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The
wrcativ
.111t
Bank 8c Quotation Section
Railway Earnings Section
jittantial
Ijrcitude
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, JANUARY 27 1912
VOL. 94
The Throuicte.
PUBUSHED WEEKLY.
Terms of Subscription-Payable in Advance
NO. 2431
Week ending January 20.
Clearings at1912. •
1911.
$
265,915,072
25,981,900
20,152,497
18,778,631
13,052.165
8,529,872
6,354,300
4,957,611
3,445,433
2,654,995
2,125,404
2,473,836
1,321,078
616,134
999,561
1,015,329
1,147,673
998.865
725,700
991,197
642,297
531,97-I
600,054
451,887
636,435
405,338
470.000
738,115
393,872
316.256
396,098
151,386
27,349
701,516
Inc. or
Dec.
1010.
$
278,778,516
27,514.300
19,642,572
17,933,927
12,055,103
10,028,993
6,996,300
4.832.098
3,394,575
3,087,207
2,150.107
1,964,378
970,913
684,031
1,125,996
1,024,124
1,169,822
858,000
671.893
965,331
654,345
563,853
559,368
443,988
665,347
387,397
415.138
586,934
501,750
207.545
389,059
210,094
18,995
510,000
1909.
$
Chicago
285.781,997
+7.5
267,632,113
$10 00
For One Year
Cincinnati
27,947,000
+7.6
30,191.350
6 00
For Six Months
Cleveland
+10.2
22,218,129
17,725,243
13 00
European Subscription (including postage)
Detroit
+11.3
20,892,579
14,246,4E6
7 50
European Subscription six months (including postage)
-3.4
13,475,031
11,458,126
22 148. ,Milwaukee
Annual Subscription in London (including pcstage)
-4.2
8,172,916
9.234,625
21 11 s. Indianapolis __
Six Months Subscription in London (including postage)
Colums
-4:3
6,083,400
6,069,300
$11 50
Canadian Subscription (including postage)
Toledo...........
+9.6
4.408,681
5,433.698
Subscription includes following SupplementsPeoria
-0.1
3,040,206
3,442,938
Grand Rapids_ _ _
2,411.237
+18.8
3,154,963
BANK AND QUOTATION(monthly) I RAILWAY AND INDUSTRIAL(3 times yearly) Dayton
+4.7
1,752.741
2.226,658
ELECTRIC RAILWAY(3 times yearly)
RAILWAY EAnsixas(monthly)
Evansville
-6.5
2,012,285
2,313,833
STATE AND CITY (semi-annually) BANKERS'CONVENTION (yearly)
__
Youngstown
781,843
-6•0
1,242,288
548,817
+29.1
Kalamazoo
795,223
Terms of Advertisind-Per Inch Space
813,207
+35.3
Fort Wayne __
1,352.670
Transient matter per inch space(14 agate lines)
_.
Ill
+14.7
Springfield,
988,9(2
1,164,768
Two Months
t2 00- Lexingtcn
(4 times)
-10.6
686,374
1.025.908
29 00 Akron
Three Months (13 thnea)
+78.1
1,779,000
840,0(0
Standing Business Cards
50 00 Rockford
Six Months
(26 times)
747,106
+2.9
603,177
87 00 Canton
Twelve Months(52 times)
+25.9
1,248,028
787,942
+7.4
689,877
519,307
CHICAGO OFFICE-Pliny Bartlett,513 MonadnoekBlock;Tel.Harrison 4012. Quincy
-0.2
South Bend
429,246
530,856
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
+3.5
Springfield, 0_ _
620.919
488,124
-0.5
Mansfield
338.028
449,604
WILLIAM B. DANA COMPANY,Publishers,
+10.2
Bloomington_
701,566
453,230
New
Ste.,
York.
Depeyster
and
Flue
P.0.Box 958. Front.
+23.7
Decatur
601,575
437,764
+4.3
Jackson
490,000
300,000
Published every Saturday morning by WILLIAM B. DANA COMPANY, Saginaw
+6.5
786,200
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana, Danville
-2.3
326,347
3$4,738
Vice-Presidents; Arnold Cl. Dana, Sec. Addresses of all, Office of the Company, Jacksonville __ _
+3.1
238.292
326,186
+1.7
306,444
Lima
402.893
149.572
+3.8
Ann Arbor
157,151
+31.8
27,263
Adrian
36,037
CLEARING-HOUSE RETURNS.
-20.8
Owensboro ___
555.331
The following table, made up by telegraph, &c., indicates that the total
for
ending
United
States
week
bank clearings of all clearing houses of the
Tot. Mid.West. 417,131,066 389,599,830 +7.1 401,961,979 380,336,392
Jan. 27 have been $3,315.305,216, against $3,482,676,563 last week and
$3,18 1,008,916 the corresponding week last year.
33,873,589
44,092.176
48,034.721 +15.2
55,319.502
San Francisco_ _ _
Los Angeles
11,270,767
14,654,178
17,477,692 +27.6
22,294,813
7,620,274
10,854,639
12,097,716
Seattle
9,097,100 +19.3
l'er
Clearings-Returns by Telegraph.
6,138,076
0,241,710
Portland
10,213,992
9,528.084 +7.2
Cent.
1911.
1912.
27.
Jan.
I
lVeek ending
3,216,485
4,554,850
Spokane
4,116,527 +1.8
4.192,335
_
6,125,035
Lake City.
7,529,228
6,912,506 +11.2
7,684,976
$1,926,320,159 81,578,347,207
+3.0 Salt
New York
4,256,611
5,703,721
4,026,506 +9.3
4,402,298
+4.4 Tacoma
130,809,873
136,556,375
Boston
+4.9
..
Oakland
1,607,894
4,052,227
2,236,676
3,862,406
+8.3 Sacramento
115,498,072
125,043,902
Philadelphia
814,410
1,166,342
1,414,284 +19.1
1,684,704
+5.2 Pasadena
29,709,654
31,239,312
Baltimore.
-0.1
830,000
840,712
839,653
225,189,380
+4.2 Fresno
234,520,085
Chicago
+16.7
503,722
665,404
882,137
755,770
-4.1 Stockton
64,582,426
61,930,531
St. Louis
430,386
793,938
577,108
661,584 +20.0
1.3 San Jose
18,940,972
18,502,448
New Orleans
392,987
681,820
460,695
448.147 +52.0
Yakima _ _
320,236
463,031
329.066
451,693 -27.0
+3.3 North
$2,234,127,792 $2,163,077,584
Seven cities, 5 days
225.000
243,110
289.125
208,825 +16.4
+9.9 Reno
482,497,419
530,104,207
Other cities, 5 days....
Total Pacific
76,795,472
124.469.210 107.836.557 +15.4 104,566,960
+4.5
$2,764,231,999 82,645,575,003
Total all cities, 5 days
44,179,511
55,147,234
58,798,832 --7.1
54,028,855
+2.3 Kansas City
538,433,913
551,073,217
All cities, 1 day...
15,638,537
Minneapolis
23,128,480
20,832,580 ---12.5
18,230,533
+0.6
14,460,597
16,233,798
Omaha
14,726,502
14,813,173
83,315,305,216
+4.1
week
83,184,008,916
for
cities
all
Total
10.687,811
9,849.067
9,460,339
St. Paul
9,475,328 -0.2
9.450.441
9,968,058 --5.2
10,150,982
9,454,378
The full details for the week covered by the above will be given next Sat- Denver
4-10.4
......
4,036,329
...
2,453,997
Duluth
2,707,973
urday. We cannot furnish them to-day, clearings being made up by the
6,834,525
8,650,335
9,333,889
9,159,353
clearing houses at noon on Saturday, and hence in the above the last day of St. Joseph
4-8.7
3,170,368
3,556,331
3,895,381
3,865,076
Des Moines
the week has to be in all cases estimated, as we go to press Friday night.
2,624,913
2,824,680 --13.2
2,374,792
2,451,388
We present below detailed figures for the week ending with Saturday, Sioux City
1,776,945
2,918,921
3,250,000 --6.0
3,054,020
Wichita
noon, .Tan. 20 for four years.
1,373,536
1,659,708 --2.7
1,608,092
Lincoln
1,815,629
1,409.706
Topeka
2,168,952 --24.0
1,398,938
1,647,116
1,266,801
Week ending January 20.
Davenport
1,568,005 --2.3
1,531,665
1,466,570
986.204
1,229,815
1,321,679 --17.4
1,091,699
Cedar Rapids
Clearings at
Inc. or
642,656
887,330
646,895 4-15.2
745,120
Fargo
1911.
Dec.
1909.
1912.
898,437
1910.
Waterloo
984,113
1,169,305 --15.8
856,875
889,928
1,004,846 --6.6
1,022,118
Helena
657,509
816,440
$
$
$
706,294 ---0.9
700,281
Colorado Springs.
$
%
551,430
706,538
2,047,127,321 1,975.511,559 +3.6 2,839,550,277 1,878,518,533 Pueblo
629,262 +5.8
664,709
New York
364,047
162,928.984 157,6-12,678 +3.4 163,351,524 125,322,073 Fremont
424,939
Philadelphia
281,750 --19.8
235,829
42,706,661 Hastings
52,511,328
51,304,027 -5.5
48,4'/8,132
150,000
196,108 --23.8
149,384
Pittsburgh
148,028
27,715,133 Billings
168,191
36,813,631 -2.5
35,909,081
32,464,722
132,961 A-I24.0
297,884
Baltimore
11,863,622 Aberdeen
13,483,008 -17.4
13,492,302
400,000
318,747 --18.2
11,133,665
260,764
Buffalo
5,456,241
6,610,910 +13.8
6,590,008
7,525,836
Albany
0th. West. 138,771,399 147,058,378 -5.6 147,530,537 117,080,240
Tot.
+0.3
8.176.942
7,263,131
7,324,024
7,283,890
Washington ..... _
3,576,562
4,410,664 -0.7
4,380,162
4,477,812
Rochester
71,885,137
74,757,677
83,216,520 +0.6
83,676,588
2,359,631 St. Louis
2,800.958 -5.8
2,669,869
2,638,718
Scranton
20,440,925
29,338,147
23,153,069 +3.5
23,959,715
2,088,742 New Orleans
2,436,756 +10.3
2,661,166
2,686,784
Syracuse
-9.4
14,573,859
16,337,281
15,722.207
.
14,240,633
Louisville
1,362,625 +12.5
1,232,260
1,590,583
Reading
1,532,086
+27.7
14,6)0,651
15,162,277
14,865,464
18,975,056
Houston
+9.9
1,197,641
1,532,258
Wilmington
1,511,371
1,660,425
7,004,500
7,618,000
8,883,500 +6.2
9,434,000
1,184,163 Galveston
1,287,914
Wilkes-Barre
1,515,213 -4.0
1,454,658
-+24.5
6,614,009
8,230,311
7,504,699
9,345,000
Richmond
Wheeling
1,405,754
1,604,567
1,453,681 +32.5
1,925,948
6,104,584
-2.3
7,788.148
8,508,591
8,706,366
Memphis
Trenton
1,311,033
1,398,538
1,562,350
1,416,697 +10.3
5,491,187
11,930,429
13,663,217 -1.0
13,527,111
Atlanta
883,055
803,599
York
704,739
+0.3
880,167
+0.04
7,176,643
7,065,725
7,387,731
7,390,878
Worth
Fort
931,744
872,615
Erie
624,605 Savannah
785,337 +18.5
4,696,489
4,227,701
5,615,220 +2.0
5,727,831
465,003
556,106
570,375 -2.5
663,455
Chester
3,985,000
+29.8
4,137,404
4,230,311
5,489,731
Nashville
501,935
700,000
455,714 Norfolk
646,988
28.3
Greensburg
+25.7
2,775,373
2,863,842
2,789,746
3,506,073
481,900 +20.1
578,500
450,000
537,550
Binghamton _
2,211,275
2,852,122
2,653,748 -21.3
2,088,894
526,101
554,403 -5.1
356,182 Birmingham
458,419
Altoona
1,910,258
2,331,366
2,749,944 -23.5
2,103,609
.
Augusta
1,044,670 +2.2
1,087,945
Lancaster
1,774,461
1,735,009
1,939,401 -8.8
1,769,459
Little Rock
1,613,349
2,306,574
2,713,275 +27.2
Jacksonville __
3,450,000
+3.2
2,270,553,761
2,115,169,284
2,343,271,420
3,136,498,518
Total Middle__
1,507.250
1,901,659 +2.8
1,769,483
1,955,408
Knoxville
+4.1
1,480,117
2,126,352
1.886,247
1,964,298
Charleston
198,427,452 208.450,632 -4.8 214,234,147 179,321,404 Mobile
Boston
1,446,645
1,633,799
1,662,536 -25.1
1,244,901
10,519,200 -9.3
7,559,300
9,555.700
9,539,500
Providence
1,454,840
2,148,005 +16.9
2,512,042
1,980,677
4,155,548 +33.5
3,183,673 Chattanooga
4,798,412
6,548,689
Hartford
1,216,957
2,086,795
2,400,000 -32.6
1,613,492
3,049,895 +9.9
2,727,582 Oklahoma
3,028,493
3,351,728
New Haven
-0.6
915,997
4,473,148
1,150,000
4,500,000
Macon
2,333,753 +4.2
2,203,556 Austin
2,500,000
2,431,234
Springfield
+15.2
760,516
1,562,790
1,800,000
1,056,896
13.9
1,964,636
1,835,628
1,428,440 Tulsa
1,691,155
..
Portland
621,223 +18.4
735,963
2,446,146
+4.3
1,455,684
2,418,780
2,550,432
..
Worcester
378,737
605,181
736,884 -1.6
725,000
Wilmington, N.C
1,227,558 -18.7
1,341,086
1,084,780 Jackson
997,148
Fall River
500,000
470,000
600.000 +35.5
812,940
805,843
1,273,778 -24.3
1,203,186
964,697
New Bedford _
413,278
520,425 -33.8
344,357
355,257
Vicksburg
-16.2
480,492
531,080
691,933
580,031
Lowell
690,473 Not included in total
Muskogee
428,175
668,628
621,383 -7.2
576,680
Holyoke
Total Southern 231,374,718 224.955.410 +2.9 211.916,453 182,843.937
Total New Eng 227,658,744 , 236,743,462 -3.8 242,113,140 200,659,019
3,482.676,56313.376.773,729 +3.1,4,244.478.587 .072.888.344
Total all
1.435.549.242 1.401.262.170 +2.4 1.494.928.310 1.194.364.81
Outside N.
Note.-For Canadian clearings see "Commercial and Miscellaneous News."
232
THE CHRONICLE
ELECTRIC RAILWAY SECTION.
A new number of our "Electric Railway" section,
revised to date, is sent to our subscribers to-day. The
editorial discussions in the same embrace the following
topics: "The Present Position in Electric Traction Development," "The Size of Turbo-Generators for Power
Transmission," and "Track Construction and the Life
of Rails."
THE FINANCIAL SITUATION.
It is'matter for deep regret that the State Banking
Department at Albany has discontinued the practice
of requiring annual reports of the trust companies of
the State. The effect is to deprive those interested in
these institutions, either as depositors or as shareholders, and the general public as well, of a mass of
information regarding the operations of these companies which has been regularly furnished for over a
quarter of a century past. We need hardly say that
such statistics, cast on uniform lines and extending
back for a long period of time, are invaluable for study
and comparison. Through them it has been posible
to trace the status of the individual companies from
year to year and to gain accurate knowledge concerning the advance and prosperity of each
particular institution. Taken collectively, these
annual returns have furnished an insight that could be
obtained in no other way into the business and doings
of a class of institutions which are wholly a modernday development and whose growth and progress
stands as one of the most marvelous events of recent
times. Now, all of a sudden, this most useful information, so regularly furnished in the past, and upon
which the financial world has become so accustomed
to rely, is to be discontinued. We do not mean to
imply tha,t the step has been lightly taken, nor to
charge that the Department is not acting in entire
good faith in the matter. Nevertheless, we think the
new policy is a serious mistake.
Innovations are always to be deplored, and especially
so when they concern organizations which come in such
close touch with the everyday activities of the population as do the trust companies. Until the present year
it was always the custom to require a statement of
condition of the trust companies for the close of business on the last day of December, namely Dec. 31.
On the present occasion the companies were asked for
a statement of condition for Dec. 21, ten days before
the close of the year, and were at the same time notified that they would not be called upon for any of the
annual statistics which it had been incumbent upon
them to furnish in the past. The trust companies
were formerly required to make returns semi-annually,
namely on June 30 and Dec. 31. But when these institutions, by reason of their wonderful growth and
progress, came so prominently into the limelight, and
it was deemed best that the Banking Department,
for the public welfare, should exercise closer supervision of their affairs, the law was amended so as to require trust companies to make four reports a year, not
at stated periods, but upon call of the Superintendent
of Banks. The June 30 returns were then abandoned,
but departmental practice was never changed as far
as the annual returns were concerned. The Superintendent of Banks required that, in addition to the four
reports a year upon call, the trust companies must continue their customary annual return on Dec.31. In
thus holding fast to the end-of-the-year statements,
the Banking Department itself furnished most strik-
Lxxxxiv.
ing testimony to the value of these annual statistics,
indicating appreciation of the fact that such annual
figures are highly useful in themselves and still more
so in comparison with the figures for previous years.
This argument, so effective in the past, against the
elimination of the annual returns, applies with still
greater force at the present time.
Of course the Superintendent adduces reasons which
in his estimation seem to justify the course pursued.
Careful consideration should be given to the reasons
thus assigned. To us they do not appear convincing.
As far as altering the date of the return is concerned,
it is argued that it avoids the possibility of "window
dressing." It is urged that, with the date known beforehand, and fixed for Dec. 31, the companies prepare for the event, and hence the report furnishes no
clue to the normal condition of the institutions. On
the other hand, when the date is not fixed in advance,
and remains wholly in the discretion of the Superintendent, the companies may be taken unawares and
a true statement obtained of their normal condition.
That sounds plausible, but while this contention is not
to be rejected offhand, it certainly does not have the
same validity to-day that it had some years ago.
The expression "window dressing" in its application to financial institutions had its origin in Great
Britain. It arose out of the fact that the joint-stock
banks were not accustomed to keep cash reserves
of any considerable size, but made it a practice when
it came time to render a public return to temporarily
augment their cash with a view to making it appear
that they habitually carried considerable reserve.
It is only in this sense that the argument against
"window dressing" has any force as applied to the trust
companies. But the occasion for "window dressing"
in this respect is past, as far as the trust companies
are concerned. The law now compels them to keep
a fixed minimum of cash, and this law they cannot
disregard, either at the date when a report is due or at
any other time.
We should not, however, regard the change as very
serious if it were confined simply to the alteration of
the date of the return—making it some other day in
December rather than the last day. What is of most
consequence is that in discarding the Dec. 31 statement the Department also throws out all the annual
statistics which have invariably formed part of the
Dec. 31 report. We are told that by omitting these
annual statistics both the Department and the companies themselves will be relieved of a large amount
of bother and trouble and work at the very busiest
season of the year. But it will be admitted, we think,
that that ought not to count for much where the utility
and need of the information is so clearly established as
it is in the present instance. Another point made is
that similar returns are not called for from the banks.
But the trust companies belong in a class by themselves. In some of their functions they more nearly
resemble savings banks than they do the ordinary
mercantile bank. Waiving that point, the fact is that
this information has always been required in the past,
and is, moreover, extremely useful and enlightening.
No good ground exists for abandoning its collection
now. All classes of financial institutions are under
Government surveillance, and the call is for more information, not for less—in the interest of the institutions themselves as well as in that of the public.
We are also asked to believe that the annual returns
are often used to the detriment of the companies, while
being of no special use to the public. The latter part
JAN. 27 1932.]
THE CHRONICLE
233
(8) the
of this statement must be denied point-blank. There (7) the dividends declared during the year;
is
interest
which
on
of
deposits
has always been a wide public demand for the statis- amount and number
way
what
In
items.
similar
other
few
tics, so much so that every year, in February, we allowed; and a
character
devote page after page of our space to a presentation can the publication of information of this
carries
The
question
company?
a
to
prejudicial
prove
comparison
of the returns of the separate companies in
reannual
requiring
of
policy
The
answer.
its
own
certainly
We
with the figures for preceding years.
of
ion
administrat
every
of
support
the
had
publishhas
turns
in
space
and
would not spend time and money
Should
past.
the
in
Department
Banking
State
the
exceedingnot
were
them
in
if
interest
the
statistics
ing
ly keen. In support of the claim that the information not Superintendent Van Tuyl retrace his steps?
It is perhaps proper to add that we are endeavoring
is often used to the disadvantage of the companies,
it is stated that where an institution suffers temporary to get from the trust companies by direct application
been
ill success, rival institutions seize upon the fig- the annual figures which heretofore they have
exWe
.
Department
Banking
the
to
company.
to
render
obliged
the
ures in the endeavor to discredit
figures
the
and
successful,
measure
in
large
be
to
pect
—sustains
unfortunate
is
But when an institution
our
losses, for instance, which have to be marked off—the will be published by us in the usual way in one of
cannot
fact quickly becomes noised about, and the damage issues in February. Obviously, however, we
is apt to be very greatly exaggerated by rumor. It count on getting returns from all of the companies such
is at such a time that special need exists for giving the as we had in other years when the returns were filed
actual figures and thus disclosing the true condition. with the Banking Department at Albany, and all that
It is darkness that hurts. Light is always beneficial. it was necessary for us to do was to have transcripts
Secrecy and concealment are to be feared. In the of the same made for our use.
case of financial institutions publicity is a salve that
Probably few were surprised, and surely nobody
heals. It never itself creates sores.
We know that some institutions in the past have should have been, to find Senator La Follette going
objected to the giving out of the facts contained in the the extreme length, in his Carnegie Hall speech, by
annual returns. These objections, however, we have bringing even the final court of the country within
reason to believe, have come, not from small and the "recall." Having pushed into what the slang of
weak institutions which appear to be the solicitude of the hour calls the enemy's country, he could not halt
the Banking Department, but from one Qr two of the without confessing retreat; for while the campaign
strongest, soundest and most conservatively managed movement is all on the line of radical extremes, the
companies in the city. There has been a tremendous politician who is merely abreast with the others is
decline in security values of late years, and these in- only one of many, and he who would draw the attenstitutions, as the holders of enormous amounts of such tion of the crowd must be a little in advance and must
securities (by reason of their size), have sustained make his cries heard above the din.
One very public personage, who is now assumed to
heavy losses owing to such shrinkage. Being conseeking the nomination, has openly proclaimed as
be
these
off
marked
have
they
servatively managed,
any judge who does not agree with himself upon
unfit
the
in
highest
is
action
The
time.
to
time
losses from
degree creditable, and their managers have every rea- a particular topic, and Mr.La Follette would recall any
son for taking pride in the way the situation was met. member of the Supreme Court who interprets a certain
To object to publicity in these instances appears all the law by the light of reason. The difference between
more mistaken in view of the fact that no real reason the twain in this particular is not material. The
notion of recall, at least when carried to this logical
exists for concealment.
is not one meet for discussion; because any
extreme,
to
forth
put
In the last analysis the argument now
needs to have such a proposition seriously
who
man
stateannual
the
g
support the claim for withhholdin
either
temperamentally incompetent or temis
as
treated
nature
same
the
of
is
companies
ments of trust
that formerly advanced by the railroads against giving porarily incapacitated by excitement to consider it
out periodic returns of earnings. This newspaper has reasonably.
But it may be well to point out that the essence of the
always championed publicity and we well remember
how strongly the railroads of this State contested the recall has always been in our political structure. All
proposal that quarterly statements of earnings and elected officers, judges included, come before the
expenses should be required of them. The leading people anew (which is the prescribed opportunity for
companies sent their most able counsel to Albany to recall) at the close of their terms, and even a life tenure
oppose the proposition. Now every railroad in the does not put a judge beyond removal for proved misland is required to file monthly returns and we have conduct. Happily, there has been as yet almost no
yet to hear of a single instance where the publication occasion to use this recourse, for it may be broadly
of these monthly figures has had the slightest adverse said that the judges have thus far averaged higher, in
effect. At all events it is too late in the day to gain both ability and faithfulness to an ideal of public
public support for a policy of withholding information. duty than any other class of officials.
There is nothing whatever new in this recall notion;
What are the items in the annual returns of the
trust companies publication of which it is claimed it is a reservation of power to the people which they
might prove detrimental? The items are con- have always had and, under any representative scheme
tained in the so-called "Supplementary" questions. of government, could never lose. It is now just a
They call for a statement by each individual company shibboleth, caught up as if it were a new dicsovery or
of (1) the total amount of interest and commissions a proposed restoration of a lost right. It has a
received during the year; (2) the amount of other flattering and taking sound. Used by the demagogues
profits received during the year; (3) the amount of the present, it cajoles the unthinking, who are easily
charged to profit and loss on account of depreciation, persuaded that what troubles exist have come about
and also the amount charged off on account of other by betrayal at the hands of legislators and judges., and
losses; (4) the interest credited to depositors during therefore that a universal panacea will be obtained
year; (5) the year's expenses; (6) the year's taxes; when every public officer and every judge feels that the
234
THE CHRONICLE
[VOL. Lxxxxiv.
string by which the common people hold him will be ought to be so shaped as to aid and not hinder
jerked as soon as he displeases his masters. How this character-building.
would work as to executive officers has already been
Mr Ogden wishes to apply the scientific methods
shown, for several Western mayors have had recall so much talked-of to an altruistic purpose. The
petitions started against them—in case of one, because essence of his conception is: a trust .fund, in which
he had given displeasure by interfering with a prize- each employe's share of profits shall be deposited,
fight, as the law required him to do.
instead of being handed over to him in present cash;
It does not avail much yet—but when people resume having this fund accumulate, in the hands of a board
sober thinking it will—to point out that a marionette of trustees consisting of representatives of both
form of government is neither republican nor represen- parties, together with some outsider; having the
tative, and that a j udge who shapes his decisions employee's money subject to his draft on attaining
according to what will be pleasing at present would a certain age, advances to be made meanwhile to
be a public menace. The later doctrine, a corollary those in pressing need of them; taking a small dis•of the recall as now proposed, that no judge may pass count, for the benefit of those who remain,
off the
upon the constitutionality of any statute, means that shares when settled for with employees who
leave.
laws cannot be enforced, since they must first be interThe feature most evident and distinct here is that
preted; this is, therefore, reduction to logical absur- emphasis is laid upon the gradual growth of a property,
dity. But this wave of depression in public opinion instead of a present division, in the mind of the
must pass, in its due course of time.
employee. The motive appealed to is the same as in
Meanwhile,it should be helpful to note the insidious every profit-sharing plan, namely to show the emcourse of descent which the proverb declares easy. ployee, and make him keep in remembrance, that he
The situation now is only the natural result of accepting has, or may have, some larger interest in
the wellone bad proposition which at the time was not startling being of the business than is bounded by his
regular
because not so very bad, and then it prepared the way wage. The aim is to make the worker
in effect a
for the next, so that we have gone down, step by step, partner and to make him realize this relationship.
in our public policies. For one example, executive
Of course, this is not a scheme of to-day, and it
have been encroaching upon legislative functions, ini- has been correctly proclaimed as the only workable
tiating and even preparing bills, and then driving them scheme for reaching a joint interest and a common
through to enactment. We have seen a governor ground between capital and labor. It is the best
abuse his constitutional power by calling a legislature practical bond for industrial peace, for men do not
back to do what he had required of it and had not strike against themselves any more than savings
obtained. Nothing in our political structure is so fun- bank depositors as a class light torches and join
damental and emphatically distinct as the separation mobs. The Steel Corporation aimed at time and
of powers into executive, legislative and judicial; but permanence as factors when it offered ownership
this has been, step by step, overturned. We cannot in shares rather than cash bonuses. Another manufacthis world do wrong without increasing the pressure turing corporation now seeks to avoid the danger
towards doing more wrong. Such able men as Senator which might come from putting full power into the
Root, who lately protested that under the latest ex- hands of employees, and it proposes issues of industrial
treme fad "our whole system of prescribed limitations partnership stock and first and second preferred
disappears," and even Mr. Taft himself, who has said stock. The gist of the safeguarding provision is
he could hardly overcome his abhorrence of the recall so that if dividends on the first preferred fall below a
as to mention the word, must in some degree share the specified rate through a specified term (that is, in
responsibility for what they now deplore and seek to effect, if the industrial holders are not adequately
halt. For they have gone with men of less power in handling the business), the sole voting power shall
drifting away from the ancient landmarks and leaving revert to holders of the first preferred, until the
the rudder to the mercy of the current. We are now correct status is retsored; also, if the failure in manageadrift upon uncharted political seas, because we dallied ment reaches the extreme as shown by specified bad
'with wild notions instead of resisting them in their results in dividends, the voting power shall permanbeginnings. The lesson is clear. Excess breeds ently revert to the holders of first preferred stock
excess; extremes bring reaction.
exclusively. Here is an attempt to fend off a conceivable failure in the operation of the sharing scheme
In lieu of profit-sharing Mr. Robert C. Ogden and in the degree that such schemes build upon the
suggests what he calls prosperity-sharing, and the distant rather than the near future there must be
difference which he conceives is more than merely some means provided against unfavorable continverbal, for the latter involves more of time and gencies. The remarkable plan of the Union Switch
provision for the distant future as a motive factor. & Signal Co., sketched in the "Chronicle" about
The defect in profit-sharing, in his view of it, is a three months ago, will also be recalled for its conpsychological one, and he thinks it misses what ought templation of situations far ahead in the future.
to be the effect upon the worker. To know that
some positive, even if not precisely-known, sum will
A strikingly interesting event of the week was
ere long accrue to him as a share in profits has an the opening of the Key West extension of the Florida
unsettling influence upon him. It stands before East Coast Railway, on Monday. Probably this is
him as a bonus rather than a continuing interest in the most unique piece of transportation work on the
the work and the business. Instead of encouraging globe, although not without a precedent less wonderthrift and building solid character, Mr. Ogden thinks it ful and less important, for the Ogden-Lucin Cut-off in
tends towards spending in advance of receiving and Utah was opened on September 18 1904. That
wondering why some comrade should get a larger short cut, saving 43.8 miles in distance, was begun-in
share than the rest. The recognition (implied in 1902 and goes across Great Salt Lake on about 23
every plan of this nature) of the equity which the miles of trestle, about equally divided between
employee morally has in the employers' business temporary and permanent, the latter portion standing
JAN. 27 1912
THE CHRONICLE
in 30 to 34 feet of water. The work had its novel
problems and met some mishaps; but American
determination pushed it through.
This new and vastly larger achievement carries
rails from Miami to Key West over more than 150
miles of salt water,• by turning into stepping-stones
the chain of small islands which stretch out as a sort
of Titanic hook of the Continent. The lire goes
partly through swamps, partly on the island-steppingstones, and partly on viaducts across the open water.
The arches are of rock and of the great modern material, concrete. The bridges, several of •'them provided with draws, vary in length, one of them exceeding
. seven miles. The line is "oversea", its supports in
the water, and the ditch on either side of this substitute
for an embankment being the Gulf. In an unusual
sense of the word, this will be a limited line, for its
speed of movement must be kept low; and for pro,tection against gales the viaducts have wind gauges
which automatically register the pressure and will
stop approaching trains when it exceeds the limit
of stability.
The engineering story of the great work would
be a long one to tell. It has been accomplished by
the daring imagination of one man, Henry M. Flagler,
and the first train carried him over it, on his 82nd
birthday. Having been told by his engineers that
the plan was physically possible, he told them to
execute it. The cost exceeded the estimates, but
probably the work has been done with the minimum
of waste. And whether we suppose him moved
chiefly by the appeal of imagination for perhaps the
most daring flight of construction yet made,or to have
had a vision of strict commercial results, Mr. Flagler
deserves honor for this crowning achievement of a
busy life.
Key West is the extreme south of the United
States. New York is now brought within some
50 hours of Havana, the sea part of the journey is
reduced to a few hours, and Key West itself becomes
in a more real sense a part of and in the United States.
Its necessity as a naval base has not been increased,
but its importance as such has been. Its relations
to the Panama Canal are important. The position is
one of command, stragetically. The full meaning
of the line, commercially and nationally, must be left
for time to develop; but it recalls the remark attributed
to Napoleon, that imagination rules the world.
The cotton-ginning report issued this week and
covering the period from September 1 down to and
including January 15 1912 clearly indicates that the
Department of Agriculture's estimate of production
of the staple for the current year is an underestimate.
The amount shown to have been ginned during the
first half of January is, of course, smaller than in most
earlier years, but that is to be ascribed rather to the
severity of the weather, which interefered with getting
cotton to the gins,than to a"petering out" of the crop.
The total ginned to January 15 is officially reported
as 14,510,676 bales, which at the average gross
weight of bales to the close of December (517.391bs.)
would equal 15,015,357 bales of 500 lbs. average
gross. This contrasts with the Department's estimate
(not including linters) of a yield of 14,885,000 bales
of 500 lbs. gross each. There is, consequently', on
the weight basis, an excess already with ginning not
yet completed. How much cotton remains to be
put in marketable shape is merely a matter of conjecture, but in earlier years the amount reported
235
varied all the way from 285,000 bales in 1910 (1909-10
crop) to 807,000 bales in 1907 (1906-07 crop.)
The details of the latest ginning report indicate
that without allowing for differences in weight of
bales the estimate of the Department has already
been exceeded in the Carolinas, Georgia, Florida,
Alabama and Oklahoma, and practically reached in
Louisiana and Tennessee. Leaving, therefore, only
Texas, Arkansas and Mississippi from which any
mentionable amount remains to come, the effect of
this latest ginning report upon the cotton markets
was unimportant, as the staple now rules upon a
comparatively moderate basis of value-9.70 cents
for middling uplands at New York, the lowest at this
date in any year since 1905.
Portland, Ore., and Puget Sound ports maintain
their prominence as exporting points for wheat and
flour, although of late years—due to increasing demands for home consumption to meet which there was
not commensurate augmentation in yield of the
cereal—the surplus available for shipment has materially decreased. It does not follow, of course, that
wheat exports have kept up to the comparatively full
figures of a decade ago, but they have declined less
than from Eastern ports. Flour shipments, however,.
have actually increased. This is made clear by the
Government figures published last week, especially
when comparison is instituted with about a decade
ago. At that time (in 1902) the exports of wheat
from the port of New York for the year reached 20
fnillions of bushels, or nearly double those from
Portland; in the year lately closed the shipments from
Portland were greater than from any other port of the
country, reaching 7,703,061 bushels, against 7,343,573
bushels from New York. In the matter of flour
exports the Puget Sound ports, Seattle and Tacoma,
the natural outlet for the flour mills of the Northwest,
ranked only fourth in volume of shipments in 1902,
but in 1911 stood second to New York with an aggregate outflow of 2,234,308 barrels, or one-fifth of that
of the whole United States. Reducing flour to wheat,
we find that the total exports from Atlantic ports in
1902 were 112,265,739 bushels, against only 52,626,946
bushels from the Pacific, whereas in 1911 the comparison was between 45,558,118 bushels and 26,471,866
bushels. This indicates, of course, a material decline
in each case, but demonstrates the relatively greater
prominence of Portland and Puget Sound at the
present time. We print the complete figures of wheat
and flour exports from the United States for the calendar years 1911 and 1910 in our breadstuffs department
on page 291.
Evidence is still accumulating that New York is to
occupy an unusually influential position this year
among the world's financial centres. Our own Government is not contemplating additional bond offerings
and our financial, mercantile and industrial activities
do not promise to require even a normal volume of
banking facilities until the present political uncertainty
is surmounted. Aside from Paris, New York is to-day
the cheapest money centre in the world, and we may
even be considered to compare favorably with the
French centre for the reason that our funds are not
under the restraint predicated on international political considerations. That our bankers will find slight
difficulty in utilizing foreign channels for the lucrative
employment of the resources for which they are not
likely to readily find employment at home, there can
236
THE CHRONICLE
[VOL. Lxxxxlv.
be no doubt. A few of the recent foreign offerings Paris to London, as indicated by the rising rates for
furnish an excellent illustration of this fortunate situ- sterling in Paris.
ation. For instance, the new German loans, aggregating $125,000,000, to be offered on Monday by the
Foreign developments this week have at times sugBerlinpoanks at 101.40 will bear interest at4%. Austria gested the possibility of a more serious disturbance
has just arranged a loan of 200,000,000 kronen (about of the European political equilibrium than is involved
$41,500,000) 4% Austrian rentes with the leading in the direct conflict between Italy and Turkey.
Viennese banks. These are being offered in New York The new French Ministry, with M. Poincaire in the
1 for delivery in March; coupons due in June dual capacity of Premier and Minister of Foreign
at 904
and November. Both Russia and Italy are reported Affairs, has, the cables inform us, further strenghtened
to be sounding London and Paris for terms for new itself at home and increased the respect entertained
issues. Turkey, of course, needs money, and,so far for it abroad by the promptness and the determined
as China is concerned, the disposition of foreign bank- attitude it has assumed in respect to the seizure by
ers on the momentous question whether they will pro- Italian warships of two French steamers. The Italian
vide the sinews of war for the Imperialists or the Government, following French representations whose
Revolutionists will undoubtedly eventuate into the meaning could not well be misunderstood, proposed
determining factor of the entire conflict. Bids from to submit the entire question of the recent seizure of
London supposed to have been for the account of Italy French vessels to the permanent Court of the Hague
have been current in the New York market for three Tribunal; but this was not acceptable. The first of
months' money. London itself has been quite an ac- the steamers, the Carthage, as we explained last week,
tive borrower at 3%@4% for 30 to 60 days, and was seized on the ground that she was carrying one
has, in addition, sold American securities quite aeroplane and parts of another which were construed
freely to this side. Contango rates at the approaching by the Italians as contraband of war, because M.
London settlement promise to be unusually firm. Duval, the French aviator on board the steamship,
Remittances must be made for the securities Europe was under contract with Turkey. The French Prehas recently returned to us, and this is one of the mier, in 'explaining the situation in the Chamber of
several reasons for the strength in sterling exchange Deputies this week, declared that Italy ,had comand the promise of early direct shipments of gold to mitted an undeniable error in seizing the Carthage.
London. At the latter point at present discounts The seizure of the second French steamer, the Ma5 %. In other words, money can be in- nouba, was a more serious matter, since twenty-nine
are 33' to 34
vested at 3/%, while at home here call rates are members of the Red Crescent Association—an organiabout 2% and time money for short maturities is very zation very similar to our own Red Cross Society—
close to the demand basis. On the other hand, there were taken as prisoners from the steamer by the
are a number of cross currents evident. For instance, Italian authorities, notwithstanding that the French
while London is borrowing in New York at about 4%, Government had agreed to permit them to pass through
othdr interests in London are making short-term in- Tunisia on the way to Tripoli. M. Poincare had therevestments in New York at lower figures. The most fore not only demanded a release of the prisoners but
probable explanation is that the latter figure upon an their delivery to French authority as a condition
additional profit from a decline in sterling exchange precedent to a reference of the entire question to arbitration. Fortunately, Italy has given satisfactory
when their investments mature.
So far as American subscriptions to the German loan assurances in this respect and the incident as a source
are concerned, we find the opinion in well-informed of further possible international unrest seems to be
circles on this side to be that a considerable part of satisfactorily closed. Prior to Italy's acceptance,
the loans made in December by New York banks to however, France considered it necessary to prepare
Berlin (and which have matured or will mature in the a naval demonstration and to permit it to be unoffinext few days) will directly or indirectly find its cially known that the Government was prepared to
way into the new German offering. There is certainly recall its Ambassador from Rome and to designate
no inducement to bring the funds home to a 2% money French warships to protect French commerce in the
market, and while London is, of course, available for Mediterranean.
re-employment of the balances as they mature in
As Italy has also detained British and Austrian
Berlin, the foreign exchanges do not suggest any ships, it is evident that the Turko-Italian war is
movement from the German to the British centre. entering a stage where complications with other EuroExchange between Berlin and Paris has also been more pean Powers are likely to arise from time to time.
or less stationary and does not suggest a transfer of This increasing danger, not unnaturally, may in turn
French capital to Germany at the present moment. furnish incentive for the Powers by concerted action
The fact that discounts are so easy in Germany indi- to bring the war to an end. . No definite developments
cates a disposition on the part of influential financial in this direction on the lines mentioned during the
interests there to prepare a market that will aid in last fortnight have been reported this week, though a
making the distribution of the new loan a success.
Vienna cable contains the suggestion that Italy shall
The large commercial loan of the Credit Foncier, to cede her East African possessions to Turkey as comwhich we referred last week, was duly offered on pensation for the loss of Tripoli. Some significance is
Saturday, and was quite a spectacular success. While attached to the fact that this suggestion is forthcoming
the offering was only 500,000,000 francs, the subscrip- just at the time of the visit to Rome of Herr von
tions were nineteen-fold that amount. The issue was Kiderlin-Waechter, the German Foreign Secretary.
of the usual popular character, the denominations There seems a concensus of foreign opinion that Italy
being in units of 250 francs, and the rate of interest is not making the progress she expected in attaching
was 3%. The transaction, naturally, tied up for a Tripoli and that, therefore, when peace is finally detime available funds in the French centre; but they clared,it will not be so much on the basis of conquest
were soon released, and the exchanges during the latter as upon payment in some form for the land acquired.
part of the week showed a movement of money from
JAN. 27 1912]
THE CHRONICLE
237
is
China has again demonstrated its continued right others, 19. The significant feature of the election
suburban
the
of
Kaiser's
seat
the
Potsdam,
far
that
so
ed,"
to the title of the "Country of the Unexpect
ht,
as foreign ideas prevail. A week ago events seemed palace, has returned a Socialist, Dr. Karl Liebknec
months'
a
of
eighteen
sentence
served
recently
who
a
of
ment
the
establish
for
prompt
highly favorable
republic. To-day, if usually responsible cables are detention in a fortress for his anti-military propaganda.
to be believed, any definite settlement of the Chinese Dr. Liebknecht, who is an eminent lawyer, some time
troubles is a matter of the rather remote future— ago also got into trouble with the Government for
possibly a year. Disagreement, we are told, has denouncing the Prussian and Hessian authorities for
broken out among the Revolutionist Party. Presi- permitting the Russian Czar's visit to Germany. He
dent Sun Yat Sen has refused at the last moment to characterized the Russian Emperor as "that reprekeep his compact to retire in favor of Premier Yuan sentative of a barbarous, lawless and treasonable
w
Shi-Kai. This split in the ranks of the Revolutionists tyranny." The election results completely overthro
in
centre
ive
has given the Manchus new life and renewed hope; and the working majority of the Conservat
muster only
plans for the abdication by the Throne have been the last Reichstag, which is now able to
placing
thus
vote,
possible
every
indefinitely delayed. Even Premier Yuan Shi-Kai, 191, counting
who
Liberals,
National
the
of
hands
in
the
of
control
the
who has been doing effective work in the interest
their
throwing
by
majority
a
form
to
.
of
will
able
be
hostilities
renewal
a
peace, is now said to favor
The Socialists,
Another instance of the fall in the standard of opera- strength with either the Right or Left.
l party,
individua
strongest
the
are
will
the
t
be
observed,
is
that
the
news
Party
nary
Revolutio
tions of the
double
than
more
being
of
110
ip
d
membersh
present
the
demande
War
has
of
Minister
s
Republic'
al
Provision
of the
time
the
that the China Merchants' Steam Navigation Co. hand their former strength, which was 53 at
in
maximum
previous
their
29
above
over to the Revolutionary treasury ten million taels dissolution and
in
now
is
which
Party,
Liberal
National
The
($5,860,000) immediately,with which to pay the troops. 1903.
'and
big-navy
with
identified
is
especially
control,
is
Unless the money is delivered, the War Minister
this
quoted as declaring he will seize the company's anti-English sentiment. On the other hand,
position,
this
attains
control,
into
comes
it
while
party,
to
secms
This
demand
them.
sell
steamships and
other
merit the interpretation that the high business prin- not by its own gain, but by the inroads upon
ciples that have so far been paraded as a feature of parties made by the Socialists.
the revolution are not likely to long continue. Premier
Foreign bank discounts, while indicating a much
Yuan does not believe, apparently, in a republic based
of
nt
more
active money market abroad than at home,
entirely or primarily on the system of governme
disess—if we exclude Berlin—reflect an easier
Shanghai
neverthel
our own country. He is quoted by a
than a week ago. In London open market
situation
no
have
s
patch as saying that the Chinese themselve
were quoted by cable yesterday at 33% for
the
discounts
means;
actually
real conception of what a republic
bankers' acceptances.
most common belief being that it is virtually a condi- 60 days and 34% for 90 days
spot rates are 3.4%
figures;
arrive"
tion of no government at all, without constituted au- These are "to
ago was 3Yi@
week
a
range
closing
The
thority and without taxes. When it is found that this higher.
Paris was
arrive.
to
and
spot
including
he
will,
34%,
idea is entirely erroneous,the various factions
maturities.
all
for
3i%
at
34%(4)3
yesterday
cabled
Possibly
believes, begin fighting among themselves.
closed at
Berlin
33%.
was
the
rate
ago
week
A
revoluthe dissensions that have already arisen in the
all mafor
to
arrive
34%
and
spot
for
1%
prePremier's
of
the
34@33
tionary ranks are confirmation
3%
was
quotation
closing
the
ago
A
week
turities.
Yuan's
Premier
that
indicate
cables
dictions. Latest
and
34%
at
week
star is again in the ascendant;the Dowager Empress on Brussels came 4% lower for the
3%.
at
d
Thursday conferred the title of Marquis on him in Amsterdam remains unchange
The Bank of England secured the bulk of the
recognition of loyalty to the Throne—a rank of noan
£500,000 new gold offered in the open market on
bility that is very rare in China—while the Republic
from
Monday, and the weekly statement on Thursday
Assembly at Nankin, according to a dispatch
nt
an increase in gold coin and bullion holdings,
showed
tantamou
is
Shanghai yesterday, took action that
London correspondent cables us, of £736,special
our
Sen.
Yat
Sun
to a repudiation of President
an increase of £1,258,845 the previous
the
following
540,
by
upon
agreed
as
republic
The plan for the
heavy shipleaders before the recent dissensions arose was to fur- week. This is notwithstanding further
reserve intotal
The
Egypt.
to
and
nish a substitute government for the loosely connected ments to India
n
of reserve
proportio
the
making
,
£970,000
empire of the eighteen semi-independent provinces creased
from
decrease
a
slight
is
which
48.69%,
g
liabilities
somethin
to
that at present are ruled by viceroys, with
with
compares
and
week,
preceding
the
govern48.94%
the
resembling our own territorial system for
ding
in
correspon
the
51.85%
and
ago
year
one
a.
51.87%
Manchuri
of
and
ment of the outlying dependencies
the
during
week of 1910. The market was a borrower
as
0,
£1,312,00
of
Another step forward in the march of Socialism in week at the Bank to the extent
."
securities
"other
of
holdings
Europe is indicated by the result of the German measured by the Bank's
apt
is
item
this
and
0,
£2,674,00
rose
elections, whose re-balloting was concluded on Thurs- Public deposits
revenue receipts that from
day. The Socialists have now an unexampled mem- to increase, owing to the
into the Exchequer. On
flowing
begin
should
on
now
majority
bership of 110. This does not give them a
of consols for the
purchases
large
hand,
other
the
the
But
.
in
the
Reichstag
vote of the 397 members
to be made during the current
Government forces, which comprise the Conservatives sinking fund that are
t form for the disburseconvenien
a
and the Centrists and are know as the "Blue Black" quarter will provide
not unnaturally,
and
should,
money,
bloc, have suffered defeat; their total membership has ment of public
and, in turn,
of
price
consols,
market
the
fallen to 159 from 188. The strength of the various stimulite
payment
The
ts.
British
investmen
e
high-grad
parties is shown by the following final figures: other
n of the
acquisitio
nt's
the
Governme
of
account
66;
on
Socialists, 110; Centrists, 93; Conservatives,
furnish
will
February
in
e
Co.
Telephon
all
National
18;
Poles,
National Liberals, 47; Radicals, 44;
238
THE CHRONICLE
another outlet for the public funds and thus counteract
the strain incidental to the revenue collections. Our
special correspondent furnishes the following details
of the movement into and out of the Bank for the
Bank week: Imports,£697,000 (of which £50,000 from
Turkey, £20,000 from Australia and £627,000 bought
in the open market); exports, £1,275,000 (of which
£775,000 to India, £100,000 to France and £400,000
to Egypt), and receipts of £1,315,000 net from the interior of Great Britain.
[VoL. Lxxxxnr.
Sterling exchange has responded to the higher rental
rates available for funds abroad. Shipments of gold
direct to London seem now a question of the near
future, as demand sterling on Friday touched
4 8755, which is within about % cent per pound of
the figure at which it is usually calculated that the
precious metal can go forward without loss and without special inducement being made to encourage the
movement. London, as has already been explained,
has been constantly in this market as a borrower, and
The Bank of France reported on Thursday an in- no immediate easing up in the British market seems to
crease in its gold holdings for the week of 7,000,000 be in prospect. Call money in London was yeaterday
francs. Its total stock is 3,189,200,000 francs, com- quoted at 33'@3%%,which compares with 23/8%, the
paring with 3,253,575,000 francs one year ago, 3,476,- ruling rate here; and borrowings over the approaching
025,000 francs two years ago and 3,634,920,000 in London fortnightly settlement are expected by bank1909. Silver holdings during the week decreased ers here to continue. Remittances have been neces450,000 francs and note circulation was reduced sary, also, as a result of foreign sales of American se120,350,000 francs, while general deposits increased curities. No additional shipments of gold have been
172,525,000 francs and bills discounted increased made this week for Paris account to the Argentine,
104,175,000 francs. The weekly statement of the but it is understood that next week's boat will take
Imperial Bank of Germany showed a much stronger a considerable consignment on account of the payposition than for the week preceding. Its gold on ments for the Argentine loan, which was placed in
hand increased 53,571,000 marks, and gold and silver Paris last year, but met with a particularly poor recepcombined, 86,631,000 marks. Meanwhile notes in tion, the Paris underwriters themselves having been
circulation decreased 137,965,000 marks, discounts compelled to take the greater part of the securities.
were 144,714,000 marks and loans 11,022,000 marks. British trade continues active and will continue to require more than the normal volume of banking accomDeposits were 65,346,000 marks higher.
modation. The settlement of the Lancashire cOtton
The New York money market, so far as domestic labor troubles removes a possible handicap that prombusiness is concerned, has been little better than ised to become an agency for trade restriction. Less
nominal. Currency has continued to come forward fear is now expressed that the British coal strike will
from the interior in large volume, and New York bank assume unmanageable proportions.
Compared with Friday of last week, sterling exreserves have also been increased by a shipment of
change
on Saturday was firmer, with demand quoted
$600,000 gold from Canada, which, so far as oan be
learned, is merely to that extent a restoration of at 4 8720@4 8725, cable transfers at 4 8755@4 8760
Canadian bank balances at this centre. There should, and sixty. days 4 8370@4 8380. The rise was contherefore, be a further improvement in New York bank tinued on Monday, when demand moved up to 4 8730,
reserves, which, according to last week's statement, a new high record, and the highest point since May
showed surplus holdings above the legal requirements 1910; closing figures were 4 8765@4 8770 for cable
of $42,074,700. These figures are those of the transfers, 4 8725@4 8730 for demand and 4 84@4 8410
Clearing-House banks and trust companies combined. for sixty days. On Tuesday demand advanced to
London has been quite a free borrower in this market 4 8730@4 8735, although cable transfers were slightly
at 3%@4% for 30 days, and Italy, also, has been weaker at 4 8760@4 8765 and sixty days remained
making inquiries in the market through London unchanged. Rates were somewhat easier on Wednesday,on dull, quiet trading, and showed a decline of
interests at about 4% for short-term loans.
The range for call money has this week been 2@2%%. about 5 to -10 points for the day; demand finished at
On Monday the extreme quotations were 2@234%, 4 8720@4 8725, cable transfers at 4 8755@4 8760
with 231% the renewal basis. Tuesday's range was and sixty days at 4 84@4 8405. Active bidding by
2@2Y3%, with DA% still the renewal figure. On London for funds in this market caused a sharp adWednesday 231% was the highest and 2% the lowest, vance on Thursday,demand rising to 4 8745@4 8750,
with the ruling rate 214%. Thursday's extreme .cable transfers to 4 8790@4 8795 and sixty-day bills
figures were 23@23j%, with 214% the ruling quota- to 4 8420@4 8430. On Friday a further advance to
tion. Friday's range was 2@2%%, with 23% the 4 8750@4 8755 was registered for demand—an advance
renewal rate. Time money is still abundant, though of 5 points,and again a high record for the current •
minimum rates are a shade higher than a week ago. movement—while cables also advanced 15 points to
Closing quotations up to 60 days are 23/2% (comparing 4 8805@4 8810. Sixty-day bills were 5 points higher
with 2@23/2% at the close last week); 90 days are at 4 8425@4 8435. The close was at 4 8425@4 8435
quoted 29% (against a range of 23@29'%); 4 for 60 days, 4 8750@4 8755 for demand and 4 8805@
months' funds are unchanged at 2%@3%; 5 months 4 8810 for cables. Commercial on banks was quoted
and 6 months, 3@331% (unchanged). Some business at 4 829.(0)4 83% and documents for payment
has been reported in 6 and 7 months' maturities on the 4 8331@4 843'. Cotton for payment ranged from
basis of 331%, and 12 months'money is obtainable at 4 833/2 to 4 83%, grain for payment from 4 83M to
3%@4%. Mercantile paper is in appreciably better 4 843.
demand, but remains in limited supply as a result of
The following gives the week's movement
the cautious attitude of merchants and manufacturers. to and from the interior by the New York of money
banks.
Quotations have not been changed from 33'@4%
Received by
Shipped by
Net Interior
for 60 and 90 days' endorsed bills receivable and also
Week ending Jan. 26 1912.
N. Y. Banks. N. Y. Banks.
Movement.
for 4 to 6 months' single-name bills of choice character. Currency
817,538,000
89,688,000 Gain $12,850,000
4,976,000
Gold
500,000 Gain 9,976,000
Others are quoted at 434%.
Total gold and legal tenders
$22,514,000
$5,188,000 Clain $17,326,000
- '
JAN. 27 1912.1
1.7
THE CHRONICLE
239
With the Sub-Treasury operations the result is as hold with a serious financial argument an audience
which had been promised an orator who should hypnofollows.
them with his firebrand eloquence; whereas in
tize
Net Change in
Into
Out of
Bank Holdings.
Banks.
Banks.
1900 the audience at the Bryan demonstrations got
Week ending Jan. 26 1912.
$5,188,000 Gain $17,326,000 exactly what they had come to hear.
Banks' interior movement as above_ 822,514,000
Finally, we re30,300,000 Loss 1,000,000
29,300,000
Sub-Treasury operations
that,
with
appetite
of the
wellthe
marked
known
$51,814,000 $35,488,000 Gain $16,326,000
Total gold and legal tenders..
New York public for any interesting or curious perThe following table indicates the amount of bullion formance, it was entirely probable that a great part of
Bryan's audiences was made up of the very people
in-the principal European banks.
who went next night to the important and interesting
Jan. 26 1911.
Jan. 25 1912.
Republican mass .meetings. The vote of New York
Banks of—
Total.
Gold.
Silver.
Total.
Silver.
Gold.
•City in November 1900 sufficiently proved the truth
35.977,242 of all this reasoning.
38,043,087 35,077,242
38.043.087
England
France __ 127,587,500 32,172,48 159,739,980 130,143,320 32,779,040 162,922,360
Germany. 41,363,300 15,070,50 56,433,800 42,159,350 14,640,200 56,799,550
Much the same comment may be made on Senator
6,277,00 149,567,000 142,855,000 6.448,00 149,303,000
Russia d 143,290,00
Ave. Hunb 53,949,00 12,105,01: 66,054,000 55,165,000 12,418,00 67,58.3,000 La Follette's reception by his audience. Few figures
47,268,000
18,737,000 30,202.00' 46.939.000 16,443,000 30,825,0
Spain
3,599,000 44,917,000 39,350,000 3,558,000 42,908,000 in the
Italy d. _ _ 41,318,00
political arena have been more picturesquely dis941,60 12,917,600 10,809,000 2,324,400 13,133,400
Netiflands 11,976,000
Nat.Belg.d 6,806,000 3.403,00 10,209,000 5,587,333 2,793,667 8,381,000 cussed than his.
His autobiography has been for some
4,462,000
4,719,000 4,462,000
4,719,000
Sweden
6,250,000
6,426,000 6,250,000
Switz'land 6,426.000
,time
in
a popular magaz.ine, and although
running
1,919,000
2,232,00
1,919,000
Norway.. 2,232,000
of any sense of humor and
marked
by
absence
total
596,906,552
103,770,580
598,197,467
491,120,245 105,786,307
Total week 494,426,887
Pray.week 490,350,464 102,526,563502.877,027 486,314,781 104,610,123 590,924,904 by the
disposition (common among political dreamers)
a The total of gold in the Bank of Russia ncludes the balance held abroad— to study himself and his achievements in a surprised
that is, the amount held for Russian account in other Continental banks. The
proportion so held, and consequently duplicated in .the above statement, is about and reverential manner, as if he were another man,
one-eighth of the total this year, against about one-seventh a year ago.
b The Austro-Hungarian Bank statement is now issued in Kronen and Heller nevertheless it has been genuinely interesting in some •
Instead of Gulden and Kreutzer. The reduction of the former currency to sterling
And,finally, Mr. La Follette in the
Pounds was by considering the Gulden to have the value of 80 cents. As the of its episodes.
Kronen has really no greater value than 20 cents, our cable correspondent in LonNothing could
don, In order to reduce ICronen to Pounds. has altered the basis of conversion by flesh was new to the Eastern people.
dividing the amount of Kronen by 24 Instead of 20.
therefore,
a
natural,
than
more
be
In
curibullion
widespread
and
gold
coin
(between
and
of
division
table
our
in
given
silver)
J The
the Banks of Italy and Belgium is made from the best estimates we are able to obProbably every reader of this article would
tain; It is not claimed to be accurate, as the banks make no distinction in their weekly osity.
returns, merely reporting the total gold and silver; but we believe the division we
be glad to have been present last Monday evening and
make Is a close approximation.
to have formed, from personal observation, his own
judgment on so very much talked-of a public characSENATOR LA FOLLETTE.
In some respects Senator La Follette's speech at ter. All this will indicate just how much and how
Carnegie Hall last Monday evening may be described little of real political importance should be assigned
as a distinct event in the progress of the Presidential to last Mond ay's demonstration.
The Senator's speech must be judged in the same
contest. It can hardly be said that either the newspapers, in their news accounts and editorial comments, general light. Its interest was chiefly a personal one,
or the stock market, in its action next day, were pro- but some of it was worth noting as an indication of
foundly impressed with the incident. Nevertheless, what the Western candidate seems to think the people
the fact remains that, on his first public appearance in at large are anxious to hear discussed. He appeared
New York, this ultra-radical Western aspirant for the to be strong for woman suffrage. But his main attack
Presidency was received by a great audience, which was on what he assumed to be the utterly corrupt,
crowded the boxes, floor and galleries of Carnegie decrepit and rotten condition of public affairs throughHall and overflowed to the street outside. It was out the United States. By way of supporting this,
even possible to infer, from some newspaper accounts, Mr. La Follette quoted first De Tocqueville to show
that the more emphatic and violent the orator became what American politics used to be, and then quoted
in his exposition of his most extreme theories, the Mr. Bryce as witness to what they are. So far, it
more pleased his hearers appeared to be. It is, there- cannot be said that the speaker had anything new to
fore, a legitimate question whether, even as early as tell to a New York audience; for the contrast between
this in the Presidential campaign, such a reception these two critics of American affairs had mainly to do
might not have meant increasing popular endorsement with problems which have occupied, in one way or
in the East of the candidate and his peculiar theories. another, every Congress and every Administration;
We had occasion to discuss this very question when at least since 1888. Mr. La Follette was certainly not
reviewing Bryan's week of New York speech-making the first to discover the political abuses of the period
towards the close of his campaign in 1900. Those or to try to* extirpate them. The real question is not
speeches were made, it will be recalled, to half a dozen what is the trouble in American public affairs, but
meetings in a single night; they called forth immense what is to be the remedy.
In his answer to that question Senator La Follette
enthusiasm in over-crowded houses; it was said by
timid people that perhaps, after all, the greatest city reminds one of those old-time doctors whose *dea was
of the United States was turning politically to Bryan. said to be that the more different remedies could be
Our comment at the time was that no such inference administered simu:taneously to the patient, the more
could possibly be drawn from an overflowing New York certain was the prospect of an immediate cure for
audience on the appearance of a conspicuous and well- whatever might be the matter with him. The Wisadvertised political orator. We remarked that, as a consin Senator is for the direct primary, and especially
theme of interesting discussion and entertainment, an for the naming of Presidential candidates on the baloccasion of this sort surpasses any performance at the lots of individual voters at the primary nominations.
theatres, and has the added and not inconsiderable He is fbr the initiative, for the referendum and for the
advantage of charging no admission. We pointed recall, and how little restriction he proposes to make
out, in answer to the argument that the response of odany of these three sweeping innovations may be
the New York audience was more enthusiastic in 1900 judged from the fact that on Monday night he not only
even than in 1896, that this was easily explained by advised that the recall be applied to State judiciaries,
the fact that in 1896 Mr. Bryan had attempted to but that it further be placed as an engine of public
240
THE CHRONICLE
[VoL. Lxxxxiv.
control over the United States Supreme Court. He
closed this remarkable exposition of political prinTHE OUTLOOK FOR BUSINESS IN CHINA.
ciples by this observation: "You have been told that
The conditions created by the political upheaval in
I am the most dangerous man in the world. I am China, which, in any other country, could be reasonahere to tell you that I am the safest."
bly interpreted in their bearing upon business, are
For ourselves, we do not think Mr. La Follette the not so readily to be understood, occurring as they
most dangerous man in the world. We are of that do in China. Opportunity for individual enterprise
opinion because we believe too fully in the sound may. be anticipated as the effect of the opening of the
common sense of the average American citizen to think Panama Canal, or, perhaps, be fairly estimated with
that such political nostrums, thus crudely, hurriedly relation to the trade of the Orient, but in China we
and impatiently proposed, can be permanently im- deal with a peculiar situation, whatever may be the
pressed on the public mind or can stand the test of final form of government to be adopted.
intelligent discussion before the public. As a factor
The important fact is that the Chinaman is the least
in Presidential politics, or as an aspirant for the Presi- understood inhabitant of the globe. This is the unidency itself, we consider Senator La Follette not to be form testimony of the men who have been most indangerous at all. At the present moment, indeed, timately associated with him. Dynasties have come
a good part of newspaper discussion over his unusually and gone; revolutions may occur, as little anticipated
early appearance in the arena of active Presidential as this last, but the Chinese character does not change.
campaigning is based on the assumption that the Wis- The Chinaman has, apparently, remained the same
consin Senator is in reality placed in the field to hold for twenty-five hundred years. He has submitted to,
the ground for a certain other possible candidate.
and then absorbed, the various peoples that have
We have no reason for subscribing to this idea, overrun him. He is indefatigably patient and stolid,
though we cannot help feeling that Mr. La Follette's as measured by the standards of the outside world.
anxiety to place his extreme ideas before the public, He is hopelessly resistent, yet with unmeasured powers
at the earliest possible opportunity, is largely a result of absorption. He takes up everything that is brought
of his discovery that he is losing ground rapidly in the to him, so far as he sees value in it, and generally
campaign for nomination. This principle had much makes little or no use of it. He has long had gunto do with Bryan's vagaries during 1900. In his per- powder, and never has learned its effective use; as he
sonality we believe Mr. La Follette to be an honest has had the compass and, as has lately been said,
man. He did some sound public service in Wisconsin, "never discovered an inch of land." He got paper
and has been an industrious legislator and committee- from Persia in the Seventh Century, and early knew
man at Washington. But unfortunately, like so many how to print, but the historian to-day says that "he
other public men of his sort in this peculiar era, he has has had no one worthy to write "books." He has enwholly lacked that mental balance and that self-re- cyclopedias in endless series, and "knows nothing."
straint—the result of wide reading, economic study He possesses unparalleled historical annals and no
arid reflection on political history—which are so indis- history. He is a kind of human machine, within the
pensable to the equipment of a public man in places of boundaries of his accustomed life; with his patience,
great responsibility. Lacking those influences, and his industry, his mechanical skill, his taste in art,
with his head apparently turned by his somewhat he is admirable. But beyond that, when he emerges
striking political achievements in his home State, the into the larger world, he awakens amusement and pity.
political atmosphere of the day makes him almost
This may be taken as a general statement of the imnecessarily a victim of hallucination when he allows pressioh which he has made on the modern world.
his vivid imagination to run away with him. La Fol- But, however incomplete and inexact it may eventually
lette's speech of two or three years ago in the Senate,. be found to be, it is certainly true that China has, thus
when he ascribed to an organized body of one hundred far, played no part in the unfolding of modern hisselected millionaires—some of them dead and some of tory, and the world has little or no clue as to what her
them retired—the active task of creating, wholly at part is to be in the immediate future, or as to the real
their personal whim, prosperity or adversity in this significance of the changes which are now going on in
country, was a case in point. In that speech Mr. La her internal order. But the stirrings of life such as
Follette reached the height of the ridiculous. We do now are occurring in a nation which represents, apnot observo that he repeated that economic demon- proximately, a third of the population of the earth,
stration in his speech this week; but minds of his sort cannot fail to have immediate significance for the
move with restless haste from one position to an- world at large. Its relation to commerce, and, more
other.
particularly, to the business of America, is sure to be
We make these comments more in regret than in of the highest importance.
denunciation. We chiefly regret such vagaries and
The happy fact is that her regard for America has
weaknesses; on the part of any man with the inde- steadily increased, and recent events have, apparently,
pendent spirit and the popular following of La Follette, strengthened it. American commercial interests in
because such men have extremely useful possibilities the Orient centre in China. The events which have
in these days of disintegrating party principles, dis- followed the Treaty of Portsmouth, particularly the
solving party lines and widespread advertising of crude joint monopoly of Manchuria by Japan and Russia,
political and social fads or eccentricities. Whatever have strengthened the distrust of Japan which arose
is to be the outcome, at the nominating conventions,of in China at that time. The result has been to throw
the year's curious jumble of ideas and personalities, we American sympathy over to China, And to awaken
trust that there will emerge some leader with both the in China the conviction that America is the One really
popular following and the mental balance to direct a disinterested power among all with whom China is
political and social movement which is so largely in having dealings. That thought, which was already
need of clear-headed leadership, and to control the in the Chinese mind, has of late been growing into a
direction of the movement instead of being himself conviction. The United States, at least, does not
controlled by it.
want any part of her territory, and can have no possi-
JAN. 27 1912.]
THE CHRONICLE
241
ble hostile intention. We may, therefo're, prove a long after his return to America, entrusted to him,
valuable friend.
without any sort of guaranty, large sums of money,
Then came the Persian incident. Russia and Great solely because of his personal regard. The confidence
Britain had arranged their controlling spheres of in- and good-will, not of a single merchant, but of the
fluence in Persia. What that means is perfectly vastest, oldest, and, in some respects, the most potenwell known throughout the Orient. From the hour tial nation of the world, is now turned toward the
of that arrangement, both nations have been looking United States. It is being won by no demonstration
forward to an increase of their control and the enlarge- of force, not even as the result of the voyage of the
ment of their material advantages. It has been a American fleet around the world, or the possession of
constant threat to the existence of Persia and cannot the Philippines, but by those moral qualities which are
fail to have been thoroughly understood in its signifi- at once the most sensitive and the most prominent
cance by the people of Asia. It now has resulted, among men. The American business men in China
apparently, in blotting out from the plans of the fu- had a great name for unimpeachable integrity in the
ture a nation which originally was, in its poetry recent past; a name which the Chinese merchants, beand in its religion, one of the brightest, most energetic cause of their own high standards of business honor,
and most profoundly gifted races of history, and asso- fully appreciated,but which, unfortunately, has been
ciated with some of the most extensive military con- sadly impaired by some recent transactions in the
quests that the world has ever known. In connection scramble for concessions.
To-day, that good-will not only becomes an invitawith this tragic occurrence, the United States has
again come into prominence, through the American, tion, but it constitutes a very decided advantage for
nominated by President Taft at the request of the the merchants and bankers of the United States, to
Persian Court, who was put in charge of Persia's enter upon a field which, for the splendor of its promfinancial affairs, and who almost immediately became ist, both in promoting the welfare of a great people
the centre of the hostility of Russia. His services and also in the magnitude and prominence of the busiproved so efficient that the hopes of a new Persian re- ness it opens, has never been paralleled. England
form were rapidly rising, and the outlook for Persia's entered India by force of arms and has in time won
future, as being an independent Government, was the position, which the magnificence of the Durbar
brightening.
at Delhi now has proclaimed, by the justice and wisThe episode was brief, but the important fact for us dom of her administration and the integrity of Engis that once more America appears in the life of the na- lish individual character. All this is open to us in
tionsof Asia in an unselfish and helpful relation; and China on the basis of good will and mutual confidence
this cannot fail to be well known throughout the Orient. from the start. A few years ago, when the Governor of
China, stirred now, and awake 0s perhaps never be- the great Hong Kong-Shanghai Bank resigned and
fore, to the remotest corner of the Empire will know returned to England, after twenty-five years of serit, and give it her own interpretation. Whether the vice, he said at a banquet given to him in Shanghai
power of America is physically represented by her that in those twenty-five years he had not known a
readiness to fight, or is simply moral, in the knowledge single dishonest Chinese merchant, nor had the bank
the world has of her impulses, her principles, her lines lost one dollar by any of them. His only anxiety
of thought, can be left to the astute Asiatics to work was lest in the new contact with the crowd of business
out. The fact is that recent incidents like this in con- men from England and America, which was beginning
nection with Persia and Mr. Shuster, and that, not to pour in, the old ideals of commercial integrity,
long ago, of the return of the Boxer Indemnity money. which China had held, should be impaired.
to China, are sure to have a powerful effect in the shapHere is a situation which America should be proud
ing of relations which are arising as China settles her to meet. It is upon us now; it may never come again,
internal affairs and gathers herself for the new career atleast not with the welcome appreciation and the open
in the intercourse of the world, upon which she must door which now appear. However difficult it may
inevitably enter.
be to measure the immediate value or determine the
Despite the stolidity of the Chinese character, this particular method by which any one form of business
feeling toward America cannot fail to count for much shall be established in connection with China, because
in opening the doors for American trade. It ought of the difficulty attending our attempt to- understand
to give American merchants an advantage of which the exact situation, or to grapple with the intricacies
they should not be slow to avail themselves. We cer- of Chinese life and thought, the situation as a whole is
tainly are in the position of a most favored nation, perfectly clear and is such a summons to business enand we also have duties which it would be a shame not terprise as is not likely to recur. Already certain of
to fulfill. . As China now moves forward in a line the larger lines of American production have found
which will inevitably give her a new initiative in di- their way into China and have been extensively pushed,
recting her own trade and promoting her own in- but they are little more than the herald of an opporterests, there are possibilities of business of a magni- tunity. There is hardly any line of manufacture or of
tude and an importance for which, as yet, we have trade, from the watch to the locomotive,or from the
no measure. The relations of confidence which have typewriter to the automobile and the harvester, which
already been established ought to be such as to con- may not find an unprecedented demand.
stitute for the American business man a challenge as
BUILDING OPERATIONS IN 1911.
well as an opportunity.
the returns of building construction
analyzing
Of
of
Forbes
biographer
M.
In
the
John
late
Mr.
The
Boston tells how that distinguished merchant, when operations in the United States for the calendar
a very young man in an American mercantile house in year 1911, the conclusion is forced upon us that the
China, so won the confidence of Houqua, the leading showing is, all things considered, quite satisfactory,
Chinese merchant, that even then he put into his even though in the aggregate there is a small loss from
hands i)roperty to the extent of half a million dollars, 1910 and a greater decline from 1909. We drew
to stand in his name and to be under his control, and, attention last year to the fact that in what are called
242
THE CHRONICLE
[VoL. Lxxxxxv.
good times there is usuallyrmore or less speculative
Outside of Greater New York our record for the
or anticipatory building, and pointed out that there Middle States comprises 48 cities, of which 30 diswas much of it in some localities in 1910 and even played greater activity in building operations in 1911
more in 1909. In contradistinction, however, there than in 1910. In New York State gains were made
would seem to have been little of that class of work in at such important cities as Buffalo, Mt. Vernon,
the late year.
Schenectady, Syracuse and Troy; in New Jersey at
To illustrate the effect of over-anticipatory building, Atlantic City, Bayonne, Paterson and Trenton; in
we cannot do better than take the Borough of Brooklyn Pennsylvania at Allentown, Erie, Harrisburg, Philaas an example. For quite a few years prior to 1910 delphia, Reading and Wilkes-Barre; in Delaware at
building operations there were upon a relatively Wilmington; in Maryland at Baltimore, and at
exceptional scale and far beyond the requirements, Washington, D. C. But losses at Albany, Jersey
even with population augmenting at a rather rapid City, Yonkers, Newark, the Oranges, Passaic, Pittsrate. In consequence, many structures were awaiting burgh, Scranton, &c., were almost an offest, leaving
occupants at the close of 1909 and this served as an the total for the forty-eight cities only 1.1% above
object lesson, causing operations to be carried on in a that for 1910 and nearly 53'% less than for 1909, but
-much more moderate way in 1910 with a further largely in excess of 1908—the inactive year following
cdecrease in 1911. It would seem, too, that building the panic of 1907.
-was overdone in the Bronx in 1909 and 1910—at least
Turning to New England we find some decided conthere was a very considerable falling off last year..
trasts, with the aggregate for the 35 municipalities
In some other sections of the country also a ten- that have favored us with information 2.1% greater
dency had existed to count too much upon the future than that for 1910, a little below 1909, but largely
in carrying on building operations. The leading cities in excess of 1908, owing to the boom in building
of the State of Washington are conspicuous instances; plans at Boston the past year. Aside from Boston,
for, notwithstanding important growth in population, satisfactory gains are to be recorded at Chelsea,
building activity underwent very decided decline in Everett, Fall River, Haverhill, Hartford, New Haven,
1911, indicating that future demands had been largely Providence and Worcester, and losses at Holyoke,
anticipated by the building operations of previous Lowell, New Bedford( strikingly heavy), Portland and
years. Bearing in mind, therefore, the apparently Springfield. The exhibit the Middle West makes is,
lesser amount of speculative building in the late year, on the whole, better than for any other section of the
there would seem to be warrant for characterizing the country. Losses are infrequent and in no case large,
1911 results as quite satisfactory, especially as in a and increases appear at such leading centres as Chicago,
number of directions there is evidence of much ac- Cleveland, Cincinnati, Evansville, Indianapolis, Detroit, Grand Rapids, Louisville, Milwaukee and
tivity.
We have made special efforts this year,as heretofore, Youngstown. For the 43 cities that have made
to secure returns from every city from which informa- reports to us the total outlay is in excess of that for
tion can be obtained, and the responses are very 1910 by 13.1% and the increase is even heavier
gratifying to us. All the States of the Union are not compared with earlier years. On the Pacific Slope,
rep.resented in our compilation, but this is due solely owing to the fact that future needs had been so largely
to the fact that from some no reports are obtainable, anticipated at a number of points in 1908, 1909 and
owing to the absence of laws for collecting building 1910, there is decided evidence of contraction. Every
data. The missing States, however, number only city in the State of Washington records important
six—Vermont, Mississippi, North Dakota, Idaho, decline in activity in 1911. On the other hand, there
Arizona and New Mexico. Altogether, we have were moderate gains at Los Angeles, Oakland and San
comparative returns from 206 municipalities located in Diego. The combined returns (15 in number) which
various sections of the country. We also have we have from California, Washington and Oregon
reports for a single year (1911) from several others, show a loss from 1910 of 10.7%, and from 1909 of
but these latter are excluded because of the absence 7.1%, with a moderate gain over 1908.
The "Other Western" division, comprising the
of comparisons. The estimated expenditure under the
permits issued in 1911 in the 206 'cities reached States west of the Mississippi River to the Pacific
$938,467,502, which contrasts with $962,896,905 in Slope, but not including Arkansas, Olkahoma, Texas
1910, or a falling off of 2.5%;compared with 1909, the and Louisiana, which appear in the Southern group,
loss is 6.6%, that year's aggregate having been $1,- submit returns that indicate a general and quite
005,292,359, but there is an increase of 38.5% over important let-up in building activity in 1911. The
aggregate for last year at Duluth was, of course,
the very small total of 1908 ($730,081,871).
Our returns are grouped in such manner as to give abnormally swelled by the plans filed by the United
prominence to leading cities in various sections of the States Steel Corporation for a new plant to be erected
country, Greater New York heading the table with ,there involving an expenditure of fully 10 million
nearly one-fifth of the whole aggregate. For all five dollars. But aside from the consequent large decline
boroughs of this city the construction arranged for in at that point this year, there are numerious other
1911 covered an approximate cost of $200,325,288 decreases; in fact, losses are quite the rule. They are
and showed a falling off of 6.4% from 1910, Man- to be found at St. Louis, Kansas City, Minneapolis,
hattan exhibiting a gain of 3.3% and Queens of St. Paul, Omaha, Wichita, Topeka, Cedar Rapids,
48.2%. The Bronx, on the other hand, recorded a Waterloo, Salt Lake City, Ogden', Denver, and some
decline of no less than 46.3%, Brooklyn 5.5% and smaller cities. The only gain worthy of mite was at
Richmond 30.5%. Contrasted with 1909, every Des Moines, Iowa. The average diminution at the
borough, except Queens, records losses, with the 33 municipalities making returns is 20.9% as comgeneral result a decrease of 25.3%, but compared pared with 1910, nearly the same loss as contrasted
•with 1908 Brooklyn is the only section falling behind, with 1909, but with a small gain over 1908.
and the net outcome for the whole city is a gain of
For 31 cities of the South and Southwest the outcome for 1911 is a slight contraction. At Richmond,
14.6%.
243
THE CHRONICLE
JAN. 27 1912.1
Norfolk, Jacksonville, Birmingham, Dallas, Fort
Worth and Little Rock the plans filed cover greater
aggregates than in the previous year, but a falling
off is to be recorded at Atlanta, New Orleans, Houston,
San Antonio, Oklahoma, Nashville, Chattanooga,
and Memphis,with the percentages of decline heavy in
some cases. The total for this group of cities shows
a loss of 3.7% from 1910, but increases over all earlier
years.
-14
For the whole country outside of Greater New York
there is quite close agreement in the totals for the last
three years, they standing at 7383/i millions of dollars,
4 millions and 7373 millions. Contrasted with
7487
1908 the recovery is about 33%. Finally, separating
the territory Wes'c, of the Mississippi River from the
remainder of the country, including all of the Southern
States with the latter, an interesting situation is
disclosed. We find,for instance,that the total estimated outlay for building at 48 cities west of the River
in 1911 was only $193,604,202, against $230,500,014
in 1910 and $226,566,528 in 1909, or declines of about
15% in each case. The aggregate for the remaining
157 cities (not including New York), however, for
1911 was in excess of any former year.
A table covering the last four years for some of the
leading cities in each section, together with totals for
the remaining cities in each State,and the aggregate
of all, is herewith subjoined.
1911.
Virginia-Richmond
Norfolk
North Carolina, 3 cities_
South Carolina, 2 cities.
Georgia-Atlanta
Other. 4 cities
Jacksonville, Fla
Alabama, 3 cities
New Orleans, La
Texas-Dallas
Other, 6 cities
Little Rock, Ark
Oklahoma, 2 cities
Tennessee-Memphis
Other,3-cities
Total, 206 cities
Outside New York
1910.
Inc.orDec.
1909.
1908.
6,018,669 4,012,822 +50.0 3.574,812 3,169,431
1,631,309 +27.8 2,456.953 2,100,861
2,084,062
2,101,541 -3.6 1,733,428 *1,400,000
2,025,355
497,999
529,731
1,239,167 -14.9
1,055,774
4,833,941
6,215,900 7,405,950 -13.6 5,551,951
2,947,960 2,594,692 +23.2 2,355,073 2.049.997
2,310,025 2.075,500
3,590,805 3,184,940 +12.7
3,522,981
+.17 3,188,777
4,350,627
4,275,909
3,155.150 4.483.730 -29.6 5,165,512 5,744,311
5,523,372 4,199,040 +31.5 3,393,683 2,306,098
10,981,758 11,836,959 -7.2 11,696,168 8,378,958
1,029,890
1,531,097
1,384,423 +24.3
1.720,946
6,223,162 -41.1 6,588,378 2.239,938
3,664,979
5,859,146 6,282,553 -6.7 4,324,377 3.300,508
2,934,700 3,643.866 -19.5 4,302,795 3,142,001
938,467,502 962,896.905
738,132,214 748,819,873
-2.5 1005292.359 730,081,871
-1,4 737,277,178 555,324,252
* Estimated.
Canadian building operations were of unexampled
magnitude in 1911 particularly in the western portion
of the Dominion, although a few of the eastern cities
also showed marked activity in construction work.
In Manitoba a very satisfactory gain in the proposed
outlay for building was exhibited in 1911, while at
Saskatchewan and Alberta some phenomenal increases
are found. At Calgary, for instance, the intended
expenditure was advanced from 53 millions to
near 13 millions; at Edmonton the outlay was
35% millions in 1911, against 23/i millions; at Regina,
5 millions, against 2 1-3 millions; Saskatoon, a little
4 millions, and Moose Jaw
over 5 millions, against 27
nearly 23 millions, • against a little over 1 million.
On the Pacific Coast both Vancouver and Victoria
UNITED STATES BUILDING OPERATIONS.
important additions.
exhibit
1910. Inc.orDec. 1909.
1908.
1911.
New York Cityour Canadian compilation covers 35
Altogether,
+3.3 144,332,212 95,516.177
111,290,408 108,643,095
Manhattan
at
of
cities
nine
which decreases are recorded, but with
79,241,442
123,682,960
-15.5
105,433,937
89.034,880
Boroughs
Other
200,325,288 214,077,032 -6.4 268,015.181 174,757,619 the exceptions of Montreal, Lethbridge and WestTotal
1,020,000
1,438,595 -9.4 3.000,000
1,303,032
Portland, Me
mount, they are in localities where the annual cost
809,450
1,797,518
1,321,980 +12.5
1,486,781
Manchester, N. H
Massachusetts-Boston_ 19,287,500 16,061,365 +20.1 14,078,640 11,253,712 entailed by building operations has not yet reached
37,655,211 42,589,520 -12.1 42,387,846 28,612,985
Other, 21 cities
3,107,348 one million dollars. It will be observed by glancing
4.541,979 +29.9 3,440,925
Connecticut-Hartford_ 5,896,244
4,386,065 +13.3 4,226,322 3,091,465
5,868,519
New Haven
at the table appended that for the 35 cities the outlay
5,569,341
+5.8 10,241,520
7,701,842 7,279,430
Other, 6 cities
4,277,331 arranged for in 1911 reached $132,791,232, against
+5.1 6,838,850
6,578,500 6,260,725
Rhode Island, 3 cities
New York-Rochester. 9,389,775 10,082 548 -6.9 9,272.132 4.973,317
and
7,030.126 $101,593,506 in 1910, or an increase of 28.6%;
10,364,000 9,232,000 +12.3 10,077,365
Buffalo
+1.4 19,079.150 14,234,519 there is a gain of 85.4% as compared with 1909.
21,951.771 21.653.081
Other, 10 cities
New Jersey-Newark.. 10,975,344 13,394,812 -18.1 14,177,159 7,161,668
26,016,775 27,093,160 -4.0 29,122,317 20,639,381 Segregating the cities by sections, we find that in the
Other, 13 cities
+5.6 42,881,370 28,408,580
40,030,985 37,874,230
Penna.-Philadelphia
East, the 20 municipalities record an increase of 8%
11,678,544 13,056,213 -14.5 16,549,526 13,244,147
Pittsburgh
+1.5 17,014,632 10,643,357 over 1910 and since 1908 the gain has been 50%. In
14,224,907 14,012,668
Other, 13 cities
1,354,301
1,968,257
+6.5
2,155,048 2,024,092
Wilmington, Del
7,913 296 6.374.653 the West the operations at fifteen cities in 1911, it
+3.4
9,704,648 9,384,740
Maryland-Baltimore
684,313
1.284,785
771,277 +38.5
1,068,534
Other. 2 cities
will be seen, show an expansion of 50.6%, as compared
16,562,106 13,731,756 +20.5 15,887,478 11,425,374
Washington, D. C.
1,041,207. with 1910, over 157% as contrasted with 1909 and
+6.1
1,275,108
1,728,998
West Virginia, 2 cities._ 1,834,062
16,994,677 13,948,413 +21.8 13,028,294 0,896,869
Ohio-Cleveland
With the immi12,688,540 8.651.475 +46.7 7,806,369
6,428,988 almost 300% compared with 1908.
Cincinnati
4,644,235 5,133,591 -9.5 3,598,601
3,400,273
Columbus
of record
continuing
Canada
to
movement
gration
9.867.476 8,088.225 +22.0 6,847,529 5,628,248
Other, 7 cities
seems
year
current.
7,156,560
8,349,477
8,194,311
+1.9
5,905,929 proportions, active building in the
Indiana-Indianapolis
4,172,538
6,628,270 5,428,438 +22.1
4,361,541
Other, 7 cities
four
last
the
for
results
of
compilation
+8.6 90,559,580 68,204,080 assured. Our
A05,269,700 90,932,700
1111nols-Chicago
10,980,293 11,859,318 -7.4 11,422,936 9,949,319 years is as follows:
Other, 11 cities
+7.9 14,301,950 10,682,170
19,015,819 17,624,540
troit
Michigan-De
Other, 5 cities
Wisconsin-Milwaukee _
Other, 2 cities
Missouri-St. LOUIS _ _ _
Kansas City
Other, 4 cities
Kentucky-Louisville
Other, 3 cities
Minn.-Minneapollo
St. Paul
Other, 2 cities ___
Nebraska-Omaha
Other, 2 cities
Kansas, 4 cities
Iowa, 7 cities
_
Colorado-Denver
Other, 2 cities
Sioux Falls, S. D
Reno, Nevada..
Salt Lake City, Utah
'
Ogden, Utah
Butte, Mont
Cheyenne, Wyoming_
Calif,----Han Francisco_
Los Angeles
Oakland
Other, 7 cities
Portland, Ore
Washington-Seattle
Spokane
Other, 2 cities
4,253,083
12,336,098
2,084,535
18,607,555
13,310,871
2,009,690
6,575,657
1,275,921
13,735,285
8.915,009
4,183,338
5,426,863
1,234,017
5.080,766
9,741,913
6,086,260
956,674
727,150
305,128
3,159,800
719,729
238,260
467,578
20,915,474
23,004,185
7,132,566
15,072,146
19,152,370
7,491,156
3,314.780
2,616,839
3,746,661
9,797,580
1,564,197
19,600.063
13.783,196
2,106,525
3,811,838
1,119,275
14,363,830
10,053,011
13,426,765
0,250,988
1,544,210
6,257,243
12,087,167
11,319.955
1,409,239
949,850
361,865
4,461,600
1.140,970
303,410
603,076
22,016,756
21,684,100
6,913,643
12,388,340
20,886,202
17,163,078
5,883,484
3,481,448
+13.5
+25.9
+33.2
-5.1
-3.4
-4.6
+72.5
+13.9
-4.4
-11.3
-68.8
-13.2
-20.8
-20.7
-19.4
-46.2
-34.9
-24.6
-16.6
-29.2
-36.9
-21.5
-22.5
-5.0
+6.1
+3.2
+21.1
-8.3
-56.4
-43.7
-24.8
4,719,654
11,587,551
1,535,480
23,783,272
13,368,738
3,121,920
3,096,876
660,270
13,092,410
12,089,453
3,810,227
7,204,140
1,976,101
6.738,886
10,845,669
11.553.983
1,341,485
445,830
274,215
8,077,820
752,100
416,150
384,407
29,692,668
13,260,703
5,318,512
10,783,044
13,481,380
19,044,335
8,766,226
5,942,764
3,549,840
CANADIAN BUILDING OPERATIONS.
10,065,666
• 1910. Inc.orDec. 1909.
1911.
1,074,650
$
21.190,369 Quebec-Montreal
14,561,481 15,815,859 -7.9 7,785,621
10,562,041
3,749,252 4,107,120 -8.7 *3,000.000
Other, 2 cities
2,231.351 Ontario-Toronto
24,374,539 21,127,783 +15.4 18,154,057
2,688,304
1,623,100
4,255,730 2,546,280 +67.1
Hamilton
936,635
4,527,590
2,997,610 3,040,350 -1.4
Ottawa
10,093,915
6,521,003 +12.9 6,625,888
7,363,511
Other, 11 cities
7,625,635 Nova Scotia, 2 cities. _
786,944
818,694 +22.7
1,004,438
2,839,536 St. John, N B
385,700
520,275 +10.1 •
572,700
4,590,650
1,655.280
+8.0 42,888,900
Total East, 20 cities 58,879,261 54,497,364
3,782,289 Manitoba-Winnipeg
17,550,000 15,106,450 +16.2 9,226,825
7,166,579
1,802,705 +20.1
1,050,120
2,165,264
Other, 2 cities
10.098.020 Alberta-Calgary__ __
12,909,478 5,589,594 +181.0 2,420,452
1,141,299
3,672,260 2,159,106 +70.1
2,129,166
Edmonton
494,286
1,033,380
1,268,615
1,210,810 -6.4
Lethbridge
164,350
1,234 ,935
850,763 +45.1
549,000
Other, 2 cities
4,728,380 Saskatchewan-Regina_ 5,099,340 2,351,288 +116.9
744,479
542,352
1,002,905
5,004,326 2,817,771 +77.6
Saskatoon
416,842
2,4 75,736
1,107,500
1,035,290 +139.1
Moose Jaw
*350.000
141,810
921,595
642,475 +43.4
Prince Albert_
31,673,341 Brit. Col.-Vancouver 17,652,642 13,150,365 +34.2 7,258,505
9,975,000
1,673,420
4,026,315
2,196,095 +83.3
Victoria
6,320,562
.150,000
+2.0
166,700
163,430
Nelson
10,111,193
10,405,151
Total West, 15 cities_ 73,911,971 49,076,142 +50.6 28,722,797
13,777,329 Total all,35 cities
132,791,232 103,573,506 +28.6 71,611,697
5,927,538 -* Partly estimated,
4,455,513
1908.
5,062,226
*2,200,000
13,156,652
1,448,357
1,794,075
4,301,718
887,480
275,450
29,125,958
5,444,650
928,775
836,950
2,549,847
385,495
*403,172
516,646
115,625
430,925
*200,000
5,950,923
1,130,7j0
*125,000
18,998,748
48,124,706
244
TIIE CHRONICLE
CHICAGO STOCK EXCHANGE RECORD OF
PRICES FOR 1911.
Following a custom we have pursued for some years,
we print on a subsequent page a record of the range
of prices on the Chicago Stock Exchange for each
month of the calendar year 1911. The table occupies
the whole page and covers both stocks and bonds.
Dealings on the Chicago Exchange are not of the
magnitude of the dealings on many of the stock
exchanges here in the East. Yet they are of considerable importance. Chicago is the second city in
the United States in point of population and quite
a few of the securities dealt in on its Stock Exchange
are not found on the Exchange lists at other centres,
not even at New York where it is the custom to
seek a market for many securities that are distinctively
local to other parts of the country. Hence, the
compilation we furnish on page 256 should be useful
both for present study and for future reference.
General conditions during the year 1911 were not
favorable to large Stock Exchange transactions
anywhere in the United States and that fact is in a
measure reflected in the record of business for the
Chicago Exchange. But the Chicago Exchange ha an
experience distinct from that of other exchanges in
recording an aggregate of sales larger than the small
record of the previous year, when conditions were likewise unfavorable. As a matter of fact, the Chicago
Exchange enjoys the distinction of a very marked recovery, especially in point of ratio. Perhaps this is not
altogether an indication of the growing importance
of the Chicago Exchange. It does indicate, however,
a greater manifestation of confidence at that centre
than at other centres, in face of untoward developments
affecting security values more deeply disturbing than
for a very long time past.
The securities which form the basis of trading on
the Stock Exchanges of the country are mainly of two
classes—those issued by railroad companies and those
put out by industrial corporations. Both classes
of concerns during 1911 had trying developments to
contend against. In the case of the railroads the
action of the Inter-State Commerce Commission in
February in denying authority to Eastern and Western
railroad systems to make the moderate advances in
rates which it had been sought to put into effect, in
• part compensation for advances in wages, dealt a
blow to the railroad industry from which the roads
suffered throughout the rest of the year. Other
action inimical to the rail-carriers at intervals during
the remainder of the year tended still further to cloud
railroad prospects and to impair confidence in the
stability of railroad income. The fact that general
trade in the United States was experiencing a setback,
in part as the result of this unfriendly treatment of
transportation interests, likewise served to discourage
investments in these properties.
The industrial corporations on the other hand
suffered from the unwise and depressing action of the
Federal Administration. Many new trust prosecutions against corporations of large size were begun
during the year, including a suit under the Shermansknti-Trust Law against the United States Steel Corporation, the largest of the world's industrial organizations. In addition the American Tobacco Co. and the
Standard Oil Company suffered legal condemnation
at the hands of the United States Supreme Court and
were obliged to undergo disintegration and reorganiza
[VOL. Lxxxxiv.
tion. Worst of all, an impression was created by the
course of the Administration that all large industrial
organizations were in conflict with the Sherman Law
and would have to be resolved into smaller units, to
the detriment and the discomfiture of the security
holders. It was not until towards the very close of the
year that this impression was removed.
Thus everything operated to reduce both investment
and speculative buying. Despite it all, the Chicago
Exchange did a larger volume of business, as already
stated, than in the previous year, and showed a more
marked recovery in dealings than any other large
Exchanges. Altogether the stock sales for the twelve
months aggregated 1,048,727 shares, against 894,362
shares in the twelve months of 1910. Of course, even
after this increase the 1911 total remains below that
of 1909, when 1,623,495 shares passed hands, but it is
well above the totals for 1908 and 1907, when 833,943
shares and 817,164 shares represented the two year's
businessre, spectively.
It must be remembered that stock sales of a million
shares means vastly more in the case of the Chicago
Exchange than they do in the case of the Stock
Exchange at New York or even the Stock Exchanges
of Boston and Philadelphia. That is so because the
speculative element is so largely lacking in the business
of the Chicago Exchange. There is, of course, much
speculation on Chicago account, but it is conducted
on the New York Stock Exchange,and is mainly in
securities active in this market. On the other hand,
the dealings on the Chicago Exchange are chiefly
made up of small transactions and represent largely
investment trading. Hence the fact that the sales
at Chicago were 15% larger than in the previous year
speaks well for the business of that Exchange.
Additional emphasis to the statement is given when
we examine the record of the bond sales. Here the
volume of business in 1911 almost doubled. Altogether the bond business for 1911 is represented by
$13,702,000, against only $7,342,500 for 1910. In
this instance, too, the figures compare well with preceding years distinguished for large totals. For
instance in 1909 and 1908 the sales were only comparatively little larger at $14,800,500 and $15,261,000,
respectively. In 1907 the bond sales were only onethird those of 1911, amounting to but $4,566,100,
while in 1906 the total was also very small as compared
with 1911, being only $5,858,050.
BUSINESS IN ENGLAND IN 1911.
(Communicated by our London correspondent.)
London, Saturday, Jan. 13 1912.
The year 1911 was disturbed to a degree not paralleled for many a year by labor unrest all over Europe,
by an international dispute which at one time threatened actual hostilities involving several of the greatest
Powers, by the outbreak of war between two European
States, by a monetary crisis of great severity, and by a
fall in Stock Exchange securities dramatic in its suddenness and in the recovery from it. For two or three
years past there has been much discontent amongst
the laboring classes throughout the United Kingdom
and all over the Continent. There were here at home
several strikes in the early part of the year just closed,
one of them a coal strike in South Wales, which led to
rioting and the destruction of property on an unusual
scale and which lasted for over four months. But it
was not until the midsummer that the most serious
conflict between employers and employees began.
JAN. 27 1912.1
THE cHRONICLE
245
in amity. Before the settlement was arrived at, however,
a grave state of things was brought about both in Paris and
in Berlin. The French banks are strangely unwilling to
engage in French enterprise. They collect deposits in very
large amounts, but instead of doing as English and German
banks do—that is, encourage enterprise at home—they employ abroad the capital so entrusted to them. And they
were, when the Panther was sent to Agadir, employing immense sums in Germany. It is impossible to ascertain the
magnitude of the sums, but persons in a good position to
form some kind of rough estimate have committed themselves to the statement that from 70 to 100 millions sterling
of French money was being employed in Germany at the
moment. This, though, seems much exaggerated. The
French banks, knowing that the "conversations" were
broken off, jumped to the conclusion that war was inevitable,
and they withdrew their capital in a great hurry. Other
bankers (for the bankers of England, Switzerland, Belgium
and Holland) were also employing considerable balances in
Germany, followed the example; and the Germans found
themselves called upon to repay almost at an instant's notice
tens of millions sterling. They were forced, therefore, to
sell the securities they could sell at any price they could obtain, and everything seemed to foreshadow a panic of unparalleled severity in Berlin. At that moment three of the
most influential of the bankers of Germany hurried to the
Foreign Office to appeal to the Government for help,.and
were informed that not only was all danger of war past, but
As a consequence, the railway servants of all grades have that a satisfactory settlement would be arrived at in a very
long been dissatisfied, and for some time past there have been few days. Still, the foreign banks, and particularly the
partial strikes constantly year after year. In the middle French banks, went on withdrawing their money, and noof the past year the leaders of the men's unions made up their body knows what would have happened were it not that
minds to organize a general strike, and for a day or two they American bankers happily came to the rescue and lent very
actually carried it into effect. They did so, moreover, with large amounts to Germany. Gradually the German crisis
so much rigor that London, with its seven millions of people, abated. But up to the very last week of the year grave
found itself in danger of famine, all carriage of goods of every apprehensions continued that the settlement during the last
kind, including provisions, having stopped. The Govern- three or four days of December would see serious failures.
ment became alarmed and a large military force was rapidly As a matter of fact, the fears proved unfounded. There
collected in the metropolis, soldiers were employed in cart- was, of course, great pressure in the Berlin money market,
ing provisions,and at the same time, under the Government and there was an extraordinary increase in the note circuof any
initiative, a conference was called between a delegation of lation of the Reichsbank. But there was no failure
the directors and a delegation of the work people. A com- consequence.
Meantime the French banks not only withdrew money in
promise was arrived at which ended the strike, and a commission.was formed to report upon the best way of establish- this panic-stricken manner from Germany, but they withdrew
ing an arrangement fair both to employers and employed. balances from other countries As well, though in much
The commission met and reported quickly. But the men smaller proportions. Nay, more, they refused either to
were dissatisfied with the report, and grave danger was thus lend or to discount at home. For a few days the people of
raised that the general strike would be repeated. The Gov- Paris were almost dependent upon the Bank of France for
ernment again intervened, however, and another settlement banking accommodation. Even private persons became so
was arrived at, which it is now hoped will prevent in future alarmed that the present writer has been told by French
all serious disputes between the railway companies and their bankers that ladies in good circumstances in Pails and the
neighborhood withdrew sums amounting to from $1,500 to
employees.
Almost at the time when the railway strike was creating $2,500 each lest they might be left absolutely without
the
so much alarm in London and concentrating upon itself the means of buying their household requirements. Thus
and
attention of all classes, the German Government sent an banks and the public were all hoarding gold and silver
armed ship to a closed Moroccan port. Quite recently the notes. The Bank of France circulation, in consequence,
Even
French Foreign Secretary has informed the Senate that the rose at one time to nearly 2213 millions sterling.
question was then considered by both England and France after all real danger had passed, the French banks were
whether a French ship should not be sent there in conse- curiously reluctant to discharge their duties. Gradually,
quence; but it was decided not to do so. After a while however, when no doubt remained that an agreement be"conversations" between the French and German govern- tween France and Germany had been arrived at, they began
ments were opened in Berlin. But the German demands, as to lend and to discount on a moderate scale. But it was not
was learned subsequently, proved to be so exorbitant that until the agreement was officially announced that they
the French Government declined to continue the "conversa- operated freely. And some hesitation to do business contions." Just before this happened Sir Edward Grey pointed tinued until the debate upon the Franco-German agreement
out to the German Ambassador in London that, as the Ger- took place in the French Chamber, where it was approved.
Naturally, it was supposed that disturbances, both domesman demands were so exorbitant that France could not possibly he expected to aceede to them, there was grave danger tic and foreign, of such great gravity could not occur without
that the dispute might become perilously embittered; and affecting trade all over Europe most injuriously. That it
Mr. Lloyd-George followed this up at a dinner given by the affected the Berlin and Paris money markets there was no
Lord Mayor of London to the bankers of England by a public doubt at all. But it affected the London money market
reference to the serious state of things then existing. The surprisingly little. The Bank of England rate was not at
speech, though it reads to British people, at all events, quite any time throughout the year put up above 4%. Moreover,
inoffensive, gave very great offense in Germany. It, how- when the greatest danger existed there was no change made.
ever, did this great service to peace, that it showed to the What is more remarkable still, the rate of the Reichsbank
German Government that both England and Russia were pre- was only raised to 5% and that of the Bank of France to
pared to support France; while it is an open secret that Austria- '3%. But that the great banks made so little alteration
Hungary and Italy not only urged Germany to moderate her was generally explained on the assumption that the public
demands, but intimated in as diplomatic a manner as they had become so utterly alarmed that business came to a
could that the Triple Alliance did not bind them to support standstill, and consequently that there was very little
Germany in the course she was then taking. The result was application for banking accommodation. How entirely
of
that Germany moderated her demands, and after long hag- mistaken this view was was first shown to the conviction
returns
Trade
of
Board
the
of
the
by
publication
everybody
gling an agreement was arrived at which it is to be hoped
will in future enable France and Germany to live together for November. As a matter of fact, the trade of the United
The condition of affairs in regard to British railways
has been extremely unsatisfactory ever since the outbreak of the South African War. The policy pursued
by the directors of our railways has from the outset
been to distribute all profits up to the hilt, and consequently they have been obliged to increase continually
and very largely their capital for all improvements and
extensions—the betterment principle so well established in the United States being systematically avoided
here. Parliament, moreover, discouraged in every
way possible amalgamations between the railways,
pooling arrangements and agreements for timing trains,
so that those of one line should not unduly compete
with those of another. Parliament, in short, insisted
that it was not its own business to supervise the management of the railways, but that the railways were
bound to consider the public interest, and that ,the
only way in which the public interest could be safeguarded was by maintaining the keenest competition.
The result of all this has been cutting of rates, an undue increase in capital and a tendency to favor the
public at the expense of the shareholders and the employees.
246
THE CHRONICLE
Kingdom during the year just ended has been the largest in
the history of the country, and probably, we may say also,
the most prosperous. According to the Board of Trade
returns, the value of the imports for the year amounted to
£680,559,175, being an increase over the preceding year of
£2,302,151, or 0.3%. The value of the exports'of British
and Irish produce and manufactures was £454,282,460, an
increase over the preceding year of £23,897,688, or 5.5%.
The value of the re-exports was £102,720,799, a decrease of
£1,040,246, or 1%. The total value of the imports and
exports, therefore, was £1,237,562,434, being an increase
over the preceding year of £25,159,593, or 2.1%. Below
are the figures of the trade of the United Kingdom for
he year just closed, compared with the figures of 1910:
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1911.
E
62,694,771
56.069,390
58,543.022
51.850,987
53,929.824
51,105,889
51,064,056
50,605,513
53,700,958
60,815,120
65,432,935
65,002,014
1910.
£
55,909.684
51,150,942
58,108,947
59,556.231
55,229.753
54,629,817
49,374,008
52,018,827
51,547,457
58,010,622
64,089,852
69,109,461
Difference.
Per
£
Cent.
+6.785.087 +12.1
+4.918,448
+9.6
+434.075
+0.7
-7.705.244 -12.9
-1,299,929 -2.3
-3,523,928
-6.4
+1,690,048
+3.4
-1,413.314 -2.9
+2,153,501
+4.2
+2,804,498
+4.8
+1.343,083
+2.0
-4,107,447 -5.9
[VOL. Lxxxxxv.
and machinery. The fourth cause is the general prosperity
of all the countries with which we trade,dueito aivery considerable extent to_the vastly increasing gold production.
Lastly, the growth ofLour trade is accounted for, according
to British opinion, at all events, by the maintenance of free
trade.:Lki
.••
:ffhe complete trade figures of imports and exports into,
and from Great Britain for three years are as follows:
WM a unifa ,;`.11
EXPORTS AND IMPORTS.
14 t14 j• a I .1 ..,
1911.
1910.
1909.
(7,3 V il
Exports4
Home products
Re-shipments of imports
X
X
£
454,282,460 430,384,772 378,180,347
102,720,799 103,761,045 91,344,819.
Total exports
ImportsTotal merchandise
557,003.259 534,145,817 469,525,166.
Excess of imports over exports
680,559,175 678,257,024
624,704,957
_ 123,555,916 144,111,207
155,179,791
:TAt first sight-the revenue7returnefor the first nine months
of the financial year-the British financial year, it will be•
recollected, begins on the first of April and ends on the 31st
of March-seem to contradict the statements just made.
For instance, they amount to .£113,917,584, being a decrease
compared with the corresponding period of the preceding
year of £24,023,048, or 17.4%. But it is to be recollected
Year
680,559,175 678,257,024
+2,-302,151
-1-0.3
that
the Budget for 1909-10 was not passed by the House of
1911.
1910.
Difference.
Per
Exports2
£
£
Lords, and that, in consequence, a large part of the revenue'
Cent.
January
37,730.831
34,803,115
+2,927,716
+8.4
February
35,653,120 31.691,870
+3,961,250 +12.5 of that year had to be collected in 1910-11, with the result
March
40,803,912 34,391,558
+6,472.354 +18.8 that the
April
collection of the latter year was abnormally aug35,692,456 35.292,215
+400,241
+1.1
May
37,929,824 33,607.311
+4,007,517 +11.9 mented. According to the
June
statement of the Chancellor of
36,113,150 34,799,654
+1,313,496
+3.7
July
34.607.636 38,388.177 -3,780,541
-9.8 the Exchequer when introducing this year's Budget, the
August
36,082,700 38,638,883
-2,556.183
-6.6
September
36,879,254
36,964,261
-145,007 -0.4 amount which was not got in during 1909-10 and had to be'
October
43,546,303 37,691,232
+5,855,071 +15.5 collected in
November
1910-11 was a little over 30 millions sterling.
40.986,391
36,897,425
+4,088,960
+11.0
December
38,571,879 37,424,110
+1,147,769
+3.0 Consequently, if we deduct this 30 millions from the amount
Year
454,282,460 430,384,772 4-23,897,688
+5.5 collected in the last nine months of 1910, we find that there'
1911.
1910.
Difference.
is an increase of about 6 millions, instead of being a decrease'
Per
Re-exports£
£
£
Cent.
January
of 24 millions. It may be, of course, that the whole of thern
8,611.472
8,147,164
+494,303
+6.0
February
9,991,156
10,184,560
-190,404
-1.8 revenue
March
not gathered in within the year when the Budget
9,174,666
8,443,988
+730,678
+8.7
April
9,488,811
11,858,654
-2.369,843 -20.1 was thrown out by the House
May
of Lords was not collected in the.
8,834,951
8,294,262
+540,689
+6.5
June
8,753,388
8,383.643
+369.745
4-4.3 first nine months of the following financial year,and thereforeJuly
8,178,719
8.221.595
-42,876 -0.5
August
6,649,132
8,099,313
-1,450,181 -17.9 it cannot be said positively that the increase is as large as.
September
7,818,319
6,808,109
+1,010,210 +14.8 has just been stated.
October
But, on the other hand, it is to be
8.673,107
7,999,591
+673.516
+8.4
November
7,834,229
7,458,606
+375,623
+5.0 borne in mind that in the whole financial year 1910-11 about
December _
8,679,849
9,870,619 -1,196,770 -12.1
three millions sterling purposely was not collected, since that
Year
102,723,793 103,761,045 -1,040,246 -1.0
Noll.-The aggregate figures are official. They indicate that slight adjustments sum was not then required, and it was considered advisable.
have bean nmdefin the monthly returns as issued.
to let it run on into the following year, when the Insurance
The trade of the United Kingdom during the years imme- Act would require a great deal more
money. If we take
diately following the great gold discoveries in California and that into account, the revenue this
year will be seen to be'
South America increased rapidly in value until in 1873 it even greater than stated above.
In any event, the revenue
reached £682,292,137. There followed some years of reac- is the largest that ever has been
got in in this country, with
tion and comparative depression, and the value of the trade the exception of the totally abnormal
year 1910-11, and it'
did not pass the 800-million line until 1899, when it amounted fully justifies what at the time was considered very optimisa
to £814,570,241; four years later it exceeded 900 millions, tic forecast by the Chancellor of the Exchequer.
and in three years more it had expanded to well over 1,000
The railway traffic returns equally bear testimony to the
millions sterling. In short, the total trade of the United wonderful prosperity of the country during the year just
Kingdom during the past year shows an expansion compared closed. For the first half of the year the returns of
the
with 1899-that is to say, in twelve years-of as much as seventeen principal railway companies
amounted to Z49,£422,992,193, or 51.9%, while, compared with the figures 225,000, being an increase over the correspondi
ng half of
for 1873, last year's trade records an expansion of as much the preceding year of £1,329,000, or
2.8%. The figures for
as £555,270,297, or 81.3%. The wonderful expansion of the second half of the year amounted
to £54,014,006, showtrade shown in these figures is traceable, in the first place, to ing an increase of £1,258,000,
or 2.4%, compared with the
the enormous gold production of the world, which has second half of the preceding
year. Thus, the total receipts
been increasing so rapidly since the early nineties. It is for the year amounted to
£103,239,000, being an increase
due, in the secand place, to the immense financial assistance* compared with the preceding
year of £2,587,000, or 2.6%.
given by this country to the newer countries, and more parLike the revenue returns,. the clearing-house returns forticularly, to the British colonies. The advances to Canada, London at first sight seem
to conflict with the statement
in particular, have been immense. But all British colonies above that the year was exceptionall active
y
and prosperhave been assisted on a great scale, and so have those newer ous, for the total clearings through the
London Bankers'.
countries, 111(3 Argentina, which are financially dependent Clearing House alone amounted to £14,613,877
,000, against
upon London. The loans made go out to a large extent in £14,658,863,000 in 1910, showing a
decrease of £44,986,the form of British manufactures. Moreover, the capital 000, or 0.3%. This falling off,
however, is due mainly to
afforded leads to the construction of railways, the building the war scare. Before proceeding
to point out this, we may
of roads, the foundation of towns, and so on. It gives em- observe that it is only
in what are technically called the
ployment on an immense scale. It attracts a large number town clearings-that
is, the clearings of the purely City
of immigrants. Thus it augments the purchasing power of banks-that there
is any decrease. There is, in fact, an
the country benefited, and the lending country's trade with increase in the
Metropolitan clearings, which take in the'
the borrowing countries is thereby marvelously increased. whole of Greater London.
And there is an. increase, likeThe third cause of the expansion is the adoption of more wise, in the
country clearings, which include the clearings
scientific methods by our manufacturers, and the acquire- through the
London Clearing House of country-banks. Thement by them of the newest and most efficient plant and causes of the
diminution in the purely town clearings of themachinery. There was a tendency some time ago to believe London Clearing
House are, firstly, that in 1910, because.
that British skill was so great that manufacturers could the Budget of
the preceding year had not been passed, thesafely disregard competition. But the competition of the Government
had to borrow between 20 and 30 millions sterUnited States and Germany has completely routed that ling in the form
of Treasury Bills, while the Government bornotion, and our manufacturers now find it necessary to rowings in the year
just closed were exceedingly small. The.
provide themselves with the very newest and very best plant second cause was that,Ipartly
owing to the war scare and
JAN. 27 1912]
247
TlIE CHRONICLE
The second greatest of our industries is cotton manufacturing.- It omes. immediatelyei 'after ?agriculture, and
before all other occupations. • Its!!annual production is,
in round figures, f aboutT:, 100 ` millionsl sterling,Wand
700,0001persons. These
it einploysThetween' 60_9
latterrfigures represent onlythose):l'immediately employed in cotton. Indirectly, the industry gives employment to vastly larger numbers. It is, ind cd, the
foundation of the prosperity of Lancashire, and of portions
of neighboring counties. Consequently, its prosperity or the
reverse has an immense and an immediate effect upon the
well-being of the whole population of the United Kingdom.
During the year just closed it has been prosperous. Owing
to the shortness of the American cotton crop of 1910, the
—Increase or Decrease— staple article was scarce and dear, and during the first half
1910.
1911.
London—
of the year there were recurrent fears that the supply would
12,596,071,000 12,697,679,000 —101,608,000 —0.8
Town
+25,514,000 +3.3 give out. Indeed, two attempts were made to induce the
770,872,000
796,386,000
Metropolitan
1.190,312,000
+31,108,000 • +2.6 master spinners to adopt short-time. They refused to do
1,221,420,000
Country
for, luckily, they had supplied themselves
—44,986,000 —0.3 so, however,
14,613,877,000 14,658,863,000
Total
—42,685,000 —1.9 adequately before the year began, and the demand for yarn
Stock Exchange Pay Days_ 2,218,700,000 2,261,385,000
733,430,000
—54,778,000 —7.4 was strong. To some extent the shortness of the American
678,652,000
Consols Settling Days
—28,129,000 —4.7
568,736,000
596,865,000
Fourths of Months
crop was made up for by a bountiful Eqy•-•ti n crop. ConIf we turn from the purely Town clearings of the London ditions were reversed the latter part of 1911, when the new
Clearing House to the clearings of the ten principal provincial Egyptian crop was rather under the average while the
clearing houses, we find that in eight of those ten there were American crop was much better than the year before. When
increases, in some cases very large increases. For example, this latter fact become evident, the price of raw cotton
in Manchester the increase was as much as 9.2%, while there rapidly declined. • The position of.spinners, naturally, imwere only two decreases. One of these was in Dublin, 1.6%, proved. So did that of weavers. Indeed, it is said that the
and the other in Liverpool, also 1.6%, the latter being ac- weavers who did not combine spinning with weaving in the
counted for to a considerable extent by the bad crops in the last quarter of the year did exceptionally well-made more
United States in the preceding year. The aggregate clearings profit, in short, than any other class of manufacturers.
of:the ten provincial clearing houses amounted to £938,234,- Manufacturers who were provided with the newest and most
433, an increase over the preceding year of £28,533,241, or efficient machinery did exceedingly well. For example, 100
3.1%. Below we contrast the clearings through the ten mills, comparatively new, which do-not issue balance sheets,
principal provincial clearing houses:
declared in November dividends averaging 6% per annum.
—Inc. or Dec.—
1910.
1911.
On the other hand, for the twelve months ended with No,spindles",- had a share
+2,224,446 +3.6 vember, 76 mills,- with 6,570,53261,549,6.36
63,774.082
Birmingham
+1,953,000 +6.2 capital of £2,806,798:and the loans amounted to £1,394,791.
33.522,000 31,569,000
Bristol
—1.6
—2,026,800
164,836,700 167,463,500
Dublin
profit of £78,556
+737,194 +3.4 Of these 76 companies, 45 had made a total
21,645,847
22,383,041
Leeds
the share
+232,519 +1.8 and 31 a loss- of .£48,711, so that
12,722,476
12,954,995
Leicester_
—3,616,855 —1.6 capital averaged only about 1% per annum.
217,919,882 221,535,337
Liverpool
+9.2
+28,252,87.5
307,907,375
336,160,250
Manchester
• The tendency to increase the
+137,548 +0.3
48,091,573
48,229,121
-number of spindles is steadily
Newcastle
+18,167 +0.1 Making itself felt:-- There is amongst employers a strong
15,888,254
15,906,421
Nottingham
+1,219,947 +5.7
22,548,141
21,328,194
Sheffield
opposition to this tendency. Indeed, a very influential depu938,234,433 909.701,192 +28,533,241 +3.1 tation waited upon the Board of Trade several months ago
Total, 10 towns
The year 1911 was climatically and agriculturally utterly ab- to urge the Government to introduce legislation making
normal. Since meteorological records began to be kept the increase of mills difficult. • Happily, the Government has
there has been no year in which there were so many very hot done nothing of the kind. The argument of those opposed
days-that is, days in which the temperature rose above to the building of new mills is-that already the outturn is
90 degrees, and there is no other year in which so high a excessive; that the competition is making those employers
eltotemperature as 98 was recorded. Furthermore, there is no unfavorably situated incur heavy losses; and that,
other
preceding year in which there were so many periods of fine, gether, Lancashire is losing instead'of7gaining.On7the
many of,the
hot days. And, lastly, there is no previous year in which hand, it is urged by-thoie,who are,in favor that
nery,._anethat
p•lane'sanci'machi
antiquated
have_
mills
.
old
there were so many days of long, unbroken sunshine-sunconstantly
shine reaching fourteen hours in the day. The consequence unless new andlthoroughly`befficient mills are
greatest
the
as
position
loseTher
will
shire
'constructed,sLanca
the
year
was
and
barley
wheat
exceptionof this was that for
ally favorable. Over the greater part of the United Kingdom of manufacturingcentres.• • As theYear drew to a close the
last year's wheat was found to be immediately fit for milling Outlook'would have- been—favorable for the trade were it
without admixture with the best kind of foreign grain; and not for the unrest amongst the employees. Just before 1911
farmers, therefore, were.able to sell at unusually good prices. closed there occurred% lockout because a.husband and wife
Barley, likewise, was exceedingly good. The greater part at a mill in Accrington refused to join the trade union, and
immediately
•of it was quite fit for brewing; so much so, indeed, that those all the other operatives struck. The masters
write,
who needed barley for feeding purposes had to buy from determined to resist, and to assist one another. • As we
for a
R74
rieicTii
andintervened,
Tradehas
of
Board
the
Russia.
But oats was a poor crop. On the other hand, while settlement are going on.
wheat and barley benefited so exceptionally, all the root t"..• The wool trade has been active, and prices have been well
crops suffered from the long-continued drought, and so did maintainedS throughout the'year. • Still, there have been
erican deinand-'which-'had-been
the pasturages. The cattle had to be artificially fed for complaints because •th3ricm
some part of the summer, and the supply both of milk and of confidently looked for in the spring did not make itself felt
butter ran very short. The exceedingly dry weather con- until November.. Consequently, the better descriptions of
tinued, with occasional interruptions, until October. Then merino and crossbreds were rather neglected. In spite of
rains began, very often accompanied by strong gals that this, however, and of-tlie fear of war upon the Continent,
-did much damage along the coasts. They continued to the and the failures and'strikes at home, the consumption of
very end of December. Even at the end of the year there wool was exceedingly large, especially in the home market.
were complaints in i'ome exceptionally dry districts that, Apparently, the consuTptioll is gamingupon the-production
w7en
Ir-arcf!that—
long-continued and heavy as the rains had been, the springs of wool, and predictions already are.
-and the water courses were not filled up to the usual level; once the American demand becomes really strong, it will be
-tY
In no part of England, probably, was there a full supply found that the supply of the very bestkinds,-vhich-is chgf
-Aluntil very late -in December. The result, then, is that while what-Americieeks, will not be equal to the demancr.
.ing
wheat and barley benefited so immensely, the pasturages though thelAmerican demand7as already said,-did not spr
end-Of-the-3;Car
nermos'
-;-the buying731-3and the green crops of all kinds suffered very much, feed for up until nearlrthe—
cattle became scarce, and pastoralists, who depend mainly for was n a very large scale. Year by year the supply of these
their profit upon cattle rearing and feeding, found that the grades is becoming more limited, for Australian growers have
been turning their attention to the production of a larger
ostioaoperatindwasiunprecedentedly heavy.
partly • owing to the natural breakdown of an extravagant
speculation, the rubber boom, which played so active a part
in 1910, had almost disappeared in 1911. The third cause
was that, in consequence of the war scare, new issues of all
kinds were checked, indeed it may almost be said were
completely suspended, for a considerable part of the second
half of the year. Lastly, the failure of the Birkbeck Bank
and the Bank of Egypt, and the reconstruction of the Yorkshire Penny Bank, for a time had an undue influence upon
the money market, while naturally the strikes, the TurcoItalian War and the Chinese revolution also were unfavorable to enterprise in the regions affected. The following table
shows the total clearings through the London Clearing House
during 1911, compared with 1910:
.••••••••••
.
„
THE CHRONICLE
EXPORTS OF TEXTILE FABRICS.
Year's Exports.
Quantities.
Cotton yarn
Piece goods
Jute yarn
Piece goods
Linen yarns
Piece goods
Woolen yarn
Woolen tissues
Worsted tissues
Values.
Cotton yarn
Piece goods_
Jute yarn
Piece goods
Linen yarn
Piece goods
Woolen yarn
Woolen tissues
Worsted tissues
1911.
223,857.600
lbs.
yds. 6,633,613,900
lbs.
49,333,700
149,450,300
yds.
18,003,000
lbs.
194,014,800
yds.
65,373,600
lbs.
97,804,100
yds.
78,503,500
yds.
.£
15.664,739
90.613,089
704,089
2,045,031
1,218,994
5,645,691
6,477,203
13,306,248
7,134,257
1910.
1909.
101.629,100
6,017,625,200
58,852,700
176,435,800
18,548,900
220,568,000
67,893,700
95,274,100
95,369,600
215,223,400
5,722,158,100
54,318,700
188.024,700
15,532,900
223,934,800
58,261,100
78,608,700
85,131,200
13,337,780
78,685,438
607,741
2,062,322
1,196,998
6,115,414
6,548,928
12.546,038
7,874,345
11,822,145
68,279,389
654,869
2,106,022
952,864
5,726,908
5.004,357
10,206,696
6,577.916
.e
The labor disputes which have distracted so many industries during the year just ended are credited with having
given a very considerable impetus to the coal trade. The
coal trade itself did not suffer very much from disputes between employers and employed, except in South Wales.
But there were strikes in allied trades which are believed by
those interested in coal to have helped materially in the
improvement that has taken place. In the first half of the
year, speaking broadly, the coal trade was dull, whereas in
the second half it became decidedly more active. And the
explanation generally given by those in the trade is that the
seamen's strike forced many vessels to be laid aside, thereby
causing a scarcity of tonnage and an advance in freight rates,
which has been well maintained ever since. The dockers'
strike caused a suspension of deliveries of coal to many ports
and in other cases kept supplies short. The combination of
these strikes created a demand which has never been properly
overtaken. Recently there has been a demand on the part
of the miners for a minimum wage. Negotiations are going
on between employers and employed, and a vote of the
miners is being taken to determine whether there shall or
shall not be a strike. All this has caused the public to fear
that coal may become very scarce, and there has, in consequence, been a strong demand not only for household purposes, but on the part of the Admiralty, the railway companies and shipowners likewise. In consequence of all these
circumstances there has been a remarkable rise in prices,
in some cases as much as 33% and in others over 50%. As
a result, those. who exported coal early in the year have
done badly. Indeed, it is asserted that, although more coal
and coke have been exported in the year just closed than
in the preceding year, the losses have been considerably
greater in the past year.
Since June 1908 the production of pig iron has been so
much larger than the consumption that the stock in the public stores rose from 47,949 tons to 601,473 tons. Not a single month between June 1908 and July 1911 showed a decrease of stock. Since July, however, there has been a
slight dec inc. Yet the quantity in stock indicates that
over-production is still weighing upon the trade, and must
continue to weigh unless a great increase of consumption
soon occurs. On the other hand, finished iron and steel products have shared in the general grosperity of the country.
Indeed, some of the steel-making firms, especially those supplying shipbuilding materials, are believed to have done better than in any previous year, and those producers who publish balance sheets have clearly done exceedingly well. In
the North of England, the output of steel plates and angles
has been larger than in any preceding year, due to the fact
that the shipbuilding industry was unprecedentedly active,
most yards, it is said, working to their full capacity. No labor difficulties of any kind interfered with production.
EXPORTS OF IRON AND STEEL FROM GREAT BRITAIN.
1911
1910
1909
1908
1907
1906
1905
1904
1903
1902
1901
1900
1899
1898
1897
1896
1895
1894
1803
1892
1891
1890
1889
1888
1887
1886
1885
1884
1883
1832
1881
1880
1879
1878
1877
1876
•
Other
Descriptions
Pig Iron.
Rails.
Tons.
1,210,119
1,210,728
1,140.695
1,296,521
1,943,939
1,665,809
982,876
810,934
1,065,380
1,102,566
839,182
1,427,525
1,380,342
1,042,853
1,201,104
1,060,165
866,568
830.985
840,294
767,053
890,055
1,145,268
1,190,371
1,036,319
1,158,174
1,044,257
960,931
1,269,576
1,564,048
1,758,072
1,480,196
1,632,343
1,223,436
924,646
881,442
910,905
Tons.
375,564
482,327
580,215
452,521
429,161
460,328
546.569
525,371
604,076
716,210
572,724
463,731
590,667
609,403
782,045
747,662
457,552
425,242
558,375
468,003
702,247
1,035,431
1,089,892
1,020,002
1,011,779
739,651
719,276
728,540
971,165
936,949
820,671
693,696
963,878
441,384
497,924
414,556
w-acovrte
and heavier fleece of a rougher quality. Were it not that the
South African farmers have seen the opportunity thus offered
to them, and have availed themselves of it, the merino supply
would already have become short. It is said in the trade
that the South African growers, or, at all events, the most
progressive and intelligent of them, have made considerable
improvements in the article, as they are giving close and
constant attention to the classing and skirting of the fleeces.
Among crossbreds, however, the supplies of medium sorts
continue to increase. As a consequence, coarse, lustrous
wools from New Zealand and South America are getting
scarcer and have realized relatively higher prices than the
medium grades. The prosperity of the trade is threatened
by a strike against the employment of non-unionists.
The quantities and values of textile exports from Great
Britain for the last three years are given in the following table:
[Vos. sxxxxiv.
.......
...........
tcww.ob.2.,.>
co=c4mcm.-.c.:ro..-owc000,c,...mocomo,cowm....14.co=wc,
248
Total.
Tons.
4,519,109
4,588,009
4.210,799
4,096,521
5,152,227
4,682,200
3,721,382
3,262,842
3,564,601
3,579,104
2,897,719
3,540,689
3,717,180
3,244,350
3,686,106
3,550,398
2,835,541
2,649,998
2,856,574
2,739,279
3,240,146
4,011,430
4,186,182
3,966,563
4,143,028
3,385,197
3,130,682
3,495.991
4,043,308
4,353,552
3,820,315
3,792,993
2,883,484
2,296,860
2,346,370
2,221,470
The year 1911 has seen everywhere, except in the United
States, unexampled activity in shipbuilding. Indeed,
throughout Europe the outturn has been not merely unprecedented, but difficult to account for. As usual, the
United Kingdom leads the way. The total number of vessels constructed in the United Kingdom during the twelve
months was 1,478; the tonnage, 2,080,397, and the horse
power, 2,127,311, showing an increase over the preceding
year of 315, or 27.1% in number, of 740,909, or 55.4%, in
tonnage, and of 504,279, or 31.1%, in horse-power. In
England the tonnage was 1,221,948; in Scotland, 671,624,
and in Ireland, 186,825. The Clyde continues to hold the
first place as a shipbuilding centre. It produced in the year
just ended a larger tonnage than any country outside the
United Kingdom itself. Its total is not far short of
Germany and the United States combined, ythile it is
only 73,000 tons short of both the Tyne and the Wear combined, and is 65,000 tons higher than those of the Wear and
the Tees combined. Messrs. Harland & Wolff, the great
Belfast shipbuilders, and Messrs. Swan, Hunter dr Wigham
Richardson of Wallsend-on-Tyne, ran one •another very
close for the first place as builders of ships, and for the twelfth
year in succession Messrs. Harland & Holff have won. They
turned out only ten vessels, it is true, but the total tonnage
was 118,209, while Messrs. Swan, Hunter & Wigham Richardson turned out 24 vessels with a tonnage of 109,861. The
output of many other firms is very large, but a long way behind those of the two great firms mentioned. Tile "Titanic,"
built by Messrs. Harland & Wolff, is far the largest vessel
launched in the year just ended. The second largest is the
"Laconia," built by Messrs. Swan, Hunter & Wigham Richardson, which, however, is less than half the tonnage of tile
"Titanic." Messrs. Hawthorn, Leslie & Co. made tile largest
number of ships' engines, but they made only warship engines.
Owing to the war scare principally, and to some extent
also to the labor disputes, the new issues of 1911 were smaller
than in the preceding year. Yet they were of immense magnitude, and they confirm what has already been said as to
tile extraordinary prosperity of the United Kingdom during
the year. They amounted altogether to £197,128,603, being a decrease of .£35,014,128, or 15.1%, compared with the
preceding year. Below we give a table showing the countries to which the money subscribed went:
TOTAL CAPITAL SUBSCRIPTIONS OF THE UNITED KINGDOM DURING
1911 AND 1910.
1910.
Decrease.
1911.
£9,938,531
United Kingdom
£33,150.495 £43,089,028
India and Ceylon
British Colonies
Foreign countries
£5,278,448
55,159,554
103,540,061
£14,675,503
68,732,404
-105.646,798
£9,397,015
13,572,845
2,105,737
Total Indian, Colonial and Foreign_£163.978,108 £189,053,705
£25,075,597
Grand total_
£35,014,128
£197,128,603 £232,142,731
The gold imports for the year just ended amounted to
£48,693,753, being a decrease compared with the preceding
year of £8,628,014, or 15%. The falling off was, of course,
mainly due to the Agadir incident, which checked enterprise
in all its forms. It is also to be borne in mind that India
intercepted a good deal of gold which would have come from
Australia to London, taking the metal itself. And, lastly,
it is to be borne in mind that the state of the Continental
exchanges was such as to give little encouragement to send
gold to London for the supply of the Continent. The exports
of gold also show a decrease compared with the preceding
year. They amounted to £40,100,540, being £10,797,905,
or 21.2% less than in 1910. There is no need to explain the
falling off, since the fact that the whole Continent has not
been since midsummer in a position to take much of the
metal from London sufficiently accounts for it.
The imports of silver during 1911 amounted to £14,293,747, being £193,437, or 1.4%, above those of the preceding
year, and the exports of silver amounted to £16,923,537,
being 43,097,769, or 22.4%, over those of the preceding year.
Early in January an outbreak of plague in Manchuria and
Northern China interfered with the exports of beans and
other produce, with the result that there was a good deal of
Chinese selling of silver, which drove down the quotation
to 23 11-16d. Indian buying at this price, an abatement of
the Manchurian plague and purchasing from China raised
the quotation to 243d. in March and to 243d. in July. It
was then hoped that the Indian monsoon would be favorable.
But during July the rains were suspended for some weeks,
and as the fear of scarcity in India increased the price of
silver fell to 23 15-16d. The resumption of the rains in
India, dispelling the fears of actual famine, and a demand for
coined silver in the interior of China,sent up the price once
more to 25d. At this quotation Indian speculators in silver
who had bought on a very large scale, and therefore had control of a considerable proportion of the metal in the market,
decided to take delivery of what they had bought. The result was a further sharp rise to 263d. At this time the quotation for "spot" silver was about 4
3 d. above the "forward"
quotation. Large supplies of the metal, however, were
quickly sent both from America and from China, with the
result that the price fell once more to 253d.
The following are the bank and open market rates of
interest at a number of the principal Continental cities on
the first day of each month during 1911 and on the closing
day of the year.
PRICE OF SILVER FOR THREE YEARS.
L9w. I Aver.
1909.
1910.
1911.
High.
High.
Low.
Aver.
High.
Low.
Aver.
, d.
d.
d.
d.
d. 1
d.
d.
d.
d.
23 7-16 23 13-16
24
2434
12454
2454
Jan 2554
243'
2454
23 9-16 23 11-16
23 5-16 23 13-16:2454
Feb 24 7-16 23 11-16' 4 1-16 2454
23 1-16 23 3-16
45-16 243-16 233-16 23 I1-1623'%
Mch 2434
2434
24 7-16 24 7-16 2334
23%
Apr 24 15-1624 5-16 4 19-32 24 15-16 24
24 5-16
2434
24 13-1612434
May 24 11-1624 7-16 4 19-3224 15-16 2454
2454
2434
23 15-16 24%
!,2414
J'n 2434
24 5-16 4 15-32249
2434
4
213/746
2
25
23%
, 23%
July 24 7-16 23 15-16 49-32 2554
23 9-16
24 3-16 24 7-16 24
243-32 2454
Aug 24 3-16 24
24 5-16 24 9-16 2334
Sep 24 5-16 2454
23 11-16
4 7-32 2434
2354
24 13-1625 9-16 23 13-1623 1-16 2354
Oct 253-16 24 3-16 ,4 19-322634
8
23 5-16
25 5-16 25 11-16
Nov 26%
2334
25
5 21-32,126
Dec 25 11-1625 1-16 5 11-32'112554
24 5-16 23 9-16 24
24 15-162554
Y'r 26%
23 11-16 4 194321'2634
23 3-16 24 11-1612434
1,
1
23 1-16 23 11-16
In spite of war scares, strikes and bank failures, the money
market throughout the year experienced far fewer changes
than in many preceding years which were far less disturbed.
There were, in fact, during the twelve months only four
changes in the Bank rate, and the rate was never put above
4%. The average rate of discount of the Bank of England
9s. 5d. The comparative steadiness of the money
was
market under all the circumstances is attributable to two
causes. The first is that the foreign exchanges were for the
greater part of the year all favorable to London. In other
words, the rest of the world was indebted to this country.
Several times in the course of the year the exchanges, especially those of Germany and Austria-Hungary, were so very
high that it would have paid well to ship gold to London.
But so cleverly were the exchanges manipulated by the
Reichsbank and the Austro-Hungarian Bank that very few
shipments took place. The metal was forwarded on several
occasions from Hamburg to South America and other quarters on London account, and on a few occasions it was shipped
'rom Vienna to other towns, also on London account. But
the shipments were comparatively small, considering how
favorable the exchanges were to this country. The French
exchange was also generally in favor of this country. Occasionally Paris was able to take gold from London simply because the French banks usually employ considerable balances
in that city. But, speaking generally, the exchange was in
favor of this country, firstly, because in 1910 the French harvests, both for wheat and for wine, were exceedingly bad,
and in 1911 drought also injured the crops. In consequence
the Bank of England was able to accumulate a large part of
the gold which came from South Africa, although when it
249
THE CHRONICLE
JAN. 27 1912.]
saw that the metal was strongly needed for foreign countries
it withdrew for weeks together from competition. As trade
was so exceedingly good the banks were able to employ all
their funds advantageously, although the rates they obtained,
as already said, were somewhatlower than the preceding year.
But then it is to be recollected that the rates they had to
pay on their deposits were also lower.
Jan.Feb. Mch Apr. May Jne.July Aug. ep. Oct.Nov. Dec.1Dec.
1911.
1
1 I 31
1
1
1
1
1 1 1
1
1
1
Rates of Interest at— 1
Paris—
Bank rate
Open market...
.
Berlin—
Bank rate
Open market._
Hamburg— "
Bank rate
Open market__
Frankfort—
Bank rate
Open market...
Amsterdam—
Bank rate
Open market...
Brussels—
Bank rate
Open market...
Vienna—
Bank rate_
Open market...
It. Petersburg—
Bank rate
Open market_
3.1adrld—
Bank rate
Open market...
Copenhagen—
Bank rate __ _
Open market _ _ _
3
3
3
334 334 334 334
3
3.3
3
3
3
234 234 234 234 234 234 234 254 294 334 354 334 354
5
4
5
5
5
434 434 334
5
5
4.4
5
4
4
4
4
4
33-4 334 334 354 234 234 334 294 334 4
5
5
5
434 434 334
4
4
3
4
334 254 334 y
5
5
5
434 454 334
4
4
4
4
5
4
4
5
4
334 334 334 334 254 234 334 234 33
5 ‘ 4
5
354 334 d
4
e
4
3
4
3
3
3
4
33-4 334 3% 3% 3
33.4 394 3% 334 334 254 234 3
4
4
3
234 334 4
4
4
4
4
334 33-4 334 334 534 434 434 434
4
4
5
434 4
4% 434 33-4 4
23-4 234 e
334 334 23-4 294 254 2
4
5
5
434 454 x
4
4
4 .4
334 334 354 x
4
k
5
4
334 4
5
71
5
5
4% 434
5
5
5
5
5
5
5
5
5
5
5
5
5
NNNNNNNNNNNNN
434 43.4 434 434 434 434 434 414 434 434 434 434 434
4
33-4 334 33.4 334 334 33-4 334 334 434 434 434 4
5
5
5
5
434 4 34 4 34 434 4% 4
434 434 434 434 434 4
4
4
5
5
5
5
5
5
5
5
N. Nom. c 215-16; 43 1-16; e 3 7-16; k 39-16; z 311-16; y 315-16; h 4 15-16
The situation of the Bank of France as to its stock of gold
and silver, according to the last returns of each month of
1909, 1910 and 1911, was as follows, stated in pounds sterling;
GOLD AND SILVER IN BANK OF FRANCE—(00,030s omitted).
Pis
1911.
Gold.Sily'r To tali
£
Tan. 26.. 130,1
Feb. 23.. 130,5
%,Ich. 30._ 129,6
Apr. 27_ 129,3
qay 26.. 129,6
Tune 29._ 128,5
July 27_ 127,7
Aug. 31._ 126,8
3ept. 28._ 124,4
'Jct. 26.. 125,6
Nov. 30.. 128.4
Dec. 28._ 128,2
1910.
II
Gold.!Silv'r °tat
Gold Sitvr TotoA
1909.
1
£
X 1 £
[TT
35,1 74.1 Jan. 28.. 145,4 35,4180,8
£
£
X
32,8 162,6Jan. 27_139,0
33,3 163.81Feb. 24... 139,3
33,. 163,2, Mch. 31.. 138,4
28.. 136,6
33,8 163,11
34,2163.8. May 26._ 136,6
34,1162,6 June 30_ _ 136,1
34,i 161,7 July 28_ 135,7
33,7 160,5 Aug. 25._ 135,9
32,5 156,9 Sept. 29..'134.8
31,7 157,3 Oct. 27__ 132,8
32,3180.7 Nov. 24.. 131.9
32,2 160.4rec. 29.. 131.2
1
34,9 174.2 Feb, 25.. 145,6
34,9 173,3 Mch. 25_ 149,1
35,0 171,6 April 29._ 144,5
35,4 172,0 May 27.. 147,4
35,3 171,4 June 24.. 148,3
34,4170,1 July 29._ 148,0
33,8169.7 Aug. 2(1_ 148,2
33.8 168,6Sept.30._ 145,3
33,4 166.2 Oct. 28_ 144,8
33,4 165,3 Nov. 25... 142.6
33.0 164,2 Dee. 30... 139,8
35.5181.1
35.6179.7
35.6 180,1
35,6183,0
36,0 184.3
36,0184,0
36,1184,3
36,0181,3
35.8180.6
35.9178,5
35.0174,8
I
The war scare caused selling of securities, especially on
German account, upon an immense scale, and brought down
quotations very materially. But there was no real panic,
and as soon as the forced sales ended there was a recovery.
Looking over the list of quotations, one notices that at the
close of the year, speaking generally, the decline was not
very great. Even countries like Italy and Turkey, which
are actually at war, have not experienced a great fall in their
Government securities. In the case of Italy, perhaps, this
is accounted for by the fact that Italian bonds are now
almost entirely held at home. In the case of Turkey the
explanation is not so evident, but probably it is that holders
are hoping that the Turkish Government will be wise enough
to make peace; and that gradually, then, the country will
improve. Even in the case of Chinese bonds there has not
been a very great fall. On the other hand, the decline in
Consols has been very great. At one time they went to
4 This was brought about mainly by the failure of the
763
Birkbeck Bank and the Bank of Egypt and by the reconstruction of the Yorkshire Penny Bank. The Birkbeck
Bank and the Yorkshire Penny Bank held very large amounts
of Consols. They sold on a very great scale, and, naturally,
by so doing they not only alarmed investors but they drove
the price of Consols lower than they have been in a time of
profound peace ever before. To some extent, no doubt, also
the fall is due to the fact that the number of securities in
which trustees may legally now invest has of recent years
been immensely increased; and to a considerable extent it is
under existing conditions is too low
due to the fact that 2
a rate to attract the ordinary investor. Broadly speaking,
the tendency of prices upon the Stock Exchange in the first
half of the year was upwards. The relations of Germany
with France, of Italy with Austria-Hungary, and of Turkey
with the Balkan States, were all known to be far from satisfactory, and, therefore, the cautious hesitated about engaging in new risks. Still, as the spring passed over without
trouble, confidence was growing stronger and there were
many evidences that we were about to see a decided broadening of markets. The sending of the"Panther"to Agadir put
a stop to that. At first, it is strange to say, the incident
did not disturb the Stock Exchange as might have been
250
THE CHRONICLE
'expected. People had become so accustomed to undiplomatic conduct on the part of Germany that they took it as
'meaning little more than the telegram to Mr. Kruger or the
visit to Tangier. But when the French banks got alarmed,
and when real danger of a crash in Berlin arose, the condition
of most European markets became critical. Luckily, New
York was able to come to the assistance of Berlin, and
thereby the danger was brought to an end. But although
there was a marked recovery in quotations, there was no
revival of confidence, and to the very end people hesitated
about engaging in new risks, the more particularly as here
at home the labor disputes which the war peril had for the
time being stamped out, burst out again.
The appended table, made up from the official statements
of the Bank of England, shows the position of the Bank as
regards bullion, reserve, &c., each week of the year:
BANK OF ENGLAND IN 1911-(00,000s omitted).
•
Burion
Securities. Reserve
Deposits.
Market
Note in both
of
Bank
Rate
CirDeNotes Rate. 3 Months'
Govcula- part- Public. Other. ern- Other. and
Bank
lion, meats.
Coin.
raent.
Bills.
1911.
.0
£
28.5 31.9
27,9 32,9
27,4 34,7
27,3 36,0
27.7 '36,5
27,3 37,3
26,9 37 5
27,1
38,2
27,5 38,1
27,2 38,6
27,1
90,2
27,4
40,3
27.8 39,7
28,4
37,9
28.7 36,1
28,1
311,5
28,0 37,2
28,3 36,8
28,2 37,0
27,9 37,7
28,0 38,3
28,6 39,1
28,3 38,8
28,7 39,5
29,0 39,9
29,4
40,4
29,7 40.0
29,3
40,7
29,3 40,9
23,2 41,1
30,2 40,2
30,5 39,7
" 16_ __ .._ 29,9 40,1
" 23
23.9
40,9
" 30
30,0 41,7
Sept. 6
29,8
41,5
" 13
.29,4
42,5
" 20
29,0 43,1
" 27
29,1
41,6
Oct. 4
29,6 39,1
" 11
29,2 37,9
" 18
28,7 37,4
" 2528,7 37,4
Nov. L. __ __ 29,1
36,4
" 15
8
29,0 35,4
28,4 36,0
" 22_
28,5 36,9
" 29
28,7
37,3
Dec. 6
28.8 37,1
" 13_ _., ... 28,7 35,9
" 20
29,3 34,1
" 27_ ____ 29,2 32,4
Jan. 3 _
29,2 34,4
Jan. 4
" 11_ ___
" 18_
" 25_
Feb. 1
" 8
" 15
" 22_
Mch. 1
8
" 15
" 22_
" 28
April 5_ ____
" 12_ __ __
"
" 26_
19----May 3
" 10
" 17_ __ __
" 24
" 31
June 7
" 14_ ____
" 21
28
.
July 5
" 12
" 19
" 26.....
Aug. 2_
44
Of
If
£
12.5
8,8
10 1
11,2
10,9
11,7
13.7
16,9
19,0
21.5
23,4
25,8
25,4
19,8
17.9
17,6
17,9
14,1
14,1
13,9
15,
14,4
13,9
13,8
14,8
15,8
10.7
0,3
9,3
9,3
8,0
7,7
7,8
8,1
10,8
9,9
9,9
11,9
12,2
11,3
6,4
6,7
7,3
7,2
9,5
10,6
12,8
12,1
11,5
19,5
15,2
10.3
16,7
.£
49.2
40,2
40.0
41,1
41.9
41,7
41,3
40.0
39,9
36.7
40,1
41,5
39,5
42.1
41.5
38,6
40,9
42,1
39,8
41,2
40,6
41,4
41,2
41,6
41,1
47,9
52,6
47.9
46,9
46,5
44,1
43,5
43,3
43,5
42,8
41,9
44,3
45,6
43,7
42,9
46,0
45,1
44,2
42,6
40,4
40,9
39,7
40,6
39,5
37,6
40,8
44,8
49,4
£
17.4
15,4
15,0
15,0
14,9
14,9
14,9
14,8
14,8
14.6
14,6
15,1
15.1
15,1
15,1
15,0
15,0
15.0
15,0
15,0
15,0
15,0
15.0
15,0
15,0
15,0
15,0
15,0
15.0
15,0
15,0
15.0
15,0
15,0
14.6
14,6
14,6
14,1
14,1
15,6
14.6
14,1
14,1
14,1
14,3
14,4
14,4
14,4
14,4
15,2
15.3
15,3
15,3
£
40.4
28,2
27,5
28,3
28,8
28,2
29 3
30,7
32,8
31,9
35,6
39,0
37,8
36,5
36,2
32,2
34,0
32.1
29,4
29,6
29,6
29,5
28.9
29,0
29,3
36,4
37.6
30,4
29.2
28,4
26,7
26,5
25.6
25,2
26.8
25,3
26,4
29,1
29,2
28,4
28,3
28,2
27.9
27,6
28,5
28,8
23,0
28,9
2/.5
28,8
35,2
41,9
44,9
£
21.9
23,4
25,7
27.2
27,2
28,5
29,0 •
29,5
29,1
29,8
31,5
31,4
30,3
28,0
25,9
26,8
27,6
26,9
27,3
28,3
28,8
28.9
29,0
29,2
29,3
29,5
28.7
29,8
30.0
30,4
28,4
27,7
28,6
29,5
30,2
30,2
31,5
32,6
30,9
27,9
27.2
27,1
27,2
25,7
24,9
26,0
26,8
27,1
26,8
25,7
23,3
21,7
23,7
£
410
%
3!,i
3%
4b
3 15-16
3 7-16
3
2 15-16
3 1-16
24
2 9-16
2 7-16
2,1
2%
2 5-16
2%
2 7-16
2 9-16
23.
2%
2%
2%
2 1-16
2
2 5-16
2 5-16
2 5-16
2 1-16
1 15-16
2 1-16
2 1-16
2y,
2%
2 11-16
2%
2 15-16
3
3 1-16
3%
3 13-16
3 13-18
3 15-16
3 13-16
3%
3 5-16
33.
3%
3 9-16
3 9-16
3X
33.
3%
3 13-16
3 7-16
37'c
3d
40
a Date when this rate was made, Dec. 1 1910; b Jan. 26 1911; c Feb. 16 1911;
d March 9 1911; e Sept. 21 1911.
BANK OF ENGLAND RATE OF INTEREST.
Year.
.1902.
Jan. 1 to Jan. 23
Jan. 23 to Feb 6
Feb. 6 to Oct. 2
Oct. 2 to Dec. 31
Year's average
1903.
Jan. 1 to May 21
May 21 to June 18
June 18 to Sept. 3
Sept. 3 to Dec. 31
Year's average
1904.
Jan. 1 to April 14
April 14 to April 21
April 21 to Dec 31
Year's average
1905.
Jan 1 to Mch. 8
Mob. 9 to Sept 6
Sept. 7 to Sept. 27
Sept.28 to Dec. 31
Year's average
1906.
Jan. 1 to April 5
April 6 to May 3
Mayj 4 to June 21
June 22 to Sept. 13
Sept. 14 to Oct. 11
Oct. 12 to Oct. 19-Oct. 20 to Dec. 31
Year's average
1907
Jan. 1 to Jan. 17
Jan.8'18 to April 11
April 12 to April 25
April 26 to Aug. 15
Aug. 16 to Oct. 31
Nov.f 1 to Nov. 4
Nov. 5 to Nov 7
Nov 8 to Dec. 31
Year's average
Rate Number
of days.
23 days
14 days
3
238 days
4
90 days
3.33 365 days
4
4
140 days
3% 28 days
3
77 days
4
120 days
3.75 365 days
105 days
7 days
254 days
3
3.29 366 days
4
Year.
Rate Number
of days.
1908.
Jan
Ito Jan. 2
Jan. 3 to Jan. 16
Jan 17 to Jan. 23
Jan 24 to Mch. 5
Mch. 6 to Mch. 19
Mch. 20 to May 28
May 29 to Dec. 31
2 days
6
14 days
5
7 days
4
42 days
331 14 days
3
70 days
234 217 days
Year's average
3.01 366 days
1909.
Jan. 1 to Jan. 13
Jan. 14 to Mch. 31
April 1 to Oct. 6
Oct. 7 to Oct. 13
Oct. 14 to Oct 20
Oct. 21 to Dec. 8
Dec. 9 to Dec. 31
3
67 days
Year's average
234 182 days
21 days
3
4
95 days
1910.
3
365 days Jan. 1 to Jan. 5
Jan. 6 to Jan. 19
4
95 days Jan. 20 to Feb. 9
3% 28 days Feb. 10 to Mch. 16
49 days Mch. 17 to June 1
4
334 84 (lays June 2 to June 8
4
28(lays June 9 to Sept. 28
8 days Sept. 29 to Oct. 19
5
6
73 days Oct. 20 to Nov. 30
4.27'365 days Dec. 1 to Dec. 31
Year's average
234 13 days
3
77 (lays
2% 189 days
3
7 days
4
7 days
5
49 (lays
434 23 days
-3.10 365 days
434
5 days
4
14 days
334 21 days
3
35 days
4
77 days
3%
7 days
3
112 days
4
21 days
5
42 days
434 31 days
3.72 365 days
6
17 days
5
81 days
1911.
434 14 days
4
112(lays Jan. 1 to Jan. 25
4% 77 days Jan. 26 to Feb. 15
5%
4 days Feb. 16 to Mch 8
6
3 days Mch. 9 to Sept. 20
7
54 days Sept. 21 to Dec. 31
434 25 (lays
4
21 days
3% 21 days
3
196 (lays
4
102 days
4.92 365 days
3.47 365 days
Year's average_
[VoL. Lxxxxrv.
ITEMS ABOUT BANKS, BANKERS AND TRUST CO'S.
-The public sales of bank stocks this week aggregate 196
shares, of which 176 shares were sold at the Stock Exchange
and 20 shares at auction. The transactions in trust company
stocks reach a total of 87 shares.
Shares. BANKS-New York.
Low. High.
.35 City Bank, National
422% 425
*5 Commerce, Nat. Bank of
198
198
*130 Fourth National Bank_ _ 20234 202
•6 Meehan. & Metals' Nat. Bk. 270
270
10 Yorkville Bank
595
595
BANK-Bkooklyn.
10 Mechanics' Bank
250
250
TRUST COMPANIES-New York.
24 Commercial Trust Co
9734 9734
43 Guaranty Trust Co
87434 880
5 Lawyers' Title Ins,&T.Co_ 2443( 244'%
10 Lincoln Trust Co
14434 14434
5 Title Guar. & Trust Co_ _ 550
550
Close.
422%
198
202
270
595
Last previous sale.
Jan. 1912- 425
Jan. 1912- 198
Jan. 1912- 205
Nov. 1911.- 264
Dec. 1911- 617
250
Mch. 1910-
250
0734
87434
24434
14434
550
June
Jan.
Feb.
Jan.
Jan.
106
889
250
15034
550
19111912191119121912-
• Sold at the Stock Exchange.
-The House of Representatives passed on Wednesday
a bill abolishing a circuit judgeship in Chicago and creating
in its place an additional district judge. The judgeship
which the bill is intended to discontinue was that held by
Judge Grosscup, resigned. Just prior to its passage an
amendment was added to the bill under which it is provided
that "before the President shall appoint any district, circuit
or supreme court judge, he shall make public all indorsements made in behalf of any applicant." This amendment
was offered by Representative Cullup of Indiana, and was
carried by a vote of 150 to 85. The constitutionality of
the provision is questioned, it is stated, inasmuch as the
power to appoint and confirm judges is lodged with the
President and the Senate. It is pointed out that the proposition embodied in the amendment is one repeatedly recommended by William Jennings Bryan. An amendment of
Representative Mann, intended to increase the salaries of
district judges from $6,000 to $7,000 was defeated.
-The bill revising the iron and steel schedules of the
Payne-Aldrich tariff law, prepared by the Democratic Ways
& Means Committee of the House, was made public by Chairman Underwood of that committee on Monday. It was endorsed by the House Democrats in caucus on Tuesday and
was reported to the House on Thursday. The Republican
members of the committee, headed by Representative Payne,
filed a minority report against the bill; their suggestion that
consideration of the revision of the schedules be deferred
until the Tariff Board presents its report in the matter was
defeated. The bill would effect a reduction of from 30 to
50% on practically all items in the iron and steel schedules,
and in addition would place on the free list iron ore, hoop
and band iron steel, barbed wire and wire fencing, nails,
horseshoes, tungsten ore, zinc ore, cash registers, linotype
machines, machine tools, printing presses, sewing machines,
typewriters and tar and oil-spreading machines used in road
maintenance. Representative Underwood, it is stated, estimates that the bill would reduce the average tariff on steel
imports from 34.51% to 22.42% ad valorem; that it would
reduce the revenue from iron and steel importations by about
$4,000,000 below that of 1910, and about $800,000 under
that of 1911, and at the same time increase the steel imports
by nearly $20,000,000. The majority report on the bill
said in part:
A survey of the iron and steel industry shows convincingly that It has
reached a position of such strength and independence that the industry
does not need the helping hand of the Government in order to stand in competition with fore'gi countries. 'I he committee feels warranted in recommending that the duties on metals and manufactures thereof be placed
upon a distinctly revenue basis, while definitely adhering to the object of
securlpg for the treasury an income as large as can be obtained consistent
with conserving the general Interests of the consumers.
The report states that the iron and steel duties should be
low enough to permit potential 6ompetition from imports
and regulate domestic prices, and adds that:
Such competition will properly encourage Imports, affect domestic prices
In the interest of the people and encourage the development of the industry
by making more nearly normal the conditions of supply and demand.
It is believed that the rates in this bill are competitive and If enacted
will effect a substantial economy to the people greatly disproportionate in
Its advantages to the small apparent loss of revenue.
The minority members in their report expressed opposition
to the bill mainly on the following grounds:
It Is framed without any hearings, without any new evidence and has no
substantial basis of ascertained facts to stand upon.
It is in no way Justified by the very full hearings taken three years ago
before a full committee, with full liberty to cross-examine every Witness
who appeared.
Schedule C was revised in August 1909 upon a careful study of the evidence before the committee, and a heavy cut was made In the duties.
In response to a wide popular demand, Congress, by the vote of both
Parties. authorized the present Tariff Board by appropriating funds therefor. This board is fully equipped and ready to undertake the task of
gathering information upon Schedule C.
JAN. 27 1912.
TIIE CHRONICLE
251
"Resolvcd, That the remedy for the conditions complained of Iles in
The committee has adopted the ad valorem system of duties on every
item of Schedule C. This system has been condemned by every United enforcing the practice of more careful and discriminating business methods
of
the
Secretary
Treasury
except Walker, and has been universally on the part of both the carriers and buyers of cotton, and not in attempting
States
discredited by the great commercial nations. For details as to the objec- to devise a scheme whereby the former may continue to escape liability for
tion to this system we refer to the unanswerable argument of the Tariff the injurious and fraudulent acts of their agents and employees, and
Board in the woolen schedule report.
the latter may be protected in their indiscriminate and care-free traffic with
This bill deals with "metals and manufactures thereof." In the magni- firms of doubtful standing.
tude of the eighty-three distinct industries which produce articles such
"Resolved, That it is the sentiment of the interests here represented that
as are embraced in this schedule, it overshadows all other schedules in the they will continue to oppose the said central-bureau plan.
Tariff Law. In the Census of 1900 they found in this country 21,650
"Resolved, That we absolve the Liverpool representatives of any intenestablishments engaged in the manufacture of the articles covered in this tion to reflect upon the integrity of the cotton exporters of the South,
but
schedule, with a total capital invested of $3,157,388,529, employing 1,171,- that in itself the central-bureau plan constitutes such a reflection.
824 wage earners, receiving $652,109,633 in wages, and with an annual
"Resolved, That a committee be appointed by the Chairman to meet
product of $3,130,253,195. The Census of 1910, not yet tabulated, will Mr. Kern, Mr. Simpson and Mr. Haight, Monday, to suggest ways and
show a large increase in the enormous business of probably more than 25%. means for handling this subject.
Such industries are entitled to fair and just treatment on the part of Con"Resolved, That a copy of these resolutions be forwarded to the Exchange
gress.
buyers of the United States."
—The Canadian Government has decided to postpone for
the present year the revision of the Bank Act, so the Manitoba "Free Press" states, and will put through a short Act
extending the bank charters for an additional year.
—In Memphis, on Saturday last, the cotton-bill-of-lading
question and the central bureau established in New York
several months ago for the registration of bills of lading, were
the subject of discussion at a conference held at the instance
of H. Kern, Chairman of the Liverpool Cotton-Bills-of-Lading
Conference Committee, and J. H. Simpson, Secretary of the
European Bankers' Conference on Cotton-Bills-of-Lading.
Charles S. Haight, who is the representative in the United
States of the European cotton interests, was also in attendance. The others in the conference were delegates from
twelve cotton States, among whom were Sol Wexler, of the
Whitney-Central National Bank, New Orleans; W. B.
Thompson, a former President of the New Orleans Cotton
Exchange; M. H. Thomas, President of the Dallas Cotton Exchange; John Nesbitt, of Savannah; Joseph Newburgher, of Memphis; Cleland K. Smith, &c. Last Saturday's session was marked by the adoption of resolutions
condemning the plan; further consideration of the matter
was had on Monday, a committee having been appointed to
this end under the resolution mentioned. The result of this
later meeting is said to have been "highly pleasing to all concerned," to quote the Memphis "Commercial-Appeal." It is
stated that "proposals were discussed that in the near future
may lead to some settlement satisfactory to the interests
of the cotton trade on both sides of the Atlantic." The
"Appeal" announces that "while what transpired in the
conference rooms was not made public by the committee,it is
stated on good authority that H. Kern and J. Hope Simpson
were frankly given to understand that the central bureau is
no longer an issue,for the simple reason that it has been,so far
as Southern Exchanges are concerned, `resoluted' out of their
consideration." The problem which was taken up on
Monday was the formation of a suitable plan as a substitute
for the central bureau, the plan most favored, it is stated,
being that offered by Mr. Wexler. The latter's suggestion
was that a bureau of information be established in Liverpool,
where it would be maintained by the foreign interests. This
bureau would have on file information regarding the standing,
credit and past history of the firms in this country with which
dealings are had. Mr. Wexler is said to have expressed
himself as confident that the American Bankers' Association
would give such a plan its support, or at least would cooperate in the movement. We append the resolutions
adopted at Saturday's session:
"Whereas, An organization of foreign cotton buyers and bankers, in
combination with certain banking interests in New York City, has suggested
certain methods of billing export cotton and the terms upon which same
should be financed; and
"Whereas, In furtherance of said scheme the said organization and combination have formulated a plan involving the certification of all export
cotton lading documents through a central bureau, located in New York
City, the object of which plan is to secure to the said interests represented
by the said organization and combination an extraordinary and unique insurance against the results of their own negligence in dealing with irresponsible persons and firms; and the effect of such plan, should it become
generally operative, would be to confirm the common carriers in the indefensible attitude of denying liability for the acts of their own authorized
agents;
"Now, therefore, be it, by the bankers, exporters and representatives
of the Southern cotton trade here assembled,
"Resolved, That, although the members of• this conference deplore
the losses entailed by the fraudulent practices of two certain cotton firms in
the recent past, and although they declare in favor of and will render active
support to any and all reasonable, just and legitimate reforms in the
method of billing and forwarding cotton, still the central bureau plan in
question, both in its original and amended form, is hereby condemned as
being repugnant to sound business principles, in that it proposes to invest
bills of lading with a status entirely independent of considerations of the
character and solvency of the shipper; discriminatory in that it imposes
burdens and hardships upon the cotton exporter and possible costs upon
the cotton producer, from all of which the shipper and producer of every
other commodity is free, and futile in that the flat of the central bureau
certifying to the one virtue of genuineness of signatures would place irresponsible and dishonest shippers in a position of vantage, from which they
could practice a multitude of collateral irregularities pregnant with greater
injury to the cotton trade than the isolated danger of forgery.
A circular bearing on the central-bureau proposition, in
which cotton and banking interests generally are asked to
withhold their support from the scheme, has been issued by
E.J. Glenny, President of the New Orleans Cotton Exchange.
This circular, in part, as quoted by the New Orleans "Picayune," says:
"In order that this opposition might be most speedily and effectively
felt, we beg to suggest that everyone at interest opposed to the bureau instruct the railroads and steamship lines, on the form inclosed herewith, not
to send a copy of any of his or their bills of lading or of the ships masters,
receipts to the central bureau in New York, unless he or they specially
request them to do so.
"Our purpose in making this suggestion is because we have reason to
believe that strong influences are being brought to bear upon certain large
financial interests in New York to assist the bureau plan,and,further,that
at least two of these large institutions have yielded to this influence.
Again, the advocates of the bureau are also actively at work to induce as
many shippers as possible to lend their names to the plan, and as soon as
the bureau is reasonably sure of its Position, by reason of having obtained
a sufficient number of bills of lading for validation, those advocating the
system will be better able to induce other large financial organizations who
handle foreign bills to insist upon validation through the central bureau."
—The Comptroller of the Currency at Washington, under
date of Jan. 24, announces that he will hereafter ask all
organizing banks to pay in at the time of organization a substantial surplus, in order that the organization expenses and
the running expenses of the bank may not actually impair
the bank's capital, pending the time when it shall reach a
dividend-paying basis. He says:
Every bank ought to have a substantial surplus. A banking system
with a large surplus must be sound, as a whole, but the weak link is the
bank which falls to build up its surplus to or above the safety mark.
The law recognizes the right of a bank to declare a dividend of so much
of the net profits as may be deemed advisable, provided that prior thereto
one-tenth part of the net profits for the preceding half-year is carried to the
surplus until the latter fund amounts to 20% of the capital stock.
No bank should pay a dividend until it has accumulated a reasonable
surplus, either from its earnings or from the sale of shares at organization
at such price above par as will create a substantial surplus.
The soundness and safety of our national banks to-day cannot be better
gauged than by their large percentage of surplus. The proportion held
is nearly double what It was twenty years ago.
In 1891 the surplus of the banks amounted to 33% of their capital.
In 1901 it had increased to 93%. In 1911 the surplus had reached over
65%.
Notwithstanding the fact that the national banks as a whole have now
accumulated surplus in excess of 65% of their aggregate capital, and to
the extent of 90%,including other undivided profits, there are in operation
1,284 banks each with surplus less than 20% of their capital, and 250 banks
of recent organization without any surplus at all.
The 1,284. banks mentioned have accumulated Surplus averaging only
10%. These banks have paid out in dividends to shareholders since their
organization a sum approximating 47% of their capital. The surplus of
some 16 banks is yet so small that a loss of $1,000 each would impair
their capital; besides, there arc 81 banks in which a loss of $2,000 and 93
banks In which a loss of $3,000 would wipe out their surplus and profits
and impair their capital.
Of the banks without surplus, the mavgin of profit reported by 26 is so
small that a loss by any one of them of *500 would impair its capital,
while 15 banks could not sustain a loss of $1,000 without impairment. The
reports of 37 banks without surplus recently organized show no profits,
their losses (expense account) aggregating $48,747.
On Dec. 5 1911, the date of the last call, there were in operation 7,328
national banks with aggregate capital of $1.026,400,000, surplus $672,900.000 and undivided profits $358,900,000, the surplus averaging over 65%
of the capital and the undivided profits 25%. Of the banks in operation.
5,794, with $942,800,000 capital, had more than the full requirement of
surplus; their ratio of surplus to capital being over 70%, and undivided
profits to capital nearly 27%. Banks to the number of 1,284, with capital
aggregating $71,300,000, had a surplus fund of $7,300,000;or an average
of 10% of their capital, and undivided profits of $5,500,000, or about 7%%;
while 250 banks, with capital of $12,300,000, had no surplus; their undivided profits, however, amounted to $1,050,000, or an average of 8%%
of their capital.
—The Comptroller is also making an investigation of certain banks in various parts of the country which are not
living up to the law relating to reserves. He points out that
the law relating to reserves is one of the most drastic parts
of tile National Bank Act. It provides that after 30 days'
notice from the Comptroller to the bank that its reserve is
below the legal requirements, he may appoint a receiver for
the bank, though the bank may be perfectly solvent. By
another provision of the National Bank Act, the forfeiture
of the charter of the bank may be obtained for failure to
carry the legal reserve, by an action brought by the Solicitor
of the Treasury.
The Comptroller is now having the records examined for a
period of five years, and when his investigations are corn-
252
•
THE CHRONICLE
[VOL. Lxxxxrv.
pleted, he intends to take the steps necessary to have those ment of the vaults of the Carnegie Safe Deposit Co. at 115
banks which have not maintained the legal reserve as re- Broadway. The following is the announcement made in
quired by law in the past to observe it in the future.
the matter:
Subject to the approval of the court, which it is hoped will be obtained
—The Comptroller further intends that the general exby Monday, Jan. 29, we ha ve purchased the safe-deposit vaults located in
amination of the banks contemplated from time to time the United States Realty Building, 115 Broadway,
which are undoubtedly
shall be made at the times set, and he will hereafter tolerate among the most modern in the world. We have also made a provisional
contract
to
purchase
the
Mercantile
Safe Deposit Co., retaining its official
no delay. Here is his announcement to that effect:
staff, and propose to move the business of that
Washington„Tanuary 13 1912.
To the National Bank Examiners:
Heretofore there has been kept in the Comptroller's office a list of banks
overdue for examination. Beginning the first of February, that list will be
discontinued, but a certificate from each examiner will be required, stating
that all banks assigned to him due for examination, whether regular or
special, have been examined. If any examiner cannot keep his work from
falling behind, then his district will be cut down to such proportions as
will enable him to make the examinations on time, or another examiner
will be sent into the district to help keep it up to date.
The rule of the office from now on will be that every bank must be examined when due.
Respectfully.
LAWRENCE 0. MURRAY,
Comptroller.
—The nomination of Augustus L. Thorndike as Bank
Commissioner of Massachusetts, succeeding Arthur B.
Chapin, resigned, was sent to the Executive Council by Gov.
Foss on the 24th inst.
—Tables showing the changes in note circulation and
bullion reserve of the Reichsbank, under each of its bi-monthly
reports for the last ten years, and the fluctuations for the
same period in the private rate of discount on the Berlin
Bourse, have been gotten up by the Deutsche Bank of
Berlin. The bank has • also prepared an elaborate and
useful set of charts showing the price movements of commodities in the important markets of the world during the
last three years. The charts furnish the high, low and last
prices during each month of the year 1909, 1910 and 1911
of cotton,lead, rubber, jute, coffee,copper,corn, petroleum,
rye, pig iron, saltpetre, lard, silver, wheat, wool, zinc, tin,
and sugar.
—The payment of the registry or recording tax of of 1%,
under which bonds and other obligations secured by property located outside New York are exempt from annual taxes,
is announced as having been made during the week by J. P.
Morgan & Co. upon their bonds. Since the law regulating
this tax took effect, on Oct. 1, Messrs. Morgan & Co., it is
stated, have been carefully investigating the equities of the
matter, and have become convinced that in the new law
the tax 'authorities have made a very fair proposal to the
holders of investment securities issued under mortgages of
companies incorporated under the laws of States other than
New York. It is pointed out that the tax is at the same rate
as that imposed upon real estate Mortgages and mortgages
securing bonds of corporations of this State. A statement
made on behalf of the firm, suggesting that investors meet
this proposal in a spirit of fairness and of co-operation with
the tax authorities, contains the following remarks:
J. P. Morgan & Co. are advising their clients and other friends to pay
company to the new quarters in the United States Realty Building (immediately opposite the
Equitable property).
It is our purpose to afford facilities to the present box-holders of the
Mercantile Company for the unexpired terms of their respective leases
without additional charge.
J. S. ALEXANDER,
C. H. KELSEY,
Pres. National Bank of Commerce. Pres. Title Guqrantee & Trust Co.
V.
BRIGHT,
LOUIS
W. V. KING,
Vice-Pres. Law. Title Ins. & T. Co. President Columbia Trust Co.
L. L. CLARKE,
SEWARD PROSSER,
Pres. American Exch. Nat. Bank.
Vice-President Astor Trust Co.
FULLER..
S. L.
CHARLES H. SABIN,
Kissel, Kinnicutt & Co.
Vice-Pres. Guaranty Trust Co.
FRANCIS L. HINE,
ALBERT II. WIGGIN,
President First National Bank.
President Chase National Bank.
The stock of the Mercantile Safe Deposit Company was
formerly owned by the Mercantile Trust Co., which consolidated last year with the Bankers Trust Co. The Banking Department assumed charge of the Carnegie Safe Deposit Co. in September 1911 and has since operated the
vaults. They were built by the Bethlehetn Steel Co. and
are said to have cost in the neighborhood of $800,000. The
price paid by the new interests is understood to be $275,000.
The proceeds, it is reported, will accrue largely to the benefit
of the creditors of the failed Carnegie Trust Co., to whom
the Safe Deposit Co. has been heavily indebted. The recent fire in the Equitable Building caused a greatly increased
demand for the boxes in the Carnegie vaults.
—James Speyer, head of the banking house of Speyer &
Co., has received from the German Emperor the decoration
of the Red Eagle of the Second Class, the honor having come
to him through the German Ambassador at Washington.
It is said to have been conferred in recognition of the long
and honorable career of the Speyer banking houses in
national and international affairs, and in appreciation of
Mr. Speyer's personal efforts to promote more cordial relations
between the United States and Germany. Mr. Speyer's
brother, Sir Edgar Speyer, was created a baronet in 1906,
and in 1909 was appointed by King Edward as a Privy Councillor. Sir Edgar Speyer is head of the firm's London
establishment. In 1910 Mr. Speyer's brother-in-law, Eduard
Beit, was made a nobleman by the German Emperor under
the name of Eduard Beit von Speyer. Another of Mr.
Speyer's connections, Arthur von Gwinner, is a member of
the Prussian House of Lords and a director of the Deutsche
Bank, Berlin.
—The American Bankers' Association, in a recent circular
with regard to changes among its various committees, announces the personnel of the Committee on Agricultural and
Financial Development and Education, appointed under a
the tax now and thus place their bonds in the category of tax-exempt securities for the future. They believe that this matter will become better resolution adopted at the annual convention in November.
understood, and that within a comparatively short time bonds upon which Joseph Chapman Jr., of Minneapolis, is Chairman of the
the tax has thus been paid should command a market price approximately Committee, the membership of which includes B. F. Harris,
5,6% higher than bonds of the same issues upon which this tax has not been
paid. The Stock Exchange authorities have established a rule for the of Illinois; Myron T. Herrick, of Ohio; Joseph G. Brown, of
quotation of bonds that have become tax-exempt through the payment of North Carolina; Edwin Chamberlain, of Texas, and W. D.
this tax, by adding the letters T-E to the price given on the tape. It is Vincent, of Washington. The following, respecting possible
understood that the bonds upon which J. P. Morgan & Co. have paid the
changes in the constitution of the Association, is also given in
tax reach an aggregate of many millions of dollars.
—Two of the vaults of the Mercantile Safe Deposit Co. in the circular:
Anticipating the possibility of revising the constitution and by-laws
the ruins of the Equitable Building were opened on Thursday of the Association, a resolution was introduced to the Executive Council
and some of the securities which had been locked up since by Lewis E. Pierson, of New York, as follows:
"Resolved, That the Chairman of the Trust Company Section, the
the fire of Jan. 9 were removed. The contents of the vaults
Chairman of the Savings Bank Section and the Chairman of the Clearingwere found intact, the securities having suffered no damage House Section appoint a committee of seven; one each from the Trust
aside from some few instances, where the only inconvenience Company, Savings Bank and Clearing-House sections, and four from the
exclusive of members of the Council, to consider and
came from the wetting which some of the securities in the membership-at-large,
report to the spring meeting of the council any amendments to the .constilower tier boxes received, this, however, not having harmed tution which, in their judgment, may be xiesirable."
Mr Van Vechten, of Chicago, seconded this resolution, and after disthem to any appreciable extent. Some of the securities
the following was added:
taken out on .Thursday belonged to the Stock Exchange cussion,
"As well as to report upon any other amendments which may be subhouses of Harriman & Co., Thomas Denny & Co., Simon mitted to them," and, on motion, the resolution as amended, was adopted.
The committee provided for by the above resolution has not yet been
Borg & Co., &c. Earlier in the week, when entrance to
several of the private vaults in the building was effected, it appointed.
—E. G. McWilliam has been appointed Secretary of the
was discovered that their contents had been destroyed by the
Bank Section of the American Bankers' Association
Savings
and
the
Union
Bros.
Kountze
belonged
to
the
vaults
fire;
Pacific RR., but it was stated that nothing of value was lost to succeed William H. Kniffen Jr., who resigned following
in either instance; in the case of Kountze Bros. all the im- his election as Treasurer of the Onondaga County Savings
Bank of Syracuse. Mr. McWilliam is connected with the
portant records had previously been recovered.
It has developed during the week that a provisional con- Irving Savings Institution of this city. He also succeeds
tract has been made for the sale of the Mercantile Safe Deposit Mr. Kniffen as Secretary of the New York Chapter of the
Company to a number of the city's prominent bankers. American Institute of Banking.
—N.D. Ailing, who has been connected with the National
These interests have also, subject to the approval of the
court, effected the purchase from the State Banking Depart- Nassau Bank of this city for about twenty-four years, was
JAN 27 1912.]
THE CHRONICLE
253
promoted this week from the post of Assistant Cashier to a have been increased during the year from 6 to8% per annum.
vice-presidency. Mr. Ailing has been prominent in the The surplus and profits of the institution amount to $88,013.
affairs of the American Institute of Banking and was its The officers are F. W. Hannahs, President; Irving Smith
President in 1909-10. Gilbert Thomas, Assistant to Presi- and Win. Halsey Peck, Vice-Presidents, and E. S. Carr,
dent Earl of the National Nassau, succeds Mr. Ailing as Secretary and Treasurer.
Assistant Cashier; A. W. Gilbart, heretofore Loan Clerk, has
—Walter P. Gardner, a member of the New York Stock
also been made an Assistant Cashier.
Exchange firm of Groesbeck & Co., has been elected a direc—At a regular meeting of the directors of the Citizens' tor of the New Jersey Title Guarantee & Trust Co.
of Jersey
Central National Bank of this city yesterday, Ambrose R. City. Arthur Stratford has also been elected
a director of
Adams of the firm of Shreve & Adams was added to the board. the institution.
—An assessment of $50,000, equal to the capital, has been
—Henry E. Huntington, who is identified as a director
with the Hawley roads, has been elected to the board of the levied against the stockholders of the Washington National
Fourth National Bank of this city. The bank, which some Bank of Washington, N. J., which suspended on Nov. 17.
months ago arranged for the opening of a foreign exchange
—The national banks in Albany all recorded substantial
department, will inaugurate its new department next week, increases during the past year. This city is one of the three
under the management of A. D. Bright, for many years reserve cities in New York State. The three national banks
Foreign Exchange Manager for Kountze. Brothers.
had aggregate resources on Dec. 5 1911 of $58,406,293, as
—The quarters occupied by the 73d Street Branch of the against $52,584,097 on Jan. 7 1911, showing a gain of $5,United States Mortgage & Trust Co. have been considerably 822,196 for the eleven months. Albany bank clearings for the
enlarged, the re-modeled offices including a board room and past year increased $8,222,880, the figures being $307,247,an enlarged safe-deposit department. The branch is located 398, as against $299,024,518 in 1910. We give below the
in the Ansonia Building, in the heart of the residential section. figures under the first and last official calls of 1911 to illus—Henry V. E. Terhune has been appointed Assistant trate the individual growth of the city's national banks:
NATIONAL COMMERCIAL BANK, ALBANY.
Cashier of the East River National Bank of this city, sucDate—
Capital. Surp.&Prof. Deposits.
Resources.
ceeding George E. Hoyer, who lately became Cashier. Mr. Dec.
5 1911
51,000,000 51,727,760 $23,304,591 527,021,810
Hoyer, as noted in an earlier issue, takes the place of Zenas Jan. 7 1911
1,000,000
1,705,880 19,419,132 23,103,382
NEW YORK STATE NATIONAL BANK, ALBANY.
E. Newell, who, because of ill,health, tendered his resignation
Date—
Capital. Surp&Prof.
. Deposits.
Resources.
after nearly fifty years' service as Cashier.
Dec. 5 1911
5500,000
5714,332 $18,742,387 520,503,543
500,000
—The stockholders of the Savoy Trust Co. and the Broad- Jan. 7 1911
707,838 18,598,155 20,139,765
FIRST NATIONAL BANK, ALBANY.
way Trust Co., of this dty, ratified on Monday the plans for
Date—
Capital. Surp.&Prof. Deposits.
Resources.
merging the Savoy with the Broadway Trust. The consoli- D03. 5 1911
5600,000
5286,590 $9,396,544 510,880,940
Jan.
7
1911
600,000
263,141
7,277,821
tion became effective on the 22d inst. The Broadway Trust
9,140,970
—A contest for the control of the Industrial Trust Co. of
Co. recently arranged to increase its capital from $700,000
Providence between Samuel P. Colt, Chairman of the board
to $1,000,000.
and
a former President, and Cyrus P. Brown, who had held
—Notice of the opening of a branch at Delhi, India, by
the Chartered Bank of India, Australia and China has been the presidency since January 1908, resulted in a victory for
Col. Colt at the annual meeting on the 16th inst. Mr. Brown
received from the head office of the institution by William
has been succeeded as President by Col. Colt's candidate,
Baxter, the New York agent at 88 Wall St. Delhi is the
H. Martin Brown, previously a Vice-President. The connew capital of India designated by King George during the
test had been in progress since November, Col. Colt, who
recent Durbar festivities.
founded the company in 1887 and who retired as President
—James T. Harahan, of Chicago, formerly President of the four years ago,
owing to a protracted illness, contending
Illinois Central RR., was killed in a wreck on that road at that his
position as Chairman, which he had since held, was
Kinmundy, III., on the 22d inst. Mr. Harahan was traveling
not recognized to the extent that he believed it should be.
in the private car of Frank 0. Melcher, Second Vice-President
H. Martin Brown was elected President over Cyrus P. Brown
of the Rock Island RR., who was likewise a victim of the acby a vote of 15,426 to 11,255 shares. The new President
cident, which resulted also in the death of two other occupants
has also been made Chairman of the executive committee exof the car, namely E. B. Peirce, General Counsel of the Rock
officio. Col. Colt has been re-elected Chairman of the
Island, and Eldridge E. Wright, Vice-President of the board
and has been again placed in the membership of the
Arkansas Memphis Railway, Bridge & Terminal Co. Mr.
executive committee. Joshua M. Addeman, James M. Scott
Harahan was the President of the latter—a recently formed and
Charles C. Harrington have been elected Vice-Presidents.
organization—and was on his way to Memphis with the Rock Mr. Addeman
was heretofore a Vice-President, those who
Island officials on business concerning the proposed construc- had
served with him in that capacity, but who are no longer
tion of a $5,000,000 bridge across the Mississippi at that
in the management, being Arthur L. Kelley and Otis Everett.
point. Mr. Harahan was born at Lowell, Mass., in 1843.
Frederick B. Wilcox has been re-elected Auditor. The direcHis insight into railroad workings started in a minor capacity
tors elected are Samuel P. Colt, Joshua M. Addeman, James
shortly before the Civil War; during the war he enlisted, and
M. Scott, H. Martin Brown, Charles C. Harrington, Louis
after it he again entered the railroad field, serving in various
H. Comstock, Herbert N. Fenner, J. Milton Payne, Eben.
posts, until in 1884 be became General Manager of the
N. Littlefield, Angus McLeod, Ezra Dixon, Englehart C.
Louisville & Nashville RR.; four years later he was made
Ostby, Lyman B. Goff, Samuel M. Nicholson, James R.
Assistant General Manager of the Lake Shore, and in 1890 MacColl,
John W. Ellis, Harold J. Gross, Samuel M. Conant,
he was elected Second Vice-President of the Illinois Central James E.
Sullivan, R. Livingston Beeckman, Walter S.
RR.; in 1906, after the Harriman interests became the Ballou, Albert H.
Sayles, Seeber Edwards, Henry W. Hardominating factors in the Illinois Central, Mr. Harahan was vey, James M. Pendleton,
Thomas P. Peckham and Everett
made President of the road, succeeding Stuyvesant Fish. I. Rogers.
He retired from the presidency in Dec. 1910. Mr. Harahan
—The United States Circuit Court of Appeals at Boston
was a director of the Harris Trust & Savings Bank of Chion the 11th inst. affirmed the judgment of the U. S. Circuit
cago and the Bank of Commerce & Trust Co. of Memphis.
Court under which William J. Keliher was sentenced to
—James A. Stewart, who has been in the employ of the eighteen years' imprisonmen
t, following his conviction on
Mechanics' Bank of Brooklyn for twenty-one years, has been charges of aiding
and abetting George W. Coleman in the
elected an Assistant Cashier of the institution. There are misapplication of funds
of the National City Bank. of Camtwo other Assistant Cashiers, viz., W. J. Bennett and bridge, Mass.
H. M. De Mott.
—Donald M. Hill has become Vice-President of the Ex—Theodore F. Miller, President of the Brooklyn Trust change Trust Co. of Boston.
Co., has been elected President of the Trust Companies Asso—Thq payment of a final dividend of 13% in favor of the
ciation of the State of New York, succeeding Seymour Van unsecured creditors
of the individual estate of E. H. Gay,
Santvoord, resigned. Clinton L. Rossiter, Vice-President of the firm
of E. H. Gay & Co. of Boston, was recently auof the Long Island Loan & Trust Co., has been elected Treasthorized. The amount previously paid was 20%, thus
urer of the Association.
making an aggregate of 33%. Settlement has already been
—In the twelve months to December 31 1911 the deposits made, it is understood, with
the secured creditors. No diviof the City Trust Co. of Newark, N. J, increased from dend has as yet been
declared to the creditors of the firm.
$1,157,321 to $1,194,101, while its resources advanced from
—James R. Miller has been elected President of the
$1,349,876 to $1,397,661. Dividends on the $100,000 capital
Chapin National Bank of Springfield, Mass., Chester W.
254
THE CHRONICLE
[VOL. LXXX.XIV.
Bliss, the former incumbent, having declined re-election. secure the bonds. They are said to have confessed to the
Mr. Bliss continues in the management as Vice-President.
forgeries, the notes, it is stated, having been used to finance
—A merger between the Continental Title & Trust Co. and the Cook Manufacturing Co. of Battle Creek, which, likethe Equitable Trust Co. of Philadelphia, has been agreed to wise, suspended business on the 2nd inst., and of which the
by the respective directors. The consolidation will be younger Dearing was Manager. The bank's capital is given
effected under the name of the Continental-Equitable Title as $50,000; its deposits are said to have been $205,748 on
& Trust Co., the new institution to have a capital and surplus December 5, and the total resources on that date are anof $1,000,000 each. T. M. Daly, the head of the Continental nounced as $293,972. Former Postmaster Frank L. Irwin
Title & Trust Co., will be President of the resultant organiza- of Albion has been designated receiver for the bank. Mr.
tion, his name having been proposed by Howard B. French, Irwin's father, was founder of the original institution
President of the Equitable, who declined to be considered established in the early sixties; it was started as the National
a candidate because of his increasing business responsibilities. Exchange Bank, subsequently reorganized as the First
In the management of the consolidated institution Mr. Daly National Bank, and later became the Albion National.
will have the assistance of John M. Campbell, William F.
—Willis L. Cheney has been elected Cashier of the Second
Harrity, John McGlinn, Jeremiah J. Sullivan and John U. Ward Savings Bank of Milwaukee, Wis., succeeding Charles
Umsted as Vice-Presidents; John F. Skelly, as Secretary and C. Schmidt, who has been made Vice-President of the instiTreasurer; Frank J. Johann, John V. Loughney and Edward tution. Mr. Cheney had previously held the post of AssistT. Smith, as Assistant Secretaries and Treasurers; John H. ant Cashier of the Wisconsin National Bank and had been in
Connellan, as Title Officer; Alfred Harris Jr. as Assistant the employ of that bank for nineteen years; he has also
Title Officer; and C. Percy Willcox, as Trust Officer. The become a director of the Second Ward Savings Bank. Viceenlarged company will have deposits of $6,500,000; those President Smith has been identified with the latter for forty
of the Continental amount to $3,500,000, while the Equit- years. Albert Elser has also been elected a Vice-President
able's deposits are $3,000,000. The capital of the latter is of the Second Ward Bank. Joseph E. Uihlein is President
$1,000,000, in shares of $100,and its surplus and profits are of the bank.
about $278,000; the Continental has a capital of $500,000; its
—The Security National Bank of Minneapolis experistock has a par value of $50, one-half paid in, and it sells at enced marked growth in its business in 1911, as will be seen
$47 50 per share; the surplus and profits of the Continental by the following little comparison:
amount to about $311,000.
Date—
Capital. Surp.&Prof. Deposits.
Resourees.
Dec. 5 1911
$1,000,000 $2,053,213 $20,522,330 $24,173,019
—Samuel Y. Heebner has been elected President of the Jan.
7 1911
1,000,000
1,787,958 18,997,452 20,375,410
Philadelphia Trust, Safe Deposit & Insurance Co. of PhilaThus, during a period of eleven months, deposits increased
delphia, to fill the vacancy created by the resignation in over $3,500,000, and a considerable sum was
added to surplus
December of Roland L. Taylor. Mr. Heebner had previously and profits. F. A. Chamberlain is President of
the institubeen a Vice-President of the institution.
tion and J. S. Pomeroy, Cashier.
—Omar S. Decker has been elected President of the
—Action toward increasing the capital of the Minneapolis
Guardian Trust Co. of Pittsburgh, succeeding William T. State Bank from $25,000 to $50,000 was taken at
the annual
Lyon, resigned.
meeting. The enlarged capital will become effective about
—George Brooke, who had been President of the Pennsyl- June 1. L. M. Chamberlain has been elected
Vice-President
vania Trust Co. of Reading, Pa., since its organization in of the bank, succeeding E. E. MacGill; and C. E.
Hill, pre1886, died on the 15th inst. Mr. Brooke was also President viously Assistant Cashier, has become _Cashier in place of
of the First National Bank of Reading. With his brother, A. L. Arnold, resigned.
the late Edward Brooke, he established the iron industry in
—The stockholders of the Inter-State Savings Bank, of
Birdsboro in 1837, and he is said to have been the oldest iron Denver, at their late
annual meeting, took action toward inmaster in continuous service in Pennsylvania. He was in creasing the capital from
$100,000 to $200,000.
his ninety-fourth year.
—H. D. Marshall Jr. has been elected Cashier of the
—R. H. Jones has been elected a Vice-President of the
National Bank, of Phoenix, Ariz., the vacancy
Central National Bank of Columbus, Ohio, and J. Allen Phoenix
having
been
created through the resignation of R. B. BurPyne has become an Assistant Cashier of the institution.
mister, with the latter's election as Cashier of the Savings
—Thomas F. McClure, who was President of the Metro- Union Bank of
San Francisco. Mr. Marshall has also been
politan Bank & Trust Co., of Cincinnati, which closed its made a director of
the Phoenix National and the Phoenix
doors in September, died suddenly,on the 16th inst.
Savings Bank & Trust Co.
—Fred. A. Funkhouser has been elected President of the
—E. J. Weiser, for several years past Vice-President of the
Winters National Bank of Dayton, Ohio, succeeding Jona- First National Bank of Fargo, N. D., was elected President
than H. Winters, who retires from active management, but at the recent annual meeting, succeeding L. B. Hanna,
will retain a controlling interest. Mr. Funkhouser had held resigned.
the cashiership, and is replaced in that office by his brother,
—A resolution providing for the appointment of a commitGeorge A. Funkhouser. Mr. Winters, the retiring head, has tee to consider plans for
the reorganization of the Missouribeen associated with the institution since 1854, and had been Lincoln Trust Co. of St. Louis
(now in voluntary liquidation)
its.President since 1882.
was adopted at a meeting of its stockholders on the 8th inst.
—In reporting January 13 the closing of an Indiana insti- In 1907 the safe-deposit department of the institution, as
tution, we gave its location as Indianapolis, instead of Terre well as its deposits, were bought by the Mercantile Trust Co.,
Haute. The institution was the American State Bank of the of St. Louis. The latter guaranteed the payment of all the
latter city; no bank of that title, so far as we are aware, deposits of the Missouri-Lincoln Trust Co., and in order to
exists in Indianapolis.
provide the money for the purpose the Mercantile made a loan
—Ralph C. Wilson has withdrawn as Vice-President of the to the Missouri-Lincoln Trust of the gross amount necessary,
Old Colony Trust & Savings Bank, of Chicago; H. T. Bowers taking its note therefor, and as security all its assets; the
has been elected to fill the vacancy.
firrangements provided that as rapidly as the bills receivable
—The stockholders of the Union Trust Co. of Detroit were paid, the bonds, stocks and real estate sold, the prowill hold a special meeting on Feb.6 to vote on the question ceeds be applied to the note,and that the remainder of the asof increasing the capital from $500,000 to $1,000,000. The sets be returned to the Missouri-Lincoln Trust, with the
intention of the company in enlarging its capital, it is stated, payment of the note. W.F.Carter, President of the Missouriis to meet the requirements of the New York Stock Exchange, Lincoln Trust Co., recently gave out the following statement
under which trust companies operating as fiscal agents are indicative of the present movement:
At a recent meeting of the directors of the Missouri-Lincoln Trust Co. a
called upon to have a capitalization of $1.000,000.
of the company's financial condition was submitted. Some of
—The Albion National Bank of Albion, Mich., failed to statement
the stockholders presented a plan to reorganize the company under a new
open on the 2nd inst., having been taken in charge by the name, that it might conduct its own liquidation of a portion of its assets
Comptroller of the Currency. The embarrasment, it is and conduct certain branches of the business formerly conducted. The
board of directors thought it prudent to submit this proposed plan to the
reported, is due to losses suffered through forged notes, stockholders,
which was accordingly done, without the recommendation
the amount of which is said to be figured at $144,098 by of myself or of the board of directors. What action will be taken is to be
the Comptroller's office. H. Montgomery Dearing, Cashier wholly determined by the stockholders. As President of the company
(now in liquidation) it is my duty to assist in realizing all that is possible for
of the bank, and his son, Palmer M. Dearing, were arraigned the stockholders. Further than that I shall have no connection
with the
before United States Commissioner Clark at Battle Creek proposed new company.
"I have been for several years identified with the Mercantile Trust Co..
on the 4th inst. on charges of conspiracy to defraud. Bail and
will continue this connection regardless of whether or not the proposed
was fixed at $25,000 each, but no attempt was made to plan to reorganize the Missouri-Lincoln Trust Co. should be effected."
JAN. 27 1912]
THE .CHRONICLE
—Frederick Herkert has been elected a Vice-President of
the Union Station Bank of St. Louis, succeeding J. D. Abeles;
the latter continues as a director. C. C. Collier, formerly
Assistant Cashier, has become Cashier; Charles C. Biel and
A. C. Heints are Assistant Cashiers.
—Hugh L. Rose has been elected Cashier of the First
National Bank of Louisville, Ky., and John M. Monohan
has been .elected Assistant to President Embry L. Swearington.
—Charles W. Milliken and A. H. Robinson have been
elected Vice-Presidents of the Commercial Bank & Trust
Co. of Louisville, succeeding Dr. W. H. Netherland and
J. P. Ouerbacker, resigned. Former Secretary of State,
Ben L. Bruner, recently became President of the institution.
—The stockholders of the Mercantile National Bank of San
Francisco held their second annual meeting on the 9th inst.
The reports indicated that the bank had enjoyed a prosperous year; regular quarterly dividends, aggregating
$200,000, were paid during the year. The capital and
surplus of the institution is $3,000,000, and the capital pf the
Mercantile Trust Co. (which is owned by the stockholders
of the Mercantile National Bank) is $1,000,000 additional.
The re-elected officers of the Mercantile National are W. G.
Irwin, Chairman of the Executive Committee; Henry T.
Scott, President; John D. McKee, Vice-President and
Cashier; W. F. Berry, Assistant Cashier and Assistant
Secretary and 0. Ellinghouse, Assistant Cashier and Secretary.
—The promotion of E. N. Walter from the cashiership
of the First National Bank of Oakland to a vice-presidency
occurred at the annual meeting. S. H. Kitto, who had been
an Assistant Cashier, has been elected Cashier.
—W. R. Pigg has succeeded H. C. Spalding, retired, as
President of the Harbor Bank of Oakland, Cal.
—Stephen Appleby, Cashier of the Pacific National Bank of
Tacoma, Wash., was the guest of honor at a banquet recently
given at the Tacoma Hotel by a number of the business
men of the city. The affair was given in appreciation of Mr.
Appleby's services as Treasurer of the Commercial Club,
from which office he now retires after a four years' term.
As noted in our issue of Sept. 23, Mr. Appleby was Chairman
of the Committee which undertook the task of collecting
funds to be used in giving publicity to Tacoma's possibilities
and in developing her industries and resources.
—Announcements that the directors of the Canadian
Bank of Commerce (head office Toronto) had decided to
recommend an increase in the authorized capital to $25,000,000 was made by Sir Edmund Walker at the annual
meeting on the 9th inst. The present authorized amount is
$15,000,000, of which about 11M millions is paid in. It is
also proposed to change the par value of the stock from $50
to $100 per share. Alexander Laird, General Manager,
has been elected a director of the institution.
—The Banque d' Hochelaga (head office Montreal) at its
recent annual meeting decided to issue $500,000 of new
capital at 145, to be allotted to shareholders January 15.
The bank's authorized capital is $4,000,000; the paid-in
amount will be incrd.ased through the new issue from $2,500,000 to $3,000,000.
—In the annual statement for Nov. 30 1911 of the Bank of
Ottawa,Canada,(head office, Ottawa) the net profits for the
year are shown to be $595,229,these comparing with $532,353
for the previous twelve months. The bank added considerably
to its business in the year just concluded. The deposits have
grown from $32,418,445 to $34,864,147 and the resources
have increased from $43,654,939 to $46,458,538. Out of the
profit and loss account $100,000 has been transferred to the
rest account, raising the latter from $3,900,000 to $4,000,000, and after the other customary distributions, $118,167
is carried forward. A number of new branches were opened
by the bank during the year, and it is the intention of the
directors to open additional offices in the near future in the
westerly and southwesterly parts of the city of Ottawa,and
in Westboro. The directors have also purchased premises
on Sparks Street immediately in the rear of the present head
office building, for the purpose of enlarging the latter, and
thus giving it an entrance to the main thoroughfare of the
capital city of the Dominion.
—At the annual meeting on the 18th inst. of the stockholders of the Royal Bank of Canada (head office, Montreal),
President H. S. Holt announced in his report that the rumors
concerning the negotiations for the purchase of the assets
255
of the Colonial Bank of London by the Royal Bank were
well founded, but added that, as the negotiating interests
were unable to agree on all questions, the proceedings have
recently been discontinued by mutual consent. The exceptional strides of the Royal Bank during the year are indicated in its deposits, which have risen from $72,079,607 on
Dec. 31 1910 to $88,294,808 on the same date in 1911, and
in its total assets as well, which in the latest statement reach
$110,528,572, as compared with $92,510,346 on Dec. 31
1910. The net profits in the year just ended were $1,152,250,
while in 1910 they amounted to $951,337. The bank has
to-day 207 branches, including agencies in Cuba, Porto
Rico and the. British West Indies; also an agency in New
York. In December last the directors issued $2,000,009
of new capital, raising the paid-in amount from $6,200,
000 to $8,200,000, the expansion in the bank's business
having necessitated this 'action. It has been decided
to change the date of the annual meeting from the third
Thursday in January to the second Thursday in that month,
and to have the fiscal year terminate on Nov. 30 instead
of Dec. 31. E. L. Pease is Vice-President and General
Manager of the bank and C. E. Neill and F. J. Sherman are
Assistant General Managers.
—The Merchants' Bank of Canada (head office, Montreal),
which recently decided to increase its paid-in capital from
$6,000,000 to $7,000,000, offers the additional stock pro rata
to its shareholders of record Jan. 25 at a premium of $75, or
$175 per share. Subscriptions are made payable in fen installments, the first payable on the date of the acceptance
of the allotment or within thirty days thereafter, and subsequent installments being called for as follows: April 15,
June 1, July 15, Sept. 2, Oct. 15, Dec. 2 1912; Jan. 15,
March 1 and April 15 1913. The authorized capital of the institution is $10,000,000. The bank has a reserve fund of
over $5,000,000. E. F. Hebden is General Manager.
—The Bank of Nova Scotia (head office, Halifax, N. S.)
has just issued its eightieth annual report, for the year
ending Dec. 30 1911. The bank, which was incorporated in
1832, has an authorized capital of $5,000,000, of whic
$4,000,000 has been called and subscribed for and $3,984,790
has been paid up. It also has surplus and.undivided profits
of $7,532,295, the latter representing 189.03% of the paid-up
capital. Net earnings for 1911, after providing for all bad
and doubtful debts, amounted to $815,519, which is equivalent to 23% of the average paid-up capital. This compares
with profits of $662,301 in 1910 and $604,123 in 1909. Out
of the earnings of 1911 two quarterly dividends at the rate
of 13% per annum were paid and two quarterly dividends at
the rate of 14%, the dividend rate having been increased to
the latter figure in September last; $164,732 was transferred
to surplus account; $125,000 written off bank premises
account and $30,000 contributed to officers' pension fund.
The total assets are $63,271,190, of which $14,348,797 are
represented by cash, checks on and balances due by other
banks, and sterling exchange, and $17,800,067 by investment bonds and call loans secured by collateral, or a total of
6% of the
quick assets of $32,148,864, representing 623,
total liabilities to the public, which amount to $51,446,559.
Deposits show a gain of $5,866,055, or 14.28%, over last
year. The bank has 102 branches, extending throughout
Canada, from the Atlantic to the Pacific, in the Islands of
Newfoundland, Jamaica, Cuba and Porto Rico, in Boston
and Chicago, as well as an agency in the City of New York.
H. A. Richardson is General Manager, and D. Waters,
Assistant General Manager, with executive offices at Toronto,
Ont. W. H. Davies, of 48 Wall Street, is the New York
agent of the institution.
—The semi-annual statement of the Union Discount Co.,
London, has come to hand and is given in detail on another
page. The balance sheet of Dec. 31 1911 shows gross assets
of $125,642,969. Out of the profits for the half-year there
was added $100,000 to the reserve fund, which now stands
at $3,175,000; a semi-annual dividend was paid at the rate of
12% per annum on the $3,750,000 capital stock paid in,
calling for $225,000, and after other usual deductions a
balance of $756,773 was carried forward to the next account.
—The semi-annual statement of the National Discount
Co., London, will be found in another column. The gross
assets Dec. 31 1911 were $103,660,962, deposits and sundry
balances,$76,041,039. The company paid a six months dividend at the rate of 10% per annum, requiring $211,6661
there was added $75,000 to the reserve fund, increasing the
same to $2,375,000 and a balance of $316,573 was carried
forward,to the next account.
256
THE CHRONICLE
[VOL. Lxxxxiv.
CHICAGO STOCK EXCHANGE RECORD OF PRICES FOR 1911.
Continuing the practice begun by us seven years ago, we furnish below a record of the highest and lowest
prices for each month of 1911 for all the leading stocks and bonds dealt in at the Chicago Stock Exchange.
In the compilation of the figures, which are based entirely on sale transactions, we have used the reports of
the dealings as given in the Chicago Stock Exchange official list each day. For record of previous years,
see "Chronicle" of January 28 1911, page 234; January 29 1910, page 276; February 6 1909, page 348; January 25
1908, page 205; January 19 1907, page 138; January 20 1906, page 135, and January 211905, page 198
BONDS AND STOCKS.
January February
March
April
May
July
June
1 August September October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
RR. & MISCEL. BONDS
'
Amer Strawboard 1st Os 1911 10012 10012
_
9314 9333 -65- W- -aiis W11-1 9258 9318 -------Armour & Co 454s
9212 93
- 9212 93
9212 9252 9158 9178 9113 9214 --------9114 9134
Booth Fish Co Deb 5s.- _1917 9018 93
9212 9514 9712100
--- — -- ---- ---- ---- ---. ---- --- - ---- ---- --- - ---- --- - ---- -- -- —4.
Do
9212 94
98 100
—
_ -1924 90 93
_
---- ---- - --- ---- ---- ---- ---- ---- ---- ---- ---- ---- - --- ---- ---- ---Booth Fish doCo SF D 6s T rcts
98 9812 984 99
Cal & So Chic Rys 1st 5s_1927
9914 9914
City Rail way Ss
8 10918 1-02-78 10212 1-62-7-2 10212 1-623162-31927
4 10238 1-62-74 102121-6i7- 10233 1-624 10233 1-62-72
8 10252 10278 10234 1-62-72
- i.523.4 1-03-18 -15i1.3 1-6.
2-78
Chicago Elev Ry 53
1914
---9814 997 9812 9812 9752 9758 9772 9778 ___ _ _ ___ _
Chic Pneum Tool 1st 5s-1921 ---- -- -8738
-9073 11-- -66- -61-- 6612 0012 8'714 130 -------- 89 89
89 89
89 8914 - -.- --- 9013 -92
08
9732
Chic Rys 5s
9812
9812 9734 9814
9834 100
1927
9953 9978 9958 9978 9958 9972
9912 0934 9912 100 100 10014 100 10018
- 9912 100
9134 9434 9334 9334 9318 9312 9314 9312
Do 4-5s. Series "A" _1927
_
9312 9434 9412 9514 94
9452 9412 9452 9513 0512 96 9712
Do 4-5s. Series "B" _1927 -8218 -824 83 8418 8314 8418 84 8853 87 88 ...._87 8734
- - 8718 893 881 891 87 8812 8714 8878 8872 90
8978 92
Chicago Rys 4-5s "C"
90 90 - ----- ---- 91
Do Collateral Os ____1913 9958 10014 1.651-4 10014 10014
10013 1-00-4 100 10078 10034 10078 10018
4 10034 10034 10014 10034 10033 1-6052 i.,55ig 1-665g -- — _ _ _
Do Fund Gs
1913 100 100
1094
977 9773
10398 0814
Chicago RY Temp ctfs 1st
6658 19-34 --------9833 0858 6612 100 6658 -9-9-3q 69
-53 -9014 1-50
- 1-0-0- 155 1-604 10214 10234 103 103
199- 1021Chic Tel 5s
103 10312 103 10318 103 10318 10312 10318 10212 10233 102 102 10252 103 103 10314
Cicero Gas ref g M 5s-- - _1932
9378 95
9434 95
9133 9433 95 9512 9512 96
9613 9613
Comm Ed 5s
1943 1004 101-4 10118 10112 10114 10112 10138 10152 10112 1-0-218 102 10238 10214 103 10234 10318 10258 103 10234 10272 10234 103 103 10314
Chic Edison lit g 03_1926 100 100 100 100
Commonwealth Elect 6s_1943 1003.1 10034 10034 10114 iai- 16112 10114 10112 10133 16134
10134 10134 10134 10214 10252 10212 10272 10238 10212 10214 10212 10258 103 10212 10212
Cudahy & Co 5s
1924 9878 99
9834 9912 9914 9984 9912 9912 9912 9913 - -- - - 9934 9978 9952 9034 9913 9934 9913 9972 9952 9972 - 103 10312 10312 10458 10434 10513 1054 106 156 10738 10714 10734 10534 10672 10312 10534 10412 10012 100
Diamond Match con'd 68_1920
11012 10! 1-69-73
10012 1-02-3-4 10214 103
Do receipts
____ ____ ---- _-__ ____ ____ _--- ---_ ---- ____ --- ___. ...... -Kans City RY 6c Lt Co 5s, 1913 9638 9638
9734 9734
9713 9734
Knick Ice 1st 5s
1928
-0812100
7812 7813 79 -7-6- -8
Lake St Elev 1st 5s
1928 77 80
.612 -82 81
82 -8-2
81
iii
MetropWSide Elev 1st 4s 1938 8218 8313 8234 8312 8312 85
8412 85
85 8534 8512 8634 8614 8658 86 8612 847 853 8512 86
8412 85
85
4
7834 82
Extension gold 4s
8114 8112 8118 804 8234 8278 8234 8272 8213 825g 8178 8178 ---- ---- 8012 8112 81523 853
1938 7812 7812 7834 80
8213
Morris & Co 4 A s
1939 0034 9134 9112 9134 9112 9112 91:14 9112 814 9112 9078 91
9034 91
8934 9012 ------8973
8972
- 90 9012 8978 90
_
North %Vest Elec 1st 4s 1911 9618 9858 98 9834 98 9918 9858 9938 9834 100
993 100 100 100
__
N W Gas Lt & C 5s
1928
--- - -- 9913 100 ----- ----0934 100 --------9913 -9-912 9958 -9-952 -------- 9934 1034
9912 9912
Ogden Gas 5s
1945 9212 9314 -9212 -9-3- 9212 9318 93 04
9372 9414 929418 93 9312 9312 94
9313 9334 9312 9412 94 95
9612
Pearson-Taft 4.80s Ser F-- -9814 9814 -:
94-34:: ,:. -_
People's 13 L&C ref g 5s -1947 10112 101-78
- 10jig 1-01-78
,2 1-6238 10218 10234 10214 10258 102 102 1013,1 10218 10134 10214 10178 1011
8 0-3
1E- 10134 10178 10134 1-6238
Chic Gas L & C 1st 5s._1937 10314 10312 10314 10314 103 10314 103 103 10278 103 103 103 10314 10338 10312 10312 10312 10314 10318 10314 103 10314 10318 10314
10112 10112 - - Consumers' Gas 1st 5s.1936
10112 10158 --------10133 102
— ---1 1011 _
_
_
__ __—
Mutual Fuel Gas 1st 5s, 1947 ____ _
---- .10112 10112 -------- 1011310112 -------------- 101131-0-113 ioi 1-61- _ •
_
9313 94 -9912 /4- - 9312 -6-14 9412 9514 551-2 -9-i3- 9518 953 95 -9-534 95 -6512 95 9514 95 9514 9518 262
South Side Elev 4 8.-1924 93 04
Swift & Co 1st gold 5s_ —1914 100 100 10014 10034 10014 10178 10014 10014 10012 10012 -------_ ------_ 10838 10052 10032 10012 10014 10014 ___
10014 10012
Union El(Loop)5s
---1945
-85 90
United Box Board Gen mtg 6s --- -- -99- 10- -La- -66- -- Western Stone Co 5s_ _ _ _1909 --- 10034 10034
- —
__
--- ___
West Elect Co 1st M g 5s. 1922
_ ioi- 1-61-1102 102 ---- ---4
—
.10233 103 ----------------10214 1023 _
_
—
West Side Elev 1st 4s
i32
_ -8-612 ---- ------------------------- ---- 10233 1-6232
-66- -6.9-58-
-8-0-12 ia -8-6- ia -8-61s ia -8-8- 871-2 -86. 854 -8-0-
i6ii4
RAILROAD STOCKS. Par
Chicago City Rail way____100
--- _ —Chicago & Oak Park
100
4
4
Do preferred
100
Chicago El Ry common
--_
-Do
preferred
Chicago Junction lb,
9212 9212
Chic Rys Part CH Series L_. 93 93
Dodo Part Ctf Series 2_ _ _ 2312 2538 2312 2514
878 10
812 9
Do do Part Ctf Series 3-_ _
5
5
Do do Part Ctf Series 4...
412 378 438
Chicago Subway
108 4
Kansas City RY & Light-100 20 2112 20 25
-- 6912 7212
100
Do preferred
1912 21
Metrop W Side Elev.__.100 21 22
65 67
Do preferred
100 67 69
Northwestern Elevated__ _100 - -- .100 60 60 -Li- 62
Do preferred
68 69
South Side Elevated
100 68 72
1012 934 1314
Streets W Stable Car Lines100 9
50 50
Do preferred
100 49 50
185 185
186 190
-- ---- -_-- --- --112 112 112
2.i 2-64
ii 2612
is
ii
8
..5_9_3_ ..8_!_ _9
.
3_ 18
59
_
90
24
812
412
412
22
6712
21
6612
2112
60
69
1114
50
80
92
2514 2152
10
814
412
5
6
4
2012
25
72
68
2412
6934 -572013
25
67
63
6912
72
1258 1012
45
50
85
24
812
412
55g
22
71
_—
2034 -2-2-12
8
812
478 514
413 51
17 20 45 68
24
25
18-1-2 67 72
22
06
63 63
7134 70 7734
11
9
1034
45 47
47
85 8712 8712
22 2633 2513
812 912 9
5
514 5
33
41
31
----- ---.---4049
40
25 27
27
72 748., 7412
95 101
98
3034 2634 3 134
1014 10
1212
6
6
712
418 252 352
-16
16
40
40 41
27
75
-id 25 -26
9912 ..9
..5
... 93 _
159
92 92
92 -0012
2678 3014 27 33
912 1014 1012 11
558 6
578 6
113 278
72 214
16
151 1
161
39 41 - -------_
2782 -3-6 ia -3-2
_92
.1_2 94....9_13_4 92
95
31
1034
014
14
16
44
-9-8
3414
1118
7
1
2112
5212
9112
3312
1012
532
38
20
50
-9-9-12
3778
1114
612
• 12
21
61
66 69
76 80 7612 /6.12 --,.1- --,, -- , - •:. --:- - -_- - - - - -_ 812 91
9 -1-01
91
81
812 0
i12 -81
8 8
-812 i
i
40 42 - ---- ---- 48 50 - -------- 40 42
38 3812 __ _..
MISCELLANEOUS STOCKS.
6314 66
Amal Copper
6314 6314 ----------------61 61
- --913 11
9 10
Ws 10
1038 1212 1012 121g 1032 1134 932 1114 91-4 103American Can
100 834 10
4 614 1-058 10 1-218 1038 12
8214
80
7678
8012
8214
82
80
Do preferred
8532
3
4
8538 8834 8478 8778 8412 8838 8134 8714 81 8613 8212 8612 8612 9212 8012 93
100
American Radiator
--- ---- ---- ---- ---- --- - --- ---- ____ 300 304 300 300
100 265 265 265 265
..._
Do preferred
131 131 ---- -- -130.
100 130 130 12814 12814 12012 128 129- 129'130 --------133 133 132 iiii
American Shipbuilding-100 7134 7612 75 79
7158 77
70 73
05 72
64 721 55 64
541 571 50 57
49 50
48 48
48 5014
Do preferred
. 112 113 -------- 111 111 ---- ---100 11084 1 1 112 112 112 111 11234 — _ 1061210612
_:- -- - :
-.
American Tel & Tel Co.
141 8 144 14512 14512 14434 14612 14433146 14638 14918 14814 15214 13614 1394 13158 136 13318 136 ------53g
13612
13312 13
-:----14134
-_- 13'712
140
4012 4378 4318 58
50 5914 35 53
Booth Fisheries corn
3812 44
35 42 35 45
43
1 47
1.50 55
45 51
4118 56
52 573.1 61
Do
do
51
Vot'g Tr Ctfs 3912 42
4313 4312 --------------- -60_
_
_ ---45 50
54
68 7238 71 8034 7712 82 68 7712 73 /41
Do
do
pref
2 -65
62 70
6478 6-9- 6012 -01 00 lb 74 76
70 8832
51
51
52
51
Cal & Chic Canal & Dock-100 51
51 - --------50 511 51 51
-- 4912 51
50 50
50 50 ---__
50 51
Chic Brewing & Malting
118 118 118 118 112 112 113
1 - ----------------115 11 _. _ 14
5
Do
do
preferred
312 418 4
---682 Y
434 518 514 534 -------------- —--------------- -4612 4682 5513 5012 5412 48 6318 49 5338 5015 53
Chicago Pneumatic Tool--100 41
45 4614 451-4 1712
5014 5-261
Chicago Telephone
100 115 121 11812 123 11812 124 11938 12212 121 129 12012 12414 123 12312 120 123 119 123 11912 121 122 14114 13613 1304
15212
153
154
155
150
155
155
15112
17382
Chicago Title & Trust
160
163
15334
170 165 168 160 160 162 165 16178
171 17112 174 180
100
2212 2212
Chino Copper
115- 11512 11414 12112 11734 13012 12234 129- - i2ii3 1-2-93g 128 130 130 13722 130 136 133 13014 12712 13513 13112 13512
Commonwealth Edison
13112 136
312
Do
Rights
418 4
414
281 281
Cont & Comm Nat Bank__-14-4 1334 1418 -14- 15 - - iiig -1-i31-3 -1412 -14-72
1334 1412 104 1472
Corn Prod Ref Co corn
4 - His -1-2-1-2 - -oil 11-52 -1034 11-1- -His -1-4-18 -1014 IC
78 78
Do
do
pref
'212 -9-5
Diamond Match
4 -oi- 161-- -693-4 1-0-3-- 16234 1-651-2 10
214 104-4 -96- 1-64-34
1
:
2 -6514 1-661- iiio- 163-- 1014 1-1-03100 90 9458 -9212 -9-714 -0
4
Hart Shaffner & Marx pref_
10114 10338 102 103 10013 103 100 10112 10012 10134 10114 102 101 10334
- 60 -6534 5273 6534 5112 59
Illinois Brick
106 -5334 -7-6- 61 -661-2 6314 6812 -5212 -13778
5212 5412 54
5012 5514 4978 53
59
55 5814
International Harvester Co-- 11538 11534 118 119 11634 11834 117 11912 120 129 12012 12438 12134 12412 104 121
9914 10852 10214 109 10614 112 10412 112
2112 2112 22 22
Lindsay Light Co
47 -4-7- 47- 4750 60 - ---- ----50 -5-6 La -5-618 -------------------------------Masonic Temple
_
4515 /1-12 45 50
i8- 491 45 47
McCrum-Ho well Co
4634 5034 50 51
100 63 67
40 46
47 50
4012 4 12 3812 4113 40 4314
92 97
93 98
9312 9412 92 94
Preferred
93 97
90 97
92 9338 90 92
92 96
92 9334 90 95
National Biscuit
___
100 1171-4 12312 123 12512 122 135 133 140 136
_ 135 13714 12934 133 129 13113 12612 127 141 141 140 14212
Do preferred
130 128 128
100 123 126 124 127 12512 130 126 126 12812 138--- 12734 12914 12812 12812 126 120 125 127 12713 12712 125 12758
National Carbon
100 11512 117 118 119 118 120 114 119 114 120 118 120 11212 128 100 113 100 101 102 104 103 105 10014 10.183
Do preferred
100 118 118 11878 119 118 120 11812 120 119 119 118 11812 118 119 11678 11678 117 119 11812 119 118 120 118 11912
People's Gas Lt & Coke 100 10511085s 10512 108 10312 10778 10318 108 10334 10612 10512 10634 10512 107 10134 10634 101 10418 10314 10818 10432 107 103 10513
Sears-Roebuck common_ _100 184 19234 187 19112 14134 191 141 148 13612 144 13913 14534 14014 143 13612 141 12334 139 12912 14138 12772 14278 13972 1421
2
Do preferred
100 119 120 12012 12158 120 122 121 12114 120 12114 11912 12078 11934 121 11813 120 116 12012 117 118 117 121 120 12113
Swift & Com pany
100 10014 10118 10014 10134 10018 10212 101 10178 10134 10212 10114 104 10172 103 10118 10278 9734 10213 98 1004 99 10114 9853 10172
The Ouaker Oats Co
100 166 170 166 168 165 168 165 172 173 177 177 193 1 0 12 190 190 187 187 189 1971 195 108 199 212
166 168
Receipts
180 191 --------------------------------- 198 198
Do preferred
100 103 10413 10912 104-- ja3i8 1-64- 104 105 10434, 1-0-612 105 10612 10612 10712 106 107 10512 107 105 10614 104 10512 105 10512
434 5
Un Box Board & Paper Co 100 612 7
534 653 434 6
3
434 238 414 212 3
134 258 112 2
134 214 172 212 1
173
7714 8178 75 7914 73 7838 7438 81
U S Steel common
100 7214 80
'7514 7934 7752 801 693 791 52 713 501 621 5018 6534 6073 6914
21
23 24
25
2214 1912 1912 1912 2112 ____ ____ 1912 24 - ---- ---Western Stone
100 21
_
18
18 - ---- ---- 1416
13
16
iii - -12 3613 ;id%,2 47
__
iioi- nil-
J.27
THE CHRONICLE
1912
DEBT STATEMENT OF DECEMBER 31 1911.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued Dec. 311911. For statement of Nov. 30 1911
see issue of Dec. 9 1911, page 1573; that of Dec. 311910, see
Jan. 21 1911, page 165.
INTEREST-BEARING DEBT DEC. 31 1911.
-Amount Outstanding
Amount
Interest
Registered. Coupon.
Total.
Issued.
Title of LoanPayable.
3
S
28, Consols of 1930
Q.J. 646,250,150 642,103,650 4,140,500 616,250,150
3s, Loan of 1908-18
193,702,660 43,732.460 20,213,000 63,945,460
Q-F
4s, Loan of 1925
Q-F. 162,315,900 99,890,500 18,799,400 118,480,900
2s, Pan. Canal Loan 1908_Q-F.
54,631,980 54,606,740
25,240 54,631.980
28. Pan. Canal Loan 1908_Q-F,
30,000,000 29,640,320
359,180 30,000,000
3s, Pan. Canal Loan 1911_Q-S.
50,000,000 27,874,400 22,125,600 50,000,000
2 Ms, Postal Savings bondsJ-J.
41,900
36,640
41,900
5,260
Aggregate int.-bearing debt_ A,142.032.090 897,6)1.210 65,668,180 963,359,300
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
•
November 30. Decembsr 31,
Funded loan of 1391, continued at 2%,called May 18
1900,interest ceased Aug. 18 1900
$7,000 00
57,003 00
Funded loan of 1891, matured Sept. 2 1891
23,65000
21,650 00
Loan of 1904, matured Feb. 2 1901
13,35000
13,350 00
Funded loan of 1907, matured July 2 1907
861.650 00
859,000 00
Refunding certificates, matured July 1 1907
14,500 00
14,430 00
dates
various
matured
prior to Jan. 1 1861
Old debt
at
and other items of debt matured at various dates_ _ _
subsequent to Jan. 1 1881
904,350 26
904,350 28
Aggregate debt on which interest has ceased since
maturity
81,824,500 28 51,321,830,26
DEBT BEARING NO INTEREST.
November 30.
December 31.
United States
8346,631,016 00 $346,631,016 00
Old demand note))
53,282 50
53,282 50
National bank notes-Redemption account
27,639,750 .50
26,203,861 50
Fractional currency, less 88,375,934 estimated as
lost or destroyed
6,357,019 90
6,856,639 90
Aggregate debt bearing no interest
8381,231,068 90 $379,794,799 00
RECAPITULATION.
Increase (+)or
ClassificationDec. 311911.
Nov. 30 1911.
Decrease (-).
Interest-bearing debt
8963,359,390 00 $963,350,390 00
Debt Interest ceased
1,821,830 26
1,824,500 26
-812,670 00
Debt bearing no interest.... _ _
379,794,799 90
381,231,068 90
-1,436,269 00
Total gross debt
Cash balance in Treasury*
Total net debt
$1,344,976,020 16 31,316,414,959 16 -$1,438,939 00
276,925,992 06
282,243,628 08 -5,317.03602
$1,068,050,028 10 81,061,171,331 03
-I-83,878,697 02
*Includes $150,000.000 reserve fund.
The foregoing figures show a gross debt on Dec. 31 of
$1,344,976,020 16 and a net debt (gross debt less net cash
in the Treasury) of $1,068,050,028 10.
TREASURY CASH AND DEMAND LIABILITIES.The cash holdings of the Government as the items stood
December 31 are set out in the following:
ASSETS.
L'ABiLITIES.
Trust Fund Holdingss
7'rust Fuld Liabilities$
Gold coin
1,010,956,369 00
S iver dollars
489,166,000 00
Silver dollars of 1890_ _ _
3.093,0000.
-----Total trust fund
1,503,215,3&00
General Fund HoldingsCertited checks
609 341 84
Gold cein and bullion
22.017,640 58
Gold certificates
104.012.002 00
Silver ce tificates
11,138,116 00
Silver .111 is
1,481,776 00
Silver bullion
1,669,137 70
United States notes_ _
8,730,716 00
Treasury notes of 1800._
14,386 00
National bank notes_ _ .. 35,366.944 50
Fractional silver coin.. _. 18,016,293 92
Fractior a! currency... _.
143 83
Minor coin
1,434,516 08
Bonds and interest paid_
10,280 45
Gold certificates
1,010,956,369 00
Silver certificates
483,166,000 00
Treasury notes of 1890..
3,0)3,000.00
Total trust liabilities_1,503,213,309 00
CCM Fund Liabilities•
National Bank 5% fund. 26.453,054 43
Outstanding checks and
drafts
12,408,827 10
Disbursing officers' balances
84,022,284 41
Post Office Department
account
6.373,137 30
Miscellaneous items_ _ _ _
1,935,996 91
Total gen'l liabilities._
German authorities. They had influence enough in the
Senate to insist upon the appointment of a committee, and
in the course of its inquiries the committee extracted informas
tion which seems to prove the correctness of the chargemade against the Prime Minister. At the same time, it is
to be recollected that the Prime Minister has not made any
public defence of his own conduct, and that the public is
largely dependent for its information upon lobby gossip. In
any event, the Minister for Foreign Affairs refused to answer
a question as to whether he himself and the Ambassador
in 'Berlin were fully informed on all that passed between the
two Governments; and he refused on the ground that he was
under two conflicting obligations-one; to tell the full truth,
and the other to maintain the solidarity of the Ministry.
He resigned, in consequence, and to keep the Government
in office, at all events until ratification of the agreement,
M. Delcasse was prevailed upon to become Foreign Secretary.
He stipulated, however, for guaranties to ensure that there
would be no further private negotiations while he held office, and, as a result, the Prime Minister decided to resign.
The alleged revelations have naturally made an immense
sensation in Paris, where not only is the character of French
public men lowered, but there are fears of what may be the
impression made upon Germany. And in London, it is
enough to say that the impression has been such that some
few have insured against war. The general feeling here is
that war is in the highest degree unlikely, at least until Germany is fully prepared. But the impression made is unquestionably extremely unfavorable. The final consequence
of the whole thing, so far as the Stock Exchange is concerned,
is that prices of all kinds gave way sharply, though yesterday
there was some recovery.
There are also grave fears of a general strike of all the
miners of Great Britain. The question wh'ether they will
strike for a minimum wage has been referred to the miners
themselves, and they began voting upon it on Wednesday
It is not expected that the final result will be made known.
until the middle of next week, when there is to be a meeting
of all the leaders of the men, although enough is already
known to leave no doubt that there is a very large majority
for a general strike. Even so, the actual strike is not to
occur until the end of February. There is a hope among a
great many that the strike will not take place; that, in fact,
the men are largely bluffing, and that they hope, by showing
so firm and aggressive a front, to frighten the employers into
making large concessions. Whether that be so or not it is
impossible to say. But the danger of so great a strike,
which would, if it were really to take place, and to be prolonged for any length of time, compel the suspension of nearly
all our manufacturing business, is naturally calculated to
alarm the Stock Exchange and to put down nearly all 'quotations. Meantime the rates of interest and discount have
recovered from the brief decline last week, and the Bank of
England once more has control of the market, which it is
likely to retain until the end of March.
The India Council offered for tender on Wednesday 80
lacs of its bills and telegraphic transfers, and the applications
exceeded 9033 lacs, at is. 4 3-32d. for bills and is. 4 5d.
for telegraphic transfers. Applicants at these figures were
allotted 8%. One hundred lacs are to be offer d next week.
131,288,300 24
Tot. In Sub-Treas'les_ 204,591.894 88
In Nat. Bank Depositaries
Credit Treasurer of U. S. 30.151,90437
Credit U.S. dis. officers. 11.616.699 55
Total in banks
47.763.603 92
In Treas. of Philippine Islands
Credit Treasurer of U.S.
2.075,821 04
Cash balance and ReserveCredit U.S. dis. officers_
3,777.972 10 Total cash and reserve__ 276,025,992 08
Made up ofTotal in Philippines__
5,853,703 50 Available
126,925,992 06
and
Reserve Fund HoldingsReserve FundGold coin and bullion... 150,000,000 00 Gold & bull
150,000,000 00
Grand total
1,911,429,661 30
Grand total
1,911,420,681 30
Mouttarg3goinutcrcia1gugitsknews
(From our own correspondent.)
London, Saturday, January 13 1912.
The inquiry by a committee of the French Senate
into
the way in which the negotiations between France
and Germany respecting Morocco were conducted by
the French
Ministers has resulted in a grave crisis, which
has for the
moment revived fears of war, so that once more
there have
been inquiries at Lloyd's by persons desiring to
insure against
war, while in France itself Ministers have been
compelled
to resign before the agreement with Germany has
been ratified by the Senate. It was ratified by the Chamber
of Deputies before Christmas, but the ratification by the Senate
was
postponed until the committee had finished its inquiries.
Certain members of the Senate had information that M.
Caillaux, the Prime Minister, was behind the backs of the President of the Republic, the Foreign Minister and the
French
Ambassador in Berlin, carrying on pourparlers with the
257
Engiish Financial Markets-Per Cable.
•
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
Week ending Jan. 28.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
Silver, per,ms
d 2634
25 5-16 2634
2634
26 9-16 26 9-16
Consols, 234 per cents
7/ 7-16 7734
77 5-16 7734
77 7-16 77 3-16
For account
77 9-16 77 7-16 77%
777-16 7734
7734
French Rentes (in Parts)_fr_ 95.0734 95.10
95.05
95.35 95.2734 95.25
Amalgamated Copper Co__ _ _ 6134
874
6634
664
653
654
fi
American Smelt. & Ref. Co__ 7334
74
74
7334
7434
74
bAnaconda Mining Co
734
734
734
734
74
74 ai$
Atchison Topeka & Santa Fe 108%
10834
10834
10834
10954
10834 Aa
Preferred
10534
106
10534
106
10534
106
km
Baltimore & Ohio
109
,10834
108
1085(
10834
10734 ...,
Preferred
9134
9134
9134
93
93
9234
A
Canadian Pacific
238
237
237
238
23754
23734 a
Chesapeake & Ohio
74
74
75
75
7434
7434 __,
Chicago Great Western__ ___ 1834
19
1834
1854
184
1834 ..A
Chicago Milw. & St. Paul_ __Ill
111
111h
111
11134
1103-4 ,
Denver & Rio Grande
22
2234
2234
2234
223-4
2234 4
Preferred
4634
4534
47
4734
4734
46
.
Erie
3234
32
3134
3234
3234
3134 ,
First Preferred
5334
5334
5334
53
53
523.4
Second Preferred
4334
43
4334
4334
4234
9234
Illinois Central
14334
144
14434
14454
144
14434
Louisville & Nashville
16134
161
161
161
160
15934
Missouri Kansas & Texas... 29
2934
2934
2934
2934
293.4
Preferred
6534
653.4
6534
6534
66
6534
Missouri Pacific
42
4134
4134
41
4134
4034
Nat. RR. of Mex., 1st Pref.
... 71
7134
72
71
7134
71
Second Preferred
3734
37
37
3534
369.4
3534
N. Y. Central & Hudson Riv.111
111
111
111
11034
11034
N. Y. Ontario & Western_._ 3934
3934
3934
393(
39
39
Norfolk & Western
112M
112
11234
112
11234
112
Preferred
94
94
Northern Pacific
121
12i.i
12-2
- 12134
121120
-34
aPennsylvania
6334
633'4
6334
6334
6334
6334
alteading Company
8134
8034
81
8134
8034
8094
aFirst Preferred
4734
47
47%
4734
47
47
aSecond Preferred
49M
5034
Rock Island
25
2 5- 4
2825
2534
1834
Southern Pacific
11334
11334
11334
1133.4 11234 11234
Southern Railway
2934
2934
29
29
29
2834
Preferred
73
7234
72
72
7134
72
Union Pacific
172
17234
17134
17134
1713.4
17034
Preferred
9934
95
95
95
943,4
9434
U. S. Steel Corporation
6834
6834
6834
6834
6734
6734
Preferred
114
114
119
119
114
11334
Wabash
734
734
734
74
74
73.4
Preferred
1934
1934
19
19
1854
I834
Extended 4s
59
59
59
59
58
58
a Price per share.
b .£ sterling.
258
THE CHRONICLE
Conzintrciat and trasceliantonsBMW
Canadian Bank Clearings.-The clearings for the week ending Jan. 20 at Canadian cities, in comparison with the same
week of 1911, shows an increase in the aggregate of 17.7%.
Name of Company.
[VOL. LXXXXIV.
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
Miscellaneous.
Amalgamated Copper (guar.)
Feb. 26 Holders of rec. Jan.27a
American Bank Note, cam. (quar.)
Feb. 15 Feb. 2 to Feb. 15
Am. Beet Sugar, corn. (guar.) (No. 2)
1)4 Feb. 15 Holders of rec. Jan.27a
Am. Dist. Teleg. of N. J. (guar.)
1
Jan. 29 Jan. 20 to Jan. 28
Amer. Gas & Electric, pref. (guar.).- 134 Feb.
Week ending January 20.
1 Jan. 16 to Feb. 1
American Glue, preferred
Clearings at
4
Feb. 1 Jan. 21 to Feb. 1
Amer. Light & Traction, corn. (guar.)._
2% Feb.
1 Jan. 17 to Jan. 31
Inc. or
Common (payable in common stock)._
1912.
2%e Feb.
1911.
1 Jan. 17 to Jan. 31
Dec.
1910.
1909.
Preferred (guar.)
13.4 Feb.
1 Jan. 17 to Jan. 31
Amer. Pneumatic Service, first pref
Canada334
Mch.
$
30
Holders of rec. Mch. 15
$
$
%
$
Second preferred
Montreal _
47,559,457
Mch, 1 Holders of rec. Feb. 3
1
42,877,932 +10.9
40,032,555
31,379,909 Am. Smelters Securs., pref. A (No
Toronto
Feb.
38,044,425
28)1 Jan. 27 to Feb. 4
34/
33,633,033 +13.1
31,400,844
26,433,324
Preferred B (No. 27)
Winnipeg
22,951,004
5-12f Feb.
1 Jan. 27 to Feb. 4
17,177,590 +33.6
15,772,621
11,053,241 Autosales Gum & Chocolate
Vancouver
(No. 1)
1
10,479,880
Feb.
8,606,011 +21.8
I Jan. 27 to Feb. 1
7,198,661
3,730,556 Bond & Mortgage Guarantee (quar.)
Ottawa
3
5,259,470
Feb: 15 Holders of rec. Feb. 8
5,012,853 +4.9
4,046,975
3,694,294
Brill (J. G.), preferred (guar.)
Quebec
1)4 Feb.
2,276,675
1 Jan. 28 to Jan. 31
2,809.446 -5.5
2,263,303
2,143,402 Butte Elec. & Power, pref.
Halifax
(qu.)(No. d) 1)4 Feb.
1,802,145
1,749,381
1 Holders of rec. Jan.20a
+3.0
2,011,125
1,805,349 Cambria Steel (guar.)
Hamilton
2,801,137
134 Feb. 15 Holders of rec. Jan.31a
2,000,938 +40.0
1,687,881
1,450,692
Canada Cement,Ltd.,pref. (quar.)(N0.8) 1% Feb. 16 Feb.
St. John
1,302,459
.1,414,688 -7.9
1,589,218
1
to Feb.10
1,344,589 Casein Co. of Am., pre/.
Calgary
(qu.)(No. 47)
3,969,459
2
2,680,443 +48.1
Feb. 10 Feb. 1 to Feb. 9
2,231,516
1,348,479 Cities Service, common (monthly)
London
1,477,168
1,501,262 -1.6
1-3 Feb.
1,286,745
1 Holders of rec. Jan.20a
1,042,717
Preferred
(monthly)
Victoria
2,477,554
2,121,571 +16.8
1,809,618
34 Feb. 1 Holders of rec. Jan.20a
1,083,095 Claflin (H. B.) first preferred
Edmonton
(guar.) ._ _
3,002,914
1,335,541 +124.8
1% Feb.
1,223,802 '
1 Holders of rec. Jan.24a
699,754
Second preferred (guar.)
Regina
1,473,301
891,331 +65.3
134 Feb. 1 Holders of me. Jan.24a
619,775
Commonweal
Brandon
th
Edison
(guar.)
547,660
487,894 +12.3
1% Feb.
1 Holders of rec. Jan. 16a
Consolidation
Lethbridge
Coal (guar.)
598,123
516,628 +15.8
1% Jan. 31 Holders of rec. Jan.26a
Subscription receipts for stock carrying
Saskatoon
1,393,371
757,547 +84.0
dividend after Jan. 31 1911
Brantford
515,755
504.554 +2.2
134 Jan. 31 Holders of rec. Jan.26a
Consolidated Gas of New York (guar.) _ _
Moose Jaw
912,510 Not included in total
1% Mch. 15 Holders of rec. Feb. 14
.
Cuyahoga Telephone, pref. Mani- , 134 Jan. 31 Holders of rec.
Fort William
548,443 Not included in total
Jan.15a
Distillers' Securities Corp. (qu.) (No. 37)
Jan. 31 Holders of rec. Jan. 10a
Instilling
Total Canada_ 147 911 957 125.678.643 +17.7 113.174.639
1
Jan. 30 Holders of rec. Jan.10a
87209401 DominionCo. of Amer., pref. (guard--Coal, Ltd., pref. (No. 38)- - - - 3% Feb.
1 Holders of rec. Jan. 18
Edison Elec. Ill., Boston (qu.)(No.91)
3
Feb.
1 Holders of rec. Jan. 17
DIVIDENDS.
Electrical Securities Corp.. Ford
13( Feb.
1 Holders of rec. Jan.27a
The following shows all the dividends announced for the Electric Bond de Share,
coin. (quar.) __
2
Jan, 26 Holders of rec. Jan.25a
Preferred (guar.)
134 Feb.
1 Jan. 26 to Feb. 1
future by large or important corporations:
Fall River Gas Works (quar.) (No. 64)_ 3
Feb.
1 Holders of reo. Jan.17a
Dividends announced this week are printed in italic .
Federal Sugar Refg., corn. (qu.)(No. 1)_
13.1 Jan. 29 Holders of rec. Jan.20a
Preferred (guar.)
134 Jan.
Holders of rec. Jan.26a
Ft. Worth Pow. & Lt., pref. (qu.)(No. 2) 1% Feb. 29
1 Holders of rec. Jan.20a
Per
When
Books Closed.
General Chemical, common (extra)
Sc
Feb.
Name of Company.
1
Holders
Cent. Payable.
of rec. Dec.30a
Days Inclusive.
Goldfield Consolidated Mines (quar.)...
300. Jan. 31 Holders of rec. Dec.30a
Extra
200 Jan. 31 Holders of rec. Dec.30a
Railroads (Steam).
Gorham
Manufacturin
g
Alabama Great Southern, preferred.Feb. 24 Holders of rec. Feb. art Greene Cananea Copper Co., corn. (guar.) 234 Feb. 12 Holders of rec. Feb.10a
3
25e. Mch. 1 Feb. 11 to Feb. 29
Atch. Top. & S. Fe, corn. (MI.) (No. 27) 134 Mch. 1 Holders of rec. Jan.31a
Guanajuato Pow. & Elec.,134.(gu.)(No.14) 134 Feb.
1 Jan. 21 to Feb. 1
Preferred
2% Feb.
1 Holders of rec. Dec.29a International Nickel, corn. (guar.)
5
Mch. 1 Feb. 14 to Mch. 1
Atlantic Coast Line Co., Connecticut(qu.) 3
Mch. 10
Preferred (guar.)
1% Feb.
Baltimore & Ohio, common
1 Jan. 14 to Feb. 1
3
Mch. 1 Holders of rec. Feb.. la Internat. Steam
Pump,
pf.(qu.)(No.
51) 1% Feb.
1 Holders of ree. Jan.20a
Preferred
2
Mch. 1 Holders of ree. Feb. la Jefferson & Clearfield Coal
& Iron, pref _
234 Feb. 15 Holders of rec. Feb. 6
Bellefonte Central (annual)
1
Feb. 15 Holders of rec. Feb. in Kansas City Stock Yards
(guar.)
Canada Southern
134 Feb. 1 Holders of rec. Jan.15a
Feb.
1 Holders of rec. Dec.29a Kayser (Julius), first preferred
(guar.).
1% Feb.
Central RR. of New Jersey (guar.)
1 Jan. 26 to Jan. 31
2
Feb.
Holders of rec. Jan.19a
Second preferred (guar.)
Chicago Milw. & St. Paul, common
Feb.
1 Jan. 26 to Jan. 31
2% Mch. 1 Holders of rec. Feb. 5 Kellogg Switchboard
& Supply (guar.)
3
Feb. 2 Holders of rec. Jan. 31
Preferred
334 Mch. 1 Holders of rec. Feb. 5 Lehigh Coal dc Navigation
(guar.)
Si Feb. 29 Holders of rec. Jan. 31
Chic. St. Paul Minn. & Om., com.& pref..
Feb. 20 Holders of rec. Feb. 2a Lowell Electric Light (guar.)
(No. 63). _ _
2
Feb. 1 Holders of rec. Jan.24a
Cornwall ck Lebanon
5
Feb.
1
Massachusetts Gas Cos., corn. (guar.)._ $1
Feb.
Cuba RR., preferred
1 Holders of rec. Jan. 18
2% Feb. 1 Holders of rec. Dec.30a
Mich. State Telephone, pref. (quar.)-134
Feb.
Delaware & Hudson Co. (guar.)
1 Jan. 14 to Feb. 1
2% Mch. 20 Holders of rec. Feb.26a Minneap. Gen. El., com.(qu.)(No.
18).. 2
Feb.
Genesee & Wyoming (guar.)
1 Holders of ree. Jan.18a
Feb.
1
Preferred
(No. 26)
3
Feb.
Great Northern (guar.)
1 Holders of roe. Jan.18a
1 Holders of rec. Jan.12a Montreal Lt., II. & Pow.(guar.)(No.
fl' Feb.
Feb. 15 Holders of rec. Jan.31a
Illinois Central (No. 114)
43) 2
3% Mch. 1 Holders of rec. Feb. la Morris Canal & Bkg., consolidated
stock 2
Feb. 6 Jan. 16 to Feb. 5
Lake Shore & Michigan Southern
Jan. 29 Holders of rec. Dec.29a
Preferred
5
Feb. 6 3an. 16 to Feb. 5
Guar. stock (Mich. Sou. & Nor. Ind.)._
Feb.
1 Holders of rec. Dec.29a Municipal Gas, Albany (quar.)
2)4 Feb.
Lehigh Valley, corn. & pref. (extra)_ _ _ _ 10
1 Jan. 26 to Feb. 1
Feb. 26 Holders of rec. Jan.19a National Carbon, pref. (quar.)
1)4 Feb. 15 Jan. 31 to Feb. 19
Louisville & Nashville
334 Feb. 9 Jan. 20 to Feb. 9 National Lead, pref. (guar.)
1)4
Mch.
Mahoning Coal RR., common
15
Feb. 17 to Feb. 22
$5 Feb.
1 Holders of rec. Jan.12a Nevada-California Power
$2h Feb. 10
Michigan Central
Feb. 1
Jan. 29 Holders of rec. Dec.29a North American Co.(guar.)
3
1% April 1 Holders of rec. Mch.21a
Nashville Chattanooga & St. Louis_ _
3
Feb.
1 Jan. 21 to Feb. 1 Omaha Electric Light & Power,
preferred 234 Feb.
N. Y.Chicago & St. Louis, common
1 Holders of rec. Jan.20a
3
Mch. 1 Holders of rec. Feb. 2 Osceola Consolidated Mining
$3.50 Jan. 31 Holders of rec. Dec.30a
First and second preferred
234 Mch. 1 Holders of rec. Feb. 2 Pacific Coast Co., common (guar.)
134 Feb. 1 Jan. 21 to Feb. 1
Norfolk & Western,adj. pref.(guar.)_ _ _ _
1
Feb. 19 Holders of rec. Jan.31a
First preferred (quar.)
1% Feb.
Northern Pacific (quar.)
1 Jan. 21 to Feb. 1
1( Feb.
1 Holders of rec. Jan. On
Second
preferred
(guar.)
135 Feb.
Oswego & Syracuse
1 Jan. 21 to Feb. 1
434 Feb. 21 Holders of rec. Feb. 10 People's Gas Light &
Coke (guar.)
Feb.
Passaic & Delaware
26
Jan. 21 to Feb. 12
2% Feb.
1 Holders of rec. Jan. 26 Pope Manufacturing, common
1
Jan, 31 Holders of rec. Jan. 26
Pittsburgh & Lake Erie
$2 50 Feb.
1 Holders of rec. Jan.24a
Preferred
(guar.)
1% Jan. 31 Holders of rec. Jan. 26
Reading Company, common tquar.).. _- _
1) Feb. 8 Holders of rec. Jan.234 Portland(Ore
.)Gas&Coke, p1.(qtr.)(No.8) 1% Feb.
First pref. (guar.)
1 Jan. 24 to Jan. 31
1
Mch. 19 Holders of
Feb.26a portjand(Or.)Pow.deLt.,p1.(qu.) (No. 0).. 1% Feb.
Rome Water. & Ogdensburg, guar. (qu.) 111 Feb. 15 Holders of rec.
1 Jan. 27 to Jan. 31
rec. Jan.31a Pressed Steel Car, pref. (guar.)(No.
52)_
1% Feb. 21 Feb. 1 to Feb. 20
St. Louis & San Fran., 1st pref. (guar.) 1
Feb.
1 Holders of rec. Jan.17a Procter & Gamble, common
(quar.)
3
Feb. 15 Holders of rec. Jan.31a
Syracuse Binghamton & New York (quar.)
Feb.
1
Public Service of Nor. Ill., corn.(No. 1) _ _
1
Feb.
Utica Clinton & Binghamton.
1 Holders of rec. Jan. 24
2
Feb. 10 Feb. 1 to Feb. 11
Preferred (No. 1)
134 Feb.
1 Holders of rec. Jan. 24
Street and Electric Railways.
Pullman Company (guar.) (No. 180) _ _
2
Feb. 15 Holders of rec. Jan. 31
Bay State Street Ry.. first preferred
$3 Feb.
1 Holders of rec. Jan. 13 Quaker Oats, preferred
(guar.)
134 Feb. 29 Holders of rec. Feb. in
Binghamton (N. Y.) Railway
2y Feb. 15 Feb. 2 to Feb. 15 Sears, Roebuck &
Co., common (guar.)
1% Feb. 15 Holders of rec. Jan.31a
Columbus (0.) Ry., pref. (guar.)(No.49) 1)4 Feb.
1 Holders of rec. Jan.15a Siegel Stores Corporation,
1 Holders of rec. Jan.15a
Commonwealth Pow.,Ry.da.t.,pf(1.(ou.)Feb.
1 Holders of rec. Jan.19a Sierra Pacific El., pref. pref. (quar.)- 1% Feb.
134 Feb.
1 Holders of rec. Jan.15a
Connecticut Ry. & Ltg., com.& pf. (qu.)
Feb. 15 Feb. 1 to Feb. 16 Silversmiths Company (qU.) (No. 10)
(guar.)
134 Feb. 15 Holders of rec. Feb. 8a
Duluth-Superior Trac., corn. (quar.)
Apr.
1
1 Holders of rec. Mch. 15 Tennessee Copper
$1.50 Feb. 20 Holders of rec. Jan. 31
Preferred (quay.)
1
Apr.
1 Holders of rec. Arch. 15 Torrington Co., common
Feb.
East St. L. & Sub. Co., pf.(qu.)(No. 23)
1 Jan. 20 to Jan. 31
Feb.
1 Holders of rec. Jan.15a United Cigar Mfrs., corn.
(quar.)
1
Feb. 1 Holders of rec. Jan.15a
Fairmount & Clarksburg Traction, pref..
Feb.
1 Jan. 27 to Feb. 1 United Dry Goods Cos.,
Feb.
Grand Rapids Ry., pref. (qu.)(No. 45).
1 Holders of rec. Jan.25a
Feb.
1 Holders of rec. Jan. 15 U.S. Bobbin & Shuttle, common (guar.) 2
pref. (quan)._
1)4 Feb.
Harrisburg (Pa.) Traction
1 Jan. 21 to Jan. 31
Feb. 1 Jan. 16 to Jan. 31 U. S. Realty &
Havana Elec. Ry., coin. & pref. (quar.)
Feb.
1 Holders of rec. Jan.20a
Feb. 10 Jan. 21 to Feb. 10 U. S. Rubber, Impt. (guar.)
corn. (guar.)
1
Jacksonville Trac., corn. (guar.) (No. 4)
Jan. 31 Holders of rec. Jan.15a
Feb.
1 Holders of rec. Jan.16a
First preferred (guar.)
2
Preferred (guar.) (No. 4)
Jan. 31 Holders of rec. Jan.15a
Feb.
Holders of rec. Jan.16a
Second preferred (quar.)
1% Jan, 31 Holders of ree. Jan.15a
Kokomo Marion & West. Tier., common _
Feb. 10 Feb. 2 to Feb. 10 Western Telephone
& Telegraph, pref
234
Feb.
Lewiston Aug. & Wat., pref. (qu.)(No. 7)
1 Jan. 28 to Jan. 31
Feb.
1 Holders of rec. Jan.15a White(J.G.)&Co.,Inc.,p1.(q
u.) (No. 35)
1% Feb. 1 Holders of rec. Jan. 20
Mexico Tramways (guar.)
Feb.
1 Ian. 15 to Jan. 31
Milwaukee El. Ry.&Lt.,pli.(riu.)(No. 49)
Jan. 31 Holders of rec. Jan.20a
New Hampshire Electric Rys. pref
a Transfer books not closed for this div dend. b Less income tax. d Correction.
Jan. 31 Jan. 21 to Jan. 31
Ohio Traction, preferred (quar.)
Feb.
1 Holders of rec. Jan.26a e Payable in common stock. f One month dividend (Dee. 1911), ineldent to
Philadelphia Company, common (guar.)_
Feb.
1 Holders of rec. Jan. 20 changing dividend periods to Q.-J. p Declared 4%, payable 2% Feb. 15 and 2%
Philadelphia Company, preferred
Mch. 1 Holders of rec. Feb. 10 Aug. 16. h Payable in scrip.
Public Service Invest. Co., corn. (No. 5)
Feb.
1 Holders of rec. Jan.15a
Preferred (guar.) (No. 11)
Feb.
1 Holders of rec. Jan.15a
Railway & Light Securities, corn. (No. 5)
Feb.
1 Holders of rec. Jan. 15 . Auction
Sales.-Among other securities, the following, not
Preferred (No. 14)
Feb.
1 Holders of rec. Jan. 15
Railways Company General (guar.)
Feb.
1 Jan. 22 to Jan. 31 usually dealt in at the Stock Exchanges, were
recently sold at
Rio de Janeiro Tram., L. & P.(guar.)._
1% Feb.
1 Holders of reo. Jan. 10
Toledo Bowl. Green & Sou. Tr., pf. (qu.) 1)4 Feb.
I Jan. 21 to Jan. 31 auction in New York, Boston hnd Philadelphia:
Twin City R. T., Minneap., corn. (qu.)
April 1 Holders of rec. Mch. 11
By Messrs. Adrian H. Muller & Sons, New York:
Preferred (quar.)
1% April 1 Holders of rec. Mch. 15
United Power & Transportation
$1.90 Jan. 30 Holders of rec. Jan. 26 Shares.
Per cent. Shares.
West Penn Railways, preferred (guar.) __
Percent.
1 Jan. 26 to Jan. 15
1)4 Feb.
Security Life Ins. Co. of
100
10 Mechanics' Bank of Bklyn...250
York (Pa.) Railways, preferred
Jan. 30 Jan. 20 to Jan. 30
Amer., $10 each__ __El per share
260 Title Insur. Co. Of N. Y._ _ _120
Banks.
Amsterdam
10
New
CasualtyCo_1
Fidelity-Phenix
10
Bowery (guar.)
16
Fire Ins. Co_35034
1 Jan. 28 to Jan. 31
3
Feb.
10 Yorkville Bank
595
Extra
6 German-Amer. Fire Ins. Co_60034
Feb. • 1 Jan. 28 to Jan. 31
5
60 N. Y. Mtge. & Security Co _.205
150 Lincoln Trust Co
Corn Exchange (guar.) _
1 Holders of rec. Jan. 25
Feb.
4
14454
Stock
Quotation
164
Teleg.
Co
_ _100
20 The Ryer Mfg. Co., pret$3 per sh. "
German-American
3
I Holders of rec. Jan.27a
Feb.
10 N.Y.State Steel Co.,com_91 per sh.
24 Commercial Tr. Co. of N. Y. 9734
Greenwich (guar.)
•
2% Feb., 1 Holders of rec. Jan.21a
Bismarck Cons. Mines Co.,pf) $90
100
Guaranty
Lincoln National (quar.)_
43
Trust
Co. V. T.
2% Feb.
I Holders of rec. Jan.25a 1,000 Siam. Cons
Mines Co.,com..1 lot
etre., $100 each''
Metropolis, Bank of the (quar.)
I Jan. 26 to Jan. 31
4
Feb.
87434-880
20 Bkiyn. Real Est. Exchange.. 86
Pacific (guar.)
13 Realty Associates
1 Jan. 18 to Jan. 31
2
Feb.
117
Hollis
20
Assn.,
$5
each
$10
•
lot
Title
Guar.
5
Trust Companies.
(fc' Trust Co_
_550
Hudson
20
Astor (guar.)
10
2
Feb.
1 Holders of rec. Jan.26a 8,000 Vulcan Transp'n Co., pref
Mining, Smelting &
Bonds.
Broadway (guar.)
1 Jan. 21 to Feb. 1
1% Feb.
Per cent.
Relining Co., Si each__.$6 lot $1,000 Chamber of Corn.
Farmers' Loan & Trust (guar.)
1 Jan. 25 to Jan. 31
12% Feb.
Bldg
25 Donald SS: Co., com..$534 per sh.
Hamilton, Brooklyn (guar.)
Fund income
I Holders of rec. Jan.25a
3
Feb.
2054
All.
258
Shore
Line
Co
Ry.
Kings County (guar.)
25-100
lot
.56
Atl.
581
Shore
Line Ry. Co
1 Jan. 26 to Jan. 31
Feb.
4
200 N. Y. Car & Truck Co., pref $5 lot
Nassau, Brooklyn (guar.) _
1st pref. scrip
1 Jan. 28 to Feb. 1 1.000
2
Feb.
lot
$2
One Hundred Mining Co., $5
$100 Indian Harbor Yacht Club
Fire Insurance.
each
Continental Insurance
$2 lot
2d 5s
$51 lot
25
Jan. 18 Holders of rec. Jan.1 la
Shenandoah
962
Iron & C. Co.$105 lot $4,000 Rex Carbon Coal Co. 1st
Empire City Fire
5
Jan. 22 Jan. 16 to Jan. 22
68,
10 Waterbury & N. Y. Real Est.
Fidelity-Phenix Fire
Dec. 1909 coupons attached...
5
Jan. 18 Holders of rec. Jan.1 la
Co. of Waterbury, Conn__ 50
Germania Fire
$1,000 Cab dr Taxi Co. of N. Y. $100
10
Jan. 30
40 Donald SS. Co., pref} 58
Westchester Fire
gen. Income 6s
20
Feb.
lot
1 :hill: 17 to Jan. 31
20 Donald SS. Co., corn
40 Taxi Service Co. corn. trust co
5 Lawyers' Tide Ins. 'Sc Trust.244%
receipts
DETAILED RETURNS OF TRUST COMPANIES.
By Messrs. R. L. Day & Co., Boston:
Per cent.
Bonds.
$4,000 Fall River, Mass.,38%s, 1924,
948%
special schoolhouse loan
$1,000 Duluth, Minn., 4s, 1928,
948%
water and light loan
$5,000 Town of Framingham, Mass.,
998%
48, 1922, water loan
$600 Republican Valley RR. Co.
10431$
6s, 1919
$2,000 Minneapolis Gen. Elec. Co
1008%
1st 5s, 1934
$ per sh.
Shares.
%
5 Nat. Mt.Wollaston Bk.,Quincy 1228
110M
1 Lancaster Mills
120 Essex Hosiery Co., pref. _ _1312,000
lot
120 Essex Hosiery Co., corn
10 Terminal Hotel Trust, pref_95 dr int.
10 Waltham Watch Co., pref. .j15
-Per cent.
Bonds.
$2,000 State of Mass. 35, 1931,
848%
highway loan
$2,000 State of Mass. 38%s. 1942._ 03%
By Messrs. Francis Henshaw & Co., Boston:
it per sh
$ per sh. Shares.
Shares.
119
285
10 Merchants' Nat. Bank
10 Amer. Glue Co., coin
18 Bates Mfg. Co
.2608%
.
Per cent.
5 European & No. Amer. Ry..122M Bonds.
2,941 Raven Copper Co. ($1 each)_ 25c. $1,000 Cumberlan Telep. 55, 1920_ 98
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares.
25 Real Est. Trust Co., pref.. 988%
10 Southwestern Nat. Bank 1208%
230 Rittenhouse Tr. Co.,$25 ea_ 52
25 United Security L.I.&T.Co_140
14 Delaware Ins. Co., $10 each 25
25 Insur. Co. of No. America.. 22
25 People's Nat. Fire Ins. Co.,
$25 each
26-268%
26 Phila. & Gray's Ferry Pass.
Ry
83M-84M
.256
3 2d & 3d Sts. Pass. Ry
7 13th & 15th Sts. Pass. Ry_ .2528%
45 Amer. Pipe & Construe. Co_ 90
10 J. B. Stetson Co., prof.__..200
220 Riverside Traction Co.,asst.
unpaid
1 30-1.55
8 Phila. Bourse, corn., $50 ea_ 434
1 Phila. Life Ins. Co., 310 par 11
6 Phila. City Pass. Ry
155
15 Buff. & Lake Erie Trac. Co_ 3
Share?.
$ per sh.
444 Standard Roller Bearing Co.,
3
common
13,100 Red. Mtn. RR. Mg. & Smelt.
$500 lot
Co., 3.1 each
115 Central Trust & Savings
80
Assn., $50 each
10 Fire Association of Phila.,
345-3468%
$50 each
3 West Phila. Passenger Ry _ _207
50 North Bros. Mfg. Co., 850
140
each
3
4 The Netherlands Co
20 Bank of North America__ _310
10 Farmers' & Mech. Nat 13k _ _141'
33 Kensington Nat. Bk.,$50 ea.106
0 Manufacturers' Nat Bank..12534
10 Philadelphia Nat. Bank ......430
200
5 Sixth National Bank
5 Cent. Trust Co., Camden,
98
$25 each
9 Commonwealth T.I.&T.Co_340
1030
0 Fidelity Trust Co
10 Germantown Trust Co_ __ _.270
428% Independence Trust Co.,
72%
$50 each
5 Logan Trust Co
1408%
10 Pennsylv. Co. for Ins., &c _ 635
5 People's Trust Co., $50 each 50
Per cent.
Bonds.
$10,000 Buff. & Lack. Trac __ _89%-90
$15,000 Frank. T. & Holmes.
908%
St. Ry. 1st 5s, 1940
$1,000 Springf.Wat. Co. 5s, 1926 _ _100
$5,000 No. Springfield Water Co.
998%-100
5s, 1928
By Messrs. Samuel T. Freeman & Co., Philadelphia:
$ per sit.
Shares.
84 Ardmore & Llanerch St. Ity..50-503i
& Tr. Co__ _ _242
2 Commonw.
5 Frank. & Southwark Pass. Ry_380
478%
Mutual Trust Co
118%
6 Phila. Life Ins. Co
M Right to subscribe to Jno. B 330
Stetson ,common
1 Buff. & Lake Erie Trim, corn__ 3
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Capital. Surplus.
$
$
Bank of N. Y_ 2,000,0 3,774,7
Manhattan Co. 2,050,0 4,697,1
Merchants' _ __ 2,000,0 1,970,4
Mech.& Metals 6,000,0 8,382,4
1,500.0 6,208.4
America
25,000,0 26,668,4
City
3,000,0 6,920,4
Chemical_ _ _
607.0
600,0
Merchants' Ex
1,000,0 2,518,0
Gallatin
147,1
300.0
Butch. & Drov
500.0
898,4
Greenwich _ ..
Am. Exchange 5,000,0 4,474,2
25,000.0 15,893,4
Commerce
Mercantile _ 3,000,0 2,754,4
942,3
500,0
Pacific
Chat.& Phenix 2,250,0 1,232,1
463,6
200,0
People's _ _.
3,000,0 .12,952,4
Hanover
2,550,0 1,914,6
Citizens' Cent_
628,9
500,0
Nassau
Market & Fult 1,000,0 1,808,5
Metropolitan .. 2,000,0 1,645,6
Corn Exchange 3,000,0 5,494,2
Imp.& Traders 1,500,0 7,690,2
5,000,0 12,990,0
Park
96,7
250,0
East River
5,000,0 5,845,2
Fourth
1,000,0 2,329,4
Second
First
10,000,0 21,984,4
Irving Exch
2,000,0 1,963,9
Bowery
250,0
803,6
500,0 1,781,0
N. Y. County_
German-Amer.
750,0
732,9
5.000,0
Chase
8,704,5
100,0 2,159,5
Fifth Avenue.
200,0
887,9
German Exch.
200,0 1,042,9
Germania ._ _ _
1,000,0 1,663,6
Lincoln
1,000.0 1,252,6
Garfield
250,0
538,6
Fifth
1,000,0 2,155,8
Metropolis _ ._
200,0 1,068,3
West SIde
1,000,0 2,103,9
Seaboard
Liberty ------1,000,0 2,770,6
801,6
N.Y. Prod. Ex 1,000,0
970,9
1,000,0
State
478,4
1,000,0
Security _ _. __
464,0
1,000,0
Coal & Iron
998,6
1,000,0
Union Exch
Nassau, Ilklyn 1,000,0 1,065,1
—
Totals, Avge._ 135,150,0 198,340,6
Actual figures Jan. 20_
s
Loans.
Average.
a
22,252,0
34,500,0
21,465,0
54,720,0
29,295,0
191,845.0
30,170,0
6,957,0
8,945.0
2,135,0
8,816,0
43,753.0
142,251,0
14,479,0
4,044,0
16,032.0
1,923,0
71,641,0
23,758,0
9,972,0
9,241,0
10,672,0
47,696,0
27,210,0
89,100,0
1,512,0
34,661,0
14,666,0
118,268,0
25,226,0
3,351,0
8,079,0
4,297,0
93,471,0
13,289,0
3,420,0
5,479,0
14,593,0
9,006,0
3,482,0
12,992,0
4,222,0
24,477,0
19,635.0
8,128,0
15,772,0
10,5.37,0
6,275,0
9,799,0
7,711,0
Specie. Legate. Net Depos- ReAverage. Average. its, Aver. serve.
3
4,422,0
8,794,0
3,309,0
11,212,0
6,000,0
46,468,0
5,722,0
1,568,0
1.349.0
560,0
2,370,0
6.982,0
29,450,0
1,921,0
610,0
2,648,0
393,0
17,507,0
5,617,0
2,177,0
1,436,0
2,496,0
8,655.0
4,602,0
21,909,0
394,0
7,650,0
3,529.0
31.166,0
5,094,0
823,0
1,451,0
898,0
26,989,0
2,849,0
431.0
1,417,0
2,583,0
2,350,0
431,0
2,219,0
888,0
5,682,0
5,360,0
2,080,0
4,912,0
2,533,0
973,0
1,335,0
1,673,0
$
908,0
1.614.0
2,418,0
2,517,0
2,047,0
6,630,0
1,966,0
199,0
485.0
79,0
220,0
4,019,0
9.076.0
920,0
460,0
1.447,0
147,0
5,901,0
627,0
1,032,0
1,107,0
239,0
5,851.0
2,127,0
1,894,0
107,0
3,540,0
130,0
3,503,0
1,880,0
60,0
725,0
224,0
7,301,0
1,039,0
513,0
154,0
1,965,0
496,0
506,0
1,346,0
281,0
2,385,0
1,347,0
411,0
351,0
1,058,0
579,0
1,228,0
284,0
$
20,663,0
40,000,0
22,308,0
53,112,0
30,804,0
192,696,0
28,545,0
7,106,0
7.200,0
2,389,0
10,156,0
43,383,0
127,091,0
11,263,0
3,794,0
16,124,0
2,296,0
82,642,0
23,537,0
11,948,0
9,335,0
10,657,0
56.247,0
25,496,0
94,227,0
1,827,0
38,159,0
14,473,0
117,867,0
27,106,0
3.479.0
8,361,0
4,233,0
113,327,0
15,053,0
3,650,0
6,373,0
15,801,0
9,739,0
3,598.0
13,516,0
4,769,0
29,456,0
22,128,0
9,657,0
20,959,0
14,139,0
6,344,0
10,095,0
7,612,0
%
25.7
26.0
25.6
25.8
26.0
27.5
26.9
24.8
25.4
26.7
25.5
25.3
30.3
25.2
28.2
25.3
23.5
28.3
26.5
26.8
27.2
25.6
25.7
26.3
25.2
27.4
29.3
25.2
29.4
25.7
25.2
26.0
26.5
30.2
25.8
25.8
24.6
28.7
29.2
26.0
26.3
24.5
27.3
30.3
25.7
25.1
25.3
24.4
25.3
25.7
1395,220,0 313,887,0 85,343,0 1454,800,0 27.4
1396,968,0 322,073,0 85,452,0 1464,637,0 27.8
Circulation.--On the basis of averages, circulation of national banks in the Clearing
House amounted to $50,837,000, and according to actual figures was $51,005,000.
Trust Cos.
00s omitted.
Net
On Dep.
Surplus Loans. Specie. Legal?. with C.H Deposits. Reserve.
Average. Average, Average. Banks. Average.
$
$
$
$
8
100,0 2,765,
Manhattan _ __ 2,252,1 17,341,0 1,933,0
410,0 5,297,
Brooklyn _. __ 2,414,7 15,916,0 1,650,0
504,0 15,314,
Bankers
13,518,4 117,466,0 14,498,0
472,0 7,331,0
U.S. Mtg. & T. 4,502,2 37,948,0 3,382,0
306,0 2,010,
Astor
1,139,4 16,102.0 1,739,0
Title Guar.&T. 11,714,4 35,217,0 1,852.0 1,416,0 3,279,
Guaranty.
22,888,1 152,192,0 12,447,0 1,330,030,915,
761,
238,0
584,0
Fidelity
1,283,4 7,173,0
669,0 1,516,
LawyersT.L&T 6,171,5 18,864,0 1,509,0
80,0 1,458,
Columbia
1,893,6 18,840,0 1,916,0
42,0 1,827.0
1.411.2 15,450,0 2,021,0
Standard _ _
569,0 2,817,
People's
1,696,7 15,960,0 1,605,0
New York __._ 11,572,3 46,597,0 4,619,0
158,0 3,609,
Franklin
282,0 1,115,
1,360,8 10,468,0 1,150,0
Lincoln
228,0 1,325,
550,1 10,031,0 1,143,0
Metropolitan.. 6,122,3 25,176,0 2,698,0
14,0 2,630,0
Totals, Avge
$
%
13,260,0 15.3+17.2
11,946,0 17.2+30.5
99,711,0 15.0+13.3
25.620.0 15.0+22.0
12,437.0 16.4+11.5
20,325,0 16.0+13.7
91,407,0 15.0+25.2
5,155,0 15.9+11.2
13,598,0 16.0+10.0
13,223,0 15.0+10.0
13,543,0 15.2+11.8
14,378,0 15.1+16.1
31,023,0 15.4+10.4
9,239,0 15.5+10.4
8,876,0 15.4+12.9
17,539,0 15.4+13.0
90,491,2 560,741,0 54.746,0 6,818,0 83,969,0 401,280,0 15.3+17.3
Actual figures Jan. 20 563,012,0 54,736,0 6,628,0 86,199,0 404,367,0 15.1+17.5
The capital of the trust companies is as follows: 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, 31,000,000; Lawyers' Title Ins. & Trust, $4,000,000; Columbia, $1,000,000; Standard.
$1,000,000; People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000
Lincoln, $1,000,000; Metropolitan, $2,000,000; total, $34,625,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending Capital. Surplus.
Jan. 20
Loans
Specie.
On Dep.
Net
Legal with C.H.
Tenders. Banks. Deposits.
$
$
3
$
S
$
$
Averages.
1,454,800,0
Banks _ __ 135,150,0 198,340, 1,395,220,0313,887,0 85,343,0
Trust cos_ 34,625,0 90,491,2 560,741,0 54,746,0 6,818,0 83,969,0 401,280,0
Total ... 169,775,0288,831,81,955,061,0368,633,0 92,161,0 83,969,01.856,080,0
Actual.
1,464,637,0
Banks _ _ _
1,396,968,0322,073,0 85,452,0
563,012,0 54,736,0 6,628,0 86,199,0 404.307 0
Trust cos_
1,959,980,0376.809,0 92,080,0 86,199.01,869.004,0
Total
Percent.
Bonds.
$1,500 Atl. City Gas Co. 1st &s, 1960 928%
968%
$800 City of Phila. 38, 1915
$1,000 City of Phila. 4s. 1940-1941_1008%
$1,000 No.Springf. Water 5s, 1928_100
100
$1,000 Springf. Water 5s, 1926
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. 20. 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.
Banks.
009 omitted.
259
THE CHRONICLE
JAN. 271912.]
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. 20.
7'rust Cos.
Trust Cos. Stale Banks
State Banks
outside of
outside of
In
in
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.
Capital as of Sept. 29._
22,771,000
$
61,956,C00
$
9,417,974
9,525,000
Surplus as of Sept. 29 __ _
38,568,700
174,752,800
11,456,214
11,378,230
Loans and investments _ _
Change from last week_
287,892,700 1,091,655,200
—2,000 —4,061,600
103,373,700
--491,600
158,394,000
—396,100
Specie
Change from last week_
53.982,100
+1,106,100
115,407,700
—3,251,400
Legal-tenders & bk. notes
Change from last week.
22,599,500
+62,000
11,375,100
—144,300
Deposits
Change from last week.
344,392,100 1,229,268,600
+2,861,600 +15,389,000
110,772,800
+550.900
168,401,400
—335,400
Reserve on deposits_ _ _
Change from last week_
98,995,700
+2,775,600
136,514,700
—2,123,200
22,263,600
+549,100
24,807,900
—128,100
29.6%
29.0%
17.0%
16.9%
21.4%
20.9%
15.9%
15.8%
P. C. reserve to deposits_
Percentage last week
+ Increase over last week. — Decrease from last week.
Note.—"Surplus" includes all undivided profits. :'Reserve on deposits" includes,
for both trust companies and State banks, not only cash items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location, as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days,
represented by certificates and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for it by any public department.
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department.
—State Banks—
—Trust COS.—
Total
Total
Of
Of
Reserve Required for Trust Companies
which Reserve
Reserve
which
and State Banks.
Required. in Cash. Required, in Cash.
Location—
15%
25%
%
Manhattan Borough
10%
10%
20%
Brooklyn Borough (without branches in Manlier.) 15%
.15%
10%
734%
Other Boroughs (without branches in Manhattan) 15%
15%
20%
20%
Brooklyn Borough, with branches in Manhattan _15%
_15%
15%
15%
15%
Other Boroughs, with branches in Manhattan
10%
15%
6%
5%
Elsewhere In State
The Banking Department also undertakes to present separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-
260
THE CHRONICLE
Lxxxxiv.
House banks artcl trust companies. In addition, we have
Boston and Philadelphia Banks.-Below is a
of
combined each corresponding item in the two .statements, the weekly totals of the Clearing-House bankssummary
of Boston
thus affordin& an aggregate for the whole of the banks and and Philadelphia:
trust companies in the Greater New York.
We omit two ciphers(00)in all these figures.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended Jan. 20-
'Nat. Banks1
Capital
Dec. 5 and I
State Banks
Dec. 21_
Surplus
Clear -House Clear -house State Banks & Total of all
Members.
Members. Trust Cos. not Banks &Trust
ActualFigures
Average. in C.-H. Aver. Cos. Average.
169,775,000
169,775,000
34,652,000
204,427,000
288,831,800
288,830,800
93,130.300
381,961,100
Loans and investments 1,959.980.000 1.955,961,000
Change from last week +28,133,000 +35,924,000
601.324,900 2,557,285,900
-10,621,700 +25,302.300
Deposits
1,869,004,000 1,856,080,000
Change from last week +42,372,000 +51,353,000
a600,329,000 2,456,409,000
-11,243,800 +40,109,200
Specie
376,809,000 368,633,000
Change from last week +18,429,000 +18,934,000
66,271,400 434,904,400
-1,626,900 +17,307,100
Legal tenders
Change from last week
92.080,000
-1,483,000
92,161.000
+1,856,000
bl 1,115,000
+16,300
103,276,000
+1,872,300
Banks: cash in vault..
Ratio to deposits
407.525,000
27.82%
399,230,000
27.43%
12,171,100
14.13%
411,401,100
61,364,000
61,564,000
65,215,300
126,779,300
Trust cos.: cash in vault
Aggr'te money holdings 468,889,000 460,794,000
Change from last week +16,946,000 +20,790,000
Money on deposit with
other bks. & trust cos.
86.199.000
LChange from last week -1,126,000
83,969,000
+1,678,000
Total reserve
555,088,000
Change from last week +15,820,000
544,763,000
+22,408,000
77,386,400 538,180,400
-1,610,600 +19,179,400
21,027,400
+350,000
104,996,400
+2,028,000
35,530,000
1,372,000
Total
Change from last week
42,074,700
+7,124,400
36,902,000
+7,843,750
% of cash reserves of tr ust'cosCash in vault
15.17%
Cash on dep. with bks.
17.57%
15.34%
17.30%
15.61%
1.35%
32.64%
16.96%
Total
32.74%
18.._
25__
2__
9__
16._
23__
30...
6__
13._
$
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
2,531.083.6
$
2,375,438,3
2,382,329,5
2,346,988,2
2,310.182,6
2,291,456,7
2.319,737.2
2,337,100.4
2,371,283,7
2.416.299.8
$
$
398,222,3 93,756,3
391,111.7 92,911,6
380,755,5 92,208,3
372,627,8 92,405,5
377,972,5 95,485,4
382,221,8 94,909,7
389,565.5 95,746.3
403,477,0 98.301,6
417.597,3 101.403.7 •
0A
0 1.1 OOK A
o AKA AMA
AQA AAA A
Specie.
Legals.
1A/ 07A A
Tot. Money Entire Res
Holdings. on Deposit.
$
568,571,4
560,301,6
546,531,7
535,306,4
543,718,6
548,801,5
561.446,3
583.433,9
621,969,4
FOREIGN IMPORTS AT NEW YORK.
We omit two ciphers(00)in all these figures.
Capitat.
Surplus.
Loans,
Legal
On
Disc'ts
Tender Deposit
and
Specie, and
with
Net
InvestBank C.-H. Deposits.
merits.
Notes. Banks.
New York City.
Manhattan de Bronx.
$
$
s
$
$
$
Aetna National
300,0
317,4 2,207,0 486,0
36,0
118,0
Washington Heights_ 100,0
307,7 1,382,0 137.0
77,0
171,0
Battery Park Nat'l__ 200,0
142.0 1,384,0 180,0
49.0
391,0
Century _____
i250,0
111,5 1,532,0
38,0 272,0
123,0
Colonial
400,0
477.6 5,985,0 756.0 453,0
844,0
Columbia
300,0
817.6 7,111,0 777,0 700,0
563,0
Fidelity
200 0
167,4 1,101,0
37,0 115,0
219.0
Gotham National _.
200.0
123,7 1,219,0 353.0
5.0
50,0
Jefferson
500,0
529,5 3,653,0 393,0 373.0
732,0
Mount Morris
250,0
345,3 2,446.0 430,0
31,0
305,0
Mutual _
200,0
400,8 3,330,0
19,0 652,0
498,0
200,0
New Netherland __ _
280,0 2,601,0 250,0
82,0
829,0
Twenty-third Ward_ 200,0
100,4 1,810,0 241,0
93,0
262,0
Yorkville
100,0
531,9 4,077,0
59,0 734,0
657,0
Brooklyn.
Broadway
200,0
545,7 3,043,0 440,0 154,0
338,0
First National
300.0 . 670,8 3,668,0 356.0
69,0
449.0
Manufacturers' Nat _. 252,0
892,4 5,632,0 651,0 169,0
710,0
Mechanics'
1,000,0
898,2 10,536,0 352,0 1,629,0 1,832.0
National City
300,0
595,1 3.907,0 508,0 131,0
693,0
North Side
200.0
168,7 1.905,0 185.0 104.0
328.0
Jersey City.
National
First
400,0 1,306,6 4,810,0 345,0 466,0 2,915,0
Hudson County Nat_ 250,0
790,5 3,254,0 224,0 110,0
669,0
Third National
200,0
416,4 2,009,0 121,0 161,0
511,0
Hoboken.
220,0
First National
646,0 3,746,0 211,0
52,0
435,0
125.0
Second National
286,2 3,025,0 181,0
63,0
500,0
-6,847,0 11,869.4 85,273,0 7,730,0 6,780,0 15,142,0
Totals Jan 20
6,847,0 11,869,4 86,095,0 7,785,0 6,899,0 14,208,0
Totals Jan. 13
6,847,0 11,869,4 85,925,0 7,669,0 6.894,0 14,659,0
Totals Jan. 6
1911.
1912.
_
1910.
$3,013,422
11,987.729
$3,642,491
16,915,645
1909.
$4,877,498
18,339,809
$2,873,085
8,699,955
$20,558,136 $15,001,151 $23,217,107 E11,573,040
$9,990,455
41,516,850
$9,797,420 $11,156,878 $10,232,169
36,307,924 43,463,776 32,389.388
$51,507,305 $46,105,344 $54,620,654 $42,621,557
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. 20 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1912.
For week.
1911.
1910.
1909.
$15,202,831 $11,880,085 613,970,974 $15,579.505
37,942,902 32,432,611 24,853,758 26,393,536
For the week
Previously reported _
Total 3 weeks
$53,145,733 $44,312,696 $38,824,732 $41,073,041
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Imports,
Gold.
Week.
Great Britain
France
Germany
%Vest Indies
Mexico
South America
All other countries..
Since Jan.1
$100
$12,300
976
1,310,723
Week.
Since Jan.1
$6,431
$6,431
1,049
5,133
12,397
126,305
7,325
720,026
214,266
198,817
AAR liA 0
Reports of Clearing Non-Member Banks.-The following is
the statement of condition of the clearing non-member banks
for the week ending Jan. 20, based on average daily results:
Banks.
331,372,0 15,470,0 183,988,7
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 15,506,0 140,759,8
376,055,0 15,474,0 179,321,1
383,010,0 15,432,0 152,890,8
388,866,0 15,430,0 162,929,0
Exports,
$
491,978,6
484,023,3
472,963,8
465,033.3
473,457,9
477,131,5
485,311,8
501,778,6
519,001.0
A/4 iQn A
$
The following table shows the exports and imports of
specie at the port of New York for the week ending Jan. 20
and since Jan. 1 1912, and for the corresponding periods in
1911 and 1910:
We omit two ciphers in all these figures.
Deposits.
s
7,450,0 154,505,3
7,431,0 168,896,8
7,523,0 182,165,1
7,622,0 172,584,1
7,732,0 132.649,7
7,746,0 212,145,8
7,733,0 185,065,3
7,810,0 198,427,6
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Jan. 20; also
totals since the beginning of the first week in January.
Total 3 weeks _
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans..and
investments.
77,896,0
72,180,0
71.051.0
71,250,0
73,094,0
88,596,0
91,491.0
93,396,0
Clearings
a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $3,208,000 on January 20, against $3,225,000
on January 13.
* The totals now include figures for the Land Title & Trust Co., Real Estate
T. I. & T. Co., Girard Trust Co and West Philadelphia T. dr T. Co. The Inclusion
of these companies added $20,253,200 to capital and surplus; $56,540,000 to loans;
610.641.000 to specie and legais and $50,112,000 to deposits.
Total
Since January 1.
Dry goods
General merchandise
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York outside of the
Clearing House, compare as follows for a series of weeks past:
T...
60,105,0 272,090,0
00,105,0 271,275,0
60,105,0 268,724,0
60,105,0 266,460,0
60,105,0 266,329,0
80,623,2 321,770,0
80,623,2 337,976,0
80,623,2 339,021,0
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 $697,389,600, an increase of $8,197,400 over last week. In the
case of the Clearing-House members, the deposits are "legal net deposits" both for
the average and the actual figures. b Includes bank notes.
Specie. Legals. Deposits. Circulation.
a
$
$
$
$
$
41,350,0 232,750.0 26,440,0 4,271,0 282,057,0
41,350,0 228,621.0 26,194,0 4,539.0 274,320.0
41,350,0 223,860,0 26,497,0 4,426,0 272,147,0
41,350,0 219,681,0 26,166,0 4,120,0 264,493,0
41,350,0 218,368,0 25,279,0 4,427,0 260,597,0
41,575,0 218.114,0 26,151,0 4,567.0 274,374,0
41,575,0 214,572,0 28,718,0 4,521,0 273,003,0
41,575,0 221.442,0 30,290,0 4,090,0 284,532,0
For week.
41,365,750
708,950
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Boston.
Dec. 2
Dec. 9
Dec. 16
Dec. 23
Dec. 30
Jan 6
Jan. 13
Jan. 20
Philadelphia.
Dec. 2
Dec. 9
Dec. 16
Dec.23
Dec. 30
*Jan. 6
Jan. 13_
Jan. 20
.
_ __
98,413,800 643,176,800
-1,260,600 +21,207,400
Surplus CASH reserve
Banks (above 25%)_
Trust cos.(above15%)
Week
Ended.
Capital
and
Loans.
Surplus.
Banks.
Total 1912
Total 1911
Total 1910
$1,076 $1,323,023
616,120
10,950
1,403,200 2,709,700
$151,315 $1,146,865
632,590
930,995
63,979
227,656
•
Sliver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries.
$1,077,530 $1,896,093
157,200
207,200
Total 1912
Total 1911
Total 1910
800
$23
3,948
5,892
10.172
46,526
29,001
22,547
8,502
6,005
383,849
242,393
53,984
$1,236.001 82.105,734
940,694 3,118,973
1,403,901 3,033,423
$95,562
116,145
25,417
$697,280
443,899
250,598
671
1,841
600
s
2,146,0
1,134,0
1,585,0
1,603,0
7,226,0
8,115.0
1,029.0
1,287,0
4,372,0
2,726.0
3,669,0
2,206,0
1,989,0
4,575,0
3,062 ()
2,907,0
5,093,0
12,485,0
3,997.0
1.914,0
4,038,0
1,992,0
1,715,0
1,656.0
1,319,0
83,840.0
85.135.0
84,510,0
Of the above imports for the week in 1912, $290 were
American gold coin and $3,586 American silver coin.
lijanlang and Financial.
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 EXCHANGE PLACE.-- NEW YORK.
Chicago, Ill.
Albany, N. Y.
Boston. Mass.
Members New York Stock Exchange.
White, Weld & Co.
Bonds and Investment Securities
5 NASSAU STREET;
istIW YORK
THE ROOKERY/
CHICAGO
JAN. 27 191 2
Vallturst
to i
r
azette.
Wall Street, Friday Night, Jan. 26 1912.
The Money Market and Financial Situation.—One of the
important events of the week, although one quite generally
anticipated, was a reduction of St. Paul's dividend rate from
7 to 5%. This, with a somewhat broader and more active
bond market and the logical effect of a superabundance of
unemployed money at this centre, viz., liberal loans placed
in the European market and higher foreign exchange rates,
are the principal features of interest in the security markets
this week. They have, howeve'r, had little, if any, influence
on either the volume of business or prices, both of which
remain about the same as last week.
Reports from the iron and steel industry are generally a
little less encouraging than those given out during the latter
part of 1911. This is to be expected, perhai* in view of the
tariff discussion now going on and the political agitation
which, if not now a factor, will soon be a matter of absorbing
interest. It would, indeed, be difficult to find anywhere in
the entire country a business of any considerable importance
that is not suffering from one or both of these causes.
The open market rate for call loans on the Stock Exchange
during the week on stock and bond collaterals has ranged
,g%. To-day's rates on call were 2@2%%.
from 2 to 23
Commercial paper quoted at 332@4% for 60 to 90-day
endorsements and for prime 4 to 6 months' single names,
and 43% for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £736,540 and the percentage of reserve to liabilities was 48.70, against 48.94 last week.
The rate of discount remains unchanged at 4%, as fixed
Sept. 21. The Bank of France shows an increase of 7,000,000
francs gold and a decrease of 450,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
•
1911.
1912.
1
Averages for
Differences
Averages for
week ending
from
week ending
Jan. 21.
previous week.
Jan. 20.
I
I
1910.
Averages for
week ending
Jan. 22.
$
$
133,350,000 127,350,000
135,150,000
Capital
196,701,500 180,024,400
198,340,600,
Surplus
Loans and discounts_ _ _ 1,395,220,000 Inc. 20,945,000 1,245,811,100 1,200,990,700
51,772,300
1,000
97,419,900
Inc.
50,837,000
Circulation
1,454,800,000 Inc. 52,433,000 1,260,036,100 1,213,707,400
Net deposits.
. 313,887,000 Inc. 21,350,000 276,656,400 259,726,800
Specie
74,098,700
74,451,300
' 85,343,000 Inc. 2,038,000
Legal tenders
I 399,230,000.the, 23,388,000 351,107,700 333,825,500
Inc. 13,108,250 315,009,025 303,426,850
, 363,700,000
1
30,398,650
36,098,675
1
35,530,000,Inc. 10,279,750
Surplus reserve
1
Note.—The Clearing House now issues a statement weekly show ng the actual
condition of the banks on Saturday morning, as well as the above averages. These
figures, together with the returns of the separate banks and trust companies, also
She 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.
Reserve held
25% of deposits
Sterling Exchange.—The market has shown a steady advance throughout the week as a direct result of demand for
remittances.
To-day's (Friday's) nominal rates for sterling exchange were 4 85 for
sixty days and 4 88 34 for sight. To-day's actual rates for sterling exchange were 4 84 %(34 8434 for sixty days, 4 8750@4 8755 for cheques
and 4 8805@4 8810 for cables. Commercial on banks 4 82%@4 84 and
documents for payment 4 83 31 @ 4 8434. Cotton for payment 4 83 MP
4 83% and grain for payment 4 83 34(4)4 84 3.i.
The posted rates for sterling as quoted by a representative house ruled
4 84 34 for sixty days and 4 88 for sight on Saturday, Monday, Tuesday and
Wednesday. On Thursday sixty days was advanced to 4 85 and sight to
4 88 34.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 20 less
1-16@5 20 for long and 5 18 34@5 1734 less 3-32 for short. Germany
bankers' marks were 94 9-i6@94 % for long and 95 1-16 less 1-32@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, 25f. 2730.; week's range 25f 2734c.
high and 25f. 24 34e. low.
Exchange at Berlin on London, 20m. 5234pf.; week's range, 20m. 53pf,
high and 20m. 5034pf. low.
The range for foreign exchange for the week follows:
Cables.
Cheques.
Sixty Days.
Sterling, Actual—
4 8810
48700
High for the week.. _4 8434
8745
4
8710
4
84
week__4
Low for the
Parts Bankers' Francs—
5 1734 less 3-32 5 17 14
Hitch for time week__ _5 20
5 1834 less 1-32 5 1734 less 1-16
Low for the week __ _5 2034
Germany Bankers' Marks—
05 3-16 less 1-32
9534 less 1-32
High for the week.... 9434
95 1-16 less 1-32 9534 less 1-32
Low for the week __ _ 0434
Amsterdam Bankers' Guilders—
40 35
40 30
Hitch for the week__ _ 40 06
40 32
40 27
Low for the week .._ _ 40 04
for domestic
rates
the
arc
DOMESTIC EXCIIANOE.—The following
exchange at the undermentioned cities at the close of the week: Chicago,
30c. per $1,000 premium. Boston, par. New Orleans, commercial, 25c.
per $1,000 discount: bank, $1 per $1,000 premium. St. Louis, 300. per
$1,000 premium bid and 35e. asked. San Francisco, 5c. per $1,000 premium; telegraphic, 7 %c. per $1,000 premium. Montreal, 62 34c. per
$1,000 premium. St. Paul. 90c. per $1,000 premium
State and Railroad Bonds.—Sales of State bonds at the
4,
Board include $84,000 New York 4s, 1961, at 102% to 1023
$127,000 New York Canal 4s, 1961, at 102% to 103 and
$40,000 Virginia 6s deferred trust receipts at 47 to 49.
Again the demand for a few issues has given to the market
for railway and industrial bonds the appearance of activity.
It is a fact, however, that if the transactions in InterboroMetropolitan, the local tractions and new Tobacco issues
were eliminated, the market at the Exchange would have
been dull.
United States Bonds.—Sales of Government bonds at the
Board include $28,000 Panama 3s at 1013 to 10134 and
$10,000 4s reg. at 1133t. The following are the daily closing
quotations; for yearly range see third page following.
261
TIIE CHRONICLE
Interest
Periods
Jan.
20
Jan.
22
Jan.
23
Jan.
24
Jan.
25
Jan.
26
registered Q—Jan •100 *100 *100 *100 *100 *100
2s, 1930
coupon Q—Jan *100 *100 •100 *100 *1(5) *100
2s, 1030
registered (3—Feb *10134 *10134 *1013 .10134 *10134 •10134
3s, 1908-18
coupon (3—Feb *10134 *101% *101% *10134 *101% •10134
3e, 1908-1,13
1134 *113 *113
4s, 192.3 ..... _ _ __registered Q—Feb *113 *113 *113
coupon Q—Feb *11334 *11334 *11334 *1134 *1134 *113
4s, 1925
2s, 1936_Panama Canal regis Q—Feb •100 *100 *100 *100 *100 *100
Is, 1961.Panama Canal coup Q—Mch *10134 10134 *1014 10134 *10134 10134
*This is the price bid at the morning board; no sale wan made.
Railroad and Miscellaneous Stocks.—The stock market
has again been dull and generally featureless, with the movement of prices within an exceptionally narrow range. There
was a period of irregularity early in the week during which a
few, issues advanced, but the higher quotations then made
have not generally been maintained,and about half the active
list is fractionally lowei than last week.
Rutland preferred advanced over 10 points on bids for a,
few shares. Third Avenue (when issued) has steadily advanced, and the anthracite coal shares have been strong
features.
American Tobacco, the first sales of which were made on
Thursday at 250, closed at 286 to-day, and American Caton
Oil is 4 points higher than last week. On the other hand,
Consolidated Gas has declined 2% points. United States
Steel has been freely offered and is a point lower,and some of
the copper issues have declined.
For daily volume of business see page 269.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales I
STOCKS
Week ending Jan. 26. for '
Week.
Amer Brake Shoe & Fell
!referred
American Snuff
Preferred
Amer Teleg Sr Cable__ _.
Am Tob prof rec stmpd_
Assets Realization_
Brunswick Terminal _ _ _
Canadian Pacific rights_
Cent & Sou Amer Teleg
Comstock Tunnel
Detroit United ..
General Chemical, pref __
G W Heime
Green Bay & Western__
Homestake Mining
Keokuk & Des M. pref...
Lackawanna Steel
__
Morris & Essex
New York Dock
New York & Harlem_
Norfolk Southern
Pacific Tel & Tel, pref..
Philadel Co. (Pitt')...,
Pittsburgh Steel, pref. _.
Rutland, preferred
Sears, Roebuck & Co....
Preferred
South Porto Rico Sugar_
Preferred
Standard Milling
Preferred
Texas Company (The)
Union Bag & Paper._
Preferred.
United Dry Goods.....
Preferred
US Industrial Alcohol_
Preferred
Virginia Iron, C & 0...
Vulcan Detinning
Preferred
Weyman-Bruton_. ___ ._
Range for Week.
Lowest.
Highest.
450 93 Jan
60013434 Jan
1,500130 Jan
3,60010831 Jan
100 78 Jan
200105% Jan
150106% Jan
300 8 Jan
6,050 734 Jan
203121 Jan
1,100, 13c. Jan
3001 6331 Jan
32110734 Jan
5371160 Jan
501 88 Jan
3651 89 Jan
1001 45 Jan
3001 30 Jan
50171 Jan
100, 23 Jan
9351 Jan
6001 5234 Jan
30.100 Jan
1001106 Jan
12510234 Jan
4401 59 Jan
500114234 Jan
200112334 Jan
40, 81 Jan
101110 Jan
9001 164 Jan
7871 544 Jan
1,600; 8434 Jan
520, 434 Jan
300, 5134 Jan
120;10034 Jan
1781106 Jan
1.500, 2634 Jan
400, 9734 Jan
4101 68 Jan
360, 17 Jan
5001 78 Jan
247 170 Jan
20 95 Jan
20 138 Jan
2 143 Jan
2:1111 Jan
20 78 Jan
23 106 Jan
26 10614 Jan
22 834 Jan
22 74 Jan
2212134 Jan
24 15c. Jan
25 6434 Jan
23 109 Jan
25 170 Jan
26 88 Jan
2 89% Jan
24 45 Jan
25 3034 Jan
22 171 Jan
25 23 Jan
20351 Jan
23 5234 Jan
25 100 Jan
26 106 Jan
24 10234 Jan
2.3 65 Jan
2514234 Jan
2012334 Jan
23 81 Jan
23 110 Jan
20 1734 Jan
20 5614 Jan
23 8794 Jan
25 434 Jan
22 52 Jan
23 10034 Jan
24 106 Jan
22 3034 Jan
24 993-4 Jali
25 70 Jan
23 19 Jan
20 7934 Jan
25 80 Jan
Range alms Jan. 1.
Lowest.
Highest.
221 9134 Jan! 95
2m Jan,138
30
22 110
2
Jan 143
261 130
Jan'111
201 701 Jan! 79
23! I 0534 Jan 106
26,105
Jan108
tan 8%
26 8
20 7 14 Jan 8%
2511534 Jan 121%
28 13c. Jan 15c.
25 6.334 Jan 64%
22110734 Jan 109
26:160
Jan 170
Jan 88
21'' 85
Jan 89%
22 88
Jan 45
24, 40
Jan 3034
22; 30
22171
Jan 171
.tan 23
251 21
Jan 351
20351
241 5254 Jan 52%
27!100
Jan 100
Jan 106
26 106
24110134 Jan 102%
Ja 65
23 50
2.140
Jan 142%
2.5121
Jan 12334
Jan 81
231 81
231110
Jan 110
Jan 1734
23-, 16
Jan 56%
23 53
25' 81
Jan 87%
41%
22
Ja
4%
2 5134 Jan 52
Jan 100%
23 100
Jan 106
241 105
Jar, 30%
26: 26
Jan 99%
26, 95
90
2.1 68
J
2 143-4 Jan 19
7934
J
22 70
Jan 180
26 170
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jars
Jan
Jan
Outside Market.—With the exception of special activity
in one or two issues, business on the "curb" this week was of
only fair proportions, though well distributed. The listing
on the Exchange of several of the new Tobacco issues helped
to reduce the volume of sales. Of the remaining Tobacco
issues, British-American Tobacco continues the feature, and
%,with the close
sold down from 173% to 16% and back to 173
to-day at 1734. Amer. Tobacco corn., ex-subsidiaries, went
down 5 points to 247, recovered all the loss and sold finally
at 250. Transactions after this were on the Exchange.
Geo. W. Helme Co. rose 6 points to 159 and dropped to 147,
further business being done on the Exchange. Wyman
Bruton Co., another issue transferred to the Board, sold on
the "curb" down from 170 to 165 and up finally to 172.
Porto Rican-Amer. Tobacco fell from 240 to 217 and finished
to-day at 239. R. J. Reynolds Co. improved 2 points to
192, sank to 185 and closed to-day at 189. United Cigar
Stores, after an early gain of 2 points to 196,reacted to 185,
the final figure to-day being 186. Lehigh Valley Coal Sales,
"w. i.," was conspicuous, fluctuating between 190 and 197,
the close to-day being Et 196. M. Rumely Co., after early
4, moved up to 100. The bond
trading down from 99 to 983
department was more active, Chicago Elevated 5s especially
% to 983
% and up to 993%.
so, the price moving down from 985
The close was at 99. Mo. Kan. & Tex. 5% notes sold up
2s
5 to 1003%. N. Y. Westchester & Boston Ry. 43/
from 99%
3 and finished to-day at 9934. West.
improved a point to 99%
Pacific, on various rumors regarding change of control,
jumped up from 8834 to 913%, reacted to 893% and closed
to-day at 893%. In the mining section the new Inspiration
Consolidated Copper attracted attention and sold,,"w. i.,"
down from 213% to 20% and up to 21. The old Inspiration
Copper stock went down from 1034 to 103%, recovered to
10% and closed to-day at 103%. Greene Cananea ran up from
4 to 93% and reacted to 83%. The company declared its
83
initial dividend this week of 25c. per share.
Outside quotations will be found on page 269.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week ot stocks usually inactive,
see precedinz Page.
STOCKS-1110HEST AND LOWEST SALE PRICES.
Saturday
Jan 20
Monday
Jan 22
Tuesday
Jan 23
Wednesday
Jan 24
Thurrtay
Jan. 25
F;(day
Jan. 26
sates of
the
IVeek
Sharer.
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since January 1. fl
On basis of 100-share lots
Lowest.
Highest.
Range for Previous
Year 1911.
Lowest.
Highest.
Railroads
106 10618 10578 10638 106 10658 106 10638 10638
10578 10658 27,542 A tots Topeka & Santa Fe 10478 Jan 15 107 Jan 25 1,97,, Sep 11658 J'ne
*10314 10438 10234 10234 *10234 1043s 10318 10318 10314 107
10314 *103 104
300 /X Do pref
1013k Jan 2 10314 Jan 25 10034 Jan 10512 J'ne
137 13814 13638 13738 13634 137
138 13618 13614 13614 136 13612 4,760 Atlantic Coast Line RR
13318 Jan 10 13814 Jan 251 117 Jan 13914 Nov
10512 10678 106 )0618 10512 106
10478 10538 10513 10512 10514 10,512 11,550 DaltImore & Ohio
10278
Jan 10 10678 Jan 20
9312 Sep 10934 J'ly
*88
90
*88
90
90
91
*88
92 *89
92
91
91
400 I) Do pre
,, t8812Jan 10 91 Jan 23
8512 Aug
78
7812 7838 79
91 Jan
7834 7914 7818 79
7812 7858 7812 7878 14,925 Brooklyn Rapid 1 ranslt_ 7634 Jan 2 7914 Jan 16
72 Sep
23134 23134 231 232
8458 J'ly
23138 232
23114 23158 23134 23258 23114 23214 3,790 i *anadlan Pacific
22838 Jan 13 923534 Jan 3 19558 Jan 247 J'ly
*335 345 *330 350
338 338
330 338 *330 340 *330 350
entral
•
of
900
New
Jersey
305
Jan
_
9
390
260
Jan
18
Aug 320 Deo
7158 7278 7158 7238 7214 7312 73
7312 73
7338 7214 73
14,900 Chesapeake & Ohio
7114 Jan 18 7412 Jan 2
0838 Sep
*1612 24
8634 Feb
*1612 23
*17
23
*17
23
17
17
*1678 23
100 Chicago & Alton ItR
17 Jan 25 18 Jan 18
15 Aug
3113 May
6612 *35
3914 *35
*35 __ 35
35
*35
Do
_
pref
100
35
Jan
5 35 Jan 15 '37 Oct
53 Jan
1812 1834 18
18% 18
18
18
18
18
18
Chic
*18
Gt West trust ctfs
1838
950
18 Jan 15 1933 Jan 2
Sep
17
2514 J'ne
3612 3612 3612 3658 *36
3634 3612 3612 3612 3612 3512 36
Do pest trust ctfs
960
3718 Jan 3
3512 Dec
991.1 Feb
108 10878 108 10858 10814 10812
10818 10812 10812 10914 107 108
37,950 Chicago 5111w & St Paul _ _ 13
05
6142j
Jan 15 11138 Jan 3 10534 Oct 13312 Feb
*14312 14712 *14312 14712 144 147
14518 14518 *145 14712 14554 Wit
12
Do pref
400
144 Jan 12 146 Jan 2 141 Sep 15512 Feb
14134 14178 14114 14134 14178 142 *14112 14212 14178 14178 14114 14112
2,421 Chicago & North Western 1403 Jan 18 143 Jan 2 13818 Sep 15012 J'ne
*190 200 *190 200 *190 200 *190 200 *190
200 *190 200
Do pref
*140 143 *140 143 *190 143 *140 143 *140
191 Nov 4209 Jan
143
*140 143
Chic St P Minn & Omaha 141 Jan 18 141 Jan 18 13018 Apr 144 J'ne
*150 160 *150 160 *145 160 *150 160
*150 160 *145 160
Do pref
*134 2
147 Nov 3160 Mch
*134 2
*134 2
112 112 *1
2
*112
Chic
2
Un
100
Trac etts stmpd
112 Jan 24
*5
2 Jan 2
512 *5
15e Sep
338 Feb
512 *5
512 *5
512 *5
Do pref ctts stmpd
512 *5
512
5 Jan 2
*52
434 Sep
60
*52
618 Jan 16
60
7'4 Feb
*52
60
*52
60
*52
60
*52
Cleve CM Chic ec St L
60
55 Jan 15 60 Jan 2
*92 100
4818 Sep
66 Jan
*92 100
*92 100
*92 100
*92 100
*92
Do
100
pref
*44
9414
J'iy
98
48
Feb
*44
48
*44
*44
48
48
*44
48
*44
48
Colorado & Southern
43 Sep
7612 7612 47634 7634 476
60 Jan
76
*7614 77
7634 7634 *76
77
Do 1st preferred
300
7558 Jan 15 7678 Jan 19 x70 Sep
*65
82 J'ne
75
*65
75
466
66
*65
75
*65
75
*65
75
Do
2d
20
preferred
7512 Meti
466 Jan 23 466 Jan 23 x63 Sep
172 173
172 172
171 171 *171 173 *170 174
172 17212 1,400
173 Jan 20 15912 Sep 17473 J'ne
*535 550 *535 650
545 645
545 545 *538 545
545 555
r eaClituF1csre-s-t: 5
2,235 IVI:It
:
60
Jan 16
7 j
14
0 555 Jan 26 505 Sep 570 Nov
2178 2178 22
2218 2238 2234 *22
2234 22
22
22
22
Denver
& Rio Grande
900
1958 Jan 2 2234 Jan 23
1758 Dec
35 Feb
4434 45
4512 46
*4512 4612 9614 4614 45
45
45
45
Do pref
2,040
4614 Jan 24
3634 Dec
74 Feb
*838 10
*838 1014 *838 1014 *833 10
*838 10
*838 1014
Duluth SoShore & Atlan 49
938 Jan 9
Jan 2
634 j
9 Nov
*17
1558 Mch
18
18
18
*1712 20
*17
18
*17
19
*1634
1734
Do
300
Jan
15
17
18
Jan
1718
22
Dee
3013
Melt
3138 3134 3118 3133 3118 3158 31
3138 31
3112 3034 3114 19,366
3014 Jan 15 3212 Jan 2
2714 Jan
3838 .Ply
*52
5212 5112 5214 5112 5238 5114 5158 *5134 52
5114 5112 3,040 ErieDo 1st preferred
5012 Jan 11 5312 Jan 2
*42
6114 J'ly
48 Jan
4212 *4134 4212 42
4212 4114 4134 *4114 4178 41
4114
Do 2(1her
1,100
41 Jan 26 44 Jan 2
ed
35 Jan
12918 12978 12938 13214 131 13212 12958 13112 13018 1307
4934 Jly
8 12934 13138 61,150 Great Northern
or
2
126 Jan 15 13212 Jan 23 119 Sep 140 J'ne
4014 4214 4134 42
4134 4134 4112 4112 41
4112 41
4112 2,900
Iron Ore properties... 393 Jan 13 4478 Jan 2
3334 Dec
6334 Feb
*11
1258 *11
13
*1112 1258 *12
1234 *11
Green Bay do W.deb etfB
1212
12 Jan 13 12 Jan 13
11 Aug
1514 Jan
avana Electric.
9314 Xly
98 Oct
*-_-_-_-_ fur
*:::: iff" *:::: 110 *:::: ilii" *10112 110
Dopreferred
0334 Jan 10258 Oct
*120 ____ *HO*120
*120 ____ *120 __ *120
Hocking
Valley
140 141 *14012 1-4-212 14118 14118 141 141 *14012 142
124 Nov 134 Apr
141 141
-1;i(15 I Ilinols Central
13918 Jan 19
1712 1817 1858 1918 1834 1918 1814 1878 18
1812 177 1838 45,920 1 nterboro-Metrop v t aft; 1638 Jan 3 14118 Jan 23 132 Jan 147 J'ly
19ls
Jan
5614 58
22
1318 Sep
2038 Feb
58
5914 5734 5879 5634 58
5612 57
56
5758 62,210
Do prof
5338 Jan 3 5914 Jan 22
3934 Sep
54
56% J'ly
5614 5614 573
5634 5718 *5514 5612 5514 5514 55
Do prof vot tr ctts
53
11,050
5234 Jan 11 5738 Jan 22
*13
1412 *13
3912Sep
5512 J'ly
15
*1212 15
*13
14
*1212 13
*1212
Iowa
13
Central
12 Jan 13 15 Jan 4
*29
15 May
22 Sep
2912 *29
30
29
29
*28
30
*27
29
*27
30
100 • • Do preferred ctfs.Pref 72783144
30 Jan 4
*7814 7912 *7814 7912 *7814 7912 *7814 7912 *7814 7912 *7814
23 Apr
42 Sep
ir C Ft S de M Sr
7912
4 7734 Jan 4
j
Jan 6
74 Apr
80 Deo
*2712 28
2758 28
28
28
*2712 2812 2712 2712 27
11%-ansas
27
800
City Southern
Jan
27
15
2834
Jan
2514
Sep
2
3738
6312 6378 *6314 64
J'ne
*6314 64
*6314 64
6314 6314 *627 64
Do
700
preferred
*1214 1412 12
63 Jan 11 65 Jan 5
6112 Sep
6034 J'no
1214 12
12
12
12
*11
14
1112 1112 1,000 J' ake Erie & Western
1117 Jan 20 1212 Jan 16
10 Sep
17 Nov
*29
3314 *29
3314 *29
*29
3314 *29
_I-A
3314
3314
*29
Do preferred
3314
30 Jan 8 31 Jan 10
25 Sep
40 Jan
16634 16758 16578 16678 16558 1663 164 16512 18434 16512
4
163 16-134 66,725 Lehigh Valley
a163 Jan 26 18534 Jan 15 151 Sep 18678 Dec
*94
52
*44
52
*44
52 *94
52
*44
52
*44
Long Island
52
45 Nov
63 Jan
15334 15412 15312 15358 15338 15338 15214 15278 *15214 153
15218
152
3,220 Louisville & Nashville
x152 Jan 19 156 Jan 2 13612 Sep 16034 NoV
*134 137 4137 137
136 138
13534 136 *136 137 *13512 13612
560 M anhattan Elevated
135 Jan 2 137 Jan 4 13114 Sep 14212 Jan
26
26
*25
30
27
30 4____ 30
2712 *20
29
300 Its-inneapolls & St Louis 26 Jan 20 2712 Jan 23
*55
2112 Apr
4212 Sep
56 * _
56
*54
58
*54
56 *___ 56 *___ 56
Do preferred
556 Jan 15 457 Jan 15
13334 13334 13314
35 Meh
6812 Sep
- 13312 133 133 *132 13452 133 133
132 13212
700 Minn St P & S S Marie
131 Jan 15 135 Jan 3 x12434 Sep 15214 Mch
*149 151
14912 14912 14834 14834 *148 151 *148 151
148
148
Do
preferred
300
148 Jan 26 151 Jan 10 146 Nov 160 Mch
*8734 8912 *8734 8913 *8734 8912 *8812 8912 *8734 8912 *8814
Do leased line ctts
8912
58712 Jan 12 4887s Jan 17
8712 J'ly
2853 2834 2858 2838 *2812 29
9012 Melt
2858 2858 2858 2858 28
2812 2,000 Mo Kansas dc Texas
28 Jan 15 30 Jan 2
3818 J'ne
*63
27 Sep
65
*63
65
*6312 65
*6312 65
65
65
*6312
Do
643
200
4
()referred
64 Jan 11 65 Jan 25
6234
Sep
4048 404 4018 4118 4038 4034 3978 4012 40
70 Oct
4014 3918 40
8,023 Missouri P
39 Jan 8linth()
4112 Jan 18
63 Feb
3314
Sep
*160 170 *160 170 *157 170 *157 170 *160 108 *157 168
mash Chatt & St Louis_ 169 Jan 4 169 Jan 4 14014 Jan 160 J'ne
6912 70
*68
71
*68
71
*68
71
*68
71
7012 *68
200 11 at Ftys of Mex 1st pref 6912 Jan 20 71 Jan 4
60 Aug
7233 Jan
3578 :5678 3614 3612 3578 3614 3538 3553 3434 3518 3414 3412 11,300
Do 2d preferred
3414 Jan 26 3678 Jan 20
2678 Aug
3838 Feb
10813 10834 108 10812 108 • 108
12 10758 10814 108 10838 10814 11034 43,460 N Y Central & Hudson._ 10614 Jan t 11034 Jan 26
x9978 Sep 11512 Feb
*54
5912 *54
5912 *54
5912 5858 5858 *56
59
*57
N
59
Y
Chic
100
&
St Louis
5858 Jan 24 5858 Jan 21
48
*98 110
Sep
65
Jan
*98 110
*98 110
*98 110
*98 110
*98 110
Do 1st preferred
9812 Nov 10158 Itch
*82
90
*82
8712 8712 *86
90
90
*82
90
58914 8914
Do 2d preferred
125
8712 Jan 23 90 Jan 18
*13812 139
8212 Aug
90 Jan
13834 1383 *13812 139 513834 139
13834 13878 138 138
N
Y N IL do Hartford__. 13714 Jan 2 139 Jan 18 12678 Sep 15118 Feb
537
*38
3812 *38
3812 3818 3812 38
3818 *38
3812 *3778 3812
900 N Y Ontario & Western_ 373 Jan 3 3834 Jan
10912 10958 10912 10912 10914 10912 10918 10918 10914 10912
3734 Sep
4678 J'ly
109 10934 5,520 Norfolk de Western
10813 Jan 2 11078 Jan 8
*91
9934 Sep 11114 Nov
92
*9012 92
*91
92
*9012 92
*9012 92
*9012
92
Do adjustment pref._
9012 Jan 4 9112 Jan 18
11814 11918 11814 11934 11812 11912 11712 11834 11758 11811 11634 118
8534 Apr
9114
J'ne
14 50,735 Northern Pacific
11538 Jan 15 11934 Jan 22 11034 Sep 13778 J'na
*90
9712 *90
9712 *90
9912 *90
9912 *90
9912 *90
9912
Coast Co
*85 105
0434
102
Dec
Jan
*85 105
*85 105
*85 105
*85 105
P
*85 105
1.
Do 1st preferred
*90 105
*90 105
*90 105
*90 105
*90 105
*90 105
Do 2d preferred
12312 12378 12312 12378 12378 12438 12378 12414 124 12138 12418 12419 18,443 Pennsylva
9934 J'ly 102 Jan
nia
12212 Jan 9 12412 Jan 26 11831 Sep 13018 Feb
101 10112 *100 10012 101 101
100 101
10078 10078 *10012 10078 1,000 Pittsb Cln Chic ec St L
10312
9812
Jan
2
4
Jan
9018 Sep 100 Jan
*105 118
115 115 *105 113
105 113 *105 113 4105 113
Do preferred
100
10812 Jan 2 115 Jan 22 10218 Sep 112 Feb
15678 159
15733 15912 x15614 1583b 15512 15712 15534 15718 155% 15718 623,900
14818 Jan 11 15912 Jan 22 134 Sep 16178 J'ne
9178 92
*90
92 *89
92
*39
891, *89
02
92
92
Its
ellirrpreferred
500
9012Jan 11 92 Jan 17
88 Melt
92 J'ly
97
0834 9838 9338 981s 9812 97
9'7
97
5,7
96
96
2,300
2d preferred
94 Jan 11 9834 Jan 20
9012 Sep 101 May
2412 2434 2412 2434 2438 2412 2412 2538 2434 2518 2458 25
15,150 Rock Island Company... 24 Jan 18 2558Jan 3
2234 Sep
3438 J'ne
5114 5158 *5014 51
51
51
5114 5238 5118 5178 5012 5114 10,610
Do preferred
48 Jan 3 5218 Jan 0
4334 Dee
6853 J'ne
2634 2634 *2518 28 425
27
25
2512 2512 25
25
25
1 t Louis & San Fran_
600 C;n
23 Jan 5 2634Jan 20
23 Dec
27 Oct
*65
68
*65
68
*65
*66
68
68
*66
68
*68
.
1 3 Do 1st preferred
68
05 Jan 19 6612 Jan 11
59 Sep
6914 ,Ply
4112 4134 4139 4134 4112 4112 *4012 42
4114 4114 4012 41
Do 2d preferred
825
401* Jan 4 42 Jan 18
3/ Sep
*29
4912 J'ly
31
*25
2934 3012 *30
32
32
*2912 32
*2912 3112
200 St Louis Southwestern._
2934 Jan 22 3013 Jan 22
1 Jan
*68
34 Feb
69
69
(3912 70
*69
70
71
*6812 71
*6878 71
Do
700
preferred
6812 Jan 17 70 Jan 23
5934 Jan
72 J'ne
11058.1107s 11618 11078 11018 11158 10978 11014 11018 11012 10912 11018 7,600 Southern
Pacific Co
10918 Jan 11 11258 Jan 2
2838 2878 2814 2817 2314 2814 2818 2814 2818 283
300
Sep
2818 2814 6,125 Southern v tr ctts stm pd_
28 Jan 13 2938 Jan 3 12045
*70
43 Se
71
123
*6912 7078 *69
36'319
8 J "i
7034 6958 6958 *70
7012 70
7014
Do pre
615
do
6953 Jan 13 7112 Jan 2
9114 Jan
2212 2212 2212 2258 2238 2238 2213 2212 2212 2212 2212 2212 1,800
7514 J'ly
rrexas
Pacific
&
2012
Jan
3
2258
Jan
22
1978
438
3014 Feb
38
*38
42
*38
40
*39
41
*39
41
*39
41
20 i hird Ave tr etfs 2 paid. 39 Jan 17 41 Jan 13 /52114 Deo
4538
Dec 52134 Deo
, 4614 95
4618 46
4738 47
4712 47
4778 47
4714 12,050
New (when Issued)
4014 Jan 2 4934 Jan 9
4
31 Nov
4
41 Deo
*4
414 *378 414 *334 414 *334 414 *334 412
200
Toledo
Railways
&
Lt
3
Jan
15
4
Jan
1358 14
20
4 Nov
812 Jan
1378 1378 1378 1378 1334 1334 1334 1334 1334 1378 2,000 Toledo
St L & Western._
13 Jan 4 14 Jan 20
12 Dec
3334 3478 3434 3478 *32
1:434 Feb
3412 3412 :1434 3434 3479 3414 3434 1,810
Do preferred
33 Jan 9 3478 Jan 2
*10412 106 *104 106 *104 106
5379 Jan
3478 Dec
105 105 5105 105 *104 106
Twin
298
City
Rapid
10412
Transit_
Jan
5
165
168 16918 16718 16814 16718 16818 16612 16738 16678 16818
Jan 2 104 Sep 111 Feb
16758 269,250 Union Pacific
16558Jan 9 17414 Jan 2 15
06
238 J:liy
r
Se p 1,
312 s
8,
9218 9214 9214 9214 9214 9214 *9112 9214 9212 9212 16618
92
92
1,025 •-) Do preferred
9158Jan
10
Jan
9234
2
3212 3212 33
33
3212 33
33
3312 34
34
3312 341 2 1,789 Unit Rys Inv't of San Fr 3034 Jan 5 3412 Jan 26
2312 Sep
49 Feb
5914 5912 59
59
59
59
5912 60
6012 61
6112 3,300
60
Do
preferred
58 Jan 2 6112 Jan 26
52 Sep
7614 Men
*46
48
*46
48
*461s 48
*4614 48
4712 4712
100 virciit, Hy & Power
41 Jan 4 4712 Jan 25
37 Sep
45 Apr
87 *___. 87
-0- WDo preferred
87 Jan 26 87 Jan 26
7'1 Sep 483 Apr
7
7
7
7
7
7
7
718
1,800
abash
Do
6 Jan 4
Jan 10
Dec
714
534
1838 Feb
1834 19
41834 1834 1858 1
1778 1778 18
18
1734 1734 1,050
preferred
1678 Jan 2 15)3.j Jan 5
1414 Dec
4038 Feb
*57
5778 5712 5758 5778 5778 5712 5758 5714 57$1
5712 5778 1,200 Western Maryland Ity
5534 Jan 0 6034 Jan 3
48Y8 Apr
66 J'ly
76 *7612 8018 *7612 8018 *7612 8018 7712 7712 *7612 7812
76
300
Do preferred
75 Jan 9 7712 Jan 25
Jan
75
8814
438 5
J'ly
412 434
*434 514 *412 5
478 518
3,800 Wheeling & Lake Erse
4 Jan 10
518 Jan 23
212 Sep
614 Feb
15
16
16
1612 15
1678 1612 1612 1638 1634 1612 1634 3,700
Do 1st preferred
11 Jan 3 1678 Jan 23
7 Sep
1758 Feb
712 758
6
738 738 *7
738
714 714
712 2,000
7
734
Do 2d preferred
6 Jan 1!
8 Feb
734 Jan 23
3 Aug
*6212 55 *53
5412 *5212 55
53
53
*52
55
*52
55
100 Wisconsin Central
52 Jan 10 54 Jan 5
r--48 Sep
7218 May
------
..1
718
H
W
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
New York
Aetna
America 11...
mer Exch.
attery Pk
oweryli
ronxBorol
roux Nat_
ryant Pk li
Utch & Dr
au
tu
ery 11
I
Bid
A3k
Banks
Ii!il As
Clint&phents 170
179
136
190 Chelsea Ex1" 195 200
605 610 Chemical ,_ 445
455
24212 '2471, Citizens' Ctl 160
183
125
130 City
1122589425
385
_, Coal & Iron 15212 1571,
300
--_ .. Colonial 11
425
__
175
Ai) Columbia 11. 340 3-5-0
150
155 Commerce _ t198
_,.
130
140 Corn Ex 11- 305 3-1-5
_ 1521, East River_ 105
115
600
175
---- FldelitY 11- 165
Bank.
Fifth AveliCPU'
First
Fourth
Gallatin
Garneld
Germ-Aln 11
Germ'n Emil
Germania 11_
Gotham __
Greenwich 11
Hanover...
Bid
Ask
Bank;
Bid
4100 4250 Harriman __
-300 325 Imp & Tra(1 580
-1000 1010 Irving N Ex 220
9202 920212 leifersong_ 149
330
335 Liberty-- 560
275
290 Lincoln__ 395
140
_ . %lanhattaillj 335
420
43-5- %Iariet&Ful 255
525
550 ‘lech &Met's t270
150
155 ‘lereantile . 14712
245
255
%Lerch EXCh 16212
625 635 derclututs'. 180
Ask
300
590
230
150
580
405
.._
2-6-5
___
15212
16712
185
Ban c.
Bad
Metropolis 1, 370
Metropol'n1196
Mt Morris¶.. 250
Mutual 11...... 29)
Nassau __ _ 300
New Neth.1, 210
New YorkCo 875
New York. 310
Paelliet._._ 270
Park
365
People's 11
240
Aik
335
200
260
295
...
2-10
__
3-1-5
280
370
250
Banks
Bid
Prod Each 1, 170
Reserve __. 8712
.-,eaboard __ 415
-iecond ..,___ 375
.-iecurItyl..- 145
,Merinait__ 135
State li ---- _ .,_
33d Ward¶ 175
U Won EXC_ 165
Wash 11113 ll 275
West Side 11 ___
Yorkville 11- t595
*Bid and asked prices: no sales were made on this day. t Ex-rights
Male at Stock Exchange or at auction this week. /1 First installme. ;Less than 100 shares. 11State banks. a Ex-dividend and rights
nt paid. is Sold at private sale at this price. z Ex-dividend.
Ask
175
90
....,
4-00
1524
260'
...
176.
050
--
S New stook.
263
New York Stock Record-Concluded-Page 2
JAN. 27 11412.!
For record of sales during the week of stocks usually inactive, ee second page Mee:1114..
S7'OCKS--HIGHES7' AND LOWEST SALE PRICES.
Saturday
Jan 20
Monday
Jan 22
Tuesday
Jan 23
Wednesday
Jan 24
7'hursday
Jan 25
Friday
Jan 26
STOC K S
Sates o.
the , NEW YORK STOCK
EXCHANGE
Week
Shares
Ranye Since January 1
On basis of 100-shire tote
Lotoeu
Highest.
Ranye for Prerfous
Yea.. 1911
Loiast.
tilphest.
lndustriai&Mjscejlaneous
A dams Express
202 Jan 18 202 Jan 18 198 Nov 1245 Apr
*198 205 *195 205 *195 205 *198 205 *198 203 *197 203
934 May'
118 Dec
58 Jan 11
112 Jan 2
114 *114
138
725 /111is-Chalmers
*1
1
1
114 *1
114
114
114
114
34 Fen
Do prof
858 Dec
8 Jan 2
618 Jan 20
8
*7
200
8
*7
618 618
8
618 618 *6
*6
8
7134.1,00
4434 Sep
6512 6424 6514 6418 6434 6413 6434 x6353 6418 28,150 Amalgamated Copper__ _ x6358 Jan 26 6712 Jan 3
6553 6618 65
9312 Dec
4431 Sep
2,600 Amer Agricultural Chem_ 6012 Jan 19 6312 Jan 2
6112 62
6078 6114 6112 62
*6114 6134 *6114 62 '6112 62
991, Oct 105 Dec
Do prof
101 Jan 13 10213 Jan 22
-- _ 10214 10214 *10213 10314 *102 10213 *101• 10212 *10213 10212
109
3911 Jan
5914 Oct
5512 Jan 9 5831 Jan 3
5818 5838 5773 5818 5734 5734 5712 5758 5714 5838 x5614 5612 7,40.0 American Beet Sugar
*101129212 Jan 101 Oct
Do pref
99 Jan 18 10078 Jan 10
99
*98
99
99
200
*9812 99
*9812 99
*98
9913 99
99
1212 May
878 Jan
1112 Jan 2 1278 Jan 23
1214 1258 1214 125p 1233 1278 1233 1258 123:3 1212 1213 1212 22,750 American Can
0318 Dec
Jan
77
Do
pref
9
9514
Jan
2
9118
Jan
9212
9338
9233
93
11,160
9312
0234 9358 9214 9314 93
93
94
5814 Jill,
4238 Sep
5214 5134 52
5,916 American Car & Foundry 5134 Jan 26 5512 Jan 2
5258 52
5314 *5359 5534 52
5312 53
53
Do pref
11512 Jan 16 11612 Jan 15 113 Om 120 May
125
*11512 11612 111614 11614 *11512 11612 11578 11578 *11512 11734 *11534 11812
9238 Feb
4158 Nov
4512 Jan 19 51 Jan 26
10,400 American Cotton Oil
4914 4912 •5034 9834 51
9612 4778 4734 4878 4813 4878 98
Do pref
92 Nov 10512 Feb
95 Jan 19 95 Jan 19
*9373
__
95
95
*9514 9912 *9514
- *9514 9912 *9514 9912
100
4207 Jan 18 421219 Jan 10 201 Sep 8255 Jan
--- *209 214 *209 219
100 American Express
210 210
_- *208 215 *208 214 *209 214
5 J'ne
American Hide & Leather
334 Jan 5
312 Sep
334 Jan 5
334
*312 334 *312 334 *312 33i *312 334 *312 334 *312 2112
26:,3 J'ne
Do pref
18 Sep
2012 Jan 5 2112 Jan 6
100
2212 2112 2112 *2012 2113 *2012
*2012 .2212 *2012 2212 *21
1012 Aug
2531
J'ly
American
Ice
18
Jan
2
2034
Jan
26
Securities..
1834
1912
1912
1,930
1912
2034
1834
19
*1814
*1814 19
19
*1814
8 Aug
1.23,. Feb
10 Jan 23 12 Jan 3
11
*10
200 American Linseed
*10
1014 *912 1112 *978 11
10
11
*10
11
2613 Oct
Do prof
3412 Dec
3218 Jan 23 35 Jan 3
*32
33
*32
34
3:3
200
3218 321s *32
*32
33
34
*32
32(8 Oct
4314 May
3314 Jan 15 3658 Jan 2
100 American Locomotive
3512 *3412 3512 *3412 3512 *34
3412
*3414 3512 *34
3512 *34
Do pref
103 Jan 15 10338 Jan 24 102 Oct 11034 Mch
100
*103 10414 *103 10414 *103 10414 10333 10338 *103 10914 *103 10414
3 Sep
538 Jan
434 Jan 10
778 Jan 26
*6
612 612
678 778 2,500 American Malt Corp
614 614
612
614 014
612 612
Do prof.
3112 Mcb
4358 Jily
42 Jan 6 4838 Jan 2u
47
46
46
47
47
4712 4833 2,310
4778 *46
54612 4612 96
82 Sep
Amer Smelters See pref B 8613 Jan 3 87 Jan 13
8918 J'ly'
83
*87
88
487
*87
88
*87
88
88
*87
*8714 88
5658 Sep
8378 J'ne
7258 7153 7214 7134 7214 7112 7214 11,840 Amer Smelting& Refining 6958 Jan 15 7412 Jan 2
7234 72
7134 7318 72
98)4 Sep 10812 J'ne
Do pref..
10238 Jan 2 10412 Jan 24
152
10112 10412 *10312 10412 410412 10112
*10313 104 *10312 10.112 *103 104
521, Feb
23 Sep
26 Jan 19 3512 Jan 4
2,125 Amer Steel Found (new) _
30
31
31
31
30
3012 303.1 30
31
30
2658 30
2,400 American Sugar Refining 11434 Jan 12 117 Jan 26 11214 Sep 12212 Feb
*115 1151,1 *11434 11514 11514 11514 11514 11514 11512 11534 11534 117
111
Jan
Feb
Do
11912
pref
11712
Jan
Jan
26
5
11513
116
11617
1,370
11712
11614
11612
11512
117
11614
*11531
f 11534 11534
11614
14114 14110 140 14073 13934 14012 140 14012 140 14038 16,439 American Teleph & Teleg 13758 Jan 2 14218 Jan 18 13112 Aug 15318 J'ne
14112 142
250 Jan 25 287 Jan 26
6,655 American Tobacco
10712 10758 10714 10734 107 10712 25r) 26112 262 237
10773 108
87 Aug 10514 Dec
Do pref
102 Jan 9 10834 Jan 19
4,100
10712 10778 10712 108
---- ---- - - ---9212 Sep 105 Dec
Do pref certts of dep_ 102 Jan 10 10814 Jan 18
1,800
10738 1-6734 10713 1-0718 10734 10778 10712 103
*i5754 1-0814 *10712 1-08Preferred, new
10114 Jan 11 10638 Jan 19
10514 10534 10514 106
105 10558 10538 10534 10533 10578 11,450
10514 106
2512 Dec
American
3612 Meh
Woolen
11
2
Jan
Jan
26
*2714 30
28
29
200
30
29
*27
2812 *27
*27
*27
29
29
Do pref
8514 Oct
9614 J'ne
*88
88 Jan 2 8934 Jan 10
89
8812 8812 8812 8812 *87
600
8914 89
8813 8818
89
3412 Feb
2412 Sep
2512 2512 *25
26
600 Amer Writing Paper, prf. 2.518 Jan 25 2512 Jan 5
2512 2512 *2514 2534 2513 2534 *2514 26
J'ne
$4112
Sep
220
aAnacondaCopper
Par$25
19
Jan
3
83518
4,657
Jan
$383
4
3512 3578 3534 36
3513 3534 3514 3512 3518 3518 3514 3512
*103 10314 103 103
10314 10312 *10234 104
10314 10334 *10314 10358 1,148 LIaldwin Locomotive, pf 103 Jan 22 10334 Jan 2 10314 Dec 107 Dec
3815 Aug
26 Sep
3018 Jan 11 3258 Jan 2
31
3158 3112 3238 32
3,700 47ethiehem Steel
32
3214 32
32
32
32
32
Do pre
6634 J'ly
54 Sep
5934 Jan 5 62 Jan 2
6133 6112 6133 6158 6112 6112 61
61
*6012 6134 *6012 6134 1,300
138 Jan 25 14112 Jan 8 r129 Sep 14814 Nov
140 190 *190 142
190 140 *140 141
400 Brooklyn Union Gas
138 138 *138 140
Butterick Co
31 Mch
28 Feb
2958 Jan 8 3018 Jan 11
*2914 30
*2914 3013 *2914 30
*2914 30
*2914 30
*2914 30
3338 Feb
1834 Sep
1734 Jan 8 2112 Jan 2
1912 1912 1912 1912 1918 1918 *19
500 / lentral Leather
1934 1914 1914 1912 1912
k • Do prat
9118 Dec 105 Feb
83 Jan 8 9214 Jan 2
*8613 88
*8812 88
*3612 88
*8612 88
88
*87
*87
83
2553 2618 26
2658 2633 2634 2658 27
27
27
2613 2658 21,350 dChino Copper__ _Par $5 $25 Jan 15 $2718 Jan 2 $1612 Sep ;2712 Dec
3638 Feb
25 Sep
2614 Jan 16 2761 Jan 2
2614 2638 2614 2614
600 Colorado Fuel & Iron
2614 2614 *2614 28
2812 2634 *2638 28
13834 13934 13933 13958 9,700 Consolidated Gas (N Y)_ 13834 Jan 24 14312 Jan 5 12834 Sep 14812 Joe
142 14214 141 14134 140 141
13834 140
958 Oct
1534 May
10 Jan 16 1118 Jan 17
1118 1078 1078 1078 1078 1073 1073 1034 1078 1,300 Corn Products Refining
1118 1118 11
1)o pref
73 Sep
85 May
x7614 Jan 3 7934 Jan 17
7914 *7734 79
*78
7912 *78
400
7838 7838 7834 7334 7812 7312
3814 Mch
29 Sep
31
*3012 3114 31
3038 3058 3058 3178 3138 3138 3112 3258 8,025 Distillers' Securities Corp 3058 Jan 19 3258 Jan 26
13 Dec
36 Feb
Federal Mining & Smelt'g 1212 Jan 10 1212 Jan 10
*13
15
*13
15
*13
15
*13
15
*13
15
*13
15
37 Dec
6612 May
Do prof
3713 Jan 23 39 Jan 5
*37
39
*37
39
3718 38
*37
39
*37
39
450
*37
39
155 Jan 2 16078 Jan 24 142 Sep 16858 May
15934 160
15812 15938 1159 159
15834 15912 5,112 General Electric
15914 16078 15912 160
35
Nov
Gen
5134
Aug
15
Jan
3514
Motors
vot
tr
Jan
19
ctts
34
*34
35
3412 35
3512 *34
500
3512
3514 3514 *34
3512 *34
8658 Aug
7412 Dee
Do prof vot tr
75 Jan 18 7712 Jan 6
7558 7558 76
7614 *74
76
300
76
7614 *74
*74
7614 *74
$312 Oct
$778 Jan
433 412
438 412 *433 412 8,200 dGoldfield Con M Par $10 $414 Jan 3 $412 Jan 20
438 412
912 412
438 412
9918 Sep 12938 Stay
108 108
108 108 *10712 10834 10712 10778 10713 10812 10812 10834 1,900 I nt Harvester stk tr cfts 10712 Jan 24 10938 Jan 3
11612 Jan 26 12012 Jan 11 715 Sep 12814 May
*115 120 *115 12012 *115 12012 4115 120
200 1 Do pref stk tr ctfs
11978 11978 11612 11612
578 Jan
/nt Mar Marine stk tr etts
5 Jan 2
412 Jan 3
314 Sep
*412 5
*412 518 *412 518 *434 5
*412 5
*412 5
14 Aug
Do pref
2212 Dec
20 Jan 2 2318 Jan 12
500
*2012 2178 203,4 2114 *2012 21
2118 *2034 2114 *2038 21
21
1338 Jan
9 Sep
938 Jan 17 1034 Jan 26
*912 10
058 978 *912 10
*912 10
934 1034 3,800 International Paper
912 978
5638 Jan
4458 May
Do prof
X4573 Jan 3 52 Jan 26
3,730
49
49
4818 52
4612 4612 47
4834 *4612 4712 *4612 48
44 Feb
23 Oct
3018 Jan 15 34 Jan 2
800 Internat Steam Pump
*30
31
*30
31
31
3114 *30
3034 3112 *3012 31
*30
80 Oct
Do prof
9012 J'ne
81 Jan 26 8334 Jan
8212 *80
525
8212 81
81
8212 *80
8212 *80
*8012 8112 *80
10614 Jan 10 10834 Jan 4 10114 Sep 11413 Jan
2,500 Laclede Gas (St L) corn
10734 10814 10712 108
10712 10712 10634 10714 10334 107
10634 107
5,944 Liggett ds Myers Tobacco 15678 Jan 15 185 Jan 26
181 183
17934 180
178 179
17912 185
175 17612 177 178
Do preferred
10512 Jan 12 11312 Jan 18
2,462
112 11212 11214 11212 112 112
11214 11234 112 112
112158 113
95 Feb
7412 Deo
825 Mackay Companies
7534 Jan 24 79 'Jan 4
*75
77
77
78
78
*77
7812 77
77
7712 7534 76
77 Mch
68 Dec
Do pref
6812 Jan 11 7073 Jan 23
578
70
7012 7012 471
71
7012 7078 87012 7012 7014 7014 70
8/ J'ne
!day Department Stores_
70 Apr
72
72
*70
*70
72
*70
72 *70
72 *70
72
*70
Do pref
*110 11218 *110 11218 *110 11218 *110 113
100
110 Jan 8 112 Jan 11 10734 Sep 11313 J'ne
110 110 *109 111
Copper_-_Par $5 $2312 Jan 22 $2618 Jan 3 21653 Sep $2412 Dec
2473 25
2312 2434 2412 2434 24
2414 2412 2412 2412 2412 3,294
14834 14914 148 14812 *144 14858 *14514 149
1,150 1k-rational Biscuit
13912 Jan 2 14934 Jan 18 11714 Jan 14334 Nov
149 149
14614 147
Do pre
127 Jan 10 128 Jan 25 124 Jan 130 Feb
12714 12714 *127 128 *127 128 *127 128
400
128 128 *12714 128
22 J'ly
1212 Dec
*14
15
*14
15
100 Nat Enamelig & Stampig
1378 Jan 2 1412 Jan 4
*14
1434 *14
1434 1.318 1.118
1478 *14
Do pref
85 Jan 10034 J'iy
9512 9412 9412
100
9412 Jan 26 9512 Jan 2
9512 *92
9512 *92
9512 *92
*92
9513 *92
4212 Sep
59 Feb
54
511s Jan 9 5478 Jan 2
54
1,600 National Lead
5334 54
5312 5334 5334 54
5312 54
54
54
Do pref....
10558 Jan 11 10712 Jan 24 104 Sep 10934 Aug
120
*10614 10712 110714 10714 *10673 10812 10712 10712 *10614 10712 *10614 108
1i/18 19
19
1858 1878 4,600 dNev Cons Copper_Par $5 $1858 Jan 26 $2014 Jan 3 $1518 Sep $2114 J'ne
1933 1938 1914 1933 1914 1938 19
45 Oct
76 Feb
*55
60
*56
59
55 Jan 3 5612 Jan 19
58
*56
60
56
56
300 New York Air Brake.._
5612 5612 *55
64 Jan
7634 May
8 7912 7,850 North American Co (new) 7413 Jan 3 7912 Jan 26
7814 78
7878 78,
7633 7638 7712 77
7613 7633 76
2318 Apr
3338 Nov
acific Mall
30 Jan 3 3234 Jan 13
430'4 3034 3012 3012
650
3034 32
3114 3134 *3012 3112 *3013 32
5458 Jan
35 Sep
twine Teiep & Teleg
4918 *4813 4912 49
4812 Jan 10 5138 Jan 4
4914 1,900
4912 4912 4912 4978 4912 4912 49
10518 106
10534 10534 10534 10534 10518 10512 10512 10578 10558 10558 1,500 People's G L & C (Chic) _ 103 Jan 8 10614 Jan 18 10112 Aug 109 Jan
2314 J'ne
17 Dec
*1758 1312 *17
18 Jan 26 1858 Jan 6
18
10( Pittsburgh Coal Co
1812 *17
1812 *1758 1812 *1758 1812 18
6734 Jan
0078 J'iy
Do pref
8038 Jan 18 8378 Jan 2
*8014 82
300
*8038 8214 *8014 8113 8033 8038 *8033 8112 *8038 8112
169 Jan 11 189 Jan 26
180 180
180 180
181 189
3,440 P. Lorillard Co
18012 18012 17812 17912 1181 181
Do preferred
10734 Jan 12 115 Jan 19
114 114
113 11318 11278 113
11278 11318 11334 11334 113 11312 2,072
25 Sep
3758 J'ne
*3212 33
32 Jan 19 3-114 Jan 4
*3212 33
3218 3218
250 Pressed Steel Car
*3212 3312 3234 3234 43212 33
oo ore/
91 Sep 10284 J'ne
*100 102
10118 10118 *100 102 *100 102 *101 102 *101 102
10118 Jan 22 102 Jan 2
150
10814 10814 *106 109
*108 109
108 108 *106 111
10714 10714
300 Pub Service Corp of N J_ 10714 Jan 26 10814 Jan 19 103 Oct 120 Feb
160 161 *160 16112 *16012 16112
666 Pullman Company
15918 Jan 3 161 Jan 23 154 Sep 163 Jan
16058 16058 16034 16034 161 161
39 J'ne
26 Oct
oypS
retp
32
2918 2918 *29
e l Spring__ - 2918 Jan 23 32 Jan 2
*29
31
*29
31
30
30
500 Ita.lig,l
2978 30
92 Jan 103 J'ne
*101 105 *101 105 *101 103 4101 105 *101 105 *101 105
101 Jan 16 101 Jan 16
1758 1734 1712 1758 1718 1738 6,700 d Ray ConsCopper Par;10 ;1718 Jan 26 $1938 Jan 2 512 Sep $19 Dec
1818 1838 1778 1838 1778 18
25
2514 2,345 Republic Iron & Steel
3514 Feb
2612 2614 2614 2512 2512 *2512 27
18 Oct
26
26
25 Jan 26 27 Jan 2
26
Do prof
815
9932 Feb
7418 Oct
8438 Jan 26 85-38 Jan 3
8514 8514 8514 48512 8512 *8412 8512 *8412 8512 8438 8458
85
42
41
41
4118 4118 *40
200 Sloss-Sheffield Steel & Ir_
5614 Feb
43
34 Sep
*41
44
41 Jan 26 44 Jan 2
*41
45
*40
3714 3714
500 d'rennessee Copp_Par $25 $3714 Jan 15 $3812 Jan 18 $3014 Sep $44 J'ne
3712 3712 3714 3714 *3714 38
38
38
38
38
o%
r if Typewriter_ 101 Jan 3 102 Jan 15
63 Mch 111 J'ne
100 jncliefowp
*101 103
10118 10118 *10112 103 *101 103 *10114 10212 *101 10212
11114 Jan 10 11114 Jan 10 103 Mch 11378 J'ly
*11014 112 *11014 112 *11014 112 *11014 112 *11014 112 *11014 112
11 Sep
16
416
16
45 U S Cast I Pipe & Founds' 16 Jan 9 17 Jan 3
19 Feb
*15
1634 416
*15
1634 *1512 17
1634 *15
Do prof
51
294
4012 Sep r61 Feb
50
51
50 Jan 4 51 Jan 26
150
50
50
45
52
*43
*45
*43
45
United States Express_ _ _ 58418 Jan 18 486 Jan 10
84 Dec 5105 Jan
*84
88
88
88
*84
88
*84
*84
*84
88
88
*84
7934 May
6518 Jan
100 (1 S Realty 4 Improvem't 6813 Jan 26 6918 Jan 10
*68
6812 *6818 6918 *68
6814 *6818 6812 *6818 6812 681s 6318
4812 Dec
800, United States Rubber... 4614 Jan 16 49 Jan 3
3012 Sep
*47
47
47
*4634 47
4634 4634
47
4712 47
47
47
Do 1st pref
200
10934 Jan 19 111 Jan 11 104 Sep 11512 J'Ir
111 111 *110 111 *11014 11114 *11014 11114 *11014 111
11014 11014
79 Mat
lbo 2d pref
66 Sep
300
75 Jan 23 7618 Jan 8
*72
76
7512
*72
751, *74
*7312 7512 *73
76
7512 75
8218 Feb
50 Oct
6514 Jan 26 6978 Jan 3
6718 6758 6618 6718 66
6634 65/2 6638 6534 6012 6514 6638 344,400 United States Steel
1)o prof
11114 11114 11118 1114 11118 11114 111 11114 11114 11112 11114 11114 3,141
11012Jan 9 11112Jan 2 103 Oct 12078 Feb
Sep
55778
Dec
$38
9
5618 5678 5578 5612 5512 56
Jan
dUtah
Copper..
_Par
$10
8
5614 57
5618
5512
25,500
Jan
26
$583
5412
$5412
4
553
4318 Sep
7038 Feb
- Chem
54114 5434 5478 5614 5512 56
5714 8,600 Virginia-Carolina
5238 Jan 9 5714 Jan 26
5514 5514 5558 5612 56
12112 12112 12134 12134 *121 123
Do pre(
400
11912 Jan 19 12178 Jan 25 114 Sep 12812 Mch
121 121
12178 12178 *12134 122
Co
4445 145 *143 147 *142 147 *142 147 *142 147 *142 147
5
5144 Jan 11 151 Jan 3 139 Sep 177 May
7158 Apr
8314 10,275 Weisi enarl!rotift
8434 8534 8434 8534 84
8478 83
8418 8338 8312 83
8412 May
79 Jan 2 8614 Jan 18
73i8 7312 7278 7312 *73
5858 Sep
79 may
300 Westingh'seEl &Mfg assen 6614 Jan 3 7414 Jan 24
73
7312 7312 7414 73
7131 72
lin, 1101. .1111
190 *113
inn .110 ion .lio ion .1•110 . 10A
inn
11478 Jan 5 11914 Jan 20 11012 Aug 123 Jan
Do 1st prof
P
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Bid
Ask i
Banks
Brooklyn
Brooklfin
Broadway1, 375
North Sidel,
____ '155 People's ___
Caney 151'd
275 283 Prosp'ct1)
10
First
Hllisideli
---- 125
Trust Co's
Homesteadl, ___. 100
Manutae'rs 415 43)
.....
N Y City
Mechanics'T 1250
Montauk 11. ____ 150 Astor
225
Bankers' rr
0212
Nassau
280 296 B'way Ti'....
Nat City
...
Bid
Ask
150
145
140
170
155
165
Ask
Trust Co's Bid
N Y City
Central l'r 1010 1030
Columbia __ 30712 ____
Commercial 70712
___
Empire ___ 300 3-10
liquit'Ule Tr 505
....
Farm Lodc'l 1400 14-50 Fidelity ___ 220
224
360 370
Fulton
__ 290
---760
____ Gnarly 'rr_ (87412 1880
15212 15713 Civardian Pr 100
115
Bid Ask
'frust Co's
Hudson __-___ 145
K nlegerb'kr 28712 2921,
Law T Idar (21434 -_
Lincoln Tr t1411, __-390
Manhattan
37a
MetroPol Tt; 403 410
Mutual Alit
125 130
ance
Mut.i West150
cheiter)._ 140
NY Life& fr 1000 1040
(rust Co's B14 Ask
N Y Trust. 615 625
Standard Tr 395 35212
ritieGu& Tr I550
____
fr Co of Am 375
Union Tr___ 1300
____
US Sitg& 'Jr 490
500
Unit States_ 1115 1140
Washington 400
410
Westchester 150
130
Windsor ..... 19713 20212
Ernst Co's
Bro,)klyn
Brooklyn Tr
Citizens'
Flatbush __
Franklin__
Hamilton __
Home
liing8 Co
L Is' L & Tr
Nassau
Peoples'..._
.,)U0003 &_
Bid
469
130
210
275
275
105
620
315
150
285
100
Asb
135
220
285
285
115
--..
325
155
300
110
I
...
sales
on
this
stock.
a
dollars
per
share".
Hz-div. and rights
day. Mess than 100 shares. $ Ex-rights. b New
a Quoted
•Bld and asked prices; no
•
at Stook Szelmage or at auction this week. s Bs stock dividend. %Banks marked with a paragraph (11) are State banks. s Ex-dividend.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Irachange method of quoting bonds was chfingcd. and prices are now all—"and inierest"—e2cept for iliCOM8 and defaulted bonds.
.
BONDS
Y. STOCK EXCHANGE t
Week Ending Jan. 26.
4a,
Price
Friday
Jan. 26
Week's
Range or
Las' Sale
7,1
Range
Since
Jan, 1,
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan, 26.
ira
Price
Friday
Jan. 26
Wceic'l
Range or
Last
Range
Since
Jan. 1.
------4
Bid
Ash Low
High No, Low Hig4
High NO. Low High Chesapeake & Ohio—
Bid
Ask Low
100 10012 10014 Nov'11
Gen funding et impt 53_1929 J -J 1031,10-112 10-112Jan '12 — 10312 10413
1113
16 111 11113
100 10034 10013 Dec '11
1st consol gold Is
1939 1M-N 11112 112 11114
N 11118 11114 11112Noi,-11. -10112 10214 10173 Sep '11
30
2i s
Registered
199
10112 Sale 10138
10112 24 10114 foT1-2
10112 10214 102 Jan '12
General gold 4 ;is
10112 102
UV% NOV '11
11:314 10 11314 11314
Registered
1992 M-S *991.1 _ _
_
113 11334 11314
0312 34 9234 9312
113 111 11334Jan '12
1930 F- A 9514 Sale 9313
Convertible 4'As
11314 11331
100
1944 J -D 83 8838 88 Jan
10012 J'ne'11
I3ig Sandy 1st 4s
10112 10134
83 88
-10134 Sale 10112 10134 30 l0138 10178
1045 J-1) 8518 8912 8812
Coal Inv Ry 1st gu 4s
1940 J -J 1011, 10112 10234 J'ly 'II _
Craig Valley 1st g 5s
83 87 8634 Jan '12 1946 J-J
Potts Creek Br 1st 4s
Foreign Government
863,1 8634
2 ___ 96
06
6 9512 06.
23 97 9758
97
Argentine—Internal 5s of 1909_ NC- S ; 9634 9712 9714
18 & A Div 1st con g 48_1989 J -J
951-9112 9214 J'ne'11
Chinese (Hukuang) By 5s
J-D ; 95
9312
94
21 9312 95
1989 J -J ____
_
2d cons& gold 4s
Imperial Japanese Government
Warm Spr Val 1st g 5s.,_1941 /11-S 105 10812 11314 Feb '03
95 Oct
Sterling loan 4 ;is
Greenbrier By 1st gu g 45 1940 Ni-N 0053
9312 25 9212 9312
1925 F-A ; 9333 Sale 93
-fa; 71
7C34
2d Series 4 ;is
7 9175 9218 Chic & Alt RR ref g Is
1049 A-0 7034 7314 7034
9258
1925 J-J ; 9258 Sale 9253
21 6412 0512
65
6434 Sale 6434
Sterling loan 4s
sal
Railway 1st lien 3 qs___ _1950 J-J
7 8634 8714
8718 Sale8718
1931 J J
Republic of Cuba 5s exten debt_ NI-S 9102I,103 10258Jan
Chic 13 & Q Denver Div 43_1922 -A 9912 ____ 5912 Dec '11 -10212 103
8734 88 8734
83
3
External loan 4 ;is
Illinois Div 3;is
1949 J-J
9813 Dec '11
1949 F-A I 9834 _
8612 __ 83 Sop '10 ---_
San Paulo (Brazil) trust 53_1919 J-J t 9712 ____ 07 8 Jan '12
Registered
1940 J-J
9718 9712
10018
8 -9679714
5 9614
U S of Mexico s I g Is of,......1899 - ; 96,8 9712 97
Illinois Div 43
1949 J-J 100 10018 10018
8 1661;
963'
1 0034 0034
Gold 48 of 1904
9034
100 Jan '11
Registered
1949 J J
_ - 1954 -1), 9058 92 9034
10434 Dec '11
;Dose are p rices onthe ,a sis o 35 to .t.:
Iowa Div sink fund 5s._ _1910 A-0 l047
__- 9918 Jan '12
Sinking fund 4s
State and City Securities
-661; -661i
1919 A-0 9913 993,1
10234 89 10218 10234
Nebraska Extension 4s_ _1927 H-N 9812 9914 0333 Jan '12
N Y City-4;is
1960 M-S 10258 Sale 10233
9834 99
10018 26 9078 10018
4% Corporate Stock_ _
9712 ____ 9818 Mch '11
Registered
959 M-N 100 Sale 100
---4% Corporate Stock
10018 54 9978 1001S
1-S 9912 100 9918 Dec '11 _- ____
Southwestern Div 4s_ _19
27 11-N
1958 NI-N 997810018 100
921
20
10018
4% Corporate stock
100
Sale
100
Joint bonds See Great North,
0034 10018
1957 111.-N
26 l0078 101
10178 48 10712 10778
101 1008 101
101
New 4 ;is
Debenture 58
13
1957 NI N 10758 Sale 10753
97 Sale 9678
9714 48 9034 9714
New 4 Ms
10213 Jan *12
General 4s
10212 10212
1917 11-5 10212 _
10734 24 10712 10778 Chic & E III ref & imp 4 gs_11199955 11S
81
8112 174 8014 8112
1-N
.11- J 18
25
ita1
4% Corporate Stock_ _1957 Al-N 10734 Sale 10734
1 10214 10212
125
124 125
4 3i% assessment bonds_1917 M-N 10212 10278 10212 10212
Sale 124
181 consol gold 6s
11014
2 10914
37
4A
NI-O
N 110 11038 11014
General consol 1st Is., _1
93
19
% Corporate Stock 1954 31-N -------8718 Jan '12 -- 8718 8713
111I3
N Y State-4s
10834 Mch '11
10212 10278 79 10i34 10278
Registered
M-S 1613-4
10912 ____ 109
1 109 109
109
10278 37 10158 10278
Canal Improvement 4s_119
93
36
7
Chic de Ind C By 1st 53_ _1
19
81 J-J 10234 103 10258
961
90 10134 103
106 8212 83
83
103
83 Sale 8238
Canal Imp'ment (new) 4s 1961 ,f -3 103 Sale 10258
Chic Gt Western 1st 4s., 1959
2 12734 12912
Canal Improvement 4s_ _1960 J-J *10158 __ 10112 Nov'll _—
Chic Ind & Loulsv—Ref 63_1947 J-J 12012 Sale 12912 1291.
10912 110 109 Nov '11 ---10312 J'iy '10
Refunding gold Is
_
Øo Carolina 4s 20-401933 J -J
Refunding 45 Series C
J-j
J ____ 9412 9558 Apr '11 ....„
917
7j
Tenn new settlement 3s_ 1913 J-J
9714 ____ 98 Oct '11
194
Ind & Loulsv 1st gu 4s_1956 J-J
8812
881
10 8813 -1T8-1Virginia fund debt 2-3s_ _1991 J-J --__ 8812 8612 Dec '11 -2
40 -id - -46- Chic Ind de Sou 50-yr 4s
40
9012 9312 92 Nov'li
1956 J J
Os deferred Brown Bros ctfs_ _ ---- 42 Sale 47
104 104 Dec '11
Chic L S & East 1st 4 ;is_ _ _1969 J-D
8 10238 10134 Jan '12
4
Chic Mil & St P termi g 5s1914 J-J 101710134 1613Railroad
9918 41 9818 9913
9878 Sale 9873
Gen'i gold 4s Series A__e1989 J-J
83
36 7918 83
A an Arbor 1st g 48
111995 Q-J 8112 8312 8078
901i 265 99 9912
Registered
61989 Q-J 98 __ 98 Jan '12.- 98 98
‘Itch Top & S Fe gen g 48_1995 A-0 9912 Sale 9913
8678
1 80 8078
Gen.
!gold 3;is Series B_e1.989 J-J 8614 8713 8678
Registered
1995 A-0 9712 9814 9814 Jan '12
98 9814
86 J'ne'11
Registered
e1989 J -J 85
Adjustment gold 43____h1995 Nov 9134 Sale 9134
9134 ---5 9114 92
0238 925-, 0238Jan '12
25-year deben 45
91
91
3 9014 91
Registered
81995 Nov
-621:1 0233
J-1 106 __ 106 Dec '11 ____ - — - - - 92
33 9112 9218
Chic &L Sup Div g 53_219
31
4 jStamped
92
819
99;141-N 9134 Sale 9134
ra6.1_ 10834 Apr '11
11438 J'ne'11 ....-1926 J-J
Chic & Mo Illy Div 5s
Cony 48 issue of 1909,.1955 -D
)10638 1063
4
Sale 10612 10714 143 10534 16/12
10618
106 i1563Chic & P W 1st g 5s
Cony gold 45
1955 J -D
05
3 95 9514
J 95 Sale 95
10178 1101 10014 10173
C M & Puget Sd 1st gu 43 192
J -4
949
1 4
Cony 45 (issue of 1910)_1960 J-D 10158 Sale 101
Dale & Gt So gold 5s
1916 J-J 10278 10358 10318 Aug'11
10-year cony gold 5s__1917 .1-D 10734 10834 10734 1081 176 10718 109
2
11314
iiS - 11314
Dubuque Div 1st s I 68_1920 J-J 11318 Sale 11318
Debentures 48 Series J
1912 F-A ---- ---- 0878 Jan '10 -----Far & Sou assum g 6s
—
1924 J -J 115 ____ 11738 Aug'11.
Series K
9914 J'iy '11 -- ---- - - 1913 F-A - 10334 ___ 10412 Dec '11
LaCrosse & D 1st 53
96 Jan '12 ..-- 96 96
Must Okla Div 1st g 45_ _ J928 M-S 96 _
1 9234' 931
Wis & Minn Div g 5s
192
11
9 j-j
J-J 10634 ____ 10638 Jan '1'
93
19
t068 10635
0234 93 93
Short Line 1st 48 gold_ _ _1958 J-J
Wis Vail Div 1st Gs
1920 J-J 1123113 11233 Nov'11
$ Fe Pres de Ph 1st g 5s 1942 NI-S 109 110 10834 Nov'11 ---Mil & No 1st cons 6s
1913 JD 10112.._ 10134 Dec '11
Chic & St L 1st 6s
1915 M-S 1051s ____ 10638 J'ly '11
10018 _
10014 Nov'11
S 9534 sale 9512
9534 47 9514 9534
Extended 4;is
4.ti Coast L 1st gold 43___h1952
j-12
F 10712 10834 10712 10712
15 (3Chicago & N West cons 75 _1
1913
Registered
M-S 94 ____ 98 Oct '06 ---10712 10773
Extension 4s
1886-1926 F-A
10858 Aug'11
9714 0714
Ala Mid 1st gu gold 5s_ _8
_1
192
38
2 M-N 109
Registered
1886-1928 F-A
! Bruns & W 1st gu gold 4s 1938 J -J 9534 Sale 9534
9534
-6584 6E3-4
:
:
87--18
.- 8
997
773144 J
jNt
a
nv
n'
1
12
1
General gold 3;is
1987 M-N
-if 87
, Charles & Say 1st gold 7s 1936 j-J 135
Not"11
Registered
85 ____ 8634
-0-53-4 76 9412 9134
do N coil gold 4s
01952 1k.f-N 9538 Sale -9738
43 -97 8 -014
General 4s
1987M
Say F & W 1st gold 6s...._1934 A-0 12334 ____ 12514 Dec '11 ---11134 Noy'll
Sinking fund 88_ __ _1879p-111999288977 --FN
,
1st gold Is
1934 A-0 10S13., 11058 May'll --19
Registered
10
77
18
2.
1879-1929
Sa
_ ..
113_ 19
Sil Sp Oca & G gu g 4s
910
1918 j-j 97 9814 97 Jan '12
71718
9
3s
Neopv0
-97 97'58
.60
,0139
2
9
9212 34 9114 9212
Sinking fund 58...J879-1929 A-0 10718
10712. Oct '11
Balt & Ohio Prior 3;is
1025 j-j 9212 Sale 9214
6 9078 9078
j 9034 _
907i
Registered
1879-1929 A-0 10412 ____ 10378 Dee '11
9078
Registered
0925
10412 108 10514 Jan '12
981, 65 9734 9812
Debenture 58
10434 10514
Gold 4s
•
h1948 A-0 9312 Sale 9818
O 103 __ 10612 Feb '10
n
A i-NO
9634
Registered
Registered
9818 J'ly '11
1921 jA
h1998 ?..J
10812 ___ 10938 Noy'll
Sinking fund deb Is
Pitts June lat gold 6s_ __1922
11218 ---- 112 Jan '12
112 112
107 ____ 10734 Aug'11
Registered
P June & M Div 1st g 3-;01925 M-N 8818
8818
8814 8814
8814
Fr n Elk Fe Mo V 1st 6s_1
1-N
-O
et 12818 ____ 12718 Noy'll
92
24 91 92
993
33 1IN1
119
PLE&W Va Sys ref 43_1941 NE_N 9112 9214 9112
2 91 9112
Mani G B de N W 1st 3;is 1941 J -J
9114
• Southw Div 1st gold 3;is 1925 J-3 91 9112 9118
Milw & S L 1st gu 3 58 l941 J -J
__ 103 Meh'10
Cen Ohio It 1st C g 4 1.s_1930 33-s 10034
Jan '12
Mil LB & West let g 0_1921
113
1 11012 11012
114 114
Cl Lor & W con 1st g 53_1933 A-0 109 11112 11012 1101
Ext & imp s f gold 5s 1929 F-A 10:;34
110
110
2 110 110
MOnon Riv 1st gu g 5s...1919 F-A 10214 10412 10214 Dec '11
14212 Feb '02 _.
Ashland Div 1st g 63_1925 M-S 11612
10912 Apr '11 --Ohio River RR 1st g 5s__1936 -D 10312
Mich Dly 1st gold 6s 1924 J-J 11612 __ 11618 Oct '11 -General gold Is
1937 A-0 108 11018 106 J'ly '11 --Northw Union 1st 7s g 1917 NI-S 11338 11478
_- 115 J'ly '11
Pitts Cley & Tol 1st g 63_1922 A-0 11312 ____ 11318 Aug'11 ..-9712 Sep '11.
Winona & SIP 1st ext 7s 1916 J-I) 11112 11518 11334 Aug'11
Pitts & West 1st g 4s
1917 J-J
9712
Chicago Rock Is & Pa 6s 1917 J-J 10814 10878 10878 Jan '12
2 1687;
1647Stat IsI By 1st gu g 4 30_1943 J -D 85 90 95 Noy'll -11258 Noy'll -Registered
• 1917 J -J 10712 ____ 109 Aug'10
Buffalo It & P gen g 5s____1937 M-S 11134 __
49 -6E72
3
- -667General gold 43
9812 Sale 96
Consol 4;is
1988 J - J
1957 M-N 10438 10714 10718 Aug'11
_ 95 96
9534 ____ 96 Jan '12
Registered
All & West 1st g 4s gu__ _1998 A-0 9512 ---- 97 Feb '11
0131 286 8918 9084
90
714 J13,99
..
,
00
738
4S
Refunding gold 4s
• Ci de Mali 1st gu g 5s
1943 J - J 103 ---- 103 J'IY '08 -Coll trust Series J 45
Roch h Pitts 1st gold 68_1921 F-A 11234 ___ 11334 Noy'll —
193
14
2 AA1-- 9734 Sep '11
Series L
1914 H-N
Consol 1st g 63
1922 J -D 11514 116 11678 11Ch'11
--- -98112 ji
Ne
oev (1)9
1
-N
9712 9
1915 ,P41.M. 4s
Buff & Susq 1st ref g 4s__ _01951
- - 50 72 Mch'10 .._-- - - -10134 33 10112 Rii3;
1016
ran So 1st ext Os
,8
N 4s
1913 J.4 10158 Sale 1015
-- - - - N
n..
-N
0414 May'10
18
7 iM
19
91
O 45
2d 5s
1913 11-s 10018 1001210058
--- ---951 9.134 J'ne'11
Jan '12
1 _
P 4s
Registered
11.0
9 n jan
1913
S
7258 727 7112 7234
Chlc Ill & Pac RR 4s__ _2002 M-5 7258 Sale 7134
Central of (la 1st gold 5s__p194 F-A 11218 11378 11334 Jan '12 _. 11334 11334
32 109 110
7114 J'iy '11
Registered
2002 NI-N
Consol gold 5s
194 It-N 10058 110 10312 110
9214
1 921,1 0212
R I Ark do Louis 1st 4 3is 1934 111-S 9214 Salo 9214
Registered
1945 11-N .107 ____ 10712 Noy'll
Bur C B & N—Ist g 58_ _1934 A-0 11034 ____ 11012 Nov'11
1st pref income g
Oct ---___ 103 Dec '11
1120051142 SepIleh :1031
Registered
1934 A-0
10612 May'll
Stamped
CRIF&NW 1st gu 5s '21 A-0
105 Dee '11
2d pref income g 5s_ _ __p194 Oct - —
M & St L 1st gu g 78_ _ _1927 J -D
98 Noy'll
2d pref income g Is stamped.. _
1023.1 Aug'II
.-Choc Ok & G gen g 5s_ _o1919 J -J ioi, ad pref income g 5s_ ___p1945
__ _ 107 Dec 'II 2
8518 Oct '10
1052 M-N 10612-- 10812 Sep '11
3d pref Income g Is stamped_ _
Consol gold 55
- jai Chatt Div pur mon g 48_1951
89.8 9112 8958Jan '12
Keolt & Des NI 1st 5s
1923 A-0 100 16112 10,1 Jan '12
8553 -617
12312 12334
. 12358Jan '12
Mac & Nor Div 1st g 58_1946 j-J 107 __ 10714 Jan '12
10714 10714 Chic St PM & 0 con 0s.._1010 J-1) 19231
93 Dec '03
• Mid Ga & Atl Div 5s_ __1947 J -J 10518 10712 115 Nov'05
Cons (is reduced to 3 Ms 1930 J-1)
-12338 Dec '11
_
Mobile Div 1st g 55
Ch St P & Minn 1st g Os 1918
1946 -j 10712 ____ 10934 May 11
-12958 May'09
Cen RR & B of Ga col g 53_1937
10212 ___ 102 Nov '11
12.3
Nor Wisconsin 1st 6s_ _ _ _1930 J -J
,„
12214
SIP & S City 1st g 65
12134 1223
Cent of N J gen'i gold 5s__ _1987 J-3 12214 12212 12214
1919 A-0 11034111 111 Dec '11
Superior Short List 5s g _1930 11-S 108
122
Registered
10 12112 122
81987 Q-j 12134 12314 122
_ 108 108
Am neck & Imp gu 5s_ _ _1921 J -J 10634.....,. 107 Jan '12 ____ 107 107
Chic & West Ind gen g 63_41932(3-M 10314 109 108 Jan
92
Consol 50-year 4s
92
Le de Bud R gen gu g 52_1920 J-J 10158
16 02 92
--D 2(1 gold 43s
1959
2
, Leh dc Wilkes-B Coal 53_1912 NI-N 100 ____ 1001-2 Aug-'11
3
J ---_ 103 10038 Dec '11
1037
- - - Cln H
1strefunding
4s.
de
911
N Y ec Long Br gen g 48_1941 NI-S 9912 ____ 100 Dec '11
---1959 J-J
1st guaranteed 98
Cent Vermont 1st gu g 4s e1920 Q-F 90 _
9012 10 -66- -661-2
0078 89 .May'll
00
---MISCELLANEOUS BONDS—Continued on Next Page.
U. S. Government.
S 28 consol registered_ _d1930 Q-J
S 23 consol coupon....._d1930 Q- J
U S 33 registered
k1918 Q-F
S 3s coupon
k1918 Q-F
U S 43 registered
1925 Q-F
U S 45 coupon
1925 Q-F
V S Pan Canal 10-30-yr 23 k1936(3-N
U S Panama Canal 33 g _
_1961 Q-S
-
Street Railway.
Brooklyn Rap Tran g 5s...._1945 A-0
1st refund cony gold 4s_ _2002 j-j
BIC City 1st con Is 1916-1941 J J
Bk Q Co de S con gu g 5s_1941 31.-N
, Bklyn Q Co & S 1st 55_1941 J-J
Bklyn Un El 1st g 4-5s__1950 F-A
Stamped guar 4-5s____1950 F-A
Kings Co El 1st g 48
1949 F-A
Stamped guar 4s
1949 F-A
Nassau Elec guar gold 4s_1051 J -J
Conn Hy& List & ref 5 g 4 As_'51 J -J
1951 j-j
Stamped guar 4;is
Denver Con Tram cons g 53_1933 A-0
Oct United 1st cons g 4 30_1932 J -J
Grand Rapids fly 1st g 58.._1916 J -D
1952 F-A
Havana Elec consol g 5s
interboro-Metrop coil 434s1956 A-0
nterboro Rap Tr Is Ser A_1952
N
i
No Price Friday; 14;19;.t144 WP94.
Street Railway.
10234 _
Manhat Ely (NY) cons g 48_1990 A-0
103
103
3 103 103
Stamped tax-exempt_ ___1990 A-0
88 Sale 8512
8618 911 8378 8618
.
10_1_8_4 19
07
2 10112 Jan '12
10112 10112 Met St By gen coil tr g 5s__199'7 F-A
Guaranty Trust Co certifsioa
97 Noy'll
Refunding gold 48
Farmers' Loan & Tr ctf_
101"4 102
jog;
io134 idi
Stamped
3 10112 102
10158 1021 102
102
Refunding 45 ;when Issued..
8312 84
8458 85 8312 Jan '12
Adjustmt Inc 53 (wh issued),,
841
8412 85
8412 Sale 8412
81
18 78 81
8012 8114 8014
Bway de 7th Ay lstc g 5s_1943
101 10176
10112 ____ 1017 Jan '12
Col & 9th Av 1st gu g 53_1993
10112
10178 Dee '11
Lex Av P 1st gn g 53-1993
Third Ay RR cons gu 95_2000
703 49 -f(i- -763-2
Central Trust Co certs
79 Sale -15Cent Tr Co cts stamped
0934-- 00 J'ly '10
9812 _
- -66 99 Jan '12
1st ref 4s when issued
8318 Sale 8134
8412 4862 8012 8412
Adjust Inc 5s when Issued_
105 Sale 104
105 743 10318 105
Third Ave By 1st g 5s-1937 J
4_Due 4.pr11. f
5
9634
009 9714 9934
5
97
9678 9712 97
102 Jan '12
i612 Sale 10112 104 -iio
- ---- 59 Dee '11
6112Jan '12
6133 • aij 6014
62 886
8112 Sale 8034
8158 950
5938 1060
5334 Sale 58
7
10334 - - -- 10334 10334
_ 10112 Jan '12
10112
102 __ _ 10212 Jan '12
---- 80 Jan '12
81 Jan '12
80 255
-::--31- 7912
8578 392
-8578
- Sale 8512
7878 575
7838 Sale 7818
1091 1101 11012Jan '12
May_. Is Due July. k Due AU,41. 0 Due DO. .9 Duo Nov
pge 14
,9,
0614 97
9634 97
102 102
97 10314
5712 jd
5758 62
80 8154
5414 591
103 1031
10112 1011
102 102
80 80
7818 8111
7812 8114
$478 8
8,
1 •
7578
1093 11
LQ91499 ;OIL
•
265
New York Bond Record—Continued—Page 2
JAN. 27 1912.i
Range
Price
Range
BONDS
4
Week's
Price
BONDS
Since
or
V
Range
Friday
N. Y. STOCK EXCHANGE
Since
Range or,g1
Friday
b
N. Y. STOCK EXCHANGE
Last Sale 21, Jan. 1.
Jan. 26
Week Ending Jan. 26.
Jan. 1..
Last Sale e4,
4;0... Jan.26
Week Ending Jan. 26.
—
Higl No. Low High
Ask Low
Bid
High No. Low High St P M & M (Continued)—
Ask Low
Bid
Cm Ham de Dayton (Continued)
Cln
9258Mch'11
Pacific Ext guar 4s E_ _ _ _1940 .T- J 0234
10414 Jan '12 -- 10:312 10914
1
9012 981
• • • Cln D & I 1st git g 55_ _ _ _1941 51-N
0812 Jan '12
97
E
g9s1998
Minn
A-0
1st
Nor
Div
_
—
.
Mch'll
-88
• C Find & Ft W 1st gu 4s g 1923 M-N -------11512 11614 11518 Aug'11
Minn Union 1st g 6s___1922
8712 __ 8712 Noy'll ..-- _ _ ____
. Cin I & W 1st gu g 4s_ _ _ _1953 J -J
Mont C 1st gu g (3s_1937 J-J 12734 129 12714 Nov'11
_
_
_
..
-J
J
1931
cons
1st
Mich
438s
• Day &
_
132 13614 May'0
J-J
Registered
' Ind Dec & w 1st g 53_ _ _1935 J -.1- idi id41-2 io i DeC 11 ____ _ _ _ _ _ -_
1st guar gold 5s_ _ 1937 J-J 11114 113 11234 Sep '11
10712 Dec '02 „
---- - - - 1935 J -3
1st guar gold 5s
J-J
Registered
9319
9213
33
'2314
93
Sale
-1)
J
-93
_1993
4s_
St
de
gen
C
L
Cleve Cln
11212 Sep '11
38 J -D 113
Will & S F 1st gold 53_11937
Cairo Div 1st gold 4s_ _ _1039 J -J 9211 9412 94 Dec '11
-65_ _ _ Gulf & S I 1st ref & t g 53__b1952 J-J 91 9412 95 Jan '12
Cin W & M Div 1st g 4s_ _1991 J -J 9013 9134 9018 Dec '11 __ii
.1
12
Registered
2
-911
i
93
Sale
0312
1M-N
0.;12
St L Div 1st col tr g 48._ _1900
lois;
1017
102
102
10233
JOer
ii
J-J
ocl
itl
nts
Hc
e
r
s
e
g
rns
4
N
9
t
1
_1
S
Hs5
52
___
____
--__
91 Oct '07
1990 M-N 80
Registered
10012sep
___- 99 Dec '11 ..... ____ _ __ _
Spr 8c Col Div 1st g 4s_ _ _1040 11-S 90 ___
9412 Dec .11
Col & li V 1st ext g 4s___1948 A-0 9512
1940 J -J 9114 ____ 91 Dec '11
W W Val Div 1st g 4s
8 -66li
-6610618
Col
Tol
0618
te
F-A
1st
ex
4s
_
_
_
4
00
_
C I St L & C consol 6A....1920 51-N 10358 ____ 10534 Dec '11 ___
9912 400 10012 Doe '11
Hous Belt & Term 1st 5s_1
193
5 J-J
957
i if di
t7
k1936 Q-F 9614 9718 97
1st gold 45
BMWs
__
Central
____
.....
'11
971
Dec
97)8
06
k1936 314-F
Registered
1st gold 4s1951 J-J 10318 ___ 103 Dec '11
10714 Oct '11 ____ ____ __
Cin S & Ci con 1st g 5s___1928 J -J 107
Registered
1951 J-J 100 ____ 100 Sep '11
__
1014 J-3) 10512 Rii-13-4 1071. Aug'11
C C C & I consol 7s
1
19
y:0
A:8
1st
112m
93
0
gold 3 Hs
1951 J-J 90
......
____
, Consol sinking fund 73_1914 J -D ___ - ___ 12184
89 Apr '11
Registered
J-J
____ ___ _
• General consol gold 63_11)34 J -J 12313 ____ __ Oct '11 ____
____
Extended 1st g 3 Hs
51 A-0
95
19
J-J
1934
Registered
Registered
• 1051 A-0
J ly '08 --- __ ___ _
---------94
____
Ind Ill & W 1st pref 4s_1940 A-0 --1st gold as sterling
id - ni-,do
M-S
____
___.
0 Ind Ze W 1st pref 58__d1938 Q-J -______ ____
11995511 In-S
Registered
02
9112
...„
'12
92
9112Jan
9112
A-0
_1940
Peo & East 1st con 4s__
Dec '11
66trust
gold
Coll
—_
9914
A-0
48
40
38
1
38
38 Sale 38
1990 Apr
Income 45
9812 Aug'11
11995522 A-0
Registered
5812 5817
1017 J-J 51 54 5812Jan '12
Col Midland 1st g 4s
69
661
ref
4s
Sale
9638
1st
9633
M-N
9617
96
23
9614
Sale
0614
98
F-A
_1929
Colorado & Sou 1st g 4s_ _ _
4 8
1$ 9
838
2
96
61'3
86
8518
2 J-J 8614 867s 8618
Purchased lines 3 Hs
65
95
19
1.712 35 9718 971,
1935 M-N 9712 Sale 9714
Refund & ext 4345
99 9912
L N 0 de Tex gold 48__1953 1/1- N 9878 100 99 Jan '12
Ft W & Den C 1st g Gs__ _1921 J -1) 11134 11212 1.1218Jan '12 _-__ 11218 1121s
1
411
Jan
F
1
1
43
97
9
Registered
1953
11-N
____
.1913
A-0
____
Conn & Pas Rlvs 1st g 4s_
Cairo Bridge gold 4s
J-D 95
_ iod - mayid - 1952 J-J
Cuba RR 1st 50-yr 5 g
7518 Sep '11
Litchfield Div 1st g 39
50 J-J 7512 _
1951
-n el Lack & Western—
Div
Louisv
&
3481953
3
Term
g
J-J 8912 86 85 Dec '11
__
106
10614
1063.1Nov'11
7s1919
M-N
, Morris & Essex 1st
A8314 Nov'1
1953 J-J
Registered
___ _
10912 Dec '11 _
.
1st consol guar 7s_ _ _ _1915 J -D
1921 F-A
123 May'9
Middle Div reg 5s
1915 J-D idi _ _ 11188 Dec '10
- --Registered
Omaha Div 1st g 3s
__ 7618 Pile'11
F-A
•
91 Jan '11
2000 J-D 85
1st ref gu g 334s
1 J-J 737 -77 - •7512Jan '11
951
St Louis Div & term g 3s_1
195
2 11414 11414
N Y Lack & W 1st Cis__ _ _1921 J -J 11314 __ 11.114 11114
_
7312
_
1951 J-J
Registered
10638 Novli ___ __ __
1923 F-A 106
Construction 55
Gold 3 Hs
1951 7-i 8512 g3-4 8713 May'11
__ _
Term de Improve 4s__ _1923 M-N ---- 99 98 Dec '11 ._
7-i 84 ____ 10118 Oct '9
Registered
____ 10218Feb '03 ___ ____ ___
Warren 1st ref gu g 3 348.2000 F-A ,
51 J-J —__-_ 100 Nov
1961
Spring Div 1st g 3 Hs
---Del & Hud 1st Pa Div 7s,,191 M-S 1133- 1151 11512 Aug'11 ____ __ _ _ _
1951 J-J 84
Registered
1917 M-S --- - ---- 149 Aug'01
Registered
96 -di-66- -66
Western lines 1st g 4s_ _1951 F-A 96
9878 102 -(71/1-2 98;
1916 J -D 9834 ae 985
10-yr cony deb 4s
1951 F-A
Registered
10138 10137
1922 7-.1 1013 1011 10133 Jan '12
1st lien equip g 4 Hs
i7f2
4
1113
&
-D
Bellev
Car
1st
Os
24 0:08 99
99
1943 M-N 99 Sale 99
1st & ref 48
_ 0514 Oct '1
carts & Shaw 1st g 4s_
32 M-S 9484
1923
9258 72 9114 921
Alb & Sus cony 3 Hs__ _1946 A-0 923 Sale 9213
2 116 - iid
116
Chic St L
1951 J-D 11434117 116
N 0 g 5s
122 Dec '11 -- __ _—
Hens & Saratoga 1st 7s_1921 M-N 122
1951 J-D 113 ____ 119 Feb 'I
Registered
Denver & Rio Grande-90 Oct
Gold 3 Hs
J-D
f
897
8914
1
8
003
897
8978
897
J-J
1936
- let consol gold 48
61 j-D
95
16
Registered
_ 98 Jan '12 ...„ 98 98
1936 J-J ---- ---Consol gold 4 Hs_
-652
Memph Div 1st g 48_1951 J-D -95
981, 20 96 981:
1928 J -D 9712 9914 978
Improvement gold 53
____---1951
Registered
J-D
893i
86
776
3
89
8812
8914
Sale
1955 F-A
let & refunding 58
........
95
St
97
98 J•lirvoit
L
Sou
1931
1st
11-S
g
gu
48
Rio Gr June lst iru g 5s 1939 J-D ---- ____ 10434 Mch'11 -- ____ --- Ind Ill & la 1st g 4s
d 9478 96
05
J-J 95 961 95
'11
Apr
6112
___
60
J-J
4s_1940
gold
1st
So
Gr
Rio
2 108 108
108
_ 108
Int & Great Nor 1st g 6s
59
91
16
0 131-N 108
1940 7-.1 --------85 Mch'08
Guaranteed
1 102 102
102
1st gold 5s__ _1938 J-D 102 102L 102
8814 14 86 8814 Iowa Centralgold
1939 J-J 88 Sale 86
Rio Gr West 1st g 45
1 6612 6912
661
_ _1951 M-S 6512 67 6612
4s
Refunding
'78
'78
__-_
'12
Jan
78
78
8018
A
4s
A-0
trust
1949
col
Mtge de
Tamestown
4
Franklin
__
__
__
___ 97 Jan '02 ___
Utah Cent 1st gu g 4s _a1917 A-0 --991
1 9412 9412
9912
941.
-D
J
1959
0
1st
Clearfield
48
110 Sep '04 ____ ........
1917 11-N 99 - Des Mot Un Ry 1st g 5s
731, 74
79
City Sou 1st gold 38_ _1950 A-0 74 Sale 74
1995 J -D 92 95 92 Noy'll ___ _ _ _ . 'Van
Del de Mack 1st lien g 4s
()elm.°
Ix
1950
A-0
Registered
66 id
1995 J -D 9012 92 90 Jan '12
• Gold 48
018
63
10
16
7g 10014
"
-j
j
idd
01
1061Ref & impt 58
10078 85 100 10071
et Riv Tun Det Ter Tun 4 Hs'61 M-N 10014 Sale 100
981
2
997 9758
50
Ar_ 1960
Kansas City Terml 1st 4
2 10611681et T de 1-0 S Div 1st g 481941 M -S 7012 ____ 6912Jan '12 ....... ........ T ake Erie de W Ist g 58_1937 J-J 108121091 10912 1091
2
8
ul Missabe & Nor gen 53_1991 J-J 105 106 10412 Dec '11 ___ __
1941 J-J 10914 1041 104 Dec '1
2d gold 55
1937 A-0 10512 110 106 Nov'll __ ___ ___
ul & Iron Range 1st 5s
___ 10712 Oct '11
105
5_1945
A-0
Ohlo
g
gu
North
let
—.
._.
____
Meh'08
102
____ 10612
1937 A-0
Registered
10514 1061
Leh Vail NY let gug 4348_1940 J-J 10514 __ 10514 Jan '1
104 Feb '11 _
1916 J -J „„.„• 2d 6s
1990 J-J 10912 ____ 10412 Oct '11
Registered
l So Shore & Atl g53_ 1937 J -.1 107 109 10738 Dec '11 __ ____ .....: Lehigh
Oct '11
9733
___
48_2003
97
M-N
g
cons
Vall
(Pa)
-___
J'ly
110
'11
112
M-N
1941
__-.. _-_
lgin Jol & East 1st g 5s
A-0 112 11418 11378 Nov'11
1920 M-S „.. 119 118 Nov'll ---- _ __—_ __ Leh V Ter Ry let gu c 58_1941
rie let consol gold 7s_
1941 A-0 11133112 11118 Dec '11
RegIstered
__
__ 10112J'ne'11 ......
N Y & Erie 1st ext g 4s 1947 M-N 100
108 Nov'09
10714
_1933
J
58_
V
1st
Leh
g
Co
gu
Coal
10917
2
1
1091
i04110913
_
_
1919 11-S 10418
2d ext gold 5s
1933 J-J
Registered
101 Oct '1 ._.
1923 M-S 10218
•
3d ext gold 4 Hs
1st int reduced to 98_ _1933 J-J
16514
10514
Jan
'12
10514
__-_
10514
____
A-0
1921
5s
gold
ext
4th
-933-4
.1-3
-93
1945
Leh & N Y 1st guar g 4s
1 100 100
100
1928 J -D 96 101 100
5th ext gold 4s
•
1995 M-S
Registered
_ __
-- -N Y L E &.W 1st g Id 78_1920 11-S -,-12034 118 Oct '10._
10112 Feb '1
103
1914
El
&
A-0
N
1st
6s
pref
90
891,
15
89
89
Sale
89
1996 J-J
Erie 1st con g 4s prior
1919 A-0 10014 ____ 10114 Sep '09
Gold guar 58
1996 J -J 8434 ____ 8414 Oct '1 ___ __.
Registered
Long Island79 124 -'78 '79
•
let consol gen lien g 48_1996 J -J 79 Sale 7812
10934 110
10934 ____ 10934 Jan '12
1st consol gold 58
77 J'ly '11
1996 J-J
Registered
31 8-j
h193
h19
1st consol gold Is
J 93
16 881 883,
883
1951 F-A 8834 893. 8813
Penn coil tr g 4s
4 Dec-'11
-93194
1938
J-D
gold
General
4s
87
87
17
87
8612
87
8512
A-0
50-year cony 4s A__1953
•
1922 M-S 9612 100 100 Aug'11
Ferry gold 434s
763 238 7514 763)
1953 A-0 76 Sale 76
Serles B
do
9914 Oct '06
1932 J -D 9113 __
Gold 98
)
• Buff NY & Erie 18t 78_1916 J -D 10914 110 10958Jan '1 __ 108341091
S 92 93 93 Jan '12
1949
98
gold
Unified
1121:
11214
15212
....
'12
____
Jan
113
M-N
Chic do Erie 1st gold 5s 1982
Dec '08
10412
1041
102
J-D
gold
5s
Debenture
• Cloy & Mahon Val g 5s_1038 J -J 10'334 ...... 111 Apr '11 ___ ____ __.
0
5 "66- 967
Guar ret gold 98
M-S 9512 96 9568
1938 Q.3 108
Registered
95 Jan '1
19
1
1
94
9
4
93
9
M-S
RegIstered
____
__
...._
Nov'll
12518
____
• Long Dock consol g Gs_ _1935 A-0 12234
____
Nov'06
11014
10534
____
11135
M
A-0
&
B
B
Y
Ss
N
let
con g
Coal & RR 1st cur gu 6_1922 51-N 10418 107 10918 Oct '11 ..... ...... —__
1927 11- S 1037 ___105 Apr '07
NY&RB lstg 5s
Dock & Imp 1st cur 63_1913 J-J 10134 _ __ _ 10134 Dec '11 .....;. ___ ____
166-1-216/14
'1
Jan
10714
10714
10534
5s.o1932
g
Q-J
131st
con
gu
Sh
Nor
10212__
_ 10212 Sep '11
N Y de Green L gu g 5s_ _1946 M-N
96 9734 Sep '11
Louisiana & Ark 1st g Is.. 1927
N Y Sus & W 1st ref Is. _1937 J -J 105 1i 105 Jan '12___ 103 1C15
&
Nashville—
Louisville
193
F-A
80
Dec
'06
---.
---____
10014
Hs
9
gold
2d
5 11573 11613
1161s
11993370 J-D 11(313 Sale 116
General gold Os
1 89 89
89
1940 1.0-A 88 90 89
General gold Is
11112 11112
M-N 11134._ 11112Jan '12
Gold 58
Terminal 1st gold 53_1943 M-N 109l3 _,,_ 10812 Dec '11 ...... --_.
30 99
99
9938 Sale 9914
J-J
1940
4s
cold
Unified
.
_
.
'11
19.10
11012
A-0
Oct
11013._
Is....
ext
Mid of NJ 1st
'1
Nov
9734
97
J-J
1940
4
176
_,,
Registered
100l4
10014 ___i
10014
--i d514
Wilk & Ea 1st gu g 5s__ _1942 J -D
____.
Collateral trust gold 58._1931 11-N 10812 111 10834 Sep '11
_ 110 Aug'11
192e J -J 106
Ey&Ind1stconotg6s
9931113311133
2
E H & Nash 1st g 6s_1919 J-D 11138 Sale 11188 1118
J -j 11218____11178J'ne'll ___ __—__.
.._
Evans & T If 1st cons 6s..1921
1 10434 10434
10434 Sale 10434 100
L
Cin& Lox gold 4 34s
1931
194 A-0 10178 ____ 10218 Aug'11 ..... ____ _.
let general gold 5s
'11
Sep
121
125
1930 J-J 121
N 0 h M 1st gold 68
Noy'll ____ ___ ___
Mt Vernon 1st gold 6s.....1023 A-() 10758 ____ 103
11712 11712
1930 J-J 117 11Q 11712Jan '1
N 0 & M 2d gold 6s
05 J'ne•08 ___ ___ ____
Sull Co Branch 1st g 5s 1930 A-0 95
Paducah & Hem div 48_1946 F-A 9934 961 9534 Nov'll
98 160 9'7 98
1st 4 Hs_1959 J-D 9733 981, 9713
Coast
E
rida
l
---__.
M-S 10534 109 10534 Mch'11
_
68_1920
..._
Div
gold
Pensacola
Aug'ls
i
92
93
90
J-J
Hs_1941
ort St 11 D Co 1st g 4
--St Louis Div 1st gold 6s_1921 M-S 11212 1197 113 Oct '11
8218 8218 Deo '11 ______ ___.
t W & Rio Or 1st tr 48_ _ _1928 J -J 81 ____
1980 51.-S 68 7338 7112Feb '11
2d gold 3s
97l2 Oct '11 ...._ . _ ____
925
al H de II of 1882 1st 58.1913 A-0 9814
-di26
93
Atl Knox 6: Cln Div 4s_ _1955 M-N 93 Sale 927
Grent Northern—
All Knox & Nor 1st g 5s..1946 J-D 112% ___ 112 Oct '11
983 628 06 985)
---() B & Q coil trust 4s........1921 J-J 0738 Sale 9712
'11
Apr
106
'fender Bdge 1st at g 6s_1931 11-S
9734 31 9634 983)
1921 Q-J 0718 Sale 9713
Registered_h
8 9412 947g
941
9433 9978 9913
Kentucky Cent gold 93_1987 J-J 10510118 35 10034 10111
let & refund 4 348 ser A_ _1961 J• J 10118 Sale 101
LdeN &AI &111stg4H31945 11-S 10512 106 103 Dec '1(
1961
Registered
'11
Dec
90
90
8812
J
J_1952
L & N-South H joint 98_
um :1-1 Cii ._ _. 6618 Dec '1I ____ ____
St Paul M & Man 4s
95 Feb '0
Registered
1933 J-J 12514 _.12558 Oct '11 -- - — ---.
1st consol gold 63
2 -A 10912 112 10814 May'll
67
93
N Fla & S 1st gu g 5s_ _ _?19
1933 J-J ..... ____ 132 Apr '09 .... --- ---Registered
101
N &C Bdge gen gu g Hs 1943 S.
10512Jan '12 ___ 10313 1051:
Reduced to gold 4;01933 J-J 1051- 10
•
11058 Hi 11014 N OV-'1I
Pens & Ati 1st gu g 6s___1921 J'n(3•09 ---- ---- ---Registered
_
1933 J-J --------10834
S & N Ala con gu g 53_1936 F-A 1107112 111 Jan '12
2 08 981
9814
4 Sale 98
Mont ext 1st gold 98_1937 J-D 981_ 9114 Dec '11
S 9114
L do Jeff Bdge Co gu g 98_1945
98 J'ne 11
1937 J -D
Registered
Page.
Next
on
MISCELLANEOUS BONDS—‘ontinued
p.:4
cg
1
E
-
or
Street Railway.
Met W S El (Chic) let g 99_1938 F-A
Milw Elec Ry & Lt cons g 5s192 F-A
Refunding & exten 4 343_1931 J -J
Minneap St 1st cons g 5s_1919 J -J
New Ori Ry & Lt gen 434s_1935 J-J
'Portland Ry 1st & ref 5s___1930 11-N
Portland Ry,Light de Pow—
Portland Gen Elec 1st 58_1935 J - .1
t Jos Ry, L, H &P lstg Sc 1937 NE-N
J -J
t Paul City Cab cons g 5s.__1937
1937 J -J
Guaranteed Sc gold
ri-City Ry & Lt let 8 f 5s_1923 A-0
nderground of London 58_1920 M-N
1938 J-J
4348
1948 __ _ _
Income Os
A-0'
5s_1945
g
let
(Chic)
nion Elea
lilted Rye Inv 1st lien coil1926 51-N
trust Sc Pitts issue
f
Alto price Friday; latest
__ ____ 9312.Ply '06 ___ _
10412 Dec '11 ___ _
9314.... 9314 Deo '11 ___ _
101 ____ 10712 Feb '06 ...... 1
8514 8634 8412
8412
9834 ..... 9812 Dec '11 ..... .
__ _
__
98 101 98 Nov'08 ____ .
0514 10514
10514 ____ 10514 Jan '12
Street Railways.
United Rye St L let g 48_1934 3-J
St Louls Transit gu 58_1924 A-0
United RRs San Fr s f 4s__1927 A-0
Va Ry & Pwr lst&ret 59_1934
78 80 I
86
69 69ZI
96 ____
77141
7714
851
85
693
6934
97121an '1
1 7714
585
8 69
9712
(las and Electric Light
Atlanta G L Co 1st g 5s____1997 J-D 103 ____
1071
6
Bklyn U Gas 1st con g 55_1995 M-N 107 1071 iof
1947 A-0 59 63 62 Deo '1
Buffalo Gas 1st g 5s
J-J
1932
5s
g
Columbus Gas let
1923 J-J 1001 idi idi- Jan '12
Detroit City Gas g 5s
0558 Sep '08 —
1918 F-A
Dot Gas Co con 1st g 5s
08
-68- 90 98 -98
iti -or
10134 Jan '12
J-J
55_1933
tr
--- --- 08 Apr '09 ___. .— -- Dot Edlson let coil
10614 1063 106 Jan '12
91314 25 95 0614 Eq GLNY 1st con g 5s1932 M-S 101
96 Sale 9512
6113 Oct '01
80 136 7412 8212 Gas de Elec Berg Co c g 5s_1949 J-D 10
'
7534
118 100 Oct '09
34 105
1915 F-A 9114
— Or Rap G L Co let g 58
--------84 Oct '08 _..
10414 Jan '12
1999 51-N
Hudson Co Gas let g 58
9918 9812 Dec '11
83 8514 8413 Jan '12 ....._ 8412 8912 Kan City(Mo)Gas let g 5s 1922 A-0
0 Due Oat. •90404 Has.
bid and asked this week. a Due Jaa. 6 Do Fob. 4 Due April. is Due July. k Due Aug,
7714
86
70
9713
266
•BONDS
P. Y. STOCK EXCHANGE
Week Ending Jan. 26.
New York Bond Reeord-Continued-Page 3
[VoL. Lxxxx.nr.
4
Price
Friday
Jan. 28
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan. 26.
Price
Friday
Jan. 26
Week's
Range or
Last Sal.
Range •
Since
Jan. 1. '
Bid
Ask Low
High No, Low High N Y Cent .35 11 R-(Con)
Bfii
Ask Low
High No, Low Hig4
illkiranlia RR-Sou lines 43_1936 M-N .._ 88
N Y Chic & St L 1st g 4s..1937 A-0 10018 ____ 9978
9978 18 9978 100
.1X-Lexlcan Cent cons g 45_ _1911 J-J
100 May'11
Registered
1937
9812 _ _ 9834 Nov'11
A-0
2/1 cons Inc g as trust
_
2512
Apr '09
Debenture
45
;11-N
1931
90
Sale 80
20 898 90
90
• Equip & coil g 55
1917 -A--6
West Shore 1st 4s guar 2361 J-J 10038 Sale 100
1001z 18 100 101
_•_ 2d series g 55
1919 A-0
Registered
2361 J-J
7 9778 9812
9814 9838 9818 • 9812
Internat 1st con g 4s_ _1977•S
77 Mch'10
N Y Cent Lines eq tr 4;is 1923 J-J
10012,1'1y '11
Stamped guaranteed..._ _1977•S
-§6- 79 Nov'10
Y New Haven de HarttMinn & St L 1st gold 7s___ _1927 J -D 12812 130 130 Aug'11
Non-cony deben 45
1955 J-J
9212 93 9438 Aug'11
Pacific Ext 1st gold 6s_..1921 A-0
11018 Aug'11
Non-conv 4s
9218 93
9212 Jan '12
1956 hl-N
0212 9212
1st consol gold Is
1934 M-N
- 10519 105 Jan '12
Cony debenture 3 3s.
105 105
91 9312 9218
1950
9218
J
-J
0212 9258
• 1st and refund gold 4s
1949 M-S
681 6073 Jan '12
Cony debenture 68
6938 6978
1948 J -J 132 Sale 132
13238 65 13158 13212
Des M de Ft D 1st gu 4s.1035 J-J
sit2 81 Jan '12
Harlem R-Pt Ches tst 4s_1954 111-N
81 81
9918
99 Oct '11
M StP&SSM con g 4s int gu.1938 J-J
9714 9712 97 Jan '12
Cent New Eng 1st gu 4s_1961 J-J
97 07
9312
o;i
9912 Jan '10
M SSM &A 1st g 4s int gu_1926 J-J
Housatonic R cons g Is._1937 II-N
---Mississippi Central 1st 5s_1949 J-J _
9812 Mch'11
N H & Derby cons cy 5s_1918 111-N 19
112
3314
1:
91711:
33 j
A'u
ng
e9:3
!
0
11
9
:
31 10
---Missouri Kansas Fe TexasNew England cons 5s
1945 J-J 115
---1st gold 45
1990 JD 0634 Sale 0614
22 9612 07
97
-----------Consol 4s
1945 J-J
9912 ---- ---2d gold 4s
(71990 F-A 84 Sale 8334
84
9 8,312 8.118
Providence Secur deb 45_1957 141-N -__ 8518 87 May'll
1st ext gold Is
---- - - 102
10314 102 Jan '12
1044 Al- N
10213 N 'V 0 dcWref 1st g 4s_ _g1992• S 9418 95 948
10114
9438
0.118
91%
• 1st Ja refund 4s
2004•S 8112 Sale 8018
8112 28 80 8112
Registered 85,000 only
-..g1992 M-S 9112 93 9314 Oct '11
Gen sinking fund 4
8914 Sale 89 • 8914
J- J
_
7 8834 8914
General 4s
1955 J-1) ---. 8938 9111 Auell
St Louis Div 1st ref g 4.2O01 A-0
84
7834 Nov'1
Norf
&
South
n-N
103
____
1st
5s_1941
gold
10212
Jabs
'12
i5i110212
2
1.5E34 _ _ _ 10538 Aug'11
Dal & NVa 1st gu g
Norf & West gen gold 0_1931
12318 ____ 12314 Noy'll
Kan C de Pac lst g 4s_ _ .199() F-A 91 -- 91 Nov'll
12478
F-A
12718
Improvement
124
63_1934
&
Sep
ext
g
'11
Mo K &
1st gu g 58_1947: A-0 10912_ 110 Jan '12
New River 1st gold as__ _1932 A-0 124 128 12312 Oct '11
10912 110
M K & Ok 1st guar 5.s.__1042 1
- 1-N 10612 15f12 10612 Dec '11
N & W By 1st cons g 4s 1996 A-0
16 98 01)
MK & T ot T 1st gu g 5s_1042 NI- S 104 SaL3 104
104
104
10234
Registered
9
9831 Jan9
'
911
1096 A-0
Sher Sh & So 1st gu g 5s19-11 J-D 10334 10414 10312 May'll
Div'l 1st 1 & gen g 4s..1944 J-J
9°8
99434 S
94
8- ale
e. 9312
27
2 9312 94
Texas de Okla 1st go g 5s 104.1 Not- S 10334 10534 10334 Nov'11
10-25-year cony 4s
1932 J-D 10878 Sale 10812 100
72 108 11018
10634 107 107 Jan '12
Missouri Pee 1st cons g 6s_1926
Pocah C & C joint 4s 1941 J-D 9212 ____ 93
108
107
9314
18
92 9314
Trust gold Is stamped_ _a1017 74I-S 10055 Sale 100
10038 21 9978 10038
C & T 1st guar gold 5s_1922 J-J 10112 ____ 10.113 Oct '11
a1917•S
Mch'10
Registered
Selo V & NE 1st gu g 4s.1989 111-N
10119 9S12 Jan '12
9812 -11g1-3
rod1561-4 9978 9978 8 .6614 -i97-8 Northern }'ac prior I e 45..1997 Q-J
_1921, F-A
1st collateral gold 5s_
52 9934 10034
Registered
1920 F-A
°9
03
171
2 Sale- 19
Registered
1997 Q-J 19
09
°14
4
10909312
4 11 9858 9912
40-year gold loan 43..
1945 )1-8 7334 Sale -fZi
--45 7088 74
6934 do
General lien gold 3s.._a2047
6934
70
19 69 70
ad 7s extended at 4%
1938•N ____ 95
74-0612May'1
Registered
a2047 Q-F 6734 6934 68 Dec '11
1st & ref cony 53
1959 M-s 8918 Sale 89
8958 104 8012 -i6-38
St Paul-Duluth Div g 48_1996 J -D
9612 96 Sep '11
_ 92
Cent Br By 1st go g 43..1919 F-A 92
92
1 92 92
Registered
1996 J-D
Cent Br U P 1st g 4s_ _1948 J -D 71) 84i2 8312 Dee '11
Dul Short L 1st gu 53_1916 04-S ---90 __•
_ 99 Feb '10
102 110 Mch'05
LeroydeCVALlstg 59.1926 J-J
St P & N P gen gold 6s_ _1923 F-A 11614 11934 11538 Nov.11
Pao It of Mo 1st ext g 4s_1938 F-A 9512 9712 0512 Jan '12
Registered
11414
certificates_1923
____
9812
11538 Aug'11
Q-F
951
2(1 extended gold Is._1938 J-J 104 10914 10812 May'll
St Paul & Duluth 1st 53_1031 F-A 109
__ 101 Jan '12
107 107
StL Ir M &S gen con g 5s_1031 A-0 10618 10614 10618
10618
7 10534 10014
2d 5s
1917 A-0 10214 --__ 10234 J'ne 11
Gen con stamp gu g 53_1931 A-0
111 Sep '09
1st consol gold 48
1068 J-D 9234_,,.__ 0234Jan '12
-E34
- 9234
8134 8414 83
Unified de ref gold 4s_19244 J-J
8334 34 7912 .8354
Wash Cent 1st gold 4s
1948 Q-M 89 ____ 9118 Apr
•
Registered
78 Jan '12
1929 J-J
Nor Pan Term Co 1st g 6s_ _1933 J-J 11138 _ 11138 Dee '11
78 78
8312
8414
Riv & G Div 1st g 4s_.1935 )1-N
83 Jan '12
8212 833 Oregon-Wash 1st & ref 45 190_
J -J
9212 Sale 9214
9212 30 9292
9213
10212 Jan '10
Verdi V I & W 1st g 5s._1926 11-S
paciflo Coast Co 1st g 5s_ _1946 4-B 10312 10478 10312 Dee '11
12014 Ntij 12914
Mob de Ohio new gold 6s _ _1927 J
2 12014 121
L cnna RR 1st real est g4s.1923 M-N 101 102 10114
102
10114
102
;
121
1153
4 117 114 Sep '11
1st extension gold 63___/11927 (1- /.1
Consol gold Is
1010 04-S 108 110 108 J'ne'll
General gold 43
1938 11- S 8534 88 87 Nov '11 -Consol gold 45
10234
102 10373
1943 31-N 10218 10234 10234
11018
Montgom Div 1st g 5s
1107
F-A
8 11018
11018
5 11018 11018
1947
Convertible gold 3 04s._ ,,1912
1900
712 le 99;;8
100
9
61 9912 100
St L da Cairo coil g 4s___e1930 Q-F 83 85 33 Dee '11
9712 192 0634 9713
Convertible gold 3;is__ _1915 J-D
Sale 1)718
Guaranteed gold 45_ _1931 J-J 9314 9334 9312 Mch '11
Registered
0614 Sep '11
1915 J-D
Mashy Chatt dc St LouisConsol gold 4s
8 Wife 103
10333 10 103 1O37
1948 11-N i63-3-of 1st 7s
104
1913 J-J 104 10518 104
Alleg Val gen guar g 4s_1942 314 1110378 104
99%10014 9978 Apr '11
1st consol gold 5s
10912 Dec '11
1928 A-0 10038
D R B It & lige 1st gu 4sg1930 P-A 10012_ _
Jasper Branch 1st g 68..1923 J -J 113
11578 Nov'10
Phila. Bait & W 1st g 4s_ _1943 .11-N
fa"- Or
MeNt B W & Al 1st 6s
Sod Bay & Sou 1st g Is.-1924 J-J
1917 J -J 10714 _- 10812 Dec '10
102 Jan 03
T & P Branch 1st 6s_ _1917 J -J 10714
113 J'ly '04
Sunbury & Lewis 1st g 45 1936 J-J
97 _
9214 Sale 9214
9212
Nat Rys of Mex pr lien 4 gs.1957 J -J
U NJ
-6`1110012 _
4 9212
& Can gen 4s_ _1944 M16113 151.12
idirs
Ms 87/8 86i4 Jan '12
Guaranteed general 4s. _1977 A-0 8612
102
8614 8614 Penns Co guar 1st g4 3-s_._ 1021 J-J .
.14 104 10314
10314 1031g
10314
102 100 Jan '12 -- 100 100
Nat of Mex prior lien 4 Yis_1936 J-J
Registered
10274 Mch 11
1921 J-4
-1st ()onset 4s
1951 A-0 f4758 8034 7912 Jan '12
Guar 3;is coil trust reg_ _1937 ikt-b 88 ___ 90 Aug'10
7912 7912
NO 63N E prior lien g 8s__p1915 A-0 10418
Guar 3;is coil trust ser B.I941 F-A
New Orleans Term 1st 4s...1953 J-J 8812
88 Deo'll
98
'/12
Trust Co certfs tru g 3;0_1916 st-p 8
8
97
858
34 j
D'eo
lY 11
1
N Y Central & Hod RiverGuar 3;is trust ars 0._1942 J 88 lid 87 Aug'10
8712 88 877s
Gold 3;is
13
14:4
: ;09
8
0
i:
34448 ,
s:8
7
31 87 8818
8
986
73
1997 J-J
142 D
Guar 3 349 trust etts D
eo:1 12
Jan
88
1944 J - !
s; 87
87
•
Registered
Si
1 87 87
Guar 15-25 year g 4s_1931 A-0
87
1997 J-J
08
6 98 98
Debenture gold 4s
9314 17 9214 9314
1934 M-N 93 Sale 03
Cln Lob & Nor gu 4s g_1942 11-N
1)212__..
,11-N
923
4
Sep
Registered
'11
1934
Cl dc Mar 1st gu g 4;0_1935 M-N 10312 ____ 110 Jan '05
85 Sl 84
85
Lake Shore coil g 3 yis
420 807 85
Ci & P gen gu g 4 ;is ser A 1942 J-J 10618
1998
10734 Deo '11
8234 8334 8234
84
•
Registered
45 79 84
Series B
1998
1942 A-0 10618 __ 10034 J'ly '09
82
/33
Mich Cent con gold 3 As..1908 F-A
82
lot reduced to 3 30_1942 A-0
8212 10 7834 8212
78 Dec '11
Registered
Series C 3 3s
1998 F-A 80
06 Aug'09
1948 ‘1-N
9918 ____ 9854 Dec -10
Beech Creek 1st gu g 4s 1936 J-J
Series D 3;is
90 May'08
1950 F-A 9114
99 May'll
Registered
1936 J-J
Erie & Pitts gu g 33-is B.1940 J - J
9018
0012 Apr '11
____
661.2
-_
2d guar gold 5s
9018
1936 J-J
Series C
1)834 Apr '04
1040 J - J
Registered
1936 J-J
Grit & I ex 1st gu g4 3-0_1941 J-J
105 Dec '11
Beeoh Cr Ext 1st g 3 30_51951 A-0
Pitts Ft W de 0 1st 7s
10114 10134
1912 J-J 10 4 1613-4 10114 Jan '12
Cart & Ad 1st gu g 4s
2d 7s
1981 J-1) 90 ___
10378 Feb '11
1912 J - J
Gouv & ()swe 1st gu g 58_1942 J -D 108
3d 78
04111:144 _
101 Dec '11
h1912 A-0 1100
.
34
_ rev _ "561
8
Mob de Mal 1st gu g 4s......1991 M-S .48
Pitts Y & Ash 1st con 53_1927
N 10753 _-_-_-_ 109 May'10
105 Oct '02
NJ Juno R guar 1st 4s.._1986 F-A
TolWV&Ogu4s.,193l J -J 10119
103 Aug'07
Registered
1086 F-A
Series B 43.s
100 J'ly '10
1933 J-J
004,
N Y ec Harlem g 3 s. .2000 M-N
Series C 4s
1942•S
•
Registered
1
9 34 1
2000 ,11-N
P 00 & St L gu 4;is A 1940 A-0 10
10.-6
-7-8 1661-2 10614
3 ijj1-4 10684
10712 Lig- Oct
N Y & Northern 1st g 58_1927 A-0
Series B guar
1942 A-0 106 10658 10612 Dec '11
10614 10718 106 J'ne'll
N Y de Pu 1st cons gu g 431993 A-0 97 ____ 9778 Aug'11
Series C guar
1942
Nor & Mont 1st gu g 5s_ _191C A-0
97 Jan '12
Series D 4s guar
1945 II-N
97 97
8
- Pine Creek reg guar Is.,. _1932 J -D 12-61jIji Jan '09
1)3
818
9313
9318 9318
Series E 3;is guar g_ _ _1940 F-A 9
9318
R W & 0 con 1st ext 5s_51922 A-0 10714 10734- 10734 Jan '12
Series F gu 4s g
1953 J-D 08 _ 9778 Aug'11
'Os ye & B 2d gu g 5s_ _ _e„1015 F-A __ 10512 105 Jan '08
Series G 48 guar
98 Oct '11
1957 11-N 9888
R W 0 T R 1st gu g 58_1018 AI-N
104
0838 J ye:1
C St L & P 1st con g 5s_1932 A-() 11018
11312 Nov '11
Rutland 1st con g 4 3is..1941 J-J -95
Peo de Pek Un 1st g 6s___ _1921 Q-F
100 May'll
Og&LCham 1st gu 45 g 1948 J-J 86 36 8612 Dee '11
2d gold 4 lis
:-66 9312 Jan '11
51021 M-N
Rut-Canad 1st go g 4s_1949 J-J
Pere Marquette-Ref 4s- _.,1955 J-J
60 Dee '11
---St Lawr & Adir 1st g 5s_ _1996 J-J 10718 --_-_ __ 192
J nt0
e3:°11
15 j:n
9
Refunding guar 45
6834 Nov'11
1955 J-J
_-__
125 Feb '08
2d gold Is
1096 A-0 118
Ch & W M 58
10014 Apr '11
1921 J-1)
8
98
934
14 _8_0__
Utica & Bik illy gu g 4s_1922 J-J
58 9978 Nov '11
Flint & P
0, ils828
11018 Oct '11
g 68
1920 A-0 11
' Lake Shore gold 3 s __ _1997 J -D
89
91 80 8978
80
1st consol gold 58
9958 Dec '11
1939 31-N
Registered
1997 J-D 877s 8914 8834 Jan '12
8714 8834
Pt Huron Div 1st g 5s_1939 A-0
102 08 Aug'11
Debenture gold 4s_ __ _1028•S
63 0314 94
Sag Tus de II 1st gu g 4s_1931 F-A
25-year gold 4s
Sale 935
1931 11-N
8414 -t-111'12
73 93 9378 Philippine By 1st 30-yr s f
J-J
4
gi14 gia.
4 8414 Jan '11
Registered
1931 n-N
11214 Dec
:
18o
;
Pitts Six & L E 1st g 5s
1 i.
1940 A-() 11;1
-sz
-Ka A de G 161st gun 5s.1938 j-J 19909334;182
11314 Nov '11
1st consol gold Is
1943 J-J
' Mahon CI RR 1st 58_1934 J-J 11112____
c
a-h
9812 41 08 9812
Y99-!I)ceding Co gen g 4s
117
1997 J-J
ate 9814
!
Pitts & L Erie 2d g Is. _a1028 A-0 10312 ___ 100 - Dec '09
0714 Dec '11
Registered
1997
• Pitts McK & Y 1st gu 63_1032 J-J 121 ____ i301 Jan '09
4- 9112 9734
Jersey Cent cell g 48
1951 A-0 9712 98 9712
9734
2d guaranteed Os
123 Oct '11
1934 J-J 12314
Atian City gu 4s g
1951 J-J
' MeKees & B V 1st g 6s_1918 J-J 101
"Ti" No-v-71i
Qt Jo & Gr 1st 1st g 4s.._ _1947 J-J
Michigan Central Is
fir Jaii;h
1931•S no%
19
812 11
-i6- 2 119l Jan '12
1187 119I
L do San Fran gen g Os 1931 J-J 18
Registered
109 112 119 J'ne'cm
1931
General gold 5s
10734 10812 108 Jan '12
10712 10812
1931
• 48
9834 Nov'll
1940
88 9134 88 Jan '12
St L & S F RR cons g 48_1996 J-J
_ 88 88
liegistered
9812 Nov'1 1
8833 32 8818 8812
1940 J-J
Gen 15-20 yr 5s
1927 1)1-N 8838 Sale 8818
8818 90 J'ne'08
J L & S 1st gold 3 Hs 1951
100 Oct 'ii
Soutim Div 1st g 53_1947 A-0 9812
S _
"
1st gold 3;is
1952 M-N 863-4 881 8812 Oct '11
Refunding g 48
8034 Sale 8018
80% "i(74. -id - 81
1951 J-J
20-year debenture 4s 1929 A-0 0034 Sale 9012
Registered
8034 Mch'll
1951 J-J
0034
-MISCELLANEOUS BONDS-Continued on Next Page.
Gas and Electric Light
Kings Co El L & P g Is____1937 A-0
Purchase money Is
1997 A-0
Convertible deb Os
1923
Ed El Ii Bkn 1st con g 46_1939
Lac Gas L of St L 1st g 5s__e1919 -F
Ref and cat 1st g 55
1934 A-0
Milwaukee Gas L 1st 45
1927 M-N
ark Con Gas g 5s
1948 J-D
yGELII&Pg 5s...._1948 J-D
r- Purchase money g 4s
1949 F- A
- Ed El III 1st cons g 5s_11195 J-J
NY& Q El L&P 1st cong 55_1930 F-A
NY & Rich Gas 1st g 5s__ _1921
PacItic G & El Co Cal G & E
Corp unifying 63 ref 58_1937 B-N
Pat & Passaic U & E 5s
1949 M-S
V
10518 195 Dec '11
116 11512 11512
11754118 11818 Dec '11
8812 Dec '11
ioiig Sale 10212 10278
iou2 Sale 10114 10112
8978
8978 Sale 8978
10434
10478 Dec '11
10312
10312 104 103
89
8834 89 8814
11218 1121 11212 Oct '11
10114 102% 10012 Dec '11
9212 J'ly '09
95 Sale 9434
10134 ____
0518
1151211534
_
4 1021-2 foils
5 101 10112
2 8978 90
50 10258 10312
40 8814 89
- ------05 94 9514
Gas and Electric Light
Peo Gas & C 1st con g 65...,. 1943 A-0
Refunding gold Is
1947•S
Registered
1047 M-S
Ch G-L & Cho 1st gu g 53_1937 J-J
Con G Co of Ch 1st gu g Is 1936 J
Ind Nat Gas & Oil 30-yr Is '36•N
Mu Fuel Gas 1st gu g Is._1947 14I-N
Registered
1947
Philadelphia Co cony Is.,. _1919 F-A
Syracuse Lighting 1st g 5s_195I J-1)
Syracuse L & P 5s
1954 J-J
Trenton G & E 1st g 53. _1949 MUnion Eiec L & p 1st g Is._1932
S
Ref & ext Is
1933 M-N
Utica El L & P 1st g 5s_ __ _1950 J -J
Utica Gas & E ref 5s
1957
Westchester Light'g g 15s...._1950
_ 117 Jan '12
117 117
1161410134 10214 10238 Jan '12
10238 10213
_ _ _ 10112 103 Feb '09
I0314 10,112 10318Jan '12 ____
- jails
102 10234 102- Noy'll
00
1005-8 ____ 10118 Aug'11
107 -
kid 10112 lot Deo '11
---
81 J'ne'll
102 ...._ 109 Feb '01
100 __ 9812 Sep '11
96
4)712 9612 Noy'll
10213 _
1
10
05
9 11;§- 1%11-2
4 iJlt-12
prioa!rid;latest 1?.14 and asked. c.4 Due Jan. 5 Duo Fob. •Due May. g Due June. h Due July. p Duo Nov. s Option sa14.
10514 loos,
JAN. 27 1912
711111111111111,
New York Bond Record—Concluded—Page 4
267
rt
.
I.
BONDS
Y. STOOK EXCHANGE 61
Week Ending Jan. 28.
4a,
Price
Friday
Jan. 26
Week's
.,7.
Range
Range ore,
. Since
oQ
Last Sa/s
Jan. 1.
1;....
BONDS
.
I- -a
N. Y. STOCK EXCHANGE „...;
Week Ending Jan. 26.
.2.; a,
Price
Friday
Jan. 26
Week.:
Range or
Last Scde
q
Range
gl
Since
o3
Jan. 1.
—
—
Bid
Ask Low
High No.
ih
94 9658 97 Oct '11 ----------_ _ 95 9814 97 Jan '12 -- (17
97
9014 9C34 93 Nov'll
___ _.
107 10;12 107
1071
18 10412 10711
9814 Sale 98
9814 32 96 98%
____ 105 98 Apr '11 ---- __ ___
9612 991 100 Dec 'II ___ _____
70 85 - 83 Dec '10
5612 Sale 5618
57
358 5512 555
.
106 --- 106 Jan '12 _-__ 106 107
7518 ____ 8112 Marl 1
_ _...
6812 _ 6812
6S12
3 6812 6812
7712 80 7234 Jan '12 --- 7234 7234
____ _
9014 Dec '11
----- 4138 4012
42
$S -39 4914
____ __ __ 4112Jan 12 _-__ 39 4112
—
_ ..
____ ---- ____ __
134 3-14 212 Dec '11 __ __ ___
134 258 212 Dec '11
_
87
8738 Oct '11 ____ _ _ __ ___
97
89 Dec '11 _-__
8318 76 -gis8818 Sale 8778
8 -ilia
-__ 109 109 Dec '11
8814 8812 Jan '12 __ 3112 8812
1031
-- 1051 34 Feb '07 -- __ __ __
---- ----10412 Dec '11 —__ ____ ____
102
10218 Nov'll __-- ______
---- ----102
_
J'ne'10 ____ _ .. _85 8518 8434
85
15 ii 85
9812 ___ 9812Feb '11 ____ ____ __
..„._ ___ 95 May'll
8 9234
923-4 9279278 33 9212 93
_______ ....—
____ --- ____ -......
-„„
„.„
- __ - - ____••••••••
9134
- 9212 -11108Jan-12 _----- 9158 92
St L do San Fran (Con)
Rid
Ask Low
High No. Low High
K 0 Ft S & M con g 6s_ _1928 M-N 11758 _ _ --11755 1175s
Vandalis cons g 4s Ser A_1955 F-A
1 117 118
K C Ft S &M Ry ref g 48-1938 A-0 803 Sale 8014
8012 82 80 801:: v
Consol 43 Series 13_ _ _1957 M-N
Regtstered
•
1936 A-0 ---- ----79 Sep '10 ___ __ __ Vera Cruz & P 1st Cu 4 48_1934
J-J
' K C & Id Ft & B 1st gu 5s_1929 A-0 --------10014 Dec '09 __
Wabash 1st gold 5s
1939 M-N
Ozark & Ch C 1st gu 58 g_1913 A-0 9958 9034 9912
8 994 993-4 3 1' 2d gold 5s
955
1939 F-A
St L SW 1st g 45 bd etfs_1989 M-N 92 Sale 9112
92
28 91 92
Debenture Series 11_ 1939 J-J
2d g 45 Inc bond ctfs____p1989 J -J
80 81 82 Dec '11._
1st lien equips Id g 5s
1921 M-S
• Consol gold 48
1932 J-D 8114 Sale 8012
8134 147 -79 - -813-4
1st lien 50-yr g term 4s 1954 J-J
Gray's Pt Ter 1st gu g 58_1947 J-1) 95
1956 J -J
10118 Apr '07 __„ __
1st ret and ext g 4s
8 A & A Pass 1st gu g 48-1943 J-J 87 873-4 8714
8734 13 87 - -873-4
Det & Ch Ext 1st g 5s
1941 J-J
S F do N P 1st sink I g 8s 1919 J-J
99
_ 101 Oct '09 --- __ ____
Des Motu Div 1st g 45_1939 J-J
Seaboard Air Line g 4s
1950 A-0 -_— 90 8734 Deo '11
Om Div 1st g 3 1is
1941 A-0
• Gold 48 stamped
1950 A-0 ___. 139 8914
8914 ii 887 91)
Tot & Ch Div 1st g48
1941 M-S
• Registered
1950 A-0 ._-- _ - -----,, - _ _ __ _ Wab Pitts Term is g 48__ _1954 J-D
Adjustment 59
01949 F-A 8314 Sale 8314
Cent & Old Col Tr Co certts__ --__
833-4' 31 8212 8414
Refunding 4s
1959 A-0 8214 8258 8212
8212
8
Columbia Tr Co Ws
83
____
Atl-Birm 30-yr 1st g 48-61933 11-S 89 8912 89 Jan '12 ___ 81
88 89
Col Tr ctfs for Cent Tr ctfs ,- Car Cent 1st con g 4s
1949 J-J
_ __ _
9238 98 9134 Apr '11 __
2d gold 4s
1954 JID
Fla Can & Pen 1st g 5s
1918 J-J 10112 ____ 103 May'll ____ ____ __
Trust Co certts
1st land gr ext g 5s
1930 J-J 103
_ . --_ Wash Terml 1st gu 3 5__ _1945 K-A
Consol gold 5s
1943 J-J 10513.
_
10534 Apr-'11 ___
1st
1945 F-A
Ga & Ala By 1st con 5s_o1945 J-J 10612 10714 10658Jan '12 ---- 10858 10638 West 40-yr guar 48
1st g 4s_ __ _1952 A-0
Ga Car & No 1st gu g 58_1929 J-J 10513 10534 10518 Dee '11 ---- ____ „.... West Maryland
N Y do Pa 1st g 5s
1937 J-J
Scab & Roa 1st 58
1928 J-J 10534 109 May'll _-__
Gen gold 4s
1948 A-0
Southern Pacific 00—
Income 53
d1943 Nov
Gold 48 (Cent Pao colt) _k1949 J-D 92 9258 92
9214 29 9134 9214 Wheeling & L E 1st g 58_1926 A-0
.
Registered
k1949 J-D ___ 9114 9112Nov'll
_ _
Wheel Dlv 1st gold 5s___1928 J-J
20-year cony 4s
g1929 M-S 9938 Sale 9638
9678 5152 (Iiii4 1747
Exten & Imp gold 5s____1930 F-A
Cent Pao 1st ref gu g 4s__1949 F-A 9678 Salo 9658
97
49 9612 97
RR 1st consol 4s
1949 51-S
•
Registered
1949 F-A 9512 9634 97 Feb '10 -___ __
20-year
s 2 58_1922 J-J
.• Mort guar gold 3;4s_ _k1929 J-D 9034 9078 9034 Jan '12 --- 9(11-2 -903-4 Winston-Salequip
em S 13 1st 48_1960 J-J
; Through St List gu 48_1954 A-0 ____ 93 93 Dec '11 —_ ___ ___ Wis Cent 50-yr
1st gen 4s._1949 J-J
CI H as S A M & P 1st 53_1931 M-N ---- 1071 10712 Deo '11 ____ ____ __
1st & refunding 43
1959 A-0
‘. Gila V G & N 1st gu g 58_1924 M-N 10214 10514 103 Dec '11 --__ ___ ____
Milw & L Winnebago 68_1912 J-J
i lions E & W '1' 1st g 5s 1933 M-N 10418 ___ 105 J'ne'll __ ____. ____
Sup&Dul div & term 1st 45'38 Iti.-N
1933 m-N 10412 1051i
1st guar 5s red
4 10412 Aug'11 ---- ________
H & TO 1st g 58 int gu 1937 J -j 10034 110 10948 Aug'11 ...-- __ ........
Manufacturing and Industrial
I •
Consol g 6s Int guar 1912 A-0 ---- 11012 10712 Sep '11 -- ____ __ •
,
I
Gen gold 45 int guar..1921 A-0 9514 ____ 96 Dec '11 ____ __ ____ Allis-Chalmers 1st
1936 J-J
53 Sale 52
;•
'
03 52 57
Waco & N W div 1st g 6s'30 M-N 11414 117 11914 Mch'10 ___ ___ ____ Am Ag Chem 1st 55
53
c 5s
1928 A-0 10238 Sale 102
10212
9 10134 10212
).• A a, N w 1st gu g 5s_ _ 1941 J-J
2
_ 10712Jan '12 —.. 10712 10712 Am Cot 011 ext 4 He
1915 Q-F 9778 981 9814 ' 9814
5 98 9812
; Morgan's La do T 1st 7s 1918 A-0 11234 11418 11212 Sep '11 ____
Debenture 55
1931 M-N ..„ 9518 95
9518 71 95 9518
1st gold 6s
!,
1920 J-J 11014 ____ 111 Mch'll ---_ ____ ____ Ani Hide & L 1st s f g 6s
1919
M-S
9939912
4
Sale
100
20 9918 100
i• N Y Tex & M gil 48 g
1912 A-0 ----_
____
_ Amer Ice Scour deb g 68_1925 A-0 75 Sale 74
76
3 7213 76
No of Cal guar g 5s
1938 A-0 ____ 114 112 Feb '07 ---- ___ __
Am Smelt Securities s t 68_1926 F-A 10312Sale 10314
10378 263 1024104
!' Ore & Cal 1st guar g 58_1927 J-J 101
102 J'ly '11 ---. ____ _
Am Spirits Mfg 1st g 6s
1915 M-S 101 102 100 Dec '11
1 So Pao of Cal-68 E
1912 A-0 10018
.10018 Dec '11 _-__
Am
Thread
1st col tr 4s
1919 J-J 9234 931 9258
9258 10 621i 0258
1•
1st gold 63 F
1912 A-0 10013 1001, 11412 Dee '04 ---- 2-_-_ ____ Am Tobacco 40-yr g 6s
1944 A-0 12138 Sale 12078
1211 315 11878 12114
f, 1st con guar g 58
1937 M-N 10978 11278 116 May'07
Registered
1944 A-0 12138 Sale 12078 12138
6 11878 12138
So Pao Coast 1st gu 48 g_1937 J-J
91 -__ 90 J'ly '09
Certificates of deposit
12138 1214 160 11878 12112
) San Fran Terml 1st 45.._1950 A-0 9112 Sale 9114
915s 26
Gold 4s
- -9158
1951 F-A 9S55 Sale 9414
9555 593 9178 9558
Tex & NO Sab Div 1st g 68'12 M-S 10013____ 10058 Dec '11 ____ -91
____
_
_
_
Registered
9412
1951 F-A 9514 Sale
9514 16 0214 9514
/•
Cop
.gold 58
1943 J-J
- 105 10158 May'll --„
Certificates of deposit
_
9512 231 9178 9514
9538 Sale 9938
Bo PaCRR 1st ref 45
• 1955 J-J 954 Sale 9518
P Lorillard Co 7s tem'pry bds_ ___-_
9555 65 9476 9534
_- 12312Sale 12278 19358 352 11938 12334
Southern 1st consol g 55_1994 J-J 10734 Sale 10712
10772 93 10712 108
96
5s
sale 9312
temporary bonds
96 1352 9118 98
-Re !stored
1994 J-J --_ -105 Sep '11 ---Ligg & Myers Tob Co7s tpy bds ____ 12278 Sale 12158 123 326 11834 123
Develop & gen 4s Ser A_1956 A-0 7878 le 7834
,
7872 196 -7834 7ot8
55 temporary boncLs
9434 Sale 92
9478 1614 8934 9478
i• Mob do Ohio colt tr g 48._1938 M-S 8534 8678 86
86
13 8512 86
Am
Writg Paper 1st s t 5s_ _1919 J-J
8834 8918 39
89
i Mem Div 1st c 4 34-5s....-1996 J-J 10838 ---- 10814 10814 10 10814 10814 Baldw
5 8814 8953
Loco Works 1st 58_1940 M-N 10353._ 10358Jan '12 --„10312 10358
: St Louis div 1st g 4s
1951 J-J
8853 ---- 8814
8838
3 8838 8852 Beth Steel 1st ext s f 5s_ ___1926 J-J 9514 Sale 9418
9514 77 9312 9514
i Ala Con It 1st g Ss
1918 J-J 10712 110 10778 Nov'10 _-_Cent
Leather
20-year g lis__1925 A-0 95 931 9484
9514 32 9134 96
. Atl & Danv 1st g 4s........1948 J-J 8718 8978 9012 Nov'11 ---. -------____ ____ -Consol Tobacco g 4s
1951 F-A --------9413
I,
9434 10 9134 9434
2d 4s
1948 J-J
8214 8234 8214 J'ly '11 --Registered
1951 F-A ---- ---- 57_.
Nov'07 ---- ____ ___
,• All & Yad 1st g guar 48_1949 A-0 83 89
..
---- ___ ____ Corn Prod Ref s f g Ss
1931 M-N 9512-9612 9513 Dec '11 --__
_ ____
, Col & Greenv 1st 68
1916 J-J 10532
Dec
jog3-4
'll -..„
1st 25-year 5 f 5s
1934 M-N -,, 95 94
9478
2 -ii 95
• E T Va & Ga Div g 5s
1930 J-J 10734 ____ 108
Cuban-Amer Sugar coil tr 68 1918 A-0 961108
3 108 108
2Sale 9614
9612
6 964 9712
•
Con 1st gold 5s
1956 11-N 11034 ---- 111
Distil Sec Cor cony 1st g 53_1927 A-0 78 Sale 76
111
1 III 111
7814 164 7412 7814
, E Ten reor lien g 53
1938 51-S 10534 ---- 106
E I du Pont Powder 44s.1936 J-D 85 8514 8514
106
5 100 106
8514 15 85 8514
; Ga Midland 1st is
1946 A-0 6414 661 67 Dec '11 ---- _—___ Gen Electric deb g 33s
1942 F-A 80
82 Jan '12 --82 82
, Ga Pao Ry 1st g 68
1922 J-J 11918
11288 Jan '12 ---- 11258 11258
10-yr g deb 55
1917 J-D ---- ---- 15814Jan '12 --,.. 15312
Knox & Ohio 1st g 624-1925 J-J 11518 116 115 Jan '12 ---- 115 115
1584
Can't Motors 1st lien 621
1915 A-0 99
9812
99
89 9812 99
, Mob & Blr 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 48
1945 J-J
7672 -___ 78 Dee '11 ---- ___ Ingersoll-Rand 1st g 5sq1935 J-J ---- ---- 95 J'ne'07
—. ____ ____
: Rich & Dan con g 6s
1915 J-3 10378 1051 104 Oct '11 .... _ _ ._ _ Int Paper Co 1st con
g 6s 1918 F-A 10312 10434 10434Jan '12 -...„ 104 10432
Deb 53 stamped
1927 A.-0 1033
1044 Dec '11
(
Consol cony a I g 5s
1935 J-J 9034 Sale 894
9034 92 8912 9034
. Rich & Meek 1st g 45_ _194614-N 72 ____ 71 Mch'll ---- ___ _ __ Int
St Pump 1st 81 5s
1929 51-S 93 9312 924
0312 23 92 934
; So Car 43 Ga 1st g 5s
1919 M-N 1033,41041 10358 Nov'll ---- ___: _-___ Lackaw Steel 1st 58
1923 A-0 97 Sale 97
g
97
11 9612 97
- Virginia Mid ser C 6s. 1916 M-S 105 1074 112 Oct '06 ---1st
_
con
55 Serles A
1950 M-S 8013 Sale 80
801
22 80 824
Series D 4-5s
1921 M-S IOUs__ 10414 J'ne'11 ------5-ye
E5-year convertible 5s_1915 M-S 9112 92 92
92
Series El 55
2 9138 02
_-- __ Nat Enam
1926 M-S 10111s____ 106 Mch'll -- ____
do
Stpg
1st
5s
1929
J-D 93 9358 9358
Series F 5s
9358
1 0334 9334
1931 M-S 10534 ...... 105 J'ne'10 __ ____ ____ N Y Air Brake
1st cony 68.._1928 M-N 9912 9934 9914
•
General 58
9938
3 994 100
1936 M-N 108 _ __ 103 Jan '12 ---- 108 108
Ry Steel Spgs 1st s t E3s_ _1921 J-J 9734 9814 9814
0314
Va & So'w't 1st gu 58..2003 J-J 10758 ...:__ 10812rly '11
4 98 9814
______
Repub
I
&
S
1st/owl
tr
10273__,.
1934
58
A-0
10272 Aug'11
•
1st cons 50-year 5s 1958 A-0 9612 911 964
97 --,-29 9612 9712
10-30-year Ss 8 1
1940 A-0 934 Sale 934
9
0318
'W 0 & W 1st cy gu 48_1929 F-A 90
96 NOv'll ---- --------Standard Milling 1st 5s
881 8812
1930 Al
881
• West N C 1st con g 8s 1914 J-J 103 -- 10434
3 88 8834
J'ly '11 -___ __ ____ The Texas Co cony deb 6s_ _1931 J-N-J 9554 Sale 9512
9534 20 9412 9534
Internet 1st g 58_1955 J-J 101 10412
- 10212 Apr '11 -- ___ ____ Union Bag do Paper 1st 58_1930 J-J
94 941, 9414Jan '12 ____ 94 9414
r A ot St L 1st g 4 14s 1939 A-0 10478 ____ 10578 Nov'll ---- __ ___
Stamped
1930 _ _ 94 974 9434 J'ne'11 ....... ___ _.
1st con gold 5s___1894-1944 F-A 112 ___ 112 Aug'11 ---- ____ U S
Leath Cost deb g 68_1913 MIN 101 102 10113 1011
1 1013Gen refund s t g 45
2 102
1953 J-J
9512 96 96 Jan '19 --- 9412 96
US Realty do I cony deb g55'24 J-J 89 Sale 89
90
St L M Bge Ter gis. g 55_1930 A-0 106 ___ 10812Feb '11 --„, ___ ___
U S Red & Retg 1st g 6s _1931 J-J ___ 60 70 Apr '11 12 89 90
,Tex as Pao 1st gold 5s
2000 J-D 10958 1101 10134 10934
Rubber
S
U
1
4
109
102
1
2
109
yr coil tr 68_1918 J-D 1043- Sale 10418
10434 92 i6334 10434
2d gold Inc 5s
(22000 Mch 90 60 70 Mch'10
Registered
1918 J-D ---- ----10318Jan'10___
• • La Div B L 1st g 58.
1931 J-J 100 ____ 9912 Apr 11 __-- ____ __ U S Steel Corp—(coup
___d1963 M-N 1910334 10418 479 1013• W Min W as N W 1st gu 58.'30 F-A -,-. ___ 10612Nov'04 ---- ___
4 1008
......
S 1 10-60-yr 5slreg .,.._ _d1963 3.1-N ---- ---10334 104
_
2 10158 104
rT01 & o c 1st g 5s
1935 J-J 10918 1093-4 10513 Jan '12.—
1
1 Va-Car Chem 1st 15-yr 5s.._1923 J-D 10012 sale 10014 10912 40 100
10012
Western Div 1st g 5s
1935 A-0 108l1091,112 Sep '09 ---- -------____ __ West Electric 1st 5s Dec 1922 J-J 10212 Sale 10214
1094 31 10212 1024
,• General gold 5s
1935 J-D 103 1041,104 Nov'll ..... _
Westinghouse E & Ms f 58_1931 J -J
9478 25 63 9478
9934 Sale 9412
: • Kan & M 1st gu g 45
1990 A-0 9114 93 9214 Jan '12 ---- 9214 9212
10-year coil tr notes 5s_ _1917 A-0 9312 9712 96 J'ne'll - — ___ _
I2d 20-year bs
1927 J-J
9918 9914 9878
9918 18 9812 9918
OM P & W 1st gold 45
1917 J-J
9312 ___ 9338
9
1 9358 9358
Telegraph & Telephone
Tot St L do W pr lien g 3M-1935 J.-.11 85 — 8712 Jan '1 „.. 8712 8712 Am Telep
& Tel coll tr 4s 1929 J-J 9034 Sale 9034
91
60-year gold ds
77 90 91
1950 A-0 6812 69 69
69
4 13778 69s8
Convertible 45
1936 M-S 11014 Sale 11018
1111• 55 10834 112
Coll tr 4s g Ser A
1917 F-A ___ 75 75 Nov'll ---- ______ Chloago Telephone
1st 58_1023 J-D
Tor Ham & Buff 1st g 4s_h1946 J-D 9112 __ 89 Dec '11 --- ____ ___ Commercial
_ _ ---- _.............
Cable
1st
g
48_2397
Q-J
81
_--11.3
_
Noi'll.
llister & Del 1st con g 5s 1928 J-1) 1041
--- _............
10412 Dec '11 ---Registered
2397 Q-J 80
8312Nov'11
4.-i 1st refund g 45
1952 A-0 -------- -- 8512Deo '11 __-- --------Keystone Telephone 1st 53_1935
J-J 82 84 82 Jan '12 ____ 82 82
Union Pacific—
Metropol Tel & Tel 1st s t 5s 1918 M-N 10214 _ 103
Dec '11 -- __ ___
RR & land grant gold 45_1947 J-J 10034 Sale 10038 10078 174 10038 101
Mich State Telep 1st 5s__ _1924 F-A 100 10034
- 101 Jan '12 ---- 100 - 101 Registered
1947 J-J
994 9978 997k Jan '12 ---- 9978 9978 N Y & N J Telephone 5s g
- _1920 M-N
_
10314 May'll
, 20-year cony 45
1927 J-J 10212 Sale 10214
10278 263 10112 103% NY Telep 1st & gen s 1 4;is 1939 M-N 10012 Sale 10014
10068 60 10018 10031st & ref 45
4
p2008 35-S 9714 971, 9714
9712 52 97 9712 Pao Tel & Tel 1st 5s
1937 J-J 100 Sale 9978
10018 137 9878 10018
, Ore Ry 61 Nay con g 4s.._1946 J-D 96 Sale 9512
16 9538 98
96
West Union col tr cur 5s_1938 J-J 10234 10312 10234 10234
' Ore Short Line 1st g 6s__1922 P-A 11312 Salo 11314 1133
4 101 10234
27
11312
1133
8
Fd
and
real
est
g
4
is
1950
M-N
Sale
9918
99
'
994 34 9714 9912
1st consol g 55
1946 J-J 11158 113 11158 11134
6 III 112
Cony 4s, series A
•
1936 11-N 105 ____ 10952Jan '12 __ 104%104%
Guar refund 4s
1929 J-D 9412 Sale 9414
9
26 9372 9455
Registered
1936 M-N
_
103 Feb '11
Utah & Nor geld 65
19241 J-J 105 ____ 108 May'l _ ___—__
Mut
Un
Tel
gu
eat
5s_1941
M-N
10134 ___ 104 J'ne'll
•
1st extended 4s
- ---- -1933 J-J
92
_---__- _--_
Northwest Tel gu 4;is g_1934 J-J 9214 __ 103 J'ly '04 __
____ _...
MISCELLANEOUS BONDS—Concluded.
--
•
kane
pre
Coal & Iron
Miscellaneous
SW & Susq Iron 5 1 65_1932 J-1) 97 ___ 97 Feb '11 ___ _______ Adams
1948 M-S 88 ____ 8734
Debenture Ss
88
6 86 88
al926 M-S _ 93 91 Noy'll _---- -___ ArmourSi coil tr g 45
&
Co 1st real eat 40'39 J-D 92 Sale 9134
92 154 9158 92
001 F & I Co gen s 1 g 55____1943 F-A 100 Sale 100
100
2 100 10038 Bush Terminal 1st 48
1952 A-0 9138 91121 9112
92
Col Fuel gen Oa
7
1919 M-N 10734 _
9178 92
10734 Jan '12
10734107341 Consel 5s
1955 J-J
98 98551 9814
0378 11 98 99
Col Indus 1st & coil bs gu 1934 F-A
7614 Sale 76
77
6 '75 77
Chino Copper 1st cony 6s 1921 J-J 123 Sale 120
12234 81 116 12334
Cons Ind Coal Me 1st 5s
1935 J,-D _
_ 85 j4ne411 __ _____ Comstock
Tunnel Inc 4s,,_1911 __ _ __
18 J'ne'll
Dens Coal of Md 1st & ref 58 1950 JD 53-li ii 99
.11 _ _ _ _ _ ____ Irrigation Wks & D of A 4-;45 '43 ic-il 9958 95 9318 Nov'll ____ ____ ____
Or Rly Coal & 0 1st g 6s—h1919 A-0 ___ 10252 Dec
Apr '06 __-__ ____ ____ Int Merean Marine 4 3,0_1932 A-0 6712 Sale 6714
671
Kan & H 0 1640 1st s I g 68_1951 J-J 98 101
89 8634 0734
99 Oct '11 ___ --- -___ Int Navigation 1st s f 53_1929 F-A 80 Sale 80
80
Pocah Con Collier 1st 5 f 58_1957 J-J
25 80 80
..... 86 85 Apr '11
- ---- ---- Mge Rood (N Y) set 2-4s
1968 A-0 __ 871 89 Apr '11 _ ___ --L Rock Mt & P 1st 5s
1955 J-J -79 8014 8412J'ne'11
.,
Morris
&
Co lets t4;0_1939 J-J 8032 8978 9112Noy'11
enn Coal gen bs
1951 J-J 103 10314 10314
10314
3 Nil; i6i14 NY Dock 50-yr 1st g 45_1951 F-A 85 _ __ £434 Jas '12 ____ g4s4 g4s4
Birm Div let consol 6s 1917 J-J
___ 104 104
104
1 104
Niag Faits Pow 1st bs
1932 J-J 10012 _-___ 102 Apr '11
i .Tenn Dly 1st g 65
61917 A-0 -___ 104 103 Jan '12 __ 11'13 104
____
103
Refunding & gen 6s__41932 A-0
___
____ ________
' Cab 0 M Co 1st gu g 68..1922 ,T1
110 Jan '09
_
_
_
Ontario
Transmisslea
1945 M-N _
5s
96 - -__ _
Ftah Fuel 1st g 155
_
___ .._
1931 M-.
__ _
__
__
pub
Sery
_1959
55_
A-0
Corp
gen
J
N
93
Sale 9318 -93 - - 48 -1124 -iii1totor Fuel 1st a t Ss
4
1953
"
8714 Ms-Y'll -!It Jos Stk Yds g 4}is
1930 J -J
87 ____ 10012Sep '06
a Iron Coal & Coke tit g 831949 M-S -9713 66
M. 9812
08 .
1 994 981 Wash Water Pow 1st 5s
1989 J -J 102 _ __ 1024 54 '11 --- ---240.2120074th
•
oDialallt.b14&p4 asked aDue Jan (ID tie AD1.11 *Due May
gDue June hDuo Ju/y./Wu.)Aug oDue Oct zwue Nov. 21240.3300
1102111411a ails
p
100 110
CHICAGO STOC
EXCHANGE-Stock Record-Daily, Weekly and Yearly
STOCKS-HIGHEST AND LOWEST SALE PRICES.
, Saturday
Jan 20
*170
190
-552 -3-7-1-2
9314 9334
*100 104
3712 3712
*1013 1034
*512 6
*20
22
*50
51
712 712
• *3712 38
Monday
Jan 22
*170
190
1
Tuesday
Jan 23
*170
Wednesday
Jan 24
190 *170
Thursday
Jan 25
Friday
Jan 26
Sates
of the
IVeek
Shares
STOCKS • •
CHICAGO STOCK
EXCHANGE
• •
Railroads
Chicago City Ely
100
Chicago & Oak Park_100
•
Do prer
100
81 Chic Elev itys coin
Do pre?
139
Chic Rys part ctt "1"___
539(Mlle Rys part etf "2"___
10 Chic ftys part ctf "3"
Chic Rys part et( "4"___
Chicago Subway
100
Kans City fly Jo Lt__100
100
ee
otspW
refStable C L..100
io Strp
3 Do pre(
100
190
Last Sale 190 Apr'll
Last Sale 112 July'll
Last Sale 3
June'll
3712 38
*36
38 • 3712 3712 __---__
9212 9212 *9212 9312 9313 9312
*100 '104 *100 104 *100 101
Last Sale 10433 Jan'12
37
37
3738 3734 3718 3714
*10
1034 1013 1012 *1012 11
;i613 If- *1012 11
*512
*612
Last Sale 578 Jan'12
*512 6
Last Sale 344
Dec'11
;tio- 22 ;i5" 22
;ici" 22
Lad Sale 20
Jan'12
52
*50
*50
52
52
*50
Last Sale 5012 Jan'12
*7
8
712 *7
*7
712 *7
712 *7
712
3712 3712 *37
3712 *35
3712 *35
3712 *35
3712
Miscellaneous
1214 1238 1214 1258 1233 1273 1253 1234 1238 1233 1218 1213 3,145 American Can
100
93
9312 9334 9212 93
9338 9312 9312 9234 9234 9212 93
1,150
Do pret
100
*305 ____ *305
_ *305 ___ *305 -- _
Last Sale 300 Nov'll
American Itadiator100
*130 ---- *130
*130
3131
Last Sale 131 Jan'12
100
*49
51
50
50
50
*50
5012 *50
60
5012 50
50
hrlprbuilding_ .100
120 Ampeor SPo
*102 103 *100 103 *100 103
103 103
Do pret
74
100
*14112 14212 14113 14112*14012 141 *13912 140
140 fici50 Amer Teiep & Teleg
*46
46
4612 4712 46
50
4614 4614
47
47
152 Booth Fisheries com
-77144;i6:2; 44
Jan'12
Voting trust ctt
• 76- 86- ;88- -1311-2 ;85; If- 851 86
86
Do pret
425
8614
521., *51
5212 -Lao WIL 50 Nov'll
5212 *51
[4.51
5212 *51
Cal h Chic Canal & D100
*1
113
113 *1
113 *I
113 *1
Last Sale 113 Oct'll
Chic Brew'g & Mait'g8
*6
*6
Last Sale 612 Noy'll
*6
8
8
• *6
8
Do pret
4934 4958 50
' 4812 4812 4812 49
4914 4914 49
50
5012 1,109 Chic Pneumatic Tool 100
Last Sale 13712 Jan'12
*141 142 *14012 192
Chicago Telephone__ _100
Last Sale 141 Jan'12
Do rcts
193 193 *192 194
192 192
191 193
57 Chic Title et Trust_100
1311.
21
1-3
6-i
138 13812 13812 139
9 - 13814 13812 13812 139
138 138
1,241 Commonw'th-Edison..100
(5
1
Ills 1118
*1012 11
52
012 ff6
*1022 11
l.1
50 Corn Prod Ref Co com__
Last Sale 78
pretJan'll
Do
do
10812 109
110 11012 15512 11-614 110 110
108 108
579 Diamond Match_100
10034 101
10034 10118 Ion lot
101 lot
10012 10078 10012 10053
505 Hart Sndiner & Marx pl..
5814 5814 5833 59
59
5914 59
*58
59
5978 59
59
1,380 Illinois Brick
100
Last Sale 10773 Jan'12
Internet Harvester Co _
*47 16" ;IT- 16" *47 16.- *47
50
Last Sale 50 Aug'11
Masonic Temple.
3934 *3834 39
39
38
3834 3834 *3712 3812 38
134 McCrum-Howell
9212 *9214 9234 92
92
9112 92
92
8934 9012 -56; 1611
Do pret_
365
148 148
• 14912 14912 *148 150 *148 149
35 National Biscuit
100
*127 128 *127 128 3121 128 *126 128
-Zile 127 Jan'12
•• Do prof
100
10712 10712 107 107
*1013 10834 108 108
65 Nateonal Carbon
100
*118 11912 *118 11912 *119 11912 118 11812
11813 11812
Do pret
72
100
105-38 10512 10512 105% 10534 10578 10573 10573
10534 10534
346 People's Gas L&Coke_100
143 143
14274 14273 14214 1423.1 14214 41234 1,359 Sears-Roebuck com 100
142 14212 19234 143
123 123
123 123
123 123
123 123
123 12314
Do prof
121
100
*10018 10014 10018 10035 10018 10038 10013 10012 10014 10038 10014 1651;
537 Svvitt le Co
100
235 235
*230 240
230 230
230 231
78 The Quaker Oats Co_100
*10812 109
10812 10812 1.108 109
10812 10913
_ 108 108
Do pref
54
100
*112 173 *112 178 *112 134
112 112
15 Unit Box lid & P Co_100
6712 6758 6618 6713 6612 668 6534 6613 -13578 -66-1-2 6533 66
1,650 United States Steel com_
*9
*9
*9
12
12
11
*9
12
*9
10
12
25 Western Stone
10
100
Cnicago Bond Record
'
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Jan. 26.
Interest
P7133
Friday
Jan. 23.
llid
Week's
flange or
had Sale
Ask Low
10013
Sale
9173
100
100
9812
Amer Strawb'd 1st 63_1911 F A
1933 J • D 92
Armour 63 CO 4 sis
Booth Fish Co Debt; 53'17 J - J
• Deb g 5s
1924 J
J
• Sink Fri Deb as tr rec _ A Calumet & South Chicago
1927 F -A :owls ovs
By 1st 52
Cass Av & F U (St 1.4 5s '12 J - J
Ohio Board ot Trade 4s1927 J
1)
Chicago City Ely
F-A
Sale
J
Chic Consoi Br & Bit 6s___ J
1)
Ohio Consol 'Frac 4 VSs 1939 J
lst5s1929
Auditorium
Chic
1" - A
Chicago Eley fly 53_1911 J -J •-kr giJ
Chic Jo Rif. 1st Mg os_1943 d • 37
65.1012
Ohio No Shore Mee
A Chic Piic foal 1st 55-a1921 J
J 355; -14-102 F -A 10033 Sale
Chic Ely Is
Chic Rys 4-55 series "A'' A - U :9613 Sale
Ohio itys 4-52 series "1.3” J
9114 Sale
. Chic Rys 4-5s series "C' • - A 3 9314 95
Chic liars coil 6s-1013 F - A
Chic Itys Fund 6s...1913 F - A
( Chic itys Tom Ctts 1st 5s
• Chic By Pr m M g 4s _c'27 J -J
82 Sale
Chlo Ity Adj Inc 4s c1927 A/ayl t 5978 Sale
Ohio it, 1 h c Hit 4s 2002
Collat trust g 5s
1013
Chic Telephone 5s..:,..._1923 .3-U
Commonw- Edison 53_1943 n 10314 Sale
Ohio Edison deb 6s_1913 J - J
1st g 5s___July 1926 A - 0
Debenture 5s........1920
•
• Commonw Elect 5s01943 )1 - 37 ioifs Sale
Dla MatchCon (lb 8s 1920
10858 Sale
Illinois Tunnel 5s
2:
'
1328'
Kan City Hy & Light
Co M
1913 It N
8912 9012
KnIck'b'ker Ice 1st 5s10214 A - 0
Lake St El-lst 58-1928 J . J 1..-- 89
Income Is
192:, Feb
Idetr W Side ill1933 F - A
1st 45
8558 Sale
Extension g 4s____1938 J - J 8278 Sale
Morris & Co. 4 A____1930
J
8934 Salo
North West El 1st 4s_ 1911 • Northwestern Gas Light &
• Coke Co 5s
1928 J M 3 9933 100
Ogden Gas 53
1945 41 N
96 Sale
Pearsons-Taft Is
1) 9812 ___
1916 J
4.40s
• - S 95
____
4.603 Series E
M N
96
___
' 4.80s Series to
9713 ____
N
Peo Gas L (SG 0 1st 0_1943 A - U t_.... 118
Refunding g 5s,.___1947 M
j10178 10218
• Chic Gas 1..860 1st 5s1937 J - J 3103
Cons= Gas 1st 55_1936 J
1)310234 Sale
Mut'l Fuel Gas Ist531947• N 1____ 10133
Booth Side Eley 448_1924
- 3 2 96
9614
Bwift & Co 1st g 5s......1914 J
J - 10034
Union El (Loop) 5s....1945 A - 0
89
United Box Board col 6326
t 30
38
General mtge 6s
J - J
Western Elea Co 5s...1922
J 1102 10214
k Note.-Accrued Interest must be added to
9914
10114
100
10273
103
50
9834
9812
9413
87
9312
10018
9618
9078
91
100
100
100
82
5914
6613
6612
103
10318
10078
100
10058
10258
10652
80
9734
100
8812
16
High
Jan'll
92
MCII'11
Meh'll
Apr'11
Range In' Previous
Year 1911.
Lowest.
Lowest.
Highest.
33 Jan 4 38 Jan 22
91 Jan 5 9334 Jan 20
9013 Jan 9 10433 Jan 13
3613 Jan 18 38 Jan 9
1012 Jan 23 11 Jan 12
573 Jan 13
514 Jan 9
20 Jan
50 Jan
7 Jan
3712 Jan
17
4
9
19
1113 Jan 2
9133 Jan 19
2012 Jan
5012 Jan
712 Jan
38 Jan
4
19
20
2
1273 Jan 23
95 Jan 2
131 Jan
4813 Jan
103 Jan
139 Jan
95 Jan
44 Jan
84 Jan
15 131 Jan
5 5014 Jan
18 10413 Jan
11 14113 Jan
17 48 Jan
18 50 Jan
18 88 Jan
15
16
18
22
17
9
9
4653 Jan
13713 Jan
13713 Jan
184 Jan
13514 Jan
1018 Jan
2
4
9
4
4
15
26
4
Is
9
9
22
106 Jan
10013 Jan
56 Jan
10773 Jan
2 110.3.1 Jan 17
25 10112 Jan 3
9 5978 Jan 25
15 10773 Jan 15
3734 Jan
8934 Jan
14312 Jan
126 Jan
107 Jan
113 Jan
10312 Jan
140 Jan
12113 Jan
9834 Jan
215 Jan
10512 Jan
114 Jan
6538 Jan
10 Jan
19
25
15
15
24
24
2
5
11
2
15
2
10
2e
17
5012 Jan
13712 Jan
14113 Jan
19814 Jan
14112 Jan
1113 Jan
4012 Jan
92 Jan
14913 Jan
127 Jan
112 Jan
120 Jan
10612 Jan
193 Jan
12314 Jan
10012 Jan
235 Jan
110 Jan
178 Jan
6913 Jan
1312 Jan
4
6
20
10
3
2
18
22
25
16
22
15
18
3
5
Highest.
185 Jan 190 Apr
112 J'ne
112 J'ne
C Mch
3 J'ne
21 J'iy
32 Deo
85 J'ly
94 Nov
80 Apr 101 Aug
2024 May 3778 Deo
S May
1212 Aug,
• 412 Mch
712 Aug
14 Nov
6 Mch
15 Sep
25 Feb
39 Sep
721,2 Feb
7 Dec
1.314 Feb
38 Nov
50 Jan
9 Jan
7678 Jan
165 Jan
12613 Mch
48 Nov
10013 Sep
13153 Aug
35 Apr
38 J'ne
60 Sep
4912 Apr
1 J'iy
312 Mch
3913 Sep
115 Jan
1212 May
93 Dec
304 Oct
133 Nov
79 Feb
113 May
15214 J'ne
5914 Mch
5734 Men
8833 Dec
52 Feb
114 J'ne
7 Nov
5512 Feb
14114 Nov
15113 Jan 180 Deo
113 Jan 13733 J'iy
934 Oct
1533 J'ne
78 Jan
78 Jan
9212 Feb 11034 Nov
100 Sep 10334 Dec
4973 Sep
70 Jan
9914 Sep 129 May
97 Jan
5013 Aug
3813 Nov 67 Jan
90 Oct
98 Feb
11714 Jan 14212 Dec
123 Jan 130 Mch
100 Aug 120 Mch
117 Sep 120 Mch
101 Sep 10858 Jan
12334 Sep 19234 Jan
116 Sep 122 Mch
9734 Sep 104 J'ne
165 Mch 21
Deo
10212 Feb 10712 J'iy
1 Dec
7 Jan
5012 Oct
8113 Feb
13 Dec
25 Jan
Onicago Banks and Trust Companies
13'ds
Sad
Range
for
Year 1912
Low
H Ion
7 -9153 92
July'll
Oct'03
MaY'07
10278 10 'foil; 103
Apr'04
---Apr'Ou
Jan'Od
109 "His 66
99
Dec'09
Feb'06
13 92
94
94
10038 79 9978 10038
9635 52 96
9612
9114 53 9078 9158
Sep'l I
Jan'12
kici" 100
Jan'11
Dec'11
82
4 85
"f1360
40 48
60
Aug'08
July'08
Jan'12
for 'jai
10314 -15 103 10314
Nov'10
leb'll
Aug'09
10213
5 115153
8 155.1110
55 107 110
Dee'08
May'll
May'll
Ja11'12
May'93
8513
8558
8234
827s
8958
8934
100 Jul y'l I
Range for Year 1912,
2
8812 -5516
14
5
8513 8534
82
83
8913 8934
9934 Dee'll
9534
96
"i844 96
10033 fach'09
9613 Mch'10 ---97
1feb'10
9814 Nov'll
11813 Jan'12
ifiG 11812
102
25 102 10214
102
10318 Deo'll _--10214
10234 15
fai34
10112 Jan'12
10112 10112
9614
9614
7 9612 9614
10034
10034
4 10014 10034
Jan'12
89
89
89
Apr'10
70
--- -60 dIch'll
10214 10214
1 10214 10212
all Chicago u ond prices.
NAAE
.
Outstandsn
Sloe's
Surplus
and
Profill
Dioulena liecord
In
1910
11 Per- Last Paid.
1911 led
--- -American State
$200,000 $163,738 Org, A pril 3 1911 V.92, p.1004
Calumet National
100,001
452,2.10
All Jan '11, 6
6
6
Chicago City
500,001
299,239 10
10
J-J Jan '12,7
Conti'tal & Comm Nat, 21,500,09) 8,805,613
10
Q-J Jan '12. 212
Corn Exchange Nation& 3,000,000 5,814,152
16
16
Q-J Jan '12, 4
Douglas State
900,00t
Beg. it us May ill V.92,p1538
Drexel State
200,000
50,283
8
Jan '12, 113
6
Q-J
Drovers' Dep National_
600.000
453,393 10
10
Q-J Jan '12, 212
Englewood State
200,000
55,414
6
635 Q-3 Jan '12, 2
First National
10,000,000 11,618,417 12
12 Q-111 Dec30'11,3
First Nat Englewood
150,000
196,748 10
12 Q-M 1iec30'11,412
Foreman Bros 13'k'g Co_ 1,000,000
565,226
Priv ate 133 ilk
Fort Dearborn National 2,000,000
611,695
8
8
Q-3 3.,11 '12,2
Hibernian irk'g Ass'n
1,500.000 1,225,025 8+2
(1) Q-J
(1)
Kaspar State Bank
400,000
129,145 10+15 10
J-3 July '11: 5
Lake View State
200,000
Beg. us Apr 811 V.92,p, 1001
La Salle St National__ 1,000,000
284,343 Beg. b us. Ma y'10 V.90. p,1277
Live Stock Exch'ge Nat 1,250,000
603,782 10
Dec31'11,212
10
Nat Bank of Republic__ 2,000,000 1,335,228
8
8
Q-J Jan '12, 2
National City
2,000,000
523,705
61-3 Jan '12, 112
6
National Produce
250,000
93,517
4
1.2-3 Jan '12, 112
North Avenue State
200,000
75,985
Q-J Jan '12, 134
7
North Side State Say'gs
37,711
50.000
6
Q-3 Jan '12, 112
North West State
200,000
35,657
4
5
Q-J Jan '12, 112
People's Stk Yds State_
300,000
137,210
7
Q-J Jan '12, 212
500,000
Prairie State
67,996
6 Q-34 Jan '12, 11A
Second Smutty
200,00
1,055 Beg. b us.Nov 1'11 V.93, p.1235
400,000 s137,858
Security
4;s
$li
Q-J Jan '12. 112
200,000
South Chicago Savings_
100,000
75,1,
8
(2-3 Jan '12,2
South Side State
200,000
16,597
6
0
Q-J Jan '12, 112
State Bank of Chicago_ 1,500,000 2,093,092 12
12
Q-3 Jan '12,3
Stook Yards Savings
250,000
198,015
8
8 Q-M Deo 30'/1, 2
500,000
Union Bank of Chicago_
130,672
6 M-N Nov '11,3
Washington Park Nat'l
100,000
47,814
Jan '12, 112
Wendell State
50,000
19,767 None None
Dec3108.112
zeentral Tr Co of III_ J2,000,000 1,015,465
Q-J Oct '11, 2
7Y6
8
Chicago Say Bic & 'Fr_ 1,000,000
226,687
6
0
Q-3 Jail '12, 112
Chicago Titio & Trust..., 5,000,000 42.031,511
8
Q-3 Jan '12, 2
734
Citizens Trust es Savings
60,000
16,395
10
Q-3 Jan '12, 213
6
Colonial Trust & Saving
600,000
476,333 8+2 8+2 Q-J Jan '12,213
Cent & Comm 'Fr & Say 3,000,000 1,011;315
Drovers'Trust &Savings
200,000
(1,1 Jan '12, 212
153,309
8
r First Trust & Savings_ r2 500,000 3,972,600 12
10 Q-141 Dec30' 11,4
Ft.Dearborn Tr&Say ilk
250,000
6,377 Beg, it us,Apr 3' 11 V, 92, p, 929
Greenbaum Sons Bk & Tr 1,500,000
72,86:1
2y, Q-3 Jan '12, 213
Guarantee Trust & Say_ . 200,000
34,628
J-J Jan '12. 3
Harris Trust & Savings_ 1,500,000 1,907,670 11+5
Jan '12, 3
Homo Bank & Trust.._.
300,000
59,793 Beg. b US API lo '1 1 V.92,p.1004
Illinois Trust & Savings 5,000,000 9,096,028 16+4 16+4
Jan '12, 4
200,000
Kenwood Trust h Savgs
71,007 7+134
7
(4-4 Dec30'11.134
Lake View Trust&Savgs
200,000
58,839
53,6
(4-4 Jan '12, 112
Merchants' Loan &Tr Co 3,000,000 6,391,793 12
15 (4-4 Jan '12. 4
zafetropolitan Tr Jo Say
750,000
272,394
(.1-J Oct '11,11
Michigan Ave Tr Co__.
200,000
59,791 Beg. b us, Oct 291 0V91,p.122I
Mid-City Tr de Say Bk.
500,000
56,791 Com, b us. Ap r 10' 11V92 p1004
Northern Trust Co
1,500,000 2,612,104
Cl-) Dec 30'11; 2
8
8
North-Western Tr&Say
250,000
J-J Jan '12. 4
8
115,530
Old Colony Tr & Say Bank
200,000
50,382 Beg.
us J'ne 1'11 V.92,43. 1537
People's Tr & Say Bk
500,000
166,264
Jan '12. 2
Pullman Trust & Savgs_
300,000
8
278,450
8
Q-J Jan '12,2
Sheridan Tr & Sav Bank
200,000
30,044 Beg.
us. J'iy 12,0 9 V.89,p.141
Standard Tr & Savings_ 1,000,000
324,378 Comm cooed bus. Sept 6 1910
Stockmen's Trust & Say
200,000
46,358
5Y,
6
J-J July '11,3
Union Trust Co
1,200,000 1,331,735 148+2 8+2 Q
Dec 30'11.2
x WO3tern Tr ds Savings 1,250,000
223,002
6 (1.4 Jan '12, 112
West Side Tr asSavBank
145,128
200,000
8+2 ca.fa Dec30'11; 4
Woodla wn Tr &Sav Bank
79,551
200,000
75.4
9 (1,1 Oot '11)
• *Bid and asked prices; no sales were made on this day. t Dec. 5 (closo of business) for national banks and Dec.
(opening of business) for State institutions. 2 No
'rice Friday; latest price this week. S Sept. 1 1911. 11 Dividends not published. Stock all acquired by the Cont. &6Comm. Nat,
a Due Deo, 31. 0 Due June.
Due Feb. k Also 20% in stock. q Dividends are paid Q-J, with extra payments Q-F. r Capital to be Increased to $5,000,000, aBank,
stock div. of 100% to be declared.
P. 93‘ p. 1436. 1760. *A div• of 50% paid in 1911 on security Bank stock, to provide capital for the new Second
Security Bank, V. 93. p.,1235. $ Dec. 30 1911.
Bank
Trust
Metropolitan
Say.
consol.:
ar
Central Trust and
V. 93, p. 1705, 1363. Central Trust also absorbed the Western Trust & Say, Bank in Dec. 1911, V. 93;
1760, 1705. y Capital increased to $2,500,000 on Dec. 15 1911.
JAN. 27 19121
269
THE CHRONICLE
Buz Ask
Industrial and Miscel
Bid Ask
Electric Corn ponies
10812
Gr't West Pow 5s 1940._J-J 8234 8314 e Diamond Match t o._ _100 108 165
duPont(E 1) de Fern Po 101- 160
e Kings Co El L & P 00_100 126 127
95
100
4
*
903
e Preferred
Narragan (Prov) El Co__ .50 9014 93
J-D 85 8514
a Gold 4145 1930
TRANSACTIONS AT THE NIeW YORK STOCK EXCHANGE
60
NY & Q El L Se Pow Co 100 54
15
100 10
DAILY, WEEKLY AND YEARLY.
Empire Steel
82
too 78
Preferred
43
100 313
Preferred
92
100 90
United Electric of N J
100 126 132
a General Chemical
79
J-D 78
1949
4s
g
1st
Railroad.
Stocks.
100 108 109
e Preferred
_100 3212 3312
Western Power corn
U.S.
State
*14
1
ikc.
1
hs
Week ending
Gold Hill Copper
58
100 57
Preferred
Bonds.
Bonds.
Par value.
Bonds.
Shares.
20 *812 014
Jan. 20 1012.
Greene-Cananea
Telegraph and Telephone
199
180
Explor'n....100
Guggenheim
78
76
_100
_
Cable_
&
Teleg
Amer
e
$75,000
380,775 $31,298,500 $3.533,000
Saturday
e Hackensack IVtter Co_100 12012 121
88,000 $14,000 e Central & So Amer_
8,447,000
87
471,943 40.380,025
Monday
Ref g es '62 op 1912 _J-J 84
108 115
Comml Un Tel (N
116,000
4,500,500
13
336,148 28,331,800
Tuesday
100
Hail Signal Co corn
75
65
Sc
Tel_100
20,000 Empire Bay State
108,500
7
5,837.000
6
Wednesday
369,408 31,289,800
Havana Tobacco Co....100
50
40
__..
100
Franklin
97,000
5,873,500
15
241,040 21,048,500
Thursday
101) 10
Preferred
120
115
Stock
_100
Sc
Gold
Teleg__
a
4,000
52,500
3,599,000,
57
52
/
443,304 39,059,900
Friday
_J-1)
1922
1
June
os
g
1st
114
108
e Northwestern "I deg_ _ .._ 50
Hecker-Jones-Jewell Milling
75
25 65
Pacific & Atlantic
Total
2,242,818 8191,406.525 $29,590,000! $535,000 $38,000 e Pao Telep & Teieg pref 100
M-3 101 10212
1st 63 1922
814 loci' Elemng-liall-Mar
25
new._100 15
Southern Sc Atlantic _ _25
Jan. 1 to Jan. 26.
Hoboken Land dc Imp. 100
Week endin,g Jan. 26.
Sales at
South Bell Telep & Teleg1st 5s Nov 1930..._31-N 1-0:3-- 104 1st g bs '41 op '16____J-J 100 10038
New York Stock
1911.
1912.
Hocking Val Products_ 100 1134 1214
1011.
1
1912.
Ferry Companies
Exchange.
63
J-J 59
1st g 5s 1961
91
95
B & N Y 1st 6.3 1911__J-J
9
9,218.187
12
5
Houston Oil corn etts _100.
8,506,541
2,119,082
914
too
Y&ER
stk___
Ferry
2,242,6181
N
Stocks-No. shares...
7112
$800,704,975
4
703
__100
_
_
etts
$657,322,925
45
Preferred
M-N
1st Si 1922
$191,406,525 $185,875,000
Par value..
$154,300 N Y Sc Hob Ea May '413_J-D 9812 100
_- - In.:ersoll-Itand corn._.100 95
34,500
$57,009
$17,600
Bank shares, par.....
e Preferred
100 97
Hob Fy 1st 5s 1946_ _M-N 104 -. __
Bonds.
$1,000 NY &NJ 5s 1946
$132,000
J-J 98 ._ -- Inspiration Consol Cop 20 * 2078 -2-1ig
$38,000
Government bonds_ __
18
15,623,500 10th & 23d Sts Ferry__ _100 25
35
2,811,000
Intercontinental Rubber 100 17
535,000 $10,079,500
State bonds
92
64,039,090
65
Internat'l Banking Co 100 88
97,585,500
1st mtge 53 1919__J-D 57
RR.and misc. bonds__ 29,590,000 13,955,000
2112 International Nickel
100 258 265
; Union Ferry stock_.100 19
10212
$79,663,500
Preferred
07
100 100
94
5100,528,5001
1st 5s 1920
$30,163,000 $24,034,500
Total bonds
Lst g bs 1032 •
A-0 0912 10012
Short-Term Notes
4
2
100
A-0 10012 10078 International Salt
DAILY TRANSACTIONS AT FEE BOSTON AND PHILADELPHIA
Antal Cop 59 1913
EXCHANGES.
50
1st g Si 1051
A-0 / 40
American Clg-rSer 13 9s Moir 15 12 M-S 100 10012 International Silver........100 80 100
Preferred
100 114
1913_J-D 10012 10068
Boston.
Philadelphia.
Bait & Ohio 4
1st Os 1948
_J-D 111 112
Bethieh Steel Os 1914 M-N 101 10112
Week eluting
8
993
120 130
8
997
internal
de
Smelt
Refg__100
Bond
Unlisted
1914..1-D
412s
Ohio
Listed
Bond
&
I
Untiste
Ches
Listei
Jan. 26 1912.
sales.
sales,
shares,
Chia & Alton bs 1913 M-S 9914 9934 Jones Sc Laughlin Steel Co
shares.
shares. shares,
1st s f g 68 1939
M-N 10034 10114
Chic Eiev Rys 55 1914._J-J 9834 9918
862,000 On Ham & 1)48 1913___J-1 9912 0978 Kayser (Julius) & Co-100
8812 6412
8,033
14,222
349,000
12,865
19,075
Saturday
let preferred
100 .10312 105
151,600 Erie Os Apr 3 1914_ _A-0 10114 10158
5,927
9,639
96,500
14,023
28,065
Monday
31
30
a
Steel.
.100
Lackawanna
10014
100
170,600
A-0
1914
88,000
bs
Col
9,170
3,969
22,509
19,165
Tuesday
81
e 1st con as 1950_
M-S 80
59,600 eGeneral Motors 6s'15 A&O 9812 99
19,864
22,442
34,500
25,381
29,885
Wednesday
e Deb bs 1915
M-S 9112 92
270,500 .ludson Companies4.565
54,000
44,355
11,810
29,959
Thursday
9018 91
100
Langton
Monotype...._100
99
159,500
F-A
1913
1
Feb
Os
7,111
45,000
20,518
14,983
35,884
Friday
Lawyers' Mtge Co
10(1 285 290
Os Oct 15 1913.. A&015 99 100
_60 275 300
82,268 8347,000 139,651
49,409 $873,800 Ent & (It No 5s 1914.- r-A 9818 9882 Leh & Wilke-s-B Coal
162,033
Total
80 ,
Internat Harvester 5E1_1915 10038 10074 Madison Sq Garden__ _100 45
172
97
Manhattan
Transit
20 *lute
95
iC ay & Lt Os 1912__M-S
e May Dept Stores-See 8th 11,X611 list
1913_ _F-A 9512 97
Minn & St L g
hxch list
Mo Kan & Tex 5s 1913 M-N 9978 10018 eMiami Copper-Se, Stock •
12 ,
9634 Monongahela It Coal
50
96
filoPaciric 5s 1914 __
All bond prices are now "and interest' exceA where marked "I."
50 *31
Preferred
Nat Rys of Hex 4;4451 13J-D 9812 99
Mortgage Bond Co__ ___100 108 115
Y C Lines lee Si '12-'22 5412%
e
10 100 103
Bid Ask
Bid Ask
Street Railways
43.0 Jan 1913-1925_3-J 5412% 41 4 Nat Bank of Cuba
Street Railways
100 260 270
Pub Sery Corp N J (Con)N Y Cent 4340 1914___M-S 10038 10 38 e National Surety
240
')()
'
Central
Coal
235
New
Ity__100
St
'Iran
c
Rapid
3%
M-S
N
'12
3is
NY
4
City
dal
5334%
Nero York
25
100 23
1st Is 1921
A-0 103 --- St L & S F 55 1913__M-S 9912 100
3 New York Dock
26
Bleeck St & Ful ley stk_100 22
53
100 40
e Preferred
J C Hob 6t Paterson70
66
J-J
5s June 1 1913 opt-J-D 9938 0034
1st mtge 4s 1950
320$
100
Mtge
76
Security
Sc
75
Y
M-N
4s
1949
g
N
4160
150
101
100
1008
So
g
Ity
South
1913____F-A
B'y & 7th Ave stk
620 *3
So J Gas El & Trae_ _ _100 125 - -- Tidewater Os, 1913,gu_.J-D 10138 10134 N Y Transportation
J-J 119 i11001,
2d mtge 5s 1914
04
Niles-Bern-Pond corn.__100 00
99
Go g Si 1953. _ _M-S 98
Wabash 4345 1913____M-N 94
Con 53 lei .-See Stock Exc list
674
-5
J-J
14
Mines
101
Co
Nipissing
Bud
19
65
103
10112
1
4
*63
10112
No
fly
1924
°7
Os
013
131
&
El
1913
Westingh'se
4
irway Surface 1st as gu
16,
i
10 *13.
J-J 102 _9712 Ohio Copper Co
53 r928
a5% notes Oct 1917.A-0 95
Cent'l Crosstown stook_ .10U .._ -1
98 -- -100
M-N
e Ontario Silver
58
Ext Si 1924
91
Railroad
1st mtge Gs 1922_...11-N / 85
_ Chic Peor Sc St L73
100 72
Otis Elevator corn
Pat ay con tts 1931_J-D 114
20
Cen l'k N & E My stock _100 10
102
.100 101 102
A-0 10012 --_
Preferred
2d 63 opt
Prior ilea g 063 '30_M-S 90 93
Christophl & 10th Sloth 100 110 130
1012
50
Pittsburgh Brewing
50 * 10
Light... OU 2734 28.2
Con mtge g 5s 1930.__J-J / 40
Republic By &1914.
Col & 9th Ave Is-See Stock ExcExclist
50• 3914
Preferred
100 7734 7812
Preferred
Income 53, July 1930._
/-- -- 7
Dry Dock E 13 Jc BPittsour4n Steel pref_100 10238 103
_
Chicago Subway
100
J-D 100 1021 3o Side El (Chic)-See Ch Wage list
1st gold 53 1032
4212
100 40
i -- Pope Mfg Co corn
Northern Securities Stubs_ 1-156- 05
50 Syracuse R T 5s 1940 M-8 102 105
F-A / 40
r Scrip 53 1914
70
100 69
1.)ra
3
1-D 95 IOU
Trent P dr H Si 1943
eOregon-Wash RR&Nav See Stk E x3ttst
Eighth Avenue stock. 100 300 350
PreferredPratt Sc Whitney prof. 100 98 10212
50 *30
United Rys of St LFlits Bess SeLl
F-A / 97 103
Scrip Os 1014
100 85
90
Producers 011
100 1152 1134
70
50 *60
Corn vot tr Ws
Preferred
42d & (Jr St F'y stock__100 280 310
4414 c Railroad Securities Co(Ray Consol Copper -sea tk Ex list
100 44
-6 Preferred
42d St M & 8t N Ave,. 100 --a 117
Realty Assoc (Bklyn)- _100
Gen 4s 1934-See Stock lex° list
111 C stk tr etfs ser A__ _52 8614 89
2d income 65 1915__J-J / 91 _ _
Royal Bak Powd corn_ .100 100 195
Unit itys San Fran-See Stir Exc list
Seaboard Company-See Ba It Ex,: list
Inter-Met-See Stock Exch sage list
100 109 110
5912 West Paa lit 53 11133__M-S 8812 90
Preferred
100 59
Wash lty & El Co
Lox Av & Pay F 53-Sea St!. Exc list
Rumeiy (IQ Co. pref_100 9934 100
100 9118 92
Preferred
Metropol St fly-See Stk Exc list
Industrial and Miscel
IUU 120 121
Lt
8512
Heat
Car
Sc
Safety
8514
._.100
1951
150
4s
8634
175
J-D
stock.
g
Exp
Adams
4s 1947-J-D 1 8534
Ninth Avenue
12
Mears. Roebuck Sc Co 100 14112 143
_25 s245 250
Airtneek Mining
Second Avenue steak. 100 . 8
100 12212 ePreferred
48
_F-A / 45
100 118 122
Gas Securities
Alliance Realty
Consol 63 1948
Seneca Mining__......25 * 26 65
New York
45
Amer Bank Note corn-- 50 *42
a Sixth Avenue stock-10U 115 123
100 290 300
75 Cent Un Gas 55 1927
Singer Mfg Co
J-J 10212 10312
53
50 *51
Preferred
Sou Boulev 5s 1945.-J-J 05
2
1
South Iron Sc S corn-100
_
95 Con Gas (N Y)-See Stock Exc list
A-0 85
100 165
American Book
So Fer 1st Ss 1919
4
2
100
e Mutual Gas
100 170 175
eA in Brake Sh&Fdy com100 95
Third Avenue Itit-Ses 5th Exc list
14
100
New Amsterdam Gas80
51; Standard Cordage
40
5
100 13738;
ePreferred
Tarry W P & &I 5s 1928._ / 60
14
A-U
_
H
red_
10312
'31
5s
g
1st
_J-J
0011.101
1st
1948_
102
Si
90
83
125
130
A-0
100
1946
53
Brass
American
RR
St
Y'kers
3
1
10512
/
1931_
1
Apr
M.
lot
10412
Gas
it
J-J
Adjust
E
'44
&
53
Y
58
N
25
American Chicle com-100 220 230
28th & 29th its 5s '90-A-0 / 20
41
.1-J 10112 103
Consol Si 1945
Standard Coupler corn_ _100 37
100 105 108
Preferred
Twenty-third St stock..100 230 '450
10(1 x101 111
50
Preferred
7
Am Graphophone cons_ _100
Union fly 1st 58 1912___F-A 103 10412 IN Y & Richmond Gas..100 35
1712
100 17
1st
1927____M-N
100
Si
Un
Nor
e Standard .Milling Co
103
80
60
• 100 38
Preferred
Westchester 1st 5s '43 J-J 70
100 56
58
a Standard Gas corn....100 63 ....... Amer Hardware
4 Preferred
100 135 138
Brooklyn.
8812
-_
i'refe-red
31-N
100
.....
1930___
e
63
1st
9912
e
10112
Am
J-D
Malting
1914
Os
Atlan Avenue RR101 675
M-N 10412
-- 690
1-06 - Amer Press Assoo'n__100
135_Standard Oil of N J
1st 5s 1930
85
A-0 10012 102
Con 5s g 1931
Standard Oil ex-subsidiar's 360 368
_-eAmerSnua corn(ex-sub)100 122
B B & W E as 1933--A-0 98 102
332
322
Subsidiaries..
Oil
Cities.
Standard
10812
Other
s
108
100
Preferred
10 165 189
Brooklyn City Stock
73
50 *71
Studebalrer Corp corn._ 100 5612 5712
Am n St Found new-See S tk Ex list
21m Gas & Cleo corn
Con Si-See Stock Erroll ange list
_100 10212 10312
50 *4412 4512
Preferred
Os 1935
A-0 98 102
Preferred
Bklyn ligts 1st bs 1941 A-0 US 102
Sulz nerger & Sous op[.l00 9812 100
Deb 4s 1923
P-A 62
05
Amer Light Jc Tract. __100 285 290
Bklyn Queens Co & Sub100 10412 10012 American Surety
Swift Sc Co-See Boston 81k Exc list
50 260 265
Preferred
s 1st g 63 '41 op 1910 _J-J 96 101
75
514
73
1st 55. See Chicarm Stk Exc list
corn_100
American
prof..
Thread
L.
&
Power
Amer
97
5
95
31-N
*43
'16
4
op
'41
5s
con
s 1st
100 8212 8434
83
82
100
sTexas Company
list
corn-SeeS
tk
Tobacco
Amer
Ex
Preferred
Bklyn Rap Tran-See Stock Exc list
a Texas Sc Pacific Coal 100 98 100
50
Bay State Gas
*12 916 Amer Typet'ders corn,__100 45
57
100 50
-50
Coney Ira & Bkiyn
93
efexas Piscine Land Tr _100 90
100 100 102
Preferred
Bingh'ton (N Y) Gas' Who
82
1st cons g 4s 1948.-J-J 75
Title Ins Co of N Y__ __100 .,_..s120
A-0 98 100
M-N 90 102
Deb g (is 1930
1st g 5s 1938
80
75
J-J
Con g 4s 1955
Tonopah Min (Nevada).....1
718 738
112 2
Brooklyn Un (las-See Stk Exc list
Amer Writing Paper___ _100
Brk C & N 5s 1939-J-J 98 100
8
Trenton Potteries corn. 100 • 4
5
4
Buffalo City Gas stock_100
ePreterred -See Stock Ex clege list
Kings Co El 4s-See Stock Exo list
100 50
55
Preferred new
1st Si 1947-See Stock Exc list
61st s t g Si '19 red 105J-3 8834 8918
100
Nassau Eleo prof
100 25
40
Trow Directory
100 8512
Atl Ulf Sc W I SS Lines..100812 9
A-0 101 103 Cities Service Co
fa 1944
412 5
eUnion sag Sc Paper .. 100
100 8214 8314
Preferred
100 1812 20
Preferred
1st 45 1951-See Stock Exc ilst
55
100 49
6712 6814
ePreferred
97
94 Con Gas of NJ 58 1936 ../-.1 94
J-J
Col tr g Ea 1959
N W'b'g & Flat 1st ex 45's 90
38
Union Typewriter corn- luU 35
20
Consumers' L II & PowBarney & Smith Car._ 10015
Steinway 1st 8s 1922 J-J 100 104
100
106
10412
100
preferred
1st
J-D
1938
90
55
80
100
Preferred
_
Other (Mies
100 96 99
100 220
2d preferred
Denver Gas & Elee
Bliss Company com_-__ 50 75 85
Burtalo Street fly54
100 62
United Cigar Mfrs
Gen g 58 1949 op__M-N 9512 9612
50 124 128
Preferred
1st consol 53 1931____P-A 10434 106
100 103 106
_
_
300
100
e
Preferred
Co
Lt
Gas
Elizabeth
272
&
Bond
Guar
258
100
Mtge
Deb 6.3 1917
A-0 10312 105
114 134
100
United Copper
Borden's Cond Milk_ _100 130 131
_801, Essex & Hudson Gas___100 133 136
Columbus(0) St Ry----100
5 10
100
Preferred
100 103 111
Gas & El Bergen Co____100 85
Preferred
100 12- 95
Preferred
100 98
99
43 eUnited Dry Goods
9934 101
6 *4
British Col Copper
e (Jr Rap 1st Si 1915 ___F-A
COlum RI, eon 53 1032 J-J 102 104
100 10582 10614
ePreferred
100 132 134
Butte Coalition Mining_ 15 *2214 2212
IltuLson Co Gas
Crosst'n 1st 5.e 1933......1-D 101 102
100 215
Casualty
214
6
U
_100
234
31-N
10511
10414
corn_
Co
Casein
Am
of
1949
5s
elst
com_100
76
Ltg
77
az
0 Conn ItY
100 72
U S Envelope corn
421:
40
100 40
100 55 16
Preferred
Indiana Lighting Co
__.100 8012 82
a Preferred
100 116
Preferred
711: Casualty Co of Amer.. 100 125
F-A 60
4s 1958 op
Stock Exo list
_1st & rot 4345-Ses
100 89
Finishing
95
S
U
3
140
26
20
50
135
100
Co
Celluloid
Gas
45
Tram...100
40
Indianapolis
Federal Light &
100 102 107
Preferred
1
A-0 70 80
Cent Fireworks corn____100
1st g 58 1952
100 80 82
Preferred
J-J 100 105
1st g 53 1919
13
100 10
Preferred
Grand Rapids ay prof. 100 82 85 Jackson Gas 5s g 1937- A-0 97 100
J-J 95 100
Con g Si 1929
100 700 725
Chesebrough Mfg Co.
_J-J 10478 e0514 e Laclede Gas-See StockE xch II st
0 Loulsv St 50 1930..
3014
a U S Indust Alcohol - 100 28
60
100 55
100 0634 _
e Preferred
City Investing Co
Lynn & Bos 1st 55 19-24-.J-D 10412 106
etfre
sirtee
eP
u cos
100 9712 9978
105
10312
101
100
109
104
'
40
1926___A-0
Madison
Preferred
3412
as
Gas
Lgt.._100
&
flys
On
0 New
p
r
ss
o
ed
f
e
rr
s
l
onop-t
00
100
corn
B)
127
(H
125
821,
Gas
Newark
1944____Q-J
ClanIn
e
Co
100 8052
, • Preferred
112 11312
'11
100 95 93
100 96 .
e 1st preferred
Gen DI g 430 1035-See S tk Ex list Newark Consol Gas
Col In s 55 '51 not opt-- 112 11312
94
100 90
e Con •• Si 1948
J-D 10434
e 2d preferred
N Y Westch & Bost RVGu
Tit
Sc
S
U
95
90
Indem__100
63
59
100
Fleeting
Consol Car
" L 11 & Pow9914 No Hudson
lot g 4189 1946_ . -14 99
Westchester Sc Bronx Title
614 7
„
Consol Rubber Tire-...-100
A-0
5s 1938
.1-See 8th E x list
grub Sell,Corp of-NMtge
Sc
160
Guar
100
188
30
100
1061,
Preferred
racial)
&
Gas
corn_
le,
10534
_100
6814 68-3.
100Tr ctfs 2% to 6% perpct
65
3
•15634 157
Westingh'se Air Brake60
Debenture 43 1951_ A-0 / 51
100 93 94
Preferred
I North Jersey St By_ _100 80 ____
8084
80
1212 Woolworth (F v) co cw
_
100
95
e Crucible Steel
7712 781 Pat & Pas Gas & Eleo_100 92
M-N
1st 4s 1948
i
I)
109 10984
(w
Preferred
g
218
100
1031,
102
M-S
Preferred
•
s
1941)
58
g
Con
___
; Cons Traot of N J___100 75
*58 1124 Wortlaingt'n Pump pref_100 104 107
Davis-Daly Copper Co......10
95
J-13 104 105 St Joseph Gas 50 1937-J-J 90
1st 55 1933
Volume of Business at Stock Exchanges
g
Inactive and Unlisted Securities
414?
/yr
*Per share.
b
delis on Stook thtcnange; b a not very aOilTO,
ilat prlot). - a Nominal
a dale pace.
Wow steak.
a ga-ctly.
11..411111ga.
BOSTON STOOK EXCHANGE--Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENTUM PRICES
Saturday
Jan 20
Monday
Jan 22
%Tuesday
Jan 23
1Vednesday
Jan 21
Thursday
Jan. 25
Friday
Jan. 26
Sales
of the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range since January 1.
On basis or 100-share lots.
Lowest.
Highest.
Range for Previous
Year (1911).
Lowest.
Highest.
It Ailf034.15
5 Atch Top & Santa Fe_100 10513 Jan 15 10638 Jan 25 10058 Sep 11614 J'ne
*10618 10633 *10614 10612 *10613 1063, *10614 10612 10618 10658 *10614 10618
25
Do prc•
103 103 *10233 103 .10273 10338 *103 10312 1.103 10312
*10212 103
100 10112 Jan 12 103 Jan 22 101 Sep 105 J'no
184 Boston & Albany
221 22112 221 22112 22112 22112
22012 22012 22012 221
22012 221
100 220 Jan 3 22112 Jan 2,: 210 Apr 220 Feb
150 Boston E:evated
*13312 134 *133 13334 13313 1333. 13334 1334 13334 134
100 13014 Jan 2 131 Jan 19 12413 Sep 13012 Aug
13334 13334
9 Boston & Lowell
218 218. *218 219 *218 219 *218 219 *218
218 218
100 217 Jan 5 218 Jan 4 207 Feb 218 Sep
10014 10012 *100 10012 10014 10014 100 10014 10014 10012 10014 1-6024
339 Boston & Maine
100 9912 Jan 8 10012 Jan a
1012 Oct 12238 Feb
__ 0298
*298
Boston & Providence_100 299 Jan 3 290 Jan 3 292 Alt b 300 Mch
-- *295
Last Sale 299 Jan'12
_
*13 15 5293*13
15
*13 -1-g
13 -13- *13
13 Jan 24
13 Jan 24
15
*13
12 Sep
15
21 Boston Suburban El Cos_
16 Mch
*74_ *74
50
Do pret
*74
_ *74
75
_
75 Jan 25 75 Jan 25
75
*74
Oct
7614 J'ne
*____ -1-2-1f ;•___ 1212 *____ 1212 *____ I212
Boston & Wore Eleo Cos_
Last Sale 1238 Jan'12
o Feb
12 Jan 6 1212 Jan 6
13 .Ply
*56
58
pref
Do
*56
58
;Pi!: Jan
*56
Last Sale 5412 Jan'12
58
*54
57
54 Jan 5 67 Jan 8
5$ J'ly
*170 171 *170 171 *170 171 *170 171
Chic June Ry & USY_100 170 Jan 16 170 Jan lt• 150 Apr 171 Dec
Last Sate 170 Jan'12
109 109
83
Do pret
109 109
10313 Jan 2 111 Jan 25 107 Mob 11512 J'ly
11034 111
109 10914 *11014 111
111 111
*271_ *271
Connecticut River__100 271 Jan 3 272 Jan 18 265 Jan 272 J'ne
Last Sale 272 Jan'12
__ *271
_ *272
12712 117-34 12734 1-2-734 12734 1-213.r 12734 1-213-4 12734 123 *127 12734
134 Fitchburg, pret
100 126 Jan 3 128 Jan 2.5 125 Apr 130 Jan
343 Oa Ry & Electric
*173 174
174 175 .17413 17434 174 174 *17212 174 *172 174
100 14913 Jan 4 175 Jan lo 11712 Jan 164 Oct
*86
88
87
87
87
p
8734 8734 8712 8738 87
8612 8612
86 Feb
p% cernetfrai
100 8612 Jan 26 9113 Jan 15
211 _Lain
9312 J'ne
*141_ *143 145 *143 145 *143 145
Last Sale 135 Sep'11
100
135 Sep 215 Jan
*2214 -2-2-12 22
2212 2213 2218 2213 221g 2218 2212 22
22
15 Apr
24 .1140
861 Mass Electric Cos____100 22 Jan 2 2318 Jan 8
9512 9512 9534 9534 9514 9534 9552 9573 9558 9534 96
ef
6 N V oN itr&
8334 Jan
96
100 95 Jan 3 97 Jan 5
: 8
104p
96 Nov
139 139
13834 139
Hartforti_100 13713 Jan 3 139 Jan 16 12714 Sep 15138 Feb
13834 139
139 139
13734 13838
1383 139
14212 14212 11214 14214 ---------143 143
18 Northern N II
_-- *143
100 14213 Jan 19 143 Jan 22 13v Jan 142 Meh
*210
Norwich & Wor pref_100 211 Jan 8 212 Jan 2 210 Jan 214 Nov
-Last -Sate 211 Jan'12
_ *210
__
*212
__ *210
24010 Colony
186 186
*18514 1-8-012 18514 1/1514 186 1-86
186 1-8-6
186 186
100 18514 Jan 3 18634 Jan 16 183 Meh 190 Nov
749 Itutland prat
66
*5414 55
70
64
68
5.512 56
57
69
0212 64
32 Jan
100 41 Jan 2 70 Jan 24
45 Deo
_
111 11112
193 Seattle Electric
*111 112
111 11114 111 11114 111 111
100 100 Jan 10 112 Jan 17 10512 Apr 114 Deo
*102
597
102 102
Do pret
_ _ 102 102
102 102
i17)2 10
102 102
-100 10114 Jan 8 10214 Jan 11 x9712 Mch 104 Aug
Union
16834 1-6-913 16734 16314 *16718 18738 16634 16678 16718 16778 16612 16612
15312
Pacific
Sep 19218 J'ly
100 16614 Jan 19 17313 Jan 2
750
Do pre,
92
92
90 Melt
*92
9212 *92
- *9214 0234 91
9212 --9518 May
91
100 91 Jan 26 92 Jan 20
Vermont & illass
164 164
--- *169
.
_ *164
*163
- *163
_ *163 165
100 161 Jan 5 164 Jan 16 156 Nich 16418 Dec
West
Lad
85
*87 1712 8714 17-14 8714 8714 8712 8712 8734 -St
Sep
93 Meh
50 861 Jan 2 8734 Jan 25
8734 8712 -8-7-34
161
102 102 *10112 ____
Do prof
10112 10112 10114 10112 *10112
__ 10112 102
50 10114 Jan 2 102 Jan 3 10J Aug 105 Jan
112
Miscellaneous
3.315
6138
613
613
62
4
6134
3
Amer
6112
6114
6012
6153 6134
Agricul Chew _106 6012 Jan 19 6313 Jan 2
6114 62
46 Sep
633.1 Dec
102 10212 10214 10212 10214 10234 10214 10212 10212 10234 10212 10234
468
D
prof
100 10034 Jan 13 10234 Jan 2
99 Jan 10514 Mch
*458 5
(3I Jan
45g 434 *4
1,345 Amer Pneu Service
434
418 414
50
413 413
4
4
4 Jan 26
518 Jan 16
$.,...,_
17
17
1612 16
16
1612 1634 1613 1612 16
16
1213 Aug
50 1534 Jan 6 1714 Jan 16
1t;14 Jan
1,63403
0
115 11514 115 11514 115 1 1514 11518 11514 11514 116
Amer
p r Sugar
16 117
re I5elin_100 11434 Jan 10 117 Jan 26 112 Sep 122 Feb
11512 116
110 1 1614 116 11612 116 11612 11612 11712
11534 116
100 11512 Jan 4 11712 Jan 26 11134 Jan 12018 May
D
l o Tel
Amer
14168 142
Preeit• ec Teleg_100 13712 Jan 2 14218 Jan 18 13158 Aug 15314 J'ne
14138 14131 140 14118 13912 14038 140 14012 14018 14038 7,88772
7 Ane
_ _
_ *2712 2912
Amer•can Woolen..__100 28 Jan 8 28 Jan 8
Last Sale 28
Jan'12
20 Dec
3604 Mob
Do pret
88
8812 88
88
1.18f4 -81371 8i -18-12 Ai --8814 88
8512 Oct
100 88 Jan 2 8978 Jan 10
289
9612 J'no
8814
133 Amoskeag Manufacturing 77 Jan 3 7313 Jan 26
78
78
*78
_ 7833 7238, 7238 7833 *7814 7812 7814 7812
7712 Dec
81 Nov
*100 10014 100 100 *100 10014 10014 10014 100 10014 100 10014
pret
100 Jan 2 10014 Jan 5
09 Dec 10012 Deo
GullPr
187
*812 9
1 AtiDG
*812 9
o
*812 9
*812 9
ee tW I SS L_100
*812 9
814 814
7 Jan 4
738 Dec
814 Jan 11
11 May
8
44.812 20
Do pret
1912 1912 19
1934 1934 *1812 20
*1812 20
' 100 16 Jan 4 20 Jan 18
19
1412 Nov
20 Jan
100 160
160 160
15912 160 *160
160 160
160 160
312 Cnmb Telco ec Teleg_100 157 Jan 2 160 Jan 20 14514 Jan 15912 Jfll
East
1331 1438 1412 15
1212 1318 1318 -13-58 1318
Boston
1478 16
Land__
10
714
1034
Jan 2 16 Jan 26
18,550
Jan
12 Slav
110 110
1338..„- -- _ *110
110 110
110 110
92 Eastern Steaanship__100 107 Jan 16 111 Jan 4
78/8 Feb 118 Nov
297 297 *294 297
297 207- *298 300
296 297
299 2-99
47 Edison Eleo Illum__100 295 Jan 2 299 Jan 26
15 Sep 297 Dec
116 General Electric
160 160
159 15012 159 15914 15914 16034 16012 16112 15912 15012
100 155 Jan 2 16113 Jan 25 142 Sep 16734 .?.lay
9112 92
9134 9134 9134 9134 9114 9114 9034 91
741 Massachusetts Gas Cos100 9014 Jan 2 92 Jan 20
91
91
8734 Jan
9634 Aug
9512 98
Do pot
96
9613 98
06
96
90
90
96
96
96
100 9312 Jan 5 9618 Jan 24
280
93 Doc
9812 Oct
224 224
221
221
221
222 223
221
*220 221 *220 221
122 Mergenthaler Lino_ 100 220 Jan 4 225 Jan Is 211 Jan 235 Aug
312 4
*4
*312 412 *312 412
412 *4
412 4'312 4
302 Mexican Telephone
10
3 Oct
3 Jan 4
478 Jan
4 Jan 20
105 106 *104 10412 *104 105 *104 106 *104 106 *104 106
10 N E Cotton Yarn
100 105 Jan 2 105 Jan 18 103 Oct 119 Moll
45
Do prof
*10312- 10312 10312 6103 2
100 x10312 Jan 15 105 Jan 2 101 Nov 11(112 141ch
_
2 _-_-- *10313 „.*10312
398 N IS Telephone
159 1-6-1 160 161
15912 160
--- 160 160 *161 1-62- 161 1-01100 132 Jan 2 161 Jan 20 137 Jan 16512 Dec
4.111 -__ 116 116 *11612 125 *11613 ---- *11813-- *11612
15 Padflo Coast Power 100 116 Jan 22 116 Jan 22
96 Jan 105 J'ne
Portland (Me) Elec_le0 2212 Jan 17 74 Jan 0
*75
_ _ *75
_ *75
*75
_
Last -Sate 7212 Jan'12
6234 Ply
7334 Nov
uee
16053 1-6038 16013 1-1103-4 16013 1-6-012 16012 1-61 161 161
man
Bu
Ctoten_
100 159 Jan 2 181 Jan 24 153 Sep 163 Jan
227 Pullman
16012 161
*1312 1414 *1312
*1358 14
*1334 14
Lest Sale 14
Hole__ 10 1334 Jan 2 14 Jan 17 x12 Jan
Jan'12
15 May
100 10038 10014 1-0012 10038 10038 10018 10012 10014 10012 1001g 10012
32
20
7 Swift & Co
100 9813Jan 2 10012 Jan 22
9734 Sep 104 J'ne
Torrington
*3014 3058 *3114 3158 *30
3053 *30
3058 3012 3038 *30
25 3012 Jan 25 32 Jan 10
36 Jan
20 Sep
3034
22
Do pret
30
30
3012 *30
ot
3013 *29
*29
3012 *29
30
25 28 Jan 5 30 Jan 13
2912 29.12
27 Mob
71 J I y
un
Fruit
183 183
18112 183
183 18312 183 183
1 United
45
18112 18234 18012 18112 1,7
51.
100 18012 Jan 26 187 Jan 6 /1178 Dec 10713 J'ly
Shoe
4734 48• 4714 4714 47
47
47
Corp
47
47
47
25 4614 Jan 15 4834 Jan 4
47
47
4014 Aug
5878 Feb
Do
ref
28
2814 23
2318 28
2814 2818 2818 2813 2812 _ __ _
25 2758 Jan 10 2313Jan 25
_..
,
631
2612 Sep
12914 Jan
6633 6512 6638 6578 6638 6514 -67
6712 6614 67
68
100 6514 Jan 26 6984 Jan 3
50 Oct
6614 16,323 U S Steel Corp
8218 Feb
346
Do pref
111 11112 11073 11078 11034 11034 11034 1113g 11034 1115i. 11034 11112
100 11012 Jan 15 11134 Jan 3 10312 Sep 12012 Feb
Mining
330 Adventure Con
614 834
25
612
612 612 *512 612 *512 612
6 Jan 15
634 634 *8
4 Sep
778 Jan 2
713 J'ne
518 518 86
Algomah Mining
312
633 612
618 6.18
618
6
614 2030.
6
25
458 Jan 4
e612 Jan 22
212 Oct
11 J'ne
190 Alio=
43
4112 42
*42
4012 41
43
4212 4212 *42
42
42
25 4013 Jan 26 4413 Jan 2
21 /1ug
Dec
4414
6538 6434 6514 6418 6434 6418 6434 6358 6418 3.635 Amalgamated Copper 100 6338 Jan 26 6733 Jan 3
6658 68
63
4434 Sep
7158 J'no
317 ,vm Zinc Lead & Stu_ 25 25 Jan 26 2634 Jan 8
*2513 26
2512 2512 *2514 28
*2512 20
*2512 26
25
1934 Oct
2514
3038 .1'no
Arizona
1,410
334 358
Com'l ctfs dep_
188 1)ec 21118 Dec
333 334
312 358 *314 312
312 312
2 Jan 2 e334 Jan 10
314 314
150 Bonanza Dev Co
*.45 .60
.49 .49 * .45 .60 * .45 .50 * .95 .50 * .45 .50
10 .42 Jan 4
12 Jan 10 .30 Oct .75 May
605 Bos&Corbeop&SIIMg
8
8
813 814 • 814 814
812
814 814
832 812 *8
5
612 Jan 6
9 Jan 16
1512 May
4 Aug
33
3"ig
312
334 3154g
312 312
4
4
418
4
795 Butte-Balaklava Cop_ 10
4
4
312 Jan 22
3 Nov
412 Jan 4
612 Jan
2218 2212 2238 2258 2238 2212 2214 2214 2213 2214 2214 2214 3.640 Butte Coalition
15 2134 Jan 18 2338 Jan 3
14 Aug
2312 Deo
61
6112 61
62
6114 1,297 Calumet & Arizon......_ 10 6034 Jan 4 63 Jan 2
6114 61
6164 6134 6114 6158 61
45 Sep
6334 Deo
*430
435
425 430
930 430
429 430
435 435
144 Calumet & Hada
425 430
23 425 Jan 26 447 Jan 3 350 Sep 545 Jan
82590
5c
Ce
nnten
2112 2112 21814 2012 *__ 20
22
22
20
Aer
inlae
20
*19
20
25 1712 Jan 5 23 Jan 18
19 Deo
8 Aug
Cons
.07 .07 * .08 .07 * .05 .07 * .05 .07 * .05 .07
lur Gold
.05 05
1 .04 Jan 13 .09 Jan 15 .03 Nov 15 J'no
534
Copper Range Con Co 100 53 Jan 26 5612 Jan 2
64
54
64
64
5312 5312 5312 5312 53
4614 Sep
5034 Feb
53
53
53
*5
512 *5
10 Daly-Wee,
20
512 *5
3 Feb
5 Jan 19
538
512 512 *5
638 Jan 6
7 Dec
533 *5
514
1312 1278 13
1363 14
1312 14
13
1268 13
10 1214 Jan 15 14 Jan 20
1212 1234 9,405 East Butte Cop Min
873 Aug
1134 J'ne
12
1214 12
1214 1134 1218 1134 1134 1134 12 *12
25 1112 Jan 15 1258 Jan 12
512 Aug
1) J'ne
1214 2,154 Franklin
413 412
412 458
458 458 *412 458
412 453 41ts 491e 3,561 Giroux Consolidated_ 5 4348 Jan 4
3as Sep
434 Jan 5
818 Feb
38
*36
38
37 *-___ 3612 *36
37
*36
37
37
37
25 Granby Consolidated_100 36 Jan 15 3912 Jan 3
76 Aug
4312 Inc
Sete 858
20
834 9118
8"13 9
812 9
818 Jan 2 9118 Tan 22
812 858
5916 Oct
812 858 15,375 Greene Cananea
853 Deo
3412 3512 3412 3514 34
341r 34
34
34
35
34
34
4,135 Hancock Consolidated 25 29 Jan 5 e3512 Jan 17
17 St:p
3112 Dec
*138 ' 112
275 Ifelveti4 Copper
114 138 114 114 138 138 138 138 *118 138
25
1 Jan 3
112 Jan 15
34 Sep
2 Feb
*1238 13
12
12
1212 13
*1212 13
1214 1312 1333 1312 1,303 Indiana Mining
25 1133 Jan 16 1478 Jan 4
514 Oct
10 Inn
1068 1078 1012 1034 1033 1012 1012 11
1012 1078 1038 105p 20,584 Inspiration Copper_ „10 10 Jan 16 11 Jan 24
7.58 Sep
1018 Deo
*4112 42
*4112 42
706 Island Creek Coal.._. 1 4012 Jan 17 4333 Jan 26
43
4112 4112 42
4338 4334 4334
2914 May
Dec
44
*85
86
36
8614 8614 81314 8534 8614 8614 8614 ..„2
let
re
oitnypa
1 85 Jan 13 8614 Jan 19
59252
8:38 Sep
UI J'ne
*24.84 2214 22
22
2112 2134 2112 2112 2114 2112 2112 21-1-2
isle
Copper
25 2034 Jan 13 2278 Jan 6
111.• Aug
*-3 Dec
273
234
278 *234 273
278
278 278
690 Kerr Lake
273 2.73
5
234 Jan 2
278 273
258 Oct
3 Jan 2
778 Jan
11. 112 *138 112 1718 112
133 138
*114
112 *114
138
175 ICeweenaw Copper
25 .80 Jan 2
134 Jan 10
334 Joe.
12 Nov
3618 3612 304 3612 36
36
*3512 36
3512 3512 3614 3534
565 Lake Copper Co
25 3514 Jan 26 38 Jan 2
22 Aug
10 J'uo
*513 534
512 512
512 512
5
5
5
514
514 514
305 La Salle Copper
25
5 Jan 15
6 Jan
:3 Aug,
534 Jan 9
4214 4212 43
43
43
4'92
4234 41
4212 1258 42
4212 1,951 Live Oak Developm't_10 4038 Jan 15 4312 Jan 18
9214 Dec
2014 Nov
12
1218 113.1 12
1134 1178 1134 1134 1134 1134 _..„ _ _._
837 Mason Valley Mines...3 1112Jan 4 1213 Jan 18
1178 Deo
012 Apr
814 814
8
812 *8
160 Mass Congo!
814 *8
814 *8
812 *778 -814
25
8 Jan 22
.112 Aug :10 J'ne
914 Jan 4
*634 7
634 738
714 712
713 778
734 814
814 914 16,2
t ym
fliorr
mIlia
ce4per
25
66 I
58
3118 Dec
234 Jan 3
9'14 Jan 26 .20 Feb
26
25
2434 2478 *2412 25
*2334 2414 2412 2412 *2414 243.
5 2334 Jan 16 26 Jan 3
2438 Dec
1678 Sep
33
370 Michigan
312 312
314 314
312 *314 31
*314 312 *314 312
114 Nov
25
2 Jan 2
312 Jan
313 Jan 20
66
66
*55
56
53
55
154
56
5312 55
66
*54
117 Mohawk
25 5313 Jan 26 5812.fan 0
36 Apr
57 Dec
1914 1938 1013 1914 1918 1914 19
19
1878 19
1834 183
1,214 Nevada Consolldated- 5 1834 Jan 26 2018 Jan 2
15 Sep
2114 J'ne
31s„ 314„ *312 4
*33.
334 4
4
345 New Arcadian Copper 25
373 378
334 334
312 Jan 2
2 Aug
414 Am'
414 Jan 16
634 678
634 673
673 7
6130 873
634 678 61318 673 2,429 Nipissing Mine;
5
z602 Dec
534 Jan 3
7 Jan 23
1138 Feb
26
2612 26
2618 2512 2512 2518 2512 25
2538 2438 2514 3,585 North Butte
15 2433 Jan 26 2912 Jan 2
20 Sep
3614 J'ne
534 534
260 North Lake
51 Jan 18
534 6
*534 614
534 534 *512 6
25
..
6
6
334 Aug
714 Jan 2
934 J'no
618 614
6
6
534 6
*534 6
513 0.4
6
6
655 0 1bway Mining
25
412 Jan 5 e634 Jan 11
358 Dec
312 J'no
534 6
534 633
613 131Le
25
618 634
258 Jan 2
658 678
638 738 18,732 Old Colony
738 Jan 26
50 Jan
318
J'ly
4612 4612 4634 4634 *4612 47
4612 4634 *46
47
*40
47
40 Old Dominion Co
25 4612 Jan 19 48 Jan 2
3414 Sep
49 J'ne
108 108
10812 10912 *109 10912 109 109 *108 109
108 10914
157 Osceola
25 106 Jan 15 110 Jan 2
81 Sep 124 Jan
---- --..
- --__ ---_
-_
Last Sale 13
Jan'12
Parrot Silver & Cop_ 10 1234 Jan 13 1412 Jan 2
778 Sop
1434 Deo
70 -7-77612 -7-7- *7513 1612 76
77 -7-77612 76
896 ninny
7534
25 7412 Jan 5 77 Jan 8
76 Dec
55 Sep
1818 1818 18
1818 1778 18
1712 1778 1712 1733 1713 1712 1,987 Ray Consol Copper
10 1718 Jan 26 1013 Jan 2
19 Dec
12 Sop
153 134 *112 134 *112 134
112
112 112
112
500 Santa Fe Gold & Cop- 10
112 112
114 Jan 3
134 J'ne
178 Jan 11
34 Apr
1012 1012 1038 1038 1014 1014 10 10
978 978 934 934
805 Shannon
10
934 Jan 28 1034 Jan 9
1214 Feb
7 Oct
*34 .80
34
*34 .80
34
34
650 South Utah 21 & S._ 5 .62 Jan 11 .85 Jan 17
34
34
34
34
34
1 110 May
12 Dec
2812 2812 *2713 2812 *27
2812 *27
2312 *27
28
*27
2812
25 Superior
25 2713 Jan 16 3012 Jan 2
4212 Jan
20 Oct
4
414
413 414
418 418
4
4
4318
414 13ts 4318 2,633 Superior & Boston 11in 10
334 Jan 2
e213 Oct
478 Jan 13
814 J'ne
30
30
30
31
31
31
*29
31
*29
30
30
30
80 Tamarack
25 2912 Jan 16 3278 Jan 2
20 Sep
62 Jan
534 638
614 612
614 612
6
614
25
6
614
614 614 2,428 Trinity
5 Jan 15
278
Oct
17
Jan
513 Deo
63
3
36
36
*35
3514 35
35
35
35
36
35
35
36
245 U S Smelt Ref & Min_ 50 3414 Jan 18 3612 Jan 2
3038 Sep
4018 J'ne
4778 48
4773 4778 4778 4778 47
4714 4712 4734 4734 48
811
D • pref
50 47 Jan 10 43 Jan 3
4514 Aug
4913
J'ne
21513 313
311s 3118
3
3
311at 313
234 318
5
318 313 1,709 Utah-Apex Mining
314 Jan 8
222 Jan 2
178 Nov
312J'nO
1612 1612 16
1614 1618 1618 1513 16
16
16
16
16
725 Utah Consolidated
10
5 5
15
513 Jan 28
9
2
934 Jan
24 51,71142
20 J'ne
15613 8634 15612 5612 5614 5614 5613 58
5578 5073 55
55
703 Utah Copper Co
Jan
33 Sop
5753 Dec
512 578
512 Ps
5
5
5
512
538 533
533 512 3,190 Vic,orla
25
438 Jan 4
Vs Jan 20
I Aug
41s Deo
6
614
6
5
6
8
534 534
512 534 *5/
1
4 614
300 Winona
5I Jan 25
25
878 Jan 2
Nov
4
33
612 Feb
9912 9912 99
99
9712 9212 *___ 97
96
98 4,---- 98 ,
134 Wolverine
25 96 Jan 25 10213 Jan 2
74
Nov
122
at. 21.
Feb
21. 21.
21. 2L
214
214
21.1
21,
21, 2/, 1,830 Wyan...:ott
25
134 Jan 6
234 Jan 10 .30 Nov
3 Feb
•gw,_&814 iviked'vase. 81.6(ow. stook. 4 Anal paid. 0 Pux-stosa dlr.
Ex-rights. a Ex-dlY. sad rlitbts.
131
271
Boston Bond Record
JAN. 27 1912.1
2
BONDS
BOSTON STOCK EXCHANGE
Week Ending Jan. 20
PriCZ
Friday
Jan. 26
6
Am Agricul Chem 181 58_1928 A-0
Am Tclep & Tel coil tr 43__1929 J-J
1936 M-S
Convertible 48
Am Writ Paper 18t s 55 g.._1919 J-J
1915 11-N
Am Zino L & S deb 6s
Ariz Corn Cop 1st 6s ctfs of dep.
Atch Top & S Fe gen g 4s_ _1995 A -0
Adjustment g 4s____July 1995 Nov
Stamped
July 1995 NI-N
50-year cony 45
1955 J -I)
10-year cony 58
1917 J -D
Atl Gulf & W 1 SS Lines 53_1959 J -J
Boston & Lowell 45
1916 J-J
Boston & Maine 4 Ms
1944 J -J
Bur & Mo Itiv cons Os
1918 J -J
Cedar Rap & Mo It 1st 78_1916 M-N
Cent Verint 1st g 4s___May 1920 Q-F
B & Q Iowa Div 1st 5s
1919 A-0
1910 A-()
Iowa Div 1st 4s
1913 M-N
Debenture 5s
1922 F- A
Denver Exten 45
1927 S1-N
Nebraska Exten 4s
1921 M-S
B&SWsl 4s
1949 J-J
Illinois Div 3 Ms
Chic Jet Ry & Stk Yds 58_1915 J J
Coll trust refunding g 4s_1940 A-0
Ch Mliw & St P Dub D 08_1920 J-J
Ch M & St P NVIs V (lly 6s1920 J J
Ch & No Mich 1st gu 5s_1931 11-N
1921 J
Chic & W Mich gen 5s
Concord & Mont cons 4s_ _ _1920 J
Cudahy Pack (The) 1st g 5s 1924 M-N
1926 A-0
Current River 1st 5s
Det Gr Rap & W 1st 4s__1946 A-0
1940 11-N
Dominion Coal 1st s t 58
1913 11- S
Fitchburg 4s
1927 M-S
45
1933 A-0
Freint Elk & Mo V 1st 6s
1933 A-0
Unstamped 1st es
general Motors 1st 5-yr 68_1915 A-0
Gt Nor() B & Q coil tr 4s 1921 J-J
1921 Q •
Registered 45
Week'
Range or
Last Sale
Range
Year
1911.
ce
Ask Low
High No
Bid
10212 Sale 10178 10212
0
99
91
9078 Sale 9058
109 11012 111 Jan '12
0834 Oct '11 ---104 108 105 Jan '12
11
57
59
57 50
2
9914
9918 9012 9914
9112 9212 91l Jan '1'2
9158
0158 Sale 9158
107 DM.'11 _
11018 Mch'11
67 68 68
9
6814
10014 Itch'00
10412 Oct 'Os
10234 Dec '11
11158 Sep '11
10
90
00
1103 Oct '07 ----____
00 Feb '11
10034 Oct '11
9978 Sep '11
9912 May'il
0918 Feb '11
8712 Nov'11
10138 Sale 10114 10138 41
3
90
90
00 91
114 Jan '11
_
11358 Feb '11
99
99
--2
91
101
2
101 102 101
9712Sep '11
10014 Aug'OU
7
10112
ion;Ware 9014
8534 _ _ 8512 Oct '11
0812 0912 9758 Nov '11
10318 Apr '05 _..
06 Apr '08
-- 128 J'ly '11
140 Aor '05
0812 983-4 97125ep '11
20
08
9712 Sale 9738
3
9718
9718 Sale 9718
Low IIiyi.
100581025;,
8912 92
104 11112
00 983.1
98 12212
45 5712
98 9012
91 9178
91 02
107 113
10814 11058
6334 73
-10234 10312
11158 11134
8712 0058
---____
10034 10114
9014 100
0838 9912
0918 9918
8738 8814
100 10218
8714 9034
114 114
11358 11358
9812 101
001210134
0712 9712
-5i'8512 8738
0534 9814
_
12714 128
-5712 9918
0512 9834
9538 98
Price
Friday
Jan. 26
BONDS
BOSTON STOCK EXCHANGE
Week Ending Jan. 26
1913 A-0
Illinois Steel (leben 5s
fa Falls & Sioux 0 1st 7s_1917 A-0
1925 A-0
Kan C Clin & Spr 1st 5s_
Man C Ft Scott & Mem 6s.._1928 31-N
1934 M- S
Man CM & B gen 45
1934 '4'S
Assented income 5s
Man C & M Ity & Br 1st 53_1929 A-0
1912 A-0
Maine Cent cons 1st 7s
1912 A-0
Cons 1st 4s
Marq Hough & Ont 1st 03_1925 A-0
1925 J -J
Mass Gas 4 Ms
1917 J J
Mich Telephone 1st 51
New Eng Cotton Yarn 5s 1929 F- A
1915 A-0
New Eng Tel:ph 5s
1916 A-0
5s
New England cons g 5s__1945 J-J
1939 A-0
Boston Term 1st 4s
New Sliver (The) cony 5s 1934 J-J
NY N II & H con deb 3 5s_1950 J -J
1948 J -J
Cony deb Os
1929 F-A
Old Colony gold 4s
Oregon Sly & Nay con g 4s_1946 J-1)
1922 F - A
Dreg Sh Line 1st g 6s
1912 J-J
Pere Marquette deb g 6s
Repub Valley 1st s 1 6s__1919 J-J
Savannah Eiec 1st cons 5s 1052 J -J
1930 F-A
Seattle Elcc 1st g 5s
1919 NI- N
Shannon-Ariz 1st g Os
1929 J-J
Terre Haute Mee g 58
1918 M-S
Tor,rington 1st g 5s
Union Pac RR & 1 gr g 4s 1947 J-J
1927 J -J
20-year cony 4s
United Fruit gen s 1 4 Ms1923 J-J
1925 J -J
Debenture 45s
U S Steel Co 10-60-yr 5s Apr 1903 NI-N
West End Street Sly 4s_1915 F-A
1914
Gold 4 Ms
1916 M-N
Gold debenture 4s
1917 F-A
Gold 4s
Western Telcph & Tel 5s_ 1932 J-J
Wisconsin Cent 1st gen 4s 1949 J J
NOTE.—Buyer pays accrued interest In addition to the purchase price for all Boston Bonds.
Range
Year
1911.
Range or
Las! Sais
High No Low High
Sid
Ask Low
1 100 10233
10012
10012 10012
117 Apr '03
3 -54197
97
4
4 -1511115 11714
11712 Sale 11714 11712
92 9312
92
92 Jan '12
88 00
89 Jan '12
102 10312
10214 10234 10212 Jan '12
10014 Dec '11
10014 10234
10114 Sep '05
115 J'ne'08
ii -1751-2 100
8
3.
99
-56 Ktie 9814
9912 9912
9912 May'll
98 103
98
1)8 WaIJ 9712
10134 102
10138 Mch'11
---- 10012 Sep '08
0834 - 13834
---- ---- 098 Jan '12
---____ ----
75 Dec 11
9634 May'll
132
13212
101 Apr '09
9878 Sep '09
11314 Dee '11
95 Jan '12
103 Jan '11
7014 Dec '10
idi1-4 Sale 104
10412
80 Nov'11
97 Apr '07
9934 Jan '12
10078 Oct '11
10318 Dec '11
96 Of13-8 9318
9614
96
98 Sale 96
10158 Jan '12
9018 Sep '11
10018 Dec '11
9812 Apr '10
9812 N ov'1 1
100 Sale
Yale 9978 100
9314 Jan '11
• No price Friday; late7t bid and asked.
75 75
9634 9912
6 12912 13434
113 fail/
98 9834
103 103
16'-
56 104
80
93
---- _10038101
10318 10458
11 9578 9712
9512 9672
100 106
9812 9918
10018 10012
17
98l. 99
063410012
9312 9314
¶ Flat price.
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Share Pricol —Not Per Ceattnn Prices
Saturday
Jan 20
Monday
Jan 22
Tuesday
Jan 23
10334
8103__ 10312 104
10904
10612 1-0-612 10614 107
014
812 858 *812 9
*7012 7112 *7012 7112 70'14
128 128 -312712 129 3128
63
63
1914 20
*6212-20 -2-012
Wednesday
Jan 24
7
--------7
7
4512 *45
4512 4514 4512
4414
4412 4412 4412 44
1218 1218 1218 1218 1218
5478 5512
55
54
51
3112 *3012 3112 *3012 3112
72
*7012 72
713.1 72
---- ---;25- Wiz -281.4 28.14 2818 2838
8078 8918 8978 90
8978 90
8312 83 833143
8312 8378 83
*858 9
*853 9
*858 9
2.114 2414
2378 24
*2334 24
0178 6214
8194,3 611%4 81134e 62
5114
5134 5134 51
52
*51
1738 1734 1712 1734 1758 18
*2338 2358 2314 2314 *2338 2334
7812 79144 781344 79903 z7812 7918
718 7,
8
7146 718
738 738
5118 5114 5114 5138 5114 5114
8712 8734 8758 8758 8712 8758
7
4512
4414
1218
5334
31
7134
Inactive Stocks
10
American Milling
50
Cambria Iron
Central Coal & Coke_100
100
Preferred
100
Consol 'Free of N J
50
Germantown Pass
Huntington & B T____50
50
Preferred
Indiana Union Tr_ ___100
Insurance Co of N
Inter Sm Pow It Chem_50
Interstate ktys, pref__ _10
Kentucky Securitles_100
100
Preferred
Keystone Telep v t c.._ _50
50
Preferred
Keystone Watch Case_100
10
Lit Brothers
Little Schuylkill
50
50
MinehIll & Schuyl II
,Nat Gas Eiee Lt It Po_100
100
' Preferred
North Pennsylvania_, 50
50
Pennsylvania Salt
Pennsylvania Steel__ _100
100
Preferred
Phila Co (Pitts) pref_50
Phil German & Norris. 50
50
Mita Traction
10
Railways General
Tonopah Belmont Dev__1
United Cos of N J____100
United 'Free Pitts pref.50
Virginia Sly & Pow...100
100
Preferred
Warwlek Iron & Steel._10
100
Washington-Va Ity
100
Preferred
100
Welsbach Co
• West Jersey & Sea Eli ..50
Westmoreland Coal._ _50
Wilkes Gas It Elec_ 100
50
York Railway
50
Preferred
•
Bid
63
63
1912 20
7
*6
4512 4512
4418
44
*12
1214
5512
55
31
31
72
*71
---- -___
2778 28
8978 90
82 82716
834 834
24
24
61"46 62346
5114 5114
1778 18
2312 2312
7778 781144
714 Pm
5114 5114
8712 8734
Ask
63
63
1934 20
6212 63
*1934 20
Saki
ACTIVE STOCKS
ol the
Week (For Bonds and Inactive
Stocks sea 5310w)
Shares
Baltimore
435 Con Gas Et L & Pow_100
prat
100
Do
298
100
541 Houston Oil
100
Do
pref
2,550
50
4 Northern Central
Seaboard Company 100
100
1st pr&
Do
100
2d pret
Do
1,039
6,478 United Hy & Electric_ 50
Range for Previous
Year (1910)
Range /or
Year 1911
Lowest
1Vghest
64 Jan 9 9512 Dec 22
89 Jan 9 101 Sep 18
7 Mch 31 10 Aug 15
45 Feb 8 79 J'ly 31
121 Jan 11 13034 J'ne 26
21 Jan 4 2838 J'ne 3
80 Jan 6 9978 Dec 26
4314 Jan 4 65 Nov20
1613 Jan
1978 J'ly 20
Lowest
46 Mch
80 Mch
5 Sep
35 J'ly
115 Jan
1858 J'ly
7212 Feb
40 Oct
1258 May
Philadelphia
1712 Jan 4
17 Dec
50
5 Nov27
712
207 American Cement
678 678 *7
4134 J'ly
50
42 Jan 5 4612 Nov16
300 American Railways
*45
4512 *45
4512
4014 J'iy
50
4078 Sep 22 4834 Feb 18
939 Cambria Steel
44
44
44
44
1114 J'ly
1112 Jan 4 1212 Jan 14
54 Electric Co of America 10
1214 1218 121s
*12
42 J'ne
4812 Jan 3 5618 J'ne 15
55
3,628 Elec Storage Battery_100
5514 55
55
1914 J'ly
23
100
Aug
ctfs
2812
tr
25
Asphalt
Oct
Gen
129
32
3914
*31
31
31
64 J'ly
pref tr etfs_100
68 Aug 26 8378 Jan 30
Do
201
72
*71
72
*71
7 J'ly
918 Jan 10
658 Dec 19
Keystone Telephone_ 50
_— _ *714 734
1512 J'ne
2112 Sep 14 32 Feb 0
636 Lake Superior Corp 100
28
*2734 2812 28
80 J'ne
8312 J'ne 29 98 Jan 14
8978 8078 1,055 Leis C & Nay tr Ws_ 50
90
00
6212 J'ly
50
7534 Sep 14 93744 Dec 22
1,339 Lehigh Valley
82
8238 8234 82
312 J'ne
978 Oct 24
614 Jan 11
425 Lehigh Valley Transit 50
9
9
9
9
1212 Jan
181k Jan 16 2538 Oct 23
50
Do pref
754
2412 2412 25
24
J'iy
611146
2
Feb
25
65
50
Sep
5938
Pennsylvania
6214
4,016
1-16
62
0214
62
42 J'ne
658 Philadel Co(Pittsb)_ 50
4814 Sep 21 5914 J'ne 5
5114 5212 5218 5212
1512 Nov23 18 J'ly 10 11378 Feb
18
1834 1812 1834 64,255 Philadelphia Elect)._ 25
15 Apr
17 Apr 18 2418 Aug 1
50
vot tr et's
2334 2438 2378 2418 4,855 Phil It
6512 J'ly
50 661,44 Sep 25 8034 Feb 10
7812 7778 78 7_16 27,749 Reading
78
613 Jan
17
Jan
8
5
8
1
28
J'ly
512
Mining
3-16
7
Tonopah
4,028
718
714
714
38 Oct
50
43 Jan 3 5234 Aug 1
5138 5218 5134 5214 9,572 Union Traction
79 J'ly
50
8414 Sep 21 8938 Jan 9
8778 8812 8812 8834 6,107 Union Gas Impt
Bid
PHILADELPHIA
Bonds
Prices are all "and
118 114
interest"
-51;.761; A• lt & L V Elec 4 5.s'331,-A
70 80 Am Gas It Eke Os '07_F-A
A-0
7512 ____ Am Itys 58 1917
-- ...._ Atl C Elea ref 5s 1938_31-S
Berg&E'Brew 1st 6s'21 J-J
Bethich Steel 6s 1998 _Q-1?
Choc & Me 1st Os 1949 _J-J
Ch Ok & G gen 55 1919 J-J
Con Trac of N J 1st 58 '33
g ---- D• el Co fly's tr otfs 46.49J4
--gi---15---- Elea & Peoples Tr tr Ws__
--- -_— Fr Tac&H 1st Os 1940_J-J
Gen Asphalt Os 10162U-S
____
Indianap Sly 48 1933_ ,__J-J
65 100 - Interstate 48 1943__.1"-A
Keystone Tel Os 1935_J4
Lake Sup Corp !no 5s'24_0
5013...,, Lehigh Nay 4 Ms '14 Q-J
,
20 ___
Gen NI 4 Ms g 1924_Q-1
Leh V 0 1st 5s g 1933.44
70
Leh V ext 4s 1st 1948_J-D
J-D
1 1E12 ---.
Consol 6s 1923
J-D
Consol 4 Ms 1923
J-D
idili Annuity (1s
44
4412
Gen cons 48 2003....M-N
Leis V Tran con 4s '35 J-D
-gg —8512
1st series A 45 1935.M-S
____ ___
1st series B 5s 1935 M-S
838 812 MarketStEl 1st 46'55 M-N
238 239
NatLH&P ser B Os '19 J-J
39 ___ New Con Gas 5s 1948-J-D
--_ ---- N Y Ph & No 1st 48'39 J-J
M-N
Income 45 1939
1112 Pa & N Y Can 58 '39_A-0
11
4734 4814 Penn Steel 1st 58 '17_H-N
_
People's Tr tr ctfs 93 1043
- --_
-597•
-8 p Co lst&coli tr 56'49 M-S
-63- 5314
Con & coil tr 58 '51 M-N
Phil Elee gold tr etts_A-0
--_
Trust etfs 48 1949 __J-J
-1F -114 P & E gen NI es g '20.A-0
28 2818
Gen II 48 g 1920___A-0
• 2Bld sad ishodi no solos on this day.
Friday
Jan. 26,
10334 8 ____ 10334 10312 10312 *_..... 10312
10614 1C1614 10614 10614 10612 *__„. 10612
918 914
918 918
-_914 ---,
5512
3 '11 z55
7034 70-34 /034
12812 *12712 12812 ----- -----_ 8128 12812
6318 6338
2012
20
PHILADELPHIA
.
Thursday
Jan 25
IIlrediv.4 rights.
Ask
PHILADELPHIA
Bid
Ask
BALTIMORE
0 Ry Ext&Imp 55 '32 M'S
Ph & Read 2d 5s 1933 A-0
Ex Imp NI 48 1047_A-0 1001-4 1003-4 Chas City Fly 1st 53'23 J-J
116 Chas Ry C It El 5s'99 M-S
Termins..1 5s g 1941 _Q-F
P W & B col tr 4s '21_J-J
City It Sub 1st 58 1922 J-D
125 City It Sub(Was)lst 5s '48
8434 fir R• ead Trac 1st 6s '33., _J-,J
92Rods fly & Leon 58'54 J-J 10038
Coal It C Sly 1st 58,19 A-0
-A
Spanish-Am hr 6s '27 __J-J
Coal It I fly 1st Os'20_1,
Col&Grny 1st 65 1916 J-J
-_-_-_-_ ---- S• tan'd Gas & E 63'25 M-N
Consol Gas 5s 1939___J-D
_ _ ii(11-2 S• tand St( Wks lst5s'28 J-J
jos_ ids1_4 U Tree Ind gen 5s '19 _J*4 95 9712 Gen 4s 1954____A-0
Un fl ys Tr etts 48'49.._J-J 7734 78 Cons Gil It P 434s '35 J-J
Fair It Cl Tr 1st 53'38 A-0
10414
— United Itys Inv 1st colt tr
9512—
---a f Os 1928__M-N 831 8334 Ga It Ala 1st con 55 '45 J-J
Ga Car&N 1st 5s g '29_J-J
18_7:4 W• eisbach s 1 Os 1930._J-D 8978 ao
2.
2113
87
8
Georgia P 1st 68 1922__J-J
Wil-B (MI6 con 53'55_J-J
9412 Ga So It Fla 1st 5s '45.J4
-951-2 ____ York Rys 1st Os 1937_J-D
G-B-S Brew 3-43 '51_M-S
---Knoxv Trac 1st 5s '28 A-0
6034 -ifBALTIMORE
MaconRy&Lt 1st 58'53 J-J
Inactive Stocks
Aid Eiec Ry 1st 5s '31 _A-0
71 ____ Ala Cons Coal & Iron,,100
Memphis St 1st 5s '45_J-J
100
Preferred
Mt Ver Cot Duck 1st 53_
1033-4 ------ A• tlan Coast L (Conn) _100
Npt N It 0 P 1st 58'38M-N
100 145
fog
Canton Co
100 35 40 Nor&Port Tr 1st 5s'36 J-D
10312 ____ Georgia Sou & Fla
North Cent 4 Ms 1925_A-0
100
1st preferred
Series A 5s 1926_ _J-J
100
2d preferred
Series B 5s 1926_ _ _..I4
100
2 G-13-...1 Brewing
LW" 1471-•
100 24 26 Pitt Un Trac Os 1997_J4
98 9812 Seaboard Air Line
Poto Val 1st 5s 1941__J-J
100 45
Preferred
Say Fla It West 5a '34 A-0
---Scab Air L 4s 1950___A-0
Bonds
-Adjust 5s 1949____F-A
"and
all
are
"ig"
Prices
Scab It Roan 5s 1926__J-J
interesi"
- 100
------_
South Bound 1st 5s__A-0
---- ---- Ball City 3 Ms 1930___J4
U El L&P 1st 484819 M-N
43 1954-1955__Vari0us
9814 ____
Un fly It El 1st 4s '49
M-N
5s 19113
Income 45 1949 ___J-D
Anacostia & Potom 5s A-0
Funding 53 1936___J-D
---_ --__ AU Coast L(Ct)ctts bs J-D
Va Mid 3d ser Os '16....11-S
Ctfs of indebt 4s____J-J
_ _ 9212
4th
J4
ser 3-4-5s 1921.2d-S
1925
46
5-20-yr
10212 103
5th series 51 1926_11-S
9612 9634 BE P & 0 1st 4 Ms'53 F-A
Va (State) 3s new '32_14
10212 10234 Bait Trite 1st 55 '29__M-N
Fund debt 2-3s 1091 J-J
No Bait Div Os 1942 J-D
West N C oon es 1914-34
1561-2 1671-2 C• ar Pow It Lt Os 1938 F-A
W11 It Weld ISs 1935..a4
. __ 10014 Cent Sly cons 5s '32__M-N
1 *13 paid.
4 *13
pald,
Highest
6412 Dec
90 J'iy
9 Nov
61 Dec
132 Feb
2714 Jail
8012 Jan
47 Jan '
1612 Deo
28 Jan
50 Jan
6312 Jan
1213 Jan
6414 Mch
3438 Dec
8414 Jan
13 Jan
2978 Dec
123 Jan
12114 Mob
634 Dec
20 Dec
69344 Itch
5314 Jan
1614 Mch
281 Jan
86 Feb
9144 May
5234 Jan
9518 Jan
Ash
Bid
id51-4
9612
10518 10514
10312 10414
96
WI;
106
109
"Or
8912 8984
10012 10078
105 iag34
rof3-4
34 38
105
10118 102
- 9012
7778 78
9034 98
110
111
108
11012
88 8812
8314 8384
94 95
8834 88
848s 6411
THE CHRONICLE
272
[VoL. Lxxxx.w.
inuestment and ftailroad intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly return
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Weelc or
Month.
Current
Year.
Previous
Year
Latest Gross Earnings.
July 1 to Latest Date.
Current
Year.
Previous
Year.
ROADS.
Week or
Month
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current •
Year.
Previous
Year.
Ma N 0 44 Tex Pac$
$
$
$
$
$
$
4
N 0 & Nor East_ December
337,206 357,482 1.896,043 1,845.553 N Y N 11 ec Hartf__ November_ 5,364,635 5,285,897 27,544,956 27.332,310
Ala & Vicksburg_ December
873,354
153.776 186,951
953,877 N Y Ont 63 West__ _ November_ 692,772 760,571 4,086,912 4,243,232
Welts Shrev de P. December
153.791
144,71
761.931
813,735 N Y Susq & West__ November_ 324,731 306,952 1.663,161 1,553,088
Ma Tenn & North__ November_
11,659
15,772
65.302
45,890 Norfolk Southern__ November_ 272,181 238,334 1.324,032 1,178,374
knn Arbor
2d wk Jan
30,84
40,026 1,272.585 1,163,927 Norfolk Fe Western_ November_ 3,258,598 3,967,714 10,728,327 15,559,089
ktch Topeka Fe 5 Fe December 9,198,975 9,602,112 54.936,783 55,676,325 Northern Pacific__ November_ 5,856,630 5,972.74, 29,226,452 31.464,704
ktlanta Birm de Atl 2d wk Jan
53,768 1,772,929 1,530,274 Pacific Coast Co_ November_ 574,864 623,882 3,487,818 3,765,054
44.633
Atlantic) Coast Line November_ 2,855,684 2,786,898 12.539.826 11,808,739 Pennsylvania RR__ November_ 13824 261 13535 075 68.415,352 68,785,176
7 Baltimore & Ohio. December.. 7,188,254 6,841,826 46.922,384 48,996,377
Bait Ches & Atian November_
151,412
15,404
149,735
17,466
B & 0 Ch Ter RR November.. 143,054 130.038
703,898
Cumberland Vali_ November_ 250.930 269,694 1,258,784 1,384,768
682,543
Bangor & Aroostook November_ 278,220 246,477 1,423,434 1,242,436
Long Island
November_ 780.819 750.353 5.098,807 4.789,281
Boston & Maine... November_ 3,882,080 3,785,328 20,275,688 20.001.218
Maryi'd Del 83 Va November_
72,999
78,257
8,323
8,282
Bridgeton & Saco R November_
28.704
4,370
5,41,
N Y Phila & Nor! November_ 277,887 272,785 1.466,029 1,509,006
24,849
Buff Roch Fc Plttsb_ .3d wk Jan 192,120 176,609 5,422,077 5.542,702
Northern Central. November_ 1,155,017 1,163,124 5,513,252 5,533,392
Buffalo & Suse___ November_ 213,494 193,755 1,053,127
Phila Balt& Wash November_ 1,590,341 1,574,347 8,213,784 8,400,403
995.714
Canadian Northern_ 3d wk Jan 249.300 191,400 11,114,600 8,810,000
W Jersey eo Seash November_ 386,006 388,745 3,199,742 3,202,009
Canadian Pacific__ 3d wk Jan 1,503,001 1,263,000 66,933,494 59,451,367 Pennsylvania Co
November_ 4,397,484 4.423,693 23,526,060 24,620,461
Central of Georgia__ 2d wk Jan 229,100 242,900 7,712,410 7,232,094
Grand Rap & Ind November_ 397,187 434,594 2,279,481 2,320,858
Central of New Jen. November_ 2,513,850 2.447,727 12.641,594 12,093,471
Pitts Cin Ch& StL November_ 3,328,353 3,319,068 17,209,348 17,532,623
Central Vermont__ November_ 335,469 387,686 1,822,642 1,731,828
Vandalla
November_ 856,698 954,721 4,356,365 4,713.003
Ches & Ohio Lines_ 2c1 wk Jan 545,559 622,674 18,146,222 18,152.333
Total linesChicago Fe Alton___ 2d •wk Jan 227,084 267,256 8,333,809 8.314.858
East Pitts & N. November_ 19473 868 19193 758 100064 813 100811 101
Chi° Burl & Quincy November_ 7,563,20 8,050,976 39,028,443 40,810.246
West Pitts & 13 November_ 9,398,916 9,514,823 49.500,534 51,141,222
p Chic Great West_ 2d wk Jan 153,283 234,877 7,043,908 7,024,939
All East& West November_ 28872 784 28708 580 149565 348 151752 324
97,016 3,636,003 3,504,108 Pere Marquette _ _ December.. 1,520,680 1.403,323 9,093.727 8,516.185
93,277
Chic Ind Fe Loulsv_ 3d vrk Jan
27,863
Chic Memph & Gulf November_
22.150
119,483
60,770 Raleigh & Southport November.
73.422
13.418
65,568
14,718
Ohio Milw & St Paul November_ 5,402,18k 5,762,846 28.045,976 30,115,152 Reading CompanyCh Mil & Pug Sd_ November_ 1,406,04 1,492,268 7,053,161 6.287,381
Phila Fe Reading_ December 4,050,369 4,012,167 23,282,688 23,053,298
'Cele & North West November_ 6,805,731 8,792,239 34,338.001 35.393,203
Coal & Iron Co
December 3,660,219 4,213,084 17,830,305 16,706,172
!Chic St Paul M de 0 November_ 1,399,366 1,531,807 6,821,083 7,558,643
Total both cos.__ December 7,710,588 8,225,251 41,113,080 39,819,408
168.926 162,458
Chic T H &SE_ _ November_
796,338
990,781 Rich Fred & Potom November_ 192.227 177,166
959,189
905,555
780,678 758,752 5,335,918 5,004,886 Rio Grande Juno
Din Ham do Dayfola Decemberl
October __
99,496
95,567
376,618
382,926
Colorado Midland__ November_ 193,625 195,472
953,634 Rio Grande South
927,622
2d wk Jan
9,400
8,169
272,037
341,600
>Colorado & South_ 3d wk Jan 255,853 335,830 8,467.007 10,037,534 Rook Island Lines November_ .3,630.330 8,192.888 28,583,469 30,475,548
:Cornwall
November_
73,305 Rutland
15,80.
79,477
13,271
November_ 293,485 300,528 1,577,918 1,599,218
138,422
Cornwall .33 Lebanon November..
160,929 St Jos do Grand Ie.. November_ 119,789 138.491
29,248
21,305
729,103
778,024
Cuba Railroad
November_
251,023 202,935 1,288,980 1,024,818 St Louis 6: San Fran November_ 3,940,598 4,033,988 18,507.717 18,855,534
Delaware & Hudson November_ 1,780,455 1,853,411 9,380,288 9,066,226
1 Chic ec East Ill_ November_ 1,371,321 1,354,436 6,801,127 6,614,973
Del Lack de West
November_ 3,248,928 3,146,620 16,146,391 15,501,443
Total all lines.... November_ 5,320,920 5,388,425 25,308,844 25,470,507
Deny & Rio Grande.3d wk Jan 381,001 387,200 13,643.821 14,019,248 St L Rook Mt &P.. November_ 188,013 191,877
899,038
730,506
Western Pacific
November_ 541,928
2,532,017
St Louis Southwest_ 2d wk Jan 175,000 232.000 6,720,153 6,910,721
Denver N W de Pao_ 3d wk Dec
24,065
19,099
650,858
610,517 San Ped LA &Si,. November_ 708,652 708,717 3,688.078 3,350,374
27,680
Detroit Tol & Iront 2d wk Jan
35,301
974,657 1.108,718 Seaboard Air Line__ 2d wk Jan 374,314 411,342 11,857,099 11,126,337
Detroit & Maelsin...c 3d wk Jan
17,608
22,346
665,121
637,008 Southern Pacific Co November_ 11956 913 12198 643 57,772.888 59,571,259
Dul & Iron Range__ November_ 378,88. 419,143 4,330,966 4,936,070 Southern Railway__ 3d wk Jan 1,023,048 1,144,972 35,334,013 34,420,343
47.72, 47,876 1,771,027 1,816,208
Dul Sou Sit & AU__ 2d wk Jan
Mobile & Ohio... 2d wk Jan 184.491 204.983 6,188,221 5,958,710
El Paso Fe Sou West November_ 665,411 638,591 2,917,113 3,009,653
Cin N 0 & Tex P.2d wk Jan 157.319 179.055 5,157,909 5,142,160
Erie
November_ 4,905,76 4,818,007 25,493,631 25,049,655
Ala Great South_ 2d wk Jan
75,239
82.802 2,561,423 2,468,784
10,284
2,870
10,420
Fairchild & N E___ November_
Georgia Sou & Fla 2d wk Jan
2,288
45,101 1,332.340 1,321,204
38,812
497,398
Fonda Johns & Glov December
88,342
496,798 Tenn Ala 6: Georgia 2d wk Jan
71,703
1,431
1,981
60,431
50,832
Georgia Rallroad_- November_ 317,245 306,134 1,468.269 1,348,343 Texas & Paciflo____ 3d wk Jan 288,395 290,487 10,058,361 9.764,371
Grand Trunk Syst__ 3d wk Jan 760,57
412,861 28.122,495 25,396,080 Tidewater de West_ November_
34,873
42,197
7.105
6,608
Grand Trk West_ 1st wk Jan 110,095 114,747 3,539,801 3,171,552 Toledo Peor .S: West 2d wk Jan
723,323
24,141
701,376
24,965
Det Gr Hav & Mil 1st wk Jan
35,807 1,268,725 1,099.088 Toledo St I. & West 2d wk Jan
38,299
68,486
60,608 2,191,689 2,107,883
Atlantic_
Canada
31,711 1,127,463
32,348
let wk Jan
999,443 Tombigbee Valley__ November_
35,238
9,382
41,552
7.759
Great Northern Syst December 4,910,155 4,858,246 36,543,925 34,823,597 Union Pacific Syst_ November_ 7,677,923 8,566,643 39,869,383 42,478,065
Gulf & Ship Island_ November_ 175,809 178,832
827,639
832,402 Virginia & So West_ November_ 145,627 126.626
728,765
553,213
Hocking Valley____ November_ 664,775 675,079 3,338,485 3,1321,048 Virginian
November_ 403.850 320,813 1,084,628 1,471,366
Illinois Central____ December 4,935,761 5,534,443 30,409,860 32,229,286 Wabash
let wk Jan 450,544 495,927 15,695,063 16,387,180
Internet & Gt Nor_ 3d wk Jan 179,000 159.000 6,099,401 5,481,472 Western Maryland_ November_ 576,629 567,452 3.095,308 3,222,674
1 Interoceanio Mex_ 3d wit Jan 154.414 187,523 4,631,464 4,787,896 Wheel & Lake Erie_ November_ 636.708 584,280 3,438,540 3,184,888
Kanawha & Mich__ November_ 267.632 261,078 1,480,035 1.443,080 Wrightsv & Tennille November_
135,164
33,875
156,003
29,591
Kansas City South_ December
803,579 917,209 4,888,875 5,382,993 Yazoo & Miss Valley December 1,032.817 1,292,289 5,222,460 5,631,177
55,012
56,081
946,273 1,014,686
K C Mex & Orient_ 4th wk Be
December 3,116,124 3,033,692 10,829,997 18,714,036
Lehigh Valley
Current
Previous
37.638
211,230
44.109
238,834
November_
Various Fiscal Years.
Year.
Lexington & East
Period.
Year.
134.248 123,123
600,501)
564.230
Louisiana & Arkan_ November_
549,931
535,637
106,290 109,026
Loulsv Hend & St L November_
$
$
r Louisv 6: Nashv.._ 2d wk J • 902,325 1,060,435 30,234,662 29,935,201 Delaware & Hudson
19,604,297
18.633.840
Jan 1 to Nov 30
15,223
82.020 N Y Central de Hudson River_e_ Jan 1 to Nov 30 95,309,270 91,452,933
14,325
85.049
Macon & Birm'ham December
Lake Shore & Michigan South Jan 1 to Nov 30 44,195.343 45,315,874
Maine Central
November_ 898,734 817,417 4,810,061 4,434,997
235,283
Lake Erie de Western_n
32.202
232,034
33,734
Maryland & Penna. December
Jan 1 to Nov 30 4.963.657 5.025,035
Chicago Indiana & Southern_ Jan 1 to Nov 30 3.443,286 3,379,862
a Ifesdcan Railway_ 1st wk Ja. 148,300 144,200 3,164,400 4,301,900
Michigan Central
12.831
12,653
396.764
395,228
Mineral Range
2d wk Ja.
Jan 1 to Nov 3027,468,50727,117,324
Cleve Cie Chicago.... Lolls Jan 1 to Nov 30 27.809.194 27,663,967
Minn & St Louls_l Zd wit Ja. 109,304 158,391 4,423.766 4,877,646
Peoria & Eastern
Iowa Central_ .4
Jan 1 to Nov 30 2,923,932 3,201,970
Cincinnati Northern
Man St P & S 8111 3d wk Ja, 381,718 377,828 14,910,111 12,912,388
Jan 1 to Nov 30 1.131.107 1,187,335
Pittsburgh & Lake Erle
Chicago Divislonj
Jan 1 to Nov 30 14.100,200 15,060,564
Mississippi Central_ November_
New York Chicago & St Louis Jan 1 to Nov 30 10,233,697 10,247.076
386,515
70,495
379.181
78.538
it /do Han & Texas_ 3d wk Jan 489,229 526.241 16,921,324 17.393,220
Toledo & Ohio Central
Jan 1 to Nov 30 4,532,596 4,843,094
Missouri Pacific.... 3d wk Ja
889.000 1,038,000 31.002.900 30.525,434
Total all lines
Jan 1 to Nov 30 236110 776 235205 034
Nashv Chatt ea StI.oNevember_ 1.041,475 1,050.184 5.123,915 4,923,466 Pennsylvania Railroad
Jan 1 to Nov 30 143741 034 147334 050
a Nat Rys of Mex_t_ 3d wk Ja 1,248,66. 1.271,676 35,885,411 35,032,182
Baltimore Chesap .3: Atlantic. Jan 1 to Nov 30
254,310
256,670
3.977
Nevada-Cal-Oregon 2d wk Ja.
2,818
197.021
Cumberland Valley
211,828
Jan 1 to Nov 30 2,650.066 2,876,509
6,179
Nevada Central____ November
7,000
Long Island
34,344
29.215
Jan 1 to Nov 30 9,780,203 9.103,285
November
N 0 Great Northern
137,01. 128,986
Maryland Delaw & Virginia_ Jan 1 to Nov 30
704,099
120,583
708.188
125,231
11 0 Mobile & Chic_ Wk Dec 2
44,060
N Y Philadelphia de Norfolk Jan 1 to Nov 31. 3,064,475 3,201,584
40,875
860,756
922,254
rN Y 0 6: Had Riv November_ 8,881,691 8,511,068 48.100,812 44,482.133
Northern Central
Jan 1 to Nov 3011,721.055 11,671,663
Lake Shorn & m 9 November_ 3,933,994 4.016.488 21.450,300 21,602,747
Philadelphia Bait & Wash
Jan 1 to Nov 30 17.333,123 17,469,033
n Lake Erie & W. November_ 444.903 451.392 2,439,489 2,454,152
West Jersey & Seashore
Jan 1 to Nov 30 5.787,129 5,026,503
Ohio Ind & South November_ 313,481 347,518 1,570.420 1,454.104 Pen.nsylvanla Company
Jan 1 to Nov 30 46,165.469 50,394,303
Michigan Central. November- 2,586.717 2,507,921 13,409,093 13.129,921
Grahd Rapids de Indiana.... Jan 1 to Nov 30 4,624,638 4,743,883
Cleve C C & St L. November_ 2.532.303 2,634,239 13.383,309 13,492,899
Pitts Cincin Ohio eo St Louis Jan 1 to Nov 30 35.260,901 37,261,299
Peoria & Eastern November_ 250.416 292,887 1,359.653 1,610,212
Vandalla
Jan 1 to Nov 30 9,120.361 9,588,033
Cinoinnati North_ November_ 109,443 112,921
590,423
Total lines-East Pitts & Erie Jan 1 to Nov 30 206088 833 210504 143
597,368
Pitts & Lake Erie November_ 1,352,293 1,371.686 7,162,903 7,676,843
West Pitts &Erie Jan 1 to Nov 30 99.463,980 105972 678
N Y Chic & St L. November_ 982,948 920,577 4,841.891 4,797,552
All lines E & W.Jan 1 to Nov 30 300452 813 316476 823
Tol & Ohio Cent_ November. 454.076 491.528 2.424,3213 2,477,408 Rio Grande Junction
Dec 1 to Oct 31
883,181
938,743
Tot all lines above November_ 21842 265 21658 235 115132 419 113775 243 Rutland
Jan 1 to Nov 30 3.151,747 3,075,563
Jan 1 to Jan 21
841.546
Texas & Pacific
820.131
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Cuent Year Prev's Year Inc. or Dec.
manual'summaries.
Cuent Year Prev's Year Inc. or Dec.
%
.
$
Mileage Ourr. Yr. Pres. Yr.
4
$
$
1st week Nov (43 roads)____ 15.864,577 15,175,043
+489.534 3.30
243,888 238,941 226,997.481 238,338,809 -11,339,128 4.76
Marott
3d week Nov (43 roads).- 15,775,795 15,346.588
+429,227 2.80
242,933 239.132 218.177.123 225.700,811 -7.523.088 3.33
AprU
3d week Nov (44 roads)____ 15,175,825 15,268.825
-91,200 0.59 May
243,170 239,357 329.642,771 234,339,874 -4.697,103 2.00
4th week Nov (44 roads)____ 19.967,122 19,490,200
+476.922 1.93 June
243,732 240,012 231,697,053 288,158.755 -0,459,702 2.71
1st week Dec (40 roads).- 15,251.799 14,088,335 +1,103,464 8.18 July
244,508 240,088 231,688,006 233,169,887 -1,481,881 0.05
Sd week Den (42 roads)._ 15,343,409 14,033,136 +1.308,273 9.32
344,531 240,170 253,043,102 254,886,944 -1,843,842 0.73
August
3d week Den (45 roads)._ 15,388,303 14,880,703
+485.600 3.36 September-245.494 240,825 257.256,762 258.748.775
+517.987 0.19
Dee
(42
week
4th
roads).- 19,416,818 19,971.884
-555,066 2.80 October -236,291 233,199 260,482,221 259,111,859 +1,370.362 0.33
1st week Jan (42 roads).- 11,753,095 11,834,037
+119,058 1.04
November 234,209 231,563 241.343.783 243,111,388 -1,707.625 0.73
2d wick Jan (42 roads)-___ 11.097,198 11,903,148
-805,950 0.44
Dertarnber
90.576
89.193 71.109_323 69.328.828 4-L782.498 2.57
a Mexican eurroncy. b Does not include earnings of Colorado Springs .33 Cripple Creek District By. from Nov 1 1911; In 1910 these returns
are included. e Includes the Boston & Albany, the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & N. Y. By., the latter
of which, being a Canadian road, does not make returns to the Inter-State Commerce Oommisaion. I includes Evansville & Terre Haute and Evantr
vilie & Indiana RR. g Includes the Cleveland Lorain & Wheeling By, In both years. n Includes the Northern Ohio RR. p Includes earnings of
Mason City & Ft. Dodge and Wisconsin Minnesota & Pacific. s Includes Louisville .te Atlantic and the Frankfort & Cincinnati. 8 Includes the
Mexican International Irons July 1919. u Includes the Texas Central. v Includes not only operating revenues. but also au other receipts.
A.N.
27
1912.j
Interest Charges and Surplus.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second
week of January. The table covers 42 roads and shows
6.44% decrease in the aggregate under the same week last
year.
Second week of January.
1912.
1911.
Alabama Great Southern
82,802
75,239
40,026
Ann Arbor
30,847
53,766
Atlanta Birmingham 8: Atlantic
44,633
176,609
Buffalo Rochester & Pittsburgh
182,590
190.200
Canadian Northern
241,400
Canadian Pacific
1,349,000 1,154,000
242,900
Central of Georgia
229,100
622,674
545,559
Chesapeake & Ohio
267,256
227,084
Chicago & Alton
234,877
153,283
Chicago Great Western
94,073
84.333
Chicago Ind & Louisville
179,055
157,319
Cinc New On & Tex Pac
248,265
311,817
Colorado & Southern
$78,200
358,500
Denver & Rio Grande
16,316
22,608
Detroit & Mackinac
27,660
35,301
Detroit Toledo 6: Ironton
47,722
47,876
Duluth South Shore & Atlantic_
38,812
45,101
Georgia Southern & Florida _ -_ Grand Trunk of Canada
758.685
795.371
Grand Trunk Western
Det Gr nd Haven & Milw_ _
Canada Atlantic
188,000
157,000
Internet & Great Northern__ _ _
157,838
159,361
Interoccanic of Mexico
902,325 1,060,435
Louisville 6: Nashville
12,653
12,831
Mineral Range
109,304
158,391
Minncap & St Louis
Iowa Central
346,599
Minneapolis St Paul & S S M_ _
346,001
Chicago Division
490,881
Missouri Kansas & Texas
505,435
727,000
Missouri Pacific
983,000
Mobile & Ohio
184,491
204,983
National Rys of Mexico
1,242,807 1,228,595
Nevada-California-Oregon _ _ _
3,97,
2,818
Rio Gr nide Southern
9,400
8,169
St Louis Southwestern
175,000
232,000
Air
Seaboard
Line
374,314
411,342
Southern Railway
997,660 1,089,496
Tenn Alabama & Georgia
1,431
1,981
Texas de Pacific
284,544
281,225
Toledo Peoria & Western
24,965
24,141
Toledo St Louis & Western_ _ _ _
60,608
68,488
Total (42 roads)
Net decrease (6.44%)
11,097,198 11,903,148
-Int., Rentals, &c.- -Rd.of Net Earns.
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
b
b
$
x145,557 x189,310
Buffalo Roch & Pitts_ -Deo
171,128
174,321
July 1 to Dec 31
x903.723 x1,342.631
1,033,339 1,057,760
c331,063
Colorado & Southern _ _ _Deo
c215,495
272,606
271,565
July 1 to Dec 31
1,652.683 1,622,927 c1,405.543 c1,746,785
_Nov
_
_
x4,100
Nevada-Cal-Oregon _
x4,336
5,213
4,275
x62,410
July 1 to Nov 30
x36,401
25,438
21,293
Dec 868,250
Reading Company
888,661 1,163,412 1.119,907
July 1 to Dec 31
5.209.500 5,331,964 4,480,888 4,029,076
Roads.
Increase. Decrease.
7,583
9,179
9,133
14,019
INDUSTRIAL COMPANIES.
8,581
. 7,215
Atlantic City Elect Co_ _Deo
92,776
Jan 1 to Dec 31
69,116
25,145
Keystone Tel & Tel Co_ -Deo
24,519
149,506
July 1 to Dec 3
147,069
6,143
Muncie Elect Lt Co_ __ _Dec
4,801
60,014
46,065
Jan 1 to Dec 3
Deo
7,767
6,842
Rockford Elect C
89,923
70,017
Jan 1 to Dec 31
Dec
12,032
Co
10,558
Elect
Scranton
138,143
120,027
Jan 1 to Dec 31
3,289
Dec
1,010
Wheeling Elect Co
31,057
11,186
Jan 1 to Dec 31
51,200
195,000
13,800
77.115
40,172
81,594
9,740
21,736
63,552
19,700
6,292
7,641
154
8,289
36,886
31,000
1,523
158,110
178
49,087
11,006
146.727
24,212
138,751
10.520
64,159
13,712
88,673
35,321
291,224
10,590
83,878
7,471
128,186
24,893
140,327
5.527
50,279
9,701
61.247
30,907
259,576
9,669
87,451
c After allowing for miscellaneous charges and credits to income.
x After allowing for other income received.
,ELEOTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.
598
14,554
256,000
20,492
14,212
1,159
1,231
57,000
37,028
91,836
550
3,319
824
7.878
305,597 1,111,547
805,950
Net Earnings Monthly to Latest Dates.-The table following shows the gross and net earnings of STEAM railroads
%cid industrial companies reported this week:
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
Atoll Topeka & S Fe_b_ _Deo 9,198,975 9,602,112 j2,995,969 j3,204,188
54,936,783 55,670,325 118,574,608 j20,475,193
July 1 to Deo 31
Dec £229,333 £206,907 £124,400 £101,820
Brazil fly
£2,317,466 £2,012,012 £1,044,400 £897,964
Jan 1 to Deo 31
287,996
Buffalo Roch & Pitts_b_Dec
739,148
784,377
248,333
July 1 to Dec 31
4,861,085 .1,937,240 1,595,658 1,869,375
359,200
Canadian Northern
Dec 1,831,400 1,255,400
503,800
July 1 to Deo 31
10,334.700 8,046,600 2,945,100 2,491.000
626,710
d Colorado & Southern b Dec 1,271,572 1,558,233
450,365
July 1 to Dec 31
7,734,661 9,124,141 2,843,190 3,373,976
Kansas City Southern_ b_Deo 803,579
329,330
257,021
917,209
July 1 to Dec 31
4,888.875 5,382,993 1,699,080 2,040,369
Lehigh Valley_ b
033,786
946,333
Dec 3,116,124 3,033,692
July 1 to Dec 31
19,829,997 18,714,036 6,818.518 6,755,888
7,225
9,099
27,907
Nevada-Cal-Oregon_ b __Nov
31,898
60,346
79,430
179,619
168.628
July 1 to Nov 30
Reading CompanyPhila & Reading_ b_._Dec 4,050,369 4,012,167 1,612,527 1,575,907
23,282,688 23,053,206 8,377,038 8,269,330
July 1 to Dec 31
282,931
Coal & Iron Co_ b_ _ _ _ Dec 3,660,219 4,213,084
251,849
July 1 to Dec 31
209,123
318,375
17,830,395 16.766,172
Total both cos_b
Dec 7,710,588 8,225,251 1,864,386 1,858,838
July 1 to Dec 31
41,113,080 39,819,468 8,695,423 8,478,453
Reading Company_ _ _Dec
149,730
167,327
July 1 to Des 31
882,587
994,816
Total all companies_ _Dec
2,031,862 2,800,568
July 1 to Dec 31
9.690,188 9,361,040
Southern Railway_ b_ _ _ _Dec 5,807,472 5,441,586 2,007,024 1,900,691
32,347,237 31,142,721 10,987,280 10,578,341
July 1 to Dec 31
567,452
r181,777
570,629
r184.157
Western Maryland _a_ _ _Nov
3,095,308 3,222,674 r1,052,765 r1,180.926
30
Nov
July 1 to
Roads.
INDUSTRIAL COMPANIES.
259,873
222,421
Oct 1,512,772 1,420,810
Adams Express_ b
676,757
533,000
5,429,857 5,236,637
July 1 to Oct 31
390,949
337,148
American Express _ b_ _ _ _Oct 2,049,003 2,016,124
July 1 to Oct 31
7,882,888 7,415,717 1,065,617 1,181,584
14,686
Atlantic City El Co
10,587
29,204
32,797
Dec
Jan 1 to Dec 31
197,302
239,503
374,585
423,045
Keystone Tel & Tel_a-_-DeC
49,412
49,357
96,851
98,875
July 1 to Dec 31
287,396
288,257
572,479
585,701
Muncie Elect Lt Co
10.328
Dec
16,663
29,690
34,246
Jan 1 to Dec 31
96,344
314,952
275,255
133,173
Rockford Elect Co
Dec
16,543
21,479
40,715
37,553
Jan 1 to Dec 31
389.142
131,264
178,598
357,783
Scranton Elect Co
Dec
76,258
47,353
41,465
9,375
Jan 1 to Dec 31
740,655
370,603
697,754
427,367
Dec
Wheeling Elect Co
25,681
10,679
18,279
13,879
Jan 1 to Dec 31
214,616
176,995
114,735
98,637
-here
earnings
given
are
after deducting taxes.
a Net
b Net earnings here given are before deducting taxes.
d Beginning with Nov. 1 1011 the earnings of tile Colorado Springs &
Crrie Creek District fly. Co. are no longer included, but have not been
de noted from the comparative figures for 1910.
The company now includes the earnings of the Atch. Top. & Santa Fe
fly., Gulf Colo. & Santa Fe fly., Eastern fly. of New Mexico System,
Santa Fe Prescott & Phoenix Ry., Southern Kansas By. of Texas, Texas
& Gulf By., G. do I. By. of T., C. S. S. de L. V. RR. and H. G. & E. P.
RR. In both years. For December taxes amounted to $313,369, against
$226,881 in 1910;after deducting which, net for December 1911 was $2,682,600, against $2,977,827 last year. From July 1 to Dec. 31 taxes were
$2,103,822 in 1911, against $1,671,647 last year.
r After allowing for miscellaneous receipts and net from coal and other
departments, total net earnings for Nov. 1911 were 1218.759, against
$215,584 in 1910; and from July 1 to Nov. 30 were $1,229,517 in 1011,
against $1,286,411 in 1910.
273
THE CHRONICLE
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
American Rys Co_ _ _ _ December.. 409,000 381,935 4.413,185 4,177,972
349,360
342.131
Atlantic Shore Ry___ December
22,840
19.864
cAur Elgin & Chic By December
143,178 124.874 1,784,162 1,673,226518,123
Bangor fly & Elm Co November_
541,731
50,234 46,346
99,168
Baton Rouge Elec Co November_
9,747
107.018
10,707
Binghamton Railway November_
30,708 27,609
111,953
Brock & Plym St fly. November_
8,116
111,159
8,026
Bklyn Rap Tran Syst October __ 1944,329 1843,006 19.441,996 18,240,202
296,492
Cape Breton Elec Co_ November_
306,139
30.991
29.960
Carolina Pow & Lt Co December.. 38,695 32,446
321,983
373,898
531,885
55,508
532,013
55,591
Cent Park N & E Riv October __
89.494 68,365
Central Penne 'Frac__ October __
691,474
723,895
Chattanooga fly & Lt November_
78,711
799,419
70,480
859.645
27,403 27,037
337,970
328,235
Cleve Painesv & East November_
89,659 86,519 1,035,208
968,139
Clev Southw & Colum November_
446,004
414,780
Columbus (Ga) El Co November_
44,957 42,016
Coney Island &Bklyn October __ 101,406 114,932 1,206,144 1.288,721
Dallas Electric Corp- November_ 146,013 127,042 1,483,558 1,330,027
150,992
Detroit United Ry___ 1st wk Jan 175,315 150,992
175,315
507,991
510,928
54,322 51,089
DDEB & Batt(Rec) October __
93,217 90,310 1,035.254
996,315
Duluth-Superior Trite November_
East St Louis & Sub_ November_ 197,966 194,974 2,076.445 2.161,328
November_
62,684 59,985
575.489
El Paso Electric
618,114
611,643
67,652 54,460
Fairm & Clarks Tr Co December
742,294
42dStM&SNAv (Bee) October __ 149,553 133.841 1,334,312 1,195,627
November_ 132,004 118,251 1,386,065 1,197,863
Galv-Hous Elec Co
94,323 88,376 1,060,784 1,036,304
Grand Rapids By Co_ November_
128,708
Wk Jan 21 45,057 41,751
139,771
Havana Eleo Ry Co
Honolulu Rapid Tran
412,691
November_
452,147
42,420 39,016
& Land Co
286.440
276,147
22.799
22,001
Houghton Co Trac Co November_
Hudson & Manhattan November_ 406,133 362,793 4,187,100 3,616,087
November_ 602,949 578,769 6,264.729 5,485.849
Illinois Traction Co
Interboro Rap Trail_ October__ 2707,589 3547,654 24,795.600 24,030,857
520,679
518,232
45.703 48,904
Jacksonville Trac Co_ November_
95,828 91,802 1,165.685 1,110,541
Lake Shore Elec By. November_
180,406
15,334 21,187
181,348
Long Island Electric_ October __
Metropolitan St (flee) October __ 1210,060 1208,758 11,363,072 11,070,171
Milw El By & Lt Co_ November_ 449,687 407.173 4,572,145 4,270,868
975,856
Mllw Lt, Ht & Tr Co_ November_
87,200 79,848 1,030,872
December
Montreal Street Ry
430,939 377,274 4.939,047 4,458,168
Nashville Ry & Light November_ 168.887 158,739 1,781,111 1,662,093
New Orleans By & Lt September 521,570 489,458 4,894.456 4,618.471
190,805
October __
248,720
29,697 22,751
N Y City Interboro
318,435
N Y & Long Isl Trac_ October __
333,023
32,516 35,759
947,875
NY & Queens County October __ 105,370 99,152 1,058,247
164,965
172.920
14,012 13.046
Northam Easton & W December
196,442
228,050
23,414
19,187
No Caro Pub Serv Co November_
239,374 201,973 2,894,024 2,437,426
North Ohio Traci & Lt December
North Texas Eke Co_ November_ 133,203 119,263 1.479,720 1,314,838
104,086
4,250
114.712
5,083
Ocean Electric (L I). October __
225,449
238,459
23.455 21,523
Paducah Trc.c& Lt Co November_
247,539
262,406
25,602 24,426
Pensacola Electric Co November_
Phila. Rapid Trans Co December.. 1964,271 1838,996
Port(Ore)Ry.,L&PC0 November_ 541,934 498.953 5.780.306 5,108,927
Puget Sound Elec Co_ November_ 132,856 150.274 1.619,921 1,757.305
293,402
310.846
Richmond Lt & RR_ October __
27,499 27.223
Rio de Janeiro Tram
Light & Power Co_ December 1173,566 997.007 12,951.050 10,942,047
St Joseph (Mo) Ry.L1
942,007
Heat & Power Co_ November_
997,884
94,577 87,64
Sao Paulo Tr, L & P_ December
363,289 285,093 3,595.140 2,950,594
578,838
Savannah Eiec Co-_- November_
634,584
56,862
63,331
Seattle Electric Co-- November_ 451.563 469,334 4,973,047 5.094,346
711,544
Second Avenue (flee) October __
784,087
83,394
78,56
Southern Boulevard_ October __
93,692
105,833
10,721
19,01
Sou Wisconsin fly Co November_
163,903
178,835
17,315 14,29
Staten Isl'd Midland_ October __
19,746 19,56
228,804
243,232
60,318 43,249
545.708
Tampa Electric Co__ November_
624,929
Third Avenue (nee). October __ $14,813 29l,33s 3,058,898 2,857,229
Toronto Railway Co_ November_ 413,525 365,46 4,350,065 3,941,125
Tr -City Ry & Lt Co_ November_ 247,038 230,86 2,441,504 2,268,333
272,459
Twin City Rap Tran_ 2d wk Jan 141,458 138,72
279,900
Underground El By
of London£43,935
£45,585
Three tube lines __ Wk Jan 20 £15,335 £14.28
£35,694
£38,053
Metropolitan Dist _ Wk Jan 20 £12.684 £11.76
£15.795
£16.1526
United Tramway. Wk Jan 20 £5,344 £5,02
2,077,759 1,879,495
October __ 206,850 190,31
Union (flee)
UnionIty,G&ECo(Ill) November_ 290,240 265.66 2,864.796 2,687,557
United Rys of St L. December 1021,044 983,86 11,914,153 11,534,336
7,185,132 8,971,133
United fills of San Fr November_ 674,089, 633,61
48,731 1 45,55
510,367
448,414
Westchester El (flee) October __
34,880 37,16
349,140
372,078
WhatcoM Co By & Lt November_
59.0631 57,664
585,110
Yonkers RR (flee).. October __
19,407 17,39
191,286
215,492
Youngst & Ohio fly. November_
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
Current
Previous
Curren(
Previous
Year.
Yew'.
Year.
Year.
$
$
$
$
1.729
48
22.840
19,864
Atlantic Shore By-b...Dec
$1
84,152
75,851
342.131
349,369
Jan 1 to Dec
Clarksbnrg_bDee
34,720
42,293
.
67,652
64.419
Fairmont &
396,254
477,073
742,294
611,643
Jan 1 to Dec 31
Roads.
274
THE CHRONICLE
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
'$
Milw Elm Ry & Lt_b_ _ _Nov
449,687
407,173
205,305
197,630
Jan 1 to Nov 30
4,572,145 4,270,868 2,084,504 1,977,217
Milw Lt, lit & Trac_ b_ _Nov
87,200
79,848
43,759
43,322
Jan 1 to Nov 30
1,030,872
975,856
570,068
547,836
Montreal St Ry_b
Dec 430,939
377,274
162,610
142,065
Oct 1 to Dec 31
1,293,808 1,130,060
532,701
461,659
Oklahoma City Ry_ b_ __Nov
48,013
53,581
9,150
17,307
Jan 1 to Nov 30
581,138
593,015
196,615
230,446
Philadelphia Co(Pittsb)a Dec 1,979,950 2,004,437
884,343
980,580
Apr 1 to Dec 31
15,057,626 15,195,901 5,747,055 6,562,465
Rio de Jan Tram, L&P a Deo 1,173,566
997,007
613,046
494,859
Jan 1 to Dec 31
12,951,050 10,942,047 6,767,028 5,392,915
Sao Paulo Tram, L&P a_Dec 363,289
285,003
221,948
185,489
Jan 1 to Dec 31
3,595,146 2,050,594 2,253,747 1,896,086
United Rys of St La... _Dec 1,021,044
983,862
361,940
333,341
Jan 1 to Dec 31
11,914,153 11,534,336 3,924,091 3,628,235
Virginian By & Power_ b Dec 399,873
376,005
192,325
186,904
July 1 to Dec 31
2,331,454 2,211,715 1,101,304 1,053,068
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Roads.
Interest Charges and Surplus.
-Int.. Rentals. ecc.- -Bat. of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
Fairmont & Clarksburg_Dec
17,951
12,793
24,342
21,927
Jan 1 to Dec 31
149,132
199,099
277,974
247,122
Maw Elect By & Lt_ -Nov
137,277
116,463
x75,419
x87,195
Jan 1 to Nov 30
1,392,341 1,242,265 x771,843 x793,320
Milw Lt, lit & Trac_ __ _Nov
71,395
68,957
x17,395
x19,604
Jan 1 to Nov 30
774,145 x316,578
793,683
x285,005
Montreal Street Ry_ _ __Dec
42,061
37,642
120,549
104,423
Oct 1 to Dec 31
113,076
101,653
419,625
360,006
United Rys of St Louls__Deo
225,703
231,882
140,456
106,598
Jan 1 to Dec 31
2,740,305 2,793,744 1,228,515
880,993
Virginian By & Power_ _Dec
116,105
115,835
x83,339
x73,755
July 1 to Dec 31
707,986
705,032
x430,802
x362,458
. . •
Roads.
z After allowing for other income received.
[VoL. Lxxxxiv.
St. Louis Rocky Mountain & Pacific Company.
(Report for Fiscal Year ending June 30 1911.)
President Henry Koehler, St. Louis, Oct. 2 1911, wrote:
Results.-Market conditions in the Southwest during the year have not
been favorable for the extension of the coal business. An exceptionally
mild winter caused decreased consumption of fuel for domestic purposes,
while the lethargy in smelting operations consequent upon the continued
low price of copper, together with the interruption of traffic and of mining
operations occasioned by the war in Mexico, have curtailed the demand
for coke as well as for steam coal. While these factors have retarded the
development of the company's business, the statement of sales and earnings for the year nevertheless shows a substantial increase.
Gross earnings were $2,098,623, an increase of $124,379, and net earnings
were $716,499, an increase of $48,987 over 1909-10, which was considered
a very good business year. After paying charges and providing for depreciation reserves, there is a surplus from the year's earnings of $227,466.
Reduction of Liabilities.-During the year the floating debt has been reduced by the payment of the last $61,000 of car trust notes, and $60,000
other notes to banks; by payment of $273,000 gold notes which matured
April 1 1911, and by anticipating the payment of $49,000 of gold notes
maturing April 1 1912, leaving only $251,000 of gold notes outstanding.
The company has no other floating debt. The company's first mortgage
5% bonds have recently been listed on the N. Y. Stock Exchange.
Mines.-The directors appropriated $50,000 for the opening and equipment of a mine at Gardiner. Considerable development work has been
done and it should soon have a daily production of 750 tons. The Brilliant
mine was reopened, having been temporarily closed in 1909. A new mine
locomotive and 225 pit cars have been added to its equipment, besides additional rails and water mains. The power house at Van Houten has been
completely remodeled, with practically fire-proof construction, and two
boilers replaced. The principal improvements at Koehler itsclude a new
box-car loader, a water-treating plant and the equipping of mine No. 3
with ventilating machinery, water tank and pipe lines. Two drift entries
are being driven in the Sugarite district, preparatory to opening new mines,
and equipment ordered for a mining plant for these mines. A wagon mine
has been opened near Raton for supplying consumers in the city with coal,
and is now in operation.
Mine development is now well ahead of production. The continued regularity and thickness of the different coal veins, which are no where less than
4 feet and generally 6 to 12 feet thick, and the areas of coal blocked out
by entries and diamond drill borings, give assurance that present operated
mines can furnish an annual output of upwards of 2,000,000 tons for a good
many years. Preliminary work in the eastern part of the Sugarite district also shows up a large area of very high-grade coal for domestic uses.
Surveys and plans have been completed for the installation of a mining plant
in Sugarite Canon with capacity for producing 1,000 tons daily, and the
mines should be in operation before the end of the calendar year.
Prospect entries and diamond drill work in three other districts have been
carried to the extent of demonstrating the practicability of opening mines
of large capacity in each. When it is considered that this development
work, although outlining areas of easily-accessible coal sufficient to furnish
an annual output of at least 5,000,000 to 6,000,000 tons for many years.
really covers less than 5% of this company's 521,000 acres-we are reminded of the great possibilities for business as the country develops.
New Contracts.-The company has recently closed a new contract with
the Atchison Topeka & Santa Fe By. Co. for supplying coal for its engines,
covering a much greater mileage than under the old contract. The company has also secured other satisfactory fuel contracts.
INCOME ACCOUNT FOR YEARS ENDING JUNE 30.
1910-11.
1909-10.
1908-09.
1907-08.
Gross revenue
$2,098,623 $1,974,244 $1,439,045 $1,535,996
Cost, expenses & taxes_ 1,382,125
1,306,733
982,981
1,006,587
New York Street Railways.
-GrossEarnings- -NetEarnings-.
Current
Previous
Current
Previous
Year.
Roads.
Year.
Year.
Year.
$
$
; ••
Hudson & Manhattan_a_Oot 269,598
226,908 c153,574
c120,252
July 1 to Oct 31
950,722
793,545
517,444
402,708
lnterboro R T (Sub)_a- _Oct 1,360,562 1,210,956
790,969
724,484
July 1 to Oct 31
4,322,021 4,009,287 2,187,515 2,272,041
interboro R T (Elev)_a_Oct 1,347,007 1,336,698
687,022
686,729
July 1 to Oct 31
4,992,917 4,958,733 2,317,986 2,356,589
Total Interboro R T a Oct 2,707,569 2,547,654 1,477,991 1,411,213
July 1 to Oct 31
0,314,938 8,968,020 4,505,501 4,628,630
Net income
Brooklyn Rap Tran_a_ _Oct 1,944,329 1,843,006
$716,498
$667,511
$456,064
$529,409
706,591
677,869
$372,168
July 1 to Oct 31
$391,045
8,328,949 7,859,796 3,175,747 3,097,745 Interest charges
$356,935
$386,548
deductions
Other
14,952
10,071
24,752
17,144
Metropolitan Street_a_ _ Oct 1,210,066 1,208,758
430,446
400,428 Reserved for depreciaJuly 1 to Oct 31
4,676,165 4,653,340 1,598,344 1,497,845
tion and renewals_ _ _ _
101,912
64,767
79,307
106,508
Central Pk N & E Riv_a_Oct
55,591
55,508
1,332
4,505
July 1 to Oct 31
Surplus
225,536
231,197
$227,466
16,364
$201,628 def.$4,930
29,921
$19,209
Second Avenue_a
Oct
83,394
78,565
20,014
10,202
CONSOLIDATED BALANCE SHEET JUNE 30.
July 1 to Oct 31
359,419
331,876
104,518
65,168
1911.
1910.
1911.
1910.
Third Avenue_a
Oct 314,813
291,330
147,446
119,363
Assets$
LiabilitiesJuly 1 to Oct 31
1,279,929 1,209,411
627,846
539,177 Property & equipSt.L.R.M.&P.Co.Dry Dk E B'way & B_a_Oct
ment (cost) __18,773,703 18,892,747
54,322
51,089
Common stock_10,000,000 10,000,000
def1,792
11,225
July 1 to Oct 31
300,341
212,104
211,167
Preferred stock. 1,000,000 1,000,000
18,481
52,111 Other investments 300,341
First mtge. bonds
First mtge. bds_ 7,487,000 7,500,000
42d St Man & St N Av_a_Oct
149,553
133,841
56,381
38,101
owned
482,000
482,000
Sec'd coup. notes 251,000
573,000
July 1 to Oct 31
581,524
531,224
208,196
198,208 Cash
290,124
193,664 St.L.R.M.&P.Ry.
N Y City Interboro_a__ _Oct
29,697
22,751
5,527
4,706 Notes receivable
166,600
car trust notes_
61,000
July 1 to Oct 31
110,910
87,012
22,299
17,153 Acets receivable_ _ 246,531
260,924 Vouchers & wages 119,706
140,734
Southern Bouleyard _a_ Met
Notes payable__
10,721
10,015
...
2,329
60,000
3,552 Coal and coke on
hand
17,527
6,081 Accounts payable_
July 1 to Oct 31
48,568
5,681
43,721
16,703
4,643
13,530
Sundry accounts
8,818
7,365 Accrued interest__
179,810
176,020
Unlon_a
Oct 206,850 '190,313
31,597
49,010 Materials and supSundry accounts__
2,452
5,004
906,394
July 1 to Oct 31
841,650
248,878
258,830
plies
115,345
99,556 Res'ved for deprec
378,919
314,625
Westchester Eleo_a_ __ _Oct
48,731
45,557
5,661
9,038 Other assets
3,750
14,763 Sinking fund
2,911
235,497
July 1 to Oct 31
218,309
68.733
Surplus
65,436
813,571
586,105
Yonkers_a
Oct
59,063
57,664
15,667
4,835
Total
20,238,139 20,424,041
Total
20,238,139 20,424,041
July 1 to Oct 31
238,066
240,752
62,799
61,964 . St.
Louis Rocky Mountain & Pacific Ry. Co. guarantees principal ($105,000) and
Long Island Elec_a
15,334
Oct
21,187
del 701
4,686 Interest on first mtge. 7% 10-yr. gold bonds of the Citnarron & Northwestern By.
July 1 to Oct Si
89,201
94,779
20,397
32,427 This guaranty is secured by first lien on 22 miles of standard-gauge railroad, &c.
N Y & Long Isl Trac_a_.Oct
32,516
a Pledged as collateral under secured coupon notes due April 1 1910, 1911, 1912.
35,759
6,365
12,733
July 1 to Oct 31
165,844
158,469
49,189
58,296 -V. 93, p. 1325.
N Y & Queens Co-a-.-.Oct
105,370
90,152
def6,637
15,555
July 1 to Oct 31
Spokane & Inland Empire ItIt.
470,650
441,059
9,946
48,395
Ocean Bice (L 1)-a
Oct
5,083
4,250
def1,424
dot 847
(Report
for Fiscal Year ending .1%/02e 30 1911.)
July 1 to Oct 31
78,943
69,798
39,312
39,641
Coney Isi & Brooklyn_a_Oct
Pres. Carl R. Gray, Portland, ()re., Sept. 15 1911, wrote
101,406
114,932
20,589
32,179
July 1 to Oct 31
496,166
620,360
131,146
246,434
Earnings.-The interurban passenger and freight business during the
Richmond Lt & RR_a__Oct
27,499
27,223
3,684
6,355 past year, in common with all other railroad business in this part of the
July 1 to Oct 31
151,098
146,720
49,559
57,001 country, has suffered from the general depression, and shows a decrease in
received from transportation as compared with last year.
Staten Island Mid _a_ _ _ _Oct
19,746
19,569
4,912
3,565 the revenue
interurban passenger revenue was $620,883, a decrease of $134,725,
July 1 to Oct 31
125,804
120,572
48,832
45,145 orThe
_
17.8%. The freight revenue was $399,981, a decrease of $72,937, or
15.4%. The revenue received from other sources was $99,664, an increase
a Net earnings here given are after deducting taxes.
of 103.5% over the previous year; most of this revenue was received from
c Other inc. amounted to $77,680 in Oct. 1911, against $73,381 in 1910.
the growing commercial power business. The total operating revenue was
t1,669,638, a decrease of 5.33%.
Operating Expenses-The charges for maintenance of way and structures
were $292,314, an increase of $9,156, which was occasioned by the unusual
amount of paving required on the traction lines in the city of Spokane.
The charges for maintenance of equipment were $181,258 an increase of
$68,644, due to an unusual amount of work upon electrical equipment.
Annual Reports.-The following is an index to all annual repairing
a number of traction line cars and applying steel wheels to tracreports of steam railroads, street railways and miscellaneous tion equipment, required by city
ordinance.
Power.-The power plant at Nine Mile on the Spokane River has a maxicompanies which have been published since Dec. 30.
mum capacity of 20,000 h. p., with a continuous capacity of 15,000 h. p.,
This index, which is given monthly, does not include and
furnishing,
for the operation of the Inland division, from 4,000 to
is
reports in to-day's "Chronicle." Reports in Volume 93 5,500 h. p. Our power contract with the Washington Water Power Co.,
entered into when our lines were first constructed, has yet four years to run.
are shown in heavy-faced type.
We are using, under this contract, 3,800 h. p., the maximum permitted.
This power is used to operate the Coeur d'Alene and traction divisions.
RailroadsPage. IndustrialsThe traction division is also using from 1,500 to 2,000
Bait. & Ohio RR.((i Mos. approx.) 122 Amer. Brake Shoe & Foundry Co_ __Page.
p., which is
125 furnished by our plant at Nine Mile. We have contracts h.
Chicago Peoria & St. Louis Ry.....1781 American Cement Co
125 3,800 h. p. for commercial and irrigation purposes, for whichfor the sale of
Georgia & Florida Ry
we are receiv123 American Ice Co
122 ing approximately $4 per h. p. per month. We also have
Hudson Companies (Hudson River
about 3,000 h. p.
Creamery Package Mfg. Co....1791 additional commercial
business in view for the ensuing year.
Tubes), New York City
121 Cuban-American Sugar Co
1783
The company has two high-tension power lines from Nine Mile to SpoLehigh & Hudson River Ry
1781 Dominion Steel Corp.,Ltd.,Montreal 122
Southern Pacific Co
121, 128 Harrison Bros. & Co., Inc., Phila....1784 kane, over its private right-of-way, capable of carrying the entire output
the plant, and also insuring continuous service in case of accident.
Electric RailwaysLawyers' Mortgage Co, N. Y
121
There is now in operation 66 miles of 66,000-volt high-tension power
Albany Southern (Electric) Ry
122 Niagara Falls Power Co
127
American Cities Co
1783 Northern California Pow. Co., Cons_1784 Ines, capable of supplying the business for a number of years.
Capital Account.-Charges to capital account aggregated $1,028,523, viz.:
Binghamton (N. Y.) Ry
1785 Seaishipt Oyster System, Boston,
Additions and betterments on the Interurban line, including cornBritish Columbia Electric Ry
1785
Mass
1784 . pletion of the double track from
Spokane to Greenacres, the
Lancaster County By. & Light Co..1783 Swift & Co., Chicago
121
change of line and the new bridge over the Spokane River at
Rutland (Vt.) By., Lt. & Pow. Co__ 123 Union Stock Yards Co. of Omaha,Ltd 71
Spokane Bridge, rebuilding the line into Colfax on account of the
Susquehanna By.,Lt. dc Power Co...1782 United Gas & Elec. Co.of New Jersey1783
Ilk Palouse River floods, additional main tracks, new siding, &o.. _$443,520
ANNUAL REPORTS.
75,498
Additional facilities, two new electric 'locomotives, &o
Completion of Nine Mile power plant (installation of two additional
120,346
units increasing capacity of plant to 20,000 h.p.)
Commercial power lines (construction of high-tension line Greenacres to Hayden Lake, second line Nine Mile to Spokane, and
85,474
line up Little Spokane River to Waikiki)
Extension, construction and equipment, traction division, consisting of 2.318 miles of traction extension on Rockwood and
Corbin Park lines, 10 new street cars, 5 M miles of new track and
303,684
paving between the rails, in city of Spokane
Outlook.-Your lines are built through a rich and rapidly developing
this
harvesting
the
is
Inland
On
country
division
the
Palouse
country.
year an unusually large crop, and we anticipate increased earnings for the
coming year's operation. There is no new construction contemplated,
nor will there be unusual improvement work during the coming year
calling for any considerable investment of money.
INCOME ACCOUNT FOR YEARS ENDING. JUNE 30.
1910-11. 1909-10.
1910-11. 1909-10.
Average miles oper_.
207
208.2
Maint. way & strut_ 292,314 283,158
8
Freight earnings.... 399,981 472,918 MaInt. of equipment 181,258 112,615
25,227
24,963
Passenger
620,883 755,608 Traffic expenses_
Street railway system 549,111 486,119 Transportation exp. 568,626 548,392
112,776
expenses....
127,417
General
48,969
Other revenue
99,663
55,000
72,000
-- Taxes accrued
1,669,638 1,763,614
Total gross
Per mile (average) __ 8,023.25 8,519.87 Operating income.,, 403,060 626,447
247,113 247,450
Deduct-Interest on funded debt
43,429
151,226
Other interest... .
15,456
3,847
litre of equipment
402,186 306,335
Total fixed charges..
874 320,113
Balance, surplus, after aforesaid charges
75.80% 64.49%
Ratio of operating expenses and taxes to operating revenue
Note.-From the surplus as above there was deducted in 1909-10 $295,073 for the
accident at Gibbs, Idaho, and miscel., $147, leaving the net income for that year
$24,892. In 1910-11 the extraordinarg charges aggregate $132,575, resulting In a
deficit for the year of $131,701. Said charges for 1910-11 were: Accident, Gibbs,
Idaho, $36,311; reconstructing bridges, track, &c., Colfax flood, $47,729; depreciation, line abandoned, 827,333; inventory adjustment, $21,172.
GENERAL BALANCE SHEET JUNE 30.
1910.
1911.
1910.
1911.
$
S
$
AssetsProperty Invest't_25,283,621 24,222,830 Common stock...10,000,000 10,000,000
Preferred rights_ 6,409,100 6,394,900
Material and sup4,951,500 4,939,000
533,629 First M. bonds_
308,347
plies
Accounts payable.. 281,1481 3,094,505
25,8581
Cash
3,667,4495
) 248,436 Bills payable
Due from cos. and
153,851
97,183
Aecr. Int. & taxes_
77,274j
individuals _ _
14,585
14,584
18,751 Sink. fund reserve
18,751
Sinking fund.
23,008
16,605
accounts
Suspense
_
_
9,499
5,002
Miscellaneous
413,296
281,283
Profit and loss._
25,718,853 25,033,145
Total
-V. 93, p. 164.
Total
25,718,8f3 25,033,145
Consolidated Gas Company of Now York.
(Abstract of Report Submitted at Annual Meeting Jan. 22 1912)
Results.-The total earnings from the company's gas business for the
year 1911 were $3,025,358, being equivalent to 3.97% on the value as per
balance sheet of the tangible and intangible property employed in the
manufacture and distribution of the gas sold (contrasting with 4.10% in
1910 and 3.73% in 1900.-Ed.)
The dividends and interest received aggregated $4,990,923, while the
interest paid amounted to $464,404. The quarterly dividend, which in
Dec. 1910 was increased to 13,5%, was maintained at this rate, aggregating
$5,988,990, and leaving a surplus to be carried to profit and loss account for
the year of $1,562,888, as against a surplus for the year 1910 of $2,924,848
and for 1909 of $2,743,319.
The hope expressed in our last report of a resumption of greater business
activity failed of realization. The average gas sales per customer decreased
2.37% and the average electric sales per customer decreased 3.22%. The
Increase in both the gas and electric output, below referred to, was, therefore, due solely,to an Increase in the number of gas and electric installations.
Under the conditions described the ratio of expenses to gross earnings
became disproportionately high.
Reduction in Gross Earnings Due to Decrease in Average Sales per Customer.
Reduction as above in gas receipts: Consol. Gas Co., $408,000; all
$525,000
other gas companies, $117,000; total
761,000
Reduction in gross earnings of the electric companies
27,861,658,Gas,
(a)
were:
the
of
Various
companies
sales
combined
The
609 cu. ft., increase 2.37%; (b) electric current, 333,376,469 k. w. hours,
increase 14.49%.
The year 1911 witnessed a substantial growth in the demand for the
larger type of domestic appliances and for hotel gas ranges, of which latter
2,443 linear feet were installed. In all 89,861 gas appliances were installed.
The municipal street lamps on the lines of the Consolidated Gas Co. and
its affiliated companies on Dec. 31 1911 consisted of 24,709 incandescent
gas lamps, 574 open-llama lamps, 9,557 electric arc lamps and 10,901
electric incandescent lamps, a total of 45,741 street lamps. The total
number of gas meters in use at the end of 1911 was 848,266 and of electric
meters 189,601.
Renewals, Additions, &c.-The net amount reserved for renewals and
contingencies during the year was (a) by the Consol. Gas Co. (including
Astoria Lt., H. & P. Co.), $1,329,829, or about 9-10 of 1% of the book
value of the company's total assets, as shown in the balance sheet below;
(6) by the said company and its affiliated gas and electric companies was
23,338,936, or 97-100 of 1% of the combined assets ($343,351,399), as
shown by their books.
The undistributed surplus earnings for the year of all the companies
combined, including the Consolidated Gas Co., were invested in plant and
property. They amounted to $5,178,764, or about 1.51% of the assets.
Provision is thus made for the renewal and replacement of destructible
property and for other contingencies, and for the protection of the largo
amount of capital invested.
The total amount expended during the year for additions to and betterments of the plants of the various gas and electric companies was $10,582,369, while, at a cost of $3,198,429 for repairs and $2,916,686 for renewals
or a total cost of $6,115,116, these properties have been maintained at the
highest efficiency.
Rates.-On July 1 1911 the New York Edison Co. and the United Electric
Light & Power Co. put into operation modified rate schedules designed to
meet the views of the Pub. Serv. Comm., being based on the volume of
electric energy consumed. The effect of this reduction upon the gross electric revenue, it is estimated, will amount to about $1,250,000 at the end
of the year (July 1 1912). Notwithstanding this voluntary reduction, a
petition for a further reduction of rates has been filed with the Public
Service Commission, and hearings thereon are now being held.
Financial.-The $5,000,000 12 months' collateral trust loan, which matured Aug. 10 1911, was renewed for a corresponding period (V. 93, p. 167).
There were sold during the year $2,481,000 1st M. bonds and $580,000
10-year collateral trust notes of Westchester Ltg. Co.(V. 92, p. 1378, 1242).
A $25,000 mortgage on the property at 474-476 W.159th. St. was paid off.
Proposed Purchase.-The company has applied to the Pub. Serv. Comm.
for permission to purchase the ($1,250,000) pref. and ($1,250,000) corn.
stock of the N. Y. & Queens Elec. IA. & Pow. Co. and the ($600,000) stock
of the N. Y. & Queens Gas Co. The former (funded debt, $2,350,000; see
p. 163 of "By. & Indus. Sec."-Ed.) operates throughout the borough of
Queens, except in the Rockaway district, and the latter (funded debt,
$1,000,000; V. 81, p. 1178.-Ed.) operates in Flushing, Whitestone,
College Point and Baysido. By means of connections with the Waterside
plant of the N. Y. Edison Co. and with the gas plants at Ravenswood and
Astoria, uninterrupted electric and gas service to the streets and buildings
in the territories supplied by the said companies would be assured.
Condemnation.-The condemnation proceedings in relation to such of our
property in the blocks bounded by 16th and 18th Sts. between 10th. Ave.
and the North River, as the city condemned in 1902, and also the proceedings for the recovery of consequential damages to the remaining property
on these blocks are still pending.
New Tunnel.-The condemnation proceedings for the terminal rights of
the new tunnel, which will connect the gas-main system in Astoria, L. I.,
with that in the borough of The Bronx, have been brought to a satisfactory
275
THE CHRONICLE
JAN. 27 1912.]
conclusion. The excavation of the shafts has been completed, the depth at
Astoria being 277 ft. and at the Bronx 233 ft., and the construction of the
tunnel, 4,662 ft. in length, is proceeding as rapidly as possible. This tunnel
will, with the Ravenswood tunnel and the 48-Inch main under the Harlem
River at 2d Ave., form a complete circuit, connecting the gas-main systems
In the boroughs of The Bronx, Manhattan and Queens, and will insure an
uninterrupted supply of gas throughout these three boroughs.
Mains.-The transfer system of mains has been extended by the laying of
(a) 48-inch main from 71st St. (Ravenswood tunnel) to 116th St., with a
connection to the 111th St. station, giving a continuous main of that size
from 71st St. to the Central Union Works at 138th St., passing under the
Harlem River at 2d Ave. On a recent test, without very high pressure, we
were able to transfer gas at the rate of 1,000,000 cu. ft. per hour from the
Ravenswood Works to the Central Union Works. (8) A 48-inch main from
the 48-inch main on 2d Ave. and 127th St. to the 132d St. holder station;
this main will probably not be put into service before the fall of 1912.
(c) Two 36-inch mains under the Harlem River, crossing from Manhattan
to The Bronx at 210th St., will be put into service as soon as connections
are made with the new Kingsbridgc holder.
It is contemplated during the coming year to extend the transfer system
about 6 miles by the laying of a 48-Inch main from the Central Union Works
to the new Kingsbridge holder.
New Plant.-The new water gas plant at Astoria, which has been under
construction for the past two years, has progressed rapidly and, if nothing
few weeks.
interferes, the plant should be ready to operate within a'
New Holder.-The new gas holder at Fordham Road and Harlem River
Terrace, Kingsbridge, capacity 10,000,000 Cu. ft., is completed and, with
the pumping house and apparatus, will be ready for use within two or three
months. It will supply gas to the upper northwesterly section of the
borough of Manhattan and in portions of the territories of the Central Union
Gas Co. and the Northern Union Gas Co. in the borough of The Bronx.
New Offices, &c.-The Central Union Gas Co. is now occupying its new
office building at Courtlandt Ave. and 148th St. The 12-story extension
of the main office building of the Consolidated Gas Co. at 4 Irving Place,
having a frontage of about 62 ft. on 15th St., has been completed,and is at
present occupied by the General Office departments and by the branch
office which was formerly located at the corner of Irving Place and 15th St.
Several of our departments for which heretofore space was rented in neighboring buildings are now located in the new building.
A 20-year contract, with an option for renewal of two periods of 20 years
each, has been entered into for the lease of an office building site at 124 W.
42d St., and the building is now under construction.
The United Elec. Lt. & Power Co. has purchased a plot 50x100 ft. in the
rear of the sub-station on West 146th St., upon which to erect a 7-story
building for its meter, construction and repair departments.
Waterside Station.-The Waterside Station No. 1 of The N. Y. Edison Co..
situated at the foot of East 39th St., borough of Manhattan, is being
brought up to the very latest developments in electrical science. This
station was put in commission in 1901, and after about one-half of the installation had Ewen completed with reciprocating steam engines, the advance'
11 the science was such that it was completed with 5,000 and 8,000 k. w.
turbo-generators. Four of the original reciprocating engines have now
been removed and In their place three steam turbo-generators have been installed, each of a capacity of 20.000 k. w., the largest unit in the world as
yet in operation. The first of these units was put into service on Nov. 3
1911. Twenty improved automatic stokers and 24 superheaters were also
installed. All this work involved the loss through obsolescence of approximately $2,000,000, which has been charged off on the books of the company.
At Waterside Station No. 2, 36 additional automatic stokers were substituted for the hand-fired grates.
Other Improvements.-Lasge storage batteries were installed at the West
107th St., East 39th St. and Clinton St. sub-stations; also rotary apparatus
of 14,500 k. w. capacity in sub-stations.
The United Elec. Co. has purchased a parcel of land, 75x100 ft. on West
187th St., upon which it will erect a sub-station.
INCOME ACCOUNT FOR YEAR.
1910.
3
9,32
97
97
17
826,916
18
94
18
1,266
Gas meters in use Dcc. 31
159,405 Not stated
189,691
Electric meters in use Dec. 31
93,910
103,067
89,861
Gas appliances installed
Combined sales of gas (1.000 cu.ft.)_ 27,861,658 27,217.105
291,174
333,376
Sales of electric current (1,000 k. w.)_
Net earnings from gas business (after
deducting the reserve for renewals
$2,013,446 $2,151,422 $1,894,253
and contingencies)
Add for the purpose of determining
the earnings applicable to the value,
based upon the decision of the U.S.
Supreme Court, of the tangible and
intangible property employed in its
gas business, viz.: $76,179,986 in
1911, against $74.355,846 in 1910
and $73,697,800 in 1909,the surplus
230,513
261,044
292,861
earnings of Astoria L., H. & P. Co_
And the interest received on the in624,802
633,983
719,051
vestment in that company
Total earnings from gas business for
•$3,025,358 '13,046,449 *52,749,568
the year
Divs. and int. reed on stocks & bonds
owned and on advances made to
affiliated gas and electric cos.(excl.
int. on the investment in Astoria
4,455,313
4,804,908
4,990,923
Light, Heat & Power Co.)
$8,016,281 $7,851,447 $7,204,881
Total net income
(6%)$5,988,990(4 M)$4491633(4)53987,565
Dividends paid on stock
473,998
434,967
464.404
Interest on funded and other debt_ _ _
$1,562,887 $2,924,847 $2,743,318
Balance, surplus
• Equivalent to about 3.97% in 1911, 4.10% in 1910 and 3.73% in 1909
on the value of the tangible and intangible property employed in the manufacture and distribution of the gas sold by the company.
BALANCE SHEET DEC. 31.
1910.
1911.
1910.
1911.
LiabilitiesAssets
Plant& property 52.206,033 50,536,519 Capital stock.._ 99,816,500 99,816.500
Bonds and notes 8,745,100 8,802,100
Stocks & bonds
of other cos__ 71,679,336 69,576,836 Accts. payable &
acced charges 5,046,188 5,004,029
205,000
205,000
Bonds & mtges_
Stock and bond
Advances to 0th.
premiums _ __ 13,951,397 13,951,397
companies _ 15,289,422 18,519,422
1,185,535 Renewal and re3,593,732
Cash
serve funds _ 8,666,859 7,081,177
Accts. receivable 3,717,652 4,277,887
985,276 Profit and loss._ 11,502,853 10,631,272
Material & supp. 1,037,722
147,728,897 145,286,475
Total _
-V. 94. p. 210.
Total
.147,728,897 145,286,475
Republic Iron 85 Steel Company, Youngstown, Ohio.
(Report for Six Months ending Dec. 31 1911)
The report says in substance:
Results.-The gross volume of business for the six months compares favor
ably with best previous periods when greater market activity ruled, but the
average prices for shipments made are the lowest in the history of the company. The shrinkage in values is the natural result of the restricted demand, incident to disturbed conditions of general business. The increase
in the gross volume of business obtained is due entirely to additions to our
capacity and to greater diversity of products manufactured. Had it been
possible to operate the works to full capacity, a substantial increase in
volutne of business would have resulted.
Substantial reductions in costs were generally effected, but the net profits
show reductions as compared with 1910, as a result of low prices naturally
incident to conditions above stated. While full maintenance charges have
been made, some reduction in depreciation charges was thought proper in
view of previous liberal allowances on this account. All provisional funds,
however, have been fully maintained. The net profits applicable to dividends are $798,772 and the net surplus as of Dec. 31 1911 is $5,286,218. •
• Additions.-All important new additions or extensions mentioned in previous reports have now been completed. The last of the improvements
authorized were the 90-inch plate mill and the 14-16-inch continuous mer-
276-
THE CHRONICLE
[VoL. Lxxxxiv.
Union Stock Yards Co. of Omaha,Ltd.(South Omaha,Neb.).
(Report for Fiscal Year ending Nov. 30 1911.)
1911.
1910.
1911.
1910.
$
Gross profits
.2,208,314 2,632,085 Provision for exhausMaintenance and retion of minerals_ __ 122,008 133,511
pairs of plant.
737,501 680,630 Interest on bonds_ __ 369,338 290,882
Balance
1,470,813 1,951,455
Net profits
798,772 1,267,850
Int. & div. received,
Div. on pref. stock __ 875,000 875,000
less interest paid.
40,956
do do per cent_ (33•5%) (33',%)
Total profit
1,470,813 1,992,411
DeductDepr.dtrenew.ot pits 180,694 300,168
Balance, surplus __def76,228 392,850
BALANCE SREET DEC. 31.
1911.
1910.
1911.
1910.
AssetsLiabilities$
Plant, &c
64,151,273 58,212,416 Common stock_ _27,191,000 27,191,000
New construction_ 1,343,865 2,688,496 Preferred stock_ ..25,000,000 25,000,000
Invest. In other
First mtge. bonds_ 1,645,000 1,647,000
companies
942,385 10-30-yr. s. 1. 58._11,305,000 8,196,000
930,852
Cash to redeem let
Has. prop. H.notes 1,475,000 1,475,000
mortgage bonds 288,809
1-year collat. notes 3,000,000
Prepaid royalties
Potter Ore bonds
& expenditures_ 832,959
894,524
jointly guar__ .... 314,500
325,500
Miscellaneous
8,472 Martin Coke Works
Raw and finished
bonds and notes 312.287
373,382
materials
8,100,692 6,956,570 Accrued Interest _
178,235
139,421
Ore contract payOre contracts__ _ _ 215,533
188,474
ments_
524,454
599,582 Accounts payable_ 2,038,753 1,475,252
Accounts and bills
Reserve funds _ _ _*3,780,330 3,343,461
receivable _
3,909,805 3,699,124 Accrued taxes__ __ 175.250
93,587
Cash
3,083,279 2,172,656 Dividend warrants 748,632
938,290
Dividends accrued 440,246
440,246
Profit and loss... __ 5,286,218 5,347,510
Total
83,165,983 76,174,124
Total
83,165,983 76,174,124
*Includes fund for exhaustion of minera s, $1,516,388; for depreciation and renewals, $1,479,861; for re-lining furnaces, $256,974; for fire and accident insurance, &c.,
$405,565; for contingencies, $121,541.-V. 93, p. 1108.
Armour 8; (Jo, (Meat Packers), Chicago.
(Reportfor Year ending November 4 1911.)
Pres. J. Ogden Armour says that the net earnings are
equal to about 25
4% on the net capital invested [against
about 63/2% in the previous year.-Ed.] and about 1% on
the net sales.
INCOME ACCOUNT.
Nov. 4'11. Oct. 22 '10. Oct. 23 '09. Oct. 24 '08.
Year endingNet profits on manufactures and sales
$5,611,101 $7,927,205
Net Armour car lines__ _
486,726
683,989
Net from allied cos
436,016
1,111,462
Miscellaneous
104,734
85,647
Total net income_ _ _ _ $6,638,577
ExpendituresInt. on borrowed money $725,992
Interest on bonds
1,398,082
Administrative expenses 1,295,794
Res've for disc., &c., for
proposed bond issue_ _
Taxes, insurance, &c_ _ _
708,656
$8,059,290 $10,167,667
531,270
361,808
1,908,455
870,794
83,881
208,205
$9,808,303 $10,582,905 $11,608,474
$422,105
1,350,000
1,415,900
$1,137,163
$1,586,761
1,576,787
1,440,156
802,578
741,030
2,500,000
781,557
Surplus for the year__ $2,510,053 $5,817,720 $7,127,925 $5,300,000
Out of surplus earnings in 1910 and 1011 there was paid $2,000,000
yearly in dividends; dividends in previous years not made public.
BALANCE SHEET.
Nov. 4 '11. Oct. 22 '10.
Nov. 4'l1. Oct. 22'10.
Assets$
$ •
Lands, buildings,
Capital stock
.20,000,000 20,000,000
machinery, &c_44,037,851 44,075,015 Bonds
30,000,000 30,000,000
Refrig. & 0th. cars 11,717,299 11,603,729 Bills payable
10,255,100 7,719,675
Inv. in allied cos _ _16,737,79) 16,860,710 Acc'ts payable _ __ 4,571,411 3,071,962
Materials & suppl's32,550,210 31,294,144 Reserve for bond
Misc. mark. inv. 5,518,991 4,505,127
interest
578,835
530,753
Nils receivable_ __ 3.266.910 2,983,873 Profit and loss.. _74,493,367 73,983,313
Acc'ts receivable_ _21,713,237 19.743,693
Cash
4,356,416 4.239,413
Total
.130,898,713 135,305,704
-V. 94, p. 210.
Total
.139,898,713 135,305,704
U. S. Industrial Alcohol 0o., New York.
(Report for Fiscal Year ending Dec. 311911.)
President Frederick M. Harrison, Dec. 31 1011, wrote:
The past year has been the best in our history, showing satisfactory
progress In every department. While the diversity of established uses
of the products of our company is an element that makes for stability 4n
earnings, new and attractive fields for the utilization of our goods have been
opened and results therefrom thus far obtained promise future improvement.
The capital stock was on Apr. 12 1911 duly llsted on the N. Y.Stock Exch.
INCOME ACCOUNT YEAR ENDING DEC. 31.
1911.
1910.
1911.
1910.
$
Profits from all sources.1,308,399 863,599 Admin. & other exp. 206,136 78,341
Repairs, maintenance
Pref. dlvs. (7%)
420,000 420,000
and depreciation_ __ 99,933 49,188
Insurance and taxes__ 99,585 71,993
Balance,surplus.... 482,745 244,077
BALANCE SHEET DECEMBER 31.
1911.
1910.
1911.
1910.
AssetsLiabilities$
$
Properties owned_16,293,616 14,569,909 Common stock_ __12,000,000 12,000,000
Cash
815,795
641,004 Preferred stock_ _ 6,000,000 6,000,000
Accts. & bills rec. 3,711,281 3,645,491 Accts. &bills pay- *351,399 *703,424
Mdse., material,&e
Republic Distilling
(cost)
419,313
7% s. f. bonds. 1,500,000
832,272
Unexpired ins.,&c.
19,250
39,859 Surplus
1,407,856
925,111
Total
21,259,255 19,628,535
Total
21,259,255 19,628,535
* The company deducts the accounts and bills payable ($351,399 and 5703,426,
respectively, in 1911 and 1910) from the total of current assets ($4,965,639 and
115,058,628, respectively),showing the same as a net asset ($4,614,240) In 1911, and.
omitting the Item from the other side of the account as a liability.-V. 92, p. 1106
EARNINGS, &C., FOR YEAR ENDING NOV. 30.
1910-11.
1909-10
1908-09.
1907-08.
Receipts of stock-cattle. 1,174,312
1,223,533
1,124,618
1,036,625
Hogs
2,366,684
1,894,314
2,135,493
2,424,851
Sheep
2,977,570
2,984,870
2,167,014
2,105,940
Horses and mules
31,771
29,734
39,998
31,711
Shipments-Cattle
446,116
424,583
329,623
373,908
Hogs
216,968
228,068
283,576
277,891
Sheep
1,564,968
1,693,611
959,034
1,097,620
Horses and mules
28,741
26.499
28,817
37,192
Gross earnings
$953,936
$878,812
$854,083
$785,016
Gross expenses
337,574
324,253
284,796
288,996
Net earnings
$616,362
$554,559
$569,287
$496,020
Depreciation
$100,000
$100,000
$100,000
Dividends, 6%
449,868
449,766
449,766
$449,766
Total deductions
$549,868
$549,766
$549,768
$449,766
Surplus
$66,494
$19,521
$4,793
$46,254
BALANCE SHEET NOVEMBER 30.
1911.
1910.
1911.
1910.
Assets$
$
Liabilities$
Real est.,RR.prop,&c8,194,385 7,932,182 Capital stock
_7,496,300 7,996,100
Investments
5,100 Bills payable
370,000
Accounts receivable_ 117,120
86,892 Bonds
700,000
Feed and supplies... 90,782 135,161 Surplus
415,059 398,765
Prepaid insur. & int_ 28,507
15,216
Cash
180,565
40,314
Total
8,611,359 8,214,865
Total
8,611,359 8,214,885
Capacity for live stock: 30,000 cattle. 40,000 hogs. 80,000 sheep, 1,500 horsesV. 94, p. 71.
Monongahela River Consol. Coal it Coke Co., Pittsburgh.
(Report for Fiscal Year ending Oct. 31 1911.)
This company is controlled by the Pittsburgh Coal Co.
President John A. Donaldson, Jan. 15, wrote:
During the year there was sold to the H. C. Frick Coke Co. 8,988 acres
of coal, for which there was received $7,639,800 in bonds of the H. C. Frick
Coke Co., guaranteed as to principal and interest by the United States Steel
Corp., and the same have been placed to the credit of re-investment fund
in the hands of the Union Trust Co. of Pittsburgh. (See Pittsburgh
Coal
Co., V. 93, p. 875, 942, 474, 233.)
Data from Certificate of Public Accountants Jan. 9 1912.
Depreciation of mine and river equipment amounting to
and depletion of coal acreage amounting to $278,398 have also been$755,975
charged
against earnings. A reserve fund of $100,000 each has been created to
provide for future losses through fire and sinkage. Bonds have been redeemed amounting to $218,000, also certificates of indebtedness amounting
to $135,000.
EARNINGS, etc., FOR YEARS ENDING OCT. 31.
1910-11.
1909-10.
1908-09.
1907-08.
Coal mined (tons)
x7,507,413 x7,637,553
5,947,826
5,985,486
Earnings
$2,258,456 $2,117.960 $2,134,587 $2,320,860
LessMalnt. & rep. river craft
436,965
422,740
432,530
405,548
Depreciation charged off
y913,099
037,426
834,927
824,009
Interest on bonds. &c__
506,753
526,571
588,355
560,858
Loss by storm Sept. 20'09
.709,410
Dividend on pref. stock_ (4)400,000 (2)200,000
(z4h)475000
Total
$2,256,817 $2,086,737 $2,510,743
Net balance for year. ___ sur.$1,639 sur.$31,223 (let $376,154
$2,319,894
sur.$966
• Loss on coal, river craft and harbor equipment sunk during storm on
Lower Mississippi River. x The Ohio Valley Coal & Mining Co. also mined
117,591 tons in 1910, against 84,566 in 1909, 110,624 in 1908 and 132,196
in 1907. y Depreciation, $913,100 in 1910-11, Includes depreciation on
mine equipment, $247,811; depreciation on river craft, ace., $388,890; depletion of coal acreage, $278,398. z Dividends in 1907-08 include 34%
paid July 1908 and 13i% paid Jan. 1900. See annual report for 1906-07.
V.85, p. 1465, 1575.
BALANCE SHEET OCTOBER 31.
1911.
1910.
1911.
1910.
AssetsS
Liabilities$
Cash on hand, &c_ 461,029
444,022 Preferred stock_ __10,000,000 10,000,000
Re-investm't fund
Common stock_ ..20,000,000 20,000,000
with trustee.... 8,240,597
430.800 Bonds...7,538.000 7,756,000
Bond sinking fund 248,118
252,044 Certificates of inBonds purchased_
143,554
258,772
debtedness
1,035,000 1,170,000
Acc'ts&bills rec.,&c2,821,946 2,721,686 Bond prem. res've 126,950
Stks.&bds.oth.cor. 454,883
635,770 Mortgages _____
5,319
161,758
Def.chgs.agst.oper.
11,679
5,451 Accounts and bills
Coal on hand
1,429,029 1,275,903
payable
2,649,633 2,506,260
Supplies on hand_ 260,890
125,299 Fire insur. fund__
100,000
95,239
Lumber, &c.,sup_
185,504
538,626 Coal sinking fund_
100,000
104,761
Empty coal boats_ 289,957
89,866 Undivided profits.. 1,633,414 1,631,775
Investments
28,641,040 36,647,553
Total
43,188,316 43,425,793
Total
43,188,316 43,425,793
Note.-The investments in stocks and bonds of other corporations are carried at
cost prices. No provision has been made for possible loss on Investments.-V. 04.
p. 212.
American Cement Co. of New Jersey.
(Report for Fiscal Year ending Dec. 31 1911.)
Pres, Robert W. Lesley, Phila., Jan. 3 wrote in substance:
Results.-The year has been one of unsatisfactory conditions, due to extremely low prices and over-production in Eastern territory. Nevertheless,
1,491,761 barrels were marketed by your selling companies. 'While only
a small amount was sold at the very low prices prevalent during the fall,
the average price was below that in 1910. By great economies the cost was
reduced, being as low as, if not lower than, it is believed, most other mills
in the Lehigh district.
Bonds.-The only changes in capitalization result from the cancellation
of $37,000 of your 1st M.collateral bonds, $19,000 let M. bonds of Reliance
Cement Co. and $17,000 1st M. bonds of Norfolk Portland Cement Corp.
While the company failed In 1911 by about $20,000 to earn its interest
charges and sinking fund payments. It is to be noted that these sinking fund
payments amounted to $45,000. In the past twelve years there have been
redeemed $450,000 American Cement bonds, which is $90,000 In excess of
the minimum redemption required, and in the last six years $98,250 Reliance
Cement Co. bonds, or $8,250 in excess of the minimum redemption required.
New Plant--Guaranteed Collateral Notes.-The new works at Norfolk
which were completed late in 1910 have not produced the results which were
expected. The cost of the plant was largely in excess of the estimates. The
company started operations with a floating debt and without working
capital. In order to remedy this difficulty a second mortgage for $200,000
was placed upon the Norfolk works, against which there were issued collateral trust notes to that amount, guaranteed by your company.
While the Norfolk works have demonstrated from a selling point their
right to exist and their advantage In freight rates, both inland and along
the seaboard, yet the cost of production, due to the handling of new materials, changes in machinery, &a., was such as to cause a considerable loss.
Your company consequently, as the guarantor of the bonds, was obliged to
make considerable advances of money during the year. It Is expected that
during 1912 the difficulties at Norfolk-which arc being overcome-will
enable the plant there to produce cement at reasonable figures and reap the
benefit of its advantageous location.
Vindez Land Co.-During the year the various properties of your company at Poughkeepsie, N. Y., and at Dresden, N. Y., have been deeded
from the Individual trustees who held the titles to the Vindex Land Co., all
of the stock of which is held by your company.
JAN. 27 19)2.]
THE CHRONICLE
COMBINED INCOME ACCOUNT. ALL COMPANIES.
1908.
. . 1909.
1910.
1911.
of subsidiary companies
earnings
Net
5268,186
!
_
$165,227
$139,848
$112,218
for year end. Nov. 30_
DeductBond int. & sk. fd. Am.
Corn. Co.of N.J., paid
& accrued to Dec. 31
(incl. $37,000 bonds
$65,575
$64,240
$60,63$
$59,038
canceled in 1011)_ _ ....
Bond int. and sink. fund
Reliance Ccm. Co. to
Nov. 30 (incl. bonds
48,869
47,01448.087
46,319
canc., $19,000 in '11).
Reliance Cement Co. div.
. •11,725 . . •10,850 i:.;:, *9.975
•10,88.5
on pref. stock
Amer. Cement Co. of
• 14,481
12,876
16,287
16,062
N. J., expenses
(1%)21,000 (4%)81,000(6%)120,000
do dividends
$268,900
$217,062
$156,561
$132,305
Total deductions
sur.9,286
def.20,086 del.16,713 def.51,825
Balance for year
' • . '1.s, ''''
Surplus acct. Sept. 1899
5575,751
$540,011
$523,298
$503,211
to end of year
Surplus Amer. Cem. Co.
$201,122
$232,809
$141,117
$73,850
N. J., Dec. 31
J. In 1 0
*After deducting $9,275 received by American Cement Co. of N.
notes
and 1911 (also in 1911 $840 interest on Norfolk bonds and collateral
1908.
in
$11,026
and
in.1909
$10,150
held by co.), against
NOV. 30
COMPANIES,
ALL
SHEET,
BALANCE
GENERAL
COMBINED
1910.
1911.
1910.
1911.
$
$
Liabilities$
$
Assets(Amer.
stock
Capital
3,831,706
__a3,780,622
Property account
Cem. Co. of N. J.)2,100,000 2,100,000
Lesey & Triakie Co.,
50,000 1st M.5% gold bonds,
additional invest't 60,000
N.J.) 550,060 587.000
Other stks. & bonds_1,334,679 1,305,127 (Am.C.Co.of
66,673 Other stks. & bonds c1.536,750 1,535,750
54,348
Cash
doubtful
for
210
Reserves
34,067
_
receivable
Bills
18,978
accts. & bags, &c_ 20,978
189,800 289,654
Sundry accounts
179,875 133,450
Materials, supp., &c. 141,510 188,472 Bills payable
20.000
Collateral notes
Norf.Port.Cem.Corp. 97,905
12.918 Int. & e. f.(Am.C.Co.
Suspense account_ __ 24.072
12,392
of N. J.) accrued.. 12,083
Deferred charges2,478 Bond int. & div. pref.
1,239
&c.
expense,
Legal
21,957
stk., Rel. Cem. Co. 21,486
Norfolk Portland
169.612 208,766
Miscellaneous
Cement Corporat'n
1122.558 1,142,845
25.000 Profit and loss
selling agency__ 25,000
277
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama Traction Light & Power Co., Ltd., Montreal.Bonds.-The "Monetary Times", Toronto, Jan. 20 said.
Arrangements arc proceeding for the Issue in London of $6,000,000 1st M. .
50-year gold bonds, part of an issue of $10,000,000, the remaining $4,000,000
being reserved for issue in Montreal and New York. See V. 94, p. 122.
The "Manufacturers Record," Baltimore, Jan. 25, said:
Alabama Traction, Light & Power Co. Ltd., incorporated with $30,000,-,
000 capital stock, $10,000,000 being subscribed through Sperling & Co. of
London, England, is holding corporation of Alabama Inter-State Power
Co. (Charles H. Baker of New York, Pres.), heretofore mentioned as
planning water-power developments on Coosa, Tallapoos a and Tennessee
rivers. Estimates are that 300,000 h.p. can be developed without storage
and 500,000 with storage.-V.94, p. 122.
Alberta & Great Waterways Ry.-No Disallowance.-The
Dominion Government has denied the application of the promoters of the road and the Royal Bank to disallow the Act
of the Legislature passed late in 1910, permitting the Province
of Alberta to receive from the banks the $7,400,000 proceeds
of sale of the company's bonds which were guaranteed by the
Province. Compare V. 93, p. 1323; V. 91, p. 1710.
The application was based upon the contention that the Act virtually
authorized a confiscation of property. No evidence was submitted at the
hearing, the proceedings being confined to the argument of counsel as to
the constitutional merits of the statute. The text of the Government's
decision has not yet been made public, but the "Montreal Gazette" says that
the refusal is understood to bq based upon the view that the Province did
not go beyond its legislative authority; that the rights of individuals have
been protected, and that the question of public policy is involved.V. 93, p. 1323.
Argentine Central Ry. (Colorado).-Sale Postponed.-The
foreclosure sale of this 3-ft. 16-mile road (extending to the
top of Mt. McClellan, altitude 14,007 ft.), under terms of the
$200,000 1st M. of 1906, set for Jan. 8, was postponed.
Holders of some $50,000 of floating debt obtained a 30-day stay and have
been considering an appeal to the Supreme Court from the judgment of
granted by District Judge Shattuck to the bondholders. The
$224,000
5,733,242 5,761,138 Equitable Realty Co. it is said, holds $105,000 bonds. Plans for resuming
.
Total
5,733,242 5,761,138
Total
of
the railroad are said to be under way and consolidation with the
operation
a Property account includes plant, machinery, real estate in Pennsylvania and new Montezuma & Western Ry. and possible extensions have been suggesNew York, cement and limestone quarries, patents, railroad rights of way, floats, ted. See illustrated article in 'Engineering News" of N. Y. Oct. 26 1911.
lands,
of
tools, trade-marks, good-will, &c., &c., $3,701,421, and new purchases
-V.93, p. 406.
surveys, options, &c., in New York State, and patents, $79,201.
Arkansas & Memphis RR. Bridge & Terminal Co.-New
b Including Reliance Cement Co. preferred stock, $132,500; common stock, $500,Cement
000; Central Cement Co. common stock, $200,000; North American Portland
Mississippi River Bridge and Memphis Terminal.-This comCo. pref. stock, $100, and common stock and rights, $21,998; American Cement Co,
with $1,000,000
of New Jersey scrip. $297; Norfolk Portland Cement Corporation pref. stock (at Par), pany has been incorporated in Tennessee
$115,500; common stock (at par), $336,700, bonds (at cost), $1,426, and collateral stock to build a railroad bridge across the Mississippi River
$990;
securities,
miscellaneous
$24,160;
collateral),
as
deposited
($12,000
notes
and terminals and freight warehouses at Memphis, Tenn.
Vindex Land Co. (at par), $1,000.
c Includes Reliance Cement Co. pref. stock, $300,000; common stock, $500,000;
The Chicago Rock Island & Pacific Ry Co. is the principal interest back
Central
$35,000.
land,
on
mortgage
first mortgage 6% bonds, $501,750, and
of the enterprise and if the bill to permit the construction of the bridge
Cement Co. common stock, $200,000.-V. 94, P. 125.
receives the approval of Congress, a portion of the proceeds of the new $20,000,000 debenture issue of that company will, it is understood, be used In
connection with the new co's undertaking. The following directors (and
(The)Safety Car Heating & Lighting Co.
officers) were announced Jan. 19: Pres., J. T. Harahan (since deceased);
1911.)
not
1910
31
Dec.
ending
Year
the
for
(Report
V.-Pres., E. E. Wright; J. A. Reichman, B. L. Mallory and C.H.Raine,
all except the first-named of Memphis; Georeg H. Crosby is See. and Treas.
-: Under date Dec. 30 1911, President It. M. Dixon has made
Baltimore & Ohio RR.-$10,000,000 Equipment Trusts
public the balance sheet of Dee. 31 1910 as certified by the
the sale of an issue
report of public accountal,ts on May 15 1911. Requested by Sold.-The directors on Jan. 24 authorized
$5,000,000
some of the stockholders, it has been decided to send the of $10,000,000 434% equipment trust certificates;
thereof to Speyer & Co. and $5,000,000 to Kuhn, Loeb & Co.,
same to all of them.
who are offering the same at 1004, yielding about 44% inc.
PROFITS FOR CALENDAR YEAR 1908 TO 1910 (NOT 1911)
1909.
$1,103,791
(9)887,680
Authoritative Statement.
The issue represents 90% of the total cost of new equipment and will
part for money expended from earnings on equipin
treasury
reimburse the
About 18 months ago
$82,972 ment and improvements during the last two years. the
$216,211
$242,0$4
• Balance, surplus after dividends __
purpose of putting
the company raised $50,000,000 on 3-year notes for
part of this money
large
A
1910.
condition.
the property in first-class physical
BALANCE SHEET DEC. 31
Liabilities-(SI4,596,915)has been expended as prescribed, and large additional amounts have also
Assets-($14,596,915)Capital stock (authorized,
been paid out from current earnings. Expenditures for the last 6 months
Beal estate, machinery,
$10,000,000), outstanding_ $9,862,000 of the current fiscal year will also be on a liberal scale.
$10,817,175
Patents rights, &c
667,214
697,123 Accounts payable
Believing that prices were at about the lowest, the road a few weeks
Material and supplies on hand.
ago ordered 8,000 freight cars for 1912 delivery (V. 93, p. 1385) This
16,638 Deductions from earnings for
Bills receivable
depreciation, contingencies,
additional rolling stock is not actually needed at present. But the man1,699,948
Accounts receivable
694,399 agement believed It wise to take advantage of the low prices and make
&c
Investments in marketable
3,383,307 provision for future needs. These cars were purchased at from $50 to $100
974,947 Surplus Dec. 311010
securities
a car cheaper than the price at which they could now be obtained.
489,106
Cash on hand and in banks._
1,978
It is explained that the company is in no special need of funds at the
Unexpired insurance
iThe regular quarterly dividend of 2% and an extra dividend of 1% was moment. But the management deems it prudent to keep a liberal cash
paid Dec. 22 1911, contrasting with 2% and 3% extra In Dec. 191'U, and balance in the treasury and feels justified in doing so by the sale of the pres2% and 1% extra Dec. 1909 and 1908. The company pays its dividends ent issue of car trust certificates. The road has no car trust certificates
on April, July and Oct. 1 and late in Deo.-Ed.) Compare V. 93'p.1469. outstanding now. The management feels that the road will experience
no difficulty in meeting the annual payment of $1,000,000 required on the
easily be done, if necessary, by drawing against the
The Hendee Mfg. Co.("Indian" Motor Cycles),Springfield' new issue. This couldwhich
is reported at the liberal rate of about $250,00*
account,
depreciation
Mass.
earnings, making total allowance of $3,000,000 a
current
from
a month
(Report for Fiscal Year ending Aug. 31 1911.)
year for depreciation.
The certificates are issued In.the "Philadelphia"[tax-free] form commonly
Pres. Geo. M. Hendee, Springfield, Oct. 25, wrote in brief: used
by the Penn. RR. Co. (see editorial, V. 82, p. 830, 873), by the Girard
The volume of business has shown substantial increase and correspond- Trust Co., as trustee, with the railroad as lessee. The issue matures 10%
to
the
An
addition
with
realized.
factory,
been
ingly larger profits have
annually from Feb. 1 1913 to Feb. 1 19221.
($1,000,000)
new machinery, practically doubling its capacity, and affording new faciliFavorable Decision.-The Supreme Court of Ohio on
ties, has been completed, and paid for out of revenue. The mortgage of
and
the
now
plant is
Jan. 16 decided that the State cannot recover a strip along
$50,000 assumed at organization has been satisfied,
free from all incumbrances.
the Ohio & Erie Canal which is leased by the City to the
The working capital, consisting of cash receivable, book accounts and
inventories, less floating obligations, has been increased over $212,000 and Cleveland Terminal & Valley RR. and occupied by it.
now amounts to $673,000.
The city, It is held, owns the property in fee and can lease it to the railThe net operating profits amount to $406,000, from which has been road. Compare V. 91, p. 1327.-V. 94, p. 122.
deducted charges for depreciation, reducing the sites and buildings to an
oil
$250,000
writing
also
and
even $260,000 and machinery to $195,000,
Boston & Albany RR.-Bonds Authorized.-The directors,
of good will. The net profits thereby reduced to $66,000, together with th
issue of $1,000,000 new bonds,
surplus balance of previous year, amounting to 529,000, brings the available it is stated, have approved an
surplus to $95,000,from which have been deducted pref, dividends amount- to be sold subject to approval of Massachusetts and New York
ing to $42,000, leaving a clear surplus of $63,000 to carry forward.
the current year as required.
Our policy has been to conserve the company's resources by writing off authorities, during
The proceeds, with funds on hand, will finance all construction to Jan. 1
all doubtful values, and so reducing the book assets to substantial and
intrinsic worth as the best preparation for the business activity that gives 1913. The expenditures proposed for the current calendar year approxifurther promise of rapid growth. During the past year the company has mate, it is said, $1,465,000. The company will receive 12,500 tons of
opened a branch house in San Francisco; it also has branches in Chicago 100-pound rails this year to replace the remaining 95-lb. rail, making the
entire main line 100-1b. rail.-V. 92, p. 1536.
and London.
The liberal policy pursued as to experimental work, and the development
Brownsville & Matamoros Bridge Co.-Guaranteed Bonds.
of a machine of unexcelled typo has resulted in a demand, both foreign and
domestic, which has steadily increased to a ratio that taxes our facilities. -G. H. Walker & Co., St. Louis, have recently been placing
The outlook for 1912 is more than favorable. The high standard of the at 99 and int. 1st M. 5% gold bonds dated Jan. 1 1910 and
Indian Motorcycle has been attained by a strict adherence to the policy of
producing the highest grade article and selling it at a fair list. price.
due Jan. 1 1930. Par $1,000. Authorized, $333,000; isBALANCE SHEET AUGUST 31.
sued, $300,000. Guaranteed jointly and severally, as to
1910.
1911.
1911.
1910.
principal and interest, by the National Railways of Mexico
AssetsLiabilities250,0001 222,750 Preferred stock_ 600,000 600,000 and the St. Louis Brownsville & Mexico RR. Co.('Frisco
Real estate
,000
,000
2
tools,&c_
.000,000
195,583f
_2
Common stook..
Mach.,
50,000 system). Interest payable J. & J. at St. Louis Union Trust
525,154
641,552 Mortgage
Inventories
105,777 108,115 Co., St. Louis, trustee. The bankers say:
128,590 Misc. accounts
Accts. receivable 222,408
•
10,000
79,920
13,974
64,691, Reserve
Cash
The company's international steel bridge between Brownsvifie and Mata20,468
63,364
1,600,000 1,750,000 Surplus
Good-will
moros is the only bridge across the Rio Grande River east of Laredo. This
2,773,065 2,707,583 bridge is of the highest class of railroad bridge, and it connects the 'Frisco
2,773,065 2,797,583
Total
Total
lines with the Nations. Railways of Mexico and thus with practically all
-v. 91, P. 1773.
1910.
Net profits after depreciation, &c____ $1,326,874
(11)1,084,820
Dividends paid during year
0,552
8.
70
99
$1
(9)887,580
278
THE CHRONICLE
parts of the Republic of Mexico. It also connects two cities of from 10,000
to 12,000 population each—Brownsville, Texas, and Matamoros.
Mexico—
and furnishes a roadway for wagon and pedestrian traffic connecting
the
rapidly-developing territory of the Rio Grande Valley on the United
States
side with the State of Tamaupllas, Mexico, in which agricultural
development is taking place on a considerable scale by means of irrigation. Irreapective of the guaranty, the earnings of the bridge company are sufficient
to provide for the interest charges on these bonds, although neither
local traffic is yet fully organized nor.has through passenger service the
yet
been put into effect.
The mortgage provides no sinking fund, but we are informed by an officer
of the company that it is the intention of the executive officers
the National Railways of Mexico and the 'Frisco lines that the Incomeoffrom
the
bridge company, above the interest requirements, be set aside as a sinking
fund for the bonds. Very likely some definite action will be taken
on that
In the course of the next twelve months. Company was incorporated
in
Arizona Aug. 25 1909.
Brunswick Terminal & Railway Securities Co.—Report.—
Cal.
—GrossEarn'gs— Hold.Co. Exp. & Taxes Rep'rs,
Year.
St. Rg. M.L.&.W. Income. Salar's. Paid. Ins.,&c.
1911
_$33,629 $78,827 $22,056 $6,049 $6,943
$934
1910 ___ 29,025
73,112
20,039
5,355
6,375
391
—V. 92, p. 1030.
Surplus.
$8,130
7,718
California Midland RR.—Option Lapsed.—The option on
the majority holdings of the stock of the Nevada County
Narrow Gauge RR. which were secured in August last have,
we are informed, been allowed to lapse. No construction
work has been done on the proposed road.—V. 93, p. 526.
Capital Traction Co., Washington, D. 0.—Report.—
Calendar
Gross
Year— Earnings.
1911 _ _$2,256,640
1910 __' .. 2,226,150
—V.92-, p. 456.
Net
Earnings.
$1,129,155
1,124,181
Other
Interest, Dividends, Balance,
Income. Taxes,&c. (6%). Surplus.
$10.173 $349,050 $720,000 $70,278
14,518
318,081
720,000 100,598
Central Park North & East River RR., New York.—Foreclosure Decree Affirmed.—The United States Circuit Court of
Appeals on Dec. 16 affirmed the decree of foreclosure under
the consolidated mortgage for $1,200,000, which was made
by the lower court in Feb. 1911. Judge Hough wrote the
opinion. Compare V. 92, p. 525.
Circular.—Proposed Reorganization.—A circular to the
stockholders dated Jan. 4, signed by Secretary John Beaver,
in behalf of the directors, and Strong & Mellen, 27 William
St., General Counsel, says in substance:
In 1872 the property was morigaged to secure $1,200,000 7% 30-year
bonds and In 1892 it was leased to the Metropolitan St. Ry., which agreed
to pay these bonds at maturity, but did not do so. Instead, In 1002 it
bought up the bonds and used them as collateral for a new loan. In
the Metropolitan Co. went into the hands of receivers and failed to pay1907
int.
on the bonds. The trustee under its mortgage called upon the trustee
under
our mortgage to foreclose. Able counsel vigorously defended the action,
but the U. S. Circuit Court of Appeals has recently affirmed the decree of
foreclosure and sale, and unless application to carry the litigation
still
further succeeds, the sale will probably take place In 6 to 8 weeks. Foreclosure and sale would mean the loss of all the property, except such
claims.
If any, as are not subject to the lien of the mortgage.
The executive committee has been instructed to devise, if possible, a
of reorganization. Any such plan will undoubtedly assess the stock.plan
The problem is rendered the more difficult because the Metropolitan Co.
not only failed to keep its agreement and pay off the bonds, but also to pay
special franchise taxes, claims of the city and the New York Central RR.
for paving and car license fees. These now amount to about $800,000.
The directors took back the property thus burdened from the Metropolitan receivers, under order of the Court, in Aug. 1908, and have done all
within their power to operate successfully the only important surface road
In alan:tattan not in the hands of a receiver, but the decision of the courts
that the property is liable for the bonds of 1872 pre.;ents a crisis which will be
met. If possible, and the stockholders will be promptly advised in case a
practicable plan of reorganization or readjustment is evolved.—V.92,p.525.
[VOL. Lxxxxiv.
Starring, who resigned. The new directors represent the Chicago
Ry. Interests, who hold a majority of the stock.—V. 93, p. 1386. Elevated
Chicago Rock Island & Pacific Ry.—Debentures Offered.—
Speyer & Co., New York, having privately sold the larger
part of the new issue of $20,000,000 20-year 5% gold debentures, are offering the remainder, by advertisement on another page, at 97i and int., yielding 5.2% income. Dated
Jan. 15 1912 and due Jan. 15 1932, but redeemable at option
of company at any time at 105 and int. on 60 days' previous
notice. Interest payable J. & J. 15 in New York in U. S.
gold coin, or in foreign currencies as stated in the debentures.
Par $1,000 (c* & r*).
Digest of Statement by Roberts Walker, Chairman of Executive Committce
of Chicago Rock Island & Pacific Railway.
The sale of the above $20,000,000 debentures will, it is expected,
provide
the company with funds for the next two years for the purchase
of additional
terminals and for second track, sidings and general betterment
the system. Therefore, the railway company will not create or sell anyof
debentures prior to Jan. 15 1914, nor will it sell any "first and additional
refunding
mortgage" 4% bonds or other direct or guaranteed bonds during this
period,
but all such bonds as may become available will be retained as treasury
assets. The trust indenture (Bankers Trust Co., New York, trustee) provides that the company shall not make any new mortgage
its railroad without also including therein these debentures equallyupon
and ratably
with every bond secured by such mortgage, this covenant, however,
not
to prevent the extension or refunding of any existing mortgage.
These $20,000,000 debentures are the direct obligation of the Railway
Comoany (the old company), which was formed in the year 1880, from
which time It has uninterruptedly paid dividends on its capital stock,
and
since 1899 at not less than 5% per annum. The average annual
surplus
for the five fiscal years 1907 to 1911, after providing for all fixed charges,
taxes, rentals, ece., amounted to $5,965,089, equal to nearly six times the
interest charges upon the above $20,000,000 debentures had same been
outstanding. For the fiscal year ended June 30 1911. the surplus, after
providing for all said charges, etc., amounted to $5,442,714, equal to nearly
5 M times the interest on the above $20,000,000 debentures.
New Mississippi River Bridge, &c.—See Arkansas &
Memphis RR. & Terminal Co. above.—V. 91, p. 206.
Chicago St. Paul Minneapolis & Omaha Ry.—Application
to Issue Debentures.—The company has applied to the Nebraska RR. Commission for authority to issue $5,000,000
gold debenture bonds for improvements and rolling stock.
The bonds are to be issued under a debenture agreement
providing for a total issue of $15,000,000.—V. 93, p. 865.
Cincinnati & Columbus Traction Co.—Extended.—The
$600,000 1st M. 5s due Jan. 1 1912 have been extended for
18 months from that date.—V. 89, p. 720.
Cincinnati (0.) Union Depot & Terminal Co.—Amendatory Franchise.—Mayor Schwab on Dec. 30 signed the new
ordinance passed unanimously by the City Council on Dec. 28
amending the original ordinance granting the company a
perpetual right to construct, operate and maintain a union
depot and terminal facilities for the steam and traction
roads entering the city. The "Cincinnati Enquirer" says:
The new proposition calls for more territory than the original proposition,
for re-location of certain streets, the closing and vacating of certain other
streets. [It does not contain a clause permitting purchase by the city, nor.
does It in any way, it Is understood, weaken the original ordinance.]
Vice-Pres. John E. Bleekman will interview railroad executives In the
East, so that all will be familiar with the project when they assemble
to decide the attitude of the nine railroads interested towards the
depot project. The propositions to be submitted will be: (1) That the
railroad companies assume all responsibility under the franchise to carry
out the entire project, or (2) that the project be divided—the railroads
building their end and the Depot Company build the traction terminals,
or that both the steam and fraction terminals and depot be built by the company. None of the railroads has as yet accepted or rejected the plans.
Pres. A. S. White will make the railroad executives In the West conversant with the details. Compare V. 90, p. 1362; V. 91, p. 462, 518,
1574.
No More Transfers.—Gen. Mgr. Geo. W. Linch on Dec. 23
notified the P. S. Commission and receivers of Metropolitan
Street By. Co. that on and after Jan. 1 1912 the company
would not issue or receive joint (8-cent) rate coupons with
Colorado Midland Ry.—Proposed Sale of Half Interest in
the Metropolitan lines, as ordered by the P. S. Commission
Stock.—See Colorado & Southern Ry. below.—V. 92, p.
on Aug. 2 1910.
This leaves as the only transfer obtainable from the 59th St. crosstown 1701.
line one to 10th Ave., which is continued because the 59th St. crosstown
Colorado & Southern Ry.—Suit—Proposed Sale of Benelino runs some of its cars down 10th Ave. to 54th St.—V. 92, p. 525.
ficial Half
Central Railway of Canada.—Propose I New Line.—The on Jan. Interest in Colorado Midland Stock.—The company
23 brought suit in the N. Y. Supreme Court against
"Montreal Gazette" on Jan. 20 said:
the Trust Co. of America and Central Trust Co., as trustees
It was announced yesterday that preparations have been completed for
the building of the Central Railway of Canada. The first section, from of the 1st M. of 1899 and "refunding and extension M." of
Montreal to Ottawa, is to be completed by Jan. 1 1913, and the further 1905, respectively, to obtain an order directing
the trustees
portion of the road, to Georglarf Bay, will be undertaken soon after.
The Canadian Northern having located their line for many miles along- to consent to the sale of the beneficial half interest of the
(fide of the Central Railway, the latter decided to abandon their original Colorado & Southern in the stock of the Colorado Midland
location and, instead of passing through St. Benoit, have located another By.
to a syndicate headed by Blair & Co.
line along the Lake of Two Mountains, passing through the villages of St.
Placid and Oka. The projected line crosses from the mainland to Ile Jesus
at St. Eustache, and reaches the Island of Montreal at Cartierville, reaching the Harbor Commissioners' line near the Tarte Pier. This, however,
Is intended for a freight line. The passenger entr tnce is to be from the west.
The contractors for the work are C. J. Wells & Sous, an English firm. All
the material, rails, ties, ecc., are now being ordered, and in the early spring
work will begin in earnest. The promoters claim that the line will for its
length have the lowest grades of any Canadian railway. It was also stated
yesterday that the company had made a successful issue of its bonds in
Londan and Paris last summer. Mr. C. N. Armstrong is Managing Director and Mr. F. S. Williamson is Chief Engineer and General Manager. See
also V. 93, p. 315, 730, 1233, 1401; V. 94, p. 206.
Chicago Burlington & Quincy RR.—Bonds .Called.—One
hundred and five bonds of $1,000 each and 20 of $100 each,
issued under the Denver extension mtge. dated Feb. 1 1881,
for payment on Feb. 1 at par at the New England Trust Co.,
Boston, trustee.—V. 93, p. 1724.
Chicago Milwaukee & St. Paul Ry.—Dividend Reduced.—
A semi-annual dividend of 23'% has been declared on the
$116,348,200 common stock, payable March 1 to holders of
record Feb. 5, comparing with 332% semi-annually from
March 1902 to Sept. 1911 inclusive, and reducing the annual
rate from 7 to 5% yearly. The regular semi-annual dividend
was declared on the $116,274,900 preferred stock, payable
at the same time.
The Colorado Midland stock is covered by the C. & S. mortgages as part
security thereunder. The complaint alleges that the Midland company's
balance sheet of Nov. 30 1911 showed liabilities of $389,354 in excess of
Assets; that its credit is such that it cannot procure additional cash by issue
of securities, and that the plaintiff's interest in the stock is in danger of being
rendered valueless. Blair ec Co. are quoted as saying that in their opinion
the road could be made profitable under new management.—V. 94, p. 123.
Columbus (0.) Ry. & Light Co.—Report.—Cal. years:
Calendar
Gross
Net
Charges &
Dividends
Balance,
Year— Earnings. Earnings. Deprec'n,
Paid.
Sur. or Del.
1911 ____$2,824,489 $1,321,432 $1,233,012
sur.$88,420
1910 ____ 2,396,028
777,805 1,055,951 (2)%)$112,500 def.390,646
New Directors.—C. E. Wilcox ,R. S. Warner and W. K.
Lanman have been elected directors to succeed D. E. Putnam, George W.Sinks and Theodore Rhoads.—V. 93, p. 346.
Delaware RR.—Bonds Due.—The $400,000 Dela. & Chesapeake Ry. 1st M. 4s, due Feb. 1 1912, will be paid at maturity at office of the Asst. Treas., Room 169, Broad Street
Station, Philadelphia. See V. 94, p. 123.
Detroit United Ry.—Thompson-Hally Ordinance Defeated at Referendum.—See Detroit in "State & City" department.—V. 94, p. 207, 123.
Dominion Atlantic Ry.—Lease Filed.—The lease to the
Canadian Pacific By. for 999 years from Jan. 1 1912 was filed
Dividend Rate since 1892 (Per Cent).
in the office of the Secretary of State of Canada on Jan. 15.
1893 1834 1895 1896
1807-1900
1901 1902 to 1911
1912
Compare V. 93, p. 1491.
4
4
2
2
7 yearly
6
5 yearly
Mob.,
—V.93, p. 724.
Duluth Missabe & Northern Ry.—Called Bonds.—One
Chicago & Oak Park Elevated RR.—New Directors.—The hundred and forty-six ($146,000) first consolidated
mtge.
following is announced:
bonds dated Jan. 11893, for payment on Feb. 1 at the CenSidney Ossoski, W. W. Jones and Edward J. Doyle have been elected
tral
York,
at
Trust
Co.,
New
105 and interest—say $1,055
directors to succeed Henry C. Hackney, Albert C. Perrill and Cory E. Robinson, and C. H. Adams Jr. director to fill the unexpired term of Mason B. per bond.—V. 93, p. 1190.
JAN. 27 1912 j
THE CHRONICLE
Pottsville Pa., &c.-Bonds
Eastern Pennsylvania Rys., Pottsville,
Phila. Ch.iEarnings.-A. E. Fitkin & Co., N. Y.,
to net
cago and Hartford, Conn., are placing at a price '
over 6% 1st M. 5% gold bonds, dated 1906 and due July 1
1936, but redeemable at 110 and int. on any int. date on 4
weeks' notice. A circular says in part (see map, page 102
of "Electric Railway Section"):
A 1st M.on the entire gas electric-light and street railway system (through
deposit of all of the capital stock of the constituent cos.), subject only to
$394,000 divisional bonds, retirement of which has been provided for.
Substantial sums have been expended for improvements and new construction out of earnings; in 1911, 4,500 ft. of double track In POttSVII1C and
550 ft. in Schuylkill Haven, also 12 miles of new pole lines and a new streetlighting and distribution system installed in Cressona.
Net Earnings after Improvements,(and in 1911 $10,000 for Accident in 1910.)
1907.
1908.
1909.
1911.
1910.
$170.196
$196,203
$236,253
$263,035
$258,380
Condensed Data from Letter of Pres. J. H. Pardee, Dec. 2 1911.
The territory covered is known as the richest anthracite coal region in
the world. Among the 20 principal cities, &c. served are Pottsville,
'Haven and Port Carbon
Tamaqua, Mauch Chunk, Nesquehoning, Schuylkill
60 miles of road, Including
(see map, 10. 102, "El. Ry. Sec."). There are
trunk line from Pottsville to Mauch Chunk, all except about 20% on private
reright of way. During the past 4 or 5 years most of the track has been
built, new ties have replaced practically all the old ones, 9 new steel bridges
have been erected and 11 wooden ones strengthened and repaired. Electric
p. (a new
department includes: Station at Palo Alto, capacity 7,000 h.company's
1,500 h. p. unit was added in 1910): at Frackville, 400 h. p.:
own transmission and distributing lines thoroughly covering the territory.
recently
Tamaqua is the principal city Supplied with gas, anew plant havingWhite
&
been erected there. Has satisfactory 999-year franchises. J. G.
Co. supervise the operations of the combined properties.
Issued.
Authorized.
Capitalization$947,900
$1.000,000
Preferred stock 5% cumulative
4,000,000
5,000,000
Common stock
434,000
Divisional bonds
3,162,000
6,000,000
Eastern Penn. Rys., first 5% bonds
Earningsfor 12 Mos.ending Oct. 31 '11,(In spfts of Depression in Coal Trade.
$212,606
$673,72911nterest on bonds, &c
Gross earnings
48,495
201,102 Balance, surplus
Net, after taxes
See further particulars, also V. 89, p. 103.
Minneapolis St. Paul & Sault Ste. Marie Ry.-Listed.-The
N. Y. Stock Exch. has listed $6,000,000 1st M. Chicago Term.
4% 30-year bonds, due 1941. See offering in V.93, p. 1463.
National Railways of Mexico,-Guaranteed Bonds.-See
Brownsville & Matamoros Bridge Co. above.-V.93, p. 1474.
Nevada County Narrow Gauge RR.-Option Lapsed.See California Midland RR, above.-V. 93, p. 527.
New York Central & Hudson River RR.-Proposed Purchase.-See Rome Watertown & Ogdensburg RR. below.
-V. 94, p. 208.
New York City Interborough Ry.-Extension.-The Pub.
Serv. Comm. on Jan. 23 granted the company a franchise
to extend its system in The Bronx.
Florida East Coast Ry.-Opened to Key West.-The first
through passenger train arrived at Key West on Jan. 22. See
V. 94, p. 207.
Hampden Railroad Corporation.-Notes.-The $1,000,000
one-year notes recently offered by F. S. Moseley & Co.,
Boston, are dated Jan. 1 1912 and due Jan. 11913, and bear
the endorsement of the Hampden Investment Co. Par
$5,000, &c. Int. discounted in advance. The bankers say:
The railroad is capitalized as follows: Stock outstanding, $1,400,000 (full
paid at par); one-year notes, $1,000,000. These notes represent the entire
debt of the company, there being no bonds or mortgages.
The Hampden Railroad Corporation is now constructing a cut-off about
15 miles in length, from Bondsville, on the Massachusettl Central RR.
'
through Belehertown and Ludlow, to connect wth the main line of the
Boston & Albany RR., one mile west of Springfield. The Boston & Maine
Is
RR. has agreed to lease the Hampden Railroad Corporation, when same
completed,for 99 years at a rental equal to the interest on the debts of the
&
Boston
the
give
will
corporation and 5% on its capital stock. This
Maine and the New York New Haven & Hartford RR. system a direct line
from Boston through Springfield to New York.-V.94, p. 207.
Kansas City Fort Scott & Memphis Ry.-Listed.-The
N. Y. Stock Exchange has listed $266,000 additional 4%
guar. ref. M. bonds, making total amount listed $25,835,000.
The bonds were issued to pay for the Bellevue terminals 5 miles east of
Memphis, Tenn., consisting of yar.ls, shops, &c.-V. 93, p. 1022.
Manhattan By,, New York.-Assessments Reduced.Justice Ford in the Supreme Court in this city on Dec. 29
made an order reducing the assessed valuations for 1906,
1907 and 1908 on special franchises in Manhattan as follows:
For 1906, from $60,050,000 to $59,152,557; for 1907, from $72,000,000
to $54,511,312; for 1908, from $75,000,000 to $83.474,994. The Bronx
assessments were confirmed. This is the result of the recent decision
of the Court of Appeals.-V. 93, p. 286.
Marquette County Gas & Electric Co., Ishpeming and
Negaunee, Mich.-Bonds Offered-Earnings.-The Continental & Commercial Trust & Savings Bank, Chicago is
offering at par and int. 1st M. 6s of 1910. Total auth.
issue, $1,000,000; outstanding $250,000. _Followed by
$200,000 debenture 6s and $750,000 stock.
Results for Years ending Oct. 31.
Taxes. lstM Int. Balance.
Net.
Cross.
$126,014 $41,492 *3,080 $15,000 $22,812
1910-11
15,000
3,634
39,088
121,645
20,454
1909-10
The company proposes to retire the $200,000 debentures prior to July 1
1912, partly with cash, partly by issuing pref.stock,and the remainder by
sale of $85,000 1st M. bonds, increasing the 1st M. 88 to $315,000, which
will then be the only indebtedness. Property now controlled and managed
by L. E. Myers Co., Chicago. See also V. 91, p. 1787; V. 93, p. 70.
Minneapolis & St. Louis Ry.-Listed.-The N. Y. Stock
Exch. has auth. to be listed additional pref. and corn. stock
as issued in accordance with the plan of consolidation with the
Iowa Central Ry.(V. 93, p. 1324, 1668, 1726), viz.:
$1,250,000 pref. stock as issued in connection with the subscription to
$2,500,000 of the new "refunding and extension" 50-year 5% bonds; also
$867,500 pref. stock in exchange for Iowa Central Ry. pref. stock and
$9,370,200 additional common stock in exchange for Iowa Central pref. and
common stock, making the total amounts to be listed $5,917,500 pref. and
$15,370,200 common stock.
Subsidiary Bonds Retired-Substitution of Collateral.-By
arrangement with Speyer & Co., there will be substituted
Feb. 1 for $6,250,000 Minn. Dak. & Pacific first M.4s and the
entire stock of that company as collateral for the $4,000,000
5% extended notes of 1906, $7,500,000 of the new "refunding and extension" 5% bonds. The Minnesota Dakota &
Pacific bonds will be retired and the mortgage canceled,
making the new refunding and extension mortgage a direct
first lien on the road of the Minn. Dak. & Pac., 230 miles,
as contemplated in the consolidation plan with the Iowa
Central Ry. and a general lien on the lines and property of the
Minneapolis & St. Louis RR. and the former Iowa Central.
Subscriptions.-Stockholders of the company and of the
Iowa Central have, it is reported, subscribed to between
$900,000 and $950,000 of the new $2,500,000 5% extension
and refunding bonds under the recent offer. J. S. Bache &
Co., htad of the underwriting syndicate, have taken over
the rest, but will, not make a public offering at present.
-V. 94, p. 68.
2119
The new route begins on Dongan St. at Intervale Ave. and continues
west on Dongan St. to Stebbins Ave., north on Stebbins Ave. to East 163d
St., west on East 163d St. to Washington Ave., southwest on Washington
there conAve. to Elton Ave., southwest on Elton Ave. to East 161st
119 .
St.,
necting with the East 161st St. cars.-V.94, p. 208; V. 93, p.
New York Rys.-Plan Approved.-The P. S. Commission
on Wednesday formally approved the reorganization plan
of the Metropolitan Street Ry. (V. 93, p. 1533).-V. 94,
p. 208, 124.
Northern Electric Ry., San Francisco.-Extensions-Bond
Issues.-Four -new companies have recently been incorporated in California by or in the interest of this company, and
have filed mortgages to the Mercantile Trust Co. of San Francisco as trustee, securing 30-year 5% bonds, preparatory to
building extensions of the Northern. Electric system, viz.:
Bonds.
Stock.
Company, &c.Marysville & Colusa Br., Marysville to Colusa. 30 m_$1,500,000 $1,500,000
Sacramento & Eastern Ry. Co., Sacramento to Fair1.000,000 1,000,000
banks and Fairbanks to Orange
West Side RR.,Sacramento to Broderick, Clarksburg
1,000,000 1,000,000
and Rio Vista, 30 miles
Sacramento-Folsom Elec. Ry.,Sacramento to Folsom 1,000,000 1,000,000
The Incorporators of the three companies first named in this table include,'
with other directors, Samuel Lillienthal, Herbert W. Furlong and Leon J.
de Sable, of the Northern Elec. By. The same interests may be back
of the California Consolidated Light & Power Co., which, coincidently
with the other corporations,filed a mortgage to the Mercantile Trust Co.
of San Francisco, as trustee, to secure 35,000,000 30-year 5 per cents. The
incorporators of the Sac. & Folsom Elec. Ry. are: Francis V. Keesling,
Herman H. Grau, Ernest L. Brune, J. W. Cook and Otto Grau, and it is
possible its relation to the Northern Electric By. is not as close as that of
the others. Construction on the line from Sacramento to Folsom, probably
through the region to be included in the Natomas Consolidated (V. 92.
p. 1569) irrigation project, it is said, will be begun before spring. Compare
V. 92, p. 1375.
Pacific Power & Light Co.-Bond Redemption.-The Real
Estate Trust Co. of Philadelphia,as trustee under Northwestern Gas & Electric Co. mortgage of 1903, has received notice
of the intention to redeem all the $457,000 bonds outstanding
thereunder on March 15 1912, the next interest period, and
has on hand $515,280 with which to make such redemption
at 110 and int. to the extent that tenders are not received
at or below that price before Feb. 15. The Walla Walla
Traction 5s, $31,000, the only other old bonds, are now held
by the trustee of the Pac. Power & Light Co. "first and refunding" mortgage and will be called and paid June 1 1912.
Bonds Offered-Status.-White, Weld & Co., New York,
Chicago, Boston and Buffalo, and Win. A. Read & Co., New
York, Boston, Chicago and London, are offering at 95 and
int. (yielding nearly 5.40% income) "first and refunding
mortgage" gold 5% bonds, dated 1910; authorized, $30,000,000; outstanding, $5,295,000; now a first and only lien
on the entire property. See advertisement an another page;
The company is serving 50 communities and the surrounding country, in
the States of Washington, Oregon and Idaho, with light and power; also
operates gas, water-works and electric railway properties. Population
served nearly 90,000, an increase of almost 100% in 10 years.
Condensed Extracts from Statement by President F. G. Sykes,Jan.22 1912.
Securities Authorized and Outstanding.
First & ref. 5s, auth., $30,000,000; outstanding, a first and only
$5,295,000
property
the
all
on
lien
7%cum. pref. stock, auth., $3,500,000; sold for cash at par_ . 2,000,000
Second pref. stock, auth., $2,500,000; sold for cash at par_ __ _ 1,500,000
Common stuck, representing a large additional cash investment_ _ 6,000,000
Earnings Twelve Months ended Nov. 30.
1909-10.
1910-11.
1909-10. I
1910-11.
Gross earns_ _$1,194,509 $1,048,800 Int. on bonds_ $257,312 $147,768
310,311
300,265
458,079 Surp. for divs_
557,577
Net earnings_
Property under the Mortgage.-(a) Electric power plants, capacity 20,735
h. p., of which 13,300 h. p. is hydro-electric; under construction (hydroelectric), 1,650 h. p.; total, 22,385 h. p. (b) High voltage transmission
lines, 444 miles in operation (other lines in contemplation). (e) Gas plants
in Lewiston, Idaho, with gas mains to Clarkston, Wash.; Walla Walla and
North Yakima, Wash.; Pendleton and Astoria, Ore. (a) Street railways
in Astoria, Ore., and Walla Walla; interurban railway, Walla Walla,
Wash. to Preewater and Milton, Ore.: total, 30.45 miles of main track.
' works: In North Yakima, Wash.; in Hood River, Ore. (negotia(e) Water
tions for sale of this property to city are in progress); in Prosser, Wash.; and
at Kennewick and Pasco, Wash. J. G. White & Co. estimated the physical
property Nov. 1 1910 at $4,910,103 cash, without allowance for water rights.
goodwill or franchises. Between Nov. 1 1910 and Nov. 30 1911 $2,140.722
was expended for additions and extensions.
Equity.-Thpse bonds are followed by $2,000,000 7% cum. pref. stock
and $1,500,000 2d pref. stock, both sold for cash at par; also3by $6,000,000
com. stock, which during 1911 paid divs. at rate of 2% pet annum, and
represents a large additional cash investment. The entire corn, stock is
controlled by interests associated
owned by American Power & Light
which in turn is controlled through
Co.'
with the Electric Bond & Share Co.,
stock ownership by the General Electric Co. See further particulars in
"Chronicle" of July 15 1911, p. 171, 172; also V. 92, p. 1726; V. 94, p.
208, 70.
Puget Sound Traction, Light & Power Co.-IncorporatedPlan Operative.-This company filed articles of incorporation
Jan. 2, per plan in V. 94, p. 124, now operative.
The auth. capital stock is $40,000,000, of which $15,000,000 is to be
pref. Stockholders of the constituent companies are requested to deposit
their stock certificates with Stone & Webster, 147 Milk St., Boston, for
exchange. See V. 94, p. 124.
gliebt3C & Lake St. John Ry.-Interest Payment.-The
bondholders' protective committee announces in -London
that, in anticipation of legislative sanction of the agreement
of Feb. 16 1911, the company has undertaken to pay, on or
before Jan. 1, to the committee, interest for the half-year to
Jan. 1 1912 upon the new 4% debenture stock.
280
THE CHRONICLE
This is the interest to which the holders of deposited bonds would be entitled in accordance with the agreement on exchange of securities, such payment to be deemed to have been made on account of arrears of interest due
on the deposited bonds should the agreement not be sanctioned. The London Joint Stock Bank, Ltd., was to pay said interest on and after Jan. 1
1912 to the holders of certificates of deposit. See V.92, p. 1033; V.
-
Riverside Traction Co. New Jersey.-Sale of Bonds.President A. Merritt Taylor has sold to Bioren & Co.,Phila.,
$300,000 1st M.5% gold bonds due June 1 1960, callable at
110%. Total authorized, $1,500,000; outstanding, including amount just sold, $868,000, being a first lien upon the
entire property, including 31 miles of track, Riverton, via
Burlington; Bordentown, &c. to Trenton, N. J.
igv!At Riverton connection is made With the Public Service
Corporation of
N. J. The mortgage also covers the rolling stock heretofore held under
car trust and practical ownership of the Bordentown EI.Lt. & Motor Co.
and Cinnaminson Lt. & Power Co. The net earnings, it is stated, are largely
in excess of taxes and interest charges. Since the reorganization in 1910
there has been expended on the property $273,900 from sale of pref. stock
at par and also the 20% cash assessment upon the common stock as issued.
Not Leased.-The negotiations pending some months ago
for a lease of the property to the Public Service Corporation
of New Jersey were never consummated.-V.93,p.408,1192.
Rome Watertown & Ogdensburg RR.-Proposed Purchase.
-The New York Central & Hudson River RR. is contemplating the purchase of the outstanding stock (total, $10,000,000), and will probably make an application to the Public
Serv. Comm. shortly for permission so to do.-V.91, p. 464.
''• St. Louis & San Francisco RR.-Listed.-The N. Y. Stock
Exchange has listed $3,122,000 additional general lien 15-20year 5% bonds,due 1927, making the total listed $44,745,000.
There have also been issued $7,000,000 additional bonds of the French
series (denominations $100 or 516 francs each), making a total of $17,000,000 French bonds listed on the Paris Bourse, but not covered in the application to the New York Stock Exchange.
Purpose of Issue of This $3,122,000-Also $7,000,000 French Bonds.
To retire 7-year 4)4% notes, paid Aug. 1 1911
$4,000,000
To retire equipment obligations ($2,060,000 at par and $1,562,000 at 60%)
7,622,000
For reimbursement beginning July 1 1910 of expenditures for
• additions, improvements and betterments not exceeding $500
• per mile yearly
2,500,000
[VoL. wcxxxiv.
Balance Sheet Aug. 311911.
Assets ($1,127,464)Liabilities ($1,127,464)Cash
$55,800 Accts. payable (notes,none) $237,113
Accounts receivable
256,502 Pref. stock ($500,000 auth.) 200,000
Merchandise and materials_ 342,807 Corn, stock ($500,000 auth.) 200,000
Plant and equipment
272,555 Surplus Aug. 31 1911
490,351
Patents, good-will, &o
x200,000
x This item, "good-will, patents, trade-marks, $200,000." was written
off Sept. 11 1911.-V. 89, p. 1069.
American Hide & Leather Co.-Earnings.-
3 Mos. End. • Net
Dec. 30- Earnings.
$256,025
1911
248,138
1910
6 MOS.$423,054
1911
1910
250,048
Bond
Interest.
$88,560
95,190
Sinking
Fund.
$37,500
37,500
Interest on
S. F. Bds,
$39,315
32,685
Balance for
Period.
sur.$90,650
sur. 82,763
$177,120
190,380
$75,000
$78,630
sur.$92,304
75,000
' 65,370
def. 80,702
.After charging replacements and renewals and interest on loans. Net
current assets Dec. 31 1911, $8,529,626.-V. 93, p. 1192.
American Pneumatic Service 00.-:-Dividends Resumed on
Second Preferred Stock.-A dividend of 1% has been declared
on the $6,328,8006% non-cum.(now 2d) pref. stock, payable
Mch. 1 to holders of record Feb. 3, the first since Jan. 1907.
Disbursements at the rate of 13'% guar. were made on the
stock from Oct. 1899 to Jan. 1902, incl., and from Mch. 1
1906 to Jan. 1907, incl. The fourth regular semi-annual div.
of 3% on the $1,500,000 7% cum. pref. stock will be paid
Mch. 30 to holders of record Mch. 15.
The subsidiary Lamson Consolidated Store Service Co. deo!ared a dividend
of 4%. payable Feb. 1.-V. 93, p. 468.
American Snuff Co.-Listed.-The N. Y. Stock Exch. has
authorized to be listed on notice of delivery $4,000,000 new
6% non-cum. pref. stock, as called for by the plan of disintegration of the Amer. Tobacco Co.(V. 93, p. 1122, 1124.)
This new pref stock, like that now outstanding, Is entitled to non-cum.
pref. divs. of 6% per annum, and to payment at par upon dissolution. No
mortgage or encumbrance of any kind shall be placed upon any property'
as a prior lien to the pref. stock without the assent of two-thirds
class
of stock. The new pref. certificates bear the words, "This of each
has no
right of exchange for pref. stook of the Geo. W. Heime 0.0 stock
or WeymanBruton Co., that right having already been exercised."
The $4,000,000 new pref. stock will from time to time be issued
in
exchange for an equal amount at par of the $12,000,000 pref.
stock now
See also Kansas City Ft. Scott & Memphis Ry. above.
outstanding In connection with the proposed retirement and cancellation
of all of said old pref. on the following basis: Upon surrender of $30,Earnings.-For 5 months ending Nov. 30:
000 old pref. stock to The Farmers' Loan & Trust Co. of N. Y., there will
•
Other
Operating
Net
Taxes
Fixed
Balance issue a certificate or certificates for $10,000
of this new pref. stock, $10,000
•
Revenue. Revenue. Income. Paid. Charges. for Div. 7%
rota. stock of the Geo. W. Heime Co. and $10,000 7% pref. stock of
• Five Mos.18,507,717 6,348,721 289,018 815,159 5,062,620 759,960 Weyman-Bruton Co. If all the pref. stock now outstanding is retired under
1910-11
this
offer of exchange, the aforesaid $4,000,000 new pref. stock and the corn.
18.855,532 6,001,331
1909-10
723,837
• Dividend requirements for 5 mos. on the first pref. stock call for $83,126. stock will constitute all of the outstanding securities of American Snuff Co.,
Fixed charges embrace interest, rentals and sinking funds, including N. 0. and to the extent that it is not so retired there will be in the treasury of
American Snuff Co. for final disposition by it pref. stocks of the saidGeo.W.
T. & M. deficit.
Heime Co. and Weyman-Bruton Co. Any of the pref. stocks of the latter
Guaranteed Bonds.-See Brownsville & Matamoros Bridge companies
not taken out of the treasury of the American Snuff Co. by exchange as aforesaid is to be disposed of by Am.Snuff Co. by Jan. 11015.
Co. above.-V.93, p. 1601.
American Snuff Co. Is left with assets as follows: Large modern grinding
Southern Light & Traction Co., San Antonio, Tex.-Stock factories located at Yorklyn, Delaware,and Clarkeville, Tenn., and a large
modern factory at Memphis, Tenn., where the manufacture of snuff is
ofSub. Cos.-Certfs. were filed at Austin Jan. 19 increasing
completed. There was produced during the year 1910 from the assets and
The auth. stock of the San Antonio Traction Co. from $1,000,000 to $1,- business now retained by the company 10,055,809 lbs. of manufactured
210,000, and the auth. stock of the San Antonio Gas ec Electric Co. from snuff, with a selling value of $5,520,422 15.
Assets, $20,980,428 (as of 1910), Offsetting $4,000,000 New Preferred and
$984,000 to $1,160,000.-V. 86, p. 230.
$11,001,700 Common.
Suncook Valley RR.-New Lease at 3%.-The stockholders
[Not incl. Weyman-Bruton and Heime pref. stocks held for exchange.]
on Jan. 19 voted to accept the proposition to lease the road Manufacturing tangible assets retained after conveyances
Geo. W. Heime Co. and Weyman-Bruton Co. (as of Dec.to
1
for two years to the Concord & Montreal Ry., of which the
1911) to end of year 1910
$8,223,590
'Boston & Maine is lessee, on a 3% yearly rental basis. Trade-marks, brands, &(3
10,126,995
Investment securities
-V. 93, p. 1727.
Sales and Earnings during 1016 from Business Still Retained.
220
Third Avenue By., New York.-Extension to Long Island Value of sales on business still retained
$5,520,422
manufacture and sale of snuff, $1,591,280; from investCity.-The company on Jan. 23 began to operate its cars to From
ment securities, $176,680; total
1,767,900
the Long Island City end - of the Queensboro Bridge.
See also V. 93, p. 1603.
The running time to the Third Ave. main line will be 8 minutes. Free
American
Tobacco
0o.-Listed.-The New York Stock
transfers are given at 59th St. to the north and south ends of the system
lines, the Queensboro bridge cars continuing through 59th St. to Third Ave, Exchange has listed $2,360,300 new pref. stock, with authence down Third Ave. to 42d St., and across town to the West Shore terry thority
to
add
$50,099,100 as issued in accordance with the
at the foot of West 424 St.-V. 94, IN 209, 125.
Tri City Railway & Light Co., Davenport, Rock Island, disintegration plan (V. 93, p. 1122-1124), making the total
&c.-Sale of Bonds.-N. W. Halsey & Co. have purchased amount authorized to be listed $52,459,400. The Exchange
has also listed $40,242,200 common stock.
$1,250,000 'first & refunding "5s. See V. 93, p. 1465.
Company's Tobacco Business as on Jan. 9 1912, after Sale to the Liggett &
Wabash RR.-Another Expert to Inspect.-The committee
Myers Tobacco Co. and P. Lorillard Co.
Kind of -Production-Year 1910
of refunding mortgage bondholders, of which J. N. Wallace
Amount.
Selling Val.
is Chairman, has retained J. W. Kendrick, former Vice- (1) All of the stock of Black- Tobacco.
well's
Tobacco
Durham
Co.,
President of the Atch. Top. & S. Fe Ry., to make an examiwhich has a large factory in
nation of the Wabash RR. and report on its financial and
Durham, N. C
Smoking
22,887,346 lbs. $13,787,717
physical needs. As to examination by J. C. Stubbs for (2) All of the stock of ButlerButler, Inc., which has large
Pierce committee see V. 94, p. 69, 125.
cigarette factories in N. Y
Cigarettes
169,082,000 (No.) 2,325,778
(3) All of the stock of F. F.
Washington (D. C.) Railway & Electric Co.-Report.Adams Tobacco Co., which
Cal.
Year-
Gross
gams.
Net (aft.
Taxes.)
Other
Inc.
Fixed Div. Pf. Com.Div. Bal.,
Charges. Stk.(5%). (2%) Surp.
4,352,671 -1,942,467- 1,091,559 425,000 130,000 295,908
1911
4,123,560 1,760,950 23,311 1,069,618 425,000 130,000 159,643
1910
-V. 93, p. 165.
Western Railways & Light Co.-Pref. Stock Sold.-Bodell
& Co., bankers, Providence, R. I. who recently offered
$750,000 of the pref. stock, have sold this entire amount.
• Thee is now $2,413,000 pref. stock outstanding. The company, which
Is closely allied with the Illinois Traction Co., owns and operates 5 gas companies, 6 electric light and power plants and 9 street railway systems, including local trolley lines in Cairo, Galesburg, Quincy, Ottawa, &c. Ill.,
and Wichita, Kan., and 100 miles of Interurban line between Princeton,
Seneca, Streator and Morris, Ill., &c.
Earnings 11 Months ending Nov. 30 1911 and Increase Over Same Period 1910.
Gross.
Tot. Net. Bond Int. Pref. Div. Bal. Surp.
1911 (11 mos.) _$1,840,947
$423,688
$685,767
$141,195
$120,884
Inc. over 1910_
20.57%
33.21%
23.30%
14.35%
7.7%
Pres., Wm. B. McKinley, Champaign.
90, p. 238.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Ajax-Grieb Rubber Co. of Trenton, N. J.-Pref. Stock
Offered.-Wm. G. Hopper & Co., Phila.., are offering at par
($100) $150,000 7% cumulative pref. stock, divs. M. & S.,
auth. $500,000, issued $250,000. Corn. now out, $450,000.
Results for Fiscal Year ending Aug. 311011, &c.
1906-07.
1907-08.
1909-10.
1908-09.
1910-11.
Sales
$551,932 $507,829 $1,087,592 $2,005,945 $2,579,275
Net earnings
60,913
38,0)5
238,226
81,334
213,866
dividends
Cash
20,780
10,780
14,000
12,908
34,000
Incorporated Sept. 11 1906 wit't $154,000 assets. To Sept. 111011, total
depreciation charges, $57,964; and bad debts written off, $12,488.
has large factory in Milw.,W1s. Smoking
5,401,925 lbs.
(4) Two factories, Danville,Va.,
and Baltimore
Little cigars 174,127,000 (No.)
(5) A large factory in N. Y.CityjSmoking
5,091,235 lbs.
(Duke-New York Branch) _IFine cut
1,270,334 lbs.'
(6) A large factory In Baltimore
(Feigner Branch)
6,026,399 lbs.
Smoking
(7) A large factory In Louisville
8,891,671 lbs.
(Finzer Branch)
Smoking
(8) A large cigarette factory in
New York (Kinney Bronch)_ Cigarettes 1,529,254,000 (No.)
(9) A large factory in Baltimore
8,259,632 lbs.
(Marburg Branch)
Smoking
2,934,371 lbs.
(10) A large factory in Rich-fSmoking
5,010,298 lbs.
mond, Va. (Mayo Bronchi_ _1Plug
(11) Allot the stock of the Nash131,876 lbs.
ville Tobacco Works, with ofSmoking
1,805,894 lbs.
factory in Nashville, Tenn IPlug
(12) All of the stock of the R.A.
8,126,397 lbs.
Patterson Tobacco Co., with fSmoking
1,198,332 lbs.
large factory In Richmond,Va.1Plug
(13) Cigarette factory in Brooklyn (Penn St. Branch)
Cigarettes 1,507,267,000 (No.)
(14) All of the stock of the F. R.
Penn Tobacco Co., which hasfSmoking
742,502 lbs.
a factory In Reidsville, N. C_1 Plug
2,304,602 lbs.
(15) Large factory located in
Middletown,0.(P.J.Sorg Br.) Plug
14,934,408 lbs.
(18) Large factory in Louisville,
Ky.(Nat. Tob. Wks, Branch) Plug
23,373,603 lbs.
1,720,233
681,448
1,746,145
667,238
1,941,647
3,096,946
6,246,417
4,334,072
1,036,509
2,059,610
46,426
681,296
4,392,396
410,003
5,920,454
291,407
786,762
4,848,845
8,601,598
Total value of sales on business retained_ _
(')
05,622,948
Earnings from manufacture and sale of tobacco (luring the year
1910, considered only in connection with business retained __ 11,369,810
Earnings from Investment securities based on year 1910
3,160,754
Total income
$14,530,584
• Includes 68.493,354 lbs. of smoking tobacco, 48,717,137 lbs. of plug;
1.270,334 The.fln. ml, 174,127,000 little cigars, 3,205,603,000 cigarettes.
JAN. 27 1912.]
The plan (V.93, p. 1122) places the net assets (as of 1910) after retirement
of all the $104,236,750 bonds, and also of one-third of the pref. stock. at
$118,803,711, against which would be outstanding $52,459,400 6% voting
pref. and $40,242,400 common stock, or a total capitalization of $92,701,6s)
800. As shown last week (p. 210). $79,434,950 of the bonds (4s and
had been retired prior to Jan. 19, although the time for exchange has nearly
three years yet to run. See also V. 93. p. 1122.-V. 94, p. 210.
Armour & Co.,Chicago.-Report.-See "Annual Reports."
New Directors.-The board having been increased from
9 to 11, F. W. Croll (Treasurer), Robert J. Dunham (Asst.
Treas.) and F. E. White were elected to the new positions
and to fill a vacancy.-V.94, p. 210.
Atlantic Mutual Insurance Co.-Report.-The report of
the trustees for the year ending Dec. 31 1911 will be found
in our advertising columns.
The company now has assets aggregating $13,465,924, of which $5,890,082 is In United States and State of New York stocks, city, bank and other
securities, $1,133.925 is cash, $1,000,000 special deposits in banks and trust
companies, $1,067,490 premium notes and bills receivable and $4,374,426
in real estate.
Interest Certificates Called.-Six per cent interest on the
outstanding certificates of profits will be paid to the holders
thereof Feb. 6. The outstanding certificates of the issue of
1906 will be paid on Feb. 6, from which date all interest
thereon will cease. A div. of 40% has been declared on the
earned premiums for the year ending Dec. 311911, for which
certificates will be issued on and after May 7. The total
marine premiums for the year were $4,527,005, including
$873,680 not marked off Jan. 1 1911.-V. 92, p. 190.
Boston Suburban Electric Companies.-Earnings.
.Exp. Net Earn. Interest. Bal.,Sur.
6 Mos. ending Dec. 31. Gross. Oper.
$462,843 $320,740 $142,103 $85,692 $56,411
1911
54,923
139,779
84,856
314,984
454,763
1910
-V. 91, p. 37.
Brier Hill Steel Co., Youngstown, Ohio.-Merger-Incorporation.-This company was incorporated in Ohio on
Jan. 18 with $15,000,000 authorized capital stock ($10,000,000 common, $5,000,000 7% pref.), for the purpose of combining several iron furnaces and to build a large open-hearth
steel plant for operation in connection therewith.
The companies to be united are the Brier Hill Iron & Coal Co. and the
Youngstown Steel Co., both of Youngstown, the Thomas Steel Co. of Niles,
0., the Empire Iron & Steel Co., and possibly the De Forest Sheet & Tin
Plato Co., the two companies last named operating sheet and tin plate
Mills at Niles. The "Iron Trade Review" of Cleveland on Jan. 18 said:
"The Brier Hill and Youngstown companies own adjoining blast furnaces
located in the west end of the city, with combined annual output of about
250,000 tons of pig iron. The size of the steel plant has not been definitely determined as yet, whether it will be eight or 12 furnaces. The Brier
Hill company owns its own Lake Superior ore mines and Connellsville
coke works." The "Iron Age" of New York says: "The new plant will
have a capacity of probably 1,000 tons of steel per day, which will be furnished in the form of billets and sheet and tin bars to sheet and tin plate
mills in the district."
A press despatch from Youngstown on Jan. 15 to the "Cleveland Leader"
said: "Among the men who arc directly interested in the proposition are
H. H. Stambaugh, John Tod, David Tod, John Stambaugh, E. L. Ford,
R. C. Steesc and J. G. Butler Jr., of Youngstown; W. Aubrey Thomas of
Niles and Thomas H. Wilson of Cleveland (all or nearly all officers and
directors of the old Brier Hill, Youngstown and Thomas companies.-Ed.
"Chronicle."). There will be no bonds issued for the building of the new
steel plant and all the stock has been subscribed. The holding of raw material and the control of certain terminal and steamship interests makes
the company the biggest thing in an independent way that has been known
in the valley for years." Officers (in part temporary): Pres., Wm. A.
Thomas; V.-Pres. and Gen. Mgr., Joseph G. Butler Jr.; Treas., John Stambaugh; See., J. 13 Parker.
Butte Coalition .Mining Co.-Dissolution.-The original
assets having been largely sold, the shareholders voted
Jan. 12 to dissolve the company and returning to the holders of the 1,000,000 shares of outstanding stock (par $15 each)
their pro rata share of the treasury assets, chiefly 520,000
shares Anaconda Cop. Mining Co., par $25. A circular says:
Upon the basis of the present condition of the company, it will be seen
from the accompanying financial statement that the distribution of the
assets of the company will be upon the basis of 52 shares of Anaconda stock
and $441 in cash for each 100 shares of your stock.-V. 92. P. 1562.
Central Leather Co., New York.-Quarterly Statements.The directors decided on Jan. 23 that hereafter quarterly
financial statements should be issued on declaration of divs.
J. S. Bache & Co. have been seeking for a year or more to bring about
this change -V. 02, p. 797.
Central Now Hampshire Power Co. of Maine.-New Project.-This company was incorporated in Maine on or about
Oct. 17 1911 with $15,000,000 of authorized capital stock, in
$100 shares ($5,000,000 to be pref. and $10,000,000 common), by Brattleboro men, Robert C. Bacon of Brattleboro,
Vt., being President, for the purpose of developing extensive
water powers which have been acquired in Sullivan, Merrimack, Hillsboro and Grafton Counties, N. H. It is proposed to transtnit the electric current when so developed to
industries in the immediate vicinity, and as the company's
map shows, to such manufacturing centres as Concord,
Manchester and Nashua, but the greater part of the power,
it is expected, will be sold in Eastern Massachusetts, where,
it is said, a ready market awaits it.
Condensed Data from Prospectus.
Conservative estimates place the combined potentiality of these properties at nearly 100,000 ten-hour horse-power and about 20.000 secondary
house-power. Utilization of this energy will necessitate the construction
of 17 separate power plants in addition to numerous reservoirs on the
Sugar, Mascoma, Blackwater, Smith, Warner and Contoocook rivers. By
means of an extensive storage system it is estimated that every drop of
run-off from a watershed of more than 1,600 square miles can be conserved
and used repeatedly. In the course of this development 25 miles of highway and 7 miles of railroad will have to be re-located,and more than 12,000
acres of woodland cleared. It is expected that the work of construction
will extend over almost live years, although a portion of the power is already
under development and can be made to yield Its maximum capacity in a
much shorter time.
Of the 17 developments five are to be located on the Sugar River and its
tributaries, this group having an estimated capacity of 42,200 h.p., to be
at Claremont; at Chandler, about 2 miles farther up stream; at Kelleyville,
in the town of Newport; at Croydon Flats, on the Croydon Branch, and at
Pollard's Mill on the South Branch, not far from Newport village. On the
Contoocook River there will also be live developments, viz.: in the village of
Penacook, at Contoocook village, at West Hopkinton, at Long Falls in the
town of Henniker and at Hillsboro; total capacity is estimated at about
34,000 h.p. Two developments on the Blackwater River, one at Swett's
Mills in the town of Webster and the second a mile or so farther south at
281
THE CHRONICLE
DIngett's Corner, will produce 9,700 h.p., with opportunity for a further
development at the upper end of the stream. On the Warner River, at
Davisville, in the town of Warner, is a development which can be increased
to yield 2,500 h.p., while the essential rights for approximately 7,000 h.p.
have been acquired on the Smith River in the towns of Danbury and Hill.
The proposed development on the Mascoma River is in the town of Lebanon
and Its estimated capacity is in the neighborhood of 10,000 h.p.
Prelim. Proposed Developments-About 95,000 net h.p. 300 Days Ten-Hour.
15,000
Biackwater River
9,100 Claremont
1,200
Sugar River, North Branch__17,000 Sugar River, South Branch
15,000
Croyden River
8,000 Penacook
17.000
Hillsboro
5,000 Mascoma, Long Falls
Smith River
8,000 Contoocook and Davisville_ __ 3,681
A canvass shows that our electricity can readily be sold at not less than
$30 per h.p. yielding a gross income of $2,759,430. The net income will
be sufficient'
to pay 8% on the cost of the entire 17 propositions when completely developed and connected. Within 70 miles' radius there is a population of 4,150,000. constituting one of the greatest manufacturing centres
of the United States.
For the purpose of carrying on the work, engineering, perfecting titles,
&a., the Frederick L. Houghton & Associates of Brattleboro, Vt., a voluntary association, is selling to its friends membership subscriptions of $1,000,
$500 and $100 each, pending the taking over of the entire properties and
financing of the operating company. With the memberships the investor
will secure an interest-bearing certificate for the amount invested and
also a pro rata division of the stock of the operating company (the Central
New Hampshire Power Co. of Maine), when It is financed, of about $4,000
for a $1,000 subscription. Subscriptions may be made through Newport
(N. II.) Savings Bank. the Brattleboro Trust Co., or direct with the Associates at Brattleboro.
Executive Committee of The Frederick L. Houghton and Associates:
E. C. Crosby (Pres. Springfield Eleo. By. Co.; director Conn. Valley St.
By. Co.), F. W. Putnam, Wm. H. Vinton, D. Cowles, F. L. Houghton,
C. 0. Robbins and H. D. Walker. all of Brattleboro.
Chicago Breweries Co., Ltd.-Report.-Year end. Nov. 30
Other
Div'ds
Nov. 30
Total
Interest, Divs. Pd. Balance,
YearReceived. Income. Income. Tax.,&c. (5%) Surplus.
£3,035 £40,183 £20,912 £18,833
1910-11
£37,148
£438
35,148
2,964
1909-10
41,549
1,423
21,293.
18,833
The combined sales of the two breweries controlled were 309,547 bbis.
In 1910-11, against 280,986 in 1909-10. Debentures outstanding, £253,700
(of which £7,900 held by the company), £700 having been redeemed during
the late year.-V. 70, p. 325.
Childs Co. (Restaurants), New York.-Report.-For year
Gross
Nov. 30
Profits.
Year1910-11_ _ _$957,480
1909-10_ _ _ 687,385
Dividends
Paid.
$474,998
422,294
Surplus
for Year.
$482,482
265,090
Previous
Surplus.
$984,428
911,038
Total
Surplus.
$1,466,910
1,176,128
• After amounts transferred to reserve and depreciation accounts.
There was charged to depreciation during year $721,000. compared with
$592,420 in 1909-10. The balance sheet Nov. 30 shows cash on hand,
$367,827; notes and accounts receivable, $254,747. Notes and accounts
payable arc $862,248, against $581,003 in 1909-10.-V. 93. p. 1791.
City Fuel Co., Chicago.-Retail Merger.-This company,
incorporated in Ill, as the Reliable Fuel Co., changed its
name on Nov. 10 to City Fuel Co. and increased its capital
stock from $5,000 to $4,200,000, all outstanding (par of
shares $100), consisting of $2,000,000 common, $2,000,000
cum. 7% pref. and $200,000 cum. 6% sinkin5 fund pref., this
last being retirable $30,000 yearly out of earnings. No bonded
debt. The "Coal Trade Journal" of N. Y.City on Nov.8 said:
The consolidation of the old City Fuel Co.. capital stock $2,000,000, and
the Lill-Robinson Coal Co.. capital stock $500,000, the two largest retail
coal concerns of Chicago, took place Nov. 1 as the City Fuel Co. The
old City Fuel Co. operated 27 retail yards and the Lill-Robinson Coal Co. 15.
Fred. W. Upham is President; Thos. H. McInnerney, Vice-Pres. and Treas.;
Milton E. Robinson, Geo. H. Lill and Chas. R. Campbell, V.-Presidents;
F. II. Pearson, Sec.; Francis S. Peabody, Chairman; Geo. F. Getz, V.-Chmn.
Offices, McCormick Building, 332 South Mich. Ave.. Chicago.
Cleveland Electric Illuminating Co.-Securities Authorized.
-The Ohio Public Service Commission has authorized the
company to issue $1,500,000 additional common stock, to be
sold at par, and $1,500,000 bonds, to be sold at 973.. Compare V. 93, p. 1670.
Coaster Brake Licensees.-Indictment.- The Federal
Grand Jury, before Judge Hazel, at Buffalo, N. Y., on
Jan. 9 handed down an indictment containing 8 counts,
involving 6 companies composing the Association of Coaster
Brake Licensees, controlling, it is stated, 90% of the brakes
manufactured in the U. S., and 18 individuals, officers in
those companies, charging conspiracy and restraint of trade.
Six of the counts charge conspiracy and the other two allege attempts
to monopolize the coaster brake industry.
he Corbin
The corporations indicted are the New Departure Mfg.
Co.,Xurora AutoScrew Co. (a subsidiary of the American Hardware Co.), the
matic Machinery Co.,. the Eclipse Machine Co., the Miami Cycle & Mfg. Co.
and the Buffalo Metal Goods Co.. which makes the Atherton brake.
It is alleged that the defendants warned the jobbers who handled brakes
manufactured by them not to sell them for less than a certain amount under
penalty of being dropped from the jobbers' list and not receiving any more
brakes from the manufacturers named; also that no jobber could obtain
brakes for sale if any one of the six companies voted against giving him
the agency.
Continental Telephone & Telegraph 00.-No Bids.-No
bids were received on Jan. 19, the time set for the auction
sale of the company's interest in $10,000,000 Nat. Telephone
Corporation of West Virginia common stock. The stock,
it is stated, will be probably offered again later. Compare
V. 94, p. 126.
Cumberland Basin Coal Co.-Deposits.-Over 80% of the
1st M. and 2nd M. bonds has been deposited with the Safe
Deposit & Trust Co. of Baltimore, depositary under agreements dated Dec. 13 1911. Prompt deposit is urged.
Committee: George C. Jenkins, William W. Laird and
T. Edward Hambleton.-V. 93, p. 1791
Dayton (0.)Power & Light Co.-Earnings.-Fuller & Co.,
40 Wall St., N. Y. City, who, with Thomas E. Perkins of
Hartford, Conn., are placing at par and int. the unsold portion of the present issue of $1,036,700 6% cum. pref. stock
(compare V. 93, p. 1262), report:
Earnings for the Calendar Year 1911.
$187,549
$623,932 Deduct-Bond interest
Gross earnings
4.631
277,411
Interest on notes
Net earnings
1,610
27.309
Uncollectible accounts__ _
Interest receivable
$304,720
Balance, net income
Total
Dividend on preferred stock (6 months)
$110,930
41,625
$69,305
Balance, surplus
Common stock outstanding, $3,022,200. The amount of stock issued
will be increased during 1912 under contract for improvements and extensions to $1,387,500 pref. and $3,503,000 common.-v.93 p 12q2.
282
THE CHRONICLE
Underlying Bonds Offered.----White & Co., New York, recently offered at a price to net 5.40% Dayton Lighting Co.
first and ref. M. 5% gold bonds of 1907; outstanding (closed
mortgage), $2,579,000. A circular says:
The Dayton Power & Light Co. operates under perpetual franchise and
controls the entire electric-light, power and steam-heating business of Dayton, Ohio. Said company has authorized an issue of $20,000,000 "first and
ref." bonds, of which $3,454,000 are reserved to retire a like amount of
underlying bonds (including the Dayton Lighting bonds), and $600,000
have been issued under contract to provide for extensions and improvements
during the next two years. See also V. 93, p. 1262
[VOL Lxxxxiv.
Snuff Factories Owned (and Brands Connected Therewith)-Sales in 1910.
Sales 1910. Val. of Sales.
(1) Yorklyn, Dela., heretofore Yorklyn branch of
Am.Snuff Co. (except wareh."E" & fact.No.5) _1,777,392 lbs. $773,067
(2) At Heimetta, N. J., heretofore Helmetta branch
of American Snuff Co
8,066,732 lbs. 3,721490
Total
9,844,124 lbs. $4,494,557
Net income from manufacture and sale of snuff during year 1910_$1,259,281
Registrar of stocks, Nat. City Bank, N. Y.; Transfer Agent, Farmers'
Loan & Trust Co., N. Y. Fiscal year ends Dec. 31. Annual meeting after
1912 first Monday in March.-V. 93, p. 1605.
Herring-Hall-Marvin Safe CO.-Increase of Stock.-The
First and Refunding Bonds.-These we describe as follows.
"First and Refunding" M. 5% bonds dated June 1 1911 and due stockholders will vote on Feb. 8 on authorizing an increase in
June 1 1941, but are callable as below stated. Par $1,000 es
Int. J. & the capital stock from $700,000, all of one class, to $1,400,D. Trustee, Knickerbocker Trust Co., N. Y. Total $20,000:000, issuable,
(a) $600,000 (In treasury), (b) $3,680,000 to retire $3,454,000 underlying 000, by the issuance of 7% cumulative preferred stock.
bonds, viz.: $425,000 Dayton El. Lt. Co. 1st M. 5s of 1901, due March 1 V. 86, p. 477.
1921, but callable at 107 (V. 79, p. 2645); $450,000 Dayton Citizens' El.
Co. 1st M.25-year gold bonds, dated June 1 1907 and due July 1 1932 (V.85,
Houston (Tex.) Oil Co.-New Securities Ready.-The Mere.
p. 866), and $2,579,000 Dayton Lighting Co. 1st & ref. M. 55, dated 1907
and due March 1 1937, but callable after March 1 1912 at 107 3•6; (e) Tr. & Dep. Co. of Baltimore is now issuing the new securities
remaining $15,720,000 for improvements, extensions, &c., under strict pro- in exchange for certificates of deposit for pref. and common
visions at not exceeding in par value 80% of the actual cost of the same (or, stocks,per plan
of July 28 1911 (V.93,p.472).-V.93, p. 1670.
if 51% of the 1st M. bonds and 662-3% of the stock of any other street railroad, electric or gas company be acquired, to an amount at par equal to
International
Agricultural Corporation, New York.actual cost of same), but only when the net earnings for the 12 months preceding shall be twice the interest charge, including bonds applied for, under- Potash Settlement Leads to Sale of One-Half Interest in Solllying bonds and bonds of controlled companies.
stedt Mine-Option on Remaining Interest-Earnings.-PresiThe company agrees to maintain a fund for improvements and extensions,
paying thereto annually In January from 1917 to 1924 a sum equal to 1%, dent W.Schntudtmann supplements the recent announcement
1925 to 1932 1 %%,1933 to 1940 2% of all outstanding bonds (less allow- (V. 94, p. 70), as follows:
ance in case of payments to other sinking funds); this fund may, at the comAbstract of Circular dated at New York Jan. 22 1912.
pany's option, be used to redeem these bonds when drawn at the following
Shortly after organization, in July 1909, the company acquired the entire
prices (or by purchase at a less price), viz.: On or before Dec. 31 1936,
105%; in 1937, 104%; in 1938, 103%; in 1939, 102%; In 1940 and 1941, capital stook of one of the largest potash mines In Germany, Kallwerke
101%. The entire issue also (but not less) may also be redeemed at the Sollstedt Gewerkschaft, for which it paid In stock of your company as
follows: Preferred, $2,500,000; common, $1,500,000.
same rate at company's option on any interest date.-V.93, p. 1262,
As a result of its 2 M years' ownership of Kaliwerke Sollstedt GewerckDelaware (0.) Water Co.-Bonds Offered.-This company schaft, the company
has received therefrom by way of dividends , from
debentures paid to it as a consideration for its surrender of
offers for sale an issue of $200,000 20-year gold refunding 5s. Sollstedt
the seven-year potash purchase contract, from Kaliwerko Aschersleben
Annual Earns.(Franchise Unlimited-Contract for City Hydrants Exp. 1921) as purchase price for one-half of Sollstedt shares, and from other sources
1910.
1911.
1909.
1908.
resulting from the potash settlement, an aggregate cash amount in excess
1907.
•
Income
$30,470 $28,088 $26,309 $24,492 $22,847 of $4,500,000.
Net after taxes
18,213
17,301
15,771
Taking Into consideration the cash it has
14,306
13,612
received from the
For information address Treas. C. W. Wiles, Delaware, 0. Hon. F. M. above-mentioned debentures, your company already
has given to Kallwerke
Marriott is Pres. Compare V. 92, p. 728.
Aschersieben the option to purchase its remaining one-half of Sollstedt
at a cash price of $1,500,000.
Detroit Edison Co.-Listed.--The N. Y. Stock Exch. has shares
Since the enactment of the recent German potash law, regulating prices
authorized to be listed the $1,500,000 additional capital stock and productiop, the ownership of an independent mine
in Germany offers
no particular advantages to American fertilizer manufacturers, and for this
which was recently offered to stockholders at par (V. 93, • reason
your company decided
it could use the funds which It had Inp. 1197, 1467) on notice of issuance and payment in full, vested in Colistedt before the that
passage of the law more advantageously in
expansion of its American fertilizer business.
making the total amount authorized to be listed, $7,500,000. theThe
settlement gives to the company not only the cash as above set out,
Earnings.-For year ending Nov. 30 1911:
but also provides for the settlement, without expense to it, of all pending
Year
Gross
Net
Int. on
Dividends Balance, litigation pertaining to its potash contracts, which naturally resulted from
EndingEarnings. Earnings. Bonds,&c.
Paid.
Surplus. the passage of the German potash law, and also secures for your company its
Nov 30 1911____$3,549,477 $1,507,880 $677,065 (7%)$414,330 $416,485 requirements of potash salts on a basis guaranteed to be as favorable as
Dec. 31 1910_ ___ 3,030,207 1,310,083 601,701 (5%) 250,000 458,382 may be obtained by any other American buyer of potash.
Without taking credit for any Governmental tax reductions received
-V. 94, p. 210.
through the potash settlement, substantial part of which should apply to
Dominion SteelWorporation.-Preferred Stock Issue.-The the fiscal year which ended Junea30
1911, the company's earnings were:
Earnings for the Fiscal Year ending June 30 1911.
stockholders on Jan. 15, we are informed, authorized the Earnings applicable
to dividends
$1,420,346
issuance of $17,800,000 6% pref. stock (or one-half of the Dividends paid on preferred stock (7%)
835,527
present ordinary stock), of which $7,000,000 (not $6,000,000
as reported in the Montreal papers) is to be exchanged for
6% income bonds of the Dominion Iron & Steel and Dominion
Coal companies, to finance their requirements for improvements. It is intended to offer the remainder later in exchange "on attractive conditions" for the outstanding stocks
of the Steel and Coal companies. Stockholders will meet
again on Jan. 29 to ratify the stock issue as required by
English laws.-V. 94, p. 210.
Electric Bond & Share Co.-Pref. Dividend Increased.A quarterly dividend of 1%% has been declared on the
$2,000,000 pref. stock, which, under the plan of Aug. 26
last (V. 93, p. 591), has been converted from a 5% to a 6%
issue, payable Feb. 1 to holders of record Jan. 25. The
regular quarterly dividend of 2% on the $3,500,000 common
stock has also been declared, payable Jan. 26 to holders of
record Jan. 25.-V. 93, p. 591.
• Great Western Cereal Co., Chicago.-Tenders Asked.-The
Continental Trust & Savings Bank of Chicago, as trustee
(successor of the American Trust & Savings Bank), having
been authorized under order of Court dated Jan. 18 to expend $355,285 of the moneys in its hands in the purchase of
1st M. 20-year sinking fund gold bonds, requests tenders for
the sale of bonds up to Feb. 10.-V. 93, p. 1728.
Greene-Cananea Copper Co., New York.-First Dividend.
-The directors on Jan. 23 declared an initial dividend of
25c. a share (1Wt%), payable March 1 to holders of the
capital stock ($50,000,000; par, $20) as of record Feb. 10.
Bal., surplus, equal to 8.37% on aver. amt. of common outst'g__ $584,819
The officers have been instructed to make without delay application for
listing the pref. and common stock on the N. Y.Stock Exchange.
As a result of the settlement of the potash controversy
(V. 94, p. 70), it is said that the suit of the F. A. Royster
Guano Co. against the company has been withdrawn on
payment to that company of $500,000.-V. 94, p. 70.
Jefferson City (Mo.) Light, Heat & Power Co.-Bonds.
The Mercantile Trust Co., St. Louis, is offering $20,000 1st
M. gold 5s at 9534 and int., total issue (closed), $200,000.
Earnings for Cal. Years 1908 to 1910 and 7 Months ending July 31 1911.
7 Mos. 1911.
1910.
1909.
1908.
Gross receipts, gas
$23,120 $38,905 $38,055 $31,991
Gross receipts, electricity
33,572
47,491
44,106
34,823
Total gross receipts
Net earnings (after taxes, &c.)
Bond interest
$56,692
21,356
6,302
$86,397
30,278
10,061
$82,161
30,369
9,034
$66,614
23,056
8,529
Surplus
-See ais V. 89, p. 922.
$15,054
$20,217
$21,335
$14,527
Haministiqua Power Co., Fort William, Ont.-Dividend
Increased.-The directors, it is stated, have declared a quarterly dividend of 1% on the $2,000,000 stock, thus increasing the annual rate from 3% to 4%. Dividends Q.-F. 15.
Bonds Oct. 31 1910, $1,772,000.-V. 87, p. 1607.
Lehigh Valley Coal Sales Co.-Incorporated,--Articles of
incorporation for this new company with $10,000,000 auth.
stock (par $50) were filed at Trenton, N. J., on Jan. 22.
See V. 94, p. 126.
Liggett & Myers Tobacco Co.-Listed-Official Data.The New York Stock Exchange has authorized to be listed
axe total authorized issues of new securities, namely: 7%
and 5% bonds up to $15,507,800 and $15,059,600, respectively (temporary bonds, with Authority to substitute the
permanent engraved bonds as issued in exchange); also up
to $15,383,800 pref. and $21,496,400 common stock, all
issued under disintegration plan of American Tobacco Co.
(V. 93, p. 1122, 1670),
The subsidiaries, Greene Consol. Copper Co. and Cananea Central Copper
Co.,have each declared a dividend of 60c. a share, together aggregating
$960,000. The Greenc-Cananea Copper Co. will receive about $928,000
of this sum and will apply about $600,000 thereof to the aforesaid initial
dividend. Estimated results for cal. year 1911: Copper produced, 45,247,218 lbs., cost per lb., 9 Ac.; construction per lb.. %c.; total cost per
lb.. 10 W.; net profit (after deducting construction expenses), $1,140,000.
Earnings of Subsidiary Companies-Calendar Years 1910 and 1909.
1. Greene Consol. Copper Co. (Cananea Consol.Copper Co.)Gross.
Net.
Deprec'n. Miscell. Bal..Sur. CoP.Pro.,lbs.
1910_$5.592.05o $1,184,750 $684,097 $41,451 $459,202 36,921,309
1909_ _ 5,510,846
1,102,559
558,452
544,107 37,015,445
Denominations: Coupon bonds, $1,000 and $5,000 (0), with power of
2. Cananea C3nt.(San Ped-o Cop.
incl. production Can. D3V. CO.)- exchange for registered bonds without coupons; registered bonds, $50.
1910_ $587,926
$173,619
$173,619
8,758,830 $100, $500, $1,000, $5,000, $10,000, $50,000 and $100,000, with power of
exchange for coupon bonds of denominations of $1,000 and $5,000.
William E.Corey has succeeded James Hoatsen as director.-V.92,p.1314
Both the 7% and the 5% gold bonds aforesaid are issued under a trust
Hart, Schaffner & Marx, Chicago.-Earnings.-For first indenture
executed to the Guaranty Trust Co. of New York, trustee, dated
73,i months ending Dec. 31 1911: Gross sales, $15,012,848; Deo. 1 1911. This trust Indenture does not constitute a mortgage nor a
specific lien upon real estate or other property, nor is there deposited
net profits, $430,280; dividends on pref. stock, 534% (three collateral security, but by it Liggett & Myers Tobacco Co. "Imposes a
quarterly payments of 131%), $266,001; balance, surplus, charge in favor of the trustee upon all its property and present and future
net income,earnings and profits, for the benefit,first, of said 7% gold bonds.
$164,279.-V. 94, p. 126.
and,second,of said 5% gold bonds, and covenants that it will never mortits property, business and income, nor create any specifio charge upon
gage
(Geo. W.)Helme Co.-Listed.-The N. Y. Stock Exchange
earnings otherwise than by an instrument which shall expressly recoghas authorized to be listed on notice of delivery $4,000,000 its
nize and confirm the charge aforesaid as prior claims, in the order therein
7% non-cum. pref. and $4,000,000 corn. stock. Par, $100. set out, upon its property and net income, earnings and profits."
On default In payment of interest for 90 days, then, on written request
No lien prior to pref. stock without the assent of two-thirds of each class
of stock. Pref. stock is entitled to non-cumulative pref. dividends of 7% of the holders of 25% In amount of either the 7% bonds or the 5% bonds
then outstanding, the trustee shall declare the principal of all bonds then
from and after Jan. 1 1912 and to payment at par upon dissolution.
outstan.finz to bc due immediately. The trust also provides for
Value of Assets 1910,88,000,000, Offsetting $8,000,000 Capital Stock.
action by the trustee for foreclosure, the proceeds of foreclosure sale to be
Manufacturing tangible assets at end of year 1910 (V.93,p.1122)..$4
30
:99
09
1:0
000
0 applied, first, in the discharge of the 7% gold bonds,and,second, in the disTrade-marks, brands. &c
charge of the 5% gold bonds. The company also shall pay to the trustee
JAN. 27 1912.]
THE CHRONICLE
283
of • Central Trust Co. of New York, for endorsement thereon.
in-January of each year $150,000 for the purchase on the open market
7% gold bonds at 130 or less, but the trustee, at the end of the year, is to Compare V. 93, p. 232.
Payexpend.
to
so
been
able
return such part of said sum as it has not
ment of interest shall be without deduction of any amount that the comMassachusetts Gas Companies.-Details of Debentures.pany may be required to pay as taxes on account of any present or future The $4,000,000 4%% 20-year gold debentures sold last
law. The holders of a majority in amount of either class of bonds may
of month (V. 93, p. 1671) are described as follows:
authorize any modification or compromise of the rights of the holdersCo.
such class of bonds arising out of the Indenture. Registrar, Guar, Trust
Dated Dec. 1 (not July 1) 1911; due Dec. 1 1931, but subject to call in
The preferred stock is entitled to cumulative pref. dividends of, but never
exceeding, 7% from and after Jan. 1 1912, and is entitled to be paid at par whole or part on any interest date (June 1 and Dec. 1) at 105; interest payaAll
ble
at Old Colony Trust Co., Boston. trustee.-V.93, p. 1729.
stock.
is
the
on
before
any
amount
common
payable
upon dissolution
shares possess full voting power. Registrar of all stock, National City
Merchants' Heat & Light Co., Indianapolis, Ind.-SecuriBank, N. Y. Transfer agent, Central Trust Co.
Assets(1910) Offsetting Above $30,567,400 Bonds and $36,880,200 Stock. ties Offered.-Field, Longstreth & Co. Cincinnati, and Jos. T.
Book value of assets or properties conveyed, including stocks of
Co., Newton Todd and
Elliott & Sons, Otto F. Haueisen &'
$30,607,262
subsidiary companies
offered
Book value of trade-marks, brands and good-will(V.93,p. 1122) 36,840,237 Oren M. Ragsdale & Co. Indianapolis, recently
at par and accrued dividend the unsold portion of a block
Factories Controlled by Direct Ownership or Ownership of Stock.
Production in 1910
Kind of
of $500,000 6% cumulative preferred stock, dividends paySelling Value.
Amount.
Tobacco.
able Q.-F. Redeemable as a whole at option of company
(1) Large factory in St. Louis
on any dividend date at 105 plus accrued dividend. The
heretofore Liggett & Myers64,188,555 lbs. -$28,268,467
Drummond Br. of Am.T. Co. Plug
2,5/7,479 Fletcher American -Nat. Bank and Otto F. Haueisen &
7,669,588 lbs.
(2) All of stock of Spaulding &fSmoking
1,789,444 Co., Indianapolis, on Jan. 5 offered $100,000 of the $1,124,5,320,331 lbs.
Merrick,large factory in Chic.iFine cut
(3) Large factory in Richmond.
3,084,494 000 1st ref. 5s at 99 and interest.
Va., heretofore Allen & Gin- Cigarettes 689,273,000 (No.)
Condensed Extracts from Bankers' Circular.
ter Branch of Am. T. Co_ _
Capitalization.-Common stock auth. $1,000,000; outstanding, $500,000.
(4) Entire capital stock of the
747,432 Pref. stock auth., $2,000,000; outstanding. $500,000. 1st M. bonds auth.,
John Boliman Co., large fac- Cigarettes 129,251,000 (No.)
$500,000; outstanding, $440,000 ($60,000 retired by sinking fund). First
tory at San Francisco
refunding bonds auth., $2,000,000; outstanding, $1,124,000 ($500,000 held
(5) Factory in Chicago, hereto1,221,552
retire first 55 and $26,000 retired by sinking fund). (V. 90, p. 631.)
lbs.
to
4,529,316
Smoking
T.Co.
Am.
of
Br.
Chicago
fore
Nearly all of the principal retail stores in the central part of the city are
(6) Factory at St. Louis, here1,243,027 connected with this company for light and power, and the mercantile and
5,209,914 lbs.
tofore Catlin Br. of A. T. Co.. Smoking
financial Institutions, hotels and theatres for both heating and lighting.
(7) 7734% of outstand'g stock
This $500,000 new pref. stock (pref. p. & d.) is being issued to pay back
.(all of one class) of Pinkerton
'the money that was used for the call of the $150,000 old pref. stock early
Tob. Co.(other 22 M% own'd
In
1911, to pay all floating debt (incurred for additions), and to provide
with
identified
by individuals
1,780,603 for future improvements. No additional pref. stock can be issued unless
7,756,405 lbs.
the management); has facto'y Smoking
annual net earnings available for pref. dividends are twice the pref.
the
tob.
smoking
mfg.
Toledo
in
dividend charge, including the stock then to be issued. No dividends on
(to a considerable extent
the common stock, other than the stock dividend, shall be declared or paid
chewed, though classified as
unless there remains undivided profits over and above such dividends
smoking tobacco)
equal to at least three years' dividend requirements on all outstanding
(8) All of the stock of Nall &
262,002 pref. stock.
543,784 lbs.
Williams Tob. Co., factory}Smoking
366,652
953,716 lbs.
Plug
Earnings for year ending Oct. 311911: Gross, $441,282; net (after taxes).
at Louisville
087,720 $204,365; interest, $78,200; bal. for divs., $126,165, or over four times
(9) Largo factory at New Orl.,f Cigarettes 452,444,000 (No.)
1,087,894 the $30,000 required to pay the 6% dividend upon this pref. stock. For
2,712,922 lbs.
heretofore W.R.Irby BranchiSmoking
the year ending Oct. 31 1910 the gross earnings were $332,438; net, after
of Amer. Tobacco Co
taxes, $137,127.
(10) Large factory at Durham.)
4,034,838
Property.-Two power stations, total engine capacity about 15.000
N. C., heretofore W. Duke)Cigarettes 1,133,238,000(No.)
4,984,225 maximum h. p. (the station completed within the last two years is one of
13,140,764 lbs.
Smoking
Sons & Co. Br. of A. T. Co
the best in the Middle West); about 40,000 ft. of steam line and 513,000 duct
(11) Two factories, in Philadel-1 Little
1,966,985 feet of underground line in the business section (1 mile square), and about
494,232,000 (No.)
delphia & Wilmington, Del_ 4 Cigars
20 miles of pole lines leading to the factory districts. See also V.90, p..631;
V.93,p.942.
Aggregate sales during 1910 of goods manufactured under
$54,402,814
brands at factories now controlled
Mexican National Packing Co., Ltd.-New Stock.-PursuEarnings during 1910 on properties and businesses conveyed,
against which securities herein sought to be listed are issued $7,468,172 ant to plan of July last, this company, incorp. in Maine
toof
smoking
lbs.
The production in year 1910 included: 41,562,693
Jan. 24 1911, filed on Dec. 11 a certificate of increase of auth.
bacco, 65,142,271 lbs. of plug, 5,320,331 lbs. of fine cut. 494,232,000 little
capital stock from $3,750,000 (all common) to $12,750,000,
cigars and 2,404,206,000 cigarettes (totals by "Chronicle").
G. W. Yates is now a Vice-Pres. and director in place of H. A. Walker. in order to include $9,000,000 participating 6% cum. pref.
A press dispatch from Mexico this week purports to tell of the revocation
For other officers and directors see V. 93, p. 1537.
Tex.-Payment on Bonds. of a concession held by the company. See plan V. 93, p. 290.
Lone Star Gas Co., Fort Worth,
Mt. Whitney Power & Electric Co., Visalia, Cal.-Earn-A partial payment on the principal of the bonds ($1,250,-For year ending Sept. 30:
000 1st M. 6s) of 1909, due Aug.31 1919,amountin ,; to 10% ings.
Bond Int. Surplus.
Net.
Gross. Expenses.
Yearper bond, will, it is announced, be made on Feb. 3 1912 at 1910-11
$378,630 *148,567 $230,063 $75,300 $154,763
124,943
60,000
140,954
184,943
325,897
the Seaboard Nat. Bank, N. Y. City, or the Texas Bank & 1909-10
168,447
98,461
266,908
1908-09
Trust Co. of Galveston (trustee). Int. F. & A. 3.
for 1910-11 here covers the $1,255,000 1st M.6s, 1939, now out.
Interest
in -V.92. p. 192.
Incorp. in Texas June 4 1900. Said to own 80,000 to 90,000 acres 75
line and
Clay County, Tax., with 10 gas wells, 125 miles of main pipe Fort
Nassau Light & Power Co., Roslyn, N. Y.-Bonds.-The
Worth
Co.,
Gas
Dallas
to
gas
Supplies
miles field and branch pipeline.
Gas Co. and North Texas Gas Co. (Wichita Falls, &c.). Capital stock P. S. Commission has sanctioned an issue of $158,000 addicontrol.
own
stated,
is
it
interests,
Oil
Standard
$3,500,000.
authorized,
tional 1st M. bonds of 1907 on account of extensions and
Pres. H. C. Edrington; V.-Pres., W. P. Gage; Sec., 0. L. Cobb; Treas.,
additions (V. 86, p. 1162).-V. 93, p. 50.
I. H. Hempner.
(P.) Lorillard Co.-Listed.-The New York Stock Exchange has authorized to be listed the total authorized issues
of new securities when and as issued, namely, 7% and 5%
bonds, $10,933,500 and $10,617,450,respectively(temporary
bonds to be replaced by the permanent bonds when issued);
also up to $11,307,600 pref. and $0,155,600 common stock.
The 7% and 5% bonds of this company and their relative rights are the
same in every particular as In the case of the 7% and 5% bonds, respectively,
of the Liggett & Myers Tobacco Co. above, except that the amount to be
applicable each year to sinking fund for Lorillard 75 is fixed at $100,000.
The rights of the stock, the registrar, the transfer agent, &c. are also
however,
the same as in the Lorillard case. Of the preferred stock,'
$461,600 is issuabic in place of the $403,900 8% pref. stock of the old P. Lorillard Co. at rate of $114 25 par value for each $100 share of said stock.
Both stock and bonds are issued in accordance with the disintegration
plan of the Amer. Tob. Co. See V. 93, p. 1122, 1670; V. 94, p. 126.
Assets (1910) Offsetting above $21,550,950 Bds. & $26,001,600 Stoc'ol
plot including in said stock $461,600 pref. reserved for old 8% pref.)
• Book value of assets, including stocks of subsidiary companies_$28,091,749
Book value of trade-marks, brands and good-will (V.93, p.1122) 19,460,752
Company's Factories, Direct Ownership and Ownership of Stock.
Kind of -Production in 1910
Selling Value.
Amount.
Tobacco.
25,040,707 lbs. $9,370,821
<1) Large plant in Jersey City,}Smoking
3,508,779
7,182,504 lbs.
heretofore owned by P. Lor- Plug
1,458,959
3,554,502 lbs.
illard Co.(In liquidation)._JFine cut
42) Entire stock of S. Anargyros
(Turkish cigarettes), with fac-}Cigarettes 1,318,849,000 (No.) 11,213,444
tortes in New York
0) Entire stock of Luhrman
5,716,313
22,213,317 lbs.
Wilbern Tobacco Co., with Smoking
factories at Middletown, 0.
(smoking tobacco, but also
largely chewing)
(4) Entire stock Federal Cigar)
405,023,000 (No.) 5,368,140
Co.. with factories In Rich-}Cigars
mend and Jersey City
(5) Five factories for manufacture of little cigars, in Wilmington, Del., Phila., Balto., Little cigars 382,035,000 (No.) 2,081,506
Brooklyn and Danville, Va
Aggregate of sales during 1910 of goods manufactured under
$38,718,052
brands and at the factories conveyed
Earnings during 1910 on properties and businesses conveyed,
against which the securities herein sought to be listed are issued 5,264,729
Note.-The production in 1910 as above included 47,254,024 lbs. of
smoking tobacco, 7,182,504 lbs. of plug, 3,554,502 lbs. of fine cut, 405,023,4)00 cigars, 382,035,000 little cigars and 1,318,849,000 cigarettes.
The fiscal year will end Dec. 31. Annual meeting the second Tuesday
of March.-'. 94, p. 128, 70.
National Boat & Engine Co.-Sale Feb. 15.-Walter I.
Woodman, trustee in bankruptcy, 516 Atlantic Ave., Boston, announces that the plants at Muskegon, Mich., and
St. Joseph, Mich., and Shell Lake, Wisc., respectively, will be
offered for sale in three parcels at Augusta, Me.,on Feb. 15.
The sale is pursuant to an order entered Jan. 15 by Cremont .7. C. Little,
referee appointed by the U. S. District Court (Maine Dist.). Upset prices:
Parcel I, $185,000; parcel H. $65,000 (subject to disputed lien of $9,250);
parcel III, $50,000. Receiver's certificates ($20,000), taxes, &c., will be
discharged out of proceeds of sale.
It is also stated in said order that William IL. Mann of Muskegon. Mich.,
as successor trustee under the mtge. dated Oct. 1 1911, given originally
to the Astor Trust Co., claims that all of the property described In said order
Is subject to a lien under and by virtue of said mortgage, but this claim
Is disputed by the trustee in bankruptcy; and it is provided in said order that
all of said property will be sold free from the alleged lien and that the lien
thereunder, if any valid lien exists, will be transferred to the proceeds received from the sale of said properties (V.92, p. 1113).-V. 93, p. 875, 733.
National Brake & Electric Co., Milwaukee.-Stock.-This
company in December last increased its authorized capital
stock from $1,000,000 to $2,000,000 to cover extensions of
its plant already completed or in prospect. Of the increase
(all common),$700,000 has been subscribed for and paid up.
The "Iron Trade Review" of Cleveland on Nov. 30 1911 had a 6-page illustrated article regarding the plant. The business for 1911 was 25% larger
than in 1910. Extensions amounting to $500,000 or more have been made
to the plant and more improvements are planned.-V.83. p. 327.
Nevada-California Power Co.-Bonds.-Earnings.-The
Continental & Commercial Trust & Savings Bank, Chicago,
is offering at par and int. 1st M. sinking fund 6% gold
bonds, dated 1907,due April 1 1927, but callable after April 1
1912 at 105 and int. Outstanding (closed mtge.) $2,862,000.
Earnings for Calendar Years.
Fixed Chqs. Sink.Fund. Bal., Sur.
Net.
Gross.
$281,474
$264,165
$70,361
$616,000
(approx)$770.500
1911
268,468
67,704
589,075
252,903
750,131
1910
Pres. Delos A. Chappell estimates the net earnings for 1912 at $563,519
and
the
of
business
growth
the
based
on
natural
$788,519,
at
1913
and for
the profits from extensions now being built.
Scri.p.-A scrip dividend of $2 per share ($100,000) has
been declared on the $5,000,000 stock (par $100), payable
to stockholders of record Jan. 31.
Interest-bearing scrip certificates dated Feb. 1 will be mailed Feb. 10.
Cash dividends have been 1)%, Aug. 1908; in 1909, 434% (Feb., 13.4;
May, 1; Aug., 1; Nov., 1); 1910, 2% (Feb., 1; May, 1); none since.-V.93.
p. 1321.
Louisville Lighting Co.-Payment 'on Bonds.-Notice is
New Departure Manufacturing Co., Bristol, Conn.-Ingiven that on Feb. 1 the company will pay to the holders of
-See Coaster Brake Licensees above.-V.94,p.212.
dictment.
the
sum
of
1910
$30
per
1
be
to
Feb.'
bond,
bonds dated
Connecticut Light & Power Co.-Bonds, &c.
Northern
50
mentioned
therein,
$277
such
payment
Applied upon the
to 'be made on presentation of said bonds at the office of the Baker, Ayling & Co., Boston, recently offered at 98 and int.
284
THE CHRONICLE
1st M. 5s dated 1906, due Dec. 1 1946, authorized issue
$350,000, reported outstanding Feb. 1 1911 $245,000.
Earnings.-As published for years ending Nov. 30:
YearGross.
Op. Exp.
1905-06
$29,756
$15,711
1907-08
36,631
21,785
1909-10
61,852
36,588
1910-11
70,150
42,836
See further particulars in V. 83, p. 1418.
Net.
Bond Int. Bat.,Sur.
$14,045
$9,045
$5,000
14,846
4,454
10,392
25,264
13,514
11,750
27,314
15,100
12,214
North Shore Consolidated Gas Co.-Bonds.-A press dispatch reports the sale of $1,500,000 of an issue of $5,000,000
25-year 5% bonds to the Continental & Commercial
Trust Co. and E. H. Rollins & Sons. See V. 90, p. 1681.
Northwestern Gas & Electric Co., Walla Walla.-Entire
Bond Issue to be Redeemed.-See Pacific Power & Light Co.
under "Railroads" above.-V. 89, p. 352.
Ontario Power Co., Niagara Falls, N. Y.-Earnings.C. E. Denison & Co. of Boston & Cleveland, who are offering
a block of $100,000 of the 1st M. gold 5s due 1943, report:
Year
Gross
Net
Int. 1st Ont. Tr. Deben. Balance,
EndingIncome.
Earns. M. 13(13. Rental,
Int.
Surp.
Dec. 31 101141,016,793 $310,821 $341,408 $165,353 $180,000 $124,060
June 30 1911_
939,262 742,984 293,859 156,785 180,000 112,340
-V. 93, p. 474.
Ottawa (Ont.) Light, Heat & Power Co.--Extra Distribution by Ottawa Electric Co.-The Ottawa Electric Co. (nearly
all of whose $1,100,000 stock is owned) has, it is stated,
declared "an extra bonus on the stock amounting to 3%
in addition to the customary 2% bonus and the regular 10%
dividend, making the total dividend for the year 15%.
Compare V. 92, p. 798.
Pacific Gas & Electric Co., San Francisco.-Sale of New
Bonds.-J. P. Morgan & Co. announced yesterday the purchase of $20,000,000 "general and refunding" mortgage 5%
bonds from the Pacific Gas & Electric Co. These bonds have
been sold to N. W. Halsey & Co. and Harris, Forbes & Co.,
who will shortly offer them to the public. This is the block
referred to in the "Chronicle" of Jan. 13.-V. 94, p. 124.
Philadelphia Electric Co.-Rumored Negotiations.-It is
generally believed in Philadelphia financial circles that negotiations are in progress, with some prospect of success, for
the taking over of this company by the United Gas Improvement Co. by an exchange of stock (basis doubtful) presumably
after calling a final assessment.-V. 93, p. 1793, 1671.
Pittsburgh (Pa.) Oil & Gas Co.-Earnings.-
[VoL. Lxxxxiv.
within 1 3i miles of the centre of Sioux City. The Exchange Building,
owned,is a three-story brick building, 125x150 ft. in size, entirely occupied
by concerns doing business at the yards. A near-by brick building contains
the water and electric-light plant, the water being taken from deep wells
by pumps (capacity 30,000 gallons per hour),and two generators furnishing
the current for the 1,200 lights used in the yards and buildings. A 12-Inc'h
water main with the company's own plant furnishes ample fire protection.
Armour & Co. and the Cudahy Packing Co. have large packing houses
with a combined capacity of 6,000 hogs and 1,300 cattle
daily. R. Hum'
Packing Co., Statter & Co. and the Sioux City Packing
Co. also have smaller
laughtering housas lacatel at the yards. Stoolter andleccler
trade is large.
Capitalization Outstanding Sept. 30
Common stock, paying dividlnds at rate of 2% 1911.
par annum
[par $100-Ed.]
Pref. stock 6% non-cumulative land participating after 6% on$1,387,600
common; par $1001
1,460,700
First mortgage 5s, due July 1921
269,000
First mortgage refunding gold 5s, due July 1930 [issue limited
to $2,000,000]
310,000
There are outstanding about $467,750 notes, which, together with
ri
$269,000 1st M 5s, are to be retired by proceeds of present issue of 1st ref. 5s
Gross Earnings for Years ending Sept. 30.
1901-02 1903-04 1905-03 1906-07 *1907-08 z1908-09 '1909-10 '1910-11
$273,584 $309,752 $337,625 $399,834 $327,913 $344,713 $336,691 $420,332
• On July] 1907 the company's switching business was transferred to the
Sioux City Terminal Ry. Co., which was then organized, and the capital
stock of which is owned by the Stock Yards Co.
Income Account for the Years ending Sept. 30.
1910-11. 1009-10.
1910-11. 1909-10.
Gross earnings__ _$420,332 $336,691 Interest
$57,442 $50,596
Net (after taxes) _ 247,559 184,509 Dividends
115,394 115,304
Balance
$74,723 $18,518
*This interest charge will not be materially changed by the issue of first
mortgage refunding bonds now sold, as the porceeds of these bonds will be
used to retire the first mortgage 5s of 1921 and to fund the floating debt.
The company has paid dividends of 6% per annum on its pref. stock continuously since 1903 and 2% on its common stock continuously since 1904.
The State of Iowa furnishes over one-third of the entire stock shipped to
Chicago. With the development of South Dakota the receipts of the company must more than double within the nextfew years, and, with the development of the States farther west the receipts will show a still greater
increase. The company is controlled by interests allied to the large Chicago packing houses. Officers: F. L. Eaton, Pres.; F. W.Estabrook, V.
-P..
and Edward Tilden, Treas.-V. 93, p. 168.
Southern Counties Gas Co. of California.-Bonds Offered.J. H. Adams & Co., Los Angeles and San Francisco, are
offering at par and int. 1st M, sinking fund gold 6s, dated
April 1 1911 and due April 1 1941, but redeemable, all or
any, on April 1 1916 at 105 and int. The bankers report:
CapitalizationAuthorized, Issued.
Preferred (p. & d.) stock, cum. after 1913; callable
after 1912 at 105 and accumulated dividends
$500,000 $340,000
Common stock (par of all shares $100)
500,000
500,000
First mortgage bonds
1,000,000 445,500
Organization.-Has acquired the entire properties of the Piedmont Gas
Co., the Covina Valley Gas Co. and the Orange County Gas Co., and the
gas plants and distributing system of the Southern California Edison Co.
Whittier and Santa Ana. Serves the middle portion of the San Gabriel
For tile 9 months ending Dec. 31 1911, gross earnings were $488,857 at
the Covina Valley, the La Habra Valley,an,d the central portion of
and net, after expenses and interest, $64,421, comparing with $737,174 Valley,
Orange County, a district of substantial residential towns (and developed
and $170,801, respectively, for the year ending March 31 1911.
agricultural
communities), Including Covina, Glendora, Azusa, Monrovia.
• During the year the Marion (Ind.) plant was sold for $205,000. Bonded Sierra Madre,
Fullerton, Anaheim, Orange, Santa Ana, San
and floating debt were reduced by $104,996 (against $43,502 for the year Dimas, Duarte,Whittler,
Arcadia, El Monte, La Habra and Tustin. Population
ending March 31 1911).-V. 92, p. 1182.
served at present,about 40,000. The company is now preparing to extend
Russellville (Ark.) Water & Light Co.-Bonds, dec.- its high-pressure lines between Santa Ana, Orange and Anaheim, and to
Arcadia and San Dimas. •
John D. Curtis & Co., New York, are offering on a 53'% Tustin,
Properties.-Generating plants at Covina, Monrovia, Whittier,
basis $120,000 1st M. 6% gold bonds dated Dec. 1 1911, Ana, Anaheim and Orange, combined capacity of 600,000 cu. ft. perSanta
day;
gasometers, combined capacity of 325 000 Cu. ft.; 1,125,000 fect of gas
maturing serially Dec. 1 1916 to 1931 ($5,000 yearly 1916 11
mains and about 5,300 meters. Franchises of ample scope, the shortest
running till 1955. The only company In the territory.
to 1930 and $45,000 in 1931). Par $1,000(c*). P. &
Earnings.-Bion J. Arnold reports that the communities supplied are
(J. & D.) payable at Standard Trust Co., N. Y. City, trustee. prosperous
and growing rapidly, and, with efficient management, proper
Total auth. issue $150,000, of which $30,000 reserved for engineering and economical expenditures
for extensions, the results from
the
investment
be as large as those to be expected from any other
future extensions under restrictions. A circular says in brief: public utility in should
California operated under public) rate regulation conditions.
Does all the electric light and power business in the cities of Russellville By 1920 the company should be supplying over 16,000 meters.
(population 5,038 in 1910) and Dardanelle (pop. about 2.500), and by
Estimated gross earnings: Cal. year 1911, $163,000; 1912,*190,000;
1913.
$225,000, assuring net earnings amply sufficient to protect the
March 1 1912 will have completed its water supply system in Russellville.
bondholder.
Bonds.-Issue for acquirement of the properties less than 75%
These bonds (the first mortgage created) are issued for the completion
of cash
of the water-supply system and to extend the electric-light and power cost; for immediate improvements will be less than 75% of cost. Therebusiness. Owns a modern concrete dam on the Illinois River, with power- after issuable for 75% of the cost of extensions, betterments and purchases
plant capacity more than sufficient for present needs. Is also constructing only when approved by J. H. Adams & Co., and when the net earnings are
times the interest charge, including bonds sought to be Issued. Present
in Russellville an auxiliary steam plant, to be completed about Feb. 1 1912. 1
The property will by March 1912 have a physical value nearly three times bond issue $84 per meter. The sinking fund should redeem at maturity
the bond issue. Earnings for 12 months ended Dec. 311911, gross, $17,126; not less than $750.000 bonds. See also V. 92, p. 1114.
Pref. Stock.-This has been placed in escrow with the Los Angeles
net after open exp., $12,842. Including the water-supply system, the
following earnings are expected for the first year of full operation: Gross, Trust & Savings Bank and may be issued only to provide funds for addi$35,600; net, $26,200; int. charges, $7,200; surplus, $19,000. Has 50-year tions, extensions and betterments, when the net earnings are sufficient to
contracts for supplying both cities with municipal lighting and a 30-year pay both bond interest and pref. dividends.
Officers.-President, 0. B. Hinsdale; Secretary, W. S. McFarland:
contract with Russellville to furnish fire hydrants at $50 each.
Scotten, Dillon Co., Tobacco Manufacturers, Detroit.- Treasurer, F. N. Hawes. Office, Los Angeles -V. 92, p. 1114.
Stock Dividend.-The shareholders voted Jan. 8 to increase the capital from $500,000 to $1,000,000 for the purpose of declaring a stock dividend of 100% out of accumulated surplus to shareholders of record Jan. 1. President
E. C. Way. "Detroit Free Press" Jan. 11 said:
Two regular 4% dividends were paid during 1911 and two extra dividends of 16% each, making a total of 40% distributed on a capitalization
of $500,000, the shares having a par value of $10. The net profits were
over $300,000, of which $200,000 was paid to the stockholders and $100,000
added to the surplus, bringing the total surplus to $900,000.-V. 72, p. 187,
Standard Oil Co. of New York.-Rebate Fine.-Judge
Hazel in the U. S. District Court at Buffalo on Jan. 23 imposed a fine of $55,000 under a conviction by a jury on Dec.6
of 143 violations of the Inter-State Commerce law in accept,.
ing rate concessions in 1904 and 1905 from the Pennsylvania
and New York Central railroads on shipments of oil from
Olean, N. Y., to Burlington, Vt.
The company was indicted jointly with the railroads. Both railroads had
previously been fined; the Pennsylvania $35,000, following its conviction
on more than 100 counts, and the N. Y. Central $20,000, after pleading
guilty. The maximum possible fine which could have been imposed on
the Oil Company would have been $2,860,000, or $20,000 on each count.
-V.85, p. 791.
Sioux City (Ia.) Stock Yards 0o.-Bonds Offered.-Blodget
& Co., Boston and New York, are placing at 96 and int.,
yielding about 5.35% income, the small unsold portion of
Tennessee Copper Co.-Dividends.
their block of $750,000 let M. refunding gold 5s, issued for per share (6%) has been declared on-A dividend of $1 50
payment of the 1st M. bonds and retirement of floating debt. payable Feb. 20 to holders of record the $5,000,000 stock,
Jan. 21, being the same
With this issue there are $1,060,000 of the 1st ref. 5s out- amount as on Jan. 26 1911.
standing. Dated July 1 1910 and due July 11930, but rePrevious Dividend Record (Per Cent).
deemable on any interest day after three months' notice at 03. '04. '05. '06.
1907.
1908.
1909. 1910. 1911,
105 and int. Int. J. & J. at Am. Tr. & Say. Bank, Chicago, 5 5 5 5 Jan., 5: Aug.,8 Feb., 5; Sep., 5 Dec., 5 None Jan.,6
-V. 93, p. 669.
trustee, or collectible through Blodget & Co., Bost. or N. Y.
Union Electric Light & Power Co., St. Louis.-Report.
Abstract of Letter from Preeident F. L. Eaton, Sioux City, Dec.
22 1911.
Organized in Iowa in 1894 and acquired the property and business of the
Union Stock Yards Co.(org. In 1887). There has been almost a continuous
increase in business, the receipts of live stock for the calendar year 1910 being 1,649,409, against 491,931 head for the year 1888. As a stock yards,
it sells,like a public service corporation, not commodities but facilities, providing (a) the railroads with pens, feed and water for live stock in transit.
By U. S. law, stock must every 36 hours be unloaded, fed and rested.
(b)the public with facilities for buying and selling cattle, sheep, hogs, horses
and mules; it does not buy or sell for its own account. Has obtained control of the Yankton (South Dakota) Stock Yards, thereby gaining a large
additional business from sheep. The receipts of sheep for the year ending
Sept. 30 1911 were 183,196 In comparison with 67,835 in 1909. A stock
yards serves largely corporations and business men and, while it furnishes a
good service, is not likely to meet competition In its particular field.
The bonds are a mortgage on the entire property, subject only to a small
first mortgage which it is contemplated to retire. The land consists of
platted and unplatted property aggregating about 150 acres, all located
Calendar
Gross
Interest Dividends Balance.
Net (after
YearsRevenue. Taxes, &c.). Accrued.
(6%).
Surplus.
1911
$3,605,515 $1,649,966 $851,848 $593,100 $205,018
1910
823,341
3,371,520
1,604,309
593,100
187,868
834,204
1909
3,085,614
593,100
1,582,580
155,276.
H. H. Pierce and George R. Sheldon of New York have been elected
directors to succeed Sam D. Capen and Henry Nicolaus of St. Louis and
A. C. Einstein, General Manager, has also been chosen a director to succeed
Alton S. Miller, who resigned from the presidency of the company a few
months ago. Mr. Einstein was elected First Vice-President, James
Campbell retired from the office of Third Vice-President.-V. 93, p. 1203.
Union Ferry Co., New York.-Debt to Ctiy-Earnings.The Sinking Fund Commission voted on Jan. 24 to call upon
the company to pay its debt to the city, aggregating, it
is said, $49,789.
JAN. 27 1912
IIE CIIRONICLE
The Commission, after an examination of the company's books, states
that for the past three years dividends of 3% yearly have been paid on the
$3,000,000 stook, and that the revenue has been:
1911.
1910.
1907.
1908.
1909.
1906.
1905.
Gross__ _$844,681 $877,872 $893,600 $833,749 $903,797 $810,114 $613,220
Net ___ $84,606 $162,995 $180,621 $111,027 $249,125 $251,963 $163,482
(From "Brooklyn Eagle" of Jan. 24 1912.) —V. 93, p. 1026.
United Shoe Machinery Corporation.—No Negotiations
Yet.—Referring to the reported negotiations with the Department of Justice for a settlement of the Government proceedings, the follwing is said to be authoritative:
There are not at present any definite negotiations looking to a compromise
of the suit as suggested. All that has occurred so far has been a talk of the
most general nature between Charles F. Choate of Boston, counsel for the
Shoe Machinery Co., and Attorney-General Wickersham, in which Mr.
Choate explained to the Attorney-General some features of the company's
business. No offer or suggestion has been made from either side looking
to a settlement out of court.—V. 94, p. 213.
United Missouri River Power Co., Helena, Mont.—Sale
Feb. 9.—Pursuant to decrees rendered in the U. S. Circuit
Court, Montana Dist., on Dec. 29, the property is to be sold
under foreclosure (a) at Helena on Feb. 9 in suit of U. S.
Mort. & Tr. Co., trustee under mortgage dated July 1 1910,
securing $2,781,500 "1st & ref." 5s pledged to secure $1,850,000 6% one-year notes (due and unpaid July 1 1911);(b) on
Feb. 13 in suit of Central Trust Co. trustee under mortgage
dated Nov. 2 1908, securing $1,500;000 3-year gold notes.
As to part or all of the property to be sold Feb.9,the sale will be made
subject to the lien of the following prior liens: (1) Missouri River Power Co.'
1st M. of Nov. 1 1909, Colonial Trust Co., trustee, to secure $750,000
authorized 20-year 6s; $630,000 outstanding. (2) Helena Power Transmission Co. 1st M. of June 1 1905, Colonial Trust Co., trustee, to secure
$900,000 20-year 6% bonds;(3) United Missouri River Power Co. mortgage
of March 1 1906, Cent. Tr. Co., trustee, to secure $3,300,000 auth. 30-year
s. lid. gold bonds, $2,176,000 outstanding;(4) Capital City Power Co. 1st M.
of 1907, U. S. Mort. de Tr. Co., trustee, to secure $1,500,000 30-year 6%
bonds; (5) United Missouri River Power Co. mortgage of Nov. 2 1908,
Cent. Tr. Co. trustee, to secure $1,500,000 3-year gold notes (to be foreclosed as above stated); United Missouri River Power Co. mortgage of
July 1 1909, Columbia Tr. Co., trustee, to secure $750,000 gold notes.
Compare V. 93, p. 1026.
United States Gypsum Co.—New Director.—B. C. Sammons, Vice-Pres. of the Corn Exchange Nat. Bank of Chicago, has been elected a director.—V. 92, p. 1496.
United States Lithograph Co., Cincinnati.—Guaranteed
Notes, &c.—The shareholders will vote to-day on propositions:
• (a) To approve an issue of $1,500,000 1st ref. 6% bonds, payable Nov. 1
1931,• (b) to approve a collateral trust agreement, Guaranty Trust Co. of
N. Y., trustee, for the issue of $1,200,000 3-year 6% collateral trust notes,
to be secured by deposit of the aforesaid bonds; and (c) to approve an
agreement of guaranty, dated Nov. 1 1911. by which certain directors and
largo stookholdea of the company guarantee these notes as to principal
and interest. See V. 93, p. 1672, 1539.
Wellman-Seaver-Morgan Co., Cleveland, 0.—Pref. Stock
—Borton & Borton, Cleveland, offered late in 1911, at 973',
yielding 7.18% income, a block of the $616,200 7% cum.
pref. stock, for some time past outstanding, par $100. Dividends Q-J 15. A circular reports:
Preferred p. (lc d. Full voting power. Issue cannot be Increased except
with consent of 66 2-3% of the pref. stook. Redeemable at 105 and accumulated dividends at any dividend date after the holder thereof has, in
lieu of cash redemption, been tendered the privilege of converting pref.
sto.,k into a like number of shares of common stock. Until the pref. stock
is retired, the dividends on common shares cannot exceed 10% per annum.
Transfer agents, Cleveland Trust Co., Cleveland.
Properties.—Operates extensive plants In Cleveland and Akron, Ohio,
manufacturing ore and coal-handling machinery, car dumpers, hoisting
dumpers, hoisting engines, water power and steel plant equipments, and
other heavy machinery. Has on hand an unusual volume of unfinished
business. Seven contracts entered into during 1911 aggregated approximately $2,500,000. The plants cover 56 acres and the buildings contain
over 450,000 sq. ft. of floor space. Among the corporations for which
equipments are supplied are: Republic Iron & Steel Co., Carnegie Steel
Co., Penn. RR. Co., Eric RR. Co., Canadian Pacific Ry., L. S & M. S.
Ry. Co., Calumet de Hecia Mining Co. Stone & Webster Corp., Indiana
Co.
'
Steel Co., American Smelters Securities
Management.—For several years has been In strong and conservative
hands. Dividends have been paid on the pref. stock without interruption
since date of Issue, but no distribution of earnings has been made to common shareholders by the present management, surplus earnings going
rather to strengthen the financial position.
Status Dec. 31 1910 (later details not available till Jan. 1912).
Total assets, $4,041.771, less direct obligations. bonds 514%
(serial), $720,000, and bills and accts pay., &o., $538,157; net 42,783,614
Security for pref stock after deducting patents, office furniture,
2,454,961
ho. ($328,652)
616,200
Pref. stook authorized, $700,000; Issued
1,874,000
Common stock outstanding
Original bonded debt was $1,100000 of 514% 1st M. serial bonds (V. 84,
p. 808). $40,000 maturing each six months. These payments, together
with $80,000 proceeds of a recent sale of unused Akron real estate, reduces
the outstanding bonds to $560,000. The company has in the meantime
inane larger additions to its plant value.
Earnings for cal. year 1910: Gross operating income, $2.770,347; net
operating income, $347,593: interest charges, $80,239; bal.. Burp., $267.353,
being over six times pref. dividend of $43,134.
Called Bonds.—First M. 53% bonds, Nos. 1021 to 1100,
aggregating $80,000, due in 1919, have been called and will
be paid at Cleveland Trust Co. at 105 and int. on March 15
1012.—V. 86, p. 985.
Western Union Telegraph Co.—Re-hearing Denied.—The
Pub. Serv. Comm. on Jan. 17 denied the application of the
company for a re-hearing on the order made by the Commission on complaint of the Postal Teleg. Cable Co., holding that
the charging for certain additional words on messages transferred from the Postal to the Western Union for forwarding to
final destination was unjust and unreasonable.
Convertible Bonds Called.—The company has called for
redemption on May 1 at the office of the Equitable Trust
Co. of N. Y., trustee, the entire issue of $8,000,000 4% convertible gold bonds of 1907.
These bonds are secured by $9,733,100 N. Y. Telephone Co. stock that
it was arranged In Sept. 1909 to sell to the Amer. Tel. & Tel. Co. (V. 89,
p. 991).—V. 93, p. 1794.
Westinghouse Machine Co., Pittsburgh.—Pref. Stock, &c.
—The shareholders will vote March 29 (a) on increasing the
capital stock (now $10,000,000 auth., $7,373,450 outstanding, all of one class) through an issue of pref. stock; (b) on
increasing the indebtedness, but in what manner is not stated.
It was reported last week that the Westinghouse Electric dc Mfg. Co.
had been negotiating for control.—V. 92, p. 1120.
285
Weyman-Bruton Co.—Listed.—The N. Y. Stock Exchange
has authorized to be listed on notice of delivery $4,000,000
7% non-cumulative pref. and $4,000,000 common stock.
Value of Assets (1910) $8,000,000, Offset by Above $8,000,000
Stock.
Manutacturing tangible assets, incl. stock of DeVoe Snuff Co.
$3,691,588
and National Snuff Co., Ltd., Dec. 31 1910
4,308,412
Trade-marks, brands, &c. (see also V. 93, p. 1122)
Snuff Factories Owned and Controlled (including Brands)—Sales in 1910.
Sales 1910. Val. of Sales.
(1) Factory at Chicago, Ill., heretofore Chicago
4,817,748 lbs. $2,528,584
branch of Am. Snuff Co
(2) Two factories at Nashville, Tenn., heretofore
Bruton & Condon branch and Standard Snuff
3,825,188 lbs. 1,616,360
Co. branch of Am. Snuff Co
(3) Entire stock of DeVoe Snuff Co., having a fac152,543
413,490 lbs.
tory in Spotswood, N. J
(4) 50% of the capital stock of the National Snuff
Co., Ltd., of Canada, having a factory in Mont'l 245,338 lbs. not stated
9,301,764 lbs. $4,297,487
Total
Net Income from manufacture and sale of snuff during year 1910,
including earnings of DeVoe Snuff Co. and this company's pro$1,293,759
portion of the earnings of National Snuff Co., Ltd
"It is not the purpose of the company to dispose of the stock it holds in
DeVoe Snuff Co., although if and when trade conditions make it desirable,
It may cause the DeVoe Snuff Co. to convey the properties owned by it
to this company as its sole stock owner." (Rights of pref. stocks and details as to transfer agent, registrar, end of fiscal year, &c., as stated for
Geo. W. Heime Co. above.—Ed.)—V. 93, p. 1609.
—The American Bank Note Co. of Broad and Beaver Sts.,
New York, announces the complete removal of its entire
printing plant from the company's old landmark in Trinity
Place to the enormous new factory at Hunts Point, in the
Bronx, New York City. This new factory is .regarded as
the largest and most complete in the world. The main
press room contains 80,000 square feet, with an equipment
of 179 presses and enables the company to meet any demand
for prompt deliveries and rapid service. The composing
room, electrotype foundry, press room and bindery, together
with the map engraving department, are models in their
own peculiar and individual lines. The plate vaults contain
engravings of the plates and dies from which securities are
printed, some of which have been held for customers for
more than a century. There are now in these vaults 130,000
plates ready to put to press at a moment's notice, subject
to printing orders from the proper authorities. The new
plant is also equipped throughout with especially designed
steel cages in which the work in progress is locked each
night, insuring accuracy of count and security. The
buildings are absolutely fire-proof and frequent fire drills
are held by the employees. Securities are being printed in
the company's new factory for almost every civilized country
in the world.
—E. W. Clark & Co., bankers, 321 Chestnut St., Philadelphia, have issued a timely investment circular offering
twenty-five different issues of carefully selected bonds,
yielding from 3.95% to 5.95%. Copies will be furnished
on request. For the past 75 years the firm has been engaged
in a general banking business and for over 20 years has
made a specialty of financing and managing public utility
companies. For this purpose it maintains an expert corps
of engineers and accountants. The companies managed
by E. W. Clark & Co. are: Bangor Ry. & Elect. Co. Chattanooga Ry. & Lt. Co., Eastern Tenn. Power Co., East St.
Louis & Suburban Co., Grand Rapids Ry., Lewiston Augusta
& Waterville St. Ry., Portland Ry. Lt. & Power Co.,
St. Joseph Ry. Lt. Heat & Power Co., St. Joseph & Savannah
Interurban Ry. Co. The bankers are also directly associated in the management of the Columbus Ry. & Lt. Co.,
Commonwealth Power Ry. & Lt. Co., Consumers Power Co.,
Evansville Gas & Elec. Co., Peoria Lt. Co., Rockford &
Interurban Ry. Co.,'Saginaw-Bay City Ry. Co. and Springfield Ry. & Lt. Co. The aggregate capitalization of these
companies amounts to over $231,000,000 and their gross
earnings to over $23,000,000 a year.
—White, Weld & Co., New York, Chicago, Boston and
Buffalo, and Wm. A. Read & Co., New York, Chicago,
London and Boston, are to-day advertising on another page
a joint offering of $1,853,000 Pacific Power & Light Co. it
& refunding(now 1st) mortgage 5% bonds, duo 1930. These
bonds are offered at a price to yield nearly 5.45% and are redeemable at 105 and interest on any interest date to Dec. 31
1925; thereafter on approximately a 4% basis. Descriptive circular on request. See advertisement for the investment features of this bond.
—The international firm of Lybrand, Ross Bros.& Montgomery-, certified public accountants, of Philadelphia, New
York, Chicago, Pittsburgh and London_, announce that they
have opened offices m the Kohl Bldg., San Francisco,
and in the Central Bldg., Seattle. The firm's membership
as constituted at present includes: William M. Lybrand,
T. Edward Ross, Adam A. Ross, Robert H. Montgomery,
Joseph M. Pugh and Walter A. Staub.
—Millett, Roe & Hagen, 15 Congress St., Boston, and 33
Wall St., New York, recommend and offer for sale $500,000
Hudson Companies convertible 6% secured notes due Feb.
1913. Price 100 and interest. Detailed information upon
request. See advertisement elsewhere in the "Chronicle."
• —The 24th annual statement of the American Real Estate
Co., whose general offices are at 527 Fifth Ave., New York,
appears to-day in the advertising columns of the "Chronicle."
The company's financial showing forIthe year will repay careful perusal.
286
•
THE CHRONICLE
-The 68th annual statement of the New England Mutual
Life Insurance Co. of 87 Milk St., Boston, Mass., is published in the advertising columns of this issue. The company has enjoyed an unusual degree of prosperity and
growth. New insurance paid for amounted to $30,709,682
and terminations from all causes were only $11,622,126,
bringing the total insurance in force up to $232,817,732, a
net gain for the year of $19,087,556. On Dec. 31 1911 the
company's assets were $58,440,118, an increase of $4,017,475
over 1910, and its net surplus in excess of all liabilities and
dividend distribution for 1911 was $4,581,307, a gain of
$267,113. The officers are: Alfred D. Foster, President;
Daniel F. Appel, Vice-President; Jacob A. Barbey, Secretary;
William F. Davis and James G. Wildman, Assistant Secretaries; Glover S. Hastings, Superintendent of Agencies, and
Frank T. Partridge, Assistant Superintendent of Agencies;
Herbert B. Dow, Actuary; Edwin W. Dwight, M. D.,
Medical Director, and Reginald Foster, Counsel. Copies
of the company's report, furnishing a complete exhibit of its
business, will be mailed on application.
-F. J. Lisman & Co., members of the New York and
Chicago Stock Exchanges, 30 Broad St., New York, own and
offer an attractive list of bonds which net the investor 43
to 7%. These investments are described in a circular
which can be obtained on application. The firm states:
"Securities offered by us combine safety of principal and
interest with a large return on the money invested and the
likelihood for substantial enhancement in value. Our
interest is not limited to the sale of securities-we keep in
close touch with the development of all properties in which
our clients are interested. Our statistical records dating
from 1835 are available to all enquirers." The firm has
branch offices in Philadelphia, Chicago, Hartford, Providence and Boston.
-The fifty-second annual statement of the Home Life
Insurance Co., of which George E. Ide is President, show
that the company has enjoyed a most prosperous year in
every department. The insurance in force on December 31
1911 was $105,047,760, against $100,214,968 December 31
1910-a gain of $4,832,792 for the twelve months. Total
assets of the company are reported at $26,377,420 as compared with $25,025,299 on December 31 1910-the increase
for the year thus amounting to $1,352,121. After the
payment of death claims, matured endowments, &c., of
$2,810,000, which also includes dividends to policyholders
(more than $484,000),and after the addition of over $1,088,000
to the reserve fund,the surplus is increased by $68,882, and
is now $1,863,494 over and above the sum of $2,435,269
which is reserved for deferred dividends.
-Clark, Dodge & Co., 51 Wall St. are distributing their
1912 book on investment securities. "It is one of the largest
and most complete works of the kind published by a banking
house, and will be found very helpful to the investor. It
contains detailed information on over fifty different issues of
railroad bonds and on twenty-five issues of public utility
and industrial bonds, as well as on several issues of New York
State bonds and a number of preferred stocks. The firm are
offering on another page eight important issues of railroad,
public utility and industrial bonds owned by them which will
yield the buyer from 4.05% to 5%%. Full information in
regard to these securities, and also copies of the book, will
be supplied upon request.
-Henry F. Price, until recently Treasurer of the Broadway Trust Co. of this city, has associated himself with
Paul M. Serdobin, who has made a specialty of individual
investments for many years, at 15 William Street. Prior
to his connection with the Broadway Trust Co. Mr.Price was
identified with the Washington Trust Co. for thirteen years,
the Union Trust Co. for five years and Kidder, Peabody
& Co. for eleven years.
-Julius Bierhals and Christian Bruderle will withdraw
from the firm of Freudenberger & Co., 56 Pine St.
St., this city,
on Feb. 1 to form the new firm of Bierhals &
at
the same address. • On the same date J. G. Dosch will become a partner of Joseph A. Freudenberger, continuing the
firm of Freudenberger & Co. Both of these firms are brokers
in foreign exchange.
-William K. Terry, Clarence D. Briggs and W. Lee
Slayton, of Toledo, Ohio, formerly associated with the firm
of Spitzer, Rorick & Co., have entered into a co-partnership
as investment bankers under the name of Terry, Briggs &
Slayton, and will make a specialty of municipal bonds. The
new firm's offices will be in the Ohio Building in that city.
-Stockholders of the Inspiration Copper Co. and Live Oak
Development Co. are reminded that the time for accepting
the propositions noted in the "Chronicle" of January 13,
p. 121, under caption "Inspiration Consolidated Copper
Co." will expire at the close of business on Monday Jan. 29.
-H. J. Moule, formerly associated with the Cleveland
Trust Co., has opened offices in the Society for Savings
Building, Cleveland, where he will represent the Chicago
house of Kennett Cowan & Co. in the sale of investment
securities.
-Henry D. Fellows, formerly associated with John Nuveen & Co., is now connected with the bond department of
the Fort Dearborn Trust & Savings Bank, Chicago.
-Seasongood & Haas,investment bankers, 100 Broadway,
will trade in Baltimore & Ohio equipment 4s.
[VOL. Lxxxxiv.
Touxintrcial
Times.
COMMERCIAL EPITOME.
Friday Night, Jan. 26 1912.
While something of a setback in the iron and steel trade is
in a measure offset by increased activity in the textile industries-that is, in cottons, woolens and silks-it is a fact
that bank clearings reflect but slight improvement in general
trade over that of a year ago and show a noteworthy decrease
compared with this period in 1910. Cotton and grain exports are large. Yet, taking trade as a whole, the signs seem
unmistakable that it is still dominated by a spirit of caution.
LARD on the spot has been in moderate demand at fairly
steady prices; prime Western in new tierces "9.60c.; Middle
Western 9.50c.; City, steam, 93c. Refined lard has been
quiet and steady; Continent 9.75c.; South America 10.40c.;
Brazil, in kegs, 11.40c. The local market for lard futures
nominal. At the West speculation has been fairly active
and the tendency of prices much of the time upward, owing to
a strong market for corn and moderate receipts of hogs.
DAILY CLOSING PRICES OF LARD FUTURES IN NEW YORK.
Sat. Mon.
Tues.
Wed. Thurs.
Fri.
January delivery
9.20
9.14
9.16
9.30
9.30
9.20
May delivery
9.42
9.39
9.40
9.64
9.64
9.69
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Tues.
Wed. Thurs.
Sat. Mon.
Fri.
January delivery
9.10
9.27 3,6 0.25
9.07 3,i 9.05
9.15
May delivery
9.32 5.i • 9.30
9.37 54 9.52 h 9.45
9.40
PORK on the spot has been quiet and steady; mess
$17 25(017 75; clear $17 25@$18 50; family $20@$21.
Beef in fair demand and steady; mess $12; packet $13;
family $14 50; extra India mess $21 50@$22. Tallow
quiet; City 6c. Stearines dull; oleo 9%
3 c.; lard 1034(4)
103.c. Butter lower on milder weather and larger receipts;
creamery extras 37c. Cheese firm; State, whole milk, aver4c. Eggs firmer; Western firsts 34(:)35c.
age fancy, 163
OILS.-Linseed, though not quotably changed, has been
firmer in tone, owing to a stronger market for seed; City,
raw, American seed, 78@79c.; boiled 79@80c.; Calcutta,.
raw, 85c. Cottonseed oil has been firm on speculative buying; winter 5.60c.; summer white 5.60@6c.; crude 4.34@
4.47c. Cocoanut firmer; small supplies; Cochin 10c.• Ceylon
'12@
93'c. China wood strong on scarcity; guaranteed oil
14c. Corn in good demand and firm at 5.85(4)5.90c. Lard,,
firm though quieter; prime 75©85c.; No. 1 extra 55@60c.:`.
Cod quiet but firm; stocks small; domestic 52@53c.; Newfoundland 55@58c.
COFFEE on the spot has been quiet and withOut marked
change; Rio. No. 7, 13%c.; Santos No. 4, 14@15e. West
India growths quiet; fair to good Cucuta 15©1534c. The
speculation in future contracts has been on a moderate scale,
with prices irregular. The tendency, on the whole, has been
upward, however, as the European markets at times have
shown not a little strenght. Also, cost and freight offers,,
from Brazil have ruled firm and stocks in the hands of dealers in this country are believed to be small. The valorization
fell flat. The details were considered rather bearish but
the plans had apparently been discounted. Leading interests have given support whenever it has seemed to be needed.
Closing prices were as follows:
January
February
March
April
12.64c.
12.69c.
12.74e.
12.74c.
May
June
July
August
12.74e.
12.75e.
12.77c.
12.780.
September
October
November
December
- 12.'7
2 73%
e ..
12.690.
12.55e.
SUGAR.-Raw has been quiet and easier; centrifugal,
96-degrees test, 4.39c.; muscovado 89-degrees test, 3.89c.;
molasses, 89-degrees test, 3.64c. '
Grinding in Cuba is increasing, the number of centrals in operation now being estimated at about 150, and the movement on the island has
expanded. Refined has been quiet and easier; fine granulated 5.30@5.40c. Hops have continued quiet and firm.
PETROLEUM.-Refined has advanced, owing to a further rise in the crude; barrels 7.85c. bulk 4.35c., cases 9.35c.
Gasoline firm; 86 degrees in 1C0-gallon drums 20Mc.; drums
$7 50 extra. Naphtha firm; 73@76 degrees in 100-gallon
drums 17 lc.; drums $7.50 extra. Spirits of turpentine
easier at 52c. Rosin weaker at $7 for common to good.
strained.
TOBACCO.-Quiet conditions have prevailed during the
week in the market for domestic leaf, manufacturers as a
rule showing little inclination to depart from the policy of
purchasing for prompt or near-by consumption. Cigar manufacturers, however, are thought to be carrying very small
supplies of leaf and it is believed to be only a question of
time when they will be compelled to purchase more freely.
Meantime the market exhibits a steady tone. Supplies of
Wisconsin and Connecticut leaf of this season's growth have
apparently been pretty thoroughly used up and the movement of late has been largely in Ohio material. Havana
and Sumatra have been quiet and firm.
COPPER has been quiet recently and few expect to witness a revival of activity until the January statistics have
been published. Some think that these are likely to show
a substantial decrease in stocks during the month and that
a renewal of active trading would not be surprising. Meantime the market is steady at 14 Mc. for lake and 143©
/
8c. Spelter
14 Yo. for electrolytic. Tin easier; spot 423
quiet at 6.45c. Lead dull at 4.40c. Pig iron firm, though
rather less active; No. 1 Northern $14 75(015; No. 2 Southern $14@$14 25. The Pennsylvania. Railroad has placed contracts for 150,000 tons of steel rails.
On Shipboard. Not Cleared for-
COTTON.
Friday Night, Jan. 26 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
319,526 bales, against 285,431 bales last week and 334,417
bales the previous week, making the total receipts since
Sept. 1 1911 8,287,645 bales, against 6,938,927 bales for
the same period of 1910-11,showing an increase since Sept.1
1911 of 1,348,713 bales.
Receipts at-
Sal.
Mon.
Wed.
Tues.
Thurs.
Total.
Fri.
Galveston
17,977 17,779 28,265 16,287 14,522 17,105 111,935
4,108 22,937
4,547
5,301
4,561
Texas City
2,761
1,659
1,982
1.982
Pt. Arthur, &a. _
6,018 15,937 9,952 6m:
6,420
New Orleans_ _ _ _ 14,401 10,580
Gulfport
1,536
1,555 2,1r7g 12,663
4,070
• Mobile
2,51;.
1,972
Pensacola
-ii577 -_-;.." "iSi 1-.i'77
- -5.
-;7.:
--'7,
• Jacksonville, &o.
7,586 56,405
8,225
0
11, 07 12,294
9,198
8,09L
Savannah
3,000 8,750
____
5,750
Brunswick __ 1,268 6,494
941
1,839
1,538
846
-2t-32
Charleston
Georgetown -- _
1,290 10,557
1,55.
4
2,66
.5
1,65
1,46
.9
,526
1
.
Wilmington - - - 4,301 16,417
1,311
2,241
3,253 3,100
2,211
Norfolk
1,035
1.035
- -N'port News, &c. - -18,0
zo _ __ _
ai
1.6
New York
296532
_ __ _
50
100
38
48
Boston
2,906
2,906
Baltimore
---_--____
---_
---------• Philadelphia__ - _
Totals this week_ 49.874 46,851 60,637 52,045 50.755 59,364 319,526
The following shows the week's total receipts, the total
since Sept. 1 1911, and the stocks to-night, compared with
last year:
1911-12.
Receipts to
Jan. 26.
This Since Sep
week. 11911.
Stock.
1910-11.
This Since Sep
week. 1 1910.
1912.
Galveston
111,935 2,655,087 48,317 2,313,755 3 65,368
32,100
Texas City
22,937 491,214 21,773 248,933
Port Arthur, &c_
1,982 157,635 22,768 184,175
New Orleans_ __ _ 63,308 1,064,015 45,082 1,174,000 271,764
3,475
24,057
1,711
39,534
Gulfport
2,268
67,770
7,657 213,052
12,663 282,014
Mobile
82,096
130,084
Pensacola
20,929
572
41,911
1,157
Jacksonville, &c_
56,405 1,777,329 31,092 1,234,008 257,113
Savannah
4,600
4,698 205,528
8,750 275,378
P •unswick
34,032
2,645 257,739
6,494 319,093
Caarleston
846
10
480
_
Georgetown _ _ _
8,544
6,644 369,646
Wilmington
_ 10,557 410,314
49,595
16,417 516,758 10,086 486,822
Norfolk
3,848
12,567
1,035
N'port News, deo_
4,731 186,772
176
3,718
180
New York
8,630
28,246
1,670
40,261
532
Boston
10,138
86,201
2,784
70,253
2,906
B ltimore
6,394
315
115
Philadelphia
A1il.526
Total
1911.
237,438
197,442
9,239
44,534
133,076
13,461
29,762
14,715
25,879
313,894
3,873
5,214
3,495
8.287.645 207.800 6.938.927 1,306,295 1,032,022
In order that comparison may be made with other years,
give below the totals at leading ports for six seasons:
Receipts at-
1912. I
Galveston
Texas City,&o
New Orleans_
Mobile
Savannah _ _ _
Brunswick _ _ _
Charleston,&o
Wilmington..
Norfolk
N'port N., Zoo
All others_ _ _ _
111,935
24,919
63,308
12,663
56,405
8,750
6,494
10,557
16,417
1,035
7,043
48,317
44,541
45,082
7,657
31,092
4,698
2,655
6,644
10,086
Total this wk.
319,526
207,800
1911.
7,028
1909.
1910.
49,614'
8,403
26,238
2,270'
9,446;
300i
740;
532:
4,810,
9431
5,567,
108,863
1908.
1907.
99,215
19,785
66,681
9,784
38,167
4,000
5,226
10,382
16,624
105
4,787
89,487
18,936
62,220
9,646
35,143
8,914
5,419
10,647
15,705
28,618
134,239
6,595
81,234
7,005
34,736
4,208
2,054
5,298
13,335
1,582
15,004
274,756
284,735
305 290
Since Sept. 1_ 8,287,645 6,938,927 5,636,798 7,320,672 6,176,099 7,274,551
The exports for the week ending this evening reach a total
of 301,817 bales, of which 110,896 were to Great Britain,
10,941 to France and 179,980 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1911:
Week ending Jan. 26 1912. From Sept. 1 1911 to Jan. 26 1912.
Exported toExported toExports
Iron-
Great
ContiGreat I
Brttain.'Fr'nee nent. Total. Britain. France
Galveston
Texas City__
Pt. Arthur, etcc.
New Orleans..
Mobile
Pensacola
Gulfport
Savannah __
Brunswick__ __
Charleston__ I
Wilmington_ _
Norfolk
Newport News
New York
Boston
Baltimore _. __
Philadelphia
Portland, Me
San Francisco_
Seattle
Tacoma
Portland, Ore_
Pembina
Detroit.
Total
39,637
22,791
6,442
11,63.0
6.073
4,514
11,84
4,367
1,834
1,75
287
THE CHRONICLE
AN.27 1912.]
Continent.
Total.
77,839 117,476 996,859202,191 841,590 2,090,640
57,146 458,970
331,451 70,373
-56,029 116,159
13,63 46,494
25,665 52:571 434,017 98,770 276,323 809,110
82,268 167,815
47,834 37,713
5,828 12,270
130,202
53,36
36,42 40,408
15,560 36,059
20,499
25,32
.3 36,962
. 318,72 131,564 692,804 1,143,096
132,296 255,068
6,073 122,772
168,329 192,415
4,514
24,086
12,787 24,636 101.12$ 95,445 181,341 377,906
500
1,109 • 6,896
500
5,787
8:40
18,639
1,834
2,100
528
148,587 60,833
98,477
14,703 4,839
33,497
__-2,50
13,44 13,446
9,12
9,126
842
842
5,375
172,532 381,952
4,753 103,230
77,470 97,012
44,924
11,427
2,500
125,797 125,797
74,749
74,749
22,563
22,563
Great
Jan. 26 at- Britain. France
Other CoastGermany. Foreign wise.
7,905
169 49,800
New Orleans.. 16,989
9,500 15,237
40,940 19,239 40,484 29,148
5,920 135,731
Galveston
14,400
22,600
Savannah
6,200
2,000
1,500
6,500
5,000
Charleston__ _ _
2,607 10,622
6,461
Mobile
600 20,290
Norfolk
6,500
11,500 18,000
500
2,000
500
3,500
6,500
New York_ __ _
12,000
Other ports... 15,000
27,000
Speculation in cotton for future delivery has been at times
very quiet, but latterly has increased. Prices, which at one
time were depressed, have latterly risen sharply, owing to
great activity and strength at Liverpool and the firmness
of the spot position in this country. The Liverpool spot
sales in four days reached 56,000 bales. Spinners there
have been calling freely for cotton as their trade has improved, cloths being in good demand and even yarns, which
were long neglected, meeting with an increased sale. All the
Lancashire mills are running on full time. Twenty thousand
operatives in the textile mills of Mexico have agreed, it 15
stated, to return to work at an increase in wages of 10%.
Three hundred striking weavers at Fall River have resumed
work. At Lawrence, Mass., efforts are still being made to
bring about an early settlement of the strike. White cotton
is in keen demand at the South, and even the lower and intermediate grades, it is stated, sell more readily. 1hough the
crop movement is larger, with warmer weather, the interior
shipments have been equal to the receipts, or even largei,
and the exports from the ports have made a very good exhibit. The Continent has been buying freely both in Liverpool and at the South. England has also been a free
buyer. While many have been dreading the weight of
the crop still to be marketed-for there is a wide; gap
between the total ginning, 14,510,000 bales, and the
sight-it is now
quantity actually brought into
contended that the bulk of the crop has nearly
been disposed of in one shape or another. Large spot houses
sold for a time, but have latterly resumed buying. The
shorts have become nervous and have covered freely. Wall
Street houses have been good buyers. The firmness of spot
markets has been a sustaining factor. The trend of the dry
goods market is believed to be toward improvement. Some
argue that the nadir of the market was witnessed in December and that the vast absorptive power of the trade seem to
indicate that prices must gradually rise. On the other hand,
the crop movement has increased, Southern hedge selling is
plainly apparent,and it is insisted that it is idle to expect
any material decrease in the acreage if prices remain where
they are, still less if they should advance materially. The
time is at hand for crop preparations at the Southwest. The
soil is said to be in better condition than for years past, owing
to abundant rains. Those of December were above the normal. Some, too, emphasize the fact that the ginning thus
far is so much in excess of the quantity brought into sight.
They deduce from this that the South is holding back large
quantities of cotton which will come out on any further advance. They think that any advance until the quantitiy
held back is materially reduced is likely to prove premature,
especially as they look for another big acreage. To-day
prices, however, again advanced for a time, coincident with
an active and rising market at Liverpool. Even the lower
grades are being bought more readily. Mills, it is stated,
find it remunerative to use this sort of cotton for yarns which
have to be dyed. Later in the day there was a sharp reaction, attributed to realizing heavy selling of May by spot
interests and hammering by Waldorf-Astoria and Memphis
bears, encouraged by rather smaller spinners' takings than
expected,and vague rumors of friction between France and
Italy. Spot cotton ended at 9.70c. for middling uplands,
an advance for the week of 15 points.
The official quotation for middling upland cotton in the
New ,York market each day for the past week has been:
Jan. 20 to Jan. 26Middling uplands
Sat.
9.50
Mon. Tues.
9.50
9.50
Wtd. Thurs.
9.65
9.65
Fri.
9.70
NEW YORK QUOTATIONS FOR 32 YEARS.
1912_0
1911
1910
1909
1908
1907
1906
1905
9.70
14.90
14.50
10.00
12.00
11.00
11.70
7.00
1904_0
1903
1902
1901
1900
1899
1898
1897
15.25
8.95
8.31
10.38
8.00
6.38
5.94
7.31
1896.e
1895
1894
1893
1892
1891
1890 •
1889
8.31
5.69
8.06
9.56
7.56
9.38
11.00
9.88
1888_0
10.69
1887
9.50
1886
9.19
1885
11.25
188410.69
1883
10.19
1882
12.00
1881
11.81
MARKET AND SALES AT NEW YORK.
• The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Market
Closed.
Futures
Marka
Closed.
110,89 10,941 179,980301,8172,735,855809,1293,047,454 6,592,438
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
221,964
229,637
234,513
27.532
47,480
31,595
180,272
46,881
Tota1.1912 _ _ 90,890 44,651 85,806 46,885 18,189 286,421 1,019,874
Total 1911.. 89,766 21,001 65,382 52,501 15,045 243,695 788,327
Total 1910.. 47,409 21,633 34.885 25.646 26.356 155.929 643.660
5,375
Total 1910-11_ 94,73640,985 47.862183,5832,622,563684,1362,017,8255,324.524
Leaving
Stock.
Total.
Saturday-Monday_ _ - Tuesday - _
Wednesday_
Thursday -Friday
Totai_
Quiet, 5 pts. dec. _ _ Barely steady..
Steady
Quiet
Quiet
Steady
Quiet, 15 pts. adv.. Steady
Quiet
Steady
pts. adv... Weak
Quiet
SALES.
Spot. Cot:Wet Total.
120
120
1.400
firo
lob
"The
700
700
2,200
2,320
28$
THE CHRONICLE
VOL. Lxxxxiv.
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Movement to January 27 1111.
FUTURES.-The highest, lowest and closing prices at
AT THE INTERIOR TOWNS the movement-that is,
New York the past week have been as follows:
tile receipts for the week and since Sept. 1, the shipments
for the week and the stocks
0 I
00
1
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11 00 00 1 00
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THE VISIBLE SUPPLY OF COTTON to-night, as made
- 0.4.5:
g41404-igegagggngee
made up by cable and telegraph, is as follows. Foreign
v-togtfiePlAhua
stocks, as well as the afloat, are this week's returns, and
go.E.;11.5:9 0'6.0gA".BEEtlIA,;0e.2070.08 E.
consequently all foreign figures are brought down to Thurs
day evening. But to make the total the complete figures
The above totals show that the interior stocks have defor to-night (Friday), we add the item of exports from the creased during the week 31,994 bales.and are to-night 122,041
United States, including in it the exports of Friday only.
bales more than at the same time last year. The receipts
January 281910.
at all towns have been 70,676 bales more than the same
1912.
1911.
1909.
Stock at Liverpool
bales. 962,000 1,221,000 1,072,000 1,198,000 week last year.
Stock at London
3,000
3 000
6,000
11 000
Stock at Manchester
74 000
72 000
90 000
70,000
OVERLAND MOVEMENT FOR THE WEEK AND
1,039,000 1,317,000 1,147.000 1,279,000 SINCE SEPT. 1.-We give below a statement showing the
Total Great Britain stock
8,000
Stock at Hamburg
3,000
7,000
15,000 overland movement for the week and since Sept.
1, as made
353,000' 242,000
Stock at Bremen
311,000 436,000
281,000
Stock at Havre
258,000 479,000 328,000 up from telegraphic reports Friday night. The results for
2,000
Stock at Marseilles
2,000
3,000
4,000 the week and since Sept. 1 in the last two years are as follows:
16,000
Stock at Barcelona
10,000
9,000
40,000
Stock at Genoa
Stock at Trieste
Total Continental stooks
30,000
3,000
47,000
2,000
74,000
1,000
34,000
3.000
698,000
564,000
884,000
860,000
1,737,000 1,881,000 2,031,000 2,139,000
Total European stocks
India cotton afloat for Europe
34,000
171,000 221,000
148,000
Amer. cotton afloat for Europe_ _1,175,289
683,183 324.231
782,032
Egypt,BraziLecc.,atlt.for Europe_
55,000
61,000
68,000
33,000
Stock in Alexandria, Egypt
281,000
290,000 225,000 304,000
Stoek in Bombay, India
405,000 455,000
550,000
389,000
Stock in U. S. ports
1,306,295 1,032,022 799,589 964,696
Stock in U. S. interior towns_
829,576 707,535 731.941
841,580
U. S. exports to-day
61,526
54,258
14,359
72,877
Total visible supply
5,884,686 5,334,998 4,930,220 5,707,185
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stook
bales. 848,000 1,083,000 978,000 1,095,000
Manchester stock
53,000
73,000
59,000
56,000
Continental stock
669,000
533,000 826,000 813,000
American afloat for Europe
1,175,289
683,183 324,331
782,032
U. S. port stocks
1,306,295 1,032,022 799,589 962,696
U. S. Interior stocks
829,576 707,535 731,941
841,580
U. S. exports to-day
61,526
54,258
14,859
72.877
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, &c
Total American
4,942,686 4,165,998 3,733,220 4,623,185
114,000
3,000
21,000
29,000
34,000
55,000
281,000
405,000
138,000
6,000
17,000
31,000
171,000
61,000
290,000
455,000
94,000
3,000
13,000
58,000
221,000
33,000
252,000
550,000
103,000
11,000
14,000
47,000
148,000
68,000
304,000
389,000
942.000 1,169,000 1,197,000 1,084,000
4,942,686 4,165,998 3,733,220 4,623,185
Total visible supply
5,884.686 5,334,998 4,930,220 5,707,185
Middling Upland, Liverpool
8.02d.
5.50d.
7.80d.
5.29d.
Middling Upland, New York__
9.70c.
14.90c,
14.75o.
9.85c.
Egypt, Good Brown, Liverpool
94
1 d. 11 5-16d. 14 5-16d.
8
Peruvian, Rough Good, Liverpool
11.15d.
9.00d.
10d.
7.75d.
Broach, Fine, Liverpool
5 9-16d.
7;id. 7 7-16d.
5d.
Tinnevelly, Good, Liverpool__ _
7;id. 7 3-16d. 4 15-16d.
5 kid.
Nd.
----1911-12---Since
Week. Sept.!.
22,005 337,921
716
35,961
120
1,850
3,821
80,969
3,425
56,702
7,253
111,947
23,418 231,273
Jan. 28Shipped' Via St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total gross overland
60,758
Deduct shipmentsOverland to N. Y., Boston, &c_ 3.618
Between interior towns
6,348
Inland, &c., from South
1,157
----1910-11 --Since .
Week. Sept. 1.
15,567
345,743
2,742
146,520
661
22,883
4,629
87,988
1,935
46,120
3,011
111,635
7,987
110,366
856,623
36,532
871,255
114,232
31,264
21,791
4,745
947
717
119,493
20,499
26,710
Total to be deducted
11,123
167,287
6,409
166,702
Leaving total net overland •
49,635
689,336
30,123
704,553
• Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 49,635 bales, against 30,123 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 15,217 bales.
----1911-12-------1910-11---In Sight and Spinners'
Since
Since
Takings.
Week.
Sept. 1.
Week.
Sept. 1.
Receipts at ports to Jan. 26
319,526 8,287,645 207,800 6,938,927
Net overland to Jan. 28
49,635
689,336
30,123
704,553
Southern consumption to Jan.26_ 54,000 1,014,000
51.000 .966,000
Total marketed
423,161 9,990,981 288,923 8,609,480
Interior stocks in excess
*31,994
729,139 .49,290
656,757
Came into sight during week__ _391,167239,633
Total In sight Jan. 26
16;72-0,
9,266,237
North. spinners takings to Jan. 26 54,438 1,277,573
73,125 1,480,121
• Decrease during week.
Movement into sight in previous years:
Week1910-Jan 28
1909-Jan 29
1908-Jan 31
1907-Feb. 1
Since Sept. 1Bales.
177,590 1909-10-Jan. 28
Bales.
7,993,561
361,990 1908-09-Jan. 29
9,946,931
Continental imports for the past week have been 172,000
365,206 1907-08-Jan. 31
8,155,957
bales.
387,012 1906-07-Feb. 1
9.713,311
The above figures for 1911 show an increase over last week
QUOTATIONS FOR MIDDLING COTTON AT OTHER
of 67,974 bales, a gain of 549,688 bales over 1911, an ex- MARKETS.-Below are the closing quotations of middling
cess of 954,466 bales over 1910 and a gain of 177,501 bales cotton at xouthern and other principal cotton markets for
over 1909.
each day of the week.
289
THE CHRONICLE
JAN. 27 19)2 1
.interfered to some extent with the movement of cotton,
but on the whole marketing continues quite freely.
Galveston, Tex.-There has been no rain during the week.
3-16
10
10
10
103.'
10
10
Average thermometer 48, highest 60, lowest 37.
Galveston _ 9%
11-16
9
9-16
9
9-16
9
9
93%
_
_
Orleans_
New
Abilene, Tex.-There has been no rain the past week.
93.'
9 7-16
9 7-16
9 7-16
9 7-16
93.'
Mobile
9
9
9 5-16
93'
Minimum thermometer 28.
9 5-16
93.'
Savannah
%
9
9
93-1
0
93.'
-Charleston
Palestine, Tex.-Dry all the week. Lowest tempera93'
93.'
9
9
0
Wilmington__
93'
93.'
9
ture 30.
9%
9
95*
Norfolk
9%
9
9
9
9
Baltimore
93.'
San Antonio, Tex.-It has been dry all the week. Mini9.95
9.90
9.90
9.75
Philadelphia _ _ 9.75
9.75
10
mum thermometer 38.
10
9
9
9
9
Augusta
9%
9
93%
9
Memphis
93'
93.1
Taylor, Tex.-Rain has fallen on one day of the week, to
9
9
93'
93.'
9 3.1
St. Louis
93'
the extent of six hundredths of an inch. Minimum ther10
10
10
9
9
9
Houston
93'
9
93.'
9
9%
9
Little Rook
mometer 38.
New Orleans, La.-There has been rain on one day of the
NEW ORLEANS OPTION MARKET.-The highest,
lowest and closing quotations for leading options in the New past week, the rainfall reaching one hundredth of an inch.
Orleans cotton market for the past week have been as follows: The thermometer has averaged 54.
Shreveport, La.-We have had only a trace of rain during
the week. Average thermometer 58, highest 86 lowest 30.
Sat'day, Monday, Tuesday, Wed'day, Thursd'y, Friday,
26.
Jan.
24.
25.
Jan.
Jan.
Jan. 20. Jan. 22. Jan. 23.
Vicksburg, Miss.-There has been no rain during the week.
Thermometer has ranged from 31 to 68, averaging 49.
January9.82-.01
Little Rock, Ark.-We have had no rain during the week-,
9.57-.62 9.49-.62 9.62-.68 9.75-.87 9.74-.87
Range
9.57-.58 9.58-.59 9.62-.63 9.80-.82 9.83-.84 9.80-.83 The thermometer hss ranged from 29 to 64, averaging 46.5.
Closing_
Feb.
- 9.72 Helena, Ark.-Roads are bad. Considerable cotton still
Range
-- 33 -- @ -- 33.
0.57-59 9.57-.59 9.59 - 9.76 - 9.71 - 9.65 -- in the fields.
Closing
We have had no rain during the week. The
Mch.9.55-.83 0.49-.62 0.58-.66 9.89-.82 9.73-.82 9.71-.86 thermometer has ranged from 28 to 62, averaging 44.8.
Range
9.71-.72
9.60-.61
9.76-.77
9.76-.77
8
7-.
9.
9.57-.58
Closing
Memphis, Tenn.-We have had rain on one day of the
AprilWeek, the rainfall reaching four hundredths of an inch. The
-33-- @ --33--33Range
9.74-.76
9.63-.65
9.80-.82
9.70-81
9.60-.62
9.60-.62
Closing
thermometer has averaged 45, ranging from 24 to 62.
MayMobile, Ala.-It has rained to an inappreciable extent on
9.65-.74 9.59-.71 9.67-.75 9.77-.90 9.81-.91 9.80-.94
Range
9.80-.81
0.84-.85
9.68-.69
9.85-.86
9.66-.67
9.67-.68
one day of the week. The thermometer has averaged 52,
Closing
Juneranging from 35 to 68.
- @ -- @ -33Range
9.73-.75 '9.70-.72 9.72-.74 9.89-.91 9.88-.90 9.84-.86
Montgomery, Ala.-There has been rain on one day during
Closing
July9.81-.87 9.73-.85 9.80-.89 9.90-.02 9.94-.03 9.91-.05 the week, the rainfall being forty-four hundredths of an inch.
Range
9.91-.92
2.82-.83 9.80-.81 9.81-.82 9-97-.98 9.96-.97
The thermometer has ranged from 30 to 66, averaging 49.
Closing
Aug.
Selma, Ala.-We have had only a trace of rain during the
-33 -33
Range
-- @ -- @ 9.88 - week. The thermometer has averaged 43, the highest
9.79 - 9.77 - 9.78 - 9.94 - 9.93
Closing
Sept.being 62 and the lowest 26.
- ®
-33
- @ -- @ Range
Savannah, Ga.-We have had rain on one day the past
9.82 Closing
9.76 - 9.74 - 9.74 - 9.88 - 9.86
week, the rainfall reaching four hundredths of an inch. The
9.72-.76 9.85-.76 9.73-.78 9.80-.92 9.84-.91 9.83-.95
Range
9.72-.74 9.70-.72 9.72-.74 9.86-.88 9.85-.86 9.81-.83 thermometer has ranged from 40 to 68, averaging 55.
Closing
Dec.
Charleston, S. C.-It has been dry all the week. The
-@ - @ -- @ Range
9.76 -- 9.90 - 9.89 - 9.85 - thermometer has averaged 52, the highest being 68 and the
9.78 - 9.74
Closing
iowest 36.
ToneFirm. Steady. Easy. Steady. Steady. Steady.
Spot
Charlotte, N. C.-Only a trace of rain during the week.
Steady. Steady. Steady. Steady. Steady. Steady.
Options
Average thermometer 45, highest 62, lowest 28.
COTPROVISIONS,
EXPORTS OF BREADSTUFFS,
INDIA COTTON MOVEMENT FROM ALL PORTS.
TON AND PETROLEUM.-The exports of these articles
According to the foregoing, Bombay appears to show an
during the month of December, and the twelve months, for increase compared with last year in the week's receipts of
the past three years have been as follows:
39,000 bales. Exports from all India ports record a gain of
43,300 bales during the week, and since Sept. 1 show a
1909.
1910.
1911.
Exports
decrease of 268,905 bales.
from
Closing Quotations for Middling Cotton on-
Week ending
January 26.
U.S.
Sat'day. Monday. Tuesday. Wed'day. Thursd'y. Friday.
December. 12 Months. December. 12 Months. December. 12 Months.
Quantities.
Wheat_ bu.
Flour _bbls.
3,054,15, 31,662,550
1,086,72: 11,227,341
3,402,226 22,667,106 3,718,050 46,901,998
1,029,181 8,341,131 1,198,558 9,639,263
Wheat* bu.
Corn
7,944,431 82,185,584
4,093,373 59,807,877
8,033,540 60,202,105 9,111,561 90,278,681
5,128,142 37,292,127 5,758,912 34,703,911
Total bu _ 12,937,804 141,993,461 13,161,682
$
$
Values.
$
7,692,572 82,074,657 7,999,838
Wheat& fl'
Corn& meal 3,563,98 36,617,232 2,835,847
28
1,80:
413
Rye
98 27; 1,830,695 - 134,917
Oats &mea
760,368
1,17: 2,312,48;
liar ey
97,494,322 14,870,473 124,982,592
$
$
$
64,643,609 10,038,126 98,686,855
25,053,205 4,046,452 25,865,098
290,777
13,945 ___
135,362 1,281,764
1,370,586
4,622,643 252,275 3,167,426
Breadstuffs 11,356,42 122,836,87: 11,730,996 95,703,988 14,472,215 129,191,920
Provisions _ 11,478,652 136,630,391 10,403,122 107,933,379 10,013,189 131,392.367
1,075,881 14,289,509 1,486,682 9,090,029 2,071,220 16,064,773
Catlte&h'g
Cotton __ _ 76.612.627 515.930.120 102,931,198 530,059,97953,874,361 461,394,052
Petr'm, &c. 8,077,43 08.930,795 6.965,571 88,567,119 7,895,071 99,876,190
Tota va.108,601,021 888,623,692 133,517.169831,354.494 88,326,056837,919,302
* Including flour reduced to bushels.
Note.-All the above figures are based on the monthly preliminary returns issued
by the Bureau of Statistics, and cover about 96% of the total exports.
CENSUS BUREAU'S REPORT ON COTTON GINNING.
-The Division of Manufactures of the Census Bureau completed and issued on Jan. 23 its report on cotton ginned to
Jan. 16 as follows (counting round as half-bales and exeluding linters):
P.C. of Crop
Ginned Prior
-Ginned Prior 10 Jan. 16--Crop-- 10 Jan. 16.
1911. 1010.
1909.
1910.
1910.
1911.
Stale1912.
Dn. States 14,510,676 11,253,147 9,787,592 11,568,334 10,072,731 97.3 97.2
98.5 98.7
1,040.137
1,192,179
1,026,869
_
1,174,122
_
Alabama
1,638,099
697,603 93.6 95.3
798,156
664,522
Arkansas _
747,326
798,153
61.877 98.4 98.2
07,172
60,765
88,171
Florida
64,778
2,657,632 1,779,902 1,827,923 1,812,178 1,850.125 98.2 98.8
Georgia __
258,459 98.3 08.2
246,788
Louisiana_ __ 357.393
242,877
253,927
1,057,094 1,157,457 1,028,418 1,212,104 1,073,105 95.5 95.8
Mississippi
833,746 95.4 97.1
763,087
718,405
615,529
Nor. Carolina 998,714
552,678 98.4 96.4
905,051919,842
Oklahoma _. 916,438
175,905
97.1 98.0
3
1,137,382
3
1,114,5
1,536,299
1,210,968
Carolina
Sou.
298,615
228,915
240,757 93.0 95.1
321,103
Tennessee _. 386,572
3,964,264 2,914,166 2,377,894 2,949,088 2,469,331 98.8 98.3
Texas
74,743
55,494
57,531 $8.2 96.5
84,789
All oth.States 113,847
The statistics in this report include 97,688 round bales from the growth of 1911
of
that
1910. and 148,378 from that of 1909. The
prior to Jan. 16; 111,079 from
number of Sea Island bales included is 109,592 from the growth of 1911 prior to
Jan. 16, 86,424 from that 01 1010 and 92,191 from that of 1909. The distribution of
the Sea Island cotton from the growth of 1011 by States is: Florida, 39,340 bales;
Georgia, 65,302 bales, and South Carolina, 4,950 bales. The statistics in this report
are subject to slight corrections when checked agaisnt the individual returns of the
ginners being transmitted by mall. The corrected statistics of the quantity of cotton
ginned this season prior to Jan. 1 are 14,317,002 bales.
WEATHER REPORTS BY TELEGRAPH.-Reports to
us by telegraph from the South this evening indicate that
dry weather has prevailed at many points, and where rain
has fallen during the week the precipitation has, as a rule,
been light. Temperature has been higher. Bad roads have
January 25.
1911-12.
Receipts al-
Since
Week. Sept. 1.
122,000
Bombay
1910-11.
Week. Sept. 1.
Since
Week. Sept. 1.
987,000 94,000 1,415.000
789,000 83,000
Since September 1.
For the Week.
Exports
from-
1909-10.
SOW
Japan
Great I ContiGreat Conti- Japan
neat. & China. Total.
Britain. nent. &China Total. Britain.
Bombay1911-12._
1910-11..
1909-10_
Calcutta1911-12.
1910-11._
1909-10._
Madras1911-12_
1910-11..
1909-10._
All others1911-12
1910-11_
1909-10
Total all1911-12._
1910-11._
1909-10
3,000 56,000 60,000
1,00
4,000 11,000 17,000
2,00
7,000 56,000 26,000 89,
1,000,
2,000;
2,0001
6,00
6,00
14,00
7,600
8.000
18,000
7001
1,000
1,000
2,0001
8,000
4,000
5,
13,
7,0
7,700
21,005
12,000
5,000
5,000
4,000
18,000
16,000
44,0
48,00
39,00
54,000
87,200
56,000-
60(
700
1,0'3
----5,000
3,
2,
242,s I 310,000
220,000 552,000
319,00 685,000
1.0001
600
1,000
1,000
1,00(), 67,
iti,000: 318,
33,000' 333, i
1.0
3,000 62,300 66,3001
6,0
6,000 11,000 23,000
7.0II 58,000 26.000 91.000
8.000 122,0
44,000 383,
55,000 395,
379.300
648,205
771,000
249,3
221,20
323,
MANCHESTER MARKET.-Our report received by cable
to-night from Manchester states that the market is firm for
both yarns and shirtings. The demand for India is good. We
give the prices for to-day below and leave those for previous weeks of this and last year for comparison.
1910-11.
1911-12.
84 lbs. Shirt- Cot'n
ings, common Mid.
Upl's
to finest.
323 Cop
Twist,
d.
Dec.
15 834
22 834
29 syi
Jan.
5 89*
12 84
19 84
OR g.i. _
d. s. d.
0
0
0
0
0
934 5
994 5
94 5
9ki 5
831 lbs. Shirt- Coin
fags, common. Mid.
to finest.
Upl's
d. s. d.
s. d. d. d.
9% 5 4 010 3
93' 5 4;4010 3
93% 5 4 010 3
5
0
32s Cop
Twist.
8. d. d.
5.02 114 0 1234 5 854011 154 8.11
5.05 114 0 125% 5 9 011 3- 8 16
5.01 114 0 1231 5 9 011 3
8.07
434010 4
5 010 5
434010 6
5 331073'
5.22 114
5.37 1134
5.40 114
5.50113'
0
0
0
als
124 5
1234 5
124 5
12 A
9
9
9
Cs
3311
011
011
3311
3
3
3
5
8.08
8.07
8.03
R n9
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Elexandria, Egypt,
January 24.
Receipts (eantars)This week
1911-12.
300,000
K ift0
,ne
1910-11.
180,000
• AAA •1 I
1909-10,
80,000
4. 'se..
290
Exports (bales)• To Liverpool
• To Manchester
• To Continent and India
• To America
THE CHRONICLE
This Since
This Since
Week. Sept. 1. Week. Sept. 1.
This Since
Week. Sept. 1.
7,500 116,338 6,250 148,036
133,172 8,250 146,407
8,500 186,157 13,750 221,526
6,500 36,102 3,750 74,529
97,522
85,834
4-,866 181,747
45,525
Total exports
22,500 471,760 32,000 590,498 4,500 410,628
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
The statement shows that the receipts for the week were
300,000 cantars and the foreign shipments 22,500 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Sept. 1 for the last two seasons, from all sources from
which statistics are obtainable, also the takings or amounts
gone out of sight, for the like period.
F
Ea
Cotton Takings.
1911-12.
Week and Season.
Week.
Season.
1910-11.
Week.
Season.
Visible supply Jan. 19
5,361,725
5,816,712
Visible supply Sept. 1
i;6113;iii
1,405,514
American in sight to Jan. 26
391,167 10,720,120 239,633 4,266,237
Bombay receipts to Jan. 25_ _ 122,000
789,000
83,000
987,000
6,300
Other India ship'ts to Jan. 25 69,300
6,000
96,205
40,500
Alexandria receipts to Jan. 24_ _
718,600
24,000
853,000
Other supply to Jan. 24 •
9,000
149,000
12,000
157,000
Total supply
DeductVisible supply Jan. 26
6,385,679 14,049,438 5,726,358 12,854,056
5,884,686 5,884,686 5,334,998 5,334,998
500,993 8,164,752 391,360 7,519,058
Total takings to Jan. 26
376,193 6,629,852 208,360 5,883,753
Of which American
124,800 1,534.900
Of which other
93,000 1.636.205
• Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
•NEWS,-As shown on a previous page, the
.SHIPPING
.
exports of cotton from the United States the past week have
reached 301,817 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total Bales.
NEW YORK-To Liverpool-Jan. 20-Cevlo, 4,106
4,106
• • To London-Jan. 19-Mtnnehaha, 219
219
• • To Hull-Jan. 20-Galileo, 42
=• • 42
• ,• To Havre-Jan. 18-La Bretagne, 450. Jan. 24-Greenbank, • •
• • 5,416
• 5,866
• • To Bremen-Jan. 22-George Washington, 800
• 800
• • To Antwerp-Jan. 23-Lapland, 250_
• 250
• • To Hamburg-Jan. 19-Armazan, 250
• 250
• • To Genoa-Jan. 19-Berlin, 250. Jan. 23-Perugia, 600..
• 850
• • To Naples-Jan. 19-Berlin, 686; Franconia, 138; Oceania,
• • 200. Jan. 23-Perugia, 1,649
2,673
• • To Leghorn-Jan. 23-Perugia, 50
50
• • To Bombay-Jan. 19-Netherby Hall, 663
663
• • To Japan-Jan. 20-St. Patrick, 1,581
1,581
• • To China-Jan. 20-St. Patrick, 1,289
1,289
GALVESTON-To Liverpool-Jan. 19-Lugano, 9,363; Mercian,
26,368
• • 6,595. Jan. 23-Araby, 10,410
• • To Manchester-Jan. 23-Esperanza de Larrinaga, 13,269..
13,269
• To Bremen-Jan. 18-Trelissick, 8,572. Jan. 19-Chorley,
• • 13,112_ _ _Jan. 23-Cayo Domingo, 7,302_ _Jan. 24-Kings40,688
• • way, 11,702
• • To Hamburg-Jan. 22-Istria, 3,310_ _ _Jan. 24-Consols,
12,356
• • 9,045
4,420
• • To Antwerp-Jan. 25-Martazan, 4,420
• • To Ghent-Jan. 24-Kendal Castle, 9,336
9,336
• • To Rotterdam-Jan. 25-Martazan, 650
650
• • To Christiania-Jan. 18-Texas, 50
50
To Gothenburg-Jan. 18-Tex s, 380
380
To Genoa-Jan. 23-Principessa Laetitia, 9,959
9,959
NEW ORLEANS-To Liverpool-Jan. 22-Antillian, 7,291
Jan. 24-Gladiator, 7,000__ _Jan. 25-Queen Maud, 8,500_ _ 22,791
To Dunkirk-Jan. 23-Arosa, 4,975
4,975
To Marseilles-Jan. 26-Ida, 100
100
5,300
To Hamburg-Jan. 24-Bermuda, 5,300
50
•To Rotterdam-Jan. 25-EiseMenzell, 50
4,902
To Antwerp-Jan. 23-Arosa, 1,327; Treverbyn, 3,575
200
To Christiana-Jan. 24-Texas, 200
100
To Gothenburg-Jan. 24-Texas, 100
8,907
To Genoa-Jan. 22-Delphine, 8,907
2,875
To Venice-Jan. 26-Ida, 2,875
2,671
To Trieste-Jan. 26-Ida, 2,671
6,442
MOBILE-To Liverpool-Jan. 18-Almerian, 6,442
5,828
To Bremen-Jan. 19-Hazlewood, 5,828
5,973
SAVANNAH-To Liverpool-Jan. 22-Northwalte, 5,973
5,666
• • To Manchester-Jan. 25-Manchester Port, 5,666
• To Bremen-Jan. 20-Cayo Gitano, 8,213; Elswick House,
20,797
•
6,069___Jan. 25-Fridland, 6,515
2,176
• To Genoa-Jan. 22-Alberta, 2,176
2,350
To Trieste-Jan. 22-Alberta, 2,350
BRUNSWICK-To Manchester-Jan. 24-Sheppy Allison, 6,073_ _ 6,073
CHARLESTON-To Liverpool-Jan. 20-Northpoint, 4,152
514
Jan. 25-Peruviana,
11,840
WILMINGTON-To Liverpool-Jan.
3624
26-Quarrydene, 11,849
7
12,7
50
80
• To Bremen-Jan. 22-Drumgeith, 12,787
NORFOLK-To Rotterdam-Jan. 20-Priestfleld, 500
1,334
BOSTON-To Liverpool-Jan. 20-Armenian, 1,334
• • To Manchester-Jan. 18-Bostonian, 500
500
BALTIMORE-To Leith-Jan. 20-Cheviot Range, 1,750
1,750
150
To Bremen-Jan. 20-Rhein, 150
200
To Rotterdam-Jan. 23-Manchester Spinner, 200
200
PHILADELPHIA-To Antwerp-Jan. 18-Menominee, 200
.328
To Rotterdam-Jan 23-Sloterdyk 328
13,446
SAN FRANCISCO-To Japan-Jan. 23-Mongolia, 13,446
SEATTLE-To Japan-Jan. 20-Mexico Maru, 3,435_ _ _Jan. 25-i
7,853
•
Strathendrick, 4,418
1,273
• To China-Jan, 20-Mexico Maru, 1,273
700
TACOMA-To Japan-Jan. 24-Tencer, 700
142
• • To China-Jan. 24-Tencer, 142
[VOL. Lxxxxiv.
The exports to Japan since Sept. 1 have been 210,272 bales
from Pacific ports, 17,548 bales from Galveston, 19,100
bales from Savannah and 10,660 bales from New York.
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs,:
Liverpool
Manchester
Havre
Bremen
Hamburg
Antwerp
Ghent, via Antwerp
Revel
Gothenburg
Barcelona
Genoa
Trieste
Japan
Sat.
40
26
32t40
40
45
51
50.60
Mon.
40
26
32 34
40
40
45
51
50.56
85
50
50
55
70
50
55
70
Tues.
40
26
3234
40
35
45
51 •
50.60
Wed.
40
26
325S
40
40
45
51
50.60
Thurs.
40
26
32
40 !'i
40
45
51
60.60
86
io
50
• 55
70
50
55
70
86
50
55
70
Fri.
40
26
32
40
40
45
51
60.60
50
50
55
70
LIVERPOOL,-By cable from Liverpool we have the following statement of the week's sales, stocks, dm., at that port:
Jan. 5.
Sales of the week
bales_ 39,000
Of which speculators took__ 9,000
Of which exporters took_ _ _ _ 5,000
Sales, American
35,000
Actual export
16,000
Forwarded
95,000
Total stock-Estimated
858,000
Of which American
745,000
Total imports of the week_ _ ..162,000
_162,000
Of which American
127,000
Amount afloat
407,000
Of which American
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
6,000
3,000
51,000
24,000
78,000
927,000
812,000
141,000
114,000
493,000
450,000
Jan. 26.
73,000
8,000
6,000
66,000
Mr
89.
962 00
848„,00
138,000
113,009
492,000
450,009
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Market 1
12:15 }
P. M. J
Quiet
Monday,
Good
demand,
Tuesday.
Wed'clay.
Thursday.
Friday.
Good
demand.
Large
'business
doing,
Good
demand.
Good
demand.
Mid, Upl'ds
5.40
5.34
5.40
5.44
Sales
3pec.& exp
5,000
500
10,000
1,000
12,000
2,000
18,000
5,000
Futures. Quiet at
1Iarket I
2 pts.
vened
J advance.
klarket
4
Quiet at
Quiet at
3 pts.
2(D334 pts.
decline,
advance.
1 Weak at
Easy at
Quiet at
25(14 pts. 334®4 pts. 4036 pts.
Quiet at
1 pt.
decline,
5.50
5.50
14,000
2,000
12,000
2,500
Steady at Quiet at
2n3 pts. 1345(1 2pts.
advance,
decline.
Firm at
Steldv at Vy.stdy. at
3 ®6.pts. 2.34.334p.2340)4 pts.
•
.
•
The prices for futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100185.
Jan. 20
to
Sat.
Mon.
Tues.
Thus, 5 17 means 5 17-1004.
•
Wed,
Thurs. 1
Fri.
Jan, 26, 1234 1234 1234 4 1234i 4 1234 4 123( 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. p.m.
January__ ___
Jan.-Feb_
Feb.-Mch. ____
filch.-Apr. ____
Apr.-May. _ _ _ _
May-June _ _ __
June-July_ __ _
July-Aug_ _ _ _ _
Aug.-Sep_ _ __ _
Sep Oct
Oct.-Nov.. __,_
Nov*-Dee. _ _ _ _
Dec.-Jan_ __ _ _
Jan -Feb_
5
5
5
5
5
5
5
5
5
5
5
5
5
5
17 14 13 34 17 34 19 A 23 25 A 27 A 29 28 3234
17 14
1334 1734 1934 22 2534 27 34 29 18 3234
20 34 16 A 16 34 19 A 21 34 23 A 26 A 28 2934 28 34 33
2334 1934 19 34 23 24 A 27 30 31 A 33 82 3634
25 A 21 A 21 34 25 26 34 29 32 33 34 35 34 A 39
2734 2334 2334 27 28 34 31
34 3534 37 3634 41
29 25 ,25 2834 30 32 A 35 34 37 38 A 38 4234
3034 2634 2634 30 31 33 3634 37 34 39 39 43
30 26 ,26 29 A 30 A 32 35 A 36 A 38 37 34 42 .
28 2434 24 34 28 29 2934 32 34 33 34 36 35 38 34
27 2334 2334 27 2734 28 31
31 A 34 3234 36
27 23 34 23 A 27 27 A 28 30 34 31
33 34 32 36
27 2334 2334 27 27 A 28 30 31
3334 32 36
33 A 32 A 36
27 23 1,4 23 34 27 34 27 14 28 31 31
BREADSTUFFS.
Friday Night, Jan. 26 1912.
Flour has been in moderate demand and prices have remained steady. Conflicting reports have been received from
the Northwest as to the state of trade there, but on the whole
it looks as though its business had not materially, if at all,
increased. The production at Minneapolis and Duluth has
increased, however, and a genuine-that is, a sustained-rise
in wheat would, it is believed, impart more life to the market.
The production at Minneapolis, Duluth and Milwaukee was
345,450 barrels, against 302,795 barrels in the previous week
and 327,435 last year. Of late some reports have indicated
a rather better business in flour at Minneapolis.
Wheat has advanced, partly owing to manipulation by
large interests at Chicago at the expense of the shorts. The
rise occurred in the teeth of better weather conditions in
lower prices at Buenos Ayres and Liverpool, as
Argentina,
well as at various Continental markets. The fact is, too,
that the crop news both from the West and from Europe has
301,817
Total
been almost uniformly favorable. Also the receipts at our
• The particulars of the foregoing shipments for the week, Northwestern markets have at times been noticeably large.
arranged in our usual form, are as follows:
There has been the latent fear, too, that large holders at
Great French Ger- -Oth.Europe- Mex.,
Chicago who have been identified with the "long" side for
r sl .
Britain. ports. many. North. South. ee.c. Japan. Total.
•
250 3,573 1,952 1,581 18,639 over a year might sell on any material rise. Liverpool,
New York
4,367 5,866 1,050
117,476 too, has shown a downward tendency of prices under inGalveston
$9,637___ 53,044 14,836 9,959
New Orleans... 22,701 5,07
5,300 5,252 14,453'
52,871
5
Mobile
12,270 creased Australian offerings and favorable crop news,
6,442
4,810
Savannah
36,962 as
11,639
____ 20,797
well as hot, dry weather in Argentina. But
Brunswick
6,073
,073
Charleston
4,514 the world's visible supply decreased for the week, according
4,514
Wilmington_ _ _ _11,849
24,636 to last Tuesday's statement, no less than 8,132,000 bushels,
____ 12,78'7
Norfolk
-866
500
the same week last year of only
Boston
1,834 against a decrease for
1,834
Baltimore
2,100 3,269,000 bushels, and the American supply, including
1,750
"itio "ioo
____
Philadelphia
____
528
528 Canadian, fell off 5,632,000 bushels, against only 1,969,000
Sin Francisco
13,446
1,273 7,853
Seattle
9,126 in the same week last year. Russian and Danubian offenngs
142 700
Tacoma
842 have decreased at Liverpool. The world's shipments were
Total
110,896 10,941 98,956 21,566 32,511 3,367 23580 301,817 only 8,096,000 bushels, against 11,072,000 bushels for the
JAN. 27 19124
291
THE CHRONICLE
same week last year. The reports that the railroad strike in.
Argentina was about to be settled, something to which declining prices at Buenos Ayres seemed to lend some color of
probability, have practically fallen flat. Finally, late on
Wednesday, came a sudden upshoot of prices, traceable
partly to an erroneous report about the size of farm reserves
at the Northwest. Rumors stated them at only 19,000,000
bushels, whereas this is believed to be 15,000,000 to 20,000,000 bushels too low. But the rumor, before it could be
2c., especorrected, was largely the cause of a rise of 1 to 13/
cially as it was accompanied by the announcement that
Mexico had reduced its duty equal to 14c. per bushel from
Jan. 22 to June 15 of the present year. The cash markets
of the Southwest have been rising, with a better demand. At
Chicago the market had become rather heavily short, and
leading bulls, in the popular phrase, put on the screws.
Rumors have been rife of increased export business, with
particulars suppressed in order to facilitate further purchases. The Northwestern stock is steadily decreasing, and
li...tterly the Northwestern receipts have fallen off. It is
tted that recently exporters bought some 800,000 bushels
oriManitoba wheat at Winnipeg and Montreal for spring
sh.pment. It is said that Mexico will have to import
4,000,000 or 5,000,000 bushels from the United States.
To-day prices were irregular, ending slightly lower, owing to
realizing, partly,it is understood, by leading Chicago bulls.
Also the short interest has latterly been reduced, whereby
what is termed the technical position has been weakened.
Cash business, too, was quiet.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sal. Mon. Tues. Wed. Thurs. Fri.
No. 3 red
101 A 101 % 102% 103% 103 Vi 103%
104K 105A 104% 106A 106% 106 A
May delivery in elevator
July delivery in elevator
101 % 101 A 101K
100 A 101K 101
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Wed. 2 hurs. Fri.
Tues.
Sat. Mon.
May delivery in elevator
100'% 100% 100 % 101% 101% 101%
July delivery in elevator
95K 94K 94 A 05K 1(5K 95K
September delivery in elevator_ _ _ _ 93 A 93 A 93 A 94 A 94 A 113K
1911
Flour.
Wheat.
Barrels.
PortsBushels.
New York__ 7.343,573 3,587,628
982,354
Baltimore _ 5.382,748
994,591
Philadelphia 3,283,341
389,252
1,432,599
Boston
258,457
Other Atlantis 160,588
679,156
New Orleans_ 602,417
910,187
Other Gulf__ 394,760
743,077
Portland, Ore. 7,703,061
Puget Sound_ 3,434,873 2.234,308
302,510
San Francisco 674,404
22,441
Chicago
879,700
123,380
Other border_ 370,486
Total Wheat
& Flour.
Bushels.
23,487,899
9,803,341
7,759,000
3,184,233
1,323,645
3,658.619
4,490,601
11.046,908
13,489,259
2,035.699
980,684
925,696
1910Total Wheat
& Flour.
Flour.
Wheat.
Bushels.
Barrels.
Bushels.
2,449,860 2,963,869 15,787.270
738,974 6,093,703
2.768,320
995,687 7,238,631
2,758,039
380,794 2,435,163
721,590
193,858 1,128.375
256,014
572,801 2.791,291
213,687
673,371 3,313,920
283,750
283,679 6,397,381
5.120,826
4,499,487 1.177,389 9,797,738
970,911
177,998
169,920
660.689
16.146
588.032
166.565 3,587,123
2,837,581
Total all_31.662,550 11,227,341 82,185,584 22.667,106 8.341.131 60.202.195
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. I
Wheat.
Oats.
Corn.
Rye.
Barley.
bbls.1961bs. bush. 60 lbs. bush. 56 lbs. bush.32 lbs. bush.481bs. bri.56 lbs.
21,000
359,100
88,800 2,409,750 1,058,400
Chicago __ _
85,751
91,800
62,000
139,400
55,370
222,300
Milwaukee __
125,430
1,050
90,224
24.632
8,495
25,222
Duluth
40,670
92,100
164,940
2,042,950
208,220
Minneapolis_
129,500
42,000
48,000
Toledo
97,442
4,044
42,050
16,800
Detroit
24,710
640
28,425 •
3,420
Cleveland _ _
205,700
183,700 1,000,800
3,200
45,530
St. Louis....
485,288
68,000
7,035
4,400
33,600
32,500
Peoria
530,400
88,400
223.200
Kansas City.
Total wk.'12
Same wk.'11
Same wk.'10
238,860
225,213
307,851
4,895,420
4,824,037
4.093,846
2,759,499
3.448,659
4,460.439
158,970
81,260
104,164
1.862.537
851,052
3,279,343 1,526,794
2,828,222 1,343,748
Since Aug. 1
1911-12... 5,632,362 135,990,188 88,901,356 78,210,789 47,037,074 5,664,739
1910-11_ _ 8,503,049 148,692.155 98,628.425 112,207.698 43 616,179 3,944.278
1 2 5C)9
,
^•
.79R
i-n 4-, •
lorm-io_
cif.()tat receipts of flour a,nu &rain at toe
the week ended Jan. 20 1912 follow:
Wheat.
Flour.
. Co.a.
bush.
213,750
92.504
52,000
53,609
736.965
332.000
11,000
15,000
1.935
beauuaid
ports for
Rye.
Oats. Barley.
bush.
bush.
227,225 253,876
1,020
68,725
42,000
92.254
36,794
15.000
bush.
bush.
bbls.
Receipts atIndian corn has advanced under the stimulus of an ex- New
97,200
York
114,516
1,100
10,765
22,655
oellent cash demand. The Southwest has been a persistent Boston
20,000
Portland, Me__
244,000
buyer. It has been outbidding Chicago. Texas and Okla- Philadelphia
_.
184,576
33,749
6,828
21,641
151,638
homa have been large lluyers. Prices have risen despite Baltimore
Orleans*,,.,
New
24,923
4,800
Increased receipts at Chicago. But the available supply in Galveston
14,000
3,000
the United States has decreased 404,000 bushels, against Mobile
6,181
20,310
4,613
4,750
an increase for the same week last year of 804,000 bushels. Montreal.
The firmness of all feedstuffs, partly owing to the excep- Total week 1912_ 265,097 1,047,729 1,527,763 529,308 303,077 7,928
Jan. 1 1912. 849,873 3,498,020 4,467,931 2,144,138 733,869 48,314
tionally severe winter at the West, has helped Corn prices. Since
8,882
814,984 3,245,554 1,246,519 94,126
Week 1911
345.176
Some of the large shorts have been covering and May has SinceJan. 1 1911_ 1,001,275 2,411.352 9,487.640 3,117,885 332,947 57,358
reached the highest prices of the season thus far. In a word,
The exports from the several seaboard ports for the week
supplies have been rapidly absorbed and the tone of the mar- ending Jan. 20 are shown in the annexed statement:
Rye. Barley. Peas.
Oats.
Corn. Flour.
Wheat.
ket has been correspondingly strengthened. At Kansas
bush.
bush.
bush,
bush.
bbls,
bush,
bush.
Exports lromCity prices have been exceptionally strong. Large oper- New
7,044
4,690
682,092 348,168 74,493
York
ators have bought heavily in Chicago. Liverpool prices Portland, Me_ _ 244,000 52,000 20,000
42,000 .....
107,937 202.888 5,774
have been rising. To-day, after advancing, prices receded. Boston
51,000 5,000
428,000
The weather in the corn belt was favorable,and country o:ier- Philadelphia
831
Baltimore
71,913 361,499
1,000
ings increased. There was also heavy liquidation at Chi- Newport News_ __ 20,000 340,000 11,540
4,000
Galveston_
cago by leading bull houses.
15,000 3,000
Mobile
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
71 Vi 71K 72K 72K 72
72
May delivery In elevator
nom. nom. nom. nom. nom. nom.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. 7 hurs.
67 A 07 % 67 A
May delivery in elevator
66K 66 A 06
July delivery in elevator
66 Li 65% 05K 66% 67 Si 67 A
07K 67K
September delivery in elevator..
06K 66K 65% 67
42,000
21,000
74,690
10.803
Total week _ _ _1,889,942 1,389,555 144,638
Week 1911
971,402 1,976,058 165,844
7,044
2,417
The destination of these exports for the week and since
July 1 1911 is as below:
-Corn
Wheat•
Since
Since
Since
July 1
Week
July 1
Week
July 1
Week
1911.
20.
Jan.
1911.
20.
1911.
Jan.
Jan.20.
and
week
tor
Exports
bush.
bush.
bush.
bush.
bbls.
bbls.
Since July 1 toUnited Kingdom... 66,520 2,750,916 1,261,346 32,527,613 567,796 7,365,621
15,817 1,203.125 601,596 21,165,690 748,737 7,874,711
Continent
15,000
708,300
390,608
27,000
Sou. dr Cent. Amer 25,659 598,205
56,820 1,116,250
9,588
West Indies...
36,526 730,079
200
8,878
Brit. Nor. Am. Cols_
25
33,585
20,484
1,002
23,000
Other Countries__ __
91 193,016
,
--Flour
Oats have followed other grain on the rise. There has
been a pretty good cash demand and the country offerings
have been moderate. The available American supply has
decreased within a week 1,113,000 bushels, against only
353,000 in the same week last year. The influence of corn
on oats has been very apparent. Cash oats, moreover, have
Total
144,638 5,515,016 1,889,942 54,116,499 1,389,555 17,094,244
been at a premium over May, and as long as this continues, Total
1910-11
165,844 5,095,943 971.402 32,754,465 1,976,058 5,095,943
it is argued that there is not much likelihood of any material
The world's shipments of wheat and corn for the week
advance.
early
decline. To-day prices declined after an
ending inn. 20 1912 and since July 1 1911 and 1910 are shown
Realizing sales accounted for the reaction. Yet the coun- in the following:
situation
try movement was light and many regard the cash
Corn.
Wheal.
as inherently strong.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
56% 5634
Standards
55K 55K 55K 56
No. 2 white
56K 56K 56K
56
56
56
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery In elevator
49% 49% 49 % 50 % 50% 50 %
45K
July delivery In elevator
45K 45K 443's 45K 98
4034
September delivery in elevator_ _ _ _ 40K 40K 40K 40K 41
The following are closing quotations:
FLOUR.
Winter, low grades.....43 50@$3 70 Kansas straights, saok_$4 75@$5 00
4 90( 5 10 Kansas clears, sacks_ 4 O0@ 4 5(.
Winter patents
6 50
4 35h, 4 60 City patents
6 20
Winter straights
4 6)@ 5 21
4 0O() 4 25 Rye flour
Winter clears
5 25(4 5 60 Graham flour
4 35® 4 50
Spring patents
5 10 Corn meal. kiln dried4 90
Spring straights
33 65
4 75 Buckwheat. cwt.
4 10
2 75(q) 2 85
Spring clears
GRAIN.
Cents.
Corn, per bushelWheat, per bushel-I. o. b.
72 A
$1 21K
No. 2
f.o.b.
N. Spring. No. 1
72 A
1 18 %
Steamer ....elevator
N. Spring, No. 2
73
No. 3
elevator
1 03 %
Red winter, No. 2
112 Li Rye, per bushelHard winter. No. 2
98
No. 2 Western
Cents.
Oats. per bushel, new5034
State & Pennsylvania Nominal
Standards
$1 25 GM 35
50K Barley-Malting
No. 2 white
5834
No. 3 white
Exports.
1911-12.
Week
Jan. 20. I
1911-12.
1910-11.
Since
July 1.
Since
July 1.
Week
Jan. 20.
Sinec
July 1.
1910-11.
Since
July 1.
Bushels.
Bushels, Bushels. Bushels.
Bushels. Bushels.
North Amer. 3.208,000 101,564,000 70,649,000 1.275.000 15,004,000 16,206,000
Russia
736,000 54,218,000 186,024,000 842,000 24.251.000 6.895.000
__ 848.000 51,001,000 67,128,000 1.037,000 44,721,000 15,865,000
Danube
60,000 87,675,000
_- __ 352,000 22,626,000 26,688,000
Argentina
Australia __ 2,072,000 27,364,000 20,496.000
India
656,000 26,682,000 26,246,000
0th. countr's 224,000 6,457,000 5,480.000
Total __ __ 8,096,000 289,912.000 402,711,000 3.154.000 84.036.000 126.641.000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheat.
United
Kingdom. Continent.
Total.
Bushels. Bushels. Bushels.
Jan. 20 1912._ 19.568.000 8,968,000 28,536,000
Jan. 13 1912_ 18,416,000 9.360,000 27,776.000
Jan. 211911... 13,568,000 19,912.000 (3.480.000
Jan. 22 1910_ 22,800,000 6,960.000 29,760,000
Jan. 23 1909_ 18,720,000 7,680,000 26,400,000
Jan. 25 1908_ 26.720.000 10,320.000 37.040,000
United
Kingdom. Continent.
Total.
Bushels. Bushels. Bushels.
9,869,000
3,681,000 6,188,0
9,223,000
2,686,000 6,537.
6.163,000 12,257,000 18,420,000
4.590.000 4,420,000 9.010,000
3,740,000 3,060,000 6,800.000
3.560.000 3.120.000 6,680,000
r; EXPORTS OF WHEAT AND FLOUR FROM UNITED
The visible supply of grain, comprising the stocks in
STATES PORTS IN 1911 AND 1910.-We give below a compilation showing the exports of wheat and flour from United granary at principal points of accumulation at lake and
seaboard ports Jan. 20 1912, was as follows:
States ports during the calendar years 1911 and 1910.
Total
Total
Total
Total
Jan. 20 1912 64,872,000
4,770,000
Jan. 13 1912_.67,110,000
5,238,000
Jan. 21 1911_42,101,000
7,404.000
Jan. 22 1910_.26,265,000
9.986.000
CANADIAN GRAIN
Corn.
Wheat.
bush.
bush.
Montreal_
8,000
245,000
Ft. William
7,464,000
"
afloat
4,771,000
Port Arthur
3,450,000
Other Canadian
5,619,000
Rye.
bush.
32.000
Barley.
bush.
94.000
3,000
14,000
210,000
3,000
80,000
117,000
1,000
23,000
1.076,000
493,000
98,000
196,000
103,000
105,000
218,000
278,000
189.000
708,000
51,000
331,000
5,000
7.000
158,000
16.511,000 1,115,000 3,478,000
17,246,000 1,252,000 3,413,000
15,490,000
385,000 1,346,000
9.118,000
749,000 2,485,000
STOCKS.
Oats.
Rye.
Barlett.
bush.
bush.
bush.
462,000
112,000
1,600,000
1,297,000
1,590,000
Total Jan. 20 1912_21,549.000
Total Jan. 13 1912_23,567,000
Total Jan. 21 1911..10.712.000
Total Jan. 22 1910__12,837,000
8,000
4,949.000
10,000
5,064,000
7,000
1.013,000
30,000
153,000
SUMMARY.
Corn.
Wheat.
Oats.
bush.
bush.
brish,
64,872,000 4,770,000 16,511,000
8,000 4,949,000
21,549,000
Rye.
Barley.
bush.
bush.
1,115,000 3,478,000
112,000
4,778,000 21,460,000
Total Jan. 20 1912..86,421,000
5,248,000 22,310,000
Total Jan. 13 1912..90,677,000
Total Jan. 21 1911..52,813,000
7,411,000 16,503,000
Total Jan. 22 1910..39,102,000 10,016,000 9,2/1,000
1,115.000 3,590,000
1,252,000 3,529,000
385,000 1,444,000
749,000 2,540,000
112.000
116,000
98,000
55,000
THE DRY GOODS TRADE.
New York, Friday Night, Jan. 26 1912.
The volume of business in all departments of the dry goods
trade has been very satisfactory during the past week.
Prices, with one or two exceptions, are upon a firmer basis
than a week ago, particularly on cotton goods for forward
delivery. Buyers have operated quietly but substantially,
in many instances experiencing difficulty in obtaining satisfactory deliveries, and the volume of business coming to hand
among manufacturers and commission houses continues to
nbrease. Mail orders are also very encouraging, which denotes,that buyers who were in the market very early failed
to amply cover their requirements. The new lines of flannelettes, domets and napped goods have enjoyed the greater
part of buyers' attention during the week. Considering the
cost of raw material and the first-class construction of these
goods, they are looked upon as being excellent value at the
present price. For this reason buyers have not hesitated
to place very substantial orders. In print cloths only a moderate business is passing, as !Jivers are indisposed to meet
sellers' demands. There is, however, no indication of any
reduction in prices. Yarns continue their upward tendency,
with spinners very firm in their views. While orders placed
are individually small, the aggregate amount of business is
an improvement over the past few weeks. Some of the mills
report that they are well covered on business far into next
March. Knitters are evincing a more lively interest and
bookings on their part of very substantial orders on finished
goods will shortly compel them to become more active in the
yarn market. The January "white sales" have pretty well
cleaned up stocks of linens, with the result that buyers have
been scouring the market for whatever they can pick up in
the way 'of spot supplies. Importations are very slow,
despite the fact that urgent requests are being sent abroad
for the immediate forwarding of goods not yet due. Dress
linens for summer requirements are in heavy request and
predictions are for a record season. In cotton dress goods
the heavy demand for cream-colored fabrics still continues,
and goods of this color are being taken up without much regard to quality. Business in the heavy-weight division of
men's wear has been moving satisfactorily. Manufacturers
of ready-to-wear clothing are covering on heavy weights
against the future more willingly, and business is generally
considered favorable from the producers' and selling agents'
standpoint. Road clothing salesmen have sent in fair orders,
and as a result manufacturers have been more active in the
piece-goods market. The week has witnessed considerable
improvement in the export demand for cotton goods, business coining forward steadily from all quarters excepting
China. Red Sea ports have led in the demand, and, while
the size of the individual orders are small, they cover a
greater variety of lines and orders aggregate a very fair
volume. South American orders have also been received
together with further business from Australia. Some disappointment is felt over the demand from Manila, which has
not come up to expectations. While the Chinese situation
is discouraging, it is not severely lamented, as a settlement
of difficulties in that quarter will bring a revival of business
amply repaying for the past dulness.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending Jan. 20 were 4,438
packages, valued at $352,570.
-19111912
Since
Since
Week. Jan. 1.
Jan. 1.
46
4
196
66
2
14
71
2,8971,694
304
_ _
1,343
-i
1,ni
2,260
455
302
769
84
1,814
2,594
4,206
1,005
83
255
120
74
470
1,145
1,317
348
1,272
4,672
762
3,184
2,856
404
213
2,131
New York to Jan. 20Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Week.
91
Total '
4,438
20,670
2,960
13,330
The value of these New York exports since Jan. 1 has been
$1,526,960 in 1912, against $1,168,705 in 1911.
Markets for domestic cottons are generally firm and moderately active. Buyers have been quite numerous and good
sales have been recorded in new lines of napped cottons,
ginghams and wash fabrics. Advices from the West tell
of a very considerable expansion in business during the past
fortnight, and it is stated that the desire on the part of sellers
to sacrifice their merchandise in order to turn it into cash
has passed, as domestic cottons are now being sold at prices
that show profits. Sheetings, pillow tubings and some of the
branded lines of brown goods, as well as denims, have been in
good demand; so much, that prompt deliveries other than
what have already been contracted for are hard to obtain.
The revision in prices of percale by larger manufacturers has
caused some confusion among buyers, as cloths from which
these goods are made are hardening, while they believe that
the low prices named on the finished goods will not likely be
maintained if the demand should increase to any great extent. Many are of the opinion that the large fabtors are
competing for a business which is at present of limited
volume. Print cloths and convertibles are steady and quiet.
Buyers are paying slightly higher prices for wide prints, but
are only making purchases in a small way. Gray goods,
38%-inch standard, are quoted steady at 43t,c.
WOOLEN GOODS.-Demand for dress goods and men's
wear continues satisfactory, and it is stated that business
booked on men's wear is larger than reported. In fact,
selling agents, generally, say that the fall trade is of better
volume than for some time past. Some of the particular
styles are already contracted for and have not been generally
opened.
FOREIGN DRY GOODS.-Linens display more strength,
with large sales reported abroad. The cost of raw material is
high, with little likelihood of being any lower. It is evident
that many buyers have overstayed the market and will now
be forced to pay higher prices. There has been a good
demand for housekeeping goods, cloths, napkins and crashes.
Burlaps developed decided strength during the past week.
Interest has been greater and with supplies limited prices
have advanced. Lightweights are quoted Sc. higher at
4.40c., and 10%-ounce 15c. higher, at 5.50c.
Importations and Warehouse Withdrawals of Dry Goods.
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AMERICAN GRAIN STOCKS.
Wheat.
Corn.
Oats.
bush.
bush.
bush.
2,446.000
284.000
762.000
58,000
437.000
231,000
40.000
1,053.000
101.000
62,000
1,711,000
659,000
137,000
48,000
390,000
128,000
.,
174,000
5,000
2,893,000
35,000
678,000
3,760.000
354,000
1.472.000
205,000
234,000
434.000
169,000
178,000
126,000
14,197,000
1,667,000
3,054,000
962,000
4,617,000
967,000
231,000
63,000
7,572,000
1.357.000
4,000
244.000
17.507,000
1,848,000
38,000
' 3,390,000
213,000
243,000
4,332,000
161,000
181,000
756,000
37,000
133,000
646,000
272,000
34,000
1,373,000
650,000
140.000
15,124
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
Canadian
[VoL. Lxxxxiv.
THE CHRONICLE
292
a
§
THE CHRONICLE
JAN. 27 1912,1
STArz All13_CITY
all the formalities of holding the election had been complied
DtrittamENT, with.
Texas.-Condition of State Funds.-The State Permanent
News Items.
Baltimore, Md.-Paving Loan Declared Valid.-Appeal.The test suit to determine the legality of the $500,000 paving
bonds sold on Dec. 4 1911 (V.94, p. 1620) was decided by the
Circuit Court, we are advised, in favor of their validity. The
case is now on the present docket of the Court of Appeals
and will be heard, it is expected, the latter part of this
month.
Baltimore County (P. 0. Towson), Md.-Road Bonds Declared Invalid.-The Circuit Court has decided, we are advised, that the law creating the Good Roads Commission as
constituted is unconstitutional; hence the $1,500,000 loan
voted Nov. 7 1911 (V. 93, p. 1338) is void. An effort will
be made to have a new loan authorized by the Legislature,
which is now in session.
Central Irrigation District, Glenn and Colusa Counties,
Cal.-Bond Cases Dismissed.-According to the San Francisco "Chronicle", four cases of vital interest to the owners
of 156,500 acres of farming land in Glenn and Colusa counties
were dismissed Jan. 10 on motion of the plaintiff in the U. S.
District Court, Second Division. The complaints, it is
said, were filed in January 1900 by the Atlantic Gulf & Pacific Co. of West Virginia, to recover from the land owners
of the Central Irrigation District $576,000, with interest
(the whole aggregating more than $1,000,000), on irrigation
bonds alleged to have been issued under an Act of the Legislature approved March 7 1887.
Interventions were filed by various property owners in which they claimed
that the district had not been legally organized, and that there was fraud
In the transfer of the bonds. They alleged that all the coupons were acquired by the Sacramento Valley Irrigation Co. of Delaware and transferred
to the Atlantic Gulf & Pacific Co. with full notice and knowledge of their
invalidity; that the coupons were bought by the Sacramento Valley Irrigation Co. In July 1909 for 30 cents on the dollar, in order to gain possession
of the central canal of the district, forty miles of which canal had been constructed, and that they might use the bonds in buying the lands. It was
further stated that, after acquiring about 80,000 acres in this manner, the
company admitted that there was no Central Irrigation District. It
was also set forth that the Atlantic Gulf & Pacific Co. was organized by
John McMullen and other stockholders of the San Francisco Bridge Co.
for the purpose of bringing these suits in the Federal courts; that the company had done work in the district for which it had been paid in bonds
about $180,000, and that in June 1897 the California Supreme Court had
decided that the district was illegally organized. In 1899 the Atlantic Gulf
& Pacific Co. was organized, and incorporated, and the bridge company
sold to it the bonds for 20 cents on the dollar, par value. It was claimed
also that the bonds were sold without any real consideration, and that the
Atlantic Gulf & Pacific Co. on Nov. 30 1909 forfeited its right to do business
in this State by the non-payment of the license tax for the year ending
June 30 1910. It was further set forth that the bonds now in controversy
were issued by resolution of the board of directors of the company in 1890,
without authority of law.
Detroit, Mich.-Street Railway Settlement Ordinance Defeated.-The "Thompson-Hally' street railway settlement
ordinance was defeated on Jan. 23. According to a local
newspaper, there were 22,433 votes "for" and 30,833
"against." In order to carry, the ordinance required a majority of three-fifths of those voting thereon. No vote was
taken, it seems, upon the proposed charter amendment for
municipal ownership of the street railway, in view of the
Supreme Court decision referred to last week, holding that
such action would not be binding. V. 94, p. 223.
Application for Mandamus to Compel Issuance of Hospital
and Sewer Bonds Denied.-We learn that the Wayne Circuit
Court denied the application of the Board of Health for a
mandamus to compel City Comptroller Heineman to issue
$95,000 hospital and $730,000 public-sewer bonds. The
case has been appealed.
Harrison County (P. 0. Corydon), Ind.-Suit to Enjoin
Road Bonds.-Suit has been started in the Circuit Court by
William C. Gleitz to restrain the issuance of bonds by the
county for the purchase of the New Albany Lanesville &
Corydon Pike and to convert that part of the pike which lies
in Harrison County into a free macadamized road.
Madison, Wis.-Election on Commission Form of Government.-An election is to be held Jan. 30, we are informed, to
vote on the question of establishing the commission form of
government.
Menomonie, Wis.-Election on Commission Form of Government.-An election will be held Jan. 29 to vote on the
adoption of a commission form of government.
Nebraska City, Otoe County, Neb.-Commission Form of
Government Approved.-An election held Jan. 16 resulted
in the adoption of a commission form of government, it is
stated.
Nixon, Gonzales County, Tex.-Commission Plan of
Government Approved.-The voters at an election held Jan. 8
expressed themselves in favor of adopting the commission
plan of government.
Sacramento, Cal.-River Improvement Bonds Declared
Valid.-On Jan. 12 Judge Shields of the Superior Court declared valid the $75,000 4%% river-improvement bonds
referred to in V. 93, p. 305. It appears that the question of
providing funds for this improvement by direct taxation was
ratified by the voters at the same election at which the bonds
were approved. Instead of being submitted as alternative
propositions the ballots were so prepared that both questions received an affirmative vote, the bond issue, however,
being favored by the largest number of voters. The Court,
it is said, decides that this does not invalidate the bonds, as
293
School Fund of Texas on Aug. 31 1911 contained $52,898 22'
in cash and $16,369,130 01 of various investments. The
value of land and land notes owned by the fund, which forms
its largest asset, is not obtainable for Aug. 31 1911. These
land accounts are kept exclusively by the General Land
Commissioner, and that officer makes no report this year.
On Aug. 31 1910 the fund owned land valued at $5,944,682
and land notes amounting to $47,809,504 93. In the follow-.
ing table we give the details of the investments held Aug. 31
1911 and the details of land notes and land owned Aug. 31
1910:
State bonds_ _ _
County bonds
City bonds_
Independent and common school district bonds
Bonds of Houston & Texas Central RR
Bonds of Galveston Har. & San Antonio By
Bonds of Washington County RR
Bonds of Texas & New Orleans RR
State Penitentiary RR
$2,043,000 00
7,351,514 00
2,174,527 53
3,523,036 00
891,455 00
285,597 48
100,000 00
Total investments Aug. 31 1911
Uninvested cash Aug. 31 1911
Land
Land
Land
Land
Land
notes, lOs
notes, 8s
notes, 5s
notes, 4s
notes, 3s
$16,369,130 01
$52,898 22
Land Notes Aug. 31 1910.
$7,132 24
161,961,21
1,843,717 75
326,742 65
45,469,951 08'
$47,809,504 93
Total land notes Aug. 31 1910
Lands.
On Aug. 31 1910 the State Permanent School Fund owned
3,955,788 acres of land having an estimated value of
$5,944,682 00
$1 50 an acre
Land Leased by State Permanent School Fund Aug. 31 1910.
per acre.
cents
636,300 acres at 3
cents per acre. 1,590 acres at 4%
cents per acre.
70,325 acres at 33% cents per acre. 82,788 acres at 5
355,009 acres at 33i cents per acre. 6,221 acres at 6
cents per acre.
1,280 acres at 33% cents per acre.
28 acres at 10 cents per acre.
168,217 acres at 4
cents per acre.
In addition to the Permanent School Fund, which is the
largest and most important carried by the State of Texas,
there are a number of other funds. The condition of these
funds on Aug. 31 1911 is reported as follows, the land leases
being as of Aug. 311908, and the land and land notes Aug. 31
1910, these being the latest figures we are able to obtain from
the State officials.
Condition of the Permanent University Fund.
Cash on hand Aug. 31 1911_
State bonds Aug. 31 1911
$8,643 86
603,600 00
$612,243 86
Land notes, 10s, Aug. 31 1910
$84775
Land notes, 58, Aug. 31 1910_
44,631 88- 45,479 83
2,072,225 acres of land leased, value $2 per acre, Aug.31 1910. 8,144,450 00
$8,802,173 49
Grand total
Land Leased by Permanent University Fund
cents per acre. 378,560 acres
384,840 acres at 2
cents per acre. 14,080 acres
257,243 acres at 3
cents per acre. 825,022 acres
61,440 acres at 4
119,040 acres at 4 Yi cents per acre. 32,000 acres
Aug. 31 1908.
at 5 cents per acre.
at 6 cents per acre.
at 7 tents per acre.
at 8 cents per acre.
Condition of Permanent Orphan Asylum Fund.
Cash on hand Aug. 31 1911
State bonds Aug. 31 1911
$5,570 93
30,600 00
$36,170 93
Land notes, 3s, Aug. 31 1910
Land notes, 5s, Aug. 31 1910
$32,294 08
11,388 52
43,682 60
$79,853 53
Grand total
Condition of Permanent Agricultural and Mechanical College Fund.
*24 14
Cash on hand Aug. 31 1911
205,000 00
State bonds Aug. 31 1911
$205,024 14
Grand total__
Condition of Blind Asylum Fund.
Cash on hand Aug. 31 1911
State bonds Aug. 31 1911
Land notes. 10s. Aug. 31 1910
Land notes. 3s, Aug. 31 1910
Land notes, 3s, Aug. 31 1910
$3,755 00
134,400 00
$138,155 00
$623 57
11.021 00
30,652 89 42,297 27
$180,452 27
Grand total
Condition of Permanent Deaf and Dumb Asylum Fund.
$4,222 24
Cash on hand Aug. 31 1911
104,300 00
State bonds Aug. 31 1911
Land notes, 10s, Aug. 31 1910
Land notes, 5s. Aug. 31 1910
Land notes, 3s, Aug. 31 1910
$108,522 24
$357 55
29,971 10
40,92741 71,256 06
$179,778 30
Grand total
Condition of Permanent State Lunatic Asylum Fund.
$3,105 17:
Cash on hand Aug. 31 1911
126,300 00
State bonds Aug. 31 1911
Land notes, 3s, Aug. 31 1910_
Land notes, 55, Aug. 31 1910
Land notes, 10s, Aug. 31 1910
Grand total
$129,405 17
$20,883 92
8,923 21
1,18930 30,996 43
$160,401 60
The figures for the fiscal year Aug. 31 1910 were published
in the "Chronicle" of Dec. 24 1910, page 1722.
State Treasurer Resigns.-Sam Sparks, State Treasurer
since January 1907, tendered his resignation on Jan. 19,
to take effect Apr. 1 1912. The Governor has announced
the appointment of J. M. Edwards, Mr. Sparks' chief clerk,
to succeed him.
294
[VoL. Lxxxxiv.
THE CHRONICLE
BEAUMONT. Jefferson County, Texas.-Bond Sale.-On Jan. 18 ths
$50,000 sewer, $25,000 street-impt. $25,000 abbatoir, $25,000 school and
$15,000 Jail 5% 20-40-year (opt.)'
bonds,
Dec. 1 1911 (V. 93, D.
Bates County School District No. 10, Mo.-Bond Call.- 1414), were awarded to Breed & Harrisondated
of Cincinnati for $141,894 50
and interest. Other bids follow:
On Jan. 1 5% bond No. 4 for $200, dated July 11905, was (101.353)
Well, Roth
Cino____$140,994 S. A. Kean & Co., Chicago_$138,600
called for payment. This bond may be collected through Scasongood && Co.,
Mayer. Cino_ 140,805 Spitzer, Rorie& & Co.,
U.S. Bond & Mtg.Co.,Dallas 140.500
Toledo
138,600
Whitaker & Co. of St. Louis.
Mayer, Walter dc Co., Chic_ 140,210IFarson, Son & Co., Chicago.. 137,225
Denver, Colo.-Bond Call.-The following bonds are called
BEAVERCREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Alpha),
Greene County, Ohio.-Bond Offering.-Proposals will be received until
for payment Jan. 31:
2 p. m. Feb. 3 by L. E. Stewart, Clerk Bd. of Ed., for $7,000 6% coup.
Storm Sewer Bonds.
high-school-bldg. bonds. Authority Sec. 7629-30 Gen, Code. Denom.
North Denver Storm Sewer Dist. No. 1, bonds Nos. 258 to 267 incl.
$500. Date Feb. 3 1912. Int. M. Fe S. Due $1,500 yearly Sept. 1 from
1913 to 1916 incl. and $1,000 Sept. 11917. Cert. check for 10% of bonds
Sanitary Sewer Bonds.
bid for, payable to the Bd. of Ed., required. •Purch. to pay accrued Int.
East Side Sanitary Sewer Dist. No. 1, bonds Nos. 242 to 245 incl.
Sub-Dist. No. 5 of tho East Side Sanitary Sewer Dist. No. 1, bond No. 24.
BLACK CANYON IRRIGATION DISTRICT, Canyon County, Idaho.Sub-Dist. No. 8 of E.Side San.Sewer Dist. No. 1, bds. Nos.86 to 88 incl. Bonds
Voted.-At an election held recently, a proposition to issue $7,000,000
Sub-Dist. No. 12 of the East Side Sanitary Sewer Dist. No.1, bond No.27. irrigation
bonds was favorably voted upon, according to reports.
Seventh Avo. Special Sanitary Sewer Dist., bond No. 1.
BOTTINEAU COUNTY (P. 0. Bottineau), No. Dak.-Bond Sale.-We
Improvement Bonds.
are
advised
that an issue of $100,000 6% Mouse River drainage bonds was
Arlington Park Improvement Dist., bonds Nos. 3 to 27 incl.
awarded to the New First Nat. Bank in Columbus, 0., at par on Jan. 9.
Capitol Hill Improvement Dist. No. 6, bonds Nos. 1 to 7 incl.
Cherry Creek Improvement Dist. No. 1, bonds Nos. 101 to 103 inol.
BRIMFIELD TOWNSHIP. Portage County, Ohlo.-Bond Sale.-On
East Side Improvement Dist. No. 2, bond No. 39.
Jan. 22 the $6,900 4% Kent-Brimfield road inapt. (twp's portion) bonds
North Side Improvement Dist. No. 1, bond No. 92.
(V. 94, p. 224) were awarded to W. H. Opper at par.
North Side Improvement Dist. No. 15, bonds Nos. 1 to 4 incl.
South Broadway Improvement Dist. No. 2, bond No. 78.
BROWN COUNTY COMMON SCHOOL DISTRICT NO. 41, Tex.-Bond
South Capitol Hill Improvement Dist. No. 2, bonds Nos. 1 to 18 inol.
Offering.-This district is offering for sale an issue of $2,000 5% 5-20-yr.
(opt.) bldg. bonds. Denom. $200. Date Feb. 1 1912. Int. in February.
South Denver Improvement Dist. No. 4, bonds Nos. 20 and 30.
South Denver Improvement Dist. No. 5, bonds Nos. 1 to 27 incl.
BRYAN, Williams County, Ohio.-Bonds Authorized.-Local papers
South Denver Improvement Dist. No. 6, bonds Nos. 4 to 11 incl.
state that the City Council passed an ordinance on Jan. 16 providing for
West Denver Improvement Dist. No. 1, bonds Nos. 128 to 130 incl.
the issuance of $17,000 light-plant-improvement bonds.
Paving Bonds.
BUFFALO. N. Y.-Bond Offering.-Proposals will be received until
Alley Paving Dist. No. 24, bonds Nos. 9 and 10.
12 m. Feb. 2 by W. G. Justice, City Comptroller, for the following 4.%
Alley Paving Dist. No. 25, bonds Nos. 1 to 5 incl.
reg. tax-free bonds (V. 94, p. 149):
Ailey Paving Dist. No. 26, bonds Nos. 1 and 2.
$100,000 grade-crossing bonds. Due Feb. 15 1932
Alley Paving Dist. No. 27, bonds Nos. 1 to 12 incl.
95,000 Riverside Park bonds. Due Feb. 15 1962, opt. after 20 years.
Colfax Ave. Paving Dist. No. 3, bonds Nos. 18 to 29 inch
150,000 grade-crossing (city's portion) bonds. Due Feb. 15 1932.
Lincoln St. Paving Dist. No. 1, bond No. 28.
200,000 school-building bonds. Due Feb. 15 1932.
Curbing Bonds.
Date Feb. 15 1912. Int. F. dc A. at the City Compt. office or at the
South Sido Curbing Dist. No. 2, bonds Nos. 30 and 31.
Gallatin Nat. Bank in N.
at option of purchaser. Cert. chock for 2%
of bonds bid for, payable to
Park Bonds.
the Comptroller, is required.
Y.'
Montclair Park Dist., bonds Nos. 386 to 389 incl.
BURLINGAME SCHOOL DISTRICT (P. 0. Burlingame), San Mateo
'-‘• Galveston, Tex.-Bond Call.-Payment will be made Feb. County, Cal.-Bonds Proposed.-Newspaper dispatches state that the
School Trustees decided on Jan. 8 to withdraw from the San Mateo school
25 at the City Treasurer's office or the Nat. City Bank, New system.and
maintain an independent district. It also was decided, it is
York, of the following general indebtedness funding bonds reported, to call on the citizens to support a petition
for a $100,000 bond
issue,
to
meet
the expenses of establishing the new school system.
of 1895, each for $1,000: Nos. 87, 92 to 104, incl., -106,
Neb.-Bonds
Furnas
CAMBRIDGE.
County.
Voted.
-Bond Offering.108 to 117, incl., 119 to 130, incl., 132 to 148 incl.
An election held Jan. 2 resulted in favor of the proposition to issue $18,000
funding bonds. The vote was 111 to 48. Proposals for these bonds
Jacksonville, Morgan County,
Call.-Payment 5%
will be made Feb. 10 at the City Treasurer's office of $15,000 will be received at any time. Due 1933, opt. after 10 years.
•
NO. 3(P. 0. Bowler), Mont.CARBON COUNTY SCHOOL
5% special assessment bonds.
Bonds Not Sold.-No award was made on Jan. 6 of tile $2,000 5-10-yr.
coup,
(opt.)
school
bonds
(V. 93, p. 1548).
• Peoria, Peoria County, Ill.-Bond Call.-Payment will be
fond Galls and Redemptions.
ni.-Bond
Dismicr
made Feb. 10 at the City Comptroller's office of $20,900
paving and $12,000 sewer bonds.
Tacoma, Wash.-Bond Sall.-The]followinglbonds are
called for payment:
•
•
CARLINVILLE SCHOOL DISTRICT (P. 0. Carlinville), Macouphs
County, III.-Bonds Voted.-The election boil Jan. 16 resulted in a vote
of 291 to 279 in favor of the question of Issuing $35,000 school-bldg. bonds.
CATAWBA COUNTY (P. 0. Newton), No. Caro.-Bond Election Proposed.-We are advised that an election will probably be held about Mob. 5
to vote on the question of issuing the $50,00,) u/, au-year A cwton Township
• .
. . .
District•;No. of Bonds. Interest Ceases. road bonds (V. 93, p. 1680).
Local Improvement!District No. 779
1 and 2
Jan. 17 1912
CHAMBERLAIN. Brule County, So. Dak.-Bond Offering.-Proposals
Looal Improvement District No. 411
1 to 515, inel. Jan. 17 1912 will be received until 7
p. m. Jan. 29 by H. S. Hedrick, Comm. of Finance,
Local Improvement District No. 259
Jan. 18 1912 for the $20,000 5% water-works
40 and 41
bonds voted recently
93, p. 1680).
Local Improvement District No. 727
8 to 12, incl. Jan. 20 1912 Denom. $500 or $1,000, as desired. Date Wt. 1 1912.(V.
Int. M. & S. la
N. Y. Due Mob. 11932. Cert. check for $500, payable to the City Treas.,
Trinidad, Colo.-Bond Call.-The following water bonds required.
will be paid on April 1 at the First National Bank, New York:
CHANUTE, Neosho County. Kan.-Bond Offering.-Timis city is now
Bonds Nos. 1 to 328, for $1,000 each, dated Apr. 11897. due Apr. 11912' offering for sale the $25,000 5% 10-20-yr. (opt.) park bonds which carried
Bonds Nos. 1 to 70, for $1,000 each, dated Oct. 1 1901, due 15 years, by a vote of 619 to 596 at the election held Jan. 11 (V. 94, p. 225).
optional after 1911.
CHATTANOOGA. Tenn.-Bond Offering.-Proposals will be, received
until Jan. 29 by the Mayor for $4,582 44 paving bonds, according to reports.
CHEHALIS COUNTY SCHOOL DISTRICT NO. 9, Wash.-Bond Sale •
not Consummated.-The sale on July 5 of the $2,000 1-3-year (opt.) bldg.
bonds to the State of Washington at par for 5s (V. 93, p. 1803) was not
consummated, we are advised.
ADAMS COUNTY (P. 0. Hettinger), No. Dak.-Bond Offering.-ProCHEMUNG COUNTY (P. 0. Elmira), N. Y.-Bond Sale.-On Jan. 24
posals will be received until 10 a. m. Feb. 1 by W. F. Kelley, County the
$37,530 56 4 g% road bonds (V. 94, p. 150) were awarded to B. L.
Auditor, for not snore than $35,000 and not less than $25,000 seed-grain Day & Co. of N. Y. at 101.551 and int. Other
bids follow:
bonds, with interest at not exceeding 7%. Authority Chapter 210 Laws of :intro Bros. de Co. N. Y__*x102.271 1 C. E. Denison & Co., Clove.. 101.00
1909. Denom. $500. Cert. check for $1,000, payable to the Chairman Watson & PressprIch, N.Y.x101.06 Adams & Co., N. Y
100.852
of Board of County Commissioners, required.
W. N. Color dc Co., N. Ya101.03 Parson, Son do Co., N. Y_ _ _x100.25
• AKRON, Ohio.-Bonds Not Sold.-No award was made on Jan. 25, it is
'Bid for $25,000. x And accrued int. a Int. and blank bonds.
stated, of the $300,000 434% 40-yr. water-works bonds offered on that day
(V. 94, p. 224).
• • . • • • • • •
Interest annually in February.
riALLI SON INDEPENDENT SCHOOL, DISTRICT (P. 0. Allison), Butler
CHERRYVILLE. Montgomery County, Kan.-Bond Sale.-SutherlIn h
County, lowa.-Bond Election.-it is reported that an election will be held Co. of Kansas City, Mo., was awarded at par, $149,000
5% 20-year
Jan. 29 to vote on the question of issuing $15,000 school-bldg. bonds.
funding bonds. Int. M. de S.
ALMA. Gratiot County, Mich.-Bonds Voted.-The question of issuing
Hampden County, Mass.-Note Offering.-Proposals will
CHICOPEE.
$30,000 5% street-impt. and water bonds carried by a vote of 396 to 30 at be received until 12 m.Jan. 31 by J. J. O'Connor 2d, City Treas., for $8,000
the election held Jan. 22. Due yrly. July 15 1919 to 1926 incl.
4% coup. fire-dept. notes. Denom. $1,000. Date Nov. 1 1911. Int.
ANN ARBOR. Washtenew County, Mich.-Bond Election.-An election 31. & N. at the Old Colony Trust Co. of Boston. Due $2,000 yriy. Nov. 1
will be held Jan. 30, it is stated, to vote on the question of issuing $20,000 from 1912 to 1915 Incl. These notes will be certified as to their genuineness
school bonds.
by the Old Colony Trust Co., which will further certify that In the opinion
APEX, Wake County, N. Ciro.-Bond Sale.-On Jan. 20 the $10,000 of Ropes, Gray & Gorham this issue is a valid obligation ot'the city of
6% 20-yr. coup. street-impt. and municipal and market bldg. bonds (V. 94, Chicopee.
p. 149) were awarded to the New First Nat. Bank of Columbus, Ohio, at
CHILLICOTHE. Livingston County, Mo.-Bond Election Proposed.
101.20 and int.
• • •
According to local papers, the Board of Public Works have decided to ask
light
to
$10,000
call
Council
an
whether
determine
election
or
to
not
-plantARGENTA SCHOOL DISTRICT (P. 0. Argenta), Pulaski County, Ark.
-Bond Sale.-An issue of $75,000 school bonds was recently awarded to extension bonds shall be issued.
CINCINNATI. Ohlo.-Bonds Authorized.-An ordinance was passed
the Lesser-Goldman Cotton Co. of St. Louis.
$2,500 4% coup. Arbor Ave.
AVON, Livingston County. N. Y.-Bond Sale.-On Jan. 24 the $18,000 Dec. 26 1911 providing for the Issuance of bonds.
Denom. $500. Date
and improving (city's portion)
opening
strAmpt.
bonds (V. 94, p. 224) were awarded to John J. Hart of Alreg.
Dec. 30 1911. Int. J. & D. at the City Treas. office. Due Dec. 30 1931.
bany.at 100.032 and int. for 4.35s. Other bids follow:
For 434s.
• •
For 4.80s.
CLARKE COUNTY (P. 0. Athens), (12.-Bond Election.-The election
100.283 R. M. Grant & Co., N. Y____100.08
R.L. Day & Co., N. Y
to vote on the question of issuing $200,000 court-house bonds will probably
Adams & Co., N Y
Far 4.75s.
100.10
be held April 3, reports state.
Ferris & White, N. Y
100.10 NV. N. Color & Co., N. Y ___ _100.033
CLARK COUNTY SCHOOL DISTRICT NO. G. Wash.-Bond Offering.Farson, Son & Co., N. Y___ _100.055
For 5s.
Proposals will be received until 11 a. m. Feb. 3 by W. R. Fletcher, County
Rochester Say. Bk., Roohes_100 • Myron W. Greene, Rochester100.84
Treasurer (P. 0. Vancouver), for $100,000 high-school-bldg. bonds at no
BAINBRIDGE. Decatur County, (la.-Band Offering.-Proposals will exceeding 6% Int. Denom. $1,000. Int. payalbe at the County Treasho received until 8 p. m. March 4 VA- the $50,000 school, $15,000 city-hall, urer's office. Due 20 years. Certified check for 1% of bonds required.
$25,000 paving and $10,000 water-works-exten. 5% bonds voted Dec. 14
-Bond Offering.-Proposals will be
CLAXTON, Tattnall County,
1911 (V. 93, p. 1737). Denom. $1,000. Date Jan. 1 1912. Int. J. & J. received until 10 a. m. Feb. 12 byOa.
the Mayor and City Council for $25,000
at the City Treas. office. Due on Jan. 1 as follows: $1,000 yriy. from 1913 5% go d coupon water and light bonds. Denom. $1,000. Date Jan.
to 1917 incl., $2,000 yriy. from 1918 to 1922 incl. $3,000 yriy. from 1923 Int. ann. at place designated by the purchaser. Due X5,000 in 1011912.
years,
to 1927 Incl., $4,000 yriy. from 1928 to 1932 inci. and $5,000 yriy. from, $10,000 in 20 years and $10,000 in 30 years. Cert. check for
2% of bonds
1933 to 1942 incl. Cert. check for 10% of bid, payable to the Mayor, re- bid for, payable to the Mayor, required. Official advertisement
states that
quired. J. W. Callahan is Mayor.
Court
of
Superior
issue
was
validated
this
by the
Tattnall County Dec. 21
BARBOURSVILLE, Cabell County, W. Va.-Bond Offering.-Proposals 1911. Bonded debt, $2,000. No floating debt. Asseased val. 1911,
will be received until 10 a. m.Jan. 31 by C. R. Miller, Recorder, for $11,500 $468,365. These bonds were offered on Jan. 16 but the bids received on
sewer
bonds. Denom. $100. Date Jan. 1 1912. Int. payable at the that day were rejected. V. 94, p. 225.
6%
First State Bank in Barboursville. Cert. check for $1,000, payable to the
CLAYSVILLE SCHOOL DISTRICT (P. 0. Claysville), Washington
"
- Town of Barboursville," required. No debt at present. Assess. val. for County. Pa.-Bond
Sale.-The $15,000 4 g% tax-free
offered on
1910, $463,089. An issue of $13,000 sewer bonds was offered on Oct. 23 Oct. 20 1911 (V. 93, p. 971) were awarded, we have Justbonds
been advised, to
1911 (V. 93, p. 1055).
Wm. Knox of Washington for $15,290, making the prico 101.93.
BATTLE'CREEK. Calhoun County, Mich.-Bond Sale.-The $150,000
COLORADO COUNTY COMMON SCHOOL DISTRICT NO, 2, Tex.
city-hail bonds offered by the city on Jan. 15 were purchased by the Harris Bonds Withdrawn from the Market.-We are advised that the $3,300 5%
Tr. de Say. 13k. of Chic. as 4s. Int. F. & A. at the Nat. Park Bk. In N. Y. 12-20-yr. (opt.) bonds registered on Nov. 22 1911 (V. 93,
p. 1548) have been
For lotheedetalls see V. 94, p. 149.
withdrawn from the market.
BAYLOR COUNTY (P.0. Szymour). Tex.-Bonds Voted.-It is reported
CORNWALL. Orange County, N. Y.-Bond Sale.-On Jan. 20 the $30,that the question of issuing the $100,000 road bonds (V. 92, p. 1579) was 000 5-19-year (set%) reg. water bonds (V. 91, p. 150) were awarded to Watfavorably voted upon at an election held recently.
son de Pressprich of N. Y. at 100.04 and int. for 4 gs. Other bids follow:
Bond Proposals and Negotiations this week
kayo battn as follawa:
JAN. 27 1912.]
THE CHRONICLE
For 4.30$.
For 4.40s.
R. M. Grant 6: Co., New
Ferris & White, New York_100.3125
York
100.095 J. J. Hart, Albany
100.17
Adams 63 Co., New York ....100.04
Douglas Fenwick&Co.,N.Y _100.135
For 4.35s.
Phi'bin & Lobdell, N. Y
100.126
Isaac W. Sherrill, PoughFor 4.95s.
keepsie
100.016 Cornwall Nat. 13k.,Cornwall 100
CORPUS CHRISTI, Nueces County. Tex.-Bonds Registered.-On
Jan. 12
the $55,000 5% city-hall and fire-station bonds sold on Nov.
21 1911 to
Spitzer, Rorick de Co. of Toledo at par and int. (V. 93, p. 1680)
were registered by the State Comptroller.
CUCAMONGA SCHOOL DISTRICT (P.O. Cucamonga),
San Bernardino
County, Cal.-Bond Election Proposed.-An election will probably
be held
some time in February, reports state, to vote
on a proposition to issue
$40,000 school-building bonds.
CUYAHO
GA COUNTY (P. 0. Cleveland), Ohio.-Bond Offering.-Proposals will be received until 11 a. m.
Feb. 28 for $500,000 4% improvement
bonds, reports state.
DAYTON, Rhea County. Tenn.-Bonds Not Sold.-No award was made
of the $25,000 5% 30-yea
r water-works bonds offered on Oct. 23 1911
(V. 93, p. 971). These securities are now
being offered at private sale.
DECKERVILLE HIGH SCHOOL DISTRICT (P.0. Deckervill
Sanilac
County, Mich.-Bond Offerino.-Proposals will be received by G.e),
B. Paige,
Soo. Bd. of Hi., for $5,000 refunding
and $4,000 bldg.-impt. 4 A %couP•
tax-free bonds. Denotn. $1,000. Date "day
of sale." Int. in January
at Deokerville. Due 10 years. No deposit required.
No debt at present.
Assessed valuation, $268,000.
295
GRAND RAPIDS. Kent County, Mich.-Bond Sale.-On Jan. 22 the
$250,000 4 A% 25-yr. coup. flood-protection bonds
(V. 94. p. 150) were
awarded to A. B. Leach 430 Co. of Chic. at 106.52-a basis
of about 4.08%.
Other bids follow:
,.141
Devitt, Tremble & Co. and
Blodget & Co., Boston
E. H. Rollins & Sons, Chi.$2134,300 R. M. Grant & Co., N. Y.._ 5261,972
261,665
Harris Tr.63Sav.Bk., Chic__ 264,103 N. W. Halsey & Co., Chia
261,676
R. L. Day 80 Co., Boston__ _ 263,372 Edmunds Bros., Boston
261,575
Seasongood & Mayer, Chi__ 263,200 Bolger, Messer & Williaman
,
•
Estabrook & Co., Chicago__ 263,175
Chicago, and W. E. Moss
Wm. R. Compton Bond &
& Co., Detroit
260,950
Mtge. Co., St. Louts
263,080 Kountze Bros. N Y
260,327
H. W. Noble & Co., Detroit,
Spitzer, Rorick,&
Tol
260,302
and Otis 83 Hough. Cleve_ 263,013 People's Savings Co.,
Bank,
Watson & Pressprich,,N.Y_7262,370
Grand Rapids
258,787
GRAND RAPIDS SCHOOL DISTRICT (P. 0. Grand Rapids). Kent
County. Mich.-Bond offering.-Proposals
will be received until 12 m.
Feb. 19, it is stated, for $45,000 4% 10-yr. (aver.) school bonds.
GRANTS PASS, Josephine County, Ore.-Bond Election.-The proposition to issue $80,000 refunding bonds will be submitted
to a vote on
March 15, according to reports.
•
Bond Sale.-On Jan. 18 $30,442 83 6%
(opt.) street-impt.
bonds were awarded to the First Nat. Bank 1-10-yr.
of South Oregon In Grant's
Pass for $30,492 83 (100.16) and int. Denom.
Int. semi-ann. A
bid of par and int. for $24,362 90 bonds was also $500.
received from the Warren
Construction Co. of Portland. • • • • • • • • • • • • • • •
-
GRANVILLE. Washington County,
-Bond Offering.-Proposals
will be received until 8 p. m. Feb. 5 N.J.Y.
M. Potter, Village Clerk, for
$15,000 water-works bonds. Denom. by
DeKALB COUNTY (P. 0. Auburn). Ind.-Bond Sale.-On Jan. 15 the (rate
$1,000. Date Jan. 1 1912. Int.
to be named in bid) J. & J. Due $1,000 yearly Jan. 1
$160,000 court-house and $20,000 power-house 4% tax-free
In the order
coup. bonds numbered from 1913 to 1927, incl., the
(V. 93, p. 1738) were awarded at 100.015
village, however, reserving the right
and 100.275, respectively, to a to redeem one additional
bond yearly in inverse order at 3% premium.
syndicate composed of J. F. Wild 63 Co., Payne,
Bush & Co. J. T. Elliott Certified check for 5%, payable to
& Sons, E. M. Campbell & Sons Co., Meyer-Kiser
the
Village
Clerk, required. Purchaser
Bank, Fletcher Amer. to pay accrued int. These bonds were
Nat. Bank, Marion Trest Co. and Miller & Co. of Indianapo
previously offered on Jan. 16, but
lis and Breed the bids received on that day were rejected
& Harrison of Cincinnati.
•,
DELANO JOINT UNION HIGH SCHOOL
• GREEN BAY, Brown County. Wis.-Bonds Authorized.--Reports state
. Kern and Tulare that
the Common Council passed an ordinance providing for the issuance
Counties, Cal.-Bond Sale.-It is stated thatDISTRICT
the $50,000
bldg. bonds of $50,000
recently refused by the Win. R. Staats Co. of Los Angeles6%
school building bonds. • • • • • • • • • •
(V.
94,
p. 150)
have been re-sold to G. G. Blymyer & Co. of San Fran.
at par and int.
• GREENWICH, Huron County, Ohio.-Bond Sale.-On Oct. 24 1911
the
DOLGEVILLE, Herkimer County, N. Y.-Bond Offerino.-Proposal
five
Issues
of
5% str.-impt. bonds aggregating $9,112 47 (amount reduced
s
will be received, It is stated, until 1 p. m. Jan. 31 by W.
H. Bacon, Village from $11,272 46)(V. 93, p. 895) were awarded to the Citizens' Banking Co.
Clerk, for *19,771 28 5 A-year (ay.) road bonds.
of
Norwalk
for
$9,612
Int.
rate
76-makin
to
be
named
g
the price 105.48.
in
bid.
HAMILTON, Butler County, Ohio.-Bond Sale.-On Jan. 23 the followDULUTH. St. Louis County, Minn.-Description of Bonds.-The
$700. ing bids were received for the four issues of bonds offered on that
000 electric-light and power plant bonds
day (V.93.
to be voted upon on Feb. 6 (V. 93, p. 1805):
p. 1339) bear interest at 4 A% and are payable
March 1 1942.
Premium
on
DUNDEE INDEPENDENT SCHOOL DISTRICT (P.
$10,000 Storm- $3,935 50 52,221 20
0. Dundee). Dela$513 60
ware County. Iowa.-Bond Election.
-An election will be held Feb. 14,
Sliver 4% Bds. 4 A% Bds. 4 A% Bds. 4;i% Bds.
reports state, to decide whether or not
$12,000 bldg. bonds shall be issued. Second Nat. Bank, Hamilton_ •514 00
Prov.Sav.Bk.63Tr.Co., Cinc__
EAST LIVERPOOL.Columbiana County. Ohio.-Bond Sale.-On
7
75
*557 44
*533 10
•$7 65
Jan. 17 Davies-Bertram Co., Cincin__
seventeen of the eighteen Issues Of 5% bonds,
5 00
47 00
25 00
50
aggregating $99,653 (V. 93,
• Successful bids.
p. 1804), were awarded as follows:
529,406 street-Impt. (city's portion) bonds to Hayden,
Secur. Say. Bk. Fc Tr. Co., Toledo (for all issues)-$56 75.
Miller & Co. of
The foregoing statement is furnished us by
Cleveland for $31,881 (108.416).
City Auditor. It will be
seen that he reports the amount of storm-sewerthe
35,400 Pennsylvania Ave. Impt. assess. bonds to Hayden,
bonds disposed of as 510,000;
Miller & Co. whereas in our
of Cleveland for $35,984 (101.65).
previous item (V.93, p. 1805) we gave the amount as $2,500.
this being the figure mentioned in the advertisement which had
9,000 garbage-orernatory-plant bonds to S.T. Herbert for $9,650
come to
(107.229)
15,905 various IS91103 of street bonds to Barto,
Scott & Co. of Columbus
for $16,090 50 (101.166).
HAMILTO
N
COUNTY
(P. 0. Cincinnati), Ohio.-Band Sale.-Reports
8,690 various issues of street bonds to the First Nat. Bank for $8,745 state that the
Sinking Fund has purchased the $40,000 bonds voted Nov. 7
(100.63).
1011 (V. 93, p. 1056) for an experimen
tal farm.
We have not been advised as to what award was made
the
of
$1,252
'MILTON COUNTY (P. 0. Chattanooga), Tenn.-Bond Offering.
sewer bonds offered on the same day. •
Proposals
be received until 12 m. Feb. 10 by J. V. Williams, CountyEAST PALESTINE VILLAGE SCHOOL DISTRICT (P. 0. East Pales- Judge, forwill
$350,000 30-yr. courthouse, $75,000 30-year jail and $65,000
tine), Columbiana County, Ohio.-Bond Offering.-Proposals will be re- 20-yr. Lookout
Mountain Road 4 A% coup. bonds. Denom. $1,000.
ceived until 12 In. Feb. 2 by H. J. Fraser, Clerk I3d. of Ed. for
$50,000 5% Date Apr. 11912. Int. A. & 0. Cert. check for
site-purchasing and bldg, bonds. Authority, Sec. 7625,
32.000 required If bid is
for
General Code and
three issues and cert. check for 51,000 required
if bid is for one issue.
election held Jan. 8. Denom. $500. Date Feb. 2 1912. Int. semi-ann.
Checks to be payable to the County Judge.
Duo $500 each six months from Mehl. 1 1916 to Sept. 1 1920 incl.;
$500
on
HARLINGEN. Cameron County. Tex.-Bond Sale.-The $21,500 water- •
MO. 1 and $1,000 Sept. yriy. from 1921 to 1924 incl. and $1,000 each
six works and electric-li
months from Mch. 1 1925 to Mch. 1 1944 incl. Cert. check
for 2% of bonds (opt.) bonds offered ght and $10,000 road, bridge and street 5% 20-40-year
bid for, payable to the Treas. Bd. of Ed., is required.
on Nov. 25 1911 (V. 93, p. 1276), were awarded to
Purchaser to pay C. S. Kidder &
accrued interest.
Co. of Chicago at par and accrued Int. less $1,500 expenses.
These bonds were registered by the State CoRptroll
er on Jan 9.
EDWARDS. Hinds County, Miss.-Bond Sale.-We are advised
by the
City Clerk that the $6,000 deep-well-constr. bonds
• HART TOWNSHIP SCHOOL DISTRICT NO. 2(P.O. Sisseton), Roberta
(V. 93, p. 1680) were dis- County,
posed of at private sale.
So. Dak.-State to Buy Bonds.-We are advised that the $2,000
10-yr. bonds (V.92, p. 1583) will be taken by the State in the spring,
EL PASO COUNTY COMMON SCHOOL DISTRICT NO. 16,
it Is
Tex.- expected, as 55.
Bonds Registered.-An issue of $1,200 5% 20-yr.
bonds was registered by
the State Comptroller on Jan. 15.
HARRIS COUNTY COMMON SCHOOL DISTRICT NO. 23,
Texas.
Bond Sale.-The $3,000 5% 10-20-year (opt.) bonds registered
ELTOPIA. Franklin County, Wash.-Bands Defeated.-The propositio
on Oct. 19
n 1911 (V. 93, p. 1213) were awarded to the State Permanent School Fund
to issue $10,000 school bonds failed to carry at the
election
at
par and interest.
held Jan. 13,
reports state.
HAVERHILL. Essex County. Mass.-Temporary Loan.-A loantof
FAIRMONT UNION INDEPENDENT SCHOOL DISTRICT (P.
0. $340,000 due Sept. 16 1912 has been negotiated, it is reported,
with F. S.
Fairmont), Marion County, W. Va.-Bond Offering.-Proposals will be
received until 7 p. m. Feb. 1 by the Board of Education
, V. H. Cornwell,
Secretary, for 525,000 5% building bonds.
Moseley & Co. of Boston at 3.05% and 52 15 premium.
• HAYS CREEK'CANAL DISTRICT. Carroll and Montgomery
Proposed.-The Chancery Court at Alden recentlyCounties,
FALLS CITY, Richardson County, Neb.-Bonds Registered.-Papers perailisio
granted
n to the Commissioners of this district to issue and sell bonds.
state that the $24,000 5-20-yr. (opt.)
sewerage and $10,000 10-20-yr. (opt.)
water-exten. 5% bonds awarded on Dec. 5 1911
HAYWARDS. Alameda County, Cal.-Bond Sale.-On Jan. 17 the
to the H. C. Speer & Sons $12,500
Co. of Chicago at par and int. (V. 93, p. 1738) have been registered
5% 1-40-year (ser.) fire-house bonds (V. 94, p. 151) were awarded
by the to N. W. Halsey
State Auditor.
& Co. of San Francisco at 102.36. A bid of 512,5:6 was
also received from G. G. Blymyer & Co.
FALMOUTH. Pendleton County, Ky.-Bond Offering.-Proposals will $312
San Francisco. Denom.
50. Date Jan. 30 1912. Int. J. & J. of
be received until 7 p. in. Feb. 12 by the Cty Council for $7,500 5%
. • .
• • •
coup.
HERRIN, Williamson County, III.-Bond Sale.-On
electric-light bonds. Denom. $500. Date Feb. 1 1912. Int. In FebSept. 15'1911
$30,500 5% water-works bonds were awarded
ruary. Due $500 yearly Feb. 1 from 1917 to 1941, incl. No deposit
A.
to
B.
Leach
re&
Co.
of
Chicago at 105.21. Denom. $500. Date July
quired. Bonded debt (including this issue), $12,000. Floating
11911. Int. J. & J. Due
debt, part yearly from 1 to
$2,900. Assessed valuation, $566,845. W. E. Wilson is City
30 years.
Clerk.
FAYETTE
couNrv
C011113N SCHOOL DISTRIC
T NO. 6, Texas.Bond Sale.-The State Permanent School Fund has been
awarded at par
and int. $2,500 5% 5-10-year (opt.) bonds.
FISHER COUNTY CO'llAON SCHOOL DISTRICT
NO. 6, Texas.-Bond
Sale.-The State Permanent School Fund was awarded
53,000 5% 10-20year (opt.) bonds at par and interest.
FLINT. Genesee County, Mich.-Bond
-We reported last week the
sale on Jan. 8 of 3125,000 water bonds toSale.
& Cummings of Toledo
at 100.10. These securities arc part of the Hodder
$400,000 issue which, it was reported, was sold in February to H. W. Noble
Fc
Co.,
W. B. Moss & Co. of
Detroit and Otis & Hough of Cleve. It appears,
however, that the three
firms referred to bought only $200.000 of
the bonds and were given an option
on the other $200.000. They having failed
to exercise such option on the
entire amount, the balance was sold to Hoehler
& Cummings, as previously
noted.
FOR NEY. Kaufman County. Tex.-Bonds Registered.-On Jan. 18 an
issue of $12,000 5% 20-40-yr. (opt.)
State Comptroller.
sewerage bonds was registered by the
Miss.-Bonds
HET FINGER COUNTY (P. 0.
Mott), No. Dak.-Bond'Offertng.-Proposals will be received until 2 p. m.
Jan. 31 by W. F. Griswold, County
Auditor, for $35,000 coupon seed-grain
bonds at not exceeding 6% int.
Denom. $500. Int. J. 60 J., beginning Jan.
1 1913. Due 1917. Certified
check for $1,000, payable to the Chairman Board
Bonded debt, $34,000. Floating debt, $10,500. of Co. Comm., required.
Assessed val., $2,763,722.
HIGHLAND PARK PUBLIC SCHOOL DISTRICT (P. 0.
Highland
Park), Wayne County, Mich.-Bond Sale.-On Jan. 18 the $55,000
15-yr..
school bonds (V. 94, p. 151) were awarded to the
Trust Co. of Detroit for $56,165 (102.118) and int. for 4 ;Is. DateDetroit
Feb. 11912.
HILLIARDS. Franklin County, Ohlo.-Bo
58,000 5% sewerage-system bonds (V. 93, nd Sale.-On Oct. 2 1911 the
p. 745) were awarded to the
New First National Bank of Columbus at 101.1125.
HILLSBORO, Hill County, Tex.-Bond Sale.-On Jan. 19 $15,000
water-works, $10,000 funding and $5,000 sewer-ext
ension 4 A% coupon
bonds were awarded, reports state, to
J. B. Oldham, of Dallas, at par and.
Interest, less $1,200 for expenses, tile purchaser to pay
for the printing of
the bonds.
GALVESTON COUNTY DRAINAGE DISTRICT NO.
ILLE. Hughes County, Okla.-Bond Sale.-SutherlIn & Co.
2, Tex.-Bonds of HOLDENV
Beoistered.-The State Comptroller registered
Kansas City, Mo., was awarded at 101, int. and blank bonds, $40,500
545,000 5% bonds on Jan. 17. s
8%
23-year
e
-an
r nwua
atierly.extension bonds. Deno.
m $500. Date Feb. 1 1912. Int.
GLENDORA SCHOOL DISTRICT(P. P. Glendora)
, Los Angeles County,
Cal.-Bonds Defeated.-The question of issuing 550000
school-bul
iding
bonds failed to carry at an election held Dec. 311911,
• flONEY GROVE, Fannin County, Tex.-Bonds Awarded
Part.-The
it is stated.
Fannin County Permanent School Fund was awarded at in
•OLENNVILLE., Tattnall County, Ga.-Bonds Proposed.
par and int.
-This city is $1,000 of the $5,000 5% 20-40-year
contempla
coupon
(opt.)
t. bonds
dated July 1 1911 and offered on Nov. 20 1911 (V. 93,street-imp
p. 1339).
HOWARD COUNTY (P. 0. Big Springs), Tex.-Bond Sale Not Consummated.-According tO reports the sale on Nov. 8 1911 of the
5%
20-40-year (opt.) Road Dist. No. 1 bonds (V. 93, p. 1490) $100,000
was not consummated
• H U NTI N GTO N • Suffolk County. N. V.-Price Paid (orBonds.-We'are
advised that the price paid for the 515,000 5% fire-house
by the Bank of Huntington and the First Nat. Bank ofbonds purchased.
Huntington on
Jan. 16 (V. 94,
226) was par and accrued int. Date Jan. 1 1912. • Int.
GLOUCESTER COUNTY (P. 0. Woodbury), N. J.-Bonds Not
p.
yearly April 1 from 1916 to 1920, incl., and $7,500
Sold.
- A. Fe 0. Due $1.500
No bids were received on Jan. 24 for the $40,000
4% road-impt. bonds April 1 1921.
(V. 94, p. 150). We are advised that a new resolution
HUNTSVILLE, Madison County, Ala.-Bonds Not Sold.-No awardtha
issuance of 4 36% bonds will be introduced at a meetingproviding for the
s
of the Board of been made of 5130,000 5% 30-year refunding bonds
Chosen Freeholders on February 15.
offered on Dec. 12 1911
(V. 93, p. 1415).
ting the issuance of $15,000 5% coupon school-building
bonds.
Denom. 51.000. Date Jan. 1 1912. Int. J. & J. Duo
part in 1922, 1932
and 1942. No debt at present. Assessed valuation
, $260,000.
GLENWOOD. Pope County, Minn.-Bonds to be
expected that the State will purchase the $10,000 Issued to State.-It is
funding and $15,000
water 4% bonds voted on Nov. 28 1911 (V.93, p.1621),
GLOUCESTER, Essex County, Mass.-Temporary Loan.-A loan
of
$125,000 due Oct. 18 1912 has been negotiated
Boston at 3.03% discount and 25 cents premium.with Curtis & Sanger of
296
THE CHRONICLE
HYANNIS. Grant County, Neb.-Bonds Not Sold.-No award was made
•on Deo. 20 1911 of the $8,800 5% 5-20-year (opt.) water bonds (V. 93,
p. 1549)•
IDAHO FALLS. Bonnerville County. Idaho.-Bond Election.-An ordinance was passed Jan. 13, It Is stated, providing that an election be held
Feb. 20 to determine whether or not this city shall issue 6% 20-yr. coup.
bonds for the construction and maintenance of a water-works and electriclight plant.
ILO. Lewis County. Idaho.-Bond Election.-A vote will be case on
Feb. 26, reports state, on a proposition to issue $11,000 water-workssystem construction bonds.
INDEPENDENCE. Montgomery County. Kan.-Bond Sale.-On Jan. 3
$99,602 5% 22 34-year (average) water-works-extension bonds were awarded
to Sutherlin & Co. of Kansas City, Mo., at 103 and int.-a basis of about
4.78%. Denom. $1,000. Date Jan. 1 1912. Int. J. & J.
IONE SCHOOL DISTRICT (P. 0. lone), Pend Oreille County, Wash.
Bonds Voted.-The election held Jan. 13 resulted, reports state, in favor
•of the question of issuing $25,000 building bonds.
IOWA CITY, Johnson County, Iowa.-Bond Sale.-We are advised by
the Treasurer that this city has sold the $7,334 826% bonds (V.93. p. 1681.)
Due part yearly April 1 from 1912 to 1922, inclusive
JACKSON GRADED COMMON SCHOOL DISTRICT NO. 1 (P. 0.
Jackson), Breathitt County, Ky.-Bond Offering.-Proposals will be re-•
ceived until 1 p. in. Feb. 7 by Adams & Holliday, Attorneys, for $10,000
8% 5-10-year (opt.) gold coupon building bonds. Denom. $500. Date
July 1 1911. Int. J. &J.at the First Nat. Bank of Jackson. Cert. check
for $200, payable to the attorneys, required. No debt at present. Assessed valuation for 1911, $614,606.
JAY COUNTY (P.0. Portland), Ind.-Bonds Not Sold.-We are advised
that the $13,000 5% Hamilton-Heller Ditch bonds have not been sold, as
some of the papers stated. • • • •
• • • • • • • • • • • • • • •
• JEFFERSON COUNTY DRAINAGE DISTRICT NO.1, Ark.-Bond Sale.
-On Jan. 16 an issue of $35,000 drainage bonds was awarded to LesserGoldman Cotton Co. of St. Louis, according to reports.
FKANSAS CITY, Kan.-Bids.-It was stated last week that the Commerce Trust Co. of Kansas City, Mo., was awarded at public sale on Jan. 16
the year's output of 5% improvement bonds (V. 94, p. 226), maturing
serially, 1 to 10 years, at 101.72 and int. The amount of bonds to be
issued this year is estimated at $400,000. Other bidders were:
Hoehler & Cummings, Toledo
101.65 & int.
Bolger, Mosser & Willaman, Chicago
101.25 & int.
Spitzer & Co., Toledo, and Commercial National Bank, Kansas City, Kan
101.15 & int.
LAKE CHARLES, Calcasieu Parish, La.-Bond Offering.-Proposals
will be received until 7:30 p. m. Feb. 6 by S. 0. Shattuck, City Clerk, for
$100,000 5% gold coupon tax-free paving bonds. Denom. $1,000. Date
Jan. 1 1912. Int. in January at the City Treasurer's 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. $3,000 yearly from 1928 to 1934, incl.,
44,000 yearly from 1935 to 1941,
. incl., and $5,000 yearly from 1942 to
1948, incl. Certified check for 1% of bonds bid for, payable to the "City
of Lake Charles," required.
LAMAR, Barton County, Mo.-Bond Sale.-On Jan. 2 the $70,000
•5-20-year (opt.) water and light-plant-purchase or construction bonds
(V. 93, p. 1681), were awarded to Sutherlin & Co. of Kansas City, Mo., at
$71,051 (101.501) and int.
LARAMIE COUNTY (P.O. Cheyenne), Wyo.-No Election to Be Held.
We are advised that the reports stating that an election would be held to
vote on the question of issuing $130,000 4% funding bonds (V'. 93, p. 1681)
are erroneous.
• • • • • • • • • • • . . . . . . . . . . . . ..
LAWRENCE. Essex County, Mass.-Temporary Loan.-On Jan. 20 the
loan of $300,000 due Oct. 15 1912 (V. 94, p. 226) was negotiated with the
American Trust Co. of Boston at 3.70% discount. A bid of 3.97% discount
and $1 25 premium was also received from Blake Bros & Co. of Boston.
LAWRENCE COUNTY (P. 0. Ironton), Ohio.-Bond Offering.-Proposals will be received until 12 m. Feb. 20 by the County Commissioners for
$100,000 4% coupon tax-free turnpike bonds. Auth.. Sees. 7181, 7184,
7185, 7188, 7187, 7203, 7204, 7205, 7206, 7207, 7209,7217,7218 and 7219,
Gen. Code. Denom. $1,000. Date Mch. 1 1912. Int. semi-ann. at the
County Treasurer's office. Due Mch. 11042. Cert. check for 2% of bonds
bid for, payable to the Treasurer, is required. . Official circular states that
County has never defaulted in payment of any of its obligations nor has there
ever been any litigation affecting its indebtedness, and there is none
pending or threatened. S. A. Bowman is Auditor.
• LAWRENCEVILLE. Brunswick County, Va.-Bond Sale.-The J. B.
McCrary Co. of Atlanta has been awarded the 325,000 5% coup. water,
light and sewer bonds offered on Oct. 31 1911 (V. 93, p. 1214). This
sale, we are advised, will not be finally consummated until some time in
February, owing to certain irregularities appearing in the proceedings.
P'LEWIS COUNTY (P. 0. Chehalis), Wash.-Bonds Not*Sold.-We are
advised that only one bid was received on Jan. 18 for the $300,000 funding
bonds offered on that day. This offer was rejected.
LODI UNION HIGH SCHOOL DISTRICT, San Joaquin County, Cal.
Bond Offering.-Proposals will be received until 10 a. m.Feb. 6, it is stated,
for" the 8150,000 5% high-school-building bonds (V. 94, p. 151). • • • •
.i
nwnanno•-•omoo.v.o.m.
• now •
*my. Imon
LONDON, Madson County, Ohlo.-Bond Sale.-On Dec. 20'1911 the
$20,000 414% coup. East First St. paving bonds (V. 93, p. 1621) were
awarded to Well, Roth & Co. of Cincinnati at 101.16.
LONG BEACH, Los Angeles County, Cal.-Bond Election Proposed.
Local papers state that an election will be called to submit to the people
a proposition to issue $158,500 Pine Ave. pier and Devil's Gate pier construction bonds.
• LYME TOWNSHIP. Huron County, Ohio.-Bond Election Proposed.An election will probably be held, it is stated, In Lyme Road District to
vote on the question of issuing $25,000 road bonds. • • • • • • • • •
- Bond Sale.-On Jan. 25 the
COun t y,-Va.$550,000 4 H% 34-yr. coup. public-impt. bonds (V.94, p. 79) were awarded,
it is said, to Townsend Scott & Son of Baltimore.
McCULLOCH COUNTY (P. 0. Brady), Tex.-Bond Sale.-Reports state
-that the $75,000 5% 10-40-year (opt.) Road District No. 1 road bonds
registered by the State Comp. on Dec. 22 1911 (V. 93, p. 1805) have been
sold.
• MALVERN, Carroll County, Ohio.-Bond Offering.-Proposals will be
received until 12 m. Feb. 26 by J. G. Murdock, VII. Clerk, for 318,500 434%
water-works bonds. Authority Sec. 97, Municipal Code. Denom. $500.
Date Apr. 1 1912. Int. A. & 0. Due $500 each six months from April 1
1915 to Apr. 1 1933, incl. Bonds to be delivered and paid for within 10
days from time of award. Cert. check for 1% of bonds bid for, payable to
the Viii. Treas. required. Purch. must furnish the necessary blank bonds
and pay accrued interest.
• MANATEE COUNTY (P. 0. Bradentown), Fla.-Bonds Not Sold.-We
are advised that an issue of $15,000 6% road and bridge bonds offered on
Nov. 10 1911 has not yet been sold.
• • • • • • • • • • . • • • •
•••••M A N ITO U. El Paso County, Colo.-Bonds Voted.-The election held
Jan. 22 resulted in favor of the proposition to Issue the $25,000 auditorium
bonds (V. 94, p. 80), it is stated.
• MARION COUNTY (P.O. Marion), Ohio.-Bond Sale.-On Nov. 11 1911
$6,100 434% Coup. refunding bonds were awarded to Hayden, Miller & Co.
of Cleveland for $6,101, making the price 100.016. Date Nov. 1 1911.
Int. M. & S. Due $1,300 March 1 1912, 31,350 Sept. 1; 1912, $1,350
March 1 1913, $1,400 Sept. J 1913 and $700 March 1 1914. •
• MARYSVILLE. Union County. Ohio.-Bonds Authorized.-An ordinance
has been passed providing for the issuance of $2,600 434% coupon refunding
bonds. Denom.. (4) $500 and (1) $600. Date Dec. 20 1911. Int. J. &D.
at the Sinking Fund Trustee's office. Due $600 Dec. 20 1916 and $500
yearly Dec. 20 from 1917 to 1920, inclusive. • • • • •
•
• MASSACHUSETTS.-Bend Sale.-On Jan. 23 the nine issues of 334%
gold registered bonds, aggregatng $1,315,000 (V. 94, p. 151) were awarded
to R. L. Day & Co. and Estabrook & Co. of Boston at their joint bid of
100.349. Other bids follow:
Biodget & Co. and'Boston_100.329 Geo. A. Fernald & Co., Bos_•100174
Lee,Higginson & Co.f
Old Col. Tr. Co. andl
Merrill, Oldham & Co., Bos100.179 Hayden, Stone & Col Boston100.0219
'
Campbell
• Bid for $75,000 State highway bonds.
[VoL. Lxxxxiv.
MAYSVILLE, Mason County. Ky.-Bond Sale.-Reports state that
$11,000 6% street-impt. bonds were awarded to the Lexington City Nat.
Bank of Lexington at par and int. and $3,000 6% sidewalk bonds were
awarded to the State Nat. Bank of Maysville at par and Int.
MEDICAL LAKE,Spokane County, Wash.-Price Paid for Bonds.-The
price paid for the $15,000 8% 20-yr. water-works refunding bonds awarded
on Dec. 15 1911 to Allen & Wells of Spokane (V. 94, p. 227) was 102.205.
Denom. $50J. Date Jan. 11912. Int. J. &J,
MENASHA. Winnebago County, Wis.-Bond Sale.-On Oct. 10 1911
the $40,000 454% water-works bonds (V. 93, p. 1214) were awarded to the
H. C. Speer & Sons Co. of Chicago at 101.25 and int. Denom: $1,000.
Date Oct. 16 1911. Int. A. & 0. Due $2,000 Oct. 16 1921 to 1925 Inc!.
and $5,000 Oct. 16 1926 to 1931 incl.
MERRICK COUNTY (P.O. Central City), Neb.-Price Paid for Bonds.The purchase price of the $95,000 (amount reduced from $100,000) 4%
registered court-house bonds awarded to H. Ellenberger & Co. of Chicago
(V. 93, p. 1805) was par and interest.
MILLERSBURG, Dauphin County, Pa.-Bond Sale.-The $15,500 4%
5 & 10-yr. coup. street-paving bonds offered on Oct. 20 1911 (V. 93, p. 1057)
were sold to local investors at par.
MINER VA, Stark County, Ohio.-Bond Sale.-On Jan. 17 the two issues
of 5% str.-impt. bonds, aggregating $23,100 (V. 93, p. 1805), were awarded
to Otis & Hough of Cleve. for $24,181 (104.68) and int. Other bids follow:
Minerva Sav.&Tr.Co., Miner.$24,1211Well, Roth & Co., Cincinnati.$23.950
Hayden, Miller & Co., Cleve_ 24,006 New First Nat. Bk., Col_ _ _ _ 23,897
MINONK, Woodford County, Ill.-Bond Sale.-Reports state that
C. R. Danforth & Co. were awarded an issue of $6,000 5% school bonds at
par. Denomination $1,000.
MINOT PARK DISTRICT (P. 0. Minot), Ward County, No. Dak.Bond Sale.-On Jan. 20 the $31,000 20-yr. coup. tax-free bonds (V. 93,
p. 1806) were awarded to the Union Nat. Bank of Minot at par and int. for
5s. Other bids were received from C. H. Coffin, the Hanchett Bond Co.
and the Minneapolis Trust Co.
MISSOULA, Missoula County, Mont.-Paving Warrants Offered by
Bankers.-Carstens & Earles, Inc., of Seattle are offering to investors $38,882 20 6% coup. paving assess. warrants. Date Jan. 1 1912. Int. ann.
at the City Treas. office. Due Jan. 1 as follows: $4,750 in 1913; $4,750 In
1914; $4,750 in 1915; $5,000 in 1918; $4,750 in 1917; $4,950 in 1918; $4,750
in 1919 and $5,182 20 In 1920.
M I SSOULA COUNTY (P.O. Missoula). Mont.-Bond Offering.-Proposals will be received until 10 a. m. Feb. 19 by F. W. Kuphal, Co. Clerk, for
$100,000 4 34% 10-20-yr. (opt.) refunding bonds. Denom. $1,000. Date
not earlier than March 1 1912. Int. J. & J. at the Co. Treas. office. Cert.
check for $1,000, payable to the County of Missoula, required.
MOBRIDGE. Walworth County, So. Dak.-Bonds Re-voted.-The three
issues of 5% coup. bonds aggregating $17,500 awarded on Oct. 16 1911 to
the Thos. J. Bolger do., now Bolger, Messer & Willaman, of Chicago (V. 93,
p. 1135), were re-voted on Jan. 16 because of Irregularities in the first eleo'n.
MODESTO, Stanislaus County, Cal.-Bond Election.-It Is stated that a
proposition to issue $82,500 water-system-impt. bonds will be submitted to
the voters of this city on Mch. 5. Denom. $500. Due $2,500 yearly for
33 years.
MONMOUTH SCHOOL DISTRICT (P. 0. Monmouth), Polk County,
Ore.-Bond Sale.-On Sept. 10 1911 the $20,000 534% 20-yr. bldg. bonds
were awarded to Morris Bros. of Portland at 101. Denom. $1,000. IntM. & S. These securities were offered on May 20 1911 as 5% 10-20-yr.
(opt.) bonds (V. 92, p. 1331).
MONROEVILLE, Huron County, Ohio.-Bond Offering.-Proposals will
be received until 12 m. Feb. 211 oy F. W. Malberger, VII. Clerk, for the
following 5% improvement assessment bonds:
$2,733 53 Milan Ave. bonds. Denom. $273 35. Due $273 35 yearly Jan.
1 1913 to Jan. 1 1922 incl.
5,705 92 Ridge Street bonds. Denom. $570 59. Due $570 59 yearly
on Jan. 1 from 1913 to 1922 incl.
Date Jan. 1 1912. Int. semi-ann. Cert. check for 10% of bonds bid
for, payable to the Vill. Treas., required
Bids must be unconditional.
Amount of bonds to be sold may be reduced by the amount of assessments
paid In cash prior to date of sale. B•nds must be accepted and paid for
within 10 days from date of award.
MONTESANO SCHOOL DISTRICT (P.O. Montesano), Chehalis County.
Wash -Bond Election.-An election will be held Feb. 10 to vote on the
question of Issuing school-bldg. bonds at not exceeding 6% int. Due 20 yrs.
MONTICELLO. Piatt County. I11.-Bonds Votld.-By a vote of 213 to
91, the proposition to issue the $15,000 city-hall-bldg. bonds (V. 93, p.
1550) carried at the election held Jan. 16. according to reports.
MORGAN CITY, St. Mary Parish, La.-Bond Offering.-Proposals will
be received until 12 m. Feb. 17 by M. E. Norman, Chairman of Finance
Committee, for the $80,000 5% water-works and sewerage-system bonds
voted Nov. 8 1911 (V.93, p. 1415). Int. annual. Cert. check for $1,000,
payable to the Chairman of Finance Committee, required.
MORRILL COUNTY (P. 0. Bridgeport). Neb.-Bonds Defeated.-The
proposition to issue $15,000 6% highway [rapt. bonds failed to carry at
the eleotion held Jan. 16.
MT. VERNON. Westchester County, N. Y.-Bond Offering.-Proposals
will be received, it is stated, until 8 p. m. Feb. 1 by J. H. Cordes, City
Comptroller, for $135,000 4 Ii% 3-yr. tax-relief bonds. Int. semi-ann.
Certified check for $1,000 Is required.
MOVILLE, INDEPENDENT SCHOOL DISTRICT (P.O. Moville), Woodbury County, lowa.-Bonds Not Yet Sold.-We are advised under date of
Jan. 23 that the $16,000 5% bonds offered on Sept. 25 1911 (V. 93, p. 746)
have not yet been disposed of.
NASSAU COUNTY (P. 0. Fernandina), Fla.-Bond Sale.-On Dec. 27
1911 the $60,000 5% 30-yr. Special Road and Bridge Dist. No. 1 bonds
(V. 93, p. 1682) were awarded to the First Nat. Bank of Fernandina.
NEWBURGH. Orange"County, N. Y.-Bond Sale.-On Jan. 20 the
$125,500 434% 12-year (aver.) reg, water-refunding bonds (V. 94, p. 227)
were awarded to James R. Magoffin for 103.50 and int.-a basis of about
4 A%. Other bids follow:
'
Sutro Bros. & Co., N. Y_.._ _103.137 Farson, Son & Co., N. Y___ .102.837
102.793
R. L. Day & Co., N. Y
103.091 Rhoades & Co., N. Y
102.76
I. W. Sherrill, Poughkeepsie_103.07 Adams & Co.. N. Y
Kissel, Kinnicutt & Co., N.Y.103.04 A. B. Leach & Co., N. Y _ _ _ _102.671
Livingstone & Co., N. Y___ _103.03 Ferris ec White, N. Y
102.573
N. W. Halsey & Co., N. Y_ _103.029 Douglas Fenwick & Co.,N.Y. 102.55
Estabrook de Co., N. y
35
92
102.966 Newburgh Say. Bk., Nowb....1102..4
Chisholm & Chapman, N. Y_102 9219i Kountv Bros., N. Y
E. H. Rollins & Sons, N. Y.102.897 W. N. Comer & Co., N. Y.... _102.13
R. M. Grant & Co., N. Y___ A02.865 Curtis & Sanger, Boston_ __. 102.03
Spitzer, Rorick & Co., N.Y. 102.8651Parkinson & Burr, N. Y_
101.713
Harris, Forbes & Co., N. Y_ _102.8531
NEWTON FALLS. Trumbull County, Ohio.-Bond Election.-An election will be held Feb. 14, it is stated, to vote on the question of issuing
street-impt. bonds.
NORTHAMPTON. Hampshire County, Mass.-Temporary Loan.-It is
stated that on Jan. 26 Bond & Goodwin of Boston were awarded a loan of
$80,000 due October 29 1912.
NORTH FORK SCHOOL DISTRICT, Madero County, Cal.-Bonds Refused.-According to reports, the $5,000 6% bldg. bonds awarded on Jan. 4
to N. W. Halsey & Co. of San Fran.(V. 94, p. 152) have been refused.
OLATHE. Montrose County, Colo.-Bond Sale.-The Barns & Stephens
Plumbing & Heating Co. of Colo. Springs has been awarded at par $65,000
6% 20-yr. water bonds. Denom. $1,000. Date July 1911. Int. J. & J.
ONEIDA, Madison County, N. Y.-Bands Voted.-The propositIon to
Issue $8,500 Washington Ave. school-bidg.-impt. bonds carried, reports
state, by a vote of 187 to 47 at the election held Jan. 19.
ORANGE. Orange County, Cal.-Bond Sale.-Reports state that J. H.
Adams & Co. of Los Angeles have been awarded the $50,000 water and
$5,000 fire-dept. 5% bonds voted on Nov. 3 1911 (V. 93, p. 1416).
OTTAWA COUNTY (P. 0. Grand Haven), Mich.-Bond Election.-An
election will be held April 1 to vote on the question of issuing $600,000 20yr. road bonds at not exceeding 434% Int.
PARNASSUS SCHOOL DISTRICT (P. 0. Parnassus), Westmoreland
County, Pa.-Band Sale.-The Mellon National Bank of Pittsburgh has
been awarded. It is stated, the $48,000 4 A% tax-free school bonds
offered on Nov. 20 1911 (V. 93, p. 1215).
JAN. 27 1912.]
THE CHRONICLE
P.END O'REILLE COUNTY (P. 0. Newport), Wash.-Bonds Authorized.
-Reports state that the County Commissioners have adopted a resolution
providing for the issuance of $72,000 4%% bonds to fund outstanding
warrants.
PERRY. Jefferson County Kan.-No Action Yet Taken.-No action has
yet been taken, we are advised, looking toward the issuance of the $5,000
electric-light-Plant bonds voted Dec. 8 1911 (V. 93, p. 1682).
PICKAWAY TOWNSHIP SCHOOL DISTRICT Pickaway County, Ohio.
_...B9nd Offering.-Proposals will be received until 12 m. Feb. 15 by L.
M'Kenzie. Clerk Bd. of El.(P. 0. Circleville R. F. D. No. 1), for $30,000
4;i% site-purchase and bldg. bonds. Authority Secs. 7625, 7628 and
7627, Gen. Code. Denom. $750. Date Mch. 11912. Int. M. & S. Due
$750 each six months from Mch. 1 1913 to Sept. 1 1932 incl.
PIKE COUNTY (P. O. Petersburg), Ind.-Bond Sale.-We are advised
that $14,548 50 5% bonds have been awarded to the Citizens' State Bank
of Petersburg.
PORI' ANGELES, Chelan County. Wash.-Bond Sale.-On Jan. 13 the
$50,000 5-20-yr. (opt.) refunding bonds (V. 94, p. 81) were awarded to
Cutter, May & Co. of Chicago at par and int. for 5s. Int. F. & A. Other
bids follow:
Union Trust & Savings Bank, Spokane-$50,000 and Int. for 5s or $50,400
for 5 ;is.
S. A. Kean & Co., Chicago-$48,150 for 5s or $50,300 for 6s.
J. H. Causey & Co., Denver-$50,000 and int. for 5 ;is.
Keeler Bros., Denver-$49.054 for 5 Hs
These bonds were previously awarded to Cutter, May & Co. on Aug. 29
1911, but the sale was not consummated, we are advised, as the company's
attorney objected to the published call for bids, as it gave no date of maturity.
PORT ARTHUR, Jefferson County, Tex.-Bond Sale.-On Jan. 12 the
$100,000 5% street-impt. bonds (V. 93, p. 1739) were awarded to the First
Nat. Bank of Port Arthur at par and int., according to reports.
PRAIRIE CHAPEL SCHOOL DISTRICT (P. 0. Fort Worth), Tex.
Bonds Voted.-We have just been advised that the election held Dec. 21
1911 resulted in favor of the question of issuing $25,000 5% 10-40-yr.
(opt.) building and improvement bonds.
PUTNAM COUNTY (P. 0. Greencastle). Ind.-Bond Sale.-Dn Dec. 23
1911 $40,800 4 3.% road-construction bonds were awarded to the Central
Trust Co. of Greencastle at par. Date Dec. 23 1911. Int. M. .ft N. Due
part each six months from May 1913 to Nov. 1922 incl.
QUINCY, Norfolk County, Mass.-Temporary Loan.-A loan of $65,000
In anticipation of taxes, due Oct. 24 1912, was negotiated on Jan. 23 with
Edgerly & Crocker of Boston at 3.04% discount.
RECOVERY (P.O. Fort Recovery), Mercer County, Ohio.-Bond Sale.
On Jan. 23 1912 $26,000 Wayne St. assess., $7,000 Wiggs St. assess. and
$9,000 Wayne and Wiggs St. impt. 5% bonds were awarded to Seasongood
& Mayer of Cincinnati for $43,602-making the price 103.81. Other bids
follow:
Well, Roth & Co Cinc_ _$43,534 40 I Stacy & Braun,
_ _$43,123 80
Hayden, Miller &'
Co. Clev.43,489 00 Provident Savings
Bank&
ToledoOtis & Hough, Cleveland_ 43,435 00
Trust Co., Cincinnati_- 42,961 78
REEVES COUNTY (P. 0. Pecos). Tex.-Bond Election Postponed.-The
election which was to have been held Jan. 16 to vote on the question of Issuing the $100,000 road-impt. bonds(V.93, p. 1623) has been postponed until
a later date.
ROBINSON, Crawford County, 111.-Bonds Voted.-The election held
Jan. 16 resulted in favor of the issuance of $10,000 city-hall, $3,000 funding
and $2,000 sewer bonds. According to reports the vote was 202 to 116.
ROCHESTER, N V.-Bonds Awarded in Part.--On Jan. 25 $150,000 of
$890,000 4% 10-30-yr. (opt.) coup, or reg. water-works-impt. bonds were
awarded at par, $100,000 to the East Side Say. Bank of Rochester and
$50,000 to the Board of Commissioners of Mt. Hope Cemetery. Denom.
$500. Date Jan. 11912. Int. J. & J. at the Union Trust Co. of N. Y.
ROCK COUNTY SCHOOL DISTRICT NO. 18, Minn.-Bond Sale.-On
Dec. 28 1911 an issue of $1,800 (not $1,600 as first reported) 6% bldg.
bonds was awarded to the First Nat. Bank of Luverne at par. Denom.
$200 and $400. Date Jan. 2 1912. Int. In January. Due serially from
1-5 years.
ROSWELL SCHOOL DISTRICT (P. 0. Roswell), Chaves County, N. M.
-Bond Election.-The proposition to issue $35,000 5% refunding highschool-bldg. bonds will be submitted to a vote on Feb. 5. It is stated that
these bonds have been awarded, subject to approval of this election, to
J. H. Causoy & Co. of Denver for $35,205-making the price 100.585.
RUSSELL Greenup County, Ky.-Bond Sale.-On Dec. 4 1911 $8,500
6% street-paving bonds were awarded to J. F. Scherer of Ironton, Ohio,
at par. Denom. $500. Date Dec. 4 1911. Int. ann. Due part yearly.
Dec. 4 from 1912 to 1921 incl.
ST.JOSEPH COUNTY (P.O. South Bend), Ind.-Bond Sale.-On Jan. 25
the $60,000 4% 16-yr. bridge bonds (V. 94, p. 82) were awarded, reports
state, to C. C. Wedding & Co. of Indianapolis for $61,701 50-making the
price 102.835.
ST. PAUL, Minn.-Bond Ordinance Defeated.-Reports state that on
Jan. 18 an ordinance providing for the Issuance of $70,000 playground bonds
was defeated by the Assembly.
Bonds Authorized.-Ordinances have been passed providing for the issuance of $150,000 sower and $100,000 water bands, according to local papers.
SALEM Columbiana County, Ohlo.-Bond Sale.-The highest bid received on Jan. 24 for the $20,000 4 A% coup. elec.-light bonds (V.94, p.82)
was one of 103.71 submitted by Breed & Harrison of Cin. The other offers
were as follows:
$20,651 25
Sec.Say.Bk.&Tr.Co., Tol.$20,720 00 Atlas Nat. Bk., Cin
Davies-Bertram Co., Cln_ 20,711 00 Hayden, Miller & Co., Cie. 20,630 00
Otis & Hough, Cleveland.. 20,690 00 Prov.Sav.Bk.&Tr.Co.,Cin, 20,628 00
New First Nat, Bk., Col__ 20,689 00 Seasongood 63 Mayer, Cin_ 20,626 00
Well, Roth & Co., Cln,___ 20,684 00 TIllotson&WoloottCo.,Cle. 20,620 00
C. E. Denison & Co., Cloy. 20,681 60 Mayer, Walter & Co., Cin. 20,616 00
Stacy & Braun, Toledo__ 20,657 20 R. Kleyboite Co.,Inc.,Cin. 20,592 00
Hoehler & Cummings, Tol. 20,577 00
SAN DIEGO, San Diego County, Cal.-Bond Offering.-Proposals will
be received until 11 a. m. Feb. 26 by A. H. Wright, City Clerk, for the $1,000,000 4 Yi% gold wharf and harbor bonds voted Nov. 10 1911 (V. 93, p •
1492). Denom. $1,000. Date Mch. 1 1912. Int. J. & J. Due $25,000
yearly. The legality of these bonds will be approved by Dillon, Thompson
do Clay of New York. Cert. check for 1% of bid, payable to the City Clerk,
Is required.
SAN FRANCISCO,Cal.-Bond 0ffering.-Proposals will be received until
3 p. m. Feb. 5 by W. R. Hagerty, Clerk I3d. of Supervisors, for the following 5% bonds:
$250,000 school bonds. Due $10,000 yearly from 1914 to 1938 inclusive.
320,000 fire-protection bonds. Due $8,000 yrly. from 1916 to 1955 incl.
600,000 sewer bonds. Due $15,000 yriy. from 1915 to 1954 incl.
Denom. $1,000. Date July 1 1908. Int. J. & J. at the City Treas.
office or at the fiscal agency of San Francisco in New York, at the option of
holder. Bonds are exempt from all taxation in Califorina and will be delivered within two weeks from award. Bids must be made on blank forms
furnished by the Clerk Bd. of Supervisors. A cash deposit or certified check
for 5% of bid, payable to the Clerk 13d. of Supervisors, required. Deposit
need not exceed $10.000. A copy of the opinion of Dillon & Hubbard of
New York as to the legality of the bonds will be furnished to any purchaser.
Accrued interest to be paid by purchaser.
SAN PEDRO SCHOOL DISTRICT. Cal.-Bond Sale.-An issue of $7,500
5% 20-year bldg. bonds was awarded to the First Nat. Bank of Redwood
City on a 4.80% basis. Denom. $500. Date Jan. 3 1912. Int. J. & J.
SANtA ANA GRAMMAR SCHOOL DISTRICT (P. 0. Santa Ana),
Orange County, Cal.-Bond Offering.-Proposals will be received until
11 a. on. Feb. 7, it is stated, by the Supervisors for the $25,000 bldg. bonds
voted Deo. 14 1011 (V. 93, p. 1740).
SANTA ANA HIGH SCHOOL DISTRICT (P. 0. Santa Ana), Orange
County, Cal.-Bond Offering.-Proposals will be received until 11 a. m.
Feb. 7, it Is stated, by the Supervisors,for the $200,000 polytechnic highschool bldg. bonds voted Deo,. 14 1911 (V. 93, p.1740).
SAPULPA, Creek County, Okla.-Bond Sale.-We are advised that
Sutherlin & Co. of Kansas City, Mo., were awarded in December 1911
$63,350 (not $63,850 as first reported) 6% 20-year funding bonds at 102.25
and int. • Denom. (1) $350 and (63) $1,000. Date Jan. 15 1912. Int.
297
SEATON, Mercer County. III.-Bond Election.-An election will be held
Feb. 13 to vote on the question of issuing $7,400 bonds. We are advised
that the issue, if approved, is to be taken by Chas. S. Kidder & Co., Chicago.
SEBRING, Mahon ing County. Ohio.-Bond Sale.-On Jan. 22 the five
issues of bonds, aggregating $2 ,000 (V. 93, p. 1806), were awarded to the
Provident Say. Bank & Trust Co. of eine. for $25,392 39 (101.569) and int.
Other bids follow:
Tillotson&WolcottCo.,Cle.$25,387 00 Hayden, Miller&Co.. Clev.$25,236 25
Barto, Scott & Co., Colum. 25,370 50 Well, Roth & Co., Cincin_ 25,220 00
Otis & Hough, Cleveland.. 25,302 00 Stacy & Braun, Toledo__ 25,166 25
Sec.Sav.Bk.&Tr.Co ., Tol_ 25,251 75 Davies-Bertram Co., Cin__•5,077 00
• Bid for $5.000.
SEDGWICK IRRIGATION DISTRICT (P. 0. Julseburg), Logan and
Sedgwick Counties, Colo.-Bonds Not Yet Sold.-No award has yet been
made of the $670,000 bonds offered without success on Dec. 27 1910 (V. 92,
p. 211).
SELMA. Johnston County, No. Caro.-Bond Election Proposed.-An election will be held to vote on a proposition to issue $25,000 8% 30-yr. bonds
to install a water-supply and electric-light plant. This city sold $20,000
water and light bonds on Nov. 14 1911 (V. 93, p. 1551), but this sale was
called off, as the amount was.considered insufficient.
SHELBY. Cleveland County, No. Caro.-Bond Offering.-Proposals will
be received until 2 p. m. Feb. 6 by J. T. Gardner, Mayor, for $15,000 5%
15-yr. electric-light-plant purchase bonds. Cert. check for 5% of bid,
payable to the Town Treasurer, required.
SIOUX FALLS, Minnehaha County, So. Dak.-Bonds Re-awarded.-On
Jan. 18 the $200,000 sewerage and $100,000 water 5% 20-yr. bonds were
awarded to Bolger, Mosser & Willamen of Chicago
These bonds were
awarded on Nov. 7 to Seasongood & Mayer of Cincinnati (V. 93. p. 1416),
but that sale was never consummated.
SLEEPY HOLE SCHOOL DISTRICT (P. 0. Cartwright's Wharf),
Nansemond County, Va.-Bond Sale.-On Dec. 20 1911 $16,000 5% school
bonds were awarded to the Merchants' & Farmers' Bank of Portsmouth.
SMITH COUNTY COMMON SCHOOL DISMICI' NO. 18, Tex.-Bond
Offering Postponed.-The County Judge advises us that the $8,000 5%
bldg. bonds which were to have been offered on or about Jan. 10 (V. 93, p.
1806) will not be sold until April 1, as it was decided after the bonds were
voted to date them April 10 1912.
SMYTH COUNTY (P. 0. Marion), Va.-Bond Offering.-Proposals will
be received until 12 m. Feb. 19 at the office of White & Buchanan for $50,000 6% Rich Valley Maristerial District road and bridge impt. bonds.
Date Jan. 1 1912. Int. J. & J. Due 30 yrs., subject to call after 15 yrs.
at any int.-paying period. Cert. check for $1,000, payable to J.,M. Gass,
Chairman Board of Supervisors, required.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
SOUTH ORANGE TOWNSHIP SCHOOL DISTRICT, Essex County, N.J.
-Bond Offering.-Proposals will be received until 8 p. m. Jan. 29 by the
Finance Committee for $12,150 434% coup. school bonds. Denom. (11)
$1,000 and (1) $1,150. Date May 1 1912. Int. M. & N. Due in 22 yrs.
Cert. check on a national bank or trust company for 3% of bonds bid for.
payable to the Bd. of Ed. required. Purch. to pay accrued Int. Bonds
will be certified as to genuineness by the U. S. Mtge. & Trust Co. of N. Y.
H. H. Tucker is Dist. Clerk, Columbia School, South Orange.
SOUTH ZANESVILLE SCHOOL DISTRICT (P. 0. South Zanesville),
Muskingum County, Ohio.-Bond Offering.-Proposals will be received
until 12 m. Feb. 1 by C. U. Tipton, Clerk Bd. of Ed., for the $20,000 434%
20-yr. coup. bldg. bonds voted. Nov. 7 1911 (V. 93, p. 1311). Denom.(30)
$500 and (50) $100. Dated on day of sale. Int. semi-annual. Cert.
check for 5% of bonds bid for, payable to the Bd. of Ed., required. Purchaser to pay accrued interest.
SPARTANBURG SCHOOL DISTRICT (P. 0. Spartanburg). Spartanburg County. So, Caro.-Price Paid for Bonds.-We learn that the price
paid for the $50,000 434% 20-yr. bldg. bonds awarded to the Security
Trust Co. of Spartanburg (V. 94, p. 228) was par and int. less $1,500 for
expenses. Denom. to suit purchaser. Date "Jan. 1 1912 or July 1 1911,
as may be agreed upon with purchaser." Int. J. & J.
SPENCER, Rowan County, No. Caro.-Bonds Not Yet Sold.-No award
has yet been made of the $50,000 water bonds (V. 93, p. 122).
SPRINGFIELD, Clark County, Ohio.- Description of Bonds.-The
$60,000 coup. light bonds recently authorized (V. 94, p. 228) bear int. at
4 A%. Denom. $10,000. Date March 1 1912. Int, M. & S. at the City
Treas. office. Due on March 1 as follows: $20,000 in 1919 and $10,000
yriy. from 1920 to 1923 incl.
STATESVILLE, Iredell County, No. Caro.-Bond Offering.-Proposals
will be received until 12 m. Feb. 7 by C. D. Moore, City Clerk and Treas.,
for $10,000 5% 20-yr. coup. graded school refunding bonds. Date Feb. 15
1012. Int. semi-ann. at the City Treas. office. Cert. check for 2% of
bonds, payable to the "City of Statesville," is required.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
STORM LAKE INDEPENDENT SCHOOL DISTRICT (P. 0. Storm
Lake). iauena Vista County. lowa.-Bond Sale.-On Jan. 12 the $60,000
434% bldg. bonds voted Nov. 28 1911 (V. 93. p. 1623) were awarded to
Geo. M. Bechtel & Co. of Davenport at 100.095 and blank bonds. Other
bids follow:
C. H. Coffin, Chicago-$60,060 less $1,000 for expenses.
S. A. Kean & Co., Chicago-$60,000 less $1,794 for expenses.
Date Jan. 1 1912. Int. M. & N. Due Jan. 1 1922 with opt, of paying
$2,000 yearly after 5 years until $10,000 has been canceled.
SUMNER COUNTY (P. 0. Gallatin), Tenn.-Bond Offering.-Proposals
will be received until 12 m. Feb. 20 for $200,000 4% 5-30-yr. (opt.) road
bonds. Authority vote of 1483 to 963 at the election held, Dec. 16 1911
(V. 93, p. 1740).
TAYLOR COUNTY COMMON SCHOOL DISTRICT NO. 24, Tex.-Bonds
Registered.-The State Comptroller registered on Jan. 15 $3,500 5% 10-20year (opt.) bonds.
TERALTA SCHOOL DISTRICT. San Diego County, Cal.-Bond Sale.On Jan. 15 the $25,000 5% bonds (V. 94, p. 153) were awarded to J. H.
Adams & Co. of Los Angeles at 100.752. Other bids follow:
Wm. R.Staats Co., Los AJ25,1281Stephens as Co., San Diego ____$25,102
THOMASVILLE. Thomas County, Ga.-Bonds Defeated.-The proposition to issue the $50,000 school bonds (V. 93, p. 1493) was defeated at the
election held Jan. 16.
TOLEDO, Lincoln County, Ore.-Bond Sale.-We have just been advised that on Oct. 28 1911 the $20.000 6% 10-25-yr. (opt.) water-works
bonds offered on May 10 1911 (V. 92, p. 1195) were awarded to Jacobson,
Bade Co.of Portland at par. Denom.$500. Date Sept. 11911. Int.M.&S.
TOPPENISH, Yakima County, Wash.-Bond Sale.-According to reports, the $50,000 sewer bonds, voted Oct. 18 1911 (V. 93, p. 1215) have
been sold to John Nuveen & Co. of Chicago.
TRENTON, Mercer County, N. J.-Bonds A uthortzed.-An ordinance
was passed Jan. 22 providing for the issuance of $19,200 4% registered
sewer bonds. Denom. $100 or multiples thereof. Int. semi-annual.
Due 10 years.
TULSA COUNTY (P. 0. Tulsa), Okla.-Bonds Refused.-According to
Tulsa newspapers, Spitzer, Rorick & Co. of Toledo have refused to accept
the $500,000 5% 20-yr. Road Dist. No. 1 bonds awarded to them. See
V. 93, p. 973.
UHRICHSVILLE. Tuscarawas County, Oh W.-Bond Offering.-Proposals will be received until 7 p. m. Feb. 20 by H. 0. Snyder, Vii. Clerk,
for $6,800 4 39•70 10-year Uhrich St. impt. bonds. Auth. Sec. 3914, Gen.
Code. Denom. $680. Date Jan. 1 1912. Int. J. & J. Bonds to be delivered and paid for within 10 days from time of award. Cert. check on a
solvent bank for $300, payable to the Vii. Treas., required. Perch. to pay
accrued Interest.
Proposals will also be received at the same time and place for $2,600 4 34%
Water St. impt. bonds. Authority, Sec. 3914, Gen. Code. Denom. $260.
Date Jan. 11912. Int. J. & J. Due Jan. 1 1922. Bonds to be delivered
and paid for within 10 days from time of award. Cert. check for $200,
payable to the VII. Treas., required. Purchaser to pay accrued interest.
Bonds Authorized.-A resolution has been passed providing for the issuance of $18,000 4% 25-yr. coup. refunding bonds. Denom. $500. Int.
semi-annually at the Village Treasurer's office.
THE CHRONICLE
298
UNION COUNTY (P. 0. Elizabeth) N. J.-Bond Offering.-Proposals
will be received until 10 a. m. Feb. 5 by N. R. Leavitt, Co. Collector, for
$75,000 4 M% 30-yr. coup. or reg. hospital bonds. Denom. $1,000. Date
Jan. 2 1912. Int. payable at Nat. State Bank, Elizabeth. Bonds to be
delivered and paid for within 30 days after Feb. 5 1912. Cert. check for
$1,500, payable to the Co. Collector, required. Purch. to pay accrued int.
Bids must be unconditional.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
UNION IRRIGATION DISTRICT (P. 0. Raymondville). Cameron
County, Tex.-Bonds Voted.-A favorable vote was cast recently, it is
stated, on a proposition to issue $100,000 irrigation bonds.
• UNIVERSITY PLACE SCHOOL DISTRICT (P. 0. University Place),
Lancaster County, Neb.-Description of Bonds.-We are advised that the
$50,000 high-school-bldg. bonds voted Jan. 10 (V. 94, p. 228) bear interest
at 5%. Int. semi-annual. Due *10,000 in 5, 10 and 15 years and $20,000
in 20 years.
VAN NUYS SCHOOL DISTRICT, Los Angeles County, Cal.-Bond Offering.-Proposals will be received until 2 p. m. Feb. 5, it is stated, by the
Supervisors for $50,000 5% bonds. Denom. $1,000.
WAGONER COUNTY (P. 0. Wagoner), Okla.-Bond Sale.-W. A.
Brooks of Okla. City has been awarded $55,000 refunding bonds at 103.
WALKER SCHOOL DISTRICT (P. 0. Walker), Linn County, Iowa.Price Paid for Bonds.-We are advised that the price paid for the $2,500
5% 10-yr. bldg. bonds awarded to G. M. Bechtel & Co. of Davenport on
.Tan. 15 (V. 94, p. 154) was par. Denom. *500. Date Jan. 1 1912.
Int. J. & J.
• WARDNER, Shoshone County, Idaho.-Bond Election Proposed.-According to reports, this town is contemplating holding an election to vote
on a proposition to issue $19,000 sewer-system bonds.
WARREN COUNTY, N. Y.-Bond Sale.-On Jan. 20 the $50,000 5%
road bonds (V. 93, p. 1740) were awarded to Farson, Son & Co. of N. Y.
at 103.05. Other bids follow:
E. H. Rollins & Sons, N. Y....102.56 John J. Hart, Albany
102.023
J. R. Magoffin, N Y
102.45 C. E. Denison & Co., Boston101.7551
R. L. Day & Co , N Y
102.33 Harris, Forbes &
N. Y.101.421
W. N. Coler & Co., N. Y_ _102.275 Merchants' Nat. Bk.,
Co.,G1.F'113100.45
Denom. $1,000. Date -Dec. 15 1911. Int. F. & A. Due yrly. from
Feb. 15 1914 to 1918 inclusive.
WEBSTER CITY SCHOOL DISTRICT (P. 0. Webster City), Hamilton
County, lowa.Bona Sale.-Geo. M. Bechtel & Co. of Davenoprt were
awarded during December $40,000 4 M% school bonds at 100.7436. Denom.
$1,000. Date Jan. 1 1912. Int. J. & J. Due Jan. 1 1932, opt., however,
before that date.
• WEST ALLIS, Milwaukee County, Wis.-Bond Offering.-Proposals
will be received until 2 p. m. Feb. 3 by the Mayor and Finance Committee
for the $18,000 5% storm-sewer bonds (V. 93, p. 1684). Denom. $1,000.
Date Jan. 1 1912. Int. M. & S. Due $1,000 yearly March 1 from 1921 to
1926, incl., and $2,000 yearly March 1 from 1927 to 1932,incl. Cert. check.
for $300 required. F. E. Walsh is Mayor.
WHITE SALMON, Klickitat County, Wash.-Bond Offering.-Proposals will be received until 8 p.m. Feb.13 by M.J. Van Vorst,Town Treas.,
for $9,000 coup. funding bonds at not exceeding 7% int. Denm. $500 or
$1,000, as purchaser may elect. Int.semi-annual at such place as purchaser
may designate. Due in not less than one nor more than 20 yrs.
[voL. Lxxxxiv.
• WHITEVILLE, Hardeman County, Tenn.-Bond Sale.-On Oct. 9 1911
the $10,000 6% street bonds (V. 93, p. 974) were awarded to the Bank of
Camden at 101.
WICHITA. Sedgwick County, Kan.-Bond Sale.-During Dec. 1911
this city sold the $7,635 98 5% 2-yr. coup. park impt. bonds (V.93, p.1684.)
WILSON COUNTY (P. 0. Floresville), Tex.--No Bands to be Issued.
Concerning the report that an election would be held to vote on a proposition to put out $30,000 bonds (V. 93, p. 1684), we are advised that "no
bonds will be issued."
WOODBURN,Marion County,Ore.-Bond Sale.-On Jan. 16 the $25,000
5% water bonds voted Sept.8 1911 (V.93, p. 827) were awarded to Hoehler
& Cummings of Toledo at par, less $1,000 for attorneys' fees, &c. Other
bids follow:
Farson, Son & Co., Chicago $25.000, less $2,475 for attorneys' fees.
Bolger, Mosser & Willaman, Chic_ _$25,000, less $1,225 for attorneys' fees
Denom. $2,500. Int. semi-ann. Due $2,500 yriy. May 1 1917 to 1926 inel.
Bonds Proposed.-We are advised that this city proposes to issue $15,000
city-hall bonds.
WYANDOTTE COUNTY (P. 0. Kansas City), Kan.-Bond Sale.-On
Jan. 23 the $170,000 4)% bridge bonds (V. 93, p. 1807) were awarded to
the H. C. Speer & Sons Co. of Chicago for $176,060, making the price
103.563. Other bids follow:
People's Nat. Bk., Kan. C_$175,525 Seasongood Fic Mayer, Cin__$171,836
_ 171,759
John Nickerson Jr., Kan. C_ 175,189 Merch. Tr. & Say. Bit_
Francis Bros. & Co., St. L_ 173,417 E. H. Rollins & Sons,-Chic. 171,521
Cont.&Com.Tr.&S.B.,Chic. 172,839 Sutherlin & Co., Kan. City.. 171,390
A. B. Leach & Co., Chicago 172,567 Commerce Tr. Co., Kan. C_ 171,162
170,853
Bolger,Mosser&Willaman,Ch 171,915 L. D. Lacing
Denom. $1,000. Date Feb. 1 1912. Int. F. & A. Duo $17,000y
yearly
0 3
1932 to 1941 incl.
XENIA, Greene County, Ohio.-Bonds Defeated.-The proposition to
issue the $40,000 sewage-disposal-plant bonds (V. 93, p. 1137) failed to
carry at the election held Jan. 16, the vote being 172 "for" and 611
"against."
YOUNGSTOWN.Ohio.-Bond Sale.-On Jan. 15 the fifteen issues of 5%
bonds, aggregating $44,355 (V. 93, p. 1807), were awarded as follows,
it is stated:
$1,300 fire-department bonds to J. Squires at 101.61.
1,500 Market St. viaduct-repair bonds to the Policemen's Pension Fund
at 101.33.
900 Darrow St. widening bonds to the Policemen's Pen. Fd. at 101.33.
910 Milton Ave. sewer bonds to the Policemen's Pen. Fd. at 102.74
1,115 Essex St. grading bonds to the Firemen's Pen. Fd. at 101.34
4,565 Carroll St. paving bonds to Seasongood & Mayer of Cin. at 102.62
685 Bernard St. sewer bonds to the Firemen's Pen. Fd. at 101.02
5,275 Central Ave. paving bonds to Seasongood & Mayer of Cin. at 102.82
325 Davis St. grading bonds to the Policemen's Pen. Fd. at 102.04
6,210 Glenaven St. paving bonds to Seasongood & Mayer of Cin. at 102.81
8,435 Garland Ave. paving bonds to Seasongood & Mayer of Cln. at 102.82
2,935 Burke St. grading and paving bonds to Hayden, Miller & Co. of
Cleveland at 102.27
3,445 Cleveland St. et al sidewalk bonds to Seasongood & Mayer of On.
at 102.52
3,155 Wirt St. et al sidewalk bonds to Seasongood & Mayer of Cin.at102.47
3,600 Erie St. grading bonds to Hayden, Miller & Co. of Cleve.at 102.30
YPSILANTI, Washtenaw County, Mich.-Bonds Authorized.-A resolution was passed providing for the issuance of $30,000 4% bridge bonds
Denomination $500.
NEW LOANS.
NEW LOANS.
$50,000
$75,000
$75,000
Smyth County, Virginia,
Parish of East Baton Rouge, La.,
UNION COUNTY, N.J.
6% BONDS
School District No. 1
Jan. 23, 1912.
SEALED BIDS will be received at the office
of WHITE & BUCHANAN, MARION, SMYTH
COUNTY, VIRGINIA, up to 12 M. on Monday.
the 19th day of February. 1912, for the purchase
of $50,000 00 of bonds of Smyth County, Virginia, issued for the purpose of permanently improving the roads and bridges of Rich Valley
Magisterial District of Smyth County, Va.; said
bonds being dated January 1, 1912, bearing six
par centum interest per annum, payable' semiannually, and to run for a period of thirty years
from date, with the option of redeeming any or
all of said bonds at any interest-bearing period
after fifteen years from date.
Bids must be accompanied by properly certified
*heck for $1,000 00, payable to J. M. Gass,
Chairman Board of Supervisors of Smyth County,
Va., guaranteeing fulfilment of contract by
bidder.
The right is reserved to reject any and all bids.
B. F. BUCHANAN,
JNO. P. BUCHANAN,
Agents Board of Supervisors of
Smyth County, Va.
NEW LOANS.
5% BONDS
January 10, 1912.
Sealed proposals will be received at the office
of the Parish Superintendent of Education up to
10 a. m., JANUARY 30. 1912, for the purchase
of the $75,000, bearing five 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 B. 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.
HOSPITAL BONDS.
SEALED BIDS for the purchase of Seventyfive $1,000 00 thirty-year 4)
,6 per cent coupon
bonds, dated January 2nd, 1912, interest and
principal payable at National State Bank, Elizabeth, N. J., with privilege of registration, as to
principal or interest, or both, will be received at
the office of the undersigned, on
MONDAY. FEBRUARY 5TH, 1912,
at 10:00 A. M. A certified check for $1,500 00
to the order of N. R. Leavitt, County Collector,
must accompany each bid, as a guaranty that
successful bidder will pay for bonds at the price
bid, and accrued interest, upon delivery thereof
within thirty days after February 5th, 1912.
No conditional bids will be received. The
right is reserved to reject any and all bids.
$144,344,612 36
Assessed (1911) Valuation
Bonded Debt
$1,065,000 00
N. R. LEAVITT, County Collector,
No. 130 Broad St., Elizabeth, N. J.
Sutherlin & Company
MUNICIPAL BONDS
Commerce Bulldint,
KANSAS CITY
MISSOURI
ESTABLISHED 1885
BLODGET & CO.
BONDS
80 STATE STREET. BOSTON
80 PINE STREET, NEW YORK
C. SPEER & SONS CO
First Nat. Bank Bldg., Chicago
SCHOOL,
'CANTY AND MUNICIPAL BOND
STATE. CITY & RAILROAD BONDS
ACCOUNTANTS.
LYBRAND,
ROSS BROS di.
MONTGOMERY
Cortlfrod Publlo Acmountento
Bolger, Mosser & Willaman
HODENPYL, HARDY & CO
7 Wall St
New York
Railroad, Street Ry., Gas & Elec. Light
MUNICIPAL BONDS
Legal for Savings Banks,
PoPs,1 Savings and Trust Funds
SIND PDX LIST
19 South Ls Sails St.,
CHICAGO
(Pennsylvania)
NEW YORK, 55 Liberty St.
PHILADELPHIA, Morris Bldg.
PITTSBURGH, Union Bank Bldg.
CHICAGO, First Nat. Bank Bldg.
SAN FRANCISCO, Kohl Bldg.
SEATTLE, Central Bldg.
LONDON, 58 Coleman St.
SECURITIES
JAMES PARK & CO.
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
Charles M. Smith & Co.
CORPORATION AND
MUNICIPAL BONDS
rntsT NATIONAL BANS BUILDING
CHICAGO
CERTIFIED PUBLIC) ACCOUNTANTS
New York, Chicago, Cincinnati and
London, England.
DITORS FOR FINANCIAL ID/STITT)
TIONS, INDUSTRIAL AND
MINING COMPANIES
Inveitigations, Financial Statements.
Periodical Audits and Acconaltple
299
THE CHRONICLE
JAN 27 1912
Canada, its Provinces and Municipalities.
authorBROOKLANDS, Man.-Debentures Authorized.-This place has
ized the issuance of $2,000 school debentures, it is stated.
-Among the bids
CARLETON COUNTY (P. 0. Ottawa), Ont.-Bids.llment
debentures
received on Nov. 21 1911 for the $40,000 5% 20-Insta
and int (V. 93,
104.445
at
of
Toronto,
&
Co.
A.
Stlmson
awarded to G.
p. 1684), were the following:
& Co., Tor_$40,873
Ontario Sec. Co., Ltd., Tor_ _$41,419 W.A. Mackenzie
40,860
Wood, Gundy & Co.,Tor__ _ 41,349 Bank of Ottawa
40,834
Brent, Noxon & Co., Tor_ ___ 41,211 C. H.Burgess & Co., Tor_ _ _ _
41,168
Reg_
Ltd.,
Co.,
Finance
Nat.
ures Not Sold.
CHAPLEAU TOWNSHIP (P. O. Sudbury), Ont.-Debent
30-yr. 5%
-No award has yet been made of the $12,000 20-yr. and $7,000
1138).
p.
93,
(V.
1911
debentures offered on Oct. 31
purchase price of
CREELMAN, Sask.-Price Paid for Debentures.-The
awarded to W. L. Mcthe $3,000 6% 15-yr. permanent impt. debentures
96.
was
1808)
p.
93,
Kinnon& Co. of Toronto (V.
-An election will be held
EDMONTON. Alta.-Debenture Election.by-laws
totaling $1,715,453 37:
Jan. 30, it is stated, to vote on the roll)wing
$19,953 34; pollee station
vehicles,
horses,
Street railway, $602,006 67;
filters, $29,686 66;
water
$175,200;
site, $39,906 67; exhibition association,
$4,hall sites, $4,866 67; fire equipments,telewater-works bldg., $9,733 33; fire-warehouse
$5,353 34;
workshop,
and
380; power house, $210,240; city67; telephone substations, $34,066 67; telephone sub-station sites, $15,086
$200,020; city stables, $12,phone extensions, $273,020; paving streets, additions, $15,086 67.
066 67; lighting dept., $62,780, and warehouse
-On Nov. 6 1911 the $17,000 43%
FOREST, Ont.-Debenture Sale.
(V. 93, p. 1216) were awarded to the
30-installment school debentures
making the price 100.03.
$17,005,
Standard Bank of Forest for
Que.-Debentures Proposed.-This place is conGREENFIELD PARK,
stated.
sidering the issuance of $20.000 debentures, it is
Sale.-On Dec. 28 1911 the i2,000 6%
HAMIOTA, Man.-Debenture
to C. H. Burgess & Co.
awarded
93, p. 1741) were
20-yr. debentures (V.and
int. Other bids follow:
of Toronto at 101.25
$2,002 50
Regina
James,
44
Nay
00
00I
20
Co..Tor.$2,0
-Geo. A.Stimson 44Toronto_ 2,010
Ont. Sec. Co. Ltd., Tor__ 1,987 00
H.O'Hara & Co.,
1,980 00
Reg
'
Co.,Ltd.,
Finance
Nat.
00
2,006
Tor_
Co.,
&
Noxon
Brent,
to vote on the
KAMLOOPS, B. C.-Debentures Defeated.-The election
question of issuing $300,000 hydro-electric debentures (V. 93, p. 1625)
was defeated, it is stated.
Lake), Alta.
KUNDSON SCHOOL DISTRICT NO. 2323 (P. 0. Dowling
Supply Co. was
-Debenture Sale.-On June 26 1911 the Western School
1911. In15
July
Date
10-yr.
debentures.
6%
$1,200
101.40
at
awarded
terest annual.
2427 (P. 0. Lake Thelma),
LAKE THELMA SCHOOL DISTRICT NO.
advised that the Alberta School
Alta.-Debenture Sale.-We have Just been
on Oct. 2 1911 an issue of $1,500 8%
Supply Co. of Edmonton was awarded
In April.
10-yr. bldg. debentures at 101. Date Dec. 15 1911. Int.
(P.0. Magrath), Alta.-Debenture
LEHI SCHOOL DISTRICT NO. 1156
101.50 ;1,000
at
awarded
been
has
Sals.-The Alberta School Supply Co. Due 20 years.
4% debentures. Date June 20 1911.
stated, has
MELVILLE. Sask.-Debentures Voted.-This place, it is
voted $6,000 debentures as a bonus to the Lutheran Conference for Educational buildings.
are advised
ONTARIO (Province of).-Loan All Subscribed for.-We described
in
that the $1,000,000 4% 30-yr. loan dated Nov. 1 1911 andand
int. The
102
at
the
public
to
of
V. 93, p. 1494, has all been disposed
bulk of the loan was subscribed for before the end of December.
bids were
OSHAWA, Ont.-Debenture Sale.-On Jan. 17 the following
(V.94,p.155)
received for the four issues of debentures aggregating $81,485 24
00
Brent, Noxon & Co., Tors$82,194 16I R.C. Mathews & Co., Tor.$81.750
81,511 00
Ont. Sec. Co..Ltd., Tor__ 82,107 00 W.A. Mackenzie &Co., Tor 8
1
10
0
7
1
1
47
:2
1
0
i
,
r
o
r
.
t
o
o
no
T
T
C
o
.
.
o&
s
c
es
g
r&
.
u
am
an
oiH B
G.
Wood, Gundy & Co., Tor_ 82,056 00 C
Dom.See.Corp.,Ltd., Tor._ 81,998 60 G. A.Stlmson & Co., Tor.. 81,035 00
This bid. it is stated, was successful.
wilt be received
POINTE CLAIRE. Que.-Debenture Offering.-Proposals
until Feb. 1 by R.F.Stockwell, Sec.-Treas., for the $10,000 funding and
$65,000 water-works and electric-light 5% coup. debentures(V.93, p. 1553).
Due
Denom. $1,000. Int. M. & N. at the Bank of Hochelaga. Montreal.
1942. Cert. check for 5%, payable to the "Town of Pointe Claire, "required. No debenture debt at present. Floating debt, $10,000. Assess.
val., $665,660.
Debentures Proposed.-We are advised that the town proposes to Issue
later on $50,000 sewerage debentures.
RIDGETOWN. Ont.-Debentures Not Sold.-The $35,000 4 K% 30-yr.
water-works debentures offered on Oct. 2 1911 (V. 93, p. 899) have not yet
been disposed of.
ROULEAU. Sask.-Debenture Sa1e.-Nay & James of Regina have been
awarded the $15,000 5 H% 40-installment coup, elec.-light-system debentures (V. 93, p. 1742).
ST. MARY'S.Ont.-Debenture Offerinp.-Proposals will be received until
12 m. Feb. 3 by T. M. Clark, Clerk, for the following debentures:
$135,000 4;i% 30-yr. consolidated debentures. (V. 94, p. 230.)
5,000 4;i% 20-yr. bridge debentures. (V. 94, p. 230.)
15,000 4 ;i% 20-yr. electric-power-extension debentures.
18,163 5% 20-yr. local-impt. debentures.
Interest is payable annually on all the above Issues.
SNAKE LAKE SCHOOL DISTRICT NO.2354(P.O. Big Valley), Alta.
at
Debenture Sale.-The Western School Supply Co. has been awarded
101.125 $1,600 6% 10-year debentures. Date Nov. 25 1911. Int. ann.
-Proure
Offering.
Ont.-Debent
Dixie),
0.
TORONTO TOWNSHIP (P.
posals will be received for $7,00 5% electric-light-plant debentures. Authority vote of 98 to 11 at the election held Jan. 1. Due 1942. • C. H. Gill
is Clerk.
TROCHA, Alta.-Debenture Offering.-Proposals will be received for
$3,000 6% 10-yr. debentures, according to reports. J. C. MacGregor Is
Sec.-Treas.
UNITED TOWNSHIPS OF NEETON AND GARSON (Sudbury). Ont.Debenture Offering.-Proposals will be received until Feb. 28 for the $4.000
5% 15-yr. debentures (V.93. p. 1742). J. R.Vincent is Clerk.
VERNON. B. C.-Debentures Authorized.-The City Council has passed
a by-law providing for the Issuance of 112,000 debentures.
WASK ADA. Man.-Debentures Authorized.-The issuance of $8,500 debentures has been authorized by the Council.
ENGINEERS •
BOND CALL
NEW LOANS.
$10,000
Powell County, Montana 1. G. WHITE & Co.
Engineers, Contractors
City of Statesville, North Carolina, NOTICE OF REDEMPTION OF BONDS.
SCHOOL BONDS
The undersigned will receive sealed bids until
12 O'CLOCK NOON, FEBRUARY 7. 1912.for
$10,000 5% 20-year non-optional coupon graded
school refunding bonds, dated Feb. 15. Principal and interest payable semi-annually at office
of City Treasurer In Statesville, North Carolina.
Authorized to refund by Act of General Assembly
of North Carolina ratified March 2, 1911. Certified check for 2% of bonds, payable to City of
Statesville, must accompany each bid.
The right is reserved to accept or reject any
or all bids.
FINANCIAL STATEMENT.
$3,000,000
Assessed value 1911
7.000,000
Actual value
Total bonded indebtedness, including
155,000
this issue
62,000
Water debt
C. D. MOORE,
Clerk & Treasurer, City of Statesville, N. C.
ale Board of Commissioners of Powell County,
Montana, to all whom this notice may concern, greeting:
Notice is hereby given that the Treasurer of
Powell County, Montana, will upon February 1st,
1913, redeem all bonds numbered from thirtythree (33) to thirty-nine (32), inclusive, of the
bond issue of said county of July 1st, 1901. All
holders or owners of any of the aforesaid bonds
are required to present the same to the said Treasurer of said county upon February 1st, 1912, at
his office at Deer Lodge in said county for payment. Upon presentation of said bonds to the
same
said County Treasurer upon said day, the
will be redeemed and paid in toil with interest
shall
due thereon up to that date; but such bonds
not draw Interest on or after that date, and all
holders or owners of said bonds, or any thereof
are hereby notified that interest upon the same
will cease upon the date aforesaid.
Dated Dec. 30, 1911.
ALBERT BIEN,
County Treasurer, Powell County, Montana.
F. WM. KRAFT
ARCHITECT.
LAWYER
Specializing in
Examination of
Municipal and Corporation Bonds
1312 FIRST NATIONAL BANK BLDG.
JULIAN BARNES
CHICAGO, ILL.
Suite 1118 Association Building
Standard Gas & Elect. Prof. & Corn,
Consumers Power Company 68
North. States Pow.Co. Prof. & Corn
CHICAGO, ILLINOIS
JAMES N. WRIGHT & CO
ipecIalist in Designing Bank Buildings, Bar
Fixtures and Equipment
DENVER, COLO.
Chicago, Ills.
NEW YORK
General Offices, 57 Greene Street
SOLICIT MERCANTILE ACCOUNTS TO FINANCE
FOR MANUFACTURERS,
DISCOUNT AND GUARANTEE SALES AGENTS AND OTHERS
CARRY NO GOODS FOR OWN ACCOUNT
Established over 60 Years
San Francisco, Cal.
Investigations and Reports on Electric Railway, Uas, Electric Light and Power Properties. &c.. for Financial Institutions and
Investors.
electric Railways, Electric Light and
Power Plants, Gas Plants, Financed,
Designed and Built.
London Correspondents:
LinsiSed.
J. G. WHITE &
9 Cloak Lane, Cannon St., E. C.
C. G. YOUNG
%agineering and Constructios
gang, Methods, Operation
"ablia Utilities and Industrial.
SIXTY
WALL ST.,
NEW YORK
teports for Financing
Lewis
Frederick H.Engineer
Civil and Mechanical
Consulting Engineer
Crown-Marx Bldg.
1. F. DOMMERICH & Co.
+3-49 Exchange Place, NEW YORK
Birmingham, Ala.
Established 1889
A. L. REGISTER & CO.
ENGINEERS-CONTRACTORS
Philadelphia
MINING ENGINEERS
H. M. CHANCE
Consulting Mining Engineer and Geologist
30A.T.. AND MINERAL PROPERTIED
Examined, Developed, Managed
eleozoi Bldg..
P1111LADELPHIA. PA
300
THE CHRONICLE
[VOL. Lxxxxiv.
gvnzt eormyrantes.
011110g Sims TIZI
1
•ti
1;
gvnst (gamnits.
NH 01 W You,
Chartered 1853
45 and 47 WALL STREET
CAPITAL,
iUR PLUS AND UNDIVIDED PROFITS
-
-
-
-
-
-
Manhattan
Tryst
$2.000,000.00
13,577,034.29
Company
wall Street corner Nassav
This Company acts as Executor, Administrator, Guardian. Trustee. Court Depositary and in
:her recognized trust capacities.
It allows interest at current rates on deposits.
/t holds, manages and invests money, securities and other property, real or personal, for estates,
sorporations and individuals.
EDWARD W.SHELDON, President.
WILLIAM M. KINGSLEY, V.-Pres.
HENRY E. AHERN, Secretary.
WILFRED il. WORCESTER, Asst. Sec. CHARLES A.EDWARDS,2d Asst.Sec.
TRUSTEES.
JOHN A. STEWART. Chairman ef the Board.
Gustav II. Schwab
Lyman J. Gage,
Frank Lyman,
Payne Whitney,
James 8ttilman,
Edward W. Stitidon,
John Clan',
Chauncey Keep,
John J. Phelps,
George L. Rives,
T.PVC1q (Num 1..dvitrrl
Ari4sIsr n
W. Bayard Cutting,
William Rockefeller,
klexander E. Orr,
William H. Macy Jr.;
William D. 9 °axle.
William M. Kingsley,
William Stewart Tod,
Ogden WM.
Bretton L. Winthrop,
Cornelius N. Bliss, Jr.
FIDELITY TRUST COMPANY
NEWARK, N. J.
Resources Over $27,000,000
Capital, Surplus and Undivided Profits, Over $9,500,000
Acts as Executor, Trustee, Administrator and in all fiduciary capacities.
Takes entire charge of Real and Personal Estates, Guarantees Titles of
Real Estate throughout Now Jersey.
General Banking and Savings Departments. Bend Department for
purchase and sale of municipal and public utility securities. Safe Deposit
Department.
AVM..
CHARTERED 1864
UNION TRUST COMPANY OF NEW YORK
MAIN OFFICE. 80 BROADWAY
Fifth Avenue Branch.
Plaza Branch,
425 Fifth Avenue, corner 38th St.
786 Fifth Avenue, corner GOth St.
Modern Safe Deposit Vaults at both Branches.
Capital $1,000,000
Surplus (earned) $7,900,000
ALLOWS INTEREST ON DEPOSITS
Acts as Executor, Guardian, Trustee, Administrator and in all Fiduciary
Capacities on behalf of Individuals, Institutions or Corporations.
The
Trust Company of America
37-43 WALL STREET, NEW YORK
COLONIAL BRANCH'
LONDON OFFICE,
222 Broadway, New York.
95 Gresham St.l
CAPITAL AND SURPLUS, $8,000,000
Invites accounts of individuals firms and corporations.
Pays interest on daily balances.
Executes trusts of every description.
Member N. Y. Clearing House
Authorized to act as Executor
under Wills, Administrator, Guardian.
Trustee for Individuals, Corporations and Municipalities. Fiscal
Agent.
Transfer Agent and Registrar of
Stocks and Bonds.
Receiver, Assignee or Committee.
Temporary Offices
113 BROADWAY
MISSISSIPPI VALLEY TRUST CO.
Fourth & Pine SW., St. Louis
CAPITAL. SURPLUS
1S8 540 000
andPROFITS)
GENERAL
A
FINANCIAL AND F/DUO/AR2
BUSINESS TRANSACTED.
DIRECTORS.
Henry Semple Ames, Vice-President.
William Bagnell. President Liagnell Timber Co.
John I. Beggs,Pres. & Gen.Man.Si. Louis Oar O.
Eugene H. Besioist.
James E. Brock, Secretary.
Murray Carleton, President Carleton Dry Goods(Jo
Charles Clark.
Horatio N. Davis. President Smith &Davis Mfg.0e
John D. Davis, Vice-President.
David R. Francis Francis, Bro. & Co.
S. E. Hoffman, Vice-President.
Breckinridge Jones, President.
Lackey, Vice-Presidont and Bond Offices
Wm.
W.J. McBride, V.-Pres. Haskell & Barker Car Ga.
Nelson W. McLeod, Vice-President Grayson
McLeod Lumber Co.
Saunders Ner veil,Pres.Stoves &Hardware Pub. Cle
Robert J. O'Reilly. M.D.
Wni. I). Orth %vim,Pres.Wm.D. Orthwein Grain Oe
Henry W. Peters, President Peters Shoe Co.
ii. C. Pierce. Chairman BoardWaters-Pleree Oil(Jo
Henry S. Priest, Priest & Boyle.
August Schially. August &Wady A Sons.
R. .1. Stockton. Preektent Majestic, Mfg. Co.
Julius S. Welsh. Chairman of the Board.
Rolla Wells.
IndustrialTrust Company
Providence, R. I.
CAPITAL
SURPLUS
$3,000,000,
3,000,000.
OFFICERS
Martin Brown. President
Joshua M. Addeman, Vice-President
James M. Scott, Vice-President
Charles C. Harrington, Vice-President
Ward E. Smith, Treasurer
Chas. II. Manchester, Secretary
H. Howard Pepper, Trust Officer
and Asst. Treas..
Frederick B. Wilcox, Auditor
BOARD OF DIRECTORS
Samuel P. Colt, Chairman Samuel M. Nicholson
Joshua M. Addeman
James it. hiacColl
James
Scott
John W. Ellis
II. Martin Brown
Harold J. Gross
Chas. C. Harrington
Samuel M. Conant
Louis H. Comstock
James E. Sullivan ,
R.LivingstonBeeckmam
Ilerbert N. Fenner
J. Milton Payne
Walter S. Ballott
Eben N. Littletleld
Albert II. Sayies
Angus McLeod
Seeoer Edwards
Ezra Dixon
Henry W. Ilarvey
Englehart C. Ostby
James M. Pendleton
Lyman B. GolI
Thomas P. Peckham.
Everett I. Rogers
THE AMERICAN MFG. CO.
3ittinoi5
urttp Cowman!)
Home Office, 206 La Salle Street
CHICAGO
WRITES ALL CLASSES SURETY BONDS
Court—Fidelity—Contract—Miscellaneous
The motto of the Illinois Surety Company Is
"Prompt Service"
!kW/a in the handling of its business and the
adjustment of Us 41.roo
MANILA SISAL AND JUTE
CORDAGE
65 Wall Street
-
New York
GEO. B. EDWARDS
Tribune Building. NEW YORK, N. Y.
rel. 4318 Beekman
Good Reference..
Negotiations,Investigatione,Settlementa
Purchases of Property, Information
In New York City or anywhere.
@FedFRASER