 Metropolitan Trust Co
L 204Title Guarantee & Trust Co_ _ 550 553;4 550 Jan. 1912— 549M 5th inst. Mr. Newhall succeeds William P. Goodwin, resigned.
. . TRUST COMPANY—Brooklyn.
Dec. 1011— 100
—A conference on the cotton bill of lading question was
1083 106
106
22 Home Trust Co
Ut.• Sold at the Stock Exchange.
held in this city on Wednesday, following the arrival hero
JAN. 20 19121
THE CHRONICLE
the Liveron Tuesday from Europe of H. Kern, Chairman of
ee, and
pool Cotton Bills of Lading Conference Committ
' ConBankers
n
Europea
the
y
of
Secretar
,
Simpson
H.
J.
with
ement
announc
The
Lading.
of
Bills
ference on Cotton
respect to the deliberations, issued by Charles S. Haight,
Conthe local representative of the Livorpool Bill of Lading
ference, was as follows:
was held
"An important meeting of leading New York Exchange buyers
Chairman of the
at the Chamber of Commerce to-day to meet Mr. H. Kern,
J. SimpMr.
Liverpool Cotton Bills of Lading Conference Committee, and
Cotton Bills of
son, Secretary of the European Bankers' Conference on
Lading.
n with the
"Mr. Kern and Mr. Simpson are visiting the States in connectio
Bureau.
recent establishment of the Cotton Bills of Lading Central
satisfied that the
"The gentlemen who were present at the meeting were
representatives and the
frank exchange of views between the European
the removal of the misExchange buyers will tend in no small degree to
the settlement of this vexed
hampered
long
so
have
which
ions
apprehens
question.
well pleased with the
"It is understood that the European delegates are
result of the Conference."
included
Some of those in attendance at the meeting
Bank;
Joseph T. Talbert, Vice-President'of the National City
Bank;
Park
l
Nationa
the
of
sident
Vice-Pre
Thorne,
Gilbert G.
Co.;
Trust
Bankers
the
of
dent
Vice-Presi
Frederick I. Kent,
Committee
Clay H. Hollister, Chairman of the Bills of Lading
s, New
of the American Bankers' Association; S. H. Voorhee
Sachs of
York agent of the Royal Bank of Canada; Samuel
Goldman, Sachs dr Co., etc., etc.
A conference, called at the suggestion of Messrs. Kern and
Simpson, is scheduled to take place at Memphis to-day for
a discussion of the validation scheme.
—In order that the Comptroller's office may be more definitely advised as to the routine followed by each examiner
in carrying on his work, Comptroller Murray has prepared
a blank under which weekly reports will be called for from
he examiners. The blank is to be forwarded to the Comptroller's office at the close of each week, and besides covering
the work performed that week it will embrace an outline
of the probable itinerary for the following week. A statement issued by the Comptroller's office regarding the movement says:
or
short time practically all national banks will have, as they
should have, a board of directors who can be called together
at any time, on short notice, either to meet the examiner
or to handle any emergency t hat may suddenly arise."
—New York State Superin tendent of Banks George C.
Van Tuyl Jr. also seeks to have the directors of institutions
under his jurisdiction co-operate with the examiners when
the latter are engaged in examinations. In line with his
purpose he has issued the following instructions to the examiners to be observed, beginning with the 1st inst.:
in
Upon entering a bank of discount or a trust company the examiner
n
charge will immediately confer with the executive officer of the institutio
the
of
directors
and endeavor to arrange for a conference with at least three
Institution, or as many as possible outside of the officers.
The examination will then proceed in the usual way. The conference
paper
mentioned will be for the consideration of the loans and all business
and investments of the bank or trust company, and will be held at a time
convenient to all concerned.
In the event of conditions arising that would make it impossible to get
together at least three directors, the examiner will advise the Department
at once, proceed with the examination and await instructions.
At the conference arranged for, the examiner will take up with the direotors in attendance the lines of discount, bills purchased and any special loans
or investments that to his mind are subject to discussion, and request the
.
directors present to either approve or disapprove the items submitted
Upon an extra blank form the examiner, when submitting his report to the
Banking Department, will give the names of the directors at the conference
and will specify any line, note, loan or investment of the institution which
they do not unanimously approve, and the names of the director or direoton disapproving such items. This information is to be sent to the Deany
partment in the report of the conference made by the examiner, with
remarks or suggestions developed in the discussion.
ns
The examiner, of course, will make at the conference any suggestio 314
ent of
believes desirable as to the reduction of loans, charge-offs, improvem
system or recommendations upon any other matter he may consider important at the time.
daily
The Comptroller's office has never had any system of either
time is being
weekly reports from examiners showing the way in which their
in any
tell
to
possible
employed during a given period, and it has not been
doing except by checkcase as to the amount of work an examiner had been
Nor has the Comping up the reports of examination signed by him.
place where the
troller's office been advised at regular intervals as to the
e to reach
impossibl
s
sometime
examiners arc working, and it has been
them even by telegraph for days at a time in urgent cases.
a weekly report
The Comptroller proposes to remedy this by requiring
the previous week
from 'every examiner stating what he has done during
report every
that
In
and what he proposes to do during the coming week.
been relieved
working day will be accounted for, unless the examiner has
from duty by reason of sickness or for vacation purposes.
why the work
This letter will also be an aid to tho office in determining
of some bank examiners is not kept up to date.
—Another reform which has been undertaken by Comptroller Murray concerns the directors of national banks. He
has urged that certain of these institutions elect a board of
can
directors near enough to the bank so that the examiner
meet with them at each examination, and he has asked the
banks to amend, if necessary, their articles of association,
increasing the number of directors, so that a majority may
be local residents. In many cases, it is pointed out, a majority
cannot be assembled _without one or two days, and in a few
cases, several days' notice, and it is practically impossible
exfor the examiner to meet these boards at the time of the
of
election
the
for
reasons
t
stronges
the
of
amination. One
y that
Local directors, it is stated, is based upon the necessit
the
sometimes arises for quick action in emergencies when
to save
united efforts of all of the directors may he needed
ssment.
the bank or help tide it over a temporary embarra
Compthe
by
issued
subject
the
with
A circular dealing
troller says:
during
—An action to restrain the Pittsburgh Clearing-House
Association from carrying into effect a resolution providing
for time deductions from interest balances for items in
transit has been instituted by three of the most prominent
banking institutions of the city, namely the Farmers Deposit
National Bank, the Mellon National Bank and the Lincoln
National Bank, all members of the Association. The bill of
complaint is filed against the seventeen other national banks,
members of the Clearing House, and the Association itself.
According to the Pittsburgh "Gazette," the plaintiffs are
opposed to the rule because of peculiar and individual conditions affecting their depositors and certain of their accounts.
It is charged that the defendants have "combined and conspired together for the purpose of depriving the banks,both
members and non-members of the Clearing House, of their
right of individual action in respect of the conduct and
management of the affairs of the several banks, and for the
purpose of requiring all of the institutions in said city of
Pittsburgh engaged in the banking business to conduct and
transact the affairs of said respective banks only in acordance with regulations prescribed and directions given by said
principal defendants or a committee or committees acting
under the authority of the Clearing-House Association."
The proceedings which have resulted in the suit are set out
as follows in the complaint:
must,
While the National sank Act only requires-that'each director
least
his whole term of service, be a citizen of the United States, and at
or
three-fourths of the directors must have resided in the State, Territory
ly
immediate
district in which the association is located for at least one year
the
of
intention
the
preceding their election, the Comptroller believes that
law was to require the control of each bank to be in the hands of local directors, and in this belief he is sustained by a decision of the United States
Supremo Court, in which, in connection with this requirement, it is stated:
"One of the evident purposes of this enactment Is to confine the management of each bank to persons who live in the neighborhood and who may
are
for that reason be supposed to know the trustworthiness of those who
ability
to be appointed officers of the bank and the character and financial
of those who may seek to borrow its money."
The circular also states that "legislation has been recommended by the Comptroller to compel a majority of the directors of every national bank to be residents of the place in
which the bank is located, and during the past year all
newly organized banks have been required, prior to the issuance of a charter, to select a board at least a majority of
whom reside locally. It is therefore believed that within a
177
April 14 1910;
That at a meeting of the Clearing-House Committee held
banks from Cleveland, Columa discussion was had with representatives of
organizing a combination
lius, Louisville and Cincinnati for the purpose of
in each of said cities would be
among the banks whereby all of the banks
rates of interest on balances,
required to make uniform charges, pay uniform
conduct of the business
and in other matters relating to the management and
of the Clearing-House
of said banks, obey the directions of a committee
principal defendants
the
Association; and a committee was appointed by
of said scheme.
for the purpose of devising a plan for the carrying-out
of the
That subsequently, in pursuance of such scheme, a meeting
the followins
Clearing-House Association was held on Sept. 6 1911, at which
resolution was offered:
make time
Whereas, It is the custom of banks in central reserve cities to
deductions from interest balances for items in transit; and,
n
Associatio
Whereas, A similar rule was adopted by the Clearing-House
of Philadelphia. to take effect Sept. 1 1911; and.
adopted a
Whereas, The Clearing-House Association of Cincinnati has
, Columbus
similar rule, to become effective when Pittsburgh, Cleveland
and Indianapolis concur; and,
has adopted a
Whereas, The Cleveland Clearing-House Association
Association of the
similar rule to become effective when the Clearing-House
similar actions; and.
cities of Pittsburgh, Cincinnati and Columbus take
Association of Cincinnati
Whereas. Representatives of the Clearing-House
respective associations
their
that
and Cleveland have expressed the opinion
Clearing-House Association.
will make their rule effective, provided the
together.
of Pittsburgh. Cincinnati and Cleveland act
h Clearing-House AssociaTherefore, be it Resolved, That the Pittsburg
at the same time a simile,
effective
tion adopt the following rule, to become
;
rule becomes effective in Cleveland and Cincinnati
and trust companies,
In computing interest on balances of banks, bankers
be made on such
and other banking institutions, time deductions shall
and for all items
local items as are not available for the day's clearings,
accordance with the
while in transit. Minimum deductions shall be in
following schedule:
(Schedule.)
, shall upon the
Any member violating this rule, directly or indirectly
not to exceed $1,000, lathe discretion of
fine
a
first offense be subject to
violation shall,in addition
the Clearing-House Committee; and upon further
the Association may Oa
to the above fine, be subject to such penalty as
cribe.
178
THE CHRONICLE
Constitution Amended.
Ir. Your orators immediately protested and voted against the adoption of
such resolution. Notwithstanding this protest, the same was declared
adopted by the votes of the principal defendants, but no action was taken
toward carrying out the same, until as hereinafter stated, as your orators
are informed, because it was found that under the constitution of the
Clearing-House Association, said resolution was unauthorized and illegal.
EThereafter, at a meeting of the Pittsburgh Clearing-House Association,
held Dee. 18 1911, a resolution was proposed amending Section 2 of
the
constitution of said Association as follows:
(a) Same as now.
(b) To regulate exchanges, fix rates to be charged on drafts and collecions, regulate the payment of Interest upon deposits, and generally to
take such action In matters of common interest arising or affecting their
relations with each other, and with other banks, In this and other localities,
aslwill tend to the fostering and promoting of sound and conservativ
e
methodsionbanking:land
:;-]
(c) To make rules and regulations for the conduct and supervision of
members and non-members clearing through members, and provide
for
the imposition and enforcement of penalties for the violation of such rules
and regulations.
And further amending Section No. 31 by adding the following:
"and any proposed rule must be adopted by the affirmative
vote of twothirds of all the members of the Association, present and voting,
provided
that notice of the proposed rule shall have been given at a previous
meeting."
Your orators protested and voted against said proposed amendments,
but all of the principal defendants voted In favor thereof and now claim
that by their said votes they have caused said amendments to become
binding upon your orators, and they propose to compel your orators, under
penalty of expulsion from the Clearing-House Association, to submit and
abide by the rules and regulations which may be prescribed in pursuance
of said amendment.
In furtherance of said alleged combination, at said meeting of Dec. 18
1911, and by the votes of the principal defendants,the following further
action was taken, as recorded in the minutes:
Mr. Nesbit moved, seconded by Mr. Bailey, that the previous action
of
the Association In regard to deducting time on out-of-town items
be reaffirmed, and that the notices to correspondents be sent
Dec. 22 1911.
[VoL. Lxxxxiv.
attorney for the Association. Frederick B. Stevens,
Secretary of the Association and Treasurer of the National
Savings Bank of Albany, speaking in reference to the proposed legislation, is quoted as saying:
It is very gratifying to think that the association can take such practically unanimous action In recommendin; a bill which will serve so
well in
solving the perplexing problems confronting savings banks
In New York
State. The bill as adopted will, if passed by the Legisla
ture, be an immense relief from prevailing conditions. Before the
executive committee
presented this bill, It devoted many months to a careful
and cOnsidetate
investigation as to how conditions in savings banks in New
York State
could best be improved upon, and the committee feel confident that
the
bill in its present form is fitted to accomiilish Its object, mainly, an
increase
In the surplus of the savings banks based upon the market value
of their
securities, and, above everything else, the absolute safety of the principal.
The bill, it is stated, provides that the savings banks
after the deduction of expenses and amortization, must set
aside a certain proportion of net earnings until the surplus
reaches 15%, these net earnings to be reckoned upon the
market value of the securities. This proposed measure, it is
understood, is intended to supplant the bill already before
the Legislature introduced by Senator Grady, and designed
among other things to increase the surplus and restrict the
dividends. The Grady Bill received favorable comment in
the address of John Harsen Rhoades before the Finance
Forum on the 10th inst., and an outline of its provisions as
made by Mr. Rhoades was given in these columns last week.
It would raise the maximum surplus from 15% to 20%,
would make it compulsory upon a bank to maintain a cash
reserve of 234% and a secondary reserve of 234% on
deposit with State institutions.
The plaintiffs charge the action of the defendants to be
—The following resolution prohibiting overdrafts, was
illegal and void, saying, among other things:
adopted by the Spokane Clearing House Association on \
It is the purpose of the said principal defenda_its by the combination
December 16:
and scheme aforesaid, and acting under the cloak
of the Clearing-House
Association, by means of the amendment to its constitution, to fix and
prescribe not only the period during which interest may be paid to customers
on deposits consisting of drafts, checks, bills of exchange and other Rents
which arc required to bo collected In other places, but also to fix and
prescribe the rates of interest to be paid by banks upon the moneys deposited
with them by their customers, to fix minimum rata; to be charged for
collections and other services, and generally to regulate and supervise
the
management and affairs of the Individual banks In such way as said principal defendants shall deem for their individual advantage and of benefit
to
themselves, without regard to the advantage, rights or welfare
of your
orators and the other banks required to submit to and abide by such
regulations, instructions, directions and supervision; and they
propose
and intend by coercion to compel all of the banks doing business in
the
community to conform to the regulations, instructions, directions so given,
and the supervision prescribed, by the imposition of penalties for failure to
observe such regulations, instructions and directions, or to submit to such
supervision, and, especially in the case of non-members of the ClearingHouse Association, by depriving them of the privileges of the Clearing
House, and in the case of members, by expelling them from the Clearing
House, thereby depriving them not only of their interest and rights in the
property of the Association, but, what Is of far more importance, the right
ot making their exchanges through the medium of the Clearing-House
Association, as heretofore.
•
The action of the defendants is claimed to be in violation
of the Sherman Anti-Trust Act. It is pointed out that while
the Association consists of but 20 members, 118 other institutions of the city are represented in the Association, and
that under the proposed amendment business of the 138
banks may be regulated and controlled by the two-thirds
vote of the 20 members.
—We find the following, bearing on the eligibility of mutual
savings banks to act as depositories for postal savings funds
in the January number of the "Journal" of the American
Bankers' Association:
"In the September issue of the Journal an opinion of General Counsel
Thomas B. Paton was published, in which he sustained the contention
that
a mutual savings bank is eligible under the law to act as a depository
for
postal savings funds, and In accordance therewith it has been ruled by
the
Board of Trustees of the Postal Savings System that mutual savings banks
may qualify as such depositories up to one-halt the amount of the surplus
fund. Several mutual institutions have already been so designated and
more undoubtedly will qualify."
—In referring last week to the proposed increase in the
capital of the Broadway Trust Co. and the forthcoming
merger of the Savoy Trust Co. with that company, we inadvertently stated that a majority of the stock of both the
Broadway and Astor trust companies was recently acquired
by interests in the Irving National Exchange Bank. What
was meant was that both the Broadway and Savoy trust
companies have come under the control of parties affiliated
with the Irving. The name of the Astor Trust Co. crept in
through a slip of the pen.
—At a meeting in Albany on the 12th inst. the Savings
Bank Association of the State of New York endorsed the draft
of a bill intended to regulate the surplus of these institutions.
The meeting, it is stated, was held in compliance with a resolution adopted at the annual meeting of the Association last
May favoring the establishment by legislative enactment of a
minimum surplus. The bill upon which action was taken
last Friday was prepared by Charles 2A.IMiller:oflUtica,
Whereas, the Comptroller of the Currency has called attention to
legislation passed by various State legislatures with respect to the restriction
of overdrafts, and
Whereas, the Comptroller of the Currency also calls attention to the
opinion of the Supreme Court of the United States on overdrafts in 1
Peters.
page 71, as follows:
"A usage to allow customers to overdraw, and to have their checks and
notes charged up without present funds In the banks, stripped of all technical disguise, the usage and practice thus attempted to be sanctioned
is
a usage and practice to misapply the funds of the bank, and to connive
at
the withdrawal of the same, without any security, in favor of certain
privileged persons, Is surely a manifest departure from duty, both of the
directors and the cashier, as cannot receive any countenance In a court
of justice. It could not be supported by any vote of the directors, however
formal, and, therefore, whenever done by the cashier is at his own peril, and
upon the responsibility of himself and his sureties. It is anything but
'well and truly executing his duties as cashier.'
Therefore, be it Resolved, by The Spokane Clearing House Association
;
that overdrafts will not be allowed.
The Lexington, Ky., Clearing House. has taken a similar
course, and after March 1, no overdrafts will be allowed
to be made by any customer of any bank of that city.
• State Bank Examiner Barksdale of Virginia has also
asked the banks under his jurisdiction to co-operate in: a
movement to refuse to allow overdrafts.
—The sentence of Charles W. Morse, formerly Vice-President of the National Bank of North America of New York,
was commuted on Thursday by President Taft, the latter's
action, it is stated, being based upon the physical condition
of the former banker. An official statement in the matter
was given out at the White House.as follows:
The President this afternoon commuted the sentence of Charles
W. Morse
to expire at once. This action was taken on the recommendation
of the
Attorney-General, based on the following report of Surgeon-Gen
eral
Torn cy:
"A careful view of these reports makes It clear, to my mind; that he is
suffering from a combination of diseases due to degenerative changes which
arc incurable and progressive. The reports show that both the condition
of the kidneys and of the heart Is growing worse. I regard the attack of
cardiac dyspnoca, or heart block, from which he suffered on the morning
of the 15th inst. as an ominous occurrence. In my opinion, the prisoner's
duration of life will in all probability be less than one month itkept in
confinement, and In the event of his release under commutation of sentence,
it is not probable that ho will live as long as six months."
Mr. Morse in January 1910 began a fifteen-year term of
imprisonment to which he was sentenced following his conviction on charges alleging the misapplication of funds of
the bank. Repeated efforts have been made to secure his
release, and as recently as Dec. 24 President Taft declined
to grant the petition for a pardon unless further changes in
his condition warranted it. In November Mr. Morse was
removed from the Federal prison at Atlanta to the Army
Hospital at Fort McPherson, Ga., and it was announced
on the 12th inst. that he would shortly be.transferred to the
Army and Navy Hospital at Hot Springs, Ark. It has since
been reported, however, that his condition was such as to
prevent his removal from the Fort McPherson Hospital.
—The law committee of the New York Stock Exchange,
which last week suspended until Jan. 15 all deliveries of
securities between parties directly or indirectly affected by
the fire in the Equitable Building, decided on Monday to
JAN. 20 1012
TnE
CHRONICLE
continue this ruling indefinitely. Securities of considerable
value were taken from the vaults of Kountze Bros. on Thursday, but no approach to the vaults of the Mercantile Safe
Deposit Co. has as yet been effected; the vaults of the Equitable Life Assurance Society also remain unopened as yet.
The New York Clearing-House Association, which since the
day of the fire, namely the 9th inst., had made use of the
quarters of the Chamber of. Commerce, returned to its 'Own
building on Cedar Street on Thursday. The American Exchange National Bank, which had likewise been obliged to
vacate its offices and has been temporarily at 66 Broadway,
will resume business in its own building at 128 Broadway
on Monday next. Scores of workmen have been engaged:
for several days removing ice from the outside of the bank
building which ice in some cases wasfour to eight feet thick,
while a thorough renovation of the interior has also been
made. August Belmont & Company, now occupying
temporary quarters at 111 Broadway, have taken a longterm lease of offices in the Wall Street Exchange Building
at 43-47 Exchange Place. In view of the disturbance to
business by reason of the fire, the New York Stock Exchange
has called the attention of its members to the facilities for
safekeeping of securities offered by the vaults in its building.
These vaults, the Exchange announces, afford greater security from fire or other catastrophe than almost any other
vaults, for the following reasons:
Protection against Fire.
The building of the New York Stock Exchange is of the most modern
character; is carried on steel beams burled in masonry, and was finished in
1903.
The vault is carried on special steel construction, resting on bed rock,
not
part of the structure of the upper part of the building, and would not be
burled by building material falling upon it.
It is 118 feet long, being one continuous steel box, absolutely proof against
fire.
When its doors are closed, no electric light or other wires enter tile vault
box, 30 that fire cannot originate there.
The building of the Exchange is devoted solely to Stook Exchange purposes, contains no inflammable material, excepting the furnishings of its
administrative offices, and the danger of fire is reduced to a minimum.
It is fully protected by fire alarms, both inside and outside the building,
and with stand-pipes and fire-hose.
Protection against Water.
The construction of the vault is such that the danger of flooding by
water Is eliminated.
Protection against Burglary.
The vault was designedly placed one story below the street level, and in
addition to its own efficient watch and patrol force, is constantly connected
with a thoroughly organized burglar-alarm system in touch with Police
Headquarters. Around the vault is a two-foot patrol way, outside of
which is a steel-bar grillwork burled in fireproof masonry, and the watchmen register their trips on a detector clock system.
The steel doors weigh about thirteen tons each, fitted with four timelocks; behind them is a steel vestibule, also protected.
As an additional precaution against concerted assault or riot, the authorities can at once make usc of the ammonia storage plant.
Members are requested to call the attention of their friends and customers
particularly to the fact that the renting of safes in the Stock Exchange
Building is not restricted to members of the Exchange, but may be availed
of by other parties when properly introduced.
A movement to raise a fund to be used for the benefit of
the firemen and policemen of the city has been inaugurated
by J. P. Morgan and Kuhn, Loeb & Co. It was announced
on Thursday that the fund already totals over $27,000. It
will be applied by the Police and Fire departments for relief
benefits only. Another fund is being collected by a committee of bankers from occupants of the Equitable and -nearby buildings to be devoted to the families of those killed or
injured in the fire. A circular sent to the agents of the
Equitable Life Assurance Society since' the fire is said to
indicate that the Society has under consideration the erection of a twenty-story building.
—One of the largest and most successful dinners and receptions ever held by the New York City bankers, composing
Group VIII., New York State Bankers' Association, took
place on Monday of this week at the Waldorf-Astoria. Nearly
seven hundred bankers and their guests were in attendance,
the latter including representative bankers from Albany,
Boston, Buffalo, Cleveland, St. Louis, Chicago, Philadelphia,
Baltimore, Washington, New Orleans and many other cities.
The principal speaker was Darwin P. Kingsley, President of
the New York Life Insurance Co., who delivered an able address on present-day business problems, offered under the
title of "Some Jeffersonian Maxims." Mr. Kingsley was followed by Col. Norris G. Osborn, editor of the "Morning Journal and Courier" of New Haven, who entertained his hearers
with ft discourse on "The Press and the Banker." The last
speaker of the evening, Lieut.-Gov. Robert Luce of Massachusetts, dwelt at some length on the causes of high cost of
living, speaking to the toast, 'The Mischief of Money."
Albert H. Wiggin, President of the Chase National Bank and
Chairman of Group VIII., presided. The guests of the even-
179
ing, besides the speakers, were Hon. A. Piatt Andrew, Assistant Secretary of the United States Treasury; George F.
Baker, Chairman of the Board of the First National Bank;
Walter H. Bennett, Vice-President and Cashier of the American Exchange National Bank, and President of the New York
State Bankers' Association; Richard Delafield, President of
the National Park Bank; Fred. E.Farnsworth, Secretary of
the American Bankers' Association; Alexander Gilbert, President of the Market & Fulton National Bank; Charles E.
Hanna of the New York Clearing House; A. Barton Hepburn,
Chairman of the New York Clearing House; William Livingstone, President of the American Bankers' Association;
William G. McAdoo, President of the Hudson River Terminal
Co.; J. Pierpont Morgan Jr., William A. Nash of the Corn
Exchange Bank; Hon. George E. Roberts, Hon. Lee McClung, Jacob H. Schiff and George C. Van Tuyl, Superintendent of Banking. The arrangements of the meeting were
in the hands of Mr. 'Wiggin as Chairman, Rollin P. Grant,
Vice-President of the Irving National Exchange Bank, as
Secretary, and the follo-wing well-known members of the
executive committee: Gilbert G. Thorne, Walter E. Frew,
Edward S. Schenck, Joseph T. Talbert, Lewis L. Clarke and
Alexander S. Webb Jr. A valued souvenir of the occasion
was a leather-bound copy of the bill incorporating the National Reserve Association.
—An attractive and meritorious little book designated
"Commercial Paper," the work of Roger W. Babson and
Ralph May, has recently made its appearance. The book
defines the proper uses for commercial paper as a medium
of finance, the circumstances under which it should be
used and those under which it should not be used. It also
seeks to make plain the distinction between true commercial
paper and the many notes which are confused with it. It
treats, likewise, of the importance of a general method for
rediscounting commercial paper in large amounts, the
position of foreign bankers in this regard, the analysis of
financial statements and the forecasting of interest rates.
The book is published by Babson's Statistical Organization
(Incorporated), Wellesley Hills, Mass. Price $2.
—In a decision rendered on the 13th inst., Justice Gerard
of the New York State Supreme Court held that funds of
trustees in bankruptcy deposited in the failed Carnegie
Trust Co. of this city at the instance of the United States
District Court cannot be treated as preferred funds. In
part he said:
It is no part of the duty of the Comptroller of the State of New York
to provide depositories for moneys paid into the courts of the United States.
The construction claimed would mean that money deposited by order not
only of the United States courts of this district, but of Kansas or any other
State, should have a preference. I am of the opinion that a preference should
not be given to funds other than those deposited by order or judgment
of the State court.
—A proposal to purchase a majority of the stock of the
Trust Co. of America, with a view to its consolidation with
the Equitable Trust Co. has been submitted by Alvin W.
Krech, President of the Equitable. The price offered to the
stockholders of the Trust Co. of America is $375 per $100
share, and the offer covers not only the purchase of the stock
and business but also the building of the Trust Co. of America
at 37 Wall Street. Oakleigh Thorne, President of the Trust
Co. of America, has sanctioned the proceedings, and such of
the directors and stockholders as he has been able to see, he
states, favor the merger. The offer is open until Feb. 15.
The proposition was made public through the following
announcement given out by Mr. Krech on Tuesday:
I have made an offer to purchase the stock of the Trust Company of
America at $375, on behalf of the Equitable Trust Co. The company could
not make the purchase itself, but I made the offer personally. We will
take not less than two-thirds of the stock, thereby giving us control, and
we have given the Trust Company of America until Feb. 15 to give consent
of the holders of two-thirds of the stook. The purchase of the stock will include the building in which the Trust Company of America is located, at
No. 37 Wall Street, as well as the business of the company. The building
Is owned by the Trust Company of America.
We had outgrown our old quarters on Nassau St., and as soon as the
Equitable fire started, last Tuesday, I began nogotiations with Mr. Thorne
for the purchase of the Trust Company of America. Our object is to secure
permanent banking quarters which will be large enough to accommodate
our growing business.
I believe there is a mortgage of $2,000,000 against the Trust Company
of America Building, which, I think, is held by the Trust Company itself.
They carry the building among their assets at $2,000,000. The two items
make up the actual cost of the building at $4,000,000. The Trust Company
of America has deposits of about $27,000,000. The total deposits of the
two companies, after merging, would be about 570.000,000. A meeting of
our stockholders will be called after the two-thirds of the stock of the-Trust
Company of America has been purchased by me. I have no doubt in my
mind concerning the successful termination of the merger plan. Our offer
of $375 a share is liberal, as is seen by comparison with the price of Trust
Company of America shares in the open market. Last night's offering MO
at $330 and the last casts sale was at $327. Under the statute it takes two
weeks to finish a merger after two-thirds of all stockholders Involved have
voted in favor of it. If everything turns out as I expect, the Equitable
180
THE CHRONICLE
Trust Co. will move from its temporary quarters at 115 Broadway into
the
Trust Company of America's offices on Wall St. on March 1. The location
of that office is ideal. Here we suffer great inconvenience. And
our old
offices were far from perfect. In regard to the changes which must
inevitably come in banking personnel when the Trust Company of America
lose3 its separate existence, I can only say at present that the selection
of new officers for the merged concern will be as business prudence dictates.
There will be no increase in the capitalization of the Equitable Trust
Co.
itself In order to accomplish the merger. An increase of capitalizatio
n is
not part of our programme.
[VOL. Lxxxxiv.
directorate, and George Bladgen, a member of the same firm,
was elected in his place. The Lincoln's deposits were $11,432,115 Jan. 2 1912, or nearly double what they were when
the present management reorganized the company under the
executive direction of Alexander S. Webb Jr., President.
Its capital, $1,000,000, is additional to $554,009 surplus and
undivided profits, and the total resources on Jan. 2 1912 were
The Equitable Trust Co. has a capital of $3,000,000; on $13,065,402.
December 21 its surplus and profits were $11,205,320 and its
—The following new directors were added to the board of
deposits $40,348,695. The Trust Company of America has a the Mutual Alliance Trust Co. this week: John
H. C. Church,
capital of $2,000,000, and its surplus and profits stand at Treasurer of the Monumental Mills; Oswald
W. Uhl and
about $6,500,000, while the deposits, as stated above, are H. A. Clinkunbroomer, Treasurer of the company.
The inabout $27,000,000. The Equitable Trust Co. was formerly stitution is now located in its new quarters in
the Mills
the American Deposit & Loan Co.; the present title was Bldg., 35 Wall Street.
adopted in 1902. In 1909 the Bowling Green Trust Co. was
—An important announcement made this week is the
merged with the Equitable, and last year the Madison Trust, contemplated removal
of the Fulton Trust Co. from the
whose name had been changed from the Van Norden Trust, Mutual Life Building,
Nassau St., to Broadway quarters,
was consolidated with it. Early in 1911 Mr. Krech pur- in the new Singer
Building, corner of Liberty St. The comchased a practically controlling interest in the Equitable pany will occupy
handsome quarters on the north side of
Trust Co. from the Equitable Life Assurance Society. The the building, and
will move as soon as the extensive alteraTrust Co. of America was distinguished for its successful tions to the banking
room have been made.
efforts during the 1907 disturbances in withstanding one of the
—The Chelsea Exchange Bank, 34th St. and 8th Ave.,
severest runs to which a financial institution was ever subthis city, announces that Frank Williams has been elected a
jected. It was formed in 1899 by the late Ashbel P. Fitch.
Vice-President. Mr. Williams has been a director since its
In 1905 the North American Trust Co. and the City Trust Co.
organization. Last week John N. Willys, President of the
were consolidated with the Trust Co. of America and in
Willys-Overland Co. of 1oledo, Ohio, who enjoys the
1907 it took over the Colonial Trust Co.
distinction of being the "Napoleon of Automobile Finance,"
—W. R. Holligan, the floor member of the New York was elected a Vice-President
and director of this institution
Stock Exchange firm of W. R. Holligan & Co., was expelled and Joseph House,
Cashier of the Mechanics & Metals
from membership in the Exchange on the 10th inst, the National Bank, was
elected a director. The new executive
action,it is stated, being based upon an alleged "misstatement and fermer Vice
-President of this bank, A. E. Stilger, conupon a material point in his application for membership tributes an
interesting article to tile January issue of 'ClasJuly 2 1902." Mr. Holligan, in a statement concerning the sier's Magazine"
on "The New Business Centre of the United
matter, said:
States." Mr. Stilger thus classes the 34th St. business disI have been expelled from the New York Stook Exchange for what
is trict from 5th Ave. to 11th Ave., wherein the Chelsea Exclaimed to be a misstatement made in my application for membership
In
1902. In that year the firm, of which I was the head, purchased a member- change Bank, the new Pennsylvania RR. Terminal and the
ship in the New York Stock Exchange. Part of the money paid
for new General Post Office are situated, and graphically demembership came out of the firm's assets, and the membership
when scribes with illustrations the fast growth
and development
acquired took the place of the money in the assets of the firm.
When I made my application for membership I was asked if / had of manufacturing industries in this section west to the Hudborrowed any part of the money. I answered no, as I did not consider son River. Mr. Stilger has
made a study of this district for
that this money was borrowed. The Governing Committee of the Stook
the last twenty-five years, where he has been actively in
Exchange took the opposite view, but I still think that the money was not
business. His article will be continued in the February issue
borrowed.
No question has been raised as to the solvency of my firm or the upright of "Cassiers."
ndss of its business dealings. We are transferring the accounts of our
customers as requested by them.
—The Lawyers' Title Insurance & Trust Co. of New York
The present firm was formed in 1903 and consists of and Brooklyn has increased its deposits nearly 300% within
William R. Holligan, John W. Rodgers and Thomas J. the past five years, or from $5,511,071 Jan. 1 1908 to $16,148,471 Jan. 1 1912. The growth has been continuous,
Walsh.
—Union N.Bethell, Vice-President of the American Tele- deposits having risen from $5,511,071 Jan. 1 1908 to $11,phone & Telegraph Co., has been elected a director of the 936,708,Jan. 1 1909 and $13,452,914 Jan. 11911, then to
$16,148,471 Jan. 1 1912. Since 1908, when the company
Liberty National Bank of this city.
—Cornelius N. Bliss Jr. and Milton Ferguson, Secretary of moved. into its new building at 160 Broadway, this city,
the Central Trust Co. of this city, have been elected trustees the gain in surplus and profits has been $676,356, which
of the company to fill vacancies in the classes of 1914 and 1915.. item on Jan. 1 1912 was $5,967,563. The capital stock
is $4,000,000 and stockholders have been paid dividends
—Richard Delafield, President of the National Park
of 12% per annum for the past several years. The instiBank and Ernest Iselin have been elected trustees of the
tution receives large earnings from its insurance of real
Union Trust Co. of this city to fill vacancies. Mr. Iselin
estate titles and its entire loss for 25 years has been only
takes the place of his farther, Adrian Iselin Jr.
$292,000. In one year alone its profit in this department
—Robert A. Drysdale has been elected an additional of its business
was over $1,000,000. The company started
director of the Corn Exchange Bank of this city.
with a capital of $500,000 and during the twenty-five years
—Seward Prosser, Vice-President of the Astor Trust Co. of its existence the present executive, Edwin W. Coggeshall,
of this city, has been elected a director of the Bankers Trust has been President. His executive associates are: Louis V.
Company.
Bright, Thorwald Stallknecht, Lewis H. Losee, Vice-Presi—Andrew. Thompson, heretofore Cashier of the Fifth dents; Walter N. Vail, Secretary; Archibald Forbes, TreasNational Bank of this city, has been elected Second Vice- urer; U. Condit Varick and Robert I. Smith, Assistant
President of the institution. W. S. Beckley has been ad- Treasurers; Frederick D. Reed and George F. Parmelee,
vanced from the office of Assistant Cashier to that of Cashier. Assistant Secretaries; Herbert E. Jackson, General Manager;
Erskine Hewitt succeeds W. N. Robertson on the board.
Wm. F. Baeck, Assistant General Manager, and David B.
—Robert E. Simon has been elected to the directorate Ogden, Counsel.
of the Columbia Bank of this city.
—At the annual meeting of the stockholders of the Fidelity
—Alfred J. McGrath was this week appointed Cashier Trust Co. of this city on Wednesday Arthur W. Mellon was reof the International Bank, 60 Wall Street. He succeeds appointed Trust Officer and in addition appointed an Assistant Secretary. On Jan. 1 1912 the deposits of this company
J. H. Rogers.
—Interests identified with the active management of the were $7,547,831, capital surplus and profits $2,253,270 and
Lincoln Trust Co. of this city have acquired the largest in- total resources $9,852,450. Samuel S. Conover is President
dividual holdings in the company, representing approxi- and Andrew H. Mars, Secretary.
mately one-quarter of the $1,000,000 capital. The con—Henry S. Fleming has been elected a director of the
sideration is understood to have been largely in excess of Empire Trust Co. of this city.
recent quotations. At a meeting of the directors this week
—E. A. McAlpin succeeds Henry G. Lewis, retired, as a
Edward W. Humphrey, President of the Mississippi Woven director of the Hudson Trust Co. of this city.
Wire Glass Co., and Patrick S. Murphy, President of the
—Walter B. Lawrence of the Stook Exchange firm of W. B.
Mark Cross Co., were elected to the board. George C. Clark, Lawrence
& Co., died on the 12th inst. at his home at Flushof the firm of Clark, Dodge & Co., retired from thejLincoln's ing,IL.II.RFor
nearly thirty years Mr. Lawrencelhad been
JAN. 20 1912.1
THE CHRONICLE
181
$100 and bearing interest from 3 to 9%; a brief treatise on
interest laws, a 6% interest table, an explanation of the
flag signals of the Weather Bureau, etc. The bank has a
capital of $100,000, deposits (Dec. 5) of $804,936 and total
liabilities of $1,152,721. Robert A. Patteson is President.
—Anthony R. Kuser, heretofore Second Vice-President
of the Fidelity Trust Co. of Newark, N. J., has been made
First Vice-President to take the place of the late John F.
Dryden. Frederick W. Egner has been advanced from the
office of Third Vice-President to that of Second Vice-President. The post of Third Vice-President has not been filled.
The company's annual report, issued Dec. 30 1911, showed its
deposits to he $16,178,181; capital, $2,000,000; surplus,
$7,000,000; undivided profits (net), $648,186, and aggregate
resources, $27,480,757. The market value of its stocks and
bonds was $16,172,490, against a book value of $15,841,101. Uzal H. McCarter is the head of this, the largest
Broadway
the
of
President
elected
—Louis Bossert has been
banking institution in the State of New Jersey.
Batterman,
Bank of Brooklyn Borough, succeeding Henry
—Interests representing the Fidelity Trust Co. of Newark
who died on the 10th inst. Mr. Bossert had previously been a
said to have secured control of the First National Bank
are
sucis
office
that
in
and
institution
Vice-President of the
ceeded by Julius Liebmann. Mr. Batterman, the late of Red Bank. The latter has a capital of $100,000, and the
President, was the founder of the dry goods house of H. Newark "News" reports that most of the stock acquired
Batterman Co., which had its beginning in a small dry goods was obtained at between $400 and $500 pr share.
—An application for a charter for the Red Bank Trust Co.
store established in 1867 at Broadway, Cook and Ewen
streets; in 1881 he located at Broadway, Graham and Flush- of Red Bank, N. J., has been approved by the Commissioner
ing avenues, his establishment having been enlarged to such of Banking. The institution will have a capital of $100,000.
an extent since then that it has become one of the most im- It is understood that some of the interests in the Fidelity
portant among the Brooklyn department stores. In 1909 Trust Co. of Newark are identified with the new company.
Mr. Batterman retired from its active management, and his
parole was granted on Dec. 30 to David C. Cornell,
son, Henry L. Batterman, became President of the company formerly Treasurer of the Monmouth Trust & Safe Deposit
which was then formed. Mr. Batterman was one of the Co. of Asbury Park, N. J. The four-year term of imprisonorganizers of the Broadway Bank and had been its President ment to which he was sentenced, following his conviction on
since the start. He was also a trustee of the Brooklyn charges growing out of the suspension of the institution in
Savings Bank. Mr. Batterman was born in Brooklyn in Feb. 1903, would have expired in May of the present year.
November 1849.
—The most important changes among the Albany banks
—The Franklin Trust Co. of Brooklyn is issuing gratui- at the recent annual meetings occurred in the National Comtously a new 'fax Time-table," which should prove very mercial Bank, where the retirement of Robert C. Pruyn from
popular with corporations and others who are subject to the presidency and his election as Chairman of the Board of
• tax assessments of various kinds. The compilation was Directors resulted in a general advancement of most of the
undertaken by the company with the aid of its attorneys, bank's other officers. Vice-President James H. Perkins has
Mc Keen, Brewster dr Morgan, at considerable trouble and been elected President; Cashier Edward J. Hussey has beexpense. It is issued because of the many changes in the come a Vice-President, while W. W. Batchelder advances
tax law during the past year and the general lack of infor- from the assistant cashiership to the cashiership. John E.
mation respecting the time for the payment of the various Walker continues as Vice-President and Jacob E. Herzog
taxes assessed against individuals and special corporations. continues as Assistant Cashier. William L. Gillespie has
The 'Pax Time-table" tersely shows the respective dates been appointed Auditor. Under a resolution of the board,
upon which the varous taxes are payable, the penalty im- Mr. Pruyn will have the general control and direction of the
posed for non-payment and other interesting information affairs of the bank, and he is authorized to bind the institubearing on this subject. This table has been conveniently tion by his acts and signature with the same effect as if he
arranged with a view to general distribution among those in- were President of the bank. President Perkins entered the
terested in this subject. Copies may be obtained, we are National Commercial as a Vice-President in 1908; he had
informed, by calling at the office of the company, 166 Mon- previously been a Vice-President of the American Trust Co.
tague Street, Brooklyn, or the officers will forward copies by of Boston. Mr. Pruyn had held the presidency of the Namail upon written request. On Jan. 2 1912 the deposits of tional Commercial Bank since May 1885, and his father,
the institution were $12,041,702; capital, surplus and undi- Robert H. Pruyn, had likewise served as the head of the
vided profits, $2,308,320, and aggregate resources, $14,432,- bank for some years. Mr. Hussey, who is promoted from
the cashiership to the vice-presidency, has worked in the in723.
—W. J. Wason, heretofore Assistant Secretary of the terest of the institution for over forty years. Mr. Batchelder
Kings County Trust Co. of Brooklyn Borough, was this week has served the Commercial for many years, and his advanceelected Fourth Vice-President of the institution. Howard ment to the cashiership is a fitting recognition of his faithful
service and will be most pleasing to his many friends in the
D. Joost will succeed Mr. Wason as Assistant Secretary.
—The December 21st statement of the Brooklyn Trust banking fraternity.
—In the First National Bank of Albany Hugh A. Arnold
Co., which has offices in that Borough at 177-179 Montague
St., with a branch at Bedford Ave. and Fulton St., and also was elected Second Vice-President, to succeed Horace G.
a Manhattan office at the corner of Wall and Broadway, Young, who resigned in anticipation of an extended absence
shows a noteworthy gain in its business during the past year. abroad. Mr. Arnold, who also continues as Cashier, has
Deposits are now reported at $19,728,454, as against $18,- been elected a director to fill the vacancy due to the death
075,579 on Dec. 31 1910, aggregate resources during "the of the late Frederick A. Mead. The latter's nephew, E.
year advancing from $21,697,738 to $23,450,608. This Russell Mead, takes the place of Mr. Young in the dirctorate.
institution, of which Theodore F. Miller is President, and
—Jacob S. Friedman was elected Vice-President of the
David H. Lanman, Vice-President, has a capital of $1,- Albany Trust Co. of Albany, N. Y., on the 17th inst. to fill
000,000 and undivided profits of $2,414,652.
the vacancy created by the recent death of Frederick A.
—John S. Sorenson has been elected a Vice-President of Mead. Mr. Friedman has been a director of the institution
the Montauk Bank of Brooklyn Borough, to take the place since its organization in 1900. Charles H. Bissikummer, who
of Guy Loomis, resigned. Mr. Sorenson is Vice-President has been Acting President of the company since the resignaand Assistant Treasurer of the Kansas City Southern Ry. tion last summer of George C. Van Tuyl Jr., continues in
lie has been a director of the bank since its organization in that capacity. Judge Randall J. Le Boeuf has been elected
Chairman of the Board.
1907.
—The stockholders of the German-American Bank of
—The Tarrytown National Bank of Tarrytown, N. Y.,
presented its holiday compliments to its friends in the form Buffalo, N. Y., at their annual meeting on Jan. 9, authorized
of a leather-bound pocket diary. Some of the information an increase in the capital stock from $300,000 to $500,000.
to be found in the memorandum booklet includes a table This new stock will be sold at $200 a share, or for $400,000,
indicating ,he rate of income on stocks having a par value of thereby increasing the capital to $500,000 and the surplus to
a member of the Board of Governors of the Exchange. He
was a member of the Open Board of Brokers, and, with that
organization was taken into membership of the Stock Exchange in May 1869. Mr. Lawrence was a descendant of the
patentees of a considerable stretch of land on the north shore
of Long Island, of which his estate formed a part. He was
in his seventy-third year.
—Edward Dwight Shepard, formerly head of the bond
house of E.D.Shepard et Co.of this city, died suddenly in front
of the Astor House on the 13th inst. The firm was formerly a
prominent one and was interested in numerous railroad and
other projects. Following the filing of an involuntary
petition in bankruptcy against it on April 19 1909, it was
adjudicated bankrupt on June 11 of that year. In November 1910, however, Mr. Shepard was granted a discharge
from bankruptcy. Mr. Shepard was sixty-two years of age.
182
THE CHRONICLE
[VoL. Lxxxxiv.
$500,000, and will be paid in on Feb. 1. The following own directors. The following
new members were elected
officers were re-elected at this meeting: Edwin G. S. Miller, to its board on the 9th inst.:
W. D. Henry, President of the
President; Henry C. Zeller, Vice-President; Edward A. National Fireproofing Co.; William
M. Scaife, Vice-President
Weppner, Cashier; William L. Koester, Edward D. Reed and of the Air Tight Steel Tank Co.;
G. A. Herman, Treasurer
George G. Kleindinst, Assistant Cashiers.
of the H. R. Walter Lumber Co., and J. R. Bruce, an
—The Utica Trust & Deposit Co. of Utica, N. Y., with a attorney.
view to providing more commodious quarters necessitated
—Hervey Schumacher, Cashier of the People's National
by the expansion of its business, has purchased a plot on Bank of Pittsburgh, has been
elected a director of the bank.
Bleecker and Charlotte Streets, on which it will erect a new J. Howard Arthur has
been elected an Assistant Cashier.
structure. The site was formerly occupied by the old
—A 5% dividend was paid to the creditors of the failed
Y. M. C. A. building, which was destroyed by fire. James S.
Cosmopolitan National Bank of Pittsburgh on the 5th inst.,
Sherman, Vice-President of th United States, is Pre ident
bringing the aggregate payments up to 85%. The institution
of the company, and J. Francis Day, Vice-President and
suspended in 1908.
Secretary of the institution.
—Louis F. Kiesewetter, Cashier of the Ohio National Bank
—At the annual meeting of the Mechanics' National Bank
of Providence, C. C. Harrington was elected President, of Columbus, Ohio, has been given the additional office of
James H. Chace having declined re-election to that office. Vice-President. George H. Mock, formerly Auditor of the
Mr. Chace has been a director of the bank for thirty-four bank, and Frank L. Stein, have been made Assistant Cashiers
years, and had served in the presidency for twenty-eight of the institution. J. W. Kaiser has become Auditor.
—The annual meeting of the Citizens' National Bank
years. Resolutions recording their appreciation of his faithful services were adopted by the directors on the 9th. Mr. of Cincinnati was marked by the retirement from the presiHarrington heretofore held the post of Vice-President, in dency of Briggs S. Cunningham and his election as Chairman
of the board. Mr. Cunningham's withdrawal from the
which he is replaced by Rowland G. Hazard.
—Eugene V. R. Thayer was elected President of the headship of the institution resulted from his desire to enjoy
Merchants' National Bank of Boston at the annual meeting a respite from the responsibilities the post entails. Griffith
on the 9th inst. He succeeds Arthur B. Silsbee, resigned. P. Griffith, Senior Vice-President, has been elected to take
The following new directors have been elected to the board: Mr. Cunningham's place as President. The new executive
assisted in the organization of the bank in 1880 and has
C. Minot Weld, James L. Richards and Henry Parkman.
ever since been identified with it. The only other changes
—An original calendar and one which will appeal especially
made in the managerial staff at the recent meeting was the
to the bankers and "nobles" throughout the country who
appointment of R. C. Smith as an Assistant Cashier.
are members of the Mystic Shriners is being distributed by
—Max Fleischmann has been elected a Vice-President of
the National Shawmut Bank of Boston as complimentary
to the nobles of Aleppo Temple of Boston. This is the third the Market National Bank of Cincinnati and W. B. Heusing
successive year the bank has issued this novel calendar. has become an Assistant Cashier. The following officers
Shawmut, the old Indian name for Boston, is pictured on were re-elected: Julius Fleischmann, President; Casper H.
the calendar by an Indian who is traveling along with a Rowe, Vice-President; Louis G. Pochat, Cashier, and G. W.
Shriner "over the hot sands," showing their arrival at the Gale, Assistant Cashier.
—The merger of the Cincinnati Trust Co.and the Provident
oasis.
—The following new members have been elected to the Savings Bank & Trust Co. of Cincinnati was formally ratified
directorate of the National Shawmut Bank of Boston: Robert by the stockholders of the latter on Dec. 27. At the same
Homans, RonaldrT. Lyman and Charles D. Sias. George meeting the proposal to increase the capital of the Provident
W. Wells retires from the board on account of ill-health. from $1,000,000 to $1,400,000 was also approved. The deThe by-laws of the institution have been changed to provide tails of the merger were set out.in our issue of Nov. 25. The
for a board of forty members, instead of thirty-two, as proceedings were endorsed by the stockholders of the Cincinnati Trust on Dec.4 and the consolidation went into effect
heretofore.
on Dec. 11.
—The officers for the Cosmopolitan Trust Co. of Boston,
—A 10% dividend was -paid on Dec. 20 to the depositors
whose incorporation was noted in these columns Oct. 7, are
announced. They are: Silas Peirce, President; Max of the East Side Banking Co. of Toledo. The institution
Mitchell, Vice-President; Horace E. Hildred, Secretary; and assigned Dec. 21 1909. Early in 1910 20% was distributed.
Arthur L. Potter, Treasurer. The institution has secured
—Lewis E. Gary has been elected an Assistant Cashier of
quafters at 74-76 Devonshire Street. It has a capital of the Corn Exchange National Bank of Chicago.
$200,000 and a surplus of $100,000.
—Bowman C. Lingle, of the bond department of the
—Charles S. Calwell, President of the Corn Exchange Harris Trust & Savings Bank of Chicago, has been elected to
National Bank of Philadlephia, has been elected a director the directorate of the institution.
of the Central Trust & Savings Co. of that city, to take the --The Peoples'
Trust & Savings Bank of Chicago was
place of LouiS S. Amonson, resigned. Clement J. Craft, admitted to
membership in the Chicago Clearing House
Treasurer of the company, and Frederick G. Heimbold, its Association on the
16th inst.
Secretary, have also been made directors of the Central.
—All the directors of the North West State Bank of Chi—William H. McKee- has been appointed Assistant
cago were re-elected at the annual meeting of the stockholdCashier of the National Security Bank of Philadelphia.
ers on the 8th, and the directors on the 10th inst. re-elected
—Thomas Gamon Jr., who had heretofore been Assistant the officers as follows: Jos.
R. Noel, President; James Davis,
Treasurer of the First Mortgage Guarantee & Trust Co. Vice-President; A. S.
Boos, Cashier; F. W. Hausmann and
of Philadelphia, has been made Treasurer of the institution. R. H. Brunkhorst, Assistant
Cashiers.
George D. Porter, lately Vice-President and Treasurer, has
—The Merchants Bank, which was incorporated last June
been re-elected Vice-President. Mr. Porter has accepted
interests in the Merchants Loan & Trust Co. of Chicago,
a position in Mayor Blankenburg's cabinet and has been by
has been consolidated with the latter. The bank was not given
granted a leave of absence from the company.
an operating existence, and the purpose of its incorporation
• —Horatio G. Lloyd of J. P. Morgan & Co. and Drexela was enable the trust
to
company to provide through a merger
Co. has been elected a director of the Girard National Bank
with it, for a larger board of directors; under its charter the
of Philadelphia.
company was limited to a board of thirteen; the charter of
—William J. Chapman has been elected a Vice-President the Merchants Bank provided for a board of thirty-five
of the Maryland National Bank of Baltimore to fill the members, but it is understood that amendments have been
vacancy created through the recent resignation of James C. adopted reducing the number to seventeen. At the annual
Fenhagen, Vice-President and Cashier. G. Harry Barnes, meeting of the Merchants Loan & Trust on the
2nd inst.,
previously Assistant Cashier, is Mr. Fenhagen's successor five new members were added to the board, so that it now
as Cashier.
consists of seventeen members; the newly elected directors
—It became known at the annual meeting of the First are Frank H. Armstrong, Henry P. Crowell, Seymour Morris,'
National Bank of Allegheny, Pa., that control of that John G. Shedd and A. A. Sprague II. The directors have
institution has passed from the First National Bank of Pitts- ordered the transfer of $1,000,000 from undivided profits to
burgh. Interests identified with the latter had held the surplus, making the latter $6,000,000. The capital is
ownership of the Allegheny institution since 1903. These $3,000,000.
affiliations, it is stated, have now been severed, and the
—George H. Kirchner was elected President of the
control of the First National of Allegheny is lodged with it s German-American Savings Bank of Detroit
at the annual
JAN. 20 1012,1
THE CHRONICLE'
meeting on the 9th inst., when Charles E. Kanter, an officer
of the institution since 1868, retired from the presidency.
The bank was established as a private institution by Mr.
Kanter's father in 1853. It became the German Savings
Bank in 1868, and in 1871 was reorganized as the GermanAmerican Savings Bank. Mr. Kirchner, the new President,
has been identified with the bank since 1894. He advances
from the office of Cashier.
—Frank W. Hubbard was made a Vice-President of the
Peninsular State Bank of Detroit on the 9th. Walter G.
Toepel, lately an Assistant Cashier, has been elected Cashier
of the bank to fill the vacancy due to the resignation a year
ago of William F. Hopkins.
—Cashier Charles J. Higgins of the Metropolitan State
Bank of Detroit was given the additional office of VicePresident; George P. Good retired as a Vice-President, but
continues as a director.
—With the death of M. W. O'Brien, referred tb a week
ago, the People's State Bank of Detroit has abolished the
office of Chairman of the board.
—The stockholders of the Fairview Savings Bank of Detroit
on the 9th inst. approved plans to increase the capital from
$100,000 to $250,000. The capital was increased from
$20,000 to $100,000 in August last. Franz C. Kuhn, Attorney-General of the State of Michigan, and Charles W. Burton
are new directors on the board of the Fairview Savings Bank.
—John H. Hart, who has been Assistant Cashier of the
First National Bank of Detroit, has become Manager of the
credit department. Walter G. Nicholson, previously Chief
Clerk, has been made an Assistant Cashier.
—The post of Assistant Cashier has been created in the
Detroit United Bank, and has been filled by the appointment
thereto of James R. Barkham.
—The directors of the Union Trust Co. of Detroit, at their
annual meeting Dec. 27, appointed John N. Stalker an
Assistant Secretary and J. Howard Millin Chief Clerk.
—A consolidation, effective Jan. 1, has been entered into
between the Port Huron Savings Bank and the Commercial
Bank of Port Huron, Mich. The latter is the name
under which the merger takes place, and A. D. Bennett,
President of the Commercial, continues in that capacity.
The Port Huron Savings Bank, capital $100,000, was established in 1873. The Commercial Bank was formed the latter
part of 1881 with $100,000 capital.
—Edward W. Decker was elected President of the Northwestern National Bank of Minneapolis at the late annual
meeting. In that office he succeeds William H. Dunwoody,
who has become Chairman of the board of directors. For
nearly ten years, or since January 1903, Mr. Decker had been
a Vice-President of the bank. He takes the presidency of
the bank at the age of forty-two, thus ranking as one of the
younger men in the banking fraternity with whom is lodged
important financial responsibilities. Mr. Decker was born
in Austin, Minn., in 1869, and was graduated from the Austin
High School in 1887. In that year he entered the Northwestern National Bank as a messenger; in 1895 he became
Assistant Cashier of the Metropolitan Bank of Minneapolis,
and with the absorption in 1902 of that institution by the
Northwestern, Mr. Decker returned to the latter, and after
serving for a time as Cashier was made Vice-President in
1903. He is also President of the Minnesota Loan & Trust Co.
—Edgar L. Mattson has resigned as an Assistant Cashier of
the Northwestern National Bank of Minneapolis, having been
elected Cashier and a director of the Scandinavian-American
National Bank of Minneapolis. The duties of Cashier had
heretofore been performed by C. L. Grandin, who continues
in the post of Vice-President.
—W.A.Durst, Secretary of the Minnesota Loan & Trust
Co. of Minneapolis, was elected a Vice-President at the annual meeting. II. L. Moore, who had been Treasurer, was
made Secretary and Treasurer, and C. V. Smith, heretofore
Assistant Trust Officer, was named as Trust Officer; Mr.
Smith was also elected a director of the company. J. H.
Martin, Assistant Trust Officer, has become General Counsel
and H. D. Thrall has been elected Assistant Secretary.
—L. H. Ickler, Cashier of the American National Bank of
St. Paul, Minn., has been chosen to succeed C. J. Peeples,
resigned, as Vice-President; C. H. F. Smith has also become
a Vice-President of the American National. Mr. Ickler's
successor as Cashier is H. B. Humason, previously Assistant
Cashier, while P. A. F. Smith has been made Assistant
Cashier.
183
—J. W. Wheeler,' who lately -secured an interest in the
Security Trust Co. of St. Paul, has been elected President of
the institution, succeeding Frank Y. Locke, resigned.
Mr.
Wheeler has also become a Vice-President of the Capital
National Bank of St. Paul.
—An addition of $100,000 to the capital of the Idaho National Bank of Boise, Idaho, was authorized by the stockholders on the 9th inst., raising it from $100,000 to $200,000.
—John F. Hecox,formerly of Chicago, has become a VicePresident'and a director of the City National Bank of Omaha.
The bank also has two other new directors in Walter G. Silver of Chicago and Daniel Daines, formerly of Plainview.
Mr. Silver will about Feb. 1 become Vice-President of the
City Trust & Safe Deposit Co., which is affiliated with the
City National, while Mr. Gaines will become Treasurer of
the Trust Co.
—In consequence of the trust company law passed by the
Nebraska Legislature last year, two separate organizations
will operate in place of the Lincoln Safe Deposit & Trust Co.
of Lincoln, Neb. One of the changes involves an amendment
to the title of the latter, under which it has become the Lincoln Safe Deposit Co., its officers continuing unchanged and
its capital remaining at $25,000. There has also been
formed an organization known as the Lincoln Trust Co.;
which is empowered to act as administrator, executor, receiver, trustee, etc., and will confine itself solely to such functions. The trust company has a capital of $50,000 and is
under the management of W. E. Barkley Jr., President;
W. A. Selleck and Don L. Love, Vice-Presidents; Nelson C.
Brock, Secretary, and E. L. Southwick, Treasurer.
—Albert S. White, President of the Night &Day Bank of
St. Louis since its organization, in 1910, has resigned, and
has been succeeded by H. H. Hohenschild.
—Eustice A. Hail has been elected a Vice-President of the
American National Bank of Nashville and E. R. Burr has
been made an Assistant Cashier of the institution. Both
were officials of the Union Bank dc Trust Co. of Nashville,
which was consolidated in October with the American National.
—The capital of the American National Bank of Richmond, Va., is to be increased from $600,000 to $1,000,000
under action taken by the stockholders at the annual meeting on the 9th inst. The new capital will become effective
on Feb. 15.
—In the Main Street Bank of Richmond, the directors
have been authorized to increase the capital from $200,000
to $500,000, whenever it may appear desirable. Application
is to be made to the Corporation Commission for authority
to amend the charter of the institution to allow it to conduct
a trust, guarantee and bonding business, and to change its
name to the Main Street Bank & Trust Company.
—A resolution increasing the capital of the Chatham
Bank of Savannah, Ga., from $150,000 to $200,000 was
adopted by the stockholders on the 10th inst. The bank
contemplates the erection of a new building.
—The question of increasing the capital of the Third
National Bank of Atlanta, Ga., from $500,000 to $1,000,000
was approved by the stockholders on the 9th inst. A like
sum will be added to the surplus through the sale of the
new stock at $200 per $100 share.
—The stockholders of the Central Bank & Trust Corpora,
tion of Atlanta also took action at their annual meeting
toward increasing the capital of their institution from
$500,000 to $1,000,000. In this case one-half the proposed
issue will be offered to the shareholders, the other half
being reserved for general subscription. The selling price
of the additional stock (par $100) is fixed at $150 per share.
A. P. Coles, heretofore Cashier of the institution, was made
a Vice-President at the annual meeting: William D. Owens
was promoted from the post of Assistant Cashier to the
cashiership, and Carl H. Lewis and B. J. King were made
Assistant Cashiers.
—Hiram Warner Martin was made an Assistant Cashier
of the Lowry National Bank of Atlanta on the 9th inst.
He has been in the employ of the institution for a number
of years. Fred. J. Paxon, a former President of the Atlanta
Chamber of Commerce, is a new director on the board of,the
Lowry National.
—At their annual meeting on the 9th inst. the stockholders of the Merchants' Bank of Augusta, Ga., ratified
a proposition to increase the capital from $140,000 to
$200,000. The new stock will be disposed of at $200 per
share.
THE CHRONICLE
184
Lxxxxiv.
-The Athens Trust & Banking Co. of Athens, Ga., is sequently the public persists in believing that neither
reported' to have temporarily closed its doors. An expert employers nor employed will be so foolish as to persist in a
accountant, it is said, has been asked for from the State quarrel which must injure both very severely, and quite
Treasurer's office for the purpose of making an examination, possibly may transfer some of the British business to foreign
competitors:
The institution has a capital of $100,000.
Similarly, there is a strong hope; that the,demand of the:
-Oscar Wells has resigned as Cashier of the Commercial coal miners for a'minimum wage will not lead to a bitter
National Bank of Houston, having become a Vice-President and protracted contest. Evidently the leaders of the men
and director of the Union National Bank of that city. P. J. desire a compromise,and as a matter of course, the employers
cannot wish to engage in a fight the end
which nobody
Evershade, Assistant Cashier of the Commercial will serve can foresee. But whether there will or willofnot
be a great
as Acting Cashier until'the*vacancy is filled.
strike, it is as yet difficult to tell. Meanwhile, the existmuch
of
possibility
so
unrest
ence
and
of
great
the
strikes
-John M. Dorrance, a director of the South Texas
National Bank of Houston, has been elected a Vice-President and lockouts act as a check upon the Stock Exchange, the
general
being
public
afraid
engage
to
in serious new risks.
of the institution.
There is also apprehension lest. there may be an outbreak"
-George G. Timmins and J. L. Russel have been added in the Balkans when the snows melt. Unexpectedly,
to the list of Assistant Cashiers in the First National Bank rumors are again in circulation that negotations between
Turkey and Italy for the conclusion of peace are actually
of Houston.
proceeding: And as the rumors emanate from Salonika,
-The Morgan State Bank of New Orleans was merged on they command more credence than their. predecessors did:
Dec. 26 with the Whitney Central Trust & Savings Bank Until quite recently most people flattered themselves that
of that city, and is now known as the latter's Morgan State the great Powers would put such pressure upon the Balkan
Branch. The absorbed bank was organized by the Whitney States as would prevent a conflict there. Lately, however,
the great Powers to one another have become
interests in 1901 and derived its title from the family name the relations ofunderstand
that nobody is confident that they
so difficult to
of Mrs. M. L. Whitney. The Morgan State Bank had $100,- can or will act together. For example, the true relations
000 capital and deposits of about $880,000. Its President, between Italy, on the one hand, and Germany and AustriaAlbert Bloom, becomes a Vice-President of the Whitney Hungary, on the other, puzzles most European observers.
Again, there appears to be much dissatisfaction in Germany
Central Trust & Savings Bank,in charge of the new branch.
with the lukewarm support' given by the Austro-Hungarian
-H. W. Hawkins has been elected Secretary of the Foreign- Office during the negotiations
respecting Mordcco.
Portland, Trust Co. of Portland, Ore., succeeding B. Lee And in Autria-Hungary itself Hungary is far more enPaget, who has resigned, to engage in business for himself, thusiastic in its support of Count Aehrenthal's foreign policy
having opened &financial agency in Portland. Mr. Hawkins than is Austria. If, however, Italy and' Turkey make up
was formerly Trust Officer of the Continental National Bank .their differences, doubtless all the Powers will combine to
prevent serious disturbances in the Balkans,
of Chicago. The position of Cashier has been created in the
The,condition of Russia, also, is for the moment a source
trust company, and Edgar H. Sensenich, formerly of Phila- of uneasiness. There is famine in several provinces and
delphia, has been elected to the new office. One new mem- the action of Russia in Persia raises a doubt whether she is
ber has been added to the board of the institution, namely in a position to act with efficiency and'promptitude even in
J. D. Farrell. The re-elected officers are: H. L. Pittock, the Balkans. Upon the whole, then, while there is a hopefeeling , there is enough of uncertainty both respecting
President; F. W. Leadbetter, Vice-President; Emery Olm- ful
labor questions at home and the ability or willingness of the
stead, Vice-President and Manager; C. W. De Graff and great Powers to act together, to lead people for the moment
A:. L. Fraley, Assistant Secretaries.
to avoid- entering into risky engagements: On the other
-The directors of the Bank of Hochelagc, (head office, hand, money is likely to be both plentiful and cheap; trade
exceedingly good;and as yet,at all events,there is not that
Montreal) have decided to increase the paid-in capital from is
rush of new issues which was feared would occur at the very
s2,500,000 to $3,000,000. The new stock will be issued at opening of the New Year. Upon the Continent , moreover,
145 pro rata to shareholders of record Jan. 15. The author- money now will become cheap, and. if the New York stock
Market gives the lead there will doubtless be a general reized capital is $4,000,000.
covery all over Europe.
The India Council offered for tender on Wednesday 60 lacs
Copper Production and Consumption.-The Copper Pro- of its bills and telegraphic
transfers and the applications
ducers' Association's statement for December and the calen- amounted to nearly 485 lacs at prices' ranging from is.
dar year 1911 issued last week shows that stocks have again 4 1-16d. to is. 4 8d. per rupee. Applicants for bills at,
decreased and now are down to 89,454,695 lbs., against is. 4 3-320.- and for telegraphic transfers at is. 43/8d. per
111,785,188 lbs. at the end of November and 165,995,932 rupee were allotted 18 per cent of the amounts applied for.
lbs. at the end of May, the highest point for the year. In The amount to be offered for tender next week will be 80 lacs.
The following returns show the position of the Bank of'
the following we furnish comparisons with last year, both England, the Bank rate of discount,
the price of consols,
for December and for the year 1911:
&c., compared with the last four years:
-December
-Jan. Ito Dec. 31.1912.
1910.
1911.
1009.
1908.
Copper1911.
1910.
1911.
Jan. 3.
Jets. O.
Jan. 4.
Jou. S.
Jan. 8.
Stocks beginning period lbs 111,785,188 130,389,069 122,030,195 141,766.111
£
2
£
Z
1:'
Production
122,896,697 123,339,219 1,431,938,338 1,452,122,120 Circulation
29,189,550 28,520,530 28,868,720 29,831,500 28,948,020
Public deposits ____ 16.676,790 12,545,528 0,936,777
7,551,371
5,208,050'
Total supply.
234,681,885 253,728,288 1,553,968,533 1,593,888,231 Other deposits
49,352,258 49,202,904 49,139,188 47,316,296 45,080,619
Deliveries forGovemm't securities 15,270,184 17,399,568 17,507,945 17,800,865 16,232,136
Domestic consumption__ 65,988,474 43594,018 709,611,605 749,426,542 Other securities... _ 44,902,160 40,384,538 36,211,089 88,197,131
27,763,949,
Export
79,238,716 88,104,075 754,902,233 722,431,404 Reserve,notes&cold 23,681,778 21,869,815 23,288,123 19,091,046 24,273,388
Cohr&bull..both dep 34,421,328 31,940,345 33,703,843 31,172,636 34,773,408
145,227,190 131,698,093 1,464,513,838 1•,471,858,036 Prop. reserve to liabilities
p c.
3W 7-18
4814
3534
36 7-16
3534
Stocks end of period
89,454.695 122.030,195
89.454.695 122.030.195 Bank rate_ __p. c.
*4
4
414
211
8
11
.- c_ _ _
Consols,2p.
7934
8234
7734
831
Sliver
8331.
25546d.
2510.
24Ad.
2334d.
2511d•
Clear.-house returns 377,671,000 383,117,000 334,315,804) 298,184,000 254,311,000
Wouttarg3ConuntrcialiWnglisligeras
* January 5 1910.
(From our own correspondent.)
The rates for money have been as f011ovre:
London, Saturday, January 6 1912.
Du. 21,
Dec. 15.
Jan. 5.
Die. 29.
Bank of England rate
4
4
4
4
The Stock Exchange opened the New Year in a decidedly Open market rate•
Bank bills-60 days
3 15-16
33403 7-16
3 18-118 18-1604
more hopeful spirit. But the inclination to engage in new
-3 months_ _ 33403 7-16
,
180334
334 3 13
334
-4 months._ _
enterprise is checked by the labor unrest and the condition
31103 948
33403 1146
334
39
-6 months _ _ _
3 5-16
334
334
37-160334
of international politics. The most urgent of the labor
Trade bills-3 months._ _ _
4344
434
4,
-4 months,...
4A
4
434
4A
disputes is the great lockout in the cotton industry. Sir
est allowed for depositsJoint-stock banks
211
211
214
234
George Askwith of the Board of Trade, who has succeeded
discount housesIn settling so many of these estrangements, is intervening.
At call
211
314
234
234
days
14
7 to
234
234
234
234
But the task before him is exceptionally difficult. The
The bank rates of discount and open' market rates at the
employers 'profess to be determined, cost what it may, to
maintain their right to employ whom they please, whether chief Continental cities have been as follows:
members of the trades unions or not. And the trades
Da. 23,
Jan. 6.
Dee, 30.
Dec. 16.
Rates of
Bank Open
Bank Open Basile Open
Bank Open
unionists on their side profess to be resolute in refusing to
Interest atRate. Market. Rate. Markel: Rea. Markel. Rate, Market:
work with those who will not joint the unions. If these Paris
334 334
334 334
31/ 334
'334
314
Berlin
5 • 434
434 434
334
5
5
5,
professions are acted up to, it is difficult to see how an Hamburg.
5
5
4%
334
5
5
434
434
arrangement can be brought about. Still, the impression is Frankfort
5
434
5
334
434
474
455
474
Amsterdam
4
4
4
4
4
4
4
4
very general that neither side is so stubborn as it professes Brussels
434
411
4
411
4
434
334
33,4
to be, and that somehow an arrangement will be arrived at. Vienna
5
8 4 15-18
5 4,15-16
5 4 15-10
434
5
nom.
nom.
5
5
nom.
Owing to the had cotton crop in the United States in 1910, St. Petersburg
5
nom.
Madrid_
411
4
411
414' 4
4
4
434
the'cotton trade has not been as successful as those engaged Copenhagen
5
5
5
5
5
5
5
5
in it would wish, while at present everything is favorable
Messrs. Pixley & Abell write as fellows under date of
to:the trade as far as the raw material is concerned. Con- Jan. 4:
,1
•
185
THE CHRONICLE
1A31. 24.; 1.0 *2.1
GOLD.-Tbe arrive/a of bar gold this week .tanounted to 4255,000. The Indian requirements for small bars have absorbed 4140,000,and there boa been a small demand
for Holland, amounting to about 4300,000, but the bulk of the arrivals, together
with a large amount lett over from last week, is going Into the Bank of England.
Turkey has seat us 4230,000 in sovereigns, making a total of 4530,000 during the
last fortnight, which is 41.30,000 more than was expeoted. We understand that
3,000,000 Mots more of bar gold have been sold from the Pekin Palace by the Chinese Government to the foreign banks. Since the 28th ulto. the Bank has received
41.017,000 in .bar gold mg 4230,000 front Turkey in sovereigns, mentioned above,
while the withdrawals In sovereigns have been 4250,000 to Egypt. 4250,000 to
Argentina, 4150,003 to India, 445,000 to Uruguay and 410,000 to South Africa,
and in addition £60,000 has been set aside tor the gold portion of the Straits Settlements Notes Gaarantee Nand. Next week we expect 4562,700 in bar gold from
South Africa. Arriyals--Soath Africa, £704,000; India, £118,000; Brazil, 424,000;
Australia, 49,000; total, £836,000. Shipments-Bombay, 4124,000.
SILVER.-There has been a slight improvement in this market during the past
week, and the.elosing quotation for spot silver is 25 5-16d., and for forward 25 gd.,
an advance of 3-150. sad 14d., respectively. China and India have both bought
during the week, and the tone at the close is steady. Stocks both in Shanghai and
Bombay are again slightly lower. That la Bombay now stands at 12,800 bars
(about 41,536,000), while Shanghai has lost about 4100,000. The holdings of
rupees in the Indian Treasury show a•decrease of 34 crore on the week, and now
stand at 22 croreo. The quotation in Bombay is its. 64% per 100 tolahs. Arrivals-New York, S361.006; Shanghai, 455,000; Central America, 43,000; total,
4415,000. Shipments-Port Said, 41,500; Bombay, 477,000; Calcutta, 415,000;
Shanghai, 480,000; total, 4172,500.
The quotations for bullion are reported as follows:,
/as. 4.
GOLD.
s. d.
London Standard.
' 77 9
Bar gold, fine. oz
U. S. gold coin, es _ 76 4
German gold sobs, ex__ 76 4
French gold coin, es __ 76 634
.76 4
Japanese yen
Dec. 28.
8. d.
77 9
76 4
76 4
76 534
76 4
Dec. 28.
d.
2.534
2534
2734
nom.
SILVER.
Jan. 4.
Landon Standard,
a.
Bar silver, fine, es ____25 5-16
" 2 mo delivery, oz_2534
Cake silver, oz
27 5-16
nom.
Mexican dollars
STOCK OF MONEY IN THE COUNTRY.-The following
table shows the general stock of money in the country,as well
as the holdings by the Treasury, and the amount in circulation on the dates given. The statenientfor Jan. 3 1911 will be
found in our issue of Jan. 211911, page 165.
Stock of Money Jan. 2 1912In United
Held in
Treasury.d
States.
$
$
Gold Coln and Bullion_ _*1,797,000,916 172,017,641
Gold Certillcates_a
104,012,002
Standard Silver Dollars__ 565,1/36,367
1,481,776
Silver Certificates _a
11,138,716
Subsidiary Silver
b 165,789,312 18,010,294
Treasury Notes of 1890
3,093,000
14,386
United States Notes
346,681,016
8,730,716
National Bank Notes
740,603,187 35,366,945
-Monty in CireuktlionJan. 2
Jan. 3
1912.
1911.
$
614,026,906 605,650,087
906,994,367 849,174,639
75.794,419
74,538.591
478,027,284 , 479,333,499
147,773,018 142,462,703
3,461,493
3,078,619
337,950,300 337,412,254
705,236,242 709,091,292
Total
3,618,353,798 350,778,476 3.267,575,322 3,192,380.386
Population of continental United States January 2 1912 estimated at 94.808.0001
circulation per capita, $34 47.
5A revised estimate by the Director of the Mint of the stock of gold coin was
adopted in the statement for August 1 1007. There was a reduction of 2135,000.000.
b A revised estimate by the Director of the Mint of the stock of subsidiary silver
coin was adopted in the statement of Sept. _1 1910. There was a reduction of $9,.
700,000.
a For redemption of outstanding certificates an exact equivalent In amount of the
appropriate kinds of money is held in the Treasury, and is not included In the account
of money held as assets of the Government.
d This statement of money held in the Treasury as assets of the Government don,
not include deposits of public money in National Bank Depositaries to the credit Of
the Treasurer of the United States, amounting to $36,151,904 37.
GOVERNMENT REVENUE AND EXPENDITURES.
The following shows the imports of cereal produce into Through - the courtesy of the Secretary of the Treasury, we
the United Kingdom during the season to date, compared are enabled to place before our readers to-day the details ol
with previous seasons:
Government receipts and disbursements for the month of
IMPORTS.
1911-12.
Seventeen weeksDecember. From previous returns we obtain the figures for
1910-11.
1009-10.
1905-09.
ewt_32,582,900 35,528,600 34,022,900 28,826,700 previous months, and
Imports of wheat
in that manner complete the state.
13,412,700
Barley
8,933,100 10,586,500 10,902,900
Oats
6,382,400
4,471,900
6,797.500
4,426,500 ments for the 12 months of the calendar years 1911 and 1910.
Peas
Beans
Indian corn
Flour
1,756,627
576,570
7,323,400
3,832,600
803,251
326,067
14,818,200
3,809,200
683,287
1,425,420
12,249,600
4,633,600
564,440
612,410
11,858,400
4,460,700
Supplies available for consumption (exclusive of stock on
September 1):
Wheat imported
Imports of flour
Sales of home-grown_
1011-12.
1010-11.
1008-09.
1909-10.
..sert_22,582,000 35,528,600 34,022,900 28,826,700
3.832,600
3,899,200
4,633,600
4,460,700
_ 11,648,022 0,273,187 10,253,134 13,015,621
98,063,522 48,700,987 98,900,634 40,333,021
335. Od.
30s. 5d.' 335. Id.
32s. 2d
32s. 9d.
30s. 5d.
32s. 11d.
31s. 7d,
Total
Average price wheat, week
Average price, season
The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
Wheat
Flour, equal to
Maize
This week. Last week.
qrs.. 2,570,000
2,520,000
185,000
115,000
370,000
345,000
1910-11.
2,040,000
150,000
230,000
1009-10,
2,055,000
205,000
700,000
English Financial Markets-Per Cable.
The daily elosing.quotations for securities, (5re., at London,
,as reported .by cable, have been as follows the past week:
London.
Week ending lea. 19.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
Silver, per os
IL 3534
25 9-16 25 13-16 25 11-16 26
263-16
Consols, 254 per uses
76 13-1677
773-16 7754
7734
7754
For account
76 15-16 7734
77 6-16 7734
7754
7754
French Rentes (in Paris), fir_ 99.8734 95.45
95.50
95.2234 95.30
95.10
Amalgamated Copper C... 6634
6634
6634
6734
6634
61354
Amer. Smelt. & Relining On. 7334
7234
7234
73
73
72%
b Anaconda NIMIng 09
734
734
734
734
754
754
Atch. Topeka & Santa re_ _ _108
108
10734
10754
10734
10754
10434
10434
Preferred
105
105%
105%
105%
Baltimore & Oil*
106
10654
1063-4
107
107k
107
Preferred
0134
9134
01
9134
9134
9134
Canadian Pacific
286
237
237
23454
23734
2363-4
Chesapeake & 011ie
7434
74
7454
7434
7354
7454
Chicago Great Wafters ___ __ 19
1834
1834
19
1854
1854
Chicago Why. & St. Pant_ _.111
109%
110%
111
11054
11054
Denver & Rio Grande
22
22
2134
22
22
22
Preferred
4434
4434
45
4534
4534
4534
32
3134
Erie
32
313-4
3154
3154
First preferred
53
53
5234
6334
5234
5254
43
Second preferred
44
4334
44
43
43
14334
14334
Illinois Central
14354
14334
1433-4
14334
15814
Louisville & Nashville
159
159
159
15834
15934
29
2834
Missouri Kansas & TOW- 293-4
29
2834
2834
6534
Preferred.
6534
6534
6534
6534
6534
4034
Missouri Pacific
4034
42
4034
4034
4134
71
71
Nat. RR. of Mex., 1st pref._ 71
71
71
71
_ 3634
3e34 3634 3634 3634 . 3634
Second preferred
109g
10934
110
N. Y. Central & Hug. Itiver_110%
110%
11034
3934
3934
3934
N. Y. Ontario & Western_ __ 3934
3934
39
11234
11214
Norfolk & Wester&
11134
112
.112
112
Preferred.
9354
Northern Pulite
liii-11934
ligg
lif)
111-3i4
li170a Pennsylvania
613-4
6334
6334
e334 6331
6334
a Reading Company
7834
78M,
7834
79%
79
7834
a First preferred _____ 47
47
47
4634
4734
4734
4934
a Second preferred._
2534
2854
.
Rock Island
28
iifi ir N:i
11254
11234
11234
Southern Pacific
11234
11254
11234
2854
Southern Railway
2834
2834
2834
2834
2834
Preferred
7134
72
7134
72
7134
7154
Union Pacific
17234
171
172
17234
17134
17134
Preferred
9434
9434
9434
9434
9434
0434
U. S. Steel Corporation
6834
6734
6834
6854
6854
6734
Preferred
114
11334
11334
11334
11334
11334
Wabash
734
734
734
73-1
754
734
Preferred
1934
19
10
1934
19
1934
Extended 41
69
59
59
511
59
5934
r
a Price per share. b .8 sterling.
05:nnutercia1 and trasceliantrins5trnt
GOVERNMENT RECEIPTS AND DISBURSEMENTS.
1911.
1910.
(000s omitted.)
Oct.
Nov.
Dec. 12 Mos. Oct.
Nov.
-
Dee. 12.1los
Receipts$
$
8
$
$
$
$
$
Customs
25,757 24.704 24,587 301,162 25.294 27,508 27,444 327,064
Internal IOrdinary _ 25,536 26,648 25,060 248,9011 26,433 25,151 26,185 304,409
Revenuel Corp. tax_
21 28.6251
61
47
Miscellaneous
4,700 5,189 4,081 70.135 3,539 5,812 4,060 51,911
Total receipts
56,059 56,588 53,799 688,827 35,266-58,471 7,689 683.883
DigbursementsCivil and miscellaneous. 17,250 14,286 14,785 184,118 16,299 14.691 15,507 184.508
War
14,505 13,591 11,921 164,975 19,590 12,771 14,492 158,518
Navy
11,682 10,530 12,862 128.708 12,845 9,631 10,955 123.329
Indians
1,900 2,699 1,699 22,255 1.475 1,348 1,113 18,688
Pensions
11,280 19,807 12,561 156,889 11,437 15,356 12.716 159,169
Postal deficiency
2,000
55 1,000 9,174 1,000
--_- 4.599
Interest on public debt.. 3.266 1,951
492 21,867 3,264 1,980
177 21,318
Panama Canal
2,990 3,375 3,122 35,217 2,895 2.852 3.309 37,521
Total disbureements_ 64,873 61,289 58,377 718,203 63,755 58,629 58.269 707.628
Less repayment of unexpended balances... 1,696
740 1,439 2,300 1,545 2,161
865
1,951
Total
63,177 60,424 51,628 716,764 61,455 57,084 56,108 705.678
BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit.
Bonds and Legal Tenders
on Depositfor
Circulation Afloat Under-
1911.
••••••••••=•11M
Dec 31 1911
Nov.30 1911
Oct. 31 1911
Sept.30 1911
Aug.81 1911
July 31 1911
June 30 1911
May 30 1911
Awl!30 1911
/deb.81 1911
Feb. 28 1911
Jan. 31 1911
Bonds.
Legal
Tenders.
Bonds.
Legal
Tenders,
Total.
717.578,120
715,560,170
714,170.320
713,062,810
710.141,420
70.5,648,210
698.605,810
697.441,300
695.657.540
697.082,510
697.088,760
696.706,300
26,240,119
27,649,008
28,065,375
28,811,003
30,025,825
81.396,930
33.169.435
34,812,726
38.6711,998
35.891,130
35.815,326
33.506.185
714,363,068
712,115,338
711,099,938
708,976.455
707,181,923
701,427,086
695.025.073
693,665.285
691,468,720
693,261.786
693,119,715
692.939,203
26,240,119
27,649,008
28,065,375
28,811,903
30.025.825
31,396.930
33,169,435
34,812,726
36,675,998
35,891.130
35.815,326
33.506.185
740,603,187
739,764.340
739,165,313
737,788.358
737,2u7.748
732.824,016
728,194.508
728,478,011
728.144.718
729.162.916
728.935.041
726.445.388
The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositories on Dec. 31.
U. S. Bonds Held Dec. 31 to SecureBonds on Deposit
Dec. 31 1911.
4%, U. S. Loan of 1925
3%, U. S. Loan of 1908-1918
2%, U. S. Consols of 1930
2%, U. S. Panama of 1936
2%, U. S. Panama of 1938
3%, U. S. Panama of 1961
4%, Philippine Loans
4%. Porto Rico Loans
3.65%, District of Columbia
Various, Territory of Hawaii
4%, Philippine Railway
Various, State, City, and Railroad._ _ _
Total
Bank
PublicDeposits
Circulation.
in Banks.
Total
Held.
3
22,792,800
18,343,080
595,982,200
52,148,300
28,311,740
$
3,773,000
3,946,300
14.293,900
1,797,500
712,000
14,208,000
4,717,000
744,000
872,000
685,000
146,000
2,042,000
$
26,565.800
22,289,380
610,276,100
53,945,10.
29,023,7 I.
14,208,'' 0,
4,717,i • •
744,111
872,1011
685.'."
146,100'
2,042,000
717,578,120
47,936,700
765,514,820
National Banks.-The following information regarding
The following shows the amount of national bank notes
national banks is from the office of the Comptroller of the afloat and the amount of legal-tender deposits Dec. 1 and
Currency, Treasury Department:
Jan. 1, and their increase or decrease during the month
APPLICATIONS TO CONVERT APPROVED.
of December.
The Mattoon State Savings Bank, Mattoon, Ill., into "The State National
Bank of Mattoon.' Capital. $100,000.
CHARTERS ISSUED TO NATIONAL BANKS JAN. 4 TO JAN. 9.
10,124-The First Natienal Bank of Parlier, Cal. Capital, $25,000. J. P.
Hayhurat, Pres.; Isaac N. Puller, Vice-Pros.; J. C. McCord,
Cashier.
10,125-The Met National Bank of Trenton, Ill. Capital, $25,000. Z. T.
Remick, Pres.; S. J. Steinmetz, Vice-Pros.; C. W. Eisenmayer,
National Bank Notes-Total AfloatAmount afloat Dec. 1 1911
Net amount Issued during December
$739,764,346
838,841
Amount of bank notes afloat January 1 1912
$740,603,187
Legal-Tender NotesAmount on deposit to redeem national bank notes December 1 1911._ $27,649008
Net amount of bank notes retired In December
1,408,889
AMounr on deposit to redeem national bank notes January 1 1912.-4 926.240.119
186
THE CHRONICLE
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Per
Cent.
Name of Company.
When
Payable.
Books Closed.
Days Inclusive.
Name of Company.
[VOL. LXXXXIV.
Per
Cent.
Miscellaneous (Concluded).
Gorham Manufacturing Co., corn. (quar.)- 234
1%
Guanajuato Pow.& Elec., pf.(qu.)(No.14)
Harbison-Walker Refrac., pref. (quar.)- 1%
Homestake Mining (monthly) (No. 446)... 50c.
Internat. Cotton Mills Corp., pref. (qu.) 1
International Nickel, corn. (quar.)
6
Preferred (quar.)
134
Internat. Steam Pump, pf.(qu.)(No. 51) I%
Kansas City Stock Yards (guar.)
134
Kayser (Julius), 1st pref. (quar.).
134
Second pie/erred (guar.)
134
Kellogg Switchboard dr Supply (quar.)
_
3
La Rose Consolidated Mines (quar.)
2
Lowell Electric Light (guar.).
2
Massachusetts Gas Cos., corn. (quar.).._ $1
Mexican Lt. & Pow., Ltd., ord'y (qu.)._
1
Mich. State Telephone, pref. (quar.)
134
Minneap. Gen. El., corn.(qu.)(No. 18).... 2
Preferred (No. 26)
3
Monongahela River Consol. C. & C., pref. $2
Montreal Light, Heat & Pow.(qu.)(No.43) 2
Morris Canal & Bkg., consolidated stock._ 2
Preferred
5
Niptssing Mines (quar.)
5
Extra
234
North American Co.(quar.)_
134
Omaha Electric Light & Power, preferred _
234
Osceola Consolidated Mining
$3.50
Pacific Coast Co., common (quar.)
134
First preferred (quar.)
134
Second preferred (quar.)
134
People's Gas Light & Coke (quar.)
134
Pittsburgh Coal, preferred (qeiar.)
134
Pope Manufacturing, common
1
Preferred (quar.)
134
Portland(Or.)Gas&Coke, pfd. (qu.) (No.8) 134
Pressed Steel Car, pref. (qu.)(No. 52).._ _
134
Procter & Gamble, cam.(guar.)
3
Public Service of No. Ills., corn. (No. 1)
1
Preferred (No. 1)_
134
Quaker Oats, preferred (quar.)
134
Sears, Roebuck & Co., cons. (guar.)
194
Shawinigan Water Jr Power (quar.)
131
Siegel Stores Corp., pref. (guar.)
134
Sierra Pacific El., pref. (qu.) (No- 10).... 134
SilversmithsCo. (quar.)
134
Torrington Co., common
4
Trenton Potteries, n.-c. pref. (qu.)(No.48) 1
Cumulative preferred (guar.)
5
United Cigar Mfrs., corn. (quar.)
1
United Dry Goods Cos., corn. (guar.)
2
U. S. Bobbin Jr Shuttle, pref. (guar.)
134
U.S. Light & Heating, preferred
354
U. S. Realty & Impt. (quar.)
131
U. S. Rubber, corn. (quar.)
1
2
First preferred (man)
Second preferred (quar.)
134
Vulcan DetInning, pref. (quar.)
114
Warner(Chas.)Co.of Del.,1sticad pf.(qts.) 194
134
Whlte(J.G.)&Co.,Inc.,PL(Ou.) (n). 35)-
When
Payable.
Books Closed.
Days Inclusive.
Fe . 12
Fob,
1 Holders of rec. Feb.10a
Jan. 21 to Feb. 1
Jan. 2u Holders of rec. Jan. 10
Jan. 25 Jan. 21 to Jan. 25
Jan. 20 Holders of rec. Dec.30a
Mch. 1 Feb. 14 to ,Mch. 1
Feb.
1 Jan. 14 to Feb. I
Feb. 1 Holders of rec. Jan.200
Feb. 1 Holders of rec. Jan.15a
Feb. 1 Jan. 26 to Jan. 31
Feb. 1 Jan. 26 to Jan. 31
Feb. 2 Holders of rec. Jan. 31
Jan. 20 Dec. 31 to Jan. 17
Feb.
1 Holders of rec. Jan.24a
Feb. 1 Holders of rec. Jan. 18
Jan. 20 Jan. 15 to Jan. 20
Feb.
1 Jan. 14 to Feb. 1
Feb.
1 Holders of rec. Jan.18a
Feb.
1 Holders of rec. Jan.18a
Jan. 25 Jan. 23 to Jan. 25
Feb. 15 Holders of rec. Jan. 31
Feb. 6 Jan. 16 to Feb. 5
Feb. 6 Jan. 16 to Feb. 5
Jan. 20 Dec. 31 to Jan. 17
Jan. 20 Dec. 31 to Jan. 17
April 1 Holders of rec. Mch.2Ia
Feb. 1 Holders of rec. Jan.20a
Jan. 31 Holders of rec. Dets.30a
Feb.
1 Jan. 21 to Feb. 1
Feb.
1 Jan. 21 to Feb. 1
Feb. 1 Jan. 21 to Feb. 1
Feb. 26 Jan. 21 to Feb. 12
Jan. 25 Holders of rec. Jan. lba
Jan. 31 Holders of rec. Jan. 26
Jan. 31 Holders of rec. Jan. 26
Feb.
1 Jan. 24 to Jan. 31
Feb. 21 Feb. 1 to Feb. 20
Feb. 15 Holders of rec. Jan.31a
Feb.
1 Holders of rec. Jan. 24
Feb.
1 Holders of rec. Jan. 24
Feb. 29 Holders of rec. Feb. la
Feb. 15 Holders of rec. Jan.31a
Jan, 20 Holders of rec. Jan. 8
Feb.
1 Holders of rec. Jan.15a
Feb.
1 Holders of rec. Jan.15a
Feb. 15 Holders of rec. Feb. 8a
Feb.
I Jan. 20 to Jan. 31
Jan. 25 Holders of rec. Jan.18a
Jan. 25 Holders of rec. Jan.18a
Feb.
1 Holders of rec. Jan.15a
Feb.
1 Holders of rec. Jan.25a
Feb. I Jan. 21 to Jan. 31
Jan. 22 Holders of rec. Jan. (Ia
Feb.
1 Holders of rec. Jan.20a
Jan. 31 Holders of rec. Jan.15a
Jan. 31 Holders of rec. Jan.15a
Jan. 31 Holders of rec. Jan.15a
Jan. 20 Holders of rec. Jan.10a
Jan. 25 Holders of rec. Dee. 30
Feb.
1 Holders of rec. Jan. 20
a Transfer books not closed for this div dend. bLess income tax. d Correction.
e Payable in common stock. 7 One month dividend (Dec. 1911), incident to
changing dividend periods to Q.-J. g Declared 4%, payable 2% Feb. 15 and 2%
Aug. 16. h Erroneously reported in previous issue as one-quarter per cent.
.
Railroads (Steam) Concluded.
Alabama Great Southern, preferred__ _ 3
Feb. 24 Holders of rec. Feb. 3a
Atch. Top. & S. Fe, corn. (qu.) (No. 27) 134 Meth. 1 Holders of rec. Jan.31a
Atchison Topeka & Santa Fe, preferred_ 2% Feb.
I Holders of rec. Dec.29a
Atlantic Coast Line Co., Connectleut(qu.) 3
Mch. 10
Baltimore & Ohio, common
3
Mch. 1 Holders of rec. Feb. in
Preferred
2
Mch. 1 Holders of rec. Feb. in
Bellefonte Central (annual)
1
Feb. 15 Holders of rec. Feb. la
Canada Southern
1 Holders of rec. Dec.29a
Feb.
Central RR. of New Jersey (quar.)
2
1 Holders of rec. Jan.19a
Feb.
Chic. St. Paul Minn. & Om., ann.& pref
Feb. 20 Holders of rec. Feb. 2a
Clev. Cin. Chic. & St. L., pref. (quar.)
134 Jan. 20 Holders of rec. Dec.29a
Cornwall & Lebanon
1
5
Feb.
Cuba RR., preferred
1 Holders of rec. Dec.30a
2% Feb.
Delaware & Hudson Co. (quar.)
234
20 Holders of rec. Feb.26a
Delaware Lack. & Western (quar.)
234 Jan. 20 Holders of rec. Jan. 9a
Genesee & Wyoming (quar.)
134 Feb.
1
Great Northern (quar.)
1 Holders of rec. Jan.12a
1,4 Feb.
Illinois Central (No. 114)
334 Mch. 1 Holders of rec. Feb. 1
Lake Shore & Michigan Southern
6
Jan. 29 Holders of rec. Dec.29a
Guar. stock (Mich. Sou. & Nor. Ind.)
1 Holders of rec. Dec.29a
Feb.
Lehigh Valley, corn. & pref. (extra)
Feb. 26 Holders of rec. Jan.19a
10
Louisville & Nashville
334 Feb. 9 Jan. 20 to Feb. 9
Mahonlng Coal RR., common
$5 Feb. 1 Holders of rec. Jan.12a
Michigan Central
Jan. 29 Holders of rec. Dec.29a
3
Nashville Chattanooga & St. Louis_
1 Jan. 21 to Feb. 1
Feb.
3
New York dr Harlem, corn. & pref
7
Jan. 23 Holders of rec. Jan.15a
Norfolk & Western, adj. pref.(quar.)_ _ _ _
1
Feb. 19 Holders of rec. Jan.31a
Northern Pacific (quar.)
1 Holders of rec. Jan. 9a
1,4 Feb.
Pitts. Ctn. Ch. & St. L., corn. & pfd.(qu.) • 1H Jan. 25 Holders of rec. Jan.15a
Pittsburgh & Lake Erie
•
1 Holders of rec. Jan.24a
$2 50 Feb.
Reading Company, common tquar.)__. 1% Fen. 8 Holders of rec. Jan.23a
Reading Company, 1st pref. (guar.)
.
1
Mch. 14 Holders of rec. Feb. 26
Rome Water. & Ogdensburg, guar.(qu.) 13.4 Feb. 15 Holders of rec. Jan.31a
.St. Louis & San Fran., 1st pref. (guar.) 1
1 Holders of rec. Jan.17a
Feb.
Texas Central, pref
2% Jan. 16 Holders of rec. Jan. 2a
Western Maryland, pref. (quar.)
1
Jan. 20 Holders of rec. Jan.15a
Street and Electric Railways.
Bay State Street Ry., first preferred
1 Holders of rec. Jan. 13
$3 Feb.
Binghamton (N. Y.) Ry
2q
Feb. 15
Columbus (0.) Ry., pref. (guar.)(No.49)
Feb.
1 Holders of rec. Jan.15a
Commonwealth Pow.,Ry.&Lt.,pfd.(o u.)Feb.
1 Holders of rec. Jan.19a
Connecticut Ry. & Lip., corn. & pref. (qu.)
Feb. 15 Feb. 1 to Feb. 16
Fairmount & Clarksburg Traction, pref.. 2% Feb.
1 Jan. 27 to Feb. 1
Exit St. L. & Sub. Co., Pf. (qu.)(No. 23) 134 Feb.
1 Holders of rec. Jan.15a
Georgia Hy. & Elec., pref. (quar.)
134 Jan. 20
Grand Rapids Ry., pref. (qu.)(No. 45)_
134 Feb.
1 Holders of rec. Jan. 15
Harrisburg (Pa.) Traction
3
Feb.
1 Jars. 16 to Jan 31
Havana Elec. Ry., corn. & pref. (quar.) 1% Feb. 10 Jan. 21 to Feb. 10
Jacksonville Tray., corn. (quar.) (No. 4) 134 Feb.
I Holders of rec. Jan.16a
Preferred (quar.) (No. 4)
134 Feb.
1 Holders of rec. Jan.16a
Mexico Tramways (guar.)
134 Feb. I Jan. 15 to Jan. 31
Milwaukee El. Ry.&f.t.,pf.(qu.)(No. 49) 134 Jan. 31 Holders of rec. Jan.20a
New Hampshire Electric Rys., pref
1% Jan. 31 Jan. 21 to Jan. 31
Ohio Traction, pref. (guar.)
134 Feb. 1 Holders of rec. Jan.26a
Philadelphia Company, common (quar.)_
1 Holders of rec. Jan. 2a
134 Feb.
Public Service Invest. Co., corn. (No. 5) 1% Feb.
1 Holders of rec. Jan.15a
Preferred (quar.) (No. 11)
134 Feb.
I Holders of rec. Jan.15a
Railway & Light Securities, corn. (No. 5) 2
Feb. 1 Holders of rec. Jan. 15
Canadian Bank Clearings.-The clearings for the week endPreferred (No. 14)
3
Feb. 1 Holders of rec. Jan. 15
Railways Company General (quar.)
1
Feb. 1 Jan. 22 to Jan. 31 ing Jan. 13 at Canadian cities, in comparison with
the same
Rio de Janeiro Tram., L. & P. (quar.)
134 Feb. 1 Holders of rec. Jan. 10
Toledo Bowling Green & Sou. Tr.,pf.(qu.)_
134 Feb. 1 Jan. 21 to Jan. 31 week o111911, shows an increase in the aggregate of 24.4%.
United Traction of Pittsburgh, pref _ _ _ _
2% Jan. 20 Holders of rec. Jan.10a
Western N. Y.& Pa. Trac., 1st pref.(qu.) 3
Jan. 20 Holders of rec. Jan. 18
Week ending Jan. 13.
13.4 Feb. 1 Jan. 26 to Jan. 15
West Penn Rip. pref. (quar.)
Clearings at2
York (Pa.) Railways, preferred
Jan. 30 Jan. 20 to Jan. 30
Inc. or
Banks.
1912.
1911.
Dec.
1910.
1909.
Bowery (quar.)
3
Feb. 1 Jan. 28 to Jan. 31
5
Feb.
1
Jan.
Extra
28 to Jan. 31
Canada
$
3
Feb. 1 Irolders of rec. Jan. 27 Montreal
German American
50,489,026 42,938,036 +17.6 45,708,449 34,725,563
234 Feb. 1 Holders of rec. Jan.21a
Greenwich (guar.)
Toronto
38,670,163 34,773,142 +11.2 32,275,371 26,766,389
2
Feb.
1 Jan. 18 to Jan. 31 Winnipeg
Pacific (guar.)
27,427,198 19,480,072 +40.8 18,083,055 11,497,015
Trust Companies.
Vancouver
11,827,041 9,457,030 +25.1 6,933,107 3,362,480
2
Feb. 1 Holders of rec. Jan.26a Ottawa
Astor (guar.)
5,190,530 3,797,904 +36.7 3,645,787 3,659,804
1 Jan. 21 to Feb. 1 Quebec
134 Feb.
Broadway (quar.)
2,811,488 2,101,753 +33.8 2.916,088 2,366,085
1234 Feb.
1 Jan. 25 to Jan. 31 Halifax
Farmers' Loan & Trust (guar.)
2,194,295 2,069,626 +6.0 2,303,835 1,752,901
1
Feb.
(quar.)
3
Holders
of
Brooklyn
rec.
Hamilton,
Jan.25a Hamilton
2,603,459 2,132,899 +22.1 1,889,937 1,481,637
2
Feb. 1 Jan. 28 to Feb. 1 St. John
Nassau, Brooklyn (guar.)
1,762,292 1,685,427 +4.6 1,535,431 1,330,000
Fire Insurance.
Victoria
2,896,077 2,183,137 +32.7 1,570,537 1,303,745
5
Jan.
3 Holders of rec. Jan. 3a London
Commonwealth Insurance
1,705,575 1,566,964 +14.6 1,408,104 1,259,498
734 Jan. 15 Holders of rec. Jan. 3a Calgary
German Alliance
4,251,522 2,700,304 +57.4 2,259,154 1,140,843
15
Jan. 15 Holders of rec. Jan. 3a Edmonton
German American
3,541,727 1,792,070 +97.6 1,311,826
866,006
10
Jan. 30
Germania Fire
Regina
2,062,159 1,183,966 +74.2 1,203,521
10
Jan.
4 Holders of rec. Jan. 3a Brandon
Niagara Fire
588,292
552,822 +6.4
5
4
Jan.
Holders of rec. Jan. 3a Lethbridge
Extra
570,771
433,777 +31.6
3
Jan. 17 Holders of rec. Jan.17a Saskatoon
Northern Insurance
1,613,239
737,559 +118.7
4
Jan. 10 Holders of rec. Jan. 9a Brantford
Pacific Fire
1,387,364
471,188 +194.5
3
Jan. 10 Holders of rec. Jan. 9a Moose Jaw
Extra
912,093 Not include d in tot al.
Miscellaneous.
625,978 Not include in tot al.
Fort William
Amalgamated Copper (quar.)
34 Feb. 26 Holders of rec. Jan. 27
Am. Beet Sugar, corn. (quar.) (No. 2)... 134 Feb. 15 Holders of rec. Jan. 27
161,682,218 129,957,676 +24.4 123,045,102 91,512,056
Total Canada
1
Jan. 20 Holders of rec. Jan.18a
American Chide, cam. (monthly)
1
Jan. 20 Holders of rec. Jan.18a
Extra
1
Jan. 29 Jan. 20 to Jan. 28
Am. Dist. Teleg. of N. J. (quar.)
Auction Sales.-Among other securities, the following, not
134 Feb. 1 Jan. 16 to Feb. 1
Amer. G9.9 & Electric, pref. (quar.)
4
Feb.
1 Jan. 21 to Feb. 1 usually dealt in at the Stock Exchanges, were recently sold at
American Glue, preferred
234 Feb.
1 Jan. 17 to Jan. 31
Amer. Light & Traction, corn. (guar.)._
1 Jan. 17 to Jan. 31 auction in New York, Boston and Philadelphia:
2He Feb.
Common (payable in common stock)_ _
1% Feb.
1 Jan. 17 to Jan. 31
Preferred (quar.)
By Messrs. Adrian H. Muller & Sons, New York:
134 Jan, 22 Jan. 5 to Jan. 22
Amer. Locomotive, pref. (quar.)
Percent,
Percent. Shares.
1 Jan. 27 to Feb. 4 Shares.
Am. Smelters Scours., pref. A (No. 28).._
3i/ Feb.
Booklovers Corp., $10 each.)
334 Hudson Nay.Co. of N. _ 54-2334
10
1 Tan. 27 to Feb. 4
Preferred B (No. 27)
5-127 Feb.
258 Mercantile Nat. Bank----150-151
5 Tabard Inn Book Co.,310 earl1
1
Feb. 1 Jan. 27 to Feb. 1
Autosales Gum & Chocolate (No. 1)
450 Hocking Valley Products Co.
lot
37 Tabard Inn Corp.,00m.,$10ea
1.3
4 Feb.
1 Jan. 28 to Jan. 31
Brill(J.G.), preferred (guar.)
V. T. Ctf
12
28 Tabard Inn Corp.. Pf., $10ea
Butte Elec. do Power, pie!. (quar.)(No.42) 134 Feb. 1 Holders of rec. Jan.20a
22 Home Trust Co. of N. Y
Jr
Meal
Co.,
com_1$50
Oil
N.
J.
10
10634
Feb.
Holders
of
Cambria Steel (guar.)
15
rec.
134
Jan.31a
Meal
pref
..f
lot
100
Co.,
La
Grange Placer Mining Co.,
Oil
&
N.
J.
10
Canada Cement,Ltd.,pref. (quar.)(No.8) 134 Feb. 16 Feb. 1
to Feb.10
$1 each
$2 50 per sh.
600 Washington Mg. Co., $5 ea.
1
Chicago Pneumatic Tool (guar.)
Jan. 25 Jan. 16 to Jan. 25
20 Title Guar. & Trust Co_ _550-55334
100 Nor. Standard Gold & Silver
1-3h Feb.
Cities Service, common (monthly)
1 Holders of rec. Jan.20a
Mining Co
25 Guaranty Trust Co
889
Preferred (monthly)
1 Holders of rec. Jan.20a
.34 Feb.
$4
150 American Press Assn
200 Sou. Pee. Mg. eo., $1 each
80
134 Feb.
I Holders of rec. Jan.24a
Claflin (H. B.), 1st pref. (guar.)
500 Copper Knob Mg. Co., $1 ea
lot Bonds.
Per share.
Second preferred (quay.)
IH Feb.
I Holders of rec. Jan.24a
Line
Gold
Mg.
Co.
No.
State
250
$2,000 Portland Cons. SS. Co. 1st
Commonwealth Edison (quar.)
Feb.
I Holders of rec. Jan. ha
4, $25 each
5s, 1921,J. & J
90 & int.
Consolidated Ice,
pref. (quar.).. 134 Jan. 20 Jan. 11 to Jan. 20
250 State Line Gold Mg. Co. No.
$1,000 N. J. & Hud. fly. Ry. &
Consolidation CoalPittsb..
(guar.)
134 Jan. 31 Holders of rec. Jan.26a
1, $25 each
Fy. Co. 1st 4s, 1950, M.&S.8254 & int.
Subscription receipts for stock carrying
300 Vulcan Mining, Smelting &
$2,000 United Button Co. of N. Y.
dividend alter Jan. 31 1911
134 Jan. 31 Holders of rec. Jan.26a
Refining Co., $1 aech_ $5 lot
$300 lot
Income 5s
Cuyahoga Telephone, pref. (guar.)._ _ _
134 Jan. 31 Holders of rec. Jan.15a
50 International Banking Corp 85
$250,000 Defaulted Obligations ReDistillers' Securities Corp. (qu.) (No. 37)
34 Jan. 31 Holders of rec. Jan. 10a
Fulton
Nat.
&
Market
$325
Bank_258
50
public
of
Cuba
lot
Amer.,
pref. (quay
Distilling Co. of
_
1
Jan. 30 Holders of rec. Jan.10a
25 Metropolitan Trust Co
405
$9,000 Hocking Valley Products Co
Dominion Coal, Ltd., pref. (No.
3% Feb.
1 Holders of rec. Jan. 18
100 Lincoln Trust Co
1st 5s, 1961
6034
15034
duPont(E.I.)deNemoursPow.,pref. (qu.).. 134 Jan. 25 Jan. 16 to Jan. 25
$42,000 Saddle Mtn. Mg. Co. 1st
0334 Federal Co.of N. Y.,a DelEdison Elec. Ill. Boston (qu.)(No. 91)..
1 Holders of rec. Jan. 17
3
Feb.
aware corporation__$3,000 lot
& ref. 6s, 1913, Oct. 1911
Electrical Securities Corp., Pref. (quar.)_ _
134 Feb.
1 Holders of rec. Jan.27a
Hanford
&
B.
Co.,
Inc.,
30
Geo.
coupon on
$10,000
Empire District Elec., pref. (monthly)
20
Holders
of
rec. Dec.20a
34 Jan.
preferred.
$25 lot 5,000 Gila Copper Sulphide Co.,
I Holders of rec. Jan.17a
Fail River Gas Works (guar.) (No. 64)_
Feb.
350 Nat. Bank of Nor. Am _30H-30%
$10 each
Federal Sugar Refg., corn. (qu.)(No. 1).. 1H Jan. 29 Holders of rec. Jan.26a
1% Jan. 29 Holders of rec. Jan.26a
Preferred (quar.)
By Messrs. Francis Henshaw & Co., Boston:
134 Feb.
1 Holders of rec. Jan.20a
Ft. Worth Pow. & Lt., pref. (qu.)(No. 2)
5e
Feb. 1 Holders of rec. Dec.30a Shares.
General Chemical, common (extra)
$ per sh.iShares.
$ per sh.
300. Jan. 31 Holders of rec. Deo.30a 9 Bigelow Carpet
Goldfield Consolidated Mines (quar.)
170
1 Manchester dc Lawrence RR
_225
Extra
- - 200 Jan. 31 Holders of rec. Dec.30a 1 Everett Mills
150
29 Boston Wharf
108
134
.)__
THE CHRONICLE
JAN. 201912.]
DETAILED,RETURNS OF TRUST COMPANIES.
By Messrs. R. L. Day & Co., Boston:
$ per sh.
$ per sh. Shares.
Shares.
32 Dayton(0.)Pow. & Lt. Co.,com_ 24
15 Union Cot. Mfg. Co., Fall River_207
• 1283i 2 Regal Shoe Co., preferred.
96
40 Lyman Mills
5 Hood Rubber Co., preferred__ _ _135
5 Ntiumketig Steam Cotton Co_ __150
6 Concord & Portsmouth RR. Co _1.80 Y, 7 Waltham Watch Co., preferred _113
By Messrs. Barnes & Lofiand, Philadelphia:
Shares.
$ per sh.
1,063 Camden Iron Works, corn_ 10
1,640 Camden Iron Works, pre _ 25
$734 23 Cam. I. W., corn. scrip _.$75 13t
53 Shade Gap Rlt. Co., pref.
$50 each certf. of deposit_ 7
69 Shade Gap RR. Co., corn:
$50 each certf. of deposit_ 3
26 Rocklin' Iron & C. Co., pref.
$50 each certf. of deposit_ 65
595 Rockhill I. & C. Co., corn.
$50 each certf. of deposit_ 2 Vi
70
151 Florence Iron Works
7 Phila.Bourse,com.,$50 ea_ 4s%.5
2 Phila. Bourse, pref., $25 each 83
80
5 Millville Elec. Light Co_
5 Mexican Internat. SS. Co._55 lot
4 East Broad Top RR. Co., Pf.
$50 each certf. of deposit- 83•6
East B. T. RR. Co., corn.,
$50 each certf. of deposit_ 7%
200 Silica Alum.Paint Co.,$50 ea. 90c.
700 Inter-Urban Tel:T. News Co.,
$9 lot
$1 e,ich
50 Guarantee Tr. & S. D., Co _ _161 il,
10 Stand. Roller Bear. Co., corn. 9
1,200 Finley Acker Co., $1 each.. 1
10 Pratt Food Co., $1 each.... 3.90
30 North Bros. Mfg. Co.,$50 ea_127
5 Burlington Co. Trans. Co.,
28
$50 each
500 Goldf. Beim. Mg.Co.,61. ea.$235 lot
200 Copper King Mining Co.,
Arizona, $1 each
$3 lot
1,200 Black Hills Copper Co., S.D.,
- $1 each.
:34 lot
600 Mineral Bed Con. Mining Co.,
$10 each
$2 lot
30 Carroll Chainless Cycle Co.,
$50 each..$6 lot
166 Bank of Commerce
130-131
1 Central Nat. Bank
420
3 Farm. & Mech. Nat. Bk _141-141y,
5 Riverside (N. J.) Nat. Bank.165
5 Sixth Nat. Bank
200
50 Southwark Nat. Bank,$50 ea. 70
$ per sh.
Shares.
125
20 Textile National Bank
10 Tradesmen's National Bank_250
12 Central Tr.& Sav.Co.,$50 ea_ 803(
50 Continental T.&T.Co.,$25 pd. 473
9 Fidelity Trust Co_ _ _ _1030-1031
14 Penn.Co.for Ins.,&c.,&c.615-618
2 Real Estate Trust Co., prof 98%
8 Wayne Junction Tr.CO _ _110
40 West'End Trust Co......
28 Phila. & Darby Ry. Co_ _ 383i
2 West Phila. Pass. Ry. Co.._208
10 Camden Fire Ins. Assn., $5 ea. 13
35 Fire Assn. of Phila., $50 ea _345
12 Franklin Fire Ins. Co..525 ea. 51
11 Girard F. & Marine Ins. Co 280
10 People's Nat. Fire Ins. Co ,
26
$25 each
150
50 Ins. Co. of State of Pa
15 Phila. Life Ins. Co., $10 each 11N
15 Delaware Ins. Co., $10 each. 25
1.20
200 Riverside Traction Co
10 Girard Ave. Farmers' Market 35
3 Equit. Ilium. Gas, pref
1083145
3 Bank of Germantown
5 John B. Stetson Co., coin _ _440
58Yi Rts. to sub. to John B.Stetson Co. corn. at par...326.350
Per cent.
Bonds.
$11,000. City of Phila. 35, 1912.... 99
$10,000 Buff. & Lake Erie Traction
683i
Co. 5s, 1936
81,000 Springf. Wat. Co. 5s, 1926_100
$1,000 No.Springf.Wat. Co.5s,1928 100
$7,000 E. Broad Top RR. & Coal
67(-68
1st 4s, 1958
$6,000 E. Broad Top RR. & Coal
20
2d 4s, 1958
S9,000 Rocklin' Iron&C.1st 98,1958 67
$2,000 Rocith. l&C.2(1 incomes,'38 16
$3,500 Shade Gap RR. Co. 1st 98,
67-68
1958
$36,000 Camd. I.Wks.lst Gs, 1913_ 99
$88,000 Camden Iron Works ref. 5s
60
(w. I.), 1929
By Messrs. Samuel T. Freeman & Co., Philadelphia:
$ per sh.
Shares.
25 Ardmore & Llanerch St. Ity__ _ _ Si
68
3 East Pennsy. RR.guar
430
7 Philadelphia Nat. Bank
31
20 People's Nat. Fire Ins. Co
5 Rittenhouse Trust Co
523-i
Per cent
Bonds.
32,000 Atl.City Gas Co. 1st 58,1960 92%
$4,000 City of Philadel. Is, 1915... 96%
$1,000 Sprgfd. Wat. Co. 5s, 1926..100
$1,000 No. Sprgfd. Wat.Co.5s,1928 100
Statement of New York City Clearing-House Banks and
Trust Companies.-The detailed statement below shows the
condition of the New York City Clearing-House members
for the week ending Jan. 13. The figures for the separate
banks are the averages of the daily results. In the case of
the totals, actual figures at the end of the week are also given.
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, p. 836, in the case of the
banks, and V. 92, p. 1607, in the case of the trust companies.
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
003 omitted.
Capital. Surplus.
Loans.
Average.
$
20,183,0
37,400,0
20,355,0
57,952,0
28,795,0
182,281,0
27,259,0
7,047,0
7 314.0
2 486 0
10,011,0
39,972,0
117,945,0
11,583,0
3,867,0
15,995,0
2,424,0
75,177,0
23,785,0
11,602,0
9,367,0
12.768,0
55,836,0
24,820,0
89.764.0
1,823.0
34,309,0
14,475,0
113,277,0
27,260,0
3,471,0
8,387,0
4,282.0
104,967.0
15,204,0
3,451,0
6,418,0
16,991,0
9,448,0
3,577.0
13,821,0
4,775,0
28,788,0
21.821,0
9,775,0
21,173,0
14 175 0
6,638 0
10.243,0
7,830.0
%
1376,284,0 306,841,0 86,489,0 1429,979,0 27.5
Circulation.-On the basis of averages, circulation of oat onal banks in the Clearing
House amounted to $50,836,000, and according to actual figures was $50,824,000.
Net
On Dep.
Surplus Loans. Specie. Legals. with C.H Deposits. Resene.
Average. Average. Average. Banks. Average.
$
Manhattan _ _ 2,252,1
Brooklyn __ __ 2,414,7
Bankers'
13,518,4
U.S.Mtge.&Tr. 4,502,2
1,139.4
Astor
Title Guar.&Tr 11,714,4
22,888,1
Guaranty.
Fidelity _ __ _ 1,283,4
LawyersT.I.&T
- 6.171,5
Columbia
1,893,6
1.411,2
Standard __
1,696,7
People's
New York__ 11,572,3
Franklin
1,360,8
Lincoln
550,1
6,122,3
Metropolitan
Totals, Avge
•3
$
$
$
$
%
18,914,0 2,029,0
100,0 1.814,0 14,121,0 15.0+11.3
16,257,0 1,656,0
414,0 4,003,0 12,483,0 16.5+24.1
115,848,0 13,894,0
656,0 11,766,0 97,066.0 15.0-1-10.8
38,109,0 3,670,0
461,0 5,251,0 27,410,0 15.0+15.1
16.582.0 1,727,0
309,0 1,741,0 13,202,0 15.4+10.3
36,551,0 1,885.0 1,423,0 2,419,0 21,549,0 15.3+10.0
148,274,0 15,241,0 1,372,0 39,541,0 93,250,0 17.8+29.8
7,185,0 , 699,0
239,0
727,0 5,295,017.7+11.4
18,661,0 '1,541,0
670,0 1,645,0 13,720,0 16.1+10.6
16,884.0 1,731,0
100,0 1,627,0 12,005,0 15.2+11.8
15,175,0 1,991,0
40,0 1,959,0 13,181,0 15.4+12.9
16,070,0 1,644,0
575,0 2,257,0 14,658,0 15.1+13.2
45,384,0 4,664,0
133,0 3,312,0 29,671,0 16.1+10.0
10.352,0 1,074,0
279,0
918,0 8,599,0 15.7+10.0
10,078,0 1,157,0
215,0
979,0 9,154,0 15.0+10.0
24,438,0 2.559,0
14,0 2,332,0 16,996,0 15.1+12.0
90,491,2 554,762,0 57,162,0 7,000,0 82,291,0 402,360,0 15.9+16.9
Actual figures Jan. 13 555,563,0 51.539,0 7,074,0 87,325,0 396,653,0 14.7+18.1
The capital of the trust companies is as fol ows: Manhattan, $1,000,000, Brooklyn;
$1,000,000; Bankers, $5,000,000; U. S. Mtg. & Trust, $2,000,000; Astor, $1,250,000; Title Guarantee & Trust, $4,375,000 Guaranty, $5,000,000; Fidelity, $1,000,000; Lawyers' Title Ins. & Trust, $4,000,000; Columbia, $1,000,000; Standard,
$1,000,000; People's, $1,000,000; New York, 53.000,000; Franklin, $1,000,000
Lincoln, $1,000,000; Metropolitan, $2,000,000; total, $34,625,000.
SUMMARY COVERING BOTH BANKS AND.TRUST COMPANIES.
Week
ending
Jan. 13
Capital. Surplus.
Loans
Specie.
On Dep.
Legal with C.H.
Net
Tenders. Ban/es. Deposits.
Averages.
$
s
$
$
s
$
$
Banks
135,150,0 198,340,6 1,365,275,0292,537.0 83,305,0
1,402,367,0
Trust cos_ 34,625,0 90,491,2 554,762,0 57,162,0 7,000,0 82,291,0 402,350,0
Total __ 169,775,0288,831,8 1,920,037,0,349,699,0 90,305,0 82,291,0 1.804,727,0
Actual.
Banks
1,376,284,01306,841,0 86,489,0
1,429,979,0
Trust cos_
555,563,01 51,539,0 7,074,0 87,325,0 396,653.0
Total
1,931,847,0358,380.0 03,563,0 87,325,01,826.632,0
1
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following.
For definitions and rules under which the various items
are made up, see "Chronicle," V. 86, p. 316.
STATE BANKS AND TRUST COMPANIES.-
Week ended Jan.. 13
Surplus as of Sept. 29....
Loans and investments__
Change from last week_
Trust Cos.
Slate Banks
Trust Cos.
State Banks
in
in .
outside of
outside of
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. V.
$
22,771,000
$
61,956,000
$
9,417,974
38,568,700
174,752,800
11,456,214
11,378,230
287,894,700 1,095,716,800
+706,200 +4,473,400
103.865,300
-310,300
158,790,100
+88.400
$
9,525,000
25.8
52.876,000 118,659,100
•
24.6 Specie
Change from last week_
+169,600 -1,617,100
26.0
28.5
22,537,500
11,519,900
25.9 Legal-tenders & bk. notes
-275,800
+147,000
Change from last week_
27.2
28.2
341,530,500 1,213,879.600 110.221,900 168,736,800
25.7 Deposits ...
27.2
Change from last week_ +2,696,000 +22,877,600
-815,000
+105,600
26.0
21,714,500
96,220,100 138,637,000
24,936,000
25.6 Reserve on deposits
Change from last week_
-103,000
25.6
+811,500 -1,934,900
+275,600
27.4
15.8%
26.6 P.C. reserve to deposits
29.0%
16.9%
20.9%
26.9
Percentage last week..
28.9%
16.9%
20.9%
15.7%.
25.6
24.6
+
Increase
over
last
week.
Decrease
from
last
week.
26.1
26.4
Note.
includes all undivided profits. "Reserve on deposits" includes,
27.0 for both-"Surplus"
trust companies and State banks, not only cash items but amounts due
27.6 from reserve agents. Trust
companies in New York State are required by law to
26.4 keep a
reserve proportionate to their deposits, the ratio varying according to lo24.8 cation, as
shown below. The percentage of reserve required is computed on the
25.5 aggregate of deposits, exclusive of moneys
held in trust and not payable within
26.4 thirty days, and also exclusive of time deposits
not payable within thirty days,
26.1 represented by certificates, and also exclusive of
deposits secured by bonds or
28.4 obligations of the State or City of New York, and exclusive of
an amount equal to
25.5 the market value (not exceeding par) of bonds or obligations of the
State or City
25.9 of New York owned by the bank or held in trust for it by any public department.
25.9 The State banks are likewise required to keep a reserve varying according to loca25.4 tion, the reserve being computed on the'whole amount of deposits exclusive of time
25.0 deposits not payable within thirty days, represented by certificates (according
32.3 to the amendment 01 1010). and exclusive of deposits secured (according to amend29.5 ment 01 1911) by bonds or obligations of the City or State of New York, and ex25.4 clusive of an amount equal to the market value (not exceeding par) of bonds or
26.9 obligations of the State or City of New York owned by the company or held in trust
24.4 for it by any public department.
27.7
-Trust Cos.-Stale Banks29.4 Reserve Required for Trust Companies
Total
Of
Total
Of
26.1
Reserve
which Reserve
and Stale Banks.
which
26.5
Required. in Cash. Required. in Cash.
Location25.5
15%
Borough
15%
25%
15%
27.5 Manhattan
10%
Borough (without branches in Bfanhat.) 15%
20%
10%
30.1 Brooklyn
,in Manhattan) 15%
10%
Other Boroughs (without branche
15%
7%
25.1 Brooklyn Borough, with branches in Manhattan 15%
15%
20%
20%
23.4 Other Boroughs, with branches in Manhattan_
15%
15%
15%
15%
26.0 Elsewhere In State
10%
5%
15%
6%
25.1
25.1
25.6
The Banking Department alsa undertakes to present sepa-
Totals, Avge.... 135,150,0 198,340,6 1365,275,0 292,537,0 83,305,0 1402,367,0 26.8
Actual figures Jan. 13_
Trust Cos.
00s omitted.
Capital as of Sept. 29 _ __
Specie. Legals. Net Depos- ReAverage. Average. its, Aver. serve.
s
$
s
$
3
922,0
Bank of N. Y. 2,000.0 3,774,7 21,869,0 4,297,0
Manhattan Co. 2,050,0 4,697,1 33,200,0 7,773,0 1,427,0
Merchants' _ __
2,000,0 1,970,4 19 932,0 3,162,0 2,144,0
Mech.& Metals 6,000,0 8,382,4 56,698,0 14,081,0 2,483,0
America
1,500,0 6,208,4 27,780,0 5,458,0 2,027,0
City
25,000,0 26,668,4 184,669,0 43,721,0 5,867,0
Chemical _
3,000,0 6,920,4 28,869,0 5,737,0 1,963,0
Merchants' Ex
235,0
600,0
6,883,0 1,581,0
607,0
Gallatin
1,000,0 2,518,0
8,900.0 1,398,0
592,0
Butch.&Drov_
300.0
147,1
2,212,0
564,2
84 0
Greenwich_
500 0
898 4
200,0
8 694.0 2.368,0
Am. Exchange 5,000,0 4,474,2 41,138,0 6,419,0 3,822.0
Commerce__ 25,000,0 15,893,4 139,362 0 23 647,0 8,736,0
3,000,0 2,754,4 14,541,0 2,154,0
935,0
Mercantile
500,0
461,0
912,3
4,137,0
582,0
Pacific
15,943,0 2,614,0 1,480,0
Chat.& Phenix 2,250,0 1,232,1
448,0
150,0
1,914,0
200,0
463.6
People's
3.000,0 12,952.4 67,937,0 13,840,0 5,793,0
Hanover
627,0
2,550,0 1,914,6 23,959,0 5,664,0
Citizens' Cent_
981.0
9,696,0 2,158,0
628,9
500,0
Nassau
0,215,0 1,482,0 1,112,0
Market & Full 1,000,0 1,808,5
247,0
2,000,0 1,645,6 12.146,0 3,127,0
Metropolitan _
Corn Exchange 3,000,0 5,494,2 47,722,0 7,982,0 5,876,0
Imp.& Traders 1,500,0 7,690,2 26,899,0 4,308,0 2,038,0
Park
5,000,0 12,990,0 84.645,0 21.791,0 1,987,0
1,508,0
369,0
108,0
96,7
East River_ _
250,0
Fourth
5,000.0 5,845,2 31,464,0 6,368,0 3,381,0
Second
137,0
1,000,0 2,329,4 14,538,0 3,560,0
First
10,000,0 21,984,4 118,869,0 25,243,0 4,162,0
Irving Exch_ 2,000,0 1,963 9 25 213 0 5 2900 1 783 0
Bowery _
250,0
3,335,0
827,0
56,0
803,6
N. Y. County.
699,0
500,0 1,781.0
8,188,0 1,399,0
German-Amer.
750,0
225,0
732.9
4,096,0 1,161,0
Chase
5,000,0 8,704,5 88,768,0 23,835,0 6,661,0
Fifth Avenue_
100,0 , 2,159,5 13,433,0 2,847,0 1,029,0
German Exch.
200,0
887,9
3,442,0
431,0
500,0
Germania __ _ _
200,0 1,012,9
5,526,0 1,416.0
154,0
Lincoln
1,000,0 1,663.6 15,616,0 2,787.0 1,936,0
1,000,0 1,252,6
Garfield
8,781,0 2,231,0
546,0
250,0
Fifth
538,6
3,472,0
432,0
503,0
1,000,0 2,155,8 13,171,0 2,177,0 1.490,0
Metropolis _ _
200,0 1,068,3
4,218,0
West Side_ _
965,0
255,0
1,000.0 2,103,9 23,910.0 5.621,0 2,313.0
Seaboard_ _
1,000,0 2,770.6 19.450,0 5,293,0 1,289,0
Liberty
801,6
1,000,0
8,310,0 2,035,0
N. Y. Prod.Ex
427,0
970,9 16,110,0 5,038.0
1,000,0
359,0
State
478,4 10,420 0 2 642 0 1 056 0
1,000.0
Security
6,473,0 1,145.0
464,0
1,000,0
Coal & Iron
523,0
9,934,0 1,360,0 1,222,0
998,6
1 000,0
Union Exch._
8,070,0 1,709,0
Nassau, Bklyn
1,000 0 1,065,1
302,0
187
rate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-
188
THE CHRONICLE
[VOL. LXXXXIT.
House banks and trust companies. In addition, we have
Boston and Philadelphia Banks.-Below is a summary of
combined each corresponding item in the two statements, the weekly totals of the Clearing-House banks of Boston
thus affording an aggregate for the whole of the banks and and Philadelphia:
trust companies in the Greater New York.
We omit two ciphers (00) in ail these liourcs.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended Jan. 13-
)Nat. Banksl
Dec. 5 and y
State Banks1
Surplus J Dec. 21_ _ J
Capital
Clear -House Clear.-Ilouse State Banks h Total of all
Members.
Members. Trust Cos. not Banks &Trust
ActuetlFigures
A verage. in C.-II. Aver. Cos. Average.
100,775,000
169,775,000
34,652,000
204,427,000
288,831,800
288,830,800
93,130,300
381,961,100
Loans and investments 1,931,847,000 1,920,037,000
Change from last week +38,126,000 +39,982,000
611,940,600 2,531,083,600
-988,700 +38,993,300
Deposits
1,826,632,000 1,804,727,000
Change from last week +60,314,000 +46,298,000
a811,572,800 2,416,299.800
-1,281,900 +45,016,100
Specie
358,380,000
Change from last week +16,782,000
349,699,000
+14,438,000
67,898,300
-317,700
417,597,300
+14,120,300
Legal tenders
Change from last wee
93,563,000
+6,568,000
90,305,000
+3,035,000
831,098,700
+67,100
101,403,700
+3,102,100
Banks: cash in vault _ _
Ratio to deposits_ _
393.330,000
27.50%
375,842,000
26.80%
12,178,200
14.05%
388,020,200
Trust cos.; cash in vault
53,013,000
64,162,000
60,818,800
130,980,800
Aggr'te money holdings 451,943.000
Change from last week +22,350,000
440,004,000
+17,473,000
78,997,000
-250,600
519,001,000
+17,222,400
Money on deposit with
87,325,000
other bks. & trust cos.
Change from last week +13,169,000
82,291,000
+21,013,000
20,677,400
+300,100
102,968,400
+21,313,100
639,268,000
Total reserve
Change from last week +35,519,000
622.295,000
+38,486,000
99,674,400
+49,500
621.969,400
+38,535,500
35,835,250
def.884.950
25,250.250
3,808,000
Total
Change from last week
34,950,300
+7,711.200
29,058,250
+5,332,600
% of cash reserves of tr ust eosCash in vault
14.77%
18.14%
Cash on dep. with bks.
15.94%
16.97%
15.53%
1.23%
32.91%
32.91%
16.76%
Total
We mit ii.. cipla87$ in all these firms.
Loans and
Investments.
Deposits.
1118._
25._
2. _
9_
16._
23_
30._
6...
$
2,524,634,5
2.518,727,7
2,517,982,1
2,510,340,4
2,480,178,0
2,460,317.7
2,473,850,8
2,481,588.2
2.492,990,3
1.1
., n/1 022 A
'Specie.
Legals.
$
2,370,207,5
2,375,438,3
2,462,329,5
2,346,988,2
2,310.182,6
2,291,456,7
2,319,737,2
2,337,100,4
2,371,283,7
$
398,091,6
398,222,3
391,111.7
380,755,5
372,527,8
377,972,5
382,221,8
389,565,5
403,477,0
$
93,208,6
93,756,3
92,911,6
92,208,3
92,405,5
95,485,4
94,909,7
95,746,3
98,301,6
9 AlA 900 2
517 na7 '1
1151 An/ 7
Tot. Money Entire Res.
Holdings. on Deposit.
$
$
491,300,2 565,413,1
491,978,6 568,571,4
484,023,3 560,301,6
472,963,8 546,531,7
465.033,3 535,306,4
473,457,9 543,718.6
477,131,5 548,801,5
485,311,8 561,446,3
501,778,6 '583,433,9
nla 0151 n
nol nan A
Reports of Clearing Non-Member Banks.-The following is
the statement of condition of the clearing non-member banks
for the week ending Jan. 13, based on average daily results:
We emit two ciphers(00) in all these figures.
Carttat.
Surplus.
Loans,
Legal
On
Disc'ts
Tender Deposit
and
Specie. and
with
Net
InvestBank C.-H. Deposits.
ments.
Notes. Banks,
New York City.
Manhattan h Bronx.
Aetna National
300,0
317,4 2,168,0
Washington Heights_ 100,0
307,7 1,359,0
Battery Park Nat
200,0
142,0 1,374,0
Century
250,0
111,5 1,554,0
Colonial
400,0
477,6 6,144,0
Columbia
300,0
817.6 7,263,0
200,0
167,4 1,078,0
Fidelity
Gotham National__ _ 200,0
123,7 1,216,0
Jefferson
529,5 3,643,0
500,0
Mount Morris
345,3 2,530,0
250,0
Mutual
400,8 3,304,0
200,0
New Netherland
200,0
280,0 2,606,0
Twenty-third Ward_ _ 200,0
100,4 1,836,0
Yorkville
100,0
531,9 4,217,0
Brooklyn.
Broadway
200,0
545,7 3,006,0
First National
300,0
670,8 3,724,0
Manufacturers' Nat - 252,0
892,4 5,542,0
Mechanics'
1,000,0
898,2 10.367,0
National City
300,0
595,1 4,029,0
North Side
200,0
168,7 2,003,0
Jersey City.
First National
400,0 1,306,6 4,839,
Hudson County Nat_ 250,0
790,5 3,402,0
Third National
200,0
416,4 2,032.
Hoboken.
First National
220,0
646,0 3,784,
Second National
125,0
280,2 3,070,
k Totals Jan. 13
y Totals Jan 6
'Totals Dee.30
32,0
482,0
139,0
61,0
51,0
163,0
37,0 244,0
714,1) 429.0
782,0 688,0
39,0 116,0
382,0
7,0
345,0 447,0
33.0
451.0
17,0 645,0
266,0
88,0
259,0 108,0
58,0 740,0
142,0
230,0
361,0
117,0
935,0
731,0
363,0
118,0
884.0
305.0
525,0
328,0
270,0
586,0
2,113,0
1,144,0
1,506,0
1,604,0
7,308,0
8.441,0
1,010,0
1,313,0
4,382,0
2.849,0
3,629,0
2,221,0
2,049,0
4,717,0
395,0 202,0
422,0 3,026,0
274,0
70,0
496,0 2,980,0
047,0 235,0
787,0 5,173,0
384,0 1,583,0 1,732,0 12,316,0
520,0 138,0
705,0 4,138,0
194,0
88,0
276,0 4,010,0
339,0
252,0
125,0
217,
195,0
494,0 2,325,0
120,0
379,0
161,0
487,0
4,115,0
2,183.0
1,739,0
348,0
350,0
1,774,0
1,395,0
60,0
59,
6,847.0 11,869,4 38,095, 7.785,0 6,899,0 14,208,0 85,135,0
6,847,0 11,869,4 85,925,0 7,609,0 6,894,0 14,659,0 84,510,0
6.847.0 11.704,7 85.710.0 7.595.0 7.035.0 12,332,0 85,223,0
77,114,0
77,696,0
72,180,0
71,051,0
71,250,0
73,094,0
88,596.0
91,491.0
Clearings
$
$
7,231.0 166,210,6
7,450,0 154,505,3
7,431,0 168,896,5
7,523,0 182,165,1
7,022,0 172,584,1
7,732,0 132.649,7
7,746,0212,145,9
7,733,0 185,065,3
329,408,0 15,433,0 148,315,8
331,372,0 15,470,0 163,960,7
322,509,0 15,481,0 161,854,9
319,162,0 15,467,0 151,732,5
318,161,0 15,481,0 158,542,3
321,014,0 15,500,0 140,759,8
376,055,0 15,474,0 179,321,1
383,010,0 15,432,0 152,890,8
a Includes Government deposits and the item "due too other banks." At Boston
Government deposits amounted to 53.225,000 on January 13, against 63,215,000
on January 6.
U The totals now include figures for the Land Title de Trust Co., Real Fstate
T. I. & T. Co., Girard Trust Co and West Philadelphia
& T. Co. Tim inclusion
of these companies added 320.253,200 to capital and surplus; $56,540,000 to loans;
310,641,000 to specie and legals and $50,112,000 to deposits.
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Jan. 13; also
totals since the beginning of the first week in January.
FOREIGN IMPORTS AT NEW YORK.
1912.
1911.
62.473 891
10,448.276
11110.
$3,411,708
12,773,752
1009.
82,982,456
0,003.882
33.381,795
12,322,298
212,922,167 $16,185,520 812,886,838 $15,704,092
86,347,964
24,601.205
Total 2 weeks
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Banks.
60,105,0 271,076,0
60,105,0 272,090,0
60,105,0271,275,0
60,105,0 268,724.0
60,105,0 266,460,1
60,105,0 266,329,0
80,623,2 321,770,0
80,623,2 337,976,0
Total
Since January 1.
Dry goods _
General merchandise
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York outside of the
Clearing House, compare as follows for a series of weeks past:
Specie. Legate. Deposits. CirCUa
lation.
$
$
$
$
$
41.350,0 234,151,0 27,958,0 4,644,0 286,651.0
41,350,0 232,750.0 26,440,0 4,271,0 282,057,0
41,350.0 228,621.0 26,194,0 1,539,0 274,320,0
41,350,0 223,800,0 26,497,0 4,426,0 272,147,0
41,350,0 219,681,0 26.166,1) 4,120,0 264,493,0
41,350,0 218,368.0 25,279,0 4,427,0 260,597,0
41,575,0 218.114,0 26.151,0 4,567,0 274,374,0
41,575,0 214,572,0 28,718,0 4,521,0 273,003,0
Dry goods
General merchandise
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the Item "Due from reserve depositories
and other banks and trust companies in New York City": with this item Included,
deposits amounted to $689,192,200, a decrease of 31.082,300 from last week. In
Ike case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
,...,..
Boston.
Nov.25
Dec 2
Dec. 9
Dec. 16
Dec. 23
Dec. 30
Jan. 6
Jan. 13
Philadelphia.
Nov.25
Dec. 2
Dec. 9
Dee. 16
Dec.23
Dec. 30
'Jan. 6
Jan. 13
_
For week.
Swifts CASH reserve
Banks (above 25%)- Trust cos.(above15%)
Week
Ended.
•
Capital
and
Loans.
Surplus.
Banks.
86,783,998
24,320,195
86,279,380
26,124,167
$7,359,084
23,689,432
$30,940,169 $21,105,193 031,403,547 231,048,517
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Jan. 13 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
For week.
1912.
1911.
1910.
1909.
For the week
Previously reported
217,669.105 $16,273,718 $14,774,887 $15,442,553
20,273,797 19,158,892 10,078,871
10,950,993
Total 2 weeks
$37,942,902 $32,432,011 224,853,758 226,393,538
The following table shows the exports and imports of
specie at the port of New York for the week ending Jan. 13
and since Jan. 1 1912, and for the corresponding periods in
1911 and 1910:
EXPORTS AND IMPORTS OF SPEOLIII AT NEW YORK,
Imparts.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Since Jan.1
$12,4
31,322,14
95,16
808,5
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$12,200
$712,971
149,598
58,1)39
$6,270
714,893
201,869
72,512
$1,321,947
605,170
1,309,500
$921,508
165,749
100,441
$905,550
398,405
163,677
6291,261
138,063
22,678
2,524
4,554
113
373,677
195,867
24,983
$452,902
115,182
211,293
$601,713
327,754
225,181
$318,563
100,00
1,37
Total 1912
Total 1911
Total 1910..
Since Jan.1
1,309,747
1,301,747
Total 1912
Total 1911
Total 1910
Week.
$980,133
1,384,291
727,711
2318,563
60,000
1,170
0809,733
2,178,279
1,629,522
Of the above imports for the week In 1912,
were
American silver coin.
American gold coin and
Xaniting and ,inanciaL
Railroad and Industrial Stocks
Write for our Circular No. 614, entitled "Railroad and Industrial
Stocks." which describes 126 issues listed on the New York Stock
Exchange, and classified by us as follows: Investment Stocks, SemiInvestment Stocks, Speculative Stocks.
Spencer Trask & Co.
43 EXCHANUE PLACE.-- NEW YORK,
Boston. Mass.
Chicago, III.
Albany, N. Y.
Members Now York Steak
xchange.
White, Weld & Co.
Bonds and Immisteat Secarities
$ NASSAU STRNHT,
TNN ROOKERY:
NOW YORK
CHICAGO
THE CHRONICLE
JAN. 20 19)2]
milkerst
189
United States Bonds.-Sales of Government bonds at the
Board include $15,000 4s coup. at 11334, $1,000 3s coup. at
102 and $4,000 Panama 3s at 101111 to 101%. Closing
prices have been as follows; for yearly range see third page
Wall Street, Friday Night, Jan. 19 1912.
The Money Market and Financial Situation.-Activity and following.
a sharp advance in two entirely distinct groups of securities
Interest Jan, Jan. Jan. Jan. Jan. Jan.
sonstitute practically the only matters of interest at the
Periods
13
15
17
18
16
19
Stock Exchange this week. Without this movement both 25,
registered Q-Jan *100 *100
1930
100
*100
*100
*100
the volume of business and the fluctuations in values would 2s, 1930
coupon Q-Jan •100 *100
100 *100 *100 *100
registered Q-Feb .10154 *10134 10134 *1013.1 *10134 '10134
have been exceptionally limited. We refer to the anthra- 3s, 1908-18
3s, 1908-18
coupon Q-Feb *10134 102
10134 *10131 *1013.4 •1013'4
cite coal stocks and the new American Tobacco issues, of 4s, 1025
registered Q-Feb *113 *113 *113 *113 *113 *113
coupon Q-Feb •11334 "11334 11334 *11334 *11334 *1134
which mention more or less in detail is made below in our re- 4s, 1925
2s, 1936.Panama Canal regis Q-Feb *100 *100
100
100 *100 *100
view of the bond and stock markets.
3s, 1961_panama Canal coup Q-Mch 10134 •10134 *1013.4 *10134 10134 •101%
A somewhat persistent detnand for a few specific bond is*This is the price bid at the morn ng board; no sale was made.
sues has given to this department the appearance of activity,
Railroad and Miscellaneous Stocks.-Except in the case
but with these exceptions the bond market at the Exchange
a few issues, the stock market has been unusually dull and
has also been dull and featureless. The presumption is, of
narrow throughout the week. Transactions at the Extherefore, that the public is not in the market, at least not change
steadily diminished from a little over 400,000 shares
to any appreciable extent. Another interesting feature of
on Monday to about 240,000 on Thursday,and in most cases
the situation is a further accumulation of funds at this centre fluctuations
were unimportant. To-day's market was,
and still lower interest rates than any recently quoted. In
view of these money market conditions, the announcement however, more active, nearly 420,000 shares were traded in,
of a new $125,000,000 loan by the German Government has and decided strength in several issues stimulated firmness-in
attracted attention. 'Ibis loan will perhaps be taken by the the entire list.
Among the exceptional features Central of New Jersey
German banks, and if so it seems highly probable that these
banks will not be urgent to liquidate the New York loans was conspicuous for an advance from 305 last week to 340.
At the same time Delaware & Hudson' moved up nearly
maturing there in the neat future.
The open market rate for call loans on the Stock Exchange 5 points and Lehigh Valley, Reading, Northern Pacific
during the week on stock and bond collaterals has ranged and Great Northern were notably strong features.
American Tobacco and the new companies auxiliary
% to 23/9%. To-day's rates on call were
from 13
Commercial paper quoted at 33'2@4% for 60 to 90-day thereto have also been conspicuous. Liggett & Myers
endorsements and for prime 4 to 6 months' single names, common advanced 263/9 points and the preferred 73/9 points
while the P. Lorillard issues moved up 15 and 7% respecand 43i% for good single names.
The Bank of England weekly statement on Thursday tively. Western Union has been in demand and advanced
showed an increase in bullion of £1,258,845 and the percent- nearly 3 points.
For daily volume of business see page 197.
age of reserve to liabilities was 48.94, against 46.97 last week.
The following sales have occurred this week of shares not
The rate of discount remains unchanged at 4%, as fixed
Sept. 21. The Bank of France shows an increase of 3,300,000 represented in our detailed list on the pages which follow:
francs gold and 2,825,000 francs silver.
STOCKS.
Sales
Range for Week.
Range for Year 1911'
azettt.
•••.- •
IWeek ending Jan. 19.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1912.
Averages for
week ending
Jan. 13.
Capital
Surplus
Loans and discounts_
Circulation
Net deposits
Specie
Legal tenders.....
Reserve held
25% of deposits
Surplus reserve.....
Differences
from
pretiOUS week.
1911.
Averages for
week ending
Jan. 14.
1910.
Averages for
week ending
Jan. 15.
135.150,000
133,350,000 127.350,000
198,340,600
196,761,500 180,024,400
1,365,275,000
34,912,000 1,219,924,800 1,190,259,000
50,836,000 Dee.
51,950,800
47,315,900
150,000
1,402,361,000 hie. 51,957,000 1,214,953,400 1,190,694,000
292,537.009 Inc. 14,964,000 257,804,100 245,851.000
83,305,000 Inc. 2,979,000
73,828,100
73,332,500
375,842,000 Ins. 17,943,000
350,591,750 Ins. 12,989,250
331,136,600
303,738,350
319,679,100
297,673,500
25,250,250 Inc. 4,953,750
27,398,250
22,005,600
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. These
figures, together with the returns of the separate banks and trust companies, also
the summary Issued by the State Banking Department giving the condition of
State banks and trust companies not reporting to the Clearing House, appear on
the second page preceding.
Sterling Exchange.-Aside from a sharp upward reaction
on Monday, the market eased off until to-day, when the market again displayed firmness.
To-day's (Friday's) nominal rates for sterling exchange were 4 84 h for
60 days and 4 87 yi for sight. To-day's actual rates for sterling exchange
were 4 8360@4 8370 for •60 days, 47®4 8710 for cheques and 4 8745®
4 8755 for cables. Commercial on banks 4 82@4 83 g and documents for
Payment 4 82 g ®4 83 g. Cotton for payment 4 83@4 833. and grain for
payment 4 83 g ®4 84,
The posted rates for sterling, as quoted by a representative house, ruled
throughout the week at 4 34 74 for 60 'lays and 4 88 for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 20%
6 20 less 1-16 for long and 5 IS g less 1-16®5 183.1 less 1-32 for short.
Germany bankers' marks were 94 3-45 94 9-16 for long and 95 1-16 less 1-32
01)95 1-16 for short. Amsterdam bankers' guilders were 40 5-16 less 3-32®
40 5-16 less 1-16 for short.
Exchange at Paris on London, 26f. 24 go.; week's range, 25f. 24 go. high
and 25f. 203c. low.
Exchange at Berlin on London, 20m. 50 hpf.; week's range, 20m. 51pf.
nigh and 201n. 49 gpf. low.
The range for foreign exchange for the week follows:
Cables.
Sterling, ActualSixty Days.
Cheques.
High for the week__ _4 84
4 8750
4 8710
Low for the week....4 83 g
4 8710
4 8680
Parts Bankers' FrancsHigh for the Nveek__ _5 20 less 1-16
5 1734 less 1-16 5 16N less 1-16
Low for the week_ _5 20 g less 1-16 6 183-4 less 1-16 5 1734 less 1-32
Germany Bankers' MarksHigh for the week.... 94 9-16
95 1-16
95
Low for the week__ 94 7-16
95 less 1-32
95 1-16
Amsterdam Bankers' Guilders-High for the week___40.06
40.31
40.37
Low for the week__ -40.03
40.27
40.33
Domestic Exchange.-The following are the rates for domestic exchange
on the under-mentioned cities at the close of the week: Chicago, 20c. per
$1,000 premium; Boston, par; Charleston, Par for buying and 1-10%
premium for selling; New Orleans, 25c. discount per $1,000 for commercial
and bank $1 premium; St. Louis, 300. per $1,000 premium bid and 35c.
asked: Montreal, 31 go. per 11,000 premium; San Francisco, 600. per $1,000
premium.
State and Railroad Bonds.-Sales of State bonds at the
Board include $551,000 New York canal 4s, 1961, at 102 to
102%; $51,000 New York 4s, 1961, at 1023/9, and $25,000
Virginia 6s deferred trust receipts at 46%.
The market for railway and Industrial bonds has shown
increasing activity, the transactions having increased about
A million dollars daily. This is due, however, to a more active
demand for a few issues and not to a broadening of the-general market.
/or
Week
Lowest.
Amer Brake Sho & Fdy_
100 024 Jan
Preferred
200 131% Jan
American Snuff, pref.._ 2,402 102g Jan
Amer Teleg & Cable..._.
10 77 Jan
Assets Realization ..... 150 107 Jan
Batopilas Mining _.....
200 $154 Jan
Buffalo Roch & Pittab
100 105 Jan
Canadian Pacific rights. 7.200 7% Jan
Cent & Sou Amer Teleg.
47 118 Jan
E I du Pont Powd, pref.
12 90% Jan
General Chemical
100 13154 Jan
Preferred
100 1084 Jan
Green Bay & Western
100 85 Jan
Keokuk & Des 61, pref..
24 40 Jan
Lackawanna Steel
100 303.4 Jan
New York Dock
100 21 Jan
Nor Ohio Trac & Light
200 5734 Jan
Quicksilver Mining rf
100 4 Jan
Rutland, preferred
320 50 Jan
Sears, Roebuck & Co_
400 140 Jan
Preferred
100 123 Jan
So Porto Rico Sug, pref
10 110 Jan
Standard Milling
200 163( Jan
Texan Company (The)._
400 81 Jan
Texas Pao Land Trust._
300 90 Jan
Twin City R T, pref
10 145 Jan
Union Bag de Paper__ _ _
100 434 Jan
United Cigar Mfrs, pref_
50 105 Jan
United Dry Goods_
100 100 Jan
Preferred
335 105 Jan
Virginia Iron, C &
100 74 Jan
315 15 Jan
Vulcan Detinniug
PrefPrmd
290 7474 Jan
Hishest.
19 9234 Jan
1813234 Jan
16109g Jan
18 77 Jan
1 107 Jan
1 Sig Jan
1.105 Jan
13 834 Jan
18120 Jan
19 90% Jan
19131% Jan
1910834 Jan
1 85 Jan
17 40 Jan
1 3034 Jan
18 21 Jan
1 5734 Jan
19 4 Jan
17 5434 Jan
15 140g Jan
19 123 Jan
19110 Jan
19 1634 Jan
11 81 Jan
1 90 Jan
13 145 Jan
13 49‘ Jan
1,105 Jan
19100 Jan
1110534 Jan
18 74 Jan
17 183 Jan
17 75 Jan
Lowest.
Highest.
Sept 97
19 87
Feb
1 12254 Oct 138
Feb
1, 96
Dee
Aug 105
1 78
July 8534 Jan
1 1063.4 Dec 108
Dee
1 flu Aug $2% Jan
1 100 Sept 126
Feb
1
8
Dec 834 Des
19 113
Sept 122
Mob
19 82
Jan 97
May
100
Jan 135
Feb
19 10334 Jan 108
Apr
1
17 3534 Mob 42
May
1 30 Sept 48
Apr
Feb
2434 June 25
39% Jan 555( Nov
19 2% June 554 Nov
Feb 45
19 40
Des
15 12534 Sept 192
Feb
19 11934 Jan 122
Meta
114 110
Feb 113
Jan
13 15
Aug 1734 June
17 7434 Nov 136% Feb
1 84
Sept 92
Jan
13
13 454 Dec 9
Feb
10034 Sept 106% Oct
19 9734 Sept 108 June
10034 Sept 107% July
62
Jan 97
July
13 June 16
July
50
Jan 70 June
Outside Market.-Speculation in the "curb" market this
week was more active and extended to all departments. Tobacco issues received the most attention, more particularly
British Amer. Tobacco, which sold up from 163i to 18,
reacted to 1674 and closed to-day at 173. Amer. Tobacco
corn., ex-warrants, was traded in at 46836 and 467. Amer.
Tobacco, ex-subsidiaries, advanced about 4 points to 254;
but dropped to 247, the final figure to-day being 252. G. W.
Helme Co. rose from 146 to 160 and moved down to 153.
Porto Rican-Amer. Tobacco advanced from 210 to 250, sold
down to 235 and finished to-day at 240. R. J. Reynolds Co.
improved about 5 points to 192, sold hack to 187 and up to
190 finally. United Cigar Mfrs. corn. declined a point to 54.
United Cigar Stores receded from 198 to 194. Wey-manBruton Co. sold up from 163 to 180, reacted to 165 and closed
to-day at 170. Transactions in Intercontinental Rubber
corn, were reported at 173/9 and 17. Lehigh Valley Coal
Sales, w. i., was traded in down from 260 to 190 and back
to 200, with the close to-day at 195. M. R timely Co. sold
up from 98Yi, to 99. Sales of Standard Oil, ex-subsidiaries,
were at 370 and 369. Renewed interest in bonds was occasioned by the appearance of the Norfolk & West. cony. 4s,
which opened at 1063/g, eased off to 106, then ran up to 107.
The new Internat. Harvester 5% notes were also conspicuous
and sold, w. i., up from 1009. to 100%. Chicago Elevated
5s were especially active and advanced from 98 to 983/9.
N. Y. Westchester & Boston Ry. 43/9s improved from 983.1
to 98. N. Y. City 448 rose from 1023/9 to 102%. There
was increased activity in mining shares. Butte Coalition
went down from 22% to 21%, recovered to 22% and ends
the week at 225i. Greene Cananea improved from 8% to
88
4. Inspiration was the leading feature and advanced
from 103 to 10%,the close to
-day being at 103.(. Nipissing
rose from 63" to 6X.
Outside quotations will be found ea pay nr.
and Yearly
New York Stock Exchange-Stock Record, Daily, Weekly
OCCUPYING TWO PAGES
usually insctive, see preceding page.
For record of sales during the week of stocks
STOCKS-II10HES7' AND LOWEST SALE PRICES.
Friday
Wednesday Thurslay
Tuesday
Monday
Saturday
Jan. 19
Jan. 18
Jan 17
Jan 16
Jan 15
Jan 13
sates os
the
Week
Shares.
STOCKS
NEW' YORK STOCK
EXCHANGE
Ratios for year 1011.
On basis of 1(10-share tots
Lowest.
Highest.
Range for Prost°Us
Year 1010.
Lowest.
Highest.
Railroads
9034 Fly 12418 Jan
, Sep 27 11658 J'ne 5
11,920 A tch Topeka & Santa Fe 997.
1047:18 10511 106
10034 Jan 3 10512 J'ne 12 x97 J'ly 10414 Jan
10512 10558 10173 10518 105 10514 105 10514 105 10138
445 Tx- Do pret
1027,3
J'ly 13712 Jan
1021.
§1027
3
!410258
Nov23
13914
10258
3
10233
Jan
117
10234
1111_
10213 10214 *10214
102 102
13334 13658 4,018 Atlantic Coast Line
1312 Sep 29 10934 J'ly 14 10014 Sep 11918 Jan
13312 13378 13334 13334 131 13.114 134 134
& Ohio
13358 134
m
04 Jan
10413 10414 10534 9,600 Ljaltiore
8714 Sep
4
Jan
91
Aug30
8512
10312 10378 10333 10358 104 10412 10413 10438 10413 90
50 IP Do pret
90
*88
8238 May
6812 Feb
*88
90
*88
§8812 8812 *8812 90
Transit.. 72 Sep 13 8458 J'ly 20 17634 Feb 20233 Nov
*8812 00
Rapid
Brooklyn
17,075
7812
7812
78
105 Jan 3 217 J'lv 21
7858 7838 791.1 7778 7858 78
7712 7778 78
13,475 / lanadian Pacific.
J'ly 312 Jan
23114 23114 232
248
23014
20
23134
Dec
231
320
23238
Atig24
23012
260
229
_
8
22838
2283 22938
2,591 k. entral of New Jersey
92 Jan
65 Aug
339 340 x335 336
337 337
31973 31973 320 335
6838 Sep 25 8634 Feb 8
*315 320
4,600 Chesapeake 6: Ohio
7114 72
6634 Jan
2378 J'ly
15 Aug 28 3113 hfav23
7238 7213 7234 7214 7238 7114 72
72
7233 73
200 Chicago & Alton RR
18
*15
69 Apr
18
6478 J'ne
18
19
18
Jan
13
53
24
2
Oct
*18
37
23
24
*18
*18
Do pret
100
3678 Jan
6612 *35
12 J'Iv
*35
74
17 Sep 13 2514 J'no 3
35 *35_ *35
.35
40
*35
trust etfs_
6413 Jan
40 J'iv
6
*1734 1814 18 1834 3,200 Chic Gt West
Feb
18
4914
26
Dec
3312
*18
18 1-8-12 18
1814 18
18
etts
trust
Do pref
Jan
3514 3612 2,600
1583
J'ne
3.'_24
3512
11334
36
7
Feb
*3514
13312
4
3612
36
Oct
4
3514 3512
*3514 30
Milw & St Paul ._ 1053
17214 Jan
10713 10814 10734 10838 10734 10814 10733 10831 20,623 Chicago
141 Sep 14 1551. Feb 2 143 Sep 18212
10714 10812 10612 108
Do pref
Jan
14712 *144 14712
13714 J'ly
12
J'ne
1501'2:
1
Sep
13818
*144 145 *143 14412 *14313 14712 *14318 11712 *143
3,360 Chicago & North Western
Jan
8 14114 14033 142
,
141 14112 140
191 Nov13 1209 Jan 7 203 J'ne 225
*191 142 .141 142 *14112 142
pref
Do
200
*190
Feb
16212
200
*190
Apr
20 144 J'ne 12 140
.1,190 200 *190 200 *100 200 *190 200
10u Chic St P Minn & Omaha 13018 Apr
141 141 *133 142
1160 Apr §17014 Feb
Meh27
$160
Nov28
147
*137 1.11 *137 141 *137 141 *137 141 *150
Do_ pref
160
Jan
*150
538
160
Dec
218
160
4
*150
Feb
8
160
33
30
134 Sep
*150 160 *160 160 *150
ChM Un Trae etfs stmpd
*112 2
1214 Jan
*134 2
478 Sep
714 Feb 55
434 Sep 11
218 *178 214 *134 213 *134 2
*2
Do pref etts
100
512
512 *5
0214 MO
512 *5
Nov
GI
18
Jan
66
15
518 518 *5
Sep
512
4818
512 *5
*5
L___
stmpd__St
350 Cleve CM Chic &
60
*52
60
Jan
*52
60
*52
60
*52
55
9414 Fly 8 08 Feb 1 . 99 Sep 101
55
*55
60
Do pre(
6534 Feb
*92 110
*92 110
46 J'ly
*92 110
23 60 Jan 18
*92 110
*92 110
*92 110
Colorado & Southern__ 43 Sep 25
*42
48
83 Mob
46
*44
.Ply
70
48
J'ne30
*44
82
48
Sep
*1.1
48
x70
*44
*44
48
Do 1st preferred
500
81. Jan
7014 7614 7634 7678
77
*76
70 Aug
76
7558 7534 76
77
x63 Sep 25 7512 Mcb 2
*76
Do 2d preferred
75
*65
75
*65
75
*65
75
15912 Sep 20 17478 J'na 8 14914 J'ly 185 Jan
*65
75
*65
75
*65
1,635 jAelaware & Hudson
171 171
J'ly 620 Mch
*168 171
171
450
171
4
Nov10
1713
670
168
25
Sep
168
506
16834 16834 $16778
200 -1-/elaware Lack & West_
52 Jan
1 535 550
2314 .Ply
540 540 :,535 550 *535 550 ,
1758 Dec 22 35 Feb 15
542 542
*535 550
2114 1,400 Denver & Rio Grande
81 Jan
2118 2118 2114 2114 *2118 2178 21
6255 XIV
21
3634 Dec 22 74 Feb 21
*2118 2134 21
Do prof
45
*1312
45
1834 Jan
*44
.Ply
45
10
*1312
Mc1130
45
1558
*4312
Nov25
9
*4312 45
*4312 45
100 Duluth So Shore de Atlan
*812 10
3158 Jan
*133 10
17 J ly
1014 *882 10
1718 Dec 11 3018 Meh 30
913 918 *838 1014 *9
Do pre!
215
*1634 18
3458 Jan
*1634 18
1913 J'1Y
*163.1 18
I
Fly
8
*1634 18
383
11
17
2714
Jan
17
18
*17
5234 Mch
3138 3058 3118 3634 3134 21,550 1141rie
35 Sly
3053 3112 31
4552Jan 12 6114 Fly I
3112 3014 31 •
31
5138 5178 5212 3,100 I-4 Do 1st preferred
*51
42 Mch
2614 Fly
5114 5073 5173 *5112 62
35 Jan 9 4934 Fly 1
51
5134 Ea
Do 2d preferred
42
200
4212 42
4212 *4'2
14378 Jan
*4214
Fly
118
43
8
*4114
J'ne
4312
140
25
Sep
*4114
119
1212
*4112
22,800 Great Northern pref
12934
12634
8012 Jan
127
12612
ly
J
12718
12638
95
12714
2
Feb
13
6334
8
Dee
12612 12618 120 12618 1263
Iron Ore properties_ _ 3334
4012 6,900
40
4014 3078 40
1818 Mch
11 Aug
1514 Jan 17
3934 4014 40
3058 4018 3934 40
38 Green flay & W,deb etf-11 11 Aug 28 08
1258
*11
13
*11
13
Jan
8813,
9712 Apr
*II
11
Oct
13
*II
22
Fly
13
9314
*11
12
12
Electric
92 May 09 3an
_ ___ *____ 105
9334 Jan 12 10238 Oct 9
preferred
*9312 ____ *9312 ____ *101
Dd
110
;,____
110
1-1-0 *,7_,.. 1-1-0 *_„.._
*
124 NovI5 134 Apr 29 112 J'ne 140 Oct
flocking Valley
---- ---- ------- ---r
__ 1,120
__ *120
132 Jan 3 197 J'ly 31 124 Fly 147 Jun
__ *120 ... _ *120
*120
1414 Fly
13938 13934 13913 13914 2,700 I Illnols Central
2512 Jan
13978 1-4-0
131s Sep 22 2038 Feb 10
ctfs
t
v
trop
*139 1-4-038 13934 13234 110 1-4-0
I
nterboro-Me
14,400
6
173
6278 Jan
4112 J'ly
108 1736 1678 1738 17
3034 Sep 25 6638 Fly 19
1714 1758 1714 1734 1612 17
prof
Do
41 551 23,510
553
5438
5514
5313
19
J'ly
5413
5312
6512
14
56
3912Sep
5534 5614 65
Do pref vot tr Ws
1,200
30 Jan
53 - ---- ----_
5314 53
15 J'ne
15 May12 22 Sep 7
5314 5314 5312 *5112 5212 53
53
1412
850 Iowa Central
1412 *13
1414 Jan
*13
14
*13
25 Fly
15
*13
14
1312 *13
23 Apr 24 42 Sep 7
12
Do preferred
16
28
§23
30
80 Feb
Aug
*2712
30
:18
*213
30
29
*25
Dec
3()
*25
30
*25
V C Ft S &AI tr etts,pref 74 Apr 8 80 Joe 13
9914 Jan
*7812 7912 *7814 7912
80
*78
23 J'IY
*7712 80
3733
25
Sep
2514
_ *7712 82
Southern__
City
Ii-ansas
2712 1,450
28.34 27
71 Jan
*27
27
58 Aug
2834 §27
2718 *27
6112 Sep 26 6934 J'ne 13
4 27
*271.283preferred
Do
400
8
637
6312
61
2534 Jan
*6314
633,1
Frio
R.
6334
9
6318 6318 *6314 61
60
10 Sep 25 17 Nov
*63
Erie & Western__
0234 Jan
1413
3714 Deo
1213 *1214 1412 *12
13
Lake
Jan
40
1
Sep
25
*1212 1412 *1212 1413 1213 1212 *1214 3314
Do preferred
*29
3314
Nov
*29
Dec
180
3314
17314
*29
3314
26
Dec
18678
*29
14
35
Sep
151
3212 *29
*29
1014 Apr
60 Fly
18458 18558 al6533 16673 174,517 Lehigh Valley
45 Nov27 63 Jan 16
184 18478 18338 18534 18453 18558 18412 13514 *44
Long Island
52
*14
52
15934 Jan
52
Fly
13113
*44
Nov29
52
*45
16034
14
52
Sep
*45
13612
52
*45
Nashville
15513 15512 r152 15414 6,000 Louisville &
n 19 123 Fru) 146 Oct
15413 15514 15434 155
15.112 155 *154 165
hattan Elevated __ 13114 Sep 22 14212Ja
1
*13214 137
6334 Jan
23 Fly
*135 137 *13514 137 *135 137 *134 137 *134 137
& St Louis 2112 Apr 26 4212 Sep 6
an
inneapolis
31
*25
80 Feb
31
*25
40 Sao
31
6
*25
Sep
31
6813
*25
13
Mch
35
*____ 31 *_ ___ 31
Do preferred
60
*55
b5C13
5634
563
145
4
*55
J'IY
5634
114
*55
30
Itch
67
15214
*55
22
57
x12434 Sep
$56
9.-.„- 58
2,396 Minn St P & S S Marle
13333 134
133 134
13112 13112 13112 133
140 Nov23 160 Meb30 191 J'ne 15512 Mch
13113 13313 131 131
Do preferred
100
Sep
x8614
Jan
16
4
023
Men
9012
6
Fly
149 149 *148 150 *198 150 *148 151 *148 151
8713
etfs
*549 150
line
Do leased
100
8912
5113 Jan
27 Fly
*8712 9012 *8712 0012 48878 8878 *8814 8978 *8814
27 Sep 26 8818 File 14
*8712 00
7438 Jan
2838 2818 2814 1,000 Mo Kansas & Texas
*28
28
57 J'ly
28
28
2814 28
28
6234 Sep 25 70 Oct 17
*2813 29
Do preferred
65
*63
65
7358 May
*63
85
Fly
41
15
*83
65
Feb
*63
63
19
65
Sep
*62
3314
65
*62
Missouri Pacific
12,500
41
4034
4112
Nov
4012
140
4034
Fly
8
125
397
14
3912 3958 3918 3012 3934 3034
Mash Chatt & St Louis_ 14014 Jan 19 160 J'ne
*160 175 *160 173
7238 Nov
60 Feb
26
Jan
7238
Aug23
60
pref
1st
*160 170 *160 173 *160 173 *160 173
Mex
of
Rys
at
-LI
7034
*88
71
*68
Nov
71
3712
*68
Fly
71
2312
15
*68
Feb
3838
28
71
Aug
3
257
*6812
7012
*68
Do 2d preferred__
3538 3538 3512 3538 33512 3538 3512 6,800
x9978 Sep 21 11512 Feb 3 10513 J'ly 128 Meh
3533 3558 3458 3512 35
10714 10813 10712 10813 14,285 N Y Central & Hudson__
6873 Nov
5512 May
107 10718 10873 107
Jan 19
65
14
Sep
48
10634 10718 10634 107
Louis__
&
St
Chic
Y
N
6912
5912 *54
5912 *51
5912 *54
5912 *54
9812 Nov29 10158 !deli 20 §101 J'ly 10934 Jan
5912 *54
*54
Do 1st preferred
*9812 110
*0812 110
08 Jan
8234 Apr
*98 11012 *0812 110
*0812 110
8512 Aug25 SOO Jan 27
*0812 110
Do 2d preferred
100
90
*82
90
00
90
00 *82
*82
90
*82
90
8 Sep 14 15118 Feb 23 140 Apr 102 Mob
1267
*82
436 N Y N II & Hartford
13834 13834
13858 139
139
3130
60 Jan
Aug
139
3812
*13814
22
Fly
139
*138 139 *13734
3838 1,100 N Y Ontario 5: We3tern_ 3734 Sep 25 4678 Nov24
38
38
3813 38
8813 Fly 10858 Mcb
9934 Sep 25 11114
*3734 3812 *3714 3838 3833 3813 *3712 109
109 10912 109 10914 8,870 Norfolk & Western
9114 Met
Feb
109
88
10938
8
10834
File
10913
9114
4
18
1083
Apr
4
1093
8534
10914
Do adjustment prof
300
02
9112 9112 *91
Jan
92
0112 *91
*91
9014 91
01
11034 Sep 25 13773 Frio 8 11112 Aug 145'3
*e0
11534 11858 19,663 Northern Pacific
11558 11618 11534 116
Jan 10 100 Oct 11834 Jan
102
11
Dec
9434
11512 11612 11538 11534 11513 11633 *90
Co
Coast
Pacific
0712 *90
9712
9712 *90
9712
*90
9712
*90
9712
*90
Do 1st preferred
-I.
*85 105
*85 105
*85 105
*85 105
*85 105
9934.11y 5 102 Jan 11 105 Feb 118 Jan
*85 105
Do 20 preferred ___
*90 105
*90 105
Mct
*90 105
*90 105
*90 105
11831 Sep 25 13018 Feb 2 12212 J'ly 13812
*00 105
12312 12333 12313 6,828 Pennsylvania
12314
12312
12333
15:1 Fly 10458 Mali
12312
12273
123
12278
9018 Sep 26 IOU Jan 17
123 123
420 Pittsb Cln Chic & St L
10158 10158 10034 101
*101. 103 x10114 10114 *9978 102 *10034 102 *105
10218 Sop 25 112 Feb 17 110 Oct 116 Met
preferred
Do
118
*105
118
Feb
*105 113 *103 116 *103 118 *105 118
134 Sep 25 16173 J'ne 3 13038 Fly 17214 Fob
15314 15678 540,900 1)eading
9312
15153 15334 15233 15434 15312 15438 15312 15112 *9012
88 Mch 1 92 Fly 14 x83 Aug
15118 154
500 1A, 1st preferred
9212
*9013 9212
87 Fly 11012 Jan
lul Mav 2
20
9112 9112 9112 9133 0138 9134 92
Sep
*91
9012
preferred
2d
97
1,600
9734 *9612 9712 97
5714 Jan
97
97
2278 J'ly
2234 Sep 22 3438 J'ne 14
9654 9634 0518 9513 97
2412 2413 2458 4,000 Rock Island Company
0212 Apr
64 Fly
2413 2418 2414 2412 2418 2.112 21
25
4334 Dec 22 6858 J'ne 14
*24
Do preferred
6058 5,850
6014 50
5138 50
51
Oct .16
2t
5134 5112 52
27
Dec
23
*5012 5112 50
Fran
San
&
Louis
2612 1,050 St
26
26
26
__
73 Jan
*25
58 Aug
24
24
J'iy 27
24
21
26
*24
1-7 Do 1st preferred...... 69 Sep 19 5914
100 ,
65
05
68
*66
GO Jan
*65 -6-8
68
3412 Aug
*60
*6612 68
'*0514 68
37 Sep 25 , 4912 Fly 19
Do 20 preferred
4112 4134 1,525
4112 4112 42
3412 Jan
4012 41
Fly
1812
4
Feb
34
13
*4014 4034 4013 4013 *40
Jan
24
n__
Louis
Southwester
St
30
*27
30
7712
*28
30
Jun
*29
30
*27
26
J'ne
72
30
J'1Y
5113
3
*2514
30
Jan
*28
5934
Do preferred..
200
69
*68
69
Jan
6813 6812 *68
70
*68
70
*68
70
! *68
10412 Sep 25 12633 J'ne 26 10314 J'1Y x13814
10938 11012 8,570 Southern Pacific Co.
3324 Jan
10933 110
Fly
18
19
Fly
3338
28
Sep
2434
10934 11014 10914 10934 10012 11018 10953 110
strnpd_
Mrs
8,500 Southern v tr
29
28
2814
Jan
28
2813
75
28
2818
J'ly
28
43
2818
29
23
/514
Fly
11
2814
28
6114 Jan
do
Do pre
2,400
6958 60.58 6978 71
3634 Jan
*6912 70
603,1 70
2212 Fly
6953 6958 6953 70
1973 Dec 21 3014 Feb 21
400 Texas & Pacific
*2134 2214 2214 2214
22
27
Dec
52134
28
Dec
*2112 2212 2134 2134 2112 2158 22
52114
ctfsh
tr
:380 I bird Ave (N Y)
40
*39
41
*30
39
39
40
40
41
31 Nov27 41 Doc 18
New (when Issued)___
---- ---- 41
25,100
4473 46
4434 47
1634 Jan
612 J'1Y
n 17
4 Nov 17
4718 4734 4714 4812 4612 4738 4614 4718 *3
200 Toledo Railways & Lt___
312 312
31
312
312 *3
*3
3543s Jan
3
3
V.' J'1Y
4
Feb 8
*3
813Ja
12 Dec 28 2434
1312 *1212 1314 1313 1314 1,700 Toledo St L & Western._
7214 Jan
4234 J'ly
; 1312 1312 *1212 1314 131.4 1338 13
Dec 30 6373 Jan 5
g
547
preferred
Do
3358
1,580
3333
3334
11713
*32
Jan
3338 3338 3358 3353 3358
103 J'1Y
2
Feb
111
3338 3312 *30
15
Sep
104
Rapid
City
Transit_
Twin
*104 106 *104 100
J'ly 20434 Jan
*10412 106 *10412 106 *104 100 *104 100
15312 Ser. 23 19238 J'ly 22 15214 Fly 10334 Jan
16638 16758 16614 16818 271,725 I j niou Pacific,
8814
16'714 16834 16618 16738 167 16814 16612 16813 9134 0134 §915s 9153
Sep 13 96 Fly 24
89
preferred
Do
V
660
4214 Jan
2334 J no
20
9134 9134 *9158 0213
92
9214 92
92
243 Unit Itys /nv't of San Fr 2813 Sep 25 99 Feb
33 *___ 33
3112 3112 *30
7233 Jar
32
47 J'ne
8213 3212 *8112 3234 *31
62 Sep 25 7614 Me1122
Do preferred
59
700
*5813 6912 59
59
5913 59
*58
45 Apr 24
8
Sep
5912 5912 5812 69
37
&
Power
Ry
Virginia
48
200
*46
*4513 48
48
23
Apr
§83
4312 *---- 4414 4414 1414 *44
20
0,43
Sep
77
Do preferred
1233 Fly
2734 Jan
*83
.... _
534 Dec 19 1838 Feb 23
1,900 W abash
7
7
Vs 7
61 Jar
1818 Fly
673 713
-7-14 *634 -714 *634 714
wei
Do preferred1414 Dec 20 4038 Feb 23
1838 1813 1812 1812 1812 1,100 T T
18
19
40
Fly
5438 Me
8
*18
Fly
19
1418 1918 *18
66
Is
Apr
4878
600 Western Maryland By
5773 *5711 5773 61378 5714
77 Des
67 Aug
5773 *57
5773 *57
75 Jan 14 8814 Fly 24
5734 8734 *57
Do preferred
100
7612 7612
10 Sat
3
Apr
3
Feb
611
*7612 8018 *7614 8012 *7614 8012 *7612 8013 *7614 78
28
Sep
212
Erie
Lake
&
Wheeling
700
438
414 433 *4
414 418
8 J'ne
23 Jar
*334 414 *312 414 *312 414 1373
7 Sep 28 1758 Feb 3
Do 1st preferred
1378 1312 1434 1412 1412 1,833
d J'ne
1312 Jar
*13
*1234 1334 §1234 1234
14
8 Feb 7
Aug23
3
2d
preferred
Do
1,000
0
8
3
3
6
6
*514 6
64 No
*514 0
6
94 Fly
*5
*514 8
48 Set) 22 721. MaY 1
*5212 55
Wisconsin Central
*521, 58
*526. 118
*521. 56
56
*52
541
*52
Havana
111
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
New York
atna
nieriCa 11_
A.er Exch_
battery Pk_
flowers/I__
len
renxBor0
roax Nat_
ryant Pk 11
stela A Dr
tury IIhase
Ask
Bid
Mink'
Bid
Ask
Bank.
Ilk: .4st
Banks
Bid I Ask
_
Fifth Avelj- 4100 4250 Harriman., 300
174
ghat&Phonix 170
I
5
90
-Trad
580
&
Imp
300
("11th
325
200
190 UheLsea Ext 195
186
_ _
455 First1000 1010 Irving N Ex 210
605 I 610 Chemical _ 445
1-50_ _ Jetlersonll_ 140
2421 2471 Citizens' thl 1571, 1621, fourthh ....... 9205
530
. Liberty-- 560
330 32-6
9425... Gallatin
125 '130 City
290 Lincoln__ 395 405
___ Coal So /ron 15212 157-1, Garfield - 275
385
___.
335
_
y
_
_
110
Manhattaulf
Uerm.Am
425
11_
.. ColonLal
300
__
Marlet&Ful 9258
43-5
HO Gernen Exl 420
1-80- Columbia 11_ 340
175
2-6-5
260
&Met's
1(_
525
554)
Mach
Germania
9199
9198
_
Commerce
153
150
9151
.
9150
Mercantile
_
_
150
155
Gotham
149 Corn Ex IL._ 305 315
130
Merch Exch 16212 16712
115 Oreenwic111-11 245
255
___ 1521, East River_ 105
155
Merchants'. 130
175 Hanover- 625 630
Fidelity 11_ 165
Bank,
Metropolis 1,
Metropol 'n11
Mt Morrisli_
Mutual II__
Nassau __ _
New Neth-_1',
NewYorkCo
New York_
Pacifle11-...
Park
People's 11_
Bid
370
106
250
290
300
210
875
305
270
365
210
Ask
383
200
200
295
•__
220
_
315
280
370
250
Banks
Prod Exch 1,
kteserve ___
'seaboard __
iecond ____
3ecurItyli_
Inerinan___
-itatel _„
23d Ward.
(In!on 11r,
I''.0"
Wash t
11
West Skie 11
YorlcvIlle 11.
,
IlState banks. a Ex-WA/Wend an I rights
*Bid and asked prices; no sales were made on this day. 313x-rights. fLess than 100 shares.
at prigate sa,leat_ta13124.20_.Te_1.2.474AY1_4911.4•
11§40 itlataSAAR4i40_2;at au.011on,415 week. A Fir;;lastallawat paid, a Sold
Bid
170
8712
415
375
145
135
__ _
175
165
275
_ _
52-5
As',:.
175
00
400
15211
_
2.60.
170'
...
05-0
--
Now stgook.
New York Stock Record-Concluded-Page 2
JAN. 20 19J2.
191
For record of sales during the week of stocks usually inactive, see second page preceding.
STOCKS-111011E57' AND LOWEST SALE PRICES.
Saturday
Jan 13
Monday
Jan 15
Tuesday
Jan 10
Wednesday
Jan 17
Thursday
Jan 18
Friday
Jan 19
Sales o;
the
iVect
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range for Previous
Yea, 1010.
Range for Year 1911.
On basis of 100-share lots.
Lowest
Lowest
Highest.
Industrial&Miscellaneous
Express
$1.98 Nov29 4245 Apr i
10
202 202 *198 203
*193 203 5195 203 *195 203 *195 203
500 Adams
llis-Chalmers
934 May31
118 Dec 16
*58 1
*58
112 *1
1
114 *1
1
1
1
114
Do pre
*512 712 *612 8
633 Dec 16 34 Feb 3
200
*618 7
612 612 *618 8
8
*6
4134 Sep 25 7158 J'ne 19
6558 6334 6478 6414 6512 6173 6514 • 6458 6318 6438 6534 39,975 Amalgamated Copper__ _
65
4434 Sep 25 6312 Dec 22
*61
6212 6078 6112 6034 6034 6034 6034 6034 6034 6012 6034 1,000 Amer Agricultural Chem_
991z Oct 27 105 Dec 26
Do prof
200
101 101 *10034 10112 101 101 *101 102 *101 102 l‘101
3914 Jan 12 5934 Oct 20
5613 5634 5612 5612 5058 5714 57
5714 57 -5-8-1-8 8,060 American Beet Sugar_ _ _ _
5738 57
9212 Jan 14 101 Oct 11
Do pref
100
90
*98
99
99
09
*98
*95 --- *981209
98
*97
873 Jan 6 1212 May 0
1178 1173 1178 1178 1134 12
1134 1218 5,200 American Can
1178 12
1173 12
77 Jan 5 9318 Dec 2
Do prof
9218 9234 9134 9212 9178 0238 92
9214 0153 9214 8,500
9214 92
2,600 American Car & Foundry 4233 Sep 28 5814 J'17 19
53
53
523.3 5234 5213 53
5278 53
5234 53
5234 53
113 Oct 24 120 May23
D o prof
*114 11612 11612 11612 11512 11588 *11518 117 611534 11534 11578 11578
510
4153 Nov 2 6238 Feb 28
1,900 American Cotton OIL
4512 46
*4614 47
9612 4612 4614 4638 4613 4614 4558 96
Do pref
100
92 Nov29 10512 Fob 16
95
95
____ *9378
____ *94
*9373 ---- *94 -_-_ *94
201 Sep 26 4255 Jan 27
315 American Express
20913 20912 1207 210
210 210
*205 210 *205 210 *205 210
American Hide & Leather
312 Sep 22
6 J'ne 14
333
*312 334 *3,2 :33. *312 334 *312 334 *312 334 *312 2212
Do prof
18 Sep 23 2633 J'ne 14
2112 *20
*20
23
*20
23
23
*20
*20
*20
23
1812 1812 1812 181 *1814 1812 1812 1812 1838 1838 1814 1814 1,110 American Ice Securities.. 1612 Aug28 2534 J'iy 11
2618 A
11 1238 Feb 14
900 American Linseed
*1012 1112 1012 1012 1012 11
11
1112 11
1112 *11
*11
Do prof
300
Oct 27 3912 Dec 26
*32
3:3
*32
33
*32
3234
33
3258 3234 3214 3214 *32
3218 Oct 27 4314 May22
*3314 35
800 American Locomotive
*3334 35
3378 3378 *3314 35
3458 3458 3314 34
102 Oct 24 11034 Mob 1
200
Do pref
*103 10414 103 103 *10213 10414 *103 105 *103 10114 *103 10414
3 Sep 25
5$8 Jan 21
633 638 5,950 American Malt Corp_ _ _ _
518 512
618 612
512 534
633 612
534 639
3112 Mch 8 9358 J'ly z2
Do prof.
4712 47
4814 47
4712 4,810
96
45
45
4412 4413 45
43
200 Amer Smelters Sec prof B 82 Sep 26 8918 J'ly 10
*8834 8712 *37
88
*87
87
88
87
88
*87
87
87
7034 7133 69543 7034 7038 7112 7038 7118 7012 7114 7012 7134 16,625 Amer Smelting& Relining 5658 Sep 25 8378 J'ne 16
Do pref..
103 10312 , 700
9834 Sep 27 1081 2 J'ne 15
10258 10234 103 103 *10234 103 *10212 103
*10213 103
25 Sep 25 521 2 Feb 9
1,585 Amer Steel Found (new)._
32
33
32
28
26
*32
31
31
33
*32
33
*32
300 American Sugar Refining 11214 Sep 25 12212 Feb 27
115 115 *11434 11514 *11434 11514 11514 11514
*11434 115 *11434 115
116 116 *11512 116 *11512 116
111 Jan 5 11912 Feb 14
320
116 116
Do pref__
*11514 116 *11514 116
14034 14114 141 14112 14133 14178 14112 14218 14118 14178 22,500 American Teleph & Teieg 13112 Aug30 15318 J'ne 8
14053 141
87 Aug24 10514 Dec 11
10634 10814 10713 10834 27,330 American Tobacco, Pf
10258 10313 10234 10312 10353 10458 10414 107
10714 10814 10712 10758 7,120
0212 Sep 1 105 Dec 6
Certfs of deposit
10313 10318 103 10312 104 10412 10412 107
10434 10534 10513 10638 31,972
Preferred, new
10134 10134 10112 10112 10153 10178 10134 105
*27
30
29
*27
*2714 29
20
2912 *27
*27
American 'Woolen
29
2512 Dec 22 3812 Mch 21
*27
8914 *88
8914
115
Do prof
8912 *8714 8012 8918 8918 *88
8914 *88
8514 Oct 27 0914 J'ne 15
*88
2512 2513 2512 *25
*25
2578 *25
500 Amer Writing Paper. pH. 2413 Sep '243 3412 Feb 15
2514 2512 2513 2512
26
3014 3614 3512 3614 3538 30
3558 3578 3538 3558 3518 3512 4,525 aAnacondaCopper Par525 529 Sep 25 84118 J'ne l3
*103 10312 10314 10314 310338 10338 410338 10338 10314 10314 *103 10314
432 IVildwin Locomotive, pf 10314 Deo 28 107 .- ;.Dec 15
3078 31
*3013 31
31
31
*3018 31
900 11ethieheni Steel
*30
31
31
31
26 Sep 21 3818 Aug 1
6138
6138
*6014 6112 *60
6112 *60
6138
*6018 6112 6018 6018
200
Do pre
64 Seo 25 6634 J'iy 31
*139 142 *1:38 142
14138 14188 14018 14018 141 141 *140 14112
300 Brooklyn Union (las
z129 Sep 15 14814 Nov10
*2914 30
30
*2914 30
*2914 30
30
110 Butterick Co
*2914 30
*2914 30
23 Feb 16 31 aleh 30
1938 *19
1912 *19
1914 1914 19
1912 1038 1938 19
1914
600(lentral Leather
1834 Sep 25 3338 Feb 2
*86
87
8714 87
88
48718 8718 *8634 8734 8714 8714
450 5 , Do prof
87
0118 Dec 15 105 Feb 10
2512 2518 2512 2512 2512 2513 2618 2534 26
2512 2534 25
5,750 aChino Cooper..__ _Par 55 81612 Sep 25 52713 Dec 27
27
200 Colorado Fuel & Iron___
*26
*2612 2678 *2012 2812 2614 2612 *26
27
2713 *26
25 Sep 23 3638 Feb 6
14114 14:3
19078 142
12,110 Consolidated Gas (N Y)_ 12834 Set) 25 14812 Joe 5
14173 14238 14114 142
19114 14134 14078 192
111
*1014 1012 1018 1014
103.1 1118 1034 11
1034
3,450 Corn Products Refining_
11
11
058 Oct 10 1534 May17
7712 7814 7812 7934 7834 7012 7012 7012 2,700
78
Do prof
73 Sep 27 85 May20
7734 7734 78
*3012 31
31
31
31
*3013 31
3058 303.1
000 Distillers' Securities Corp 29 Sep 28 3814 Mch 1
3114 3114 31
*12
15
15
*1218
*12
912
15
15
*12
Federal
D
*12
15
Noitining ec Srneit'g 13 Dec 7 35 Feb 16
15
39
*37
*37
*37
30
*37
39
39
*37
39
37 Dec 6 6612 May19
*37
39
prof
15812 15878 15812 15034 *159 160
15912 15934 4,860 General Electric
159 16034 15812 159
142 Sep 22 18838 May29
3512 34
*34
3512 34
*33
34
*3312 3511. 3414 3514
34
35 Nov18 5131 Aug 4
700 Gen Motors vot tr ars_
*7512 76
76
75
*74
7412 Dec 11 8853 Aug 5
76
1,050
Do prof vot tr Oki__
7633 47534 76
*7614 7712 76
414 438 4414 414
438
438 438
414 914
414
414 414 3,000 clOoldfleld Con M Par $10 $312 Oct 18 $778 Jan 3
*10734 10914 10734 108
10734 103 *108 109 *10734 10833 108 108
1,000 jot Harvester stk tr efts 0918 Sep 20 12938 May 6
411878 1201 2 ,
1 ____ 12012 *____ 120 *115 120 *115 120 *115 120
Do prof stk tr ctfs__ 115 Sep 22 12814 May 4
5
6
*412 5
314 Sep 34
200 Int Mer Marine stk tr ctfs
5
578 Jan 30
*412 5
5
*434 5
*434 6
2112 2178 1,500
*2112 2258 2238 2238 *2112 22
Do prof
14 Aug30 2212 Dec 29
22
2214 2212 22
*914 10
*014 10
9 Sep 9 1333Jan 31
*914 10
150 International Paper
10
*9
10933 933 *9
47
*48
47
pre
Do
900
4458 Maylb 5638 Jan 17
4012 4612 *46
47
4634 4634 *46
*46
47
3214 1,400 Internat Steam Pump
3212 *31
3112 3112 *30
31
23 Oct 30 44 Feb 8
3012 3012 3018 3012 31
Do pref
372
80 Oct 9 9012 J'n0 12
48314 8314 *84) 82
82
482
82
83
82
83
83
*81
10778 10814 6,755 Laclede Gas (St L) corn.... 10114 Sep 25 11413 Jan 20
10714 108
10612 10634 10634 10634 10634 10634 10638 107
9150 157
15678 15078 157 165
166 108
16912 18312 4,678 Liggett & Myers Tobacco
168 103
10734 110
100 10634 10612 107
110 11112 11178 11312 11212 11338 0,400
Do preferred
7812 7812 7812 7812 *78
80
78
7812
78
7413 Dec 29 95 Feb 7
500 Mackay Companies
7812 7812 *77
*68
6912 6938 6912 *69
6912 *68
6934 70
70
03 Dec 28 '77 Mch 2
7018 7038800 Do pref
*70
*7012 72
72
*70
72
*70
72
72
72
*70
May Department Stores.. 70 Apr 28 87 J'ne233
*70
*110 11218 *110 11218 4112 112 *110 11218 *110 11218 *110 11218
Do pref
50
10731 Sep 21 1131.1 J'ne 6
2414 2412 2358 24
2378 24
2334 2912 2412 2.134 2418 2434 43,207 dMiami Oopper___Pur $5 5165s Sep 28 $2412 Dec 27
*14114 144 *14014 14312 *11014 19312 14312 148
140 14934 14838 149
3,560 \Tational Biscuit
11714 Jan 16 14334 Nov14
*12614 128 *12512 128 *12512 128 *12512 128
12712 12712 *127 12712
Do prof
100 11
124 Jan 20 130 Feb 4
*14
1434 *14
1412 1418 1418 *14
*14
15
*14
15
1434
100 Nat Enamel'g & Stamp'g 1212 Dec 20 22 J'iy 24
*92
,J512 *92
0512 *92
9512 *93
96
9512 *92
*92
Do pref
85 Jan 6 10034 J'ly 22
9512
53
53
5314 5338 5234 53
63
5318 *53
54
4212 Sep 25 50 Feb 2
5312 5312 1,300 National lead
*105 10712 *105 10712 *105 103 *105 108 *105 108
107 107
100
Do pre_
104 Sep 22 10934 Aug 15
1058
1012
1933 1912 1914 1013 *1914 11)12 1914 1038 1918 1938 2,900 dNey Cons Copper_Par $5 $1518 Sep 25 52114 hie 14
65
5512 5512 *55
55
58
57
450
*55
5612 5(312
60
300 New York Air Brake_ __ _
45 Oct 24 76 Feb 4
75
*7478 7514 7514 7538 7512 7638 3,500 North American Co (new) 64 Jan 20 7634 May18
*7434 7514 *7434 7514 75
3238 3112 3214 *3114 3214 3112 3134 3,000 pacific Mall
3212 32
3113 3234 *31
231s Apr 10 3338 Nov24
4914 50
49
4914 5018 9913 493
49
3,665
4912 4912 4912 49
twirl° Telep & Tel.... 35 Sep 24 5458 Jan 31
*10412 105
105 10512 10512 10534 10512 10534 106 10614 40434 10514 2,650 People's G L & C (Chic) _ 10112 Aug22 109 Jan 19
Philadelphia Co(Pittsb'h) 99 Sep 25 11812 J'ne 3
;i.i3i2 -1878
4 'ilii8 -1-8-73 _ 600 Pittsburgh Coal Co
- -14-3T2 -I...);1-2 - 1if2 181; ;if1172 1812 -ii11-8 181.
17 Dec 6 2314 J'ne b
8112 811;- *8014 8214 80$8 8038 8114 8114
*8113 84
*3014 83
300
6734 Jan 4 0073 J'iy 20
Do 3,ref
175 176
*100 --__ 17038 171
18312 185
17112 17712 175 178
4,414 P. Lorillard Co
11118 11314 11278 11434 11378 115
109 109
6,288
10914 11018 111 111
Do preferred
3312 32
33
3314 3314 3212 3212 *3212 3312 *3212 331 *32
500 Pressed Steel Car
25 Sep 25 3758 J'ne 21
91.00 102 *100 102 *100 102 *100 102 *100 101 *100 1()2
Do pre!
91 Sep 21 10234 J'ne 16
*106 109 *106 113 *106 10834 *106 109
108 10814
108 108
3201101
N J.. 108 Oct 27 120 Feb 7
4159 10012 *160 161
1()018 16018 *160 161 *160 161 *160 161
Pullman
154 Sep 23 163 Jan 30
3014 3014
60(1 I.) allway Steel Spring...... 26 Oct 27 39 J'ne 14
1753 1778 :3012 3034 3012 3012 3018 3018 *3033 31
101 101 *101 105 *101 103 *100 102
*0813 101
*0812 101
200 A 5., Do prat
92 Jan 3 103 J'ne 15
1758 1778 1712 1734
1712 1778 18
1818
18
1818 18
1818 5,700 anay ConsCopper Par $10 ;12 Sep 25 $19 Dec 27
2512 26
*2514 26
*2512 2612 255s 2558 *2513 2612 1,100 Republic Iron & Steel__
2534 26
18 Oct 27 3514 Feb 6
8618 8518 485
85
85
85
1,275
85
85
Do
85
85
prof
85
86
7418 Oct 27 0933 Feb I
*40
45
*40
45
440
45
*41
46
44
*40
Sloss-Sheffleld Steel 46 Ir_
*40
44
34 Sep 25 5614 Feb 6
3712 3712 3714 38
*3714 3813 3814 3814 3814 3812 38
3814 2.200 dTennessee Copp _Par 325 53014 Sep 26 544 J'no 13
102 102 *101 103
102 102 *11)1 103 41011s 10118
9101 103
250 i l nderwood Typewriter_ (63 Mch29 111 J'ne26
*11014 112 *11014 112 *11014 112 *11014 11114 *11014 112 *11014 112
Ll
Do prof
103 Meh 31 11378 J'iy 28
*15
16
*15
16
*13
*15
16
17
100 U S Cast I Pipe & Folmar
17
*15
*1518 1573
11 Sep 25 19 Feb 23
*42
5212 *42
*46
52
51
52
*42
*43
Do prof
50
50
*43
4013 Sep 23 r61 Feb 23
*34
*84
88
*84
Si
88
*84
§5418 3418 *81
88
38 United States Express__ _
88
84 Dec 6 4105 Jan 27
6912 *331s 681
6933 *69
U 8 Realty Is Improvern't 6518 Jan 25 7934 May29
6012 *60
691 2 *69
6912 *60
*69
4714 4614 4634 *4914 47
43
*4612 47
9814 247
47
800 United States Rubber__
47
3012 Sep 25 4812 Dec 15
*111 112 *109 111 *109 11012 *109 11012 *109 111
Po let prof
000
10934 110
104 Sep 26 11513 J'ly 7
*72 76 *72 7613 *72 75 *72 75 *72 76 *72 76
Do 2d pref
60 Sep 26 79 Mch 1
6615 6714 6512 6613 6614 6718 6618 61'
66
6658 6578 67 268,700 United States Steel
50 Oct 27 5218 Feb 6
1104 111 11034 11O73 11o34 11073 110.14 11034 nos 114578 11034 111
2,900
Do pref
103 Oct '27 12078 Feb 4
sets 56.14 5514 5578 5558 5633 5534 508 5578 8133s an
54312 26,190 dUtah Copper_ _ _Par $10 $33 Sep 25 $5778 Dec 27
5312 5312 53
5:3
*53
54
5412 5314 5312 6334 5312 5312 1,300 Virginia-Casolina Chem
4318 Sep '25 7033 Feb 28
*121 122
12134 12134 *120 122 *118 12018 121 121
11912 12012
1)o pret
430(
114 Sep 25 12812 Itch
*141 146 *141 146 *141 147 *142 146 *142 146 *142 147
ells Fargo & Co
Sep 23 177 May26
139
8234 8312 8238 8312 83
831., 8358 8518 8478 8814 8418 8518 42,226 Western Union Teleg
7158 Apr 18 8412 May24
7312 73
73
74
73
7313 7314 74
7312 74
6,200 WcetingleseAl&Mtg assen 5858 Sep 25 79 May29
7334 74
*11414 125 *117 120 *118 122 *118 12014 *118 120
119 119
100
Do 1st prof
11012 Aug 16 123 Jan 6
Highest.
4235 Dec z270 Jan
15 Jan
712 J'ly
5434 Jan
27 Aug
9034 Jan
5518 J'ly
491. Oct
yr 103 -Jan
91294514
Jan
J'iy
89 J'iy
945%
e
1378 Jan
678 J'ne
62 Ply
8214 Nov
3912 J'l1
7278 Jan
109 J'ne 120 Melt
6934 Mch
5218 J'IY
100 Dec 107 Oct
4230 Dec 320 Jan
818 Jan
312 Sep
4 63
10 Sep
I,1,7111
2
407178
1638 Dec
17.34 Jan
1018 J'ly
4678
2512 J'ne
29 J'ly
1212 Jan
10213 Aug 115 Jan
314 Dee
8 Feb
2812 J'ne
43 Mch
82 J'ly
9073 Jan
6138 J'ly 104 Jan
9814 J'Iv 11234 Jan
38 J'ly
86 Jan
11118 Oct 12712 Feb
121 j
De
ly
c 12
1.3
1 126
43
43i F
F,e
eb
9013 J'ly
9934 210
2518 J'ly
9018 Dec
3912 Mch
104 Mob
53312 J'iy
354
21 J'ne
40 Aug
125 J'ly
28 J'ne
25141
9914 J'iy
163441:
65 Jan
2212 nrly
12212 J'iy
1.12 J'ne
7038 J'ly
2514 J'iy
12 Oct
37 Oct
134 J'iy
Jan
Jan
33 Jan
10
483
914
4 Jan
u
50 Jan
16038 Jan
2314 Jan
808 Jan
3634 Jan
60 Melt
88 Jan
l6078 Jan
5734 Oct
s8318Feb
::;117 Aug
414 J'ly
'
1253 Jig
9 J'ly
4113 J'iy
3658 J'iy
7812 J'ly
9334 J'ly
5014 Sep
125 Jan
120 Jan
712 Jan
2433 Jan
18 Jan
6112 Jan
5433 Jau
9034 Jan
11612 Jan
J'ly
J'ly
98 Oat
7534 Oat
70
71
100 Aug 11912 Dee
11834 J'IY 125 Jail
2813 Jan
14 Sep
84 Oct
Jan
4612 J'ly
96
89%.
10134 J'ly 11012 Jan
$1712 J'IY 52238 043$
59 J'ne
9512 Jan
6018 Nov
54 Jan
2278 J'ly
4314 Jan
30 Jig
4814 Jan
103 J'1Y 1 106
an
33
18
2j
Ja
84 J'iy
13 J'ly
2734 Jan
6014 J'ly
85 Jail
25
90
J'iy
J'ly
155 J'ne
28 J'ly
0014 Sep
27 J'ne
8234 J'iy
4814 Dec
8103! J'iy
5178 Jan
10712 Jan
200 Jan
517S Jab
107 Jan
.
45,2 Jan
10414 Jan
6613 Jan
84053 Jan
141$ J'iy
32 Jan
411 J'ne
54 Jan
49312 Dee 145 Jan
5414 Jan
6434 .Ply
6212 Jan
27 J'ly
99 J'iy 11613 Jan
54 Jan
6912 J'ly
91 Jan
6118 J1.34
11012 J'ly 12633 Jan
1$3933 J'ae $6014 Jan
66mg4
47 Feb
11', J'1Y 1291 Jan
t
14412 Dee 195 Jan
56 J'iy
781s hick
4912 J'ly
8212 Jan
110 May 130 Fel,
BANKS AND TRUST COMPANIES-BANKERS! QUOTATIONS.
Banks
Brooklyn
Bid
Ask
Broadway 'A 375
1-6-5
gbnoy
276 285
rirst
125
4111,1(14
liomestead11,
100
Manufac'rs, 4-11 43)
210
lhohanics' 225
150
Montauk 11.
ri OM nu
1)212-- 22.5
• Nat City
296
280
1114
Banks
Brooklyn
North 31(1ell 140
l'cople's
145
Prosp'etPM 190
Ask
Ask
170
155
155
1030
Si))
Trust Co's 1184
N Y(MU
Central l'r__ 1010
Colunibla
303
Co m m erelal 100
grnpire
300
Trust Co's
uleble Tr 500
Farm L0,36'1' 1400
N Y City
Fidelity ..-_ 21712
Astor
360
365
Fulton
_ 290
Bankers' 'fr 750
Quar'ty Tr _ 1889
15212 18713 Guardian 'I'r 100
ll'way Tr
110
14-5-6
2221
115-
Trust Co's
Bid Ask
145
u
"
d enrblir
nielt
295
255
Law 'r I &I'r 228
2321s
11501
13:11anirhatt
inTr
a n 375
300xletropol'1'n 405
Mutual Alit.
ance
130
125
Mut.( Westchester).... 140
150
NY Llfedar 1000 1040
Bid
Trust Co's
Ask
N )1 Trust_ 000
Standard
34712 15217
FitleCludi Tr 3650 355313
Tr Co of Am 375
Union Tr___ 1300
OS 1.51tg& 'Pr 475
Unit States_ 1115 11-40WashIngtou 400
415
Westchester 150
110
Windsor - 105
200
[rust Co's Bic(
Brooklyn
Brooklyn Tr 460
Citizens' ___ 125
elatbush __ 210
Franklin__ 275
Hamilton __ 265
110612
Home
515
Kings Co
320
I sl L &
Nassau
160
Peoples'
285
lueen8 Co_ 100
Ark
iii*
220
286
276
3311
165
300 ,
110
,!Bid and asked prices: no
on this day.
Less than 100 shares. *Ex-rights. b Now stock. a Ex-div. and rights
d Quoted dollars per sham.,
Sale
si Bun
Bunk Bxghgo
tu
or
salec.f at auction this wook. s Ez stook dividend. liaariks inarkqd with a paragraph (ID aro
_
State banks. z
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed. and prices are now all-"and interest"-excep for income and defaulted bonds.
'b.1.•
BONDS
N. Y. STOCK EXCHANGE &1
Week Ending Jan. 19.
-.5.
11. S. Government.
U $ 28 consol registered_di930 Q-J
US 25 consol coupon____41930 Q-J
U S 3s registered
k1918 Q-F
U S 38 coupon
k1918 Q-F
1.1 S 48 registered
1925 Q-F
U S 4s coupon
1925 Q-F
U S Pan Canal 10-30-yr 2s k1936 Q-N
U S Panama Canal 38 g _ _ 1951 Q-S
Price
Friday
Jan. 19
Week's
Range or
Las: Sale
11
re
Range
Year
1911.
Price
Friday
Jan. 10
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan. 19.
Week's
Range or
Last Sale
YXr
.
1011.
Bid
Ask Low
High No.
100 10012 10014 Nev'll ---100 10034 1004 Dec '11 ___
10112 10214 10178 Sep '11
10112 10214 102
102
1
113 11314 1138 Dec '11
11314 114 11334
11334 15
100
10012 J'ne'll --10138 10139
4 10138 10134
Bid
Low High Chesapeake & OhioAsk Low
High No, Low High
Gen funding dc impt 58_1929 J -J 1031210412 10.112 10412
10272 10612
10014 1014
1939 11-N 11112Sale 111
1st consol gold 5s
11112 20 111 11312
10018 10134
_ 11114 11112 Not '11
Registered
1939 31-N
10158 10314
11112 11134
General gold 4 45
10112 17 10038 102
1992 81-S 10112 Sale 10114
10134 10234
11338 116
_ 9988 Nov'11
Registered
1992 M-S 9914
0988 100
9314 la 9214 9713
Convertible 4 4s
1930 F-A 9318 Sale 93
11334 11838
88 89
anne 411.
838
1 8812
8 J.,
1944 J -D 8518
Big Sandy 1st 45
87 89
10012 10012
10134 103
Coal lily By 1st gu 4s,,.,,,,1945 J-D
83 8812
1940 J -J 10113 1041 10234.1'1y '11 -_ 10234 103
Craig Valley 1st g 55
Foreign Government
8612 87
Potts Creek Br 1st 4s_.,,..1946 J-J 83 87 8634 Jan '12
Argentine--Internal 53 of 1909_ M-S 2 973/Sale
9512 96 9512
9312 29 94 96
dc A Div 1st con g 48_1989 J -J
9733
7 9634 9534
Chinese (Hukuang) By- 58 E____ J-D 5 95 Sale 97
7 9534 99
94
95
8912 9112 9214 rne'11
2d consoi gold 45
9012 9214
1989 J -J
Imperial Japanese Government
Warm Spr Val 1st g Is. 1941 111-S 105 10812 11314 Feb 111, -SterLing loan 4 14s
0314 13 9134 9534
1925 F-A 5 93 Sale 9212
Greenbrier By 1st gu g 45 1940 M-N 8913 ____ 95 Oct '10 ---2d Series 4 4s
9214 16 9118 954 Chic Is Alt RR ref g 28
1 70 "fSzi
71
1925 J -J 5 0214 93 92
71
1949 A-0 70 71
Sterling loan 43
87
1031 J J 5 87 Sale 87
65 7112
69
3 86 90
43
14
2.6_
1950 J-J 9
Batimau 1st lien 3 4s
Republic of Cuba 5s exten debt_ M-S 510258 103 1023
103
13 10218 104
,
2
43
8
6
1712. Dec8
:1 99 99%
6
'
Chic B Is Q Denver Div 4s 1922 F-A 8733
7
513
114
2 -.
External loan 4 to
9813 Dec '11 --- 9712 100
1949 F-A ; 98
8718 8813
88
Illinois Div 3 346
1949 J - J
San Paulo (Brazil) trust 58_1919 J -J t 9712 ____ 9738Jan '12 ---, 97
9734
ItegIstered
88 -Sep '1u ___
1949 J -J
U s of Mexico s f g 55 of
9634
5 9518 9734
tl8Ig 1001g
1899 Q-J I 9678 97 9612
Illinois Div 41
1949 J-J 100
Gold 48 of 1904
100 100%
1954 J-D 90 92 9212 Nov'll --- 8911 9913
Jan '11
Registered
1949 J J
5 These are prices oat/se ,a :is o f $5 to .c.
10434 10514
Iowa Div sink fund 5s_1919 A-0
State and City Securities
99 9978
Sinking fund 43
1919 A-0
N Y City-4 348
Ii 11638 100
10238 111 10034 103
Nebraska Extension 4s1927 M-N
1980 11-S 10214 Sale 10214
9818 9818
4% Corporate Stock _ __ _1959 M-N 100 Sale 9978 100
83 9858 10014
Registered
1927 M-N
997
4% Corporate Stock
100
99 9918
32 9812 10014
1958 M-N 100 Sale
Southwestern Div 43_ __ _1921 M-S
4% Corporate stock
100
1 9834 101
Joint bonds See Great North.
1957 M-N 100 10018 100
New 4 4s
10 10034 10113
10758
6 10678 10914
1957 M N 10758 10734 10758
1913 M-N ill:060281
Deoenture 55
. New 4 As
18411123 9534 98
1917 M-N 102 ..- 10212 Jan '12 ---- 10178 103
1958 M-S
General 45
10778 94 10612 10918 Chic Is E Ill ref Is Imp 4 95..1955 J -J
80 83
4 10758
434% Corporate Stock 1957 11-N 10738 107310212
2 102 103
12334 127
434% assessment bomls_1917 111-N 1021 Sale 10214
1st consol gold 68
1934 A-0
2 8634 89
8718
3 '5 "7". Corporate Stock_1954 M-N ---- ----8718
960909U9
33
:8979,
:
:
c
e1n899011.;°17
17:14
4 4:842 1:
3: 111118
12
1 10 109 1111$
i i1111
1010
28"090 8
1
48i3: 48 84 1
mDkUjMpa
c
ee
:
E
:
11:862
9
1:
:1-0
General consol 1st 53...._ _1937 M-N :
8011:lille_i
1-3 03 10218
If Y State-4s
10913 51 10112 10334
10834 10834
1981 81-s
Registered
1937 3I-N
Canal improvement 45_19131 J-J 10258 Sale 10212 10258 148 101 10334
10938 11014
Chic Is Ind C By 1st 56.._1936 J-J
Canal Imp'ment (new) 41961 J -J 1U258Sale 10212 10258 404 10112 101,4 Chic at Western 1st 4s
0,
2
1131412 3u 8214 8612
Sale
128 8212 ec18
1959 M-S
Canal Improvement 4s_ _1980 J -J 1015 ........ 10112 Noy'll --- 10112 10614 Chic Ind Is Loulsv-Ref (18_1947 J -J 12
712
82
1273j Jan
12614 12834
'15 ---- 10112 10134
So Carolina 4 As 20-40_ _1933 J -J ---- ----10312.1'1y
Refunding gold 58
109 Nov'12
'11 ---- 107%111
1947 J-J
Tenn new settlement. 3s
9714 -- 98 Oct '11 ...:-. 96 98
1913 J-J
Refunding 45 Series C_1917 J -J _...... 9414 u...58 Apr •11
95 955s
Virginia fund debt 2-3s
86 881-2 8612 Dec '11 -,80 88
Ind Is Loulsv lit gu 45_1958 J-J
1991 J -J
97 j
68 deferred Brown Bros-otla__ --- 4614 47 4614
15:
02IC
as 82
isjo
i178
nV
2
e:11°
:-51755
65
8 931
1956 J J ;
4614 26 40 0712 Chic Ind Is Sou 50-yr 4s
104 10414
1969 J-1)
10
04
534
Chic L S Is East 1st 4 4s
10173 10278
Ral!road
Chic MII Is St P term' g 55_1914 J -J
987
51995
Q-J 80 81 80
A lin Arbor 1st g 4s
99 9878
80
Gen*I gold 45 Series A_.1e1989 J -J
1 7878 85
99
12 98 9938
L3.tch Top as S Fe gen g 46_1905 A-O 9918 Sale 994
10
*
9938 163 98 9978
'01989
8
90
8
Registered
98
_1 0812 9918
98
Registered
8613 8813
88 4718 so
Gen'i gold 3 46 Series B...1989
19115 A-0 9738 9814 9814 Jan '12 --, 97 9834
Adjustment gold 48____441995 Nov 9144 Sale 9134
Registered
86 86
e1989 J -J
40 9014 9212
92
Registered
91 9318
81995 Nov ---- ----0014 Jan '12 ---.:
1934 J-J
25-year deben 46
Stamped
(ible Is L Sup Div g 5a
'
2132
1
106 107
81995 M-N 9134 Sale 9134
°2
638 Dec°
1921 J -J 10534 -___ 10
9218 46 9078 9212
Cony 43 Issue of 1909____19..5 J -D „,,........,_ 11438 J'ne '11 --„, 10514 11438
10834 109
Chic Is. Mo lily Div 58_1926 J -J
Cony gold 43
106 1074
17-61
11'.111211
AjPnre'
Chic Is P W 1st g 55
1955 J -D 106 Sale 106
110
°86
836 4 Jan
1061
1921 J -J
42 10334 11878
Cony 45 (issue of 19101_1960 J-D 1007 Sale 10014
648 9612 105b8
9518
1, 9314 95
101
C M Is Puget Sti lot gu 48 1949 J -J 9478 93 95
10-year cony gold 5s
1071
96 10514 11612
Dak Is Gt So gold 5s
1917 J -D 10714 Sale 10718
10318 10334
1916 J-J 10278 10358 10318 Aug '11
Deuentures 45 Series J
Dubuque Div 1st 5 f 68_1920 J -J 1134 Sale 11318
11314 11113
1912 F-A ---- --__ 984 Jan '1 ---- ___ ___
11318
Series K
Far Is Sou tt8SUM g 6s
1913 F-A --, ---- 9914 J'ly '11 -- 99111738 Aug'11
4 993.
11714 11732
1924 J-J 115 _
4
East Okla Div 1st g 48_11)28 81-S 0534-_ 98 Jan '12 ---, 96 9712
LaCrosse Is D let 58
10412 Dec '11
10412 105
1919 J -J 10334
Short Line let 48 gold
Wis Is Minn Div g 56
93
6 9212 9414
1958 J -J
10614 1074
1921 J-J 10638 __ 10638Jan '12
9234 93 93
S Fe Pres & Ph 1st g $s_1942 M-S
Wis Vail Div 1st 68
_ 110 10834 Noy'll --- 10814 10912
134 D
112%114
N ec
02
1334
ov
8 1_1_3_1
:
10
1238
1920 J -J 11
Chic Os St L 1st as
Mil Is No 1st cons 6s
1915 m-s 105 ,__,_ 10638.rly .11 --, 10638 10038
10134 10314
1913 J-D
Atl Coast L 1st gold 45..__/11952 M-S 9512 Sale 9512
10014 10032
12
1
Extended 434s
734
14 JNaonv:1
1913 J -D 100
00
951
42 9338 9618
- 10
0712
Registered
___ 98 Oct '06 ..-- -------- Chicago Is N West cons is _1915
81052 M-S
10734 112
1083
Ala Mid 1st gu gold Si. _ _1928 M-N Ri11-2 ---- 10858 Aug'11 ---971k Jan '12
97% 9934
1886-1926 F-A ---Extension 45
198
Bruqs & W 1st gu gold 48 1938 J -J
9514 -- 9514 Mch'11 ---- 9514 954
9734 Noy'll
8
97 994
1386-1928 F-A
Registered
Charles & Say 1st gold Ti 1938 J -J 135
87
_
_
6 85 881s'
1987 M- N
General gold 348
-if% 7
L & N col. gold 45
86 8804
-4-538 132
91987 Q-F 85 ____ 86311409'11
Registered
4)1952 M-N 954 Sale 6-134
(50 97 9912
Say F & W 1st gold 68_1934 A-0 125 126 12514 Dec '11 ---- 12412 126
General 48
1987 1.1-N 9814 Sale 9818
081
1st gold 55
Sinking fund 65....._1879-1929 A-0 11138__,. 1113.1 Nov '1
11134 112
1934 A-0 1084 11038 May'll ---- 11038 1114
SU Sp Oea & G gu g 4a
Itegistered
1879-19211 A-0 11038__,,_ 11114 Nov'09
1918 J -J
9834 9814 97 Jan '12 -„, 97 9712
Dalt & Ohio Prior 34s __ _ 1925 J-J
Sinking fund 5s
9238 Sale 9134
9238 130 9112 93
1879-1921) A-0 107 __ 1074 Oct '11
hir
.4.4 Registered
Registered
1879-1929 A-0 10.112 ____ 10378 Dec '11
31925 Q-J 8373 9034 9114 Nov
'
1031810738;
1 1 ,- 9114 9112
Gold 43
Debenture 55
81948 A-0 9838.lie 9818
10514
1921 A-0 10412 108 10434
9832 64 9712 9912
104341061*.
Registered
9818
Registered
81948 Q-J
10612 Feb '10
1921 A-0 103
97
9818 rly '11 Pltte Junc 1st gold 6e____1922 J -J 11214 -- - - 112 Jan '12 -- 112 112
Sinking fund deb Si
1933 M-N 10813_,,,._ 10943 Nov'll
idf fir
P June do 11 Div 1st g 3451925 M-N 884 --- _ 8818 Aug'11 -,-- 8744 8834
Registered
1933 M-N 107 __ 10734 Aug!ll
10712 10813
P L E & W Va Sys ref 45_1941 M-N 9113581e 91
911 201 90 9218
Frew Elk & Mo V 1st 63_1933 A-0 12618
127 1284.
12718 Nov'll
Southw Div 1st gold 3)4s 1925 J -J
Mani GB &NW 1st 334s 1941 J -J
91 •9138 91
9138
8 8812 1)112
9012Sap
Cen Ohio R 1st c g 4 14s__1930 M-S 0034 -__ 103 Meh'10 -- ___ __ _
Mllw & S 1.1st es 3 48..1941 J -J
Cl Lor & W con 1st g 56_1933 A-0 11012 11113 11012 Dec '11 -- 11012 1115.
Mil L S & West 1st g 8s 1921 ni-s 1131411538 114 Jan '12
i Ni
s'lig;
8
Monon Riv 1st 4-u g Is. _j919 F-A 10214 10912 10214 Dec 'II- 10238 10214
Est as Imp 51 gold 5s 1929 F-A 1(3879110 11038 Aug'11
ioto2 111
Ohio River RR 1st g 55_1936 J -D 1084 _-_- 10912 Apr '11 -- 10912 10912
Ashland Div lit g 6s 1925 111-S 11612 ____ 14212 Feb '02
General gold 5s
Mich Div lit gold 8s 1924 J -J
1937 A-0 108 1104 106 J'IY '11 ---- 106 10912
itirs iii",
11618 Oct '11
Northw Union is?. Ts g_1917 51-S 11612_Pitts Clev & Tol 1st g 65_1922 A-0 11313 ___- 11318 Anell ---- 11318 11334
115 116
112 11478 115 J'ly '11
0738_-_.. 9712 Sep '11 ---- 0738 0712 'Winona & St P 1st ext 7s 1916 J-D 111121147 11334 Aug '11
Pitts & West 1st g 4s
1917 J -J
11334 113Si
111878
Stet 151 Ity lst gu g 4 46_11)43 i-1) 85 SO 95 Noy'll -- 05 95
Chicago Rock Is it Pa 68_1917 J-J 10878 Sale 10878
1085,110
11258 Nov'll _-- 11253 113
Buffalo R Is P gen g 5s
Registered
1937 M-S 11134
1917 J -J 10712 10934 109 Aug'1U
1167
General gold 4s
___- 10718 Auell -- 10718 10838
Consol 4 145
16 0612 93
1957 M-N 10438 10634
9638 Sale 9535
1988 J -J
96
Registered
All & West 1st g 4s gu
1998 A-0 9512 ---- 97 Feb '11 ---- 97 97 ,
1988 J -J 95 96 96
901 337 8712 -id
Refunding gold 4s
CI as Mall lit gu g 5s__ _ _1943 J -J 108 ____ 103 .rly '08 ----_
1934 A-0 9018 Sala 8914
Roch & Pitts 1st gold 63_1921 F-A 11234 ---- 113$4 Nov'll ---- 1133Coll trust Series J 43
99773134
101
4 1193.
1912
4
• Consol 1st g 6s
Series I..
Sep '11
11613 11878
1922 J -D 11514 118 1167 Meh'1 1
1914
9738 9714
Buff Is Susq 1st ref g 4a___d1951 J -J
M 43
50 72 Mch'10 ---1.3.
971 962 Nov'll
1915 M-N
ic67
964 9712
elan So lit eat 6s
101
N 43
1913 J-J loi13102 10112
ii51.1-2
-8
1916 81-N
9.-/ 2d 55
4%VmN 4
1913 81-S 10038
10058Jan '1
O 4s
10013 10138
A
1917
Registered
P 4s
191381-5 .9934
10014 Jan '11
10034 10034
1918 81-N_ _ 951 1/434 J'ne'11
-17.134 -1";9114'
Central of (.1a 1st gold 5&..p1945 F-A 1124 _ 11334
Chic It I & Pao RR 4s
721 -196 7012 77
1 112 11412
11
2002 M-N -713- Sale 7113
Como! gold 55
Registered
1945 114-N 10938 1091 10014
1091. 11 10714 110
2002• N ---- ----751, J'ly '11
7914 764
Registered
1945 M-91 107 ___ 10712 Nov'l ---- 107 10712
R I Ark & Louis lit 4348 1934 M-S 92 92 9214
V 9212 04
921
1st pref income g ba..___91945 Oct ------- 103 Dec '11 __ 90 108
11012 1124
Bur C It & N-Is?. g 58..1934 A-0 11033 ____ 11012 Noy'll
Stamped
10613 May*11.
10014 10812
Registered
1934 A-0
12012 Itich'03
2d pref income g 5s_ _91943 Oct -- --_ 108 Dec '11 ____ 91 10(84
11:36CRIF&NWIstgn5s'21 A-0 81Q413 _
4 10618
10514909 '11
2d pref income g 56 stamped
& St L 1st gu g 73_ 1927 J -D ----_ -- ---- ..-- 96 Nov'll ---- 96 100
3d pref Income g 5.1_ _919450-ct -... --- 107 Dee '11 ...._ 85 107
10212 10234
Choc Ok & G gen g 58__,219 19 J -J jail; _._ .iciii4 Adifii
3d pref income g 5s stamped
Conedl gold 5s
10812 10018
._ - -,„.
8518 Oct '10
1952 M-N
Chatt Div pur mon g 4a _ _1951 J--1) 8948. 911. 8952 Jaa '12 ':12
1
Kook & Des M 1st 5s........1923 A-0 101 1011 1°
99 103
8738 8.312
eaP
n
1y2334
2S
JMa
2,
028
:
3
1 182
Mac & Nor Div 1st g 5s_1948 J -J 107 __ 10714
10
2.10613 10612 Chic St P
123 12512
& 0 eon 6s_ __ _1930 J -D
Sale
Mid Gs Is ALI Div 5s____1947 J-J 1054 1071 115 Nov1), ---Cons 65 reduced to 3 46.._1930 J -D 92308158 9
__ _
il
-1-l 123
9338 DecD ec :O
Mobile Div 1st g 58
1948 J -J 10712
12334 1251g
_ 10934 May 11 ___ 1ãi
Ch St P Is Minn lit g 66..11)18 /11-N
10834 1093.4
Gems RR & B of Ga col g 56_1937 M-N 10212_ 102 Nov '11 .._ 10112 103
Nor Wisconsin 1st 63_1930 J -J
Cent of NJ gen't gold 5s_ _ _1987 J-J 12134 122I-2 12212 1221
2 12012 125
111 11254
St P & S City 1st g as _ __ _1919 A-0 ii63- iiii III Dec '11
Registered
Superior Short L 1st 53 g_1930 M-S
120 12312
81087 Q- J 12112 122 12112 Jan '1 _
-----------Am Dock as Imp gu 53_ _ _1921 J -J 107
4 ior 16612
2 10612 10814 Chic & West Ind gen g 66_0932
10834100
Le & Hod R gen guy 58_1920 J -J 10158 ----------------,___
Compol 50-year 43
91 9318
1952
92 9214 92 Jan '12
Leh & Wilkes-B Coal 5s_ _1911 M-N 100 101 10012 Au-g-'11 __ 100-12 I61i1.2 Cm H is I) Zd gold 4 4s
1937 J -J
03
11 10038 Deo '11
19
10038 1014
N Y as Long Br gels g 45_1941 Id-S *994 __ 100 Dee *11 __ 100 10012
tat & refunding 43
1959 J -J
Cent Vermont let au e 4s_ _sliao 0-F Ms 90 891, Dec '11 ____ 871, 921,
lit guaranteed 48
907 iii" maTii
1959 J -J
8834 89
MISCELLANEOUS BONDS--ContIrrned on Next Pane,
Sale i00
1047$100
100
;0
iffs 9)318
---
1:
Street Railway.
Brooklyn Rap Tran g 58_1945 A-0
1st refund cony gold 45_ .2002 J -J
Bk City 1st con 58 1916-1941 J J
Bk (3 Cc Is S con gu g 53_1941 M-N
.Bklyn Q Co &S lit 55_1941 J-J
Bklyn Us El lit g 4-56_1950 F- A
Stamped guar 4-5s____1950 p- A
Hines Co El 1st g 48
1949 F-A
Stamped guar 4s
194,1) P-A
Nassau Etec guar gold 48_1951 J-J
Conn Ryas Llst & ref 5 g 4 43.51
Stamped guar 4 4s
1951
Denver Con Tram eons g 55_1933 :jj
-o
Del United 1st cons g 434s1032 J -J
Grand Raphie ity lstg 5s.....1916 1-A
D
Havana Mee oonsol g 58_ _ _1952
„nterboro-Metrop coll 434s.1956 A-0
intarbero Rap '1V Is Sac A.1952
1
Street Railway.
2 102 10434 klanhatIZ(NY) eons g 4s_1990 A-0 9638 9714 9838.Tan '12
103
103 10313 103
8512 Sale 85
198 Kai 88k
8
Stem
tax-exonspt____1990 A-0 9648 971 97
97
5
1014 102 1014inn '1 _
1014 103
Met St Ry gen coil tr g 55_ _1997 F-A 102 Sale 102
.102
1
,
11
97 No3
Guaranty Trust Co certifs. _
97 100
__ 10238 1014 102
'26
_
Refunding gold 4s
59 Dec '11 ___
2002 K-(
-5
Rib;:::: 10134
Farmers' Loan Is Tr ctf____
(511,Jan '1'2
10134
i(361-2 1
- 114
10054 102
1014102 10134Jan '12
Stamped
61
"eV "if 6012
'67
831
8313 R5 8312
1 8.113 86
Refunding 41 fwhen Issued) _ _
8058
8114 150
80 81
85
9 8212 8(14
85 Sale 8412
Adjustmt. Inc Is (wh Issued)58 Sale 5734
5888 28f,
794
8018
57 77 8018
8013 Sale
Away Is 7th Av Isle g 53_1943
10314 _ _ _ 1(X312Jan '12 .._,
10112 __ 10178
1017
10134 10178
Col Is 9th Av 1st gu mc 53_1093
10218 1(11 10112.1an '12
10113.
10175 Dec '1
101 10214
Lex Av & P F 1st go g 55_1993 M-S 102 103 10213 Jan '12
Third Ay RR cons gu 45.2000
80 Jan '12
4
2 "iti" 03-4
7912 80
-f*517(04
Central Trust Co carts
8012
81
16
Cent Tr Co cts Stamped_ _ _
10
9934 - -. 90 J'1Y'
7913 Sale 71)18
8012 188
041 -663-4
_ _ 9914 99 Jan '12
1st ref 46 when Issued
85% Sale 8473
9538 198
8158 Sale 81
8214 1057 7714 83
Adjmt Inc 5s when Issued_
7$42 Sale 18
'7958 646
103% Sale 10038
1044 215 10134 10412
Third Ave Ry 1st g 53___1937
109 110 111113 110
I
.914.1114910.M411141416.1111111MW_.Ciltia.44111-_
is Duo July. k:1410
.0,i4130 Oct. _
96 0892
9614 9812
7318 07
73 9712
4553 59
45 5935
9314 58
79:1 8132
5312 5473
9812 10.1
0914 102
9983 10212
59 7818
6834 7814
5834 7634
8334 MI
7132 7634
10634 111
s Qatloa saki.
JAN. 20
1912.1
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan. 19.
New York Bond Record—Continued—Page 2
Price
Friday
Jan. 19
Range
Year
1011.
Week's
Range or
Last Sale
BONDS
N. Y. STOCK EXCHANGE t'5?
Week Ending Jan. 19.
193
l'rice
Friday
Jan. 19
Range
Week's
Scar
Range or
an
1911.
Last Sale
_—
--Bid
Ask Low
Rig! No. Low High
9258 9258
9234 ____ 9258 Mcli'11
__ 8)813 Jan '12
96
96
11512_ 11218 Aug'11
1141,11634
12,14 Ei0
. 12714 Nov'11
127 -02873
132 13614 May'OC
11114 113 11234 Sep '11
4
I111-2 112)-
Out
Cln Ham & Dayton (Continued)
Ask Low
High No. Low High St P M & M (Continued)—
Cin D & I Ist gu 5s__ _1941 M-N 10312 105 10414 Jan '12
Pacific Ext guar 4s £____1940 J-J
10214 10434
0 Find & Ft W 1st gu 4s-g 1923
E Minn Nor Div 1st g4s1948 A-0
90
83 88
83 Meh'll
4s____1053 J -J
Cln I & W 1st
Minn Union 1st g Gs__ _1922 J-J
f12
8712 881::
8712Nov'll
Day & Mich 1st cons 4;is 1931 J -J
Mont C 1st zu g Os_ ___1937 J-J
Ind Dec & W 1st g 3s____1935 J -J 104 1041. 104 Dccli
103 idSRegistered
1937 J -J
1st guar gold 53
1935 J -J
____
1st guar gold 5s___ _1937 J -J
10712 Dec '02
Cleve Cin Chic & St Louis—
Registered
1937 J-J
General gold 4s
1093 J
2 92 95
9234
Will & S F 1st gold 5s _1938 J -I) 113 . tl212Sep '11 -_-_-_-_ 1121.. i I23-4
9234
9234 93
Cairo Div 1st gold 4s_
_1939 J -J
Gulf 60S I 1st ref & t g 5s_51952 J -J
92 04
9212 _
01 Dec '11
91
941 95 Jan '12
ssii 9534
Cln W &M Div 1st is 4s 1091 J-J
9018
00
Registered
'J018 611, 9018 Dec '11
51952 J -J
Div
1st
L
St
col tr g 4s __ _1990 M-N
10 9014 94
ock Val 1st cons g 4;0_1099 J-J
03
93 Sale 0212
1021
2
idi- 1655idi5
Registered
1900 M-N 89
01 Oct '07
Registered
1099 J-J
10012 Sep 'Os
_
13pr & Col Div 1st g 4s
Col & H V 1st ext g 4s _ _1948 A-() 9478
___ 90 Dec '11
90 90
1940 M-S
_ _ 9412 Dec '11
-91 - -55
W W Val Div 1st g 48_1940 .J-J
01
91
9118 9112 91 Dec '11
Col Se Tot 1st ex 4s
1955
96 06
9424 9018 0)118 Jams '12
C I St L & C consol 53_ _ _1920 M-N 10558
_ _ 10534 lice '11
10512 10831 110115 Belt & Term 1st 5s
991,10112
1937 j-J
100 10012Dec '11
1st gold 48
0634 9718 97 Jan '12
Ilinois Central—
k1936 QRegistered
ist gold 4s
(
0
)7
618 97%
0718 Dec '11
k1936 (.3-F 9612 _
1951 J -J
103 Dec '11
10014 103
Cln S & Cl con 1st g 5s___1928 J -J 107 ___ 10714()et '11 ____ 106 1071,,
Registered
1951 J-J 100 ____ 100 Sep '11
100 100
CCC &I consol 7s
1st gold 3 33s
1914 J-1) 10312 10634
- 10712 Aug '11 ____ 10718 1077
1951 J -J
90 ____ 91 Aug'11
8614 91
Consol sinking fund 7s_1914 J -I)
Registered
1951 J-J
89 89
,
11
Ap
ary:0
8
99
312m
• General consol gold 6s_1934 J -J
12134 1251,j
Extended 1st g 315s
---1931 A-0
1934
J -J
Registered
_
Registered
1951 A-0
---- ---1940 A-0
lst gold 3s sterling
/nd El & W 1st pref 4s
94 J'ly '08
1951 74-S
-id - J•ti-.55
---0 Ind & W 1st prcf 59_0938 Q-J
Registered
1951
S
1940 A-0 02
Pro & East 1st con 4s
Coll trust gold 45
-51-3.4 12 -d5- 93
-511,
1952 A-0 -651-5g 2 :.,_
90 De-C-i-1
1990 Apr
38
Income 43
39
Registered
40 611,
33 -Jan '12
1952 A-0
0812 Aug'11
1o47 J -J
1st
ref
Col Midland 1st g 48
4s
139
577s
'12
_
Jan
5812
1955• N 9638 9612 9638
08
5814
9612 98
1929
48
17-A
g
06
Colorado & Sou 1st
0514 93
Purchased lines 3 35s
17 9434 9712
90
1952 J-J
86 8618 88 Oct '11
86 88
1035 M-N
9718 9714 0718
Refund & ext 4388
L N 0 & '1'ex gold 4s
9834
0712 30 96
1053 75-N
971, 9914
9878 91)1 91)
99
Ft W & Den C 1st g 0s_1921 .8-1) 11134 11212 11218
Registered
3 11112 11312
8
1053 75-N
4::T1.an 111
_
9
972
943.
:
- 9434
Cairo Bridge gold 9s
Conn & Pas P.M 1st g 45_1043 A-0
-__1950 J-1)
9712
Feb
96
1052 J -J ____
Cuba RR 1st 50-yr 5 g
Litchfield Div 1st g 3s__ _1051 J -J
Ma120 i'-1()
751 7518
7512 ____ 7518 Sep '11
TAel Lack & Western—
Louisv Div & Term g 3 A51953 J-J
8412 86 85 Dec '11
8714
85
JJ
1914
1st
Essex
7s
6c
M-N 106__ 10634 Nov'll
10634 10334
Registered
1953 J-J
8314 Nov'10
1015 J-1) *109 :
1st consol guar 7s
-___ 10910 Dec
Middle Div rag 55
10
0;
4
2:
1 997
;
1322
1921 F-A 1-53
.f4:
123 May'90
Registered
1915 J-1) 108 ____ 11128
Omaha Div 1st g 38
1951 F-A
- Dec '10
,51.2 ,618
33
-is
gu
g
2000 .1-I)
1st ref
St Louis Div & term g 3_1951 J -J
7378 -if- 76
91 Jan '11
518
2it
:
'll 4
111
7512 7512
1021 J -J 11314 _
N Y Lack & W 1st 6s
19
Registered
1112 19
1131', Oct '11
7312
1051 J-J
16
114
Construction 5s
1923 F-A 106 _
_ 10628 Nov'11
Gold 3;is
3713
1951 - J
8312
-g7-18
-id
Term & Improve 4s __ _1023 11-N Itegistered
1951
03 Dec '11
J
84 ____ 10118 Oct '99
Warren 1st ref Cu g 3 3's_2000 F-A
Spring Div 1st g 3 343
1951 J -J
10218 Feb '03
100 Nov'00
Del & Ilud 1st Pa Div 7s
1917
117 11512 Aug'11
Registered
11512110
1951 J-J
8
____
Registered
1917 M-S
Western lines 1st g 4s
149 Aug'01
1951 F-A
0612
.12
9)6 Oct '11
-5E5-8 -56
• 10-yr cony deb 48
1916 J -I) 9858 Sale 9814
Registered
9858 143 -554155 1951 F-A
1st lien equip g 4 Ms
1922 J-J 101 10134 10138
Bellev & Car 1st Os
10138 10 101 102
1923 J -I) 116 1st & ref 43
Garb & Shaw 1st g 4s
1943 M-N
9878 Sale 9834
987s 23 9773 10012
1932 m-S
9)34
_ 9514 Oct .10
Mb & Sus cony 3;is_ _1946 A-0 0134 021s 92
Chic St L & N 0 g 5s
0212 35 8912 9414
1951 J -D 114 114
1458 Dec
11334 117 Hens & Saratoga 1st 7s__1921 M-N 122 ____ 122 Dec '11
122 12412
Registered
1931 J -D 113
_. 114 Feb '11
113 115
Denver & Rio GrandeGold 3 Ms
1951 J -I) !8
Oct
mciiI3
_
j!
.511
1st consol gold 4s
1936 J -J
8912 8978 8914
94
8078
5
Registered
1951 J -I)
8014
---Consol gold 4 Hs
Memph Div 1st g 4s
1938 J -J
'12
98 93
1951 J -I)
93 Jan973
008 sale ,
____ ---Itnprovement gold 5s
111 98 101
1928 J -D
Registered
1951 J
_
____
• 1st & refunding Is
St
80
3858 Sale 8714
0358
L
1955 F-A
526
Sou 1st gu g 4s
8858
1931 Nt-S
111 ____
Rio Cr June 1st u C 53-1939 J-1)
10434 10434 Ind In ec Ia 1st g 48
10434 Mch'll
95 06 95
1930 J - J
8 -554
-541Rio Cr So 1st gold 4s
1940 J -J ---- 60
6112 0112 lot 3: Great Nor 1st g 8s
6112 Apr '11
_ 10912 Dec '11
10712 10012
1919 75-N 108
'
Guaranteed
1940 J -J
Iowa Central 1st gold Is_...1938 J -I) 10138 i5i1 102
8
85
3 Mch'08
102
27 10012 103
1810 Cr West 1st g 4s
85 8614
1939 J
Refunding gold 43
85
2 -gi 9234
1951 M-S 6518 661 6612 Jan '12
63 7112
Mtge & col trust 4s A 1940 A-0 78 Sale 78
8512 Jamestown Franklin &
2 81
78
.1 Clearfield 1st 43
Utah Cent 1st gu g 4s_a1017 A-0
---- 97 Jan '02
1959 J -I) ____ 941 9412
9412
9514
1 04
Des Mol Un ity 1st g 5s
1017 NI- N
Van City Sou 1st gold 3s 1950 A-0 7338 741 7328
7358 25 7314 74%
& Mack 1st lien g 43_1905 J -I) 99
02 -55 - 112
-IA- Registered
11
90 Se
N opv:0
-52.- -92
1030 A-0
Oct '00
Gold 48
1905 J-1) 00 02
net & impt 58
881, 03
00 Jan '12
4 Sale 100
Apr 1950 J-J 1.65110014 28 -5g1-0 idiDel T & 1-0 S Div 1st g 481041 M • S 7012 ____ 0012 Jall '12
Kansas City 'fermi 1st 48_1960 J -J
70
70
Uhr 9812 Dec '11
9634
- 9034
Dui Missabe & Nor gen 55.._10 41 J
105 106 10111 Dec '11
1(1112 10614 y ake Erie & W 1st g 5s_1037 J -J 108131101...10812 Jan '12
10812 11 114
Dui & Iron Range 1st Is.._.1937 A-()
11
1_0_6_1! 10
No
ovi:80
10512 10911 -IA 2d gold 5s
1941 J-J 10414 1041 104 Dec '11
1 12 m
104 10412
Registered
1937 A0 110052
North Ohio 1st gu g 5s
1045 A-0 105
__ 10712 Oct '11
10710 11024
1910 J -J
2d 6s
101 104 - Leh Vail NY 1st gu g 4 H8_1940 J-J 10314.____ 10514 Jan '12
lot Feb '11
10518
- 10614
idi- 155- 10738 Dec '11
_1937 J
Dui So Shore & All g Is
Registered
10738 108
1940 J-J 1,
04
7120
10414 1044
1 5 19
0
)
c
et
18
2(
04
73
.11;s1glti Jol & East 1st g 58_1941 M-N 10812 ---- 112 J'ly '11
Lehlgh Vail (Pa) cons g 4s_2003 M-N
112 112
963.1 9713
114rie 1st consol gold 7s........1920 M-S
113 Nov•I
11734 12058 Leh V Ter fly 1st gu g Is. _1941 A-0 112381
11214 11434
.14.18 11378 Nov'1 1
N Y & Erie 1st ext g 4-.1_ _1947 M-N 100
10112.rne 1.1
Registered
1941 /1-0 10
93
14
4
11118 113
11108
1,
1
11s D
Ne
oc
v:0
2d ext gold Is
1919 M-S 10418
_ 10578 Nlay'll
10
00
414
2 10
1.08
15 Leh V Coal Co 1st gu g Is. _1933 J -J
---3d ext gold 4 As
1923 M-S 10213 _
101 101
101 Oct '11
Registered
1033 J -J
____
4th ext gold 58
1920 A-0 10514 ___ 10514 Jan '12
10.5 10631
1st int reduced to 4s
1933 J -J
5th ext gold 4s
1928 J-1) 100 101
9912J'ne'11 ____ 9912 0912 Leh & N Y 1st guar g 4s
1945 75-S -4;51-2
0234Oei
9312 9434
NYLE 6oWlstgfd 75_1920 75-S
12034 118 Oct '10
Registered
1945 75-S
Erie 1st con g 48 prior
8814 90 8014
1090 J-J
El C & N 1st pref 6s
-27 -8
47-8 -55
1914 A-0 loi-90
Feb '10
8434 _
Registered
8414 Oct '11
821, 80
1996 J -J
Gold guar Is
1914 A-0 10014
10114 Sep '09
1st consol gen lien g 4s_1906 J
7812 Sale 73
7834 13 7312 7934 Long IslandRegistered
1996 J -J
77
1st consol gold 5s
77
h1931 Q-J 10934 - - - - 1(1034
2 10912 11213
II()
8814 8938 8
Penn colt tr g 48
78
714 ViY8
1951
'
8158
1
1st consol gold 45
10 86 01
93
h1931 Q-J
50-year cony 4s A
1953 A-0 87 Sale 87
87
1 73 92
General gold 48
_
1938 J-1) 9418 _
9234 9615
7618 38 60
do
7534 Sale 7558
Series B.
1053 A-0
Ferry gold 4 Hs
8012
9812 100
1022 M-S 0612 166 100 Aug'11
Buff N Y & Erie 1st 7s 1910 J -D 10018 ____ 10958Jan '12
10834 1115,s
Gold 4s
9118 _ _
1932 J -D
0914 Oct '06
Chic & Erie 1st gold 58_1982 11-N 113 _
11211 Jan '12
11058 113
Unified gold 45
1949 M-S 92 533-4 93 Jan '12
-54 - -9*E1-2
Cloy & Mahon Val g Is. 1938 J -J 10'J58_,,__ Ill Apr '11
111 11138
Debenture gold as
1934 J-D 102 1041_ 10412 Dec 'OS
Registered
1838 Q-J 108
Guar ref gold 4s
4
1949 M-S 95 9558 9512
9512
-5.1 - -551Long Dock consol g Os..,.1935 A-0 12234 _
12518 Nov'11
123 - 12518
RegIstered
1949 M-S
05 Jan '11
05 95
Coal & RR 1st cur gu 82_1922 /1-N 10418 157 1C418(let '11
10418 10418
N Y D & 75 E 1st con g 55 1935 A-() 15E3-4:::: 11014 Nov'06
Dock & Imp 1st cur 6s 1013 J-J 10134 ____ 10134 Dec 'II
10028 10218
N V & H B 1st g Is
1927 M-5 10378 ____ 105 Apr '07
N Y & Green L CU C 5s_1916 M-N 10212 _ _ _ _ 108
10012 10212
Nor Sh B 1st con g gu 53.01932 Q-J 10.524 107 10714 Jan '12
2112 Se
10313 1013
p
:
c ,11
•11
N Y Sus & W 1st ref 5s 1937 J -J 105 107 105 Jan '12
10134 10434 Louisiana & Ark 1st g 51
1927 M-S
96
9734 Sep '11
9418 9834
2d gold 43s
80 __ 10014 Dec '08
1037
Louisville de Nashville—
General gold Is
88
dd
1940 P-A
90 Dec '11
JO
83
General gold Os
116
116
1930 J-J) 116
1 112 11618
Terminal 1st gold 3s_1943 M-N 10012 _
10812 11012
Gold-5s
1937 M-N 11134-- 11112Jan '12
112 11218
Mid of N J 1st ext Is
1940 A-0 11012 11218 1101, Oct '11
11018 11012
9914 Sale 9018
Unified gold 4s
9938 26 9818 9978
1940 J-J
Wilk & Ea 1st gu r
J-1) 0912 10014 1003;Dec '11
9318 10118
97 ____ 9734 Nov'10
Registered
1940 J-J
Av & Intl 1st C011(011; 63_1920 J -J 106 _ _ _ _ 110 Aug'11
110 11012
Collateral trust gold Is_ 1931 • N 10312 III 10834 Sep '11
108)4 1553-4
Evans ec T 11 1st cons 69_1021 J -J 11218
11178J'no'l1
11112 113
H & Nash 1st g 8s
111 113
)910 J-I) 111 1111_ 111 Sep '11
1042 A-0 10134 _
1st general gold Is
101 10212
10218 Aug '11
L Cln & Lex gold 4 95s
10438 10512
1931 M-N 103 ____ 19512 J'iy '11
0_1923
Mt Vernon 1st gold
A-0 10758 _ _ 108 Nov'll
108 108
N 0 & M 1st gold 6s
11834 12212
12078 125 121 Sep '11
1930 J
Sun Co Branch 1st g Is .103)) A-0 05
N 0 & H 2d gold 6s_
11818 11.823
05 J'ne '08
HMO J-J 117 11914 11712Jan '12
ioritia E Coast 1st 4 s_19l9 J -I) 971s tie 97
0712 12 -5E- -681-2
Paducah & Mem div 4s 1046 F-A
0434 961 9534 Nov'11
9014
05
90
_ 92 Anglo
ort St IJ D Co 1st g 4 5s_1941 J -J
Pensacola Div gold Cs__ _1920
10534 10534
S 10534 103 10534 Mch '11
1928 J -J Ft W & ilia Cr 1st g 4s
"gi1-3 8413 St Louis Div 1st gold 6s_1921 M-S 113 114 113 Oct '11
8218 8218 Dec '11
113 113
aal 11 & H of 1882 1st 5s_1913 A-0 5g14 _ _ _ _ 0712Oct '11
9712 9818
2d gold 3s
1980 M-S 63
7112 7112
732 7112 Feb '11
k-4 rest Northern—
AU Knox & Cin Div 4s_ _1955 M-N 9212 9278 925g
9334
12 02
93
1921 J-j 9838 Sale 0714
Atl Knox & Nor 1st g 5s_1946 .3-I) 11278 _
() II & Q coil trust 48
MS 1631 9512 9912
11112 11214
_ 112 Oct '11
9833
9814
1821
0712
Sale
231
Registered _h
0528 9818
'lender Edge 1st s fg 6s_1931 75-S 104
_ _ _ 106 Apr 11
106 106
101
72 9978 10112
1st & refund 4 yls scr A_ _1961(
Kentucky Cent gold 48 1987 J-J
1-j 101 Sale 101
9478 Sale 0.158
0478
96
94
L & N & 75 & 75 1st g 4 3-(3s1945• S 10512 106 103 Dec '19
1961
Registered
9812 1)918
- -1 -1
98
StPaul M & Man 4s
9918 De;'
L & N-South M Joint 4s1952 J-J ____ 891 90 Dec '11
1933
01
8.8
1st consol gold Os
11)33 J-J 12514
125 12711
12528 Oct '11
Registered
h1952 Q-J
96 Feb '05
Registered
1933 J-J
132 Apr '09
N Fla & S 1st gu g 5s_ ___11)37 F-A iti51-8 112 10814 May'll
15814 11222
Reduced to gold 4 3s1933 J-j 104 10512
10512 12 155- 15d1-1
N & C Edge gen gu g 4 Ms 1945 J-J 101
Registered
Pens & Atl 1st gu g 6s__1921 F-A 11012 112 11014 Nov'11
1933 J -J
10534 rno'00
110 - 1161-4
Mont ext 1st gold 45_1037 J -D ___ us
-531;
4
95
S & N Ala con gu g 5s_1936 F-A 11034 1111 111 Jan '12
08
5 -5E111034 11218
Registered
1937 J -I)
L & Jell Edge Co gu g 43 _1945
93
9114 Dec '11
9114 94
98 J'ne'll
S 0114 ___
--
pI
____
98i. 08i,
96,-
----
----
.Ws
-
r
-
____ 03
----
----
MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway.
Street Railways.
Met W S El (Chic) 1st g 49_1938 P-A
United Rys St L 1st g 45___1934
9312J'Iy '06
7714 Sale 7714
1 75 80
7714
1111w Elcc Ity & Lt cons g 381026 11-A
St Louis Transit gu 5s___1924 A-0 82 8438 8212 I)ec '1 i
10.113 15,11-2
10112 Dec '11
8214 85'
Refunding & exten 4 35s..1931 J
9314
9314 Dec '11
0314 9312 United lifts San Fr s f 4s_1927 A-0 69 6078 70 Jan '12
61)2 7258
Minneap St 1st cons g 53_1919 J -J 101
_ 10713 lob '06
Va fly & Pwr lstdc ref 5s___1034 J -J
06 97
0712Jan '12
New Orl Ity & Lt gen 4 3s_1935 J -J
8412 8634 8412Jan '12
4
-di- -5./1Portland Hy 1st & ref 53_1930 M-N
(has and Electric Light
9834
9812 Dec '11
us12 9834
Portland fly. Light & Pow—
Atlanta G L Co 1st g 5s____1947 -D 103 ___ _
•
Portland Gen Bice 1st 58_1935 J- J
liklyn U Gas 1st con g 5s__)945 11-N 107 10712 idi
i(V3-4
St Jos fly, L, II & P lstg, 33 1237 Itf-N -55- 101 - -551947 A-0 ____ 63
Buffalo Gas 1st g 5s
62 Dec '11
5914 03
St Paul City Cab cons g 5s_ _1037 J -J 19514 10512 10514Jan '12
1032
.1"-J
Colhtnbus Gas 1st g Is
Guaranteed Is gold
1937 J -J
1923 .1-J i561Detroit City Gas g 55
8 idi- idi Jan 12
FAT101
'Fri-City fly Ic Lt 1st s f is 1925 A-o
98
1918 F- A ____
98
Jet Gas Co con 1st g 5s
98
9528 Sep 'o
Underground of London 53_1920 M-N
1033 J -J 10112 _ 10158
03 Apr '09
Del; Edison 1st coil tr 5s
foci 10134
43s
1938 J -J
Sale 95380614 51
1932 11- S 10534 10634. 106
Eq C L N V 1st con g 5s
2 105 10634
106
Income 65
1948
81 Sale 7514
8212 477
Gas & Elec Berg Co c g 5s_1949 .3-1) 101
(1112 Oct '01
Union Else (Chic) 1st g 5s_ _1945 W-(
-5
1915 F-A
81 Oct '08
1)934 101 100 Oct '09
Cr Rap G L Co 1st g .5s
United Ilys Inv 1st lien coil
1949 M-N 10414 105 10414
Hudson Co Gas 1st g 5s
10414
3 103 155trust 58 Pitts issue
1926 M-N
8514 8•112Jan '12
Ran Clty(Mo)Gas 1st g 5s 1922 A-0 ____ 9018 9812 Dec '11
‘,778 9912
hid
latest
and
Friday:
asked this week. a Due Jan. 5 Due Feb. 8 Due April. 11 Due July. k Duo Aug. o Due Oct. a Option sale.
!No price
&.art;
-dd -
194
New York Bond Record-Continued-Page 3
[VoL. Lxxxxiv.
rl
Price
Friday
Jan. 19
BONDS
Y. STOCK EXCHANGE
Week Ending Jan. 19.
Airanila RR-Sou lines 4s_1936 M-N
AT-Lexican Cent cons g 4s__1911 J-J
2d cons Inc g 3s trust
Equip & coil g 55
rects1917 A-0
2d series g 5s
1919 A-0
Max Internat 1st con g 43 1977 M-S
Stamped guaranteM___ _1977 If-S
Minn & St L 1st gold 7s
1927 -D
Pacific Ext 1st gold 6s_..1921 A-0
1st consol gold 5s
1934 M-N
1st and refund gold 4s
1949 )1-S
Des M & Ft D 1st gu 4s 1931 J-J
Id StP&SSM con g Is int gu.1938 J-J
MSSM &A 1st g 4s Int gu_1926 J-J
Mississippi Central 1st 5s 1949 J-J
Missouri Kansas & Texas1st gold 4s
1090 JD
2d gold 4s
g1990 F-A
1st ext gold Is
1944
1st & refund 4s
2004 51-S
Gen sinking fund 4 Ms__ _1036 J-J
St Louis Div 1st ref g 4s_2001 A-0
Dal & Wa 1st gu g 5s
1940 M-N
Kan C & Pao 1st g 4s___ _1990 F-A
Mo K & 5 1st gu g 53_1942 A-0
M K & Ok 1st guar 53_1942 M-N
M K & 'V of T 1st gu g 53_1942
Sher Sh & So 1st gu g 5s_1943
'
• Texas & Okla 1st gu g 55 1943
Missouri Pac 1st cons g 6s 1920 M-N
Trust gold 55 stamped__a1917 M-S
Registered
al917 M-S
1st collateral gold 5s____1920 F-A
Registered
1920 F-A
40-year gold loan 4s
1945 M-S
3d 7s extended at 47
0 _1938 M-N
1st ec ref cony 5s
1959 M-S
Cent Br fly 1st gu g 43_1919 F- A
Cent Br U P 1st g 4s
1948 J -D
Leroy &OVAL 1st g 55_1926 J-J
Pao R of Mo 1st ext g 4s_1938 F-A
2d extended gold 5s.__1938 J-J
StL Ir M&S gen con g 53_1931 A-0
Gen con Muni)gu g 5s..1931 A-0
Unified de ref gold 4s 1929 J-J
•
1929 J-J
Registered
,. Rly & G Div 1st g 43_1933 M-N
' Verdi V I & W 1st g 5s1926 M-S
Mob & Ohio new gold 6s._1927 J -D
1st extension gold 6s_3i1027 Q-J
General gold 4s
1938 M-S
Montgom Div 1st g 53......1947 F-A
St L & Cairo coil g 4s_ __e1930
Guaranteed gold 4s
1931
Mashy Chatt & St Louis.01 1st Ts
1913 J-J
1st consol gold 5s
1928 A-0
, Jasper Branch 1st g 8s_ _1923 J-J
, MeM M W & Al 1st 6s
1917 J-J
T 63 P Branch 1st 6s__1917 J-J
Nat Rys of Mex pr lien 4 ;is.1957 J-J
i Guaranteed general 4s_ _1977 A-0
Nat of Mex prior lien 4;13_1926 J-J
' 1st consol 4s
1951 A-0
0 & N E prior lien g Os__p1015 A-0
ew Orleans Term 1st 41_1913 JY Central & Hud River'. Gold 3;is
1997 .7.
Registered
1997 J-J
;
Debenture gold 4s
1934 M-N
Registered
1939 M-N
LAke Shore coil g 3 As
1998 F-A
,
Registered
1998 F- A
; Mich Cent coil gold 3 30_1998 F-A
i
1998 F-A
Registered
Beech Creek 1st gu g 4s_ _1936 J-J
1936 J-J
Registered
1936 J-J
2d guar gold Is
1938 J-J
Registered
Beech Cr Ext 1st g 3 Ms_b1951 A-0
Cart & Ad 1st gu g 43_1981 J-D
• Gouv & Oswe 1st gu g 58_1942 J -D
1991 M-S
Moh & Mal 1st gu g 4s
, NJ Juno R guar 1st 4s1986 F-A
1986 F- A
•
Registered
N Y & Harlem g 3 s.._ _2000 M-N
2000 M-N
Registered
N Y & Northern 1st g 5s_1927 A-0
• N Y & Pu 1st cons gu g 451993 A-0
• Nor dc Mont 1st gu g 5s.._1916 A-0
• Pine Creek reg guar 6s_ 1932 .7 -D
• R W & 0 con 1st ext 5s_h1922 A-0
• Oswe & R 2d gu g 5s__e1915 F-A
• R W 63 0 T R 1st gu g 59_1918 M-N
Rutland 1st con g 4 Ms 1941 J-J
Og&LCham 1st gu 43 g.1948 J-J
Rut-Canad 1st gu g 43_1949 J-J
• St Lawr & Adir 1st g 5s_1906 J - J
•
2d gold 63
1906 A-0
, Utica de Blk Riv gu g 4s_1922 J-J
1997 J-1)
Lake Shore gold 3 J's
1997 J-D
Registered
S
Debenture gold 4s__1928
1031 M-N
25-year gold 4s
1931 n-N
Registered
Ka A & GB lst gu c 53.1938 J-J
Mahon CI RR 1st 5s 1934 J-J
• Pitts & L Erie 2d g 5s_a1928 A-0
Pitts McK do Y 1st gu 6s_1932 J-J
1934 ,J-J
2d guaranteed 6s
McKees & B V 1st g 6s_1918 J-J
S
1931
Michigan Central 5s
1931
Registered
•
'•
4s
1940
1940 J-J
Registered
J L de S 1st gold 3 Ms_1951 111-S
1952 M-N
1st gold 3 Ms
20-year debenture 4s_1929 A-0
17.8
m-s
i
3"-T
Gas and Electric Light
Kings Co El L & P g 5s____1937 A-0
Purchase money 6s
1997 A-0
Convertible deb Os
1922 M-S
Ed Si Ii Bkn 1st ec
4s_I939 J-J
Lao Gas L of St L 1st g 5s__e1919
Ref And eat 1st g 53
1934 tO
F
Milwaukee Gas L 1st 4s__1927 M-N
Newark Con Gas g Is
1048 J-D
NY GELH de P g 5s_1948 J-D
Purchase money g 43
1949 F-A
Ed El Ill 1st cons g 5s
1995 J-J
NY& Q El LecP 1st cong 53_1930 F-A
Rich
N Y 63
Gas lst g 5s
1921 ‘1-N
Pacific G & El Co Cal 0 & E
Corp unifying & ref 5s_1937 II-N
Pat dm Passaic U &B 5s_1949 M-S
11
Range
Year
1911.
Pries
Arvid=
Jan. 19
BONDS
N. Y. STOWS EXCHANGE
Week Ending Jan. 19.
Wears
Range or
Last Bats
Romig
Year
1911.
Bid
Ask Low
High No. Low High N Y Cent & H R-(Con)
Bid
Ask Low
High No. Low HigIS
____ 88
N Y Chic ec St L lat g 4s..1937 A-0 9978 100 9408
9978 12 99 lOW_2
Rid- MaI'll
1937 A-0 9812 _ _ _ 9834 Nov'll - 9834 981.
Registered
9938 100
4
____
_
-__- --_ 2512 Apr '09
2 8934 92/a
Debenture 4s
1931 M-N 90 Sale 8973
90
-J
10012 Sale 10012 10.1
West Shore 1st 4s guar 2361
9 9712 10111
---- ---- ---------- ---Registered
2361 -J 98 Sale 98
9812 23 97 10012
NY Cent Lines eq tr 4 Ms 1923 J-J
77 Meh'10..___ ____
10013 10012
-10013J'ly '11
N Y New Haven de Hartf-_- 80 79 Nov'10
.
127 130 130 Aug'11
Non-cony deben 4s
1955 J- J 9212 93 9438 Aug'11
130 130
9314 9482
11012 A ug'11
Non-cony 4s
1956 M-N 92 9312 021 Jan '12
11018 11018
92 9412
-_--.-. 10:1' 105 Jan '12
103 109
Cony debenture 3 Ms
1956 J-J 91 94 925k Jan '12
*89 10012
65-18 6f.1 6978 Jan '12
65 75
Cony debenture Os
1948 J-J 13214 Sale 13214 13212 71 12634 13434
78 __ 81 Jan '12
3 -6i1..
8 _641..
0914
3 Oct '1
j
1:1•1
8 9
Harlem R-Pt Ches 1st 4s_1954 h
09 99
7834 8112
97 9734 97
7 9212 9384•:
97
Cent New Eng 1st gu 4s_1961
9812 Jan 10
11318 11312.
11313 J'ne'11
_
Housatonic R cons g 5s 1937 SI-N
2 9534 98
9812 Mch'11
4 _-__ 107 Aug'09
N H & Derby cons ey 53_1918 M-INI 1021-1;3.1-2-9
.3
.1-2
---New England cons Is.. _1995 J-J
---- 9678 Sale 9678
97
21 96 9814
Consul 43
_
1945 J- J
8338 8418 8353
8418 26 83 86
Providence Secur deb 4s_1957 M-N8518 87 May'11
841 87
102 10314 10114 10218 13 9912 10314 NY° deW ref 1st g
9412
8 9414 97
2Sale 9412
_ _g1992 114-S 9418018 8034 8014
Registered $5,000 439314 9412
only_g1992 M-S 9112 9212 9314 Oct '11
8
801
048 43
4 78783
812
89 Sale 89
JD
General 4s
8958 9114 Aug'11
9114 1)238
1955
4 7834 No v'11 ---3
14
217
Norf de South 1st gold 5s 1941 )1-N 15
10212 10312
10212 Jan '12
10534 _8_ _ _ 10538 Aug'11 ---- 10538 10538 Norf & West gen gold 6s 1931 51-N
1 28 314 Nov'11
12314 12434
88 90 91 Noy'll ____ 18
08
734
Improvement & ext g 6s..1934 F-A 12 3 127 8 124 Sep '11
124 128
10912 111 110 Jan '12
New River 1st gold 6s
7
883
12312 125
1932 A-0 124 128 12312 Oct '11
109911112
84
10612 110 10612 Dee '11 ...„ 10614 108
9812 25 9712 9934'
N & W By 1st cons g 4s_1996 A-0 9812 Sale 9818
102 10434 10234 Jan '12 __-_ 10234 10538
98 Jan '11
Registered
1996 A-0 9618
08 98
10334 10414 10312 May'11 ---_ 10312 10514
9334 9312
9334
Div'l 1st 1 & gen g 4s 1944 .7- JI 93 _9112 9414
10314 104 10534 Nov'11 -_-- 103 10534
91 10012 11038
10-25-year cony 4s_
1932 i-1) 10812 Sale 10814 109
107 Sale 107
107
1 10612111
31 8838 93
93
Pocah C & C Joint 4s 1941 J-1) 9254 Sale 9234
9978 Sale 9978
19 9938 10214
C C & T 1st guar gold 58_1922 J-J 10412 __10912 Oct '11
10412 10412
99 Mehl°
2
. _6,ti3N _ _ _ 101-12 9812 Jan '12
Selo V & N 5 1st gu g 4s_1980
4 jai _
9614 9812
-07-2 Did - 9978
9972
Northern Pac prior 1 g 4s 1997 Q-J 10014 Sale 9934 10038 119 9858 10034
9858 Sale 9853
Registered
9912 16 98 9914
1997 Q-J
-fi- -.
ial4 -751-2 -73
.
38 -i.5 70 82
39 68 7112,
70
General lien gold as____a2047 Q-F 70 Sale 6938
95 9612 May'll ____ 9612 9812
Registered
68 6973
a2047 Q-F 6734 6934 68 Dec '11
8t,14 Sale 89
St Paul-Duluth Div g 4s_1996 J-D - 9612 96 Sep '11
8958 58 84 9658
96 98
92 ____ 92 Jan '12 ____ 9038 9334
Registered
1996 J-1)
78 8412 8312 Deo '11 ____ 83 8312
Dul Short L 1st gu 53_1916 M-S
99 Feb '10
102 110 Meh'05 ____
St P & N P gen gold 6s_ _1923 F-A 11614 i1-634
- 11538 Nov.11
1153311634
9513 Sale 9513
951f
3 -iii- -6ii4
Registered certificates_1923 0-F 11434 ___ 11533 Aug'11
11538 11533'
104 10914 10812 May'1 ---, 10812 10812
St Paul & Duluth 1st 53_1931 F-A 109
__ 107
107
10614 Sale 106
2d 5s..
10614
9 106 10858
1917 A-0 102i4 ____ 102.34 J'ne'11
10234 16234
---- -___ Ill Sep '09__
1st consol gold 43
1968 J -D 9234.,__,. 9234 Jan '12
8214 83 8112
8212
4
Wash Cent 1st gold 4s
_ 0118 Apr '11
1948 1-M 89
9113 -13112
78 Sale 78
78
1 -8
16
9.34 -8
8-61 Nor Pao Term Co 1st g 63_ _1933 -J 11125 ____ 11138 Deo '11
111 11112
8314 8334 83
8312 10 8214 8838 Oregon-Wash 1st & ref 4s _1981 J-J 9212 Sale 9214
9212 37 92 9234
- 10212 Jan '10 ___
pacific Coast Co 1st g 5s_ _1946
103 10178 10312 Dec '11
10312 108
ii(53-2 NI 12038 Jan '12 ___. iia - iii N 10112 102 102
enna RR 1st real est g4s_1923
102
1 10012 102
11514 117 114 Sep '11 ---- 114 11634
Consol gold 5s
1919 M-S 10712 110 108 J'ne'11
108 108
8538 86 87 Nov'11 ____ 86 87
Consul gold 4s
10378 15 102 10312
1943 51-N 10212 10234 102
11018 11078 11018 Dee '11 ..--- 110 111
Convertible gold 35s_ 19l2 M-N 99% 9934 9958
9958 12 9834 9934
83 84 83 Dec '11 ___- 81 83
9718 201 9578 9714
Convertible gold 3;
,is_ _ _1915 J-D 9713 Sale 9678
9314 9334 9312 Mch'll ---- 9312 9412
_
9614 Sep '11
Registered
1915 J -D
9618 97
Consul gold 4s
1948 51-N 103 - 1011-2 10378 10378
102 10118
10334 10512 10378 10378
Alleg Val gen guar g 4s 1942 51-S 9933 10014 9978 Apr '11
1 10433 10758
9978 10014
10878 10938 10912 Dec '11 .--- 10918 111
DRRItec Bye 1st gu 4sg1936 F-A 10012_ 113
11578 Nov'10 ____
Pluila Bait & W 1st g 4s_ _1943 M-N
16i
-I-1
No-v'
10118 10213
10714 ____ 10813Dee '10 ____ ---- ---Sod Bay de Sou 1st g Is.. 1924 J-J
_-__ 102 Jan '03
0
Sunbury de Lewis 1st g 44 1936 J-J 07
10271142
Sale_ _ 113 J'ly '04 ......_ ---- -9212 30 -9-1- -681;
U NJ ita ec Can gen 4s_ _1944 hl-S 10138 __-__ 10112 Dec'11
10112 10112
8638 8778 8
96214
13.St_ol_e_ 10
32
3 83 8934 Penna Co guar 1st g4 5s
03
2718
2 mclh031112
1921 .I-J 1_02..
10314 10412
10014 102 100 Jan861
'11
Registered
1921 J-J
9912 10034
10273 10278
7913
7938 8034 7912
Guar
3
Ms
coil trust reg_ _1937 51-5 88
90 Aug'10 ____
7818 8318
10418 ___ _
Guar 3 Ms coil trust ser B.1941 F-A 8812
8858 J'iy '11 ____ 88 89
88
_ -a"De.
2-'11 72Trust Co certfs gu g 3 Ms..1916
- -§fi - -891-2
97 9888
Guar 3 Ms trust etfs C
J -D
N 8
98
734 -60-- 8
734 D
Au
mg:1
97
110
1942 M
88 Sale 87
88 .110 87 90
Guar 3 Ms trust Ws D
8734
5 88 89
1944 J-D 8734 Sale 8734
Guar 15-25 srear g 4s
1931 A-0 9758 98 98 Jan '12
9712 99
-ai
9314
-sii- "aitia
. sog1t2Noy'll2
___
Cin Lob do Nor gu 4s g _ _1942 111-N 9(112 9738 0612 Deo '11
96 9614
9212 .._ __ 9234 Sep '11 ___- 0213 9313
Cl de Mar 1st gu g 4;0_1935 M
190
3
O: 00
1:1!
mAj N
10
10
734 Jan
Deo 05
11
8312 Sale 8318
84
54 78 8078
Cl 63 P gen gu g 4;is ser A 1942
10/34 15/34
82
82 Sale 8113
14 75 7934
Series B
1992 A-0 107 ____ 10934 J'ly '09
82 Sale 82
8214 15 7612 7912
Int reduced to 3;0_1942
7778 82 78 Dec '11 _..... 7512 /8
Series C 33s
1948
_
9114 -- -OW 9918
_ 9853 Dec 10
Series D 3;is
90 May'08
1950 F-A 9114
99 blay'll ____ 99 99
Erie do Pitts gu g 3 Hs B..1940 .7-i 9018
9012 Apr '11
-651-2 -91
1.5,612 -_Series C
9018 ____ 9834 Apr '04
1940 J - J
105 Dec '11
Grit Fe I ex 1st gu g 4 Ms_1941 J-J 105
10414 16E- 10114 Jan '12
Pitts Ft W & C 1st 7s
10112 104
1912 J-J 10114 10134
-9-6_ "iff, Ap1
2d 7s
;
55 -_-_-_-_ ---- ---10378 10378
1912 J - J 10114 10134 10378 Feb '11
108 _-_ __
3d 7s
---------------101 ___ 101 Dec '11
81912 A101 10134 1
6s3_4 166_ -Pitts Y 63 Ash 1st con 5s_1927 M- 4O733,,,_ 109 May'10
9918 m0 .
i
cs
Tol W V 33 0 gu 4;is A_ _1931 .1-J 10113 __ 103 Aug'07
100 Oct '02
-_ __---Series B 4 Ms
1933 J-J 10134 ...._ 100 J'iy '10 ___ ____
-geis -_-_-_-_ 9018 Feb-di
Series C 4s
1942
9018 9018
-P C C St L gu 4 Hs A 1940 A-0 106 1061-3 1061_--- __-4 Jan '12
1083-2 10734
-cif. 108 iog" Oct '09 ---Series B guar
106 10
0718 10612 Dee '11
A-O
N 10614
1942 m
10512 10734
9778 Aug'11
Series C guar
'
711
10
06
7 J'ne0
1942 14
ii14 -iiii2
100 106
, -N 9613
Series D 4s guar
1945
---9858 9853
12013,.... iiir2Jari-'65 --Series El 3 Ms guar g
9318
1949 F-A 9318 _ 9318
9134 9313
10714 10734 10734 Jan '12 :::: itii- NV
Series F gu 45 g
1953 J-D 9612 --- 0778 Aug'11
9778 9773
___ 10512 106 Jan '08 ____ ___ _ _ _
Series G 48 guar
1957 51-N 9812 99 98 Oct '11
98 9958
J:13,ye 410
1 ______...
_ ....___-_ 1(
C St L do P 1st con g Is,. _1932 A-O 110 ____ 11312 Nov'll
0
1.48 J
113 11312
1921 Q-F
109 May'll
-g38 -9g38 Peo & Pek Un 1st g 6s
109 109
86 88 8612 Dec '11 ___ 8513 9012
2d gold 4;is
99 0312 Jan '11
51921 M-N
9313 9312
Pere
Marquette-Ref
4s___1955 J-J
6734 66 Dec '11
_____
66 7634
Refunding guar 4s
1955
_67 7638
912
5 j
Feb' nn:'
:0
°°8
Ch & W M 5s
11
5f
8 - -------- 12
93 i --- ---J j
D*
'
41
1:72 10018 10078
1921 j
10
60
A rv
8384 10
68
031,41 N
Flint & P M g 6s
9934 ....__ 9078 Nel'11
10934 11034
1920 A-0 11018 ____ 11018 Oct '11
9934 100
1st consol gold 53
8953 Salle 8958
8078
9958 103
1939 M-N 9912
88 90
9938 Deo 11
8773 8914 8334 Jan '12 ____ 8718 89
Pt Huron Div 1st g 5s_1939 A-0 9912 102 98 Aug'11
98 10338
9358 Sale 9312
9358 20 9213 95
Sag Tus & H 1st gu g 43_1931 F-A
9358 Sale 9312
9358 80 9213 9434 Philippine Ry_lst 30-yr s f 4s_'37 A
-gi- -gg
J-0
.1 18
1,2
174 8734 -84-14 Jan '12
93 931 9334 May'll ____ 9334 9334 Pitts Sh & L E 1st g 5s
11214 11278
1940
108 --------•
11314 11314
J:
1 118
No
e°
‘,
1st consol gold Is
2 10
10
314 D
1943 J:
90114
8
2S
..-a
_i
11113 ____ iiiiamcii.li ____ ii(359814 67 0634 9812
11112
8 iii.1-2 D eading Co gen g 43
1997
Lt, Registered
9714 Dee '1
10312 ____ 100 Dec '09 __
1997 j-J 9714 _
9713 9734
121 ___ 13018 Jan '00 ____ ---- ---96 9814
9714 Dec '11
Jersey Cent coil g
51
9712
12314 _
123 Oct '11 _
Atlan City gu 4s g
1951
'OS- iii108
-ggi,.4
Isl
Qt Jo & Or
1st g
90_1947
I
ql2
11032 HE- iii- Jan '12
12012 119'8
118 11913
8 Jaf'
19
7-1L & San Fran gen g 6E1_1931 J- J 11;
3- iiiiid2
j:N
i .18
08
18
0812
73144 18
2
5 107 10812
109 112 119 J'ne'06 _
0812 18
0814
General gold 5s
1931 in
A
J
..
-O
i
8
,
8
12
.
73
4
Jan
88
'12
9834 Nov'll __ 9834 99
90 91
St L & S F 11R cons g 43_1990
9812 Nov'11 . 9812 9812
8513 90
Gen 15-20 yr Is
1927
00014 Oct '11
Southw Div 1st g 5s 1947
100 10112
____ 8818 90 J'ne'08
sai
-e- 18
49 77 83
87 881 8812 Oct '11 __
Refunding g 9s
1951 .
-8634
- -i6J
1-.1 8012
8034 Mch'11
Registered
9012 Sale 9012
9034
9 9013 93
1951
8034 8034
MISCELLANEOUS BONDS-Continued on Next Page.
1
on
15
89264 9849122
1:7
Gas and Electric Light
10112 106 Peo Gas & C 1st con g 6s___1943 A-0
117
3314
2118
718
Refunding gold 53
1947
S
Registered
1947 II-S
8714 90
& Cite 1st gu g 53_1937 J-J
Ch
102 104
Con G Co of Ch 1st gu g 55 1936 J-D
100 103
Ind Nat Gas & 011 30-yr Is '36 M-N
10
9014 10
94
178
Mu Fuel Gas 1st gu g Is.,_1947 51-N
Registered
1947
N
10114 10412 Philadelphia Co cony 5s
1919 F- A
87 895s Syracuse Lighting 1st g 55.1951 J-D
Ill 11234 Syracuse L & P Is
1954 J-J
10C1 10112 Trenton 0 & 5 1st g 5s_ _ _ _1940 M-S
Union Elec L & P 1st g 5s_ _1932 M-S
Ref Fe ext Is
1933 M-N
18 _0_13_4 _92
1950 J-J
.13 Utica El L & P 1st g 5s
Utica Gas & 5 ref 5s
1957 J
Westchester Light'g g 5s,.._1050 J-D
105 Dec '11 --_
1163,sale 11534 11534 16
11818 Dec '11
11734 _
_ 8812 Dec '11 ____
1027-3 10212 10234
3
5
10114 Sale 10114 10112
8938 901 90 Jan '12 __
10978 Dec '11
10334 _
10234 Sale 10234 1031a 33
8838 72
884 Sale 8814
11213 ____ 11212 Oct '11 ____
101 10153 10012 Dec '11 ____
9212Xly '09
1095134
*NO price Friday: latest bid and asked.
Week's
Range or
Last Bale
!LI...! 95
a Duo Jan.
9514
11614 -- 117 Jan '12
10178 10214 10238 10212
- 10112 103 Feb '09
10318 10112 10318 Jan '12
102 10234 102 Nov'11
---- 90 Mch'11
10118 Aug'11
_---
11518 11012
11 10138 10234
116 Rid 10112 101 Dec '11
81 J'ne'll
ioi _ _ _ 109 Feb '01
0812 Sep '11
100
9612 Nov'11
_
10212
10014 Dec '11
99
105 I68'1-2 10512 10512
118 101 101
81 82
b Due Feb. 6 Due May. g Due June. is Duo July. p Duo Nov. s Option tale.
1E4 10373
101 102
90 9138
10012 10118
-15812100"
93 9613
-661-2 10014
7 104 10512
JAN. 20 1912
New York Bond Record—Concluded—Page 4
g.
BONDS
Price
Friday
N. Y. STOCK EXCHANGE t
,a, Jan. 19
Week Ending Jan. 19.
195
TVeek's,1:91Range or
gA
Last Sale al"'
Range
BONDS
Price
Week's
,g
I? lflga
N. Y. STOCK EXCHANGE .N.E
Year
Friday
Range org 0
1 car
,.„
Week Ending Jan. 19.
1911.
1, 11.
g e., Jan. 19
Last Sale al"'
---Bid
Ask Low
High No. Low High
Si L & San Fran (Con)
Bid
High No. LOVI Hies
Ask Low
K C Ft S & M con g 6s-1928 M-N 118 Sale 118
118
4 116 11858 Vandalia cons g 4s Scr A.1955 F-A 94 9658 97 Oct '11 -- 97 97
IC 0 Ft S & 11,1 Ry ref g 45_1936 A-0 8014 Sale 8014
Consol 48 Series B____1957 5f-N 95 9712 97
8012 9G 7'718 81
v
1 9512 9712
97
Registered
1936 A-0 _79 Sep '10 --__ ____ __ Vera Cruz & P 1st gu 43.8s1934 J-J 9112 9934 93 Noy'll.
00 93
K C dclif It & 13 1st gu 5s_1929 a-() ---- ----_ 10014 Dec '09 __-- __ ____ ‘Arabash 1st gold 55
10315 110
1939 11-N 10612
5
10634
1063
4
Ozark & CO C 1st gu 55 g_1913 A-0 99 9014 9(314 Jan '12 ---- 9711 9955 1 v 2d gold 53
1939 F-A 97 981-2 98
2 1.212 101
98
St L S W 1st g 4s bd etts_1989 lif-N 91 ---. 9114
9112 i2 8978 9234
Debenture Series II_ _ _1939 J-J - —_ 105 98 Apr '11 ...... 98 93
2d g 4$ Inc bond ctIs__p1989 J-J 80 81 82 Dec '11 — _ 78 83
1st lien equip s Id g 5s
1921 in-s 90 9912 100 Dec '11 ___ 100 104
Consol gold 45
1932 J-D 8012 Salo 7938
81 238 7518 8112
1st lien 50-yr g term 4s_1954 J-J 70 85 83 Dec '10 ---- .. _
Gray's Pt Ter 1st gii g 5s_1947 J-D 95 __ 10118 Apr !07 ---___
1st ref and ext gas
1956 J-J
5758Sa1e 5712
58 153 47
ies
S A & A Pass 1st gu g 4s.1943 J-J 87 Sale 87
87
8 -86 —8814
1941 J-J 106 Sale 106
Det & Ch Ext 1st g 5s
107
16 10712 10814
S F & N P 1st stoic I g 53_1919 J-J 95
104 Oct '09 --Des Moin Div 1st g 45_1939 J-J 75 •
8112May'li ____ 81 8112
Seaboard Air Line g 4s.._,,..1050 A-0 -_-90 8734 Dec '11 __-_ ___-4
853 __8734
1941 A-0 6714 6812 6812Jan '12 ____ 6612 7534
Om Div 1st g 3%s
Gold 4s stamped
8912
7 8434 8834
7234 Jan '12 ---_ 85 85
1950 A-0 ____ 89 89
Tol & Ch Div 1st g 4s...1941 M-S
Registered
___ ---____ _
1950 A-0 Wab Pitts Term 1st g 4s__ _1954 J-D --------4054 Dec '11 ___
4014 4934
Adjustment 5s
837
8
833
Sale
32
8
831
7412
2
01949 F-A
823-4
Cent & Old Col Tr Co certfs_ --__ 3912 41 41
26 382g 50
41
Refunding 4s
8234 33 8112 83
_
1959 A-0 8258 Sale 8212
541 4112 4112Jan '12 ____ 391200
Columbia Tr Co etfs
Atl-Birm 30-yr 1st g 4s_e1933 51-S 89 Sale 8834
11 8514 89
89
Col Tr ctfs for Cent Tr ctfs - _ 541 4112._
-Car Cent 1st con g 4$
1949 J-J 9238 98 9134 Apr '11 ___ 9134 9134
2d gold 46
1954 i-b
134 3
1
21-2 Dec '11 ____
712
Fla Cen 4 Pen 1st g 5s......1918 J -J 10112._ _ 103 May'll -- 102 103
114 238 212 Dec '11 ---Trust Co certfs
14 8
1st land gr ext g 5s_
__.,... -...._
1930 J -J 103
_
Wash Terml 1st gu 3 18s___1945 F-A _—_ 8112 8738 Oct '11 ____ 871g 90
10512_,._
Congo! gold 5s
1st 40-yr guar 4s
1U0d-4 Apr '11 ---- 10531943 J-J
4 1063g
r.___ 89 Dec '11 -___ 89 89
1945 F-A 97 .
Oa & Ala By 1st con 5s_o1945 J-J 10653 10714 10658Jan '12 ---- 104 107
West Maryland 1st g 4s
1952 a-0 8778 Sale 8758
88
53 86 8812
Ga Car & No 1st gu g 5s_1929 J-J 1054 10534 10518 Dec '11 __ 104 10518 West N Y& Pa 1st g 5s....1937 J -J ---- 1912 109 Dec '11 ____ 109 11018
Scab & Roa 1st 55
1926 J-J 10534 ____ 109 May'll -- 109 109
Gen gold 4s
__
1943 A-0 -------8812
Jan '12 ---- 8813 8834
Southern Pacific Co—
Income 5s
d1943 Nov ,, ____ 34 Feb '07 ____ ___
.9214 19 9012 9378 Wheeling & LB 1st g 5s___1926 A-0 10314
Gold 4s (Cent Pao coil) _k1949 J-D 02 Sale 9178
„.10412 Dec '11 ___ 10321 105
k1949 J-D ..,.... 9114 9112 Nov'11 --,, 90 9112
• Registered
Wheel Div 1st gold 5s___1928 J-.1 102 104 10918 Nov'll_— 10218 10484
0920 m-S 9638 Sale 9633
10-year cony 4s
9678 171 9418 100
pxten & Imp gold 5s____1930 F-A -„- 103 102 J'ne'10 -_-_
_
Cent Pac 1st ref gu g 48_1949 P-A 5634 Sale 9612
9634 17 9514 9758
RR 1st consol 4s
1949 NI-S 154 8431 84 Jan '12 ____ 82 86
Registered
1949 F-A 9512 9634 97 Feb '10 --__
20-year equip s I 5s
1922 J-J 9812 —_ 9812 Feb '11 _-_- 9812 9912
Mort guar gold 3 yis_ _51929 J-D 9034 9118 9034Jan '12 ---- 90 92
Winston-Salem S B 1st 4s 1960 J-J --,- ____ 95 May'll _—_ 94 95
Through St List gu 43_1051 A-0 ____ 9212 93 Dec '11 ---- 9112 9334 W13 cent 50-Yr 1st gen 4s_1949 J-J 9234 Sale 9212
9234
0 0218 9358
G H 63 S AM & P 1st 58_1931 51-N - - _ _ 10712 10712 Dec '11 ---- 1061211)838
13V & refunding 48
- -Gila V 0 & N 1st gu g 53_1924 M-N 1024 10534 103 Dec '11 ---- 103 103
Mliw & L Winnebago 623_1912 J-J
5 -- -5,, -_,,- ---, --__
195
104
Hous E & W T 1st g 5s 1933 I11-N
J'ne'll __-_ 105 10534
Sup&Dul diy & term 1st 48'38 M-N -5915.
1 9119134 9212 9158
8 -6.1-4
1st guar ISs red
1933 M-N 104 10514 10412 Aug'11 --- 10412 105
• H & T C 1st g 55 Int gu 1937 J-J 10934 110 10958 Aug'11 --- 10912 11034
Manufacturing and Industrial
Consol g es Int guar_1012 A-0 ---- 11018 10712 Sep '11 -- 10712 109
14
Gen gold 43 Int guar _1921 A-0 9514_
96 Dec '11 ---- 9334 96
1936 j..j 53 Sale 53
55
43 4914 70
Allis-Chalmers 1st 5s
Waco & N W (Hy 1st g Os'30 M-N 11414 117 11914 Mch'10 ---, ___ ____ Am Ag Chem 1st
1928 A-0 10218 Sale 10134 10214 23 101 10258
c 5s
/i. & N W 1st gu g 53_
1941 J-J 102 _ _ _ 10713 10712
9712 9812 9812Ja1i '12 —, 96 9834
1 108 IN
Am Cot 011 ext 45s
1915
Q-F
Morgan's La de T 1st 78..1918 A-0 11234 11418 11212Sep '11 -- 11212 11512
Debenture 5s
9518
2 05 973g
1931 M-N -_,,, 954 9513
1st gold Os
1920 J-J 10934 ____ 111 Mch'll ---- 111 111
Am Hide & L 1st s 1 g 6s
9978
4 u614 100
1919 M-S 950-4 Sale 9934
11 Y Tex & M gu 45 g___ _1912 A-0 ___
____
____ _ _
__ Amer Ice Secur deb g 6s
74
4 .65 78
1925 A-0 7338 74 7314
No of Cal guar g 5s
1938 A-0
— 11458 112 Feb in ---- __-__ -_-___ Am Smelt Securities s I 6s 1926 F-A 10384 Sale 10212 104 346 100 10433
Ore & Cal 1st guar g 5s 1927 J-J 101 —_ 102 J'ly '11 ____ 102 102
Am
Mfg 1st g 6s
1915 M-S 101 102 100 Dec '11 — 9914 192
So Pao of Cal-6s 1t.._1912 A-0 10018 __ 10018 Dec '11 -- 10018 10218 Am Spirits
9278 Dec '11 .__- 921 2 0343
Thread 1st col tr 4s
1919 J-J *.„,94,
1st gold 63 F
1912 A-0 10018 10012 11412 Deo '04 ____
Am Tobacco 40-yr g 6s
__
1944 A-0 14. §ii 11934 12138 250 10218 11932
1st con guar g 5s
1937 M-N 10978 11278 116 May'07 ----------11934 1193
20 1021 2 119
..
Registered
A-0
1944
SO Pac Coast 1st gu is g_1037 J-J 91 _
90 J'ly '09 -_
121 Sale 11934 12114 134 1041 11914
_ _
Certincates of deposit
San Fran Terml 1st 48_1950 A-0 9078 9153 91
9118 ii 6618 5it8
9.512 692 7918 9312
Gold 45
94 Sale 9312
F-A
1951
Tex & N 0 Sab Div 1st g 6s'12 M-S 10012 ____ 10058 Deo '11 ---- 10058 19178
1 8214 92%
9378
Registered
1951 F-A 9378 Sale 9378
Con gold 53
1943 J-J
105 10158 May'l1 --,- 10153 103
9412 289 851 g 9214
Certificates of deposit__98 Sale 9312
So Pao RR 1st ref 4s
9538 125 9358 96
P Lorillard Co 7s tem'pry bds_ --__ 123 Sale 12058 12334 513
1955 J-J 9514 Sale 954
Southern 1st consol g 5s_ _1994 J -J 10712 Sale 10712 10734 127 10412 10912
5s temporary bonds
0312 Sale 9134
9378 6101
__
Registered
1994 J-J _
Ligg & Myers Tob Co7s tpy brLs ___ 12112Sale 11918 12212 803
____ 105 Sep '11 --,- 105 105
Develop & gen 4s Ser A_1956 A-0 7878 Sale 7834
5s temporary bonds
7918 252 7434 8014
9212 1102 _ _
9214 Sale 9034
Mob & Ohio coil tr g 4s....1938 51-S 86 Sale 8578
10 85 88
86
Am Writg Paper 1st 5!5s_1919 J-J 8834 89 8634 Jan .12 ..... _ 8814 9153
Mem Div 1st g 4 14-5a
_ 108 Oct '11 ---- 108 10912 Baidw Loco Works 1st 513_1940 M-N 10358 ____ 10358 10358
1996 J-J 10814
2 1021 10334
St Louts div 1st g 4s.,_ _1951 J-J 8818 8812 8712 Dec '11 ---- 8612 89
Beth Steel 1st ext at 5s____1926 J -J 94 Sale 9378
94
33 861 2 981g
Ala Can R 1st g 66
1918 J-J 10712 110 10778 Noy'10 -_ _ _ __ Cent Leather 20-year g 5s_1925 A-0 95 Sale 95
9538 109 95 10(1
Atl & Deny 1st g 45
--------933
Consol
4
19481 874 8978 9012 Noy'll ---- 901-3 5012
Tobacco g 4s
9334
2 811 g 9212
1951 F-A
2d 4s
8214 8234 8214 J'ly '11 ---- 8214 8214
Registered
1948 J1951 15-A ------- 67 Nov'07 ---- _
Atl & Yad 1st g guar 48..1949 A_ _ -- :._ ____ Corn Prod Ref a 1 g 5s
83 89 ___
612 9512 Dec '11 ____ 6612 -ON
9012
M-N
1931
Col & Greenv 1st Os
1st
'11
25-year 81 5s
_ 1053-4 Deo- ---- 1051-2 107
1910 J-J 10538
1934 Al-N -,
,z 95 93
93
951 2 97
ET Va & Ga Div g 5s
1930 J-J 10734 __ 108 Dec '11 _— 19758 10814 Cuban-Amer Sugar coil tr 6s 1918 A-0 904
- 97 9712Jan '12 __ 4 951
2 07
76
Con 1st gold 55
25 7014
101stil Sec Cor cony 1st g 53_1927 A-0 7512 76 7512
1956 11.1-N 111 11118 111 Jan '12 ---- 10912 112
80
El
1938 51-S 10514 _
E Ten reor lien g ISs
10634 Nov'll ---- 105 107
du Pont Powder 4 ms_ _1936 JD 8434 3512 8514Jan '12 ---- 8218 864
Ga Midland 1st Ss
Gen Electric deb g 310_ _1942 F-a 82 Sale 82
1946 A-0 6413 6612 67 Dec '11 ---- 67 67
82
1 81 82
Oa Pao Ity 1st g 61;
1922 J-J 11212...__. 11258 Jan '12 --- 11212 114
10-yr g deb 5s
15814
15814
1 145 167
1917 J-D -------Knox & Ohio 1st g 6s
Gen'l Motors 1st lien Os
1925 J-J 11518 110 115 Jan '12 ---- 114 110
9834 62 9'7 9914
1915 A-0 981 Sale 9812
Mob & Bir prior lien g 53_1945 J-J 10418___ 10512 Nov'10 --._ ___ _ _ Ill Steel non-cony deb 5s
1913 A-0 ---- ----101 J'ne'09 __-- __ _
Mortgage gold 4s
1945 J-J 75 ..... 78 Dec '11 ---- 78 ii14 Ingersoll-Rand 1st g 58_41935 J-J ------ - 59 J'ne.07 ---5
Rich & Dan con g 63_1015 J-J 10384 105 104 Oct '11 ---- 104 10578 lot Paper Co 1st con g 65_1918 F-A 10414 li24 9484 10434
d 101" Mira
Deb 5s stamped
_ 10412 Dec '11 ---- 10412 105
Consol cony at g 5s
1927 A-0 10334
8918
9 83 87
1935 J-J 8918 Sale 8812
Rich & Meek 1st g 4s
lot St Pump 1st 81 53
1948 M-N 72 ___ 71 Mch'll ---- 71 71
1929 11I-S 92 93 92 Jan '12 ____ 91 95
So Car & Ga 1st g 5s
1919 M-N 10338 105 10358 NOv'll ---- 103 10412 Lackaw Steel 1st g 5s
9612
4 96 991g
1923 A-0 9612 97 0612
Virginia Mid ser 0 6s
1916 M-S 105 10712 112 Oct '06 ---- _ ___
lst con 53 Series A
81
42 77 884
81 804
1950 M-S
Series D 4-53
1921 M-S 10338 _ _ _ 10414 J'ne'll ---- 10414 10412
5-year convertible 58.. _ _1915 M-S -,„,9134 12 90 96
913
4
917
8
9112
Series E 58
1926 M-S 10513 ___ 106 Mch'll ---- 100 106
Nat Enam & Stpg 1st 5s
1929 J-D 9312 9478 9334Jan '12 __-- 94 9512
Series P 5s
1931 M-S 10558 ____ 105 J'ne'10 ---,
_ N Y Air Brake 1st cony Os_ _1928 11-N 9914 9934 100 Jan '12 ____ 94 105
General 15s
1936 M-N 108
108
108
1 107 108
Ry Steel Spgs 1st s t 5s
9814
5 97 99
1921 J-J 98 9814 98
Va & So'w't 1st gu 58_2003 J-J 10758 ___ .. 10812,1'1y '11 --,.. 108 110
Repub 1 & S lst&eol tr 58_1934 A-0 1027...._ 10278 Aug'11 --. 102 8 10313
1st cons 50-year 5s_1958 A-0 9612 Sale 9612
971. 26 944 9958
10-30-year 58 a 1
9338
92 94 9318
8 89'8 96
1940
A-0
W 0 & W 1st cy gu 45_1924 F-A 00 __ _ 90 Noy'll
.--.- 96 96 Standard Milling 1st 5s__.1930 M-N -_-,- 8817 „
88
,,
88
3 89
,12 ,„
_, 89
West N C 1st con g 681914
_
J-J 103 _.: 10434 J'ly '11 -- 10412 105 The Texas Co cony
6s_1931 J-J 95 9512 "5'8
95
59 05 98
okane Internet 1st g 53..1955 J-J 101 10411 10212 Apr '11 --- 102 10258 Union Bag & Paperdeb
9414
0 90 2 9513'
1st 5s 1930 J-J 9414 0.112 9414
er A of St L llit g 4 18s 1939 A-0 10478
_ 10578 Noy'll ____ 10434 10578
Stamped
_ 9414 9714 9434 J'ne'll _-_ 92 96
1930
1st con gold 5s__ _1894-1944 F-A 112 _ _ 112 Aug'11 ---- 11034 11238 US Leath Co s f deb g 6s__ _1913
102
2 102 105
_- 10114 10214 102
M-N
Gen refunds! g 4s
96
1953 J-J 9458 9512 95
6 95 98
U S Realty & I cony deb g 5s_'24 J-J 90 Sale 89
19 871 2 91
90
St L IA Bge Ter gu g 5s_ _1930 A-0 105 __ _ 10812Feb '11 ---- 10812 10812 U S Red & Rag 1st g 66_1931 J-J -- -- 60 70 Apr '11
70 88
Tea & Pao 1st gold 5s
2000 J-D 10958 115 10912 10984
6 11C1 11158 U S Rubber 10-yr coil tr 63_1918 J-D 10413 Sale 10378 10418 24 101:4 105
2d gold Inc 58
q2000 Mch 40 60 70 Mch'10
Registered
1'
0410 _3
-3
-6
21sJan
- 166
913
.....d1196
8 NJI-N
D fu-zs-7-8
.
s.a..w 103
La Div B L 1st g 5s
1931 J -J 100 _ _ 9912 Apr '11 __ 9912 g912 tI S Steel Corp—(coup
210614
W Min W & N W 1st gu 5s.'30 F-A _
_-_-_ 10612 Nov'04 _-__ ___ ___
S I 10-60-Yr 5s1rog
4 100 10614
JI-N 10312 Sale 10178 1031.
_d1963—
Tol & 0 0 1st g 5s
1035 J-3 10012 1003-4 10818 Jan'------10834
- 111 Va-Car Chem 1st 15-yr 5s_ _1923 J-1) 10012 Sale 100
1001; 45 98's 10214
Western Div 1st g 5s
1935 A-0 10818 10912 112 Sep 5)9 -------- ---- West Electric 1st 55 Dec 1922 J-J 10238 Sale 10238 10212 18 100'4 1021
General gold Os
1935 J-D 103 10412 104 Noy'll ---10112 4
Westinghouse B & Ms I 53_1031 J-J 9412 Sale 94
9412 38 90 2 951
Kan & M 1st gu g 4s....„1990 A-0 9214 93 '3214 Jan '12 --- 90 92
10-year coil tr notes 5s 1917 A-0 --_- 9712 'JO J'ne'll __-_ 06 90
2d 20-year 53
1927 J-J 9834 99 9812
9812
5 9612 99
Tol P & W 1st gold 4s
1917 J-J
1 ...._ 94 Dec 'II --- 90 94
Telegraph & Telephone
Tol St L & W or lien g 3 3.83_1925 J-J ---8713Jan '12 —_ 8712 8934 Am Teiep de Tel coil tr 48_1929 J-J 9034 Sale 0018
9034 90 8013 9212
50-year gold 45
1950 A-0 6811 70 69
69
2 67 We
Convertible 4s
1936 M-S 1111 Sale 111
112 168 104
Coll tr 45 g Set* A
1917 F-A ___ 75 75 Nov '11 - — 75 8112 Chicago Telephone 1st 5s_l923 J-I) ----------------------f
Toe Ham & Buf 1st g 4s_111940 J-D 9011
_ 89 Dec '11 --- 87 9012 Commercial Cable 1st g 43_2397 Q-J 80 _ _
83 Noy'll ____ 83 11318311
Ister 54 Del 1st con g 5s 1928 J -D 10412__,.
__- 10112 Dec '11 ..... 10412 106
Registered
2397 Q-J 80
8312N0v'll ...... 83 2 84
1st refund g 4s
1952 A-0 8512 _ _ 8512 Dec '11 ---- 8512 8512 Keystone Telephone 1st 5s_1935 J-J 82 84 82 Jan '12 __ 83 85 •
Union
'
,seine—
Metropol Tel ed Tel 1st 3f 55 1918 M-N 10214 _ 103 Dec '11 --__ 103 104
RR & land grant gold 45_1947 J-J 10934 Sale 10038 10034 08 100 10214 Mich State Telep 1st 5s
1924 F-A 100 1503-4 10014 101
6 98 101
Registered
1947 J-J 9918 9978 9978Jan '12 ..... 99 10078 NY & N J Telephone 5s g_1920 M-N
10314 May'll __
10314 10314
20-year cony 45
1927 J-J 10358 Sale 10173 10218 104 100 11018 N Y Telep 1st & gen s f 4 As 1939 M-N ig1-2§iii 10018 1001
081 101
88
1st & ref 45
0712 31 9534 9814 Pac Tel & Tel 1st 58
g2008 M-S 9714 Sale 9714
1037 J- J 10018 Sale 9914 1004 143 97 9934
ro By & Nay con g 4s_1946 J-D 9534 Salo 9534
5 991 1031
1021
39 93/8 9714 West Union col tr cur 6s
96
19313 J-J 10212 1034102
re Short Line 1st g 6s__1922 F-A 11314 11312 11314 11338
11514
Fd
and
real est g 4183_1950411-N 9818Sale 98
44 9414 981
99
4 113
1st consol g 5s
1946 J-J 11158 112 11114 112
18 10914 11418
Cony 4s, series A
2 103 1043
1936 51- N 10434 ____ 10458 10458
Guar refund 4s
1929 J D 9414 9412 9414
9414
8 9212 95
103 Feb '11 — 103 103
Registered
1936 tf-N
Utah & Nor gold 53_1926 J-J 105 ____ 108 tlay'll ____ 108 108
Hut On Tel gu ext 5s
1041 11-N 10138 ___ 104 J'ne'll ____ 104 104
1st extended 48
1933 J-1 91
____
__ ____ ____
_
Northwest Tel gu 4 18r, ir _1934 J-J 9214 ____ 103 J'ly '04
-
y
8
MISCELLANEOUS BONDS—Concluded.
Coal & Iron
Sufi & Susq Irons 1 5s____1932 J-T)
Debenture 5s
al926 111-S
Col F & I Co gen 51 g 5s__1943 F-A
Col Fuel gen Os
1919 51-N
Col Indus 1st & coil 58 gu_1034 F-A
Cons Ind Coal Me 1st 53_1935 JD
Cons Coal of Md 1st & ref 58 1950 J-D
r Riv Coal & C 1st g Os_ _51910 A-0
an & H (.) de C 1st 5 1 g 59_1951 J-J
ocah Con Collier 1st a 1 55_1957 J-J
t L Rock Mt & P 1st 58...J955 J-J
renn Coal gen 58
1951 J-J
BIrm Div 1st consol 65..1917 J-J
Tenn Div 1st g Os
a1917 A-0
Cah 0 5.I Co 1st gu g (35_ _1922 J-D
Utah Fuel 1st g 5s
1931 M-S
Vidor Fuel 1st s 1 53
1963 J-J
17 Iron Coal & Coke 1st g 531949 51-S
Miscellaneous
97__ 97 Feb '11 ____ 9614 97
Adams Ex coil tr g 4s
1948 51-S 87 Sale 87
8714
3 8312 91.
__ -93 - 91 Noy'll _ _ 89 91
92
Armour & Co 1st real est 4 185'39 J-D 92 Sale 9134
80 9138 931
i.00
_ 10038 10038 —3 97
10214 Bush Terminal 1st 45
1952 A-0 91 92 9178 Jan '12 ____ 90 9311
10734 10734 Jan '12 _
10734 10734
Consol 58
1955 J-J 9814 9878 9814
9878
8 97 1001
7512i'' 75
7512 10 72 7912 Chino Copper 1st cony 6s 1921 121 Sale 120
121
32 100 416
___ 8412 85 J'ne'll ____ 85 85 Comstock Tunnel Inc as_ _1919 --- --------16 J'ne'll ____ 16 IV
.___ 9534 94 Deo '11 ____ 94 97
Irrigation Wks & D of A 4-1.8s '43 lif-N 9258 95 9318 Nov'll ____ 92 9311
_ _ 10258 Apr '06
1922 A-0 6712 Sale 6738
Int Mercan Marine 4 58s
__
_
6734 97 634 0
9614 101
99 Oct '11 ___ -99 - -99 - Int Navigation 1st 5! 5s
1929 F-A SO Sale 80
80
12 78 8
.._ 8612 85 Apr '11 ____ 84 85
Miro Bond (N Y) set 2-45_1966 A-0 ___ 8712 89 Apr '11 __ 89 89
__..- 8014 8412 J'ne'11 . 83 86
1939 J-J 8938 91 9112 Nov'11 ...... 9034 OR
Morris & Co 1st 5!4 55s103 Sale 10212 103 __-0 100 10412 N Y Dock 50-yr 1st g 4s
1951 F-A 85 _
8434
8484
1 82 90
___ 104 10312 Dec '11 ____ 10312 106
1932 J-J 10012._ 102 Apr '11 ____ 102 102
Niag Falls Pow 18t 5s
-____ 100 103 Jan '12 ..... 10334 10512
Refunding & gen Os.,._a1932 A-0
__
__ ____
____ __ ____ _.,„
100 110 110 Jan '09 __ __ —__ Ontario Transmission 5s__ _1945 M-N ___ 95
-- --- ---__
Pub Serv Corp N J gen 5s 1959 A-0 93 Sale 93
9318 30 9212 9
---- --86 - 8714 May'll ..-- -87
1930 J-J 87 _
- -8811 St Jos Stk Yds g 4 1.03
10012 Sep '05 ..... ___ __.„
971 100 98
98
4 9112 98
Wash Water Pow 1st 5s__ _1939 J-J 101 . _ _ 10212 Mch '11 ____ 1021-2 1021"
.!No price Friday; latest bid and asked aDue „Tan aDue_April .Duo May ()Due June hDua Jitly kDue Auz °Due Oct pDue Nov oDue Dec 30ption sale_
CHICAGO STOCK EXCHANGE-Stock Record-Daily, Weekly and Yearly
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Jan. 13.
Monday
Jan. 15.
Tuesday
Jan. 16.
Wednesday
Jan. 17.
Thursday
Jan, 18.
Frilay
Jan. 19.
Sales
of the
Week
Shares
• STOC KS
CHICAGO STOCK
EXCHANGE
Range lor Year 1911,
Rawls fir Previous
Year 1910.
Lowest,
Lowest,
Highest,
Last Sale 190 Apr'l 1
*170 190 *170 190 *170 190 *170 190
2
Last Sale 112 JuIy'll
*____
2 *_. 2 *_.. 2 *.___
4 *____
4 43._
June'll
4
Last Sale 3
3 *__
36
36
36
*36
37
3712 3712 37
37
34
*01
92
92
*91
92
92
93
91
ioi" 1613; *102 106 *100 104 *102 104 *100 104 *100- 1-04 3612 38 3714 3734 *3714 3731 37 37 3612 37 3634 3712
*10
11
*1034 11
*1012 11
*1012 11
*1012 11
1073 11
*512 6
578 578 *512 6
*512 6
*512 6
*512 6
Dec'll
Last Sale 58
;i5" "E" ;i5- 22 20 '
.2"6" *19 20 *19 20
*5038 52 *50 51 *5038 51 5012 5012
63
*50
*50
*7
Jan'12
8
712 *7
Last Sale 7
*7
8
*7
712
*3712 38
*3712 40
*3712 39
*3712 38
*3712 40
3712 3712
Railroads
100 185 Jan 11 190 Apr 28 100 Oct 185 Mch
Chicago City Ity
112 J'ne 11.1
112 J'no 16
112 J'ly
Chicago & Oak Park_100
3 2 Jan
6 Itch 23
3 J'ne 16
4 Jay
100
112 Jan
Do pref
21 Jay 12 32 Dec 30 145 Chin Elev Itys emu
85 J.17 19 94 Nov15
Do pref
569
80 Apr 2s) 101 Aug 2
gi',5" 100 Jan
85 Chic Ftys part etf "1"
2034 May1:3 3773 Dec 20
1114 Sep
36 Jan
5,114 Chic flys part ate "2"...._
16 Jan
8 May13 1212 Aug 3
8 May
35 Chic itys part ctf "3"
712 Alm 3
412 Mch 1
918 Jan
3 May
25 Chic Itys part et( "4"_
215 J'ne
6 Mch 1
100
Chicago Subway
14 Nov 14
613 Aug
20 Aug
39 Jan
15 Bans City By & Lt 100 15 Sep 25 25 Feb 23
7734 Mch
69 Feb
100 39 Sep 26 7212 Feb 25
Do pref
50
5438 Jan
7 J'ly
7 Dec 7 1314 Feb 2.3
Streets W Stable 0 L_100
40 J'ly 104 Jan
100 38 Nov21 50 Jan 9
Do pre(
17
1218
12
12
12
12
12
12
9214
9214 92
9214 9214 9214 92
Last Sale 300 Nov.11
---- *305
___
*130_ *130 135 *130 135
55
*50
55
*50
5014 .50 -52
103 10412 103 103
105 /‘100 105
14133 *14113 14212 *14112 142 *14112 142
44
45
4518 4512
45
48
49
44
44
;goi2 88 *851 88 *361 88 ;gar2 88 84 85 84 85
Last Sale 50 Nov'll
5212 *51
5212 *51
*51
6212 *51
5212
1I8
Last Sale 112 Oet'll
112
112 *1
*1
118 *1
Last Sale 612 Noy'll
*6
*6
8
8
*6
8
*6
8
48
4838 4838 4838
4778 48
4812 4834 *47
48
4712 48
Last Sale 13712 Jan'12
141 11118 141 141
13614 140
145" 14-6"
193" 193 *190 195 *190 195 *190- 1-9-3-- *190 105 *190 195
138 139
138 138
13778 138
13978 13978 138 13814 138 138
*1082 11
*1012 11
1012 1012 ---- ---Lag Sale 78
Jan'll
10882 16112 809 11"0-1-2 110 flo".3.-; 110 11012 110 11014
*108 109
10118 10112 *101 10114 10112 10118 101 10118 10118 10118 101 101
58
59
59
*5512 5612 6612 5612 5712 6712 58
*107 109 *ioi" fOii"
10772 10772
*47 16" *47
50
"i6" *47 "5-6 Last Sale 50 Aug'11
40
*39
40
*39
40
*39
3734 3734
40
*39
40
*39
9112 9113 9112 9112 9112 9112 9112
9112 92
9112 9112 *90
14312 14312 *142 144
148 143 *148 150
14813 149
*143 145
126 127 *126 12712 *12512 12612 *127 12712 *127 12712
*127 129
*106 10912 *105 10912 10812 10812 *107 10912 108 108
120 120 *119 120 *190 120 *118 11912 *119 120 *115" fiO'"
106 10612 105 10514
105 10514 10614 10612 10534 106
105 105
1402 14112 14112 14134 14134 14214
14038 14031 140 14012 14014 141
12238 12234 *12212 123
122 122
12234 123
12153 12134 12134 122
9918 9914 9938 9362 9932 10012 10014 10012 100 10014 10013 10018
*215 220
220 225
226 230 *230 240 *230 240
218 218
108 10812 109 110
109 10912 10912 10912 *109 10912 *109 10912
*114
112
173
178
134 134
112 134
158 134
8814 6634 6532 6632 8638 6718 66-33 87
13612 66.58
-644*11
13
10
10
*10
12
12
12
10
10
10
10
Miscellaneous
100
750 American Can
100
940
Do pref
American Radiator...100
100
20
Do pref
100 Amer Shipbuilding__ .100
100
Do prat
55
85 Amer Telep & Teleg
513 Booth Fisheries com
Voting trust ctf
50
625
Do prat
Cal & Chic Canal & D..100
Chic Brew.g &
Do pref
546 Chic Pneumatic Tool_100
Chicago Telephone_ __100
483 Do rots
6 Chic Title dc Trust__100
1,384 Commonw.th-Edison _100
75 Corn Prod Ref Co com
Do
do
pref
502 Diamond Match
100
301 Bart Shaffner dc Marx pf_
345 Illinois 13rIck
100
25 Internal Harvester Co -Masonic Temple
25 aleCrum-liowell Co,,.100
183
Do prat
100
215 National Biscuit
100
Do prof
48
100
25 NatIona4 Carbon
100
60 • Do pref
677 People's Gas L&Coke_100
682 Sears-Roebuck com 100
Do pref
100
337
856 Swift & Co
100
196 The Quaker Oats Co 100
100
77
Do pref
1,360 Unit Box ltd de P Co..100
1,295 United States Steel corn..
100
515 Western Stone
1178 1172 1172 1172 1172
9212 9134
9232 9238 92
- *305
*304 ---- *305*130- 131 131 *130
*49 -ill *50
5014 5014
*103 10612 *103 10612 *10312
*14034 14114 14072 14078 14138
*46
*4514 49
49
*4514
pn
053 J'ne
6212 Jay
240 Apr
126 J'iy
72 Feb
107 Aug
13114 Jay
31 J'ne
29 Aug
56 J'ne
46 Deo
1 Feb
3 Sep
2512 Jay
110 May
13.53 Jan
82 Jan
261 Deo
135 Apr
8418 May
112 Jan
14218 Mch
43 Deo
41, Dee
74 Jan
55 Feb
1 Feb
3 Sep
47 Deo
137 Jan
15112 Jan 6
113 Jan 19
934 Oct 27
78 Jan 18
9212 Feb 10
100 Sep 22
4978 Sep 20
9914 Sep 20
47 Jan 18
3812 Nov 2
00 Oct 3
11714 Jan 17
123 Jan 3
100 Aug 18
117 Sep 13
101 Sep 27
12334 Sep 21
116 Sep 25
9734 Sep 25
165 Mail 7
10212 Feb 1
1 Dec 11
5012 Oct 27
13 Dec 8
180 Dec 13
13738 Jay 15
1533 J'ne 15
78 Jan 18
11034 Nuv28
10334 Dec 13
70 Jan 20
129 May 5
5018 Aug 2
67 Jan 3
98 Feb 2
14212 Dec 27
130 Mch31
120 Mch 14
120 Itch 23
1083 Jan 19
19234 Jan 81
122 Meh 11
101 J'ne 5
212 Dec 29
10712.1'1y 21
7 Jan 3
81/8 Feb 6
25 Jan 27
142 Aug
10812 J.17
1313 J'ly
7914 Apr
3212 Sep
163 Mch
12113 Jan
2234 Jan
82 Feb
127 Jan
-"ES -31-y- 91
9478 Aug
4312 Itch
40 Mch
93 J'ne
101 Aug
118 Jay
104 Feb
112 Feb
103 J'ly
148 Feb
11612 Aug
IOU Dec
155 Jay
101 J'ly
5I4 Apr
Itch
115 Nov
46 Jan
67(2 Dec
10234 Apr
119 Deo
125 Jass
145 Oct
123 Nov
11534 Jan
18634 Nov
122 Mob
10)34 Jan
186 Feb
106 Jan
1513 Jan
15 J'ne
2033 Dee
Otastand-
Inter611
Period
Pros
Friday
Jars. 19.
rg Strawb'd 1st 63_1911 F - A
Amer
D
our 63 Co 4 Hs-1939 J
J
ooth Fish Co DebG 54'17 J
1924J
Deb g5.1
J
• Sink Fd Deb 6s tr roe __ A - 0
Calumet & South Chicago
1927 F - A 19834 99
Ry 1st 5s
Cass Av & F G (St L) fes '12 J - J
1)
Ohio Board a Trade 431927 J
Ohloago City By 5s
1927 F - A 1027 Sale
Ohio(onsol Br & Mit 6s_... J
J
1)
101210 Con.sol Trao 4 33s 1939 J
Chic Auditorium Is66s1929 F - A FA" -9-4-hloago Elev By 54_1914 J
J #9818 Sale
hio Jo R 1st Mg 5.1_1945 11 S
hlo No Shore Elec 63.1912 A -0
J
938. Sale
Ohio Poe root 1st 5s-a16121 J
Ohio By 5s
1927 F A 10014 Sale
Chic Rya 4-58 series "A" A - 0 9614 Sale
Chic Rys 4-511 series "B" J
t 9118 9138
Chic lays 4-53 series "C" F - A t 9214 95
Chic itys con 68-1913 F - A t100
Chic Hys Fund 0s_1913 F - A t100
Chic Rys Tem Ctfs 1st 5s
Chic Ry Pr m Mg 48_0'27 .7 -J 86- Sale
Chic Ry AO /no 43 e1927 Mayl
5812 Sale
Chic tt 1 & P BIt 4s_2002 M - N
Collat trust g 58-....1913
- S
Chic Telephone 59_1923 J - 1):10212 103
Commonw- Edison 5s_11)43
S 10314 Sale
J
Chic Edison deb 88_1913 J
1st g 5s___July 1026 A - 0
Debenture 5s____1920 .11 - S
Commonly Elect 5401943 31- S (310282 idY"
Dia Match Con db 83..192
10934 Sale
Illinois 'runnel 5s........1928'
j:
'
Kan City By & Light
Co 5s
1913 ti -N:8914 9012
Knick'h'ker Ice 1st 5s 1928 A -0
Lake St 13-1st
J
J
Income 5s
1921 Feb
Iletr kV Side El1st 45
1938 a' - A
8512 Sale
Extension g
J - J 8212 83
Morris 3, Co. 4 33_ _ _1939
8912 9012
North West El 1st 43_ 1911 M $
Northwestern Gas Light &
Coke Co 5s
1938 Q M t 9934 100
Ogden Gas 58
1945 ti- N t 9512 0612
Pearsons-Taft 53
1916 J
D 9812
4.403
11- S 95
4.60s Series E
51- N 96
____
4.808 Series F
M-N
9712
_
Peo Gas L & C 1st 68_1943 A - 0 ;116 la
Refunding g 5s___1947
S 210218 10214
Chic Gas L&C lst 501937 J
J :103 10312
Consutn Gas 1st 58_1936 J - D :10213 Sale
Mut'l Fuel Gas lst5s1947 M • N :10112 Sale
uth Side Elev 443_l9243
J
J
9012 Sale
Ift & Co 1st g 53....1014 J - J ;10014
_
ion El (Loop) 51_1045 A • 0(385 -90
United Box Board col 6426
38
(330
General intge 6s
J
Western Elea Co 5s.... 1922 3 - J t10214 Sale
Note.-Accrued interest must be added to
gR
1212 May 9
93 Dec 1
304 Oct, 11
133 Nov28
79 Feb
113 alay18
15214 J'ne 12
5914 Slob 4
5734 Merl 9
8833 Dec 29
52 Feb 2
114 J'ne 7
7 Nov 1
5512 Feb 23
14114 Nov25
Chicago Banks and Trust Companies
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week endino Jan. 19,
9 Jan 16
7678 Jan 7
265 Jan 9
12012 Itch 0
38 Nov 8
10612 Sep 6
13158 Aug 30
35 Apr 28
33 J'ne 14
60 Sep 22
4912 Apr 24
1 J'ly 2O
313 Meh27
3912 Sep 22
115 Jan 25
Week's
Range or
Last Sale
Low
10012
9178
100
100
9812
Wets
Sold
Range
for
Year 1911
High No, Lou,
High
Jan'11
10012 10012
92
5 9114 9338
NIch'll
9918 100
Mch.11
90 100
Apr'll
9818 99
9914 Juiy'll____
10114 Oct'09
100 ,M7y'07
10233
103
101
Apr'01
103
50
Apr'09
9834 Jan'06
9818 10
9818
9413 Dee'09
87
leb.06
92
9312 26
100
10014 96
9618
0614 25
9114
9112 15
91
Sepa 1 __
100
Jan'12
100
Jan'll ____
100 Dec'll ___
83
85
20
65
5812 40
6612 Aug'08
0612 July'08
103
Jan'12
10318
1031436
10078 Nov.lt ....„
100
Feb'll _
10078 A0g.09
10278 Jan'12
109
10934 33
80
Dec'08
9734 May'll
100
8812 Jan'12
16 May.05
8512
8534
8233
83
8912
8912
100 July'l I
9914 9914
i0218 1-03-18
"iTi7"8
--- --8714 -9-2-9738 10014
0313 9712
8218 92
90
91
9938 10078
100 100
9734 100
1038"2
10082 10314
102
10(3
100
0'10314 11012
9638 9734
9734 100
8912
77
20
43
1
8218 8834
7818 8278
8934 9134
9618 100
9913 100
9934 Dec'll
92
96 Dec'1 1
0612
10033 Meh'09
9612 Mch'10
Feba0
97
9814 Noy'll
-5874 "9"31"4
11812 Jan'12
102
102
joii, 10234
10313 Doc.11 ____10278 10312
10212
10212
5 10112 1(12
10111
10113
5 101 10158
9613 Jan'll _.__
93
9613
10014 Jan'12 -- 100 10158
Jate12 ---- 85
89
90
70
Apr.10
60 Mclell
-Ki" WY"
10214
10214
5 10034 103
all Chicago ond prices.
SI47put
Dividend leecorti
and
In
In Per- Last Paid.
Profit+
1910 1911 told.
(t)
---- --American State
$200,000 $163,738 Org. A pril 3 1911 V.92, p.1004
100,0110
Calumet National
An Jan '11, 6
452,216
500,000
Chicago City
299,239 10
10 J-J Jan '12, 7
Conti'tal & Comm Nat_ 21,500,000 8,805,013
10 (131 Jan '12, 212
Corn Exchange National 3,000,000 5,814,152 "io"
Q-J Jan '12, 4
16
200,000
Douglas State
Beg. 0 us May 31'1 1.V.92,p11538
200,000
Drexel State
Q-J Jan '12, 112
6
50,283
8
600,000
• Drovers' Dep National _
Q-J. Jan '12, 212
10
45.3,399 10
200,000
' Englewood State
636 Q-J Jan '12, 2
55,414
6
10,000,000 11,618,417 12
First National
12 Q-111 Dee30.11,3
150,000
First Nat Englewood
12 Q-31 Dec30.11,412
196,748 10
Foreman Bros B'k'g Co.. 1,000,000
565,226
Priv ate Ba nk
• Fort Dearborn National 2,000,000
611,695
8 (1-.) Jan '12, 2
8
(1)
Hibernian 13.k.g Ass'n_ 1.500,000 1,225,025 8+2
(1) Q-J
400,000
4-.1 July '11;
129,145 10+15 10
liaapar State Bank....
200,000
Lake View State
Beg. b 113 Apr 8'h1 V.92,1). 1001
284,343 Beg. b us, Ma y'11) V.90, p.1277
La Salle St National___ 1,000,00
10 Q-M Dec31'11,212
Live Stock Excla.ge Nat 1,250,00
603,782 10
8
Jan '12,2
8
Nat Bank of Republic__ 2,000,000 1,335,228
2,000.000
Jan '12, 112
• National City
523,705
6
6
Q-J Jan '12, DI
250,000
National Produce
4
93,517
200,000
75,985
Q-J Jan '12, 134
North Avenue State
6H
7
50,000
North Side State Sav'gs
Q-J Jan '12, 112
6
6
37,711
200,000
North West State
5 (.131 Jan '12, 112
35,657
4
300,000
People's Stk Yds State_
7
933 Q-3 Jan '12, 212
137,210
500,000
Prairie State
67,996
6 Q -St Jan '12, 114
8
200340(
Second Security
1,055 Beg. b us.Nov i'11 V.93, p.1236
400,))00 3137,858
Security
413 sa (1-3 Jan '12, DJ
200,000
South Chicago Savings_
8
100,000
Q-J Jan '12,2
200,000
South Side State
16,597
6
6
31-.1 Jan '12, 112
State Bank of Chicago.. 1,500,000 2,093,092 12
12
Q-J Jan '12,3
250,000
Stock Yards Savings
198,015
8
Q-31 Deo30'11, 2
Soy '11,3
500,000
Union Bank of Chicago_
130,672
6
100,000
Q-J Jan '12, 113
Washington Park Nat'l
47,814
60,000
Wendell State
19,767 None None 41-11 Dec31.08.112
2,000,000 1,015,485
9
zi/Central Tr Co of
"4 8 Q-3 Oct .11,
1,000,000
Chicago Say Bk Is Tr
31-3 Jan '12. 112
0
226,687
ra-.1 Jan '12, 2
5,000,000 12,031,511
Chicago Title 6s Trust
8
75
50,000
Citizens Trust & Savings
10
Q-J Jan '12, 212
16,395
6
000,000
Colonial Trust as Saving
476,333 8+2 8-4-2 Q-J Jan '12,2I1
Coat Is Comm Tr as Say 3,000,000 1,011,315
Drovers'Trust&Savings
200,000
8
153,309
854 Q-3 Jan '12, 212
16 Q-241 Dec30' 11,4
r First Trust as Savings.. r2 600,030 3,972,600 12
250,000
Ft.Dearborn Tr&Say Bk
13,377 Beg. b as, Apr 3 11 V. 92, p. 929
Greenbaum Sons Bk do Tr 1,500,000
254 Q-J Jan '12, 212
72,893
200,000
J-J Jan '12, 3
Guarantee Trust .Ss Say.
34,628
Q-J Jan '12, 3
Harris Trust & Savings_ 1,500,000 1,907,670 11+5
it. 1 IV.1.12,p.1004
300,000
Home Bank Is
59,793 Beg. b
Illinois Trust di Savings 5,000,000 9,096,028 16+4
Jan '12, 4
Kenwood Trust & Savgs
200,000
71,007 7+134
C1.4 Dec30'11,184
200,000
Lake View TruatdcSavgs
53,839
Q-J Jan '12, 112
Merchants' Loandsisr Co 3,000,000 6,391,793 12
Q-J Jan '12, 4
xaletropoiltan Tr &Say
750,000
Q-J Oct '11,11
272,394
Michigan Ave Tr Co.,_
200,000
59,791 Beg, us, Oct 291 05/111,p.1221
Mid-City Tr & Say Bk..
500,000
56,791 Corn. b us. Ap r10' 11V92 p1004
Northern Trust
1,500,000 2,612,104
8
8
Q-J Dec30'11; 2
North-Western TrdaSay
250,000
J-J Jan '12, 4
115,530
6
8
Old Colony Tr dc Sal,Bank
200,000
50,382 Beg, 1) us J'ne 111. 7.92,p. 1531
Q-1 Jan '12, 2
People's Tr Os Say Bk
500,000
166,264
Pullman Trust as Savgs_
8
300,000
Q-J Jan '12, 2
8
27/1,450
Sheridan Tr Is Say Bank
200,000
30,044 Beg, b
ria 120 9 V.89,p1141
Standard Tr as Savings_ 1,000,000
324,378 Comm enced bus. Sept 6 1910
J-J July'11, 3
6
Stockmen's Trust & Say
200,000
46,358
Union Trust Co
1,200,000 1,331,735 103+2 8+2 Q-M Dec 30.114
0
West'n Trust Is Savings 1,2513000
6
22:3,002
Q-J Jan '12, 111
West Side Tr &SayBank
8+2 Q-M Dec30.11; 4
6
200,000
145,128
9
Woodlawn Tr&Sayl3ank
200,000
733
31-2 Oct '11;
79,551
NAME
Stools
CD
* Bid and asked prices; no sales were made on this day. tDec. 6 (close of business) for national banks and Dec. 8
NO
of business) for State nstitutions.
price Friday; latest price this week. I Sept, 1 1911. IT Dividends not published. Stock all acquired by the Cont. Is(opening
Comm. Nat. Bank. a Due Dec. 31 b Due June,
0 Due Feb. k Also 20% in stook. q Dividends are paid Q-J, with extra payments Q-F. r Cap. to be inc. to 25,000,000,a stock div.01100% to be declared. V.93,p.1430.
t A dividend of 50% paid in 1911 on Security Bank stook, to provide capital for the new Second Security Bank. V. 93, p. 1235. ;
Dee, 30 1911. x Central.rr. and WU%
poiltan Tr. Is Say. Bank consul,; V. 93, p. 1705, 1363
JAN. 20 1912,1
THE MIRO N"ICLE
Volume or 3usiaess at Stock Exchanges
TRANSAL`fluS. At' THE NEN YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEAltLY.
Stocks.
Week ending
Jan. 19 1912.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Shares.
l'ar value.
Railroad.
dec.,
Bonds.
State
Boras.
U. 3.
Bonds.
Electric Companies
Bid
tot
Chicago Edison Co -See Ch cago lIst
(let Walt Pow Is 1946__J-J
8234 8014
e Kings Co El L dr P Co.1)J0 12512 12612
Narragan (Prov) El Co__ _50
N Y & Q El L & Pow Co_100
['referred
!
* 58 4 9
103
7
5717
United Electric ot NJ.._100 90
92
lot g 1.1 1949
79
.1-1) 78
Western Power coin
3112 321%
100
Preferred
100 67
58
197
Industrial and Aliscel
But Ask
a Diamond Alston I (3_100 110 11011
duPont(E I) de Nem Po IOU 155 165
s Preferred
100 9034 95
a Gold 4355 1938
J-D 8434 8511
Em pire
100
10
15
Preferred
Steel
43
10,1 36
e General Chemical_
100 130 13313
e Preferred
10/.
010
1
):
12 110
12
Gold 1110 Copper
14
1;reene-Cananea
834
Guggenheim Explor'n_109 180 190
a Ilackeusack Water CoBet g 4s '52 op 1912 J-J
84
87
Hall Signal Co coin
100
8
13
Havana Tobacco Co....100
7
0
Preferred
1011
10
15
1st g .53 June 1 1022 _J-D / 52
57
Hecker-Jones-Jewell Milling
lot 63
101
15 10213
[fern/le-Hall
1922
-Mar new 3
110-80
25
Hoboken Land & Imp_100
1st 5s Nov 19.30____M-N 103
- -- I-64'Hocking Val Products_ .100
1112 1212
1st g 53 1961
4)21,
Houston 011 coin ctts
110i1
4112 834
Preferred °Hs .__ __IOU 7012 711e
[ In ;eraoll-Rand com__100
a Preferred
100
Inspiration Consol Cop-. 20 * -2-638
lntercontineutal Rubber 100 1612 1713
Internat'l Banking Co 100
585
International Niolsel_()
_1 0 ig- 265
Preferred
WO 102 103
1st g 55 193"
:
462 10034
8
A-0 10
International Salt
1st g 55 1051
10
International Sliver.._.A
10
-0°
01
100
Preferred
100 111
inte
.
1srt (Is
t
112
82,000 relegraph and Telephone
1.000 e .4,,ner Veleg Jr Gable_100 75
78
15,000 3 Central So Amer
100 117 119
Jonurel On Tel (N Y)....25 108 115
2,000 Empire & Bay State Tel_100 0,5
75
Franklin
50
100 40
e Gold dr Stock Teleg_ _100 115 120
Total
2,017,235 $11.3,087,725 $23,490,500
$965,000 $20,000 3 Northwestern 1 eleg__50 112
65 17
13
6
Paclac & Atlantic
25
e Pas Telco & Teleg met 100 9814
Sales at
Week =din) Jan. 19.
Jan. 1 to Jan. 19,
Southern & Atlantic
90 i&S"
New York Stock
Ferry Companies
1911.
Exchange.
1912.
1911.
1912.
13 & N Y 1st (is 1911___J-J
91
95
N Y
E It Ferry stk._ _100
5
12
2,017,285
Stocks-No. shares_ __
2,962,109
7,099,105
6,263,923
1st Is 1929
45
M-N
$173,037,725 $250,042,650
Par value
$505,916,400
3614,829,975 N Y & Hob 53
May '46_J-D
9812 i_5(l
._-.
$7,300
Bank shares, par.
$50,600
$07,300
$16,900
llob Fy 1st 55 1946__M-N 104
Bonds.
NY &NJ 5s 19413
J-J
98
$20,000
Government bonds_ __
$1,000 [Otis &
$94,000
230 Sts Ferry,,.,.101) 25
35
3905,000 $2,644,500
State bonds.
5,544,000
2,276,000
1st into Si 1919____J-D
Si
65
P.R. and misc. bond. 23,400,500 20,432,500
50,084,000 ; Union
67,905,500
Ferry stock.....100
19
2112
e 1st 5s 1920
M-N
94
97
... $24,175,500 $23,077,000
Total bonds
$55,629,000
870,365,500
Short-term Notes
Anal cop 53 1913
rat,
: tiOsfoN AND PHILADELPHIA
DAILY TRANSACHUNS
A-0 10014 10058
American Clg .rEXCHANGES.
Ser 13 as Itch 13 12 .51-S 100 10014
Bait & Ohio 41is 1913_J-D 1001s 10038
Boston.
iiethleh Steel Os 1914 M-N 11/014 10012
Week ending
Ches & Ohio 4123 1914_J-D 98
93
144 9
09
111
:
1
Listed U nitstel
Jan. 19 1912,
Bond
Listed
Unlisted
Bond
Cale & Alton 55 1911_M-S
?hares. shares,
1:)0
sales,
sltares,
shares.
sales.
Ohio Elev Rye 58 1914...J-J
9838 9812 Jones & SL
ina9a-eliil8g
1htn
eS
il Itee
g-ij
i-C
MD
o 11210
Hain
An
Se
1)
45
1913_ _ _J-1
11914 0012
1st 5 I g Si 1939
Saturday
12,155
& 03..
511-0N
0 10
9,114
,
0•
411 10114
$46,500
$54,300 Erie Us Apr 3 1914___A-08
5,420
3,166
1,
08
15
1: 10
,8
13
34
3 [Car
,
sterpro
(J
fe
urr
23,854
ile
ud
s)
Monday
15,113
99,000
103,300 Kleneral Motors Sail
14,003
8,261
Tuesday
26,343
105 105
12,153
142,000
121,800 .1mIson Companies- Adr0
10,036
8,081
e Lackawanna Steel_ 11000
23,110
Wednesday17,716
301g 31
0
90,000
'J9,100
11,813
5,974
63 Feb 1 1913
9812 99
P-A
e 1st con 55 1950
Thursday
18,1100
23,288
M-8
81
119,000
120,600
6,402
2,844
63
Oct
15
1913.
A&015
5
Deb 53 1915
21,723
11,700
Friday
917g
76,1)00
110,700 lilt & Gt No 5s 19143,845
13,065
1,•'-A
Lanston Monotype___-100 9112 92
Internet Harvester 55_1915 10012 10034 Le
a
,
l
x
vy
a
e
g
rs
'
w
,
M
kt
os.
gep
Total
eo
126,085
cool 1110
9-7
1-3
1-4
7 92,141 $572,500
5
-b
0 2-6
32,171 8614,800 IC C Ity & Lt (is 1912_31-8
60,739
300
Elan 3: 81 U g Is 11113...P-A ii
U()
Madison Sq Garden_____12
00
mo Kan & fez 53 May 113
liels 9938 Manhattan Transit
111
2.74
r
;
te
lloPactile Is 1914
8
J-D
May Dept Stores-See litk Lech Ils
Nat Rys or Alex 43€45'13J-D
e\Ham' Copper-Se, Stock Exch list
All bond prices are now -and interest' exec:A where marked "I,"
eel YC Lines Eq 53 '12-22 5
5,4
31991)
3
1142
9388657
11 :1:
Monongahela
It Coal
90)9' 9
48671
111222
50 *10
43is Jan 1913-1925_ _J-J
Preferred
N Y Cent
M-S 1001a 10033 Mortgage Bond Co--__..1t1(
But Ask
)
'
) 73
08
2 115
Street Railways
Bid Ask N Y N II 434s 1914
Street Railways
deli
3.40
Nat
430
Bank
'12
MS
of Cuba
100 100 103
Pub Set
,
/ Corp N J (Con)3t, L & S F 55 1913
M-S 9918 9933 e National Surety
10(1 260 270
New York City
Rapid Tress St Ity__100 235 240
53 June 1 1913 opt -J-D
9834 9914 Nev-Utah Mln & Sin
Bieeck St & Full Fy stk_100 22
10
26
let ,s 1921
A-0 103 -- -- South By
g Is 1913
F-A 10012 10034 5 New Central Coal
J., 60
'
151 intge is 1950
)
(1
70
J C 11013 & PatersonIldewater 6s, 1913. guar___ 105
,7
118 10
112 3 Nee;
reyer
crre
kdDr_k
1310 150 156
By & 7th Ave stk
10(1 VS- 25
45 g 1949
M-N
75
70
\Vabaoh
4
As
9
1013
M-N
J -J
2,1 mtge Is 1914
99 141
53
So J Gas El
100 127
West Telep & T Is '12.P-A 100 10914 N Y Mtge es Seourity__ _1
-see Stock Exc list
10°
Con Si 1
43 210
0 2()5
Clu g 53 1933
&'frac__-M-8 1)8
Welting/1'3e El & M Si 1913 10112 10134 N Y Transportation
EI'vray Surface 1st Is gu 1024 IOU._ 103
20 *3
5
No [hid Co Ity (is 1911 J-J 1(11 -Cl,'.
notes
95
9712
Oct
1917-A-0
Nile3-Bein-Pond coin,. 100 le)
Oent'l Crosstown stook __LO U
35 1928
J-J 102
Railroad
NipIssIng Mines
5 *633
1st mtge 63 1922___51-N
Ext Is
_ _51-N
Chia Peor & 81 Lohm Copper Co
10
10
*7s
Cen Pk N Jr E 13.1v stock_ led
211
65131.
Pat By con 63 1931 J-D 114
Prior lien g 435s '30_M-S 00
g3
5 Ontario Sliver
100
1
& 10th St stk 100 110 130
20 61 opt 1914_ __A-0 10012 102
Con nage g 53 1930___J-J / 40
50
()Us Elevator corn
Col ,!;..; 9t0 Ave .53-See Stoc.: 1,:xc !1st
;2
iteptibilo Ity de Light
100 27
28,2
Income 51, July 1930_
7
Preferred ______
11(10
1/ 100
Dry Dock E B Jr BPreferred
70 102
100 7712 7812 Chicago Subway
100
PittaburehBrevriug
97 103
J-D
So side Ni
lot gold Is 1932
50 *
101s
-See Ch cago list
Northern Securities Stub,_. 100 105
Preferred
P-A / 40
50
8crits Ss 1911
Syracuse It T 5 1940 ._11-S 102 105
50
4012
eOregon- Wamh It R&Nav See Stk E x Ilst 3Pittso,irgh Steel pret__100 10138 1,13
Eighth Avenue stock__ _ luu 300 150
frent, P & 11 Is 1413.,.3-1.) 91 10J
Pitts
Bess
&
L
0
514
P-A / 93 III)
Scrip es 1911
United Rye of St L100 40
4212
Preferred
40
30
0
33
70
Por're
11(4 *
e feirfrged
"y stock,.101 250 340
421 & (Jr St 4,
Co coin
100 69
Coin vot tr cttiJ
70
100
938 10
e Railroad Securities Co
Pratt Sc Whitney nrst 100 98 1021s
420 St NI dr St N Ave__ _100
Preferred
100 4112 4134
Ill
C
stk
tr
etts
ser A__.52 89
92
Producers 011
20 Income 6s 1915._ _J-1 /
100
(len 45 1934-See Stock Exo list
90
Seaboard Company--See Ba II Exe list (Ray Cousoi Copper-See S tk85
Inter-Met-Sea Stock Exen inge ust
(Jolt ityi San Fran--,Sea Stk Exc list
Ex Hsi
West Pea lot Is 1933__M-8 8734 8834 Realty Assoc (13klyn)_10() 116
Lex Av & Pay F 5s-See Stk Exc Is;
,Vaoli Ky & El Co
119
100 5933 5978
Industrial and Misc.el
Royal Bak Powd coin__ .100 191 193
Metropol St ity-See St, Exc lust
Preferred -_100 9038 91
Adams Exp g 45 1947__J-D /135
Preferred
86
Ninth Avenue stock
100 130 175
100 109 110
43 1951
J-1) 8434 85
Aluneek Mining......
Rumely (IQ Co, pret...100 9834 9914
25 3245 250
Second Avenue stock_100
8
12
Alliance Realty
Safety Car ileat & Lt._ _100 120 121
100 121) 125
Comet So 1918
F-A / 43
46
Gas Securities
Amer Bank Note corn_ 50 *43
46
eSears, Roebuck dr Co 10 141 143
s Sixth Avenue stock _100 115 12,
New lock
Preferred
50 *51
ePreferred
53
Sou liouley 53 1945____J -J
100 12212 123
05
klent tin Gas Is 1927_ ___J-J 103 [0312
75
American Book
__. -Seneca Mining__
100
25 *25 65
So Per tolls 1919
A-0 85
Con Om (N 1)-See Stock Ex° Ilst
95
cAn Brake 3tideFily com1110 165'J2
9312 Singer Mfg Co_
100 295 300
Third Avenue Itlt-See Stk Exe list
e Mutual Gas
101/ 164 17212
ePreferred
100 13212 13112 Sop
utrhIrr
roond& S coin- _100
1
• 'fai'ry W P & M Is 1923.. tit/
2
New Ain5terditin ()al30
American Brass
123 130
Preferred
100
Y'kers St RR 53 1946 A-0 83
2
4
lot consul 55 1948_ _J-J 10214 103
90
Ainericzu Chicle com
Standard Cordage
1(1
011 215 220
13th & 29th SIS 53 '90...A-0 1 16
100
N V dr E It Gas 1st Is
23
J-J 104 106
Preferred
100 105 103
1st iki g Is '31 red__ _A-0 / -1-0Twenty-third St stock. 10u 230 150
14
C,onsol 51 1915
J-J 102 105
Am Graphophone com....100
Adjust IA 55 Apr 1 1931_ / 1
Union lty lot 51 1912_ _F-A 103 1041, N Y dr Richmond (Jos..100 35
3
5
00
l'reterred
7":56- Standard Coupler COM-.100 37
10)) 31
Westchester 1st 55 '43 J-J
"A/
Sur WI 1st Is 1927____M-N 100 102
80
Ilardware__...100 140
Preferred
100 x101 111
3 Standard Gas cotn
100 60 ---- Am Malting es 1914
9912
15f1a
31arid
2
pr
J-D
e
f
a
e
rrr
d
eM
Brooklyn.
illing Co._Co
17
['rate red
100 14
10() 95
Amer Preso Assoo'n_ _100 :80
85
Atlan Avenue RRo00 53
53
1st Si 1930
.M-N 10412 10534 eAtner3nuff corn(ex-sub)100 123 128
e 1st 55 1930__ ______ li-N
Con 55 g 1931
A-0 1001, 102
8813
Preferred
Standard
107
108
10
,
1
011
of
NJ
100 e:86
B 13 & W E 55 1933_.A-0 98 102
- " 690
Other Cities.
Ain St Found new-See S ik Ex list
Standard 011 ex-subsidises. 362 368
Brooklyn City Stock
10 1135 169
Am (13.5 & Elec coin
51
Standard 011 Subaldlarles _ 313 325
A-0 98 102
Con 55-See Stock Exch Lege itst
Preferred
312 2,
*x
24
5'
85
4
72
7
5
0
A
rns
O
D
o
e
m
bo
1
4
9
n
s
35
o1
s
9
o
2
r
3
oty
Studebaker
62
65
P-A
Corp corn..100 53
Bklyn ligts 1st 55 1941 A-0 1)8 102
59
Amer Light & Tract. __100
.
60
434 263
511 s,lilzr
eor
fca
re
'i,
re1
50 2
u son, 0 o..lo
t_ii()
Uklyn Queens Co Jr Sub);J) 103 104
Preferred
10 10412 106
American Thread pret_ _ _ _5 *434
s lot g 5s '41 op 1916 _J-J 98 101
-9812 100
Amer Power dr L. corn_1(X) 73
76
A
luTobao
corn
ex-waerits100 969 175
3wIft dr Co-See Boston 8th Esc list
1st con 51 '41 op '16 51-N
95
Preferred
97
100 8212 8312
Er-subsidiaries
250 251
1st Is. Set Chicago St', Exe list
Bklyn Rap '['ran-See Stock Lxe ilst
Bay State Gas
5
*lie 'is Amer Typerders coin...100 45
50
eTexa5 Company
Coney 1st Jr Bklyn__ _100 50
100 8212 8434
Blugh'tou (N lt) Gas Wks
57
Preferred
d Texas & Pacific Coal_ lull 93 100
100 100 102
1st cons g 43 1948____J-J
1st g 55 1933
75
82
A-0 97
Deb g 6s 1939
51-N
99 102
erexas Pacific Land Tr_100 90
75
/30
Brooklyn On Gas-See Stk Exc lIst
Con g 45 1955
J-J
93
Amer
Writing
Paper.
..100
112
2
Title
Ins
Co of N Y__ __100 122
[ILIUM° City Gal stock 10
Brk 0 & N Is 1939_ _J-.1 98 100
24
3
5
oPreferred -See Stock Ex ch'ge ilst
Tonopah Mla (Nevada)._ _1
151 Is 1947-See Stock Exc 11st;0334
Kings Co El 43-See Stock Exe ilet
67
7111
S
elst s t g 5s '19 red 105J-J
8834 89
fronton Potteries coin__ IOU
Nassau Nice prof
Gilles Service Co
4
8
10t,
1110 84
(4)1&
All
W
I
SS
Llues
_100
Preferred
new
100 50
55 1914
Preferred
6.5
A-0 101 1113
100 8212
Preferred
_
100
1812
Trow Directory
100 23
lat 4s 1951-See Stock CAC at
Con this of N J 55 1936 _J-J
40
94
9/
Col tr g Is 1959
J-J
65
(33
eUnlon Bag & Paper --.100
N W'b'g & Flat 1st ex 435s 00
412 5
Consumers' L It dr Pow91
Barney dr Smith Oar._._100 10
13
sPretarred
8tcluway 1st as 1022_ _J-J 100 10.1
100
bl
Is 10.13
J-1) 100
['referred
100 80
90
Union Typewriter coin_ _100 37
8
Denver GAS Jr Elec
100 220
Bliss Company corn,... 50 75
1st preferred
85
100 10413 105
Other Cities
Gen g 55 1919 op_ ___M-N 9512 97
Preferred
50 124 123
2,1 preferred
Buffalo Street Ity100 9812 PIO
Elizabeth (las I,t Co
100
3(k)
Bond & Mtge Guar-----100 265 270
United Cigar Mfrs
1st ooniol bi 1931_ ___P-A 10112 106
5512
100 54
1.;53ex dr Hudson Gas_ _100 133 1513-- Borden's Coed Milk.
_..100 12012 131
e Preferred
Deb 61 1917
100 105 ;J7
A-0 10312 105
Gas dr El Bergen Co_ _100 85
Preferred
100 10J 111
United Copper
Columbiti (0) St ay_
1
0
0
112
134
100
(Sr Rap 1st 53 1915
P-A
9011 101
British Col Copper
*414 412
Preferred
Preferred
5
10
100 -8-1;3-4 81
Hudson Co Gao
100 132 134
Butte Coalition Mining_ 15 *2218 2214 eUnited Dry Goods
Column Ity con 5s 1932 J-J 102 101
100 0812 10013
alit Si 1919
51-N
1011
103
Casein Co of Arm coin_ _100
4
214 234
ePreferred
Crosot'n 1st Is 1931_.1-1) 101 102
100 105 108
Indiana LlgotIng Co....100
41
Preferred
100 53
60
U S Casualty
a Conn ay & Ltg coin.....[Oh) 7512 -100 213
es 1933 op
F-A
68
Casualty Co of Amer_ 100 125 14,1
U 8 Envelope eom____ _100 70 11)1) 8012 -_
a Preferred Indlanapolli Gas
50 20 -alCelluloid Co
Preferred
0
100 131
5 143
1st & rot 4 3.o-See Stock Exe 1Ist100 115 120
151 g Is 1952
A-0 70
80
Cent Fireworks coin
100
U .8 Finishing
Tederal Light & Tr.,
.c...100 37
100 89
40
'33
Jackson Gas 55 g 1937_ A-0 97 100
Preterred
13
100 10
Preferred
Preferred
100 7812 80
100 102 107
Laclede Gas-See Stockl.; xch 11 at
Choiebrough Mfg Co._, 100 700 75,1
1st g 53 1919
Grand Rapids RY pref_100 80
.1-3 100 103
85
Preferred
100
9634
eChino
Cooper
S:oc
Co-Ste
It
Ex
Con
g
55
1929
______ J-J
95 100
• Loulsv St 55 1930___J-J s 105 10314 Madison Gas 85 1928_ A-0 104
City Investing Co
100
2112 3 U 8 Indium Alcohol -_100 2434 27
1613
Lynn & llos lit Si 1924_3-1) 10412 [(di
Newark Gas (3s 1)44___Q-J 125 109
127
Preferred
e Preferred
100 101 10312
Rys Jr Lgt___100 35
1()(1 95
4 New
40
98
Newark COILIM Gas
10(
96
a
ClatlIn
B)
(II
90
105
U
8
Steel CorporationPreferred
100 81
seen .; 531948
.1-1) 10434
.e 1st preferred
93
100 95
Col tr s I 5a 1951 opt '11
11212 11312
(Ion 10 g 4),4s 1935-See 6 tk Etc list No Hudson L 11 & Powe 20 preferred
100 90
94
Col It e 1 55 '51 not opt__ 11212 11311
ePub Serv Corp of N J-Ser StIt E x list
Is 1933
A-0
COUSOI Car Heating-100 IS
65
U 8 TR Gu dr Indern____100 90
Tr Ws 2% to 6% perpet 10512 106
93
Pubic Gas & E, coin_ _100 1005712 58
Consol Rubber Tire
614 7
101)
Westchester & Bronx Title
North Jersey St Ity...100 81)
Preferred
100 9312 95
Preferred
100 30
35
& Mtge Guar
100 160 166
1st 45 1948
7712 -i3; Pat dr Pas Gas dr Elec_100 92
M-N
95
Debenture
1951__A-0
/ 4612 50
4s
W051100'3[3 Air Brake__ 50 *15512
Cons Tract of N J___ _100 75
*Con g Is 1949
M-S
10312 a Crucible Steel
100 12 _ _ Woolworth (F W) CO (SV I)
80
1st Is 1933
31
' it Joseph Uas 55 1937__J-J 102
.1-1) 104 rag
90
95
o Preferred
100 82
4.74 .. 78
109 110
New'k Pas ay Is '30__J-J 10731 10814
[v13-1)
D
ily Conner Go_._ 10
tVP
orrtehre
lorr-tet'dn(P
wul
I p prof _100 104 108
*pee sham •a,sals
Solis on Stook Excasugei D .t not very active. / Flat price. PS .No.ninal
s Sale pr so.
ow stock, x Es-dIT, y Ex-r13/3,3.
233,345 419,217,000
413,15/ 35,775,450
308,692 33,068,700
328,015 28,854,000
238,256 21,333,100
405,820 34.839,475
81,341,000
2,934,500
3,455,500
4,801,500
4,91)0,500
6,048,500
$165,000
37,500
420,500
110,000
94,000
120,000
Inactive and Unlisted Securities
BOSTON STOCK EXCHANGE-Stodk Record, Daily, Weekly and Yearly
XI*
SHARE PRICES-NOT PER CENTUM PRICES
Saturday
Jan 13
Monday
Jan 16
2'Itesday
Jan 16
Wednesday
Jan 17
Thursday
Jan. 18
Friday
Jan. 19
Sales
of the
Week
Shares
STOCKS
BOSTON STOOK
EXCHANGE
Range for Year 1911.
On basis ol 100-share lots.
Lowest.
Highest.
Range for Previous
Year (1910).
'
Lowest.
Highest.
Railroads
9112 Ply 12318 Jan
40 Atch Top & Santa Fe_100 10058 Sep 25 11614 J'ne 5
*10514 10558 10518 10518 10514 10514 10514 10514 *10434 10514 *10534 106
1-712 Amy 10914 Jan
100 101 Sep 7 105 J'no20
9 Do pret
*10212 103
*10134 10218 10234 10234 *102 10212 *102 10212 *10212
100 219 Apr 21 228 Feb 15 218 J'ne 234 Jan
42 Boston & Albany
22012 22012 22012 2-2-012 22012 221
22012 22012 22012 22012 221 221
13012
Aug
1
x122
Aug 13634 Jan
12412
Sep
23
100
Boston
Elevated
134
223
13312
134
13312
13338
*133 13312 133 13312 13312 1331/ 1333
100 207 Feb 1 218 Sep 14 200 J'ly 22/ Feb
5 Boston & Lowell
218 218 *217 218 *218 219 *218 219 *218 219
*21712 218
100 9612 Oct 27 12238 Feb 15 8118 Dec.. .162 Feb
135 Boston & Maine
10018 10013 *100 10012 100 100
*100 10012 *100 10012 100 100
Bostdn & Providence_100 292 Mch21 301) Mch 6 285 Oct 300 Nov
Last Sale 299 Jan'12
____ *298 __L..
__ *298 -_-_ *298
*298
14 J'ne
1618 Nov
12 Sep 1 16 Mch 16
Boston Suburban El Cos_
Last Sale 14 Nov'll
*13
15
15 *13
15
*13 15 *13
70 J'ly
76 Apr
70 Oct 9 7614 J'ne22
Do pref
..Last Sale 75 Dec'll
____ *74
*74
*74
*74
8
Mob
13
1012 Sep
Feb
15
13
J'ly
6
Cos_
100
IRiston
&
Woro
Elea
1212
*__1212
*____ 1212 *___ 1212 1238 1238 *„..... 121-2 *___
35 Aug
48 Jan
3812 Jan 3 58 J'ly 1
oR
ret y
Do
120
58 *____ 5800
*54
5412 5412 *54 ..- *55
58
*56
Chic Juno
& USY_100 166 Apr 21) 171 Dec 20 139 Sep 160 Dec
170 170
*170 171 ;1.70 171
170 170 *170 171 *170 171
107 Alch17 11512%1'1y 25 109 Oct 118 Jan
Do pref
202
10914 10914 *10914 ___- 10914 10914 10834 10834 *108 10812 10812 10812
___
10 Connecticut Itiver__100 265 Jan 31 272 J'ne 6 260 Oct 270 Aida
___ 272 272 *271
___ *271
*271_ *271
__ *271
125 Apr 10 130 Jan 4 12414 Sep 13312 Jan
100
12734
63
Fitchburg,
pref
12734
*127
127.
34
12712
127
12734
127
127
*127 1-2-7 *127
100 11712 Jan 23 164 Oct 4 104 Jan 123 Oct
173 173
205 G'a fly & Electrio
170 170 *171 173
17412 175
170 172
172 174
90 Oct
85 Apr
100 88 Feb 20 9312 J'ne 19
65
Do pref
87
8734 8734 87
*8834 89 *____ 89 *_ _ _ _ 89 *___ - 88
..laine Central
100 135 Sep '20 215 Jan 18 202 Fen 118 Dec
Last Sale 135 Sep'11
___
____ *141
*143 145 *141 ____ *141
J'ly
1414
2118 Nov
3
Apr
20
J'ne
16
24
571 Mass ,Electric Cos____100
2214 2212 2218 2212 2214 2212 2212 2212
2234 22
22
*22
8834 Nov
75 ,Ply
100 8334 Jan 9 96 Nov22
Do _pref
9514 . 9514 9578
634
9533 9534 95
9534 96
96
98
9514 96
Apr
149
16438
Mch
23
Sep
14
15138
Feb
12714
Hartford_100
139
13834
139
139
13
7
N
H
&
580
N
Y
3
1 139
13834 13834 13814 13834
100 139 Jan 13 142 Mch 6 139 Dco 141 Deo
39 Northern N 11
_ ---- -14218 14218
---------7
_ 14212 14212 ------ „
Norwich & Wor pref_100 210 Jan 26 214 Nov27 210 May 112 A1ch
Last Sale 11 Jan'12
*Zia" --_ *210 ____ *210- ____ *210- ___
100 183 Mch 15 190 Nov18 18114 Sep 200 Jul
30 Old Colony
*18514
18634 18634 *18514 188 *18514 18612 *18512 18612
*18612 187
25 May
4.412 Nov
100 32 Jan 26 45 Dec 30
*44
50
63
51 65175 Rutland pref
*49
50
*4212 4712 48
*42
45
100 10512 Apr 18 114 Dec 22 103 Aug 116 Jan
111 111
111 111
217 Seattle Electric
111 11112 11118 112
111 111
110 110
mch
$06
Au
v
9834
28
Aug
104
Alch13
x9712
prcf
100
102
102
102
102
102
Do
102
324
102 102
102 102
102 102
100 15312 Sep 25 19218 J'11 22 15314 J'iy 20412 Jan
16614 168
925 Union Pacific
168 16814 16834 16678 16714 168 *16718 16738 187 167
8914 J'ly 10338 Jan
May12
9518
Mch
9
90
8
Do
pref
9214
100
*9158
*9114
*9112
92
9214
9138
9214
9138
*9134
*92
9212
1t
Jan
5
83
4
100 156 Meh21 16418 Dec298
35 Vcrznont. & Mass_
__
*163 165 *163 ____ 164 164 *163 ___ 184 164 *183
Sep
9612 Mch
50 85 Sep 29 93 Alch22
338 West End St
8712 8712 8712 8712 -871-2
8712 87
8712 87
87
*87
87
J'ly 169 Feb
99
105
Jan
10
Aug
17
10J
pref
50
*10114
Do
10112
70
10112
10112
10112
10112
10112
10114
*10114
10112 10112 10114
Miscellaneous
4912 Oct
36 J'ly
6034 81
61
640 Amer Agrieul Chem 100 46 Sep 23 6334 Dec 21
6012 6012
8034 6114 61
6134 6134 6034 81
9812 Dee 105 Sep
100 99 Jan 6 .10314 Mch 1
630 D • pref
101 10134 101 10134 101 10112 10112 10112 101 10112
10034 101
Dec
878 Fell
4
Jan
20
Aug
25
612
312
*412 434
412 434 1,949 Amer Pneu Service_ 50
431 518
478 5
518
6
434 478
1334 Dec
24 Feb
Do pre
50 1218 Aug 25 1914 Jan 31
1,413
1634 1714 1634 1714 1612 1634 *1612 17
1612 17
17
16
12732
Itch
111
Oct
Feb
27
25
122
112
Sep
Refin
100
Sugar
555
Amer
11514
11514
115
115 11514 115 11514 115
11518 11518 115 113
100 11134 Jan 5 12018 Mav19 11134 Oct 124 Mch
116 116
116 116464 Do pref
11512 116
116 116
116 116
11512 116
9,495 Amer Telcp & Teleg_100 13158 Aug30 15314 J'ne 8 32714 J'IY 14378 Nov
14078 14134 14112 14178 14158 14218 14112 142
14012 14118 14034 141
3912 Melt
26 J'ly
American Woolen_
100 2612 Dec 14 3614 Mch 20
Last Sale 28
Jan'12
9012 Dec 10414 mch
Oct
J'ne
8834 8834
341
5 Am
poos.epeal
8914 8912 -88- -8-014 -iti- -8-8-3-4 -g 14 89- 8834 89
21
F8 t8)(112
a
ellanufactur1
14
0 1314
78
78
78
78
78
*77
78 .78
78
*77
*77
78
99 Dec 28 10012 Dec 5
Do pref
100 100
850
100 10014 100 100
10014 10614 100 10014 100 100
7 Mch
738 Dec 5 11 May29
1112 Jan
Atl Gulf & WI SS L.100
Last Sale s14 Jan'12
*814 ____ *814 ___ *812 ____
18 MaY
28 Jan
100 1412 Nov 3 26 Jan 31
Do pref
*1812 20
259
1812 20
1814 1814 *1814 1812 1814 1814 *1812 ____
J'ly 15212 Mch
13812
Jan
10
15912
J'ne
15
14514
Cumb
Telep
Teleg..100
&
59
*15812 ____ *15812 ____ 15812 159 *159 15912 159
., 169
*15812
Apr
1158 Jan
718
714 Jan 18 12 May 1
10
5 East Boston Land
1112 12 * 1 117
*1134 12
11
' .121
1134 11-78
- 1134 12
86 Oct
70 J'ly
-------- ---- --------1 Eastern Steamship._100 7878 Feb 3 118 Nov23
s_ 111 *110 __ 107 107 *105 110
Nov
29212
8239
J1
1
1
:
Dec
19
1/
297
275
Sep
100
148 Edison Eleo Illum
297 298 *295 -___ 297- i97 - i - 297 296 296
297 297
100 142 Sep 22 16734 May29 135 J'ly 16012 Jan
159 15934
169 15934 159 159
223 General Electric
160 16012 159 15938 13812 159
Nov
8
Fab
913
3
7814
9634
Aug
Jan
1
873
4
Gas
Cos100
Massachusetts
9112
995
91
91
9114 9114 9112 9112 9112 9134 9112 9112 x91
97 Mob
89 May
785
Do p1ef
100 93 Dec 27 9812 Oct 17
95
95
96
9418 9414 9414 9412 9412 9478 95
94
94
100 211 Jan 4 235 Aug 3 21212 Dec 226 Nos,
225 225
22 Mergenthaler Lino
225 225
223 223 *223 230
*221 226 *221 225
634 May
234 Jan
3 Oct 2
10
978 Jan 31
15 Mexican Telephone
4
*3
*3
*3
4
4
4
*3
312 312
*3
4
100 103 Oct 18 119 Moll 14 107 SeP 124 Jan
____ ___
44 N E Cotton Yarn
105 105
105 105
105 105
105 105 *104 105
9912 Aug 115 Jan
100 101 Nov25 11612 Melt 13
Do pref
23
*104 105 x10312 10312 *10312 ___ *10312 ____ *10312 ____ *10312
100 137 Jan 14 16512 Dec 13 12912 Aug 13834 Deo
764 N E Telephone
167 160
158 158
157 158
158 168
158 158
158 169
9314 Nov 100 Jan
Pacific Coast Power_100 96 Jan 9 105 J'ne28
Last Sale 10012 Oct'll
_
*107 ____ *110 ____ *110 _.*110
50 Portland (Me) Elec 100 6234 J'ly 29 7334 Nov18
7212 -7-2-12 *75 --_ _- ____
73
73
100 153 Sep 25 183 Jan 30 153 jrlij 200
153 Pullman Co
16012 16012
Fail 1-6-Ci- io5" ficr 160 18038 15912 160
1114 Jan
14 00
10 x12 Jan 5 16 May 1
30 Reece Button-Hole
14
14
14
*1334 14
1334 1334 14
_.._
*13
9734 Sep 26 104 J'ne 5 100 Jan 10934 Jan
853 Swift & Co
- 9912 10014 100 10038 9934 10014 0934100100
8 09 -9938
9938 -9933
28
Jan
Men
37 Dols
Sep
29
36
Torrington
29
25
4
3114 3114 *3114 3168 3114 3114 *3014 3068
*3114 32
*3114 32
Jan
27
81 May
Do pref
25 27 Alch23 31 J'ly 17
280
*30
3012
3012 30
30
*30
31
*30
30
30
30
30
688 United Fruit
100 8178 Deo 4 19712 J'ly 15 10512 J11.11 200 Sop
18314 184
183 18312
183 184
185 18512 184 18512 184 185
4C34 J:1Y
25 4014 Aug28 5878 Feb 18
7134 40 11r
4712 4712 1,725 Un Shoe Mach Corp
48
4734 47
4612 97
4634 4634 4614 9634 *46
31
an
2514 J "1Y
Do pref
25 2612 Sep 20 2914 Jan 31
1,320
28
28
2778 28
2778 28
2734 28
*2758 28
*2734 28
J'1Y
6138
9034 Jan
8
Oct
27
8218
U
Steel
Corp
Feb
6
50
10,183
100
6618
0678
6658
66
6814 6718 8538 6612 6614 8718 6614 67
180
Do pref100 10312 Sep 22 12012 Feb 2 111 J'IY 12558Jan
11112 11112 11012 111
11038 11 11p, 11034 11034 11017 11114 111 111
Mining
718 J'ne 16
4 J'ly
10 Feb
4 Sep 22
614
25
6
525 Adventure Con
*614 612
814 614
6
614
6
6
6
6
25
212 Oct 11.1 11 J'ne 13
734 Dec
1434 Sep
514
5
518 514
*5
514
434 5
434. 478
5
518 1,960 Algomah Alining
Aug
23
4414
J'IY
Dec
30
31
58
Allouez
21
Feb
25
320
43
93
93
43
44
43
42
43
43
42
42
*42
6514 J 1Y
9034 Jan
6518 6538 6334 6458 8412 6434 85
6514 8434 6514 6412 655s 9,273 Amalgamated Copper 100 4434 Sep 25 7158 J'ne 19
J'ly
4017 Jan
1912
510 Am Zinc Lead & Sul_ 25 1934 Oct 6 3058 J'ne 14
*2512 26
2612 2512 2534 2534 2534 2534 *2514 2568 2534 26
138 Dec 19 21140 Dec 2/
3346 332 2,130 Arizona Corn'!-_ctis dep..
314 314
312 312
338 312
312 358
312 312
865 Bonanza Dev Co___ 10 .30 Oct 24 .75 MaY22 .50 Melt .70 Mch
.98 .50
.46 .45
.46 .95 *.45 .60
.43 .43
41.43 .95
2414 Jan
10 May
334 Aug 24 1512 MaY27
812 812 2,365 Bos&CorbCop&Silltg- 5
814 814
812 9
814 9
8
8
8
8
1814
14
4'2
418 414
414 414 *414 438
418 438
414 414
418 418 1,095 Butte-13alaklava Cop..
2
2
'Reno
1
r5:..
g
23
11
1
Novne
aal
2218 2214 1,263 Butte Coalition
2212 2212 2214 2238 2214 2238 2238 2238 2134 22
4434 J'1Y 103 Jan
6112 6178 6112 6112 2,622 Calumet & Arizona_ 10 45 Sep 25 0334 Dec 22
6112 62
6212 8112 6212 6112 62
62
25 360 Sep 20 645 Jan 4 600 J...IY 68,, Jan
, 53 Calumet & Hecla
440 441
430 435 *435 940
442 442
442 442
490 493
1312..1Y
1
38 Jan
8 Aug 24 19 Deo 27
23
2114 2234 3,592 Centennial
25
2014 20
22
22
1778 1778 1712 1712 18
.16 Jan
1 .03 Nov 6 .15 J'ne 16 .04 J..:1Y
.07 418 9,550 Cons Mercur Gold__
.07 .08
.07 .08
.05 .09
.05 .09
.04 .05
58 _re) 85 Jan
844 Copper Range Con dO no 4634 Sep 25 6934 Feb 2
5312 5312 5312 5312 5312 5312 5312 54
5378 54
t412 543
Sep
7 Dec 27
312
08 Molt
3 Feb 8
385 Daly-West
20
*512 534 *512 534
512 *5
512 558 *5
638
5
5
14 Nov
614 J.IY
10
878 Aug 25 1434 J'ne24
1212 1278 1214 1234 1212 1258 1212 1258 1212 1258 1278 1358 7,373 East Butte Cop Min
V Dec
2212 Alch
512 Aug 24 14 J'ne 8
25
1178 12
1134 1178 1,222 Franklin
1134 12
1112 12
1212 1112 12
12
1112 Jan
6 J'iy
813 Feb 6
338 Seto 22
458 458
412 412 4 5-16 458 4 9-16 458
453 453 1,865 Giroux Consolidated_ 5
4 7-16 412
20 J'iy 11114 Jan
37
326 Granby Consolidated_100 28 Aug 25 4312 J'ne 21
3712 37
37
38
38
38
36
37
37
36
37
638 Sep
858 Deo 27
1178 Jan
20 5040 Oct 9
812 858
812 868
12
858 858 4,475 Greene Cananea
12
8 7-18 812 8 7-16 812
30 Jan
1434 J'ly
10,598 Hancock Consolidated 25 17 Sep 26 3112 Dec 30
3312 3438 3214 3312 3314 3434 3434 3512 3414 3514 34 341225
34 Sep 21
134 Oct
2 Feb 4
5711 Jan
138 112
645 Helvetia Copper
138 138 *133 . 112
112 112 *114 112
112
*114
10 J'ly
514 Oct 18 16 Joe
' 2
4434 Itch
25
1212 1212 1,720 Indiana Mining
1214 13
1158 1278 1138 1212 1212 13
13
13
653 Set) 22 1058 Dec 18
1012 10
1014 1014 1078 1058 1034 26,579 inspiration Copper_ __10
1018 1014 1018 1014 10
o
3034 f)-e-3334 Oet
4012 4112 4134 93
825 Island Creek Coal__ 1 2914 May 9 44 Dec 15
4114 41
4012 41
41
4138 4138 41
8414 Nov
90 Nov
1 8218 Sep 25 91 J'ne 3
Do pref
8512 8512 8512 8614
186
8512 8512 8512 8312 *8514 86
85
85
28)2 Jan
1310 may
810 Isle Royale Copper_ 25 1112 Aug 23 23 Dec 27
2112 2112
22
2134 22
2134 2134 22
2112 2134 2034 21
Sep
11 Jan
x6
'
778 Jan 21
258 Oct 21
5
495 Kerr Lake
278 278
234 21540
278 278 *234 273
234 278
*234 278
12 Nov15
334 J'ne 15
3 J.IY
634 Jan
114 138
138 112
138 112 *138 112
112 112
112 112 1,136 Keweenaw Copper__ 25
28i5
J'iy
9412
Jan
Aug
24
13
22
90
J.
ne
Lake
25
Copper
Co
3614
987
36
3618
3612
36
3858
36
36
3634
3612
3612
3834
614 Dee
19 Jan
6 Jan 3
3 Aug 17
25
995 La Salle Copper
5
5
5
518
514 512
512 558 *514 512
*5
512
4312 4234 43
2,056 Live Oak Developm't_10 2014 Nov 1 4214 Dec 26 .........*4014 41
4038 9038 4012 4012 4012 91
41
1178 Dec 16
612 Apr 24
12
1,965 Ma:mu Valley Mines.. _..5
*1112 1134 1112 1158 1112 1158 1158 113,1 1134 1218 12
412 Mch
1058 Oct
412 Aug 24 do J'ne 19
25
814 814
814 814 *8
812
814 814
814 814
425 Mass Consol
*814 834
178 Jan
Dec 27 .35 Oct
Mayflower
Feb
18
3140
.20
25
10,997
714
6
3
3
7
612
7
6
3
4
7
14
67
8
718
612
634 712
J'ly
20
Jan
17
27
Dec
28
2438
Allarnl
5
Sep
107
8
830
Copper
2412 2412
*2414 2434 24
24
2334 2334 2414 2412 *2412 25
812 Jan
314 Deo
317 Jan 4
114 Nov 9
002 Michigan
25
3
3
314 338
314 338
314 314
3
3
3
3
43 J'1Y
75 Jan
25 36 Apr 18 57 Dec 30
57
56
66
*55
*56
58
120 Mohawk
57
55
56
56
57
1758 J'ly
2712 Jan
0 20 Nevada Consolidated.. 5 15 Sep 25 2114 J'ne 15
1912 1912 1914 1914 1914 1958 1914 1912 1914 1912 1914 1914
312 J'iy
1058 Jan
414 Apr 28
*312 4
4
2 Aug 16
334 334 1,795 New Arcadian Copper 25
*334 378
4
334 4
334 414
934
Jan
17
12 may
Feb
1138
Deo
29
5
NipissIng
Mines
x012
795
67ts
611to
131116
618 614
614
614 614
614 638
614 614
18 J'ne
50 Jan
15 20 Sep 25 3814 J'no 2
2612 2612 25
27
27
1 North Butte
2814 4,19,
2714 27
27
2718 2712 27
614 Deo
512 6
257 Mott
25
334 Aug 23 '8
512 512
9)34 Joe 3
648 North Lake
618
6
6
8
614
6
C) Sep
812 J'ne. t,
1234 Jan
614 614
358 Dec 11
6
25
6
6 67-16
3,685 0 lbway Alining
6
6
8
614
618 638
.25 Aug
318 J'iy 10
134 Feb
25 .50 Jan 6
534 618
512 618 18,371 0 d Colony
434 538
512 6
6
512
412 5
5,, Jan
1012 J'ac
25 3414 Sep 25 49 J'ne 13
135 Old Dominion Co
*4634 9712 *4812 4712 4612 9612
97
47
47
*4714 48
47
10912 110 *108 109 *107 110
25 81 Sep 22 124 Jan 3 114 J'iy 166 Jan
106 108
107 109
377 Osceola
109 109
11 Deo
_
2134 Jan
778 Sep 22 1434 Deo 24
1314 13
351 Parrot Silver & Cop., 10
- 1234 1234 13
---1314 _92 • mah
66 J'ly
- lig" 75 ii"173 .ittlncy
75
25 55 Sep 22 76 Dec 27
75
7512 7512 75
76 "/
78
76
75
1514 Jig
2434 Mob
10 12 Sep 25 19 Deo 27
1818 1734 1818 1818 1818 2,213 Ray Consol Copper
1758 1758 1712 1734 1758 1778 18
134 J'no 10
114 Nov
112 112 *112 134
112 112
34 Apr.26
234 Jan
250 Santa Fe Gold & Cop., 10
*112 134
112 112 *112 134
834 Ply
1018 1018 1013 1018 1038 1,323 Shannon
13 Jan
7 Oct 4 1214 Feb 2
1014 1012 10
1014 *10
1014 10
10
1 Dec
334 Jan
.75 .80 *.70 .85 3,365 South Utah M & S.._ 5
12 Dec 19 1146 May18
.85 .65 '5.62 .70
.69 .85
.65 .65
36 J'ly
*28
*2812 2912 *2812 29120 Superior
6814 Jan
29
29
28
2712 2712 29
25 20 Oct 27 4217 Jan 3
28
814 J'ne lb
458 Dec
18 Jan
414 938
e218 Oct 26
4
412 478
438 412
438 412
418 2,987 Superior & Boston Ilin 10
414 434
4512 J'ne
78 Jan
31
30
$1
31
30
30
30
25 20 Sep 8 52 Jan 3
2012 30
3114 3114 31
230 Tamarack
1138 Jan
512 Dec 22
412 Dec
512 512
278 Oct 27
6
25
558
534 612
613 653
6
638
573 8
8,908 Trinity
66
Jan
4018
J'ne
14
30
Deo
25
Sep
3514 3538 3518 3514 3468 3518 3438 3434 3414 3438 3438 35
3
(I
S
Smelt
303
1,549
Ref & Min.. 50
4534 J'iy
4734 48
4773 48
98
48
98
5318 Jan
98
D I pref
4734 4734 4734 48
982
50 4514 Aug 28 4912 J'ne26
2 Dec
614 Jan
318
312J'ne 15
3
3 3 1-16
3
318
173 Nov 3
1,185 Utah-Apex Mining__ 5
*278 3
3
3
16
16
16
16
18
1578 1578 1578 1612
1212 Dec
16
16
16
40 Jan
934 Jan 20 20 J'ne 14
510 Utah Consolidated__ 5
6018 Jan
5658 5634 5518 66
5612 56
5838 5614 5614
5614 5614 58
10 38 Sep 25 5758 Dec 27 83934 J'ue
955 Utah Copper Co
5
514 1,055 VicLoria
412 468
2 Deo
412 412
412 412
412 412
1 Aug 17 918 Deo 30
434 434
25
534 Jan
6
_
1212 Feb 6
6
512 512 *512 612 -5 J'iy
534 534
155 Winona
25
834 Nov 4
15 Jan
614 614
0100 102
99 100
9934 100
99 -9-91-2
*99 100
100 100
75 Wolverine
25 74 Nov 2 122 Feb 10 120 J'iy 160 Jan
2
218 212
218
212 912
212 212
212 212
218 218 1,270 liVyamlott
3 Feb 6
114 J'iy
25 .30 Nov23
A Jan
*
L.* Bld and as..kodr prIcea • d New stock. •Ass't paid. 8 Ex-stook div. 4 Ex-right.% a Ex-div. and rights.
iii
r•Il
*1314 .
.
,Air,12 134'
JAN. 20 1912.]
Boston Bond Record
BONDS
BOSTON STOCK EXCHANGE
Week Ending Jan. 19
.gg
Price
Friday
Jan. 19
Week's
Range or
Last Sale
o
A:4
Range
Year
1911.
-bow High
10033 102%
8912 92
104 11112
90 9834
98 12212
45 5717
98 9912
03, 9173
91 92
107 113
10814 110%
6334 73
--
199
BONDS
BOSTON STOCK EXCHANGE
Week Ending Jan. 19
b 8b•
:14
Pr:c1
Friday
Jan. 19
Wee'.
Rangs or
Las! Sate
Range
Ye it
1911,
o
Ask Low
Litoh No
Bid
1315
Ask Low
Hzgh No. Low High
Am Agricul Chem 1st Is.. 1928 A-0
Illinois Steel deben 58
102
1021A 21
1913 A-0 10012 Sale 1001.1 10012
2 100 10233
Am Tclen & 'fel coil tr 43_1029 J-J -s76.371 Sale 9018
La Falls to Sioux C 1st 7s_1917 A-0
90
,
4 201
117 Apr 'Os
Convertible 45
Kan.° Clin & Spr 1st 5s
1935 M-S 11114 Sale 111
11114 30
1925 A-0
9414
9414 Feb '11
Kan'C Ft Scott & Hens 63 1928 M-N 11714
Am Writ Paper 1st 31 Is g..-1919 J-J
9834 Oct '11
117 Jan '12
115 11714
Am Zinc L & S dcb 6s
Kan 0 II & B gen 43
1915 St-N 104 108 105 Jan '12
1934 M-S 9214
Jan
92
'12
9313
92
Ariz Corn Cop 1st 63 ctfs of dep_
Assented income Is
53
1934
6
57 59 5712
8878 89 Jan '12
S
83 90
Atch Top & S Fe gen g 4s 1095
Nan C & 3/1 By & Br 1st 5s_1929 A-0 10214 10234 10212 Jan '12
9933 9918 Jan '12
102 10312
Adjustment g 4s_ ___July 1995 Nov 09
2
Maine Cent cons 1st 7s
1912 A-0
9112 921. 91%
915
3
10014
'11
Dec
10014
10234
• Stamped
Cons 1st 48
July 1995 51.-N 9112
92 Nlay'll
1912 A-0
10114 Sep '05
50-year cony 43
Marq Hough & Out 1st 6s 1923 A-0
1955 J -1)
107 Dec '11
115 J'ne'08
10-year cony Is
Mass Gas 43s
1917 J -D
1929 J -J 98
110% SIch'11
98
9812
98)2 15533
All Gill( & W 1 SS Lines 58_1950 J -J 67 -6814 6712
Mich Telephone 1st 5s
22
1917 J - J
63
9912 May'ii
9912 9912
Boston & Lowell 43
New Eng Cotton Yarn 53_1929 F- A 9712'aiJ 9712
11/014 Itch'09
1916 J-J
9712
6 98 103
Boston & Maine 4 ;is
New Eng Tel:ph Is
10412 Oct '08
1944 J -J
1915 A-0
10113 Mch'11
10134 102
---- 10012
Bur & Mo Ely cons Is
5s
10234 10312
10234 Dec '11
1910 A-0
1918 J-J
Sep '08
Cedar Rap & Mo B 1st 73_1916 .11-N
111% 11134 New England cons g 5s
1945 J-J ---1118 Sep '11
'J97 Jan '12
-983
4 -1117.31
- ---Cent Vcrmt 1st g 43._ ..May 1920 (.1-F 863-8
Boston Term 1st 4s
8712 9058
1939 A-0 ____
-0.614 8919 Jan '12
C 13 & Q Iowa Div 1st 55_1910 A-0
Now River (The) cony 5s 1934 J-J
1103 Oct '07
75 flea75 45
---Iowa Div 1St 45
NY
N
H & H con deb 3 30_1956 J -J
93 Feb '11
1910 A-0
9634 May'll
9634 9912
Debenture, 53
Cony deb Is
10034 0114
1948 J -J 132 YEITJ 132
1913 .11-N ---- ---- 10934001 '11
132
2 1291213434
Denver Exten 4s
Old Colony gold 48
9914 100
1924 F- A
1922 ILA ---9973 Sep '11
101 Apr '09
Nebraska Exten 4s
9913 May'll
1927 11-N
983s 9912 Oregon By & Nay con g 43_1940 J -D
9878 Sep '09 ____
13 &SWst 4s
1922 F - A
9913 Feb '11
1921
S
9918 9918 Oreg Sh Line 1st g Is
11314 Dec '11
113 11413
Illinois Div 3;is
8712 Nov'11
1940 J-J
87% 8814 Pere Marquette deb g Is_,..1912 J-J
95 Jan '12
98 98%
Chic Jet By 83 Stk Yds 53_1915 J J Ion;Sale 101
1919 J-J
10113 11 100 10218 Rcpub Valley 1st s t 6s
103 Jan '11
103
103
Coll trust refunding g 4s_1040 A-0 89 91 90
90
1 8714 9034 Savannah Elea 1st cons 53_1952 j- J
7014 Dec '10
Seattle Elec 1st g 5s
Ch Milw 63 St P Dub D Os_1920 J-J
114 114
1930 F- A
114 Jan '11
10412 10412 12 'al- 105Ch H & St P Wis V div 63 1020 J J
11333 113% Shannon-Ariz 1st g Is
1919 Ii-N
11353Feb '11
80 Noy'll
80 93
Terre Haute Elea g Is
Ch & No Mich 1st gu 5s
1929 J-J
1931 M-N 98 91)12 100 Dec '11
97 Apr'07 _9812 101
---- 9934
1921 J-D 10012 102 101 Jan '12
Chic & W Mich gen Is
1918
991210134 Torrington 1st g Is
S ---Jan '12
Concord do Mont cons 45_ 1920 J -D
0712Sep '11
9712 9712 Union Pac RR to 1 gr g 4s 1947 J-J
10078 Oct '11
i563-2 101
20-year cony 48
Cudahy Pack (The) 1st g Is 1924 .41-N
1927 J -3
Dec '11
10014 Aug.°
10312 104%
1926 A-0 9914 Current River 1st 5s
-gi- gi United Fruit gen s t 4 yis_1923 J-J 96 9614 10318
07 Mch'll
96
06
16 95% 9712
Debenture 4 ;is
1946 A-0 8512 - - 8512(Oct '11
1925 J -J 06 Sale 96
Del Gr Rap & W 1st 4s
8512 87%
90
17 9512 9673
Dointnlon Coal 1st s f 5s___ _1940 ,M-N
10128 Jan '12
9534 9814 El' S Steel Co 10-60-yr 53 Apr 1963 M-N
9758 Nov'11
100 106
Fitchburg 48
1915 M1915 F-A
10318 Apr '05
- West End Street By 4s
9913 Sep '11
9812 9913
---Gold 4 ;is
1927 M-S
4s
1914 M-S
96 Apr '08
Dec '11
10013 10012
---- 100%
Fremt Elk .53Mo V 1st 63_1933 A-0
Gold debenture 48
12714 128
1916 M-N ---128 J'ly '11
9812 Apr '10
____
Unstampcd 1st Os
10133 A-0
Gold 4s
1917 F- A
190 Aar '05
9812 Nov'1 1
-1.7)W3 99
General Motors 1st 5-yr 6s_1915 A-0 9812 9834 9712Sep '11
IRT59712 9918 Western Teleph & Tel 53_1932 J -J
8 100 99% 100
20 9634 10012
Gt Nor 0 B & Q coil tr 4s 1921 J9812Sale 9714
9314 Jan '11
9812 187 9512 0834 Wisconsin Cent 1st gen 48_1949 J-J
9312 9314
Registered 4s
1921 0- J 98 __ 9713
9715
1 9533 98
NOTE.—Buyer pays accrued Interest In addition to the purchase price for all Boston Bonds. • No price Friday; late3t bid and asked. .1 Flat price.
-.ar6
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Shara Prico3—Not Per Content Prices
ScUurday
Jan. 13
Monday
Jan. 15
Tuesday
Jan, 10
!Wednesday
Jan. 17
Thursday
Jan, 18
Friday
Jan, 19,
Baltimore
215 Con Gas El L do Pow_100
prof
531
Do
100
3,101 Houston Oil
100
495
pret
Do
100
233 Northern Central,.... 50
Seaboard Company.._100
......
1st prei
Do
Do
2d pref
200
100
63 'if:C- ;53" 6312 ;55; 64
19
19
238 United By & Electric_ 50
*1838 1834 *1858
*9712
*9712 _-- *9734 - -- *9812 ___ *9912
10214 10214
*10334
10613 10312 ,10312
104 10434 105 10514 10012 10714
812 831
812 878
8% 834
834 878
8% 853
812 834
*_. 7034 7042 7012 7012 7012 7012 7012 7034 7034 71
71
128 128
128 128
12712 12712 128 12817 ,---- 12812 *12713 129
*2414 2512
*1814
4517
*45
*4314 4334
*12
1215
53
5314
*32
3212
*7112 72
*7
8
*2814 2834
8912 8973
9212
92
*8% 874
*2312.24
6112 6134
*5014 51
1712 1712
2312 2317
76143 Ws
*634 678
51,4 5112
8712 87%
4iT2 64
;5i734
1812 18% *1838
;:ka"
4314
12
5314
*32
7173
-4555; Ws
4314 4312
12
1218
5314 5234
3211 *31
72 *71)2
Sala
ACTIVE STOCKS
01 the
Week (For Bonds and Inactive
Stocks see below)
Shares
61-2
1611-3
4312 4334
1214 1213
5211 *53
3217 *31
7212 *71
-451-2
4334 43%
1218 *12
5312 6314
32 *31
72 *71
44
1214
5312
32
72
*28 -2;4
113.1 ;ii- /8-3-4 -2812 2812
8912 8934 3812 8912 89,2
,2 8912 8912
02 921140 9253 9273 9214 89
9253 9233 9258
*812 9
*853 9
*812 9
*312 9
*2312 2334 *2312 24
2334 2334 23% 24
6112 61% 6112 61944 61% 6134 61% 6134
5012 5012 *50
51
*50
51
*5033 5012
1712 1734 1733 1734 1712 1734 1712 1734
2312 2338 2334 2378 2312 2312 2314 2353
757276"ta 7638 7712 7613187718 77,
t677,44
634 6% 6u,6tai, *813, 7
0% 6/8
5114 5138 5138 5112 *5114 5112 51
5114
8712 8134 8734 8734 8734 8778 8734 8734
Range jar
Year 1911
Lo1V:z1
If.111431
64 Jan 9 0512 Dec 22
89 Jan 9 101 Sep 18
7 Sich31 10 Aug15
45 Feb 8 79 J'ly 31
121 Jan 11 13034 J'ne26
21 Jan 4 2833 J'ne 3
80 Jan 6 998 Dec 26
4314 Jan 4 65 Nov20
1612 Jan 6 1973 J'ly 20
Range for Previous
Year (1010)
Lowe4
46 did] 6412 Deo
80 Itch
00 fly
9 Nov
5 Sep
35 J'ly
51 Dec
115 Jan 132 Feb
2714 Jan
1832 J'ly
7213 Feb
8012 Jan
40 Oct
47 Jan
1254 May 1612 Dee '
Philadelphia
50
7
7
40 Amenl can Cement
5 Nov27 1712 Jan 4
17 Dec
28 ' Jan
*45
50
42 Jan 5 4612 Nov16
33 Amer( can Railways
4512
4134 J'iy
50 ." Jan
50
4334 44
771 Cambria Steel
4073 Sep 22 4834 Feb 18
5312 Jan
4014 J'ly
Electric
America
Co
1212
10
of
12
950
11)2 Jan 4
121g
1114 J'ly
Jan 14
1212 Jan
400 Stec Storage 13attery_100
5314 5312
4312 Jan 3 5618 J'ne 15
42 J'ne
0414 Mch
3112 3117
100 Gen Asph alt tr ctfs__ _100
2817 Aug 25 3914 Oct 23
1914 J'iy
34% Dec
Do
pref tr etts_100
15
72
*71
08 Aug26 8373 Jan 30
64 J'iy
8414 Jan
*7
712
Keystone Telephone_ 50
634 Dec 19
913 Jan 10
J'ly
13 Jan
100 Lake Superior Corp 100
*28
2112 Sep 14 32 Feb 6
2812
1512 J'ne
297,3 Dec
997 Leh C to Nay tr ctts
8312 J'ne 29 98 Jan 14
50
8912 8912
86 J'ne 123 Jan
8338 3,346 Lehigh Valley
1183
60
7534 Sep 14 93742 Dec 22
6217 J'iy 12114 Mch
Lehigh Valley Transit 50
*833 0
97 Oct 24
614 Jan 11
312 J'ne
634 Dec
215
2334 2334
Do pref
50
181 Jan 16 2532 Oct 23
1212 Jan
20 Dec
6158 6134 1,882 Pennsylvania RR
00
5928 Sep 25 65 Feb 2 61P42 J'ly 69342 Itch
233 Philadel Co(Pittsb)_ 50
5012 5012
4814 Sep 21 5914 J'ne 5
42 J'ne 5314 Jan •
1712 17% 23,589 Philadelphia Elecll_ 25
1512 Nov23 18 J'ly 10 11373 Feb
1614 Sich
23% 2353 2,600 Phil B T vol tr Ws
50
17 Apr 18 2418 Aug 1
15 Apr
2812 Jan
7633 78540 17,275 Reading
50 6616is Sep 25 8034 Feb 10
0512 J'ly
86 Feb
7
718 2,749 Tonopah Mining
1
612 Jan _• 9142 May
512 J'ly 28
858 Jan 17
51
51
984 Union Traction
50
43 Jan 3 5234 Aug 1
38 Oct
5234 Jan
8712 8753 2,571 Union Gas lmpt
8414 Sep '25 8033 Jan 9
50
951g Jan
70 J'iy
PHILADELPHIA
Bid Ask
Bid Ask
PHILADELPHIA
Bid Ask
BALTIMORE
Inactive Stocks
Bonds
Ph & Read 2d 5s 1933 A-0
Oily Ext&Imp Is '32 MS
American Milling
"and
10
ail
Prices
ars
Ex Imp DI 4s 1947_A-0 1661-4 1663-4 Chai City Ry 1st 5s'23 J-J
114 138
Cambria Iron
50
Interest"
Termin..1 5s g 1941..Q-F
116 Chas By G to El 5s '99 11-S
Central Coal & Coke..100 7812 7017 Alt & L V Eiec 4 1i5.33F-A
02
P W & B col tr 4s '21__J-J 9912
City & Sub 1st Is 1922 J-D
Preferred
100 79 80 Am Gas & Elec 59 '07.F-A
8412 85 Read Trac 1st 63 '33__J-J
NS' City & Sub(Was)lst 53 '48
Consol Trac of N J.__ .100 7512
Roch By & Leon 58'54 J-J
Am Ills Is 1917...A-0 9512
Coal do C By 1st 5s'19 A-0
Germantown Pass
50 ---- -lid All 0 Elec ref 5s 1938_11-S
Spanish-Am Ir 6s '27_ _J-J 10124 IE- Coal & I By 1st 58'20_ F-A
Huntington & 13 T__50
Stan'd Gas & E 03'25 3.1-N
--_- Berg& Ellrew 1st 0'21 J-J
.__ Col&Grny 1st 68 1916 J-J
Preferred
50 _-__
11612 Stand St1 Wks Ist58'28 J-J
13ethieh Steel Os 191.18.(4-F
Consol Gas 53 1939___J-D
Indiana Union Tr____100
U 'frac Ind gen Is '19_J-J 95 9712
Choo & Me 1st 58 1949,14
Gen 43.s 1954____A-0
Insurance Co of N A
10 2134 22 Ch Olt & (1 gen 55 1919 J-J NS- 10314 Un llys Tr ctfs 4s'49__J-J 77 7712 Cons GE
& P 4;is '35 J-J
Inter Sm Pow & Chem.10
Con Trac of N J 1st 5s '33 10414 ____ United Rys Inv 1st coil tr
Fair & CI Tr 1st 5s'38 A-0
Interstate Itys, pref_ ,._10
Del Co Rya tr ctts 43'49J4
f 53 1926_ _
_1M-N 8278 83 Ga & Ala 1st con 5s'45 J-J
Kentucky Securities..100
Elec & Peoples Tr tr ctts__
8712 88 Welsbach s 1 Is
_J-D 8934 8978 Ga CardoN 1st 55 g '29_J-J
Preferred
100
Fr Tac&li 1st Is 1940.J4
WI)-!) G&E con 53.55_J-J
_ Georgia P 1st 63 1922__J4
Keystone Telep v t c _50
Gen Asphalt Is 1916_M-S
: York Rys 1st 5s 1937_J-D
0412 Ga So & Fla 1st Is '45_J-J
Preferred
50
Indianan fly 4s 1933_,J-J
G-B-S Brew 3-4s '51_M-S
Keystone Watch Case_100
Interstate 45 1943__F-A
-613-2
BALTIMORE
Knoxv Trac 1st 5s '28 A-0
Lit Brothers
10
Keystone Tel Is 1935_3'4 80 8212
Inactive Stocks
MaconRydoLt 1st 5s'53 J-J
Little Schuylkill
50
Lake Sup Corp Inc 58'24_0 6812 6914 Ala Cons Coal 46 Iron.100
40 Sid Elec Ry 1st 58'31 _A-0
MInehill & Schuyl H
50
eo Lehigh Nay 4;is '14,...Q$
Preferred
__100
70 Memphis St 1st 5s '45.J-J
Nat Gas Elec Lt & Po_100 20
Gen M 4 Yis g 1924_0-F ---Allan Coast L (Conn) _100 Hi1-2 261 Mt Ver Cot Duck 1st 5s_,
Preferred
100 70
Leh V C 1st Is g 1933 _J-J
109 Canton Co
100 1371 140 Npt N &0 P 1st 58.38M-N
North Pennsylvania.._50 9612 ---- Leh V ext 45 1st 1948,1-D 10312 ____ Georgia Sou & Fla__.100
_ Nor &Port Tr 1st 53'313J-D
Pennsylvania Salt
50 113
Consot 63 1923
1st preferred
J-D
100 94
North Cent 4;is 1925-A-0
Pennsylvania Steel
100
Consol 45s 1923 _ _ _J-D
104
2d preferred
100 75
Series A 5s 1926__J-J
Preferred
100
10113
Annuity Is
G-B-.3 Brewing
J-D 147 Series 13 5s 1926____J4
100
114
(Pitts)
pref.
Plata Co
.50 4334 4414
Gen cons 4s 2003__M-N
Seaboard Air Line
9812
100
Un Trac 55 1997J-J
P:tt
25
24
Phil German & Norrls....50 152
Leh V Tran con 4s '35 J-D
Preferred
100 46
Poto Val 1st 53 1941 _ _J-J
50 84 -ia1-2
PhIla Traction
1st series A 4s 1935_M-S
& West Is '34 A-0
Fla
Say
10 10 11
Railways General
1st series 13 55 1935 SI-S
Scab Air L 43 1950___A-0
—
Bonds
Tonopah Belmont Dev_l
8
818 MarketStEl 1st 48'55 111-N
Adjust 55 1949____F-A
Prices are all "and
United Cos of N J____100
NatLII&P ser B Ss '19 J4
100
Scab & Roan 55 1926__J-J
interest"
United Trao Pitts pref _50
New Con Gas Is 1940..J-D
Bait City 3;is 1930_ _J-J 9414 9434 South Bound 1st 5s_A-0
Virginia Ity & Pow...100
N Y Ph do No 1st 48'39 J-J
9814 ::::
45 1954-1955...,Various 1001
U 101 L&P 1st 4;is'29 M-N
100
40
Preferred
Income 45 1939
M-N
Un By & El 1st 4s '49 11-S
1.1-N
55 1916
Warwick Iron to Steel_10 1012 11 Pa to N Y Can 5s '39..A-0
Income 48 1949___J-D
Anacostia
55A-0
Potom
&
Washington-Va 11y.-100 4714 ......- Penn Steel 1st 5s '17_11-N
_ Ati Coast L(CO ctfs Is J-D
Funding 5s 1936___J-D
100 ---People's Tr tr ctts 45 1943 92 -921-2
Preferred
Va Mid 3d ser (is '16_ _M-S
Ctrs of indebt 4s____J-J
-397-g I
100
Weisbach Co
,Co Ist&colt tr 5s'49 1.1-S 102 103
4th ser 3-4-5s 1921.11-S
5-20-yr 4s 1925
J-J 91
West Jersey & Sea Sh__50 53 5314
Con & coil In 5s '51 1.1-N
9612 9634 BSP 830 1st 4;is'53 F-A 961
5th series 5s 1926__M-S
Westmoreland Coal__50
---- Phil Elec gold tr ctfs_A-0 102 103 Bait Tree 1st Is'29__M-N
Va (State) 3s new '32_J-J
Wilkes Gas & E1ec____100 ---Trust ctts 4s 1949 __J-J 805 81
11113
Fund debt 2-3s 1991 J-J
No 13alt Div 5s 1942 J-D
York Railway
_50
8 -13-4 P to E gen hi 55 g '20_A-0 10612 10712 Car Pow & Lt 5s 1938 F-A
West N C con Os 1914..J-J
Preferred
Gen Di ss g 1920
50 2912 2914
A-0
10012 Cent By cons 5s '32__M-N itif
Wil & Weld 5s 1935___J-1
!Bid and asked: no sales on $141.4104/.
Bare4ie.61 rights.
II $15 paid. $ $13 ji paid.
PHILADELPHIA
Ifigkest
Bid iAsk
_
9612
16E4
1.612 104
id11-4
97
8917
8
10034 70
77:3
4
35
-31-
i9,9
68
D-2 ior
9912
100
773 78
951 9712
881 89
11'010414
ill
110 111
108
8812 8834
5312 84
95
88 8014
6312 6332
Lxxxxiv.
THE CHRONICLE
200
Anuestment and Lqailread Antettiqence,
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEM! railroad from which regular weekly or monthly return
month, and the last two
can be obtained. The first two columns of figures give the gross earnings for the latest week orWe
add a supplementary
columns the earnings for the period from July 1 to and including such latest week or month.
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year
Current
Year.
Previous
Year.
3
3
Ala N 0 & Tex Pac337.206 357,482 1,896,043 1,845,553
N 0 44 Nor East_ December
873,354
953,877
186,951
153,776
Ala & Vicksburg.. December
761,931
813.735
144,717 153,791
VIcks Shrev & P _ December
65,302
45,890
11,659
15,772
• Ala Tenn & North__ November_
1,241,738
1,123,901
34,185
34,365
1st wk Jan
Ann Arbor
Ate!' Topeka & S Fe November_ 0,948,420 9,983,068 45,737,808 46,074,213
53,766 1,728,296 1,476,508
56,028
Atlanta Birm 44 Atl 1st wk Jan
Atlantic Coast Line November_ 2,855,684 2,786,896 12,539,826 11,808,739
0 Baltimore & Ohio. December.. 7,188,254 6,841,826 46,922,384 46,096,377
703,698
682,543
B 84 0 Ch Ter RR November.. 143.054 130,038
Bangor & Aroostook November.. 278,220 246,477 1,423,434 1,242,436
November_ 3,682,080 3,785,326 20,275,688 20,001.218
Boston & Maine
4,370
24,840
28,704
5,414
Bridgeton & Saoo R November_
Bull Roch & Pittsb_ 2d wk Jan 162,590 176,609 5,229,957 5,366,093
995,714
Buffalo & Sus...._ _ November.. 213,490 103,755 1,053,127
Canadian Northern.. Id wk Jan 241,400 190,200 10,865,300 8,418,600
Canadian Pacific.. 2d wk Jan 1,349,000 1,154,000 65,430,494 58,188,367
Central of Georgia.._ 1st wk Jan 230,500 225,400 7,483,310 6,989,194
Central of New Jer_ November.. 2,513,850 2,447,727 12,641,594 12,093,471
November.. 335,469 337,686 1,822,642 1,731,828
Central Vermont..
Ches & Ohio Lines_ 2d wk Jan 545,559 622,674 18,146,222 18,152,333
Chicago & Alton__ _ 2d wk Jan 227,084 267,256 8,333,899 8,314,858
Chic Burl & Quincy November.. 7,563,299 8,050,976 39,028,443 40,810,246
p Chic Great West_ 1st wk Jan 146 398 197,277 6,890,625 6,790,062
04,073 3,542,726 3,407,092
84,333
Chic lnd & Louisv _ 2d wk Jan
60,770
119,483
22.150
27.863
Chic; Memph & Gulf November_
28,045,976 30,115,152
5,762,846
5,402,186
Paul
St
&
November_
Chio AIilw
Ch Mil & Pug Sd.. November.. 1,406,043 1,492,268 7,053,161 6,287,381
oChIc & North West November.. 6,305,731 6,702,239 34,333,001 35,393,203
oChle St Paul M 63 0 November.. 1,399,366 1,531,807 6,821,083 7,553,643
990,781
796,338
Chic T H & S E......_ November_ 168,926 162,458
Cin Ham 63 Dayton November_ 837,504 802,434 4,355,241 4,246,134
953,634
927,622
195,472
193,625
November..
Colorado Midiand.._
S Colorado & South. 2d wk Jan 248,265 311,817 8,169,776 9,701,703
70.733
70,733 • • 60,551
60,551
July
Copper Range
73,395
79,477
13,271
15,809
November_
Cornwall
138,422
160,929
29.248
21,305
Cornwall & Lebanon Novemb,er.
1,024.818
1,288,930
202.935
251,023
November_
Cuba Railroad
Delaware 83 Hudson November_ 1,780,455 1,853,411 9,380,288 9,066,226
November_ 8,248,928 3,146,620 16,146,391 15,501,443
Del Lack 40 West
Deny & Rio Grande 2d wk Jan 358,500 378,200 13,262,621 13,632,048
2,532,017
Western Pacific_ November_ 541,928
610,517
650,658
19,099
24,065
Denver N W & Pao. 3d wk Des
946,997 1,073.417
28,804
24,990
Detroit Tol & Iront 1st wk Jan
634,660
647.513
22,608
16.316
Detroit & Mackinac 2d wk Jan
November_ 378,884 419,143 4,330,966 4,936,070
Dul & Iron Range
49,945 1,723,305 1,768,332
46,927
Dul Sou Sh & AU_ 1st wk Jan
El Paso & Sou West November.. 665,410 638,591 2,917.113 3,009,653
November_ 4,905,766 4,818,007 25,493,631 25,049,655
Erie
10,284
10,420
2,268
2,870
Fairchild & N E___ November_
428,456
425,693
72,290
72.705
Fonda Johns 63 Giov November..
1.348,343
1,468.269
306,134
317,245
November_
Georgia Railroad_..
Grand Trunk Syst__ 2d wk Jan 758,685 795,371 27,361,920 24,583,199
Grand Trk West_ 4th wk De. 232,093 230,541 3,429,706 3,056,805
57,230 1,230,426 1,063,281
60,967
Det Gr Hay & Mil 4th wk D
967,732
39,623 1,095,115
48,947
Canada Atlantic_ 4th wk Dec
Great Northern Syst December 4.910,155 4,658,246 36,543,925 34,823,597
832,402
827,630
Gulf & Ship Island_ November_ 175,809 176,832
°eking Valley__ November_ 664,775 675,079 3,338,485 3,621,048
ermis Central__ December 4,935,761 5,534,443 30,409.860 32,220,286
ternat & Gt Nor_ 2d wk Jan 188,000 157,000 5,817,777 5,322,436
a Interoceanic Alex_ 2d wk Jan 157,838 159,361 4,477,050 4,620,373
Kanawha & Mich__ November.. 267,632 261,078 1,480,035 1.443,086
4,465,784
Kansas City South.. November_ 877,203 938,347 4,085,296
946,273 1,014,686
56,081
55,012
K C Alex & Orient_ 4th wk Dec
16,713,873
15,680,344
3,271,262
3,320,232
November_
high Valley
211,230
37,636
238,834
44,109
exington & East.... November..
564,230
600,509
134,248 123,123
ouistana & Arkan_ November_
549,031
535,637
utsv Ilend & St L November.. 106,290 100,026
1st wk Jan 980,255 920,920 29.332,337 28,874,769
0 Lontsv & Nashv
85,049
82,029
15,223
14,325
Macon & Birm'ham December
November.. 898.734 817,417 4,810,061 4,434,997
Maine Central
201,548
109,832
36,747
34.730
Maryland & Penna. November_
Railway_ 4th wk Dec 253,400 246,500 4,016,100 4,217.700
384,111
382,397
11,445
11.015
1st wk Jan
Mineral Range
1st wk Jan 101,538 138,827 4,314,462 4,719,255
Inn & St Louis
Iowa Central_..
Minn St P &SSM 2d wk Jan 346,599 346,001 14,528,303 12,534,760
Chicago Divisionl
370.181
386,515
78,538
70,495
Mississippi Central_ November_
U Mo Kan & Texas_ 2d wk Jan 490,881 505,435 16,432,095 16,866,979
Missouri Pacific_ __ _ 2d wk Jan 727,000 983,000 30,113,887 29,487,299
Nashv Chatt & St L November_ 1,041,475 1,050,184 5,123,915 4,023,466
is Nat Rys of Nlex_t_ 2d wk Jan 1,242,807 1,228,595 34,636,742 34,360,506
209,337
192,578
4,364
3,303
Nevada-Cal-Oregon 1st wk Jan
34,344
29.215
7,900
8,170
November_
Nevada Central..
704,099
708,188
N 0 Great Northern November.. 137,019 128,086
860,756
022,254
40,875
44,060
N 0 Mobile & Chic_ Wk Dec 23
• N Y C & Hud Rh/ November.. 8,881,691 8,511,068 46,500,612 44,482,133
Lake Shore & M S November.. 3,933,904 4,016,488 21,450,300 21,602,747
n Lake Erie & W.. November_ 444,903 451,392 2,439,489 2,454,152
Chic Ind & South November_ 313,481 347,518 1,570,420 1,454,104
Michigan Central. November.. 2,586,717 2,507,921 13,409,093 13,129,921
Cleve C C & St L.. November_ 2,532,303 2,634,239 13,383,309 13,492,699
Peoria 44 Eastern November_ 250,416 292,887 1,359,653 1,610,212
590,423
597,368
Cincinnati North.. November_ 109,443 112,921
Pitts 44 Lake Erie November_ 1,352,293 1,371,686 7,162,903 7,676,943
N Y Chto & St L.. November_ 082,948 920,577 4,841,891 4,797,552
Tol & Ohio Cent_ November_ 454,076 491,528 2,424,323 2,477,408
Tot all lines above November_ 21842 265 21658 225 115132 419 113775 243
Fn
ro
Mextcan
July 1 to Latest Da•e.
Latest Gross Earnings.
July 1 to Latest Dale.
ROADS.
Week or
Month
Previous
Year.
Current
Year.
Current
Year.
Previous
Year.
$
NYNH& Hartf_ _ November_ 5,364,635 5,285,897 27,544,956 27,332,310
N Y Ont & West__ November_ 692,772 760,571 4,086,912 4,243,232
306,952 1,663,101 1,553,038
324,731
N Y Susq & West.... November_
Norfolk Southern.._ November. 272,181 238,334 1,324,032 1,178,374
Norfolk & Western.. November_ 3,258,598 2,967,714 16,728,321 15,559,059
Northern Pacillo___ November.. 5,856,636 5,972,746 20,228,452 31,464,704
Pact tic Coast Co.._ _ November.. 574,864 622,662 3,487,818 3,765,051
Pennsylvania RFt_ _ November_ 13824 261 13535 075 68,415,352 68,785,176
140,735
151,412
15,464
17,406
Bait Cites & Atlan November_
Cumberland Vail_ November.. 250.930 269,604 1,258,784 1,38.1,768
780,810 750,353 5,096,807 4,789,281
November_
Long Island
72,999
76,257
8,323
8,282
Maryi'd Del & Vu November_
N Y Phila & Nont November_ 277,887 272,785 1,466,029 1,509,006
Northern Central. November.. 1,155,017 1,163,124 5,513,252 5,53:1,392
Phila Balt& Wash November.. 1,590,341 1,574,347 8,213,784 8,406,463
W Jersey 44 Seash November_ 386,006 388,745 3,100,742 3,202,009
Pennsylvania Co.._ November_ 1,397,484 4,423,693 23,526,060 24,626,461
Grand Rap & Ind November.. 397,187 434,594 2,270,481 2,320,858
Pitts Cln Ch& StL November.. 3,328,353 3,319,068 17,209,34:3 17,532,623
November.. 856,696 954,721 4,356,365 4,713,003
Vendetta
Total linesEast Pitts & E.. November_ 19473 868 19103 756 100064 813 100611 101
West Pitts & E November_ 9,398,916 0,514,823 10,500,534 51,1,11,222
All East& West November_ 28872 784 28708 580 140565 348 151752 324
December.. 1,520,680 1,403,323 9.093,727 8,516,185
•Pere Marquette
65,566
73,422
13,418
14,718
Raleigh & Southport November..
Reading Company
Phila & Reading_ November 4,122,541 4,148,991 19,232,319 19,041,129
Coal & Iron Co.... November 4,237,676 3,874,040 14,170,176 12,553,088
November 8,360,217 8,023,040 33,402,495 31,594,218
Total both cos
905,555
959,180
Rh% Fred & Potom November_ 102,227 177,166
382,926
376,618
95,567
99,496
Rio Grande June...._ October _
333,521
262,637
8,829
7,516
1st wk Jan
Rio Grande South
Rock Island Lines... November.. 5,630,280 6,192,888 28,583,469 30,475,548
1,599,218
1,577,918
300,528
November_ 203,485
Rutland
778,024
720,103
,St Jos & Grand Isl. November_ 110,789 138,401
St Louis & San Fran November_ 3,049,598 ,033,088 18,507,717 18,855,534
I Chic & East Ill_ November.. 1.371,321 1,354,436 6,801,127 6,614,073
Total all lines...... November_ 5,320.020 5,388,425 25,308,844 25,470,507
893,036
730,506
188,013 191,877
St L Rock Mt & P__ November_
St Louis Southwest_ 2d wk Jan 175,000 232,000 6,720,153 6,910,721
San Ped L A & S L. November_ 708,652 708,717 3,688,076 3,350,374
Seaboard Air Line__ 1st wk Jan 418,795 411,731 11,482,785 10,714,995
Southern Pacific Co November.. 11956 913 12198 643 57,772,888 59,571,259
Southern Railway.... 1st wk Jan 1,060,510 1,043,155 33,311,305 :12,135.875
Mobile & Ohio__ 1st wIc Jan 167,624 180,563 6,003,730 5,753,727
Cm N 0 & Tex P.. 1st wk Jan 161,835 152,903 5,002.234 4,963.105
66,646 2,485,550 2,385,963
74.785
Ala Great South_ 1st wk Jan
45,090 1,293,528 1,276,103
42,493
Georgia Sou& Fla 1st wk Jan
98,351
59,000
1,981
1,500
Tenn Ala 6: Georgia 1st wk Jan
9,751,597 9,473,885
281,225
284,544
Jan
wk
Texas & Pacific..___ 2d
34,873
42,197
6,608
7,105
Tidewater & West_ November_
679,753
652,402
49,565
38,953
Toledo Peor & West 4th wk Dec
2,107,883
2,191,6/39
60,608
68,488
Toledo St L & West Id wk Jan
35,238
41,552
7,759
0,382
Tombigbee Valley__ November_
Union Pacific, Syst_ November_ 7,677,923 8,566,643 39,869,383 42,478,065
553,213
728,765
145,627 126,626
Virginia & So West_ November_
November_ 403,850 320,813 1,984,628 1,471,366
Virginian
1st wk Jan 450,544 495,927 15.695,065 16,367,180
Wabash
631,075 651,866 2,524,679 2,655,222
Western Maryland_ October
Wheel & Lake Erie_iNovember_ 636,708 584,280 3,458,540 3,164,868
135,164
156,003
29,591
33,875
November_
NVrightsv 40 Tennillei
Yazoo & Miss Valley(December 1,032,817 1,292,289 5,222,469 5,631,177
Various Fiscal Years.
Period.
Jan 1
Delaware 63 Hudson
N Y Central & Hudson River_e_ Jan 1
Lake Shore & Michigan South Jan 1
Jan 1
Lake Erie & Western_n
Chicago Indiana & Southern.. Jan 1
Jan 1
Michigan Central
Cleve On Chicago & St Louis Jan 1
Jan 1
Peoria & Eastern
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan 1
Jan 1
Toledo & Ohio Central
Jan 1
Total all lines
Jan 1
Pennsylvania Railroad
Baltimore Chesap 63 Atlantic_ Jan 1
Jan 1
Cumberland Valley
Jan 1
Long Island
Maryland Delaw & VIrglula_ Jan 1
N Y Philadelphia & Norfolk.._ Jan 1
Jan 1
Northern Central
Philadelphia Bait & Wash.__ Jan 1
Jan 1
West Jersey 44 Seashore
Jan 1
Pennsylvania Company
Jan 1
Grand Rapids 63 Indiana
Pitt.s Cinoln Chic & St Louis _ JanJttn 1
Vandalla
Total lines-East Pitts & Erie
n 1
an
West Pitts &Erie !M
All lines E & W. Jan 1
Dec 1
Rio Grande Junotidn
Jan 1
Rutland
Jan 1
Texas 63 Paola()
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
o
to
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
to Nov
to
to
to
to
to
Nov
Nov
v
Oct
Nov
jau
Current
Year.
Previous
Year.
3
30 10,804,297 18,633,840
30 95,309,276 91,452,932
30 44,195,343 45,315,874
30 4,963,657 5,025,035
30 3,443,266 3,379,862
30 27,468,507 27,117,324
30 27,809,194 27,663,967
30 2,923,932 3,201,970
30 1,131,107 1,187,335
30 14,100,200 15,960,564
30 10,233,697 10,247,076
30 4,532,596 4,4343,094
30 236110 776 235205 034
30 143741 034 147334 050
254,310
256,670
30
30 2,650,066 2,876,509
30 9,780,203 9,103,285
120,583
125,231
30
30 3,064,475 3,201,584
30 11,721,055 11,671,663
30 17,333,123 17.469,033
30 5,787.129 5,626,503
30 46,1435,460 50,304,303
8
4,624,638 4,743,882
30 35,260,961 37,261,299
9,126,361 0,588,033
206988 833 210504 143
1 99,463,980 105972 678
0
(
3
1 306452 813 316476 823
30
883,181
9:18,743
30 3,151,747 3.075,562
14
553,151
520,694
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Client Year Pree's Year Inc. or Dec.
Monthly Summaries.
Cuent Year Prev's Year Inc. or Dec.
5
Mileage Curr. Yr. Prey. Yr.
3
$
242,686 238,941 225.01)7,451 238,336,609 --11,339,128 4.76
Harris
4th week Oct (43 roads)....... 23,098,784 21,859,663 +1,239,121 5.88
7,123 225,700,811 --7,523,688 3.33
218,17
239,132
242,033
April
+489,534
3.30
15,175,043
1st week Nov (45 roads)........ 15,664.577
243,170 239,357 229,64 2,771 234,330,874 --4,697,103 2.00
Slay
+420,227 2.80
3d week Nov (43 roads)........ 15,775,795 15,316,568
240,012 2:11,607,053 238,156,755 --6,450,702 2.71
9 13,732
15,266,825
June
0.50
--91.200
15,175,625
(44
roads)____
ad week Nov
244,503 240,038 231,688,006 233,169,887 --1,481,881 0.55
+470,022 1.93 July
4th week Nov (44 roads)........ 19.957,122 19,490,2(10
244031 240,170 253,0 43,102 254,886,944 -1,843,842 0.72
August
1st week Dec (40 roads)........ 15,251,799 14.083,315 +1,163,464 3.18
+39,801 0.01
230,913 226,525 249,054 ,036 240.014,235
September
14,035,136
+1,308,273
9.32
15,343,409
$d week Dec (42 roads).___
0.53
+433,600 3.36
October ......236,291 233,199 260,182,221 259,111,859 +1,370,362 0.7
ad week Dec (45 roads)........ 15,366,303 14,880,703
-1.767,025
241,343,763
243,111,388
November _234,209 231.503
-555,066 2.80
4th week Dec (42 roads)--- 19,416,818 19,971,884
89,193 71,109,323 69,326,828 +1,782,495 L.
90.576
_
+119.058
11,631,037
December
1.04
11.753,095
1st week Jan (42 roads)......
returtUl
,. from Nov 1 1911; In 1910 these
a Mexican ourrency. b Does not Include earnings of Colorado Springs do Cripple Creek District RI
and the Ottawa & N. Y. Ity.. the latter
ore included. e Includes the Boston 63 Albany, the New York 83 Ottawa, the St. Lawrence 63 Adtrondack
Includes Evansville & Terre Haute and Evans.,
to
returns
make
Commission.
not
the
does
Inter-State
road,
Commerce
Canadian
a
being
which,
Of
the Northern Ohio RR. p Includes earnings of
Ville 63 Indiana RR. e Includes tho Cleveland Lorain & Wheeling Ry. In both years, n Includes
the Frankfort & Cincinnati. I includes tile
Mason City 83 Ft. Dodge and WIsconsIn Minnesota 4. Pacific. s Includes Louisville & Atlantic and revenues, but also all other receipts.
operating
only
_
not
u
_
p
Texas
Includes
Includes
Central.
1910.
the
July
from
Ilezloan International
JAN. 20 1912. 1
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of January.. The table covers 42 roads and shows 1.04%
increase in the aggregate over the same week last year.
Roads.
201
--NetEarnings
-GrossEarnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
195,472
39,379
24,842
193,625
Colorado Midland-a_-- _Nov
180,866
927,622
953,635
July 1 to Nov 30
147,100
d Colorado & South_b_ _Nov 1,338.153 1,569,476
505,268
626,816
6,463,088 7,565,903 2.392,826 2,747,268
July 1 to Nov 30
Increase. Decrease.
1911.
First week of January.
1912.
202,935
94,485
Cuba Railroad
76,035
Nov
251,023
546,360
422,489
July 1 to Nov 30_ _ __
1,288,980 1.024,818
8,139
66,646
Alabama Groat Southern
684,338
796.871
74,785
Delaware & Hudson-b _Nov 1,780,455 1,85$.411
180
34,185
34,365
Ann Arbor
Jan 1 to Nov 30
19,604,297 18,633,840 7,783,784 7,508,814
2,262
53,766
Atlanta firm & Atlantic
56,028
681,997
509,671
Denver & Rio Grande_a _Nov 2,090,417 2.210.052
25,031
176,609
Buffalo Rochester & Pittsburgh
151,578
July 1 to Nov 30
10,755,721 11,002,248 2,828,822 3,434.047
181,800 107,400
Canadian Northern
289,200
Duluth
257,526
66,717
80,189
So
Sh
&
244,590
Atl- b_ _Nov
Canadian Pacific
-1,602,000 1,349,000 253,000
526,113
July 1 to Nov 30
452,207
1,424,137 1,485,195
5,100
225,400
230,500
Central of Georgia
53,063
571,492
518,429
Chesapeake & Ohio
Erie_a
Nov 4,905,766 4,818.007 1,373,344 1,346,290
40,850
252,295
211,445
ago & Alton
July 1 to Nov 30
25,493,631 25,049,655 7,440,273 7,309,459
50,879
197,277
146,398
Wag° Great Western
Georgia RELb
107,757
96,526
306,134
Nov
317,245
225
94,845
95,070
ago Ind & Louisville
339,718
July
1
445,162
to
Nov
30
1,468,269 1,348,343
8,842
161,835
152,993
Gin New On & Texas Pacific
37,517 Grand Trunk of Canada265,745
228,228
Colorado & Southern
12,200
Grand Trunk By
649,191
338,600
663.517
326,400
Nov 3,152,762 2,989,491
Denver & Rio Grand.°
July 1 to Nov 30
2,523
15,981
18,504
16,948,559 15,064,007 4,321,948 4,083,890
Detroit & Mackinac
3,814
28,804
24,990
Ironton
Detroit Toledo &
Grand Trunk Western Nov
49,151
476,917
109,496
533,855
3,018
49,945
46,927
Duluth South Shore & Atlantic
July 1 to Nov 30
411.949
2,798,967 2,442,498
596,389
2,606
45,099
42,493
Gloorgia Southern & Florida__ _
Det
Gr
Hay
&
68,043
66,286
Mliw_
_Nov
226,049
201,960
Grand Trunk of Canada
July 1 to Nov 30
167,308
248.779
1,004,642
846,724
24,461
711,427
735,888
Grand Trunk Western
Canada Atlantic
24,333
37.359
187,847
176.654
Nov
Detroit Gr Haven & MIlw
July 1 to Nov 30
95,027
844,311
115,337
945,317
Canada Atlantic
21,000
141,000
162,000
International & Groat Northern
Illinois
Central
_a
329,343
1,472,238
Nov 4,932,306 5,522,140
12,856
160,233
147,377
Interoceanie of Mexico
July 1 to Nov 30
3,895,473
6,432,187
25.474,099
26,694,843
50.335
929,920
980,255
Louisville & Nashville
231,405
696,196
201.759
636.596
430 anteroceanic of Mexico.Nov
11,445
11,015
Mineral Range
July 1 to Nov 30
3,470,912 3,556,392 1,132,509 1,292,964
37,289
138,827
101,538
Minneapolis & St Louis
Kansas City Southern.b.Nov .877,203
Iowa Central
313,4217
364,276
938,347
9,496
337.427
327,931
July 1 to Nov 30
Minn St P & S S 81
4,085,296 4,465.734 1,442.059 1,711.039
Chicago Division
g Mexico & Nor West_a_Nov
197,673
131,364
101,409
98.029
437,473
4,620
442,093
Missouri Kansas & Texas
Jan
1
to Nov 30
343,024 1,126.273
1,748,044 2,024.701
815,000
3,000
818,000
Missouri Pacific
Nfineral
12,939
Rangeb
Nov
10,293
def2,587
180,563
62,782
60.611
Mobile & Ohio
167,624
July 1 to Nov 30
55,008
61,475
def3,107
311.133
314,941
National Railways of Mexico
1,132,716 1,187,724
1,061
Nevada-California-Oregon
4,364
3,303
Minn St P & S S M_a_-Nov 1,535,431 1,209,892
613,884
450,190
1,313
Rio Grande Southern
7,516
8,829
July 1 to Nov 30
7,812,916 6,161,760 3,358.765 2,330,834
18,000
St Louis Southwestern
194,000
212,000
Chicago
Division__
_a_Nov
171,362
.769,205
194,627
775,142
Seaboard Air Line
7,064
418,795
411,731
July 1 to Nov 30_
4,089,755 3,996.690 1.177.405 1,070,741
Southern Railway
1,060,510 1,043,155
17,355
481 Niissourl Kan dc Texas..a.Nov 2,691,768 2,971,573
635,934 1,072,904
Tenn Ala & Georgia
1,500
1,981
July 1 to Nov 30
20.188
12,986,017 13,227,737 3.149,018 3,948,490
Texas & Pacific
268,607
248,419
6,598
Toledo St Louis & Western_
56,110
62.708
oNat Rys of Mexico____Nov 5,111.254 5,247,962 2,472,271 2,205,967
45,383
Wabash
495,927
450,544
July 1 to Nov 30
26.867.310 26,573,301 12,304,945 11,012,685
Total (42 roads)
11,753,095 11,634,037 542,292 423,234 rN Y Cent & Hud Rio_ b_Nov 8,881.691 8.511.068 2,500,554 2,276,739
95,309,276 91,452,932 27,200,950 24,198,839
Jan 1 to Nov 30
119,058
Net increase (1.04%)
Lake Shore & M S_ b_ _Nov 3,933,994 4,016.488 1,520,271 1,028,899
44,195,343 45,315,874 15.572,858 13,622,889
Jan 1 to Nov 30
444.903
451,392
85,562
sLake Erie & West_b_Nov
69.390
Net Earnings Monthly to Latest Dates.-In our "Railway
4,963,657 5,025,035 1,117,167 1,106,688
Jan 1 to Nov 30
100,285
313.481
347,518
58.670
Chic Ind dc South_ b__Nov
Earnings" Section, which accompanies to-day's issue of the
820,745
793,260
Jan 1 to Nov 30
3,443,266 3,379,862
"Chronicle" as a special supplement, we print the November
906,251
637,422
Michigan Central_ b_Nov 2,586,717 2,507,921
returns of earnings and expenses (or in the absence of the
Jan 1 to Nov 30
27,468.507 27,117,324 3,499,591 7,402,185
November figures those for the latest previous month) of
634,709
560,175
Clev Cin Chic & StL.b.Nov 2,532,303 2,634,239
Jan 1 to Nov 30
27,809,194 27,663,967 7,459,223 6,275.391
every steam-operating railroad in the United States which is
59,699
56,368
Peoria alc Eastern_ b__Nov
292,887
250,416
obliged to make monthly statements to the Inter-State
Jan 1 to Nov 30
2,923,932 3.201.970
880,119
601,776
Commerce Commission at Washington.
Cincinnati North_b___Nov
109,443
112,921
21,143
30,811
The Inter-State Commission returns are all on a uniform
Jan 1 to Nov 30
1,131,107 1,187,335
101,742
250,297
basis, both as to revenues and expenditures, and possess
Pitts & Lake Erie_ b__Nov 1,352,293 1,371,686
593,569
674,181
Jan 1 to Nov 30_ _
14,100,200 15,960,564 6,862,959 8,661.200
special utility by reason of that fact. In a number of
N Y Chic & St L_b___Nov
982,948
920,577
353,397
255,040
instances these figures differ from those contained in the
Jan 1 to Nov 30
10,233,697 10,247,076 2,873,108 3,129,822
monthly statements given out by the companies themselves
Toledo & Ohio Cent.b.Nov
454.076
491.528
145,817
194,893
for publication, and in which the accounts are prepared in
Jan 1 to Nov 30
4,532.596 4,643.094 1.426,538 1,704,406
Total all lines_ b_ _ _Nov 21,842,265 21,658,225 6,879,642 5,884,203
accordance with old methods of grouping and classification
236.110.776 23520.4,34 72.471,172 68.062.581
Jan 1 to Nov; 30
pursued in many instances for years. We bring together
184,238
Ont & Western_a__Nov
760,571
145,080
692.772
here (1) all the roads where there is a substantial difference N Y July
1 to Nov 30
4,086,912 4,243,232 1,159,485 1,393,955
between the two sets of figures, so that those persons who N Y Susq & West_a__Nov 324,731 308,952 113.835 101,816
552,559
457,497
1,663,161 1,553,038
July 1 to Nov 30
for any reason may desire to turn to the company statements
de Western_ b__ _Nov 3,258,598 2,967,714 1,192,834 1,020,820
will find them readily available. We also give (2) the re- Norfolk
July 1 to Nov 30
16.728.327 15,559,089 6,365,682 5,859.600
turns of such roads(even where the figures correspond exactly Pacific
92,192
Coast
574,864
622,662
82,884
Nov
with those .in the Inter-State Commerce reports) which go
July 1 to Nov 30
3.487,818 3.765,054
694,499
824,459
beyond the requirements of the Commission and publish Pennsylvania LinesPennsylvania RR_a_ _Nov 13,824,261 13,535.076 3,604,311 3,942,281
their fixed charges in addition to earnings and expenses, or
143,741,034 147334,050 34,345,439 37,254,062
Jan 1 to Nov 30
(3) which have a fiscal year different from that of the Inter15,464
def1,223
17,466
def1,466
Bait Ches & Atl _a_ ___Nov
State Commerce Commission, in which latter case we insert
256,670
254.310
46,870
52,268
Jan 1 to Nov 30
the road so as to show the results for the company's own year.
269,694
250.930
82,024
79,776
Cumberland Valley_a_Nov
2,1176,509
761,802
2,650.066
1,012,420
Nov
30
Jan
1
to
likewise
include
We
(4) the few roads which operate entirely
52,397
61,806
750,353
Nov
780,819
Long Island_a
within State boundaries, and therefore do not report to the
9,780,203 9,103,215 1,920,588 1,836,223
Jan 1 to Nov 30
Commission,
and (5) Mexican and Canadian comFederal
def3,425
def755
8,323
Maryland Del & Va_a_ Nov
8,282
def7,695
768
panies. We add (6) the roads which have issued their own
125,231
120,583
Jan 1 to Nov 30
69,445
N Y Phila. & Norf_a__Nov
277,887
60,182
272,786
statements for November,but have not yet filed any returns
Jan 1 to Nov 30
921,869
683,530
3.064,475 3,201,584
for that month with the Commission. Finally (7) we give
90,370
Northern Central_a__Nov 1,155,017 1.163,124
238.470
the figures for any roads that have already submitted their
11.721.055 11,671.663 1,461.476 1,519,520
Jan 1 to Nov 30
Decomber statement.
Phila Bait & Wash_a_Nov 1,590,341 1,574,347
379,545
3:5,023
Jan 1 to Nov 30
17,333.123 17,469.033 3,684,703 3,583.967
-Net Earnings
-Gross Earnings
Previous
Current
Previous
Current
West Jersey &Seash a Nov
386,008
388,745 def48,995
11,452
Year.
Year.
Year.
Year.
Roads.
Jan 1 to Nov 30
5,787.129 5,626,503 1,103,924 1,200,267
3
$
$
Pennsylvania Co a
Nov 4,397,484 4,423,693 1,108,778 1.130,637
Atch Top & San Fe_b__Nov 9,948,420 9,983,068 13,817,132 j3,772,170
Jan 1 to Nov 30
46,165,469 50,394,303 12,755,749 14,452,298
July 1 to Nov 39
45,737,808 46,074,213 115,578,637 j17,271,005
Grand Rap & Ind_a__Nov
54,524
397,187
45,292
434,594
Baltimore & Ohio_,_ _ __Deo 7,188,254 6,841,826 2,084,704 1,527,942
885,896
Jan 1 to Nov 30
826.474
4.624.638 4,743,182
July 1 to Dee 31
46,922,384 46,996,377 14,863,594 13,365,437
610,992
760,051
Pitts Cin Chic & St L allov 3,328,353 3,319,068
Bangor & Aroostook_ ___Nov
83,515
278,220
97,437
246,477
Jan 1 to Nov 30
35,260,961 37,261,299 11,753,364 8,533,774
July 1 to Nov 30
428,271
1,423,434 1,242,436
527,758
954,721
168,180
856,698
258,925
Nov
Vandalia a
Bellefonte Central_b___ _Deo
def528
757
6,347
8.594
9.126,361 9,588,932 1,666,113 1,902,855
Jan 1 to Nov 30
Jan 1 to Dec 31
15,947
70,843
12,351
87,502
Total-East P&E_a__Nov19,473,868 19,193.756 4,356,911 4,735,920
Bridgeton & Saco River_Nov
5,414
1,174
4,370
2.067
Jan 1 to Nov 30_ _ __206,988,833 210504,143 45,095,257 48,711,863
'July 1 to Nov 30
28.704
8,289
11,567
24,849
Total-West P&E_a_ Nov 9,398,916 9,514,123 2,236,863 2,292,261
Buff Rooli & Pitts_ b_ __ _Nov
753,104
282,419
783,016
99,463.980 105972,671 25,018,861 26,486,470
237,677
Jan 1 to Nov 30
July 1 to Nov 30
4,121,937 4,152,863 1,347,325 1,581,379
Grand total all lines _a Nov 28,872,784 28,708,530 6,693,774 7,028.181
Canadian Northern_ _ _ _Nov 2,001,500 1,585,400
685,200
558,900
306,453,813 316476,823 70,114,118 75,198,334
Jan 1 to Nov 30
8,503,300 6,791,200 2,441,300 2,131,800
July 1 to Nov 30
Dec 1,520,680 1,403,323
353,298
305.146
Pere Marquette_b
Canadian Paclflo_a____Nov10,570,694 9,413,238 3,987,366 3,737,122
9,093,727 1,516,115 2,407,434 2,165,172
July 1 to Dec 31
Nov
30
to
51,911,494
July 1
47,082,367 20,364,517 19,330,174 Reading CompanyCentral of New Jersey_ b_Nov 2,513,850 2,447,727 1.085,413 1,067,255
4:2
13
22:3
51
49
1 19
4:0
14
11h 1,697,519 1,466,328
Phila & ReadIng_b___Nov19
12,641,594 12,093,471 5,597,562 5,048,797 •
July 1 to Nov. 30
6,784,511 6,693,423
July 1 to Nov 30
Western_b__Nov
1,070,290
4:1
27
30
7:1
676 12
Chicago Gt
3:55
1,108,819
262,483
284,594
379,407
8730
279,995
4:08
41
9
Coal & Iron Co_b__Nov14
5,693,117 5,545,416 1,633,582 1,573,400
July 1 to Nov 30
66,526 def73,808
July 1 to Nov 30
3:4
30
60:429
27,863
2 1571
31:943
0
533:
404 1,976,926 1,746,323
Chicago Memphis & 0_ b Nov
22,150
Total both companiesbNov38
14,105
6,978
119,483
6,631,037 6,619,616
July 1 to Nov 30
60,770
17,506
July 1 to Nov 30
55,424
__Nov
151,024
168,846
Reading
Chic & North West_a_Nov /6,305,731 /6,792,239 1,617,940 1,927,325
Company_30
Nov
732,856
to
127,489
30
July 1
July 1 to Nov
134,338,001135,393,203 10,418,440 10,500,758
_Nov
companies_
1,897,347
1,145,572
all
Total
435,415
Chic St Paul Minn & 0.a.Nov 11,399,366 /1,531,807
545,041
T.661.526 1.352,472
July 1 to Nov 30
16,821,083 /7,553,643 1,943,624 2,579,471
July 1 to Nov 30
rIc
202
[VoL. Lxxxxiv.
THE CHRONICLE
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Rio Grande Junction_ _ _ _Oct
99,496
n29,849
/128,670
95,567
Dec 1 to Oct 31
883,181
938,743 n264,955 n281„623
Rio Grande Southern_ b_Nov
def1,360
24,203
39,909
52,660
• • July 1 to Nov 30
29,920
109,644
215,270
277,756
Rock •Island Lines_b___Nov 5,630,280 6,192,888 1,589,872 2,133,778
July 1 to Nov 30
28,583,469 30,475,548 8,129,879 9,231,658
Rutland b
95,344
83,753
Nov 293,485 ' 300.528
• Jan 1 to Nov 30
870,765
3,151,747 3,075.562
913,435
St Louis & San Fran_ b_ _Nov 3,949,598 4,033988 1,372,187 1,174,318
July 1 to Nov 30
18,507,717 18,855,534 6,348,721 6,001,334
375,706
Chicago & East Ill_b_Nov 1,371,321 1.354,430
397,842
July 1 to Nov 30
6,801,127 6;614,973 2,125,815 2,179,734
Total all llnes_b
Nov 5,320,920. 5,388,425 1,747,893 1,572,161
July 1 to Nov 30
25,308,844 25,470,507 8,474,536 8,181,068
191,877
60,886
St Louis Rocky Mt&P a_Nov
188,013
78,512
July 1 to Nov 30
730,506
235,359
3 19,411
899,036
St Louis Southwest_a_ _ _Nov 1,220,600 1,209,702
436,280
382,758
5,178,153 5,288,721 1,683,225 1,466,883
July 1 to Nov 30
Southern Paclfic_a
Nov 11,956,913 12,198,643 3,749,355 4,465,140
July 1 to Nov 30
57,772,888 59,571,259 20,228,100 21,749,055
103,315
Toledo Peoria & West b Nov
105,359
15,886
17,452
106,113
116,049
December
13,580
27,801
655,277
679,752
July 1 to Dec 31
127,592
160,465
Nov 7,677,923 8,556,643 2,902,356 4,004,211
Union Pacifica
July 1 to Nov 30_ _ _39,869,383 42.478,065 17,157,103 19,052,076
651,866
Western Maryland_a__ _ _Oct 631.075
r207,621
r221,737
2,524,679 2,655,222
July 1 to Oct 31
r870,988
r996,769
Yazoo & Miss Valley_a_Nov 1,081,291 1,190,851
291,825
532,698
4,189,652 4,338,888
808,404
July 1 to Nov 30
975.814
Roads.
INDUSTRIAL COMPANIES.
Companies.
--NetEarnings
-GrossEarnings
Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
American Tel & Tel (Asso Cos)Jan 1 to Nov 30
163,686,329 150244,013 46,960,141 45,996,234
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes. „
c Includes the Bos. & Albany, the N. Y. & Ottawa, the St. Lawrence &
dirondack and the Ottawa & New York By., the latter of which, being a
anadian road, does not make returns to the Inter-State Commerce Comm.
d Beginning with Nov. 1 1911 the earnings of the Colorado Springs &
Cripple Creek District By. Co. are no longer included, but have not been deducted from the comparative figures for 1910.
e Includes the Northern Ohio RR.
f Includes not only operating revenue, but also all other receipts.
g These results are in Mexican currency.
.1 The company now includes the earnings of the Atch. Top. & Santa Fe
Ry., Gulf Colo. & Santa Fe By., Eastern By. of New Mexico System,
Santa Fe Prescott & Phoenix Ry., Southern Kansas By. of Texas, Texas
& Gulf Ry., G. & I. Ry. of T., C. S. S. & L. V. RR. and R. G. & E. P.
RR. in both years. For November taxes amounted to $385,218, against
$241,835 in 1910; after deducting which, net for November 1911 was $3,431,914, against $3,530,335 last year. From July 1 to Nov. 30 taxes were
$1,790,453 in 1911, against $1,444,786 last year.
n These figures represent 30% of gross earnings.
r After allowing for miscellaneous receipts and net from coal and other
departments, total net earnings for October were $239,230, against 3238,427
in 1910, and for July 1 to Oct. 31 were $1,010,758, against $1,070,827.
Interest Charges and Surplus.
Roads.
-Int., Rentals, &c.
- -Bat, of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
101,858
Bangor & Aroostook_ _Nov
527,108
July 1 to Nov 30
250
Dec
Bellefonte Central
3,000
Jan 1 to Dec 31
643
Bridgeton de Saco River.Nov
3,238
July 1 to Nov 30
171,394
Nov
Buff Roch & Pitts
862,211
July 1 to Nov 30
550,759
Central of New Jersey_ _Nov
2,621,388
• • July 1 to Nov 30
221,741
Western_
_
_
_Nov
Chicago Gt
1,129,644
July 1 to Nov 30
3,317
Chic Memphis & Gulf__ _Nov
15,647
July 1 to Nov 30
753,114
Chicago & North West_ _Nov
3,596,732
• July 1 to Nov 30
186,119
Chic St Paul Minn & O_Nov
July 1 to Nov 30
869,832
Nov
Colorado Midland
29,820•
July 1 to Nov 30
149,100
267,435
Colorado & SoutherA__.Nr?,
1,380,077
July 1 to Nov 30
60,125
Nov
Cuba RR
300,625
July 1 to Nov 30
524,602
Denver & Rio Grande Nov
2.558,879
July 1 to Nov 30
96,126
Duluth So Sh & Atlantic Nov
484,301
July 1 to Nov 30
79,305
Nov
Georgia RR
347,789
July 1 to Nov 30
12,619
Mineral Range_ _ ____Nov
63,090
July 1 to Nov 30
566,384
Mo Kansas & Texas_ _ __Nov
2,710,371
July 1 to Nov 30
118,463
New York Oat & West_Nov
570,397
July 1 to Nov 30
385,753
Nov
Norfolk de Western
2,380,070
July 1 to Nov 30
389,839
Pere Marquette
Dec
2,349,068
July 1 to Dec 31
868,250
Reading Company
Nov
4,341,250
July 1 to Nov 30
8,333
Rio Grande Junction_ _ _ _Oot
01,667
Dec 1 to Oct 31
18,833
Rio Grande Southern __ _Nov
July 1 to Nov 30
94,359
35,470
St Louts Rocky Mt & P_Nov
July 1 to Nov 30
158,397
199,508
St Louis Southwest_ ___Nov
1
to
Nov
30
974,583
July
23,950
Toledo Peoria & West_ _Nov
24,047
December
144,236
• July 1 to Dec 31
98,144
x16,610
x4,195
476,605
x83,188
x43,994
236
507
def764
2,832
9,351
13,115
640
1,424
534
3,075
8,329
5,214
175,754 z133,175 x175,237
883,439
x758,166 z1,053,321
531,042
534,654
536,213
2,645,804 2,970,174 2,402,993
220,806
x51,306
x73,281
1,042,332 x561,477 x577,569
10,788
1,840
5,138
8,468
39,777
9,038
760,881
864,826 1,166,444
3,767.226 6,821,709 6,733,532
180,368
249,296
364,673
847,200 1,073,792 1,732,271
29,820
zdef750 zdef14,648
149,100 zdef30,095 zdef51,536
269,100 z260,213 z345,868
1,351,362 z1,190,048 x1,415,722
36,867
34,360
39,368
183,333
245,735
339,156
524,630
c140,176
d235,283
2,534.839
2641,474 d1.287.995
94,713 zdef25,813 zdef8,661
482,727 xdef9,994
x79,259
62,588
x38,839
x42,455
389,131
x143,091 zdef6,631
zdef 719 xdef12,801
12,816
65,900
x3,902 xdef61,448
492,284
x82,980
x604,997
2,486,536
x504,257 x1,587,078
124,689
26,617
59,549
591,789
589,088
802,166
500,900 z882,098
x610,832
2,509,283 x4,217,272 x3,734,008
357,999 ydef64,640 yde187,249
2,168,9679def262,171ydef261,458
888,661 1,277,322 1,008,686
4,443,303 3,317,276 2,909,169
8,333
21,516
20,337
91,667
173,288
189,956
18,916 zdef20,146
x5,320
06,326 zdef60,280
z17,556
31,900
25,416
46,612
163,092
76,962
156,319
189,526
x317,112
x232,096
922,067 x1,043,817 x713,243
24,117 xdcf4,883 zdef4,405
24,357 xdef6,967
x7,070
149,405
z1.522
x28,523
Companies.
INDUSTRIAL COMPANIES.
-Int., Rentals, dec.- -Bat. of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
American Tel & Tel (Asso Cos)Jan 1 to Nov 30
12,534,923 10,513,012 34,431,218 35,483,222
d These figures are after allowing for other income and for discount and
exchange. The sum of $10,000 is deducted every month from surplus and
placed to the credit of the renewal fund.
z After allowing for other income received.
y After allowing for outside oper., hire of equip. and other income,
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.
Week or ICurrent Previous
Year.
Month.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$ _
$
American Rys Co_ _
December..1 409,000 381,935 4,413,185 4,177,972
Atlantic Shore Ry___ November_
329,496
21,363 21,023
319,291
cAur Elgin & Chic Ry December
143,178 124,874 1,784,162 1,673,226
Bangor fly & Elec Co November_
518,123
50,234, 46,346
541,731
Baton Rouge Elec Co November.. 10,707
9,747
107,018 . 99,168
Binghamton Railway November_
30,706 27,609
Brock & Plym St By.. November_
8,116
8,026
111,159
111,952
Bklyn Rap Tran Syst September 2027,273 1882,376 17,497,667 16,397,190
306,139
Cape Breton Elec Co.. November_
29,960
296,493
30,991
373,698
321,983
Carolina Pow & Lt Co December.. 38,695 32,446
476,422
56,002
476,377
Cent Park N & E Riv September
54,492
723,895
691,479
Central Penna Trac__ October __
69,494 68,365
859,645
799,419
Chattanooga By & Lt November_
70,480
78,711
328,235
337,970
Cleve Painesv & East November_
27,403 27,037
968,139
Clev Southw & Colum November.. 89,659 86,519 1,035,208
414,780
446,004
Columbus (Ga) El Co November_
44,957 42,016
Coney Island & Bklyn September 115,427 145,724 1,104,738 1,173,789
Dallas Electric Corp_ November_ 146,013 127,042 1,483,558 1,330,027
Detroit United Ry___ 1st wk Dec 182,819 157,725 9,481,971 8,685,235
DDEB & Batt(Rec) September
50,803 52,189
456,606
456,902
Duluth-Superior Trac November_
93,217 90,310 1,035,254
996,315
East St Louis & Sub_ November_ 197,966 194,974 2,076,445 2,161,328
El Paso Electric
November_
618,114
62,684 59,985
575,489
Fairm & Clarks Tr Co November_
674,642
63,003 52,669
557,183
42dStM&SNAv (Bee) September 146,872 132,561 1,184,759 1,061,788
Galv-Hous Elec Co
November_ 132,004 118,251 1,386,065 1,197,863
Grand Rapids Hy Co_ November_
94,323 88,376 1,060,784 1,036,304
Havana Elec Ry Co
Wk Jan 14 44,504 43,208
94,714
84,957
Honolulu Rapid Tran
& Land Co
November_
42,420 39,016
452,147
412,691
Houghton Co Trac Co November_
22,001
276,147
22,799
286,440
Hudson & Manhattan November_ 406,133 362,793 4,187,100 3,616,089,
Illinois Traction Co
November_ 602,949 578,769 6,264,729 5,485,849
Interboro Rap Tran.. October__ 2707,560 2547,654 24,795,600 24,030,857
Jacksonville Trac Co_ November.. 45,703 48,904
518,232
520,679
Lake Shore Elec Ry_ November_
95,828 91,802 1,165,685 1,110,541
Long Island Electric_ September
159,219
166,014
20,216 20,208
Metropolitan St(Bee) September 1183,291 1188.973 10,153,012 9,861,413,
Milw El Ry & Lt Co_ October__ 448,150 406,919 4,122,458 3,863,698
Milw Lt, Ht de Tr Co.. October__ _
896,007
943,671
92,932 89,028
Montreal Street Ry
November.. 420.476 366,098 4,508,108 4,078.894
Nashville By & Light November_ 166,887 158,739 1,781,111 1,662,093
New Orleans By & Lt September 521,570 489,458 4,894,456 4,618,471
N Y City Interboro September
219,023
168,054
27,612 21,392
300,507
N Y & Long Isl Trac_ September
282,676
41,464 39,621
N Y & QueensCounty September 117,303 106,981
952,877
848,723
172,920
164,965
Northam Easton 8: W December
13,046
14,012
No Caro Pub Serv Co November_
228,050
196,442
23,414
19,187
North Ohio Trac & Lt December
239,374 201,973 2,694,024 2,437,426
North Texas Elec Co_ November_ 133,203 119,263 1,479,720 1,314,838
Ocean Electric (L I).. September
99,838
13,668
109,629
11,772
Paducah Trac& Lt Co October __
203,926
21,775 20,949
215,004
Pensacola Electric Co November_
25,602 24,426
262,406
247,539
Phila Rapid Trans Co December.. 1964,271 1838,996
Port(Ore)Ry..L&PCo November_ 541,934 498,953 5,780,306 5,108,027
Puget Sound Elec Co_ November_ 132,856 150,274 1,619,021 1,757,305
Richmond Lt & RR_ September
283,347
266,179
34,490 32,423
Rio de Janeiro Tram
Light & Power Co_ November.. 1128,286 946,006 11,777,484 9,945,040
St Joseph (Mo) Ry.Lt,
997,884
Heat & Power Co_ November_
942,007
94,577 87,044
Sao Paulo Tr, L & P.. November_ 332,072 259,390 3,231,851 2,665,591
634,584
56,862
578,838
63,331
Savannah Elec Co.._ November_
Seattle Electric Co__.. November_ 451,563 469,334 4,973,047 5,094,346
700,693
89,775 82,267
632,979
Second Avenue (Bee) September
95,112
11,437
83,677
Southern Boulevard.. September
12,071
178,835
Sou Wisconsin By Co November_
163,903
17,315 14,298
26,950
223,486
Staten IsI'd Midland_ September
209,235
29,224
Tampa Electric Co__ November_
60,318 43,249
624,929
545,708
Third Avenue (Rec). September 315,410 293,945 2,744,085 2,565,899
Toronto Railway Co_ November_ 413,525 365,466 4,350,065 3,941,125
Tri-City Ry & Lt Co.. November_ 247,038 230,868 2,441,504 2,266,333
Twin City Rap Tran_ 1st wk Jan 137,542 133,739
137,542
133,739
Underground El By
of
Three tube lines__ Wk Jan 13 £15325 £14,820
.£29,650
£30,250
Metropolitan Dist_ WIc Jan 13 £12,834 £12,027
£23,932
£25,369
£10,772
United Tramway__ Wit Jan 13 £5,518 £5,358
£11,182
' September 227,628 203,076 1,870,909 1,689,182
Union (Bee)
Unionlly,G&ECo(Ill) November_ 290,240 265,668 2,864,796 2,687,557
United flys of St L.November.. 982,129 952,870 10,893,109 10,550,474
United RRs of San Fr November_ 674,080 633,618 7,185,132 6,971,133
461,636
402,857
Westchester El (Rea) September
55,490 50,407
349,140
372,076
Whatcom Co By & Lt November_
34,880 37,165
506,047
Yonkers RR (Rec)__ September
58,745
59,714
215,493
191,280
Youngst & Ohio By.. November.. 19,407 17,395
c These figures are for consolidated company.
Electric Railway Net Earnings.-The following table gives
the returns of ELECTRIC railway gross and net earnings
reported this week.
-GrossEarnings-- -NetEarnings
Previous
Current
Current
Previous
Year.
Year,
Year.
Year.
$
$
$
$
427,089
439,966
American Lt & Trao___Deo 449,610
417,131
4,144,053 3,832,552 4,030,243 3,712,863
Jan 1 to Deo 31
124,874
143,178
51,988
Aurora Elgin & Chtc_b_ _Deo
39,511
934,456
982,995
454,722
July 1 to Dec 31
430,622
32,446
38,695
Carolina Power & Light_Dec
15,885
13,110
373,698
321,983
Jan 1 to Dec 31
136,182
124,435
c362,793
232,275
180,927
Hudson & Manhattan.a.Nov c406,133
724,316
795,978
Phila Rapid Transit____Deo 1,964,271 1,838,996
11,34,1,407 10,732,534 4,485,920 4,202,115
July 1 to Dec 31
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
c These figures represent income from all sources.
Roads.
Interest Charges and Surplus.
-mat., Rentals, &c.- -Bal.of Net Earns.
Current
Previous
Current
Previous
Year,
Year.
Year.
Year.
$
$
$
5
37,019
34,850
4,681
14,969
Aurora Elgin & Chio___ _Deo
219,534
201,893
228,729
235,188
July 1 to Deo 31
209,415
&Manhattan__Nov
192,134
def.5.207
22,860
Hudson
9,312
715,004
54,476
Phila. Rapid Transit___ _Deo 741,502
4,430,323 4,384,315
55,597 def.182,209
July 1 to Dco 31
income
other
received.
z After allowing for
Roads,
JAN. 20 19)2.j
TIIE CHRONICLE
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,montli. 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. 30. The next will appear in that of Jan. 27.
•
Interborough-Metropolitan Co., New York.
(Report for Fiscal Year ending June 30 1911.)
At the meeting of shareholders on Jan. 16 1912 Pres. Theodore P. Shonts said in substance:
Results -The changes at the end of the calendar year, due to the reorganization of the surface lines, have made it difficult to render financial
statement as of 1)cc. 31 1911. Until the various transactions arc consummated. any statement as of that date would necessarily be incomplete. We
have, therefore, compiled a statement for the fiscal year enuing.June 30 1911
and have in view the issuance of another statement for the fiscal year ending
Juno 30 1012, which will include the full report of transactions now under
way. For the purpose of conforming to Stock Exchange rules, it will be
necessary to change the date of the annual meeting from Jan. to Sept
The present meeting can then be adjourned until September.
Control of New York Railways Co.-The property of the Metropolitan St.
By. Co. has been operated by receivers since Oct. 1 1907. Under date of
Nov. 29 1911 the bondholders' committee issued a plan of reorganization
(V. 93, p. 1533) which was accepted by your company and became effective
at midnight Dec.'31 1911, at which time the reorganized property was taken
over by the New York Itys. Co. In general terms the plan provides for an
actual reduction In capitalization of *41,883,894 [about :10% -Ed.]
The organization of the New York Rys. Co. was made effective by the
election of Theodore P. Shoots, Pres., and appointments of other officers.
' Should the plan be finally affirmed by the Court, tile net result would be
approximately as follows: For the 427,400 shares of Metropolitan St. By.
owned by your company, including such minority stock and other securities
as did not choose to participate in tile plan, the amount of which has not
been fully determined, and the $4,000,000 improvement note of the Met.
St. By. and Central Crosstown stock, owned by your company, we will
receive approximately $15,400,000 of stock in the new company, out of a
capital stock issue of $17,500,000.
Loan.-The total assessments called for by the aforesaid plan, on securities
taken by your company, amounts to approximately $1,803,235, and for the
purpose of paying the assessment an agreement was entered into with IIaligarten & Co. for a loan of not exceeding *2,000,000, to runfor two years, with
Interest at the rate of 6% per annum, the stock of the new company being
pledged as collateral for the loan. [See also item on a preceding page.-Ed.
A partial payment of 25%,as called for by the plan, has been made, and
arrangements for paying the balance have been completed. What the
exact amount will be, however, cannot be ascertaine I at this time, as certain
of the minority stockholders who were unable for various reasons to deposit
their stock prior to Dec.23 have made application to pay their assessments
and join in the reorganization, and action on these applications has not
yet been taken.
Increase in Receipts-Sinking Fund.-The Interborough Rapid Transit
Co., having increased its divs. in Sept. 1911 to 10% per annum and declared
an extra div. of 1%, your company was enabled to inaugurate a sinking fund
of $300,000 per annum for the purpose of retiring its 4 36% coll.trust bonds.
The preparation of an agreement has been taken up with the trustees. In
the meantime a block of bonds has been purchased with the money set aside
for this purpose.
OPERATIONS FOR THE FISCAL YEAR ENDED JUNE 30.
Income-Divs. of Interb. Rap. Trait. Co.capital stock,
• viz.: 9% on 339,128 shares
$3,052,152
Interest on loans, advances and bank balances
324,293
$3,376,445
Disbursements-Int. on $67,825,000 Interb.-Met. Co.
436
, % coll, trust bonds for year ended June 30 1911_33,052,125
Administration, &c.(general expenses, $83,528; taxes,
$32,692)
116,220
Int. on 6% reg. notes, $152,964; on 5-year 8% notes,
$240,000, and demand loans, $7,937
400,901
3,569,246
Balance, deficit
$192,801
Surplus balance of income account June 30 1910, after cancellation of claim of the company against the N. Y. City By. Co..
as provided by agreements of June 1910
874,301
Profit and loss, surplus
-V. 94, p. 68.
$681,500
Georgia & Florida Ity.
(Report for Fiscal Year ending June 30 19110
President John Skelton 'Williams, Richmond, ITa.,1,1)cc, 1
1911, wrote in substance:
Road.-The mileage operated at the, present time is 3523,6 miles, including: Augusta, Ga., to Madison, Fla.(tdS. A. L. fly. connection), 250.7 m.;
Millen, Ga., to Normantown Junction, Ga., 44; Douglas Junction to Barrows Bluff, Ga., 18.8; Nashville, Ga., to Moultrie, Ga., 34.1; branch completed Juno 15 1911, Sparks, (3a., to Add, Ga. (and junction with So. Ga.
& West Coast RR.), 2.2; branch near Swainsboro, Ga., 2.4. Of the above
mileage, 322.60 is owned by the company and 29.60 miles is operated, as
follows: Keysville, Ga., to Augusta, Ga., Augusta Southern Hy., under
trackage contract, 25.9; Valdosta, Ga., Georgia & Florida Terminal Co.
(owned by G. & F. By.). 1.1; at Millen, Ga., Central of Georgia track,
under temporary contract, .4; Kingwood, Ga., to Moultrie, Ga., A. 13. & A.
RR., under trackage contract, 2.2. We also owned July 1 1911 41.69
miles of sidings, industrial, yard and passing tracks.
The Sparks Western By., extending about 18 miles westwardly from
Sparks, Ga., has been completed to Kingwood, Ga., two miles east of
Moultrie, and under trackage arrangements with the Atianta•Birmingham
Atlantic RR. we secure entrance into Moultrie over 2 miles of the former's
tracks, and use for the time being the freight and passenger terminals of
the A. B. & A. Sly. at Moultrie. By deed dated Feb. 27 1911 the entire
property of the Sparks Western By., whose capital stock had been acquired,
was conveyed to tile Georgia & Florida By., so that the lino from Sparks
to Kingwood is now an Integral part of the system.
Valdosta Terminals.-On March 1 1911 we terminated the arrangements
under which the company had been using the terminals and tracks of the
Atlantic Coast Line at Valdosta, Ga., for a distance of 1.1 miles, and began
the operation of our own line through the City of Valdosta, over tracks
constructed and owned by the Georgia & Florida Terminal Co. (entire capital stock owned). The Terminal Co. owns a large amount of valuable
business property adjoining its tracks and depots, and during the past year
completed a large warehouse 415x62 ft., which the railway, the lessee.of all
the Terminal Company's property, has sub-leased to merchants in Valdosta.
Another warehouse, 210x62 ft., on property owned by the Terminal Co., is
approaching completion and has already been leased.
Trackage Arrangements.-The arrangement under which we secured
trackage from Keysville, Ga., to Augusta, Ga., over the Augusta Southern
By. is not proving entirely satisfactory, owing to the heavier grades and
sharper curves on the Augusta Southern By., and unless the owners of
that road should decide to improve its physical condition and reduce its
grades and curves, it may be necessary to build our own tracks into Augusta
for this distance; about 25 miles, to our valuable terminals in Augusta.
Earnings.-The gross earnings during the past year have shown a material, steady and persistent growth, and amounted to $704,936, the increase being $183,697, or 35%. The increase the previous year was $131,069, or 33%. Owing to the larger operating expenses incident to the inclusion on July 1 1910 of the additional mileage not fully completed, and
In a new and only partially developed territory the net earnings of the
railway for this past year, the first year since its opening as a through line,
have not shown tile increase which we may reasonably expect to secure
203
hereafter. The ratio of operating expenses to earnings was 81%, against
78.2% the previous year. Net earnings over operating expenses for the
year were $133,799, against $113,387 the year before, an increase of
$20,411, or 18%. Although the through line was opened for operation
on July 1 1910, the railway was not fully completed and the work of construction thereon was continued for sevekal months thereafter, so that
the operations for this past year have not furnished a fair test.
The gross earnings per mile on 332 miles, which was the average mileage
operated during the past •year, were $2,123. If the previous estimates
of $2,515 per mile had been realized for the year, gross earnings would
have amounted to $834,980, and, on an operating ratio of 70%, which,
with the larger earnings, should have been maintained, net earnings over
operating expanses for the period would have amounted to $250,494.
Earnings Since Close of Fiscal Year.-The gross for Nov. 1911, with
• 352 miles operated, have amounted to $76,398, being at the rate of $2,604
per mile per annum, and an Increase of *11,999, or 18%, over the same
month last year. Net earnings over operating expenses for Nov. 1911
amounted to $17,003, against $15,569 last November.
, The earnings for the five months ending Nov. 30 1911 have been interfered with by unusual events. The last week in August and the first week
in September operations were completely suspended over considerable
portions of the railroad,on account of a severe storm, the most disastrous
In many years, which visited South Georgia and South Carolina, occasioning serious washouts and resulting in not only additional operating expenses, but a material loss in gross revenue. In the latter part of September and the first part of October operations were further hampered by a
strike, which was subsequently settled on a compromise basis.
Despite the storm and the strike, the gross earnings for September
amounted to $66,941, against $55,646 in Sept. 1910, an increase of $11.294, or 20%, while net earnings over operating expenses amounted
to
$12,581, or a slight increase over the previous September.
Had it not been for the extraordinary interruptions to traffic in September and October, there is reason to believe that, instead of a deficit, the
company would have shown a substantial surplus over and above all bond
interest and other fixed charges for that period.
General Remarks.-The entire section through which the company operates has been favored during the past season by very abundant crops,
and, notwithstanding the comparatively low prices now prevailing for
cotton, conditions throughout that section are prosperous. A large amount
of new land is being brought under cultivation and many farmers are moving into tills territory from other sections, drawn hither by the attractive
prices at which lands are obtainable, the excellent quality of the soil, the
advantages of climate and other conditions. There arc comparatively few
foreigners In this section of the country. The building up of the local-territory must assure a steady increase in the business of the railway, and to
these local earnings will be added the revenue derived from the movement
of through business received from connecting lines, which Is growing steadily.
CLASSIFICATION OF FREIGHT-PRODUCTS OF (TONS).
Agricul. Animals. Mines.
Forests. Manufac. Miscell.
3,153
47,995
17.533
1910-11
190,282
96,569
18,131
31,815
17,712
1909-10
2,328
215,436
75,900
13,977
13,327
1908-09
1,542
28,964
224,569
51,874
8,993
TRAFFIC STATISTICS.
1909-10.
1910-11.
1008-09.
1907-08.
Average miles operated _
273
332
247
227
Passengers carried (No.)
467,972
370,135
276,391
240,821
Pass. car'd 1 mile (No.)- 9,976,796
6,545,267
4,142,646
3,438,233
Av. rcts. p. pass. p. mile 2.568 cts.
2.747 cts.
2.881 cts.
2.838 eta
Tons of freight car.(No.)
373,668
357,368
327,269
268,710
Tons fr't car'd 1 m.(No.) 24,565,722 14,019,639
8,117,980 5,155,775
Av.rcts. per ton per mile 1.696 cts.
2.257 cts.
3.088 as.
3.867 eta
Gross earns, per mile_ __
$2,123
$1,909
$1.579
$1,348
INCOME ACCOUNT.
Earnings1010-11.
1909-10.
1908-09.
1907-08.
Freight
$416,679
$316,349
$250,670
$196,307
256,262
Passenger
179,783
119,370
98,055
Mall, express, &c
25,107
31,995
16,016
11,249
Gross earnings
ExpensesMalnt. way & structures
Maint. of equipment__ _
Conducting transport'n_
Traffic expenses
General expenses
$704,936
$521,239
$386,056
$305,611
$84,917
95,512
302,241
30,698
57,768
$69,303
74,540
190,710
24,818
48,480
*58,075
63,607
125,551
16,813
40,319
$46,144
54,387
122,199
15,447
32,559
Total operating exp
Net earnings
Other income
$571,137
$133,799
a107,828
$407,851
$113,388
a19,061
$304,366
$81,690
a12,407
$270,736
$34,875
al1,705
_
Total net income_
Deduct-Taxes
Int. on M. & S. W.
RR. 5% div. bonds
Int. on G. & F.
Other interest
Rentals
Hire of equipment__ _
$241,627
$26,782
$132,449
$17,703
$94,097
$14,391
$46,580
$11,631
10,600
b140,183
9,378
22,961
10,600
10,600
10,600
12,188
2,953
4,109
2,885
7,546
3,513
1,946
Tote; deductions_
Balance, surplus
$209,905
$31,722
$43,444
$89,005
$31,985
$62,112
$35,236
$11,344
_
a Includes in 1910-11 balance from Aug. Cons. Co. in accordance with
terms of contract of construction, $102,977; in 1909-10 balance of receipts
from earnings on G. & F. equipment, $19,061, against $8,294 in 1908-09,
and in 1907-08 earnings prior to Sept. 30 1907, $8,753.
b The interest to Dec. 31 1910 on the 1st M. 5% 50-year gold botds due
1956, which were outstanding during this period, was provided for by the
construction company, in accordance with the terms of its contract with
the railway, by which the former undertook to build for the railway the
new links, to revise the old lines and to furnish new equipment.
CONDENSED BALANCE SHEET JUNE 30.
1911.
1910.
1911.
1910.
AssetsLiabilities3
Road, equip., &c_15,236,768 14,084,276 Common stock__ 5,250,000 5,016,800
Material & suppl's
10,705
10,460 Preferred stock __ 3,500,000 3,358.300
15,901
Cash
19,067 1st M 5% bonds_ 5,600,000 5,246.000
15,737
6,597 M. & S. W. dlv. 5s 212,000
Ag'ts & conduers_
212,000
Transportation cos.
100
9,027 Eq. tr. obliga'ns_ 203,367
208,273
49,138
Individuals & cos..
138,595 Loans & bills pay_ 316,736
2,784
1,381 Int. & taxes accr_
Bills receivable_
56,995
14,316
60,000
Securities owned
Eq. replace. acc't_
56,413
39,437
20,338
New construction_
*88,489
Current liabilities_ *204,432
20,105
0th. def. items_
31,722
Profit and loss____
94,788
Total
15,431,666 14,278,403
Total
15,431,666 14,278,403
* Includes in 1911 unpaid wages, $37,041; audited vouchers, $73,496; transportation companies, $3,526; miscellaneous, $18,634; other def. items, $71,735.-V. 94,
p. 123.
Quebec Railway, Light, Heat & Power Co., Ltd.
(Report for Fiscal Year ending June 30 1911.)
'Pres. Rodolphe Forget in October last wrote in substance:
Quebec Ry., Light it Power Co.-The mileage of the city railway
has been increased 54 of a mile by an extension from the Exhibition
Grounds to the Charlesbourg Road. Extensive renewals have been made
and 16 new "pay-as-you-enter" cars and 10 open bench cars were purchased
and put in service. Two large sweepers and two snow scrapers were also
added, which enabled the company to maintain Its service during the
heaviest storms.
The mileage of the Montmorency division has been increased by 334 miles
of double-track road from Beauport to Kent House Park, through a
thickly settled district. The main line has been rebonded with electricwelded rail bonds, and about 2 miles has been reiaid with f80-1b. rails.
48 gondola and 15 box freight cars, 60,000-lbs. capacity, and 2 passenger
motor cars have been added to the equipment, while one electric locomotive. No. 6, constructed In the company's shops, has been in operation for
204
THE CHRONICLE
Lxxxxiv.
Pension Fund.-A pension system was established, effective Jan. 1 1911.
some time with good results. A new sub-station has been constructed at
Ste. Anne de Beaupre, also a new transmission line from Montmore ncy no contributions to be obtained from the employees, the entire amount
Falls to Ste. Anne de Beaupre, the voltage being increased from 10,000 necessary being contributed by your company.
American Malleables Co.-Tne plant of tile American Malicables Co.
to 25,000 volts. The company's Hotel at Montmorency Falls Park, known
as "The Kent House," has been enlarged and refurnished. Some of the at Lancaster, N. Y., was operated continuously during tile year, with an
new attractions at Montmorency Falls Park have already proven profitable, increased output and somewhat enlarged facilities, showing as a result for
the first time a net profit balance. With a return of normal business conas well as serving to induce people to visit the park.
Quebec County I-W.-This road was opened for operation In Sept. 1910, ditions, a satisfactory tonnage and earnings may be expected.
Edgar Allen American Manganese Steel Co.-This company, in which
and the earnings have fully warranted the cost of construction. The line
runs from Maple Ave. westward through St. Cyrillo St. in Montcalmville the American Brake Shoe & Foundry Co. holds a majority stock Interest
and through private right-of-way and streets in the municipality of St. (V. 92, p. 185), has operated its plants at Chicago Heights, Ill., and New
Columba de Sillery to the top of Sillery Hill, a distance of 2 1-3 miles, and Castle, Del., continuously throughout the year at a productive rate of apIs double-tracked. The line passes St. Patrick's and Mount Hermon ceme- proximately 60% of capacity. Advantage has been taken of the dull times,
teries, which are visited daily by a large number of persons. Under agree- however, to put the plants in excellent physical condition, and the quality
of manganese steel produced has been materially Improved. While the
ment, a through service Is operated to the post office in Quebec.
Power and Light Dietsion.-The work of consolidating the various power earnings shown were fairly satisfactory, a substantial Increase may be exsupplies at the Queen St. sub-station is in progress, and will probably be pected with a return of business activities in mining, railroad and constructcompleted In a few weeks time. In addition to enabling the company to ing work, where the product is largely absorbed.
utilize preger from any one or all of its hydraulic stations, a considerable
INCOME ACCOUNT-YEARS ENDING SEPT. 30.
saving In labor will be effeeted. A contract has been entered into with the
1908-09.
1909-10.
1910-11.
municipality of Ste. Anne de Beaupre for street lighting for a period of
Not reported Not reported $4,039,873
from all sources
Income
was
Gross
closed
with
lighting
10 years, and a 10-year renewal contract for street
the town of Levis. A renewal for ten years for the supply of power to the Expenses-Oper., &c., incl. depreo_.Not reported. Not reported 3,164,101
Levis County fly. was also completed at a somewhat increased price. The
$875,772
*51,028,808 *51,063,669
Balance of income
overhead lines have been extended in various districts.
42,121
40,985
39,541
Gas Department.-The new installations show a continued steady growth Interest on bonds
were
heaters,
&c.,
installed
radiators,
stoves,
-522 appliances, including
$833,651
$989,267 $1,022,684
Net profits
and 416 new meters added to our list during the year; 18,644 feet of new
$210,000
$245,000
$280,000
mains were laid. A steady canvass for new business has been maintained; Dividends paid-Pref.(7%)
(7)252,000 (7)189,750 (5)116,000
Common
the result should be in evidence in our next annual report.
13,000
Extra div. on common (3. of 1%).
General.-A feature of the financial report is the substantial increase
in gross earnings of 5152,174, with only $17,344 increase in operating exp.
$507,651
$574,934
$457,267
Balance of profits
In the opinion of the directors, the various extensions, improvements and
economies made during the year will only commence to bear fruit during
$57,752.
&o.,
interest,
rentals,
royalties,
income,
other
Includes
next
•
the
in
annual
reflected
report.
be
will
and
the present year,
It Is expected that the company's new office building, at the corner of
BALANCE SHEET SEPT. 30.
Crown and St. Joseph streets, will be ready for occupation early in 1912.
1910.
1911.
1910.
1911.
Many applications have already been received for office space. The corn$
Liabilities8
$
Assetspietion of the building will permit the consolidation of our executive offices.
Plants, patents,&c. 7,677,773 7,371,169 Preferred stock ___•4,000,000 4,000,000
As to new bonds, see a following page;also V. 93,p. 1726. Miscell. securities_ 349,577
271,001 Cortineet stock_ 3,600,000 3,600,000
806,000
780,000
First mtge. bonds_
Amer. Malleables
INCOME ACCOUNT YEAR ENDING JUNE 30.
539,308
585,750
374,818 Reserve funds
Co. (cap. stock) 374,818
1910-11.
1909-10.
419,706
Accounts payable_ 283,484
Edgar Allen Amer.
$1,280,127
$1,127,952
3,358
Gross earnings
3,250
550,000 Accrued bond int_
562,500
Mang. Steel Co_
661,907 Insur.,&c.,not accr. 10,433
644,563
Operating expenses
2,933,811 2,496,619
7,971 Surplus
353,909
552,049
Cash
$618,220
$483,389
Net earnings
Acc'ts & bills rec'le 1,414,489 1,503,552
Add-Misc.income from (Ribald. co.'s earnings prior to July 1 1909
905,998 1,010,199
stores
111,109 Inventory
($100,000) and sundry int. earned ($11,109)
421,467
338,657
Manufac. stock
$729,329
Total
12.186,295 11,864,086
Total
12,186,295 11,864,986
Total
$467,010
($10,681)
exp.
organization
and
chges.
($456,329)
-Fixed
Deduct
-V. 94, p. 125.
Two (quar.) dim (1% each, paid Apr. 15 & July 15 1911)_ _(2%)199.990
Niagara Falls Power Co., New York.
$62,329
Balance, surplus
for Fiscal Year ending Dec. 31 1911.)
(Report
BALANCE SHEET JUNE 30.
•
Liabilities ($18.556,132)The report, signed by Pres. Edward A. Wickes and Sec.
Assets ($18,556,132)$9,999,500
a$15,025,840 Capital stock
Investments
York, Jan. 9 1912, says in substance:
Bonds
57,495,400 F. L. Lovelace, New
Advanced controlled cos.
217,029
909,667 Accounts payable
Results.-The earnings for 1911 exceed those In any previous year. After
for construction, &c__
593.781
179,538 Sundry loans
a charge of $100,000 in respect of obsolescence and casualties, the remainder
General construction__ __
56,499
of the net earnings of the power-producing companies, being $686,923, has
194,379 Accrued interest, &c_
Stores & supplies on hand
31.599
been carried to the reserve and surplus accounts, which, after deductions of
2,025.444 Unclaimed divs. & int_ __
Cash in banks, &c
99,995 dividends and all other appropriations, show credit balances amounting to
Div. No. 2, pay. July 18_
Underlying securities
62,329 $2,280,700. Of the increase in credit balances 5450.9(10 Is due to re-adjust133,836 Surplus
sinking fund
137,428
ment of the valuation of investment securities, as shown In balance sheet.
Acc'ts and bills receiv__ _
The valuation of these securities was arbitrarily reduced In 1909, as stated in
view of the larger
a Investments include: Stocks, bonds and interests in other corpora- the annual report for that year, and is now adjusted Inmarket.
value indicated both by inventory and by the public
tions, $18,684,840; less bonds of subsId. cos. outstanding, $3,659,000.
the
of
generating units
four
of
reconstruction
issue,
$2,500,000;
French
&c.
and
-The
$10,000,000,
Improvements,
S Includes bonds authorized,
design has Increased subtotal, 512.500,000; less 53,659,000 In escrow to redeem bonds of subsid. of wheelpit No. 1 with turbines of the Improved units
pit are being
that
in
other
The
plant.
the
of
treasury.
In
the
efficiency
$500,000
stantially
and
unissued,
$845,600,
oos.,
[In addition to the above assets, the company reports special funds set similarly reconstructed as rapidly as consistent with continuousinoperation.
The installation of one additional 12,500 h. p. generating unit the plant
aside for bonds: Cash subsidies from Federal Gov't, $418,000; land subof the Canadian Co. will be completed in 1912. Advantage has been taken
sidies from Provincial Gov't, $625,000.-V. 93, p. 1726.
of the housing of the seventh unit to complete the entire power house, thus
providing for the remaining units to be installed In the completed wheelpit.
Co.
H. B. ClailM
The building Is of gray limestone from near-4 quarries.
Contracts.-The Cataract Power & Conduit Co. further extended Its power
(Report for the Season. ending Dec. 31 1911.)
service by 32 new contracts, with a connected load aggregating 4,998 h. p.
and an increase of 3,377 h. p. In load by former power users. The niaximum
President John Claflin says:
peak of the service furnished In Buffalo during the year was 62,463 h. p.
Prices of merchandise are low, general conditions are gradually improving (contrasting with 60,723 In 1910).
and the outlook would be good if political and tariff uncertainties were
The Tonawanda Power Co. secured 146 new lighting contracts, with a
eliminated.
connected load equivalent to 3,000 16-c. p. Incandescent lamps, 9 new
contracts with an aggregate connected load of 2,060 h. p., and an inpower
INCOME ACCOUNT HALF-YEAR ENDING DEC. 31.
crease 01136 h. p. In connected load by former power users. This statement
-Interest and Dividends- .
Balance, of increases includes a contract for supplying the International Ry. Co. in
Net
Six Mos. to
Surplus. the Tonawandas and adjoining towns taken over front the generating comEarnings. Pref. Stock. Common Stock.
Dec. 31$142,126
(3)8114,873
$240,290
def.$16,709 pany. During the year there were installed under the company's municipal
1911
(4)153,164
142,126
def.69,976 contracts 17 arc lights and 7 series incandescent lamps for street lighting.
225,314
1910
83,216 The total connected motor load on Dec. 31 was 7,237 h. p. and the maximum
(4)153,164
142,126
378,506
1909
(4)153,164
15,397 peak delivered in the Tonawandas during the year was 7,035 h. p.
142,126
310,686
1908
(4)153,164
209,709
142,126
504,999
1907
The Canadian Niagara Power Co., by extensions of its service, has con(4)153,164
113.829 tinued its efforts to build up a local business, and indications have been
142,126
409,118
1906
of the beginnings of an industrial development commensurate with
observed
INCOME ACCOUNT YEAR ENDING DEC. 31.
the substantial encouragement offered for the use In Canada of power de(6)3229,746
der.566,035 veloped there within limits of treaty restrictions.
$284,251
$447,962
1911
del.158.691
(8)306,328
284,202
431,888
Niagara Junction Ry.-This company moved to and from sidings of Indus1910
79.759 tries on its road 21,644 cars, an increase of 1,605 over the preceding year
(8)306,328
284,252
670,339
1909
(8)306,328
def.287.329 and upwards of 3,600 more than in the year 1909.
303,250
284,252
1008
368.694
(8)306,328
284,252
959,274
Burton Law.-At its last session the present Congress adopted a joint
1907
170,797 resolution extending to March 1 1912 the restrictions of the Burton Law,
(8)306,328
284,252
761,377
1906
postponing consideration of pending measurel permanently dealing
thus
BALANCE SHEET DECEMBER 31.
with the international agreement con,ained in the treaty of May 13 1910,
1910,
1911.
1011.
1910.
fixing definite restrictions on diversions for power purposes on each side of
$
Assetsthe Niagara River. Meanwhile there has been an Increase in the demand
2,521,794 2,481,479 First pref. stock.._ 2.600,300 2,600,300 for power for industrial uses on the Niagara frontier.
Cash
171,332 Second pref. stock 2,570,600 2,570,600
152,187
Acguisttion.-By exchange of stock, share for share, this company has
Dividends
Bills receivable_ 2,754,522 1,913,862 Common stock_ 3,829,10) 3,829,100 acquired all of the capital stock of the Tonawanda Power Co. (1. 0., the
6,439,434
accounts_
4,239,042
Open
1,497,061
remaining $49,100.-Ed.j
Open accounts.... 2,668,972
269,500
6,721,910 6,610,555 Foreign exch., do. 318,500
Debentures Called.-T.he remaining $1,534,000 Canadian collateral debenMerchandise
Store property__ _ 2,739,182 2,739,182 Surplus reserve_ _4,1,657,198 1,776,500 tures were retired except $49,000 unpresented. All are now due and cash
fall_
240,290
225,314 is on deposit to pay the same.
27,197 Profits during
27,197
Stable
69,688
Horses,trucks, &c. 69,688
COMBINED INCOME ACCOUNT FOR YEARS ENDING DEC. 31.
--1910.
1911.
17,655,452 15,510,356
1909.
17,655,452 15,510,356 Total
Total
$2,246,413 $2,203,134 $1,952,349
Gross earnings
343,587
surplus
$1,640,489
338,733
after
season,
leaves
provid331,298
fall
Operating expenses
* Deducting $16,709 deficit for
100,000
100,000
100,000
ing for interest on pref. stocks to Dec. 31 and div. on corn. stock declared In Jan., • Reserve (see below)
payable Jan. 15 1912. "Total dividends to date, $12,202,570."-V. 93, p. 231.
$1,802,826 $1,764,401 $1,521,051
Net earnings
$74,872
$24,388
$42,228
Interest received
American Brake Shoe & Foundry Co., New York.
98,148
109,690
110,277
Dividend on stocks owned
(Report for Fiscal Year ending Sept. 30 1911.)
$1,975,846 $1,916,906 $1,655,129
Total net income
President Otis H. Cutler, Dec. 12 1911, wrote in substance: Int. on bonds & debs.(see fly. & I. sec)$1,068.390 $1,069,668 $1,045,950
172,809
135,684
112,150
Results.-The net earnings of $989,267 proceed from the following quar- Taxes
5,448
8,176
4,782
terly results: First quarter, $295,791; second, $267.719; third, $190,665; Insurance
37,753
39,548
41,045
Park rental
fourth, $235,092.
335,800
429,412
(8%)
Dividends
and
$532,000,
to
the
amounting
balance
of
Dividends of 7% were paid,
profits carried to surplus was $457,267.
$1,718,335 $1,587,645 $1,200,635
Total deductions
During the year $26,000 1st M. bonds of the company were purchased Surplus
$329,261
$454,494
$257,511
for year
and canceled, leaving outstanding 3780.000.
On Sept. 30 the current assets were 53,211,193, with current liabilities
and as a reserve against
inadequacy
obsolescence,
of
respect
Charged
in
•
increase
of
an
Is
$58,396.
which
$2,924,459,
of $286,734, an excess of
Additions.-During the year there was an increase In plant investment extraordinary casualties.
account of $306,604 for real estate, buildings, machinery and equipment.
CATARACT POWER & CONDUIT CO.
Of the above amount $196,000 was expended on the new Chicago plant,
(Stock, $2,000,000; $1,005.000 owned by Niagara Falls Power Co.)
referred to in the last report, which at the end of our fiscal year was nearing
Fixed
Other
Balance,
Net
Gross
completion, and will probably be In active operation by Jan. 1 1912. Our Calendar
Income. Charges,&c.
Surplus.
Earnings.
Earnings,
YearInvestments were also increased by the purchase for $100,000 of a foundry
$20,040
$313,025
$137,409
$430,385
$1,516,100
plant located at New Riehmontl.(near Cincinnati), Ohio. to take care of 1911
0,793
122,121
294,760
410,088
1910
1,407,171
Its increase of business In that region.
THE CHRONICLE
JAN. 20 1912]
Dividends at 6% call for $120,000 yearly.
Bonds outstanding, $1,384,000 Dec. 31 1911 (the same as on Dec. 31
1910); total current liabilities, $168,639, against $176,949; accumulated
surplus, $747,129, against *546,021.
205
Of theamount so expended,$567,639 was derived from surplus earnings
accumulated prior to July 1 1908 and $643,260 from earnings since that
date, making a total from surplus earnings put back into the property of
$1,210,900 since July 1 1908. The wisdom of this application of net revenue
to meet the requirements necessary for traffic expansion and economical
operation appear now to have been fully justified. The company has
equipment obligations outstanding (about $1,068,000.-Ed.1 which should
be funded and for which bonds are available. This funding operation will
be, it is expected, completed in the near future without involving any Increase of fixed charges.
The question of distribution of net earnings to the shareholders is receiving
careful consideration by your directors and the time appears to be near
when such distribution will be Justified. See V. 93, p. 122.
TONAWANDA POWER CO.
(Stock $250,000; all owned by Niagara Falls Power Co.)
Balance,
Net
Other
Fixed
Gross
Calendar
Earns.
Earns. Income. Chgs.,&c.
Dividends, Surplus.
Year$176,413 $60,182 $1,940 $22,660 (8%)320,000 $19,462
1911
24,924
138,600
65,287
1,417
25,530 (6 ;i) 16,250
1910
First mortgage bonds, $150,000; total current liabilities Dec. 31 1911,
*24,898; accumulated surplus, $213,389.
Arkansas Oklahoma & Western RR.-Sale.-The shareCOMBINED CONDENSED BALANCE SHEET DECEMBER 31.
holders will vote Feb. 13 on ratifying the sale of the property
1910.
1911.
1911.
1910.
to the Kansas City & Memphis Ry. Co. for the following:
$
AssetsLiabilities8
$
5,757,700 4,197,500
Real estate, powerCapital stock
(a) $30,000 K. C. & Mem. bonds. These bonds have been received and
houses,transrnis5% 1st M. bonds_ _10,000,000 10,000,000 used to discharge the floating debt. (b) The assumption of the $300,000
sloe systems,&c.23,169,913 22,082,324 Ref. dr gen. M. 6s. 8,226,000 8,226,000 1st M. bonds of the A. 0. & W. RR., a like amount of K. C. & M. bonds
1,534,000 to be deposited with the trustee and used by it "to secure or retire in whole
Investment stocks. 1,500,000 1,000,000 6% debentures_
71,600
22,500 or in part from time to time as the same may be offered," said A. 0. & W.
Cash
1,541,723 1,456,143 Debs. matured,dre.
57,183
66,675 bonds. (c) $450,000 K. C. & Mem.stock. This stock is now in the treasAccounts payable_
Cash for coup. due
Unpaid coupons dr
but unpresented
47,323
ury of the A. 0. & W. and is to be distributed pro rata among the holders
399,691
412,327 of
accrued tnt.,
Divs. on investm't
its own $720,000 stock, being S of a share for each share of A. 0. & W.
83,950 -V.90,
19,093 Div. pay. Jan. 16.. 115,154
20,075
securities
p. 235.
Accr. taxes dr r'ts_
43,696
39,288
Securities, bills &
for
acced
Reserve
Atlanta & Carolina (Electric) Ry.-Receivership.-The
416,582
351,100
accts. rec., &c
amortization of
194,245
Material & supplies 200,137
interposed their answers and demurrers
capital, do
b817,855 b860,341 company on Jan. 11
18,847
15,613
Prepaid insurance_
Surplus
b1,462,845 b747,248 to the petition which was filed a short time ago by creditors.
Cash for renewal,
102,595
105,739
&c., fund
The defendant company denied that it is insolvent or that there was any
charter through delay in construction.-V. 86,
Total
96,9 1,624 26,189,829 danger of losing its State
26,951,824 26,189,829
Total
p. 1283.
-Ed.
Surplus
as
Invested.
above
in
1911,
31,462,845,
is
& Electric Corporation.-Bonds
Railway
or
applied
Augusta-Aiken
b Variously
arrived at after crediting 3450,900 readjustment of value of investment securities, Offered.-Redmond & Co. of New York and Adams & Co. of
as shown in the balance sheet (see remarks above) and other net miscellaneous
adjustments amounting to $16,455, and deducting $9,270 for expenditures account Boston are offering a block of 5s of 1910, at 94 and int.
various tenant companies.
Of the bonds $2,400,000 were sold some time since (see bond offering in
The earnings of the Niagara Junction Ry., whose 3294,500 outstanding stock is V. 92, p. 1177) and $188,000 have been issued from time to time for imall owned, having outstanding $175,000 bonds, were: In 1911, $71,723, against provements and betterments, making the total outstanding $2,588,000.
$66,900 in 1910; net income, $42,832, agastni $38,054; bal., sur., 329,284, against
$24,840.-V. 94, p. 127.
Earnings.-For years ending Nov. 30:
Prior Lien Int. on
Other
FiscalGT033
Net
Balance,
YearEarnings. Earnings. Income. Charges. S. F. Bds. Surplus.
American Pipe & Construction Co.
$55,000 *120,540 *125,508
$21,946
1910-11...._*581,096 $279,102
(Report for Year ending Dec. 30 1911.)
1909-10___ 540,083
19,648
253,196
Dividends at 6% yearly on the $1,500,000 pref. stock have.been reguNet earns. Div.paid.
Net earns. Div.paid.
larly
paid,
calling
for
$90,000.-V.
93, p. 1724.
$480,000
$652,890 $400,000 1906
$618,043
1911
352,482
588,669
473,752
1910
400,000 1905
Bay of Quint° Ry.-Cailed Bonds.-Fifty ($50,000) bonds,
240,000
414,654
506,482
1009
400,000 1904
240,000 secured br mortgage dated Jan. 2 1902, have been called for
388,047
1908
629,678
400,000 1903
202,565 redemption at 105 and interest on Feb. 20 at the Bank of
320,787
1907
615,983
420,000 1902
BALANCE SHEET OF DEC. 31.
1911.
1911.
1910
LiabilitiesAssets$
Bonds, book value 9,048,525 8,172,093 Capital stock (par,
5,000,000
373,546
323,266
3100)
Stocks
Unfinished contr's 412,113 1,025,273 Coll, trust certfs. 1,700,000
2,643,000
Collateral loans
Real estate (clear
75,808
73,160 Temporary loans_
of encumbr'nce)
561,198
509,303 Notes due 1912_
Acc'ts receivable_
Bills receivable..._ 1,022,391
859,629 Undivided profits 2,437,470
100,000
Div. due Jan. 1___
Mach. & tools on
A.cc'ts payable_ __
152.4771
constr. work(less
Acets pay., weed.
456,476
deprec'n)
not due__ .____ 364,354j
93,167
83,731
Merch. on hand__
407,946
Cash on hand_ _ _ _ 363,513
1910.
$
5,000,000
1,800,000
163,500
2,000,000
2,289.710
100,000
110,627
Total
12,397,301 11,463,837
19,397,301 11,463,837
Total
Note.-Not included In the above statement of assets for 1911 were
43,050 shares of the capital stock of other companies, chiefly water companies, par val. $4,075,950, factory bidgs., mach'y, &c.-V. 92, p. 879.
Northern Securities Company.
(Report for Fiscal Year ending Dec. 31 1911.)
President James J. Hill, Jan. 10 1912, says:
Montreal in Toronto or at its agency in New York, at holder's
option. See V. 93, p. 665.
Berkshire (Mass.) Street Ry.-Stock.-The Mass. Railroad
Commission has sanctioned the issuing of $2,120,000 additional capital stock on account of additions and betterments.
See also New England Investment & Security Co. below.
-V. 93, p. 870.
.
Big Stone Gap & Powells Ry.-Sale.-This 4%-mile road
was sold at public auction at Big Gap, Va., on Dec. 30 last
by Judge E. M. Fulton of Wise, special commissioner, under
a judgment for $1,366 to L.0.Pettit for $1,367,subject to the
$3,500 mortgage debt and taxes.
The road is a transfer line about 4% miles long, operating between the
depots of the Virginia & Southwestern Ry. Co. and the Louisville & Nashville RR.Co. It is proposed to form a new company, buy new rolling stock
and pay off the debt of the old company.
Binghamton & Garfield Ry.-Exchange of Bonds and Stock.
-See Utah Copper Co. under "Industrials" below.-V.
90, p. 1700.
Binghamton (N. Y.) Ry.-Dividend Increased.-An annual
dividend of 4% has been declared on the $978,885 stock,
payable 2% on Feb. 15 and 2% on Aug. 15 1912 to holders
of record Feb. 1 and Aug. 1, respectively, comparing with
3% paid on Sept. 15 last, 234% In 1906 to 1910 and 2% in
1902 to 1905 inclusive. A scrip dividend of 20% was paid
April 18 1905.-V. 93, p. 1785.
Boston Railroad Holding 0o.-Stock.-The Mass. RR.
Commission on Jan. 15 made a new order approving an issue
of 2,395 shares of pref. stock to pay for the purchase of 2,273
shares of Boston & Maine common stock.
During the year a single dividend of 1% upon its capital stock was paid
by the Crow's Neat Pass Coal Co. On March 311911, a 2-years'contract
between the Coal Co. and its miners terminated. Pending negotiations of
a new contract, the operatives declined to work, compelling the shutting
down of tho mines. These remained closed until about Nov. 1 1911, when
a new contract with the men was concluded, upon terms more satisfactory
to the Coal Co. than those of the expired contract, and lasting for a ,period
et 4 years.
RESULTS FOR CALENDAR YEARS.
1911. 1010.
1911. 1910.
Dividends fromDeductions$
C. B. & Q RR.
Taxes
3,679 3,512
119,704 119,704 Administration expens
reg. (8%)
20,609 20,952
Crow's Net Pass Coal
Interest on loans
5,438 6,427
Co., Ltd
(1)27,552(2)55,104 Dividends
(3)118,587(4)158,116
90
Interest
40
---Total deductions
148,313 188,007
The previous order, dated Nov. 17 1911 (V. 9$, p. 1461), was
147,296 174,898
Total receipts
Balance, deficit
1,017 13,159 owing to the failure of the company to file the necessary noticerescinded,
with the
Secretary of the Commonwealth within 30 days of the meeting of the stockBALANCE SHEET DEC. 31.
holders at which the issue was voted.-V.9$, p. 1461.
1911. 1910.
1911.
1910.
$
DebitsBritish Columbia Electric Ry., Ltd.-New Stock.-The
3
Credits85,048 Capital stock
3,954,000 3,954,000 London Stock
Organization exps_ _ 85,048
Exchange has listed £200,000 deferred
6,600,949
6,600,949
Bills payable
175,000 175,000
Investments_a
90,091 139,638 Surplus
(8)2,656,088 2,696,635 ordinary stock; £200,000 preferred ordinary stock, and
Cash
Total
6,785,088 6,825,636
Total
6,785,088 6,825,635
a The item of investments includes 14,963 shares Chic. Bur. & Quincy
RR., valued at $2,858,788; 27,552 shares Crow's Nest Pass Coal Co.,Ltd.,
$3,741,166, and $1,000 N. P.-G. N., C. B. & Q. joint 4% bonds, 8995.
b Before deducting 3% dividend paid Jan. 10 1912.-V. 93, p. 1800.
GENE.R,
IONVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Algoma Central & Hudson Bay Ry.-Bonds.-The London
Stock Exchange is asked to list a further £334,200 1st M. 5s,
making tothl listed £1,608,800.-V. 93, p. 1598.
Ann Arbor RR.-Outlook.-Chairman Newman Erb, in a
circular dated N. Y., Jan. 8 1912, refers to the statement of
earnings for the half-year ending Dec. 31 1911, published last
week (p. 122), and says in substance:
The net earnings for this six months' period, after deductions for fixed
charges and taxes, are about equal to the full annual 5% dividend requirements of the ($4,000,0001 pref. stock, and indications point to continued
operating gains for the remainder of the year ending June 30 1912.
During the past three years the property has been greatly improved and
Its equipment largely augmented. The gross expenditure for actual betterments was $404,503 and for equipment acquired $2,098,034, the latter
consisting of 500 steel, 50-ton coal cars; 880 steel underfra.me 40-ton box,
refrigerator and automobile cars; 9 heavy freight locomotiv,es; 4 heavy
passenger locomotives; 6 steel Pullman coaches, cafe and parlor cars; 5
Ifoliteen motor cars, and 1 steel car ferry having a capacity of $2 cars.
£200,000 5% cumulative perpetual preference stock, making
the total amounts listed £1,000,000 of each.-V.93,p. 1785.
Brooklyn Heights RR.-To Guarantee Bonds.-Brooklyn
Union Elevated 4-5% bonds and Kings County Elevated
4% bonds will be guaranteed on two days in each month in
1911 by the Brooklyn Heights RR. Co. at 85 Clinton St.,
Brooklyn, N. Y., between 9 a. m. and 12 m., as follows:
Jan. 15 and 30 April 15 and 30 1 July 15 and 30 Oct. 15 and 30
Feb. 15 and 29 May 15 and 31 Aug. 15 and 30 Nov. 15 and 29
Mch. 15 and 29 June 14 and 28 Sept. 16 and 30 Dec. 16 and 30
-V.92, p. 117.
Brooklyn & North River RR.-New Company.-The Public Service Commission held a public hearing this week on
the application for a certificate of convenience and necessity
to operate a street surface road from a point on the North
River near Desbrosses St., Manhattan, over the Manhattan
Bridge, through Flatbush Ave. extension to a terminus
near the intersection of Flatbush Ave. extension and Fulton
St., a,distance of three miles.
The company was incorporated Dec. 30 1911 with $500,000 authorized
stock. It proposes to finance the construction of the road from sale of
stock. The application is signed by Slaughter W. Huff of Brooklyn, VicePresident.
The receivers of the Metropolitan Street Ry. last month sent a communication to the Board of Estimate and Apportionment, stating that they were
prepared, with the Third Ave. RR., Dry Dock East Broadway & Battery
RR., Coney Island ec Brooklyn By., Brooklyn Heights RR. as lessee of
the Brooklyn City By., and Nassau Electric RR.,to organize acorDoration
'
.
206
[VoL. Lxxxxiv.
THE CHRONICLE
sontrolled jointly by those companies, and to apply for a franchise to operate a surface railway from the North River in Manhattan to Flatbush Aye'
and Fulton St., Brooklyn, by way of Canal St., Manhattan Bridge and Plat'
bush Ave.; also to operate a temporary service in Canal St. from the bridge
entrance to the North River, and a local service on the bridge. The Board
has referred the matter to the franchise committee.
The Milwaukee Peoria & St. Louis RR., a subsidiary, has filed a notice of
increase of capital stock from $5,000 to $2,500,000. The road is being
constructed between Peoria, III., and Girard, to connect with the main lino
at these poInts.—V. 93. p. 1667.
Chicago & Oak Park Elevated Ry.—Minority Stockholders' Committee.—A committee representing the minority
Canadian Northern Ry.—Land Sale.—At Toronto on stockholders,
consisting of
Jan. 11 John F. Hansen, of Winnipeg, in connection with
C. Perrill .(Chairxnan), Cory E. Robinson, Alfred Kohn, Theodore
English interests, purchased for $5,500,000 (it is said, in W.Albert
Smith and William Dougall, has presented a petition to Judge Kohlsaat,
cash)from the land department of the Canadian Northern Ry. who has charge of the receivership proceedings. The stockholders fear
they are being frozen out as a result of the New Jersey receivership preprior right of selection of certain lands in Montreal, Port ceedings.
The committee has been negotiating for some time with the
elevated railroad interests for an amicable adjustment of the rights of the
Mann, B. 0., and various prairie toWn-sites.
minority stockholders, but so far have been unable to make a satisfactory
Montreal Terminal.—The company is negotiating with the settlement.
The minority committee, however, recommends that there
city of Montreal with reference to the proposed terminals, viz.: not be any litigation or legal action in the pending receivership proceedings
(a) A double-tracked tunnel 3.3 miles in length and 40 to 700 ft. deep,
from a point half a mile west of the C. P. .R.'s Outremont yards to Lagauchetiere St. (b) An underground station on Dorchester St. (e) Elevated
tracks from the tunnel mouth to the present Brennan St. tracks. (d) Elevated freight sheds; and (e) River front communication with the Moreau St.
station and a spur line there to the Dorchester St. terminal (compare V. 93,
13• 1190).—V. 93, p. 1724.
Canadian Pacific Ry.—New Securities.—Application has
been made to the London Stock Exchange for the listing of
new securities mentioned last week (p. 122), viz.: further
issue of £1,000,000 4% non-cum. preference stock and £1,000,000 4% perpetual consolidated debenture stock, making
the amounts listed £12,428,082 and £30,225,428, respectively.—V. 94, p. 122.
Central Counties Ry.—Bonds.--See Central Ry. of Canada
balance sheet below and compare V. 90, p. 1169.
Central New England Ry.—Supplemental Mortgage.—The
company has applied to the Public Service Commission for
permission to execute a mortgage supplemental to the 1st M.
.ofiJan. 1911 for $25,000,000 to provide for the retirement of
the $350,000 Dutchess Co. RR.4% bonds due June 1 1940,
and for the extension of the lien of the mortgage over that
road.—V. 93, p. 666.
Central Railway of Canada.—Balance Sheet.—The follow
ing has been given out in Paris:
BALANCE SHEEP OCT. 311911.
Assets ($9,766,674)—
Liabilities (89,766,674)-Railroads, steamers, &o.,
Capital stock (Issued and
as at the present time_ _$3,167,000
full pal)d_
$2,372,000
sue of.C1.000,000 bonds,
Issue of £1,000,000 bonds
incl. cash on deposit.
$4,860.000, and Central
$3,236,274;subsidy votCounties By. Co. bonds,
ed. $563,000; lands (1,(see V. 90, p. 1169)
300,000 acres), *6,500,5,335,000
Other47510
$ liabilities, incl. Int.
000; total, $10,299,274,
less amount needed to
Jan. 1 1912
100,000
complete the 164 miles
Balance
1,959,674
of railroad. $3,699,600_ 6,599,674
Dispute.—The "Toronto Globe" on Dec. 27 1911 said:
An injunction hanging fire in Montreal to restrain Senator Owen from
selling the Cari.lon & Grenville By.. or part thereof, to Canadian Northern
Interests, opens up an important legal situation. It Is claimed an agreement existed betowen the Central Canada and Carillon & Grenville, whereby
the former should have the right of purchase, and as no time limit was
named wherein to earn the land grant, even at this date the charter is
thougnt to have some speculative value. According to the Central Canada
oontentlon, the Canadian Northern wants part of the right-of-way of thern
Carillon & Grenville, which the latter are quite prepared to let them have,
but object to the charter rights of the line, with all the potentialities for
trouble it contains, passing into the hands of Mackenzie & Mann.
The matter is shrouded in some obscurity, but if the Carillon & Grenville
earns its land grant, where will it come from? There are no unpatented
lands in Ontario or Quebec which the Dominion Government can give.
Yet as trustee of the old Province of Canada, the Federal Government
according to one view, might be liable, and a cash payment would be the
only solution. [The "Engineering News" of New York for Sept. 14 1911'
contained an article entitled "The Last Broad-Gauge Railway in North
Amer., the Carillon & Grenville Ry."] Sec V. 93, p. 345, 730, 1259, 1461.
for the present.—V. 94, p. 123.
Chicago Rock Island & Pacific Ry.—Sale of $20,000,000
New 5% Debentures—Official Announcement.—The company
has sold to Speyer & Co. $20,000,000 20-year 5% gold debentures, dated Jan. 15 1912, being the entire auth. issue. The
proceeds will be used for terminal properties at Omaha; new
terminals and a bridge across the Mississippi River at Methphis; for various additions and betterments; and for paying
at maturity securities falling due in the calendar years 1912
and 1913. The company's official statement, issued Jan. 15,
says in substance:
The "first and refunding" bonds and any terminal securities issued during
those years (1912 and 1913] will be taken into the railway company's treasury. The company is thus enabled, by a moderate addition to fixed
charges, to provide a slumber of desired improvements without thereby
drawing upon its surplus earnings from operations, at the same time materially strengthening the treasury assets with marketable securities.
The debentures arc to be dated Jan. 15 1912 and mature Jan. (5 1932.
Interest J. & J. 15. Prin. and int. payable in N. Y. In U. S. gold coin; or
in case of the coupon debentures, at holder's option, in foreign currencies as
stated in the debenture. The entire issue, but not any,part thereof, Is to
be redeemable at option of company at any time at 105 and int. on 60 days'
previous notice. [Denominations $1,000 c'&r .1 Application will be
made to list the debentures on the N. V. Stock Exchange.
The debentures are a direct obligation of,,the Chic. It. I. & Pao. fly. Co.
(the ohl company), which was formed In 1880, and has uninterruptedly paid
dividends on its capital stock, and since 1899, at not less than 5% per annum.
The average surplus for the past five fiscal years amounted to about
$6,000,000, equal to about six times the interest on the $20,000,000 debentures, had same been outstanding.
At the office of Speyer & Co. it was stated yesterday that
over half of the debentures had already been sold privately
to the leading banks and trust companies here and in the
West; a large amount has also been taken by private investors in Germany and England. A public issue of the
unsold portion will be made at an early date, probably at
973. and int., at which price the investment will yield about
5M% per annum.—V. 93, p. 1785, 1725.
Cincinnati Hamilton & Dayton Ry.—Offering of Bonds
which B. ct 0. RR. has covenanted either to Purchase in 1916
at 85 and Interest, or to ETchangefor Guaranteed 4 Per Cents—
Deposit of Cash to Insure Full 4% Interest at Once.—Kissel,
Kinnicutt & Co. N. Y., are placing at 813/i and int. to net
about 5.70%, if'ptirehased by ,the B. & O. RR. in '
1916, or
about 5.30% if running until 1939 as a 4% bond, guar. p. & i.
by the B. dr 0.RR.Co.,$2,000,000 of the $20,000,000 (closed)
issue) gen. mtge. coupon bonds due July, 1 ,1939. The bonds
so offered carry interest at the fixed rate of 4%, there having
been attached to them Bankers Trust CO. coupons (payable
Nov. 1) for amounts equal to the difference between the fixed
coupons (payable J. & J.) and full 4%. The cash to meet
the Bankers Trust Co. coupons is on deposit with the trust
company, as trustees. The bankers say:
in 1909 by the Baltimore & Ohio RR. Co. to
purIn the contract made
Chicago & Eastern Illinois RR.—Bankers.—The appoint- chase control of the Cincinnati Hamilton & Dayton Ry. Co., the former
II.
&
D.,
which
with
the
C.
agreement
agreement
is
a
part
an
entered
into
the
Co.
as
company's
Loeb
&
Kuhn,
bankers,
ment of
which of the mortgage securing these bonds, either to buy for cash in July 1916
was announced last week, was made, it is stated, preparatory these general mortgage bonds at 85 and int, or to give in exchange a 4%
by the same general mortgage, maturing in 1939
a
near
future
connection
the
financing
in
between
to
the C. H. & D. bond,secured
guar. as to both prin. and Int. by the B. & 0. joline, Larkin & Rathroad and the New Orleans Mobile & Chicago RR., under the and
bone say that the agreement above mentioned between the B. &
Trust Co. of N. Y., as trustee under the
plan for the extension of the latter, so as to form a new short 0. RR. Co. and the Central H.
& D. Ry. Co. "was executed and delivaforesaid general mtge. of the C.
route between Chicago and Mobile and New Orleans.
ered by the B. & 0. RR. Co. In pursuance of due corporate action on its
Speyer & Co. will continue as bankers for the St. Louis & San Francisco part, and the same is valid, binding and enforcible against the B. & 0. RR."
and J. P. Morgan & Co. for the Louisville & Nashville, there being no conflict of interest between the various bankers.—V. 94, p. 122.
These bonds, as issued by tile C. H. & D. By. Co., carry coupons calling
for fixed Interest payments as follows: July 1 1911 to July 11914, 1% yearly
(payable J. & J.); July 1 1014 to July 1 1916, 3% and after that date
414%. In addition the bonds carry coupons dependent upon income for
,6% if earned.
amounts to bring the annual Interest payments up to 4;
It seems unlikely,that the B. & 0. will in 1916 elect to do otherwise than
purchase these bonds at 85 and int., torn 4% bond guar. as to prin. and int.
by the B. & o. could easily be sold at better than 85, which would be a
5 h% basis. For example the C. H. & D. ref. mtge. bonds which sell principally on the B. & 0. guaranty, are worth at present about 88 and int., or
a4 81
(% basis, and even an unsecured B. & 0. debenture should sell materially better than a 5i% basis.
We will take in exchange for the above bonds, C. H. & D. 4% notes, due
July 1913 at 99 and int., to net 4.40%.--V. 93, p. 1725, 1317.
Chicago & Milwaukee Electric RR.—Settlement—New Reorganization Committee.—Former President A. C. Frost,
owner of $2,000,000 in bonds, on Jan. 15 announced that
the Illinois and Wisconsin bondholders' representatives have
granted the demands of John R. Thompson for a place on
the committee and the payment of his obligations for the
litigation of his claims. Mr. Thompson's refusal to let the
reorganization proceed without these concessions has, it is
stated, caused the delay of the last few months. "Chicago
Cincinnati (0.) Traction Co.—Decision.—Judge HoffTribune" says:
1896 is a
tec
haotutnht_e
heimer in the Superior Court on Dec.A27 decided
Committee.—George
M.
New Reorganisation
Reynolds (President of the
of
Continental & Commercial National Bank), Chairman; Ernest A. Hamill, company under the 50-year franchise
W. E. Stavert, George A. Somerville, Miller Lash, Robert Cassels, It. F. able to the city for 6% of its gross earnings from all traffic
Clinch, E. A. Shedd, John R. Thompson and H. S. Osier.
within the city limits, including the part of it retained by
Mr. Hamill and Mr. Osier represent the Illinois division bondholders and
the others tile Wisconsin division. W. E. Stavert is Massager of the Bank the interurban roads.
of Montreal and Mr. Somerville, Mr..Lash and Mr. Cassels are concerned
with the Toronto interests.
A tentative operating agreement already has been in negotiation with
the Northwestern Elevated By. as a part of the Chicago Elevated Railways.
Its consummation will await the return from Europe next month of Samuel
Insult, Chairman of the Chicago Elevated Rys. executive committee, but
no doubt is expressed that it will be carried through.—V. 94, p. 67.
The city contended that the company is not paying 6% upon the gross re'
coipts of all its "routes or lines of roads" within the city, but that by volun
tary agreement with the interurban companies It permits them to use its
routes or roads on payment of the fares collected and reiativefractional
amount of the freight, and that it only pays the city the amounts actually,
received. The Court sustains the city's claim that the 6% should be calculated upon the gross earnings of the franchise for operating the "routes
or lines of roads," no matter from what source they are collected, thus including the part retained by the interurban companies. The suit was filed
in Nov. 1905. Another suit is pending for an acaounting sluice that date.
The amount involved is reported to be about $1,500 a year.—V. 93, p. 526.
Chicago & North Western Ry.—Application to Issue Guaranteed Bonds.—The company has applied to the Railroad
Commissioners of Wisconsin, Michigan and Nebraska for
Columbia (S. C.) Railway, Gas & Electric CO.—Listed in
permission to sell $15,000,000 1st M. bonds of the proprietary
company, the Milwaukee Sparta & Northwestern Pty.(V. 93, Baltimore.—The Baltimore Stock Exchange has listed
by the Chi. Nor. West. Ry. the $2,454,000 1st M. 5s due July 1 1936. See V.93, p. 229.
p.1190, 885, 886), guar.,
• The M. S. & N. W. By. extends from near Lindwerm on the Wisconsin
Columbus (0.) Street Ry. Co.—New Stock.—For the purdivision, about 8.03 miles north of Milwaukee, to Sparta on the Madison
division, 169 miles, and from a connection with the above line at a point pose of reimbursing the operating company (the Columbus
about 6 miles west of Lindwerm to a connection with the Milwaukee and
& Lt. Co.) for certain additions, the shareholders voted
Madison line near West Allis, a distance of 8.16 miles, making a total of ItY •
on Jan. 12 to increase the capital stock from $7,000,000 to
177.19 miles.;;;1
JAN. 28 1912]
THE CHRONICLE
207
Kansas City & Memphis Ry.—Purchase.--See Arkansas
$8,000,000, the increase being divided into $500,000 common
Oklahoma & Western above.—V. 92, p. 1109.
and $500,000 pref. A press report says:
the
Lake Erie Bowling Green & Napoleon Ry.—Coupons &c.
Originally the operating company asked for 53,000,000 tb repay It for had
sums it had expended, but this was refused after a special committee
receivers have paid the interest due May 1 1911 on
—The
in$1,000,000,
that
investigated the items of the claim, and rcconitnended
the $353,500 5% bonds, but not the November coupons.
stead of $3,000,000, be paid.
The receivers have issued $50,000 2-year 6% certificates dated Dec. 20
New Directors, &c.—The following have been elected:
1911 to pay for new equip. for power house and rolling stock for railways.
Directors (and officers).—D. Meade Massie of Chillicothe,(Pres.); P. R.
Huntington (1st V.-P.), A. D. Heffner (2d V.-P.), C. D. Hinman (Sec.),
Springand W. C. Willard (Treas.), all of Columbus, 0.•, L. P. Matthews ofEdward
field, O.; William Worthington of Cincinnati; George Hardy and
Johnson of Columbus, 0., all being new except Mr. Hardy.—V.93,p.588, 44.
Delaware Lackawanna & Western RR.—Proposed New
Cut-Off.--The company, it is learned, has decided to build a
new line from Clark's Summit, Pa., to Hallstead, to reduce
the distance between the two points from 38 to 35 miles, to
eliminate curves and heavy grades between Scranton and
Binghamton, and to replace the present tunnel at Nicholson
by a large concrete bridge, spanning the valley between two
mountains. The cost, it is expected, will be between
$10,000,000 and $15,000,000.—V. 93, p. 1786.
Denver City Tramway.—Guaranteed Notes.—See Denver
Realty Co. under "Industrials" below.—V. 93, p. 1599.
Denver & Inter-Mountain RR.—Securities Pledged.—See
Denver Realty Co. under "Industrials" below.—V.91,p.1629.
Detroit United Ry.—Electors to Vote on Thompson-Hally
Settlement Ordinance—Decision Holding Invalid Proposed
Vote on Purchase by City.—See "Detroit" in State and City
Department.—V. 94, p. 123.
Federal Light & Traction Co., New York.—New Plan.-The company has signed a contract with the Ozark Power &
Water Co. of St. Louis, Mo., for the building of a dam and
plant on the White River in the Ozark district, Missouri, at
a cost of $500,000, in order to supply power to Springfield
and other cities in Southern Missouri.—V. 93, p. 1786.
Florida East Coast Ry.—Completion to Key West.—
Through train service to Key West will, it is announced, be
inaugurated on Jan. 22, making the main line 521 miles long.
—V.93, p. 1382.
Grand Rapids Grand Haven & Muskegon Ry.—Sale.—See
United Railways & Light Co. of Maine below.—V. 76, p. 479.
Grand Trunk Pacific Ry.—Debenture Stock.—The company
announces its intention to apply to the Canadian Parliament
at the present session for authority to make a further issue
of not exceeding Z5,000,000 perpetual or terminable debenture stock, to provide for the completion of the railway, the
purchase of rolling stock, the construction of branches, &c.
A press dispatch from Ottawa to the 'Toronto Globe" says:
This means that, following the change of Government, tile Grand Trunk
Pacific is being called upon to do its own financing without throwing additional burdens upon the country. The company needs an additional 515,000,000 to complete its railway, purchase rolling stock, construct branch
lines, &c. Mr. Hays and his associates preferred to get the money by way
of a Government loan, as they got $10,000,000 three years ago; but, this
being apparently impossible, the company finds the further issue of debenture stock necessary.—V. 93, p. 1786.
Grand Trunk Ry. of Canada.—Authority Desired to Purchase Bonds of Grand Trunk Western or Other Companies, &c.,
and to Issue New Consolidated Debenture Stock.—The company gives notice that it will apply to the Parliament of
Canada at the present session for an Act authorizing the co.:
(a) To acquire, hold, pledge, sell or otherwise dispose of the 1st M. bonds
issued or to be issued by the Grand Trunk Western By. Co. to an amount
not exceeding $30,000,000;
(b) To aid by way of loan, guaranty of bonds, debentures or debenture
stock, or by tile acquisition of its securities, any company of which the
capital stock, or a controlling amount thereof, Is or shall be held In the
name of the Grand Trunk By. Co. of Canada or the Grand Trunk Pacific
By. Co. or by or in tile name of trustees for either of the said companies.
(c) And for the purposes above stated, among others, to issue further
Grand Trunk consolidated debenture stock bearing interest at a rate not
exceeding 4% to an aggregate amount the interest upon which shall not
sterling.
exceed X250,000
A stockholders' committee is now being organized, with C. R. Painter of
Bowling Green as Secretary.—V. 93, p. 1786.
Lehigh Valley RR.—New Director.—Henry B. Coxe of
Philadelphia has been elected a director to succeed P. A. B.
Widener, who retired.—V. 94, p. 123.
Louisville Henderson & St. Louis Ry.—Preferred Stockholders' Protective Committee.—A protective committee has
been formed, consisting of
Otto Marx (Chairman), of Otto Marx 6c Co., bankers, Birmingham, Ala.:
Felix Rosen, Hayden Stone & Co., N. Y.; Alfred Shepherd, of Edinburgh,
Scotland; Eugene F. Enslen, Pres. Jefferson Co. Savings Bank, Birmingham. Ala.; and William Marshall BullItt, Louisville. Ky. with Samuel
Untermyer as Counsel and Harry Hoffman as Secretary, 37 Wall St., N. Y..
and Bankers Trust Co. of New York as depositary.
The committee states that they are the holders of about $500,000 pref.
stock, and have consented, at the request of numerous other holders, to
act as a protective committee to preserve and enforce the rights of the pref.
stockholders, pursuant to the terms of a deposit agreement. The committee
says: "The property is controlled by the Louisville & Nashville, mainly by
common stock ownership. Your committee is satisfied, as the result of
investigation, that your rights are being ignored and that you are being
Deposits may be made to ahd
oppressed by the controlling interests.'
including Feb. 15, after which no deposits will be received save in the
discretion of the committee.
[The Louisville & Nashville owns $1,631,385 of the $2,000.000 common
and $771,081 of the $2,000,000 preferred stock.—Ed.1--V. 93, p. 792.
Metropolitan Crosstown Ry., New York.—Foreclosure.—
The New York Trust Co._, trustee under the $600,000 1st M.
of 1890, on Jan. 17 brought suit in the Supreme Court to foreclose the same. Compare V. 93, p. 1787.
Michigan United Railways.—New Company.—The Michigan United Traction Co., with office at Kalamazoo, was incorporated in Michigan on or about Jan. 3.with $100,000 stk.
The Incorporation in Maine last week of the "Michigan Railways," with
$10,000,000 auth. stock ($4,000,000 to be 6% cum. pref.) was noted in
the "Chronicle" of Jan. 6, p. 69. The two new companies, it is supposed.
will figure, probably, one as holding company, the other as an operating
company,in connection with the plans now pending concerning the Michigan
United Railways.
As is well known, the Michigan United Rys. proposes to build a line from
Grand Rapids to Kalamazoo, as well as to electrify the line to Benton
Harbor, and the authority recently obtained for the Issue of $1,237,000 additional bonds, while based, It Is understood, on improvements already made,
was sought, it is stated, with reference to such extenslons.—V. 93. p. 68.
Middlesex & Boston Street Ry.—Bonds Sold.—The company has sold an issue of $1,200,000 1st M. 43'% 20-year
refunding bonds, dated Jan. 1 1912 to Estabrook & Co. and
Lee, Higginson & Co.
The bonds are a part of the $1,483,000 bonds recently
authorized by the Massachusetts Railroad Commissioners.
The property of the company was recently appraised by Civil Engineer
G. M. Thompson at $3,613,025, or $1,115,025 in excess of outstanding
securities.—V. 93, p. 1787.
Milwaukee Sparta & North Western Ry.—Application to
Issue Guaranteed Bonds.—See Chi. & Nor. West. Ry. above.
Mississippi Valley Interurban Ry.—Foreclosure.—The
First Trust & Savings Bank of Springfield, Ill., as trustee
under the $60,000 1st M. of 1906 of the controlled company,
the Springfield Clear Lake & Interurban Ry., on Dec. 20
brought suit in the Sangamon County Circuit Court to foreclose the mortgage.
It was alleged that the company has failed to pay interest on the bonds,
that the cars have not been operating and that the property is deteriorating.
President John E. Melick states that the company does not owe interest
on any of the bonds, and that most of them were given to farmers and others
along the right of way in payment for right of way, and that in many cases
Interest has been paid for many years in advance. This, it is stated, was
done by the company's officials permitting bondholders to turn in their
interest coupons and secure tickets in exchange.—V. 93, p. 1534.
Montgomery (Ala.) Light & Traction Co.—New Name.—
The Montgomery Traction Co. changed its name as above on
Dec. 29 1911, having acquired the lighting property formerly
owned by Richard Tillis.—V. 91, p. 1026.
See also Grand Trunk Pacific Ry. above.
Subsidiary Asks Permission to Build to Boston.—See SouthMontreal Tramways Co.—Stock Acquired.—The "Monetary
ern New England RR. Corporation below.—V.93, p. 1786.
Times" of Toronto on Jan. 16 said:
Hampden RR. Corporation.—Notes Sold.—The company
It would appear that up to the end of the year 93,318 out Or *the total
of 100,000 shares of the Montreal Street Ry. had been turned in for exhas sold to F. S. Moseley & Co., who are offering them change,
leaving 6,682 still out.
privately in Boston, $1,000,000 of an issue of $1,400,000
Mont.
See
Tramways & Pow. Co. below.—V. 93, p. 1463.
road.
the
building
of
cost
the
of
part
cover
1-year notes to
& Power Co.—Amalgamation.—A
Its
and
Montreal
Traznways
Co.
RR.
H.
&
H.
N.
Y.
N.
the
of
The company Is a subsidiary
road will be operated under lease by the Boston & Maine. See V.93, p.1022. press dispatch from Montreal on Jan. 18 said:
The plan of amalgamation of the Montreal Tramways Co. and the CanaIndianapolis Traction & Terminal Co.—New President.—
Light & Power Co. has been definitely decided upon. The amalgaGeneral Manager Robert I. Todd has been elected President dian
mation will be effected by a holding company taking up the common stock
and Ferdinand Winter a director, to succeed the late Hugh of the two companies to be absorbed. The holding company will be the
Montreal Tramways & Power Co., with a London. Eng., charter, and a
J. McGowan.—V. 90, p. 1239.
capital of $20,000,000.
1910-11
Year
for
The shareholders of the Montreal Tramways Co. (V. 93, p. 1463) and
Interborough-Metropolitan Co.—Report
the Canadian Light & Power Co.(V. 91, p. 591, 656) will receive 1 shares
—To Control New York Railways.—See 'Annual Reports."
of the Montreal Tramways & Power Co. for each share now held by the
common stock of the TramMeeting.—The shareholders at the annual meeting (1) shareholders. The holders of the $2,000,000
ways company will receive $3,000,000 of the consolidated company's stock
elected Robert I. Jenks, Charles B. Ludlow and B. J. Pep- and
the holders of the outstanding $6,000,000 of Canadian Light ec Power
perman directors to fill vacancies; (2) voted to change the stock will receive $9,000,000 of the consolidated company's stock. The
Montreal Tramways & Power Co.'s outstanding capital will, therefore,
date for the annual meeting to the third Thursday in Sep- be
$12,000,000 of the $20,000,000 authorized. See V. 91. p. 1711, 1768.
tember;(3) ratified the agreement with Hallgarten & Co. for
England Investment & Security 00.—Bill Introduced.
New
the
of
to
part
not
of
exceed
meet
loan
$2,000,000 to
a 6%
by the recent announcement (V. 93,
foreshadowed
—As
in
reorganization
expenses
connection with the
company's
a bill has been introduced in the Mass. Legislature
1788)
p.
mature
Street
Ry.
will
Co.
This
loan
Metropolitan
of the
authorizing the trustees of this voluntary association to form
Dec. 2 1913. President Shonts says in substance:
new corporation, "the Worcester Springfield & Berkshire
a
aSsessl
to
more
provide
stock
for
necessary
than $1,750,000
It will not be
to take over, consolidate and operate
!Tient, as the bonds of the New York Railways that the Interborough- Street Railway Co.,"
Metropolitan will receive under the plan have already been sold to flail- all street railways at present controlled by the Investment
gartcn & Co., and this amount has been deducted from the amount needed
those controlled by the Springfield Ry.
for the assessment. The company's stock In the New York Railways Co. Company (including
(about $15,100,000) has been pledged with Hallgarten & Co. as collateral. Co. and the Worcester Rys. & Invest. Co.) and the Berkshire
The holders of 3.046 shares who did not conic into the reorganiRy., which is now controlled by the New York New
zation of the Metropolitan Street Railway Co. are now asking to be al- Street Ry.
RR. Co. The bill authorizes the N. Y.
lowed to partIcipate and pay their $12 90 assessment. This makes It ins- Haven &
possible for the Interborough-Metropolitan to complete Its repOrt under N. H. & H. RR. Co. to own all the common stock of the new
68.
p.
94,
six
months.—V.
208
THE CHRONICLE
company, but forbids any sale thereof without consent of
the Commonwealth.
ropolitan Street By. has been operating cars over 145th Street between
Lenox Ave. and Broadway for several years.—V. 93, p. 1600.
Salient Features of the Bill.
New Company.—The present trustees of the association, Gordon Abbott,
Henry L. Higginson and. Laurence Minot of Boston; J. T. Harmer and A.
Willard Damon of Springfield; August G. Bullock of Worcester, and Bentley
W. Warren of Williamstown, to form a new corporation, the Worcester
Springfield & Berkshire Street Ry. Co., with power to acquire all the street
railway securities controlled by that association or its two subsidiary associations, the Springfield By. Co. and the Worcester Railways & Investment
Co., and with the other usual powers of street railway companies in Mass.
The new corporation,for such acquisition, may issue Its capital stock (of
which not over one-half may be 4% pref.) to the amount of shares of the
three associations in the hands of investors and of the other liabilities of
the New England Invest. & Security Co., as determined by the RR. Comm.
The corporation may acquire from the N. Y. N. H. & H. RR. Co. the
latter's holdings of capital stock of the Berkshire Street By. Co., and may
issue in payment its own pref. or common stock.
Whenever a majority of the stock of any street railway has been acquired,
the minority shareholders shall be given either the same terms or the valuation fixed on their shares by the Court; and when all the stock has been acquired.consolidation is to take place automatically. Or, having acquired
15% of the stock, consolidation may be effected under the general law.
Within three months proceedings must be taken for a consolidation of the
Springfield.Street By. Co., unless automatic consolidation shall have already
taken place.
Extenstans.—A connection between the Berkshire and Springfield street
railway systems must be completed before Jan. 1 1914 (probably, it Is said,
between Lee and Westfield), and extensions are also to be built from Huntington northerly to Cummington [some 14 miles] within three years after
the consolidation of the Springfield St. By.; also westerly from P.gawam or
Westfield through Southwick to Granville, about 12 miles.
Control by New York New Haven & Hartford HR. Co.—The latter, if
it accepts the provisions of the Act, may hold pref. and common stock of
the new company, also its bonds and notes, and those of any street
railway of which it acquires a majority of the stock. The railroad corporation may guarantee the dividends and liquidation value of the pref. shares,
and the principal and interest of the bonds and other obligations which it
is authorized to hold. None of the common stock, however, of the new corporation acquired by the railroad company shall be sold without the consent
either of the General Court or of the Railroad Commission.
Directors.—A majority of the officers and a majority of the directors must
be citizens of Massachusetts.
Acceptance of Act.—The Act will be vold unless within six months after
its passage both the N. Y. N. H. & H. RR. Co. and the new street railway
company accept the same. The Act may be amended, altered or repealed
by the General Court. See V. 93, P. 1788.
New Orleans Mobile & Chicago RR.—New Officers.—The
following new officers were elected on Saturday last:
Pres. W. F. Owen (formerly V.-P. & Gen. Mgr.); V.-Ps., B. L. Winchell
(Pres. of the St. Louis & San Fran. RR.) and Milton H.Smith (Pres. of the
Louisv. & Nashv.); Treas., Geo. W. Crary; Sec., H. F. Ricker; Asst.
Treas., T. D. Heed; Asst. Sec., H. L. Borden.
The new executive committee consists of Henry Walters (Chairman of
Louisville & Nashville), B. F. Yoakum (Chairman of St. Louis & San Fran.),
M. H. Smith, B. L. Winchell and W. P. Owen.—V. 94, p. 123.
Newport News & Old Point Ry. & Electric Co.—Change
in Control.—The control of this company and its subsidiaries
has passed from William J. Payne of Richmond and associates to a syndicate of New York bankers and electric railway men headed by C. Loomis Allen of Syracuse and Edward
F. Peck of Schenectady. The following directors (and officers) have been elected:
C. Loomis Allen, Syracuse. N. Y.. President; E. F. Peck, Schenectady,
N. Y., Vice-Pres.; W. J. Payne, Chairman; Henry L. Schmelz, Newport
News; Chas. E. Hewing2, Hampton; B. Howell Griswold, F. Opper, James
May Duane and C. D. Dickey, New York. William Stuart is Sec. & Treas.
Mr. Allen is Vice-President and General Manager of the Syracuse Rapid
Transit Co.; E. F. Peck Is Gen. Mgr.of Schenectady Ry.—V. 91, p. 1447
New York Central & Hudson River RR.—Two Propositions
to Stockholders of the New York & Harlem RR.—The New York
P. S. Commission has authorized the company to purchase
the whole or any part of the stock of the New York & Harlem
RR. Co. ($8,656,050 common and $1,343,950 pref.) at $175
for each share of the par value of $50. Pursuant to the authority so given, this company offers to buy the•stock at that
price through J. P. Morgan & Co., to whom the certificates
should be delivered in exchange for cash.
The N. Y. & Harlem shareholders are also offered, as a
separate proposition, the right to subscribe at 92, at the
office of J. P. Morgan & Co., for the new 4% debentures of
1912. Authorized, $50,000,000; present issue (to provide
funds for purchase of aforesaid stock), not over $35,000,000.
Extracts from Circulars Dated Jan. 16 1912—Cash Offer for N.Y.&II. Stock.
The steam railroad of the Harlem Company is now leased to the N. Y.
Central for a term expiring April 1 2274, at an annual rental of 10% on the
stock. The surface lines were leased to the Metropolitan Street Ry. Co.
by lease dated June 111896, for a term expiring July 1 2895, at an annual
rental of 4% on the stock. The Metropolitan Company has now been succeeded by the New York Railways Co.
The price offered ($175 per share, par $50) will, if invested at 4%,
bring a return equal to that which the stockholders are now entitled to
receive under the existing leases.
Right of N. Y. & Harlem Stockholders to Subscribe for New Debentures.
The company Is prepared to sell to holders whose N. Y. & Harlem stock
it purchases, N. Y. Central 30-year 4% debentures of 1912 (part of an authorized $50,000,000) at 92% of par, giving a return equivalent to 4.49%.
The Issuance of these debentures to the extent of not exceeding $35,000,000
has been authorized by the P. S. Commission for the purpose of providing
moneys to be used in the purchase of Harlem stock. The debentures will
be made exempt from taxation under the "secured debts tax law" of N. Y.
State. The indenture to the Guaranty Trust Co. of New York, trustee,
dated Jan. 1 1912, regulating the issue and standing of these debentures,
provides that they shall be secured under any future mortgage executed
by the N. Y. Central or a successor company (other than to refund existing
mortgages or to secure the N. Y. Central-Lake Shora..ollaterai bonds and
the N. Y Central-Michigan Central collateral IForid-SY ratably with every
other bond issued under such mortgage. These debentures may within
12 years from the date of any such future mortgage be exchanged at the
election of the holders, par for par, for bonds bearing the same rate of
interest and maturing not less than 50 years from 'their date, issued under
such future mortgage.
The P.S. Comm. has sanctioned the sale of $5,000,000
35i% gold bonds dated June 1 1897 at not less than 86 in lieu
of $5,000,000 of the $30,000,000 4% gold notes originally
authorized by the Commission Mch. 10 1911, but which were
recently authorized to be used in connection with the purchase of the N. Y. & Harlem RR. See V. 93, p. 1788, 1600.
New York City Ry.—Extension.—The P. S. Commission
adopted a resolution granting permission to the company to
construct and operate a road through 145th Street from
Lenox Avenue to the easterly side of Broadway.
This will give the company a continuation of its lines from the bridge over
the Harlem River across town to Broadway. The Board of Estimate and
Apportionment recently approved a franchise for the extension. The Met-
Lxxxxnr.
New York & Harlem RR.—Offer for Stock—Right to Buy
4% Bonds at 92.—See New York Central & Hudson River
RR. above.—V. 94, p. 124.
New York New Haven & Hartford EL—Legislation.
—See New England Investment& Security Co. above.
Supreme Court Upholds the Federal Employers' Liability
Act of 1908.—The U. S. Supreme Court on Monday, in four
cases brought against railroads for damages, unanimously
sustained the constitutionality of the Federal Employees'
Liability Act. of 1908, which was enacted in place of the Law
of 1906, that had previously been held to be unconstitutional
by the Supreme Court because it, in effect at least, attempted
to regulate intra-State as well as inter-State commerce.
Justice Van Devanter wrote the opinion, the cases being considered together.
The four cases, two against the N. Y. N. H. & H. arising out of the death
of one Walsh,a brakeman; a third (the Mindow case against the New Haven
road from Connecticut, V. 89, p. 225), and one against the Northern Pacific
from Montana, presented all the points which it is deemed arc likely to
arise in suits to enforce the provisions of the law, which abolishes the common law rule of non-liability for damages through the negligence of a fellowservant as applied to Inter-State transportation.
The Court finds that the present law does not regulate Intra-State commerce, and therefore Is not objectionable on that ground, saying that "no
one has a vested property right In the common law."
In the Mondow case, in which the Supreme Court of Errors of Connecticut
held that the Act of Congress is not in harmony with the policy of the State,
and that therefore the State courts are free to decline jurisdiction, the Court
maintains that the suggestion is Inadmissible because It presupposes what In
legal contemplation does not exist, saying: "When Congress, in the exertion
of the power conferred on it by the Constitution, adopted the Act, it spoke
for all the people and all the States, and thereby established a policy for all.
That policy is as much the policy of Connecticut as if the Act had emanated
from its own Legislature, and should be respected accordingly in the courts
of the State.—V. 94, p. 124, 68.
New York Railways.—Stock Control—Sale of Bonds.—See
Interborough-Metropolitan Co. under "Annual Reports;"
also above.—V. 94, p. 124, 68.
Norfolk & Western Ry.—Right to Subscribefor $14,000,000
Convertible Bonds.—Warrants will be issued Feb. 9 to enable
shareholders of record on Jan. 31 to subscribe at par on or
before March 1 at the company's office, Phila., or the Guaranty Trust Co., 28 Nassau St., N. Y., for about $14,000,000
new 4% convertible 20-year debenture bonds, dated Sept. 1
1912, in amounts equal to 12% of their respective holdings.
Subscriptions will be payable at the places above mentioned,
50% between Feb. 27 and March 1, incl., and 50% between
Sept. 3 and Sept. 6, incl. See also advertisement.
Condensed Official Circular. Dated at Arcade Bldg., Phila.. Jan. 12 1912.
The financial provision heretofore made for additions and betterments to
your company's road and equipment has met the requirements to June 30
1911. Since that date work has continuously progressed upon the branches
and extensions and double track referred to in the last annual report (V. 93.
p. 670) and upon sidings, yards and other facilities. In order to reimburse
the treasury for such expenditures made since June 30 1911 and to complete
further additions and betterments, including 42 miles of second track,
extensive enlargements and improvements of yards, coal piers and other
terminal facilities at Norfolk and Lambert's Point, Va., and
at Columbus,
0., and such additional passing sidings, new bridges, equipment and other
construction and improvements as are required for the economical movement of the increasing traffic, the directors, pursuant to authority given
by the stockholders Oct. 13 1910, hereby offers to the holders of adjustment
pref. stock and corn, stock the privilege of subscribing at par between
Feb. 27 and Mch. 1 1912, both incl. (after which latter date
the privilege
will cease) for an amount of convertible 4% bonds equal to
12 3. % of their
respective holdings as registered at the close of business Jan.
31
1912.
These 4% bonds will be issued under a trust indenture about to
be executed between this company and the Guaranty Trust Co. of N. Y. as
trustee. They will be payable Sept. 1 1932 and will bear int. from
Sept. 1 1912,
payable semi-annually. Both prin. and int, will be payable In U. S. gold
coin of the present standard without deduction for any tax which
railway may be required to pay or retain therefrom under any presentthe
or
future law of the U. S. or of any State, county or municipality
(Par $1,000 (0). $1,000 (ro) and multiples.—Ed.] The bonds therein.
will be
convertible at option of holder at any time before Sept. 1 1922 into common
stock of the same par value. So long as the divs. on common stock are paid
quarterly a bondholder converting his bonds during the last half of an interest period will be paid a sum equal to the div. paid on a like amount of tom.
stock for the first half of such interest period. The bonds may
be
by
the company for redemption on any int. day after Sept. 11022 at called
The company will not sell or purchase fractional warrants. 105.
Payment In full may be made at the time of subscription. Unless so
paid
the final installment must be paid between Sept. 3 and 6, incl. Subscription
receipts will be dated Mch. 11912, will be issued in denominations
$100.
$500, $1,000, $5,000 and $10,000, and will bear Interest from thatof
date to
Sept. 1 1912 at 4% per annum.
All subscription receipts must be surrendered for cancellation between
Sept. 3 and 6 1912, both incl., whereupon there will be at once deliverable
a bond of $1,000, bearing int. from Sept. 11012, for each $1,000 of full-paid
subscriptions, and, not later than Sept. 13, shares of common stock of $100
each, carrying divs. declared after Sept. 1 1912, for any exce.ss full-paid
subscriptions over the amount of bonds so deliverable or for subscriptions
aggregating less than $1,000. There will also be deliverable.a check for 6
months' Interest at 4% per annum on the subscription receipts surrendered.
See also aforesaid advertisement.—V. 94, p. 124.
Northern Pacific Terminal Co.—Called Bonds.—Forty-one
($41,000) 1st M. bonds of 1883 have been called for payment
at 110 and int. on Feb. 5 at the Farmers' Loan & Trust Co.
—V. 93, p. 164.
Pacific Power & Light Co., New York.—Preferred Stock
Offered.—Jackson & Curtis, N. Y., and Boston, are offering
at 102 and accrued div. $500,000 additional 7% cum. pref.
stock (pref. p. & d.•, divs. Q.-F., callable at 115 and accrued
div.). This makes the amount outstanding $2,000,000; total
auth., $3,500,000. The bankers say:
Between Nov. 1910 and Nov. 1911 the company spent on its property
$2.100,000; of this, $1,500,000 was raised by sale of 2d pref.
stock
par
for-cash to owners of common stock. Although the company had not at
begun
to derive the full benefit from the money spent on its property In the
last
year, the earnings were over twice the amount needed for dividends on the
preferred stock now outstanding.
A consolidation of various established properties, and now serving 50
communities and surrounding country in VVashington, Oregon
and
Owns steam and hydro-electric power plants, present capacity over Idaho.
20,000
h. p.• 444 miles of high-voltage transmission lines, 30 miles of street
and
interurban railway, 5 gas plants and 5 water-works systems. All important
franchises either perpetual or for long periods. Controlled by interests
Identified with General Electric Co. Population progressive and growing
rapidly; 47,387 in 1900, 88,358 in 1910, incl. est, rural population of 5,000.
Earnings for Twelve Months ended Nov. 30 1911 and Present Int. Charge.
1911.
1910.
Present interest charge_....$264,750
$
Bal. (twice pref. div.)
$292,827
Gross
1,194,509 1,048,800
Net, after taxes_ 557,577 458,079
THE CHRONICLE
JAN. 20 1912.]
The outstanding bonded debt now amounts to $5,295,000, including
$4,791,000 "first & ref." 5s, and $504,000 underlying bonds. The latter
will be called and replaced by "first & ref." 5s by June 1 1912 The pref.
stock is followed by $1,500,000 outstanding 2d pref. stock, sold at par for
cash; and by $6,000,000 common stock, on which 2% divs. were paid in
1911, representing a large additional cash investment. The 2d pref. stock
(V. 93, p. 1726) may be converted into regular pref. stock, in lots of 1,000
shares or more, whenever the surplus applicable to divs. for preceding 12
times the annual divs. on all regular pref. stock
mos. shall have been 2
outstanding, and contemplated to be issued. See also V.I93, p. 168. 536,
1726; V. 94, p. 70.
Philadelphia Rapid Transit Co.—New Bonds.—A director
is quoted as saying that it is planned to issue at present only
$2,000,000 of the new bonds. It may be some months, and
possibly a year, before the second lot of $2,000,000 is brought
out.—V. 93, p. 1191.
Pittsburgh (Pa.) Railways.—Decision.—The Pennsylvania Supreme Court on Jan. 2 affirmed the decision of the
lower Court in the suit brought by the city to recover the
company's share of the cost of cleaning streets on which its
tracks are laid for 5 years ending in 1908.
The suit was for $700,000. Judge Swearingen in the lower Court cut the
in a verdict. CompClaim down to $226,000, for which the jury brought
troller Morrow is quoted as saying that a number of similar suits are exprobably
will
settle the city's
company
the
as
pected to be discontinued,
claim by paying about $800,000.—V. 93, p. 164.
Portland (Me.) RR.—Sale.—The directors have recommended to the shareholders the acceptance of an offer from
the Portland Electric Co. or its subsidiary, the Port. Ltg.
& Power Co. (see V. 92, p. 467), to pay $118 a share (par
$100) for all or a majority of the $2,000,000 stock. Compare V. 93, p. 1726, 1601.
Puget Sound Electric Ry.—Dividend Omitted.—The company omitted the semi-annual div. on the pref. stock due
Jan. 1, owing, Pres. Furth says, to the effect of the fare
reduction forced on the company as stated in V. 93, p.797.
—V. 94, p. 124.
Quebec Railway, Light, Heat & Power Co., Ltd.—See
"Annual Reports.
Bonds.—The 50,000 new 30-year bonds of 500 francs
each, or 25,000,000 francs (say, $4,807,700), described in
our issue of Dec. 23 1911 (p. 1726), are part of an authorized
issue of 120,000 bonds of 500 francs,aggregating 60,000,000
francs ($11,539,000), issuable as follows:
209
Underground Electric Rys. of London.—Merger.—A
Marconigram from London to the N. Y."Times" on Jan. 18
quotes the "London Evening Standard" as to the terms of
the amalgamation arranged by Sir Edgar Speyer, as follows:
The shareholders will receive in exchange for each £100 of London General Omnibus Co.'s ordinary stock (a) £105 of Underground Electric 6%
cumulative income debentures, maturing in 1945 but redeemable either by
purchase or drawings at 125 and secured on the whole of the undertakings
of the Underground Electric Rys. Co. and of the London General Omnibus
Co.; (b) £105 of 6% income bonds ranking equally with the present income
bonds of the Underground Electric Rys., and (c) 100 shares of one shilling
each, entitled to one-third of the surplus profits after the income bonds
have received a full dividend. See also V. 94, p. 69.
United Railways & Light Co. of Maine.—Purchase.—
This company, it is announced, has purchased the entire
stock issue ($1,200,000) of the Grand Rapids Grand Haven
& Muskegon Ry. (bonded debt $1,500,000 5 per cents).
See page 54 of "El. Ry. Sec.".—V. 93, p. 69.
Virginian Ry.—New Stock.—An advertisement dated
Jan. 10 announces that the shareholders will vote Jan.27 on:
1. The increase of the maximum amount of the authorized capital stock
from $$6,000,000 to $65,000,000 in shares of $100 each.
2. Amendment of the charter so that $20,000,000 of the stock shall be
5% cumulative pref. stock and $36,000,000 common stock. The holders
of such pref. stock to be entitled to receive, when declared,from the surplus
or net profits applicable thereto, dividends at the rate of 5% per annum
and no more; and in the event of liquidation or dissolution, shall receive
the unpaid dividends accrued thereon and thd par value of the respective
shares before any amount shall be paid on the common stock. The pref.
stock may be redeemed as an entirety by a vote of the majority in amount
of all the outstanding capital stock at any time after three years from the
date of issue thereof, upon payment of $105 per share plus any accumulated
unpaid dividends. Tile pref. stock will have the same voting power as
the common stock.
3. Amendment of the by-laws as to election, the number of directors
to be increased from seven to nine.—V. 94, p. 125.
Western Marylan. y.—New Office.—Owing to the burning of the Equitable :uilding, the company's office has been
moved to 115 Broadway.—V. 93, p. 1790.
Wisconsin & Michigan Ry.—Receivership.—Judge Charles
A. MacDonald, in the Superior Court at Chicago on Jan. 15,
appointed Frank McKey as receiver for this 76-mile road on
application of the Otto Gas Engine Co., based on an unpaid
judgment of $9,322.—V. 92, p. 1180.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Agricultural Chemical Co.—Listed.—The New
(1) For the proposed road of tile Quebec Eastern By. Co. to extend from York Stock Exchange has listed $770,200 additional preferred
the Quebec Bridge to the city of Sherbrooke and the U. S. boundary, 173 and $1,115,300 common stock, with authority to add $900,000
miles; (2) for the extension of the Quebec-Saguenay road from Murray Bay
to Lake St. John, 120 miles; (3) for the hydro-electric development (50,000 pref. stock as issued in exchange for capital stock of the
h.p.) on the Saguenay Riven—V. 93, p. 1726.
Coe-Mortimer Co., making the total amounts to be listed
Rapid Transit in New York City.—Contract Let.—The P. S. $20,496,600 pref. and $17,648,300. common stock.
The block of $770,200 pref. stock referred to and $1,115,300 common
Commission on Feb. 12 awarded the contract for the buildhave been issued to pay for $308,100 of the $500,000 of capital stock
ing of Section 3 of the Lexington Ave. subway, under Broad- stock
the Palmetto Phosphate Co., which owns in Florida (a) over 23,000 acres
of
way from Howard to Bleecker streets to the Underpinning & of phosphate rock lands containing approximately 24,000,000 tons of highphosphate rock; (b) a large plant for preparing the rock for the marFoundation Co., its bid of $2,387,932 being the lowest sub- grade
ket and a 7-m. railroad to transport the product from the mines to the plant.
mitted (V. 93, p. 1789). The Board of Estimate on Thurs- Said
property is subject to a mortgage made on or about Nov. 1 1907 to
secure $250,000 bonds, of which $130,327 14 outstanding.
day confirmed the award.—V. 94, p. 68.
The remaining $900,000 pref. stock has been, or is to be, issued to pay
Reading (Pa.) Transit Co.—Report.—For year 1911:
for the entire capital stock of the Coe-Mortimer Co. (of N. Y.), viz.•. $300,Gross earnings
Net from operation
—V. 93, p. 1789.
$2,081,0911Int., rental and taxes_ _ _ _
991,379 Surplus
$788,773
202,606
000 pref. and $400,000 common. The Coe-Mortimer Co. manufactures
and deals In fertilizers and has been a successful corporation for many years.
It has no bonded debt.
The Palmetto Phosphate Co. for 14 months ending April 1 1911 reports
net income (available for dividends) of $143,142. The Coe-Mortimer Co.
reports net profits for the 19 months to June 30 1911 of $240,339, from
which dividends of $45,410 were paid and $37,312 was carried to dividend
reserves.—V. 94. p. 69.
Southern New England RR. Oorporation.—Application to
Build to Boston.—The company, a subsidiary of the Grand
Trunk, which has received permission to build a line from.
Palmer, Mass. to Providence, R.I., has applied to the MassaAmerican Naval Stores Co.—Civil Dissolution Suit.—The
chusetts Legislature for the passage of an Act authorizing it Government on Jan. 8 filed a petition in the U. S. District
to construct the following lines:
Court at Macon, Ga., asking for the dissolution of the com(a) From Windsor, Vt., to Boston, Mass.;(b) from Boston to Blackstone, pany on the ground that it is a monopoly in violation of the
Mass.; (e) from a point in Douglas Co. to Worcester, Mass.;(d) for authority
law.
to own and operate ste; mships. These lines will connect Boston with the Shermart anti-trust
Central Vermont at Windsor, Vt., on the north. The Southern New England already has permission to build a connecting link from the Central
Vermont at Palmer to Blackstone.
President Fitzhugh says:
The bill was flied in good faith, and, If the rights a:ked are granted, we
shall undertake immediately the location of the lines and the actual conthe
struction of the railway at the earliest possible date. The matter of
construction of the road in New Hampshire has also been receiving attencompany
,
iallway
organize
to
taken
be
will
action
necessary
tion, and the
for that purpose in the near future.—V. 93, p. 1106.
• A restraining order is requested and a receivership if deemed desirable by
the Court. It is alleged that the company controls approximately 75%
of the world's supply of turpentine and rosin and about 90% of the American
product; that the combination was able to run prices of turpentine and
rosin to abnormally high prices by bidding actively in the market and,by
staying out of the market and refusing to bid, to put them down to abnormally low figures, thus making enormous profits and rendering the business
of producing turpentine and rosin precarious and hazardous.
The civil suit is supplementary to the criminal indictments returned in
1907 and 1908. which resulted In the conviction of the defendants, from
which an appeal Is now pending in the U. S. Supreme Court. Compare
V. 92, p. 598; V. 91, p. 1575.
Terre Haute Indianapolis & Eastern Traction N.—New
American Stogie 0o.—Dissolution—Reor9anization of the
Officers.—Harry S. New has been elected a director and
Union-American Cigar Co.—Pursuant to the disintegration
Robert I. Todd President to succeed the late Hugh J. Mc- plan
of the Am. Tobacco Co.(V. 93, p. 1123), it is proposed
Gowan.—V. 92, p. 1375.
that this corporation shall be dissolved and its assets distribApproved.—The
York.—Plan
New
Third Avenue Ry.,
uted, and the corporation reorganized as follows:
Public Service Commission on Jan. 17 formally approved the
The sole asset of the American Stogie Co. is all of the issued stock of the
168.)
p.
90,
(V.
amended reorganization plan
Union-American Cigar Co., a corporation organized in Pennsylvania, consisting of 12,500 shares of $100 each. The American Stogie Co. has outThe Commission says in the course of the opinion:
$976,000 7% cumulative pref, stock, and the dividend unpaid and
As the Supreme Court, following the remittitur of the Court of Appeals,
has now directed the Commission to make its order authorizing the issue
and the amount of securities as provided in the plan and agreement, these
questions are as to this case not before the Commission. The Commission,
not being allowed any discretion as to the merits of the plan of reorganization, now issues the order as required by the Court.—V. 94, p. 125.
Toledo Railways & Light 0o.—Annual Meeting—New
Director.—The following is from an authoritative source:
The annual meeting of the stockholders was held In Toledo on Jan. 18.
The same board of directors was re-elected, except that Dr. Netherland of
Louisville, Ky., was elected a director to succeed S. D. Carr, who resigned.
The directors thereafter met and elected the same officers of the company
as at present.
The temporary arrangement under which 3-cent fares are charged for 2
hours in tile morning and 2 hours in the evening, with 6 tickets for a quarter
the balance of the time, is now In complete operation. The officers inform
us that it is too early to make a prediction as to what the actual results will
be, so far as the gross earnings, operating expenses and net earnings of the
company are concerned.
The 5-year period, for which the charges for artificial gas are fixed,expires
this year,and the matter of arriving at a proper price for such artificial gas
for the next 5 years has been referred to a special committee of the City
Council. It is presumed that hearings will be held on the question of what
will be a proper price for the 5-year period. If either the company or the
city is dissatisfied with the price so fixed, it Is understood that an appeal can
be taken to the new Public Service Commission of the State, created at tile
last session of the Legislature.—V. 94, p. 125, 69.
standing
(46 %%),a total
in arrears thereon up to Feb. 1 1912 amounts to $453,840
par valuation of $1,429,840 (146 )i%). The American Stogie Co. has also
stock.
common
outstanding is:nted $10,879.000
It is proposed that the Union-American Cigar Co. authorize the issue as of
entitled to reFeb. 1 1912 of $1,500,000 pref. stock In shares of $100 each
of 7% per annum.
ceive out of net earnings a fixed cumulative dividend be
paid in full, both
but no more, and In case of liquidation or dissolution to
principal and accrued dividends, before any payment on the common stock,
and thereafter the entire balance to belong to the common stock. The corporation shall not execute any mortgage or chattel mortgage or other charge
without the consent in writing of at least 75% of each class of stock, and
shall not amend the certificate of incorporation without similar consentfrom
the holders of 66 2-3% of the stock of each class.
It ii proposed that the Union-American Cigar Co. take from the American
Stogie Co. all of the stock of the Union-American Cigar Co. held by the
American Stogie Co., and issue therefor to the American Stogie Co. stock
as follows: Pref. stock, $1,429,840, and common stock, $1,087,000.
It Is proposed that tile trustees in dissolution, subject to the approval of
the Court, distribute the assets so coming into their hands as follows, to wit:
so received ($1,429,840) pro rata among holders
(a) All of the pref. stock
of the pref. stock of American Stogie Co.; that is to say, 146;i% In full for
principal and dividends in arrears to Feb. 1 1912; (8) the common stock
among the holders of the common stock of the American Stogie Co., being
equal to 10% of their present holdings. All of the stock of the American
Stogie Co. shall be retired and canceled. It is proposed that said new
in
stock (pref. $1,429,840 and common $1,087,900) shall be deposited
the Security Trust & Safe Deposit Co. of Delaware and Issued agaltUst stock
of the American Stogie Co. presented.
210
THE CHRONICLE
[VOL. Lxxxxiv.
The decree of the Court of Nov. 16 1911 directs that "There shall be a.
Territory Controlled.-Loulslana, Mississippi, Ten ne sic e and Kentucky
separation into at least two different ownerships of the factories and busi- also southern Indiana and part of Illinois, embracing approximately 400,000
nessea now owned and operated by Union-American Cigar Co."
sq. miles. Over 90% of the franchises are perpetual and unrestricted.
fact
that
the Union-American Cigar Co.
It Is suggested, in view of the
This issue is a first mortgage on all property of the company in Louisiana
has at present but 1.58% of the cigar business of the United States, and and Mississippi and a large portion of that in Kentucky and Tennessee, inthat a reduction in the size of the company by further subdivision ot its cluding Louisville, Knoxville, Chattanooga, Meridian, Jackson, Vicksproperties will put It at serious disadvantage, that the parties at interest burg, Shreveport and New Orleans. Also a second lien (subject only to
obtain, if possible, a modification of the decree, permitting the company to $750,000 1st M. 5% bonds, due Jan. 1 1918) upon the company's property
continue to hold the properties now held by it. In case the Court refuses In Evansville, Ind., and Nashville and Memphis, Tenn., &e. Total reso to modify the decree, then the Union-American Cigar Co. shall carry out placement value by actual inventory, Including real estate, Is in excess of
a separation by the sale of one or more of its factories, either for cash or $31,600,000, (see also V. 93, p. 1467).
securities, the proceeds to be distributed among the stockholders of the Earnings-(a) Average for 8 Years; (5) Cal. Year 1010; (c) 10 Months 1911.
Union-American Cigar Co., as their interest shall appear.- V. 93, p. 1536.
8 Yr. Avg. Yr. 1910. 10Mos.'11.
Gross earnings_
$5,389,996 $6,807,081 56,074,749
American Tobacco Co.-New Stock Listed.-The New York Net earnings
$2,107,425 *3,002,671 $2,487,095
Taxes
and
interest
on
old
bonds
430,357
595,402
509,429
Stock Exchange has listed $2,360,300 new 6% cumulative
pref.stock, with authority to add $50,599,100 additional stock
Surplus
$1,677,068 $2,407,269 $1,977,666
625,000
on notice of issuance in accordance with the terms of the Interest for 10 months on new bonds if all issued
decree of the U. S. Circuit Court dated Nov. 16 1911, making
Balance, surplus
$1 ,352,666
the total to be listed $52,459,400(V.93,p.1122-24, 1325, 1328.)
Ferris &, White, 37-43-Wall St., also offer the new bonds.
Bonds Deposited.-Prior to 5 P. M. Jan. 18 $79,434,950 of
Conversion.-Pres.
James E. Caldwell, by circular of
the $104,236,750 bonds (4s and 6s) had, we learn, been
deposited with the Guaranty Trust Co. in exchange for cash Dec. 27, recommends to the minority shareholders the stock
and bonds of the reorganized P. Lorillard Co. and Liggett of the Am. Tel. & Tel. Co., the parent company. He says:
100 shares of Cumberland stock (yielding an income of $800), If converted
& Myers Co. Under decree of the U. S. Circuit Court.(V. 93, Into
bonds in accordance with circular of Nov. 18 (V. 93, p. 1467), produces
p. 1122.)-V. 93, p. 1791.
$16,000, which will purchase at present market about 114 shares of Amer.
Tel. & Tel. Co. stock, yielding an income of $912.-V. 93, p. 1467.
Armour 84 Co., Chicago.-Report.-Year ending Nov. 4:
Denver Realty Co.-Notes Guaranteed by Denver City TramAdministrative Int., Taxes,
Balance,
Total
Year-Receipts.
Expense.
Insurance, ,tc.
Surplus. way.-Lee, Higginson & Co., Boston and New York, offered
1910-11
$1,295,794
$2,832,730
$2,510,053 on Dec.6, and have now sold, the entire auth.issue of $750,000
_$6,638,577
1909-10
2,574,683
9,808,303
1,415,900
5,817,720
2-year 534% collateral trust coupon notes, dated Oct. 1 1911
-V. 91, p. 1708.
Atlantic City (N. J.) Gas Co.-Bonds-Earnings.-Brown and due Oct. 1 1913, but redeemable on any interest date
& 0. at Denver, Chic. or
Bros. & Co. Phila., recently offered at 92 and int. 1st M. at 10034 and int. Int. payable
5% sinking fund gold bonds, dated 1910. Auth., $6,000,000; N. Y. Guaranteed, principal and interest, by endorsement,
by the Denver City Tramway Co. Internat. Tr. Cp., Denver,
outstanding, $3,327,000.
trustee. A circular says in brief:
Earnings for Twelve Months ended Oct. 31 1911.
Gross earnings
$501,208 Interest on bonds
Net, after taxes
279,5191Surplus
See further particulars in V. 90, p. 916; V. 91, p. 1330.
$155,050
124,489
Baldwin Locomotive Works, Philadelphia.-New Western
Plant.-The company has purchased from the East Chicago
Co. 370 acres of land at Calumet, Indiana, a part of the East
Chicago district, and will build at that place a large plant
for the manufacture of locomotives.
It Is intended to begin with the erection of shops to handle similar work
to that located at Burnham and Eddystone, having a capacity of output
of raw material sufficient for ten modern locomotives of the largest type
per week. As soon as the shops are In working order so that raw material
can be furnished, the finishing departments, the erection of suitable machine and erecting shops for the completion of ten locomotives per week
will be erected and put In operation. When this 10-engine unit is completed,
the shops should furnish employment to at least 5,000 men. The large
tract acquired will provide room for extension of the works by adding additional units of ten engines each until there will finally be completed a plant
with a capacity of 30 finished locomotives weekly, employing from 12,000
to 15,000 men. The growth will be entered upon conservatively. If the
present business depression should continue, progress will be slow, but if
business should revive and the works be called upon for their maximum output, the progress will be very rapid.-V. 93, p. 1670.
Owns real estate and securities valued at $1,720,000, of which $1,120,000
arc pledged to secure these notes. Except for its account with Denver City
Tramway Co., its obligations, other than these notes, do not exceed $50,00 0
Real Estate and Collateral Pledged to Secure These Notes.
(a) Real estate in business section of Denver leased for 99 years
at rental of $10,000 per year, valued at
$200,000
(b) Inter-Mountain fly. Co. 1st M. bonds (5% 30-year, due
(all) 500,000
Dec. 31 19,38, V. 85, p. 1210)
(c) Denver & Inter-Mountain RR. Co. capital stock
(all) 1,000,000
(all) 170,000
(d) Boulevard Real Estate Co. 1st M. bonds
The real estate consists of 10,000 ft. of land at the corner of 15th and
Araphahoe streets, sunject to a lease ter 99 years to parties who have
erected thereon a modern nine-story banking and office building of steel
and brick at a cost of $425,000. At end of each 10 years the lessees have
option to purchase this land for $200,000.
The Inter-Mountain fly. Co. bonds are a first and only mortgage. Name
changed to Denver oe Inter-Mountain RR. Co. Embraces about 16 miles of
main line extending from Denver to Golden City, with branch to Barnum.
Operated by electricity as a connection of the Denver City Tramway Co.,
and has valuable terminal rights and facilities In Denver and Golden. Owns
private right of way between Denver and Golden,. Has recently acquired
valuable trackage rights over the Denver & Northwestern fly. (electric)
from Denver to the important coal-mining town of Leyden, 15 miles; also
valuable rights in Denver for freight and passenger traffic upon the terminal
property of the Northwestern Terminal fly. Co.
The Denver & Inter-Mountain RR. is already earning more than the interest upon the $500,000 Inter-Mountain fly. bonds. The investment of
the Realty Co. in the purchase of the bonds and stocks and in improvements
to the property of the Denver & Inter-Mountain is upwards of $750,000.
The $170,000 bonds of the Boulevard Trust Co. are secured by a first
and only mortgage on about 500 lots (valued at $400 to $600 each), located
in a desirable residential part of the city adjoining the Capitol 11111 district,
Earns. of Denver City Tramway Co. (Guarantor) for Year ended Sept. 30 1911.
Gross earnings
$8
$3,377,420 Fixed charges
83
19
5:2
18 28
6
Net earnings
1,654,4141Balance, surplus
Fixed charges here include taxes, franchise payments, bond interest
and guaranties of interest. The Tramway Co. has paid 6% per annum on
.ts $5,000,000 stock since May 1902.-V. 93, p. 1804.
Bristol (Conn.) Water Co.-Proposed Purchase by City.See "Bristol" in State and City Department.
Chicago Stock Yards Co.-Increase of Stock.-The company, which was incorporated in Maine in September 1911,
and which has acquired over $6,250,000 of the $6,500,000
common stock of tile Chicago Junction Railways & Union
Stock Yards Co., has increased its authorized capital stock
from $1,000,000 to $8,000,000, to provide, it is stated, for
financing extensions and improvements at the yards.V. 93, p. 1193.
Detroit Edison Co.-Bonds Called.-See Washtenaw Light
Cities Service Co. New York.-Earnings.--For the 12 & Power Co. below.-V. 93, p. 1467.
31 1911:
months ending Dec.'
Dominion Steel Corporation.-Stock Issue Ratified.-The
$065,876 Preferred dividends
Gross earnings
$521,387 stockholders on Jan. 15 ratified the plan to issue preference
922,033 Common dividends
Net earnings
146,859
shares, Of which $6,000,000 is to be put out at present. NeBalance, surplus
$253,786 gotiations for the sale of this amount are, it is stated, pendDividend Increased.-A monthly dividend of 1-3 of 1% ing in London and Paris. Compare V. 94, p. 122, 126.
has been declared on the common stock, payable Feb. 1 to.
Eastern Pennsylvania Power Co.(Easton and Bangor,Pa.,
holders of record Jan. 20, placing the stock on a 4% yearly Phillipsburg and Dover, N. J.), New York.-Bonds Offered.
basis, compared with Yt of 1% (or 3% per annum) from --Lee, Higginson & Co., N. Y., Boston and Chicago and
Feb. 1011 to Jan. 1912 inclusive. The regular monthly Higginson & Co., London, are placing at 96 and int. the
' unpayment of M of 1% on the pref. stock will be made at the sold portion of a block of $1,750,000 'first & refunding M."
same time.
5% 30-year gold bonds, tax-exempt in Penn., dated Aug. 1
B. G. Tremaine, Vice-President of the National Electric Lamp Co., of 1909 and due Oct. 1 1939, but callable for sinking fund on
Cleveland, Ohio, has been elected a director to fill a vacancy.-V.93,p.1604.
interest
Aug. 1 1914 at 105
Commercial National Safe Deposit Co., Chicago.-Sale of any Par date or as a whole on or after
$1,000 and $500 (c*&r). Commercial Trust Co.,
Building-Assumption ofBonds.-See Commonwealth-Edison int.
Philadelphia, trustee. Int. A. & 0. in Philadelphia.
Co. below.--L-V. 83, p. 274.
Digest of Letter from Meikleham St Dinsmore, New York, Jan. 2 1912.
Commonwealth Edison Co., Chicago.-Purchase.-The
Incorporated in Pennsylvania on July 29 1900. Owns or cormols all the
commercial electric light and power generating and distributing systems
"Chicago Economist" on Jan. 15 said:
serving the districts in and about Easton and Bangor, Pa., and Phillipsburg
Final steps are being taken by which the company acquires by purchase
from the Continental ee Commercial National Bank (I. e., from the Commercial National Safe Deposit Co., most of whose $2,860,000 stock, as increased last July by a 33 1-3% stock dividend, is owned by said bank.
Ed. "Chronicle.") the 19-story bank building and leasehold interest at
corner of Clark and Adams Sts., 190x181 feet. for $4,667,032, representing
the appraised value. the purchaser assuming the outstanding bond Issue of
$1,800,000 (see V. 83, p. 274), giving $1,000,000 in cash and the balance
of $1,877,932 In eight annual installments. The building will continue
to be the home of the aforesaid bank and the Cont. & Comm. '1'r. & Say.
Bank until the new building on Adams St. is completed, when, after making
such changes as may be necessary, the building now purchased will become
the home of the executive departments of the Commonwealth Edison Co.
and affiliated corporations.-V.93, P. 798.
Consolidated Gas Co.of New York.-Proposed Purchases.The company has applied to the Public Service Commission
for permission to purchase the whole or a controlling interest
in the New York & Queens Electric Light & Power Co.
(V. 93, p. 233) and the New York & Queens Gas Co.(V. 82,
p. 933). The hearing is set for Jan. 31.-V. 93, p. 1262.
Cumberland (Bell) Telephone & Telegraph CO.-New Bonds
Ofjered.-Parkinson & Burr, N. Y., Boston and Hartford,
are offering at par and int. the new "1st & general mtge."
5% bonds; authorized, $15,000,000, dated Jan. 1 1912 and
du Jan. 1 1937; interest J. dr J. The bankers say:
and Dover, N. J., together with steam-heating systems in Easton and Bango
Outstanding Capitalt:ation (Including Above $1,750,000 '1st & Ref."B
950;00
7
00800
)
00
.
Preferred stock, authorized, $1,025,000; outstanding
Common stock, authorized, $3,500,000; outstanding_
First In ref. 5s, due 1939, auth. $4,000,000; outstanding
1,880,000
Easton Power Co. 1st M. gold 5s,
' due Oct. 11940. closed mortg. 120,000
Bernards Electric Co. 58 (a separate sinking fund retires all these
bonds before maturity), due 1071 (guaranteed) closed mortgage 125,000
Five-year 6% notes, due 1917, authorized, $1,500,000; outst'd'g 1,0(10,000
Note.-01 the $1,025,000 with. pref. stock, $1,000,000 is 7% non-curn.
pref., callable at 115 and accrued dividends and $25,000 is 6% pref. The
latter is to be called and replaced by 7% pref. Par all shares, $100.
Earnings as Audited by Pub:ic Accountants for Calendar Tears 1010 and 1911
(November and Deeent,:cr 1911 Estimated).
1010.
1010.
1911.
1911.
Gross earnings _$456,378 $483,840 Other income_ _ $16,016 $29,887
Net(aft.txs.&rent) 169,012 178,898 Total net income_ 185,028 208.785
Annual interest charges on all outstanding bonds as above
(including the $1,750,000 bonds sold) will require
106,250
Through the recent purchase by this company of all the electric-light and
power properties formerly owned by the Easton Gas & Electric Co. (V. 77,
p. 1748; V. 91. p. 1632), the entire commercial electric-light and power
business of Easton and vicinity has been consolidated under this company's
ownership. H. M. Byllesby & Co. of Chicago estimate that this consolidation will result In a saving in operating expenses (i. e., an increase in net
earnings) of about $40,000 per year. Furthermore, the company has obtained a large amount of new business during the last few months, so that
the present earnings are at a rate materially higher than those above given.
Bonds.-The total amount authorized is $4,000,000, of which $1,880,000
JAN. 20 1912 I
THE CHRONICLE
211
Grand Rapids (Mich.) Edison Co.-Mortgage.-The com(Including this $1,750,000) are outstanding. $120,000 are reserved to retire
the Easton Power Co. bonds,and not'exceeding $800,000 may be issued on pany on Jan. 6 filed a mortgage to the Harris Trust & Savthe present properties, but only when net earnings for one year have been
double the annual Interest charges, Including the bonds sought to be issued ings Bank of Chicago, as trustee, to secure an issue of 25-year
and on the two divisional Issues (aggregating 4245,000) above mentioned. 5% gold bonds dated June 11911.
The remainder of the authorized issue Is reserved for not exceeding 80%
The issue is limited to $2,000,000, except under certain conditions, when
of the actual cash cost of future extensions and betterments or of additional a supplemental
issue for an amount not stated may be made. Provision
properties (on which these bonds must be a first mortgage), hut only when
Is made for taking up the bonds issued under the two prior mortgages.
net earnings are double such interest charge. Annual cash sinking fund, -V.
86, p. 172.
based upon the entire amount of these bonds previously issued (or reserved
to retire other issues), whether outstanding or not, 1913 to 1918 inclusive,
Great. Western Beet Sugar Co.-Sale.-The property,
Si of 1%• 1919 to 1928 incl. 1%, and 1929 to 1938 incl., such ratable
amounts that by Oct. 1 1938 '
the sinking fund will have retired 30% of the which has been in receivers bands was sold at auction on
entire amount of bonds of this issue certified up to that date, Including the Jan. 5 to Henry Hewett Jr. of Seattle for $56,548, or $1 more
$120,000 bonds reserved to retire the bonds of the Easton Power Co.
The deed of trust requires annual payments beginning Oct. 1 1914 equal than the price fixed by the Court.-V.92, p. 884.
to Si of 1% of all these bonds theretofore issued to be used as a depreciation
Houston (Tex.) Lighting & Power Co.-Retirement of
fund for extraordinary renewals.
Properties, ac.-The replacement value of the properties, as reported by Preferred Stock.-The company, which is controlled by the
II. M. Byllesby & Co., is about $3,100,000. This does not include the
value of th.e franchises nor the value of the riparian rights to water powers American Cities Co. (the latter being controlled by interests
owned and estimated to be worth $800,000. The ten principal franchises allied to the Susquehanna Ry., Light & Power Co.), has
are perpetual; one unimportant franchise is limited in time.
Eight electric generating stations, five steam, viz., two at Easton and filed an amendment to its charter decreasing the capital
one each at Bangor, Pa. Dover and Bernardsville, N. J.; and three hydro- stock from $1,500,000 (consisting of $500,000 pref. and
miectste plants; viz., at Easton and Stroudsburg, Pa., and Columbia, N.
$1,000,000 common stock) to $1,000,000, and another intotal electric capacity, 16,400 electrical h.p. (steam plants, 13,000 h.p.;
Present demand'about 8,000 h.p.; also creasing the same from $1,000,000 to $1,500,000.
water-power plants, 3,400
in
capaconnection
therewith
estate
real
and
rights
owns valuable riparian
The object In filling the two amendments is to do away with the preferred
ble of developing economically about 6,700 electrical h.p. additional when
make all the stock common stock.-V.93, p. 1786.
required. The main generating stations and the 11 sub-stations are modern stock and
M
46
lines
apparatus.
Transmission
approved
and equipped with the most
Valley Gas Co. Redlands, Cal.-Bonds.-The
Imperial
miles, all new, operating under 33,000 and 11,000 volts; local distributing
20 to increase the bonded debt
'
syStems, 725 miles of feed wire and 9,480 h.p. capacity of transformers. 'shareholders voted on Dec.
power
6,000.
about
consumers
now
Is
and
The number of electric-light
from $100,000 to $500,000 in crder to refund $100,000 existTwo steam-heating systems, using exhaust steam, 14,675 feet of pipe, serving practically all the business sections of Hasten and Bangor, the number ing 6% bonds and for extensions.
of customers being 305.
Organized in 1910. Capital stock, $500,000, all issued. Existing bonds,
Territory Served.-Furntshes all the electric current used for commercial $100,000, due 1920 to 1029, payable p. & 1. (J. & J.) at 1st Nat. Bank of
lighting and power in 27 cities and towns, chiefly Easton and Bangor, Pa. El Centro. System now serves El Centro and Imperial, extensions proand Phillipsburg and Dover, N. J. Total population about 92,000, jected to Brawley and eventually to Calexico, Dixieland, Seeley and Holtand Increasing steadily. The centre of the district served is within so miles yule. Present holder capacity, 30,000 Cu. ft. Pres., W. F. Holt, Redof both New York and Philadelphia. Easton Is a progressive city, with an
estimated population, including Phillipsburg and other suburbs, of 50,000. lands; Sec., W. G. Driver.
It is In the centre of a rich agricultural and mineral field and has extensive
International Cotton Mills Corporation.-Called Bonds.manufacturing industries. The Bangor district and the slate region adjacent thereto are about 15 miles north of Easton and have a population of For payment at par and interest on Feb. 1, at its office, •
about 17,000. Dover, N. J., and adjacent towns served have a population 86 Worth St., N. Y. City, or the Continental Trust Co.,
of about 13,000; an Important manufacturing centre. Within a 25-mile
radius of Easton there is produced 50% of the entire Portland cement output Baltimore, Md., seventy-seven ($77,000) 6% debentures of
and about 60% of the entire slate output of the U. S. This district has the J. Spencer Turner Co.-V. 93, p. 1024.
large steel plants, silk mills, hosiery mills, &c., located in the vicinity of
Easton, Bethlehem, South Bethlehem and Allentown. (Pres., E. W.
International Harvester Co.-Notes Sold and Re-Sold.Evans, Easton, Pa.; Viee-Pres., B. S. Lachlan; Treas., Wm. B. Dinsmore.
The company has sold to J. P. Morgan & Co. an issue of
25 Broad St.. N. Y.-Ed.]
Easton (Pa.) Gas & Electric Co.-Merger.-See Eastern
Penn. Power Co. above.-V. 91, p. 1632; V. 77, p.1748.
Electrical Securities Corporation.-Bonds Called.-Sixtyseven 2d series collateral trust sinking fund 5% bonds, dated
Feb. 1 1005, for payment at 103 ($1,030 per bond) on
Feb. 1 at Standard Trust Co. of N. Y., due Feb. 1 1912.V. 93, p. 1604.
Esperanza Consolidated Oil Co. San Francisco.-New
Securities.-The shareholders will vac)(a) on March 4 upon
increasing the capital stock from $7,500,000 to $50,000,000,
par of shares $100 (b) on March 7 upon a proposition to
authorize an issue of $25,000,000 6% mortgage gold bonds,
of which a sufficient amount will be reserved to retire the
existing 1st M. 20-yr. gold 6s of 1910, authorized issue
$7,500,000. W. J. McLean is Secretary. See V. 91, p. 874.
Fertile Valley Farm Land Co.-Bonds Offered.-F. E.
Magraw, St. Paul, Minn., has recently been placing at par
and int. $100,000 1st M. Os, dated June 1 1911 and due serially, 1914 to 1918; callable at 101 and int., the 1914 to 1916
maturities after June 1 1913, remainder after June 1 1915.
Par $500 and $1,000 (c*). Prin. & int. (J. & D.) at N. W.
Tr. Co., St. Patti. A circular says in substance:
A 1st M. on 16,802 acres of fertile land in Dunn County, N. D., estimated
worth, wholesale, $240,000. Abounds in springs and is underlaid by
lignite coal. Practically surrounded by cultivated farms. Cash equity
over $100,000 above bond issue. Unpaid subscriptions to capital stock
(about $125,000-181 stockholders), callable20% per year, will more than
pay these bonds. Pres.. Geo. Heaton, Perry, In., and St. Paul; Vice-Pres.
T. A. Foque, Minneapolis; Sec.-Treas., John Marshall, St. Paul.
Galena Signal Oil Co., Franklin, Pa.-Dividends.----The
company on Dec. 30 1911, when paying its 2% quar. div. on
the pref. shares, asked authority to pay future divs. on
fractional shares annually instead of quarterly.
$20,000,000 3-year 5% notes dated Feb. 15 1912. The notes
are straight debenture notes, without collateral or mortgage
lien,and they cannot be called before maturity. The proceeds will be used to pay floating debt, representing largely
the farmers' loans which the company is carrying, due to two
successive poor-crop years in some of the States. Of the
issue,$15,000,000 was allotted to New York and $5,000,000
to Chicago, $1,500,000 of the former amount being placed
abroad. The bankers took subscriptions at 1003. The
issue was largely oversubscribed.
Quarterly Statement.-President McCormick says:
Present conditions are substantially the same as at date of last quarterly
statement. Recent cable dispatches from Argentine indicate serious damage to one of the best crops In the history of that country. Collection
conditions are unchanged.
The year's sales in the Canadian Northwest were largely in excess of last
year. Unfavorable harvest conditions and ina,billty of Canadian railroads.
due to weather conditions, &c., to handle traffic, seriously affect collections;
in that territory, which have been, and are, very slow, on account of unsatisfactory collections.
The balance sheet for 1911 will show an increase in both payable and
receivables. It is difficult at this time of the year to give an intelligent
forecast for 1912, as reports of trade conditions are conflicting. From the
best information at hand, the outlook for the coming year is a little below
the average.-V. 94, p. 126.
Inter-State Independent Telephone & Telegraph Co.,
Joliet, Ill.-Earnings.-The company,which is controlled by
the same interests as the Illinois Tunnel Co., with which an
operating agreement has been made, reports for 1910-11:
Operatisig receipts, $373,206; operating and maintenance expenses.
$218,866; net operating revenue, $154,340; interest on outstanding bonds.
taxes, &c., $126.447; surplus. $27,893.
Of the company's $3,000,000 authorized capital stock, $2,446,000 is outstanding, $1,319,400 being deposited in a voting pool; bonds outstanding,
$2,344,000.-V. 93, p. 1023.
Kansas Natural Gas Co.-Litigation.-Numerous suits
were brought against the company and the distributing companies by the attorney for the Kansas Public Utilities Comm.
Owing to the distribution of the holdings of the Standard 011 Co., the in Nov. and Dec. last, to prevent the increase in rates for
and
cts.
checks
7
cts.,
1,320
3
of
some
necessitated
dividend
aforesaid
natural gas from 25 to 27c. per 1,000 cu. ft., and by the
10 cts. each.--V. 93, p. 1605.
Attorney-General to collect penalties for violation of the
Guaranteed
of
York.
-Offering
New
Co.,
General Baking
anti-trust law.
Kolb
-----See
Bakery
below.
Co.
-Company.
Pref. Stock of Sub
The company early this month announced that it would waive Its demand
for an increase in rates and would cease its alleged violation of the anti-trust
-V. 03, p. 232.
laws and make new contracts with the distributing companies. Under the
suits for violation of the law the company would be liable, if found
General
Electric Co.-Acquisition.-Arrangements are penalty
•
guilty, at the rate of $100 a day, and might be mulcted to a total estimated
being made for taking over the National Lamp Co., 75% at
over half a million dollars. Gov. Stubbs says that an examination is
see whether the company has been fair with the
of whose $5,000,000 outstanding capital stock is now owned being made in order toonly
technical violations of the law, before deciding
public and committed
by the first-mentioned company.
on the question of penalties.-V. 92, p. 1377.
has
been acquired
It is reported that the entire amount of minority stock
Keystone Telephone Co., Philadelphia.-Report.
that within a short
assets of the National Comtime the business and
and
Gross Earns. Net Earns. Int. Chas. Bal. .Sur.
pany will be under the control of the General Electric.
Year ending3295,819
3582,644
$24,824
11,167,009
The $1,161,000 series "A" collateral trust bonds of the National Electric Dec. 31 1911 .
293,383
581,783
288,400
1.133,788
Lamp Co. have been called for redemption at 106. The $878,000 series "B,' June 30 1911
called
also
for
of
purposes
were
The
on
last.
1
redemption
93,
January
-V.
bonds
p. 1322.
the calling in of the bonds Is to wipe out the corporate existence of the
of
Philadelphia.-Offering
Pref. Stoc
Kolb Bakery Co. of
company In accordance with the decree of the U. S. Circuit Court at Toledo
Guaranteed by General Baking Co.-Chas. C. Harrison Jr.
In October last, ordering the dissolution of the so-called "lamp pool.'
The gross earnings of the National Electric Lamp Co. last year amounted
N.
Sons,
&
Y.,
Fisk
having alread
Co., Phila., and Harvey
to a trifle more than $10,000,000 audits net total more than $1,000,000. Of
the net earnings about $400,000 was paid into the treasury of the General placed a large part of the issue, are offering at 983 and ac
Electric Co. in the form of an 8% dividend on the company's stock holdings. criied dividend the remainder of the $1,000,000 7% cumula
The entire earnings of the National Company will hereafter be included in
returns of the General Electric Co., the same as other of its subsidiaries. tive pref. stock, redeemable at option of company t 110
-V.93, p. 1194.
and accrued divs. and guaranteed regular quarterly d vs. o
4% (Q.-J.) by General Baking Co.(V. 93, p. 232), which
(B. F.) Goodrich (Rubber) Co., Akron, 0.-20% Dividend 13
on Common Stock Payable in Preferred Stock.-The company owns all the common stock and also guarantees the interes
has declared a 20% dividend on the $10,000,000 common and sinking fund requirements on the bonds. A circular sho
stock, payable in 7% cumulative pref. stock. This increases Capitalization of Kolb Bakery Co. (Incoils. in New Ycrk State Dec. 26 1911).
$2,000,000
first mortgage 5% bonds, due Jan. 1 1937
the amount of outstanding pref. stock to $6,000,000. A $2,000,000 cum.
7% pref. stock and $2,000,000 common stock.. 4.000,000
similar disbursement was made on Nov. 14 1910. Com- $2,000,000
nor the
present
upon
placed
be
the
can
mortgage
property,
further
No
amount of the pref. stock be increased, without the aseent of 80% of pref.
pare V. 91, p. 1632, 1256.
212
THE CHRONICLE
Combined Earnings of Kolb Bakery Co. and General Baking Co.
Net earnings after deducting sufficient sums for replacement and
$1,109,698
depreciation, annual rate
Interest on $2,900,000 General Baking Co. 1st M.6% bonds and
$2,000,000 Kolb Bakery Co. 1st M.5% bonds, $274,000; stoking fund and tax on Kolb Bakery Co. 1st M.5% bonds, $48,000 322,000
[VoL. Lxxxxrv.
common stock, mainly to complete the purchase of prop.
erties of Nebraska Bell Teleph. Co. south of Platte River.
The company has filed an amendment to its charter increasing the
authorized stock from $2,500,000 to $3,750,000 and also calling for a new
issue of $7,500,000 5% cumulative non-voting pref. stock.-V.89, p. 473.
Pdahoning Valley Water Co., Youngstown, 0.-Bonds.
Hayden, Miller & Co., Cleveland, have purchased $300,000
• Laclede Gas Light Co., St. Louis.-New President.- 6% bonds, subject to further investigation, &c.
Charles L. Holman, who has been for several years ViceA press dispatch states that the company has applied to the Ohio Public
Serv. Comm. for authority to issue these $300,000 6% 1st M. bonds to
President and General Manager, will, it is stated, be elected refund
an outstanding issue of $100,000 and to fund the
debt and
at
President
the February meeting of the board to suceed make extensions. "The capital stock is represented asfloating
$300,000, assets
$657,535
and liabilities $586,535."
W. K. Bixby, who resigned some time since, but will remain
• Midvale Steel Co.-Favorable Decision.-Th6 U. S. Sua director.
Mr. Bixby was recently appointed one of the receivers of the Wabash preme Court on Jan. 15 refused a writ of certiorari to review
RR. and desires to give most of his time to the affairs of that company. the decision of the U. S. Circuit Court of Appeals, which was
-V.93, p. 1263.
rendered on Oct. 11 last,and affirmed the decision of the lower
La Crosse Water Power Co.-Report of Committee-5% Court dismissing the four suits brought by the Fried-KruppAssessment on Bonds.-The bondholders' committee, Fred Aktien Gesellschaft of Prussia against the company for inVogel Jr., Chairman V. 92, p. 1181),reported as of Nov. 20: fringements of the so-called Krupp armor-plate patents.
The committee after a thorough investigation called upon the trustee to
foreclose, and on Aug. 10 1911 Clement C. Smith was appointed receiver Compare V. 93, p. 1025.
(V. 93, p. 473). This appointment became necessary because of the danger
Midway Gas Co., San Francisco.-New Pipe Line.-J. G.
of judgments in favor of unsecured creditors, and because of the foreclosure
suit brought by the bondholders of the Winona By. & Light Co., which re- White & Co. Inc., of N. Y. and San Fran. have just pur470)
.
15
1911
(V.
93,
p.
sulted in a receiver for the Winona company on Aug.
chased for about $600,000 11,000 tons of 12-inch steel pipe,
Besides being interested in this Winona company as owner of practically
all its common stock, the Winona company was the principal consumer of to be used by them in building for this company a natural gas
electric power furnished by the La Crosse Water Power Co., and the latter line, 124 miles in length.
had a
Surplus after interest and s. fd. applicable to pref. div. ($140,$787,696
000) of Kolb Bakery pref. stock
large steam power
was dependent upon the Winona company, which
plant, for power to be supplied under contracts of the La Crosse company
whenever the water power of the latter was insufficient or failed. The
Winona company, under receiver Howard Morris, has been economically
managed and bids fair to be a remunerative asset of the La Crosse Water
Power Co. The last installment for redemption of Winona bonds ($5,250),
dui Sept. 30 1911, was paid by its receiver out of earnings.
Heavy rains resulted on Oct. 6 1911 in the breaking of the earth dikes of
the two dams owned by the La Crosse company (the Dells dam and
the main dam at Hatfield, Wis.) the break in each being about 500 feet, with
an adlitional opening in the side of the canal about 300 feet long (V. 93,
p. 1025). These breaks absolutely stopped all operations of the La Crosse
Water Power Co. and necessitated a resumption of the production of power
by steam at Winona at a much higher cost.
Expert Prof. Daniel W. Mead, employed by the receiver and the committee, was engaged in examining the condition of the company development
when the breaks occurred. The concrete portion of both the Hatfield and
Dells dams is uninjured, but until the dikes are repaired,the receiver has
no source of income. Restoration of the embankment in a permanent manner Prof. Mead believes can be effected by increasing the spillway and by the
use of Taintor gates with concrete piers.
lie,If the repairs contemplated arc made, the receiver will at once be able to
supply the Winona fly. de Light Co. with power at a greatly reduced cost
to the latter, which would result in additional profit for its common stock,
and he will probably also be able to supply the La Crosse Gas dc Electric Co.
and other customers during seasons of normal rainfall.
The estimated cost of restoring the Hatfield dam, repairing the canal
leading from the dam to the power house, restoring the latter, putting up
three electric transmission wires for the delivery of power from La Crosse
to Onalaska, anti making such other repairs as ace indispensable to place
the works in a position to create and deliver power under the contracts made
by the receiver, will not exceed $110,000.
Your committee has been unable to negotiate receiver's certificates, and
is thus forced to levy an assessment of 5% on the principal of each bond
deposited. 'The repairs must be begun immediately before the rigors of
midwinter interfere, and,unless a large majority of the bondholders respond,
the work cannot be done and great loss will accrue to you. It is proposed
to secure the issuance of receiver's certificates to the committee as security
for repayment of the contributions, which certificates the Court will be
asked to make, by order, a first lien on all assets, with priority over tile
bonds and all other claims. [A press dispatch announces tile sale of $150,000 rec. certs. Compare V. 93. p. 1195. It is denied that the Wisconsin
Securities Co., incorp. at Milwaukee with $1,000,000 stock, is concerned
in the financing.-Ed.]
Depositors unwilling to pay the assessment may withdraw their bonds
prior to Dec 1 on payment of 3% of the face value for the payment of expenses and obligations already incurred. Checks should be made payable
to Fred. Vogel Jr., care First Nat. Bank, Milwaukee.-V.93, p. 1195.
Lawrence Dye Works Co.-Preferred Stock-Further Data.
-Turner, Tucker & Co., Boston, New York and Buffalo,
are placing, as stated last week, at 105, to net 6.67%, the
unsold portion of a block of $1,250,000 7% cumulative guaranteed pref. stock. Principal and dividends absolutely
guaranteed by United States Worsted Co. Divs. Q.-J. 15.
Digest of Bankers' Statement.
We are informed that the net earnings of the Lawrence Dye Works Co.
and the. guarantor-the United States Worsted Co.-are at the rate of
approximately $650,000 per annum, or more than six times the dividend
requirements upon the preferred shares of the Lawrence Dye Works Co.
The Uswoco Mills will be operated by the United States Worsted Co. under
an operating agreement for a term of 20 years, under which the U. S.
Worsted Co. must keep the property in good condition.
Lawrence Dye Works Co. Approximate Balance Sheet Jan. 15 1912.
Assets ($2,381,940)Liabilities ($2,381,940)Real estate and machinery$2,025,824 Preferred stock
$1,500,000
Cash,accounts receivable,
Common stock ______
250,000
356,316 Bills payable
supplies and mdse
135,000
Surplus
496,940
The U. S. Worsted Co. (guarantor) as of June 30 1911 (see V. 93, p. 467)
h u a net worth of $3,219,370, viz.: Real estate, machinery and water
p wer, $1,070,175; stocks and securities. $714,062; inventory, $1,725,124;
ca h, bills and accounts receivable, $664,643; total, $4,174,004; less accounts and bills payable, $954,834; balance, $3,219,370.
Plants.-The Lawrence Dye Works Co. is composed of six buildings for
dyeing and finishing; combined floor space, about eight acres; modern machinery; perpetual water privilege at $100 per annum. Uswoco Mills, sixstory brick and concrete, 300,000 sq. ft. of floor space, 550 looms for the
manufacture of woolen and worsted fabrics, also hydro-electric power plant.
Net assets of Lawrence Dye Works Co. about $2,246,939; U. S. Worsted
Co. (June 30 1911), S2,700,000, after deducting value of common stock
of Lawrence Dye Works Co. in its treasury; total, $4,950,000.
Sinking Fund.-After Jan. 1 1916 the U. S. Worsted Co. is to pay to
the Old Colony Trust Co. as trustee, $33,333 annually until $100,000 is
accumulated, for the purchase of the pref. shares at not over $110 per share,
or such higher price as the directors may deem advisable. This $100,000
is to be always kept intact. No further pref. shares can be Issued without
the consent of 75% of the pref. shares outstanding. No bond or mortgage
can be placed upon the property of the Lawrence Company without the
consent of 75% of the pref. outstanding, and no bond or mortgage can be
placed upon the property of the guarantor without the consent of a majority of the outstanding pref. shares of the Lawrence Dye Works Co.
See also V. 93, p. 232; V. 94, p. 126.
Quotations were asked from British, German and French manufacturers,
and the nest foreign price from a British firm) was exclusive of duty and
freight, about double that at which the contract was placed with the Nat.
Tube Co., a subsidiary of the U. S. Steel Corp. The Midway Gas Co. was
incorp. in California last Dec. with $3,000,000 stock in $100 shares and
on Dec. 7 filed at Bakersfield, Cal., a $3,000,000 mtge. to the Mere. Trust
Co. of San Francisco, as trustee. Incorporators: Charles P. Fells, It. 13erlinger and W. D. Dennett of San Fran.; R. Given San Rafael and K. Moore
Ross, Mann County.
Monongahela River Consolidated Coal & Coke Co., Pittsburgh.-Dividend.-A dividend of 4% has been declared on
the $10,000,000 7% non-cum. pref., the greater part of which
is now owned by the Pittsburgh Coal Co., payable Jan. 25
out of the earnings of the year ending Oct. 311911, against
2% disbursed last year. The last previous distribution was
1% in Jan. 1909. Compare V. 91, p. 1633.-V. 93, p. 942.
Report.-For year ending Oct. 31:
Oct. 31.
Year1910-11
1909-10
Net
Earnings.
$1,821,491
1,695,220
Preferred Balance,
Depre- Interest on
elation. Bonds, dee. Dividends. Surplus.
$913,099 $506,753 (4%)$400,000 $1,639
937,426
526,571
(2%)200,000 31,223
New Directors.-The following is announced:
•
James H. Beal of the law firm of Reed, Smith. Shaw Se Beal has been
elected a director to succeed John A. Bell, resigned. W. Hamilton Brunt,
Vice-President of the company, was also elected a director in place of
George W. Theiss, resigned. The office of Vies-President formerly held
by George W.Theiss was allowed to remain vacant.-V.93, p. 942.
Municipal Gas Co. of Albany.-New Stock.-The shareholders voted on Dec. 29 to increase the capital stock from
$2,000,000 to $6,250,000. Touching this increase and the
proposed new security issues of the Troy Gas Co. (see that
co. below), a press dispatch from Albany on Dec. 29 said:
It is understood that these increases in capital at this time are for the
purpose of enabling these companies to take advantage of a law passed by
the last Legislature permitting lighting companies to capitalize moneys spent
from income and surplus funds for betterments and extensions during the
preceding five years and for immediate betterments provided application to
so capitalize such expenditures be made to the up-State Public Serves Commission before Jan. 1 1912. The lighting companies of Albany and Troy
have substantial surplus funds, and since the passage of the Public Service
Commissions law have been wondering how they could distribute these
funds among the stockholders.
[Interests closely identified with the reorganization of the Hudson River
Water Power properties under title of Adirondack Electric Power Corporation (V. 93, p. 1790) Inform us that no negotiations are pending with the
Municipal Gas Co. or of the Troy Gas Co. for the sale to those companies
of the reorganized properties, as recently reported.-V. 93, p. 1671.]
National Electric Lamp Co.-Merger.-See General Electric Co. above.-V.93, p. 1025.
Nebraska (Bell) Telephone Co.-Sale.-See Lincoln Telephone & Telegraph Co., above.-V.92, p. 466.
New Departure Mfg. Co., Bristol, Conn.-Bonds.-Stedman & Redfield and Francis R. Cooley, both of Hartford,
are offering at a price to yield 53'% 1st M.6% gold bonds
dated March 1911 and due $75,000 yearly. The bankers say:
Began business in 1889 under special charter granted by Conneetlettt.
Both common and pref. stocks sell at a premium. The manufacture of
steel balls and ball-bearings has been very successful, and is now a very
Important part of the business. Average annual profit for last six years
applicable to interest is $250,023; interest charge is $45,000 annually, and
$75,000 bonds mature annually (March 1).
BALANCE SHEET JULY 1.
1911.
1910.
AssetsLiabilitiesCash, bills and
Common stock_ acc'ts recely'le 495,179
613,409 Preferred stock_
_ _1,344,710 1,249,025 Bills payable_ _
Inventories
Investments_ ___ 143,800
136,300 Ace'ts payable_ _
21,387 Bonds
Def. chges. to op. 34,735
Accrued interest
Plant at cost,
less depree'n_1,264,675 1,122,588 Surplus
1911.
943,030(1
500,000
403,400
30,449
750,000
21,408
634,242
1910.
;
960,900
500,000
087,600
134,281
559,928
Tot. liabilities 3,283,099 3.142,700
Total assets_ _3,283,099 3,142,709
Common stock auth., $1.000,000; in treas., 1911, $56,400;1910, $39,100.
See also V. 92, p. 885.
New York Air Brake Co.-Temporary Injunction.-Judge
Hough in the U. S. District Court So. Dist. N. Y.on Jan. 18,
granted a preliminary injunction restraining the New York
Air Brake Co. from infringing patents on slack adjusters
the American Brake Co., a subsidiary of the-WestLawyers' Mortgage Co., New York.-0iffeers.-C. C. owned byAir
inghouse
Brake Co.
formerly
Evers,
Secretary, has been elected Vice-President.
The patents involved were Issued on Inventions of McKee and Lencke
Peter Hamilton has been elected Treasurer, Orland S. Isbell, and
cover the standard construction of the American company now in
Secretary, John V. Lamarche, Assistant Secretary and general use upon a large number of railroads. -----V. 93, p. 1195.
George A. Hurd a director. Compare V. 94, p. 121.
New York & Queens Electric Light & Power Co.-Sale.Lincoln Telephone & Telegraph Co.-Increase of Stock- See Consolidated Gas Co. of New York above.-V.93, p. 233.
Acquisition.-The Nebraska State Railway Commission has
New York & Queens Gas Co.-Sale.-See Consolidated
approved the issue of $3,000,000 preferred andt$350,000 Gas Co. of New York above.-V.82, p. 933.
JAN. 20 1912.
THE CHRONICLE
Niagara Navigation Co., Ltd., To ronto.-Stock-Earnings,
&c.-The shareholders voted on Jan. 9 to increase the capital
stock from $1,000,000 (of which on Nov. 30 1911 $701,700
was outstanding) to $2,000,000; par, $100.
Shareholders of record Dec. 15 1911 and their assignees subscribed for
$100,2 00 new stock at par, and an additional $198,100 stock was given along
with $122,660 cash in payment for the Hamilton Steamboat Co. and the
Turbine SS. Co., consisting of three steamers and wharf properties at
Hamilton. There is now outstanding, it appears, $1,000,000 stock, some
$227,000 4 36
, % debentures and a real estate mortgage.of $63,500 due Dec. 1
1912. A new boat has been ordered. For the year ending Nov. 30 1911
the net earnings were $152,515 (against $124,703 for 1909-10), from which
were paid 8% divs., $56,136; renewals, $60,000; deprec., $9,725; debenture
int., &c., $10,215; bal., sur., $16,439. Total surplus Nov. 30 1911,
$157,756. Nothing was said at the meeting about the rumored R. & 0.
merger plan.-V. 93, p. 42.
Parke Davis & Co.,Detroit.-Extra Dividend.-The directors have declared a special dividend of 5% in addition
to the regular quarterly disbursement of 3% on the $7,600,000 stock (par $25), making a total of 17% for the year 1911.
In 1910 a similar extra dividend was paid in addition to the regular 2 A%
quarterly distribution, making 15% for the year. Compare V. 91, P•
1634.-V. 93, p. 1606.
Penn Heat & Power Co.-Sale.-The foreclosure sale is
advertised for Jan. 27 at Pittsburgh.
The sale will include all property and rights in Wilkinburg and Edgewood. Pa., covered by the mortgage of May 1 1908, as ordered by Common
Pleas Court No. 2 of Allegheny County. Union Trust Co. of Pittsburgh is
mortgage trustee.
Pennsylvania Light & Power Co.,Pittsburgh (North Side).
-Stock.--A certificate was filed at Harrisburg on Jan 8
increasing the capital stock from $630,000 to $1,000,000.
Mayor Magee on Jan. 9 vetoed the ordinance granting the company a
50-year franchise to operate throughout the city. The Mayor contends
that the company must give up its perpetual franchise on the North Side if
it wishes to extend its field of operations.-V. 86, p. 484.
213
and "H" 6% serial gold debentures ($125,000 each). The
principal of series"A" debentures (also $125,000)and accrued
interest will be paid on the same date. Compare V. 93,
p. 1538; V. 92, p. 1247.-V. 94, p. 71.
Springfield (0.) Light, Heat & Power Co.-BondsEarnings.-P. W.Brooks & Co., N. Y., Boston and Augusta,
Me.,are placing at 98 and int. $50,000 1st M.5% sinking fund
gold bonds, dated Feb. 1 1909, due Feb. 1 1929. Callable on
or after Feb. 1 1914 at 105 and int.
Condensed Extracts from Bankers' Circular.
Springfield is a manufacturing city with population in 1910 of 46,921;
produces farming implements (International Harvester Co.), water wheels,
piano plates, steam road •rollers, metal caskets, gas engines, motor trucks,
electric fans, small motors, machine tools, &c.
Property.-Modern fire-proof power station, 6,000 h. p. capacity, in
centre of the city; 45 miles of pole lines, covering business and main residential sections; steam-heating mains in heart of city, supplied from central
power station. Favorable franchise, maturing Nov. 24 1933.
CapitalizationIssued.
Authorized.
P
Preferred stock 6%
$1,000,000
$81,500
Common stock
1,000,000
1,000,000
First mortgage Is (an absolutely first lien)
2,000,000
750,00o
Earnings for Years ending Oct. 31.
1910-11,
1909-10.
1908-09.
Gross earnings
$213,834
$186,729
$161,883
Net earnings
$81,721
$70,247
$56,121
Bond interest
35,555.
32,500
32,500
Surplus
$46,165
$37,747
$23,621
The $1,250,000 escrow bonds may be issued for 80% of cash cost of additions and permanent improvements, provided the annual net earnings are
twice the 1st M. Interest charge, including bonds to be issued. Annual
sinking fund (on outstanding bonds), 2% Feb. 1914 to 1919, 3% Feb. 1919
to Feb. 1924, and 4% Feb. 1924 to 1929; this should retire 35% of the
bonds now out. See also V. 91, p. 1714, 468; V. 89, P. 353.
(L. S.) Starrett Co., Athol, Mass.-Stock Increase.-This.
company, said to be the largest manufacturer'of fine mePennsylvania Sugar Refining Co.-Reorganization.-The chanical tools in the world, increased its capital stock on
plan, submitted to the bondholders by receiver George H. Jan. 1 1912 from $100,000 to $3,500,000, of which $1,500,000
Earle Jr., and unanimously adopted by them at a meeting is 6% cumulative non-voting pref. stock callable at 110.
on Nov. 29, provides substantially as follows, the Real Estate
The new stock is issued as a stock dividend, to make the capitalization
more nearly commensurate with the assets. Par of all shares. $100.
Trust Co., Phila., being the depositary for old bonds:
The company
was incorporated in 1900, succeeding to the business estabCapitalization of New Corporation-Keystone Sugar Refining Co.
lished in 1880 by Pres. L. S. Starrett, who continues in active control.
Capital stock (with such additional amount as may be necessary
The other directors are: F. A. Ball, V.-Pres.; F. E. Wing, Treas. and Sec.;
to carry the plan into effect)
_52,500,000 W. G. Dams, Asst. Treas.; M. B. Waterman, Augustus P. Loring, John A.
To be divided pro rata among the holders of bonds
McGregor, J. H. Drury and W. B. Makimmon. The last four named are
and coupons whose claims shall be adjudicated
officers of the Union Twist Drill Co., which becomes a stockholder, and
as valid, but 10% of such stock to be retained and
as such has representation. The Union Twist Drill Co. was reincorporated
transferred to purchasers ot new incomes [there
in Mass, in April 1910 with $1,500,000 stock, all paid in, $1,000,000 being
arc said to be $2,875,000 1st M. bonds out-Ed.j$1,500,000
8% cum. non-voting pref., callable at 110 and accrued div. (par $100), and
To remain In treasury in so far as not needed for reorg 1,000,000
no bonds. In May 1910 William F. Crosby of Worcester, offering Union
Income bonds to be issued for cash to provide new capital. Enpref. at par, reported 4 mos.' earnings as 3259,173 gross and $42,497 net.
titled to 6% interest when earned (but cumulative) and reUnion American Cigar Co., Pittsburgh, Pa.-Plan.-See
deemable as below stated. Not exceeding_
1,500,000
'
The bond and coupon holders legally entitled to participate will be al- American Stogie Co.
above.
lowed: (a) To subscribe to this issue of Income bonds proportionately to
their present interest in the old bonds and coupons, provided they notify
Union Twist Drill Co., Athol, Mass.-See L. S. Starrett Co.
payment
the trustee. In writing, not later than Dec. 18 1011, with a cash
of
5% thereof. Subsequent payments are to be made at the call of the board
United Cigar Manufacturers Co. New York.-Acquisition.
of directors. (b) To subscribe (within 10 days from malting of notice of -Jacob Wertheim
in a circular dated Jan. 15says in substanc e
opportunity to subscribe) for a like proportion of said income bonds not subSubject to the increase of the common stock, your directors have authorscribed for by other of said bond or coupon holder3 by Dec. 18 1911.
Said income bonds are to receive interest up to the rate of 6% before ized the acquisition of more than 80% of the capital stock of the Thoebald
anything is distributed upon the stock; but, where sufficient is earned to & Oppenheimer Co. of Phila.; and existing conditions lead them to believe
pay at least 6% upon both, and such earnings are not utilized for redemp- that other opportunities of acquiring established businesses upon advantion of income bonds, the latter shall equally participate in all distribution tageous terms may present themselves. Accordingly, your directors
of earnings with the stock, it being understood, however, that it shall not consider it advisable that our common stock be increased from $15,000,000
be obligatory to pay any interest, even where there arc sufficient earn- to $20,000,000. (There is also $5,000,000 7% cum. pref.-Ed.)
ings, in excess of6%. The Interest, however, is to be cumulative up to 6%.
The Theobald & Oppenheimer Co. has, for many years, manufactured
Said income bonds are to be redeemable at any time, at the discretion a class of cigars which your company does not make, and for which the
of the board, but only at par and unpaid interest at the rate of 6% from demand Is increasing. Upon the basis of Its profits during the past two
date of issue; no deductions, however, to be made on account of additional years the stock thus acquired should add to our net income an amount
Interest paid at any intervening period. Said redemptions shall be made equal to approximately 1% upon our total common stock as outstanding
proportionately from and against the income bonds held by each holder. after the purchase; through co-operation, also, the earnings of the Theobald
and only out of the surplus earnings of the company.
& Oppenheimer Co. may be considerably Increased. Only a small portion
When one-third in amount of the income bonds actually issued shall of the proposed additional common stock is to be issued in connection
have been so redeemed, "the holders thereof shall have the right in each with said purchase -V. 93, p. 127.
case of further redemption to receive not only the cash payments hereinUnited Shoe Machinery Corporation.-Settlement of Suits.
before provided for, but an amount of the reserved capital stock at par
equivalent to the par of the remaining unpaid portion of the income bonds -Negotiations, it is reported, were begun on Jan. 17 between
so redeemed, and which stock would be then represented in the assets of the
company by the cash originally paid to it for the amount of the income the officers of the Department of Justice and the company
bonds so redeemed."
for a settlement of the civil and criminal cases now pending
If by Jan. 1 1922 such income bonds shall not have been redeemed in
full, the holders of said bonds "shall have the right to elect that the amount in the Federal Court at Boston against the company and its
due upon their bonds shall be forthwith redeemed on the basis hereinbefore principal officers.-V. 93, p. 1672.
set forth, first, out of accumulated income so far as the same will suffice,
Utah Copper 0o.-Listed.-The New York Stock Exchange
with stock issued to the holders to represent the same; and the remainder,
out of principal assets, but without such issue of stock in addition to the has authorized to be listed $566,510
additional stock, viz.:
cash payments." The Income bonds shall contain a provision that all
$500,000 on notice of Issuance in exchange for Bingham & Garfield By.
general indebtedness shall be first liquidated prior to any payment to the
convertible bonds and $56,510 on exchange for stock of the Railway Co.
holders thereof by means of this forced redemption of the same.
Each bolder of said income bonds will have one vote for each $100
Results.-For 10 months ending Oct. 311911:
unpaid principal of the bonds held by him, provided, that the same can be
Total operating revenue _810,186,325 Total income
$4,420,530
lawfully provided for, as advised by counsel.
3,258,545 Divs.(9 mos.) 22 ;4%__ _ 3,526,010
The plant, never yet operated, will, It is said, with an expenditure of Net, after taxes
1,161,985 Balance,undivided profits: 894,520
$25,000, "when running properly and a trade has been established, be Other income
able to turn out 4,000 barrels a day." The refinery is located at the -V. 94, p. 141.
foot of Shackamaxon St.. Phila. (see V. 76, p. 1088). No refining, it is
Warwick Iron & Steel Co., Pottstown, Pa.-Lease Aprepsrted, will be done before Mach, but a large force of men was to go to
proved.-The stockholders on Jan. 16 ratified the proposed
work on Jan. 4. -V.93. p. 800.
Phillips Sheet & Tin Plate Co., Weirton, W. Va.-Bond
Issue-Acquisition.-The company has sold $1,000,000 of an
authorized $2,000,000 bonds to the Bank of Pittsburgh and
Fidelity Title & Trust Co., Pittsburgh, Pa. The proceeds
will be used to finance the recent purchase of control, for
somewhat less than $1,000,000, of the Pope Tin Plate Co.,
owner of 12 tin mills at Steubenville, 0. By this purchase
the Phillips company, it is said, becomes the largest independent sheet and tin plate interest in the country, having
a total of 46 sheet and tin mills.-V. 91, p. 1777.
Pittsburgh Coal 00.-Increased Income from Stock Owned.
-See Monogahela Consolidated Coal & Coke Co. above.V. 93, p. 1025.
Portland (Me.) Electric CO.-Purchase,-See Portland
RR. under "Railroads" above.-V. 93, p. 733,
Public Service Co. of Northern Illinois.-Initial Dividends.
--Initial quar. divs. of 134% and 1% on the com. stock have
been declared payable Feb. 1 to holders of record Jan. 24.V. 93, p. 1389.
(M.) Rumely Oo.--Debentures Called.-The company has
called for payment at 105 and interest at the Bankers Trust
Co. on March 1 all of series "B," "C," "D," "E," "F," "G"
lease to the Eastern Steel Co. Compare V. 94, p. 141.
Washtenaw Light & Power Co., Geddes, Mich.-Called.All the 1st M. bonds due Aug. 1 1932 have been called and
will be paid Feb. 1 at the Detroit Trust Co., Detroit.
Total issued, $300,000, of which $171,000 at last accounts owned by
Eastern Michigan Edison Co.. owner of tile entire ($200,000) capital stock,
and itself controlled by the Detroit Edison Co.
Westinghouse Air Brake.-Increase of Stock.-The stockholders will vote on March 20 on a proposed increase in the
authorized capital stock from $14,000,000 "to such an
amount not exceeding $20,000,000 as shall be approved."
Compare V. 94, p. 141.
The stockholders will also vote on adopting certain amendments or
arc
riln
i cbgain:nr
lie
•hilc
oh
lawsu‘
alteratIons to the by-n
the meeting and on
action
i of
peatn
ef tch
thedi
oema
ovolug)
o
aFfvere
location
oncga.tioof0t4.
hepp
.rlin4cilpal
from Pittsburgh to gWifinere
Favorable Decision.-See New York Air Brake Co. above.
-V. 94, p. 141.
Wichita (Kan.) Natural Gas 0o.-New Director.-Robert
Law Jr. has been elected a director to succeed H. R. Merritt.
Wm. M. Davis is now both Secretary and Treasurer.
Report.-For year ending Dec. 31:
Gross
Calendar
Earnings.
Year$1,206,623
1911
1,020,423
1010
-17. 02, p. 194.
Net
Income.
$778,516
797,543
Interest on Charged off,
Bonds, &c.
&c.
$78
$195,110
82:255541
139,471
Balance*,
Surplus.
$504,865
575,547
214
THE CHRONICLE
[Vol, Lxxxxiv.
im
-The New York Life Insurance Co. whose 67th annual
report appears in another column, found 1911 a good year.
It pushed up its limit of new business allowed under the law
COMMERCIAL EPITOME.
to 177 millions, but in November and December was obliged
to give notice to many applicants that it could not grant
Friday Night, Jan. 19 1912.
them policies until 1912. The company's limit for 1912
Id
co
weather
severe
Although
throughout this country
is 197 millions. During the year 1911 the company was
examined by the Insurance Department of the State and undoubtedly militate d against trade, especially in its retail
received the "official approval of the Department." The branches, higher temperatures of late have tended to stimuexaminers said: "The work of the company is done efficiently late business somewhat. The iron and steel industry is
and economically; its claims are paid promptly; its policymost hopeful position. On the whole,
holders are treated fairly; its dividends are apportioned and apparently in the
paid without discrimination, and the company complies with general trade is of only moderate volume, though it is true
the requirements of the law and,the rulings of the supervising that bank clearings for the week are larger than during the
authorities in both the spirit and the letter." The New same week last year. Food is still high and butter has
York Life's annual income is now over 113 million dollars;
its payment to policy-holders are over 53 millions, and its reached the highest price in twenty- eight years.
LARD on the spot has been in moderate demand and
increase in accumulated funds in 1911 was over 46 millions.
Its total assets (market values) now exceed 684 millions; its firmer; prime Western in new tierces, 9.70c.; City, steam,
insurances in force under 1,022,726 policies are $2,102,105,- 93'09Y1c.; refined to Continent 9.95c.; South America
746. Its payments to policy-holders, plus the loans made
Lard futures here have been
directly to them on the security of•their policies, exceeded 10.35c.; Brazil in kegs 11.35c.
nominal; at the West prices have been somewhat easier of
93% of the amount received from them during the year.
of hogs than had been expected.
-An announcement of interest in Canadian financial late on larger receipts
DAILY CLOSING PRICES OF LARD FUTURES IN NEW YORK
circles is the formation of two new bond and banking houses,
Wed. Thurs.
1. rt
Tues.
Mon.
Sat.
N. B. Stark & Co. of Montreal and Murray, Mather & Co. January delivery
9.20
9.30
9.40
9.40
9.45
5 9.45
9.42
9.55
9.70
9.70
in
9.75
9.75
specialize
high-grade
will
firms
May delivery
of Toronto. The two
investment securities, the Toronto firm of Murray, Mather
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Frt.
Wed. Thurs.
Tues.
Mon.
Sat.
the
in
Ontario
interested
and
& Co. being more directly
9.10
9.25
9.35
9.37% 9.32
9.35
January delivery
will
Co.
Montreal
&
Stark
represent
Western field, while N. B.
9.55
9.52 54 9.47M 9.373-.
9.55
9.55
May delivery
and the whole of Eastern Canada. Norman B. Stark, who
PORK on the spot quiet an d steady; mess $17 25(017 75,
was managing director of the Investment Trust Co., Montreal,
$17 25(018 50, family $200$,21. Cut meats in modclear
Ltd.,
Co.,
Bag
the
of
Smart
President
Charles A. Smart,
and director of the Bank d'Hochelaga, and Harrison Durant, erate demand and firm; pickled hams 10%()11%c., pickled
formerly of the Investment Trust Co., are general partners bellies 93409%c. Beef in fair demand and steady; mess
in the firm of N. B. Stark & Co., and special partners in the.
$13, family $14 50, extra India mess $21 500
firm of Murray, Mather & Co.; while H. W. Murray and $12, packet
quiet and steady; city 60. Stearines quiet;
Tallow
$22.
years
many
for
been
who
have
connected
N. C. Mather,
with the Dominion Securities Corporation at Toronto, are oleo 9Yo.,lard 10140103-c. Butter, creamery extras, 4034
general partners in the Toronto firm and special partners in 041c. Cheese, State, whole milk, fall and earlier, average
the Montreal firm.
fancy, 1630169c. Eggs, Western firsts 32%433c.
-Gude, Winmill & Co., 20 Broad Street, this city, have
OILS.-Linseed, though quieter, has continued firm on
admitted Fal de Saint Phalle and Xavier M. Audibert to strong market for seed, due to small receipts. city, raw,
general partnership. Fal de Saint Phalle, who has beenin American seed, 78079c.; boiled 79080c., Calcutta, raw,
the office of J. P. Morgan & Co. for a number of years, will 85c. Cottonseed oil irregular; winter 5.60c., summer white
be the N. Y. Stock Exchange member. The senior members 5.4005.80c., crude 4.34()4.47c. Cocoanut quiet at 93.0
are: Edward C. Gude and Robert Campbell Winmill. The 10c. for Cochin and 934109Yie. for Ceylon. Corn quiet and
firm will continue their general investment and banking easier at 5.8505.900. Lard quiet; prime 75085c. Cod
quiet; domestic 52053c., Newfoundland 55058c.
business.
-Announcement is made of the organization of SmithCOFFEE on the spot has been quiet and easier. Rio
Tevis-Hanford, Inc., of San Francisco, for the purpose of No. 7, 133
4013%c.; Santos No. 4, 150151/0. Futures
bonds.
corporation
and
dealing in municipal, railroad
have been irregular. Early in the week the tendency was
HanG.
R.
and
Tevis
S.
F. M. Smith is President; William
downward under weakness in the foreign markets, lower cost
ford are Vice-Presidents; Albert Hanford, director and Le and freight offers from Brazil, dulness on the spot, bearish
was
Ryone
Mr.
Manager.
and
Roy T. Ryone, Secretary
pressure and liquidation. Of late, however, a steadier tone
formerly with J. H. Adams & Co. The temporary offices has developed on bull support, a lessened pressure of liquiBuilding.
Institute
Mechanics'
the
in
are
concern
of the new
dation and some increase in the spot inquiry.
Closing prices were as follows:
-The Union Trust Co., Chicago, will buy Chicago Rail12.51
13.49 September
12.48 May
ways notes of 1913 and Chicago Suburban Light & Power January
12.49 October
12.49 June
February
F
dis4%
a
at
1912
1
2 42
12..4
Feb.
6
payment
12.49 November'
for
called
12.51
July
1915,
March
notes of
12.38
12.41 December
12.50 August
count basis, figured from date of delivery. See their adver- April
SUGAR.-Raw quiet and firmer; centrifugal, 96-degrees
tisement on another page. The Union Trust Co. published
in our advertising columns in issue of Jan. 6 a list of most test, 4.45c.; muscovado, 89-degrees test, 3.95c.; molasses,
excellent municipal, railroad and corporation bonds which 89-degrees test, 3.70c. Refined quiet and steady; fine
they offer for sale. Write to them for descriptive circulars. granulated 5.50c. Hops firm though quiet.
PETROLEUM.-Refined in good demand and firm; bar-L-Attention is called to the page advertisement of E. W.
Clark & Co., Philadelphia, in regard to "Public Utility In- rels 7.60c.; bulk 4.10c.•, cases 9.10c. Gasoline firmer; 86
vestments," in the financing and management of which degrees in 100-gallon drums 203'c.; drums $7 50 extra.
business the house has made a specialty for over twenty years. Naphtha firm; 73()76 degrees in 100-gallon drums 17%c.;
They give a list of the companies with which they are identi- drums $7 50 extra. Spirits of turpentine 53053%c. Comfied and whose securities they recommend to the confidence mon to good strained rosin $7 15.
of the investment public.
TOBACCO.-No essential change has occurred in the posi-J. O. Wilson & Co., members of the New York Stock tion of the market for domestic leaf during the week. ManuExchange, with headquarters in the Mills Building, San facturers have continued to purchase in a conservative manFrancisco, have recently added three more important con- ner, taking moderate quantities for early consumption.
nections, having opened new branches in Portland, Ore., They are believed to be carrying unusually small stocks,
Seattle, Wash., and Vancouver, B. C. The firm now main- and there is a general opinion that it is only a matter of time
when they will be compelled to take hold more freely. Meantains branches in Los Angeles and San Diego, Cal.
steady tone. The best demand
-A. B. Leach & Co., bankers, of 149 Broadway, New time the market retains a Pennsylvania
leaf of last year's
York, have recently opened an office in Great Britain at has apparently been for Sumatra has displayed little life,
6 Crosby Square, London. Sir Arthur Elliott, Bart., is the growth. The market for
availhowever, that the
firm's English representative. The concern has branches in partly for the reason, somewhat better assortment
demand has been
able is unattractive. A
Chicago, Boston and Philadelphia.
noticeable for Havana leaf at firm prices.
-Sherman R. Hall and C. Hunt Lewis have entered into
COPPER has been easy and more or less unsettled of late,
partnership under the firm name of Hall and Lewis, for the
by speculative
purpose of dealing in investment bonds. Their offices chiefly under the influence of realizing salesthe
decrease in
buyers; demand has also been less active;
are in the Lewis Building, Portland, Oregon.
stocks during the past month of over 25,000,000 lbs.
world's
-Robert Glendinning & Co., 400 Chestnut St., Phila- failed to stimulate interest in the situation; Lake 14c.;
delphia, have issued a January circular of high-grade first electrolytic 143'()14 Yie. Tin easier; good demand on the
mortgage tax-free bonds, yielding between 4Y% and 5%%. decline to 43c. for spot. Spelter quiet at 6.45c. Lead quiet
A copy will be sent to all inquirers.
at 4.40c. Pig iron firm and more active; No. 1 Northern
-H. B. Hollins & Co., corner of Wall and Broad streets, $14 75()$15; No. 2 Southern $14(014 25. The pig iron
New York, have prepared an analysis of the Erie RR. and output for December was 2,043,270 tons, against 1,999,433
will be pleased to forward a copy of the same on request.
tons in the previous month. Some large contracts for steel
-Arnold Gilissen, Rotterdam, has issued his annual rails have been given out by the railroads or are about to be.
booklet containing range of prices 1901-1911 of securities A good demand for structural and bridge material continues
to be reported.
listed on the Amsterdam Stock Exchange and other data.
hi Touxnurcial
JAN. 20 1912].
THE
CHRONICLE
COTTON.
Friday Night, Jan. 19 1911.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
285,431 bales, against 334,417 bales last week and 354,935
bales the previous week, making the total receipts since
Sept. 1 1911 7,968,119 bales, against 6,731,127 bales for
the same period of 1910-11, showing an increase since
Sept. 1 1911 of 1,236,992 bales.
Receipts at-
Sat.
Mon. Tues.
Wed. Thurs. Fri.
Total.
Galveston -----12,435 10,470 17,382 15,083
7,337 10,758 74,365
Texas City
2,541
1,018 2,592
6,287 8,656 21,094
Port Arthur, &e...
3,984 3,984
New Orleans_ _ _ _
5,094 4,700 8,662 6,633 10,720 10,789 46,598
Gulfport
1,990
1,990
Mobile
1,783 2,173 3,529 2,286
1,150
648 11,569
.Pensacola
20,500
575 14,300
3,766 39,141
Jacksonville, 81e.
166
375
482
244
508 1,775
Savannah
6,730 8,462 11,996 8,125 4,829 8,707 48,849
Brunswick
6,000 6,000
Charleston
444
563
727
392
481
1,360 3,967
Georgetown -----Wilmington _
3,847 1,880
528
1-J29 1,880
1,139 10,403
Norfolk
1,906 2,193 1,066
1,755
1,372
1,731 10,023
NewportNews,&c
961
961
New York
133
133
Boston
83
90
79
112
146
445
955
Baltimore
___
3,624
3,624
Philadelphia_ _ _ _
_
Totals this week_ 35,464 50,849 44,8811 40,292 48,879 65,066 285,431
215
On Shipboard, Not Cleared for-
Great
GerJan. 19 at- Britain. France many.
New Orleans_ _ 16,624 9,147 8,246
Galveston __ _ _ 43,093 8,900 55,672
Savannah _ _ _ _
3,850 3,100 28,000
Charleston. _ _ _
5,000
4,000
Mobile
9,347 1,770 11,934
Norfolk ____. _
New York_ _ _ _
5",000 4;200 5-,666
Other ports__ _
4,000
6,000
Total 1912_ 86,914 27,117 118,852
Total 1911
62,851 31,724 48,384
Total 11)10... 50,839 23,658 45,141
-Other CoastForeign wise.
Total.
Leaving
Stock.
20,788
30,865
1,200
157 54,962
5,270 143,800
36,150
9,000
650 23,701
14,402 14,402
1,200
15,400
10,000
205,792
240,702
214,480
25,271
45,113
33,042
173,315
49,553
54,053 20,479 307,415
36,798 17,659 197,416
24,637 32,827 177,102
987,268
839,645
678,014
Speculation in cotton for future delivery has been
active at irregular prices, at first tending downwardfairly
later taking an upward turn. Depression at one time and
due to the failure to settle the Lancashire strike early in was
the
week, as was freely predicted it would be, and also to strike
and riots at Lawrence, Mass., where the militia hada to be
called out to suppress disorder. This caused heavy selling
here and in New Orleans and Liverpool, with the natural
effect on prices. Memphis sold here and the so-called
Waldorf-Astoria contingent as well as Wall Street houses and
the South likewise sold. With milder temperatures at the
South,too,it is natural to expect a larger movement of the
crop, which has been delayed by unusually cold weather in
which as far south as Oklahoma pergons have been frozen
to death. The snows, however, which have fallen have with
the recent heavy rains put the soil of large tracts of the
The following shows the week's total receipts, the total South, it is said, in exceptio
nally good condition, far better,
since Sept. 1 1911, and the stocks to-night, compared with it is said, than usual in recent
years. The December rains in
last year:
many States were above the normal, according to
official
reports. Also it is said that aside from this the maintenance
1911-12.
1910-11.
of
present
Stock.
prices
for any great length of time Swill
Receipts to
the
effect of preventing any material decrease in the have
Jan.19.
This 1Since Sep This Since Sep
acreage,
week. 11911. week. 1 1910.
which last season, needless to say, was the largest
1910.
1911.
ever
Galveston
74,365 2,543,152 70,211 2,265,438 384,502 225,439 known. This of itself is said to account for not a little of
Texas City
the
21,094 468,277 20,131 227,160
heavy
selling
9,163
by the Continent during the week, espePort Arthur, doe.. 3,984 156,653 2,097 161,407
New Orleans_ _ _ _ 46,598 1,000,707 55,050 1,128,918 250,754 217,885 cially in Liverpool, though also to some extent noticeable
here.
Gulfport
Yet
this
1,990
selling
37,266 3,629
22,346
was also undoubtedly traceable in no
1,207
14,205
Mobile
11,569 269,351
4,483 205,395
68,814
39,026 small degree to alarm over the
Pensacola
labor situation at home and
39,141 130,084
82,096
abroad.
Jacksonville, &o_
A
big
1,775
coal
40,754
strike has been threatened in England
871
20,357
Savannah
48,849 1,720,924 30,137 1,202,916 250,630 129,845 and in fact a strike has
been declared to commence March 1,
Brunswick
6,000 266,628 7,083 200,830
9,954 and it was
2,900
Charleston
feared that other industries might become in3,967 312,599 3,028 255,004
34,271
30,295
Georgetown
480
volved
in
836
the
struggle
, notwithstanding the efforts of Sir
Wilmington
10,403 397,957 9,940 363,002
23,223
12,805 George Askwith of the
Norfolk
British Board of Trade to bring about a
10,023 500,341 10,857 476,736
29,292
47,444
N'port News, &c_
961
12,332
settleme
328
nt
3,848
the
of
difficulti
es. It was also feared that the strike
New York
133
4,072
210
4,555 189,715;J 314,803 at Lawrence, Mass.,
Boston
might spread to Fall River and
955
39,7291 1,142
26,576
8,5711
2,624
Baltimore
3,624
66,8131 3,874
other
big
cotton
83,417
centres
8,3331
7,068
in New England, owing to the inPhiladelphia
50
200
5,656.
4,180 tense dissatisfaction among
cotton operators over the re288.431 7.968.110 221.121 6.731.127 1 90A AAR 10.57.061 duction in their wages to
Total
correspond with the reduction of
two
hours
a
week
in
their
working
time, i. e., 54 hours a week,
In order that comparison may he made with other years,
the new legal schedule to take the place of 56 hours a week,
we give below the totals at leading ports for six seasons:
the old one. Yet prices on the whole have stood up pretty
well. The exports have been very ,large and give rise to
Receipts at1912. I 1911.
1910.
1909.
1908.
1907.
predictions that they will be anywhere from 9,000,000 to
Galveston __ _
74,365
70,211
69,116
76,014
61,180 133,095 9,500,000 bales this season, or over 1,500,000 beyond the
Texas City,&e
25,078, 22,228
528
7,827
13,362
highest known total in recent years. Spinners have been
New Orleans_
46,5981
55,050
35,920
58,810
69,742
76,653 calling
Mobile
11,569;
for cotton more freely in Liverpool, and have also
4,483
4,116
10,585
7,033
8,002
Savannah _ _ _
48,849' 30,137
9,164
39,194
33,353
40,630 bought on a larger scale here. The crop looks
Brunswick_ _ _
6,0001
less formidable
7,083
1,208
12,136
15,482
2,114 as the world
Charleston,doe
3,9671
shows a disposition to take large quantities at
3,028
540
3,520
4,586
1,944
Wilmington_ _
10,403;
9,040
421
10,030
the
23,830
present
4,754
level
of prices. The cotton goods market has
Norfolk
10,023,
10,857
5,854
16,890
16,315
16,280 seemed to promise
N'port N.,&o.
9811
better things, both at home and abroad.
328
892
398
1,126
All others_ _- 47,6181
9,776
4,145
11,504
The
talk
8,902
about
the
9,564
big excess of ginning thus far this season
Total this wk. 285,4311 223,121 131,913 241,858
over
the
quantity
actually brought into sight, indicating
253,891 294,162
that
a
good
deal
of cotton is being held back which may be
Since Sept. 1_7,968,119 6,731,127 5,527,335 7.045,916
5,891,384 7,016,565 thrown on the market later,
especially should an advance in
The exports for the week ending this evening reach a total prices occiir, is met by the counter-argument that it will all
ef 420,263 bales, of which 164,151 were to Great Britain, be wanted, as the European trade seems disposed to buy be52,716 to France and 203,396 to the rest of the Continent. yond its actual requirements for the season, that is, so far as
the Continent is concerned, and that sooner or later both
Below are the exports for the week and since Sept. 1 1911:
American and British mills must increase their purchases.
To-day prices advanced on reports, which later seemed
Week endinl Jan. 19 1912. From Sept. 1 1911 to Jan. 19 1912.
to be
Exported toconfirmed, that the Lancashire strike was settled and that
Exported toExports
the
mills
will
fromreopen
on
Great I
Conti- I
Monday. Also, there was renewal
Great
ContiBritain. Fence. neat. I Total. Britain. France. nent.
of buying by large spot interests and by well-knoawn people
Total.
,
in
Wall
Street,
who
are
bulls on the situation. Spot cotton
cialveston
34,997. 55,316 90,313 957,222202,191 763,7511,923,164
Texas City..... 37,98 12:1
2 9 13,769 63,384 331,451, 70,373 57,196 458,970 closed at 9.55c. for middling uplands, showing
some recovPt. Arthur, do.
13,636,1 46,494
___
56,029 118,13" ery from prices earlier in the week
New Orleans _ 28,666 0:47320.554; (37:821
but still 10 points lower
411,305: 03,615 251,431 756,351
Mobile
than
a
week
ago.
8,900 23,474 33,883
91,3921
37,713
76,440
155,545
Pensacola __. 3,76514,875 20,5001 39,141
36,4261 40,408
The official quotation for middling upland cotton in the
5:3,368 130,202
Gulfport .....
2,5291 2,529
_ ....I 20,499
15,560 36,059 New York
Savannah __
14:171 7:580 31,589 53,340 39-7:089131,569 667,4811,10
market each day for the past week has been:
6,314
Brunswick
14,312
Jan. 13 to Jan.
12,345
-
1926,657 116,699
132,296 248,995
Sat. Mon. Tues. Wed. Thurs. Fri.
Charleston _ _
.._ _.
_.__
19,572... 168,329 187,901 Middling uplands
9.65
9.50
9.60
9.60
9.50
9.55
Wilmington
89,271 95:445 168,554 353,270
Norfolk
NEW
YORK
QUOTAT
IONS FOR 32 YEARS.
5,787
609
6,396
Newport News
1012.0
9.55 1904_c
14.50
1896_c
1888_e
8.19
10.56
New York__ __ 20,181, -815
14.90 1903
23:8ii 149,526 54:1456 163,697 3-613,i79 1911
9.00 1895
5.75 1887_
9.50
Boston
3,53(1
1910_
_14.40 1902_
_ 8.31 1894
3,536 96,643
8.06 1886
..
9.31
4,753 101,396 1900
Baltimore
004)
9.70
1901
1,917
10.00
12,953
1893
9.56
1885
11.06
77,120 94,912 1908_
Philadelphia
6,202---------- 6,202 33,497
12 25 1900
7.81 1892
7.56 1884
10.69
10,899
44,396 1907_
Portland, Me.
10.80 1899
6.12 1891
9.38 1883
10.12
2,500 1906
San Francisco_
6:Oio 6.076 2,509
12.25 1898
5.88 1890
64
18
2 1881
0.8
2_
112,351
2.
1.8
00
112,351
1
1
Seattle
1905
4,867 4,867
7.25 1897_
7.25 1889
65,623
65,623
Tacoma
41,721
21,721
MARKET AND SALES AT NEW YORK.
Portland, Ore
Pembina
_
Detroit
...
5,375
Futures
5,375
SALES.
Spot Market
Market
Total
164,151 52,716203,396420,2632
Closed.
Closed.
,625,344798,0972,867,1586,290,599
Spot. Contr-ci. Total.
'fotal 1910-11_ 134,82448,058102,359285,2412,525,754642,64
Steady
I 1,969,703 5.138,101 Saturday_ _ Quiet
Monday_ _ _ Quiet, 15 pts. deo
Barely steady_ _
62 3;i6o
3,462
In addition to above exports, our telegrams to-night also Tuesday _ _ _ Wet, 10 pts. adv Steady
Wednesday_ Quiet
Barely
give us the following amounts of cotton on shipboard, not Thursday _ _ Quiet, 10 pts. dec.. Steady steady_ _
1,666 2;66
cleared, at the ports named. We add similar figures for Friday
Quiet, 5 pts. adv _ _ Firm
1,300 1,300
New York.
Total
62 6,700 6.782
- -.
THE CHRONICLE
0
@I
co
@I
el
Thursday,
Jan. 18.
Wednesday,
Jan. 17.
Tuesday,
Jan. 16.
9
co
I cr'i coi CO -1
t":
00
01,
00
mo
CAM
coo
@J
@I
el
@I
0C
MN
Ch
0000
nn
".
CO CO
It
CO
@I
@I
0001
00
00
<A0
COM
CO CO
CO CO
00
CO
000
lh
Oh
IV
iv
0N
00
10
IC
On
CO
0-0
000
=0
CO
CO
CO
COCA
Co
OA
CO CO
NO
hh
0=
cov
hh
0=
Im
It•:
CO
MM
CAM
1
h0
Moo 00
Monday,
Jan. 15.
C
@I
NW
0000
COCA
hn
0010
).1
Saturday,
Jan. 13.
1
000-
.„: 1
V. 0
mn
00
m
cr'l
I H nn
cti -I -1 -1
ON
.. .Vel
.„-J.
.. ..
9000
®Iel
@I
99 19
CO CO CO CO CO CO
00')000) 0000)
@I
NN
®I
n
10
@I
Tr,.
'SO
CO
00
MN
Nv 050
'11 "
" 'VI!
co CO CO
CO C)
@I
0
1A
@I
0-01..
@I
@I 01
N
wo
cl'''
obal
il
C')50
Ica om
0. lc t-..w
'
1!"1 l'r ...
co mei
(moo
@I
no
050
CO
,':,'*.
CO CO
on
"9
oo
'': 99
CO mob
io lo
19 19
co
a'
MO
n
00
NN
Vh ..
V
@I
0
1M
=0
=0
4:130
00
1M
10
IV
1 ..
0'l 00 .0
7 ':
,*: . tt
ci!g
,
,
,
,
7
1, or.
ma
co
.. 9
CO C) CO C) CO CO
C)CO
.0,...
o C)CO
el ..
el
el el ,0
el ..
0
-COL,...
11 "t". r:19 99 99
M. 000 =0 00 00
0,-4 NM oo on 00c°'': ON c?" °A. .."
00 0= 00 00 00
el ®I el @I el el el el el
w
Nw .NM
'010
"
'
1
!'
0 01
CO
cOm
10 cqc
1" '':".
o oo
1m
om
0=
''':""°
cr;cO
0. 0= .004
C`t..
. tI N
:
" 00
"
cim
ck.a.
In ow lo .14.N=
IL": "t: ," "" CO"
o oo oo
CO oo
@I. @I @I @I @I
m cc..
,--•
on on
000". 'I:. .°A
C'l
CO coo 'co
oo coM
605.1 I t'toog
6
o..4 6
@I
el el el el el el el
@I @I @I @I @I
001...
50
. "" 1 11
91 91 1'?
CO 00 I= 650
C)C) 00 00
500 10.1 Ncr 10 00 ,TM WI
500') "A COI 1" t":" "" 001
CO 00 00 0
0,0 00 00
@I@I
..
@I
CO
11 11 11
10 ma CO CO CO CO
.oo00 on om
-01 t:t: 90
-:
C 0
I= 0= om oo
00
IN
moo
1""
"
CO
m.,
,
oo
.., .nn elo el
U)
@I
@I
el
@I
CO,..,
100"
CO CO
10 cc.
'9 11
mo oo oo
CO oo
00
t".N.
@I @I @I @I
nm
n..
0
CO on ""
tlt:
oo lo oo oo
I
@I
hhVNO
0
n
n0000n,oNooc000c00000.o.noovNonoco,rm.
oowont..o..mo.0000cc.iowo.noonn000NoN N
.m
.
01.0.mOON
.
M.M
.
00
.
0mOn
.m
.
Ct0
.000n0000
.M
M
00010-000100,0000000o
MM:
,n
'
00c400V
M-N,
,,S.nuS.Conte
C., '0)00
N.. ..N.N
.0000-01
N
0
0
. h
N
N,,0N,meoN0.00..0h0OmnmN ,V000n00V00 W
0000-0000IM=.000-0000-000nconNO0000Cn0-000000en 0
0500.mmnoo.onn
00000)01
rluo
n.
000000000000
o
'°?.".".". :0'0000000
.
.0.10001
...h 000000
N ,
i;
'
50
0
0
ci
4 ,,,...
c.i. 1-..
,N
,,,,,,,,,,,,,,.,m.,moo.m.on000w000.000000n
onoo.o...nonvo,..o.1..00no,00...coocovo
"!".°A.A.'1°'1...1.".!.."c1"..N..""v"..
r-v<rocio.ovicsion't-4.woo...Monoon000nwo.ono
..00500-N00005000 0N0000-.0500 0.10000
nr-n.o
.. .01
Cl...
al.
•.
C,) . ouon000‘rcoo.000,
l,Noo,rnnnocomoo..o.vn
,„ 0C)00000-n.
oonm
no
...m,..m.nm000,rn,rot
Nomo
0',) 000000-00 t-rovo.,r,.n.lo.o.n..ono..o..s‘ft,,o
.. N
-4 ,
""es, "",0')
,i4
me...
.n
i'
N
N
•
..n.moo.ow..w.owNo
vo..n000.o.no.ot
,
0-00000150010000)0-000.0-0401O0N00-0)0.1O0105000010N
.mmmm.000......,roo
.comvor.o.moorloo
.
..4000.00.1.600 0001.400-00wiN16 coMOnveivot,
.00
v..n n.on.
o ..N ..N
C
0
.
.
0-500-M0-010-O0000000)0M0-0=00.00 .c° ,010100000
0,400050000.00000.500000.V00050 10 .00000-0
"1."4001. 50C'1100.0A..
c/CVV:01c/000.0.00cl.0000°A0000
l000.
n00.00.000000..1 00 00
00500050 0100-00.
.
...00
o
ocoot
,
occoco
occoom.,roo.r.000ncoocaoNt
,
1187,806861,57011128,7485,001,356i
00
20..
0
9
Week..
ci
Week. I Season.
0
CO
NNVN00000Vn0MMN=NW0000NNNh0nnO.C.N 0
.
. 0
.
.
0
.
01.0.
0
0-50l00000010-M00,
,0000.0-M0MvN0
acionocOom.o.cinoriMoNo.Ooor;ont:no o
o.o.00p,r..c.ov
00000-0-000004 U)00,-,,-I0- .voo,
vo,
r N
.
n.0
N. h
.
..
.
.NV
0
N
500-000)00-00-0On000)00'..00000000004CM0000 0
0,
,000W001005000010000.n00vOOV000010-0100M00'N
V
MOM50,I.00000000000O0000001000)0.0N0 000'10
.
00-0
V
n Mo; 0
00500
MN
n .nt,
..
0 "
0
..
c
'"'
I
N
9
Sjo
acnks 1
0
CO
nS
ze
hnip;
0
CO
Movement to January 20 1911.
CO
0
0
CO
11
CO
Receipts.
0,
Movement to January 19 1912.
CO
el el el el el el el el el el el
[VoL.Lxxxxnr.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items
for the corresponding period for the previous year-is set
out in detail below.
I
FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:
• 81 CO.; I 8 I
:21 81
41 '41
II 0c2.1
I
216
10 om
In ,r.
ic° ..
CO om
2
0
®I-.
@I
0')'0
" c°.
CO oci
6E
ao 1b4 6
to.4 I a 6g
r.o
'a g.g.
h!)
t;
oa4 6.,4
ca-
h
EA
•a.
.P60
F0H E
g-4
18 1 2'13
8 1g 8 1 281 C,18 1 ,18 1%
18 1gAUI ° 1
15
4
- Z.Z.
5 Z.Z5QC45
)gOV.45;.1:4F.
.':gr.) ,.P4U
dCgr) •ZUL
;;gE.1 .0:5*
'
P
-)
1
0
.
44
4 (8
Igo .4Z>;„;z3,4.21.
t3r- 0440.
THE VISIBLE SUPPLY OF COTTON to-night, as made
.tlr,;
5
7,4
0!1041.1viagg;Ego.E=g-a.g.80,1A2.
made up by cable and telegraph, is as follows. Foreign
- ;1428,
§2°)tITO.T5 E-4
ISIEt'ZAf,g c,;31
88E 4
stocks, as well as the afloat, are this week's returns, and
wAY:r4:181;51cncgricaxxa.
consequently all foreign figures are brought down to Thursday evening. But to make the total the complete figures
The above totals show that the interior stocks have defor to-night (Friday), we add the item of exports from the creased during the week 47,357 bales and are to-night 104,745
United States, including in it the exports of Friday only.
bales more than at the same time last year. The receipts
1910.
1909.
1912.
1911.
January 19at all towns have been 11,701 bales more than the same
bales. 927,000 1,160,000 1,068,000 1,117,000
Stock at Liverpool
5,000
6,000
10,000 week last year.
2,000
Stock at London
70,000
85,000
69,000
74,000
Stock at Manche3ter
OVERLAND MOVEMENT FOR THE WEEK AND
998,000 1,240,000 1,143,000 1,192,000 SINCE SEPT. 1.-We give below a statement showing the
Total Gres.; Britain stock
7,000
13,000
Hamburg
8,000
3,000
Stock at
overland movement for the week and since Sept. 1, as made
360,000 262,000 235,000 448,000
Stock at Bremen
263,000 223,000 467,000 307,000 up from telegraphic reports Friday night. The results for
Stock at Havre
2,000
3,000
4,000 the week and since Sept. 1 in the last two yearsareas follows:
2,000
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
18,000
36,000
3,000
9,000
47,000
• 2,000
8,000
74,000
1,000
39,000
34,000
3,000
688,000
548,000
845,000
850,000
1,686,000 1,783,000 1,988,000 2,042,000
Total European stocks
145,000
37,000
178,000 201,000
India cotton afloat for Europe_ _ _
763,576 359,863 892,018
Amer. cotton afloat for Europe_ A,173,148
72,000
45,000
Egypt,Brazil,&c.,aflt.for Europe_ 63,000
52,000
263,000 293,000 229,000 297,000
Stock in Alexandria, Egypt
357,000 408,000
587,000 347,000
Stock in Bombay, India
1,294,683 1,037,061
855,116 924,418
Stock in U. S. ports
756,825 744,871
854,522
Stock in U.S. interior towns_ _ _ _ 861,570
81,311
63,263
4,485
39,568
U. S. exports to-day
5,816,712 5,361,725 4,994,335 5,593,524
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American983,000 1,016,000
bales. 812,000 1,035,000
Liverpool stock
46,000
61,000
58,000
51,000
Manchester stock
659,000
516,000
702,000 803,000
Continental stock
1,173,148
765,576
359,863 892,018
American afloat for Europe
1,294,683 1,037,061
855,116 924,418
U. S. port stocks
861,570 756,825 744,871
854,522
U. S. Interior stocks
81,311
63,263
4,485
39,566
U. S. exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, ecc
Total American
4,927,712 4,234,725 3,797,335 4,580,524
115,000
2,000
23,000
29,000
37,000
63,000
263,000
357,000
125,000
6,000
13,000
32,000
178,000
72,000
293,000
408,000
85,000
5,000
12,000
53,000
201,000
45,000
229,000
567,000
101,000
10,000
14,000
47,000
145,000
52,000
297,000
347,000
889,000 1,127,000 1,197,000 1,013,000
4,927,712 4,234,725 3,797,335 4,580,524
5,816,712
Total visible supply
5.40d.
Middling Upland, Liverpool
Middling Upland, New 'York_ _ _ _
9.55c.
Egypt, Good Brown, Liverpool
9 id.
Peruvian, Rough Good, Liverpool
9.00d.
Broach, Fine. Liverpool
5 9-160.
Tinnevelly, Good, Liverpool__
530.
5,301,725 4,994,335 5,593,524
8.050.
7.56d.
5.30d.
14.900.
14.45c.
10.00c.
14 Lid. 8 15-16d.
11 7-160.
11.150.
9.750.
7.75d.
7 15-160. 7 7-16d. 4 15-160.
7 %d. 4 15-160.
713-160.
----1910-11---Since
Week. Sept. 1
20,929
330,176
4,382
143,778
487
22,222
6,998
83,359
2,328
44,185
5,394
108,624
9,043
102,379
1911-12-Since
Sept. 1.
315,916
35,245
1,730
77,148
53,277
104,694
207,855
January 19ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati •
Via Virginia points
Via other routes, ecc
Week.
12,431
615
34
3,598
2,035
3,762
19,498
Total gross overland
42,003
Deduct shipmentsOverland to N. Y., Boston, 6:c_ _ 4,712
Between interior towns
3,384
Inland, &c., from South
1,133
795,865
49,561
834,723
110,614
24,916
20,634
5,276
1,386
1,279
114,748
19,552
25,993
Total to be deducted
0,229
156,164
7,941
160,293
Leaving total net overland •
32,774
639,701
41,620
674,430
• Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 32,774 bales, against 41,620 bales for the week last
year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 34,729 bales.
-1911-12--Since
In Sight and Spinners'
Sept. 1.
Week.
Takings.
985,431 7,968,119
Receipts at ports to Jan. 19
639,701
32,774
Net overland to Jan. 19
960,000
Southern consumption to Jan. 19_ 54,000
372,205
*47,357
9,567,820
761,133
Came into sight during week_ _324,848
Total in sight Jan. 19
16:318,,,,65
North.spinners' takings to Jan. 19 60,234
1,223,135
Total marketed
Interior stocks in excess
-1910-11
Since
Week.
Sept. 1.
223,121 6,731,127
41,620
674,430
915,000
51,000
315,741
*38,520
277,221
81,153
8,320,557
706,047
9:6-2-03.64
_
1,407,004
" Decrease during week.
Movement into sight in previous years:
Week1910-Jan. 21
1909-Jan. 22
1908-Jan. 24
1907-Jan. 25
Bales.
195,447
303,535
330,393
372.357
Since Sept. 11909-10-Jan.21
1908-09--Jan. 22
1907-08-Jan. 24
1906-07-Jan. 25
Bales.
7,815,979
9,584,941
7,790,751
9,373,610
Continental imports for the past week have been 245,000
bales.
The above figures for 1912 show an increase over last week
QUOTATIONS FOR MIDDLING COTTON AT OTHER
of 64,453 bales, a gain of 454,987 bales over 1911, an ex- MARKETS.-Below are the closing quotations of middling
cess of 822,377 bales over 1910 and a gain of 223,188 bales cotton at xouthern and other principal cotton markets for
over 1909.
each day of the week.
THE CHRONICLE
JAN. 20 1912.
Closing Quotations for Middling Cotton onWeek ending
January 19.
Galveston
New Orleans__ _
Mobile
Savannah
Charleston
Wilmington_ -- Norfolk
Baltimore
Philadelphia
Augusta.
Memphis
St. Louis
Houston
Little Rock_ _ _ _
Sat'day. Monday. Tuesday. Wed'day. Thursd'y. Friday•
10
9M
9 7-16
034
934
9 34
934
9M
9.80
9 13-16
934 994
994
934
10
9M
9 7-16
934
934
9
934
9M
9 75
9 13-16
9'%
93%
934
9X
10
9M
9M
9 5-16
934
9M
034
9M
9.85
994
934
9M
9M
10
9M
9%
934
934
9
934
9 35
9.85
93%
934
93%
934
9 li
10
9M
9 35
95-16
934
9
934
9M
9.75
994
934
934
934
_ 9 M __
10
9M
9 7-16
934 __ --
i-si"
9.80
994
934
934
9.10
9M v
NEW ORLEANS OPTION MARKET.-The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sat'day, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Jan. 13, Jan. 15. Jan. 16. Jan. 17. Jan. 18. Jan. 19.
JanuaryRange
Closing
FebruaryRange
Closing
MarchRange
Closing
A priiRange
Closing
MayRange
Closing
JuneRange
Closing
JulyRange
Closing
AugustRange
Closing
SeptemberRange
Closing
OctoberRange
Closing
DecemberRange
Closing
ToneSpot
Options
9.55-.62 9.46-.74 .9.45-58
9.62-.64 9.48-.50 9.56-.57
_ ® _ _ (3, _ _ ® _
9.66-.68 9.51-.53 9.59-.61
9.86-.75 9.55-.78 9.53-.65
9.72-.73 9.57-.58 9.63-.64
_ ® ___ _ ® _ ____ ® _
9.75-.77 9.60-.62 9.66-.68
'
9.57-.65 9.49-.55 9.54-.70
9.54-.55 9.55-.57 9.69 _ ® __ ® __ ® 9.57-.59 958-.60 9.69-.71
9.62-.72 9.53-.62 9.58-.73
9.63 - 9.61-.62 9.71-.72
___ ® _ ___ ® _ _ ® _
9.65-.67 9.64-.66 9.74-.76
9.77-.87 9.66-.88 9.64-.76 9.74-.84 9.65-.73 9.69-.89
9.84-.85 9.69-.70 9.74-.75 9.74-.75 9.71-.72 9.82-.83
_ ® _ _ ® __ _ ® _ _ ® _ _ ® _ _ ® 9.88-.90 9.73-.75 9.78-.80 9.78-.80 9.75-.77 9.86-.88
9.95-.04 9.81-.02 9.79-.90 9.88-.99 9.79-.88 9.83-.9'2
9.99-.00 9.83-.84 9.88-.90 9.88-.89 9.85-.86 9.96-.87
_ ® _ _ ® __ _ ®
9.99 - 9.83 - 9.85
_ ® __ ® __ ®
9.98 - 9.82-.84 9.82
_ _ ® _ ____ ® _ _ ® - 9.85 - 9.82 - 9.93 ___ _ ® _ _ ® _ _ ® - 9.82 - 9.79 - 9.89 -
9.84-.92 9.74-.91 9.73-.83 9.79-.89 9.72-.77 9.75 .8e
9.89-.90 9.77-.78 9.82-.83 9.79 - 9.76-.77 9.85-.86
9.92-94- (3, -- ® -- ® -- ® -- ® 9.93 - 9.84 - 9.86 - 9.83 - 9.80 - 9.89 Firm.
Easy.
Firm.
Steady. Easier. Steady.
Firm. Steady. V'y sty. Setady.
• Steady. Steady.
LAWRENCE (MASS.) STRIKE.-The strike in the various textile mills at Lawrence, Mass., involving upwards of
15,000 operatives, is still unsettled. The strike was precipitated by the going into effect of the new 54-hour law,
which reduced the running time of the mills two hours per
week, the mill owners deducting a proportionate amount from
the wage envelopeS. The strike has been accompanied by
much disorder, which necessitated the calling out of State
troops. As a requisite to the settlement of the difficulty
the hands at first made demands for a 15% increase in wages,
double pay for overtime and other concessions, but on
Thursday it was reported from Lawrence that these had
been withdrawn and willingness to wok evinced if pay continued the same as for the 56-hour week. Up to a late hour
this evening no word of a settlement had reached us.
COTTON SUPPLY AND CONSUMPTION IN EUROPE.
-By cable we have received the substance of Mr. Ellison's
first of January cotton review, and in our editorial columns
give the results.
DOMESTIC EXPORTS OF COTTON MANUFACTURES.
-We give below a statement showing the exports of domestic
cotton manufactures for November and for the eleven months
ended Nov. 30 1911, and for purposes of comparison, like
figures for the corresponding periods of the previous years
are also presented:
Quantities of Manufactures of Cotton Month ending Nov. 30 11 Months ending Nov.30
(Colored and Uncolored)
1910.
1911.
1911.
1910.
Exported toyards
United Kingdom
Canada
Central American States and British
Honduras
Mexico
Cuba
Haiti
Other West Indies and Bermuda__
Brazil
Chile
Columbia
Other South America
Aden
Chinese Empire
British East Indies
British Oceania
Philippine Islands
Other Asia and Oceania
Other countries
Value of Other Manufaaures
of Cotton ExportedClothing and other wearing apparel
Knit goods
•
All other
Total manufactures of
3,281,005
153,147
2,198,835
3,862,035
3,197,556
118 294
1,265,594
2,179,795
1,985,740
3,842,200
12,544,616
1,418,798
632,781
6,784,011
231,601
1,252,098
97,932 1,616,552
643,155 10,615,890
1,442,034
9,991,433
2,328,676 36,888,610 24,488,715
140,700 1,478,155 1,652,248
1,072,940 22,090,794 11,203.744
19,609,532
4,499,996 26 485 443 35 313 610
165 238 1 138.208 2,003,427
970,451 10,566,374 9,548,461
1,223,499 16.282,934 14,947,619
1,667,039 16,966,105 12,637,087
790,750 20,329,854 9,767,755
1,018,400 97.628,970 62.211,293
152,093 10,682,059 7,554,719
1,078,686 8,887,225 7,323,595
4,260,288 43,090,286 49,357,649
108,278 3,437,092 2,530,676
868,002 15,452,696 9,581,018
46,441,291 21,084,123 363,246,785 271,555,083
$3,059,590 $1,561,782 $25,223,434 $18,480,573
15.0659
$.0741
$.0681
$.0694
Total yards of above
Total values of above
Value per yard
Total
IN
Waste, cotton
Yarn'
Alliother
181,695
1,311,490
'
5112,054
506,963
$121,955 $1,596,356 $1,301,291
479,254 5,475,865 4,542,797
5619,017
$601,209 $7,072,221 $5,844,088
$253,412
44,213
507,762
$338,630 $3,058,361 $3,272,296
42,928
523,837
529,932
426,886 5,207,539 4,245,039
$4.483.994 82.971.415E41.085.392 $32.371.928
217
-The Comtelburo Business Calendar for 1912, the sixth
annual issue, has been received. The calendar is rightly
claimed to be the business man's reference book, as it contains a list of all business holidays throughout the world and
many tables and much data useful to business men. The
New York office is at 16 Beaver St.
-"Cotton Facts" has been issued by the Shepperson Publishing Co. of New York City. The book retains all the
features which have distinguished its work in past years and
is of much value to those interested in cotton.
WEATHER REPORTS BY TELEGRAPH.-Telegraphic
reports to us this evening from the South indicate that, while
rain has been quite general during the week, the precipitation has been moderate or light as a rule. The movement
of the crop continues comparatively liberal.
Galveston, Tex.-We have had rain on two days the past
week, the rainfall being thirty-eight hundredths of an inch.
The thermometer has averaged 43, ranging from 22 to 63.
Abilene, Tex.-There has been no rain during the week.
Minimum thermometer 14.
Palestine, Tex.-There has been rain on one day of the
week,' the precipitation reaching ten hundredths of an inch.
Lowest thermometer 10.
San Antonio, Tex.-There has been no rain the past week.
Minimum thermometer 18.
Taylor, Tex.-There has been rain on one day of the past
week, the rainfall being one hundredth of an inch. Minimum
thermometer 14.
Little Rock, Ark.-There has been rain on two days during
the week, the rainfall being eighty-two hundredths 'of an
inch. The thermometer has ranged from 4 to 62,averaging 33.
Mobile, Ala.-We have had rain on two days during the
week, the precipitation being nineteen hundredths of an inch.
The thermometer has averaged 42, the highest being 65
and the lowest 23.
Montgomery, Ala.-We have had no rain during the week.
The thermometer has averaged 39, ranging from 17 to 66.
Selma, Ala.-We have had rain on one day the past week,
the rainfall reaching ninety hundredths of an inch; also half
an inch of snow. The thermometer has ranged from 15 to
63, averaging 33.5.
Savannah, Ga.-It has rained on two days of the week, the
rainfall reaching sixty-five hundredths of an inch. The
thermometer has averaged 38, the highest being 65 and the
lowest 21.
New Orleans, La.-It rained on two days during the week,
the precipitation reaching fifty-one hundredths of an inch.
The thermometer has averaged 48.
Shreveport, La.-It has rained on two days of the week, the
precipitation reaching seventy-five hundredths of an inch.
The thermometer has ranged from 13 to 68..
Vicksburg, Miss.-There has been rain on two days during
the week, to the extent of one inch and three hundredths.
The thermometer has ranged from 15 to 67, averaging 38.
Charlotte, N. C.-There has been rain on one day of the
week, to the extent of twenty-five hundredths of an inch. The
thermometer has averaged 30, the highest being 54 and the
lowest 7.
Memphis, Tenn.-There has been rain on two days of the
week, the precipitation reaching ninety-seven hundredths of
an inch. The thermometer has averaged 26, the highest being
59 and the lowest 1 below.
Helena, Ark.-There has been rain on two days of the week,
to the extent of one inch and thirty hundredths. The
thermometer has averaged 32, ranging from 5 to 52.
Charleston, S. C.-Rain has fallen on three days of the
week, to the extent of fifty-nine hundredths of an inch. The
thermometer has averaged 39, ranging from 20 to 58.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of cotton from Bombay and the shipments from
all India ports for the week and for the season from Sept. 1
for three years have been as follows:
January 18.
1911-12.
Receipts atWeek.
Bombay
111,000
Since
Sept. 1.
1910-11.
Week.
667.000 86.000
Great
Great Conti- Japan'
Britain. nent. &China Total. Britain.
Bombay9,000 20,000, 29.000
1911-12_
1910-11_ _ 3,000 35,000 34,000' 72,000
1909-10_ _ 6,000 34,000 36,000 76,000
Calcutta1911-12_ _
1910-11_
1909-10. _
Madras1011-12.
1:666
1,665
1910-11_
1,000
1,000
1009-10. _
All others2,000
2,000
---1911-12_
,111
4,000
_-_1910-11_
_-__
1909-10._
'rotal all1911-12_
1910-11_
1909-10.-
____ 11,000 20,000 31,000
3,000; 40,000 34,000 77,000
6,000. 37,000 36,000 79,000
1909-10.
Week.
Since
Sept. 1.
904.00C 128,000 1,321,000
Since September 1.
For the Week.
Exports
front-
Since
Sept. 1.
14,001
26,008
ContiJapan
fleet. & China. Total.
64,000 186,000 250,000
312,000 209,000 535,000
277,000 293,001 596,000
1,000
2,008
2,088
6,000
6,000
13,000
2,000
7,000
8,000
17,000
2,000
7,00
4,00
5,000
13,000
6,000
1,000
7,000
20,005
11,000
4,0. 8
15,i
16,
44,000
46,000
39,000
1,000
1,200
1,000
49,000
62,200
56,000
7,0
119,000 187,200 313,200
38,08. 377,000 210,205 625,205
48,088 335,000 297.000 680.000
THE CHRONICLE
218
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1911-12.
1910-11.
Week. , Season.
Week. I Season.
5,752,259
5,407,531
Visible supply Jan. 12
1.603.4181,495,514
Visible supply Sept. 1
824,848 10,328,953 277,221 9,026,604
American in sight to Jan. 19.._
111,0001
667,000
86,000
904,000
Bombay receipts to Jan. 18_ _ _
2,000i
5,000
63,000
90,205
Other India shIp'ts to Jan. 18_
38,900, 678,100
30,000
820,000
Alexandria receipts to Jan. 17..
145,000
6,000;
10,000
140,000
Other supply to Jan. 17
Total supply
DeductVisible supply Jan. 19
6,235,007 13,480,471 5,815,752 12,490,323
5,816,712 5,816,712 5,361,725 5,361,725
418,2951 7,663,759 454,027 7,128,598
Total takings Jan 19
Of which American
337,395, 6,253,659 343,027 5,583,393
Of which other
80,9001 1,410,100 111,000 1,543,205
Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
January 17.
Receipts (cantars)Thls week
Since Sept. 1
Exports (bales)-
LlVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Dec. 29,
Sales of the week
bales_ 14,000
Of which speculators took.. _
600
Of whichexporters took_1._ _ 1,500
Sales, American
13,000
9,000
Actual export
Forwarded
50,000
Total stock-Estimated
807,000
Of which American
696,000
Total imports of the week_ _ _ _113,000
Of which American
106,000
Amount afloat
364,000
Of which American
299,000
Jan. 5.
39,000
9,000
5,000
35,000
16,000
95,000
858,000
745,000
102,000
127,000
407,000
358,000
Jan. 12.
65,000
6,000
4,000
61,000
10,000
80,000
887,000
782,000
118,000 .
98,000
452,000
400,000
Jan. 19.
57,000
0,000
3,000
51,000
24,000
78,000
927,000
812,000
141,000
114,000
493,000
450,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
Karket, I
12:15 1
P.M.
Quiet.
Good
demand.
Good
demand,
Good
demand.
Good
demand.
Quiet.
1009-10.
Mid. Uprds
5.39
5.41
5.40
5.42
5.40
3.40
Sales _____
Spec.&exp.
6,000
1,000
10,000
1,000
12,000
2,500
10,000
1,500
0,000
1,500
12,000
2,500
Futures. Steady at
Market 1 4885 pts.
opened
I decline.
Quiet at
102 pts.
advance.
Steady at
5 points
decline.
Steady at
2 points
advance.
Quiet at
4 points
decline.
Steady at
134 points
advance.
Market, I Quiet at
4
340336
• P.M.
Ms. dec.
Steady at
4887 Va.
advance,
Steady at Steady at Quiet at
506 Pt.% 33406 pts. 5340635
decline,
advance. ots. dec.
Quiet at
1360234
ots. adv.
1911-12.
1910-11.
290,000
5,085,955
225,000
6,215,467
115,000
4,462,036
This Since
Week. Sept. 1.
This Since
Week. Sept. 1.
This Since
Week. Sept. 1.
4,750 108,863 8,250 141,894 2,250 97,522
9,750 133,082 6,250 138,265 7,000 85,834
20,000 177,663 13,000 207,697 13,000 177,247
2,000 29,551 5,500 70,819 2,500 45,525
-35,50Q 449,159 33,000 558,675 24,750 406,128
To Liverpool
To Manchester
• To Continent
To America
Lxxxxiv.
The prices for futures at Liverpool for each day are given
below. Prices are on the basis of upland, good or ordinary
• MANCHESTER MARKET.---Our report received by cable clause, unless otherwise stated.
to-night from Manchester states that the market is steady for
Sat.
13
Mon.
Fri. •
Tues.
Wed.
Thurs.
yarns and firm for shirtings. Manufactcrers are generally Jan.
to
well under contract. We give the prices for to-day below Jan. 19. 1234 1234 12 341 4 1234 4 1234 4 1234 4 1234 4
P.m.;P.m. P.m. P.m. p.m.,p.m. p.m. p.m. p.m. P.m.
P.m.
and leave those for previous weeks of this and last year for
comparison.
5 2034 203,4:25 20 20 213426 20 1934 20 21
January.._
Total exports
1910-11.
1911-12.
32s Cop
Twist.
834 lbs. Shirt- Cot'n
legs, common Mid.
Upt's
to finest.
d. .
d.
Dec.
8 8 9-160 9 7-16
9%
15 834
(go
22 834
934
®
29 83.4
934 5
Jan.
5 854 0 94 5
12 834 0 034 5
®
19 8;i
934 5
d.
323 Cop
Twist.
834 lbs. &lin- Cot'n
ings, common Mid.
to finest.
Upt's
d. s. d.
s. d. d. d.
434010 4
4 88103
434010 3
4 @103
5.04 113-160
5.02 1134 88
5.05 113 0
5.01 1134 0
434 10 4
5 @105
4H®10 6
5.22 1151
3.37 114
5.40 114.
,
0
0
1234 5
123.4 5
1234 5
1234 5
a. d. d.
8 011 0
8348811 134
9 011 3
9 @113
12;4 5 9 ©113
12% 5 9 011 3
1231 5 9 011 3
7.95
8.11
8.16
8.07
8.08
8.07
8.05
Jan ....Feb_
F'eb.-Mch.
Mch:Apr.
Apr.-May.
May-June
June-July
July-Aug_
Aug.-Sep_
Sep.-Oct _
Oct.-Nov_
Nov.-Dec.
Dec.-Jan
Jan.-Feb_
5
5
5
5
5
5
5
5
5
5
5
5
5
1834 2034:25 20 20 213426 20 1934 20 21
2034 23 :2734 22 2234 2334 28 22 34 22 2254 24
, 26 13034 24 34 2434 25 21334
24 243:
23 25 2936;
25 2714•31M 26 2634 28 ;323-4 2036 2634 27 2854
28 28 29 30
2734 29343334 28 2834 30 34-'
2934 31 A 35 A 30 30 3034 36 2934 2934 3034 3134
37
33
33
31
3134
31
3034 3134 33
3134
3734
3134 3234 37 30 31 32 34 36% 30 30 3034 32
31 31 35% 29 30 31 34 28 2836 29 3034
31 30% 35 2854 2936 3034 3354 27 2734 29 2954
31 3034 35 2834 2936 3034 3334 27 2734 28 2954
31 3034 35 2854 2934 30543336 27 2734 28 2934
3514 29 30 30 14 3314 27 2734 28 2934
31 M 31
BREADSTUFFS.
Friday Night, Jan, 19 1912.
Flour has been rather firmer, but business has not much, if
SHIPPING NEWS.-The exports of cotton from the
at all, improved. Buyers for the most•part adhere to the
United States the past week have reached 420,263 bales.
Total bales. hand-to-mouth policy of purchasing. At the Northwest,
605
upland,
NEW YORK-To Liverpool-Jan. 12-Cymric, 4,969
too, trade has been quiet. There, as well as here, buyers
Sea Island; Ivernia, 6,164.. _.._Jan. 16-Baltic, 6,121 upland,
17,999 are taking only enough to satisfy immediate requirements.
140 Sea Island
2,182
To Manchester-Jan. 16-Terence, 2,182
50 Some moderate sales have been made there to the United
To Marseilles-Jan. 13-Germania, 50
300 Kingdom, including clears to London and also some flour to
To Hamburg-Jan. 13-Pennsylvania, 300
60 Copenhagen, and there was some increase in the foreign
To Antwerp-Jan. 13-Michigan, 60
GALVESTON-To Liverpool-Jan. 16-Denis, 11,193_ _ _ _Jan. 18
34,997 demand, but not at prices which led to much business. At
-Victorian, 23,804
To Bremen-Jan. 12-Essex Abbey, 10,620.... _ _Jan. 13Kansas City and St. Louis the sales have been small. The
28,635
Annie, 4,385_ _ _ _Jan. 15-Hannover, 13,630
output of flour last week at Minneapolis, Duluth and MilTo Hamburg-Jan. 11-Ta,ton, 3,111 _ _ _ _Jan. 15-Canter8,031 waukee reached a total of 302,795 barrels, against 308,930
bury, 4,920
To Barcelona-Jan. 12-Plo IX., 2,672_ _Jan. 15-Monviso,
6,642 in the previous week and 361,205 last year. It looks as
3,970
3,982 though business woud keep within very moderate limits
To Genoa-Jan. 15-Monviso, 3,982
8,026
8,026
17-Satsuma,
To Japan-Jan.
until the general business outlook clears up or until someTEXAS CITY-To Liverpool-Jan. 12-Candidate, 13,515.
thing more definite can be learned as to the trend of the
Jan. 13-Belgian. 8,578_ _ _ _Jan. 16-Student, 7,385._
37,486
Jan. 18-Mercian,8,025
shipping directions im12,129 wheat market. Later in the week
To Havre-Jan. 12-Caldergrove, 12,129
13,769 proved at the Northwest.
To Bremen-Jan. 17-Ormiston, 13,769
NEW ORLEANS-To Liverpool-Jan. 16-Oxonian, 13,000
Wheat has advanced, owing partly to rising prices at
28,000
_ _ _ _Jan. 18-Civilian, 15,000
600 Buenos Ayres, coincident with small shipments from ArgenTo London-Jan. 12-Dungeness, 600
To Havre-Jan. 13-Guatemala, 6,969_ __ _Jan. 16-Indian,
tina as a result of the railroad strike in that country. Also
9,673
2,704
20,032 Liverpool prices have been rising, and this fact has exerted
To Bremen-Jan. 1.6-Indian, 13,856; Oreland, 6,176
500 no small influence, especially as higher quotations have also
To Hamburg-Jan. 12-Earl of Carrick, 500
665
To Rotterdam-Jan. 13-Alcona, 665
2,106 prevailed at Paris, Berlin and Antwerp. The closing up by.
To Antwerp-Jan. 16-Asian, 2,106
6,251 ice of the Danube River has rendered Liverpool more sensiTo Genoa-Jan. 16-Alexandria, 6,251
8,409
MOBILE-To Havre-Jan. 12-Cpown of Cordova, 8,409
tive than ever to the delay in marketing Argentina's crop by
To Bremen-Jan. 12-Ashmore, 7,522_ _ _ _Jan. 13-Cayo Ro25,474 reason of the strike, especially as Australian wheat has been
mano, 6,799_ _ _ _Jan. 17-Hermiston, 11,153
1,446
1,446
13-Hazeiwood,
GULFPORT-To Bremen-Jan.
of the Argentina's
1,083 held at firm prices. Some of the estimates
To Hamburg-Jan. 17-Samara, 1.083
14,875 export surplus have been reduced to 80,000,000 and 90,000,PENSACOLA-To Havre-Jan. 17-Colonlan, 14,875
20,500
To Bremen-Jan. 13-Atlantlan, 20,500
last year. Moreover, the
3,766 000 bushels, as against 83,000,000
To Liverpool-Jan. 18-Vivina, 3,766
intense cold in our Western States has cut down the moveSAVANNAH-To Liverpool-Jan. 12-Glenfruin, 9,518.. _ _ _Jan.16
14,171 ment of the crop to very moderate proportions. The
-North Point, 4,653
7,580
To Havre-Jan. 12-Mountfleids, 7,580
European visible supply is some 24,000,000 bushels smaller
To Bremen-Jan. 18-Middleham Castle, 12,736; Southwaite,
22,477 than a year ago. In the United States and Canada the
9,741
300
To Hamburg-Jan. 17-Themisto, 300
visible supply last week decreased 2,437,000 bushels,
To Rotterdam-Jan. 17-Themisto, 500_ _ _ _Jan. 18-Augustus,9001,400 against only 406,000 last year. Northwestern stocks
16-North
To Pasages-Jan. 12-Glenfruln, 60_ _ __.Jan. '
120 have decreased. Millers at Minneapolis are quoted as sayPoint, 60
4,154 ing that they cannot make flour of No. 5 and 6 Canadian
To Barcelona-Jan. 15-Africana, 4,154
1,450
To Trieste-Jan. 15-Africana, 1,450
freight rates,
1,688 wheat, so that the effect of reciprocal railroad
To India-Jan. 16-North Point, 1,688
14,312 about which not a little has been said, may be less than was
BRUNSWICK-To Liverpool-Jan. 18-Memphian, 14,312
12,345
12,345
To Bremen-Jan. 13-Tafna,
undoubtedly some factors have
3,536 at one time feared. Yet
BOSTON-To Ltverpool-Jan. 17-Michigan, 3,536
400 been adverse to a rise in prices. At Minneapolis quotations
BALTIMORE-To Liverpool-Jan. 11-Ulstermore,400
500
• To Belfast-Jan. 18-Lord Iveagh, 500
weakened at times on selling by Winnipeg, and claims
216 have
• To Bremen-Jan. 13-Breslau, 216
801 that the 18-cent rate has been put in from Western Canada
• To Hamburg-Jan. 15-Bethania, 801
5,602
5,602 to Minneapolis and Duluth, whic is the same as to Fort
PHILADELPHIA-To Liverpool-Jan. 12-Haverford,
500
To Manchester-Jan. 13-Manchester Exchange, 500
100 William and Port Arthur, for a time led to heavy selling at
To London-Jan. 16-Eagle Point, 100
6,076 Chicago. And the world's stock of wheat is 209,808,000
SAN FRANCISCO-To Japan-Jan. 13-Strathenduok, 6,076_
SEATTLE-To China-Jan. 15-Strathlyon, 3,455_ _ _Jan. 16is believed
3,806 bushels, against 186,807,000 a year ago. Russia
Inaba Maru, 351
1,061 to be carrying large surplus supplies from recent bountiful
To Japan-Jan. 16-Inaba Marti, 1,061
case last year. The
420,283 seasons, whatever may have been the
Total
JAN. 20 19)2.)
219
THE CHRONICLE
world's shipments increased about 800,000 bushels. Big
Minneapolis millers have been endeavoring to depress the
market. Northwestern receipts at times have shown an increase. As to the Buenos Ayres market, it is believed that
it is being manipulated by a clique of shrewd speculators,
who are supposed to be flooding the world's markets with reports favorable to their own plans. It is believed, too, that
the exportable surplus of Argentina will at least approximate
100,000,000 bushels. Foreign and domestic crop reports
are in the main favorable. Of late, however, prices have advanced, partly owing to the noticeable strength of the corn
market and the covering of shorts as well as a pretty fair cash
demand at the West. Omaha elevator companies have increased their purchases very noticeably in Nebraska, and
Kansas City dispatches have noted a large cash demand.
Farmers' supplies on Jan. 1 are said to have been 44,000,000
bushels smaller than on the same date last year. At Montreal the export situation is reported as increasingly favorable. To-day prices advanced a fraction, owing partly to
higher foreign markets and partly to firmer Northwestern
prices, despite some increase in the receipts in that section.
At the seaboard, whib there is little demand for American
wheat, there is a good demand reported for Manitoba.
GRAIN.
Cents.
Corn, per bushelWheat, per bushel-f. o. b.
f.o.b.
No 2
N. Spring, No. 1
$1 203%
713(
71 %
Steamer _ _ _ _elevator
N. Spring, No. 2
1 163%
72
No. 3
elevator
Red winter, No. 2
1 01 %
Rye, per bushel110
Hard winter, No. 2
98
No. 2 Western
Cents.
Oats, per bushel, newState & Pennsylvania Nominal
55
Standards
$1 25 @$1 35
55% Barley-Malting
No. 2 white
553%
No. 3 white
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years has been:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.1981bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. tru.56 lbs.
15,500
228,000
57,047
Chicago ____
700,200
123,600 2,467,650
35.700
96,200
34,800
Milwaukee__
18,080
49,720
39,100
2,214
5,744
Duluth
9,210
169,092
40,554
Minneapolis_
21,360
154,780
1,301,790
20,280
83,590
Toledo
31,000
128,200
16,500
4,335
6,722
Detroit_ _ _
63,000
31,265
Cleveland
580
3,981
28,424
31,550
32.760
109,600
2,800
St. Louis_ _ _
693,600
117,300
21,700
9,000
Peoria __ _ _
2,200
34,800
551,600
81,600
158,400
327,200
Kansas City.
52,500
YORK. Total wk.'12 160,432 1,931,265 4,329,674 1,203,159 522,324 76,974
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW
Sat. Mon. Tues. Wed. Thurs. Fri.
234,967 2,816,654 4.507,470 2,786,029 1,068,174
78,920
Same wk.'11
98%
101
100
1015%
1003%
1003%
313,693 4,114,343 4,034,794 .2,387,028 1,096,341 156,218
Same wk.'10
No. red_
103 3% 103 3% 103 3% 104 35 104 3% 104 3%
May-delivery in elevator
993% 993% 993% 1003% 1003% 1005% Since Aug. 1
July delivery in elevator
1911-12._ 5,393,502 133,230,689 84,005,936 76,348,252 46,186,022 5,505,819
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
1910-11... 8,277,836 145,243,496 93,804,388 108,028,355 42,109,380 3,363,018
Sat. Mon. Tues. Wed. Thurs. Fri.
10.007 201 105.677.483 79.032.541 10.07190348 goo AnA 4 A74 AAA
100n-10
.1
100
100
%
100
%
99
%
99
993%
May delivery in elevator
943% 94 % 943% 95 % 94% 945%
July delivery in elevator
93 35 935% 935%
September delivery in elevator_ _ _ _ 9331 92% 93
Total receipts of flour and grain at the seaboard ports for
Indian corn has advanced in spite of some increase in the the week ended Jan. 13 1912 follow:
decash
at
milder
the
weather
West.
The
receipts, due to
Wheat.
Corn.
• Flour.
Rile.
Oats.. Barley.
Ibis.
bush.
bush.
bush.
bush.
Receipts atbush.
mand explains the rise. It has been sharp both for home New
276,750
349,225 16,854
104,956
York
76,800
1,150
the
at
and
here,
at
and
the outports
and foreign account
161,769
82,241
3,667
30,545
Boston
77,000
47,000 17.000
West. Shippers are short of corn against maturing obliga- Portland, Me_ _ 16,000 170,000
97,774
165,430
201,391
1,600
__..
41,200
Philadelphia
available
The
tions. The short side has been overdone.
916,730
35,269
7,425
40,537
113,344
Baltimore
53,000
368,600
9,600
23,057
supply decreased last week 148,000 bushels, against an in- New Orleans _
Norfolk
1,500
crease in the same week last year of 363,000 bushels. At Galveston.
12,000
40,000
1,200
5,000
Buenos Ayres and Liverpool prices have been rising. The Mobile
38,962
3,499
1,134
12.481
5,360
Montreal
than
expected,
smaller
world's shipments have been much
e.,
bushels,
i.
2,713,000
10,175
771,127 37,353
falling far below those of a year ago,
Total week 1912. 279,155 1,072,483 1,439.757
40,386
584.776 2,450,291 2,940,168 1,614,830 430,792
Jan. 1 1912_
against 4,642,000 in the previous week and 5,247,000 last Since
21,179
344,709
976,086 49,781
806,842 3,081,637
Week 1911
400,000
for
bushels,
partly
year. On Tuesday Chicago sold
48,476
Since Jan. 11911. 656,099 1,596,368 6,242,086 1,871,366 238,821
export, and on Wednesday 200,000 more. At times the
*Receipts do not Include grain passing through New Orleans for foreign ports
country
have
only
this
been
receipts at primary points in
on through bills of lading.
760,000 bushels, against 1,074,000 on the same day last year.
have
been
Chicago
buying.
Others
The exports from the several seaboard ports for the week
Some large interests at
have been against the market, but the brisk cash demand ending Jan. 13 are shown in the annexed statement:
Rpe. Barley. Peas.
Oats.
Corn. Flour.
Wheat.
has dominated the situation regardless of preconceived ideas
bush.
bush.
bush.
bbls.
bush.
bush.
bush.
Exports Iron,as to the situation. Big shipping houses have simply had New
22,435
5,877
348,816 419,555 68,938
York
17,000
to have the corn, and at times corn has been the leading Portland, Me.... 170,000 77,000 16,000 47,000
51,429 8,966
71,779
Boston
feature in the grain markets, pointing the way upward and Philadelphia
34,500
210,000
_
271,024
wheat following. Yet the indications are that marketing by Baltimore
• 1,000
100
78,000
8,000
2,000
_
__
Orleans
New
soon
farmers
will
Indiana
materially.
and
increase
Ohio
40,000 5,000
1,200
To-day prices were about steady, despite larger receipts. Mobile
Montreal
At Chicago the Southwest was selling and the country offer17,000 5,977
70,435
Total week __ _ _1,275,795 937,008 141,404
ings were larger. As the weather is moderating at the West, Week
41,000
_____ 20,000 2,101
1911
496,692 1,798,941 125,215
predicted.
generally
is
a larger crop movement
The destination of these exports for the week and since
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
July 1 1911 is as below:
h
71 %
695% 70
703% Nom.
Cash corn
Nom. Nom. Nom. Nom. Nom. Nom.
May delivery in elevator
FUTURES
IN CHICAGO.
DAILY CLOSING PRICES OF CORN
Sat. Mon. Tues. Wed. Thurs. Fri.
66 5%
May delivery in elevator
645% 84 % 65 % 66 % 86
66
653%
64 % 64 % 655% 66
July delivery in elevator
September delivery in elevator_
65 % 655% 653% 6835 66 % 603%
Flour
Since
July 1
Week
1911.
Exports for week and Jan.13.
Ills.
bbls.
Since .Thl,k 11039,520 2,684,396
United Kingdom_
19.859 1,187,308
Continent _
Sou. & Cent. Amer_ 30,602 572.636
30,252 699,553
West Indies ___
33,560
85.1
Brit. Nor. Am.Cols_
317 192,925
Other Countries...
Wheat'Since
Week
July 1
Jan. 13.
1911.
bush.
bush.
937,200 31,266,267
330,173 20.564,004
363.608
6,222
9,588
2,200
Corn
Sine •
Week
July 1
1911.
Jan. 13.
bush.
bush.
358,875 8,797,825
470,108 7,125,974
24,968
693,300
82,383 1,059,430
8,678
974
19,482
Oats have advanced, partly under the influence of the rise
in corn. Cash markets have been distinctly stronger.
23,000
Shorts have covered more freely. Large houses have
bought. The visible supply is decreasing more rapidly than
141,404 5,370,378 1,275,795 52.226,557 937.008 15,704,689
Total
125 215 4.930,099 496,892 31,783,0-53 1,798,941 15,544,584
it was a year ago. Still the visible supply in the United Total 1910-11
States is 26,141,000 bushels, or no very great quantity less
shipments of wheat and corn for the week
The
world's
than a year ago, when it was 29,836,000 bushels, and conJan. 13 1912 and since July 1 1911 and 1910 are shown
siderably larger than at this time in 1910, when it was only ending
18,338,000 bushels. Chicago's stock is falling off, however, in the following:
and, as already remarked, the visible supply in this country
Wheat.
Corn.
generally is diminishing much more rapidly than it was at
1910-11.
1911-12.
1911-12.
1910-11.
Exports.
this time in 1911. On Thursday 50,000 bushels of Canadian
oats were reported sold to New York dealers at 56 and duty
Since
Since
Week
Week
Sinec
Since
July 1.
July 1.
Jan. 13.
Jan. 13.
July 1.
July 1.
paid, or less than they could be sold at Chicago. It is said,
here at 43e. per
too, that Argentina oats have been scum
Bushels. Bushels. Bushels.
Bushels.
Bushels. Bushels.
bushel,cost freight and insurance at New York, or equal to North Amer. 2,968,000 98.356,000 67,897,000 995,000 13,729,000 14,142,000
923,000 53,482,000 133,144,000 689,000 23.409,000 6,555,000
Russia
58c. adding 15c. per bushel duty. To-day prices advanced Danube
1,232,000 50.153,000 65,816,000 1,029,000 43,684,000 14,972,000
fle. Country offerings were larger, but there was a fair Argentina
a trifle.
60,000 87,089,000
16,000 22.274,000 25,424,000
25,292.000 18,320,000
cash demand. A sharp rise, it is believed, would be checked Australia _ _ _ 1,240,000
1,008,000 26,026 000 25.694,000
India
by Canadian offerings.
0th. countr's 192,000 6,233,000 5,344,000
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Standards
55
55
555% 553% 553% 55
56
55 %
553% 553% 555% 56
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
99 34 49 3% 49 35 403% 49 % 49 3%
May delivery in elevator
44 % 44 % 45
45% 44% 45
July delivery in elevator
40 % 40% 40 % 405% 403% 40 SI
September delivery in elevator_ _
The following are closing quotations:
FLOUR.
Winter. low grades____13 50Q 33 70 Kansas straights, sack.$4 75@$5 00
4 90® 5 10 Kansas clears, sacks___ 4 00Q 4 50
Winter patents
4 35@ 4 60 City Datents
6 20® 6 50
Winter straights
4 50@ 5 20
' 4 00® 4 25 Rye flour
Winter clears
5 25(5 5 60 Graham flour
4 35Q 4 50
Spring patents_
4 900 5 10 Corn meal, kiln dried
Spring straights
13 65
4 100 475 Buckwheat.- ewt
Spring clears
275(5 2 85
Total ___ 7,584,000 281,816,000 391,839.000 2,713,000 80,882.000 122,758,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
Corn.
Total.
Bushels. Bushell. Bushels.
Jan. 13 1912._ 18,416,000 9,360.000 27,776.000
10,328,000 28.688,000
18,360,000
1912._
Jan. 6
Jan. 14 1911._ 12 912 000 17.976,000 30,888,000
Jan. 15 1910._ 21,680,000 6,720.000 28.400,000
Jan. 16 1909._ 15,760,000 6.160.000 21,920,000
Jan. 18 1908.. 25.080,000 8,880.000 33,960,000 •
United
Kingdom. Continent.
Total.
Bushels. Bushels. Bushels.
2,686,000 6,537,000 9.223.000
3,284,000 8,339,000 11,603,000
5,908.000 12,283,000 18,191,000
5,695,000 5,100,000 10,795,000
4.250,000 3,485,000 7.735,000
3,520,000 3,800.000 7,320,000
220
[VOL. Lxxx)riv.
THE CHRONICLE
The visible supply of grain, comprising the stocks in packages, valued at $360,912, their destination being to the
granary at principal points of accumulation at lake and points specified in the table below:
1912
seaboard ports Jan. 13 1912, was as follows:
-1911
New York
"
afloat
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
afloat..
Toledo
Detroit
afloat.
Chicago
' afloat
Milwaukee
Duluth
"
afloat
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
AMERICAN GRAIN STOCKS.
Wheat.
Corn.
Oats.
bush.
bush.
bush.
2,878,000
465,000
796.000
87,000
13,000
546,000
19,000
235,000
1,173,000
76,000
107,000
1,705,000
676,000
116,000
48,000
602,000
228,100
194,000
6,000
742,000
3,913,000
73,000
3,760,000
354,000
1,515,000
207,000
234,000
465,000
167,000
189,000
126,000
14,591,000
1,416,000
3,529,000
4,414,000
873,000
973,000
83,000
232,000
4,000
1,129,000
7.571,000
244,000
17,781,000
61,000
1,964,000
333,000
228 000
3,545,000
223,000
199,000
4,505,000
27,000
178,000
797,000
269,000
39,000
638.000
262,000
696,000
1,555,000
Rye.
bush.
37,000
Barley.
bush.
46,000
3,000
12,000
232,000
4,000
67,000
130,000
1,000
37,000
084,000
493,000
New York to Jan. 13Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Week
37
61
-
Total
Since
Jan. 1.
105
69
2,897
9681,343
22
138
1,213
102
480
2,183
367
2,260
467
2,392
172
675
3,400
2,452
5,571
16,232
Since
Week. Jan. 1.
22
42
31
52
1,694
1,694
303
303
1,097
1,097
208
238
884
1,589
13
46
407
969
748
2,422
1,586
1,918
6.993
10,370
The value of these New York exports since Jan. 1 has been
$1,174,390 in 1912, against $919,331 in 1911.
144,000
219,000
In the market for domestic cottons fair activity continues,
107,000
289,000
189,000 with a hardening evidenced in the holding prices of several
362,000
735,000
11,000
76,000 constructions. In many instances, however, buyers of dress
fabrics are paying more attention to novelties and are not
7.000
amplifying orders in any liberal way. Further announce153,000 ments of advances have been made in Lonsdale muslins and
5,238,000 17,246,000 1,252,000 3,413,000 jeans and Berkeley fine cloths for bleaching purposes. One
Total Jan. 13 1912 67,110,000
5,460,000 18,422,000 1,360,000 3,744,000 of the prominent Eastern producers of denims advanced all
Total Jan. 6 1912..69,706,000
6,895,000 15,145,000
Total Jan. 14 1911.41,287,000
426,000 1,453,000
lc. a yard, while some qualities of duck have been adTotal Jan. 15 1910..26,248,000 10,642,000 9,542,000
819,000 2,474,000 lines Y
7,210,000 10,353,000
Total Jan. 16 1009..48,704,000
928,000 4,443,000 vanced by shortening of discounts. The better grades of
CANADIAN GRAIN STOCKS.
wide duck are now held at 40 off the list, with prompt shipWheat.
Corn.
Oats.
Rye.
Barley.
Colored doinestics are stronger and
bush.
bush.
bush.
bush.
bush. ments hard to obtain.
277,000
10,000
509,000
Montreal
116,000 taken quite freely, while bleached goods are being sold
7,800,000
1,610,000
Fort William
steadily. The most improvement is noted in the demand
2,294,000
"
afloat
for long cloths, nainsooks and the more closely woven goods,
4,846,000
Port Arthur
1,244,000
8,350,000
Other Canadian
1,701,000
with the better brands receiving the greater amount of at116,000 tention. Sales, however, for the most part have been small.
10,000
Total Jan. 13 1912..23,567,000
5,064,000
112,000 Print cloths and convertibles have been active, with a broader
12,000
Total Jan. 6 1912..19,456,000
5,881,000
90,000
Total Jan. 14 1911..10,997,000
8,000
1,072,000
Total Jan. 15 1910..12,727,000
32,000
65,000' demand noted for wide prints. As a result there has been a
378,000
slight hardening of holding prices. Gray goods, 383/
••
SUMMARY.
2-inch
Wheat.
Corn.
Oats.
Rye.
Barley. standard, are quoted steady at 43c.
bush.
bush.
bush.
bush.
bush.
GOODS.
-In
dress
WOOLEN
goods and men's wear,
67,110,000
American
5,238,000 17,246,000 1,252,000 3,413,000
23,567,000
Canadian
10,000
5,064,000
116,000 selling agents are confining considerable of their attention to
quality
for
the
new
fall season, and some
Total Jan. 13 1912...90,677,000
5,248,000 22,310,000 1,252,000 3,526,000 featuring goods of
Total Jan. 6 1912..89,162,000
5,472,000 24,303,000 1,360,000 3,856,000 of the larger manufacturers are of the opinion that there
Total Jan. 14 1911..54,284,000
6,903,000 16,217,000
426,000 1,543,000
for the finer grades of worsteds.
9,920,000
Total Jan. 15 1910..38,975,000 10,494,000
819,000
302,400 will be a much better demand
7,240,000 10,534,000
Total Jan. 16 1909-.55,045,000
928,000 4,523,000 It is evident that producers are determined to be ready to
offer their goods when buyers enter the market.
FOREIGN DRY GOODS.-Firmness prevails in linens,
THE DRY GOODS TRADE.
owing to the announcement that the old list of prices has
New York, Friday Night, Jan. 19 1912.
been withdrawn and higher prices will be asked, the advance
During the past week the dry goods market, particularly in values being due to the high cost of raw material. It is
the staple cotton goods division, has gradually worked into stated that colored dress lines promise to be in better dea stronger position. A large number of buyers had thought mand for spring and summer use, and that buyers who have
that mills and selling agents were carrying quite heavy stocks not kept in touch with the market are surprised to find prices
and that there would not be any advance in prices until so firm. Very little change has taken place in burlaps durthese had been disposed of. However, the contrary was the ing the week, although business has been restricted by the
case, as mills have not been making up goods in excess of limited supplies. Light-weights are quoted unchanged at
immediate requirements and entered the new year with a 4.35c. and 10 2-ounce 5c. lower, at 5.35c.
very small carry-over. As a result the increasing demand on
the part of buyers has met with a stiffening of prices. Manu- Importations and Warehouse Withdrawals of Dry Goods.
0, V, CA 00 0 O
VD 0 CO a .1 ace
O. co
facturers continue to complain that the offers they receive
C4 V. 0, 0, a 00
00 01 <1, CV <V
ace to
.W
Co
a •
00h.V.<110
<V Ci 00
Oa co
°.
do not allow of a sufficient margin of profit, and they conV• / '4
00
.0,100.i 00 00 ct
tiS0
.<V,1,1(7 0
Wh000 a 0
.0 oo
0
aTVOD<VCA
CA
levels,
evidently
firmer
preferring
hold
for
a
tinue to
small a
a '001 CI v. <V OD
co
.
0000
.h<0 0
.0
on
an
CV a
volume of sales at a reasonable profit to a larger volume at
have
been
Discounts
shortened
on
cotton
a narrow profit.
NO 0000 CI an
00 00 0 v. oa
OD AD 03 CD 00 00
to
ducks and buyers are experiencing difficulty in getting deliv0 no 000
00 0 00 00 .1. ace
oon CO 1.4 00
O
00.0.11r4 om.
0.010 a vf am
.9 W
.
N
.7-1°
eries as early as required. Active demand continues for
a
1.0; m. ct
a
m. 013
.Nnam a
ac's
no
CV
no no
cream-colored fabrics of both cotton and wool construction,
and it is practically impossible to place any more orders on
Co
00
coo cc
• a 00
these goods for near-by shipment. It is doubtful whether
NO
no
manufacturers will be able to deliver all the orders that they
01
a no cc
ano
00
00.4.
once
have already accepted on these lines. In staple print cloths
00
h00 cc
41 OD
00
Co
0,1 is
the movement continues rather light as buyers are still of the
opinion that there will soon be a further revision of prices.
TV CA a
m. M. C) CO N.1.000 01.
0 V, a C) Co
r. v. 0 44 ce
.0
a
00 Co
<V
Standard counts of cotton yarns have become firmer, and it
CD v. 04 0 a cea
.
NhN.1, 41)
B
Co
Co
Ck1
CO
. *2
is evident that the price of the raw staple has not been favorVC* 00
manufacturers
to
the
extent
that
many
believed.
ing
Buyers
M. 00
ma
after spot lots of the former are finding it difficult to obtain
Mt.
CoN
at
- Co
Co
their wants,even where they are willing to meet the sellers'
cc
.0
otS
Co
V CD
no <V
00
asking price. Owing to the fact that spinners' prices are
4
1
°
qg
V,
fully 13c.above what buyers can afford to pay,the latter are
.uo to
taking spot lots as required, leaving the placing of future
Co
▪ cp 00
00
001.1000 OM
contracts until later on. In the linen market stocks are very
01)
'000 00
OMC.000 N W
no
Co
00
.
0W/0 NN
low with shipments from abroad coming forward very slowly.
"
CV
oa
on a
no
For this reason importers are experiencing difficulty in comno
no
plying with requests from large jobbers and cutters-up calling
v.
00h.rM
Co • .0coo,r O.
M
C.
C)
in
specified
the
original
earlier
than
deliveries
contracts.
for
a0.h0
•
1.14 '1017..0 00 N
04 a 4f a .1. 00 h
00
no a 00
a M .1. .1 oo
cc
.e.;
Business in woolen and worsteds moves encouragingly, with
14S
CA tC;
Na ti
her) 00 a 111
R
Co
OD Co
00 N
00 00 00 Ca W
c
4::;
B
every promise of further improvement. In this division
:.., g g 2 no no Co
• Ct
a CV
00 m:
no C4
there has also been a stiffening of prices, the new lines of ),cf12
ci
E.
serges just opened being quoted fully 23 to 5c. above last ot •
a
.1
v.
coca
00
00
annoo
• .mmtin
U0
t. r.
cr
*0
00 00 a 11
season. While the labor unsettlement existing at the Law- u.g 4 00050090
cc •
rence, Mass., mills is causing no little anxiety, yet it is confi- o
a <14✓.V. VI mmr.inm
no
ano
E.
dently hoped that matters will soon adjust themselves in L.
order to allow of ample supplies with which to meet the de0
mand for spring and early summer delivery. The bulk of
00
the re-order business for spring is confined principally to W •
light-weight serges and quiet mixtures in woolens and worst;g
0
15.
eds. In chinchillas numerous lines have been withdrawn W •
from the market, owing to the producers having completely
•2
ii!
0
sold out. Imitation goods of this description as a conse0 g vdi
1
-; 0
0
o
os
quence are meeting with favor and selling rather freely.
a • 1$:0
o
rgimn
DOMESTIC COTTON GOODS.-The exports of cotton
g3cimar,
gomr...
4
•
F,I,p ocorkz2
goods from this port for the week ending Jan. 13 were 5,571
A:A .m
4
1
213,000
WAREHOUSE WITHDRAWALS THROWN UPON
114,000
STATT: ATM CITY
atrAVTIVitENT,
MUNICIPAL BOND SALES IN DECEMBER.
We present herewith our detailed list of the municipal
bond issues put out during the month of December which the
orowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page •78 of
the "Chronicle" of Jan. 9. Since then several 'belated
returns have been received,changing the total for the month
to $34,660,681, and making the total sales for the year
$396,496,580. The number of municipalities issuing bonds
in December was 310 and the number of separate issues 412.
DECEMBER BOND SALES.
Rate. Maturity. Amount. Price.
Name.
Page.
320,000
. 1917
5
1737__Aberdeen, So. Dak
100,000 100
1931
4
1679_ _Albany, N. Y
1,550.000 100.018
1941
4
1679_ _Allegheny County, Pa
10,000 100
41940-1960
5
224_ _Alvin, Texas
1679 Anderson County Corn. Soh.
1,000 100
1921
5
Dist. No. 41, Texas
1679_ _Anderson County Corn. Sch.
1,000 100
1931
5
Dist. No. 22, Texas
98.321
75,000
1937
4
1803_ _Ansonia, Conn
100
50,000
5
1941
issues)
149_ _Arcadia, Fla. (3
35,000
1936
5
79_ _Archbold, Pa
100,000 102.185
5
1934
224_ _Ardmore Sch. Dist., Okla__
7,000
1916-1926
6
1737 _Arthur. Iowa
8,658 100
41912-1921
6
224_ _Ashland, Ore
100.94
30,000
1932
6
Wash
_Asotin,
1679_
500,000 1100.38
1951
4
1620_ _Baltimore, Md
lto 102
149_ _Bannock Co. Corn. S. D. No.
4,000
53, Idaho
20,000 104.132
1941-1942
6
1737_ _ Barton Heights, Va
116,000 104.78
4
1941
1737_ _I3ath, Me
10,500
1931
5
1737_ _Bayard, Iowa
4,000 100
41921-1951
1737_ _Bay City Ind. Sch. Dist., Tex_ 5
20,000 105.65
a1921
5
224__Beaver Township, Ohio
27,600 100.17
1941
5
224_Beimar, N. J
25,000
1931
414
224 _ _Big Rapids, Mich
90,000 102.403
41922-1932
5
1680 Boise City, Idaho
30,000
41921-1931
414
Iowa
_Boone,
1680_
15,000 y101.773
41917-1932
5
1737_ _ Boonville, Mo
23,000
1941
414
1737_Bridgerille, Pa
10,000 100.40
6
79_ _ Bronwood. Ga
10,000 100.26
1932
5
225_ _Brookhaven, Miss
99
4,000
5
225_ _Brooksville, Fla
116,000 100.008
5
1737_ _ Brookville, Pa
1,200
1912-1914
5
1803_ _Bryan, Ohio__
23,000
414 1914-1919
1803_ _ Bryan, Ohio
50,000 100
414
1680_ _Butler, Pa
414 41931-1941- 100,000 100
1737_ _Cabell County, W. Va
1737_ _Calhoun County Common Sch.
2.500 100
41916-1951
5
Dist. No. 1, Texas
14,000
150_ _Cambridge, Mass
18,000
1737_ _Camden, N. Y
32,000 103.416
1931
1680_ _Camden County, N. J.(2 Ns.). 414
1916-1935 204,500
5
149_Cameron Count , Texas
5
3,000 101.666
1914-1919
1737_ _Canfield Township. Ohio
4,0001 100.625
414 1913-1916
1803_ _Canton, Ohio
2,000f
414 1915-1916
1803__Cauton, Ohio
70,000 102.40
4
1941
1680_ _Cape May County, N. J
30,000
5
1936
1803_ _Carter County, Okla
105.26
125,000
5
Mont
1932
County,
1680_ _Cascade
25,000 104.3
5
1928
1803_ _Cecil County, Md
14,000 100
514 41921-1951
150_ _Celina, Texas (2 issues)
20,000
1803__Chambersburg Sch. Dist., Pa_ 4
43,000
41921-1951
5
150_ _Chambers County, Texas
26,000 x100
4
150_ _Charlottesville, Va
9,000 100.50
8
41921-1931
1737__Cheney, Wash
99.327
2,250.000
4
1680_ _Chicago, Ill. (2 issues)
531,780
f 4
225_ _Cincinnati, Ohio
367,821
300,000 101.775
1951
1621_ _Cincinnati Sch. Dist., Ohio _ i
40,000
41931-1941
6
79_ _Clayton, N. Mex
8,010 100
4
150_ _Clear Lake, Wis
1938
250,000 103.625
434
1737_Cleveland, Ohio
40,000 103.445
1936
434
1737_ _Cleveland, Ohio
1938
150,000 103.73
434
1737_Cleveland, Ohio
28,000 101.5075
434 1917-1923
1804_ _Clinton County, N.Y
3,000 100
1928
414
1804_ _Coldwater, Ohio
1,000
5
Tex_
D.,
41921-1931
S.
Corn.
Co.
_Coleman
79_
5,000
5
1921
150_ _Colfax Sch. Dist., Iowa
31,0001
150_ _Columbus, Ohio (7 issues) _ _ _ _ J4
348,500Jx100
14
22,500 101.022
41921-1931
5
1680_ _Colville, Wash
5
1931
90,134 101.68
1804_ _Comanche County, Okla
1738__Conoho County Common Sch.
6,500 100
1921-1951
5
Dist. No. 11, Texas
4,000,000 101.598
1936
4
1738.._Connecticut
95.773
41917-1932
100,000
4
1738 Cooper County, Mo
12,000
1936
6
150_ _Coweta, Okla
25,000 100
1912-1931
4
Ind
-Crawfordsville,
17381738_ _Crookett County Common Sch.
4,000 100
5
41921-1951
Dist. No. 1, Texas
25,223 100
6
1804__Crookston, Minn
20,000 100
1951
1680_ _Crowell Ind. Sch. Dist., Texas_ 5
300,000 100
4
41921-1951
1680__Dallas County, Texas
Var.
120,400
4,4 WO Var.
1738 Dayton. Ohio (12 issues)
11,500
1738 _Decatur Soh. Dist., Ind
100
642,000
Okla,
6
1915-1924
Dr.Dist.No.1,
150_ _ Deep Fork
7,000
1921
225_Del Rio Ind. Sch. Dist., Tex_ 5
8,500 100
5
1738_ -Donnellson, Iowa
200,000 y101.00
1931
434
1621__Douglas County, Neb
12,000 102.75
1804_Dover, Ohio
434 1913-1927
1,000 100.26
1804__Dover, Ohio
434 1912-1913
10,400 100
6
1916-1931
1804-Drayton, No. Dak
25,000
6
1936
79 _ _ Dustin, Okla
1738_ _Eastland County Common Sch.
1,700 100
5
Dist. No. 3, Texas
41916-1931
12,8001 101
4
41916-1921
1738_ _Easton, Pa
4
3,7001
41921-1931
1738_ _Easton, Pa
10,000 100
1805_Elma, Wash
6
1913-1922
434
50,000 101.557
1621„Elmtra, N. Y
a1918
6
10,000 102.10
1738_ _Enfield, No. Car
5
1936
130,000 y100
79_ _Eugene, Ore
534
57,000 y100
1926
79_ _Eugene, Ore
6
4,200 100
1805„Faith Sch. Dist., So. Dak
5
24,0001 100
41916-1931
1738-Fal1s City, Neb
5
10,000J
41921-1931
1738_ _Falls City, Neb
25,000 100
41916-1926
1680-Fergus Co.S. D. No. 12, Mont_ 514
5
113.500 100
79- _Fond du Lac, Wis__
6
56,733
79__Forest Grove Ore
414
9,727 100.89
1738_ _Fostoria, Ohio
5
3,960 100.55
1912-1915
79 _ _ Franklin County. Ohio
1738._ Galveston County Corn. Sch.
5
3,500 100
Dist. No. 20, Texas
41931-1951
534 1916-1931
10,000 102
150_ _Glidden, Iowa
1621 _ Greensburgh Un. F. S. D.
4
100,000 103.698
No. 2, N. Y
1738„Hardin County Common S. D.
5
10,000
41916-1931
No. 17, Tex
221
THE CHRONICLE
JAN. 20 19121
A
A
54
A
Rate. Maturity. Amount. Price.
Page.
Name.
1738.. _Hardin County Common S. D.
10,000
1931
5
No. 18, Tex
8,000
1621__Hecia,So. Dak
30,000 101.77
1738_ _Hempstead, N Y
454 1912-1936
6,950 100
1912-1921
4
1738__Hennepin County, Minn
28,000 101.303
4(
1805.._Hiawatha, Kan
1738__Highlands Grad. Corn. S. D.
25,000 104.07
5
No. 2, Ky
71,468 100
1738_ _Hillsboro, Ore
100.000
1621__Hobart. Okla
4A
1932
17,891 100.51
1738_ _Hoboken, N. J
500,000 100
1938_ _Houston, Texas
434 41931-1941
524,000 103.623
5
41931-1941
17384_Houston, Texas
1,800 104.166
5
1805__Huron, Ohio
27,500 y100
5
1912-1921
151_ _Hutchinson, Kans
49,705
4A
1805__Indiana (9 issues)
4,000 100.344
1913-1916
151_ _Ironton Sch. Dist., Ohio
4
1941
6,500 100.923
4
1681__Jackson, Ohio
250,000 102.25
1936
1738_ _Jacksonville. Fla
434
2,200
1681__Jay County, Ind
1805_ _Jefferson County Corn. S. D.
20,000
1941-1951
5
No. 16. Texas
56,800 100
1913-1922
4
79.. _Jeffersonville. Ind
a1917
1,500 102.026
1738 _ _Jerome Special S. D., Ohio_ __ _ 5
1961
58.2541x100
151_ _Jersey City. N. J
454
26,0001
1961
4
151.. _Jersey City. N. J
10,300 100
151_ _Kansas (3 issues)
5&6
25,800
151_ _Kenesaw Sch. Dist.. Neb
79_ _King Co.S. D. No. 175, Wash_ 5
10,000 100 41912-1931
1912-1913
15,000 100.266
6
226_ Knoxville, Tenn
3,350
1805_ La Crosse, Wis
7,000 105.38
1805Lake Borgne Levee Dist., La__ 5
1738_ Lakewood, Ohio
15,500
226_ _L'Anse, Mich
4,000
6 . 1522-1929
22,500 103.10
1739_ _La Rue, Ohio (2 issues)
5
1681_ _La Salle Parish S. D., La
30,000 100
5
79_ Las Vegas, Nevada
40,000 102.212
6
1922-1931
79 _ _Laurel Hill Township, No. Car. 6
30,000 104
1922-1941
i9 _ _Leavenworth, Kan
10,912 102.433
5
1912-1921
1739_ _Leigh, Neb
98.50
10,000
5
41916-1931
79_ _Lemon Township S. D., Ohio
16,000 103.006
454 1914-1924
16,000
228. Lemoore, Cal
_ _ -..
1681_ _Lewis & Clark County S. D.
4.000 10D
No. 40, Mont
534 41916-1921
50.000
1808._Lexington. Tenn
151_ _Lexington Co. S. D. No. 15,
6.000 100
So. Caro
1931
6
88,100 100.68
1805_ _Lincoln. Neb. (6 issues)
65,000 102.007
5
41921-1931
79__Livingston, Mont
4,600 102
1739_ _Logan, Ohio.
454 1912-1921
19,500 100.671
1681_ Logan County, Ohio
434
2,500 100.65
1739_ Logan School District. Ohio..
434
5
7,000 100
41931-1951
79_ _Longview, Tex.(2 issues)
4
1915-1949 525,000 100.685
1805_ _Los Angeles County, Cal
280,000 100
1739_ _Los Angeles C. H.S. D., Cal.._ 4 A 1912-1951
10,000 101.11
1912-1916
5
1681_ _Los Gatos High S. D., Cal
1942
100,000 104.207
5
1681__Loudon County, Tenn
a1917
4
76,450 101.539.
1805_ _Lowell. Mass
5
20,000
1931
79 _Luray, Kan
75,000 102.40
1681_ _McMinnville, Ore. (3 issues) _
25,000 101.54
434 41922-1942
1805__Madison, N.J
6,000 100
41916-1951
5
1739_ _Madisonville Ind. S. D., Tex
12,000 105
1931
6
1681_ _Magnolia, Miss
9,000 101.11
1931
1681 _ _Maricopa Co.S.D. No.57,Ariz. 5
5,500 100
5
1681_ _Marlon County, Ohio
15.000 100
1912-1916
80_ _Marshall School District, Mich. 4
15,100
434
1622_ _Marysville, Ohio (5 issues) _
151_ _Mason Co. Coin. S. D. No. 27,
3,000
41916-1921
5
Texas
12,500 100.056
151_ _Massillon Sch. Dist., Ohio_ __ _ 4
15,000 100
6
1805Mcbane, No. Caro
23,000 101.802
4
1622_ _Mechanicsburg, Ohio
4,000 103.125
1913-1916
4
1681_ _Medford, Mass
5,000 103.125
4
1941
1681_ _Medford. Mass
8,000 103.125
1912-1919
4
1681_ _Medford, Mass
15,000
1931
6
227 _ _Medical Lake, Wash
27,000 102.67
4
1681_ _Melrose, Mass.(4 issues)
100,000
4
1805 ..Merrick County, Neb
28,700 101.254
1739_ _Miami County, Ohio (13 issues) 5
19,977 101.789
1681__Middletown, Ohio
434 1912-1921
5.000 101.61
554 41922-1932
80__Miles City, Mont
41.000 100
4
1805_ _Milford, Conn
39,387 100
4
227_ _Minnesota (14 issues)
5,000 100.7002
a1913
5
1681__Minster, Ohio (2 issues)
158,500 100
80 _Missouri
334 41920-1925
1932
150,000 105.40
5
1739_ _Mobile County, Ala
130,000
4A
Var
1739_ _Monessen, Pa
7,300
1922
5
1739_ _Monroeville, Ala
2,000 100
1913-1917
152_ _Monticello, Wis
5
25,272 101.799
152_ _Morrow County, Ohio(6 issues) 434
15,000 100.30
1926
1739_ _Muskingum County, Ohio_ __ _ 4
1808. _Musselshell Co. S. D. No. 6,
18,000
6
,Montana
5,000 100
41921-1931
5
1739__Myra Ind. S. D., Tex
3,060 101.687
1912-1916
5
1622_ _Napoleon, Ohio
a1926
100,000 103.687
4
1682_ _New Bedford, Mass
4,800 102.187
5
1622_ _New Hartford, N. Y
1,000 100
454
1622_ _New Hartford, N. Y
142,000 101.212
1622_ _New Rochelle, N. Y.(2 issues) 434
1961 10,000,000 -101.04
4
1682 _New York State
23,000 101.087
41916-1921
6
227__Norfolk, Neb
3,333
1927
3.90
227__North Adams, Mass
25,000
217_ _North Adams, Mass
3.90 1918-1920
5,600 100
80_ _North Dakota (6 issues)
1921&1931
4
20,000 101.28
1806_ _Nowata, Okla
1931
554
3,851
227_ _Oakley, Ohio (2 issues)
1912-1921
5
1921
14,000
1622__Ocean City, N. J
5
15,500 100
152 _Olean, N. Y.(2 issues)
4
78,000 100
152_ _Olympia Sch Dist., Wash__ 454
1931
69,000 104.98
1738__Orange. N. J
454
13,000 101.311
434 1913-1925
1738_ _Orange, N. J
189,000 103.29
1738.. _Orange County. N.Y
43-4 1912-1938
33,000
152_ _Oskaloosa, Iowa
434 1916-1926
1932
5
15,000 101.173
1806_ _Pacific, Mo
6
15,000 100.08
41931-1941
228._Palmetto, Fla.(3 issues)
1931
27,000
554
1682_ Palouse, Wash
16,000
152_ _Pauls Valley, Okla.
100,000
1682_ _Pendleton Sch. Dist., Ore_
1921
6,000 100
5
228. _Perry, Ga
2,700 100.92
5
152_ _Petersburg, N Y
1917
55,000
6
1682_ _Pine Bluff, Ark
40,000 100
43-4 1914-1921
81...Pittsburg, Kan
30,000 x100
1739_ _Pittsburgh, Pa
434 1912-1941
1739._Plaquemines Parish Rd. Dist.
60,000
5
No. 1, La
85,000 104.39
5
228_ Pleasant Ridge, Ohio
35,000 104.70
5
1912-1931
1682_ Plymouth. Wis
100,000 100.23
a1917
81_ Portage County, Wis
434
448,148 J100 to
1739_ Portland, Ore
6
1103
58,000 x100
5
1806_ Portland, Ore
1941
J 40,000 100
4
1806.._Portland, Ore
1160,000
94.549
1912-1931
40,000 105.277
5
1628._Pulaski County, Ill
70,000
534
1806_ Pulaski County, Va
4
1912-1931
20,000 101.47
1808. Quincy. Mass
1941
35,000
1623 _Red
_Red Springs, No. Caro
2,000 100
41916-1931
1740_ _Reeves Co. Com.S.D.No.1,Tex. 5
5
16,000 100
41931-1951
1806_ _Rice Corn. S. D., Tex
160,000 100.11
434
1623_ _Richmond Sch. Dist., Cal_
4
41922-1942 5100,000 100.10
81__Rochester, N. Y
1 10,000 100
4
20,000 100.267
1922-1925
1623__Rockingham County, N. H
2,800 100.285
434 1912-1921
1740_ _Rocky River. Ohio
25,000
6
1918-1921
228_ Roe Special Dr. Dist., Ill_
A
A
•
222
THE CHRONICLE
[VoL. Lxxxxiv.
Maturity. Amount. Price.
Rate.
Name.
Page.
10.000
d1916-1931
5
Rate. Maturity. Amount. Price.
'
Name.
Dawson Springs, Ky.(May)
225_
Page.
8.800
100
2,500
20
1915-19
81_ _Rosebud Co.S.D.No.29, Mont_ 6
150 De Witt Co. S. D. No. 68, Ill. 5
21,963
No.
Dist.
Sch.
Ore
rg.
County
_Rosebu
_Elmore
1740_
150_
100
102.90
12,000
31,000
a1922
5
5
17, Idaho (March)
1623_ _Rushville, Ill
13,000
105,000
1941
(11931-1951
5
5
82_ _Russell County, Va
79.. Fate Ind. S. D ,Tex.(Sept.)
65,000 102.75
15,000
31
0921-19
5
_
5
_
(Sept.)
La
D.,
S.
Kan.
Parish
County,
1740 ..Sabine
225_ _Ford
40.000 101.0375
15,000
192/
4A
5
82....St. John. Kan
1738__Fort Dodge, Iowa
65,000 100
d1922-1932
226__Franklinton Twp., No. Car. 5 A
1740__Saimon City. Idaho (2 issues) _ 6
30,000
18,000 100
A
4
Cal
(May)
152_ _San Diego,
18,500
63,850 102.25
1931
6
4'i
150_ Geneva, N Y
152_ _Sapulpa, Okla
21,000 100
8,000 y103.125
5
5
Ill
Kan
,
a,
Gillespie
_Scandi
1680_
152_
104
50,000
11.000 102.345
a1915
5
6
r)
iss.)
Girard, Ohio (Octobe
226_
1806_ _Scotland Co., No. Caro.(2
100
15,000
18,322
931
1941
53- d1921-1
5
226_ GrangevIlle, Idaho (July).
152_ _Seaside Park, N. J
500 100
394,273
1921
1916
5
6&7
1680_ _Greeley Co.S. D. No. 54, Neb_ 43
228 __Seattle, Wash.(17 issues)
10,000 101.40
138.000
1912-1916
5
Greenburgh, N. Y
79_
1740....Sebring, Ohio
100
29,248
75,000 100
21
1941
1912-19
5
5
Va
nburg,
Harriso
1680_
1806_Sedgwick County, Kan
30,000
25,000
(11931-1951
5
151.._ Hearne, Texas (2 issues)
1740_ _Sedgwick County, Kan
2,500 100
931
151....Henry County Sch. Dist. No. 53
152_ _Shackleton' Co.Com.S.D.,Tex. 5 (11921-1
75,000
11,000
1916-1940
4
(July)
Mass
Falls,
Ky.
rne
30,
_Shelbu
1683_
25,900 100
6,500
d1941-1951
1931
5
151_ Hettinger, No. Dak. (June).... 5 A d1921-1931
153....Silverton S. D. No. 1, Tex
102
100
25,000
50,000
941
(11931-1
5
5
1805__Hill City, Kan.(2 iss.) (Oct.)._ 6
153__South Fork, Pa
93
110,880 y100
12,500
1931
1932
)4
b/
(Sept.)
Ark.
D.,
No
S.
tington
Omaha,
79__Hun
153_South
08
50,000
30.000
1941
5
228_ _Spartanburg S. D., So. Caro
101.598 1681....Jasper, Fla (October)
875,000
1962
43.
220.. Johnston Co. Dr. Dist. No. 1, 6
1806__Spokane, Wash
50,000 100.26
38,000
1932
1915-1924
4A
Okla. (Oct.)
1806__Spokane, Wash
8,153
16,100 100
a1915
Various
5
Kansas (6 issues)
1806_ _Springfield, Ohio
1681_
100
3,000
951
50,000 101
(21921-1
5
5
Tex
D.,
La
S.
d,
Ind.
Spur
Kentwoo
1740_
50,000 y101.142 1805..
28,000
936
(11921-1
6
Okla
1806_ _Strike Axe Twp.,
151_ Kingfisher, Okla. (April)
41,500 100
42,000
d1931-1951
4
1806_ _Stroudsburg S. D., Pa
1621_ Kingstree, So. Caro.(2 issues) 5
4,500
40,000
(11916-1931
1941
5
5
Neb_
r,
(July)
228_ _Superio
1805.. Lafayette, Ala.
41,740
75,000
1916&1921
7
4 A 1918-1931
228_ _Tacoma, Wash.(3 issues)Mont_ 6
79....Lake Geneva, Wis
1,200 100
20,000
d1921-1926
1936
6
228__Teton Co. S. D. No. 12,
79 ..Lamont. Okla
15,000
8,800 100
21
'26
1912-19
'18'21&
A
A
...5
4
_
iss.)
(Sept.).
(2
Pa.
Ind.
Co.,
D.,
S.
1806__Tippecanoe
226_ _ Larksville
11,000 100
150,000
1921
1931
4
6
1740_ _Toledo, Ohio
151_ _Mabton, Wash. (June)
10,000
28,884 x100
Various
1914-1926
5
6
(Apr.)
So.Dak.
S.D.,
an
_McGow
153_ _Toledo, Ohio (9 issues)
151_
14,000
150,000 100.16
42
1913-19
5
43.
Y
Ohio
1807_ _Tonawanda, N.
227.._Marion County,
8,400 100
10,000 101.1173
5
6
1740 _Upland, Cal
227_ _Marlon County, Ohio
202,000 100
29,500 100
1926-1931
5
!.f
3
issues)
(2
issues)
(3
usetts
_Utah
229_
151_ _Massach
1,000 100
6,350 100
21
1912-19
4
A
3
1740....Van Wert, Ohio
151_ _Massachusetts
10,000 1100 to
10,000
4
153_ _Vassar, Mich
1103
1806_ Mt. Penn, Pa
10,000
1941
5
J
N.
City,
r
1624_ _Ventno
80,000 100.625
75,000 100
1941
5
1916-1951
Tex.._ _ 5
County,
oches
1740Ventnor City, N. J
_Nacogd
1682_
100
101.37
10,000
125,000
1932
4A
1941
4
1807_ _Voluntown, Conn
152_ _Newark, N. J. (May)
70,400
100,000 100
5
1941
4
_Newark, N. J. (August)
153_ _ Wabash, Ind
152_
100
2,500
75,000
1941
4
154_ _Walker Sch. Dist., Iowa
152_ Newark, N. J
10,000
36,000
1931
4A
4
1684.. _Wampum,Pa
1806.. New Sharon S. D.,Iowa
100.125
1,500 104
931
170,000
d1916-1
1941
5
4
Miss
issues)
1684.. Warren County,
5,800 102.758 1739__Nogales, Ariz. (2 issues)
83,700 100
c/1916-1931
5
Various.
4
1684_ Warren County. Miss '
1682_ _North Dakota (19
4,500 100
10,000 100
4.40 1917-1926
5
Y
N.
k,
Mo.
(May)
,
_Warwic
154_
227_ _Oregon
10,000 100
180,000 101.388
6 (11917-1922
6
154_Waverly,Tenn
1682_ _Palo Alto Co., Iowa (2 issues).. 411 1911-1942 355,000 x100
15,000 104.02
1913-1929
154.._Washingtonville S. D., Ohio.. _ 5
152_ _Pittsburgh, Pa.(6 Issues)
30,000 102.433
5,000 100.10
1941
5
Ga
gton,
-,--1807.. _Washin
60,000 101.66
1682.._Prairieburg, Iowa--d1922-1932
1920-1929 350,000 100
__ _ 5
81_ _Progressive Irr.Dis.,Ida.(Jan.) 6
1740.. Washington County, Tenn_
75,000 104.924
60,000 100.425
1931
0922-1932
5
5
Dak
So
City,
_Rapid
1740.._Webster Groves, Mo
1682.
15,000 101.738
1931
4A
J
1740_ _Wcehawken Twp., N. Iowa__
81__Rock Island Ind. S. D., Tex. 5
10,000
10,000 100
1916-1921
_ 5
(11918-1951
154.._Wellsburg Ind. S. D.,
(September)
18,000 105.84
89,000
1932
1936
4A
6
Ohio
lle,
_Wellsvi
1824..
152_ Sallisaw, Okla
20,000 102.26
15,000 100
50
0920-19
44
Ohio_
5
Dist.,
ry)
Sch.
82 __West Elkton
100.666
152_San Saba Co., Tex.(Februa
7,500
16.000 101.656
27
1912-19
A
4
5
1740„West Unity. Ohio
3,086 100.809 1683__Santa Paulo. Cal
2,700 100
5
4A
1740__Whitesboro, N. Y
228.._Scio, Ohio
32,000
136,031
Various.
6-7
Iowa
issues)
(11
1807....Woodbury County,
Wash.
eattle,
100
1683.._S
30,000
51
an31-19
5
82._Wood County, Tex
1683__Smith Co. Cam. Sch. Mats., 5
2,000 100
1,000 100
1916-1931
5
d1921-1931
154_ _Wood Co.Com.S.D.No.60.Tex. 4
Tex. (2 issues)
10,000
100,000 103.699
1921
5 (11916-1931
1807_ _Worcester. Mass
1683_ _Sutton Sch. Dist., Neb
11,495
8,000
1916
1916
4
7
Ohio
lle,
issues)
(7
_Zanesvi
Wash.
,
230_
1683_ _Tacoma
9,500
1,500
1921
d1921-1931
4
6
230.._Zanesville, Ohio
153_ _Troy, Idaho (August)
6,300 103.665
5
229__Uhrichsville, Ohio (Oct.)
10,000 100.23
munici1931
(310
r
1911
5
Decembe
for
sales
(Sept.)
bond
Total
_Unionville, Mo.
100
153_
10,000
24
0,681
1915-19
k$34,66
issues)
4
palities, covering 412 separate
1684_ _Waukesha, WM
4,000 100
d1921-1931
5
25,000 100
after the earlier 1807_ _Wayne, Neb. (Sept.)(June)_ _ 4 A
and
in
call
to
Subject
d
y.
maturit
of
a Average date
154_ _Wellman S. D., Iowa
Not including $31,847,647 of temyear and mature in the later year.do knot belong14 the list; also
154....West Hammond S. D. No. 155, 5
35,000 103
1924
ng which
Ind
41 1lue$l,09,8 34nataianioansand$3,o 04genera=
20,500
1917
5
1
Pa
Barre,
poraryloa8 repo1
_Wilkesent.
154_
investm
an
as
4,000 100
fund
5A
issued by New York City. z Taken by sinking
554... Williams, Iowa (July)
9,000
931
d1921-1
__
ations.
(May)
consider
Wash.
229__Wilson Creek,
V And other
MONTHS.
November.
REVISED TOTALS FOR PREVIOUS
All the above sales (except as indicated) are for
for previous
the total sales
The following items, included in our totals
These additional November issues will make
$20,079,043.
We give the
same.
month
the
that
from
for
ated
loans)
elimin
ary
be
tempor
should
s
ing
month
(not includ
s
the
reason
which
in
paper
our
of
issue
the
page number of
MUNICIPALITIES IN DECEMBER
BONDS SOLD BY CANADIAN
for these eliminations may be found.
Maturity. Amount. Price
Rate.
Name.
$79,000
Amount. Page.
1041
411
2,000
$70,000 1741_ Amherst, N. S..
1928
611
1,500
18,000 1684.._Amulet. Sash
1926
8
Sask
r,
_Atwate
..Atwate
15&
500 101.40
275,000
1912-1921
6
Alta_
Dist.,
Sch.
154__Berry Water
86,000
11-,000
1951
5
8,500
50,000 1808__Chilliwack, B. C
5
9,101
25,000 1684__Claresholm, Alta..
1912-1931
5
50,000 1684 _ _ Cornwall, On t
11,979
1912-1931
Ont
Twp.,
ornwall
1808__C
187,000
3,000
1926
)
6
‘
Sash
an,
100,000 1808.. Creclm
36,000
1951
5
Qua
82_ _Emard Sch. Dist.,1493,
10,000
6,000
Alta._ 5 A
No.
D.
S.
e
_Erskin
181,000 1741_
92.67
10,000
1941
4
50,000 1741_ _ Galt, Ont
2,000
21
1912-19
7
5,000 1685_ _ Grassy Lake, Alta
72,810
411
Out
1808_ Guelph,
1.500
1921
7
Sash
2,500
nal sales for 155_ _ Harris, l,
1926
7
We have also learned of the following additio
155_ _Imperia Sash
1,600 101
1921
6
Alta....
2450,
No.
95
1808__Jarrow S. D.
2,700
1912-1926
6
previous months:
Sash
nistino,
1808__Ki
1,000
1921
0
Rate. Maturity. Amount. Price. 1685_ Kitscoty, Alta
98.075
Name.
6,600
Page.
.
_
_
$47,100
.._
5
5
1,500
1741_ _Lanark, Ont.
1737.._Ardmore, Okla.(August)
12,500 100
6
98.36
1,525
83.. Lenox Sch Dist., Alta
1803.._Atlantic. Iowa
1926
15,000 101
03.
1960
4
Sash
ld,
3,000
83_ _Maryfie
149...Baltimore, Md
1912-1931
100,000 101.10
6
1961
4
Sash
Melfort,
350,000
1742_
149.. _Baltimore, Md
1951
1,102,9001x100
4
1980
3A
25,000
83_ Montreal Cath. S. D., Que.
149_ _Baltimore, Md
1931
300,0001
1955
96.78
230....Newmarket, Ont
6,000
• 149 __Baltimore, Md
6,200 100
411 1912-1931
1931
-6Twp., Ont
by
Norman
3,000 100.50
1808_
149_ _Bass/101d, Miss. (June)
1921
4,000 y100
Alta.. 6
1931
6
99.271
45,000
155_ _North Edmonton S. D.,
31
1803_ _Batesville, Miss
1912-19
10,000
A
4
931
iss.)
(2
(11916-1
Ont.
5A
635,013
1680__Battle Creek, Neb
1742....North Toronto,
1931
6,030 100
4A
80,000
79_ _Bedminster Twp. S. D., N. J_ 4)
1742_ _North Vancouver, B. C
1941
A
4
D.
S.
1,500 101.90
1803__Bell County Common
1808_ _Orillia, Ont
2,000 100
1931
Alberta__ 6
5
No. 108, Tex.(October)
1,200
t0,4
1926
1808_ Parr S. D No. 2429,
20,000
6
99.42
13,749
1685_ Perdue, Sash
1737_ _Binghamton, N. Y.(Oct.)_ _.... 3j
1931
8,000
5
Petrolia, Oat14,000
1680_ _Blackberry, Minn
31
1742_
619
100
30,000
1941
4
254, Sask_
No.
D.
S
e
_Radvill
31
18,525
1803__Bloomfield, N. J
1685_
1912-19
'
40,000 100
6
5 (11921-1951
98
12,000
1742_ _Raymond, Alta No. 104, Alta_ 5
k 149.. Brady, Texas (October)
1931&194i
100,000 100
d1916-1951
4
1,500 100.20
230_ _Red Deer S. D.
224.._Brazoria County, Tex
1921
100,000 104.03
1916-1935
4
Dist., Alta_ _ ._ 6
Sch.
d
Rockfor
_
225....Brockton. Mass. (March) iss.). 4
230_
Var.
137,000
31
Valley,
1912-19
Head
8
Rd.
of
(Apr.,
5,000
225_ _Brockton, Mass.
155....Rural Mun.
1926
50,000 101.67
511
1912-1921
4
No. 410, Sash
1931
225....Brockton, Mass.(May)
2,500 101.84
50,000 104.375
1916-1940
4
No. 1866, Alta__ 6
18,000
225__Brookton, Mass.(July)
1941
5
50.000 104.178 1808 _ _Ryley S. D.
40
Sask___
1916-19
4
D.,
S
C.
Paul's R.
St.
31
6,500
155_
225....Brockton. Mass.(Oct.)
1912-19
a
8,000
951
(11931-1
5
1,600
1742_ St. Vincent Twp., Ont
149_ _Bruceville Ind.S.D.,Tex.(Aug.) 5
1912-1921
6
11,000
1914-1924
3,500 100.314
1808_ _Settig S. D., Alta_
149....Bureau County, Ill
1912-1931
5
6,000
1931
6
.
Ont
d Twp.,
Sheffiel
30,000
31
1808_
,1737...Butler, Tenn
1912-19
5
z100
25,000
1931
4
1,500
1685_ Simcoe, Ont_
1737_ _Camden, N.J
1921
7
20,000 103.30
1941
A
5
Soak
way,
22,600
155_ _Storno
1803„Camilia, Ga. (2 issues)
1912-1931
5
20,000 100.00
d1918-1931
02-.555
3,000
28
1685_ _Suniah Twp., Ont
79_ _Cape Charles, Va. (February). 5
1912-19
5
5,100
8,000 100
- 1737.. Cavalier County, No. Dak_ - 5
1685- _Swan River, Man
6
23,000 101
1913-1921
_Tofield, Alta
5,000
1685_
225.. _Cedar County, Iowa
1926
0
10,000
1941
6
83...Waldron, Sask
3,000 100.333
225__Chadbourne S. D., No. Caro
.1916
4A
105,000 100
(11921-1951
Ont
230__Waterloo County, Alta
- 1680.. _Corpus Christi, Tex.(2 issues) _ 5
1,500
1921
7•
Edmonton,
West
. 1803__Chehalls County S. D. No. 9, 5
1685_
20,000
100
31
2,000
1912-19
914
5
d1912-1
Wash. (July)
• 41
1685_ Weston, Ont
600 101.50
21
1912-19
6
Alta.Dist.,
6,
No.
Sch.
Dist.
Sch.
155__Wheatfield
150 __Clarke County
60,000
11,475 100
4 A 1912-1931
5 A (11912-1931
indsor, Ont
Wash.(April)
1685__W
65,781
40,000
5
5
1685__Windsor, Ont
1804.._Coalinga, Cal. (October)
5,000
1931
Sash......_ 511
:1680_Concordia Parish S. D. No. 5,
155_ _Zealandia Soh Dist.,
20,000 100
5
La.(OctoPer)
to
$1,809,883
18,000 100.15
21
1912-19
4
.)
Ind.(Sep
D.,
S.
ille
225-Crawfordsv
Total
5,000 100
.. 150_ -Dawson Co.S.D. No.58, Mont_ 6
Name of Municipality.
Page.
149_ _Biloxi, Miss. (September list)
list)
1737_ _Camden, N. Y.(September
225....Cleveland, Ohio (August list)list)
225_ Cleveland, Ohio (Septemberlist)
1680__Corpus Christi, Tex. (June
ry list)
1804 Custer County, Mont. (Februa
ber list)
150_ _Delano Jt. U. 11. S. Dist., Cal. (Septem
issues)
2
list,
(August
Ore.
Eugene,
1805..
list)
ber
1621_ _Hobart, Okla. (Septem
225__Magnolta, Ohio (October list
151_ _Massachusetts (January list) list)
81_ _Port Angeles, Wash. (August
(September list)
229....Yakima Co. S. D. No. 6, Wash.
THE CHRONICLE
JAN. 20 1912.]
ADDITIONAL SALES OF DEBENTURES FOR PREVIOUS MONTHS
Rate. Maturity. Amount. Price.
Name.
Page.
1808_ _Antonio S. D. No. 2460, Alta.
$1,900 101.447
1913-1922
(September)
6
230_ _Briarollffe S. D. No. 302. Sask.
2,000 100
5% 1912-1921
(August)
40,000
1912-1931
5
1684_ _Carleton County, Out
450 100.44
1912-1921
82„Columbla S.D.,Alta.(May)__ 6
800
1912-1921
1808 —CzaharS.D.No.2322,Alta(June) 6
100.15
2,000
1741_ _ DennisS.D.No.2092,Alta.(July) 5 Y,
1808Edmonton S. D. No. 7, Alta.
98.65
175,000
4j
1912-1952
(June)
2,500
1921
83_ _Ferintosh S. D.. Alta.(May)_ - 6
560
1921
83_ Great West S. D., Alta.(May) 6
96
3,000
1912-1918
1685_ _ Hardisty, Alta. (October)_ __ 6
600 100
1921.
83__Heimdal S. D., Alta. (July)- - 6
155_ _Highland View Sch. Dist., Alta.
1,300 101.539
6
(Aug.)
1,800 100.666
230_ _Mountain Ash Sch. Dist. (Oct.) 6
200 100
1912-1921
7
Alta
Dist.,
83__Moyerton Sch.
98.75
2,000
230_ _Partridge Hill S.D.,Alta.(July) 5
800 101.50
1921
83_ _Ribstone S. D., Alta. (May)_ _ 6
2180,
No.
230_ _Rough Meadow S. D.
1,700 101.50
6
1912-1921
Alta. (September)
1,500 101
1912-1921
83_ _Royton Sch. Dist. No. 75, Sask. 6
Progress
1685_ _Rural Municipality of
94.33
20,000
44 1912-1931
No. 351, Sask
155__St. Anthony R. C. S. Dist.,
.
98.266
15,000
5
Alta. (July)
.
1685_ _St. Louis Roman Catholic Sep.
15,000
5
•
1912-1941
Alta
21,
No.
S. D.
155__SprIng S. D. No. 2820, Sask.
1,300 101.40
6
1912-1921
(August)
3,500 .95.628
1931
1742_ _Wainwright S.D.No.1658, Alta 5
98.51
3,358
5
1912-1929
1685_ Woodbridge, Ont. (October)
223
not to the Legislature the authority to determine for themselves the local
laws which should regulate their municipal affairs. (Jackson Common Council vs. Harrington. 160 Mich., 550; Attorney-General vs. Common Council,
164 Mich., 369.)
The authority of the Legislature is limited to the passage of a general law
for the incorporation of cities and villages, which must limit their rate of
taxation for municipal purposes and restrict their powers of borrowing
money and contracting debt. (Const., Art. 8, Sec. 2.)
Under such general laws the electors of each city and village shall have
power and authority to frame, adopt and amend its charter." &c. (Const.,
Art. 8, Sec. 21.)
Aside from embodying in "such general laws" the restrictions required
by Sec. 20 and the embodying of general limitations in accordance with the
constitution and general laws of the State, the province of the Legislature
Is to provide for the method in pursuance whereof "the electors of each city
and village shall have power and authority to frame, adopt and amend its
charter." (Const. Art. 8, Sec. 21.)
' in Common Council vs. Harrington, supra, a general
And, as we held
revision of an old charter may be treated as equivalent to the framing of a
new charter. Necessarily, the revising of an old charter under the general law would be in conformity with such general law and would follow
Its mandates and inhibitions to the same extent as in the framing of a new
charter.
Not so in case of Mere amendments to specific sections, which might leave
the charters repugnant to the general law adopted under Art. 8, Sec. 20,
of the constitution, so that cities claiming to operate under a general law
Intended to operate uniformly upon the local legislatures of all cities would
be subject to such limitations as they should choose to accept and might
adopt such provisions as they deemed beneficial.
Such a construction, in our opinion, is in contravention of the constitutional provisions as Interpreted by this Court In Attorney-General vs.
Common Council, supra. vide page 388.
We hold, therefore, that the provision of Section 21 of Act No. 203.
Public Acts of 1911, authorizing the amendment of any existing charter, is
unconstitutional and void. The writ is therefore denied, but without costs.
The above decision, it is understood, does not interfere
The above sales (except as indicated) are for November. with the provisions of the "Thompson-Hally" street-railway
These additional November sales make the total of deben- settlement ordinance, which, if adopted by three-fifths of
tures sold that month $3,335,740.
those voting upon the same on Jan. 23, is binding. • See
V. 93, p. 1190.
Application for Mandamus to Compel Issuance of Library
News Items.
Bonds
Denied.—On Jan. 16 Judge Hosmer, of the Wayne
Plant.Bristol, Conn.—Voters Favor Municipal Water
County Circuit Court, denied the application of the Library
resolution
-The City Treasurer advises us that the following
Board for a writ of mandamus to compel the City Comptroller
was ratified by the electors on Jan. 17:
issue $216,000 library-building bonds. The question
to
of
provisions
"Resolved, That the city of Bristol accept the
raised
was whether these bonds should be included in comconstruction,
Section 3 of the City Charter and authorize the
puting the borrowing capacity of 2% of the assessed valuainhabithe
supply
maintenance and operation of a plant to
tion fixed by the city charter. The Court says that "it may
tants of said city with water."
be urged that the Act establishing the library commission is
3,188
of
total
a
The vote was 705 to 287-992 votes out of
of that provision of the charter which fixes a 2%
amendatory
toward
step
a
registered being cast. This is understood to be
limit,"
but holds that "repeals by implication are
bonding
Co.
Water
the acquisition of the property of the Bristol
not favored." The Court also rules that the special Act of
See V. 94, p. 78.
1911 (No. 302), increasing the bonding limit to 3% of the
Detroit, Mich.—City Cannot Legally Vote Upon Charter valuation, is in violation of Sec. 1 of Art. 2 of the constitution,
Amendments.—The State Supreme Court in a decision ren- which provides that: "Corporations may be formed under
dered Jan. 15 in the mandamus proceedings instituted to general laws, but shall not be created, nor shall any rights,
compel the submission to the voters on Jan. 23 of the so- privileges or franchises be conferred on them,by special Act
called "Vernor civil service amendment" to the city charter of the Legislature."
holds that the city must adopt a general charter revision
Idaho.—Special Session of Legislature.—The Legislature
before it can operate under the provisions of the home rule of this State convened Jan. 15 in special session. This is
law and amend its charter by sections. There now appear3 said to be the first extra session ever held in Idaho and is
to be a doubt whether or not the election commission will called in order to adjust the tax-levy to conform with the
leave on the ballot for the special election Jan. 23 the pro- new basis of assessed valuation. Property is now assessed
posed charter amendment for municipal ownership of the at its actual value, but the minimum rate of tax produces
street railway. See V. 94, p. 148. The submission of this unnecessary revenue and works considerable hardship upon
amendment or the civil service amendment is not prevented the taxpayers.
•by the Court, but in view of its decision, the submission of
Murray, Callaway County, Ky.—Bonds Declared Valid.—
any such amendment will be merely taking a straw vote or
getting an expression of the sentiment of the electorate. The On Jan. 10 the Court of Appeals at Frankfort affirmed the
opinion of the Court, which was written by Justice Blair and judgment of the Calloway Court upholding the validity
of a $23,000 bond issue to erect a water and light-plant.
affects practically all of the cities in the State, is as follows:
New Orleans, La.—City Refuses to Refund Premium Bonds.
The city of Detroit is a municipal corporation with a charter granted
under the constitution of 1850 and thus antedating the constitution of —At a meeting held Jan. 9 the Board of Liquidation of the
1908. There has been no general revision of the charter under any Act
City Debt declined, upon the advice of their attorneys,
of the Legislature since the t onstitution of 1908 went into effect.
On Aug. 15 1911 the Common Council commenced appropriate proceed- Dufour and Dufour, to refund into 6% bonds the 5%
ings under the provision of Act 279, public Acts of 1909, as amended by
11875. This action was taken
Act 203, public Acts of 1911, to amend the charter so as to institute a sys- premium bonds of September
tem of civil service, and these proceedings followed strictly the requirements in reply to a letter received from Benjamin Orry, who holds
manner:
of the Legislature aforesaid In the follow
mendment and a direction five of the bonds, which are for $20 each. Mr. Orry stated
(a) The resolutions containing the complc
that it be submitted to the electors "at the lie t special or general election in his letter that Section 12 of Act No. 31 of the General
held in the city," were introduced on Aug. 15 1911, and laid on the table Assembly of 1876 authorizing the issuance of the premium
for 30 days.
(b) The amendment was published in the official paper on Aug. 16 1911. bonds provides that the same shall be converted into 6%
(c) The amendment was adopted by the affirmative vote of more than coupon bonds whenever, under the operations of the Act,
two-thirds of the members-elect of the Common Council on Sept. 26 1911.
(d) The amendment was transmitted to the Governor and by him ap- the bonded debt of the city shall be reduced below $8,000,000.
proved upon Oct. 10 1911 and returned to the City Clerk.
The following figures, quoted by Mr. Orry from a statement
On Dec. 26 1911 a special election was called to be held in the city of
Detroit upon Jan. 23 1912, and this is the first election, either special or of the Board of Liquidation, show he claims, the present
1911.
26
Sept.
since
held
be
to
or
up to March 1876: Premium
general, held
the amount of the debt that existed
On Dec. 26 1911 the Common Council ordered to be submitted to and
bonds, $2,829,500; accrued interest to Jan. 15 1911, $5,022,electors at the proposed election two propositions, and notoothers,
system
the
relating
amendment
the
is
propositions
362, gold bonds $117,000, street-improvement bonds $10,000
neither of these two
of civil service.
—total $7,978,862. The opinion of the attorneys for the
One of the propositions ordered to be submitted relates to the so-called
an
is
and
Detroit,
of
city
the
states:
city
snunicipal ownership of the street car lines in
(Act
r,witir
amendment to the existing charter proposed under the State statutes
279, public Acts of 1909, as amended by Act 203, public Acts of 1911)
that the amendment concerning a system of civil service is proposed.
The election commission of the city of Detroit obeyed the Instruction of
the Common Council, and has arranged for the election on Jan. 23 1912,
submitting the proposition relating to municipal ownership, but omitting
the proposition relating to civil service.
The present proceeding is an application for a writ of mandamus to require the submission to the electors at the election on Jan. 23 1912 of the
amendment relating to the system of civil service, and the application is
made directly to this Court by reason of the importance of the public questions directly and indirectly involved and the necessity of haste because of
the imminence of the election.
There are only two questions presented by the briefs which appear to us
to require consideration, viz.:
1. Does Act No. 279, public Acts 1909, as amended by Act No. 203,
public Acts of 1911, permit the legislative body of a city to decide at what
ensuing election it will submit an amendment originating In the body itself?
2. Is the amendatory Act of 1911 unconstitutional in so far as it authorizes the amendment of existing charters in advance of general revision of
the charter?
We construe the language of section 21 of the Act of 1009, as well as of
amendthe amended section of the Act of 1911, relative to the submission ofwhether
ments, to require such submission at the next ensuing election,
general or special.
Section 21 of Act No. 203, public Acts of 1911, provides:
Any existing charter, whether passed pursuant to the provisions of this
Act or by the State Legislature, may from time to time be amended as follows, &c.
The provisions of the constitution relative to the incorporation of cities
.and villages wore intended to and did delegate to the electors thereof and
Of the outstanding bonded debt, the holders of only $13,464,340 availed
themselves of the provisions of the Premium Bond Act, leaving unissued
in the hands of the city $6,535,660, which latter bonds have never been
issued.
The opinion then cites the efforts made to permanently fund the bonded
debt of the city, whose holders had refused to avail themselves of the premium
bonds, until, In 1890, the Legislature passed Act No. 110, later adopted as a
constitutional amendment, providing that the bonded debt of the city not
previously converted into premium bonds should be funded into the present
4 per cent constitutional bonds. Of this latter issue of 310,000,0001n face
value of the bonds, upwards of $7,000,000 were used to fund the bonded debt
of the city of New Orleans that existed at the time. The rest of the opinion
follows:
Therefore we give it as our opinion: First—That Sec 12 of the premium
bond Act is not operative and was not intended to become effective unless
the plan in its entirety was put into operation, and that those creditors of
the city who converted their bonds into premium bonds are presumed to
have contracted and did contract, with reference to this very contingency.
Second—Whether this be true or not as a legal proposition, the debt of the
city, as it existed at the time of the adoption of the scheme, and which is
now outstanding, either in premiums or in city constitutional 4s. amounts to
approximately $17,000.000, and therefore that debt has not been reduced within the limt of the provisions of Sec. 12, even if it be admitted
that Sec. 12 Is binding and operative.
But if we admit,for the purpose of argument, that every provision of the
Act is in full force and effect and must be carried out literally and strictly as
written, the applicant's case by that test falls at this time.
The premium bohd situation and the amount of undrawn premium bonds
now in the wheel may be summed up as follows: Bonds outstaading in the
hands of creditors $7,265,504 50, bonds unissued by the oity $10,136,100.
224
THE CHRONICLE
bonds purchased and now held by the Board of Liquidation $2,860,256;
total $20,261,860 50.
From this it would appear that if all of the
debt creditors of the
city had exchanged their bonds for premium bonded
bonds, and if the Board of
Liquidation and the city of New Orleans had not,
when the premium bonds
were far below par, purchased and received for value
amount of
premium bonds, there would be presently outstandinga certain
in the hands of the
creditors of the city premium bonds in excess
of $20,000,000, or $12,000,000
beyond the limit provided in Sec. 12.
It is manifest that the most the applicant could require is that his
rights
be measured by the provisions of the Act upon
theory and basis that the
plan had been put into complete•operation andthe
authorized
all
of
the
bonds
had been issued and remained outstanding in
hands of creditors, except
and to the extent that they, or any of them,the
may have been retired In the
operation of the scheme. In the Rivet case the Court said:'The
premium bonds actually outstanding have no greater advantageholders of
than they
would have if every dollar of the twenty million had been issued
and remained outstanding."
Therefore, If the applicant be entitled to any relief under Sec. 12, it
is
only when the undrawn premium bonds amount to less
than $8,000,000,
and this is to be determined without regard to the fact that
those undrawn bonds the city may not have Issued some, or the Boardof
may be the
holder of others.
We therefore advise the Board that It is without legal right or
authority
to grant the request of the applicant and that his demand
should be rejected.
ALLIANCE SCHOOL DISTRICT (P. 0. Alliance), Boxbutte County,
Neb.-Bond Sale.-On Jan. 1 the $15,000 5% 20-year coupon
p. 1679) were awarded to S. A. Kean & Co. of Chicago at 102.bonds (V. 93.
Among the
bids received were the following:
Well, Roth .5: Co., Cincin.$15,202 50I Cutter, May &Co., Chlo._$15,08
7 00
H.T. Holtz &Co., Chic__ 15,161 00 Investors Sec.
Co., Des M_ 15,065 00
Central S.B.& Tr.Co.,Den 15,096 00 N. W. Halsey &
Co., Chic_ 15,011 00
ALVIN, Brazoria County, Texas.-Description of Bonds.-The $10,000
5% street-impt. bonds sold privately at par and int.
93, p. 1803) are In
the denom. of $500 each. Int. J. & J. Due July 1 (V.
1960, opt. after July 1
1940.
APPALACHIA, Wise County, Va.-Bonds Not Sold.-No
been made of the $26,000 water and $14,000 sidewalk, street award has
improvement bonds offered on Aug. 21 1911 (V. 93, p. 423). and sewerAPPLETON. Outagamie County, Wis.-Bond Sale.-On Jan. 17 the
5235,000 4 %% coup. water-works-purchase bonds (V. 94, p. 149)
were
awarded to E. H. Rollins & Sons of Chic. for $260,763 (102.22)
and int.
Ten bids were received, the lowest of which was $256,402.
ARDMORE SCHOOL DISTRICT (P. 0. Ardmore), Carter County, Okla.
-Description of Bonds.-The 5100,000 5% coup, bonds
awarded
Dec.
22 1911 to John Nuveen & Co. of Chicago at 102.185 (V. 92, on
p. 1803)
are dated Jan. 1 1909 and mature June 1 1934.
ASHLAND. Jackson County, Ore.-Bond Sale.-On Dec. 19 1911
$8,658 27 6% 1-10-year (opt.) sidewalk bonds were awarded
to Leonard
Superior, Douglas County, Wis.-Election on Commission Wiles & Co. of Medford at par and int. Denom. $500. Date Dec.
1 1911.
Form of Government.-An election will be held Jan. 23 to Int. J. & D.
AUBURN SCHOOL DISTRICT (P.O. Auburn), Nemaha County. Neb.vote on the question of adopting the commission form of Bids Rejected.-All bids received on Jan. 8 for the $40,000 414% 10-20-year
(opt.) coupon high-school-building bonds (V. 93, p. 1679) were rejected.
government.
AVON. Livingston County, N. Y.-Bond Offering.-Proposals will be
Winston (P. 0. Winston-Salem), Forsyth County, No. received
until 8 p. m. Jan. 24 by P. C. Gleason, Village
for $18,000
Caro.-Suit to Test Legality of Bonds.-A friendly suit has registered street-impt. bonds at not exceeding 5% int. Clerk,
Denom. $1,500.
Date Feb. 11912. Int. A. & 0. at the Village Treasurer's office and to be
been started in the Superior Court to test the legality of the remitted
to the registered holder in N. Y. exchange. Due $1,500 yearly
$160,000 432% bonds awarded in October to a syndicate Oct. 1 from 1912 to 1923, incl. Cert.
check for $300, payable to the Village
Treasurer, required. Purchaser must furnish suitable blank bonds for issue.
headed by A. B. Leach dz Co. of Chicago. V. 93, p. 1342.
Official circular states that the village has never defaulted In the payment of
principal or interest on its bonds and that the legality of these bonds is not
questioned in any manner.
BA LDWI N, Douglas County, Kans.-Bona
Proposed -This city
Is considering holding an election to vote on theElection
question of issuing approxiAvalon, Allegheny County, Pa.-Bond Can.-Notice has mately $15,000 water-works-ext. bonds.
been given that bonds numbered 1 to 8 incl. issued by the
BAN DON. Coos County. Ore.-Bonds Withdrawn from the Market.-The
Borough of West Bellevue (now the Borough of Avalon) in Mayor advises us that the $60,000 6% gold coupon bonds
offered on Feb. 15
1911 (V. 92, p. 407) have been withdrawn from the market.
We are also
the sum of $1,000 each, and dated July 11890,are called for informed that an election will soon be held to vote on a
new city
which,
if adopted, will enlarge the powers of the city and authorize acharter
payment Feb. 1 at the Avalon Bank in Avalon. The bonds
larger
bond issue.
are due July 1 1920, but redeemable after July 1 1910.
BEAVER TOWNSHIP (P. 0. North Lima), Mahoning County, Ohio.
El Paso, Tex.-Bond Call.-Call has been made for pay- Bond Sale.-On Dec. 30 1911 the $20,000 5% 9 2-3-year (average) road
bonds (V. 93, p. 1548) were awarded to Hayden, Miller & Co. of Cleveland
ment Feb. 1 at the City Treasurer's office of water-works- at
105.65-a basis of about 4.29%.
compromise bonds, dated Feb. 1 1899, numbered from 1 to
BELMAR, Monmouth County, N. J.-Price Paid for Bonds.-The pries
110 inclusive.
paid for the 527,600 5% 30-year funding bonds, awarded on Dec. 30 1911 to
M. Grant .5: Co. of New York (V. 94, p. 149) was 100.17.
Spokane, Wash.-Bond Call.-The following special im- II.BENNINGTO
N. Douglas County, Neb.-Bonds Defeated.-The election
provement bonds were called for payment on Jan. 15 at the held
Dec. 8 1911 resulted in the defeat of the question of issuing $7,000 5%
water-works bonds.
City Treasurer's office:
BER KS COUNTY (P.O. Reading). Pa.-Bonds Lobe Disposed of Locally.
GRADE BONDS.
-We are advised that the $475,000 3% bridge bonds (V. 93, p.970) will
Monroe Dist. No. 10-Bonds Nos. 19 to 28 incl. Riverside Dist.
be offered at popular subscription to residents of Berics County.
Nos. 2 to 5 incl. 17th Dist. No. 4746.-Nos. 10 to 15 incl. and No.788Sheridan
BETHANY AND PINE RIVER UNION SCHOOL DISTRICT NO. 1.
Dist. No. 741.-Nos. 3 to 4 incl.
Mich.-Bond Offering.-Proposals will be received until to-day (Jan.
20>
WALK BONDS.
by the Board of Education for $8.000 4% school bonds voted Dec, 20 1911.
Arthur Dist. No. 767.-Bond No. 3. Mansfield Dist. No. 2.-Bond No. Int.
semi-annual. Due Feb. 15 1927. F. M. Vandercook is Director
10. Virginia Dist. No. 1.-Bond No. 11.
(P. 0. St. Louis, Mich.)
PAVING BONDS.
RAPIDS, Mecosta County, Mich.-Bond Sale.-On Dec. 15 1911
Division Dist. No. 517. -Bonds Nos. 33 to 82 incl. Division Dist. No. theBIG
$25,000 4>4% 20-year park bonds, voted on Nov.
1911 (V. 93, p.
518.-Nos. 6 to 17 incl. 3rd Ave. Dist. No. 794.-Nos. 2 to 7 incl.
1680) were awarded to A. J. Hood & Co. of Detroit.28 Denom.
$1,000.
SEWER BONDS.
Date Dec. 1 1911. Interest J. & D.
Broadway Dist. No. 331. -Bond No. 9. 1st Ward Dist. No. 1. -Bond
BLAINE
COUNTY
(P.
0.
Hailey),
-Bond
Idaho.
Sale.
-On Jan. 10 the
No. 58. Alley Dist. No. 534.-Nos. 4 and 5. 13th Dist. No. 547.--Nos. $17,000
refunding and $85,000 funding 6% gold coup. tax-free
8 to 12 incl.
bonds
(V. 93, 1o. 1737) were awarded to the Harris Trust & Savings Bank of
Tacoma, Wash.-Bond Call.-The following bonds are Chicago for $104,128, making the price 102.086 for
5s. Other bids follow:
Or 5s.
Well, Roth & Co., Chic...5105,841 00
called for payment:
Bolger, Mosser & WillaJ.H.Causey & Co.,Denv_ 105,085 00
Districtman, Chicago
$103,152 60 Parson, Son & Co., Chic_ 105,066 00
No. of Bonds.
Interest
Ceases.
Local Improvement District No. 276_ _ 1 to 15 incl.
Jan. 11 1912 John Nuveen ec Co., Chic. 102,782 00 Devitt,Tremble&Co.,Chl. 104,622 00
Local Improvement District No. 766.... 1 to 16 incl.
Sons,Denv. 102,612 00 Hoehier&Cummings,Tol_ 102,387 50
Jan. •11 1912 E.H.Rollins&
Local Improvement District No. 775_ _ _ _ 1 and 2
N. W.
& Co..Chic. 102,612 00
For 6s.
Jan.
11 1912 W. A. Halsey
Local Improvement District No. 780_ _ No. 1
Chic_ 102,561 00 Bolger, Mosser & WillaRead
&
Jan. 11 1912 J. H. Causey & Co.,
Co.,Denv. 102,270 00
Local Improvement District No. 511_ .... _104 to 127 incl.
man, Chicago
110,177 00
Jan.
11
1912
Local Improvement District No. 544____ 1 to 23 incl.
For 5;0
Hoehler & Cummings,
Jan. 11 1912
Local Improvement District No. 255... _ _164 to 179 incl.
Toledo
107,157 50
Jan. 12 1912 S. A. Kean & Co., Chic_ _106,040 00
Local Improvement District No. 283._ __ 29 to 49 incl.
BOGART. Oconee County, Oa.-Bonds Voted.-A favorable vote was
Jan. 13 1912
Local Improvement District No. 325.... 69 to 77 incl.
Jan. 13 1912 cast on Jan. 9 on the proposition to issue the $5,000 school bldg. bonds
Local Improvement District No. 644_
_ 16 to 301nel.
Jan. 13 1912 (V. 93, p. 1737), according to reports.
Walla Walla, Walla Walla County, Wash.-Bond Call.- BOISE CITY, Idaho.-Bond Offering -Proposals will be received until
12 m. Jan. 26 by E. L. Savidge, City Clerk, for $4,400 7% Dist. No. 33
On Jan. 11 call was made for payment at the City Treasurer's sidewalk
and curbing bonds. Int. J. & J. at the City Treas. office. Due
office of Bond No. 8 of Local Impt. District No. 17.
$440 yearly Jan. 1 1913 to 1922 incl. Cert. check on a bank of Boise City
for 5% of bonds bid for, is required.
BOLLINGER COUNTY (P. 0. Marble Hill), Mo.-Bond Offering.Proposals will be received until 12 m. Feb. 7 by M. Lutes, County
Treas.,
week for
$8,000 6% coup, court-house bonds. Auth. Art. V 'Chap. 15. Revised
Statutes. Denom. $500. Int. semi-ann. at Treasurer's office. Due
$2,000
'none
year,
$3,000
two
in
years
and $3,000 in three years after date.
ABERDEEN. Brown County So. Dak.-Bond Offering.-Further details
BOSQUE COUNTY (P. 0. Meridian), Tex.-Bond Offering.-P. S. Hale,
are at hand relative to the offering on Jan. 24 of the $200,000 4
20-year County Judge, is offering
at private sale the 540,000 5% 20-40-year (opt.)
sewer bonds (V. 94, p. 149). Proposals for these bonds will 3i%
be secelved coup. Road
Dist. No. 7 constr. and impt. bonds voted Dec. 9 1911 (V. 93.
until 10 a. m.on that day by F. W.Raymond, City Auditor. Denom.
or $1,000, as desired by the purchaser. Date Jan. 1 1912. Int. J. *500 p. 1803). Denom. $1,000. Date Jan. 1 1912. Int. ann. at the Chase
ec J. Nat. Bank in N. Y., the County Treasurer's office or in Austin.
at New York or elsewhere. Cert. cheek for 2% of bid, payable to the
No debt.
City
Treasurer, required.
BOSTON. Moss.-Bond Sale.-On Jan. 17 the $300,000 Dorchester TunAKRON. Summit County, Ohio.-Bond Offerings.-Proposals will be nel and $200,000 East Boston Tunnel extension 4% 45-yr. reg. bonds(V.94.
p. 149) were awarded to Estabrook & Co. and R. L. Day & Co. of Boston
received until 2 p. m. Jan. 25, by W. A. Durand, Auditor, for $300,000
4 % jointly at 108.23 and int.-a basis of about 3.62%. Other bids follow:
water-works construction bonds (V. 93, p. 1737). Auth. Sec. 3939.
Gen. Blake Bros. & Co. and AdHornblower& Weeks, Boston_ _108.07
Code. Denom, $1,000. Date Dec. 26 1911. Int. J. & D. at Nat. Park
ams & Co., Boston
108.17 Wm.A. Read &Co.. Boston_ _ _107.33
Bank, New York. Due Dec. 26 1951. Certified check on a bank in
Ohio Lee, Higginson & Co., and
Perry, Coffin & Burr, Boston.106.30
for 2% of bonds bid for, payable to City Treasurer, required. Purchaser
Biodget & Co., Boston_ _ _ _108.089
to pay accrued interest.
Proposals will also be received until 2 p. m. Jan. 30 by the Sinking
BOWLING GREEN. Wood County, 011io.-Bond Offering.-Proposals
Trustees, for $60,000 43i% main-sewer-extension bonds. Date Fund will be received until 12 in. Jan. 27, by It. S. Sweet, City Auditor,for $13,1911. Int. semi-ann. at the Nat. Park Bank in N. Y. Due $20,000 Oct. 1 500 4 Yi% park bonds. Auth.See. 3939, revised statutes. Denom.$650
on Oct. 1 in 1914, 1915 and 1916. Cert. check on a solvent bank yearly and $700. Date Sept. 1 1911. Int. M. & S. Due Sept. 1 1921. Cert.
for 5% of bonds bid for, payable to the Sinking Fund Trustees, in Ohio check for 5% of bonds bid for, payable to City Treas., required. Purchaser
required. to pay accrued
Purchaser to pay accrued interest.
Int. Bonds to be delivered and paid for within 10 days
Bond Sale.-On Jan. 16 the following bids were received for the
after time of award.
seven
issues of 4 M% bonds aggregating $60,250.
BOX ELDER COUNTY SCHOOL DISTRICT (P. 0.Brai.ghma.m
11
Sec. Ave.
Utah.-Bond Offering.-Proposals will be received until
Jeff. Ave.
Water St.
Jan. 31
Bonds.
Bonds.
by T. F. Coombs. Pres. Board of Edna., for the $200,000 434% 20-year
Tillotson & Wolcott Co., Cleveland_ _•$20,524 79 •$12,019 48 •$18,214*
building bonds voted Dec. 5 1911 (V. 93, p. 1803). Denom. $1,000.
14
Davies-Bertram Co., Cincinnati
20,501 00
Date Feb. 1 1912. Int. F. & A. at any,place in the U. S. purchaser may
Otis & Hough, Cleveland
20,497 00
12,002 00
18,175 00 designate. Cert. check (or cash) for 5%) of bonds bid for, payable to the
Breed & Harrison, Cincinnati
20,492 55
12,000 60
President, required.
18,189
15
Seasongood & Mayer, Cincinnati.... 20,487 00
11,966 00
18,184 00
BRAZORIA COUNTY (P. 0. Angleton). Texas,-Bond Sale.-On
First National Bank, Cleveland.... 20,478 50
11,991 75
18,171 75 Nov. 1 1911 $100,000 4% 5-40-year (opt.) bonds were awarded to the
Well, Roth & Co., Cincinnati
20,476 50
11,971 10
18,169 50 Midland Bridge Co. of Kansas City at par and int. Denom. $1,000. Date
Hayden, Miller & Co., Cincinnati__ _ 20,469 25
11,967 25
18,174 50 April 10 1911. Interest A. & 0.
C. E. Denison & Co., Cleveland
20,468 60
11,971 60
18,164 60
BRIMFIELD TOWNSHIP, Portage County, Ohio.-Bonct Offering.Barto-Scott de Co.. Columbus
20,432 02
11,923 90
18,064 20 Proposals will be received until 12 m. Jan. 22 by G.
W. Bard, Twp. Clerk,
Howard St. Pub.Impt. Viaduct Quarantine
(P. 0. Kent, R. D. No. 8) for $6,900 (not $8,900 as reported in V. 93,
Bonds.
Bonds.
Bonds.
Bonds.
p. 1803) 4% Kent-Brimfield road !mot. (twp's portion) bonds. Auth.,
Tillotson & Wolcott Co.,Clev..$2,007 00 $3,250 00 $2,700 00
$2,505
00 Sec. 1223, Gen. Code. Denom. $400 and $500. Date
Hayden,Miller ec Co., Cino__*2,025 00 '3,26700 '2,707 67
Feb. 1 1912. Int.
2,52375 M. & S. Due $400 Mch.
Seasongood .50 Mayer, eine__ 2,011 00
$500 Sept. 1 in 1913 and $500 each six
'2,526 00 months from Mch. 1 1914 1toand
Sept. 1 1919, incl. Bonds to be delivered
Barto, Scott ec Co., Columbus 2,022 00
3,261 47
2.707 36
2,521 50 Feb. 1 1912. Cert. check for $200, payable
to the Twp. Treasurer, re• Successful bids.
quired. Purchaser to pay accrued int.
Bond Cults and Redemptions.
•
[VOL. Lxxxxiv.
Bond Proposals and Negotiations this
have been as follows:
JAN. 20 1912.1.
THE CHRONICLE
BROAD BAY TOWNSHIP, Forsyth County, No. Caro.-Bonds Defeated.
-The election held Jan. 8 resulted, reports state, in the defeat of the
proposition to issue the $30,000 bonds to aid the Randolph & Cumberland
By. (V. 93, p. 1680).
BROCKTON, Mass.-Bond Sales in 1911.-The following 4% bonds,
amounting to $387,000, were sold by this city last year.
Price.
Purchaser.
Purpose.
Date.
Due.
Amount.
Mch. 1 1911 1916-35 Estabrook & Co. 104.03
$100,000 Water
101.375
do
Apr. 1 1911 1912-31
50,000 School
101.375
do
do
1912-26
15,000 Sewer
101.375
do
10,000 Drainage
do
1912-21
35,000 Street
do
1912-21 Parkinson & Burr 101.531
101.531
do
1912-21
10,000 Comfort Station
do
50,000 Water
July 1 1911 1916-40 N. W. Harris & Co. 104.375
101.67
Adams & Co.
50,000 Street
May 1 1911 1912-21
Blodget & Co. 104.178
50,000 Water
Oct. 1 1911 1916-40
Sinking Fund .100
10,000 Parks
Apr. 1 1911 1912-21
100
do
1912-21
5,000 Rifle Range_ _ _ ..
do
100
do
2,000 Scavenger Imp_
1912-15
do
$387,000
Temporary Loans in 1911.-The temporary loans negotiated by the city
In 1911 aggregated $800,000, being as follows:
Price.
Purchaser.
Amount. Date.
Due.
$20,000 Jan. 13,11 Jan. 13'12 L. F. Tilden__334% int. to follow.
Oct. 17'11 Estabrook&Co..3.35% discount
150,000
do
First Nat. Bk_ _3 M% disc.&$1 00 prem.
do
150,000 Feb. 21 '11
100,000 Mch. 27'11 Nov. 10'11 Estabrook&Co..3.05% discount
do
150,000 June 9'l1 Jan. 9'12 R.L.Day & Co_3.60%
do
100,000 Aug. 16 '11 Apr. 3'12 Old Col. Tr. Co_ _3.72%
do
30,000 Sept. 19'11 Feb. 15'12 Brockton N.Bk.3.50%
Home
Nat.
Bk.
3.50%
do
do
100,000
do
$800,000
BROOKHAVEN, Lincoln County. Miss.-Bond Sale.-On Dec. 28 1911
the $10,000 5% 20-year school-impt. bonds (V. 93, p. 1680) were awarded
to the Inter-State Trust & Banking Co. of New Orleans at 100.26 and int.
BROOKSVILLE, Hernando County, Fla.-Bonds Awarded in PartBalance Offered.-01 the $16,000 5% coupon inapt. bonds (V. 93, p. 1133)
$4,000 have been awarded, $2,000 to the Hernando State Bank and $2,000
to the First National Bank, both of Brooksville, at 99. Proposals for the
remaining $12,000 bonds will be received by F. R. Wilson, Town Clerk.
Denom. $100. Int. semi-annually at the Treasurer's office. Cert. check
for "10% of bid, payable to W. M. McKethen, Town Treas. is required.
Bonded debt (incl. $4,000 of this issue), $7,100. No floating debt. Assessed valuation in 1911, $206,000.
CALDWELL PARISH SCHOOL DISTRICT NO.14(P.O. Columbia), La
-Bond Sale.-On Jan. 2 *12,500 5% gold coup. tax-free bldg. bonds were
awarded to S. A. Kean & Co., of Chicago, at par less $362 50. Other
bids follow:
C. H. Coffin, Chic
$11,876[Cutter, May & Co., Chicago
par, less $625
Farson Sons & Co., Chic., par,less $5001
Denom. $250. Date Jan. 2 1912. Int. in January at the Caldwell
Bank of Columbia or at the office of the School Board.
CAMERON COUNTY (P.O. Brownsville). Tex.-Bond Sale.-On Jan. 15
the $200,000 5% 10-40-year (opt.) court-house and jail bonds dated Dec. 10
1911 (V. 04, p. 149) were awarded to N. W. Halsey & Co. of Chicago.
CEDAR COUNTY (P. 0. Tipton), lowa,-Bond Sale.-On Nov. 13 1911
$23,000 5% funding bridge bonds were awarded to Geo. M. Bechtel & Co.
of Davenport at 101. Denom. $1,000. Date Jan. 1 1912. Int. J. & J.
Due from 1913 to 1921.
CENTERVILLE SCHOOL DISTRICT (P. 0. Centerville), Alameda
County, Cal.-Bonds Voted.-Reports state that a proposition to issue
$35,000 high-school-building bonds carried by a unanimous vote at the
election held Dec. 29 1911.
CHADBOURNE SCHOOL DISTRICT (P. 0. Chadbourne), Columbus
County, No. Car.-Bond Sale.-A. J. Hood ec Co. of Detroit was awarded
on Nov. 30 1911 the $10,000'6% 30-year Birch School Building bonds
offered on Nov. 16 1911 (V. 93, p. 1338). Date Nov. 1 1911.
CHAMPAIGN COUNTY (P. 0. Urbana), Ohlo.-Bond Sale.-On Jan. 2
the $20,000 4% coupon tax-free Mad River North impt. bonds (V. 93,
p. 1737) were awarded, it is stated, to A. F. Vance, President of National
Bank of Urbana, at par and interest.
CHANUTE, Neosho County, Kan.-Bonds Voted.--The election held
Jan. 11 resulted, it is stated, in favor of the question of issuing the $25,000
5% 10-20-yr. park bonds (V. 93, p. 1489.)
CHARLOTTE, No. Caro.-Bond Sale.-We learn that $110,000 6%
10-yr. street-impt. bonds were awarded on Jan. 10 to W. M. Tye for
4114,543 75-making the price 104.13. Denom. $500. Date Jan. 1 1912.
Int. J-J.
CHATTANOOGA, Hamilton County, Tenn.-Bond Sale.-On Jan. 8 an
issue of $4,202 48 paving bonds was awarded to the First National Bank
of Cleveland, Ohio.
CINCINNATI, Ohio.-Bond Sales in Year 1911.-During the year 1911
the city of Cincinnati sold $1,206,780 general bonds and $367,821 88 assessment bonds, or a total of $1,574,601 88 new securities. The details of the
general bonds disposed of, including those issues the sale of which we have
previously reported in our. columns, are as follows:
Maturity.
Amount.
Date of Bonds.
Purpose of LoanJan. 2 1911 Jan. 2 1931
.$125,000_ ..Water-works extension
13,000_ _Library purposes
April 1 1911 April 1 1931
8,000.. Melrose Ave. Improvement
April 1 1911 April 1 1931
April 15 1911 *April 15 1951
160,000_. Water-works extension
April 1 1911 April 1 1931
3,000....Charlton Street opening
Apr1/. 1 1911 April 1 1931
6,000_ _ Hoff Avenue opening
7,700. _Terrace Avenue improvement_ _ _ _April 1 1911 April 1 1931
April 1 1911 April 1 1931
7,500...Street extension
April 1 1911 April 1 1941
250,000_ _Gilbert Avenue viaduct
July 1 1911 July 1 1921
500_ _Street opening
July 1 1911 July 1 1921
1,000_ _Sauer Avenue improvement
July 1 1911 July 1 1921
10,000_ _Epidemic emergencies
July 1 1911 July 1 1961
400,000_ _Hospital and pest-houses
Sept. 15 1911 Sept. 15 1931
30,000_ _Tuberculosis hospital
Sept. 15 1911 Sept. 15 1931
3,500_ House of refuge
Sept. 15 1911 Sept. 15 1926
2,500_ _Harrison Avenue widening
Sept. 15 1911 Sept. 15 1931
21,000_ _Bridge and viaduct repair
Sept. 15 1911 Sept. 15 1916
1,300.. _Seegar Alley improvement
Sept .15 1911 Sept. 15 1916
800 Brackett Alley improvement
Sept. 15 1911 Sept. 15 1921
1,000_ _ Bent. Alley improvement
Sept. 15 1911 Sept. 15 1921
1,500_ _Hughes Street improvement
Sept. 15 1911 Sept. 15 1921
1,100_ _Phoenix Alley Improvement
Sept. 15 1911 Sept. 15 1921
2,900_ _Peete Street improvement
Sept. 15 1911 Sept. 15 1921
1,000_ _Ailey improvement
2,000_ _Frank Street improvement
Sept. 15 1911 Sept. 15 1926
9,500_ _ Hackberry Street improvement __ _Sept. 15 1911_ -Sept. 15 1931
3,000_ _Moorman Avenue improvement_ _Sept. 15 1911 Sept. 15 1931
3,000_ Bathgatc Street improvement__ _ Sept. 15 1911 Sept. 15 1931
2,200_ _Hickory Street improvement
Sept. 15 1911 Sept. 15 1931
2,000_ _Alice Street improvement
Sept. 15 1911 Sept. 15 1931
2,500_ _Jay Street improvement
Sept. 15 1911 Sept. 15 1931
6,000_ _Young Street improvement
Sept. 15 1911 Sept. 15 1931
3,000_ _Culvert Street sewer
Sept. 15 1911 Sept. 15 1921
1,900_ _Sewering
,.
Sept. 15 1911 Sept. 15 1921
do
4,600_ _
Sept. 15 1911 Sept. 15 1921
do
i 4,200_ .
Sept. 15 1911 Sept. 15 1931
do
12.500._
Sept. 15 1911 Sept. 15 1934
do
52,000_
Sept. 15 1911 Sept. 15 1941
do
18,280_
Sept. 15 1911 Sept 15 1941
1,400_ _Michigan Avenue I mproveme it _ _Sept. 15 1911 Sept. 15 1931
11,000_ _Sewering
Sept. 15 1911 Sept. 15 1941
do
1,000
Oct. 2 1911 Oct. 2 1921
12,500_ do
Oct. 2 1911 Oct. 2 1921
r 5,900. _Greist Avenue improvement
Oct. 2 1911 Oct. 2 1931
• • Optional after 20 years.
All of the above bonds bear 4% Interest.
• CLAXTON. Tattnall County, Ga.-Bids Rej3cled.-All bids received on
Jan. III flr the $25,000 5% gold coup, water and light bonds (V.94, p. 150)
were rejected.
225
CLEBURNE. Johnson Countk, Tex.-Bonds Voted.-A favorable vote
was cast on Dec. 30 1911 on the proposition to issue the $128.000 bonds
for the purchase of the water-system and $50,000 for the purpose of equipping and maintaining the same (V. 93, p. 1548). The vote was 258 to 167.
CLEVELAND, Ohlo.-Bond Sales in 1911.-Last year this city disposed
of $3,964,000 bonds. The sale of all these securities was reported in the
"Chronicle" at various times in 1911. We now learn, however, that the
$270,000 bridge, $4,000 fire, $1,000 city-farm and $11,000 street bonds,
which, as we stated, were taken by the sinking fund in August and September, were a part of the eight issues, aggregating $513,000, awarded to the
sinking fund in June and already included in our list of sales for that month.
CLEVELAND HEIGHTS, Ohio.-Bond Offering.-Proposals will be received until 12 m. Jan. 30 by H. H. Canfield, Vill. Clerk (P. 0. No. 309
Beckman Bldg., Cleveland), for $4,861 4 34% coup. Ridgefield Road impt.
assess. bonds. Auth. Sec. 3914, Gen. Code. Denom. $500 and $361.
Date "day of sale." Int. A. & 0. beginning April 1 1912, payable at the
Vill. Treas. office. Due $361 Oct.
1 1912 and $500 yearly Oct. 1 from 1913
'
to 1921 incl. Bonds to be delivered and paid for witihn 10 days from time
of award. Cert. check on a bank other than the one making the bid for
10% of bonds bid for, payable to the Vill. Treas., required. Purchaser to
pay accrued interest.
COLUMBUS, Muscogee County, Ga.-Bond Election Proposed.-It is
stated that an election will probably be held to vote on the question of issuing $350.000 water-works bonds if the recommendation of the Water
Board is followed.
Bond Election.-An election will be held March 16 to vote on the question
of issuing $50,000 434% bridge bonds. Due $5,000 yearly.
COLUMBUS. Ohio.-Bonds Authorized.-An ordinance has been passed
providing for the issuance of $1,000 4% coupon sewer constr. assess.
bonds. Denom. $1,000. Date not later than Sept. 1 1912. Int. M. & S.
at the City Treasurer's office. Due Sept. 1 1917, opt. after Sept. 1 1913.
Bond Election.-In addition to the propositions to issue the $700,000
grade-crossing-elimination and $250,000 prison-bldg. bonds to be voted
upon at the election to be held May 21 (V. 93, p. 1804), the question of
issuing $265,000 light-extension bonds will also be submitted to a vote
on that date.
COWLEY. Bighorn County. Wyo.-Bond Sale.-According to reports
the $25,000 water-works bonds offered Jan. 1 (V. 93, p. 1738) have been
awarded at par to the State of Wyoming.
CRAWFORD COUNTY (P.O. English). Ind.-Bond Offering.-Proposals
will be received until 2 p. m. Feb. 5 , reports state, for $9,900 4 Wro Jennings Twp. rock road bonds. Denom. *495. Int. M. az N. A. D. Huff
is Treasurer.
CRAWFORDSVILLE SCHOOL CITY (P. 0. Crawrfordsville). Ind.
Bond Sale.-On Sept. 21 1911 the $18,000 4% bonds (V. 93, p. 609) were
awarded to Cutter, May & Co. of Chicago at 100.15. Denom. $1,000.
Date Oct. 1 1911. Int. A. & 0. Due $1,000 Oct. 1 in 1912 and 1913 and
$2,000 Oct. 1 from 1914 to 1921 inclusive.
DAVIDSON COUNTY (P.O. Nashville) Tenn.-Bond Sale.-On Jan. 10
the $150,000 4% 15-30-yr. (opt.) State Fair Ground bonds (V. 93, p. 1736)
were awarded to Mayer, Walter & Co. and Breed & Harrison of Cin. at
their joint bid of 93.57. Denom. $500. Date Jan. 1 1911. Int. J. ZIG. J.
Other bids follow:
Weil, Roth & Co., Cin
$138,210[ Nat. Bank of the Republic,
Prov.Sav.B.& Tr.Co Cin 138,1201 Chicago
$137,400
DAWSON SPRINGS, Hopkins County, Ky.-Bond Sale.-The $10,000
5% 5-20-yr.(opt.) coup.sewer bonds offered on May 27 1911(V.92, p.1390)
were sold, we are advised, to Edw. Gorrat of Princeton.
DEL RIO INDEPENDENT SCHOOL DISTRICT (P. 0. Del Rio). Valverde County, Texas.-Bond Sale.-A. J. Hood & Co. of Detroit were
awarded the $7,000 5% 10-year school bonds registered on Nov. 27 1911 by
the State Comp. (V. 93, p. 1621). Denom. $500. Date Oct. 1 1911.
Interest in October.
DENTON COUNTY (P. 0. Denton), Texas.-Bonds Not Sold.-No
award was made on Jan. 8 of the $75,000 5% 10-40-yr. (opt.) Lewisville
Road Dist. No. 1 bonds dated Sept. 13 1911 (V. 93, p. 1680.)
DEPEW. Erie County, N. Y.-Bond Offering.-Proposals will be received until 8 p. m. Jan. 22 by J. C. Glade, VII. Clerk, for $25,000 reg.
Village-Hall-const. bonds voted Jan. 2 1912. Denom. $1,250. Date
Jan. 15 1912. Int. (rate not to exceed 5%) J. ec J. at the Bank of Lancaster, Lancaster. Due $1,250 yearly Jan. 15 from 1913 to 1932 incl.
Bonds to be delivered not later than Feb. 15 1912. Cert. check on an incorporated bank or trust company for 2% of bonds bid for, payable to the
Village Treasurer, required.
DICKSON COUNTY (P. 0. Charlotte), Tenn.-Bond Election.-Local
papers state that an election will be held Feb. 17 to vote on the question of
issuing $100,000 4% 30-yr. road impt. bonds.
DODGE CITY, Ford County, Kan.-Bonds Voted.-According to reports, the eleciton held Jan. 10 resulted in favor of a proposition to issue
$10,000 bonds to purchase the right of way for the Santa Fe extension from
Dodge City southwest.
DURHAM, Durham County, No. Caro.-Bonds Voted.-The question of
issuing the $50,000 school-bldg. bonds (V. 93, p. 1339) received a favorable
vote, reports state, at the election held Jan. 16.
EAST BATON ROUGE PARISH SCHOOL DISTRICT NO. 1. La.-Bond
Offering.-Proposals will be received until 10 a. m. January 30 by H. K.
Strickland, Secretary and Supt. (P. 0. Baton Rouge), for $75,000 5%
khool bonds. Authority Art. 281 of the Constitution and Act 256 of 1910,
General Assembly: also vote of 230 to 14 at the election held Dec. 19 1911.
Denom.$1,000. Date Feb. 1 1912. Int. F. & A. at place to be designated
by purchaser. Due on Feb. 1 as follows: $6,000 in 1013 and 1914, $7,000
in 1915 and 1916, $8,000 in 1917, 1918 and 1919. $9,000 in 1920 and 1921
and $7,000 in 1922. Cert. check for $1,000. payable to the Pi-est. of Board
of School Directors, required. No debt at present. Assessed val. for 1911.
$5,005,722, actual val. (est.) $10,000,000. Official circular states that
there is no litigation or controversy, pending or threatened, concerning the
validity of these bonds, the boundaries of the distriet, or the titles of the
officials to their respective offices.
The official notice of this b9nd offering will b3 found among the advertisement elsewhere in this Department.
EDENTON, Chowan County, No. Caro.-Bonds Not Sold.-No award
was made on Des. 19 1911 of the $20,000 5% sewerage bonds (V. 92, p.
1549). These securities are now being offered at private sale.
EL PASO COUNTY (P. 0. El Paso), Tex.-Bond Election Proposed.
An election will probably be held, it is stated, to submit to the taxpayers a
proposition to issue $200,000 roadway and levee erection bonds.
EMPORIA SCHOOL DISTRICT (P.O. Emporia), Lyon County, Kans.Bond Election Proposed.-Petitions are being circulated calling for an election to vote on the question of issuing $100,000 bldg. bonds, it is reported.
ESTHERVILLE SCHOOL DISTRICT (P. 0. Estherville), Emmet
County, Iowa.-Bond Election Proposed.-Thls district is contemplating
holding an election to vote on a proposition to issue high-school building
bonds, according to reports.
FALL RIVER, Mass.-Short-Term Loans in 1911.-During the year 1911
this city borrowed $450,000 on temporary loan notes, The loans were negotiated as follows:
Date.
Amount.
Discount.
Maturity.
$100,000__June 7 1911
3.25% Nov. 7 1911
150,000__June 27 1911
3.25% Oct. 27 1911
100,000_ _Aug. 10 1911
3.25% Nov. 10 1911
25,000_ _Aug. 10 1911
3.25% Oct. 10 1911
75,000 Sept. 6 1911
3.44% Oct. 26 1911
FITCHBURG. Worcester County, Mass.-Bond Sale.-On Jan. 16 the
three issues of 4% reg. bonds aggregating $200,000 (V. 94, p.150) were
awarded to E. H. Rollins & Sons of Boston.
FLINT. Genesee County, Mich.-Bond Sale.-On Jan. 8 Hoehier & Cum,- •
Mings of Toledo were awarded at 100.10 $125,000 water bonds, being the
balance of the issue of $400,000.
• FORD COUNTY (P. 0. Dodge City), Kans.-Bond Sale.-On Sept. 30
1911 $65,000 5% 10-20-year (opt.) court-house bonds were awarded to local
investors at 102.75. Denom. $1,000. Date Jan. 2 1911. Int. J. & J.
Bonds Defeated.-The question of issuing $30.000 court-house bonds
was defeated at the election held January 9.
226
THE CHRONICLE
[VoL. Lxxxxiv.
FORT MILL. York County, So. Caro.-Bond Sale.-We are advised that
LA CROSSE, La Crosse County. Wis.-Bond Sale.-We are advised that
the $250,000 4% 10-20-year (opt.) water bonds (V. 93, p. 1213) were
the $4,000 street-paving bonds (V. 93. p. 1490) have been sold.
awarded jointly to N. W. Halsey & Co. and A. B. Leach & Co. of Chicago.
FRANKLINTON TOWNSHIP (P. 0. Franklinton), Franklin County,
No. Car.-Bonds Offered by Bankers.-The Harris Trust & Say. Bank of
LA GRANDE. Union County, Ore.-Bond Sale.-The Hanchett Bond
Chicago is offering to investors $15,000 of the $30,000 53% coupon road Co. of Chicago has been awarded $30,000 6% 1-10-year (ser.) municipal
bonds offered on April 28 1911 (V. 92, p. 976). Due May 1 1941.
impt. bonds. Date Jan. 1 1912.
Onondaga
County,
Offering.-ProN.
Y.-Bond
GEDDES.
LAFOURCHE PARISH SECOND SCHOOL DISTRICT (Raceland).
posals will be received until 8 p. m. Jan. 26 by J. J. Harper, Town Super- La.-Bonds Voted.-The question of issuing $25,000 high-school bldg. bonds
visor (P. 0. 107 Cogswell Ave., Solvay), for $60,000 4% Bridge St. ext. received a favorable vote at an election held Jan. 9, according to reports.
bonds. Denom. $1,000. Date Feb. 1 1912. Int. F. Fc A. Due $3,000
LAKE CHARLES,Calcasieu Parish, La.-Bond Sale.-Papers state that
yrly. Feb. 1 from 1915 to 1934 incl. Cert. check for $2,500, payable to
the Supervisor, required, or,if any bid Is for less than the entire issue, then the $140,000 school building bonds voted Dec. 12 1911 (V. 93, p. 1738)
have been awarded to Hoehler & Cummings of Toledo. Date of bonds
5% of bid is required.
Feb. 1 1912.
GIRARD, Trumbull County, Ohio.-Bond Sale.-On Oct. 16 1911 the
Bond Offering.-Proposals will be received until 7:30 p. in. by S. 0.
$11,000 5% 3 3d-yr. (aver.) coup. Liberty St. impt. assess. bonds dated Shattuck,. City Clerk, for $100,000 5% gold coup. tax-free paying bonds.
Oct. 2 1911 (V. 93, p. 824) were awarded to the Provident Say. Bank & Denom. $1,000: Date Jan. 1 1912. Int. In January at the City Treas.
Trust Co. of Cin. at 102.345.
office, or at any bank in New York City, Chicago, or in New Orleans, at
the option of holder. Due on Jan. 1 as follows: $1,000 yearly from 1912
- to 1917 incl., $2,000 yearly from 1918 to 1927 incl., $3000 yearly from
GRANGEVILLE, Idaho County, Idaho.-Bonds Offered by Bankers.
The Hanchett Bond Co. of Chicago Invites subscriptions for $18,322 5 A% 1928 to 1934 incl., $4,000 yearly from 1935 to 1941 Incl. and $5,000 yearly
10-20-year (opt.) bonds of this city dated July 1 1911. Denom. $500. from 1942 to 1946 incl. Cert. check for 1% of bonds bid for, payable to,
Int. J. & J. at City Treas. office or at Nat. Park Bank, N. Y. Bonded the "City of Lake Charles," required.
debt, $23,322. Assessed .val. $802,639. Total val. (est.) $1,500,000.
LAKEWOOD. Cuyahoga County, Ohio.-Bond Sale.-On Jan. 15 the
GREENSBORO, Guilford County, No. Caro.-Bond Sale.-On Jan. 10
the $30,000 5% 30-year coup, school bonds (V. 93, p. 1805) were awarded following bids were received for the four issues of bonds aggregating
to Seasongood & Mayer of Cincinnati at 103.34-a basis of about 4.79%, 4154,108 (V. 93. p. 1738):
$10,900
$36,208
$15,000
$92,000
it is stated.
4%
5%
5%
435
, %
HARDEMAN COUNTY COMMON SCHOOL DISTRICT NO. 32, Texas.
fire bonds. impt. bonds. sewer bonds, sewer bonds.
Bond Sale.-The State Permanent School Fund has been awarded $4,000 Stacy & Braun, Toledo_•$15,523,50 •$97,391 40
5% 5-20-year (opt.) bonds at par and interest.
Otis & Hough, Cleveland.. 15,490 00
96,950 00 $37,558 00 $11,306 00
11,233 00
97,066 00
37,147 00
• HEBRON SCHOOL DISTRICT (P. 0. Hebron), Thayer County, Neb.- Western German Bk.,C1n. 15,488 00
11,264 00
37,520 00
97,086 00
Bond Offering.-Proposals will be received until 12 m. Jan. 25 by J. M. Hayden, Miller&Co.,Clev. 15,480 00
11.282 80
37,479 80
97,188 80
Marsh, Secy. Bd. of Ed., for $20,000 bldg. bonds at not exceeding 5% int. C.E. Denison & Co.,Clev. 15,478 80
96,262 50 '37,542 75 *11,318 75
Denom. $500. Date Feb. 15 1912. Int. F. Fc A. at the Nebraska fiscal First Nat. Bank, Cleve_ 15,476 25
11,302 21
37,587 52
96,968 00
Tillotson&Wole.Co.,Cley. 15,465 00
agency In N. Y. Due Feb. 15 1932. Cert. check for $500 required.
11,237 90
37,366 65
97,198 00
15,454 50
Well, Roth & Co.,
HENDERSONVILLE, Henderson County, No. Caro.-Bonds Voted.- Davies-Bertram Co., Ctn. 15,451 00
96,605
00
The election held Jan. 16 authorized the issuance of $24,000 street-paving Barto, Scott & Co., Col__ 15,383 00
bonds, it is stated.
• Successful bids.
HIGHLAND PARK, Lake County, III.-Bond Sale.-The Hanchett
A bid was also received from M. C. Hall of Lakewood.
Bond Co. of Chicago was recently awarded $26,000 5% improvement bonds.
Date Jan. 11912. Due from 1914 to 1922.
L'ANSE, Baraga County, Mich.-Bonds Offered by Bankers.-The $4,000
tax-free water-works bonds, the sale of which was reported in V. 93.
6%
HOPKINSVILLE, Christian County, Ky.-Bond Election Proposed.
In his annual message the Mayor recommended to the City Council that a p. 1739, are being offered to investors by the Hanchett Bond Co. ofChIcago.
proposition to issue $100,000 municipal-Improvement bonds be submitted Denom. $500. Date Dec. 1 1911. Int. J. Fc D. at Baraga Nat. Bank,
L'Anse. Due serially 1922 to 1929. Bonded debt (net), $17,000. Asto a vote of the people.
sessed valuation, $234,825. Actual valuation (est.), $800,000.
HOUSTON, Harris County, Texas.-Bonds Registered.-On Jan. 9 the
LARKSVILLE SCHOOL DISTRICT (P.O. Larksville), Luzerne County,
State Comptroller registered $429,000 5% 20-30-year (opt.) refunding
Pa.-Bonds Offered by Bankers.-In their January circular the Hanchett
bonds. These are part of an authorized issue of $500,000.
HUNTINGTON. Suffolk County, N. Y.-Bond Sale.-The Bank of Bond Co. of Chicago offer to investors $15,000 5 A% tax-free building bonds
Huntington and the First Nat. Bank in Huntington have been awarded of this district. Denom.$500. Date Sept. 11911. Due $5,000 on Sept. I
$15,000 5% fire-house bonds, it is stated. Denom. $1,500, except one in,1916, 1921 and 1926. Int. M. & S. at the Plymouth Nat. Bank, Plymouth, Pa. Bonded debt, $52,000. Assessed valuation, $2,827;928.
bond of $7,500.
LAWRENCE, Essex County, Mass.-Loan Offering.-Proposals will be
HUTCHINSON, Reno County, Kan.-Bonds Voted.-By a vote of 1,143
received
until to-day (Jan. 20) for a loan of $300,000, dug Oct. 15 1912.
the
$20,000
fire-dept.
bonds at not exceedto 1,072, the proposition to issue
ing 5% Int. (V. 93, p. 1339) carried, it is reported, at the election held
LAWTON,Comanche County, Okla.-Bond Sale.-On Jan. 8 the $70,000
January 9.
5% 20-yr. coupon funding bonds dated Aug. 14 1911 (V. 93, p. 1805) were
Son & Co., of Chicago at 101. Other bids follow:
INTERNATIONAL FALLS SCHOOL DISTRICT NO. 4 (P. 0. Interna- awarded to Farson,
& Co., Chicago_$69,720 Thos. J. Bolger Co., (now
tional Falls). Koochiching County. Minn.-Bonds •Voted.-By a vote of S. A. Kean
68,000
Kerby, Lawton
Bolger, Mosser & Willaman)
81 to 3. the question of issuing $90,000 4% site and bldg. bonds carried at an E. R.McMahan,
Okla. City_ 67,920
Chicago
$67,950
election held. Dec. 28 1911. It is expected that these bonds will be sold to A. J.
the State of Minnesota.
LEE COUNTY (P. 0. Sanford), No. Caro.-Bonds Voted.-The election
resulted
in
favor
of
the
Jan.
16
held
proposition
40-year
to
issue
$100,000
the
IRON MOUNTAIN SCHOOL DISTRICT (P. 0. Iron Mountain), Dickinbonds at not exceeding 5% int. (V. 93, p. 1681). The
son County, Mich.-Bonds Offered by Bankers.-John Nuveen do Co. of road-construction
Chicago arc offering to investors the $100,000 5% high-school-bldg. bonds vote is unofficially reported as 759 to 408.
LEMOORE, Kins County, Cal.-Bond Sale.-We are advised that the
the sale of which was reported In V.93, p. 361. Denom.$100. Int. J. & J.
Due serially July 15 from 1919 to 1926, incl. Bonds are tax-exempt in $16,000 sewer bonds (V. 92, p. 1330) have•been sold.
Michigan.
LEONARD. Fannin County, Tex.-Bonds Voted.-Reports state that the
JACKSON COUNTY (P. 0. Gainesboro), Tenn.-Band Offering.-Pro- question of Issuing $10,000 water-works-system bonds carried at a recent
posals will be received until 2 p. m. March 16 by G. Lee McGlassen, County election.
Court Clerk, for the $150,000 20-30-yr. opt. coup. road bonds voted Deo. 9
LEWIS COUNTY (P. 0. Hohenwald), Tenn.-Bonds Authorized.-Re1911 (V. 93, p. 1805). Denom. $1,000. Int. (rate not to exceed 4)%), ports state that the County Court on Jan. 1 voted to issue $10,000 schoolpayable in April at Galnesboro. Bonds to be dated, delivered and paid for building and improvement bonds.
as follows: $50,000 April 1 1912, $50,000 Oct. 1 1912 and $50,000 AprIl 1
LIMESTONE COUNTY (P. 0. Groesbeck), Tex.-Bond Election.1913. Cert. check for 10% of bid, payable to the County Trustee, required.
Reports state that a proposition to issue $20,000 road bonds will be subNo debt at present. Assessed val. for 1911 $1,727,100.
mitted to a vote on Feb. 17 in District No. 5.
JASPER COUNTY (P. 0. Rensselaer), Ind.-Bond Offering.-Proposals
LINCOLN, Lancaster County. Neb.-Bond Offering.-Proposals will be
will be received until 10 a. m. Jan. 29, it is stated, by J. D. Allman, County
received until 12 in. Jan. 27 by R. C. Ozman, City Clerk, for $7,800 Paying
Treas., for the following 5% bonds:
$6,022 86 ditch bonds. Dcnom. $600 and $622 86. Due $622 86 Dee. 1 District No. 196 and $3,000 Paving DIstr ct No. 206 paving assessment bonds at not exceeding 5% interest. Denomination to be
1912 and $600 yrly. Dec. 1 from 1913 to 1921 incl.
14,083 68 ditch bonds. Denom. $700 and $783 68. Due $1,483 68 designated by the purchaser. Date Feb. 1 1912. Int. annually at the
City Treas. office Or at the Nebraska fiscal agency in N. Y. Due one-tenth
Dec. 1 1912 and $1,400 yrly. Dec. 1 from 1913 to 1921, incl.
yearly from 1 to 10 years, Incl. Cert. check for $100, payable to the City
Interest payable in June and December.
Treas., required. Official circular states that the city has always promptly
JASPER COUNTY (P. 0. Newton). Iowa.-Bond Sale.-On Jan. 10 paid the principal and int, of all bonds previously issued and that there is no
No.
5
bonds
Drainage
Dist.
were
awarded to the litigation or controversy threatening or pending affecting this issue of
$110,000 Skunk River
H. C. Speer & Sons Co. of Chicago as 5 As for $110,631 (100.573) and int. bonds: or any city official holding office in the city.
Other bids follow:
LINDEN, Marengo County, Ala.-Bond Sale.-On Jan. 6 the $10,000
Wm.R.Compton Co., St .$110,6311Hoehler F0 Cummings, Tol _ $110,540
G.M.Bechtel & Co., Davenpt. 110,610 Invest. Sec. Co., Des Moines 110,490 6% school-bldg. bonds (V. 93, p. 1621) were awarded, it is stated, to S. A.
& Co. of Chicago at par.
Kean
Denom.$1,000. Date April 1 1912. Due part yearly from 1916 to 1922.
LITTLETON. Middlesex County, Mass.-Bond Sale.-On Jan. 12 $20,JAY COUNTY (P. 0. Portland), Ind.-Bond Sale.-On Jan. 6, It Is
reported, $13,000 5% Hamilton-Helier Ditchbonds were sold. Denom.$500. 000 4% coup. water loan, Act of 1911, bonds were awarded to Lee, Higginson & Co. of Boston at 105.61 and int.-a basis of about 3.60%. Denom.
JEFFERSON CITY, Cole County, Mo.-Bond Sale.-On Jan. 15 the $1,000. Date Oct. 1 1911. Int. A. & 0. at the Old Colony Trust Co. of
$70,000 4% 10-20-year (opt.) improvement bonds voted Dec. 28 1911 Boston. Due $2,000 yrly. Oct. 1 from 1931 to 1940 incl. Other bids follow
79)
were
Co.
of
(V. 94, p.
awarded to the Commerce Trust
Kansas City at Estabrook & Co., Boston
104.644
105.35 illodget & Co., Boston
100.714 and blank bonds. Denom.$500. Date Moh. 11912. Int. M. &S. It. L. Day & Co., Boston____105.039 Blake Bros. & Co., Boston_ _104.51
- Adams & Co., Boston
JOHNSON COUNTY (P. 0. Cleburne), Tex.-Bond Election Proposed.
105.034 C. D.Parker & Co., Boston_ _102.41
Petitions have been circulated In Precinct No. 1, it is stated, calling for an Curtis & Sanger. Boston___ _105.03
election to vote on the question of issuing $300,000 road bonds.
LITTLETON, Halifax County. No. Car.-Bond Offering.-Proposals
JOHNSTON COUNTY DRAINAGE DISTRICT NO. 1, Okla.-Bonds will be received until 8 p m. Feb. 15 by E. C. Bobbitt, Clerk, for $10,000
Offered by Bankers.-The Hanchett Bond Co. of Chicago Is offering to in- 6% 20-yr. coup. electric-light -plant construction bonds. Denom. $1,000.
vestors $38,000 6% bonds. Denom. $1,000. Date Oct. 3 1911. Int. Int. semi-ann. Cert. check or N. Y. draft for 5% of bid, required.
J. dc J. at the fiscal agency In N. Y. Due from 1915 to 1924.
LONG BRANCH, Monmouth County, N. J.-Band Offering.-Proposals
will be received until 12 m.Jan. 30 by F. L. Howland, City Comp.,for $50,KALAMAZOO SCHOOL DISTRICT NO. 1 (P. 0. Kalamazoo), Kala
mazoo County, Mich.-Bond Sale.-On Jan. 10 the $280,000 4 A% 9 1-3-yr 000 4 A% gold coup, tax-free school-bldg. bonds. Denom. $500. Date
(aver.) coupon school bonds (V. 94, p. 79) were awarded to the Detroit Nov. 1911. Int. M. & N. at the City Treas. office. Duo Nov. 1 1941.
Trust Co. of Detroit for $286,475 (102.31) and int.-a basis of about 4.20%. Cert. check for 3% of bonds bid for, payable to the City Treas., required.
Other bids follow:
ANGELES, Cal.-Bond Offering.-Proposals will be received until
A. B. Leach & Co., Chic__ _$286,328 Devitt,Tremble& Co.,Chl.$284,760 00 11 LOS
a. in. Feb. 20 by L.A. Handley, City Clerk;for the following 4 A% bonds:
Harris Tr.8:Say.Bk .,Chic_l 286,308 Kalamazoo City Say. Bk_ 284,060 00 $3,000,000 harbor impt. bonds. Due $75,000 yrly. June 1 from 1912 to
Bolger, Mosser & WillaFirst Nat. Bk. of Detroit_ J
1951 inclusive.
man , Chicago, and
E.H.Rollins&Sons,Chic.,& 285,760
3,500,000 electric-plant bonds. Due $100,000 yrly. June 1 from 1017 to
1W. E. Moss & Co., Det_l 282,940 00
Devitt,Tremble &Co.,Chic
1951 inclusive.
H. W. Noble & Co., Det..l 285,6001Estabrook & Co., Chicago 281,220 80
Denom. $1,000. Date June 1 1911. Int. J. & D. at the City Treas,
Otis & Hough, Clevelan&J
N. W.Halsey & Co., Chic 280,392 00 office or at Kountze Bros. In N. Y. at option of holder. Bonds to be
KANSAS CITY, Kans.-Bond Sale.-On Jan. 16 $400,000 5% internal delivered and paid for within 15 days after acceptance of the proposal.
Impt. bonds were awarded, it is stated, to the Commerce Trust Co. of Cert. check on a responsible bank in Los Angeles for
of 1% of bonds
Kansas City at 101.72.
bid for, payable to the City Clerk, required.
KENNEDY HEIGHTS,Ohio.-Bond Offering.-Proposals will be received
McCOOK. Red Willow County. Neb.-Bond Offering.-Proposals will be
until 12 m. Jan. 31 by H. Appleton, VII. Clerk (P. 0. 711 Fourth Nat. Bank received until 6 p. m. Jan. 29 by L. C. Stoll, City Clerk, for $50,000 5%
Bldg., Cincinnati), for the following 5% coup. assess. bonds:
coup, refunding water bonds. Auth., Secs. 8865, 11279, 11280, 11281 and
$21,883 00 Sewer District No. 1 bonds. Denom. $2,188 30. Due $2,- 11282 of Cobbey's Annotated Stat. for 1911. Denom.$500. Date Jan. 15
188 30 on Sept. 18 from 1912 to 1921 incl.
1912. Int. J. Fc J. at Kountze Bros. In N. Y. Due $2,500 yrly. Jan. 15
8,854 50 Sewer District No. 2 bonds. Denom. $885 45. Due $885 45 from 1913 to 1932 incl. Assess. val. $601,390; actual val. (est.), $3,006,on Sept. 1 from 1912 to 1921 Incl.
950. Official circular states that no bonds have ever been contested and
Purchaser may have bonds Issued in denominations of $100 or $500 and there has never been any default or compromise in the payment of any of
one for such less amount as may remain over from each Issue. Auth., the obligations of the municipality.
Sec. 87, Municipal Code. Date Sept. 18 1911. Int. ann. at Norwood Nat.
MAGNOLIA. Stark County, Ohio.-Bond Offering.-Proposals will be
Bank, Norwood. Cert. check for 5% of bonds bid for, payable to Treas.,
required. Purchaser to pay accrued int. Bonds to be delivered and paid received until 6 p. m. Feb. 5 by P H. Blazer, VII. Clerk, for $10,000 4
water-works bonds. Auth. Sec. 97, Mon. Code. Denom. $250. Date
for within 10 days from time of award.
Oct. 11911. Int. A. & 0. Due $500 yearly on Oct. 1 from 1913 to 1932.
• KERRVILLE, Kerr County, Texas.-Bonds Registered.-The State
at the Bank of Magnolia Co., Magnolia, Ohio. Cert. check for 17
Comptroller registered on Jan. 9 $20,000 5% 10-30-year (opt.) school bonds. incl.,
of bonds bid for, payable to Treas., required. Bonds to be delivered and
KNOXVILLE. Knox County, Tenn.-Bond Sale.-An issue of $15,000 paid for within 10 days after time of award. Purchaser to pay acced int.
6% 1-2-year street-impt. bonds was awarded to a local bank for $15,040- A like issue of bonds was awarded to C. E. Beck of Magnolia on Oct. 10.
making the price 100.266. Denom. $1,000. Date May 1 1911.
(V. 93, p. 1214.)
JAN.2U 1912.1
THE CIIRONICLE
that this city
MALDEN, Mass.-Temporary Loans in I011.-We learnWe
reported a
made temporary loans last year amounting to $700,000. were
negotiated.
they
time
the
at
the
"Chronicle"
in
loans
these
part of
A list of all the loans follows:
Due.
Date.
ce.
borrowed.
Amount. From whomPri
1911
$150,0001First Nat. Bk.,13% disc.& $1 50 prem. Moll. 31 Oct. 31
May 23 Nov. 23 1911
13.10% discount
Boston.
150,000j
May 20 1912
200,000 BlakoBros. & Co_3.37% discount
Oct. 18 1911
150,000 Lee,HiggInson&Co3.36% disc.&25c.prcm. Jan. 11 Mch.
14 1912
50,000 C.D.Parker & Co_3.83% disc.&10c.prem. Sept. 14
227
Mayor and Board of Aldermen,for $20,000 5% 5-20-yr.(opt.) coup. waterworks-constr. bonds. Denom. $500. Date Feb. 15 1912. Int. semi-ann.
Cert. check for $1,000, payable to the City Clerk, is required.
NASH COUNTY (P.O. Nashville), No. Caro.-Bond Offering.-Proposals
will be received at any time for the following 5% or 6% coupon roadimpt. bonds, offered without success on Aug. 22 1911 (V. 93, p. 825):
$15,000 Castalia Township bonds. Auth. vote of 89 to 1 at an election
held May 13. Bonded debt, $15,000. Estimated value, $700,000.
Assessed value, $453,035.
20,000 Drywelis Township bonds. Auth. vote of 164 to 11 at an election
held May 13. Bonded debt, $20,000. Estimated value, $750.000.
Assessed value, $555,480.
20,000 North Whitakers Township bonds. Auth. vote of 121 to 3 at an.
election held May 13. Bonded debt, $20,000. Estimated value.
$800,000. Assessed value, $653,542.
10,000 South Whltakers Township bonds. Auth. vote of 55 to 4 at an
election held May 13. Bonded debt, 410,000. Estimated value.
$500,000. Assessed value, $320,075.
Interest (rate not to exceed 6%) semi-ann. Due 30 years. Official
circular states that there is no litigation pending or threatened in any
manner affecting these bonds. The above bonds are being offered for sale.
for the county by the Planters' Bank of Rocky Mount.
NEW BEDFORD. Mass.-Temporary Loans in 1911.-This city during
the year 1911 borrowed $975,000 in anticipation of taxes. The loans were
made as follows:
Due.
Discount. Date.
With whom negotiatedAmount.
$100,000 National Shawmut Bank, Bost_ _3.25% July 29 Nov. 29 1911'
100,000 Eliot National Bank, Boston___3.66% Jan. 4 Nov. 3 1911
100,000 National Shawmut Bank, Bost_ _3.11% Mch. 16 Oct. 31 1911
Mch. 31 Nov. 1 1911.
100,000 Eliot National Bank, Boston __..3%
200,0001 National Shawmut Bank, Bost_ 2.90% July 10 Nov. 10 1911
Sept. 1 Nov. 15 1911
3.40%
100,000
3.25% Sept. 20 Nov. 20 1911
100,000
3.25% Oct. 17 Nov. 17 1911'
100,000
• 75,000 IFIrst Nat. Bank, New Bedford_ _3.25% Dec. 13 Mch. 1 1912*
r"NEWBURGH. Orange County, N. Y.-Bond Offering.-Prbposals wW be
received until 12 m. to-day (Jan. 20) by J. B. Cousin, Mayor, for $125,500
4% reg. water refunding bonds. Denom. $1,000. Date Feb. 1 1912.
Int. F. & A. at the City Treasurer's office. Due $5,500. Feb.1 1914
and $6,000 yrly. Feb. 1 1915 to 1934 incl. Cert. check or cash for $500,
payable to the Mayor, is required. Bonds are exempt from State tax.
MANCHESTER, Merl wether County, Oa.-Bond Offering.-Proposals
will be received until 12 in. Feb. 15 for $15,000 5% elec.-light gold coup.
Date
(reg. option of • holder) bonds (V. 93, p. 1681). Denom. $500.
Due $1,500
Jan. 1 1912. Int. J. & J. at Hanover Nat. Bank, N. Y.
required.
$300
for
check
yearly on Jan. 1 from 1932 to 1941, incl. Cert.
Bidders may submit form of bond to be issued and include cost of same in
bid. James S. Peters is City Clerk and Treasurer.
the $2,315
MARENGO, Iowa County, Iowa.-Bond Sale.-On Jan. 1 awarded
to
%% water-tank bonds recently voted (V. 93, p. 1340) were $500.
Date
$315
and
(4)
(1)
Denom.
t,. M. Bechtel & Co. of Davenport.
Jan. 1 1912. Int. J. & J. Due 1921.
County, Tex.
MARFA SCHOOL DISTRICT (P. 0. Marfa), Presidio
the school bldg. bonds
Bonds to Be Offered Shortly.-We are advised that
for sale in March. Date
voted recently (V. 93, p. 1340) will be offered
Dec. 1911. Int. ann. In Apr. Due 40 years.
-On Nov. 4 1911
MARION COUNTY (P.0. Marion), Ohio.-Bond Sales.
bonds (V. 93, p. 1214)
the $8,400 5% coup. Gracely Free Turnpike road
int.
were awarded to the New First Nat. Bank of Columbus at par and
Denom. $500.
Free Turnpike road bonds
On Nov.6 1911 the $14,000 5% coup. ClementsNat.
Bank of Columbus.
(V. 93, p. 1214) were awarded to the New First
Iowa.-No Action Yet Taken.-The
MASON CITY, Cerro Gordo County,
(V.
1911
p. 1491) will prob93,
20
Nov.
on
voted
bonds
$25,000 fire-house
completed, not
ably not be issued, we are advised, until the fire station is
1912.
1
Aug.
than
later
Tex.-No
MATAGORDA COUNTY DRAINAGE DISTRICT NO. 2,
no action has
Action Yet Taken.-We are advised under date of Jan. 8 that
bonds
yet been taken looking towards the issuance of the $250,000 drainage
voted Nov. 18 1911 (V. 93, p. 1681).
NEWELL SCHOOL DISTRICT (P.O. Newell). Butte County, So. Dak.MATAGORDA COUNTY DRAINAGE DISTRICT NO. 3, Texas.-Bond
for $4,000 bldg
5% Bond Offering.-Proposals will be received at any time
Offering.-Proposals will be received until Feb. 15 for the $27,950
bonds.
Authority vote of 35 to 1 at an election held Dec. 271911. Due
serially
drainage impt. bonds (V. 93, p. 1622). Denom. $1,000. Due
Clerk Bd. of Ed.
is
Buckholz
5
D.
$2,000
in
years
W.
and
$2,000 in 10 yrs.
beginning Jan. 12 1914. Cert. check for 1% of issue, payable to the County
NEW LONDON. Waupaca County, Wis.-Bond Election.-An election •
Judge, required. W. S. Holman is County Judge (P. 0. Bay City).
issuing $15,000
of
will be held Feb. 6. it is stated, to vote on the question
MATTAMUSKEET DRAINAGE DISTRICT (P. 0. Middletown), Hyde
is bridge bonds. Denom. $500. Due $1,000 yrly. May 1 from 1913 to 1927
County, No. Car.-Bond Offering.-We are advised that this district
Inclusive.
offering at private sale the $500,000 6% bonds (V. 93, p. 1131).
NEWPORT. Newport County, R. 1.-No Action Yet Taken.-We are
County,
MAXWELL SCHOOL DISTRICT NO.7(P.0. Maxwell), Lincoln
yet been taken looking
for the $20,- advised under date of Jan. 17 that no action has
Neb.-Bond Offering.-Proposals will be received until Feb. 2
the issuance of the $30,000 Eastern Beach impt. bonds voted Dec. 5toward
1911.
22
Nov.
0005% coup. tax-free bldg. bonds (V. 93, p. 1401). Date 1916 to 1931 1911 (V. 93, p. 1682).
Int. payable at the Co. Treas. office. Due serially Oct. 1 from
NEWTON SCHOOL DISTRICT (P.O. Newton), Harvey County. Kan.incl. No debt at present. Assess. val. for 1910, $205,000. J. A. Moore
Bonds Voted.-A favorable vote was cast on Jan. 9, reports state, on the
is Director.
propositions
to issue the $73,000 high-school hldg. and $12,000 site-purchase
15
Dec.
-On
MEDICAL LAKE. Spokane County, Wash.-Bond Sale.
bonds bonds. (V. 93, p. 1682.)
1911 the ;15,000 (not $75,000, as at first reported) 6% 20-yr. water
Spokane.
• NEW VIRGINIA SCHOOL DI4TRICT (P. 0. New Virginia), Warren(V. 93, p. 1415) were awarded to Alien & Wells of
the question of issuing
of County, Iowa.-Bonds Voted.-By a vote of 80 to 5,
MIDDLEPORT UNION FREE SCHOOL DISTRICT NO. 1, Towns
bldg. bonds carried at the election held Jan. 2. We are advised that
$4,000
-Bond
N. Y.
Royalton and Hartland (P. 0. Middleport), Niagara County,
near
future.
the
in
sale
for
be
will
offered
these bonds
Sale.-On Jan. 18 the $45,000 43i% building bonds offered without success
NORFOLK, Madison County, Neb.-Bonds Defeated.-The proposition.
on Dec. 5 1911 (V. 93, p. 1681) were awarded to the Farmers'& Mechanics'
Int. to issue $75,000 municipal light-plant bonds failed to carry at the election
Savings Bank in Lockport at 101.02 and int. Date Nov. 1 1911.yearly
$2,000
Dec. 26 1911. The vote was 315 "for" and 460 "against."
held
and
incl.,
1926,
to
1912
1
Nov.
yearly
Due
$1,000
semi-ann.
Bond Sale.-On Dec. 5 1911 the $23,000 6% 5-10-yr. (opt.) coup. paving
from 1927 to 1941, incl.
offered on Nov. 20 1911 and dated Aug. 1 1911 (V. 93, p. 1214) werebonds
the
16
Jan.
-On
Sale.
MIDDLETOWN, Butler County, Ohio.-Bond
awarded to the Security Say. Bank & Trust Co.of Tol.for $23,250-makIng
$32,623 70 4% 1-10-yr. (ser.) street-impt. assess. bonds dated Nov.30
the price 101.087.
1911 (V.93, p. 1739) were awarded to the Tillotson & Wolcott Co. of CleveNORTH ADAMS, Mass.-Loans in 1911.-The following notes bearing.
land for $33,246 81 (101.909), it is stated-a basis of about 4.11%.
3.90% interest were issued in 1911 and are held by the State Treasurer:
MILFORD. Dickinson County, Iowa.-Bonds Voted.-The proposition
00 1-10-yr. (ser.) gold sewer and street-impt. loan notes. Denom.
$12,500
election
to issue $2,000 5% town-hall and fire-station bonds carried at the
$1,250. Date June 101911.
held Dec. 6 1911 by a vote of 28 to 4. We are advised that these bonds
34 gold refunding note. Date June 7 1911. Due June 15 1927.
3,333
will be offered for sale about April 1.
Denom. (2) $10,000, (1) $5,000.
25,000 00 gold refunding notes.
Date June 7 1911. Due $5,000 Jame 15 1918 and $10,000 June 15
MILLERSBURG SPECIAL ROAD DISTRICT, Callaway County. Mo.Bonds Defeated.-A proposition to issue $14,500 road-impt. bonds was
1919-1920.
defeated at an election held Jan. 3, it is reported.
NORTH HEMPSTEAD (P. 0. Manhasset), Nassau County, N. V.
MILTON. Cabell County, W. Va.-Bond Election Proposed.-According Bonds Not Sold.-We are advised that no award has yet been made of the
to reports, the Council has decided to call an election to determine whether $10,000 Barrow Beach and $8,000 impt. bonds offered on Feb. 7 1911
or not this town shall issue $10,000 bonds to install a water-works system.
(V. 92, p. 337).
NORWALK, Fairfield County, Conn.-Bond Sale.-On Jan. 12 the folMILWAUKEE, Wis.-Bonds Not to be Re-offered.-We are advised that
the $100,000 4 M% coup. refunding bonds refused by Blodget & Co. of Bos- lowing bids were received for the $250,000 43i% 30-yr. Impt. bonds (V. 93.
. 1806):
ton (V. 93, p. 1622) will not be re-offerel.
Y_•$253,935 E. H. Rollins & Sons, Bost_$250.815
MINNESOTA.-Bonds Purchased by State.-During the month of Dec. N.W.Halsey & Co., N.
Y____ 252,600 Harris, Forbes & Co., N. Y. 250,797
1911 the State purchased the following 14 issues of 4% bonds, aggregating Livingston & Co., N.
Estabrook & Co., Boston.. _ 251,775 R. L. Day & Co., Boston.:_ 250,797
$39,387, at par:
245,877
Amount. Purpose. Date of Bds. Morgan, Livermore & Co.,NY250,992 Rhoades & Co., Hartford__
Place Issuing BondsThis bid was successful.
$700 School Dec. 1 1911
Aitken County School District No. 39
1911
1
Stanislaus
Dec.
do
1,500
_
Oakdale),
102_
0.
No.
District
(P.
School
DISTRICT
County
Aitken
OAKDALE IRRIGATION
750 Municipal Dec. 1 1911 County, Cal.-Bond Sale.-On Jan. 4 a part of an issue of $1,600,000 5%
Arendahl, Tilimore County
800 School Dec. 1 1911 irrigation bonds voted Feb. 26 1910 was awarded, we are advised, to W.L.
Beltrami County School District No. 97
1911
Dec.
1
do
1,200
62
No.
District
School
Benton County
Wattls of the Utah Construction Co. at Ogden. This company, it is stated,
Deo. 1 1911 was awarded the contract for the construction of the system for $1,177,000
do
3,000
Carlton County School District No. 8
Dec. 1 1911 and will take the bonds at par In payment for the work. Denom. $500.
do
1,000
Clay County School District No. 32
Dec. 1 1911 Date July 1 1910. Int. J. & J. Due part yrly. from 1931 to 1940 incl.
do
300
Dakota County School District No. 89_
5,000 Municipal Dec. 12 1911
Franklin, Renville County
OAKLEY(P.O.Cincinnati),Ohio.-Bond Sale.-Thefollowing premium
Hubbard County School District No. 31._ 1,500 School Dec. 1 1911 were
offered on Dec. 30 1911 for the two issues of 5% 1-10-yr. (ser.) street
11,237 Municipal Dec. 1 1911
McIntosh, Polk County
1t5.5assess,
p
imp
0:
bonds, aggregating ;3,851 09 and dated Nov. 10 1911.(V. 93
600 School Dee. 1 1911
Pipestone County School District No. 13_
$2,132 64
$1,718 45
10,000 Municipal Dec. 20 1911
Preston, Fillmore County
issue,issue.
1
1911
Dec.
School
1,800
Swift County School District No. 2
Provident Savings Bank & Trust Co.. Cincinnati_ .$61 17
2
90
5.0
76
*7
$
60 50
MISSOULA COUNTY SCHOOL DISTRICT NO. 14 (P. 0. Bonner), Seasongood & Mayer, Cincinnati
64 99
52 99
Mont.-Bonds Not Sold-Bond Offering.-No award was made of the $15,- First National Bank, Norwood
;117 00
000 5-10-yr. (opt.) bonds offered at not exceeding 4 %% int. on Dec. 15 1911 Western-German Bank, Cincinnati
• Successful bidders.
(V. 93, p. 1415). These securities are now being offered as 10-15-yr. (opt.)
.
bonds, with interest at not exceeding 5
OKLAHOMA CITY SCHOOL DISTRICT (P. 0. Oklahoma City), OklaCounty, Okla.-Bond Offering.-Proposals will be received until
homa
MISSOURI.-Bonds Awarded in Part.-Bids were received for only
on
bondsloffercd
Capitol
State
coup.
6%
,
31
p. m. Jan. 24 (postponed from Jan. 8) by the Board of Education.
$3,341,500
the
7:30
of
$124,000
Jan. 15. These offers were accepted, the bonds being allotted at par to G. A. Elbow, Sec., for $118,000 5% funding bonds (V. 94, p. 81). Date
the following:
Dec. 15 1911. Int. J. & D. at the fiscal agency of the State in N. Y. City.
First Nat. Bk., Jefferson City.$25,000 First Nat. Bk., Carthage_ _ _ _510,000 Due on Dec. 15 as follows: $29,000 in 1916 and 1921 and $30,000 in 1926 and
Cent. Mo. Tr. Co., Jeff. City_ 25,000 Gordon & Church, Jeff. City. 5,000 1931. Bids must be unconditional. Cert. check for $5,000 required.
2,000 Official circular states that there is no litigation pending affecting these
Exchange Bk., Jefferson City 25,000 State Bank of Bevier
1,000 bonds and that the district has never defaulted in the payment of either int.
Nat. Bank of Warrensburg__ 20,000 National Bank of Salem_
1,000 or matured bonds. The opinion of Storey, Thorndike, Palmer & Dodge of
Mcrch. Bk., Jefferson City__ 10,000 Bank of Garden City
• Several bids were received offering to dispose of the bonds for the State Boston as to the legality of the bonds will be furnished by the Board of Edna.
on a commission basis but, according to St. Louis newspapers, the members
Sale.-On Dec. 28 1911 the
OLEAN, Cattaraugus County. N. Y.-Bond
of the Fund Commission are undecided whether to accept the lowest
of 4% reg. strect-impt. bonds, aggregating $15,500 (V. 93. p.
commission bid or re-advertise. Steps will be taken, it is said, to have the two issues
Bank of Olean at par and int.
Nat.
Exchange
the
to
awarded
were
1682)
Supreme Court decide whether the State can legally accept a proposition
OMAHA, Neb.-Bond Offering.-Proposals will be received until 8 p. m.
to sell the bonds for a commission. The total issue is for $3,500,000,
Jan. 23 by the City Council for $50,000 43i% 20-yr. coupon city-hall$158,500 having been sold on Dec. 30 1911, as reported in V. 94, p. 80.
bonds. Denom. $1,000. Date Feb. 1 1912. Int. F. & A. at the
renewal
Stanislaus
HIGH
SCHOOL
(P.
0.
Modesto),
MODESTO
DISTRICT
•
agency in New York. Cert. check on a national bank for $1,000.
County, Cal.-Bond Election.-An election will be held Feb. 3, it Is stated, fiscal
payable to the "City of Omaha", required. Bids subject to the bonds
to vote on a proposition to Issue $110,000 5% high-school building bonds. having
been legally and regularly issued. Purchaser to pay accrued Int.
• MONTGOMERY. Ala.-Description of Bonds.-The $100,000 5% paving- Official circular states that there is no litigation threatened or pending
impt. bonds awarded to the New Farley Nat. Bank In Montgomery at par affecting the legality of the bonds and that the city has never made default
and int.(V. 93, p. 1057) are In the &nom. of $1,000 each and dated Jan. 1 In payment of principal or interest of any bonds issued. F. H. Cosgrove
1912. Int. J. & J. Due Jan. 1 1922.
is Comptroller.
• MONTGOMERY COUNTY (P. 0. Troy), No. Caro.-Bond Election PostORANGE COUNTY (P. 0. Orange), Texas.-Bonds Defeated.-Papers
poned.-We are advised that the election which was to have taken place on state that the question of issuing the $75,000 road bonds (V. 93. P• 113
Jan. 2 to vote on the question of issuing $100,000 road bonds was postponed failed to carry at the election held Jan. 9,
indefinitely.
OREGON. Holt County. Mo.-Bond Sale.-We have just been advised
• MOREHEAD CITY. Cartaret County, No, Caro.-Bond Offering.-Pro- that an issue of $10,000 5% water-works-ext. and electric-light-plant bonds
posals will be received until 8 p. m. March 4 for $15,000 53-i% 30-year was awarded on May 15 1911 to the W. R. Compton Co. of St. Louis at par.
coupon funding bonds. Int. semi-annually at New York. Certified check Denom. $500. Date July 15 1911. Due $2,500 every five years on July 15
from 1916 to 1931 incl.
or $500 required. R. N. Aycock is Sec. Board of Commissioners.
OSAGE COUNTY (P. 0. Pa whuska). Okla.-Bond Sale.-On Jan. 9
MOUNTAIN GROVE. Wright County, Mo.-Bond Offering.-Proposals
City
Kelley,
12
the
the $100,000 5% 11-20-yr. (ser.) court-house and jail bonds dated Dec. 1
H.
by
be
Feb.
Clerk,
to
on
opened
by
received
be
will
228
THE CHRONICLE
1911 (V. 93, p. 1739) were awarded to Piersol & Co. of Okla. City at 102.
It is stated.
OSBORNE COUNTY (P. 0. Osborne), Kan.-Bond Election.-Reports
state that on Jan. 23 a proposition to Issue bonds to aid the Salina, Tipton
& Northern Ry. will be submitted to the voters of Penn. Bloom and Hancock townships.
[VoL. Lxxxxiv.
ST. CLAIR COUNTY (P. 0. Port Huron), Mich.-Bond Election.-An
election will be held April 1 to vote on a proposition to issue $150,000 4%
court-house bonds.
SALEM, Columbiana County. Ohio.-Bond Offering.-Proposals will be
received until 12 m. Feb. 1 by G. Holmes, City Auditor, for $55,000 4 A%
sewage-disposal-works construction bonds (V. 93, p. 1551). Auth. Sec.
PAGE COUNTY DRAINAGE DISTRICT NO. 9, lowa.-Bond Sale.- 3942, Gen. Code. Denom. $1,000. Date Feb. 1 1912. Int. F. & A. at
On Jan. 10 the $52,000 6% drainage bonds (V. 93, p. 1739) were awarded Treasurer's office. Due $1,000 Apr. 1 1913 and $2,000 yearly on Apr. 1
to Farson, Son & Co. of Chicago for $54,017 50, making the price 103.88. from 1914 to 1940, incl. Certified check for 2% of bonds bid for, payable
to Treasurer, required. Bonds to be delivered and paid for within 10 days
Other bids follow:
Scroggin & Son, Mt. Pulaski
f $100.55 for $10,0001 Os after time of award. Purchaser to pay accrued interest.
SAN BENITO COUNTY (P. 0. Hollister). Cal.-Bond Sale.-On Jan. 11
1. 100.20 for balance'
New First National Bank, Columbus
the $300,000 5% 1-30-yr. (ser.) road-impt. bonds voted Nov. 14 1911
f Premium of $1,120 on'
(V. 93, p. 1492) were awarded to the Bank of Hollister at 102. .Denom.
1$52,000f 6
Investors Securities Co., Des Moines
$1,000. Date July 1 1912. Int. J. & J. Other bids were received from
Par on 53i% Bonds
Wm. R. Compton Bond & Mtge Co., St. Louls_$844 86 on $42,242 81 (is J. If. Adams & Co. and E. H. Rollins & Sons of San Francisco.
R. E. Woods, Clarinda
$103 for $6,000
6s
SAN JOSE, Santa Clara County, Cal.-Bond Offering.-Proposals will
Hoehler & Cummings. Toledo
$1,378 on $52,000
6s be received until Feb. 5 by Roy Walter, City Clerk, for the
$110,000 Alum
Well. Roth & Co., Chicago
$1,570 on $52,000
Os Rock Park, $100,000 sewer, $60,000 fire and police dept., $50,000
S. A. Kean & Co., Chicago
$102 25
Os ator, $55,000 bridge and creek impt. and $2,000 station 0,6% inciner40-year
H. C. Speer Qc Sons Co., Chicago
$1,575 on $52,000
6s bonds voted June 16 1911 (V. 92, p. 1717.
Par on
5.s
SCIO.
Harrison
County,
Ohio.-Bond Sale.-We are advised that on
PALMETTO. Manatee County, Fla.-Bond Sale.-On Dec. 14 1911 the
coup. tax-free refunding bonds offered, but
$5,000 water-works, $5,000 sewer and $5,000 street-impt. 6% 20-30-yr. Nov. 14 1911 the $2,700 4
not sold on Oct. 14 1911 (V. 93, p. 1136) were awarded to Stacey & Braun
(opt.) gold coupon bonds dated Dec. 1 1911 (V. 93, p. 1550) were awarded of
Toledo
at
par
and
interest.
to Farson, Son & Co. of Chicago at 100.08.
SCOTTSVILLE FIRE DISTRICT (P. O. Scottsville), Monroe County,
PALO PINTO COUNTY COMMON SCHOOL DISTRICT NO. 27, Tex.- N. Y.-Bond Sale.-On Jan. 8 $4,000 5% 1-10-yr. (ser.) fire bonds
were
-Bond Sale.-The State Permanent School Fund was awarded $3,000 5% awarded to the Rochester Say. Bank of Rochester at par. Denom. $400. ••
40-yr. bonds at par and int.
Date Nov. 1 1911. Interest M. & N.
SEATTLE, Wash.-Bond Sales in December.-During the month of DePASSAIC, Passaic County. N. J.-Bond Sale.-On Jan. 15 the $109,000
4;
6
, % 30-yr. gold coupon or reg. school bonds (V. 94, p. 152) were awarded cember the following special improvement assessment bonds, aggregating
to N. W. Halsey & Co. of N. Y. at 106.254 and int.-a basis of about $394,273 40, were issued by this city:
4.14%. Other bids follow:
Amount.
Purpose.
Int.Rate.
Due.
Date.
R. L. Day & Co., N. Y
105.791 Blodget to Co., N Y
7 Dec. 1 1911 Dec. 1 1916
104.885 $29,364 03_ Grading
James R. Magoffin, N. Y _ _ _105.60 A. B. Leach & Co., N. Y.....104.827
37,068 93_ _Paving and sewer
7 Dec. 2 1911 Dec. 2 1916
R. M. Grant & Co., N. Y_ _ _105.528 Kissel, Kinnieutt & Co., N. Y104.53
5,718 86_ _Walk
7 Dec. 4 1911 Dec. 4 1916
Spitzer, Rorick & Co., N. Y _ _105.475 Ferris & White, N Y
18,282 57_ Sewer
7 Dec. 4 1911 Dec. 4 1916
104.51
Kountze Bros., N. Y
• 105.431 Livingston & Co., N. Y
13,104 46_ Grade and curbs
7 Dec. 12 1911 Dec. 12 1916
104.48
Outwater & Wells, Jersey City105.38 E. H. Rollins & Sons, N. Y.103.296
18,308 61_ _Paving
6 Dec. 12 1911 Dec. 12 1916
105.315 Morgan, Livermore Q6 Co.,
Estabrook do Co., N Y
810 60_ _Walk
7 Dec. 12 1911 Dec. 12 1916
Adams to Co., N Y
105.22
N. Y
16,716 29_ _ Grade and curbs
7 Dec. 14 1911 Dec. 14 1916
103.27
Harris. Forbes & Co., N. Y_ _105.202 W. N. Coler & Co., N. Y_ _ _ _102.573
2,406 44_ _Curb and walk
7 Dec. 15 1911 Dec. 15 1916
33,872 05_ _Sewer
7 Dec. 16 1911 Dec. 16 1916
PERRY, Houston County, (ia.-Bond Sale.-We are advised that the
19,718 45_ _ Sewer
7 Dec. 20 1911 Dec. 20 1916
$6,000 5% 10-yr. electric-light bonds (V. 93, p. 1136) were awarded to the
2,761 12Curb and walk
7 Dec. 23 1911 Dec. 23 1916
J. B.McCrary Co. of Atlanta at par. Denom. $200. Date July 1 1911.
13_
35,724
,Sewer
7 Dec. 26 1911 Dec. 26 1916
Interest in July.
123,203 65_ _Paving
6 Dec. 30 1911 Dec. 30 1916
PINAL COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Florence), Ariz.5,670 45_ _Water
7 Dec. 29 1011 Dec. 29 1916
Bonds Authorized.-Reports state that the issuance of $30,000 bldg.
8,070 64_ _Curb and walk
7 Dec. 29 1911 Dec. 29 1916
bonds voted recently has been authorized by the Board of Supervisors.
23,472 12_ _ Grade and curb
7 Dec. 30 1911 Dec. 30 1916
PITTSBURG, Crawford County, Kan.-Bond Election.-An election will
• SHELBYVILLE, Shelby County, Ind.-Bond Sale.-On Jan. 13 the
be held Jan. 30 to vote on a proposition to issue $20,000 school bonds.
$45,794 90 4 A% sewer assess. bonds (V. 94, p. 82) were awarded to the
PITTSBURGH. Pa.-Bond Sale.-On Jan. 15 the six issues of 434% Shelbyville Trust Co. for $46,053, making the price 100.563. Other bids
coup. or reg. bonds aggregating $140,000 (V. 94, p. 152) were awarded to follow:
Harris, Forbes & Co. of N. Y. at 101.938 and int. Other bids follow:
Premium.
Premium.
$205 50
Chas.C.Harrison & Co.,Phila.a102.022 Farson, Son & Co., N. Y._....101.321 J. F. Wild & Co., Indlanap.$251 50 Breed & Harrison, Cin
Mellon Nat. Bk., Pittsburgh_101.923 E. H.Rollins & Sons, Boston.101.296 Meyer, Kiser Bank, Ind_ _ 245 10 J. T. Elliott & Sons, Ind_ _ _ _ 197 50
Payne,
&
Bush
Co.,
Ind_ _ 235 00 E. M. Campbell Sons & Co.,
J.S.& W.S.Kuhn,Inc.,Pittsb__101.789 Estabrook to Co., N. Y
101.213 Fletcher-Amer.
Nat. Bk., Ind. 215 00
Indianapolis
103 00
N. W. Halsey & Co.. N. Y__101.635 R.L. Day & Co., Boston
101.161
$500, except one bond of $794 90. Date Jan. 15 1912. Int.
R.M. Grant & Co., N. Y_ _101.438 Blodget & Co., N Y
101.089 M.Denom.
& N. Due $79490 May 15 1913 and $2,500 yearly from May 15
Chas. C. Harrison & Co.,Phil.s101.430 Graham & Co., Philadelphia _100.00
1914 to 1931 inclusive.
Chisholm & Chapman, N. Y.101.33161
•
SOUTH HAVEN SCHOOL DISTRICT (P. 0. South Haven), Van Buren
a for $120,000. • for $20,000.
County, Mich.-No Action Yet Taken.-No action has yet been taken
PLAN tERSVILLE INDEPENDENT SCHOOL DISTRICT (P. 0. Plant- looking towards the issuance of the $38,000 building debentures voted on
ersville), Grimes County, Tex.-Bond Sale.-An issue of $3,000 5% 10-40- recently (V. 93, p. 1492).
yr. (opt.) bonds has been awarded to the State Permanent School Fund at
SOUTH MYTON BENCH IRRIGATION DISTRICT (P. 0. MYton),
par and int.
Wasatch County, Utah.-Bond Offering.-J. A. Cronk, Dist. Secy., is
for sale $300,000 6% gold coup. tax-free bonds. Int. J. & J. at
PLEASANT RIDGE. Hamilton County, Ohio.-Band Sale.-On Dec. 23 offeringthrough
the County Treasurer's office.
1911 the $85,000 5% sewerage-disposal-plant assess. bonds (V. 93, p. 1492) Heber
SOUTH ORANGE, Essex County, N. J.-Bond Sale.-On Jan. 15 the
were awarded to Seasongood & Mayer of Ctn. for $88,732, making the price
$9.000 43% 20-year water bonds (V. 93, p. 1806) were awarded to R. M.
104.39-a basis of about 4.08%. Date Dec. 1 1911.
PORTERSVILLE SCHOOL DISTRICT (PAO. Portersville), Tulare Grant & Co. of N. Y. at 102.07-a basis of about 4.35%. Denom. $1,000.
County, Cal.-Bonds Defeated.-According to reports, the proposition to Interest F. & A.
SOUTH SAN JOAQUIN IRRIGATION DISTRICT (P. 0. Manteca), San
Issue $60,000 high-school bonds was defeated by a vote of 163 "for" to 323
Joaquin County, Cal.-Bonds Not Sold.-We are advised that the $700,00
"against" at an election held Dec. 27 1911.
bonds offered without success on Nov. 7 1911 (V. 93, p. 1488) have not
QUITMAN, Brooks County, Ga.-Boma Voted and Defeated.-The elec- 5%
tion held Jan. 16 resulted in favor of the propositions to issue the $40,000 been sold and will be re-offered later.
SPARTAiNBURG SCHOOL DISTRICT (P. 0. Spartanburg), Spartanschool-building and $12,000 fire department bonds and in the defeat of the
question of issuing the $23,000 street-paving bonds (V. 93, p. 1416). The burg County, So. Car.-Bond Sale.-The $50,000 bldg. bonds (V. 93,
vote was 260 to 14 for school bonds, 236 to 26 for fire bonds and 199 to 53 p. 1136) have been awarded, we are advised, to the Security Trust Co.of
Spartanburg.
for paving bonds, 226 votes being necessary to carry.
• READING (P. 0. Cincinnati), Ohio.-Bond Sale.-On Jan. 9 the $1,210 • SPRINGFIELD, Mass.-Temporary Loans in 1911.-During 1911 this 5% Market St. impt. assessment bonds (V. 93, p. 1740) were awarded to city borrowed $150,000 from local banks at 3% discount. This is in
the First Nat. Bank of Norwood for $1,227 99, making the price 101.486, addition to the $300.000 loan previously reported by us.
it Is stated.
SPRINGFIELD, Clark County, Ohio.-Bonds Authorized.-Ordlnances
REMSEN INDEPENDENT SCHOOL DISTRICT (P. 0. Remsen), have been passed providing for the issuance of $60,000 light and $4,622 50
Plymouth County. Iowa.-Bond Offering.-Proposals will be received until Summit Ave. impt assess, bonds, according to local papers.
10 a. in. Jan. 30 by H. Huewe, Dist. Treas., for $25,000 5% coup, or reg.
SPRINGFIELD. Lane County, Ore.-Bond Offering.-Proposals will be
bldg. bonds. Denom. $1,000. Date Nov. 11 1911. Int. M. & N. at received
until Feb. 17, it is reported, for an issue of $50,000 improvement
the Dist. Treas. office. Due Nov. 11921, opt. after 5 years on any interest- bonds. A similar issue of
bonds was offered on Sept. 25 1911 (V. 93,p.826.)
paying date. Cert. check (or cash) for $500, payable to the Treas., reSPRING LAKE DRAINAGE AND LEVEE DISTRICT (P. 0. Pekin),
quired. No debt at present. Assess. val. for 1911, ;250,000.
111.-Bond Sale.-We are advised that this district has sold $25,500 6% bds.
RICHLAND CREEK DRAINAGE DISTRICT, 111.-Bond Sale.-On
STITES, Idaho County. Idaho.-Bonds Voted.-The question of issuing
Jan. 3 $12,000 6% improvement bonds were awarded to the Beilvellic Bank
& Trust Co. of Denville at 101. Denom. $100. Date Dec. 18 1911. Int. $5,000 water-works-system constr. bonds carried, it is stated, by a vote
of 34 to 4 at an election held January 10.
In June. Due 1-5 years.
STOCKPORT SCHOOL DISTRICT (P. 0. Stockport), Van, Buren
RIDDLE, Douglass County, Ore.-Bond Offering.-Proposals will be
received until Jan. 24 by the City Recorder for the $15,000 water and County, Iowa.-Bond Election.-Iteports state that an election to vote on
$13,000 sewer 6% 20-year bonds voted Oct. 16 1911 (V. 93, p. 1278). the question of issuing $9,000 building bonds will be held Feb. 3.
Date Dec. 1 1911. Int. J. & D. No debt at present. Assessed valuation,
SUPERIOR. Nuckolls County, Neb.-Bond Sale.-We are advised that
$150,000; actual valuation, $400,000.
the $4,500 5% 5-20-yr. (opt.) sewerage bonds offered without success on
ROCHESTER. N. Y.-Note Sale.-Pn Jan. 11 two issues of 8 months ,Nov. 24 1911 (V. 93, p. 1551) have been sold. Date Nov. 1 1911.
water-works-impt. notes dated Jan. 16 1912, aggregating $165,000, were
SWEET WATER, Nolan County, Tex.-Bond Offering Postponed.-We
awarded to Goldman, Sachs Qc Co. of New York at 3.95% int., plus $5 are advised that the $25,000 5% 20-40-yr. (opt.) street impt. bonds were
premium on $50,000 and ;10 premium on $115,000. Other bidders were:
not sold on Jan. 8 (V. 93, p. 1683), the date having been postponed. The
Bond & Goodwin of N. Y., $165,000 at 4% int. and $44 premium.
bonds were registered by the State Comptroller on Dec. 30 1911.
Luther Robbins of Rochester, $165,000 at 4.20% int. and $25 premium.
TACOMA, Wash.-Bonds Sold During December.-The following 7%
Bonbright & Hibbard of Rochester, $165,000 at 4.25% int.
special-impt. assess, bonds, aggregating $41,740 53 were disposed of during
Note Sale.-On Jan. 18 $100,000 8 months' water-works-impt. notes were December.
awarded to Bond & Goodwin of N. Y. at 3.75% int. for $100,033. Other
Purpose.
Amount
Due,
Date.
bids follow:
$2,223 86 __water-main
Dec. (3 1916
Dec. 6 1911
Bonbright & Hubbard, Rochester
3.90% int. and $12 00 premium.
1,457 15 __ water-main
Dec. 18 1916
Dec. 18 1911
Goldman, Sachs & Co., New York
3.90% int. and $7 50 premium. 38,059 52 __ paving
Dec. 27 1921
Dec. 27 1911
H. L. Anstey, New York
4.00% int. and $5 00 premium.
TAMPICO. Whiteside County, 111.-Band Election Proposed.-It is stated
Guaranty Trust Co., New York
4.00% int.
that an election will probably be held the latter part of January to vote on
First Trust & Savings Bank, Chicago.._ _ _4.00% int.
Luther Robbins, Rochester
4.20% int. and $25 00 premium. a proposition to issue $12,000 water-works bonds.
Monroe County Savings Bank, Rochester_4.24% int.
TAYLOR COUNTY COMMON SCHOOL DISTRICT NO. 52, Tex.-Bond
ROCK COUNTY SCHOOL DISTRICT NO. 16, Minn.-Bond Sale.-An Sale.-An issue of $1,500 5% 20-yr. bonds was awarded at par and int.
issue of $1,600 6% bldg. bonds has been awarded to the First Nat. Bank to the State Permanent School Fund.
of Luverne at par. Denom. $200 and $400. Date Jan. 2 1912. Int. In
TERRELL SCHOOL DISTRICT (P.O.Terrell), Kaufman County,Tex.
January. Due serially from 1-5 years.
Bond Election.-An election will be held in the spring, we are advised, to
ROE SPECIAL DRAINAGE DISTRICT, Kankakee and Will Counties, re-vote on the $3,000 5% school bonds offered on March 11911, It appears
H1.-Bonds Offered by Bankers.-The Hanchett Bond Co. has purchased that the original issue was not approved by the Attorney-General, owing to
and is re-offering $25,000 6% bonds, due serially on July 1 from 1918 to a technical irregularity.
1921. Denom.$500. Date Deo. 1 1911. Int. July 1 at State Treas.office.
TETON COUNTY SCHOOL DISTRICT NO. 12, Mont.-BondiSale.-On
ROSENBURG INDEPENDENT SCHOOL DISTRICT (P.O. Rosenburg), Dec. 20 1911 the $1,200 6% 10-15-year (opt.) coupon bonds, dated Dec. 20
Fort Bend County, Tex.-Bond Sale.-The State Permanent School Fund 1911 (V. 93, p. 1416) were awarded to the State at par.
TREMPEALEAU DRAINAGE DISTRICT, Trempealeau and Buffalo
was awarded $2,000 5% 5-20-yr. (opt.) bonds at par and int.
ROSS (P. 0. Fox), Roseau County. Minn.-Bond Not Sold.-No award Counties. Wis.-Bond Offering.-Proposals will be received until 11 a. m.
has yet been made of the $1,000 road const. and bridge bldg. bonds, offered Jan. 29 by the Commissioners, H. Roottiger, Secy. (P. 0. Fountain City),
for $75,000 5% coup. const. bonds. Denom. $500. Date Feb. 1 1912.
on May 1 1911 (V. 92, p. 1135) at not exceeding 6% int.
Int. ann. Due $5,000 yearly Feb. 1 from 1913 to 1927, incl. Certified
• ROSWELL SCHOOL DISTRICT (P. 0. Roswell), Chaves County, check for 5% of bonds bid for, payable to the Secretary, required.
N. Mex.-Bond Election Proposed.-This district contemplates calling an
TR1NCHERA IRRIGATION DISTRICT, Costilla County, Colo.-Bonds
election to submit to the voters a proposition to issue $50,000 bldg. bonds, Not
Yet Sold.-No award has yet been made of the $500,000 6% coupon
according to local papers.
tax-free bonds offered without success on Sept. 26 1910 (V. 91, p. 1052).
.JAN. 20 1912 j
TROY. N. Y.-Certificate Sale.-On Jan. 13 $100,000 5% certificates of
indebtedness were awarded to the Manufacturers Nat. Bank of Troy at
100.73. Other bids follow:
$100,486
Albany Savings Bank_ __
50,260
$50,000)
Security Trust Co., Troy (for
Date Jan. 13 1912. Due Sept. 13 1912.
-On
14
Sale.
Oct.
-Bond
Ohio.
UHRICHSVILLE, Tuscarawas County,
1911 the $6,300 5% Eastport Ave. paving assess. bonds (V. 93, p. 826) were
awarded to the Provident Saving Bank & Trust Co. of Cincinnati for
$6.530 90, making the price 103.665.
UNIVERSITY PLACE SCHOOL DISTRICT, Lancaster County, Neb.Bonds Voted.-By a vote of 304 to 131 the proposition to issue the $50,000
high-school-building bonds (V. 93, p. 1740) carried, it is stated, at the
election held Jan. 10.
UPTON, Weston County, Wyo.-Bond Offering.-Proposals will be received until Feb. 17 for $20,000 6% water-system bonds. Denom. $1,000.
Int. J. & J. Due $1,000 yriy. from 1927 to 1946 incl. Assess. val. in
1911, $255,002. Actual val. (est.), $300,000.
UTAH.-Purchasers of Bonds.-The purchaser of the $260,0004% 20-yr.
coup, road and bridge bonds was the Pingree Nat. Bank of Ogden. The
$300,000 4% 20-yr. university-bldg. bonds were sold $100,000 to the Pingree
Nat. Bank Of Ogden. $185,000 to the First Nat. Bank of Ogden and $15,000
to the Desert Nat. Bank of Salt Lake City. See V. 93, p. 1416.
Bonds Purchased by State.-The following 5% bonds were purchased during the months of November and December by the State of Utah
at par.
Purpose.
Date.
Due.
Place.
Amount.
$15,000 Honeyville Elec-light & water-wks. Nov. 20 1911 Nov. 20 1931
Sept. 15 1911 Sept. 15 1926
4,000 Grayson Sch. Dist. School
Nov. 1 1911 Nov. 1 1031
10,500 Santaquin water-works
VENICE GRAMMAR SCHOOL DISTRICT (P. 0. Venice). Los Angeles
County, Cal.-Band Election Proposed.-Local papers state that this district is contemplating holding an election to vote on a proposition to issue
$75,000 building bonds.
VENICE PLAYA-DEL-RAY UNION HIGH SCHOOL DISTRICT (P. 0.
Venice), Los Angeles County, Cal.-Bond Election Proposed.-An election
will probably be held, it is stated, to submit to a vote of the people the
question of issuing 3175,000 building bonds.
VICTOR SCHOOL DISTRICT (P. 0. Victor), Iowa County, Iowa.Bonds Atvirded in Part.-Geo. M. Bechtel & Co. of Davenport have been
awarded, it is stated, $20,000 of the $25,000 5% 10-year building bonds
voted on Dec. 14 1911 (V. 93. p. 1740).
VIRGINIA SCHOOL DISTRICT (P. 0. Virginia), St. Louis County.
Minn.-Bond Election Proposed.-An election will probably be held the latter
part of this month, it Is stated, to vote on the question of issuing not more
than $65,000 building bonds.
WALDO, Russell County, Kan.-Bond Election Proposed.-Reports
state that the City Council called an election to submit to the voters a proposition to issue $12,000 bonds to install a water-works system.
WALLA WALLA, Walla Walla County. Wash.-bond Offering -This
city is offering for.sale an issue of $40,000 5% refunding bonds, reports state.
WARREN, Trumbull County, Ohio.-Bond Sale.-On Jan. 12 the
$15,000 (not $30,000, as at first reported) 434% coupon Parkard Park
improvement bonds (V. 93, p. 1740) were awarded to Mayer, Walter & Co.
of Cincinnati at 108.36 and int.
Other bids follow:
Well, Roth & Co., Cin_ _ _$16,221 00 1 Prov.Sav.Bk.ecTr.Co., Cin.$16,068 00
Seasongood & Mayer. On_ 16,167 00 Hayden, Miller & Co., Cie. 15,990 00
Breed tic Harrison, Cin_ _ _ 16.105 50 New First Nat. Bk., Col_ _ 15,629 00
WASHINGTON. Fayette County. Ohio.-Bond Offering.-Proposals will
be received until 12 m. Feb. 6 by G. M. Pine, City Aud., for the following
bonds:
$1,200 45i% street-ext. bonds. Denom. $400. Date Jan. 15 1912.
Due $400 Jan. 15 in 1915, 1916 and 1917.
street-impt. bonds. Denom. $300. Date Sept. 1 1911.
1,500 4%
Due $300 yearly Sept. 1 from 1912 to 1916 incl.
Authority Sec. 3939, Gen. Code. Int. semi-annual. Bonds to be delivered and paid for within 10 days from time of award. Cert. check for
5% of bonds bid for, payable to the City Treas., required. Purch. to pay
accrued interest.
WATSONVILLE, Santa Cruz County, Cal.-Bonds Defeated.-The election held Jan. 9 resulted in the defeat of the proposition to issue the $100,000
water-system-Installation bonds (V. 93, p. 1493).
WESTCHESTER COUNTY (P. 0. White Plains). N. Y.-Bond Sale.On Jan. 15 $12,000 43i% bridge bonds were awarded to Isaac W. Sherrill
of Poughkeepsie at 105.42 and int.-a basis of about 4.14%. Denom.
$1,000. Date Jan. 1 1912. Int. J. & J. Due $4,000 on Jan. 1 In 1935.
1936 and 1937.
WHITE COUNTY (P. 0. Sparta), Tenn.-Bond Election.-Local papers
state that an election will be held Jan. 27 to vote on a proposition to issue
$90,000 turnpike bonds.
WHITE PLAINS, Westchester County. N. Y.-Bond Sale.-On Jan. 8
the $38,000 5-23-yr. (ser.) fire-dept. bonds (V. 93, p. 1740) were awarded
to Estabrook & Co. of N.Y.at 100.075 for 4 Ms.
WILSON CREEK, Grant County, Wash.-Bond Sale.-We are advised
that the so,poo 10-20-year (opt.) gold coupon funding bonds offered on
May 1 1911 and dated the same day (V. 92, p. 1060) were awarded to the
State of Washington.
•
WINSTON TOWNSHIP. Forsyth County, No. Car.-Bonds Voted.
A favorable vote was cast on Jan. 8, it Is stated, on the proposition to Issue
the
By.,
to
Cumberland
amount
&
Randolph
the
aid
to
$100,000bonds
the
be paid on the completion of the road to Yadkinville (V. 93, p. 1684.)
-Bonds
election
Defeated.
-An
Ill.
WOODSTOCK, McHenry County.
held Jan. 2 resulted in the defeat of a proposition to issue $25,000 public
impt. bonds, according to reports.
WORCESTER, Mass.-Temporary Loans in 1911.-In addition to the
temporary loans previously reported in these columns this city in 1911
borrowed $250,000 until Oct. 17 1911 from the Old Colony Trust Co. of
Boston at 2.92% discount.
Temporary Loan.-A loan of $150,000, due Oct. 16 1912, was negotiated
with Estabrook & Co. of Boston at 3.07% discount and $1 35 premium, on
January 16.
YAKIMA COUNTY SCHOOL DISTRICT NO. 6. Wash.-Bond Offering.
-Proposals will be received until 10 a. In. Jan. 27 by F. Bond, Co. Treas.
bonds at not exceeding 6% int.
(P. 0. No. Yakima), for $5,000 coup. bldg.
of 1897.
Auth., Secs. 117, 118, 119, &c. Code of Public Instruction, Laws
or
pages 357 at seq.; also an election Dec. 29 1911. Date "day of issue,"
ann.
Int.
option
bidder.
of
the
at
month
some
of
first
the
on
dated
may be
debt at
at the Treas. office. Due 20 years, opt. after one year. Bonded
present, $1,200. Assess. val. 1911, $293,040. Cash. val. (est.), $488,400.
A similar issue of bonds was reported sold to the State of Washington in
V. 93, p. 748.
NEW LOANS.
NEW LOANS.
$37,530.56
$75,000
NEW LOANS.
$550,000.00
Chemund County, N. Y., Parish of East Baton Rouge, [a.,
4%% BONDS
School District No. 1
Bidslwill be received by the undersigned at the
Chemung County Treasurer's office, In the City
of Elmira, N. Y., up to JANUARY 24, 1912, at
ten o'clock In the forenoon of that day, at which
time said bids will be opened, for bonds of the
County of Chemung, New York, to be issued
pursuant to Sections Twelve and Fourteen of the
County Law and Section One Hundred, FortyTwo of the Highway Law and six separate resolutions of the Board of Supervisiors of the County
of Chemung, duly adopted at a session of said
board on the 218t day of December, 1911, said
bonds to be dated February 1, 1912, and to bear
interest at the rate of four and one-half per cent
per annum, and to be in tile following amounts
and to mature at the following dates: One bond
for four hundred, forty-seven dollars and twenty
cents; one bond for seven hundred, nineteen
dollars and seventy-six cents; one bond for two
hundred, eighty-five dollars and eighty cents
and one bond for four hundred seven dollars and
eighty cents, and nine bonds of one thousand
dollars each, each to mature February 1, 1913;
one bond of nine hundred, ntnety-five dollars
and one bond of six hundred, seventy-five dollars, each to mature February 1, 1920, twentyfive bonds of one thousand dollars each, ten
to mature February 1, 1921, ten to mature
February 1, 1922, and five to mature February 1,
1923.
Each bid shall be sealed and shall be accompanied by a certified check for ten per cent of
the bid, as security for the fulfilling of said bid
In case It should be accepted.
Bids will be received for any or all of said
bonds and the right to reject any or all bids is
hereby reserved.
Dated, Elmira, N. Y., January 9, 1912.
JOHN H. DEISTER,
Chemung County Treasurer.
5% BONDS
Janualy 10. 1912.
Sealed proposals will be received at tile office
of the Parish Superintendent of Education up to
10 a. m., JANUARY 30, 1912, for the purchase
of the $75,000, bearing live per cent interest
(payable semi-annually), serial bonds of School
District No. One of the Parish of East Baton
Rouge, Louisiana, for the purpose of erecting a
high school building in the City of Baton Rouge,
the last numbers of said bonds to be retired ten
years from date. Proposals must be accompanied
by properly certified check for $1,000, made
payable to 13. A. Jones, President of the Parish
Board of School Directors of said Parish, guaranteeing fulfillment of contract by bidder; and
proposals must contain agreement to purchaSe
said bonds immediately on approval of same by
a reputable bond attorney. The right is reserved
to reject any or all proposals.
(Signed)
BENJAMIN A. JONES,
President.
ESTABLISHED 1885
EL C. SPEER & SONS CO.
First Nat. Bank Bldg., Chicago
SCHOOL,
00171ITY AND MUNICIPAL BONDS
Bolger, Mosser & Willaman
BLODGET & CO.
BONDS
CO STATE STREET,BOSTON
30 PINE STREET, NEW YORK
MUNICIPAL BONDS
Local for Savings Banks,
Postai Saving. and Trust Funds
BONDS
LIST ON APPLICATION
SEASONGOOD & MAYE
Ingalls Building
CINCINNATI
City of Lynchburg, Virginia,
Public Improvement Bonds.
Exempt from all City Taxes.
The undersigned will receive sealed proposal
until 12 O'CLOCK NOON JANUARY 25th. 1912..
for $550,000.00 thirty-four year Public Improve
ment Bonds of the City of Lynchburg, Virginia.
These bonds will be issued in denominations of
S1.000.00 each. dated January 1st. 1912, bearing
interest at the rate of four and one-half per cent
per annum, payable July and January. Both
principal and interest payable at the office of the
United States Mortgage & Trust Company. In the
City of New York.
The bonds will be engraved under the supervision of and certified as to their genuineness by
the United States Mortgage & 'Frust Company
of New York.
A check for two per cent of the par value of
the bonds bid for must accompany each bid
Said check payable to the order of the Treasurer
of the City of Lynchburg, Va., and certified to by
a responsible bank and deposited as a guaranty
of good faith.
The right Is reserved to reject any and all bids.
R. C. QUINN, Chairman,
Finance Committee of Board of Aldermen.
RICHARD HANCOCK, Chairman,
Finance Committee of Common Council.
FINANCIAL STATEMENT.
$33,534,580.00
Assessed Valuation, 1911
50,000,000.00
Actual Valuation
Total Bonded Debt, Including this
3,018,400.00
issue
834,000.00
Water Debt, Included in total_ _
225.188.00
Sinking Funds
Sinking Fund for Water Bonds, included in above
63,750.00
City Property, Schools, Water.
Works,Parks, Fire Departments,
Public Buildings and Real Es2,342,212.00
tate, &c
29,494
Population, 1910
HODENPYL, HARDY &CO.
7 Wall St
New York
Railroad, Street Ry., Gas & Elec. Light
SEND POE LIST
19 South La Sails St.,
CHICAGO
STATE CITY & RAILROAD BONDS
MUNICIPAL AND RAILROAD
229
THE CHRONICLE
Charles M. Smith & Co.
SECURITIES
F. WM. KRAFT
LAWYER
CORPORATION AND
MUNICIPAL BONDS
Specializing in
Examination of
Municipal and Corporation
Bonds
ri.EsT NATIONAL BANK BUILDING
1312 FIRST NATIONAL BANK Hum
CHICAGO
CHICAGO, ILL
230
[VoL. Lxxxxiv.
THE CHRONICLE
YOLO COUNTY (P. 0. Woodland), Cal.-Bonds Defeated.-Reports
state that the proposition to issue $200,000 court-house and jail bonds was
defeated at the election held Dec. 28 (V. 93, p. 1552). The vote was 1,295
"for" and 1,022 "against"-a two-thirds majority being necessary to auth.
YORK,York County, Neb.-Bond Election proposed -Reports state that
a petition is being circulated to call an election to vote on a proposition to
issue $125,000 water and electric-light-plant-construction bonds.
ZANESVILLE, Muskingum County, Ohio.-Bond Sales.-The City
Auditor reports the sale of the $1,500 4% 10-yr. street-impt. bonds dated
Sept. 1 1911 (V. 93, p. 974); also the $8,000 4% 5-yr. water-works bonds
dated Nov. 1 1911 (V. 93, p. 1137.)
Canada, Its Provinces and Municipalities.
• BANCROFT, Ont.-Debenture Sale.-C. H. Burgess & Co. of Toronto
have been awarded $4,000 5% 20-installment debentures, according to
reports.
BLAIRMORE. Alta.-Debentures Voted.-An election held Dec. 22 1911
resulted in favor of tile propositions to Issue the $40,000 water-works and
$5,000 fire-Improvement 5 A% 20-year debentures (V. 93, p. 1552).
BRIARCLIFFE SCHOOL DISTRICT NO. 302 (P. 0. Regina), Sask.Debenture Sale.-The Western Scilool Supply Co. was awarded on Aug. 26
1911 $2,000 10-installment bldg. debentures at par for 5 A %s. Date
Aug. 26 1911. Int. annually In December.
CALGARY. Alta.-Debentures Voted.-Tho election held Jan. 8 resulted
In favor of the proposition to issue the $442,000 4 A% 30-year debentures
(V. 94, p. 82). The vote was 536 to 20.
CARBERRY, Ont.-Debenture Sale.-G. A. Stimson & Co. of Toronto
have been awarded, it is stated, the $1,086 55 5% 20-year debentures
(V. 93, p. 1493).
DOVER TOWNSHIP SCHOOL DISTRICT (P. 0. Big Point), Ont.Debenture Offering.-Thls district is offering for sale $3,300 5% 15-yr.
school debentures. A. Cadotte is Secretary-Treasurer.
• DUNDAS. Ont.-Debentures Defeated.-The election held Jan. 1 resulted
In the defeat, it Is reported, of the proposition to issue the $8,000 sidewalk
'debentures (V. 93, p. 1741).
• EARL GRAY, Sask.-Debenture Sale.-Nay & James, of Regina, were
awarded the $1,500 6% 15-year debentures (V. 93, p. 82), it is stated.
Ir ELBOW,Sask.-Debentures Authorized.-This place has been authorized,
It is stated, to Issue $3.500 debentures.
GLEICHEN, Alta.-No Action Yet Taken.-No action has yet been takea
looking towards the issuance of the $4,000 grading debentures recently
voted (V.93, p. 1625).
HAMILTON. Ont.-Debenture Offering.-Proposals will be received until
11 a. m. Jan. 29 by G. H. Lees, Chair. Bd. of Control, for the following
eleven issues of 4% debentures, aggregating $1,762,660.
1$70,000 for Birch Ave. extension.
Ten-Year Debentures.
$20,000 for city-hall-Improvements. 65,000 for a new fire station. .
60,000 for the East End Park.
18,500 for lavatories.
50,000 for cemetery.
Twenty-Year Debentures.
36,000 for Stewart Park.
$650,000 for water-works impts.
Thirty-Year Debentures.
160 000 for public schools.
$50e,160 for Hydro-Electric power.
128,000 for water-works constr'n.
Date April 11012, except the $505 160 issue, which is dated Oct. 11911.
LEAMINGTON, Ont.-No Action Yet Taken.-We are advised, under
date of Jan. 13, that no action has yet been taken looking toward the issuance of the $5,000 street-improvement debentures (V. 93, P. 1138
)•
LUSELAND. Sask.-Debenture Sale.-The $8,000
15-year debentures offered on Oct. 16 1911 (V. 93, p. 899) have been6%
awarded to Nay &
James of Regina.
MOUNTAIN ASH SCHOOL DISTRICT NO. 2741 (P. 0. Strongfield).
Sask.-Debenture Sale.-The Western School
Co. of Regina was
awarded on Oct. 13 1911 an Issue of $1,800 6% Supply
coupon building debentures
at 100.666. Date Oct. 13 1911. Interest in January.
NELSON, B. C.-Debentures Voted.-The election to vote on the question
of issuing the $15,000 hospital debentures (V. 93, p. 1553) carried
by a vote
of 278 to 25, according to reports.
NEWMARKET Out
Sale.-We are advised that the $25,000
20-yr. bonus debentures voted Nov. 20 1911 (V. 93, p. 1625), have been
purchased by citizens of the town.
PARTRIDGE HILL SCHOOL DISTRICT NO. 280(P.0. Partridge Hill),
Alta.-Debenture Sale.-We have just been advised that on July 11011 the
Alberta School Supply Co. of Edmonton was awarded an Issue of $2,000 5%
bldg. debentures at 98.75. Date July 1 1911. Int. on Dec. 31.
RED DEER SCHOOL DISTRICT NO. 104 (P. 0. Red Deer), Alta,
Debenture Sale.-On Dec. 22 1911 $12,000 5% debentures were awarded to
the National Finance Co. of Toronto at 98 and int. Date July 3 1911.
Int. annual. Due $6,000 In 20 and 30 years.
ROCKFORD SCHOOL DISTRICT NO. 2338 (P. 0. Burdett), Alta.Debenture Sale.-The Western School Supply Co. has been awarded
21,7,00 6% 10-year debentures at 100.20. Int. ann. In May.
ROUGH MEADOW SCHOOL DISTRICT NO. 2180 (P. 0. Brownfield).
Alta.-Debenture ,Sale.-We are advised that during September 1911 the
Alberta School Supply Co. of Edmonton was awarded at 101.50 an issue of
$1,700 6% 10-installment bldg. and impt. debentures.
ST. MARY'S, Ont.-Debentures Not Yet Sold.-We are advised by the
Municipal Clerk that tile $135,000 30-year consolidated and $5,000 20-year
bridge 4 A% sinking fund debentures (V. 93, p. 1138) have not yet been
disposed of.
SOURIS. Man.-Debenture 0ffering.-Proposals will be received until
6 p. m. Jan. 29 by J. W. Breakey, Secy.-Treas., for $93,570 12 and the
$28,000 5% 30-yr. coup. sewer debentures voted Dec. 19 1911 (V. 93, ro•
1808). Date ($93,570 12) Deo. 1 1911,($28,000) Dec. 31 1911. Int. ann.
SWIFT CURRENT. Sask.-Debenture Sale.-We are advised that the
$10,000 sidewalk, $44,000 water and $10,000 sewerage debentures voted
Oct. 14 1911 (V.93, p.1279), will be placed when Issued with Wood, Gundy
& Co. of Toronto, the city's fiscal agents.
VICTORIA, B. C.-Debenture Election.-An election will be held, It is
stated, to vote on the question of issuing $275,000 school, $450,000 sewer
and $200,000 water-works debentures.
WATERLOO COUNTY (P. 0. Berlin), Ont.-Debenture Offering.-Proposals will be received until Jan. 23 for the 512,000 4 A% debentures
(V.93, p. 1138),repayable in 20 equal annual Installments of principal and
interest. Debenture debt, $16,000. Assessed val. $35,000,000. H. J.
Bowman is County Clerk and Treasurer.
• Debenture Sale.-We are advised that the $3,000 4 A% 5-year road-roller
and stone-crusher purchase debentures (V. 93, p. 1138) were sold locally
at 100.333.
MISCELLANEOUS.
BOND CALL.
^
OFFICE OF THE
ATLANTIC MUTUAL INSURANCE COMPANY
Powell County, Montana
ASSETS.
United States & State of New York
Stock, City. Bank and other Securities
$5,418,792 00
Special deposits In Banks &TrustCos. 1.200,916 66
Real Estate cor. Wall 65 WIlliamSts.,
& Exchange Place_$4.299,426 04
Other Real Estate &
claims due the com75,000 00 4.374.426 04
pany
THE AMERICAN MFG. CO.
•
New York, January 20th, 1911.
NOTICE OF REDEMPTION OF BONDS.
The Trustees, in conformity with the Charter of the Company, submit the following statement of Os affairs
The Board of Commissioners of Powell County.
on the 31st of December, 1910.
Montana, to all whom this notice may con$3,981,997 35
Premiums on Marine Risks from 1st January, 1910, to 31st December, 1910
cern, greeting:
685,546 90
Premiums on Policies not marked off 1st January, 1910
Notice is hereby given that the Treasurer of
Total Marine Premiums
$4,667,544 25 Powell County, Montana, will upon February 1st.
1912, redeem all bonds numbered from thirtyPremiums marked off from.1st January, 1910. to 31st December, 1910
13.793,863 88 three (33) to thirty-nine (39), inclusive, of the
bond issue of said county of July 1st, 1901. All
holders or owners of any of the aforesaid bonds
Interest received during the year
$373,571 50'
are required to present the same to the said TreasRent less Taxes and Expenses
146,586 91
$520,158-41
urer of said county upon February 1st, 1912, at
his office at Deer Lodge In said county for payLosses paid during the year which were estimated in 1909
ment. Upon presentation of said bonds to the
and previous years
$504,311 33
said
County Treasurer upon said day, the same
Losses occurred, estimated and paid In 1910
1,021,356 12 $1,525,667 46
will be redeemed and paid in full with interest
due thereon up to that date; but such bonds shall
Less Salvages
$195,931 27
not draw interest on or after that date, and all
Re-insurances
402,106 63
698.037 90
holders or owners of said bonds, or any thereof
are hereby notified that interest upon the same
$927.62055
will cease upon the date aforesaid.
Dated Dee. 30, 1911.
Returns of Premiums
1-132,651 56
ALBERT BIEN,
Expenses, Including officers' mimics and clerks' compensation,stationery,
County Treasurer, Powell County, Montana,
newspapers. ad‘n3rtisements, etc
$383,223 39
LIABILITIES.
Estimated Losses and Losses Unsettled
42,714,035 33
Premiums on Unterminated Risks_
873,680 37
Certificates of Profits and Interest
Unpaid
282,427 75
Return Premiums Unpaid
148,084 03
Reserve for Re-insurance Premiums
& Claims Lot settled, Including
Compensation, etc
160,000 00
Certificat,
38 of Profits Ordered Redeemed, Withheld for Unpaid
Premium notes and Bills Receivable 1.134.448 70
Premiums
Cash In the hands of European
22.489 61
Certificates of Profits OutstandBankers to pay losses under poli210.435 74
ing
cies payable In foreign countries...
7.441,100 00
Real Estate Reserve Fund-Cash in Bank and N. Y. City rev400,000 00
935,478 76
enue bonds
Aggregating
613,274,497 90
Aggregating
CORDAGE
65 Wall Street
-
New York
$12,019,787 64
A dividend of Interest of Six per cent on the outstanding certificates of profits will be paid to the
holders thereof, or their legal representatives, on and after Tuesday the seventh of February next.
The outstanding certificates of the issue of 1905 will be redeemed and paid to the holders thereof,
or their legal representatives, on and after Tuesday the seventh of February next,from which date all
Interest thereon will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent is declared on the earned premiums of the Company for the yeas
ending 31st December, 1910, which are entitled to participate in dividend, for which, upon application, certificates will be issued on and after Tuesday the second of May next.
G. STANTON FLOYD-JONES, Secretary,
By order of the Board.
TRUSTEES. •
FRANCIS M. BACON,
HERBERT L. GRIGGS,
CHARLES M. PRATT;
JOHN N. BEACH.
CLEMENT A. GRISCOM,
DALLAS B. PRATT.
ERNEST C. BLISS,
ANSON W. HARD. .
GEORGE W. QUINTARD.
VERNON H. BROWN.
THOMAS H. HUBBARD,
A. A. RAVEN.
WALDRON P. BROWN.
LEWIS CASS LEDYARD.
JOHN J. RIKER,
JOHN CLAFLIN,
CHARLES D. LEVERICH,
DOUGLAS ROBINSON.
GEORGE C. CLARK,
LEANDER N. LOVELL,
GUSTAV H. SCHWAB.
CLEVELAND H. DODGE,
GEORGE H. MACY,
WILLIAM SLOANE,
CORNELIUS ELDERT,
CHARLES H. MARSHALL. LOUIS STERN,
RICHARD if. EWART,
NICHOLAS F. PALMER,
WILLIAM A. STREET
PHILIP A. S. FRANKLIN,
HENRY PARISH,
GEORGE E. TURNURN.
ADOLF PAVENSTEDT,
MANILA SISAL AND JUTE
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS. 24 vice-Praltrenft.
CHARLES E. FAY, 34 Vice-President.
JOHN 11. JONES STEWART. tilt ViorProsider
Govevutttent Azgonntaut
P. 0. BOX 17. MAIN OFFICE,
WASHINGTON. D. C.
OFFICIAL ORGAN OF THE ASSOCIATION OF
AMERICAN GOVERNMENT ACCOUNTANTS.
A MONTHLY MAGAZINE OF INTEREST TO
ACCOUNTING AND FINANCIAL OFFICERS
OF MUNICIPALITIES, BANKS. RAILWAYS
AND OTHER PUBLIC/ SERVICE CORPORA.
!IONS.
TO BE FOUND IN ALL LEADING CERTIFIED
PUBL/0 ACCOUNTANTS' OFFICES.
Sample Copy 13 cents. Per Annum 111
Sutherlin & Company
MUNIOIPAL BONDS
Commerce Building,
MISSOURI
KANSAS CITY
@FedFRASER