Full text of Commercial and Financial Chronicle : January 4, 1913, Vol. 96, No. 2480

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INCLUDING
Bank & Quotation Section
Railway Earnings Section

Railway & Industrial Section
Bankers’ Convention Section

Electric Railway Section
State and City Section

VOL. 96_________________ SATURDAY, JAN U AR Y 4 1913

1 ft*

(S A xxa

C le a r in g s

NO. 2480
W e e k en d in g D e c e m b e r 2 8 .

a t—

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A d d r e s s e s o f a ll . O f f i c e o f t h e C o m p a n y .

C LE A R IN G -H O U SE RE TU RN S.
The following table, made up b y telegraph, & c., indicates that tho
total bank clearings o f all clearing houses o f tho United States for tho week
ending Jan. 4 have been $3,684,017,299, against $2,908,275,741 last
week and $3,543,789,430 the corresponding week last year.
C le a r in g s — R e tu r n s b y T ele g r a p h .
W e e k e n d in g J a n u a ry 4 ,

S e v e n c it ie s , o n e d a y ...................................

P er
C en t.

1913.

1912.

8 1 ,6 6 2 ,1 9 5 ,9 8 0
1 7 4 .0 S 4 .9 4 2
1 4 1 ,5 5 1 ,7 8 6
3 2 .5 0 2 .7 9 6
2 5 0 ,8 6 1 ,1 6 1
7 8 ,3 2 0 ,6 2 7
1 7 .0 2 9 .7 9 6

8 1 ,5 8 0 ,4 1 0 ,4 9 9
1 4 7 ,1 8 5 ,1 3 7
1 4 9 ,3 7 0 ,0 6 9
3 2 ,0 0 3 ,3 3 4
2 3 5 ,2 1 6 ,5 6 2
7 0 ,1 7 9 ,8 6 0
2 1 ,2 0 0 ,6 0 5

+ 5 .2
— 0 .1
5 2
+ 1 .6
+ 6 .7
+ 1 1 .3
— 1 9 .7

8 2 ,3 2 9 ,5 4 7 ,0 8 8
6 0 2 ,4 2 8 ,9 4 3

8 2 ,2 3 5 ,5 7 2 ,0 6 6
5 6 5 ,4 1 6 ,2 0 7

+ 4 .2
4 * 0 .5

$ 2 ,9 3 1 ,9 7 0 ,0 3 1
7 5 2 ,0 4 1 ,2 0 8

S 2 ,8 0 0 ,9 8 8 ,2 7 3
7 4 2 ,8 0 1 ,1 5 7

+ 4 .7
+ 1 .2

8 3 ,6 8 4 ,0 1 7 ,2 9 9

S 3 ,5 4 3 ,7 8 9 ,4 3 0

+ 4 .0

Tho full dotails for tho week covered b y tho abovo will bo given next
Saturday. W e cannot furnish them to-day, clearings being made up by tho
clearing houses at noon on Saturday, and hence in the abovo tho last day o f
tho week has to bo in all cases estimated, as wo go to press Friday night.
W o present below detailed figures for tho week ending with Saturday
noon, Doc. 28, for four years.
W e e k e n d in g D e c e m b e r 2 8 .
C le a r in g s f j x l —
1912.

N e w Y o r k . ...........
P h i l a d e l p h i a _____
P i t t s b u r g h _______
B a l t i m o r e _______
B u f f a l o ........... ..
A l b a n y .....................
W a s h i n g t o n _____
R o c h e s t e r _______
S c r a n t o n _________
S y r a c u s e ................
R e a d i n g __________
W i l m i n g t o n ______
W i lk e s - B a r r e _____
W h e e l i n g ........... ..
T r e n t o n _________
Y o r k ______ _______
E r l o ..........................
G r c c n s b u r g ------B i r m i n g h a m _____
C h e s t e r ..................
A l t o o n a __________
L a n c a s t e r ..............
M o n t c l a i r _______
T ota l

1911.

I n c . or
D ec.

1909.

1910.

S
8
j
S
%
1 ,6 2 4 ,1 5 5 ,3 4 4 1 ,5 5 8 ,4 9 9 ,5 2 8
+ 4 .2 1 ,5 2 7 ,1 4 0 ,3 5 2 1 ,9 8 0 ,4 4 0 ,4 1 7
1 4 0 ,6 2 2 ,0 3 6
1 4 9 ,1 5 8 ,7 0 5
1 4 0 ,7 5 9 ,7 6 8
+ 6 .0
1 3 4 ,5 7 4 ,7 2 1
5 3 , 9 0 0 ,5 7 0
4 4 ,9 7 8 ,3 3 7
+ 2 4 .4
4 3 ,3 3 2 ,3 5 8
4 2 ,0 5 7 ,2 2 8
2 6 ,7 2 6 ,0 1 0
3 3 , 5 2 1 ,4 2 0
+ 1 5.4
2 9 ,0 4 7 ,5 9 9
3 1 ,2 9 1 ,3 8 5
9 ,7 7 6 ,4 1 5
+ 2 4 .0
7 ,9 1 4 ,5 2 7
7 ,8 8 7 ,2 6 1
7 ,3 2 6 ,0 5 5
5 ,1 0 0 ,0 0 0
5 ,2 5 5 ,8 3 9
— 3 .0
5 ,2 9 2 ,9 9 1
4 ,6 5 0 ,7 5 5
6 ,3 9 6 ,0 8 8
6 ,0 9 0 ,8 3 3
6 ,3 8 6 ,6 6 0
+ 0 .1
5 ,9 4 9 ,9 2 2
3 ,5 5 0 ,5 1 2
2 ,9 4 3 ,2 5 1
+ 1 1 .7
3 ,9 6 6 ,2 8 9
2 ,8 0 0 ,0 0 0
+ 5 .4
2 ,5 2 6 ,6 0 8
2 ,7 5 0 ,0 0 0
2 ,6 1 0 ,4 3 9
2 ,3 8 5 ,2 0 8
1 ,8 4 2 ,8 8 3
2 ,0 7 7 ,8 3 6
1 ,8 0 7 ,4 7 2
+ 1 4 .8
1 ,9 0 3 ,0 3 8
1 ,2 2 3 ,7 3 3
1 ,7 5 3 ,6 1 9
1 ,5 8 2 ,4 6 9
+ 1 0 .8
1 ,4 4 3 ,6 9 5
1 ,1 3 1 ,0 8 5
1,3 9 7 ,4 8 5
1 ,3 4 8 ,3 1 0
+ 3 .6
1 ,4 0 9 ,8 1 7
1 ,1 0 1 ,7 1 7
1 ,3 7 9 ,6 5 0
1 ,3 8 6 ,5 3 3
— 0 .5
1 ,2 0 4 ,1 5 6
1 ,3 2 4 ,9 8 6
1 ,8 9 8 ,7 3 6
1 ,5 0 6 ,9 4 6
+ 2 6 .0
1 ,4 0 1 ,9 4 7
1 ,6 3 0 ,0 4 2
1 ,5 1 1 ,0 7 1
1 ,5 8 1 ,0 1 8
+ 3 .1
1 ,0 0 9 ,0 0 1
7 2 6 ,0 3 8
6 8 7 ,4 3 5
8 8 9 ,6 0 3 — 1 8 .3
8 1 8 ,8 2 0
8 9 1 ,7 2 2
8 2 4 ,9 3 7
7 5 5 ,4 8 8
+ 1 8 .0
7 5 0 ,1 9 1
5 1 8 ,7 3 9
4 7 6 ,8 1 7
5 4 1 ,0 2 1
— 4 .1
4 6 5 ,2 7 8
5 4 0 ,2 0 0
3 1 5 ,4 0 0
4 4 9 ,6 0 0
+ 2 0 .2
4 9 9 ,7 0 0
5 2 1 ,2 6 8
5 0 8 ,5 8 2
4 3 7 ,4 3 6
+ 2 .5
5 2 1 ,9 8 4
4 8 8 ,4 6 1
4 3 1 ,6 9 2
3 6 3 ,8 3 0
+ 1 3 .2
4 0 0 ,7 4 9
1 ,0 8 3 ,7 8 2
8 1 2 ,5 9 7
+ 3 3 .4
7 2 0 ,4 1 6
3 9 9 ,1 2 5 N o t I n c lu d e d in t o t a l

M i d d l e . 1 ,9 0 3 ,6 3 2 ,4 0 9 1 ,8 1 0 ,9 3 1 ,2 9 5

T o ta l P a c ific ..

1 0 5 ,6 3 0 ,1 7 8

9 6 ,5 0 7 ,5 1 5

Kansas C i t y __
M inneapolis___
Omaha................
St. Paul_______
D e n v e r............ St. Joseph___ lies Moino?____
Sioux C ity _____
W ic h ita ..............
D ulu th ...... .........
Lincoln __
T o p e k a _______
D a v e n p o rt__
Cedar R apids..
Fargo .......... .....
Helena _______
Colorado Springs
Pueblo _______
Waterloo _____
Aberdeen............
B illin g s _______
F re m o n t______
H astings............
T o t. oth. West*

50,314,768
26,033,181
13,894,302
9,794,380
8,410,012
5,722,123
3,850,234
2,290,644
3,199,445
5,302,265
1,366,135
1,562,417
1,274,942
1,334,557
463,761
1,021,694
576,733
727,572
1,264,300
374,175
444,734
273,506
.174,917
139,670,797

41,709,907
19,256,417
12,174,586
7,944,975
8,941,393
5,180,129
3,519.490
1,879,784
2,773,926
3,928,904
1,270,475
1,823,169
1,403,987
1,102,461
682,089
855,101
560,000
544,914
1,039,336
223,063
231,119
216,534
135,647
117,397,397

St. Louis............
N w Orleans___
L o u is v ille _____
H o u s to n ______
G alveston_____
Richmond ____
A tla n ta _______
Memphis _____
Fort W orth____
Savannah ..........

+ 5 .1 1 ,7 7 1 ,2 9 0 ,9 1 8 2 ,2 3 4 ,8 4 2 ,3 5 0

B o s t o n ................
P r o v i d e n c e ...........
H a r t f o r d ........... ..
N e w H a v e n ______
S p r in g f i e ld ........... ..
P o r t l a n d ................
W o r c e s t e r ________
F a ll R i v e r ..............
N e w B e d f o r d ___
L o w e l l ........... ..........
I l o l y o k o ___________
B a n g o r ......................

1 3 1 ,7 7 2 ,0 6 2
7 ,3 0 5 ,8 0 0
3 ,8 0 0 ,9 0 0
2 ,2 6 0 ,7 5 8
2 ,0 1 2 ,3 4 3
1 ,5 6 5 ,3 4 2
2 ,0 7 8 ,1 8 0
1 ,2 5 2 ,2 6 3
7 6 7 ,0 0 7
4 3 6 ,2 0 0
5 2 3 ,1 4 3
5 6 7 ,2 8 9

1 3 2 ,6 4 9 ,6 5 1
0 ,2 7 5 ,4 0 0
3 ,5 2 4 ,2 5 9
2 ,4 6 3 ,9 7 1
1 ,6 9 2 ,7 4 2
1 ,7 8 5 ,9 8 2
2 ,1 1 3 ,2 0 6
9 6 6 ,9 3 2
8 3 7 ,1 5 8
3 9 6 ,3 8 7
5 8 3 ,2 6 8
4 9 4 ,6 5 5

— 0 .7
+ 1 6 .4
+ 7 .8
— 8 .2
+ 1 8 .9
— 1 2 .3
— 1.7
+ 2 9 .6
— 8 .4
+ 10.1
— 1 0 .3
+ 1 4 .7

1 3 3 ,7 8 7 ,1 7 7
7 ,0 0 5 ,8 0 0
3 ,4 1 0 ,7 9 4
2 ,1 3 2 ,3 3 7
1 ,5 5 7 ,9 3 0
1 ,4 9 9 ,6 6 9
1 ,7 0 4 ,1 0 7
9 5 5 ,8 8 7
9 9 1 ,1 5 2
4 9 1 ,0 0 5
4 3 8 ,9 0 9

1 8 6 ,1 4 5 ,6 1 0
6 ,4 9 3 ,4 0 0
3 ,2 5 5 ,7 9 1
2 ,1 7 3 ,0 4 4
1 ,8 5 0 ,0 0 0
1 ,6 0 5 ,4 0 9
1 ,9 5 9 ,9 2 3
1 ,0 8 7 ,0 0 1
9 7 8 ,9 3 0
4 3 3 ,0 0 0
5 1 8 ,1 8 9

........................

........................

T o t. N ow E n g.

1 5 4 ,3 4 0 ,3 9 3

1 5 3 .7 8 3 ,6 1 1

+ 0 .4

1 5 3 ,9 8 0 ,7 6 7

2 0 6 .5 6 0 .2 9 7

For Canadian Clearings see “ Commercial and Miscellaneous News "




Chicago _____
Cincinnati___
Cleveland____
Detroit______
Milwaukee___
Indianapolis__
Columbus........
Toledo ______
Peoria_______
Grand Rapids..
Dayton______
Evansville___
Kalamazoo___
Springfield, III.
Fort Wayne__
Youngstown__
Akron_______
Lexington........
Rockford ____
Canton......... .
Bloomington__
Quincy.............
Sprlngllekl, O ..
Decatur .........
South Bend___
Jackson _______
Mansfield .........
Danville...........
Lansing_______
Lima_________
Jacksonville, 111.
Ann Arbor_____
Owensboro.......
Adrian _______
Tot.Mid. West
San Francisco__
Los Angeles____
Seattle .............
Spokane...........
Salt Lake City..
Portland______
Tacoma ...........
Oakland_______
Sacramento____
San Diego_____
Pasadena______
Fresno________
Stockton ______
San Jose_______
North Yakima..
R eno...... ........ .

W llm ’to n , N . C .
T u l s a .......................
T o tal Southern
T o tal all______
O u tsid e N . Y .

8 5 ,8 2 4 ,2 6 7

+ 20.6
+ 35.2
+ 14.1
+ 23.3
— 5.9
+ 10.5
+ 9.4
+ 21.9
+ 15.4
+ 35.0
+ 7.5
— 14.3
— 9.2
+ 21.0
— 32.1
+ 19.4
+ 3.0
+ 33.6
+ 21.6
+ 67.7
+ 92.4
+ 26.3
+ 21.6
+ 18.9

46,085,368
18,449,986
12,375,950
9,179,915
7,794,873
5,516,518
3,112,218
2,089,663
2,785,689
2,675,736
1,221,575
1,731,761
1,452,169
1,114,496
632,023
790,044
525,000
554,503
813,401
308,807
101,259
241,822
164,495
119,678,921

45,659,619
21,241,780
12,133,526
9,758,870
8,200,000
5,134,744
3,065,943
2,157,027
2,309,181
3,712,331
1,303,405
1,050,612
1,185,348
1,023,932
650,103
813,158
548,801
471,251
690,204
300,000
179,227
348,533
__________
121,946,604

71,955,864
68,985,202
+ 4.3
65,575,839
61,544,682
18,498,762
20.792,272 — 11.0
20,122,128
20,874,894
11,969,681
13,035,297 — 7.7
10,657,165
11,422,653
19,475,563
14,566.766 + 33.7
12,952,312
13,000,000
9,166,500
8,278,000 + 10.7
8,309,000
6,097,000
+2.2
7,342,815
7.181,352
6,519,544
5,920,257
+ 9.0
14,123,828
9,913,054
12,962,979
12,013,065
5,268,104
8,551,883
6,839,772
6,697,163 + 26.2
7,172,752
5,800,000
5,409.689 + 32.6
7,223,208
5,514,234
4.774,572
6,362,346
5,680,355 —2.4
6,200,499
3,710,520
4,060,254 + 52.7
3,279,990
3,946,658
3,358,012
3,422,409 + 15.8
2,844,529
2,824,747
1,908,946 + 48.0
2,089,587
2,146,476
1,892,926
2,708,209
2,055,535 — 7.9
2,700,446
1,599,904 + 34.8
2,156,592
1,543,204
1,552,923
+ 9.6
3,030,541
2,765,408
2,409,438
1,749,329
1,517,274
2,286,623
1,860,507 + 22.9
1,770,698
1,900,092
1,915,554
+ 0 .8
1,598,004
1,310,492
1,417,372
1,278,089 + 10.9
1,362,918
1,259,182
1,449,021 + 20.4
1,745,121
1,491,167
1,246,373
1,610,413
1,386,247 + 16.2
1,814,412
1,809,964
3,836,114
4,216,104
+ 9.9
4,000,000
900,000
1,300,000
883,579 + 47.2
770,000
1 ,0 0 0 ,0 0 0
297,980
318,959 — 6 .6
390,092
453,471
600,000
595,335
+ 0 .8
654,149
449,262
379,418
402,395
+ 6 .1
635,000
413,000
81 1,336
605,168 + 34.0
853,339
447,432 + 90.7
211,310,082 194,340,492
+ 8.7 184.871,927 170,167,798
2,908,275,741 2,714,170,859
+ 7.1 2.644,923,304 3,140,980.457
1,284,120,397 1,155,671,331 + 1 1 .1 1,117,776,952 1,150,540,046

2

T H E C H R O N IC L E

[Vol. XCVI.

On subsequent pages of the “ Chronicle” we print aflirm with confidence that such men are more
to-day our usual annual review of the events and accessible, either for redressing an individual wrong
incidents of the past year, but the elaborate tables of or for listening to a business proposal (and from tht
prices of stocks and bonds which in other years it was humblest person) now than ever before, and are
our custom to print at the same time will not be pub­ constantly growing more so; explain it how you will,
the arrogance and “ distance” of corporations is
lished until next week, owing to lack of room.
On account of the pressure on our columns occa­ passing. Their advertisements, addressed in plain
sioned by the large amount of extra matter, it has direct talk to the whole public, are one evidence of
been found necessary to contract the space devoted this, and a little discourse within the past week from
to our various departments, notwithstanding a con­ the telephone company to the public about “ courtesy”
is a pat example.
siderable addition to the usual size of the paper.
Is it true that America has ceased to be the land
of
opportunity, and prosperity has been seized by a
CHRONICLE IN D E X .
The index to Volume 95 of the “ Chronicle” — which greedy few? We deny this, and appeal to the coolest
volume ended with the issue of Dec. 28— will be sent observation for answer. Turning over this same
to our subscribers with the number for Saturday, number of the periodical containing Mr. Wilson’s
article, we come upon another called “ Addison
Jan. 11.
Broadhurst,” which by implication is an antidote
to this pessimistic cry for the government to rush to
THE FIN ANCIAL SITUATION.
The recent public utterances of M r. Wilson are the rescue of the individual: merely an autobio­
in tone so nearly like his article in the current number graphic sketch (which might have been made from
of “ The World’s Work” that we may take the article hundreds and hundreds of cases) of how a boy fought
as indicating what the President-elect has to say his way to success against the most adverse circum­
to the country in advance of official messages. The stances, by dint of energy and making himself worth
title itself, “ The New Freedom, a Call for the Eman­ advancement; he conquered because, instead of
cipation of the Generous Energies of a People,” is uttering calls for freedom and a new social order, he
consistent with the tone of the article but not with discovered where service could be rendered and he
the cold and clear facts, for no “ situation” and no rendered it.
To quote a little more from Mr. Wilson:
“ problem” and no need of “ emancipation” exists
in the sense and unusual degree which this very
“ What this country needs above everything else
rhetorical discourse presents.
is a body of laws which will look after the men who
It is true, as a general remark, “ that nothing is are on the make rather than the men who are already
done in this country as it was done twenty years made; because the men who are already made are
ago;” but this is because the country has grown, its not going to live indefinitely, and they are not
always kind enough to leave sons as able and honest
scales have enlarged, its methods have improved;
as they are.”
things are done differently because things have
Some things in this article arc measurably true,
become larger, but people are not different, and
although party formulas and cries have changed, the although much overstated. Perhaps this paragraph
implication of this article that an undefined great is true, but not in the inference intended:
work of reconstruction and readjustment devolves
“ Since I entered politics, I have chiefly had men’s
on government is a non sequitur. We quote a few views confided to me privately. Some of the biggest
men in the United States, in the field of commerce
paragraphs:
and manufacture, are afraid of somebody, afraid
“ We are facing the necessity of fitting a new social of something. They know that there is a power
organization, as we did once fit the old organization, somewhere so organized, so subtle, so watchful, so
to the happiness and prosperity of the great body interlocked, so complete, so pervasive, that they had
of citizens; for we are conscious that the new order of better not speak above their breath when they speak
society has not been made to fit and provide the in condemnation of it.”
convenience or prosperity of the average man _ _ _.
If the strongest and wisest men are “ afraid of
Through the great organizations of which they are
the heads, a few are enabled to play a part unprec­ something,” is not that something the rage for somo
edented by anything in history in the control of new social order which vaguely promises re-distri­
the business operations of the country and in the bution of property and is fed, even if unintentionally,
determination of the happiness of great numbers of by such pessimistic generalizing rhetoric? Mr. Wil­
people- _ _ _So what we have to discuss is, not son warns panic-makers, and (figuratively speaking,
wrongs which individuals intentionally do— I do not
believe there are a great many of those— but the he adds) will hang any such higher than Hainan.
The panic-maker, the alarmist, the industrial wrecker,
wrongs of the system.”
is not the man with a large bank account, or even a
There is much more to the same purport: that modest hoard in the savings-bank. Whatever his
opportunity for progress is now denied to individuals
intentions, is he not indicated in this:
by a “ system” ; that “ American industry is not free
“ Don’t you know that some man with eloquent
as it once was free,” and so on. It is the old declara­
tongue, without conscience, who did not care for the
tion that monopoly and “ Big Business” is reducing,
nation, could put this Avhole country into a flame?
or trying to reduce, or in danger of reducing, the Don’t you know that this country from one end to
common people to a state of servitude, and therefore another believes that something is wrong? What
that there must be more laws and more Governmental an opportunity it would be for some man without
intervention. What Mr. Wilson says concerning conscience to spring up and say ‘This is the way,
the delegating of details of corporate work to sub­ follow m e!’ and lead in paths of destruction.”
ordinates is true, and true also as to private business,
Who might be meant here we need not suggest,
but it is not correct that “ you have in no instance but the tone of this article and of M r. Wilson’s
access to the men who are really determining the verbal utterances of late is not, we deeply regret
policy of the corporation.” On the contrary, we to say, such as would be fittest from a man in his




Ja n . 4 1913.]

THE CHRONICLE

position. Moreover he is a student and a writer of
history and he, of all men, ought to be alive to the
futility and pregnant dangers of more attempts to
have government make men happy by controlling
everything.
Bonar Law, leader of the Unionists in the House of
Commons, with his party, went down to defeat on
Wednesday when an effort to pass an amendment
to the proposed Home Rule bill excluding Ulster
from the operations of the bill was refused. The
majority given to Premier Asquith was 97. Accord­
ing to press dispatches, the Unionist Party, which
became strong so suddenly, is now badly divided,
and a threatened general election this spring may
show serious discord. Statements have been made
that if the badgering of Bonar Law continues he will
resign the leadership of the party, and other leaders,
such as Lord Lansdowne and Austin Chamberlain,
will desert him. Bonar Law has been at odds with
many of his party since recent attacks on him on
account of his food-taxation proposals. In the de­
feat of the Ulster amendment he made the assertion
that Ulster would rather be ruled by a foreign coun­
try than by a Nationalist Parliament in Dublin.
Winston Churchill, for the Government, replied, and
suggested Germany as the country. The defeat
of the Unionist amendment followed.
Agreement was reached on Jan. 1 at Peking settling
the details of the proposed Six-Power loan of $125,­
000,000 to China. The new republic is to receive,
according to press cable dispatches from Peking,
. 6% below the sale price of the bonds. The Chinese
audit department, under the advisership of Herr
Romp, the German representative of the internation­
al banking group, will supervise the expenditure of
the proceeds of the loan. China has agreed in prin­
ciple to an arrangement whereby the six Powers—
United States, Great Britain, France, Russia, Ger­
many and Japan— undertake not to press for the
immediate payment of compensation to foreigners
for losses caused during the recent revolution.
Russia alone claims $536,000. A mixed commission
will assess the amounts due by China for these losses,
and the funds for the payment of them will probably
be derived from a supplementary loan. The present
issue authorized is for forty years at 5% interest.
Liquidation of the bonds begins at the end of seven
years. The security is the salt gabel (tax) which
the Chinese have pledged themselves to reorganize
with the aid of the foreign advisers. Should this
reorganization fail to take place within three years,
the salt tax will be placed under foreign management,
like the maritime customs.
Japan is urging an alliance with China, according
to press dispatches from Peking, which, American
residents in Peking fear, is designed to frustrate a
possible entente between the United States and China.
The American residents on Monday cabled to Presi­
dent Taft urging immediate recognition of the Chinese
republic. Japan, it is said, is extremely desirous
of closer relations with China and is energetic in
endeavoring to force the treaty. President Yuan
Shi-Kai has shelved the question for the present,
however, giving as the reason the desire to have the
Chinese loan settled first.
Im p o r ta n t progress tow ard a greem en t on th e fo r­
m al te r m s o f peace in th e B a lk a n W a r has b een m a d e




3

this week by the envoys at their meetings in London.
After diplomatic skirmishing, in which Turkey first
offered terms that were obviously intended to offset
those of the Allies of the week previous, an amicable
arrangement is reported whereby Turkey recedes
from her position. She will, it is reported, rely on the
Powers to settle her claims for retention of much
of the territory she desires. Turkey’s change in
attitude on Friday indicated an apparent willingness
to surrender all the territory claimed by the Allies,
with the exception of Adrianople and the Aegean
Islands. This means that practically the whole of
the Ottoman Empire, except Adrianople and the
territory between it and Constantinople will be for­
feited. The extraordinary terms which the Turkish
delegates had presented to the conference as a counter
proposal to the demands of the Allies were: (1) the
rectification of the Turko-Bulgarian frontier by
making the boundary west of the line now occupied
by the troops in the villayet of Adrianople; (2) the
question of the status of Adrianople to be settled by
Turkey and Bulgaria direct; (3) the cession of the
remainder of European Turkey,including Yanina and
Scutari to the Allies; (4) the Albanian and Cretan
questions to be solved by the Powers, and (5) the
Aegean Islands to remain Turkish.
These terms were received with surprise by the
Allies at a meeting on New Year’s Day, and the
refusal to accept them was so spirited that the
Turkish delegates then withdrew all their proposals
except, as stated, the refusal to cede Adrianople and
the Aegean Islands. The terms, however, are even
now not popular with some of the Allies, Greece in
particular. The latter is disappointed because she is
not allowed to retain Salonica and the Chalcidice
Peninsula, and is prevented from occupying Monas­
tir, which is taken by Servia. Greece is also obliged
to renounce her possession of Avlona on the Adriatic.
Even her right to remain in the islands ofThasos,
Samothrace, Imbres, Lemnos, Myteline and Chios,
islands which are distinctly Greek, is questioned.
These latter islands are of international importance,
as they command the entrance to the Dardanelles,
while, in addition, Mytile and Chios bar the entrance
to the Gulf of Smyrna.
Some of the Allies have suggested a plan for the
remaining problems. They propose that Adrianople
and the Aegean Islands be ceded to the Powers for
the Powers to decide to whom they shall belong.
No decision has been reached on this proposal. The
Powers, in the meantime, through the conferences
of the Ambassadors, are withholding any advice,
and awaiting definite action by the peace delegates.
They are quoted by press dispatches to be in favor
of Crete being annexed to Greece again, but in re­
turn for this friendly decision are themselves de­
sirous of deciding the future of the Aegean Islands.
The status of Adrianople during the armistice con­
tinues without change, the city being in a state of
siege and the allies allowing no food supplies to be
taken in. On Thursday, however, the Allies per­
mitted a quantity of drugs to be carried into the city.
A rumor cabled from Paris last evening asserted
that Adrianople had surrendered. The other in­
cidents of actual warfare have been only minor
engagements during the week between Turkish
and Greek troops— the latter still refraining from
signing the armistice— in which the Greeks are said
to have been victorious.

4

THE CHRONICLE

The attitude of Austria, which has been the real
fear of Europe, continued to cause concern during
the week. The large armies which were mobilized
remain on active duty with no apparent thought of
demobilizing. Austria is said to be urging the Am­
bassadors to make the territory of autonomous Al­
bania as large as possible, and include in it Prisrend,
Djacova and even Scutari. Austria is known to be
pressing for an Adriatic base, and is urging M onte­
negro, in exchange for the cession to it of Scutari,
to permit Austria to have possession of the moun­
tains dominating Cattaro, which would thus become
such an impregnable naval stronghold as to give
Austria the control of the Adriatic Sea. Both Italy
and Russia are strongly against this proposal and
are endeavoring to curb the desires of the Dual King­
dom. Montenegro, it is said, regards the scheme as
fatal to her own existence, and will oppose it vigor­
ously. The Balkan allies, in the form of brief in­
terviews from several of the leaders, allege that Aus­
tria’s scheme is to have this autonomous territory
become as large as possible and then to seize it at
the earliest opportunity. Another feature which is
troubling the allies is the desire of Roumania to par­
ticipate in the spoils of the war. Roumania claims
that by remaining neutral she aided the allies and
is entitled to profit by the partition of Turkey. On
Tuesday the Chamber of Deputies in Bucharest
voted unanimously a $30,000,000 military credit to
back up Roumania’s demands.

[Vol. XCVI.

New Year, and no new treaty has been prepared. The
reason for the failure to enact a new commercial
agreement is due to ’Russia’s refusal to recognize pass­
ports issued to American Jews. Relations with
Russia will now rest on international law and offi­
cials look for no tariff reprisals. Trade relations,
it is expected, will continue undisturbed unless there
should be discrimination.
Alfred von Kiderlen-Wachter, Secretary of For­
eign Affairs of the German Empire, died suddenly
on Monday at Stuttgart. He had been ill for several
days. His death is considered a great loss to Ger­
many in the present European situation. Herr
Kiderlen-Wachter had an extensive knowledge of the
affairs of the Far East and had been in the diplo
matic service of Germany for many years.

A crisis in the affairs of Mexico, particularly as to
her relations with the United States, is said to be
near. Dispatches from Washington on Tuesday
stated that an ultimatum recently prepared by the
State Department would be sent to Mexico without
further delay. President Taft, the dispatches said,
will take action after resting from his Panama trip.
Conditions very close to anarchy are reported to pre­
vail in the State of Durango, and more men are, it is
said, in rebellion at present than at any time since
President Madero was successful in overthrowing the
government of former President Diaz. The reason
for the proposed ultimatum is said to be the lack of
Opposition of the English medical profession to the effort by the Mexican Government officials to pre­
National Insurance Act has decreased during the last vent outrages against foreigners.
week and it is now believed that there will not be suf­
The security markets of the world have this week
ficient protest to prevent the Act from being carried
into effect on Jan. 15. The decision of the British shown a more confident tone. The failure of the
Medical Association on Dec. 21, rejecting the final expected to happen in the form of a distinct
terms offered by the Government, while embarrassing flurry in money was one of the chief influences of
to the Government, has not proved popular, and the improvement in sentiment that marked the en­
many resignations from the association have followed trance of the new year. A second feature was a
as a protest. In some districts where there has been more definite indication of an early conclusion of
found extreme difficulty in enlisting physicians, the formal peace between Turkey and the Balkan allies.
Insurance Commissioners are advertising for them, The apparent willingness of Turkey’s envoys to agree
offering salaries of from $2,500 to $3,500 per year to conditions of peace that they had refused during
for their whole time in the service. The indications the earlier negotiations seems to leave slight doubt
are said to be that the effort to boycott the Govern­ that an arrangement of what minor details still
remain unsettled will soon be accomplished. With
ment will be a failure.
such an outlook and with, furthermore, the larger
Premier Romanones of Spain, who succeeded Pre­ question involving the relations of Austria and
mier Canalejas after the latter’s assassination, Russia also seemingly on the point of adjustment,
formed a new Cabinet on M onday, in which all but some disposition has been shown in the Old World
three are members of the old Cabinet. The new markets to prepare for a rush of business, especially
members of the Cabinet are Senor Jimene, Minister in the way of underwritings and in the placing of
of Marine; Senor Lopez-Munoz, Minister of Public State loans. Bank shares in Paris were reported
Instruction, and Senor Suarez-Incian, Secretary of by cable yesterday to have advanced sharply, owing
to the active business in underwritings that is clearly
Finance.
in view and which constitutes such an important
Cipriano Castro, former President of Venezuela, part of the operations of the great French banks and
sought entrance to this country on Tuesday, arriving credit institutions. Distribution of securities in
in New York from France, on the La Touraine. Europe was necessarily severely interfered with by
Owing to his activity several years ago in Venezuela the money strain that resulted from the disturbed po­
prior to the time he was exiled, the Immigration of­ litical conditions in Europe during the last quarter
ficials detained him and took him to Ellis Island. of the old year. Therefore, in addition to the State
Orders were about to be issued for his deportation, loans that will be urgently needed as soon as peace
t is understood, when Castro announced that he is finally declared, there will be distinct encourage­
would leave voluntarily, and he is expected to return ment for European bankers to place with investors
the large volume of underwritings that have hung
o France to-day (Saturday).
fire. Notwithstanding the war, the new security
The treaty of trade and commerce with Russia, issues (shares and bonds) admitted to the official
n effect since 1832, expired at the beginning of the market in Paris for the year 1912 amounted to




JAN . 4 19 13 .]

THE CHRONICLE

5

3.705.000. 000 francs. This total, with the exception fin a n ce b ills. T h e B erlin ra te is v a r io u sly q u o te d ,
of 1910, when the amount was 5,068,000,000 francs, b u t 4 % % is th e general sp o t r a te , w ith b ills to a rrive
is the largest amount listed in the history of the Paris ran g in g a n y w h e re fro m 4 2 4 to 5 % . A w e ek ago
Bourse. Including the Coulisse, the year’s listings 5 2 4 % w a s th e sp o t rate a n d 5 3 4 % th e fo rw a rd o n e .
A m s t e r d a m still rem ain s 3 J 4 % tor all m a tu r itie s ,
aggregated 5,503,000,000 francs.
All European authorities seem to agree that the B ru sse ls is 2 4 low er a t 4 3 4 % a n d V ie n n a is 3 4 %
new State loans that will be offered soon after peace low er a t 5 2 4 % - T h e o fficial B a n k rates a t th e le a d ­
is finally declared will reach about $500,000,000. in g foreign cen tres are: L o n d o n , 5 % ; P a ris, 4 % ;
The Paris correspondent of the “ Journal of Com­ B e r lin , 6 % ; V ie n n a , 6 % ; B r u sse ls, 4 % ; A m s t e r d a m ,
merce” in a cable dispatch published yesterday 4 % ; B o m b a y , 7 % , a n d B e n g a l, 7 % .
aggregates these requirements at 2,500,000,000
The weekly statement of the Bank of England
francs ($500,000,000) and details the requirements
of the various countries making up this total as fol­ issued on Thursday was what should naturally have
lows: Argentina, 125,000,000 francs; Bulgaria, 180,­ been expected at the turn of the year, the market’s
000,000; China, 250,000,000; Greece, 75,000,000; borrowings having been increased by the substantial
Italy, 600,000,000; Norway, 50,000,000; Austria, sum of £12,848,000, while the increase in gold coin
and bullion holdings was only £971,920. The pro­
150.000.
000; Hungary, 150,000,000; Roumania, 250,­
000,000; Servia, 100,000,000; Sweden, 50,000,000, portion of reserve to liabilities for the week is the
and Turkey, 435,000,000. Spain has authorized an lowest at this season since 1906, when it reached less
issue of 300,000,000 of 500 and 5,000 peseta 3 1-3% than *30%. It now is 30.65% , comparing with
Treasury bonds, redeemable at par. This announce­ 37.85% last week and 35.85% a year ago. The
ment was made on Jan. 1 in the Government’s offi­ total reserve increased £1,044,000. Ordinary de­
posits increased £13,896,000. Comparing with a
cial journal at Madrid.
The more favorable prospects for peace havenot year ago, the holdings of bullion are £3,120,841 less
yet caused a pronounced further appreciation in at the present time, being £31,300,487, as compared
the quotations of Balkan securities. British Consols with £34,421,328 last year and £31,940,345 in 1911.
however, closed last evening at 75)4, which compares The total of the loans (other securities) is now
with 75 1-16 a week ago, while French Rentes (in £49,629,000, comparing with £44,912,160 a year
Paris) were cabled at 89.32)^ francs, comparing ago and £40,384,538 two years ago. Our special
with 89.27)^ francs last week. Russian 4s, selling correspondent furnishes the following details of the
ex-dividend, finished in London at 91, which is gold movement into and out of the Bank for the
an advance of Y , and have thus more than re­ Bank week: Imports, n il; exports, £100,000 (of
covered the dividend; Turkish 4s are Yl point higher which £40,000 to Venezuela, £50,000 to Argentina
at 86 Yt> which followed a similar rise last week; Bul­ and £10,000 to the Continent), and receipts of
garian 6s remain unchanged for the week at 104 and £1,072,000 net from the interior of Great Britain.
Greek monopoly 4s finish Y point higher at 54)/^;
The statement of the Bank of France, issued
Servian unified 4s closed without change at 78 and
Thursday,
also reflected the year-end financing,
German Imperial 3s are V/i points higher at 77 Y showing
pronounced
losses in cash holdings (gold and
Day-to-day money in London closed at 23^@33^%>
comparing with 3J^@,4% a week ago, while in Berlin silver) and largely increased obligations. The hold­
the closing rate was 3^% lower at 5 Y % - In ings of gold decreased 12,700,000 francs and silver
Paris a peculiar condition of redundant money holdings declined 18,425,000. Discounts were in­
has arisen that is, however, explained by creased by 420,250,000 francs and the Bank’s ad­
the forthcoming Credit Foncier loan which vances increased 23,475,000 francs. Note circula­
will be offered for public subscription on Jan.9. As tion experienced an active expansion— 349,100,000
we explained last week, the loan will be a popular francs. General deposits showed the large increase
one, in denominations of 500 francs, and will have of 102,250,000 francs. Comparing with last year,
the customary lottery privilege. As a similar loan the gold item of 3,194,145,000 francs records the
of 500,000,000 francs was oversubscribed more than increase of 23,220,000 francs. Silver, on the other
nineteen times last year, and as this year the offer­ hand, shows a decrease of nearly 100,000,000 francs,
ing is a '&Yi instead of a 3 % bond, there is every rea­ the figures this week being 706,296,000 francs, com­
son to anticipate another remarkable subscription. paring with 801,400,000 francs a year ago. Note cir­
Thus the effect has been to cause a withdrawal of culation registers a large increase, being 5,933,442,000
French funds from their hiding places and their de­ francs, comparing with 5,723,992,820 francs a year
posit in the banks in preparation for the subscrip­ ago and 5,519,192,125 francs two years ago. Dis­
tions, and the banks are temporarily over-supplied counts for the year have increased to a large extent,
with call funds for which profitable use is difficult now being 2,139,354,000 francs, comparing with
1,763,416,552 francs a year ago and 1,338,889,404
to find.
francs in the first week of 1911. General deposits
While no alteration has been made this week show a healthy increase, being 752,176,000 francs in
in the official Bank rates in Europe, private bank the present report, comparing with 642,655,812 a
discounts show somewhat of an easier tendency. year ago and 582,677,386 two years ago.
In Lombard Street the spot rate for bankers’ accep­
The weekly statement of the Bank of Germany
tances, .both for long and short bills, was 4 9-16
@ 4 % % > which compares with 4 15-16% and about fulfilled expectations. There was a net de­
4 1 3-16@ 4% % for sixty and ninety-day bills a week crease of 21,632,000 marks in the total of gold and
ago. Bills to arrive closed last evening at 4 9-16%. silver considered together. Discounts showed the
In Paris, while the tone of the discount market large increase of 393,554,000 marks and note circu­
is easier,
rates
have
not
been
definitely lation of 478,091,000 marks, while loans are 70,204,­
changed from 4 % for commercial bills and 434% for 000 marks higher for the week. Treasury bills are




6

THE CHRONICLE

83,982,000 marks higher and deposits 27,680,000
marks above a week ago.
The local money market ended the year very
calmly. This may perhaps be best indicated by re­
cording that call money on M onday did not exceed
7 % , which was the renewal rate, while on Tuesday
the highest figure was 6 % . The disposition among
New York bankers is now to look for a period of
comfortable rates, although there is no expectation
of really cheap money. However, the natural ten­
dency of the currency movement will now be to New
York from the agricultural sections, where it has ful­
filled its annual mission of financing the gathering
and marketing of the crops. Meanwhile, with tariff
legislation so closely in view, and cumulative evi­
dence of caution in regard to entering into extensive
commitments in the manufacturing and mercantile
world, there is not likely to be the same rush for
banking facilities in this channel as has recently been
the case. Furthermore, the New Year and dividend
and coupon payments will from now on gradually
return to circulation. It is rather early to look for
any definite indication as to the extent of the re-in­
vestment demand that will spring from these pay­
ments. The stock market, however, has opened the
year with a fair show of enthusiasm, although dis­
tinct activity, suggesting investments, has not yet
developed. Should there be any distinct hesitancy
respecting this New Year demand, there seems a dis­
position to expect that professional operators, who
in advance made preparations in the way of pur­
chases to supply it, will be inclined to convert their
securities into cash. The so-called January re-in­
vestments, so far as the Stock Exchange securities
are concerned, seem to be becoming each year less
of a feature. This is probably explained by the in­
creased activity that is shown by investment houses
in offering securities that are not listed on the Ex­
change, and which include the utility, municipal,
manufacturing and other stocks and bonds of the
smaller classes of corporations throughout the coun­
try.
The extreme figures this week for call money have
been 23^ and 7 % , which was also the range on M on­
day. On that day the renewal rate was 7 % . On
Tuesday 6 % was the highest, 3 % the lowest and 6%
the renewal basis. Wednesday, New Year’s Day,
was a holiday; on Thursday 5 % was again the high­
est, while 434 was the lowest and 5 % % was the ruling
rate. Friday’s maximum was 5 % , minimum 3%
and renewal basis 4 % % . Time money rates at the
close are substantially % % lower for the week and
there is still a disposition among borrowers to await
further concessions before entering into large com­
mitments. Closing quotations were 5 @ 5 % % for 60
days, 5 % for 90 days, 4 % @ 5 % for four months and
4 % @ 5 % for five months and six months. Rates for
mercantile paper have not as yet been altered, but
there is in this direction also an easier tone. Final
quotations are 6 % for sixty and ninety-day endorsed
bills receivable and also for four to six months’
single names of choice character; others are still
quoted at 6 % % .

[ V o l . XCVI.

nounced in demand bills and sixty-day bills than in
cable transfers. In fact there was a readjustment in
the differences between rates for cable transfers
as there had, at the close of the year, been an active
demand for the latter for window-dressing purposes,
while this week there has been a corresponding move­
ment in demand bills to cover the cable transfers.
For the week sixty-day bills closed at an advance of
140 points, demand bills are also 140 points higher,
while cable transfers are only 70 points higher.
Sterling exchange in Paris closed at 25.18% francs,
comparing with 25.14 a week ago, and the London
check rate in Berlin closed at 20.4734 marks, showing
that the Continental exchanges are once more moving
in favor of London.
Compared with Friday of last week, sterling ex­
change on Saturday was very firm, notably cable
transfers, which advanced about 25 points on an
active inquiry in connection with the London fort­
nightly settlement and the year-end requirements;
the range was 4 8620@4 8630 for cable transfers,
4 8490@4 85 for demand and 4 8085@4 81 for 60
days. On Monday the market was weak and de­
clined at the opening to 4 8480 for demand and 4 8605
for cables, largely on the expectation of another flurry
in local money rates; this was not realized, however,
and later most of the decline was recovered, with de­
mand unchanged at the close at 4 8490@ 4 85, al­
though cable transfers and 60 days were still below
Saturday’s final figures at 4 8610@4 8620 and 4 8080
@ 4 8090, respectively. The easing in the local
money situation on Tuesday brought about a
marked rise in sterling rates, to 4 8520@4 8530 for
demand, 4 8620@4 8630 for cable transfers and
4 8115@4 8125 for 60 days. Wednesday was New
Year’s Day. On Thursday there was an advance
of about % c. in demand, due in some measure to the
inquiries for remittance for dividend and coupon
payments, to 4 8570@4 8580, and in 60-day bills
to 4 8155@4 8165; cable transfers were also firm,
advancing 10 points to 4 8630@4 8640. On Friday
the market advanced 40 points for 60 days, 30 points
for demand bills and 15 points for cable transfers.
The closing quotations were 4 8195@4 8205 for
60 days, 4 86@ 4 8610 for demand bills and 4 8645@
4 8655 for cable transfers. Commercial on banks
closed at 4 7 9 % @ 4 81% and documents for payment
at 4 8 0 % @ 4 81% . Cotton for payment ranged
from 4 81% to 4 81% ; grain for payment 4 81%
@ 4 82.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $16,900,000 net in cash as a result of the cur­
rency movements for the week ending January 3.
Their receipts from the interior have aggregated
$23,400,000, while the shipments have reached
$6,500,000. Adding the Sub-Treasury operations,
which occasioned a gain of $100,000, the combined
result of the flow of money into and out of the
New York banks for the week appears to have been
a gain of $17,000,000, as follows:
Week ending January 3 1913.

Into
Banks.

Out of
Banks.

Net Change in
Bank Holdings.

With the easier tendency in money rates here and Banks’ Interior m ovem ent_________ S23,400,000 $6,500,000 Gain $10,900,000
Sub-Treasury operations........... ........
24,400,000 Gain
100,000
24,500,000
an active demand for remittances on account of
T otal __.........
$47,900,000 530,900,000 Gain $17,000,000
January disbursements on American securities that
are held abroad, a sharp upward movement developed
The following table indicates the amount of bullion
in sterling exchange this week. This was more pro­ in the principal European banks.




T H E C H R O N IC L E

J an . 4 1913 ]
Banks of

January 4 1912.

January 2 1913.
Gold.

|

Silver.

|

Total.

Gold.

£
£
!
£
£
England. _ 31,300,4871 ................ 31,300,487 34,421,328
F ra n ce__ 127,765,920 28,251,600 156,017,520 126,836,500
Germany.. 38,832,400 13,300,000 ; 52,132,400 36.388.000
Russia . . 158,374,000 0,338,000 164,712,000 143,290,000
50.398.000 9,971,000 60.369.000 53.827.000
Aus. Ilun
17,489,000, 29,501,000 46.990.000 10.717.000
Spain
Italy . . . 42.619.000 3.400,000 46.019.000 40.785.000
673,500 14,154,500 11.462.000
N etherl’ds 13.481.000
7,658,000 3,829,000 11.487.000 6,044,667
N at.Ilelg
6.570.000 4.727.000
Sweden _.
6.939.000 6.449.000
6,939|000| ................
Swltzerl’d.
2.316.000 2.192.000
2,316,000| ................
N orw ay . .

Silver.
£
32,056,480
14,003,900
6.277.000
11.827.000
30.311.000
3.563.000
998,400
3,322,333
........... -

|

Total.

£
34,421,328
158,S92,980
50,391,900
149,567,000
65.654.000
47.028.000
44.348.000
12,460,400
9.967.000
4.727.000
6.449.000
2.192.000

102,359,113586,098,608
T o t. week. 502,742,807 95,264,101 598,006,907 483,739,495 102,842,123j588,528,762
Prev.week. 502,108,420 97,145,92' 599,254,347 485,680,639

THE VERDICT IN THE DYNAMITE CASE.
The conviction of the accused dynamite conspira­
tors of the Structural Iron labor union last Saturday,
by a Federal jury at Indianapolis, after a full and
fair trial lasting from Oct. 1 to the close of last week,
was in many ways an event of high importance in
the social history of the day. The mere fact that
a conspiracy of a peculiarly villainous and reckless
character had been traced to its authors, and that
the guilty parties had been punished, would not of
itself stand out as anything very remarkable. Ordi­
nary criminals, even of the more vulgar sort, are apt
to take precautions to guard against discovery, such
as this band of conspirators seemed to regard as
entirely superfluous. The detectives were there­
fore able to make their case with comparatively little
difficulty, and the nature of the crime was such that,
under ordinary circumstances, the jury’s verdict and
the judge’s sentence would have been taken tor
granted beforehand on the simple basis of the evi­
dence. But the circumstances were not ordinary.
The very rashness of the conspirators and their agents
had a particular cause. Their overconfidence and
the doubts long entertained by the general public
in regard to the probable outcome of the trial arose,
without question, from the species of terrorism which
has long prevailed with reference to any one who un­
dertook to expose the illegal or criminal actions of a
labor union; accompanied, even in respectable classes
of society, by a certain maudlin sympathy with acts
of violence, so long as they were performed in behalf
of the interests of the labor union.
As is well known, the prosecution of the dynamit­
ers, who were condemned last Saturday and sen­
tenced last Monday, arose out of the McNamara
episode of the year before at San Francisco. Through
a skilled body of detectives, the dynamiting of the
Los Angeles “ Times” building had been so posi­
tively brought home to the two McNamara brothers
that they were led to confess their guilt. The pro­
found sensation which followed that confession was
deepened by the positive announcement of the Gov­
ernment prosecutors that the McNamara outrage was
merely a part of a nation-wide conspiracy conducted
under the auspices of the labor union of which the
McNamaras had been officers and agents.
Most people very probably imagined that the in­
timations of the Government prosecutors as to what
they expected to prove and whom they expected to
convict were the result of something like over-as­
surance. As a matter of fact, the story of the evi­
dence submitted at Indianapolis was followed very
imperfectly by the general public at the time of its
submission, in October and November; the country
being then absorbed with Presidential politics and
the Balkan war almost to the exclusion of all other
topics. Those who examined the result of the tes­
timony, however, were aware that a network of ex­




7

traordinary tightness had closed around the accused
men; that overwhelmingly convincing evidence had
been produced that a conspiracy, directly and openly
participated in by the officers of this laborunibn, for
the purpose of dynamiting buildings constructed by
non-union concerns, had been in progress during the
past seven years. One thousand dollars per month
of the funds of the union had been actually set aside
to facilitate these explosions. There had been no less
than 105 explosions of the sort— some of them of
buildings and some of them of bridges— which were
clearly brought home to the labor union and to the
defendants in the trial.
In form, the indictments in the case were based on
the offense of carrying explosives from State to State
in violation of the law. It was perfectly well known,
however, that, though this was the ostensible charge
to be proved, the real accusation was that of con­
spiracy to dynamite buildings of hostile business firms
or contractors. At the start, fifty-four separate in­
dividuals were named among the defendants, the
number being subsequently reduced to forty. It
was on Thursday of last week that the case went to
the jury. The jurymen remained out during nearly
two days, and only on Saturday afternoon, Dec. 28,
did they bring in their unanimous verdict of guilty.
On the following Monday, Federal Judge Anderson
imposed the penalties. Because of the fact already
referred to— that the indictment had not been spe­
cifically for murder of conspiracy to murder— the
scope of possible sentences was not great. The
Judge very rightly imposed his heaviest penalty on
the highest officer of the union, who had been proved
to have been connected with the conspiracy. Frank
M . llyan, the President of the structural organization
was sent to prison for seven years; other accom­
plices for six; and so the conspiracy ranged downward
to a group of convicted defendants who were re­
leased under suspended sentence.
We have said that the importance of this conviction
far supersedes the mere fact that a great crime has
been punished. The incident is important, first, as
proving the American people to be sound in their
view of offenses of this sort; second, as proving that
juries are still to be found who are too courageous
to be intimidated. We have heard much during
the past few years of labor’s presumed immunity
from the penalties and responsibilities to which all
other portions of our society are amenable, and much
of the presumable unwillingness of juries to convict
for such offenses. When the McNamara brothers
were responding to their sentences, one of the two
scoundrels seized the occasion to explain that he had
committed his cowardly crimes, and thought himself
right in doing so, because of his “ feeling for labor.”
It will be remembered that at the time a similar
view of the whole affair was expressed in circles very
far removed from the field of professional and habitual
crime. If we are not mistaken, there were clergy­
men who from their pulpits all but defended the M c­
Namaras’ act, and carefully pointed out how much
it differed from a similar action inspired by other
motives.
T o what extent this pitiful view of social responsi­
bilities and the principles of modern civilization
really prevailed at any time in the community at
large, it was difficult to ascertain. But that this
foolish and mawkish sentimentality was the opinion
of the American people as a whole, there has never
been the slightest reason to suppose, and those who

8

T H E C H R O N IC L E

entertained any such theory must have received
something of a shock when they read and heard the
opinions expressed, at the time of the McNamara
confessions and of last Saturday’s verdict, not only
by the vast majority of thinking people, but by rep­
resentatives of labor, who had no idea of linking
their own cause with conspiracy and crime.
In this respect the peculiar atrocity of the offense
of the convicted conspirators served at least one
useful purpose; that it carried the theory and system
of labor-union terrorism to its logical consequence.
It does not require very complex reasoning to con­
vince' the average man that if labor as a body is to be
permitted the privilege of avenging its own sup­
posed wrongs through murder, arson and assassina­
tion, then it will be very difficult to draw the line
at which at any body of men bound together for
whatever purpose could be denied the similar right.
When the case is thus presented, the argument from
common sense and civilization is overwhelmingly
convincing.
But we think the still more useful lesson of the
episode is what it indirectly proves. Nothing can
be more clear than that the kind of work to which
this particular conspiracy directed its energies was
a logical corollary to the far more familiar acts of
violence by strikers against their employers or against
non-union laborers. The argument that because
certain men are laborers dissatisfied with the terms
of their employment, therefore they have the right
to destroy the property of their employers and to
maim or murder the men sent to replace them,
has been heard during many years. Even to-day
there are many well-meaning men who argue,
in a muddled way, that somehow the case of crime
or violence is different when the demands of labor
are at stake. We regard it, therefore, as not alto­
gether unfortunate that this extraordinary episode
of the past twelve months should have shown the
consequences which such ideas of the relations of
labor unions to the law will logically bring upon
American society if the public authorities fail to ap­
ply the law impartially and without discrimination.

RETROSPECT OF 1912.
The most striking characteristic of the calendar
year 1912 will always be the fact that it was marked
by uninterrupted trade expansion from beginning to
end, in face of a series of untoward events, circum­
stances and developments which ordinarily would
have been sufficient to occasion trade reaction if not
trade prostration. It was a year of a Presidential
election, which in itself usually acts as a damper on
trade activity. For that reason, hardly anyone com­
petent to express an opinion on such matters looked
for a genuine revival in trade. When 1912 opened
the effects of the reaction encountered in 1910 and
1911 were still in evidence, and the general belief was
that business would remain more or less unsettled
during 1912, or at least until after the Presidential
election; but expectations in that regard were agree­
ably disappointed.
As it happened, too, it developed as the year pro­
gressed that the issues involved in the election were
to be of grave importance and the contest of very
exceptional character. But even this did not inter­
fere with the growing feeling of confidence in trade
circles or to check steadily widening activity. It
turned out that the Presidential contest was to be




[VOL. XCVI.

a triangular one, and that .the third candidate was
to be a man havingahold on the masses, which made
his appeal to the electorate on behalf of menacing
doctrines unusually dangerous. In the early part
of the year Mr. Roosevelt was still dissembling. Ho
sought to convey the impression that he was un­
willing to run, that, in fact, it would be a sacrifice
for him to accept a nomination, and that it would
be impossible to prevail upon him to run unless there
should be an unmistakable and overwhelming demand
upon him to that end. But when evidence began to
multiply that Mr. Taft, if unopposed, would get a
renomination, and thus become the party candidate,
Mr. Roosevelt quickly threw aside all disguise, and
not only announced his willingness to accept, but
determined upon a most vigorous fight to get the
nomination. More than that, in seeking a re­
nomination he determined to take a new step in his
doctrine of radicalism. He demanded for the voters
the right of recall of judicial decisions on important
questions of the day, and also, in certain contingen­
cies, the right of recall of judges. He failed in his
endeavor to get the nomination from the Republican
Party, then cried fraud and concluded to run as
an independent candidate on a platform of his own
making even more radical than anything he had
previously advocated. In his campaign he de­
nounced both the great parties as being controlled
by bosses and special interests, though, obviously, if
he had succeeded in having himself again chosen by the
Republican Party this cry would not have been raised.
It was clear from the first that, running as a third
candidate, he had not the remotest chance of being
elected. This may have been the reason why his
appearance as a candidate did not have any seriously
disturbing effect on business. As a matter of fact,
he got a surprisingly large number of votes, and the
doctrines embodied in his platform involved a dis­
tinct menace to constitutional government. But,
by running himself, he also made Mr. Taft’s success
impossible. The truth is, he split the Republican
Party wide open. His course insured victory in ad­
vance for the Democratic ticket. This made the
Democratic candidate and the Democratic platform
of unusual importance. But here, also, the condi­
tions were far from encouraging. As it turned out,
William J. Bryan completely dominated the National
Democratic Convention. He would not consent to
the nomination of any but a radical candidate, and
succeeded also in having the Democratic platform
molded to his radical ideas. Woodrow Wilson was
and is a man of high attainments and of excellent
character, but he was committed to radical policies
and proceeded to proclaim his stand in his subsequent
appeal for election. This left Mr. Taft as the sole
conservative candidate in the field— only semi­
conservative at that, but at least repudiating the
doctrine of judicial recall and declaring flatfootedly
for the maintenance of the Constitution and its limi­
tations and restrictions. With the Republican vote,
however, divided between two candidates, Mr. Taft’s
canvass was a hopeless one. Accordingly, Mr. Wil­
son’s election was a foregone conclusion, and with it
also there came the certainty of the triumph of the
Democratic Party in Congress. But the wave^of
business activity kept rising higher and*jstill|higher
in face of all?this.

J an . 4 1913.]

T H E C H R O N IC L E

Many other political developments were also such
as to suggest caution. The Banking and Currency
Committee of the House of Representatives, with Mr.
Pujo as Chairman, conducted a ' money trust” in­
vestigation whose purpose it seemed to be to attack
existing methods in financial circles for the purpose
of discrediting them and replacing them with
other methods in accordance with new and crude
theories and devices. The clearing houses were held
up to public condemnation; so was the Stock Ex­
change and also many financial leaders; even Mr.
J. P. Morgan being put on the stand late in the year
(in December), though to the discomfiture of the in­
vestigators. It being a Presidential year, both par­
ties were engaged in making political capital for
themselves, regardless of the effect upon business
and the danger of disturbing confidence. Further­
more, Congress remained in continuous session until
very late in the year, adjournment not occurring
until Aug. 26, and tariff legislation occupied a large
share of the discussions through the whole period.
In the House the Democrats were in undisputed
control, while in the Senate there were enough^Republican insurgents in conjunction with the Demo­
crats to secure defeat for any attempt at Republican
obstruction influenced by a protective tariff policy.
Two tariff bills actually did go through both Houses
and were only saved from becoming laws by the inter­
position of the Presidential veto. A wool bill passed
both Houses and was vetoed by Mr. Taft, then was
re-passed over the veto by a two-thirds vote in the
House, but failed in the Senate. A bill to revise the
metal schedules also reached the President, was like­
wise vetoed by him, and re-passed by a two-thirds
majority in the House, but failed in the Senate.
Bills revising other schedules of the tariff also re­
ceived the approval of the House, and could, with
certain modifications in each instance, have obtained
the necessary support in the Senate, if it had not
been felt that it would be a waste of time, in view
of the certainty of a veto.
Perhaps it was the knowledge of the certainty that
there coukkbe no tariff legislation in view of the con­
flict between the Executive and Congress that made
business interests apparently indifferent to what was
going on. At all events, industrial activity continued
undiminished. After the election, when it was seen
what an overwhelming victory the Democrats had
achieved, owing to the division in jthe Republican
ranks, and when, with the announcement by Presi­
dent-elect Wilson thatjCongress would be convened in
extra session not later than the middle of April it
dawned upon the public mind that the Democrats
after *the fourth of March 1913 would be in control
of all branches of the Government, and thus be in
position to change the economic policy which has pre­
vailed in this country for about fifty years (barring
a brief periodjduring one of the Cleveland adminis­
trations), there seemed to come a realizing sense of
the consequences^that might be involved in such a
departure. It thus happened that after the middle
ob- November a disposition grew up to take a sober
view o f t h e possible effect of tariff changes where
previously’ there appeared to be complete indiffer­
ence,Tand in financial circles a more or less cautious
spirit became manifest, it being considered wise to
proceed slowly^pendinglthe finaljoutcome. The ef­



9

fect of these more sober views was at once reflected
on the Stock Exchange, but trade and industry were
under such an impetus, and capacity for production
was engaged so far ahead, that no trace of a retarding
influence was discernible in the year’s business.
It is to be noted also that the Administration at
Washington continued active in its trust prosecu­
tions, and it is quite possible that political considera­
tions played some part in these, as there would natur­
ally be a desire to appeal to the radical element in
the population. To enumerate all the new actions
that were started under the Sherman Anti-Trust Law
would take altogether too much space in this general
review. They will all be found recorded in our
narrative of the different events, month by month.
We may note here, however, that in May the
Government went so far as to begin a suit against the
parties in this country identified with the coffee
valorization plan inaugurated several years ago under
the auspices of the Brazilian Government. This had
the effect not only of arousing the parties to the suit,
but of stirring up the Brazilian Minister to the
United States. In April, after fruitless negotiations
with the International Harvester Co. for voluntary
dissolution, an action against that company was
started. Dissolution decrees were also entered
against the so-called Powder Trust (M ay), the
Aluminum Trust (M ay), the Pacific Coast Plumbing
Supply Association, the Central West Publishing
Co. et al (August), while the National Packing Co.
(June) agreed to voluntary dissolution. In January,
suits under the Anti-Trust law were begun against the
American Naval Stores Co. et al., alleging unlawful
combination and conspiracy in restraint of trade in
spirits of turpentine, resin, &c., and a Federal grand
jury at Buffalo brought in an indictment against the
Association of Coaster Brake Licensees et al. In
February a Federal grand jury at Cincinnati indict­
ed thirty officials of the National Cash Register Co.
on charges of criminal violation of the Sherman Law,
while in August suit was begun against the Motion
Picture Patents Co. et al, and also against the
Associated Bill Posters and Distributers of the
United States and Canada. In March the Kindlingwood Trust was enjoined.
Two further suits were also begun against steam­
ship lines, charging them with combination to monop­
olize and illegally restrain commerce between the
United States and foreign countries. One was in­
stituted in March against the American Asiatic
Steamship Co. and the other in June against the
Prince line et al, the latter charging an attempt to
monopolize the freight and passenger traffic between
the United States and Brazil. In December came
the indictment of Charles S. Mellen of the New Haven
road and the officials of the Grand Trunk R y., to­
gether with a whole host of other suits under the
Anti-Trust law— one against the Kellogg Toasted Corn
Flakes Co., one aganst the Philadelph:2 Jcl ’ * '
Confectioners’ Association, one against the Elgin
Board of Trade and the American Association of
Creamery Butter Manufacturers and one against the
“ Horseshoers’ Trust.”
As against these, however, there were several
notable instances of failures in criminal prosecutions
under the Sherman Law. In March the trial of the
Chicago beef packers, which had been commenced

1 0

THE

C H R O N IC L E

the previous Dec. 6th, resulted in a verdict of ac­
quittal for all of the defendants. The same month,
in the trial of the four officers of the American Sugar
Refining Co. in connection with matters relating to
the Penn. Sugar Refining C o., the jury announced a
disagreement, but was understood to have stood 11
to 1 for acquittal. In M ay, in the prosecution of
those connected with the so-called Wall-paper Trust,
a jury in the Federal Court at Cleveland rendered a
verdict acquitting four wall-paper manufacturers
and four wall-paper jobbers on the charge of criminal
conspiracy in restraint of trade.
Numerous decisions by the United States Supreme
Court interpreting and expounding the anti-trust law
were also among the events of the year, and some of
these were hardly of an assuring character. In
March came what is known as the patent rights
decision, which encouraged the notion in certain quar­
ters that in cases where a patent monopoly was con­
cerned the Sherman Law could be disregarded. In
November, however, in the so-called Bathtub Trust
case, where the Standard Sanitary Manufacturing Co.
and sixteen corporations and thirty-one individuals
were charged with monopolizing the manufacture
and sale of enameled ironware in the United States,
the United States Supreme Court held that the
license agreements by which control was held “ clearly
transcended what is necessary to protect the use of
the patent or the monopoly which the law conferred
upon it. They accomplished a restraint of trade
condemned by the Sherman Law.” In April the
United States Supreme Court held unanimously
that the Terminal R R . Assn, of St. Louis was a con­
spiracy in restraint of trade in contravention of the
Sherman Law. In December, in the Union Pacific
merger case, the Supreme Court held that dominating
ownership by the Union Pacific in the Southern
Pacific was in conflict with the Anti-Trust law, and
later in the same month a decision in the anthracite
coal cases involved condemnation of the so-called
65% contract under which the independent producers
had bound themselves to deliver their output to the
railroad carriers for 65% of the average market price
at tidewater. All these decisions seemed to show
that under the “ rule of reason” laid down in the
Tobacco and the Oil cases the previous year, the
operation of the Sherman Law was being widened and
extended. The stock market reflected the effects
of this feeling, but as far as general business is
concerned, they came too late in the year to have any
influence.
It so happened that labor involvements were un­
usually numerous both in the United States and in
Europe. The demand of the locomotive engineers
on the Eastern trunk lines for higher wages and
other concessions was presented at the very opening
of the year. The matter was not settled until
towards the close of November, when a decision was
made the effect of which will be to add to the yearly
expenses of the roads only $1,500,000 to $2,000,000
instead of the $7,000,000 addition which would have
resulted if the demands of the engineers had been
granted.
In the interval the possibility of a strike
had loomed large, but had been happily averted by
referring the whole question to arbitration. Not
long thereafter, that is in M ay, the firemen and enginemen also made demands for increased wages




[V

o l

.

X C V I.

which in their entirety would have called for an ad­
dition of $25,000,000 to $30,000,000 in the yearly
expenses of the roads. This controversy still re­
mained unsettled at the close of the year, and the
indications were that a compromise would be reached
on some basis less extreme than that embodied in
the original demands of the men, and yet involving
a very considerable increase in the yearly outlays of
the roads. In September a pretty general advance
in wages was voluntarily made by Southeastern
roads. In the spring sharp differences also arose
in the coal-mining regions, and the operators had to
contend with a demand for higher pay in both the
anthracite regions and the bituminous regions. Both
classes of miners eventually secured a portion of what
they had been asking for, and in the meantime min­
ing remained completely suspended in the anthra­
cite regions during the whole of April and for the
greater part of M ay. In the bituminous regions an
agreement was reached at the very close of March,
but as referendum votes of the miners had to be taken
on the propositions, suspension of mining occurred
here, too, in a good many sections for a larger or
smaller period during the month of April. One re­
sult of the advance in wages granted the anthracite
miners was an increase in the price of the domestic
sizes of coal at tidewater of 25c. a ton, which aroused
much public criticism. In Great Britain cessation
of coal-mining on a gigantic scale occurred, the point
at Issue in this instance being the question of a mini­
mum wage. The strike continued throughout the
month of March, paralyzing industrial activity in the
United Kingdom. It was estimated that, besides
the 1,000,000 miners directly involved, 2,000,000
more persons were thrown out of employment be­
cause of the inability to get supplies of coal. The
British Government found itself obliged to intervene
and a minimum wage bill was enacted. A referendum
vote of the miners was apparently in favor of the con­
tinuation of the strike,but the miners in such large num­
bers returned to work that practically full resumption
of mining occurred April 8. It is to be noted, too,
that on May 24 another strike of the dockers was
ordered in London, holding up temporarily a large
number of ships in the Thames. This strike of the
dock workers was still causing trouble in July, and,
as indicating the bitterness of feeling existing on
the part of the strikers, a prayer was uttered at one
of their meetings asking that God strike Lord Devenport (who had been active in opposition) dead.
Many other differences with labor occurred from
time to time during the course of the year. In
Massachusetts the new law limiting work to 54
hours a week led to serious trouble in the textile in­
dustry. At Lawrence, Mass., the operatives at
the woolen mills quit work when it appeared that
they were to get only 54 hours’ pay for 54 hours’
work, and for many successive weeks scenes of blood­
shed and violence were enacted. This Lawrence
strike at the woolen mills of the American Woolen Co.
(the largest woolen and worsted manufacturers in the
world) was not settled until March, when advances
averaging about 7 j^ % were granted. In the mean­
time business had greatly improved, and throughout
New England generally advances in wages ranging
from 5 to 10% were granted at the various textile
mills, cotton and woolen.

J a n . 4 1913.1

T H E C H R O N IC L E

Among the minor labor disturbances of one kind
or another which marked the course of the year may
be mentioned the freight-handlers’ strike at Chicago
in M ay, and also a newspaper strike at the same point
during the same month, as a result of which the peo­
ple of Chicago for a number of days were without
their regular newspaper service, even the newsboys
having joined in the movement and interfered to
prevent the delivery of the papers.
The year was one, too, of numerous disasters.
The sinking in April of the White Star ocean steamer
Titanic, with the enormous number of lives which
this involved, many of them persons of conspicuous
prominence in the world’s activities, ranks among the
most startling events in the history of ocean naviga­
tion. The destruction by fire of the Equitable block
in this city was also an event of no ordinary impor­
tance, especially as the fire temporarily placed be­
yond reach of their owners securities valued at hun­
dreds of millions of dollars. Then, also, the over­
flow of the Mississippi, which occurred in the
spring, exceeded all former records as to rise; the
breaks in the levees, it was estimated, aggregated in
length about 20 miles, covering about 8,000 square
miles of territory and necessitating very extensive
relief measures on the part of Congress.
To all this must be added the long-feared outbreak
of war in Southeastern Europe between Greece and
the Balkan countries (Servia, Bulgaria and Monte­
negro) on the one side and Turkey on the other side.
This came quite unexpectedly, and the immediate
effect was to cause a financial revulsion all over
Europe, with panicky conditions in the security mar­
kets and a general rise in the discount rates of the
leading European banks. The war between Italy
and Turkey for the possession of Tripoli had not been
definitely terminated when this new war, of much
larger proportions, was precipitated. The United
States was in position to render important services
to the Old World in taking over the immense masses
of securities which European holders were forced to
throw over as a result of the liquidation which the
Balkan war precipitated. The war began in Octo­
ber and was pushed with extraordinary vigor on the
part of the Balkan allies, who were evidently well
prepared beforehand, and soon had the Turk com­
pletely at their mercy, so that by the end of the month
he was suing for peace. The loss of lives on both sides
was frightful, and doubtless if it had not been for
the outbreak of cholera in the Turkish ranks the Bul­
garian army would not have desisted in its victorious
advance until it had reached the gates of Constan­
tinople, instead of resting 12 or 15 miles this side
of that point.
In the face of this formidable array of disturbing
incidents and events in the political, the financial,
the industrial and the international world, the course
of trade and business made, as already stated, almost
uninterrupted progress, and new records for activity
and for volume of business were established in many
directions. If there is a seeming paradox in such an
outcome under the state of things narrated above,
an explanation must be sought in the course of af­
fairs during the preceding two years. In 1910 and
1911 trade in the United States undoubtedly suffered
a setback. The reaction, it must be admitted, was
slight, but in this country steady growth is the rule




11

under normal conditions, and hence, when the coun­
try’s industries stand still, as it were, we may be
sure there is restriction in demand and a curtailment
of consumption. Where trade reaction does not
culminate in a commercial or financial revulsion, such
deficiencies must sooner or later be made up. In
brief, in 1910 and 1911 we did not, it would seem,
fully supply our needs, and in 1912 had to meet not
only current requirements but also make good the
arrears. It is to be remembered that the consump­
tive requirements of a population of over 90 millions
are very large, and at times may become very urgent.
When wholesalers and retailers combined all begin
to realize simultaneously that, as a result of the
policy pursued for a year and a half, or more, of buy­
ing only from hand to mouth, stocks of goods have
been reduced to an exceedingly low point and need
replenishing— when such a realization comes all at
once to the entire population— there is the certainty
that things will begin to hum. That appears to have
been the situation during 1912. At such a psycho­
logical moment, too, confidence begets confidence,
and a hopeful frame of mind in one direction soon
becomes duplicated in another.
The origin of the trade revival of 1912 is to be
found in more senses than one in 1911. In the first
instance, it undoubtedly had its inception in the great
break in iron and steel prices which occurred in the
summer of 1911. Previously the concensus of
opinion seemed to be that violent declines in iron and
steel prices should be resisted, with a view to pre­
venting a drop to below cost levels. There were
legitimate arguments for such a course, but the effect
unquestionably was to restrict buying out of lack of
confidence in the basis of values. When, therefore,
a break actually occurred— and a severe one at that
— and when rumor had it that in many lines the
new prices were below cost, a buying movement set
in which was never arrested from that time up to
the close of 1912. At these prices every one could
feel that values had got down to bed-rock, and that,
hence, there was no risk in giving orders with great
freedom. Not only that, but at such prices there
was an inducement for undertaking much work that
did not exist before. Thus it happened that a grad­
ually widening circle of activity developed under
which prices also improved and eventually reached
figures assuring an ample margin of profit. The
iron and steel industry is commonly accepted as a
barometer of trade, but it likewise exercises a power­
ful influence in advancing or retarding trade in
general.
As a further help in promoting expansion in the
iron and steel trade, the necessities of the railroads
played a very prominent part. At first the revival
in iron and steel proceeded in face of very limited
orders from the railroads, which ordinarily consti­
tute the largest single consumer of iron and steel in
the country. Later the railroads also began to pur­
chase very liberally and their orders served to give
additional momentum to the expanding activity in
iron and steel. The position of the railroad industry
the last few years has been a most unfortunate one
under Government regulations 'which [forbid an ad­
vance in freight rates while at the same time cost of
operations, under advancing wage schedules and
higher prices for materials, keeps steadily increasing.

12

Thus, railroad managers could buy only sparingly,
for the double reason that declining net earnings
imposed economy and that the same circumstance
impaired the credit of the roads and prevented bor­
rowing except on onerous terms. But after defer­
ring the placing of orders for equipment and other
things for a long time, further deferrals became in
1912 out of the question. More equipment was ab­
solutely necessary in order to take care of the growing
volume of traffic provided by expanding business in
all branches of industry. The need for further equip­
ment was additionally emphasized when it became
certain that the year was to be one of great plenty in
the agricultural world, and that the country’s trans­
portation lines would be called upon to handle a vol­
ume of grain tonnage never previously equaled.
It is to be noted that new railroad consumption was
unusually small, indicating the lack of faith existing
among capitalists and investors in the paying char­
acter of railroad property. The “ Railway Age
Gazette” puts the aggregate of new road built at
somewhat less than 3,000 miles, and says it is neces­
sary to go back fifteen years, namely to 1897, to
find a year when as small a railroad mileage was built
as in 1912. The activity in the railroad world to
which we have referred was mainly in the orders for
new equipment. On that point the “ Railway Age
Gazette” says that to find a year in which as large
a number of locomotives and as large a number of
freight cars was ordered it is necessary to go back six
years, to 1906. Our contemporary furnishes records
showing that orders for freight cars given in 1912 ag­
gregated 226,195 cars, against only 133,117 cars
in 1911, and that the number of new freight cars
actually built during 1912 was 148,357, as against
only 70,931 cars built in 1911.
With trade already in a state of great activity,
the large crops raised were a powerful influence in
keeping it so. The country’s grain harvests were of
unexampled dimensions, and the contrast with the
previous year was all the more striking by reason of
the crop shortage then experienced. The winterwheat yield as a whole was very poor, an enormous
amount of the area having had to be abandoned by
reason of winter-killing. On the other hand, the
spring-wheat crop proved very large, and conse­
quently the total wheat crop ran 100,000,000 bushels
larger than in 1911. In the case of corn, the pro­
duction is estimated at 3,124,000,000 bushels for
1912, against only 2,531,000,000 bushels in 1911, and
the oats crop at 1,418,000,000 bushels, against only
922,000,000 bushels. As a result of these large
yields, an appreciable decline in grain prices occurred,
but there was nevertheless very little relief from the
high cost of living. Meat prices in particular ruled
extraordinarily high and beef on the hoof in Chicago
sold at figures not previously reached since the close
of the Civil War— in December there were sales of
beef on the hoof at $12 per cwt.
The latter half of the year railroad earnings began
to share in the general improvement. During the
first six months of the year the character of the re­
turns was rather indifferent. There was a moderate
gain in gross revenues, but it was entirely consumed
by augmented expenses, so that net earnings were
actually somewhat smaller than in the first six months
of the previous year, notwithstanding that it was




[Vol. XCVI.

T H E C H R O N IC L E

necessary to earn interest and dividends on a larger
capitalization. Compilations published by us in the
“ Chronicle” of Aug. 31 showed an increase of $56,­
349,506 in gross, or 4.30% , but a loss of $2,037,477
in net earnings. In the last half of the year, how­
ever, the situation changed decidedly for the better.
Under the larger crop movement and the continued
activity of trade, the gains in gross earnings were now
very large, and this also brought a considerable
amount of improvement in the net, the gain repre­
senting, however, in the case of some of the separate
roads, a recovery in part of what had been lost the
previous year.
As an index to the expansion in the iron trade,
it may be noted that, according to the “ Iron Age,”
the make of iron in October (31 days) reached the
unprecedented figure of 2,689,933 tons and in N o­
vember (30 days) 2,630,854 tons, this comparing
with 2,057,911 tons in January. The shipments
of iron ore from the Upper Lake ports reached 47,­
435,777 tons for the season of 1912, against only
32,130,411 tons in 1911 and 42,628,758 tons for
1910. The Steel Corporation reported unfilled or­
ders N ov. 30 of 7,852,883 tons, against only 5,084,761
tons Jan. 1; as early as April the Corporation re­
ported 93% of its capacity employed and in De­
cember the ratio was 95% . In the early part of the
year profits from the steel business were very meagre,
production being on orders taken a long time pre­
viously, when prices ruled exceedingly low. The
latter half of the year, however, with the old orders
pretty well worked off, profits increased. In Janu­
ary the net earnings of the Steel Corporation were
only $5,243,406 but in August they had increased
to $10,583,377. The copper trade, too, was fa­
vored to an unusual degree. Production was the
largest on record, and yet stocks were steadily re­
duced until the latter part of the year. In March
the price of the metal touched 15c. for the first time
in five years and subsequently got close to 18c. The
country’s foreign trade was likewise of unexampled
dimensions, and this applies to both the exports and
the imports. For the 11 months ending N ov. 30,
1912, the value of the merchandise exports was
$2,148,563,324, as compared with only $1,867,619,­
610 in the corresponding eleven months of 1911, and
of the merchandise imports, $1,664,309,560, against
$1,391,684,958.
In

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Ja n . 4 1913.]

before the beginning of the new month so as to avoid
incurring a penalty and the banks were expecting
a call of condition from the Comptroller of the
Currency. In December easier conditions again
developed, though on Dec. 26 and 27 the call-loan
rate touched 12%. The last three months of the
year time loans and also commercial paper of the
best grades held close to 6 % most of the time.
The Secretary of the Treasury was frequently
urged to increase the amount of Government depositsin the banks, and on the reassembling of Congress
a bill was actually introduced to make additional
deposits of $50,000,000, but there was never any
real need for such aid, and, as a matter of fact, the
Government was not absorbing any large amounts
of cash. Total cash in Sub-Treasuries (including
the $150,000,000 gold reserve) was $354,591,895
Jan. 1 and diminished to $341,544,417 March 1 and
$342,734,894 June 1. The large corporation tax
payments in June increased the holdings to $368,­
836,347 July 1 and to $373,020,860 Aug. 1; but
there was no further addition during the active cropmoving period, and on Dec. 31thetotal stoodat$371,245,293. Government deposits in the banks were
not greatly changed from month to month through­
out the year. One incident was an advance in the
rate required by the Government on these deposits
from 1% to 2% .
Early in the year New York was still making loans
abroad and extending aid, particularly to Germany.
Gradually, however, these loans were paid off, and
even before the panicky conditions which developed
in Europe in October, most of the money loaned
abroad had been recalled in view of the active de­
mand at home. The New York Clearing-House
banks (not including the trust companies) showed a
deficit below the required cash reserves three times,
namely on March 30, on July 6 and again on N ov. 30.
Quick recovery, however, ensued on each occasion.
The trust companies (by themselves) frequently fell
below the cash requirements. Combining the two
classes of institutions, there was a deficiency only
twice, namely July 6 and N ov. 30— a little over
$5,000,000 on each occasion. The maximum of
surplus cash reserve held was Jan. 27 at $48,763,050.
The surplus D ec. 28 was $6,396,600. M oney hold­
ings of the combined institutions were at the highest
Jan. 27 at $479,952,000 and at the lowest Dec. 7 at
$374,436,000, with the amount Dec. 28 $385,132,000.
The course of our foreign exchange market was
irregular. The United States held a very favorable
position in the foreign trade, but we exported gold
in considerable amounts several times during the
first seven months and it was not until the latter
part of the year that we were able to command gold
imports, though the urgency of the European money
markets was even then such that it was necessary
to moderate our desires for the metal in order not to
cause disturbance abroad and further advances in
discount rates, already at a high figure.
The stock market was strong throughout most of
the year, but in October, November and December
the course of the market was reversed and a very
noteworthy decline set in. As a matter of fact,
in this downward movement the whole or the greater
part of the rise previously established was lost. A
review of the stock market for the year is given in the




13

THE CHRONICLE

article in our “ Bank & Quotation” Section, which
accompanies to-day’s issue of the “ Chronicle.”
Below we bring together some general statistics for
1912 and 1911, affording an interesting contrast be­
tween the two years. The data for 1912 are neces­
sarily largely estimates, as the year has only just
closed. The same table is incorporated in our annual
“ Financial Review,” and there the 1912 figures will
appear in their final corrected form.
%
GENERAL SUM M ARY FOR TW O YEARS.
1912.

1911.

Coin and currency in U. S. Dec. 31_____ $ 63,705,833,829 *3,618 ,353,798
Bank clearings in United States________ $ 174,900,000,000 160,300 ,000,000
Business failures______________________ $
198,695,091
191 ,001,665
Sales at N. Y . Stock Exchange___ shares
127 ,207,258
131,128,425
Imports of merchandise ( 11 months)___ $ 1,664,270,806
1,391 ,684,958
Exports of merchandise (11 months)___ $
2,148,617,686
1,867 ,619,610
16 549,457
8,383,627
Net Imports of gold (11 months)________ $
Gross earnings (10 months)_____________$ 2,450,905,192 2,290 ,451,843
63,067
Railroad constructed_______________ miles
62,997
621 338,000
Wheat raised____________________ bushels
730,267,000
Corn raised---------------------------------bushels 3.124.746.000 2,531 ,488,000
922 ,298,000
Oats raised---------------------------------bushels 1.418.337.000
Cotton raised__ _____
bales
16 ,043,316
al3,820,000
Pig iron produced (tons o f 2,240 lbs.)___
23 ,649,547
est.29,750,000
Steel rail production (gross tons)________
2 ,822,790
(?)
Lake Super, ore ship’ts by rail (gross tons)
32 ,130,411
47,435,777
Copper production in United S tates..lbs. est .1570,000,000 1,431 ,938,338
Anthracite shipm ents..(tons o f 2,240 lbs.) est.63,500,000
69 ,954,299
Coal of all kinds______(tons of 2,000 lbs.)
496 ,221.168
550,000,000
Petroleum production (whole U .S .). .bbls.
220 ,449,391
(?)
782,545
Immigration into United States_____No.
dl ,005,000
* A revised estimate of stock of gold coin was adopted Aug. 1 1907, a
reduction of 8135,000,000 being made, aAgricultural Department’s esti­
mate, which does not include Enters; that item would bo between 300,000
and 400,000 bales. 6 Dec. 1. d Partly estimated. 6 Estimates of “ Rail­
way Age Gazette.”

J A N U A R Y .— Current Events .— W ith confidence still im­
paired by the conditions that had proved so disturbing
through the preceding year, the developments in January
were not7altogether favorable. The month also proved one
of the very coldest on record. On Jan. 25 the M il. & St. P .
reduced the s. a .d iv . on its com. stock from 3 } 4 to 2 J ^ % .
The step had not been unexpected. Chairman Roswell
Miller on Saturday, Jan. 27, gave out a statement saying
the cut had been caused not alone by the failure of crops in
the Dakotas and Minnesota, but by the depression in general
business. It was reasonable to hope for better crops the
ensuing season, but there seemed “ no prospect of improve­
ment in general conditions, and in addition there was the
continued reduction of rates and the high cost of lab or."
These remarks attracted wide attention, as it was recog­
nized that the influences mentioned were typical of the rail­
road situation throughout the U . S. On the Stock Ex­
change the’ effect was to cause renewed depression. M an y of
the earnings returns of Western roads for the preceding De­
cember, which came in about the same time, served to in­
tensify gloomy feelings.
The U n. Pac. for December re­
ported $172,190 falling off in gross and $630,419 in net; So.
Pac. $269,987 in gross and $716,595 in net, and the Rock
Island System $490,023 in gross and $346,762 in net. The
111. Cent., which apparently was still suffering from the
shopmen’s strike, fell $411,794 behind in gross and $975,603
in net. On the N . Y . Cent, and the Pennsylvania drastic
curtailment of expenditures served to bring improvement in
net. In these last instances, however, demands for higher
wages proved a new disturbing feature. The Brotherhood
of Locomotive Engineers addressed communications to the
different railroads asking for large increases and for the
equalization or standardization of the wage-scale on the
different lines. A t the same time operators in the anthra­
cite coal regions were asked to grant higher wages to the
miners. In the Middle Western States miners and operators
in the bituminous coal fields were in conference discussing
similar demasnd. There were other labor involvements.
A t the textile mills at Lawrence, M ass., trouble was precipi­
tated by a new law in M ass, fixing 54 hours as the maximum
timo for a week’s labor. It had been the custom in these
woolen mills to work 56 hours, and now a reduction in wages
to the extent of the two hours’ difference in time was made.
The operatives went on strike and put in a counter demand
for an increase in wages. The strikers, who were mostly
foreigners, would not allow work of any kind to go on at the
mills. Finally it became necessary to call out the State
militia, and scenes of bloodshed and violence were enacted,
with attendant loss of life. In the cotton dispute at Lan­
cashire (England) an adjustment was effected through the
good offices of Sir George Askwith, the Chairman of the
Board of Trade’s Conciliation Board. The Lancashire
Cotton Spinners & Manufacturers Assn, had the previous
month declared a lockout of 160,000 cotton weavers because
of a strike inaugurated at the Helene mill at Accrington by
the union weavers, owing to the refusal of two operatives
(a man and his wife) to join the union. Unfortunately, a
prospect loomed up of a labor conflict in Great Britain in,a

1 4t

THE CHRONICLE

different branch of industry. The coal miners of Wales and
Scotland, by the overwhelming vote of 445,801 to 115,921,
authorized their leaders to declare a strike on M ch . 1 for
a fixed minimum wage. In our iron and steel industry a
continuation of the activity which had marked the closing
weeks of 1911 was noted. The monthly report of the U . S.
Steel Corporation given out Jan. 10 showed that the un­
filled orders Dec. 31 1911 on the books of tho subsidiary cor­
porations aggregated 5,084,761 tons, an increase of 942,806
tons during December, following an increase of 447,627 tons
in November. During January there was a further increase
to 5,379,721 tons, as appeared from tho return issued the
next month. These unfilled orders, however, represented
mainly business taken at very low piices. In some direc­
tions prices improved during January. In wire and wire
products the Pittsburgh Steel C o ., an independent concern,
on Jan. 22 announced an advance of 81 a ton, which was soon
followed by the Steel Corp. and the other producers; fence
wire was moved up to 81 40 per 100 lbs. and wire nails to
$1 60. Large orders remained to be filled at the old prices.
The quarterly statement of the Steel Corp. showed that tho
1 % % div. on the com. stock had just about been earned, but
without any special appropriation for improvements or new
work. It appeared that in December and November profits
had been, respectively, only 86,999,060 and 86,946,717,
against 89,159,338 in October, making the total for the three
months 823,105,115, against 825,990,978 in the Decembor
quarter of 1910 and 840,971,309 in 1909. The copper trade
continued to show improvement and accumulated stocks
in the U . S ., already low on Jan. 1, at 89 ,4 5 4 ,6 9 5 lbs., were
further reduced and were only 66,280,643 lbs. Jan. 31. In
the dry goods trade tho tone improved, but print cloths at
Fall River remained unchanged at 3 % cts. Tho cotton­
ginning report of tho Census Bureau showed that the D e­
partment of Agriculture’s estimated production, namely
14,885,000 bales of 500 lb s., would be exceeded, as the returns
showed 15,015,357 bales already ginned on Jan. 15. Cotton,
however, advanced, middling upland Jan. 31 being 9.70cts.
in this market, against 9.35 cts. Jan. 2 and 9.25 cts. Dec. 31
1911. Grain prices sharply advanced, owing in part to the
severity of the weather; M a y wheat in Chicago moved up
frem 9 8 % cts. Jan. 16 to 81 0 3 % Jan. 29; M a y corn at the
same point from 6 3 % cts. Jan. 3 to 0 8 % Jan. 31 and M ay
eats from 4 7 % Jan. 2 to 5 2 % Jan. 31. G ovt, money hold­
ings in Sub-Treasuries were reduced from 8354,591,895 to
8342,043,032. G ovt, deposits in the banks decreased
slightly— frem 847,768,004 to 847,439,241. National bank
circulation secured by bonds increased from 8714,363,068
to 8715,493,996. Political agitation proved highly dis­
turbing. Ex-Pres. Roosevelt began to loom up as a Presi­
dential candidate and Senator La Follette in the prosecution
of his own campaign delivered a speech at Carnegie Hall in
which he declared, among other things, that he would carry
the proposition for tho recall of judges so far as to make it
apply even to the Judges of the U. S. Supreme Court. In
Congress the investigation of the Steel Corporation by tho
Stanley Committee of the House of Representatives continued,
and many leading witnesses were calle.d to appear before the
committee, including Andrew Carnegie, Pres. Farrell of tho
Steel Corporation, Louis D . Brandois, &c. All through the
month, also, the Committee on Rules of the House of Repre­
sentatives gave consideration to a proposal for investigating
the so-called M oney Trust. Tho House of Representatives
passed a bill revising the iron and steel schedules of the
Paync-Aldricli tariff law; Chairman Underwood estimated
that it would reduce the average tariff on steel imports from
3 4 .5 1 % to 2 2 .4 2 % . Pres. Taft on Jan. 17 sent a special
message to Congress transmitting the report of tho Commis­
sion on Economy & Efficiency and made a number of recom­
mendations, chief among which was that practically all ad­
ministrative officers of the G ovt, be removed from political
influence and placed under the Civil Service, and another urg­
ing the adoption of the budget system for handling the Govt,
finances. On Jan. 8 the Federal Govt, began an action
in the U . S. District Court at M acon, G a ., for tho disso­
lution of tho American Naval Stores Co. on tho ground
that it was a monopoly in violation of tho Sherman Anti­
Trust Law. This civil suit was stated to bo supplemen­
tary to tho criminal indictments returned in 1907 and
1908 which resulted in the conviction of tho defendants and
from which judgment an appeal was then pending in the
U . S. Supremo Court. It was alleged in the civil suit that
tho company controlled approximately 7 5 % of the world’s
supply of turpentine and rosin and about 9 0 % of tho Ameri­
can product. On Jan. 9 the Federal grand jury at Buffalo,
N . Y . , beforo Judge Hazel, returned an indictment against
six companies composing tho Association of Coaster Brako
Licensees, controlling, it was stated, 9 0 % of the brakes
manufactured in the U . S ., and 18 individuals, officers in
those companies, charging conspiracy in restraint of trade.
The corporations indicted were the New Departure M fg . C o.,
the Corbin Screw Co. (a subsidiary of tho Amer. Hardware
C o .), the Aurora Automatic Machinery C o ., the Eclipse M a ­
chine C o., the Miami Cycle & M fg . Co. and tho Buffalo
M etal Goods C o., which makes tho Atherton brako. In tho
U . S. D ist. Court at Buffalo on Jan. 23 tho Standard Oil
Co. of N . Y . was fined 855,000 by Judgo Hazel under a con­
viction by a jury the previous Dec. of 143 violations of the
Inter-State Commerco Law, in accepting rate concessions
in 1904 and 1905 from the Pennsylvania and N . Y . Cent,
on shipments of oil from Olean, N . Y . , to Burlington, V t .




[ V o l . XC’ V I.

Both railroads had previously been fined on tho same charges.
The U . S. Supreme Court unanimously sustained the Con­
stitutionality of the Federal Employers’ Liability Act of 1908,
which abolishes the common law rule of non-liability for
damages through the negligence of a fellow servant, as ap­
plied to inter-Stato transportation. This law was onacted
in place of tho law of 1906, which had been hold unconsti­
tutional by tho U .S . Supreme Court, because it in effect had
attempted to regulate intra-State as well as inter-Stato con meree. There were four cases altogether. In one of these—
the Mondow case against the New Haven road— the Supremo
Court of Errors of Connecticut had held that the 1908 law
was not in harmony with the policy of the State of Connecti­
cut and that, therefore, tho State courts were free to de­
cline jurisdiction. Justice Van Devantor declared the sug­
gestion inadmissible, saying: “ When Congress, in tho exer­
tion of the power conferred upon it by the Constitution,
adopted the A ct, it spoke for all the people and all tho States,
and thereby established a policy for all. That policy is as
much the policy of Connecticut as if the Act had emanated
from its own Legislature, and should be respected accordingly
in the courts of the State.” As noted further above, se­
verely cold weather was experienced in this country. As tho
month preceding (December) had been abnormally mild, so
Jan. (and also tho succeeding month, Feb.) provod to bo
among the coldest on record. In this city the average tem­
perature was the lowest with a single exception (1893) in
the 42 Januaries during which the G o v t.’s Weather Bureau
had been keeping the records. In Chicago tho month was
the coldest without any exception.
In Northern New York
and likewise in certain parts of tho W est tho roads had to
contend with heavy snowfalls at tim es,'bu t at this centro
and in middle latitudes generally the chief drawback was tho
intense cold, and the precipitation of snow was below tho
normal. The railroads, particularly, suffered, and accounts
agreed that winter weather conditions in Jan. and a good part
of Feb. wore the very worst experienced in a very long period
of time. In Europe there was a development of easier
monetary conditions. Nevertheless, American bankers,
owing to their inability to employ funds at homo at a profit,
indulged in lending abroad. A group of Berlin banks
brought out 500,600,000 marks (8125,000,000) of Imperial
and Prussian State 4 % loans at 101.40, and Austria arranged
a loan of 200,000,000 kronen (about 841,500,000) 4 % Aus­
trian rentes with leading Viennese banks. This latter was
offered in New York at 9 0 % for delivery in March. It was
estimated that about 82,000,000 in American subscriptions
were obtained at these terms. Neither English nor French
bankers were to any important extent bidders for the Berlin
loans, and this limited American subscriptions to 83,000,000
or 84,000,000, as New York bankers felt that under such cir­
cumstances there would not be a sufficiently broad market
for the issues. In Paris a loan of tho Credit Foncier for
500,000,000 francs proved a spectacular success, tho sub­
scriptions being 19 fold the amount. Tho issue was of tho usual
popular character, it being in denominations of 250 francs;
the int. rate was 3 % . Tho Credit Foncier makes invest­
ments largely as a mortgage institution, and lends heavily
on municipal enterprises; and against such investments of­
fers its own obligations for public subscription. A French
Cabinet crisis led to the resignation of M . Caillaux, follow­
ing the resignation of M . de Selves, tho Foreign Minister.
The circumstances were peculiar. There had been repeated
allegations that the French Ambassador at Berlin, Jules
Cambon, did not havo a freo hand in the negotiations with
Germany which led up to the Franco-German accord regard­
ing Morocco the previous year, and that other negotiations,
of which the Foreign Office and tho Ambassador himself
were ignorant, had been secretly conducted botween the two
countries concerning railroad concessions in tho Congo,
Kamerun and Morocco. When taxed with this in committee
session of the Senate, the Premier denied the wholo asser­
tion. M . Clemenceau then turned to the Foreign Minister,
M . do Selves, and asked him to confirm tho Premier’s state­
ment. The Foreign Minister replied: “ I cannot answer tho
question. I am tied between a double duty— to hold to tho
truth and tell all, and not to hurt tho interests of tho country
by deserting the Cabinet.” As the Moroccan treaty was
then before the French Senate for ratification, it was recog­
nized that a situation of gravity might easily arise. The
French President assigned the task of constituting a new M in­
istry to Raymond Poincaro, a former Minister of Finance,
and ho was able to get together a Cabinet of unusual distinc­
tion, including the well-known statesman Theophile Delcasse, who took tho portfolio of Minister of Marino; Aristido
Briand, who became Minister of Justico, and Leon Bour­
geois, who became Minister of Labor. Tho last two were
former Premiers. Patriotic considerations seem to havo
prompted the acceptance of portfolios by all those. Tho
allegations of secret negotiations under tho Ministry of M .
Caillaux produced a painful impression in Great Britain and
induced somo excited comment in which misgivings wero
freely expressed as to whether the previous summer Great
Britain, in so loyally backing up Franco in her controversy
with Germany regarding Moroccan affairs, had not been
brought to the brink of war without being at all aware just
what arrangements the French G ovt, was trying to enter
into, and possibly with tho object of gaining some secret
advantage for itself. This feeling, however, quickly passed
away. Some friction between France and Italy developed
in connection with tho war by Italy against Turkoy on ac­

Ja n . 4 15)13 ]

THE CHRONICLE

count of Tripoli. Italian warships seized a number of
French steamers. Eventually the steamers wero released
A t the elections for the German Parliament— the first held
since 1907— the Socialists achieved important successes.
They increased their membership in the Reichstag from 53
to 110, while the so-called Conservative party retained only
69 seats against 104, and the various other parties represented
in that body also suffered larger or smaller losses. In the
old Reichstag, the G ovt, “ bloc,” consisting of the Conserva­
tives, tho Clericals, the Nationalists and the Independents,
had 242 seats, as against only 153 held by the Socialists,
Liberals and Radicals.
In the now Reichstag tho G ovt,
“ bloc” aggregated only 192 members, as against 205 held by
tho others. In Cuba such a political situation developed
that President Taft felt it necessary to notify tho Cuban Govt,
that unless tho latter succeeded in maintaining better control
over Cuban affairs, it would become necessary for tho United
States again to intervene. The notice had tho desired effect.
The British Govt, on Jan. 1 assumed control of tho National
Telephone C o., which operated throughout tho United King­
dom and Ireland, and combined it with tho regular post of­
fice telephone system, giving tho British G ovt, a complete
monopoly of the telephone business. The N . Y . Stock Ex­
change, as well as the financial community of this city,
suffered great inconvenionco as tho rosult of tho destruction
by fire of the large building of tho Equitablo Life Assurance
Socioty, occupying tho block bounded by Broadway, Pine,
Cedar and Nassau streets. This fire broke out early in tho
morning of Tuesday, Jan. 9. It was extremely cold at tho
time, and tho water froze almost as fast as it camo out of
tho fire hose, so tho structure was quickly doomed. On ac­
count of the large fire force and tho numerous engines re­
quired to fight tho conflagration, tho toppling condition of
tho walls and tho fact that tho streets surrounding tho build­
ing are very narrow and became impassable, tho banking
liouses and financial institutions in closo proximity to tho
Equitable Bldg, were able to carry on business only with the
greatest difficulty. The N . Y . Clearing House Association,
on the opposite sido of Cedar S t., was obligod to vacate its
quarters and was not ablo to re-occupy them until Jan. 18.
In tho block burnt were tho offices of tho Equitablo Trust C o.,
tho Mercantile Branch of tho Bankors Trust C o ., tho Mer­
cantile Safo Dop. C o., August Belmont & C o., Kountze Bros.,
William A . Read & Co. and other important eoncorns,and
among the other tonants woro the Un. P a c .R R ., tho Sou. Pac.
C o ., & c., & c., all of which had to securo quarters olsewhore.
The firo temporarily placed beyond reach of their owners
securities valued at hundreds of millions of dollars. Besides
tho largo volume of securities carried by tho Equitablo So­
ciety itself, and by some of the other important occupants of
the building, the vaults of tho Mercantile Safo Dop. Co. wore
located in tho basoment of the building. These vaults woro
used by a large number of Stock Exchange houses for tho
safo keeping of their securities. Owing to tho inabiity of
the owners to got possession of those securities, tho Governing
Committee of tho Stock Exchange on the day of tho firo de­
cided to suspend deliveries of all stocks for tho day, except
by mutual consent, action said to bo unprecedented in tho
history of the Exchange. This rule was continued the next
day, but qualified so that it should apply only to securities
“ diroctly or indirectly” connected with the firo. Tho Law
Committeo was then empowered further to extend tho period
in its discretion. It was not until Fob. 1 that tho rulo for
the suspension of deliveries was discontinued. Two of tho
vaults of tho Mercantile Safo Doposit Co. in tho ruins woro
opened Jan. 25, and some of tho securities therein romoved.
The third and last vault was opened Jan. 30. In accordance
with the requirement of tho Act of Congress passed tho pre­
vious year, tho National Monetary Commission filed its re­
port with both Houses of Congress on Jan. 8. W ith tho re­
port was presented a bill providing for the creation of a
Central Reserve Association along the linos of tho schomo
offered by tho Chairman of the Commission, Nolson W . Al­
drich, soveral months before, but modified so as to procludo
control of the Central Rosorve Association by any given sec­
tion of the country or any group of financial interests. Tho
sontonce of Charles W . Morse, formerly Vice-President of tho
National Bank of North America, New York, and who in
Jan. 1910 had begun a 15-yoar torm of imprisonment, was
commuted by President Taft on Jan. 18, on recommendation
of the Attornoy-Gonoral, based on a report of Surgeon-Gen­
eral Torney, which statod that Morse, on account of kidney
and heart trouble, was in such a critical condition that ho
might expiro at any tiino. Aftor his roleaso quick improve­
ment resulted.
Railroad Events and Stock Exchange M atters.— Tho stock
inarkot manifested considerable firmness at tho beginning of
Jan., but developed decided weakness towards tho closo.
Tho firo in tho Equitable B ldg., tying up, as it did, enormous
masses of securities belonging to banking and brokorago
houses, served to x'otard business, inasmuch as this necessi­
tated postponement of deliveries of stocks rendered inacces­
sible. A period of extreme dulnoss and also of sagging pricos
intervened, to bo followed by renewed firmness, occasioned in
part by sharp advances in tho anthracite coal properties,
induced by tho announcement that tho Lehigh Valley R R .
had organized tho Lehigh Valley Coal Sales C o., and had de­
clared an extra dividend of 1 0 % , available for tho purchaso
of the stock of this Sales Co. The Tobacco group of stocks,
which had been formed with tho dissolution of tho American
Tobacco C o., also enjoyed sharp advances and helped to give




15

more or less tone to the whole market. But with tho re­
duction of tho s.-a. div. on Mihv. & St. Paul stock from 346
to 2 4 6 % . the numerous poor returns of railroad earnings,
tho continued political agitation and the diminishing profits
of the Steel Corporation, growing weakness developed. The
quarterly statement of the Steel Corporation was given out
aftor tho close of business on Jan. 30. The result of this and
tho heavy losses in earnings shown by Un. Pac. and So. Pac.,
was a pretty general tumble in prices on Jan. 31, the Steel
shares and the Harriman properties being especially weak.
Mihv. & St. P. com. opened Jan. 2 at 10946. touched 11146
Jan. 3 and sold down to 10446 Jan. 31. U . P. com. opened at
17246 Jan. 2, advanced the same day to 17446 and dropped to
161
Jan. 31. So. Pac. from 11246 Jan. 2 sold down to
107 Jan. 31. Reading com. opened at 15146 Jan. 2 and
closed at 15346 Jan. 31, but in the meantime sold at 14846
Jan. 11 and 15946 Jan. 22. N . Y . Cent, opened at 10746
Jan. 2, sold at 10846 Jan. 9, advanced to 11246 Jan. 30 and
closed Jan. 31 at 11046- Steel com. was 6946 Jan. 3 and
5946 Jan. 31. Am al. Cop. was 6746 Jan. 3 and closed at
61 ox-div. Jan. 31. The Federal Sugar Ref. Co. doelared an
initial div. of 1 4 6 % on its $5,677,200 com. stock. Tho int.
due Jan. 1 on the 1st ref. and ext. 4s of the Wabash R R . was
defaulted. The Iowa Central lines were taken over by the
Minneapolis & St. Louis Railroad. The Allis-Chalmers
Company mado default on its first mortgage 5s.
The
N . Y . Public Service Commission authorized the N . Y .
Cent, to purchase the stock of the N . Y . & Harlem R R . at
$175 for each share of tho par value of $59. Harlem share­
holders were also offered the right to subscribe at 92 for $35,­
000,000 new debenture 4s to be issued to provide the funds
for such purchase. Through train service to Key We3t over
the Florida East Coast R y. was inaugurated Jan. 22. From
Miami to Key West the new lino runs over more than 150
miles of salt water, a chain of small islands being used for the
purpose. The line owes its existence to the enterprise of
Ilonry M . Flagler. Tho N . Y . N . II. & II. R R ., through
J. P . Morgan & C o., placed $30,000,000 1-yr. 4 % coupon
notes. Chic. R. I. & Pac. R y. sold to Speyer & Co. $20,003,­
000 20-yr. 5 % debentures, which were later offered for public
subscription at 9746 and int. N or. & W est, shareholders
woro offered the right to subscribe at par for $14,033,033 new
4 % conv. 20-yr. debentures. Balt. & O. placed $10,003,003
4 4 6 % equip, trust certfs. Int. Harvester Co. sold to J. P .
Morgan & C o. $20,000,000 3-yr. 5 % notes. Pac. Gas &
Elec, of San Fran, sold $23,033,033 gen. & ref. 5s. Bankers
offered $5,295,003 1st & ref. 53 of the Pac. Pow. & Lt. C o.
The M on ey Market.— The month was one of increasing ease.
Monoy flowed here in enormous amounts from the interior.
This was duo not merely to the release of funds used in
moving the crops, but to tho inactivity of general trade.
Rates for time loans reflected tho redundancy of funds even
more than the call-loan branch. Stock Exchange houses as
a rule appeared completely to ignore fixed maturities, and
confined then- borrowings entirely to call loans. On Jan. 2
call loans were 3 4 6 @ 1 % > but rates quickly declined and
Jan. 17 tho range was only 1 4 6@ 24 6. and Jan. 31 it was 2 @
246- Time money at the close was 216 for 30 and 63 days;
2 4 6 @ 3 for 90 days and 4 mos.; 3 @ 3 4 6 for 5 and 8 ino3., and
3 4 6 @ 4 for 12 mos. Rates for mercantile paper at the close
wore 3 46 @ 4 for 60 to 90 days endorsed bills receivable and
for choice 4 to 6 mos. single names; good 4 to 6 mos. single
names were 4 4 6 % - M oney holdings of the banks and trust
companies in tho Clearing House increased from $115,033,003
Doc. 30 1911 to $179,952,000 Jan. 27, and surplus cash re­
serves rose from $18,993,850 to $13,733,053. Deposits
moved up from $1,752,405,030 to $1,833,873,033 and loans
from $1,878,347,003 to $1,933,593,000.
For the State banks
and trust companies not in the Clearing House, money hold­
ings Jan. 27 wero only $75,153,200, against $79,071,800 Deo.
30 1911 and loans wore only $592,270,200, against $516,­
921,200.
Foreign Exchange, Silver, cfee.— Foreign exchange mani­
fested strength and rising prices throughout almost the whole
month. This was due mainly to the great ease in money at
this point in contrast with the much higher rates in Europe.
There was decided relaxation in the monetary tension in
Europo, but nevertheless it was vory much more profitable
to invest funds abroad than in New York. The Bank of
England was obliged to make heavy shipments of gold to
India and Egypt, and London was a more or less constant
borrower at this centre. Italy also borrowed here and Ger­
many arranged to renew many of tho loans which it had ob­
tained in New York tho latter part of 1911 at the time of the
monetary pressure in Germany. There wero also moderate
American subscriptions to the now Gorman and Austrian
loans, as noted above. There were gold shipments at various
times during tho month to Argentina to an aggregate of
about $1,700,000. N o gold went direct to Europe, though
towards the end of the month such an outflow seemed immi­
nent. A t the vory close sterling displayed a slight down­
ward reaction. Tho minimum for sight bills was 4 8 3 3 0 @
4 8640 Jan. 2 and the maximum 4 8 7 5 5 @ 4 8760 Jan. 27,
showing a rise of 146c. per pound. The close Jan. 31 was
4 8 7 4 0 @ 4 8745. Open markot discounts Jan. 31 wore 346
at London for spot bills and 3 46 for bills to arrive—-for 63 and
90 days. A t Paris 346 was the rate for all maturities and
at Berlin 346- There was a sharp advance in silver, whioh
closed Jan. 31 at 26 13-16d., against 25 3-16d. Jan. 2. The
rise was duo to large Indian purchases both for shipment and
to cover
rt sales, . ile China also was in the markot.

16

THE CHRONICLE

The Indian Treasury’s holdings of silver were heavily reduced
and it was felt this brought the possibility of a resumption
of purchases of silver by the Indian G ovt, distinctly nearer.
F E B R U A R Y .— Current Events .— The most striking event
during February, though it had no immediate influence on
the situation, was ex-President Roosevelt’s announcement
that ho would accept a nomination for the Presidency from
the Republican Party. This action involved a complete
change in his attitude. His previous utterances, while Del­
phic, had distinctly conveyed the impression that under no
circumstances would ho become an active candidate or do
anything to bring about his nomination— that it would be a
sacrifice for him to accept, though if nominated ho would not
refuse to obey “ the call of du ty.” Gradually, however,
M r. Roosevelt paved the way for the definite announcement
that he would not only accept but would enter the contest
and make a fight for the nomination. On N ov. 8 1904
(after having been so triumphantly re-elected) M r. Roose­
velt bad declared himself as most emphatically opposed to
the idea of a third Presidential term, saying that on the 4th
of March then next ensuing (1905) he would have served
3 Yz years and that this 3 Yz years would constitute his first
term, to which he added: “ The wise custom which limits
the President to two terms regards the substance and not
the form, and under no circumstances will I be a candidate
for or accept another nomination.” On Dec. 11 1907 he
had reaffirmed his attitude in that respect, saying he had not
changed the decision thus announced. In the public discus­
sions the words here quoted wero constantly referred to as
binding upon him and as precluding his becoming a candidate;
but in an editorial article in the “ Outlook” for Feb. 17 it
was pointed out that his announcement in 1904 was to be
interpreted as referring to a third consecutive term, and the
“ Outlook” used the following incident for illustration:
“ When a man says at breakfast in the morning, ‘N o, thank
you; I will not take any more coffee,’ it does not mean that
he will not take any more coffee to-morrow morning, or next
week, or next month, or next year.” The press quickly took
up the remark and it became the subject of humorous com­
ment. The opportunity for a positive declaration came in a
letter addressed to him from Chicago on Feb. 10, to which
were attached the names of seven Republican Governors,
namely Herbert S. Hadley of Missouri, W . R . Stubbs of
Kansas, Chase S. Osborn of Michigan, Joseph W . Carey of
W yom ing, Robert P. Bass of New Hampshire, Chester II.
Aldrich of Nebraska and William E . Glasscock of W est
Virginia. Some other Governors subsequently also becamo
identified with the Roosevelt movement. In their letter
these Republican Governors gave it as their belief that a
large majority of the Republican voters of the country fav­
ored the nomination of M r. Roosevelt and that a largo ma­
jority of the people favored his election as the next President
of the United States. They asked that in view of this [Jublic
demand he should announce whether he would accept a
nomination if it came to him. They argued that he would be
“ unresponsive to a plain public duty if he should declino to
accept the nomination coming as the voluntary expression
of the wishes of a majority of the Republican voters of the
United States through the action of their delegates in the
next National Convention.” M r. Roosevelt replied to this
letter two weeks later on Feb. 24. In the meantime, how­
ever, he made a speech before the Ohio Constitutional Con­
vention at Columbus. The address was called “ A Charter
of Democracy,” and he expressly advocated a recall of ju­
dicial decisions. The stand he would take in that respect
had been foreshadowed in an article in the “ Outlook” for
Jan. 6 entitled “ Judges and Progress.” In this article,
after speaking of the “ festering wrong and injustice” perpe­
trated “ because certain judges, certain courts, are steeped
in some outworn political or social philosophy,” he proposed
that in certain classes of cases, after the courts had handed
down a decision, the voters should bo allowed to determine
whether such decision should be affirmed or roversed. It
had hardly been supposed, however, that ho would go so far
as to make these views a cardinal feature of his political
dogmas. But in his speech beforo the Ohio Constitutional
Convention he did that very thing. He said he did not be­
lieve “ in adopting the recall save as a last resort when it has
become clearly evident that no other course will achieve the
desired result.” He added: “ But there is one kind of recall
in which I very earnestly believe and the immediate adoption
of which I urge. When a judge decides a Constitutional
question, when he decides what the people as a whole can
or cannot do, the people should have the right to recall
that decision if they think it Avrong. W o should hold the
judiciary in all respect, but it is both absurd and degrading
to make a fetich of a judge or of any one else.” After deliv­
ering this address M r. Roosevelt remarked in response to a
question of the reporters that his “ hat was now in the ring.”
It soon became apparent that he was to follow his hat, but
in the meantime his views regarding judicial recall alienated
from him many supporters who now declared in­
ability
to accept
this further step in radicalism.
His letter of Feb, 24 to the Republican Gover­
nors consenting to run was given to the press on Sunday night
Feb. 25. In it he said that he realized “ to tho full tho heavy
responsibility” put upon him, but would accept the nomina­
tion for President if it was tendered to him, and he would ad­
here to this decision until the Convention had expressed its
preference. It quickly became] manifest that ho would be




[ V o l . X C V I.

no passive candidate, but would endeavor to get as many of
the delegates to the Convention to pledge themselves to him
in advance as possiblo.
On Feb. 29 it was announced
that Senator Joseph M . Dixon of Montana had agreed to
accept the chairmanship of tho Roosevelt National Campaign
Organization. All this, of course, was a direct challenge to
President Taft in seeking to get a re-nomination. M r . Taft,
on his part, had made it clear in an earlier speech that ho did
not share the views of M r. Roosevelt regarding tho recall of
judges or the recall of judicial decisions, and was prepared to
take direct issue with him on that question. In speaking
before the Republican Club in this city on Lincoln’s Birthday,
1m referred to tho extremists as neurotics, saying: “ W ith tho
effort to make the selection of candidates, the enactment of
legislation and the decision of courts to depend on tho momen­
tary passions of a people necessarily indifferently informed as
to the issues presented, and without tho opportunity for time
and study and that deliberation that gives security and com­
mon sonse to the government of the people, such extremists
would hurry us into a condition which would find no parallel
except in tho French Revolution or in that bubbling anarchy
that once characterized the South American republics. Such
extremists are not progressives, they are political emotional­
ists or neurotics who have lost that sense of proportion, that
clear and candid consideration of their own weakness as a
whole, and that clear perception of the necessity for checks
upon hasty popular action, which made our people who fought
tho Revolution and who drafted tho Federal Constitution the
greatest self-governing people that the world over knew.” In
this speech, also, M r. Taft declared strongly in favor of tho
preservation of property rights, saying: “ It has been said,
and it is a common platform expression, that it is well to pre­
fer the man above tho dollar, as if tho preservation of prop­
erty rights has somo other purpose than tho assistance to and
the uplifting of human rights. Private proporty was not es­
tablished in order to gratify lovo of some material wealth or
capital. It was established as an instrumentality in tho pro­
gress of civilization and the uplifting of man, and it is equality
of opportunity that private proporty promotes by assuring to
man the result of his own labor, thrift and self-restraint.
W hen, therefore, the demagogue mounts tho platform and an­
nounces that he prefers the man above tho dollar, ho ought to
bo interrogated as to what ho means thereby— whether lie is
in favor of abolishing the right of tho institution of private
property and of taking away from the poor man tho opportun­
ity to become wealthy by the use of the abilities that God has
given him, and by the cultivation of tho virtues with which
practice of self-restraint and the exercise of moral courago will
fortify him .” There were also somo labor matters of a threat­
ening character. Tho striko in tho woolen mills at Lawrence,
M a ss., improved in one respect inasmuch as a considorablo
number of the operatives returned to work; but, on tho other
hand, riotous proceedings continued up to the very end of tho
month. In Great Britain grave fears wero expressed of tho
ill results to follow tho contemplated striko of tho coal minors
which was to become effective M ar. 1. Up to tho last mo­
ment hopes were entertained that this gigantic striko, involv­
ing a million men, would bo averted through tho intervention
of the British G ovt. In some of tho mines, however, largo
numbers of men began to quit work several days beforo tho
close of the month, and on Fob. 29 over 800,000 miners and
their assistants had actually quit their jobs. The rosults that
followed are narrated under tho evonts of March. Tho U. S.
Steel Corp., after the close of tho month, roportod a furtiior
increase in unfilled orders. Tho coppor market continued to
improve and there was a further reduction in unsold stocks,
notwithstanding an increaso in tho domestic output. In tho
dry goods trado there was a stiffening of pricos all around.
Print cloths at Fall River Feb. 7 wero marked up from 3 j^o.
to 3j^ c. Middling upland cotton in this market ad­
vanced from 9.70c. Jan. 31 to 10.70c. Feb. 14 and closed
Feb. 29 at 10.40c. Grain prices continued strong, and
the M a y option for wheat at Chicago closed Fob. 29
about tho same price as on Jan. 31, namely, 81 023^, while
tho M a y option for corn closed at 0 9 % o ., against 67 % c .,
and the M a y option for oats at 5
2
against 51
A
State inquiry into the cost of living, authorized by an Act
of the New York Legislature, was begun in this city by a
commission of eleven, with William Church Osborn as
Chairman. As the result of an investigation made by A s­
sistant District Attorney William A . Do Ford into tho
methods of dealing in butter and eggs, a formal complaint
was made against the Now York Mercantile Exchange. Tho
Exchange was accused of conspiracy to restrain trade in
fixing the prices of tho commodities named. Tho outcome
of this suit is reported in the events for August. Early in tho
month President Taft sent a mossago to Congross in which,
among other things, ho roferrod to tho high cost of living,
and recommended that an international conforoneo bo pro­
posed for the purpose of making an inquiry into tho subject.
In the same message he also suggested a Congressional in­
quiry into tho subject of tho relations botwoon employers
and wage-earners in industrial affairs. G ovt, monoy hold­
ings decreased from 8342,643,032 to 8341,544,417 and depos­
its in the national banks from 847,439,241 to 846,748,306.
National bank circulation secured by bonds increased from
8715,493,996 to 8718,548,203. President Taft submitted to
Congress tho report of the Employers’ Liability Commission,
and tho latter’s Liability and Workmen’s Compensation Bill.
M r. Taft endorsed tho recommendations. Tho bill provided
that every common carrier engaged in inter-State or foroign

Jan.

4

«<*

3

)

THE CHRONICLE

■commerco by rail should pay compensation to any employee
who might sustain personal injury in line of duty, or to his
dependants in case of death— the remedy proposed to bo in
substitution of all other remedies open to tho employees,
that is, the existing common law and statutory remedies to
be abolished. President Taft also submitted to Congress
tho report of tho Hughes Commission on Second Class Mail
M atter (consisting of Charles E . Hughes of tho U . S. Supremo
Court, A . Lawrence Lowell of Harvard University and H . A .
Wheeler of tho Union Trust Co. of Chicago), and concurred
in tho recommendations of tho Commission that the rato on
second class mail matter be increased from lc . per lb. to
2c. per lb. In submitting at tho same timo the annual re­
port of tho Postmaster-General, M r. Taft expressed disagree­
ment with tho recommendation of tho Postmaster-Geperal
that tho telegraph lines in the United States should bo made
a part of tho postal system and operated in conjunction with
the mail system. A t a caucus of the Democratic members
of tho House of Representatives it was decided to refer tho
proposed “ M oney Trust” investigation to tho respective
standing committees of the House (namely, tho Banking and
Currency Committee, the Judiciary Committeo, the Inter­
state and Foreign Commerce Committeo and tho Committee
on Elections) instead of to a special committee, as proposed
in tho resolution of Representative Honry. In April, how­
ever (V. 94, p. 1154), the House of Representatives passed
a resolution broadening the powors of the Banking and Cur­
rency Committee (of which Representative Pujo was Chair­
m an), so as to place tho entire subject, in effect, in tho hands
of this committeo, much as proposed in tho Honry resolu­
tion; Samuel Untermyer was then chosen to act as counsol
for tho committeo in tho investigation. Tho special com­
mitteo of tho House of Representatives, with Thomas W .
Hardwick as Chairman, which since the previous M a y had
been investigating tho Amer. Sugar Refining C o., rendered
its report Feb. 17. It condemned!tho original promoter of
the company, and charged that since its organization tho
company had repeatedly violated tho Sherman Law. The
com m ittee, “ while fully admitting tho forcofulness of tho
argument in favor of tho conduct of tho largo industries of
tho country by powerful and efficient agencies, that can fully
develop and apply tho economies of co-operation,” found it­
self unable to subscribe to tho doctrine that tho Govornmont should recognize that competition must givo placo
to monopolistic combinations and proceed to legitimatize
and regulate tho great trusts. It declared that “ competition
and individuality aro great romedios that have been sufficient
through all tho ages to protect us from tho ovils that now
threaten. Wo aro not yet ready to write an epitaph over either.”
Tho Stanley Steel Investigating Committee continued its
inquiries and had as a picturesquo witness James J. Hill.
A s k e d what ho thought of tho theory that tho day of compe­
tition is over and that tho Government must now intervene
and regulate prices, & c., ho declared emphatically that Gov­
ernment is not fit to run business and that “ tho law of com­
petition will linger with that other law of tho survival of tho
fittest until long after every statute has been swept aw ay.”
Tho Underwood bill revising tho chemical schedule of tho
Payne-Aldrich tariff law passed tho House Fob. 21 by a voto
of 178 to 127. Practically all tho so-called “ insurgent”
Republicans voted with the regular Republicans against tho
bill, basing their opposition largely on tho theory that tho
bill was a revision upward instead of downward. Tho Fed­
eral Grand Jury at Indianapolis returned 54 indictments
against labor union officials and agents in connection with
tho dynamite explosions which had occurred throughout
tho country during the preceding six years and in which tho
wrecking of tho Los Angelos Times Building was an incident.
Tho accused were held criminally responsible with J. J. M c ­
Namara, J. B . M cNam ara and Ortio McM anigal. Prac­
tically tho ontiro official staff of tho International Associa­
tion of Bridgo & Structural Iron Workers, including tho chiof
officers, membei-s of tho executive board and about 20 busi­
ness agents and former agents, woro among the accused.
Tho indictments wero subsequently dismissed as to a few of
tho individuals, and tho rest round guilty in December, which
month seo. Tho Federal grand jury at Cincinnati indicted
(on Fob. 22) 30 officials and employees in tho sales department
of tho National Cash Register Co. on charges of criminal vio­
lation of tho Sherman law. It was alleged that nearly all com­
petitors had been bought or driven out of business. In tho caso
of tho Pacific Telephone & Tolegraph C o., tho U. S. Supremo
Court upheld tho validity of tho initiative and referendum.
Tho question came up in a suit brought to declare uncon­
stitutional tho 2 % tax on tho franchise of tho telephone com­
pany which was imposed as tho result of a voto of tho peoplo
on Juno 4 1900 under the initiative and roforondum clauso
of tho Oregon State constitution. The company contended
that tho intitiativo and referendum in giving a Govornmont
by puro democracy violates Art. 4, Sec. 4 of tho U . S. Con­
stitution, which guarantees to tho States a republican form
of government. Tho suit was unanimously dismissed “ for
want of jurisdiction.” Chief Justice White, who wroto tho
opinion, said that tho question as to whother a State still
maintained a republican form of government after it had
adopted tho initiative and referendum method is a political
problem for Congress and not a judicial one for tho courts.
Hopes of a better understanding between Great Britain and
Germany wero created by a mysterious visit to Borlin by
Viscount Haldano, tho British War Secrotary. Tho visit
■was originally supposed to havo a puroly scientific purposo,




17

b u t M r . L lo y d -G e o r g e , th o B r itis h C h a n c e llo r o f th e E x ­
c h e q u e r , in a s p e e c h in L o n d o n o n F e b . 3 e x p r e s s e d t h e b e lie f
t h a t t h e r e s h o u ld b o a b e t t e r u n d e r s t a n d i n g b e t w e e n F r a n c e
a n d G e r m a n y a n d R u s s ia a n d G r e a t B r it a in , a n d o n th e o p e n ­
i n g o f P a r l i a m e n t F e b . 1 4 , P r e m ie r A s q u i t h m a d e a s t a t e ­
m e n t t h a t th e v is it h a d b e e n o n th e d ir e c t in v it a t io n o f G e r ­
m any.
L a r g e l y a s a r e s u l t o f t h e b e t t o r f e e li n g t h u s
c r e a te d , B r itis h
C o n s o ls F e b . 2 2 r e a c h e d 7 9 1 -1 0 , th is
c o m p a r in g w ith 7 0 %
Jan.
12.
T h e B a n k o f E n g la n d
Fob.
8
reduced
its
d is c o u n t r a te s
fro m
4
to
3 % % .
I n C h in e s e a ffa ir s th e e v e n t w a s th e a b d ic a tio n o n F e b . 1 2 o f
th o M a n c h u D y n a s t y t h a t h a d o c c u p ie d th e th r o n e o f C h in a
to r n e a r ly th r e e c e n tu r ie s .
P r e m ie r Y u a n S h i K a i a s s u m e d
th e title o f P r e s id e n t P le n ip o te n tia r y o f th e R e p u b lic , b u t re­
v o lt s o f c o n s id e r a b le im p o r ta n c e b r o k e o u t in s o m e o f th e
C h in e s e S t a t e s .
T h e I t a l i a n w a r w a s c a r r ie d in t o t h e L e v a n t
o n F e b . 2 4 w h e n t w o T u r k i s h w a r v e s s e ls w e r e a t t a c k e d a n d
s u n k in t h e h a r b o r o f B e i r u t , S y r i a .
S u b s c r ip t io n s w e re in ­
v i t e d in N e w Y o r k , L o n d o n a n d P a r is f o r £ 9 , 1 7 5 , 0 ) 3 C i t y o f
l o k y o , J a p a n , 5 % lo a n a t 9 5 % a n d in t.
T h e P a r is a l l o t £ 4 ,0 0 0 ,0 0 0 w a s la r g e ly o v e r s u b s c r ib e d a n d th e £ 2 ,­
0 0 0 , 0 0 0 a l l o t m e n t h e r e in N o w Y o r k is u n d e r s t o o d t o h a v e
b o o n ) v e ll c o v e r e d , b u t
th e s u b s c r ip tio n s fo r th e
£ 3 , 1 7 o , 0 0 0 o f f e r e d in L o n d o n a m o u n t e d t o o n l y a b o u t o n e h a lf t h e o f f e r i n g , o w i n g , in p a r t , t o t h e t h r e a t e n e d c o a l s t r i k e .
1 ho r e v o l u t i o n a r y u p r is in g in M e x i c o a g a i n s t P r e s . M a d e r o
b e c a m e v e r y th r e a te n in g , a n d o n F o b . 2 7 th e M e x ic a n b o rd e r
c i t y , J u a r e z , w a s su r r e n d e r e d to th e r e b e ls .
B y p r o c la m a tio n
o f P re sid e n t T a f t , A r iz o n a w a s a d m it t e d a s a S ta t e o f th e
U n io n o n F e b . 1 4 .
E d w in H a w le y , w h o h a d fo r m a n y y e a r s
h e ld p r o m i n e n c e a s a r a ilr o a d f i n a n c i e r , d i e d s u d d e n l y F e b . 1 .
T h o E q u i t a b l e T r u s t C o . o f t h i s c i t y t o o k o v e r t h e T r u s t C o .'
o f A m e r i c a , a n d , h a v i n g l o s t it s o w n h o m e in t h e d e s t r u c t i o n
b y f ir e o f t h o E q u i t a b l e L i f e b l o c k t h o p r e v i o u s m o n t h ,
m o v e d in to th o T r u s t C o . o f A m e r ic a ’ s b u ild in g o n W a ll S t .
T h e B r o a d w a y T r u s t C o . o f th is c it y a r r a n g e d to a b s o r b th e
F la tb u s h T r u s t C o . o f B r o o k ly n B o r o u g h .
In th o c a s e o f th e
L . & N . R R . , th e U . S . C o m m e r c e C o u r t a n n u lle d a n o r d e r
o f th o I n t e r -S t a t e C o m m e r c e C o m m , r e d u c in g ra te s f r o m N e w
O r le a n s , L a ., to M o b i l e , A l a ., a n d P e n s a c o la , F l a ., a n d N e w
O r le a n s t o M o n t g o m e r y , A l a .

Railroad Events and Stock Exchange
tatters.— -T h e s t o c k
m a r k e t w a s d u ll a n d li f e l e s s .
T h e c o u r s e o f p r ic e s w a s ir r e g ­
u l a r , b u t w i t h v a l u e s , o n t h e w h o l e , w e ll m a i n t a i n e d .
The
c o p p e r s t o c k s e v i n c e d a r i s in g t e n d o n c y o n t h e s t r o n g s t a t i s ­
tic a l p o s itio n o f c o p p e r .
I n c e r t a i n s p e c ia l s t o c k s s u b s t a n t i a l
a d v a n c e s in v a l u e s w e r o e s t a b l i s h e d .
T h u s , S o u th e rn R y .
p r o f , m o v e d u p o n t h e in c r e a s e in t h e d i v i d e n d .
In C e n t, of
N . J . t h e r o w a s a s e n s a t i o n a l ris e o n t o p o f a n o t e w o r t h y a d ­
v a n c e in J a n . M i l . & S t . P . c o m . c lo s e d 1 0 5 % e x d i v . F e b . 2 9 ,
a g a i n s t 1 0 5 a t t h o o p e n i n g F e b . 1 w i t h t h o d i v i d e n d s t i ll o n ;
R e a d i n g c o m . c lo s e d a t 1 5 4 % , a g a i n s t 1 5 4 a t t h e o p e n i n g ;
U . P . c o m . a t 1 6 3 % , a g a in s t 1 6 2 ; S o u . P a c . a t 1 0 8 % , a g a in s t
1 0 7 ; N o r . P a c . a t 1 1 7 % , a g a in s t 1 1 6 % ; G r t . N o r . a t 1 2 9 % ,
a g a in s t 1 2 7 % ; N . Y . C e n t r a l a t 1 1 0 % , a g a in s t 1 1 1 ; S te e l
c o m . a t 6 1 % , a g a in s t 6 0 % ; A m a l . C o p p e r , r e fle c tin g th e
s t r o n g t h o f t h e c o p p e r p r o p e r t i e s , c lo s e d a t 6 7 % , a g a i n s t 6 1 ;
S o u . R y . in c r e a s e d s . - a . d i v . o n p r e f . f r o m 1 % t o 2 % ; U . S .
M o t o r C o . p a s s e d t h e q u a r . d i v . o n p r e f .; R e p . I r o n & S t e e l
a l s o p a s s e d it s p r e f . d i v .
D i a m o n d M a t c h , in a d d i t i o n t o
1 % % q u a r . , d e c la r e d 1 % e x t r a .
K u h n , L o e b & C o . p la c e d
p r iv a te ly a t 9 4 % 8 1 5 ,0 0 0 ,0 0 0 M ilw . S p a r ta & N o r th w e s te r n
1 st 4 s o f th o C h ic . & N o . W e s t .
T h o fir m a ls o s o ld a t 1 0 5 %

85.000. 000 5 % debentures of the Chic. St. Paul M inn. &
Omaha Ry. The S12,000,000 1-yoar notes of L. S. & M . S.
placed in London and Paris tho previous year, and maturing
March 15 1912, were renewed for another year. Tho Maine
Contral R R . placed 812,000,000 1-yr. 4 % coup. deb. notes
to take up maturing obligations. Portland (Ore.) R y ., Lt.
& Pow. Co. placed 816,090,000 1st & ref. 5s.
Pac. Light
& Power Corp. of Los Angeles sold 810,000,000 1st and
ref. 5s. Tho J. I. Case Threshing Machine C o. of Racino, W is., sold 88,000,000 7 % cum. pref. stock through
J. P. Morgan & Co. F . W . Woolwortli & C o. sold 8 6 ,­
000,000 7 % cum. pref. stock. In the suit against the
U. S. Express Co. brought in 1907, tho N . Y . Supreme Court
handed down a decision compelling tho directors to call a
meeting of tho shareholders to elect a board of directors; tho
action had been brought owing to dissatisfaction with the
management and the failure to hold a shareholders’ meeting
since 1862.
The M on ey Market.— C o n t i n u e d e a s e p r e v a i le d i n m o n e y ,
t h o u g h g o l d e x p o r t s w e r e la r g e a n d C l e a r i n g - H o u s e m o n e y
h o ld in g s a n d s u r p lu s r e s e r v e s w e r e c o n s i d e r a b l y r e d u c e d .
C a l l lo a n s d u r in g t h e m o n t h r a n g e d f r o m 1 % t o 2 % a n d t i m e
lo a n s F e b . 2 9 w e r e 2 % @ 3 f o r 6 0 d a y s , 3 @ 3 % f o r 9 0 d a y s ,
3 @ 3 % fo r 4 m o n th s a n d 3 % @ 3 % fo r 5 a n d 6 m o s .
R a te s
fo r c o m m e r c ia l p a p e r w e re 3 % @ 4 fo r d o u b le n a m e s a n d th e
b e s t s in g le n a m e s a n d 4 % f o r g o o d s in g le n a m e s .
M oney
h o ld i n g s o f t h o C l e a r i n g - H o u s e b a n k s a n d t r u s t c o m p a n i e s
f e ll f r o m 8 4 7 9 , 9 5 2 , 0 0 0 J a n . 2 7 t o 8 4 6 0 , 1 0 8 , 0 0 0 F e b . 2 4 , a n d
s u r p lu s c a s h r o s e r v e s f r o m
8 4 8 ,7 6 3 ,0 5 0
to 8 2 8 ,1 9 9 ,2 0 0 .
L o a n s , o n t h o o t h e r h a n d , in c r e a s e d f r o m 8 1 , 9 8 3 , 5 9 3 , 0 0 0 t o
8 2 .0 2 1 .7 3 0 .0 0 0 .
D e p o s its rose fr o m 8 1 ,8 8 8 ,8 7 3 ,0 0 0 J a n . 2 7
to 8 1 ,9 0 6 ,4 2 3 ,0 0 0 F o b . 3 , a n d th e n d e c ro a so d to 8 1 ,8 9 3 ,8 8 8 ,­
000 Fob. 24.
M o n e y h o ld in g s o f t h o S t a t e b a n k s a n d t r u s t
c o m p a n i e s n o t in t h o C l e a r i n g H o u s e w e r e 8 7 4 , 8 2 0 , 0 0 0 F e b .
2 4 , a g a in s t 8 7 5 ,1 5 3 ,2 0 0 J a n . 2 7 , a n d lo a n s o f th e s e in s ti­
tu tio n s w ero 8 6 0 6 ,7 5 3 ,7 0 0 a g a in s t 8 5 9 2 ,2 7 0 ,2 0 0 .
Foreign Exchange, Silver, cfee.— E a r l y in t h e m o n t h 8 8 , 0 0 0 , ­
0 0 0 g o ld w a s s o n t to P a r is b y L a z a r d F r e r e s .
T h e s e e x p o rts

18

THE CHRONICLE

[ V o l . X C V I.

strenuous efforts to have mino owners and miners reach an
agreement among themselves on that point, action regarding
the W age Bill being postponed from timo to timo ponding
tho outcome of these conferences. On M ch. 26 M r. Asquith
was obliged to announce that his efforts had proved fruitless.
Cable dispatches stated that tho Premier mado this announce­
ment with tears in his eyes. Legislation was then quickly
completed. The Minimum Wago Bill passed tho House of
Commons M ch . 27, the House of Lords M ch . 28 and was
signed by the King M ch . 29. It provided for district boards
each having two representatives of the owners, two of tho
miners and an independent chairman chosen by agreement.
These boards fix each for its own district the arbitrary mini­
mum rate. A referendum vote of the miners was then taken
to determine whether to accept the now situation. Tho result
is reported in April. In this country also important labor
controversies were pending. Tho anthracite coal operators
on M ch . 13 rejected the demands of tho miners in toto. These
demands were for a 2 0 % increase in pay, eight hours as a
day’s work instead of nine, complete recognition of tho union,
adoption of a system whereby the operators would deduct
from the miners’ pay tho union dues each month and to hand
the same over to tho national union, modification of tho con­
ciliation board created in 1902 to enablo employees to deal
more directly with employers, and one-year instead of threeyear contracts. The operators pointed out that tho advance
in wages demanded would amount to more than $28,000,­
000 annually, to which would have to bo addod tho further
substantial increase duo to tho operation of the sliding scale
M A R C H .— Current Events .— In face of a number of threat­ under which the mino workers were given a participation in
ening features in the labor world and somo other drawbacks, advancing prices. It was estimated that the domestic sizes
the tone in business and financial circles decidedly improved of coal would have to bo advanced 67 cts. a ton to cover tho
in M arch, while on the Stock Exchange a wholly unexpected direct increase, and that the sliding scale would still furthor
rise of large proportions occurred, accompanied by growing increase the price to tho public. It was also shown that be­
activity. In the iron and steel trade continued activity was tween 1900 and 1911 wages of miners had increased 2 6 .4 % .
noted, and, while prices remained low, they displayed a stif­ On M ch. 29 the United Mino YVorkers ’officials ordered tho
fening tendency, notwithstanding a sharp break in iron oro, miners to quit work on April 1 and about 170,000 hard-coal
last season’s quotations at Lake Erie ports being cut 75 cts. miners laid down their tools on that date. Thore had been
a ton on Bessemer oro and 65 cts. on non-Bessemer. In fears, too, all through tho month, that a striko would occur
copper there was a rise of more than a cent a pound, and for at tho bituminous mines over tho greater part of the United
the first timo in several years the metal touched 15 cts. a States. Here, howevor, an agreement was reached M ch . 29.
pound, and it continued to advanco, with sales of electro­ Instead of an advance of 10 cts. a ton, as domanded, tho
lytic at the close to domestic buyers at 1 5 % cts. and in compromise provided for 5 cts. advanco for mining lump coal,
Europe at 1 5 % cts.; Lake copper was quoted here at the 3 cts. a ton for mining all other coal and an increase of 5.26 %
latter figure. Other metals also advanced, lead rising from for men paid by tho day. There was, nevertheless, a sus­
4.10c. per lb. to 4 .3 0c ., while pig iron moved up 2 5 @ 5 0 c . pension of mining in tho bituminous fiolds protty nearly tho
per ton. In the dry goods trade,_ with stocks of goods low, whole of the next month while a referendum vote of tho minors
In Now England tho cotton
an active demand brought improving prices, and print cloths was taken on the proposition.
at Fall River were marked up by successive stagos from 3 % c . and woolen mills found thomsolves quite generally obliged
per yard to 3 % c ., to 3 % c .,t o 3 % c ., to 3 % c .,a ru l finally to to agreo to higher wages. A t Lawrence, M ass., the striko
3 % c . Current returns of earnings also evinced an improving at the woolen mills of the American YVoolen Co. (tho largest
tendency. The indications then, too, appeared to be that woolen and worsted manufacturers in tho world) was brought
M r . Roosevelt’s hopes of again becoming a Presidential can­ to a close by advances running all tho way from 5 % to 1 6 %
didate were to be disappointed. Tho primaries in this State and averaging about 7 % % . A t Fall River and at New Bed­
were held March 26 and M r . Roosevelt was overwhelmingly ford tho cotton-mill owners voluntarily offered a 5 % in­
defeated. Out of 86 delegates from N . Y . State, ho got crease, which, howevor, was refused by tho operatives, who
Later M r.
only 7 . In N . Y . County the Republican organization made demands ranging from 1 0 % to 1 7 % % .
elected every one of its delegates, President Taft receiving M . C . D . Borden of tho Fall River Iron YYorks Mills raised
33,492 votes to Roosevelt’s 16,923. Even moro significant, his offer to 1 0 % , which was then accepted. Othor cotton
apparently, was the action of representative political bodies mills at Fall River averted trouble by also granting a 10 %
in declaring against tho latest addition to his radical policies, increase, and so did tho New Bedford cotton manufacturers,
namely the recall of judicial decisions. On M ch. 14 tho and in New England generally advances ranging from 5 to
Union League Club of the City of Now York unanimously 10% were conceded at various toxtilo mills; at one or two
adopted a resolution declaring that the plan of reviewing at points strikes or lockouts occurred, owing to inability to agreo
the polls the decisions of our highest courts upon Constitu­ upon terms. Among tho railroads tho Eastern trunk lines
tional questions would have the effect of destroying all Con­ replied to tho demand of tho locomotive onginoors made in
stitutional guaranties and of overthrowing our system of January for an advanco in pay and for a standardization of
Constitutional government. On the 22d the Republican wages among tho different roads, which latter, if granted,
Club of this city, with 350 members present, passed without would add still further to tho exponso accounts of tho roads.
a dissenting vote resolutions not only denouncing the pro­ There were 52 lines involved, comprising all tho railways
posed judicial recall, but also declaring opposition to a third lying between Chicago and tho Eastern Seaboard north of tho
Presidential term. While these were favorable develop­ lines of the Norf. & YYest. Ry. In denying tho requost tho
ments, there have been few occasions when adverse features Conference Committee of tho Managers pointed out that to
were so numerous and of such commanding prominenco. accede to tho demands of tho engineers would mean an in­
It
Chief among these was the strike of the coal minors in tho crease in their pay of $7,172,546 per annum, or 1 8 % .
United Kingdom. This continued throughout the whole was also pointed out that it was loss than two years since tho
month. It was estimated that, besides tho 1,000,000 last adjustment of the engineers’ wages was made in the East­
miners directly involved, 2,000,000 more persons were ern District, which resulted in an annual increase of $3,923 ,­
thrown
out
of
employment
because
of inability 680, or 1 0 .7 3 % . Tho Managers contended that tho reduc­
to get supplies of coal. For a timo, also, 200,000 miners tion of railroad net earnings through augmenting expenses
stopped work in the great German coal fields of YVestphalia, had reached a point whoro further additions to oporating cost
but this conflict was of short duration. A distinctive feat­ were to be viowed with grave concern. It was shown that,
ure of the British striko was tho complete absence of any seri­ though gross earnings on tho 52,000 miles of road involved
ous disorders; indeed, at first the miners seemed to look upon had risen $18,559,059 in 1911, not earnings had fallen off
the abstention from work as in the nature of a holiday. But $27,650,200. Though 8,197 fewer men wero employed in
this view of the matter soon changed. _ W ith the multi­ 1911 than in 1910, the amount paid out in wages increased
plying numbers of wage-earners reduced to idleness, with train $39,416,802. Accordingly, it was declared, “ this headlong
service curtailed in all directions and entirely discontinued movement toward financial disastor cannot proceed un­
in some instances, with pricos of food rapidly rising, serious checked.” A referendum vote of tho engineers was taken tho
distress developed and public relief had to bo extended to next month to decide whether tho officials of tho Brotherhood
large numbers of the population to avert starvation. Lon­ of Locomotive Engineers should bo authorized to inaugurate
don did not suffer so keenly, but in other parts of tho British a striko to enforce tho demands made. In Congress a sur­
isles the situation becamo very grave. The political aspects prise was sprung by tho Democratic members of the W ays
were no less serious. The main bone of contention between and Means Committee of tho House. A t a caucus conclave
tho mine owners and the workers was in tho demand of the of tho House Democrats, Chairman Underwood lot it be
latter for a minimum wago schedule below which wages were known that it was contemplated to pass a bill to abolish the
not to go. Prime Minister Asquith was prepared to enact import duty on sugar and to substitute therofor an income
a law adopting tho principle of a minimum wage, but he re­ tax on salaries and on business pursuits. Absolute secrecy
fused to fix the wage itself by legal enactmont. Tho miners was preserved up to tho time of tho mooting of tho caucus,
wanted a minimum of 5 shillings per day for adult workers and M r. Undorwood got unanimous approval from thoso in
and of 2 shillings per day for boys. M r . Asquith made attendance, except that two Democrats from sugar-producing

were stated to be special transactions, and the rate of ex­
change did not justify the movement. Later in the month
there were shipments of about $2,500,000 gold to South Amer­
ica. Exchange rates Feb. 1 advanced sharply, but later be­
came weak on the selling of bills against tho gold sent to
Paris, and then further weakened on tho reduction Feb. 8
in the Bank of England rate of discount from 4 to 3 % % , at­
tended by lower discounts in the open market at London.
A rally ensued, generally ascribed to tho exigencies of specu­
lators who had made short commitments. Weakness again
intervened, and this in turn was followed by another rise,
chiefly as a result of the placing hero of £2,000,000 of the City
of Tokyo loan. The upward movement was further stimu­
lated by offerings of money by our bankers in London and
Berlin, to take advantage of tho better rates to be obtained
there. The latter part of the month exchange again tended
strongly downward, and Feb. 29 saw the quotations at or
close to the lowest figures of tho month. Sight bills Feb. 1
touched 4 8 7 5 5 @ 4 8780, which was the high point, then fell
to 4 8 7 0 5 @ 4 8715 Feb. 8, which was the low point, and closed
Feb. 29 at 4 8 7 1 0 @ 4 8715. Open market discounts at Lon­
don Feb. 29 were 3 M for 90-day spot bills and to arrive and
3 5-16 for 60-day spot bills and to arrive. A t Paris tho rate
was 3 % for both spot and to arrive, for all maturities.
A t Berlin the rate advanced to 4 % for spot bills and to
4 % @ 4 % for bills to arrive. Silver in London further
advanced and Feb. 13 was 2 7 % d ., but the close Feb. 29
was at 27d.




Jan. 4 19)3.1

THE CHRONICLE

States did not like the idea of removing the duty on sugar.
The bill for the repeal of tho sugar duty was passed by tho
House on M ar. 15 by a vote of 198 to 103; 25 Republicans
were registered with the majority and 7 Democrats with the
minority, these latter including 5 Congressmen from Louisi­
ana and 2 from Colorado. The bill imposing an excise tax
of 1 % on all net incomes, including salaries, over 85,000 a
year of persons, firms and co-partnerships passed tho House
M ar. 19 by 252 to 40 votes. The Democrats voted solidly
for tho measure, which also had tho support of i9 Republi­
cans. Tho tax was called an excise tax and was to be levied
on tho privilege of doing business, tho same as tho Federal
Corporation Tax, tho Constitutionality of which had been
upheld. The word “ business” was defined so as to include
even labor, as follows: “ The term ‘business’ as herein used is
and shall bo held to embrace everything about which a per­
son can bo employed, and all activities which occupy the
time, attention and labor of persons for the purpose of a live­
lihood or profit.” M r. Underwood also re-introduced the
bill lowering the duty on raw wool to 2 0 % in the same form in
which it had passed the House on June 20 1911. It came up
for passage Apr. 1 and tho vote was 189 to 92. Only one
Democrat (Francis, of Ohio) voted against the bill, while 20
Republicans voted for the bill, which made a cut in the duties
of tho Payno-Aldrich Law of about 5 0 % . Pres. Taft on
M ar. 20 transmitted to Congress the findings of tho Tariff
Board on tho cotton schedule, and recommended that duties
in this schedulo bo reduced on the basis of tho Board’s con­
clusions. The U . S. Senate on M ar. 7 ratified the general
arbitration treaties between the U . S. and Great Britain and
Franco by a vote of 70 to 3, but so amended as greatly to
change their character. Clause 3 of Art. 3 of the Treaty was
stricken out. This clause provided that where tho contract­
ing nations disagreed as to whether or not a difference was
subject to arbitration, tho question should bo submitted to a
joint high commission of inquiry, and if all, or all but one, of
tho members of the commission agreed that such difference
was within tho scope of the Treaty, it should be referred to
arbitration in accordance with the provisions of tho same.
Tho voto by which this clauso was eliminated was 42 to 40;
3G Democrats and 6 Republicans voted in favor of striking
out tho clauso, while 37 Republicans and 3 Democrats voted
in favor of retention. Tho result as to this clauso was re­
garded in tho nature of a triumph for ex-President Roosevelt,
sinco ho had strenuously opposed the Treaty in that respect.
The Senators, however, who voted against this clause ap­
peared to bo mainly influenced by a fear that reference of a
disputed point to tho joint high commission would moan a
surrender of tho Constitutional prerogative of tho Senate.
Other amendments were also made to tho Treaty
by tho Senate, for, besides tho elimination of Clause 3 of
Art. 3, consent to the ratification of tho Treaty was “ with
tho understanding, to bo made a part of such ratification,
that tho treaty does not authorize the submission to arbitra­
tion of any question which affects tho admission of aliens into
tho United States or tho admission of aliens to tho educational
institutions of the several States or tho territorial integrity of
tho several States or tho United Statos, or concerning the
question of tho alleged indebtedness or moneyed obligation of
any State of tho United Statos or any question which depends
upon or involves the maintenance of tho traditional attitude
of the United States concerning American questions, com­
monly described as tho Monroe Doctrine, or othor purely
Governmental policy.” As changed by the Senate tho trea­
ties had to be referred back to England and France, and ap­
parently no steps in that direction were thereafter taken. In
Mexico tho revolutionary uprising against Pres. Madero con­
tinued to spread and a serious situation developed. On
M ar. 2 Pres. Taft issued a proclamation warning Americans
and others that thoy must abide by the neutrality laws of the
U . S ., and also advising tlioso in tho moro disturbed sections
in Mexico to seek safety. On M ar. 14 Congress passed a
joint resolution making it unlawful to export any arms or
munitions of war after proclamation by the President except
under such limitations as ho should prescribe. Tho procla­
mation was issued tho same day.
Following this tho rebels
woro for a time handicapped by the closing of tho port of
Juarez by our Government and tho seizure by U. S. troops on
the Mexican border of arms and munitions destined for tho
rebels. The revolution continued to spread, nevertheless,
and later it was announced that, with tho approval of tho
Madero G ov t., our G ovt, was making a shipment of army
rifles and revolvers as so to enable Americans in Mexico to bo
prepared for their own defense and that other foreign govern­
ments wero providing like safeguards. While the coal miners’
strike mainly occupied tho attention of the British G ov t.,
Winston Churchill, First Lord of the British Admiralty, in
introducing tho naval estimates for tho new fiscal year on
M ar. 19, made an important declaration concerning tho naval
policy of tho British G ovt, in relation to that of tho German
G ovt. M r. Churchill stated that tho British G ovt, was will­
ing to reduce its program of naval construction whenever
Germany would do tho same. England must retain a 0 0 %
superiority over Germany in battleships and cruisers of tho
Dreadnought type, and if Germany would consont, for exam­
ple, to roduco its program for a given year by three ships,
England would reduce its own by five, this arrangement to
work automatically. M r. Churchill’s proposal, however, did
not sown to appeal to tho German G ovt. The final cotton­
ginning report of tho Census Bureau at Washington was is­
sued M ar. 20 and foreshadowed a crop in oxcossof 10,000,000




19

bales. Tho price of the staple advanced, however; middling
uplands in this market, after declining from 10.40c. Feb. 29
to 10.35c. M ar. 2, closed M ar. 30 at 10.90c. The Agricul­
tural Dept, at Washington on M ar. 8 issued its report on the
reserves of cereals in farmers’ hands, and this showed that on
M a r. 1 these reserves were considerably less than at the cor­
responding date of any recent year. Grain prices sharply
advanced, though in wheat the advance was subsequently
lost. The M a y option for wheat at Chicago advanced from
SI 0 2 y s Feb. 29 to SI 0 5 % M ar. 11, then dropped to SI 0 0 %
M ar. 15 and closed M ar. 30 at SI 02 X
A.
M ay corn at Chi­
cago from 69 J^c. M ar. 18 advanced to 75c. M ar. 30, and M a y
oats rose from 5 2 % e. M ar. 10 to 55c. M ar. 30. Bad weather
continued an adverse feature over parts of the country during
the first half of the month. Dispatches from Omaha Thurs­
day night (M ar. 14) reported that not less than 50 railroad
trains were snowbound in Nebraska, Colorado and Kansas,
and that the heaviest snow for years had been falling since
M ar. 13. Money holdings in sub-treasuries were increased
from $341,544,417 to $347,184,380 and G ovt, deposits in the
banks were reduced from $40,748,308 to $44,961,011. N a­
tional bank circulation secured by bonds decreased from
$718,548,203 to $717,001,493. Mahlon Pitney was nomin­
ated and confirmed as an associate Justice of the U . S. Su­
preme Court to fill the vacancy created by the death of Jus­
tice John M . Harlan. The U . S. Senate on M ar. 27, by a
vote of 40 to 34, adopted a resolution declaring that the char­
ges of corruption made against Sen. Isaac Stephenson of W is­
consin in connection with his election had not been proved.
Tho House at Washington on M ar. 5 unanimously passed a
resolution empowering the Committee on Merchant Marine
and Fisheries to make an investigation of the alleged “ Ship­
ping Trust” — to investigate “ tho methods and practices of
the various steamship lines, both domestic and foreign, en­
gaged in carrying our over-sea or foreign commerce and in the
coastwise trade, and the connection between such steamship
lines and railroads,” &c. On M ar. 12 the House adopted a
resolution directing the U . S. Attorney-General to inform tho
House whether the Dept, of Justice had in its possession anv
information touching a “ smelter trust” in violation of tho
Sherman Anti-Trust Law. Tho resolution contained par­
ticular reference to the Amer. Smelting &RefiningCo. Tho
D ept, roplied that it had no evidence that the company was a
trust or formed part of a trust; Attorney-General Wickersham added further that “ it is not compatible with public in­
terests to state what other, if any, steps have been taken to
investigate the existence of any smelting trust.” The U . S.
Senate M ar. 10 adopted a resolution asking M r. Wickersham
to submit to tho Senate any information and correspondence
ho might have bearing on the supposed plans for tho reorgani­
zation of tho International Harvester C o. to avoid prosecu­
tion by the G ovt, under the Anti-Trust Law. As tho infor­
mation pertained “ entirely to business which is now pending
and incompleted in this department,” M r. Wickersham did
not consider it “ compatible with the public interests” to give
tho information. The trial of the Chicago meat packers,
which had been proceeding before Judge Carpenter of the
U . S. District Court in Chicago since the previous Dec. 6,
resulted on M a r. 26 in a verdict of acquittal by the jury of the
ten packers against whom charges of criminal conspiracy in
restraint of trade under tho Anti-Trust Law had been
bi’ought. Proceedings of one kind or another against the
packing companies and the heads of the same had been
in progress for nearly nine years. In the case against
four officers of the American Sugar Refining C o. (namely
Washington B . Thomas, now Chairman of tho Board,
and formerly President; John E . Parsons, formerly Counsel;
Arthur Donner, formerly Treasurer, and George H . Frazier,
a director), who had been on trial before Judge Hand in the
U. S. District Court in this city for three weeks for criminal
conspiracy in connection with tho so-called Segal loan to the
Pennsylvania Sugar C o ., the jury on M ch . 31 announced a
disagreement. The final vote was reported as having been
11 to 1 for acquittal. In the U . S. District Court in this city
on M ch . 8 Judge Coxe in the suit brought by tho Government
against tho Standard W ood Co. granted a perpetual injunc­
tion restraining the company and its alleged subsidiaries
from continuing a combination in kindling wood in restraint
of trade. President Taft in a special message to Congress
transmitted the first installment of the information collected
by tho Department of State in regard to co-operative organi­
zations and the cost of living in various European countries.
Tho immediate outcome of the inquiries was to accentuate
the fact that the increase in tho prices of tho common neces­
sities of life was worldwide and that it had become an ab­
sorbing question with co-operative associations. President
Taft also inaugurated a movement for the establishment of
a N at. Board of Trade. Under his direction Secretary Nagel
of the Dept, of Commerce & Labor called a convention of
delegates from commercial organizations in all parts of the
country to meet in Washington tho next month (April 22)
for discussion and to plan the organization. Tho movement
proved successful, and at this convention in April prelimi­
nary steps for the creation of a N a t. Chamber of Commerce
wero taken after a conference which was attended by about
750 delegates representing 250 commercial organizations of
tho country. Dr. Harvey W . W iley, who had been Chief of
tho Bureau of Chemistry in the D ept, of Agriculture for
nearly 29 years, and known as a champion of pure food laws,
and who had been engaged in many bitter controversies with
his superior officers, on M ch . 15 resigned his position. An

20

THE CHRONICLE

Important decision bearing upon the scope of patent rights
in this country was announced by the U . S. Supremo Court
on M ch . 11. The question came up in the case of tho A . B .
Dick C o. which had sold a patented “ rotary mimeograph”
under conditions (set forth on a label attached to tho machine)
that it could be-used and was licensed to be used only with
ink and other materials for its operation made by tho makers
of the machine. One of tho purchasers failed to comply
with these conditions, and bought ink from an outside corcern, whereupon the Dick Co. sued tho seller of tho ink, not
the buyer. The Supreme Court closely divided on the point
raised, Justico Lurton writing an affirmative decision,
Justices Holmes, M cKenna and Van Devanter concurring,
while Justices Lamar and Hughes united with Chief Justice
W hite in dissent, Justice D ay being absent and tho nomi­
nation of Chancellor Pitney not having at the time been con­
firmed. Justice Lurton sustained the broadest construction
of the patent right. He held that the patentee may sell his
article with tho condition attached that tho purchaser shall
agree to use in connection with it certain other articles made
by him. The bodies of the victims of tho warship Maine,
which was blown up in the harbor of Havana in 1898 and out
of which disaster grew the Spanish-American W ar, were re­
moved from the hulk of the ship, after it had been raised at
great expense, the bodies brought to Washington and buried
in the National Cemetery at Arlington. Tho ship was then
towed out to sea and sunk. One of the events of the month
was the news that tho Norwegian explorer, Capt. Raold
Amundsen, had reached the South Pole on Dec. 14 of the pre­
vious year and had now returned to civilization with his
proofs" An attempt to assassinate King Victor Emmanuel of
Italy was mado M ch . 14, but the King escaped unhurt. In
China Yuan Shi-Kai was on M ch. 10 formally inaugurated
provisional President of the Chinese Republic. Pekin was de­
cided on as the provisional capital.
In France a 4 % loan
of the Western Stato R y . for 300,000,000 francs was brought
out, and as tho rate of interest was 4 % , whereas previous
issues of the French Government had been 3 % , the loan was
over-subscribed 32-fold. Tho effect, however, of tho higher
interest rate was to depreciate French Rentes. These had
sold at about 95, but on April 20 they got down to 91.05;
there was a recovery to 94 by April 30. Atch. Top. & Santa
Fe brought out some 818,000,000 of its “ Cal.-Arizona Lines”
1st & ref. m tg. 4 % % 50-yr. bonds; of tho $9,394,000 offered
in New York, 7 5 % was disposed of within 24 hours; but of
the £1,830,000 offered in London the underwritei’s were com­
pelled to take 8 3 % . Tho N . Y . Stock Exchango house of
Connor & C o. M ch . 9 made a general assignment. It had
been formed in 1886 as successor to W . E. Connor & C o.,
which latter during its day was one of the most prominent
houses in W all Street, Jay Gould having been a special part­
ner in it. Tho N . Y . Assembly on M ch . 13 by 85 “ yeas”
to 58 “ nays” passed the Hinman concurrent resolution re­
scinding the action taken by tho N . Y . Legislature in 1911
in approving the Income Tax Amendment to tho Federal Con­
stitution. In the Senate, however, where the Democrats
still x’emained in conti'ol, tho resolution failed of action. The
N . Y . Legislature before adjournment passed a concurrent
resolution proposing an amendment to the State constitu­
tion so as to make it possible for the Legislature to pass a
workmen’s compensation bill and thus meet the objections
of tho Court of Appeals, which had declared unconstitutional
tho mandatory compensation law for hazardous industries
designed by the Wainwright Employers’ Liability Commis­
sion. Tho law regarding trust company reserves in this
State was amended so as to require trust companies in villages
or in cities of the third class to hold but 3 0 % of their 10%
reservo in cash, instead of one-half.
The Bankers Trust
C o. of this city took over tho Manhattan Trust Co. Gover­
nor W . P . Hunt of Ai-izona in his message to tho first State
Legislature ux-ged the submission to tho people of tho new
Stato of a constitutional amendment providing for tho recall
of judicial officers. The next month both branches of the
Legislature passed a resolution providing for tho submission
of such an amendment— the House unanimously and tho
Senate with only two dissenting votes. The amendment
was adopted tho following November. A provision for the
recall of judicial officers was in tho constitution as originally
adopted, but Congress and President Taft had mado it an
antecedent condition to admission to statehood that this
provision should be eliminated. Tho Mississippi Legisla­
ture enacted an incomo tax law providing for a tax of 5 mills
on the dollar on all incomes in excess of $2,500 a year. In
the case of the R R . Com m , of La. against tho St. L . Southw.
R y ., the Inter-State Com m . Commission by a voto of 4 to 3
laid down tho ride that a State cannot regulate raih’oad
rates on traffic moving wholly within its borders in a manner
and with the desire to affect injuriously a competing point
outside of the State, and that an inter-State carrier cannot
avoid its obligations under the laws of Congress by yielding
obedience to an order of State authorities having such an
object in view.
Railroad Events and Stock Exchange M atters. — A noteworthy
specidation for higher prices was inaugiirated in March.
Hardly any one was prepared for the initiation of a bidl move­
ment so early in the year of a Presidential election, especially
as the political uncertainties were so pronounced. Powerful
interests, however, lent their aid. As the upward movement
proceeded, it gained impetus. Unfavorable developments
like the labor involvements here and abroad were completely
.gnored, while much was made of the favorable developments,




[Vol. XCVI.

such as the growing activity in trado circles. Sontiment,
too, in financial circles gave evidence of a growing spirit of
optimism. Altogether striking advances in values wore
brought about. The industrial properties were special favor­
ites. Liquidation in stocks appeared to have boon so thor­
oughly completed that little difficulty was encountered in
moving up any particular stock 5 or 10 points. Reading
com. rose from 15 4% M ar. 4 to 16 3% M ar. 30; U . P . com.
from 1 6 3 % M ar. 1 to 1 7 2 % M ar. 29; Sou. Pac. from 108
M ar. 7 to 11 5% M ar. 29; N or. Pac. from 1 1 7 % M ar. 1 to
1 2 3 % M ar. 25; M ilw . & St. P. com. from 1 0 5 % M ar. 1 to
1 1 0 % M ar. 25; N . Y . Cent, from 11 0% M ar. 1 to 114 M ar.
20; and Penn. R R . from 122% M ar. 1 to 1 2 5 % M ar. 25;
Am al. Cop. jumped from 6 7 % M ar. 4 to 8 1 % M ar. 26, with
tho close M ar. 30 8 0 % ; and U . S. Steel com. advanced from
60 M ar. 1 to 7 0 % M ar. 25, with tho close M ar. 30 6 7 % .
Amer. Can com. was whirled up from 1 1 % M ar. 1 to 2 3 %
M ar. 26 and went very much higher in succeeding months,
touching 4 7 % in Oct. Westingh. Elec. & M fg . Co. resumed
divs. on com ., declaring 1 % , being tho first distribution since
the reorganization in 1908. W e havo referred abovo to tho
$18,000,000 Atchison loan. The U . S. Steel Corp. sold $30,­
500,000 bonds on an int. basis of 5.1 % to J. P. Morgan & C o .,
$15,000,000 being secured on tho Indiana Steel Co. plant at
Gary, Ind., $10,000,000 on the Lorain Steel plant at Lorain,
O ., and $5,500,000 debs, of 111. Steel Co. $8,000,000 5 %
serial notes of the Studobaker Corp. were brought out.
Banking interests took $25,000,000 1st M . 5 % 50-year bonds
of the Virginian R y .; the company also created $29,000,000
pref. stock, which was offered to com. stockholdei’s at par.
M o . Pac. sold $5,000,000 3-year 5 % notes, representing tho
unsold balance of $25,000,000 notes, in M a y
1911.
Subscriptions were opened in Paris, Brussels and Ant­
werp for $10,000,000 1st M . 5s of tho M o . Okla. & Gidf
R R . Receivers were appointed for the Kan. City M ex.
& Orient R y .
Receivers wero also appointed for the M c Crum-Howeil C o.; in this case it was stated tho company
had suffered extremely tho previous six months from a sudden
contraction in trado, duo, in great measure, to the Govern­
ment’s suit against the “ Bath T u b ” trust, which also hurt tho
company’s credit. A tremendous slump in tho company’s se­
curities occurred; the com. stock dropped from about 38 to
2 and the pref. from about 90 to 11.
#
The M on ey M arket.— M oney was fractionally higher during
M arch, both on call and for time engagements. M onoy hold­
ings and surplus reserves of tho Clearing-Houso banks wero
Ixeavily reduced.
Rates on call touched 3 % Friday, M ar. 29.
For time money the quotations then wero 3 % @ 3 % for 60
days, 3 % @ 3 % for 90 days and 3 % @ 4 for 4 , 5 and 6 mos.
Commercial paper was in hotter supply, with rates 4 @ 4 % %
for double names and tho best single names, and 5 % for good
single names. M oney holdings of tho Clearing-Houso banks
and trust companies fell from $455,983,000 M ar. 2 to $431,­
232,000 M ar. 30 and surplus cash reserves from $22,810,300
to $487,550— this, notwithstanding tho inclusion for tho first
time in tho weekly statements of tho Broadway Trust Co.
This company in the week of its first appearance in tho re­
turn (M ar. 9) added $1,264,000 to tho monoy holdings, ac­
cording to the averages for tho week (the actual figuros at tho
end of the week not being available). For tho banks alono
the Clearing-House return for M ar. 30 actually showed a
small deficit— $211,250. Loans of tho Clearing-House banks
and trust companies M ar. 30 wore $2,056,585,000 (the Broad­
way Trust having added M ar. 9 $8,510,000 to tho total,
according to tho average figui’es), against $2,031,740,000
M ar. 2, and deposits wero $1,902,045,000 (tho Broadway
Trust having contributed $8,604,000 M ar. 9, according to tho
average figures), against $1,899,620,000 M ar. 2. Monoy
holdings of tho State banks and trust companies not in tho
Clearing House, according to tho figuros of avoraages, in­
creased from $74,679,800 M ar. 2 to $75,616,200 M ar. 30,
notwithstanding the elimination of tho Broadway Trust, and
the loans of these institutions increased from $601,405,200
M ar. 2 to $607,873,600 M ar. 30.
.
,
Foreign Exchange, Silver, cfee.— The featuro during March
was the export of two additional blocks of gold bars to Paris
aggregating $4,000,000. These shipments wero not justified
by rates of oxcliange, but wero a special transaction conduc­
ted by Lazarcl Frores, who, in Feb. had shipped $8,000,000 to
Paris under similar circumstances. Some exports of gold
also occurred from week to week to South Amorica. As tho
British coal-miners’ striko servod to interrupt British trade,
not only at homo but abroad, exchange remainod more or
less under the influence of that circumstanco. Up to tho
18th the tendency of sterling was upward, owing to European
selling of Amer. securities, to borrowing hero of funds on
foreign account and to firm discount rates at London, and
other foreign centees. Tho lattor part of tho montli storliug
declined on lower foreign discounts in London and on a re­
lease of funds occasioned by a belief that a sottlomont of tho
British coal strike was near. Sight bills moved up from
4 8 7 0 5 @ 4 8720 M ar. 1 to 4 8 7 4 0 @ 4 8745 M ar. 18, then de­
clined to 4 8685 @ 4 8690 M ch . 29, and closed M ch . 30 at
4 8690 @ 4 8695. Open market discounts at London at tho
closo wero 3 7 -1 6 % for 60 and 90-day spot bills anil 3 % @
3 % % for bills to arrive. A t Paris tho opon market rate was
3 % % . A t Berlin, under tho pressuro at tho close of tho quar­
ter, the quotation was 4 % @ 4 % % for spot bills, but for bills
to arrive after April 1 tho quotation was only 4 % % . Silvor
in London fluctuated witlxin a narrow rango and closed
M ch . 30 at 26 ll-1 6 d . 8

Ja n . 11913.]

THE CHRONICLE

21

A P R IL .— Current Events .— The disaster to the W hite Star tion with the reciprocity controversy, President Taft gave
ocean liner “ Titanic” focussed the attention of the whole out a letter written by him the previous year to M r . Roose­
world during this month. It has been correctly termed the velt, which contained some unfortunate expressions that cre­
greatest of sea tragedies because of the tremendous loss ated a stir in both Canada and Great Britain. The letter
of life sustained. The “ Titanic” was on her maiden voyage, had been addressed as a confidential communication to M r .
and had left Southampton on Wednesday, April 10. She Roosevelt. In undertaking to show the advantages that
was tho newest, the largest and the most sumptuous ship would accrue to the United States,M r. Taft said, amongother
afloat. On Sunday evening, April 14, at about 10:30 p. m. things: “ Meantime the amount of Canadian products we
(New York time) she struck an iceberg off the Grand Banks would take would produce a current of business between
of Newfoundland and sank at about 2:20 o’clock M onday Western Canada and the United States that would make
morning. Sho had about 1,400 passengers and a crew of Canada only an adjunct of the United States. It would
940; of this number only 705 were saved, including 202 first- transfer all their important business to Chicago and N ew
class passengers, 115 2d-elass and 178 3d-class, with 210 of­ York, with their bank credits and everything else, and it
ficers and crew. The “ Carpathia” of the Cunard lino an­ would increase greatly the demand of Canada for our manu­
swered the wireless call for help, but arrived after the “ Ti­ factures. I see this is an argument against reciprocity made
tanic” had foundered. She picked up all of the “ Titanic’s” in Canada and I think it is a good one.” The opinion that
passengers who had taken to the life-boats. The survivors reciprocity would make “ Canada only an adjunct of the
were brought to New York (the “ Carpathia,” though bound United States” was given an entirely different interpretation
for tho Mediterranean, having reversed her course when abroad from what the President undoubtedly intended,for,
going to the rescue of the “ Titanic” ) , arriving in this city obviously, the expression was used in an economic and not a
Thursday evening, Apr. 18, at 9:30 p. m . Tho rule of sav­ political sense. In Canada and Great Britain the remark
ing women and children first was followed, and hence the was bitterly commented on by those who had fought reci­
survivors were mostly women, with tho men necessary to man procity, and in certain quarters the action of the British
the life-boats; of these boats there were only enough to save Ambassador to the United States, James Bryce, in support­
about one-tliird of the passengers. Among the well-known ing reciprocity, was characterized as “ treasonable.” M r.
persons who went down with the ship were John B . Bryce was at the time on his way to Australia. The next
Thayer, 2d Vice-Pres. of the Pennsylvania R R .; Charles M . month, however (M ay 6 ), the British Premier, M r . Asquith,
H ays, Pres, of the Grand Trunk R y .; Isidor Straus, a part­ sharply repudiated the reflections cast on M r. Bryce, and
ner in tho firms of R . H . M acy & C o. and Abraham & Straus; declared that the Ambassador had in no way influenced the
George D . Widener, a son of P . A . B . Widener, the traction views or policy of the late Canadian Government, and that,
magnate of Pliila.; M ajor Archibald B u tt, President T a ft’s as the correspondence between President Taft and M r .
military aide; Benjamin Guggenheim, Pres, of the Interna­ Roosevelt was private, M r. Bryce could not have had any
tional Steam Pump C o.; John Jacob Astdr, and W . T . Stead, knowledge whatever of it. Agricultural developments were
oditor of the London “ Review of Reviews.” A Congres­ not altogether encouraging. In the W est weather conditions
sional Committee began an immediate inquiry into the dis­ were unfavorable to winter wheat, while in the South the
aster, and a sub-committee of three went to meet tho “ Car­ overflow of the Mississippi and generally wet weather re­
pathia” upon her arrival. This haste was owing to a desire tarded cotton planting. The winter-wheat report from
to examino J. Bruce Ismay, Managing Director of tho White Washington issued Apr. 9 made the condition of the crop
Star Lino, who was one of the survivors, and also the mem­ Apr. 1 1912 only 80 .6, the lowest at that date since 1904.
bers of the crew before their roturn to the other side. The W ith further unfavorable weather during April a big specu­
cable ship “ M ackay-Bennett” was sent out to search for bod­ lation in grain sprang up. A t Chicago M a y wheat rose from
ies of tho victims, and recovered 306, of which 190 were $1 01 Apr. 1 to $1 1 6 % Apr. 29, with the close Apr. 30
brought to Halifax on Apr. 30, the remainder being buried $1 1 4 % . M a y corn at Chicago rose from 7 4 % cts. Apr. 1 to
at sea, mainly because it was impossible to identify the bodies. 8 1 % cts. Apr. 29, with the close Apr. 30 8 0 % cts. M a y oats
In Great Britain Lord Mersey was made Chairman of a rose from 5 4 % cts. Apr. 1 to 59 cts. Apr. 20, with the close
British Court of Inquiry appointed to undertake an investi­ Apr. 30 5 6 % cts. In cotton there was an advance because
gation of tho disaster. A stock market incident of the dis­ of continued bad weather and the lateness of planting from
aster was a meteoric rise in the curb market in Marconi 10.90 cts. M ch . 31 to 12 cts. Apr. 22, with a reaction to 11.70
Wireless shares, followed by a partial collapso (see V . 94, cts. Apr. 30. Print cloths at Fall River were marked up
p. 1102 and 1165). The shareholders authorized an increase Apr. 20 from 3 % cts. to 3 15-16 cts. In iron and steel further
in the company’s capital stock from $1,662,500 to $10,000,­ improvement in prices occurred. The report of the Steel
000, and stockholders were offered the right to subscribe at Corporation for the March quarter was not made public
once for $7,000,000 of the new stock at par; the assets and until after the close of business Apr. 30, and was, therefore,
patents of the United Wireless Tel. Co. were acquired from not an influence in affairs. It showed very strikingly the
the trustees in bankruptcy; traffic agreements wore entered effects of the low level of values prevailing. W ith $6,353,781
into with the W est. Un. Tel. Co. and with tho land lines of as the amount needed for the 1 % % dividend on the common
tho British G ovt., thereby extending materially the scope stock, there was a deficit of $6,292,134, making it plain that
of the Marconi Company’s business. In the political world practically nothing had been earned for the common shares
tho developments were of great importance. In several lead­ in this quarter. There was an encouraging feature in the
ing States primary elections were hold for the selection of circumstance that the earnings indicated a steady improve­
delegates to the National Republican Convention for the ment, month by month, the amount for January having been
nomination of candidates for President and Vice-President, $5,967,063, for February $6,149,759 and for March $7 ,877 ,­
and in these M r. Roosevelt developed unlooked-for strength. 618. A t the end of April the Steel Corporation reported its
In New York President Taft succeeded in gotting most of mills employed to about 9 3 % of their full capacity. Copper
tho delegates, as expected, but in Illinois M r . Roosevelt advanced still further and at one time touched 16 cents.
gained a surprising victory, getting 56 out of the 58 delegates Am al. Copper increased its quar. div. from % of 1 % to 1 % .
from that State to the convention. A t tho Pennsylvania In the matter of the several great labor controversies, the
primaries, held on Saturday, Apr. 13, he repeated his success. month’s developments put them all on the way to a peaceable
W ith tho 12 dolegates-at-large, it was figured he would get outcome. Regarding the demands of the locomotive engi­
64 out of tho 76 Pennsylvania delegates. The contest be­ neers for 1 8 % % increase in wages on the roads between Chi­
tween M r. Taft and M r. Roosevelt took on a very acri­ cago and the seaboard, the situation at one time became
monious turn. In speaking in Philadelphia Apr. 10, M r. threatening. On Apr. 12 the Chief of the Brotherhood noti­
Roosevelt declared that “ M r. Taft, M r. Choate, M r. M il- fied the managers of tho roads that 9 3 .3 % of the engineers
burn, M r . Lorimer, M r. Penrose, M r. Guggenheim and their at a referendum vote had authorized a strike if necessary to
allies” would turn the Government aside from its original support the action of the Brotherhood Committee. The
purpose, and that it was their “ wish to make it a Government Brotherhood insisted on a prompt answer and threatened
by corporation attorneys.” M r. Taft, after long maintain­ that unless the demands of the engineers were met they would
ing silence, was finally led to retaliate, and made sharp be called upon to quit; in the end the date for the ultimatum
retort., showing that M r . Roosevelt was engaged in a cam­ to go into effect was postponed until M onday, Apr. 22. It
paign of misrepresentation. Ho published correspondence was then stated that a strike would be called within 36 hours
going to show that M r. Roosevelt was aware that President unless the demands were acceded to. A t this point the two
Taft had over a year before takon a stand against Senator Government mediators acting under the Erdman law,
Lorimer, though he (M r. Roosevelt) was now endeavoring to namely presiding Judge Martin A . Knapp of the Court of
associate tho Taft name in an unfavorable way with Senator Commerce and U . S. Labor Commissioner Charles P. Neill,
Lorimer. M r. T aft, furthermore, demonstrated that M r. intervened, stretching their authority for tho purpose, and got
Roosevelt had originally commended M r. Taft for endeavor­ the Chief of the Brotherhood to consent to further delay
ing to bring about reciprocity with Canada, though ho was pending an effort to bring the two parties together. This
now posing as a friend of the farmer and seeking to turn to his effort proved successful. On Apr. 30 an agreement was
advantage the feeling of dissatisfaction aroused among agri­ signed by the committee of railroad managers and the com­
cultural interests becauso the reciprocity agreement would mittee of the Brotherhood, submitting the question for de­
havo admitted Canadian wheat and other products from Can­ cision to a court of arbitration of 7 members, each of the two
ada freo of duty into the United States. M r. Taft and M r. parties to name one member, and the two thus selected to
Roosovelt hade a hot personal canvass for the delegates to endeavor in good faith to agree upon the remaining members;
bo chosen at tho primaries in Massachusetts, and both en­ but in case they failed to agree, the remaining members to be
gaged in extended speech-making tours. The primaries appointed by the Chief Justice of the United States, the pre­
were held Apr. 30, and hero, too, M r. Roosevelt showed siding Judge of the Commerce Court and the U . S. Com ­
greater strength than looked for, the delegation being ap- |missioner of Labor, acting together. It turned out that the
parontly evenly divided between the two candidates. A s, ; latter had to appoint the whole five. In the case of the an­
however, ho had won tho 8 delegates-at-largo by a teclini- ; thracite miners a basis of agreement was reached the latter
cality, ho yielded these to M r. T aft, making tho delegation part of tho month between the sub-committees who had been
stand 10 for Roosevelt and 26 for M r. T aft. In connec­ oarrying on negotiations, and a meeting of the general com-




22

THE CHRONICLE

[Vol. XCVI.

mitteo of operators and miners was called for M a y 2 to ratify had been selected as a committee at a conference of Gover­
the terms of the arrangement. The result is stated under nors the previous Sept, to protest against tho decision of
the events for M a y . In the meantime, however, mining in Judge W alter Sanborn in the IT. S. Circuit Court. It was sta­
the anthracite regions remained suspended. In the bitumi­ ted that this was the first time in the history of the nation
nous regions the miners at referendum votes ratified the that such a protest had been made by parties not directly
wage agreement reached on M ch .29,bu t the agreement was not concerned in the case at hand. Judge Jones in the U. S.
actually signed until well along in the month, and accordingly District Court (Middle District of Alabama) on April 2 de­
mining at most of the bituminous collieries in the Middle and clared illegal tho Alabama rato statutes of 1907, including the
Middle Western States was suspended the greater part of the Commodities Law, reducing 101 freight rates, and the law
month. In the Kanawha district 30,000 miners did not re­ reducing passenger rates from 3 to 2J£c. per mile. These
turn to work until the next month (M ay 7) and in Illinois statutes wero held void both on the ground that the roads
the wage agreement was not accepted until M ay 14. In the were denied the equal protection of the law and that tho rates
Southwestern districts, on the other hand, there was no sus­ would be confiscatory and non-compensatory. On Apr. 8 U .S .
pension at all, the men having continued at work ponding an Supreme Court ordered a re-argument beforo the full bench
agreement on the understanding that this agreement was to of the so-called “ inter-mountain” or “ Spokane” rate cases,
be retroactive to April 1; the agreement in this instance did which had been argued the previous February before eight
not receive assent until toward the very close of M a y . Much justices, one vacancy in the Court having existed at the time.
damage resulted in April and the early part of M a y from the Tho Underwood Bill revising the W ool Schedule of the tariff
overflow of the lower Mississippi River. Through this entire was passed by the House of Representatives on April 1 by a
section the flood exceeded all former records as to the eleva­ vote of 190 to 92. Repi’esentative Francis of Ohio who
tion of the water, and enormous areas in the valley of the represents a large wool-growing district was the only Dem o­
Mississippi were inundated. Between Cairo and the Gulf crat who voted against the bill, while 20 Republican “ in­
there are 2,000 miles of levees to protect about 25,000 square surgents” voted with the Democrats in favor of the measure.
miles of land, and in these levees 22 breaks occurred, aggre­ The bill was identical with that offered by the Democrats
gating in length about 20 miles and flooding an area roughly the previous year and fixed a 2 0 % ad valorem duty on raw
estimated to be 3 2 % of that which they were built to protect. wool, a reduction of 5 0 % from tho Payne-Aldrich Tariff
As early as April 2 Pres. Taft sent a special message to Con­ Law. The Senate Finance Committee on.April 5 mado an
gress recommending an appropriation of $500,000 for streng­ adverse report on tho bill revising the iron and steel sched­
thening lovees and building new dikes in the flood districts ules which passed the House on Jan. 29. It characterized
along the Mississippi, Missouri and Ohio rivers. Congress the bill as ill-advised and asserted that its enactment would
promptly repsonded by passing a bill providing for an emer­ reduce the measure of protection below the margin of safety.
gency fund of $350,000 for strengthening the lovees. Lator As a substitute for the House bill rovising tho metal sched­
an additional appropriation of §300,000 was made for main­ ules, Senator Cummins on April 2 introduced a compromise
taining and protecting the lovees on the Mississippi and the measure. Tho next month, however (M ay 28) the Cummins
rivers tributary thereto. On April 30 Pres. Taft signed a bill Bill was rejected by a vote of 60 to 12. Following this tho
authorizing an appropriation of $1,500,000 for repairing the Underwood Bill was passed in an amended form on M a y 30
levees on the Mississippi and its tributaries. Congress also by 35 to 22, the entire negative vote being cast by Re­
authorized extensive appropriations for the relief of the flood publicans. M ost of the Republicans purposely remained
sufferers. The first break in the lovees occurred towards the absent to allow the bill to go through and bo vetoed by the
close of March and it was not until near the middle of M a y President as a straight Democratic measure. On April 19
that tho flood reached its height and began to subside. New the Senate Finance Committee reported adversely the bill
Orleans the next month (M ay 10) was visited by a rainstorm rovising the chemical schedules which had passod the IIouso
said to be the heaviest in the city’s history, and at many of Representatives on Feb. 21. President Taft on April 9
points along the river the wind forced tho water over the signed an Act creating a children’s bureau in tho Department
levoes, but no breaks occurred there. On M a y 1(5 G ov. San­ of Commerce and Labor and appointed Julia C . Lathrop of
ders of Louisiana sent a message to the State Legislature, and, Chicago as Chief of tho new bureau. Tho U . S. Senato on
in urging that body to relievo the overflowed farm lands of the April 19 passed the Dillingham Immigration Bill, which
State from taxation during the current year, pointed out that would exclude all aliens over 16 years of ago who cannot read
of the 11,000,000 acres protected in that State by the levee and write, but subsequently vigorous opposition to the
system (out of a total area of 28,000,000 acres of land in the measure developed and tho next month a mass meeting was
State) 2,500,000 acres approximately had been overflowed, of held at the Cooper Union in this city (M ay 6) in which tho
which 850,000 acres were land under cultivation. In the over­ proposed legislation was denounced. The following Dem the
flowed territory, he said, there were possibly 100,000 people House passed as a substitute tho Burnett Bill (see that m ’th).
more or less destitute who needed rations or a means to earn a Secretary Knox returned to Washington on Apr. 17 after his
livelihood. The aggregate damage done in tho whole of the journey of more than 10,000 miles, visiting the Caribbean re­
Mississippi flood district was estimated by good authorities publics as a special representative of President Taft, and
high in tho millions and there was also a large loss of life. expressed himself as well pleased with his trip. The British
National bank circulation secured by bonds increased from coal strike was officially terminated on Saturday April 6.
$717,001,493 to $718,604,693. Government deposits in the The referendum vote of the miners was in favor of the con­
national banks were changed only slightly, while Government tinuation of the strike by 244,011 to 201,010, but the miners
cash in sub-treasuries was reduced from $347,184,380 to $345,­ opposed to further idleness ignored tho final result and on
839,577. It was announced by the Treasury Department April 4 cable dispatches said that fully 50,000 miners had
that the banks holding special deposits of the U . S. would be gone down the shafts on that day. On April (5 tho officials
required to pay the Government in the future 2 % int. per of the Federated Miners Union in national conference
annum instead of 1 % . Tho negotiations looking to an ar­ accepted tho Executive Committee’s recommendations that
rangement under which tho business of tho International work be resumed forthwith. Tuesday, April 9, was named as
Harvester C o. could be conducted in such form as would be the day for return to work, Monday being Easter M onday,
satisfactory to the U. S. Government having failed, tho Gov­ which is usually observed as a holiday, but in this instanco
ernment on April 30 filed suit against tho company in the large numbers of men did not wait for Tuesday, but de­
U. S. District Court at St. Paul and against its 6 subsidiary scended into the pits on M onday. The Irish Homo Rule Bill
corporations and 18 individuals, alleging violation of the Sher­ was introduced in the British House of Commons and not­
man Anti-Trust Law. In the bill it was alleged tho company withstanding vigorous anti-IIome Rule demonstrations by
controlled 9 0 % of the trade in tho U. S. in harvesters or grain the Ulster Irishmen and savage assaults by Bonar Law,
binders, 7 5 % of the mowers and morob han 5 0 % of the binder passed its first reading on April 16 by a vote of 360 to 266.
twine. On April 22 the U . S. Supreme Couit, ro\e sing tin Italian warships attacked the outer forts of the Dardanelles
Circuit Court for the Eastern District of Missouri, held unan­ and the Turkish Government at once (April 18) closed the
imously that the Terminal R R . Assn, of St. Louis was a con­ Straits, with tho result that a good many grain ships wero
spiracy in restraint of trade in contravontion of the Sherman tied up in tho Black Sea. Great pressure, however, was
Anti-Trust Law. The association was given 90 days in which brought to bear upon Turkey by Great Britain and by
to reorganize by providing for the admission of other roads to Russia and on M ay 1 tho Council of Ministers at Con­
joint ownership and by abolishing arbitrary charges for tho stantinople decided to reopen tho Straits. The reopening
use of tenninal facilities, &c., failing which the lower Court occurred M a y 18. In Morroco a mutinous outbreak of
was to make a decree dissolving the company into its three nativo troops at Fez took place. A massacre of wide-spread
original parts— the Merchants’ Bridge C o., the Eads Bridge proportions and horriblo cruolties followed the false report
C o. and the Wiggins Ferry Co. The U . S. Supremo Court that the Sultan was a prisoner and that his life was in danger.
on April 1 unanimously affirmed the decision of the Supreme The Jewish quarter in particular at Fez was desolated.
Court of Missouri rendered in Dec. 1908 ousting the Standard M an y French officers and men were killed and wounded
Oil Co. and the Republic Oil C o. from the State on the ground while suppressing the outbreak. On Sunday, April 14, our
of violation of the State’s anti-trust laws, and imposing on State Department at Washington sent a noto of warning
each a fine of $50,000. It had been claimed that the ouster to President Madero at Mexico City and to tho Rebel Chief
was a civil proceeding begun on a writ of quo warranto, that Orozco, calling attention to the enormous property losses
in imposing a fine the Missouri Court had assumed criminal sustained by Americans in Mexico as a result of tho dis­
jurisdiction in an original action, and that in a civil proceeding turbances in tho Mexican Republic, and emphasizing the
tho Court had no right to impose a fine. Justico Lamar wrote brutal treatment and murder of American citizens. In its
the opinion and said tho Missouri Supreme Court was the sole reply the Alexican Government refused to recognize tho right
judge of its own jurisdiction so long as no Federal quostion of our Government to instruct it in its duties and also ex­
was involved. Tho celebrated Minnesota rate cases involv­ pressed regret that the United States should have communi­
ing the right of a State to regulate railroad rates wero the sub­ cated with Orozco.
A number of prominent lawyers
ject of a brief filed with the U. S. Supremo Court on April 1 of this city undertook tho organization of an independent
by Governors Judson Harmon of Ohio, Herbert S. Hadley of I judiciary association in order “ to combat current and all like
Missouri and Chester II. Aldrich of Nebraska. These men proposals in respect to tho recall of judges and the roversal




J a n . 4 1913.]

THE CHRONICLE

23

of judicial decisions by popular vote.” A t a special meeting tions for the new $65,000,000 issue of N . Y . City bonds, to
of the N . Y . State Bar Association at Albany, April 13, the be offered M a y 7, would be very large— an expectation which
doctrine of the recall of judges was denounced in a resolution which was not realized— and by the withdrawal by New York
unanimously adopted which called for the appointment of a bankers of some of the funds they had been carrying at
committee of 15 to co-operate with the American Bar Asso­ London. Sight sterling reached its highest Apr. 19, at
ciation in order “ that the principles involved in the move­ 4 8 7 2 5 @ 4 8730, and the low point was Apr. 30, at 4 8675
ment for the recall of judges and judicial decisions may be @ 4 8685. About 1 % million dollars gold was shipped to
thoroughly explained to the peoplo.” A t the municipal South America. Open market discounts at'the leading Euro­
election in Milwaukee on April 2 the Socialist administration pean centres were all lower, being at London Apr. 30 3 %
installed two years before was swept from office. The for spot bills and 2 % @ 2 15-16 for bills to arrive; at Paris,
Socialist M ayor, Emil Seidel, received only 30,203 votes 3 % for spot bills and 3 % to arrive, and at Berlin 3 % for
against 43,084 for the non-partisan opposition candidate; spot and 3 % to arrive. Silver in London advanced sharply
the new council consisted of 20 non-partisan aldermen and 11 and the price Apr. 30 got up to 28 3-16d. There were large
Sicialists. Governor Dix of New York vetoed the Stilhvell- buying orders from the Indian bazaars and rumor spoke of
Goldberg Bill providing for freo transfers at 151 points on tho increasing probability of the Indian G ovt, making pur­
the surface lines in Manhattan and the Bronx. The veto chases of silver, owing to the fall in the currency reserve.
was on the ground that the Public Service Commission had
M A Y .— Current Events.— The political situation became
full power to act in the matter. In Massachusetts Governor
Foss vetoed the “ Full Crew” Bill passed by the Massa­ more and more unsatisfactory. The contest between M r.
chusetts Legislature, and providing for fixing the number Taft and M r. Roosevelt increased in intensity and bitterness,
of persons to bo employed on freight trains. The M assa­ and M r . Roosevelt added to his successes. Notwithstanding
chusetts Senate by a vote of 14 yeas to 17 nays rejected the the interest excited by this spectacular contest— President
resolution ratifying the proposed income-tax amendment to Taft like M r . Roosevelt engaged in an extensive speech­
the Federal Constitution; tho Lower House of the Legislature making tour— only a part of the total vote was brought out
had earlier in the month ratified the amendment by a vote at these primary elections. But M r. Roosevelt achieved
of 116 to 94. The Cincinnati Clearing House Association triumphs nearly everywhere, while M r. Taft came out
took charge of tho Second National Bank of that city and victorious scarcely anywhere. Early in the month a strenu­
guaranteed the payment of the deposits. This action was ous fight was carried on for the delegates from Maryland and
taken Sunday, April 14, and was because tho bank’s com­ M r. Roosevelt succeeded in getting the whole delegation
bined capital and surplus of $2,000,000 was supposed to of 16. In Ohio, M r. T a ft’s own State, where the result
have been wiped out as tho result of oxcessivo and bad loans. was expected to be decisive of the chances of the two men.
The Comptroller of tho Currency April 15 levied an assess­ M r. Roosevelt managed to capture 34 of the district delegates,
ment of 1 0 0 % on tho $1,000,000 capital of the bank. In while M r. Taft got only 8. W ho would get the delegatesthis city the Hanover N at. Bank absorbed the Gallatin N at. at-large from that State was in doubt until the holding of
the State Convention in June, when M r. Taft was found to
Bank, one of tho oldest banks in the city.
Railroad Events and Stock Exchange M atters. — The stock havo a majority of the members, and accordingly captured
market gave little heed to unfavorable conditions. Prices the 6 delegates. The New Jersey primaries were held M a y 28
were hold firm as a rule, and in many special cases sharply and hero M r. Roosevelt swept the State, getting all of the
advanced. The market at times displayed hesitancy, but a 28 delegates. Indications, therefore, at the close of the
powerful bull clique took caro not to permit any important month appeared to be that M r. Roosevelt might obtain the
or goneral recessions. Whenever the leading stocks began Republican nomination in June, though tho Taft managers
to dovelop a lagging tendency, new specialties were brought still contended that a majority of the delegates would be
forward and rapidly whirled upward. During tho week of found committed to the Taft candidacy. In their speech­
tho “ Titanic” disaster, speculation was in great moasure making the two candidates became more and more personal
suspended, but tho latter part of tho month the upward move­ and a feeling of disgust over the spectacle grew up among
ment was resumed. Reading com ., on tho prospect of tho thinking people. Under those circumstances suggestions
adjustment of tho miners’ wages, jumped from 16 2% Apr. 3 that the best solution might be to drop both candidates and
to 179% ex-div. Apr. 29 and closed Apr. 30 at 1 7 5 % ; U. P. take up a compromise candidate found wide favor. But
com. oponed Apr. I at 1 7 1 % , sold up to 175% Apr. 9, de­ M r. Roosevelt at the very outset of his campaign had re­
clined to 1 7 0% Apr. 22 and closed Apr. 30 at 173% ; N . Y . jected the idea of a compromise, and he now took occasion
Contral sold at 11 2% Apr. 1, at 1 2 1 % Apr. 25 and closed to repeat and emphasizo his declarations to that effect.
Apr. 30 at 11 9% ; M il. & St. P. com. from 1 0 9 % Apr. I ad­ Speaking on Monday night (M ay 2')) on the eve of tho next
vanced to 1 1 2 % Apr. 6 and closed Apr. 30 at 1 1 0 % ; Amor. day’s primaries in Ohio, he boasted that he would be vic­
Can was one of tho active specialties and tho com. sold up torious, and disposed of tho suggestion of a compromise as
from 2 0 % Apr. 1 to 3 9 % Apr. 26, closing at 3 7 % Apr. 30; follows: “ I ’ll name the compromise candidate. H e’ll be me.
A m . Beet Sugar was another active specialty, the com. ris­ I ’ll name the compromise platform. It will be our platform.”
ing from 60 Apr. 1 to 7 1 % ex-div. Apr. 26, with tho close M r, Taft on his part was very frank in his expressions regard­
Apr. 30 6 9 % ; U . S. Steel com. rose from 6 7 % Apr. 1 to 7 3 % ing M r. Roosevelt. Speaking on the very day of the de­
Apr. 30. Am al. Cop. rose from 8 0 % Apr. 13 to 85 Apr. 27, livery of the Roosevelt ultimatum concerning the com­
with the close Apr. 30 8 3 % x .; we have referred abovo to promise candidate, M r. Taft likened the former President
tho increase in the dividend. The Poro Marquette R R . was to Louis X I V ., King of France, when that monarch made the
placed in tho hands of receivers. M il. & St. P . R y. offered famous declaration: “ The State, I am it. I am tho State.”
shareholders, at par, $34,893,500 4 % % conv. deb. bonds. Another development which seemed to be not altogether
Erie sold $10,000,000 3-yr. 5 % coll, gold notes. St. L. & |free from a political tinge was the bringing of a suit by the
San Fran, sold $12,300,000 N . O. Tex. & M ox. Div. 1st 5s Department of Justice at Washington under the Sherman
and callod for payment $8,000,000 5 % notes due M ch. 1 Anti-Trust Law against the agents of the coffee valoriza­
1913. U . S. Smelting, Refining & M in. C o. placed $1 0,000,­ tion plan inaugurated in 1908 under the auspices of the
000 6 % 5-yr.coll. tr. notes of the Utah Co. Tho Term. R y ., Brazilian Government. The action was initiated by U . S.
L t. & Pow. C o ., a now hydro-electric enterprise, offered for District Attorney Wise on M ay 18 and he secured an order
subscription $7,500,000 1st M . 5s of tho Tenn. Power C o., from Judge Hand in the U . S. District Court of New York,
ogothor with tho same amount of its own common stock, temporarily restraining the New York Dock C o ., Herman
and $3,750,000 of its pref. stock, at $1,450 for each block of Siolcken ot al from disposing of 950,000 bags of coffee stored
$1,000 bonds and $500 pref. stock and $1,000 com. stock. in tho Dock company’s warehouses in Brooklyn pending the
issuance of tho final decree. The motion for an injunc­
Chic. Tel. Co. sold $14,000,000 1st M . 5s.
The M on ey M arket.— Call loan rates advanced to 5 % at tion to prevent the sale of tho valorization coffee stored in
tho beginning of April on account of tho demands incidental tho Dock Company’s warehouses, was subsequently denied
to tho 1st of April payments and tho low resorvos of tho Clear­ by Judges Lacombe, Coxe, Noyes and Ward of the U . S.
ing-House institutions. W ith tho increase in reserves, monoy Circuit Court of Appeals in this city. The Government
rates dropped back again, the rango for call loans Apr. 30 contended that the syndicate had been holding off of the
being 2 % @ 3 % . Time loans at the close were 3 @ 3 % for American market great amounts of coffee brought from Bra­
60 days, 3 % for 90 days, 3 % @ 3 % for 4 and 5 mos. and 3 % zilian producers and that the price of coffee as a result had
for 6 mos. Commercial paper was 4 @ 4 % for double-names been advanced from 7 % cts. to 15 cts. The bill of complaint
and prime single names and 5 % for good single. Money made reference to the $75,000,000 loan negotiated by the
holdings of tho Clearing-Houso banks and trust companies, Brazilian State of Sao Paulo (and subsequently guaranteed
after falling from $431,232,000 M ch . 30 to $424,510,000 by Brazil itself) through American and European bankers,
Apr. 6, recovo.ed to $437,621,000 Apr. 27. Surplus cash with tho view to carrying on the forestalling operations, and
roservos rose from $487,550 M ch. 30 to $19,677,050 Apr. 27. recited that with the moneys thus received coffee to
Loans were reduced from $2,056,585,000 M ch . 30 to $ 1 ,995 ,­ tho total amount of 10,868,266 bags had been pur­
025,000 Apr. 27, and deposits were only $1,848,617,000 Apr. chased. It was feared that the friendly relations between
27, against $1,902,045,000 M ch . 30. M onoy holdings of tho United States and Brazil might be disturbed by this liti­
tho State banks and trust companies not in the Clearing gation, inasmuch as it was a move against a plan inaugurated
House were $7(5,624,100 Apr. 27, against $75,616,200 M ch . by tho Brazilian Govt. A t a banquet given in this city on
M a y 27 by the newly established Pan-American Society of the
30 , and loans $632,129,400, against $607,873,600.
Foreign Exchange, Silver, & c .— Exchango was more or less U . S .., Ambassador da Gama of Brazil voiced a strong pro­
irregular during April, but with a tendency towards weak­ test. He referred to the “ somewhat arbitrary and quite revo­
ness most of the time. In the early part of the month this lutionary doctrine of paying for other people’s merchandise,
weakness was due largely to tho sharp advance in call-loan not the price they ask for it, but the price the United States—
rates lioro. An upward reaction occurrod, influenced I mean the American merchants— want to pay for it. It is a
largely by selling of American securities on European ac­ brand new doctrine and the United States seem disposed to
count. The latter part of the month there was renewed enforce it, even to the sacrifice of long-standing international
weaknos3, duo chiefly to expectations that foreign subscrip­ friendship.” The anthracite wage question was definitely




34

THE CHRONICLE

[Vol. XCVI.

settled. On M a y 2 the full committee of the miners declined and north of the Ohio and Potomac rivers were confronted
to accept the tentative plan of settlement devised and agreed with a demand for higher pay and other concessions from the
upon by the sub-committees of the miners and operators. Brotherhood of Firemen & Enginemen. It was estimated
Later, however, the representatives of the miners decided to that the petition, if granted, would add from 825,000,000 to
call a convention to meet in Wilkes-Barre, P a ., on M a y 14 830,000,000 to the yearly expenses of the roads. In this city
and let the miners themselves pass on the proposed plan. In a feature of the labor troubles was a strike of tho waiters,
the meantime, more or less rioting occurred at various points, which for a time made it difficult for many of the leading
but on Saturday, M a y 18, the miners’ convention, by a vote hotels and restaurants to serve their patrons but which re­
of 323 to 6 4 ,decided to accept the terms contained in the pro­
sulted eventually in the complete discomfiture of the strikers.
posal of the sub-committee, and the miners returned to work Continued activity was noted in the steel trade and offers
on M a y 22 after having been idle since the previous April 1.. of premium were made for prompt delivery. The price of
A strong feature of the agreement is that it is for four years'> copper rose still higher and got close to 17 cts. for Lake copand will not end until March 31 1916. The miners get an in­
tho money trust investigation Chairman A . P . Pujo
crease of 1 0 % in wages, but the sliding scale is abolished
°
0 y ommiHee on Banking & Currency sent out blanks
(under which the miners got certain additions over the fixed calling for detailed information from the various banks and
basis of wages, dependent upon the price of coal), and it wasi trust companies throughout tho country, regarding all phases
hence figured that the real increase would be between 5 and of their business and their relations with othor institutions.
6 % . It was computed that the 1 0 % raise distributed among The banks demurred o supplying this information on the
the 170,000 anthracite workers would mean a yearly addition ground that it would violate confidences existing between the
of 86,000,000 in wages, but that the abolition of the sliding banks and their customers. Government doposits in the
scale would effect a saving of 83,000,000 per annum, making banks were increased from 844,839,427 to 847,525,400, but
the net addition 83,000,000 per annum. One effect of the ad­ Treasury money holdings were reduced from 8345,839,577
vance was that the anthracite coal companies in their new cir­ to 8342,734,894. National bank circulation, secured by
cular of prices announced an increase of 25c. a ton in the pre­ bonds, increased from 8718,604,693 to 8719,861,030. In the
pared sizes of coal. N o advance was made in the so-called prosecution of those connected with the so-called W all
steam sizes, namely buckwheat, rice and barley, since these Paper Trust a jury in the Federal Court at Cleveland, O .,
sizes encounter competition from bituminous coal. There before Judge D ay, on M ay 24 rendered a verdict acquitting
were outcroppings, however, of labor troubles in other direc­ four wall-paper manufacturers and four wall-paper jobbers
tions. On Saturday, M a y 4, quite unexpectedly, 8,000 on the charge of criminal conspiracy in restraint of trade in
freight handlers on 20 railroads entering Chicago went out on violation of the Sherman law.
In the caso against the
strike. The Union had demanded an increase of 85 a month Aluminum Co. of America, controlling tho bulk of tho alumi­
for the freight handlers and an addition of lc . an hour for num manufactured, a decree was entered on M a y 16 in the
laborers, besides many other things. The roads at first de­ U . S. District Court at Pittsburgh, with the consent of the
clined to grant any of the demands, but later offered 82 50 per Government, preventing the continuance or repetition of
month increase to the freight handlers and % c . an hour to the certain alleged unlawful contracts and practices. In ex­
laborers. The roads were then told the Union would wait planation a statement was issued by the Government, say­
until noon M a y 4 for a favorable answer. When this was not ing: “ The Attorney-General considers this case a good ex­
forthcoming, a strike was ordered without further ceremony. ample of constructive trust-busting’ ; it will bo noticed that,
The railroads do not seem to have been greatly inconven­ while there is no dissolution or destruction of tho industry,
ienced, being able to get other men. The next month (June there is an effective, specific injunction covering all tho ille­
27) the strikers accepted the offers of the roads to take back gal practices in detail, exactly as they have been substan­
800 of the men at once and provide places for the others as tiated by evidence in the hands of the Department of Jus­
soon as conditions made it possible. The Chicago news­ tice. In other words, the Department is continuing to deal
papers early in M a y also had trouble with their employees. with the one institution, putting it under bond to keep the
On account of some differences which the Chicago “ Exam ­ peace, as we would say in a criminal case. The Department
iner” and the Chicago “ American,” both Hearst publica­ believes it is only fair to say for the defendant that this case
tions, had with their men, as a result of which the pressmen is very different from most trust prosecutions in that the
on these publications quit work, thereby violating their con­ aluminum monopoly grow up entirely under ownership of
tract, and after a proposition of the management to submit the basic patents, the last of which expired in 1909.” In tho
dispute to arbitration had been refused, the Chicago “ local” case against the Powder Trust, a form of decree was presented
of the American Newspaper Publishers Assoc, declared the to the U . S. Circuit Court of Appeals on M a y 13 providing
contract between it and the Chicago Newspaper W eb Press­ for the disintegration of the E . 1. du Pont do Nemours Pow­
men’s Union N o. 7 broken by the Union, and therefore ter­ der C o ., as agreed upon by counsel for the company and for
minated. Thereupon, all the Chicago newspapers became in­ the Government. Under the decree tho combination com­
volved in the conflict. N o question of wages was at issue posed of 27 companies was dissolved and provision made for
nor hours of labor. This was on M a y 1. On M a y 2 the the division of the business among three companies (includ­
newspaper delivery drivers struck in sympathy with the press­ ing the present Du Pont do Nemours Powder C o.) in such a
men, breaking their contract with the publishers, and then the way that competition would follow. Tho U . S. Government
newsboys followed. On M a y 3 at midnight the Chicago commenced suit here against the Federal Sugar Refining Co.
Stereotypers’ Union also struck in sympathy, without notice for undervaluation and underweighing of sugar imports,
and without any grievance of their own. For a time all the claiming 8100,000. President Taft on M a y 11 signed the
Chicago newspapers (excepting only the Socialist organ) had Service Pension bill, as agreed to in conference and accepted
to be issued in greatly abbreviated form; and, owing to the by the Senate and House of Representatives. The pension
difficulty of making delivery of the papers, with the newsboys rates under the new law range from 813 a month to 830,
and the drivers seeking to prevent the employment of non­ whereas under the old law the rate was 812 to 820 a month.
union help, the people of Chicago had to do practically with­ From a table submitted during the course of the debate in
out newspaper service. B ut the publishers ultimately got Congress (see V . 94, p. 1360) it appeared that tho new ratos
the upper hand and the recalcitrant employees were van­ would involve an aggregate increase of 825,797,502 in the
quished. The Hearst concern also had trouble with its mon yearly pension payments. President Taft sent to Congress
at other points, but everywhere completely triumphed. In on M a y 6 the second installment of tho reports of consular
this city the men on the Hearst papers refused to heed the call offices on co-operative organizations and the cost of living in
of the various unions to break off work. Tho crop situation foreign countries— see V . 94, p. 1289. On M ay 23 tho Senate
early in the month did not appear very encouraging. Tho re­ Finance Committeo made an adverse roport. on the Under­
port of the Department of Agriculture for M a y 1 (issued wood bill passed by the House of Representatives on April 1,
M a y 7) indicated that much damage had been dono to the revising the wool schedule of the tariff. In a ease arising in
growing winter-wheat crop. Owing tojthe winter-killingjan connection with one of the controlled roads of tho Pennsyl­
abandonment of wheat area the greatest in the history of vania R R ., the U . S. Supreme Court decided that the fact
the country was reported. In some important localities that a brakeman was a member of a relief society organized
the amount given up approximated half of the acreage among the employees of the road and had signed certain regu­
planted. Altogether 6,469,000 acres, or 2 0 % of the area lations agreeing to exempt the company from any liability on
seeded the previous fall, was found useless. Furthermore, account of injury sustained in the line of his employment, did
the condition M a y 1 was given as only 79.7, or the lowest not avail as a defense in a suit brought for damages under
of any corresponding date since 1904. July option for wheat the Employers’ Liability law. The Court cited the doctrine
at Chicago rose from 81 0 9 % M a y 2 to 81 15 M a y 6, but laid down in the case of M ottley vs. Louisville & Nashville,
after the appearance of the Government report prices de­ where it was held that an Act of Congress practically annuls
clined; the decline was helped by a decided improvement in private contracts coming in conflict with the same. A de­
weather conditions, and on M a y 20 the price was 81 06. The cree of Judge Cornelius II. Hanford of tho U . S. District
latter part of the month, on reports of hot, dry winds in Kan­ Court in Seattle rovoking the rights of citizenship which had
sas and Nebraska, a renewed rise occurred, and M a y 27 the been granted to Leonard Oleson, a Socialist of Tacoma* ex­
July option at Chicago sold at 81 1 2 % . The close M a y 31 cited wide attention. The suit was said to bo tho first on
was at 81 10. July corn at Chicago declined from 7 8 % cts. record where a naturalized citizen had had Ins rights revoked
M a y 1 to 7 2 % cts. M a y 20, with the close M a y 31 7 4 % cts. after they had been granted. Tho suit was brought by U . S.
July oats at Chicago from 5 4 % cts. M a y 9 dropped to 4 7 % District Attorney W . G . McLaren on the complaint of one
ots. M a y 21, with the close M a y 31 4 9 % cts. The cotton Smith, alleging that Oleson, for tho purpose of obtaining his
crop, owing to adverse weather and the overflow of tho M is­ certificate, had represented to tho Court that he was attached
sissippi, was very backward, but more propitious conditions to the priciples of tho U . S. Constitution when in truth he
were encountered the latter part of the month. Middling was not. Judge Hanford reached tho conclusion that Oleson
upland cotton in this market M a y 31 was quoted at 11.50 cts., had intentionally made representations which deceived tho
against 11.70 cts. Apr. 30. The low point was 11.30 cts. Court.
This action led to much bitter comment on
M a y 3 and the high 11.90 cts. M a y 7 and M a y 9. In addi­ Judge Hanford both in and out of Congress, especially by
tion to their other troubles, the railroads east of Chicago Socialists, and various charges were mado against Judge




Jan. 4 1.9)3.!

T H E C H R O N IC L E

Hanford, not only in connection with this Oloson case,
but going further and reflecting on his general conduct.
Tho next month (June 13) the House of Representatives
passed a resolution authorizing a sub-committee of tho
Judiciary Committee to investigate tho official and personal
conduct of the Judge. Attorney-General Wickersham ad­
dressed a letter to Victor Berger, tho Socialist member of the
Houso, saying that tho proceedings to cancel tho naturaliza­
tion certificate of Oleson had been initiated at tho instance of
one of tho local officials of tho Department of Commerce and
Labor and brought by the District Attorney without previous
communication with M r. Wickersham. Also that tho Dis­
trict Attorney had now been instructed to secure the opening
of tho decree and obtain a now trial. See further remarks
undor tho month of July. Tho House of Representa­
tives on M a y 4 also adopted a resolution directing an in­
quiry into tho official conduct of Judge Robert W . Archbakl
of tho U . S. Commerce Court by the Committee on tho Judi­
ciary. After lengthy hearings articles of impeachment
against Judge Archbald were the following July (July 8) sub­
mitted to tho House of Representatives by Chairman Clayton
of tho Judiciary Committee with the unanimous recommenda­
tion of the Committee for their adoption by tho Houso and
presentation to the Senate with “ a demand for tho conviction
and removal of Judge Archbald.” Tho accusations focused
mainly on tho culm-bank transactions in the Scranton coal
fields of Pennsylvania, in which Judge Archbald figured with
Edward J. Williams. Tho Committee said: ‘ ‘Ho has prosti­
tuted his high office for personal profit. Ho has attempted
by various transactions to commercialize his potentiality as
judgo.
He has shown an ovenvilling desiro to mako gain­
ful bargains with parties having cases before him or likely to
liavo cases before him .” Congress passed a resolution for tho
submission to the States of an Amendment to tho Federal Con­
stitution providing for tho direct election of U . S. Senators.
To securo tho passage of the resolution tho House of Represen­
tatives receded from its stand on tho question of control of
Senatorial elections. The House had proposed to delegato
tho power of control to the legislatures of tho several States,
but the Senate insisted that Congross should control and tho
Houso finally yielded after having twice rejected the Senate
proposition. Massachusetts was tho first Stato to ratify tho
proposod Amendment, it getting a unanimous vote in both
branches of tho Massachusetts Legislature. Pres. Taft on
M a y 1 sent a message to tho Senate in response to a Senate
resolution, announcing that tho Japanese G ov t., through its
Ambassador at Washington, had communicated to tho State
Department a categorical denial of tho rumored purchaso of
land at Magdalena B ay, Mexico, by tho Imperial Japaneso
G ovt, or by a Japaneso company. The Japanese G ovt,
addod that it had never directly or indirectly attempted or
contemplated tho acquisition of any land at Magdalena Bay
for any purpose. The Senate Committee which had been in­
vestigating tho causes of the w e e k of the White Star steam­
ship Titanic made its report M a y 28. The report was a se­
vere arraignment of everything connected with tho manage­
ment of tho ship. Sen. William Aldon Smith, tho Chairman
of tho Committee, stated that tho ovidonco tended to show
that at tho time of the collision tho water-tight compartments
woro not successfully closed; no goneral alarm was given, no
ship’s officors were formally assembled, no orderly routine at­
tempted, or organized system of safety begun. Life bolts, ho
said, wero finally adjusted to all and the lifeboats cleared
away. These latter were strangely insufficient in number,
and yet were only partially loaded, and in all instances un­
provided with compasses and only three of thorn had lamps.
Tho captain of tho steamship Californian was condemned for
having been so near tho Titanic and not gono to tho rescue;
her officors and crow “ saw tho distross signals^ of tho Titanic
and failed to respond to them in accordance with the dictates
of humanity, international usago and the requirements of
law.” The Committeo readied tho conclusion that tho Cali­
fornian might liavo saved all tho lost passengers and crew of tho
ship. Captain Arthur Henry Rostron of the Carpathia was
given tho thanks of Congress and a gold modal voted to him
for going to the relief of the Titanic and saving so many lives.
Tho British House of Commons on M a y 9 passed tho Homo
Rule Bill on its second reading by a vote of 372 to 271, a ma­
jority of 101, as against 94 at the first reading. It happened
that on tho same day tho word “ Conservative” was eliminated
as tho official designation of tho Tory Party. A t a conference
of tho Conservatives and Liberal Unionists on that day, it was
decidod that there should bo fusion of the two parties undor
tho title “ National Unionist Association.” B y this action
tho Liberal Unionists who seceded from M r. Gladstone on his
espousal of Homo Rule became part of tho old Tory Party.
Another strike of dock laborers was ordered in London on
M a y 24, holding up temporarily a large number of ships in tho
Thames. The next month (Juno 8) a national strike of Brit­
ish transport workers was formally declared as a result of tho
rofusal of London ship-owners to accept tho Government’s
proposals for ending tho Port of London strike. It was esti­
mated that 300,000 transport workors would bo idlo if tho
union mon as a whole recognized tho goneral strike order,
but tho ordor was not generally oboyed and the number of
mon outsido of London who rospondod to tho call for a nation­
al strike did not oxceed 25,000. A t Southampton tho dock
striko collapsed, tho men resuming work unconditionally on
Juno 20, though tho White Star liner Oceanic was that weok
compollod to cancel hor trip from that port on account of tho
strike. In France, also, labor troubles caused groat incon­




venience in shipping circles. In June, as a result of the dis­
affection of firemen and seamen on the French Line steamer
La France, a general strike was declared at Havre, practi­
cally tying up that port, the steamer being obliged to give up
her voyago. The seamen’s strike also tied up the port of M ar­
seilles the latter part of June. These French seamen’s troubles
extended into July. King Frederick V I I I . of Denmark died
suddenly M a y 14 in a street of Hamburg, Germany, from
apoplexy. The King was traveling incognito and was unat­
tended and his body lay unidentified in a public hospital for
several hours. A Paris municipal loan consisting of 205,000,­
000 francs 3 % bonds of the par value of 300 francs was offered
on M a y 21 at 285 francs per bond. The issue was oversub­
scribed 70 times in Paris alone, while the entire subscription
was 82 times the amount offered. N . Y . City on M a y 7
offered 865,000,000 4 % % 50-year bonds and the subscrip­
tions aggregated S265,985,870. Prices, however, were low,
and the foreign subscriptions disappointingly small, the
allotment being at an average of only 100.747— an income basis
of about 4 .2 1 % . An uprising of negroes occurred in Cuba
and Pres. Taft sent some gunboats and transports with ma­
rines on board to bo prepared for eventualities. Pres. Gomez
of Cuba protested against intervention and M r . Taft made a
reassuring reply, saying the assembling of marines and ships
was not in any sense a move towards intervention, but when,
the noxt month, it appeared that the Cuban G ovt, was not
able to prevent the burning of cane fields or fully to protect
foreigners and foreign property, American marines were
landed on Cuban soil. Gen. Estenoz, the leader of the Cuban
rebels, was killed in an engagement with the Cuban G ovt,
troops tho latter part of June, and that practically ended the
insurrection. In Mexico Gen. Paseual Orozco, the revolu­
tionary leader, was gradually forced to retreat toward the
northern border, after having been defeated in a number of
severe engagements. A $10,000,000 Mexican loan bearing
4 % % int., running for one year, was brought out by Speyer
& Co. at 9 8 % and int. G ov. Foss of Massachusetts on
M a y 17 vetoed the bill passed at tho instance of organized
labor permitting “ peaceful persuasion” during strikes, lock­
outs or other labor disturbances in the State.
R a ilr o a d E v e n ts a n d Stock E x c h a n g e M a t t e r s .— Stocks showed
moro or less weakness throughout M a y . A t the beginning of
the month the shares of the Steel Corp. broke sharply on ac­
count of tho unfavorable statement of earnings for tho March
quarter, made public after the close of business April 30. The
overflow of the Mississippi was at this time becoming stead­
ily worse, while it was known that both the winter-wheat crop
and the cotton crop wero encountering serious adverse condi­
tions. Then, also, the prospect of peace in the anthracite
regions did not at that date appear assuring, inasmuch as tho
report of the sub-committees had been rejected by the full
miners’ committee, and it now remained for the miners themsolvos to decide whether they would accept the proposal—
which they did later in the month. The contest between M r.
Roosevelt and M r. Taft was not viewed with satisfaction, and
yet did not appear to have any great amount of influence on
stock speculation. But some weakness was noted after the
result of tho primary elections in Now Jersey on M a y 28.
Tho noxt day (M ay 29) and also on M a y 31 (M ay 30 having
been Memorial Day and a holiday), there appeared to be ex­
tensive liquidation, with severe breaks in prices. The copper
stocks, while yielding more or less to tho general trend, dis­
played, on the whole, great strength on the further advance in
the price of the metal. M il. & St. P. com. sold down from
1 1 0 % M a y 1 to 104 M a y 31; Reading com. from 1 7 7 %
M a y 2 to 1 0 5 % M a y 31; U . P. com. from 1 7 3 % M a y 15 to
166% ex M ay 31. So. Pac. from 112% M a y 13 to 1 0 8 % ex
M a y 31. N . Y . Central opened at 11 9% M a y 1, declined to
1 1 7% M a y 6, advanced to 121 M a y 14 and closed at 1 1 7 %
M a y 31.
U. S. Steel com. opened at 7 0 % M a y 1, and after
somo weakness recovered to 72 M a y 2, but this was followed
by a drop to 6 4 % M a y 7, and tho cioso M a y 31 was 6 6 % ex.
Am al. C op ., opening at 8 2 % , got down to 7 9 % M ay 7, then
advanced to 8 4 % M a y 20 and closed M a y 31 at 8 1 % . N . Y .
Cent, sold $15,000,000 4 % % 3-year coup, notes, a largo
amount being placed by the bankers, J. P . Morgan & C o ., in
London and Paris. St. L. & San Fran, sold about 15,000,000
francs ($3,000,000) genl lien 15-20-year 5 % gold bonds—
French Series— to Speyer & C o ., who re-sold the same to
Paris bankers. Bos. & M e . sold $12,000,000 1-year 4 %
notes, part of the proceeds going to rotire between $6,000,000
and $7,000,000 of maturing debt. The $25,000,000 Virginian
R y . 1st 5s mentioned in March wero brought out and the 8 5 ,­
000,000 offered in London by Higginson & C o. was oversub­
scribed. Bankers brought out $7,500,000 1st term. & unifying
m tg. 5s of the St. L . Southw. R y . N . Y . Telephone Co. sold
810,000,000 1st & gen. m tg. 4 % s and placed a further £ 2 ,0 0 0 ,­
000 of the same bonds in London and Amsterdam. Amer.
Waterworks & Guar. C o ., Pittsburgh, placed here and abroad
$10,000,000 of its 6 % cum. participating pref. stock. Am er.
Smelters Secur. Co sold in Paris 815,350,000 of its Series “ A ”
6 % pref. stock. Bankers offered $15,200,000 Bethlehem
Stool C o m p a n y 1st & ref. 30-year 5s; Valdosta Ft. Gaines &
M ontg. R R . sold 84,600,000 bonds in Paris. Receivers were
appointed for tho Denv. Northw. & Pac. R y .; and the D env.
R y. Secur. C o ., controlling the road, defaulted on tho prin.
and int. duo M ay 1 on its $3,500,000 6 % coll, trust notes. A
one-half interest in the Securities C o. was owned by the estate
of D . H . M offat.
.
The M o n e y
t a r k e t .— There was continued ease in money.
Tho range for call loans was 2 % @ 3 during the month and

26

T H E C H R O N IC L E

rates for time loans M a y 31 wero 2 % @ 3 for 60 days; 3 @ 3 ) 4
for 90 clays; 3 A @ 3 A for 4 and 5 m os.,and 3 A for 6 mos.
Paper was quoted at 3 % @ 4 lA for double names and prime
single names and 5 % for good single names. M oney holdings
of the Clearing-House banks and trust companies after
falling from 8437,621,000 April 27 to $433,558,000 M a y 4,
increased to $453,012,000 Juno 1. Surplus cash reserves
declined from $19,677,050 April 27 to $11,920,300 M a y 11,
then increased to $26,456,150 M a y 25 and were $25,506,100
June 1. Loans increased from $1,995,025,000 April 27 to
$2,030,373,060 M a y 11, but were only $2,016,426,000 Juno 1.
Deposits increased from $1,848,617,000 April 27 to $1 ,­
894,500,000 June 1. M oney holdings of the Stato banks
and trust companies not in the Clearing House increased from
$76,624,100 April 27 to $79,145,500 June 1 and their
loans June 1 were $644,569,300, against $632,129,400
April 27.
F o r e i g n E x c h a n g e , S ilv e r . & c .— Exchange was strong most
of the month. A t the beginning this was owing to bidding
for funds in this market on German account and also be­
cause the Bank of England did not reduce its discount rate
on the 2nd as expected. The reduction came the following
week (M ay 9) and brought a downward reaction in oxchange,
but this was only temporary. On M a y 17 the Bank of
France also reduced from 3 lA t o 3 % . Open market dis­
count in London, however, soon developed great strength,
being, indeed, quoted towards the close of the month slightly
above the Bank x-ato of 3 % , while in Germany considerable
tension developed. A t tlxe same time German borrowing
here continued and the toui’ists’ season was in full swing,
requiring active remittances. Sales of stocks here for London
account were also at times a feature. As a result rates for ex­
change M a y 31 were at or near the highest figures of the
month. For sight bills the low point was 4 8670 @ 4 8680
M a y 1 and again (after an intormediato rise) M a y 8 and the
high figure 4 8725 @ 4 8730 M a y 29 with the close M ay 31
4 8720 @ 4 8725. Open market discounts M a y 31 were
3 @ 3 A for 60-day bankers spot bills and 2 A for 60-day bills
to arrive; for 90-day bills the spot rate was 3 1-16, while
the rate for forward bills was 2 1 3 -1 6 @ 2 % . A t Paris tlxe
closing open market rate was 2 % ,
while at Berlin closing
quotations were 4 @ 4 A The price of silver at London
was well maintained; there was a reaction to 27 5-16d.
M a y 4 but M a y 16 the quotation was 2 8 A d . ; the close
M a y 31 was at 28 l-1 6 d .

[Vol .

XCVI.

Govern of Wisconsin, the LaFoIletto leader. The proceed­
ings were very bitter and maxxy turbulent scones were enacted
during that day aixd the succeedixxg days. The vote showed
558 for Root aixd 502 for McGovern. The next day another
test vote was taken, this time oix the question whether tho
Conventioxx would sustain tho National Committee in placing
on tho temporary roll the names of 72 Taft delegates or sub­
stitute for them the names of 72 contesting delegates who
would support M r. Roosevelt. The vote this time was 564
for the T aft adherents and 510 for the Roosevelt people, tho
latter including 36 of tlxe LaFoIletto delegates and 10 of tlxe
Cummins delegates. All the contests were tlxen referred to
the newly appointed Credentials Committee. W hen this
committeo met Wednesday night, the Roosevelt men on it,
not liking somo of the rules pi’oposed, walked out, then came
back as _if somo mistake had been made aixd then quit a
second time. Thursday morning they again returned. The
contests took up all of the committee’s time on that day, and
the Convention itself could do nothing but adjourn until
Friday morning. Then the Credentials Committee pi’esented
its report piecemeal for the approval of tho Convention.
This_ continued on Saturday, and the decisions of tho Cre­
dentials Committee were sustained. M r. Roosevelt, how­
ever, kept up a cry of theft and fraud, and declared that
unless the Credentials
Committeo
decided
in
favor
of all tho 50 to 90
Roosovelt delegates which he
claimed had been elected but had been unseated by tho
National Comxnittee, ho would i-ofuse to abide by the action
of the Convention. On Thursday, Juno 20, he issued a state­
ment saying ho would run either as tho regular Republican
nominee or on an independent ticket “ as a Progressive on a
Progressive platform.” . W hen, on Saturday (June 22) the
Convention finally began balloting, tho plan determined upon
by the Roosevelt contingent was carried into effect. Tho
Roosevelt adherents had been instructed to sit in silent pro­
test against tho action of the Convention in admitting the
delegates whose seats tho Roosevelt people had contested, and
not to participate in tho voting. Accordingly, M r. Roose­
velt’s name was not formally presented. Nevertheless, 107
votes were cast for him and 344 delegates were reported as
not voting, making 451 altogether. But M r. Taft got 561
votes, or 21 more than was needed to elect. Sen. La Folletto
got 41 votes, Sen. Cummins 17, Justico Hughes 2 votes, while
6 members wero absent. After this tho Roosevelt delegates
ti’ooped out and oi’ganized a rump convention at which M r .
Roosevelt was tendered and accepted tho nomination for
J U N E .— C u r r e n t E v e n t s — Tho feeling became decidedly President. There were, however, important defections from
more hopeful in June. This was due in part to tho overthrow the Roosevelt ranks. Gov. Hadley of Missouri, who pi’oved
of M r . Roosevelt in his fight for the Republican Presidential the most taking figure at the regular Convention, refused to
nomination. Crop news, however, was also much more engage in tho Third Party scheme, and so did G ov. Deneen
assuring. Accounts regarding the cotton crop improved of Illinois and G ov. Osborn of Michigan. Son. Borah of
very much with the receding of the water from the submerged Idaho left Chicago without defining his attitude but subse­
lands in the Mississippi Valley and the cessation of rains in quently declared for Taft. The Governors who remained
those Southern States east of the Mississippi River which had faithful to Roosevelt after ho cut loose fx’om tho party wore
previously suffered from excessive pi’ecipitation. M r . T a ft’s Johnson of California, Stubbs of Kansas, Bass of Now H am p­
chances for the nomination took a favorable turn very early. shire, Glasscock of W est Virginia, Vessoy of South Dakota
A t the primary elections in South Dakota M r. Roosevelt and Odio of Nevada. It was announced that a mass conven­
swept tho Stato, just as he had Now Jersey. But in Ohio, tion would bo held in July or August to complete tho ticket
the President’s State, where a convention was held to name and definitely formulate the plans for tho Third Party’s cam­
the six delegates at lai'ge to the National Republican Conven­ paign. Tho regular Republican Convention completed its
tion, and where tho outcome had seemed to be in doubt, with ticket by nominating James S. Sherman for Vice-Pres., thus
the chances apparently favoring Roosevelt, the Taft adher­ making the ticket Taft and Sherman, tho sanxo as in 1908.
ents were found to bo in control. It also became apparent The fact that M r. Roosevelt had been so decisively dofeated
when tho National Committee began to pass upon tho con­ and had now taken himself out of the Republican Party was
tested eases which M r. Roosevelt had brought against over considered, on the whole, an oncoux-aging circumstance. Tho
250 delegates to the Convention from various parts of the Democratic Convention was scheduled to begin Juno 25, and
country that these contests had been instituted upon the at first it looked as if hero, too, tho developments would prove
flimsiest of grounds. W hen the Convention met on Juno 18 highly encouraging. But while William J. Bryan was de­
M r. Roosevelt conducted a very bitter fight for tho nomina­ feated in the initial stages of tho Convention’s work, ho soon
tion. It had been feared that some of tho negro delegates got absolute control and dominated the entire proceedings.
who had been instructed for M r. Taft would yield to the Alton B . Parker had been chosen for Temporary Chairman of
blandishment of money, but tho desertions were really in­ the Democi’atic Convention by a sub-committee of the N a­
consequential, and with this M r. Roosevelt’s last hope tional Committee. W hen M r. Bryan heard of this ho de­
of getting tho nomination disappeared. On tho Friday nounced M r. Parker as a reactionary and a I’cpi’esentativo of
(Juno 14) before the Convention, M r . Roosevelt determined W all Street intei’ests, and began laying plans to defeat the
to go to Chicago, the Convention city, and take personal choico. On the Friday before tho Democratic Convention
charge of his canvass. H e arrived Saturday afternoon and (while M r. Bryan was still acting as reportor for a Now York
made a spectacular entry. That night the Republican N a ­ daily and writing accounts of the Chicago Republican Con­
tional Committee concluded the hearing on tho contested vention, a task which he also subsequently assumed at the
seats, numbering altogether 254. Of theso 235 were decided Democi'atic Convention), ho sent telegrams to tho leading
in favor of the Taft delegates and 19 in favor of tho Roosevelt Democratic Presidential candidates asking them to enlist in
delegates. So destitute of mei’it wore most of these contests a fight against tho selection. He did not meet with much
that in numerous instances Roosevelt men on the National success, except in the ease of G ov. Woodrow Wilson, who
Committee joined in voting against the Roosovelt contes­ readily acquiesced in the suggestion. M r . Bryan then carried
tants. This was conspicuously true with regard to the the fight to tho floor of the Convention and tnado a bitter and
Indiana contests, which were aixiong the earliest decided. It spectacular attack on M r. Parker. But ho was decisively
was with reference to the Indiana primaries that M r. Roose­ beaten, getting 510 votes while M r. Parker got 579. It wasvelt had first raised the cry of fraud and concerning which then supposed that his grip had been definitely broken, but
President Taft was charged as an accomplice. Y et when the this was soon found to be a mistake. On Thursday night,
contests from that State came up before tho Republican N a­ Juno 27, he took the Convention quite unawares, and offex-ecl
tional Committee the four delegates at large pledged to Presi­ a resolution sending greetings to the people of tho United
dent Taft were seated with tho full consent and acquiescence States and declaring the Convention “ opposed to the nomi­
of every Roosevelt member of tho committeo. Tho eight nation of any candidate for President who is representative
T aft district delegates from Indiana wei’o also seated by of, or under an obligation to, J. Pierpont Morgan, Thomas F .
unanimous voto of the committee members present except Ryarx, August Belmont, or any other member of tho privilege­
that in the 13th District tho Taft delegates won by a vote of hunting and favor-seeking chiss,” and demanding “ tho with­
36 to 14. A t tlxe Convention itself the test of strength came drawal from this Convention of any delegato or delegates
at the first day’s session (Tuesday, June 18) on the vote for constituting or representing tho above-named intei’ests.”
Temporary Chairman of the Convention. The National ; This evoked much hostility and was looked upon as an in­
Committee had proposed Senator Elilm Root. Tho Roose- | sulting proposition, especially as M r. Ryan was at tho time­
velt people docided to rally behind Governor Francis M c ­ sitting with the Virginia delegation and M r. Belmont with




Jan. 4 i r 3,]

T H E C H R O N IC L E

the New York delegation, and there was not the slightest
basis for the chargo that either delegation was under the con­
trol of the men referred to, or of the so-called money inter­
ests. In response to the protest that the Convention had
no power to demand the recall of any delegates to the Con­
vention or to trespass upon the rights of the States, M r.
Bryan .withdrew the latter part of the resolution. Bryanites and anti-Bryanites then joined in adopting the first
part, which passed by a vote of 889 to 196, this being done
to spike his guns. The Convention spent all Thursday night
listening to nominating speeches and concluded its first
ballot at 7:10 o’clock Friday morning. This showed the
Speaker of the House of Representatives, Champ Clark, in
the lead, with a vote of 44 0> 2 . G ov. Woodrow Wilson of
Now Jersey was second with 324 votes, Congressman Under­
wood got 1 1 7 y 2 votos and G ov. Harmon of Ohio 148 votes.
The Convention then adjourned to re-convene Friday after­
noon, at 4 o’clock. On the tonth ballot, which took place
that night, the Now York delegation, which had been voting
for Governor Harmon, shifted to Clark, bringing the Clark
voto up to 556. This was considerably more than a major­
ity, but as a two-thirds vote is required in Democratic con­
ventions, it was not enough to nominato. On Saturday,
June 29, M r. Bryan made further troublo. Ho had been vot­
ing for Clark, in accordance with instructions from the N e­
braska Democrats, but on the 14th ballot he changed to W il­
son, and made a speech in explanation in which ho again
bitterly assailed the New York delegation. He charged
that the vote of the State of New York in the Convention,
as cast under tho unit rule, did not represent the intelli­
gence, the virtuo, tho Democracy or the patriotism of the
90 men who wore there. It represented the will of one man—
Charles F . Murphy of Tammany H all— and ho, M r. Bryan
charged, represented tho influences that dominated the Repub­
lican Convention at Chicago and were trying to dominate
the Democratic Convention. Ho said ho would not partici­
pate in the nomination of any man whose nomination de­
pended upon tho vote of tho Now York delegation. He
would lienco withhold his vote from M r. Clark as long as
Now York’s voto was recorded for him. Tho Clark voto be­
gan to dwindlo thereafter, while Wilson kept gaining, though
on tho 26th ballot (tho last taken Saturday night, June 29),
Clark was still in tho lead with 4 6 7 A votes, against 405 for
Wilson, 112*^ for Underwood and 29 for Harmon. Tho
Convention then adjourned until M onday morning, July 1,
at 11 o ’clock, when 10 more ballots wero cast without result,
M r . Wilson, howover, steadily forging ahead. The proceed­
ings on that day were marked by a spirited defence of the Now
York delegation by J. B . Stanciifiold of this city, who referred
to M r. Bryan as “ a selfish, money-grabbing, favor-seeking, of­
fice-chasing, publicity-hunting marplot of Nebraska,”
and then announced ho would cast his vote for Woodrow
W ilson, though as the unit rule was in force in New York,
the whole 90 votes continued to be counted for Speaker Clark.
On Tuesday, July 2, four moro ballots wore taken and M r.
Wilson was nominated on the 46th ballot. Gov. Thomas R.
Marshall of Indiana was nominated for Vice-Pres. The plat­
form adopted was of a radical typo. The monthly statement
of tho Steel Corporation, given out Juno 10, showed a further
increase during M ay in the unfilled orders on the books of tho
subsidiary corporations. Tho latter part of the month the
different steel makers added SI a ton to tho prices asked for
steel bars and for steel plates and structural shapos— bars
being raised from SI 20 per 100 lbs. to SI 25, and plates and
structural steel from SI 25 to SI 30 per 100 lbs. Thero was
no concert of action. The independent companies, moro par­
ticularly tho Jones & Laughlin Steel C o., tho Republic Iron &
Steel Co. and Cambria Steel C o., took tho initiative, and tho
Steel Corporation then followed M any other forms of steel
were also advanced. Steel billets at Pittsburgh were marked
up SI a ton to 821 50, and in somo cases SI to $2 a ton addi­
tional was paid for prompt delivery. Higher wage scales
were announced for iron workers in some instances. The Re­
public Iron & Steel Co. agreed to tho wago schedule proposed
by tho Amalgamated Assn, of Iron, Steel and Tin Workers for
tho year beginning July 1, or an advanco of_25c. a ton in the
rate for puddling, making tho base rato S5 25. Tho Western
Bar Iron Assn, also signed for the advanco. It was stated
that about 15,000 skilled employees were affected by tho in­
crease. Chairman Gary of tho U. S. Steel Corporation sent
a circular letter to the stockholders of tho Corporation an­
nouncing that the Finance Committee had passed resolu­
tions declaring that 7-day labor should be eliminated and
tho 12-hour day reduced as far as possible. This was in
pursuance of a resolution adopted by the committee on A p r.23
1907, and was also in lino with the recommendations of the
special investigating committee headed by Stu.vvesant Fish,
which mado its report two months previously— in April.
It was understood, howover, that tho change would havo to
be slow. Tho price of copper got closo to 18c. a lb ., quota­
tions at tho end of dune being 1 7 % c . for Lake coppor and
1 7 ^ c . for electrolytic c o p p e r-th o highest for five years.
W e have referred above to the better outlook for cotton. Tho
prico of tho staple was somewhat irregular. Tho first half
of tho month, with many of tho States east of tho Mississippi
still gotting too much rain and Texas somewhat in need of
rain, tho tendency was upward; but tho latter half tho price
moved downward, and tho decline was accelerated by tho
appearanco on Juno 19 of the annual acreago roport of this
nowspaper, showing only a nominal docreaso in acreago.
Tho report of tho Department of Agriculture issued Juno 4




and showing the condition M a y 25 made the average only
78.9, against 8 7 .8 at the corresponding date in 1911. Middling
upland spot cotton in this market, after declining from 11.50c.
M a y 31 to 11.40c. June 1, adyanced to 11.90c. June 15, then
fell off to 11.55c. June 24 and closed at 11.65c. June 29.
Notwithstanding the improved agricultural outlook, the
course of grain prices was decidedly irregular; wheat at first
tended downward, but there followed a strong upward re­
action. One reason was that temperatures over most of the
grain-growing regions were too low to permit rapid growth.
A t the very close reports came of damage from dry, hot weath­
er in the Dakotas and Minnesota, and also in Canada, where
temperatures from 95 to 100 were said to have been recorded.
The Agricultural Bureau at Washington in its report Juno 10
giving the condition on June 1 showed a further deteriora­
tion of 5 .4 points in winter wheat during M a y , making the
average only 74 .3, or the lowest at this date since 1895, but
spring-wheat condition was stated at 95.8; the acreage of
both spring wheat and winter wheat being much smaller
than in 1911. July wheat in Chicago declined from SI 11 A
June 11 to SI 04 y 2 June 19 and then recovered nearly the
whole of its loss, but declined again June 29 with tho close
SI 0 8 ^ . July corn at Chicago, after dropping from 7 4 % c.
June 1 to 7 0 ^ c . June 19, advanced again and touched 76c.
June 28, with the close June 29 75J^c. July oats rose from
47j^c. June 1 to 52j^ c. Juno 10, then dropped to
4 7 ^ c . June 19 and closed at 48 j^ c. June 29. There was
again complaint of tho high prices of meat, which further
advanced. Both Chicago and Kansas City reported cattle
at the highest prices .ever reached in the history of the stock­
yards. In this city in the Jewish quarters of the East Side
the high prices of meats led to attacks on the retail butcher
shops by the Jewish women, who attempted to make
the meats unfit for use by saturating them with kero­
sene. Some legislative and Governmental proceedings were
not altogether of a reassuring nature, but had slight effect.
Tho Banking and Currency Committee of the House of
Representatives, with Congressman Arsone P. Pujo as Chairm a, began its so-called “ M oney-trust” inquiry.
Hearings
were begun in this city on June 6, Samuel Untermyer
acting as counsel for the Committee. The affairs of the
Clearing-House Association were taken up, the manager of
tho Clearing-House being called as a witness, as also certain
men who had been active at various times in directing
Clearing-House matters, among others Frank A . Vanderlip,
A . B . Hepburn, James G . Cannon, &c. It seemed to be the
purpose at these hearings to have it appear that the Clearing­
House, by its course at the time of the 1907 panic, had acted
to oppress the institutions which had got into trouble, but
the Committee sat for only a few days and on June 13 the
hearings were adjourned until December. The U . S. Govern­
ment on June 5 filed a suit in the U . S. District Court in New
York to enjoin certain steamship lines (mostly German lines)
and a number of individuals and firms associated with them
from continuing an alleged conspiracy to monopolize the
freight and passenger traffic between tho United States and
Brazil. On the same day Circuit Judges Lacombe, Coxe,
Noyes and Ward appointed Chas. E . Pickett Special Exam­
iner to take testimony in the Government suit against the
Hamburg-Ameriean and other steamship companies to dis­
solve the North Atlantic Conference. Much agitation grew
out of the advance of 25 cts. a ton in the pricos of the domestic
sizes of coal made by the anthracite companies, following the
increase conceded to the miners in wages. M any proposals
for investigating the act wero made. On June 18 the Inter­
State Commerce Commission, acting upon its own initiative,
ordered an inquiry into the regulations, rates, rules and
practices governing the transportation of anthracite coal and
into tho relations between the carrying and producing of coal,
the investigation not to begin, however, until the autumn.
Because of the largo payments on account of the Corporation
Tax, Government money holdings increased from $342,­
734,894 to 8368,838,347; Government deposits with the banks
increased from $47,525,490 to 848,156,977. National Bank
circulation, secured by bonds, increased from $719,861,030
to 8720,424,110. President Taft on June 19 signed the Bill
limiting the work of laborers and mechanics employed on
Government work to eight hours a day. Under the authority
given in the Act he immediately issued an order, however,
exempting from the provisions of the law until Jan. 1 1915
any contract governing work on the Panama Canal. On
Juno 6 President Taft signed the Bill reducing from 5 to 3
years the period of residence required on homestead lands
before patents are issued. The purpose of tho law seemed
to be to check the emigration of American farmers o C l na la
by liberalizing the Homestead Law. On account of the veto
of the Arm y Appropriation Bill and the failure of Conf res3 to
pass most of the other appropriation bills, owing to he(ab­
sence of Congressmen and Senators at the Republi' anjand
Democratic National Conventions, the Government w a ; left
in an embarrassing situation with the beginning of the new
fiscal year on July 1. Early in the afternoon of that day,
however, a resolution was passed continuing for one month
the appropriations for the fiscal year ending Juno 30 T 91 2; in
August a further extension was necessary. The Department
of Justice at Washington on June 17 announced that the
representatives of Armour & C o ., Nelson, Morris & C o. and
Swift & Co. had advised the Department that they would
on or before Aug. 1 voluntarily dissolve the National Packing
C o. and dispose of its assets. The Government therefore
agreed to hold in abeyance the civil suit which it contem-

T H E C H R O N IC L E

28
a

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plated bringing (the criminal suits against the packershaving
failed) against the company to compel its disintegration.
The names were announed of the Board of Arbitration which
had been agreed upon to settle the question of tho wages of
the Locomotive Engineers on tho Eastern trunk lines. Be­
sides Daniel Willard, President of tho B alt. & Ohio R R ., and
P . H . Morrissey, formerly head of the Brotherhood of Rail­
way Trainmen, to represent the Locomotive Engineers, the
members were: Oscar Straus, former Secretary of Commerce
& Labor; D r. Albert Shaw, Editor of the “ Review of Re­
views,” Otto Eidlitz, President of the Building Trades
Employers’ Association; Charles H . Van Hiso, President of
the University of Wisconsin and Frederick N . Judson,
a lawyer of St. Louis.
The Supremo Court of the Dis­
trict of Columbia again found Samuel Gompers, Frank
Morrison and John Mitchell, labor leaders, guilty of con­
tempt of court for disobeying tho Court’s injunction
in the Bucks Stove & Range Company boycott case.
The proceedings leading up to tho previous conviction had
been found technically defective by the U. S. Supreme Court,
which remanded the case “ without prejudice to the power and
right of the Supremo Court of the District of Columbia to
punish, by a proper proceeding, contempt, if any, committed
against i t .” Accordingly, new proceedings were instituted
with the result here noted. British consols several times
during the month touched a new low record, tho last timo
being 7 5 % June 19; only fractional recovery ensued when tho
Chancellor of tho Exchequer announced that £5,000,000 of
tho lato year’s budget surplus would be mado available for
the redemption of the national debt and bo utilized in due
course for tho purchase of consols. Notwithstanding this
announcement, tho price early in July again dropped, touch­
ing 75 11-10. Tho Massachusetts Inheritance Tax Law was
altered so as to provido that personal property belonging to
the estates of non-residents dying on or after M ay 29 1912
should bo exempt from such tax and that only real estate
situated in Massachusetts of non-residents shall bo subject
to tho tax. Tho Knickerbocker Trust Co. of this city was
consolidated with tho Columbia Trust Co. under the name of
the Columbia-Knickerbocker Trust Co. and tho Mercantile
National Bank was consolidated with the Irving N at.'Exch.
Bank, the name being, tho next month, changed to the Irving
N a t. Bank. In Boston tho National Shawmut Bank ar­
ranged to increaso its capital from $3,500,000 to $10,000,000.
Considerable solicitudo in anthracite railroad circles was occa­
sioned by tho fact that tho Inter-State Commerce Commis­
sion in the Marion Coal Co. and other cases adjudged rail­
road rates for anthracite excessive and ordered reductions of
25c. a ton on the prepared sizes and 19c. on tho smaller sizes
between the Wyoming District and New York.
R a ilr o a d E v e n t s a n d S tock E x c h a n g e M a t t e r s . — Tho stock
market during June was irregular. A t first it was decidedly
strong and several issues made sensational advances. Then
it became inactive and later weak and soft with stocks like
Reading and Lehigh Valley, which previously had been
prominent for a large rise, now conspicuous for a marked de­
cline. In the week of the Republican Convention specula­
tion was at times almost at a standstill, awaiting develop­
ments at Chicago. When it was seen that M r. Roosevelt was
doomed to defeat, quite general improvement set in. Copper
stocks, however, at times evincod a weakening tondoncy.
The N . Y . Ont. & W est, on account of losses sustained be­
cause of tho suspension of mining in the anthracite regions
during April and M a y , and also a decision of the Inter-State
Commerce Commission reducing rates on coal between tho
W yom ing regions and New York, decided to discontinue divi­
dends and a big slump in the shares occurred, thoro being a
drop from 3 7 % Juno 0 to 2 9 % June 29. M il. & St. P. com.
opened at 104 Juno 1, sold at 100 Juno 0, dropped to 102
June 11 and closed at 10 5% Juno 29.
Reading com. opened
June 1 at 100, sold at 1 7 2 % Juno 0, dropped to 10 3% June 15
and closed Juno 29 at 107. U . P. com. sold up from 100%
Juno 1 to 17 1% June 0, and after numerous ups and downs
closed Juno 29 at 1 0 9 % . Steel com. [sold at 00 June 1 and at
7 1 % June 27 and closed at 7 0 % . Am al. Copper from 8 1 %
June 1 advanced to 88 June 0 and closed at 8 5 % June 29.
Subway matters in New York City were definitely settled
with the decision of tho N . Y . Court of Appeals at Albany on
June 29 upholding the constitutionality of tho terms of the
proposed contracts with tho Interborough and Bklyn. Ilap.
Trans, companies under which “ preferential payments” are
first to be made to the two companies before the city gets a
return on its own proposed investments. Subscriptions to
the syndicate underwriting of $170,000,000 new 1st mtg. 53year 5s of the Interb. Rap. Trans. Co. proved in excess of the
amount offered. Tho $40,000,000 5 % (3-year secured notes
of the Brooklyn Rap. Trans. Co. were also largely oversub­
scribed. Tho Penn. R R . sold an issue of $6,000,000 4 %
equip, trusts. The 111. Cent, sold $15,000,000 2-year 4 % %
notes. Int. Agricul. Corp. sold $9,892,000 1st mtg. and coll,
tr. 20-year 5s. The B . F. Goodrich C o ., a newly organized
rubber company, placed $60,000,000 of its com. stock and
$30,000,000 of its pref. stock, the bankers allotting tho shares
to subscribers at 105 for tho pref. and 81 for tho com. U . S.
Rubber Co. increased its auth. stock from $75,000,000 to
$120,000,000 and made a special stock div. of 2 0 % ($5,030,­
000) on the $25,000,000 com. stock and also offered to all
classes of stockholders tho right to subscribe to $10,000,000
1st pref. stock. Goodyear Tiro & Rubber Co. increased its
auth. capital stock from $6,000,000 to $15,000,000, $4,000,000
of this to be pref., and offered tho latter to tho shareholders




[Vol. XCVI.

............. -

at par. Interbor. Rap. Tran. Co. made a special div. of 5 %
from the surplus profits of tho Rapid Transit Subway Con­
struction C o ., all of whose stock it owns.
Tho U . S. Cast
Iron Pipe & Fdy. Co. resumed divs. on its pref. stock. Colo.
Fuel & Iron Co. also resumed payments on its prof, stock after
suspension since Feb. 1903. St. L. Southw. R y . increased its
s.-a. div. on pref. from 2 % to 2 % % .
T h e M o n e y M a r k e t . — The undertone in monoy was some­
what firmer. The gold shipments to Franco and the large
absolution of cash by tho U . S. Treasury in collecting the
Corporation Income Tax caused a large reduction in the money
holdings and surplus reserves of tho Clearing-Houso institu­
tions the last week of the month. Tho rango on call during
the month was 2 @ 3 % . Time monoy at the close was 3 % for
60 days, 3 % for 90 days, 3 % @ 3 % for 4 m os., 3 % @ 3 % for
5 mos. and 3 % @ 4 for 6 mos. Commercial paper closed at
4 @ 4 % for double names and the best single names and 4 % @
4 % for good single names. M oney holdings of the Clearing­
House banks and trust companies wero $4 53 ,0 12 ,000Juno 1,
$466,928,000 Juno 15 and $453,453,000 Juno 29. Surplus
cash reserves inci*eased from $25,506,100 Juno 1 to $30,­
553,900 June 8 and then fell to $12,545,850 Juno 29. Loans
increased from $2,016,426,000 Juno 1 to $2,077,041,000
June 29, and deposits rose from $1,894,500,000 to $1,960 ,­
529,000. M oney holdings of tho Stato banks and trust com­
panies not in the Clearing House fell from $79,145,500 Juno 1
to $72,553,400 Juno 29 and their loans wore reduced from
$644,569,300 to $609,535,600.
F o r e i g n E x c h a n g e , S ilv e r , cfee.— After some weakness tho
first few days of Juno, due to lower European discounts,
foreign exchange developed a hardening tondency which
continued until about tho 20th of tho month. In the main
the rise was due to tho 1st of July remittances for interest
and dividends. Tho Bank of Germany June 11 reduced its
discount rate from 5 to 4 % %
Private discounts, howovor,
indicated firm money markets and tlxero was somo skepticism
as to whether the lower Bank rate could be maintained in
viow of tho settlements at tho end of Juno. But Germany
succeeded in obtaining considerable gold in London— tho
Bank of England selling £501,000 gold for German account
tho second week of tho month, the same amount tho third
week and £352,000 the last weok. France also was evi­
dently extending aid, and it was hinted that tho $4,000,000
gold taken from New York for export to Paris tho last week
of the month was intended to reimburse tho Bank of France
for withdrawals fi*om France for the German market. Tho
last steamer from this side that could carry remittances to
Europe in time for the July payments sailed on June 20, and
from that date on exchango rates began to decline. It also
became apparent as tho month closod that tho crisis feared
in Germany at the end of the quarter had been averted.
Open market discounts at Berlin eased off at tho close. Tho
gold shipments to Paris, which were special operations and
not justified by exchango rates, also tendod to reduce tho
demand for exchango. Sight bills fell from 4 8 7 1 0 @ 4 8715
June 1 to 4 8 6 9 5 @ 4 8705 Juno 4, then advanced to 4 8 7 5 5 ®
4 8765 Juno 19 and closed June 29 at 4 8 7 1 5 © 4 8725. Open
market discounts at London closed at 2 13-16 @ 2 % for spot
bills and 2 11-16 for bills to arrive. Tho closing rate at
Paris was 2 % , while Berlin quoted 4 % for spot bills and 3 %
for bills to arrive. Silver in London touched 27 15-16 June 3,
but from this thero was an advance to 28 9-16 Juno 22, with
tho price June 29 28 3-16d.
J U L Y .— C u r r e n t E v e n t s . — Except for tho political situa­
tion, tho developments during July wero very favorablo, and
definite further progress, both in tho agricultural and tho
industrial world, was made.
In tho Democratic National
Convention M r. Bryan achiovod a notable triumph. As
stated above, the deadlock in tho Convention was broken on
tho 46th ballot, taken July 2. G ov. Woodrow Wilson of
Now Jersey was then made tho candidate for President and
Gov. Thomas R. Marshall of Indiana was nominated for
Vice-Pres. A rad cal platform was adopted.
It was sijpposed that the nomination by tho Democrats of a man with
radical tendencies would abate M r. Roosevelt’s desire to set
up an independent party, but ho wont ahead with his plans
for a third ticket.
Exception to tho improved crop prospects
existed in tho case of cotton, where high tomperatures in
Texas, with too much rain east of tho Mississippi, served to
impair the outlook. Tho injury dono was greatly exagger­
ated, and tho offect was to bring about a marked riso in tho
price of the staple, middling upland spot cotton advancing
from 11.50 cts. June 30 to 13.40 cts. July 29, with the closo
July 31 13.20 cts. The Agricultural report issued July 9
made the condition of winter wheat July 1 only 73.3, tho
lowest at that date since 1899; but spring-wheat condition
was given as 89.3. Tho average of oats was placed at 89.2
and of co n 81 .5, with an increased acreage in both cases.
During July prospects further improvod. Tho hopeful out­
look regarding grain was reflected in a sharp decline m grain
prices. Sept, wheat in Chicago declined from $1 0 5 % July 1
to 9 1 % cts. July 22, with tho close July 31 9 3 % cts. Sopt.
corn dropped from 73 cts. July l to 6 3 % cts. July 22, with
tho close July 31 6 6 % cts. Sopt. oats at Chicago fell from
3 9 % cts. July 1 to 3 2 % cts. July 31. Print cloths at Fall
Uiver were on the 27th raised from 3 15-16 cts. to 4 cts. At
New Bedford a strike of weavers and othor cotton operatives,
began July 15 and continued until tho closo of tho month
Twelve mills became idlo and 10,000 hands wore involved.
The trouble arose out of tho posting of notices in tho various

Jan. 4 1913 ]

TH E C H R O N IC L E

mills announcing a now system of grading the cloth to deter­
mine the pay of weavers. Seven other mills at Now Bedford
avoided a strike by agreeing not to put the new grading sys­
tem into effect. In tho iron and steel industry activity be­
came still more pronounced. The statement of the Steel
Corporation for the quarter ending June 30 mado public late
July 30 showed net earnings of $25,102,265, as compared with
only $17,826,973 for the quarter ending M ch. 31, and there
was a trifling surplus above the dividend requirements, as
against a large deficit in the M ch . quarter,
"here were
further advances in iron and steel. For instance, the price
of wiro was marked up $1 per ton base and $1 to So a ton on
more highly finished forms. There was also another ad­
vance of $1 a ton in structural steel, steel plates and steel
bars, so that steel bars were quoted at $1 30 per 100 lbs. and
structural steel and plates $1.35. For immediate needs the
question of price was subordinated to teat or delivery, and
high premiums wore paid for prompt shipment. Some in­
creases in wages were also announced. In ConnellsviUo coke
a snlit occurred among the sellers of coke who had been hold­
ing out for a price of $2 50, and coko sold down to $2 20 at
the oven. Some of the independent coko producers then
closed their plants with tho announcement that they would
not start up again until they could got $2 35. G ovt, money
holdings increased from $368,836,347 to $373,020,860, but
G ovt, deposits with the banks decreased from $48,156,977 to
$47 924 685. National bank circulation secured by bonds
moved up from $720,424,110 to $721,623,148. A tentative
outline of the recommendations of the Stanloy Steel Commit­
tee was given out. Some of these recommendations wore
drastic in tho extreme, and for the time being, until it was
recognized that they stood little of no chance of being en­
acted, proved highly disturbing. It was proposed, for one
thing,’ to amend tho Anti-Trust law so as to shift the burden
of proof from the plaintiff to tho defendant. B y another sec­
tion a presumption of guilt was to bo established in advance
by providing that “ whenover in any suit it shall appear that
any combination was entered into, existed or exists, which
was, or is, in restraint of trade, such restraint shall be conclu­
sively doomed to have boon and to bo unreasonable, and in
violation of the provisions of this Act as to any party thereto
who is carrying on any business to which such combination re­
lates or in connection therewith.” Still another proposal was
that in any case where restraint of trado is charged a
presumption of unreasonableness is to follow if con­
trol of more than 30 per cent of the product or sales is
shown. Furthermore, it was proposed to give to any party
who might feel aggrieved by tho action or doings, of com­
binations tho l’ight to begin suit of their own motion inde­
pendent of the action of the Government. Tho Democratic
members, however, expressed very strong disapproval of tho
control of corporations by the Federal Government as
recommended by M r. Carnegie, Judge Gary and others.
Aside from tho radical recommendations of the Democratic
majority, tho distinctive feature of tho report was the wide
divergence of views shown to oxist among tho different
members of the Committee. The Committee consisted of
nino members and besides the fact that Martin W . Littleton
joinod in only a part of tho conclusions of the Democratic
majority of five members, three separate statements of views
were submitted by tho Republican minority of four, Congress­
man Young of Michigan and Congressman Sterling of Illinois
dissontingfrom the idea of Government control and regulation
of prices as advocated by the other two minority members.
Thus, altogether seven of tho nine members of the conmitteo opposed Government meddling in business to tho
oxtent of fixing prices. Tho report expressed strong con­
demnation of tho absorption of tho Tennessee Coal & Iron Co.
by tho U . S. Steel Corporation. One of the Assistant
Secretaries of tho U . S. Treasury at Washington, namoly
A Piatt Androw, resigned, giving as tho reason the failure
of tho Secretary of the Treasury, M r. MacVeagh, to show
proper consideration for tho viows of departmental heads
and declining to confor with the same. Secretary MacVeagh
on his part, mado reply by saying that M r. Androw had not
rosignod voluntarily but had been asked to resign. Ilorbert
Knox Smith resigned as Commissioner of Corporations in
ordor to join Theodore Roosevelt and his now party. Tho
Judiciary Committeo of the House of Representatives sub­
mitted its conclusions regarding impeachment proceedings
against Judgo Robert W . Archbald of tho Unitod States Com ­
merce Court and tho articles of impeachment woro adopted by
tho House on July 11 by a vote of 222 to 1, tho dissenting vote
being cast by Representative Farr of Scranton, who hailed
from tho same Congressional district as Judgo Archbald.
The articles of impeachment wero formally laid before tho
U . S. Sonate on M onday July 15. On Aug. 3, however, tho
Senate, by a vote of 44 to 19, decided to postpono tho trial
until Dec. 3. U . S. District Judge; Cornolius II. Hanford,
whoso conduct was under investigation by tho House Judici­
ary Committeo as a result of charges filed against him follow­
ing tho issuanco by him of a decree canceling tho rights to
citizenship of a Socialist, sent his resignation to President
T aft on July 22 by wiro, while tho hearings wero still ponding.
M r. Taft accepted tho samo on Aug. 5. Tho Intor-Stato
Commerce Commission on July 8, after an investigation
oxtonding over nearly three years, mado an order reducing
tho rates to bo chargod by oxpress companies and rogulating
thoir practices. Tho order was subject, howover, to a furthor
hearing on Oct. 9. Tho Federal Grand Jury at Washington
on July 19 roturnod an indictment against five laundrymen




20

charging them with conspiracy to defraud the United^ States
by shutting off competition on contracts to do the Govern­
ment’s laundry work. The alleged conspiracy was in con­
nection with bids advertised for the washing of towels in the
various departments of tho Government for the fiscal year.
The House on July 29 by a unanimous vote adopted a reso­
lution directing the Secretary of Commerce and Labor to
investigate the causes of the increase made in the price of
anthracite coal. The House on July 16 by a vote of 95 to 25
passed a bill (the Beall Bill) intended to prohibit dealings
in cotton “ futures” similar to the Scott Anti-Option Bill
passed by the House in June 1910 but which failed of action
in the Senate. B y a vote of 55 to 28 the U . S. Senate on
July 13 adopted a resolution declaring that corrupt methods
and practices had been employed in the election of William
Lorimer to the Senate of the United States from the State of
Illinois and that his election was therefore invalid. An
attempt had been made to unseat M r. Lorimer the previous
year (in M arch 1911) but at that time a resolution declaring
liis election illegal was rejected by the Senate by a vote of
46 to 40. Subsequently (after there had been many changes
in the membership of tho Senate the previous March 4) a
new investigation was directed by a sub-committee of the
Committee on Privileges and Elections and this committee
also on March 28 1912 upheld M r. Lorimer’s right to his seat,
but, as seen, without avail. In response to the demands of
organized labor the House on July 11, by a vote of 233 to 18,
passed the Clayton Bill providing for a trial by jury in all
proceedings for contempt of court where the acts alleged to
have been committed constitute a criminal offense under
either Federal statutes or common law and where not actu­
ally committed in the presence of the court. The bill made
no progress in the Senate.
On July 26 the Senate adopted
tho House Excise Tax Bill by a vote of 37 to 18, 13 Pro­
gressives and insurgent Republicans voting with the Dem o­
crats.
This bill extended the operation of the Federal
Corporation Tax so as to make it apply to all persons, firms
or co-partnerships engaged in business. The Senate, how­
ever, tacked on reciprocity and other amendments and this
made necessary a return of the bill to the House; the conferrees between the two Houses dropped some of these amend­
ments the next month, but no further attempt was made
to push the bill when it became apparent that all tariff
legislation would fail. On July 27 an amendment to the
Democratic Free Sugar Bill passed by the House was adopted
in tho Senate by the substitution of the Lodge-Bristow
Sugar Bill reducing the existing sugar duty from $1 90 to
$1 60 per 100 lbs., abolishing the Dutch standard and also
the l ]/2 cent “ refiners’ differential” . This measure, too,
had to be abandoned the next month. British consols
established some more new low records, touching 733^
July -25, this being the lowest figure since 1826, when
the' rate of interest was 3 % , as against 2 3 ^ % now.
One development in Great Britain was tho going into effect
on July 15 of Lloyd George’s National Insurance A ct.
There were many exhibitions of displeasure over the Act at
the start, and in one extremo instance a copy of the Act
was burnt at a mass meeting in London. The scheme offers
a system of State insurance for employees, affecting many
classes of employees and requiring weekly contributions by
employers and employees to which the State makes a small
addition. Tho employer is authorized to deduct the em­
ployees’ portion from the latter’s wages and it is to this
compulsory contribution that the most determined resist­
ance was directed. The strike of the London Dock workers,
which had been in progress since M a y 20, continued through­
out tho month. The strikers were reduced to the point of
starvation and on July 19 sent a cable message to Samuel
Gompers, President of the American Federation of Labor,
urging him to send help immediately, but notwithstanding
their desperate condition tho strike was continued. On
July 27 the Strike Committee of the Transport Workers’
Federation advised the men to return to work “ rather than
accept abject humiliation” , but meetings of the men on the
next two days angrily repudiated the suggestion and voted
to continue the fight. The strike involved dock laborers,
car men, lighter men and other branches of casual laborers
and caused much distress in the shipping district of London.
It arose originally in a dispute over the engagement of a
non-union workman, but was followed by a demand for
higher wages and recognition of tho union. Endeavors were
made to get the transport workers and dockers at other ports
in the British Isles to join in a national strike movement, but
these efforts failed. The London dockers remained ob­
stinate and Lord Dovenport, Chairman of the Port of London
Authority, and a leading employer, refused to give way.
There were frequent indignation meetings against the action
of Lord Devenport and a number of sharp conflicts between
tho police and tho strikers occurred. A n incident at one of
those meetings was the action of Ben Tillett, the leader of
the strikers, in asking the men to bare their heads and join
him in prayer. They then in unison uttered the prayer
“ O God, strike Lord Dovenport dead!” Out of this labor
trouble arose a determination of the Lloyd George Govern­
ment to deal with the problem of British labor disputes by
legislation. In the course of the debate on the dockers’
strike in the House of Commons on July 23 the Chancellor of
tho Exchequer argued that the labor disputes were more and
more challenging British commercial supremacy. The time
had come, he said, to reconsider tho whole problem and the
Government proposed to deal with it by some form of legisla­

w

T H E C H R O N IC L E

tion in the near future. One of the events of the month was
the aotion of the British Government in addressing a formal
note to the United States Government asking that enactment
of the bill pending before Congress for the operation of the
Panama Canal be delayed until the British Ambassador
might havo opportunity to present objections to the same.
It was the view of the British Government that the lia y Pauncefote Treaty did not admit of discrimination in tolls
in favor of American ships, as proposed in the pending bill,
and there appeared to be objection also to the proviso against
railroad-owned ships, which it was thought would act
adversely to the Canadian Pacific. The action cf Congress
on the bill is recorded under the events for August. M u tsuhito, for nearly forty-five years Emperor of Japan, known
as the great reform Emperor, died July 30. He was suc­
ceeded by the Crown Prince Yoskihito. In Turkey a cabinet
crisis developed, in consequence of the revolt in the army
against the methods of the Committee of Union and Progress
(the Young Turks organization). A demonstration was made
against the Turkish Chamber of Deputies by the Military
League, with the view to forcing a dissolution of Parliament.
The next month the Sultan dissolved the Chamber. In
Portugal another one of the numerous Royalist uprisings
occurred, but was suppressed the same as previous attempts
to restore King Manuel. In Mexico guerilla warfare in
Northern Mexico resulted in much damage to American
property and led to the driving out of many Americans.
Tho British Board of Trade Court of Inquiry into the dis­
aster to the W hite Star Lino steamship Titanic delivered its
judgment July 30 by Lord Mersoy. The Court found that
the collision of the Titanic with the iceberg was due to tho
excessive speed at which the ship was navigated; that a
proper watch was not kept; that tho ship’s boats were proper­
ly lowered, but that arrangements for manning them were
insufficient; that the Leyland liner Californian might have
reached tho Titanic if she had attempted to do so; that tho
track followed was reasonably safe with proper vigilance,
and that there was no discrimination against third-class
passengers in tho saving of life. The Court of Inquiry
exonerated J. Bruce Ismay, Chairman and Managing
Director of the White Star Line, from any charges of improper
conduct. Tine judgment recommended more water-tight
compartments in sea-going ships, tho provision of life-boats
for all on board, and more efficient drills of the crew, as well
as a better lookout. The State Supreme Court of South
Carolina declared unconstitutional an A ct passed earlier in
tho year creating a commission to provide for a system of
warehouses for the storing of cotton.
R a ilr o a d E v e n t s m id Stock E x c h a n g e M a t t e r s — The stock
market was irregular during July but with a marked accession
of strength at the closo. There was a firm tone even at the
beginning of the month, with notable advances in specific
cases, but this was soon followed by quite general declines,
on liberal offerings of stocks, the weakness being specially
pronounced in tho case of such specialties as Reading, Union
Pac., M il. & St. P ., N . Y . C ent., Leh. Y ah , &c. M il. &
St. P . com. dropped below par and tho steel shares were also
weak. The last half of the month the tendoncy was upward,
influenced by tho excellent promise for the growing grain
crops and tho continued development of business activity.
G t. N or. and N or. Pac. shares were leaders in the upward
movement on the prospect of a bounteous harvest of springwheat in their territory. A t the close of the month the
markot was not on y strong, but transactions wero on a
greatly increased scale, the encouraging return for tho June
quarter submitted by the Steel Corporation, after tho close
of business July 30, exercising a stimulating influence all
around. M il. & St. Paid com ., opening July 1 at 1 0 4 % ,
advanced to 1 0 5 % July 5, dropped to 9 9 % July 13 and
closed July 31 at 1 0 5 % . N or. Pac., opening at 12 0 % July 1,
advanced to 1 2 3 % July 8, declined to 11 8 % ex-div. July 13,
and closed July 31 at 1 2 4 % . Reading com. dropped from
1 6 8 % July 3 to 1 6 0 % July 11 and closedat 1 6 5 % ex July 31.
U. P . com. declined from 1 7 0 % July 3 to 163% July 13 and
closed July 31 at 1 6 9 % . Steel com. opened at 7 1 % July 1
and advanced to 7 2 % July 3 , then dropped to 6 7 % July 11
and closed July 31 at 7 0 % . Am al. Cop. from 8 6 % July 2
declined to 7 9 % July 13 and closed at 8 3 % July 31. Nasiiv.
Chatt. & St. L . increased its s.-a. div. from 3 % to 3 % % .
Gen. Elec, shareholders were apprised of the calling of a
special meeting of stockholders on Aug. 29 to vote on in­
creasing the stock from §80 ,000,000 to §105,000,000. It
was also announced that after such increase stockholders of
record Dec. 31 1912 would get a dividond of §30 per share
out of surplus earnings, payable in stock of the company at
par and calling for §23,297,000 of new stock. To provido
for future financial needs the directors also authorized an
issue of debentures limited to §60,000,000 and bearing 5 %
interest or less. Buff. Itoch. & Pittsb. increased its s.-a.
div. from 2 % % to 3 % .
Deere & C o ., manufacturers of steel
plows and agricultural implements, sold §10,000,000 ad­
ditional 7 % cum. pref. stock. It was reported that Speyer
& C o. had contracted to purchase, with aviow to salo when
market conditions favored, 827,097,090 6 % bonds out of a
new issue of §200,000,000 of St. L . Ir. M t . & So. Iiy . bonds.
T h e M o n e y M a r k e t . — M oney became dearer all around
during July. The U . S. Treasury absorbed largo amounts
of cash, thoro wore somo gold oxports and the N . Y . Clearing
Houso statement for July 6 showed a large deficit. Surplus
was restored the next week and tho tone temporarily again
became easier. But this did net last, lenders taking the




[Vol. XCVI.

view that monetary conditions were such as to warrant im­
proved returns for money. Mercantile paper at tho close
was quoted on a 5 % basis for maturities extending into tho
new year. Quotations for the customary grades of paper
were 4 % @ 4 % % for short double-names anil 5 % for choice
six-months single names. Good single-name paper was
5 % © 5 % . The range for call loans during tho month was
2 @ 3 % , with the range July 31 2 ® 2 % .
Time loans July 31
were 3 % 60 days, 3 % @ 4 for 90 days, 4 % for 4 m os., 4 %
for 5 mos. and 4 % @ 5 for 6 mos. M oney holdings of the
Clearing House banks and trust companies fell from $453,­
453,000 June 29 to §429,302,000 July 6 and then increased
to §448,681,000 Aug. 3. Cash reserves fell from a surplus
of §12,545,850 June 29 to a deficit of §5,413,200 July 6,
changed to a surplus again July 13 of §10,706,550, which was
further increased from week to week thereafter and stood at
§20,398,950 Aug. 3. Loans ran up further from §2 ,0 7 7 ,0 4 1 ,­
000 June 29 to §2,088,358,000 July 6, then fell to §2 ,0 3 5 ,­
938,000 July 20 and were §2,040,071,000 Aug. 3. Deposits
decreased from §1,960,529,000 Juno 29 to §1,900,404,000
July 20 and were §1,904,627,000 Aug. 3 . M oney holdings
of the State banks and trust companies not in tho Clearing
House increased from $72,553,400 June 29 to §75,936,600
July 13, but were only $73,050,500 Aug. 3. Loans of these
institutions rose from §609,535,600 Juno 29 to §623,982,400
July 13 and then fell to §612,574,400 Aug. 3.
F o r e i g n E x c h a n g e , S ilv e r , & c . — Exchange was generally
strong up to July 25, but after that a sharp and rapid break
occurred. Lazard Freres engaged §4,000,000 more gold for
Paris at the beginning cf the month. Theso shipments,
howover, were special transactions not warranted by rates
of exchange; §2,000,000 gold was also oxported to Canada.
There was a steady and persistent advance in sterling. This
was due mainly to tho high discount rates prevailing at
London, which advanced to above the Bank of England
minimum of 3',v. These high discounts also operated most
of the month to discourage the drawing of finance bills. On
July 25 demand sterling reached the highest point in two
years. Thereafter, however, a precipitate decline occurred,
as open market discounts became easier and somo active
offerings were made of 90-day finance bills, tho proceeds boing
loaned on the Stock Exchange and the drawers figuring that
these bills at maturity could bo covered at a profit with
cotton bills.
Sight sterling was 4 8 7 2 5 ® 4 8735 July 1
4 8 7 7 5 @ 4 8785 July 25 and closed at 4 8 7 1 5 ® 4 8730 July 31.
Open market discounts in London July 31 wero 3 % for 60day bills and 3 @ 3 % for 90-day bills. A t tho Continental
centers open market rates wero lower, being 2 9 -1 9 @ 2 %
at Paris for all maturities and 3 % for spot bills and 3 % for
bills to arrive at Berlin. Silver in London eased off and after
touching 2 7 % d . July 30 closed July 31 at 27 % d .
A U G U S T .— C u r r e n t E v e n t s . — Tho crops continued to
mako satisfactory progress and cheerfulness and optimism
remained the dominant note in trade circles. Politics and
political discussions loomed largo in tho columns of the news­
papers^ but were relegated to a subordinate place in mercan­
tile affairs.
President Taft and G ov. Woodrow Wilson
delivered their speeches o acceptance and tho Third Party
advocates held a national convention at Chicago, which was
dominated in all of its work and activity by M r. Roosevelt
and promulgated a platform of principles that mot expecta­
tions in being radical in the extreme, and nominated M r.
Roosevelt himself for President and Governor Hiram W .
Johnson of California for Vice-President. The new party
took tho name of the National Progressive Party. M r.
T a ft’s declarations in his speech were satisfactory and assur­
ing, inasmuch as they laid s ress on tho fact that tho 1912
Presidential contest was a campaign for the preservation
of tho Constitution, this being termed tho supremo issue
confronting the voters. G ov. W ilson’s speech also had a
conservative note in it, for lie expressed himself with more
circumspection than had been looked for on somo of tho
leading issues of the day. W ith reference to tariff revision
he said: “ When we act we should act with caution and pru­
dence, like men who know what they aro about, and not like
those in love with a theory. It is obvious that the ohanges
wo mako should bo mado only at such a rate and in such a
way as will least interfere with tho normal and healthful
course o f_commerce and manufacture.” W ith reference to
combinations of capital ho said ho was not one of those
“ who think that competition can bo established by law against
tho drift of a ; world-wide econom c tendency” , nor was ho
one of those “ who behove that business dono upon a great
scale by a single organization— call it corporation, or what
you will— is necessarily dangerous to tho liberties, oven tho
ecnonomic liberties, of a great pooplo like our own, full of
intelligence and of indomitablo energy” . Adjou mnont of
Congress was delayed again and again, but camo on M onday
Aug. 26. Congress had been at work since tho preceding
December and hence the session ranked among tho longest
on record. Much of tho delay at the close was duo to tho
fact that Congress undertook to graft now legislation on tho
appropriation bills which President Taft could not approve,
making it necessary to send tho bills back with his voto and
obliging that body to re-pass thorn with tho objectionable
features eliminated. Even beforo adjournment it was made
evident that all measures for a revision of tariff duties must
fail. A conference bill on tho wool schedulo of tho tariff
was agreed upon by the two II ouses of Congross early in the
month, identical with the compromise bill passed by Con-

Jan. 4 50 3.]

THE CHRONICLE

31

gress in 1911 and then vetoed by tho President. M r. Taft with which said railroad or other carrier aforesaid does or
again vetoed the scheme (Aug. 9) and on Aug. 13 the House may compete for traffic” . Early in the-month the U . S.
passed tho bill over the veto by a vote of 174 to 80; 21 Re­ Senate made a declaration of policy regarding attempts on
publicans joined with the Democratic majority. On the the part of foreigners to acquire possession of harbors on
16th, however, the attempt to pass the bill over the veto the American Continent suitable for naval or military pur­
failed in the Senate, a two-thirds vote being necessary, poses. The action was the outgrowth of the investigation
whereas the actual vote was only 39 to 32, notwithstanding by the Senate Committee on Foreign Relations of the charge
six Republican insurgents voted with the Democrats, namely that the Japanese Government was seeking to gain a hold on
Senators La FoUette, Bristow, Clapp, Crawford, Poin­ Magdalena B ay. The Committee found that the Japanese
dexter and Works. The bill revising the metal schedule met Government had nothing to do with the Japanese corpora­
with a similar experience; on the 3d the Senate receded from tion which was negotiating with Americans holding a valuable
certain amendments to which tho House would not agree concession at Magdalena B ay, but declared that the evidence
and the bill was then passed and went to tho President, who showed that those having or claiming to have title to the
vetoed it Aug. 14. The House re-passed it by a vote of 174 lands surrounding Magdalena B ay had made efforts to form
to 83, 16 Republicans voting with the Democrats, but in a syndicate and promote the sale of these lands upon the
the Senate the vote was 39 to 32— not a two-thirds majority. basis of the existence of some national value to a foreign
It thus became plain that it was useless for Congress to send nation in Magdalena B ay as distinct from any commercial
any more bills to tho President which he did not approve. value which that bay and the adjoining territory might
Tho bill revising the chemical schedule had been defeated possess. The occasion was, thei’efore, deemed appropriate
in the Senate tho previous month— July 3— b y a vote of 32 for an expression of the views of the Senate of the United
to 26. Tho Underwood Bill revising tho cotton schedule States regarding this and similar cases and accordingly a
passed the House Aug. 2 by 158 to 72 and the Senate Aug. 14 resolution was offered dealing with the matter which the
by 36 to 19, but the latter body added a provision repealing Senate adopted Aug. 2, reading as follows: “ Resolved, That
all sections of the Canadian Reciprocity A c t, except those when any harbor or other place in the American continents
which permit the free entry of print paper and wood pulp, is so situated that the occupation thereof for naval or military
and the bill therefore did not reach the President. The purposes might threaten the communications or the safety of
President vetoed the Legislative, Executive and Judicial the United States, the Government of the United States
Supply Bill twice— the first time because it proposed to could not see without grave concern the possession of such
abolish the U . S. Commerco Court and also because it fixed harbor or other place by any corporation or association
the tenuro of Government clerks in the Civil Service at 7 which has such a relation to another government not Ameri­
years. A n attempt to ovorrido the veto failed in tho House can as to give that government practical power of control for
on Aug. 15 by a vote of 153 to 107, being loss than the national purposes.” As already noted, the leading crops
necessary two-thirds. The bill was sent to the President made satisfactory development. In cotton it became so
with the Civil Service restriction eliminated but with the apparent that, barring an early frost, the crop would be a
provision abolishing the Commerce Court retained. Another large one, even if not up to that of the previous season, that
veto was tho result, but this time tho House was successful prices sharply declined; middling upland spot cotton in this
in re-passing the bill, the vote being 154 to 53. In tho Senate, market Aug. 30 was quoted at only 11.25 cts., against 13.20
however, tho necessary two-thirds was lacking, tho vote cts. July 31. In grain also, the tendency was downward
being 34 to 27. The bill was finally sent to the President except in the case of the September option for corn. In
with an appropriation for tho continuance of the Commerco this last case, owing to the strength of tho statistical situation,
Court until March 4 1913, in which shapo it received his bear operators were forced to cover their outstanding short
signature. Tho Army Appropriation Bill, which the Presi­ contracts and Sept, corn at Chicago advanced from 6 5 % cts.
dent had vetoed in June because of objectionable features Aug. 7 to 7 4 % cts. Aug. 30, with the close Aug. 31 7 2 %
therein, was also changed so as to meet his views, and par­ cts.; the Dec. option closed Aug. 31 at only 55 cts. (17 cts.
ticularly by tho elimination of tho provision which would less, it will be observed, than Sept, corn), against 5 7 % cts.
have legislated M ajor-G en. Leonard W ood from his office July 31. Dec. wheat at Chicago closed Aug. 31 at 93 cts.,
of Chief of Staff of tho Arm y. The President was not against 9 5 % cts. July 31, and Dec. oats at Chicago 3 2 % cts.,
successful in saving the Tariff Board, as the Sundry Civil against 3 4 % cts. There was continued activity in iron and
Appropriation Bill came to him with the provisions for its steel and further advances in the same. As examples, the
maintenance stricken out. In the case of the Naval Appro­ minimum price on steel plates and structural shapes was
priation Bill, tho Democrats of tho House held another advanced $1 .per ton— from SI 35 per 100 lbs. to SI 40,
caucus (tho fifth) on the 14th and abandoned their program and the minimum price on wire and wire products was like­
of “ no battleships” so far as to allow Democratic members wise advanced SI per ton, to SI 50 per 100 lbs. for plain wire
to vote for one now battleship; the bill in that shape reached and SI 70 for wire nails. There was a further advance in
the President and was signed by him, the Senate having meat prices, notwithstanding the favorable crop prospects
yielded its demand for tho building of two new battleships. and beef on the hoof in Chicago touched $10 a cwt. for the
Tho Post Office Appropriation Bill, which was the subject first time since the close of the Civil W ar and later in the
of many differences between tho two Houses, finally reached month reached $10 60, in Sept, advanced to S l l a cwt. and
tho President embodying many new provisions of law, and in December to 812. The Federal Government on Aug. 16
received his approval. It provides for the initiation of the filed a suit in the U . S. District Court at Philadelphia against
parcols-post system, also for tho appointment of a committee tho Motion Pictures Patents Co. and 12 controlled and allied
to inquire into the subject of second-class mail matter and companies and a number of individuals, alleging violation
compensation for the transportation of mail, and requiros of tho Sherman Anti-Trust Law. A t Dallas, Texas, a
semi-annual statements by nowspapers, magazines and other Federal Grand Jury on Aug. 29 returned an indictment
periodicals of the names of stock and bond holders and against the Standard Oil Co. of N . J. and others for viola­
editors, publishers, business managers and owners and the tion of the Sherman Anti-Trust Law, the specific offense
labeling as advertisements of all reading matter for which charged having been committed, as alleged, in June 1912.
consideration of any kind is received. These latter pro­ Following the filing of an action brought under the Sherman
visions wero subsequently attacked in the courts as being Anti-Trust Law, Judge Landis of the U . S. District Court
unconstitutional.
A piece of legislation concerning which at Chicago on Aug. 3 enjoined the Central W est Publishing
there was much controversy was the Panama Canal Bill. C o ., tho Western Newspaper Union and the American Press
Great Britain had objected to any system of tolls which Association from forming a combination in restraint of trade.
would discriminate against foreign shipping. It had been It was charged that the three organizations and their heads
proposed in Congress that American shipping should liavo had formed plans for a consolidation to monopolize the busi­
an advantage in tho matter of tolls, both in the domestic and ness of supplying sterotyped plate matter and so-called “ ready
the foreign trade, but this, it was seen, might violato tho print” matter to the smaller newspapers throughout tho
provisions of tho Ilay-Pauncefote Treaty requiring equality United States. Another action brought in Chicago in the
of treatment for the vessels of commerce of all nations. In U . S. District Court on Aug. 3 under the Anti-Trust Law
tlio bill as passed there is no discrimination in tolls between prayed for the dissolution of the Associated Bill Posters &
American ships and foreign ships engaged in tho foreign Distributers of the United States and Canada, which had
trado, but it is provided that no toll shall be charged in the been succeeded by the Posters’ Advertising Association. It
case of ships engagod in the coastwise trade, which under was charged by the Government that the Association had
United States’ laws is not open to ships flying the flags of monopolized the poster industry by a combination in re­
other countries. Tho President sent a special message to straint of trade. Indictments were brought by the Federal
Congress Aug. 6 requesting speedy action on tho bill and sent Grand Jury in this City against a number of farmers of this
another messago Aug. 19, suggesting that an appeal bo Stato for shipping unwholesome meats to Jersey City to be
permitted to American Courts by foreign ship-owners who forwarded to New York C ity. M ost of these pleaded guilty
might feel aggrieved because of tho exemption of coastwise in October and small fines were imposed upon them. The
vessels of tho United States from tolls. Tho bill also con­ proceedings begun the previous February against the N . Y .
tains much legislation having no direct or immediate bearing Mercantile Exchange by^ the District Attorney’s office in
on the Panama Canal. Tho scopo of the Anti-Trust Lav/ of this city, accusing the Exchange of conspiracy to restrain
1890 is extended by providing that no vessel shall bo per- trade in butter and eggs, were dismissed on July 22. The Ex­
m i:tod to pass through the Canal if operated or controlled change agreed not to post or print any prices or quotations
by any person or company which is doing business in viola- of the prices of butter, cheese and eggs in tho N . Y . market
lation of that law. Another section gives permission for the with tho exception of listing and recording prices actually
registry of foreign-built vessels in the Amor can trade, and received for lots of said commodities at bona fide sales
still another section makes it “ unlawful for any railroad thereof actually made upon the floor of the Exchange. The
company or other common carrier, subject to tho Act to Commission delegated under an Act of the N . Y . Legislature
Rogulalo Commorco, to own, lease, operate, control or have to inquiro into the cost of living made public on Aug. 5 the
any interest whatsoever * * * in any common carrier report of its sub-committee— the Committee on Market
by water, operated through tho Panama Canal or elsewhere, Prices and Costs. The Committee estimated that the annual




32

THE CHRONICLE

food supply of Greater New York costs $350,000,000 at the
transportation terminals and that about $150,000,000 more is
added before the supply reaches consumers. The opinion
was expressed that 40 % of this added cost could be saved by
effective and economical marketing methods. In response
to President T a ft’s recommendation of the previous February,
Congress passed a bill creating a commission to inquire into
the subject of industrial relations. The President appointed
the committee in December. Congress also passed a bill creat­
ing a Commission of three Senators and three Representatives
to investigate the conditions under which the governments
of foreign countries purchase American-grown tobacco and
whether there is any combination or understanding between
the representatives of said foreign governments with a view
to depressing the price of American-grown tobacco. Clarence
S. Darrow, who was tried on charges growing out of the trial
of J .B . M cN am ara for whom he had served as counsel in the
proceedings brought as a result of the wrecking by dynamite
of the Los Angeles Times Building, was acquitted on Aug. 17
of the charge of bribing George N . Lockwood, a venireman
summoned in the M cNam ara case. The trial had been in
rogress since the previous M a y 15. Government money
oldings in sub-treasuries changed only slightly, being
$373,297,214 Aug. 31, against $373,020,889 Aug. 1 and
Government deposits in the banks were $47,417,809, against
$47,924,685. National bank circulation secured by bonds
increased from $721,623,148 to $723,905,556. The British
Government definitely began the purchase of consols for
the sinking fund and the price of consols advanced somewhat
— from 74 7-16 Aug. 1 to 7 5 % Aug. 27, with the close Aug. 31
75 9-16. In Chinese affairs Generals Chang Chen W u and
Fang W ei, who had arrived at Pekin openly from Hankow,
were seized by order of President Yuan Shi Kai and were
immediately shot after a drum-head court martial. They
had been leaders in the previous October's outbreak and were
charged with complicity in a more recent abortive attempt to
provoke a second revolution. The Bannerman General
Tuan Chi-Kuei, who had been entrusted by President Yuan
with the arrest and executions, first dined with General Chang
and toasted him repeatedly. He was then allowed to depart
for his lodgings and on a signal from Tuan Chi-Kuei
Government troops who had been secreted for the purpose
at a givon point dragged the victim from his carriage, bound
him, then flung him into a mule cart, whence ho was con­
veyed to a military court where the judges were already
sitting. Following the executions the Chinese National
Assembly after a stormy meeting decided by a vote of 52
to 11 to demand an explanation and there was talk of im­
peaching President Yuan. The latter, however, eventually
succeeded in convincing a delegation of the members of the
Assembly that a grave emergency had been encountered and
overcomo. The Mexican situation again gave cause for
grave concern. General Orozco, who had been operating in
Northern Mexico, apparently met with serious reverses and
had to evacuate Juarez, but uprisings in other parts of Mexico
appeared to be making headway. In Nicaragua the Govern­
ment found itself unable to cope with revolutionary uprisings
and to protect American and other foreign residents; Presi­
dent Taft was obliged to send a strong detachment of Ameri­
can marines to that country.
R a ilr o a d E v e n t s a n d S tock E x c h a n g e M a t t e r s . — The tendency
of prices was towards a higher level, but there was no uniform
advance and the upward movement was not uninterrupted.
Indeed, at one time prices of some of the leading speculative
shares made sharp declines. The enactment of the Panama
Canal Bill seemed to be the occasion for this particular
weakness, owing mainly to the provision in the bill forbidding
ownership or control by any railroad of water lines operated
through the Panama Canal o r e ls e w h e r e with which such
railroad does or may compete. The market quickly re­
gained its tone, owing to the favorable crop prospects and the
continued activity of trade.
Extreme dulness, however,
prevailed at times. The close was at somo decline from the
best figures. L . & N . shares were a strong fea ture on the value
of the rights in connection with the proposed issue of $12,­
000,000 new stock at par; from 158 Aug. 1 the stock advanced
to 170 Aug. 14, with the close Aug. 30 (the Stock Exchange
being closed Saturday Aug. 31 in view of the Labor-Day
holiday the following M onday) 1 6 4 % . Reading com. rose
from 1 6 5 % Aug. 1 to 17 3 % Aug. 12, but closed Aug. 30
at 1 7 0 % ; U . P . com. advanced from 1 6 9 % Aug. 1 to 1 7 4 %
Aug. 14 and closed Aug. 30 at 1 7 2 % ; G t. N or. moved up
from 141 Aug. 1 to 1 4 3 % Aug. 10, then dropped to 138
A u g. 26 and closed Aug. 30 at 1 3 9 % ; N or. Pac. advanced
from 125 Aug. 1 to 131 % Aug. 14 and closed Aug. 30 at 1 2 8 % ;
A m al. C op ., after declining from 8 3 % Aug. 1 to 82 Aug. 7,
spurted up to 8 8 % Aug. 26 and closed Aug. 30 at 8 7 % ; Steel
com. rose from 71 Aug. 1 to 75 Aug. 21 and closed Aug. 30
at 7 3 % ex. Calumet & Hecla M in . Co. (copper) declared
a quar. div. of $12 per share, against $10 in June, $8 in March
and $6 for the four quarters of 1911. Bankers placed in this
country and in Europe $12,000,000 7 % cum. pref. stock of
the Emerson-Brantingham C o ., manufacturers of agricul­
tural implements. Tenn. Power Co. floated $7,500,000
1st mort. 5s.
T h e M o n e y M a r k e t . — M oney rates stiffened all around.
Canadian banks suddenly called outstanding demand loans
on a large scale and the last week of August $2,600,000 gold
was taken here for shipment to Canada. There was re­
newed demand by Germany for American loans and Berlin
bid 4 % % per annum for three months’ loans, but secured




[Vol. XCVI.

comparatively little money at this figure on the dollar basis
— that is, money specifically repayable in dollars so as to
obviate any risk to the lender from the fluctuations in ex­
change. N ew York City banks completely withdrew as
buyers of mercantile paper. M oney holdings of the Clearing­
House banks and trust companies increased further, from
$448,681,000 Aug. 3 to $451,704,000 Aug. 17, and then fell
to $432,050,000 Aug. 31. Surplus cash reserves advanced to
$20,788,250 Aug. 10, then dropped to $4,553,150 Aug. 31.
Deposits increased from $1,904,627,000 Aug. 3 to $1 ,919 ,­
336,000 Aug. 17, but were only $1,911,841 Aug. 31. Loans
were $2,050,205,000 Aug. 31, against $2,040,071,000
Aug. 3. M oney holdings of the State banks and trust com­
panies not in the Clearing-House were $72,001,900 Aug. 31,
as against $73,050,500 Aug. 3 and their loans were $607,­
288,500, against $612,574,400. Call loans during the month
ranged between 2 % and 3 % % . Time loans at the close
were 3 % @ 4 for 60 days, 4 % @ 4 % for 90 days and 5 % for
4, 5 and 6 months. Mercantile paper was quoted at 5 % for
double names and 5 % @ 5 % for prime single names, with
good single names 5 % @ 6 .
F o r eig n
E x c h a n g e , S ilv e r ,
& c . — Foreign exchange see­
sawed a good deal during August, but within a narrow range.
A t the beginning there was weakness on the drawing of
90-day bills in anticipation of the cotton movement, then
there was a sharp recovery on short covering by speculative
interests, only to be followed by renewed weakness on the
further drawing of finance bills. The continued negotia­
tion of these finance bills finally led to the advance in the
Bank of England minimum from 3 % to 4 % on Aug. 28.
This, and the higher discounts in the open market, restricted
new offerings of finance bills and caused an advance in sterling,
but at the close there was a downward reaction again, owing
to the transfer of Stock Exchange leans from this side to
London and also the selling abroad of a block of $5,000,000
N . Y . City 90-day revenue bonds. Sight bills Aug. 1 were
4 8 7 1 5 @ 4 8725, then touched 4 8 6 9 0 @ 4 87 Aug. 3, which
was the low figure of the month; from this there was an
advance to 4 8730 @ 4 8740 Aug. 9, which figure was again
reached Aug. 27, after a drop in the interval to 4 8 7 @ 4 8705.
The close Aug. 31 was at 4 8 6 9 5 @ 4 8705. Open market
discounts at the close were 3 % for 60-da.y bills a n d 3 % @
3 11-16 for 90-day bills in London, 2 % at Paris and 4 % at
Berlin. Silver in London made a renowod advance and
closed at 29 l-16 d . Aug. 31, against 2 7 % d . July 31.
S E P T E M B E R .— C u r r e n t E v e n t s . — September was devoid
of important new developments of moment. In trado circles
there was a continued disposition to ignore political con­
siderations, with a further broadening of activity in all lines
of business. The September elections in Vermont and
Maine had been looked forward to with much interest, but
did not appear to throw any light on the probable outcome
of the Presidential election.
In the Vermont gubernatorial
election the Roosevelt Progressive party succeeded in splitting
the Republican vote, and as a consequence the election was
thrown into the Legislature, where the regular Republicans
retained control. The Roosevelt candidate, who some had
feared might get an absolute majority of all tho votes cast,
was left third in the race. The Legislature chose Allan M .
Fletcher as the regular Republican Governor on Oct. 2, he
receiving the support of 169 members of tho Legislature,
while Harlan B . Howe, Democrat, received 76 votes, and
R ev. Fraser Metzger, Roosevelt Progressive, only 32 votes.
A t the Maine election for Governor the regular Republicans
and the Roosoveltites were united in support of tho same
ticket and accordingly succeeded in preventing the ro-election
of the Democratic Governor (Frederick W . Plaisted), who in
1910 had been swept into power when the Democrats carried
Maine for the first timo in thirty years. There were further
advances in iron and steel prices. As one instance, iron bar
at Pittsburgh was advanced $1 per ton by all manufacturers,
the new quotation being $1 50 to $1 55, with tho demand so
far in excess of the supply that it was practically impossible
to place orders at the $1 50 basis. Merchant bars were
selling for prompt shipment at $1 35 to $1 40, although the
U . S. Steel Corporation maintained the $1 30 quotation.
The August production of copper in tho United States proved
the largest in the history of tho trade, and yet stocks of
marketable copper in the United States at the end of August
were 3,579,047 lbs. less than at tho beginning of the month.
Anaconda Cop. C o., of whose $108,312,500 stock the Am al.
Cop. Co. owns $76,875,000, increased its quarterly div. from
2 % (the rate prevailing from July 1908 to July 1912) to 3 % . U .S.
Smelt. Ref. & M in. C o ., which had been paying 1 % quar.
from Jan. 1908 to July 1912, increased tho quar. div. to 1 % % .
In the foreign trade, also, new records for the period were
being established from month to month, notwithstanding
tho continued advance in rates of ocean freight— a featuro
which caused some solicitude. These rates of ocean freights
reached almost prohibitory levels and ship-owners quite
generally withdrew all offors of freight room. Tho home
shipbuilding trade was unable to meet the demand for ships,
while foreign shipyards were apparently crowded ot their
utmost capacity. Railroad earnings shared in the prevailing
trend and indicated an increasing volume of traffic. A t tho
same time the promiso of a large and bounteous agricultural
yield throughout the country became a definito certainty—
contrasting sharply in this respect with the situation twelve
months before, when the agricultural yield was extremely
poor. Corn condition Sept. 1 was reported 8 2 .1 , comparing

J a n . 4 1913.]

THE CHRONICLE

with only 70.3 Sept. 1 1911. Spring wheat at harvest time
was given as 90 .8, as against only 56.7 at harvest time in 1911
and 63.1 in 1910. Oats condition at harvest was reported
9 2 .3 , against 64.5 Sept. 1 1911. Potatoes and nearly all
other important crops made a similarly favorable comparison
with provious years. Very low temperatures were registered
the latter part of tho month, with reports of frost in certain
localities, but no important damage was done to tho maturing
corn crop. Tho receipts of wheat, particularly in the springwheat regions, reached enormous dimensions, and Dec.
wheat at Chicago declined from 9 2 % cts. Sept. 5 to 8 9 % cts.
Sept. 27, with the closo Sept. 30 8 9 % cts. Dec. corn at
Chicago fell from 5 5 % cts. Sept. 4 to 5 1 % cts. Sept. 12, thon
advanced again to 5 4 % cts. Sept. 21 on rumors of damage
from frost, but closed Sept. 30 at 5 2 % cts. Dec. oats at
Chicago, after advancing from 32 cts. Sept. 3 to 33 cts.
Sept. 21, dropped to 3 1 % cts. Sept. 30. There was some
deterioration in cotton as the month progressed and tho
Agricultural report issued early the next month showing the
condition Sept. 25 made the average only 69 .6, which,
however, was but 1.5 points below the average at tho corres­
ponding date in 1911. Middling upland cotton in this
market advanced from 11.25 Aug. 31 to 11.95 cts. Sept. 13,
but closed at 11.45 cts. Sept. 30. Treasury money holdings
decreased from $373,297,214 to $369,623,572 and Govern­
ment deposits with the banks from $47,417,809 to $47,­
136,906.
National bank circulation secured by bonds in­
creased from $723,905,556 to $725,395,343. In tho Panther
Creek Valley District of the anthracito coal regions some
9 ,0 00 miners at tho mines of the Leh. Coal & N av . Co. went
on strike for a period of three weeks because of the employ­
ment of two mon who had refused to join the Miners’ Union.
The results of an inquiry into the cost of living conducted
by the Federal Bureau of Labor were made public Sept. 22.
Tho investigation covered prices for the previous ten years
on fifteen principal articles of food, said to compriso twothirds of a working man’s needs, and was conducted in tho
important industrial centres of 32 States. Tho report
showed that on June 15 1912 14 of tho 15 articles of food were
higher than a year before and 10 had advanced tho previous
ton years inoro than 5 0 % over the average retail price for
tho ten-year period from 1890 to 1899. During tho decade
the price of potatoes had changed most, advancing 1 1 1 .9 % ,
and tho price of sugar had advanced least, the increase being
only 8 .5 % . The Department of Justico at Washington
instructed the U . S. District Attorney at Seattle to agree to
a reversal by tho U . S. Circuit Court of Appeals of Judge
Hanford’s decision canceling tho citizenship of Leonard
Oleson, a Socialist of Tacoma. Ohio Sept. 3 voted on 41
constitutional amendments and all but 8 of these were
adopted, including tho Initiative and Referendum. Among
those defeated was the W om an’s Suffrago amendment, also
the amendment regarding the eligibility of women to
certain offices, the proposition for tho abolition of capital
punishment and the proposal to extend (he State bond limit
to $50,000,000 for inter-county wagon roads. It was es­
timated that there were 1,250,000 qualified voters in tho State
and that less than half this number had voted on the various
propositions. Long current rumors that tho Chinese Govern­
ment had declined to accept tho conditions insisted upon as
rerequisito to the negotiations of a new loan imposed by tho
ix-Nation group (tho British, German, French, American,
Russian and Japaneso groups, each with tho approval of
their respective governments) and had contracted a Joan
with outside parties, proved correct. Tho independent loan
was for £10,000,000 sterling. It was part of the arrangement
for this loan that tho expenditure of the proceeds should bo
froo from foroign control and supervision, a condition which
tho Six-Power group had insisted upon. An American
promoter, Wendell Jackson, secured tho contract for tho now
loan and interested tho London Stock Exchange firm of
C . Birch, Crisp & Co. in tho undertaking and this firm or­
ganized a syndicate, including the Lloyd’s Bank, and other
financial interests. The loan was in the shapo of 5 % treasury
bonds running 40 years. Tho latter part of the month sub­
scriptions wero formally invited in tho London market for
£5,000,000 of tho issue at 95. The total of the subscriptions,
liowovor, aggregated only £1,987,000 sterling, so that tho
underwriters were compelled to take practically 6 0 % of tho
total. In tho Mexican civil war a detachment of 1,200
Mexican Fedorals, by permission of the United States,
crossed Texan territory to intercept and dispel tho bands of
rebels along the northern boundary of Mexico, especially in
tho State of Sonora. In Nicaragua tho so-called revolution
caino to an end through the surrender of tho rebel leader
Goneral M ena and 700 of his followers. In the Balkan
regions of Southeastern Europe a threatening situation
developed, which the next month eventuated in war. French
banking interests secured tho listing on tho Parquet of the
Paris Bourso of $15,350,000 6 % pref. “ A ” stock of the Amer.
Smelters’ Securities C o ., placed by them with French in­
vestors earlier in tho summer. W est. Un. Tel. announced
that reduced cablo rates botween Great Britain and tho
United States and Canada would bo put into effect. V . 95,
p. 685. Both tho Tennessee Northeastern R R . and the
Akron Canton & Youngstown R y . wero reported as negoti­
ating small bond issues in France.
Railroad Events and Stock Exchange M atters .— Tho stock
market tho latter part of September made a cordial responso
to tho numerous favorablo conditions noted above— tho
growing activity of trade, tho excellent crop yields, the im­




33

proving returms of earnings, & c., & c., A t the opening
Sept. 3, after the Labor D ay holiday, there was decided
weakness with some decline in prices. A sharp recovery
followed, but the course of values was more or less irregular
tho first two weeks. For a time the stiffening of the money
market, with tho sharp rise in call loans, appeared to restrict
operations, but the last half of the month the general course
of values was strongly upward and many new high records
for the year were made. The industrial stocks were con­
spicuous in the upward movement and Steel com. reached
the highest point since August 1911. W e have referred
above to the increase in dividend rates by the Anaconda Cop.
C o. and the U . S. Smelt. Ref. & M in . C o. The Southern
R y . also made an increase in the div. on its pref., a semi-ann.
payment of 2 % % being declared, against 2 % in April and
against 1 % each in Oct. and April 1911. This helped still
further to stimulate the feeling of buoyancy as also did the
excellent returns of earnings for the month of August re­
ceived from the Ilarriman roads and some other large systems.
Reading com. opened Sept. 3 (M onday Sept. 2 being Labor
Day) at 1 7 0 % , dropped to 1 6 5 % Sept. 12, rose to 1 7 4 % Sept.
30 and closed at 1 7 3 % ; U . P. com. opened at 1 7 1 % Sept. 3,
declined to 167 ex Sept. 12, advanced to 1 7 6 % Sept. 30 and
closed at 175; So. Pac. from 1 0 8 % ex Sept. 11 rose to 1 1 4 %
Sept. 30 and closed at 1 1 3 % ; N or. Pac. moved up from 1 2 5 %
Sept. 12 to 1 3 0 % Sept. 24 and closed at 1 2 9 % ; M il. & St. P .
com. rose from 1 0 5 % Sept. 3 to 1 1 0 % Sept. 30, closing at
110; Steel com. was very active and advanced from 7 1 %
Sept. 12 to 8 0 % Sept. 30, with the close 7 9 % ; Am al. Cop.
spurted up from 8 4 % Sept. 12 to 9 2 % Sept. 30, closing at
91. Chic. G t. W est, announced that it would make no
further advances to meet the interest on the $6,232,000 1st
mort. 4s of tho W is. M inn. & Pac. R R ., causing a default in
tho coupon due Oct. 1 1912 on the latter. The U . S. M otor
C o. was placed in the hands of receivers. Bankers offered
for sale $5,000,000 7 % cum. pref. stock of tho Goodyear Tire
& Rubber Co. United Fruit Co. offered shareholders the
right to subscribe to $6,099,000 new stock at $150 per share.
Pac. Gas & Elec, sold $5,000,000 additional gen. & ref. 5s.
Cldc. & W est. Ind. sold $10,000,000 3-yr. 5 % notes. $1 0,­
000,000 of 10-yr. deb. of the Phila. Co. wero offered in this
country and in Europe; likewise $10,000,000 5 % 40-yr. deb.
of the Gen. Elec. C o ., the bonds being offered simultaneously
in this country and in London.
T h e M o n e y M a r k e t . — As a result of the large crops and the
expanding activity in trade, an urgent demand sprang up for
banking accommodation and a sharp rise in money rates
ensued. The demand for funds was increased by the usual
preparations for the largo interest and dividend disburse­
ments which occur Oct. 1. Call money Sept. 25 got up to
7 % and Sept. 30 touched 7 % % , while time accommodations
at the close was reported at 5 % @ 6 on loans running 60 to 90
days, at 5 % for 4 mos. and at 5 % @ 5 % for 5 to 6 mos.
Mercantile paper.commandcd 6 % both for double names and
the best single names, while single-name paper not so well
known could only be placed at 6 % . M oney holdings of the
Clearing-Houso banks and trust companies were further
reduced from $432,050,000 Aug. 31 to $411,653,000 Sept. 28,
and consequently these institutions were obliged to call loans
on an extensive scale.
Between Aug. 31 and Sept. 28 loans
fell from $2,050,205,000 to $1 ,953,036,000. On Sept. 7
surplus cash reserves were only $2,751,100.
Through the
calling of loans, however, and the consequent reduction of
deposits, surplus was slowly recruited week by week and
Sept. 28 stood at $9,499,100. Deposits deci*eascd from
$1,911,841,000 Aug. 31 to $1,797,110,000 Sept. 28. M oney
holdings of the State banks and trust companies not in the
Clearing House increased from $72,001,900 Aug. 31 to
$75,244,600 Sept. 21 and were $74,359,800 Sept. 28. Loans
of these institutions were $607,552,400 Sept. 28, against
$607,288,500 Aug. 31.
F o r e i g n E x c h a n g e , S ilv e r , & c . — High money here led to
gold importations from Europe the latter half of the month
and altogether about $3,250,000 gold was taken in London
the last two weeks for shipment to the United States. The
gold formed part of the weekly offerings of South African
gold in London. The Bank of England did not part with
any gold for American account and seemed disinclined to
do so, but did meet an active inquiry for gold on German
account for the end-of-the-quarter settlements on Sept. 30.
These settlements were looked forward to with much un­
easiness in London, but owing to the extensive preparations
made beforehand, they passed off without serious trouble.
Tho gold engagements for the United States did not appear
to be entirely justified by rates of exchange and wero looked
upon as special operations, but the growing tension here in
the money market served directly to weaken sterling ex­
change. Exceptionally heavy selling of cable transfers by
leading international banking houses was reported, evidently
for tho purpose of lending the proceeds in this market. The
placing of considerable amounts of New York C ity revenue
bonds abroad tended further to weaken exchange. Some
fairly liberal amounts of grain and cotton bills also came on
tho market. Sight bills were at their highest Sept. 3 at
4 8 6 7 5 @ 4 8685 and at their lowest Sept. 27 at 4 8 5 1 0 @
4 8525, with prices Sept. 30 4 8 5 2 5 @ 4 8540. Open market
discounts at London Sept. 30 were 3 % @ 3 % for 60-day bills
and 3 1 5 -1 6 @ 4 % for 90-day bills. A t Paris the open market
rato was 3 % and at Berlin 4 % % . Silver in London en­
joyed a still further rise, and closed Sept. 30 at 29 7-16d.
por ounce.

34

T H E C H R O N IC L E

O C T O B E R — Current Events .— The momentous event of
the month was the action of the Balkan States, in Southeast­
ern Europe, in making war against Turkey. It caused great
depression in the security markets both here and abroad, in­
duced tremendous liquidation of security holdings on foreign
account, stopped further takings of gold in London for the
U . S . , impelled all the great European banks to make unusual
attempts to protect their gold holdings (the Bank of France
virtually suspending gold paym ents), occasioned severe^ ten­
sion in the money markets abroad, and brought about a rise in
discount rates by all the leading European banks. As the
Balkan allies achieved success upon success, a widespread fear
developed that the larger Powers might become involved and
a conflict of gigantic proportions ensue. Fortunately, in the
midst of the upheaval, a definite treaty of peace was conclu­
ded between Italy and Turkey in the war between the two
countries over Tripoli. It was apparent at the very begin­
ning of tho month that important events were impending.
Reports came that Bulgaria, Servia, Greece and Montenegro
were all mobilizing their armies and that Turkey was doing
the same. On Oct. 3 the draft of a collective note to bo pre­
sented to Turkey by the four allied companies was received at
all the Balkan legations in London, and it was stated that the
foreign offices of the various Powers were to be made ac­
quainted with its contents before its presentation to the Otto­
man G ovt. The note demanded autonomy for Macedonia,
Albania and Old Servia, equal at least to that enjoyed by
Crete under the protection of the Powers. The allies de­
clared they intervened solely on behalf of their Christian
brethren in the Turkish provinces mentioned. Tho sudden
developmontof the acute stage of theso Balkan troubles had a
very depressing influence on the European bourses, especially
in Germany and Austria. In Berlin tho selling of securities
Oct. 1 and 2 was panicky, and in Paris a feeling of great un­
easiness developed. All this came simultaneously with an
active demand for gold. In its weekly statement Oct. 3 tho
Bank of England reported a loss of £2,755,524 gold (£1,700,­
000 representing shipments to Egypt and £100,000 to France)
and this was followed tho succeeding Thursday by a further
net loss of £1,024,235, notwithstanding that in that week
£871,000 gold was obtained in the open market; £1,025,000
gold, however, was exported, £1,105,000 going to Egypt,
£350,000 to Germany, £150,000 to France and £20,000 to
M alta. The Bank of France Oct. 3, as a result of the com­
bined strain of the October payments and the Balkan crisis,
reported a loss of 22,850,000 francs gold, and tho following
week lost 17,093,000 francs more. The Bank of Germany in
its weekly statement Oct. 2 had shown sensational changes,
the loss in gold on hand reaching 100,379,000 marks, while
discounts showed an expansion of 491,016,000 marks, loans
an addition of 32,669,000 marks and circulation an increase
of 574,268,000 marks. The Bank of France now began to
decline to release any more gold; in effect, it and the other
large French banking institutions temporarily suspended gold
payments as a precautionary measure, paying out only notes.
It hence became exceedingly difficult to exchange notes for
gold in Paris; according to cablo reports Oct. 4, gold was then
quoted at 25 to 50 centimes premium on a 200-franc bill.
The previous M onday (Sept. 30) £1,050,000 moro gold (out
of £1,500,000 of new Capo gold offered that day) had been
secured for shipment to America, but with the development ot
acute tension on account of the Balkan troubles, a part of
those engagements was later in tho week canceled,and some
£400,000 of the gold previously purchased for American ac­
count went into the Bank of England. This was all before
the actual outbreak of hostilities. On Oct. 8 Montenegro,
tho smallest of the Balkan States, formally declared war
against Turkey. This step was wholly unexpected, and com­
pletely upset the plans of the Powers, which had contem­
plated joint pressure on both sides to prevent hostilities.
Austria and Russia had accepted a French proposal that they
act as mandatories of the Powers and make representations in
the capitals of the Balkan States that the integrity of Turkey
and tho sovereignty of tho Sultan must bo maintained, tho
status quo respected, but that Turkey must grant measures
of roform in Macedonia on the lines of the circular issued by
Count Berchtold, the Austrian Chancellor. Great Britain
had not yet given her consent to the French proposal, but was
expected to do so, and later did. The action of Montenegro
in declaring war upset all calculations. Instant hostilities
followed and the Montenegrin troops achieved important
successes. When it appeared that it would be impossible to
prevent an actual physical clash, there was a general rush to
sell European government securities. French rentes dropped
below 90, Montenegrin bonds Oct. 9 (the day following tho
war declaration) declined 15 points, and shares of the leading
Frencli banks and crodit associations also showod sensational
declines. In Berlin the demoralization was less severe, but
bank and industrial shares Oct. 9 fell 2 @ 3 points, while specu­
lative shares declined 6 @ 7 points. But worso depression was
come. On Saturday, Oct. 12, our Stock Exchange was
closed, it being Columbus D ay, which is a legal holiday in
N ew York State. On tho European Exchanges it proved a
day of wild excitoment and sovore lossos. In London Ameri­
can share properties were heavily liquidated on Continental
account. Can. Pac. shares were under special pressuro and
declined 13 points (expressed in the New York equivalent).
In Borlin the fall in prices ranged from 1 to 4 points
in Government stocks, 2 points in bank stocks and from 20
to 25 points in industrial shares. Fortunately, an almost
oomplete recovery in American securities took place in the




[Vol. XCVI.

London market on the following M onday (Oct. 14), before the
N . Y . Stock Exchange opened.' Furthermore, at both Paris
and Berlin the banks intervened to support the investment
market. On the Berlin Bourso the panicky tendency was
checked Oct. 14 by the energetic action of tho leading banks,
which, after a meeting, announced their intention of taking
over as far as possible all securities of a legitimate character
thrown on the market. This at once led to reeovei’ies, not­
withstanding further unfavorable news from the scene of
conflict. A t Paris on the same day concerted effort by
French financial leaders and the G ovt, had a similar reas­
suring effect. The Bourse authorities placed a prohibition
upon short selling and made it obligatory upon sellers to show
the scrip or evidence that they had in their possession the
securities they were offering for sale. Russian industrial
securities were among the chief sufferers, but later St. Peters­
burg banks relieved the situation by taking caro of this sec­
tion of the market. French rentes on Oct. 14 touched
8 7 .9 7 }^ , the lowest quotation since 1890. British consols
declined to 72 L . thereby establishing a now low record. Tho
day named proved the turning point in the financial demoraliza­
tion. Semi-official reports said tho Balkan W ar would bo
localized. The next day news came that peace preliminaries
between Italy and Turkey had been concluded, and this was
accepted as additional evidence that tho great Powers wex*e
not likely to be drawn into the conflict. From the field of
action tho news became steadily more discouraging. On
Thursday, Oct. 17, Turkoy itself formally declared war
against Servia and Bulgaria. The day before, the Turkish
G ovt, had submitted to tho Balkan States a demand that
within 24 hours they withdraw and apologize for their col­
lective note previously submitted to the Porte, and which
was characterized as insolent. Bulgaria immediately re­
sponded with a formal declaration of war. In Turkey’s
declaration of hostilities Greece was not mentioned, and tlio
Greek Minister was not requested to leave the Turkish capi­
tal. This was at first interpreted as an indication that Greece
might bo prevailed upon to sever its connection with tho Bal­
kan League. All speculation on this point was set at rest
the next day (Oct. 18), when the announcement came from
Athens that Greece had instructed her Minister at Constan­
tinople to communicate a declaration of war. The Balkan
countries all pushed military operations with tho greatest
vigor, invading Turkish territory at numerous soparato
poixxts and everywhere overwhelming Turkish arms, the
losses in killed axxd wounded being frightful in the case of all
the participants. A t the close of the month tho Bulgarian
army had achieved numerous victories all around Adrianoplo.
The Greeks, tho Montenegrins and tho Servians were also
successful in all their individual moves. There was no recuirence, howover, of a panicky feeling at the financial centres.
Reports then were that Russiaxx axxd Austria had I'eaclxed an
understanding as to the coxxrso they would jointly pursue.
French rentes closed Oct. 31 at 89 .55, showing considei'ablo
recovery, and British consols also registered some recov­
ery at 73 11-16. As a result of the disturbing conditions
noted there was a general advanco in discount rates. Tho
Bank of Belgium on Oct. 16 raised its l’ato from 4 to 5 % and
on Oct. 17 tho Bank of England also formally advanced from
4 to 5 % , though for all practical purposes this last may be
said to have been made two days earlier, sixxco oix Oct. 15 the
Bank refused to discount bills at less than 5 % . Tho Bank
of France Oct. 17 moved its l’ate up from 3 to 3 M>%. On Oct.
24 tho Bank of Germany raised its i*ato from
to 5 % , axxd
on Oct. 25 the Austro-Hungarian Bank advanced from 5 to
5^% On Oct. 31 the Bank of France made a second ad­
vance, this time from 3.^2 to 4 % . Concerning the coixclusion of peace between Turkey and Italy, it is to bo added that
on Tuesday (Oct. 15) the Turkish and Italian plempotentiaries sigixed the protocol of a treaty of peace at Oucliy,
Switzerland, and on Friday (Oct. 18) the final draft of the
tx’eaty was signed, thxis definitely terminating the wax’. I ho
terms in substance px’ovided for tho autonomy oi the coixtested province of Tripoli, for the sovereignty of Italy oyer
that province and for tho paynxent of a moderate indemnity
by Italy to Turkey in exchange for tho territorial cession,
but no indemnity by either side towards the cost of tho war.
In domestic affairs, an attempt on the life of ox-President
Roosevelt was made. On tho night of Oct. 14, while M r
Roosevelt was entering an automobilo with tho view o goux;
to tho Auditorium in Milwaukee to deliver an addx’e s s ,,
crank or maniac by the name of John Schrank, w h o o xceived it to be his duty to protect tho country against the pos­
sibilities of a third term, fired a shot at M r. Roosevelt which
penetrated tho flesh of tho chest and fractured a rib, but
fortunately did no further harm. M r . Roosevelt insisted
on making his speech, after which ho was takeix to tlxo Emer­
gency Hospital in Mihvaukco, aixd tho next nxorning was
brought to the Mercy Hospital at Chicago, wliero ho stayed
until the following M onday, Oct. 21, when he was able to
leavo for his homo in Oyster B ay, arriving there J uesday
morning. James S. Shernxan, Vice-Pros, of tho U . 8 . , and
Republican candidate for re-election on tho ticket with I res.
T aft, died Oct. 30. Tho monthly report of the Department
of Agriculture, issued Oct. 9 , confirmed previous expectations
of an exceedingly bounteous harvest, but tho breaking out of
war in the Balkan regions pi’oved a disturbing inlluenco in tho
grain markets. It was feared that tho war would result in the
closing of the Dardanelles and tho shutting off of supplies
from the Danubian States and from Russia. Sensational
rises in wheat occun’ed, but tho latter part of tho month, on

Jan i i 1 3 ]

T H E C H R O N IC L E

continued lai’ge receipts at our Western primary markets,
these earlier gains were lost. Dee. wheat at Chicago ad­
vanced from 9 0 % c . Oct 1 to 9 5 % c . Oct. 14 and closed Oct. 31
at 91 % c . Dec. corn at Chicago advanced from 52 % c . Oct. 1
to 5 4 % c . Oct. 14, but by Oct. 31 was down to 51 H e. Dec.
oats, after advancing from 31 H e- Oct. 1 to 3 3 H e. Oct. 14,
closed Oct. 31 at 32o. Middling upland cotton in this mar­
ket declined from 11.45c. Oct. 1 to 10.75c. Oct. 15, but from
this there was an advance to 11.70c. Oct. 31, the ginning re­
port issued Oct. 25 having shown continued restriction of
movement in the Atlantic section. M oney holdings in sub­
Treasuries increased from §369,623,572 to §37 0,379,573, but
G ovt, deposits were reduced from §47,136,906 to §46,787,010.
National bank circulation secured by bonds increased from
$725,395,343 to $727,169,316. Am al. Copper Co. again in­
creased its quar. div.— this time from 1 to 1 % % .
In Mexico,
in addition to the various rebel bands operating in different
parts of the republic, a new uprising occurred, the leader this
time being Gen. Felix Diaz, nephew of the former President of
Mexico, Porfirio Diaz. For a day or two Gen. Diaz ap­
peared to be in complete control at Vera Cruz, but the insur­
rection was quickly suppressed and the leader and his staff
and most of his troops Avere captured almost without resist­
ance. On Oct. 27 Gen. Diaz and three of his confederates
wero sentenced to death by a court-martial and Pres. Madero
z’efused to interfere with the sentence, but one of the District
Judges issued a writ of habeas corpus and the executions wero
suspended. In the re-trial of the so-called “ Danbury H attors’ case,” damages against the United Hatters of North
America were again awarded to D . E . Loewe & C o., inde­
pendent hat manufacturers of Danbury, Conn. The full
amount of damages claimed, namely $80,000, was awarded
to the firm, and this, under the provisions of the Sherman
Anti-Trust Law, was trebled, making $240,000. The Kan­
sas City (M o.) Fruit & Produco Exchange was held to bo a
combination in restraint of trado by Judge Scehorn in the
State Circuit Court.
Judge Seehorn stated that there was
sufficient ovidenco clearly to indicate concerted action in con­
trolling the market both in buying and selling; that usually
only a single sale was made at the daily meeting of tho Ex­
change; and that tho price lists_mailed out to tho farmers as
tho individual price lists of the different firms in tho Exchange
wero in reality duplicate markot reports sent to each member.
Tho Armour Packing Co. and Swift & Co. Avero somo of the
other defondants along Avith the Fruit & Produce Exchange.
Attorney-General Walthall of Texas brought suit against the
M otion Picturo Patents Co. and its subsidiaries alleging vio­
lation of tho State anti-trust laAvs, and a receiver was ap­
pointed for the properties in tho State. Penalties for amount
of $2,500,000 Avere asked. Judge Mayer in tho U . S. District
Court in this city on Oct. 15 imposed a fine of $1,500 and
sentenced to a day’s imprisonment Harold R . W akem , of
Wakem & McLaughlin, Inc., freight forwarders, of N . Y . and
Chicago, for taking rebates. This Avas said to bo tho first
time within the knoAvledgo of tho U . S. Attorney’s office that
imprisonment had been imposed for such an offense. W il­
liam L . Divine, General Importing Freight Agent of the C . &
O ., had, earlier in the month, been fined $15,000 on his plea
of guilty of giving rebates. A strike of the Georgia R R . &
Banking C o., which had lasted for several Aveeks, Avas ter­
minated on Oct. 12 after, through the mediation of Labor
Commissioner Charles P. Neill, an understanding had been
reached botAveen the company and tho strikers that tho cases
involving the tAvo men on account of Avhose dismissal the
s trike was begun, AVOilld bo submitted to arbitration. A settle­
ment Avas effected Oct. 3 of the controversy betAveen tho South­
eastern railways (representing about 20,000 miles of road
oast of tho Mississippi and south of tho Ohio and Potomac
rivers), and their conductors, brakemcn, baggagemen, flag­
men and yardmen. Under this the men, about 13,000 in num­
ber, got an average increase in Avages of approximately 1 0 % .
The increase, it Avas estimated, Avould amount to about $1 ,­
300,000 per year. Trackmen and shopmon Avere not involved.
R a ilr o a d E verits a n d Stock E x c h a n g e M a t t e r s ’ —-The stock
markot Avas under the influence of tho tremendous liquidation
of American securities on foreign account. A t tho begin­
ning tho markot Avas still strong and a number of new high
records for tho year Avero made. Then realizing sales and
liquidation on foreign account, caused by tho Avar in South­
eastern Europe, changed the course of values and brought
severo breaks. Later the market again evinced an improv­
ing tendency and many of these losses Avero recovered. Tho
coppor stocks at this time Avero strong on the increase in tho
quar. div. of Am al. Cop. from 1 % to 1 % % . Tho latter
part of tho month there Avas renoAved Aveakness, and further
breaks in prices on continued selling orders from abroad.
Reading com. sold up from 173 Oct. 1 to 178% Oct. 15, then
dropped to 16 8% ex-div. Oct. 30 and closed Oct. 31 at 1 7 0 % .
M il. & St. P . com. from 10 9% Oct. 1 rose to 114 Oct. 7,
fell to 107% Oct. 30 and closed at 1 0 9 % . U . P . com. sold
down from 175% Oct. 4 to 1 6 7 % Oct. 29 and closed Oct. 31
at 1 6 9 % . N or. Pac. declined from 1 3 0 % Oct. 8 to 12 2%
ox-div. Oct. 25 and closed at 1 2 3 % . N . Y . Cent. Avas 118
Oct. 1, 1 1 3% Oct. 23 and closed at 1 1 4 % . Steel com. from
8 0 % Oct. 4 fell to 7 3 % Oct. 30 and closed at 7 5 % . Am al.
Cop. from 9 2 % Oct. 4 dropped to 81 % ex. Oct. 30 and closed
at 8 3 % . Republic Iron & Steel declared quar. div. of 1 % %
on prof., being tho first div. sinco tho provious Jan., oxcept
1 % paid on account of past accumulations. B ost. & Maino
voted to issue $10,663,700 additional com. stock and $ 7 ,­
500,000 20-yr. bonds. Bankers offered for sale $10,000,000




35

of 5 % 3-yr. notes of W est. Maryland R y . L . & N . stock­
holders were given the right to subscribe for $12,000,000 new
stock at par. New Eng. Tel. & Tel. C o. sold $10,000,000
20-vr. 5 % debentures.
T h e M o n e y M a r k e t . — Relatively high rates prevailed for
call money all through Oct., but no acute tension was noted.
After the advance to 7 % % Sept. 30. the highest figure
Oct. 1 Avas 7 % and Oct. 2 6 % . This latter figure was again
reached on several other days, and on Oct. 31 a maximum of
8 % was recorded. Time money also stiffened. The Sec.
of the Treas., M r . MacVeagh, announced early in the month
that he suav no occasion for making additional deposits of
public funds in the banks. SomeAvliat later, after the devel­
opment of monetary tension abroad, the Treasury D ept,
intimated Avillingness to aid gold importations by depositing
public moneys against shipments of the precious metal ac­
tually on the Avay, but by that time the rise in exchanges had
rendered further gold imports out of the question. Time
money Oct. 31 Avas 5 % @ 6 % for 60 d a y s,6 for 90daysand
5 % @ 6 for 4 to 6 mos. Mercantile paper Avas on a 6 % basis
for 60 to 90-day double names and prime 6-mos. single names.
Single names not so well knoAvn were 6 % % . M oney hold­
ings of the Clearing House banks and trust companies were
further reduced after some recovery in the middle of the
month and on N o v . 2 they were only $395,176,000, against
$411,653,000 Sept. 28. Surplus cash reserves Avere reduced
from $9,499,100 Sept. 28 to $4,141,300 October 5, recovered
to $10,565,450 Oct. 12, and then fell to $2,580,050 N o v . 2.
Loans Avere reduced from $1,953,036,000 Sept. 28 to $1,923 ,­
374,000 N ov . 2, and deposits betAveen the same dates fell
from $1,797,110,000 to $1,739,543,000. M oney holdings of
tiie State banks and trust companies not in the Cbaring
House fell from $74,359,800 Sept. 28 to $71,240,100 N o v . 2,
and loans Avero reduced from $607,552,400 to $588,996,600.
F o r e i g n E x c h a n g e , S ilv e r , & c . — OAving to the tremendous
foreign selling of American securities and the rise in discount
rates all over Europe, foreign exchange Avas highly nervous
and excited all through Oct. A further consignment of
$5,250,000 South African gold had been purchased in London
by N oav York bankers on Sept. 30 for shipment to the United
States, but on Oct. 3 $2,000,000 of these engagements Avere
canceled as the result of tho sharp adA'ance in sterling. W ith
the additional net engagements of $3,250,000 (Avhich arriAred
later in the m onth), the total imports of gold from Great
Britain in Sept, and Oct. were, roughly, $6,500,000. The
marking up of discount rates by the European banks has
been narrated above. The latter part of the month liberal
offerings of grain and cotton bills, and also the stiff money
market here, served to Aveaken sterling a little. There was
also some re-purchasing of American securities for European
account. One effect of the higher discount rates abroad was
to Aviden the differences betAveen sight bills and 60-day bills
and also betAveen sight bills and cable transfers. The low
point for sight bills Avas 4 8530 @ 4 8540 Oct. 1 and the high
point 4 8605 @ 4 8615 Oct. 15, Avith the close Oct. 31 4 8 5 5 5 @
4 8565. On the other hand, 60-day bills declined almost un­
interruptedly, and the highest was 4 8 2 3 0 @ 4 8240 Oct. 2 and
the lowest 4 8 1 1 0 @ 4 8120 Oct. 31. Open-market discounts
in London Oct. 31 were 5 % for 60-day spot bills and 4 15-16
@ 5 % for 90-day spot bills and 5 % for 60-day bills to arrive
and 5 % for 90 day bills to arrive. A t Paris the open market
rate was 3 % and at Berlin it was 4 % for spot bills and 4 % @
5 % for bills to arrive. Silver in London advanced still
further and touched 29 13-16d. Oct. 21, but closed at 29d.
N O V E M B E R .— C u r r e n t E v e n t s . — The outcome of the
Presidential election operated in no Avay to check the pre­
vailing activity in trade. In the public discussions, however,
there came a realizing sense of the possibilities which the re­
sults involved, inasmuch as they denoted a complete change
in tbe Executive administration of the National G oaT. and
also in the economic policy of the country. The election
contained no surprise, except, perhaps, that the vote cast
for Theodore Roosevelt as the head of the Progressive Party
proved someAvhat larger than expected. W ith the Republi­
can Party split, WoodroAv Wilson, as Democratic candidate,
received an overAvhelming majority of the electoral Arote.
Pres. Taft got tho electors from only two States, Utah and
Vermont, Avith four votes each, Avhilo Roosevelt carried M in­
nesota, Michigan, Pennsylvania, South D akota, Washing­
ton and California, having 90 votes altogether in the Elec­
toral College; the election in California, liOAvever, Avas very
close and tAvo of the Wilson electors pulled through, reducing
tho Roosevelt electoral vote to 88. The remaining States,
Avith 433 electoral \rotes, Avent to M r. Wilson, giving him, Avith
the tAvo California electors/'altogether 435. M r. Wilson,
hoAVOver, Avas in a decided minority on the popular vote,
gotting over 1,000,000 less than Roosevelt and Taft combined,
and falling about 2,000,000 short of a majority Avhen the votes
of the Socialists and other candidates are counted. The
Democratic Party also earned the LoAver House of Congress
by an overAvhelming majority, and succeeded inAvrestingfrom
tho Republicans so many of tho State legislatures having
ncAV Senators to elect as to give the party control of the United
States Senate, too, after the 4th of M arch. Thus the Demo­
crats Avere put in position to carry out the party program,
particularly a revision of the tariff. On the evening of
N ov. 15 President-elect Wilson announced definitely that he
would call an extra session n o t la ter than April 15 for the pur­
pose of enacting a neAv tariff law. In the war in Southeastern
Europo tho Balkan allies achieved further victories, the

36

THE CHRONICLE

Greeks taking Salonika. The ranks of the Turks were also
decimated by the ravages of cholera. In this state of things
the Turks proposed to the Powers at the beginning of the
month that they arrange terms of peace. The Balkan States,
however, insisted that negotiations must be conducted di­
rectly with them. To this the Turks were forced to accede,
and a direct appeal was made to Gen. Savoff, commanding
the Bulgarian army before the Chatalja line of fortifications
defending Constantinople. A temporary cessation of hos­
tilities was then agreed upon. On Tuesday, N o v . 19, King
Ferdinand of Bulgaria, in reply to a dispatch from the Turk­
ish Grand Vizier, sent a note reading as follows: “ The Bul­
garian Government, after agreeing with the allied cabinets of
Servia, Montenegro and Greece, informs the Porte that Pleni­
potentiaries have been appointed with instructions to arrange,
with the Commander-in-Chief of the Turkish armies, the con­
ditions of an armistice and subsequently to proceed to the con­
clusion of peace.” Occasionally it seemed as if the negotiations
might fail, but early in December the protocol for an armistice
was signed, the Greeks holding o ff. Great anxiety, however,
was occasioned b y the growing friction in the relations botween
Servia and Austria. More than once it seemed as if this fric­
tion might lead to the involvement of the great European
Powers, Russia backing Servia, and Germany standing behind
Austria. Austria refused consent to Servia aquiring a port
on the Adriatic and both Austria and Italy Avere appar­
ently determined that Albania must be granted autonomy.
All through the month the tension between Austria and Servia
intermittently increased and relaxed. Reports had it that all
the Austrian reserves had been summoned to their colors and
it was also rumored that Russia was mobilizing on an exten­
sive scale. B ut Servia persistently refused to respect the
wishes of Austria, and on N o v . 28 the Servian troops, without
resistance, occupied the Port of Durazzo, which had boon the
objective point of the Servian campaign. Austro-Hungary,
on its part, continued to make spectacular preparations in the
way of mobilization. W hat served to make the relations be­
tween Austria and Servia more acute was an incident con­
cerning the Austrian Consul which occurred whon the Servian
troops captured the Albanian town of Prisrend. The Consul,
named Prochaska, was in some way wounded and ceased ab­
ruptly to communicate with Vienna after the fall of the toAvn.
It was charged that he had been maltreated by the Servians,
and Austria demanded an investigation. Fortunately, the
safe arrival of Prochaska at Uskub, Albania, on N ov . 20 was
reported. On the London Stock Exchange and the Continen­
tal bourses general recoveries from the previous month’s ex­
citement and Aveakness were noted; apprehensions regarding
possible trouble on account of the disturbed relations betAveen Servia and Austria at times checked the recovery; but
such reactions were only temporary. Considerable re-pur­
chases Avere made of American securities sold the previous
month on European account. British consols N o v . 30 Avere
reported at 75 7-16, against 73 11-16 Oct. 31. The Bank of
Germany N o v . 14 advanced its discount rate from 5 to 6 % ,
and on N o v . 15 the Bank of Austro-Hungary made a similar
advance and the Bank of Denmark moved up from 5 to 5 % % .
The award Avas announced on N o v . 25 of the arbitration
board which had been appointed to pass upon the demands of
the locomotive engineers on the roads east of Chicago and
no.-th of the Ohio River for increased wages. The arbitra­
tor* made no attempt to decide the question of the ability of
the roads to pay increased compensation, but announcedthat
they had reached the conclusion that there should be recogni­
tion of the principles of a minimum standard of wages to ap­
ply to all roads irrespective of earning power or financial abil­
ity. They accordingly ruled that the pay should bo alike on
all roads for the same class of service, the standard on the
smaller roads being raised to that of the larger roads. It was
estimated that this Avould involve a yearly addition of only
81,500,000, instead of 87,172,546 per year that Avould have
been added to the expenses of tlio carriers had the demands of
the engineers been granted in full. The award was made to
date back to M a y 1 1912. The commission also suggested
the creation of national and State wage commissions or labor
commissions which should exercise functions regarding labor
engaged at Avork in public utilities, analogous to those now
exercised with regard to capital by the public service commis­
sions already in existence. This recommendation was made
with the vieAV to preventing such a calamity as a general
strike of railway employees. “ In the last analysis,” they
said, “ the only solution is to qualify the principle of free con­
tract in the railroad service^ A strike in the army or navy is
mutiny and universally punished as such. The same princi­
ple is applied to seamen because of the public necessity in­
volved. A strike among postal clerks, as among the teachers
of our public schools, would be unthinkable. In all these
cases the employment, to borrow a legal phrase, is affected
with a public use, and this, of necessity, qualifies the right of
free concerted action which exists in private employments.”
N oavs came the latter part of November that the Turkish
Cabinet had adopted a resolution declaring that “ inasmuch
as four years’ test has proved constitutional government
is neither suitable nor effective in the Ottoman Empire, the
G ovt, has decided on the abrogation of the constitution.”
This apparently onded the regime of the Young Turks.
Jose Canalejas, the Prime Minister of Spain, was assassi­
nated at Madrid N ov . 14 by a supposed anarchist.
A
strained Parliamentary situation developed in Great Bri­
tain, owing to the defeat of the G ovt, on N o v . 11 by a vote
of 228 against 206 on the financial clause of the Home Rule




[Vol . XCVI.

bill. The Opposition succeeded in having an amendment
adopted by a snap vote, limiting assistance to Ireland by the
Imperial G ovt, to £2,500,000, Avhereas Premier Asquith
claimed that £6,000,000 might be needed. The Ministry
concluded not to resign, and the House later negatived the
earlier vote. James Bryce, British Ambassador to the United
States, gave notice that he Avould resign his post at an early
day. President Taft N o v . 13 issued a proclamation an­
nouncing the rates of toll which will apply on vessels passing
through the Panama Canal on its completion (V . 95 , p. 1369).
The output of pig iron in N o v . (30 days) in this country
reached 2,630,854 tons, or almost as much as in October (31
days), AA-hen the product was 2,689,933 tons, the largest ever
recorded for any month of any year. Iron and steel prices
still further advanced. In copper, some increase in domestic
stocks occurred in both Oct. and N o v ., but prices eased off
only fractionally. There was another outburst of specula­
tion in cotton, and the last half of the month middling up­
land spot cotton in NeAV York rose from 11.90c. to 13.10c.,
this latter comparing AAuth 11.70c. Oct. 31.
Print cloths
at Fall River AAcre advanced N ov . 11 from 4c. to 4 l-16 c.
The tendency of grain prices was strongly doAvmvard; Dec.
wheat at Chicago declined from 9 0 % c . N ov. 1 to 8 3 % c .
N o v . 20; Dec. corn from 51 % c . N ov . 1 to 4 6 % o . N o v . 18.
and Dec. oats from 31 % c . N ov . 1 to 30 % c . N o v . 14; there
Avas a slight upward reaction a f the close. T avo suits for
875,000 each Avere instituted N o v . 2 under the Sherman
Anti-Trust law by Pincus Mullm an, a Avholesale confectioner,
against certain individuals and firms alleged to constitute
a “ candy combine.” A similar suit Avas brought later by
another concern, Silverman Bros. Indictments were brought
by the Federal grand jury at Philadelphia N ov . 13 against
certain individuals connected Avith the International Lumber
& Development C o ., charging them with conspiracy to defraud
through the mails. Arrests Avere simultaneously made in
seven cities N ov . 18 by the Federal Govt, as a result of an
investigation by the postal authorities into a scheme through
which small corporations and stock sellers had been defrauded
of about 81,500,000 in threo years. The American Redemp­
tion Co. of Rochester and the Chicago Debenture Co. were
alleged to be involved in the proceedings. The U . S . Su­
premo Court N ov . 18 unanimously affirmed the decision of
the lower Court holding the Standard Sanitary M fg . Co. and
other companies and numerous individuals, the Avholo knoAvn t
as the “ Bathtub Trust,” guilty of violation of the Sherman
Anti-Trust law. The decision Avas considered important in
vieAV of the ruling of the Supremo Court the previous spring
in the case of the A . B . Dick C o ., to the effect that the patent
law confers certain monopoly rights. The Suprome Court
noAV laid down the rule that a monopoly under a patent will
not be permitted to be perverted so as to sanction unlawful
trade agreements, by which prices can be controlled from the
producers to the consumers, and all of tlio necessary poAver
and oppression of a trade monopoly exercised thereby. The
U . S . Supreme Court on N ov . 11 upheld the U . S . Commerce
Court and annulled an order of the Inter-State Commerce
Commission Avhicli sought to compel the B . & O. SouthAvestern and the N orf. & Western to grant physical connec­
tions with the Cine. & Col. Tract. C o ., the latter an elec­
tric line. The Court rested its decision on the circumstances
of this particular case, but Justice Holmes, who Avroto the
opinion, after referring to the statement of tlio Intor-Stato
Commerce Commission that it based its conclusion more
largely upon its own investigation than the testimony of
Avitnesses, said it Avould bo a very strong proposition to state
that the parties would be bound in the highor courts by a find­
ing based on specific investigations made Avithout notice to
them. The long contest betAveen the Standard Oil people
and the Waters-Piorce Oil Co. Avas settled by the sale of tho
majority interest in tho latter to tho minority stockholders,
represented by Henry Clay Piorco. W ith this settlement,
the litigation then pending, and which had developed some
sensational features, Avas discontinued.
Tho United States
Supremo Court, in the case involving lighterage charges in
and about N . Y . Harbor, sustained tho Commerce Court
in granting an injunction suspending the order of tlio Inter­
State Commerce Commission. V . 9o, p. 1405.
The peo­
ple of Arizona adopted a constitutional amendment provid­
ing for the recall of judges. They had been refused admis­
sion as a State until a similar provision in the original con­
stitution had been eliminated— see remarks under March.
Railroad Events and Stock Exchange M atters. — NotAvithstanding tho further expansion in trade and somo remarkably
encouraging returns of railroad earnings for the provious
month (O ct.), tho stock market during N o v ., aftor considera­
ble strength at tho beginning, became weak. Before the
election on N o v . 5 the market was inert, but the day after,
N o v . 6, there Avas, as the first effect, quite a rise in prices,
Avith St. Paul common the feature. Amer. Boot Sugar, iioavever, was even on that day decidedly weak, and Buffered a
big break, owing to fears of adverse tariff legislation as the re­
sult of Democratic control of all branches of tho G ovt. Aftor
N o v . 7 a general weakening tendency developed.
The mar­
ket seemed to think that tariff legislation might prove un­
settling, and also that with the Democrats in undisputed con­
trol, such legislation might become moro radical than Avas
desirablo. While most of the industrial stocks evinced a
doAvmvard tendency, U . S. Rubber shares wore an exception,
on reports of largo earnings by the company. M il. & St. P .
sold up from 1 0 9 % N o v . 4 to 1 1 7 % N o v . 7, but closed N ov .
30 at 1 1 5 % . U . P . com. sold up from 16 9 % N o v . 4 to 1 7 5 %

Ja n . t 1913.)

T H E C H R O N IC L E

N o v . 7 a n d c lo s e d a t 1 7 3 .
S o . P a c . m o v e d u p fro m 1 0 9 %
N o v . 4 to 1 1 3 % N o v . 7 a n d c lo s e d a t 1 1 1 % .
R e a d in g c o m .,
a f t e r t o u c h i n g 1 7 4 % N o v . 7 , d e c li n e d t o 1 6 8 % N o v . 1 2 a n d
c lo s e d a t 1 7 1 % N o v . 3 0 .
N o r . P a c . so ld d o w n fr o m 1 2 8
N o v . 7 t o 1 2 3 N o v . 2 6 a n d c lo s e d a t 1 2 4 % .
G t . N o r .,
a fte r r e a c h in g 1 4 1 % N o v . 7 , d r o p p e d to 1 3 6 % N o v . 1 2 a n d
c lo s e d a t 1 3 8 % .
S t e e l c o m . d e c li n e d f r o m 7 8 % N o v . 7 t o
7 3 % N o v . 1 2 a n d c lo s e d a t 7 5 % .
A m a l. C o p . w as 8 7 %
N o v . 7 , 8 1 % N o v . 11 a n d c lo s e d a t 8 5 .
G en. C h em . C o.
d e c la r e d a n e x t r a d i v . o f 5 % o n t h e c o m . s t o c k , p a y a b l o in
sto c k .
T h e Q u in c y M i n . C o ., th e C o p p e r R a n g e C o n s . C o .
a n d t h e N e v . C o n s . C o p . C o . a l l r a is e d t h e i r d i v s .
N . Y .
N . H . & H . $ 4 0 , 0 0 0 , 0 0 0 1 - y r . 5 % n o t e s w e r e o f f e r e d f o r s a le
a n d o v e r -s u b s c r ib e d .
A t l . C o a s t L in o R R . o ffe r e d $ 6 ,0 0 0 ,­
0 0 0 n e w s t o c k t o s h a r e h o ld e r s a t p a r .
C a n . P a c . o ffe re d
s h a r e h o ld e r s $ 6 0 , 0 0 0 , 0 0 0 n e w s t o c k a t 1 7 5 , p a y a b l o in in ­
s ta llm e n ts e x te n d in g t o O c t . 1 9 1 3 .
G e o r g ia & F la . R y . o f­
f e r e d $ 1 , 0 0 0 , 0 0 0 5 % b o n d s in L o n d o n .
P o r tla n d N o h a le m
& S o a c o a s t R y . o f f e r e d $ 3 , 6 0 0 , 0 0 0 5 s in L o n d o n .
The Money Market.— T h e m o n e y m a r k e t s t i f f e n e d d u r in g
N ov.
A f t e r t h e b o u n d in c a ll l o a n r a t e s O c t . 3 1 t o 8 % , t h e
r a t o N o v . 1 w e n t s t i ll h i g h e r , t o u c h i n g 9 % .
T h e in t o r io r
d e m a n d f o r f u n d s w a s a c t i v e a n d t lie r o w a s s e v e r e c a ll in g o f
l o a n s , in v i e w o f t h e 1 s t o f N o v . d i s b u r s e m e n t s .
A f t e r th is
th e te n s io n w a s s o m o w h a t r e la x e d , b u t th e la t t e r p a r t o f th e
m o n t h 1 2 % w a s p a i d f o r c a ll m o n e y o n t w o d a y s a n d o n
N o v . 2 9 s o m e c a ll m o n o y w a s p u t o u t a t 2 0 % .
C a n a d ia n
b a n k s w i t h d r e w f o r h o m o u se c o n s i d e r a b le a m o u n t s o f th e ir
f u n d s h e ld h e r o , b e s id e s w h i c h t h e r o w e r e la r g e r e q u i r e m e n t s
i n c o n n e c t i o n w i t h t h e t a x p a y m e n t s in t h i s c i t y , w h ic h h a d
t o 1)0 c o n c l u d e d b y t h e e n d o f t h e m o n t h t o a v o i d in c u r r i n g a
p o n a lty .
T h o b a n k s w e r e a l s o e x p e c t i n g a c a ll o f c o n d i t i o n
b y t h o C o m p t r o l l e r o f t h e C u r r e n c y , a n d d id n o t c a r o t o d e ­
p l e t e t h e i r c a s h r e s e r v e s in v i e w o f s u c h a c o n t i n g e n c y . T i m e
m o n o y a t t h o c lo s e w a s 6 % f o r 6 0 a n d 9 0 d a y s , 5 % @ 6 f o r
4 a n d 5 m o s . a n d 5 % @ 5 % fo r 6 m o s .
D o u b le -n a m o an d
p r im e s in g lo -n a m o p a p e r w a s 6 % , w ith 6 % th e q u o t a t io n
f o r s in g le n a m e s n o t s o w e ll k n o w n .
M o n o y h o ld i n g s o f th o
C l e a r i n g - H o u s e b a n k s a n d t r u s t c o m p a n i e s f e ll f r o m $ 3 9 5 , ­
1 7 6 ,0 0 0
N o v . 2 to $ 3 7 4 ,5 2 5 ,0 0 0 N o v . 3 0 , a n d th e c a sh reserv e
N o v . 3 0 s h o w e d a d e fic it o f $ 5 ,0 5 7 ,9 5 0 .
L o a n s w ero re d u c e d
fr o m $ 1 ,9 2 3 ,3 7 4 ,0 0 0 N o v . 2 to $ 1 ,8 8 9 ,1 0 8 ,0 0 0 N o v . 3 0 , a n d
d o p o s i t s fe ll f r o m $ 1 , 7 3 9 , 5 4 3 , 0 0 0 t o $ 1 , 6 8 5 , 6 6 9 , 0 0 0 .
M oney
h o l d i n g s o f t h o S t a t e b a n k s a n d t r u s t c o m p a n i e s n o t in t h e
C le a r in g -H o u s e w ere $ 7 0 ,0 5 3 ,3 0 0 N o v . 3 0 , a g a in s t $ 7 1 ,2 4 0 , 10t) N o v . 2 , a n d lo a n s w e r o $ 5 8 1 , 7 6 2 , 0 0 0 , a g a i n s t $ 5 8 8 , ­
9 9 6 ,6 0 0 .

,
Foreign Exchange, Silver, &c.— E x c h a n g e s h o w e d a d o w n ­
w a r d d ip t h o g r e a t e r p a r t o f N o v . a n d t h o l a t t e r h a l f o f t h o
m o n t h th e r o w a s a r e s u m p t i o n o f g o l d i m p o r t s , a b o u t $ 2 , 2 5 0 , 0 0 0 b e i n g e n g a g e d in t h o o p e n m a r k e t in L o n d o n .
T ho w eak­
n e s s w a s d u e t o a p r e s s u r e o f g r a i n a n d c o t t o n b i l l s , a n d , in
f a c t , m e r c h a n d i s e b ill s o f a l l d e s c r i p t i o n s .
T h o g r o w in g
t e n s i o n in o u r lo c a l m o n e y m a r k e t w a s a l s o a n i m p o r t a n t
fa c t o r in th o d e c lin e .
T h i s le d t o t h o d r a w i n g o f c o n s i d e r a ­
b le a m o u n t s o f f i n a n c e b i l l s .
F u r th e r m o r e , it w a s e s tim a te d
t h a t E u r o p e h a d r e -p u r c h a s e d 7 5 ,0 0 0 to 1 0 0 ,0 0 0 s h a re s o f
A m e r i c a n s e c u r i t ie s s o l d d u r i n g t h o p a n i c k y c o n d i t i o n o f
th e p r e v io u s m o n t h .
I t h a p p e n e d tw o o r th r e e tim e s d u r ­
in g th e m o n t h , a n d p a r tic u la r ly o n S a t u r d a y , N o v . 2 3 , t h a t
e x c h a n g e r a te s m o v e d u p q u ite s h a r p ly o n a p p r e h e n s io n s o f
f r e s h c o m p l i c a t i o n s a b r o a d , o w i n g t o t h e s t r a i n e d r e la t i o n s
b e tw e e n S e r v ia a n d A u s t r ia , b u t s u c h p e r io d s w e ro q u ic k ly
fo llo w e d b y r e n o w e d d e c lin e s , a n d th e la t t e r p a r t o f th o m o n t h ,
u n d e r re n o w e d s tiffe n in g o f th e m o n e y m a r k e t a t th is c e n ­
tr o , d e m a n d s te r lin g a n d c a b le tr a n sfe r s d r o p p e d to th e lo w e s t
f ig u r o o f t h o y e a r .
D e m a n d s t e r l in g w a s a t it s h i g h e s t
N o v . 4 a t 4 8 5 7 0 @ 4 8 5 8 0 a n d a t it s l o w e s t N o v . 2 7 a t
4 8 4 5 5 @ 4 8 4 6 5 , w i t h t h o c lo s o N o v . 3 0 a t 4 8 4 6 0 @ 4 8 4 7 0 .
O p e n m a r k e t d is c o u n ts a t L o n d o n N o v . 3 0 w ero 4 1 3 - 1 6 @ 4 %
f o r 6 0 - d a y b i l l s , s p o t a n d t o a r r i v e , a n d 4 % f o r 9 0 - d a y b ill s .
A t P a r is t h o r a t o w a s 3 % % f o r a l l m a t u r i t i e s , w h ile a t B e r ­
lin it w a s 5 % f o r 6 0 a n d 9 0 - d a y s p o t b ills a n d 5 % @ 6 f o r
b ills
to
a r r iv e .
S ilv e r
in
London
flu c tu a t e d
b e tw e e n
2 8 3 - 1 0 d . a n d 2 9 % d . , w h ic h l a t t e r w a s t h o p r ic o N o v . 3 0 .
D E C E M B E R .— Current Events.— S e v e r a l S u p r e m o C o u r t
d e c is io n s , to g e th e r w ith s o m e n o w G o v t , p r o s e c u t io n s u n d e r
th o S h e r m a n A n t i -T r u s t la w , h a d a n u n s o ttlin g e ffe c t d u r ­
i n g D e c e m b e r , w i t h o u t , h o w e v e r , a p p a r e n t l y i n t e r f e r in g
w ith th e o n w a rd m a r c h o f tr a d e .
O n D e c . 2 th e U . S . S u ­
p r e m e C o u r t , in a u n a n i m o u s d e c i s i o n b y e i g h t o f t h o n in e
J u s t i c e s ( J u s t ic o V a n D e v a n t e r , h a v i n g
been a m em b er of
t h e lo w e r C o u r t , d id n o t p a r t i c i p a t e in t h e d i s c u s s i o n s ) ,r e ­
v e r s e d t h o U . S . C i r c u i t C o u r t f o r t h o D i s t . o f U t a h a n d h e ld
t h a t t h e o w n e r s h ip b y t h o U n . P a c . o f a d o m i n a n t i n t e r e s t
in t h e s t o c k ( a b o u t 4 6 % ) o f t h o S o u . P a c . C o m p a n y w a s in
v io la t io n o f th o S h e r m a n la w , a n d d ir e c te d th o U n . P a c . to
d i v e s t i t s e l f o f it s o w n e r s h ip in t h e p r o p e r t y .
J u s tic e D a y ,
w h o d e l i v e r e d t h e o p i n i o n o f t h e C o u r t , s a i d t h a t “ in d e ­
s t r o y i n g o r g r e a t l y a b r i d g i n g t h e fr e e o p e r a t i o n o f c o m p e t i ­
t i o n t h e r o t o f o r o e x i s t i n g , it t e n d s t o h i g h e r r a t e s . ”
“ N or
d o e s i t m a k o a n y d i f f e r e n c e ,” h o a d d e d , “ t h a t r a t e s f o r t h e
t i m e b e i n g m a y n o t b o r a i s e d , a n d m u c h m o n o y b o s p e n t in
i m p r o v e m e n t s a f t r t h e c o m b i n a t i o n is e f f e c t e d .
I t is t h o
s c o p o o f s u c h c o m b i n a t i o n s , a n d their power t o s u p p r e s s o r
s tifle c o m p e t it i o n , o r c r e a te m o n o p o ly , w h ic h d e te r m in e s th e
a p p lic a b ility o f th e A c t . ”
T h is w a s th e d o c tr in e e n u n c ia te d
in t h o N o r . S e c u r i t ie s C o . c a s e , a n d w h i c h m a n y h a d e r ­
r o n e o u s l y s u p p o s e d h a d b e e n a b r o g a t e d b y t h o p r i n c i p le o f
t h e “ r u lo o f r e a s o n ” a n n o u n c e d in t h o T o b a c c o a n d t h o O il




37

c a s e s th e p r e v io u s y e a r .
I t w a s n o w m a d e a p p a re n t th a t
b o t h p r i n c ip le s w o u l d a p p l y .
T h e C o u r t d ir e c te d t h a t a d e creo b o is s u e d e n jo in in g th e U n . P a c . fr o m v o t in g its S o u .
P a c . s t o c k , a n d fo r b id d in g it fr o m m a k in g a n y tr a n s fe r o r
d is p o s itio n o f th e s to c k t h a t w o u ld c o n t in u e its c o n t r o l.
Pay­
m e n t o f d iv id e n d s u p o n th e S o u . P a c . s t o c k h e ld w a s a lso
t o b o e n jo in e d , “ e x c e p t to a r e c e iv e r t o b e a p p o in t e d b y th e
C o u r t , w h o s h a ll c o ll e c t a n d h o l d s u c h d i v i d e n d s u n t i l d is ­
p o s e d o f b y th e d ecree o f th e C o u r t .”
A tto r n e y -G e n e r a l
W i c k e r s h a m a f t e r t h e d e c is i o n r e f u s e d t o a p p r o v e a n y p l a n
in v o lv in g th e d is tr ib u tio n o f th e $ 1 2 6 ,6 5 0 ,0 0 0 S o u . P a c . s to c k
e x c l u s i v e l y t o U n . P a c . s t o c k h o l d e r s in p r o p o r t i o n t o t h e i r
h o ld in g s , w h e th e r b y s a le , d iv id e n d o r o th e r w is e , a n d a c c o r d ­
in g ly , o n D e c . 1 9 , th e m a t t e r w a s s u b m it t e d to th e S u p r e m e
C o u r t o n b r ie f s p r e s e n t e d b y b o t h s i d e s , t h e A t t o r n e y - G e n ­
e r a l a s k i n g t h a t t h e lo w e r C o u r t b e i n s t r u c t e d t o in s e r t a
p r o v i s i o n in t h e d e c r e e t h a t t h e S o u . P a c . s t o c k s h o u l d , t o
in s u i’e a w i d e r d i s t r i b u t i o n , b e o f f e r e d p r o r a t a n o t o n l y t o
U n . P a c . s t o c k h o l d e r s b u t t o S o . P a c . s t o c k h o l d e r s a s w e ll;
o n t h i s m o t i o n n o d e c is i o n h a d b e e n r e n d e r e d u p t o t h e c lo s e
o f th o y e a r , a n d th e m a n d a te o f th e C o u r t n o t h a v in g b e e n
h a n d e d d o w n , th e p a y m e n t o f th e u s u a l d iv id e n d s o n J a n . 2
1 9 1 3 o n U n . P a c . a n d S o . P a c . s h a r e s , p r e v io u s ly d e c la r e d ,
w a s n o t in t e r f e r e d w i t h .
J u s t i c e D a y in h is o p i n i o n in d i c a t e d
th a t th e ju d g m e n t o f th e C o u r t w a s n o t to b e c o n s tr u e d to
f o r b i d t h o U n . P a c . f r o m r e t a i n i n g t h e C e n t . P a c . li n e o f t h e
S o . P a c . ( t h is p r o v i d i n g a n e x t e n s i o n o f t h e U . P . f r o m
O g d e n t o S a n F r a n c i s c o ) , a n d t o g e t c o n t r o l o f t h e li n e f o r
t h a t p u r p o s e , p r o v id e d a p la n fo r a c c o m p lis h in g t h a t e n d
c o u ld b e d e v is e d s a tis fa c to r y t o th e C o u r t a n d to th e G o v t .
T h e G o v t , h a d a ls o s o u g h t t o p r o h ib it t h e U n . P a c . fr o m re ­
t a i n i n g i t s m i n o r h o ld in g s o f s t o c k in t h e A t c h . T o p . & S a n t a
F e a n d N o r . P a c . a n d a h a lf in te r e s t in t h e S a n P e d r o L o s
A n g . & S a lt L a k e R R ., b u t as to th e se m a tte r s th e S u p r e m e
C o u r t r e f u s e d t o d i s t u r b t h e d e c r e e o f t h e lo w e r C o u r t ,
w h i c h s a w n o t h i n g il le g a l in t h o s e t r a n s a c t i o n s .
O n D e c . 16
t h e S u p r e m e C o u r t a l s o r e n d e r e d a u n a n i m o u s d e c is i o n ( b y
s ix o f t h e n i n e J u s t i c e s v o t i n g ) i n t h e a n t h r a c i t e c o a l c a s e s .
H e r o , lik e w is e , a w id e n in g a p p lic a tio n a p p e a r e d to b e g iv e n
t o t h e A n t i - T r u s t l a w , it b e i n g m a d e e v i d e n t t h a t t h e la w
is e f f e c t i v e in r e a c h i n g a n y k i n d o f c o n t r a c t a n d a n y k i n d o f
a r r a n g e m e n t w h o s e e f f e c t o r w h o s e t e n d e n c y is t o r e s t r a i n
tra d e .
T h o lo w e r C o u r t h a d h e ld t h a t a c q u i s i t i o n b y t h e d i f ­
f e r e n t a n t h r a c i t e c a r r ie r s o f t h e s t o c k o f t h o T e m p l e I r o n C o .
w a s in c o n f l i c t w i t h t h o A n t i - T r u s t A c t , i n a s m u c h a s t h e
b u i l d i n g o f a p r o j e c t e d i n d e p e n d e n t c o m p e t i n g lin o o f r a i l ­
r o a d b e t w e e n t h e a n t li r a c i t o m i n e s a n d t i d e w a t e r h a d b e e n
p r e v e n t e d a n d o t h e r t r a n s g r e s s i o n s a g a i n s t t h e law r c o m ­
m itte d .
T h e S u p r e m e C o u r t w e n t f u r t h e r , a n d d e c la r e d
t h o s o - c a l l e d 6 5 % c o n t r a c t s , b y w h ic h m o s t o f t h e i n d e p e n ­
d e n t p ro d u c e rs in th e a n th r a c ite re g io n s h a d b o u n d t h e m ­
s e lv e s t o d e li v e r t h e o u t p u t o f t h e i r m i n e s , o r o f a n y o t h e r
m i n e s w h i c h t h e y m i g h t a c q u i r e , t o t h e r a i lr o a d c o m p a n i e s
f o r 6 5 % o f t h e a v e r a g e m a r k e t p r ic e a t t i d e w a t e r , a l s o i l l e g a l .
B e tw e e n 2 0 a n d 2 5 % o f th e a n n u a l o u tp u t o f a n th ra c ite
h a s b e e n c o n t r o l l e d f o r s h i p m e n t o v e r t h e r a il c a r r ie r s b y
m e a n s o f th ese 6 5 % c o n tr a c ts .
T h e G o v t , h a d a l s o a l le g e d
th o e x iste n c e a m o n g th e a n th r a c ite r o a d s o f a g e n e r a l c o m ­
b in a tio n fo r a n a p p o r tio n m e n t o f th e to t a l to n n a g e to th e
s e a b o a r d b y a n a g r e e m e n t , in t h o n a t u r e o f a p o o l i n g a r ­
r a n g e m e n t , b u t t h e S u p r e m e C o u r t h e l d , a s d i d t h e lo w e r
C o u r t , t h a t th e e v id e n c e o n th is p o in t w a s n o t s u ffic ie n t .
T h o G o v t , h a d fu r th e r m o r e c o n t e n d e d t h a t th e a c q u is itio n
b y th e E r ie R R . o f th e c a p it a l s to c k o f th e N . Y . S u s q . &
W e s t , a n d o f th e P e n n . C o a l C o . a n d th o D e l . V a l . & K in g s ­
t o n R R . w a s i l le g a l u n d e r t h e A n t i - T r u s t A c t ; l i k e w i s e , t h a t
th o a c q u is itio n b y th e R e a d in g C o . o f th e c a p it a l s t o c k o f th e
C e n t . R R . o f N . J . -was i n c o n f l i c t w i t h t h a t s t a t u t e .
A s to
th e le g a lit y o f th e se m in o r c o m b in a tio n s , th e S u p r e m e C o u r t
e x p r esse d n o o p in io n , b u t in tim a te d t h a t se p a r a te a c tio n s
m i g h t b e b e g u n in e a c h c a s e .
A n o t h e r i m p o r t a n t d e c is i o n
b y th e U . S . S u p r e m e C o u r t w as ren d ered D e c . 2 .
T h i s h e ld
C o n s t it u t io n a l th e s t a t u t e o f S o u t h D a k o t a m a k in g it a
c r im in a l o ffe n s e fo r p e r s o n s o r c o r p o r a tio n s e n g a g e d in p r o ­
d u c tio n , m a n u fa c tu r e o r d is tr ib u tio n o f c o m m o d itie s o f
g e n e r a l u se “ in te n tio n a lly , fo r th e p u r p o s e o f d e s tr o y in g th e
c o m p e t i t i o n o f a n y r e g u l a r , e s t a b l i s h e d d e a le r in s u c h c o m ­
m o d i t y , o r t o p r e v e n t t h e c o m p e t i t i o n o f a n y p e r s o n w h o in
g o o d fa it h in te n d s a n d a t t e m p t s to b e c o m e su c h d e a le r , to
d is c r im in a te b e tw e e n d iffe r e n t s e c tio n s , c o m m u n it ie s o r
S t a t e s , b y s e lli n g s u c h c o m m o d i t y a t a lo w e r r a t e in o n e s e c ­
t i o n t h a n a n o t h e r .”
T h o s t a t u t e a llo w e d fo r th e e q u a liz a ­
t i o n o f p r ic e s b y c o n s i d e r in g t h e d if f e r e n c e in c o s t o f t r a n s ­
p o r ta tio n a n d o th e r n e c e ssa ry e x p e n se s o f p r o d u c tio n or
d is tr ib u tio n .
A t t o r n e y - G e n e r a l W i c k e r s h a m , in a n e w s p a p e r
in t e r v ie w , p o in te d o u t t h a t p r o v is io n s e n fo r c in g th e s a m e
p r i n c ip le s h a d b e e n in s e r t e d in t h e f i n a l d e c r e e d i s s o l v i n g a
n u m b e r o f il le g a l c o m b i n a t i o n s .
O n D e c . 9 th o U .S . S u ­
p r e m o C o u r t r e v e r s e d t h e d e c is i o n o f t h e U . S . C o m m e r c e
C o u r t a n d h e ld t h a t n o t o n l y t h e C h i c a g o J u n c t i o n R y . , b u t
a ls o th e U n . S t o c k Y d s . & T r a n s it C o . a n d th e C h ic . J u n e .
R y . & U n . S t o c k Y d s . C o . , a r e c o m m o n c a r r ie r s a n d a s s u c h
s u b j e c t t o t h e r e g u la t i o n s o f t h e I n t e r - S t a t e C o m . C o m m .
A m o n g th o n e w tru st p r o s e c u tio n s , th e m o s t p r o m in e n t w a s
t h o a c t i o n o f t h e F e d e r a l g r a n d j u r y in t h i s c i t y o n D e c . 2 3 ,
in h a n d i n g d o w n a n i n d i c t m e n t , a f t e r a n i n v e s t i g a t i o n e x ­
te n d in g o v e r se v e ra l w e e k s , a g a in s t P r e s . C h a s . S . M e lle n
o f th o N . Y . N . I I . & H . R R . a n d E . J .C h a m b e r l i n a n d
A lfr e d W . S m ith e r s , P r e s , a n d C h a ir m a n o f th e b o a r d , re ­
s p e c t iv e ly , o f th e G r . T r k . R y . o f C a n ., c h a r g in g “ c o m b in a t io n
a n d c o n s p i r a c y t o r e s t r a in c o m m e r c e a m o n g t h e S t a t e s a n d

38

THE C H R O N IC L E

[ V o l . X C V I.

Com m .
O n D eC o 1 8 t h o H o u s e p a s s e d b y a v o t e o f 1 7 9 t o 5 2
w i t h a f o r e i g n n a t i o n ” in v i o l a t i o n o f t h e S h e r m a n A n t i - T r u s t
t h o B u r n e t t I m m i g r a t i o n B i l l c a r r y i n g a l i t e r a c y t e s t f o r a l ie n s
Law .
T h e in d ic t m e n t g r e w o u t o f th e d is c o n tin u a n c e o f c o n ­
s e e k in g a d m is s io n to th e U . S .
T h i s b ill w a s a d o p t e d a s a
s t r u c t i o n w o r k o n a p r o p o s e d e x t e n s i o n o f t h e G r . T r u n k R .y .
s u b s t it u t e fo r th e D illin g h a m I m m ig r a t io n B ill p a s s e d b y
to P r o v id e n c e a n d n e g o tia tio n s fo r jo in t tr a c k a g e a n d th r o u g h
th e S e n a t o th o p r e v io u s A p r i l.
T h e D illin g h a m B ill w o u ld
r o u t i n g f o r t h e G r . T r u n k o v e r t h e N e w H a v e n li n o . I t w a s d e ­
e x c l u d e , w i t h c e r t a i n e x e m p t i o n s , a l l a l ie n s o v e r 1 6 y e a r s o f
c la r e d b y b o t h M r . M e llo n a n d M r . C h a m b e r lin t h a t th e p r o ­
a g e w h o c a n n o t read a n d write, w h il e t h o B u r n e t t B i l l m a k e s
p o s e d a r r a n g e m e n t b e t w e e n t h e t w o c o m p a n i e s h a d n o r e la ­
i n e lig i b le f o r a d m i s s i o n “ a l l a lie n s o v e r 1 6 y e a r s o f a g o p h y s i ­
t i o n t o t h e d is c o n t i n u a n c e o f w o r k o n t h e P r o v i d e n c e li n o ,
c a l l y c a p a b l e o f r e a d i n g w h o c a n n o t read t h e E n g l i s h l a n g u a g e
w h ic h , it w a s s t a t e d , m ig h t a g a in b e ta k e n u p w h e n th e n e c e s ­
o r t h o la n g u a g e o r d i a l e c t o f s o m e o t h e r c o u n t r y , i n e lu d in S
s a r y fin a n c ia l a r r a n g e m e n ts c o u ld b o a d v a n t a g e o u s ly m a d e .
H e b r e w o r Y i d d i s h .”
P r e s . T a f t o n D e c . 17 s e n t to th e U . S .
O n D e c . 1 2 th e G o v t , b r o u g h t a s u it in th e U . S . D i s t . C o u r t
S e n a t o th o n a m e s o f th e 9 p e r so n s w h o a r e to c o m p o s e th o
a t D e t r o it , M i c h ., a g a in s t th e M a s t e r H o r s e s h o e r s ’ P r o te c ­
C o m m is s io n on In d u s tr ia l R e la tio n s c re a te d b y A c t o f C o n ­
t iv e A s s n . e t a l , o r “ H o r s e s h o e r s ’ T r u s t ,” to e n jo in th e s a m e
gress a p p r o v e d A u g . 2 3 .
N o t le s s t h a n 3 o f t h e m e m b e r s
f r o m c o n t i n u i n g a n a l le g e d c o m b i n a t i o n in v i o l a t i o n o f t h e
h a d t o b e e m p l o y e r s o f l a b o r a n d n o t le s s t h a n 3 r e p r e s e n t a ­
S h e r m a n L a w t o c o n f i n e t h e s a l e o f t h o s e a r t ic le s in t h i s c o u n ­
tiv e s o f o r g a n ize d la b o r .
I n th o d y n a m it e c o n s p ir a c y tria l
t r y a n d C a n a d a t o h o r s e s h o e r s a n d t o p r e v e n t t h e d ir e c t s a le
w h i c h h a d b e e n in p r o g r e s s s in c e t h e p r e v i o u s O c t . 1 , a n d f r o m
to h o rse o w n e rs ( V .9 5 , p . t o l l ) .
F o l l o w i n g pin v a t e a c t i o n in
w h ic h c o n s p ir a c y , a c c o r d in g to th e e v id e n c e , a lm o s t 1 0 0 e x ­
N o v . a g a i n s t t h e a l le g e d “ c a n d y c o m b i n e , ” t h e G o v t , o n
p lo s i o n s t o o k p la c e ( d a m a g i n g a n d d e s t r o y i n g s t r u c t u r e s in
D e c . 1 3 b e g a n a s u i t in P h i l a . a g a i n s t t h e P h i l a . J o b b i n g C o n ­
fe c tio n e r s ’ A s s n . , c h a r g in g r e s tr a in t o f tr a d e t h r o u g h a c o m ­
p r o c e s s o f o r e c tio n b y , a n d m a c h in e r y o f , o p e n -s h o p c o n c e r n s ,
b i n a t i o n o f j o b b i n g h o u s e s b y w h i c h t h e s e lli n g o f p r o d u c t s
a n d c u l m i n a t i n g in t h e d e s t r u c t i o n o f t h e “ T i m e s ” B u i l d ­
in g a t L o s A n g e le s , C a l ., o n
O c to b e r
1 1 9 1 0 , w ith
th e
d i r e c t l y t o t h e s m a l l r e t a i le r o r t h e c o n s u m e r c o u l d b e p r e ­
lo s s o f 2 1 l i v e s ) t h e j u r y o n D e e . 2 8 b r o u g h t in a v e r d i c t
ven ted .
O n D e c . 2 0 t h e G o v t , b r o u g h t a s u i t in t h e U . S .
o f g u ilt y a g a in s t 3 8 o u t o f th e 4 0 d e fe n d a n t s ; a ll b u t tw o o f
D i s t . C o u r t a t D e t r o it a g a in s t th e K e llo g g T o a s t e d C o r n
t h e c o n v i c t e d m e n Avere i d e n t i f i e d w i t h t h e I n t e r n a t i o n a l
F l a k e s C o . t o e n j o i n t h e c a r r y i n g o u t o f t h e p l a n o f s a le u n d e r
A s s o c ia tio n o f B r id g e & S tr u c tu r a l Ir o n W o r k e r s .
On
w h ic h th e c o m p a n y e x a c ts a n a g r e e m e n t fr o m jo b b e r s a n d
M o n d a y , D e c . 3 0 , F r a n k M . R y a n , P re sid e n t o f th e Ir o n
r e t a ile r s t o w h o m i t s b r e a k f a s t f o o d is s o l d n o t t o s e ll a t le s s
W o r k e r s , w a s s e n te n c e d to se v e n y e a r s ’ im p r is o n m e n t ; J o h n
t h a n a s p e c if ie d p r i c e , t h e p e n a l t y f o r v i o l a t i o n b e i n g f o r f e i ­
T .
B u t l e r , V i c e - P r e s t . , a n d s e v e n o t h e r s , g o t s ix y e a r s ; t w o
t u r e o f f u t u r e s e lli n g r i g h t s .
O n D e c . 1 4 s u i t w a s f i l e d in t h e
g o t te r m s o f fo u r y e a r s ; t w e lv e g o t te r m s o f th r e e y e a r s ; fo u r
U . S . D i s t . C o u r t a t C h ic a g o t o d is s o lv e th o E lg in B o a r d o f
r e c e i v e d tAvo y e a r s ; s ix o n e y e a r a n d o n e d a y -, w h ile s e n t e n c e s
T r a d e o f E l g i n , 111., a n d t h o A m e r . A s s n , o f C r e a m e r y B u t t e r
M f r s ., C h ic a g o .
O n D e c . 17 th e E lg in B o a r d o f T r a d e , as a
Avere s u s p e n d e d a s t o f i v e .
T h e a n n u a l c o n fe r e n c e o f
s e q u e n c e to th e G o v t . ’s a c t i o n , a b o lis h e d th e p r a c tic o o f fix in g
G overnors of
t h o d i f f e r e n t S t a t e s Avas h e ld a t R i c h m o n d
t h o p r i c e o f b u t t e r b y it s q u o t a t i o n c o m m i t t e e a n d a d o p t e d a
D e c . 4 , 5 a n d 6 , a n d o n D e c . 7 th e G o v e r n o r s m e t a t W a s h i n g ­
p l a n t o h a v e t h o B o a r d i t s e l f d e t e r m i n e t h e p r i c e in t h e f u t u r e
t o n t o c o n f e r w it h P r e s i d e n t T a f t , in a c c o r d a n c e w i t h h is
b a se d o n a c tu a l s a le s .
T h o C h ic a g o B u tte r & E g g B o a r d
s u g g e s tio n m a d e s e v e r a l m o n t h s b e fo r e fo r th e c o n s id e r a tio n
o f m e a n s f o r t h e a d o p t i o n o f a n a g r i c u lt u r a l c r e d it s y s t e m .
D e c . 4 t e m p o r a r ily d is c o n tin u e d th e p r a c tic e o f h a v in g q u o t a ­
A t th o R ic h m o n d m e e tin g th e G o v e r n o r s a d o p t e d a r e s o lu tio n
tio n s o n b u t t e r a n d e g g s fu r n is h e d b y a c o m m it t e e .
T h e ac­
c a l l i n g fo r t h e a p p o i n t m e n t o f a c o m m i t t e e t o p r e p a r e a b ill
t i o n w a s in s o m e q u a r t e r s a t t r i b u t e d t o t h e s u i t b r o u g h t b y t h e
o n th e s u b je c t.
A t W a s h i n g t o n a c o m m i t t e o o f n i n e Avas
U . S . G o v t , u n d e r t h e A n t i - T r u s t L a w in w h i c h t h e C h i c a g o
a p p o i n t e d t o s t u d y t h o d i f f e r e n t f o r e ig n l a n d - c r e d i t s y s t e m s
B o a r d is c h a r g e d w i t h c o n s p i r i n g t o f i x p r i c e s , b u t i t w a s d e ­
a n d m a k e a d e fin ite r e c o m m e n d a tio n a t th e 1 9 1 3 c o n v e n t io n
n ie d t h a t th e a c t io n w a s a d e v e lo p m e n t o f th o G o v t .’s s u it .
o f G overn ors.
A n i n c i d e n t Avhich m a r r e d t h e R i c h m o n d
T h e S t . L o u is F r u it & P r o d u c e E x c h a n g e D e c . 9 d e c id e d to
m e e t i n g s w a s t h e a d v o c a c y o f l y n c h Uia v b y G o v e r n o r B l e a s e
d is c o n tin u e fix in g q u o t a t io n s o n fr u its a n d v e g e t a b le s .
In
o f S o u t h C a r o l i n a f o r o f f e n s e s a g a i n s t A vo m en a n d h is r e ­
T e x a s a n a c t i o n w a s f i le d b y t h e S t a t e a u t h o r i t i e s a t A u s t i n
m a r k “ T o H e l l Avith t h e C o n s t i t u t i o n ” m a d e in c o n n e c t i o n
D e c . 1 7 a g a in s t fiv e c e m e n t c o m p a n ie s , c h a r g in g th e m w ith
th e ro A v ith .
T h e G o v e r n o r s ’ C o n f e r e n c e , b y Avhich t h o a n n u a l
c o m b i n a t i o n in r e s t r a i n t o f t r a d e a n d t h e f i x i n g o f p r i c e s ; t h e
c o n v e n t i o n s a r e t o b e knoAArn in t h e f u t u r e , r e p u d i a t e d t h o
p e n a l t i e s c l a i m e d in t h e s u i t w e r e s a i d t o a g g r e g a t e $ 7 , 6 0 0 , 0 0 0 .
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e s s e d b y G o v e r n o r B l e a s e b y a d o c is i v o v o t e .
In th e U . S . C ir c u it C o u r t a t C o lu m b u s , O ., J u d g e s W a r r in g ­
R e p e a t e d m e e t i n g s Avere h e ld b u t n o c o n c l u s i o n s r e a c h e d
t o n , K n a p p a n d D e n n i s o n a n n o u n c e d a d e c is i o n in t h e s u i t o f
in t h e c o n f e r e n c e b etA veen t h e m a n a g e r s o f t h o E a s t e r n r o a d s
th e G o v t , a g a in s t th e L . S . & M . S ., th e C h e s . & 0 . , th e H o c k .
a n d t h o o f f i c i a ls o f t h e B r o t h e r h o o d o f L o c o m o t i v e F i r e m e n
V a l ., th e T o l . & O . C e n t ., th e K a n a w . & M i c h ., th e Z a n e s .
a n d E n g i n e m e n Avith r e f e r e n c e t o t h e d e m a n d s o f t h e s o l a t t e r
& W e s t ., th o S u n d a y C r e e k C o a l C o ., th e C o n tin e n ta l C o a l
f o r in c r e a s e d c o m p e n s a t i o n a rid o t h e r r e q u e s t s , t h o u g h a n
C o . a n d t h e K a n . & H o c k . C o a l & C o k e C o . in f a v o r o f t h e
a m i c a b l e a g r e e m e n t Avas b r o u g h t n e a r e r b y c o n c e s s io n s
G o v t . , d e c la r i n g t h e r o a d s g u i l t y o f r e s t r a i n t o f t r a d e in v i o l a ­
m a d e b y th e B r o th e r h o o d a s to o v e r tim e a n d e x tr a m e n o n
tio n o f th e S h e r m a n la w .
T h e P u jo B a n k in g & C u r r e n c y
C o m m it t e e o f th e H o u s e o f R e p r e s e n ta t iv e s w a s v e r y a c tiv e
fr e ig h t tr a in s .
A r e f e r e n c e t o t h e a m o u n t s i n v o l v e d in t h e s e
in it s i n q u i r y i n t o t h o s o - c a l l e d “ M o n e y T r u s t , ” g i v i n g p a r ­
d e m a n d s w ill b e f o u n d u n d e r t h e e v e n t s f o r M a y . T h o ir o n
tic u la r a tt e n t io n to C le a r in g -H o u s e m e t h o d s a n d to th e S to c k
a n d s t e e l t r a d o c o n t i n u e d v e r y actiA re a n d a n o t h e r a d v a n c e
E xchange.
E la b o r a t e s ta tis tic s w ere p r e s e n te d , p re p a re d b y
o f $ 1 p e r t o n AA’a s m a d e in Avire, Aviro n a ils a n d o t h e r Aviro
a c c o u n t a n t s , in te n d e d to s h o w b a n k in g c o n tr o l b y a fe w le a d ­
p r o d u c ts th o m id d le o f th e m o n t h — m a k in g th o n e w p r ic e s
in g in t e r e s t s .
M r . J . P . M o r g a n w a s o n e o f t h e w it n e s s e s
$ 1 7 5 per. 1 0 0 l b s . f o r n a ils a n d $ 1 5 5 f o r p la in Avire.
Tho
e x a m in e d f o r tw o d a y s ju s t b e fo r e th e C o m m it t e o a d jo u r n e d
S te e l C o r p o r a tio n r e p o r te d 9 5 % o f its c a p a c it y e m p lo y e d a n d
fo r th e C h r is t m a s h o lid a y s u n til J a n . 6 .
H is te s tim o n y m a d e
h a d u n f i lle d o r d e r s o n i t s b o o k s N o v . 3 0 1 9 1 2 o f 7 , 8 5 2 , 8 8 3 t o n s
a d i s t i n c t l y f a v o r a b l e im p r e s s i o n u p o n t h e g e n e r a l p u b l i c .
a g a in s t o n ly 5 ,0 8 4 ,7 6 1 to n s D e c . 3 1 1 9 1 1 . I n th o c o p p e r
t r a d e a n e v e n t t h e l a t t e r p a r t o f t h o m o n t h Avas t h e p u r c h a s e
E a r ly in th e m o n t h , p r e p a r a t o r y to th e r e s u m p tio n o f th e
b y th e U . S . S te e l C o r p o r a tio n o f 7 ,0 0 0 ,0 0 0 lb s . o f e le c tr o ­
C o m m i t t e e ’ s h e a r in g s , R e p r e s e n t a t iv e P u j o w a s q u o te d a s
ly tic co p p e r a t 1 7 % c t s . a lb .
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h a v i n g i n t i m a t e d t h a t t h e P o s t a l la w s w o u l d b e i n v o k e d t o
p r e v i o u s l y b e e n A v ith h o ld in g o r d e r s in t h e lio p o t h a t t h e y
e x c lu d e s t o c k a n d m e r c a n t i l e e x c h a n g e s , c le a r i n g h o u s e s a n d
m i g h t b o a b l e t o g e t c o n c e s s i o n s in p r i c e .
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a s s o c i a t i o n s o f b a n k e r s a n d b r o k e r s f r o m u s e o f t h o m a i l s in
in d if f e r e n t p a r t s o f t h e c o u n t r y t o b r in g a b o u t a r e d u c t i o n
in te r -S ta te c o m m e r c e .
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in t h e p r ic e s o f t h e n e c e s s a r i e s o f l i f e .
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a s h a v in g s a id , m u s t c h a n g o th e ir m e t h o d s r a d ic a lly o r fa c e
in i t a n d in P h i l a d e l p h i a t h o H o u s e k e e p e r s ’ L e a g u o s o l d
p r o s e c u t i o n u n d e r t h o S h e r m a n la w a s c o n s p i r a c ie s in r e ­
s e v e r a l h u n d r e d t h o u s a n d d o z e n o f e g g s , f ir s t a t 2 4 c t s . a
s tr a in t o f tr a d e .
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d o z e n a n d la t e r a t 2 2 c t s . a d o z e n , a t r e m e n d o u s r e d u c t i o n
o f t h o s e n s a t i o n a l w a y in w h i c h t h e i n v e s t i g a t i o n w a s c o n d u c ­
fr o m th e p ric e s o f 3 5 @ 4 0 c t s . p r e v io u s ly r u lin g .
T h o eggs
te d w a s to c r e a te a fe e lin g o f u n e a s in e s s .
S o m e o f P re sid e n t­
Avere o b t a i n e d t h r o u g h a n a r r a n g e m e n t w i t h t h e c o l d - s t o r a g e
e le c t W i l s o n ’ s u t t e r a n c e s a l s o p r o v e d d i s t u r b i n g .
A f t e r re­
A v a ro h o u s e s , w h ic h a s s e r t e d t h a t p r i c e s h a d b e o n a r b i t r a r i l y
t u r n i n g f r o m a l o n g s o j o u r n in t h e B e r m u d a s h e d e l i v e r e d a
a d v a n c e d b y c o m m i s s i o n m e r c h a n t s a n d d e a le r s
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s p e e c h o n D e c . 17 a t t h e a n n u a l d i n n e r o f t h e S o u t h e r n S o ­
r e g a r d to th e a v a ila b le s u p p ly .
I t Avas s u g g e s t e d , h o w e v e r ,
c ie ty o f N . Y . a t th e W a ld o r f -A s t o r i a a n d m a d e u n p le a s a n t
t h a t t h o c o l d - s t o r a g e p e o p l e h a d b e e n f a c i n g a g l u t in t h o
a l lu s io n s t o t h e p o s s i b i l i t y o f s o m e o n e g e t t i n g u p a p a n i c , a n d
m a r k e t a n d h a d s ly ly a v a ile d o f th e m o v e m e n t to r e d u c e
s a i d : “ I f a n y o n e a t t e m p t s i t , I p r o m i s e y o u t h a t I w ill b u i l d
th e g ib b e t fo r h im a s h ig h as H a in a n ’s . ”
L a t e r in t h e m o n t h
t h e i r e x c e s s iv e s u p p l i e s .
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a n a r t i c l e w r i t t e n b y l i im fo r t h o J a n u a r y e d i t i o n o f t h e
F o o d L e a g u o a lso m a d e sa le s o f s to r a g e e g g s a t 2 4 c t s .
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th is c it y
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m a d e p u b l i c , a n d in t h i s h e d e c la r e d t h a t t h e c o u n t r y w a s
doAvn th o p r ic e o f a p p l e s .
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c a u g h t in a h e a r t le s s e c o n o m i c s y s t e m , t h a t A m e r i c a n i n d u s ­
Avere v e r y s l i g h t a n d M a y Avheat a t C h i c a g o c l o s e d a t 9 1 %
t r y a n d e n t e r p r is e w e r e n o l o n g e r f r e e , t h a t l a w s d o n o t p r e ­
c t s . D e c . 3 1 , a g a in s t 9 0 % c t s . N o v . 3 0 ; M a y c o r n a t 4 8 %
v e n t th o s tr o n g fr o m c r u sh in g th e w e a k , a n d th a t r e c o n str u c ­
c t s ., a g a in s t 4 8 % c t s . a n d M a y o a t s a t 3 2 % c t s ., a g a in s t
3 2 % cts.
T h o A g r ic u ltu r a l B u r e a u e s t im a t e d th e c o t t o n
t i o n o f b u s in e s s c o n d i t i o n s is n e e d e d .
I n a s p e e c h a t h is
b i r t h d a y c e l e b r a t i o n D e c . 2 8 a t S t a u n t o n , V a . , h o s a i d t h a t in
c r o p a t 1 3 , 8 2 0 , 0 0 0 b a le s o f 5 0 0 l b s . ( n o t i n c l u d i n g l i n t e r s ) ,
t h e 1 9 t h c e n t u r y “ w e g o t d r u n k w i t h t h o m e r e w in e o f p r o s ­
w h i c h c o m p a r e s Avith it s e s t i m a t e o f 1 4 , 8 8 5 , 0 0 0 b a le s f o r
1911.
T h o C e n s u s g in n in g r e tu r n s , h o w e v e r , m a d e q u ito
p e r i t y a n d f o r a l i t t l e w liilo f o r g o t t h a t o u r m i s s i o n w a s n o t t o
p il e u p g r e a t w e a l t h b u t t o s e r v o m a n k i n d in h u m a n i t y a n d 'u n f a v o r a b l e c o m p a r i s o n s w it h t h o p r e v i o u s y e a r , a n d m i d j u s t i c e , ” d e c la r e d t h a t “ t h i s ( t h e P r e s i d e n c y ) is a n o f f i c e in
li n g u p l a n d c o t t o n a t N oav Y o r k , a f t e r d e c l i n i n g f r o m 1 3 . 1 0
w h ic h a m a n m u s t p u t o n h is w a r p a i n t ” a n d a s s e r t e d t h a t
c t s . N o v . 3 0 to 1 2 .7 5 c t s . D e c . 4 , s o ld u p a g a i n to 1 3 .2 0 c t s .
“ a la r g e p a r t , t o o la r g e a p a r t , o f t h o f o r t u n e - m a k i n g o f r e c e n t
D ec. 31.
P r in t c lo th s a t F a ll R iv e r r e m a in e d a t 4 l - 1 6 e .
d e c a d e s h a s c o n s i s t e d in g e t t i n g s o m e t h i n g f o r n o t h i n g . ”
The
G o v e r n m e n t m o n e y h o ld i n g s in s u b - t r e a s u r i e s d e c r e a s e d
H o u s e o f R e p r e s e n ta t iv e s a t W a s h i n g t o n o n D e c . 5 p a s s e d
fr o m $ 3 7 2 ,5 9 0 ,7 0 3 to $ 3 7 1 ,2 4 5 ,2 9 3 a n d G o v e r n m e n t d o w it h o u t a d is s e n tin g v o t e th o A d a m s o n B i ll p r o v id in g fo r th e
p o s i t s in t h e b a n k s f r o m $ 4 6 , 7 9 8 , 0 5 8 to $ 4 0 , 5 2 4 , 5 4 4 .
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p h y s i c a l v a l u a t i o n o f r a ilr o a d s b y t h e
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tio n a l b a n k c ir c u la tio n s e c u re d b y b o n d s ro se fr o m $ 7 2 8 ,-




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5 1 5 , 2 8 5 t o 8 ------------------------ .
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N e w Y o r k i n t r o d u c e d a r e s o l u t i o n in t h e H o u s e o f R e p r e ­
s e n ta tiv e s d ir e c tin g th e S e c . o f th e T r e a s . to m a k o $ 5 0 ,­
0 0 0 , 0 0 0 a d d i t i o n a l d e p o s i t s in t h e n a t i o n a l b a n k s t h r o u g h o u t
th e c o u n t r y , b u t S e c r e ta r y M a c V e a g h c o u ld se e n o n e e d fo r
su ch a ste p a n d o n D e c . 18 th o S u b -C o m m itte e o f th e H o u se
C o m m it t e e o n B a n k in g a n d C u r r e n c y u n a n im o u s ly d e c id e d to
m a k o a n u n fa v o r a b le r e p o r t o n th e r e s o lu tio n .
On D ec. 30
S e c . M a c V e a g h d e c id e d to p u t in to e ffe c t o n F e b . I 1 9 1 3 a
n e w s y s t e m f o r d e a l i n g w i t h t h e r e c e ip t s a n d d i s b u r s e m e n t s
o f th e G o v e r n m e n t.
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th e G o v e r n m e n t in s te a d o f b e in g m a d e b y w a r r a n ts o n th e
T r e a s u r e r w i l l b o m a d e b y c h e c k s d r a w n b y d is b u r s in g
o ffic e r s o n th e T r e a s u r e r o f th e U n it e d S t a t e s p a y a b le a t a n y
n a tio n a l b a n k d e p o s ita r y a n d c h a r g e d to th e T r e a s u r e r .
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N . Y . C l e a r i n g H o u s e a d o p t e d a r e p o r t r e v i s i n g t h e r u le s
f o r t h e c o l l e c t i o n o f o u t - o f - t o w n c h e c k s s o a s t o in c l u d e a ll
b a n k s a n d t r u s t c o m p a n i e s in t h e S t a t e s o f M a s s a c h u s e t t s ,
R h o d e I s l a n d , C o n n . , N . J . a n d N e w Y o r k in t h e d i s c r e t i o n ­
a r y c la s s in w h i c h b a n k s a r e p e r m i t t e d t o c o ll e c t c h e c k s
w ith o u t c h a r g e .
T h e n e w r u l e s g o in t o e f f e c t M a r c h l 1 9 1 3 .
T h e B a lk a n P e a c e C o n fe r e n c e a t L o n d o n b e g a n D e c . 1 6 , b u t
n o t h i n g d e f i n i t e h a d b e e n a c c o m p l i s h e d b y t h e c lo s e o f t h e
m o n th .
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t h e s e s s io n o n D e c . 2 3 t h e B a l k a n a llie s n a m e d t h e c o n d i t i o n s
o n w h i c h t h o y w e r e w ill in g t o c o n c l u d e p e a c e w i t h T u r k e y .
T h e s o c o n d i t i o n s c a ll e d f o r t h e s u r r e n d e r b y T u i ’k e y o f a ll
t h e O t t o m a n p o s s e s s i o n s in E u r o p e t o t h e W e s t a n d n o r t h
o f a li n e d r a w n f r o m n e a r t h e G u l f o f S a r o s t o n e a r M i d i a
o n th e B la c k S e a .
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th e g rea te r p a rt o f T h r a c e .
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su rre n d e re d to th e B u lg a r ia n s , a n d
K i r k - K i l l i s s e u Avero
w ith in th e a r e a d e m a n d e d .
T h e c e s s io n o f t h e T u r k i s h
i s l a n d s in t h e A e g e a n S e a a n d t h e a b a n d o n m e n t b y T u r k e y o f
a l l r i g h t s in C r e t e , t h e l a t t e r t o b e c o m e a G r e e k p o s s e s s i o n ,
Avas a l s o d e m a n d e d .
A f t e r c o n f e r r i n g Avith C o n s t a n t i n o p l e
th e T u r k is h r e p r e s e n ta tiv e s s u b m it t e d c o u n t e r p r o p o s a ls o n
D e c . 2 8 Avhicli Avould h a v e l e f t T u r k e y in p o s s e s s i o n o f p r a c ­
t i c a l l y a ll t b o t e r r i t o r y c o n q u e r e d b y t h e a l l i e s .
G reece
Avas r e p r e s e n t e d a t t h e P e a c e C o n f e r e n c e , a l t h o u g h it h a d
n o t s ig n e d t h e a r m i s t i c e a g r e e m e n t a n d c o n t i n u e d t o p r o s c c u to a n a v a l w a r fa r e a g a in s t T u r k e y .
S e v e ra l m in o r n a v a l
e n g a g e m e n t s b e t w e e n t h e G r e e k s a n d T u r k s Averc r o p o r t e d
d u r i n g t h e m o n t h , Avith t h e r e s u l t s a p p a r e n t l y in d o u b t .
T h e a m b a s s a d o r s o f t h e n e u t r a l P o w e r s a l s o h e ld c o n f e r e n c e s
o f t h e i r o w n in L o n d o n .
I n o n o p a r t i c u l a r d e c id e d i m p r o v e ­
m e n t o c c u r r e d , i n a s m u c h a s o n D e c . 1 8 a n a g r e e m e n t Avas
r e a c h e d b y A u s t r i a a n d S e r v i a Avith r e f o r e n c o t o t h e m a t t e r s in
d i s p u t e b etA veen t h e tAvo c o u n t r i e s . A t t h e b e g i n n i n g o f t h e
m o n t h t h e s i t u a t i o n s t i ll Avoro a t h r e a t e n i n g a s p e c t . O n D e c . 2
th e
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m a d e a d e c la r a t i o n in t h e G o r m a n R e i c h s t a g , s a y i n g ( a f t e r
n o t i n g Avliat G e r m a n y h a d d o n e , f i r s t , t o p r o v e n t Avar, a n d
l a t e r t o l i m i t th o a r e a o f t h o w a r )
t h a t s h o u ld G e r m a n y ’ s
a llie s , A u s t r o -H u n g a r y a n d I t a l y , b o a t t a c k e d b y a th ird
p a r t y , a n d t h e r e b y t h r e a t e n e d in t h e i r e x i s t e n c e , G e r m a n y ,
f a i t h f u l t o h e r c o m p a c t s , Avoukl c o m e t o t h e i r a i d .
T h i s in
tu r n p r o v o k e d a re sp o n se fr o m th e F r e n c h P r e m ie r , M . P o in ­
c a r e , o n D e c . 5 , t o t h e e f f e c t t h a t F r a n c e Avould s t a n d b y
i t s a l lie s a n d it s f r i e n d s h i p s .
I n t h o s e t t l e m e n t betA veen
S e r v ia a n d A u s t r ia , th e fo r m e r a g r e e d to r e c o g n iz e th e a u ­
t o n o m y o f A l b a n i a , a n d i n s t e a d o f b e i n g a l l o w e d t o a c q u ir e
t h e p o r t o f D u r a z z o , on th e A d r i a t i c , to r e c e iv e th o u se o f a
c o m m e r c ia l p o r t o n th e A lb a n ia n c o a s t c o n n e c te d w ith S e r v ia
b y a n e u tr a l r a ilw a y .
T h e T r ip le A llia n c e , or D r e ib u n d , b e ­
t w e e n G e r m a n y , A u s t r i a , a n d I t a l y , w a s renoA ved e a r l y in t h o
m o n t h w i t h o u t a l t e r a t i o n f o r a p e r i o d o f s ix y e a r s , t h o u g h it
d id n o t e x p i r e u n t i l J u n e 1 9 1 4 ; t h e e x t e n s i o n p r o l o n g s t h o life
o f th e t r e a t y u n til 1 9 2 0 .
A u s t r ia ’s a t t i t u d e r e m a in e d u n d e r
s u s p i c i o n , oA ving t o t h o f a il u r o o f t h e G o v t , t o d e m o b i l i z e
t h e a r m y e v e n a f t e r t h o s e t t l e m e n t w it h S e r v i a .
A n A u s tr ia n
lo a n c o n s is tin g o f $ 2 5 ,0 0 0 ,0 0 0 G o v t . 4 % % T r e a s u r y n o te s ,
m a t u r i n g o n e - h a l f J u l y 1 1 9 1 4 a n d o n e - h a l f J a n . 1 1 9 1 5 , Avas
b r o u g h t o u t in t h o U n i t e d S t a t o s a n d i n F u r o p o a t 9 7 % , m a k ­
i n g t h e y i e ld 6 % .
T h e l o a n Avas t a k e n b y N e w Y o r k b a n k e r s
in c o n j u n c t i o n Avith a n A u s t r i a n g r o u p o f f i n a n c i a l i n s t i t u ­
t i o n s , a n d th o N oav Y o r k b a n k e r s u n d e n v r o t o o n e - h a l f t h e
lo a n .
W h it o la w R e id , A m e r ic a n A m b a s s a d o r to E n g la n d ,
d i e d in L o n d o n o n D e c . 1 5 o f a s t h m a .
G r e a t B r it a in ’s fo r ­
m a l p r o te s t i g a in s t th e p r o v is io n s o f th o P a n a m a C a n a l A c t
o f C o n g r e s s , u n d e r Avhich A m e r i c a n v e s s e ls e n g a g e d i n t h o
coastA v iso t r a d e a r e e x e m p t f r o m t h e p a y m e n t o f t o l l s , Avas
p r e se n te d b y J a m e s B r y c e , th o B r itis h A m b a s s a d o r , o n
D ec. 9.
T h e d o c u m e n t s u m m e d u p th e o b je c t io n s o f G r e a t
B r i t a i n t o t h e e x e m p t i o n c la u s e a n d s u g g e s t e d t h a t t h e m a t t e r
in d i s p u t e b o s u b m i t t e d t o a r b i t r a t i o n if t h o U n i t e d S t a t e s
d i d n o t s e e f i t t o r e m o v e t h o p r e f e r e n c e g i v e n t o co a stA v ise
sh ip s.
T h e C a n a d ia n P r e m ie r , R o b e r t L . B o r d e n , o n D e c . 5 ,
in a n a d d r e s s in t h o C a n a d i a n P a r l i a m e n t , a n n o u n c e d t h a t
C a n a d a p r o p o s e d a d d i n g t h r e e o f t h o m o s t p o A v e rfu l b a t t l e ­
s h ip s a f lo a t , a t a c o s t o f $ 3 5 ,0 9 0 ,0 0 0 , to th e n a v a l d e fe n c e o f
t h e B r i t i s h E m p i r e , t h o v e s s e ls t o b o b u i l t in G r e a t B r i t a i n
a n d t o f o r m p a r t o f t h o B r i t i s h f l e e t , b u t s u b j e c t t o r e c a ll t o
fo r m p a r t o f a C a n a d ia n n a v y s h o u ld s u c h b o n e c e s s a r y .
M r . B o r d e n a l s o s t a t e d t h a t th e B r i t i s h G o v t . h a d g i v e n a s ­
s u r a n c e s t h a t it w o u ld A velco m e t h e p r e s e n c e in L o n d o n o f a
C a n a d i a n M i n i s t e r , a n d t h a t n o i m p o r t a n t s t e p in f o r e i g n
p o l i c y b y t h e B r i t i s h G o v t . Avould b e u n d e r t a k e n w i t h o u t
c o n s u l t a t i o n Avith C a n a d a ’ s r e p r e s e n t a t i v e s .
T h e sit u a tio n
in M e x i c o a p p e a r e d t o b e g r o w i n g Avorse; r e b e l b a n d s c o n ­
t i n u e d a c t i v e in m a n y d i s t r i c t s , a n d t h e M a d e r o G o v t . Avas




39

a p p a r e n tly u n a b le to re sto re o r d e r ; A m e r ic a n s su ffe re d m u c h
in life a n d p r o p e r t y f r o m t h e d e p r e d a t i o n s o f M e x i c a n b a n d i t s .
T h o B r o o k ly n T r u s t C o . a r ra n g e d to a b so r b th e L o n g Is la n d
L oan & T ru st C o.
R a ilr o a d E v e n t s a n d Stock E x c h a n g e M a t t e r s .— T h e S u p r e m e
C o u r t d e c is i o n D e c . 2 in t h e U n . P a c . - S o u . P a c . m e r g e r s u i t
p r o d u c e d a la r g e a n d g e n e r a l b r e a k in p r ic e s o n t h e S t o c k
E x c h a n g e ; t h e d e c lin o Avas m o s t p r o n o u n c e d in U . P '., b u t
t h o Avliolo m a r k e t Avas a d v e r s e l y a f f e c t e d , a s t h e d e c is i o n c r e ­
a t e d a f e e l i n g t h a t o t h e r r a ilr o a d c o m b i n a t i o n s Avere a l s o li a b l e
t o a t t a c k u n d e r t h e r u l e s l a id doAvn i n t h i s c a s e , a n d , f u r t h e r ­
m o r e , t h a t t h o i n d u s t r i a l c o m b i n a t i o n s a g a i n s t Avhich s u i t s
h a d a lr e a d y b e e n b r o u g h t u n d e r th e A n t i -T r u s t la w w o u ld
fin d it d iffic u lt to e s c a p e c o n d e m n a t io n .
T h e f a ll in p ric e s
c o n t i n u e d t h e f i r s t t w o Aveeks o f t h e m o n t h .
T h e d e c is i o n
in t h e a n t h r a c i t e c o a l c a s e s , r e n d e r e d D e c . 1 6 , w h il e g o i n g
m u c h f u r t h e r i n c o n d e m n a t i o n o f t h e a n t h r a c i t e c a r r ie r s
t h a n t h e lo w e r C o u r t h a d g o n e , y e t f a i l e d t o f i n d t h e e x i s t ­
e n c e o f a g e n e r a l c o m b in a t io n a n d m a d e n o r u lin g a s to th e
le g a lit y o f c e rta in m in o r a b so r p tio n s b y th e se p a r a te r o a d s .
T h i s w a s c o n s t r u e d f a v o r a b l y , a n d t h e in c r e a s e i n t h e R e a d i n g
q u a r t e r l y d i v i d e n d f r o m 1 % t o 2 % , a feAV d a y s l a t e r , h a d a
f u r t h e r s t i m u l a t i n g e f f e c t , Avhile t h e s t r e n g t h o f t h e c o p p e r
s t o c k s o p e r a t e d in t h e s a m e d i r e c t i o n .
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p r e v i o u s lo s s Avas r e c o v e r e d .
T h e r e a fte r tr a n s a c tio n s d w in ­
d le d t o s m a l l p r o p o r t i o n s , t h o u g h a t t h e v e r y c lo s e t h e r e Avas
s o m e r e v iv a l o f a c t iv it y a t im p r o v in g p rice s.
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U . P . c o m . f r o m 1 7 1 % D e c . 2 f e ll t o 1 5 0 % D e c . 1 2 a n d c l o s e d
at 160 D ec. 3 1 .
S o . P a c . d e c lin e d f r o m 1 1 1 % D e c . 2 t o
1 0 3 % D e c . 2 1 a n d c lo s e d a t 1 0 6 % .
N o . P a c . f e ll f r o m
1 2 5 % D e c . 2 to 1 1 7 % D e c . 11 a n d c lo s e d a t 1 2 1 % .
N . Y . C.
f r o m 1 1 4 % D e c . 2 fe ll t o 1 0 6 % D e c . 1 6 a n d c l o s e d a t 1 0 8 % A m a l . C o p . f r o m 8 5 % D e c . 2 d e c li n e d t o 7 0 % D e c . 1 6 a n d
c lo s e d a t 7 8 % .
S t e e l c o m . f r o m 7 4 % D e c . 2 fe ll t o 6 3 % D e c .
1 6 a n d c lo s e d D o c . 3 1 a t 6 8 .
A m e r . C a n c o m . Avas s t r i k i n g l y
Avcak a n d d r o p p e d f r o m 4 1 % D e c . 2 t o 2 6 D e c . 1 0 a n d c lo s e d
D e c . 3 1 a t 3 0 % ; d i s a p p o i n t m e n t Avas e x p r e s s e d b e c a u s e in th o
d i v i d e n d s d e c la r e d o n t h e p r o f , s h a r e s t h e p a y m e n t o n a r ­
r e a r s o f d i v i d e n d s Avas s o s m a l l .
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a n a n n . d i v . o f 1 % o n c o m . , a g a i n s t 2 % in o t h e r y e a r s . U n .
B a g & P a p e r o m i t t e d t h e d i v . o n it s p r e f . s t o c k .
D e l. L a c k .
& W e s t , o f f e r e d $ 1 2 , 0 0 0 , 0 0 0 neAV s t o c k a t p a r t o it s s t o c k ­
h o ld e r s .
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d it io n s a n d b e t t e r m e n t s .
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2 0 % N o v . 2 9 , t h e h i g h e s t r a t o D e c . 2 Avas 1 6 , D e c . 3 o n l y 9 % ,
D ec. 4 8 % .
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a g a i n 1 2 a n d t h e s a m e f ig u r e Avas r e a c h e d o n F r i d a y , D e e . 2 7 .
T h is w a s th e o n ly e v id e n c e o f te n sio n a n d o n D e c . 3 1 th e
r a n g e Avas 3 @ 6 % .
T i m e m o n e y D e c . 3 1 Avas q u o t e d a t
5 % @ 6 % fo r 6 0 d a y s , . 5 % fo r 9 0 d a y s a n d 5 % @ 5 % fo r 4 to
O m o s . M e r c a n t i l e p a p e r Avas q u o t e d a t 6 f o r d o u b l e n a m e s
a n d c h o i c e s in g le n a m e s a n d 6 % f o r p a p e r n o t s o Avell k n o A v n .
T h e N . Y . C le a r in g -H o u s e b a n k s a n d tr u s t c o s ., a fte r th e d e f­
i c i t o f $ 5 , 0 5 7 , 9 5 0 in c a s h r e s e r v e s s I io a v i ) N o v . 3 0 , t h e n e x t
S a t u r d a y , D e c . 7 , r e p o r t e d a s u r p lu s o f $ 3 , 0 1 5 , 2 0 0 , a n d t h i s
Avas f u r t h e r in c r e a s e d t o $ 8 , 1 4 1 , 1 0 0 D e c . 2 1 ; o n D e c . 2 8 t h o
s u r p lu s Avas $ 6 , 3 9 6 , 6 0 0 .
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$ 3 7 4 ,5 2 5 ,0 0 0 N o v . 3 0 to $ 3 8 5 ,1 3 2 ,0 0 0 D e c . 2 8 .
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th e n in c r e a s e d t o $ 1 , 6 7 6 , 7 3 6 , 0 0 0 D e c . 2 8 .
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o f th e se in s titu tio n s d e c re a se d fr o m $ 5 8 1 ,7 6 2 ,0 0 0 N o v . 3 0 to
$ 5 6 4 ,6 8 9 ,6 0 0 D e c . 2 8 .
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p a r t o f D e c . , b u t t h e B a n k o f E n g l a n d Avas lo s i n g la r g e
a m o u n t s o f t h o m e t a l f r o m Aveek t o Aveek ( t h e t o t a l Joss f o r t h e
f o u r w e e k s e n d i n g D e c . 2 6 r e a c h i n g n o le s s t h a n £ 7 , 4 5 7 , 7 1 3 ,
t h e r e b e i n g l a r g e s h i p m e n t s t o t h e in t e r io r a s w e ll a s h e a v y d e ­
m a n d s f o r e x p o r t ) , a n d i t Avas i n t i m a t e d t h a t f u r t h e r p u r ­
c h a s e s in t h e o p e r . m a r k e t AA'ould b e c o n s i d e r e d t a n t a m o u n t t o
t h o t a k i n g o f g o l d f r o m t h e B a n k i t s e l f , a n d le a d t o a n a d v a n c e
in t h e B a n k r a t e o f d i s c o u n t t o 6 % .
A fte r a b o u t D e c . 10
e a s ie r m o n e y c o n d i t i o n s h e r e , t o g e t h e r Avith f i r m n e s s in m o n e y
a b r o a d , a s Avell a s t h e u s u a l y e a r - e n d d e m a n d f o r r e m i t t a n c e s
o n i n t . a n d d i v . a c c o u n , c a u s e d a s h a r p a d v a n c e in e x c h a g e .
A roneA ved r is e i n c a l l - m o n e y r a t e s h e r e D e c . 2 6 a n d D e c . 27.
w a s a t t e n d e d b y a c o r r e s p o n d i n g d e c lin e in e x c h a n g e r a t e s ,
w h i l e t h e d e v e l o p m e n t o f e a s ie r m o n e y r a t e s s u b s e q u e n t l y le d
t o a r is e in e x c h a n g e a g a i n a t t h e c l o s e .
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it s loA vest D e c . 4 a t 4 8 4 4 0 @ 4 8 4 5 0 a n d a t i t s h i g h e s t D e e . 2 1
at 4 8 5 6 0 @ 4 8 5 7 0 .
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4 8 4 6 0 @ 4 8 4 7 5 D e c . 2 7 , Avith t h e c lo s e D e c . 3 1 4 8 5 2 0 @
4 8530.
O p e n m a r k e t d i s c o u n t s a t L o n d o n D e c . 3 1 Avere 4 %
f o r 6 0 - d a y s p o t b ills a n d 4 % f o r b ills t o a r r i v e , Avliile 9 0 - d a y
s p o t b ill s w e r e 4 1 3 - 1 6 a n d b ill s t o a r r i v e 4 % .
A t P a r is th e
r a t o Avas 4 % f o r f in a n c ia l b ill s a n d 4 % f o r c o m m e r c i a l b i l l s .
A t B e r l i n t h e r a t e w a s 5 % f o r s p o t b ill s a n d 5 % @ 5 % f o r b ills
t o a r r i v e , a ll m a t u r i t i e s .
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T H E C H R O N IC L E

40

B A N K IN G , L E G IS L A T IV E AND F IN A N C IA L N E W S.
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parcel p o st sy s te m ,

w h ic h

w as

p r o v id e d

fo r

in t h e P o s t O f f i c e a p p r o p r i a t i o n b i l l , p a s s e d a t t h e l a s t s e s s io n
o f C o n g r e s s , w a s p u t in to o p e r a tio n o n th o

1 st in s t.

The

a c t i o n o f t h e G o v e r n o r s is is s u e d b y t h e E x c h a n g e .

n e w s y s t e m w a s e ffe c tiv e t h r o u g h o u t th o e n tir e p o s t a l s e r v ic e

D ecem ber 26 1912.
A t a m e e tin g o f th e G o v e r n in g C o m m it t e e h eld this d a y , th e follow in g
resolution a d o p te d Juno 2 8 1 9 1 1 , W A S R E S C I N D E D :
W h e r e a n o n -m e m b e r b u y s or sells, ou tsid e o f th e E x c h a n g e , secu rities
th a t are d e a lt in on th e E x c h a n g e , an d h as th e m cleared b y a m e m b er o f
♦lie E x c h a n g o , th e ra te o f com m issio n to b e charged an d c olle cted m u st
b e ys o f 1 % .

a t th e s a m e t i m e , a n d a ffe c t s e v e r y p o s t o f f ic e , c i t y , r u r a l,

— I t h a s d e v e lo p e d th is w e e k t h a t U . S . A t t o r n e y -G e n e r a l
W ic k e r s h a m

has

a d v is e d

P re sid e n t

T a ft

th a t

th e

la tte r ,

if h e d e e m s i t p r o p e r so t o a c t , h a s th e p o w e r t o d ir e c t t h a t
th ere b e

fu r n is h e d

in fo r m a tio n
c o n c e r n in g

to

a c q u ir e d
n a tio n a l

th e P u jo
by

th e

bank

C o m m itte e

a t W a s h in g to n

C o m p tr o lle r o f

a ffa ir s .

The

th e

C u rren cy

A tto r n e y -G e n e r a l

h a s b e e n p r o m p t e d t o m a k e k n o w n h i s v i e w s in t h e m a t t e r
b e c a u s e o f th e p u b lic a tio n o f m e m o r a n d a p re p a r e d b y W r i s le y B r o w n , s p e c ia l a t t o r n e y fo r th e D e p a r t m e n t o f J u s tic e
a t W a s h i n g t o n , in w h i c h M r . B r o w n e x p r e s s e d t h e o p i n i o n
t h a t it w o u ld c o n s titu te a u s u r p a tio n o f p o w e r fo r th e C o m p ­
t r o l l e r t o a t t e m p t t o u t i l i z e t h e m a c h i n e r y o f h i s o f f ic e t o
m a k e a n y i n v e s t i g a t i o n o f n a t i o n a l b a n k s w h i c h is n o t c o n ­
te m p la te d

by

th e la w s

g o v e r n in g

th e m .

M r.

B row n

a ls o

h e ld t h a t n e ith e r b r a n c h o f C o n g r e s s h a s a u t h o r it y t o se c u re
t h e in fo r m a t io n s o u g h t e x c e p t th r o u g h th e m e d iu m o f d ir e c t
le g is la t io n .

A c c o rd in g

to

th e

re p o rts

fro m

W a sh in g to n ,

M r . B r o w n ’ s o p in io n w a s o n e o f s e v e r a l p r e p a r e d f o r th e A t ­
t o r n e y - G e n e r a l , a n d is n o t t o b e c o n s i d e r e d a s e m b o d y i n g
th e v ie w s o f M r .

W ic k e r s h a m , a p a r t o f w h o s o o p in io n a s

e x p r e s s e d t o t h e P r e s i d e n t is r e p o r t e d a s f o l l o w s :
N o w h e r e in th e law Is thero a n y express p rovision th a t th e in fo rm a tio n
acqu ired b y th e C o m p tro ller sh all b e con fid en tial; w hilo, if in y o u r op in ion ,
th e in terests o f th e G o v e r n m e n t req u ire t h a t tho in fo rm a tio n sh all b o so
tre a te d , y o u h a v o th e righ t to refu se to d iv u lg e it ,
*
*
*
yet I am
clearly o f th e view t h a t , if in y o u r op in ion it Is proper to g iv e th is in fo rm ation
t o tho H o u s e c o m m itte e , y o u h a v o th o law fu l pow er to d o so .
*
*
*
I f y o u b e lie v e th a t a n y in fo rm a tio n ou tlin ed b y M r . U n te r m y e r sh ou ld
b e ob ta in e d an d considered b y th e C o m p tr o lle r In the p erform an ce o f his
d u ties, in m y op inion y o u m a y d irect h im to procu re it; a n d , a fte r it h as been
o b ta in ed fo r th is le g itim a te p u rp ose, y o u m a y , if y o u d eem p roper, d irect
h im to fu rn ish it to tho H o u se c o m m itte e .
I f , h o w ev er, n either y o u n or
th e C o m p tr o lle r b elie ve th a t su ch in fo rm a tio n is u seful or n ecessary to h im
hi tho p erform an ce o f h is d u ties, y o u co u ld n o t p rop erly d irect h im to p ro­
cure it.
I express n o op in ion as to th e p ro p rie ty o f furn ishin g to tho H o u se c o m ­
m itte e a n y in fo rm a tio n gathered b y tho C o m p tr o lle r .
I a m in form ed th a t
it h as been th e c u sto m o f his o ffic e to consid er a general p art o f su ch infor­
m a tio n as c o n fid en tia l.
B u t as to th e w isd o m o f a p p ly in g tills rule in tho
present in sta n ce , tho S ecretary o f th e T r e a su r y an d th e C o m p tr o ller can
b e st a d v ise y o u .
*
*
*
I f th e c o m m itte e is w ith o u t a d eq u a to pow ers to en ab le it t o pursuo tho
in q u iry c o m m itte d to it b y th e H o u se (as to w hich I express n o o p in io n ),
it sh ould see k a d d ition al pow er b y w a y o f a m e n d m e n t to th e la w or b y jo in t
resolution o f b o th H ou ses o f C o n g re ss.
I t c a n n o t p r o p e r ly ex p e ct th e
C o m p tr o lle r o f th e C u r r e n c y , b y a strained c on stru ction o f th e s ta tu te s ,
t o exercise a p ow er g iv e n to h im for a d e fin ite purposo to procu re in form a­
tion fo r a n o th e r p u rp ose, th u s furn ishin g in d irectly to tho c o m m itte e in ­
fo r m a tio n w hich th e law d ose n o t au th orize it t o g e t d ir e c tly .

T h e i n f o r m a t i o n s o u g h t b y t h e c o m m i t t e e , i t is s t a t e d , is
a s fo llo w s :




and

r a ilw a y

U nder

m a ila b le
e le v e n

m a il

tr a n s p o r ta tio n

th e r e g u la tio n s g o v e r n in g
( i n c lu d i n g f a r m

pounds

in

ro u te

th e

in

th e

co u n try .

sy ste m

any

a r t i c le is

a n d f a c t o r y p r o d u c t s ) if n o t o v e r

w e ig h t,

nor

m ore

th a n

i n c h e s in l e n g t h a n d g i r t h c o m b i n e d , ”
th e

m a ils

o r p o s ta l e q u ip m e n t o r

c h a r a c te r
fo r

p e r i s h a b le

tr a n s p o r ta tio n

a p p ly *

and

w ith in

and

o th e r

a

e m p lo y e s ,

p e rio d

d e liv e r y .

p a r tic u la r s

“ s e v e n ty -tw o

n o r lik e ly

The

ra te s

i n ju r e

not

r e a s o n a b ly

c o n c e rn in g

i n d i c a t e d in o u r is s u e o f A u g u s t 3 1 .

to

and

w h ic h

th e

of a

r e q u ir e d
are

sy ste m

to

w ere

S p e c ia l s t a m p s , tw e lv e

in n u m b e r , a ll p r i n t e d i n r e d , a n d r a n g i n g f r o m o n e c e n t t o
o n e d o lla r , h a v e
of pack ages.

been

d e s ig n e d

T h e sy ste m

th e

tr a n s m is s io n

w a s in a u g u ra te d a t

s o le ly fo r

W a s h in g to n

b y P o s tm a s te r G e n e r a l H i t c h c o c k , w h o fo r w a r d e d to E . M .
M o r g a n , P o s t m a s t e r a t N e w Y o r k , a s ilv e r lo v in g c u p w h ic h
is t o b e e n g r a v e d w i t h a s u i t a b l e i n s c r i p t i o n a n d p l a c e d in
th e N a tio n a l M u s e u m

a t W a s h in g to n

to c o m m e m o r a t e th e

a d o p tio n o f th e s y s t e m .
The

f ir s t

parcel

w as sen t to
John

to

le a v o

P r e sid e n t T a f t

th o
by

W a n a m a k e r ; it c o n ta in e d

s p o o n s , r e p r e s e n tin g
co u n try ’s

each

T e rrito ria l

p a rce l fr o m

N ew

of

and

Y ork

P h ila d e lp h ia

post

fo rm e r P o stm a s te r
a

th e

set of 5 8
48

i n s u la r

s ilv e r s o u v e n ir

S ta te s

and

p o sse ssio n s.

w a s a lso fr o m

o f f ic o

G eneral

M r.

a ll o f
Tho

th e
fir s t

W a n a m a k e r ; it

w a s a s ilv e r v a s e a n d w a s fo r w a r d e d to P o s t m a s t e r G e n e r a l
H itc h c o c k .
— A c h a n g e in th e b u s in e s s m e t h o d s o f th e U . S . T r e a s u r y
D e p a r t m e n t in h a n d l i n g t h e i n c o m e a n d e x p e n d i t u r e s o f t h e
F ed eral

G overnm en t

w ill b e

M acV eagh on F eb . 1.

put

in to

e ffe c t

by

S e c re ta ry

T h e n o w p l a n is i n t e n d e d t o s i m p l i f y

th e s y s t e m o f d is b u r s in g G o v e r n m e n t f u n d s ; u n d e r th o p re s­
e n t c u s t o m c e r t i f i e d c h e c k s r e c e i v e d b y t h e G o v e r n m e n t in
p a y m e n t o f c u s to m s d u tie s a n d
d ia te ly
v erted

d e p o site d
in to

in

a c tu a l ;

th o
■‘

in te r n a l r e v e n u e a r e im m e ­

f u b -t r e a s u r ie s
.

and

biefore t h e y c a n

m u st

be

b e p a id

con­

ou t on

c h e c k s o f d i s b u r s i n g o f f i c e r s ; t h e c h a n g e in v i e w c o n t e m p l a t e s
th e d e p o sit o f su c h c h e c k s w ith b a n k s d e s ig n a te d a s F e d e ra l
d e p o sito rie s.

T h e a c c o u n t s o f t h e F o d o r a l d i s b u r s i n g o f f ic e r s

w i ll b e p l a c e d w i t h t h o T r e a s u r e r o f t h o U n i t e d S t a t e s a n d
a ll d is b u r s in g o ffic e r s ’ c h e c k s d r a w n o n t h a t o ffic ia l m a y b o
c a s h e d b y a n y n a tio n a l b a n k d e s ig n a te d a s a U n i t e d S ta t e s
d e p o sito ry .
r e p le n is h
in te rn a l

B a n k s m a k in g su c h p a y m e n ts m a y im m e d ia te ly

th e

sp e c ifie d

reven ue

a c c o r d in g ly

account

r e c e ip ts

fo rw a rd

to

d a ily

th e

fro m

F ederal

d e p o site d .

s u b -tr e a s u r ie s

cu sto m s

or

T h o b a n k s w ill
o n ly

th e

excess

o f r e c e ip ts o v e r e x p e n d itu r e s ; if th e e x p e n d itu r e s a r e g r e a te r
t h a n t h e r e c e i p t s , t h e s u b - t r e a s u r i e s w ill s u p p l y t h e d e f i c i e n c y .
I n t h i s m a n n e r , i t is e x p l a i n e d , m u c h o f t h e G o v e r n m e n t ’ s

Ja n . 4 193 3]

T H E C H R O N IC L E

b u s in e s s m a y b e tr a n s a c te d w it h o u t th e a c t u a l u s e o f c u r ­
ren cy.

T h o n o w p l a n w i l l in e f f e c t b e a n e x t e n s i o n o f t h e

C le a r in g -H o u s e

p r i n c ip le

to

th o

G o v e rn m e n t,

th e

banks

c h e c k i n g e x p e n d i t u r e s a g a i n s t r e c e i p t s a n d t h e n m a k i n g t h o ir

41

E r n e st G . W . B a s e y , In d ia n a p o lis; business a g e n t L o c a l N o . 2 2 in 1 9 0 9
a n d u n til J u ly 1 9 1 0 .
G e o r g eiN ip p er A n d e rso n , C le v e la n d ; m e m b e r o f L o c a l N o . 3 7 .
W illia m E . R e d d in , M ilw a u k e e ; business a g e n t L o c a l N o . 8 J an u ary
1 9 0 6 to d a te .

in

P au l J . M o r r in , S t. L o u is; P resid en t an d b u sin ess ag e n t L o c a l N o . 18
in 1 9 0 9 an d 1 9 1 0 .

t h e b a n k s is c o n t e m p l a t e d w i t h t h e a d o p t i o n o f t h e n o w s y s ­

M ic h a e l J . H a n n o n , S cran ton , P a .; business ag e n t L o c a l N o . 2 3 .
W illia m J . M c C a in , K a n sa s C it y ; business a g e n t o f L o c a l N o . 10 in 1 9 0 9 .
AV. B e r t B r o w n , K a n sa s C it y ; busin ess age n t L o c a l N o . 10 in 1 9 1 0 .
M ic h a e l J . C u n n a n e , P h ilad e lp h ia; b u sin ess age n t L o c a l N o . 13 .
T w o Y e a r s . — R ich ard I I . H o u lih a n , C h ic a g o ; F in an cial S ecretary L o c a l
N o . 1 fr o m 1 9 0 7 to d a te .

s e ttle m e n ts w ith th o T r e a s u r y .

N o in e r e a s o o f d e p o s i t s

te m .

.

— T h ir ty -e ig h t

out

o f fo rty

d e fe n d a n ts

in

th e

d y n a m ite

c o n s p ir a c y ca so w ere c o n v ic te d o n th e 2 8 t h u lt . o n e v e r y o n e
o f t h e f i f t y - t w o c o u n t s in t h e i n d i c t m e n t o n w h i c h t h e y w e r e
tr ie d

b e fo r e

a

ju r y

in

th e

F ederal

C ou rt

at

I n d ia n a p o lis .

A ll b u t tw o o f th o se fo u n d g u ilt y (O la f A . T v io t m o e a n d I lir a m
R . K lin e ) w e re id e n tifie d w it h th e I n t e r n a t io n a l A s s o c ia t io n
o f B r id g e a n d S tr u c tu r a l I r o n W o r k e r s , a n d th e e n tir e e x e c u ­
t i v e s t a f f o f t h o l a t t e r , e x c e p t f o r t w o o f f i c i a l s , is n o w c o n ­
f i n e d in j a i l .
v ic tio n

T h e in d ic t m e n t o n w h ic h la s t S a t u r d a y ’s c o n ­

re ste d

ch arged

n itr o -g ly c e r in e

and

c o n sp ir a c y

o th e r

to

e x p lo s iv e s

v io la t io n o f th o in t e r -S t a t e la w s .
d i c t e d in F e b . 1 9 1 2 ;

tra n sp o rt
on

d y n a m ite ,

r a i lr o a d

t r a in s

in

T h o d e f e n d a n t s w e r e in ­

th e r e w e re o r ig in a lly tw o in d ic tm e n ts ,

b u t th e s e w e r e l a t e d c o n s o l i d a t e d i n t o o n e .

T h e in d ic tm e n t

g r e w o u t o f a s e r ie s o f d y n a m i t e e x p lo s i o n s c o v e r i n g a p e r io d
o f s ix y e a r s , a n d c u l m i n a t i n g in t h o d e s t r u c t i o n o f t h e L o s
A n g e l e s “ T i m e s ” b u i l d i n g o n O c t . 1 1 9 1 0 , w h ic h r e s u l t e d in

F ra n k J . H ig g in s, B o s to n ; N e w E n g la n d organizer for the Iron W o r k e r s
in 1 9 1 1 .
I'ra n k K . P a in te r , form e rly o f O m a h a ; business agen t o f L o c a l N o . 21 in
1910.
b red S h irem an , In d ia n a p o lis; b u sin ess ag e n t o f L o c a l N o . 2 2 fr o m A u g u st
1 9 1 0 to d a te .
O n e Y e a r a n d O n e D a y . — J am e s E . R a y , P eoria, P resid en t o f L o c a l N o .

11 2 in 1 9 1 0 .
W illia m S h u p e, C h ic a g o ; b u sin ess a g e n t L o c a l N o . 1 in 1 9 1 0 .
W illia m B ern h a rd t, C in c in n ati; F in an cial S ecretary L oc al N o . 4 4 fro m
1 9 10 u ntil b egin nin g o f d y n a m ite tria l.
E d w a rd E . P hillip s, S yracu se, N . Y . ; F in an cial S ecretary an d T reasurer
o f L o c a l N o . 6 0 in 1907 an d 1 9 0 8 .
C h arle s W a c h tm e iste r , D e tr o it; business a g e n t L o c a l N o . 2 5 in 1 9 1 0 .
F r e d . M o o n e y , D u lu th , M i n n .; F in an cial S ecretary L o c a l N o . 3 2 in 1 9 1 0 .
S e n te n ce s S u s p e n d e d .
P atric k F . F a rre ll, m e m b e r o f execu tive board
1 9 0 6 -0 7 ; S ecretary-T reasu rer o f th e Iron W o r k e r s ’ D istr ic t C o u n cil o f N e w
Y ork.
J am e s C o o n e y , C h ic a g o ; b u sin ess ag e n t o f local u nion fr o m J u ly 1 9 0 9 to
J u ly 1 9 1 0 .

Ilir a m R . K lin e , M u n c ie ; fo rm e rly general organ izer fo r th e U n ited
B roth erh ood o f C arpenters an d Joiners o f A m e r ic a .
F r a n k J . M u r p h y , D e tr o it; business ag e n t L o c a l N o . 2 5 in 1 9 1 0 .
B .
M c N a m a r a , a r e a l r e a d y s e r v i n g t e r m s in S a n Q u e n t i n
J am e s C o u g h lin , C h icago; assistan t b u sin ess ag e n t L o c a l N o . 1 in 1 9 1 0 .
T h o tw o a c q u itte d b y th o ju r y are:
P r iso n , C a l.
U n d e r th o in d ic tm e n t o f la s t F e b r u a r y , 5 4 d e D a n ie l B u c k le y , D a v e n p o r t, l a . ; F in an cial S ecretary an d T reasu rer
fe n d a n ts (a m o n g w h o m w e re th e M c N a m a r a s ) w ere n a m e d ;
L o c a l N o . I l l , o f R o ck Islan d , 111., an d D a v e n p o r t, l a . , fr o m 1 9 0 8 to 1 9 1 1 .
o f th a t n u m b e r J o h n J . M c C r a y , fo r m e r ly o f W h e e lin g ,
H e r m a n G . S eiffert, M ilw a u k e e ; acte d as b u sin ess ag e n t d urin g illness
o f W . E . R e d d in in 19 11 .
W . V a . , a n d a t o n o tim e a m e m b e r o f th o I r o n W o r k e r s ’

th o d e a th o f 2 1 p e r s o n s .

J o h n J . M c N a m a r a , w h o w as charged

w i t h b e i n g t h e p r i n c ip a l in t h e c r i m e s , a n d h is b r o t h e r , J a m e s

In

e x e c u tiv e b o a r d , w a s n e v e r fo u n d ; D . J . B r o p h y , o f B r o o k ly n ,
a n o th e r

d e fe n d a n t,

a lso

a

fo rm e r

board

m em ber,

w as

a s ta te m e n t read b y J u d g e A n d e r s o n

b e fo r e s e n te n c e

w a s p a s s e d , h e d e c la r e d t h a t “ a c o n s i d e r a t i o n o f t h e e v i d e n c e

u n a b lo to b e a t th e tria l b e c a u s e o f a n in ju r y , a n d h is c a se

in t h i s c a s e w ill c o n v i n c e a n y i m p a r t i a l p e r s o n t h a t G o v e r n ­

w as se p a ra te d fr o m

m e n t b y in ju n c tio n

M c M a n ig a l,
C la r k ,

th e

p le a d e d

th a t o f th e o th e r d e fe n d a n ts;

G o v e r n m e n t ’s c h ie f w it n e s s , a n d

g u ilty ;

th r e e

m en ,

A ndrew

J.

O rtie E .
E d w ard

K avanaugh

o f S p r i n g f i e l d , 111., P a t r i c k R y a n o f C h i c a g o , a n d J . W . I r w i n
o f C h i c a g o w e r e d is c h a r g e d f o r l a c k o f e v i d e n c e a t t h o b e g i n ­
n in g o f th e tr ia l;
n a m e ly

on D e e . 2

Spurgeon

P.

fo u r

M eadow s

a g e n t o f th o C a r p e n te r s ’ U n io n ;

o th e rs
of

w ero

d is c h a r g e d ,

In d ia n a p o lis ,

W illia m

b u s in e s s

K . B en son of E a st

G a lw a y , N . Y . , fo r m e r P re s id e n t o f th e D e t r o it F e d e ra tio n
of L abor;

M o u lt o n I I . D a v is o f W e s t C h e ste r , P a ., m em b e r

o f th e e x e c u tiv e b o a r d

o f th e

Iro n

J o h n R . C a r r o ll o f S y r a c u s e , N .
o f th e I r o n W o r k e r s ; a ft e r a ll th o

Y .,

W o r k e r s in

1900,

and

fo r m e r b u s in e s s a g e n t

e v id e n c e

in

th o caso h a d

b e e n p r e s e n t e d , J u d g e A n d e r s o n a l s o d is c h a r g e d C l a r e n c e E .
D o w d , g e n e r a l o r g a n iz e r o f th e M a c h in is t s ’ U n io n , th o n u m ­
b e r o f d e fe n d a n ts b e in g th u s r e d u c e d to 4 0 .

T h e tria l la s te d

t h i r t e e n w e e k s — i t b e g a n o n O c t . 1— a n d is s a i d t o h a v e c o s t
t h o G o v e r n m e n t in t h o n e i g h b o r h o o d o f $ 7 5 0 , 0 0 0 .
c e s w ore im p o s e d

on M o n d a y

b y Judge A n d erson .

S e n te n ­

tio n

of

B r id g e

and
of

S tru ctu ra l

Iron

W ork ers,

im p r is o n m e n t— s e v e n -y e a r s .

is g i v e n
In

th o

th o
caso

o f s i x , i n c l u d i n g E d w a r d C l a r k , w h o , a s n o t e d a b o v e , p le a d e d
g u ilt y — se n te n c e w a s su s p e n d e d .

T h o n a m e s o f th o so c o n ­

v i c t e d , w i t h t h e s e n t e n c o i m p o s e d in e a c h c a s o , is a s f o l l o w s :
S e v e n Y e a r s . — F ra n k M . R y a n , C h ic a g o , P resid en t o f tho In te rn ation al
A sso c ia tio n o f B ridge an d S tru ctural Iron W o rk ers sinco 1 9 0 5 : prior to th a t
tim e busin ess age n t o f C h ic a g o L o c a l N o . 1.
S i x Y e a r s . — J ohn T . D u tle r , B u ffa lo , N . Y . , F irst V ic e-P resid e n t o f tho
Ir o n W o r k e r s; m e m b er o f tho ex ecu tive b oard in 1 9 0 0 , 1 9 0 2 , 1 0 9 4 , 1900
to d a te .
E u g e n e A . C la n c y , San F ran cisco, form e r F irst V ic e-P resid e n t o f tho
u n ion ; m e m b e r o f tho In tern ation al execu tive b oard 1 9 04 to S ep te m b er 19 1 1 .
H er b e rt S . H o c k in , form er business age n t a t D e tr o it; m e m b er o f execu tive
b oard fro m 1 9 0 9 to d a te ; a p p o in ted S ecretary-T re asu rer to su cceed J . J .
M c N a m a r a , resigned fr o m secretarysh ip d urin g th e tria l, after ho w as sen t
to ja il.

M ic h a e l J . Y o u n g , B o s to n , m e m b er o f execu tive b oard fr o m 1 9 0 9 to d a te ;
busin ess ag e n t o f tho Iron W o r k e r s in B o sto n .
J ohn E . M u n s e y , S a lt L a k e C it y ; business agen t o f L o c a l N o . 2 7 fro m
1 9 0 9 to d a te .
O la f A . T v o ltm o o , San Fran cisco; S ec retary-T re asu rer o f tho C aliforn ia
B u ild in g T r a d e s C ou n cil; ed itor o f "O r g a n iz e d L a b o r ” ; P resid en t o f tho
A sia tic E xclu sion L e agu e .
P hilip A . C o o le y , N e w O rle an s, m e m b er o f ex ecu tive b o a rd 1 9 1 0 to d a te .
F ran k C . W e b b , N e w Y o r k ; m e m b er o f ex ecu tive b oard 1 9 07 an d 1 9 0 8 .
F o u r Y e a r s . — J ohn I I . B a r r y , S t. L ou is; m e m b er o f ex ec u tive b oard 1 9 0 2 ,
1 9 0 5 , 1 9 0 0 , 1 9 0 7 an d 19 0 8 ; form er business a g e n t a t S t . L o u is.
P eter J . S m it h , C le v e la n d , O h io; business ag e n t o f L ocal N o . 17 fr o m
1 9 0 6 to d a to .
T h r e e Y e a r s . — C h arle s N . B e u m , M in n e a p o lis; m e m b er o f execu tive
b oard 1 9 0 8 .
E d w a rd S m y th o , P eoria, 111.; busin ess ag e n t an d F in ancial S ecretary,
L o c a l N o . 1 1 2 , 1 9 1 0 to d a te .
M u r r a y L . P en nell, S p rin gfield , 111.; P resid en t an d R e cord in g S ecretary
L o c a l N o . 4 0 fro m 1 9 09 to 1 9 1 1 .
H e n r y W . L e g leitn c r, In d ia n a p o lis, form e rly o f P ittsb u r g h ; m e m b e r o f
ex ec u tiv e b oard fro m 1 9 07 to S ep te m b er 19 1 1 ; n ow P resid en t o f tho I n ­
d ian ap olis lo c a l.




is i n f i n i t e l y

d y n a m i t e .”

to

b e p r e fe rre d to G o v e r n ­

H e r e v ie w e d th e h is to r y o f th e d y n a ­

m ite c o n s p ir a c y , a n d th e e v id e n c e in tr o d u c e d , a n d s a id :

"i-

T h is sch em e or cam p aign o f d y n a m ite w as entered in to an d carried on
th ro u g h o u t th e c o u n try fro m tho A tla n tic to th e P a c ific.
T h e ev id en ce d is­
closes an a p p a llin g list o f crim es in ad d itio n to th ose charged in th e in d ict­
m e n ts.
T h e se crim es were all c o m m itte d in th e n a m e o f .organized la b o r.
I will n o t b elie ve th a t organ ized lab or ap p ro v ed su ch practices.
A n y or­
gan ization tjia t ap p rov es an d a d o p ts tho m e th o d s o f these d efen d a n ts
is an o u tla w , an d will m eet th e fa te w hich o u tla w s h a v e m e t since civilized
so c iety b e g a n ______
T h o evidenco sh ow s so m e o f these d efen d an ts to b e g u ilty o f m u rd e r, b u t
th e y are n o t charged here w ith th a t crim e; this C o u r t c a n n o t pun ish th e m
for it , n or sh ould it b e influenced b y su ch consid eration in fixin g th e m eas­
ure o f p u n ish m en t for th e crim es ch arged .
T h o c erta in ty o f p u n ish m en t, n o t its s e v e r ity , is th e im p o r ta n t c o n sid ­
eration in tho ad m in istration o f crim inal ju stic e .
S uch p u n ish m en t sh ould
bo m e te d o u t as shall w arn others t h a t , even if th e y desire to.accom p lish
law fu l en d s, th e y m u st n ot v io la te th e law in th e a tte m p t to realize th e m .
K e e p in g these considerations in viow , th e C o u r t m u st repress th a t in d ign a­
tion w hich ev ery law -ab id in g citizen n atu rally feels a t th e crim es w hich the
evidence in this case discloses, in ad d ition to these for w hich th e d efen d an ts
h a v e been fou n d g u ilty , an d , as near as m a y bo p ossib le, con fin e th e p un ish ­
m e n t w ithin its proper scope.

F ran k

M . R y a n o f C h ic a g o , P r e sid e n t o f th e I n t e r n a tio n a l A s s o c ia ­

li e a v i o s t t e r m

m en t b y

R e f e r r i n g t o t h e ir o n w o r k e r s ’ s t r i k e , w h i c h b e g a n in 1 9 0 5 ,
a n d w h i c h , t h e G o v e r n m e n t c h a r g e d , w a s t h e m o t i v e w h ic h
p r o m p te d J o h n J . M c N a m a r a to u se d y n a m it e a s a w e a p o n ,
J u d g e A n d e r s o n sa id t h a t th e s tr ik e w a s a t te n d e d b y p ic k e t­
in g ,

s lu g g in g

and

r io tin g .

He

c o n tin u e d :

B u t in 1 9 0 6 a c a m p aign b y d y n a m ite w as in a u g u ra te d , a n d , begin n in g
w ith explosions in th e E a st an d ex ten d in g fro m th e A tla n tic to th e P a c ific,
con tin u ed until th e arrest o f th e M c N a m a r a s an d M c M a n ig a l in A p ril 1 9 1 1 .
T h o evidence in th is case sh ow s th a t a lm o st 1 0 0 e x p losion s, d a m a g in g
an d d estroyin g stru ctu res in process o f erection an d m a ch in ery o f o p en sh op concern s, to o k p lace, cu lm in a tin g on O c t. 1 1 9 1 0 in th e d estru ction
o f th e L o s A n g e le s “ T im e s ” B u ild in g an d th e m u rder o f tw e n ty -o n e p eo p le .
E v e r y on e o f these explosions w as upon th e w ork o f op en -sh op c on cern s, and
n o explosion is sh ow n to h ave taken place upon a n y clo sed -sh o p jo b .
S ines
tho arrest o f th e M c N a m a r a s an d M c M a n ig a l, these explosions h a v e ceased .
T h is sy stem o f d estruction w as n o t carried on for reve n ge , or in ob ed ien ce
to a n y other h u m an p assion, b u t for th e d elib erate p urp ose, b y a veritab le
reign o f terror, to en force com p lian ce w ith th e d em an d s o f th e iron w orkers
u pon th e open an d closed sh op q u e stio n .

T h o th ir ty -th r e e e o n v ic te d m e n e n te re d th e F e d e r a l P riso n
a t L e a v e n w o r th , K a n ., o n T u e s d a y , th o 3 1 s t u lt .
H .

K ru m ,

M onday

to

c o u n s e l fo r

th e

th e p ro p o se d

c o n v ic te d

m en ,

a p p e a l w h ic h

C h ester

in

r e fe r r in g

on

w o u ld

be m ade

on

th e ir b e h a lf , s a id :
B r o a d ly sp eak in g , w e shall c on ten d th a t th ere is n o su ch th in g as a c o n ­
sp iracy to tra n sp ort explosives on passenger tra in s.
T h e F ederal law s d e­
clare It to b e an offen ce to carry explosives on su ch tra in s.
T h is is d o n e for
tho solo p urp ose o f p reventing in ju ry t o p assen gers.
T h e F ederal law can ­
n ot an d d oes n ot consider a n y m o tiv o .
A m a n m a y in n o c en tly ca rry an
ex p losive for use in a ston e q u a r r y .
B e m a y h a v e o n ly a sa m p le ex p losive
th e sizo o f a th u m b n a il; b u t h e w ould b e as g u ilty for ca rry in g t h a t as he
w ou ld if ho carried a su itcase filled w ith d y n a m ite to b low u p a b u ild in g .
T h o o n ly crim e th a t c ould bo charged in eith er caso w ou ld bo th a t th e law
h ad been v io la te d .
T o link tho sep arate offen ces togeth er b y callin g th e m a c o n sp ira c y ,
an d to sa y th a t because M c M a n ig a l carried explosives all th e m en aro g u ilty
h as been tho basis o f th e G o v e r n m e n t’s prosecu tion , b u t it will n o t b e sus­
tain e d in th e higher c ou rts.
O u r c on ten tion is th a t tho crim es o f b low in g u p n on -u n io n w ork d o n ot
fo rm a consp iracy c ognizab le b y th e Federal G o v e r n m e n t, an d th a t each

T H E C H R O N IC L E

43

[ V o l . X CV I.

c rim e o f illegal tra n sp ortation is a sep arate o ffen ce , u nrelated an d n o t p a rt

la

o f a c o n sp ir a c y .

g i v e le g a l s a n c t i o n t o t h e s y s t e m o f t h e c r o s s e d c h e c k , w h ic h

— In
issu e d

liis f i r s t m e s s a g o a s
on

W illia m

th e

G overnor of N e w

Y ork

S ta te ,

1 s t i n s t ., th e d a y h e w a s in s ta lle d in o f f ic e ,

S u lz e r

su g g e ste d

th a t

ste p s

be

in s titu te d

fo r

th e

u n ifo rm

The

o f c h ild la b o r .

year,

o f th e S ta te its righ tfu l h erita g e.
T h is d e v e lo p m e n t p eriod w ill en ha nce n a tio n a l progress an d aid civili­
z a tio n .
T h e m a tu re d d ev e lo p ed w ork er w ill b r in g to in d u str y greater
a b ility an d resou rcefuln ess.
N o b u sin ess h as an in alien ab le righ t to
ch ild la b o r .
N o in d u str y h as a righ t to r o b th e S ta te o f t h a t w h ich con ­
stitu te s its g reatest w e a lth .
N o c o m m e r ce th a t d ep en d s on child lab or
for Its su ccess h as a righ t to e x ist.
L o t us d o w h a t wo can to p rote ct th e
child ren o f th e S ta t e , a n d preserve their fu n d a m e n ta l rig h ts.
• A n oth e r ty p e o f legislation b en eficial to th e S ta to , th a t aim s to conserve
h u m a n life an d h e a lth , is t h a t w h ic h requ ires th e u se o f s a fe ty ap pliances
a n d estab lish es sa fe ty sta n d a r d s.
H u m a n life is in fin ite ly m ore valu ab le
th a n th e p ro fit o f m a teria l th in g s.
T h e S ta te , for its ow n p reserva tion ,
h as th e righ t t o d em a n d th e use o f safer a n d m ore h ygien ic m e th o d s, oven
if a t a greater c ost o f p ro d u c tio n to th e e m p lo y e r .
O c cu p ation al diseases
sh o u ld b e stu d ie d , an d th e resu lts o f careful in v estig a tio n em b o d ie d in
la w s to safeg u ard tho h e a lth a n d th e lives o f th e w ork ers.
P ra ctic a l resu lts o f su ch le g isla ticn p ro v e t h a t these regu lations are a
g o o d in v e stm e n t.
E m p lo y e r s fin d th a t it p a y s to h a v e h e a lth y , v ig o ro u s,
resou rceful w ork ers, w h o are w ell fe d , w ell licu sed an d n o t ove rw ork e d .
S ta tistic s p r o v e th a t th e w elfaro o f tho w orker is in d isso lu b ly in v o lv e d in
p erm a n en t in du strial p rogress.

L e g is la tio n

to

p ro m o te

th e

a g r ic u lt u r a l

in te r e sts

of

th o

W e m u st k eep the n eed s o f th e fa r m e r ev er b efore u s.
W h a t tho farm e r
p rodu ces is real w ea lth .
T o - d a y , w hen c o n su m p tio n h as c a u g h t u p w ith
p ro d u c tio n , it b eh ooves us to g iv e a tte n tio n to tho la n d a n d o v e ry k in d o f
a ssistan ce to th e tillers o f th e so il.
T h o se o f tho cities w h o w o u ld return to
fa r m s m u s t b e en cou rage d , an d th ose o f th e fa r m s m u s t b e aid ed to greater
e ffo r t an d larger p r o fit.
W e are fa llin g b eh in d as an agricultural S ta te .
T o aid our farm ers legislation th a t w ill secure greater p ro d u c tio n sh o u ld
b e p r o m o te d .
L e t our p eop le b e p ro v id e d w ith c o n str u c tiv e le gislation
th a t w ill en ab le farm e rs to c o -o p era te a m o n g th e m se lv e s, so th a t fa rm e rs
an d c ity p eop le can h a v e th e c losest p ossib le intercourse an d th e p rod u cts
o f th e fa r m m a y be m o v e d to cu sto m ers w ith th e least possib le friction a t
th e sm a llest expense an d in th e sh o rtest t im e .
W e sh ou ld help our farm e rs to secure th e a d v a n ta g e s o f lon g lo a n s a t
reason able in terest ra tes.
T h o p a r ce ls-p o st legislation ju s t sta r te d sh ou ld
b e fu rth er ex te n d ed so as to in clu d e an express p o st in ord er to m a k e stil
freer th o ex ch an ge o f p rod u cts b otw een c ity an d c o u n tr y ...............
I r ec o m m en d th at w h a te ver is w ith in th e p ow er o f tho L e gislatu re to d o
to su sta in , t o p r o m o te , to u p b u ild tho agricu ltu ral resources o f th e E m p ir e
S ta t e , sh o u ld sp ee d ily be d o n e .
I w ill w ork h ea rtily w ith y o u , as w ell as
th e ra n k an d file o f farm o rs, t o m a k e tho n ext tw o years tho m ost prosper­
o u s , in an agricu ltu ral w a y , th a t th is S t a t e h as ev er k n o w n .
W h e n tho
fa rm e r is p rosperous th e S ta to w ill flo u rish .

ste p s

to p r o m o t e

th e s e c u rity fo

in te r n a t io n a l c o m m e r c e w ill b e c o n s u m m a t e d
a c c o rd in g

U n ite d

to

an

ad d ress

d e li v e r e d

w ith in

a fe w

y e ste rd a y

A s s o c ia tio n o f P h ila d e lp h ia b y C h a r le s A .

of N ew Y ork .

b e fo r e
Conant

M r . C o n a n t w a s th e te c h n ic a l d e le g a te o f th e

S ta te s

to

th e

In te r n a tio n a l

C o n fe r e n c e

on

B ills

of

E x c h a n g e a n d C h e c k s h e ld a t T h e H a g u e i n 1 9 1 0 a n d 1 9 1 2 .
I n h is a d d r e s s h e s t a t e d t h a t a t t h e f i r s t C o n f e r e n c e a

d r a ft

o f a u n i f o r m l a w o n b ill s o f e x c h a n g e w a s p r e p a r e d f o r s u b ­
m is s io n

to

to

at

and

r e s o lu tio n s
a

fu tu re

w hen

in

regard

to

C o n fe r e n c e ,

e m b o d ie d

in

la w

th e

check

p r o b a b ly

w ill

c a ll e d

w ill g r e a t l y

bo

next

in c r e a s e t h e
i t s u s e in

E u r o p e . I t w a s d e c la r e d b y t h o s p e a k e r t h a t w h il e t h o B r i t i s h
a n d A m e r i c a n d e le g a t e s w e r e u n a b l e t o s ig n t h e f in a l p r o t o c o l
o f t h e C o n f e r e n c e , t h e i r p a r t i c i p a t i o n in t h e d is c u s s i o n s h a d
c o n tr ib u te d to b r o a d e n th e d r a ft o f th e u n ifo r m la w a n d to
b r in g it m o r e in t o h a r m o n y w it h th e A n g lo -A m e r ic a n s y s t e m
th a n w o u ld o th e r w is e h a v e b e e n th e c a s e .
n ic a l p o in ts o f in te r e s t t o A m e r ic a n
w ere

th e

— The

s u b je c t

of

s p e c ia l

S o m e o f th e te c h ­

b a n k e rs a n d exp o rte rs

d is c u s s io n .

s to c k h o ld e r s o f th e P u b lic B a n k

o f th is c it y

w ill

h o ld a s p e c ia l m e e t in g o n J a n . 1 4 t o v o t e o n a r e s o lu tio n to
in c r e a s e t h e c a p i t a l o f t h o b a n k f r o m $ 3 0 0 , 0 0 0 t o $ 6 0 0 , 0 0 0 .
E a c h s t o c k h o l d e r o f r e c o r d is a c c o r d e d t h o r i g h t t o s u b s c r ib e
t o t h e a d d i t i o n a l s h a r e s i n p r o p o r t i o n t o h is p r e s e n t s t o c k ­
h o ld in g s a t p a r , $ 1 0 0 a s h a r o .

S t o c k h o l d e r s w ill h a v e u n t i l

F e b . 1 5 to s u b s c r ib e a n d p a y fo r t h e s a m o , a n d th e d ir e c to r s
w ill b o a u t h o r i z e d t o s e ll a t p a r o n o r b e f o r e M a r c h 1 5 t h o
sh a res n o t

s u b s c r ib e d f o r .

Tho

in 1 9 1 1 fr o m $ 2 0 0 ,0 0 0 to
— The N ew

Y ork

bank

in c r e a s e d i t s c a p i t a l

$ 3 0 0 ,0 0 0 .

T r u s t C o ., 2 6

B road

S t r e e t , t h is c i t y ,

c lo s e s t h e p a s t y e a r o f b u s i n e s s w i t h e a r n in g s o f o v e r 4 0 %
o n it s c a p it a l o f $ 3 ,0 0 0 ,0 0 0 .

I n a ll th e c o m p a n y p a id 3 2 %

in d iv id e n d s to s to c k h o ld e r s a n d a d d e d o v e r 8 %
and

u n d iv id e d

p r o fit s , w h ic h

sta n d

at

t o s u r p lu s

$ 1 1 ,8 3 2 ,9 0 1

Jan.

1

1913.
— I n r e s p o n s e t o t h e r e c e n t c a ll o f t h o S t a t o S u p e r i n t e n d e n t
C o . o f N e w Y o r k r e p o r t s d e p o s i t s o f $ 1 6 8 , 4 1 7 , 4 6 4 , w h ic h is a
g a i n o f o v e r $ 1 2 , 0 0 0 , 0 0 0 s in c e t h o c o r r e s p o n d i n g r e p o r t o f a
year ago.

th e le a d in g P o w e r s o f th e w o r ld ,

d r a ft w a s a p p r o v e d

by

th e

le a d in g n a tio n s

and

t h a t th is

o f C o n tin e n ta l

T h o t o t a l r e so u r c e s o f th is in s t it u t io n a re m o r e

th a n $ 2 2 3 ,0 0 0 ,0 0 0 .
— T h e E q u it a b le T r u s t C o . o f N e w Y o r k , 3 7 W a l l S tr e e t,
is d i s t r i b u t i n g w i t h i t s c o m p l i m o n t s a m o s t u s e f u l N o w Y e a r ’ s
rem em bran ce

in

th e

fo r m

of a

desk

c a le n d a r m o u n t e d o n

a n ir o n s t a n d .
— J a m e s R . K e e n e , t h e w e l l - k n o w n s p e c u l a t o r , d ie d e a r l y
y e ste rd a y

m o rn in g

s to m a c h tr o u b le .

in

th is

c ity

fo llo w in g

an

o p e r a tio n

fo r

H i s la s t e x p lo it w a s a s m a n a g o r o f a p o o l

w h o s e m a n i p u l a t i o n s in t h o c o m m o n s t o c k o f t h e C o l u m b u s
& H o c k i n g C o a l & I r o n C o . w e r e f o l l o w e d b y i t s c o ll a p s e in
Jan.

1910 and

th o s u sp e n sio n

o f L a th ro p ,

H a s k in s &

J . M . F is k e & C o . a n d R o b e r t s , H a ll & C r is s .

C o .,

A se ttle m e n t

o f t h e c la i m s a g a i n s t M r . K e e n o g r o w i n g o u t o f t h e c o ll a p s e
of

i m p o r t a n t le g a l

th e L a w

r e s o lu tio n s p r o p o s e d

o f B a n k s fo r a s ta te m e n t a s o f D e c . 2 6 , th o G u a r a n t y T r u s t

S u lz e r ’ s m e s s a g e :

years,

T h ese

s a f e t y a n d c o n v e n ie n c e o f th o c h e c k a n d e x te n d

S t a t e w a s a l s o a d v o c a t e d in t h e f o l l o w i n g p o r t i o n o f G o v e r n o r

— Two

ch eck s.

s o n a l i d e n t i f i c a t i o n o f t h e h o l d e r , w h i c h is r e q u i r e d o n l y in
A m e r ic a .
c o n sid e re d

W o q u o t e f r o m h is r e m a r k s o n t h o s e p o i n t s :

on

h a s p r o v e d s o u s e f u l in E n g l a n d a s a s u b s t i t u t e f o r t h e p e r ­

a d o p t i o n in t h i s S t a t e o f a m i n i m u m w a g e a n d t h e r e s t r i c t i o n

T o securo for these less a c cu sto m ed to th e c o m p e titiv e stru ggle p ro te ctio n
th a t o th e r w orkers liavo w on for th e m selv es th rou gli o r gan ization w e sh ou ld
c a refu lly consider th e e sta b lish m en t o f w age b o a r d s, w ith a u th o r ity to fix
a liv in g w age for con d ition s o f w ork b e lo w w hich sta n d a rd s n o in d u str y
sh ou ld bo allow ed to co n tin u e its o p era tio n s.
M a s s a c h u s e tts h as en acte d
su ch a la w .
O h io rec en tly a d o p te d a c o n stitu tio n a l a m e n d m e n t au th o riz ­
in g th e S ta te Legislatu re to d o th e sa m o .
F o r th o w elfaro o f th e S ta te , ch ild life m u st b e p r o te c te d .
N o t o n ly
sh ou ld th e ch ild be gu aran tee d the righ t to b e b orn e q u a l, b u t it m u st bo
g iv e n th e ch an ce to liv o , to g r o w , to learn a n d to d ev e lo p in to u seful an d
p a tr io tic citizen sh ip .
T h e w ork p eriod m u st n o t bo p e r m itte d to infringe
on th e fo r m a tiv e a n d th e m a tu r in g p oriod .
C o m p u ls o r y e d u cation al law s
a n d restriction s u pon child la b o r p rop erly en forced w ill secu re to ev ery child

la w

th e

sto c k

w as

e ffe c te d

about

a

year

ago.

M r.

K eeno

w a s in h is s e v e n t y - f i f t h y e a r .
— T h o B a n k o f th e M e t r o p o lis , th is c i t y , h a s c h a n g e d it s
d iv id e n d

p e rio d s

fro m

q u a r te r ly ,

b e g in n in g

F ebru ary

q u a r te r ly , J a n u a r y , p a y in g th e u su a l d is t r ib u tio n o f 4 %

to
on

Jan. 2 1913.
— The

N a tio n a l

C ity

C o .,

w h ic h

is

a ffilia te d

w ith

th o

N a t io n a l C i t y B a n k , p a id a se c o n d d iv id e n d o f 3 %

on J a n . 2

An

am ount

w as

m ade

— T h r o u g li th e p ro p o se d m e r g e r , a r ra n g e d

th is

w eek, of

J u ly

in it i a l

d is tr ib u tio n

of

th e

sam e

no

1 1912.

E u r o p e a n d L a t i n - A m e r i c a a t t h e s e c o n d C o n f e r e n c e h e ld la s t

t w o o f t h o l a r g e s t t r u s t c o m p a n i e s in B r o o k l y n , t h o r o w ill b o

su m m er.

c r e a te d a n o r g a n iz a tio n w it h d e p o s its o f $ 2 4 ,0 0 0 ,0 0 0 a n d re ­

cern ed,

I t r e m a in s o n ly , s o fa r a s th e s e n a tio n s a r e c o n ­
to

have

th e

u n a n im o u s

d e le g a t e s e m b o d i e d i n t o l a w .

r e c o m m e n d a tio n s

of

th e ir

T h e u n i f o r m l a w w ill d o a w a y

w i t h - t h e d if f e r e n c e s in r e q u i r e m e n t s a s t o t h o f o r m

o f b ills

so u rces o f o v e r $ 3 0 ,0 0 0 ,0 0 0 .

T h o i n s t i t u t i o n s c o n c e r n e d in

th o p r o c e e d in g s a re th o L o n g I s la n d L o a n & T r u s t C o . a n d
th e B r o o k ly n

T r u s t C o ., a n d

t h e y w ill b o w e ld e d

to g e th e r

o f e x c h a n g e , m e t h o d s a n d t i m e f o r p r o t e s t , a n d t h e li a b ili t ie s

th r o u g h th e a b s o r p tio n o f th o fir s t n a m e d c o m p a n y b y th e

r e s p e c t i v e l y o f d r a w e r s , in d o r s e r s a n d d r a w e e s .

B r o o k ly n T r u s t.

T h e U n ite d

T h o p la n s fo r th o m e r g o r w e re a g r e e d t o

S t a t e s a n d G r e a t B r i t a i n d id n o t c o n c u r in t h e a d o p t i o n o f

b y t h e d ir e c t o r s o n M o n d a y , a n d w ill b o p a s s e d u p o n b y t h o

t h e f in a l d r a f t o f t h o u n i f o r m l a w , b e c a u s e t h e b a s i s o f A n g l o -

r e s p e c tiv e s to c k h o ld e r s o n J a n . 1 3 .

A m e r i c a n l a w d if f e r s s o w i d e l y f r o m

e a c h h a v e a c a p ita l o f $ 1 ,0 0 0 ,0 0 0 .

C o n a n t s a id t h a t

th e B r itis h a n d A m e r ic a n

e n tir e ly s y m p a t h e t ic w ith
th a t

agreem en t

P ow ers

and

th e c iv il la w ;

on

th o se

a
of

but M r.

d e le g a t e s w e r e

th e w o rk o f th e C o n fe r e n c e , a n d

u n ifo rm

la w

am ong

L a tin -A m e r ic a

and

th e
th e

C o n tin e n ta

O r ie n t w o u ld

T h e u n itin g c o m p a n ie s
I n c a r r y in g o u t th o c o n ­

s o lid a tio n th e s to c k h o ld e r s o f th o L o n g I s la n d L o a n & T r u s t
C o . a r e t o r e c e iv e p a r t c a s h a n d p a r t s t o c k f o r t h e i r h o l d i n g s ;
in e x c h a n g e f o r t h o 1 0 , 0 0 0 s h a r e s o f t h o l a t t o r , t h e B r o o k l y n
T r u s t w ill is s u e in t h o i n t e r e s t o f th o s t o c k h o l d e r s o f t h o L o n g

g r e a tly b e n e fit G r e a t B r ita in a n d A m e r ic a b y r e d u c in g th o

I s l a n d T r u s t 5 , 0 0 0 n o w s h a r e s ( in c r e a s i n g it s c a p i t a l t o $ 1 , ­

la w

5 0 0 , 0 0 0 ) a n d w ill p a y in c a s h $ 2 2 0 p e r s h a r e f o r t h o o t h e r

o f b ill s t h r o u g h o u t

t h a t o f th o n o w u n ifo r m
and

m ost

com m on .

of

th e

th e

w o rld

la w a n d

A m e r ic a n

S ta te s

to

tw o

great

t h a t w h ic h
had

sy ste m s—

G r e a t B r ita in

a lr e a d y

a d o p te d

in

5 ,0 0 0 sh a res o f L o n g Is la n d L o a n & T r u s t s t o c k .
p a n y r e s u ltin g fr o m

E v e n m o re im p o r t a n t , p e r h a p s , fo r th e p r o m o t io n j B r o o k ly n

o f in t e r n a t i o n a l c o m m e r c e w a s t h e a c t i o n t a k e n a t t h o C o n ­ I B r o o k l y n
f e r e n c e o f la s t s u m m e r in r e g a r d t o c h e c k s .

A s e r ie s o f r e s o ­

B orou gh .

U nder

T ru st

had

Co.

th o

now

d e p o sits

of

c a ll

of

D oc.

$ 1 6 ,7 6 7 ,5 0 1

so u rc e s o f $ 2 0 ,6 5 3 ,3 2 9 , w h ile th o L o n g I s la n d L o a n

l u t i o n s w a s a d o p t e d , f o r s u b m i s s i o n t o a ll n a t i o n s , p r o p o s i n g ' o n




T h e com ­

t h o c o n s o l i d a t i o n w ill b o t h o l a r g e s t in

th e

sam o

d a te

re p o rte d

d o p o s its

o f $ 7 ,4 0 0 ,7 3 2

26,

th o

and

re­

Sc T r u s t
and

or-

THE

J a n . 4 1 9 )3 ]
sou rces

of

$ 1 0 ,6 3 9 ,7 9 0 .

Theodore

F.

M ille r ,

th e

43

C H R O N IC L E

p resen t

h e a d o f t h e B r o o k l y n T r u s t C o . , w ill c o n t i n u e a s P r e s i d e n t

(Commercial an dTHis ccttauc axisJlcms

o f th e c o n s o lid a te d in s t it u t io n , a n d D a v i d H . L a n m a n , n o w
a V i c e - P r e s i d e n t o f t h e B r o o k l y n T r u s t , w ill r e m a i n in t h a t
c a p a c ity .

C lin to n

L.

R o s s it e r , F ir s t V ic e -P r e s id e n t o f th e

B r e a d stu ffs

F ig u r e s

brou gh t

fro m

page

7 8 .— T h e

s t a t e m e n t s b e lo w a r e p r e p a r e d b y u s f r o m fig u r e s c o lle c te d b y

L o n g I s l a n d L o a n & T r u s t C o . , w ill j o i n t h e m a n a g e m e n t o f

th e N e w Y o r k P ro d u c e E x c h a n g e .

th e

la k e a n d r i v e r p o r t s f o r t h e w e e k e n d i n g l a s t S a t u r d a y a n d

e n la r g e d

com pany

as a

V ic e -P r e s id e n t,

D ille r , S e c re ta r y o f th e B r o o k ly n
fo r a V ic e -P r e s id e n c y .

and

F.

J.

W .

T r u s t C o . , is a l s o s l a t e d

in

th e

n e g o tia tio n s
T .

r e s p e c tiv e

fo r

th e

d ir e c to r a te s .

m erger

w ere

The

c o n d u c te d

by

A le x a n d e r

s e n io r m e m b e r o f th e b a n k in g

W h it e , W e ld & C o ., a n d D a v id G . L e g g e t,

fir m

P re sid e n t o f

of
th e

L o n g Is la n d L o a n & T r u s t C o .
— T h e p la n s f o r t h e m e r g e r o f t h e M e r c h a n t s ’ N a t i o n a l B a n k
and

th e N a t io n a l M e c h a n ic s ’ B a n k

o f B a ltim o r e , a t B a lt i­

m o r e , M d . , w e r e r a t i f i e d b y t h e s t o c k h o l d e r s o f t h e t w o in ­
s titu tio n s o n D e c . 2 8 .

T h e b a n k fo r m e d th r o u g h th e u n io n

— th e M e r c h a n t s ’-M e c h a n ic s ’ N a t io n a l B a n k o f B a ltim o r e —
b e g a n b u s in e s s o n t h e 2 d i n s t . w i t h a c a p i t a l a n d s u r p lu s o f
$ 2 ,0 0 0 ,0 0 0

each.

m erger has been

The

a rra n g e m e n ts

brou gh t

th e s e c o lu m n s N o v . 3 0 .

under

w h ic h

in

S in c e t h a t d a t e i t h a s b e e n d e c id e d

a s t h a t o f th e o ld N a t i o n a l M e c h a n ic s ’ , n a m e ly $ 1 0 in s te a d
o f $ 1 0 0 , a n d a s a r e s u lt th e s to c k h o ld e r s o f th e u n itin g b a n k s
w e r e n o t r e q u i r e d t o b u y o r s e ll s h a r e s t o s e c u r e t h e u n i t s
w h i c h w o u l d h a v e b e e n n e c e s s a i y i f t h e s t o c k h a d b e e n d i­
v i d e d in $ 1 0 0 s h a r e s .

T h e c o n s o lid a te d b a n k s ta r ts w ith d e ­

p o sits

and

$ 2 1 ,6 7 0 ,2 5 6

D o u g la s H .

to ta l

resou rces

of

$ 2 7 ,4 0 5 ,7 9 2 .

w ho

w as

P re sid e n t

of

th e

N a tio n a l

M e c h a n ic s ’

B a n k , is V i c e - P r e s i d e n t a n d C h a i r m a n o f t h e B o a r d o f D i r e c ­
t o r s o f t h e M e r c h a n t s ’- M e c h a n i c s ’ N a t i o n a l .
V ic e -P r e s id e n t

and

C a s h ie r

of

th e

W illia m I n g lo ,

M e rc h a n ts’ ,

is

a lso

a

V ic e -P r e s id e n t o f th e c o n s o lid a te d b a n k , th e C a s h ie r o f w h ic h
is J o h n

B.

H .

M e rc h a n ts’ .

Dunn,

h e r e to fo r e

A s s is ta n t

C a s h ie r

of

th e

The

e x e c u tiv e

T h om as, John

B.

c o m m itte o

R am say,

c o n sists

F ra n c is

E.

of

D o u g la s

W a te rs,

H .

A le x a n d e r

B r o w n , C h a r le s A . W e b b , G e o r g o C . J e n k in s , J o h n S . G i t t in g s , W illia m I n g le , S a m u e l C . R o w la n d , J a m e s L . S e llm a n ,
L a w ra so n R ig g s a n d M ile s W h it e J r.

|^0ttjctaxn\i<£x> w m - c v c i a l g t x s H s T x ^ a u B

Wed.

Mon.
S a t.
28 15 16 28 15-16 29
75 1-16 75)4
<t Consols, 2)4 per cents.. . . 75
d For account_________ . . 75 1-16 75 1-16 75)4
89.40
d French Rentes (in Paris). fr. 89.07U 89.15
Amalgamated Copper Co. -- 7 8 «
78)4
7734
74 H
Am. Smelling & Refining Co. 71 1i
74,H
8)4
b Anaconda Mining Co— -8K
8)4
108)4
Ateh. Topeka & Santa Fe. -.108)4
10S34
105)4
Preferred_____________ . 105 h
105)4
10.8
108)4
Baltimore & Ohio.............. ..108
89)4
Preferred.. --------------- -- 89)4
89)4
Canadian Pacific............. -.268)4 e246 J4
246)4
80)4
Chesapeake & Ohio.......... -- 81H
81
Chicago Great Western — . . 16«
16)4
16)4
115)4
Chicago Mllw. & St. Paul. --115)4
115
21 !4
Denver & Rio Grande___ . . 21
20)4
39)4
39'4
Preferred...... ................. -- 39 )4
32)4
32)4
Erie________________ — . . 3314
50)4
50)4
First preferred .............. . . 50)4
40 H
40 H
Second preferred . ____ -- 4<>H
133)4
Great Northern, preferred -134)4
133)4
130)4
130
Illinois Central___ ____ ..131
144 H
I.oulsville Nashville. . . . ..145
144)4
Missouri Kansas Sc Texas. . . 27H
27)4
27)4
63
Preferred.... ................ . . 6214
63
42
43
Missouri Pacific...... ......... . . 42
66
66
66
Nat. Hit. of Mex., 1st pref
28)4
Second preferred.......... - . 28 M
28)4
110)(
N. Y. Central Sc Ilud. Rlv ..113
110)4
32)4
32
N. Y. Ontario & Western. -- 32)I
116
115)4
Norfolk & Western .......... . .116
89)4
. . 89 H
124
..124
123)4
f)2%
62)4
a Pennsylvania__________ . . 6234
85)4
85)4
a Reading Company........ . . 86)4
46)4
46)4
a First preferred._____ . . 46H
47 H
a Second preferred.____ . . 48
24'4
24)4
Rock Island...................... . . 2 4 'j
109
108)4
Southern Pacific.. _____ ..108)4
28 %
28)4
Southern Railway............ -- 2834
82)4
82)4
Preferred........................ . . 82)j
104)4
163)4
Union Pacific-------- -------- ..165
94)4
95
Preferred..................... . . 95 H
70
68)4
U. S. Steel Corporation__ . . 70
112)4
112)4
Preferred............ .... .. -.112)4
Wabash. . . . ................... . -- 4)4
4H
414
Preferred_____ _______ . . 14
1.3)4
13)4
66
66
Extended 4 s ....................... .. 66
Week ending

Jan.

3.

1.

l’rlco per share, b £ sterling.
flat prices. « Ex-rights.
a




c

Ex-divtdcnd.

;
i
i
t
i
\

I
!
Q
g
m

C
H
°
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0
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o
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Thurs.
F r l.
29 5-16 29 5-16
75 7-16 75)4
75 11-16 75 'A
89.50
89.32)4
81 )4
82)4
70
8)4
109)4
109)4
104 Yx
104
10.8)4
108)4
89)4
89)4
252
219)4
82)4
8134
16)4
17
110)4
117
21)4
21)4
40
40
33 >4
3334
51)4
51)4
40)4
40)4
135)4
135
131
131)4
146
115)4
29
28
64
63
43)4
42h

66

66

2.834
112
32)4
110)4
----125
62)4
80)4
40)4

28)4
112)4
32)4
116)4
90)4
125
63
8 6 )4
46)4
48
25
10834
29)4
83)4
166)4
95
70)4
113)4
4)4

24 H
109)4
2 9 14

83
166)4
05

71
113

4)4

13)4
06)4
d

B a r le y .

O a ts.

R ye.

60 lb s. b u sh . 56 lb s. b u sh . 32 lb s. b u s h A S lb s . b u . 56 lb s .
870.000
56.000
321.000 3,762,000 2,637,000
80.000
529.000
824.000
577.000
183.000
113.000
21,000
1.921.000
14.000
98,000
3.929.000
658.000 1,021,000
272.000
19.000
127.000
66.000
10.000
105.000
86,000
8,000
1,000
99,000
101.000
683.000
51.000
2,000
749.000
580.000
17,000
8,000
618.000
277.000
73.000
652.000
574.000
106.000
370.000
654.000
284,000

5,666
3,000
48.000
45.000

8,113,000
3,401,002
3,212,857

342,000
308,830
274,445

Total wk. ’ 12
Same wk . ’ 11
Same wk. '10

7,786,000
2,715,445
5,545,203

5,384,000 2,658,000
2,509,424 1,044,519
4,576,199 1,430,450

265,000
152,965
109,830

Since Aug. 1
1912____ 8,105,520 223,794,906 78,458,328 124,016,688 54,146,336 10596642
1911........ 5,012,034129,454,828 74,887,110 73,302,806 44,810,720 5,364,300
1910____ 7,829,814 140,403,500 85,364,504 102,793,320 40,048,815 3,199,130
T o t a l r e c e ip ts o f flo u r a n d g r a in a t th e s e a b o a r d p o r t s fo r
th e w e e k e n d e d D e e . 2 8 1 9 1 2 fo llo w :

14
66)4

Quotations here given arc

W h e a l,
b u sh .

F lo u r ,
b bls.

R e c e ip ts at —
New Y ork_____.
Boston________.
Portland, Me___.
Philadelphia ._ .
Baltimore__ ... .
New Orleans *....
Newport News .
Galveston_____
Mobile_______ .

181,000
50,000
15,000
58,000
42,000
54,000

868,000
408,000
269,000
479,000
572,000
198,000

30,000
4,000
17,000

191,000
5,000
56,000
233,000

C orn ,
b u sh .

O a ts,
b u sh .

108,000
50,000

B a rle y ,
b u sh .

R ye,
bu sh .

331,000 240,000
119,000
18,000
25,000
202,000 ss.ooo
153,000
2,000
61,000
328,000
2,000
40,000
9,000
88,000

109,000
828,000
184,000
60,000
30,000
30,000

2,000
10,000
17,000
2,000
32,000
4,000

Total week 1912 . 451,000 3,279,000 1,399,000 1,245,000 401,000 67,000
Since Jan. 1 1912,.18,694,024 56,025,083 35,470,295 21,742,034 9256,046 1154,183
Week 1911_____ . 391,279 1,857,116 2,247,377
843,725 177,028
17,652
Since Jan. 1 1911 .19,279,879 97,528,068 68,194,933 47,296,134 5101,650 1041,677
* Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
T h e e x p o rts fro m

th e se v e ra l s e a b o a rd p o r ts fo r th e w e e k

e n d i n g D e c . 2 8 a r e s h o w n in t h e a n n e x e d s t a t e m e n t :
E x p o r ts fr o m —
New York____ r
Portland, Me___
Poston ......... .....
Philadelphia___
Baltimore......... . .
New Orleans___
Newport News . .
Galveston______
Mobile________
St. Joh n .N .B ...

W h ea t,
b u sh .

F lo u r ,
b b ls.

C orn,
b u sh .

..........
3,100
328,000

Total week___ 2,745,698 810,118 227,522
Week 1911_____ 2,509,659 1,214,255 205,814

490,834
13,297

d e s tin a tio n

R ye,
b u sh .

B a rle y ,
b u sh .

P ea s,
b u sh .

........

........

........

........

........

O a ts,
b u sh .

435,970 192.433 73,872
209,000
_____ 15,000
182,312
_____ 20,048
570,000
20,000 10,000
390,380 402,685 46,602
244,000
39,000 6,000
60,000
416,000
_ 9,000
5,000
30,000 30.000
233,000
_____ 17.000

The
E n g lis h F in a n c ia l M a r k e ts — P e r C a b le .
T h e d a ily c lo s in g q u o t a t io n s fo r s e c u r itie s , & c ., a t L o n d o n ,
a s r e p o r te d b y c a b le , h a v e b e e n a s fo llo w s th e p a s t w e e k :
T u cs.

C orn.

W h ea t.

190,000
45.000
6,000

C h a r le s H a n n , J . C le v e la n d W a n d s a n d R o b ­

e r t A . W e l s h a r e A s s i s t a n t C a s h i e r s o f t h e e n la r g e d i n s t i t u ­
tio n .

Chicago
.
Milwaukee .
Duluth____
Minneapolis.
Toledo ___
Detroit___
Cleveland . .
St. I.ouls__
Peoria-----Kansas City.
Omaha.. .

F lo u r .

b b l s . i m b s . b u sh .

T h o m a s , w h o w a s P re s id e n t o f th e M e r c h a n t s ’

N a t i o n a l , is P r e s i d e n t o f t h e n e w o r g a n i z a t i o n , a n d J o h n B .
R am say,

a t—

th e

a b o u t w e re s e t o u t a t le n g th

t o h a v e th e p a r v a lu e o f th e sh a re s o f th e n e w b a n k th e sa m e

of

R e c e ip ts

p r e lim in a r y

W h i t e , C h a ir m a n o f th e e x e c u tiv e c o m m itte e o f th e B r o o k ­

ly n T r u s t C o ., a n d

s in c e A u g u s t 1 f o r e a c h o f t h e l a s t t h r e e y e a r s h a v e b e e n :

I t is u n d e r s t o o d t h a t t h e n e w b o a r d ,

c o n s i s t i n g o f t w e n t y - f o u r m e m b e r s , w ill b e m a d e u p o f t h o s e
se rv in g

T h e r e c e ip ts a t W e s t e r n

125,734

128,437
17,000 25,000

........

40,000

o f th e se e x p o r ts fo r

964

88,000
17,000 241,437
.......................

964
8,728

th e w e e k a n d

s in c e

J u ly 1 1 9 1 2 is a s fo llo w s :

-------- F lo u r ------------------- W h e a t ---------------------- C o r n ---------E x p o r t s f o r w eek a n d
s i n c e J u ly 1 to —

W eek
D e c . 28.
b bls.

United Kingdom...
Continent ________
Sou. & Cent. Amer.
West Indies_______
Brit. Nor. Am. Cols.
Other countries___

S in c e
J u ly 1

S in c e
J u ly 1

W eek
D e c . 28.
b b ls.
b u sh .

1912.

07,539
70,011
19,539
69,746
7
80

S in ce
J u ly 1

W eek
D e c . 28.
b u sh .

1912.

b u sh .

2,478,291 961,326 41,909,607
1,036,0761,599,372 41,128,268
614,202 24,000
543,990
989,076
5,000
98,235
57,651
_____
..1 ...
155,669 156,000 1,055,020

1912.
b u sh .

146,053
608,834
2,200
51,399
-------5,632

736,686
770,378
324,966
861,466
42,874
37,098

Total..................227,522 5,331,565 2,745,698 85,335,120 810,118 2,773,468
Total 1911_______205,814 5,102,202 2,509,659 49,742,943 1,214,255 13,523,478
Tho

w o r ld ’s sh ip m e n ts

of w heat and

corn

fo r

th e

w eek

e n d i n g D e c . 2 8 1 9 1 2 a n d s in c e J u l y 1 1 9 1 2 a n d 1 9 1 1 a r e s h o w n
in th e fo llo w in g :

E x p o r ts .

B u s h els .

North Amer. 4.440.000
704.000
Danube___ 1.216.000
Argentina . . 496.000
Australia__ 216.000
608,000
India.........
88,000
Oth. countr’s

R u s s i a ______

B u s h els .

129,482,000
67.067.000
36.039.000
32.714.000
10.888.000
38,472.000
4,006,000

Week.

S in c e .
J u ly 1.

D ec.

28.

S in ce
J u ly 1.

S in ce
J u ly 1.

R u s h tls .

B u s h els .

B u s h els .

B u s h e ls .

S in ce .
J u ly 1.

W eek .
D e c . 28.

93.276.000 621,000 1,847,000. 11,782,000
51.442.000
60,000
5,981,000 22,065,000
47.073.000 357,000
9,637,000 39,620,000
22.010.0C0 3,995,000 148,274,000
60,000
23.436.000 ___
24.426.000 ___
5,801.000 ___

Total___ 7,768,000 318,668,000 267,464,000 5,033,000 165,739,000 ' 73,527,000
T h e q u a n t it y o f w h e a t an d c o rn a flo a t fo r E u r o p e o n d a te s
m e n tio n e d

w ere

as

fo llo w s :
W h e a l.

U n ited
K in g d o m .
B u s h els .

Dec.
Dec.
Dec.
Dec.

28
21
30
31

1912..
1912..
1911..
1910..

14.184.000
15.464.000
19.792.000
13.864.000

Continent.!

C orn .

T o ta l.

1 B u s h els .
13.216.000 27,400,000
13.880.000 29,344,000
10.136.000 29,928,000
16.632.000 30,496,000
B u s h e ls .

U n ited
K in g d o m .

C o n t in e n t .

T o ta l.

B u s h els .

B u s h els .

B u s h e ls .

8.067.000
8.500.000
3.647.000
6.876.000

18.819.000
17.731.000
7,378,000
12.597.000

26,886,000
26.231.000
11.025.000
19.473.000

T H E C H R O N IC L E

44

Miscellaneous (Concluded).

Consolidated Car Heating---------------- Corn Products Refining, pref. (quar.)---Dayton Power & Light, pref. (quar.).......

T h e f o llo w in g s h o w s a ll th e d iv id e n d s a n n o u n c e d fo r th e
f u t u r e b y la r g e o r i m p o r t a n t c o r p o r a t i o n s :

Dividends announced this week are printed in italics:

R a ilr o a d s (S t e a m ).
A l a b a m a G r e a t S o u t h e r n , p r e fe r r e d ___
A t c h is o n T o p e k a & S a n t a F e , p r e f . ( N o . 2 9 )
A t la n t a A W e s t P o i n t . .................................. ..
A t l a n t i c C o a s t L in e U R . , c o m m o n _____
B elt R It. A S tk . Y d s . , I n d i a n a p o lis , c o m m o n
P r e f e r r e d ( q u a r . ) __________________________
B o s to n R It. H o l d in g C o . , p r e fe r r e d ________
B r a z i l R y . , p r e fe r r e d ( q u a r . ) _____________
C a n a d a S o u t h e r n _____________ ______________
C e n t r a l R R . o f N e w J e r s e y ( q u a r . ) ______
C i n c i n n a t i L e b a n o n A N o r t h e r n __________
C le v . C ln . C h ic . & S t. L ., p r o f. (q u a r .).
«. u b a R R . , p r e f e r r e d _______________________
'■ e la w a r e L a c k a w a n n a & W e s t e r n ( q u a r . ) .
G e o r g i a R R . & B a n k i n g ( q u a r . ) ................
G r n 't e R y . ........................ ....... .................... ..........
G r e a t N o r t h e r n ( q u a r . ) ____________________
H a r r ls b . P o r t i m . M t . J o y & L a n c a s t e r .
K a n s a s C i t y S o u t h e r n , p r e f. ( q u a r . ) ___
L a k e S h o r e & M i c h i g a n S o u t h e r n ________
G u a r , s to c k , M ic h . S o u . & N o r . I n d —
L e h ig h V a l l e y , c o m m o n a n d p r e f e r r e d ------L i t le S c h u y l k i ll N a v . , R R . & C o a l —
L o u is v i lle B r id g e ____________________________
L u l s v il lo & N a s h v i l l e ........... ................. —
M a h c n l n g C o a l R R . , c o m m o n _________
M i c h i g a n C e n t r a l _______ __________________
M i n e H i l l & S c h u y l k i ll H a v e n . . ..............
N . Y . C e n t r a l «fc H u d s o n R i v e r (q u a r .)
N o r f o l k & W e s t e r n , p r e f . ( q u a r . ) ...........
N o r t h e r n C e n t r a l _____________ ____________
N o r t h e r n P a c i f i c ( q u a r . ) __________________
N o r t h e r n S e c u r it ie s C o m p a n y ........... —
P e n n s y lv a n i a C o m p a n y ____________________
P h il a d e lp h ia & T r e n t o n ( q u a r . ) ..............
P i l l s . C l n . C h i c . A S t. L . , c o m . A p r e f . (qu .)
P it t s . F t . W . & C h ic ., r e g . g u a r . ( q u a r . ) . .
R e a d in g C o m p a n y , c o m m o n ( q u a r .) ..
S e c o n d p r e fe r r e d ( q u a r . ) ...........................
S t . L o u is S o u t h w e s t e r n , p r e f . ( q u a r . ) . .
T o le d o C o lu m b u s A O h io I il c e r ____________
U n i t e d N . J . R R . A C a n a l C o s ., g u a r , ( q u .)
W e s t e r n R y . o f A l a b a m a . . ______ _________
W h i t e P a s s & Y u k o n ____________________
W r ig h ts c tl le A T e n n il le , c o m . A p r e f ___
S t r e e t a n d E le c t r ic R a ilw a y s .
A t h e n s R y . A E l e c tr ic , p r e fe r r e d _________
A u b u r n & S y r a c u s e E l e c . R R . , p r e f . ( q u .)
A u r o r a E l g i n & C h i c a g o R R . , c o m . ( q u a r .)
P r e f e r r e d ( q u a r . ) __________ ____________
B a y S t a t e S t r e e t R y . , 1 st p r e f . ........... B o s t o n S u b u r b a n E l e c t r i c C o s ., p r e f. ( q u .)
C h i p p e w a V a l . R y . , L . & P ., c o m . ( q u a r .)
C l n . N e w p . & C o v . L t . & T r a c . , c o m . ( q u .)
P r e f e r r e d ( q u a r . ) __________________________
C o n s o li d a t e d T r a c t i o n o f N e w J e r s e y ------D e n v e r & N o r t h w e s t e r n R y . ( q u a r . ) ------E l P a s o E l e c t r i c C o . , p r e f . ( N o . 2 1 ) ---------F t . S m ith L ig h t A T r a c t io n , p r e f. { q u a r .) .
G e r m a n t o w n P a s s e n g e r R y . . P h lla . ( q u . ) - S
G re en A C o a te s S ts. P a s s . , P h ila . { q u a r . ) . .
H o l y o k e S treet R y ____________________ _______
M a n c h e s t e r T r a c tio n , L ig h t <fc P o w . {q u a r .)
M o n o n g a h e la V a lle y T r a c tio n , c o m . { N o . 1)
O m a h a A C o u n c il B l u ffs , c o m . A p r e f . {q u .)
O ttu m w a R y . A- L ig h t, p r e f . { q u a r . ) . . . . .
P a c i f i c G a s & E l e c t r i c , c o m . ( q u a r .) ( N o . 4 )
P h il a d e lp h ia C o . , c o m . ( q u .) ( N o . 1 2 5 ) . .
P u g e t S d . T r a c ., L . A P „ c o m . {q u .) { N o . 2)
P r e f e r r e d (q u a r .) ( N o . 2 ) _______________
R e p u b l i c R y . & L ig h t , p r e f . ( q u a r .) ( N o . 6)
R io d e J a n e ir o T r a m ., L . A r P o w . ( q u a r .) .
S a o P a u l o T r a m ., L t. A P o w . ( N o . 4 4 ) —
S p r in g fie ld A X e n i a R y . , p r e f. ( q u a r ! ) ------P r e f e r r e d ( e x t r a ) ________________________
U n ite d T r a c tio n , P itts b u r g h , p r e fe r r e d .
V ir g in i a R y . & P o w e r , p r e f e r r e d -----------W e s t e r n N . Y . & P e n n . T r a c . , fir s t p r e f . .
W e s t e r n O h io R y . , 2 d p r e f ( q u a r . ) _______
W e s t P e n n T r a c tio n , p r e f . ( a u a r .) ( N o . 12)
Y o r k R y s ., p r e fe r r e d ___________________________
Y o u n g s to w n A O h io R iv e r , p r e f . ( q u a r .) ___

P er
C e n t.

Feb.
Feb.
3
Jan.
3 X Jan.
3
Jan.
XX Jan.
Jan.
2
ix Jan.
Feb.
ix
Feb.
2
Dec.
4
XX Jan.
Feb.
3
2 X Jan.
Jan.
3
Jan.
1
I X Feb.
3t$ Jan.
Jan.
1
Jan.
6
Feb.
6
S2.50 Jan.
$1.25 Jan.
4
Jan.
3 X Feb.
$5
Feb.
3
Jan.
$1.25 Jan.
IX Jan.
1
Feb.
$2 Jan.
I X Feb.
2
Jan.
4
Dec.
2X
IX
IX
2
1
XX
6
2X
2'A
1

3
2X
IX
X
IX

3

$1
2
XX
IX
2
2

3

IX
1.314*
SI.50

4

2
2
IX
IX
IX
IX
1
IX
IX
IX
2X
IX
X
2X
2X

3

IX
IX
2X
IX

Jan.

Jan.
Jan.
Feb.
Jan.
Jan.
Dec.
Jan.
Jan.
Tan.
Dec.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.

Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Feb.
Feb.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Dec.
J
jan.
jan.

B an k s.
N a t i o n a l C ity C o m p a n y ...... .............. ....................
M e t r o p o l i s , B a n k o f th e ( q u a r .) _______________
N e w Y o r k C o u n ty N a tio n a l ( N o . 1 2 1 ) _____
S e c o n d N a t i o n a l ( q u a r . ) .......................................

Trust Companies.

Union (quar.)...........................

W h en
P a y a b le

3
2X

12 X




Detroit Edison (quar.)........... ........
Dominion Pow. & Transmls., pf. (Nc
Dominion Textile, preferred (quar.).
duPont(E.I.) deNem. Powd., pref.

B ook s C lo sed .
D a i s I n c lu s iv e .

Holders of rec,
Holders of rec,
Dec. 22 to
Dec. 20 to

Feb. la
Dec.31a
Jan. 1
Jan. 10

Holders of rec. Dec.30a
Jan. 1 to Jan. 5
Holders of rec. Dec.27a
Holders of rec. Jan.23a
Holders of rec. Dec.30a
Holders of rec. Dec.27a
Holders of rec. Dec.31a
Jan. 5 to Jan. 9
Jan. 2 to Jan. 14
Holders of rec. Jan. 6
Jan. 11 to Feb. 2
Holders of rec. Dee.20a
Holders of rec. Dec.Sla
Holders of rec. Dec.27a
Holders of rec. Dec.27a
Holders of rec. Dec.28a
Dec. 14 to Jan. 15
Holders of rec. Dec.2 la
Jan. 21 to Feb. 9
Holders of rec. Jan.10a
Holders of rec. Dec.27a
Dec. 21 to Jan. 14
Holders of rec. Dec ,20a
Holders of me. Jan.31a
Holders of rec. Dec.31a
Holders of rec. Jan. 9a
Dec. 25 to Jan. 10
Holders of rec. Dec. 28
Jan. 1 to Jan. 10
Holders of rec. Jan. 15
Dec. 15 to Jan. 7
Holders of rec. Jan.27a
Holders of rec. Dec.24a
Holders of rec. Dec.31a
Holders of rec. Dec.30a
Dec. 21 to Jan. 1
Dec. 22 to Jan. 1
Jan. 1 to Jan. 15
Holders of rec. Dec.22a
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rcc.
Holders of rec.
Dec. 31 to
Jan. 1 to
Jan. 1 to
Jan. 1 to
Holders of rec.
Holders of rcc.
Holders of rec.
Dec. 18 to

Dec.31a
Dec.3la
Dec.23a
Dec.23a
Jan. 18
Jan. 2 a
Jan. 1
Jan. 15
Jan. 15
Jan. 15
Jan. la
Jan. 4a
Dec. 31
Jan. 6

Holders of rcc.
Holders of rec.
Jan. 9 to
Dec. 21 to
Holders of rec.
Holders of rec.
Holders of rcc.
Holders of rec.
Holders of rcc.
Holders of rce.
Holders of rec.
Holders of rec.
Holders of rec.
Holders of rcc.
Holders of rec.
Holders of rcc.
Holders of rec.
Holders of rec.
Jan. 9 to
Holders of rec.
Holders of rcc.

Dec. 23
Jan. la
Jan. 12
Jan. 13
Dec. 31
Dec.14a
Jan. 2a
Jan. 2a
Jan. 2a
Dec. 31
Jan. 10
Jan. 10
Dec.30a
Dec.30a
Jan. 10
Dec.14a
Jan. 18a
Dec.23a
Jan. 15
Jan. 20
Dec.30a

Dec. 28 to Jan. 1
Dec. 27 to Jan. 2
Holders of rec. Dec.31a

Jan. 10 Holders of rcc. Jan. 6a

Miscellaneous.
Amer. Agrlc. Chem., com. (qu.) (No. 5 )..
1
Jan.
1X Jan.
Preferred (quar.) (No. 30)____________
Jan.
1
American Chicle, common (monthly)___
Jan.
1
Common (extra)______________________
1X Jan.
American Coal Products, pref. (quar.)___
1X Feb.
Amer. Gas & Elec., pref. (quar.) (No. 24)
1X Jan.
American Locomotive, preferred (quar.)..
Jan.
Amer. Seeding Machine, common (quar.).
1
1X Jan.
Preferred (quar.)................... .................
American Shipbuilding, preferred (quar.).
1X Jan.
Jan.
Amer. Telephone & Telegraph (quar.)___
2
Jan.
Amer. Type Founders, common (quar.)..
1
Preferred (quar.)___________ _________
1X Jan.
Amer. Woolen, pref. (quar.) (No. 55)___
1X Jan.
Anaconda Copper Mining (quar.) (No. 49)
75c. Jan.
Jan.
Anglo-American Oil. Ltd...... ..................... 15
Associated Gas <6 Elec., pref. (quar.)______
I X Jan.
Associated Merchants, 1st pref. (quar.)..
IX Jan.
First preferred (extra)..............................
X Jan.
Second preferred (quar.)......... ...............
I X Jan.
Second preferred (extra)___ : .................
X Jan.
Jan.
Bell Telephone of Canada (quar.)__________
2
Bell Telephone of Pennsylvania (quar.)__
I X Jan.
Jgn.
Brltlsh-American Tobacco, Ltd., ordln’y 6
Ordinary (final)_____________________
Jan.
8
British Columbia Copper (quar.) (No. b ).
Jan.
3
Bush Terminal, common (No. 6 ) ________
Jan.
2
Canadian Car & Foundry, pref. (quar.)..
I X Jan.
Canadian Cottons, Ltd., pref. (quar.)___
IX Jan.
Canadian Westinghouso,Ltd.(qu.) (No.32)
IX Jan.
B o n u s ____ ______ ___________________
Jan.
2
Central Coal & Coke, common (quar.)___
IX Jan.
Preferred (quar.)____________________
IX Jon.
Central & S. A. Telegraph (quar.)_____
IX Jan.
Chicago Pneumatic Tool (quar.)________
1
Jan.
Commonwealth Gas A Elec. Cos., common.. 50cts. Jan.
Preferred (quar.).................. ....................
IX Jan.

P er
C e n t.

N a m e o f C om pany.

D IV ID E N D S .

N a m e o f C om pany.

[ V o l . XCVI

15 Holders of rec. Dec.23a
15 Holders of rec. Dec.23a
20 Holders of rcc. Dec ,26a
20 Holders of rec. Dec .26a
15 Jan. 11 to Jan. 15
1 Jan. 16 to Feb. 2
21 Jan. 5 to Jan. 21
15 Holders of rec. Dec.31a
15 Holders of rec. Dec .3la
15 Jan. 3 to Jan. 15
15 Holders of rec. Dec 31a
15 Holder? of rec. Jan. 0a
15 Holders of rec. Jan. LOa
15 Dec. 24 to Jan. 7
15 Holders of rec. Jan. 4
15 Holders of coup. No. 3
15 Holders of rec. Dec. 31
15 Holders of re . Jan. 8a
15 Holders of rec. Jan. 8a
15 Holders of rec. Jan. 8a
15 Holders of rcc. Jan. 8a
15 Holders of rcc. Dec. 23
15 Jan. 4 to Jan. 15
7 See note e
7
15 Holders of rec. Jan. 2a
15 Holders of rec. Dec. 31
25 Holders of rec. Dec.31a
4 Dec. 25 to Jan. 3
10 Jan. 1 to Jan. 9
10 Jan. 1 to Jan. 9
15 Jan. 1 to Jan. 15
15 Jan. 1 to Jan. 15
Holders of rec. Dec.31a
Jan. 16 to Jan. 26
Holders of rec. Jan.

1

Preferred (quar.) (No. 11)_____
Eureka Pipe Line (quar.)__________
General Chemical, common (extra)
General Electric (quar.)__________
Payable in stock........ ............. .....
Harrison Bros. & Co., Inc., pref. (quar.)..
Illinois Brick____________________
Indiana Plpo Lino_______________
International Agricultural Corp., pref___
Internat. But’hole Sew. Mach.(qu.) (No.61)
Intcrnat. Harvester, com. (qu.) (No. 12).
International Nickel, common (quar.) —
Preferred (quar.)__ . ________________
International Paper, preferred (quar.)----Island Creek Coal, common (quar.)--------Kayscr (Julius) & Co., 1st & 2d pref. (qu.)
La Belle Iron Works, com. (quar.)---------La Rose Consolidated Mines (quar.)........
B o n u s______________________________
Lehigh Valley Coal Sales________________ _
Loose-Wiles Biscuit, 2d pref. (quar.)(No.3)
MacAndrcws & Forbes, common (quar.).
Preferrcd (quar.)------- -----------------------Manufacturers’ Light & Heat (quar.)------Massachusetts Gas Cos., common (quar.)
Massachusetts Ltg. Cos. (quar.) (No. 37)
Mexican Telegraph (quar.)...... ........... —
Mountain Stales Teleph. A Teleg. (quar.)..
National Biscuit, common (quar.)_______
National Carbon, common (quar.)______
National Fireproofing, pref. (auar.)..........
National Licorice, common (No. 21)..........
N. Y . Mutual Gas Light............ ..............
New York Transit (quar.)______________
Niagara Falls Power (q u a r.)....................
NIpe Bay Co., preferred (quar.)...............
Nlpissing Mines Co., (q u a r .)...................
Extra ----------------------- ---------------------Northern States Power, pref. (quar.)..
Nova Scotia Steel * Coal, common (quar.)
Preferred (quar.)___________________
Omaha Elec. L. A P.. preferred_________
Osceola Consolidated Mining (quar.)___
Otis Elevator, common (quar.)_________
Preferred (quar.)___________________
Pacific Coast Co., common (quar.)............
First preferred (quar.)_______________
Second preferred (quar.)...... ............. .....
Pacific Telep. A Teleg., pref. (quar.)___
Pay-As-You-Entor Car Corp., pref. (quar.)
Pittsburgh Coal, preferred (quar.)_______
Procter & Gamble, pref. (quar.)_________
Quaker Oats, common (quar.)....................
Preferred (quar.).......... ..... .....................
Realty Associates (No. 20)_____ ________
Rcecc Buttonhole Mach, (quar.) (No. 107)
Rhode Isl. Perk. Horseshoe, pref. (quar.)
Securities Company.______ _______ ______
Shawlnigan Water & Power (quar.)_____
Southern Calif. Edison, pf. (qu.) (No. 14)
Southern N. E. Telephone (quar.)_______
Standard Underground Cable (quar.)........ .
Extra______________ ______ __________
Stetson (J. B.), common_______________
Preferred.................................................
Swift & Co. (quar.) (No. 105).............. —
Tennessee Copper .................. ........... ...........
Union Natural Gas Corp.,(quar.) (No. 38)
Union Switch & Signal, common (quar.)..
Common (payable in common stock) —
Preferred (quar.)____ ______ _________
Preferied (payable In common stock)..
United Cigar Stores of Am., com.(qu.)(No. 1)
E xtra____________________ __________
United Dry Goods Cos., com. (quar.)___
United Fruit (quar.) (No. 54)___________
United Gas & Electric Co., preferred____
United Gas Improvement (quar.)________
United Shoe Machinery, common (quar.).
Preferred (quar.)............ ..... ............... .
U. S. Industrial Alcohol, pref. (quar.)___
U. S. Light & Heating, preferred________
U. S. Rubber, common (quar.)____________
First preferred (quar.)................................
Second preferred (quar.)................ ..........
U. S. Smelting, Ref. & Min., com. (quar.)
Preferred (quar.)............ .............. .........
Vlrginla-Carolina Chem., pf.(qu.) (No.69)
Vulcan Dellnnlng, preferred (quar.)........
Wells Fargo A Co........ ......... .......................
Western States Gas A Electric, pref. (quar.)
Western Union Telegraph (quar.)________
Westinghouso Air Brake (quar.)_________
Extra ____________ _______ __________
Westinghouso Elec. & Mfg., com. (quar.).
Preferred (quar.)__________________ _
Young (J. S.) Co., common (quar.)_____
Preferred (quar.).................. .............. .

W h en
P a y a b le

B ook s C losed
D a y s Inclusive

2X Jan.
IX Jan.
IX Jan.
2X Jan.
IX Jan.
3 X Jan.
IX Jan.
IX Jan.
IX Feb.
X Jan.
IX Jan.

1. Holders of rcc. Dec. 31
If Holders of rcc. Jan. 6a
If Holders of rec. Dec.31a
If Holders of rcc. Dec.3la
If Holders of rec. Jan. 2a
If Dec. 16 to Dec. 31
IS Holders of rec. Dee. 31
25 Jan. 16 to Jan. 26
1 Holders of rcc. Jan.28a
15 Holders of rcc. Jan.10a
15 Holders of rcc. Jan.10a
10
Feb. 1 Holders of rcc. Jan. 15
5/1 Feb. 1 Holders of rec. Dec. 31
2
Jan. 15 Holders of rec. Nov.30a
30A Jan. If Holders of rec. Dec.31a
1
Feb. i Jan. 28 to Jan. 31
2
Jan. 15 Holders of rec. Jan. 5
$4 Feb. 15 Holders of rec. Jan. 25
3X Jan. 15 Holders of rcc. Dec.3la
1
Jan. 15 Holders of rec. Jan. 4
Jan. 15 Holders of rec. Dec.21a
ix
2X Mch. 1 Feb. 11 to Mch. 2
IX Feb. 1 Jan. 14 to Feb. 2
X Jan. 15 Holders of rec. Jan. 2a
50c. Feb. 1 Holders of rec. Jan. 25
IX Feb. I Holders of icc. Jan. 20a
X Jan. 31 Jan. 16 to Jan. 31
2X Jan. 20 Jan. 1 to Jan. 17
2 X Jan. 20 Jan. 1 to Jan. 17
SI.25 Jan. 20 Holders of rcc. Jan. 7
I X Feb. 1 Jan. 16 to Feb. 2
2H Jan. 15 Holders of rec. Dec.31a
IX Jan. 15 Holders of rec. Dec.31a
IX Jan. 15 Jan. 1 to Jan. 15
SI Feb. 1 Holders of rcc. Jan. 18
IX Jan. 15 Holders of rcc. Dec.26a
2 X Jan. 16 Holders of rec. Dec.3la
IX Jan. 15 Holders of rcc. Dec.31a
IX Jan. 15 Holders of rec. Dec.28a
5 to Jan. 15
ix Jan. 15 Jan.
1
Jan. 15 Holders of rcc. Jan. 4
Jan. 7 Holders of rec. Jan. 2
3
4
Jan. 10 Holders of rec. Dec.27a
10
Jan. 15 Holders of rec. Dec. 23
2
Jau. 15 Holders of rec. Dcc.31a
Jan. 15 Holders of rec. Dec. 24
1
5
Jan. 20 Jan. 1 to Jan. 17
Jan. 20 Jan. 1 to Jan. 17
i x Jan. 15 Holders of rcc. Dec. 31
IX Jan. 15 Holders of rec. Dec.Sla
Jan. 15 Holders of rec. Dec.31a
2
2X Feb. 1 Holders of rcc. Jan. 20
S3 Jan. 31 Holders of rcc. Dec.28a
Jan. 15 Holders of rec. Dec. 31
1
IX Jan. 15 Holders of rec. Dec. 31
IX Feb. 1 Jan. 18 to Feb. 2
IX Feb. 1 Jan. 18 to Feb. 2
ix Feb. I Jan. 18 to Feb. 2
IX Jan. 15 Jan. 1 to Jan. 15
ix Jan. 15 Holders of rec. Jan. 6
I X Jan. 25 Holders of rcc. Jan.15a
Jan. 15 Holders of rec. Dec.31a
2
2X Jan. 15 Holders of rec. Jan. 2a
I X Feb. 28 Holders of rec. Feb. la
Jan. 15 Holders of rec. Jan. 6
3
Jan. 15 Holders of rcc. Jan. 4
3
Jan. 15 Holders of rec. Jan. 3
1
2X Jan. 15 Jan. 1 to Jan. 15
ix Jan. 20 Holders of rcc. Jan. 7
IX Jan. 15 Holders of rcc. Dec. 31
ix Jan. 15 Jan. I to Jan. 15
15 Holders of rec. Jan. 1
15 Holders of rec. Jan. 1
6 Dec. 11 to Jan. 1
20 Holders of rcc. Jan. 8
15 Jan. 1 to Jan. 15
10 Holders of rcc. Dec. 31
10 Holders of rcc. Dec. 31
10 Holders of rec. Dec. 31
10 Holders of rcc. Dec. 31
15 Holders of rcc. Jan. 31
15 Holders of rec. Jan. 31
1 Holders of rec. Jan. 24
15 Holders of rec. Dec.24a
15 Jan. 1 to Jan. 14
15 Holders of rec. Dec. 31
4 Holders of rec. Dec. 21
4 Holders of rcc. Dec. 21
15 Holders of rcc. Jan. 8a
31 Holders of rcc. Jan. 11
31 Holders of rcc. Jan. 13a
31 Holders of rec. Jan. 13a
31 Holders of rec. Jan.13a
15 Holders of rcc. Dec. 31
15 Holders of rcc. Dec. 31
15 Jan. 1 to Jan. 15
20 Holders of rcc. Jan. 10
15 Jan. 5 to Jan. 15
15 Holders of rcc. Dec. 31
15 Holders of rec. Dec.20a
15 Holders of rec. Dec.31a
15 Holders of rec. Dec.31a
Holders of rcc. Dec.31a
Holders of rcc. Dec.31a
Jan. 10 Jan. 1 to Jan. 5
Jan. lO^an. 1 to Jan. i

Jan.
Jan.
Jan.
S1.50 Jan.
2X Jan.
Ian.
3
10a Tan.
Jan.
3
10a Jan.
I X Feb.
X Feb.
2
Feb.
2
Ian.
2X Jan.
SI Jan.
50cts. Ian.
37X c. Ian.
XX Jan.
3>S Jan.
Jan.
1
Jan.
2
XX Ian.
I X Ian.
XX Jan.
Jan.
2
XX fan.
Jan.
5
Jan.
xx Jan.
X
Jan.
2
Jan.
2
1
15
4

xx

xx
2'A
xx

a Transfer books not closed for this dividend, b Less Income tax.
d Correction.
Transfers received In London up to Dec. 27 1912 will be In time for payment of
dividend, h Payable In common stock at par. k Payablo in stock, n Payable In
common stock.
e

A u c tio n

S a l e s .— A m o n g

o th e r s e c u r itie s ,

not usually dealt in at the Stock

th e

f o llo w in g ,

E x c h a n g e , wore rceont\y s o l d a t

a u c t i o n in N e w Y o r k , B o s t o n a n d P h i l a d e l p h i a :
B y M e s s r s . A d r ia n H . M u lle r & S o n s , N e w Y o r k :
S h a res.

P e r ce n t.

S h a res.

l ' er

100 Old Dominion SS. Co......... 102
100 William Peterman, Inc.,
common....................$5,000 lot 2,800 Cobalt Cent. Mines Co.,
$1 each_______________ $20 lot
36 Merchants' Nat. Bank......... 200X
5 Hanover Nat. Bank............. 705
B y M e s s r s . R . L . D a y & C o ., B o s to n :

$ p e r sh . S h a r es.
$ per sh ,
10 Charleston G. & E., $50 each..127
2 Hamilton Mfg. Co......... .......... 90
5 Heywood Bros. & Wakefield Co.,
70 Pacific Mills rights_________2 3 - 2 3 X
common__________ ____ ___130
46 Brookslde Mills rights________ 5
35 U. S. Envelope Co. rights........ 40c.
S h a res.

THE

J a n . d 1 9 i 3.]

DETAILED RETURNS OF TRUST COMPANIES.

B y M e s s r s . B a r n e s & L o f la n d , P h ila d e lp h ia :

Shares.
S per sh.
10
Commonwealth Title I.AT.Co.240
900 Buckley, Woodhull A Burns
Co., Inc., $50 each.............. $00 lot
8 Sixth National Bank________200
10 Mutual Trust Co., $50 each___ 44
2 Franklin National Bank_____ 499
10 Central 'l'r. A Sav. Co., $50 ea. 70
10 Continontal-Eqult. Tr. Co.,
$50 each................. ............... 100«
10 Logan Trust C o_____________ 135>S
2
Pcnnsy. Co. for Ins., Ac., &C..050
7 People’s Tr. Co., $50 each_49 H-50
10 Ilolmeshurg Tr. Co., $50 each. 55
15 Phlla. Warehousing A C. S. C o.140
25 People’s Nat. Flro Ins. Co.,
S25 each................................. 20
25 Tonopah-Goldflcld Hit., com . 50M

45

C H R O N IC L E

Shares.
$ Per sh.
40 Union Trac., Indiana, com—
5%
40 Union Trac., Indiana, 2d prof. 32
10 Amer. Pipe A Construe. C o ... 90'A
22 American Meter Co--------------- 111
20 De Long Ilook & Eye C o------- 100
15 Standard Roller Bearing Co.,
common, $50 each-------------- 6
3 Phlla. Bourse, prof., $25 each. 15
4 Phlla. Bourse, com., $50 each. 4H
240 Nat. Oil Co., Tampico, Mex.,
$1 each_________
1.60
3 Flro Association___________ 340
Bonds.
Per Cent.
$37,000 Dunbar Furnace Co., 2d 5s,
1913
$18,000
$1,000 Spring!. Wat. Co. 5s, 1926. 05'A

B y M e s s r s . S a m u e l T . F r e e m a n & C o ., P h ila d e lp h ia :

Bands.
Per Cent. I Bonds.
Percent.
$500 Springfield Water Co. 5s, 1920 96 I $500 No. Sprlngf. Wat. Co. 5s, 1928 95H

T r u s t C os.

Surplus.

B ro o k ly n ___
Bankers ____
U. S. M . A T.
A stor________
Title Guar. AT
G uaranty___
Fidelity..........
LawycrsTIAT.
Col.-Knick___
People’s ........
New Yoyk___
Franklin ___
Lincoln ..........
Metropolitan .
Broadway___

$
2,440,3
16,412,4
4,569,4
1,368,6
11,335,3
23,324,0
1,303,2
6,394,9
7,192,6
1,690,5
11,713,5
1,281,4
557,2
6,103,4
565,3

00 s

omitted.

On Dep.
Net
Loans.
Specie. Legale. wUhCM. Deposits.
Average. Average. Average. Banks. Average.
$
16,461,0

111 ,222 ,0

38,995,0
18,968,0
33,159,0
163,315,0
7,789,0
16,729,0
46,994,0
16,065,0
41.671,0
8,890,0
10,199,0
22,579,0
8,693,0

Reserve.

$
$
$
%
$
■
1,362,0
453,0 1,384,0 12,514,0 14.5 + 9.8
12,905,0
108,0 10,269,0 86,620,0 15.1 + 10.6
4,104,0
377,0 3,257,0 29,852,0 15.0 + 9.7
2,035,0
104,0 1,399,0 14,279,0 15.0 + 8.7
1,856,0 1,237,0 2,024,0 20,824,0 14.8 + 8 .8
14,027,0 1,124,0 10,410,0 103,610,0 14.6 + 9.1
674,0
260,0
690,0 6,171,0 15.1 + 0 .0
1,329,0
419,0 1,266,0 11,408,0 15.3 + 0 .0
5,059,0
800,0 3,920,0 38,796,0 15.1 + 9.1
1,942,0
383,0 1,856,0 15,274,0 15.2 + 10.6
3,789,0
433,0 3,124,0 27,697,0 15.2+10.1
1,046,0
187,0
8,015,0 15.3 + 9.7
8 6 6 ,0
1,108,0
218,0 1,034,0 8,841,0 15.0+10.3
1,930,0
9,0 2,087,0 12,978,0 15.0+13.8
961,0
313,0
980,0 8,543,0 15.0 + 10.1

Totals, A vge.. 96,252,0 561,729,0 54,127,0 6,425,0 44,566,0 405,422,0 14.9 + 9.9
Actual figures Dec. 28 559,684,0 53,584,0 6 ,222 ,0 46,970,o|404,486,0 14.7 + 10.4

C a n a d ia n B a n k

C l e a r i n g s . — T h e c le a r i n g s f o r t h e w e e k

e n d in g D e c . 2 8 m a k e q u ite a s a tis fa c to r y c o m p a r is o n w ith
t h e s a m e w e e k o f 1 9 1 1 , t h e in c r e a s e i n t h o a g g r e g a t e h a v i n g
been

19% .

Tho capital of the trust companies Is as follows: Brooklyn. $ 1,000.000-Bankers
$10,000,000; United States Mortgage A Trust, $2,000,000; Astor, $1,250,000- Title
Guarantee A Trust, $5,000,000; Guaranty, $10,000,000; Fidelity, $1,000,000:
Lawyers’ Title Insurance A Trust, $4,000,000; Columbla-Knlckerbocker, $2,000,000;
People’s, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln, $1.­
000,000; Metropolitan, $2,000,000; Broadway, $1,000,000; total, $45,250,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.

Week ending Dec. 28, 1912.
Clearings at—
1912.

Calgary.................... .......
Victoria_______________

Fort W illiam__________
Total Canada............ -

1911.

Inc. or
Dec.

1910.

1909.

%
$
$
$
$
46,517,804 38,557,825 + 20.6 34,300,452 37,036,028
38,000,006 35.921,569 4- 5 .8 27,540,518 25,057,095
32,697,000 20,451,557 + 23.6 17,459,930 10,700,682
10,949,857 9,300,746 + 10.9 8,123,827 5,782,847
3,847,332 3,971.034 — 3.1
3,011,807 2,733,074
2,797,264 2,495,814 + 12.1
1,989,974 2,428,428
+ 0.2
1,591,550
1,649,453
1,501,791
1,690,875
1,773,708
1,947,093
3,228,517 2,060,149 + 21.4
+ 5.4 3,163,340 2,219,813
4,597,090
4,845,401
1,494,803 + 28.0
1,307,300
1,913,346
1,242,480
1,408,509 + 11.9
1,149,107
1,575,115
1,247,070
1,075,846
1,850,641
4,876,459 2,570,837 + 89.2
1,264,494
4,058,538 2,581,075 + 57.2
1,390,109
1,427,039 + 58.4
882,518
2.260,800
1,131,785
096,709
+ 1.2
705,077
578,005
558,505 +23.0
690,718
532,108
1,352,989 + 83.4
2,481,600
777,720
935,226 + 74.5
1,632,208
073,004
582,919 + 15.0
483,396 + 70.4
823,207
..............
..............
166,266,448 139,706,001 + 19.0 107,849,802] 102,320,399

Week
ending
Dec. 28.

Capital. Surplus.

On Dep.
Specie. | Legal urUh C.H.
Net
iTenders.
Banks.
Deposits.

Loans.

Averages.
$
$
$
$
1
$
S
$
Banks __ 133,650,0 201,897,6 1,285,660,0 245,981,0 73,824,0
1,259,223,0
Trust cos. 45,250,0 96,252,0 561,729,0 54,127,0 6,425,0 44,566,0 405,422,0
Total . . 178,900,0 298,149,6 1,847,389,0j.300,108,0 80,249,0 44.566.01.604.645.0
Actual.
1
Banks __
1,292,695,0 248,858,0 76,468,0
--------- 1,272,250,0
Trust cos.
559,684,0| 53,584,0 6,222,0 46.970.0
404,486,0
Total . .
The

...........
S ta te

re tu r n s

of

charge.
in

th o

.......... 1,852,379,0j302,442,0| 82,690,0 46,970,01,676,736,0
1

B a n k in g

th o

S ta te

D ep a rtm en t
banks

and

a lso

tru st

w e e k ly

under

it s

T h e s e r e t u r n s c o v e r a l l t h e i n s t i t u t i o n s o f t h i s c la s s
w h o le

S ta te ,

but

th e

f ig u r e s

are c o m p ile d

d is t in g u is h b e tw e e n th e r e s u lts fo r N e w
N ow

fu r n is h e s

c o m p n ie s

so

a s to

Y o r k C ity (G re a te r

Y o r k ) a n d th o se fo r th e re st o f th e S t a t e ,

as

p e r th e

fo llo w in g :
S ta t e m e n t o f N e w Y o r k C ity C le a r in g -H o u s e B a n k s
and
T r u s t C o m p a n i e s .— T h o d e ta ile d s t a t e m e n t b e lo w
s h o w s th e c o n d itio n o f th o N e w Y o r k C i t y C le a r in g -H o u s e
m o m b o r s f o r t h e w e e k e n d i n g D e c . 2 8 . T h e f ig u r e s f o r t h e
s e p a r a te b a n k s aro th o a v e r a g e s o f th e d a ily r e s u lt s .
In
t h e c a s o o f t h o t o t a l s , a c t u a l f ig u r e s a t t h e e n d o f t h o w e e k
aro a ls o g iv e n .
>
F o r d e f i n i t i o n s a n d r u le s u n d e r w h ic h t h e v a r i o u s i t e m s a r e
m a d o u p , s e e “ C h r o n i c l e ,” V . 8 5 , p . 8 3 6 , i n t h e c a s o o f t h e
b a n k s , a n d V . 9 2 , p . 1 6 0 7 , in t h o c a s e o f t h e t r u s t c o m p a n i e s .

Banks.
omitted.

Capital.
$

Bank of N. Y.
ManhattanCo.
Merchants’ __

2 ,000 ,0

2,050,0

2 ,000,0
6 ,0 0 0 ,0

1,500,0
Am erica........
City_________ 25,000,0
3,000,0
Chem ical___
Merchants’ Ex
600,0
Butch.ADrov.
300,0
Greenwich —
500,0
5,000,0
Am. Exch___
Comm erce__ 25,000,0
500,0
Pacific_______
2,250,0
Chat. A 1’iien200 ,0
People’s ------Hanover____
3,000,0
2,550,0
Citizens’ Con.
1 ,000 ,0
Nassau--------1,000 ,0
Market A Fuit
Metropolitan .
2 ,000,0
Corn Exchange 3,000,0
Imp. A T ra d ,.
1,500,0
P a rk ________
5,000,0
East River__
250,0
Fourth . ........
5,000.0
Second ______
1,000 ,0
F irs t........ ..... 10 ,000 ,0
Irvin g---------4,000,0
Bowery ------250,0
500,0
N. Y. County.
750,0
German-Amer.
5,000,0
C hase---------100,0
Fifth Avenue.
200,0
German Exch.
200,0
Germania___
1 ,000,0
Lincoln _____
1 ,000,0
G arfield____
250,0
F ifth ________
Metropods . .
1 ,000,0
200,0
West Sldo___
Seaboard____
1 ,000 ,0
Liberty ..........
1 ,000 ,0
N. Y. Prod.Ex
1 ,000,0
Stato..............
1 ,000,0
S ecurity........
1 ,000 ,0
Coal A Iron..
1 ,000,0
Union Exch.
1 ,000,0
Nassau, Ilklyn
1 ,000 ,0

r u le s u n d e r w h ic h

ite m s

STATE BANKS AND TRUST COMPANIES.

Week ended December 28.

State Banks
Trust Cos.
State Banks
Trust Cos.
in
in
outside of
outside of
Greater N . Y. Greater N . Y. Greater N. Y . Greater N. Y

Capital as of Sept. 9 ____
Surplus as of Sept. 9 ........

$
22,325,000

$
62,775,000

38,321,500

$
9,458,000

$
9,950,000

172,033,200

12,471,974

12,508,781

292,274,000 1,048,774,600
+ 1,118.400 — 2,317,800

115,820,100
— 73,500

175,151,000
+ 125,300

Specie. Legals. Net Depos ReAverage. Average. Us, Aver. serve.

S p e c ie .......... ...................
Change from last week.

54,506,800
+ 2,444,300

106,691,200
+ 1 1542^700

..................

..................

$
$
$
$
S
%
4,257,4 20,997,0 3,682,0
985,0
18,091,0 25.7
4,835,2 30,200,0 8,757,0 1,496,0 35,150,0 29.1
958,0
17,741,0 3,053,0
2,084,4
16,641,0 24.1
8,663,0 51,336,0 7,608,0 2,861,0 46,995,0 22.2
6,260,2 22,634,0 4,118,0 1,499,0 21.441,0 26.1
29,142,3 166,290,0 34,082,0 5,488,0 153,450,0 25.7
28,257,0 4,202,0 2 ,0 21 ,0
24,605,0 25.2
7,231,2
195,0
1,360,0
6,270,0
6,206,0 25.0
534,7
81,0
519,0
2,096,0
2,324,0 25.8
128,9
210 ,0
9,117,0 2,385,0
10,349,0 25.0
949,4
40,580,0 8,128,0 1,493,0 38,185,0 25.1
4,510,1
16,316,8 129,625,0 16,770,0 9,711,0 103,833,0 25.5
671,0
374,0
4,485,0
4,142,0 25.2
958,6
1,301,1
18,107,0 3,022,0 1,985,0
18,543,0 27.0
472,0
152,0
1,945,0
472,8
2,304.0 27.0
13,740,9 69,159,0 13,930,0 5,465,0 75,263,0 25.7
614,0 20,893,0 25.7
2,201,4 22,347,0 4,763,0
1,553,0 1,144,0
10,759,0
460,2
11,917,0 22.6
1,583,0
8,765,0
991.0
1,897,5
8,799,0 29.2
264,0
14,999,0 3,075,0
1,725,7
15,978,0 24.6
5,753,6 40,799,0 8,351,0 5,484,0 54,725,0 25.2
7,795,0 25,118,0 3,668,0 1,941,0 21,942,0 25.5
13,552,0 78,962,0 IS,818,0 1,627,0 79,598,0 25.6
1,511,0
425,0
70,0
112,0
1,946,0 27.5
29,126,0 5,647,0 1,900,0 28,677,0 26.2
5,874,1
13,590,0 3,016,0
2,526,4
166,0
12,791,0 24.8
21,940,2 108,595,0 20,132,0 3,621,0 96,354,0 24.6
3,225,8 34,610,0 5,898,0 2,814,0 34,328,0 25.3
799,2
3,625,0
858,0
103,0
3,838,0 25.0
2,006,0
8,797,0
661,0
1,333,0
8,555,0 23.3
711,6
4,103,0
749,0
238,0
3,869,0 25.5
9,672,3 82,457,0 17,318,0 4,119,0 88,256,0 24.2
2,119,4
12,633,0 2,342,0 1,172,0
14,271,0 26.7
830,9
3,301,0
509,0
353,0
3,651,0 25.2
1,064,3
5,443,0
1,305,0
254,0
6,350,0 25.3
1,656,2
14,784,0 3,016,0
734,0
15,042,0 25.0
1,275,2
8,810,0 2,104,0
449,0
9,159,0 27.8
3,513,0
525,6
410,0
475,0
3,678,0 24.0
12,546,0
2,182,4
1,177,0 1,692,0
12,140,0 23.6
4,291,0
867,0
1,023,0
310,0
4,789,0 24.5
2,277,7 24,561,0 5,373,0 2,478,0 29,070,0 27.0
2,790,2 20,027,0 3,793,0 1,370,0 20,869,0 24.7
9,003,0 2,386,0
333,0
895,2
10,554,0 25.7
18,028,0 5,552,0
396,0 23,092,0 25.7
607,9
11,992,0 2 ,202,0 1,399,0
416,1
14,352,0 25.0
1,188,0
409,0
6,661,0
534,1
6,505,0 24.0
350,0
9,564,0 2,119,0
1,006,1
9,691,0 25.4
1,269,0
280,0
7,438,0
1,100,7
6 ,022,0 25.7

Legal tender A bk. notes.
Change from last week.

20,593,800
— 313,900

10,276,000
— 262,400

Surplus.

Loans.
Average.

..................

..................

120,617,400
— 70S, 100

179,009,800
— 828,000

124,133,400
+ 1,831,700

21,288,000
— 497,500

20,602,200
— 210,400

16.2%
16.2%

18.7%
19.2%

12.5%
1 2 .6 %

Deposits........ ..... .............
Chango from last week.

334,487,500 1,0S0,602,600
+ 3,611,100 + 1,205,100

Reserve on deposits..
Chango from last week.

89,437,500
+2,672,900

P. C. reserve to deposits.
Precentagc last week..

27.5%
27.0%

+ Increase over last week.

— Decrease from last week.

Note.— "Surplus" Includes all undivided profits. “ Reserve on deposits" Includes
for both trust companies and State banks, not only cash items but amountsdue
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to lo­
cation 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 dyas
represented by certificates, and also exclusive of deposits secured by bonds o
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held In trust gor It by any publlcdepartment.
The State banks are likewise required to keep a reserve varying according to loca­
tion, tho 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 amend­
ment of 1911) by bonds or obligations of the City or State of New York, and ex­
clusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for It by any public department.
---- Trust Cos.— - — State Banks—
Reserve Required for Trust Companies
Total
Of
Total
Of
and State Banks.
Reserve which Reserve which
Location—
Required, in Cash. Required, in Cash.
Manhattan Borough.................. ............. ........... -.1 5 %
15%
25%
15%
Brooklyn Borough (without branches in Manhat.) 15%
10%
20%
10%
Other Boroughs (without branches In Manhattan) 15%
10%
15%
7H %
Brooklyn Borough, with branches In Manhattan. 15%
15%
20%
20%
Other Boroughs, with branches In Manhattan__ 15%
15%
15%
15%
Cities of tho first and second class....................
10% 5 %
Cities of tho third class and vlllaget------------------- 10%
3%
Elsewhere In State___________ __________ __________
____
15%
6%
T h o B a n k in g D e p a r t m e n t a lso u n d e r ta k e s to p r e se n t se p a ­

Totals, A vge.. 133,650,0 201,897,6 1285,660,0 245,981,0 73,824,0 1259,223,0 25.3

r a t e f ig u r e s i n d i c a t i n g

Aotuallflgures Deo. 28.
........... 1292,695,0 248,858,0 76,468,0 1272,250,0 :25.5
m
Circulation.— On tho basis of averages, circulation of national banks In tho Clearing
uouso amounted to $40,874,000, and according to actual figures was $46,685,000.

tru st




th e v a r io u s

Loans and Investments..
Chango from last week.

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

00 s

F o r d e fin itio n s a n d

a r o m a d o u p , s e e “ C h r o n i c l e ,” V . 8 6 , p . 3 1 6 .

c o m p a n ie s

House.

in

th e

G reater

to ta ls
N ew

fo r th e S t a t e
Y ork

Banks

and

not in the Clearing

T h e s e f ig u r e s a r e s h o w n in t h e t a b l e b e l o w , a s a r e

a ls o th e r e s u lts (b o t h a c tu a l a n d

average)

fo r th e C le a r in g

THE

46
H o u se

banks

c o m b in e d

and

each

tru st c o m p a n ie s.

In

c o r r e sp o n d in g it e m

in

a d d itio n ,

th e

tw o

C H R O N IC L E

we have

sta te m e n ts,

t h u s a f o r d in g a n a g g r e g a te fo r th e w h o le o f th e b a n k s a n d
t r u s t c o m p a n i e s in t h e G r e a t e r N e w

$

$

$

$

Nat. Banks
Nov. 26 and
Surplus State banks
Sept. 9____

178,900,000

178,900,000

298,149,600

298,149,600

29,025,000

207,925,000

80,906,900

379,056,500

Loans and Investments 1,852,379,000 1,847,389,000
+ 8,257,000
Change from last week + 13,589,000

564,689,600 2,412,078,600
+ 6,753,800
— 1,503,200

Deposits 1___________ 1,676,736,000 1,664,645,000
Change from last week + 27,798,000 + 21,516,000

a557,343,000 2,221,988,000
— 2,622,300 + 18,893,700

S p ecie.......... ...............
Change from last week

302,442,000
+ 1,891,000

300,108,000
+ 1,800,000

60,882,400
+ 129,500

360,990,400
+ 1,929,500

Legal tenders............ Change from last week

82,690,000
+ 2,982,000

80,249,000
— 329,000

68,099,100
— 34,200

88,348,100
—363,200

Banks: cash In vault..
Ratio to deposits___

325,326,000
25.57%

319,805,000
25.39%

12,555,500
14.37%

332,360,500

Trust cos.:cash In vault

59,806,000

60,552,000

66,426,000

116,978,000

Aggr’ te money holdings
Change from last week

385,132,000
+ 4,873,000

380,357,000
+ 1,471,000

68,981,500
+ 95,300

449,338,500
+ 1,566,300

Money on deposit with
other bks. & trust cos.
Change from last week

46,970,000
+ 3,299,000

44,566,000
— 320,000

15,183,500
+ 350,800

59,749,500
+ 30,800

Total reserve...
Change from last week

432,102,000
+ 8,172,000

424,923,000
+ 1,151,000

84,165,000
+446,100

509,088,000
+ 1,597,100

Banks (above 2 5% ). .
Trust cos.(abovel5%)

7,263,500
def.866,900

4,999,250
del.261,300

T o t a l.............. .
Change from last week

6,396,600
— 1,744,500

4,737,950
— 2,811,700

% of cash reserves of tr ust cos--14.78%
Cash In v a u lt...
10.40%
Cash on dep. with bks.

14.93%
9.90%

15.37%
1.23%

25.18%

24.83%

16.60%

+ Increase over last week.

tru st

Boston.
Nov. 9______
Nov. 16_____
Nov. 23..........
Nov. 3 0 .........
Dec. 7..........
Dec. 14_____
Dec. 21..........
Philadelphia
Nov. 9_____
Nov. 16_____
Nov. 23..........
Nov. 30..........
Dec. 7..........
Dec. 14_____
Dec. 21_____
Dec. 28_____

S
$
$
228.451.0 23.209.0 4.253.0
226.297.0 24.442.0 4.270.0
225.952.0 24.846.0 4.090.0
226.985.0 22.911.0 4.065.0
224.283.0 21.132.0 3.939.0
220.514.0 23.595.0 4.225.0
216.489.0 22.983.0 4.246.0
215 230 n 22 nor, n 4.453 n
-------- 1........ .
86.477.0
103.684.3.385.576.0
88.961.0
103.684.3 381.498,0
89.562.0
103.684.3 375,884,0
87.917.0
103.684.3 374,148,0
84.770.0
103,684.3'374,9S2,0
82.104.0
103.684.3.370.888.0
83.713.0
103.684.3 365,311,0
87.205.0
103.684.3 364,365,0
$
60.735.4
60.735.4
60.735.4
60.735.4
60.735.4
60.735.4
60.735.4
60.735 4

*423,799,0
*423,754.0
*418,387,0
*414,722,0
*411,884,0
*404,416,0
*402,683,0
*403,546,0

.$
7,001,0
7,163,0
7,197.0
7,219,0
7,228,0
7,207,0
7,209,0
7.222.0

S
172.823.0
198.716.5
163.952.1
140,897,7
197,93,8,3
165.675.6
170.140.6
131.772.1

15,126,0
15,135,0
15,140,0
15,164,0
15.115,0
15.117.0
15,129,0
15,134,0

157,540,2
179,674,7
182,119,3
144,283,5
193,583,1
170,649,2
175,075,7
149,158,7

I m p o r t s a n d E x p o r t s f o r t h e W e e k .— T h e fo llo w in g a r e
th e im p o r ts a t N e w Y o r k fo r th e w e e k e n d in g D e o . 2 8 ; a ls o
t o t a l s s in c e t h e b e g i n n i n g o f t h e f i r s t w e e k in J a n u a r y :

FOREIGN IMPORTS AT NEW YORK.
1910.
$3,329,152
19,873,962

Dry goods.____ ______
General merchandise. .

*3,305,406
17,253,580

$3,514,220
14,790,851

j $23,203,111 *20,558,992^ 318,305,071 j $15,013,791
$153,968,788 $142,732,523 $159,500,892 S170,509,631
| 867,961,4281 744,538,390, 750,257,9081 710.710,153

T h e f o l l o w i n g is a s t a t e m e n t o f t h e e x p o r t s ( e x c l u s i v e o f
s p e c ie ) fr o m th e p o r t o f N e w Y o r k to fo r e ig n p o r ts fo r th e
w e e k e n d in g D e c . 2 8 a n d fr o m J a n . 1 to d a t e :

EXPORTS FROM NEW YORK.

G re a ter

1912.
For the week................ .........
Previously reported............ .

N ew

Y ork

o u ts id e

o f th e

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.

Total 52 weeks................ . $851,638,376 $788,124,493 $691,247, C27|$630,382,988
1

T h e fo llo w in g ta b le s h o w s th e e x p o r ts a n d im p o r ts o f
s p e c ie a t t h e p o r t o f N e w Y o r k f o r t h e w e e k e n d i n g D e o . 2 8
a n d s in c e J a n . 1 1 9 1 2 , a n d f o r t h e c o r r e s p o n d i n g p e r i o d s in
1911 and 1 9 1 0 :

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Imports.

Exports.
Loans and
Investments Deposits.

Specie.

Legals.

TotMoney EntireRes.
Holdings. onDeposit

$
$
5
|
|
Oct. 26
........... 2,534,880,0 2,372,940.0 385.208,1 90,701, 4 475,909, 5 543,007,5
Nov. 2................ 2,515,054,6 2,335,724,8 378,728,8. 91,511, 3 470,240 1 636,079,5
Nov. 9 ................ 2,496,735,7 2,308,801,0 375,777,2| 87,858, 7 463,635 9 528,052,6
NOV. 16................ 2,493,836.1 2,303,144,9 374,309,5 89,412 7 463,722 ,2 526,523,9
Nov. 23................ 2,480,706,3 2,290,470,8 372,417,8 90,306 0 462,723 ,8 624,960,0
Nov. 30................ 2,476,317,0 2 ,275,323,6 362,459,9 89,878 ,4 452,338 3 512,730,2
Dee. 7................ 2,442,755,012,234,183,1 360,720,8 89,886 ,6 450,607 ,4 510,675,8
Dec. 1 4 ..'........... 2 ,415,385,3j2,207,395,4 355,442,1 90,376 0 445,818 ,1 505,578,6
Dec. 2 1 . . . ........... 12,405,324,8.2,203,094,3 359,060,9 88,711 ,3 447,772 2 507,490,9
Dec. 28_________ *2,412,078,6 2,221,988,0 360,990,4 88,348 ,1 449,338 ,5 509,088,0
R e p o r t s o f C l e a r i n g N o n - M e m b e r B a n k s .— T h e fo llo w ­
i n g is t h e s t a t e m e n t o f c o n d i t i o n o f t h e c le a r i n g n o n - m e m b e r
b a n k s fo r w e e k e n d in g D e o . 2 8 , b a s e d o n a v e r a g e d a ily r e s u lts :

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

Banks.

Capi­
tal.

New York City.
Manhattan and Bronx.
Aetna National. ___
Washington Heights.
Battery Park N a t...
Century------------------Colonial------------------C olum bia--------------Fidelity . - ..................

98,0
476,0
224,0
558,0
486,0 1,409,0
103,0
757,0
92,0
213,0

2,810,0
5,553,0
12,809,0
4,258,0
2,296,0

400,0 1,355,3 5,039,0
250,0
813,6 3,187,0
200,0
420,8 2,399,0

280,0
146,0
106,0

276,0 1,402,0
8 6,0
356,0
149,0
591,0

3,921,0
1,402,0
1,452,0

665,0 4,290,0
297,7 3,246,0

233,0
180,0

333,0
410,0

1,771,0
1,303,0

200,0

250,0
200,0
2 0 0 ,0
200 ,0
100,0

Y ork vlllo..................
Brooklyn.

300,0
252,0
1 ,0 00 ,0

300,0

North Side........ ..... .
Jersey City.
First National_____
Hudson County Nat.
Third National..........
Hoboken.
First National--------Second National-------

$
65,0
73,0
71,0
417,0
340,0
566,0
116,0
49,0
312,0
104,0
109,0
254,0

3,713,0 275,0
6,074,0 563,0
10,677,0 1,496,0
4,274,0 581,0
2,304,0 196,0

500,0
400,0
300,0

2 0 0 ,0

220,0

125,0

689,6
912,8
765,7
576,6
174,5

$
3,004,0
1,473,0
1,632,0
6,269,0
0,528,0
0,622,0
1,108,0
2,541,0
4,861,0
3,027,0
1,980,0
4,471,0

$
596,0
159,0
322,0
657,0
874,0
655,0
82,0
423,0
481,0
315,0
251,0
581,0

322,0
436,0
134,0
232,0
493,0

100,0
200 ,0

$
543,2
330,0
119,5
515,5
549,4
787,4
108,9
337,4
411,0
281,4
96,0
515,8

Legal
On
Tender Deposit
Specie. and
with
Net
Bank
C.-H. Deposits.
Notes. Banks.
$
2,677,0
1,235,0
1,694,0
7,357,0
0,736,0
7,408,0
1,079,0
2,817,0
4,892,0
2,656,0
2,170,0
4,930,0

3
500,0

New Netherland-----

Sur­
plus.

Loans,
Disc’ts
and
Invest­
ments.

30,0
41,0

$
151,0
205,0
75,0
632,0
893,0
658,0
111,0

Totals Dec. 28----- 6,597,0 11,333,1 88,725,0 9,452,0 4,061,0 10,847,0 83,292,0
6,597,0 11,333,1 88,917,0 9,565,0 4,106,0 10,445,0 84,880,0
Totals Dec. 14----- 6,597,0 11,333,1 89,695,0 9,827.0 4,359,0! 10,360,0 84,248,0




1909.

1910.

1911.

14,429,506 $11,027,838
$12,312,616 $10,916,792
839,325,760 777,207,701 670,818,121 619,355,150

th o s e fo r th e S t a t e b a n k s

C l e a r i n g H o u s e , c o m p a r e a s f o l l o w s f o r a s e r ie s o f w e e k s p a s t :

Week Ended-

$3,345,951
11,607,840

Total 52 weeks.................. 1,021,930216 $887,270,919 *909,758,800 $887,219,784

combined w i t h
in

$
1
268.579.0
278.186.0
270.343.0
262.616.0
260.770.0
259.458.0
256.041.0
250.013.0

a Includes Government deposits and the Item "due to other banks." At Boston.
Government deposits amounted to S890.000 on December 28, against S914.000
on December 21.
* "Deposits” now Include the item of “ Exchanges for Clearing House,” which
were reported on December 28 as $15,587,000.

— Decrease from last week.

c o m p a n ie s

Specie. Legals. Deposits. Ctrcu- Clearings.
a
| lation.

Loans.

..................

T h e a v e r a g e s o f t lie N e w Y o r k C i t y C l e a r i n g - H o u s e b a n k s

and

Capital
and
Surplus.

T o ta l...................... .
Since January 1.
Dry goods................... .
General merchandise...

o Theso 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 $609,807,400, a decrease of $1,141,200 from last week. In
the case of the Clearing-House members, the deposits are "legal net deposits” both
f or the average and the actual figures, b Includes bank notes.

a n d tru st c o m p a n ie s ,

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

Banks.

Clear.-House Clear .-House State Banks A- Total of all
Members. Trusr Cos. Not Banks&Trust
Members.
in C.-H. Aver. Cos. Average.
Average.
AclualFigures

Capltal

B o s t o n a n d P h i l a d e l p h i a B a n k s . — B e l o w is a s u m m a r y
o f th e w e e k ly to ta ls o f th e C le a r in g -H o u s e b a n k s o f B o s to n
a n d P h ila d e lp h ia :

Y ork.

NEW YORK CITY BANKS AND TRUST COMPANIES.

Week ended Dec. 28-

[ V o l . XCVI

Week.

\Since Jan. 1

Week.

$108,560 10,314,172
53,483
$106,560 $33,423,025
217,076 10,502,003
175,900 45,620,848

$537,063 $33,390,981
787,604 15,007,704
832,263 23,317,843

$1,023,597 $50,047,457
7,044,550
102,622

$118,649
8,594
21,007
49,188
5,254,458
3,051,067
1,601,501

$20,146,222
15
2,909,133

Total 1912.
Total 1911.
Total 1910.
Silver.
Great Britain............
F ra n c e ......................
G erm any____ _____
West Indies_________
Moxlco.......... .............
South America.........
All other countries___

$93
303,982
27,180
12,600

298,830

258

35,369
709,590
SI.136,497 $5.8,135,796
1,328,155; 20,894,483
1,418,440 43,872,048

Total 1912.
Total 1911.
Total 1910.

Since Jan. 1

$97,330 $9,908,851
96,870 2,637,013
489,219
016,025
24,970
253,611 14,021,316
3,855,763
9,301
1,862,794
54,951

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

$343,855 $10,104,404
121,6001 0,924,256
130,172 5,010,152

O f t h e a b o v e i m p o r t s f o r t h e w e e k in 1 9 1 2 , $ 4 , 2 2 0 w e re
A m e r i c a n g o ld c o in a n d $ 1 0 4 A m e r i c a n s i l v e r c o i n .

ganMuc* and financial*
Railroad and Industrial Stocks
W rito for our Circular N o. 614 entitled "R a ilroa d and Industrial
S tocks,” which describes 124 Issues listed on the N ow York Stock
Exchange, and classified by us as.follow s: Investm ent Stocks, Semi­
Investm ent Stocks. Speculative Stocks.

Spencer Trask & Co.
43

EXCHANOE

C h i c a g o . III.

PLACE— N EW

B o s to n , M ass.

YORK.

A lbany. N. Y .

Members Neic York Stock Exchznge.

White, Weld & Co.
Bonds and
14 W A L L S T R E E T
NEW YO R K

Investm ent Securities.

THE ROOKERY

111 D E V O N S H I R E S T R E E T

C H IC A Q O

BOSTON

THE

J a n . 4 19 13 ,]

^ ix n k z x s 7

M oney

in t e r e s t i n g

M ark et

and

o p e r a tio n s

has

and

u n u su al
been

th e

F in a n c ia l

fe a tu r o
fa c ility

of

3 1913.

S i t u a t i o n .— A n

th is

w ith

w eek ’s

w h ic h

fin a n c ia l

th e

y e a r -e n d

s e ttle m e n ts w ere e ffe c te d .

I t w o u ld s e e m t h a t p r e p a r a tio n s

fo r

been

th ese

s e ttle m e n ts

n ecessary.

o f a g r e e a b le s u r p r is e .

At

m ore

th a n

w as

C u r r e n t in te r n a tio n a l m o n e y m a r k e t

p r o s p e c ts a r e a t t r a c t in g c o n s id e r a b le a t t e n ­

th o m o m e n t a ll th e

p r i n c ip a l

a re e a s y a n d ra te s a re r e la tiv e ly lo w .
w e e k ly

e x te n siv e

H o w e v e r th a t m a y b e , th e r e su lt c a u se d a g o o d d ea l

c o n d itio n s a n d
tio n .

had

E uropean

m a rk e ts

T h e B a n k o f E n g la n d ’s

s ta t e m e n t sh o w s a p e r c e n ta g e o f re se rv e o n ly fra c ­

t i o n a l l y a b o v e 3 0 — a p o i n t r a r e ly t o u c h e d in r e c e n t y e a r s —
a n d y e t r a t e s in t h e o p e n L o n d o n m a r k e t a r e w e ll b e l o w t h e
5 p e r c e n t r a te m a in t a in e d b y th e B a n k .
Tho

N ew

Y ork

C le a r in g

H ou se

b a n k s rep o rte d

t i a l l y in c r e a s e d c a s h h o ld i n g s l a s t S a t u r d a y

su b sta n ­

a n d th o

p resen t

in d ic a tio n s a r e t h a t th o se h o ld in g s h a v e b e e n fu r th e r a d d e d
to

th is

w eek.

R a te s

fo r

N ew

Y ork

exchan ge

at

p o in ts s h o w t h a t th e r e tu r n flo w o f c u r r e n c y fr o m

in t e r io r
t h e a g r i­

c u l t u r a l d i s t r i c t s is w e ll u n d e r w a y , i f , i n d e e d , i t is n o t a l r e a d y
in f u l l f o r c e , a n d i t n o w

s e e m s r e a s o n a b le

t h o lo c a l m o n e y m a r k e t w i l l , f r o m

now

to su p p o se th a t

o n , b e a b u n d a n tly

s u p p lie d w ith fu n d s .
' F o r th is o r o th e r r e a so n s th o s e c u r ity m a r k e t s , a lth o u g h
s t i ll r e l a t i v e l y d u l l , h a v e b e e n i n c r e a s i n g ly a c t i v o t h i s w e e k
a n d p r ic e s h a d a f i r m e r t e n d e n c y u n t i l t o d a y .
O p e r a tio n s
a t t h o E x c h a n g e h a v o , h o w e v e r , b e e n a l m o s t w h o l l y in t h o
h a n d s o f th o tr a d in g e le m e n t a n d th e r e fo r e p r ic e -m o v e m e n t s
h a v e l i t t le s i g n i f i c a n c e .
T h o o p e n m a r k e t r a t e s f o r c a ll l o a n s a t t h e S t o c k E x c h a n g e
d u r in g th o w e e k o n s t o c k a n d b o n d c o lla te r a ls h a v e r a n g e d
fro m
2 ^ @ 7 % .
T o -d a y ’s
ra te s
on
c a ll
w ere
3 @ 5 % .
C o m m e r c ia l p a p e r q u o te d 6 %
f o r GO t o 9 0 - d a y e n d o r s e ­
m e n t s a n d f o r p r iin o 4 t o G m o n t h s ’ s in g le n a m e s a n d G ^ %
f o r g o o d s in g le n a m e s .
T h o B a n k o f E n g la n d w e e k ly s t a t e m e n t o n T h u r s d a y
s h o w e d a n in c r e a s o i n b u l l i o n o f £ 9 7 1 , 9 2 0 a n d t h o p e r c e n t ­
a g e o f r e s e r v e t o li a b i li t i e s w a s 3 0 . G 5 , a g a i n s t 3 7 . 9 0 l a s t w e e k .
T h e r a t e o f d i s c o u n t r e m a in s u n c h a n g e d a t 5 % , a s f i x e d
O c t. 17 .
T h e B a n k o f F ra n co sh o w s a d ecrease o f 1 2 ,7 0 0 ,0 0 0
fra n c s g o ld a n d 1 8 ,4 2 5 ,0 0 0 fr a n c s s ilv e r .

NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1912.
Averages for
week ending
Dec. 28.

Differences
from
previous week.

1911.
Averages for
week ending
Dec. 30.

1910.
Averages for
week ending
Dec. 31.

$
8
S
S
133.650.000
135.150.000 133,350,000
Capital _____________
S urplus------- ------------- 201,897,600
197,808,700 196,577,100
Loans and discounts__ 1.235.660.000 Inc. 9,233,000 1.310.847.000 1.234.194.400
46.874.000 Dec.
Circulation-------------47,728,300
120,000
50.807.000
Not deposits................ 1.259.223.000 Inc. 10,553,000 1.312.825.000 1.201.586.400
245.9.81.000 Inc.
423,000 265.725.000 238,330,300
S p e c ie ................ .........
73.821.000 Dec.
119,000
Legal tenders...... .........
69,908,900
77.684.000
Reserve h eld ------------25% ot deposits........ .
Surplus reserve------

319.805.000 Inc.
314,805,750 Inc.

304,000
2,638,250

343.409.000
328,200,250

308,239,200
300,396,600

4,999,250 Dec. 2,334,250

15,202,750

7,842,600

Note.—The Clearing House now Issues a statement weekly, showing tho actual
condition of the banks on Saturday morning, as well as tho above averages. Tho
figures, together with tho returns of tho separate banks and trust companies, also
the summary Issued by the State Banking Department, giving the condition of State
banks and trust companies not reporting to the Clearing House, appear on tho second
page preceding.
F o r e i g n E x c h a n g e .— T h o m a r k e t fo r s te r lin g e x c h a n g e
h a s b e e n a c tiv o a n d s tr o n g a ll w e e k a s a r e s u lt o f th o r e la ­
t i v e l y la r g e r r e l a x a t i o n o f m o n e y r a t e s o n t h i s s id o t h a n
a b r o a d , a n d a ls o b e c a u s e o f th e a c t iv e d e m a n d fo r r e m it ­
t a n c e s o f d i v id o n d a n d i n t e r e s t d i s b u r s e m e n t s o n A m e r i c a n
s e c u r i t ie s h e ld a b r o a d .

T o-d a y's (Friday’s) nominal rates for sterling exchange were 4 82% for
00-day and 1 80% for sight. T o -d a y ’s actual rates for sterling exchango
were 4 8 195© 4 8205 for 00 days, 4 » 6 @ 4 8010 for cheques and 4 8645©
4 8655 for cables. Com m ercial on banks 4 7 9 % © 4 81 % and documents
for paym ent 4 8 0 % © 4 8 1 % . C otton for paym ent 4 8 1 % @ 4 81% and
grain for paym ent 4 8 1 % © 4 82.
The posted rates for sterling, as quoted by a representative house, were
advanced % c . on Thu rsday to 4 82 for 00 days and 4 8 6 for sight and wero
again advanced on Friday to 4 82% for 60 days and 4 80% for sight.
T o-d a y ’s (Friday’s) actual rates for Paris hankers’ francs wero 5 21%
less 1-10 © 5 21% for long and 5 18% less 1-32© 5 18% for short. Germ any
bankers' marks were 94 3 -10© 01 % for long and 94 15-16@95 less 1-32 for
short. Amsterdam bankers guilders wero 40 21 © 4 0 23 for short
Exchango at Paris on London, 25f. 19% e.; week’s range, 25f. 20c. high
and 25f. 15% c. low. Exchange at Berlin on London, 20m. 4 7 % p f.; week’s
range, 20m . 4 7 % p f. high and 20m. 41 i^pf. low.
Tho range for foreign exchange for the week follows:
Slerlinr;, Actual—
Sixty Days.
Cheques.
Cables.
4 8610
tho week___4 8205
Hllgh
igh lfor
_______________
4 8655
4 8480
Low for the week___4 8080
4 8005
Paris Hankers' Francs—•
5 18%
H igh for tho week___5 21 %
5 16% loss 1-16
Low for tho week___5 22% less 1-16 5 18% less 5-54 5 1 7 % l e s s 3 - 3 2
Germany Hunkers' larks—
High for tho week___ 94%
94 15-10 plus 1-32 95% plus 1-32
Low for the week___ 94
94 13-10
95 plus 1-32
Amsterdam Hunkers' Guilders—
High for the w eek__ 39 15-16 plus 1-16 40% less 3-32
40 5-16 less 1-32
Low for tho week
39% plus 1-16
40 3-16 less 5-64 40% less 3-32
*On D ec. 30 late in the evening 95% plus 1-32 was paid for cables on
Berlin.
.




47

Dom estic Exchange. — Chicago, 35c. per $1,000 premium. B oston,
par. St. Louis, 30c. per S i,000 premium bid and 40c. asked. San Fran­
cisco, 25c. per $1,000 premium. M ontreal, 6 2 % c . premium. M inneap­
olis, 75c. per $1,000 prem ium . Cincinnati, par.

(S a ^ e tb e *

Vail Street, Friday Night, Jan.
The

C H R O N IC L E

S t a t e a n d R a i l r o a d B o n d s . — S a le s o f S t a t e b o n d s a t
th e B o a r d in c lu d e $ 5 ,0 0 0 N . Y . 4 s 1 9 6 1 a t 1 0 0 % , $ 3 ,0 0 0
N . Y . C a n a l 4 s 1 9 6 2 a t 1 0 1 % , $ 9 ,0 0 0 d it t o 1 9 6 1 a t 1 0 1 to
101 % a n d $ 1 0 ,0 0 0 V ir g in ia 6 s a t 5 5 .
T h e m a r k e t f o r r a i l w a y a n d in d u s t r i a l b o n d s h a s s h o w n
m o re a c tiv ity a n d stre n g th th a n fo r se v e ra l w eek s p a s t.
T h is c o n d itio n is , h o w e v e r , r e la tiv e .
T h e v o lu m e o f b u s in e s s
in t h i s d e p a r t m e n t is s t i l l o n a l i m i t e d s c a le f o r t h e s e a s o n
a n d t h e r e is l i t t l e if a n y e v i d e n c e o f i n v e s t m e n t b u y i n g .
A la r g e p r o p o r t i o n o f t h e b u s in e s s r e c o r d e d a t t h e E x c h a n g e
h a s b e e n in lo w -p r i c e d s p e c u l a t i v e is s u e s , i n c l u d in g A l l i s C h a lm o r s 5 s , w h ic h h a v e a d v a n c e d 2 % p o i n t s ,a n d W a b a s h
r e f . & E x t . 4 s w h ic h h a v e d e c lin e d 3 p o i n t s .
A lm o s t th e
e n tire a c tiv e lis t , h o w e v e r , sh o w s a n a d v a n c e a n d C e n . L e a th e r
5 s a n d R o c k Isla n d 4 s are a p o in t h ig h e r th a n la s t w e e k .
U n i t e d S t a t e s B o n d s .— S a le s o f G o v e r n m e n t b o n d s a t
th e B o a r d in c lu d e $ 2 0 ,0 0 0 2 s , r e g . , a t 1 0 1 % a n d $ 2 ,0 0 0 P a n ­
a m a 3 s , r e g ., a t 1 0 2 % .
R a ilr o a d
a n d M is c e lla n e o u s
S t o c k s . — A l t h o u g h s t i ll
r e l a t i v e l y d u l l , t h e s t o c k m a r k e t s h o w s in c r e a s in g a c t i v i t y
a n d t h e t o n e w a s c o r r e s p o n d i n g l y f ir m e r u n t il t o - d a y .
L ittle
b u s in e s s w a s t r a n s a c t e d o n M o n d a y a n d p r i c e s g e n e r a l l y
d e c lin e d , b u t o n T u e s d a y th e r e w a s s o m e w h a t m o r e in te r e s t
m a n i f e s t e d a n d s o m e a d v a n c e in p r i c e s .
O n T h u r s d a y t h e r e w a s f u r t h e r in c r e a s e in a c t i v i t y a n d
th o u p w a r d m o v e m e n t o f p ric e s c o n t in u e d . T o - d a y th e m a r ­
k e t r e a c t e d m o d e r a t e l y o n s a l e s t o r e a l iz e t h e p r o f i t s w h i c h
h a v e a c c r u e d s in c e t h e l o w l e v e l o f a b o u t t h e m i d d l e o f
D ecem ber.
A la r g e p r o p o r t i o n o f a l i s t o f 3 0 a c t i v e s t o c k s
is , h o w e v e r , h ig h e r th a n la s t w e e k .
A m o n g t h e e x c e p t i o n a l f e a t u r e s A m . B e e t S u g a r is c o n ­
s p i c u o u s f o r a n a d v a n c e o f n e a r l y 3 p o i n t s e a r l y in t h e w e e k
a n d a s u b s e q u e n t d e c lin e o f o v e r 9 .
W e s te r n M a r y la n d h as
b e e n f r e e l y o f f e r e d w i t h f e w b u y e r s a n d c lo s e s 7 p o i n t s
lo w e r t h a n
la s t w e e k .
In te r n a tio n a l S te a m
Pum p
has
c o v e r e d a ra n g e o v e r 5 p o in ts a n d C a n a d ia n P a c ific 8 % .

For daily volume of business see page

55.

T h o f o l l o w i n g s a le s h a v o o c c u r r e d t h i s w e e k o f s h a r e s n o t
r e p r e s e n t e d in o u r d e t a i l e d l i s t o n t h o p a g e s w h i c h f o l l o w :

STOCKS.
Week ending Jan. 3.

Sales
Week.

Range for Week.
Lowest.

Allls-Chalm rccts2d paid
500 1% Jan
Preferred rects 2d paid
200 5 Dec
Amer Brake Shoe & Fdry
400 95 Dec
Preferred....................
400 135 Jan
R ig h ts........................ 2,700
% Dec
American Express..........
425 160 Dec
Am Wat Wks 3c Gu, pref
100 97% Jan
Atlan Coast Line rlghte.
100 3 Dec
Canadlan Pacific rlghts. 6,800 18% Dec
100 18 Jan
Chtcago & Alton______
Preferred ................ 50 25% Dec
Colorado & Southern__
200 32% Dec
Deere & Co, preferred. .
300 99% Jan
Detroit United R y____
572 76% Dec
Green Bay & W deb B._
1 15% Dec
Gt Northern, pref rights
200 2% Jan
Ilomestako Mining____
542 110 Dec
Int Agric Core pf v t c . .
516 z90
Dec
Iowa Central preferred..
100 23 Jan
350 81% Jan
Mackay Companies----100 66% Jan
Preferred
............ Mexican Petroleum, pref
100 99% Jan
100 2% Jan
Ontario Silver Mining..
100 106 Jan
Pabst Brewing, preferred
Pettlbonc-Mulllkcn___
100 2.8% Dec
First preferred_______
350 97% Dec
quicksilver Mining____
300 4 Dec
Sears, Roebuck & Co, pf
200 124% Jan
So Porto Rico Sugar___
3 75 Jan
Preferred.... ......... .....
36 108 Dec
United Cigar Mfrs........
700 47 Dec
Preferred___________
100 104 Dec
United Dry Goods____
110 100 Jan
United States Express..
196 65 Jan
West Maryland, pref__
500 62 Jan
Weyman-Bruton, pref..
100 116% Jan

| Highest.
2: 1%
31 5%
31 96
2 135%
28'
%
30163%
2 97%
31 3
30 19%
2 18
31 25%
28 33
2 99%
31 80
28 15%
3 2%
30112
31 91
2 23
3 83
3 66%
2 99%
3! 2%
2106
30 28%
30 98%
28 4
2 124%
3 75
30110
311 50%
31 104
3 100
2 66
3 68
3116%

Dec
Dec
Jan
Dec
Dec
Jan
Jan
Dec
Jan
Jan
Dec
Jan
Dec
Jan
Dec
Jan
Dec
Dec
Jan
Jan
Jan
Jan
Jan
Jan
Dec
Dec
Jan
Jan
Jan
Jan
Dec
Dec
Jan
Jan
Dec
Jan

Range for Year 1912.
Lowest.
31
%
31 2%
3 91%
31 130
30
%
3 160
2 97%
31 3
2 18%
2 17
31 25
3 32%
28 99%
2 63%
28 10%
3 2%
31 86%
30 89
2 22
3 75%
3 66
2 99
3
1
2 106%
30 28%
30 97%
2 3
2 121
3 74%
3 108
31 47
31 104
3 97
3 62%
30 66
3 112

| Highest.

Sept! 3 %
Sept 10%
Jan 107%
Jan 160
Dec 2%
Dec 225
Dec 98%
Dec 3%
Dec 21
Jan 24%
Dec 40
Dec 45
Dec 100%
Jan 76%
Feb 18
Dec 2 9-16
Mch 112
Dec; 99
Deci 20
Jan 92%
Dec 70%
Dec|l04
Feb; 3%
DecillO
Decj 28%
Dec 98%
Jan! 8%
Jan 124%
Aug 88
Dec 110
Dec 64%
Dec 109
Feb 102%
Nov 100%
Dec 81
Mch 116%

Nov
Nov
Apr
Apr
Feb
Dec
Dec
Oct
Dec
July
May

Aug
Feb
Jan
May
Feb
July
Apr
Apr
Deo

O u t s i d e M a r k e t . — H e a v y t r a d i n g in U n i t e d C i g a r S t o r e s
c o m . a n d a n a c t i v e m a r k e t f o r t h e O i l s h a r e s ,w i t h s e n s a t i o n a l
a d v a n c e s in s o v e r a l o f t h e s u b s i d a r i e s , w e r e t h e f e a t u r e s o f
th o “ c u r b ” th is w e e k .
U n ite d C ig a r S to r e s c o m . o n th e
e x p e c ta tio n o f a d iv id e n d ro se fr o m 1 0 9 % to 1 1 6 % a n d o n
a n n o u n c e m e n t o f t h e d e c la r a t i o n o f 1 % %
w ith o n e -h a lf
p e r c e n t e x tr a b ro k e sh a r p ly o n T h u r s d a y to 1 1 2 . T o -d a y
t h e r o w a s a f u r t h e r lo s s t o 1 0 8 % , t h e c l o s e b e i n g a t 1 0 9 % .
T h o p r e fe r r e d w a s t r a d e d in a t 1 1 G % , a n d
116.
B r itis h
A m e r ic a n T o b a c c o g a in e d o v e r a p o in t to 2 5 % a n d m o v e d
d o w n t o - d a y t o 2 4 % , t h e c lo s e b e i n g a t 2 4 % .
T obacco
P r o d u c t s p re fe rre d s o ld d o w n f r o m 9 8 % t o 9 6 % , th e n u p to
1 0 0 , t h e f i n a l fig u r e t o - d a y b e i n g 9 9 . H o u s t o n O il c o m . f r o m
1 8 fe ll to 1 4 a n d r e c o v e r e d f in a lly , to 1 7 % .
M a n h a tta n
S h ir t p r e f. so ld a t 1 0 2 % .
S ta n d a r d O il o f N . J . a d v a n c e d
2 5 p o i n t s t o 4 3 9 a n d t o - d a y s o l d u p t o 4 4 0 t h e c lo s e b e i n g a t
437.
A p h e n o m in a l a d v a n c e w a s re c o r d e d b y C o n tin e n ta l
O i l , t h e s t o c k b e in g q u o t e d t h i s w e e k a t 1 8 0 0 b i d , 1 9 0 0 a s k e d
a g a in s t 1 4 5 0 b id , 1 5 2 5 a s k e d la s t w e e k .
In b o n d s W e ste rn
P a c ific 5 s w ere a c t iv e , m o v in g u p fr o m 8 4 to 8 6 % . C a n a d a
S o u th e rn now 5 s “ w .i .” ra n g ed b e tw e e n 1 0 6 % a n d 1 0 6 %
a n d ro sto d f in a lly a t th e h ig h fig u r e .
C o p p e r s to c k s w ero
q u io t.
B r a d e n C o p p e r w e a k e n e d fr o m 1 0 % to 1 0 % a n d
a d v a n c e d to 1 0 % . G ir o u x w a s o ff fr o m 4 1 -1 6 t o 3 % . G r e e n e C a n a n e a im p r o v e d fr o m 9 to 9 % a n d r e a c h e d fin a lly to 9 % .
O u t s i d e q u o t a t i o n s w ill b o f o u n d o n p a g e 5 5 .

48

/New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G

TW O

PAGES

For record of sales during the week of stocks usually inactive, see preceding page.
STOCKS—HIGHEST AND LOWEST SALE PRICES.
i /Saturday
r Dee. 28

fenday
Dee. 30

Tuesday
Dee. 31

1
i
:
•
!
<
;

105 1051 1047* 105* 105% 105*
102% 1021 102*8 1021 •9934 10D
131 131
131 131
130*4 131
104% 1047 104% 104* 1045g 105%
•86% 871 *86% 87
*86% 87
91% 92% 9034 91*
91% 92*j
257% 2593, 256*4 2581 257% 258%
*360 370 *360 370 *360 370
78*g 79
• 78% 78% 78% 781
*16
16% 16% 161
16% 16%
31
31
3H •30% 31%
i 31
112 113
111*8 112% 111% 112
*140 140
140 140
140 140
136% 136% 136 136
136% 136%
♦180 190 *180 190 *180 190
. *46
52% 53
52
*47
52
*90
95 *___
95
95 *___
•163 166 *163 165 *163 166
680 580
571 5711 570 570
*20
2H
19*8 19*8 *19% 21
*33
40
38% 38% *38
39
*7
8%
*7
8% *7
81
•14
10
*14
151 *13% 16
31*8 32
31% 3H
31% 32
49% 49%
*48% 49% 48% 48%
*387S 40
*38% 40
*39
40
129*8 130
129 129% 12934 130*4
*40
42
40% 40%
40% 41
•126 127 *126 127
127 127
18% 187S 18% 18*(
18% 18*4
63
63*4 63% 637S 63% 64%
*26% 26% *26% 27
26% 26*4
*59% 62% *59
62% *59% 62%
*11
14
*11
14
*11
14
*24
36
•34
37
*34
36
165% 166*8 165% 165% 166% 167%
140% 141
141% 141% 140 140
129 129 *128% 129
129 129
•138% 139% 137% 137% *137% 139
♦145 152 *145 152 *145 152
26% 26% 26% 26% 27
27
161
61
*61
63
*60
63
40% 40*4 40% 407„ 41
41
*62
66
*63
66
*63
66
*27
27% *27
27% *27
27%
107% 103
107*8 107*a 108 108%
•126% 129
127 127% *127 128%
*31
32
♦31
32
31
31%
*8712 89% *87% 89% *87% 89%
♦112% 11234 112% 112% 112% 11234
*85
91
*75
75% *75 ___ ♦75 ___
120% 120% 120% 120% 121 121%
1215g 122
121% 121*4 1217g 122%
*100 105 §104 104 *100 101
♦105 117% *105 117 *109 117
16578 167% 165% 166*4 166% 167%
*89
90*4 *89
90*.i *89
90%
*92
93
♦92
93
92
92
23*8 24% 23% 23% 23% 23%
•42% 44
42% 42% +1
44
17% 18
♦16
18
18
18
69
60
58% 68% *58% 61%
27% 28*4 26% 27% 27% 27%
35% 35% 35
35
*32% 35%
*72
76
76
76
♦70
78
*18% 19
*18% 19% *18% 19
*45% 45% 45% 45% 45% 45%
1045g 105% 104*4 105% 105% 107%
2734 277« 27*s 28
28
28
797g 7978 79% 79% 80
80
22% 22% 22
22% *21% 22%
38*4 39% 39*4 40% 40
41
*2% 6
*2% 6
*234 3%
___
12% *___
12
12% *___
----28 *___
28 *___
28
*102 105 *102% 105
10-1 105
158% 15934 158% 1595s 159% 161
•91% 923., 91% 91% 91*4 91*4
*35% 37
*35
36
*35
36
*6234 64
*62% 64
63% 63%
*4
41.1
4
4
4
4
*13% 14% *13
*123.1 13%
14
46
46% 45% 45% *45% 46
*7% 8% *7
8% *7
8%
*27
29
♦28
30
§27
27
•12
15
*12% 14% *12
15
•48
62% *48
52% 50
50
75%
*54%
*98%
46%
*85
28%
114%
54%
*116%
*47%
----*55
•96
*5
*33
*19%
* 11%
*30%
42
106%
*11
•57
*84
71%
*105

76%
55
100
48
90
29%
115
55
119%
59%
80
57
97
5%
27
19%
ID 4
32%
42*8
1063s
13
60
85%
72%
105%

75
77% 77
78%
54*4 5434 *55
58%
*98 100
♦9734100
46*4 48
48
50%
♦85
90
♦85
90
28% 29*4 29% 30%
l i t 114 *114% 116
5334 54%
*53*4 54
*115 118*4 *11514 119
47% 47% 47% 47%
79% 78% 78%
*___
56
56
57
57
♦96
97
*90
97
*5
5*s *5
5%
*24
28
♦25
28
19% 19% 19% 19%
*11% 12
*11% 12
*31
32% ♦30
32%
41*4 42
*•*134 43
*105 106*4 i 106*4 106*4
*11% 12% *11
13
*57
60
60
60
*83% 85% *84% 85%
71% 72% 72
7334
*105 105% *105 105%

•
!
1
a
!
1
•
1
1
!
1
J
•
!
1
!
1
’
!
!
1
•
a
a
a
a
a
a
a
•
a
a
a
a
<
A
m
5
n
Ed
1

a
a
a
a
1

a
a
a
1

a
a
t
1
1
1
1
1

a
1
1

a
1

a
a
•
a
a
a
1

a
a
a
a
a

1

a
a
1

a
a
!
a
a

BANKS
Banks
New York

Bid

A e tn a ____
America 1)..
Amer E xch.
Battery P k.

200
600
232
125
Bowery!)__ 425
Bronx Borol 300
Bronx N at. 180
Bryant Pk 9 155
Butch * Dr 130
Century 1).. 220
C h a se_____ 760
I
'
2

i *

„ r

:

Ask

Banks
Chat&Phenlx
210 Uhelsea Bx|
620 Chemical . .
237 Citizens' Ctl
130 C ity____ . . .
____ Coal & Iron
Colonial 1)..
196” Columbia
Commerce .
140' Corn Ex
230
East R iver.
Fidelity §|_
790

Bid
182

Friday
Jan. 3.

Thursday
Jan. 2.

Wednesday
Jan. 1

10534 1061
*100 1013
131% 13D
105% 106
•86% 87
91*4 923,
259*4 2647
*360 370
79% 80
16% 16%
*30% 32
113 113%
•139% 140
136% 1367!
*180 190
*53
591
95
____
§570 670
*1934 213.
*38
40
8% 81
15% 16%
32% 323f
49% 49%
*39
401
131 13134
*41
43
127 127%
18% 19
64% 64%
27
27
61
61
*11
14
*34
36
167% 168%
141% 142
*129 133
23% 23%

10534 1061
10078 101
131% 13H
105% 1057
*86% 87
90% 913
262% 2641
•360 370
78% 793J
*16% 16%
*30% 31%
112% 113%
140 140
*137 137
*181 189
*53
69%
♦90
95
*162 165
*425 490
*20
22
*37% 40
8
8
*15
17
317g 32%
49% 49%
39% 3934
130% 131%
41
411,
127 127
18% 18%
027, 61
27
27
♦60% 62
♦11% 14
♦34
36
166% 168

Sales o/
we
Week
Shares.

STOCKS
N E W Y O R K STOCK
E XC H A N G E

A

Ranoe for Year 1912.
On basis ot 100-share mis

Railroads

5,400
teta Topeka & Santa Fe 103l4 Feb
61C
101%Jan
Do p r e f __________ al30% Dec 30
2.25C
3,715 Atlantic Coast Line R R
*101% Feb
O altlm ore & Ohio
86is Aug 13
12,950 A* Do p r e f ______
76% Jan
24,395 Brooklyn Rapid Transit
22012 Alch
anadian P acific..........
305 Jan
'entral
of
New
Jersey
5,000
68l4 Feb
1,200 Chesapeake & Ohio____ I
15% Dec 24
300 Chlo Gt West trust ctfs
30% Dec 26
Do
pref
trust
otfs____
I
99% J’ly 13
9,100
610 Chicago Milw & St Paul
139*4 Dec 12
Do p r e f.............
"
134% Deo 11
1,060
Chicago & North Western 188 N ov 9
Do pref___
45% Deo 10
300
Cleve Cln Chlo & S t ' £ '”
95 Dec 11
Do pref____
162 Dec 18
670 TAclaware & H udson” ' 530 Aug 23
18% J ’ly 12
200 A /ela w a re Lack & West
34% J ’ne 19
100 Denver & R io Grande
Do pref_____
8 Sep 9
300
Duluth So Shore & Atlaii
14 Dec 10
Do pref
30 Doc 16
6,700
47% Dec 16
1,200 C 'r i e ____ ______________
38 Dec 11
400 L i Do 1st p re fe rre d ...
Do 2d preferred___ 126 Jan 15
12,500
36 Jan 31
1,600 Great Northern pref____
Iron
Ore
properties”
I
120% May 9
600
Ulnols Central.
5,200
16% Dec 12
nterboro-Metrop v't'etfs
53 % Jan 3
7,450
Do
pref__________
750
2 2 % May29
ansas City Southern”
100
56 May29
Do
preferred
"
11% Jan 26
L ake Erie & Western” 30
Jan
Do preferred
" * 155% Feb
13,800
V
a
lle
y
...
M 00 LouisvilleLehigh
133 Dec 16
& Nashville”
i30 130
855
anhattan E levated”
128% Dec 20
2234 2234
200
13%’ J ’ly 24
Inneapolls & s t Louis
Do preferred
$40 Feb 26
140 142
141% 1417,
450 Minn St P & S S M a rie '”
129 Feb
♦146 152 ♦145 153
146 Deo
Do preferred.
27% 28% 27% 2734 2,400 Mo Kansas & Texas
25% Dec 12
62% 62% 62% 62%
Do preferred
350
67% May29
41% 42% 41% 42% 8,500 Missouri Pacific
35 J ’ly 12
*63
66
*63
66%
62% Oct
27% 27% *27% 28
800 N U,W
26% Oct 18
K ” F ' 106%
109 109
108% 109
2,668
Dec 16
128 128
128 128
729
126 Dec 11
31% 31% 31
31% 1,290 N Y Ontario & W estern'
2 j?s J ’ne 29
*87% 89
*87% 88
N Y State Railways
83% Oct 25
*113 114
1127, 113% 1,100 Norfolk ob Western
107% Feb
♦87
91
88 J ’ne 12
.. Do adjustment pVei”
Nor Ohio Trac & Light
56 M c b ll
12134 122% 121 I 2 I 84 8,850 Northern Pacino
1153s Jan 15
122% 12234 122% 1227, 6,900 P enn sylvania....... .......... " 1197S Dec 11
*100 101 *100 104
10
98% Jan 2
----Ui Ol
*110 120 *110 120
_ .D ° Preferred__
108% Jan 2
1677g 1687* 166% 168% 123,000 1 ) e a d ln g ............
148% Jan 11
*89
90
400
90
90
1st preferred
87% J ’ne 27
93
93
200
♦92
93%
2d preferred__
92 Dec 31
24% 24% 2334 24% 3,300 ock Island Compa
22% Deo 9
44% 4434 44
443, 1,300
Do preferred__
42% Dec 30
18
18
400
*16% 18%
17% Dec 28
♦56
64
400 * Do 1st preferred..”
♦58
61
68% Dec 30
28% 28% 27% 27% 1,700
Do 2d preferred .. ”
26% Dec 30
•32% 36% ♦32% 36%
200
29% Jan 22
77
*70
*70
78
100
Do preferred,
68% Jan 17
18% 1834 *18% 19
200 oaboard A ir Lin
18 Dec 12
45% 45% 45
45
500
D o preferred.
44% Dec 12
105% 107
1045, 1057, 49,900
103% Dec 21
28% 28% 28
28% 2,200
26% Jan 31
80% 8034 80% 80%
835
Do pref
68% Feb 4
do
*21% 22% 22
22
800
20% Jan 3
40
40% 38
3934 7,650 A bird A ve New
33% Dec 10
•234 3% *234 3%
2% Dec 9
12 *___
*10
12
10% Dec 24
*25
28 *___
28
Do preferred.
28 J ’ne 7
*103% 100
105 105
420
103 Dec 11
:
Avapiu xrausib160*8 1617g 159% 1617, 79,750 ~ —nlon
PacI lie.................. 150% Dec 12
92
92% 9134 92% 1,850
88% Oct 31
..
preferred...........
35
35
35
35%
740
28 J ’ly 11
nit Rys In v’ t o f San Fr 67 J ’ly 18
63
63% 63
63%
800
Do
preferred________
*4
4% *4
4%
200
3% J ’ne 19
a b a s h ...........................
*13
13% *13% 13%
12% J ’n e 27
42% 46
33
4134 15,350
45 Dec IS
Do
preferred_____
♦7% 8%
8
8
100
4 Jan 10
*20
30
*27
30
10
Do 1st p re fe rr e d ..” !
11 Jan 3
•12
15
14
14
100
Do 2d preferred...........
6 Jan 19
*48
55
*51
53
100
48 Feb 6
79% 8038 78% 79% 135,175
60 Feb 1
*5434 68% 57
57
200
54% Dec 26
99
99
140
*98% 99
Do pref___
98 J’ly 17
48
50% 41% 48
36,450 merican. Beet S ugar' ' '
46% Dec 28
*85
90
*85
90
Do p r e f..
10 Nov 20
30% 31
293.4 31
14,600
11% Feb 1
116 1163g 11534 1167, 2,900
Do pref.
90%
Feb 1
50-%
55
5534 5534 1,750 merican C
49
Feb 6
*116 117% *115% 117
D o p ref.
115 Feb 14
*47% 59
*4734 59
600
30% Oct 8
78% 78% ♦------ 787,
435
Do preferred,
75% Aug 6
57
573s 56
66
800 merican Cotton
45% Jan 19
*96
97
♦90
07
Do pref______
95 Jan 19
*5
5%
5
5
100
3 Feb 19
*25
28
Do pref.
*20
23
20 Feb 26
20
20% 20
203, 1,200
18 Jan 2
*11% 12
11% 11%
100
9 Mch 6
*30
32% *30
Do pref.
32%
30 Feb 20
43
43% 43
433, 2,450 merican L
3134
Feb 27
10634 10684 *10-4 107
Do pref.
310
103 Jan 15
$12% 127,
13
13
150 merican A
434 Jan 10
60% 61
60
61% 1,125
Do pref.
42 Jan 6
*84
87
♦84
80
84 Deo 9
73% 74% 7134 74
16,300
66% Deo 16
106% 106% 100 106
Do pref.
400
102% Jan 2

C

J

K

M

U

W

AND
A sk

186
153
450
205
428
165

440
195
420
160
425
3Vo”
330
tl97 tl99
323
317
95
85
175
165

TRUST

Range tor Previous
Year 1911.

Highest.

Lowest.

Highest.

11134 Oct
104% Feb 10
148% Aug 12
111% A p. 30
91 Jan 23
94% J ’ly
283 Aug 15
395 A pr 29
85% Oct 3
20% Oct 26
39% A pr 8
1175s NOV 7
146 Jan 2
145 A pr 20
198 Mch 2b
62% Apr 23
101% Apr 17
176% Feb
597 Dec 18
24 Mch 27
46% Jan 24
11% Ataylb
23- MaylS
39% Apr 11
57% Apr 11
48 A p r i l
14334 Aug 10
53 Sep 20
141% Jan 23
22 J ’ ly 2
67% Oet 15
31% Sep 30
6553 Mcll 25
18 Apr 24
40 May 21
18534 Jan 15
170 Aug 14
138% Mch 13
27% Jan 23
$57 Jan 16
151% Aug L
158 Aug 1
315S Mcll 21
66 A pr 17
47% Mcll 27
71 Jan l
367s Jan 20
121% Apr 2£
142i.i Apr 1
4138 A pr L
93% Apr 26
119% Aug 12
92 Feb 17
79% N ov 30
131% A ug 14
126% May 2
111% Sep 23
117 Feb 20
179% A pr 29
93% Apr 29
101% A pr 29
30% Apr 8
5938 Apr 9
29% Mch 26
69% Jan 23
4334 Apr 11
403s Oct ‘
S058 Oct
27% Apr
56%J’no 7
115% Apr 8
32 Sep 30
S678 Oct 2
26% NOV 7
4934 Jan ‘
10% Apr 16
16% Mch 27
36 Apr 8
111% Sep 17
176% Sep 30
96% Deo 2
39% Deo 4
69% Dec 4
9% May 11
2278 Apr 9
64% Mch 25
11% Oct 10
36% Oct 9
17% Oct 9
02% Aug 12

99% Sep

11658 J ’ne
105% J ’ne
139% N ov
109% J ’ly
91 Jan
84-% J ’ly
247 J ’ly
320 Deo
8634 Feb
26% J ’ne
49% Feb
133% Feb
155i-> Feb
150i" J ’ne
§209 Jan
66 Jan
98 Feb
17478 J ’no
670 N ov
35 Feb
71 Feb
15% Mch
30% Mch
58*s J ’ly
di% J ’ly
49*4 J 'ly
140 J ’ne
633., Feb
147 J ’ly
2()38 Feb
50*s J ’ly
3738 J'ao
0034 J ’uo
17 N ov
40 Jan
1867S Deo
100*4 N ov
142% Jan
42% Sep
68% Sep
152% Mch
160 Mch
48 % J u e
70 Oct
03 Feb
72*s Jan
3s% Feb
115% Feb
l5Hs Feb
4 6% J ly

92% Oct 1
03% Mch 22
104% Mch 20
'll Sep 19
101% J ’ne 19
4738 Oct 11
126% Sep 19
635s Sep 25
120 May24
60% Deo 3
83*4 Deo
60% N ov 18
99% Feb 13
7% Sep 25
34 Sep 24
30% May20
177s Apr 23
43 Apr 23
47% N ov 18
110% Aug 14
19% Aug 6
09% Aug 14
89% J ’ne 10
91 Sep 26
10938 Sop 26

10034 Jan
117 Jan
93% Sep
85% Aug
72 Sep
19558 Jan
260 Aug
68 ®s Sep
17 Sep
35% Dec
10534 Oct
141 Sep
138 % Sep
191 Nov
48% Sep
94% J ’ly
159% Sep
505 Sep
17% Dec
3634 Dec
9 Nov
17% Dec
27% Jan
46% Jan
35 Jan
]19 Sep
33*4 Dec
132 Jan
13% Sep
3934 Sep
26% Sep
61% Sep
10 Sep
25 Sep
151 Sep
1301 " Sep
131 *.4 Sep
21 % Apr
35 Mch
x 12434 Sep
146 Nov
27 . Sep
D2*4 Sep
33% Sep
60 A ug
25% Aug
r907s Sep
1207S Sep
3734 Sep
991.1 Sep
8534 Apr
39% Jan
H03., Sep
ll83g Sep
90% Sep
102% Sep
134 Sep
88 Mch
90% Sep
223., Sep
4334 Dec
23 Dec
59 Sep
37 Sep
24 Jan
69*4 Jan

111% N ov,
91% J 'n e ,
55*4 N ov
13778 J ’ne ,
130% Feb 1
100 Jan i
112 Feb
1617s J ’n o ,
92 J ’ly
101 May
3438 J ’ne
68% J ’ne
27 Oot
69% J ’ly
49% J’ly
31 Feb
72 J’n*

104% Sep
243., Sep
61% Jan
19% Deo
31 Nov
4 N ov
12 Deo
3478 Deo
104 Sop
153% Sep
89 Sep
231" Sep
62 Sep
534 Dec
14% Deo
487a Apr
2% Sep
7 Sep
3 Aug
43 Sep

12638 J ’n*
333s J’ly
75% J ’ly

30% Feb
41

D eo

8% Jaa

213, F eb

6378 Jaa

ill
F eb
1923S J 'ly
uo J ’ ly i
49
Feb
701, Mch
18*.s Feb
40% Feb
00 J ’ ly 1
6% Feb
17% Feb
8 F eb
72% M ay

Sep
Sep
99% Oct
39% Jan
62% Jan
87a Jan
77 Jan
4238 Sep
113 Oct

120

41% Nov
92 Nov
3% Sep
18 Sep
K% Aug
3 Aug
20% Oct
32% Oct
102 Oct
3 Sep
31% Mch
82 Sep
50% Sep
03*4 Sep

6238 Feb
105% Feb
6 J ne
2b*s J ’ne
25*4 J-'ly
121,, Feb
34% Dec
43% May
110*4 Mch
5*s Jan
43% J ’ly
89% J ’ly
837s J ’ ne
108% J ’ no

44*4
443.1

71% J’ ne
b3% Deo :
105 Deo
593j Oct
101 Oet
12% M ay
9J% Deo
68% J ’ ly
M ay

C O M P A N IE S — B R O K E R S ' Q U O T A T IO N S .

Bid
Banks
Banks
A sk
Fifth A vefl. 4300
Flarrlman . .
F i l t h .......... 300
325 ~ Imp 5a Trad
First
1000 1025 Irving_____
F o u rth ____ 198
201 L iberty____
G a rfleld ___ 280
295 Lincoln____
Germ-Am 5 110
Manhattan^
—
Germ’ n Exfl 400
Mark’ t&Ful
Germania U- 525
5 40 ' Mech &Met’s
G o t h a m ___ 175
Merch Exch
Greenwich U 250
Merchants’ .
H a n o v e r ... t705
....

Bid
290
540
197
645
360
350
250
258
155
t200%

Ask
310
550
201
660
365
263”
161

Banks
Metropolis f
Metropol ’ nil
Mt MorrlsU.
Mutual H ._.
N a ssau ___
New Neth.Ti
NewYorkCo
New Y ork.
Pacific!)____
P a r k ...........
People’s l _

Bid
350
195
200
290
215
220
875
3»0
255
365
240

A sk

375
200

405
265
370
250

Banks
Prod Exch |
R e se rv e ___
Seaboard
Second . . . .
S ecu rity!!. .
Sherman___
State 1|____
23 d WardH.
Onion E xc.
Wash H’ ta H
West Side ^
Vorkvllle

Bid
168
93%
450
375
130
135
240
175
160
275
675
690

A sk

172
400
140
265

625 i
610 :

1 J ••
m auu uu
uay.
jijc ss u ia n iu u snares, IlState banks, a Ex-divldond and rights. 0 New stook
a*o«l£ Exchange or at auction thla. week. 7i First Installment paid, n Sold at private sale at tola price. * Ex-dlvldend. I Full paid.
*




j a n

. 4

New York Stock Record—Concluded—Page

i 9 i 3 .|

For record of sales

STOCKS—HIGHEST AMD LOWEST SALE PRICES.
Saturday
Dee. 28.

Monday
Dec. 30.

Tuesday
Dec. 31.

Wednesday
Jan. 1
1
1
1
1

§190 193 *185 192 *185 192
§104 104 *101 105 *101*2 105
*35
37
*35
37
36*2 *35
117 117 *110 118 *117 119*2
110 116
110 116
110 116
141 141
141 141 *13858 1393s
*275 280 ) 277*2 277*2 27034 280
103 103
10258 102.->8 *102*2 103
193.( 20
19 , 1934 1934
18
80
79
79
*79
81
*73
31
*31
31*2 *3012 3112 31
3934 397g 403s
: )>3 3912 39
*1211.1 125 *120 125 *120 125
51
51
51
51
517S 51
104 104
*103?s 1041.1 §104 104
39l2
33
39U 3838 3858 39
*G7l2 G9
*0712 6834 ♦G7l2 69
*133 142 *138 144 *138 142
*2838 29
27?a 29
*28*4 2912
527a 5334 5278 5312 533s 55
8414 80
85
•S4
8G12 84
*9814 100
*9814 100
♦98U 100
29
28'4 2878 2812 28>2 29
*9234 9414 §9312 9312 *925s 94
43U 4434 443g 45l2
435« 44is
34
34
*3313 34
*3358 34
13912 13934
140 140
140 140
14
14
14
14*8
14
14
70
*7518 77
*751.1 77
2034 2H2
207s 2112
2 1 l2
♦123s 18
*12
18
*12
18
4212 *39
*39
4212 *39
4212
183 1847g 1847s 188lS 1857g 187
*3212 3418 *3234 34l2 34l8 34l8
*70
7734 *70
7734
*7612 78
2
2
21a
214
21S
2 l8
64
64
64
64*3 64*4 64*4
*103 105 *103 105 *103 105
*50
51*2 *50
52
52
*51
*1734 18
18
18
18*3 18
111 111*4 111 111*2
111 112
*11333 115
114*2 114*2 ♦1133s 117
*438
5
5
5
4>2 4<2
*18
19*2 ♦18
1912
*17i2 19
12*3 12*8 12
12
*12
1234
48
4718 4718 48*2 48*2 48
12
15
19
19
18*2 14
0334 6538
70
63
69
70
*85
*83
91
91
*85
91
*107 110 *100 110 *107 110
*73
7912
7912 *70
79l2 *75
*99 10112 *99 101l2 *99 10112
*471S 48
4812
47l2 4734 *47
*103 10312 *103 10312 *103 103l2
*200 214 *209 214
210*8 213
*110 115 *110 115 *109 115
3834 3878 39
39
*3812 3912
*103 104 *103l8 104
10334 10334
92
92
9234
*91
9234 *91
*75
77
77
7512 7512 *75
*103 10512 ♦103 10512 *103 105>2
7234 74l2 7234 7234 73l2 74l2
25la 2512 2512 2534 2534 2534
*123l8 12712 *12312 12712 126 126*2
*120 12512 *120 125l2 *120 12512
18
18
*1G12 18l2 *17
*82
92
*82
*82
91
*55
5512 5512
*105 108 *100 10.3 *106 10812
19
19
19
19*4 191.1 1933
79
♦73
78*4 *77
78*2 *73
*7834 7934
79
79
79
79
*29
31
♦30
*29
31
32
*40
4712
40*2 46*2 ♦40
48
11412 11434
114*2 114*2 *113 110
*2318 2312
23
23*2 235s 23
91
92*4 91*4 92
9112 917*
203 *180 203 *180 203
*114 n o *111 110 ►114 110
*35
*35
36
30
35*2 *35
*99*2 100*2 *99*2 100*2 *9912 101
*117*2 118*2 118*4 118*4 II 8 I2 118*2
§105 165 *163 160 ►103 ____
*33
*33
30*4 3334 3334
34
*98 101
♦98 103
*98*4 101
2078 21
2078 21*8 21*8 2138
25
2534
*25*2 20
♦24
20
*85
89
80*2 §86*4 86*4 ♦80
*91
92
*91
92
91«4 9212
*99*3 100*2 99*2 9912 100 100
212
2 1258 211 211
21118 211*3
*40
♦42
*42
45
40
40
*34*2 35*4 *34
30
35'a 3534
*65
*04
00
05
05
00
35
3334 3334
35
34
35
*90
94
♦90
92
94*2 92
38
38
38
38U 38*4 383g
108*2 10934 108*2 109*2 10012 111
*97
99
*97
♦97
99
99
*110
113 §114 114
110 113
73S 73„
7*8
73fj
7*4 73s
♦3934 41
4()12 40l2 411$ 41lg
*17
20
♦15
17*2 ♦15*2 17
*57
*57
00
*57
63
00
43
*40
43
*40
48
48
73*2 75 *
75
75
75
62
627g
62
63
033.|
64
107 107
107 107
107 107
*78*3 80
79*3 79*3 *7812 8012
065s 073.| 66*8 67*8 07U 68*4
S09*3 1093, 109 109*8 110 110
68
58*2 6734 583s 58
5938
42*4 43*4 ♦423g 43
4318 43lg
*114l2 117
115 115 * 112 118
7433 7438 *74*2 75*3 *7412 75*4
7978 81
78*2 79
*79
79U
*119*2 121*2 *119*2 121 *
121*2
108*4 1083s 108*2 108*2 10S34 111
*113*2 11434 *113*2 1143.4 *

1
1
1
1
1
1

49

2

uring the week of stocks usually inactive see second oage orcccding.

Thursday
Jan. 2.

Friday
Jan. 3.

Sales of
Pie
Week
Shares.

STOCKS
N E W Y O R K STOCK
EXCHANGE

Range lor Year 1912
On basis o1 100-share tots.

Range 1or Previous
Year 1911.

Highest.

Highest

Industrial and Misc.(Con)
*180 192 *185 192
123 Mch
American Snuff. _
20374 Deo
225 Sep 325 May
*10112 105 *103 103*2
Do
pref, new _______
99 Feb
105 Aug 13
*35
37
*35
37
Amer Steel Found (new)
20 Jan 19 44*8 Oct 8
25 Sep
52*2 Feb
*117 119*2 11534 1153.1
200 American Sugar HeUnlng 11312 Dec 11 133*2 Mayl3
11214 Sep
122*2 Feb
110 116*4 H6 HO
921
Do pref___
115*2 Jan
124 Sep 27 111 Jan
119*2
Feb
139*2 13934 13934 140
2,110 American Telepli A T cl eg 13783 Jan
149*8 Mch 25 131*2 Aug 153*8 J ’ne
§278 278
279 2793.1 2,050 American Tobacco
24Ug Feb 29 32412 J ’ly 1
10334
103*4 103*4 103
1,910
Preferred new .
IOU4 Jan 11 1063s Jan 19
*17*2 20
*18
000 American VVootcu .
20
18 N ov 19 31 May 17
f5i 2 Dec
3612 Mch
80
80
81
Do pref____
400
81
79 Dec 31 94i2 M chl2
85*4 Oct
90*4 J ’ne
3113 32*4
450 Amer Writing Paper'.'prL
25*8 Jan 25
4138 May 2
24*2 Sep
3412 Feb
407g 41l2 *39*4 4078 13,350 aAnacondaCoppcr P a rs25 534 Feb
548 O ct 2 $29 Sep S4U8 J ’no
♦120 125 ►120 125
Assets Realization______ 10512 Feb
127*2 O ct 3 100 *» Dec 108 Deo
5078 5158 51
51
1,600 O aldw ln L o co m o tiv e___
49 D ec 10 6034 A ug 30
10334 1037g 10378 10378
510
Do p r e f __________ 10234 Feb
108*8 J ’ne 17 103L Dec 107 Deo
3912 3978 387g 3958 3,450 Bethlehem Steel
2734 Feb 27
515s O ct 2
38*g Aug
20 Sep
68
09
600
Do p re t___________
68
68
50*2 Feb 27 80 Sep 23
C634 J ’ly
54 Sep
*138 144 ►138 144
Brooklyn Union Gas___
13712 Mch 21 149 Aug 12 xl29 Sep
148i4 N ov
200
*2812 29
Buttcrick
C
o____________
*28*2 29*2
28 N o v 2 G 40*8 A pr 30
28
Feb
31
Mch
Slla 5514
8,300 / 1alifor Petrol vot tr ctfs
54
55
49*4 Dec 18
72*2 O ct “
*84
87
800
55
85
Do pref__________
84 Dec 30 9512 Oct
997
g
Dec
20
*981.i 100
*98*4 100
Case(JI)ThreshMpf tr ctfs
101i2 Dec
29
2918 2S34 29
1,300 Central L eath er..............
lbi 2 Feb 27 335s Sep 24
I 834 Sep
333g Feb
9318 93l8 *93
150
Do pref_______________
95
80 Feb 27 1061? O ct 17
Oils Dec 105 Feb
40
4758 4038 473g 34,250 dChlno Copper.”
Par s 5 $25 Jan 15 $5038 N ov 8 $16*2 Sep 527i2 Deo
600 Colorado Fuel & Iron
34
31
23*s Feb 28 4334 Sep 26
*34
35
25 Sep
3933 Feb
140*2 141
1393.1 140*2 1,900 Consolidated Gas (N Y ) . 13534 Dec 12 149*2 A ug 12 12834 Sep
148*2 J ’no
3,650 Corn Products R efin in g..
10 Jan 16 22*s O ct 19
14*2 15
14*2 15
95g Oct
1584 May
600
77
78
75 Dec 10 89*2 Oct 18
Do pref____
78
79
73 Sep
85 May
2184
3,000 Distillers' Securities Corp
21
2034 2034
20 Dec 10 36*4 A u g 21
29 Sep
38*4 Mch
*13
20
l l l 4 Feb 28 21-34 Sep 25
*13
18
federal Mining & Smelt’-g
13 Dec
30 Feb
400
42*2 44
Do pref____
37*8 Jan 23 5234 Sep 26
*39
45
31 Dec
00i2 May
180 187
155 Jan 2 1S812 J ’ly 25 142 Sep
185 185*2 0,825 General E lc c tr lo ..
”
1083g May
100
31*2
*331.1
*3312 34*2
Gen Motors v o t tr ctfs 11 30 Feb 26 4278 Sep 3
35 N ov
6134
Aug
♦7634 7734 78*3 78*3
100 ..,D° Pref vot tr c t f s . . .
70*4 May 3 8234 Sep 3
74i2 Dec
S65s Aug
6,500 rtGoldfteld Con i f Par $ 10
2 i8
2*8
$138 Dec 5 $5 Mch 18
2
2 lg
S3i2 Oct
S77g
Jan
60
2,300 Goodrich <n F ) ___
68
0738 68
G0i4 Dec 11 81 Sep 9
104 104l8 105 105
500
Do p ref______
105 Deo 10 100i2 Sep 10
5H2 52
1,310 (IGuggenh E a p lo .P a V 5 25 547 Dec 12 jr$623s J ’ne 14
§52
62
18*2 1912 I 8 I4 20*8 4,100 a I nsp n Con Cop Par 520 S1653.DCC 10 S21*3 O ct 10
112
2,000 i nternational Harvester 105*4 Feb 1 126~3 Sep 10
112*2 110*4 111*2
9Uis Sep
l293g May
♦1133s 117 ♦1133a 117
100
Do p r o f ___________ __
113*2 N ov 20 12134 Apr
115 Sep
128*4 May
4S8 453
*43g 5
300 Int Mcr Marine sth tr'etfs
4 Mch 7
V &Mch
3l4 Sep
57g Jan
*1834 19*2 19
21.0
Do pref_________
19
1534 J ’ly 30
20 Mch 29
14 Aug
22*2 Dec
4C0 International Paper
*1112 1212
12 l3 1213
93g Jan 17 1934 May23
9
Sep
133g
Jan
♦40
48
550
*40*3 48
Do pref_______________ 3:4573 Jan 3 0278 May23
445g May
563g Jan
10
10
3,400 Internet Steam Pump
10
16
12 Dec 30 34 Jan
23 Oct
44 Feb
60
68
2,380
*6012 69
Do p r e f..
63 Dec 30 845s Apr
SO Oct
00 i2 J ’no
*83
93
♦88
92
Keyset- & Co (Julius) ” ”
90 D ec 10 9534 O ct 24
110
110
100
*107 110
Do 1st p ref.
107 Dec 12 109 Oct 24
*75
79*2 77
200
7712
Kresge Co (S S) .
71 Sep 25 89l2 Oct
101
101
100
*99 101*2
Do
p r e f ___
160 O ct 30 105i2 Oct
481g 48*3 *47*2 49*2
400 Lackawanna S te e l.
29 Mch 21 55*2 Sep 30
30 Sep
48 Apr
103*2 103*2 103»a 103*4
300 Laclede Gas (St L) co m ”
102)8 Dec 20 10834 Jan
IOH4 Sep
114*2 Jan *
213 213 *211 215
700 Liggett & Myers Tobacco 15678 Jan 15 225 O ct 18
♦109 115
109 115
Do preferred________
10512 Jan 12 118 Aug29
*38*2 397g 3933 3933
400 Loose-Wiles Bis tr co ctfs
36*2 Dec 12 47*s J ’ly 26
♦103 104 *103 104
100
Do 1st pref_______
102 i2 Oct
1053s N ov 10
*91
9234 *91
923.,
100
Do 2d p r e f..
90 J ’ly 22 9234 Oct 14
70*2 7G78 *75
77
600 May Department Stores
09 Apr 11 88 Oct
70 Apr
87 J ’ne
105*2 105*2 104 106
100
Do p ref_____________
105 (Dec 10 112 Jan 11 10734 Sep
113*4 J ’ne
7434 75*4 73*4 743.( 4,250 Mexican Petroleum ____
0234 Apr 20
'J0I2
O
ct
17
2534 20
20
20
3,800 dMlaml Copper___P a r'ss 52318 Feb 14 S30*4 Sep 25 $ 165g Sep
Dec
125*4 128
128 128*2 1,300 R ation a l Biscuit
114 Dec 10 101 Apr 30 117*4 Jan 52412
14334 N ov
*120 125*2 *123 120
Do pref____
122 Dec 12 131 J ’ne 19 124 Jan
130
Feb
18*2 18*2 18*2 19
1,400 Nat Enanicl’g & Stam p'g
12 l4 Feb 29
26 O ct 15
1212 Dec
22 J ’ly
*82
92
*87
92
Do pref___
88 Feb 27
95l2 Jan
10034 J ’ly
85 Jan
6 6 I4 50*4 *551. 58
200 National Lead
51*8 Jan
0S*4 Oct
42*2 Sep
59 Feb
*100
108*2 *100 108*2
Do pref_____________
105i2 Feb
11078 Nov20 104 Sep 10934 Aug
1938 20
IOI3 1978 5,953 dNev Cons Copper.P a r 55 S18l4 Jan 29 $24i8 Sep 30 $15*8
Sep $21*4 J ’ne
77U 78'2 *75
400 New York A ir Brake___
833s
50 Feb 17 85 No* 18
45 Oct
70 Feb
80
80
500 North American Co (new)
80
80
74ijJan 3 8778 Aug 21
04 Jan
7034 May
31
31
200
aclflo Mall__________
30*2 30*2
2S34 Dec 12 38 Sep 30
23*8 Apr
333g
N ov
*40
47*2 *40
300
47*2
aclflc Telep & T elcg”
45 Dec 12 5533 Apr 25
35 Sep
545g Jan
115 115
115 115
920 People’s G L A C (Chlcj
103 Jan 8 12212 O ct 9 10112 Aug 109 Jan
2313 243g 23
24
4,950 Pittsburgh Coal Co
1034 Mch 1
27 I4 Aug 14
17 Deo
23*4 J ’ne
92lg 9134 92
94
9,200
Do pref_______
77 Feb 8 10034 Aug 14
6734 Jan
007g JTy
*190 200 *___ 200
P. Lorillard C o___
107 Mch 11 215i2 O ct 18
*114 110 *114 116
Do preferred ..
10734 Jan 12 118 Aug 20
*35
30
300 Pressed Steel Car.
35*8 35*2
2834 Feb 27 4078 Sep 30
25 Sep
375s J ’ne
1001.1 100*4 10034
100
300
Do p r e t . . . .
96 Feb 28 10334 Aug 16
91 Sep
10234 j ’ne
*117 11912 *117 119
300 Pub Service Corp oT n ' j I 100-34 Feb 17 1207s Aug 13 108 Oct
120
Feb
105 165
105 165
250 Pullman Company . .
158i» Feb ~ 175 Aug 21 151 Sep
163 Jan
*331? 36
34
3418
300 13 allway Steel Spring.
271* Feb 8 40-34 Sep 25
20 Oct
39 J ’ne
*98*4 100
*98*4 100
98U
D
ec
16
1
»
Do
pref____________
105 Aug 28
92 Jan 103 J ’no
2 1 i2 22
21*2 2178 10,650
ay ConsCoppcr Par 510 $10 Jan 29 $24*s Sep 23 $12 Sep S19 Dec
26*4 2638 2534 26*3 1,100 dR
1534 Feb 20 35 Oct 4
Republic Iron & Steel.
18 Oct
35*4 Feb
*86
89
*86
88
10
Do
pref______
04i2 Feb 27 93-38 Oct 25
74ig Oct
*92
9938 Feb
93
*92
93
300 R um cly (,\i) Co .
89U
Dec
19
101
NOV
14
♦99 101
*99 10012
200
Do p re f______ __
99*2
Dec
30
1031
2
O
ct
25
213 213*2 212*s 213
1,400 Scars, Roebuck & Co”
140 Jan 16 221 N ov 8 125l2 Sep
192 Feb
*42
47
*42
45
riloss-Shefflcld Steel & Ir
3 9 I4 Jan 30
5934 Sep 20
34 Sep
60*4 Feb
30
37
37*3 37*8 1,700 Standard Milling .
* IOI4 Jan 19 30 D ec 19
15 Aug
17*3 J ’ne
65*2 00 >s 663s 6038
700
Do p ref_____
53 Jan 8
00
O
ct
59
J
’ly
53
Dec
35
35
*34
30
850 Studebaker Corp (The) I
30 J ’ly 10 4942 Aug 9
92
92*4 *92
9412
500
Do pref
90i2
J’ne28
393g 3,100 dTennessec C opp.P a r 5 25 $3412 Feb 1 98*8 Aug 13
38*2 3933 39
547!4 M ay 2 i $30i4 Sep $44 J ’ne
112
112
112
118
5,200 Texas Company (The)
81 Jan 16 13058 Sep 7
74i2 N ov 136*2 Feb
99
99
99*2 99*2
200
nderwood T ypew riter'
95 D ec 10 11534 J ’n e 28
03 Mch 111 J ’ne
*110 113 § 112*2 11212
110
Do pref
110 J ’ne 14 114U Sep 17 103 Mch 1137g J ’ly
738 76a
7*4 734 1,600 Union Bag A Paper
433 Jan 25
177g
May
15
434 Dee
9 Feb
41*2 41I2 4134 4134
500
Do p re f____________
35*8 Dec 6
0734 M ayis
69i2 J in
5018 N ov
15
17
*15
17
U S Cast X Pipe & Foundr
13 Feb 16 22l2 May 16
11 Sep
19 Feb
*57
63
*5012 63
Do pref_____
50
Jan
4
0138
O
ct
18
40*2 Sep zGl Feb
*39
48
100 U S Industrial A lcoh olII
*39
48
20 Jan 8 57*4 Sep 24
24 Aug
30 May
75
76
1,200 U S Realty A Inrprov’ t .
♦73
70
07 Jan 31
80*2 J ’ly IS
05*8 Jan
7934 May
63
05*4 6212 0334 10,000 United States R u b b e r .”
45*4
Feb
1
677g
May2i
30*2
Sep
4812 Dec
107 107*4 10718 10713
950
Do 1st pref__________ I 1055,) J ’ly 25 l i o May 20 104 Sep
1151
2 J ’ly
7914 793g 703s 7038
900
Do 2d pref____
._
75 Jan 23 85* ■>AIay2l
60 Sep
79 Mcb
683a G9i8 67*4 68*4 195,850 United States Steel.........
6S14 Feb 13 8034 Sep 30
50
Oct
S2ig Feb
110
110 i2 110
2,570
110
Do p ref_______________ 107*4 D ec 10 117 Sep 30 103 Oct
6934 003s
16,050 rtUtah C opper___Pa'r'ijio $521? Jan 29 $6712 Sep 30 $38 Sep 1207s Feb
59
00
$577s Deo
*42*2 44
4134 43*3 2,300 Vlrglnla-Carollna Chem ._
4034 Dec 10
5714 Jan 26
43lg Sep
703g Feb
*114 117
400
114 114
Do pret_______
11473 Dec 17 122 Mch 27
114
Sep
128*2 Mch
75
76
743.J 75
550 V V estern Union T eleg”
7134 Dec 16
80*4 Jan 18
715g Apr
S4i2 May
79
7914 78
79*4 2,500 T¥ cstlngb’scEl AMfg ass
6
O
I
4
Jan
3
891? A ug 9
79 May
585g Sep
*115 120
118 119*4
Do 1st p ref__
.
11473 Jan 6 126 Aug 8
110i
2
Aug
123
Jan
111
112
l l l l j 11178 3,376 W ool worth (F W ) _ . ”
921» J ’ly 25 H77g O ct 2
1141S 11434 ♦11412 118*2
300
Do
pref_____ ‘
1131.4J ’ly 29 H 0 -3.1 J ’ly 2

P

U

B A N K S A N D T ltU dT COM PANIES— B A N K E R S ' Q U O TATIO N S.
Bid

Ask

First _____ I 280
Crocnpolnt..

155
295
160
125

Banks
Brooklyn
Coney IsTdf

Hillside!)___

Homestead!
Manutac'rs
Mechanics' !|
Montauk 1).
Nassau . . .
Nat C ity ..

85
405
230
205
276

100

430
240
160
220

295

Banks
Brooklyn
North Side 1]
Peoplo’s ___
Prosp’ctP k 1!

Bid

Ask

175
145
150

200

155
165

Trust Co’ s
N Y City
A s t o r _____ 395
Bankers’ Tr 630
B'way T r .. 170

405
540
178

Trust Co' 3
N Y City
Central Tr
ColumbiaKnickerh
Commercial
E m p ir e ___
Eqult’ ble Tr
Farm L o i 'l
Fidelity . .
F u*ton____
Guar'ty T r.

Bid

Ask

1025

1035

645
655
97*2
300
525
635
1300 1325
218
315
325
025
035

T ru st C o’ s

N Y City
Guardian Tr
Hudson
Law T I&Tr
Lincoln Tr_
Metro poTt’ ii
Mutual A ill
a n c o _____
M ut.t W est­
ch ester)..

Bid
140
212

123
440

Ask
05
218
130
450

145

152

140

150

Trus: Co' 3
N Y Citu
NY Life A Tr
N Y Trust.
HtleGuJ* Tr
Union Tr . .
US MtgiSt Tr
Unit States
Washington
Westchester
Windsor

Bid

Ask

1050 1075
630
500
515
1290 1310
475
485
m o o 1120
375
395
150
100
180

Trust Co’ s
Brook iyn

B.d

Brooklyn Tr 485

Citizens’ __

150
240
270
H o m e _____ 118
Kings Co . . 620
L IsT L <t Tr 340
N assau____ 130
Peoples’ ___ 295
Queens C o. 100

Franklin__
Hamilton . .

155
255
285

306
110

t Sale at Stock Exchange or at auction this7 week. I Ex stock d lv t o d ! Y u S m a ^ k c d w T th ^ p a ^ g r!^ ( Y arYsute 8 2 3 5 ? Y & v k t e S d ?




50
New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed, and 'prices are now all— “ and interest” — except for income and defaulted bonds.
BONDS
Y . STOCK EXCHAN GE
Week Ending Jan 3.

0
0

O
0
U
U
U
0

Price
Friday
Jan 3

Weekfs
Range or
Las; Sale

Hid
Ask Low
Mink No
U. S. Government.
S 2s consol registered..<0930 Q- 10U* Sale lOD* 1011 * 20
S 2s consol cou pon__ <0930 Q101 1 0 H2 10 U2 Dec '12
I021 o 10314 102 !-.l’ !v 12
S 3s registered ....... ......fci918 QS 3s c o u p o n __________ k ia is Q102*4 1031,' 103 Dec ’ 12
S 4s registered................... 1925 Q1133* H41* 1135* Dec T2
S 4 s coupon _ . .
1925 QS Pan Canal 10-30-yr 2"s fci935 Q1007s lit 1*4 100D J ’ne M1
lo.i* Sale 101*i Dec ’ 12
S Panama Canal 3s g ____1961 Q-

Foreign Government
Argentine— Internal 5s ot 1909 M
Chinese (Hukuang) Hy 5s £ ____J
Imperial Japanese Government
Sterling loan 4 Hs________ 1925 F
2d Series 4 Ms______
1925 '
Sterling loan 4s________ IIl93 1 „
Republic of Cuba 5s exten d eb t. M
External loan 4 H s ._
1949
San Paulo (Brazil) trust 5S.1919
T okyo dty loan of 1912, 5s____...
0 S ot Mexico s f g 5s o f__ 1899 Q
Gold 4s of 1904__________ 1954

1 9634 98l2 96D N o v ’ 12 __
t 897* 8034 91
2
91
9014
5
t 90 Sale 89*4
2
1 8 8 i2 89)2 88*4
88*4
82t, Dec ’ 12
J 8214 83
1015*
;i o u 2 101*4 1015*
2
t - 961- 99 Aug '12
1 961* 97
97
'97
io
88
88 Sale 88
2
{ 9434 957* 95i2 Dec ’ 12
90 N ov 12 ___
------ 90
rices
on
:he
ba
These an v
sis 0

State and City Securities
N Y City— 4 U s_____ ______ i960 >1
4 % Corporate S tock___ 1959 M
4% Corporate S tock____1958 M
4% Corporate stock __ 1957 M
New 4 H s___________
1957 M
New 4 H s________________ 1917 M
4 H % Corporate Stock 1057 ;\\
4 H % assessment b o n d s .1917 M
3 H % Corporate S to c k .. 1954 At
N Y State— 4s_____________1961 ;\\
Canal Im provem ent 4 s ..lu 6 1 J
Canal Im p’ment (new) 4 s 1961 J
Canal im provem ent 4 s ..1060 J
So Carolina 4 Hs 20-40___ 1933 J
Tenn new settlement 3s____ 1913 J
Virginia fund debt 2-3s____ 1991 J
6 s deferred Brown Bros c t fs ..
Pailroad
A nn Arbor 1st g 4s______ftl995
Cxtch Top & S Fe gen g 43.1995
Registered_______________ 1995
Adjustment gold 4s___ ftl995
• Registered___________ h 1995
•S ta m p e d ____________ /jl095
Conv 4 s Issue ot 1909____ 1955
Conv gold 4s___________ 1955
Conv 4s (issue of 1910). I960
10-year conv gold 5 s .. 1917
Debentures 4s Series K . 1913
East Okla Div 1st g 4 s
1928
Short Line 1st 4 s gold . 1958
Cal-Ariz 1st & ref 4 U s. 1962
S Fe Pres & Pti 1st g 5s 1942
Chic & St L 1st 6 s_______1915
Atl Coast L 1st gold 4s___/i1052
Registered___________ /jl952
Ala Mid 1st gu gold 5s___ 1928
Bruns & VV 1st gu gold 4s 1938
Charles & Sav 1st gold 7s 1936
L & N col 1 gold 4s______ ol!)52
Sav F & W 1st gold 6 s___1934
1st gold 5s_____________1934
SU Sp Oca & G gu g 4s___1918
alt & Ohio Prior 3 Ms ._ 1925
R egistered __________ /jl925
Gold 4s________________/; 19 18
Registered......... .........../il948
Pitts June 1st gold 5s____ 1922
P June & M Div 1st g 3 Hsl925
P L E & W Va Sys ref 4 s. 1941
Soutlnv Div 1st gold a Hs 1925
Cen Ohio K 1st c g 4 Hs_.1930
Cl Lor & W con 1st g 5 s .. 1933
Monon Htv 1st gu g 5s___1919
Ohio River H R 1st g 5 s . . 1936
General gold 5s______ 1937
Pitts Clev & Tol 1st g Cs.1922
Pitts & West 1st g 4s____ 1917
Stat Isl R y 1st gu g 4 Hs.1943
Buffalo R & P gen g 5s____ 1937
Consoi 4 H s______________1957
All & West 1st g 4s gu___1998
Cl & Mah 1st gu g 5s____1943
R ocb & Pitts 1st gold 6s.l921
Consol 1st g 6 s________ 1922
•Bud & Susq 1st ret g 4s___dl951
an So 1st ext 6 s _________ 1913
2d 5s.....................
1913
Registered_______________ 1913
Central of Ga 1st gold 5s__pl945
Consol gold 5s____________1945
Registered_____________1945
1st pret Income g 5s____ pl945
2d pref Income g 5s____p l9 45
2d pref Income g 5s stamped
3d pref income g 5 3 ____ pl945
3d pref 'ncome g 5s stamped
Chatt Div pur mon g 4 s ..1951
Mac & Nor I)lv 1st g 5 s ..1946
Mid Ga 6c Atl Div 5s____ 1947
Mobile Div 1st g 5s_______1946
Cen R R 6c B ot Ga col g 5s. 1937
Cent of N J gen'l gold 5s___1987
Registered___________ /»19S7
Am Dock 6c Imp gu 5s___1921
Le 6e Hud R gen gu g 5 s .1920
N Y 6s Long Br gen g 4S.1941
Cent Vermont 1st gu g 4s..$192o

B

C

Q -J
A -0
A-0
Nov
Nov
M-N
J-D
J-D
J-D

1003* sale 100
100 i2
96i2 Sale 95l2
96i2
. . . 9612 955*
9614
96l2
96i2 Sale 963*
10412
104i2 Sale 1043*
iuo-->* 10214 101 Dec ’ 12
10li2 Sale 10tl4
10412
101 1017* IOH4
1013S
84
841- 8312 Dec 12
____ 10078 1007s
1007*
1011* Sale llll
1011*
lOD*
lOO** O ct 12
101
100 % Oct '12
98 . . . 1031z J'ly '10
975*
973* Dec 12
------ 87
8 6 i2 Dec 'l l
55 Sale 55
55

29
83
25
5
14
22

3

5
9

10

78 Sale
97i2 Sale
95 98

771*
78
9
963*
97*4 118
96*4 Oct 12
1
88*4
88L
- - - - 8 8 i2 86 N ov 12
8778 Sale 87*4
88
is
108's Sep 12
iosi, Sale 105U
IO0 I4
1
1031* Sale 10 ‘J13
10314 117
IO5 I4 Sale IO0 I4
105D 23
J-D
983*____ 991.3 J ’ly 11
F-A
9434
94 Oct 12
)1-S
!)H,
9lt,
6
J -J ------ 92
1001, Dec ’ 12
11- S 100
IOSI4 Oct ’ 12
M-S 106*4
106** J'ly 'l l
U -S 102
9514 Sale
12
M-S
98 Oct 00
M-S
10,8 Oct '12
M-N 101
90
945
*
95 Aug 12
J -J
J -J 127
9212 25
M-N 92'4 Sale 92
A-O 118 123L 123ts J’ ne 12
A - 0 106 f l 2 D I 1 ds M ay'll
97 100
97 Oct '12
J -J
91
915* 74
J -J
90l4 Nov'12
Q -J
97
9714
A-O
18
Q -J
112 Jan '12
J -J 100 .
871* N ov M2
M-N 87
8373
893s
M-N
897*
00l2 35
90
91
J -J
M-S 100
A -0 105 107
1021, J ’ne'12
F-A 10212
108*4 N o v ’ 12
J -D 108
A-O 101 HOI* 1051- Apr M2
1131? Feb M2
A -0 112 U
9612
•)612 Oct '12
J -J
91
91 J'ne'12
J-D
M-S ------1091- 109*4 N o, M2
ill-N 10312 104 IOB4 Dec '12
9534
A -0
J -J 105
113*4 N o v ’ ll
F -A 110 ‘
112 ' A u g ’ 12
J -D 1 1 U2
33
40
40 Dec ’ 12
J -J
J -J
,11- S
~5~1
991* ~
10034 Jan 'l l
,11- S
110
110
F-A
108
21
M-N 107i2 Sale 107l2
107 A u g '12
M-N ------107
103 Dec '11
Oct
Oct
Oct
J-D
J -J
J -J
J -J
,11-N
J -J
Q -J
J -J
J -J
M-S
Q -F

89 .
lOlU .
105
...
105
100 1013*
H 8 I4 11S34
105

1001*

107 D e c ’ l l
851* Oct ’ ll)
901-N o v ’ 12
uni* Jau 12
115 N o v ’05
109*4 May 11
10 U- N o v '12
II 8 I4
1181.1

10534 105

105

Range
Year
1912.

f-*3
S3

1

i

98 " "
100 “ Sep' '12 " ”
891*
891* gale 891*
4

B O N D S — C ontin u ed

on

Next

Price
Friday
Jan 3

WzcKi
Range or
Las’- Sale

Range
Year
1912.

High No.
Hid
Ask l.mc
- . . 1030 99i2 Dec ’ 12 ___
1
110
110 Sale 110
1093* Nov ’ 12
11
10012
100i2 Sale IOOI4
99
923* Sale 92M
92l2 52
851* 87*4 SOI* Nov 12
83 . . . ' 880 Oct 12 __
100 ____ 1013, May’ 12 _ _ _
83V,____ 84 M a y'12
92 Dec ’ 12 . . . .
913, 94
8 8*4 ____ 90i2 Aug'12,
95 Oct '1C
87*2
G7i2 70
67 Dec 12
2
____ (5334 G3I2
643*
991* 100
2
991*
091*
85l4 8 6 V, 8 6 I4
851, 10
8 6 I4 Aug 12
980 19
98l2 ___ 9Sti
97 Sep 12
103 105l2 105 Dec '12
990
5
98*4 990 99l2
0G12
900
1
96M 97
965* Sep '12
98M____ 98*4 Nov'12
997*___ 997*
100
95
95 Sale 91*4
____ Td
77i2 Dec '12
11S*« 125 1190 Oct ' 12
107*2
107 109 107
____ 100!2 1091* Feb 12
93 Dec '12
____ 98
. .. IO6 I4 N o v ’12
77 Sale 77
77
124*4 Dec '12
___ 120
____103*4 1093, Aug 12
955* Apr 11
86 J ’ly M2
____ 84
90U Aug '12
(01 Dec Ml
100 U - - 100*4 Deo ’ 12
985*
0SU 985* 985*
9 7 0 Apr M2
83*4
8334
83*4 80
10 H2

92

94 ,
89 1
881j

86

85

1011, 101*4
84
86 *«

91*4 96
900 1JOI2.
607* 721*
651*
99'.* 100 ,
83*., 88 '
850 86 I4
971* 1001*
97
991*
1011* 105
98*4 995*
9012 995*
96*8 965*
98*4' 9912
6 OI4

997* 1015*
941* 9714
77
811j
119I2 125 ,
2 100i2 113 1
IO9 I4 IO9 I4
9712 93

13
76

9

100t4 109U
75
83 ‘
12414 1291i
109*4 HO34
80
9012
90ti 915*
10012 1021*

11
1

960 991*
9712 98
835* 867*

17
91
9U4 91
1061* 249
Sale 1051*
__ 105 Sep '12
108 t| Nov 'll
..
1055s 10 U2 Dec 12
93*i 23
93*4 Sale 931,
10 U4 ___ 1021., Oct 12
1091, 11112 1 1 1 Doc M2 ___
u :ji 2 ___ 1 1 7 Aug M, ___
102*8 - - - 10!*., J m: t101 l2 loot, tor, N o v '12
109t, 112*4 109*4 Dec 12
100 l2 ___ IOOO Dec ' 1'-’
loirs Aug M2 ___
1017* 10714 1047* Dec ', 2
960 Sep M2 ___
950 .
96 Oct ’ , 2
. . 90
8412 24
84*8 Sale 84
2
84
84 . . . . 84
50
97*4
08
07*4 98
101) i4 ___ ill* , N o v ’ ll ___
108 ____ 109*, A llg ’ H ___
1055*___ 105*2 Dec M2 ___
104 ____ 1045* O ct M2 ___
10234 103 10H* Dec M2
101 Dec M2
105 10314 103*4 Nov'12 ___
1073, Aug Ml
121*4 125 124 Oct M2
____ 8514 900 Sep '09

90
92**
101*4 1()7
105 108
1O0U 10S34
104t, 1005*
92l2 9514
102 103
111 1135*

111 ** 110O Dec M2
l o o t ,___ 107 Dec M2
1141*____ 1420 Feb '02
1 1 U *___ 1161, M ay’ 12
9312 935* 933*
93*4 17
115 J ’ly Ml
109
1080 1115* 109 Sep M2
10012
2
1 0 3 0 Sale 106**
109 Aug III
105
927*
927* 10
9234 . _
91 ’ Dec M2
91 ' 94
870 36
87i2 Sale 8012
8934 33
89M 9134 89
073, Sep 1 1
94
0 -13.4 j ’ne ‘ 11
95
6612 122
COO Sale 65
07l2 N ov ’ 12
8 7 0 N o v ’ 12 ___
80
87
1087*
10834 110 1087*
5
108*4___ 1200 Mch'OJ
1051., Sep 'll
1021* 100

11012 1151*
106*., 110

99*4___ 102 Sep M2 __
100 Oct M2 ___
99
9912 993* Dec M2 ___
50
90
90
89
90
120
1
120 1 2 U2 120
89U 90U 89t, Dec M2 ___
10212
26
10212 Sale 102
111) . . . . 120 Dee M2 ___
1293* M ay'09
no _
109t,
loot, 10912 109U
2
109**____
106 ____ 1070 Oct M2 ___
88
8912 89 Dec M2 —

102

91
1050
103
105
1047,

111

101*4 100

A -0
J -J
J J
M-N
J -J
F -A
FA
F-A
F-A
J -J
J -J
J J
J -J
M-S
J -D
F-A
A-O

3
103i4
10212 103 103U
90*4 Sale 90*4
92i2 234
102
102 1021$ 102
1
983 |J ’ly M2 ___
____ 99
____ 1007* 98i2 Dec ’ 12 ___
101
13
101 Sale 10044
101 Dec ’ 12 ___
1001* 102
84
8512 83t2 Dec '12 ___
83l2 Dec T2 ___
____SO
1
78
787j 79
79
1017* J’nc T2 ___
____102
997*____ lOlDSep '12 ___
741* 22
74t* Sale 741*
93 Apr '12 . . . .
87 ij 93
100 Sep '12 ___
98 N o v '12 - . ____ 93
205
807* Sale 8012
81
d Due A pril,

e Duo M ay.

10212 1061,
837* 9434
101 102 *2

1041? 101*4
tor, 1003*
109*4 1123.1
100 ** 1011*
1000 1001*
101*4 108
901 <y 98 :
90
96
/3 ■•* 87
8412 8034
95
98^4
_________
109*4 109*4
105 lOO'/g
1015* 1015*
1011* 10512
101

101

108U 108U
124

1271*

116*4 110*4
9212 94
109 111
106*4 1087*
92*4
91
8 6 l2
89

967*
9014
90*4
945,

64
7314
07l2 7234
8712 93
108l2 11 If2

102

106
98
89

IO8 I4
IOH4
9H 2
120 124
8914 8 9 I4
102 105
120 12312
109

111 **

1071? 10812
8812 921*

Page.

98*4 98*4
9812 9812

iooi* 10314
101 1021-

8312 87
8312 801t
7712 81
101 1017*
10 U2 1021*
73l2 79*4
93
95
100 1001,
98
99*.i
77
8 H»

Interboro Rap Tr 5s Ser A . 1952
Manhat R y (NY) cons g 4 s .1990
Stamped tax-exem pt___ 1990
Metropolitan Street R y —
Refunding gold 4s______ 2002
Farmers’ Loan 6e Tr c t f____
S ta m p e d _____
______
Bway 6: 7th A v lstc g 5 s .1943
Col & 9th A v 1st gu g 58.1993
L ex A v 4 P F 1st gu g 5s. 1993
Third A v R R cons gu 4 3 .2 0 0 0
Central Trust Co certs.
Cent TrC o cts stamped
Third Ave Ry 1st g a s . . . 1937
Met W S El (Chic) 1st g 4S.1938
Mllw Elec Ry & Lt cons g 5st926
Refunding 6c exten 4HS-1931
Mlnneap St 1st cons g 5s__ 1919

h Due July,

k Due A ug.

o Due Oct.

M-N
A-O
A-O

104
1037* Sale 103ti
___ 96i2 93i2 Dec '12
04
94

10234 105
9312 08
9312 981*

AO

04 M ay’ 12
(ill4 J’ly '12
5934 Mch'12
103
____1031* 103
100 103 101 <2 Dec 12
98 101*., 102 J ’n e ’ 12
,4 J'ly T2
74lo J’ly '12
74 Nov'12
107*4 Sale 107*4 10734
. . . 841* 931-J’ly 06
___ 104L 1041-Dec 11
. . . 9H4 DID Oct M2
101
. . . 102 Nov'12

6812 61
6712 621*
576* 62
103 10112
10112 10334
102 1031*
74 80
73
811.
7214 8 H4
107 1101,

J -I)
M-S
M-S
J -J

____

J -J
F-A
F-A
J -J
J -J
p Duo N ov.

50

q Due Deo.

'
|

Loro High
99*8 1041*
109 111*4
1093* 1 til.
99 103

Street R a ilw a y .

5 N o price Friday; latest this week,




BONDS
Y . STOCK E XCH AN G E I I
« *4°
Week Ending Jan 3.

Low High Chesapeake & Ohio—
Gen funding A Impt 5s. .1920 J -J
100 *., IOH4
1st consol gold 5s______ .1939 M-N
100*4 101 'R egistered___________ .1039 M-N
102 1023.
General gold 4 H s_____ .1992 M-S
1011- 10J 1.1
1992 M-S
.1930 F A
Convertible 4 H s__
U 3 I4 114*4
B'g Sandy 1st 4 s .______ 1941 J-D
1945 J-D
Coal Rlv Ry 1st gu 4s.
101*8 1021Craig Valley 1st g 5s___ 1910 J -J
Fotts Creek Br 1st 4s
1946 J -J
R 65 A Div 1st con g 4s. 1989 J -J
P512 100
2d consol gold 4s
1989 J -J
90 95D
Greenbrier Rv 1 st eu g 4 a 19 10 M-N
Cblc & Alt R R ref g 3s
.1949 A -0
89D 94
Railway 1st lien 3 Hs
1950 J -J
8 .8*4 93
82l.i 881* Chic B & Q Denver Div 4 s 1922 F -A
Illinois Div 3 Ms
1949 J -J
1011- 10
R egistered ..
1949 J -J
99
991.1
Illinois Div 4s _
1949 J -J
97
98\*
Registered___
1949 J J
917* <J5
Iowa Dtv sink fund 5 s
1919 A -0
9512 97Q
Sinking fund 4 s ___
1919 A -()
88
91
Nebraska Extension 4 s 1927 M-N
Registered____
1927 M-N
Southwestern Div 4 a
1921 M-S
997* 103
Joint bonds Nee Great North
95l2 1001*
Debenture 5 s ..
1913 M-N
955* 1001*
General 4s___
M-S
957* IOOI4
104 1077* Chic 6c E HI ref & imp 4' gs 1955 J - J
1st consol gold 6 s
1951 A-O
101 1023.,
General consol 1st 5s
1937 M-N
103*4 1077*
Registered_____
.1937 M-N
101 10212
Pur m oney 1st coal 5s. .1942 F -A
8312 88
Registered_____
Chic 6c Ind C R y 1st 5s .19315 j - j
100** 1027*
Chic Gt Western 1st 4s
1959 M-S
lOO** 103
Chic Ind & Loulsv— Ref 6 s 1947 J -J
100 D 102
Refunding gold 5s
.1917 J -J
Refunding 4s Series C
1917 J -J
975* 97*4
Ind 6c Louisv 1st gu 4 s 1956 J-J
Chic Ind 6c Sou 50-vr 4 s
1956 J J
46 60
Chic L S 6c East 1st 4 Hs .1969 J-D
Chic MU 6c St P terml g 5s 1914 J -J
Gen’l gold 4 s Series A $1989 J -J
761? 84I4
Registered
$1989 Q-J
06*4 100
Gen’ l gold 3 Hs Series B_ $1989 J -J
961* 9912
Registered.
cl 989 J -J
25-year deben 4s
1934 J -J
86 ” 91 “
Convertible 4 Ms . .
.1932 J-D
87*4 925.3
Chic & L Sup Div g 5 s . 1021 J -J
Chic 6c Mo R lv Div 5s
1920 J -J
105 111
Chic & P W 1st g 5s__
1921 .1 - J
IOOI4 10714
C M & Puget Sd 1st gu 4s 19 10 J -J
1045* 111
Dak 6c Gt So gold 5s
1916 J -J
Dubuque Div 1st 3 f Os. 1920 J -J
94
90*4
ta r A Sou assum g Gs
. I 924 J -J
901, 91
LaCros.se 6c D 1st 5 s . . .
19 19 J -J
99*11<)< *,
Wls & Minn Div g 5s. .1921 J -J
10 J' 1 1101Wls Val’ Div 1st Gs.
1020 J - J
Mil & No 1st cons 6 s
1913 J-D
Extended 4H *
1013 J -D
Chicago A N West cons 7s 1915 Q -F
10,3 108
Extension 4 s ..
1886 -1026 F-A
95
9534
R egistered______ I 8 «i -1920 F-A
1987 M-N
General
gold
3
H
s___
91
06*4
Registered_________ pi 987 Q -F
1231* 1231*
1987 M- N
General 4 s______ _____
Sinking fund 6 s____1879 -1029 A-O
97
97
R egistered______ 1871 -1929 A-O
901- 935s
Sinking fund 5s____ 1871 -1920 A -0
901, 915*
R egistered______ 1871 -1929 A l l
951? 99 I4
Debenture 5s______
.1921 A-O
Registered__
.1921 A-O
112 1 1 2 '
Sinking tund deb 5s___ .1933 ,M- N
871* 99
Registered___
1933 M-N
Frem Elk A Mo V 1st 6 s .1933 A -0
8812 91D
Maul G B A N W 1st 3 Us 1941 J - J
09 IOI05
MUw
A
S
L
1st
gu
3
Hs
.1941 J -J
107 1111MU L S A West 1st g Gs .1 0 2 1 M-S
102t, 104!"
Ext A Imp s f gold 5 s .1929 F-A
108*4 1093*
Ashland Div 1st g 6 3 . .1925 M-S
105 105D
Mich Div 1st gold 6 s . .1924 J -J
1131? li:ilj
Mil Spar A N W lstgu 4 s .1947 M-S
90D 97D
Northw Union 1st 7 s g .1917 M-S
91
91
Winona A St P 1st ext 7s 1916 r-D
109*, U2D
103*4 10714 Chicago Hock Is & Pa Gs . .1917 j - j
Registered___________ .1917 j - j
General gold 4 s________ .1988 j - j
Registered___________ .1988 j - j
Refunding gold 4 s_____ .1934 A-O
112 1155*
20-year debenture 5 s ___ .1932 J - J
40
40
1914 M-N
1918 ,M-N
Chic R I A Pac R R 4 s .. .2 0 0 2 M-N
Registered
2 0 0 2 M-N
R 1 Ark A Louis 1st 4 Hs 1934 M-S
10 ;i| im *
Bur C It A N— 1st g 5s. .1934 A-O
107 107
Registered.
1934 A-O
C R I F A N W 1st m 5a ’21 A -0
.1927 J D
Choc Ok A G gen g 5 s .. 01919 J -J
Consol gold 5s.............. .1052 M-N
Keok A Des M 1st 5s . .1923 A -0
89*8 9H?
St Paul A K C S h L 1st 4 Hs’4 1 F-A
10714 10714
Chic b t P M & Q con 6 s ___ .1930 J -D
Cons 6 s reduced to 3 H s. .1930 J -I )
Debenture 5 s __________
iM-S
101 103
Ch St P A Minn 1st g 6 s . .1918 M-N
118 122*4
J - .J
St P A S City 1st g 6 s . .1919 A-O
1045* 107
Superior Short L 1st 5s g .1930 M- S
100 ■ 100 ‘ Chic A West Ind gen g 6 s .” «1932 Q-M
Consol 50-year 4s______
J -J
891* 9214

M ISC E LLA N E O U S

Street Railway
Brooklyn Rap Tran g 5s___1945
1st refund conv gold 4 s . . 2002
Bk City 1st con 5s 1916-1941
Bk Q Co 6c S con gu g 5 s . 1941
Bklyn Q Co & S 1st 5s ..1 9 4 1
Bklyn Un El 1st g 4 -5 S ..1 9 5 0
Stamped guar 4-5s____ 1950
Kings Co El 1st g 4s_____ 1949
Stamped guar 4s______ 1949
Nassau Elec guar gold 4s. 1951
Conn R y & L ls t & ref 5g 4 H s .’ 51
Stamped guar 4 Me_______1951
Det United 1st cons g 4 Hs.1932
F tSm lth Lt 6c Trac ls t g 5 8 .1 9 3 6
Grand Rapids R y l s t g a s ..1916
Havana Elec consol g 5s— 1952
Interboro-M ctrop coU 4HS-1956

N.

9 112 95t2
10 U2 1021*

s Option sale

IFeek's
Ra yge or
Lasl Sale

Price
Friday
Jan 3

BONDS
STOCK EXCH AN G E
Week Ending Jan 3

N.

51

New York Bond Record—Continued—Page 2

Jan . 4 1913.1
T.

CIn H A D 2d gold 4 ^ 3 ____ 1937 J -J
1st A refunding 4s_______1951) J -J
1st guaranteed 4s_____ 1959 J -J
CIn O A I 1st gu g 5s____1941 M-N
0 Find A Ft YV 1st gu 4s g 1923 M-N
CIn I A W 1st gu g 4s____1953 J -J
Day A Mich 1st cons 4 Hs 1931 J J
Ind Dec A W 1st g 5s____1935 J -J
1st guar gold 5s________1935 J -J
Olevo CIn C A St L gen 4 s . -1993 J-D
v 20 yr deb 4 U s --------------1931 J-J
Cairo Dlv 1st gold 4s____1939 J J
CIn YV A M Dlv 1st g 4 s ..1991 J -J
St L Dlv 1st col t r g 4 s . ..1 9 9 0 M-N
Registered____________ 1990 M-N
Spr A Col Dlv 1st g 4 s . ..1 9 4 0 M-S
' W YV Val Dlv l s t g 4 s ...1 9 4 0 J -J
O I St L A 0 consol Os...1 9 2 0 H-N
1st gold 4S___________ fcl936 Q -F
Registered_________ fcl93G Q -F
CIn S A Cl con 1st g 5s___1928 J -J
C C C A I consol 7s_______1914 J-D
Consol sinking fund 7 s . 1914 J-D
General consol gold 6 s .1934 J -J
Registered__________ 1934 J -J
Ind 111 A YV 1st pref 4s___1940 A-O
O Ind A YV 1st pref 5 s..d l9 3 8 Q -J
Peo A East 1st con 4s___1940 A-O
Incom e 4s____________ 1990 Apr
Col Midland 1st g 4s............. 194 J -J
Colorado A Sou 1st g 4 s ;___ 1929 F-A
Refund A ext 4*^s_______1935 H-N
Ft YV A Den C l s t g Os...1921 J-D
Conn A Pas Rlvs 1st g 4S..1943 A-O
Cuba R R 1st 50-yr 5 g ......... 1952 J-J
el Lack A YVestern—
Morris A Essex 1st 7 s ..1914 \l-N
1st consol guar 7s____1915 J-D
Registered _________ 1915 J-D
1st ref gu g 3 Yis _____ 2000 J -I)
N Y Lack A YV 1st Os____1921 J -J
Construction 5s________1923 F-A
Term A Improve 4s___1923 M-N
Warren 1st ref gu g 3 )$s.2000 F-A
Del A Hud 1st Pa Dlv 7 s ...19 1 7 M-S
Registered____________ 1917 M-S
10-yr conv deb 4s________ 1910 J-D
1st Hen equip g 4 HS_____ 1922 J -J
1st A ref 4s______________1943 M-N
A lb A Sus conv 3 Ms____1940 A-O
Rons A Saratoga 1st 7 s .. 1921 M-N
DenvA R Gr 1st con g 4 s . 1930 J -J
Consol gold 4 Ms_________ 1930 J -J
Im provem ent gold 5s____1928 J -D
1st A refunding 5s______ 1955 F-A
R io Gr June 1st gu g 5 s ..1939 J -I)
R io Gr So 1st gold 4s____1940 J -J
Guaranteed __________ 1940 J -J
R io Gr YVcst 1st g 4s____1939 J -J
Mtge A col trust 4s A . . 1949 A-O
Utah Cent ls tg u g 4s.ul917 A-O
Des Mol Un Ry 1st g 5s____1917 M-N
Dot A Mack 1st Hen g 4s___1995 J-D
Gold 4s..................................1995 J -D
Det Rlv Tun Det TerTun 4 Ms’0 1 /M-N
D c t T A 1— O S Dlv 1st g 4s 1941 M S
Dul Mlssabe A Nor gen 5 s ..1941 J -J
Dul A Iron Range 1st 5s__ 1937 A-O
Registered_______________1937 A-O
2d 0s...................................... 1910 J -J
Dul So Shore A Atl g 5s____1937 J -J
iTTUgln Jol A East 1st g 5 s ..1941 M-N
iJCjrlo 1st consol gold 7s____1920 M-S
N Y A Erie 1st ext g 4 s ..1947 M-N
2d ext gold 5s_________ 1919 M-S
3d ext gold 4 Ms______ 1923 M-S
4th ext gold 5s________ 1920 A-O
5th ext gold 4s________1928 J-D
N Y L E A YV ls t g fd 78.1920 d- S
Eric 1st con g 4s prior___1990 J -J
Registered__________ 1990 J -J
1st consol gen Hen g 4 s .1990 J -J
Registered...................1090 J -J
Penn coll tr g 4s_______1951 F-A
50-year conv 4s A ____1953 A-O
do
Scries 11____ 1953 A-O
null N Y A Eric 1st 7 s ..1910 J-D
Chic A Erie 1st gold 5 s ..1982 M-N
Clcv A Mahon Val g 5 s ..1938 J -J
Long Dock consol g 6s___1935 A-O
Coal A R R 1st cur gu Os.1922 M-N
Dock A Imp 1st cur 6 s .. 1913 J -J
N Y A Green L gu g 5 s ..1946 M-N
N Y Sus A \V 1st ref 5 s ..1937 J -J
2d gold 4 M3...................193“ F-A
General gold 5s________ 1940 F-A
Terminal 1st gold 5 s ..1943 H-N
Mid ol N J 1st ext 5s____1940 A-O
Wllk A Ea 1st gu g 5 s ...19 4 2 J-D
iEv A Ind 1st con gu g Os___1920 J -J
Evans A T II 1st cons Os___1921 J -J
1st gencrul gold 5s_______1042 A-O
Mt Vernon 1st gold 6s___1923 A-O
Suil Co Branch l s t g 6 s ..1930 A-O
IMorlda K Coast 1st 4M S..1059 J-D
J ort St U D Co 1st g 4 Ms. 1941 J -J
Ft YV A Rio Gr 1st g 4s____1928 J -J
x al 11 A 11 Of 1882 1st 53.1913 A-O
*rcat Northern—
O 11 A Q coll trust 4s_..1021 J -J
Registered ./»________1921
1st A refund 4 Ms ser A . .1961 Y j
Registered____________ 1001
St Paul M A Man 4s_____ 1933 J-J
1st consol gold 6s_____ 1933 J-J
Registered__________ 1933 J-J
Reduced to gold 4 Msl933 J-J
Registered________1933 J -J

D

C

Is

0 0

Range
Y>nr
1912.

N.

Price
Frl 'ay
Jan 3

BONDS
Y . STOCK EXCH AN G E
YVcek Ending Jan 3

Ilign No Low High St P M A M (Continued) —
Oct '12
100*3 101
Mont ext 1st gold 4 s ..1937
Registered . . . _______1937
86>4 J 'n c ’12
881.4 87
Pacific E xt guar 4s £ ____ 1940
101 IOH4
101 N o v '12
E Minn Nor Dlv 1st g4sl94b
88 M ch'll ___
Minn Union 1st g 6s__ 1922
871* 80*4 Nov 12 . . . . 80*4 88
Mont C 1st gu g Cs____1937
R egistered__________ 1937
103 10-U2
1st guar gold 5s____1937
. . . . 105 103 Dec ’ 12
1071s Dec ’02
Registered__________ 1937
923*
021* Sale 021*
C 00
W ill & S F 1st gold 5 s .1938
93'.i
92i* 021* Dec '12 ___ 01
933i Gulf & S I 1st rc£ A t g 5 s ..51952
01
Registered_____
61952
1)2 031* Sep 12 ___ 051* 04i4
01
ock Val 1st cons g 4 Ms.1999
80*4 80*4 00 J ’ly M2
00
03
02 Dec ’ 12 ___
807* 93>2
Registered . . ________ 1999
U1U 02
Col A 11 V 1st ext g 4s___1948
01 Oet ’07
87 90
00
Col & To! 1st ex 4S............ 1935
87 ___ 91 Apr M2
Hous Belt A Term 1st 5 s .-.1 9 3 7
91
91
Illinois Central 1st gold 4s. 1051
1051*___ 1053. Dec 11
1951
9712 N ov 12
90
9712 £ R egistered ..
90 J ’ly M2
96
1st gold 3 M s . . . .............. 1951
98
105 ___ 1071* J’ly ’ 12 ___ 1071* 1071*
Registered__________ 1051
102 105 105 J ’nc 12 —
Extended 1st g 3 Ms____1951
105 155'2
Registered__________ 1951
___ 124
1st gold 3s sterling. . I . *1951
123 Oct 12 . . . . 123 123>2
Registered____________ 1951
Coll trust gold 4s______ 1952
00 ____ 94 J ’ly ’08
Registered____________ 1952
1st ret 48________________ 1955
2 87 U 92
88U 89
88
80
Purchased lines 3M sI"I*1952
47 M Sale 47l2
60
47i2 12 35
L N O & Tex gold 4s____1953
31
36M 35
3514 11 35
5812
Registered____________ 1953
9312 14 93
978*
03M Sale 93l2
93?* 9H2 D3!>8
Cairo Bridge gold 4s_____1950
9334 12 93
981*
Litchfield Dlv 1st g 3s___1951
106M 107M 107 Dec M2 —
108 11212
Loulsv Dlv & Term g 3 Ms 1953
Registered____________ 1953
100 M av’10
Middle Dlv reg 5s___I . .11021
10254 ___ 103M Dec ’ 12
Omaha Dlv 1st g 3s____1951
10234 107s*
1053*
St Louis Dlv A term g 3sIW51
1 105*3 1091*
105U 1091s 1053*
1113s Dec 111
R egistered..
1951
Gold 3 Ms.................. I _ .1951
80>2____ 90 M ch’ 12
90 90
111 1115s 110*4 Dec 12
Registered.
I 1951
11012 114Vi
105 100i8 105 Deo M2
Spring Dlv l s t g 3 Ms____1951
105 107*4
Registered.
1951
OO's . .
9G>2 N ov '12
95l2 98
Western lines lst'g 4sIIIIl05 1
1021* Feb 03
110l2 . . . 1151" A u e ’ ll
Registered. .
1951
149 A u g '01
Bcllev & Car 1st Cs
1923
U7l.i 30 903.1 987*
97M Sale 971*
Carb & Shaw 1st g 4s * 1932
Chle St L A N O g 5 sIIIIl951
____100's 1007* Dec ’ 12 ___ 1007* 101*4
9734 98M 981*
9812
5 971. 99-34
Registered____________ 1931
Gold 3 Ms_____ I l i m i l 951
88*4 Sale 8S12
883.1 12 88*2 93
117 ____ 12 U2 May '12
Registered
1951
1211j 121!2
9034
871* 83
Mcmpli Dlv 1st g 4s I I I 1951
87U Dec '12 ___ 84
____ 0734 97 N o v ’12 ___ DIHs 0S12
Registered
1951
98
99
St L Sou 1st gu g 4s......... 1931
08 Dec M2
93lj 9912
Did III <3c la 1st g 4s .......... 1930
83>s Sale 821*
90
8314 21 81
1 10112 109
109
Hit A Great Nor 1st g 6s*'*1018
109
Iowa Central 1st gold 5s” ” *1038
I I ” *77*12
____ 70
85 Mch ’98
Refunding gold 4s
* ‘ 1951
841*
3 82
84M Sale 8.’H2
S8 I4 I amestown Franklin &**
787* Dec '12 ___
O Clearfield 1st 4s
1959
78l2 . . .
78
81
82 ____ 97 Jan 08
an City Sou 1 st gold*3sl*1950
110 Sep ’01
98
Registered .
1950
92 Nov ’l l
89
05
Ret A Impt 5s
” " Apr* 1 0 30
87 Dec M2
87
87
0212 Kansas City Term! 1st 4s 19(50
08 99L 93l2 Dec '12 ___ 08 1011* r akc Erie A YV 1st g 5s. ” 1937
____ G2M 75 Feb M2
6912 75
1-7 2d gold 5s_____
1941
____105
105 Sep M2 ___ 105 100
North Ohio 1st gu g 5s
1915
193 103l2 10312 N OV 12 ___ 103U 107
Leh Vail N Y 1st gu g 4 Us.1940
1081s Mch'OS
Registered_______________ 1940
1013s . .
104 Feb Ml
Lehigh Vail (Pa) cons g 4s 2003
103>s - ­
103 Oct M2 ___ 103 108
Leh V Ter Ry 1st gu g 5s. 1941
Registered__________
” 1041
100 . .
110 Allg M2 ___ 110 1121s
____11573 116
2 115 1185* Leh V Coal Co 1st gu*g 5s " 1933
115
Registered____________ I ” l933
99 ____ 1011s J’n o ’ ll
1025s 101 IOU4 Mch ’ 12 ___ 1011.1 io u 2
1st Hit reduced to 4sIIII1933
1001*___ 993* Oct T2 ___ 0934 103
Leh & N Y 1st guar i*4sl ” 1945
193 ___
Registered____________ “ 1945
925* 101 100 Jan M2
100 100
El C A N 1st pref Os_____1914
1131* llOU 11534 J ’ne'12 —
115*4 llflls
Gold guar 5s_______” ” 1914
1 853* 00
87
87 Sale 87
Long lsld 1st cons gold5sI/)1931
____ 85i2 85 Sep M2 ___ 85
1st consol gold i s ______ /{ 1931
8812
751* Sale 743*
75>2 00 73>j 8014
General gold 4j _____
1938
____ 77M 77 Apr 12 ___ 77
Ferry gold 4 Ms__
1922
77
891* 89>2 8914
2 881* 91
Gold 4s......................... ;. ::i U 3 2
89i4
83
84
2 81
8312
Unified gold 4s__________ 1949
83l2
9U*
70
77
78
4 75
70i4
Debenture goid 5s______ 1934
807*
105 10934 110 Apr M2 ___ 108*4 110*i
Guar ref gold 4s_________ 1049
110 ____ 110I4 Dec T 2 ___ HOI,. 114
Registered____________ 1949
105 ____ 109 Alay’ 12
109 109
N Y B & M B 1st con g 5s 1935
122M___ 124 N o v ’ 12 ___ 123*4 1241s
N Y & R B 1st g 5 s . I . ..1 9 2 7
____ 1055* 100 Dec M2 ___ 100 1073ft
Nor Sll B 1st con g gu 5s.ol932
99M 101 1001.; Oct ’ 12 ___ IOOI4 10134 Louisiana & Ark 1st g 5s__ 1927
104 109 103>2 Aug 12 —
1031s 105
Louisville <3e Nashville—
10034 IOU2 103 Ocl 12
103 105
General gold Os______
1930
825* 90 IOOU Dec 'Of!
Gold 5s................................. 1937
8634
5 87
86*4 Sale 80*4
00
Unified gold 4s__________ 1940
107U 10S>2 10812 Nov.12 ___ 108l2 n o
Registered_____ ______ .1940
11U2 May 12 —
m i2iin 2
Collateral trust gold 5 s . . 1931
*971*2 *09* 98*4 Dec ’ 12
98*4 1021s
E II & Nash 1st g 6s____1919
100 10934 100 May 42 ___ 10G 100
L CIn A Lex gold 4 M s.. 1931
108M 111 110 Dec M2 ___ 110 1123*
N O A M 1st gold 6 s . . . 1930
987* 100 102 J ’no M2 ___ 1017* 1023*
N O A M 2d gold Os____1930
107U------ 108 N ov M1
Paducah & Mem dlv 4s_.194G
94 ------ 95 J ’n e ’ 12
95
05
Pensacola Dlv gold Cs__ 1920
00*4
3 90
00»4 Sale 0O12
St Louis Dlv 1st gold Os. 1921
093*
92 Aug 1C
2d gold 3s.......................1980
___
. . 77l2 771* Nov.12
Atl Knox & CIn Dlv 4S..1955
76 8D2
98 100
9912 Aug 12 —
Atl K nox A Nor 1st g 5s_194G
0012 100
Ilender lldge 1st s f g Os.1931
9534 175 947* 98*8
9534 Sale 9514
Kentucky Cent gold 4 s .. 1987
953* Sale 95**
9512
2 04** 983*
L A N & M A M 1st g 4 Msl945
100l2 88 90*4 1013*
IOOI4 1 0 0 M 100i2
L & N-Soutll M Joint 4 s .. 1952
Registered___________ &1952
93
99<2 081*
981*
1 978* 093.1
N Fla & S 1st gu g 5s____1937
121<2 Sale 1211*
m i2
6 121U 12534
N & 0 Bdge gen gu g 4 Ms 1945
122 Sep 12 ___ 122 122
Pens A Atl 1st gu g Cs__ 1921
16334 Safe 103*4
4 1033* 10512
103*4
S A N Ala con gu g 5s__ 1936is r 10334 ------ 10S34 J’ no ’09
L A Jell Bdge Co gu g 4s__ 194 5 ,M-

Bid
Ask
____lOlL
____9H2
____00
99 . . .

Low

100*4

H

K

Rang»
Year
1912.

Week's
Range or
Last Bate

Low High
951* 981*

Bid
Ask Lou
High
957* Dec '12
951* 90
98 J ’n e ’ l l
923* M c h 'll
97 Sep 12
9412 97
1103* . . . HU* Sep 12
12312 12U2 1245* N o v '12
121 ..
13614 May'Oil
109 1113* 109 Dec ’12
108U___
95i2 Sale
921* 90
101__Sale
____100
921*____
02 ____
____100
102 . . .

i
]
i

961s 9Sli
114 110
1243* 1271*
109

112l2 Sep ’ l l
93
95*2

n il*

9Us 95
0 W4

101
101
100i2 Sep ’08
92 Nov 12
92 Dec '12
IOOI4 Dec ’ 12
102 Dee ’ 12
100 Sep ’ l l
88 I2 91i4 9212 Oct ’ 12
89 A u g l2
____ 91
9312 M ay’09

103

92 92
92
901*
993* 1001*
1003* 104
90 . 921*
89
8912

80 J 'ly 09
95U . . .
981* N ov 12
____ 953* 95U Sep ’ 12
9534
95 Sale 95
861* Feb '12
96 97i2 96
90
9434 Jan ’ l l
947* J ’ly 12
____ 75i* 751* N ov 12
____ 85
85 O ct 12
____ 85
83 A u g ’ 12
102 ____ 123 M ay'99
____ 7514 751* Aug 12
____ 77
76l2 M ch’ 12
73 75
____ 85i2 851* Oct ’ 12
10U* Oct -99
100 N ov ’00

U7i2 100
9514 1)51*
03
9Q3*
8 GI3 8G1*
95
9912
947*
7312
8412
83

76 751*
7512 75lf
8512 803*

901* q234 *92i2 O c t * i 2
89 ..
10Sl2 ..
117i2 M ay’ 10
94i2 J’ly ’12
113U N o v ’ 12
110 ___ 114 Feb ’ l l
80 . . . . 90 O ct ’09
89

92l2 9G1*
9412 96
1131*116 •

92lo 92i2 Aug ’12

____95l2
91
9434
____107
95 100
63 Sale

95
751*
871|
83

9212 9212

98 J ’ly 08
94 A u g ’ 12

923* 90
1008* 1081*
9512 105
68
CGI*

107 Dec '12
08 Dee ’ 12
63
GO

94 May 12
723* 72l2 Dec ’ 12
03 Oct '00
9734 99 93
98>4
963*
903*
0412
____100l2 IOGI2 Dec ’ 12
100 1031; 104 Sep 12
____105
IO P 4 J ’ne'12
1017* . . . 103l2 103i2
10U* May 2
I l l I *0C'3- 901* Oct 12
11234 Oet 12
no
HU* Dec 'l l
10012 Oct 12

94 941*
713* 74

71

‘ 6gi2 ioou
00'4 985*

9514

100 l2 n o

104 1041*
1041* 105lj
103l2 108
10412 IOUj
95l2 981*
10<J12 114
10012 108

93 J ’n e ’12

93

10U2 Feb ’ 10
103 Mch 12
____10914 10834 N o v ’ 12
93 . . .
96*4 M ch’ 12
91
94
94 . . .
____ 98
9GU N o v '12
____ 97
991* Oet ’06
891* 03
91 Dec *12
____101
10412 Dec ’08
____043*
9412 Dec ’ 12
95 Jan ’ll
lOf . . . IIOI4 Nov 06
100 103 103 Oct 12
1033* . . . 104U Dec '12
9134 931* 931* N o v ’ 12

941*

103 103
1083* 1103*
94
O6 I4
913* 94i|
96U 98
90

951j

03

97»i

103 104
1041* 107U
93 96

112 1145* 114 Nov'12
1107*___ n il* Oct ’ 12
98i2
98i2 Sale 0/34
96>2 Sep 12
107»*
164*1*2 109 1073*
11012 ____ 11012 DCC '12
101*4 May'12
1191412014 1203* A u g ’ 12
1141*____ l7i2 Jan T 2
94 Oct ’ 12
1053* . . . 1053* Mch 'l l
11034 112i2 1121* J 'ly ‘ 12
----- 70*2 693* Sep ’12
91
02l2 92i2 Dec '12
103 110 1121* May'12
105 ____ 100 Apr ’l l
021* Sale 921*
92i4
100i2 103i2 103l2 Dec ’ 12
____ 89l2 90i2 Oct '12
95 Feb ’05
10912 Oct 12
105
10012 Scp ’ 12
10U2
no
1101* O ct '12
10834 1105* 1091* J’ly '12
9D* M ch’ 12

112l2 1171*
11034 1121*
96*4 993*
9Gt2 9S3,
10712 1101*
1101* 111**
1041* 105
1201* 121
117I2 H71|
931* 96
h*2*t2 113 ’
691* 093*
91
93
1121* 112l|
9U2 05
103i2 1043*
887* 901*
IO8 I4 1093*
10012 10012
IIOI4 112
1091* 1111*

011* OH*

MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
Now Ort Hy A Lt gen 4 R s.1935
N Y Itys 1st R E A ref 4s temp
30-ycar adj tno 5s---- ...1 9 4 2
Portland R y 1st A ref 5s__ 1930
Portland Ry L t A P o w ls t A
ref conv S f 5s_________ 1942
Portland Gen Elec 1st 5 s .1935
St Jos Ry, L, H A P lstg 5s 1037
St Paul City Cab cons g C s.. 1937
Third Avc 1st ref 4s______ 1900
I Adj ino 5s_____________ alDOO
, Trl-Clty R y d) Lt 1st s f 6 s .1923
.Underground of London—
4 Ms ......................
193,'i
i Incom o 6s_______________1948
i Union Elec (Chic) 1st ? 5 S _ . 1045
United Rys Inv 1st Hen coll
1 trust 5s Pitts Issue______ 1926

J-J
83
87*2 88 Oct M2
777, Sale 7 /
J-J
781* 279
573* Hale 501?
A-O
58 1042
M-N 1001* 1003,i 101 Deo ’ 12
F.A
J J

M-N

J-J
J -J

A -O
A-O

____ 00

00

00

08 Nov ’08
i03i2 105 105 N o v .12
82 Sale 81
82
7512
753* Sale 751*
O0 i2
0912 Sale 08

A-O

951*
951* Sale 948*
OH*
91U ___ 0 0 l4
84 Oct ’08

M-N

8 U2

J-J

8612 82l2 Dec M2

Street Railways.
841* 88 t2 United Rys St L 1st g 4s—
St
Louis
Transit gu 5s —
80
70
5H2 59*4 United RUs San Fr 8 f 4 s ..
Va R y A Pwr 1st A ref 5s__
99 101

1934
1024
1927
1931

(ias and Electric Light
Atlanta G L Co 1st g 5s------ 1947
Bklyn U Gas 1st con g 5 s .. 1945
Bullalo Gas 1st g 5s----------- 1947
105 100
Columbus Gas 1st g 5s-------- 1932
79' 2 80
70
8 OI4 Detroit City Gas g 5s---------- 1923
Det Gas Co con 1st g 5s------ 1918
07U 99
Det Edison 1st coll tr 5s— 1933
04
961* Eq G L N Y 1st con g 5 s . . . 1932
Gas A Elec Berg Co c g 5 s .. 1940
711* 90
Gr Hap G L Co 1st g 5s------ 1915
Hudson Co Gas 1st g 5s____ 1949
8212 80l2 Kan Clty(Mo)Gas l s t g 5 s .. 1922
00

00

J-J
A-O

A-O

J-J

J -D
M-N

A-O
J-J
J-J
F-A
J-J
US

J-D

F-A
M-N
A-O

____ 74
____ 87
67 Sale
91 95

74
83
0412
94i2

80
85
70
97

104 ____
105** Sale 105*4
195*4
54 62
54 Oct 12

5 165*4 107*7*
51
65**

100

1 100

101

100
100
958* Sep OS

lOl'si 1027* 1018* Dec M2 —

___ 107
100
____101
1031* . . .

JNo prloo Friday; latest bid and asked this wock. a Due Jaa. b Duo Fob. d Due April. /» Due July. k. Due Aug.




74 Dec M2
83 N o v ’ 12
67
07
"h
1
95
95

100i2 Oct
103 Sep
100 O ct
1033* Dec
98l2 Sep

o Due Oet. *

12
M2
’09
M2
’ 12 * 1

1 0 U*

1001" 1021*

103*4 107
103 103

10312 1051*
98l2 99**

Option sale.

New York Bond Record—Continued—Page 3

52
BONDS
T . STOCK EXC H AN G E
Week Ending: Jan 3

N.

Rang*
Year
1912.

FrU*
Fruity
Jan 3
Lett

U R— Sou lines 4 s .1936 M-N
M anila
exloan Cent lno g 3s tr roots

“Equip A coll g 5s..............1917 A -0
Max Internat 1st con g 4 s ..1977 M-S
Stamped guaranteed____1977 M-S
Minn A St L 1st gold 7s____1927 J -D
. PaolQo E xt 1st gold 6 a ...19 2 1 A-O
1st oonsol cold 5s.............. 1934 M-N
f 1st and refund cold 4 s . . .1949 M-S
' Des M A Ft D 1st gu 4 s ..1935 J -J
U StPASSM oon g 4s lnt gu.1938 J -J
' 1st Chic Tertnl s I 4 s . . . . 1941 M-N
M S S M A A 1st e 4s lnt gu 1926 J -J
Mississippi Central 1st 5 s .. 1949 J -J
Mo Kan A T exaslst gold 4sl09O
; 3d gold 4s........................... nl090 *-2
1st ext gold 5s.............. 1944 M-N
1st & refund 4s___
2004 M-S
, Gen sinking fund 4 M s l .. 1936 J -J
■ St Louis Dlv 1st ref g 4 8 .2 0 0 1 A-O
Dal & W a 1st gu g 5 s .. 1940 M-N
Kan C & Pao 1st g 4s____1990 F-A
Mo K & 13 1st gu g 5s___1942 A-O
M K i O k 1st guar 5s___1942 M-N
, M K A T of T 1st gu g 5s. 1942 M-S
. Sher Sh A So 1st gu g 5s •1943 J -D
Texas A Okla 1st gu g 5s 1943 M-S
Missouri Pao 1st cons g 6 s ..1920 M-N
. Trust gold 5s sta m p ed ..01917 M-S
Registered.....................ol917 M-S
1st collateral gold 5s____ 1920 F-A
t
Registered....................... 1920 F-A
40-year gold loan 4s......... 1045 M-S
, 3d 7s extended at 4 % ...1 0 3 8 M-N
1st A ref oonv 5s.............. 1959 M-S
’ Gent Br R y 1st gu g 4 s . .1919 F -A
, Cent Br U P 1st g 4s____ 1948 J -D
Leroy A O V A L 1st g Ss.1926 J -J
P4o R of Mo 1st ext g 4 s . 1938 F-A
2d extended gold 5 s . ..19 3 8 J -J
StL Ir MAS gen oon g 5 s . 1931 A-O
Gen con stamp gu g 53.1931
Unified A ref gold 4 s . .1928 r . ° j
■
Registered__________ 192w
R lv A O Dlv 1st g 4s. .1033 M-N
Verdi V I A W 1st g 5 s . .1926 M-S
Mob A Ohio new gold 6s__ 1927 J -D
1st extension gold 6s___A1937
; General gold 4s__________ 1938
Montgom D lv 1st g 5 s . . . 1947 -A
St L A Cairo coll g 4s___*1930 -F
Guaranteed gold 4 s .. 1931 -J
ashv Ch A St L 1st 7 s . .1013 -J
1st oonsol gold 5s......... 1928
Jasper Branch 1st g 6 s .. 1923
'■ MoM M W A A1 1st 6S ...1 9 1 7
T A P Branch 1st Os____ 1917 5 -J
Nat ltys of Mex pr Hen 4 Ms. 19 57 J -J
Guaranteed general 4 s ...1 9 7 7 A-O
Nat of Mex prior lien 4Ms_193S
1st consol 4s____ __
1951
N O Mob AChto 1st ret 5s 1060 J -J
N O A N E prior lien g 6 s ._ p l0 l5 A-O
New Orleans Term 1st 4S..1953 J -J
N Y Central A H R g 3 M s .1997 J -J
Registered......... .............. 1997 J -J
Debenture gold 4s........... 1034 M-N
Registered_____________1934 M-N
Lake Shore coll g 3 Ms___1998 ‘ -A
.
Registered....................... 1998 -A
Mloh Cent ooll gold 3 Ms. 1993 -A
Registered_______ . . . 1998 F -A
Beech Creek 1st gu g 4 s ..1936 J -J
R e g is t e r e d ...................1936 J -J
3d_guar gold 6s...............1036 J -J
Registered__________ 1930 J -J
Beech Or E xt 1st g 3 Hs-6l931 A-O
. Oart A A d 1st gu g 4 s ...1081 J -D
Gouv A Oswe 1st gu g 6 s .1942 J -D
Moll A Mai 1st gu g 4 S ... 1991 M-S
■ N J Juno R guar 1st 4 s ..1988 F -A
:
R egistered____________ 1986 F -A
N Y A Harlem g 3 Ms__ 2002 M-N
• Registered.......................2000 M-N
N Y A Northern 1st g 5 s .1937 A-O
■ N Y A Pu 1st cons gu g 4sl993 A-O
. N or A Mont 1st gu g 6 s ..1016 A-O
, Pine Creek reg guar 6s___1932 J -D
; R W A O con 1st ext 5S.A1932 A-O
. Oswo A R 2d gu g 5s___el915 F -A
. R W 4 0 T B 1st gu g Ss.1918 -N
Rutland 1st con g 4 M s ..1941
OgALCham 1st gu 4s g 1048 J -J
Rut-Canad 1st gu g 4s. 1949 J -J
St Lawr A Adlr 1st g 6 s ..1096 J -J
2d gold 6s....................... 1996 A-O
tloa A Blk R lv gu g 43.1922 J -J
ike Shore gold 3 Ms____ 1997 J -D
Registered_____________1997 J-D
■ Debenture gold 4s____ 1928 M-S
25-^ear gold 4 s ............. 1931 M-N
Registered__________ 1931 M-N
K a A A G R 1st gu o 5s.1938 J -J
Mahon C’l R R 1st 5 s ..1934 J -J
Pitts A L Erie 2d g 5s__al928 A-O
Pitts M cK A Y 1st gu 63.1932
2d guaranteed 6s_____ 1934
McKees A B V 1st g 6S.1918 j - j
Michigan Central 5s_____ 1931 M-S
Registered___;_______1931
4s ......................................1940
Registered..... ............. 1940 J -J
J L A S 1st gold 3 Ms. .1951
1st gold 3 Ms...................1952 M-N
30-year debenture 4 s .. 1939
N Y Chic A S t L 1st g 4 s .1037
,
Registered______ ______1937
Debenture 4 s . . . ............ 1931 M-N

ti

N

P

u

t

E

J:j

P

to

Utah

2512 Apr ’09
*77* Mc'h’ lO
79 N ov *10
____123is 12412 Oct '12
1101* A u g 'll
‘ 98 Sale 98
98
6234
62>2 Sale 62
•------ 82i2 79*4 Deo '12
951* 93 95M Dec '12
95 ____ 9714 J 'n e ’ 12
96U___ 9014 May 12
____ 95
98*2 M ch’ l
95
94^4 Sale 01**
707* 82 7914
8 OI4
99*4 Oct ’12
____ 98
78
78
------ 78
87
87
85i2 87
____ 7712 77 D ec ’ 12
101 ____ 10478 Sep ’ 12
8612 ____ 88 Sep '12
105 108 108 N o v '12
104 105 104i2 Dec '12
____IOU2 lOOig IOOI2
103
9912 104 103
IOU2 1043.1 101 Nov'12
1Q6 106i2 100 Dec '12
993g
0914 096s 99
97 M a y l 2
9712 Dec '12
975* 99
70

___

Sale

70

70

96*2 9012 M a y 'll

8718
87i2
9218 ___ 92<8 Deo ’ 12
80
81
81 Dec ’ 12
110 M ch’05
93 N o v ’12
9314 95
100 105 103!4 Dec ’ 12
10434 ____ 10412 1041
104 Oct *i:
817S
*8134 8178 815,
807, Oct T2
83i2 Sale 83
83*2
90
90
------ 06
11058 n73g 116*s H6»s
1128* ____ 1125* Deo ’ 12
85i2 86*2 85ig Deo *12
107 108i2 107 Dec '12
8 5 it____ 857s Dec ’ 12
92 N ov ‘ 12
101*8 Dec ’ 12
------ 101
107*4 IOOI4 10712 Dec ’ 12
111 ____ 1157j Nov TO
100
___ 107*4 Mch T2
1145*___ 113 J ’ly ’04
883g
87i2 89 88
8 OI4
8 OI4
------8 OI4
99 M ch’ 12
----- 1 0 0
------ 7012 777s Dec ’ 12
86 I4
80U 8034 8 6 U
8712 88

104 . . .

------ 88

87<4 Sep T2
8 6 I2
84ig
9 U4
93 M ay’ 12
78ig
78i?
78 Dec '12
7818 DCO ’ 12
78 Sep ’ 12
98*4 Dec ’ 12
99 M a y 'll

80!s Sale 86
84>8 Sale 84 ig
91 91*2 90*4
78i2 Sale

~78>* 8 §
‘ 9 8 ‘ . 7.7. !
IO6 I4 .
83
108
90

88

8012____
iO0 ‘ l07

-----

Oct ’ 12

99
09
____ 105 Oct ’02

90

87ig Deo '12
108 ’ O ct"’09
9778 A u g ’ l l

I I 8 I2 ____ 13U2 Jan ’09
100 .
100 Deo T2
------ 10112 101 M ch’12
IOU2 ___ 104 J ’n o ’10
02
0738 90 Oct ‘12
83' s ___ 85 N o v ’12
92 J ne 09
19734 " I I 108 Sep ’12
U4 . . . . 11912 Mch’ 12
9 5 ____ 997s N o v ’ 11
8734
87*a 87*4 87*4
871s Deo ’ 12
92l2
921s Sale 92i4
921]
92U Sale 92
92 ____ 93 Oot ’ 12
105
110 ____1111. Moll’ l l
loa ia ____ 1105 Apr ’ 12
117 .
1301* Jan '09
117 ____ 12314 M ch’ 12
105
1001* ____ 111 Jan ’ 12
1031a___ 119 J ’ne'06
98 Apr ’12
98*2 N o v 'll
90 J ’n e ’08
------ 88
30
80
871* 8912 88lgA ug’ 12
99
09i2 99i2
9913
9834 N o v ’ 12
88 Dec ’ 12
____ 89

N.

BONDS
Y . STOCK E XC H AN G E
W eek Ending Jan 3

[ V o l . X C V I.
Fries
Friday
Jan 3

Low High NY O & H R— (C o r t lWest Shore 1st 4s g u a r ..2301
Registered.......................2361
N Y Cent Line* eq tr 4 Ms 1»23
N Y New Haven & Hartf—
N on-conv deben 4s______ 1955
Non-cotiv 4s______________1950
124l2 129
Conv debenture 3 Ms____1956
Conv debenture 6s........... 1948
99 105
20 5!)7* 0O7g
Harlem R -P t Ches 1st 43.1054
B A (V Y A ir Line 1st 4s 1955
76 81
95
9734
Cent Now Eng 1st gu 4s 1961
Housatonlc R cons g 5 s .. 1937
9714 9714
96 I4 9G14
N Y W ’c h e s A B ls ts e r l i Ms ’46
N H & Derby cons cy 5 s .1918
925S 97
New England cons 5*____1945
Conso' 4s . .
.
1945
7914 84lg
9912 10212
Providence Secur deb 43.1957
7714 8112 N Y O <Ss W ref 1st g 4 3 ___471002
85U 8914
Registered 55.000 onIy_pl992
70 78
General 4s_____
1055
1047* 105*3 Norfolk Sou 1st & ref A 5 s 1961
88
91
Norf A South 1st gold 5 s . . 1041
1001* 110
Norf A W est gen gold 6 s .. 1931
10334 10712
Im provem ent & ext g 63.1934
9912 104
New River 1st gold 6s___1932
10334 10334
N & W R y 1st cons g 4 s ..1996
100*2 IO6 I4
Registered...................... 1095
1047* 1081s
DIv'l 1st 1 & gen g 4 s . .1944
983* 10034
10-25-year conv 4s____1932
97 97
10-20-year con v 4 s ____1932
96*4 10034
Pocah O & C Joint 4 s . . 1941
C O & T 1st ruar gold 5S-1922
10 70 75U
Sclo V A N E 1st gu g 4s 19»0
Northern Pao prior 1 g 4 s . .1907
Registered......................1997
84 893s
Geheral Hen gold 3s____a2047
9Uj 92*4
Registered................ a2047
75 81
Bt PaUl-Duluth Dlv g 4*.19»«
Dul Short L 1st gu 5s
1916
92*4 ‘ 00
St P A N P gen gpld 6 s . . 193*
10314 10314
Registered certificates. 1922
10212 1O012
St Paul A Duluth 1st 58.1931
104 104
2d 53......... ....................... 1 j i t
77Sa 83*4
1st Opfiso] gold 4s____1968
78 807g
W tah Cent 1st gold 4 s . . . 194*
8114 84
Nor Pao Term Co 1st g 6a 1933
100 100
Oregon-Wash 1st A ref is Il861
116*3 121
1128, 115*4 p a o iflo Coast Co 1st g 6s. 194*
85 87*4 x ennsylvaivla R R —
1st realest r 4 s ................... 1 9 2 3 M-N
107 110*4
COnsCI gald 5s____
1919 M-8
82 857*
Consol gold 4s..................11943 M-N
01t2 92
Convertible gold 3 Mb- - o191*
10U* 104
ol915
Registered_______
10712 1097*
Consol gold 4s______
19*3
A lle r V a l gen guar g 4 sIIl»4 2
10734 107*4
D R R R A Bgo 1st gu 4sgl93t
I’ hlla Balt A W 1st g 4s *1943
857* 92is
Sod Bay A Sou 1 st f 6s 1924
757* S0i2
Sunbury A Lewis 1st g 4s 193*
99 100
U N J R R A Can gen 3 s . . 1944
77i2 80
Pennsylvania Co—
86 95
Guar 1st g4 Ms...................1921
Registered...........
1021
871*
i
Q u“ 3 K s 0011 tru s tIe g IIl»3 7
85
tt
Guar 3 Ms coll trust ser B .1941
83*4 8714
Trust Co certfs gu g 3 M s.1916
90*4 90U
93 63
Guar 3 Ms trust otfs tf
1942
Guar 3 Ms trust etfs D . . . 1 0 4 4
78U
e
41-----1931
C “ Deb A Nor gu 4s g___1942
C A Mar 1st gu g 4 M »..1 9 3 5
77*4 JO'S
983 99
0! ♦ P gen gu g 4 M* ser A 1942
1042
Series B ____________
Tnt reduced to 3M «-1»42
Series 0 3 Ms__________ 194*
Series D 3 M*...................1960
Erie A Pitts gu g 3 M* B .1 9 4 0
88
88
Series O ____________
1040
Or R A I ex 1st gu g 4 Ms‘ l941
90
09
P l t t s Y A A s h 1st con 6s. 1927
Tol W V A O gu 4Ms A . .1931
Series B 4 Ms.................lo ss
87ij 39
Series 0 4s.........
1942
p O O * g t L gu 4 Ms A lIlU 40
Series B guar...................1942
1942
Series C guar.........
Series D 4s guar____ I I l 9 4 5 1
100 107*4
Series E 3 Ms guar g _ _ . 1 9 4 »
101 101
Series F gu 4s g ...............1963
Series G 4s guar............1957
O St L A P 1st con g 53..1932
90 O8 I4
Pep & Pek Un 1st g 6s____1921 '
84 86
2d gold 4 Ms.......................51921 i
Pere Marquette— Ref 4 s ...1 9 5 5
108 108
Refunding guar 4s______ 1955
11912 11912
Cb A W M 5s.....................1921
Flint A P M g 0s.................1920
87 807*
1st consol gold 5s......... 1939 1
871* 88*4
Pt Huron Dlv 1st g 68.1939
913) 94ia
Sag Tus A H 1st gu g 48.1931
9112 937*
Philippine R y 1st 30-yr s f 4 s .'37
02 93
Pitts Sh A L E 1st g 6s____1940
1st consol gold 5s...............1943
R eadlng Co gen g 4s........... 1997
f05 " 105
LL R egistered ................. .1997
Jersey Cent coll g 4s____1951
12314 12314
Atlan City gu 4s g ........... 1951
t Jo A Gr Isl 1st g 4s____ 1947
111 111
t Louis A San Francisco—
General gold 0 s _________ 1931
93 93
General gold 5s........... .......1931
St L A S F R R cons g 4 s .1996
Gen 15-20 yr 5s........... 1927 1
85*4 80*4
Southw Dlv 1st g 5 s .. 1947
88l2 92
Refunding g 4s.............. 1951
O7I2 IOOS3
0834 0934
Registered................... 1951
87l2 91

J?

882
88

86
W &
4 14

S

Weeks
Rang} or
Last Sat*

High
Bid
Ask Low
0«i4
98 Sale 98
97i2
971* Sale 97
100l2 J’ly ’l l
89i2 Deo *12
------ 89*2
------ 89i2 90 Sep ’ 12
861* 90
80i2
80i2
125*4 Sale 125
126
95 ____ 9014 N o v ’ 12
90i2 J ’ne ’12
90 02i2 92i2 N o v ’ 12
111 ____ 116 A u g ’ 12
0734
071* Sale 97M
107 Aug ’09

89*2 02
89*2 931*
80
945*
123 13212
99 9914
0912 99*2
90*4 933*
114 115
19 95*2 IOOI4

991| Mch '12
81*4 Dec ’ 12
04ia
04i2
92i2 J’n e '12
____ 89
893s Feb ’ 12
____ 08i4 98 Deo ’ 12
101U ____ 102*4 Apr ’12
120 ____ 1251s j ’l y ’ 12
12D*____ 124tS‘ May’] 2
120 ____ 124 May'12
97
06*4 Sale 96*4
08 Jan ’ l l
92 93
02>2
02i2
112
11U2 11312 112
___ 116
112*4 Dec ’ 12
91
917* 02 Deo '12
10534 ____ 100*8 Mch T2
8334 ____ 05 Oct ’ 12
98U Sale 08
08*4
00*4 Dec ’ 12
681.
08U Sale 68
08 N o v ’ll
937* 05*2 94's Deo 12
100i2 ____ 101*2 Oct '12
112 ____ 113 Deo ’ 12
112 ____ 115*8 A u g ’l l
109 ____ 107 Jan 12
1021*____ 102's Deo ’ 12
023*____ 04 J ‘n e ’12
------ 051* Ill's Apr ’ l l
110*4 111 110*4 . 110*4
01>4
90*4 913* 0 0 's
IOII4
lOlU Sale 101*4

09*2 09*2
81 .84
02
06
9212 0212
896* 89**
03 1001*
10212 102*4
1233* 1251*
124 1203*
124 124
96 997*

I I " *§3
021* 93

91*2 94 .
107l2 118
108 117 j
897* 04 1
1063* 106**
05 981*
973* 100*4
06*4 U01*
67*4 701*
68
68
041* 061*
100 10U2
113 1151*
107 107
1021* 1023*
92*4 90
111 111*4
8012 02*4
100 104**

100 ____ 101*8 Deo ’ 12
100 102
110 M ch’ 12
____108
108 110
101 ____ 1021* N o v ’ 12
101 1037,
97
07 Sale 066s
06*2 077*
07 J ’ly ’ 12
953* 1)712
102
101 102 101*2
101 1041*
995* looij
05 1001* 100 's A u g ’ 12
100 Sep ’ 12
100 100
907*____ 09*2 100
100 90 1031*
102 Jan 03
901*____
IdlM Ma'y’ lU
l o r io n *
103 ____ 103 Deo T2
10214____ 102U Deo ’ 12
89 Sep 12
851* 85*4 80 N o v ’ 12
9758 Deo ’ 12
88 M ch’ 12
87*4 Jan T2
00 Deo ’ 12
93 ____ O0l2 Deo ’ l l
101*4____ 110 Jan ’06
1 0 2 1 2 .... 107*4 Deo ’l l
102ia ____ 109*4 J ’ly '09
911* Feb '12
001* Oct ’ 12
90 May 08
0U 2 M ay’12
901* J ’ly ’ 12
100 ___ 101*2 Dec ’ 12
105 ____ 109 May'10
101 ____ 1021* J ’n e ’ 12
10U2 ____ 1023* N o v ’ 12
05r>* Oct ’ 12
04
08
103U . . . IOH4 J ’ly '12
103 IO514 104*4 J’ly “12
100 J ’n e ’ l l
95U 057* 07 Deo ’ 12
90 ____ 95U Sep ’ i2
0514 ____ 00 N o v ’ 12
06U ____ 07 J ’ly T 2
107 ____ 11312 N o v ’l l
100i2 ____ 109 M a y 'll
93*2 Jan 'II
____ 60i2 58i2 N o v ’12
____ 6 OI4 66*2 Nov'12
98 O ct '12
____08
103i2 100i2 104 Oct T2
95
95 Sale 95
____ 98i2 07 N o v ’ 12
____ 80i2 80 May’ 12
113 J ’l y ’ 12
113*4 N o v 'll
97
967* sale 905*
95 N o v ’12
95U 907* 95 Deo T2
*93

____

871s___

88*2

Deo *12

113I2 120*4 118*2 Sep T2
102 104*4 104 Dec T2
85i2
831*____ 86*2

81*4 82
8 H4
100 ____ 100
7514 Sale 74*4
80*4

82

100

75*4
M c h 'll

102*4 104
1018* 103
88*2 8 OI4
8612 80
9712 98U
83
88 I4
87*4 87*4
00
08U

0114 011*
901* 9114

91*2 011*
901* 001*
1OU2 1O0
10134 1021*
1023* 1023*
95*8 05»*
104*4 106*4
104*4 107
96
031*
00
97

99
055*
97
99

5812 00*4
623* 603*
93 991*
104 108**
30 00 100
07
071*
84i4 80
113 113U
74

90
05
05

98*4
98
98<*

80

891*

1181*1105*
104 1081*
83 88
81*4 881*
99*4 100
74U 81*4

MISCELLANEOUS BONDS—Continued on Next Page.

(las and Electric Light
Kings Go El L A P g 5 s . . . .1937
r Purchase money 0s______ 1997
: Convertible deb 0s___ ...1 9 3 2
Ed El II Bkn 1st con g 4 s .1939
Lao Gas L of St L 1st g 5 s ..*1919
Ret and ext 1st g 5 s . . ...1 9 3 4
Milwaukee Gas L 1st 4s____1937
Newark Con Gas g 5s........... 1948
N Y G E L H A P g 5s____ 1948
Purchase money g 4s____1949
Ed El 111 1st cons g 5s___1995
(Y A Q El L A P 1st cOng 53.1930
J Y A Rich Gas 1st g 5 s ..,18 2 1
paoiflo Q A El Co Cal G A E
Corp unifying A ret 6 * ., 1917
P a c Pow A Lt 1st A rot 20 -y r
6s Internat S erle*........... 1930
f a t A Passaic Q A B 5s____1949

Gas and Electric Light
Pco Gas A O 1st con g 6 s . . . 1943
Refunding gold 5s........... 1947
Registered.......................1947
Ch G-L A Che 1st gu g 5 *.1937
Con G Co ofCh 1st gu g 6s 1930
Ind Nat Gas A Oil 30-yr 5s ’36
Mu Fuel Ga* 1st gu g as. .1947
Philadelphia Oo co * v 5 S ...1 9 1 9
Conv deben g 5 9 .................1923
Stan GasA EleO oonv *t fls._ 1926
Syraouse Lighting 1st g 58.1991
Syracuse L A P 5s................ 1984
Trenton G A E 1st g 5 s____1949
Union Eleo L A P 1st g 5s. .1933
Ret A ext 5s......... ............ 1933
947S 29 94 90*i
04*4 Sale 94*4
Utica El L A P l i t g i s ____ 1950
____95
95 Oct ’12
93 05
Utica Gas A E rel 5s......... .1957
100 103 1023s J’ly ’ 12 I I — 102** 102S* Westohester Llght’g g 5 s ...I 9 6 0

A-O 103 104 104 Deo ’ 12
A-O 113 117*4 113 Dec ’ 12 . . . .
M-S 1 2 U *____ 1221* Deo T 2 ___
881* ------ 88*4 N o v ’ 12 .
J -J
6
Q -F 101 101*4 101»s
IOU2
A-O 1003* 101*3 100*4 100*4
1
6
90
003* 00
90
M-N
J -D 1031*------ 106*4 Apr T2 ___
J -D 1021* sale IOU4
102*8 14
F -A
847* 80
9
84*4
84*4
J -J * ____ 111 ** 113's M ch’ 12 ___
F-A 100 1003* OO'* Deo T 2 . . . .
92i* J'ly ’09
M-N
M-N
F -A
M-S

li J No prloo Friday! latent bid and asked. a Due Jan.




104 105*2
113 117
1221* 124
88 88*4
lOU* 103
100*2 102
SO?* 905*
10614 IO6 I4
101*4 104*4
8434 801*
U2l2 113is
901* 10212

0 Due Feb. « Due May.

aDu* Juao. 1\QueJyly,

A-O
M-S
M-S
J -D
EH
f- a
M-N
i 'j
M-N
J -J
J -D

___ 11512 1157s Deo ’ 12
1017s
1017* Sale 1017s
103 Feb ’09
102
102 104 102
100 1027, 103*4 Oot 12
93 M ch’ 12
____ 80
IOU4 A u g ’ 12
too N o v ’ 12
____104
07*4
97*4
____ 08*4
1001* 100», 100*2 Deo ’ 12
♦____1001* 101 Deo 'l l
. . . . 85*2 J’ ne 12
102 ____ 109 Feb '01
102
102
97
W
10i -----98 -----1041* 103 105 Deo ’12

1167g 1171*
100*4 1021*
102“ f o i l }
101*2103U
93 93 “ i
100*s 1011*
100 m \
10 07*4 k
1
ifi

p.Dqo Oot. p Due Nov. i QpMo^ sale.

New York Bond Record—Concluded—Page 4

Jan . 4 1913.]
N.

Y

BONDS
STOCK EXC H AN G I
Week Ending Jan 3.

in ,

St L 4 San Fran (Con)
K 0 Ft S & M con g Os_ . 1 0 2 «
K 0 Ft S A M R y ret g 43.1036 A-C
Registered____________ 1036 A-0
It C 4 M It 4 B 1st gll 58.1020 A-C
Ozark & Ch C 1st gu 5s g.1912 A-C
StL S W 1st g 4s bd c t fs .. 1080 M-l*
2d g 4s Inc bond, ctls____ pl989 J -J
Consol gold 4s....... ............. 1032 .1-1
Gray's Pt Ter 1st gu g 5 s . 1047 .1-1
S A & A Pass 1st gu g 4s___1043 J -J
S F & N P 1st sink f e 5 s ..1010 J -J
Seaboard Air Line g 4 s____ 1050 A-C
Gold 4s stam ped_________ 1050 A-O
Registered_______________ 1050 A -0
Adluxtment 5 s . . ............ol049 F-A
Refunding 4s....................1050 A-0
Atl-BIrm 30-yr 1st g 4s.«1933 M-S
Car Cent 1st con g 4s____ 1040 J -J
Fla Cen & Pen 1st g 5s___1018 J -J
1st land gr ext g 5s____ 1030 J -J
Consol gold 5s_________ 1943 J -J
Ga A Ala R y 1st con 5s_ol945 J -J
TJa Car A No 1st gu g 53.1029 J -J
Scab <5o Roa 1st 5s_______1026 J -J
Southern Pacific Co—
Gold 4s (Cent Pac coll) .fcl949 J-D
Registered..... ...............fcl 9 49 J -1)
471020 M-S
20-year conv 4s...........
Cent Pac 1st ref gu g 4 s 1040 F-A
R e g iste re d ____
1949 F-A
Mort guar gold 3 Hs "fcl029 J -I)
Through St L 1st gu 4s 1954 A-O
£ „ H ,* 5 A M & p 1st 5 s .1931 M-N
Gila V G & N 1st gu g 5 s .1024 M-N
Hous E 4 W T 1st g 5 s 1933 M-N
1st guar 5s red .
1033 M-N
II & 1 C 1st g 5s Int g u ..l9 3 7 J -J
Gen gold 4s Int g u a r .. 1921 A-O
W aco & N W dlv 1st g 6 s ’30 M-N
A & N W 1st gu g 5s____ 1941 J -J
Morgan's La <Sc T 1st 7S..1918 A-O
1st gold 6 s____________ 1920 J -J
No of Cal guar g 5s.......... .1938 A-O
Ore A Cal 1st guar g 5s__1927 J -J
So Pac of Cal— Gu g 5s .1937 M-N
So Pao Coast 1st gu 48 g.1937 J -J
San Fran Terml 1st 4 s ..1950 A-O
T ex A N O con gold 5s ..1 0 4 3 J -J
So Pac R R 1st ref 4s_______1955 J -J
Southern—
1st consol g 5 s __________ 1991 J -J
Registered____________ 1994
Develop A gen 4s Scr A . 1956 A -0
Mob A Ohio coll tr g 4 s .. 1938 M-S
Mem Dlv 1st g 4 H-5s___ 1996 J -J
St Louis dlv 1st g 4s____ 1051 J -J
Ala Con R 1st g 6 s ___
1918 J -J
Atl A Danv 1st g 4 s ...I l 0 4 8 J -J
• 2d 4S............................. 1048 J -J
Atl A Yad 1st g guar 4 s 1949 A-O
Col A Grcenv 1st 6 s
1916 J -J
E T Va A Ga Div g 6 s l ' 1030 J - J
Con 1st gold 5s
1956 \f-N
E Ten reor lien g 5s_____ 1938 M-S
Ga Midland 1st 3s_______1946 A -0
Ga Pac R y 1st g 6 s............ 1922 J -J
Knox A Ohio 1st g 6 s . 1925 J -J
Mob A Dir prior Hen g Os-1945 J -J
Mortgage gold 4s_____ 1945 J -J
Rich A Dan con g 6 s .
1915 J -J
1927 A-O
■ Deb 5s stam ped___
Rich A Meclc 1st g 4s " 1 9 4 8 M-N
So Car A Ga 1st g 5 s . ” 1919 M-N
Virginia Mid scr 0 6 s . .
1916 M-S
Scries D 4-5s.............. 1921 M-S
Series E 5s................
1926 M-S
■Series F 5s____________ 1 9 3 1 M-S
Genoral 5s....................... 1936 M-N
Va A So’w 't 1st gu 5 s .2003 J -J
1st cons 60-year 5 s ..1958 A-O
W O A W 1st cy gu 4s___1924 F-A
W est N C 1st con g 6 s. 1014 J -J
BpOlcnno Intcm at 1st g 5s 1955 1 - .1
er A of St L 1st g 4 H s.,1 9 30 A -0
1st con gold 5s___1804-1044 f-A
■ Gen rdtiind s f g 4s______ 1053 J -J
• St L M Bge Ter gu g 5 s ..1930 A-()
l e x A Pac 1st gold 5s_____ 2 0 0 0 1-D
2d gold Inc 5 s __________ <j2000 VIch
La Dlv D L 1st g 5s.......... 1031 I-.l
/• W Min W A N W 1st gu 5 s .’30 T- A
Tol A O C 1st g 5s________ 1935 J -J
Western Dlv 1st g 6s____ 1035 \-()
General gold 5s...................1935 l-l)
Kan A M 1st gu g 4s____ 1990 \ O
2d 20-ycar 5s__________ 1927 T-.l
TOl P A W 1st gold 4s.......... 1017 J -J
Tol St L A W nr Hen g 3 443.1925 l-.l
50-year gold 4s__________ 1950 A-O
! * Coll tr 4s g Ser A ________ 1917 fi’-A
Tor Ham A Buir 1st g 4s_./il940 l - l )
TTlster A Del 1st con g 5 s .. 1928 i - n
1st refund g 4s.............. 1952 A -0
Union PaclDo—
1st R R A land gran tg 43.1947 i - .l
Registered........................... 1947 i-.i
20-ycar con v 4s_________ 1927 i - j
1st A ref 4s____________ 0 2 OO8 ,f-S
Ore Ity A Nav con g 4 s .. 1946 l-l)
Oro Short Line 1st g 63 ..19 2 2 -'-A
1st consol g 5s_________ 1946 J -J
Guar refund 4s.............. 1920 J -I)
Utah A Nor gold 6s___ 1026 J-J
r
1st extended 4 s ............ 1933 I -J
andalta cons g 4s Ser A . 1055 F-A
Consol 4s Series B ____ 1057 VI-N
Vera Cruz A P 1st gu 4RS.1034 J -J

T

V

l ’ncc
t'rUtau
Jan 3

WceKi
Range or
Last Salt

Range
Year
1912.

is

Did
Asl tsnn
Hig! No I/>w High
lll3j
l l l l 2 113 IIIS4
1 I lls , 118
77 Sale 76i2
77
22 76M 80U
_______
77i2 J’ly 'l l
77*2 771,
95 .
103i2 J ’ly ’ 12
1031.* 1031
991, 99ls 991,
09 h U 99 100
891j> 8934 89*4
893.
1 89
021 j
811
80 Sale 80
If 80
S3
801, Sale 80
801
2 J 79
84b
991,___ 101', Apr '01
85i2 Sale 85>2
86
< 84*, 87*4
94 . . . 104 Oct '0!
861, Oct '12
861, 87*4
8514 8 6 l8 85*4
85»j
4 851, 90
7578 Sillo
7834 79
85l2 87
87 ____
IO3 I4 . .
10314 . .
105l t . .
------106
1 0 U2 __
102

100

757,
70

701.
70
J ’l y ’ 12
Apr '12
103 M ay'll
104 N o v ’ 12
107 J ’n c ’ 12
1047, N o v ’ 12
1013, Sep T2
105 M ay’12

2C
1

88
93*2

0234 Sale 92U
02*4
92 Dec ’ll
0 2 i2 Sale 92
03
95 Sale 945,
051,
04l2 J ’ly '12
------ 907, 0012 Oct ’ 12
------ 917, 91 N ov'1 ‘2
------ 105>2 10434 Deo '12
------IO3 I4 1021, J ’ly '12
103
. 103 Dec '12
103 105 10114 May’ 12
10912 110 109USep '12
921, 94
94*4 Dec M2
114 118 1191,1 Mch'lC
102
.
105 Dec '12
109 111I2 111*4 A u g ’ 12
10034 _ _ 107U Dee 12
107 .
112 F e b '07
10 U, _
101 O ct '12
105
116 M ay’07
91
Oil, Sep ’ 12
8812 90
875, Dec ’ 12
1001, 101
1015* M ay’ ll
93 Sale 93
033,

74l2
7034
87
92*4

8 II4
83
9!)
031?

104 104
107 107
1017, 10714
IOU4 105*4
105 1001,

BONDS
Y. STOCK EXCH AN GE
Week Ending Jan 3.

d gold 5s..................... 1930
Debenture Series i t . . . 1939 J -J
1 st lien equip s fd g 5 s . . . 1921
1st lien 50-yr g term 4 s . . 1954 J -J
1 st ref and ext g 4 s
1056 J -J
Cent i rust Co rtfs.
Do Stamped .
Equit Trust Co ctls
Do Stamped.
Rh S ? 1 lst P 53---1941 J -J
R 5f,oln. Ulv lst S 4S...1939 J -J
K 3 ^ s ........... lu41
Tol A Ch Dlv lst g 4 s
1941
Wab Pitts Term 1st g i i s " 1954
Cent A Old Col Tr Co certfs..
Columbia Tr Co ctfs................
2d gold 4s..............
1 9 5 4 J -D
nr? TT,Vst 9 ° c e n t s . . . : ! " ____
A
VV?s? A erml lst eu 3 Ms. "1945
481 4°-yr guar 4s.............. .1945
A
West Maryland 1 st g 4 s . . . . 1 9 5 2 A -0
West N Y A Pa 1 st g 5 s . 1937 J -J
" 1 9 4 3 A-O
Gen gold 4s___
Income 5 s ..
............di 0 4 3 Nov
W » A
L E l"st¥ 5i::_1926 A -0
jykcel Dlv 1st gold 5 s ...1 92 8 J -J
* ImP gold 5 s . . . 1030 F-A
RR lst consol 4s
1949 M-S
win,2tL yecar, equJp s 'r '5 i:::i9 2 2 J -J
w » t w i n em S B lst 4 S ..I960 J -J
Ecnt 30-yr 1 st gen 4 s . . 10 4 9 J -J
SupADul dlv A term lst 4 s ’36 ,H-N

88
96
91
92
907, 97
94
97
941? 941?
001? 91'2
89
927,
104*34 107
102', 104*4
103 105
AniRnrb«fPurln^ and Industrial
104 IOH4 A !fvP^ Pner. l lst 5s............1836 J -J
109U n o
a
ctfs deposit
031, 05l2 Am rntC
A -0
Am Cot nnm
Oil extl3t
4 C5« - - - I - I i 0
1 0218
5 Q -F
Debenture 5 s
. .......... 1 9 3 1 Ai-N
105" KK'2
Hide
A
L
1
St
s
f
g
f
lj::
:
1919
M-S
111*4 H ls<
1071.1 10714 Amcr Ice beciir deb g 6 s . 1 9 2 5 A-O
Am Smelt Securities s f Cs."l926 F-A
Am Spirits Mfg 1st g 6 s
1 9 1 5 M-S
ld i 161
Am 3 bread lst coi tr 4s_ . 1 9 1 9 J -J
du? 91!2 Am Tobacco 40-yr g 6 s " 1044 A -0
Registered____
19 4 4 A -0
873, 92
Certificates of deposit"" " .
Gold 4s..................
" 1 9 5 1 F-A
129 03
OS3,
" "io51 F-A
Registered____
106i2 I06i2 100
IOOI2 30 105)2 108’ s Am Writg Paper lst s f Ss^lOiO J -J
105 Sep '11
Daldw Loco Works lst 5 s 1940 M-N
78*4 Sale 77*4
1 9 2 6 J -J
7812 106 76*4 79*4 Beth Steel lst ext 3 f 5 s .
80*4 Sale 86
1st & ref 5s guar A , : . : i 9 4 2 M-N
S6 I4
4 85
8712
1071,____ 1071, Deo ’ 12
Cent Leather 2 0 -year g 5 s 1 9 2 5 A-O
1071, 111
88 Sale 88
1 9 5 1 F-A
88
5 87>4 0014 Consol Tobacco g 4 s
lOOSj__ 105U Sep '12
Registered...........
" " " " 1 9 5 1 F-A
10514 IO5I4
8 6 i2 Sale 86 i2
Corn Prod Ref s f g 5s.
1 9 3 1 M-N
86 i2
1
82 ____ 8214 Feb '12
1st 25*year s f 5 s ..
1934 M-N
82 I4 8214
83l2 ___
Cuban-Anfcr Sugar co'l tr Os 1918 A-O
103 .
ids*, Deo '11
Distil Sec Cor conv lst g 5s 1927 A -0
108 ____ 1081, Oct ’ 12
1061? 1081, E 1 du Pont Powder 4 Ms 1936 J-D
10914 . .
10914
1091,
8 1091, 111*4 Qen Eiectrlc deb g 3 Ms.
*1942 F-A
104i2 ____ 1051, J ’ly '12
10-yr g deb 5s_________ *1917 J-D
1051, 106
64
07)4 64 Dec ’ 12
Debenture 5s (rectsi’ : : : " i 9 5 2 M-S
0312 041?
1097, Deo ’12
1097, 1127, Gen I Alotors lst lien 0 s .. 1 9 1 5 A -0
}?n7a - - - - 114 J ’n o ’ 12
110
III .Steel deb 4 Ms.
19 4 0 A-O
114 115
105
lOSi, N o v ’12
10512 105)2 Indian!. Steel lst 5s ............1 9 5 2 M-N
79 .
7712 D co M2
77)2 77)2 Int Paper Co lst con g"e s"* 1 9 l 8 F-A
Consol conv s f g 5s.
1935 J -J
101 103 102 Oct ’ 12
102 104*4
103
101*4 A p r '12
1 9 2 9 M-S
104 104*4 i.nt St Pump 1 st s i 5 s .
72
73 Sep '12
Lackaw
Steel
lst
g
5
s
"
"
"l023
A -0
73
73
1023, 103 1023, N o v ’ 12
lst con 5s Series A
* 1 0 5 0 M-S
102R 104
104
6 -year convertible 5s
1 9 1 5 M-S
112 Oct '06
103 )4 i()4 103)i Nov'12
103*4 103*4 Llgg A Myers Tob Co7s tpy bds
104i2 ____ 105*4 J’ly 12 , -- 105*4 106*4
5s temporary bonds
..
104S,
105 J ’n o ’ 10
Mexican Petrol Ltd env CsA ’2 1 A-O
IO8 I4 ___ 108U Deo ’ 12
10612 10814 Nat Enam A Stpg lst 5 s . ..1929 J-D
Nat Starch 2 0 -yr deb 5 s . . 19 3 0 J -J
108 10812 109 Dec ’ 12
109 109
0514 9534 05 Dec ’ 12
05
07*4 National Tube lst 5 s ____ 1 9 5 2 M-N
031 , Sep ’ 12
93 . . .
Bral<e 1 st conv 6 s . . 1 9 2 8 M-N
90 031f N r
101
.
102 N o v ’ 12
102 103)2 P Lorlllard Co7stem’pry bd’s - ­
------103
6 s temporary bonds
..
1021? Apr ’ l l
Ry Steel Spgs lst s f 5s____ 1 9 2 1 J - J
102 U .
103*4 Oct ’ 12
10334 105
1934 A -0
10Sl2 l l l l 2 t il Aug ’ 12
110*4 11214 Repub I A S IstAcoi tr 5s
10-30-ycar 5s s f__
19 4 0 A-O
04
00
- - - - 93<2 913, Oct ’ 12
103 100 1061, Sop ’ 12
1061, 11214 Standard Milling lst 5 s . . . : 1930 M-N
107 Sale 107
10714 38 100 11012 The Texas Co conv deb 6 s. 1031 J -J
45 . . .
51 Nov ’ 12
Union Bag A Paper lst 5 s ..1930 J -J
05 ___ 991 ? Apr 'l l
Stamped ..................
1930
___ „ _
1061? N o v '04
U S Lcath Co s f deb g 6 s . ..1913 M-N
IOOI4 108 1001,
100 i2
1 105*, 1091, U S Realty & I conv deb £ 5s.'24 J -J
108U___ 107*4 J’n e '12
10734 107*4 U S Red A Refg lst g 6 s . 1931 J -J
103 103t.| 103 N o v ’ 13
U S Rubber 10-yr coll tr 6s . 1 9 1 8 J -D
103 104
Oil, Dec ’ 12
___ 02
Registered___________
1 9 1 8 J -D
9 U4 93
07l2 9834 9834 Deo ’ 12
97L 9012 U S Steel Corp— (coup . . Sl903 M-N
0U 2 93
93 D«o M2
S f 10-60-yr S slreg ____ di0 6 3 M-N
00
947,
S3 ___ 84 Dec ’ 12
84
87l2 Va-Car Chein lst 15-yr 5s .1923 J-D
60
6512 5612 537,
12 53*4 695, Wost Electric lst 5s Dec 1922 J -J
____ 0512 68 Deo ’ 12
08
731- WcStlnghouse E A M s f 5 s . 1931 J -J
89
89 ____ 89
1 0 -year coll tr notes 6 s . . 1 9 1 7 A-O
1 89
90!2
1027, 1043, 10312 10412
3 103)2 106
.
Telegraph & Telephone
8512 J ’U«'12 —
____80
8512 861g Am Telep A Tel coll tr 4 s .. 1929 J -J
Convertible 4s.................... 1 9 3 0 M-S
0 0 l2 293 981j 10214 Chicago Telephone lst 5 s ..1923 O
001, Sale 08*4
J-D
-L
98*s No v '12
Commercial Cable lst g 4S.2397
98l2 101
J
07
007, Sale 96',
Registered___________
2397
143 95 101 >4
J
95*8
6512 21 95t4 977, Keystone Telephone lst 5s. 1935
95
96
J
93*4 14 911? 001, Mctropol Tel A Tel lst s f 5s 1918 M-N
93*4 Sale 93)2
IIU 4 HU, IIU4
UU4
1 111 11.3*4 Mich State Telep lst 6s____1924 F -A
N Y A N J Telephone 5s g.1920 M-N
109 10912 LOOU Dec ’ 12
10811 112
9134 917, 92
92
14 90*4 953, N Y Telep lst A gen s f 4 Ms 1939 M-N
Pac Tel A Tel lst 5s..............1937 J -J
104 ___ LOS M ay'll
South BellTel A T ls ts f 5 s .1941 J -J
OU, 90
94 Dee 12
____ 94
94
063, West Uulon col tr cur 5s___1938 J -J
94*8 N o v ’ 12 __ 92t2 07)2
01l2 94
Fd and real cst g 4 M s...1950 M-N
94 Oct ’ 12 . . . . 91*4 04
Mut Un Tel gu ext 5s___1941 M-N
------ 00
Northwest Te' gu 4 Mu g.1934 J -J
2

296
41
___
___

51

53
Price
Prulay
Jan 3

WceK.
Range or
Last Sale

Range
Year
1912.

>2

Is
I 4

Rid
As Isnr
Higt Nc
1955, sale 105U
21
1053
99 Sale 9812
90
3f
.
____105
90 J ’ n c ’ l
____ 99
99i, Dec M ___
80 ___ 83 Dec 1( ___
647
64 Sale 64
5i
637, Oct 'll ___
____ 63
* ____ 03
83i2 Oct ’ ll
62
65
64 N o v 'll ___
013 L, 44
61 Sale 61
107 . . . 107 Oct Ml __
------ 80 80 A u g ’ ll
69 ___ 69 Dec MS ___
80 Dec Ms - - - 79 82
30 Dec MS
18
27)
27 Sale 27
;
28
28 Sale 28
23, N o v 'll
U2 3
2
2 i4
2 ),
2 if
6
833, . .
873, Oct '11
971, . .
100 Sep M2
837,
8312 Sale 83i2
ii
1063, . .
1063, Dec M2
86 Oct '12
------ 8614
34 Feb '07
101i2 . .
10U2 Oct ’ 12
100 102 100 Dec M2
99 101
80
83
80i4
8 OI2
3
97 ____ 98i2 Feb 'l l
893, 91
90*4 N o v ’ 12 . .
Oil, 20
00i2 Sale 90l2
89U 9014 89 Dec M2 —

Low Htg/l
104U 1077,
96 1001,
90 100
9S14 109
5512 721,
f>112 71
62*4 09*4
59U 70
58
693,
106 IO7 I4
8 !)
80
6812 71*4
7234 8312
30
3014
25
42l4
25
4U|
1
3
17, 312
971, 100
82*4 S8 U
106 108*4
86
881*
lOllj 1051,
99 100
SOU 851*
90*i 93
89»4 93*,
89
9212

683, 607, 57 Dec M2
52
67!4
69*4 Sale 501,
59*4 16 C6 6 U4
4 1007, 102*4
IOU4 102 IOH4
101*3
96i2 96*4 9634 Dec M2 ___ 961, 981*
93U 94*4 94*4 Dec ’ 12 . . 02M 951*
101
14 981, 10U*
101 Sale 100*,
75
78i2 73 Dec M2 __ 721* 82
1045, Sale 103),
1045, 33 102 108
99l2 Dec M2 _ _
99*2 101
991* 101
I312
93*2
931,
6 925, 95
120 Sale 120
120
5 1187,1211*
120 N ov 12
1187, 1211,
119i2 Sep M2
1187, 1211*
9_0 97
06 Dec 12 Si 917, 9714
95** J'no M2
O2I4 953,
89i2 Sale 88>2
891, 25 88 91*,
103 Sep M2
10231 104
96
96 Sale 95
15 931? 102
85*4 11 85 " 873,
85)2 Sale 851,
95
947, Sale 937,
55 91*4 961,
9134 9/
------ 97)2 90 Dec M2
77 N o v '07
95*4 Dec M2
955, 96
95'? 97
____ 945, 94 Dee M2
04
961?
96*4 NOV’ 12
96
971*
___ 90
0912 23 68
69*2 bale 68*4
78l4
88
16 847, 921,
88 Sale 88
80 N ov'12
____ 79
80
84
1811, Oct M2
1531?182
104 Salo I03l2 104
48 1021? 1041,
087, 19 98t? 1003,
087, Sale 083,
88i2 89i4 887, Dec M2
8 8 I2 92*4
101 Sale 100*4
101
106 9934 102
102 103 102i2 10212 11 102 104*4
89)2 Sale 87
8912 19 841* 91*4
88
89
8Si2
88i2
6 89
931*
951,
95 061, 94
3 94 973*
80
8U2 7914
8 OI4
49 77
821*
94 Sale 931,
0414
17 901, 96
120
120 Sale 1191,
13 11834 1231,
0714
65 893, 991,
97R Sale 961,
100
100 Sale 100
27 95 103R
93»4 94*4 95 O ct M2
93
95
____ 8Si2 89*4 Sep M2 ___ 89l4 89*4
gg*, 40 98 I4 10 U,
993, Sale 985,
102*4 103 10114 Dec M2
07 1038,
12is, ii) 1103, 12334
1213, Sale 12U,
97i2 Sale 97
07l2 28 911, 991*
97
981*
97U 0814 98 Dec M2
1027,____ 1027,
1027,
2 1027, 104
92i, Sale 0U2
92), 31 903, 93*,
8818 Sale 87
881,
6 85
9014
IOOI4 Sale 99
IOOI4 03 941 , 1021*
90i, 01
92 Dec M2
90
941*
___ 92
92 N ov 12
92
941,
10(1 101*4 1001,
1001,
2 100 102
881,
88i2 Sale 8734
3 871* »1
20
25
25
25
2 25
60
103
103 Sale 1027,
40 1021* 105
1031, Jan M0
101*4 152 loo ioi’ii
IOH4 Sale 100*4
10U,
1015,
1 1003, 104
977, Sale 073,
98
52 971 * 101
1013, Sale 101
1016, 10 1001* 1031,
937, Sale 93
937, 41 92'i 99
06i2 97
Of Nov'12 —
961* 93
Sale 88*4
89l2 60
Sale n o
110
3
___
85i2 821? Dec M2 — 8 3 i2 N o v'll
84 ____ 85 Aug M2
____103
LOU, Dec M2
9834 IOOI4 99
100
2
10314 M a y 'll
97*4 Sale 97
97*4 82
993, Sale 99
9963
45
99)4 Sale 98*4
9914 32
100l2 ___ 01
101
6
96
2
96 Sale 96
104 J’ne Mil
o'i ____ 9614 J ’n e ’ 12l —
8914

110
101
78

883, 9 II4
108*4 116*4
8S1* A l*
82
85
10112 103
99 101
9634 1007,
987, IOU4
98*, 100
101)14 1031*
941 * 1001*
95

061,

MISCELLANEOUS BONDS—Concluded.
Coal & Iron
Bull tc Susq Iron 3 f Os____1932
s Debenture 5s______ 2 — al926
pol F & I Co gen s f g 5s------ 1943
'■'Col Fuel gen 6s__________ 1919
Pol Indus lst & coll 5s g u ..l9 3 4
Dons Ind Coal Me 1st 5s— 1935
Cons Coal of Md lst & ref 5s 1950
Hr R lv Coal & C lst g 6s..ftl919
Kail & H C <S C lst s f g 5 s .1951
Pocah Con Collier lst s f 53.1957
It L Rock Mt & P lst 5 s . -.1 9 5 5
Term Coal gon 5s...................1951
5; Blrm Dlv lst consol 6 s ..1917
Tenn Dlv lst g 6s............al917
F-Cah C M Co lst gu g 6 s ..1922
Dtfth Fuel lst g 5 s ________1931
ficto r Fuel 1st s f 5s............1953
f a Iron Coal & Coke l s t g 5sl940

J-D
M-S
85
F-A
071* —
M-N
82*4 84
F-A
J-D
80
84*4
J -l)
94
A-O
95 . . . .
J -J
87
J -J
83
78'* 81
J -J
J -J 102 1027,
J -J 102 1033,
A -0 1011* 1033,
J -D 103l2 110
M-S
83
J -J
97 Sale
M-S

97 J ’ly '22
91 N ov'U
98 Deo ’ 12
1071.1 J ’no'12
831*
84
85 J ’n o 'll
93 O ct '12
102*3 Apr '06
98 Dec '12
877,
877«
791*
80
103
103
IO2 I4 Deo ’ 12
IOU 4 Deo ’ 12
110 Jan '09

....

97

98

97 1003,
10714 1073.)
” 15 7212 8 .5I4

....

93

94

97*4 981*
'" 2
8U2 8012
10 79t2 8412
10 1011, 1037,
1021, 1041*
101*4 104

85*4 Oct '12
97
07
"i

85)4 80
941* 9812

Miscellaneous
Adams E-tf coll tr g 4s_____ 1948
Armour & Co lst real est 4 Rs ’39
Hush Terminal lst 4s______ 1952
Consol 5 s-_______________ 1955
Bldgs 5s guar tax e x ___1960
Chino Copper lst conv 6 s .. 1921
lnsplr Coils Cop 1st Cs (rcctsi . .
Int Mercan Marine 4
— 1922
Int Navigation lst s f 5s — 1929
Mge Bond (N Y) 4s scr 2 __ 1006
10-20 yr 5s series 3 _____ 1932
Morris & Co lst s f 4 !4s____1939
N Y Dock 50-yr lst g 4 s ...1951
Nlag Falls Pow lst 5s--------1032
Ontario Transmission 5s__ 1945
Pub Serv Corp N J gen 5 s .. 1959
Ray Cons Copper lst conv Us 1921
Wash Water Pow lst 5 s ...10 3 9

M-S
J-D
A -0
J -J
A -0
J -J
A -0
F-A
A -0
J -J
J -J
F-A
J -J
M-N
A -0
J -J
J -J

827« Sale 827, 83
917,
917g Sale 91i2
89
90
89 Dec ’ 12
____ 95
96l2 Nov ’ 12
____ 97
97 N o v ’ 12
185 195 175
190
107 108 105l2 10812
66
65*4 Sale 051,
78^4 70* 1 79
7912

881,
9214
92
0O.«2 99
96i2 9734
116 200
10412 IK;*,
63
7C3,
7734 821,

99i2 Dec ’ 12
8934 A u g '12
83
80
1021, Dec ’ 12
92 Dec '12
*92^ Sale 92
92it
120
120 Sale 120
100 ____ 102 Dec ’ 12

09l2 10®, .
83!j sr-7,
76 86
10012 1021,
92 94 lt
02 941.'
112 130
102 104

9912 ____
____ 00
83 Sale
10J34 102>8

87

9 O4
88 *h

•No price Friday; latest bid and asked aDuoJan dDuo April eDuo .May gD uoJuao ADueJuiy fcDueAug oD u oO ct dD u eN ov q Due Deo sOptlon sale




54

CHICAGO STOCK EXCHANGE— Stock Record.
STOCKS—HIGHEST AND LOWEST SALE ERICHS

Saturday
Dec 28

fonday
Dec 30

Tuesday
Dec 31

*27
•85
87

*27
*27
90
♦85
90
90*2
87
87
80
88
227,
22*8 227g
2 2 l3 22 %
*7i2 9
*712 9
*7*2
*4
5
*4
*4
5
*10
I 8 I4 *10
18*4 *16
*38
40% ♦38
40*2 *38
*9
934 934
93*
10
*50
*48
55
♦48
65
287s 291s
114l2 115G
*403 475
1343* 1343s
53
53
*100
1021?
141 141
05
05

*123

2434
9
5
18*4
40*?
9*2
55

2812 2934 29*8 30*4
114 114
114l2 114*2
*463 475 *403 475
*13318 134% *133*8 1345S
54
64
*53
*100
102*2 102*2 1021,
141 141
138*4 139
66*2 60*2
66*4 70
90
*55
62

90
58
53

205 *206 210
144% 142*2 143
14
*131a 14

*200

210

143
14

143
14

107l2 107l2 107*2 1076s 1075s
*97l2 97si *97*2 973.1 *97*2
*70
70>2 70% 70*8 70*8
l l l l 2 i m 2 111 111*4 __ _
125
125

*122
120

88

♦88*2 00
*55
58
53
53

*88 i2 90
*55
58
53
63
205
*143
14

90*2

120

*123
*122
120

125
125
120

107*4
9734
71
___

126*4 126*4
124 124
120

120

*U7U 118l2 *117*4 118*2 117*2 117*2
62*2
62*2 ♦62
02
62
*02

*9U2
1143s
*82
*98
♦90
*1601,
211 "
♦12312

1143s
85
99
91
1011,
213*2
124*s

*91*?
1145s
*82
*98
♦90

*10012
20934
123*2
34

«9U2
1146s 11412
84
85
*98
99
*90
91
101*2

100

__
114*2
84*4
99
91
100

211
212
21238
123*2 *12334 12412
34
34
34
02
92
IO6 I4 10512 105*8 105*8 105*8 105*4
*230 245 *230 245 *230 245
10712 10712 107*2 107*2 107 107*4
200
197 197
200
197 197

07
*11

*ll8H?
0734
12

1*4 1*4
66*4 07
12

12

1*4 1*4
67*2 08* i
12*4 13*2

Wednesday
Jan. 1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
►j
<
ft
oa
2a
g
>*

1
1
1
1
1
1
1
1

•
1
1

Thursday
Jan. 2

Friday
Jan. 3

30
30
*27 ___
*85
90
*85
90
*85
89
*S5
89
23*4 24% 2334 24*4
7*2 8
8*4 8*2
4
4
*4
5
TjisI Sale 18 Nov ’ 12
Last Sale 41 Nov’ 12
*9
10
9*2 9*2
Last Sale 50 Dec’12
30*a 30*8
__ _ ___
♦463 475
*133*8 135
*53
55
103*8 103*8
*133*2 139*2
70
71
Last Sale
*88*2 90
Last Sale
*52
53
Last Sale
*206 210
143 143

2978 31
11534 11638
470
470
*133*8 135
*53
55
___ ___
13934 13934
70
71
47 Apr’ 12
'83*2 90
55 Nov’ 12
51*2 51*2
142 May’ 12
208*2 210
___ ___

Last Sale 87
Oct’ 12
107*2 10734
97*2 97*2 07% 97%
71
71
69
09
___ ____ 110*2 110*2
Last Sale 7038 Aug’ 12
120
128
128*2 128*2
*122 125
122 125
* 110*2 120 *116*2 120
*117*4 118*2 117*4 II 8 I3
02*4 02*2 02*2 62*2
Last Sale .60 May’ 12
*91*2___ *91*2___
115 115
114 115
*82
85
*82
85
*08
99
99
99
Last Sale 94*2 Dec’ 12
213 21434 211*2 21358
*123*4 124*2 *12334 124*2

»
1
1
1
1
1
1

100
100*4 106% 100»4
Last Sale 245 Dec’ 12
*107 108
107 108
202

202

Last Sale
1*4

* 1*8
6858

6884

13*4 14*2

200 200
4*2 May ’ 12

*1*8

1*4

68*4

68*4

13*4 11

Sales
of Vie
Week:
Shares.

Inter­
est
period

Price
Friday,
Jan. 3.

Week’s
Range or
Last Sale.

Railroads

Range lor Year 1912

Range tor Previous
Year 1911 •

Lowest.

Lowest

Highest.

40 Apr 24
25 N ov 23
90 May 27 9334 Jan 20
83 Dec 20 10138 Jan 18
1934 N o v 26 38 Jan 9
6 J ’ne 13 11 Jan 12
57S Jan 13
3 Oct 1
14*4 Aug 8 25 Sep 27
40 Oct 10 5012 Jan 19
117g Apr 10
0 Mch 2s
35 Jan 30 52 J ’ne20

J ’ly
J'ly
Apr
2034 May
8 May
4i2 Mch
15 Sep
39 Sep
7 Dec
38 Nov

.100
11*2 Jan 2 47 Oct 11
100 91 Feb 1 120 Sep 19
,100 325 Feb 1 405 J ’ly 2
,100 131 Jan 15 135 Apr 30
100 45 Aug 7 61 O ct 1
100 100 Feb 0 106% Oct 28
133 Dec 11 198/3 Mch 17
.(9 Mch 14 70 Dec 31
50 Jan 9
43*2 Feb 2
77 Mch 14 95 J ’ne 6
100
49 Feb V 055s May 13
100 44 Mch 15 65i2 Oct 15
145 Mch 9
Chicago Telephone___100 13712 Jan
222 J ’ne 20
185 hloago Title & T rust.100 184 Jan
160 Mch 7
145 Commonw’ th-Edlson.lOO 135*4 Jan
10 Feb Hi 2 H2 O ct 21
75 Corn Prod R ef Co com ___
Do
do
pref___
87 Oct 17 87 Oct 17
179 Diamond M atch_____ 100 103 J 'ly 5 11134 Feb 5
97 Dee 20 1021s Mch 8
20 Hart Shadner & Marx p f.
95 Illinois Brick_________ 100 50 Jan 2 7312 Sop 23
150 Internat Harvester C o___ 10512 Deo 11 12078 Sep 10
07 May 1 7638 Aug 0
Knickerbocker Ice p r e f..
425 National Biscuit_____ 100 114 Dec 10 101i2 Apr 30
Do pref___________ 100 122<4 Oct 25 13034 May 28
30
80 National Carbon_____ 100 103 Mch 5 135 Sep 24
Do pref___________ 100 115 Feb 11 120 Jan 2
25
01 J ’ly 2 x 07 Apr 22
310 P -clh c Gas & El Co_____
JLo
rights ............... x .00 May ;> r.G5 Apr 23
Do
p re fe rre d _____
895 People’s Gas L & C ok c.loo 10312 Jan 2 12213 Oct 9
80 Dec 23 x 9412 Apr 24
75 Pub S e rvo f No 111 com.
Do p r e fe r r e d _______ * 98 Deo 0 Il07i2 Apr 24
150
Uumely C om m on_______
94l2 Dco 5 0878 NOV 22
Do preferred__________ X 0 J‘ 2 Apr 27 rl03i2 Oct 25
5
2,207 Sears-Roeuuck co m .,1 0 0 140 Jan 5 22112 NOV 8
Do pref-------- --------- 100 12112 Jan 11 12534 J ’ne 8
10
75 Studebakor Corp com ___ no's J ’ly 18 49 Aug 9
02 Dec 31 0712 Aug 7
Do preferred________
25
08% Jan 2 IOOI4 Apr 4
840 Swift & Co_____ _____ ioo
The Quaker Oats C o ..100 215 Jan 15 397 NOV 23
Do pref___________ 100 106>2 Jan 2 110 Jan 16
70
zl35% May 8 231 N ov 4
402 Union Carbide Co
Do
rights .
3i.i May 8 ; 0 May22
17g Jan 18
% May 2
105 Unit Box Bd & P C o . 100
SSflg Feb 13 SOU Sep 30
1,425 United States Steel co m .
15 N ov 26
9 Sep :;0
300 Western Stone......... .100

9 Jan
767a Jan
205 Jan
12612 Mch
43 Nov
10012 Sep
13153 Aug
35 Apr
30 J ’ne
00 Sop
4912 Apr
8912 Sep
115 Jan
151% Jan
113 Jan
9% Oct
73 Jan
92i2 Feb
100 Sep
4978 Sep
091, Sep

100
50
50
4,151
425
75

Do pref.

Do prof.
115

l___
’ __
’ __
’ __
’
.100
100
.100
100

Miscel nneous
1,000
Do prof.
005
45 American 1
10
00
Do prof__________
35
200 Amer Tclep & T eleg.
1,397
Voting trust c tf.
Do 1st p re f____
247

Chicago Rond Record
BONDS
CHICAGO STOCK
E XC H A N G E
Week ending Jan. 3.

STOCKS

CHICAGO STOCK
EXCHANGE

21
85
80

Highest.
32 Deo
94 N ov
101 Aug
377S Dec
i2i2 auk
712 A uk
25 Feb
721, Feb
13i4 Feb
50 Jan
12i2 May
93 Dec

304

133
79
113

O06

N ov
Fob
May
15214 J’ ne
6 UI4 Mch
6734 Mch
88% Dec
52 Feb
65i2 Feb
141*4 N ov
130 Doc
1373g J ’ly ;
153g J ’UO
78 Jan
11034 N ov
10334 Deo ,
70 Jan
129 May

1171.1 Jan
123 Jan
100 Aug
117 Sep

14212 Deo
130 Mch |
120 Mch
120 Moh

101

Sep

iosSjVan'

1233.! Sep
110 Sep

10234Jan
122 Mch

9734

105

102 i 2

Sep
Mch
Feb

1 Dec
6012 Oct
13 Deo

104 J ’ne

212 p e o
107 % J’l ?

7

Jan

25

Jan

;

817S Feb

Chicago Banks and Trust Companies
li’ds
Sold

Range
lor
Year 1912

Bid.
Ask Low.
High No Low- High
91 Apr’ 12
Am Tel & Tel coll 4 s ..1929 J - J ___ ___
xOl
91
5 90*2 92*4
Arm our & Co 4 Hs___1939 J - D
91*2 Sale
Oils
91*2
___ ___
82*4 Apr’ 12 ___ *82*4 82*4
A uto Elec 1st M 6 s . . . 1928
90*g May’ 12
Cal Gas & El unif&ref 5s’ 37 M -N
290*8 90*8
IOH4
3 101 103
Chicago City R y 5s___1927 P - A t io i 101*4 101
90
87
57 80
92SS
ChloClty&ConRys 5s.41927 A - O t 89 Sale
Dec’
12
J
J
97*8
907a 09
Chicago Elev R y 5 s ..1914
t 97
94*4
Vo
95
3 00
Chlo Pnc Tool 1st 5 s .a l9 2 1 J - J t 92
95
onto Sale
Ohlfiaff) liys Rq
1027 F - A
9912 24 083g 101*4
99*8
Chlo R ys 5 s .. series " A ” A - O t 93
04*2 94*3 Dec’ 12
94% 97
903g Jan’ 12 ___
Chlo Rys 4s..Gerles ‘‘A ’ A - O ___ ___
90*4 073s
85
29 82*2 01 b8
8 t7a Sale
84%
Chlo R ys 4 3 . .series " B ” J - D
Chlo R ys 4s..series "C ” F - A ( 02*2 04*2 94*8 Dcc'12 ___
93
95*8
___ 100
Jan’ 12 ___ 100 100
Chlo R ys coll 6s___1913 F - A
72*2
1
Chlo R y Pr m M g 4 s.c’97 J - J t 721*2 73i2 72*2
70
85
1
48
48
50
Chio R y Adi Ino4s.cl927 Mayl t 47
43
60
49 100*2 103*4
101*8
Chicago Telephone 5 s .1923 J - D 101*8 Sale 10078
00*8
96*3 —
96*8 09%
Cicero Gas Co ref G iM.1932 J - J ___ ___
Commonw-Edlson 8 s .1943 M S 102*4 Sale 102 % 102*4 49 IOIS4 10334
___ 1007a Dec’ 12 ___ 10034 10334
Commonw Elec 5s.6 1043 M - S X101
9934 De *12 ___
9934101 %
Cudahy Pack 1st M 6 s.1924 M -N : 100*4 ___
3 107 110*4
103*4
Dla Match Con db 6S..1020
1108*4 Sale 103
9934 Apr'12 ___ ■'99% 9934
Gen Mot 6 % 1 st L notes '15 A - O ___ ___
___
___
___
2101*4 101%
Ind Steel 1st g 5s____ 1052 M - N
101*4 May’ 12
___
___
___ ___
• Do
1st g 0s____ 1928
Int Har 3-yr 5% g notes ’ 15 F ~ -A {O 'J ‘3 09% 1003a May’ 12 ___ r100*2 100%
_____
___
.
.
.
.
InlM St’ l Is. M g 0 s ..1928
105*8 Apr’12
2105*8 106*8
Kan City R y & Eight
....
. Co 5s...........................1913 M -N
90
Oct’ 12
89
04*4
Lake St El— 1st 5 s ...1 9 2 8 J - J t 861a 8*8 ’
88 Sep’ 12
87*4 90
Metr VV Side El 1st 4 s .1038 F - A t 8013
81
5 8 OI3 8534
81
Extension g 4s..........1938 J - J t 78 Sale
78
78
6 7734 83
1017g Apr’ 12 ___ d0478 1047a
MU El R y & Lt 1st g 5sl02G P - A
d o ref & ext 4 14s.1931 J - J -III
05 Apr’ 12 ___ 295
95
___ ___
do gen & ref 5 s ...1951 J - D
MUw Gas L t 1st g 4 s ..1927 M -N _
90*a May’ 12 ___ 289% 90*8
5 8734 90*4
Morris & Co 4 He_____ 1039 J - J t 87*4 83 “ 88
83
Nat Tube 1st g 5s____ 1952 M - N
10034 May’ 12 ___ '.•10034 101*4
Nor Shore El 1st g 5 s .1922 A - O tl0278 ___ 103*4 Apr’ 12 ___ 1103*4 103*4
do 1st & ret g 5 s ..1940 A - O tioo% ioo78 1003S Apr'12 ___ -1003a 100-%
Nor Sh Gas o. Ill 1st 5s '37 F - A ___ ___
95*2 Spd’12
295*2 07's
North West El 1st 4 s. 101, M - S ___ ___ 100*4 July’ 12
100*4 100*4
997S Dec’ 12
N W G L & Coke Co 5s 1928 Q -M x 0912 ___
99% 100*2
00
Ogden Gas 5s________ 1945 M - N t 00 Sale
00
0534 99
___
92 May’ 12
Pas Gas & El ref g 5 s. 1042 J - J
2917s 92%
___ 100 May’ 12 ___ 2100 100%
P a oT & T 1st coll tr 5 s .1937 J - J
Pearsons-Taft 5s_____ 1916 J - D {'07*2 ____ 100% Mch’09 ___
96*2 Mch’ 10
4.403 ...................... .......... M - S X 94
07 Feb’ 10 ___
4.60s Series E __________ M - N ( 95 ___
08*4 Nov’ 11 ___
4,80s Series F ..... ............ M -N t 90*4 ___
115*2 Sep’ 12
Peop Gas L & C 1st 6 s .1043 A - O X .--- 117
115% ii¥%
Refunding gold 5 s ..1947 M - S 1013.1 Sale 101l2 10134 19 10034 10234
10258
2 102 1033.1
Chlo Gas L&C 1st 5s 1937 J - J 102% Sale 1023s
101*4 Sep’ l 2 . . . . 101*4 103
Consum Gas 1st 5 s .1936 J - D
Dec’12 ___ 100 101*2
Mut’l Fuel Gas Ist5sl947 M - N tioo" 101*2 101
953a
5 •l95% 100
Pub Scrv Co 1st ret g 5s '50
t 9534 90*4 953S
100*4 May’ 12 ___ 1 100 100*4
Sou Bell T & T 1st sf 53 ’41 j ' - ‘ J
2 91*2 90*4
92
92
South Side Elev 4 Hs.1924 J - J t*92* Sale
Swift & Co 1st g 5s___1914 J - J X------ 100*8
9934 Dec’ 12 ___
9934 10034
Tri-City R y & Lt coil
trust lien a f 5s_____ 1923 A - O
08*4
08*4 Apr’ 12 ___ 298
Union Elco (Loop) 6 s .1945 A - O ("78* ¥ 0" " 85 Apr’ 12 ___
85
89
U S Gypsum 1st g 5 s ..1022 M - S
100 May'12 ___ 2997s 100
U S Steel 10-00-yr s f g 5 s ..
102*2 Apr’ 12 ___ 2102*2 102%
Western Eleo Co 5s___1922 J - J (1001,
1007g Oct’ 12 ___ 10034 103
Note— Accrued interest must be added t 0 all Chicago bon d prices.

NAME

Outstand­
ing
Stock.
(t>

Surplus
and
Profits.
<t>

Dividend Record.
In
1910.

In Per­
1911. iod.

Last Paid, ’
%

Oct '12, I X I
American State,
$200,000 $188,960
” o* An Ian ' 11 , 6 *
Calumet N ational.
.
yOO.879 “ 0 "
100,000
10
Cont’tal & Comm N at. 21,500,000 9,459.060 ___
Q-J Jan '13, 2X
Q-J Jan '13, 4
10
Corn Exchange National 3,000,000 6,133.773
16
Q-J oot ' 12 , 1 H
Drexel State___________
0
85 085
8
200,000
10
Drovers’ Dep N ational. (,’600,000
600,000 10
Q-J Jet ’ 12, 2H
257,533
0
Eng ewood State______
200,000
OH Q-J Oct ’ 12, 2
Q-M Oct ’ 12 4H
12
First National__________ 10 000,000 11,815,233
12
Q-M Sop 30*12 2 H
12
209,125
10
150,000
First Nat E nglewood___
675,690
Priv ate Ba 11k
Foreman Bros B ’k'g C o. 1 ,000,000
750,800
a
8
Q-J Oct '12,2
Fort Dearborn National 2 ,000,000
Q-J
Hibernian Banking Assn 1,500,000 1,513.768 8 + 2
(If)
(ID
33,091 Beg. b us Aug ’ 12 . V. 95, p.273
200,000
H yde Park Stato______
400,000
177,637 10+15
Kaspar Stato Bank____
J-J July ’ 12, 5
10
200,000
4.902 Beg. h us Apr S 'l l V.92,p. 1004
Lake View Stato______
__
200,000
Lawndale S ta to_______
49,150 Org D 00 . 10 1911 .
603,477
Q-M Jan '13, 4 X
Live Stock E xch’go Nat 1,250,000
10
10
200,000
Mech. & Traders Stato.
52,853 Beg. b us.Aug 2 0 '1 2 V 95,p 593
Q-J Deo 31 '12, 2
8
Nat Bank o f R ep u b llo.. 2 ,000.000 1,433,581
8
2 ,000,000
002 389
National C ity..............
0
Q-J let 12 . 1 H
0
Q-J Deo3l’ 12,Ua
250,000
100,457
0
4
National P r o d u c e _____
200,000
7
Q-J Jan '13, I X *
00,199
North Avenue State___
0X
q
Q-J Oct '12, 1H
•v60,000
60.982
0
North Side State Sav’gs
Q-J Jan '13, 1%
200,000
f 44,751
6
4
North West S t a t e _____
600,000
112,877
7
OH Q-J Oct '12, 2X
People’s Stk Yds S tate.
200,000
27,193 Beg. b us Nov I 'l l V.93,p. 1235
Seoond Seourlty_______
Q-J Oct ’ 12, 1H 1
400,000 2100,022
0
Security________________
4H
114,000
200,001)
Q-J Jan 13,4
8
7M
South Chicago Savings.
200,000
18,545
0
Q-J Oct '12, I X
0
South Side State______
12
Q-J Oct '12,3
12
State Bank of Chicago__ 1,500,000 2,393,101
245,422
250,000
a Q-M Sep30 ’ 12, 3
8
Stock Yards Savings___
155,823
600,000
0
0
M-N Nov’ 12, 3
Union Bank of Chloago.
11,872
100,000
0
Q-J Cot '12, 2
0
Washington Park N a t ..
27,000 None None Q-M Ucc3l’0 8,lX
50,000
Wendell State..................
Q-J Oct '12. 2
8
Central Tr Co of 111___ 4,500,000 1,972.735
7H
350,907 10
J-J J*uy ’12, 5
10
500,000
Chic City Bk & Tr Co
285,129
Q-J Oct '12, 1}<
6
0
Chicago Sav Bank & Tr 1,000,000
Q-J Jan '13, 2
8
Chicago Title & T r u s t .. 5,000,000 (2,271,355
7M
210,510
Q-J o ct ’ 12, 3 \
0
10
50,000
Citizens Trust & Savings
470,309 8 +2
8 + 2 Q-J Jan '13 2X
600.0UO
Colonial Trust & Savings
Cont & Comm Tr & Sav 3,000,000 1,052,358 ___ . . . . ___ ---------187,041
200,00,0
8
Drovers Trust & S av___
8H Q-J o ct ' 12 , 2H
12
10 Q-M Dec 30'11,4
First Trust & S avin gs.. 5,000,000 2,307,162
10,539 Beg. b US Apt 3 '11 V. 92. p 929
250,000
Ft Dearborn Tr&SavBk
03,673 Bog. b us Apr S’ 12 V.94, p 1030
200,000
w Franklin Tr & Sav Bk
123,*31 . . . .
GreenebaumSons B k &Tr 1,500,000
2H Q-J Get '12, 2H
240,391
200,000
Guarantee Trust <S>S a v .
J- J July'12, 3
Harris Trust & Savings. 1,500,000 2,235,642 1 1 + 5
‘ 12 " Q-J Jan ’ 13, 8
300,000
272,483 Beg b us Apr 10'1 lV.92,pl004
Homo Bank (a T ru st___
Illinois Trust <& Savings 5,000,000 9,008.090 10+4 10+4
q Nov20’ 12, 1 .
200,000
277,483 7+ l?l
Kenwood Trust & S av .
Q-J 3ep30'12,l%.
7
Bep30’ 12,llj
201 . i n
Q-J
Lake View Trust & S a v .
200,000
0
5 J2
u La Sallo St T r & Sav B 1,000,000
205,611 Beg b us. Ma y ’ 10 See note (u)
41,522 Beg. b us. J’ly 1 ’ 12 . V .91,p.484
Mercantile T r. & S a v ..
250,000
Q-J Oct '12,4 i
Merchants’ Loan&Tr Co 3,000,000 0,714,212
15
12
70,134
.Michigan Avo Trust C o .
Q-J Jan ’ 13 1%
200,000
2/5,813 Com b us "Apr 10' 1 IV ,92,pl00*
.Mid-City Tr & Sav Bank
500,000
Q-J Sep 30 '1 2,3'
8
Northern Trust Co_____ 1,500,000 2.801,050
8
J-J Jno 29’ 12, 4
8
129,670
250,000
0
North-Western Tr& Sav
200,000
52,020 Beg. b us J’nc I ’ l l V 02,p. 1637
Old Colony Tr & Sav Bk
Jan ’ 13,4
Q-J
„
___
208,354
500,000
People’s Tr & Sav Bank
Q-J oct ' 12 , 2
8
300,000 2273,541 " a
Pullman Trust & S a v ..
. . . . Q-J Jan '13, I X
243,030 . . . .
Sheridan Tr & Sav Bank
200,000
389,813 Comm enceil bus. Sept 0 1910
Standard Tr <Ss Savings. 1,000,000
J-J July’ 12, 3
0
246,209
5H
Stockm en’s Trust & Sav
200 000
8 + 2 Q-M Sept 30 '12, 2
Union Trust C o_______ 1,200'.000 1.601,633 *8+2
8 + 2 Q-M Jan '13, 4
0
121,120
400.000
West Sldo Tr &Snv B k .
9H Q-J lOct ’ 12. 2X
7 'A
200.000*
80,840
W oodlawn Tr & Sav Bk

♦ Bid and asked prices; no sales were made on this da y. t Sept. 4 (dose of business) for national banks and Sept. 5 (opening of business) for S ta &
Institutions, t No price Friday; latest price this week. }Sept. 1 1911. IF Dividends not published. Stock oil acquired by the Cont. & Comm. Nat.
Bank, a Due Deo. 31. 6 Duo June.
c Duo Feb.
dDuo Jan. 1.
k Also 20% In stock.
<7 Dividends arc paid Q .-J. with extra payments Q-IN
I Aug. 311012. x Sales reported beginning April 18.
11 Formerly La Salle Street N at. Bank.
See V . 95, p. 1094. w Douglas Stato Bank absorbed b y
the Franklin T r. & Sav. Blr. V. 95, p. 1511. Figures hero given aro as o f D ec. 2 1912 and are for consolidated Institution.
0 Capital to bo increose4
to <750,000. V. 95, p. 1611. s Capital Increased to $100,000, a stock dividend o f 100% being declarod. y Sept. 4 1912. x Sopt. 5 1912.




J a n . 4 1 9 1 3 .]

T H E

C H R O N IC L E

5 5

Indust and Miscell — ( C o n .) B id Ail;
6
American Thread pref___ 5 *4
51
Amer Typctounders com, 101 48
Preferred.................. 10( 102% 105
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
99% 101
Deb g (is 1939...........Al-N
UAH. Y, WEEKLY AND YEARLY
3
Amer Writing Paper....IOC
2
•Barney A smith Car cornlOi, 10
12
Railroad,
Stocks
84
Preferred.................. IOC 82 85
Jcc.,
State
U S.
68 Bliss (E W> Co com....... 51
80
85
Week ending
Bond3.
Ronds.
Par value.
Ronds
120
Shares
Preferred .. .
5> 122 130
Jan. 3 1913
72 Bond A Mtge Guar ..*. 10; SOI) 305
101% Borden's Cond Mhk com.10,. 119 120
$0,500
114,495 $10,737,000 $1,312,000
Saturday __________
1.643.000
91.000
174,885 16.075.500
96
Preferred ................ lot 105% 106%
Monday____________
2.313.000
38.000
190,936 17,991,100
British Col Copper C o ....
*., 4% 1%
T uesday.......... .........
HOLI DAY.
Short-Term Notes
Brown Shoe com_____ 100 55
Wednesday ________
317,321 29,633,000
Amal Copper 5s 1913 A-O 9934 100%
1,993,500
53.000
99 100
Preferred.................. 100
Thursday__________
2.093.000
297.830 27.425.500
47,500 $22,000 Balt A Ohio 4 Hs 1913 J-D 9934 100 Casein Co of Amer com.. 10 .
2
Friday_____________
Bklyn Rai)Tr53 1913__ J-J 965s 97
40
$236,000 $22,000 dies A Ohio 4 M s 1914 ..J-D
98% 90 Casualty Co of America, me 110 120
T o ta l____________ 1,095,407 S101,862,700 $9,354,500
Clllc A Alton 5s 1913.. M-S 99 100 Celluloid C o ................ 10, 138 140
Chic Elev Rys 5s 1914..J-J 9734 98 City Investing Co__ __ 10,, 43
Jan. 1 to Jan. 3.
Week ending Jan 3.
Sales at
Cln Ham A D 4s 1913. J-J 99R 9934
Preferred ................ 100 100 101
New York Slack
Elio 63 April 8 1914._A-OS 100 100% s (Tallin (H B) Co com..10b 85 90
1913
1912.
1912.
1913.
Exchange.
Coll 5s Oct 1 1914.. A-O 9S3., 99% e 1st preferred........... 100 88 92
Coll 5s April l 1915..A-O 9734 9S%
e 2d preferred........... 1 0 ,
89 92
1,949,838
615,151
1,786,083
1,095,467
Stocks—No. shares..
.Motors 6s’15— S e e N Y Stkoji lifll. Cluett Peabody A Co com 100 67 69
$57,059,100
$167,797,800 Gcn'l
Par value________ $101,862,700 $183,555,800
Hudson Companies—
Preferred................ 100 102 102%
$7,700
$2,200
$5,100
$5,100
Bank shares, par___
63 Feb 1 1913......... F-A
98l2 9°’ - Consol Car Heating___ lot.,
70 75
Bonds.
Oct 15 1913 ..AA015 98
oasoi Rubber Tire... 100 13
14
$13,000
$22,000
$13,000 III63Cent
$22,000
Government bonds..
4^3 1914...JAJ 99%
Preferred
lot, 55 60
611,000
100,500
584,000 Int A Gt Nor
236,000
State bonds________
5s 1914..F-A 97%
/
50
Debenture
4s
1951
A-O
60
20,207,000
17,728,000
4,086,500
9,354.500
R lt. and mlsc. bonds.
Inter Harvester 5s '15.FAA 993s 9934 « Crucible Steel com ... 100
16% 16%
K C Ky A Lt Os 1912.. M-t / 87 83%
e Preferred .
IOC 94 96
S0.G12.500: S20,831.000l
$4,209,0001
818,325,000 Minn
Total bonds.
A St L g 53 1913..F-A 99 100 Davls-Daly Copper Co
H * 1% 2
Mo Kan A Tex 5s 1913.M-N 9912 09% duPont ( 1) de Nem Pow 100 190 195
DAILY TRANSACTIONS AT HIE BOSTON AND PHILADELPHIA
Missouri Pacific 5s 1914.J-D 97 973S e Preferred..
mi,
98
EXCHANGES
98% Smcrson-Brantingham 100
Nat Rys ol Mex 4 M s '13.J-D 98
68% 70
e N Y C Lines Eq 5s 1913-22 it 4.80 4.60
Preferred ___
mi
99% 100
b
4
3.)
4
55
4V43 Jan 1913-1925...J-J
Empire Steel A Iron com 100 10
13
Boston.
Philadelphia.
4 Hs Jan 1913-1927 J-J b 4^4 4 55
Preferred .
mo 40 45
Week ending
N Y Cent 4Hs 1911___ M-S 9 9 % 9934 e General Chemical" com 100 175 200
Bond
Listed
Bond
Unlisted
Listed Unlisted
Jan. 3 1913
9934
100
N YN HA Hartford 5s 13J-D
e Preferred..
m.: 108 110
sales.
shares.
shares.
sales.
shares
shares
St L A S F 53 1913 opt J-D 9S34 99% k Hackensack Water Co—
Cs sept 1 1914 opt__M-S 9S12 99%
Ref g 4s '52 op 1912...J-J 85
7,341
3.410
$19,500
10,037
3,717
Saturday . .
100
4
7
516,000
6,207
6,311
33,100 South Ry g 63 1913.. F-A 9934 100 Havana Tobacco Co.
9,985
2,899
M onday__
. _
Preferred .
ion
M-N
8
15
20.500
10,316
12,878
54,300 Wabash 4Hs 1913.
10,323
2,928
Tuesday__
1st g 5s June 1 1922 J-D /G2 64%
West Maryland 5s 1915 J-J 98 99
1IOL1 DAY
Wednesday.
22,053
43.500
11,981
44,800 Westlngh'so El A M 6s 1913 100% 100% Hecker-Jones-Jewcll Mlilln,,
15,951
4,936
Thursday . .
1st 6s 1922 . .
hi-..
101% 102%
0 % uotcsUct’ 17— S e e N Y ■>uz L. \ n :M
14,991
35,000
5,920
13,571
59,500
7,026
F rid a y ___
Railroad
10 20
Herring-Uall-Marvln . 100
100 16t2 20
Hoboken Land & Improve'i
56,977 $115,00o!
59,867
43,4311
21,556 $211,200 i Clilc A Alton com
Total
e Preferred__
100
25 40
1st 5s Nov 1930........M-N 104
0 Chic St P M A Om
mil 125 132 Hocking Val Products.. 10b
5% 8
52 65
e Preferred__
mi, 150 160
In a c tiv e a n d U n listed S ecu rities
1st g 5s 1961.............J-J
32% 33% e Ingersod-Itnnd com . 100 105
) Colo A South com
100
e 1st preferred
mil GS 72
e Preferred..
lOo 92
All bond prices are now "and interest" except where marked " t "
63 70 intercontln Rub com
e 2d preferred
100
9
lOu
10
Ask 4N Y Chic & St L com -»100 54
60 internal Banking Co. lOu 110 120
I fid
S tr e e t R a i l w a y s — iC o n .i
99
80
77
e 1st preferred .
100
A sk
S t r e e t R a il w a y s
B id
U n ite d L t A R y s c o m . . 106
International Nickel
100 145 147 :
84
80 90
z S l%
c 2 d preferred..
101 ,
Preferred..........
loo 100 107
F ir s t p r e fe r r e d _________ 100
* 7 2 % 75
105 n o
2
New Y o r k d i g
Northern Securities Stubs
International S alt...
100
S e c o n d p r e fe r r e d ______ 100
5
1st g 5s 1951___
A-o 1 50 52%
Pitts Bess A Lake Erie 50 *30 35
B le e c k S t * P u l F y s t k .1 0 0
20
25
U n ite d l t y s o f S t L — •
10%
____
Preferred__
An *00 70 International Sliver pref lOo 130 136
C o m v o t t r c t f s _______ 100
1 st m t g o is 1 9 5 0 ___ .J -J
70
0%
B 'y & 7 t h A v e s t k _____ .1 0 0
182
3 4 i2 34%
? Railroad Securities Co—
1st 6s 1948...............J-D 110
170
e P r e f e r r e d ........................100
88
89
81
82% Intcrnat Smelt & Rolg. ’.00 120 125
Hi C stk tr ctfs Ser A
2 d m t g o 6s 1 9 1 4 ____ J A .i
U9U 100% W a s h R y A E l C o ............. l o o
8 9 l 2 91
P r e f e r r e d ______________ 100
West Pac 1st 5s 1933 M-b 8534 86% 'Lanston Monotype___ 100 *88% 90%
B r o a d w a y d u r la c o U R 8314 8 4 l2
4s 1 9 5 1 .............................J -D
103
101
Lawyers' Mtge Co......... 100 212 218
1 st 6 s 1 9 2 4 ................... J A J
__ 10
« 3 1 % 3234
W ent P e n n T r A W a t P o w 10b
Standard Oil Stocks
Lehigh Val Coal Sales..50 220 235 ’
C o n t C r o s s t o w n s t o c k . .1 0 0
P r e fe r r e d _____________ 100
79
80
101
*19% 20% Madison Sq Gardm Stubs
*1
1 st m t g c 6s 1 9 2 2 ____ M -N
Anglo-American Oil
£1
3
2
7
C e n P k N A E lU y s t o c k . 1 0 0
Atlantic Rellnlng .
100 595 600
Manhattan Shirt_____ 100 50 70
E le c t r ic , ( l a s & P o w e r C o s
1 35
C h r is t o p h e r A 1 0th d t s t k lO o 1 25
Preferred________ loo 101 103
Borue-Scrymser Co
1 6 0 225 250
N e w Y o rk C ity
D r y D o c k E IJ A U — ■
Buckeye Pipe Line C o.. 60 *173 176 Manhattan Trans.t
20 *1
1%
102
104
1 st g o ld 5 s 1 9 3 2 ______ .1-1) 100U 1 0 U 2 C o n t U n G a s 5 s 1 9 2 7 ____ J -J
Chesebrougb MIg Cons..I()u 650 070 MonongahelaR Con CAC 50 *
42
e K in g s C o E l L A P C o . . 100 1 27
1 2 8 12
145
S c r ip 5 s 1 9 1 4 .............. H-A / 30
Colonial Oil
101 . 135
Preferred . .
fit, *■
E ig h th A v e n u e s t o c k . . .1 0 0 310
3 20
N ew A m sterd a m G as—
Continental Od.
lOu 1800 1900 Mortgage Bond Co
lOu 104 106 ;
10012 102
101
S c r ip 6s 1 9 1 4 _________ H-A / 99
1 st c o n s o l 5s 1 9 4 8 ____ J -J
Crescent Pipe Line Co. . . 6 0 *63 66 e National Surety
lOu £00 205 :
104
100
4 2 d A O r S t F y s t o c k . . .1 0 0 2 6 0
2 85
Cumberland Pipe Line. 100 63 68 e New York Dock com 100
N Y A E R G a s 1st 5 s '4 4 J-J
101
103
4 2 d S t M A S t N A v e . . .1 0 0
e Preierred.. . _
100
Eureka Pipe Line Co. 100 385 390
32
42
1s t 6s 1 9 1 0 ..................... M i l / 9 9
168
1 76
<3 N Y M u t u a l G a a L _ _
1 00
Galeua-SIgnal Oil com. lOo 308 315 N Y Mtge A Security... 100 2L0 208
52
N in t h A v e n u e s t o c k ___ .1 0 0
68
1 60
180
Preferred............. . 10 0 135 140 N Y Title Ins C o _____ 100 115 119
N Y A Q E l L A P o w C o . 100
85
S e c o n d A v e n u e s t o c k . . .1 0 0
1
3
78
Indiana Pipe Line C o.. _5U *153 162 N Y Transportation___ 2 o *5
P r e f e r r e d .......................... 100
6
63
62
100 83
C o n s o l 6 s 1 9 4 8 c t l s . |LA / 3 5
40
87
N Y A R i c h m o n d G a s ___ 100
National Transit Co___ 25 *49 50 Nues-Bem-Pond com
100
102
« S ix t h A v e n u e s t o c k . .1 0 0
115
126
10 ♦1
N o r t h 'n U n 1st 5s 1927 M -N
New York 'Transit Co.-llOO 342 347 Ohio Copper Co.........
1U
104
106
88
93
21ft 3
S o u ll o u l e v 5 s 1 9 4 5 . . . . .J - J
S t a n d a r d G L 1 st 5s 1 93 0 M -N
100
Northern Pipe Line Co.. 100 110 115 e Ontario Silver........
B o F e r 1 st 5 s 1 9 1 9 _____ A -O
90
76
95
Ohio Oil Co.............
25 *133 135 Otis Elevator com_____ lOu
78
T a r r y VVP A M 5s ' 2 8 . .M A S / 75
80
Prairie Oil A Gas........... 100 332 335
Preferred............... 1 0 . 100 101%
Other Cities.
*8 1
83
2 8 A 2 9 t h S t s 6 s 'U U c t ls A -O / 2 0
23
Solar Rellning____
.1 0 0 600 620
A m G a s A E le c c o m ...........50
sPettlboue -Mulllken ColOO 28% 29%
T w e n t y - t h i r d S t s t o c k . .1 0 0 2 5 0
2 75
* 4 5 l2 471 2
Southern Pipe Line Co..100 260 205
e 1st preferred _____ luO
98 99%
P r e f e r r e d ________________ 50
____ A m L t A T r a o c o m ______ 100 4 0 0 4 1 5
101
U n io n l t y 1st 6s 1 9 4 2 . F -A
South Penn Oil.. . ..100 915 925 Pittsburgh Brewing____ 60
*8% 9
9a
W e s t c h e s t e r 1st 5 s '4: . J - J
100
Sou West Pa Pipe Lines.10b 160 165
U O I2
P r e fe r r e d ________
100 107
Preferred
5u ♦38% 39
189
83
00
191 e Pittsburgh Steel pref..lOb 99 100
Y o n k e r s S t R R 6s 1 9 4 0 . A -O
95
68
Standard Oil ol Calif__ 100
A m er P ow er A L t co m
100
Brooklyn
83
Stand Oil of Indiana___ lOo 367 370 Pope Mfg Co com......... 100 35
85
P r e f e r r e d _________ .
1 00
37
102
104
A t la n A v o R R c o n 5 s '3 1 A - 0
B a y S t a t e G a s _______
50
Standard Oil ol Kansas. 100 445 450
Preferred . .
lOu 70
%
♦x.
78
101
97
B 11 A W E 6 s 1 9 3 3 . . . A -O
6
B u ffa lo C i t y G aa s t o c k . . 100
5
Stand OH of Kentucky..100 3 7 5 385 Pratt A Whitney pref. .100 101 103
161
1 60
C itie s S e r v ic e C o c o m ___ 100
1 10
113
B r o o k ly n C it y R R _____ . . 1 0
Stand Oil of Nebraska..100 315 320 Producers Oh..
lOo 130
103
100
P r e f e r r e d .......................... 100
U k ly n l l g t s 1 st 6 s 1 9 4 1 . A -O
8 0 i 2 831a
Stand OH ol N J (old )... 100 1170 1200 Realty Assoc (Bklyn).,10u 115 113
1 4 i4 1434
105
100
C o lu m b ia G a s A E l e c ___ 100
C o n e y lsi A B k l y n _____ . 1 0 0
Stand Oil ol N J______ lOu 435 440 Royal Bak Powd com__10u 210 215
80
85
75
1 st 5 s 1 92 7 .................... . J - J
7 0%
Preferred__
lu„ 105 1031st c o n s g 43 1 9 4 8 ___ .J - J
Standard Oh subsidiaries... 740 755
98
83
78
C o n G a s o f N J 5s 1 9 3 6 . .J - J
100
C o n g 4s 1 9 5 5 _________ .J - J
•Rumeiy (M) Co com— S ee t\ k > list
Standard Oh ol N Y ___ 100 667 075
C on su m ers' L U A T o w —
101
99
B r k C A N o s 1 9 3 9 . .J - J
Standard Oh ol Ohio ..100 285 295 Safety Car Heat A Lt__.lOu 112 113
1 00
1 ; list
102
6s
1 9 3 8 .............................J -D
N a ssa u E le c 1st 5s 1944 A -O
1 0 3 14
.
Swan A Finch________ lOo 250 270 Sears,RoebuckACo— S e e s Y
69
71
C o n s u m e r s P o w e r (M in n .) —
^Preferred— S e e Chic Stk e‘.\' L
N W m sb u rg A M a tb u sh
Union Tank LlneOo___ lOo
89
92
92
Vacuum Oil.................. loo 182 186 Singer MIg Co...............lOu 290 295
1st 4 H s J n .y l o l l . . ’ A A
95
l s t & r e f o s 1 9 2 9 o p ’ 1 4 .M - N
93
96
d t c ln w a y 1 st 6s 1 9 2 2 . .
100
D e n v e r G A E l 5 s 1 9 4 9 .M -N
103
Washington Oh ........ 10 *28 31 South Iron A S com
10U _ .
2
325
E liz a b e th G a s L t C o ____ 100
1
Waters-Pierce Oh......... 100 1450 1500
Preferred .................. lOu
3
133
137
Other CUie:
E s s e x A H u d s o n G a s ___ 100
tobacco Stocks
Standard Coupler com..10,. 30
40
83
90
104
G a s A E l B e r g e n C o ____ lO o
( S e e a lso s t o c k E x c h a n q c H s l)
B urt S t l t y 1st e o n 5s '311 - a
105
Preferred........
10u 108 112
8S34
87
101%
U r’ t W e s t P o w 6s 1 9 4 6 . .J - J
Amor Machine A Fdy .100 55 65
D e b 63 1 9 1 7 ................
item Bros pref_______ luu
77 SO
131
13 4
C o m 'w ’ lt li P o w B y a L 109
65
Drltlsh-A inerlcan Tohac £1 *a24% 24% Sulzberger A Sons Co pf. loo 97 100
66*2 H u d s o n C o u n t y G a s ------- 100
41
46
Conley Toll___
100 285 300
94 100
P r e f e r r e d ........................ 100
88*2 00*2 I n d ia n a L ig h t in g C o ____ 100
Texas A Paclilc Coal ..loo
68
70
e Hclme (Geo W) com
lOu 175 lciii 3 Texas Paclilc Land 'lr.lOo 93
e C o n n l t y A L t g c o m . .1 0 .
71
73
4s 1 95 3 o p t ..................... F - A
97
35
40
c Preferred__ _
100 105
I n d ia n a p o lis G a s __________ 50
e P r e f e r r e d ..................... .1 0 .
117
75
78
Tonopah Min(Nev) -NccPhila UK i t list
86
90
Johnson Tin Foil A.Metal lo,. 180 105
1 st g 5s 1 9 5 2 .................. A -O
e D e t r o i t U n it e d i t y . . Ido
78
79
4
Trenton Potteries com._10i.
7
9
7
100
MacAndrcws A Forbes__10o 190 195
30
J a c k s o n G a s 5s g 1 9 3 7 . . A - O
33
F e d e r a l L ig h t A T r a o . . 10..
Preferred new........... lOu 50 55
9334 . . . .
82
Porto-Rican-Amer Tob lOo 260 260
e L a c le d e G a s p r e f e r r e d . . 1 0 (
P r e f e r r e d ........................ . 10 .
86
Trow Directory..
10u 20
103
109
Reynolds (R J) Tobacco.lOu 250 260 Union Typewriter com..100 34 33
90
M a d is o n G a s 61 1 9 2 6 ___ A -O
« H a v a n a E le c U y L
1 100
98
Tobacco Products com (w 1, 120 140
e P r e f e r r e d ..................... .1 0 0
99
N a rr a g a n ( P r o v ) E l C o
. 5 0 * 91
1st preferred_______ lOu 103 105
126
127
k LoUiSV S t 6 s 1 9 8 0 . . . J - „
105
Preferred (w b ............... 9834 90
10512 N e w a r k G a s os A p r ’ 4 4 .Q - J
100 102
43
50% United Copper...............lOu
e United Cigar Mfrs com loo
e N o w O r l U y s A L t c o m 10u
971 2 0 8 l2
N e w a r k C o n s o l G a s ...........100
1
3334
i%
__
e P r e f e r r e d .............
7 4 l2
100
100% 105
10.,
Preferred.............
100
N o H u d L H A P 5s 1 9 3 8 A -O
e l'reterred.................10^
8
15
P u b S c r v C o r p 01 N .) — s e t S tk h. .< list P a c lilc G a s A E c o m ____ l o o
0 2% 6 2 r>8
UnltedClgarStoresoIAm com 109% no
; United Dry Goods___ lOu
99% 100
T r ctls 2 % to 0 % perpei
1 0 8 l2 109
116
117
91
02
P r e f e r r e d .......................... 100
Preferred_____ .
104 105
c Preferred...............loo
N o r th J ersey d t U y . .1 0 0
79
SO
90
93
P a t A P a s G a s A E l e c ___ 10U
e Weyman Bruton Co __10u 240 300
U S Casualty..
. . lOo 190 200
79
80
1st 4 ) 1 9 4 8 ................ M -N
110 118 U S Envelope com____ lOu 118 115
90
94
-St J o s e p h G a s 5s 1937 . . J - J
e Preferred........... .....loo
78
79
C o n s 1 r a e t o f N J ___ .1 0 0
s t a n d a r d G a s A E l c c ( D e l ) .6 u * 2 H 4 22
Young (J S) Co.............10 170 ISO
Preferred.................. lOu 114 116%
103
10312
1st 53 1 9 3 3 .............. .1-1
P r e f e r r e d .......................... 5u
(6 0
C5 67
3 U S Express________ lix
5012
106
1 08
N e w 'k P a s s l t y 5 s '3 9 .J - J
U n ite d E l e c t r ic o f N J
100
90
95
Industrial and Miscellaneous,
U S Finishing................ 101 ___ 75
230
2
1
0
.1
0
.
R a p id T ra n d t U y —
1st g 4 s 1 9 4 9 ...................J -D
8 2 14 823g
145 155
e Adams Express_____ loo
Preferred.................. 10„
97
102
W e s te r n P o w e r c o m
100
1 st 6s 1 9 2 1 . ........... A (
24
1st g 5s 1919.............J-J 100 105
26
Col tr g 4s 1947 ........J-D / 80% dl%
781,1 7 9 12
P r e f e r r e d ___
io n
J C Hob A P a t 43 1U4U-M-N
53
Con g 6s 1929.............J-.
61
95 100
Alliance Realty......... ..100 115 117
125
128
W estern S tates Gas A E l e c —
S o J G as E l A T r a o . . .1 0 0
Amer Bank Note com__ 50 *52 54 U S Indus Alcoh— S e e N Y S tk >.\ I3t
100
99
1 s t A r c l g 5s 1941 o p . J - D
9 2 L 95
G u g 5 s 1 9 5 3 ____ ill-:e Preferred................ 100
Preferred....................5; *52% 5312
93 104
102
103
N o H u d C o U y 63 1914 J-J
American Book_______ 10>, 170 175 U S Steel Corporation—
101
F e r r y C o m p a n ie s
C o n M 5 s 1 9 2 8 ____ . J-2 1 0 3 l2
Col s 1Apr 5s 1951 op 1911 114
American Brass.............100 137 140
98
. . . . B & N Y 1st 6s 1 9 1 1 . . J-J
02
E x t 5s 1 9 2 1 ............. M -N
Cot si Apr 5s 1951 not opt 114
90
American Chicle com__ 10, 210 215
112
N Y A E R F e r r y s t o c k . lot.
P a t R y c o n 63 1 9 3 1 . J -H
8
100 85 90
15
Preferred............. .....100 100 102 US lit Gu & Indem
100
103
1st 5s 1 9 2 2 ...................M -N
2 d 63 191 4 o p t ___ A -O
50
60
eAmeriCan Express___ lOo 160 170 e Virginia Iron C A C._ 100 56 61
25
27
N Y A H o b 5s M a y ‘ 4 6 . . J -D
R e p u b l ic l t y A L i g h t . . .1 0 0
99
Am Graphophone com_.100 42 ___ ; Wells Fargo A Co___ 100 zll7 122
100
8
0
c
73
75
l
l
o
b
F
y
1
st
5
8
1
9
4
0
..M
-N
___
P r e f e r r e d ................ ....... mo
Preferred.................. mo
105
WestcueMer A Bronx Titl.
22
24
N Y A N J 5a 1 9 4 0 . . . J-J
T e n n e s s e e U y L A P c o m .100
American Hardware___ 100 xl37% 130%
98
A Mtge Guar.............100
105
76
78
1 0th A 2 3 d S t s F e r r y . . 1 0 0
Amer Malting 6s 1914..J-D 101 102 cWestlnghse Air Brake..50 *139 140%
P r e f e r r e d _____________ . 1 0 0
25
35
1)6
____
1st m t g e 5s 1 0 1 9 ____ J -D
45 55 Will. -Overland cum . . 100 70% 71
T r e a t P A H 5s 1 9 4 3 . . . J - D
55
Amer Press Assoc’n___ 10,,
65
51
58
U n io n F e r r y s t o c k ...........100
M n lo n B y G a s A E l c o m 100
Am Steel Fdy Us 1935..A-O 99 100% Preferred__________ 100
15
99 100
17
87
89
1st 5s 192 ) ..................... M -N
P r e f e r r e d ____________ 100
Deb 4s 1923.............F-A 71
73 ; Woolworth (F W) — S e e NY Stk L x list
90
93
196 200 WorthlngtondllOCo pf lot, 104 108
American Surety.............r

V o lu m e o f B usiness a t S to c k E x ch a n g e s

Telegraph and Telephone
Amer Teleg A Cable...lot
Central A South Amer.HX
Comm’l Un Tcl(N Y)__.25
Empire A Bay State Tel. 10C
Franklin ..
100
e Gold A Stock Teleg __1(X
e Milckay Cos com ___ 1011
e Preferred.............. . 1 0 ;,
e Northwestern Teleg . .50
Paclilc A Atlantic
25
e Pac lelep A Teleg prel.100
Southern A Atlantic..
25
e
e

B id

16s
110
65
40
115
80
6512
115
64
96
85

A - ’c

70
115
115
75
50

* Per sharo a And accrued dividend, h Basis, k Listed on Stock Excaauga but usually inactive. / Mat price, n Nominal, s dale price, l New stock, x Ex-dlv
1/ Ex-rights
z Includes all new stock dividends and subscriptions e Listed on diock Exchange but Infrequently dealt in; record of sales, II any, will be found on a
preceding page.




56

B O S T O N S T O C K E X C H A N G E — S to c k R e c o r d .
SHARE FRICKS—NOT PER CENTUM PRICES

Saturday
Dec. 28
♦105
1023<
213
1147s

105U
10234
213
115!2

•202

97
»
•_
70
7
♦40
*107
* _
*120

*12012
*83
*
18
76U
128 "

97
295

Monday
Dec. 30

213 213
11412 115
♦202

70
7
50
108
109
___
124
85
125
IS
77
128U

♦12012
83
*
*17
7fi
12712

*120

*174
*174
*
49 ♦
1583.1 1583i ♦15834
*92
9212 *91
150
*80
♦80
81
98
—
—
54t2 5412
*98*4 99
4
4

Wednesday
Jan. 1

105l8 105*8 *105*2 1057g

102*3 1021* *100

96
290
#
*
*
*40
*167
♦

10

Tuesday
Dec. 31

214
*113

10

75
7
50
168
109
124
83
125
18
128

96
290
*
*
*__
*40
*167
*

*100

214
113

98
290
10

75
7
50
108
109

♦83
♦
*17
7fi
12734

*2

18212
49
*271.1
66*4

10934

165
1534
105U
28
29
2U
183*?
49*4
2734
07 *s
10934

83*2
125
18
7(i
128

2

1653.1
1534
105*4
28
28*s
2

165
*15
105
27*2
♦27
2

18034 1825s 181
48*2
49
49
*27U 2734 273i
67*2
66*4 67
109 109*4 *109*2

68

*120

125 Nov’ 12
83*2 83*j
125 Nov’ *2
♦17
IS
123 123*4
130 Nov’ 12

___ *174

803, 80*4 *80
*___ 100
100

11

35
44
272
263
38
65
844
630
274
7.332
91

1534

181
483s
2734
68 3s
110

212

106
28
*27

181
181
49*2 49
2734
273s
69
67*4

110*2

106*2
28
28
182
49*2
2758
6838

STOCKS

BOSTON STOCK
E XC H AN G E
Railroads
Atch T op
Santa FB.10C
Do
prei__________10C
Boston & A lbany____ 101
Boston E levated. _ lot
Boston & Lowell_____ 10C
Boston & Maine
100
Boston & Providence.10C

Do pref ________ ___
5
60 Boston & Wore Eleo Cos
Do. p r o f..
C h loJu n oR v & U SY . 1 0 0
Do
p r e f..
Connecticut Itlv er. 100
100
78 Fitchburg, pref
Ga K y & Elec stmpd.lOC
Do pref___
10 c
195
Maine Central10 C
100
10 Mass Electric Cos
Do pref Stamped 10C
708 N Y N H & Ilartford.166
Northern N 11..
ion
Norwich & Wor p ref. 100
100
4 Old Colony_____
Rutland pref
100
100
220 Union PaelUc____
lOfl
Do pref____
100
2 Vermont & Mass_
50
22 West End St _
Do
pref__________ 50
15

16434 165*2 1643i 1643,

*2

0

116
24
56
477
5
142

510
215
640
690
447
276
2,597

1534

«!

81
100

Sales
r the
Week
Shares.

0

56
56
*56
58
99
99*4 983, 99
*4*s 43s
4*2
22
22
22
23
118 118
116*2 118*2
116*2 117
116 11634
139*4 1397s 1395s 140*2
Last Sale 22 Nov’ 12
80
80*.i 80
80*?
Last Sale 75 Dec’ 12
♦98*2 100
99
99
Last Sale 5% Dec’ 12
*11
13
12
12
*13*4 14*4 13
13
*280 284
284 284
186 1863t 186 186
92
92-*8 9212 92*2
94*4 943, 95
95
218 219
216 219
Last Sale
Last Sale 93 Dec’ 12
♦90
93*2 *90
931?
155*2 155*2 155*2 155*2
10534 106
28
28
28
28

2

110

120

161 161
1593s 160
Last Sale 937r Dec’ 12

165
1534
105*2
27*2
28*2
182
48*2
2734

120

♦174

174*4 175
40
♦42
49
159 *1593.! 160*s
91*2 *91*2 92
150
8034 8034
81
99 100
98

5412 55
98t2 983.i
*4

16534
*15
105
2712
28*8

70
7

Last Sale
*83
83*2
Last Sale
*16*2 18
76*i 76*2
127*2 12S*2

122

55
55
9834 99
438
*4
22
22
2 2 U 22*4
22
22
11734 1173.1
117 117l2 *117*2 118
*110
117
116 116*2 116*2 116*2
141 1413s 14034 141*4 138*4 139*s
*17
*18*2 20
19
*1912 21
80
79*4 80*s
80*4 80
SO
*74
75
*74
*74
75
75
*98*2 100
♦9S1*9SI2
*57S 6*2
*5
*5
12
12
*11
13
*11
13
14
141? 14
143g 13*2 14
285 285
283*2 2843i
284 285
184 184l2 1841* 189
186*4 1S7*2
91U 91*4 91
91*2 91
91*2
94
945S 94U 94*s 94*4 94*4
*215 218
218 218
216 216
*3
4
4
*3
*3
4
♦
90 *
90
90 *
51
91
91
♦90
91
93*2
*15314 156 ♦153 156
155 155*2
105
1534
lOSVi
*2712
*28

*67
*___

106
10 U2
215
113
203
97
290

*67
70
*
7
50
Oct’ IS
Last Sale 167 Dec’ 12
Last Sale 108 I3ec’ 12

*119
*120

Friday
Jan. 3

1057s 106*1 *1053,
100*2 *10034
214 215 *214
11134
113 114
*202
___ 203
*96
98
97
*___ 295
290

100*2

*202

96
290

Thursday
Jan 2

<71
8

83
985
184
388
483
115
40
30
44

Miscellaneous
Amor Agrlcul Chom . 100
Dpref___
_ 100
Amcr Pncu Service
50
Do
pref_____
50
Amer Sugar itettn. 100
Do pref___
100
Amor deE p & Teleg.100
Amcr-can W oolen.
100
Do
pref_______
160
Amoskeag Manufacturing
Do
pref_____
Atl Gulf & VV I SS L.'lOO
Do pref______
ioo
East Boston Land
10
Edison Eleo Ilium . 100
General Electric.
100
Massachusetts Gas CoslOO
Do p.er.
100
Mergenthaler Lino
100
Mexican Telephone. 10
N E Cotton Yarn____100
Do
pref_____
100
N E T elep h on e..
100
Portland (Me) E le c -.io o
Pullman Co_____ _ 100
Reece B u tto n -H o le .. 10
Swift & Co_____ __
100
Torrlngton____
_ 25
Do preC_______
25
Union Copper L & M 25
Uuited Fruit
100
Un Shoe Mach Corp
25
25
Do
pref_______
U S Steel Coro .
100
Do pref___
.1 0 0

Range for Year 1912.
On basis 0 / 100-s/iors tots
Lowest.

H Ighest.

6*4

2*4

•5
2

6*4
2*2




5

2

Lowest.

/ / ighest. |
-------- 1

116*4 J ’ no!
1037s Feb 1C IIH 4 O ct 2 100*8 Sep
105 J ’ no
10 114 N ov 1 10414 Feb 7 101 Sep
211*2 Sep r
22212 Apr 1 219 Apr 226 F e b '
13012 A'ug
112 Dec 21 134*4 Meh25 124*? Sep
213 Sep
202 N o v 2 £ 218 Jan 4 207 Feb
1221*8 Feb 1
9612 Oet
94 Dec 1
100*2 Jau 3
290 Dec 1 300 Apr 27 292 Meh 300 Meh
12 Sep
10 Dec 1
K May23
16 Meh
761.1 J ’no
70 Dec 2S
70 Oct
13 J ’ly :
7 Dec
12i2 Jan 6
6 Feb
68 J ’ly ‘
50 A ug3l
38*2 Jan
165 May € 170 Jan 19 156 Apr 171 Deo
10712 O ct : 112 J ’ne 14 107 Meh ii5 i 2 J’ly
260 J ’ly 24
119 D ec i ; 128 Jan 25 125 Apr 130 Jan .
124 J ’n c l 2 zl7U Apr 1 3117*2 Jan 3164 Oct
83 Dec 3(
86
Feb
91*2 Jan 6
93i2 J ’no
125 Dec 6 147*8 May31
135 Sep 215 Jan
21 J ’no
16 Dec 10 23*8 Jail 8
16 Apr
83 Feb 28
723s Dec 11
126 " Dee 11 142*3 Apr 2 127*4 Sep
151*8 Feb
139 Jan
112 Meh
12SD O ct i
200 Oct 24 2i2i2 Jan 29 210 Jan 214 Nov
rl74 J 'n el4 187 Jan 31 183 Meh 190 Nov
70 Jan 24
152 Dec 12 176i4 Sep 30 153*2 Sep
1921S J ’ly
95*s May
89*8 Sep 23
uu Meh
9378 Dec 2
150 Dec 3C
16418 Deo
80 Oct 10 88*8 Feb 26
85 Sep
93 Meh
00 N ov 4 103*2 Meh 19 109 Aug 105 Jan
54 Dec 9
98 Dec 26
3 Aug 2
14 Meh 26
11334 Dec 12
114*4 Dec 12
137*2 Jan 2
22 N ov IS
79*4 Nov IS
75 NOV 27
x9oi4 J ’nozl
5 Aug 20
lOIj Aug 21
1034 Jan 2
27212 Sep 28
155 Jan 2
3:83*8 J 'ly 15
93 Dec 10
214i2 Dec 21
2*2 Meh 14
90 Dec 16
90 Dec 24
II 8 I4 Oct 25
72i2 Jan 17
158 Feb 1
13*4 Jan 2
98*2 Jail 2
27 May 8
28 Jau 5
.85 Jan 6
h 174 Sep 16
46*4 Jan 15
27*2 Dec 11
58.tg Feb 13
107*i Feb 13

63*4 Meh 23
46 Sep
105 Meh 22
99 Jan
6 *., J’nel9
3*2 Aug
24i2 N ov 11
12*8 Aug
133*8 May 13 112 Sep
111*4 Jan
12334 Aug 30
119 Meh 25 131*8 Aug
30 Meh 22
26*2 Dec
94*4 Meh 23
85*2 Oct
81 May 8
77*2 Dec
99 Dec
105 Meh 26
9 Feb 14
7*s Dec
20 Jan 18
1412 Nov
171.1 May27
714 Jan
300 Meh 2i 275 Sep
189 Dec 30 112 Sep
87*4 Jan
95 O ct 11
93 Dec
98*8 Feb 19
229 Aug 28 211 Jail
4*2 J ’n e 26
3 Oct
105 Jau 18 103 Oct
107 Meh 26 101 Nov
164 Meh 14 137 Jan
62*4 J ’ly
90 Meh 20
184 Aug21 153 Sep
17*3 Apr 11 il 2 Jan
9734 Hep
109*3 Sep 2.5
29 Sep
32 Jan 10
'll Meh
31 Apr 17
34 May
3*4 Apr 8
20812 J ’ne 19 7H78 Dec
40*4 Aug
57*2 Aug 29
26*2 Sep
29*., Sep 13
60 Oct
80*8 Sep 30
116*8 Oct 1 1031a Sep

PS
Alining
<
534 5*i
25
5 Dec 9 11 I4 Apr 20
605 Adventure C on.
5*4
5*s 6*2
2 Dee 30
2*4
8*4 May 2
799 Algomah Minim? ____ 25
2*8
2 *s
2*4
2*8
Alloucz____
25 35 Dec 10 60*8 j ’ne 21
41
41
42
42
42*4 43*4 42*3 42*4
41
429
41
60 Feb 1 92*8 O oi 4
79*4 80*4 78*s 79*2 5,136 Amalgamated Copper 109
75U 70
>
75U 765* 77*4 783.,
24*2 Feb 15 35 Oet 3
*2812 29
295s 30U 29*2 30*2 4,760 mil Zinc Lead & S in . 25
2873 29*2 28*2 2934
334
41s
2 Jan 2
67s Apr 2
33.1 334 *353 4
1,553 Arizona Com’l ctfs uep
4
4
br
*3*s 378
Bonanza Dev C o.
16
Last sale .30 Dec’ 12
.25 N ov 30 ,65 Apr 11
*.30
.40 * .30 .40 « .30 .40 .
.
6%
0
9l4J’no 6
6 i2
4i2 Dec 5
Sl2
5
965 Bos&Co?bCop*Sll.\tg
5*2*
6
6
*514
5i2
6 I4
*334
4
•35s 4
5*4 Apr 2
334
33.1
334
33.1
200 Butte-Balaklava C op . 10 2**10 J'ly 25
3*4 33,
4234
43*2 45
42
19i2 Feb 7
42l2 43%
71*2 72*2 71*4 72
57l2 Feb 1 83*2 Aug 28
3,504 Calumet &" A rizo n a .. 16
697s 703S 70
71*4 70*4 71*4
545 655
105 Feb 1 615 Sep 2 ;
545 513
630 530
535 540
110 Calumet $ ile cla ____25
530 534
*18
19
.
_ 25
♦18
1512 Dec 11 27i2 Apr 1/
*17l2 19
18*2
66 C entennial..
*17*2 18*2 18*3 18*2
46
47*2 40S8 473s
5
2514 Feb 28
50*4 N ov 8
45
1,640 Chino Copper_______
46*2
435S 441s 43*2 44
•|
Last Sale .01 Nov’ 12
Cons Mereur G o ld ..
1
.01 N ov 14 .09 Jail 19
.05
.05
.05 *
52*2 63
52*2 523,
61*4 51*4 61*2 51*2 51*2 6234
1,719 Copper Range Con Co 100 48i2Dco 10 60*2 Apr 11
20
*3*2 4
3*2 Oct 14
7l2 Meh 27
*3l2 4
*3*2 4
3*2 3*2 *3*2 4
20 Daly-West
143, 15
1634 Sep 26
15
15*s
1214 Jan 15
14U 1434 1412 143l
143,1 15
3,075 Host Butte Cop A lin .. 10
9
9
25
I 6 I4 Apr 1
83, 873
078 Sep 27
83.1 834
83.1
8*2
485 F ra n k lin ___ . .
8 Mi S3.,
6
‘ HoApr c
4
37s 3 %
3 Dec 4
37s 378 1,352 Glroycc gConsolldatcd. 5
8%
378 4
37s 37g
72*2 73*2 70
68
70
6834 72*2
33 Feb 5 77*4 N ov 11
73
4,284 tiranbj) Consolidated. 100
68*2 70
87S 8 %
11*8 Oet 4
878 9%,
9*3 9*2
7i2 Feb 29
9
9 Mi 9*s 1,640 Greene Cananea_____ 20
9*s
24*2 25
*2312 24
23
24
23
24
24
24
390 Hancock Consolidated 25 22 O ct o0 37 J’ne li
*34
1
.70 .76
2 May 8
*3.1 1
.70 Deo 4
*1
200 Helvetia Coo . e r _ ___25
34
3.1
34
1512 1512 15*2 15*2 15*4 16
16
17
25
23 Apr 21
1 l*s Sep Mi
16*2 10*2
655 Indiana Mining
•1734 18*4 *1778
*19*2 20
16 % Dec 16
*18l2 19
18
18
*52
55
58
55
*52
53
55
1 40*2 Jail 17 65*4 J ’no 10
55
58 " 58*?
665 Island Creek Coal
87
87
♦86
do
pref.................. 1 85 Jan 13 911.1 Aug 1
87
♦80
87
87
*86
87
87
45
3U 2 32
33
33*8 3212 33*2 2,470 Isle Royalc C o p p e r.. 25 20*4 Jan 15 37*4 NOV21
32
33
32*4 32
9
9
/
23, 23,
23.,
*25g 278
*253 234
r>
234 23,
2 Apr 9
300 Kerr Lake
3*8 Feb 13
134 134
13,
*1*4 2
3 May 8
13.1
225 Keweenaw C opper.
25 .80 Jail 2
13t
l 7s
178
134
25*4 26*2 2,523 cake Copper 6 b
25-% 26
25
49 Apr 10
24U 24
22*4 Dec 11
24l2 25
24
25*4
*5*4 6*2
5
305 La SaltocCoDDCr
25
5%
41? Feb 15
8 Apr 17
5
5
5*2
5
5
*5
10*2 10*2
10*2 10*2
485 Mason Valley M in e s .. 5
10*4 Dec 18
l li 2 JT1027
*1012
10*4 IOI4 103g 10*2
512
5% 5*2 *5
25
535 Mass Consol___
Ui4 Jan 4
5
5
5 Dec 10
5
5
5
5
5s
15
15*4 15
15*4 1,215 Mayllower
234 j an 3
15
18*2 Apr 23
15
15
15
15*4 15
*253g 26
253, 26*2
r> 23*g Jan 29 30*8 Hop 25
55 Miami Copper.
26
*25
2512 25*2 25*2 26
1*4 134 *1*1 2
sR
23g *13.1 2
♦134 23S *2
I 5g Deo 13
512 Apr 20
10 M ichigan____
04
627s 64*4 63
61*4 62*2
00
1,080 Mohawk___
50*? Jan 30 73 J ’ne 27
60
60*2 61
1958 195s *19*2 1934
18U Jan 29 24*8 Hep 30
385 Nevada Consolidated
19U 1938 19*4 19*4 183g 19*4
5
6*4 Apr 10
*2
2*2
2*2
2 Dec 11
2*2
2*4 2*4
*214
2*4 23g
200 New Arcadian Copper 25
2*2
9 I4 Deo 26
_ 5
5*4 Jail 3
9
8% 8%
918 9*s
9*3 0*4 xO
8 7S
8 78
1,145 Nlpissing Mines
333.1 3412 £3234 31
15 223, Feb 1 39*8 Oet 8
3213 33U 22
33*4 33*4 3334
6,335 North Iiu tta .. .
234 234 *2*2 2»4
25
8*4 Apr 22
*2 l2 3
2*3 Deo 9
3
155 North Lake.
2*2
3*2 2*2
234
3
3
*25g 3
234
♦212 234
e6*4 Jail 11
li 2 Deo 9
21?
115 Ollbwav M in in g ____25
2*2
8*3 83g
.2 5
2*sJan 2
13U May 1
778
8*3 1,856 Old Colony
8
8
8
8*4 81.|
8*4
55*2 56
64
64
55
53i2 55
41 Jan 31
54
54
56
61 O ct 2
943 Old Dominion Co____ 25
103 103
ICO 107
•103 104
100 Deo 6 130*? J'no22
104 104
104 106
260 O sce o la _____________ 25
26*2 26*4 27*4
20
275S 28*4 27*2 28*4 11,165 Pond Creek C o a l ____10
26 *s 20
15 Meh 27
773.1 78
77
77
78*2 79*2 78
80
72i2 Deo 16 9 i J ’ne 22
76*2 78*2
358 Quincy______________ 25
21
207g 2 1 *g *2 l*s 21 3s
21*2 21 7s . 21*4 22
21
285 R ay Consol C o p p e r.. 10 16*8 Jan 29 24*8 Sep 25
23.,
*212
234 23,
27s 3
2 '-a
2*2
2*2
278
1 Jan 31
1,135 Santa Fe Gold & C op . 10
478 May23
13U I 3 I4 13*s 13*8 13*s 13*4
1338 13*2 13
177g Aug 8
13*2 1,110 S h a n n o n ____________ 10
9 Jan 31
283g *27*2 28
28*2 28*2
♦28
29
•28U 2812 28
17 Feb 21
270 S h a ttu ck -A rizon a ___ 10
3H? NOV13
*
.25
*.25
.31
.31
.30
.25
30
* .25 .38
.30
*4 Dec 16
400 South Utah M & S___ 5
1*4 Apr 3
3812 38*2 3833 39
39
3978 40*2
39*2
25
401?
24 Feb 1 4878 J’ly 27
1,295 Superior__________
1*4 13s
* ‘At II4
1 lAt 1 /'it
1%I 1*2 „f 2*4 2 Mi 2,150 Superior* Boston Min 10
1 Deo 17
47g Jan 13
3434
343
4
34
36
375s 37
35
35
35
33
__ __
25
26 Jan 31 61 Apr 18
471 Tamarack
*473 5
5
4*2 4^
*414
5
4*4 4*4
5
4 Dec 12
91■>Apr 9
210 Trinity______________ 25
3*2 312
312 35s
3*4 33g
3*4 3*2
3*4 3*4 1,005 Tuolumne C o p p e r __
2 t2 Dec 12
1
423t 43
242*3 43
43
43*2 43
4212 43
4312 4,435 U S Smelt Ref & M in. 50 34 Jan 31 £50*8 Sep 30
4934 4978 249*3 49*3
60
49*s 49*8 49
50
49*s
D > pref__________50
791
47 Jan 10 52*4 Sep 2b
2
*2
2
2*s 2*4
2*3
21*
2*4 23„ 2,630 Jtah-Apex M in in g ... 5
1 Nov20 3ltio Feb 9
11
11*4
11
11
11
11
11
10*2 1034
11
9*2 J ’ly 8
1.375 Utah C o n so lid a te d ... 5
20*8 Apr 2
60
60
5S78 587s
583s 6833 5878 587s
68*4 68 U
185 Utah Copper C o_____ 10 5212 Jan 29 67*8 Hep 24
2
2
♦ *13.1 2
*1*4 3
*134 2
2
2
20 V ic t o r ia ..___________ 25
*33i 412 *4
4*2 4*2
412
4*4 4*4
150 W in on a _______ ____ _ 25
4*4 4*4
7*4 Men 1
3*8 Dec 11
•69
6912 69
71*2 74
69*2 69*2 71
73*2 76
25 65 Deo 12 117 Apr 17
643 Wolverine . .
*13s
*1*4
1»2
1
1*4 1*4 *1*4
100 W ya n d ott___________ 25
*1*4
1*2
1*2
1*2
3Ti Meh 4
1 Dec 10
; Hiil and asked prices, a New stock. v Asst t paid. o Ex-scook dlv. ti Ex-rights. a E x -d lv. ami rights. x Unstamped.
OU

*2

Range lor Previous
Year 1911

63*4 Deo
105*4 Meh
6*2 Jan
I 91.1 Jan
122 Feb
120*8 May
153*4 J ’no
30*4 Meh
961? J ’nn
81 N ov
100R Dec
11 May
26 Jan
12 May
29/ Dec
107*i May
903.! Aug
98*2 Oct
265 Aug
4/s Jan
119 Meh
110*2 Meh
1651? IJeo
7334 Nov
103 Jan
15 May
104 J ’no
36 Jan
31 J'ly
l ‘ io Meh
197*2 J ’ly
637g Feb
29l| Jan
82*8 Feb
120*2 Feb

4 Sep
212 Oct
21 Aug
4434 Sep
19*4 Oct
1*3 Dec
.30 Oet
334 Aug
3 N ov

7*8 J ’ no
11 J ’ na
Dec
71*8 J ’ne
30?s J ’ ne
2'*to Dec
,7o May
15*2 May
6*2 Jan

45
360

Sep
Sep
Aug
16*3 Sep
03 N ov
40*4 Sep
3 Feb
87g Aug
6*2 Aug
33a Sep
26 Aug
59io Oct
17 Sep
*4 Sep
6*4 Out

03 *4 Dec
545 Jan
19 Dec
27*2 Deo
.15 J ’ ne
69*4 Feb
7 Dec
14*4 J 'ne
14 J ne
8 *s Feb
43i2 J ’no
8 *g Deo
3U? Dec
2 Feb
16 J ’no

29*.| May
82*8 Sep
1 H? Aug
2*3 Oct
*2 Nov
22 Aug
3 Aug
6*2 Apr
4*2 Aug
.20 Feb
16’s Sep
II4 Nov
36 Apr
15 Sep
2 Aug
£ 8*2 Dec
20 Sep
3*4 Aug
3*8 Dec
.50 Jan
3414 Sep
81 Sep

44 Dec
91 J ’ne
23 Dec
77s Jan
3*4 JTlO
40 J ’no
6 Jan
1l7g Deo
j 10 J ’ne
3*ii Dec
24*s Deo
3i2 Jan
07 Deo
21*4 J ’no
4*4 Apr
11*8 Feb
36*4 J ’ no
93j J ’no
8*2 J'no
3*8 J ’ly
49 J'no
124 Jan

8

55
12

Sep
Sep
Apr
7 Oct
1 11? Sep
i2 Deo
20 Oct
e2*8 O ot
20 Sep
278 Oct
134 Sep
303g Sep
45*4 Aug
17s Nov
934 Jan
38 Sep
1 Aug
3*4 N ov
74 Nov
.30 Nov
*4

4414

70
19

Deo
Dec

1*4 J ’no
12*4 Feb

24 J an
lHo May
42*2 Jan
8*4 J ’ne
62 Jan
6 i2 Dec
473 May
40*3 J ’no
49*2 J ’ ne
3 I2JT10
20 J ’no
67% Dec
4*8 Dec
9*2 Feb
122 Feb ’
2 Feb

J a n . 4 1013.)

B o sto n
Weeks
Range or
Last Sale

Ranoe
Year
1912.

No

Low High

BONDS
13
BOSTON STOCK EXCH AN G E P
Week Ending Jan 3.
•t; a.

Price
Fri lay
Jan 3

Week's
Range or
Last Sals

g_5

1

Low
Am Agrlcul Chem 1st 5s___1028 A -0
lOli.i
Am Telep A Tel coll tr 43..1929 J -J
Convertible 4s___________ 1936 M-S
Am Writ Paper 1st s £ 5s g_.1919 J - J
Am /due L & S deb 6s_____ 1915 M-N
ArU Com Cop 1st 6s ctfs ot dep_____
J ’ly ’ I
AtcU Top A S Fo gen g 4 s ..1995 A -0
Adjustment g 4s____Juiy 1995 Nov
Stamped _______ July 1995 M-N
50-year conv 4s______ 1955 J-D
10-year conv 5s______ 1917 J-D
Atl Gulf & W I SS Hues 5s. 1959 J-.7
62 Sale 61*4
Boston Elev 30-yr g 4s____1935 M-N
Boston & Dowell 4s_______ 1916 J -J
Boston & Maine 4 Hs______ 1944 J -J
improvem ent 4s________ 1937 F-A
95
Plain 4s_________________1942 F-A
103
Bur & Mo R lv cons 6s_____1918 J -J
Cedar Rap & Mo R 1st 7 s ..1916 M-N
89 8912
Cent Vermt 1st tr 4s___May 1920 Q -F
C U A Q Iowa Dlv 1st 5 s . . . 1919 A -0
Iowa Dlv 1st 4s_________ 1919 A -0
Debenture 5s___________1913 M-N
Denver Exten 4s________ 1922 F-A
Nebraska Exten 4s______ 1927 M-N
n & s w s t 4 s _ ..................1921 ,n -s
Illinois Dlv 3 J^s................1049 J -J
0912 100
Clrlo Jet R y & Stk Yds 5 s ..1915 J J
Coll trust refunding g 4s. 1940 A -0 ____87
Oh Milw A St P Dub D 6 s ..1920 J -J
Oh M A St P WIs V div 6 s ..1920 J J
91
Oh A No Mich 1st gu 5s____1931 M-N
Ohio A W Mich gen 5s......... 1921 J -I)
Concord A Mont cons 4s___1920 J -D
10014 Aug ’ ll
Cudahy Pack (The) 1st g 5s 1924 M-N
05 100 100 A u g ’ ll
Current River 1st 5s_______ 1026 A -0
Det Gr Ran A W 1st 4s------ 1940 A-O ____ 100
0913
Dominion Coal 1st s f 5s------ 1940 M-N
FItohburg 4s______________
4s
_________________li)27 M-S
Promt Elk ib Mo V 1st 6s-----1933 A -0
Unstamped 1st Os________1933| A -0
127

~<3
cqcc

57

R ecord

£ « O‘:
-V

BONDS
BOSTON STOCK EXCH AN G E
Week Ending Jan 3,

Bond

Illgt No IjOW High
til:l
Ask f/no
General Motors 1st 5-yr 0 s .1915 A -0
9914 991.j
99t.t Feb ’12
Gt Nor G B A Q coll tr 4 a ..1921 J -J
9533 Safe 0512
955* ’ " c 9478 9812
Registered 4s_
1921 Q -J
948,1 975,1
95i8 ___ 9434 Dec ’ 12
Illinois Steel deben 5s . .
1913 A-O
9934 ’ " ’ 2 9833 1003,
9934 Sale 9934
___ 103 131
la Falls A Sioux C 1st 7 s .. 1917 A -0
117 A p r '08
___ 54 88
Kan O Clin A Spr 1st 5s
1925 A -0
97 Mch 12
(512 97
___ 963..) 993. Kan
O Ft Scott A Mem 6s 1928 M-N 111 114 113 N o v ’ 12 . . . . 113 1171*
8758 921* Kan C M A B gen 4s
1934 M- S ____9212
92LScp 12
92
9210
89! 2 91-V
Assented income 5s
1934 M-S ____ 86
S338 N o v ’ 12 . . . .
83!3 89 "
10134 1081s Kan C A M R y A Br 1st 5s 1929 A -0
101 Dec ’ 12
100 102 '(
Marq Hough A Ont 1st 6s 192 A-O
115 J ’ne'OS
14 6178 68 I4 Mass Gas 4 *Ms_________
1929 J -J
06 ____ O6 I3 Dec ’12 . . . . 9434 9912
95
95 I3 Mich Telephone 1st 5 s I ~ I "" l9 l7 J -J
IOOI3 Apr ’12
100)8 IOOI3
New Eng Cotton Yarn 5s "l929 F-A ____94
94 Dec ’ 12 . . . . 94 99
New Eng Tel jph 5s___
1915 A-O
10138 M c h ll
5S ........................................ IlOlO A - 0
100 l2Sep '08
95 95
New England cons g 5s
1945 J -J
9934 09.3
9978 Jan '12
103 1031S
Boston Term 1st 4s
1939 A-O
New River (The) conv 5sI.1934 J -J
75 Dec 'l l
¥ 9 ' oYi,i N Y N II A II con deb 3 Us 1950 J -J
92i4 M ch'12
9214 92-3
Conv deb 0 s ______
1 9 4 s J -J
12353132U
12334 Dec T2
99 991; Old Colony gold 4s_____ III1924 F-A
101 Apr '09
9978 l()ll 2 Oregon R y A Nav con g 4sll9 46 J -D
9S7S Sep '09
9973100
Oreg Sh Line 1st g 6s
1922 F-A
112 11334
11183 Oct '12
1912 J -J
9819 98:>s Perc Marquette deb g 63
95 Jan '12 . . . . 95i2 95
1919 J -J
98l2 98l2 Rcpub Valley 1st s f 0s
103 Jan '11
85l2 8734 -Savannah Elec 1st cons 5 s. 1952 J -J
70i4 Deo '10
1930 F-A
9912 10134 Seattle Elec 1st g 5s_____
103i2J ’ly '12
10312 105l4
Shannon-Arlz 1st g 6s_____ 1919 M-N 95 88
87 91
95 Dec ’ 12 . . . . 8312 100
Terre Haute Elec g 5s____ 1929 J -J
97 Apr '07
Torrington l s t g 5s______ 1*1918 M-S
101 Sep 'l l
9984 101
Unton Pao R R A 1gr g 4 s ..1947 J -J
91
99
IOOI3 J’ly '12
IOOI3 10()5S
20-year conv 4s__________ 1927 J -J
—
961,1 Id 1
1017,SM ay’ 12
1017s 1017g
United Fruit gen s f 4 J$s.._1923 J -J
95i2 Sale 9514
95i2 11 05 07*8
Debenture 4 ^ 8 _________ 1925 J -J
10014 IOOI4
9 43 4 ___
9478 Dec T2
9478 9612
(J S Steel Co 10-60-yr 5s Apr 1903
9914 103
10138
10183
100l2 104
80 8614 West End Street R y 4s____ 1915 n
99 M ay'12
99 1.91,3
Gold 4 H s________________ 1914 M-S
‘ ” 2 0834 9914
9938 Oct ’ 12
998s 10014
Gold debenture 4s______ 1916 M-N
987s Apr '12
1917 F-A
Gold 4s______
95 95
98l2N o v 'll
: : : : 12712 127! 2 Western Teleph A Tel 5s ..19 3 2 J -J 100 Sale 998i
100
12 99 101
127 127U Wisconsin Cent 1st gen 4 s ..1949 J -J
935o !):)
9358 Feb '12
N O TE .— Buyer pays accrued Interest In addition to tho purchase price lor all Boston Bonds. * No price Friday: atest bid and asked. 1] Flat price
6 10113 1 02 ).
8S33 i)n 4
___ 10.384 1 ljs.
89/3 90

61

P h ila d elph ia a n d B a ltim o re S to c k E x ch a n g e s— S to c k R e c o r d , D a ily , W e e k ly , Y e a rly
Share Pries 1- -Not Per Coutuni Prices
Saturday
Dec. 28
109
•111
17
65
121
*

111
18
65
121
19
255s

•2533

41
50
*12
*53
3831
TPs
*11
30
*92
8338
*lo'2

___
41
60
___
533.)
3834
73
1112
30
92t2
85 At

32*14

GU‘;i6
oU'4
2383

27 <2
83
0*2
6038
9033

33
oi
OU‘4
23*2
2712

83 )4
0nS
50*4
9038

♦__
112
17*2
65
*__
+__

112*4 ___
] 12 *___

___
114
177a
65*2 65*4 65)2
122
122 123
19 *4
1/84

2438 25*4

2538 25*2
*2
*4012
50
*12l8
63*4
38*4
72

2*2
41
60
___
5314
3814
72
*1084 H>4
*20*14 30
9233 9238
*82<3 83
*15**4 10
32*2 32*2
607s 01
60
60
23*4 23^8
*27)4 2 /*2
82/ie 83*4
0*J8 e »8
50)2 6054
90i4 903S

In active Stocks

Amer Rys receipts.

1
j
J
1
J

1714

j

*2
2*2
41
41
503.4 51
♦121s
53*4 63l2
3878 39
72l2 73*4
*1034 11*4
20*2 29V8
*9212 93
83*a 8312
♦1534 16
*3212 33
61 6 l'Mi
50
60
233s 233S
2712 27*2
83 M« 8334
z(5
0
60*4 50*4
z89*3 891s
DU

P H IL A D E L P H IA

-1 0
60
.100
.100

Preferred

I Wednesday
1 Jan. 1

Tuesday
Dec. 31

Monday
Dec. 30

2
102*4
02
83

.100
..50

29

.10
,.50

22

-1 0

<
A

n

1

•
J
J
«
!
J
j
•

Ask
2*4
44
93
84

22*4

7*4
100
100 72
74
-50
100
..10 17*2 18*2
.50
.50
100 30
101) 80
.50
.50 104 fo il.
100
100
95
.50
44
44*2
.5!)
50 8112 82
.10
..1
87S 0
__ 23534
100
.50
35
....
100
___
100
.10
10*2 __ .
10U
10(1
100
West Jersey A Sea Sh. .50
Westmoreland Coal___ .60
78
75
100
5
13
13*2
Preferred
40
- - - - - - - .50
- U'
38




Friday
Jan. 3.

*__
*
17*4
65
120
*18

llllo 111*2 111*!.
114 *112 114
177S 177S 18
05
65
65
120
120 120
*18*2
*45
24i4 2414 24
24

*2
41
51
*12*8
533.4
3912
73*2
ID .4
30

212
41
51*8
63*4
40i4
74
113a
31 >4

9314

9314

*84
841*
16
10
3212 3234
61 61
*4,8
50
23*a 233S
27*4 277S
84^84% .
6 I3
6 is
51
61
89*s 8968

*2
2*2
41
41
50*4 51
*12
1212
63*4 537g
39*2 40
73*4 74
11*4 11*4
*30*2 31
93
93*2
833s 84 U,
*1534 10
*32)2 33
61*4 61U,
*49
50
2333 23*8
277» 2.8*,
83«Mi.S45Mi.
6*4
0*4
507g 51
8978 90

P H IL A D E L P H IA

Bonds
Prices are all “ and
interest''
Alt A I. V Elec 4 Hs’33F-A
Am Gas A Elec 63 '0 7 .F-A
Am Rys 5s 1917_____ A -0
Atl C Gas 1st s f 5s ’6 0 .J-J
BergAEHrew 1st 6s’ 2l J-J
Bethleh Steel 0s 1998.Q-F
Oh Ok A G gen 5s 1919 J-J
Uon Trac of N J 1st 5s ’33
Del Co Rys tr otfs 4s’49J-J
Edison Eleo 5s 194 0 .A-O
Elec A Peoples Tr tr etfs_.
Fr T a cA Il 1st 5s 1940.J-J
Gen Asphalt 5s 1916.M-S
HarwEleo 1st 6 s 1942.M-S
Interstate 4s 1943___F-A
Keystone Tel 5s 1935.J-J
Lake Sup Corp Inc 5s’ 2 4 .0
Lehigh Nav 4H s ’ 14..Q -J
Gen M 4 )<s g 1924.Q-F
Leh V O 1st 5s g 1933 .J-J
Leh V ext 4s 1st 1948.J-D
Const)1 6 s 1923_____ J-D
Consol 4H s 1923___J-D
Annuity 0 s_________j - o
Gen cons cs 2 0 0 3 ..M -N
Leh V Tran con 4s ’35 J-D
1st scries A 4s 1935.M-S
1st series B 5s 1935 M-S
MarketStEl 1st 4s’ 55 M-N
N atLIIAP ser B 5s '19 J-J
New Con Gas 5s 1948 .J-D
N Y Ph A No 1st 4s’ 39 J-J
Income 4 s 1939....M -N
Pa A N Y Can 5s ’3 9 .A-O
Penn Steel 1st 5s ’ 1 7 .M-N
People’s Tr tr otfs 4s 1943
P Co lstAcoll tr 5 s ’ 49 M-S
Con A coil tr 5s '51 M-N
Phil Elec gold tr ctfs. A-O
Trust ctfs 4s 1949 ..J -J
P A E gen M 5s g ’20.A-U
Gen M 4s g 1920___A-O

J^BJd and asked: no sale, on th.s day.

Salei
ACTIVE STOCKS
the
Week (For Ponds and inactive
Stocks see below)
Shares.

Range for Year 1912.

0/

Thursday
Jan. 2

II E x-d lv. A rights.

Pid

Baltimore
110 Con Gas E! L A P ow .100
Do
pret ____ 100
0
4,385 Houston O iltr ctfs 100
Do
prof tr etts 100
9G0
50
662 Northern C e n tra l..
Seaboard Air Line
100

Philadelphia
American Cement_
50
50
28 American Railways
60
3,675 Cambria Steel______
Electric Co of America 10
349 Eleo Storage B a tte ry .100
3,009 Gen Asphalt tr ctfs___100
Do
pref tr c t f s .100
2,310
445 Keystone T elephone. 50
1,299 Lake Superior C o r p ..100
281 Leh C A Nav tr c t f s .. 50
365 Lehigh Valley_______ 50
80 Lehigh Valley Transit 00
Do p re f__________ 50
195
1,694 Pennsylvania R It____60
90 Phitadel C o (P Ittsb ).. 50
3,344 Philadelphia E le c ? .. 25
1,651 Phil R T vot tr c t f s .. 50
1,950 Reading_____________ 50
1
4,037 Tonopah Mining_____
581 Union Traction______ 50
2,179 United Gas lm p t ____ 5u

1 J ’ne 14
7 Jan 10
5 Nov42 Jan
40l2 Oct 30 47 Sep 25
41l2 Mch 2 551s Oct 10
4078 Sep
12i2 J ’ly 8
1U2 J ’ly 31
1U2 Jan
6234 Jan 16 58% Aug 12
481, Jan
18 Apr 2 3912 Dec 14
2812 A uk
68 Aug
69*4 Apr 2 73l2 Dec 27
0 Apr 4 13 Sep 16
658 Dec
21i2 Sep
27 Feb 20 35U Sep 7
877g Mch 20 100 Sep 25
83i2 J ’ne
7534 Sep
78ig Feb 5 9278 Jan 16
8i2 Jan 3 1678 Sep 16
6 I4 Jan
23 Jan 12 33i2 Dec 20
18i2 Jan
60 Dec 10 63»(i Apr 26
6938 Sep
4934 Dec 13 56i4 Feb 16
4Si.j Sep
2434 Sep 6
||1678 Jan 2
15i2 Nov
221s May 6 29 Sep 13
17 Apr
7414 Jan 11
89*4 Apr 30 6 G‘ 5! , Sep
0 Dec 14
8!4 Apr 15
Si2 J ’ly
4'J34 Feb 28 63 Sep 9
43 Jan
86i4 Jan 9 923s Aug 0
8 H4 Sep

Ask

Bid

110*2

m u ::::
85*3

P H IL A D E L P H IA

Ask

Ph A Read 2d 5s 1933 A-O
Ex Imp M 4s 1947.A-O
Terminal 6 s g 1941.Q-F
113
P W A B col tr 4 c ’2 1 ..J-J
Read Trac 1st 0s ’3 3 . . J-J
Roch R y A L con 5s’ 5-i J-J iod *4 ioi
Spantsh-Am Ir 6 s ’2 7 ..J-J 101*2 102
Stan’d Gas A E 6s’2 6 .J-D
100*4
Stand Stl Wks lstSs’28 J-J
102*4
U Trac Ind gen 5s '1 9 .J-J
Un R ys Tr ctfs 4s’ 49_.J-J
74
7412
United Rys Inv 1st coll tr
s f 5s 1920................ M-N
82*2 83
Welsbach s f 5s 193 0 ..J-D
9234 93*2
Wil-U GAE con 5s’55.J-J 102*4 103
York Rys 1st 5s 1937.J-D ____

94i2
993.1 100
69*2 00
B A L T IM O R E
863a
86
In active Stocks
Atlan Coast L (C on n ).100
75
70
264
Canton Co____________ 100 135
Consolidation Coal___100
99*4 101
Georgia Sou A Fla____ 100
28
1 st p re fe rre d ........... 100
92
114
2 d preferred________ 100
78
G-B-S Brewing________100
3
3*2
B on d s

‘ o'o'i8

9584

10 U2
9568

103
82

llighes.

1,444 United R y A E leotrlo. 50

8578 86
9558
87 . . . .

85

Highest

90 Jan
117 May 6
101 Jan
116 Apr 3
8 I4 Jan 3
25*3 Nov 22
5384 Jan 25 72U J ’ly 18
121 Dec 28 130 Apr 8
18 Dec 17 2 /l 4 May24
45*2 Mch 14 55-84 J 'ne 10
I 8 I4 Jan 2
2653 Sep 0

_

110

Lowest

Range 1or Previous
Year (1911)

1015S
90
10312
82la
105 >2

|| 815 paid

Prices are all “ and
inters si"
Balt City 3 yja 1930...J -J
4s 19 54-1955 j . . Various
6 s 1916.....................M-N
Anacostla A Potom 5 s A-O
A tC oastL oonv deb 4 sM-N
Atl Coast L(Ct)ctts 5s J-D
5-20-yr 4s 1925......... J-J
B S P A C 1st 4 Us ’ 53 F-A
Balt Trac 1st 5s ’2 9 ..M-N
No Balt Dlv 5s 1942 J-D
Cent R y cons 5s '3 2 ..M-N
E xt & Imp 5s 1932.M-S
Chas City R y 1 st 5s'23 J-J
Clias R y G A El 5s '99 M-S
City A Sub 1st 5s 1922 J-D
City A Sub(Was) 1st 5s ’ 48
i TJ H

paid,

90
90

0 2 i2

101*2

99
99

99*4

101
88

95*2 96*2
105*4 . . . .
107
...
___
100
103 ___
10312
103 ____
103*2 104
103 —
t 017 H paid.

64 Jan
89 Jan
7 Mch
45 Feb
121 Jan
20 Jan
33 Jan
10i2 Jan

95i2 Dec
101 Sep
10 Aug
79 J ’ ly
1303j J ’ne
27 J ne
50 Nov
1978 J ’ly
17i2 Jan

40i2 N ov

48?4 Feb
I2i2 Jan
56i8 J ’ao
3«Ji4 Oct
8373 Jan
9^3 Jan
32 Feb
93 Jan
937ia Dec
973 Oct
2583 Oct
65 Feb
6 UI4 J ’ne
18 J ’ly
2413 Aug
8034 F e b
863 Jan
5234 Aug

898- Jan

BALTIMORE

Bid

Coal A C R y 1st 5s ’ 19 A -0
Coal A I R y 1st 5s '2 0 .F-A
ColAGrnv 1st 6 s 1916 J-J
Consol Gas 5s 1939___J-D
Gen 4,4s 1051____A-O
Cons G E A I-* 4 4 s '35 J-J
Consol Coal 5s 1 9 5 0 ,.J-D
Fair A Cl Tr 1st 5s’38 A-O
Ga A Ala 1st con 5s ’45 J-J
Ga Oar AN 1 st 5s g '2 9 . J- j
Georgia 1* 1st 6 s 192 2 ..J-J
Ga So A Fla 1st 5s '4 5 .J-J
G-B-S Brew 3-4s '5 1 .M-S
Houston Oil dlv ctfs .F -A
Knoxv Trac 1st 5s '28 A-O
M nconRyALt 1st 5s’ 53 J-J
Md Elec R y 1st 5s ’31 .A -O
Memphis St 1st 5s ’4 5 .J J
Monon V Trao Gs’42_J-D
Mt Ver Cot Duck 1st 5 s ..
Npt N A O P 1st 6s’38M-N
N A A Terml 5s ’29. M-S
Nor APort Tr 1st 5s’30 J-D
Norf R y A L 5s ’49..M -N
North Cent 4 4 3 1925-A-O
Series A 5s 1926____J-J
Series B 5s 1926____J-J
Pitt Un Trac 6 s 199 7 ..J-J
Poto Val 1st 5s 1 9 4 1 ..J-J
Sav Fla A West 5s ’34 A-O
Seab Air L 4s 1 9 5 0 ...A-O
Seab A Roan 5s 1 9 2 6 ..J-J
South Bound 1st 5s. A -0
U El L A P 1 st 4 4 s'2 9 M-N
Un R y A El 1st 4s ’49 M-S
Income 4s 1949___J-D
Funding 5s 1936. .J-D
Conv notes 5s 1914 J-J
Va Mid 3d ser 6 s ’ 1 6 ..M -S
4 th ser 3-4-5s 1921.M-S
5th series 5s 192 6 ..M-S
Va (State) 3s new ’3 2 .J-J
Fund debt 2-3s 1991 J-J
West N C con 0s 1914.J-J
Wll A Weld 5s 193 5 ...J -J

94
100
101

Ask
95*i
101

107*4 107*4
9134
873j
87
9134
100*4 101

1013.)
1 5*4
110

105*4
46
82*2
104*4
97*2
97*4
97

106
47*2
84 "
99*4
97*4
98*2

73*4 74*4
99
m
91*2 92
02

9984
102

108
103

104*i

100

108*2
104*2
106
92*2 92*|
83*4 84
6284
88*4
100

103*2

104*2
102

109*2 ____

5 8

lu u e s tm e w t

T H E

C H R O N IC L E

a n d

fla tlr a a d

R A I L R O A D

G R O S S

[V o l .

XCVI.

Ittte lliq e n c e .

E A R N IN G S .

T h o f o l l o w i n g t a b le s h o w s t h e g r o s s e a r n in g s o f e v e r y S T E A M r a ilr o a d f r o m w h ic h r e g u la r w e e k ly o r m o n t h l y r e t u r n s
c a n b e < b t a 'n e d .
T h e f ir s t t w o c o lu m n s o f fig u r e s g i v e t h e g r o s s e a r n in g s f o r t h e l a t e s t w e e k o r m o n t h , a n d t h e la s t t w o
c o u m n s t h e e a r n in g s f o r t h e p e r io d f r o m J u l y 1 t o a n d in c l u d i n g s u c h l a t e s t w e e k o r m o n h .
W e a d d a su p p le m e n ta r y
s l a t o m e n t t o s h o w t h e f is c a l y e a r t o t a l s o f t h o s e r o a d s w h o s e f is e a l y e a r d o e s n o t b e g i n w i t h J u l y , b u t c o v e r s s o m e o t h e r
p e rio d .
The returns of the electric railways are brought together separately on a subsequent p ay. _____________________________________
L a te st G ro ss E a r n in g s .
ROADS.

W eek or
d o n th .

C u rren t
Y ear.

P rev io u s
Y ear.

July 1 t o

P rev io u s
Y ear

$
$
Ala N O & Tex P a c65.000 1,662.806 1,623,837
60,000
N O & N or E ast. 1st wk Dec
748,571
818,685
29.000
Ala Sc V icksburg. 1st wk Dec
35.000
643,038
757,626
26.000
2 0 .0 0 0
Vicks Shrev& Pac 1st wk Dec
47,192 1,124,969 1,152,574
47,648
Ann A rbor_______ 3d wk Dec
A tch Topeka & S Pe November 10828886 9,948,421 50,808,116 45,737,808
313,898 309,478 1,080,825 1, 92,084
Atlanta Birm Sc A tl October . .
Atlantic Coast Lino. November 3,071,228 2,857,844 13,466,077 12.553,231
650,877
590,911
190,750 197,015
Chariest & W Car October . .
549,930
534,995
101,125 103,260
L or is v lie n * St L November
39,734,130
44,146,241
7,583.335
November
9,040,351
a Baltimore & O h io.
560,644
646,803
174,481 153,824
B & O Ch Ter HR October ..
286,976 278,220 1.327.651 1,423,434
Bangor & Aroostook November
679,849 674,424 4,582,829 4.400.980
Bessem & Lake Erie November
71,360
277,549
374,675
101,639
Blrm.ngham S outh. October _.
Boston & M aine___ November 4,012,087 3,862,080 21.752,384 20,275,690
182,339 6,552,828 4,735,847
B uff lloch & P it ts .. 3d wk Dec 222,579
839,636
832,542
B uffalo k Susq____ O cto b e r_ 228.090 213,308
Canadian Northern. 3d wk Dec 477.200 439.500 11,624 600 9,828,200
CanatTan Pacific . . 3d wk Dec 2.865.000 2.528.000 69.530,245 59.267,799
Central o f G eorgia. 3d wk Dec 295,900 300.000 6,920,576 6,888,100
Cent o f New Jersey November 2,584,591 2,513,850 14,021,459 12,041,095
311,742 314,973 1,617,371 1,426,620
Cent New England- November
389,884 376,483 1.522,381 1,487,173
Central V e rm o n t__ October . .
726,918 685.415 17.017.657 16.255,529
3d
wk
Dec
Ches & Ohio Lines.
Chicago & A lton___ ed wk Dec 283,549 276,284 7,807,304 7.528.705
9,575,518 8,320,216 33,967,735 31,465,144
Chic Burl Sc Quincy October
h Chic Great W est. 3d wk Dec 323,755 280,027 6,952.362 6,537,781
Chic Ind & L ou isv. 3d wk Dec 137,865 112,108 3,470.980 3,228,745
Chic M llw & St P . October.. . 7,244,754 6,141,525 25,918,521 22,643,790
Chlc M il & Pug S October _. 2.105.324 1.582.690 7.600.651 5,647,119
rC blc & N orth West November 7,335,104 6,425,068 38,470,068 34,474,943
fcChic St Paul M&O November 1,589,748 1.399,366 7.831.869 6,821,083
188.681 168.474
661,446
627,411
Chicago T H & S E . O cto b e r_
945.754 837.504 4,718,936 4,555,241
1n Ilam & D ayton November
177,161 193.625 - 961,776
Novembor
927,622
d o ra d o M id lan d .
299,509 289,897 7,518,805 7,363,490
6 Colorado & South. 3d wk Dec
15,809
19,337
November
79,477
100,867
Cornwall
21,305
31,947
138,422
173,991
Cornwall k L eban. November
278,968 251.023 1,536,543 1.288.980
Cuba K a ilroa d ____ November
Delaware & Hudson O cto b e r_ 2,021,740 1,955,818 8.385.266 7,599,833
el aw Lack & W est November 3.665.305 3,248.923 17,807,322 16,146,391
env & B io Grande 3d wk Dec 455.200 425.500 12,859,412 12,035,104
Western P a c ific .. O cto b e r_ 632,031 630,233 2,290,090 1,990,089
487,066
484,365
Denver N W & Pac O cto b e r_ 112,745 110.474
625,497
173,457 173,797
611,537
D etroit T ol k Iront October . .
684,674
23,579
19,665
604,129
D etroit & M ackinac 3d wk Dec
372.064 378,884 4,422,038 4,330,960
D ul & Iron R a n g e .. Novembor
55,044 1,630.067 1,577.769
55,800
D ul Sou Shore & A tl 3d wk Dec
Elgin Joliet & E ast. October . . 1,149,904 891,848 4,398.222 3,291,943
757,683 620,637 2,739,932 2,251,704
E l Paso & So W est. October . .
E r i e ______________ November 5,447,117 4,905,766 27,794,149 25,493,631
10,421
2,870
3,150
1 2 ,0 1 2
Palrchdd Sc N E . . . November
920.800
Florida East C oast. October _ . 326,788 270.626 1,107,695
352,988
77,485
80,576
368,118
Fonda Johns & G lov October
290,496 312,245 1,278,191 1,468,269
G eorgii R a ilro a d .. November
Grand Trunk S yst. 3d wk Ded 1,090,189 933,118 27,039,653 24,475,474
Grand Trk W est. 2d wk Dec 152,297 132,194 3,346,691 3,062,394
47,799 1,201,430 1,119,159
62,549
D et Gr H & M llw 2d wk Dec
44,796
34,197 1,157,018 1,101,709
Canada A tla n tic. 2d wk Dec
Great North System November 7,757,543 6,224,730 37,398,088 31,633.770
821,935
840,562
171,402 175,489
G ulf Sc Ship Island. November
688.790 664,775 3.576.870 3,338,485
Hocking V alley____ November
Illinois Central____ November 5,539.957 4,932,306 27,712,661 25,474,100
Internat Sc Grt N or. 3d wk Dec 252,000 227.000 6,090,500 6,289,978
150,704 183,748 4,059,945 3,948,100
O Intcroceanlc M o x . 3d wk Dec
293.163 316,439 1,196,316 1,212,403
Kanawha & M i c h .. October . .
959,329 861,243 4,593,763 4,033.549
Kansas C ity S outh. November
November 3,744,284 3,320,232 19,081,325 16.713.873
Lehigh Valley
194,724
246,904
46,307
61,865
Lexington & E ast_ October . .
429,982
629,732
128,133 109,671
Louisiana k A rkan. October . .
jL ouisv Sc Nashville 3d wk Dec 1,208,670 1,109,34 28,401,764 27,041,297
71,322
14,67;
72,486
13,349
M acon Sc B irm ’ham November
940.439 898,734 5,044,318 4,810,001
November
M aine Central
184,884
43,170
166,818
50,336
M ar; land Sc Ponna. October . .
o M exican R ailw ay. 2d wk Dec 151,800 182,300 3.764,600 3,622,700

8

E

Mineral Range___ 3d wk Dec
Minn Sc St L ouis.. 3d wk Dec
Iowa Central__ J
Minn St P Sc S S M . November
Chicago Division November
Mississippi Central. November
U M o Kan & Texas, 3d wk Dec
z Missouri P acific.. 3d wk Dec
Nashv Chatt & St L Novembor
flNat Rys of M o x .l. 3d wk Dec
N evada - Oal-Oregon 3d wk Dec
N O Great Northern O c to b e r _
N O Mobile & Chic. November
eN Y C & Hud RIv. November
Lake Shore Sc M S November
nLako Erie Sc W_ November
Chic Ind Sc South November
Michigan Central November
Clev C C & St L . November
Peorla & Eastern November
Cincinnati North November
Pitts Sc Lako Erie November
N Y Chic & St L . November
Tol k Ohio Cent. November
Tot all lines above November

15,204
214,537

354,922
14,221
402,865
166,108 4,914,522 3.926.706

2,180,505 1,535,431 9.848.092
949.091 775,142 4,640,350
421,283
70,495
83,187
625,781 648,607 10,437,417
1.125.000 1.042.000 30,083,024
1,041,475 6,522.901
:M m 1.163.000 30.739,398
5,363
6,652
236,817
562,599
133,381 140.754
253,371 173,853 1.039,476
9.726.305 8.881.691 49,753,457
4,723,152 3,933,993 24,218,320
505,633 444,903 2,655,629
80.191 313,481 1,815,069
2,898,480 2,586,717 14,623,520
2,995,368 2.532,303 14,981,057
313,909 250.416 1,677,796
662,810
132,159 109,443
1.622,499 1,352,293 8.514,744
1,178,225 982,948 6,413,9"
503.857 454,076 2,502,3r
24979678 21842265 126718f ,6
A G G R E G A T E 3 OF Q aO SS

W e e k ly S u m m a ries.

C u rren t
Y ear.

P rev io u s
Y ea r.

L a te st G ro ss E a rn in g s .

L a test D a te .

C u rren t
Y ea r.

In crea se or
D ecrea se.

ROADS.

W eek or
d o n th .

N Y N II & H a r tf..
N Y Ont Sc W e s t ...
N Y Susq Sc W e st..
N orfolk S ou th ern ..
N orfolk & W estern.
Northern P acific___

November
October . .
November
October . .
October . .
November
October
November
November
November
November
November
November
November
November
November
November
November
November
November

P acific C o a s t C o ___

C u rren t
Y ea r.

July 1 t o

S

5,835,357 5,364,635
801,424 720,391
311.861 321,731
307.745 278,227
1,838,376 3,445,793
7,130,248 5,856,637
746,792 761,989
15167 102 13824 261
17,406
21,603
295,809 250,93,,
809,370 780,819
8,281
10,851
286,790 277,887
1,133,298 1,155,017
1,763,418 1,590.341
400,499 386,006
5,993,572 4,724,451
455,265 397,186
3,862,678 3,328,354
978,529 856,096

L a te st D a te .

C u rren t
Y ea r.

P rev io u s
Y ear.

S

JC.898
3,025
1,536
1,172
15,021
33,365
2,954
77,584
173
1,478
5,475
84
1,581
5,694,
9,112,
3,341,
10,149,
2,481
19,46),
4,944,

Pennsylvania RU__
Balt Che 3 & A tl.
Cumberland Vail
Long Island_____
M aryl’d Del & Va
N Y Phila & N orf
Northern Central
Phil Balt Sc Wash
W Jersey & Seash
Pennsylvania C o ._
Grand R ap Sc Ind
Pitts O O Sc St L .
V a n d a lla _______
T otal L in e s ..
East Pitts k E ___ November 21589 297 19474 068 111959 648
W est Pitts k E__ November 11413 827 9.413,377 57,666,0:30
All East &West November 33003 124 28887 441 169625 729
Pere M arquette___ October__ 1,625,536 1,609.287 6,134,235
Reading C om panyPhlla & R eading. November 4,479,306 1,122,541 .1,999 ,581
Coal Sc Iron C o . . November 4,365,766 4,237,676 18,958, 153
T otal both cos___ November 8,8 45,072 8,360,217 40,957, ,733
Rich Fred & Potom October . .
871 ,0oS
211,981 197,611
312 ,0.3:,
R io Grande June___ September
129,465 110,241
320 ,927
Rio Grando S o u th .. 3d wk Dec
9,117
13,708
R ock Island L in e s .. October . . 7.103,127 6,188,324 25,773 411
Rutland __________ November
313.746 293,485 1,695 ,767
! 53,s ;
620 ,597
St Jos & Gr Island. October __ 168,851
St L Iron M t k Sou October . . 3,100,462 2,830,765 11,594 ,783
865 ,615
St L R ocky M t & P November
198,951 188,013
St Louis & San Fran November 4,249,863 3,949,599 20,086 224
/C h i c k East Ill- November 1,432,647 1,371,321 7,045 ,559
Total all linos___ November 5,682,510 5,320,920 27,131 ,783
St Louis Southwest. 3d wk Dec 300,000 277,000 6,667 ,403
San Ped L A & St L October . .
908,053 751,511 3,398 ,391
Seaboard A ir L in e .. 3d wk Dec 505,330 447,272 1 1 ,0 0 2 ,376
Southern Pacific Co November 12651418 11956913 63,496 ,003
Southern R a ilw a y .. 3d wk Dec 1,422,734 1,316,941 33,121 ,949
M obile & O h io .. 3d wk Dec 236,512 228,800 5,752 ,992
Cln N O & Tex P 3d wk Dec 217.519 176,029 4,798 ,499
98,514 2,421 ,231
Ala Great South. 3d wk Dec 105,595
53,543 1,194 ,830
Georgia Sou& Fla 3d wk Dec
57,478
Spok Port & Seattle October . .
512,925 475,908 1,911 ,353
64 ,335
Tonn Ala & Georgia 3d wk Dec
2,055
2,425
566 ,689
Tennessee C entral. October . .
152,684 134,201
Texas Sc P acific____ 3d wk Dec 419.461 392,956 9,252 ,074
36 ,313
T id e w a te r* W e s t.. October . .
8,681
7,705
T oledo Peor k West 3d wk Dec
669 ,184
21,281
23,601
T oledo St L & West 3d wk Dec
88,540 2,006 ,500
98,729
Union Pacific S yst. November 8,731,119 7,677,923 13,737 ,12 1
Virginia & So W est. November
154.861 145,627
753 ,261
V lrglnlan__________ October _. 480,837 418,963 1,764 ,2 2 0
W a b a sh ___________ November 2,706,857 2,434,30/ 14,171 .698
Western M aryland. October . .
630,478 631,075 2,557 ,341
Wheel & Lake Erlo. November
712,826 636,708 3,759 ,057
W rlgbtsv Sc Tennllle November
133 ,488
33,875
28,450
Yazoo & Miss Vail. November 1,168,920 1,081,291 4.545 ,910
V a r io u s F is c a l Y e a r s .

C u rren t
Y ea r.

P erio d .

Delaware & Hudson__________ Jan
N Y Central & Hudson R iver. e . Jan
Lake Shore Sc Michigan South Jan
Lake Erie & Western.n------- Jan
Chicago Indiana & Southern. Jan
Mlchlgan Central__________ Jan
Clev Cln Chic Sc St Louh___ Jan
Peoria & Eastern__________ _ Ja i
Cincinnati Northern............ .. Jan
Pittsburgh Sc Lake Erie____ Jan
Now York Chicago & St Louis Jan
Jan
Toledo & Ohio Central.
Jan
Total all lines............
Pennsylvania Railroad._________ Jan
Baltimore Chesap Sc Atlantic. Jan
Cumberland Valley_________ Jan
Long Island............................ Jan
Maryland Delaware & Va__ Jan
N Y Philadelphia & Norfolk. Jan
Northern Central__________ Jan
Philadelphia Balt Sc W ash... Jan
West Jersey & Seashore.___ Jan
Pennsylvania Company_________ Jan
Grand Rapids & Indiana___ Jan
Pitts Cine Chicago & St L . . . Jan
Vandalla _________________ Jan
Total lines— East Pitts & Erie Jan
West Pitts & Er Jan
All lines E & W Jan
Rio Granle Junction____
Dec
Rutland ................ ...........
Jan

1
1
1
1
1
1
1
1
1
1
1

1
1

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

P rev io u s
Y ear.

S

511,956
,194,140
663,160
051.852
,469,728
,226,452
912,954
,415,352
151,415
,258,782
,096,898
76,250
,466,029
,513,253
,213,785
199,742
151,769
279,480
209,347
356,365
100077 929
19,508,923
149016 852
6,045,183
,232,319
,170,170
,402,494
706,963
277,122
240,289
,953,189
,577,918
609,314
,115,928
730,505
18 ,507,717
,801,127,
>,308,844
',007,553
,979,425
,630,122
,772,888
1,014,718
.575,649
.558,780'
,241,277

P rev io u s
Y ear.

S
i
18,494.276 17,823,841
Oct
100316853 05,309,270
Nov
Nov 30 49.264,241 14,195.343,
5,309,190 4,903,058
Nov
3,840.861 3,443,267.
Nov
Nov 30 29.860,919 27,468,508;
19,675,873 27,809,104
Nov
3,084,245 2.923,932
Nov
1,379,065 1,131,107,
Nov
16,585,182 14,100,200
Nov
11,141,205 10,233,6971
Nov
4.921,355 4,532,597(
Nov
255278488 238110776,
Nov
159014 207 143741 034
Nov.
285,963
250,6701
Nov.
3,012.759 2,650,067i
Nov.
Nov. 30 10,393,435 0,780,20$'
125,231;
133,163
Nov.
Nov. „ „ 3,277,955 3,004,475'
Nov. 30 11,705,436 11,721.055
Nov. 30 18,615,097 17,333,123
Nov. 30 0.032,675 5,787,129
Nov. 30 57,649.612 19,418,278
Nov. 30 4,970,807 4,614,638
Nov. 30 39,721,035 35,260,9611
Nov. 30 9,764,109 9,126,360
Nov. 30 226025 540 206901233
Nov. 30 113432 330 99,636,120
Nov. 30 340057 876
783,686
Sept 30, 818.110
Nov SO' 8,313,043 3,151,747

E A R N I N G S — W e e k ly a n d M o n t h ly .
%

lo a th ly

S u m m a ries.

C u rren t
Y ear.

P rev io u s
Y ear.

Increase or
Decrease.

%

L ile a g e .
C u r. Y r . P rov. Y r .
*
8
S
197,278,939 +20.7*52,155 10.52
February —237.082 233,191
+985.991 0.50
2d weok Oct (39 roads)____ 10,003.026 15,017.035
221,603.054 + 12,955,078 5.77:
M
arch
------238,218 “234,092
' " '
15.054.025
8.57
16.343,506
+1,289.431
3d week Oct (39 roads)___
+4,538,251 2 .1 0
216.1402214
A p r il...........236,722 233,057
4th week Oct (39 roads)___ 24.173.996 21,401.603 +2,712,390 12.61
220.181,660 +0,044,098
M a y ...........235,110 231,597
+921.847 6.70
1st weak Nov (36 roads)___ 14,096,080
+
14,579,115 m
228,647,383
230,894
J
u
n
e
...........235,385
+1,540,397
10.98
2d week Nov (37 roads)___ 15.621,495 m m
222.587.872 +23,007,060 10.34
J u ly ............. 230,712 227,194
8d week Nov (35 roads)___ 15,269,490 13,482,111 + 1,787,379 13,28
251.03/2)32 +25.860,384 10.30
August------- 239,230 235.401
20,632,339 18,527,249 +2,105,090 11.3(3
4 th week Nov (39 roads)___
252.318.597 +19,891.032 7.88
September..237,591 235.140
+790,556 5.52
1st week Dec ( 3 9 roads)___ 15,124,720 14,334,170
25.8,473,408 +36,264,683 13.04
October___ 237,217 233.515
+871,048 6.13
fid week Dec (37 roads)___ 15,068,984 14,197.936
71,015,980 +8,441,331 1 1 .8 8
84.098
Novom bor.. 86,371
3d week Dec (39 roads)------ 15,592,4011 14,175,524 + 1,410,880 9.99
........ „ . 6 Does not include earnings of Colorado Springs* Grlpplo Creek District Railway from Nov. 1 1911. « Includes the Bos­
..................
a Mexican
currency.
ton Sc Albany the New York & Ottawa, tha St. Lawrence Sc Adirondack and tho Ottawa * New York Railway, the latter of which, bom# a Canadian
road does not make returns to the Inter-State Oomnerco Commission. / Includes Evansville Sc Terre 11,auto and Evaosvlllo Sc IndianaRl{.ff In­
cludes the Cleveland Lorain Sc Wheelln? Ry. in both years, n Includes tho Northern Ohio UR. p Includes earnings of Mason City & Ft. Dodge and
Wisconsin Minnesota Sc Pacific, s Includes Louisville Sc Atlantic and the Frankfort Sc Cincinnati, t Includes the Mexican InternaMonal. n Includes
the Texas Central In both years and the Wichita Falls Lines la 1912, baglnaFng Nov. 1. v Includes not only operating revenues, but also all other
receipts, x Includes St. Louis Iron Mountain Sc Southern.




J a n . 4 1 9 13 ]

T H E

C H R O N IC L E

5 9

— Gross Earnings---------------Net Earnings------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
S
S
S
$
13,824,261 3,488,813 3,625,156
Jan 1 to N o v 30______ 159,614.207 143741,034 38,256,520 34,986,999
d ef 631
B alto d i e s & A t l - a .- N o v
21,603
17,466
3,557
Increase. Decrease.
1912.
Third week o f December.
51,678
Jan 1 to N o v 3 0 ______
285,963
256,670
52,233
•
82,025
Cum
berland
V
a
lle
y
.a
N
o
v
295,869
250.930
84,466
8
8
761,803
Jan 1 to N o v 3 0 . .......... 3,012,759 2,650.067
941,711
33,044
P reviously reported (19 roads) 11,329,887 10,281,427 1,081,504
7,081
L on g I s la n d .a ........... . N o v
869,370
98,514
105,39.5
780.819
128,189
53,798
A labam a G reat Southern_____
Jan 1 to N o v 3 0 ______ 10,393.435
47,192
456
47,648
9,780,203 2,293.068 1,926,275
A nn A rb or___________________
300,000
295,900
4,100
Central o f G eorgia____________
8,281
def2,885
def3,264
M aryland Del & V a .a N o v
10,851
276,284
283.549
7,265
C hicago * A lton --------------------Jan 1 to N o v 3 0 ______
133,163
125,231 d e fl2,43 8
def5,909
217.549
41,520
176,029
Cine N ow Orl * T ex P a c-------N Y Phila & N o r f .a .. N o v
286,790
61,070
60.182
277,887
D etroit & M a ck in a c__________
3,914
19,665
23,579
______
3,277,955
Jan
1
to
N
o
v
3
0
803,177
683,530
3.064,475
55,044
55,800
D uluth South Shore & Atlantic
756
Georgia Southern & Florida. .
53,543
57,478
N orthern C e n t r a l.a .-N o v 1,133,298 1,155,017
158,407
240,550
3,935
Grand Trunk o f C anada---------11,721.055 1,181,152 1,469,222
Grand Trunk W estern-------933,118
1,090,189
157,071
340,214
Phila B a l t o * W ash _a N o v 1,763,418 1,590,341
_
_
327,700
D o t G r Ila v * M ih v _______
Jan
1
to
N
o
v
3
0
----------18,615,197
17,333,i23
3,370,090 3,727,173
Canada A tlan tic___________
W est Jersey& Scash a . N ov
400,499
386,006
5,748 def52,209
Louisville & N ashville____ ____
1,208,670 1,109,340
99,330
Jan 1 to N o v 3 0 . ......... 6,032,675 5,787,129 1,229,955 1,133,822
14,221
M ineral R a n g e . . . _____________
15,204
983
236,512
M ob ile & O hio_______ ________
7,712
228,800
Pennsylvania Company a N o v 5,993,572 4,724.451 1,306,302 1,198,747
5,363
6,652
N evada-California-O regon____
1,289
Jan 1 to N o v 3 0 ---------- 57,649,612 49,418,278 14,672,172 13,501,115
9,117
13,708
R io Grande Southern_________
4,591
Grand R a p id s * Ind a N o v
455,265
397,186
45,292
82,796
505,330
477,272
Seaboard A ir Line_____________
28,058
Jan 1 to N o v 3 0---------- 4,976,807 4,624,638
826,474
829,329
Tennessee Alabama & Georgia
2,425
2,055
370
Pitts
C
in
e
C
h
*
St
L
a
N
o
v
3,862,678
3,328,354
810,992
823,473
T oled o St Louis & W estern___
96,729
8,189
88,540
- .........
Jan 1 to N o v 3 0 ----------39,721,635 35,260,961
9,548,154 8,753,364
37,144
15,592,404 14,175,524 1,454,024
T otal (39 r o a d s )____
Vandalia a
..............N o v
978,529
856,696
168,180
228,410
N ot indcreaso (9 .9 9 % )
1,416,880
Jan 1 to N o v 3 0 ______ 9,764,169 9,126,360 2,006,286 1,666,113
T otal East P & E . a . - N o v 21,589,297 19,474,068 4,363,343 4,396,660
Jan 1 to N o v 3 0 ............226,625,546 206994,233 49,573,772 45,841,693
T otal W est P & E . e . - N o v 11,413,827 9,413,377 2,464,580 2,237,764
N e t E a r n i n g s M o n t h l y t o L a t e s t D a t e s . — T h e t a b lo
Jan 1 to N o v 30______ 113,432,330 99,636.120 27,364,991 25,038,847
f o l l o w i n g s h o w s t h e g r o s s a n d n e t e a r n in g s o f S T E A M r a i l ­
T cta l all lin e s.a _____ N ov33,033,124 2S.887.444 6,827,923 6,634,423
r o a d s a n d in d u s tr ia l c o m p a n ie s r e p o r te d th is w e e k :
Jan 1 to N o v 3 0 ______ 340,057,876306,630,353 76,938,763 70,880,540
Reading
C om p any—
-------Gross Earnings------- ----- N et EarningsP h ila * R e a d in g .b ___N o v 4,479,306 4,122,541 1,904,023 1,697,519
Current
Previous
Current
Previous
July
1 to No.v 3 0 ______ 21,999,581 19,232,319
19,232,319 8,979,890 6,764,511
Year.
Year.
Year.
Year.
Roads.
$
$
S
$
C oal & Iron C o . b ____ N o v 4,365,766 4,237,676
634,385
279,407
July
1
to
N
o
v
3
0
______
18,958,153
14,170,176 2,244,221
66,525
929,439
A tlantic Coast L i n e .n ..N o v 3,071,228 2,857,844
866,031
July 1 to N o v 3 0 ______ 13,466,077 12,553,231
2,986,869 3,426,553
.
T otal b oth C o s . b ____N o v 8,845,072 8,360,217
2,538,407 1,976,926
July 1 to N o v 3 0 ............40,957,733 33,402,494
33,402,494 11,224,111 6,831,036
987,753
Boston & M a in e .b _____ N o v 4,012,087 3,862,080
749,441
July 1 to N o v 3 0 ______ 21,752,384 20,275,690 6,039,497 5,217,874
Reading C om p a n y___N c v
_______
170,153
168,646
July 1 to N o v 3 0 ......................... ......
832,081
827,490
Canadian P a c ific .a ____N ovl2 ,3 6 2,66 6 10,570,694 4,258,139 3,987,366
.
July 1 to N ov 3 0 ______ 61,306,913 51,911,493 22,735,433 20,364,517
T otal all C om panies. .N o v
______
2,708,560 2,145,572
12,056,192 7,658,526
July 1 to N o v 3 0 ............
............
Central o f G eorg ia .b . . . N o v 1,255,811 1,251,803
C364.768
C397.800
July 1 to N ov 3 0 ______ 6,079,076 6,002,610 c l , 797,393 c l , 929,662 R u t la n d -b .........................N o v 313,746
293,485
82,157
87,011
Jan
1
to
N
ov
3
0
______
3,313,043
3,151,747
839,066
779,098
C cn tra lo fN e w J ersey .b N ov 2.584,541 2,513,850 1,092,754 1,085,413
5,597,562
July 1 to N o v 3 0 ............14,021,459 12,641,595 ------------------------6,364,264
St L R ock y M t & P . a . - N o v
198,951
188,013
57,468
60,886
July 1 to N o v 3 0 ______
865.615
730,505
228,142
235,358
Chcsapeako & O h io .b _ .N o v 2,931,315 2,651,817
840,135
862,042
July 1 to N ov 3 0 ______ 14.987.638 14,248,634
5,017,169 4,986,616
St Louis & San F r . b . - . N o v 4,249,863 ................
3,949,599 1,491,778 1,372,187
July 1 to N o v 3 0 ______ 20,086,224 18,507,717
18.507,717 6.880,209 6,348,721
5201,168
Chicago & A lt o n .a ......... N o v 1,361,185 1,245,791
S190.257
July 1 to N ov 3 0 ______ 6,943,319 6,099,853 s i , 674,093 s i , 700.297
Chic & E ast'll II I .b - .N o v 1,432,647 1,371,321
392,095
375,706
July 1 to N o v 3 0 ______ 7,045,559 6,801,127 1,872,809 2,125,815
7,956
19,337
Cornwall b . __________ N o v
15,809
12,045
42,052
July 1 to N ov 3 0 ______
100.867
79,477
59,219
T otal all lin e s.b ______ N o v 5,682,510 __________
5,320,920 1,883,873 1,747,893
July 1 to N o v 3 0 ______ 27,131,783 25,308,844
25,308,844 8,753,018 8,474,536
C uba_________
N ov
278,968
251,023
87,780
94,485
611,085
July 1 to N ov 3 0 ______ 1,536.543 1,288,980
546,360 St Louis S ou th w estern ..N ov 1,234,168 1,220,600
393,006
467,976
July 1 to N o v 3 0 ______ 5,799,571 5,178,151 2,007,770 1,837,376
Delaware & Hudson _b—
July 1 to Sept 3 0 ______ 6,303,525 5,614,014 2,772.728 2,533,575 Southern Railway—
M ob ile & O h lo .b _____N o v 1,052,155 1,033,841
304,645
Del L ack & W est b _____ N ov 3,665,305 3,248,928 1,465,277 1,314,408
289,559
July 1 to N o v 3 0 ............ 5,105,044 4,884,808 1,419,514 1,411,561
7,126,882 6,333,754
July 1 to N ov 3 0 ______ 17,807,322 16,146.391
Cin N O & T ex P . b - .N o v
891,708
D e n v e r * R io G r a n d o .a .N o v 2,322,695 2,090,417
790.316
789,535
509,671
300,781
255,716
July 1 to N o v 3 0 ______ 4,223,778 4,029,759 1,451,968 1,509,111
July 1 to N ov
3 0 1 1,522,007 10,755,721 3,508,250 2,828,823
Alabam a G t S o u t h .b .N o v
456,279
424,618
146,250
D otroit & M a c k in a c .a .N o v
99,232
96,303
131,657
16,548
22,008
July 1 to N o v 3 0 . .......... 2,150,596 1,967,867
669,928
624,630
537,360
522,016
July 1 to N ov
30
111,335
127,456
28,450
33,875
7,971
13,298
B rio a ........... .........
N o v 5,447,117 4,905,766 1,397.576 1,373,344 W rightsville & T e n n .b .N o v
July 1 to N o v 3 0 ......... 133,488
156,003
29,047
51,418
July 1 to N ov 3 0 ______ 27,794,149 25,493,631
7,876,312 7,440,273
405,702
291,825
Georgia R l t . b . ................N o v 290,496
317,245
43,181
107,757 Y a zoo & M iss V a llo y .a .N o v . 1,168,920 1,081,291
July 1 to N o v 3 0 ______ 4,545,910 4,189,652
867,261
808,404
July 1 to N ov
3 0 1,278,191 1,468,269
445,162
110.049
H ocking V alley. b _______ N ov 688,796
264,619
259,700
664,775
IN D U S T R IA L C O M P A N IE S .
July 1 to N ov 3 0 ______ 3,576,870 3,338,485 1,417,028 1,309,327
------- Gross Earnings------ ----- N et Earnings-----Illinois C e n tra l.a ______ N ov 5,539.957 4,932,306
_
329,343
912,339
Current
Previous
Current
Previous
July 1 to N ov 3 0 ______ 27,712,661 25,474,099 4,674,525 3,895,473
Year.
Companies.
Year.
Year.
Year.
$
g Interoccanic o f M exico N o v
723,554
636,596
$
201,759
266,287
July 1 to N ov 3 0 ______ 3,617,682 3,470,912 1,114,041 1,132,508 Abington & R ockland E lect
Light & P ow er, b ____N o v
11,974
11,069
3,017
3,741
Louisvillo & N a s h v .b -.N o v 5,150,110 4,853,988 1,533,532 1,588,258
Jan 1 to N o v 3 0 ______
105,370
94,903
17,198
21,903
July 1 to N o v 3 0 ______ 24,872,009 23,667,302 7,182,833 7,804,006
Atlantic G ulf & W est Indies
M aino C en tra l.a _________N o v 940,439
898,734
231,791
217,078
SS Linos— Subsid c o s .O c t 1,651,333 1,288,100
296,972
133,745
July l to N ov 3 0 ______ 5,044,318 4,810,061 1,355,842 1,276,059
Jan 1 to Oct 3 1 ______ 14,918,432 13,852,596
2,012,660 2,055,501
M inn St P & S S M - a .- N o v 2.186,505 1,535,431 1,075,823
613,883 Coast Cos Lt * Pow , includ’g
July 1 to N ov 3 0 ______ 9,848,692 7,812,916 4,401,543 3,358,765
C oast Cos G& El(Cal)
.
. .N o v
27,864
24,765
12.092
9,042
775,142
C hicago D iv is io n .a -.N o v
949,091
323,521
194,627
Jan 1 to N o v 3 0 ............
280,221
250,012
150,845
133,775
July 1 to N ov 3 0 ______ 4,640,350 4,089,755 1,536,970 1,177,405
Edison E loc(I3rockton)b N o v
38,369
33,587
15,519
13,842
Mississippi C en tra l.b . . N o v
83,187
70,495
31,221
25,174
Jan 1 to N o v 3 0 ______
353,514
316,857
129,471
102,582
July 1 to N ov 30______
421,283
379,181
183,200
155,018 Fall River Gas W o rk s .b N o v
43,160
39,754
14,880
13,910
M o Kansas & T exas. b - .N o v 3,293,224 _2,691,768
_ _______
/ l , 270,143
/740.454
Jan 1 to N o v 3 0 ______
421,800
396,162
126,307
126,545
July 1 to N ov 3 0 ----------14,052,794 12;986;<U8
/3',593;268 Houghton C o E lec L t .b .N o v
29,979
31,614
16,510
18,468
1,446,046 1,188,353
M issouri P a c ific .b _____ N ov 5,501,157 4,860,274
Jan 1 to N o v 3 0 ______
266,375
127,338
261,046
130,165
July 1 to N ov 3 0 ______ 27,469,775 24,078,540 ..................
7,390,669 4,950,012
................. Lowell E lec L t C o r p .b - .N o v
39,908
35,288
14,517
14,127
N ash C h att & St L . b - . - N o v 1,131,080 1,041,475
263,327
238,778
Jan 1 to N o v 3 0 ______
380,731
373,956
129,732
133,395
July 1 to N ov 30 ______ 5.522,901 5,123,915 1,298,926 1,237,016
San Angelo W L & P (T ex)—
t N ational R ys o f M e x _ .N ov 5,482,096 5,111,254 2,587,904 _2,472,271
Sept 1 to N o v 3 0 ______
25,907
14,832
July 1 to N ov 3 0 ______ 26,879,540 26,867,310 10,696,636 12,'3'04,'945 Sierra P acific E I c c .b ___N o v
57,010
49,639
28,816
39,447
♦N V Cent & Hud R . b . N o v 9,726,305 8,881,691 2,924,248 2,398.253
Jan to N o v 30 ______
580,192
524,810
363,380
319,206
Jan 1 to N ov 3 0 -------- 100,315,853 95,309,276 26,040,001 26,075,627
Southern Cal E dison___N o v
369,732
174,832
338,455
169,739
Lake Sh & M ich S o .b .N o v 4,723,152 3,933,993 1,696,862 1,406,496
Jan 1 to N o v 3 0 ............ 3,971,723 3,388,980 1,810,161 1,728,265
Jan 1 to N ov 3 0 ______ 49,264,241 44,195,343 17,011,661 14,321,335
L a k o E r io * W e s t .b ._ N o v
505,533
444,903
161,102
85,562
a N et earnings hero given are after deducting taxes,
Jan 1 to N ov 3 0 ---------- 5,309,190 4,963,658 1,268,051 1,017,168
b N et earnings hero given are before deducting taxes.
e Includes the Northern Ohio R R .
Chicago Ind & S o u .b .N o v
380,191
313,481
114,976
28,567
f
A fter allowing for outside operations and taxes, operating incom e for
Jan 1 to N ov 3 0 . .......... 3,840.801 3,443,267
776,871
464,124
N ov. 1912 was 81,149,585, against S632.323; from July 1 to N o v . 30 was
M ichigan C e n t r a l.b .-N o v 2,898,480 _2,586,717
870,719 $4,719,724 in 1911, against $3,139,930 last year.
880,536
Jan 1 to N ov 3 0 ----------29,860,919 27!468!508 9,022,190 8,116,381
c A fter allowing for outside operations and taxes, operating incom e for
C lev Cin Oh * S t L .b .N o v 2,995,368 2,532,303
928,244
597.516 N o v . 1912 was $323,575, against 8358,838. and from July 1 to N o v . 30 was
Jan 1 to N ov 3 0 ............29,675,873 27,809,194 7,697,419 7,050,100 $1,576,737 in 1912, against 81,727,751 last year.
g Those results are in M exican currency.
Peoria & E a stern .b - -N o v
313,909
250,416
91,390
59,699
q Includes the Boston & A lbany, the N . Y . & Ottawa, the St. Lawrence &
Jan 1 to N ov 3 0 ______ 3,084,245 2,923,932
822,648
601,776 Adirondack and the Ottawa & N . Y . R y ., the latter o f which, being a C ana­
109,443
C ine N o rth e rn .b ____N ov
132,159
43,758
21,143 dian road, does not make returns to the Inter-State Comm erce Comm ission.
Jan 1 to N ov 3 0 ______ 1,279,565 1,131,107
182,811
161,742
s After allowing for miscellaneous charges to Income for the m onth o f
P i t t s * Lake E r i o .b ..N o v 1,622,499 1.352,293
816,345
593,569 N o v . 1912, total net earnings were $122,425, .against $129,95-1 last year, and
Jan 1 to N ov 3 0 _______16,585,182 14,100,210 8,187.081 6,862,959 for period from July 1 to N o v . 30 were $1,382,982 this year, against $ 1 ,­
.....„.
354,941 last year. . , *
w
N Y C hic & St L . b ___N o v 1,178,225
982,948
456,056
353,397
Jan 1 to Nov 3 0 _______11,141,205 10,233.697 3,149,173 2,873,109
l O l L L l l I n t e r e s t C h a r g e s a n d S u r p lu s .
T o l & Ohio C e n t - b .. -N o v
503,847
454,076
204,362
125,818
.... r 8 3 ; " . t \ jgE J
Jan 1 to N ov 3 0 ______ 4,921,355 4,532,596 1,370,655 1,206,538
-In t., Rentals, A e.---------Bal. o f Net Earns.—
Current
Previous
Current
Previous
T otal all lin e s .b _____N ov2 4 ,979,678 21,842,265
. ....
............
8,317,879
6,540,739
:
'
r
toads.
3
—
'"
'"
’’
I
Year.
Year.
Year.
Year.
Jan 1 to N ov 30-------- 255.278.488 236110.776 75,528,561 68,750.859
f~~
8
$
$
S
N Y N II * Hartford b .N o v 5,825,357 5,364,635 1,882,311 1,894,585 Central o f New J e r s o y ..N o v
492,030
550,759
600,724
5 3 4 ,6 5 4
July 1 to N o v 3 0 ---------- 30,298,575 27,544,956 11,811,174 10,256,857
July 1 to N ov 30_______ 2,713,205 2,621,388 3,651.058 2,976,174
N Y Susq * W este rn .a -N o v
311.861
324,731
79,804
113,835 C u b a ___________________ N o v
66.792
60,125
34,360
20.988
July 1 to N ov 3 0 ______ 1,536,951 1,663,160
342,456
552,559
July 1 to N o v 30______
333,681
300.025
277,401
215,735
N orthern P a c ific .b ____N ov 7,136,248 5,856,637 3,436,813 2,775,420
Delaware & H udson—
July 1 to N ov 3 0 ---------- 33,365,961 29,226.452 14,399,125 12,857,582
July 1 to Sept 3 0 ......... - 1,395,323
1,344,999 r2 .264,001 ’*1,850,719




_

_

_

L a t e s t G r o s s E a r n i n g s b y W e e k s . — F o r th e th ir d w e e k
o f D e c o m b e r o u r fin a l s t a t e m e n t c o v e r s 3 9 r o a d s a n d s h o w s
9 . 9 9 % in c r e a s e in t h e a g g r e g a t e o v e r t h e s a m e w e e k l a s t y e a r .

Roads.

T H E

6 0

Roads.
D enver & R io G rande. .N o v
July 1 to N ov 3 0 . ____
Georgia R R . . ------------- N ov
July 1 to N ov 3 0 ______
M issouri P a cific____.. N o v
July 1 to N ov 3 0 _____
Reading C o m p a n y .. . . N o v
July 1 to N o v 30______
St L R ock y M t & P a c ._ N o v
July 1 to N o v 3 0 ______
St Louis Southwestern .. N o v
July 1 to N ov 3 0 ......... ..

—In t., Rentals, R e ­
-Hal. o f Net Earns.—
current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
S
$
S
40,176
575,920
524,602
309,442
641,474
2,764,019 2,558,879 1,181,929
*50,663
65,531
67.481 *defl3,255
*179,891
310,989*def157,567
312,719
*135,921*def203,690
1,494,870
1,478,341
*732,566*dfl701,234
7,544,357 7,437,007
839,916 1,856,560 1,305,656
852,000
4,260,000 4,199,580 7,796,191 3,458,946
35,470
25,416
32,173
25,295
76,962
158,396
65,276
162,866
199,508
*215,977
*317,112
232,001
956,183 *1,073,755 *1,043,817
1,135,480

IN D U S T R IA L C O M P A N IE S .
A bington & Rockland Elect
Light & Pow er_______ N ov
188
257
2,760
2,064
Jan l to N o v 30______
2,151
15,047
A tlantic G ulf & W'est Indies
127,507
SS Lines— Subsid co s .O c t
133,066
163,906
Jan 1 to Oct 3 1 _____
1,316,288 1,283,085
696,372
Coast Cos Lt & P ow , in clu d ’g
6,047
6,047
Coast Cos G & E l(C a l).N o v
6,045
66,513
66,513
Jan 1 to N ov 3 0 ______
84,332
1,992
2,281
E dison E lec (B ro ck to n ).N o v
13,238
21,892
20,095
Jan l to N ov 3 0 -------107,579
564
763
Fall R iver Gas W o r k s ..N o v
14,117
5,952
7,506
Jan 1 to N ov 3 0 ---------118,801
4,682
4,780
H oughton C o Elec Lt .N o v
11,828
47,701
47,380
Jan 1 to N o v 30 . . .
79,637
892
1,552
Lowell E lec Lt C op r. . .N o v
13,625
16,242
17,028
Jan l to N ov 3 0 ______
117,153
San Angelo W L & P (T ex)—
7,050
Sept 1 to N o v 3 0 . . —
7,782
5,790
2,229
Sierra Pacific E lec_____ N ov
33,657
60,227
34,476
Jan 1 to N ov 3 0 — - 303,150
61,156
49,221
Southern Cal E d ison— N ov
113,676
659,498
602,922 1,150,663
Jan 1 to N ov 3 0 ----------

3,553
19,839
6,238
772,416
2,996
70,262
11,850
2,487
13,346
120,593
13,688
82,785
12,575
112,704

26,587
284,730
120,518
1,125,343

<1 These figures aro after allowing for other incom e and for discount and
exchango. T he sum o f $10,000 is deducted every m onth from surplus and
placed to the credit o f renewal fund. Since Sept. 1912 $10,000 has been
deducted each m onth for the refunding m ortgago sinking fund.
x A fter allowing for other incom e received.
E L E C T R IC

R A IL W A Y

Name of
Road.

AN D

T R A C T IO N

Latest Gross Earnings.
Week or
Vtonth.

Current
Year.

Previous
Year.

C O M P A N IE S

Jan. 1 to latest date.
Current
Year.

Previous
Year.

$
American R ys C o ___N ovem ber
402,878
376,195
A tlantic Shore U y ___N ovem ber
22,756
21,363
319,289
337,144
cAur EIgin& Chic Uy N ovem ber
165,213 140,050 1,757,574 1,640,984
Bangor Uy & Klee C o October _ .
62,9.64
588,014
53,129
491,497
132,997
10,707
107,022
B aton ltou ge Elec C o N ovem ber
12,494
Bingham ton Itailway October
33,495
354,920
30,038
322,138
Brazilian T r, L & P__ N ovem ber 1773,623
112,159
8,116
B rock & Plym St lt y . N ovem ber
8,051
111,160
Bklyn B ap Tran Syst September 2044,553 2027,273 18,268,137 17,497,667
C ape Breton Elec Uy N ovem ber
34,563
30,991
325,789
306,139
Cent Park N & E Kiv September
53,174
54,492
484,751
476,422
Central Penn T r a c .. N ovem ber
73,921
68,648
836.927
792,543
Chattanooga R y& Lt O ctober . .
95,581
83,698
877.927
780,934
Cleve Painesv & East O ctober . .
32,692
30,974
327,028
310,567
C lev Southw &Colum N ovem ber
100,352
89,590 1,084,979 1,035,208
Columbus (Ga) El C o O ctober - 48,766
44.452
401.016
444,249
C om m onw P, Uy &Lt O ctober . - 573,053 482,351 5,154.963 4,462,809
C oney Isl’d & B klyn. September
145,432 115,427 I ,
1,104,738
248,685
Dallas Electric C o rp . N ovem ber
163,751 146,013 1,647,319 1,479,364
D etroit United R y ._ 4th w kN ov 284,218 241.302 10,616,822 9,299,152
456,606
D D E B & B att(Itec) September
49,603
459,692
50,803
Duluth-Superior Trac N ovem ber
91,687
93.217
980,113 1,035.254
East St Louis & Sub. O ctober . . 227,088 200,629 2,000,223 1,878,479
712,092
62,684
618,114
Ei Paso Electric C o s. N ovem ber
75,011
42d St M & St N A vo. September
158,429 146,872 1.330.829 1,184,759
G alv-Iiou s Elec C o . . N ovem ber
181,074 132,003 1,844,264 1,386,065
93.587 1,025,834
966,461
Grand Rapids Uy C o O ctober - 101.569
46,265 2,550,007 2,387,376
Havana E lectric U y - W k D ec 29
51,925
Honolulu Rapid Tran
„
& Land C o _______ October - 49,243
463,717
42,582
409,727
H oughton C o Trac C o N ovem ber
24,110
281,084
2 2 ,0 0 1
276,148
Hudson & M anhattan September 281,908 242,332 2,656,145 2,188,818
Illinois T r a c t io n ____N ovem ber
666,898
601,523 6,677,817 6,225,329
Intcrboro Uap T ra n . N ovem ber 2811,522 2690,886 29,169,864 27,486,487
Jacksonville T rac C o. September
49,956
422,787
449,080
45,099
Lake Shore Elec B y . Novem ber
104,782
95,821 1,213,807 1,165,678
Long Island E lectric. September
20,301
166,014
173,213
20,216
M ilw El lty & Lt C o . October . . 482,309 448,150 4,568,923 4,122,458
M ihv L t. lit & T r C o October . . 101,426
943,672
92,932 1,042,953
M onongalielaV alTrac N ovem ber
70,715
674,642
776,165
63,003
N Y C ity I n tc r b o r o .. September
41,697
219,023
330,598
27,612
N Y & Long Isl T rac. September
38,766
300,507
299,392
41,464
N Y & Queens C o . . . September
117,054 117.303 1,007,775
952,877
New York R ailw ays. October . . 1255,203 1210,060 I I ,
11,363,072
436,337
Northam Easton & W Novem ber
14,809
164,765
168,840
13,075
N orth Ohio T rac & Lt N ovem ber
239,141 214,562 2.736,156 2,454,651
N orth Texas Elec C o . N ovem ber
169,151 133,203 1.619.830 1,479,719
Ocean Electric (L I ) . September
13,107
110,649
126,021
13,688
215,005
Paducah Trac& L t C o O ctober _ .
24,643
233,107
21,775
262,409
Pensacola Electric C o N ovem ber
24,560
25,602
261,591
Phila Rapid Trans C o N ovem ber 2008,400 1881,975 21,216,474 20,177,067
Port(Ore) Ity,L& PCo. N ovem ber
570,863 541,934 6,055,452 5,780,306
Puget Sd T rac, I> & P October . . 715,378
6,877,898
283,347
R ichm ond Lt & l i l t . September
34,217
293,217
34,490
StJoseph (M o) R y .L t
903.306
968,178
91,442
Heat & Power C o . O ctober . . 103,953
324,404
Santiago El Lt& Trac N ovem ber
32,490
367,291
31,937
634,688
678,610
63,331
Savannah Electric C o N ovem ber
63,440
700,693
89,382
Second A vo (U ec)___September
737,764
89,775
95,112
Southern B oulevard. September
14,736
110,289
12,071
180,894
206,317
Sou Wisconsin Uy C o N ovem ber
19,267i 17,315
229,983
223,486
Staten Isl’d M id lan d . September
26,900, 29,224
687,037
624,934
Tam pa Electric C o . . Novem ber
62,145
60,318
Third A v e n u e ______ September 318,677
315,410 2,858,397 2,744,085
T ri-C ity Uy & Lt C o . October . . 283.102 250,610 2,573,174 2,342,038
Twin C ity Rap T ra n . 3d wk D ec 167,303j 156,362 7,972,833 7,590,862
Underground Elec Uy
o f London—
£710,595 £712,090
Three tube lin e s.. W k D ec 28 £13,460 £13,355
£653,303 £619,805
, M etropolitan D ist. W k D ec 28 £12,214 £ 1 1 ,6 8 6
£335,314
£6,345 £322,151
£6,718
United Tram w ays. W k Dec 28
London G en’l Bus W k D ec 28 £52,607 £35,401 £2,690,344 £1.960,232
Union Uy C o o f N Y C September
218,122 227,628 1,912,643 1,870,909
U nionR y G & E C o(ill) October _
394,657 299,154 3.167,194 2.574,556
United Uys o f St L _ . October _. 10961445 1051,472 10,171,510 9,910,980
.U nited R R s o f San Er O ctob er. .
756,153 700,271 6.987,233 6,511,043
448,919
461,636
W estchester E lectric. September
55,490
50.580
547,917
506,047
Yonkers R a ilro a d ___September
59,714
63,302
215,533
219,459
Youngst & Ohio R iv . Novem ber
19,407
20,040
134.594
152.851
Youngstown & South N ovem ber
11,757
13,543
c Tnese figures are for consolidated com pany.




[V o l . XCVI

C H R O N IC L E

E l e c t r i c R a i l w a y N e t E a r n i n g s .— T lie fo llo w in g t a b le
g iv e s th o r e tu r n s o f E L E C T R I C r a ilw a y g r o ss a n d n e t e a r n ­
in g s r e p o r t e d t h i s w e e k :

------- Gross Earnings---------------- N et Earnings— —
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
•S
s
5,166
4,224
B aton R ougo E le c t _ b ..N o v
12,494
10,707
52,741
37,197
Jan 1 to N o v 30______
132,997
107,022
13,117
15,129
Bingham ton R y _________Oct
33,496
30,038
144,989
Jan 1 to Oct 31______
161,334
354,920
322,138
Brazilian T rac L t & P .. N o v 1,773,613
1,006,271
2,964,501
Sept 1 to N o v 3 0 ______ 5,235,108
955
B rockton & P lym outh b N o v
8,051
769
8,116
27,431
Jan 1 to N o v 30______
112,159
28,756
111,160
15,787
18,753
C ape B reton E le c t, b ___ N o v
34,563
30,991
140,171
Jan 1 to N o v 30______
147,032
325,789
306,139
35,453
C leve Southw & Col b - .N o v
40,735
100,352
89,590
447,835
Jan 1 to N o v 30............ 1,084,979 1,035,208
451.014
49,704
Dallas E lect C o r p .b ____N o v 163,751
146,013
72,534
471,964
653,902
Jan 1 to N o v 30............ 1,647,319 1,479,364
28,105
E l Paso E lect b __________N o v
75,0 1 1
36,320
62,684
249,704
618,114
322,255
Jan 1 to N o v 30______
712,092
46,910
76,288
132,003
G a lveston -H ou stE l.b . . N o v
181,074
510,643
769,782
Jan 1 to N o v 3 0 ______ 1,844,264 1,386,065
6,462
9,744
2
2
,0
0
1
H oughton C o T ract b - .N o v
24,110
111,650
122,310
276,148
Jan 1 to N o v 30______
281,084
271,021
312,457
Illinois T raction a ______ N o v 666,898
601,523
Jan 1 to N o v 30______ 6,677,847 6,225,329 2,789,783 2,524,387
Intcrboro R ap T r a n .a .- N o v 2,811,522 2,690,886 1,539,935 1,471,992
6,541,834 5,977,694
July 1 to N o v 30______ 12,774,341 12,005,825
17.855
17,346
45,099
49,956
Jacksonville T ract b ___Sept
160,833
156,594
422,787
Jan 1 to Sept 30______
449,080
7,001
4,967
13,802 .
K e y W est E le c t .b _____ N o v
12,651
38,726
43,922
95,821
Lake Shoro Elec R y .a . - N o v
104,782
543,479
522,577
1,165,678
Jan 1 to N o v 3 0 ______ 1,213,807
59.855
84,088
133,203
N orthern Texas E le c t.b N o v
169,151
666,154
767,899
1,479,719
Jan 1 to N o v 3 0 ______ 1,619,830
10,440
10,341
25,602
Pensacola E le c t .b _____ N o v
24,560
98,192
99,316
262,409
261,591
Jan 1 to N ov 30______
291,800
281,930
541.934
P ortl(O re)R y L & P _a -N o v
570,863
Jan 1 to N o v 30______ 6,055,452 5,780,306 3,005,223 2,967,142
30,597
31,293
P orto R ico R y s ________ N o v
64,198
57,919
299,328
343,553
Jan l to N ov 2 0 ______ 680,611
605,586
79,579
100.014
R epublic R y & L ig h t.a .N o v
233,970
202,385
950.374
D ec 1 to N o v 30______ 2,628,902 2,370,225 1,054,207
16,740
15,906
63,331
Savannah E lect C o .b - .N o v
63,440
178,096
169.791
634,588
Jan 1 to N o v 3 0 ______
678.610
29,541
29,664
Tam pa E le c t .b _______ N o v
62,145
60,318
281,765
326,769
Jan 1 to N o v 30............
687,037
624.934
Underground Elec R ys, London—
£37,274
£36,559
M etropolitan D istrict N o v
£69,564
£65,411
£35,941
£34,237
London E lect R y s ___N o v
£67,914
£68,330
£6,130
£6,147
L ondon United T ra m . N o v
£24,180
£23,744
United L t & Uys (G r Rapids)
151,461
183,176
Subsidiary C os______ N o v
382,794
421,432
754,900
873,613
July 1 to N o v 3 0 ______ 1,997,443 1,813,901
378.374
359,163
U nited R ys o f St L . a . - . O c t 1,096,445 1,051,472
Jan 1 to O ct 31.............10,171,510 9,910,980 3,111,890 3,224,061
Roads.

a N et earnings hero given aro after deducting taxes,
b N et earnings here given aro before deducting taxes.
In tere st C h arges

and

S u r p lu s .

-In t., Rentals, &c.---------Pal. o f N et Earns.
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
S
2,994
3,436
1,730
l ,730
18,238
33,707
18,959
19,034
3,773
5,446
9,344
9,683
50,810
64,753
94,179
96,599
def.63
def.263
1,018
1,032
15,559
17,280
11,872
11,476
10,134
13,071
5,653
5,682
77,993
84,607
62,178
62,425
*7,059
*9,083
29,000
31,745
*125,106
*111,444
329,863
341,047
29,891
47,899
19,813
24,635
245,921
388,280
226,043
265,622
2 1 ,1 2 2
31,512
6,983
4,808
175,480
256,513
74,224
65,742
27,992
42,566
18,918
33,722
299,876
398,113
210.767
371,669
1,236
4,067
5,226
5,677
54,141
60,815
57,509
61,495
*582,201
*656,672
923,087
918,162
4,595,372 4,547,025 *2,107,058 *1,586,823
9,701
8,292
8,154
9,054
90,612
70,178
70,221
86,416
3,802
2,181
3,199
2,786
4,101
8,839
34,625
35,083
161,828
137,994
381,651
384,583
38,175
59,426
21,680
24,662
436,228
526,487
229,926
241,412*
5,349
3,964
5,091
6,377
42,774
29,164
55,418
70,152
160,993
130.165
130,807
151,765
1,609,588 1,377,530 1,395,635 1,589,612
35,156
56,353
44,423
43,661
423,062
526,329
527,312
527,878
511
45
15,395
16,695
905
651
168,886
177,445
25,180
25,075
4,484
4,466
227,074
277,804
54,691
48,965

B aton R ouge E lectric___N o v
Jan 1 to N o v 30______
Bingham ton R ailw ay___Oct
Jan 1 to Oct 3 1 ______
B rockton & P lym ou th . .N o v
Jan 1 to N o v 3 0 ______
Cape Breton E lectric___N o v
Jan 1 to N o v 3 0 ______
Clove Southw & C o lu m .N o v
Jan 1 to N o v 30............
Dallas E lectric C o rp ____N o v
Jan 1 to N o v 3 0 ______
El Paso E lectric_______ N o v
Jan 1 to N o v 3 0 ______
G alveston-H ous E lec___N o v
Jan 1 to N o v 3 0 ______
H oughton C ounty T r a c .N o v
Jan l to N o v 30______
Intcrboro Rapid T r a n ..N o v
July 1 to N o v 30______
Jacksonville T ra c_______ Sept
Jan 1 to Sept 30______
K e y W est E lectric______N o v
Lake Shoro Electric R y .N o v
Jan 1 to N o v 30............
N orthern Texas E lec___ N o v
Jan 1 to N o v 3 0 ______
Pensacola E lectric______N o v
Jan 1 to N o v 3 0 ______
Portl (Oro) Uy L & I* . . N o v
Jan 1 to N o v 30............
R epublic R y & Light___ N o v
D ec 1 to N ov 3 0 ............
Savannah E lectric______N o v
Jan 1 to N o v 3 0 ______
T am pa E lectric_________ N o v
Jan 1 to N o v 3 0 ______
U nited Lt & R ys (Gr R ap )—•
Subsidiary com panies.N ov
80,301
July 1 to N o v 3 0 ............
389,447
U nited R ys o f St L o u is .N o v
223,616
Jan 1 to N o v 30______ 2,248,742

79,800
396,182
227,422
2,288,060

102,875
484.166
*141,120
*915,528

71,661
358,718
*154,456
*973,044

* After allowing for other incom e received.
New Y o rk S ta te R a ilw a y s.
------- Gross Earnings------Current
Previous
Year.
Year.

----- Net Earnings-----Current
Previous
Year.
Year.
Roads.
$
$
cl 67,076
cl 3 5,0 6 1
Hudson & M anhattan a Sept
281,908
242,332
Jan 1 to Sept 3 0 _______ 2,656,145 2,188,818 1,528,922 1,173,373
675,979
592,418
Interboro It T (S u b ).a .S e p t 1,206,698 1,131,137
6,726,776 5,757,294
Jan 1 to Sept 3 0 ______ 11,892,102 10,661,394
563,511
571,470
Interboro R T (Elev) .a .S e p t 1,235,622 1,242,341
5,404,097 5,307,044
Jan 1 to Sept 30______ 11,546,301 11,426.037
T otal Interbor R T .a -S e p t 2,442,320 2,373,478. 1,239,490 1,163,888
Jan 1 to Sept 3 0 -.‘ ____ 2 3 ,4 3 8 ,404322,088,0 3 2 il2 ,130,873 11,004,338

THE CHRONICLE

J a n . 4 1313 ]

— In t., Rentals, & c, -------- Ral. of Net Earns .—
Current
Year.

Companies.

Previous
Year.

$

Current
Year.

$

Previous
Year.

s

$

Brooklyn Rap Trans.a.Sept 2,044,553
2,027,273
805,781
772,509
Jan 1 to Sept 30______ 18,268,137 17,497,667 6,615,424 6,087,455
New York Railways _a - Sept 1,169,395
1,183,291
462,896
387,367
Jan 1 to Sept 30______ 10,181,134 10,153,012 3,332,340 2,569,848
Cent Pk N & E R iv .a .-S e p t
53,174
54,492
5,132
5,404
484,751
476,422
23,979 dcf6,814
Jan 1 to Sept 30______
89,382
89,775
21,699
26,644
Second Avo a __________ Sept
Jan 1 to Sept 30______
737,764
700,093
122,444
138,965
Third A v o .a ___________ Sept 318,677
315,410
113,077
157,701
Jan 1 to Sept 3 0 .......... 2,858,397
2,744,085 1,267,243 1,284,130
Dry Dock E B w y & B .a Sept
49,603
50,803
11,679
8,193
459,692
456,006
90,786
50,633
Jan 1 to Sept 30______
42dS tM an& S N A v .a -S e p t
158,429
146,872
48,577
51,733
Jan 1 to Sept 3 0 .......... 1,330,829 1,184,759
399,959
365,567
N Y City Interbor-a.-Sept
41,697
27,612
986
5,212
330,598
219,023
03,880
40,092
Jan 1 to Sept 3 0 ..........
Southern Boulevard.a--S ept
14,736
12,071
1,651
4,466
Jan 1 to Sept 30...........
110,289
95,112
17,733
26,546
Union a .........................Sept
218,122
227,628
61,237
73,306
Jan 1 to Sept 30______ 1,912,643
1,870,909
482,326
502,178
Westchester Electric.a-Sept
50.580
55,490
7,152
14,002
448,919
461.636
72,554
105,316
Jan 1 to Sept 30______
Yonkers a ______________Sept
63,302
59,714
19,709
20,775
Jan 1 to Sept 30______
547,917
506,047
73,640
82,207
Long Island Electric.a-Sept
20,301
20,216
3,863
3,584
173,213
166,014
26,370
19,469
Jan 1 to Sept 30______
N Y & Long Isl T ract.a-Sept
38,766
41,464
8,577
14,697
Jan 1 to Sept 30______
299,392
300,507
58,936
96,775
N Y & Queens C o .a _____Sept
117,054
117,303
17,302
1,581
Jan 1 to Sept 31______ 1,007,775
952,877
def2,919
17,526
Ocean Elect (L I ) . a ____ Sept
13,107
13,688
5,397
3.648
Jan 1 to Sept 30...........
126,021
110,649
63,839
38,272
Coney Isl & B klyn.a.-S ept
145,432
115,427
48,262
27,860
Jan 1 to Sept 3 0 .......... 1,248,685
1,104,738
360,314
287,086
Richmond Lt & R R .a .-S e p t
34,217
34,490
4,213
10,707
293,217
283,347
41,281
27,746
Jan 1 to Sept 30______
Staten Island M idl'd.a-S ept
26,900
29,224
9,494
12,849
Jan 1 to Sept 3 0 ..........
229,983
223,486
61,032
46,479
a Not earnings here given arc after deducting taxes.

c In 1912 other income was $88,088, against $80,496 in 1911.

EXPRESS COMPANIES.
--------- September---------- — July 1 to Sept. 30—
1912.
1911.
1912.
1911.
United States Express Co.
S
$
Gross receipts from oper___ 1,834,777 1,839,296 5,421,136 5,147,360
Express privileges— D r_____
875,015
*832,276 2,618,647 *2,403,610
Total operating revenues..
Total operating expense...

959,761
939,934

1,007,020
897,921

2,802,488
2,797,771

2,743,720
2,694,443

Net operating revenue____
One-twelfth annual taxes— .

19,827
10,089

109,099
9,600

4,716
33,364

49,276
29,746

9,738

99,499

— 28,647

19,529

Operating Income------------

* The extension of interlino waybilling on Aug. 1 1911 caused “ express
1911 to

for Sept. 1911 and for the three months ended Sept. 30
grivileges”
o understated about $45,000.

—July 1 to Sept. 30—

-September-

1912.
964,107
577,548

1911.
758,741
456,290

102,900
77,200

386,558
258,033

302,451
225,209

33,724
4,916

25,700
3,529

128,524
14,675

77,242
10,574

28,808

22,170

Gross receipts from operation
Express privileges— Dr-------

1912.
301,085
180,358

1911.
259,090
156,190

Total operating revenues.
Total operating expenses__

120,726
87,001

Net operating revenue___
Ono-twolfth of annual taxes.

Great Northern Express Co.

Operating income------------

-September-

Gross receipts from operation
Express privileges— Dr-------

1912.
93,184
46,181

1911.
85,981
42,731

Total operating rovenues.
Total operating expenses------

47,003
32,692

Net operating revenue----Ono-twelfth of annual taxes.
Operating income------------

Globe Express Co.

113,849

66,668

— July 1 to Sept. 30—

1912.
266,113
131,898

1911.
239,442
119,457

43,250
32,136

134,215
98,021

119,985
94,528

14,311
800

11,114
800

36,194
2,400

25,457
2,400

13,511

10,314

33,794

23,057

A N N U A L

R E P O R T S .

A n n u a l R ep o rts.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during tho preceding month will bo
given on tho last Saturday of each month. This index will
not include roports in tho issue of tho “ Chronicle’ in which
it is published. Tho latest indox will bo found in tho issue
of N o v . 23. Tho next will appear in that of D ec. 21.
Ferrocarriles N acionales de Mexico.
(National Railways of M exico.)
{Report for Fiscal Year ending June 30 1912.)
The remarks of Chairman of tho Board Luis Elguero and
President E . N . Brown will bo found on subsequent pages.
The usual comparative tables of earnings, charges, balance
sheet and principal statistics of operations woro given in
the “ Chronicle” last week.— V . 95, p. 1743, 1740.
A m erican Ice C om pany.
{Report for Fiscal Year ending Oct. 31 1912.)
E A R N IN G S FOR Y E A R S E N D IN G OCT. 31, IN C L U D IN G S U B S I D I A R Y
C O M P A N IE S I N 1909-10, 1910-11 A N D 1911-12.
N ote. — During tho year 1909-10 a now system of bookkeeping was
adopted, creating tho Insurance fund and charging accruing bond Interest
monthly. Under tho old system, tho not profit for the year 1909-10, which
is shown as $479,790 below, would have been $594,738.
1909-10.
1908-09.
1910-11.
Earnings & Expenses—• 1911-12.
Gross receipts-------------- $8,638,406 $9,009,476 $8,661,849 $8,710,928
Loss cost of merchandise $2,942,735 $2,921,524 $2,934,141 $2,684,176
4,037,397
3,899,862
4.241,202
Loss operating expenses. 4,007,984
M T o ta l............................. $6,950,719
N ot................................. $1,687,687
Incomo from lnvcstm’ts
18,013
Gross earnings...........$1,705,700




$7,162,726
$1,846,750
22,793
$1,869,543

$6,971,538
$1,690,311
9,144
$1,699,455

$6,584,038
$2,126,890
15,335
$2,142,225

61

Distributed as follows— 1911-12.
1910-11.
1909-10.
Bond interest_________ 1 $332,414
$324,271
$343,014
Int. on floating d e b t ../
Rents -----------------------186,440
184,648
187,883
Taxes -----------------------126,910
115,251
127,702
Insurance------------------2134,173
133,891
128,711
Maintenance & im pts..
556,567
515,051
432,354

1908-09.
J$240,960
\ 50,059
162,533
104,120
73,210
465,363

T o t a l .........................$1,336,455 $1,273,112 $1,219,665 $1,096,245
Net gain--------------------- *$369,245 *$596,431
*$479,790 $1,045,980
Net profits of sub. cos. in
excess of divs.from same (*)
(*)
(*)
53,374
Total not profit------Preferred dividends.......
Balance, surplus-------

*$369,215 *$596,431
.............. (U£)186,502
$369,245

$409,929

(*)
$1,099,3 4
________ (1^)223,8 3
(*)

$875,5

* The above figures include in 1909-10 $242,354 of the net profits for th
year of subsidiary companies wholly owned and operated which had no
yet been paid into the treasury of the company.
X Tho entire net profits of subsidiary companies, all of which have bee
paid in, arc included in tho above figures for 1911-12 and 1910-11.
2 The unexpended balance of insurance fund in the hands of the truste
on Nov. 1 1912 was $242,531, against $155,028 in 1911.
B A L A N C E S H E E T OCT. 31 (.IN C L U D IN G S U B S I D I A R Y COS. I N 1912).
Assets—

1912.
§

1911.
§

G e n . p r o p , a c c ’ t - . l 2 ,4 7 9 ,6 4 2 1 2 ,1 0 6 ,0 3 8
G o o d -w ill, w a te r &
p a t e n t r i g h t s ___ 1 ,1 0 2 ,4 7 8 1 7 ,1 3 2 ,4 7 8
I n v e s t , s e c u r i t ie s . a 8 2 1 ,6 2 9
1 ,4 3 6 ,6 6 7
2 6 4 ,4 1 6
2 8 2 ,8 5 8
C a s h ________________
N o te s r e c e iv a b le ..
1 4 1 ,0 2 5
1 1 3 ,5 9 9
B on d s a n d m tg e s.
1 3 .8 3 9
6 5 ,6 3 8
In su r. p r e m iu m s ..
1 0 ,2 8 8
9 ,5 1 6
In v e n to ry o f m dse.
6 0 9 ,1 2 0
5 3 0 ,8 2 8
9 9 9 ,8 2 6
1 ,0 0 2 ,7 7 1
A c c ’ ts r e c e iv a b le .
F ir e In s u r . f u n d . .
6 2 4 2 ,5 3 1
1 5 5 ,0 2 8

T o t a l ............... . . 3 2 , 6 8 4 , 7 9 4

3 2 ,8 3 5 ,4 2 1 i

1912.
L ia b ilitie s —
§
P r e fe r r e d s t o c k . . . 1 4 , 9 2 0 , 2 0 0
C o m m o n s t o c k . . . 7 ,1 6 1 ,3 3 0
4 2 0 ,8 8 5
B ills p a y a b l e ______
U n d e r l y in g b o n d s 1 ,0 7 5 ,9 6 0
C o lla t . tru s t b o n d s
A m e r . I c e C o . . 1 ,7 0 7 ,0 0 0
1 st & g e n . M . b d s . 3 ,0 1 3 ,0 0 0
R ea l e sta te m tg e s .
4 7 2 ,2 0 0
C u r r e n t a c c ' t s _____
5 2 5 ,8 1 5
A c c r .b o n d in t.,& c .
6 9 ,6 0 6
R e s e r v e f o r in s u r ­
an ce (c o n t r a )..
2 4 2 ,5 3 1
P r o l i t & lo s s (s u r .) 3 ,0 7 6 ,2 6 7

1911.
S
1 4 ,9 2 0 ,2 0 0
7 ,1 6 1 , 3 3 0
2 7 9 ,0 0 0
1 ,0 9 1 ,4 8 0
1 ,8 0 2 ,0 0 0
3 ,0 0 0 , 0 0 0
5 4 7 ,2 9 0
5 7 7 ,8 7 7
5 9 ,2 8 1
1 5 5 ,0 2 8
3 ,2 4 1 , 9 3 5

T o t a l ....................... 3 2 ,6 8 4 ,7 9 4 3 2 ,8 3 5 ,4 2 1

a Investments include in 1912 stocks and bonds other than of subsidiary

companies, $356,629; underlying bonds of sub. cos., $443,000; real estate
and first and gen. mtgo. bonds, $13,000; and coll, trust bonds of Amer. Ice
Co., $9,000. During the year 1912 the “ first and general” bonds held were
decreased by $576,000, presumably through sale.
b Consists of $200,000 (par) Amer. Ice Co. real estate and 1st M . bonds;
$695 (par) Amer. Ice Securities Co. debenture bonds, and loan, $41,836.
N ote. — Accrued dividends unpaid on the cumulative pref. stock amount
to $7,273,597, of which 96.2% applies to stock owned by Am. Ice Sec. Co.
— V. 95, p. 681, 546.
G E N E R A L

IN V E S T M E N T

N E W S .

R A IL R O A D S , IN C L U D IN G E L E C T R IC R O A D S .
(B irm ingham (A la .) R ailw ay, L igh t & Power C o .—
Tho common stock, which is mostly held by the American Cities Co.,
has been increased from $3,500,000 to $3,900,000.— V. 93, p. 1724.

B osto n (M ass.) E levated R y .— Slock Rights.— The capital
stock having been increased from $19,950,000 to $23,950,000
(V. 95, p. 1272, 1400), stockholders of record Jan. 1 1913 are
offered, by circular of Dec. 30, the right to subscribe on the
company’s warrants for the new stock at $105 per share for
each five shares owned by them, respectively, at the Old
Colony Trust C o ., agent, I3oston, on or before Jan. 17 1913.
Subscriptions must be paid at said trust company in Boston or Now York
funds: $30 per share at time of subscription; $25 Feb. 15 1913; $25
Mar. 15 1913; $25 April 15 1913. The company will not buy or sell rights.
Upon subscription, or any installment day, the subscriber may pay in full
the balance of his subscription, in which case ho will be allowed interest at
5% per annum upon the amounts prepaid to the several dates upon which
tho installments are payable, but in case of payment prior to Jan. 17 1913.
interest will be computed from that day only. Certificates of stock will
be issued on and after April 15 1913.— V. 95, p. 1606, 1402.

B osto n & Lowell R R .— Bonds Authorized .—
The stockholders on Jan. 1 authorized the issue of $1,000,000 20-yr.
4X
A % bonds, dated Feb. 1 1913, to retire a like amount of bonds due
Feb. 1 1913. Tho directors were also authorized to sell from time to time
such real estate as they may deem no longer necessary for tho company’s
business. V. 95, P- 1683, 1330.
_ ■
... . ,, t V. A UN . 7
B ritish C olum bia Elec. R y .— £750,000 N ew 4 \ i % Deb.
T o provido for extensions and general purposes, tho company in London
until Dec. 21 received applications from the preferred and deferred ordinary
stockholders for the underwriting of £750,000 4M % perpetual consolidate
debenture stock at 98% . An underwriting commission of 2 'A % will be
paid on tho stock subscribed. The stock will rank pari passu with the ex­
isting perpetual [and irredeemable] consolidated debenture stock, of which
£2,037,155 is now listed on the London Stock Exchange.
[The London Stock Exchange lias been asked to list the further issue of
£200,000 deferred ordinary stock, £200,000 preferred ordinary stock and
£200,000 5% cumulative perpetual preference stock, making the total
amount of each_on the list £1,200,000.i See V. 95, p. 110.
B rooklyn Rapid T ran sit C o.— Hearing on Contracts.—
See "Rapid Transit in N. Y . C ity” below.
Increase of Stock.— The company yesterday filed at Albany
a certificate of increase of its authorized stock from $4 5,000,­
000 to $90,000,000, the new shares to bo issued from time
to time prior to July 1 1914, exclusively for the conversion
of tho 4 % bonds of 1902, $ for $, if presented by the holders
for that purpose. Of these bonds, $34,750,000 are outstand­
ing in the hands of the public, being part of an issue limited
to $ 1 5 0 ,0 0 0 ,0 0 0 — V . 95, p. 1206, 1039.
C aliforn ia R ailw ay & Power C o.— Status.— The final
prospectus issued Dec. 6 by the United Railways Investment
Co. (which see below) differs in various minor details from
tho preliminary plan, notably in tho amounts of common
stock authorized and issued, respectively. Tho entire out­
standing “ preferred stock” and common stock will be owned
by the United Rys. Investment Co. and its subsidiaries.
Capitalization—
Prior preference stock------- - - - - - ­
Preferred stock, 7% , cumulative.
Common stock--------------------------

Authorized.

.85,000,000
.10,000,000
.45,000,000

N ow Issuable.

$3,000,000
6,874,400
40,000,000

pplication o f Present Stock Issues— Securities to be Acquired, Embracing
Entire Outstanding Issues, Except (a) Directors' Shares and (b) $9.- 63
146,100 Common Stock of United RRs. of San. Fran., held
hti SZsrn Urnri 7?.l T?iiv (V.rttirt* Sllnrlr

(1) Sale of $3,000,000 prior pref. stock to a syndicate organized by E. II.
Rollins & Sons, especially for acquisition of—•
Notes of United RRs. of San Francisco_______________________ $2,000,000
Part payment for tho pref. stock of Coast Valleys Gas & Elec. C o . 2,000,000

63

THE CHRONICLE

(2) Present $6,874,400 pref. stock to be exchanged as follows—
(a) $2,285,800 presently, $for$ ,for7% lst pref. stock of United
It Its. of San Francisco--------------------------------------------------------- 2,285,800
(b) $2,714,200 to be reserved and exchanged from time to time,
$ for $, for tho$2.714,2007% 1st pref.stock of United It Its.of
San Fran., which is now subject to the lien of the serial notes
of tho United Ity». Investment Co., title thereto to pass at
once; but the delivery to bo made as said notes are paid---------2,714,200
(c) $1,874,400 to be issued in part payment for the stocks specif­
ically stated in(3)............ .......................... ........... - ----------------- See below.
(3) The $40,000,000 o f common stock issuable in part payment for—
Pref. Stock.

Com. Stock.

United Railroads o f San Francisco.................. ......... $20,000,000*$8,801,400
Sierra & San Francisco Power C o . . ---------------------- Is nono
10,999,000
Coast Valleys Gas & Electric C o__________________ 2,000,000 2,999,500
San Francisco Electric Railways--------------------------- Is nono
9,997,500
♦The stocks thus to bo acquired as above are all tho outstanding capita*
stocks in each case except (1) shares to qualify directors and (2) $9,146,100
common stock of United RRs. of San Fr., which will remain in the treasury
of the San Francisco Eloctric Railways, all o f the stock of which will bo
owned by the Cal. Ity. & Power C o., as above stated.
A part of the above stocks is now owned directly by tho Investment Co.
and a part by the Railroads & Power Development Co., all of the outstand­
ing stock of which, except directors’ shares, is owned by tho United Rail­
ways Investment Co. It is proposed eventually to dissolve the Develop­
ment Co. and to transfer the stock of the California Ry. & Power Co.
then held in its treasury directly to tho Investment Co.
Description o f the Prior Preference Stock— Future Issues Thereof.

Prior preference as to dividends and principal. Dividends (quarterly
and cumulative) must be declared and paid so far as the surplus and not
profits permit. Subject to redemption at $115 a share, except the first
§3,000,000, which is redeemable at par, In consideration of the agreement
to retire on Jan. 1 1914 to 1917 $100,000 yearly, thereafter $260,000 a year
until the entire $3,000,000 Is canceled.
The charter provides for a
cumulative sinking fund to redeem this stock. No future issues aro to bo
redeemable until cancellation of the first $3,000,000. No mortgago, pledge,
hypothecation or other incumbrance can be created that does not provide
for the cancellation of all of prior preference stock then outstanding.
Tho $2 000 000 prior preference stock to be authorized but not presently
Issued is to be issuable only for the purpose of acquiring securities of tho
United RRs. o f San Francisco or of a successor company.
-r
It is expected that the authorized capital stock of tho California Ry. &
Power Co. will be increased in future, but no prior preference stock other
than that now authorized is to be issuablo except to provide for additions,
extensions or betterments to the properties of companies a majority of
whoso stock is owned or hereafter acquired by the Cal. Ry. & Power Co.,
or for the acquisition of securities of subsidiary companies ranking prior
to tho stocks o f those companies owned, or for tho acquisition or to aid tho
subsidiary companies in acquiring in whole or in part the capital stock
of other public utility companies, as sot forth in the charter.;
Rights of Pref. and Common Slocks, Subject to Prior Rights of Prior Pref. Slock.

The preferred stock will be entitled to cumulative dividends at 7% per
annum out of surplus or net profits when and as declared by the board for
such periods and on such days as the directors may determine before any
dividends can be paid on the common stock. Tho pref. stock will bo
subject to redemption at $115 a share.
Subject to the rights of the prior preference stock and the preferred stock,
tho common stock will be entitled to dividends if, as and when declared
by the board out of the surplus or net profits, but the directors may, in
their discretion, before paying dividends on tho preferred stock or common
stock in any year, fix the amount, if any, to be reserved as working capital,
and may in their discretion, after the entire $3,000,000 of prior preference
stock first issued has been retired, set aside in any year funds to bo used
for tho redemption of prior preference stock then outstanding. Each share
of stock, irrespective of class, is to enjoy equal voting rights.
>
In caso of liquidation or dissolution the prior preference stock shall bo
paid, and all cumulated unpaid dividends, and thereafter tho pref. stock
and all cumulated dividends calculated in each caso to date of dis­
tribution. The balance of the assets shall bo distributed ratably among
tho holders of tho common stock.
, , ,
.
Tho foregoing outlines tho proposed plan referred to in the letter of tho
President of the United Railways Investment Co.,*dated Dec. 6 1912.
— _V. 95, p. 1 7 4 4 ................... .
........ __________ -.A . "*■
C h e s a p e a k e & O h i o R y . — Decision. — T h e U . S . C i r c u i t
C o u r t a t C o l u m b u s , O . , o n D e c . 3 0 i n th o s u i t b r o u g h t b y
t h e G o v e r n m e n t in A u g u s t 1 9 1 1 u n d e r t h o S h e r m a n A n t i ­
T r u s t la w a g a in s t th e L a k e S h o r e & M ic h ig a n S o u t h e r n ,
C h e s a p e a k e & O h io , H o c k in g V a llo y , T o le d o & O h io C e n t r a l,
K a n a w h a & M ic h ig a n a n d Z a n e s v ille & W e s t e r n , a n d th e
S u n d a y C r e e k C o a l C o ., C o n tin e n ta l C o a l C o . a n d th o K a n a ­
w h a & H o c k i n g C o a l & C o k e C o . , h a n d e d d o w n a d e c is i o n
in f a v o r o f t h e G o v e r n m e n t .
T h o C o u rt says:

•‘ Upon tho whole, we conclude that the March agreement and what has
been done and is being done under it, operated unreasonably to monopolize
commerce among the States and consequently that tho complainant is
entitled torellefs; but the precise nature and extent of relief to bo awarded
cannot at this stage bo determined. * * * The ovidenco shows that
the union of interests so Induced was carefully developed, and that its
inevitable tendency and effect were to combine and monopolize the stocks
and interests o f the railroads and coal mines.”
The Court does not decide tho questions: ' ‘ Aro the holders of capital stock
of tho Hocking Valley and Chesapeake & Ohio railroads indispensable
parties to tho case? How shall tho joint ownership and control of the
Kan. Sc Mich, be terminated? Must tho reciprocal trackage arrangements
over tho Hocking Valley and T. & O. C. roacls bo terminated, in connection
with plans adopted for the termination of tho joint ownership and control
of tho Kan. Sc Mich. ? T o what further extent and in what further respect,
if any, shall relief be granted touching the control and operation of other
railroads mentioned?”
Frank Trumbull, Chairman of the board, on Dec. 31 made the following
statement: “ The decision appears to cover two points— First, the right
of tho railway companies to retain any Interest in stocks of certain coal
companies; second, tho alleged joint control by the Lake Shoro Sc Michigan
Southern and the Chesapeake & Ohio of the Kanawha & Michigan Ry.
Judges Warrington, Knappen and Dennison agree in holding that any
interest in the coal stocks must bo disposed of. On tho second point,
Judges Warrington and Knappen express tho opinion that the arrangement
is in restraint of trade. Judge Dennison is of the contrary opinion. Tho
present administration o f tho Hocking Valley has not exercised and does
not desire to exercise any control over tho operations of any coal company.
No formal decree on either point is rendered or suggested at the present
time, but the judges ask further argument as to tho extent of tho relief
to bo granted. Tho ownership by tho Chesapeake & Ohio In the stock of
the Hocking Valley docs not appear to be criticized. The foregoing is based
on telegraphic information, and full consideration of the effect of tho deci­
sion must be postponed until tho full text has been received. The caso can,
of course, be appealed to tho Supreme Court of tho United States. — V.95,
p. 1122, 1039.
.
- ■- - ■
——ith~i t nrrtT aii ni i «■»«■—
C h i c a g o C i t y R y .— Bonds, Earnings, & c. —
The $1,500,000 1st M . 5s due Feb. 1 1927 purchased last week by White,
Weld & Co., tho First Trust Sc Savings Rank and tho Merchants' Loan Sc
Trust Co. of Chicago mako $27,200,000 of tho Issuo outstanding, covering
physical property that on Nov. 30 1912 was valued at $45,355,401 by the
City Board of Supervising Engineers. The net corporatei income for tho
10 months ended Nov. 30 1912 was reported as $2,661,913, as compared
with $1,066,203 interest on bonds for same period.— V. 95, p. 1744.
C h i c a g o & M i l w a u k e e E l e c t r i c R R . — Sale Set A sid e.—
J u d g e L a n d i s in t h o U . S . D i s t r i c t C o u r t h a s s e t a s i d e t h o
f o r e c lo s u r e s a l e o n S e p t . 2 5 o f t h e I l l i n o i s d i v i s i o n t o J a c o b
N e w m a n fo r $ 1 ,6 5 0 ,0 0 0 .

According to newspaper advices, tho Court states that bidding was sup­
pressed and the price offered was $2,000,000 below tho value of the prop­
erty.— V. 95, p. 817, 679.




[Vol. XCVI.

C hicago M ilw aukee & St. Paul R y .— Puget Sound Road
Purchased Outright as well as Bonds A s s u m e d — In reply to
our inquiry as to the exact legal procedure by which this com­
pany had taken over the Chicago Milwaukee & Puget Sound
R y . C o ., General Counsel Burton Hanson writes:

Ry purchase the St. Paul Co. has acquired the fee ownership of tho'railway lines and property of the Chicago Milwaukee & Puget Sound Co.
Tho entire capital stock of that company heretofore held by tho St.Paul
Co. will continue to be held by tho latter as a muniment of title and for tho
purpose of continuing the corporate existence of the Puget Sound Co. for
such length of time as may bo thought advisable, but tho linos of railway
formerly owned and operated by that company, by tho conveyance to tho
St. Paul Co., will bo owned and operated by the latter company, .rf
A
As part of the consideration of tho purchase, the St. Paul Co. assumes
and agrees to punctually pay, when due and payable, all bonds Issued
under tho first mortgage o f tho Puget Sound C o ., as woll as all other existing
obligations of that company. _
_
_
Chairman D ies. — Chairman Roswell Miller died yester­

day.— V . 95, p. 1683.
Cleveland (Electric) R y .— Probable Stock Issu e. — Local
papers say that within a short time the stockholders will be
offered the right to subscribe for a further block of stock,
probably about $3,600,000, or 2 0 % of the outstanding
amount after the $3,014,920 stock which was offered in
September has been issued (V . 95, p. 236, 480).

The new stock will be used to pay for improvements and to provide the
remainder of the amount nesessary to retire tho 1st M . bonds (about
$5,000,000) due M ch. 1 1913.— V. 95, p. 968, 749.
C olorado & S o u th e rn R y .— Decision. —
The Colorado Supreme Court on Dec. 9 affirmed the order of tho RR.
Commission made early last year directing the company to resume opera­
tion of tho line between Como and Rrecklnridgo, 22 miles, over Horeas Pass
on what is known as tho South Park branch, which was discontinued bocause, it was claimed, the high cost of maintaining the stub line mado
operation prohibitive on account of heavy snow, excessive curves and
grades.— V. 95, p. 1607, 1336.
C um berland Valley R R .— N ew President.— Moorehead

C . Kennedy has been elected President to suceed James
M cCrea.— V . 87, p, 613.
Denver N orth w estern & Pacific R y .— Receivers' Cert.
Judge Riddle in tho District Court on Dec. 26 authorized tho receivers
to issue $50,000 2-yr. 6% certificates to pay accruod rentals duo to the
Northwestern Terminal Ry.

The Denver & Salt Lake R R ., which was recently organ­
ized as successor, has, it is stated, given out equipment
orders amounting to about $650,000.

The contracts include 300 gondolas, 125 miscellaneous freight cars and
2 locomotives.— V. 95, p. 1683, 1541.
E d m on ton D u nvegan & B ritish C olu m b ia R y .— Bonds.
The London Stock Exchange has listed scrip for £700,000 1st M . 4%
guaranteed debenture stock. Seo V. 95, p. 1207, 1273.
G rand T ru n k Ry. C o.— Consol. Deb. Stock.— Tho Lon­

don Stock Exchange has been asked to list scrip, fully and
partly paid, for the recent issue of £1,000,000 perpotual 4 %
consolidated debenture stock; (see V . 95, p. 1683-4.) There
is already listed £20,371,942 of this issue.
Interest abt. 3 2 -3 % on W ell. Grey & Bruce Ry. Bonds.—

The earnings (est.) of tho Well. Groy & Rruco Ry. for tho half-year end­
ing Dec. 31 1912 applicable to meet Interest on tho bonds admitted of tho
payment on Jan. 1 of £3 13s. 3d. per £100 bond, contrasting with £3 9s. 7d.
last year. Compare V. 95, p. 1683.
G u ay aq u il & Q u ito R y .— Prior Lien Interest.— Tho

Windsor Trust Co. is paying tho coupons duo Jan. 2 on the
prior lien 6 % bonds.— V . 95, p. 1745, 818.
Illin o is T raction C o.— Increase of Sub. Co. Stocks.—
Notices of increases wero filed on Dec. 30 as follows: St. Louis Spring­
field & Peoria Ry. from $7,850,000 to $8,250,000, and Bloomington Deca­
tur & Champaign from $3 ,5 2 5 , 0 0 0 to $3,650,000.— V. 95, p. 1542, 172.
In terb o rou g h R apid T ra n sit C o ., N. Y . — Contracts.—
See “ Rapid Transit in N. N. City” below.— V. 95, p. 1472, 1331.
In tern a tio n a l R y ., B u ffa lo , N . Y .— Bonds Offered.—

Bertron, Griscom & C o ., N . Y . , Pliila. and Paris, aro offering
at 97*^ and in t., by adv. on another page, the unsold por­
tion of thoir block of $3,832,000 refunding and improvement
5 % gold bonds, datod N o v . 1 1912 and duo N ov . 1 1962, but
callablo at 110 and int. on any interest date. Interest M . &
N . in N . Y . C ity. Par c* $1,000 and $100, r $1,000 and mul.
Trustee, Bankers Trust C o ., N . Y . Exempt from taxation
in N . Y . State. Approved by P . S. Commission. A cir­
cular says in substance:

Tho company owns a complete system of urban and intcrurban olectric
railways, comprising 374 miles of track operating in and between tho cities
of Buffalo, Niagara Falls, Lockport, North Tonawanda aiul Ionawanda,
and connecting tho villages of Depow and Lancaster with Buffalo. It also
owns tho Canadian Electric Ry., which traverses tho ontlro longth of tho
Queen Victoria Niagara Falls Park and is connected with the American
trolley system by tracks over tho steel arcli bridge owned by it at Niagara
Falls and the Suspension Bridgo between Queenstown, Ontario and Lewis­
ton, N. Y. Total population served about 550,000.
Data from President Thom as Penney, B uffalo, Dec. 30 1912.
Capital Stock ($16,320,500) and Net Funded Debt ($20,458^500.)
Capital stock___________ ________ - ......................................... --$16,320,500
Refunding and improvement 5% b o n d s ..- - - - - — - - - - - - - - - - - 8,176,000
Prior lien bonds, $13,282,500; less $1,000,000 duo April 1 1913,
cash for payment of which will be deposited with Bankers
Trust Co., trustee, $1,000,000------------------------------------------ 12,282,500
T o finance tho assured growth of the property, the company has author­
ized an issuo of $60,000,000 refunding and improvement 5% bonds, of
which $8,176,000 are now outstanding. Of tho balance, $11,641,500 are
reserved to retire prior lien bonds and the remaining $40,182,500 may be
issued only for additions, improvomonts and car trust payments with tho
consent or tho P. S. Commission. (Seo V. 95, p. 1608.)
Earnings Year ending June 30 1912— Interest on above $20,458,500 Bonds.
Gross receipts___________ $6,305,981 [Present annual interost— $1,027,720
Net, after taxes and rents. 2,131.6701 Balance, surplus------- - - - 1.103.J50
Tho physical valuation of tho property Is well in excess of tno amount
of outstanding bonds.
,
..
__
The sinking fund provided in tho mortgago requires tho paymont to tno
trustee annually, commencing with 1912. of such sums: as in
®8gregat°
(with interest thereon compounded) will bv July l 1949
,tho
payment of existing mortgago bonds of the company and subsidiaries,
amounting to $12,651,500, and for such of tho now 5% bonds as shall havo
been Issued to rofund tho same.
,
. _. ___, __ . _ _
The franchise on t lie most important business streets and main avenues
of travel in tho city of Buffalo are, in opinion of counsel, for long-term
periods, or without tlmo limit, only 47 miles of minor trackage being op­
erated under franchises having less than 25 years to run; Outside of the city
they are either for long-term periods or aro perpotual. V. 95, p. 1608, 1123.
In tern ation a l & G reat N orth ern R y .— Opposition to
Proposed Sale.— The Texas R R . Commissioners, according

to newspaper reports, oppose the plan for the purchase of
control by the Missouri Pacific.

They have, it is said, announced that if such action were taken the Attorncy-Goneral will be instructed to file suit against the company for the
forfeiture of its charter on the ground that its contiol by a corporation out­
side of tho State would lie in violation o f the laws of Texas. Governor Col­
quitt says that ir a bill is passed by the Legislature permitting tho con ­
solidation, ho will veto the same. Tho report, however, that, owing to
these objections tho Missouri Pacific will givo up its plans to acquire the
property is said to be premature, friends of the company claiming that they
can readily be overcome either by tho organization of a new Texas corpora­
tion to hold tho stock in the interest of the Missouri Pacific, or some other
arrangement acceptable to the Texas authorities.— V 95, p. 1331, 1273.
In tern a tio n a l T raction Co. of B u ffa lo .— N ew Tem­
porary Bonds Ready .— Tho committee announces by adver­

tisement on another page that the new temporary collateral
trust 4 % bonds issued under tho substituted bondholders’
plan dated M ch. 22 1912 (V . 94, p. 911), bearing interest
from N o v . 1 1912, will bo issued in exchange for tho cer­
tificates of doposit at tho office of J. P. Morgan & C o., tho
depositary, on and after Jan. 2, with accrued interest from
July 1 to N ov. 1 1912 on the deposited bonds.
Interest on the new collateral trust bonds due Jan. 1 1913 will be paid to
tho registered holders at tho same place.
Offering of N ew International Ry. Bonds .— See that com­

pany abovo.— V . 95, p. 420.
Iron w ood (M ich.) & Bessemer R ailw ay & L ig h t C o.—
The company has filed an amendment toils articles of incorporation in­
creasing its authorized capital stock from $700,000, consisting of $500,000
common and $200,000 6% cumulative preferred (of which $128,000 is
outstanding) to $900,000.— V. 93, p. 1260.
K a n aw h a & M ich igan R y .— Decision .—
See Chcsapeako Sc Ohio Ry. abovo.— V. 95, p. 1396, 111.
K a n sas C ity Mexico & O rient R y .— N ew General M a n ­
ager.— M . J. Knelly, formerly division superintendent of

the Rock Island, and lately assistant general manager of
tho K . C. M . & O ., has been appointed General Manager, to
succeed Edward Dickinson, who continues as Vice-Presi­
dent.— V . 95, p. 1331, 1123.
K en tu c k y U tilities C o .— Sale of Bonds .— This subsidiary
of the Middle States Utilities Co. (V. 95, p. 1546) has sold
$1,000,000 of its $5,000,000 1st M . 5 % bonds. See V . 95,
p. 1745.
Lake Erie & N orth ern (Electric) R y ., B ran tfo rd , O n t.

Tho 1st M . of $1,100,000 is a closed mortgage and is limited to this
amount. Actual construction work has not yot commenced, although
a largo portion of tho right of way, wo are Informed, has been purchased
and contracts let for the construction and for material, such as ties, rail, &c.
Actual construction work will start about March 1. Our contract provides
that tho lino shall bo completed ready for operation by Dec. 1 19l3. See
V. 95, p. 1746.
Lake Shore & M ichigan S o u th e rn R y .— D ecision .—
Soo Chosapoako Sc Ohio Ry. abovo.— V. 94, p. 823, 835, 768.
L eh igh & New E n g lan d R R .— Equipment Trust .— This

company has filed an equipment trust agreement, dated
Oct. 15 1912, with tho Guarantee Trust & Safo Deposit
C o. of Phila., as trustee, covering new cars and locomotives
on account of which a cash payment of $92,356 is mado and
for tho balance of tho purchase money there are issued
$550,000 4 Y i% equipment certificates dated Feb. 1 1913,
maturing $35,000 annually for 14 years, and $60,000 in
15th year. Equipment covered, 500 steel undorframo box
cars, 100 steel coal cars, six locomotives and ono wrecking
crane.
N ew Stock.— A certificate was filed at Harrisburg, P a., on
Jan. 2 increasing tho auth. capital stock from $3,000,000
($1,000,000 issued) to $7 ,500,000, all of ono class. A por­
tion of tho now stock will bo issued to retiro funded debt.—
V . 95, p . 1 4 0 3 ,111.
L eh ig h V alley R R .— N ew Jersey City Terminal .— Tho
company, it is announced, will on M a y 1 next abandon the
Pennsylvania terminal at Exchange Placo and run its trains
into the New Jersey Central terminus at Communipaw.
Work will begin at oiice out on tho Newark meadows to run tracks con­
necting the present Lehigh Valley lines at that point with tho Central.
— V. 95, p. 486.
M ansfield (O .) R y ., L ig h t & Power C o.— Receivership.—
Judge Mansfield in tho Common Pleas Court on Dec. 30 appointed S. N.
Ford as receiver and directed him to soli tho property within 4 months.
Compare V. 95, p. 1542.
Mine H ill & Sch u ylk ill H aven R R .— Corp. Tax Suit .—
Argument will be heard in the U. S. Supremo Court on or about Jan. 6 in
the suit of tlie company to collect the amount of the taxes paid to the Gov­
ernment under protest under the Corporation Tax Law. The case is regarded
as a test ono on the question whether companies which lease their roads
to others must pay taxes upon the amount of rental received on the
theory that they are engaged in the “ doing of business” within tlie rulings
of tho Supremo Court in other cases. The lower courts have decided
against the Government’s contentions in the suit.— V. 63, p. 1011.
M inneapolis & St. Loui3 R R .— Residls.— An official

statemont, including Iowa Central,

shows:

Combined Results for Five Months ending. ^Nov. 30.
.
1912.
1911.
■
— Increase.—

_
---------$4,310,746 $3,434,643 8876.103-2511,%
Gross earnings--------Surplus net revenues, after interest,
taxes and all charges------- -------368,046 def.67,139 435,185
Expended for maintenance of road
and equip., [increase duo to per­
manent impts., grade reduction,
heavier rails, ballast, &c]- - - - - - 1,096,695
909,493 187,202-2014%
During tho past three months the temperature in tho grain territory
served by the road has been unusually mild and tho farmers iiavo been able
to do much of tho plowing that is usu; lly left until spring; an increased
yield is therefore predicted for 1913. As indicating tho activity of general
business, attention is called to tho fact that tho total bank clearings In
Minneapolis and St. Paul in November 1912 exceeded $205,500,000, an
increase o f 20 to 22% over Nov. 1911, as against an increase of 9 to 12%
for Now York City.— V. 95, P- 1684, 1207.
M issouri Pacific R y .— Purchase Opposed .—
Sio International Sc Great Northern RR. abovo.— V. 95, p. 1746, 1472.

M on on gah ela Valley T raction C o., F airm on t, W . Va.
— First Common Dividend.— An initial dividend of 2 % lias
been declared on tho $5,000,000 common stock, payable
Jan. 11 to holders of record Jan. 8.
A like amount, it is stated, is expected to bo paid in July, thus placing
tho s t o c k on a 4 % basis.— V. 95, p. 176.




63

THE CHRONICLE

J a n . 4 HD 3 ]

Morris C o u n ty (N. J.) T raction C o.— Trackage Ceases .—
The company announced on Dec. 27 that on Jan. 1 it would terminate
the agreement by which its cars for a year past had been running in Elizabeth
from the city line to the Central RR. of N. J. station over the tracks of tho
Public Service Corporation, though this service may bo renewed later if a
favorable contract can be negotiated.— V. 95; p. 1746.
N e w J e r s e y & P e n n s y l v a n i a R R .— Receivership.— F r e d ­
e ric k V . P it n o y o f M o r r is t o w n
on a p p lic a tio n o f W illia m I I .
o f $ 4 ,0 2 1 .— V . 9 2 , p . 5 9 .

h a s b e e n a p p o i n t e d r e c e iv e r
J e ffe r s , w h o h o ld s a c la im

New Y o rk C en tral L in es.— Authorized.— The Ohio P .U .
C o m m i s s i o n o n D e c . 3 0 g r a n t e d p e r m i s s i o n t o is s u e $ 1 2 , 5 4 7 , ­
0 0 0 c e r tific a te s u n d e r th e e q u ip m e n t t r u s t o f 1 9 1 3 .
A s im i­
la r a p p l i c a t i o n is p e n d i n g in N e w Y o r k .

The Commission disregarded the protest of C. II. Venner & Co. of New
York, representing minority stockholders of the Michigan Central, who
claimed that each of the roads named in the agreement are collectively and
severally responsible for the entire amount of the certificates, and that,
as the Michigan Central and Lake Shore roads should really be compet­
ing roads, this is a violation c f tho Anti-Trust law.— V. 95. p. 1608, 1403.
New Y o rk New H aven & H artfo rd R R .— Electric Ser­
vice to N ew Haven to Begin About July 1 — Steamships .—
Pres. Charles C. Molleti is quoted as saying; "The completion of the
work of electrification between Stamford and New Haven should, if every­
thing goes as planned, bo completed about July 1.
“ The New Haven has never fictitiously valued its assets. Tho New Eng­
land Steamship Co., which operates our Sound lines, is not a very profitable
investment, but it can earn in ordinary times, legitimately, somewhere
from 4% to 5% upon the value of its property.”
Pullman Co. N ow Operates Parlor and Sleeping Cars .—
See Pullman Company under “ Industrials” below.— V. 95, p. 1746, 1684.

N orth ern C entral R R . — N ew Director.—
Waldo Newcomer, Pres, of National Exch. Bank of Balt, and V.-Pres.
of the Atlantic Coast Line C o., has been elected a director to succeed
Samuel Rea. Philip A. Small of York, l’ a., becomes a director in place
of tho late A. Loudon Snowden.— V. 95, p. 680.
O hio River & N o rth e rn R R .— Application Granted .—
The Ohio 1*. U. Commission has granted permission to Lssuo $1,000,000
stock and $2,500,000 bonds.— V. 95, p. 1208, 818.
Pere M arqu ette R R . — N ew President, & c. — S a m u e l M .
F e l t o n , P r e s i d e n t o f t h e C h i c a g o G r e a t W e s t e r n a n d o n e of
t h e t h r e e r e c e i v e r s , h a s b e e n e le c t e d P r e s i d e n t to s u c c e e d
W illia m C o t t e r , w h o r e c e n tly r e sig n e d .
G e o . W . P e rk in s,
C h a i r m a n o f t h e b o a r d , a n d J . L . C r a m e r , C o m p t r o l l e r , have
r e s i g n e d a s d i r e c t o r s .— V . 9 5 , p . 1 6 0 4 , 1 6 0 8 , 1 2 0 8 .

R apid T ra n sit in New Y o rk C ity . — Hearings on Con­
tracts, A c . — T h e P . S . C o m m i s s i o n w i l l o n J a n . 1 4 h o l d p u b ­
lic h e a r in g s o n t h e f o r m o f s u b w a y c o n t r a c t s , c o n t a i n i n g
t e r m s a n d c o n d i t i o n s t o g o v e r n j o i n t c o n s t r u c t i o n b y t h e city
a n d b y th e In te r b o ro u g h R a p id T r a n s it C o . a n d b y th o N e w
Y o r k M u n ic ip a l R a ilw a y
C o r p o r a tio n
(B r o o k ly n
R a p id
T r a n s it s y s t e m ) , o f th o r a p id tr a n s it r o a d s e m b r a c e d in th e
s o -c a lle d “ d u a l s y s t e m ,” a n d o p e r a tio n b y th o s e c o m p a n i e s ,
r e s p e c tiv e ly , fo r 4 9 y e a r s fr o m J a n . 1 1 9 1 7 (s u b je c t to p r o ­
v is io n s fo r r e c a p tu r e a ft e r 1 0 y e a r s ) o f th e p o r tio n s o f s a id
lin e s a l l o t t e d t o e a c h in c o n j u n c t i o n w i t h e x i s t i n g r a p i d t r a n ­
s it r o a d s n o w o p e r a t e d b y e a c h .

The hearings on proposed contracts for tho extending and third-tracking
of the Interborough will take place on the 17th, as also that on third-track­
ing the Brooklyn Rapid Transit lines, involving to a largo extent tho recon­
struction of tho present elevated lines, and on Jan. 18 on the extensions of
tho elevated lines of tho Brooklyn Rapid Transit, including the Franklin
Avenue elevated line, which will bo practically an extension of tho Brighton
Beach line, and it is proposed to extend to the Queensboro Bridge plaza.
The principal difficulty, viz., that involving the question of the charging
of interest on the $40,000,000 6% note issue put out by the Brooklyn
Rapid Transit C o., none of the proceeds of which was required, owing to
the delay in arranging the contracts, has been satisfactorily arranged with
that company. While it is likely that changes may still be made, it is
thought that they will bo for the most part merely verbal and not affect
materially the contracts as agreed upon between the companies and the
Commission.
Ex-Justice David Leventritt, Austen G. Fox and Robert C. Morris, the
commissioners appointed by the Appellate Division of the Supreme Court
to determine the feasibility of new subway routes in Manhattan and tho
propriety of the construction of all the routes determined upon, filed their
report with the Court on Dec. 30, approving the William Street route.
They find that the “ construction of a subway either on two levels or on one
lovel is feasible.” — V. 95, p. 1473. 1208.
Springfield & X e n ia R y .— Extra Pref. Dividend lA % . —
The directors have declared along with the usual quarterly dividend of
1MS% an additional dividend of H % on the $300,000 5% pref. stock,
making 614% for the year, being (lie same total as in 1911, and reducing
tho accumulated dividends to 2 3A % . — V. 93, p. 1790.

Tennessee C en tral R R . — Receivership.— J u d g e S a n f o r d
in U . S . D i s t . C o u r t a t K n o x v i l l e o n D e c . 3 1 , o n a p p l i c a t i o n
o f t h o M e r c a n t i l e T r u s t C o . o f S t . L o u i s , a s t r u s t e e , in
w h ic h th e c o m p a n y jo in e d , a p p o in te d fo r m e r S u p r e m e C o u r t
J u s tic e W . K . M c A llis t e r a n d V ic e P r e s . I I . B . C h a m b e r la in ,
r e c e iv e r s .
Tile bill alleges that there is duo $1,641,380 for interest on tho bonds
since Jan. 1 1909 and $400,000 on floating debt and that the earnings are
insufficient to pay the same.— V. 92, p. 957.

Toledo (O .) Railw ays & L igh t C o.— Note Negotiations.
It is understood that negotiations are pending for tho sale of the $6,000,­
000 first lien 6% 5-year collateral trust notes to Harris, Forbes & G’o. It
is proposed that (he notes shall be subject to call on any interest date at
101 and hit. instead of par and int. as originally proposed. Compare
V. 95, p. 1040.— V. 95, p. 1747.
U n ited

R ailw ays In vestm en t

C o. — Plan Operative.—

H o ld e r s o f m o r e th a n 5 0 ,0 0 0 sh a res h a v in g g iv e n th e ir w r itte n
c o n s e n t to th o p la n fo r th e fo r m a tio n o f th e C a lifo r n ia R a i l­
w a y & P o w e r C o ., th e s y n d ic a te h e a d e d b y E . H . R o llin s
& S o n s m a d o p a y m e n t o n D e c . 2 0 fo r th e $ 3 ,0 0 0 ,0 0 0 p rio r
p re fe re n c e s to c k o f th o n e w c o m p a n y .
P r e s . M . B . S ta r r in g
in c ir c u l a r o f D e c . 6 s a i d :

Herewith I hand you a prospectus relating to the proposed organlzatlon'of
a corporation to be known as the California Railway & Power Co., which
is to take over and hold the stocks of tho United Railroads of San Francisco
and of tho Sierra Sc San Francisco Power Co. and the shares of other com­
panies as in said prospectus stated. Tho Investment Co. has agreed,
subject to the consent in writing of a majority of its stockholders, to sell
these stocks set forth in the prospectus for stocks of tho California Railway
Sc Power Co., also to sell $3,000,000 prior preference stock of that com­
pany to a syndicate organized by E. II. Rollins & Sons.
'
As a result of tho transaction, if consummated. $6,874,400 7% preferred
stock, $40,000,000 common stock, being all of the pref. and common
stocks of the California Railway & Power C o., will bo owned directly or
indirectly by tho United Railways Investment Co.

[Vol. XCVI.

T H E C H R O N IC L E

G4

Securities to be Transferred to California Railway & Power Co.

(1) B y United Railways Investment Co.:
United Railroads of San Francisco first preferred stock_________ 55,000,000
United Railroads of San Francisco preferred stock______________ 20,000,000
United Railroads of San Francisco common stock______________ 8,801,400
Coast Valleys Gas & Electric Co. preferred stock_______________
600,000
(2) By Railroads & Power Development Co.:
San Francisco Electric Railways capital stock_________________ 59,997,500
Sierra & San Francisco Power Co. capital stock________________19,999,000
Coast Valleys Gas & Electric Co. preferred stock---------------------- 1,400,000
Coast Valleys Gas & Electric Co. common stock---------------------- 2,999,500
— V. 95, p. 1609, 298.
U n io n T raction Co. of In d ia n a .— N o Dividend on 2 d
Pref.— The directors have decided not to pay a dividend at

Properties Controlled by This Massachusetts Corporation.

(а) Entire stock ($100,000) and bonds ($450,000) of Bellows Falls Canal
Co., which was chartered in 1792 and owns at Bellows Falls, Vt., tho
second largest water power on tho Connecticut River, ovor 50 ft. of fall.
Its income has long been assured through contracts most of which run
in perpetuity with customers having no other sourco of power. The
present earnings can be increased many times by re-dovelopmont along
modern hydro-electric lines, and at comparatively small expense, as a mod­
ern concrete dam less than five years ago replaced tho 100-ycar-old dam.
(б) Entire stock of Bellows Falls Electric Light C o., which owns six
valuable "mill powers" along the canal of tho Canal Co. and sells power
under long-time contracts. No debts.
(c)
Entire 5125,000 stock of tho Fall Mountain Electric Light & Power
Co., which, with only $65,000 bonds outstanding, does the electric-light
and electric power business in towns of Bellows Falls, Westminster ami
Saxton’s River, Vt., and Walpole, Charlestown, Alstead, N. II., and owns
both an efficient steam station and distributing system and a developed
water power on Saxton’s River; its business having moro than trebled in
the past ten year's.
„
The Connecticut River Power Co. of Maine (V. 93, p. 410; V. 94, p.
627; V. 95, p. 178, 1042) owns tho entire beneficial interest in 85% of tho
$150,000 common stock and guarantees the dividends on the 5650,000
pref. stock. The two companies should be of distinct advantage to each
other, since, by utilizing tho market which the former has developed,
handsome increases in the income of both should easily be possible. It
is also believed that a large local demand for power exists.
Earnings for Year ending July 31 1912, W i t h o u t the Increase Reasonably

this time on the 83,000,000 2d pref. stock. The net earnngs for 1912 (Dec. estimated) are reported as exceeding
87 5.00 0 after providing for the 1 st pref. dividend, but the
directors decided to apply the same to new equipment, &c.
— V . 95, p. 819, 362.
V alley R ailw ays, Lem oyne, Pa. (opp. H arrisb u rg).—
Acquisition.— This company, which was incorporated in
Penn, in July 1912, purchased in Sept, the control of the
to be Expected by N ew Company.
Valley Traction C o ., which operates 44 miles of road from
Net income of subsidiary com panies..-----------•-------------------------------$71,479
Harrisburg to Marysville and to Carlisle, having first in­ Annual
bond interest of Bellows balls I ower C o--------------------------- 27,.>00
creased its cap. stock, auth. and issued, from 810,000 to
Balance (available for 5% prof, div., $3 2,50 0)------------------------- $43,979
82,500 ,00 0, 8 5 0 0 , 0 0 0 being 6 % cum. pref. and 82,000,000
Earnings of Connecticut River Companies for Year 1912. (Dec. E st.).
com . stock. A collateral trust 5 % bond issue of 81,700,000 Combined
Gross .
. ___ $513,0001 Bond interest____________ $159,794
20,439
has been executed to the Farmers’ Trust Co. of Carlisle, Net (after taxes)__________ 327,0001 Note interest........ .............
(available for guaranty on Bellows Falls pref. stock)------- 146,767
as trustee, of which 8700,000 reserved to take care of old Balance
This balance, together with tho surplus from the Bellows Falls Power Co.,
mortgage and balance goes to pay for property. Dated is equivalent to about fivo times the amount of tho dividend requirement
($32,500) on the stock offered.— V. 95, p. 1610, 1042.
Aug. 1 1912; duo Aug. 3 1952.
Sen. William O. Sproui of Chester, Pa., was the moving spirit in the
B row n Shoe C o., In c .— Neiv Com pany .—
organization. Directors: Rudulph Ellis, Phila.; T. C. dul’ ont, Wilming­
ton, Del.; M . C. Kennedy, Chambersburg, Pa.; Geo. II. Stewart, Shippensburg, Pa.; Robert Wetherill and William C. Sproui, Chester, l’ a.;
p . M . Sharpies, West Chester, Pa.; Lewis C. Sadler, Carlisle, Pa.; Sponcer
C. Gilbert, Harrisburg, Pa., and C. II. Bishop, Lemoyne, Pa. C. II.
Bishop is President and Geneial Manager and C. M . Davidson, Secretary
and Treasurer. General offices, Lemoyne, Pa., oppoiste Harrisburg.
The companies whose share capital is covered by the mortgage are the
Harrisburg Sc Mechanicsburg Electric R y., White Hill Sc Mechanicsburg
Passenger R y., Carlisle & Mechanicsburg Street R y., West Fairview &
Marysville Electric Street Rys., Harrisburg & Riverton Street R y., Fairview' Sc Riverton Ry. and Valley Traction Co.; also tho United Electric C o.,
which supplies light and power in the various townships and boroughs from
Mechanicsburg to the river and along tho entiro west shore.
Has no financial connection with the Harrisburg Railways.
W a b a sh -P ittsb u r g h T erm in al R y .— Foreclosure.— Tho

U . S. District Court at Pittsburgh has ordered the foreclosure
sale of the property, upset price 86,000,000.— V . 95, p.
1685, 1609.
W e s te rn M aryland R R .— Possible Dividend Suspension.
It is generally believed that the directors at their meeting on Tuesday next
will temporarily suspend dividends on the pref. stock.— V . 95, p. 1535, 1274.

W h e e lin g

&

Lake

Erie

R R .— Receivers' Certificates
S. District Court on
D ec. 26 authorized Receiver Duncan to issue 8319,000 cer­
tificates for increased dock facilities at Huron, O ., and
8112.000 for renewal of bridges, all payable in two years;
also to issue about 82,000,000 equipment trust certificates.
Authorized.— Judge Day in the U .

The equipment trust certificates are to bo payable either in 10 annual
or 20 semi-annual installments and are to pay for 1,500 freight cars and 20
freight engines. Not exceeding 10% of the purchase prico is to bo paid, in
cash. Tho receiver asked permission to purchaso 3,000 freight cars. The
court reserves tho right to consider the application to buy additional cars.
D ecision. — Tho Court of Appeals at Cleveland on Jan. 2

decided that the meeting of tho minority stockholders on
June 4 1912, at which they elected 12 directors and refused
to recognize the majority stockholders, was legally held
(V . 94, p. 1765). Three more directors, it is stated, will
be chosen shortly.— V . 95, p. 1609, 1474.
Y o rk (Pa.) R ailw ays.— Dividend Increased .—
A semi-annual dividend of 2 'A % has been declared on tho 51,600,000 5%
cum. pref. stock, payable Jan. 30 to holders of record Jan. 20, comparing
with 2% in July and Jan. 1912 and the initial payment of 1% in July 1911.
— V. 94, p. 984.
IN D U S T R IA L , G A S AN D M IS C E L L A N E O U S.
A m erican B eet Su gar.— Common Dividend Omitted.—

The company was incorporated at Albany, N . \ ., with 516,000,000 capi­
tal stock, consisting of $6,000,000 7% cum. pref. aiul $10,000,000 com.,
per plan of ro-capitalization of the Brown Shoo < o. of St. Louis (V. 95, P.
1405). Incorporators include Horace B. Gould of N. Y., Samuel B.
Howard of Mlllbrook, George Warren Brown of St. Louis and Elmer E.
Holmes of Brooklyn.

C an adian W estern N a tu ra l Gas L t.,
C o ., L td .— Debentures.—

H t. &

Power

The London Stock Exchange has listed a further issue of £113,013 5%
1st M . deb. stock, making the total listed £924,646 (total auth., $4,500,000).
— V. 95. p. 483.

C arleton
St. Louis.

Dry

G oods

C o.,

W h o lesa le

Dry

G oods,

The comp

wlflKhav°oy a 7apRM o r $ 8 m 0 0 0 . divided into $1,500,000 first pref.,
$2,500,000 second pref. and $4,000,000 common stock.
Tho aggregate volume of business of the present companies is approxi­
mately $18,000,000. The Carleton Dry Goods Co. will continuo its present
management and occupy its present location. [Present officers: Murray
Carleton, Pres.; Geo. II. Augustine, Vice-Pres.; J. R . Curlee, Sec.; S. G
Wilson, Treas.|
Cedar Rapids Power & Mfg. C o., M o n trea l.— N ew Bds.
Tiie shareholders wero to vote yesterday on authorizing the directors to
redeem any part of tho authorized bond lssuo of $10,000,000 and also to
authorize the company to issue bonds up to $15,000,000. Several forms
of financing, it is said, are under consideration. In November the directors
received authority to increase tho capital stock from $10,000,000 to
$15,000,000. The present Issue of capital stock is 58,000,000, bonds $1,­
500,000.
These old bonds will in all probability bo exchanged for bonds of
the proposed issue. It is thought in Canada that the now financing marks
"an important step in tho consummation of a large deal which will even­
tually be of considerable interest to stockholders of tho Montreal and Shawinigan Power companies.” See V. 95, p. 50, 1210, 127o.
C itizen s’ Gas C o., In d ia n a p o lis.— Neiv Stock at Auction.

— The company will offer at public auction Jail. 27 8200,000
of its capital stock, dated Jan. 1 1913, making 81,250,000
stock outstanding, par 825. Gen. M an . J. D . Forrest on
Dec. 25 said in substance:
ins to S975,000, will be a first lien.
.. . . . . . .
Tho net profits for 1912 will amount to more than 13% on tho $1,050,000
stock now out, or fully 10% on the issue as increased to
.250,000, and
close to four times the present bond interest, although the sale of §400,000
bonds has been on account of construction work whichis not yet yielding
revenue. Dividends are now being paid on the stock at the r& teo t7 %
annum. Under tho franchise, tho company is authorized to P^y 1 0 per
annum on its stock from date of original lssuo of tho stock. Such l()% dfvid e n K e cumulative, and such accumulation on the now stock now offered
for sale will run from Jan. 1 1913. V. J o , p. 969. 81 J.
C on n ecticu t River Power G o .— G u a ra n ty-E a rn in g s.—
See Bellows Falls Power Co. abovo.— V. 95, p. 1010, 1042.
Crowell & T h u rlow Steam ship C o.— Bonds Offered.—

The directors yesterday decided not to tako any action at present in
regard to the payment of a dividend on tho 515,000,000 common stock,
“ owing to tho largo stock of sugar on hand declared unsold.” Regular
quarterly disbursements of 1 \i % were made from Nov. 15 1911 to Nov. 15 gohl 6sms % S 8 a OctY 15
1912, both inclusive.— V. 94, p. 1381.
,
sW^l^eamsiiip^V’ eWrTl^C^owe^L^ist^^iiilt^at Tcost of about $3003)00,'and
A m erican Can C o ., New Y o r k .— N ew Officers .—
w e fl hisured . PCapital stock $150,000, fully paid in actual cash at par.
F S Wheeler, formerly Vice-Prcs. and Treas., has been elected President
C u dah v Packing C o ., C h ica g o.— Earnings.—
to succeed William T . Graham, who resigned. II. W. Phelps has been
? Gross
S Profits
Dcprec
P f.D ivs. Com Dies. Ba
chosen a Vice-Pres. to succeed Mr. Wheeler, and R. II. Ismon succeeds Oct 28
Ypnr__
Sales
for Year. R ep rs.& c.
((>%)•
(4% .
ourp.
M r. Wheeler as Treasurer.— V. 95, p. 1543. 1474.
191M 2 ....5 9 ^ 4 4 3 ,9 7 0 S I329,405 i f 22.221 $120,000 $400,000 $87,244
1910-11___ 87,803,856
830,334 451,027 120,000 ----------- 2o9,307
A u s tin (Tex.) Gas L ig h t C o .— Bonds — Earnings.—
Cooke, Holtz & Co., Chicago, offered at par on Jan. 1 $35,000 ref. M . — V. 95, p. 1475.
20-year 6s of April 1 1911, making 5263,000 outstanding with 5138,000
H arrisburg L ig h t & Power Co — Purchase.—
additional reserved to retire 5138,000 closed mortgage 5s duo Oct. 1 1925.
Bcrtron Griscom & Co. have purchased practically all of the outstanding
Earnings year ending Oct. 30 1912: Gross, $99,039; net, after taxes, $42,119;
stock of tlie Harrisburg Steam Heat & Power Co. at, it is said, $76 a share,
interest for period on 5s and 6s, $19,925. See V. 93, p. 529.
and, it is understood, will consolidate tho property with the Harrisburg
Light & Power Co. Compare V. 95, p. 239.
B aldw in Piano Co. of C in c in n a ti.— Stock Dividend.—
Tho shareholders voted on D ec. 26 to increase the capital stock from
H o u sto n (T ex.) Oil C o.— Suit .—
. .
51 800,000 to $2,800,000, the 51,000,000 now (common) stock to bo gradu­
Attorney-General Walthall of Texas on Dec. 27 brought suit against the
ally distributed through stock dividends of 5% yearly on tho common shares company in tho District Court at Austin, Tex., *p recover alrout 80,000
as partial distribution of tho accumulated surplus amounting July 1 1912 acres of pine timber and oil lands in East Texas, valued at $5,0 > .
to 51 812 540. Pres. George Armstrong said:
lh o large increaso in tho $1,000,000 damages in addition to cover thei valuei of.thottmbOT cut from
company’s surplus represents profits from several years of great prosperity the land. Tho Attorney-General claims that the land was lortutcu to tno
enjoyed by tho company.” See V. 95, p. 1474.
State when Mr. Kirby, who purchased It several years ago
Bellow s Falls (V t.) Power C o.— Guaranteed Pref. Stock transferred it to tho company without obtaining tho patent required by
law to be issued prior to such trf‘ ns.a?S*®n’ -liaitv of tho comnanv’s
Offered.— Baker, Ayling & C o ., Boston, Phila., & c., are offer­ State
Vice-Pres Henry J Bowdoin says that tho validity or tno company s
ing at 96 and accrued div., by advertisement on another tit^etothfiandsmhyasJbeen carefully examined into anJ^n the judgment of
tho legal depart, of tho company tho titlo was perfect. V . «o, p. H>»2, 17 J.
page, the unsold portion of the 8650,000 5 % cumulative
In tern a t. M ercantile M arine C o.— M r . Ism ay Resigns.
pref. stock of this new M ass, corporation. Dividends paya­
Tho directors on lan 2 accepted the resignation of J. Bruce Ismay as
ble M a y 1 and N o v . 1 , guaranteed by Connecticut River P ru d en t of the company agreed to in Jan. 1912 and effective Juno 30 1913,
Power Co. of Maino. Tax-free in M a ss., N . H ., V t. and ^ d dldd^d on V - R ‘ I & o ld A. Sanderson as his su ccessor.-V . 95.
p. 893 , 364.
N . Y . A circular shows:
In tern a tio n a l M otor C o ., N e w Y o r k .— Stockholders
Capitalization Authorized and Outstanding.
Bonded debt, interest rate 5% — ...............................- ....................$550,000 Asked to Turn Over 5 5 % (about 8 3 ,000,000) of 1 heir Common
Preferred stock, par value $100, callablo at 105-------------------------- 650,000 Stock to the Syndicate M aking 81,500,000 Loan.—
Common stock------------------------------------------------------------------------ 150,000




Jan. 4 1913.]

THE CHRONICLE

It transpires that the $1,500,000 ono-year 6% loan was obtained upon
the agreement of directors that the syndicate making the advance should
receive from other stockholders $3,000,000 common stock as compensation
for the loan. The stockholders therefore are asked to surrender 55% of
their holdings of common stock, the total auth. issuo being $6,000,000, out­
standing $5,628,125. They will also be permitted to subscribe cash
towards the $1,500,000 loan, receiving, besides 200% common, a cortificato
of participation in the syndicate. I’ref. stock auth. (7% cum.), $4,000,­
000; issued, $3,600,000.
Digest o f Letter o f Pres. C. P. Coleman, New York, Dec. 12 1912.
Although the earnings for the 10 mos. ended Oct. 31 1012 havo been
sufficient to pay the accruing dividend on the prof, stock, yet the growth
of the business and the acquisition of largo inventories whicli could not bo
liquidated rapidly enough to meet the maturing obligations made it abso­
lutely necessary that a substantial amount of cash be raised for the proper
conduct of tho business. The directors, with leading stockholders, havo
thoroughly canvassed tho situation, and the only feasible plan appears to
bo that adopted by the board on Dec. 3 1912.
Tho entiro $1,500,000 required by said plan has been pledged, and tho
company is accordingly placed in a position where its notes will bo cared
for and it will havo cash to conduct its business, with every prospect of
good success. Tho plan provides that no dividends shall be paid by the
company for a period of two years, except, however, that any dividends on
tho pref. stock that may be earned and declared may bo paid in scrip,
exchangeable for pref. stock of the amount still unissued. The board lias
regrotfully committed itself to this stipulation, but it is a sourco of satis­
faction that tho explanation is found, not in a lack of business or of profits
resulting therefrom, but solely because the company lias outgrown its avail­
able cash resources. (Tho company, wo are inlornicd, is operating at from
80 to 90% of its capacity.— Ed.]— V. 95, p. 1686.
In te rn a tio n a l Paper C o .— N ew President.—
At tho January meeting of the board it is expocted that Philip T. Dodge,
now President of tho Mergcnthaler Linotype C o., will bo elected President
and Alonzo N. Burbank, now President, will bo made Chairman of the
board. Mr. Dodgo has been a director of International Paper for several
years and has a thorough knowledge of its operations, ilis success with
tho Mergonthaler Linotype Co. is indicative of his strength along con­
structive lines.— V. 95, p. 484, 423.
In te rn a tio n a l Shoe C o., St. L o u is.— On 7 % Basis.—
An annual dividend of 7% lias been declared on the $12,750,000 common
stock, payable 1% % quarterly beginning Jail. 15. The pref. stock ($8,­
250,000) has been receiving dividends of U of 1% monthly and on Dec. 24
an extra disbursement of 1% was paid.— Y. 95, p. 1544, 1476.
Jacksonville (F la.) Gas C o.— Bonds — Earnings .—
Cooko, lloltz & Co., Chicago, aro offering at 95 and int. 1st M . s. fd.
5% 30-year gold bonds duo 1942 (see V. 94, p. 1568), also at par and int.
a small block of 6% 10-year debenture gold bonds dated June 1 1912 and
duo Juno 1 1922, but red. on any int. dates (Q.-M .) at 101 and int.
UondeU Debt—
Authorized.
Issued.
First M . s. f. 5s, duo June 1 1942, but callable at 105 $6,000,000 $1,360,000
6% 10-year debentures of 1912, par $1,000 (c*)----- 1,200,000
700,000
Interest is payable on tho 1st M . J. & D. and on the debentures Q.-M.
at First Nat. Bank, N. Y. City, or Cent. Tr. Co. of 111., Chicago, trustee.
The debenture bonds are issued to meet tho demands of tho large growth
of tho city of Jacksonville and tho adjacent territory, and come ahead of
an authorized issuo of $1,500,000 of pref. stock, of which $250,000 is out­
standing and $1,500,000 of common stock outstanding, a conservative
market value of whicli shows a market equity exceeding $1,000,000 beyond
those bonds. Gas sales, 50,589,000 cu. ft. m 1906; 183,056,500 cu. ft. in
1911; gross earnings, $76,736 in 1906; $225,755 in 1912. The surplus earn­
ings after payment of all expenses and annual interest on tho 5% bonds is
reported as 1-'A times tile annual interest on the outstanding debentures.
Karnings for year ended Oct. 31 1912, gross, $274,533; net after taxes,
$141,186. See V. 94, p. 1568.
K a m in istiq u ia Power C o., F t. W illiam , O n t.— Earns.
Gross

N F i x e d

Dividends

Balance,

Oct. 31 Year—
Revenue. Revenue.Charges.
Raid.
Surplus.
1911-12---.............. --$243,887 $212,198 $82,402 (4%)$80,000 $49,796
1910-11_____________ 216,742 187,567
79,176 (3%) 60,000
48,390
From surplus in 1911-12, $49,796 as above, there was appropriated to
contingent account §25,000 and depreciation and renewal reserve $10,000,
leaving a remainder of $14,796.— V. 94, p. 282.
K an sas C ity (M o.) Gas C o.— Receivership.—
Judgo Van Valkenburg in tho U. 8. District Court, on application of the
attorneys for tho company. Doc. 31 appointed William VVarnor, former
U. 8. Senator, 10. 8. Swinnoy, Pres, of tho First Nat. Bank of Kansas City,
and 10. L. Urundeette, Pres, of the company, receivers. It is stated that the
Kansas Natural Gas Company’s now increased rates, which were approved
on Dec. 30 by Judgo Pollock in tho Federal Court (see that co below) mado
it impossible for tho distributing company to continue selling to con­
sumers at the prescribed rates. Tho total indebtedness Is stated as about
$611,000.— V. 94, l). 701.
K an sas N atu ra l Gas C o .— Court Increases Price.—
The receivers on Dec. 30 presented their report on the company’s condi­
tion and its gas supply and asked that tho wholesale prico to the distributing
companies bo increased to a schedule varying from 14c. on 1,000 cu. ft. for
cities near tho gas fields to 35c. at Atchison, Kan., and St. Joseph, M o.
Judgo Pollock granted tho petition. The rato to tho Kansas City distribu­
ting companies is raised from 14 'A to 31c. Tho fixing of tho price to domes­
tic consumers is loft to tile distributing companies, which, to make a profit,
it is said, will havo to ad between 12 and 18c. to tho price fixed by tho
Kansas Natural Gas Co. The distributing companies must notify tho re­
ceivers by Jan. 10 whether they will continue to purchase gas. Compare
V. 95, p. 1042.
„
Judge Pollock on Oct. 22 authorized tho receivers to spend $275,000 to
extend its lines to tho new gas fields in Oklahoma, provided the written
consont of tho first and second mortgage bondholders is filed with the Court.
Tho cost of extension, it was stated, will consume tho profits to Jan. 1913.
Tho company added 20,000,000 additional cu. ft. of gas a day to its supply
at tho end of November, and by Dec. 15 was expected to add another
20,000,000 ft., increasing tho total to 110,000,000 ft. a day, or 30,000,000
feet short of tho 140,000,000 required.
When tho receivers were appointed, the company was about to move its
big pumps from Sciplo, Kan., to tho Hogshooter fields in Oklahoma, where
a greater supply of gas could bo obtained. The receivers havo installed 3
of tho big pumps, which aro now working, and tho others, it is stated, will
bo working by Dec. 15. It will cost $550,000 to install tho 6 pumps.
Tlio receivers aro considering the Cushing fields, 70 miles southwest of
Tulsa, Okla., in Oklahoma, as a sourco of supply. Tho owners offered to
supply 100,000,000 cu. ft. a day for two years at 5c. a 1,000 cu. ft.
The annual report was filed in the Court in Kansas on Nov. 23, and shows
that tho company drilled 81 wells in Kansas territory, 22 of which wero
barron; 8 old wells wore exhausted last year; tho dry wells cost $30,000 to
drill; 18 old gas leasos wero canceled by order of tho Court on that day.—
V. 95, p. 1042.
K in gs C ou n ty Electric L igh t & Power C o .— Stock.—
Tlie company has announced a proposed increase in capital stock of
$2,500,000, to provide for tho conversion of the $2,500,000 convertible bonds
offered to shareholders of record Dec. 31. See V. 95, p. 1687.
La Belle Iron W o rk s, W h e elin g , W . V a .— N ew Pres.
William D. Crawford, formerly V. Bros, and Gen. M gr., lias been elected
President to succeed I. M . Scott, who resigned. Alexander Glass, of Wheel­
ing, has been chosen a director in place of C. W. Broy.— V. 95, p. 1545.
1476.
L in coln (N eb.) Gas & Electric C o.— Rale Contest.—
At a special election in Lincoln on Dec. 27 tho voters, by 3,831 to 1,000,
defeated tho proposition of tho company to extend its franchise for 59 years,
along with a compromise proposal permitting dollar gas from this date and
a concession of a two-year rebate of an overcharge to consumers who havo
been paying at tho rate of $1 20 a 1,000. A press dispatch says: "Six
years ago tho City Council adopted an ordinance providing for dollar gas.
The company took tho case to court and tho fight will now bo waged to a
finish. Consumers demand tho full six years rebate.— V. 95, p. 1476.
L on g Acre Electric L igh t & Power C o., N. Y .— Decision.
The Court of Appeals at Albany on Dec. 31 by a voto of 4 to 3 on the writ
of certiorari obtained by tho New York Edison C o., hold, reversing tho de­
cision of tho Appollato Division of the Supremo Court (which was also ren­




65

dered by a divided vote) that the company has no power to issue bond
without first obtaining a certificate of convenience and necessity from th®
Public Service Commission. This in effect reinstates tho order of the
Commission of Juno 28 1908, which was set aside by the courts, the case
being reopened and tho Commission then granting permission to issue
$2,000,000 stock and $4,000,000 bonds.— Y. 95, p. 1406.
L o ose-W iles B iscu it C o.— N ew Long Island City Factory.
Construction was begun in Nov. last on a new 10-story factory to be built
by tho Degnon liealty & Construction Co. on its land in Long Island City
(south of and abutting the new Sunnyside yard of tho Pennsylvania ItR .),
wliicti is to bo leased to the biscuit company for 30 years. The factory will
contain about 800,000 feet of floor space and is estimated to cost $2,000,000
and is expected to be ready by the fall of 1913. The cost of the equipment
to bo met by the biscuit company is figured at about $1,500,000.—
V. 95, p. 1276, 364.
M ohaw k M in in g C o .— Dividend Increased.—
dividend of $3 a share (12%) has been declared on the
$2,500,000 capital stock (par $25), payable Feb. 1 to holders of record
Jan. 11, comparing with $2 50 (10)% in July last and $1 (4% ) in Jan. last
and 75 cents (3% ) in Aug. and $1 (4%) in Feb. 1911.
„„„
„„„„
Dividend Record (Per Cent).
1906. 1907. 1908. 1909. 1910. 1911.
1912.
1913.
J O g i 36
10
12
8
7
Jan., 4; July, 10 Feb., 12

New E n g lan d Power C o., B o sto n .— Director, & c. —
George K. Johnson (Pres, of Penn Mutual Life Insurance Co. of Phila.,)
has been elected a director.
The “ Electrical World” of N. Y . contained on Dec. 28 an 8-page illus­
trated article regarding “ the $4,000,000 initial project of the New England
Power Co. on the Deerfield River in Massachusetts and Vermont,” with
“ a description of the four generating stations, storage reservoir and trans­
mission lines of the system, which reaches many important industrial cities
in Central New England and ties together for co-operative service the
Deerfield and Connecticut River Transmission systems.” — Yr. 95, p. 180.
New Y o rk E dison C o.— Favorable D ecision. —
See Long Acre Electric Light & Power Co. above.— V. 94, p. 1564.
New Y o rk Taxi-C ab C o., L td .— Further Postponement.—
A meeting of the holders of debentures is to be held in Paris on Dec. 30
to authorize the further postponement of tho debenture interest duo from
Jan. 1 1911 and subsequently to Jan. 1 1915. See V. 93, p. 800; V. 94, p. 355
N ew Y o rk & W ilkes-B arre Coal C o .— Owner of Each
$500 Bond to Receive $220.—
Tho New York Trust Co., as trustee under the 6% mtge. of 1893, having
sold at auction the entire trust property, and having settled all prior debts
and claims, gives notice, by auv. on another page, that it will on Jan. 7
be prepared at its office, 26 Broad St., to distribute the balance of the pro­
ceeds of tho sale to the holders of the bonds (with coupons of Nov. 1 1902
attached), amounting to $220 on each $500 bond, upon surrender of the
bonds for cancellation. The Bannard protective committee also notifies
tho holders of its certificates of deposit that they will receive a like sum at
tho same time and place. See V. 95, p. 484, 301.
O klah om a N atu ra l Gas C o.— On 5 % Basis.—
A quarterly dividend of 1J^ % has been declared on tho $4,000,000 stock
payable Jan. 20 to holders of record Jan. 9, comparing with 1% quarterly
from Dec. 31 1910.— V. 95, p. 47.
Parke, Davis & C o., D e tro it.— 5 % Extra Dividend.—
An extra dividend of 5% (the same as in tho previous year), in addition
to the regular quarterly distribution of 3% , was paid on Dec. 31 on the
$7,600,000 stock (par $25), making the total payments for the year 17%.
Compare V. 94, p. 213.— V. 94, p. 1183.
0
Pope M fg. Co. (A u to s), H artford , C o n n .— Re-incorp.—
On Dec. 23 this enterprise was re-incorporated under the laws of Mass
with the same capitalzation as heretofore, viz.: $4,000,000 common stock
and $2,500,Q00 6% cum. pref. stock in $100 shares. Tho outstanding stock
of tho Connecticut corporation ($3,690,800 com. and $2,298,200 pref.) will
bo exchanged, $ for $, for stock in tho new company. The new pref., in
case of liquidation, will be paid $100 and dividends, then $100 will go to the
com., any remaining assets to be divided equally.— V. 95, p. 1121.
P u llm an C o.— N ow Operates over N . Y . N . I I . & I I . RR.
The Pullman Co. on Jan. 1 took over the operation of tho parlor and
sleeping-car service of the N .Y .N .I I . & Hartford R lt., having, it is said,
paid some$3,500,000 for the control of tho business and 250 or more cars,
which it proposes to replace gradually by all-steel equipment of its own.—
Y. 95, p. 1119, 1335.
Sao P aulo Electric C o., L td .— Listed in London.—
Tho London Stock Exchange has listed scrip for £1,880.000 5 % 50-yr.
1st M . bonds. See V. 95, p. 1043.
0
S c u llin -G allag h er Iro n & Steel C o ., St. L o u is.— Bonds.
The Mercantile Trust C o., St. Louis, recently purchased and aro placing
at par and int $500,000 5 A % serial gold bonds. Dated Feb. 1 1910 and
duo serially Feb. 1 1913 to 1925, but redeemable, all or part, on int. dates
(F. & A.) at 102 A and int. upon 30 days’ notice.
Digest of Statem ent by Pres. Harry S cullin, St. Louis, Dec. 1 1912.
Capital stock, full paid in cash_______________________________ $1,500,000
First mtge. 5 A % bonds, total auth., $1,500,000; escrow bonds
duo Feb. 1 1925, canceled, $400,000; redeemed Feb. 1 1911,
$37,500, and Feb. 1 1912, $39,500; outstanding (closed M .)_ 1.023,000
The sale of the $500,000 bonds which you havo just purchased are to
reimburse tho company for expenditures made during the past two years
on additions and betterments, and to furnish working capital to carry on
tho steadily increasing business. Tho company has now no floating debt.
Occupies 80 acres of excellently situated manufacturing property, owned
in fee simple, upon which is located the largest and most modernly equipped
steel castings plant in the world. Buildings substantial, modern steel and
brick construction, cover an area of over 446,700 sq. ft. Independent
experts estimate tho value of tho property, plants and equipment at this
time to be in excess of $3,000,000. The closed mortgage provides that the
not quick assets must always equal 50% of the outstanding bonds of this
issue. Net quick assets Nov. 30 1912, $857,788.
Earnings for Calendar Year 1911 and Eleven Months ending N ov. 30 1912
Gross.

N et.aft.Tax. Other Inc.

Bond Int. Bal.,Surp.

Year 1911___ $1,684,990
$150,689
$4,021
$31,109
$123,601
11 mos. 1912- 2,812,302
233,375
1,366
28,015
206,726
N ote. — Only $523,000
bonds wereoutstanding up to Nov. 1 1912.
Compare V. 90, p. 703.

Sears, R o eb u ck & C o ., C h ica g o.— Year’s Sales by M o s .—
1912.
1911.
1912.
1911.
January —
$5,859,256 $4,624,764 August------$5,652,016
$4,485,031
F ebruary-.
7,025,376 5.483,743 September.
5.176,127 4,659,443
M a r c h ------ 7,333,665
6,294,971 October . . .
8,714,224 7,864,736
A p r i l ......... 7,753,122
5,837,207 November .
8,949,929 8,132,179
M a y --------- 6,381,551
5,418,118 December .
7,666,427 6,357,311
J u n e--------- 4,303,489
3,829,160
J u ly --------- 5,614,276
3,881,120
Total .-.$80,429,458 $66,867,783
— V. 95, p. 1547, 1276.
Singer (Sew ing M achine) Mfg. C o .— D iv. Increased .—
A quarterly dividend of 4% was paid
Dec. 31 1912 on the
id on or about Doc.
$60,000,000 stock, comparing with 3% quarter)
‘
~
quarterly from
June
1910 to Sept.
1912, both inclusive.
Dividend Record Since 1902 (Per Cent).
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
12
31
13
8
11
15
30
19
12
13
Also in 1910 a 100% stock dividend was paid.— V. 90, p. 1494.
S o u th ern Iron & Steel C o .— Plan Operative— Deposits .—
Notice is given that there having been deposited, subject to the modified
plan dated July 12 1912 (V. 95, p. 115),all of tho outstanding secured gold
notes, over 93% of the 1st M . bonds and over 96% of tho debentures, the
reorganization committee has declared the said modified plan operative.—
V. 95, p. 1625, 1276.
Stand ard M otor C 9 ., In c ., of N . Y . C ity .— Successor
of U . S. M otor Co .— This company was incorporated in Dela-

66

THE CHRONICLE

ware on Jan. 2 with $31,000,000 of auth. capital stock in
$100 shares ($11,000,000 being 7 % cum. 1st pref., $9,000,000
6 % 2 d pref. and $ 1 1 ,0 0 0 , 0 0 0 common) as proposed successor
of the U . S. M otor C o., which, under plan of Oct. 10 1912, is
to bo sold under foreclosure on Jan. 8 —-V. 95, p. 1044, 1626.
S tew art-W arn er Speedom eter C orp o ration .— Consol'n.
This company, incorporated in Virginia on Dec. 20 1912 with $10,000,000
common stock and 51,000,000 7% cum. pref. stock (red. at 110), has
acquired (a) all of the speed-indicator patents owned by J. K. Stewart of
Chicago and A. 1*. and C. H. Warner of Beloit, Wis.; (b) all of the capital
stock and assets both of the Stewart & Clark Mfg. Co. and the Warner
Instrument Co., manufacturers of speedometers, having branches in all the
largo cities of the United States and Europe. The new corporation, it is
stated, owns all of the patents of every kind covering speed indicators
operated on the magnetic principle.
Organization and management of each of the plants will remain as here­
tofore and the product of each factory will be handled separately. J. IC.
Stewart, President of the Stewart & Clark Mfg. Co., will be the President and
and C. B. Smith will be Secretary and Treasurer.
White, Weld & Co., N. Y. and Chicago, will shortly make an offering
of the preferred stock.
Sunday Creek (Coal) C o.— D ecision .—
See Chesapeake & Ohio Ity. under “ Railroads” above.— V. 91, p. 1631.
Sw ift & C o., C h icago.— Earnings .— The report for the

fiscal year ending Sept. 30 1912 shows gross sales of about
$300,000,000, or about 9 % larger than in 1910-11. After
paying 7 % on the stock, calling for $5,250,000, the accum­
ulated surplus was increased $3 ,000,000, viz.: from $26,000,­
0 0 0 to $29,000,000, against increase of $1,150,000 in 1910-11.

The balance sheet shows an increase in bills payable of $8,765,800 (to
$24,649,200). Cash increased $1,454,949 (to $7,474,342), accounts
receivable increased $10,588,340 (to $49,156,734).
The stockholders, on Jan. 2, authorized an extension of the company’s
existence from March 31 1915 to Jan. 1 1984 and also the purchase of a
portion of the properties of the National Packing Co. Compare V. 95,
p. 1547, 548.
Tennessee C opper C o . — Dividends Declared .—
A dividend of $1 50 per sharo (6%) has been declared on tho $5,000,000
stock, payablo Feb. 10 to holders of record Jan. 29, comparing with 4% in
Aug. last and 6% in Jan. 1912.
Previous Dividend Ilecord (Per Cent).

’03. ’04. ’05. '06.
1907.
1908.
1909.1910.1911.1912.
5
5
5
5 Jan.,5;Aug.,8 Feb.,5;Sop.,5 D ec.,5 0 Jan.,6 10
— V. 95, p. 116.

T illam ook

Tim ber & Loggin g C o., P ortlan d, Ore.—

Clark, Poole & C o., Chicago, are offering at par and int. $625,000 serial
sinking fund 6% gold bonds dated Sept. 2 1912. Auth. issue $3,100,000;
present issue $2,350,000, secured, it is stated, on 2,280,817,000 feet of tim­
ber standing on lands owned in fee simple valued at $5,702,042.
U n io n T ypew riter C o., N. Y . C ity . — Notes Offered.—

Lehman Bros., N . Y . City, and Goldman, Sachs & C o ., N . Y .
C ity, Chicago and Boston, this week offorod and have re­
sold, at 9 7 Yi and int., yielding 5 .9 0 % , a new issue of $4,000 ,­
000 3-year 5 % gold notes, “ if, when and as issued,” dated
Jan. 15 1913, due Jan. 15 1916, but redeemable, all or any
part, at 101 and int. on any interest date after 30 days’ no­
tice. Issue J. & J. 15. Total issue limited to $5,000,000.
Condensed Letter from President J. W. Earle.
The net earnings for the three years ending Dec. 31 1911 applicable to
interest charges have averaged annually $1,356,389, or more than six times
tho annual interest on tho $4,000,000 notes now to be issued. I ostimato
that tho net earnings for 1912 will bo about $1,250,000.
The proceeds of these notes will bo applied to tho redemption of tho (5%)
gold notes due Jan. 15 1913 [abt. $2,705,000, being the only notes, wo are
informed, now outstanding— Ed.| and for additional working capital.
Tho net tangible assets Dec. 31 1911 above all liabilities excepting capital
stock (after eliminating tho outstanding 5% notes which will bo redeemed),
were $12,480,360; quick assets, $9,006,272. Upon tho issuance of theso
notes the company will have no funded debt other than such notes. Tho
company covenants that no lien of any kind shall bo placed upon any prop­
erty owned by it at date of issue of said notes unless these notes shall either
have boon redeemed or shall be paid from tho proceeds realized by vlrtuo
of said lion.— V. 94, p. 1703, 979.
U n ited Cigar Stores Co. of Am erica.— First\Common Divdend .— An initial quarterly dividend of 1 Y % and K of 1 %

extra has been declared on the $27,162,000 common stock,
payable Feb. 15 to holdors of record Jan. 31.

The directors, it is rumored, aro working out a plan whereby stockholders
will shortly receive some valuablo rights in subsidiary concerns, announce­
ment to bo made in tho near futuro.— V. 95, p. 1478, 822.
U n ited Shoe M achinery C orp . — N o M ore Profit-Sharing.
The company has discontinued the profit-sharing plan inaugurated on
Jan. 1 1910, by which users of tho Goodyear machines rocoive stock of tho
company. Pres. Winslow, in a letter to tho lessees of tho company, says:
"Tho decision is duo to the proceedings, both civil and criminal, instituted
by tho Government, and by tho attempts of other persons to secure legisla
tion declaring illegal those methods of doing its business by which tho com­
pany has been ablo to furnish its lessees with tho best machines at a con­
stantly diminishing expenso to tho lessees and at the samo time with such
security to the company that its machines shall bo used only under proper
conditions and insure to tho company a proper return on its investment.’
It must bo plain that until tho company can bo definitely assured that its
settled system of doing business is not to be disrupted, the company is
unablo to extend its policy and tho benefits thereof to its lessees."— V. 95,
p. 1751, 1212.
U n ited States Motor C o.— Assess.— 3d Installment 1 0 % .
Stockholders assenting to tho plan (V. 95, p. 1044,1335,1626) aro notified
that the third installment of $2 40, or 1 0 % ,of tho assessment on the pref.
and common stocks of U. S. Motor Co. and Columbia Motor Car Co. must
bo paid in N. Y. funds at tho Central Trust C o .,N . Y ., on or before Jan. 14.
Successor C o .— See Standard M otor C o.— V . 95, p. 1626

U n ited States R u bber C o., N. Y . — Dividend Outlook.
While tho directors declared on Jan. 2 only tho usual quarterly dividends
(2% on 1st pref., \ lA Vo on 2d pref. and 1% on common), it is understood
that tho question of increasing the dividend rato on the common stock from
a 4 to a 6% annual basis will come up for consideration at tho meeting of tho
board in April.— V. 95, p. 1626, 1688, 1547.
U n ited States Steel C orp o ration .— W ages, & c .—
Chairman E. H . Gary announced on Dec. 24 that it had been decided in
tho near future to make “ adjustments of tho wage scales which will result
in material increase, particularly with respect to common labor.” It is
surmised that tho daily pay of common labor will be advanced to about
$2, contrasting with tho old rate of $1 75 to $1 85.
It is reported that tho prices at which tho employees will this month bo
allowed to subscribe for stock under tho profit-sharing plan will bo $66 for
tho common and$109 for tho pref., as against $65 and $110, respectively,
in Jan. 1912, when 36,946 employees took, on tho graduated payment plan,
$3,073,500 common and $3,061,900 pref.
Tho usual distribution to employees under tho bonus plan will bo made
within tho next few days. Tho amount to be distributed is oxpected to
approximate $1,500,000, against $1,450,000 in Jan. 1912.— V. 95, p.
1626, 1751.
V u lc a n D e tin n in g C o. — N ew Officers .—
Charles P. Hull, formerly Secretary, has been elected Treasurer to suc­
ceed Adolph Kern, who resigned. Tho office of Vice-President, which was




[ V o l . XC V I

also held by M r. Kern, Is still vacant. Lester J. Saul has been made Sec­
retary in placo of M r. Hull.— V. 95, p 1478.
W e ste rn U n io n Telegraph C o. — Reduced Cable Rates .—
The company announces substantial reductions in the rates for deferred
cablegrams to Great Britain and Ireland and cablo letters and weok-end
letters, with important changes in tho conditions of those services, all
effective Jan. 1.
Tho rato on deferred cablegrams is reduced from 12 % cents to 9 cents per
word. The cable letter rato is reduced from $1 50 for 20 words to 75 cents
for 12 words (13 with necessary indicator), with 5 cents for each oxcess
word to London and Liverpool. Cablo letters aro now delivered tho
following day instead of the second morning after, and week-end letters
costing $1 15 for 24 words (25 with necessary Indicator) filed before mid­
night Saturday aro delivered on Monday morning instead of on Tuesday
morning. Tho former minimum rato for cablo letters was $1 50 for 30
words.— V. 95, p. 1751, 1688.

W e stin g h o u se Electric & Mfg. C o . — M aturing N otes.
The $429,900 4-year coupon notes duo Jan. 1 1913, together with interest
thereon, are being paid on presentation at the Chase Nat. Bank, N. Y. City.
Interest due Jan. 1 1913 on the remainder of tho samo series of notes will bo
paid at the samo time and place.— V. 95, p. 1549, 754.
W e stin g h o u se M achine C o. — Plan in Effect .—
The plan prepared by President Westinghouse for exchanging tho ex­
tended notes for “ first and refunding” bonds (V. 95, p. 970) was declared
operative by the directors on Dec. 30 and put into effect on Jan. 1. While
the assent of only 85% of tho notes was required to make tho plan operative,
holdors of over 95% havo already signed. Tho board also accepted tho
offer of Mr. Westinghouse to purchase $1,000,000 of tho bonds.— V. 95,
p. 970, 296.
W h ip p le Car C o. — Guaranteed Bonds Offered .—
The Central Trust Co. of Illinois, Chicago, Is placing at par and int.
$300,000 “ 1st M . real estate and collateral trust” 6% serial gold bonds,
dated Dec. 1 1912, both covering property showing, it is stated, a total
mortgage security of $1,097,931, and guaranteed bv Pres. Walter W.
Whipple and Treas. and Gen. Mgr. C. It. Cooper, Chicago, Albort Tuttle,
Fairhaven, Vt., and E. C. Smith, Pres. Sherman Nat. Bank, Now York
City.— V. 91, p. 1779.

— Bertron, Griscom & Co. of Now York, Philadelphia and
Paris, Franco are to-day offering by advertisement elsewhere
in the “ Chronicle,” $3,832,000 International Railway Co. ref.
and imp. 5 % bonds due 1962. Price 9 7 Y2 and interest.
See to-day’s advertisement for particulars; and other informa­
tion regarding this investment appears in tho “ General
Investment Nows Departm ent.”
— Arthur S. II. Jones, 25 Broad S t., New York, has issued
a circular relating to tho Kansas City Ity. & Light Co. A
letter received by him on Jan. 2 from a reliablo sourco in
Kansas City states that somo action in regard to there-financ­
ing of this property is expected in tho very near futuro.
— Greenbaum Sons Bank & Trust C o., Chicago, having
sold a large percentage of the Lytton Bldg, bonds, aro of­
fering the unsold balance. The bonds cover a now 18-story
building in the business section in the City of Chicago. See
particulars in the advertisement on another pago.
— Albert James Sheldon of Now York and Charles Hodgdon
Schweppo of Chicago wore admitted as partnors in the firm
of Leo, Higginson & Co. on Jan. 1. Tho Now York offieo
was established Jan. I 1907 and the Chicago office in 1905.
Messrs. Sheldon and Schweppo havo beon managors since
the New York and Chicago offices were opened.
— John II. Roynolds Jr. has rotired from tho firm of
Effingham Lawrence & Co. and Harold L. Robinson has
beon admitted as a partner.
Milnor B . Dominick bocamo a momber of tho firm of
Dominick & Dominick on tho 1st inst.
— Sanford & Kelley, New Bedford, M ass., havo issued
their usual “ Financial Review” for tho yoar 1912 of tho manu­
facturing and general business of Now Bodford, M ass.
Tho compilation is replote with facts and statistics of tho
many corporations of Now Bodford.
— Tho firm of Struthors, Heath & Romson of New York
was dissolved on tho 1st inst. A new co-partnorship has
been formed by William Wood Struthors and Reginald Victor
Iliscoe under the name of Struthers & Iliscoo, to continuo
the brokerage business in bonds, notes and oquipmont issuos.
— M r. A . B . Rhett has been elected Vice-President and
director of tho Smith-Tovis-IIanford Co. and will manage the
business in tho interest of Messrs. Tovis and Hanford, M r.
Smith’s interest in tho business having ceased.
— Sutro Bros & C o ., 44 Pine Street, aro offering to investors
on another pago several issues of high grado municipal,
railroad and corporation bonds. A coinplote circular will
bo mailed upon request.
— The Dominion Securities Corporation, L td ., Toronto,
Montreal and London, E n g., has issued a 35-pago pamphlet
offering desirable Canadian Government, municipal and
corporation bonds.
— Joseph Walker & Sons have issued a doscriptivo cir­
cular on the bonds of a selected number of American rail­
roads and utility companies and on tax-exempt guaranteed
railroad stocks.
— W m . Morris Imbrie & Co. announce that M r. Edward
Ely Scovill, recently of tho firm of Trowbridgo & C o., has
become associated with thorn, and will havo chargo of thoir
sales department.
— Federal Utilities, In c., announce that at a meoting of
the board of directors on tho 30th ult. M r. E . Lowndes
Rhett was elected Second Vico-President and a director.
— E . M . Farnsworth & C o. of Boston announce the ad­
mission in the firm as partnors of E. M . Farnsworth Jr.,
Joseph A . Hall and Woodworth Jamos.
— Paul M . Serdodin, specialist in bonds, has associated
himself with M ottu & C o. of Now York.

67

T H E C H R O N IC L E

J a n . 4 1913.]

and

^ o tu m m is .

FERROCARRILES NACIONALES DE MEXICO.
(N A T IO N A L

FO U RTH

A N N U A L

R A IL W A Y S

REPO RT— FOR

iJexico Office,
S egun da Calle de Bolivar, No. 19.

TH E

New Y ork O ffice,
No. 25 B road Street.

To the Shareholders:

_
_
O n b e h a l f o f t h e B o a r d o f D i r e c t o r s a n d in c o m p l i a n c e
w ith th e p r o v is io n s o f A r t ic le 4 8 o f th e B y -L a w s o f th e C o m ­
p a n y , I h a v e th e h o n o r to p r e s e n t to y o u th e fo llo w in g r o p o r t
r e l a t i v o t o t h e a f f a i r s o f t h e C o m p a n y f o r t h e f is c a l y e a r
J u ly 1 1 9 1 1 to J u n o 3 0 1 9 1 2 .
E X C H A N G E

A N D

CALLED

P A Y M E N T
FOR

OF

S E C U R IT IE S

C O N V E R S IO N .

T h e d o p o s i t o f s e c u r i t ie s u n d e r t h e P l a n f o r t h e R e a d j u s t ­
m e n t a n d U n io n o f M e x ic a n C o n tra l R a ilw a y C o m p a n y ,
L im it e d , a n d N a t io n a l R a ilr o a d C o m p a n y o f M e x ic o h a s
c o n t i n u e d , t h o u g h in le s s n u m b e r .
T h e s e c u r i t ie s r e m a i n i n g
U n d o p o s it e d a r e s h o w n in t h e f o l l o w i n g :

Statement of Securities Deposited to June 3 0 1 9 1 2 , in accord ance
with the Plan of April 0 1 9 0 8 .
S E C U R IT IE S OF M E X I C A N C E N T R A L R Y . C O M P A N Y , L IM IT E D .

P riority 5 % bd s
First M . Ronds
Cons. M. Ronds
First Inc.Ronds
Rog. Inc. Bonds
2d Inc. B onds.
S tock ................

$6,597,000
264,062
109,020,000
32.706.000
325,200
11.284.000
59,127.100

Per
C en t. Outstanding.

Deposited.

Issued.
00
50
00
00
00
00
00

$5,223,000
262,715
109,001,000
32,476,900
317,000
11,261,000
59,064,400

00
00
00
00
00
00
00

Per
C ent.

79.17 $1,374,000 00 20.83
99.49
1,347 50
.51
99.98
.02
19.000 00
99.30
.70
229,100 00
97.48
8,200 00 2,52
99.80
.20
23.000 00
99.89
62,700 00
.11

T o t a l ______ $219,323,362 50 $217,606,015 00 99.21 $1,717,347 50

.79

S E C U R IT IE S OF N A T IO N A L R A IL R O A D C O . O F M E X IC O .

Issued.
Preferred Stock
2d Prof. S tock .
Deferred Stock.
C om m on Stock.
T o t a l ______

$32,000,000
22,043,600
11,021,800
284,600

Deposited.

Per
Cent.

00 $31,998,100 00 99.99
00 22,002,600 00 99.81
00 11,021,800 00 100.00
156,500 00 54.99
00

$65,350,000 00 $65,179,000 00 99.74

Per
Outstanding. Cent.
$1,900 00
41,000 00

.01
.19
.00
128,100 00 45.01
$171,000 00

.26

T O T A L S E C U R IT IE S OF B O T H C O M P A N IE S .

Issued.

Deposited.

Per
Per
C en t. Outstanding. C ent.

Bonds & Stocks $284,673,362 50 $282,785,015 00 99.34 $1,888,347 50

.66

N ote.— All o f tho abovo amounts arc in U. S. Currency.
A s w ill b o n o t e d f r o m t h e f o r e g o i n g s t a t e m e n t , p r a c t i c a l l y
a l l t h o s e c u r i t ie s c o m p r e h e n d e d in t h e P l a n h a v e n o w b e e n
d e p o site d .
T h is r e s u lt s h o u ld b o a so u rc o o f s a tis fa c tio n to
a l l c o n c e r n e d , a n d is d u o l a r g e l y t o t h o e f f o r t s o f t h o R e ­
a d j u s t m e n t M a n a g e r s a s w e ll a s t o t h o f a c t , a s w a s m e n ­
t i o n e d in l a s t y e a r ’ s r o p o r t , t h a t o n J u l y 1 1 9 1 1 , t h a t is t o
s a y , a t th o b e g i n n i n g o f t h o p r e s e n t f i s c a l y e a r , t h o F i r s t
M o r t g a g o B o n d s , C o n s o lid a te d M o r t g a g e B o n d s a n d R e g is ­
te re d In c o m o B o n d s o f th e M e x ic a n C e n t r a l R a ilw a y C o m ­
p a n y , L im it e d , m a t u r e d , a n d su c h a s h a d n o t b e e n d e p o site d
p r e v i o u s l y w e r o d u l y p a i d b y y o u r C o m p a n y in a c c o r d a n c e
w ith th o o b lig a tio n a s s u m e d b y it o n th e a c q u is itio n o f th o
p r o p e r tie s o f th e C e n t r a l C o m p a n y .
H a v i n g r e g a r d , t h e r e f o r e , t o t h e s m a ll a m o u n t o f s e c u r i t ie s
s t i l l o u t s t a n d i n g in c o m p a r i s o n w i t h t h e t o t a l n u m b e r c a ll e d
f o r d e p o s i t u n d e r t h o P l a n o f A p r i l G 1 9 0 8 , it m a y b o c o n ­
s id e r e d t h a t th o c o n v e r s io n h a s b e e n p r a c tic a lly c o n s u m ­
m a te d .
IS S U E

OF

BO N D S

A N D

N O TES.

A s w a s m e n tio n e d a t th o O r d in a r y G e n e r a l M e e t in g la s t
y e a r , o n a c c o u n t o f th o u n fa v o r a b le fin a n c ia l c o n d itio n s
p r e v a i l i n g , i t w a s n o t t h o u g h t a d v i s a b l o t o d is p o s o o f t h o
b o n d s o f t h o C o m p a n y t h e n in it s t r e a s u r y , a n d t h a t a c c o r d ­
i n g l y t w o s e r ie s o f n o t e s h a d b e e n i s s u e d , o n o s e rio s m a t u r i n g
a t th o e n d o f tw o y e a r s , th o o th e r a t th e e n d o f o n e y e a r .
T h o la tto r se rio s, a m o u n t in g to £ 1 ,0 0 0 ,0 0 0 s te r lin g b e c a m o
d u o in t h o f is c a l y e a r u n d e r r o v i o w , a n d w a s p a i d a t m a t u r i t y ,
th o 8 0 ,1 5 0 ,0 0 0
P r io r L ie n B o n d s
p le d g e d a s c o l l a t e r a l
s e c u r it y th o ro fo r b e in g r e tu r n e d to th o C o m p a n y .
Tho
t w o -y e a r n o te s d o n o t m a t u r e u n t il J u n o 1 1 9 1 3 .
Tho
i n t e r e s t o n b o t h se rio s o f n o t e s w a s p a i d w h e n d u o .
T h o B o a r d o f D i r e c t o r s h a d h o p e d t o b o a b l e t o s e ll a t a
s a t is f a c t o r y p ric e d u r in g th o c o u r se o f th o p r e s o n t y e a r
u ll o r a p a r t o f th o tr e a s u r y b o n d s , b u t u n fo r tu n a to ly th o
m a r k e t s f o r t h e s o s e c u r i t ie s s h o w e d n o i m p r o v e m e n t o v e r
th o s o o f th o p r e v io u s y e a r .
C o n s e q u e n t l y , i t w a s d e c id e d
t o d o fo r a n y s u c h s a lo u n t i l t h e r e w a s s o in o i m p r o v o m o n t .
T h o i n a b i l i t y t o d is p o s o o f t h o t r e a s u r y a s s o t s n e c e s s i t a t e d
o u r m a k in g o th o r a r r a n g e m e n ts fo r th o fu n d s to m o o t th e
fin a n c ia l r e q u ir e m e n t s £ o f t h o i C o m p a n y , a n d n e g o tia tio n s




O F M E X IC O )

F IS C A L

Y E A R

E N D IN G J U N E 30 1912.

w e re s u c c e s s fu lly c o n d u c t e d f o r a lo a n o f $ 1 3 ,0 0 0 ,0 0 0 U n it e d
S ta tes c u rren cy fo r o n e y e a r .
T l i i s l o a n w a s o b t a i n e d in
N e w Y o r k a n d b e a r s in te r e s t a t th e r a te o f f iv e p e r c e n t p e r
annum .
The
Com pany
d e p o s ite d a s c o lla te r a l s e c u r ity
th e r e fo r $ 1 2 ,5 0 0 ,0 0 0
P rio r
L ie n B o n d s a n d $ 6 ,0 0 0 ,0 0 0
G u a ra n te e d G en era l M o r tg a g e B o n d s .
I n c o n sid e r a tio n o f th e sa id lo a n , a n o p tio n u n t il A u g u s t 1 5
1 9 1 2 w a s g iv e n fo r th e p u r c h a s e o f th e w h o le o r a n y p a r t
o f c o r ta in o f th e C o m p a n y ’ s P r io r L ie n a n d G e n e r a l M o r t g a g e
B on d s.
S a id o p t io n , h o w e v e r , w a s n o t e x e rc ise d .
O f th e o th e r o u ts ta n d in g o p lig a tio n s o f th e C o m p a n y , I
b e g t o a d v i s e t h a t N o t e N o . 4 , t h e l a s t o f t h o s e is s u e d t o t h e
S o u th e r n P a c ific C o m p a n y a t th e tim e o f a c q u ir in g fr o m it
c e rta in sh a re s o f T h o M e x ic a n I n t e r n a tio n a l R a ilr o a d C o m ­
p a n y , w a s d u ly p a id a t m a t u r i t y .
D u r i n g th e y e a r u n d e r r e v ie w P r io r L io n
Bonds
w ere
a u t h e n t ic a t e d b y th e T r u s t e e a n d d e liv e r e d t o th e C o m p a n y
t o t h e f a c e a m o u n t o f $ 2 , 5 2 6 , 3 6 8 5 6 , in r e i m b u r s e m e n t o f
e x p e n d itu r e s m a d e to D e c e m b e r 3 1 1 9 1 0 , fo r im p r o v e m e n t s
a n d b e t t e r m e n t s a n d in t h e c o n s t r u c t i o n o f t h e li n e f r o m
D u r a n g o to L la n o G r a n d e .
S U B S ID IA R Y C O M P A N IE S .
T h o o p e r a tio n s o f th e v a r io u s S u b s id ia r y C o m p a n ie s a n d
o f le a s e d a n d c o n t r o l l e d li n e s h a s b e e n c o n t i n u e d , p a r t i c u l a r
a t te n tio n h a v in g b e e n g iv e n to im p r o v in g th e p r o p e r tie s .
T o t h i s e n d a n d t o a i d in t h e i r d e v e l o p m e n t a n d p r o g r e s s
fin a n c ia l a s s is ta n c e w a s g iv e n s o m e o f th e m d u r in g th o y e a r ,
it b e i n g c o n s i d e r e d i n a d v i s a b l e f o r s a i d c o m p a n i e s t o e n ­
d e a v o r t o o b t a i n t h e n e c e s s a r y f u n d s in
fo re ig h
m a rk e ts
o w in g t o th o d iffic u lt y o f s a le , a t s a t is fa c t o r y p r ic e s , o f
M e x ic a n s e c u r itie s .
T o J u n o 3 0 1 9 1 2 t h e r e h a d b e e n lo a n e d t o t h o V e r a C r u z
to I s t h m u s R a ilr o a d th e s u m o f $ 3 ,2 5 5 ,7 3 3 3 3 (p e s o s ) a t
s i x p e r c e n t p e r a n n u m , t o e n a b le t h a t c o m p a n y t o m e e t
e x p e n d i t u r e s in c o n n e c t i o n w i t h t h o c o n s t r u c t i o n o f b r a n c h
lin e s .
T o s a m e d a t e t h e r e h a d b e e n lo a n e d t o t h e P a n ­
A m e r ic a n R a ilr o a d C o m p a n y , u n d e r te r m s s im ila r t o th o s e
m e n t i o n e d a b o v e , t h e s u m o f $ 2 , 1 0 2 , 5 8 3 3 3 ( p e s o s ) in o r d e r
t h a t it m ig h t m e e t its fin a n c ia l r e q u ir e m e n t s .
F r o m th e a m o u n t s lo a n e d to th e s e C o m p a n ie s th e r e s h o u ld
b o d e d u c te d fr o m th a t to th e V e r a C r u z to Is th m u s R a il­
ro ad $ 1 2 7 ,9 9 0 7 3 (p e so s) a n d fr o m th a t to th e P a n -A m e r ic a n
R a ilr o a d C o m p a n y $ 1 ,1 5 7 ,5 7 8 7 2 (p e s o s ) r e p r e s e n tin g d e fic it
fr o m th o r e s u lt o f o p e r a tio n s o f th e fo r m e r r o a d fo r th o y e a r
e n d e d J u n o 3 0 1 9 1 2 a n d o f th e P a n -A m e r ic a n fo r th e tw o
y e a r s e n d o d th e s a m e d a t e , c a u s e d p r in c ip a lly b y h e a v y
e x p e n d itu r e s fo r re n e w a ls a n d b e t e r m e n t s .
A s th e sh a re­
h o ld e r s a r e a w a r e , u n d e r t h e t e r m s o f t h e c o n t r a c t s w h e r e b y
th o sh a r e s o f s a id c o m p a n ie s w e re a c q u ir e d , th is C o m p a n y
o b lig a te s itse lf to m e e t su c h d e fic its .
P u r s u a n t to th e te r m s o f th e c o n tr a c t c o v e r in g th e p u r c h a se
o f sh a re s o f th o P a n -A m e r ic a n R a ilr o a d C o m p a n y ,
th e
g u a r a n t y o f F e r r o c a r r il e s N a c i o n a l e s d e M e x i c o h a c b e e n
p la c e d u p o n b o n d s o f s a i d C o m p a n y t o t h o a m o u n t o f $ 1 3 6 , ­
0 0 0 (p e s o s ) o n its F ir s t M o r t g a g e F iv e P e r C e n t B o n d s a n d
to a n a m o u n t o f $ 2 ,9 6 8 ,0 0 0 (p e s o s ) o n its G e n e r a l M o r t g a g e
F iv o P e r C e n t B o n d s .
N E W

C O N C E S S IO N S .

C O N S T R U C T IO N OF L IN E S A N D W O R K S .
T h e B o a r d h a s s a t i s f a c t i o n in a d v i s i n g t h a t d u r i n g t h e
y e a r c o v e r e d b y th is r e p o r t fo u r c o n tr a c ts w e re e n te r e d in to
b e tw e e n th o D e p a r t m e n t o f C o m m u n ic a t io n s a n d P u b lic
W o r k s o f th e U n ite d S ta te s o f M e x ic o a n d th e C o m p a n y .
T w o o f sa id c o n tr a c ts m o d if y c o n c e s s io n s a lr e a d y g r a n t e d ,
t h o o t h e r t w o r e la t e t o t h e c o n s t r u c t i o n o f n o w l i n e s .
T h o a m e n d e d c o n t r a c t s c o v e r ( 1 ) t h o li n e b e t w e e n D u r a n g o ,
in t h o S t a t o o f s a m e n a m e , a n d C a n i t a s , in t h e S t a t e o f Z a c a ­
t e c a s , w i t h a b r a n c h li n e t o S o m b r e r e t e in t h e l a t t e r S t a t e ,
a to t a l d is ta n c o o f a p p r o x im a t e ly 2 7 7 k ilo m e t e r s ; th e c o n ­
s t r u c t i o n o f w h ic h h a s b e e n p u s h e d v i g o r o u s l y , is n o w n e a r i n g
c o m p l e t i o n a n d it is h o p e d w ill s o o n b o in o p e r a t i o n .
And
( 2 ) t h o lin o w h ic h w ill u n i t e P e n j a m o , in t h e S t a t e o f G u a n a ­
j u a t o , w i t h A j u n o , in t h o S t a t e o f M i c h o a c a n , w o r k o n w h i c h
is a l s o w e ll a d v a n c e d .
O f t h o n o w c o n c e s s i o n s , o n e is f o r t h e c o n s t r u c t i o n o f a li n e
fr o m a p o in t o n th e In te r o c e a n ic R a i lw a y , n e a r th e S ta t io n
o f S a n F r a n c is c o (a p p r o x im a t e ly 4 4 k ilo m e t e r s fr o m V e r a
C r u z ) , w h ic h w ill p a s s b y T a m o s ( o n t h o S a n L u i s - T a m p i c o
L i n o ) a n d t e r m i n a t e a t t h e P o r t o f M a t a m o r o s , in t h e S t a t e
o f T a m a u l i p a s , t h u s p r a c t i c a l l y u n i t i n g , in c o n n e c t i o n w i t h
t h o lin o s o f t h o C o m p a n y a l r e a d y c o n s t r u c t e d , t h e P o r t s o f
V e r a C r u z , T a m p ic o a n d M a t a m o r o s a n d t r a v e r s in g a la r g e
o x to n t o f c o u n t r y a d ja c e n t to th e G u lf o f M e x ic o .
The
i m p o r t a n c e o f t h i s c o n c e s s i o n is o b v i o u s .
T h o o t h o r n e w c o n c e s s i o n is f o r a li n e f r o m t h e s t a t i o n o f
A lle n d o (o n th o fo r m e r M e x ic a n In t e r n a tio n a l R a ilr o a d ) to

[Vol. XCVI.

T H E C H R O N IC L E

68

S a n C a r lo s , b o t h in th e S t a t e o f C o a h u ila , a n d w it h th e r ig h t
o f e x t e n d i n g s a i d li n e t o L a s V a e a s , in t h e s a m e S t a t e .
A s w i l l b e s e e n f r o m t h e B a l a n c e S h e e t w h i c h is t o b e p r e ­
s e n t e d , t h e a m o u n t e x p e n d e d in t h e c o n s t r u c t i o n o f t h e n o w
li n e s m e n t i o n e d a n d o f t h e D u r a n g o t o L l a n o G r a n d e lin e
e x c e e d s th e su m o f $ 1 0 ,0 0 0 ,0 0 0 p e so s.
I n t h e s e c o n c e s s io n s a u t h o r i t y is g i v e n t h e C o m p a n y t o
t a k e u p c e r t a i n p o r t i o n s o f it s e x i s t i n g li n e s t o a le n g t h
c o r r e s p o n d i n g t o s o m e o f t h e li n e s c o v e r e d b y t h e n e w c o n ­
c e s s io n s .
T h i s w ill p e r m i t o f t h e s u p p r e s s i o n o f p a r a lle l o r
u n n e c e s s a r y lin e s a n d , c o n s e q u e n t l y , t h e d i s c o n t i n u a n c e o f a n
u n p r o f i t a b l e s e r v i c e w h i c h u n d e r t h e o r ig i n a l c o n c e s s io n s
c o v e r i n g s a i d li n e s w o u l d h a v e t o b e c o n t i n u e d .
I t w ill a l s o
a l l o w a m o r e l o g i c a l d i s t r i b u t i o n o f t r a n s p o r t a t i o n f a c i li t i e s
t h r o u g h o u t th e R e p u b lic , w h ic h w a s o n e o f th e o b je c ts o f th e
c o n s o l i d a t i o n o f t h e N a t i o n a l a n d C e n t r a l li n e s .
T o e n a b le th e C o m p a n y t o p r o c e e d w ith th e w o r k o f ta k in g
u p t h e li n e s r e f e r r e d t o , s t e p s w e r e t a k e n t o o b t a i n t h e c o n ­
s e n t th e r e to a s r e q u ir e d b y th e p r o v is io n s o f th e C o m p a n y ’ s
m o rtg a g e s.
I t is s a t i s f a c t o r y t o r e p o r t t h a t s a m o h a s b e e n
r e c e iv e d .
.
I n r e s p e c t o f im p o r t a n t w o r k s o th e r th a n th e c o n s tr u c tio n
o f li n e s o f r a i l w a y , m e n t i o n s h o u l d b e m a d e o f t h e a u t h o r i t y
g iv e n b y th e B o a r d o f D ir e c t o r s fo r th e c o n s tr u c tio n o f a n e w
t e r m in a l a n d s h o p s a t S a n L u is P o t o s i, t o p r o v id e a d e q u a to
f a c i l i t i e s t o m e e t i t s g r o w i n g d e m a n d s a s a r a ilr o a d c e n t e r ;
a l s o o f t h e e r e c t io n o f t w o la r g o s t e e l b r i d g e s o n t h e M o n ­
t e r e y D iv is io n a c ro ss th e P ilo n a n d S a n J u a n R iv e r s , a t a
c o s t o f $ 2 7 1 ,1 0 3 1 0 a n d $ 3 2 4 ,8 4 0 0 2 (p e s o s ), r e s p e c tiv e ly .
T h e a t t e n t i o n o f t h e S h a r e h o ld e r s s h o u l d b e d ir e c t e d t o
a n o t h e r i m p o r t a n t p ie c o o f w o r k , n a m e l y t h e c o n s t r u c t i o n
o f a l a r g e T o r m i n a l S t a t i o n a t t h e C i t y o f M o x i c o , w h ic h h a s
b e e n r e c e iv in g c o n s id e r a tio n fo r th e p a s t th r e e y e a r s .
D u r­
i n g t h e y e a r t o w h i c h t h i s r e p o r t r e f e r s , d e f i n i t e p la n s w e r e
fo r m u la te d b y th e E x e c u t iv e P r e s id e n t o f th e C o m p a n y a n d
d r a w in g s m a d e fo r t h a t p a r t o f th e T e r m in a l p r o p o s e d to b e
u tiliz e d a s a P a s s e n g e r S t a t io n .
T h e s e d ra w in g s w ere s u b ­
m it t e d to th e B o a r d o f D ir e c t o r s , a n d in v ie w o f th e r e c o m ­
m e n d a tio n o f th e E x e c u t iv e , th e c o n s tr u c tio n o f th e P a sse n g o r
S t a t io n , a t a n a p p r o x im a te c o s t o f $ 4 ,0 0 0 ,0 0 0 (p e so s) h a s
b e e n a u th o riz e d .
A l t h o u g h t h o d e c is i o n o n t h e p a r t o f t h e
B o a r d o f D i r e c t o r s w a s r e a c h e d a f t e r th o 3 0 t h o f J u n e l a s t ,
m e n t i o n t h e r e o f is m a d e in t h i s r e p o r t in v i e w o f i t s i m p o r t ­
an ce.
D e f in it e p la n s w ith r e s p e c t to th o c o n s tr u c tio n o f th e
F r e ig h t S t a t io n h a v e n o t b e e n d e c id e d u p o n a n d th e m a t t e r
is s t i ll u n d e r c o n s i d e r a t i o n .
T h e r e p o r t o f o p e r a tio n s r e n d e r e d b y th e E x e c u t iv e
P r e s i d e n t o f t h o C o m p a n y t o t h o B o a r d o f D i r e c t o r s is
h e r e w i t h s u b m i t t e d , a n d b y e x a m i n i n g s a m e t h o s h a r e h o ld e r s
w ill a p p r e c ia te th e w o r k d o n e b y th e M a n a g e m e n t in c o n ­
s t r u c t i o n , m a i n t e n a n c e a n d o p e r a t i o n o f t h e lin e s a s w e ll a s
t h o p r e s e n t p h y s i c a l c o n d i t i o n o f t h e r a i l w a y li n e s a n d

c o n s titu te th e fo u r p e r c e n t m a x im u m th a t th e se sh ares m a y
r e c e iv e .
T h e s e s e m i - a n n u a l d i v i d e n d s w e r e d u l y p a i d a s in
f o r m e r y e a r s , a n d t h e B o a r d h o p e s t h a t t h i s a c t i o n w ill b e
a p p r o v e d b y th e m e e tin g .
T h e B a la n c e S h e e t, th e P r o fit a n d L o s s A c c o u n t a n d th o
I n c o m e A c c o u n t fo r th e fis c a l y e a r J u ly 1 1 911 to J u n e 3 0
1 9 1 2 , w h i c h w ill b e s u b m i t t e d t o t h e S h a r e h o l d e r s , h a v i n g
b e e n a p p r o v e d b y th e B o a r d o f D ir e c to r s , w e re p a sse d t o
t h o C o m m i s s a r i e s , w h o in t u r n h a d t h e m a u d i t e d b y M e s s r s .
P r ic e , W a t e r h o u s e & C o m p a n y , C h a r te r e d A c c o u n t a n t s .
T h e la t t e r , a fte r m a k in g a c a r e fu l e x a m in a tio n o f th e a c c o u n t s ,
is s u e d t h e i r c e r t i f i c a t e r e l a t i v e t h e r e t o .
T h o C o m m is s a r ie s
h a v e r e n d e r e d th e ir r e p o r t r e c o m m e n d in g th o a p p r o v a l o f
t h e s e a c c o u n t s , w h i c h r e p o r t w ill b o s u b m i t t e d t o t h o m e e t ­
in g .
T h e fo r e g o in g e m b r a c e s w h a t th e B o a r d c o n s id e r s o f
s u ffic ie n t im p o r ta n c e to b e b r o u g h t to th o a t t e n t io n o f th e
S h a r e h o ld e r s , b u t a t t h e s a m e t i m e i t w o u l d b e p l e a s e d t o
fu r n is h a n y fu r th e r in fo r m a tio n o r e x p la n a tio n t h a t m a y b e
d e s ir e d b y t h e m e e t i n g .
T h e b o o k c o n ta in in g th e m in u te s
o f m e e t i n g s o f t h e B o a r d o f D i r e c t o r s a s w e ll a s a l l d o c u ­
m e n t s r e l a t i n g th o r e t o a r e a t t h o d i s p o s a l o f t h o S h a r e h o l d e r s ,
in o r d e r t h a t t h e y m a y b e f u l l y c o g n i z a n t o f t h e w o r k p e r ­
fo rm e d b y it.
T h o B o a r d b e g s t o t h a n k t h e S h a r e h o ld e r s f o r t h o c o n ­
f i d e n c e r e p o s e d in i t a n d t o e x p r e s s t h o s a t i s f a c t i o n i t w o u l d
a ffo r d th e m e m b e r s t o k n o w t h a t th e ir a c tio n s d u r in g th o
t i m e t h e y h a v e d ir e c t e d t h e a f f a i r s o f t h o C o m p a n y a r e
approved.
L U IS

ELG U ERO ,

Chairman of the Board of Directors.
M e x ic o , D .

F .,

O c to b e r 2

1912.

R E P O R T OF P R E S ID E N T .

Mexico, D. F., September 1 9 1 9 1 2 .
Sr. Lie. D. Luis Elguero, Chairman of the Board, Mexico.
Dear Sir.— I beg to submit the following roport of tho
operations of the Company for tho fiscal year ended June 30
1912 :

R E S U L T S OF O P E R A T IO N .
The following statement shows in a condensed form the
results for the year:

Mexican Currency.

T he Gross Earnings from all sources were__________________ $61,447,790 71
T ho total Expenses o f Operation were_______________________ 38,435,254 74
Leaving N et Receipts o f _________________________________ $23,012,535 97
T o which acid
Interest and Dividends on Securities ow ned_____ $937,290 54
Sundry In te re sts_________________________________ 721,361 95
Other Receipts.................. - - - - - .............................. ! 4 1,283 88 t ^
^
37

p r o p e r ty o f th o C o m p a n y .
BO AR D

OF

D IR E C T O R S .

D u r in g th o y e a r c o v e r e d b y th is r e p o r t th e r e w o re n o
c h a n g e s ° in t h e p e r s o n n e l o f t h e B o a r d o f D i r e c t o r s .
Tho
d u t i e s o f t h e D i r e c t o r s r e s i d e n t i n M e x i c o a s w e ll a s t h o s e
fo r m in g th e N e w Y o r k L o c a l B o a r d w ero p e r fo r m e d w ith
r e g u l a r i t y a n d in c o m p l i a n c e w i t h t h e p r o v i s i o n s o f t h e B y ­
L a w s o f th o C o m p a n y .
.
I n a c c o rd a n c e w ith C la u s e F o u r te e n o f th o D e e d o f In ­
c o r p o r a tio n , th o te r m s o f o ffic e o f th o t w e n t y -o n e D ir e c to r s
o f th o C o m p a n y e x p ir e t o -d a y , a n d th o B o a r d o f D ir e c to r s
f o r t h e f i r s t t i m e w ill b e r e n e w e d i n i t s e n t i r e t y .
The
D i r e c t o r s e l e c t e d a t t h i s m e e t i n g w ill h o ld o f f i c e u n t il t h o
O r d i n a r y G e n e r a l M e e t i n g o f t h e s h a r e h o ld e r s t o b o h e ld
in th e y e a r 1 9 1 3 .
T w o C o m m is s a r ie s a n d tw o s u b s titu te s
a l s o h a v e t o b e e le c t e d t o h o l d o f f i c e u n t i l t h o O r d i n a r y
G e n e r a l M e e t in g o f 1 9 1 3 a s th e te r m s o f o ffic e o f th o s e
e l e c t e d l a s t y e a r o x p ir o o n t h i s d a t e .
R E S U L T S O F O P E R A T IO N A N D

D IV ID E N D S .

U n f o r t u n a t e l y , a s t h e s h a r e h o ld e r s k n o w , a s t a t e o f r e v o ­
l u t i o n h a s c o n t i n u e d in t h e R e p u b l i c , p r i n c i p a l l y in t h o
n o r th e r n p a r t o f th e c o u n t r y a n d in th o S t a t e s o f M o r e lo s
a n d G u e r r e r o , w h ic h h a s b e e n th e c a u s e o f a t t a c k s u p o n
a n d d a m a g e t o t r a n s p o r t a t i o n li n e s , r e s u l t i n g i n t h e in t e r ­
r u p t i o n a n d s u s p e n s i o n o f t r a f f i c f o r a g r e a t e r o r le s s t i m e .
T h is h a s p r o v e d d e tr im e n ta l to th o C o m p a n y , n o t o n ly
t h r o u g h lo s s o f t r a f f i c , b u t a l s o o n a c c o u n t o f a c t u a l d a m a g e
d o n e t o i t s li n e s a n d p r o p e r t y .
N e v e r t h e l e s s , a s w ill b o
s e e n f r o m t h o I n c o m e A c c o u n t f o r t h o f is c a l y e a r e n d e d
J u n e 3 0 t h la s t , th e g r o s s r e c e ip ts o f th e C o m p a n y a lm o s t
e q u a l e d t h o s e o b t a i n e d i n t h e p r e v i o u s y e a r , t h e s ig n if ic a n c e
o f w h i c h is w o r t h y o f n o t i c e , a s i t m a n i f e s t s t h e s t a b i l i t y o f
t h o C o m p a n y a s w e ll a s t h e v i t a l i t y o f t h o n a t i o n .
M ore­
o v e r , th e M a n a g e m e n t o f th e C o m p a n y , fo llo w in g a p o lic y
w h ic h m e r its th o h ig h e s t p r a is e , h a s e n d e a v o r e d to re d u c e
th e c o s t o f o p e r a tio n to a m in im u m , a n d a s a c o n se q u e n c e
th o n e t r e s u lts o b ta in e d d u r in g th e p a s t fis c a l y e a r e x c e e d
th o s e o f th e p r e v io u s fis c a l y e a r b y o v e r $ 1 ,0 0 0 ,0 0 0 (p e s o s );
th o n e t in c o m e fo r th e y e a r 1 9 1 1 -1 9 1 2 r e a c h in g th e s u m o f
$ 2 1 ,8 8 8 ,0 3 3 4 9
( p e s o s ) , w h il e f o r t h e y e a r 1 9 1 0 - 1 9 1 1 it
a m o u n te d to $ 2 0 ,5 0 4 ,1 4 0 1 9 (p e s o s ).
e
I n v ie w o f th e s e r e s u lts , o f w h ic h th e B o a r d o f D ir e c to r s
ta k e s c o g n iz a n c e fr o m m o n t h to m o n t h , a n d fo llo w in g th o
c u s t o m o f f o r m e r y e a r s , a n d in e x e r c i s e o f t h e a u t h o r i t y c o n ­
fe rre d b y A r tic le 5 0 o f th e B y - L a w s , it a u th o r iz e d th e p a y ­
m e n t o f tw o s e m i-a n n u a l d iv id e n d s o f tw o p o r c e n t e a c h
o n th e C o m p a n y ’ s F ir s t P r e fe r e r d S h a r e s , w h ic h t o g e th e r




M a k in g _____________________________________________________ $24,812,472 34
From which deduct
_ ____
Taxes and R entals______________________.---------- $548,821 21
Operating Deficit o f Subsidiary Com panies------ 975,617 64
Sundry Adjustments o f Operating Expenses :
Provision for expenses for repair and r e p l a c e - __
_____
mont o f equipm ent___________________________ 1,300,000 00
Reserve for Additions and Betterm ents, in
suspen se_____________________________________
100,000 00
-------------------- 2,924,438 85
$21,888,033 49
And >
Interest on Funded D ebt, Equipm ent and Collateral Trusts,
and on Notes P a y a b le ____________________________________ 19,403,4.>7 17
Leaving Balance carried to Profit and Loss A cco u n t---------------- $2,484,570 32
A nd deducting :
„
.
Fivo Per Cent o f N et Profits transferred to
Iteservo Fund-------------------------------------.-----------$124,228
D ividend on First Preferred Sharos, four por^
^
^
Governm ent Bonds forfeited account failure to
com plete Jimenez to Parral l i n e ..-----------—
Adjustment o f market value o f Bonds ow ned—

Rru?
41,587 38

^

^

Leaving as N et Surplus for the year ended Juno 30 1912-------T o which add :
N et Surplus at Juno 30 1911--------------------------------------------------

$5,128 12
r,r,i nod -jo
o b i ,924 33

W hich gives a total N et Surplus at Juno 30 1912 o f --------------

$567,052 45

The succeeding statement, which it is thought will be of
interest, shows somewhat more in detail tho results for the
four years that tho Company has been in operation.
Forrocarriles Nacionales do Moxico.
C O M P A R A T IV E S T A T E M E N T OF IN C O M E A C C O U N T F O R T H E
FO U R Y E A R S E N D IN G JU N E 30 1099 T O 1912.

Mexican Currency.
1908-1909.

1909-1910.

1910-1911.

1911-1912.

Gross Earnings—
$45,197,748 $43,859,607
F re ig h t-------------------------- $40,901,478 $45,477,881 12,657,110 13,548,387
11,274,086 12,234,008
2,066,545
2,070,915
1,954,532
1,979,779
E x p re ss________________
2,013,018
1,968,882
1,816,726
1,603,464
M isce lla n e o u s__________
T otal . . .................... ..
Operating Expenses—
Maintenance o f W ay and
Maintenance o f EquipConducting TransportaGeneral E x p e n s e s . .___

$55,758,807 $61,483,147 $61,934,421 $61,447,791

$7,483,895

$9,704,300 $11,161,931 $11,340,034

7,158,947

7,766,516

8,788,388

9,687,119

16,343,699
2,227,830

17,106,345
2,151,158

17,141,417
2,187,608

15,435,622
1,972,479

T o t a l ________________ $33,214,370 $36,728,318 $39,279,345 $38,435,255

69

T H E C H R O N IC L E

J an . 4 1913.1
1908-1909.

1909-1910.

1910-1911.

1911-1912.

Earnings over Operating
Expenses_____________ $22,544,4:16 $24,754,829 $22,655,076 $23,012,536
753.563
1,167,132
937,291
Incom o from investments
1,093,761
Sundry Interest Less Ex­
721,362
191,330
59,252
290,134
change............................
T o t a l .............................. $23,928,331 $25,981,213 $23,599,969 $24,671,188

From which deduct—

$299,770
77,397

$410,754
67,077

$478,607
70,214

$413,545
70,046

T a x e s ________________
Rental o f Leased Lines
Operating D eficit of
Subsidiary C os-------Pending Charges A cct.
Operating Expenses.

22,834

76,239

464,421

834,334

2,461,292

2,336,709

2,147,817

1,400,000

T o t a l --------------------------

$2,861,294

$2,890,778

$3,095,829

$2,783,155

N et R evenue________ $21,067,036 $23,090,435 $20,504,140 $21,888,033

From which deduct—

Interest on Bonded
D ebt on Equipm ent
& Collateral Trusts,
& c., and on Notes
P a y a b le ___________

18,466,664

1 8 ,5 6 2 ,6 0 4

17,946,269

19,403,457

S u rp lu s______________

$2,600,373

$4,527,831

$2,557,871

$2,484,576

N ote. — T h e above figures for the years 1908-1909 and 1909-1910 include

those for the M exican International R R . C o ., which were published separ­
ately, as that lino was not merged with Forrocarriles N acionales do M exico
until July 1 1910.

Increases —

Kilometers.

MILEAGE.

T otal Standard Guage, o p e ra te d ___
N a rrow

Due to Discontinuance o f Operation o f Line between
Sauceda and M atam oros_________________________ 210.706

130.927

Decrease —

N et Increase______________________________________ 17.009
10.569
A com parison with the Grand T otal M ileage at June 30 1911 shows an
increase o f 56.071 kilometers ,or 34.841 miles, which is explained as follows:

Increases —

Kilometers.

801.998
3.598
3.162
0.034
52.944
139.462
49.752
0.581
40.521
37.280
205.372

Decreases —

Difference between A cam baro and Uruapan,
due to Changes in Location when Line was
Standard gauged_________________________
Sabinas to H ondo Branch (M on clova D i­
vision) taken u p ___________________________
T otal N et Increase________- ____________

I n a d d it io n to t h e m ile a g e
a ls o o w n s o r c o n tr o ls :

show n

Standard Gauge.

M A IN L IN E A N D B R A N C H E S .

Kilometers.

49.772
43.621
29.205
26.319
13.831
21.700
14.604
10.607
58.826
6.363
6.214
5.948
5.197

M iles.

161.853

Decauville

9.650
6.054
3.449
0.071
----------- 19.224

11.945

OF L IN E O P E R A T E D .

R A IL S .

|

S ID IN G S A N D Y A R D S .

Kilometers.

7.581
10.100
29.379
51.070
7.583
4.280
6.828
5.319
419.584
127.375
43.653
80.807
83.692
2.182
0.706

T otal, Sidings and
T otal, M ain Line
Y a r d s ____ --.1 ,4 1 6 .4 3 8
and Branches.9,924.982 6,167.136

880.139

_______ - - - - -

-11,341.420 7,017.275

E A R N IN G S .

1911-1912.

1910-1911.

173.488
57.115
102.030
17.523
16.466
16.094

34
93
32
63
67
93
74
39
10

71.56
1.41
20.4 4
.38
3.34
.09
.21
.07
2.50

$61,934,421 05

100.00

$14,320,766
876,981
12.657,110
235,111
2,066.544
55,705
130,726
44,517
1,546,956

Per­
centage.

Per­
centage.

E arnings.

5,620.354

-9.045.029

M iles.

12.201
16.254
47.281
82.188
12.203
6.8S8
10.989
8.560
675.252
204.989
70.253
130.045
134.688
3.511
1.136

GROSS

Com m ercial Freight____
C onstruction Freight__
P a ssen g er_____________
B aggage--------------- --------E x p re ss________________
T e le g r a p h _____________
R e n t a ls __ __
_ ____
Floating E quipm ent____
Miscellaneous __________

E arnings.

70.34 $43,220,949
1.04
638,657
22.05 13,548.386
.35
215,046
2,070,914
3.37
.09
54,363
158,539
.26,
33,084
.05
2.45
1,507,847

51
30
95
92
81
19
52
72
79

100.00S61.447.790 71

T h e m o v e m e n t o f c o m m e r c i a l f r e i g h t b y c la s s e s d i f f e r e d
b u t s l i g h t l y f r o m t h a t o f t h e p r e v i o u s y e a r , a s w ill b e n o t e d
fr o m th o fo llo w in g t a b le .

164.066
6.167,136

S ID IN G S A N D Y A R D S .

835.043
45.096
T880.139
7,047.275

Note.— Tho"standard-gauge"mileage shows, as will bo noted, an increase
o f 17.009 kilometers, orJlO.569 miles, same being accounted for as follows:




Com pany

A s a lr e a d y s t a t e d , th e t o t a l G r o s s E a r n in g s f r o m a ll
so u rces a m o u n te d to 8 6 1 ,4 4 7 ,7 9 0 7 1 , M e x ic a n C u r r e n c y , fo r
d e t a i l s o f w h i c h , a s w e ll a s c o m p a r i s o n w i t h l a s t y e a r , y o u r

1.199
237.912
171.452
134.947
72.316
43.496
42.530
14.347
12.720
5.822
24.352
2.035

1 ,4 1 0.43 8 ®

th e

260.475

OF

M iles.

Grand T o ta l.

5.189
3.259

Grand T o ta l............................... - ................. 11,341.420

above,

85-lb. r a i l . . . — .1,219.213
757.588 85-lb. r a i l .- 83-lb. "
19.416
12.065 83-lb. "
7.5-lb. " ___ __ 2,493.332 1,549.294 75-lb. " ___
70-lb. " ___ ---1 ,4 7 0 .2 4 0
913.570 70-lb. “
66-lb. “ . . . - . - 264.342
164.255 66-lb. “ - - _
65-lb. “
--.
40.215
24.989 65-lb. " . . .
( iiu ;-lb .“ . . . - - - 201.324
125.098 6 1 H -lb ."
60-Ib. ■' . . .
436.182
271.033 60-lb. "
56-lb. “ ___ - . _2.487.420 1,545.621 56-lb. “ ___
54-lb. "
533.296
331.377 54-lb. “
-_ 83.990
52.189 50-lb. " _
50-lb. "
208.697 45-lb. “ ___ ___
45-lb. “ ___ ___ 335.864
195.409 40-lb. " . . .
40-lb. “
. . . 314.478
25.670
15.951 30-lb. “ ___
Various " —

382.716
T otal N arrow G auge..... ................... ............... 615.917
Igfl
-------------T otal M ain Lino and Branches in
O p era tion _______________________
6,003.070
9,660.946
Standard Gauge Lines in existence,
but not operated—
N orthern Division— Jarita Branch
19.139
30.800
Torreon Division— Bcrm ejillo B’ch
22.530
14.000
E x-M exican International R R .—
From Sauceda to M atam oros___ 210.706
130.927

T otal Sidings and Y a r d s ............

34.841

Kilometers.

It elm as to Los R eyes________________________
Relinas to Salinas____________________________
(&) T ecajete to Los A rcos___________________
Sidings to Los A rco s________________________

W E IG H T

548.115
406.061
382.240
55.861
191.193
181.926
95.626
85.904
47.340

On M ain Line and Branches, Includ­
ing Terminals—
Standard G auge---------------------------- 1,343.863
N arrow G auge-----------------------------72.575

56.071

T h e w e i g h t o f r a ils i n t h e m a i n li n e a n d b r a n c h e s , a l s o
s id i n g s a n d y a r d s a t J u n o 3 0 1 9 1 2 , is s h o w n in t h e f o l l o w i n g
t a b le :

3.221

T otal Main Line and Branches......... ........ 9,924.982

0.099

(a) T o facilitate handling o f trains it was found necessary to construct
numerous now sidings and extend others already existing, and also to in­
crease the capacity o f yards ad various places, during the year under review.

AVERAGE LENGTH

1,224.320

264.036

0.160

18.750 18.910 11.651 11.750

T h e a v e r a g o l e n g t h o f lin o o p e r a t e d d u r i n g t h e y e a r w a s
9 ,0 6 8 .4 6 1 k ilo m e t e r s , o r 6 ,0 0 7 .7 3 9 m ile s .

G a u ge—

T otal not operated during year

M iles.

(a) N et in Sidings and Y ards________________ 71.706
44.556
Palau Branch_______________________________
3.275
2.035
----------- 74.981 ----------- 46.591

(6) During the year under review a tramline was constructed connecting
the Hacienda o f Los A rcos with the C om pany’s main line at the Station o f
T ecajete, H idalgo Division.
T he narrow-gauge tramline heretofore shown as Tulancingo R ailw ay,
with a length o f 3.781 kilometers, o r 2.349 miles, has been sold and the
proceeds applied in reduction o f C apital Expenditures during the year.

M iles.

Lim it o f M exico Terminal to A cam + b a r o --------------------------------- ------------ 279.200
M lchoacan & Pacific Railway (Leased
L i n o ) _____________________________
91.917
164.200
Peralvillo to B erista in ...
San Augustin to Irolo___
28.200
Ventoqulpa to Tortugas
26.500
25.900
T o p a to P achuca_______

2.035
141.496

M A IN L IN E A N D n iiA N C IIE S .
Standard Guage—
Kilometers.
M exico (N onalco) to center o f R io
Grande B ridge____________________1,290.684
C olonla to Junction with M ain Lino
at K ilo. 6 _________________________
5.791
Cintura Line— Santiago to San Lazaro
5.089
C onnection at Gonzales Junction____
0.054
Gonzales to A cam baro_______________
85.206
A cam baro to Uruapan________ ___ _ _ 224.440
San Juan Junction to Jaral del V alle.
80.067
C onnection with “ Y ” at Salam anca.
0.936
Matehuala Branch, Including Potrero
65.212
San Luis de la Paz B ranch___________
59.995
M atam oros B ranch_________________ 330.512
Cintura Extension— San Lazaro to
X ic o a n d Branch to Factories_____
5.183
M exico (Buenavista) to Ciudad
J u a re z ------------------------------------------- 1,970.340
la m p ic o to M onterey and Gomez
Palacio------------------------------------------- 882.100
C hicalote to T a m p ico______________
653.488
Irapuata to M anzanillo_____________ 615.152
Guadalajara to A m eca______________
89.900
Torreon to Saltillo____________
307.694
M exico (Buenavista) to Balsas______ 292.780
Jimenez to Rosario__________________ 153.895
Yurccuaro to Los R eyes.......................
138.248
Lecheria to Pachu ca________________
76.186
Anhelo to Paredon and Paredon to
S a ltillo ____________
80.101
T ula to Pachuca ___________________
70.200
La Vega to San M a rcos_____________
47.000
San Bartolo to R io Verde___________
42.356
Tepenacasco to A p u lco_____________
22.259
34.922
O cotlan to A toton ilco ________
Silao to G uanajuato_________________
23.600
M exican Union Railway— Rincon de
R om os to Cobro (Leased L in o)____
17.070
Tellez to H o n e y _____________________
94.670
Brittingham to D lnam ita....................
10.240
T am p ico to La B arra...........................
10.000
Cintura Railway o f the C ity o f M exico
9.572
Adrian to Santa B arbara____________
8.363
San Luis P otosi to Hacienda do Bonof i c i o ----------------------------------------------8.350
K ilom eter 1,228 to Sulphur M in e s ..
5.245
Santiago Branch— M exico to Customs
H o u s e ------------------------------------------1.930
Piedras Negras to Sauceda__________ 382.880
M atam oros to D urango_____ ________ 275.924
Tepehuanes B ranch_________________ 217.175
M onterey B ranch___________________
ra n ch ..
116.380
Tlahualifo B ranch____________ _____
70.000
C uatra Cienegas B ranch____________
_____
68.445
H om os B ranch________ _____________
23.090
R osita B ranch______ _________ _____ _
20.470
Velardena B ranch__________________
9.370
Coahuila Coal Railway (leased lin o).
39.190
Palau B ranch______________ ______
3.275

139.461

227.715

Texas-M exican R ailw ay.......................

T h e m ile a g e in o p e r a tio n a t J u n o 3 0 1 9 1 2 w a s ns fo llo w s :

M iles.

D ue to Standard-Gauging Line between A cam baro
and Uruapan ___________________________________ 224.440
D u o to including Palau Branch in "M a in Lines and
and B ranches", heretofore considered as "Sidings
3.275
and Y a r d s "_______________________________________

1911-1912.

1910-1911.

Percentage.

Percentage.
12.88
22.33
3.15
50.90
10.74
100.00

___________ Mineral Products _ ____________________

11.56
23.48
4.01
49.76
11.19
100.00

T h e G r o s s E a r n in g s fo r t h e y e a r s h o w a s lig h t fa llin g o f f ,
a s c o m p a r e d w it h la s t y e a r .
T a k in g in to c o n s id e r a tio n ,
h o w e v e r , th e u n s e tt le d
p o litic a l c o n d itio n s w h ic h
have
o b t a in e d th r o u g h o u t t h e R e p u b lic d u r in g th e la s t f iv e m o n t h s
o f t h e fis c a l y e a r , th e r e s u lts c a n o n ly b e c o n s id e r e d a s
r e m a r k a b le a n d e v id e n c in g th o w o n d e r fu l v i t a li t y o f th e
c o u n try .
N o t w it h s t a n d i n g t h a t th o e a r n in g s fo r th e fir s t
s ix m o n t h s o f 1 9 0 1 - 1 9 1 1 w e r e e m i n e n t l y s a t i s f a c t o r y , w e
w e r e a b l e t o s h o w n o t a b l e in c r e a s e s i n t h e s a m e p e r i o d o f
t h e p r e s e n t f is c a l y e a r .
O n th e o th e r h a n d , h o w e v e r , ou r
e a r n in g s f o r t h e l a s t s ix m o n t h s fe ll o f f v e r y n o t i c e a b l y a n d

th is a c c o u n t s fo r th e s lig h t d e c re a se in th e y e a r ’s fig u r e s .
F o r d e t a i l s b y m o n t h s o f t h e e a r n in g s y o u r a t t e n t i o n is
in v ite d to S ta te m e n t N o . 6 , a s p re p a re d b y o u r G e n e ra l
A u d ito r .
O P E R A T IN G E X P E N S E S .
C a r e fu l a tte n tio n h a s b e e n g iv e n th e u p k e e p o f th a t p a r t
o f t h e p r o p e r t y w h ic h h a s n o t b e e n in t e r f e r e d w i i t h b y t h e
r e v o l u t i o n i s t s a n d t h e p h y s i c a l c o n d i t i o n is s u p e r i o r e v e n
t o t h a t a t t h e c lo s e o f t h e f i s c a l y e a r e n d i n g J u n e 3 0 1 9 1 1 .
A s w ill b e s e e n f r o m t h e d e t a i l s s u b s e q u e n t l y g i v e n in t h i s
r e p o r t , c o n s i d e r a b le w o r k i n t h e w a y o f i m p r o v i n g o u r t r a c k
h a s b e e n d o n e d u r i n g t h e y e a r , a d d i t i o n a l h e a v y r a il h a v i n g
b e e n l a i d , m o r e lin e b a l l a s t e d a n d t e m p o r a r y b r i d g e s r e ­
p la c e d b y p e r m a n e n t s tr u c tu r e s .
T h e p e r c e n ta g e o f O p e r a t io n to E a r n in g s d u r in g th e y e a r
w a s 6 2 .5 5 p e r c e n t , c o m p a r in g f a v o r a b ly w it h th e fig u r e o f
la s t y e a r o f 6 3 .4 2 p e r c e n t , a n d w h ic h , w h e n c o n sid e ra tio n
is g i v e n t h e h e a v y b u r d e n t h r o w n u p o n t h e O p e r a t i o n b y
r e a s o n o f th e r e v o lu t io n , s h o u ld b e a s o u r c e o f s a tis fa c tio n
t o th e s h a r e h o ld e r s .
T h e S u b -A c c o u n t s fo r th e fis c a l y e a r s 1 9 1 0 -1 9 1 1 a n d 1 9 1 1 ­
1 9 1 2 c o m p a r e a s fo llo w s :

1911-1912.
Percentage.

1910-1911.
Percentage.
M aintenance o f W ay and Structures—
M aintenance o f E quipm ent----------------C onducting Transportation.................. ..
General Expenses______________________

28.42
22.37
43.64
5.57

29.51.
25.20
40.10
5.13
100.00

100.00
The

[Vol. XCVI.

T H E C H R O N IC L E

70

c o m p a r a tiv e

p e rc e n ta g e

to

G ross

E a r n in g s

fo r

th e

t w o y e a r s b e in g :

1911-1912.
Percentage.

1910-1911.
Percentage.
_ ............M aintenance o f W ay and Structures___
____M aintenance o f E quipm ent____ ____ __
. . _____ C onducting Transportation___________

18.02
14.19
27.68
3.53

18.46
15.76
25.12
3.21
62.55

63.42

IM P R O V E M E N T S TO P R O P E R T Y .
A D D IT IO N S A N D B E T T E R M E N T S .

From the organization of the Company to the close of tho
fiscal year under review, we have spent on additions and
betterments the sum of $21,860,374 92, Mexican Currency,
of which amount $2,771,920 10 was expended by us during
this fiscal year.
'
_
The particulars of the expenditures during the year are
shown in the following statement:
Mexican Cuerrncy
Expended July 1 1911
to June 30 1912.
$28,454 30
Right o f W ay and Station G rounds__________________________
Real Estate, Purchase of Land at Santiago, M ex ico, D . P ____
20,975 42
Protection o f Banks and Drainage____________________________
38,280 06
23,103 95
Grade Reductions and Dhanges o f Line_______________________
Tunnel Im provem ents________________________________________
110,360 09
282,506 31
Bridges, Trestles and C ulverts_______________________________
Increased W eight o f R ail_____________________________________
906,143 29
Ballast_________________
673,601 3 0
Sidings and Spur Tracks—
T otal A m ount E xpended_______________________ $227,797 88
Less— Value o f Sidings Taken U p _____________
49,427 00
178,370 88
81,492 09
Terminal Y ards_______________________________________________
1,109 02
Im provem ents o f Crossings, Over and Under G rade--------------3,214 96
Interlocking Apparatus______________________________________
2,491 76
Telegraph and Telephono Lines----------------------------------------------Station Buildings and Fixtures—
____ . .
T otal A m ount Expended----------------------------— $134,283 40
Less— Stations D estroyed and N o t R eplaced---6,538 3J
127,745 07
2,443 93
R oadw ay Buildings__________________________________________
Shops, Enginehouses and Turntables—
. . . __
T otal A m ount E xpended------------------------ - — --$303,528 87
Less— Buildings D estroyed and N ot R e p la ce d .. .1,000 00
300,528 87
Shops, M achinery and T ools—
T otal A m ount Expended---------------------------- -...$ 1 0 9 ,7 3 7 00
Less— Value o f M achinery W orn Out or Dis­
c a r d e d .................... ........ .............- ............................ 47,724 00
122,013 06
W ater and Fuel Stations....................................................................
170,119
E lectric Light and Power Plants----------------------------------------------990 77
A dditional Equipm ent-------------------------------------------------------------------- 46,578 10
Freight Cars......................................................... - -$ 1 3 ,2 6 2 35
W ork Equipm ent______________________________ 33,315 75
Other Additions and Betterments___________________________4 69
Change o f Line and Change o f Gauge between A cam baro and
Uruapan___________________________________________________
97,274 23
3,312 29
Tram line between Tecajete and Hacienda do Los A rcos---------Preliminary Survey between Ilonoy and G ulf Coast Lino-----18,156 10
Sundry Betterments Expenditures pending Formal Author­
iz a t io n _________
200,700 78
$3,439,970 36

STA TE M E N TS

OF

O P E R A T IO N S .

A t t a c h e d t o t h i s r e p o r t w ill b e f o u n d t h e v a r i o u s s t a t e ­
m e n ts o f a c c o u n ts as p rep a red
b y th e G e n e ra l A u d it o r .
S a m e g i v e in d e t a i l t h e r e s u l t s f o r t h e y e a r s a s w e ll a s f i n a n c i a l
p o s itio n o f th e C o m p a n y .
A s h e r e to fo r e , th e b o o k s a n d a c c o u n t s h a v e b een a u d ite d
b y M e s s r s . P ric e , W a te r h o u s e & C o m p a n y o f L o n d o n , N e w
Y o r k a n d M e x i c o , a n d a c o p y o f th e ir c e r tific a te a s to th e
c o r r e c tn e ss th e r e o f a c c o m p a n ie d th is r e p o r t.
T h e r e s u lts o f o p e r a tio n fo r th e y e a r a r e a s fo llo w s :

1911-1912.
M exican Silver.

1910-1911.
M exican Silver.

$22,055,070 48

N et Earnings-----$23,012,535 97
W hich reduced to gold at
the averago price o f the
M exican dollar for the
year, v iz., 50 cents
equals____g o l d ---------- $11, 506,267 99
Operating percentage-----D ec. 0.87
62.55
Kilometers run by rev­
17,974,817
enue trains ________
10.34
Gross Earnings per rev­
$3 4186 Inc.
enue train kilom eter—
8.65
Operating Expenses per
revenue train kilometer
2 1383
7.33
N et Earnings per revenuo
train kilom eter_______
1 2803
10.78
Grass Earnings per kilo­
meter o f road operated
6,355 49
1.25
Operating Expenses per
kilometer o f road op er.
Dec. 0.12
3,975 32
N et Earnings per kilo­
2,380 17
Inc.
3.55
meter o f road operated.
Average amount received
for each ton o f freight.
6,073 12
1.81
Average receipts per ton
per kilom eter______
01867
2.62
Average am ount received
from each passenger___
1 07340 Dec. 7.61
Average receipts per pas­
senger per kilom eter___
01789
1.17

1 9804
1 1423
6,275 94
3,980 26
2,295 68
6 55209
01818
1 80069
01810

12,324,157
$5 0254
3 1872
1 8382
10,100 18
6,405 62
3,694 56

Miles

run

by

revenuo

Gross Earnings per revOperating Expenses per
revenuo train m ile____
N et Earnings per revenuo
Gross Earnings per mile
o f road operated______
Operating Expenses per
mllo o f road operated - .
N et Earnings per milo of

6 55209 Average am ount received
for each ton o f freight.
02920 Averago receipts per ton
per m ile______________
1 80009 Average amount received
from each passenger___
02912 Averago receipts per passenger per m ilo_______




11,169.012

Dec. 10.34

$5 5016

Inc.

8.65

3 4412

“

7.38

2 0004

“

10.78

10,228 10

“

1.25

6,397 62

D ec.

0.12

3,830 48

Inc.

3.55

6 67312

“

1.81

03004

“

2.62

1 67340 D ec.
02879

“

7.61
1.17

553,482 98
$2,771,920.10

stru ctu re s

w ere

CU LVER TS.

e r e c te d

d u r in g

th e

y e a r ja s

fo llo w s :
an it a

One

1 0 .4 6

anAt .TF.NTES O I V ISIO N .

m e t e r t h r o u g h p la te g ird o r sp a n

B r id g e 3 9 6 - B .
O n e 5 .1 8 m e te r

“ I”

m asonry.

4 6 9 -B .

B r id g e

beam

sp an ,

tw o

on

on m ason ry.
.
s id e ,

each

on

C A R D E N A S D IV IS IO N .
S i x t y - n i n e 4 . 5 7 m e t e r “ I ” b e ttm s p a n s o n m a s o n r y p la c e d
a t v a r io u s p o in ts o n th o M a i n L in e .
.
O n e 4 . 5 7 m e t e r ‘ I ” b e a m s p a n , c o n s i s t i n g o f s ix s t r i n g e r s ,
on m ason ry.
B r id g e 2 9 1 - A .
.
E le v e n 5 .1 8 m e te r ‘ I ” b e a m sp a n s o n m a s o n r y a t v a r io u s
p o in ts o n th e M a in L in e .
T w o 7 .0 1 m e te r “ I ” b e a m

span s

2 6 8 -B .
E ig h t 4 .2 7

.
, .
s p a n s o n m a s o n r y p la c e d in

m eter “ I ”

beam

on

M a in L in e .
.
,
.
T h r e e 3 m e t e r a r c h c u l v e r t s in p la c o o f
2 9 3 -B .
T h r e e 5 .0 3 m e te r “ I ” b e a m
3 0 8 -A , 3 0 8 -C an d 3 1 0 -D .
T w o 4 .8 8 m e te r s p a n s,

Percent1911-1912.
age o f Inc.
M exican Silver.
or Dec.

114,567 28

Less— Reserve to C over D ebit to Additions and Betterments
that m ay later bo transferred to Operating E xpenses------

P erm an en t

E x p r e s s e d in m i le s t h e f ig u r e s s h o w a s f o l l o w s :

1910-1911.
M exican Silver.

42,557 98
0,000 00

$3,325,403 08

B R I D G E S ,§ T R E S T L E S ? A N D

$01,447,790 71
38.435,254 74

Gross Earnings_____
Operating Expenses.

$3 1227

Floating Equipm ent, Sale o f T ug “ C olim a” —
Sale o f Tulanclngo T ram w ays--------------------------

Percent­
age o f Inc.
or Dec.

SOI,934,421 05
39,279,344 57

$11,327,538 24
63.42
19,833,840

Adjustm ents o f Charges, Delayed Credits, & c., for Previous Year
Gas Plants...................... .............................................$2.921 84
62,792 00
E q u ip m en t____________________________________
L ocom otives__________________________ $48,717 72
Passenger C oaches____________________ 14,074 88
Connection between Anhelo and P aredon----147 00
Allendo-Las Vacas Line_______________________
147 20

.
B r id g e

m ason ry.

I

n

..
B r id g e

b eam s.

on

m ason ry.

„

.,
B r id g e s

str in g e r s o n

m asonry.

B r id g e s

sp an s

3 1 1 -A and 3 1 4 -B .
F i v o b r id g e s c o n s i s t i n g o f o n e s p a n , t h r e e s p a n s , t w o s p a n s
a n d tw o o f o n e s p a n e a c h , r e s p e c tiv e ly , o f 6 .1 7 m o te r “ I ”
b eam s on m ason ry.
B r id g o s 3 1 7 - A , 3 3 5 - A , 3 3 9 - A , 3 4 4 - A
an d 4 1 4 -B .
_ >
T w o b r id g e s c o n s i s t i n g o f f o u r a n d f i v o 9 . 1 4 m e t e r d e c k
p la te g ird e r s p a n s , r e s p e c t iv e ly , o n m a s o n r y a n d p ie r s .
B r id g e s 3 1 8 - A a n d 3 2 3 - A .
T w o 1 7 .0 7 m e t e r d e c k

p la to

g ir d o r

sp an s

on

^
m ason ry.

B r id g e s 4 3 1 -A a n d 4 3 7 - A .
•
***-'y'
^
O n e 3 t h r e e m e t e r a r c h c u l v e r t i n p la c o o f t h r o u g h p l a t e
g ird e r
One
One
One

span .
B r id g o 5 3 0 - A .
.
kL
1 3 .4 1 m o t e r d e c k p l a t o g i r d e r s p a n .
B r id g e 5 3 1 - A .
2 1 .3 3 m o te r th r o u g h p la to g ir d e r s p a n .
B r id g o 5 3 2 - A .
1 3 .7 1 m e t e r t h r o u g h p la t o g i r d e r s p a n .
B r id g e 5 3 3 - A .

O n e s p a n c o n s i s t i n g o f 1 8 r a ils o f 3 7 . 2 0 4 k i l o g r a m s p e r
li n e a l m o t e r ( 8 3 - l b . ) .
B r id g o 5 3 6 - A .
O n o . 9 6 5 m o t e r a r c h c u l v e r t in p la c o o f 3 . 0 4 8 J m e t e r r a il
sp an .

B r id g e 5 3 7 - B .

J an . 4 1933.]

T H E C H R O N IC L E

T w o 9 .1 4 m e te r “ I ” b e a m sp a n s o n m a s o n r y .
B r id g e s
5 6 0 -A a n d 5 6 1 -A .
S ix b r id g e s o f 9 .1 4 m e t e r “ I ” b e a m s p a n s o n m a s o n r y w ith
c e n te r p ie r .
B r id g e s 5 8 1 - A , 5 8 3 - A , 5 9 8 - A , 6 0 1 - A , G 0 2 -A
an d 6 0 5 -A .
T h r e e B r id g e s o f 9 .7 5 m e t e r “ I ” b e a m s p a n s o n m a s o n r y
s u p p o r t e d b y o n e n e w p ie r e a c h .
B r id g e s 6 4 3 - A , 6 4 3 -B
an d 6 4 6 -B .
I n a d d itio n
to
th e fo r e g o in g B r id g e s , 4 8 1 - A , 5 2 6 - A ,
5 5 1 - A a n d 6 6 5 - A , r e f e r r e d t o in l a s t y e a r ’ s r e p o r t , w e r e d u l y
c o m p le t e d d u r in g th e y e a r u n d e r r e v ie w .

G U A D A L A J A R A D IV IS IO N .
I n th e G u a d a la ja r a
Y ard
w o o d e n str in g e r s a r e b e in g
r e p l a c e d w i t h “ I ’ b e a m s a n d r a il g i r d e r s o n m a s o n r y .
W ork
5 0 p e r c e n t c o m p le te d a t J u n e 3 0 1 9 1 2 .
A m e c a B r a n c h : T w o sp a n s o f 2 4 .8 4 m e t e r d e c k p la te
g ir d e r s o n m a s o n r y .
B r id g e 4 1 - A .

M E X IC O T E R M IN A L .
O n e 1 0 .0 6 m e t e r d e c k
B r id g e 9 - E , C in t u r a L in e .

p la te

g ir d e r

span

on

m ason ry.

M E X IC O -Q U E R E T A R O D IV IS IO N .
T w o 3 .0 5 m e te r “ I
b e a m span s o n m a so n r y .
B r id g e s
0 -7 8 an d 0 - 8 9 - A .
I n a d d itio n to th e a b o v e , B r id g e s 0 - 8 7 - A a n d 0 - 8 8 - A
m e n t i o n e d in l a s t y e a r s r e p o r t w e r e c o m p l e t e d d u r i n g t h e
y e a r ended J u n e 3 0 1 9 1 2 .

M O N C L O V A D IV IS IO N .
T e n 2 m e t e r a r c h c u lv e r ts w e re p u t in , in p la c e o f tim b e r
tr e s tle s a t B r id g e s B - l - B , B - l - C , B - G a n d B - l - E o n M a i n
L in o a n d th r e e s id in g s .
T w o 9 .1 4 m e t e r d e c k p la te g ird e r sp a n s o n m a s o n r y a b u t ­
m e n ts a n d o n e p ie r .
B r id g e B - 1 2 7 - A .
Two
1 5 .2 4 m e t e r th r o u g h p la te g ird e rs o n m a s o n r y .
B r id g e 1 3 4 -A .
T w o 4 m e t e r a r c h c u l v e r t s p u t i n , in p l a c e o f t i m b e r
tr e stle s.
B r id g e 1 3 5 -A .
T w o 3 m e t e r a r c h c u l v e r t s in p l a c e o f t i m b e r t r e s t l e s .
B r id g e 1 3 6 -A .
T h r e e 2 4 .3 8 m e t e r th r o u g h p la te g ird e rs o n m a s o n r y a b u t ­
m e n t s a n d tw o p ie r s .
B r id g e 1 7 1 -A .
S ix 2 m e t e r a r c h c u lv e r ts r e p la c in g t im b e r t r e s tle s . B r id g e s
1 7 2 - A , 2 6 2 - B a n d 2 6 4 - B , c o n s is tin g o f tw o a r c h e s e a c h .
T w o 9 .1 4 m e t e r d e c k p la te g ir d e r s p a n s o n m a s o n r y a b u t ­
m e n t s a n d o n e p ie r .
B r id g o 1 9 5 -A .
T h r e e 3 . 0 5 m e t e r r a il g i r d e r s p a n s o n m a s o n r y a b u t m e n t s
a n d t w o p ie r s .
B r id g e 2 6 4 - A .
T w o 5 .1 8 m e te r “ I ” sp a n s o n m a s o n r y a b u tm e n ts a n d o n e
p ie r .
B r id g e 2 6 9 - A .
T h r e e 5 .1 8 m e te r “ I ” sp a n s o n m a s o n r y a b u tm e n ts a n d
t w o p ie r s .
B r id g e 2 6 9 - B .
O n o 4 m e t e r r a il g i r d e r s p a n .
B r id g e “ E ” L a m p a c ito s
M in o N o . 4 , L in e .
S e v e n r a il g i r d e r s p a n s ; t w o o f 6 . 4 0 m e t e r s , o n e o f 3 . 1 0
m e te r s a n d fo u r o f 9 .2 0 m e te r s .
B r id g e s A , B , E , a n d F ,
A g u jit a T r a c k to M in e N o . 7 .

N O R T H E R N D IV IS IO N .
O n e 5 .1 8 m e t e r “ I ” b e a m s p a n o n m a s o n r y . B r id g e 9 2 8 - A .
O n e 3 0 .4 8 m e te r riv e te d tru ss s p a n o n m a s o n r y .
B r id g e
9 3 6 -B .
O n e 1 7 .0 7 m e to r d e c k p la te g ird e r s p a n .
B r id g e 9 8 3 - B .
O n o 7 .0 1 m e t o r “ I ” b e a m s p a n .
B r id g e 9 8 4 - B .
O n e 5 .1 8 1 m e t e r “ I ” b e a m s p a n .
B r id g o 9 8 8 - C .
O n o d o u b le a r c h c u lv e r t.
B r id g e 9 9 3 - A .
O n e 5 .1 8 m e te r “ I ” b e a m sp a n .
B r id g e 1 0 7 7 -C .
O n o 1 3 .4 1 m e t e r d o c k p la t o g i r d e r s p a n .
B r id g o 1 1 1 6 - A .
O n o 5 3 . 3 4 m e t e r t h r o u g h p in c o n n e c t e d t r u s s s p a n . B r i d g e
1 1 1 9 -B .
I n a d d i t i o n t o t h e f o r e g o i n g , w o r k o n b r id g e s 9 6 1 - A ,
9 8 6 -A , 9 9 3 -B
9 9 3 -C , 9 9 4 -A , 9 9 4 -B a n d 1 1 1 7 -A w as c o m ­
p le te d d u r in g th e y e a r u n d e r r e v ie w .
T h e s e l a t t e r b r id g e s
w e re in c lu d e d in th e r e p o r t fo r la s t y e a r .

S A N LU IS D IV IS IO N .
F o u r 3 . 0 5 m e t e r r a il g i r d e r s p a n s .
B r id g e s 3 8 0 - B , 4 4 8 - A ,
4 5 7 -A an d 4 6 4 -A .
M a s o n r y B o x e s b u ilt a t B r id g e s 3 9 4 - B , 3 9 5 - C , 3 9 6 - A ,
3 9 6 - B , 3 9 7 - B , 4 5 8 - A , 4 6 0 - B a n d 4 6 8 - A ; a l s o a r a il a n d c o n ­
c r e t e b o x a t B r i d g o 4 6 1 - A , t o r e p la c e w o o d e n b o x e s .
O n o d o u b l e 3 . 0 5 m e t e r “ I ” b e a m s p a n in p l a c e o f l i g h t
g ird e r s p a n .
B r id g o 9 0 G -B .
M a t e h u a l a B r a n c h : O n o d o u b l e a n d o n e s in g le 5 . 1 8 m e t e r
“ I ” b eam sp an s.
B r id g e s 6 5 8 a n d 8 6 4 .
I n a d d itio n t o t h e a b o v e , a n u m b e r o f s m a ll w o o d e n o p e n in g s
w e re r e p la c e d w it h m a s o n r y b o x e s a n d a r c h e s a n d n u m e r o u s
b r i d g e s h a d m a s o n r y a b u t m e n t s r a is e d a n d w id e n e d a s w e ll
a s b e i n g s t r e n g t h e n e d in o t h e r r e s p e c t s .

T O R R E O N D IV IS IO N .
T w o t h r e e m e t e r s e m i -c i r c u l a r a r c h c u l v e r t s t o r e p la c e
tim b e r tr e s tle s .
B r id g e s 6 3 9 a n d B .
T w o 7 .6 2 m e te r “ I ” b e a m sp a n s o n m a s o n r y .
B r id g e s
6 4 0 -A an d B .
T h re o 7 .6 2 m e te r “ I ” b e a m sp a n s o n m a s o n r y .
B r id g o
640- C .
F o u r 4 . 5 7 m e t e r r a il g i r d e r s p a n s o n m a s o n r y .
B r id g o
641- A .
PU RCH ASES

OF

N E W

R A IL .

D u r in g th e y e a r w e p u r c h a se d 2 1 ,2 5 3 to n s o f 4 2 .1 6 4
k i l o g r a m ( 8 5 - l b . A . S . C . E . ) r a il a n d 1 4 , 0 0 0 t o n s o f 3 7 . 2 0 4




71

k i l o g r a m ( 7 5 - l b . ) r a il f r o m n a t i v e p r o d u c e r s a n d 1 2 , 3 0 0 t o n s
o f 3 7 . 2 0 4 k i l o g r a m ( 7 5 - l b . ) r a il o f f o r e i g n m a n u f a c t u r e .
T h e d o m e s t i c r a il is b e i n g u s e d in r e p l a c e m e n t s a n d r e ­
n e w a l s ; t h e f o r e i g n r a il in t h e c o n s t r u c t i o n o f n e w li n e s .
O f t h e a b o v e w e r e c e iv e d f r o m t h e h o m e s o u r c e in t h e
c o u r s e o f t h e y e a r a ll th e 4 2 .1 6 4 k ilo g r a m ( 8 5 -l b . A . S . C . E . )
r a il a n d 6 , 3 6 8 t o n s o f t h e 3 7 . 2 0 4 k i l o g r a m ( 7 5 - l b . ) r a i l ;
f r o m th e fo r e ig n m a n u f a c t u r e r s ^ ,4 1 5 t o n s .
R E L A Y IN G

W IT H

H E A V IE R

R A IL .

T h i s a l s o h a s r e c e i v e d s e r i o u s c o n s i d e r a t i o n d u r in g t h e y e a r ,,
a n d in o r d e r t o t a k e c a r e o f in c r e a s e d b u s in e s s a n d t o i m ­
p r o v e th e tr a c k g e n e r a lly th e fo llo w in g r e p la c e m e n ts o f
h e a v y f o r l i g h t r a il h a v e b e e n m a d e :

A G U A S C A L IE N T E S D IV IS IO N .
F r o m k ilo m e t e r 5 8 4 .0 6 4 t o k ilo m e t e r 5 8 5 .6 0 0 , a t o t a l o f
1 , 5 3 6 t r a c k m e t e r s o f 2 7 . 7 7 9 k i l o g r a m ( 5 6 - l b . ) r a il r e p la c e d
w ith 3 7 .2 0 4 k ilo g r a m ( 7 5 -l b .) r a il.

C A R D E N A S D IV IS IO N .
F r o m k ilo m e t e r 3 2 2 .0 7 0 to k ilo m e t e r [ 3 8 2 .8 0 9 a n d fr o m
k i l o m e t e r 6 1 8 . 7 5 9 t o k i l o m e t e r 6 5 1 , a t o t a l o f 7 9 . 9 3 6 k ilo ­
m e te r s o f 2 7 .7 7 9 k ilo g r a m ( 5 6 -l b .) r a il, 1 1 .1 6 5 k ilo m e t e r s
o f 3 2 .7 3 9 k ilo g r a m
( 6 6 - l b . ) r a il a n d 1 . 8 7 9 k i l o m e t e r s o f
4 1 . 1 7 2 k i l o g r a m ( 8 3 - l b . ) r a il r e p l a c e d w i t h 4 2 . 3 9 0 k i l o g r a m
( 8 5 -l b . A . R . A . ) r a il.
F r o m k ilo m e t e r 2 9 1 .9 6 3 t o k ilo m e t e r 3 0 9 .0 7 0 , o r 7 .7 2 7
k i l o m e t e r s o f 3 2 . 7 3 9 k i l o g r a m ( 6 6 - l b . ) r a il a n d 9 . 3 8 0 k i l o ­
m e t e r s o f 4 1 . 1 7 2 k i l o g r a m ( 8 3 - l b . ) r a il r e p l a c e d w i t h 4 2 . 1 6 4
k i l o g r a m ( 8 5 - l b . A . S . C . E . ) r a il.
F r o m k ilo m e t e r 4 1 8 .5 5 0 to k ilo m e t e r 4 3 8 .4 6 2 , a n d f r o m
k ilo m e t e r 4 5 7 .0 6 9 t o k ilo m e t e r 4 6 2 .1 6 0 , a t o t a l o f 2 5 .0 0 3
k i l o m e t e r s o f 3 7 . 2 0 4 k i l o g r a m ( 7 5 - l b . ) r a il w a s r e p l a c e d w i t h
4 2 .1 6 4 k ilo g r a m ( 8 5 -l b . A . S . C . E . ) r a il.
F r o m k i l o m e t e r 4 6 2 . 1 6 0 t o k i l o m e t e r 4 6 3 . 4 9 0 , f r o m k il o ­
m e t e r 5 1 4 .9 2 0 to k ilo m e te r 5 4 4 .1 1 0 , fr o m k ilo m e t e r 6 1 0 .5 2 0
to k ilo m e t e r 6 2 0 . 9 7 0 a n d fr o m k ilo m e t e r 6 6 1 .4 4 0 to 6 6 7 .0 0 0 ,
a
to ta l
o f 4 6 .5 3 0
k ilo m e t e r s ,
of
w h ic h
4 0 .9 7 0
k ilo ­
m e t e r s w e r e o f 3 2 . 7 3 9 k i l o g r a m ( 6 6 - l b . ) r a il a n d 5 . 5 6 0 k i l o ­
m e t e r s o f 4 1 .1 7 2 k ilo g r a m ( 8 3 -l b .) r a il, w a s r e p la c e d w ith
4 2 . 1 6 4 k i l o g r a m ( 8 5 - l b . A . S . C . E . ) r a il.
F r o m k ilo m e t e r 4 1 3 .4 0 0 to k ilo m e te r 4 1 8 .5 5 0 , o r 5 .1 5 0 '
k ilo m e t e r s o f tr a c k o f 3 7 .2 0 4 k ilo g r a m ( 7 5 -l b .) r a il, w a s re­
p la c e d w it h 4 2 .3 9 0 k ilo g r a m ( 8 5 -l b . A . R . A . ) r a il.
A t R a s c o n , S a n D ie g u ito , M ic o s , R o d r ig u e z , V e la s c o ,
A u z a , E s c o n tr ia , L a L a b o r , E s p in a z o , L a s C a n o a s , Z a c a te ,
C a fe t a l, T a m b a c a , L a s C r u c ita s , S a n M a t e o , V a lle s a n d
C a r d e n a s s id in g s a t o t a l o f 1 6 .7 8 4 k ilo m e t e r s o f tr a c k o f
2 7 . 7 7 9 k i l o g r a m ( 5 6 - l b . ) r a il w a s r e p la c e d w i t h 4 1 . 1 7 2 k i l o ­
g r a m ( 8 3 -l b .) a n d 3 7 .2 0 4 k ilo g r a m ( 7 5 -l b .) r a il.

G U A D A L A J A R A D IV IS IO N .
B e tw e e n G u a d a la ja r a a n d O r e n d a in , A m e c a B r a n c h a n d
f r o m G u a d a l a j a r a Y a r d , 2 7 . 7 7 9 k i l o g r a m ( 5 6 - l b . ) r a il t o t h e
e x t e n t o f 1 4 . 5 0 1 k i l o m e t e r s w a s r e p la c e d w i t h 3 4 . 7 2 3 k i l o ­
g r a m ( 7 0 -l b .) r a il.
M a n z a n illo L in e .
B e tw e e n T u x p a n a n d Z a p o tiltic 0 .7 2 5
k i l o m e t e r s o f 2 7 . 7 7 9 k i l o g r a m ( 5 6 - l b . ) r a il w a s r e p l a c e d w i t h
3 7 .2 0 4 k ilo g r a m ( 7 5 -l b .) r a il.

G O M E Z P A L A C IO D IV IS IO N .
F r o m k ilo m e t e r 6 7 9 .4 5 2 to k ilo m e t e r 6 8 0 .3 9 3 a n d fr o m
k ilo m e te r 7 0 4 .9 2 5 to 7 0 5 .4 9 2 , a t o t a l o f 1 .5 0 8 k ilo m e te r s o f
2 7 . 7 7 9 k i l o g r a m ( 5 6 - l b . ) r a il w a s r e p l a c e d w i t h 3 2 . 7 3 9 k il o ­
g r a m ( 6 6 -l b .) r a il.

M E X IC O T E R M IN A L .
A t th is T e r m in a l a t o t a l o f 1 .6 3 5 k ilo m e t e r s o f 2 7 .7 7 9
k i l o g r a m ( 5 6 - l b . ) r a il w a s r e p la c e d w i t h 3 2 . 7 3 9 k i l o g r a m
( 6 6 -l b .) r a il.
1 .3 8 0 k ilo m e t e r s o f 2 7 .7 7 9 k ilo g r a m ( 5 6 -l b .) r a il, w a s re­
p la c e d w ith 3 7 .2 0 4 k ilo g r a m
( 7 5 -l b .) r a il, a n d fo u r t e e n
s w itc h e s o f 2 7 .7 7 9 k ilo g r a m
( 5 6 -l b .) w e r e r e p la c e d w ith
3 7 .2 0 4 k ilo g r a m ( 7 5 -l b .) s w itc h e s .
4 . 8 1 9 k i l o m e t e r s o f 1 9 . 8 4 2 k i l o g r a m ( 4 0 - l b . ) r a il r e p l a c e d
w it h 2 7 .7 7 9 k ilo g r a m ( 5 6 -l b .) r a il.

M E X IC O -Q U E R E T A R O D IV IS IO N .
F r o m k ilo m e t e r 2 3 4 .1 9 0 t o k ilo m e t e r 2 3 7 .6 4 8 a n d f r o m
k ilo m e t e r 2 3 7 .9 6 7 to k ilo m e t e r 2 5 1 .2 0 9 , o r 1 6 .7 0 0 k ilo m e t e r s
o f 2 7 .7 7 9 k ilo g r a m ( 5 6 -l b .) r a il, w a s r e p la c e d w it h 3 2 .7 3 9
k ilo g r a m ( 6 6 -l b .) r a il.

M O N C L O V A D IV IS IO N .
F r o m k ilo m e t e r 0 to k ilo m e t e r 1 .3 6 8 th e o ld 3 0 .5 0 7 k ilo ­
g r a m ( 6 1 3 ^ - l b . ) r a il w a s r e p la c e d w i t h 3 7 . 2 0 4 k i l o g r a m ( 7 5 - l b . )
r a il.

M O N T E R E Y A N D G U L F D IV IS IO N .
F r o m k i l o m e t e r 7 5 . 0 0 0 t o k i l o m e t e r 7 9 . 6 4 0 , o r 4 . 6 4 0 k il o ­
m e t e r s o f 2 7 . 7 7 9 k i l o g r a m s ( 5 6 - l b . ) r a il w a s r e p l a c e d w i t h
3 4 .7 2 3 k ilo g r a m ( 7 0 .- l b ) r a il.
F r o m k ilo m e t e r 7 9 .6 4 0 to k ilo m e te r 1 0 9 .6 4 0 , o r 3 0 .0 0 0 k ilo ­
m e t e r s o f 2 7 . 7 7 9 k i l o g r a m ( 5 6 - l b . ) r a il w a s r e p l a c e d w i t h
3 4 . 7 2 3 k i l o g r a m ( 7 0 - l b . ) r a il.
F r o m k ilo m e t e r 1 6 .0 4 0 to k ilo m e t e r 1 9 .6 4 0 a n d fr o m k ilo ­
m e t e r 1 0 9 .6 4 0 to k ilo m e te r 2 3 9 .6 4 0 , a t o t a l o f 3 3 .6 0 0 o f
2 7 . 7 7 9 k i l o g r a m ( 5 6 - l b . ) r a il r e p l a c e d w i t h 3 4 . 7 2 3 k i l o g r a m
( 7 0 -l b .) r a il.
F r o m k ilo m e t e r 2 3 9 .6 4 0 to k ilo m e t e r 2 4 5 .0 0 0 , o r 5 .3 6 0
k ilo m e t e r s o f 2 7 .7 7 9 k ilo g r a m ( 5 6 -l b .) r a il, w a s r e p la c e d w it h
3 4 .7 2 3 k ilo g r a m ( 7 0 -l b .) r a il.
F r o m k ilo m e t e r 2 4 7 .4 0 7 t o k ilo m e t e r 4 3 5 .2 4 2 th e r e w e r e
ta k e n u p 2 .3 8 8 k ilo m e t e r s o f 2 7 .7 7 9 k ilo g r a m ( 5 6 -l b .) r a il

12

T H E C H R O N IC L E

a n d r e p la c e d w i t h 3 4 . 7 2 3 k i l o g r a m
s e t n e w s w itc h e s .

( 7 0 - l b . ) r a i l , in o r d e r t o

[ V o l . X C V I.

PU RCH ASE

OF

N E W

E Q U IP M E N T .

O r d e r s w e r e p la c e d d u r in g th o y e a r f o r te n fir s t-c la s s
N O R T H E R N D IV IS IO N .
c o a c h e s ; th ir te e n s e c o n d -c la s s a n d te n b a g g a g e , m a il a n d
M a t a m o r o s B r a n c h : F r o m k ilo m e t e r 1 8 0 .0 0 0 to k ilo m e t e r
exp ress c a rs.
A ls o fo r 1 5 0 t a n k -c a r s 1 2 ,0 0 0 g a llo n s , 1 0 0 ,0 0 0
2 4 2 .0 0 0
th e r e w e re ta k e n u p 5 3 .6 4 8 k ilo m e t e r s o f 1 9 .8 4 2 k ilo ­ lb s . c a p a c i t y .
A l l fo r d e liv e r y d u r in g th e la t t e r m o n t h s o f
g r a m ( 4 0 - l b . ) r a il a n d 7 . 4 5 0 k i l o m e t e r s o f 2 7 . 7 7 9 k i l o g r a m
th is c a le n d a r y e a r .
( 5 6 - l b .) r a il, a to t a l
o f 6 1 .0 9 8
k i l o m e t e r s r e p la c e d w i t h
3 2 .7 3 9 k i l o g r a m ( 6 6 -l b .) r a il.
C O N S T R U C T IO N O F N E W L IN E S .
I n o r d e r t o a v o i d b u m p i n g n e a r f r o g s [as t h e s e w e r e a l r e a d y
D U R A N G O TO LLANO G R A N D E C E N T R A L .
o f 3 7 .2 0 4 k ilo g r a m ( 7 5 -l b .) r a il], fr o m k ilo m e t e r 8 7 to k ilo ­
D u e t o u n e x p e c t e d d if f i c u l t i e s e n c o u n t e r e d i n t h e c o n ­
m e t e r 3 1 9 , th e r e w e ro t a k e n u p 0 .6 8 5 k ilo m e t e r s o f 1 9 .8 4 2
s t r u c t io n o f th is lin e , s a m e h a s n o t a s y e t b e e n fu lly c o m ­
k i l o g r a m ( 4 0 - l b . ) r a il a n d r e p la c e d w i t h 3 7 . 2 0 4 k i l o g r a m
p le te d .
I t is n o w e x p e c t e d , h o w e v e r , t h a t t h e lin o w ill b e
( 7 5 -l b .) r a il.
f i n i s h e d a n d p u t in o p e r a t i o n a b o u t t h e m o n t h o f D e c e m b e r
P A C IF IC D IV IS IO N .
n e x t ; 5 4 .4 5 0 k ilo m e t e r s a r e n o w b e in g o p e r a t e d .
A s of
F r o m k ilo m e t e r 3 6 .3 8 8 to k ilo m e te r 4 9 .6 2 2 a n d fr o m k ilo ­
J u n o 3 0 1 9 1 2 th e a m o u n t e x p e n d e d o n th is c o n s tr u c tio n w a s
m e t e r 4 9 .8 8 8 to k ilo m e t e r 6 3 .5 1 0 , o r 2 6 .8 5 6 k ilo m e t e r s o f
$ 3 ,9 6 6 ,9 0 4 0 6 , M e x ic a n c u r r e n c y .
2 2 .3 2 2 k ilo g r a m ( 4 5 -l b .) r a il, w a s r e p la c e d w ith 2 7 .7 7 9 k ilo ­
D U R A N G O T O C A N IT A S .
g r a m ( 5 6 - l b . ) r a il
.

SAN LU IS D IV IS IO N .
F r o m k ilo m e te r 5 6 2 .0 0 0 to k ilo m e t e r 5 7 5 .0 0 0 , o r 1 3 .0 0 0
k i l o m e t e r s o f 3 4 . 7 2 3 k il o g r a m ( 7 0 - l b . ) r a i l , w a s r e p l a c e d w i t h
4 2 .1 6 4 k ilo g r a m ( 7 5 -l b . A . S . C . E . ) r a il.
F r o m k ilo m e te r 5 7 5 .0 0 0 to k ilo m e t e r 5 9 5 .8 3 2 . o r 2 0 .8 3 2
k i l o m e t e r s o f 3 4 . 7 2 3 k i l o g r a m ( 7 0 - l b . ) r a i l, w a s r e p la c e d w it h
4 2 .1 6 4 k ilo g r a m ( 8 5 -l b . A . S . C . E . ) r a il.
F r o m k ilo m e te r 5 9 5 .8 3 2 to k ilo m e t e r 6 0 3 .8 3 2 , o r 8 .0 0 0 k ilo ­
m e t e r s o f 3 4 . 7 2 3 k i l o g r a m ( 7 0 - l b . ) r a i l , w a s r e p la c e d w i t h
4 2 .1 6 4 k ilo g r a m ( 8 5 -l b . A . S . C . E . ) r a il.
F r o m k ilo m o te r 6 0 3 .8 3 2 t o k ilo m e t e r 7 4 0 .3 6 4 , o r 1 3 6 .5 3 2
k i l o m e t e r s o f 3 4 . 7 2 3 k i l o g r a m ( 7 0 - l b . ) r a il w a s r e p la c e d w i t h
4 2 .1 6 4 k ilo g r a m ( 8 5 -l b . A . S . C . E . ) r a il.
T A M P IC O

T E R M IN A L .

A t th is T e r m i n a l th e r o w e ro t a k e n u p a to t a l o f 1 2 .7 2 2
k i l o m e t e r s o f 2 7 . 7 7 9 k i l o g r a m s ( 5 6 - l b . ) r a il a n d r e p la c e d w i t h
3 2 .7 3 9 k ilo g r a m ( 6 6 -l b .) r a il.
B ALLAST.
W o h a v e fo llo w e d u p o u r p o lic y o f g r a d u a lly im p r o v in g
o u r tr a c k s b y th o p la c in g o f p e r m a n e n t b a lla s t o n th e fo llo w ­
in g D iv is io n s d u r in g th o y e a r :

Divisions—
Lineal Meters.
A gu a sca lien tes___________________________________________________
11,380
C a r d o n a s _________________________________________________________
98,743
G u a d a la ja ra ______________________________________________________
45,707
H id a lg o __________________________________________________________
949
M ox ico-Q u ereta ro________________________________________________
75,293
M o n c l o v a ________________________________________________________
1,977
M o n te r r e y _________________________________________________
95,638
N o r t h e r n _________________________________________________________
15,172
San Luis.......................
35,700
T a m p ico Term inal_______________________________________________
10,215
T o t a l ..........................................
N E W

S ID E

A N D

390,774
P A S S IN G

TR A C K S.

D u r in g th o y e a r n o w s id e -tr a c k s , p a s s in g tr a c k s , c ro ss­
o v e r s a n d e x t e n s i o n s t o e x i s t i n g s i d e - t r a c k s w e r o b u i l t t o th o
e x t e n t o f 3 0 .0 7 3 k ilo m e t e r s .
T h e fo llo w in g s t a t e m e n t g iv e s
d e t a i l o f w e i g h t o f r a il u s e d in t h e s e n e w t r a c k s , v i z . :

Weights o f
40
lb. rail
45
“
“
50
“
"
54
“ “
“ “
56
“
"
60
61H “ “
“
"
65
“ “
66
“
“
70
“ "
75
“
“
85

40
45
50
54
56
60
65
70
75
85

Kilom eters.
Rail—
0.325
(19.842 kilograms) ___________ .................................
<9.9. 395!
“
............. ..................... ..
2.830
1.546
(24.802
“
) ..... ............... . . . _____ __________
6.514
(26.786
“
) .................... ........................... . . .
_____ . _ _________ 13.013
(27.779
“
)
_____ __ _____________
0.050
(29.763
“
0.368
(30.507
“
) ....... .......... ______________________
(32.243
“
) ___________ _____________________
0.452
(32.739
“
j .................... ____________________
0.327
1.366
(34.723
“
) ......... .......... ______________________
(37.204
“
) .................... .......................................
3.008
(42.390
"
) ...................... __________________
0.274

From which deduct— Tracks taken up—
lb . rail (19.842 kilogram s)____________ ____________
“ “
(22.322
“
) _____ _______ ____________
“ " (24.802
“
) ...................... ......................
“ “ (26.786
“
) ...................... _____ _______
“ “ (27.779
“
) ...................... .................. ..
.
“ “
(29.763
“
) . .................... _______
“ “
(32.243
“
) ...................... ......... .............
“ “ (34.723
“
) ......... ............ ____________
“ " (37,204
“
) ...................... ....... ...............
“
“ (42.390
“
) .................... ......................
N et

Increase.

N E W

T E R M IN A L

30.073
0.222
1.359
3.183
0.558
2.715
1.034
0.093
0.056
0.217
0.184

9.621

P E N JA M O T O A JU N O .
T h e s a m o r e m a r k s a p p l y t o t h o c o n s t r u c t i o n o f t h i s li n o .
S u b s e q u e n t t o J u n e 3 0 , h o w e v e r , t h e w o r k w a s s e r i o u s ly
in t e r f e r e d w i t h f o r s o m o t w o o r t h r e e w e e k s b y v e r y h e a v y
f l o o d s in t h e s e c t i o n w h i c h t h e li n e t r a v e r s e s .
E ig h ty per
c o n t o f t h o g r a d i n g a n d m a s o n r y w a s f in i s h e d a s o f J u n e 3 0
la s t.
U n l e s s u n l o o k e d f o r o b s t a c l e s a r is e , t h e li n e s h o u l d b o
r e a d y fo r o p e r a tio n b y D e c m b e r th is y e a r .
T h o e x p e n d i­
tu r es to J u n o 3 0 1 9 1 2 a m o u n te d to $ 2 ,9 6 9 ,4 0 8 6 5 M o x ic a n
cu rren cy.

A L L E N D E T O LAS V A C A S.
U n d e r c o n c e s s io n g r a n te d b y th e F e d e r a l G o v e r n m e n t o n
M a r c h 2 1 9 1 2 a c o n t r a c t f o r t h e c o n s t r u c t i o n o f t h i s lin o w a s
le t o n A p r il 1 2 1 9 1 2 .
T h o lin e r u n s f r o m A l l e n d o in t h e S t a t o
o f C o a h u lia o n th o o ld M e x ic a n In t e r n a tio n a l R o a d to L a s
V a c a s o n t h o R i o G r a n d e , o p p o s i t e D e l R i o , T e x a s , a n d w ill
c o n n e c t w i t h t h o lin o o f t h e K a n s a s C i t y M e x i c o & O r i e n t
R a ilw a y , n o w u n d e r c o n s tr u c tio n .
T h e to ta l
le n g th o f
t h e lin o is 1 1 8 k i l o m e t e r s , o r 7 3 . 3 2 m i l e s , o f w h i c h , h o w e v e r ,
i t is n o w p r o p o s e d t o b u i l d b u t 8 0 k i l o m e t e r s , o r 4 9 . 7 1 m i l e s ,
t o th o H a c ie n d a o f S a n C a r lo s .
T h e lin o r u n s t h r o u g h a g o o d a g r i c u lt u r a l c o u n t r y , s u s ­
c e p tib le
of
c o n s i d e r a b le
d e v e lo p m e n t.
A lr e a d y
several
ir r i g a t i o n p r o j e c t s a r e u n d e r w a y .
I t is c o n f i d e n t l y e x p e c t e d
t h a t t h i s lin o w ill p r o v e a v a l u a b l e fe e d e r t o t h e s y s t e m .
E ig h t p e r c e n t o f th e g r a d in g h a d b e e n c o m p le te d a t J u n o 3 0 t h
la s t .
T h e a m o u n t e x p e n d e d t o t h o c lo s e o f t h e f is c a l y e a r
w a s $ 5 7 ,6 3 8 3 9 M e x ic a n C u r r e n c y .

M A T A M O R O S T O SAN F R A N C IS C O .
O n M a r c h 2 1 9 1 2 a c o n t r a c t w a s e x e c u t e d w it h t h e F e d e r a l
G o v e r n m e n t o f M e x ic o c o v e r in g th e c o n s tr u c tio n o f th is
c o a s t l i n e , w h i c h w ill h a v e a n a p p r o x i m a t e t o t a l l e n g t h o f
9 0 2 k ilo m e t e r s , o r 5 6 0 .4 8 m ile s .
In a c c o r d a n c e w ith th o
s t i p u l a t i o n s in t h e c o n t r a c t 1 0 0 k i l o m e t e r s o f s a i d lin e m u s t
b e c o m p l e t e d in t w o y e a r s f r o m t h o s i g n i n g t h e r e o f a n d 1 0 0
k i l o m e t e r s in e a c h s u c c e e d i n g y e a r ; t h o
w h o le
lin e t o b o
c o m p le t e d w ith in te n y e a r s .
C a r e fu l s t u d y a n d c o n sid e ra ­
tio n h a v in g d e m o n s tr a te d th e a d v is a b ility o f c o n s tr u c tin g
t h a t p o r t i o n o f t h e s a i d lin o f r o m T a m p i c o s o u t h , t h o c o n ­
t r a c t f o r t h o b u i l d i n g o f t h e f ir s t o n e h u n d r e d k i l o m e t e r s f r o m
th a t p o in t w a s e x e c u te d o n J u n e 5 th la s t.
I t is f u l l y e x p e c t e d t h a t t h i s s e c t i o n o f t h o lin o w ill p r o v o
t o b e a s o u r c e o f c o n s i d e r a b le n e t r e v e n u e t o t h o C o m p a n y ,
i n a s m u c h a s i t w ill t a p t h e m a j o r p a r t o f t h e o il f ie ld s in
t h a t r e g i o n , a s w e ll a s a g o o d a g r i c u l t u r a l c o u n t r y .

20.452
S T A T IO N ,

SAN

L U IS

P O T O S I.

A t th e p r e s e n t tim o th o tr a ffic o r ig in a tin g a t , d e s tin e d to
o r p a s s i n g t h r o u g h t h i s i m p o r t a n t c e n t r e is h a n d l e d a t t w o
t e r m i n a l s , i. e., t h o s o o f t h o E x - N a t i o n a l a n d E x - C e n t r a l .
B o t h a r e in a d e q u a t e f o r p r o p e r s e r v i c o a n d in a d d i t i o n t h e r o t o
c a u se u n n ecessary e x p en se.
A c a r e fu l s t u d y o f th o m a tte r
h a v in g d e m o n s tr a te d th o a d v a n ta g e s to b e d e r iv e d fr o m th e
c o n s t r u c t io n o f a n u p -t o -d a t e t e r m in a l, p la n s th e r e fo r w e re
d r a w n a n d t h o w o r k s b e g u n d u r i n g t h o f is c a l y e a r u n d e r
re v ie w .
N E W S T A T IO N S .
W o c o m p le t e d d u r in g th o y e a r th e c o n s tr u c tio n o f S t a t io n
B u ild in g s a t th e f o llo w in g p la c e s :
P a sse n g e r S ta tio n a t Ig u a la .
F r e ig h t S ta t io n a t Ig u a la .
P a sse n g e r a n d F ro ig h t S ta tio n a t B a ls a s .
P a sse n g e r S ta tio n a t C u e r n a v a c a .
P a sse n g e r S ta tio n a t C o lim a .
P a s s e n g e r S ta t io n a t A g u a s c a lie n te s .
F r e ig h t S t a t io n a t L in a r o s .
T h ir te e n s e ts o f n o w S e c tio n H o u s e s fo r th e u se o f o u r
t r a c k e m p l o y e e s w e r e a l s o b u i l t in t h o c o u r s e o f t h e y e a r .




T h e b u i l d i n g o f t h i s li n e h a s b e e n c a r r ie d o n a c t i v e l y d u r i n g
th o y e a r .
P r a c t ic a lly a ll th o g r a d in g a n d m a s o n r y o n th o
1 6 0 k i l o m e t e r s o u t o f D u r a n g o m e n t i o n e d in l a s t r e p o r t h a s
b e e n c o m p le te d , th e p e rc e n ta g e b e in g , r e s p e c tiv e ly , 9 9 .8 3
a n d 9 9 . 5 7 , w h il e 6 4 p e r c e n t o f t h e r a ils h a v e b e e n l a i d .
T h e c o n t r a c t f o r t h e b a l a n c e o f t h e li n o , a p p r o x i m a t e l y
1 1 4 k ilo m e t e r s , w a s e x e c u te d o n A p r il 2 1 9 1 2 a n d w o rk
com m enced M a y 6 .
A s o f J u n o 3 0 1 3 .3 p e r c e n t o f th e g r a d ­
in g a n d 3 p e r c e n t o f th e m a s o n r y h a d b e e n d o n e .
If no
u n f o r e s e e n d i f f i c u l t i e s a r e e x p e r i e n c e d , i t is h o p e d t o p u t
t h e lin o in o p e r a t i o n b y A p r i l 1 9 1 3 .
T o Juno 3 0 1912 wo
h a d e x p e n d e d o n th is w o r k $ 3 ,0 5 1 ,7 9 6 5 8 M e x ic a n c u r r e n c y .

IN

G EN ER AL.

EM PLOYEES.
A t J u n o 3 0 1 9 1 2 t h e r o w o r e 3 1 , 1 7 9 e m p l o y e e s in t h e s e r v i c o
o f th o C o m p a n y , o f w h ic h n u m b e r 6 3 9 , o r 2 .0 5 p e r c e n t w ero
fo r e ig n e r s .
T h o d i m i n u t i o n in t h e n u m b e r o f f o r e i g n e m p l o y e e s is
p r in c ip a lly d u e to th o v o lu n t a r y s e p a r a tio n fr o m o u r s e r v ic o
in A p r i l l a s t o f t h e m a j o r p a r t o f t h o f o r e i g n t r a i n m e n .

S T A T E M E N T S OF E Q U IP M E N T .
A c c o m p a n y i n g th is r o p o r t a r e th e u s u a l s t a t e m e n t s o f
L o c o m o t i v e s a n d C a r s o n h a n d a t t h e c lo s e o f t h e fis c a l y e a r .
I t w ill b o n o t e d t h a t w e h a v e s u f f e r e d s e v e r e l y in t h o lo s s o f
c a rs th r o u g h th o a c tiv itie s o f th e r e v o lu tio n is ts .

E X P R E S S S E R V IC E .
T h e o p e r a tio n s o f th e C a m p a n ia M e x ic a n a d o E x p r e s s ,
S . A . , fo r th o y e a r h a v e b e e n m o s t s a t is fa c t o r y , h a v in g re ­
g a r d in t h i s c o n n e c t i o n a l s o t o t h e d i s t u r b a n c e s t o b u s in e s s
th r o u g h u n c e r ta in c o n d it io n s .

F U E L O IL.
T h o b e n e f i t s w h i c h w e e x p e c t t o d o r iv o f r o m th o s u b s t i t u t i o n
o f o il f o r c o a l a s fu e l h a v e b e e n f u l l y b o r n e o u t b y t h e y e a r s ’

THE CHRONICLE

Jan. 4 1933 ]

r e s u lts , as w ill b o n o t e d fr o m th e d e cr e a s e in c o s t o f fu e l
s h o w n in S ta te m e n t N o . 7 o f th e G e n e ra l A u d i t o r .
I t is , o f c o u r s e , e c o n o m ic a lly im p o s s ib le fo r us to u se oil
e x c lu s iv e ly o n o u r s y s t e m , b e a rin g in m in d th e lo n g d is­
ta n c e s in s o m o ca se s fr o m th o s o u r c e o f s u p p ly , a n d th e
p r o x im it y o f c o a l in t h o s e d is tr ic ts .
W h e r e w e h a v e fo u n d
it e c o n o m ic a l t o u se o il, sa m e is b e in g u s e d .
O f th o t o ta l
m ile a g o o f th o s y s t e m , a p p r o x im a t e ly 5 0 p e r c e n t is o p e r a te d
b y o il a n d 5 0 p e r c e n t b y c o a l.
N E W T E R M IN A L S T A T IO N , M E X IC O C IT Y .

S in c e th e o r g a n iz a t io n o f th e C o m p a n y , th o a d v is a b ilit y
o f c o n s t r u c t in g a T e r m in a l S ta tio n in th e C i t y o f M e x ic o
s u ffic ie n t in size t o a c c o m m o d a t e all o u r P a s s e n g e r a n d
F r e ig h t b u sin e ss fo r y e a r s t o c o m e h a s b e e n g iv e n th e c a r e fu l
c o n s id e r a tio n o f th e o p e r a tin g o ffic e r s , a n d p la n s th e r e fo r
h a v e b e e n d r a w n a n d a p p r o v e d b y th e B o a r d o f D ir e c t o r s .
N o w o r k h a s as y e t b e e n d o n e in th is c o n n e c t io n , b u t th e
p r e lim in a r y d e ta ils a re w e ll a d v a n c e d a n d th o c o n s t r u c t io n
c a n b e c o m m e n c e d as s o o n as th o o p p o r t u n e tim e a r r iv e s .
P A R A L L E L L IN E S .

O n e o f th o c o n s id e r a tio n s w e ig h in g in th o m e r g e r o f th o
C o m p a n ie s n o w fo r m in g th is C o m p a n y w a s th e s u p p r e s s io n o f
c e r t a in lin e s, p r in c ip a lly o f th e o ld N a t io n a l R a ilr o a d C o m ­
p a n y a n d th e o ld M e x ic a n C e n tr a l R a ilw a y C o m p a n y , w h ic h
p a r a lle l e a c h o t h e r , th e t r a ffic o f th o r e g io n n o t b e in g s u ffic ie n t
t o su sta in b o t h t r a c k s .
A ft e r c a r e fu l a n d m a tu r e d e lib e r a tio n , th e C o m m it t e e
a p p o in t e d t o in v e s t ig a t e th o m a tt e r r e c o m m e n d e d th e
a b a n d o n m e n t o f th o fo llo w in g lin e s:
Kilom eters.
M e x ic a n I n t e r n a t io n a l..A n h e lo to I x t la ------------------------------“
..H o r i z o n t e to B e r m e jillo ____________
“
. .S a u c e d a to M a t a m o r o s ____________
N a t io n a l R R ...................... .S a lt illo to K . 9 3 1 __________________
“
. .J a r i t a to C o lu m b ia _______________.
M e x ic a n C en tra l R I t ...T e p e n a c a s c o to T u la n c in g o _____
..C u y a m a l o y a to K . 155 (P an u co)

..H ercules to Adjuntas_________

. . S a n Lu is to E s ta n z u e la __________
..S a n d o v a l to S o m o r ie l____________
C o a h u ila & P acific ______ E sca n ta d a to S a ltillo ______________

..A gu a Naval to Torreon________
Hidalgo R a ilw a y ...___ K. 15 (near Tultopcc Station)
t o M o g o t e s _______________________

M iles.

2 1 .0 0
2 2 .5 3
2 1 0 .0 0
1 7 .0 0
3 2 .0 0
7 .0 0
3 6 .0 0

111.05
1 4 .0 0
1 3 0 .4 9
1 0 .5 6
1 9 .8 8
4 .3 5
2 2 .3 7

9 .0 0
2 0 .0 0
2 2 .0 0

5 .5 9
1 2 .4 3
1 3 .0 7

4 3 .0 0

2 6 .7 2

4 6 4 .5 3

2 8 8 .6 4

15.00

9.32

10.00

0.2i

I n a c c o r d a n c e w ith th o p r o v is io n s o f S e c tio n 2 2 o f A r t ic le V ,
o f o u r m o r t g a g e s , th o c o n s e n t t o th e s u p p r e s s io n o f th e c o n ­
c e s s io n s c o v e r in g th o sa id lines w a s r e q u e s te d a n d r e c e iv e d .
T h o D e p a r t m e n t o f C o m m u n ic a tio n s a n d P u b lic W o r k s
h a v in g a lso s ig n ifie d its a p p r o v a l t h e r e to , th o n e c e s s a ry
s te p s a ro n o w b e in g ta k e n lo o k in g to th e sa id a b a n d o n m e n t .
I t is c o n fid e n t ly e x p e c t e d th a t sa m e w ill b e n e fit th e p r o p e r t y
v e r y m a te r ia lly b y r e d u c t io n o f e x p e n se s.
O IL IN D U S T R Y .

C o n s id e r a b le im p e t u s h a s b e e n g iv e n t o th o d e v e lo p m e n t
a n d p r o d u c t io n o f o il in th e T a m p i c o a n d T u x p a n d is tr ic ts
d u r in g th e p a s t y e a r .
N e w w e lls h a v e b e e n su n k in n u m e r ­
o u s p la c e s w it h g r a t ify in g r e su lts, w h ile th e o ld w ells k e e p
o n p r o d u c in g as s a t is fa c t o r ily as h e r e t o fo r e .
I n all it is n o w
c o m p u t e d th a t th e re a ro f o r t y o r g a n iz e d c o m p a n ie s e a g a g e d
in d e v e lo p in g th is i n d u s t r y , a n d th e h a n d lin g o f th e o u t p u t
s h o u ld b r in g g o o d re su lts t o th e C o m p a n y as s o o n as th e lin e
n o w b e in g b u ilt s o u th fr o m T a m p i c o is c o m p le t e d .
Tho
p r o s p e c ts o f th is b u sin ess fo r th e fu tu r e lo o k v e r y p r o m is in g .
CROPS.

I t is w it h r e g r e t t h a t I h a v e t o a d v is e t h a t th o o u t l o o k fo r
th e p re s e n t c r o p s is n o t a t all s a t is fa c t o r y .
T h e u n u s u a lly
h e a v y ra in s th r o u g h o u t th e a g r icu ltu r a l b e lt h a v e h a d a v e r y
d a m a g in g e ff e c t a n d as a c o n s e q u e n c e th o y ie ld is n o w e x ­
p e c t e d to b o b e lo w n o r m a l.
STA TE M E N TS OF ACCO U N TS.

A c c o m p a n y in g th is r e p o r t J h a n d y o u a le t te r fr o m
G e n e ra l A u d it o r d a t e d S e p te m b e r 6 1 9 1 2 ; as a ls o th e
s t a t e m e n ts o f a c c o u n t s as e n u m e r a te d th e r e in .
A list o f
D ir e c t o r s a n d O ffice r s o f th e C o m p a n y as a t th o c lo s e o f
fisc a l y e a r is a t ta c h e d h e r e t o .
R e s p e c t fu lly s u b m it t e d ,
E. N . BRO W N .

th o
ten
th o
th e

P r e s id e n t.

(FJ°!p 5 Ii, ia nce Sheet and Other S tatistics, see last weeks’ C hronicle

p a j;e 1743.1

J o h n P e rr in , D a n ie l K . D r a k e a n d J a m e s S h e ld o n R ile y
h a v e r e c e n t ly e n te r e d in t o a c o -p a r tn e r s h ip a n d h a v e in c o r ­
p o r a t e d u n d e r th o fir m n a m e o f P e r r in , D r a k e & R i l e y , to
d e a l in h ig h -g r a d e in v e s t m e n t s e c u r it ie s , U n it e d S ta te s , S ta te ,
c o u n t y a n d c i t y b o n d s , p u b lic s e r v ic e issu e s, & c ., w it h o ffic e s
in th o n e w V a n N u y ’ s B u ild in g , L o s A n g e le s .
M r . P e r r in is
w ell k n o w n t o th o b a n k in g fr a t e r n it y , h a v in g b e e n fo r y e a r s
P r e s id e n t o f th o A m e r ic a n N a t io n a l B a n k , I n d ia n a p o lis .
M r'. D r a k e w a s fo r m e r ly m a n a g e r f o r t w o lv o y e a r s o f th e
C h ic a g o o f f i c o o f H a r v e y F isk & S o n s , w h ile M r . R i l e y w as
fo r m e r ly id e n t ifie d w it h E . I I . R o llin s & S o n s ’ C a lifo r n ia
o ff ic e s a n d w a s a lso th a t fir m ’ s fo r e ig n r e p r e s e n ta tiv e fo r
tw o years.
. — C . E . D e n is o n & C o . , B o s t o n a n d C lo v o la n d , a r o a d v e r ­
tisin g in o u r c u r r e n t issu e a list o f b o n d s fo r J a n u a r y in v e s t ­
m en t.
T h o list in c lu d e s issues o f P o r t la n d , O r e ., D a lla s ,
T o x ., W a t e r t o w n a n d S o lv a y , N . Y . , all o f w h ic h a ro le g a l
in v e s t m e n t s fo r N e w Y o r k s a v in g s b a n k s .
A c ir c u la r d e ­
s c r ib in g a n u m b e r o f issu es w ill b e m a ile d o n r e q u e s t.




73

— N . W . H a ls e y & C o . , b a n k e r s , a n n o u n c e o n a n o th e r
p a g e th e p u b lic a t io n o f a r e v is e d e d it io n o f th e ir c o p y ­
r ig h te d b o o k le t c a lle d “ T h e m o s t S a t is fa c t o r y B o n d s .”
T h is b o o k w ill p r o v e v e r y v a lu a b le t o th e in v e s t o r , p a r tic u ­
la r ly t o t h o s e in te r e s te d in p u b lic u t ilit y b o n d s a s it c o n t a in s
a m o s t e x h a u s t iv e tre a tise o n th is cla ss o f s e c u r itie s , s h o w in g
b y w a y o f c o m p a r is o n th e d e s ir a b ility o f p u b lic u t ilit y
se c u r itie s o v e r th o s e o f r a ilr o a d a n d m u n ic ip a l b o n d s .
T h e t r e n d o f th e b o n d m a r k e t fo r t h e p a st s e v e n y e a r s
is s h o w n b y w a y o f a c h a r t , g iv in g th e r e la t iv e in v e s t m e n t
p o s it io n o f r a ilr o a d , m u n ic ip a l a n d p u b lic u t ilit y b o n d s ,
t a k in g f o r a n e x a m p le six s ta n d a r d issu es o f e a c h cla ss o f
se c u r itie s .
I t a ls o c o n t a in s a c o m p le t e h is t o r y a n d a
r e c o r d o f s e v e n y e a r s p r o g r e s s , g r a p h ic a lly s h o w n b y c h a r t ,
o f a d o z e n p r o p e r tie s in w h ic h th e fir m p a r tic u la r ly r e c o m ­
m e n d in v e s t m e n t .
T h e g r e a t g r o w t h in p u b lic s e r v ic e c o r p o r a t io n s d u r in g
th e p a s t fe w y e a r s h a s r e s u lte d in th e c r e a tio n o f c o m m is tio n s b y a n u m b e r o f th e le a d in g S ta te s , g iv in g t h e m p o w e r
t o r e g u la te t h e s e r v ic e fu r n is h e d , so th a t in v e s t o r s h o ld in g
th e b o n d s o f c o n s e r v a t iv e ly c a p ita liz e d a n d g r o w in g c o r p o r a sion s s e r v in g s u b s ta n tia l c o m m u n itie s fe e l t h a t th e ir s e c u ­
rities a re d o u b ly p r o t e c t e d if th e c o m p a n y o p e r a te s u n d e r
p u b lic s e r v ice c o m m is s io n .
T h is v a lu a b le b o o k le t w ill b e
m a ile d fr e e u p o n a p p lic a t io n t o th e fir m ’ s m a in o f f ic e , 4 9
W a ll S tr e e t , o r e ith e r o f its b r a n c h o ffic e s in P h ila d e lp h ia ,
C h ic a g o , S an F r a n c is c o , o r in L o n d o n , E n g la n d a n d G e n e v a ,
S w itz e r la n d .
— T h e o ffic e r s o f th e c o r p o r a t io n t h a t h as ta k e n o v e r th e
b u sin ess o f W illia m P . B o n b r ig h t & C o . u n d e r th e t itle o f
W illia m P . B o n b r ig h t & C o ., I n c o r p o r a t e d , a r e th e m e m b e r s
o f th e fir m .
W illia m P . B o n b r ig h t is P r e s id e n t; th e V ic e
P r e s id e n ts a re S ta rlin g W . C h ild s , I r v in g W . B o n b r ig h t ,
O . B . W illc o x , F r e d e r ic C . W a l c o t t , W illia m F . F is h e r ,
R ig h t H o n . L o r d F a ir fa x a n d G . C . C a ss e ls .
F . W . S te h r
is V ic e P r e s id e n t a n d T re a s u r e r a n d G . R . B u c k m a n , V ic e
P re s id e n t a n d S e c r e t a r y .
T h e b o a r d o f d ir e c t o r s in c lu d e s
all th e o ffic e r s , S id n e y Z . M it c h e ll o f th e E le c t r ic B o n d &
S h a re C o . a n d L o u is E g e r t o n o f L o n d o n .
— F o r e ig n a n d A m e r ic a n in v e s t o r s w it h su rp lu s fu n d s w ill
b e in te r e s te d in th e J a n u a r y list o f b o n d s fo r in v e s t m e n t
w h ic h H a r r is , F o r b e s & C o m p a n y o f th is c it y a d v e r t is e in
t o - d a y ’ s issu e o f th e C h r o n ic le .
T h e in te r e s t r e tu r n t o th e
in v e s t o r is 4 .1 0 t o 5 . 6 5 % .
T h e r e a re t h ir ty -s e v e n c h o ic e
secu ritie s in th e se le c te d lis t, e m b r a c in g m u n ic ip a l, r a ilr o a d
a n d c o r p o r a t io n b o n d s .
T h e fir m in v it e s c o r r e s p o n d e n c e
a n d w ill b e p le a se d t o fu rn is h d e ta ile d in fo r m a t io n r e g a r d in g
th ese b o n d s a n d a ls o o v e r o n e h u n d r e d o t h e r issu es o f b o n d s
fo r in v e s t m e n t y ie ld in g as h ig h a r e tu r n as is c o n s is t e n t w ith
s a fe ty o f p r in c ip a l.
— T h o p a r tn e rs h ip e x istin g b e t w e e n H a r r y G . T o b e y a n d
G e o r g e S . .C r a p u n d e r th e n a m e o f T o b e y & K ir k , a t 2 5
B r o a d S t ., w a s d is s o lv e d o n th e 3 1 st u l t ., G e o r g e S . C r a p
h a v in g s o ld his in te r e s t to H a r r y G . T o b e y a n d r e tir e d fr o m
th e th e fir m .
M r . T o b e y has ta k e n o v e r th e e n tire bu sin ess
a n d g o o d -w ill o f th e fir m , in c lu d in g th e r ig h t to th o fir m n a m e
o f T o b e y & K ir k .
T h e bu sin ess w ill a c c o r d in g ly b e c o n ­
tin u e d b y h im u n d e r th a t n a m e a t th e sa m e a d d re s s .
M r . C r a p w ill c o n t in u e as a d e a le r in s t o c k s a n d b o n d s
w it h o ffic e s a t 2 5 B r o a d S t.
— W it h a v ie w t o m a k in g it p o s s ib le f o r th e sm a ll in v e s t o r
t o in c r e a se th e e a r n in g p o w e r o f h is s a v in g s b y in v e s t in g in
sa fe s e c u r itie s a ffo r d in g a h ig h e r y ie ld t h a n th e o r d in a r y in ­
te re st r a te o n s a v in g s a c c o u n t s , a t e n -p a y m e n t sa v in g s p la n
h a s b e e n d e v is e d b y W a lt e r R . W e e v e r & C o . o f th e H a rr is
T r u s t B l d g ., C h ic a g o , w h ic h seem s p r a c t ic a l, c o n c is e a n d
c o m p le t e .
I t is e s p e c ia lly in te n d e d f o r th e use o f b a n k s a n d
d e a le rs in th e sa le , o v e r th e c o u n t e r , o f h ig h -g ra d e in v e s t m e n t
bonds.
— S a m u e l L . S lio b e r , b e in g o b lig e d t o sp e n d a g r e a t p o r t io n
o f his tim e in th e W e s t , th e fir m o f C r a m p , M it c h e ll & S h o b e r
o f P h ila d e lp h ia has b e e n d is s o lv e d b y m u tu a l c o n s e n t .
The
b u sin e ss w ill b e c o n d u c t e d b y T h e o d o r e W . C r a m p a n d
H o w a r d E . M it c h e ll u n d e r th e n a m e o f C r a m p , M it c h e ll &
C o . , w it h o u t c h a n g e o r in t e r r u p t io n in th e p re s e n t o ff ic e s .
M r . S h o b e r ’s c o n t r ib u t io n to th e c a p it a l o f th e o ld fir m w ill
r e m a in w ith th e n e w fir m .
— T h e o ffe r in g p ric e o f L o s A n g e le s R a ilw a y C o r p o r a t io n
fir s t a n d r e fu n d in g 5s sh o u ld h a v e b e e n 9 8 a n d in te r e s t in
th e a d v e r t is e m e n t o f J a n u a r y in v e s tm e n ts in s e rte d b y
W illia m S a lo m o n & C o . o f th is c i t y in la st w e e k ’s issu e o f th e
“ C h r o n ic le ,” D e c . 2 8 1 9 1 2 .
T h r o u g h a t y p o g r a p h ic a l e r r o r ,
a p ric e o f 9 7 3^ w a s in a d v e r te n tly p r in te d in th e a d v e r t is e ­
m e n t.
— R o b e r t I . F a r r in g to n a n d W a lt e r S . G r u b b s h a v e b e c o m e
p a r tn e rs w it h E d w in W h it e in th e in v e s t m e n t b o n d fir m o f
E d w in W h it e & C o . o f S t. P a u l as o f J a n . 2 .
M r . F a r r in g ­
t o n (sp e c ia l p a r tn e r) w a s fo r m e r ly V ic e -P r e s id e n t o f th e G r e a t
N o r t h e r n R y . , w h ile M r . G r u b b s w a s fo r m e r ly w it h L e e ,
H ig g in s o n & C o .
T h e fir m n a m e h as a c c o r d in g ly b e e n
c h a n g e d fr o m E d w in W h it e & C o . t o W h it e , G r u b b s & C o .
— H . F . R o s s -L e w in , w h o h as b e e n a s s o c ia te d w it h B a b ­
c o c k , llu s h t o n & C o . a n d F . A . H ill & C o . o f C h ic a g o ,
h a n d lin g c u r b s t o c k s a n d u n lis te d se c u r itie s , has g o n e in t o
bu sin ess o n his o w n a c c o u n t .
O n J a n . 1 h e o p e n e d a n o f f ic e
a t 50 7 T h e R o o k e r y , C h ic a g o , u n d e r th e fir m n a m e o f H . F .
R o s s -L e w in & C o .
T h e fir m w ill h a n d le b a n k s t o c k s a n d
u n liste d se c u r itie s .

THE CHRONICLE

■74
’
g h z

[ V o l . X C V I.

©ummmial

C

F r id a y
N ig h t,
J a n . 3
1913.
T h e y e a r o p e n s w it h m o r e b u sin e ss t h a n u s u a l a t th is s ta g e
o f t h e se a s o n , a lt h o u g h th e r e h a s b e e n s o m e s lo w in g d o w n .
M o n e y r a te s a re less s tr in g e n t.
C o lle c t io n s a re d e s c r ib e d
a s fa ir t o g o o d .
E x p o r t s o f w h e a t a r e la r g e .
S p e c u la t io n
is q u ie t .
T h e a c t i v i t y in tr a d e is a lo n g le g itim a t e lin e s .
P r o f it s w e r e n o t la rg e in 1912 b u t t ra d e t o o k a d e c is iv e s t e p
f o r w a r d . S to c k s o f m e r c h a n d is e in fir s t h a n d s a re c o m p a r a ­
t iv e l y s m a ll.
I n m a n y in d u s tr ie s c o n s u m p t io n is c r o w d in g
p r o d u c t io n .
P r o s p e c t s in th e ir o n a n d ste e l t ra d e a r e p r o m ­
is in g .
R a ilr o a d t r a ffic is v e r y h e a v y .
T h e fe e lin g is g e n ­
e r a lly c o n fid e n t . S t o c k s o f m e r c h a n d is e h e re w e re a s fo llo w s :
D e c . 1 1912.

J a n . 1 1912.

1 ,8 4 7 ,7 2 6
4 4 ,3 9 3
2 1 6 ,6 6 6

1 ,8 8 1 ,3 9 5
5 7 ,4 8 2
2 3 9 ,2 9 9
8 5 ,0 3 9
3 ,1 0 0
1 3 9 ,0 9 2
1 ,3 7 3
15 0
7 1 ,1 0 0

n il

7 ,1 0 0
6 5 ,7 9 0
6 ,9 6 7
500
4 6 ,4 0 0

L A R D h a s b e e n q u ie t a n d o f la t e r a t h e r w e a k ; p r im e
W e s te r n $ 1 0 15 , r e fin e d C o n t in e n t $ 1 0 4 5 , S o u t h A m e r ic a n
$1 1 7 0 , B r a z ilia n $11 7 0 .
L a r d fu tu r e s h a v e b e e n q u ie t
a n d d e p r e s s e d in s y m p a t h y w it h lo w e r p ric e s fo r h o g s a t th e
C h ic a g o s t o c k y a r d s .
P a c k e r s h a v e b o u g h t la rd o n t h e d e ­
c lin e a n d s te a d ie d p r ic e s .
T h e h o g p a c k in g f o r th e w e e k w a s
3 8 1 ,0 0 0 , a g a in s t 6 2 0 ,0 0 0 in th e sa m e w e e k la st y e a r .
T o -d a y
p ric e s a d v a n c e d fo r fu tu r e s , o w in g t o a rise in h o g s a n d c o v e r ­
in g o f s h o r t s .
S a t.

M on.

T u es.

W ed .

9 .6 5
9 .6 0
9 .8 0

9 .6 5
9 -5 7 H
9 .7 7 > 3

I I o llday-

T h u rs.

9 .6 5

9 .8 2 ^

F r i.

9 .5 2 J 4
9 .7 2 >4

PORK
s t e a d y ; m e ss $ 1 9 @ $ 1 9 .5 0 ; c le a r $ 2 2 @ $ 2 4 .5 0
fa m ily $ 2 3 @ $ 2 4 .
B e e f w a s fir m ; m e ss $ 2 0 @ $ 2 1 ; p a c k e t
$ 2 2 @ $ 2 3 ; fa m ily $ 2 4 @ 2 6 ; e x tr a I n d ia m e ss $ 4 0 @ $ 4 1 .
Cut
m e a ts s t r o n g ; p ic k le d h a m s 10 t o 2 0 lb s . 1 3 % @ 1 3 % c ; b e llie s
c le a r , f . o . b . , N e w Y o r k 6 t o 12 lb s . l l % @ 1 2 c .
B u tte r,
c r e a m e r y e x tr a s , 3 7 @ 3 7 % c .
C h e e s e , S ta te w h o le m ilk
c o lo r e d s p e c ia ls , 1 8 c.
E g g s , fr e s h g a t h e r e d , e x tr a s , 2 9 @ 30 c.
_ _ O I L S .— L in s e e d s t r o n g ; C i t y , r a w A m e r ic a n s e e d , 4 6 @ 4 7 c ;
b o ile d 4 7 @ 4 8 c ; C a lc u t t a 7 0 c .
C o t t o n s e e d o il ir re g u la r ;
w in t e r 6 . 4 5 @ 7 c ; s u m m e r w h it e 6 . 2 5 @ 6 .9 0 c .
C o c o a n u t o il
fir m ; C o c h in 1 0 % @ 1 0 % c . ; C e y lo n 9 % @ 9 % c .
C h in a w o o d
stea d y a t 7 % @ 8 % c .
C o r n ea sie r a t 5 .6 5 a 5 . 6 5 @ 5 . 7 0 c .
C o d fir m e r a t 4 2 a 4 3 c .
C O F F E E h a s b e e n d u ll a t 1 3 % @ 1 4 c . f o r N o . 7 R i o . M ild
g r a d e s h a v e a ls o b e e n q u ie t; fa ir t o g o o d C u c u t a 1 5 % @ 1 6 c .
C o ffe e fu tu r e s h a v e b e e n q u ie t a n d la t te r ly m o r e o r less d e ­
p ressed .
F r o m 7 0 0 ,0 0 0 t o 9 0 0 ,0 0 0 b a g s o f v a lo r iz a t io n c o f ­
fe e , i t is b e lie v e d , w ill b e s o ld h e re b e fo r e lo n g .
R oa sters
a n d v a lo r iz a tio n is ts a re sa id t o b e g iv in g s u p p o r t .
I n t e r io r
d e a le rs h o ld a l o o f o r a re b u y in g fr o m h a n d t o m o u t h , n o t
b e in g fa v o r a b l y im p r e s s e d w it h th e g e n e r a l s it u a t io n o r th e
t a lk o f d e c r e a s e d c r o p s in th e t e e th o f lib e r a l r e c e ip t s .
S h o r ts
h a v e a t tim e s s o ld w it h g r e a te r b o ld n e s s .
T h e to ta l q u a n ­
t it y o f B r a z il c o ffe e in sig h t is 2 ,6 1 5 ,0 0 0 b a g s , a g a in s t 2 ,5 9 2 ,­
000 a year ago.
C lo s in g q u o ta tio n s w e re :
ep
9 t.............. 1 3 .8 8 @ 1 3 .8 9
M a y _______________________ 1 3S.5
J u n o _______1 3 . 6 5 @ 1 3 . 6 6 O c to b e r — 1 3 .8 8 @ 13 .8 9
J u l y _______1 3 . 7 5 @ 1 3 . 7 6 N o v ............1 3 .8 8 @ 1 3 .8 9
A u g u s t ___ 1 3 .8 1 @ 1 3 .8 2 D e c ...............1 3 . 8 8 @ 1 3 . 8 9
_

J a n ............... 1 3 .0 5
F o b ________ 1 3 .1 5
M arch ...1 3 .3 1
A p r i l .............1 3 .4 7

S U G A R .— R a w q u ie t a n d ea sie r. A d v ic e s fr o m N e w O r­
lea n s s t a t e th a t r a in y w e a t h e r h a s h a n d ic a p p e d th e fa c t o r ­
ies in th e ir e ffo r t s t o te rm in a te th e c a m p a ig n .
L on d on ca­
b le s la t t e r ly h a v e b e e n r a th e r e a sie r. T h e s t o c k o f su g a r in
t h e U n it e d K i n g d o m is n o w 5 6 ,0 0 0 to n s .
C e n t r ifu g a l, 9 6 d e g r e e s t e s t , 3 .7 3 c .; M u s c o v a d o , 8 9 -d e g r e e s t e s t , 3 .2 3 c .;
m o la s s e s , 8 9 -d e g r e e s t e s t, 2 .9 8 c .
R e fin e d c o n t in u e d u n ­
c h a n g e d ; g r a n u la te d 4 .9 0 c .
P E T R O L E U M . — R e fin e d
fir m ; b a rre ls
8 .5 0 c .,
b u lk
4 .8 0 c . a n d c a se s 1 0 .4 0 c .
N a p h th a ste a d y ; 73 to 76 d egrees,
in 1 0 0 -g a llo n d r u m s , 2 3 % c . ; d ru m s $ 8 5 0 e x tr a .
G a s o lin e ,
8 6 d e g r e e s , 2 7 c .; 7 4 t o 7 6 d e g r e e s , 2 4 c .; 6 8 t o 7 0 d e g r e e s , 2 1 c .,
and stov e, 1 9 % c .
S p ir its o f tu r p e n tin e 4 2 % c .
C o m m o n to
g o o d s tr a in e d r o s in $ 5 9 0 @ $ 6 .
T O B A C C O h a s s h o w n n o s trik in g fe a tu r e s .
M a n u fa c ­
tu re rs b e fo r e lo n g m a y h a v e t o b u y q u it e fr e e ly t o re p le n ish
d e p le t e d s u p p lie s , b u t ju s t n o w t h e y a re c e r t a in ly p u r s u in g
a w a it in g p o l i c y .
B in d e r o f a t t r a c t iv e q u a lit y , h o w e v e r , is
fir m ly h e ld .
F ille r , t o o , is q u ite c o n fid e n t ly h e ld .
A s usual
a t th is t im e o f th e y e a r , S u m a tr a is q u ie t .
I n C u b a n le a f
th e r e is litt le b u s in e s s , b u t p ric e s a re s t e a d y .
T h e o u t lo o k
is c o n s id e r e d fa v o r a b le fo r 1 9 1 3 .
C O P P E R has a d v a n ced .
T h e w o r l d ’ s o u t p u t in c r e a se d
in 1 9 1 2 1 0 5 ,0 0 0 t o n s o v e r t h a t o f 1911 a n d t h e d o m e s t ic
p r o d u c t io n w a s 5 5 7 ,5 9 0 t o n s , a g a in s t 4 8 9 ,8 3 6 t o n s in 1 9 1 1 ,
e q u a l t o a n in c r e a se in 19 12 o f 1 5 2 ,0 0 0 ,0 0 0 lb s .
B u t E u ro­
p e a n p r ic e s h a v e , rise n , A m e r ic a n q u o t a t io n s h a v e s y m p a ­
th iz e d a n d th e r e is a s t e a d y d e m a n d .
L a k e 1 7 % c . a n d e le c ­
t r o l y t i c 1 7 .5 5 c .@ 1 7 . 6 5 c .
T in h a s b e e n fir m e r a t 5 0 .7 0 c .,
w it h t h e s t o c k d o w n t o 1 1 ,0 0 0 t o n s . A m e r ic a n (d eliv eries
in 19 12 in c r e a s e d 5 ,2 0 0 t o n s ; E u r o p e a n c o n s u m p t io n in c r e a se d
5 ,2 1 7 t o n s .
L e a d fir m e r a t 4 .3 0 c .
S p e lte r 7 .3 0 c .a n d r a th e r
w eak.
P ig ir o n h a s b e e n s tr o n g e r a t $ 1 7 5 0 @ $ 1 8 fo r N o . 2
F o u n d r y E a s t a t fu r n a c e .
T h e d e m a n d f o r s te e l m a te r ia l
is u n u s u a lly la r g e f o r th is se a s o n o f th e y e a r .




T

O

N

.
N ig h t,

3 1913.

J a n .

T H E M O V E M E N T O F T H E C R O P , a s in d ic a t e d b y o u t
te le g r a m s fr o m th e S o u t h t o -n ig h t , is g iv e n b e lo w .
F o r th e
w e e k e n d in g th is e v e n in g th e t o ta l r e c e ip t s h a v e r e a c h e d
2 6 2 ,3 4 8 b a le s , a g a in s t 2 6 2 ,7 2 4 b a le s la st w e e k a n d 3 3 5 ,2 0 3
b a le s t h e p r e v io u s w e e k , m a k in g th e t o t a l r e c e ip t s sin ce
S e p t . 1 1 9 1 2 7 ,0 5 1 ,1 0 4 b a le s , a g a in s t 7 ,3 4 8 ,2 7 1 b a le s fo r th e
s a m e p e r io d o f 1 9 1 1 -1 2 , s h o w in g a d e cr e a s e s in ce S e p t . 1
1 9 1 2 o f 2 9 7 ,1 6 7 b a le s .
R e c e ip ts a t—

S a t.

T u es.

M on.

W ed .

F r i.

T h u rs.

1 T o ta l.

G a lv e sto n _____
Texas C ity_____
Port Arthur____
Aran. Pass. & c ..
New Orleans___
M o b ile ________
Pensacola______
Jacksonville, &c.
Savannah ______
Brunswick_____
Charleston_____
W ilm ington___
Norfolk ______
N ’prt News, &c.
Now York...........
B o s to n ________
Baltimore _____
Philadelphia___

18,532 12,719 24,525 14,891 18,803 22,484 111,954
2,417 2,444 22,620
4,529 5,265 7,965
____
____ 11,000 18,089
7,089
__ 3,497 3,988
491
422 5,125 43,115
1,247
11*226 6448 18,947
243 2,074
380
71
415
304
661
____
____
____
____
____
____
___
500
500
____
5,669 17,488
2,308
2*791 3*,014 3*706
__
____
6,000 6,000
510 1,974
51
197
*680
*217
*319
1,276 8,377
1,243
1,758
1,057
942 2,101
____
1,349 3,355 13,926
4,317 2,294 2,611
___
____
____
4,824
4,824
100 1,434
867
*285
*182
214 3,318
727
"766
449
613
549
____
____
____
2,577
2,577
90
—
—
90
—
—
—

Totals this week.

43,756 33.252 76,904

18.229 27 ,.700 62,507 262,348

T h e fo llo w in g sh o w s th e w e e k ’ s t o t a 1 r e c e ip t s , th o jto ta l
s in ce S e p t. 1 1 9 1 2 , a n d th e s t o c k s t o -n ig h t , c o m p a r e d w it h
la s t y e a r :

D A I L Y C L O S IN G P R IC E S O F L A R D F U T U R E S IN C H IC A G O .
D e c e m b e r d e liv e r y .e t a . 9 .7 0
J a n u a ry d e liv e r y ------------9 .6 2 lA
M a y d e liv e r y ------------------ 9 .7 0

T

F r id a y

C O M M E R C IA L E P IT O M E .

J a n . 1 1913.
------- b a g s . 1 ,9 1 4 ,3 6 2
3 9 ,3 4 2
___ m a t s .
____ b a g s .
2 1 3 ,4 5 9
n il
_____t o n s .
1 ,2 0 0
______ N o .
_____
7 3 ,6 9 4
___ b a le s .
,5 00 0
M a n ila H e m p ....................................b
88,5
___ b a le s .
600
___ b a le s .
6 2 ,3 0 0
..b a r r e l s .

O

1 9 1 2 -1 3 .
R e c e ip ts to
J a n u a ry 3.

T h is
W eek .

1 9 1 1 -1 2 .

S in c e S ep

T h is
W eek.

1 1912.

S to ck .

S in c e S ep

1 1911.

G a l v e s t o n ________ 1 1 1 ,9 5 4 2 ,9 1 2 .2 4 7 1 2 3 ,6 3 4 2 ,3 6 0 ,1 2 3
4 2 0 ,9 9 9
T e x a s C i t y ..............
5 4 1 ,4 4 6 1 2 ,5 4 4
2 2 ,6 2 0
Port. A rth u r
1 4 1 ,8 2 2
8 1 ,0 8 5 1 1 5 ,5 1 5
1 8 ,0 8 9
6 2 ,2 6 9
3 ,9 8 8
A r a n sa s P ass, & c .
8 9 5 ,8 2 8
9 5 5 ,3 5 4 5 9 ,8 8 8
N o w O rle a n s------- 4 3 ,1 1 5
C n lfp o r t
5 .0 9 0
3 5 ,2 7 6
2 4 4 ,2 6 4
1 5 5 ,1 5 5 1 3 ,7 0 0
2*074
M o b il o ......................
Popsftpoln.
8 6 ,5 2 0
9 0 ,9 4 3
3 5 ,8 8 2
1 3 ,5 1 3
3*,487
J ack son ville , & c .
*500
9 7 6 ,4 5 4 5 1 ,3 1 6 1 ,6 1 0 ,9 1 7
S a v a n n a h ______ __
1 7 ,4 8 8
2 5 3 ,2 8 8
B r u n s w ic k _______
6 ,0 0 0
1 9 6 ,2 0 0 2 0 ,9 0 0
3 0 4 ,1 0 9
5 ,7 6 4
C h a r l e s t o n ______
2 5 6 ,6 6 1
1 ,9 7 4
480
G e o r g e t o w n _____
3 6 3 ,9 6 1
9 ,9 5 0
W i l m i n g t o n _____
2*98*274
8*377
4 7 8 ,3 1 8
3 7 6 ,5 4 6 2 2 ,8 2 1
N o r f o l k __________
1 3 ,9 2 6
1 0 ,7 8 4
1 ,5 9 9
N ’p ort N o w s , & c
4 ,8 2 4
5 4 ,8 1 1
3 ,7 4 9
115
9 ,0 0 0
1 ,4 3 4
N e w Y o r k _______
4 ,3 4 1
3 7 ,2 0 3
2 7 ,9 5 8
3 ,3 1 8
B o s t o n ____________
6 0 ,3 2 5
4 ,2 7 1
4 6 ,2 8 9
2 ,5 7 7
B a ltim o r e ______ __
—
1 ,3 2 2
90
P h ila d e lp h ia ----------- H >T o t a l __________

1913.

1912.

4 1 4 ,5 1 5
7 0 ,5 3 2

4 0 7 ,7 3 0
6 2 ,4 4 7

256
2 0 9 ,7 3 6
3 1 ,6 4 7

311*,085
1 0 ,0 0 0
9 2 ,2 3 3

2 ,0 0 0
1 6 3 ,0 0 0
1 1 ,2 4 7
5 1 ,9 6 3

2 6 8 ,6 3 6
2 7 ,3 6 3
4 4 ,5 9 7

_______

________

1 1 ,6 5 1
7 8 ,3 7 4

1 5 ,7 8 3
5 4 ,1 0 8

1 0 8 ,4 9 0
8 ,2 9 4
1 3 ,6 2 6
3 ,4 6 5

1 8 7 ,9 5 9
6 ,7 5 2
6 ,9 5 4
4 ,5 2 6

2 6 2 ,3 4 8 7 ,0 5 1 ,1 0 4 3 5 4 ,6 3 5 7 ,3 4 8 ,2 7 1 1 ,1 7 8 .7 9 6 1 ,0 5 0 ,1 7 3

I n o r d e r th a t c o m p a r is o n m a y b e m a d e w it h o t h e r y e a r s ,
w e g iv e b e lo w th e t o ta ls a t le a d in g p o r t s fo r six sea s o n s:
R e c e i p t s a t—

1913.

1912.

1909.

1908.

G a lv e sto n —
T e x a s C ity ,& c
N o w O r le a n s .
M o b i l e ______
S a van n ah ___
B r u n sw ick ___
C h a rle sto n ,& c
W i l m i n g t o n ..
N o r f o l k ______
N ’p ort N . , & c
A ll o th e rs _____

1 1 1 ,9 5 4
4 4 ,6 9 7
4 3 ,1 1 5
2 ,0 7 4
1 7 ,4 8 8
6 ,0 0 0
1 ,9 7 4
8 ,3 7 7
1 3 ,9 2 6
4 ,8 2 4
7 ,9 1 9

1 2 3 ,6 3 4
2 8 ,0 5 9
5 9 ,8 8 8
1 3 ,7 0 0
5 1 ,3 1 6
2 0 ,9 0 0
5 ,7 6 4
9 ,9 5 0
2 2 ,8 2 1
1 ,5 9 9
1 7 ,3 0 4

7 5 ,8 1 9
3 8 ,0 3 6
7 0 ,4 8 1
6 ,3 3 7
3 1 ,5 2 8
1 9 ,2 0 9
3 ,7 9 8
6 ,1 6 8
1 3 ,6 0 4
58 7
9 ,5 3 6

8 0 ,1 0 0
1 ,4 8 6
3 8 ,0 7 0
7 ,1 1 5
2 3 ,3 3 2
580
1 ,2 2 7
4 ,3 8 6
8 ,6 1 5
241
2 ,1 8 5

1 0 8 ,3 4 9
4 0 ,5 3 7
6 1 ,2 4 2
1 1 ,3 9 0
2 8 ,5 8 5
2 3 ,2 6 2
1 ,2 3 7
3 ,5 5 7
1 2 ,1 1 4
1 ,1 8 6
3 ,9 1 5

1 1 1 ,7 7 9
7 ,5 8 1
7 9 ,7 8 8
1 4 ,2 1 6
3 0 ,5 4 7
7 ,2 2 8
3 ,1 0 6
7 ,3 8 0
1 2 ,8 1 5

T o t a l th is w k .

2 6 2 ,3 4 8

3 5 4 ,9 3 5

2 7 5 ,1 0 3

1 6 7 ,3 7 7

2 9 5 ,3 7 4

2 8 4 ,0 1 7

1911.

1900.

9 ,5 5 7

Since S e p t. 1 . 7 ,0 5 1 ,1 0 4 7 ,3 4 8 ,2 7 1 16 ,2 6 8 ,6 7 1 5 ,2 3 6 ,6 0 8 6 ,5 4 9 ,5 2 9 5 ,3 9 5 ,3 3 7

T h e e x p o r t s fo r th e w e e k e n d in g th is e v e n in g r e a c h a t o t a l
o f 3 3 4 ,7 2 5 b a le s , o f w h ic h 1 4 4 ,4 2 8 w e r e t o G r e a t B r it a in ,
4 7 ,9 3 4 to J F r a n c e a n d 1 4 2 ,3 6 3 t o th e re st o f th e C o n t in e n t .
B e lo w a re th e e x p o r t s fo r th e w e e k a n d s in ce S e p t . 1 1 9 1 2 :

Exports
from—

From. Sept. 1 1912 to Jan. 3 1913.
Exported to—

Week ending Jan. 3 1913.
Exported to—
Great I
Britain.'France

Conti­
nent.

Great
Britain.

Total.

Galveston . 86,117 32,497 68,338186,952
5,873
___ j 5,873
Texas City.
11,000 18,089
Fort Arthur 7',089
4,404 4,404
Ar. Pass, &c
NewOrleans 33,028 9,415 14,004 56,447
6,113i 10,076
3,963
M obile----Pensacola. .
9,829 ll",443
Savannah.. 1,614
Brunswick . 4,900
5,538 10,438
Charleston
Wilmington
13,129 13,129
Norfolk . . .
l",606 l",755
New York.
6,378
6,378
B oston___
156
156
Baltimore..
1,339
l',339
Phlladelph
4,221 4,221
San Fran..
4,025 4,025
Pt. Towns’d
T o ta l____

972,462
296,033
26,528
12,859
432,889
40,576
20,228
115,466
84,771
57,404
87,554
13,330
150,480
92,120
3,994
24,891

144,428 47,934 142,363 334,7252,431,585

France.

Conti­
nent.

T o ta l.

314,535
121,804
16,407
15,899
106,002
23,411
34,791
50,575

907,1942!,194,191
44,773 462,610
81,085
38,150
33,928
5,170
187,853 726,744
87,863
23,866
80,520
31,501
388,400 500,441
84,207 169,038
‘ r>",66o 103,109 165,513
59,673 129,137 276,364
42,705
56,535
500
85,535 268,944
32,929
4,481
96,601
26,185
1,850
32,029
4,468
29,359
87,838
87,838
38,115
38,116

789,376 2,232,747 5,453,708

Total ’ 11-12 163,232 01,509 186,105410,9062,316,600 701,408 2,409,807 5,487,821
Note.— N. Y . exports since Sept. 1 Include 16,972 bales Peru,&c. to Liverpool.

I n a d d it io n t o a b o v e e x p o r t s , o u r te le g r a m s t o -n ig h t a lso
g iv e u s th e fo llo w in g a m o u n ts o f c o t t o n o n s h ip b o a r d , n o t
c le a r e d , a t th e p o r t s n a m e d .
N ew Y ork .

W e add

s im ila r

fig u r e s

fo r

THE CHRONICLE

Jan. 4 1913.]

On Shipboard, Not Cleared for—
Leaving
Other Coast­
Ger­
Great
Stock.
Jan. 3 at— Britain. France. many. Foreign wise. Total.
55 21,964 187,772
New Orleans. _ 5,317 2,772 4,334 9,486

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D ec. 2 8 .

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500
600

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. — —

Saturday__
M o n d a y __ Steady, 10 pts. adv. Steady________
T uesday__
Wednesday.
HOLIDAY
Thursday __ Steady, 20 pts. adv. F irm ................
Quiet, 10 pts. d e c ... Barely steady. _
Total___

SALES.
Spot. Contr 'cl Total.

@

Futures
Market
Closed.

—

Spot Market
Closed.

—

M A R K E T A N D SALES A T N E W Y O R K .

@

_ 7.19 1889-C______ 9.75
-____________
8.31 1888. ............ 10.50
_ 5.09 1887.............. 9.50
- 7.94 1880----------- 9.19
. 9.88 1885____
11.12
. 7.81 1884— ..........10.50
-____________
9.31 1 8 8 8 ..............10.1!)
-10.25 1882----------- 11.88

i

1 8 9 7 -c ..
1890
1895____
1894____
1893____
1892____
1891
1890____

— !—

1905.C______ 7.10
1904________ 13.50
1903_________ 9.00
1902_________ 8.31
1901________ 10.12
1900_________ 7.75
1899_________ 5.88
1898_________ 5.94

@

1913-C_____ 13.30
1912_________ 9.35
1911........
15.00
1910________ 10.10
1909_________ 9.30
1908.......... ..1 1 ,4 0
1907________ 10.75
1900...............11.85

on

—
—

1 1 .7 7 ©
— 1 1 .9 3 ®
— 1 1 .8 4 @ 1 1 .8 8
1 1 .8 5 — 1 1 .8 9 1 1 .8 7 — 1 1 .9 0 1 1 .8 7 — 1 1 .8 9

1 1 . 7 1 @ 1 1 . 8 5 1 1 . 8 0 ® 1 1 .8 5
1 1 .8 3 —
111
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1

N E W Y O R K Q U O T A T IO N F O R 32 Y E A R S .
T h e q u o t a t io n f o r m id d lin g u p la n d a t N o w Y o r k
J a n . 3 f o r e a c h o f th o p a s t 3 2 y e a r s h a v o b e e n as fo llo w s :

— —
@
— 1 2 .6 0 —

1®

— 1 2 .5 9 @
— 1 2 .6 0 —

f ®

—
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I ®

p r ic e s

s

1 1 ! 1| i * O

1 “

— —

S p e c u la tio n in c o t t o n fo r fu tu r e d e l i v e r y , a s u s u a l, s u b ­
s id e d t o w a r d s th e e n d o f th o n o w y e a r , a n d it h a s n o t y e t
s h o w n a n y g r e a t a c t iv it y in 1 9 1 3 , e x c e p t o n T h u r s d a y in th o
J a n u a r y o p t i o n , w h ic h th e n a d v a n c e d 41 p o in t s o n o x c it o d
c o v e r i n g b y N o w O r le a n s , M e m p h is a n d o t h e r p a r ts o f t h e
co u n try .
T h o s t o c k h e r o is less th a n 5 0 ,0 0 0 b a le s o f c e r t ifi­
c a t e d c o t t o n , a n d , a c c o r d in g t o s o m e r e p o r t s , o n ly a b o u t
h a lf o f th is is a v a ila b le , th e re st h a v in g b e e n s o ld .
T h o m ar­
k e t h a d b e e o m o o v e r s o ld .
T h e s p o t m a r k e ts h a v e g c e n g e n ­
e r a lly p r e t t y fir m .
S h ip p e rs a ro sa id to b o h a v in g so m e
d i f f i c u l t y in fillin g th e ir e n g a g e m e n t s .
R e c e ip t s a t so m e in­
t e r io r p o in t s a re b e g in n in g t o fa ll o f f n o t ic e a b ly . J a n u a r y
n o t ic e s la st M o n d a y o f s o m e 2 5 ,0 0 0 b a le s w o r o p r o m p t ly
s t o p p e d b y le a d in g s p o t in te r e s ts , a n d so fa r fr o m h a v in g a
d e p r e s s in g e f f e c t , t h e p r e m iu m o n J a n u a r y o v e r M a r c h w as
in c r e a se d f r o m fo u r p o in ts to t w e lv e .
S u b s e q u e n tly , on
T h u r s d a y , it r o s e t o 3 0 p o in t s o v e r M a r c h .
T h e o ffe r in g s b y
t h o S o u t h t o L iv e r p o o l h a v o b e e n lig h t a n d th a t m a r k e t has
a t tim e s d is p la y e d m o r e s tre n g th th a n N o w Y o r k .
The
C o n t in e n t h a s b e e n a la rg o b u y e r a t L iv e r p o o l, a n d lo c a l
tra d e r s h a v o a ls o c o v e r e d th e r e q u ite fr e o ly .
S o m e la rg o
N o w Y o r k s p o t in te re sts h a v o a lso b o o n b u y in g in th o E n g ­
lis h m a r k e t . V a r io u s r u m o r s h a v e b e e n a flo a t a s t o th o
q u a n t i t y t h a t w a s g in n e d in th e p e r io d fr o m D o e . 12 to
D e c. 31.
O lio fr o m M e m p h is w a s t o th o e ff e c t th a t th e to ta l
w a s 5 1 0 ,0 0 0 h a lo s, b u t still la to r in t h o w e e k a c o m m is s io n
lio u s o p u t th e t o t a l a t 3 7 9 ,0 0 0 b a le s , w h ic h so m o o f th o tra d e
a ro in c lin e d t o re g a r d as n e a re r th o m a r k .
S till a n o th e r
w a s 4 2 7 ,0 0 0 b a le s a n d th o la te s t fr o m M e m p h is is 4 7 8 ,0 0 0 .
T h o g e n e r a l e x p e c t a t io n h a s b e e n th a t th o g in n in g w o u ld sh o w
a v o r y m a r k e d fa llin g o f f fr o m t h a t o f th o p r e v io u s p e r io d ,
fr o m N o v . 3 0 t o D e c . 12, w h e n th o t o t a l w a s 5 8 4 ,9 8 4 b a le s ,
a n d 5 4 0 ,2 7 5 fr o m D e c e m b e r 12 to D e c e m b e r 3 1 la st y e a r
a n d 3 8 9 ,0 7 2 in 1 9 1 0 .
T h e n e x t r e p o r t b y th o C e n su s
B u r e a u w ill a p p e a r o n J a n . 9 , a n d is a w a ite d w it h a
g o o d d o a l o f in te r e s t.
M e a n t im o , th e J a n u a r y o p t i o n is b o in g
s h a r p ly w a t c h e d .
I t is u n d e r s t o o d t o b o c o n t r o lle d b y la rg o
s p o t in te re sts h e r e , w h ic h it is fu r t h e r b e lie v e d o w n m u c h if
n o t all o f t h e a c t u a l c o t t o n a t N o w Y o r k . I t is r e m a r k e d ,
t o o , th a t th o p re s e n t c r o p is n o t o f so lo w a g r a d e as m a n y a t
o n o t im e a ss u m e d it w a s . O n th is id e a , it is p o in t e d o u t ,
E u r o p e a n h o u se s b o u g h t in L iv e r p o o l a n d s o ld in N e w Y o r k
u n d e r th o im p r o s s io n th a t w ith th o lo w n e s s o f th e g r a d o a n d
t h o h ig h ra te s f o r o c e a n fr e ig h t r o o m N o w Y o r k p ric e s w o u ld
s u ffe r a n o t ic e a b le d e p r e c ia t io n .
S u c h e x p e c t a t io n s g a v e
n o t b e e n e n t ir e ly re a liz e d h o w e v o r .
S tr a d d le s m a d e o n th o
b a sis o f so ilin g b o ro a n d b u y in g a c r o s s th e w a te r h a v o n o t
b e e n so s u cc e s s fu l as t h e y w o r o la st y e a r .
O f la te th o d iffe r ­
en ces h a v o b oeom o n a rrow er.
M e a n t im o th o e x p o r t s sh o w
a la rg o t o t a l. T h e im p r e s s io n a m o n g m a n y is t h a t th o w o r ld ’s
c o n s u m p t io n o f A m e r ic a n c o t t o n th is y e a r w ill b e as la r g o as
it w a s la st y c a r ,w h o n , a c c o r d in g t o o n o c a lc u la t io n , it w as
1 4 ,5 1 5 ,0 0 0 h a los.
O n th o o t h e r h a n d m a n y a ro d u b io u s as
t o t h o s t a b ilit y o f p re s e n t p ric e s .
T h e y r e a s o n th a t w it h b ig
w o r l d ’s s t o c k s a n d th o p ric o in th o n e ig h b o r h o o d o f 13 c e n t s ,
th o d e m a n d is lik e ly t o d e c r e a s o , e s p e c ia lly a s t a r iff r e v is io n
is im p e n d in g a n d th o in d ic a t io n s aro t h a t a n in c r e a s e d a c r e a g e
w ill b o p la n t e d th is sp r in g .
W in te r ra in s h a v o p u t a g o o d
“ s e a s o n ” in th o g r o u n d n o t o n ly in T e x a s b u t e a st o f th o
M is s is s ip p i.
T o - d a y p rice s d e c lin e d u n d e r liq u id a t io n a n d
se llin g f o r s h o r t a c c o u n t p a r tly b y M e m p h is a n d N o w O rlea n s .
T h e r e is b o lio v e d to b o a la r g o s h o r t in te re st in J a n u a r y a n d
a ls o in M a r c h , M a y a n d J u ly .
S p o t c o t t o n c lo s e d a t 1 3 .3 0 c .
f o r m id d lin g u p la n d s , s h o w in g a n a d v a n c e f o r th o w e e k o f
2 0 p o in t s .
Dec. 28 to Jan. 3 S a t.
M on.
T u e 3 . W o d . T h u r s . F r i.
Middling uplands. _
13.10 13.20 13.20
II. 13.40 13.30

~

f ®

50,374
104,590

Not comple to
86,567 22,368 99,406 60,413 42,364 311,118 1,189.055
82,809 39,790 73,479 35.343 17,430 248.851 939.920

2

a,

g j 1 1 | 1g g 1 1 |

48",963

“

recelv ed
25,000 28,000
3,900
"666
recelv ed

1,000

3,200
3,000

@

Total 1913. .
Total 1912..
Total 1911..

Not
3,000
500
Not

900

~

New York-----Other ports—

rcceiv ed

1 1 .6 5 @ 1 1 . 7 3 1 1 . 7 0 @ 1 1 . 8 2 1 1 . 7 0 © 1 1 .7 3
1 11
.715.7 3 — 1 1 .7 4
1 1 .7 3 — 1 1 .7 5 1 1 .7 4 —

2,666 —
1
2,6o6| 866

Not
2,300

F U T U R E S .— T h e h ig h e s t, lo w e s t a n d c lo s in g
N e w Y o r k t h e p a s t w e e k h a v e b e e n as fo llo w s :

—

Galveston___
Savannah ____
Charleston —
M o b i l e ______

75

ex p o rts

sto ck s,
con se­

T h u rsd ay
fig u r e s

fo r

fr o m

th e

S t a t e s , i n c lu d in g in i t t h e e x p o r t s o f F r i d a y o n l y .

J an u a ry 3 —
,
1913.
S tock a t L iv e r p o o l---------------- b a le s. 1 ,4 3 3 .0 0 0
S tock a t L o n d o n
-----------6 ,0 0 0
S to c k a t M a n c h e s t e r ............................
6 6 ,0 0 0

1912.
1911.
1910.
8 5 8 ,0 0 0 1 ,0 8 8 ,0 0 0 1 ,0 5 2 ,0 0 0
2 .0 0 0
8 ,0 0 0
5 ,0 0 0
6 8 ,0 0 0
9 6 ,0 0 0
7 0 .0 0 0

T o t a l G r e a t DrltAln s to c k ----------1 ,5 0 5 ,0 0 0
S to c k a t H a m b u r g --------------------------9 ,0 0 0
S to c k a t D r o m o n .......................
5 5 0 ,0 0 0
S to c k a t H a v r e — .....................
4 1 9 ,0 0 0
S to c k a t M a r s e ille s ------------------------2 ,0 0 0
S to c k a t H arcelon a ....................
2 2 ,0 0 0
S to c k a t G e n o a ------------------------------4 3 ,0 0 0
..............
S to c k a t T r ie ste ...................................

9 2 8 ,0 0 0 1 ,1 9 2 ,0 0 0 1 ,1 2 7 ,0 0 0
8 ,0 0 0
3 ,0 0 0
7 ,0 0 0
3 3 1 ,0 0 0
2 2 8 ,0 0 0
2 8 2 ,0 0 0
2 2 4 .0 0 0
1 9 1 ,0 0 0
4 8 8 ,0 0 0
2 ,0 0 0
2 ,0 0 0
3 ,0 0 0
1 6 ,0 0 0
9 ,0 0 0
9 ,0 0 0
3 5 ,0 0 0
2 3 ,0 0 0
5 8 .0 0 0
2 ,0 0 0
2 ,0 0 0
1 ,0 0 0

T o t a l C o n tin e n ta l s t o c k s ................ 1 ,0 4 5 ,0 0 0
T o t a l E u rop ea n s t o c k s . , ............. 2 ,5 5 0 ,0 0 0
In d ia c o tto n a flo a t for E u r o p e —
0 0 ,0 0 0
A m c r . c o tto n a flo a t for E u r o p e .. 8 2 3 ,8 1 4
E g y p t,B r a z il,& c .,a flt .fo r E u r o p e .
7 1 ,0 0 0
S to c k in A le x a n d ria , E g y p t ............. 3 2 7 ,0 0 0
S to c k in B o m b a y , I n d i a . .................. 4 7 8 ,0 0 0
S to c k In U . S . p o r t s ------------------------ 1 .1 7 8 ,7 9 6
S to c k In U . S . in terior t o w n s _____
8 7 3 ,9 3 8
U . S . ex p o rts t o - d a y . ...........................
4 3 ,3 5 3

6 1 8 ,0 0 0

4 5 8 ,0 0 0

8 4 8 ,0 0 0

1 ,5 4 6 ,0 0 0 1 ,6 5 0 .0 0 0 1 ,9 7 5 ,0 0 0
3 4 ,0 0 0
1 3 6 ,0 0 0
1 4 3 ,0 0 0
9 7 8 ,8 8 0
7 9 1 ,7 1 4
4 5 0 ,6 4 0
6 3 ,0 0 0
8 3 ,0 0 0
4 5 ,0 0 0
2 5 0 ,0 0 0
2 9 6 ,0 0 0
2 3 6 ,0 0 0
2 7 9 ,0 0 0
3 5 5 ,0 0 0
6 3 4 ,0 0 0
1 ,5 0 0 ,1 7 3 1 ,1 8 8 ,7 7 1
8 0 0 ,4 4 3
9 6 5 ,2 2 6
8 3 5 ,2 2 1
7 9 4 ,2 0 7
7 9 ,8 2 8
3 5 .7 0 4
3 0 .7 3 4

T o t a l v isib le s u p p ly ........................... 6 ,4 1 1 ,9 0 1 5 ,0 9 6 ,1 0 7 5 , 3 7 0 ,4 1 0 5 ,0 0 9 ,0 2 4
O f th o a b o v e , to ta ls o f A m e rica n an d oth er description s aro as follow s

A m erican —

L ive rp oo l s t o c k ______ ________________1 ,2 4 1 ,0 0 0
M a n c h e ste r s t o c k -----------------------------3 9 ,0 0 0
C o n tin e n ta l s t o c k -------------------------------1 ,0 1 6 ,0 0 0
8 2 3 ,8 1 4
A m erican a flo a t for K u r o p o .............
U . S . p o r t s t o c k s ----------------------------- 1 ,1 7 8 ,7 9 6
U . S . Interior s t o c k s ---------------------8 7 3 ,9 3 8
U . S . ex ports t c u l a y . .....................
4 3 ,3 5 3

7 4 5 ,0 0 0
9 7 9 ,0 0 0
5 0 ,0 0 0
7 2 ,0 0 0
5 9 1 .0 0 0
4 4 1 ,0 0 0
9 7 8 ,8 8 0
7 9 0 ,7 1 4
1 ,5 0 0 ,1 7 3 1 ,1 8 8 ,7 7 1
9 6 5 ,2 2 6
8 3 5 ,2 2 1
7 9 ,8 2 8
3 5 ,7 0 4

T o t a l A m e r ic a n ................................... 5 ,2 1 5 ,9 0 1
E a st In d ia n , B razil, & c .—
L ive rp oo l s t o c k ..........................................
1 9 2 ,0 0 0
L o n d o n s t o c k - - ...............................
0 ,0 0 0
M a n ch e ste r s t o c k ....................................
2 7 ,0 0 0
C o n tin e n ta l s to c k ........... .......................
2 9 ,0 0 0
In d ia a flo a t for E u r o p e ........................
6 6 ,0 0 0
E g y p t , B r a zil, & c ., a f lo a t ..................
7 1 ,0 0 0
S to c k in A le x a n d r ia , E g y p t .............. 3 2 7 ,0 0 0
S to c k In H o m b a y , In d ia ___________
4 7 8 ,0 0 0

4 ,9 1 0 .1 0 7 4 ,3 4 2 .4 1 0 3 ,9 0 9 ,0 2 4
1 1 3 ,0 0 0
2 ,0 0 0
1 8 ,0 0 0
2 7 ,0 0 0
3 4 ,0 0 0
6 3 ,0 0 0
2 5 0 ,0 0 0
2 7 9 ,0 0 0

1 0 9 ,0 0 0
8 ,0 0 0
2 4 ,0 0 0
1 7 .0 0 0
1 3 6 ,0 0 0
8 3 ,0 0 0
2 9 6 ,0 0 0
3 5 5 ,0 0 0

9 6 0 ,0 0 0
5 8 ,0 0 0
8 1 5 ,0 0 0
4 5 0 ,6 4 0
8 0 0 ,4 4 3
7 9 4 ,2 0 7
3 0 ,7 3 4

9 2 ,0 0 0
5 ,0 0 0
1 2 ,0 0 0
3 3 ,0 0 0
1 4 3 ,0 0 0
4 5 .0 0 0
2 3 6 ,0 0 0
5 3 4 ,0 0 0

Total East India, &c.............1,196,000
786,000 1,028,000 1,010,000
Total American
................ ..5,215,901 4,910,107 4,342,410 3,909,024
Total visible supply.................. 6,411,901 5,696,107 5,370,410 5,009,024
5.22(1.
Middling Upland, Liverpool___
7.19d.
8.08(1.
8.18d.
Middling Upland, Now Y'ork—
13.30c.
9.25c.
15.00c.
15.60c
Egypt, Good Brown, Liverpool-_ 10.65d.
llH .d .
liH d f
Peruvian, Rough Good, Liverpool 10.25(1.
9.05d.
9.50d.
ll.OOd.
Broach, Fine, Liverpool------------ 6 11-16d. 5 5-16d. 7 ll-16d.
7^d.
Tlnnevelly, Good, Liverpool-----6% d.
5Md.
7 X d . 7 3-16d.
C o n t in e n ta l im p o r t s fo r th e p a s t w e e k h a v e b e e n 2 4 5 ,0 0 0
b a le s .
T h e a b o v e fig u r e s fo r 1913 s h o w an in cre a se o v e r la st w e e k
o f 7 3 ,8 9 0 b a le s , a g a in o f 7 1 5 ,7 9 4 b a le s o v e r 1 9 1 2 , a n e x c e ss
o f 1 ,0 4 1 ,4 9 1 b a les o v e r 1911 a n d a g a in o f 1 ,4 0 2 ,8 7 7 b a les
o v e r 1910.

A
th e
fo r
fo r
out

T T H E I N T E R I O R y T O W N S t h e 'im p r o v e m e n t — t h a t is,
r e c e ip t s f o r th e w e e k a n d sin ce S e p t. 1, th e s h ip m e n ts
t h e w e e k a n d th e s t o c k s t o -n ig h t , a n d th e sa m e ite m s
th e c o r r e s p o n d in g p e r io d f o r th e p r e v io u s y e a r — is se t
in d e ta il b e lo w .
o aio

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•O O c$r-) 5 j
■2* - tUrtd: : : : : : 5 - 3 3 . § ^ !? O O oqEh tH
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___*
* Last year’s figures aro for Louisville, K y . a Estim ated.

OVERLAN D M OVEM EN T FOR THE W EEK AN D
S I N C E S E P T . 1 .— W o g iv e b e lo w a s t a t e m e n t s h o w in g th e
o v e r la n d m o v e m e n t fo r th e w e e k a n d sin ce S e p t. 1, as m a d e
u p fr o m t e le g r a p h ic r e p o r t s F r id a y n ig h t .
T h e r e su lts fo r
th e w e e k a n d s in c e S e p t. 1 in th e la s t t w o y e a r s a re as fo llo w s :
-1911-12-1912-13November 15—
Shipped—

Week.
-30,369
- 8,326
- 1,033
_ 2,533
6,093
- 6,298
..21,487

Since
Sept. 1.
n287,247
147,891
10,305
49,134
78,217
86,430
174,259

Week.
20,178
<i7,422
50
5.649
3,843
5,784
15,481

Since
Sept. 1.
281,959
a 162,621
1,596
70,482
48,117
93,513
161,920

doiulay, Tuesday, Wed’day Thursd’y, Friday,
Jan. 3.
Jan. 2.
D ec. 30. Dec. 31. Jan. 1.

_
12.70 —
12.69-.70 12.75 —
1
12.66-.79 12.75-.86
12.78-.79 12.81-.82

— © —
— © —

— @ — — © —
— @ —

12.75-.84
12.79-.S0

12.80-.03 12.90-.0&
13 00-.01 12.90-.91

— @ — — © —■— © —
12.82- 84 12.80-.82

— © —
13.00 -.02 12.90-.92

12.68-.8l 12.75-.88 12.76-.86
12.80-.81 12.83-.84 12.80-.81

12.81- 03 12.90-.06
13.01-.02 1 2.90.91

CO

___
©
© <M© .-h© COCO© I-H© ©
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Sat'day,
Dec. 28.

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COrH»-H© rt<© © 0010 00Tf COOl ^ © 01(M»-"Mt'*© »0o ©© CO© O © p © ©
r-H© © 03© CO*-h00.-hCO© ‘ O© © »OCO© © CO© Tt«© rHGOCO© © © © r-H©
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cogs;

N E W O R L E A N S O P T I O N M A R K E T — T h e h ig h e s t ,
lo w e s t a n d c lo s in g q u o t a t io n s fo r le a d in g o p t io n s in th e N e w
O rlea n s c o t t o n m a r k e t fo r th e p a s t-w e e k h a v e b e e n as fo llo w s :

D ec.—
R ange ______
C losing______
Jan.—
R a n g o _____
C losing______
Feb.—
R ange ______
C losing______
M ch .—
R a n g e ____ __
C losing______
day—
Rango . ___
C losing______
July—
Range ______
Closing______
Oct.—
Rango ______
C losing______
Tone—
Spot _______
O p tio n s _____

© ©©» O© I-H© © © © Ol rH00 lO CO»H © ■'t1^*© lO
^ co ^ OJ»o© ^
CO00 ”**© »o00 <N© CO© 10 00CO■'tf>-<© r*<00Tj<© © © © © £1C©»p£ © £100©
^©cor^©io»c©oj©^rC'i©cococo»HCO'H^
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—•CO© H © »-7o ©
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&«2*i

[Vol. XCVI

THE CHRONICLE

76

12.73-.86 12.80-.94 12.81-.90
12.85-.86 12.88-.89 12.85-.86
12.80-.94 12.88-.99 12.88-.97
12.93-.94 12.95-.96 12 92-.94

12.92-.12 13.00-.16
13.13-. 14 13.00-.01

11.72 — — © — 1 1.7 3.79
11.75 — 11.77 — 11.77-.79

ll.8 7 -.8 8 ll.8 6 -.9 2
11.87 — li.6 4 -.8 6

Steady.
Steady.

W E A T H E R R E P O R T S B Y T E L E G R A P H — O w in g to.
th e w iro t r o u b le s , m a n y o f o u r te le g r a m s fr o m th e S o u t h
h a v e fa ile d t o r e a c h u s th is e v e n in g .
A s fa r as r e c e iv e d
t h e y in d ic a t e th a t ra in h as b e e n g e n e r a l b u t w it h o n ly a
m o d e r a t e p r e c ip ita t io n a s a r u le .
T h e m a r k e tin g o f c o t t o n
c o n t in u e s fa ir ly lib e r a l.
N ew
O r le a n s ,
L a .— T h e r e h a s b e e n ra in o n th r e e d a y s
d u r in g th e w e e k , th e r a in fa ll b e in g fif t y -s ix h u n d r e d t h s o f
a n in c h . A v e r a g e t h e r m o m e te r 5 6 .
S h r e v e p o r t , L a .— T h e r e h a s b e e n ra in o n o n e d a y o f th e
w e o k , th e r a in fa ll r e a c h in g t h ir ty -n in e h u n d r e d th s o f a n
in c h .
T h e t h e r m o m e te r h a s r a n g e d fr o m 3 0 to 7 0 .
V i c k s b u r g , M i s s .— R a in h as fa lle n o n tw o d a y s d u r in g t h e
w e e k , th e p r e c ip ita t io n r e a c h in g n in e ty -e ig h t h u n d r e d t h s .
T h e t h e r m o m o to r has ra n g e d fr o m 3 4 to 6 6 , a v e r a g in g 4 9 .
H e l e n a , A r k .— W e h a v e h a d ra in in t w o d a y s o f th e w e e k ,
t h e r a in fa ll r e a c h in g fif t y - f o u r h u n d r e d th s o f a n in c h .
The
th e r m o m e te r has ra n g e d fr o m 2 8 to 5 4 , a v e r a g in g 4 3 .6 .
D e c e m b e r ra in fa ll 3 .9 9 in ch e s .
M e m p h i s , T e n n .— T h e r e has b e o n ra in o n th re o d a y s th e
p a s t w e e k , th o r a in fa ll b e in g s ix t y h u n d r e d th s o f a n in c h .
T h e t h e r m o m e te r has r a n g e d fr o m 31 to 3 2 , a v e r a g in g 4 5 .
M o n t h ’s r a in fa ll, 3 in c h e s .
S e l m a , A l a .— W e h a v e h a d ra in o n th re e d a y s o f th e w e e k ,
th o r a in fa ll b e in g s ix t y -fiv e h u n d r e d t h s o f a n in c ln
The
th e r m o m e te r h a s ra n g e d fr o m 2 5 t o 5 6 , a v e r a g in g 4 2 .5 .
C h a r l e s t o n , S . C .— R a in t>n fiv e d a y s o f th e w e e k to th o
e x te n t o f o n e in c h a n d th ir te e n h u n d r e d t h s .
A v e r a g o th e r ­
m o m e t e r 5 0 , h ig h e st 6 8 , lo w e s t 3 2 .
C h a r l o t t e , N . C .— R a in fa ll fo r th o w e e k ,
fo r t y - f o u r h u n ­
d r e d th s o f a n in c h .
A v e r a g e th e r m o m e te r 4 4 , h ig h e st 6 1 ,
lo w e s t 2 6 .

-76,139

833,483

58,407

820,208

84,569
58,423
44,195

8,727
788
2,407

101,277
20,589
18,621

..18 ,1 9 8
T otal to bo deducted__________18,198

197,187

11,922

140,487

Week.

46,485
646,296
..57,941
i Canada. a Revised.

679,721

6,338,005

T h e fo r e g o in g s h o w s th e w e e k ’s n e t o v e r la n d m o v e m e n t
h a s b e e n 5 7 ,9 4 1 b a le s, a g a in s t 4 6 ,4 8 5 b a le s fo r th e w e e k la st
y e a r , a n d t h a t fo r th e se a s o n to d a t e th e a g g r e g a te n e t o v e r ­
la n d e x h ib it s a d e cr e a s e fr o m a y e a r a g o o f 3 3 ,4 2 5 b a le s .

Quiet.
Steady.

Firm .
Steady.

Quiet.
Quiet.

Quiet.
Steady.

. . 7,419
. . 9,016
.. 1,763

Deduct Shipments—

12.85-.07 12.93-.09
13.05-.00 12.93-.94

IIO L IDAY

W O R L D ’S S U P P L Y A N D T A K IN G S O F C O T T O N .
1911-12.

1912-13.

C o tt o n T a k in g s .
W eok a n d S eason .

Visiblo supply Sept. 1 __________
American in sight to Jan. 3 -----Bom bay receipts to Jan. 2 -----Other India ship’ts to Jan. 2 —
Alexandria receipts to Jan. 1 —
Other supply to Jan. 1*_______

377*455
108,000
1,000
48,000
3,000

Week.

Season.
2,135,485
9,474,302
559.000
68,410
787.000
112.000

Season.

5,637,060
438,581
69,000
44,600
7,000

1,603,418­
9,744,781
483.000
61,000
596,800
126.000

Week.
354,935
46,485
54.000

Since
Sept. 1.
7,348,271
679,721
852,000

T otal supply_________________ 6,875.460 13,136,197 6,196,241 12,614,999
Deduct—
Visible supply Jan. 3 ------ ----------- 6,411,901 6,411,901 5,696,107 5,696,107
500,134 6,918,892
T otal takings to Jan. 3 _________ 463.559 0,724,296
344.559 5,623,886 384,534 5,687,092
O f which American__________
115,600 1,331,800
1,100,410
119,000
O f which other_______________

8,697,400
776,902

455,420
*16,839

8,879,992
864,789

* Embraces receipts in Europe from Brazil, Smyrna, W est Indies, &c.

Cam o into sight during w eek___377,455
T otal in sight Jan. 3 ___________ _____

_________
9,744,302

438,581
------

_________
9,744,781

N o rth ’n spinners’ takings to Jan. 3 97,578
♦Decrease during week.

1.350,468

62,052

1,233,978

-1912-13In Sight and Spinners’
Since
Takings.
Week.
Sept. 1.
Ileceipts at ports to Jan. 3 _______ 262,348 7,051,104
N et overland to Jan. 3 ___________ 57,941
646,296
Southern consum ption to Jan .3 - - 56,000 1,000,000
T otal m arketed............................. 376,289
Interior stocks in excess__________ 1,166

-1911-12-

IN D IA

COTTON

1912-13.
January 2
Receipts at—

M o v e m e n t in t o s ig h t in p r e v io u s y e a r s .
Dales.
Week—
Dales. Since Sept. 1—
6' - .................8,464,750
1911— Jan. 6 .................
330,825 1910-11— Jan.
“
1910— Jan. 7 ............................. 237.072 1909-10___________ Jan. 7 ..7 ,4 0 6 ,5 2 8
1909— Jan. 9 ............................. 350,720 1908-09— Jan. 9 ___________ 8,953,248

Q U O T A T IO N S
FOR
M ID D L IN G
COTTON
AT
O T H E R M A R K E T S . — B e lo w a re th e c lo s in g q u o ta tio n s
o f m id d lin g c o t t o n a t S o u t h e r n a n d o t h e r p r in c ip a l c o t t o n
m a r k e ts fo r e a c h d a y o f th e w e e k .
__
Week ending

G a lv e s to n _____
N ew Orleans___
M ob ile -----------Savannah _____
C h a r le s t o n -----W ilm ington-----N orfolk -------B a ltim o r e -------Philadelphia —
A u gu sta----------M em phis _____
St. Louis______
Houston . ____
Little R o c k ____

Closing Quotations for Middling Cotton on—
Sat'day.

M onday, Tuesday, Wed’day, Thurscl’y,

l2Vs
12 I h
12 ys
125,
1258

\2%
\2V*
\2%
12%
12%

12%
12%
12%
12%
12%

12 13-16
13
13.35
13
13 %
vm
vm
12Vs

12*13-16
13
13.45
13
13%
13%
12%
12%

1213-16
13
13.45
13
13%
13%
12%
12%




113
112 15-16
12%
12%
IIO L I- 12%
D A Y . ____
12 13-16
13
13.65
13
13%
13%
13
12%

Friday
13
12 15-16
12%
____
12%
13"
13
13.55
13
13%
13%
13
13

MOVEMENT

Bombay---------- ---------------

Since
Week. | Sept. 1.
1

108,000

FROM

ALL PORTS.

1911-12.
Week.

559,000 09,000

Since
Sept. 1.

1910-11.
Week.

483,000 97,000

Since
Sept. 1.
732,000>

For the Week.
|
Since September 1.
E x p o r t s ---------------------------------------------------------------------------------------------------from— I Great \Conti- Japan
Great \ ContiJapan |
Britain, nent. tkChina Total. Britain.
ncnl.
cfc China. Total.

1912-13..
1911-12..
1910-11..
All others—
1912-13..
1011-12. _
1910-11..

|
j
1
1
87,000, 78,000 176,000
11,000
6,000 20,000 26,000
147,000 201,000
54,000
...........1
21,000
31,000
10,000
11,000 250,000. 175,000 436,000
15,000 28,000 43,000
1
j
1
10
8,010
6,000
2,000
__ J
7,000
6,000
1,000
I
8,000
6,000.
2,000
....
__ t
1
12,000
8,000
4,000
....
7,000
1
|
5,000
2,000
9,000.
16,000
7,000
___ I 1,000
1,000
1
1
1,400
41,000
18,100
6,000
___ 1 1,000
....
1,000
1,006
42,000
47,000
1
4,000
1,000
35,000
50,000
14,000
___
3,000
2,000 1,000

Total all—
1012-13._
1911-12..
j 910-11_

7,000 20,000 27,000
10,000 21,000 31,000
3,000 16,000 28,000 17.000

Bombay—
1912-13-1911-12..
1910-11..
Calcutta—
1912-13..
1911-12..
1910-11-.

___

1
23,000 142,000.
7,000 107,000
34,000 300,000

79,410
148,006
176,000

244,410
262,000
510 000

M A N C H E S T E R M A R K E T O u r j [ r e p o r t r e c e iv e d b y
<jablo t o -n ig h t fr o m M a n c h e s t e r s ta te s t h a t th e m a r k e t
c o n t in u e s fir m f o r b o t h y a r n s a n d s h irtin g s .
S p in n e r s
a r e c o n s id e r e d t o b e w e ll u n d e r c o n t r a c t .
W e g iv e th e
p ric e s fo r t o -d a y b e lo w a n d le a v e th o s e fo r p r e v io u s w e e k s
o f th is a n d la s t y e a r fo r c o m p a r is o n .
1 9 11 .

1912.
8 34 lbs. Shirt- Col'n
inos. common Afld .
Upl'S
to finest

32« Cov
Twist.

(1. 3. d.

(1.
15
22
29

934
10 s,
1034

10% 6
113 s 6
1134 0

@
@
@

0 10 3- 16 @
13 1034
@
2 0 1034 @
27 1034 @
3 10% ,

@

. (i.

3
3
3
3

11% 6

4

@n
@n
@n
@n
@n

d.

834 lbs. Shirt- Col'n
Ings, common Arid.
Upl's
to finest.

32s Cop
Twist.

d. b. d.

d.

8 9-16
8%
8 34
8%

6
6
6
6

6 .9 9
7 .0 6
7 11
7 .1 8

7%

7 .1 9 8 %

a. d.

@ 9 7-16 5
@
9% 5
@
9 % ••>
@
934 5
OH 5

(a)

d
5 .1 9
5 .2 2
.*>.08

9% 5 4% @ 10 4
9 % 5 4 3 4@ 1 0 4
934 5 434 @ 10 4

@
@
@

6 .7 8 8 %
6 .91 8 %
7 .0 9 8 %

134@ 1I 3
2 @u 4
3 @n 6

0
6
6
6

1134
1134
1134
1134

4
3
3
3

5 .0 4
5 .0 2
5 05
5 .01

4 3 4@ 1 0 4

5 .2 2

434 @ 10
4 @ 10
434 @ 10
4 @ 10

S H I P P I N G N E W S . — S h i p m e n t s in d e t a i l :
Total bales.
N E W Y O R K — T o Havre— Dec. 30— Niagara, 149...........................149
T o Rotterdam — Dec. 30— Russia, 106............................................
106
T o Barcelona— D ec. 30— River Delaware, 200-----------------------200
T o Naples— Dec. 30— Ancona, 200: San Giorgio, 900------------ 1,100
T o Venice— D ec. 27— M artha W ashington, 100___D ec. 31—
200
Eugenia, 100-------------------------------------------------------------------------G A L V E S T O N — T o Liverpool— D ec. 26— Crispin, 9,951 — D ec. 28
— Barendrecht, 6,220; Quernmore, 17,383; Lugam o, 6,327;
Thlstleard, 10,329---D e c . 30— Cestrian, 23,312____________ 73,522
T o Manchester— D oc. 28— Asuncion de Larrinaga, 12,595------ 12,595
T o Havre— D oc. 28— Swanley, 15,240__ D ec. 31— Stratheyre,
7,363; T oftw ood , 9 ,8 9 4 - . - _____ ____________________________ 32,497
T o Bremen— D ec. 31— Inkum , 13,790; M ontauk Point, 9,985;
R onald, 2 ,8 3 6 --J a n . 2— Quantock, 9,989----------------------— 36,600
T o Hamburg— D ec. 23— Pelham, 2 ,3 3 i— D ec. 26— Nolisom ent, 2,261_______ ________ ________________ - ...............- ................... 4,592
T o R otterdam — Jan. 2— Hawkhead, 3 ,5 5 3 --- — - - - - - - —
o.oo.i
T o Antwerp— Dec. 23— Incem oro, 5,658— D ec. 28— H ornby
Castle, 5,202______________________________________ _________ 1 0 -§ '0
T o Trieste—D o c . 31— Erodiade, 6 ,2 9 3 - - - ------------- ------------------ 6,293
T o Barcelona— Dec. 31— Erodiade, 6 , 4 3 0 - - - - - - — - - - - - ------ tn u R
P O R T A R T H U R — T o Liverpool— Dec. 30— Barbadian, 7,089------ 7,089
T o Bremen— Jan. 3— Framlington Court, 11,000....................... 11,000
T E X A S C I T Y — T o Havre— D ec. 23— Lord Antrim, 5 ,8 7 3 -.............. 5,873
N E W O R L E A N S — T o Liverpool— D ec. 27— Archim ides, 1 5 ,3 0 0 --Jan. 3— M edian, 7,000__________________ ________ - ................... 22,300
T o Belfast— Jan. 3— T orr 11ca d , 3,000___________ ____________- 3,000
T o Manchester— D ec. 28—-M elfora Hall, 7,728----------------------- 7,728
T o Havre— D ec, 28— Virginio, 5,912
Dec. 31— St. Leonard,
3,503 ............
9,415
T o lJreinen— D oc. 27— Santaren, 6,778------------------------------------ 6,778
19
T o R otterdam — D oc. 31— St. Leonards, 19-----------------------------T o A ntw erp— Dec. 27— Vard, 1,616; Santaren, 650--------------2,266
T o Genoa— D ec. 31— Vai Sallee, 4,941------ ------------------------------- 4,941
A R A N SA S PASS— T o Bremen— Jan. 2— Ronald, 4,404----------------- 4,404
M O B IL E — T o Liverpool— D ec. 31— C uban, 2 ,3 9 0 ---J a n . 2—
Drum cralg, 1,573 ______________
3,963
T o Bremen— D ec. 30— Dacre Haill, 6,113-------------------------------- 6,113
S A V A N N A H — T o Manchester— Dec. 31— Brlorton, 1,614................ 1,614
T o Bremen— D ec. 28— Paranagua, 6,229---------------------------------- 6,229
T o Triosto— D ec. 28— Eugenia, 3 ,600--------------------------------------- 3,600
B R U N S W IC K — T o Manchester— D ec. 28— Brierton, 4,900............ 4,900
T o Bremen— D ec. 28— Pontiac, 5,538--------------------------------------- 5,538
W IL M IN G T O N — T o Bremen— Dec. 31— King George, 1 3 ,1 2 9 -.. 13,129
B O S T O N — T o Liverpool— D ec. 27— Sachem, 3,544— D ec. 30—
Canadian. 2,834 _______
6,378
B A O T IM O R E — T o Bremen— D ec. 28— Barbarossa, 1 56 -................
156
P H IL A D E L P H IA — T o Liverpool— D ec. 23— M erlon, 1,339______
1,339
P O U T T O W N S E N D — T o Japan— D ec. 25— 'T altliybius, 2 ,1 6 9 --Dec. 31— In a b a M a ru , 1,856-------------------------------------------------4,025
SA N F R A N C IS C O — T o Japan— D ec. 27— Korea, 4,221.................. 4,221
T o ta l................................................................- ................................ 334,725

L I V E R P O O L — S a le s, s t o c k s , & c ., fo r p a s t w e e k :
Dec. 13.
Dec. 20.
Dec. 27.
53.000
55,000
26,000
Sales o f tho w eek______ bales.
4.000
5,000
1,000
O f which speculators t o o k ..
2.000
4,000
1,000
O f which exporters to o k ____
Sales, A m erican_____________
43.000
48,000
21,000
A ctual export________________
5.000
12,000
8,000
F orw arded___________________
102,000
-------106,000
88,000
T otal stock— E stim ated______1,081,000 1.179.000 1,240,000
O f which Am erican________ 933,000 1.016.000 1,066,000
T otal imports o f tho w eek___ 151,000
214.000
157,000
O f which A m erican_______
104,000
176.000
112,000
A m ount a floa t_______________ 646,000
561.000
489,000
O f which A m erican------------ 561,000
468.000
423,000

Jan. 3.
32,000
1,000
1,000
26,000
16,000
108,000
1,433,000
1,,241000
317,000
278.000
348,000
288,000

T h e t o n e o f th o L iv e r p o o l m a r k e t f o r s p o ts a n d fu tu re s
e a c h d a y o f th o p a s t w e e k a n d th o d a ily c lo s in g p ric e s o f
s p o t c o t t o n h a v e b e e n as fo llo w s :
Spot.
Market,
12:15
P. M .

Saturday.

Monday.

Tuesday.

Easier.

A fair
business
doing.

A fair
business
bolng.

f
I

Mld.Upl’ds

7.11

7.17

7.11

Spcc.&oxp.

5,000
300

8,000
800

10,000
500

Wednesday. Thursday.

Friday.
Moderate
demand
7.19

HOLIDAY.

HOLIDAY.

7,000
500

Futures.
Quiet at V’y st’y at Steady at
2 points
Market f 6 points
334@5
opened
1 decline.
advance.
pts. adv.

Irregular
934c 11
points adv.

Market,
4
P. M .

Barely
steady 534c
734 pts .adv

1 Quiet at
634 @8
1 pts. dec.

Quiet at
134 @5
pts. adv.

Quiet at
34 @2 pts.
decline.

j.iiu jn ii/u a u i t u t u r u s uu i j t v e r p o o i i o r e u c n uu,y tu u g i v e n
b e lo w .
P r ic e s a re o n th o b a s is o f u p la n d , g o o d o r d in a r y
c l a u s e , u n lo s 3 o t h e r w i s e s t a t e d
D ec. 28.
to
(J a n . 3.

Ilecom bor
D ec .-Jan.
J an .-F ob .
Fob.-M ch.
M ch.-A pr.
A pr .-M a y
M ay-Juno
Juno-July
Ju ly-A u g.
Aug.-Sop_
Sept.-O ct.
Oct .-N ov .

Sett/*

12M
p.m .
d.
____
____
____
____

0
6
6
6
6
6
6
6
6
6
3
6

M on.

T u es.

W ed.

T h u rs.

F r i.

12'A
p.m .

4 12 'A 4
12M 4 11214 4 12^1 4 I l2 K
p.m . p.m .jp.m . p.m. p.m .Ip.m . p.m . p.m . p.m . p.m .

d.
88
84
79
77%
7634
75
7334
7134
68
5734
3834
30

d.
d.
d.
92 34
87
88' 86
83
8334 82
8234 8034 8134
81
80
79
79
7734 78
7634
7734 76
75
7334 74
69 %
7134 70
53
60
59
58 %
44
40
40
39
31
35 34 3134 32




77

THE CHRONICLE

Jan. 4 1913.]

d.
94 A
on'
85%
8434
83
8134
80
78
7434

tl.

d.

HOLIDAY.

d.

d.

IIOLID A Y.

d.

d.

96 34 94 34
9234 9034
89
91
8934 87
87 34 85 34
86
8334
8334 81
79
76 34
67
64 %
48 34 4534
39
3634

BREADSTUFFS.
F r i d a y N i g h t , J a n . 3 1913.
F lo u r h a s b e e n q u ie t b u t s t e a d y .
T h is su m s u p th e ca se
in a n u ts h e ll.
I t s im p ly m e a n s t h a t b u y e r s h a v e as u su a l
a t th o c lo s e o f th e y e a r c o n fin e d th e ir p u r ch a se s t o sm a ll
q u a n t it ie s to s u p p ly th e a c t u a l n e e d s o f th e m o m e n t .
They
e v id e n t ly p re fe r t o p o s t p o n e la r g e r p u r ch a s e s t o a la te r
p e r io d o f th e se a s o n , w h e n th e g e n e r a l o u t lo o k h a s c le a r e d u p .
T h o o u t p u t o f flo u r a t M in n e a p o lis , D u lu t h a n d M ilw a u k e e
la s t w e e k w a s 3 0 4 ,6 0 6 b b ls ., a g a in s t 3 9 8 ,5 8 5 in th e p r e v io u s
w e e k a n d 2 7 1 ,2 5 0 la s t y e a r .
W h e a t h a s b e e n in th o m a in s t e a d y f o r v a r io u s r e a s o n s .
F o r in s ta n c e , th e w o r ld ’ s s h ip m e n ts h a v e d e cr e a s e d s h a r p ly .
T h e t o t a l w a s o n ly 7 ,7 6 8 ,0 0 0 b u s h e ls , a g a in st 1 0 ,4 8 0 ,0 0 0 in
th e p r e v io u s w e e k .
R u s s ia n s h ip m e n ts w ere o n ly 7 0 4 ,0 0 0
b u sh e ls, o r h a lf w h a t t h e y w ere in th e p r e v io u s w e e k . N o r t h
A m o r ic a n s h ip m e n ts s h o w e d a d e cr e a s e fr o m 6 ,7 0 4 ,0 0 0 in
th o p r e v io u s w e e k t o 4 ,4 4 0 ,0 0 0 la s t w e e k .
T h o s e fr o m th e
D a n u b ia n r e g io n in c r e a s e d a q u a r te r o f a m illio n b u s h e ls ,
b u t , o f c o u r s e , th is d id n o t o ff s e t th e d e cr e a s e e ls e w h e re . T h e
q u a n t it y o n p a ssa g e t o E u r o p e d e c r e a s e d 1 ,9 4 4 ,0 0 0 b u s h e ls .
T h e s e th in g s e x c it e d r e m a r k .
T h e y h a d a s tr e n g th e n in g in ­
flu e n c e .
S o d id r u m o rs fr o m tim e t o tim e o f a serio u s h it c h
in th e B a lk a n p e a c e n e g o t ia t io n s .
T r u e , th e w e e k ly fig u r e s
as t o th o a v a ila b le s u p p ly h a d a s o m e w h a t b e a rish t in g e . T h e
d e cr e a s e fo r th e w e e k in th e w o r ld ’ s s t o c k w a s o n ly 1 ,1 8 5 ,0 0 0
b u s h e ls , a g a in s t a d e cr e a s e in th e sa m e t im e la st y e a r o f
3 .1 5 0 .0 0 0 b u sh e ls. A s t o th o U . S ., th e re w a s a n in cre a se
fo r th o w e e k o f 1 ,8 5 4 ,0 0 0 b u s h e ls , a g a in s t a d e cr e a s e fo r th e
sa m e w e e k la st y e a r o f 1 ,1 7 9 ,0 0 0 b u s h e ls .
T h is in c r e a se w a s
c e r t a in ly la r g e r th a n w a s e x p e c t e d .
B u t it h a d n o m a r k e d
e ff e c t .
W it h a d e cr e a s e o f s o m e 3 1 5 ,0 0 0 b u sh e ls in th e C h i­
c a g o s t o c k s d u r in g th e w e e k , th e t o t a l s u p p ly t h e r e is o n ly
a b o u t h a lf w h a t it w a s a y e a r a g o , i. e ., 8 ,1 5 2 ,0 0 0 b u s h e ls ,
a g a in s t 1 5 ,9 3 0 ,0 0 0 a t tliis tim e la s t y e a r .
T h e r e a re
c o m p la in t s o f d r o u g h t in th e S o u t h w e s t.
T h e cash d em a n d
has
been
fa ir .
T h ere
w as
a
good
deal
of
even­
in g
up
in
a n t ic ip a t io n
of
th e
N ew
Y ear
h o lid a y .
T h is
in v o lv e d
not
a
litt le
c o v e r in g
of
s h o r ts .
G e r m a n y c o m p la in s t h a t , t h o u g h s u p p lie s a re lib e r a l, t h e y
a re m o s t ly in p o o r c o n d it io n .
I n R u s s ia b a d r o a d s r e ta r d
m a r k e tin g o f w h e a t.
I n F r a n c e th e a c r e a g e is sm a lle r th a n
la st y e a r a n d th e r e is m u c h c o m p la in t o f u n d u ly r a p id g r o w t h
a n d o f fie ld s in fe s te d w ith v e r m in .
T h e w o a t h e r th e r e h as
b e e n u n s e a s o n a b ly m ild .
S u p p lie s o f n a tiv e w h e a t a r e o f
o n ly m o d e r a t e s iz e , p ric e s a re s t e a d y a n d th e r e is g o o d b u y in g
o f fo r e ig n w h e a t f o r M a r c h -A p r il sh ip in o n t.
I n I t a ly n a tiv e
w h e a t is s c a r c e .
I n H u n g a r y th e c o n d it io n o f th e c r o p is
o n ly fa ir .
O n th o o t h e r h a n d , th e r e is litt le d is p o s itio n t o
e n g a g e in a g g r e s s iv e b u ll o p e r a tio n s .
T h e e x p o r t b u sin e ss
h a s b e e n s m a ll. M a n y b e lie v e t h a t p e a c e in th e B a lk a n s is
n o t fa r o f f ; th a t T u r k e y w ill b o fo r c e d t o g iv e w a y , h o w e v e r
r e lu c t a n t ly .
T h e c r o p m o v e m e n t a t th o N o r t h w e s t h a s c o n ­
tin u e d la r g e .
C r o p a d v ic e s fr o m A r g e n tin a h a v e b e e n fa ­
v o r a b le . I n S o u th e r n R u s s ia th e c r o p o u t lo o k is s a t is fa c t o r y .
I n R o u m a n ia su p p ile s a re lib e r a l.
T h e A u s t r a lia n c r o p is
7 6 .5 0 0 .0 0 0 b u sh e ls, a g a in s t 7 0 ,2 0 2 ,0 0 0 la st y e a r , a c c o r d in g
to th o r e v is e d fig u r e s .
T o - d a y p ric e s w o r e fir m .
T here
w ore r e p o r ts o f e x p o r t b u sin e ss a t th e W e s t , v ia t h e G u lf o f
M e x ic o .
T h e c a b le s w e r e fir m .
T h e w e a th e r in th e w in t e r w h e a t b e lt w a s c le a r a n d c o ld .
L a r g e b u y in g b y C h ic a g o
tra d e rs c o u n t e d .
S till, th e re w a s a r e a c t io n b e fo r e th e c lo s e ,
o w in g t o liq u id a t io n .

D A I L Y C L O S IN G P R IC E S O F W H E A T F U T U R E S IN C H IC A G O .
Sat. M on . Tues. Wed. Thurs. F ri.
108
108
H oli- 108
108
N o. 2 r e d . . - .............................. cts.1 08
D ecem ber delivery in elevator_____ 95% 95 % 9514 d a y. ______ _______
M a y delivery in elevator____________ 9 7 14 97 X
9734
97 X
97 X
D A IL Y C L O S IN G P R IC E S O F W H E A T F U T U R E S IN C H IC A G O .
Sat. M on . Tues. Wed. Thurs. F ri.
D ecem ber delivery in e le v a to r.cts- 8534 86 X 8734 H oli- ____
____
M a y delivery in elevator...................- 9 1 3 4 91 %
9134 da y.
9134
9134
July delivery in elevator....... ...............8 8% 8834
88%
89%
8 8%

I n d ia n c o r n h a s flu c t u a t e d w it h in n a r r o w lim it s .
N ow
a n d t h e n p ric e s h a v e e a sed a t r ifle .
T h e n t h e y r a llie d .
I n a w o r d th e r e h a s b e e n n o d e c is iv e im p e tu s a n d th e r e fo r e
q u o t a t io n s h a v e sw u n g m o n o t o n o u s ly u p w a r d a t rifle o r
d o w n w a r d a litt le b u t n e v e r e n o u g h t o a r o u s e s p e c ia l in t e r e s t.
T h is is o n ly a n o th e r w a y o f sa y in g t h a t it is a w a itin g m a r k e t.
E v e r y b o d y is a w a itin g s o m e th in g n e w a n d str ik in g w it h th e
id e a th a t this m a y g iv e p ric e s a d e c is iv e t r e n d .
T h e size
o f th o c r o p is u n p r e c e d e n t e d . B u t th o p r ic e is a b o u t 10
c e n ts a b u sh e l lo w e r th a n a y e a r a g o .
T h a t d is c o u n t s t o
s o m e o x te n t a t le a st th e e n o r m o u s y ie ld . B e s id e s , n o m a tt e r
w h a t th e c r o p m a y b e , th e a c t u a l a v a ila b le s t o c k o f A m e r ic a n
c o r n a t th o p re s e n t tim e is n o t h in g r e m a r k a b le .
I t is o n ly
v e r y s lig h t ly la r g e ly th a n it w a s a y e a r a g o . T h a t is t o s a y ,
it is n o w 6 ,9 0 0 ,0 0 0 b u sh e ls a g a in s t 6 ,8 0 0 ,0 0 0 a t t h a t t im e .
T w o y e a r s a g o it w a s 8 ,8 2 5 ,0 0 0 b u s h e ls .
T h o crop m ove­
m e n t n a tu r a lly sh ow s a t e n d e n c y t o in c r e a s e . B u t it is
n o t p r o n o u n c e d e n o u g h t o c a u s e a n y s e v e r e d e c lin e in p r ic e s .
S till th o w e a t h e r h a s b e e n fa v o r a b le fo r m o v in g th e c r o p .
T h o s t o c k a t C h ic a g o in c r e a s e d la st w e e k a b o u t 3 8 0 ,0 0 0
b u s h e ls .
I t n o w a m o u n ts t o 1 ,6 5 2 ,0 0 0 b u sh e ls, a g a in s t
2 9 3 .0 0 0
a y e a r a g o . S a m p le p ric e s h a v e t h e r e fo r e d e c lin e d ,
e s p e c ia lly as th o E a s te r n d e m a n d h a s b e e n lig h t . A t t im e s ,
t o o , th e re h a s b e e n r a th e r h e a v y
se llin g b y c a s h h o u s e s
a n d w e ll k n o w n o p e r a to r s .
Y e t o n a n y s lig h t d e c lin e c o m ­
m is s io n h o u se s h a v e p la in ly s h o w n a d is p o s itio n t o b u y .
I t su g g e sts th e id e a t h a t th e c o n s u m p t io n o f c o r n is g o in g
t o m e a su r e w e ll u p t o e v e n th o e n o r m o u s c r o p . I n d e e d , th e
c a s h i e m a n d h a s n o w a n d th e n b r ig h t e n e d u p n o t ic e a b ly .

78

THE CHRONICLE

[Vol.

X C V I.

p re s e n t b o o k in g s , w h ile o n th e o t h e r h a n d b u y e r s a ro b y
n o m e a n s s u ffic ie n t ly c o v e r e d t o m e e t th e ir r e q u ir e m e n t s
d u r in g t h a t p e r io d .
O f c o u r s e t h o m a tt e r o f t a r iff r e v is io n
is d a ily b e c o m in g o f m o r e v it a l in t e r e s t, b u t as th o w o o l
s c h e d u le , a c c o r d in g t o .t h e p re s e n t p la n s o f th o H o u s e , w ill
b e th o la st t o b o ta k e n u n d e r c o n s id e r a t io n , its e ff e c t is t o o
D A I L Y C L O S IN G P R IC E S OP N O . 2 M I X E D C O R N IN N E W Y O R K . fa r d is ta n t t o h a v e m u c h in flu e n c e u p o n p r ic e s .
C o m m is ­
Sat. M on . Tues. Wed. Thurs. F ri.
s io n h o u se s a n d jo b b e r s h a v o b e e n b u s y d u r in g th o w e e k
Cash co rn _____________________cts .N o m . N om . N om . Ilo li- N om . N om .
D ecem ber delivery in elevator_____ N om . N om . N om . day. N om . N om .
ta k in g s t o c k a n d b u y e rs h a v o a b s e n t e d t h o m s c lv e s o v e r th e
D A I L Y C L O S IN G PR IC E S OP C O R N F U T U R E S IN C H IC A G O .
h o lid a y s .
W h e n reta ilers w ill h a v e c o m p le t e d th e ir y e a r -e n d
____
Decem ber delivery in elev a tor.cts . 47
47% 45% H oli- _____
in v e n t o r ie s , it is e x p e c t e d th a t t h e y w ill fin d th o m s e lv o s r u n ­
M a y delivery in elevator__________ 48
48%
48% da y.
48% 48%
July delivery in elevator----------------- 48%
49
4 9%
49% 49%
n in g o n a n a r r o w m a r g in o f s t o c k . C o n s e q u e n t ly jo b b o r s lo o k
O a ts h a v e s h o w n s te a d in e ss.
D e c e m b e r , in d e e d , a t o n e fo r a p r o n o u n c e d in cro a so in d e m a n d fr o m th is q u a r te r in
tim e w a s n o t ic e a b ly s t r o n g .
I t w e n t t o a p r e m iu m o f 9 } 4 c .
th e n e a r fu t u r e , w h ic h , b y th e w a y , t h e y a ro n o n o t o o w e ll
o v e r M a y o n g o o d b u y in g b y s h ip p in g h o u s e s , w h o a s a ru le p r e p a r e d to m e e t. T h e ir o w n s t o c k s a ro in p o o r s h a p e , a n d
a p p e a r t o t h in k w e ll o f th e m a r k e t, in s p ite o f th e b ig c r o p t h e y a re e x p e r ie n c in g c o n s id e r a b le d iffic u lt y in g e t t in g sh ip ­
a n d th e s lo w n e ss o f th e c a s h tr a d e a t th e m o m e n t . A ft e r a ll, m e n ts fr o m m ills .
I n c o t t o n g o o d s th e fir m n e s s o f th e s ta p lo
t h e a v a ila b le s u p p ly o f A m e r ic a n o a t s is o n ly 2 0 ,8 6 0 ,0 0 0 c o n t in u e s t o d o m in a to th e s it u a t io n , c a u s in g b u y e r s to b e c o m e
b u s h e ls , a g a in s t 2 7 ,3 0 0 ,0 0 0 a t th is tim e t w o y e a r s a g o .
A n d m o r e c o n s e r v a t iv e w h e re fa ir ly c o v e r e d a h e a d a n d m o r e
th e c o n t r a c t s t o c k a t C h ic a g o is o n l y 1 ,9 6 3 ,0 0 0 b u s h e ls , c o n c e r n e d o v e r th e ir fu tu r e r e q u ir e m e n ts w h o re t h e y a r o
a g a in s t 8 ,7 2 1 ,0 0 0 b u sh e ls a y e a r a g o .
C a s h p ric e s h a v e
n o t . M a n y m ills , n o t b e in g v e r y w ell c o v e r e d o n r a w m a te r ia l,
b e e n n o t ic e a b ly fir m , e v e n i f , as a lr e a d y in t im a t e d , th e d e ­
aro r e fu s in g t o c o n s id e r b u sin ess a t p re s e n t p ric e s f o r d o liv e r y
m a n d h a s b e e n s la c k .
S h o r ts a n d c o m m is s io n h o u se s h a v e
v e r y fa r in t o th o fu tu r e .
M a n y b u y e r s w h o w a ite d fo r t h e
b e e n b u y in g .
T h e d is ta n t m o n t h s h a v e s h o w n less fir m n e s s ,
tu rn o f th e y e a r to p la c e th e ir r e q u ir e m e n ts fo r th o fir s t h a lf
h o w e v e r , th a n th o e a r ly d e liv e r ie s .
N o t a fe w t h in k th e
in th e h o p e o f lo w e r p rice s a re n o w fo r c o d in t o th o m a r k e t
b ig c r o p is b o u n d t o m a k e its e lf fe lt s o o n e r o r la te r .
T o -d a y
a n d it w o u ld n o t b e su rp risin g i f th o u r g e n c y o f th o ir d e m a n d s
p r ic e s w e r e s t e a d y o n M a y b u t ir re g u la r o th e r w is e ; th o r e ­
p u t p ric e s h ig h e r.
I n th e w o o le n a n d w o r s t o d t r a d e t h e
c e ip t s w e r e la r g e , d e s p it e r e p o r t s o f a s c a r c it y o f ca r s.
lo n g -e x p e c t e d strik e o f th o g a r m e n t m a k ers is n o w in fu ll
D A IL Y C LO SIN G P R IC E S OF O A TS IN N E W Y O R K .
Sat.
M on .
Tues.
Wed. Thurs. F ri.
s w in g . A s w a s fe a r e d , it h a s le ft c lo th ie r s a n d c u t t o r s -u p
Standards __________ cts_ 40
39@ 39%
3 9 @ 3 9 % H oli- 39
40
w it h m a n y c o n t r a c t s b u t p a r tia lly fille d , a n d m a y c a u s e t h e m
N om .
N om .
day. N om . N om .
N o . 2 white . - ................N o m .
s e v e r o losse s. I t is h o p e d th a t th e re w ill b o a n e a r ly a d ju s t m e n t
D A IL Y C LO S IN G P R IC E S OP O A TS F U T U R E S IN C H IC A G O .
Sat. M on . Tues. Wed. Thurs. Fri.
o f th o d iffe r e n c e s , b u t e v e n s o , th e ro w ill p r o b a b ly b o c o n s id e r ­
Decem ber delivery in o lo v a to r.c ts . 3 2% 32% 32% H oli­
a b le c a n c e lla t io n o f th o la rg e a m o u n t o f u n fille d b u sin ess f o r
32% day.
32% 32%
M a y delivery In elevator__________ 3 2 % 32%
32%
32% 32%
July delivery in elevator__________ 32% 32%
n e x t s p r in g a n d s u m m e r r e m a in in g o n m a n u fa c t u r e r s b o o k s .
C lo s in g p ric e s w e r e as fo llo w s :
W O O L E N G O O D S .— M a r k e t s fo r m e n ’ s w e a r a n d d ress
FLOUR.
g o o d s h a v o b e e n less a c t iv e , w it h in te re st c e n t o r o d f o r t h o
W inter, low grades____ $3 6 0 @ $ 3 95 Kansas straights, sa ck s.$4 10© $4 30
Kansas clears, sacks___ 4 0 0 @ 4 10 m o m e n t in th e d e v e lo p m e n t o f th e la b o r d iffic u lt ie s in th o
W inter patents__________ 5 25
C ity patents___________ 6 2 0 @ 6 50 ta ilo r in g tra d e s .
W inter stra ig h ts------------------ 460(5
T h e s trik e a m o n g c lo t h in g w o r k o r s h a s
R ye f l o u r ......................... 3 6 5 @ 4 05
W inter clears__________ 4 2 5 '
Graham flou r__________ 4 00 @ 4 70 r e s u lte d in n u m e r o u s r e q u e s ts t o h o ld b a c k s h ip m e n ts as w ell
Spring patents----------------4 50
Buckwheat,
cw
t_______
2
25
Spring straights-------------- 4 30
a s th e p riv ile g e t o c a n c e l o r d e r s .
T h e ro h a v o boon a fe w
Spring clears __________ 4 00®
fu r t h o r o p e n in g s o f fa ll 1913 lin os d u r in g th o w o e k a n d it
C
orn,
per
bushel—
W heat, per bushel— f. o . b.
is s t a t e d t h a t c o n s id e r a b le bu sin oss has b e o n t r a n s a c t e d in
N o. 2 _____________________ elevator Nom inal
N . Spring, N o . 1, new-------80 97%
o v e r c o a t in g s a n d tro u se r in g s.
In th o d ross g o o d s d e p a r t ­
S te a m e r _________________ elevator 5 6 %
N . Spring, N o. 2, new -----nom .
N o. 3 _________________________c .i.f. Nom
m inal
e n t sales o f o p o n g o a ro sa id to b e a t tr a c t in g a t t e n t io n .
R ed winter. N o. 2, now — 1 08
Hard winter. N o . 2 -------------- 1 0 1 % R ye, per bushel—
D O M E S T I C C O T T O N G O O D S .—
66@ 67
N o. 2 ...................................
Oats, per bushel, new—
Cents.
B u sin e ss fo r e x p o r t h a s b e e n a fe a tu r e .
T h e r e h a s l a t t e r ly
b e e n v e r y litt le p re s su re t o sell M a y . I t lo o k s as t h o u g h th e fe e d ­
in g o f c o r n w o u ld b e la r g e . I t m a y b e m u c h la rg e r t h a n u s u a l.
P o r k is $ 2 a b a r r e l h ig h e r, th a n a y e a r a g o a n d b e e f n e a r ly
$ 1 0 a b a r r e l h ig h e r t h a n th e n .
S u c h fa c t s se e m s u g g o s t iv e .
T o d a y p ric e s a d v a n c e d o n u n s e ttle d w e a t h e r a t th e W e s t.

State & Pennsylvania___N ominal
39%
S ta n d a rd s ------------------------5 8@ 7 0
N o . 2, w hite________
nom . Bariey— M alting _________
N o . 3 _______ _________ 3 8 @ 3 9
F o r o t h e r ra b ies u s u a lly g iv e n h ere, see p a ge 43.

T h e v is ib lo s u p p ly o f g r a in , c o m p r is in g th o s t o c k s in
g r a n a r y a t p r in c ip a l p o in t s o f a c c u m u la t io n a t la k e a n d
s e a b o a r d p o r t s D e c . 2 8 1 9 1 2 , w a s as fo llo w s :
UNITED STATES GRAIN STOCKS.
Amer .Bonded. Amer. Amer.Bonded. Amer. Amer .Bonded
Rye. Barley. Barley.
Wheat. Wheat. Corn. Oats. Oats.
In Thousands—
bush. bush. bush. bush. bush. bush. bush. bush.
74
31
196
57
808
268 1,495
New York_________ . . . 2,899
___
___
40
“
alloat____ . . .
___
34
42
149
44
411
69
38
Boston .................... . . .
20
___
___
93
70 ___
997
199
Philadelphia............ .. . .
182 —
144
984 ___
780
886 1,083
Baltimore . ........ . . . .
—
—
___
145 ___
437
New Orleans_______ . . . 1,033
—
___
___
___
99
486
Galveston ------------ . . .
11G
___
633
139
385
55
. . . 3,104 1,758
—
455
___
265
347
“
afloat___ . . . 8,772 1,852
----2 —
___
305
96
. . . 1,615
—
55 —
62
___
137
161
...
686
173 —
128
___
1,652 1,963
. . . 8,152
224
97 —
___
77
161
...
121
60
154
677
97
___
367
499
D u lu th.................... . . . 5,592
—
—
—
___
__ ___
. . . 1,892
927 —
702
495
—
___
102
Minneapolis --------- ...17,853
4
19
—
177 —
___
183
St. Louis__________ . . . 3,571
—
—
—
62 ___
___
152
Kansas City_______ . . . 4,909
—
30 —
338 ___
237
7 ___
Peoria ___________ . . .
314 —
—
—
—
___
225
321
Indianapolis______ . . .
—
—
81
36
492
670
—
992
Omaha .................. - . . .

-1912Since
New York to Dec. 28—
Week. Jan. 1.
Great B ritain_____ _____________ ..............
54
3,912
Other E uropean___________ _ . ..............
3
1,875
C h i n a _____________ __________ ..............4,655
63,186
I ndia _________________ ________
28,560
A rabia......... ..................... ................
49,276
A frica . . ______________________ .............. 300
28,633
W est Indies______________ _____ _______ 541
46,121
M exlco . ______________________ _______
57
3,541
Central A m e r ic a _____________ _______
296
20,428
71,385
South Am erica_________________ _______ 1,014
174
73,217
Other countries_______ ______ _______

-1911Since
Week. Jan. 1.
29
1,123
1,573
105
105,640
24,372
26,956
27
13,091
1,028
44,920
14
2,580
20,362
645
58,014
566
45,798
132

2,546 344,429
T otal
______________________ ..............7,094 390,134
T h e v a l u e o f t h e s e N o w Y o r k e x p o r t s s in c e J a n . 1 h a s b e o n

$ 2 6 ,0 2 0 ,1 8 9 in 1 9 1 2 , a g a in st $ 2 5 ,0 3 9 ,2 8 1 in 1 9 11.
O w in g t o th e h o lid a y , litt le o f sp e c ia l in te r e s t h a s tra n s­
p ir e d in th e m a r k e ts fo r d o m e s t ic c o t t o n s d u r in g th o p a s t
w eek.
S ellers c lo s e d th e o ld y e a r w ith in c r e a se d c o n fid e n c e
in th e h ig h p ric e s p r e v a ilin g as c o m p a r e d w ith th o s e o f a
y e a r a g o , a n d w ero fr e e in th e ir p r e d ic tio n s o f a n a c t iv e
t r a d o as th e sea s o n p ro g r e s s e d .
A c c o r d in g to r e lia b le
r o p o r t s , in te r e st in m a n y lines o f c o t t o n g o o d s fo r d e liv e r y
d u r in g th o e a r ly p a r t o f th e n e w y e a r is in c r e a s in g , a n d in
v i e w o f th e a d v a n c in g t e n d e n c y o f th e s t a p le , h ig h e r p ric e s
a ro lo o k e d f o r , th is b e in g p a r tic u la r ly tru e as r e g a rd s h e a v y
c o lo r e d c o t t o n c lo t h s , su p p lie s o f w h ic h a ro lig h t .
The
Total Dec. 28 1912..63,168 7,569 5,213 8,532
154 1,801 3,422
419 u n c e r t a in t y r e g a r d in g th e c o s t o f m a n u fa c t u r e d u o to la b o r
Total Dec. 21 1912..61,314 6,614 3,790 8,074
514 1,782 3,065 1,056
d is t u r b a n c e is a fa c t o r r e c e iv in g d e o p a t t e n t io n o n th o p a r t
Total Dec. 30 1911..70,489 ____ 5,140 18,754 ------ 1,429 3,828
----------CANADIAN GRAIN STOCKS.
o f m ills , w h o a re r e lu c ta n t a b o u t b o o k in g m a n y o r d o r s a t
Canadian Bonded Canadian Bonded Canadian Bonded
th o c u r r e n t le v e l o f p r ic e s .
M e r c h a n t s a ro a lso m u c h c o n ­
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
In Thousands—
bush. bush. bush. bush. bush. bush. bush. bush.
c e r n e d a b o u t th e c u r ta ile d p r o d u c t io n as a r o su lt o f th o la b o r
M on treal____________
546 ------10 1,492 -----------47 -----Ft.Willlam&Pt.Arthur. 9,483
.................... 2,588
.............................................. d is s a t is fa c t io n , as d e liv e r ie s a re b a c k w a r d a n d tlio y a ro h a v in g
11
afloat____ _ 1,395 ___
___
369 ___
___
....
------ d iffic u lt y in o b t a in in g g o o d s s u ffic ie n t to m e e t th o ir r e q u ir e ­
Other Canadian_______li,260
----------- 3,619
--------------------m en ts.
S h e e tin g s a n d d rills, o w in g to th o w e ll-s o ld -u p c o n ­
10 8,068
....................
47
Total Dec. 28 1912..22,684
-----d i t i o n o f m ills , a ro fir m a n d o ffe r e d s p a r in g ly .
D em and
5
7,365
....................
46
Total Dec. 21 1912..17,393
___
f o r d ress g in g h a m s is b r o a d e n in g fo r b o t h c h e a p a n d h ig h 12 4,499
...................
123
Total Dec. 30 1911..12,891
___
p r ic e d g o o d s a n d a n a c t iv e d is tr ib u tio n is lo o k e d fo r d u r in g
SUMMARY.
Bonded
Bonded
Bonded t h e c o m in g s p r in g .
F in e a n d fa n c y c o t t o n g o o d s a re d e v e lo p ­
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
In Thousands—
bush, b u s b u s h . bush.
bush. bush. bush, buh in g a fir m e r u n d e r t o n e , as b u y in g o ff la t o h a s b e o n m o ro a c t iv e
American......................63,168 t-,569 5,213 8,532
154 1,801 3,422 419
a n d s t o c k s h a v e b e e n p r e t t y w e ll c le a n e d u p .
P r in t c lo th s
Canadian...................... 22,684
___
10 8,068 ....................
47 -----c o n t in u e q u i o t .w i t h th e t r a d in g c o n fin e d t o sm a ll lo t s a t
Total Dec. 28 1912..85,852 7,569 5,223 16,600
154 1,801 3,469
419 u n c h a n g e d p r ic e s .
G r a y g o o d s , 3 8 ^ - i n c h s t a n d a r d , aro
T otal Dec. 21 1912..78,707 6,614 3,795 15,439
514 1,782 3,111 1056
q u o t e d a t 5 % to 5 } 4 e .
Total Dec. 30 1911..83,380
___ 5,152 23,253
____ 1,429 3,951
F O R E I G N D R Y G O O D S .— T h e r o is n o w a v e r in g fr o m
T H E D R Y GOODS T R A D E .
th o fir m u n d e r t o n e th a t lin en s h a v e o b t a in e d fo r s o m o tim e
N ew
Y o r k , F r i d a y N i g h t , J a n . 3 1913.
p a s t , w h ile th e r o a ls o c o n t in u e s t o b o a g o o d d e m a n d .
As
W h ile th e u s u a l h o lid a y q u io tn e s s p r e v a ile d in d r y g o o d s t h e r e ta il tr a d e d u r in g J a n u a r y is u s u a lly la r g o , a w id o
m a r k e ts d u r in g th o w e e k , th o tra d e is e n t e r in g th o n o w y e a r v a r ie t y o f g o o d s h as b e e n s o u g h t fo r , a n d as s t o c k s o f a
u n d e r v e r y f a v o r a b l e c o n d it io n s .
L e a d in g fa c t o r s a ro c o n ­ n u m b e r o f lin es w ero g r e a tly r e d u c e d d u r in g th o h o lid a y
fid e n t o f a y e a r o f m o r e t h a n n o r m a l a c t i v i t y , b a s in g th e ir s e a s o n th e d e m a n d in m a n y in s ta n c e s lias b e e n d iffic u lt
p r e d ic t io n s u p o n t h e s c a r c it y o f s t o c k s a t a ll p o in t s , w it h o u t t o m e e t.
J u d g in g fr o m th o m a n n e r in w h ic h d e liv e r ie s o f
a n y a p p r e c ia b le in c r e a s e in th e r a te o f p r o d u c t io n , a n d th e s p r in g g o o d s o v e r d u e a ro b e in g u r g e d , it is e v id e n t th a t th o
a c t i v i t y in a ll o t h e r lin e s o f b u s in e s s , w h ic h e v e n t u a lly re­ s u p p ly is n o t e q u a l to c o n s u m p t io n .
B u r la p s h a v o b o o n
d o u n d s t o th e b e n e fit o f d e a le rs in d r y g o o d s .
P r ic e s a r e fe a tu re le ss d u r in g th o w e e k , m e r c h a n t s b e in g o c c u p ie d w ith
f ir m ly e s ta b lis h e d u p o n a p r o f it a b le b a s is , a n d in v io w o f
t h e ta k in g o f in v e n to r ie s .
C a lc u t t a m a r k e ts h a v o b o o n
t h e s it u a t io n in th e r a w m a te r ia l m a r k e ts a re l ik e ly t o co n _ c lo s e d a ll w e e k a n d b u sin ess lo c a lly h as b o o n c o n fin e d to
t in u e s o f o r s o m e tim e t o c o m e .
M ills a r o a s s u r e d o f a c t iv
m a ll, s c a tte r e d lo ts a t u n c h a n g e d p r ic e s .
L ig h tw e ig h ts
o p e r a t io n w e ll t h r o u g h th e fir s t h a lf o f th e n e w y e a r o n th e
a r e q u o t e d a t 6 .6 0 c . a n d h e a v y w e ig h ts a t 8 .7 0 @ 8 . 7 5 c .




T H E C H R O N IC L E

J a n . 4 19 13 .]

B o n d

79

P r o p o s a ls

a n d

N e g o tia tio n s

th is w e e k

have been as follows:
ABERDEEN, Brown County, So. Dak. — BOND S A L E — On D ec. 19
tho $100,000 20-yr. city-hall, jail and fire-hall-constr. bonds (V . 95, p. 1486)

were awarded, reports state, to B olger, M osscr & WiUaman o f Chicago at
M U N IC IP A L BOND SA LES I N DECEM BER A N D T H E par
for 4 % s, with an allowance o f $350 for expenses.
•
YEAR 1912.
AC COM AC COUNTY (P. O. A ccom ac), Va — Bond. Offering.— P ro­
posals will be received until 2 p. m. Jan. 15 by J. D . Grant, Clerk o f B d. o f
The total of new issues of municipal bonds put out last Supervisors, for $10,000 Atlantic Magisterial D ist. and $10,000 Pungatoaguo Magisterial Dist. 5-30-yr. (opt.) coup, road tax-free bonds.
Auth.
month was $24,754,820, making tho aggregate for the year vote or 226 to 166 at election held June 22 and 199 to 176 at election held
N ov. a. D enom . $100. D ate “ as soon after bid is accepted as Board
$380,810,287, compared with $396,859,646 for 1911, which can
have same p rinted ." Int. (rate to be named in bid) semi-ann. at the
°,fflc0- Official circular states that the county has never
latter was tho largest yearly output ever reported.
defaulted in the paym ent o f any obligation, and that no question has over
In addition to tho $24,754,820 long-term bonds sold during been raised affecting or concerning the validity o f bonds. Cert, check for
$100 required.
December, there were also negotiated $17,118,159 temporary
nnrPt^
DISTR IC T (P. O. Ada), H u ron C ounty, O h io.—
loans; municipalities in tho Dominion of Canada placed ?E NP , SALJh~^0 n D c c - 20 tho S I5,000 4 M % 8-yr. bldg.-im pt. bonds
(V . 95, p. 1559) were awarded, it is stated, to W eil, R oth & C o. o f Cin­
$3,819,715 debentures and New York City issued $7,500,000 cinnati at 100.30.
ALBANY, A lbany C ounty, N. Y .— BOND OFFERING.— Proposals
general fund bonds, making the aggregate of all loans of
m . Jan. 22 b y J. M . Foil, C ity Comptroller, for
every character and description put out in December $53,­ lu1 J3VircCie ^ve^iy5y;1Po11u pa.- and
registered tax free bonds:
St. im pt. bonds. D ate Jan. 1 1913. D enom . $1,000.
192,694. Below wo furnish a comparison of all the various $300,000 State
Int. J. & J. at C ity Treas. office. D ue Jan 1 1963
forms of obligations sold in December during the last fivo 200,000 high school constr bonds. D ate Jan. 1 1913. D enom . $1,000.
933% "
D ” S '0 '000 * " * - * “ •1
years:
1912.

«s

1911.

s

1910.

s

1909.

s

1908.

s

Permanent loans (U. S.) .24,754,820 36,028,842 36,621,581 31,750,718 28,050,299
Temporary loans (U. S .). 17,118,159 47,116,748 26,974,866 21,820,476 1,355,025
Canadian loans (perm’t). 3,819,715 2,596,883
456,093 1,878,291
961,470
Gen’l fun txls. (N .Y .C .). 7,500,000 3,500,000 8,000,000 1,750,000 14,500,000
Panama Canal bonds___
None
None
None
None
30,000,000
Total..............................53,192,694 89,242,473 72,052,540 57,199,485 74,866,794

*u -000

f t i - A A & 'M K S cbeoks' Doe

*5.000 stono house im pt. bonds. In t. J. & J. b y mailed checks. D ae
....
*250 yearly on Jan. 1 from 1914 to 1933 inclusive.
* I he C om ptroller will purchase these bonds for Sinking Fund.
Date Jan .1 1913. Certified check for 2 % o f bonds bid for Davahle to
Chas. h,. W alsh, C ity Treas., required. Bonds to bo ready for delivery
Feb. 1 or as soon thereafter as possible.
Purchaser to p ay accrued int.
ALLIANCE, Stark County, O hio. — BOND SA L E .— T he five issues of
bonds aggregating $46,900 offered on M a y 31 1912 (V . 94 n 1337) were
awarded to S tacy & Braun o f T oledo.
P ‘ 1 M ° were
AMERICUS, Sumter County, Ga.— BOND E L E C T IO N — T ho nronositions to issue $45,000 school and 810,000 sewer refund, bonds will he
subm itted to a vote, it is stated, on Jan. 21.
00
i AhnTE COUNTY (P. O. Liberty), Miss.— BOND E LEC TIO N — An
election will bo held Jan. 11 to decide whether or not this cou ntv shall issnn
$80,000 road bonds, it is reported. A like am ount o f bonds was offered
for sale on O ct. 7 (V . 95, p. 767).
uroa
W y o m in g County, N. Y . — BOND S A L E .— On D ec 30 the
$9,500 5-23 yr. (ser.) electric light system im pt. bonds (V . 95 n 1 6 9 5 )
k * ° ° " «* " • Y '
*5.525’ (100.263)

Tho total of all loans put out during the calendar year 1912
we find, is $760,870,292, including $380,810,287 new issues
of long-term bonds by tho States, counties and minor civil
divisions of tho United States, $281,822,814 temporary loans
negotiated, $78,937,191 obligations of Canada, its provinces
and municipalities, $17,500,000 “ general fund’’ bonds of
New York City, $300,000 “ general fund” bonds of Balti­
more, M d., and $1,500,000 bonds of United States posses­
gg £ JJg
sions. In the following table wo furnish a comparison of all S S T A S k :
Citizens ban k. A rcad e.....................................................9,600 0 0 r S 4 9 8
these forms of securities put out in each of tho last fivo years: W m . R . C om pton C o ., New Y o rk ____ ________________ 9,524 70 for 5s
X912.
1911.
1910.
1909.
1908.
$
8
S
8
S
Perm, loans (U.S.)_380,810,287 396,859,646 320,036,181 339,424,560 313,797,549
Temp, loans (U.S.).281,822,814 254,901,797 259,105,968 163,686,092 168,807,151
Canadian 1’ns (per.)*78,937,191 45,657,122 *80,628,550*106,497,519 *85,934,473
lids. U .S . possesses 1,500,000
1,625,000
425,000 5,700,000
None.
Panama Canal bonds None 50,000,000
None
Nono
30,000,000
General fund bonds
(New York City) 17,500,000
17,500,000 17,000,000 16,750,000 14,500,000
General fund bonds
(Balt., M d .)___
300,000
None
Nono
None
Nono

Isaac W . Sherrill, Poughkeepsie_________________
9 505 70 for 5s
Union Trust C o ., R och ester....................................." " I 9,500 00 for 5s
D a rk 0 C o u n ty , O h io .— BOND S A L E .— On D ec. 27 the
$19,008 4 H % street-im pt. and sewer-constr. (assess, and village’s portion)
bonds (V . 95, p. 1559) were awarded to the First N ational Bank o f Arca­
num at par and interest. Other bids follow:
W cil, R oth & C o ., C in --------- $19,066 bonds to be delivered D ec. 31
Spitzer, Rorick & C o ..T oled o 19,008 less $100 for attorneys fees.
'
ASHLEY Delaware C ounty, O hio.— BOND SALE.— On D ec. 6 the
(V n 950 f pV 1421 )VaS awarded at par the SI ,500 5 % street-light-im pt. bonds

Total.................... 760,870,292 760,543,565 683,195,699 632,058,171 613,039,173

ATHENS TOWNSHIP SCHOOL DISTR IC T (P. O. Athens) Athens
County, O hio. — BOND SALE.— The $7,000 5 % cou p, bldg bonds offered

♦Including loans made by Dominion Government— £5,000,000 In 1912, £9,000,000
In 1910, £12,500,000 In 1909 and £10,000,000 In 1908. There were no loans by the
Dominion In 1911.

Last year’s total of temporary loans includes $163,884,716
revenue bonds and bills and $85,174,966 corporate stock
notes of Now York City. In 1911 this city issued $176,­
394,693 rovonue bonds. Corporate stock notes wero issuod
for tho first time in Juno 1911 and for tho last seven months
of that year amountod to $24,295,579. Tho City of New
York in 1912 also sold $68,400,000 long-term bonds or cor
porato stock and $1,000 assessment bonds, these amounts
being included in our totals of municipal bond sales above.
Tho sinking fund purchased $3,400,000 of tho corporate stock
and tho $1,000 assessment bonds, while tho remaining $65,­
000,000 was sold at public sale in M ay. In tho year pre­
ceding, tho city’s output of permanent securities consisted of
$500 assessment bonds and $61,789,941 corporate stock,
$60,000,000 of the latter having been awarded at public sale.
Tho following tablo shows tho aggregate of permanent
issues for December, as well as tho twelvo months, for a
series of years:
Month of
D ecem ber.

For the
Twelve Mon.

Month of
D ecem ber.

For the
Twelve Mon.

1912____ ___ $24,754,820 $380,810,287 1901 ......... -.315,450,958 $149,498,089
1911____ ___ 30,028,842 390,859,040 1900 ............. 22,160,751 145,733,002
1910........ ___ 36,021,581 320,036,181 1899. ............. 4,981,225 118,113,005
1909____ ___ 31,750,718 339,424.560 1898. _______ 7,300,343 103,084,793
1908........ ___ 28,050,299 313,797,549 1897. _______ 17,855,473 137,984,004
1907____ ----- 13,718,505 227,643,20.8 1890. ............. 10,664,287 100,490,000
1906........ ----- 21,200,174 201,743,346 1895. ........... . 8,545,804 114,021,033
1905____ ----- 8,254,593 183,080,023 1894. ............. 13,486,374 117,170,225
1004........ ___ 9,935,785 250,754,940 1893. ............. 17,300,504
77,421,273
1903........ ___ 13,491,797 152,281,050 1892. ............. 3,297,249
83,823,515
1902........ ___ 11,507,812 152,846,335

Tho monthly output in each of tho years 1912 and 1911 is
shown in tho following tablo:
1911.
1912.
1911.
January_______$78,510,275 $24,903,649 Ju ly.................$42,231,297
February_____ 22,153,148 29,115,161 August............ 22,522,013
M arch.............. 22,800,196 21,363,269 September___ 26,487,290
April.................. 38,502,686 22,169,243 October........... 20,588,621
May ................ 33,705,245 98,745,564 N ovem ber__ 19,738,613
Juno ............... 27,470,820 49,511,807 December___ 30,028,842

1912.
$30,163,130
15,674, 55
25,420/ 86
27,524,499
11,403 304
24,754,820

Total................................................................................. $390,859,046 $380,810 287
Averago per month__________________________________ $33,071,637 S31,734,igo

Owing to tho crowded condition of our columns, wo are
obliged to omit this week tho customary table showing tho
month’s bond sales in detail. It will bo givon later.




at io | y594 1912 (V ' ° 4, P' 1337) WCre awarded t o C - L - Poston o f Athens

AUGLAIZE COUNTY (P. O. W apakoneta). O hio. — BOND S A I F __.
On Dec. 30 the $20,000 5% 6 yr. ( a v .f coup, bridge bonds (V 95 n i « kq\
wero a warded to the At las N at. B a n k o fC in .a t 102.505. Other bids follow*
Seasongood & M ayer, Cin $20,407 0 0 1Spitzer, R orick & C o . Tol$20 174 on
Fifth Third N at. B k ., Cin. 20,304 00 I Hayden, M iller & C o . Cle 20’ 130 nn
People’s N at. B k ., W apa. 20,202 5 0 1New First N at. B k ., C o l. 20,000 00
BOND OFFERING.— Proposals will be received until 12 m . Jan 14 hv
A* J * Schaffer, C o. A u d ., for $6,300 6 % coup, refund, bonds. A uth. Sec.
5656, Gen C ode
Denom . (1) $300, (6) $1,000. D ate Jan. 1 1913. Int.
M . & S. at C o. Treas. office. Duo $1,000 yrly. on M cli. 1 from 1917 tn
o e / 2 {*'\c ’ a,ndKf? ° P M ch . 1 1923. Cert, check on some solvent bank for
2 % o f bonds bid for, payable to the C o. Treas., required. Bonds to be
delivered within 5 days from time o f award. Purchaser to pay acc int
B A K E R S F IE L D SC H O O L D IS T R IC T (P. O. B a k e rsfie ld ), K e rn
C o u n ty , C a l.— BONDS VOTED.— B y a vote o f 254 to 6 the question of
issuing $130 000 5 % 5-14 yr. (ser.) bldg, bonds carried at the election held
D ec. 20 (V. 95, p. 1695). Int. semi ann.
B A N D E R A S C H O O L D IS T R IC T (P. O. B a n d e ra ), B a n d e ra C o u n t y
I u ^ t0lY D ' h V 0