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Published every Saturday morning
by WILLIAM B. DANA COMPANY, >
George S. Dana and Arnold G.-Dana,;.
Addresses of all, Office of the Company. *
Jacob Selbert Jr., President and Treas.;
JULY 5 1913
i
VOL.97
Vice-Presidents; Arnold G. Dana, Sec.
JUNE, SINCEFOR WEEK
AND JANUARY
CLEARINGS—FOR
ENDING JUNE
28
Week ending June
Six Monti*
Clearings at-
646,910,981
237,524,816
150,880,651
43,974,300
33,527,674
25.706.344
22,888,169
10.622.392
10,321,679
7,107,613
8,742,389
6,475,375
0,647,960
5,728,163
5,759,946
2,869,271
4,023,030
3,997,221
2,601,317
2,171,906
2,583,000
5.851,410
.2,174,771
1,902,837
1,121,163
1,080.932
Baltimore
Buffalo
w-
Washington
Albany....^.
...0._
Rochester
Scran ton
Syracuse
Trenton...
Wheeling
Reading
Wilmington
Wilkes-Barre
Harrlsburg
Greensburg
York
Erie
Chester
.....
Altoona
Binghamton
Lancaster
-z
Beaver County, Pa..
...
Not Included
Moritclair
.
•,
13,862,470
11.902.910
8,373,788
7,578,197
10.824.833
i
698,536,225
35,535,300
19,479,938
12,061,701
10,497,176
8,377,723
11,610,957
4,344,749
3,906,843
2,788,437
2,423,905
I,928,412
4,189,542,332
4,601,427,859
218.958,700
Springfield
Portland
...
River
New Bedford
Holyoke..
Lowell
Bangor
"
124,876,186
77.068.292
67,892,456
56,717,264
68,543,206
?
30,218,443
25,680,049
16,719,425
14,531,055
7,313,500
4,150,000
2,681,371'
2,614,744
1,073,315
2,078,879
1,060,942
921,689
+4.9
15,376.600
"§7314,652,400
7T8
1,290.839,722
1,199,331,820
7,991,031,256
107.610,700
.......
108,461.900
103,585,126
111,576,588
62,959,431
38,556,036
28,944,300
22,691,653
11,670,612
13,538,168
10,848,948
10,405,059
3,381,694
5,479,658
4,688,013
0,689,681
'/ 8,746,000
7,539,682,526
693,275,400
637,708,748
531,981,003
358,435,948
...........
4,448,800
6,606.499
+6,0
—4.0
+16.0
+19.8
+6.5
—0.5
+4.2
+11.9
+3.0
+5.3
—0.3
+4.7
+6.7
+12.2
—5.1
+11*7
+12.9
+17.4
—0.01
+21.5
+10.5
+1.8
+17.1
+23.9
+3.5
+5.8
+5.6
+6.0
+12.5
+7.5
+15.3
+0.8
+3.4
+3.4
+8.2
+43.7
+35.8
10.862,104,00?
Cincinnati
Cleveland
Detroit
....
...
.......
Milwaukee
Indianapolis
Columbus
Toledo
....
....
...
Peoria
Grand Rapids...
Dayton
Evansville
Kalamaaoo
...
...
Fort Wayne
Springfield, HI
Youngstown
Akron
3,281,677
0,319,218
2,777,848
2,267,275
3,205,795
2,937,621
3,248,745
2,027,269
2,030,134
2,429,751
1,297,187
2,136,445
2,068,448
1,619,069
1,729,121
601,313
Lexington
Canton
South Bend
Decatur
Quincy..
;..
665,602,400
623,859,836
637,077,339
381,914,595
216,366,734
164,803,900
132,738,258
88,275,830
84,199,239
.
92,986,483
90.515.345
60,300,741
36,037,169
25,658,300
19,481,873
13,310,561
13,193,878
9,297,224
9,314,288
3,287,710
4,838,764
' 4,942,842
6,112,762
7,501,200
3,493,697
3,741,507
..
.
.
•
Total Middle West-
1,890,228,612
>
1,740,727,241
Ohio
Bloo.nington
Mansfield
,....
Danville
....
.
...
.
......
Jacksonville, 111.....
Lansing
'
"
......
Owensboro
Flint......
....
...
Ann Arbor
864,602
Adrian......
216,098
Gary
...
"
19,363,680
28,443,704
30,994,324
36,784,914
44,314,200
22,514,644
27.419.673
32,177,962
14,375,987
13,326,068
18,657,144
14,298,183
19,431,808
20,420,124
27,416,528
"39,103,521
15,882,051
13,571,355
21,841,297
17,709,357
20,106,029
11,837,227
12,363,286
14,441,572
•
2,975,503
1,699,907
61,144,313
20,651,323
31,917,435
29,396,150
41,101,194
50,029,000
2,317,545
...
Springfield,
217,388.783
158,093,500
118,640,136
85,727,007
79,979,460
55,802,327
58,396,147
55,655,735
.
5,418,343
2,479,494
2,295,264
3,072,395
1,872,899
1,807,020
2,495,894
1,210,274
1,917,050
1,954,834
1,593,773
1,612,378
492,115
818,868
173,951
1,262,777
Lorain
.
1
11.183.448
11,713,308
13,612,117
8,008,639
9,009,685
12,441,129
12,062,754
12,285,376
11,068,844
11,570,981
10,458,789
12,192,391
10,708,799
2,936,764
4,926,083
973,007
3,036,640
.
5,331,280
1,398,784
8,974,691
'6,982,200
—5.5!
4,234,732
2,948,465
—5.1
1,980,831
1,958,288
2,345,399
937,546
843,507
+ 18.2
—13.2
+9.6
+4.0
+7.3
858,615
601,005
517,069
418,415
—4.5
642,541
499,375
475,080
—7.7
—4.6
186,339,796
—10~3
177,935,438
+8.0
260,249,267
23,151,950
\»
6,91,8,900
4,971,128
1,673,277
2,961,003
2,485,094
2,200,381
703,773
.
1,244,262
•
944,422
1,604,009
2,072,000
1,128,588
076,857
1,350,000
741,040
438,625
"703,420
•
627,953
588,783
,468,981
413,4,30
471,000
254,773
440,4 8
,
515,000
318,397
271,056,912
20,140,450
22,826,237
19,794,710
13,680,700
8,264,417
0,047,000
4,442,398
2,960,979
2,576,147
2,030,075
2,220,220
693,187
967,245
995,462
■' 1,453,684
1,635,900
,.848 716
.755,087
1,174,424
522,404
420,838
704,852
584,834
649,247
517,374
383,335
475,000
257,093
413,548
500,000
3,122,778,144
+3.9
3,858,285,203
3,586,155,324
+7.6
1,981,812,108
380,608,237
+4.6
—8.7
--5.1
...
54,634,316
29,757,000
Not included
36,588,000
31,441,643
44,965,193
28,433,726
25,257,617
15,697,544
24,564,308
17,086,523
12,376,870
15,027,649
34,160,500
32,707,354
.44,895,962
243,699,000
205,365,340
330,676,751
Richmond..........
Atlanta
......
Memphis
Savannah
Nashville
Norfolk
...
Jacksonville
6,071,216
6,655,035
Augusta
Knoxville
10,051,557
8,072,593
5,559,428
0,649,176
5,829,535
3,794,733
10,066,000
7,810,453
2,789,212
1,690,352
Chattanooga
Little Rock
Mobile
Oklahoma
Charleston
Columbia
Macon
....
Beaumont
Columbus, Ga
Wilmington, N. C
Vlcksburg
Jackson, Miss
2,512,642
957,000
1,744,749
1,359,700
4,570,990
2,771,110
6,800,000
Meridian
;
...
Total Southern....
pr Outside New
810.544,805
25,759,025
26,515,860
15,899,017
20,608,428
13,598,839
II,388,048
13,624,443
7,007,970
7,441,752
9,206,104
6,889,232
5,170,577
5,541,756
6,716,270
3,140,581
12,050,335
4,438,334
2,052,331
1,545,352
2,847,374
899,275
2,208,220
1,173,997
3,123,100
2,903,787
6,335^267
774,501,051
13,692,990,905 13,628,381,617
Total all—
York.
fW Total Clearings
+22.4
2,288,694
617,497
—0.9
+ 1.5
+28.6
1,210,776
■
—6.1
+ 10.4
+26.7
+33.0
796,116
982,235
1,356,000,
'
'
773,431!
811,850
—10.5
+ 15.0
+41.9
+4.3
:
r
600,000
—0.2
+ 7.4
—9.4
1,108,084
544,622,
344,940:
'
585,528
682,255
—9.4
+ 7.8
382,850
300,758
—1.0
,
427,500
262,904
—0.9
+ 7.7
+ 5.0
—7.0
3.50,000
400,000
336,754
09,579,577
15,533,727
13,275,125
...1.
Tulsa.....
Muskogee
3,779,140
2,206,683
2,355,607
1,981,591
+ 15.0
127,017,830
2,072,766,146
Galveston
Austin
5,318,500
+ 14.4
+ 11.9
—43.5
109,840,106
571,274,482
473,522,613
361,385,'363
,03,220,674
Birmingham
18,481,851
17,867,347
12,559,591
8,503,378
+0.8
+2.8
■i
3,244,873,078
on page
J320,131,942
68.525.393
55.988,626
...
Houston
—2.0
—1.8
+ 34.3
..342,578
337,319,985
71,395,950
Louis
Fort Worth
'
155,998,665
•293,370,709
25,611,750
22,408,628
26,570,591
13,793,697
8,494,131
614.694,870
other West..
New Orleans.
El Paso
154,167,981
—3.4]
453,519
24.
509,830,100
Details of Pacific and Other Western
Total Pacific......
506,646,577
Louisville
\»
%
j
Total
—3.2 2,195,497,625 :
—18.7!
161,387,033
7,574,600
4,391,741
: 2,826,523
2,212,533
1,927,114
2,525,631
1,019,010
+6.5
Chicago
.
in total
—-
4.899,443.448
Total New England
Jackson
'
613,879
461,098
;
4,103^500
"811,941,366
Waterbury*
St.
131,285,229!
—8.2
+0.6
—1.4
+4.3
+3.6
—7.0
12,019,465
i
447,298 Not included
—8.9
—3.7
+2.0
+2.6
+5.3
210,958,000
127,359,825
79,061,490
71,502,995
52,069,995
68,926,777
29,785,250
26,777,488
17,328,602
13,518,779
12, 11,915
25.178.000
551", 182
868,426
918,290
593,817
468,889
513,600
1,188,071
1,945,988,038 2,009,626,332
.—1.2
_■
Rockford
623,285
853,763
1,005,068
720,932
599,114
614,100
1,384,010
•
in total
Not included
57,727,147.470"
New Haven..
Lima
•
—4.2
+8.0
+21. i.
+13.6
+14.3
+10.0
+11.9
+2.7
+13.2
+25.0
57.059,508,176
Providence
Worcester
•
161,405,318]
153,438,575
65,177,527 " 63,028,997
37,227,140!
34,773,101
"10,308,680:
9,359,237
7,896,582
6,968,879
5,531,643
5,407,544
3,965,332
4,099,143
2,800,000
2,496,215
2,350,839
2,331,452
1,754,676
1,556,101
2,329,559
1,953,811
1,792,185
1,513,414
1,025,802
1,569,707
1,570,525
1,282,374
+8.7
+9.9
+1.5
+11.3
+6.8
+10.3
+10.3
+11.4
+15.3
+10.9
+12.4
+10.0
+20.1
+6.4
123,049,853
70,650,327
65,551,287
44,157,621
49.978,240
43,881,428
40.158.291
36,950,770
33,445,379
15,271,499
25,752,110
24.141.447
14,895,832
12,671,591
15,621,100
42,507,727
12,384,472
11,645,652
7,396,627
6,013,940
'14,391,169
17,853,300
46,7 9,540
1,634,445,948 1,714,745,507
—2.7
+7-9
+11.9
50,136,208,592
3,982,738,314
1,351,240,159
935,372,012
273,125,226
202,947,607
150,383,767
9,214,557,377
Boston
Fall
"
.....
—
Total Middle
Hartford
300,229,054
205,898,821
167,452,812
131,410,646
77,925,933
75,051,842
49.207.909
57,636,205
48,667,034
45,157,733
40,642,849
40,183,542
1 ,246,470
24,672,575
26,075,583
18,031,01 >
..
Norrlstown
Frederick
Franklin
48,790,931,559
4,295,385,549
1,511,506,329
1,016,402,741
7,961,091 <461
New York.....
Philadelphia
Pittsburgh...
5,939,470,454
5,607,290,156
;
203,426,235
195,444,414
111,885,142
180,489,878
102,434,071
86,699,997
93,289,652
50,796,827
41,645,593
65,316,410
54,973,743
36,669,380
43,539,631
44,647,883
26,836,161
82,481,509
71,962,844
17,057,883
12,087,159
18,521,755
7,348,706
11,026,484
9,402,003
26,180,042
20,021,337
39,708,119
Not included In
.
196,676,853
137,246,967
142,530,912
89,816,752
74,000,724
87,017,231
57,104,821
50,688,369
60,318,156
51,068,555
36,251,248
38,705,503
49,531,996
23,763,747
94,987,154
65,168,510
14,939,342
12,378,559
19,983,459
8,113,034
.
.
12.540.674
9,184,211
17,304,153
19,664,431
35,234,712
_
Ndt included
total
+8.3
—5.3
—3.6
+22.9
—0.6
—18.5
+26.6
+14.0
+17.1
+7.2
—11.0
—17.8
+8.3
+7.6
+1.2
+12.5
—9.8
+13.0
—13.2
+10.4
+14.2
—2.3
—7.3
—9.4
—12.1
+2.4
+51.2
+1.8
224,922,500
216,902,163
343,031,400
165,474,992
6,735,000
7,142,672
9,170,441
5,603,397
5,345,140
3,515,608
4,312,117
3,296,347
1,941,002
2,824,757
1,510,732
1,640,301
2,108,416
1,382,384
1,200,000
1,159,587
1,484,363
2,647,43i
768,935
"180,688
175,790
296,187
297,538
+ 12.7
+0.5
617",071! +70.3
1,051",818
613,091
+2.5
j
•
.
•
512
<782^ +19.7
57341,308,361
5,235,67079;
+2.0
"173,581,398
"163,784,887,]
85,975,490,139
37.184,558,580
85,848,507,730]
_+0j
2,918,166,556
2,993,743,555'
35,712,299,138,
+4.1
by Telegraph and Canadian Clea ings on page
518,700,908'
25'
*
Not Included in totals for
„
+5.7
—1.5
month and six months; comparison
incompletej
2
THE
CHRONICLE
[Vol.
of reasonable dividends
THE FINANCIAL SITUA TION.
The
who is
man
and therefore
chiefly responsible for the unfor¬
tunate dilemma in which the railroads of the United
States find themselves
in
office, did
the
to-day—the
carrying industry than
official,
the
other high public
any
who inaugurated
man
who, while
man
to encourage harsh treatment of
more
of the poli¬
many
cies which have served to
augment the expenses of
the roads and to restrict their income—this man has
written
roads
the
a
homily
fairly.
on
the subject of treating the rail¬
The homily has been called
forth by
petition of the trunk-line railroads asking that
they be allowed to make
an
5% in freight rates.
are
from the pen
We
all-around increase of
alluding to
an
article
of ex-President Roosevelt under the
alluring title "The Living Wage and the Living Rate,"
which appears in this week's issue of that readable
magazine, "The Outlook," to which the ex-President
is
regular contributor.
a
Mr.
Roosevelt
the railroads
are
does
not
actually
entitled to
better
declare
contrary, he explicitly disclaims wishing to
opinion
an
the
on
discussing—-I
would
warrant
should
that
have
be
my
raised."
subject.
the
not
are
them.
to
In
"I
makes
he
no
bold
an
not
am
enterprises.
to
say
advance in
short, the ex-President is making
corporation makes money—that is,
men
are
prosperous—there will be
no
money to give in proper wages for the
wageworker, there will be no money with which to provide
for his protection and to insure him
against loss and
damage, and no money wherewith to render proper
service to the customers and to the
public as a whole.
Whether the reward comes in the
way of big salary
to the big
manager who makes the business a suc¬
of dividends to the big or small man who in¬
in it, the principle is the same.
Our
is to see that there is a proper division of
cess, or
vests money
purpose
prosperity.
But there can be no division unless the
prosperity is there to divide.
One of the methods
by which the prosperity will certainly be abolished is
to draw the line
against size and efficiency instead of
against misconduct.
Another way to destroy it is
to impose
burdens, however necessary and proper,
without facing the fact that some one must
pay for
the burdens, and that if the investor cannot
pay for
them and at the
same
his
investment, then either the business will close
the
public must share the burden with the in¬
vestor."
make
to
effective
the support
ensure
istic to him.
forcible writer and knows how
appeals—-appeals
intended
to
of those inclined to be antagon¬
"corruptly organized and managed"
properties, and the further statement
appears
that
public must not be expected to sacrifice its
interests and the interests of
wage workers in
order to pay dividends on watered
own
stock,etc,'—a
truism which
the
case
no one
denies.
In
general, however,
for the railroads is stated with
force and
directness—always in the abstract; for in the appli¬
cation of the rules laid
; reserves
down, this shrewd politician
the right to exercise his
own judgment, in dis¬
regard of all rules except that of political expediency.
With much persuasiveness he argues that it must
be
a
cardinal
and'' wisely
principle in dealing with "honestly built''
managed railways" that the investor, the
as much entitled to protection as
shareholder, is just
is the
tives
wage-worker, the shipper,
of
the
general
public.
finds that he is to get a
will not
new
or
invest, and in such
the representa¬
Unless the
fair return
case
on
investor
his money, he
not
only will
railways be built but existing railways will
be able to
repair the waste, the
no
not
they
needed
are
..
V
,
nothing new in the foregoing, while
simply repeats what has been said over and over
again
behalf of the railroads, it must be admitted
on
that the
for the railroads is here stated with
case
force and cogency.
But let
be deceived by
one
no
ex-President's honeyed phrases,
which he is
just
much
as
big stick to make it
adept
an
chance'during
his
in the
of
use
he is in bellow¬
as
in brandishing the
purpose or
that he is engaged in
appear
a
Mr. Roosevelt had
a
of the
occupancy
Presidential
Chair for nearly eight years to translate words into
actions and to show how much of
railroads and the
a
real friend of the
big carrying interests he actually
Is it necessary to recall the facts? ..It would
was.
take too
igueft space to recount all his doings bearing
on
as
a
phWs
different
of the railroad problem, but since,
student of human nature,
that
memories
short,
are
gaining the support
he
he doubtless knows
be in
hope
of
opposed to him,
if
may
of those
forgetfulness of his past attitude towards the rail¬
roads
can
be ensured.
duty to refer here to
merely during the last
In
nues
Therefore
some
we
consider it
our
of the things that happened
year
of his Administration.
1908, following the panic of 1907, railroad
reve¬
began to contract at
Rail¬
road managers
expenses so as
in income.
,
an
felt it incumbent
a
Accordingly
wages
them to curtail
a
proposition looking to
consideration.
hardship to have to lower the
wage-earner,
desperate
upon
to offset, in part at least, the shrinkage
reduction in wages was under
always
alarming rate.
one
of the
pay
but the situation at that time
for the railroads, and if
could be justified, that
was
a
It is
was
a
in
ever a cut
the occasion.
But
and tear, to
the ex-President is
an
subject, and will not be able to make
reduction in wages
would not be popular and would
improvements.
he well says,
-
.
While there is
it
wear
j
which
'
campaign against evil-doers.
.
There is the usual reference to,"big
nvestors" and
"the
are
impartiality and
~
■;
-
ing when it suits his
a
time get a reasonable return
on
ings (unfortunately not in his acts), and which
Mr. Roosevelt is
along
business
the
dealing with public questions.;
Proceeding
follows:
"Unless the
of those characteristic pleas for justice in the
abstract for which he has become famous in his writ¬
one
rectitude in
as
which
hesitation about giving
intended to encourage belief in his
content,
or
express
knowledge
entitled to,
rates, then there should be
it
says:
and
lines, he continues
unless
discussing—whether the rates
But
if the railroads
He
that
On the
rates.
to make investors
willing and desirous to invest in further
developments
these
as
xcvii.
All
Governmental
whether by the Legislature
tive, should be conditioned
upon
or
action,
keeping in view this
He adds that the public^can be well
seryed,
and the wage-workers can be well
paid, only if the
railway is successful; that is, if there is such certainty
road
wrote
managers.
a
saw
that
a
gun
of the rail¬
Under date of Feb.. 18
1908
he
letter to the Inter-State Commerce Commis¬
sion and directed
cause
He
anything to the fame of his Administration.
the Execu¬ iSo he quickly spiked this particular
fact.
not add
opportunist.
for any
inquiry to determine if there
reduction, and he-indicated
was
as one
of
July 5
THE
1913.]
3
CHRONICLE
Two years afterwards, when large and general
look into the
increases in the pay of railroad employees had been
question whether the plight of the railroads had not
forced upon the railroads, the railroads made another
been caused "by misconduct in the past financial or
attempt to get slightly better rates, with what result
other operations" of the companies.
everybody knows. Mr. Taft was then President,
Employees were quick to take their cue from this
and up to the last moment the railroads were allowed
letter. -They had previously shown a disposition to
to think that they could go ahead with their plans;
acquiesce in wage reduction as unavoidable. Now
then he had his Attorney-General go into court and
they began to assume an attitude of opposition. The
enjoin the contemplated action. Congress on its
Louisville & Nashville Railroad, which was singled
part hurried the passage of a new law, giving the
out for special mention in the letter, later in the
Inter-State Commerce Commission power to suspend
month rescinded its order reducing the pay of engi¬
advances in rates' and conferring almost autocratic
neers and conductors 10%, which was to have gone
which the Commission must
the things
the affairs of the roads. These
powers have been persistently used to the detriment
accepted the cut.
A similar reduction by the Nash¬
of the roads ever sinae.
The second attempt to
ville Chattanooga & St. Louis was also recalled.
advance rates failed just as the first had.
Availing
All the troubles in the railroad world as regards the
effect March
pay
of employees date from
cessive wage
to
1.
advances the railroads have since
make could never have
tive interference on that
v
of its
The suc¬
that event.
Had
a
had
in wages
Now
been then permitted, and had the old scale
they
asmuch
as
railroad conditions.
with
seen,
as
only to railroad iniquities, and that periods
be due
putting forth new
scale still
1908, also, Mr. Roosevelt had occasion to
In
to
efforts
another
reduce expenses sought
direction,
namely
moderate increase in
a
not
a
compensation in
by proposing a very
We admit thatl
freight rates.
depression such
time of business
was
as
then prevailed
particularly opportune moment for raising
transportation charges, no -matter in how slight a
degree.,
But the situation was
,
becoming acute and
had just been frightened out of their
the managers
indirection.
During his two terms of
hostile acts and deeds in its treatment
having been balked by him in their
The managers
friend of the railroads or to en¬
Inter-State Commerce Com¬
of the railroads,
,
transportation charges for the. oppressed railroads.
-
for the ex-President to
constantly egged the Commission on to
he
office
display
propositions looking to increased
careful to say, as we have
deavor to instruct the
,,
his attitude towards
will ultimately
But he is very cau-.
that he is expressing no opinion on the question
whether rates should or should not be advanced.
mission by
higher.
unhesitatingly
unhesitatingly lowers the
public needs."
attempt to pose as a
availed
demands for raising the wage
periods of prosperity should always be
of for
to
.
justice in the public interest
It is too late in his career
depression afford no warrant for lowering wages,
while
the public unless it
tious, nevertheless, and is
making these
;
kind is being
the Commission that "it
when this is the course which
best meet the
feel that reductions in wages can
railroad employees
of
and falling in accord
But the intervention of
Roosevelt has had the effect .of
Mr.
Mr. Roosevelt tells
true servant of
rates
their pay was rising
forbidden to put
/
.
requires such action, and
being fairly and justly treated, in¬
were
■
raises the rates when
entirely satisfied and have
ployees would have been
no
suspended
schedules, and the following February
third attempt of the same
a
made.
is
prosperity to the railroad industry, railroad em¬
felt that
the Commssion at once
powers,
(1911) the roads were positively
subsequently been restored with the return
of
over
them into effect.
reduction
of wages
new
the increased
occurred except for Execu-
occasion.
it
powers upon
The conductors had already
into
invariably successful.
The
far les3 prejudiced body
before
and his intervention was
Commissioners were
Mr. Roosevelt
views upon
impressed his radical and destructive;
and therefore it
was
impossible for them not to yield
towards
attitude
Mr. Roosevelt
of
appointment of the Commissioners,
They have not modified their
to his wishes.
is to be
The President has the power
them.
both removal and
able
a
the
railroads
taught them how the most
gained.
unfavor¬
since
then.
popularity
He continues to talk of justice in
we may be sure, that if he were;
saving in expenses through
again in the Presidential Chair and a single shipper
temporary wage reductions.
Railroad revenues were
shrinking in a startling way.
Our monthly tabula¬ vehemently protested against an advance in rates,
tions revealed that railroad gross receipts were fall-; Mr. Roosevelt would tremble for the political conse¬
to
purpose
*
effect
the abstract,
a
ing off $50,000,000 a month or at the rate of $600,000,000
Mr. Roosevelt had also encouraged
a year.
the managers to
think when they yielded to his com¬
that they would be allowed
the alternative.
;
;
•
quences,
fore,
but
and the advance would not be made.
There¬
that the railroads have nothing to gain
and that their present unfortunate position
we say
from him
mand not to reduce wages
is
to raise rates
by him when he was in active power.
as
In this state of
fidently counting
tion.
But
some
the support of the Administra¬
of the shippers objected.
He
In July he issued
was now
an
What, theii,
the friend of the
order much like that
promulgated by him the previous February, when the
subject of
wages was
under consideration.
He plain¬
ly intimated that the railroads would make an ad¬
vance
merce
ment
in rates at their
peril, and the Inter-State Com¬
Commission at his direction gave out a
saying it would avail of its
gation for the
That put an
purpose
powers
state¬
of investi¬
of keeping advances in check.
end to attempts to raise freight tariffs.
initiated and advanced
things the roads went ahead conon
did Mr. Roosevelt do ?
shippers.
largely due to the policies
It is
hardly possible, without great exuberance
of
the personal interest
and the public significance of the celebration at
Gettysburg; the familiar semi-centennial or centen¬
language, to over-emphasize
nial commemorations of the birth
been great
of
men
against the lustre of this one "Golden
For the first
the
again,
Wedding."
thought of it is its absolutely
Wqu^/
Nothing resembling it has ever occurred
character.
on
who have
figures in the world's progress are dim
earth, and nothing parallelling it can ever occur'
so
far
Austerlitz,
as
or
imaginative foresight can go. Not at
Waterloo, or Yorktown, or Sedan, or
4
THE
Majuba Hill,
at any other spot of decisive battles
or
capitulations, could there have been
or
CHRONICLE
a
reunion and
fraternizing of surviving participants, for
period
no
thirty
"with the
A
money.
xcvii.
bond for the
new
rate that has satisfied for
same
ought to be acceptable under the ad¬
years,
verse
together in the bond of
the
a
nationality
common
or
of
fraternity those who had fought each other there.
Ours
and,
such.a civil
was
occurred before
war as never
must hope, can never occur again..
we
the bitterness of such wars,
It had
and its embers smoul¬
the great
thing
is that they
now
are
The pic-
done.
turesqueness and v^tlue of this occasion, the feature
which makes it
to the world
object lesson,
vividly
as
as
if blazoned
the sky, that North and South have become
across
only
genuinely worth while, is that it gives
an
geographical
The
terms.'
and emotion has been
weather
of
stress
the veterans'
severe on
bodies,
while good for their souls, but probably most of them
would have chosen to die
than
revisit it.
not
the old
on
A fine
ground rather
spirit appeared in the
reply said to have been made by
one
of them when the
severity and peril of the journey to
suggested to him, that he did not
was
that it
seemed to
him
another
call
of his
one
care
of
age
bestir itself and raise the
money needed, or the
to
business of Atchison would
he could
help give the great lesson of the end of
sectional
spirit, he would willingly die, for there is
nothing better.
There has been nothing theatrical,
purposely spectacular,
or
a
or
melodramtic, about the
Gettysburg week; its genuineness is clear.
carrying* of Gen.
Sickles by
In the
Confederates to the
inevitably suffer.
• /
be difficult to make the officials of Atchi¬
It may
realize that the option of extending
maturing
obligations lies with the creditor, not the debtor,
son
and
that
the
debtor
terms, though those
ditions
change of
for old would be
new
the market and
or
the United
even
the discovery where the missing fragment of a Con¬
federate
flag has been and the promise of returning
it; in the individual
of Blue and
variations
as
well
Gray—these incidents, told with
of
the
same
feelings, because they
fact,
are
well draw
a
.jealousies which
following such
how may
ernment
hither
or
we
Our Gov¬
The Constitution
was
Kansas
compromises, and the Union itself
or
clause
than estoppel upon the petty
upon
interest and
now as
meant
was
There,
sectional
are
are
not
cross
jealousies,
It is
duty to bury them.
in 1861 that "we
as
embargoes laid
trade when it sought to
the seeds of them, surviving still..
mon
manner,
a
ma¬
at this time.
lesson
a
some¬
But they should learn that
(whatever that
may
hold
rule of hostility against distant
a
rule of
a
rigidly
as
necessity which financial
their
among
own
members
elsewhere; contrary to hazy notions which prevail
about banking, every bank .here must meet its
as
obligations exactly
own
as
they
due.
are
There is
favor; the penalty of loss of credit is inexorable.
no
The proper Course
for Atchison
and raise the money,
as
by
be
may
to bestir itself
was
short-time loan at such
a
thereby saving
pecessary,
itself from the consequences
The cotton report
ture, issued
of default.
our com¬
It is
as
true
enemies, but friends."
One moral from
Gettysburg should be that prosperity
is not a fixed
quantity to be quarreled over in the
division; it is a quantity for perpetual renewal and
increase, like the annual
crops.
Would
could
we
speedily and finally learn to
quite fully
important
sense a
Immediately
was
various
a
options
on
but the decline
the average
month
time last year,
80.7 in
improvement
a
over
a
sound progress.
The report made
over
on
June 25,
the figure of
year
a
same
crop year—
ten-year average of 80.2.
last
The
is quite generally shared
by the individual States, Texas alone of the larger
producers showing lower condition, and that merely
for June 25
in
checked.
88.2 in 1911-—the record
and
1910
in
announcement
earlier, and contrasting with 80.4 at the
laws of Creation to
us
its
for the whole territory 81.8
than two years ago.
move
was
the markets of the
the New York Cotton Exchange,
was soon
cease our suspicions and
law-making efforts to produce happiness, and,
instead, press industry and thrift and trust the eternal
our
a con¬
drop in the quotations for the
improvement of 2.7 points
an
it did
anticipated,
factor in
following
moderate
as
to expectations, and
up
increase in acreage about as
an
no
in
of the Department of Agricul¬
Thursday, indicating
on
dition of the crop
there
boundaries.
States, could not convert
municipality.
world.
their
transaction above
going to be taught
That is not
met..
the overstrained "commerce"
by the colonies
4%
an ex¬
be) has nothing to do with the rule, unalterable by
any statutes,
that financial obligations must be
accomplished only by the conviction that safety
from European Powers could not otherwise be
had;
was
no more
a
and
The city of New York,
the heartlessness of Wall Street
thither without
great line of cleavage.
began in jealousies.
instrument of
an
ended, yet
con¬
have insensibly influenced the people of this
higher rate
is
sense
Present
now.
moral of warning against other
may run
a
many
appealing to the
are
real.
Sectionalism in the former
may
collective fraternizing
as
the old
Possibly the loose talk against capital and the
notion that it is
centres
particular survivor who had maimed him; in
impossible.
turing debt in this
the
upon
on
Under those conditions,
Atchison bonds would not be worth
par,
meeting of
the
act
have been satisfactory for
may
that.
govern
sections; it is
and another maimed survivor with
safely
years,should be and will be
many
particular spot most intensely vivid to him, in the
one
cannot
-Micawberish assumption that a renewal
for that;
duty, and if
circumstances," and he regretted that this is
best he can offer.
The house, of course, re¬
plied that they could not accept new bonds and must
put the debt in judgment; they also urged the city,
dered long and broke out fitfully here and there; but
...
stringency of
porary
old one,
within the utmost term of survival could have brought
[Vol.
nominally
States
as
so.
Furthermore, the situation in such
Texas and Oklahoma is given as better
Finally, the
average as
1913 is, with one exception
now
stated
(1911), the
best since 1906.
The
city of Atchison, Kansas, has outstanding an
$266,950 4% thirty-year bonds, which ma¬
issue of
tured
vision
was
on
Tuesday of this week, for which
seems
to have been made.
No
provided, but the Mayor wrote to
in New York
no
pro¬
sinking fund
a
bond house
that,as representative of the taxpayers,
he could not increase their burdens because of
a
tem¬
The increase in
the States
area
is placed at
2.5%, almost all
sharing in it, the percentages of increase
ranging from 1% in Alabama to 55% in California,
with Texas
Oklahoma
given
an
addition of 3%, Arkansas 3%,
7%, and Louisiana
reflecting the return¬
ing to cotton of land thrown put heretofore through
fear
of
the
boll-weevil,,. 20%.
The
area
of
the
July 5
Carolinas is left the same as
last
year,
and deductions
and
respectively.
The average augmentation
appears small when contrasted with private
including that of the "Chronicle."
But it
1% and 6% are made from Georgia
of
remembered that the Government as. a
states the
gains,
Florida,
in area
reports,
is to be
rule under¬
is evidenced by the revisions,
as
always upward, made about every
year.''
reflect
clearings for the month of June 1913
Bank
in mercantile and industrial cir¬
sections of the United States, notwith¬
continued activity
cles in most
work.
showed some increase during the
early part of the month, but at generally declining
values, due in part to the Minnesota rate decision,
standing the various disturbing influences at
Stock operations
but this
followed by complete stagnation.
was
In
clearings for the month,
as presented on the first page of this issue, disclose
only a nominal gain over 1912, but the decreases at
aggregate the returns of
the
total outside
The
for that fact.
Boston fully account
New York and
city, however, exhibits a
of this
and is, consequently, a
fair
increase
new
high record for the period.
year ago,
°
<.
1913 at the
aggregate of clearings for June
The
included
cities
152
over a
in
compilation
our
5
CHRONICLE
THE
1913.]
record
The six months' total, however, is a
June.
for the
period, the augmentation over a yeai^ ago
C
reaching 4.1%.
of vital and
exchanges of the
country and to cotton men generally has been, the
announcement from Washington of the intention of
the Senate Finance Committee to incorporate in the
Underwood Tariff Bill a provision taxing speculative
transactions in cotton for future delivery.
The
amendment which carries this taxing feature follows
A
development of the current week
absorbing interest to the cotton
bill introduced by
of the
Senate, and proposes to levy a tax of one-tenth of a
cent per pound on dealings in cotton futures, to be
paid by the affixing of stamps to every contract.
Provision is made that if the cotton is actually
delivered the tax will be refunded.
The far-reaching
nature of this proposal becomes clear when it is
realized that it really prohibits hedging operations,
the only means available to manufacturers and ship¬
pers to protect themselves from the more or less
radical fluctuations to which the cotton market is
of
closely, it is said, the terms
Senator Clarke
Subject,
C'C
v.
'v
v-
C-
>
It is not too much to say
reaches
a
of Arkansas, President pro tern
that the passage of such
of 0.5% over the month radical and uncalled-for legislation would not only
and for the six months of the current year put out of business the various cotton exchanges of
a gain of 0.1% is indicated.
Contrasted with June the country, but work incalculable harm to all those
1911, there is a small decrease; but for the half-year handling the staple in any way, including the plant¬
a gain of 7.5% over 1911 is revealed.
At New York ers, whom it is the apparent intention to benefit.
the loss for the month is 2.6% and for the six months Mr. George W. Neville and others, representing the
2.7%.... Outside of this city,.as already stated, June New York Cotton Exchange, at a recent hearing
furnished a new high record for the period, the gain before the House Committee, speaking with intimate
$13,692,990,905,
an excess
of 1912,
1912 having been
over
increase
the
4.8%, while for the half-year
A further improve¬
stands at 4.1%.
conditions, if not
ment in
a
full return to a normal
affected
by the April floods, is to be noted, and there is much
situation, in localities in the Middle West
knowledge of the subject, insisted that
ment of the
source
would then
There
farmers."
for
the abolish¬
the cotton
exchanges would be ruinous to
quotations
on
be
no
authoritative
cotton, and it would
require
another system,
evidence of trade activity in some of the larger and as exchange quotations were now used as the basis J
many of the smaller places.
Altogether, 109 of the for purchasing orders throughout the cotton belt.
outside cities
151
record
a
long time for the trade to build up
This statement
gains
operations at New York, although of less
Stock
noticeably greater
schemes
than normal volume in June, were
than in the
preceding month and larger than those
The
cannot be
gainsaid, and yet the
legislative body keeps pegging away at
force the exchanges out of business.
national
to
New
York Cotton
Exchange
on
Monday
ap¬
Semblance pointed a committee to consider the proposed amend¬
The ment. A protest against it would be prepared and
dealings reached 9,588,174 shares, against.7,219,721 means taken to demonstrate the injury that the/
On Wednesday, however, the New
shares a year ago, 10,508,400 shares in 1911 and measure will do.
York Exchange, which had asked a hearing, was in¬
16,292,870 shares in 1910, and for the six months
the comparison is between 46,257,298 shares, 69,- formed by telegraph that the Finance Committee
286,540 shares, 54,427,939 shares and 97,840 shares, was sufficiently informed on the subject and did not
This being the atti¬
respectively.
The June record of transactions was in care for further enlightenment.
1906 20,341,391 shares, stnd the greatest half-yearly tude of the Committee, the President of the Ex¬
total 176,055,746 shares, or nearly four times that change expressed the opinion that a written protest
of 1913.Bonds did nqt share to any material extent would probably not be sent, the refusal to receive a ,
in the moderately greater activity noted in stocks.
delegation indicating that it was unlikely that any
attention would be paid to a memorandum.
In fact sales at New York were only a very little
for
of
the
corresponding period of 1912.
activity
was
confined to the first two weeks.
heavier than in
May and much less than for June of
1912
Furthermore, for the six months the
par
or
1911.
value of these securities dealt in
million
year,
dollars,
V
pause
700 millions in
The Transvaal
nesburg
on
at all mines
bank
clearings again furnish evidence
in activity in
making of recent
a
loss
of those sections of the
situation in the
fontein,
ago,
a
Rand has been one of unrest for
A strike took place at New Klip-
comparatively small mine, a few weeks
but has since gradually spread, and, as already
The
progress has been noted, threatens to become general on July 6.
result the aggregate news is causing considerable nervousness in Londo
which we have comparative where it is figured that the labor troubles not only
of 3.7% from a year ago for mean a temporary curtailment of the supply of the;
phenomenal
years.
for the 20 cities from
exhibits
some
gold miners at a meeting at Johan¬
Tuesday decided to call a general strike
in the Rand district on July 6.
The labor
several weeks.
Dominion where most
returns
over
r
Canadian
a
only 284
contrasted with 406 millions last
467 millions in 1911 and
1909.
of
as
was
As
a
G
[Vol.
xcvii.
time
Later the Bulgarians appear to have made some
tendency to hoard the reduced supply that does
recoveries in the Istib district, the Servians having
metal*, but that
precious
be
CHRONICLE
THE
a
forward.
come
The
there will at the
same
been forced to abandon their fortified
original dispute at the New
,
Klipfontein
about
mine
working
of
out
arose
hours.
From
spread until the situation became
serious that
so
Istib
Fifty-four
gradually
it
there
of
town
simple question
a
and
officers,
their
including
the killed,
among
leave
numbered several thousand.
The
rest
hours.
But
refused
to
dispute
a new
displace
because the
arose
those
had
who
men
critical that
so
has ordered the
owners
that country.
worked
during the strike and who would not recognize the
of
labor union.
indicated
The closing of some coal mines has
A
behind.
colonels,
were
both
sides
on
dispatch from Bucha¬
declares that the situation in the Balkans has
become
who conceded the demands for fewer working
owners,
four
while the losses
British troops were called out to protect property.
original strikers "were placated by the mine-
positions at the
wounded
King Charles of Roumania
general mobilization of the
army
Roumania is expected to become
an
of
ally
Bulgaria. The position of the Greek Government is
by the following statement by the Greek
aggravated the situation, and railway employees also
Foreign Minister to the correspondent at Athens of
threaten to leave work in
the
body.
a
"Frankfort Gazette": "After
swered all the
War is
again in
between
the
spoils
taken
would
seem,
in the Balkans, this time
progress
Allies,
who
from
quarreling
are
Turkey.
have been insisting
more
upon
terri¬
of its army
sidered in the arbitration
that
unexpected results of the
bellum
other
insists
the Servian
Zletovo River
this
week,
the
on
disorganized
according
from
attacked
the
Bulgarian lines.
The
from
pacific policy, opened fire
on
Istib.
on.
the
Almost
attack
a
which
were
in turn
from
simultaneously
Greeks
the
made
railroad
violent
the
to
assault
on
driven in but
were
sea
fugitives burned.
press
the
100 officers and 1,000
of
Leftera
this
wounded.
final
of the
the
declaring
war
y,
-
in¬
army
cavalry
new
on
the first and second
restored
were
on
was
von
responsible for the success
bill, having assured it by his acceptance of a
duced
of
by the Socialists
the
severe
that
capturing
than
time
on
sentences
say,
Saturday, in
pronounced
onJFriday.
consequence
by
court-
a
Five reservists
were
at
condemned to five years' imprisonment
each, another to
one year,
and
a
seventh to seven
months, for taking part in a dispute"and fighting the
In
police after the annual muster of the reserves. The
reserves are under martial law for twenty-four hours
killed
or
on
reported to have
ex¬
Servians
were
.
delivered their heaviest blows
at
the occasion of each muster.
A bill reducing the
penalties imposed by court-martial when mitigating
circumstances exist was
^
mously
and
passed by the House unani¬
Chancellor
von
Bethmann-Hollweg
promised to give his support to it when it reached the
Guevgheli, where they severed the Greco-Servian
Federal
line, and at Istib.
strength of the general army by approximately 4,000
They
were
eventually driven from
Istib with heavy losses toward
the
Servian
army
porting forces, coming
at Dermak and
..a
fierce
massed.
was
up
fight ensued.
<
two fires.
.
are
'
:
The Servian
sup¬
in time, met the Bulgarians
Petrishino, behind Kotchana, where
On the other side of Guev¬
gheli the Greek armies
Bulgarians
Ovtchepolye, where
are
concentrated, and the
in danger of getting caught between
;..
";v:"'
■.
,
the third and
The Imperial Chancellor, Dr.
cap-
more
Monday last
on
proposal to reform the military code of justice intro¬
Kotchana, Istib and Strumitze towards
Bulgarians
reading.
Bethmann-Hollweg,
unawares.
Guevgheli, and thence onward to the Gulf of Orfani.
The
Allies
demanded, including six
martial at Erfurt
The battle line is
tended from
the
>yy
readings of the bill
territory which they
and 4,000 surrendered.
2,000
engagement
of
event
eliminated in committee and
men.
clared to be enormous,
reserves
against the Balkan States and
Three of these regiments which had been
regiments.
dispatches from Bel¬
enemy,
war
Imperial Parliament the entire
it had
crease
Fierce fighting occurred
Ovtchepolye, where the Bulgarian losses were de¬
at
the
The Servians, after
completely routed.
turing Istib, pursued the
in
the
Advices,
proclaimed.
notified the Powers that it
renew
from the
Servian
Bulgarian right wing has, these dispatches
been
Constantinople declare that the Turkish Gov¬
The German Government secured
toward
re-enforced and
occupied when they took the Servians
The
Some dispatches assert
already been
against each other.
grade dated Wednesday state that the Bulgarians
have been entirely driven off the
Thursday.
on
has
Greece
pre¬
beyond Leftera, which place the
But
Belgrade
right to
charged the Greeks with bayonets and drove
them toward the
against Bulgaria at Uskub, for which
war
ernment has
Bulgarian outposts,
soon
.
war
Other forces
northward
the
.
dispatches, is to formally
press
from
Bulgarian
Salonica
with
respon¬
which will unquestionably have
war,
the Bulgarian
outposts between Istib and Zletovo.
advanced
state¬
that
sumably with the intention of thwarting Premier
Pasiteh's
a
place King Peter and Premier Pachitch departed
fighting
Servians,
War
Bulgarian Government at
consequences."
declare
the Servian and Greek troops unwarrantably
sources,
the offensive.
Greece declines to accept the
Servia, according to
On Monday of
way.
advices
to
severe
to-day.
grave
original agreement.
the right bank of the
on
assume
to the
sense
sibility for this
by the Bulgars, and in which the latter
less
or
more
a
Sofia
Wednesday of last week,
on
positions
ment in this
the ground
Bulgaria,
the
upon
on
the order to
tion, and the Greek Government will submit
con¬
have made the ante¬
repulsed, there has since been
were
in
war
unsuitable.
agreement
hand,
Following the attack,
on
proceedings,
the Greek Govern¬
ago,
give the Macedonian divisions
will in this way commence without a formal declara¬
Servia has been demanding that the entire
question of the readjustment of boundaries be
an¬
and by crossing the provisional
short time
a
ment feels forced to
tory than Greece and Servia have been willing to
grant.
of treaty
boundary fixed
it
Bulgarians,
The
breaches
the
over
Bulgaria has
conciliatory steps of Greece by repeated
Council.
officers, : 15,000
bill
The
increases
non-commissioned
the
peace
officers
and
117,000 privates, bringing the total of the permanent
force
up
to
nearly
870,000
men.
The
German
the
Government, in announcing the willingness of
foreign sovereigns to waive exemption from taxation
and to contribute to the
extraordinary military
penditure, expressly declared that this
tary act on their part.
ex¬
volun¬
Later the Government issued
was a
■
July 5
an
THE
1913.]
ultimatum
declaring that
CHRONICLE
ihington
legislation covering
any
this
point would be rejected as unconstitutional.
The
House, however, in passing the bill, made th
taxation of the princes
adjourned
20
army
adopting all th
after
financing! the
until
for
measures
The House the
obligatory.
Nov.
ment
tpat its subjects have the right to
Hague state that the Commis¬
Advices from The
appointed to inquire into the defense of the
Dutch East Indies
nine
be
shall
of
a
favor of building
reported in favor of the construction
naval base at
a
Janjongprick and the organization
A period of
naval militia.
fixed
Indies. i: The
constantly stationed in the
Committee also
of
has reported in
Dreadnoughts of 21,000 tons each, five of which
for
the
thirty-five
years
is
completion of the scheme, and the
expenditure of 45,000,000 florins,' approxi¬
annual
a
meeting of the Parliamentary Marconi Com¬
mittee of
Inquiry
July 2 the final meeting of that
on
body, the British Postmaster-General, Mr. Samuel,
made
a
ment
statement of the view taken
by the Govern¬
which the latter had repudiated.
As
The Government, how¬
repudiate the contract.
had been advised the contract was not valid
ever,
unless it
ratified by the House
was
and the question arose whether
question shall not be
two
subject of arbi¬
a
of the friction be
a recurrence
cause
Senator
governments.
California has already stated that he
Works
would
of
oppose
were
extension of the treaty of arbitration unless it
amended so that the alien land question could
not
be
any
An
arbitrated.
anti-Japanese outbreak in
Hemet; California, where all the Koreans were
occurred
out of to
d
discus
was
on
Mr. Bryan assured
Sunday.
the Ambassador that he had asked the
make
to
send
Department
investigation of the incident
an
full report.
a
driven
This subject
Friday last.
on
informally by Secretary ? Bryan and
Ambassador Chinda
The Ambassador was in¬
formed that the Federal Government would take any
action within its
appropriate
complaint has been made
No formal
power.
the part of the Jap¬
'-V- 'Yv':;Y
on
" :YYYYY;: YY,.-
anese.
of Commons,
in view of its repudia¬
semi-annual
The
re¬
gards the legal position, he said the Government
could not now admit that the company was entitled
to
and lease
the Marconi
agreement with
regarding the
company,
the
tween
and
At
may
of Justice
j>
mately $18,000,000, is recommended.
own
treaty for that reason or amendment to provide that
tration
sion
per-
It is feared that defeat of the
land In California.
the alien land
increases.
the ground that it will
on
arbitration of the claim of the Japanese Govern¬
London
and
It
nervousness.
some
payments
were
evident that there had been
was
As
degree of over-preparation.
second half of the year
provement
concluded in
without display of
Continent
the
on
a
result the
has startekwith some im¬
in the general
mon^y^situation,, The
foreign markets have, however, not yet been permit¬
properly ask the House ted to recover from the unsettling influence of the
Balkan war.
Hostilities have broken out between
ratify a/contract .merely for the purpose of liti¬
tion the Government could
to
gation
wit]i
ratified, they
If it
contracting parties.
the
advised it
were
was
were
not a contract in
respect of which the courts would order specific per¬
formance, and they
ings that could in
with
a
were
any case
be obtainable would be
view to the recovery of damages.
substantial
Further,
damages could not be recovered unless
the Government
was
fered substantial loss
The
tract.
told that the only proceed¬
vised that it
not
the
British
any
effective
entertained
are
of damages.
the
rumors
have declared that
reported that Premier Asquith
Japanese Ambassador has advised Secretary
of State Bryan that he
a
supplementary
will present in
United States to the
a
day
or
two
of the
original note of protest against
rejoinder" to the
answer
the California Alien Land law.
Ambassador Chinda
did
of
tary
not
disclose
note.
The
the
nature
Department
of
the
supply
has
not
rejoin¬
der.
However, a convention extending the general
arbitration treaty between the United States and
yet completed its response to Japan's formal
Japan for another five
years
from its expiration was
Saturday by Sec¬
retary Bryan for this Government and by Viscount
signed at the State Department
on
as a
available for the
a
hoarding movement of
Thursday at 72J^>, which compares with 73 on
on
Friday of last week.
those of
out
All quotations here given afe
Thursday last,
was a
as
yesterday, Independence
Bulgarian 6s closed 1 point
101, and Servian Unified 4s with¬
holiday here.
point lower at 84
change at 79; Turkish 4s are
and Russian 4s
% point lower at 88^; Greek Mo¬
nopoly 4s have sustained a further loss of 3 points for
the week, the closing figure being 53.
German
Imperial 3s remain without change at 73.
are
In Paris French
Rentes
finished at 83.60, which
The renewal of
with 83.823^ last week.
compares
the Balkan troubles is declared
from the French
by cabled dispatches
capital to have completely upset
the Paris markets.
This, added to the usual holi¬
day spirit of the summer, has produced a particularly
dull and
unsatisfactory market.
formation
No additional in¬
regarding the volume of subscriptions to
(71,962,500 francs) of the Mexican
the French part
expire by limitation in August.
It is expected that
Government loan has been received
opposition in the
On
British Consols closed
The old treaty will
some
addition
precious metal that does reach the market.
Chinda, Ambassador for Japan.
the extension will encounter
Fears
direct influence that there
the London Stock Exchange
supplemen¬
State
discomfort.
they may lead to a protracted
simultaneously
occur
Day,
ikely to accept the post himself.
The
Rand gold districts
of
It is also feared that in
British markets.
recently been rumors of changes
These
that
source
reduction in the; amount of gold
will
now
added,
an
lower for the week at
i t
In the London market the
with Servia and Greece.
believed to be finally
while it has also been
is
recovery
indem¬
nity, then Turkey will again take up arms and join
to the reduced
Isaacs will be .made Lord Chief Justice,
Sir Rufus
officially intimated to the lat¬
ter that if it continues to insist upon a war
of labor troubles in the
Cabinet, but they have not taken
tangible form.
Bulgaria, and dispatches from Constantinople sug¬
gest that Turkey has
been
The Marconi incident is
in
hand and Bulgaria on
presumably* side with
have
practicable to take
There have
one
will
news
proceed to law for the
closed.
the
on
Roumania
had suf¬
able to prove that it
legal proceedings and that it was inexpedient to
h
other.
by the repudiation of the con¬
Government, therefore, had been ad¬
was
Greece and Servia
the
is
conceded that the result,: at
by cable, but it
least
as
a
popular
i
8
subscriptionj
The
unsatisfactory.
was
yearly demands is indicated by
American
(VOL.
' XCVII.
increase of 264,-
an
part of the offering is not specifically mentioned in
100,000 frs. in note circulation and of 202,075,000
the
frs.
announcement,
"United
$8,245,000 being issued in the
in
discounts.
General
deposits
reduced
were
71,962,500 francs in France, £1,450,000 in England."
31,825,000 frs. and Treasury deposits decreased 22^097,000 frs.
The Bank's gold holdings standat 3,-
The issue
315,461,000 frs., against 3,259,150,000 frs. in 1912
States, Switzerland, Belgium and Holland,
price in this country
95% and accrued interest
at 3 o'clock
Thursday afternoon but
on
announcement of results
made.
was
In Berlin the turn of the
no
half-year
(
commercial embarrassments
various parts
were
roads upon
cash
the
steady strengthening
bank rates
however,
to
on
kinds,
Bombay lowered its rate from 5% to 4%.
was
demanding
as
high
as
4%%,
6% for
in loans and of
rates, however, have shown
ex-
an
were
reduced 76,669,000
increase of 502,845,000 marks
we
have
now
compares
year
marks two years ago.
In Lom¬
Com¬
53,381,000 marks in discounts.
a
total of
with 1,580,- v
and 1,429,360,000
The note circulation also is
materially ahead of recent
amounting to 2.,-:
years,
and 90-day bills at 4%@4 5-16%, which compare
316,761,000 marks, against 2,087,660,000 marks in
with
:
;1912 and
4%@4 5-16% for 60-day and 4 5-16% for 90-
day bankers' acceptances
The
cash
Friday of last week.
on
private bank rate in
Paris
remains without
.
close, of
;
last
compares
with
Money
week.
1,964,720,000 marks in 1911.
holdings
years ago
it
The Bank's
One
1,343,139,000 marks.
are
the amount
ago
change at 3%%, and in Berlin the private rate is
4%@5%, which
was
year
1,227,680,000 marks and two
1,120,600,000 marks.
was
5%@5%% at the
in
Berlin
closed
Thursday at 5%@6%, against 5@5%%.
on
The clos-
Steady
r
toward increasing
progress
the feature of the local money
ease
has been
With the
situation.
ing private bank rate in Brussels remains at 4 7-16%,
-
^
opening of the new half-year, offerings of securities
and in Amsterdam it is
*
were
ago.
that in
4%%, against 4%% a week
Vienna is without change at 5%%.
The of¬
ficial rates at the
•
*
leading foreign -centres
are:
Lon-
don, 4%%; Paris, 4%; Berlin, 6%; Vienna, 6%;
Brussels, 5%, and Amsterdam, 4%%.
rather freer by bankers, and it is understood
the
*be
instances the volume of subscriptions
most
considered satisfactory.
was
Should this
to
prove
it is not improbable* that additional
case,
offerings of investment securities will be made at
an
early date in order to take full advantage of the
The Bank of
V
tered
England statement this week regis-
decrease of £1,369,116 in the gold and bullion
a
holdings" and of
£2,346,000 in the total
An
indicated
increase
was
(other securities).
of
reserve.
in^loans
£4,470,000
Public deposits
were
reduced £3 ,-
re-investment
semi-annual
demands
large distributions of July dividends and coupons.
As
we
have noted elsewhere, the American part
the Mexican Government loan
and the
on
offered
was
subscription list closed
The Bank's holdings of bullion are
carrying 6%,
and
with £40,402,056 the corresponding
compares
week in
and
1912
portion of
reserve
which compares
\
to liabilities
was
The
pro-*
reduced to 42.14%
The
year
6% notes
7%.
was
made at
between the money market as
represented by loan¬
able funds in the banks and the
supply of investment
it
1911.
reserve
was
£44,825,356
Our
ment of
in
1912
and
£37,647,516
special correspondent reports the
in
move¬
gold in and out of the Bank for the Bank week
follows:
Imports, £664,000, of which £100,000
Brazil, £128,000 from Egypt, £50,000 from mis¬
cellaneous
sources
and
£386,000 bought in the
open
for
capital
fixed
periods.
market
of
prospects do not suggest
crop-moving requirements will
On the other
on
limited
so
Britain.
year
weekly statement of the French Bank showed
decrease of
1,548,000 frs. in gold and
6,470,000 frs. in silver.
an
increase
The urgency of the half-
trade
The
become insistent.
are
scale and the demands of merchants
stricted that the
The
degree
year.
hand, Stock Exchange operations
a
and manufacturers for
Great
money-
any severe
soon
be
to
appears
stringency during the remainder of the
and
£100,000 French gold coin sold
shipments of £1,933,000 net to the interior of
There
general agreement in banking circles that the
market); exports,
a
price to yield almost
a
There is still strong necessity for differentiating
One
against
of
An offer¬
£28,878,671 and in 1911 £28,712,126.
outstanding loans amount to £40,661,000,
year ago
from
Treasury notes
ing of $2,000,000 American Coal Products Co. three-
,
is £25,867,000.
of
July 1
and the New York issuing price is
equivalent to v95% and accrued interest.
with 47.53% last week and 41.38%
The total
a year ago.
as
£39,952,86f in, 1911.
on
Thursday evening.
The loan is in the form of ten-year
£37,047,586
resulting from
the
295,000 and ordinary deposits increased £5,329,000.
now
;
contraction of
a
1,733,264,000 marks, which
Thursday at 4%%
on
indicated
320,000 marks at this date last
Private bank
easier trend.
an
bard Street short bills closed
re¬
half-yearly
the
Meanwhile note circulation
bining loans and discounts
reported to be
disclunts.
Wednesday
on
cover
hand, for instance, showed the
including gold,
marks, and there was
formally advancing
its minimum rate above
.
on
to
85,914,000 marks, deposits
The Bank
of the Netherlands, although not
'published
panded 562,168,000 marks, treasury bills increased
day the Bank of
same
Gold
79,553,000 marks.
The Bank of Bengal,
the
was
large reduction of 33,988,000 marks and cash of all
Thursday reduced its official discount
on
3% from 4% and
'
demands
heavy
settlements.
policy for some months.
during the week.
Out-
1,857,845,000 frs.,against 1,480,-
Germany which'
changes in the European official
no
were
weekly statement of the Imperial Bank of
flected
as we
that had been the
process
feature of the German Bank's
were
The
the need of
was
they
ago
year
191,919 frs. in 1912.
in¬
severe
Imperial Bank of Germany,
elsewhere, suggest how great
There
counts, stand at
indicated in the weekly
resources
statement of the
note
A number
reported from
The
The silver holdings
One
standing circulation aggregates 5,663,031,000 frs.,
against 5,396,463,690 frs. a year ago and the dis-
of the Fatherland, but, taken altogether,
they did not appear of importance.
630,112,000 frs.
814,975,000 frs. and in 1911 852,250,000 frs.
not accom¬
was
3,196,095,000 frs. in 1911.
amount to
definite
;
panied by important financial failures.
of
and
The subscription closed
-
.
equivalent to
was
banking facilities
are
so
re¬
agricultural districts wil, not this
be compelled to meet the competition of active
and industrial demands for funds.
Mean¬
while ,
should trade and industry experience improve¬
ment after the final enactment of the
new
Tariff Bill,
'4
•
•
■
ft
.
ft
.
,
4,1 '.
'
'
.
'
•.'
.
•'
^
•
'
■>
July 5
O
CHRONICLE
THE
1913.]
they themselves will find the field fairly well cleared
while the exports of domestic merchandise were, by
of the
the
competition of the demand for
Saturday's bank statement,
of the
with
the
preceding week, indicated
of
decrease
cash
$8,537,400,
was
$35,272,250, which
July payments should
the banks and create
a
a year ago.
begin to return to
soon
still easier money
situation.
Progress in this direction is already shown by time
The range
for call
1%@2%%, and,
week.
was.
as
The
1%@2%%
1%@2%%
last week, the
case
virtually pegged at 2% during
figures
each
1%@2%
Wednesday
day
and
money
on
The 90-day
ago.
against 3%@4%, but longer
Com¬
by out-of-town banks, but local, institutions have
little.
Quotations
still without
are
change for the week from 5%@6% for sixty and
ninety-day endorsed bills receivable and for four to
of choice character.
names
quoted at 6%@6%%.
Thursday at 25.24%, the identical figure of
on
Paris,
Others
*
v
A feature of the market for
20.42% marks last
as reported by
20.6% marks, comparing with
Berlin
exchange
Paris,
in
Thursday, closed at 123.37, compared with
on
last week.
to arrive
:
\
Compared with Friday of last week, sterling
change
Saturday
on
was
market
'r"
firm
with
and
4
83@4 8310,
dropped sharply,
4
8725,
now
settlement
and
respectively;"
that they
Tuesday; the opening
high
renewed inquiry
4
fluctuated irregularly
firm and demand went
was
4 8695 and cables to 4 8725, largely on
as
and
later there
transfers
longer in request for
are no
Rates
purposes.
as
ments
cable
the
foj* remittance of July interest
unsettled
was a
slight reaction and demand receded
8675@4 8685 and. cable transfers to 4 8715®
8720; sixty days advanced 5 points net for the day
to 4
8305@4 8315.
On Wednesday offerings of bills
purposes"ended.
weakness, but this
Otherwise the week
fluctuations
until
Thursday, when
in
rates
was a
quiet and
dull
one,
meaningless
sharp, advance of 20(5)25
a
owing to the fear that the Balkan clash will result in
On
the
remittances
foreign
been
of
occurs
discounts' have
trouble
foreign
coupons
as a
routine matter.
irregular,
but the
the
Balkans
has
accompany
Call money
is
pre¬
European
recurrence
unsettled
so
as
was
the turn of the
the
confidently
new
half-year.
plentiful at this centre that there
inducement to draw
no
rule,
centres and has thus far -prevented
money
expected to
foreign
to
as a
been
in
for
securities, but this is something
important relaxation, such
any
is
and
There
demand
routine
regularly at this time and is,
pared for in advance
of
usual
dividends
holders of American
that
markets."
money
the
banking funds from abroad.
This condition may
of
the
agricultural sections for funds
demand
increases.
of
the
Meanwhile
merchandise
continues
course
the
to
change somewhat
import
movement
decrease
of
movement to greatly increase, which is necessarily
increasing the trade balance in favor of our country.
For the month' of
mate
June, according to
an
official esti¬
by the New York Custom House, the imports
of merchandise at this port reached a
$72,000,000, which
253,135
for
the
compares
with
corresponding
a
total of only
,
total of $94,-
month
last
remained
unchanged
Thursday the market
year,
at
4 8715@4 8725.
active and firm, sixty-
was
day bills advancing 10 points, demand bills 20 points
and cable transfers 25
tendency of
points
as a
ical situation in Southeastern
holiday. Closing quotations
60
days,
4 8750
result of the easier
at home and the disturbed polit¬
money
Europe. Friday
were
was a
4 8310@4 8320 for
^690@4 87 for demand bills and 4 8740®
for
closed at 4
cable
Commercial
transfers.
80%@4 82%.
on
banks
Documents for payment
finished at 4 82%@4 83% and seven-day grain bills
at
4
4
85%@4 85%.
.
Cotton for payment closed at
82%@4 82%; grain for payment 4 83@4 83%.
The
New
York
Clearing-House banks, in their
as
and the export
some
partially counteracted later by
@4 8680 and sixty days to 4 83@4 8310, while cable
transfers
course
was
covering of shorts; demand declined 5 points to 4 8670
points occurred in demand bills and cable transfers,
of
pay¬
political outlook abroad;
day, when; the demand for semi-annual settlement
with
days
sixty
declining 35 points to 4 8715®
on
was
Mon¬
On Monday the
demand
unchanged from Saturday's close at 4 8670@4 8680
4
sterling exchange
on
ruled
against the Mexican Government loan caused
unsettling
ex¬
firmer with demand quoted
are
?
'
sharp drop of "35 points in cable transfers
has
week
a
at Berlin the rate on London at the close was
ago;
to
a
in
rate
sixty days at 4 83@4 8310.
week
a
4%@5%% and six months' at 5%@5%%.
six months'
check
8670@4 8680, cable transfers at 4 8750@4 8760
closing at 4@4%%, five months' at
very
London
The
25.24% francs early in the week, closed
and
do not show important reductions, four
buying
weeks.
recent
after touching
rates closed at 2%@3% for 60
was a
mercial paper has been in somewhat better demand
been
week, which is natural after the strain
Germany to obtain funds at all centres during
at 4
3%@3%%
months' funds
exchanges have rather favored
holi¬
3%@3%%,
maturities
foreign trade movement at all
WTT:
Continental
London this
of
imports,
were
1%@2%
day,,
days, against
upon our
approximately accurate
ports.
The
Tuesday,
on
Friday, Independence Day,
is
index of the current
as an
123.52% francs for spot and 123.35 francs for bills
Monday,
on
regarded
the
Thursday.
rate
and may be
cable
extreme
on
Time
ing influence of tariff legislation
the
year,
clear indication of the effect of the restrain¬
a
during the week has been
money
renewal rate has been
the
This is
officially estimated at $77,500,-
against only $58,298,098 in June of last
as
week.
rates.
money
authority ^
same
000,
Thus, while
only $1,347,000, the
surplus
down to
amount
an
with $12,545,850 at this date
compares
The
reduced
was
in
of
addition
requirements.
cash in the banks
bringing the
for
Called
reserve
$7,190,400 to the
increase of
an
corresponding increase
which
$28,980,000,
total
a
the banks
on
Loans, comparing
July payments..
$28,493,000, and deposits
money.
is usual at the close
as
half-yeaf, showed active demands
result of the
as a
crop
operations with interior banking institutions, have
gained $9,538,000 net in cash
as a
result of the
movements for the week ending July 4.
rency
cur¬
Their
receipts from the interior have aggregated $14,167 r
000, while the shipments have reached $4,629,000.
Adding the Sub-Treasury operations, which
sioned
of
loss
a
occa¬
$10;217,000, the combined result
of the flow of money
into and out of the New York
banks for the week appears to have heen a loss of
$679,000,
*
*
as
follows:
t,
:
fl
•
<kx~
.:
10
Week ending
July 3.
1/
Out of
J
Banks.
Into
Banks.
$14,167.00^
Gain
*
Total
10,217,000
Loss
$33,928,000
operations
$9{53^,600
Loss
$4,629,000
29,299,000
$33,249,000
Sub-Treasury
Pennsylvania with
Net Change in
$679,000
his opponents,
which he
the
in -the principal European
half
banks.
and especially the
lines
Union
July 3 1913.
.' Gold.
Silver.
Banks of
,
Germany
_
Russia.
_.
Aus.-Hun.
Spain
Italy
....
Netherl'ds
Nat.Belg.
Sweden
25,204",760
132,618,000
54,048,200
160,858,000
50,438,000
18,281,000
46,500,000
12,107,000
7,907.333
5,703,000
6,778,000
2,319,000
l.
__
Switzerl'd
Norway..
14,000,000
7,770,000
10,802,000
30,182,00%
3,761,000
*744,500
3,953,667
/
■
success
would not be far from
37,047,586 40,402,056
157,822,760 130,365,880
68,048,200 44,398,550
168,628,000 151,495,000
61,240,000 61,586,000
48,463,000 17,044,000
50,261,000 42,409,000
12,851,500 11,966,000
6,740,000
11,861,000
5,237,000
5,703,000
6,500,000
6,778,000
2,019,000
2,319,000
16,985,750
8,001,000
12,253,000
30,339,000
3,660,000
1,013,100
43,370,000
40,402,056
162,961,060
61,384,300
159,496,000
63,839,000
47,383,000
46,069,000
12,979,100
10,110,000
5,237,000
6,500,000
2,019,000
96,417,927 631,023,046 510,162,486 108,217,030 618,379,516
97,284,127 635,565,682 514,651,271 109,557,813 624,209,084
Tot. week. 534,605,119
Prev. week 538,281,555
Union
army
might
give
Ridge.
that
a
complete failure.
a
on
the chance that
critical
the
at
way
moment, under the assault of seasoned troops who
£
32",595", 180
him, he based his calculations
the
;
'
Total.
,
£
£
£
£
France.,
Silver.
Gold.
Total.
37,047,586
England..
1912.
Cemetery
was aware
at
Napoleon at Waterloo, Lee
Like
j
July 4
V;*7;:'
•
chances
enormous
took, with disastrous results, in storming
entrenched
Like
XCVII.
23,000 less than that of
an army
Bank Holdings.
19,082,000
Banks' interior movement.
[VOL.
CHRONICLE
THE
had
so
other victories
many
ists behind them.
Such
over
the
same
antagon¬
was
logically
possibility
a
strengthened by Lee's knowledge of the change in
the chief commander of the Union army on the eve
battle—-a step
of
staked
involving all sorts of hazardous
Therefore, again like Napoleon, Lee
possibilities.
everything
that
on
throw. 7
one
Into the technical controversies
at
Gettysburg
over
A host of dis¬
shall not enter.
we
v
the strategy
puted points have, in fact, been raised by the military
7GETTYSBURG, HALF A CENTURY LATER.
That Lee, with his smaller army,; should
The Battle of Gettysburg, the highly interesting critics.
have allowed the offensive to be forced on him at
semi-centqpnial celebration of which was held on the
battle-field this week, has commonly been regarded Gettysburg; that he should have permitted Stuart
by historians
representing the climax of prestige
military high-water mark—of the
as
and audacity—the
The verdict is
rebellion.
probably correct; for the
to take the
to observe the
defeat of Lee and the retreat of his shattered army
have
coupled
very
put an end, once and for all (especially when
surrender of
with the
day) to
same
any
Vicksburg,
now seems
the enemy's
on
circumstances
in retrospect to have been the
only
sure
•;
•.-7
-
It is true that the Civil War lasted nearly two
after the great Union victory at Gettysburg.
period the huge
years
It is also true that in that two-year
loss of life in Grant's Virginia campaign
reaction of
caused great
spirit in the North from its exaltation
of July
the victories
over
to Meade's orders for
concentration; that he should
point of Little Round Top, which the Union army
States.
.
Gettysburg until the
delayed the battle at
much needed Sixth Corps had arrived in response
might have been
peace
Confederate commander
of obtaining recognition for the Confederate
meanp
hand
enemy's movements; that he should
not, at the very start, have captured the commanding
A demand for peace under such
soil.
out of touch with
hope of successful invasion of the
North, whereby the terms of
dictated by a
virtually the
on
Confederate cavalry
the main army, instead of keeping it close at
It is impossible,
1863.
did not seize until well
secured,
which historians
it is
on
in the battle and barely
these
that—all
at
are
considerations
on
In all of them,
properly lay weight .
plain enough that fortune favored the Union
side.
A,/'77 '7";-
;•
That side
best
was
generals
••
7'7 ;.'• '. .>77'
that Meade's
favored also by the fact
were on
the field, before and during
battle, at exactly the time and in exactly the
the
qualities
peculiar
their
place#where
were, most
Hancock arrived at Gettysburg
strongly needed.
precisely when his military ardor, thorough training
and
inspiring personality were indispensable to get
followed the election of McClellan to the Presidency
the
newly-arrived Union troops in spirit and order
The platform of his party had
for
the
also, to
confidently, what results would have
say
in November 1864.
certainly declared the
war a
failure*
himself repudiated
candidate
for the McClellan
even
though the
that plank.
And
candidacy, it will be remembered
that in August 1864
Lincoln himself put
on
paper
his conviction that he could not be re-elected.
brilliant campaign
of
Sherman
of
autumn
hensions.
compromise,
to
even
as a
be admitted
still
way
if termination
of the
appre¬
war
result of McClellan's election,
as
a
by
were
hypothetical probability, it is
hardly likely that the arrangement could have
been effected
on
burg,
as
The
such terms
any
imposed if Meade's
army
Lee's actually
as
might have been
had been routed at Gettys¬
was.
correspondence of Lee and Davis, published
long afterwards, shows that these facts
in
during the
Atlanta,
to
ended all these political
1864,
But
The
of Sheridan in West Virginia arid
the
on
as
the
commander's
Confederate
crossed into Pennsylvania.
pointed out that "our
were
mind
clearly
when
he
Further than this, Lee
resources
and
men
are
con¬
Union
fight.
army,
interruption,
on
moment when
be
Hunt, the best artilleryman in the
able to place his
was
guns
chosen ground and
that
arm
of the service
without
at the very
was
about to
with his seasoned
and his excellent military judgment, was
most
Sedgwick,
necessary.
veterans
notified in the nick of time
where his soldiers were
required, and the order reached him at a moment
when a very little delay would have left him far away
from the
fighting.
for
accidents
.
facts add another chapter of favoring
All these
the
victorious
side.
hand, it is to be observed, not only
federate
army
was
first
on
the
On
other
that the Con¬
the field and chose its
ground, but that when that army had been de¬
feated and ought to have been pursued, General
own
Meade's
best
military advisers, the men who
un¬
questionably would have insisted on following up
the victory, were either wounded or killed; hence the
unfortunate delay.
But such things are among the
usual vicissitudes
of
war;
they
can
no
more
alter
stantly diminishing, and the disproportion in this 4|lo general judgment on the result than the wound
respect between us and our enemies, if they continue of Hooker, in the critical moment at Chancellorsunited
in their efforts to
augmenting.'7
plaining what
—the
subjugate
All these facts
many
boldness
go
us,
is steadily
far towards
ex¬
writers have adversely criticized
and
daring
of
Lee's
invasion
of
ville,
can
change the point of view regarding that
victory.
The fact remains that the
Confederate
battle of
which
Gettysburg
were
was
a
fair fight, with results
to have been expected from the
preceding
July 5
The victory
conditions.
it
unquestionably rested where
\
historical
belonged.
No consideration of the
the battle of
hypothetical
the
with
significance of
least at two interesting points of
They have to do, first,
discussion.
used all his energy to
and had
sequel if Lee had beaten Meade at Gettysburg?
On the face of things, it is easy to assume
Meade had
that if
pursued the broken Confederate army, as
of Napoleon after
Waterloo, and if he had utterly destroyed or cap¬
tured that army, the Civil War might have ended
pursued the
Wellington
been freed for
Yicksburg.
.
action,
army
in the West had just
result of the surrender of
as a
With that assistance, and with Lee's
crushed, Meade might have taken Richmond.
certainly erred in not making the attempt.
He
There was, at any
a
army
Grant's
then and there.
army
rate, the possibility of inflicting
second crushing blow,
the Confederates
that the Union
that
of
greatly exhausted after
was
army
every,
important detach¬
had been in - constant action
army
fighting. There was no
Blucher, arriving with fresh troops when the field
was won, and therefore ready to conduct a pursuit
under such conditions as prevailed after Waterloo.
during
the
three
days'
Furthermore, even the capture of Lee's army
left
have
Confederate armies
other
would
the field,
in
notably that of Johnston, and there remained the
recourse,
if
Richmond
were
seriously threatened, of
Atlanta.
the removal of the Confederate capital to
probability is that even with such a sequence
The
of events,
it would still have remained necessary to
destroy the Confederacy through the capture
base of
supplies..
•.
Similar hesitation is reasonable in drawing
conclusions
of
as
a
as
to what would have
of its
i'!
positive
been the result
Lee himself,
victory for Lee at Gettysburg.
his
correspondence shows, had counted on division
among
the Northern people, and it is noteworthy
City, one month
that the "draft riots" in New York
victory at Gettysburg, showed some
after the Union
basis for such
.
against the Confederate commander, and which
were
could
hardly have achieved
unless by
success,
unusual and unforeseen freak of fortune.,
some
•
.
BANKING FOR GOVERNMENT PROFIT.
\
We
Yet it is
hopes.
cial
to gauge
never easy
positively the resources of a country in" repelling
actual invasion.
Lee was pretty far from his base
publish on subsequent
of the
text
pages
the complete offi¬
Banking and Currency Bill,
new
introduced in Congress on Thursday of last week.
as
We could not
print it
week
a
unable to get a correct copy
because
ago
we were
until Saturday
morn¬
Careful study of the provisions of the
ing.
bears out the criticisms in
based
largely
the
on
week
are
we
not
dispatches in the
statement
one
altogether
bill
last issue, which were
our
news
But
Friday morning.
papers
made last
we
is entirely correct.
sure
We have reference to thediability
attaching to the
share
capital of the new class of banks authorized
under the bill, namely the Federal Reserve or Dis¬
trict
banks, of which there
number.
in
are
to be altogether 12
V-
It will be remembered that every
overflowing
an
Yet it is not to be forgotten
Practically4
Gettysburg.
ment
especially when the rout of
complete and
was
behind them.
river
cause—a
desperate venture in which all the ordinary chances
crush the Confederate army;
and, second, with the question, what would have been
.
itself witness to the
army was
question, what would have happened if
Meade had followed Lee after the battle
the
Pennsylvania by Lee's
political hopelessness of the Confederate
would be complete which
Gettysburg
did not glance at
11
CHRONICLE
THE
1913.]
is
National bank
required under the proposed law to subscribe to the
share
capital
of
Federal
the
Reserve
District
or
bank in the district within which it is located and
that
the
subscribed for must be equal to
amount
20% of its
own
We stated last week that,
capital.
owing to the double liability attaching to the shares,
member bank
a
to
assume a
After
tal.
are
a
might in the event of disaster have '
liability equal to 40% of its
not certain that it is the purpose
liability.
capi¬
we
to impose such
In short, it is not altogether clear whether
the full extent of the
liability would be 20%
Our remark last week
Bill made
own
studying the official text of the bill
was
based
or
40%..
the digest of the
on
public by Congressman Glass
on
Thurs¬
day of the previous week, when he stated that, the
capitalization of the new Federal Reserve or District
banks
was
"to be
20% of the capital of the stock¬
holding banks, one-half paid in and one-half subject
to call."
As every one
who has had
a
hand in draft¬
ing the Bill has been laying emphasis on the fact
that the Treasury notes to
be issued by the Dis¬
trict banks would be
additionally secured by
of the double
on
liability
the National banks
we
reason
assumed that
subscribing to the share capital
might in the] contingency of
of the District banks
failure be
the shares,
responsible for
a
sum
equal to 40% of
,
their
•
supplies; Grant's army,, no longer tied down to
of
been at
hand, and Meade's army, even if. crushingly de¬
feated, would still have remained to be reckoned
with, as the invader pressed forward further North.
the
siege of Yicksburg, might soon have
The moral effect of
a
Confederate capture of Wash¬
ington, Baltimore or Philadelphia would
But
psychological moment for European recognition
edly have been
the
undoubt¬
very
of the Confederacy
and in 1863 it is
events
would
great, especially in Europe.
had already been passed in 1862,
possible that
have
especially since Lee's
no one
absolutely
army, even
of those three
the
ended
with
a
fight,
victory at
Gettysburg, would presumably have been as deci¬
mated and exhausted as Meade's turned out to be
after the Union Victory.
The general consensus of
historical and nplitary judgment is that,
barring
a
own
capital.
.
.
.
The language of the Bill is not altogether satis¬
fying
that
on
this point.
Under Sectiop 2 jt is provided
"every National bank located within a given
district shhll be
the capital
required to subscribe to
stock of the Federal Reserve bank of that
a sum
tal,
district
equal to 20 percentum of its unimpaired capi- :
one
half of such subscription to be paid in under
the terms and conditions
prescribed by the National
Banking Act with reference to subscriptions to the
stock of National
ensuing sentence
subscription,
or
banking associations."
says
any
that
The next
'tj^he remainder of the
part thereofy^all become a
liability of the subscribers, subject to caiLandrpayment
thereof whenever necessary to meet the obli¬
gations of the Federal Reserve bank under such terms
and in accordance with such
of
Directors
of
said
regulations
Federal
as
Reserve
the Board
bank
may
not'very probable reversal of Northern prescribe." The phraseology here employed sug¬
opinion^as to continuing the war, the invasion of gests thatjpossibly^the double liability may be insudden and
,
of the
apply merely to the unpaid half
tended to
On the other hand,
provides that Federal Reserve banks shall
original subscription of 20%.
Section 4
be
as
organized under the National Banking Law just
National banks are.
And the National Banking
that
the capital stock of every association
Law, while likewise requiring by Section 5140
at least
50% of
shall be paid
mence
in before it shall be authorized to com¬
business, provides by another Section
(Section
5151) that shareholders shall be liable to the full
extent of the amount of their stock in addition to
If it is intended
the amount invested in such shares.
that the
of the
liability shall be for only 20% of the
capital
fact
stockholding banks and not for 40%, that
should be made
Federal Reserve
paid
the shares of these
that
xcvii.
eligible for re-dis¬
addition
In
count under the bill.
Federal
every
15), to have power (a) fo deal
Reserve bank is (Sec.
in
gold coin and bullion both at home and abroad, to
make loans thereon and to contract for loans of gold
coin
bullion; (b) to invest in United States bonds
or
obligations of the United States
and in short-term
its
foreign gov¬
and to
sell, with or without its endorsement, checks, or
bills of exchange arising out of commercial transac¬
or
dependencies
of
or
any
State
or
ernment; (c) to purchase from member banks
(d) to establish
tions, payable in foreign countries;
each week
oftener, subject te^review and deter¬
or
mination of the Federal Reserve
Board,
a
minimum
discount; and, (e) with the consent of the Fed¬
.
on
District banks, it appears
or
of the kinds and maturities made
rate of
plain in the bill.
As to the dividends to be
[Vol.
CHRONICLE
THE
12
eral Reserve
Board, to
open
and maintain banking
foreign countries and establish agencies
accounts in
in such countries.
stated by
If the operation of the Federal District banks au¬
us last week.
Five per cent was the amount named
thorized to do such varied business results in large
in the original draft of the bill, but one of the news
dispatches had stated that the dividend had been profits, the Government will be the gainer, not the
only 5% is to be allowed, and not 6% as
supposed the statement was
correct.
The fact that no more than 5% can be ob¬
tained on this forced investment in the capital of
raised to
the
6%, and
District; banks in
ment will
itself.
event gives additional
any
said last week. The Govern¬
appropriate all the rest of the profits for
emphasis to what
We
we
regard that
as
the most remarkable fea¬
It has already
of this most remarkable bill.
ture
been
to
we
Reserve Board, which is
pointed out that the
and control the Federal Reserve or
oversee
Dis¬
banks, and to direct their management, is to
trict
consist entirely of
political appointees, namely the
Secretary of the Treasury, the Secretary' of Agricul¬
ture., the Comptroller of the
Currency and four other
members to be
of the Senate,
■
appointed with the consent and advice
and that fact has been quijte widely
commented upon
as
■
far
as
our
at
a
loss, this loss will have to be made good by the
banks.
risk.
no
direct incentive to
be
what
The political advantage will
great if the Administration in
very
end
the
we
See the
.
of
have done in the
profits
we
When has this
ment has made
have rolled up for the Government.
been done before? The Govern¬
We
good.
Trust
people shall rule.
assume
extraordinary
powers
added significance in
conferred
upon
it
view of the fact that the
profits from the business are to accrue to the Govern¬
ment and not to the banks, except the moderate
of
allowance
5% "upon the capital invested.
tion 7 of the Bill says
expenses
Sec¬
that after the payment of all
and taxes, the shareholders of the Federal
we
will carry; our
credit to
.....
banks.
the
and
of the Federal District
banks wilLeach have nine
District
These
Board will appoint
directors and of these the Federal
three, but it will also have power of removal over the
three directors which are to represent the commercial
industrial
and
interests
Board
one
Chairman of the Board of Directors
Reserve Bank of the district to
and
Not only
of the section.
of the three directors which the Federal"
will elect directly is, in each instance, to Re
that, but
mouthpiece of the Federal Board.
the
be
to
of the Federal
which he is appointed
In the fear that this Chairman
sometimes - be
of the Board of Direc¬
refractory, it is distinctly
Reserve banks shall be entitled to receive an annual
tors
dividend of
provided in the 4th Section that he "shall
5%
on
the capital paid in, which dividend
is to be cumulative.
One-half
of; the remaining net
surplus fund is not to be allowed to exceed in any
event
The remaining
20% of the paid-in capital.
may
able at the
It
earnings is to be used to create a surplus fund, but
this
.
A
Board will dictate the policy and in
parently been contrived for the purpose of enabling
the Government to make money for itself in the
and
determined that the
are
us
banking operations still.farther and extend
.
v
term say:•
ever
.
political nature of this Federal Reserve Board,
office
"Note
management of the banks.
four-year
a
fact direct the management
The
Con¬
speculative management.
Government in power.
obviously be
at
too, that the effort
temptation there will be all the time to the
sider the
can
sure,
profits large, thus creating a
make the
be to
will
We may
the further anomalous. feature that this bill has ap¬
banking business, ■' %
and
The Government assumes no liability
takes
Nothing, however/ everyone."
The Federal
about
unfavorably.-
observation goes, has been said
hand, should they be operated
On the other
banks.
be
remov¬
pleasure of said Board without notice."
evidently intended that there shall be no
is
doubt
as
people
as
who
to
is
running" these, banks.
The
represented by the Government are to be
The
after the surplus fund amounts to 20% of the paid-in powers of the Federal Board are extraordinary in
every direction.
The Board is to have the right
capital, is to be paid over to the Government.
These Federal Reserve or District banks are to do
(Section 17) "to grant in whole or in part, or to
a varied business, and
ought to be able, under good reject entirely, the application of any Federal Reserve
half of the net
earnings, and all the excess earnings
management, to show profits largely in excess of 5%.
They
are
to have the right to establish
fices under
and
they are not only to re-discount the
stockholding banks, but they
to pur chase
or
to
branch of¬
regulations of the Federal Reserve Board,
and sell in thp
domestic
or
are
open
foreign
of the
to have the right
market, either from
banks,
bankers' bills, cable transfers and
paper
or
individuals,
bills of exchange
in
control, npt the supposed "money power."
bank
for
Federal
Reserve treasury
notes."
It is
to have
authority (Section 12) "to re-classify existing
reserve
and central reserve cities and to designate
the banks therein
discretion."
As
situated
country
as
country banks at its
banks
are
hold much smaller reserves than the
of
the
will
reserve
afford
required
banks in
to
any
cities, the possession of this power
infinite
capacity
for
mischief.
We
..
July 5
1913.]
referred last week to
to
have,
requirements of the Act and the right to
require
one
of
the
Federal District bank toi re-discount the
other Federal
any
Reserve
last provision should be
This
bank.
•
which the Federal Board is
particularly the right to suspend the
more
reserve
paper
of the other extraordinary
some
and anomalous powers
District
or
construed in
light of the provisions of Section 27, giving the
banks
The bill
gages?
such loans in
of its
tie
The
"Any such bank
says:
aggregate
an
sum
capital and surplus,
or
may
equal to 25
50
per
make
centum
centum of its time
per
Just think of allowing
deposits."
to
these country
to be allowed to invest in such farm mort¬
are
mercantile bank
a
50% of its time deposits in that
up
way.
objection is not removed by the further require¬
shall be made for
ment that "no such loan
time than nine months."
to be
It is the character of the
empowered to place their funds in unrealiz¬
able assets of this kind that constitute the vulner¬
able feature.
and cancellations;
but in 1891-93, inclusive, 1899-01,
inclusive, in 1904, 1906, and in the decade 1903-12
underwriting losses.
there were/net
whole,
a
as
Taxation, however, continued to show no regard to
of
financial result
the
In
operations.
1912,
for
example, the tax ratio to premiums less losses was
"Net premiums in
2.66%.
"are
equivalent to
business," said the
He
hqld that amounts paid
expressed
should be tax-exqmpt, and he
out for losses
a
sales less returned goods in
gross
mercantile business."
a
mild wonder "how
a
tax of
returned goods would be
2.66%
on gross
sales less
received by the merchants
and manufacturers of the country."
condition
anomalous
"The
frequently exists (to
quote from the same address) that companies pay
large taxes in States within which their payments
for losses and
expenses' exceed their premiums."
For
example, in the decade ending with 1911, losses and
(exclusive of taxes) in Maryland and Cali¬
respectively, 23% and 105% millions
expenses
.
our
President of the Board in his address to the meeting,
longer
a
security and the extent to which these country banks
are
profit of 2.52% on 30734 millions of net premiums,
premiums less payments for re-insurances
i. e., gross
5.66%; to net premiums without deduction of losses,
country banks power to invest in farm mortgages.
How much does the reader suppose
13
CHRONICLE
THE
»
fornia were,
OF
ASPECTS
SOME
INSURANCE
FIRE
THE
SITUATION.
The Missouri Supreme
departure of
panies
as
Court has passed
the
upon
135 outside fire insurance
some
com¬
already noted ["Chronicle" May 3, p. 1255]
against them on every law point raised.
and has ruled
The
their agents
impossible;
they instructed
so
to desist, but policies are left to run
their term and the agents
settlements
loss
the
They simply decided
departure is figurative.
that further business is
remain
companies "have
no
more
the ground for
on
The
otherwise.
or
Court
collected there, and this
fundamental principle which
needs at present to be distinctly realized,, namely:
that insurance is general, not local, and that each
forward
State is
in
one
dependent
1871,
even
Illinois
the other States..
upon
Massachusetts in 1872, Maryland in
1904, and California in 1906, drew upon the insurance
funds of the commercial world for
re-building their
destroyed cities and would have been helpless had
they been left to their
This
says
right to unlawfully
the premiums
than
more
brings
.
broad
own resources.
inter-dependence, arising in the fact that a
of country
area
and time is required for the
agree
to do a lawful thing than they have to agree
operation of "average" and that conflagrations ob¬
to
unlawful act."
trude themselves,
an
do
business,
canceling
or
so
ih
of
separately and independently;
of agreement (which
pursuance
containing
policies
but in doing
was
in fact true
bly
restraint'of
farmers
the
decide
go
in
be twisted into
may
be
If
county
a
or
a
agriculture
whole State should
as
to
unprofitable,
an
to
recklessness for
occurred,
are
example) have hastened to advertise that they were
unaffected,
inasmuch
as
real
strength, for "agency"
If these companies should undo their
agents to
a
write
to
a
order;
•policy
or
or
if they should direct agents
two during one day and then
cease', would' they escape
divides
so
General
finely?
the judicial blade that
How will the Missouri Attorney-
he demands?
offense,
is
it
If conspiracy is
conceivable
that
outside of Missouri would entertain the
that to fold
"act?"
The
now
get them fined and forced to return and
resume, as
ditable
their
to
business and in the next mail send
resume
recall of the
by separately. writing
hands
>
and do
nothing is
a
an
extra¬
any
court
proposition
punishable
forty-seventh annual meeting of the National
Board of Fire
unusual
Underwriters, recently held,
was
of
interest, because of the gravity of the under¬
writing situation. The
summary
of results reveals fig¬
ures
which have grown too familiar to observers of
the
subject.
In 1912 there
average
least
was
an
underwriting
that
home;
business
was
kept
weakness rather than
companies
exposed to insolvency from
Now the four States of
and
their
was
secure
the best
through the breadth of their fields and are
Missouri have
force rates down
a
single fire.
Kansas, Texas, Kentucky
farthest in attempting to
gone
by statute instead of by burning less
they have set
property;
up
State boards, ostensibly
just examina¬
to revise rates either down or up, as a
tion
might require, but in
began by marking down.
before
the
Federal
every case
these boards
The Kentucky
Supreme Court.
case
is
now
Missouri has
repealed her rating law, but by substituting the Orr
law which
:
When conflagration has
prudence.
few local companies (in this city, for
a
strictly at
novelty.
repelled by unwise laws)
all sound rules and substitute
counter to
attempt by any authority to force them would be a
concurrent -action
for the people of a
keep their property under
to
by companies of that State alone (especially
coverage
but. such hairsplitting
abandon
to
undertake
is
may
a
wild phantasm which
quite willing to talk about it;
companies outside
'■//
;:
State itself
politician has been willing to hazard, although
when
they
it is not required of laymen.
trade,
left to the courts;
no
curio in sweep that possi¬
agreement to not trade
an
To make of the
formal insurance company is a
State
guilty of unlawful conspiracy,
a
shows the folly of all talk about
"State" insurance.
were
most, but not of all the companies)
This Orr Law is such
a
''lawful," if
would be clearly
provision therefor,
done
It is declared that ceasing to
has
The pressure
in that State.
has sent
a
produced the present lockout there.
by insurance shortage steadily increases
The St. Louis Merchants' Exchange
circular letter to
banking, grain and milling
interests, asking attendance at a proposed general
meeting and pointing out that
may soon
be put
on
a
practical embargo
the movement of wheat to its
usual
Building and loaning are
points of outlet.
reported at
stand; questions
a
of trust which
are
are
just expiring;
arising
owners
deeds
over
who suffered
before
them in rebuilding; merchants have the lines of credit
narrowed against them and there is a general tension.
A petition for a referendum for suspending this law
until it can be formally brought to a popular vote is
by
recent fire in Springfield find difficulties
a
the meantime
stolidly refuses to call back the Legis¬
the unfinished measures;
among
the Executive
in
State
persuade them by promises of virtually nullifying the
law
by
promise not to act under it.. What little
can be obtained is necessarily at increased
a
insurance
States where statutory de¬
mands upon underwriters have been most grievous
are States where underwriting has been least profit¬
that
show
net loss of
brought the companies a
in Missouri
have been
give herewith the text of the
bill
average
loss ratio for five
years
,
a
mittees
difficulty of obtaining concurrent action among them¬
selves
plus the hostility which
doning
any
suspicion of
con¬
excites; because withdrawal involves aban¬
currence
a
"plant" which has cost money, also an injury
and
would
agents, to whom some moral duty is owed;
pf the continued hope that reason
because
return to
legislatures and people,
would intervene*
or
that the courts
v
below:
as
.
Commissioners of Insurance have
their own,
off with
organization of
and the injustice of letting some States
inadequate rates, at the
has been
an
of others,
expense
repeatedly discussed, and is likely to.
come
again before their next annual convention at the end
Intimations, of this have been given al¬
July.
ready. The Illinois Commissioner pronounces against
this
"milking" of
of
few
States by the unfair statutes
others, and hints that the defrauded States
may soon
dison of
some
take Up the subject. : Commissioner Har-
Massachusetts, in his report just issued,
panies
not
are
as
against others in which the
doing business create
a
same com¬
situation that will
long be tolerated by the States which have to
bear greater
burdens by
that all this "must result
of such laws," and
reason
v
•
H. R. 6,454.
IN THE HOUSE OP REPRESENTATIVES.
June 26 1913.,
Mr.
mittee
:
V
-
.
Banking and Currency and ordered to be printed.
on
V.vv.;, '
To
:
Glass introduced the following bill; which was referred to the Com¬
'
A BILL
provide for the establishment of Federal
elastic
an
V
affording
currency,
means
reserve
...,
banks, for furnishing
of re-discounting
commercial
and to establish a more effective supervision of banking in the
paper
United States, and for other purposes.
Be it enacted by the Senate and House
States
*
of Representatives of the United
of America in Congress assembled, That the short title of this Act
shall be the "Federal Reserve Act."
\,
FEDERAL RESERVE DISTRICTS.
7
That within ninety days after the passage of this Act, or as
Sec. 2.
-
thereafter
as
practicable, the Secretary of the Treasury, the Secre¬
tary of Agriculture and the Comptroller of the Currency, acting as "The
Reserve-Bank Organization
Federal
as
Committee", shall designate from
the
among
cities now authorized by law a number of such cities to be known
reserve
cities, and shall divide the continental
reserve
into districts,
each district to contain one of such Federal
United States
reserve
cities:
Provided, That the districts shall be apportioned with due regard to the
convenience and customary course of business of the community and shall
necessarily coincide with the area of such State or States
not
wholly or in part included in any given district.
ated may be readjusted and new
districts
may
be
as may
The districts thus
cre¬
from time to time be created
by the Federal Reserve Board hereinafter established, acting upon a joint
application made by not less than ten national banks situated within one
of the existing
^
The districts thus constituted shall be known
districts.
Federal reserve districts and shall be designated by number according
The
pleasure of the organization committee.
organization committee shall, in accordance with regulations to be
by itself, proceed to organize in each of the reserve cities
established
designated
as
hereinbefore specified a Federal reserve bank.
Each such
its title the name of the city in which
Federal reserve bank shall include in
it is situated, as
total
"Federal Reserve Bank of Chicago", and so forth.
the organization Committee Shall be
thorized to employ counsel and expert
au¬
aid, to take testimony, to send for
and papers, to administer oaths, and to make such investigations
persons
as
The
number of reserve cities designated by the organization committee
shall be not less than twelve and
may
be deemed necessary by
the said committee for the
cities to be designated.
purpose
of
determining the number of reserve
located within a given district shall be required
the capital stock of the Federal reserve bank of that dis¬
Every national bank
to subscribe to
trict
of equal to twenty per centum of its unimpaired capital, one
a sum
half of such
subscription to be paid in under the terms and conditions
prescribed by the national banking Act with reference to subscriptions
the stock of national banking associations.
The remainder of the
to
subject to call and payment
tions
with
State
,
The bill in its entirety
,
shall become a liability of the subscribers ►
thereof whenever necessary to meet the obliga¬
subscriptions or any part thereof
says
that laws which "in effect discriminate in favor of
one
.
.
to the
But the issue has been narrowing down.The State
cur¬
The bill
Banking and Currency—Senator Robert L. Owen
on
Representative Carter Glass.
as
•
June 26.
in the Senate and House of
and
was
companies have endured this because, of the
on
.
in
small fraction below those in Illinois..,
banking and
new
introduced in Congress
as
Representatives by the respective Chairmen of the Com¬
soon
a
in the first five months of 1912.
submitted simultaneously
was
70%, against 49% in Illinois, yet rates in Kansas
of
ultimately reduce fire
TEXT OF THE NEW BANKING AND CURRENCY BILL,
in 1912,
net loss of over a half-million
net loss of over a million in 1911;
a
the
Kansas
Texas
three millions in 1912;
some
a
was
following
to
to
be
unabated, having been about 94 mil¬
lions in this country
Figures lately obtained by the Illinois Commis¬
.
sioner
The
certain result of the in¬
This will be beneficent, for the destruc¬
tion continues
Speaking generally,
there
will
will
pressure
one
is
rates.
able
increasing
The
even
abeyance into
by compelling precautionary and preventive
methods.,
We
a
trouble
surance
waste
rency
companies into
prominence.
compel adjustment, and
policies by threatening revocation of license and to
the
bound to call out of its long
seem
sharp
renewal of writing
coerce
xcvii.
sovereignty|which railway troubles and
others
lature, but he and other State officers have endeav¬
ored to
[Vol.
CHRONICLE
THE
14
finally in retirement of the
companies from States which seek undue advantage."
of the
Federal reserve bank under such terms and in accordance
regulations as the board of directors of said Federal reserve
such
bank
prescribe: Provided,
may
That no Federal reserve bank shall be
organized with a paid-up and unimpaired capital at the time of beginning
business less in amount than $5,00.0,000.
The organization committee
appoint such assistants and incur such expenses in
provisions of this Act as it shall deem necessary, and such
Expenses shall be payable by the Treasurer of the United States updn
voucher approved by the Secretary of the Treasury, and the sum of $100,000
or so much thereof as may be necessary,, is hereby ^appropriated, out of
shall have power to
carrying out the
any moneys
in the Treasury not otherwise appropriated, for the payment
of such expenses.
,
If , therefore, the Commissioner of some
State should
serve
notice that
no
in his State if it continues in
rating exists and rates
be made and the
are
larger
now
company can
a
State where State-
too low, a sharp issue would
greedy States to themselves.
predict such action, although it looms
than
ever
the idea that they
unfairly mulcted, in order that distant
wealths may shirk
through drastic laws,
common¬
a
demand
for retaliation may be expected.
Far-reaching questions of both property rights and
State rights are thus involved—that same problem of
'•
.
.\,J.
,
STOCK ISSUES.
.
•
:v.
••
of each Federal reserve bank shall be
divided into shares of $100.
The outstanding capital stock shall be in¬
creased from time to time as subscribing banks increase their capital or
as additional banks become subscribers, and shall be decreased as sub¬
scribing banks reduce their capital or leave the organization.
Each
Federal reserve bank may establish branch offices under regulations of the
Federal Reserve Board at a point within the Federal reserve district In
which it is located: Provided, That the total number of such branches shall
not exceed one for each $500,000 of the capital stock of said Federal re¬
Sec.
serve
That the capital stock
3.
bank.
FEDERAL RESERVE BANKS.
before; and if property-owners
in the important States once get
are
operate
companies would have occasion and
inducement to leave the
We do not
important
Sec.
That upon
4.
duly making and filing with the Comptroller of the
certificate in the form required and described in sections fiftyone hundred and thirty-four and fifty-one hundred and thirty-five. Revised
Statutes of the United States, such Federal reserve bank shall become a
Currency a
and as such and in the name designated, respectively, in
organization certificate shall have power to perform all those acts and
body corporate,
the
to
enjoy all those
privileges and to exercise all those powers described in
hundred and thirty-six, Revised Statutes, save in so far
shall be limited or extended, as the case may be, by the pro-,
section fifty-one
as
the same
visions of
this Act.
The Federal reserve bank so incorporated shall have
July 5
succession for
period of twenty
a
years
Every
Federal
the oversight and control
the
of
be organized
shall
those conferred upon the boards
same as
to the contrary
elected
and
hereinafter
as
holding office for three
classes
as
A, B and
so
far
as
C.
,
B shall consist of three members,
reduction of capital stock and the amount
who shall be representative of
'
\
,
:
"
It shall be the duty of the
Federal
the
bank
reserve
such group shall contain,
into three general
nearly
as
as may
divisions.
or
groups
EARNINGS.
of all expenses and taxes, the shareholders shall be-
After the payment
after dividend claims,
hereinbefore provided, have been
as
the paid-tttf
One-half of the net earnings,
capital, which dividend shall be cumulative.
bank of the district in which each such bank is situated to
reserve
Federal
of the Currency showing such'
repaid to each bank.
entitled to receive an annual dividend of five per centum on
chairman of the board of directors of the
classify the member banks of the said district who are stockholders in the
said
of a reduction'
posed of in the following manner:
'
,
OF
DIVISION
\
Directors of class A shall be chosen in the following manner :
on account
That the earnings of each Federal reserve bank shall be dis¬
7.
Sec.
Class C shall consist of three members, who shall be designated by
either
bank holding stock therein, the board of directors shall make
and execute a certificate to the Comptroller
and he
"
the general public interests of the reserve district.
Federal Reserve Board.
bank shall be¬
reserve
capital of the banks holding its stock or of the liquidation or Insolvency
in
of any such
Class A shall consist of three members, who shall be chosen by
Class
stock of a Federal reserve bank is reduced,
of nine members,
and divided into three classes, designated
representative Of the stock-holding banks.
Federal
a
paying all debts due by such insolvent bank to said Federal reserve bank
shall be paid to the receiver of the insolvent bank.
Whenever the capital
expressly provided
specified and shall consist
years
of
receiver be appointed, the stock held by it in said
a
Federal reserve bank shall be canceled, and the balance of its value, after
Such board of directors shall be constituted
in this Act.
insolvent and
come
of directors of national bank¬
ing associations under existing law, except in
said Federal reserve bank.
That if any shareholder
6.
Sec.
and conducted under
board of directors, whose powers shall be
a
equal to their then book value as shown
by the last published statement of
'
bank
reserve
receive in payment therefor a sum
from its organization, unless sooner
dissolved by Act of Congress.
15
CHRONICLE
THE
1913.]
shall be*
met
paid into the surplus fund, until said fund shall amount to twenty per
centum of the paid-in capital of such bank, and the remaining one-half*
Each
be, one-third of the aggregate
shall be paid to the United States;
and whenever and so long as the surplus;
number of the banks holding stock in the Federal reserve bank of the
said
fund of such Federal reserve bank amounts to twenty per centum
district
said
paid-in capital and the shareholders shall have received the dividends at
the rate of five per centum per annum hereinbefore provided for, all excess
and
Federal
At
bank.
reserve
bank shall
of its
elect by ballot one
Federal
the
bank
reserve
establish lists of the district
In
of the
reserve
each of the aforesaid three
elector
such
in
each
the
names on
by the Chairman,
Federal
Federal
reserve
names
receiving the greatest
name
aforesaid
That such action
establish
shall
eligible list,
an
including
the capital
num¬
the
the three names submitted to him his choice for Federa 1
among
director, class A, and the
reserve
receiving the greatest number of
name
such votes shall be designated by the chairman as
class A.
Federal
reserve
director;
'
-
hereinbefore prescribed for
shall in no
be officers
case
or
directors of class A, except that- they
directors of any bank or banking association,
and shall not accept office as such during the term of their service as di¬
of the Federal
rectors
of the commercial,
They shall be fairly representative
bank.
reserve
agricultural
The Federal
districts.
or
industrial interests of their respective
Board shall have power at its discretion
Reserve
class B in any Federal reserve bank, if it should
to remove any director of
at any time that such director does not fairly represent the com¬
appear
mercial, agricultural or industrial interests of his district.
Three
directors
belonging to
class
,
directors of the Federal
trict to which he is appointed and shall be designated as
of the Federal
shall be
reserve
for any
the
he
required to maintain under regulations to be established by the
a
local office of said board which shall be situated
premises of the Federal reserve bank of the district.
He shall make
regular reports to the Federal Reserve Board, and shall act as its official
representative for the performance of the functions conferred upon it by
He shall
this Act.
be paid an
annual compensation to be fixed by the
Federal Reserve Board and to be paid him monthly by the Federal reserve
bank to which he is designated.
The Reserve Bank
Organization Committee may, in organizing Federa
call such meetings of bank directors in
banks for the first time,
reserve
the several districts
as
may
be necessary to carry out the purposes of this
Act and may exercise the functions herein conferred upon
the board of directors of each Federal reserve bank
the chairman of
subsequent to the organization of such bank, it shall be the duty of
its members
the directors of classes A arid B and C each to designate one of
term
of office shall
expire in one year from the first Of January
nearest to date of such meeting,
the end of two years from said
one
whose term of office shall expire at
date and
whose term of office
one
Federal
a
for
a
reserve
as
hereinbefore provided
but the chairman of the board of directors of each
bank designated by the Federal Reserve
described,
without
*
bank chosen
term of three years,
Federal
before
term
reserve
shall be removable
Board, as herein¬
at, the pleasure of the said board
and his successor shall hold office during the
notice,
shall
Thereafter every director
shall hold office
expire at the end of three years from said date,
of
of£the"director^ingwhoselplace he
unexpired
appointedl-oW
was
;
INCREASE AND DECREASE OF
5.
Sec.
That
of
shares
the
capital
stock
shall not be transferable, nor be hypothecated;
increases
CAPITAL.^ISSPSSTS
of
Federal reserve banks
in case
a
subscribing bank
its capital, it shall thereupon subscribe for an additional amount
of capital stock of the Federal reserve bank of its
per
centum of the bank's own
then book value of the shares
district equal to twenty
paying therefor the
bank as shown by the last
increase of capital,
of the
published statement of said bank.
reserve
A bank applying for stock in a
reserve
bank at any time after the formation of the latter must
for
amount
an
as
Federal
subscribe
capital of said reserve bank equal to twenty per
bank.
been increased, either
capital of the banks holding stock therein
shown by the last
published statement of said reserve
When the capital of any Federal reserve bank has
on
or
account of the increase of
on
of the Increase in the number
account
board of directors shall make and execute
of
the
and by
Currency showing said
whom paid.
surrender
Federal
a
In
case a
increase
a
in
of stockholding banks, the
certificate to the
capital,
Comptroller
the amount paid in,
subscribingjbank reduces Its capital it
shall
proportionate amount of its holdings in the capital of said,
reserve
bank, and if
a
bank goes into
of the United States, and having an unimpaired capital suf¬
a national banking association under the
entitle it to become
to
Currency, become a national banking association under Its
or
voluntary liquidation, it shall
of said Federal reserve bank.
the shares surrendered shall be canceled and the bank shall
bank
banking association, and with the approval of the Comptroller of the
or
by any name approved by the. Comptroller.
former name
The directors thereof may
organized until others
continue to be the directors of the association so
elected
are
appointed in accordance with the provisions of the law.
or
given to such bank or banking association a
When the Comptroller has
certificate that the provisions of this
bank
Act have been complied with, such
Officers, and em¬
banking association, and all its stockholders,
or
shall be subject
shall have
national banking
ployees, shall have the same powers and privileges, and
duties, liabilities arid regulations, in all respects, as
prescribed for associations originally organized as
been
associations
V
10.
Sec.
Act.
this
under
J
■
,
BANKS
STATE
■
,
AS MEMBERS.
That from and after the passage of this Act any
bank or bank¬
ing association or trust company incorporated by special law of any State,
or
organized under the general laws of any State or the United States, may
make application to the
Federal Reserve Board hereinafter created for the
right to subscribe to the stock of the Federal reserve bank organized within
The Federal Reserve Board
the Federal reserve district where located.
may,
at Its
discretion, subject
to the provisions of this
of the district in which such
entitle
applying bank is located, or at its discretion
may
reject such application or cancel the
the
become
the
section,
applying bank to become a stockholder in the Federal reserve bank
such
Federal
a
Reserve
Board may
membership of a bank.
When-
entitle such an applying bank to
stockholder in the Federal reserve bank of the
district in which
applying bank is located, stock shall be issued and paid for under the
rules and regulations in
come
this Act provided for national banks which be¬
stockholders In Federal reserve banks.
It shall be the duty
the
general
made by the
of the Federal Reserve Board to establish by-laws
government
of its conduct in acting upon applications
State banks and banking associations and trust
hereihbefOre referred
to
for
stock ownership
in
Federal
companies
reserve
banks.
Federal
comply with the reserve requirements and submit to the
inspection and regulation provided in this Act.
No such applying bank
Such by-laws shall
law
require of applying banks nqt organized under
that they
shall be admitted to stock
ownership in
a
Federal reserve bank unless it
paid-up unimpaired capital sufficient to entitle it to become *
national banking association in the place where it is situated, under the
provisions of the national banking Act, and conforms to the provisions
herein prescribed for national bankipg associations of similar capitalization
and to the regulations of the Federal Reserve Board.
If at any time it shall appear to the Federal Reserve Board that a banking
association or trust company organized under the laws of any State or of
the United States has failed to comply with the provisions of this section
possesses a
or
the board, it shall be
the regulations of
within the power of the said
banking association or trust company to surrender
Federal reserve bank in which it holds shares upon receiving
board to require such
its stock in the
from such ba nk the the n book value
of the said shares i n current fu nds
and said Federal reserve bank shall upon
Board be required to
company
from further privileges of
days of such notice cancel and
in the manner
notice from the Federal Reserve
suspend the designated banking association or trust
membership, and shall within thirty
retire its shares and make payment therefor
herein provided.
FEDERAL RESERVE BOARD.
Sec.
11.
That there shall be
shall consist of seven members.
the
Secretary of Agriculture
shall
be members
The four members of
and confirmed as
and the Comptroller of the Currency, who
chosen by the President
and with the advice and consent of the Senate.
the Federal Reserve Board chosen by the President
aforesaid shall each receive an annual salary of $10,000;'
and the Comptroller
Reserve Board,
created a Federal Reserve Board, which
Including the Secretary of the Tresauryj
er-officio, and four members
of the United States, by
of the Currency, as ex officio member of said Federal
shall, in addition to the salary now paid him>s Comp¬
surrender all of its holdings of the capital
troller, receive the sum of
In either case
of said board.
incorporated by special
United States, or organized under the general laws
provisions of this Act, may, by the consent in writing of the shareholders
capital of said subscribing bank, paying therefor its then
centum of the
book value
of the
ficient
for
of each Federal reserve
At the first meeting of the full board of directors
whose
penalty which shall have previously been incurred.
That any bank or banking association
9.
of any State
pending the complete
organization of such bank.
bank
er
over
'
„
Sec.
liability
law of any State or of the
reserve
bank of the district to which he is appointed,
Federal Reserve Board
on
"Federal
In addition to his duties as chairman of the board of directors
agent".
away or
impair any remedy against such corporation, its stockholders or officers,
bank of the dis¬
reserve
provisions herein¬
the provisions of
dissolution shall not take
this Act, shall be dissolved; but such
>
to the same
directly by the
shall be chosen
C
*
Federal Reserve Board, one of whom shall be designated by said board as
chairman of the board of
Any national banking association
stock of the association.
owning not less than fifty-one per centum of the capital stock of such
Directors of class B shall be chosen at the same time a nd in the same
manner
authorized by
a majority of
before stated, or which shall fail to comply with any of
three
Each elector shall at once select and certify to the said chair¬
from
banking
organized which shall not, within one year after the passage of this
now
transmit said list to the electors in each of the groups of banks established
by him.
man
than
Act, become a national banking association under the
case no
ballot,, and shall
receiving the greatest number of votes on the first
the part of such associations shall be
on
the consent in writing of shareholders owning not less
majority, shall be designated by said chairman
In
from the passage of this Act, and with the
associations organized subsequent to the passage of this Act: Provided,
majority of all votes cast in any district, the
a
year
vided, all the rights, and be subject to all the liabilities, of national
within fifteen day? of
director for the group to which he belongs.
candidate shall receive
chairman
The
time within one
at any
approval of the Comptroller Of the Currency, be granted, as herein pro¬
representing his choice for
as
,
heretofore organized may
8. That any national banking association
Sec.
certify to the said chairman from
not his own,
name,
real estate.
to taxes upon
shall
the list pertaining to his group, transmitted to him
one
ber of votes, not less than a
as
chairman
and shall transmit one list to each
Every elector shall,
director, class A.
reserve
said
electors, class A, thus named by banks
groups
group..
district reserve,
a
as
The
State and local taxation, except in respect
shall be exempt from Federal,
chairman of the hoard of directors
district.
the receipt of the said list, select and
among
members
own
elector and shall certify his name to the
incorporated under the terms of this Act
Every Federal reserve bank
district aforesaid, the board of directors of such member
reserve
of the
earnings shall be paid to the United States.'
of each national bank in the
regularly called directors' meeting
a
Federal
of
The
shall be designated by number at the pleasure of the Chairman of
groups
the
capitalization.
of similar
banks
of
consist
shall
$5,000 annually for his services as a membef
President at least one shall
Of those thus appointed by the
16
be
a person
ber
experienced In banking; and
for six and
one
for
cause
be
designated
one
shall
serve
for
serve
by the President.
vice-governor of the
one
Federal
bank shall have power (a) to deal in gold coin and
reserve
bullion both at home and abroad, to make loans
thereon, and to contract
for loans of gold coin or
of eight years unless sooner removed
Of the four persons thus appointed, one
and
governor
a term
[Vol. xcvii.
Every Federal
for two, one for four,
for eight years, respectively; and thereafter each mem¬
one
appointed shall
so
CHRONICLE
THE
bullion, giving therefor, when necessary, acceptable
security, including the hypothecation of United States bonds; (b) to invest
in United States bonds and in short-time
obligations of the United States
shall
Reserve
Board.
The governor of the Federal Reserve Board, subject to the super¬
vision of the Secretary of the Treasury and board, shall be the active manag¬
from member banks and to sell, with or without its
ing officer of the Federal Reserve Board.
bills of exchange
The
Federal
Reserve
Board
shall
have
power
or
upon the Federal reserve banks, in proportion to capital, an assessment
sufficient to pay its estimated expenses for the half-year succeeding the
levying of such assessment, together with any deficit carried forward from
and after the organization of Federal
as
be after the passage pf
ninety days to run and must bear the signature of two or
responsible parties, of which the last shall be that of a subscribing
bank; (d) to establish each week, or as much oftener as required, subject
to review and determination of the Federal Reserve
Board, a minimum
rate of discount to be
this Act,
shall be made with
herein provided, at a date to be fixed by the Reserve Bank Organiza¬
tion
hereinbefore
Committee
shall be
ex
created."
The
Secretary
of the
officio chairman of the Federal Reserve Board.
charged by such bank for each class of paper, which
view to
a
accomrriodating the
commerce of
foreign countries
and establish agencies in such countries wheresoever it may deem best for
the purpose of purchasing, selling and collecting
Treasury
No memher
foreign bills of exchange,
of the Federal Reserve Board shall continue to hold office or to act as a
and to buy and sell, with or without its indorsement,
director of any bank
spondents
banking institution
or
before entering upon his duties
as a
Federal
or
reserve
bank, and
member of the Federal Reserve Board
Whenever
shall
a vacancy
above provided,
a successor
GOVERNMENT
the advice and consent of the Senate, to fill such vacancy, and when chosen,
shall hold office for the unexpired term of the member whose place he is
which shall act
nues
Section three hundred and twenty-four of the Revised Statutes of the
so
as
to read as follows:
Federal
count
a
Federal
reserve
bank to
re¬
v-
7
bank.
reserve
To suspend for a period not exceeding thirty days (and to
renew
such
law!
and central
reserve
•''*
To perform the duties, functions or
on
.
implied in
or
That any Federal reserve bank may receive from
which
of its
any
Board to have the
right to determine or define the character of the paper thus eligible for
discount, within the meaning of this Act; but such definition shall not in¬
clude notes or bills issued or drawn for the purpose of
carrying
trading
or
In stocks, bonds or other investment securities, except notes or bills
having
maturity of not exceeding four months and secured by United States bonds
municipality of the United States.
Notes and bills admitted to discount under the terms of this paragraph
maturity"of not
than forty-five days.
more
*
Upon the endorsement of any member bank any Federal, reserve bank
discount the paper of the classes hereinbefore described having
thirty-three
and one-third
per cent
of its total outstanding demand liabilities; but ndt more than fifty per cent
of the total paper so
discounted for
any
depositing bank shall have
a ma¬
turity of more than sixty days.
Upon the endorsement of
may
any
member bank
any
Federal
reserve bank
importation of goods and which mature in not more than, ninety
of at lepst one member ,bank in addition to
The amount so discounted shall at no time exceed
days and bear the signature
that of the acceptor,
one-half the capital of the
bank for which the rediscounts are made.
aggregate* of such notes and bills bearing the
any
one
company, firm or
person,
bank shall at
no
The
signature, or indorsement
corporation re-discounted for
of
any one
time exceed ten per centum of the unimpaired capital
Any member bank may, at its discretion, accept drafts or bills of exchange
having not more than six months sight to run and growing
out of transactions involving
no
the importation or exportation of goods; but
bank shall accept such bills to an
than one-half the face value of its
Sec.
14.
bank
more
paid-up and unimpaired capital.
Federal Reserve Board the
requires, the Federal Reserve Board may authorize the
of the district to discount the direct obligations of member
public interest
reserve
amount equal in the aggregate to
Whenever in the opinion of the
so
banks, secured by the pledge and deposit of satisfactory securities; but in
no case
shall the amount
so
loaned by a Federal reserve bank exceed three-
fourths of the actual value
of the securities
amount of the paid-up and unimpaired
so
pledged or one-half the
capital of the member bank.
OBEN-MARKET OPERATIONS.,,
Sec. 15.
That
tions prescribed
any
Federal
reserve
bank
may,
under rules and regula
by the Federal Reserve Board, purchase and sell in the
open market, either from or to domestic or foreign banks or individuals
bankers' bills, cable transfers and bills pf exchange of the kinds and ma¬
turities by this Act made
eligible for re-dlscount.
or
at any Federal reserve bank; and when deposited
be
charged off by said bank against
tender to the
sum
of the notes thus
The collateral security thus offered shall be notes and bills
time to call upon a Federal reserve bank for additional deposits
at any
of security.
;
7 '
;
Whenever any
Federal
reserve
7V..7"
bank shall
•;
pay out or
disburse Federal
herein provided, it shall segregate in its
Treasury notes of the issue
vaults and shall carry to a special account on
own
its books gold or lawful money
equal in amount to thirty-three and one-third per centum of the Treasury
notes so
require Federal reserve banks to maintain on deposit
in the Treasury of the
to five
The Federal Reserve Board shall have power,
paid out by it.
in its discretion, to
United States a sum in gold or lawful money equal
per centum of such amount
of Federal Reserve Treasury nptes as
be issued to them under the provisions of this Act; but such five per
centum shall be counted and included as part of the thirty-three and one-
may
third per centum reserve
have the
hereinbefore required.
The said Board shall also
right to-grant in whole or in, part or to reject entirely the appU-
cation of any
Federal Reserve bank for Federal Reserve Treasury notes;
but to the extent and in the amount
the Federal Reserve Board
that such application may be granted,
shall, through its local Federal reserve agent,
deposit Treasury notes with the
bank so applying, and such bank shall be
shall' pay such rate of interest
charged with the amount of such notes and
said amount
ais
may
be estaolished by the Federal Reserve Board, and
the amount of such Treasury notes so
issued to any such bank shall, upon
lien on all the assets of such bank.
time reduce its liability for out¬
standing Federal reserve Treasury notes" by the deposit of Federal reserve
Treasury notes whether issued to suqh bank Or tp some other member bank,
other lawful money of the United States, or gold bullion, with the Federal
reserve agent or with the Treasurer of the United States, and such reduc¬
delivery, becoine a first and paramount
Any Federal reserve bank may at any
tion shall be
accompanied by
of lawful money
and surplus of said bank.
drawn upon it
making advances
They shall be receivable
and fifteen of this Act, and the Federal Reserve Board shall be authorized
on
discount acceptances of such banks which are based on the expor¬
tation or
hereinafter set forth.
application is made, equal in amount to the
a
maturity of more than forty-five and not more than' one hundred and twenty
days, when its own cash reserve exceeds
as
accepted for re-discount under the provisions of sections thirteen, fourteen
authorized by this Act.
bonds issued by any State, county or
banks,
Such application shall be accompanied with a
applied for.
checks and drafts upon solvent banks, domestic1
industrial or commercial purposes, the Federal Reserve
a
Act is
The said notes shall purport on their faces to be the
demand at the Treasury Department in the city of Washington, Dis¬
deem best.
discount notes and bills of exchange arising out of commercial trans¬
must have
equal to the difference between
local Federal reserve agent of collateral security to protect the notes for
actions; that is, notes and bills of exchange issued or drawn for agricultural,
may
a sum
for such amount of the Treasury notes hereinbefore provided for as it may
Upon the endorsement of any member bank any Federal reserve bank
or
NOTE ISSUES.
cation to the Federal Reserve Board through the local Federal reserve agent
stockholders deposits of current funds in lawful money, national-bank notes,
a
.7
bullion.
issue of Federal Reserve Treasury notes not to exceed
Any Federal reserve bank may, upon vote of its directors, make appli¬
v
services specified
RE-DISCOUNTS.
may
or
,
an
Treasury balances on its books, or may be paid out of its lawful money funds
specifically set apart for their redemption.
,
or
That
with such bank for redemption may
(h) To suspend the further operations of any Federal reserve bank and
appoint a receiver therefor.
reserve notes
7/.
'
trict of Columbia,
books and balance sheets of Federal reserve banks.
Federal
involving are-dis¬
for all taxes, customs and other public dues, and shall be redeemed in gold
To require the writing off of doubtful or worthless assets upon the
and foreign, or acceptances
/
to Federal reserve
cities and to designate the
competency, dereliction of duty, fraud or deceit.
13.
banks
the Federal Reserve Board, and solely for the purppse of
subject
are
(f) To require the removal pf officials of Federal reserve banks for in¬
Sec.
reserve
the Creation of deposit accounts shall be confined to the
obligations of the United States, and shall be issued, at the discretion of
in which national banking associations
banks therein situated as country banks at its discretion.
>■'.
depositing in the
and the amount of such notes outstanding at the passage of this
to the reserve requirements set forth in section twenty-one of this Act; or
Act.
or
hereby authorized.
'
to reclassify existing reserve
i
$500,000,000 and in addition thereto
Tp add to the number of cities classified as'reserve and central reserve
cities under existing
bank shall pay interest upon any deposits
the total amount of national bank notes outstanding at any given moment
„
(d) Tp supervise and regulate the issue and retirement of Treasury notes
>to Federal reserve banks.
(i)
operation
Sec. 17.
suspension for periods not tp exceed fifteen days) any and every reserve
/requirement specified in this Act:
reserve
banks shall be the only depositors in said reserve banks.
reserve
ments, or of gold coin
bther Federal
discount the paper of any
this
Federal
Government and the depositing banks, with the exception of the purchase
or sale of Government or State securities, or securities of
foreign govern¬
.
(b) To require or on application tp permit
(g)
no
a
paid by the banks holding such deposits
All domestic transactions of the Federal
(a) To examine at its discretion the accounts, books and affairs of each
Federal reserve bank and to require such statements and reports as it may
(e)
shall be regularly
The Government of the United States and the banks
be authorized and empowered:
(c)
which
except those of the United States.
That the Federal Reserve Board hereinbefore established shall
deem necessary.
banks, and dis¬
Secretary of the Treasury shall, from time to time, apportion the
Provided, That
Reserve Board."
Sec. 12.
deposited in Federal reserve banks,
fiscal agents of the United States, and thereafter the reve¬
month,
rate
the Chairman of the Federal
as
as
funds of the Government among the said Federal reserve banks, and
may,
at his discretion, charge interest thereon and fix, from month to
associations, the chief officer of which bureau shall be called the Comptroller
of the Currency, and shall perform his duties under the general direction
Treasury, acting
rim
DEPOSITS.
of the Government shall be regularly deposited in such
The
to the issue arid regulation of currency issued by national banking
of the Secretary of the
ninety days to
bursements shall be made by checks drawn against such deposits.
"There shall be
In the Department of the Treasury a bureau* charged, except as in this Act
otherwise provided, with the execution of all laws passed by Congress
relating
corre¬
months of the passage of this Act, be
.
United States shall be amended
through such
prime foreign bills of exchange arising out
Sec. 16.
That all moneys now held in the general fund of the Treasury
shall, upon the direction of the Secretary of the Treasury, within twelve
shaU be appointed by the President, with
selected to fill.
or
-and which bear the signature Of two or more
responsible parties.
occur among
the four members of the Federal Reserve Board chosen by the President,
as
agencies, checks
or
of commercial transactions which have not exceeding
he shall certify under oath to the Secretary of the Treasury that he has
complied with this requirement.
the country
and promoting a stable price level; and, (e) with the consent
oftheFedera
Reserve Board, to open and maintain banking accounts in
banks in the several districts,
reserve
or
more
The first meeting of the Federal Reserve Board shall be held in Washing¬
as soon as may
indorsement, checks
not exceeding
■the preceding half-year.'''
ton, District of Columbia,
of any State or foreign Government; (c) to purchase
or
arising out of commercial transactions, as hereinbefore
defined, payable in foreign countries; but such bills of exchange must have
levy semi-annually
to
its dependencies
lease of
a
a
corresponding reduction in the reserve fund
set apart for the redemption of said notes and by the re¬
correpsonding amount of the collateral security deposited with the
local Federal reserve agent.
Any Federal reserve
bank may at its discretion withdraw collateral de¬
posited with the local Federal reserve agent for the protection of Federal
reserve Treasury notes deposited with it, and shall at the same time substi¬
tute other
under
collateral of equal value approved by the Federal reserve agent
regulations to be prescribed by the Federal Reserve Board.
It shall be the duty
at par
drawn
of every Federal reserve bank to receive on deposit,
and without charge for exchange or collection, checks and drafts
upon any of its depositors or by any of its depositors upon any other
depositor and checks and drafts drawn by any depositor in any other Fed¬
eral reserve bank upon funds to the credit of said depositor in said reserve
bank last
mentioned.
The Federal Reserve Board shall make and pro¬
time regulations governing the transfer of funds at
par among Federal "Reserve Banks, arid may at its discretion exercisethe
functions of a clearing house for such Federal reserve banks, and may also
mulgate from time to
Require each such bank to
shareholding banks.
exercise the fUnctions of a clearing house for Its
July 5
Sec.
18.
THE
1913.]
That
ceive from the
national banking association shall be entitled to re¬
no
Comptroller of the Currency
standing at the
of this Act, and
passage
aforesaid, either in their
as
have out¬
vaults
own
or
as
a
deposit with the Federal
bank of the district in which such national bank is located: Provided,
reserve
however, That the requirement of a balance of three per centum and five
national banking association
no
17
their reserve, in addition to the lawful money required to be kept by them
to issue circulating notes in
or
of the total amount of such notes which such bank may
excess
CHRONICLE
which may in future reduce its outstanding circulating notes in the manner
per
prescribed by law shall hereafter be entitled to receive from the Comptroller
hereinbefore provided, shall not be diminished.
of the
Currency
issue circulating notes in excess of the
or to
to which
sum
its outstanding notes shall have been reduced by such withdrawals.
Sec.
19.
That
and fifty-nine of the Revised
deposited by any national banking association with the Treasurer of the
United States for the redemption of its notes shall be counted
eight of the Act Of July twelfth eighteen hundred and eighty-two,
and of any other provisions of existing statutes, as require that before any
its lawful
national
hereby* repealed.
banking association shall be authorized to
banking
commence
reserve
business it shall transfer and deliver to the Treasurer of the United States
of five per
United States registered bonds to an amount, where the capital is $150,000
association
capital is in
the
two
BONDS.
REFUNDING
'
Sec. 20,
•
bonds of the United States bearing the circulation
centum
per
privilege theretofore deposited by
the Treasurer of the United States
any
payable after twenty
years
in proportion as the outstanding two per centum bonds
consider necessary
its condition.
When and
deposited with the
circulating notes secured by United States bonds shall
terminate.
Every national bank
may
from the Comptroller of the Currency
provided by this Act, but
circulating notes of
description
any
issue or to make
of
use
any
checks
s
Act, and
fixed
sub¬
the
manner
At the expiration of twenty
The
denomination, payable twenty
After twenty
years
from the date of the
as
he may designate;
by the Federal
annually reported to Congress.
But the
that
examiners
no
so
successive
two
arrange
the duties of national
examinations
of any
association
In addition to the examinations made and conducted by the Comptroller
of the Currency,
the Federal
passage
Federal
every
bank
reserve
with the approval of
may,
Reserve Board, arrange for special or periodical examination
Of the member banks within its district."
Such examination shall be
so con-;
of this Act national bank notes still remaining outstanding shall be recalled
ducted as to inform the Federal reserve bank under whose auspices
and redeemed by
carried
a
the national banking associations issuing the
within
same
ex¬
shall be made by the same examiner.
from date of issue, and without
years
discounts
or
this Act all bank examiners shall receive
whereof shall be determined
Comptroller of the Currency shall
bank
years
bonds then outstanding shall receive in exchange three per centum bonds
the circulation privilege.
assigned to the
held by such associations upon a date during the year in which
or resources
from the passage of this Act, every holder of United States two per centum
of like
national banking asso¬
such examinations are held to be established by the Federal Reserve Board.
deposit with the Treasurer by said bank at
on
of the passage of this Act.
person
any
eral Reserve Board upon the associations examined in proportion to assets
hereinbefore provided to an amount exceeding five per centum
of the total amount of bonds
the time
The
of the examinations herein provided for shall be assessed by the Fed¬
pense
bonds for exchange in
any one year present two per centum
salaries, the amount
Reserve Board and shall be
national bank shall, without consent of the Secretary of the
no
Treasury, in
examination.
and from and after the passage of
other obligation not specifically provided for under this
or
full and complete knowledge of
a
of such of its loans
and circumstances
stitute for such circulating notes in the form of clearing-house certificates;
cashier
in order to furnish
The Secretary of the Treasury may, however, at any time
who shall, under oath, state to such examiner the character
association,
continue to apply fqr and receive
circulating notes under the conditions
or to
existing law shall take place at least twice in
ciation shall have power to call together a quorum of the directors of such
and
cease
of its outstanding demand liabilities.
making of such examination of the affairs of
national bank shall be permitted to issue
no
on
EXAMINATIONS.
direct the holding of a special
Treasurer shall be thus exchanged or refunded, the power of national banks
to issue
,
each calendar year and as much oftener as the Federal Reserve Board shall
from date of issue, and exempt from Federal,
State and municipal taxation both as to income and principal.
national banking
any
bank shall at all times have
reserve
per centum
BANK
authorized by
association
security for circulating notes for three
as
is
That the examination of the affairs of every national banking
Sec. 24.
national banking association with
bonds of the United States without the circulation privilege,
per centum
Federal
every
thirty-three and one-third
V
.
part of
same
of this Act such fund
passage
part of its lawful reserve.
That
Upon application the Secretary of the Treasury shall exchange
.
And from and after the
hand in its own vaults, in gold or lawful money, a sum equal to not less than
$150,000, be, and the same is hereby, repealed.
excess of
as a
provided in the Act aforesaid, be, and the
as
centum shall in no case be counted by
as a
23.
Sec.
less, not less than one-fourth of its capital stock, and $50,000 where the
or
as
That so much of sections two and three of the Act of June
tional bank currency, and for other purposes," as provides that the fund
Statutes of the,United States, and section
four of the Act of June twentieth eighteen hundred and seventy-four, and
section
22.
twentieth, eighteen hundred and seventy-fcur, entitled "An Act fixing the
amcunt of United States notes, providing for a re-distribution of the na¬
much of the provisions of section fifty-one hundred
so
centum, respectively, with the Federal reserve bank of its district,
Sec.
period and under regulations to be prescribed by the Federal Reserve
which
on
are
it is
of the condition of its member banks and of the lines of credit
being extended by them.
Every Federal reserve bank shall at
Board, and notes still remaining in circulation at the end of such period
all times be bound to furnish to the Federal Reserve Board such information
shall be secured by an equal amount of lawful money deposited in the Treas¬
as may
United States by the banking associations originally issuing
*
"
■
•'
reserve
ury
of the
such notes.
BANK
Sec. 21.
RESERVES,
v.,-.,,/.,
;:X,
v"j;-,
of
credit balance
equal to not less than three
on
per centum
on
exclusive of circulating notes, and at the end of fourteen months from the
date fixed
but shall at
no
Such balance may at
any
time be increased,
>
him
of central
reserve
per. centum
classified
now
and
reserve
cities to maintain
Such
reserve
consist of five per centum of lawful money held actually in their
and for
a
The
remainder of the fifteen
per
gratuity from
vaults
after the date set
by the Secretary of the Treasury
a
cities
From and after
as
now
defined by law.
national bank in
as
,
central
date thirty-six
a
of balances
or
both:
on
deposit with the Federal
Provided, That the Federal
reserve
Reserve Board
money
in its
pro¬
may,
city
reserve
on
deposit with
defined by law.
as
any
bank id
'
■
.
>
duty of the national banks in such
of
twenty-six months
a reserve
of
reserve
cities to maintain for
twenty-five
per centum
ing deposits and for twelve months thereafter
one-half per .centum,
nently thereafter,
posits.
a reserve
a
a sum
a sum
of lawful money
equal to ten
per
a
on
.
'
national bank shall receive
any
or
director.
'
Any
person
years, or
cities, for
That the requirement of
made
in
no
of such association, each to the
therein, at the par value thereof in addition to the
The stockholders in any national banking
the transfer
sqph stock.
any
such transfer; but this
way
any recourse
against those in whose
failure.
extent
reserve
as
such shares are registered at the time of such
Revised Statutes of the
section
<•
LOANS
Sec. 27.
thereafter
city
agent in the
or
ON
FARM
reserve
The
national
months,
per
banks
in
shall maintain
a
RESERVE
city
may
central
reserve
reserve,
cities,
in lawful
make loans secured by improved and un¬
months,
a
reserve
for
a
a
in
/
deposits.;
For
a period of sixty
to twenty per centum
per
or
fifty
maintain'
,Sec.
pon
y
II
28.
That
1,000,000
o
vaults, in lawful money, a sum equal
It shall be optional with such banks to keep
per
no
such
Any such bank
may
make such loans
centum of its time deposits.
time to time to add
permitted to make
real estate in the manner described in this section.
FOREIGN
.
■
outstanding
of its. deposits, and thereafter, in lawful money, ten
centum 0f its deposits.
hereby, repealed; but
longer time than nine months, nor for an amount
aggregate sum equal to twenty-five per centum of its capital and sur¬
loans secured upon
days after the passage of this ^.ct each
own
a
centum of the actual value of the property offered as
The Federal Reserve Board shall have power from
in lawful money equal to twenty-two and one-half per
such bank shall maintain, in its
situated shall be, and the same is
per
hundred and thirty-
prohibits the making of such loans by
to the list of cities in which national banks shall not be
further period of twelve
in lawful money equal to twenty per centum of their
an
plus,
period of fourteen
equal to twenty-five
centum of their deposits and after twenty-six months they shall
a reserve
as
district in which the bank is located.
money,
centum of their deposits and thereafter, for
Statutes
security, and such property shall be situated within the Federal reserve
bank of its district,
BANKS.
CITY
Revised
exceeding fifty
hereinbefore provided, shall not be diminished.
CENTRAL
11
LANDS.
That any national banking association not situated in a reserve
central
loan shall be made for
bank in such district: Provided, hoivever,
reserve
if they had
which such shareholders might otherwise have
names
Section fifty-one hundred and fifty-one,
equal to
balance of three per centum and five per centum,
respectively, of its deposits with the Federal
as
provision shall not be construed to affect
United States, is hereby re-enacted except in so far as modified by this
period not exceeding thirty-six months from the
a
a
term in the
That from and after the passage of this Act the stockholders
so
reserve
organization of the Federal
a
national'banking association shall be held individually responsible
banks
central
by
both such fine and imprisonment.
of the
a reserve
be beneficiary,
violating any provision of this
seven
with
,
,
or
fee, brokerage, commission, gift or other
be kept either with the Federal
or
No national
of any loan, purchase, sale, payment, ex-*
account
encumbered farm land, and so much of section fifty-one
bank
misde¬
•
..
tional legal reserve above the lawful money required in its own vaults may
reserve
loan or
other service for compensation while
tion to meet its obligations shall be liable to the same
period
The addi¬
centum of its deposits.
a
association who shall have transferred their shares or registered
of twenty-two and
money,
a
than $500, and a further sum equal to
thereof within sixty days next before the date of the failure of such associa¬
zation of the reserve bank in such district each national bank in the,reserve
vaults, in lawful
or
amount invested in
in¬
of twenty per centum of their'outstanding de¬
own
misdemeanor
a
national bank examiner.
a
.
indirectly, of
amount of his stock
of their outstand¬
twelve and one-half per centum of its outstanding deposits and
loaned or
transaction made by or on behalf of a national bank of which
Sec. 26.
of every
For sixty days from the date set by the Secretary for the organi¬
cities shall maintain in its
money so
bank making such loan or
Any examiner accepting
for all contracts, debts and engagements
and at the end of thirty-eight months, and perma¬
a reserve
as
"
penitentiary not exceeding three
bank Within such district it shall be the
reserve
a
Act shall be punished by a fine of not exceeding $5,000, or
or
,
BANKS IN RESERVE CITIES.
From and after the date set by the Secretary of the Treasury for the
corporation of the Federal
or
he is such officer
vaults
central
.
more
perform any
director of
consideration for
in its discretion,
a reserve or
or
either directly or
change
permit said remainder of fifteen per centum reserve required of country
banks to consist of balances
shall
examiner
.'No officer
months
own
equal to the
Officers of
or
Any bank offending against
misdemeanor and shall be fined
a
sum
bank examined by him shall be deemed guilty of
qualified from holding office
bank
reserve
bank of its district,
any
holding such office.
subsequent to the date set by the Secretary of the Treasury, as herein¬
before provided, the said remainder of the fifteen per centum reserve re¬
quired of country banks shall consist either of lawful
guilty of
further
a
the money so loaned or gratuity given; and shall forever thereafter be dis¬
centum
hereinbefore
reserve or
$1*000, and
and shall be fined not
meanor
hereinbefore required maiy for a period of thirty-six months from and
vided, consist of balances due to
•./
...
and shall be fined not to exceed $500.
thereafter of at least five per centum, with
its district Federal reserve bank.
examination
an
granting such gratuity- shall be likewise deemed guilty of
shall
period of fourteen months from the date aforesaid shall consist
of at least three per centum and
reserve
own
order
Such examinations shall
national bank shall hereafter make any loan or grant
no
gratuity given; and the officer
equal to fifteen
reserve
a
pf the aggregate amount of their deposits.
That
not more than
outside^
country banks and situated
as
7
.
this provision shall be deemed
hereinbefore provided, it shall be the duty of national
as
banking associations
year,
cities.
any gratuity to any examiner of such bank.
time be allowed to fall below the amounts aforesaid.
From and after the date set by "the Secretary of the Treasury and officially
announced by
frequently than four times each
time and the different classes of collateral held to protect the various
Sec. 25.
,
five per centum.
not less
loans.
by the Secretary of the Treasury shall increase the said three
per centum to
\
show in detail the total amount of loans made by each bank on demand,
total demand liabilities,
own
all times to order special
°
.v
of national banking associations in reserve
the books of the latter institution
of its
national
for the purpose of ascertaining the condition
member bank.
a
case
national banking association shall establish with the Federal Reserve
a
any
The Federal Reserve Board shall, as often as it deems best, and in any
he shall elect, the fact that a Federal Reserve bank has been established,
bank of its district
bank is located, and it shall have power at
examinations without notice,
That within sixty days from and after the date when the Sec¬
retary of the Treasury shall have officially announced, in such manner as
every
be demanded by the latter concerning the condition of
banking association organized within the district in which the said Fed era 1
.
any
BRANCHES.
national banking association possessing a capital
or more may
file application with the Federaf Reserve Board,
such conditions and under such circumstances
the said board, for the
purpose
as may
be prescribed
of securing authorization to establish
anches in foreign countries for the furtherance of the foreign commerce
CHRONICLE
THE
18
of the United States and to act, if
United States.
required to do
fiscal agents of the
so, as
Such application shall specify, in addition to the name
proclaimed
and
the dependencies of the United
proposed are to be carried
said banking association
on
States where the banking operations
and the amount of capital set aside by the
for future
appli¬
cation if, in its Judgment, the amount of capital proposed to be set aside
for the conduct of foreign business Is inadequate, or if for other reasons the
;
•
Arkansas, and,
fur¬
of other foreign branches
in all
period transfer to its general ledger the profit or
accruing at each such branch
as a
cent
one
apply in
where orders
are
foreign countries.
were
the last previous sale price, which
ago,
BANKS—New York.
Low.
20 America, Bank"of^i576
•97 Commerce, Nat. Bank of
171K
High. Close.
cents
is
576
576
181
June 1913—
ing
of the
to
Currency
bill for
a
bearing
on
Liverpool.
as a consequence
con¬
a
income
panies returned to policyholders
ocratic
The
caucus
however,
of the
June 30;
on
hearing
a
by the Cotton Ex¬
refusal.
section
tax
of
the
con-1
reconsidered,
was
the following day, resulting in the restoration
on
provision.;
and flour,
bill
com¬
stricken out by the Dem¬
was
the matter
•'
A motion to strike out the
the post¬
secret
the
to
offered in
* v'
countervailing duty
on
wheat
June 27 by Senator O'Gorman,
caucus on
was
Republican members of the committee adopted
this resolution reading as follows:
on
Tuesday;
.
reason
Republican
members of the House Com¬
BanMng and Currency this condition has been made possible by
of the fact that the meetings of the caucuses and committees have
on
*
been held behind closed doors, making possible, if not
inviting,{improper
influences; therefore, be it
-
Resolved, That it is the opinion of the Republican members of the
com
mittee that all meetings of the Committee ori Banking and Currency or
sub-committees thereof for the consideration of the present'currency bill
Should be held publicly and that a journal should be kept in which shall be
recorded the proceedings of the meeting.
",
Of this
we
measure
showing the ownership
control of the bonds
on
which the
circulation of each bank is based, where they were purchased,
and at what price; also
and
•
or
A bill
bill
if the bonds
by
are
borrowed, from whom
;
-
,
which would amend the Administration
currency'
authorizing
an
additional
issue
of
Federal Reserve notes to be loaned to farmers
gage
on
bonds
the 2d.
$500,000,000
on
first mort¬
introduced by Representative Lindbergh
Mr. Lindbergh's bill also proposes to increase
was
the rate of interest
on
One amendment which failed of adoption
and children's dress
goods, ready-made clothing, stockings,
A
provision for the inspection of meat products from;
countries whose meat inspection laws are less stringent than
&c.
the 30th.
amendment
The
in caucus this
18
postal savings deposits from 2 to 2%%.
on
His action
mittee
Democratic
on
when the
members
of
was
Finance Com¬
agreed upon March 1 1914 as the date
sugar tariff shall go into effect.
It Was, how¬
matter,
a
a
vote of 23
a
Senator withdrew from the
caucus.
followed by the announcement by him that
the tariff
Senator Simmons said:
declined to adopt the so-called Hitchcock amendment to the
because it did not consider it wise to attempt in
It was felt that the trust ques¬
tariff measure to deal with the trust evil.
separate one as soon as it could be reached
tion should be
dealt with
and only after
such thorough and mature consideration
portance of the
Moreover,
as a
as
the great im¬
subject required.
such consideration could not now be given to it by the Finance
Committee,
the caucus and the Congress, without unduly delaying final
action upon
the tariff bill and disappointing the public desire for its early
settlement.
At
The date upon which the income tax is to be
computed fpr
the
the first year was changed by the committee on the 29th ult.
from Jan. 1 1913 to March 11913, because of 4he fact that
the earlier date would make the section
unconstitutional,
the Income Tax Amendment to the Constitution
was
hot
the
banquet last Thursday night
(June 26),
which
brought to a close the present year's session of the Maryland
Bankers' Association,
John Skelton Williams, Assistant
the
for
tobacco production was presented
not intend. "to bolt the party or oppose
he did
on
bill," but that he would make an earnest effort to get his
amendment into Jaw.
In a statement issued relative to the
decided to retain unchanged the date (fixed in the
House bill as May 1 1916) when sugar is to go on the free list.
ever,
nee
caucus
;;
—♦
the Senate
June 29
new
:
week, and with its rejection by
the 2d, the
on
—*
The
adopted by the
Senator Hitchcock providing
of
graduated excise tax
to
was
A'■*:
tariff measure, principally
.
,
caucus on
was
the 27th. The wool
the 28th, practically
(offered by Senator Ashurst) would have admitted to the free
The caucus
what terms.
on
hemp, flax and jute.
raw
duty in the bill of 15%)
caucus on
cau¬
list all woolen goods in general use, such as cloth, women's
without regard to party affiliations.
On Juiyj 1 ChairmanJGlass was authorized by the House
Banking and Currency Committee to request the Secretary
of the Treasury to secure from national banks informatioti
•/'
without change.
or confer¬
therefore respectfully request that all members of the committee
be invitpd to attend all meetings and conferences held for the consideration
And
on
those of the United States
:
And, further, we question the .wisdom or propriety of the action of the
majority members of this committee in holding secret meetings
ences in the framing of this important public bill.
a
the free list by the
schedule was adopted by the
placed
;
On the 28th ult. the
transferring to the free list
Spool cotton (which carried
Whereas*, charges of widespread bribery, corruption and improper lobby¬
ing influences have been made in connection with legislation in Congress,
Whereas, in the opinion of the
approved the action of the Finance Committee of the
Senate in
•
mittee
defeated by a vote of 26 to 8.
cus
ferences and meetings is contained in a resolution which the
*
be diverted
It is understood that the request for
amendment
one
large part
a
exempting from the tax funds of mutual life insurance
question of allowing public hearings on the bill has been a
subject of difference between members of the committee,
A denunciation of
quoted to this effect, stating that
trading done here would
The
further study of it had been made, the meet¬
ponement of the meeting.
wipe out the New York and New Orleans Cotton
change representatives has met with
Monday last, but with
and this, it is understood, also had
George W. Neville, Arthur R.
made to the Senate Finance Committee
adjourned until the coming Monday, July 7.
was
against this impending legislation, Presi¬
It is contended that the proposed amendment would
to
of those who is
Committee of the House of Representatives, the Democratic
a
defeated.
was
Exchange has already indicated its
Exchange.
f
sideration until
one
from 50 cents
Exchanges, William P. Jenks of Jenks, Gwynn & Co.,
three-day period incidental to the Independence Day holi¬
day yesterday. The banks, of course, will be open to-day.
on
or
committee
Rice.
(Saturday) in
their unwillingness to take up the new currency
pound,
a
Marsh, Luitpold Mandelbaum, Louis Brooks and Bruce L.
171
Wall Street, ail of the exchanges remaining closed for the
members of the committee met
cent
one
This committee consists of
Mar. 1912— 613
181
At the call of Chairman Glass of the Banking and
reduce the tax from one-tenth of
which is to take up the matter on behalf of .the
Last previous sale.
practically suspended to-day
caucus
proposed that
dent Edward K. Cone, having appointed a special
serve
Business
The tax
transmitted
During the
bale; his proposal, however,
a
purpose to protest
the sales amounting to 97 shares at 171 ^ to 181.
Shares.
so as to
The New York Cotton
made two weeks
was
changed
25
to
sold at the Stock Exchange
National Bank of Commerce stock advanced 10 points
sold.
on
cent to one-twentieth of
No trust company stocks were
over
delivery shall be in writing.
the amendment Senator Overman
it be
The public sales of bank stocks this week aggregate 117
shares, of which 97 shares
pro¬
The provision
for future
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
and 20 shares at auction.
It
stipulates that all contracts for the purchase of sale of cotton
hereby, repealed.
same are
adopted
purchase cotton for
or
action
of the provisions of this Act be, and the
any
was
July 1.
pound, the tax to be refunded
a
cases
from the United States to
separate item.
That all provisions of law inconsistent with or superseded by
Sec. 29.
on
where the cotton is actually delivered.
cases
is also made to
established by it and of its home office, and shall
at the end of each fiscal
or
tax of one-tenth of
times
duct the accounts of each foreign branch independently of the accounts
oss
agreements to sell
of the Senate
future delivery in conformity to the rules of cotton exchanges,
boards of trade or similar associations shall be subject to a
demand, and the Federal Reserve Board may
Every such national banking association shall con¬
it may deem best.
caucus
vides that sales
concerning the condition of such branches to the Comp¬
order special examinations of the said foreign branches at such time or
as
introduced by Senator Clarke of
was
modified by the committee,
as
by the Democratic
Every national banking association which shall receive authorization to
nish information
This amendment, designed to eliminate
,
establish branches in foreign countries shall be required at all times to
troller of the Currency upon
delivery.
tradings in "futures,"
The Federal Reserve Board shall have power to rejectlsuch
granting of such application is deemed inexpedient.
Another pro¬
which calls for the levying of a stamp tax on all cotton sold
filing application for the conduct of its foreign
business at the branches proposed by it to be established in foreign coun¬
tries.
ratified until Feb. 25 1913.
as
xcyii
cedure of the majority members of the Senate Finance Com¬
mittee was the adoption (on the 29th ult.) of an amendment
capital of the banking association filing it, the foreign country or countries
or
[Vol.
Secretary of the Treasury, delivered an address defending
Administration's
same
"The Democratic
terests of our
Rome.
currency
bill.
From the account of
in the "Baltimore American" we quote the following:
Party has not
come to the
financial and industrial in¬
land, as the Goths and Huns and vandals descended
upon
It has not come to attempt \o apply any theories of pedantry of to
undertake unconsidered
experiments.
the schoolmaster' in derision;
but the
President Wilson has been called
name,
like
some
others in history.
:
July 5
hastily
given
schoolmaster, with a class of aThundred million'Jfree people
school-room consisting of a continent, an archipelago, some great
"This great
and
a
a
"These three
being a statesman, also is
small, in two oceans, besides
some
"Cleanliness and light, honesty
line between the banker
and
terms^earns proper dividends for his
fair
on
"In other departments of
tween those who seek honest
the Senate and House,
thrift and enterprise, an assurance
shareholders, and the
confidence
the difference bb^ mittee which
profit by doing public service and supplying pro¬
defeated by the House Democrats in caucus on June 25,
wheina resolution of Representative Hardwick to table the
double bookkeeping and by arbi¬
^create fictitious values and* getf for
actual money in exchange for artificial increase or unjustified and
unrestrained imaginings or
We have been stumbling and feeling our way
and banking laws.
currency
+]*
and make them possible,"we need^new
|R "ToJ.hasten these Conditions
along,*endeavoring to Vvvork and carry on our
affairs permanently with a
to maintain ourselves on a makeshift.
of the Almighty, the almost superhuman courage and
system evolved in an emergency,
But for the mercy
recuperative powers of our people of all classes,
of
our
continuance in time of peace and vast
have
the
prosperity
our
wood.
danger, the very
a
proposal
was
Representative Under¬
>■'/
,;V:
V
'V.
v
•l:'
and
cause of fright.^The more abundantly kindly Providence has blest us with
great crops, the more alarm we have had at financial centres at the drain
on resources required to move them.
We have had alternating chills of fear
and stagnation and deadly interest rates, fevers of abundant and cheap
money, over-confidence and desperate speculation.
(We have had at one
time of the year gluts of money, heaped at the centres, with nobody wanting
or employing it;
at another time such scarcity that legitimate business was
,;;
diligencejof the farmer and the fertility of the soil anfannual threat
denied the
means
On June 26 the following were
Wilson to serve as members
The effectfof this has
Commons of Wisconsin;
S. Thurston Ballard of
"Mr. J. P. Morgan, who
James
few places and a few hands.
died recently, was widely regarded as the king
inquiry
relations
between employers and employees, etc., to the end that the
Commission may "discover the underlying causes of dis¬
satisfaction in the present industrial situation and report its
was
into
finance,
the
Nobody can be near that field without impressions of that won¬
mind.
a
of saying and writing memorable and pithy things in short
way
entences which
He said—I do not exactly
everybody could understand.
God Almighty
recall the words, but in effect—that
enough to be absolute master of another man.
|l "So I
Aside from that, he
improvised masterpiece of his.
derful and beautiful
had
and
never
made
a man
good
enough to be master of the destinies, to control the prosperity or
the contentment
adversity,
It is
all its purposes
and plans spread before the people who create
whose service it is created and exists,
with
It and for
"Mr. Morgan's plans and policies were known to himself and his few inti¬
mates and were revealed
word of mouth
only
the people in
against, and
conditions and prospects
and O'Connell
.
*
/
as
they
are
being considered and as they will probably be enacted, there
The purpose
possibility of political, social or personal influence.
shall
these laws
is that
work
naturally and automatically, as free from
outside pressure or Individual considerations .as any well-set and well-geared
safe honesty, energy and
before they rob
"I believe
can
and
sagacity and righteous and legitimate needs;
to
dishonesty and folly to surrender and get out of the
force crookedness,
way
to supply and make
They will be made to avoid glut or famine;
machine.
we are
or
destroy.,
thoroughly
about to secure a solid basis of currency with which we
planet
trusted
and
the golcj dollar physically
as
readllyjacceptable anywhere
as
on
this
pared for
circumstances
the
us
and
Providence
the
seems to
psychological
assurance
have pre¬
moment.
country never has been in better or sounder condition than it is;
had better
of commercial stability than it has to-day.
never
The
has
Working
with inadequate and dangerous tools, we have arrived at a point where we,
remove danger of such collapses as have overtaken Us at times.
can
"We
we
can
provide for the future and for all the development and expansion
know must
without
the
foresight;
We
come.
we
We have
a
wejhave thejcrops;
change
our gauge
we
new
and fit machinery
have the credit; we have the
comfortable^balance against
generally peaceful world.
currency
devise and install
are^onj' strong foundations.
"We have the gold;
people.
can
disturbing and distracting influence of fear, with deliberate
for
from
a
prosperous
and
now
Certainly it is the time of ail times for us to
narrow
to broad and not only get our
systemxinto line with the world'sjbest ^commercial
thought, but show the world that
a
real republic can
banking and
andjfinancial
deal with that most
intricatejof all problems of civilization, involvingjfinance, currency, bankingt
commerce
and government, making
the,five work together for thejcommon
weal, the general wealth, thejcommon advancement along all lines
of endeavorjand progressed thejglory and honor.of the country and people.
'The successJof
anyjplan forjbankingland currency reform will largely
dependjon whether^ortnot it£shall provide:
"First.
A currency which will at
alFsections
alljtimesjbe worth its face in
of the country.
A.
"The
■
»
Mr.
Conant.
Conant's article goes back to
the Civil
the mone¬
tary ills of the country from that period leading up to thet ime
that the gold standard was established under the Act of March
14,1900.
Alluding to William J. Bryan's famous remark
War and by
at
successive steps proceeds to recount
Democratic
the
National
Convention in
1896, about
Conant makes
what he calls "a real cross of
the following
goldTn
,.
thlsjcurrencyjcanlbe increased
tofmeet the legitimate!demands of agriculture, industry and commerce,
and be automaticallyjreiucedjwhenltheloccasibnjfor^the increasejhas passed
reference to
gold."
v
/
:.
.
the gold standard, and its
crystallized into law by the Act of March 14 1900. This Act
set aside for the protection of the
greenbacks the sum,of $150,000,000 in
gold, to be kept inviolate from all other uses, and declared the bonds and
other obligations of the Government to be redeemable in gold and gold only
But the causes that were operating prior to 1892 to cause contraction in
the monetary stock were reversed after that date by the great outpouring
of new gold from the mines, of South Africa and the Klondike.,. New
processes of separating gold from low-grades ores made profitable fields
that in earlier years would have been considered unavailable.
The gold
production of the world rose from $113,000,000 in 1890 to $202,251,000
in 1896 and $454,000,000 in 1910. Gold flowed into the Bank of England
in the summer of 1896,even while Mr. Bryan was making his canvass for
free silver, to an amount never before recorded in monetary history; and the
beneficent flood soon overflowed the coffers of the advanced commercial
nations and filled up the void in metallic money in such developing coun¬
tries as Argentina, Brazil, Mexico and India.
In place of the fear of a
scarcity of gold, which hung like a pall over some minds at the close of the
last century, such a redundancy of the yellow metal arose that swollen
"The country
in hand.
"Notwithstanding the mistakes and difficulties of the past, we are now in
good condition for the change of system.
Magazine" for July has an interesting article
Return to Hard Money" from the pen of Charles*
crucifying mankind upon a cross of gold, Mr,
'
,
face the world-and which will make an American currency note as good
as
were
,
"I think I can promise you further that with the currency and banking
will be no
and Commons and Mrs. Harriman, are
Messrs. Delano, Garretson, Lennon
among those named by President Taft.
"The Century
on
'
representatives
♦
much of the financial
as
Mr, Morgan's intimates and partners knew
as
While Mr. Morgan was the financial king.
laws
of labor and not less than three
business man, banker and farmer, to the furthest and
know
of confirmation.
represent the people.
to
official documents and in the debates in Congress, for and
every
most remote sections of the country, can
_
The innermost policies and
of the Government will be spread with 'pitiless publicity* before
purposes
of nominees
the Senate last
organized labor.
Walsh (Chairman)
he saw fit to allow them to be given by
as
through the newspapers.
or
list
Those among the present nominees
who represent capital are Messrs. Delano, Weinstoek and
Ballard; those representing labor are Messrs. Lennon,
O'Connell and Garretson, while the other three, Messrs.
of
selves, working in secret with their motives and designs guessed at obscurely ,
tbjthe Government itself—directly responsible tojthe people, and
Taft's
required that not less than three of the committee must
be employers
responsible to nobody but them¬
President
appointments failed
the
but
December
I tell it to you frankly, that the present
Administration will transfer the financial control and direction of this
"My personal hope is, and
country from the man or group of men,
thereon."
members of the Commission was sent to
as
misery, of a hundred millions of free and honest people.
or
general conditions of labor, the existing
the
conclusions
-
that the Almighty never made a mortal man good or strong
say
D. C., and Austin B.
The Act under which they are named
passed by Congress a year ago and calls for an
dominant factor in our commercial life.
American
Weinstoek of California;
Kentucky; John B. Lennon of Illinois;'
of Washington,
Garretson of Iowa.
Perhaps it is propinquity to Gettysburg that keeps Mr. Lincoln in my
of
O'Connell
Missouri; John R.
Mrs. J. Borden Harriman of N. Y.;
Frederic A. Delano of Illinois; Harris
been to increase and harden constantly and steadily
the concentration of financial power in a
nominated by President
of the Committee of nine on
Industrial Relations: Frank P. Walsh of
with which to move and the best collateral went begging.
It is believed
appropriations.
defeated because of a fear that it might
give too much power in the House to
:system which makes
a
of each of the other House Com¬
mittees which now pass on
growth of war measures of finance
and currency.
"We
mittee and the Chairman
majestic strength
destroyed by the
and the
principles of government, we would have been
As agreed upon
carried by a vote of 95 to 80.
Underwood, Sherley, Fitzgerald., Garret,
and others, constituting a special committee which worked
out the plan it was proposed to have a standing committee
on Budget,
composed of the Chairman of the Ways and
Means Committee, the Chairman of the Appropriation Com¬
honestly used, and
expectations and accurate statement.
of trading on reasonable
was
by Representatives
nearly as possible to a basis of actual value
investment and brains,
and service, of fair returns for
proposed
The purpose and labor'of all of
anticipations.
should be to get all business as
us
supervise Government appropriations
would
\tets
trary forcing^orjinflation, attempt to
themselves
to all legitimate business."
providing for the creation of a budget com¬
A resolution
personal enrichment.
business we must make clear
andjthose who, by cunning systems of
The bill is not perfect.
It will be pruned and, I hope, strengthened, and when it has passed
will come out a powerful impetus, a safeguard for
gress.
depositors and betrays the
of his stockholders to graft for his own
ducts
sanitation of our
difference between
In banking we must draw the broad
who,by sagacity and labor, serves his depositors,
banker who uses the money of his
be obtained by the currency
No thinking
thought or purpose, however
clean the thought or high the purpose, to be born perfect.
I believe it is
far better than any measure along the same line ever put before our Con¬
and getting money.
money
by any set of men or
alleged intentions, or
would expect any product of human
man
and open dealing, are
We must and will learn the
commercial and social life.
earning
objects, it is believed, can
before the country.
measure now
painstaking, laborious, intent on getting down to ulti¬
causes of things and grasping the philosophy of them.
student, profound,
mate roots and
direction sufficiently powerful to
prevent at all times domination and exploitation
group
of interests, however philanthropic their
however beneficent their designs.
and affection.
islands and
A Governmental supervision or
"Third.
jone of honor
intent to injure, has already become
with
or
19
CHRONICLE
THE
1913.]
decision
decided for the continuance of
was
bank reserves stimulated loans
at low rates, manufacturing
plants were
commodities advanced with a rapidity which les¬
of wages and threatened to reduce the world
to the unfortunate state of Midas, making gold a curse instead of a blessing.
It is this situation which has reduced the real income of the laborer, the
extended, and prices of
sened the purchasing power
professional man, and other classes,
their money, which is
through the diminishing power of
imposing a true cross of gold on the world
to-day."
"Second. AJplan by which^the amount]of
andjthe additional currency isJnoJIonger required.
"Re-discounting
subject
of
as a
a Possibility" was the
by Edgar H. Sensenich,
Necessity and
remarks addressed
20
CHRONICLE
THE
Cashier
of
the
Northwestern National Bank
Portland,
of
convention held at Corvallis
matter
for
of the funds entrusted to him and yet
customer's
the
of the
through
rigidity
maintenance
large to meet
of
of
loans.
our
fund
a
sudden
any
system,
reserve
against
to prevent the
as
*
*
secondary
a
upbuilding of such
be
may
system which requires
reserve
is not apparent to many
Both these classes, in time
a reserve.
which is illegal; call in existing
of distress; or, of necessity, borrow through the
a cause
borrowed, bills payable and re-discounts. * *
""he-discounting
Of the bank failures
which have occurred since the first of the year, two of the most prominent
to my personal knowledge, notorious re-discounters and their disas¬
trous fate has very likely impressed more firmly than ever
of many
the thought, "Beware of the borrowing bank."
upon
*
the minds
*
*
Our friend Lydell Baker said in his recent California address: "A banking
system which looks upon re-discounting with suspicion and is on the alert
to draw adverse inference from
it is barbaric and dangerous."
true, and I agree with Mr. Baker that it is, how much
banking system which in times of greatest need de¬
the opportunity for re-discounting, at whatsoever cost .whether of
stroys
financial
or
and thus compels
compensation
suspension of
a
deposit payments and paralyzes-business because of the collapse of our,
Such, my friends, is our American system of banking
credit system?
to-day.
*
*
*
The stock transfer Act
The
amended at the late session of
as
.......v:\
1
Our present system of banking will not be tolerated much longer .
Since
the panic of 1907 much thought and discussion has been spent, upon the
new
a
tax at the rate of 2 cents for each share
new
transferred, adds
section to the stock transfer regulations,
corporation which shall keep
or
the State
place for the
a
stock, shall file with
transfer
the
among
its business is
conducted, its place of business and when and
where
incorporated.
which, it would
buying
the
variable
means
but
by which the banker
proper
provided with
a
demands
of his
able to his customers.
readily adjust himself to the
can
The
customers.
system under which he
unmatured bills receivable into
that does not
can
banker
should
be
easily convert his good but
medium of exchange that will be accept¬
a
Re-discounting should be countenanced and
a
cer¬
tain market made for the paper.
The full text of this particular section,
seem,
applies not only to those engaged in
corporations having transfer officers here, is given
Section 275-a.
REGISTRATION;PENALTY FOR FAILURE.
firm, company, association
person,
part in the making
stock
banker to which he
can
cause
association, company or corporation
every
to be kept within the State of New York a place
for the sale, transfer or
delivery of its stock, shall within ten days after this
Act shall take effect, or if at the time this Act shall take effect not engaged in
such
business or maintaining such a place for the sale or transfer of its
stock, within ten days after engaging in such business or after establishing
such
one to
the'Government
tution
under Government supervision
With such
institution
an
or
control
can
the other end
or some
name
or
or
transfer of its stock, as the case may be, file in
Comptroller
of
names
a
certificate setting forth the name under which
the person
or
and the true
conducting
persons
or
or
real
transacting
the same, with the post
office address,or addrqsses of said person or persons,
certifying be a corporation, in which event it shall set
unless the party so
forth
its said place of business and when and where
incorporated.
certificate shall be executed and duly
acknowledged by
sons so
conducting
or
intending to conduct said business
Secretary of the corporation
In the event of a
association,
tion
or
the
Said
person or per¬
by the President
or
be.
case may
change in the persons composing such firm, company or
of the address of
corporation,
or
as
the
or
such person, firm,, company, associa¬
any
termination of such business
or
relationship,
a
like
certificate setting forth the facts with respect to such change or termination
shall within ten days thereafter be filed in the office of the
Comptroller.
great insti¬
issue, such currency.
in
place for the sale
the office of the
or
that its currency will be accepted unquestionably from
of the country at its face value.
Only
Every
corporation engaged in whole or in
certificates of stock, or conducting or transacting a
or
brokerage business, and
which shall keep or
or
negotiating of sales, agreements to sell, deliveries or
or
transfers of shares
,
and receive for them currency that will be
accepted in settlement cf the
demands made upon him.
Necessarily this institution must be so strong
which
herewith.
Some institution with
currency-issuing powers should be provided the
take in time of need
his approved bills receivable
under
name
selling stocks, namely bankers and brokers, but
or
the
to
other things
full
provide the
kept within
delivery of its
State Comptroller a certificate
or
adequately..
be permanently satisfactory
be
or cause to
sale,
such business is, or is to be, conducted or transacted,
can
under which
it is required that every person, firm,
company, association
development of a new system under which panics will not occur, financial
stringencies will become less marked and less frequent, and themovemen
of crops and legitimate commercial activity can be financed readily and
No system
the 1st inst.
on
Act, besides making the law applicable to stocks
issued without designated
monetary value, by imposing
If such be
than barbaric
worse
and dangerous is that
suspicion
clearly to know that she will not
as
setting forth
*
undoubtedly is in disfavor, partly|because|it develops
almost invariably that failing banks are re-discounters.
were,
of them
a
Issuance of any of the various forms of debt,including certificates Of deposit
for money
doers
the New York Legislature went into effect
the use
*
others upon whom the demands are always so strong
of need, must shave their required reserve,
loans, which
a
deposits believed to be sufficiently
unusual demands, but which prohibits
or
Unfortunately the wisdom of
are
is the more difficult
The problem
of the fund in the event of the demands.
bankers and there
be able to meet readily
demands, whether they be against deposits or
proper
accommodation
because
the
And the
only condemn these acts,
not
suffer such occurrences to be repeated.
problem of the American banker is to keep invested the maxi¬
mum amount
all his
His views in the
June 16.
on
with unmistakable clearness,
must,
but must force
quoted in part herewith:
are
A great
Association at its
Bankers'
xctii.
t>f the rights of the public which has characterized their leaders.
State
Oregon, to the Oregon State
[VOL.
Any such person, firm, company, association
corporation1 who shall
or
fail to comply with the provisions of this section shall be guilty of a mis¬
operation ever prepared to buy or discount
approved, short-time enotesor other evidences of credit based on commercial
demeanor, arid upon conviction thereof shall'pay a fine of not less than
one huridred dollars nor more than five hundred dollars or be
imprisoned
transactions, arid issue therefor its currency, bankers would have no diffi¬
culty in financing the legitimate demands of commerce and trade and panics
for not more than six months
could make
no
headway against
posits.
a
•
;
severe
Legislature
strictures
"the
as
most
on
labor unions.
generally styled trusts,
These trusts
are
He arraigned the
the restraint
society.
as
one
man
Recent events have shown that
Because it votes
It is composed of
of the leaders
of one
of
these organizations have been sentenced by-a United Stateis
court to im-:
prisonment for crimes of violence against those who did not
yield
The labor unions have but
by combinations which
aggressively levying
work
a
as
being higher than the law.
small
minority of the people of Georgia, yet,
through strikes and kindred methods, they are
toll upon all the other elements oTrmr
citizenship.
In other words, they have organized a trust and
demand that all other peo¬
not
as
contemporaneously, they
endeavoring to force from employment all similar workmen who do
join their orders.
To attempt, as non-union men, to
compete with them
laborers
property.
Therefore,
as
the labor unions have combined against all other classes
in
determination
defeat
to
the
equality
of
opportunity assured by
the laws of the State, the
necessity is forced upon all other classes to stand
together in the refusal to concede to the unions the
preferential privileges
they
are endeavoring to exact for themselves alone.
And, as the unions
have their pass-words, the
pass-word of all other citizens should be, "The
Law."
It is not improper here for
the labor unions
are
me
to declare that not all of the members of
wilful violators of law.
them love their State and would not
they
are
ready
the victims of
put
it
the
State's
A very
knowingly do
large percentage of
anyone an
injustice.
Yet
a
system which is breeding anarchy, which has al¬
constitution in contempt; which has
relentlessly,
wronged hundreds of thousands of their fellow-citizens who
have not of¬
fended them, which, in plain
words, has applied lynch law methods to mil¬
lions of dollars worth of
property.
I pass no harsh criticism on thein, but
every person who reverences the law must condemn
Supreme
Dauphin County Court, and
Court
all trains.
on
appeal
on
from
brought by the Penn¬
was
$483,000
year.
In upholding the validity of the law
Court
a
ruled
the
Supreme
the
Legislature acted in 1911, being
police
of
wisdom
that
of
that
"the
matter
power."
It
that legislation,
furthermore
held
that
the necessity for it,
adopted for carrying it into effect
means
which
upon
clearly within the
so
it is not for courts to interfere with the evi¬
power,
dence
ture alone to determine."
"the
and the
for the Legisla¬
are
.
The bill intended to
lodge with the Pennsylvania Commis¬
sioner of Banking power to wind up the affairs of insolvent
banking institutions under his jurisdiction
the Senate
June 26 by a vote of 29 to 6.
on
feated in the House
sideration there
on
May 6, but
was
was
defeated in
The bill
called
up
;
the reckless disregard
on
May 12 and passed by
a
was
for
de¬
recon¬
vote of 123 to 46.
Indictments against 14 secretaries and former secretaries
of lumber associations in various cities of the United States
were
means to
be treated with open contumely, attended
sometimes
by personal violence.
To hire non-union men means for
employers to be
boycotted and not infrequently to suffer serious damage to their
their
the
a
ple buy labor at whatever price they choose to put upon,it—and that
price
is higher than other workmen in like
occupations receive and higher by far
than the people, have ever
paid before.
And
are
reached
to
their exactions and the members have bailed them out and
re-elected them
to high offices in the organization.
Such a development is
appalling to
every lover of law. Yet it is an object lesson which tells more
vividly than
words that the labor union holds itself
the
action
sylvania RR., which claims that its enforcement will cost
against all other elements of
some
The Act requires
com¬
of trade.
save those in'their guild and to exact out of the
people unduly high prices for products they handle. Yet, while it is a matter
of public note that the labor trust is the most
widespread and aggressively
exacting trust in America, politicians pander to it, statesmen stand in awe
allied organizations which stand
upheld by the Su¬
was
June 27.
The
condemned by law because they endeavor to force from
and the public seems helpless in its grasp.
Why?
In blocks of thousands in almost every State in the Union.
on
same
business all competitors
of it,
the "full crew" law
the railroads to place an additional brakeman
day is to the suppression of
for
as
Court of that State
preme
some
'
organized
constitutionality of the Pennsylvania Act of June 19
known
1911
Georgia, presented
Governor Brown said:
The trend of the laws of the present
♦—r
The
June 25, Joseph M. Brown made
upon
such fine and imprisonment, in
•
wide-spread and aggressively exacting trust
in America".
binations,
'v;:
both
by
prompt and persistent payment of de¬
■":
In his farewell message as Governor of
to the
or
the discretion of the Court.
dismissed in Chicago on June 7 by U. S. District Judge
Carpenter, at
Those
to
the request of the Department of Justice.
against whom the indictments
be:
Willard
P.
Hollis,
are
quashed
are
Minnesota; Harry A.
reported
Gorsuch,
Missouri; Harry P. Scearce, Indiana; Bird Critchfield, Ne¬
braska; E. T. Hall, Nebraska; H. H. Hemenway, Califor¬
nia; Louis L. Heilman, Colorado; H. S. Adams, Ohio; A. L.
Porter,
Washington;
H.
P.
Righter, Pennsylvania; B.
Bransford,
Tennessee; A.
N. Hayward,
C.
Ohio; Arthur L.
Holmes, Detroit, and Geo. P. Sweet of Grand Rapids.
reference to the
Herald" says:
With
grounds for dismissal, the Chicago "Record•
'
•.
The dismissal of the "lumber trust" indictments
was
due, according to
Department of Justice officials, to the Government's winning its civil suits
for
dissolution.
The indictments
asssociations, who
were
were
against
alleged to be members
14
of
a
secretaries
of lumber
"secretaries' bureau'
JULY 5
They were dismissed by
'blacklisted."
since June 23 1911.
been pending
assigned by the Department of Justice was
The reason
already won its civil case in the
Colorado and Wyoming Lumber Dealers'
tion at St. Paul, the
Michigan Retail Lumber Dealers'
at Denver and the
panies' returns on July 1, until the actions of the AttorneyGeneral were disposed of.
On June 30 the insurance com¬
Association
Association at De¬
prosecuted.
These latter actions will be
troit.
Lumber Dealers' Associa¬
against the Northwestern Retail
suits : pending
that the Govern¬
lower courts against the Eastern
There are three?other civil
Association.
Lumber Dealers'
Retail
States
Revelle, Superintendent of Insurance, on
Attorney-General McReynolds.J^They had
penter's Court on orders from
ment had
Charles G.
June 13 cited the
foreign companies which had suspended to show cause on
July 1 why their licenses should not be revoked.
Following
the announcement of the Court's findings, he stated that he
would not proceed further, other than to receive the com¬
Preliminary to the Supreme Court's decision,
regarding activities of lumbermen who had been
Attorney Wilkerson in Judge Car¬
which gave information
4
*
panies were given 30 days in which to file their answer to
the Attorney-General's suit.
The case will be argued at the
■
;V-'
\
♦
_
reported that the indictments against'the so-called
brick combine were likewise dismissed on June 7 in the U. S»
It is also
William
formerly
head of the Metropolitan Paving
C. C. Barr of theBarr Clay
city of excessive exchange rates has been
final report. A preliminary
report indicating the progress thus far in the matter was pre¬
sented at a special meeting of the Board of Trade by Col.
Marion E. Taylor, Chairman of the committee, on June 17.
Col. Taylor, it is stated, said that the committee had written
to a large number of other cities for information as to the
rules and practices concerning collections in those places,
and had replies from all of them.
He read the replies to the
Board, and stated that every city to which the committee
by the banks of the
Brick Co
given until Sept. 1 to submit its
Brick Co., and the three corpora¬
companies met and fixed a
the heads of the three
year
price at which they were to sell brick to the city; Brennan
is said to have been Chicago sales agent of the three con¬
and in
cerns,
suit brought against him by Mrs. Aileen J.
a
Christopher for alleged profits claimed by her,
she mentioned
D.J. Christopher, who had been City
that her husband,
had been in league with Brennan and had
Brick Inspector,
special committee of the Louisville Board of Trade
was appointed to investigate the alleged imposition
which
In this case it was asserted that once
tions they represent.
a
and May 31.
A
Deputy Commissioner of
Purington, of the Purington Brick Co
Public Works; P. V.
H. S. Renkert,
The dispute has previously been referred to
according to the "Record-Herald," were
Brennan,
F.
October term.
by us—April 26
The alleged conspirators named
District Court of Chicago.
in this indictment,
21
CHRONICLE
THE
1913.]
and regulations requiring charges
had written had rules
As a result, it is
enjoyed an absolute monop¬
to 1909. District-Attorney
that it was found that the
had been outlawed, so all
passed only such brick as Brennan sold.
collection; that they varied in degree to some extent,
stated, the three companies had
all
oly for nearly five years prior
Wilkerson is
quoted
as
stating
had
"charges under the indictment
could do was to dismiss the suit."
He also reported that the local
the matter
Under
of
decision
a
a new
in effect, is
all the banks and is now
on
in the
set up
ing Committee of the
of Missouri,
sions be made on
June' 28, the foreign
companies which ceased writing business in
fire insurance
that State
Court
Supreme
the
Woodson
on
insurance
existing
of
companies
185
meeting in May.
in the Western Insurance Bureau and
something over 100 companies in the Western Union'ofiFire
Underwriters; on June 24, however, the Attorney-General
dismissed the proceedings against fifty-one ofjthe insurance
companies, because they held no license in Missouri, the
opinion of the Supreme Court thus applying toJ135 companies.
The dissensions grew out of legislation enacted at the late
sessioh
of the Missouri
one "'Act Jrepealing
Legislature,
Under
a
the association at its recent
now
resolution quoted herewith, the
recalled the endorsement given by
Executive Committee has
convention to the Newlands bill,
1
pending in Congress.
'
Bankers' Association, at its convention held at
West Point May 20-21, passed a resolution commending the Newlands bill,
and this action was taken after hearing only an ex parte statement by
G. H. Maxwell of New Orleans, and was done in the hurry of clearing our
calendar so as to get at the proper work of the association, or work germane
Whereas, the Mississippi
the
to the
purpose"of the association: and,
,.
;
this resolution is felt to be a grave injustice
Whereas, the adoption of
and another prohibiting the companies
co-operating in the making of rates.
from
Secretary of the
ployment on a salary of a Secretary who would devote his
entire time to the association was decided upon at the annual
seventy odd companies
Oliver rate-making law
•'
Mississippi Bankers' Association at a meeting of the Execu¬
tive Committee of that organization on June 17.
The em¬
involved in the proceedings—
were
recommendation of the Committee of Supervision.
T. H. Dickson was chosen as permanent
Originally,
contracts.
Louisville Clearing-House Association that conces¬
items taken for collection, and no member shall be re¬
♦*"
warranto proceedings instituted against the
In
overruling the demurrers filed by the companies, the„Court
issued a temporary injunction against them to prevent the
termination
follows:
,
into effect the
companies by State Attorney-General Barker in May.
about
as
of Supervision recommend to the Stand¬
quired to make a charge for collections as distinguished from cash items
other than the cost actually incurred, and that proper steps be taken to put
April 30 must answer to the charge of conspiracy
quo
banks
rule making considerable concession in
of collections.
This rule, which was adopted by
adopted
Resolved, That the Committee
handed down by Justice
for
were
substantially the same, and about the same as the charges
made in Louisville.
we
but
to the
According to the
live in the alluvial section of the country,
therefore, be it
'
people of Mississippi who
the Yazoo-Mississippi Delta,
*
St; Louis papers,
the insurance companies lost upon every
Resolved by this
hastily and unadvisedly in passing
legal proposition they raised in their demurrer tojthe Attor¬
Resolved further, That
The "Globe-Democrat"
ney-General's proceedings.
says:
P* They contended that the Oliver Rating Lawjrepealed the oldTAnti-Trust
Act
so
far
as
It
tomed uppn no
mend that the question
vent the cancellation of
injunction against theTcompanies t<£_pre-
'
companies had
a
The
upon
an
collectively
as
ah'ouster against the companies.
business and have
a
What he wants is to makejhem resume
fine imposed upon eachjjof them.
Justice Walker dissented from the
mittee in
.
tion of the decision which ordered the issuance of a temporary
injunction to preventjthe termination of^existing insurance.
In his
one
opinion Justice Woodson said:
or
more
of the respondents
feels itself or themselves aggrieved
there isjio valid
reason,5morally
or
subject
degree
agreement, in pursuance thereof, induce or agree with all the others to
in
a
leave
body severally.
by'agreement to withdraw from the
unlawful agreement, or to cancel
right
Statejinjajbody injpursuance of said
their policies^uponjproperty in this State
in.pursuance to said agreement.
by imparting a knowledge of
the aids thereto at hahd.
the addresses
The
"The
Savings Bank as an
the Bowery Savings
"The
were:
Aid," by William E. Knox, Comptroller of
Bank.
,
Trust Company as an
Aid," by Alfred M. Barrett, Treasurer of
the Guardian Trust Company;
He also said:
"The Commercial Bank as an
contained in the body of the Oliver Act which can form
even'a plausible basis for the
contentionjthat it^repealsjthe
Antitrust laws
ofjbhe"|State in so far asTthey refer to fire-insurance ^companies.1^1 am,
therefore"firmly oFthe
opinion ..that not only the jAnti-Trust laws of the
State, common law and statutory,
/»•
helpful, and induce greater thrift
which would be mutually
subjects discussed and those who delivered
WWe>re, therefore, of the opinion that^theYespondents had no legal
There is nothing
ask, would, besides giving much practical
a
orfather&ompanies, and|by
the audience cared to
information upon
of which the majority of people are ignorant, create
of co-operation between the banks and the people
questions relative thereto that those in
a
tojleavelthe State, but, in doing so, they,have*ino]]legal or, moral rightlto
Bank Section, which concluded that
by bank men who would explain in detail each class
of financial institution in their community and answer any
lectures
Acts," then
enterinto unlawful conspiracy with themselves
and devised by the com-',
charge of the Campaign of Education in Thrift in-
stituted by the Savings
legally, why it shouldjnot be permitted
because of the statutes of 1913, known and calledjthe "Orr
delivered at Cooper Union the present
tion with the Board of Education
opinion of JusticejWood-r
while Justices Faris and Brown dissented from that por¬
were
The first of these lectures was given on March 5 and
the final one on April 23.
They were arranged in co-opera¬
year.
the result of agreement, then they
Th e*A ttorn ey-G en era 1 does not seek
unlawful act.
.
published in pamphlet form eight lectures on
"Thrift," which
this point, said they could quit individually, but if
they attempted to quit
committing
Savings Bank Section of the American Bankers' As-
sociation has
right to quit
business in Missouri.
If
life-long study, such as those
composing the Mississippi River Commission.
policies, but JudgeiWoodson held to the'icontrary.
They contended, further, that the insurance
son,
who have made the matter their
men
lands be left
and other engineers,
The insurance lawyers contendedJJthat the Court was
without jurisdiction to issue an
were
of proper protection of the alluvial
judgment of the United States engineers
and to
law.
They lost this contention, Judge Woodson^holding
did.nbt repeal the anti-trust provision relating to insur¬
companies.
The!Court,
have given at the meeting, and that we recom¬
to the best
that the Oliver law
ance
said resolution.
individually this committee recalls any endorse¬
ment that its members may
applicable to insurance, hence Barker's suitjwas bot¬
was
committee, That we think that the convention acted
i,n*.iui<
arejn full force^andjeffect, but also that
11, i;
1;ijd
i
it,;ii ijj ; i.j \resp on dents,
the
Aid," by O. Howard Wolfe, Secretary of
Clearing-House Section of the American Bankers' Association.
"The
Insurance Company as an
Aid," by William H.- Hotchkiss,- for¬
New York State.
"
Association as an Aid," by Archibald W. Mc-
merly Superintendent of Insurance of
•'The Savings and Loan
Ewan, Secretary of the
ciations.
New
York State League of Savings & Loan Asso¬
22
CHRONICLE
THE
"Home
Ownership," by Francis Jordan,
Brooklyn, N. Y.
'
'
'",k
.
"The Postal Savings Bank
as
RhoadesA Co., New York.
i
"The Loan-Shark Evil and
Secretary of "The Thrift,"
Aid," by John
an
.
,
''
.
Co-operation
■
Aid," by A.
as an
of
Harsen Rhoades,
H.
Ham,
Director Division of Remedial Loans, Russell
Sage Foundation.
meeting of the executive committee of the Texas
a
Bankers' Association
ciation lend itself
June 24 it
on
during the present
of three main projects.
decided that the Asso¬
was
to the promotion
year
One of these is the development of
xcvix.
The semi-annual statement of the New York Trust
Co.,
26 Broad
Street, this city, for July 1 shows that, after paying
$480,000 in dividends to stockholders (or 16%) for the past
six months,
the company has increased surplus and undi¬
vided profits to
$11,937,062,
♦——
At
(Vol.
deposits
$39,210,678,
were
office and other banks
profits
combined,
$56,564,733.
•.
..
gain of
a
while
the
$104,000.
over
of
amount
Its
cash
in
$11,625,880; capital, surplus and
$14,937,062, and aggregate resources,
:.' W-Vr:/.
v;.,;
was
agricultural interests throughout the State, and to provide
funds
for
this
purpose
resolution
a
adopted by the
was
committee advocating an increase in the dues of its members.
The other propositions concern the furtherance of
plans for
the enactment of legislation
providing for the creation of a
bonded warehouse system in
Texas, to the end that banks
will be enabled to
make
collateral, and the
passage
advances
of
a
stored
on
products
as
"reasonable blue-sky law."
indictment in the cotton pool
new
presidency of
Brooklyn Savings Bank of Brooklyn Borough on the 1st
inst., was tendered a farewell dinner by the officers and em¬
ployees of the institution
case was returned by
Jury in this city on Tuesday, the 1st inst.;
this action, it is stated, having been taken
by the Government
the Federal Grand
to amend flaws in the indictment found
on
August 4, 1910,
which had itself corrected the
original one returned in June
1910.
The latest indictement is against Col. Robert M.
Thompson, of this city; Eugene G. Scales of Texas, Frank
B. Hayne and William P. Brown of New
Orleans, and
Morris^H. Rothschild of Woodville, Miss. James A. Patten,
who pleaded guilty last
February to one of the counts in the
mentioned
not
parties
as
named
fined
was
$4,000, and Charles A. Kittle,
the
to
defendants.
as
alleged
It is
conspiracy,
stated
that
are
of resolutions
bill
President
as
a
set
es¬
Mr.
by his associates in the savings
Maynard had served the institution in various
capacities for thirty years—from junior clerk to President.
Crowell Hadden, Vice-President of the
Savings Bank, was
nominated
but has
June 17 to succeed Mr.
on
declined
election of
a
Maynard
the honor because of
his time; he will, however, act
upon
the
as
President,
other demands
President pending the
as
permanent head.
'T.f,- —*—
Charles F. Thayer, formerly Mayor of Norwich,
Conn.,
.
■
made permanent receiver of the Thames Loan & Trust
was
Co. of Norwich
April
are
new
the
Mr. Maynard's with¬
presented to him in testimony of the
were
in which he is held
bank.
on
but
June 27.
loving-cup and
,
indictment and
on
drawal from the management follows his election
of the Brooklyn Trust Co.
A silver
teem
«
A
Edwin P. Maynard, who retired from the
the
also
June 27.
on
when the
16,
suspended.
The institution closed its doors
First
National
Bank
Norwich
of
•
.
'
contains
but
allegations
to restrain
and
count
forth
set
It
counts.
one
in
1-
covers
the
practically the
earlier
indictment
same
of
eight
charges the defendants with having conspired
trading'iin cotton from January 1 1910 to Septem¬
in[violation of the Sherman Anti-Trust Law, the
ber 1 1910
V
♦——
-
-
Seymour H. Knox has been elected
Stephen M. Clement
Bank of Buffalo.
Mr.
succeed
to
the late
President of the Marine National
as
Knox,'who is Vice-President of the
Columbia National Bank of
Buffalo, last January took over
large block of stock of the Marine, his acquisition repre¬
senting the greater portion of the stock of the President,
specific charge that|the|defendants conspired to operate a
corner is
omitted, it is understood, in the new bill; it is reported
a
that
Mr.
this
was
done|,to\ meet the views of Supreme Court
Justice Van Devanter
the essentials of
on
vanced in his opinion of last
Morris
H.
Rothschild,
a
"corner"
as
ad¬
January overruling the demurrers;
named
now
as
a
defendant,
was
Clement, whose death occurred iin March.
election
of
John J.
MDr.
Knox
Albright,
one
the
to
With the
presidency of the Marine,
of its Vice-Presidents, has been made
Chairman of the board of
directors; George F. Rand, Presi¬
included among the defendants in the
original indictment,
dent of the Columbia National, has been chosen to succeed
but
name
was
omitted from the second indictment;
Charles A. Kittle, who is not indicted this week but is men¬
Mr.
tioned
Aside from the changes noted,
one
his
as
a
of the
party to the alleged conspiracy, had also been
original defendants; but his
the later indictment.
v
'•
_
At
'■
.
-
left out of
Commissioner of Banking of the State of
Texas,
a
Assistant
continue
as
was
also
Cashiers/
Anson Phelps Stokes, formerly prominent
died at his home in New York last
as
banker,
a
Sunday (June 28) of
Edward
action
in
an
accident
on
that day.
He had retired
that
two of his
.
Mr. Stokes also
more
won a
reputation
as an
author,.
prominent books being "Joint Metallism" and
"Dangers of the Proposed National Paper Money Trust."
1
States, organized under the presi¬
dency of Joseph S. Marcus, opened for business in this city
on
Tuesday the 1st inst.
A certificate of incorporation for
it
was
issued
by the Banking Department
organization of the
in
the
new
Public Bank,
having resulted in the
as
as
Cashier.
June 27.
The
institution grew out of dissensions
recent withdrawal of
as
All of
Joseph S. Marcus
Vice-President and W. F. H.
these
are
officials of
bank, Messrs. Koelsch and C. L. Marcus serving it
Presidents while
•
B.
K. Marcus
is Cashier.
the
as
new
Vice-
The Bank of
the United States has
temporary quarters at Delancey and
It has a capital of $100,000.
Orchards streets.
March
as Assistant
resigned from the
had been
a
member
however,
as
a
Buffalo, N. Y., whose stockholders
toward
increasing its
capital from
its enlarged capital
announces
Its surplus at the
as
time is reported
same
$1,000,000, besides which it has profits of $500,000,
totaling $2,500,000.
.
capital and surplus of the People's Bank of Buffalo,
both doubled on the 1st inst., each being in¬
creased from $300,000 to $600,000, thus
raising the Combined
capital and surplus from $600,000 to $1,200,000.
Action
on
the question of increasing the capital of the Mu¬
tual National Bank of Boston will be taken
holders
on
not
less
in
business
than
by the stock-'
It is the expectation that the
July 23.
will be raised to $500,000
$125
December
and that the
per
share.
and
1909
The
has
amount
issue will be sold
new
institution began
deposits
of
about
$1,300,000.
♦
A
The
in Delancey Street, these differences
President, C. L. Marcus
Koelsch
on
has
N. Y., were
at
The Bank of the United
a
•
a
partner in the banking firm of Phelps, Stokes & Co.
He
had, besides, formerly been a director of several banking
institutions.
as
as
Cashier and Henry J.,
He .continues,
years.
available July 2.
occurred
about a dozen years ago at his Lenox estate, in which he was
thrown from his horse, suffering injuries which necessitated
the amputation of a leg.
Mr. Stokes had been a partner in
the metal-importing firm of Phelps, Dodge &
Co., and later
Hutchinson
$500,000 to $1,000,000,
the three items
year.
H.
The Bank of Buffalo at
also
seventy-sixth
following
as
;'v.
apoplexy, with which he had been stricken
active business
the officers of the Marine
.stockholder.
Mr. Stokes
from
the. Marine National,
director of the Marine.
heretofore, John H. Lascelles remaining
twenty-seven
took
in his
a
directorate of the Marine, of which he
for
Vice-President, and W. K. Cleverley, formerly
Cashier, Was elected Cashier.
was
Vice-President of
Auer, Norman P. Clement and Merle H. Denison
—r—♦——
meeting of the directors of the Seaboard National
Bank of this city on June 25 C. C..
Thompson, formerly
Cashier, was elected a Vice-President; B. L. Gill, formerly
a
elected
as
Vice-President; Clifford Hubbell
:•
.
:
■
name was
Albright
and Mr. Rand has also been elected
new
$300,000 issue of stock is to be put out by the
Home National Bank of Brockton, Mass., its capital
thereby increased from $200,000 to $500,000.
accumulated profits there is to be declared
of $100 per
share, payable Oct. 1, which
the stockholders
will
be
offered
part payment for the
as
to
a
special dividend
be used by
may
new
stock, which
existing shareholders at par—$100.
special meeting of the stockholders will be held
to
ratify the plans.
over
$500,000.
•
being
Out of the
.
on
A
July 25
The bank has surplus and profits of
;
.
July 5
in pamphlet form the report of the
proceedings of the fourth annual convention
ciation held at Rutland on Feb. 21.
of the Asso¬
William A. Law,
First Vice-President of the First National
endorsed at the Pennsyl¬
vania Bankers' Convention for First Vice-President of the
American Bankers' Association, has also been unanimously
Philadelphia, who
Maryland members of the
American Bankers' Association.
•
and Carl Joyer, Assistant Cashier.
Cashier,
as
retains the post of
Houseman, in addition to his new office,
Krone, Secretary and Treasurer.
First Trust & Savings Bank of
Cleveland, which
recently organized as an adjunct of the
Bank of that
ters in the
First National
city, has opened for business in temporary quar¬
The
First National Bank building.
company
has
a
paid-in capital of $1,250,000, which is owned by the stock¬
holders of the First National Bank.
The officers of the new
institution
son
and F. J. Woodworth,
win, Secretary;
Mr. Vance was one
the city,
who
was
elected
a
Vice-President of
for Savings of Cleveland on June 24, died sud¬
the 25th.
associate of John D. Rockefeller and was a
He
in Standard Oil stock.
Howard
was
elected Vice-Presidents of the Ohio
Works, of both of which
the
held
age.
Savings Bank & Trust
resigns as Secretary and Assistant
Shipbuilding Co., although he retains
Shepherd
Mr.
vice-presidency, while he was a director of the
Stamping Co., the
Woodward Iron Co. of
Birmingham, Ala., and the State Bank of Elm Grove, W.Va.
Fostoria Glass Works, the United States
Wheeling Sheet & Tin Plate Co., the
-—♦
Under arrangements
perfected
Treasurer of the Toledo
the past seven years
he' now becomes
Mr. Cady had for
in that organization.
his stock holdings
by the Union & Planters' Bank & Trust
The absorbed bank was
Co. of that city.
organized in 1907; it had a capital of
absorption had deposits of
It is stated that the
receive from $1 05 to $1 10 on their hold¬
$100,000 and on the date of its
$155,244 and resources of $292,744.
stockholders will
President S. M. Williamson is quoted by the "Com¬
as stating that the demands of business
called for a larger capital than that under which the bank
ings.
mercial Appeal"
operated, and that, rather than increase the amount,it was
decided to accept the offer of the Union Bank & Trust.
Mr. Williamson,
business.
.
.
;
it is said, will continue in the real estate
•'v""-,
V.- '
a
been Cashier of the institution of which
Vice-President; he is succeeded in the
An
Both of the
new
Vice-Presidents served
as
Bank, was approved by the
Comptroller of the Currency on May 20.
Under the
national system the institution will have a capital of $200,000, it being at present $100,000. :
«
\
\
.
..
♦—-
"
.
'•
'.
Following the institution of a receivership
Presi¬
and they were
identified with the movement through which that body
dent of the old Toledo Chamber of Commerce
Kno^ille,
application to convert the Union Bank of
Tenn., into the Union National
cashiership by Edward Kirschner, heretofore an Assistant
Cashier.
June 24, all the assets
on
Bank & Trust Co. of Memphis were taken
With his entrance to the official staff of the
Co. of Ohio.
bank
large stockholder
seventy-five years of
Shepherd and Edward H. Cady have been
I.
in¬
the Pocahontas Tanning Co., of which he
President;
was
of the Williamson
The vice-presidency is limited to a threeyear term, and Mr. Severance was elected to succeed W. R.
Warner, whose three-year term had expired.
Mr. Severance
had long been a trustee of the institution.
He was an early
on
his varied interests, including besides the two
Bridge Co. and the Imperial Glass
he
over
denly
Trust Co., died on June 26.
of the most prominent business men of
the Wheeling & Belmont
Vice-Presidents; George N. Sher¬
and Robert S. Crawford, Treasurer.
Louis H. Severance,
the Society
President of the National Exchange Bank of
J. N. Vance,
Wheeling and the Security
Thomas H. Wil¬
John Sherwin, President;
are:
-
-4
♦
„,
was
com¬
stitutions named, connection with
•
new
The
Virginia Avenue.
has a capital of $100,000, and is under the direction
H. F. Reis, President; William G. Arpe, Vice-President;
pany
suc¬
both Vice-President
Mr. Renshaw retires on a pension." Mr.
retires
Trust Co. has opened for business in St.
The Meramec
Louis at Meramec Street and
of the Real
Assistant Secretary.
The
t
♦
of
,
of Philadelphia, to
Estate Title Insurance & Trust Co.
ceed Lewis S. Renshaw, who
Treasurer.
capital of
a
presidency of Louis Mayer, who is associated in the manage-?
V. Bacarach, Vice-President; W. H. Tholen,
and Fred.
Daniel Houseman has been elected Treasurer
and
It has
The bank is under the
$200,000 and a surplus of $30,000.
was
that post by the
endorsed for
Bank commenced business in Chicago
Clark and Kinzie streets on June 28.
at
ment with E.
¥—
Bank of
The Illinois State
the Vermont State Bankers'
Secretary G. S. Webster of
Association is sending out
23
CHRONICLE
THE
1913.]
Guarantee Trust &
.
■
suit against the
Banking Co. of Atlanta, Ga., brought
by certain stock and bondholders of the institution, Judge
merged with the Toledo Business Men's Club, now the; John T. Pendleton of the Fulton Superior Court decided on
June
18
that the evidence in
Toledo Commerce Club. .The Ohio Savings Bank & Trust
both
was
^he case warranted the
Co.
now
has five Vice-Presidents, the other three
A.. Browning
Clark
Cummings,
and
being John
George M. Jones.
the company to
A
James J. Robison is President.
20th ult. ordered
Robinson.
subsequently granted by Judge
appointment of a receiver, and on the
be placed in the hands of James D.
twenty-day supersedeas was
Pendleton in order that the .Company
A booklet
descriptive of its
new
building has been" issued
by the Austin State Bank of Chicago.
The opportunity is
time availed of to present a
brief historical sketch
at the
same
It had its beginning in 1890, when a
of the bank.
modest
Park Avenue, Austin, was opened by
Charles S. Castle and Percy V, Castle, who associated with
banking
room
on
them Frank P. and
George B. Cogdal. On Jan. 1 of the follow¬
the Cogdal brothers retired and Perley D. Castle
became associated with his brothers."
The plan from the
ing
year
first
was
to
organize
1891 the Austin State
State institution; and on June 10
Bank was organized and took over the
as a
business of Castle Brothers.
erected for its
use on
This building has
In 1895
a
new
building
Park Avenue and Southern
was
Boulevard.
since been outgrown and the new modern
been
erected; the bank opened in this structure on June 18,
The
structure is a low one, designed for the exclusive needs of the
bank.
A number of views of the new quarters are presented
in the booklet, both of the exterior and interior, and the vari¬
ous
private rooms.
The bank's capital at the time of its
organization was $25,000; in 1906 it was increased to $50,-
building,
one
of the finest of its kind in Chicago, has
000; in July 1912 it
was
again doubled, making it at the pres¬
Its
identified
with the bank in its infancy are still officially and financially
interested in its development.
Charles S. Castle is Presi¬
dent; Perley D. Castle is Vice-President and Cashier and
ent time
$100,000, with surplus and profits of $65,000.
deposits exceed $2,000,000.
Nearly all the men
Harry M- Gardner is Assistant Cashier.
the
still
might enter an appeal
According to a statement issued by
attorneys for the company on the 21st, its affairs are
in its own hands under certain limitations imposed by
to the
Supreme Court.
Judge Pendleton's order, and the case is in course
of prepara¬
The suit against
the company was brought on May 5, the plaintiffs, according
to the Atlanta "Constitution," charging that the defendant
'company was insolvent as the result of fraud and mismanage¬
ment; prior to the action of Judge Pendleton in naming a re¬
ceiver, an audit of the company's affairs was ordered by him.
tion for presentment to
the higher Court.
The "Constitution" says:
tended that
the business
that company was
Co. for
E.
a
filed by the auditor, plaintiffs'
insolvent, been sold to the Guarantee Trust
bonus of $250,000, the greater
Smith and
H.
S.
& Banking
Sam.
part of which sum was paid to
Miles, President and Secretary,
Guarantee Trust & Banking
The
"
•<
counsel copevery allegation of their petition had been sustained and that
of the former Guarantee Redemption Company had, at a time
As the result of the report
respectively, of the
Co.
"Constitution" also says:
The decision of Judge
Pendleton declared that, under
officers of the company had
the evidence, the
been guilty of violating the trust
relations
of Georgia, and that the company
of solvency fixed by the statutes of the State
imposed by its contracts and by the laws
was
and
unable to meet the measure
was
insolvent.
The Guarantee Trust &
1907.
It has
a
Banking Co.
was
established in
capital of $500,000.
♦
The United States National
Bank of San Diego, Cal. has
organized with a capitaljof $100,000.
President and S. A. Reed Cashier.
been
L. J. Wilde is
"V
24
CHRONICLE
THE
On June 10 the plans whereby a union of the interests
holders of the Central.
As
a
Angeles and the Security
ratified by the stock¬
were
result of these
being
raised
from
$300,000
its
The
$1,000,000.
to
Security Trust & Savings Bank likewise increases its capital
from $1,650,000 to $2,000,000.
has as officers:
J. F. Sartori,
M.
S.
Hellman
J. B.
new
Security National
President;
R.
Cashiers.
Beamon and Albro
Zombro
Ex¬
Im¬
of
Ex¬
Im¬
ports
j
ports.
Exports
ports.
ports.
F. Zombro,
S.
$
Zombro,
& Trust
Gist,
Mathews,
having been President, Mr, Mathews, ViceSecurity Savings
Co., and Mr. Hellman is Vice-President of that in¬
stitution.
$
Further reference to the proceedings between the
two institutions will be found in
issue of
our
$
a
1,404,419
1,437,071
1,187,256
1.102.235
$
$
1912-132,302,465 1,681,505 620,960 77,193
1910-111,907,613
1909-101,617,096
1908-091,545,592
1907-081,745,404
Im¬
ports.
65,807 11,386
50,157 43,325
6,832
503,194 19,435 68,839 a49,404
180,026116,965 38,764| 78,201
358,336 83,185 41,636 41,549
643,169. 63,806 144,887a81,081
of
Export
$
66,882 38,903
59,844 42,170
58,972 42,431
50,699 41,909
50,178 39,616
53,484 41,205
27,979
17,674
16,541
8,790
10,562
12,279
Excess of imports.
Similar
totals for five months since
January 1 follow:
C. S. Albro,
all officials of the Central National,
Mr. Sartori is at the head of the
Excess
Ex¬
ports.
of
Exports
1911-12 2,066,089 1.522.234 543,855
>
s
Silver.
Excess
000s
Ex¬
Im¬
of
Ex
Im¬
ports.
Exports
port
ports.
*
?
%
1913... 1,002,863
1912...
961,382
1911...
846,114
694,547
670,554
762,428
1910...
1909...
1908—
a
Excess
ports.
omitted
May 24.
•
Gold.
Five
v
President, Mr. Gist, Cashier, and the other two Assistant
Cashiers.
Silver.
Excess
Merchandise.
Messrs.
were
Gold.
Excess
(00(S
mittca
Vice-Presidents;
Mathews,
Gist, Cashier; and A. M. Beamon and
Assistant
Mr.
John
and
The
■>J ora/.*
proceedings, the
Central National becomes the Security National Bank,
capital
Merchandise.
xcvii.
Eleven
the Central National Bank of Los
Trust & Savings Bank is effected
in
[Vol.
Excess
of
%
$
748,084 254,779
753,621 207,761
640,939 205,175
63,165
26,226
10,177
676,871
593,332
77,222
47,919
55,487
430,344332 ,084
44,891
a2,676
Excess
Ex¬
■
24,522
Im¬
ports.
of
Exports
ports.
■
$
38,643
?
$
28,590
28,623
28,665
22,467
23,855
21,077
19,653
6,573
29,005 018,828
14,812 33,107
17,768 37,719
22,957 21,934
of
Exports
15,766
20,385
18,454
18,593
18,533
17,688
12,824
8,238
10,211
3,874
5,322
3,389
Imports.
The Union Savings & Trust Co. of Seattle, Wash., an¬
the
nounces
of
ment
opening of
Oscar P.
a
bond department under the
Dix.
Mr.
Dix
Pacific and Other Western
manage¬
recently connected
was
Clearings brought forward
from first page.
\
with the Chicago office of Wm. A. Read & Co., New York.
June.
Six Months.
Clearings atInc.or
P. C. Kauffman has resigned as Second Vice-President of
-the
his
active
responsibilities
and thus permit his full
restoration to his former health.
Kauffman still
Mr.
con¬
tinues to be identified with the company as a director.
He
become associated with the National Realty Co. of
has
Taooma, and
its Vice-President will have charge of its
as
bond and investing department;
not
confining
so
Kauffman
is
also
these duties, it is said,
those which he has relinquished.
as
are
Mr.
Secretary of the Washington Bankers'
Association—a position he has held since 1901.
•
IMPORTS AND EXPORTS FOR MAY.
The
Bureau
of
.
.
Statistics at
Washington has issued the
statement of the country's foreign trade for May, and from
It and previous statements we have
prepared the following
Interesting summaries:
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000)
V
are
In all
cases
MERCHANDISE.
1913.
January
February
March
April
May
—Imports—
1912.
$227,033
193,997
187,42 7
199,813
194,593
...
1911.
$202,446
198,844
205,412
••
•
July
August
"•—
175,380
153,152
141,707
127,697
144,185
195,799
210,366
201,753
224,907
mm
im
138,234
-
mm
148,885
167,845
mm -
September..;
October
l
November
•
199,678
•*
'
mm
mm
m
m.
mm
254,634
278,244
'
mm
__
December
250,316
......
1911.
,162,571
133,466
161,933
157,988 V
'
1912.
$163,063
149,914
155,415
144,194
175,957
'
'
June
1913.
$197,083
179,300
omitted.)
'
—Exports—
155,698
$143,586
134,188
157,577
131,031
______
148,667
r
154,757
...
144,820
$130,561
121,695
139,042
119,827
129,814
122,807
118,054
125,945
125,172
177,988
>'
132,606
153,095
•
.
126,162
140,674
154,095
$2,399,218 $2,092 527
$1,818,073'!
......
.
GOLD.
—Exports*—
1913.
January
February
1911.
$1,915
12,373
April
May
—Imports
1912.
$17,238
10,589
7,454
March
18,077
3,010
1913.
$924
505
4,381
4,336
4,014
3,893
4,561
3,347
July
August
3,748
%
%
198,854,627 208,526,744
—4.6 1,295,861,889 1,280,140,828
+ 1.2
95,134,800 94,039,348
+ 1.2
632,619,895
564,808,455 + 12.0
Seattle
54,459,456 49,220,186 + 10.6
316,349,135
284,374,438 + 11.2
Spokane
17,313,000
17,388,609 —0.4
105,794,319
108,772,622 —2.7
Portland
49,345,905 43,677,657 + 13.0
306,953,758
289,759,508
+ 5.9
Tacoma
11,609,900
11,594,074
+ 0.1
69,579,138
65,801,793
+ 5.7
Salt Lake City
24,247,198 30,869,847 -21.5
154,306,699
195,956,033 -21.3
Oakland
14,564,062
14,420,797
+ 1.0
96,560,119
95481,419
+ 1.5
Sacramento
7,805,749
6,501,435 + 20.1
50,022,413
40,149,732 + 24.6
San Diego
11,216,995
10,923,586
+ 2.7
72,925,269
63,295,521 + 15.2
Pasadena
3,655,337
4,149,918 —11.9
26,500,564
23,076,269 + 14.8
Stockton
3,453,263
3,580,561 —3.5
22,256,994
20,247,325 + 10.0
Fresno
4,328,759
3,695,560 + 17.1
26,828,624
22,331,842 + 20.1
San Jose.....
2,459,051
2,525,089 i—2.6
16,311,855
15,593,211
+4.6
North Yakima
1,620,924
1,716,215 —5.6
9,955,992
10,454,354 —4.8
Boise
2,959,363
3,236,066 —8.6
19,212,022
19,817,533 —3.1
Ogden
2,528,188
2,670,638 —5.3
15,974,497
16,161,921 —1.2
Reno
1,090,000
1,093,760 —0.3
6,859,896
6,855,340 +0.1
-
...
Total Pacific
506,646,577 509,830,100
—0.6
3,244,873,078 3,122,778,144
207,598,087 196,997,906 + 5.4
96,061,934
Minneapolis
78,244,506 + 22.8
Omaha
71,507,377 67,120,283
+ 6.5
St. Paul
40,460,509 44,864,088 —9.8
Denver
36,605,953 42,189,805 -13.2
St. Joseph
33,903,331
+ 9.7
30,901,752
Des Moines—
21,119,843
18,219,542 + 16.5
Sioux City...
14,522,333
12,471,091 + 16.4
Duluth
17,678,616
12,557,961 + 40.8
Wichita
14,209,497
12,976,117
+ 9.5
6,643,451
Topeka
6,725,504 —1.2
7,197,755
Davenport
+ 5.8
6,804,984
Lincoln
8,263,050
7,171,968 + 15.2
Cedar Rapids
6,680,780
5,579,623 + 19.7
Colorado Spgs
2,699,650 ' 2,998,554 -rlO.O
1,901,752
Fargo
1,558,490 + 22.0
Sioux Falls
2,800,000
2,399,637 + 16.1
Waterloo
7,435,746
5,765,537 + 29.0
Helena
4,299,625
+ 9.0
3,943,862
Pueblo
:
2,498,317
2,632,481 —5.1
3,244,541
Joplin
3,183,215
+ 1,9
Aberdeen
1,700,426
1,272,459 + 33.6
Fremont .1—
1,690,572
1,424,009 +18.f
846,095
Hastings
648,960 + 30.5
1,643,130
Billings
:
1,212,048 + 35.6
Grand Forks
1,482,500
1,500,100 —1.2
Kansas
Clty.
,365,795,974
582,968,689
440,067,275
248,935,833
..
—-
_
3,984
13,941
657
__
December
t
994
;
.
...
V
5,577
4,201
1
$47,425
5,806
4,119
4,525
;
11,887.
.
.
...
4,474.
11,397
4,105
4,704
4,102
3,458
4,707
$37,183
$66,549
$57,445
SILVER.
26,157,557
16,876,683
19,601,044
11,065,765
8,613,113
5.328,182
9,590,407
8,728,700
-Imports—
19fl.
1912.
1913.
$6,436
$6,028
$5,651
5,315
5,122
4,453
5,806
April
5,537
5,972
4,941
7,610
May
5,329
6,726
5,054
5,778'
.
March
1912.
$4,201
2,481
3,184
£,808
3,0,93
5,897
San Francisco
..
Los Angeles..
..
Seattle——--
Spokane;.
Portland
..—--
Salt Lake City.
Sacrambnto.—
San
1911.
$4,358
3,781
$.5513
.
3,712'
4.189
3,898
3,197
4,252
Diego.....
Pasadena
Stockton
Fresno
SanJose...
3,556
'3,436
3.952
3,653
4i940
3,649
4,684
3,404
Kansas
3,417
3,339
Minneapolis
7,608
5,997
3,998
3,307
Omaha..
$71,962
.$65,664
$48,401
$43,746
SeptemberOctober
6,011
6,172
November
5,834
.
•
.
'
5,275
"
Yakima.
North
Reno
Total Pacific..
City
St. Paul.
•Mercha ndise-
1913.
March
.
+ $63,970
+ 44,083
.
April
+ 31,982
1912.
+$58,860
+64,656
+47,835
Gold1911.
+54,262
+ 22,891
.
+ 55,619
+ 16,729
+ 38,161
.
May
+ 61,127
+ 19,682
+ 7,203
+ 23,338
June
July
+ 218
+ 13,088
August
September
+ 54,858
1913.
+$66,522 + $ll,028
+ 18,900
-$3,226
+ 7,652
+ 3,118
—1,004
+7,906
—2,076
+ 1,104
December.
„
+ Exports.
+2,236
+ 75,591
+ 84,232
—1,764
—10,740
Imports.
..—$19,124
+166
+3,155
+2,125
+2,362
+1,488
+2,407
—11,557
—...+ $581,145+$560,168
—
+2,381
+3,517
+ 96,221
November
+$1,670
+1,341
+2.353
+2,094
4 3,164
+752
+ 2,834
—3,079
—3,633
+ 77,760
1912.
+ $2,235
+ 1,560
+ 9,643
+ 18,240
+ 70,627
+ 76,646
+ 125,149
...
1913.
I
+3,610
$23,561
Sioux City
Duluth.
Wichita
Topeka
Davenport
Lincoln
Cedar
Rapids
Colorado
Springs
Fargo..
44,167,374
20,726,750
12,232,041
3,418,894
10,394,740
2,514,428
5,278,823
2,866,398
1,592,938
2,256,600
737,149
658,355
988,657
47,596,972
19,632,919
12,094,780
3,700,000
9,045,448
2,310,127
5,606,429
2,986,362
1,328,381
526,809
325,522
255,000
108,940,478
109,846,106
46,108,675
22,089,431
16,409,586
10,094,115
7,728,603
7,735,082
4,247,844
3,368,240
+4,482,032
17,381,843
15,332,540
10,684,912
9,229,639
6,795,937
4,253,963
3,049,004
1,415,603
1,896,889
1,704,384
1,263,576
917,301
493,781
381,156
321,422
155,258
361,077
3,028,947
3,085,552
1,275,292
1,507,478
1,384,438
1,073,095
725,000
317,933
1,227,905
792,456
629,840
300,239
260,832
137,452
274,808
136,618.811
127,017,836
1911.
1910.
$
.
r—7.2
+2.0
42,113,288
16,643,599
10,298,382
3,615,597
9,400,000
3,071,690
'5,591,503
3,192,206
1,187,002
1,500,000
690,359
559,S84
605,000
445,000
383,071
255,000
—0.8
98,551,581
107,815,988
+ 3.7
44,076,276
16,662,695
12,665,967
43,542,228
19,550,443
14,921,718
12,544,952
+ 5.6
+ 1.1
—7,6
+14.9
•
•
+ 8.8
—5.8
—4.0
+ 19.9
—1.1
2,286,955
759,266
664,900
746,991
502,275
334,601
250,000
Helena
Pueblo
Aberdeen
Fremont
.....
Hastings
...
r
1 Tot.
512,583
410,847
1,700,391
Waterloo
Billings
:
Totals for merchandise, gold and silver for eleven months
...
Joseph
Des Moines—
-Silver
1912.
+7,016
+13,696
Denver
St.
EXCESS OF EXPORTS OR IMPORTS.
..
or
Dec.
•
—2.9
49,197,956
>15,569,757
10,976,389
4,513,228
9,206,270
4,065,927
5,823,405
2,976,101
1,108,679
1,150,000
888,929
497,352
604,347
465,000
445,000
245,000
,
.
'
—1.0
+ 32.4
+4.9
4,162
5,087
5,052
4,870
..
1912.
3,921
6,077
...
—29.7
+ 35.0
34,036,659 + 23.7
21,764,082 + 20.2
16,616,370
+ 1.6
17,865,448
+ 9.7
7,933,149 + 39.5
4 0.9
8,695,376
4,823,066 + 10.5
7,359,660 + 30.3
+ 7.6
%
,V 3,506
.August....
January
February
+ 8.9
—4.7
—0.4
inc.
1913.
4,880
5,046
6,591
Total
+ 15.3
+ 17.9
8,759,300
Clearings at—
4,345
Jupe
July
December
41,326,020
43,915,986
37,101,225
16,882,619
16,980,913
13,549,265
Week ending June 28.
qakland.+.^X-
-Exports1913.
January
February
.
+ 7.6 3,858,285,203 3,586,155,324
Tot.oth.West 614,694,870 571,274,482
XTacoma
Total
201,669,082
+ 2.6
116,802,930 + 16.7
78,577,801
+ 9.3
73,008,607 + 26.4
84,695,276
+ 2.6
39,999,616
+ 7.0
47,652,874
47,812,651
43,728,623
16,083,518
11,933,309
18,290,148
42,113,334
+ 3.9
,283,764,766
+ 6.4
487,759,790 + 19.5
416,096,983
+ 5.8
272,574,754 —8.7
233,626,589
+ 1.0
235,921,453
206,879,305
136,313,833
85,866,636
92,297,363
86,881,533
42,781,401
•
2,353
330
.1.
481
568
-
-
rn%mmmrnJm*
or
Dec.
Los Angeles...
2,595
$9,541
2,937
2,17 <
2,710
.
October
1912.
4,768
1,506
6.S17
3,075
2,498
September...
November
Total
1913.
San Francisco.
5,015
5,611
7,171
.
1911.
$5,141
425
•
1,817
4,451
12,467
1912.
$6,210
5,357
7.265
...
...
October
Inc.
Dec.
"
Total
June
1912.
Fidelity Trust Co. of Tacoma because of his desire to
lessen
■
1913.
oth.West.
4,087,508
3,002,158
—5.7
+ 27.1
+ 7.0
—5.5
9,989,366
8,147,220
5,925,224
3,335,538
—16.3
+ 13.8
+ 3.9
+ 12.2
+40.4
—1.2
+ 10.9
+ 25.8
+ 23.1
+ 17.7
—29.4
+ 29.2
+ 38.5
+ 15.7
—21.6
+ 26.9
+ 23.3
+ 13.0
+ 31.4
+ 7.6
.
-•
2,430,129
2,480,535
2,961,667
1,451,768
1,354,335
1,324,902
1,147,424
720,000
684,100
1,061,223
748,048
612,985
333,225
264,975
169,328
123,577
118,670.227
8,902,019
6,735,070
3,478,489
2,671,623
3,125,545
2,457,476
1.127.836
1,623,860
1,643,952
1.119.837
800,000
725,595
912,211
821,688
526,939
550,000
299,059
185,000
'
235,000
128,500,540
JILY 5
25
CHRONICLE
THE
1913.]
Clearings by Telegraph—Sales of Stocks, Bonds, &c.
subjoined table, covering clearings for the cm-rent
week, usually appears on the first page of each issue, but on
account of the length of the other tables is crowded out once
a month.
The figures are received by telegraph from other
leading cities.
—The
Canadian Bank Clearings.—The clearings of the Cana¬
dian banks for the month of June 1913 show
the
gain reaches 4.1%.
Six Months,
June.
<
•
^
Week ending July 5.
Boston'
-
$1,582,254,553
128,707,769
142,065,255
32,648,402
245,416,346
57,618,880
13,473,367
Philadelphia
—
Baltimore
—■
Chicago
•_
Orleans
New
Seven cities, 5 days
-
—11.7
$2,202,184,572
522,487,621
$2,300,717,945
498,764,287
$2,799,482,232
—2 7
London
591,767,247
—8.2
Calgary
All cities, 1 day
$3,391,249,479
—3.6
—4.1
—6.7
—3.9
—1.4
—2.5
—4.3
.
+4.8
—
Hamilton.
__
Edmonton..
for the six months of 1913 and 1912 are
Lethbridge..
Brantford
given below:
...
..
Fort William
MedicineHat
Six Months,
Gov't bds.
Statebds..
Bank stks.
Total.
—
.
+ 5.8
The clearings for the
98.2
377.390,168 96.4
1,005,205 102.9
+ 2.7
—10.2
—16.7
—13.9
—16.5
+ 7.5
—17.3
total,
total.
6,158,727
—3.7 4,436,221,368
Not
In
Incl.
total.
+4.1
4,261,982,743
week ending June 28 make
less sat¬
a
isfactory comparison with the same week of 1912, the de¬
in the aggregate having been
crease
97.9
13,108,877
13,384,000
325,500
—0.2
Price.
$5,144,928,881
977,500
92.7,
166,668 199.1'
+ 10.0
8,557,613
2,555,626
8,958,076
5,382,861
2,683,299
2,417,008
5,082,604
'
+ 13.1
+ 5.4
+ 17.0
+ 14.1
46,061,440
—6.5
119,300,548
+ 12.5
92,302,800
+ 5.6
105,806,285
+26.7
63,551,262
+ 1.3
14,565,764
—3.1
49,710,032
+ 12.5
27,258,407
30,671,189
15,728,964 —14.1
13,506,812
+ 10.4
14,533,285
16,046,591
+ 11.2
19,657,979
21,850,175
15,114,141 Not incl. in total,
+ 6.4
TotalCanada 741,188,004 769,519,754
69,386,540
14,637,003
15,790,200
83,700
.
Value.
97.0 $6,259,349,775
96.9
291,386,500
259,011,627
547,917 104.7
267,441,500
523,500
bond3
RR.
Aver.
Quantity.
or
!
46,257,298
Stock\Sh's
|Val. $4,164,561,775 $4,441,560,214
Actual.
Par Value,
Aver.\
Price!
Value.
17,135,856
—7.2
+4.2
+ 1.0
—22.9
69,480,737
46,983,007
75,402,458
40,803,305
40,359,035
127,532,942
82,033,003
100,227,844
50,159,647
14,381,011
51,304,850
49,540,254
88,252,057
40,700,798
—28.1
+2.9
1912|.
Descrip¬
Actual
26,749,172
14,775,923
2,488,258 Not Incl. in
2,881,894 Not incl. in
New Westm.
iSix Months, 1913.
+ 8.6
+ 7.4
7,466,978
4,635,354
2,240,000
2,598,000
4,200,000
—
Jaw.
99,707,653
78,592,105
+ 22.5
2,294,283
Saskatoon
Moose
—8.2
7,886,400
9,050,000
_—
_
% >
+ 6.6
691,535,131
305,710,244
129,289,726
720,336,257
308,825,438
+.1.6
—8.2
12,757,955
6,811,740
6,700,100
8.472,687
15,631,911
6,319,394
7,130,000
19,236,218
15,180,048
18,859,991
Halifax
Brandon
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended.
The results
Quantity.
Dec.
—1-0 1,395,741,933 1,309,341,121
—9.2 1,081,151,975 1,050,259,947
242,716,771 245,227,049
175,102,536 192,814,905
Winnipeg.-. 118,961,105 117,104,297
49,389,201
53,781,824
Vancouver..
19,059,248
17,500,451
Ottawa
13,078,198
14,203,076
Quebec
Montreal
Toronto
Regina
Par Value,
1912.
%
Victoria
Total ail cities for week
or
1913.
Dec.
Canada—
St. John
tion.
1912.
—3.8
145,708,209
148,123,379
34,999,519
255,456,619
58,449,676
13,820,398
$3,267,887,090
——
—
:
$1,644,160,145
$2,724,672,193
543,214,897
_—-—
_
Inc. or
Inc. or
Cent.
1912.
1913.
1913.
York.
New
Clearings at
Per
Clearings—Returns by Telegraph.
decrease from
a
month of 1912 of 3.7%, and for the six months the
same
9.4%.
••
•
806,518 247.8
Week ending
98.1
$4,448,400,675 $4,315,923,429; 97.0 $6,665,423,275 $6,537,239,649
June 28.
Clearings at—
Inc. or
The volume of transactions in share
York Stock Exchange each month
1912 is indicated in the following:
properties on the New
since Jan. 1 in 1913 and
" ■
' v"'K'*
,
Montreal—* -——u
Toronto-
-
*
.
.
-
Winnipeg
1913.
1912.
'
•
Par.
j Shares.",.;
;
Actual.
$
Feb.
6,763,632
7,229,732
Mch.
1
1,679,459
3,259,614
1,412,331
—i__
Hamilton
St.
$
$
-----
John.
London.-
970,876,425
958,417,286
602,463,418
621,704,400
620,004,816 14,552,052 1,334,837,225 1,312,748,973
800.879,464 10,906,138
600,464,308 7,086,544
809,787,850
617,315,100
639,404,500
8,748,973
_
j.-__
Halifax
$
Actual.
Par.
Shafts,
4,163,581
3.020,585
;
Quebec
of
of
Jan
11,311,774
Ottawa
Values.
Number
1,471,135
Calgary
4,424,650
Victoria.
lstqr 22,742,337 2,066,507.450 2,021,348,588 32,544,734 2,927,418,050 2,873,629,677
,3,529,505
__
Edmonton
Regina..
.
Brandon
Saskatoon
May
June.
716,498,976 15,959,338 1,452,962,700 1,438,401,408
470,216,409 13,662,747 1,233,734,950 1,210,479,868
622,417,928
833,496,241 7,219,721
645,234,075
738,652,100
486,456,000
872,946,225
8,463,226
5,463,561
9,588,174
April
Jaw
Moose
Lethbridge
...
Brantford
Fort
2d qr 23,514,961 2,098,054,325 2,020,211,626 36,841,806 3,331,931,725 3,271,299,204
William..
New
Westminster.
Medicine Hat
6 m's
following compilation
..
...
+,
covers
$
1913.
$
%
•
1912-
•
+ 9.8
+3.8
+ 3.0
+ 3.5 18,895,138,716 17,873,434,439
43,914,710,127 42,438,618,564
+ 5.7
5,797,459,068
6,220,308,282
reported by cable, have been
as
6,216,506,416
6,137,040,634
+ 1.2
6,133,432,994
5,939,470,454
6,034,533,909
+ 1.6
^Consols, 234
5,667,290,156
+4.8
2d qr: 42,060,780,012 43,409,889,166
+ 3.1 18,-289,419,864 17,838,864,699
+2.5
+ 0.5
..
+ 4.1
+ 0.1 37,184,558,580 35.712,299,138
6 mos. 85,975,490,139 85,858,507,730
the coun¬
try for the month of June and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
\
.
CLEARINGS
AT
LEADING
CITIES.
-June-
1912.
—
1910.
1913
to
1912..-
June
SO-^—
1910.
1911.
Pittsburgh 1.„-i„.
Cincinnati
199
Baltimore
City
■
■>'
108
167
.
681
309
309
'
48,791
7,991
4,190
4.295
50,136
7,540
4,601
3,938.
1,982
1,351
1,280
.
208
dFor account
-
46t952
6,893
•4,1873,870
M,910
1,278
1,155
52,959
7,130
4,252
3,926
1,858
217
231
2,073
1,512
209
193
191
1.296
108
104
101
666
693
647
683
151
147
132
935
863
Baltimore & Ohio.
Canadian
197
202
1,284
1,272
1,295
96
81
222 K
57
'
preferred-3734',
2134
6834
5834
59
3034
31
3034
31
39
-
14
1334
1334
100
9934
487
Nat. RR. of Mex., 1st pref._
493
Minneapolis
96
78
78
85
583
488
471
527
Second preferred
N. Y. Cen.&Hud. Riv
Louisville
55
56
56
72
361
381
353
354
N. Y. Ont. & Western
85
467
460
Norfoik & Western
106
134
c3034
112
97
79
637
538
Milwaukee
63
60
56
54
382
358
345
324
Los
95
94
7S
69
633
565
459
407
Buffalo
50
44
43
41
300
273
252
248
St. Paul..
40
45
43
50
249
273
258
279
Indianapolis
39
36
35
93
216
217
116
229
110
a
First preferred
a
Second preferred
Rock Island
8134
11034
5734
8134
4334
87
4334
8034
4334
"1634
"1534
39
40
236
234
219
243
Southern Pacific
9734
33
30
205
217
196
197
Southern
2134
2234
20
195
197
171
158
Preferred
76
77
49
316
284
264
301
Union Pacific
27
46
Hartford
19
19
20
18
127
125
114
114
Salt Lake City
24
31
26
28
154
196
153
166
.I.,..
.12,678 12,705 12,898
1,015
923
936
.
12,935
968
79,539
6,236
79,823
6,025
74,171
6,826
80,873
6,555
...
Wabash
Preferred
Extended 4s
Total
all...
Outside N, Y*
.13,693 13,628 13,824 13,842
5,939
5,667
5,618
5,478
.
85,975
87,184
85,848
35,712
79,997
33,405
88,428
33,489
a
flat
Price
prices.
9534
2134
7634
per share.
I
1
11034
5734
81
4434
14934
"1534
1634
9634
96
22
2134
7434
77
15134
150
83
15234
5434
10534
6334
10534
234
234
234
15034
5434
10534
234
Preferred
U, S. Steel Corporation
Preferred
Other cities...
1
5410534
——
3034
10534
44
33
49
1334
100
3034
57
42
25
59
100
5734
31
54
2134
10534
37
Seattle.
2134
110
Richmond.
Railway.
13434
11434
13434
10534
Denver
Memphis-.
—
12534
11434
11034
57
8034
44
4434
1534
Pensylvania
Reading Company
12634
106
9834
23
30
3034
90
Preferred
a
38
1334
9934
Northern Pacific
203
m
41
-13334
493
428
-
31
3934
39
113
114
490
377
~
33
5834
12634
519
206
a.
26
2034
125
preferred
538
219
1634
3134
12534
11334
13334
2134
624
416
17
2734
474
211
«.
10534
1634
40
68
440
12
12
2734
84
32
55
5534
10534
2634
4034
3334
73
68
U0534
8034
22034
22134
2734
89
62
12
12
106
—
------
9534
.
'/•
2534
3834
69
33
22034
5434
81
—
.
99
96
3834
3134
Missouri Pacific."
36
9534
81-
,
25 >4
Preferred
67
Fri.
■-
634
99
2734
Louisville & Nashville.
72
OK
97
101
2434 '
Missouri Kansas & Texas.-_
33
%
27
——
Great Northern,
Illinois Central.
Omaha
64
6
Second preferred---'—3134
Providence
6234
72 11-16
6634
6234
634
9834
16 K
Preferred
a
83.8234
6634
83.60
65 K
17
Erie
First
84.00
97 K
Chesapeake & Ohio.-.
56 •
Chicago Great Western
12
Chicago Milw. & St. Paul.-.10534
..
Thurs.
66 %
64
101
_—223
Pacific
Wed.
7234
9534
_
/Preferred
774
202
1,016
1,366
1.3Q6
1,122
follows the past week:
7234
72J4
10034
_■
-
93
Total
—9.4 140,055,267 108,276,896
72J4
73H
81
_
71
Angeles
total.
84.02^
—-
x
-
104
Detroit
517,710
total.,
Tues.
■73J4
Topeka & Santa Fe_._
Preferred,
.
New Orleans
Cleveland
629,333
+9.0
73 5-16
73 H
73 y8
Denver & Rio Grande
$'
238
252
San Francisco.:...
712
320
337
-----
710
635
637
741
St. Louis
8,364
1,182
$
$
$
8,216
1,170
7,961
1,199
601
Philadelphia—....
$
699
7,754
1,291
—
Chicago—
$
$
Boston
816,742
+ 13.2
26 15+6 26 15-16 26 13- 16 26 13-16 2634
'
New York
Kansas
1
Jan.
1911.
d_
per cents.—
dFrencb Rentes (in Paris) _fr. 83.92)4
Amalgamated Copper Co,-- 65 J4
Am. Smelt. & Refining Co.. 63
b Anaconda Mining Co
OK
■
Atch.
of bank clearings at leading cities of
as
Mon.
Sat.
Silver, per oz.
—4.9
$
—26.3
—17.1
•
London,
—4.7
•
—-22.4
2,88Q,332
2,101,241
1,459,138
473,365
1,114,614
+ 14.0
—12.3
closing quotations for securities, &c., at London,
The daily
April. 14,271.837,391 14,967.196,152
May— 14,095,951,716 14,814,311,397
J'ne
13,692,990,905 13,628,381,617
»
+ 0.7
+ 16.8.
1,446,896
1,111,806
2,845,855
1,850,000
1,150,000
901,930
399,960
•.^.-/vvv^'^vwv%VwVAfSVVVVVVV^WV^l^VWVVVN^^VtM<»VVWWM<VO^^M<V^WWWVVWVVVVH>^A^W^.lVV-*^y'l
Week ending July 3.
1913.
+ 3.9
—50,0
English Financial Markets—Per Cable.
6,260,108,594
5,581,235,914
6,032,089,931
6,877,371,366
+ 5.4
—2.4
—
BANK
—11.1
%
$
$
+ 7.4
16,216,112,572 15,095,690,133
Feb
13,592,103,363 12,893,8S4,278
Mch__ 14,106,494,182 14,449,044,153
Jan
mo,000s
omitted.)
+ 3.2
+ 3.8
Clearings Outside New York.
.
1912.
course
—8.9
—3.7
CLEARINGS.
Total AH.
1913.
The
—15.5
the clearings by months
Month.
1st qr.
38,850,000
25,215,343
15,810,334
93,000,000
3,683,457
1,935,918
2,030,000
1,745^388
33,000,000
20,689,887
10,938,993
4,423,649
2,547,204
1,757,476
2,260,779
1,528,143
1,389,921
4,308,889
•"/
MONTHLY
Clearingk,
47,001,751
+ 1.5
170.266.350 187,881.271
Total Canada—--
since Jan. 1:
1910.
4;041,560,214(69,386,5405,259,349,775 6,144,928,881
46,257,298 4,164,561,775
The
—6.8
613,180 Not incl. in
-
•
—14.6
4,683,599
2,413,984
479,194
2,080,174
1,615,028
1,417,019
1,044,440
658,568
•545,661
558,451
632,144
880,991
960,454
645,168 Not incl. in
:.i
-
1911.
+
59,996,701
48,604,199
26,111,707
13,390,987
4,570,220
2,926,345
1,744,725
3,139,023
1,588,892
1,416,425
8,854,090
3,505,707
4,010,675
1,879,860
546,512
55,891,950
41,500,000
26,497,262
-
-
-
—*
Vancouver
Mth.
Values.
Dec.
$
.
SALES OF STOCKS AT THE NEW YORK STOCK EXCHANGE.
Number
1912.
1913.
Canada—
84
734
734
51
6 £ sterling,
5134
c
84
734
51
Ex-dividend,
84
84
54
106
234
■
734
734
51
51
d Quotations
here given are
Tlffi
CHRONICLE
[Vol.
xcvii.
Per
Name
of
When
Books Closed.
Cent.
Company.
Payable.
Days Inclusive.
Miscellaneous (Concluded).
Chicago Steel Products.......
DIVIDENDS.
The
J
following shows all the dividends announced for the
iafci
urn by large or important corporations:
Dividends announced this week are printed in italics.
/*J
Per
Kami
of
Railroad*
Cent.
Company.
Payable.
(Steam).
'Alabama Great Southern, preferred—...
Topeka A Santa Fe, com. (quar J....
-Atch. Topeka A Santa Fe, pref. (No. SO).
-Bangor A Aroostook_______
Hi-axil Railway,
-—
1
June 20
to
July
10
7
1
to
to
July
8
7
Holders of rec.
July
Holders of rec
June27a
Holders of rec
July
Holders of
rec
JUly 18 a
June27«
General Electric (quar.)...,
Illinois Brick——
3
Aug.
Holders of rec
June30a
2K
3
July
July
Holders of rec
July
2
to
July
2
July
Holders of
reo
July
1k
Aug.
July
July
July
July
July
Aug.
Holders of rec
July
July
Holders of reo
June28a
June It*,
July 14
Aug. 10
3k
Jollet & Chicago (quar.)......
K
lk
TCanttftH
1
city Southern, preferred (quar.)..
Lake Shore A Michigan Southern..
—
Guaranteed stock (Mich. So. A NorJnd)
6
6
Lehigh Valley, common and preferred...
$2.50
Little Schuylkill Nav., RR. & Coal—...
Louisville A Nashville..
$1.25
Mahoning Coal RR., common
Michigan Central.
.....
Mine Hill A Schuylkill Haven. 1
N. Y. Central & Hudson River (quar.)...
N. Y. Chic. & St. Louis, 1st A 2d pref...
New York Ontario A Western (No. 9).—
$5
July
Holders of rec
Holders of rec
Holders of
19
3
$1.50
,
July
July
Holders of rec
June 20
June27a
Julyl5a
June27a
,
1
Norfolk A Western, common (quar.)..
Preferred (quar.)
Aug.
Holders of rec
June30a
1
July
Holders of rec
$2
July
Holders of
lk
Aug.
Holders of rec
2K
\
Norfhgm Pacific {guar.)
Philadelphia A Trenton (quar.)_—
Pittsb. Cln. Ch. A St. L.jOom.Apf. (quar.)
Plttsb. Ft. Wayne A Chic., reg., gu. (qu.)
Pittsburgh A Lake Erie...
Reading Company, common (quar.)
First preferred (quar.).
Second preferred (quar.)
St. Louis Southwestern, pref. (quar.)—
Southwestern Railroad of Georgia.;
United N. J. RR. A Canal Cos., guar.(qu.)
Aug. la
,
to
July
July
July
June
lk
lk
$2.50
July
reo,
1
July
July 10
July 15a
to
Holders of rec
15
9
,
July
'to
8
July 23a
Aug.
Holders of rec
2
Aug.
Holders of rec July 29a
1
.
Sept.
Holders of
,
rec
1
July
Holders of rec
lk
July
July
July
Holders of reo
July
July
Holders of
2K
2K
June
15
June 21
,
July
to
to
5
June 30
Street and Electric Railways.
(quar.)
k
—
\*
Preferred
(quar.)......
6
4
IK
.........
}H
—
$1.50
2
Middlesex A Boston Street Ry.....
4
IK
IK
...
2K
lk
lk
2K
Coun^Bluffs Si.Ry:,com.Apf.{qu.)
$2
to
1
to
Juiy
rec,
July
Holders of
rec,
Jane28a
June 19
to
July
Aug.
■
15
5
5
15
la
7
July
July
8
to
July
4
to
Holders of
rec.
July
Holders of
rec.
July
July
14
to
July
July
July
June
Holders of
rec.
June 30
July
Aug.
Holders of
rec.
Juiy 20
Holders ,of
rec.
July
Jul?
June
15
to
15
June 30
Aug.
Holders of reo. July
Sept'.
Holders of rec. Aug. 9a
la
July
"rec. July. 15a
$2
Aug.
Holders of
$1.50
8)
Aug.
Holders of rec.
July 15a
Holders of
June28a
1
July
July
lk
3
Aug.
3
Aug.
lk
July
k
July
50c
July
July
2'k
lk- July.
July
lk
I'H, July
Preferred (quar.) (No. 4).
Railway A Light Securities, com. {No. 8)..
Preferred {No. 17).
i.—
—
Republic Ry. A Lt., pref. (quar.) (No. 8)
Stark Electric RR. {guar.)
United Rys. A Elec. of Bait., com. (quar.)
Virginia Ry. A Power, preferred..
Western Ohio Ry., 2d pref. (quar
West Penn Traction, pref. {quar.)......±...
West Penn. Trac. A.water Power, pref.{qu.)
Youngstown A Ohio River,-pref. (quar
—_
b
'
IK
Puget Sound Tr., L> A P.,com.(qu.) (No.4)
"
19
July
Aug.
IK
Philadelphia Co., com. (quar.) (No. 127)
Non-cumulative preferred.....
Phila. A Gray's Ferry Passenger
v
Aug.
July
July
Aug.
,
2
Milwaukee Elec. Ry: A Light, pref. {guar.)..
Montreal Tramways (quar.)
<*."'.
July
to
Holders of
Internat. Tfac. (Buff.), pref. (No; 2)1—
Kentucky Securities Corp., pref. {guar.)
Lewis. Aug. A Watervl, pref. {qu.) {No. 13)
Manchester Trac., L. A Power (quar.) —
Mexico Tramways {guar.)...
r__.
Public Service Investment, com. (No.
Preferred (quar.) (No. 17)
to
k
June
rec.
Holders of rec. June28a
Holders of
rec.
July 15a
Holders of rec. Julyl5a
Holders of rec. July
1
Holders of
rec. June26a
Holders of rec. July
7a
Holders pf rec. Junel4a
rec. June23a
Holders of
July, .9
July' §
to
to
Holders of
July
July 15
June28a
rec.
15
Banks
Trust
Union
3
{quar.)
-
12k
—
July
10 June 25
to
July
.9
Miscellaneous:
Preferred (quar.)
-
{payable in com. stock).
Preferred
(guar ).
_
American Locomotive, preferred (quar.)..
American Seeding Machine,
Preferred (quar.)
American
com.
(quar.)
1
lk
lk
2k
2k/
lk
lk
1
lk
Shipbuilding, pref.
(quar.)
Amer. Telephone A Telegraph (quar.)
Amer. Typefounders, com. (quar.)
Preferred (quar.)
Amer. Utilities, pref. (quar.) (No. 6)
American Woolen, pref. (quar.) (No. 57).
Anaconda Copper Mining (qu.) (No. 51)..
Anglo-Amer. Oil, Ltd
Associated Gas A Elec., pref. (quar.)
Associated Merchants, 1st pref. (quar.)..
First preferred (extra)
<l
Second preferred (quar.)..
Second preferred (extra)
Bell Telephone of Canada (quar.)
Bell Telephone of Pennsylvania (quar.)..
Bonbright(Wm.P.)A Co.,Inc.,1st pf.(qu.)
Bush Terminal, common.
Canadian Car A Fdy^ pref. (quar.)
Canadian West'house, Ltd. (qu.) (No. 34)
Central Coal A Coke, common (quar,)——
Preferred (quar.).
Central A South Amer. Telegraph (quar.)r
Chicago Pneumatic Tool (quar.)——„
lk
lk
Amer. Gas A Elec.., pref. (qu.) (No. 26)..
Amer. Light A Traction, com. {guar.)....
Common
,
1
Extra
:.:.j
American' Cigar, 1common {quar.).
Amer. Coal Produots ,pref. (quar.)
.
1
Agrlc. Chem.,
coin, (qu.) (No. 7):.
(No. 32)
American Chicle, common, (monthly)
Amer.
^
-
...
...
......
lk
2
1
lk
lk
lk
75o.
10
lk
lk
k
lk
2*
lk
lk
2
lk
lk
lk
lk
1*
July
July
July
July
Aug.
July
Aug.
Aug.
Aug.
Aug.
July
July
July
July
July
July
July
Aug.
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
Jtily
July
July
Holders of
rec.
June23«
Holders of
rec.
June2&a
Holders of
rec.
July 15a
Holders of
rec.
July 16a
July 15
July 14
Holders of
rec.
July. 11
to
July
July
July
July
July
to
20
"
to
17
17
to
17
to
8
to
Holders of
rec.
1
Aug;
July 31
July 31
July 31
(No. 2)—_
Union Nat. Gas Corp. (quar.) (No. 40)..
Union Switch & Signal, com. A pf. (qu.)
United Cigar Mfrs., common {quar.)......
United Dry Goods, com. (quar.)——
United Fruit (quar,) (No. 56)
common
Co., pref.
Improvement (quar.)
United Gas A Elec.
(quar.)—
;pf. (qu.) (No .44).
Alcohol, pfd. (qu.) (No. 27)..
U .8 .CastIronPipe<feFdy.
July
(quar.)..—-—
—
Utah Consolidated Mining... . ............
Preferred
Virginia-Carolina Chem., pf. (qu.)(No.71)
Wells/Fargo & Co
- -——- - ---Western Union Telegraph (qu.) (No. 177)
Westinghouse Air Brake (quar.)........Extra.-
July
to
1
rec.
Holders of
rec.
Holders of
rec.
Holders of
rec.
June 24
15
June 30
July 10a
July 10a
July
to
Holders of
rec.
June 30
Holders of
reo.
June
7
Holders of
rec.
June
7
Holders of
rec.
June
7
Holders of
rec.
June
7
Holders of rec. June 24
to
6
July
15
Holders of rec. June 30
Holders of rec.. June 30
Holders of rec. June30a
Holders of reo. June 30
July
July
July
-to
1
1
Holders
16
to
Jtily, 15
July 16
pf reo. June30a
'
to
July
rec.
July
to
July
10
rec.
Holders of
Aug.
1
June30a
rec.
16
Holders of
July
July 17
July 31a
June30a
to
1
July
July
15
June 30
rec.
June26a
lk
July
1
Aug.
Holders of
rec.
lk
Aug.
July
Holders of
rec.
lH
July
July
18k<^ July
lk
Holders of
rec.
July
to
6
Holders of
July
rec.
Holders of rec. July 31
Holders of rec. June30a
Holders of ree. June28a
July
Aug.
to
6
6
to
July 15
Aug. 15
July
5
Holders of
rec. July
la
to
July 17
to
July 17
Holders of reel June 30
July
July
1
1
Holders of
reo.
June30a
Holders of
rec.
June30a
Holders of
rec.
July
Holders of
rec.
June 30
3
Holders of reo." June 30
to
1
July 15
Aug.
5
July 21
Holders of rec. July
Holders of
rec.
Holders of
rec.
Aug.
Holders of rec.
Holders of rec.
2
July
Holders of
rec.
1
June30a
Holders of rec. July
Aug.
-
15
June30a
Holders of rec. June30a
4/
4
15
Holders of reo. June25a
July
15
8
July 25a
July25a
June30a
Holders of
rec.
lk
Aug.
Holders of
rec.
July
Aug.
Holders of rec. July la
Holders of rec. Aug: la
July
July
July
Holders of
Holders of
1
Aug.
3
---------------
■
1
2k
2k
lk
lk
ik
JulylOa
JulylOa
July
5
Holders of rec. July
5
1
rec.
Holders of rec. July
rec.
to
June24a
July
July
June
Holders of
July
July
Holders of rec'; July
7
Holders of rec. June 30
July
July
July
July
3
July
July.
July
1
AUg.
Holders pf rec. July
2
Aug.
2
2k
,
2
July
2k
July
,$1
July
50c. JUly
37k c. July
le
July
1
July
rec
to
1
12
1
July
July
to
Holders of
July
rec.
Holders of reo
Holders Of
rec
Holders of rec
Holders of rec
Holder* of
rec
Holders of rec
Holders of rec
July;
July
Holders of rec
2
July
Holder* of
lk
•JUly
Holders of rec
July
87kc. July
50c.
2
6
k
2
2
1
lk
lk
W
U)
Holders of
rec
rec
Holders of rec
.
,
,
.
.
,
,
.
,
.
,
,
15
June 24
to.
lk
lk
75c.
.
15
20
15
June 30
24
June26a
June 30
June 30
June 18
June
18
July 7a
July 8a
Julyl5a
July 15a
July 15a
June 30
June 30
July
Holders of rec
July
July
July
July
July
July
July
July
AUg.
Holders of rec,
Sept.
Sept.
Holders of
reo,
July 21
Aug. 20
Holders of
rec,
Aug. 20
July
1
4
July
July
July
to
to
.
12
15
15
Holders of reo, June20a
Holders of rec.
June30a
Holders of rec,
June30a
Holders of rec,
June30a
Holders of rec, JUne30a
.
a
e
a
Transfer boohs not
b Less Income tax. d Correction.
/ Payable in common stock.
h Declared 5% payable 2k %
i At rate of 8% per annum, j At rate of
closed for this dividend,
Declared 4% payable in quarterly Installments.
Declared 5% payable In quarterly installments,
July 15 1913
and 2k % Jan. 15 1914.
5 months ending June 30 1913.
7% per annum for
a
31
July
7
Holders of rec. July
5
Holders of Coup. No. 4
July
--
rec.
Holders of
to
21
June30a
July
-
Mfg., com. (quar.).
Preferred (quar.)—„
.......
White {J. G.) Co., Inc., pref. {quar.). ..
White (/. G.) Engineering Corp:, pf. {No. 1)
White {J. G.) Management Corp. {No. 1)_.
Holders of rec. June30a
Holders of
------
Holders of
rec.
to
20
1
rec.
1
1
{quar.)—
Shawinigan Water & Power (quar.)
Sou. Calif. Edison, pf. (qu.) (No. 16)
Southern N. E. Telephone (quar.)
Sen-Sen Chiclet
Westinghouse Elec, A
Holders of
June
Yards {guar.)
First
Companies
Holders of rec.
July
July
Holders of rec. June24a
lk
3,
{quar.)....
preferred, {quar.)
—
Second preferred {quar.)..
—
U. S. Smelt., Rfg. <fc Min., com. (quar.)..
July
July
1
2a
15
July 15
July21a
July 31
Holders of
lk
—
U. S: Rubber, common
3
Fifth National {quar.) (Wo? 152)...:
National City Company..............'...
2
Aug.
Holders of rec. July
Rolders of rec. July
2k
Securities Company
U, S. Indus.
Sept.
to
Holders of
lk
Mach. (qu.) (No. 109)—
Rhode Isld. Perk. Horseshoe, pref. (quar.)
United Shoe Machinery, com.
Preferred (quar.)
to
15
July
July
July
July
July
July
July
July
July
July
July
$2.50
Reece Buttonhole
United Gas
June25a
Aug. 15
July
July
3
_......
Standard Milling,
Holders of reo ,
rec.
2
Preferred
St. Joseph Stock
June25a
Holders of
2k
Nova Scotia Steel A
Realty Associates (No. 21K_
25
5
rec.
Aug.
6
Quaker Oats, common (quar.).—.——
Preferred (quar.)..
to
1
19
Holders of
July
Aug.
July
July
2
... ...
■■—-
la
31
15
1
July
July
Extra.....
15
14
15
23
July
Niagara Falls Power (quar.).
Nlplssing Mines Co; (quar.)..——
15
July
July
rec.
Aug.
Holders of rec. July
Holders of rec. July
6
July
June 27
July
3
July
$1.31 k July
Phila(ffuf)
,
Holders of rec
July
July
July
IK
:
Holders of
2
_ .
El Paso Elec. Co., pref. (No. 22)
Germantown Pass. Ry., Phila. (qiiar.)
Omaha A
to
2
-
Consolidated Traction of New Jersey
Denver A Northwestern Ry. (quar.)
Greene A Coates Sts.Pass.,
2
to
4
lk
July
lk'v Aug.
July
lk
1
July
2
July
2k
July
Aug.,
2k
lk
July
July
lk
lk
July
Aug.
lk
July
2
July
Coal, Ltd., com. (qu.)
(quar.)——
—:
Osceola Consolidated Mining (quar.)..
Otis Elevator, common (quar
Preferred (quar.).——
—
Pacific Telep. A Teleg., preferred (quar.).
Penman's, Ltd., common((quhr—
Preferred (quar.)
Pennsylvania Lighting, pref. (quar.)—_
Pennsylvania Salt Mfg. (quar.)
Pittsburgh Coal, pref. (quar.)....—-—.
Pittsb. Term. Warehouse & Trans, {mthly.)
Procter A Gamble, icommon (quar.).—.:.
Common (extra) l(payable In com. stock)
Preferred (quar.)._„
Public Service Co. of Nor. III., com. (quar.)
Preferred (quar.)
.....
July
July
Aug.
lk
2k
lk
Northern Ontario Light A Power, Ltd......
July
July
Aug.
July
July
Aug.
Aug.
rec.
Holders of rec.
10
19
2a
July
rec.
Holders of
July
July
2k
New York Transit (quar.)
July
rec
Holders of rec
Aug.
f*
—
June23a
,
Holders of
July
2
Commonwealth Pow., Ry. A L„ com. {gu.)..
Preferred {guar.)
Holders of reb
Aug.
$1
Bay State Street Ry., first preferred..
Boston Suburban Elec. Cos., pref. (quar.)
Brooklyn City RR. {guar.)....
—___
Chicago Railways, panic, certfs., Series l._
Chicago "Railway8, parfic. cortfs.i Series 1..
Cine. Newport A Gov. L. A Tr., com. (qu.)
July
July
July
Sept.
Aug.
July
k
—
Holders of
Aug.
Aug.
lk
Lehigh Coal & Nav. (quar.) (No. 139) —
Lehigh Valley Goal Sales (quar.)—_—_
June23a
rec
reo.
$3
Kayser (Julius) & Co., 1st A 2d pref. (qu.)
La Belle Iron Works, common (quar.)
La Rose Consolidated Mines (quar.)
New York Mutual Gas Light.
IK
8
Aug. 30
July 31
Holders of ree
July
July 25
July 3 la
July 15
July28a
July 7a
July 7a
July 15a
May3 la
July 15
Holders of reo.
500.
June30a
14
June 30
Holders of
lk
lk
2k
lk
Loose-Wiles Biscuit, 2d pref. (qu.) (No. 5)
MacAndrews A Forbes, common (quar.)
Preferred (quar.)
.....—
Manufacturers' Light A Heat (quar.)
Massachusetts Gas Cos., com. (quar.)___.
Massachusetts Ltg. Cos. (quar.) (No. 39)
Mexican Lt. A Pow., Ltd., ordinary (qu.)
Mexican Petroleum, preferred (quar.)—
Mexican Telegraph (quar.)—
Montreal Light, Heat A Pow..(qu.),(No.49)
Mountain States Telp. A Telg. (quar.)..
National Biscuit, com. (quar.) (No. 60)_
National Carbon, common (quar.)
Preferred (quar.)
National Fireprpofing, pref. (quar.)..
National Licorice, common {No. 22)
July
June24c
rec.
to
16
Aug.
1
——,—
*
Holders of
July
July
July
Aug.
July
July
k
Aug .26a
June28a
,
to
Holders of reo
2
Common (extra)
Holders of reo. JulylOa
to
June 30
June 15
rec.
$4
International Paper, pref. (quar.)
Island Creek Coal. common (quar.)
July
Sept.
Aug.
Sept.
Ik
2K
_.
Int. Harvester Corp., com, (qu.) (No. 2)
International Nickel, common (quar.)—.
Preferred (quar.)
*—.
June27a
.
to
Holders of rec
pref. (quar.)
Internat.But'hpleSew.Mach. (qu.) (No. 63)
Int. Harv. Co. of N. J.,com. (qu.) (No. 14)
7a
Holders of rec. June30a
Holders of rec. July la
Holders of reo. June 30a
Holders of
2k
lk
Indiana Pipe Line (quar.)
June20o
June30a
,
to
July
Illinois Northern Utilities,
Holders of reo. June30a
Aug.
2
7
Holders of rec. June30a
rec.
10
—,.
June 25
Holders of rec. July
k
lk
—
June20a
June20a
,
rec
Holders of ree
Aug.
Aug.
3K
JunelOa
Holders of rec
Holders of rec
7
14
5
rec.
Holders of reo. July 15
Holders of reo. June30a
lk
Corp., pref. (quar.)..
(qu.)(No.4)
Aug.
Holders of
Holders of reo. July
Holders of
3
Electrical Utilities Corp., com.
1H
Clev. Cln. Chic. & St. Louis, pref. (quar.).
Cuba Railroad, preferred.....—
Delaware Lackawanna A Western
—.
Georgia Railroad & Banking (quar.)
Granite Ry. (No, 80)—......
Great Northern (quar.)...
j,
Harrlsburg Portsm. Mt. Joy A Lancaster.
Aurora Elgin A Chicago RR., oongu
Preferred (quar.)
——;
(quar.)
Dayton Power A Light, preferred (quar.)
Delaware Lack. & West. Coal (quar.)
Detroit Edison (quar.)—
Distilling Co. of America, pref. (quar.)_.
Dominion Pow. A Transm.,Ltd.,pf.(No28)
Dominion Textile, preferred (quar.)
duPont (E.I.)de Nemours Pow., pref. (qu.)
Eastman Kodak, common (extra)
Edison El. 111. of Boston (quar.) (No. 97).
Aug.
July
July
2 k» July
2
July
ik
July
ik
July
2k July
lk July
k
July
3k
July
lk July
lk
July
5
Sept.
Extra
Electrical Securities
July
Aug.
1
Corn Products Refg., pref.
2
•Canada Southerh.———————
—
•Central RR. of New Jersey (quar.)——
—
Computing-Tab'g-Recor. Co. (qu.) (No. 2)
Consolidated car Heating
July
July
lk
Preferred (quar.) (No. 13)--Eureka Pipe Line (quar.)
IK
IK
preferred (quar.)
Northern Central....
Holders ol rec. June30«
July
July
July
July
2K
3K
1k
>
10«
July 31
Holders of rec. July
Aug.
lk
Atch.
Days Inclusive.
Aug.
Sept.
3
Atlantio' Coast Line RR., common
Atlantic A North Carolina...
Books Closed..
When
«)
lk
————
Claflln (H. B.), common (quar.)
Commonwealth Edison {guar.)
24
of Hartshorne, Bogert & Battelle has been
and new partnerships have been formed, viz.:
Hartshorne & Battelle at 25 Broad St., the old quarters, and
—The firm
dissolved
Beverley, Bogert & Co., also at 25 Broad St., on the tenth
floor.
Hartshorne & Battelle will transact a commission
business and deal in stocks, bonds and investment securities.
Mr. Bogert will continue a general investment business.
—Nesbitt, Thomson & Co., Ltd., dealers in investment
securities, Bank of Montreal Bldg., Montreal, have .issued
an interesting booklet entitled "Why you, should invest in
the bonds of public utility and hydro-electric companies,"
which describes a number of the leading issues.
/.
July 5
National
Banks.—The following
21
CHRONICLE
THE
1913.]
DETAILED RETURNS
information regarding
Comptroller of the
OF
TRUST COMPANIES.
national banks is from the office of the
Currency, Treasury Department:
On Dep.
Trust Cos.
10,409—The Citizens' National Bank of Greencastle, Ind.
Capital,
$50,000. James B. Nelson, President; Curtis K. Hughes, Cashier.
HM10—The First National Bank of Arcade, N. Y.
Capital, $25,000.
F. G. Lindholm, President; William K. Frank, Cashier.
Capital, $150,000.
10,411—The Home National Bank of Cleburne, Tex.
W. Poindexter, President; Joseph B. Long, Cashier..
,
Suc¬
Bankers
U.S.Mtg.ATr.
Astor
Title .Gu .ATr.
Fidelity
LawyersT .IAT
People's
New York
Sales.—Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold at
auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
Bonds,>
Per cent.
'
27 Niagara Falls Int. Bridge Co.. 130
40 Nipisslng Mines..
98% per sh.
30 Goldfield Con. Mines Co.$lH per sh.
576
20 Bank of America
,
1st 6a
60 Colorado Coal & I. Dev. Co...$5 lot
...$25 lot
Mills
By Messrs. R. L. Day & Co., Boston:.
24 Merrimack Mfg.
5 Mass. Mills in
Co., com
Georgia.
Totals,
avge..
$
678,0 2,183,0
102,0 16,762,0
325,0 4,572,0
29,0 1,720,0
978,0 3,309,0
%
15.2 + 10.8
27,228
13,235
19,923
18,894,0 108,543
810,0
5,523
1,411,0 10,780
5,198,0 38,024
1,850,0 14,517
6,281,0 27,581
821,0
6,866
1,087,0
8,934
2,160,0 12,071
1,408,0
11,578
1,130,0
17,746
91,448
15.0+14.1
15.2 + 15.4
15.0+11.1
15.3 + 14.1
15.4 + 14.8
'
233,0
385,0
745,0
397,0
362,0
149,0
222,0
9,0
532,0
15.7+11.1
15.4 + 11.5
15.0+12.0
15.0 + 11.1
16.2 + 18.5
16.0+10.6
15.0 + 10.8
15.0+15.1
15.2 + 10.8
Actual figures
95,425,2 571,783,0 57,082,0
6,276,0 68,466,0 413,997,0 15.3 + 14.1
28 571,600,0 57,195,0
6,232,0 71,049,0 417,075,0 15.2 + 14.5
The capital
June
of the trust companies is as follows: Brooklyn, $1,500,000;
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;
York, $3,000,000; Franklin, $1,000,000; Lincoln, $1,-
000,000; Metropolitan, $2,000,000; Broadway, $1,000,000; total, $45,750,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES,
'
\
Shares.
%persh.
25
93
-
9
Reserve.
....106)4
.....
.♦
Broadway
$
$
3,571,5 23,434,0 2,035,0
14,874,3 116,073,0 13,643,0
33,234,0 3,762,0
4,455,2
18,995,0 1,951,0
1,208,4
34,187,0 2,084,0
11.355.1
23,863,5 163,877,0 15,675,0
7,370,0
638,0
1,324,0
16,800,0 1,281,0
5,776,2
7.165.4 47,592,0 4,973,0
15,585,0
1,791,0
1.529.5
11.939.2 41,800,0 4,124,0
8,717,0
956,0
1,180,5
10,330,0 1,120,0
512,1
6,114,0 22,043,0 1,812,0
11,746,0 1,237,0
556,3
People's, $1,000,000; New
$ per sh.
Shares.
.
Average.
Lawyers' Title Insurance A Trust, $4,000,000; Columbia-Knickerbocker, $2,000,000;
By Messrs. Francis Henshaw & Co., Boston:
Shares.
12 Pacific
Lincoln
Metropolitan
Deposits.
Banks.
Per cent.
,
$499,000 St. Louis A 8. F. RR. Co.
gen. 15-20-year 5s, 1927
49%-50%
$200,000 Pitts. McKees. A Westm.
Ry. Co. 1st 30-year 5s, 1936. .$500 lot
$700
Wawayanda
Fishing
Club
75
Franklin
Net
withC.H.
Legals.
Average. Average.
9
9
Brooklyn
Col. Knlcker__
Auction
Specie.
Average.
Guaranty
VOLUNTARY LIQUIDATION.
3,699—The First National Bank of Decatur, Ala., June 21' 1913.
ceeded by The City National Bank of Decatur, Ala.
400 The Estate of Bradish Johnson.
Loans.
Surplus.
00* omitted.
CHARTERS ISSUED TO NATIONAL BANKS.
June 18 to 24.
$ per sh.
Cotton Co.. 140
13 Naumkeag Steam
3 Merrimac Chem. Co., $50 each.
90%
On Dep.
Week
Legal,
with C.H.
Net
Tenders.
Loans.
Surplus.
Capital.
ending
Banks.
Deposits.
Specie.
June 28
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
% per sh.
Shares.
32 Real Estate Trust Co., pref.
3.65
64%
54
12,000 Rodman Mining A Milling"
Co., $1 each...
.$1 lot
1 Chelsea Nat. Bk., Atlan. C.290
Bonds.
15 Commonwealth T-I.AT.Co.233M
Percent.
1924...
07H
$400 No. Spring. Wat. Co. 5s, 1928 93)4
$5,000 Salisbury (Md.) Water Co.
1st 5s, 1926; July 1911 coup. on.. 61
99)4
20 Fidelity Trust Co
... ..625-631
5 1st mtge. Guar. A Tr. Co.. 60
.
60 Rights to subscribe to Phil.
$
9
9
133,650,0 207,223,2 1,330,593,0 300,805,0
571,783,0 67,082,0
45,750,0 95,425,2
Total
9
9
..
79,537,0
6,276,0
68,466",0
179,400,0 302,648,4 1,902,376",0357,887,0
...
85,813,0
68,466,0 1,769,766,0
1,351,057,0300,240,0
571,600,0 57,195,0
77,848,0
6,232,0
71,049",0
*
Trust cos.
Total
—
Per cent.
Shares.
•
I per sh.
Par $50....64
6 Republic Trust Co.
$130,000 Atl.Turpent.A Ref.6s,1931.49
$2,500 Va.Bch.DeveI.Co.lstGen.5s.75
$1,000 Wayne Water-Wks. 1st 4^8.88
State
The
25 Welsbach Co. Common
.40
12 First Mtge. Guar. A Tr. Co
*
.60-65
Banking Department
also
furnishes
Statement of New York
City Clearing-House Banks
and
Trust
Companies.—The detailed statement below
shows the condition of the New York City Clearing-House
members for the week ending June 28.
The figures for the
separate banks are the averages of the daily results.
In
the case of totals, actual figures at the end of the week
given.
These returns cover all the institutions of this class
in the whole State,
figures
but the
are
compiled
For definitions and rules
\
For definitions and rules under which
are
"Chronicle," V. 86,
made pp, see
STATE
Manhattan Co
2,000,0
2,050,0
4,280,1
4,756,8
Merchapta*-.-
2,000,0
2.178.3
Mech. A Met.
6,000,0
1,500,0
25,000,0
8.873.7
6.438.1
30.516.1
3,000,0
America
City
£—■
Excb.
600,0
7.410.4
526.8
Butcb. A Drov
300,0
127.2
Greenwich
500,0
1.047.2
4.536.4
16.526.4
975.4
1.342.5
Chemical
Merch.
—
Exch..
Amer.
Copimerce
—
Pacific.
-
Chat. A Phen.
Specie.
Average.
9
'
New York
Loans.
■Average.
$
5,000,0
25,000,0
500,0
2,250,0
316.
COMPANIES.
....
Trust Cos.
State Banks.
Trust Cos.
in
State Banks
outside of
outside of
in
Week ended June 28
Y. Greater N. Y. Greater N. Y.
Capital as of June 4
22,850,000
65,900,000
*8,798,000
*11,950,000
38,503,000
164,444,200
*12,932,285
*16.524,200
297,084,800 1,046,990,300
—518,800
—3,898,700
116,552,600
176,781,300
—446,000
and investments..
Loana
Change from last week.
00s omitted.
p.
BANKS AND TRUST
the various items
Surplus as of June 4.
We omit two ciphers (00) in all cases.
Surplus.
to
under which the various items
DETAILED RETURNS OF BANKS.
Capital.
as
York) and those for the rest of the State, as per the
New
Greater N. Y. Greater N.
are made up, see "Chronicle," V. 85, p. 836, in the case of the
banks, and V. 92, p. 1607, in the case of the trust companies.
Banks.
so
distinguish between the results for New York City (Greater
'
,
weekly
of the State banks and trust companies under Its
returns
following:
also
1,374,726,0
417,075,0
922,657,0357,435,0 84,080,0 71,049,0 1,791,801,0
t
charge.;
By Messrs. Samuel T. Freeman & Co., Philadelphia:
are
1,355,769,0
413,997,0
Actual.
Banks
Mtges..50-50}$
Bonds.
$
$
Averages.
Trust cos.
Banks
$2,000 Phil. Bait. A Wash. RR. 4s,
7 Continental-Equitable Trust
for Guar.
40
95 Franklin Trust Co..
40 GreeneG.AS.Mg.Co.,com.$l lot
Co.
...125%
25 Welsbach Co., com., $50 ea.
130 Greene G. A S. Mg. Co., pf.$l lot
....
Co
400 Pratt Food Co., $1 each
7 Republic Trust Co...
2.000 Fearnot Mining A Mill. Co.$6 lot
Co., $50 each.:
Trust
11 Frank. A So'wark Pass. Ry.360}i
95%
2,500 Goldfield Rex Mining Co..$3 lot
1,150 Palmer Mtn. Tunnel Co...$4 lot
\
tpersh.
5 Logan
1
800 Mont.Tonop.MlnesCo.,$lea.
NetDeposAverage. its, Aver,
Legals.
$
20,693,0
$
828,0
3,634,0
8,487,0
4,360,0
10,535,0
3,763,0
53,548,0
4,064,0
1,490,0
32,000,0
20,397,0
56,633,0
24,221,0
178,793,0
28,318,0
6,447,0
2,0S3,0
9,133,0
42,814,0
'
1,626,0
966,0
3,297,0
2,201,0
6,618,0
2,177,0
200,0
466,0
73,0
190,0
2,400,0
10,220,0 1,584,0
19,843,0 12,039,0
424,0
709,0
3,186,0 1,637,0
,
126,197,0
4,758,0
19,092,0
$
17,685,0
37,000,0
20.445,0
53,402,0
23,145,0
183,834,0
24,657,0
6,394,0
2,057,0
10,290,0
42,421,0
105,952,0
4,301,0
19,219,0
„
—88,300
Re-
®pecle.a._...i.^.-__—
Change from last week.
55,289,000
—-410,500
25.2
Legal-tender A bk. notes.
27.3
Change from last week.
114,212,000
21,936,800
—478,000
serve.
—1,090,200
%:
9,752,100
—5,900
26.0
25.9
Change from last week.
—4,849,600
—2,772,700
+ 64,700
183,383,300
—214,100
25.2
Reserve on deposits.____
130,985,100
—1,001,900
23,262,600
Change from last week.
92,370,000
—2,905,600
21,924,200
26.4
—505,700
—211,400
19.1%
13.7%
43.8%
25.7
Deposits
...
340,268,500 1,140,097,300
121,977,700
32.7
26.2
25.1
27.8
deposits-
28.6%
Percentage last week..
28.5%
P. C.
reserve
to
16.9%
17.0%
19.6%
.
30.0
26.3
25.0
200,0
475.5
2,102,0
453,0
149,0
2,240,0
14,536,6
2.294.8
77,337,0
17,404,0
5,227,0
86,403,0
26.1
22,142,0
466,9
10,905,0
4,706,0
,1,661,0
609,0
Nassau
1,597,0
Market A Fult
1,000,(3
9,087,0
Metropolitan
2,000,0
3;000,0
1,500,0
5,000,0
1,925,2
1,817,2
+ Increase over last week.
—
Decrease from last week.
* As of March 7.
26.8
3,000,0
2,550,0
1,000,0
People's..!...
Hanover
Citizens' Cent.
Corn
.
Exch—
Imp. A Trad..
Park
East
River...
Fourth
...
Second
...
First
Bowery
Y.
250,0
5,000,0
1,000,0
10,000,0
4,000,0
250,0
Irving
N.
.
County
German Amer.
Chase
500,0
750,0
,
5.908.0
7.900.9
14,134,6
67,2
5.948.1
2.701.5
22.020.2
3,299,8
775.4
2,012,7
683.9
10.263.5
2.273.2
Avenue.
5,000,0
100,0
German Exch.
200,0
815.5
Germanla
200,0
1.034.6
1,742,1
1,293,1
496,1
2.211.6
842,1
2,439,1
2,745,5
Fifth
Lincoln
Fifth
1,000,0
1,000,0
250,0
Metropolis
1,000,0
Garfield
West Side
200,0
Seaboard
1,000,0
Liberty
N.Y.Prod.Ex.
Exch..
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
Nassau, Bklyn
1,000,0
State
Security
Coal A Iron..
Union
Totals,
"
12,367,0
50,145,0
25,746,0
84,221,0
,1,334,0
30,126,0
13,669,0
102,248,0
33,868,0
3,438,0
8,345,0
3,883,0
94,101,0
11,834,0
3,522,0
5,293,0
14,926,0
8,909,0
248,0
12,607,0
25.9
9,315,0
3,588,0
20,055,0
343,0
6,311,0
2,975,0
7,157,0
2,386,0
1,926,0
59,916,0
27.4
aggregate of deposits, exclusive of moneys
22,874,0
26.1
85,421,0
1,625,0
25.7
26.7
29,711,0
5,414,0
825,0
2,116,0
3,131,0
30,730,0
12,456,0
98,732,0
33,316,0
3,602,0
thirty days, and also exclusive of time1 deposits not payable within thirty days,
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held In trust for it by any public department.
The State banks are likewise required tq keep a reserve varying according to loca¬
8,318,0
3,818,0
110,999,0
13,206,0
3,464,0
6,057,0
15,313,0
9,132,0
4,020,0
12,342,0
4,516,0
26,975,0
24,742,0
10,774,0
23,652,0
14,283,0
6,596,0
9,490,0
25.4
tion, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amend¬
31.1
ment of
125,0
1,900,0
,
229,0
2,451,0
5,890,0
1,146,0
557,0
310,0
1,232,0
3,210,0
254,0
735,0
313,0
2,102,0
349,0
12,606,0
1,858,0
3,955,0
23,350,0
828,0
5,079,0
5,262,0
2,363,0
22,779,0
587,7
423.4
543,7
994,1
1.153.7
7,215,0
154,0
79,0
700,0
1,416,0
961,0
27,003,0
3,800,0
9,329,0
18,503,0
11,898,0
6,601,0
9,430,0
860.3
767,0
20,383,0
12,206,0
9,051,0
26.0
1,674,0
2,963,0
Note.—"Surplus" Includes all undivided profits.
"Reserve on deposits" Include!
for both trust companies and State banks not only cash Items but amounts due
from reserve agents.
Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to lo¬
cation as sho^rn below.
The percentage of reserve required is computed on the
5,625,0
2,353,0
1,026,0
2,053,0
1,259,0
657,0
1,189,0
286,0
.
1,917,0
968,0
353,0
401,0
1,310,0
635,0
350,0
178,0
26.6
26.9
28.8
25.1
32.2
25.6
25.0
clusive
27.2
obligations of the State or City of New York
25.0
for it
Brooklyn Borough (without branches in
25.6
branches in Manhattan)15%
Brooklyn Borough, with branches In Manhattan. 15%
Other Boroughs, with branches in Manhattan...15%
Cities of the first and second class
10%
Cities of the third class and villages
10%
25.1
Elsewhere in State
25.2
25.4
—State Banks-
Total
Of
Borough
Other Boroughs (without
-—
15%
10%
10%
26%
20%
15%
16%
10%
7% %
15%
15%
5%
3%
20%
15%
20%
15%
15%
6%
25.3
28.0
The
rate
trust
—....
15%
Manhat.) 15%
Manhattan
25.9
25.1
Of
Reserve
which
Reserve
which
Required, in Cash. Required, in Cash.
State Banks.
24.6
Avge. 133,650,0 207,223,2 1330,593,0 300,805,0 79,537,0 1355,769,0
1351,057,0^00,240,0 77,848,0^374,726,0 27.5
Circulation.—On the basis of averages, circulation of national banks in the Clear¬
ing House amounted to $47,047,000, and according to actual figures was $46,960,000.
and
Location—
24.6
25,1
June 28.
.
Trust Cos.
Total
Required for Trust Companies
Reserve
26.4
25.0
owned by the company or held in trust
by any public department.
24.5
5,708,0
Actual figures
1911) by bonds or obligations of the City or State of New York, and ex¬
an amount equal to the market value (not exceeding par) of bonds or
of
29.6
25.7
held in trust and not payable within
Banking Department also undertakes to present sepa¬
figures indicating the totals for the State Banks and
companies in Greater New York not in the Clearing-
House.
These
also the results
figures
are
shown in the table below,
as are
(both actual and average) for the Clearing*
House banks and
of the
in the two statements,
and
xcvii.
weekly totals of the Clearing-House banks of Boston
Philadelphia:
the banks and
thus affording an aggregate for the whole of
[Vol.
Boston and Philadelphia Banks.—Below is a summary
In addition, we have
trust companies.
oombined each corresponding item
trust
CHRONICLE
THE
28
We omit two
ciphers (00) in all these figures.
companies in the Greater New York.
Capites
NEW YORK
Banks.
TRUST COMPANIES.
CITY BANKS AND
and
Loans.
Specie.
Legale.
Circu¬
Deposits.
Surplus.
Week ended June 28
State Banks and
Total of all
Members.
Trust Cos. Not
Banks & Trust
Average.
in C.'H. Aver.
Cos.
Clear.'House
Clear.-House
Members.
Boston.
$
$
as
Surplus
as
of June 4
Loans and investments 1,922,657,000
+28,493,000
Deposits
1,791,801,000
Change from last week +28,980,000
553,814,000
—3,590,400
1,902,376,000
+ 10,479,000
1,769,766,000
+ 10,335,000
^Change from last week
2,456,190,000
60,735.4
7.
.60,735,4
14.
60,735,4
June
378,244,500
75,596,100
302,648,400
302,648,400
.
31.
June
206,950,000
27,550,000
179,400,000
179,400,000
of June 4—
Average.
17.
24.
21.
60,735,4
June
Capital
May
May
May
May
June
ActualFigures
28.
60,735,4
10.
May
May
224,602.0
225,081,0
224,641,0
226,410,0
230,667,0
228,794,0
226,011,0
226,770,0
60,735,4
a554,793,200 2,324,559,200
May
10.
17.
24.
31.
—4,652,800
+5,682,200
May
June
65,552,000
—304,100
423,439,000
—2,448,900
June
June
14.
21.
June
28.
85,813,000
—935,000
+687,000
67,557,900
—48,300
4,004,0
4,184.0
4,587,0
4,262,0
91,903,0
93,136,0
91,690,0
92,218,0
93,402,0
91,611,0
90,394,0
89,412,0
378,088,000
27.6p%
deposits—.
374,972,0
374,488,0
377,396,0
377,665,0
376,238,0
374,903,0
375,360,0
12,511,300
14.09%
380,342,000
28.05%
392,853,300
63,427,000
63,358,000
60,598,6(00
123,956,600
Aggr'te money holdings
Change from last week
441,515,000
—1,347,000
443,700,000
+ 3,440,000
73,109,900
—352,400
516,809,900
+3,087,600
Money on deposit with
*423,531,0
*427,133,0
*418,769,0
*415,169,0
*414,948,0
71,049,000
68,466,000
Change from last week
+ 3,994,000
+ 1,042,000
16,230,800
+ 16,600
Total
512,564,000
+2,647,000
512,166,000
+4,482,000
89,340,700
—335,800
"Deposits" now Include the item of "Exchanges for Clearing House," which
reported on June 28 as $14,983,000.
Imports and Exports for the week.—The following
the imports at New York for the week ending June 28;
totals since the beginning of the first week in January:
601,506,700
+4,146,200
% of cash reserves of tr
29.49%
"are
Total 26 weeks
16.63%
1.19%
29:75%
These
-
11,198,398
$2,437,795
10,832,307
$19,910,954
$13,461,053
$13,270,102
$75,216,322
422,485,847
General Merchandise
15.30%
14.19%
17.82%
+. Increase over last week.
1910.
$2,262,655
$71,646,732
$70,189,946
365,087,683
$79,688,795
397,437,379
Since January 1.
Goods.
Dry
+647,850
15.20%
14.65%
with bks.
1911.
1912.
$2,766,703
17,144,251
$18,966,976
Total
ust cos—
Total
Decrease from last week.
.
434,455,531
$497,702,169 $506,102,263;$435,277,529 $477,126,174
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending June 28 and from Jan. 1 to date:
■
0
.
EXPORTS FROM NEW YORK.
...
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 {629,686,500, a decrease of $3,239,200 from last week.
In
the case of the Clearing House members, the deposits are "legal net deposits" both
for the average and the actual figures,
b Includes bank notes.
a
1913.
$2,567,722
16,399,254
.......
General Merchandise
42,658,200
Cash In vault..
Cash on dep.
For Week.
41,399,750
1,258,450
35,272,250
-8,537,400
Change from last week
are
also
FOREIGN IMPORTS AT NEW YORK.
Dry Goods
34,406,500
865,750
"due to other banks."
At Boston
on June 28, against $1,424,000
were
+ 1,058,600
Surplus CASH reserve
Banks (above 25%)..
Trustcos. (abovel5%)
139,469,7
225.062.1
170.199.6
160,630,1
161.405.3
84,696,800
other bks. & trust cos.
Total
153,701,8
June 21.
on
Trust cos: cash In vault
Change from last week
165.712.0
157.436.5
11,603,0
11,570,0
11,518,0
11,418,0
11,323,0
11,316,0
11,246,0
11,251,0
*415,497,0
Includes Government deposits and the item
Government deposits amounted to $1,609,000
*
reserve
8,094,0
*414,861,0
*419,351,0
a
Ratio to
160.092,9
157.694.6
139,005,2
110,791,1
160.476.7
154.167.8
137.795.1
131.285.2
7,974,0
7,973,0
7,937,0
7.946,0
7,956,0
7,966,0
7,952,0
263,141,0
267,028,0.
264,041,0
260,936,0
275,708,0
271,593,0
267,443,0
263,335,0
4,028,0
3,846,0
3,845,0
3,993,0
93,370,900
+638,700
Legal tenders..
Change from last week
Banks: cash in vault..
$
$
25,895,0
26,502,0
27,482,0
26,029,0
26,284,0
26,991,0
27,113,0
26,696,0
374,765,0
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
7.
357,887,000
+2,753,000
84,080,000
Change from last week
60,735,4
60,735,4
Phila.
+6,888,600
357,435,000
—412,000
Specie.—.
Clearings
lation.
The averages of
1912.
1911.
1910.
$17,086,154
408,262,999
$17,321,437
377,451,660
$15,117,867
311,203,560
1913.
For the week
$14,021,601
Previously reported.
463,560,710
the New York City Clearing-House banks
26lweeks.......... $477,582,311 $425,349,153 $394,773,097 $326,321,427
Total
and trust companies, combined with those for the State banks
and trust companies in Greater New York outside of the
Clearing-House,
compare as
follows for
a
series of weeks past:
The following table shows the exports and imports of
specie at the port of New York for the week ending June 28
and since Jan. 1 1913, and for the corresponding periods In
1912 and 1911:1
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
We
omit
two
ciphers
in
all
•
„
EXPORTS AND IMPORTS OF
GREATER. NEW YORK.
SPECiEfATjNEW YORK,
these figures.'
Exports.
Loans and
Week Ended—
Investments
Deposits.
Specie.
Legals.
TotMoney
Holdings.
$
$
$
$
Entire Res
'
?
_
June
21....
2,490,418,5 2,340,090,6
2.50k ,421,3 2,350,925,9
2,499,449,9 2,341,655,2
2,487,476,8 2.336.385.2
2.487.401.3 2.338.227.3
2,478.544,0 2,330,812,1
2,479,212,8 2.329.259.1
2,460,968,5 2.318.894.4
2.449.301.4 2,318,877,0
June
28
2,456,190,0 2.324.559.2
April
May
May
May
May
May
26
3
10
17____
24
Sir7
June
14
June
400,230,8
$ '
•
89,387,8
401.590.5
88,316,0
88,407,7
90,626,3
92.890.2
93.010.3
91,574,2
401.512.3
404.988.4
405,887,1
406,538,7
406,622,4
413.226.6
420,990,1
423,439,0
Week.
Week.
Since Jan. 1
Since Jan. 1
'"'I
'
.
'
Imports.
.
Gold.
.
OnDeposit
489.618.6 660,846,6
489.906.5 666,801,6
489,920,0 562.562.2
495.614.7 570.569.6
498,777,3 568.851.3
499,549,0 571.814.4
498.196.6 569,830,2
91,897,6 505.124.2 673,727,0
92,732,2 513.722.3 597.360.5
93,370,9" 516,809,9 601.506.7
France
....
Germany
West
Indies..;-*.-.--
Mexico.
South
$35.439",541
——-
.
—
$5io66
.—*--—-
—
America
Total 1913—r——
Total 1912
$5,000 $60,184,782
27,461,353
10,127
2,630,808
—
84,210
567,098
63,012
41,814
.
$781,446
4,977,591
...
Total 1911
714,000
223,551
5,171
22,322,639
1,479,880
...
AH other countries
——
$47,821
$1,129
24,183
Britain.............
Great
1,425.372
68,487
,
109,621
2,944
621,247
5,828,404
1,825,084
662,460
$9,297,581
11,853,846,
7,437,715
Silver.
''
Great
Reports of Clearing Non-Member Banks.—The follow¬
ing Is the statement of condition of the clearing-non-member
banks for week ending June 28, based on average daily results:
Britain.
France
.
3,334,122
$704
$13,983
6,891
$599,125 $22,492,057
Germany
33,506
l",579
53,865
12,469
82,690
"3",950
247,290
-—
160",551
2,389,000
1,284,152
'
~
1,575
West Indies—*
Mexico..——--——South America.:—
'
We omit two ciphers
1,200
Total 1913—
Loans,
Legal
Disc'ts
Capi¬
Sur¬
and
tal.
plus.
Tender
Total 1912.*.*.—
On
Deposit
.,
and
with
Invest¬
Bank
C.-H.
Notes.
Banks.
100,0
200,0
500,0
Colonial
400,0
Columbia
300,0
200,0
250,0
200,0
200,0
200,0
100,0
Fidelity
Mount Morris
Mutual
New Netherlands...
Twenty-third Ward..
Yorkvllle.
Of the above Imports
349.7
119,9
511,3
656,3
767,6
173.5
334.3
470.4
300.6
104.4
489,3
1,710,0
U,584,0
156,0
278,0
6,324,0
731,0
6,784,0 1,033,0
538,0
5,696,0
52,0
1,047,0
366,0
2,271,0
559,0
5,188,0
3,248,0
408,0
225,0
1,889,0
622,0
4,238,0
103,0
66,0
306,0
2^2,0
475,0
115,0
46,0
384,0
135,0
89,0
188,0
126,0
520,0
833,0
929,0
111,0
314,0
636,0
,
1,616,0
1,647,0
6,105,0
7,002,0
6,596,0
981,0
2,507,0
First National
National City
North Side
300,0
252,0
1,000,0
300,0
200,0
Jersey City.
FirstNational
$136,144
$4,586,819
5,312,651
4,232,304
55,907
32,981
162,0
3,422,0
2,030,0
4,627,0
353,0
701.6 3,863,0
523,0
944.3 5,550,0
592,9 10,380,0 1,357,0
585.5 4,574,0
563,0
177.6 2,310,0
186,0
72,0
161,0
526,0
131,0
119,0
539,0
569,0
1,714,0
679,0
429,0
3,156.0
4,918,0
12,400,0
4,580,0
2,355,0
400,0
250,0
200,0
1,404,2
826.8
431.7
4,457,0
3,271,0
2,598,0
281,0
212,0
103,0
242,0
80,0
142,0
1,645,0
497,0
682.4
283.7
4,242,0
3,282,0
206,0
206,0
71,0
482,0
316,0
78,667,0
78,559,0
78,915,0
ffiititiicfcil.
115 Issues of Listed Stocks
are classified by us as follows:
Investment,fSemlInvestors interested in stocks can obtain
of tbis circular free of charge by sending for Circulart.614,
"Railroad and Industrial Stocks."
The
Issues
Investment. Speculative.
a
copy
Spencer Trask & Co.
43 EXCHANGE PLACE—NEW
YORK
Boston
Albany
1,497,0
1,368,0
6,097,0 10*908,0 84,506,0 8,958,0 3,714,0 12,449,0
Totals June 21...
6,097,0 10,908,0 84,936,0 8,863,0 3,931,0 12,434,0
Totals June 14.—. 6,097,0 10.949,2 85,390,0 8,841,0 4,161,0 11,851,0
were
Chicago
3,239,0
1,908,0
1,479,0
220,0
125,0
for the week In 1913, $94,210
$1,201 American silver coin.
iwtl
5.334,0
381,0
282,0
606,0
Brooklyn—
Manufacturers' Nat..
—
—*—
American gold coin and
.....
Mechanics*
Total 1911—.
Deposits.
Specie
New York City.
Manhattan and Bronx.
Washington Heights*
Battery Park Nat...
Century
750*660
$847,990 $25,864,835
1,369,613 26,354,292
1,086,441 24,900,562
Net
ments.
Banks.
26,419
All other countries....*
(00) in, all these figures.
Hudson County Nat-
Third. National
Hoboken.
653,0
•
First National
Second National..T._
f^Totals June 28—
47,0
White, Weld & Co.
Bonds and Investment Securities.
14 wall
street
NEW york
the rookery
chicago
111 devonshire street
boston
July 5
of the Balkan developments, which
ousness
dfe-elle.
Unfuers'
is showing such a distinct tendency towards increased
money
The
and Financial
Market
Money
ease.
To-day's (Thursday's) nominal rates for sterling exchange were 4 83 % for
sixty-day and 4 87 % for sight.
To-day's actual rates for sterling exchange
were 4 8310@4 8320 for sixty days, 4 8690@4 87 for cheques and 4 8740
Situation.—The
security markets have, throughout the week, been of the
usual
holiday
fluctuations
been
have
and
narrow,
without significance.
settlement of the long-pending
Pacific-Southern Pacific case was generally regarded
the plan for
Although
Union
a
feeble.
favorable, the market response thereto was
as
@4 8750 for cables.
Commercial on banks 4 80% @4 82% and documents
payment 4 82%@483%.
Cotton for payment 4 82>$@4 82% and
grain for payment 4 83@4 83%.
.
"
The posted rates for sterling, as quoted by a representative house, were
not changed during the week from 4 83 % for 60 days and 4 87% for sight.
To-day's (Thursday's) actual rates for Paris bankers'francs were 5 21 %@
5 21% plus 1-32 for long and 5 18% less 5-64 @5 18% lass 3-64 for short.
Germany bankers' marks were 94% @94 7-16 for long and 95 3-16 less 1-32
@95 3-16 for short.
Amsterdam bankers' guilders Avere 40 3-16 less %@
for
dulness has prevailed and
Extreme
type.
shares
both
of
The
40 3-16 less 3-32 for
and 25f. 24c. low.
Exchange at
understanding of the plan
One of the Commercial
liabilities in such
period since 1893,
as
a
well
which has been
going
High for the week._.39 13-16
Low for the week —39 13-16
the liquidation and adjusting process
as
circles, leaves the general situation clearer and more favorable
for future
There is, moreover, some ground for
operations..
hoping that this liquidation has largely spent its force.
report from the iron trade
more
is
is to the effect that there is some¬
This inquiry
by the lower prices now prevailing,
doubt stimulated
no
Another satis¬
encouraging.
the fact that it exists is
but
A
inquiry for pig iron than of late.
what
factory feature of the present outlook is the easier money
market conditions at home and abroad.
Rates, at Berlin
have
"a
have been
quoted
is finding
concessions from
a more
market rate for call loans at the Stock Exchange
The open
during the week
from
this week at 1 % %
ready market, with
quoted rates for short periods.
two or more days
on
and commercial paper
some
In this market call loan rates
downward tendency.
stock and bond collaterals have ranged
on
Thursday's rates on call were 1%@2%.
1%@2%%.
Commercial paper on
Thursday quoted at 5% @6% for 60
months' single
90-day 'endorsements and prime 4 to 6
to
names
and 6%@6%
of
of
Bank
The
showed
for good single, names.
England weekly, statement
decrease in bullion of
a
reserve
liabilities
to
was
;;
-
on
fixed
as
The Bank of France shows a decrease of; 1,548,000
April 17.
francs gold and an increase
NEW YORK
of 6,470,000 francs silver.
reg.
{Not Including Trust
'
Companies.)'
at 99% to 100, $10,000 3s
113%. For to-day's prices
yearly range see third page
following. \
ket has
-
week ending
'
133.650.000
207,223,200
....
....
Inc.
10,648,000
47,047,000 Inc.
101,000
Inc.
12,419,000
3,479,000
722,000
..Loans and discounts... 1,330,593,000
Circulation
/Net
deposits
1,355,769,000
300,805,000
79,537,000
.....
Specie
Legal tenders
^Reserve
advanced, although in only a few cases are they a
Canadian Pacific
a
Inc.
Inc.
134,150,000
131,650,000
200,877,300
195,518,500
1,409,622,000 1,378,499,000
46,428,000'
46,539,000
1,461,247,000 1,444,926,000
329,712,000
307,419,000
78,236,000
77,050,000
,
385,655,000
365,311,750
406,762,000
361,231,500
1,096,250
20,343,250
45,530,500
the acceptance
on
those
eonditidn of the banks
on
now
figures, together 'with the returns of the separate banks and trust companies, also
summary issued by the State Banking Department, giving the condition of
State banks and trust companies not reporting to the Clearing House, appear on
the
the-second page
State
preceding.
and
the Board
are
limited to
Bonds.—Sales
$16,500 Virginia 6s deferred trust
supported, and of
one
is
a
affair.
Prices have? however, been
list of 20 relatively active issues, only
fractionally (%) lower than last week.
In the miscellaneous list the copper
Am. Can. is 1%
conspicuous for
tively.
an
and B
advance of 1% and 134 points, respec¬
Some of the convertible issues have been strong,
notably Union Pacifies, which
week.
are
134 points higher than last
Southern Pacifies, Atchisons and some
tractions have been strong.
of the local
'
Foreign Exchange.—The market for sterling exchange
ruled quiet
at
during the earlier part of the week but closed firm
sharp advances on Thursday, owing to the increased seri¬
:
.
-
14th 1911, and the
stocks have been strong.
points higher and Texas Company has made
exceptional -advance of 3% points.
an
•
37: '
following sales have occurred this week of shares not
our
detailed list on the pages which follow:
July 4.
for
100
6% June28
July
July
13
June28
100
90
July
American Express
100 160
July
Can Pac subs 3d paid..
200 209
Colorado & Southern
220
31% July
137
55
July
25
76
June30
2d preferred
...
Companies.
Preferred
;
Nash Chatt & St
...
12%
1
1 90
2 159
1 209
June
June
Highest
7% May
16% May
Jan
96%
•
Feb
July 213
June
23% June
33
Jan
1
55
July
65% April
June30
76
April 170
76
June
87
July
July
June30
July
Jan
June 69
April
64% June30 64% June30 66
Jan
July 2 132% June 170
July 2 136
July.
July 133
July 2 133
60 133
July 2 133
Jan
52% June 63%
52% July 2
100 52% July ,2
Feb
2
June30
2
2%
April
2
June30
100
100 136
Sllvel*
.
Pacific Tel & Tel,
2ft 90
pre!..
100 195%
Phelps, Dodge & Co
Quicksilver Mining
UnRed Dry Goods.
Preferred
6% June
15
.
Louis!
N Y Chic & St Louis...
Ontario
June28
14
100
July
6%
1 90
2 160
2 210
2 31%
1 55
Preferred recta, 5th pd
___
Lowest.
Highest.
Lowest.
Amer Brake Shoe & F..
Mackay
Range since Jan. 1.
Range for Week.
Sales
Allls-Chal recta, 5th paid
700
'
July
3
July
2 195% July
3
July
3
July
2 87
July
1 99
2% July
100
_
.....
90
July
87
July
.100
99
July
3
90
June
95
Apr
2 195% July 195% June
4% May
2% July
1
Jan
July 101
2 87
Jan
1 98% June 105%
■
in outside securities
was
pronounced this week, the approaching holidays ac¬
centuating this condition.
Prices ruled firm. BritishAmer. Tobacco was more than ordinarily active and advanced
more
22%. United Cigar
reacted to 80% and
moved upward again, resting finally at 81.
Anglo-Amer. Oil
improved from 19% to 20%, weakened to 19% and recovered
subsequently to 19%.
Standard Oil of N. J. gained 3 points
21%
Stores
to
Among the exceptional features, Erie conv. series A
are
•
to-day's market aggregated less than
100,000 shares; the smallest since July
from
railway and industrial bonds has been a
dull and uninteresting
plan for separating the control of
Outside Market.—The dulhess
of State bonds at
receipts at 43% to 47%.
The market for
a
affair Was otherwise devoid of interest.
0
Railroad
of
companies.
Subscrip receipts
issues a statement weekly, showing the actual
Saturday morning, as well as the above averages.
The
Note.—The' Clearing House
was
part
Week.
4,201,000
3,104,750
Surplus reserve...!.
full point
Among the exceptional features,
conspicuous for a decline of; nearly 4
of which it has recovered. • Chesapeake &
Ohio added over 3 points to the decline noted last week and
Southern Pacific declined and Northern Pacific advanced
points,,
Week ending
41,399,750 Inc.
of deposits
25%
holiday,
slightly
than last week.
higher
STOCKS.
380,342,000 Inc.
338,942,260 Inc.'
held....;
or
rFor daily volume of business see page
July 1.
week ending
Capital
Surplus
maintained
period. ' Prices have generally been
week ending
June 29.
mar¬
1911.
previous week.
Stocks.—The stock
again been exceptionally dull and, as noted above,
displayed other characteristics of the early summer
Averages for
1913.
Averages for
June 28. V
2s
Railroad and Miscellaneous
The
1912.
premium.
reg.
represented in
Averages for
40 3-16 less 1-32
SI,000 premium.
Boston, par.
San Francisco, 30c. per SI.000
at 103 and $10,000 4s reg. at
'
Differences
from
40% plus 1-16
40%
of all the different issues and for
CLEARING-HOUSE BANKS.
'
95 5-16
95% less 1-32
States Bonds.—Sales of Government bonds at
United
42.14, against 47.53 last week.
4%%,
95 3-16
95%
plus 1-16
the Board include $10,500
The transactions in
Thursday
less 3-32
premium.
St. Paul, 70c. per SI,000 premium. Montreal, 31%c.
Minneapolis, 60c. per $1,000 premium.
Cincinnati, par.
;
£1,369,116 and the percentage,
The rate of discount remains unchanged at
5 17% less 1-16
5 18%'
Domestic Exchange.—Chicago, 5c. per
St. Louis, par. bid and 5c. premium asked.
without failures, in Stock Exchange
on,
5 18% lass 3-64
5 18%
1-16
High for the week—
94 7-16
Low for the week
94 5-16
Amsterdam Bankers' Guilders—
This
fact which is a surprise to many.
Cables.
4 8760
4 8750
Paris Bankers' Francs—
High for the week—5 21% less
___5 21%
'
Germany Bankers' Marks—
corresponding
is larger than for any
cases
London, 20m. 46%pf.; week's range, 20m. 46%pf.
"
Low for the week
The aggregate
in the commercial world.
been in progress
movement,
Agencies' report of failures during
shows that a steady liquidation has
the first half of the year
on
for foreign exchange for the week follows:
Cheques.
Sterling, Actual—
Sixty Days.
4 87
High for the week_ ..4 8320
4 8670
Low for the week
4 83
The range
of the market, will ensue.
or
Berlin
high and 20m. 44%pf. Ioav.
disturbance, either in case of the shares
no
short.
.
London, 25f. 24%c.; week's range, 25f. 24%c. high
Exchange at Paris on
companies declined on the announcement
but recovered later on, a better
and belief that
interpreted
were
promising Higher money rates abroad at a time that local
as
Thursday Night, July 3, 1913.
Wall Street,
29
CHRONICLE
THE
1913.]
355
to 23, closing to-day at
sold up from 81 to 82%,
com.
and~ ends
the
week at
354.
Bonds
were
quiet.
Copper 6s sold at 140.
Brooklyn Rapid Transit
5% notes rose from 94 to 94%.
Chicago Elev. 5% notes
were traded in at 94% and. N. Y, City 4%s of 1962 at 95%.
Braden
Copper shares moved within a narrow range.
Braden Cop¬
per advanced from 6% to 7 and dropped to 6%.
British
Columbia fluctuated between 2% and 2%, resting finally
2%.
Giroux eased off from 1 9-16 to 1 % and closed to-day
1%.
Greene Cananea was very quiet, moving up from
5% to 6 end back to 5%.
Goldfield Consolidated was off
from 1 13-16 to 1%.
at
at
Outside quotations
will be found
on page
37.
30
New York Stock Exchange—Stock
Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually Inactive, see preceding
STOCKS—MIQHEST
AND
BALM
LOWEST
STOCKS
NEW YORK STOCK
EXCHANGE
Salts of
PRICES.
the
Saturday
June 28
951*
•981*
Monday
June 30
95%
99i2
115
931*
"94%
•77
80
•77
87
87%
2161a 21812
•276
*276
300
300
64
558*
63
65U
13i2
13
13
27
27
2784
267*
1021* 10334 1021* 103%
•134l2 136
1337* 13484
129
♦127% 12812 *127
r
182
*173
♦173% 182
45
*
95
$80
*160
80
40
45
-
16058 161
•
.
395
93
*77
03%
*
40
Central of New Jersey
30%
103%
128
Do
182
95
90
*150
895
*
895
395
*385
*15%
18
*16
18
♦16%
18
32
♦25
29
*25
80
61*
61*
*484
12
*10
243*
3614
12
241*
3712
31
*301*
2484
3784
32
♦4%
38
40
25%
25%
39%
40
*31% *33%
122% 123%
33
33%
32
♦109% 111
15%
147*
56
651*
26
26%
26%
69
69
*5714
81*
8%
♦71*
25
•201* 25
32%
123
122
111
33
34
•109
111
33%
33%
26
•68
*712
•201*
12
*111% 112%
14%
15
111
15
15
15
56
14&s
Ml*
55
26%
*57%
55%
26%
58%
♦7
9
*8
*20
25
*21
35%^ 65%
26%
•122
125
♦132
137
*132
137
*132
21
21
21
$57
67
*57
147
130
131
♦125
130
.21
2h4
♦57
60
29i2
•35
•30
46
291*
*3514
12%
14
*1284
97
971*
•102
25
29i2
90
*85
97%
103
103
§103
*80
85
*80
85
107% 107%
111% 111%
*90
94
*90
94
*96
115
*96
110
15714 1587b
*80
87
*80
87
*80
87
86
86
*8314
88
*83%
89
*84
16
151*
253*
*65
.
38*
6
61*
*25
31
71
*66
i834
18%
42l2
4234
*17%
♦421*
947s
20l2
96
14
*3014
3114
*83
89
*84
90
15%
15%
25%
4%
♦14
6
15%
25%
4%
16%
6%
*25
26%
15%
*25
26
', 4%
4
4
4
*13
17
♦13
17,
6
6
.26%
*25%
26i2
27%
71
19
74%
14%
31%
684
*25
4%
72
66
18%
421*
18%
42%
18%
42%
927*
94%
94
21
21%
75
21%
♦73
21%
74
13%
31%
14%
31%
*13%
31%
67%
18%
43%
94%
75
9
*7
9
*7
9
*12
20
*12
•20
*12
20
*7
*12
•102
104
♦10U* 104
*102
104
*102
1451* 1497*
•80% 81
1458* 148%
81% 8I84
14
81%
20
*34
35%
2%
34%
*2%
678
*6%
34%
2%
6%
36
36
•13
*612
*43
•'
637*
7
7
*684
♦341*
•41*
•13
5
18
38
18
6
*6
8I2
*43
50
64
651s
8%
50
65%
;*2%
*6%
*34%
4%
36
17
*6
*43
63%
8%
*43
60
6%
♦43
60
64%
*6%
60
64%
647b
*45
50
*44
50
47
47
95
*90
95
*90
95
*90
95
2212
*21
23%
22%
22%
80
*70
86%
42
42l2
•107
1.091*
3312 33314
60% 603*
36l2 361*
*93u
80
28%
87%
42
42
109
109
*33u
•6014
361*
*93u
•38s
$18
97
*3»4
4
•17%
'
I884
211* 211*
81*
81*'
*22
241*
22
-
21%
*21%
80
*70
27%
28%
28%
87%
87%,
42%
87%
42%
88
42
108
109% §108
38
33%
33%
69%
64%
64%
36%
36%
86%
*107
*33%
*60%
97
*93%
4%
21%
*70
28%
80
26S4
8684
41%
37%
69%
36%
97
»384
*92%
♦21%
22%
•8%
22%
22
9
24,%
25
9
*22%
30
*29
30
101
*100
102
23
/ *8
10
*8
10
8%
•47
50
*45
50
*47%
50
*47
50
*79
81
*80
81
81
81
*81
82
617*
60%
99%
62%
99%
62l4
*9914 100
•145
*99
•26
160
61%
5100
100
160
Do
100
700 American Cotton Oil
Do
50
preferred
—
9
23
Bid
Ask
Ask
Chat A Phen.
175
180
Chelsea Ex!.
NtwYork
Bid
147
153
220
223
Chemlcal
390
410
120
130
Citizens' Cen
175
185
First
425
City........
Bronx
Boro!
300
Bronx
Nat..
180
Bryant Park!
150
Butch A Dr
130
Century 1...
Chase
117
J'ne 10
93% J'ne 17
J'ne 10
96%
6%
28%
27%
67B J'ne 10
11%
67% Jan
81%
44%
106%
?0% J'ne 10
27
J'ne 10
100
J'ne 18
Bid
Jan
Jan
Feb
Apr
Jan
Jan
Jan
Jan
Jan
M% Deo
J'ly
46<b Deo
98
6
90
Nov
11% Feb
90% Feb
49
Feb
115
Feb
80% Oct
75% Aug
45% Jan
_
10
8
3
Jan
Feb
10
20
Feb
4
31
31
18
Jan
95
9 \ Mch
Feb
30
6
31% Feb
Jan
103
Jan
4% Jan
42
-
74% Jan 30
Jan
84
61% Jan
Jan
Deo
45
2
2
48% Jan
78% Jan
Dec
66% Deo
6
107
Feb
7
158
Apr 30
193
Jan
22
123
Mch
100
J'ne
105
Jan 21
99
25
J'ne
Feb
Jan
97
Snuff..—...
preferred, new
Found (%ew).
Do
»
;
Mch
83% J'ly 2
60% J'ne 28
33% J'ne 12
preferred—.—
Do
•
46% Jan 31
129% Jan 80
56% Jan 2
J'ne 11
80% J'ne 10
•36% J'ne 10
108
Mch
86
72% May20
86
American
Fifth
Battery Park
BoweryU
99
Jan
501b Jan
13
Amer Steel
165
Fidelity!
Fifth Ave!.. 4300
Amer Exch
J'ne 23
92% J'ne 3
19% J'ne 10
79% J'no 12
68% J'ne 10
110
Banks
T576
J'ne
Deo
160% Dec
88% Oct
28
J'ly
67
J'ly
334 j'ne
12% J'ne
2
80% Jan
67
Jan
61% J'ne 10
X44
21
3
Jan
14
7% May 6
40% J'ne 11
7% J'ne 4
45% J'ne 10
28
America T.
J'ne 11
pref B
6,700 Amer Smelting A Refin'g
100
Banks
13
l
preferred..——
Do
BANKS AND TRUST COMPANIES—BROKERS'
Banks
-
378 May
Feb
13% Jan 14
32
17
165
*26%
10% Dec
28
103
Sep
867g Oct
26% Nor
4934 Jan
16% MCH
36
Apr
92% Oot
63% Meh
104% Meh
100 Amer SmeltersSec
62%
*99
29% Jan
9
108% Jan 23
162% Jan
6
93% Jan
6
35% J an
3
63% Jan
2
32
Feb
■
3% J'ne 27
15% J'ne 10
50
•145
28
13
15% J'ne 4
101% J'ne 6
137% J'ne 11
79% J'ne 10
800 American Ice Securities700 American Linseed......
Do
200
preferred,
—
19%
100
*26%
9
5
100 American Hide A Leather
Do
110
preferred—
4
160
*99
28
2
Jan
68% Feb
20% Jan
33% Deo
60
preferred—.—..
86%
95%
100
♦145
*99
40% Jan
Deo
J'ne
9
40% Feb
102% Jan
26
3
111%
17634
96%
8,97s
69%
934
77
J'ne
Oot
Sep
Sep
120
May
60% Deo
83% Deo!
60% NOV
99% Feb!
7% Sep j
84
43
Apr.
47% NOV
Aug
Aug
Aug
J'ne
91
Sep
109% Sep
203% Deo
110%
19%
69%
89%
105
QUOTATIONS.
Bid
Ask
225 I
250
Banks
285
300
Imp A Trad-
500
620
Mt Morris !
Mutual T ...
185
190
Nassau
...1.
190
195
Security !•..
120
620
635
210
225
Sherman
185
300
325
Irving
960
985
Liberty
176
......
Aug
44% Oot
Harrlman
175
Sep !
30% May
177. Apr
Ask
Bank*
Sep
101%
47%
126)4
63%
Bid
Ask
i
17% Oct
62% Aug
400 American Malt Corp——
*26
18
44% Deo
103% Dec
26% Jan
Jan
9
*145
23% Jan
2
81% Mch 26
22% Jan
8
J'ne 10
1Q% J'ne 4
277b J'ne 10
9
M&yi3
Deo
Deo
Jan
Jan
Feb
179% Apr •»
93% Apr
101% Apr
80% Apr :
69% Apr '
29% Mch
69% Jan
43%Apr
40% Oct
80% Oct
27% Apr
56% J'nf
115% Apr
48
82
28
17% Deo
68%
26%
29%
68%
117
681a Apr 23
*7
165
72
Jan 30
110
Dec
Fob
Jan
Feb
*48
*81
100
J'ne 12
89% J 'ne 11
19% J'ne 12
J'ne
22% Deo
42% Deo
9
20% Apr 1
48% Jan 29
14% J'ne 10
Jan
Jan
Jan
92
131% Aug
126% May
111% Sep ;
6
100 American Locomotive...
Do
60
preferred.........
*99
28
92
Deo
3
29
*26
1041*
65
38
Aug
81% Mch
66
Apt;
47% Mob
71
Jan j
I67g Jan •
121% Apr
142% Apr;
41% ADf j
4
Cities———
400
*99
Jan
361b Jan 13
Jan
158
11
102
*99% 100
J'ne 12
J'ne
Jan 11
75
88
115%
1197g
98%
108%
148%
87%
Feb 11
29
Aug
28% Jan 13
29
*145
69
5% J'ne 17
26
J'ne 4
170
138% Mch!
27% Jan ;
$57
Jan
1541b Aug
8
*100
62
13
<
22
J'ly
67% Oct
31% Sep j
65% Mch
18
Apr 1
40
May
185% Jan j
2
30
63%
2% J'ne 17
J'ne28
J'ne25
141% Jan
Jan
102
62%
J'ne 10
Jan U
100
Apr'
Sop j
8
♦29
8%
1687b Jan
2
92% Apr 10
95
Apr 10
24% Feb 4
44% Jan
2
19% Jan 11
104
63
Jan
$102
8
151% J'ne 10
86
J'ne 10
48
143% Aug
4
30
8%
6
7
123% Jan
12% J'ne 10
2078 J'ne 10
297| J'ne
Mob
46
102
•28%
*100
122% Jan
1067b J'ne 4
86% J'ne 10
100
J'ne 25
Deo
126
Deo'
46% Jan 1
11% May
23
May,
89% Apr
577 Apr
t-107% Feb
Feb 13
87
82% Mch 17
101% J'ne 10
25% Dec
67% Maf
35
J'ly
62% Oct
26% Oct
106% Deo
24
6% J'ly 3
J'ne 10
.....
600 American
22%
•8%
25
*29
613s
36%
$95%
129% Jan 10
337b Jan 11
113% Jan 3
J'ne 10
146
597
J'ne 11
American Can
Do
preferred—-i-w—
2,100
1,600 American Car A Foundry
Do
210
preferred
—
66
19%
22%
*8%
*22%
8%
66
3
Mch
Feb
Deo
129
62% Apr
101% Apr
175% Feb'
J'ne 11
Maryland—
32:814
42
*17%
19
22
*41
•3%
19%
_
*17
80
28%
88%
1087b 1087b
83% 33%
8% "3%
4%
18
'81*
•22
22
*70
*100
,
160 Western
8%
48
2684
871*
Jan 29
Dec
138
Apr
Mch
198
J'ne 11
Wheeling A Lake Erie...
Do
1st preferred....
Do
2d preferred
Wisconsin Central-,.—_
Industrial
&
Miscall.
59,030 Amalgamated Copper...
100 American Agricul Chem.
Do
preferred..
""460 American Beet Sugar....
Do
preferred—.....
*90
273*
Jan
Jan
145
2
100
*40
2684.
86l2
15578 Feb
1287b Dec
18% J'ly
$40
Feb
7
2
27% Jan
2
109% Jan 80
95% J'ne 27
99% J'ne 13
25% J'ne 11
Jan
30
Feb
69
J'ne 27
May
11% Jan
6
Jan 2
Jan 10
47
J'ne 10
56
May
Deo
Jan
May
146
16
5
95
*70
Jan
120%
16%
53%
22%
Apr
Oct
Oct
Apr
NOV
30
700 Wabash
Do
100
preferred......
48
*21
»
Jan
85%
2034
39%
117%
Sep
Sep
Deo
Deo
Deo
May
227g Apr
64% Mob
11% Oot
36% Oot
2%
6%
37%
*90
65%
Deo
Jan
Jan
—
34
•44
65%
88
36
142% Jan 9
Jan 22
29% Jan
7
64% Apr 11
43% Jan
9
25% J'ne 10
36
J'ne27
84
Dec
Deo
14
80
47% Dec
126
J'ne 11 $150
18% J'ne 10
98
2
91
94% J'ly
Aug
...
82
"18
♦14
18
*6
8%
2%
Do
preferred:
100 Twin City Rapid Transit
160,850 Upion Pacific..
Do
600
preferred.....
100 United Rys Inv'tof S F
Do
700
preferred
21
33%
$37%
*4%
5
*4%
*16
4%
♦13
20
Pacific.
500 Third Avenue (N Y)___.
Toledo St L A Western-
""260
104
*19
*19
36
Do
900 Texas A
9
18%
*19
20
Air Line
preferred....,
17,400 Southern Pacific Co
7,300 Southern v tr ctfs stmpd.
Do
600
preferred
do
•
146% 147%
20
38
75
146% 148
*81
83
*34
2d preferred.
St Louis Southwestern..
Do
preferred
1,400
14%
31%
21%
144% 1477b
81% 81%
34
2%
""600
,
93%
*102
21
2%
.....
Do
1,500
600 Seaboard
93%
20%
*73
31%
Rock Island Company..
Do
preferred
2,300 St Louis A San Francisco
Do
100
1st preferred
19
18%
84
2%
800
.43%
9
•19
*21*
•61*
*34l2
*4i2
"2", 600
66
*43
*7
104
.....
*18
20
-
...
90?
66
14
31%
*69.
*7
.
167% 158%
6
6
2012
76
86 ■'
16
741*
*131*
♦301*
93
115
94
Western.
2,106 Norfolk A Western
Do adjustment pref..
250
5,500 Northern Pacific
6,105 Pennsylvania
Pittsb Cin Chic A St L..
Do
preferred........
137,350 Reading
1st preferred
100
2d preferred
92
*96
157b
26
427S
95%
21%
2II4
*74
15
25
*3i2
*13
13
*13
16%
25%
*90
*96
115
157% 158%
156% 158%
NYNHA Hartford,...
Aug
18% J'ly
34% J'ne
,8
Sep
Jan 30
168%
142%
132%
23%
9
115% J'ne 11
11
530
9
Jan 10
35
141% J'ne 10
126% J'ne ll
52
Jan 13
41
Mch 18
J'ne
Deo
Dec
132% Jan 9
41% Jan
3
128% Feb 5
19% Jan 30
65%Jan 30
27% J'ne 19
61% Jan
7
11% Feb 5
May 2
127
95
16% Jan
2
82% Jan 6
49% Jan 30
5
J'ne 11
7
45% Deo
162
8% Jan
21% J'ne
56
Nov
188
Jan 21
41
J'ne 12
860 N Y Ontario A
107% 1077b
111% ni%
*90
61*
*25l2
900
85
*80
10684 108
11078 111%
94
38*
•
29%
301b Dec
99% J'ly
139% Deo
134% Deo
23% Jan
4
32
2d preferred
2,100 N Y Central A H R.....
103
,
J'ne
133
Do
9
445
J'ne 11
J'ne 4
10% J'ne 6
20% J'ne 10
33% J'ne 10
28% J'ne 10
115% J'ne 10
25% J'ne 10
108% J'ne 21
12% J'ne 4
45
395
68% Feb
15% Dec
94% Jan 16
Jan
8
13% J'ne 11
5
305
283
Jan
54
104% Feb
Aug
Jan
Mch
Jan 9
Jan 30
Jan 11
Jan 6
167
11134 Oct
Feb
9
J'ne20
Highest<
Jan
rl01%
86%
76%
220%
2
35
Previous
148% Aug
l lUg Apr
Jan
90
Apr 11
147% j'ne 11
390
J'ne 12
Do
pref
Minn St P A S S Marie..
Do
preferred
"l'iOOO
97%
102
102% 102%
1687*
13
97%
102
115
25»4
13
J'ne 10
J'ne 11
...
41
*28
157
15l2
30%
29
•95
*2518
30%
*35
*12%
104
*90
*83U
59%
Jan 13
103% Feb
101% Jan
*130% Dec
17% Jan
80
_
Minneapolis A St Louis..
Missouri Kan A Texas
Do
♦v
42
preferred....
3,900 Missouri Pacific
Nat Rys of Mex 1st pref-
Jan 10
•
362
J'ly
12
"uoo
21%
13%
97%
""850
34%
46
j3%
1078* 107»4
111%
*58
30%
„
100
123%
21%
Lehigh Valley
Lowest,
92% May26
266% Jan 9
11
25
pref.
1,300 Louisville & Nashville...
20 Manhattan Elevated
137
29
*28
85
85
30
*35
10714 1077*
1108* 1111*
111
34%
122
*132
29%
102
30
10214 1027b
36
124
137
59
97
T.iso
16
102% *102
102%
102
Do
130
*14
*57
13%
...
2,100 Inter boro-Metrop v t ctf.
Do
6.000
pref
;
2,100 Kansa City Southern...
Do
200
pref..
Lake Erie A Western
100
25
*125
217b
46
700
146
146%
*131% 133
16
....
1st preferred.....
2d preferred
Do
8,650 Great Northern pref....
Iron Ore properties—.
3,700
800 Illinois Central
8
130
147
*21
30%
26,300 Erie
Do
8,300
.
131
60
13%
96%
12
23
88
lo
98%'J'nelQ 116%
132% J'ne 12 145
123% J'ne 10 138
181
May23 $189
23
Duluth So Shore A Atlan
Do pref
6%
1127b 115
15
14%
65% 5534
26
26%
57%
67%
8
pref
10
18
10% J'ne
40
.......
Denver A Rio Grande...
Do
34
*33
*21%
2188
29%
"""206
2478 25%
39% 39%]
*31% 81%
123% 123%
8%
*132
137
*36
97
9684
104
811* 31%
10234 103
30
"1384
26%
67%
67%
147
146
145% 147% 146
131
1301* 130% 130% 131
*125
130
$12512 125% *125
*14
16
16
*14
*1412
*34
36
36
f34
*3412
*122
1237* 1237s 122% 123
146
6%
*10
26
1221* 123
3334
3284
1221* 123
*4%
6%
12
24%
*10
pref
Hudson..»_
Delaware Lack A West..
*26
*484
*10
...
200 Delaware A
16%
*29%
„
Do
101
158
30
395
pref
*""200 Cleye Cln Chic A St L
90
158
52
———.
*25
•4*4
"
J'ne 11
Chesapeake & Ohio.
~
133
"leu
237*
36%
,
275
pref
1,650 Chicago Gt West tr ctfs
Do
1,100
pref trust ctfs
5,000 Chicago Milw Sc St Paul.
Do
pref
1,300
675 Chicago & North Western
14
16%
•10
■j.
*20:050
m%
32
„
'
J'ne
J'ne
J'ne
J'ne
.
36,902 Canadian
300
•22
,
Brooklyn Rapid Transit.
Pacific.,
90%
77%
x83%
210%
Ohio.
1or
Year 1912.
106% Jan 6
102% Jan 29
133% Jan 9
106% Jan 22
J'ne 11
Do
T,8i6
87%
215%
"ie%
•r
112
8,010 Baltimore &
Range
Highest,
9278 J'ne 12
96% J'ly
pref
685 Atlantic Coast line RR
40
40
40
*9o"
Do
300
93%
•150
95
•iso*
Lowest.
Railroads
6.000 Atchison Topeka A S F
80
♦77
Range Since Jan. 1.
On basis of 100-share tots
Shares
97
157
80
155
July 4
115
93%
80
Week
96%
97
115
115
86
87
87%
871*
87%
214% 217% 2147$ 216% 214%
*275
*275
300
300
*276
52
64
53%
54%
53%
*12
127b
,13%
13%
13%
*27
29s4
28%
28%
31%
,102% 103% 102% 103% 102%
133% 134% 133
1337* 134
128
128
128
128% 128%
*173
*178
182
•173
182
8684
21514 2I684
♦111*
*114
94
•77
80
86
*96
96%
115
96
96%
97%
957b
05% 968s
95%
96%
•951* 100
1137* 11484 *112
93
94
'936*
115
Friday
Thursday
July 3
Wednesday
July 2
Tuesday
July 1
page
290
•.»
-
Banks
Bid
Seaboard....
—
430
Second
385
.....
350
360
Fourth
185
Lincoln
340
360
New Neth!
New York Co
850
875
State!
250
Coal A Iron
160
165
Garfield
250
j
335
345
New York...
395
405
Colonial If...
Columbia !._
450
Germ-Amer !
137
143
Mark A Fult.
235
240
255
265
23d Ward !..
Union Exeh.
German Ex 1
400
415
Mech A Met.
230
240
Paclfio 1
Park
135
Commerce
475
500
150
155
220
Merch Exch.
230
Corn Exch !
640
660
Cosmopol'nU
m +
>
mm
I
130
175
195
Ask
East
290
310
T171% 1181
Exchange
.....
300
_
•
310
105
250
Manhattan
River..
80
640
155
358
362
Wash H'ts t.
250
Weetch
Avf.
160
•
mmm
655
v
this week.
•
_
_m-
260
100
275
240
185
195
People's !_._
Prod Exch !_
165
170
West
Side!.
450
Metropolis !Metropol'n 1
340
355
PublteH....
250
290
Yorkville !..
590
185
190
Reserve....
88
92
S
daYv *E«l«Ms.
or at auction
....
Merchants'
170
85
.
TBale at Stook
...
iicwvomuu.
iLess than 100 shares. UState banks:
Vint installment paid.
,
n
-
a
Ex-div.A rights 9 New stock. J Ex 34% aecua
sEx-div, *FaUpaid«_
Sold at private sale at this pcioa.
" *J
_
174
600
1
.
july 5
For record of sales during the week of stocks
SALE
LOWEST
AND
STOCKS—HIGHEST
Monday
Saturday
July 2.
July 3.
1.
July
30.
June
28.
June
Range Since Jan. 1.
%WTOCK
NEW
EXCHANGE
the
Wee}t
Friday
July 4.
Thursday
usually inactive, see second page preceding.
Sa'es of
PRICES
Wednesday
Tuesday
31
Record—Concluded—Page 2
New York Stock
1913.]
On
basis
of 100-share
1st
Range
Previous
Year 1912.
lots.
<
Lowest
Shares.
Lowest
Highest
Industrial & Misc (Con)
•107
116
12812 129% *127" I2V12 127U 127U
*215
220
♦214U 218
•21312 216
•74%
♦36
*23
25
24
33*8
*65%
33*2
132*8
99
*87
♦36
42
♦36
42
*36
99
42
10012 10012 *100
101
129
28
•2712
"
"2034
♦8912
128% 129
21*2
*20*4
*90
*26
28*8
•26*2
267g
12914
1018
3378
10
10
10
10
10
66
*62
66
♦64
66
66
66
*65
•9478
•94*4
96*8
95
•12
.
18
♦12
18
•12
72%
77
*72
75
27*8
♦26*4
27*4
27*2
92*2
91
91
42*2
14%
91
91
42
4112
41%
1412
42
*14*4
15
103"
103*2 103*2
♦112
♦1117g
103
103*2 *100*4
*11178
*11178
103
14la
•1117$ 116
104
•11178 116
♦314
13*8
*3*4
13*4
"3*2
13*4
*812
9
*8*2
9
38
37U
37*4
*612
9
3*4
30*8
97%
47%
41%
142%
17%
79%
100%
*6
9*4
*23
*22*4
•80
88
'""300
92
400
42%
42%
400
•14%
14%
500
103*2 103*2
'""600
9
*8*2
9
*8*2
40
♦36
38*2
*6
""460
600
89*2
6
89%
111
*58
63"
*52
63
♦58
63
*58
63
*59
63
•94
100
♦94
100
*94
100
*94
100
♦94
100
37
♦30
35
♦30
37
♦30
37
Lackawanna
94
♦91
•9l"
♦91
♦91
94
♦190
210
205
205
*10814 113
113
29
*26
30
*
♦
100
68
•65
100
667g
*
175"
107% *106
107*2
67
67%
67*2
67
667g
•
100
•110
115
*110
113
•117
120
*117
120
120
♦58*2
60%
20*8
20*2
20*4
12
*10*2
12*2
♦10*4
12
*10*2
21
115
120
•60
80
♦65
82
♦66
82
♦68
82
11
100
11
82
'""266
♦45
45%
46*2
45*4
47*2
•45
45*2 ♦45
45*2
47l2
•10512 107i2 *105*2 107*2 *105*2 107l2 ♦105% 107% ♦105*2 107%
14%
14%
14%
14*4
14*2
14*2
14%
14*2
14i2
1412
63
*55
•63
*55
63
♦58
60
*58
63
66
66
•65
67
65
65
*63%
68
*63%
68
'""400
♦18
19
•18
20
17*2
18
19
V
29
28
28
♦27*2
32
18%
28%
*18
29
18*4
28*4
110%
111
♦1514
I6I4
*15*2
18
•75
78
*75
78
♦22,
23
•22
23
*90
92
♦90
93
•152
24
24
•90
.
154
*152
154
.
16*8
18
*74*4
•15
♦24
24l2
97
♦90
95
1678
16*4
16*4
*24
26
•34
35%
*57
2512
.♦22la
♦80
•100
*18*2
19
*18%
•76
18
17
36
36
•36
164
♦15
177s
17%
*37
40
163% 163%
28
•23
26
*23
•33
35
♦32
*57
6212
•55
♦22*4
25
♦80
87
29*4
105*2
86
28*4
300
"4*8
4*8
♦23
;
*44
61
27
♦25
13
10*8
48%
61*8
59*2
103*2
62l2
♦60ia
59
59U
69U
10212 102% *102
92
20*4
49
♦9*2
>
92
*70
♦61
59%
10*8
48%
61%
60
1027, 1027b
92
♦70
Do
100 Sloss-Sheffield
Standard
Do
*28
29
105%
86
~*4% "5"
*24
27
*23% 30*4
14
*10
10*2
§10*2
*48% 487l
48*a 48%
♦61
61%
61% 61%
62
61
60*a 62*2
103% 103*2 *102% 103%
.
417S
42*4
235s
103
41%
53%
103*2
42
42%
63%
52%
103
42*4
23*4
94%
6212
58%
350
.
'V.ioo
100
Bid
Ask
Bia
Banks
Bid
Trust Co's
Ask
Ask
Trust Co's
Bid
Jan
$16
135
155
275
285
Central Trust
First
280
300
North Side
175
200
Columbia-
140
165
People's
145
155
Flat bush
...
155
7
99% Jan
4
213% Jan 2
45*2 Jan 28
40% Jan 31
667s Feb 4
36
Feb
39% Jan 4
122% Jan 10
3
99% Jan
Apr
113
8
4% J'ne 11
22
J'he25
9% J'ne 10
44% J'ne 6
59% J'ne 11
63
J'ne 10
98
J'ne 10
76% Jan
3
497g J'ne 11
102*2 J'ne 10
39% J'ne 10
22
J'ly
1
93
J'ne 30
58% J'ne 10
63% J'ne 10
81% J'ne 20
109
J'ne 14
Jan
69*2 Apr
109% Apr
81% Jan
125
85
Mechanlcs'f.
Montauk T__
Nassau
425
13
Feb
60
Jan
Jan
3
9
8
Jan
68%
107%
$52%
40%
1147a
71%
66%
1147g
Feb
Dec
Jan
Deo
Deo
Deo
Jan
Jan
112% J'ly
93%J'ly
QUOTATIONS.
Ask
130
Dec
J'ne
4% Jan
85% Deo
75
79% Jan
2
119% Jan 17
112
Jan
2
115% Jan
95
45% Feb
105** J'ly
9
Jan
Jan
81
Bid
Trust Co's
Hit
140
Trust Co's
800
Equitable Tr.
470
N Y Life A Tr 1000
1025
Brooklyn Tr.
....
190
....
140
Bankers'
Tr.
435
450
Fulton
290
B'way Trust.
150
160
Guaranty Tr.
525
185
NY Trust...
620
635
Citizens'
....
120
130
Title Gu A Tr
430
440
Franklin
410
435
Transatlantic
200
220
Hamilton
130
140
470
....
ance
Mut'l
(West¬
270
......
115
385
Home
440
450
Kings County
1110
350
375
People's
145
156
Queens Co
.
U 8 Mtg A Tr
6365
145
...
United States 1075
Union Trust
Mutual Alli¬
305
220
175
Metropolitan
*
480
1150
NY City
Astor
Bid
Brooklyn
Lincoln Trust
92
.
Empire
Trust Co's
100
400
590
4
9
75% Jan
$34% Feb
67
9
69% Jan
2
110% Jan 30
60% Jan 2
43% Jan
3
114
Jan
'63
110
Jan 21
7% Jan
3
41% Jan
8
16% Jan 30
56% Jan 31
77
Jan
39% Jan
16% Jan
J'ly
90% J'ne
J'ne 10
110
140
30
93% Jan 13
NY City
Hudson
1000
575
6
Jan
1534 Feb
64% Feb
89% Dec
99% Dee
Law T 14 Tr
Knlckerboc
Commercial
980
1
J'ne 10
1077s J'ne 13
NY City
N Y City
Brooklyn
National City
.
2
J'ne27
J'ne30
Feb
Jan 13
"
Brooklyn
Coney lal'd *
96
78
preferred..
Union Teleg
preferred
Wool worth (F W)
Do
preferred
22
__
.
106% Feb
158% Feb
27% Feb
98% Dec
89
Westingj-ouse El St Mfg.
1st
Feb
2834 Feb
.
89% Feb
92% Jan
*26% J'ne 10
1,500 Western
Do
Jan
101% Jan
118
Jan 21
28% Jan 31
317S Apr 26
62% May 1
21% J'ne 12
82% J'ne 17
Do
Do
77
J'ne 11
24
preferred
U S Realty & Improv't
40
4,510 United States Rubber
Do
1st preferred...
700
Do
2d preferred.
800
36
Jan
1634 Mch
17
Corp (The)..
BANKS AND TRUST COMPANIES—BANKERS'
Banks
28% Deo
45
Deo
103
J'ne 10
36
J'ly 1
154% J'ne 12
....
1,435 Virginia-Carolina Chexn.
42*8
5178
103
74** Jan
Jan
17
Steel & Ir
preferred
Do
J'ne 10
95
Feb
60
24% Jan
72
24
24
22
•23
23%
23*2
23*s
23l2
98
♦95
93
93
100
95%
95%
94*4
1100
61
62
61%
61%
61%
61%
•60*4
621a
*60%
59
59%
58% 58*4
•67*2
58la
*57*4
69*4
59*4
109
109
*105
109
♦105
*105
•1057s 109
*106*8 109
85
85
•84
86%
86%
87%
86%
84%
87*a
•8312
110
•109
110
*109
110
*109
110
110
*109
§109
42
53*4
'■ 103*8
51% Jain
105% Feb
$18% Jan
2
27
2
8
14
22
Jan
J'ne 11
Deo
Feb
88
30
Jan
15
108,410 United States Steel.....
Do preferred
3,515
6,000 dUtah Copper
Par $10
5214
103
46
116
152
521a
53%
103% 104
41%
417S
63*8
521s
1025s 103
J'ne 11
J'ne 10
18% J'ne 10
1,200 dTennessee Cop
Par $25
2.026 Texas Company (The)..
Underwood Typewriter^.
Do
preferred
100 Union Bag & Paper
Do
100
preferred
140 U S Cast Iron Pipe St Fdy
430
92
*70
23
preferred
29
92
.
104
Milling.......
100
*70
9
J'ne 10
14% J'ne 11
preferred..
100 Studebaker
"*4% "5"
5
•4*8
J'ne
16
Sears, Roebuck & Co....
25ia
*81
6
60
....
210
87
105
6
J'ne 10
58% J'ne
....
*22%
86
J'ne
Dec
12% Feb
9
*81
105% 105%
13
114
122
_
Jan 30
92% Jan
66% Jan
107% Jan
• 20
Jan
82*2 J an
81% Jan
31*2 Jan
Dec
6234 Apr
$23*8 Feb
Jan
86*2
*81
44
100
May29
J'ne 9
Apr
105
35
28%
29
,86
5
Jan
Jan
Jan
Mch
69
100
24%
•79
26*2
128*2
12478
19%
4
J'ne
preferred
24la
86*2
105*2 105*2
J'ne
"75
Telep & Teleg.._
Dec
J'ly
,
10734 Jan
105% Jan
78% Feb
J'ne 11
9
(new)
Jan
Jan
167
767g Jan
22% J'ne 11
90% J'ne 10
62
*55
60
Jan 28
116*2 Jan 22
Feb 20
116
North American Co
Mail
Do
35
87
200
J'ne 10
dRay Cons CopperPar$10
3.200 Republic Iron & Steel...
Do
400
preferred
515 Rumely Co (M)_
26
35
J'nel3
Railway Steel Spring*
300
177b
♦33
90
Dec
102% Oct
2
163
♦23%'
8
Jan
42%
163
9
Jan
165
80
♦160
Jan
95
J'ne 10
19
79
6
105
'V.ioo
167g
*76
Mch
111% J'ne 19
♦100
13
•70
17
16%
18*4
•81
5
49
161%
17
1678
116% Jan 23
397g Jan
6
Pub Serv Corp of N J
Pullman Company
95
♦91
95
♦91
95
76*2
104
25
•47
24
18
.25
♦28*4
110
•412
237g
61*2
62
87
86
110%
110% *109
•152*2 155
*162% 154%
*23%
24%
♦23*a 24%
110*2 *109
♦90
235
6
'""i0O
93
154
154
6
88% J'ne 10
23
♦90
35
♦33
*22ls
•81
*22
93
24*
24
29
2812
1021a 103
23
♦90
76
17
♦160
*80
*57
♦22
90*2
37
"37"
40
164
90*8
165
♦
20
•35
♦22
J'ne
J'ne
J'ne 11
Oct
102%
15678
105%
36%
_
Pressed Steel Car
Do
preferred..
300
78.
104% Jan
"""19
76*4
♦15*4
♦75
4978 Feb
4
104
Lead
Sep
j'ns
Oct
Sep
Mch
29
7
J'ne
73
7Q%
15*4
71
100
Pittsburgh Coal
Do
preferred
200
76
Feb
Jan
Stamp'g
1,000 People's G L & C (Chic)
157g
■23
15*4
76
81
102
20% J'ne 10
preferred
Sep
Sep
188% J'ly
427g Sep
8234 Sep
Deo
9
56*8 Apr 15
$5
Mch
Aug
Sep
Sep
J'ne
J'ne 10
97*2 J'ne 10
dNevada Cons Cop Par $5
New York Air Brake....
300 Pacific
31
111
107
900 Pacific
157s
18*2
*74*4
•162
*27%
16%
76
18
18%
76
.
110*2 ♦109
*10912 U0% *109
108
107*4 107*4
1075g 1075g
1075a 107*8
National
Jan
66
preferred
Do
Y,100
•58
•
Do
100 Nat Enamel'g &
Do
preferred
$5
81
Oct
Dec
Deo
110
103
...
Aug
Oct
Deo
90
xl50
preferred
149*2
22%
89%
100%
36%
2134
5234
Dec
63
Feb
947S J'ne 10
86% J'ne26
1,770 dMiami Copper._.Par
1,050 National Biscuit
113
12
Jan
94
21
preferred
Deo
33% Sep
100% Oct
$5038 Nov
4334 Sep
Mch
4
70
195
Do
preferred
May Department Stores
Do
5
91
-
2,400 Mexican Petroleum
21
12%
"
600
May
110
60%
♦68
*10*2
1st
J'ne 12
297s J'ne
59%
*116
120
♦118
120
110
.
100
100
■
58*2
2078
60*4
2078
175
♦157
Do
Oct
Oot
1534 J'ly
938 Jan
*4578 Jan
97
2d preferred
Lorillard Co (P)
\
4
58
ctfe
Apr
5
10734 Jan 22
co
40ia
72%
95%
101%
Deo
J'ne 11
83
preferred
Do
100
♦103
61
"eo"
60
21
207S
207s
♦112
113%
110*8 112
*58~
V
6
..
-
109%
$47
Dec £$62%
$16% Dec
$21%
105% Feb
I267a
113% May 7
4% Jan
2
19*2 Jan
7
12% Jan 30
48% Jan 30
18*2 Jan
9
36
Steel
Loose-Wiles Bis tr
105
7
9
3
22% J'ne 13
Liggett & Myers Tobacco
Do
*300
*8S"
*157
—
105
105
68
*95
*
100
♦85"
♦157
110
♦103
100
♦61
*
*
100
*85
♦157
1Y0
*103
•
*85"
91
*85
•156
•
100
100
212
212% *200
*108% 115
♦108*4 112
30
30
*28*2
*28*2
May
113
80
149
107% Mch 29
27S J'ne 10
Laclede Gas (St L) com
94
♦205
♦108
♦108*4 113
29
28*8
28*2
94
213
•190
■
94
*91
7014 May
31% Dec
60% Dec
115% Jan 30
108
Mch 7
7% J'ne 10
Kresge Co (S S)___
Do
preferred
*30
7
May 12
12% J'ne
preferred
1st
Feb
95% J'ne 10
Do
Do
11*4 Feb
37% Jan
Jan
20% Jan
Internat Harvester Corp
Do
preferred
preferred
Pump
preferred
30 Kayser& Co (Julius)
Dec
30
533g Jan
Mayl2
*102
20
155
J'ne 21
J'ne 10
Do
Dec
7
a05% Jan
96
Int Mer Marine stk tr cts
Do
pref stk tr ctfs
Jan
99% Dec
68
111
100
10
75
2
J'ne 10
475 Internat Steam
23*2
♦80
80
*102
*102
(old)
Jan
23*8 Feb
135% Dec
3% Mch 19
Jan
2
1% J'ne 10
25% J'ne 10
preferred
"400
6%
*22
Harvester
$25
Jan
14% J'ne 10
103% Apr 25
Internat Harvester of N J
Feb
34% Jan
79
Jan
41
preferred:
dGuggenh Explor Par $25
d Insp'n Con Cop Par$20
16% Feb
80
Jan 22
Jan
2
89
Do
Dec
997g Deo
_
187
•
Nov
84
Feb
Mch
44
International Paper
9
40
*37
9
22%
9
Mch 19
129% J.'ne 10
25
Mayi5
70
May 8
pref V t ctfs
Do
'
*6
22*4
§80
9
25
♦80
Do
J'ne 10
Oct
Aug
J'ns
Oct
Sep
Aug
49% Dec
.
Jan 30
18
13
33
.
dGoldfield Con M Par $10
Goodrich Co (B F)
113%
...
37*4
88
*102
♦102
100
28%
Internat
•22
27*2
♦80
27l2
72%
103*2 103*2
103% 103%
116
*112
*111*8 116
*3%
3*4
3%
♦3*4
3*2
15
*12%
*13*4
15*2
15
♦8*2
preferred
100 Gen Motors vot tr ctfs
104
116
♦3*4
Do
J'ne 27
934 J'ne 10
1,010 General Electric.....*.
*267g
♦112
95
Distillers' Securities Corp
Federal Mining & Smelt'g
*72
116
7% J'ne 10
61% J'ne 10
Oct
127*2
60%
108%
51%
Feb
Feb
Feb
Mch
28
-
Jan
Feb
Jan
Jan 31
Jan 31
Jan 16
2134 Jan
2
125% J'ne 10
Do
100
86
30% J'ne 10
24% J'ne 10
Copper—Par $5
preferred
269 Deere & Co pref
32
103*2 103*2
♦112
116
*14
13*4
14*4
56*2 Feb
J'ne 10
75
♦42
42
15
102*4 102*4
*90
Feb
Apr
Jan 27
May
$48
Dec
102%
.27%
66%
137%
Jan
J'ne 10
*27
.
6
17
.27*2
*72
31
Feb
49
J'ne
188
13*4
92
27*8
Mch 27
94% Mch
41% May
105% Feb
103% Feb
32
*27*8
25
62% J'ne 10
preferred
31
Dec
$34
„
J'ne 11
100
137*4 137*2
*72
93
•36
137
137
J'ne 10
J'ne 10
25
Nov
25% Jan
Jan
99
42*2
42l2
•3312
121
53%
105%
41%
72%
1377g
J'ne 11
18
*33*2
135i2 135%
♦267g
30
42
'
*12
33%
32
*90
•
18
33*%
136
2812
•141s
*12*8
♦12
.18
14
•26
2678
72*4
*27
♦12*8
14
*12'g
96*8
136
138
267s
42l2
•3312
42l2
•33lt
136
♦947g
J'ne 10
100% J'ne 25
.
18
79
Jan
58
95
♦12l2
96%
13*4
•95
•12l§
96%
13l2
'
26% J'ne 16
67
10
10%
10%
J'ne 25
40
300 Colorado Fuel & Iron
1,300 Consolidated Gas (N Y)_
1,700 Corn Products Refining.
10
•62
91
preferred
3
32% Jan
41% Jan
120
Jan
3078 J'ne 10
Realization
Locomotive
5.600 dChino
34
28*8
33*4
81
J'ne 10
20
Case(JDThreshMpftr cfs
""600 Central Leather
Do
110
preferred
129% 129%
129*8 12912
129
129
16% J'ne 10
May 7
1,500 CaJforma Petrol v t ctfs.
Do
preferred.
1,300
92
34
27
91*2
3418
9
Jan
294% Jan 10
106% Jan 27
21
Apr 17
74
Butterick Co
22
♦91
337g
28
28
"21*4
91
6
987S J'ne
new
Brooklyn Union Gas
987g
21
Do
120
60
*
99
124
Sep
149*8 Moh
324% J'ly
106% Jan
J'ne
200
500 Bethlehem Steel
31
*59
91
337g
33*4
5978
Do
200
130
28
30*2
30*4
597g
133*2 May
115% Jan
137% Jan
241% Feb
101% Jan
Baldwin
67
*65*4
21
20%
9H2
129
29*2
99
99
91
34
2812
335s
*25
28*4
59l2
28%
587g
29
5912
21%
*124
28
68
99
•27
*25
♦2712
♦
67
129
28
129
28
29
6OI2
♦20%
•89%
♦123
•
»25
♦65
*123
6514
565l4
66I4
66I4
♦123
113% Deo
140
Do
Assets
100*2 100*2 *100*2 101
*27*2
29
28
28*2
28
*26
28
*27
67
•
42
•36
Jan 31
116% Jan 28
125% J'ne 10
Woolen
preferred
200 Amer Writing Paper pref
3,900 aAnaconda Cop Par $25
32*2
*88
♦88
99
118
110% J'ne 12
American
""300
99
3312
327g
33%
33ls
♦88
128
•58
21
Preferred,
35
25
74*4
28
♦27
*23
74*4
42
•123
24
♦16*4
76
Amer
420 American Tobacco
75
20
♦74%
101
Do
1,064
98
20
75
*16*4
75
25
*23
99
•100
§98
*16%
20
331s
32%
♦88
100
*97
100
100
75
25
♦23
*95
♦97
21
7512
•16%
10434 J'ne 12
Refining
preferred
Telephone & Teleg
700 American Sugar
116
*110
127*8 127*8 *127*4 128
214
215
215*4 215*4
•16
100
♦97
116
♦111
116
♦110
1071a 107l2
107i2 107*2
10714 107i2
108
*107
108
•110
Nassau
530
130
535
205
Farm L A Tr
m
345
355
Fidelity.
205
215
chester).
__
prices; no
tSale at Stock Exchange
sales
on
this day.
.
.
....
286
'
§Lesa than 100 shares.
J Ex-rights, a Ex-div. and
9 Ex-stock dividend.
Y Banks marked with
or at auction this week.
Washington
Westchester
;■
•Bid and asked
150
140
.....
rights.
a
6 New stock,
d Quoted dollars
paragraph (D are State banks,
s
per share.
Ex-dividend*
32
New York Stock Exchange—Bond
Jan. 1 1909 the Exchange method of quoting bonds was
Y.
C S 4s registered...
1925
U s 4s coupon
;
1925
U S Pan Canal 10-30-yr 2s *1936
_
s
f g 5s
of...1899
Gold 4s Of 1904....;
Jan. 1
High
No.
100
99l2 100i4 9973
100i2 J'ne'13
99i2
6
A»* Low
.1954
Sale
J'ne'13
103% 103
11334
11334
II314 114
8:
M
J
F
J
J
M-
F-
J
M
?:
State and City Securities.
N Y City—4 34s
1960 M-S
.
1963
1959 M1958 M-
1957
M-
1957 M.1917 M-
4M% Corporate stock
1957 M4H% assessment bonds__1917 M8H% Corporate stock
1954 MN Y State—4s.
Canal
Improvement 4s
Canal Improvement 4s
Canal Improvement 4s
.1961 M1961 J-
1962 J
1960
J-
114
113% 114
99%
102U 103
""16
""16
113^2 114%
113% 114%
J'ne'13
102"
103ia J'ne '13
1031a
96
8612
87i8
86% Sale
85*a
86
853s Sale
7634
7634
I 7684....
100
100
I 9934 100
95U Apr '13
I.--. 95
96l2
96l2
t
90«s
82%
8914
83
75i2
97i2
84
85
8912
J'ne'13
92
95i8
85
May* 13
8312
85
p rices
9534
9584 Sale
100% Sale 100'
92
Sale
92
91i2
9(114
on
0/ f5 to £
the basis
9578
100i8
92
19
276
7
90i2
91% J'ne'13
92
9214 92
100
100*8 997g
100% 10012 J'ne'13
10014
100t4 Sale 100
10014
lOOU Sale 10014
8I84
8134
8134 Sale
91i2
""!
20
100
99
....
96
99
99
9918
9734
92
97«4
997g 105i2
100
102
"40
100
105i2
2
100
8H2
10134
86
10H2
...
*97
9511 100«4
995a 100i8
9034 975s
5
9734 J'ne'13
97
98
J'ne'13
98
99
J'ne'13
99
J'ne'13
101«4
9812 101%
99
10134
103i2 J'ly '10
99
Virginia funded debt 2-3s__1991 J48
45
Ann Arbor 1stFe gen
g 4s
tcli Top & S
ftl995
g 4s_1995 A-O
Registered
1995 A-O
Adjustment gold 4s._._.ftl995 Nov
Registered
ftl995 Nov
Stamped.
ftl995 M-N
Conv 4s issue of 1909
86i2 Dec '11
431j
4714
1955 J-D
1960 J-D
1917 J-D
1913 F-A
10-year conv gold 5s.
Debentures 4s Series K
East Okla Div 1st g 4s.__1928 M-S
Short Line 1st 4s gold.
1958 J-J
Cal-Ariz 1st & ref4Hs
1962 M-S
8 Fe Pres & Ph 1st g 5s..1942 M-S
1915 M-S
Chic & St Louis 1st 6s
Atl Coast L 1st gold 4s
Registered
ftl952 M-S
ftl952 M-8
1928 M-N
Ala Mid 1st gu gold 5s
Bruns& W 1st gu gold 4S.1938 J-J
Charles & Sav 1st gold 78.1936 J-J
L & N coll gold 4s__
01952 M-N
Sav F& W 1st gold 6s
f-
<
1st gold 5s
Sil Sp Oca & G gu g 4s
BaitRegistered
& Ohio prior 3^s
Gold 4s
>
'«
t
,
.
86
81%
8384 Sale
83i2
....
16
88I4
86
Moh'13
25
,99% Jly '11
87% Sale
98
....
93
87
87i2
88
871i
88
98
100
97
Sale
891*
8914
913a
"
9U| "92 ~
92
Sale
83i2
"86%
93
87l2
...
-—-105
1922 J-D
<21951 J-J
A-O
95
"95
105
'13
106«4
86%
Registered
25-year deben 4s
1934 J-J
Convertible 4Mb
1932 J-D
Convertible 4 M s (wh issued). .
Gen 4Mb (wh iss)
e 1989 j"7
Chic & L Sup Div g 5s...1921 J-J
Chic &
Chic &
CM &
Dak &
Far & Sou assum g 6s.
La Crosse & D 1st 5s
Mil& No 1st
Extended 4 Ms
Chic & Nor West
86i2
86" "8912
83l2
86i2
8634
100
100
Apr 13
106% Mch'13
102U J'ne'12
101
106i2 10612
103i2
'12
May'13
J'ne
90l4
9OI4
103%
961a
97
12
103% 11038
103
10434
96«4 9534
103i2 J'ne '13
103U Apr '13
J-ly 08
107U J'ne'13
108i2 j'ne >13
10714
1045a
104l2 IO6I4
105
96
110" 11O"58
102 " 109
10614 1O0U
Nov'll
Deo'11
Oct
98
-
861s Oot '10
1111*90"
90
107% Jan
Mac & Nor Div 1st g 5s_.1946 J-J
Mid Ga & Atl Div 5s
1947 J-J
115
90
Feb'13
12
Nov'05
10934 May 11
997g
994| 9978 997»
115
Sale ii4u : 115
114
111
May'13
102
104" 103% J'ne'13
100
100
993410138
10
* *86"
83
114
11988
113% h8I2
103U 105%
100
J'ne'13
100
100% 10012
100i2 Jan '13
84
90
83
May'13
90
Sale
Sale
M-N
98
J-J
99
F-A
99% Sale
F-A
99%
F-A
81%
Stamped guar 4s
1949 F-A
81%
Nassau Elec guar g jld 4s_l951 J-J ♦
Conn Ry & L lst&ref 5g 4^8 '51 J-J
Stamped guar 4Mb
1951 J-J ♦95
Det United 1st cons g 4^8.1932 J-J
mm
M-S
98
F-A
84
100
86*a
10018
8
103
87
75% Sale
741|
11
98
101
99% 10U2
99*a 101*4
82
7
1
1
1
f
1
f
86
78
1
1
82
81%
76
82
;76U
102%
98
77
mmrnrnrn
•No prlee Friday; latest this week, d Dae
92*8
101
9912
9934
99*8 J'ne '13
82
J'ne'13
7612 May'13
1017a J'ne'12
95i2 J'ne'13
69
697, j'ne '13
Apr'12
91% 93
98
J'ne'13
97
95
May'13
103%
845a
101
IO214 Mch'13
98
Apr'13
101
May'13
82
100
"96%
99%
697f
75%
98
115
98
95
98
71
81%
rpS
85
...
No.
80
Feb
17
95
Oct
67
Feb
61
65
98
100
851S
Iooi"2101*4
13
60
9912
92*8
10
67
"93*4 lO'l"
79
84*4 Jan '13
J'ne'13
87
Mch'13
~63*
110
8518
88i2 Oct
j01*4 Mch'13
89
102
99i2
13
80
High
95
80
85 »8
Low
103
96
86
82U
83i2
84*4
86
84*4
93*1
86
87
88
"67"
J'ne'13
50
985a May'13
98
83i4 J'ne'13
"68*
83
631*
100
855a
86U Aug 12
"95" Sale'
QQ
idl"
104
96l2
98*4
9512
93
"96~I2 "II"
95
93
90*4 Sale
60
96i4 Apr '13
96*8 Sep '12
97*4 May'13
97
9614
Jan
100
15
97*4
99*4 100i8
90*a 961a
74
13
80
119
J'ne'13
119
9978 108
106i2 Jan '13
IIII"96
97
97*4
Apr
13
903a
9034
74
May'13
93
103*8 103*8
9634 991f
96*4 J'ne. 13
119
95
93
103*8 Feb '13
100
105
"933a "98*4
951a
93
106i2 10612
97*4 98
97*4 Feb '13
73
71
7s
J'ne'13
IOO" 105*14
71
J'ne'13
71
77*a
116l2 125
r
J
1915
n
1987M-N
pl987 Q-F
...
91
....
~99*8 III.
91
92i2
86
J'ly
104
85
Dec
12
90U Aug '12
90*4
91
12
79
" "80i8
97
8OI4 J'ne'13
79
80
~87~I2 "89" "
,
I 88
101*4
101*4 Sale 10112
10U2 Sale 101*8 J'ne'13
995a
995a 101*4 9912
101
May'13
103*a 103
104*8 May 13
IO214
SaR 101i2
102
3
46
106*8
104lf
997a
1045,
10414 IO6I4
9914
IOU4 10514
94
85
10012 101
105l2
106
,J'ne'13
106
1108|
110
110
J'ne'13
110
110
10012 10212 I02i8 Apr '13
j'ne'13
103*a 102
102
....
10218 1021a
109*4 Feb
10434
109*4 109*4
lOQla
13
100
May'13
1001a Aug'12
103" " l04l2
100
103ig J'ne '13
95i2 May'13
103"
01
82
'81*8
96
82
Jan
10514
9512
82
96
96
*13
96
781a
8434 Jan '13
80
96U Sale
10618
84
851a
84*4
90U
92*4
98U
9614
111*4 Nov'll
109*4 Aug'12
May'13
1045a Oct 12
101"
Sale 101
...1921
1933
1933
Frem Elk & Mo V 1st 6s__l933
100
103
86
—
__
85
86" '9l"7a
100i2 J'ne'13
....
10414
Registered
Sinking fund deb 5s
Registered
981*
100
"82
102
85&a
Sale
86
'
J'ne'll
88
105ig
1921 A-O
9912 100*4
9034 99
98i2 Feb '13
1879-1929 A-O
1879-1929 A-O
104
104
101
9978
105
103"
A-O
Wl-N
Wl-N
101
Deo '12
loo" IIII
102
J'ne'13
102" i07"i
A-O
il6i2 III I
107*4 Aug'11
117
J'ne'13
II?" 12"lil
Man G B & N W 1st 3^s 1941 J-J
Milw & S L 1st gu 3Hs.<
1941 J-J
70
Mil L S & West 1st g 6s__1921 M-S
Ext & imp. s f gold 5s
1929 F-A
Ashland Div 1st g 6s
1925 M-S
108
Mich Div 1st gold 6s
11924 J-J
Mil Spar&N W 1st gu 48.1947 M-S
Northw Union 1st 7s g
1917 M-S
110
Winona & St P 1st eact 7s_19l6 J-D
106
Chicago Rock Isl & Pac 6s_1917 J-J
Registered
1917 J-J
General gold 4s
..1988 J-J
Registered
...1988 J-J
Refunding gold
19,34 A-O
20-year debenture 5s
..1932 J-J
Coll trust Series L 4s
1914 M-N
....
90i2 Sep '09
69ij
lo/i* Jnre"'i§
107i2112li
105i2 10712 107U Feb '13
10714 IO714
1141a 1141a
11312 1131|
10912
1141a Feb '13
I13i2 Mch'13
j'ne '13
9212 92
111
....
....
107lj
....
115
1047g
....
2002 M-N
..._2002 M-N
R I Ark & Louis 1st
4^8.1934
Bur C R & N—1st g 5s...1934
O R I F & N W 1st gu5s_1921
M & St L 1st gu g 7s
1927
Choc Okla & G gen g 58
ol919
Consol gold 5sJ
—1952
Keok& Des Moines 1st 5s.1923
StPaul&KCShLlst4Hs'41
Chic StPM&O con 6S...1930
Cons 6s reduced to 3Ms—1930
Debenture 5s
1930
Ch St P & Minn 1st g 6s. .1918
North Wisconsin 1st 6s_._1930
M-S
A-O
A-O
J-D
J-J
M-N
A-O
F-A
J-D
108f2
1047a j-ne '13
109
"85" "8612
,85
91
"78*4 Sale"
75*1 Sale
...
1918 M-N
91*4
IIII "95"
547g sale
78
75
Aug
100
....
....106
"95i8 ioo""
1047a 1061#
Dec
10
84"
04%
156
78'
89*"
72
90
4914
66*4
64*a
12
7914
75i2
97*4 Sep '11
94*4 j'ne'll
54*8
55ig
20
126
63*a
87*4 Feb '13
86
87*4
107i2 108*4
107i2 May'13
IO6I4 Sep '11
9978 May'13
99?a 100*4
102
106
Jan '13
106
97
95
J'ne'13
95
82
81
May'13
81
J'ne'13
H5I4 115
89U Dec '12
115
....
94
114
J-D
1081a
10
85
635a jan '13
IIII 'is'
94
J'ly '11
108l2Mch'13|
...
'Registered
11
99i2 J'ne'13
1879-1929 A-O
Chic R I & Pac RR 4s
105U 105U
....
105l2
1886-1926
....
100
116i2 May'13
....108U 105U Feb '13
90i2 95*8 Apr 11
120
1920 J
...
Registered
III! i05l2
M-S
~98i2 Safe"
WI-N
114
115
114
....
108U 106
89
1295a May'09
105
98
120?a
98" 102%
U9i2 Feb '13
J-J
StP & S City lstg 6s
1919 A-O
Superior Short L 1st 5sg0l93O M-S
Chic & West Ind gen g 6s—01932 Q-M
106
Consol 50-year 4s...
on
98'a
9
119
120la
100" I0V14
J'ne'13
100
IOO"
i07i2 J'ne"'i3
IO6I4
87
19521 J-J
84i2
J'ne'131
84
107%
8912
Next Page.
Street Railway
100
1st refund conv gold 4s
87
2002 J-J
Bk City 1st con 5S..1916-1941 J-J •100
A-O
High
95
101
...1987 M-N
Sinking fund 6s____1879-1929 A-O
MISCELLANEOUS BONDS—Continued
J-D
87
J-J
1924 J-J
P 4s
100»4 Jan 'U
1105a Mch '13
Sale 1028a
103
10014 Mch'13
103
48
38
45i2 Apr *13
Sale
I05"
l'ibTz
io8i2 ni7g
....
1921 J-J
Debenture 5s
83i2
"81
1886-1926 F-A
97i8
107
BkQCo&S con gu g 5S..1941
Bklyn Q Co & S 1st 5s._.1941
Bklyn Un El 1st g 4-5s_..1950
Stamped guar 4-5s
1950
Kings County El 1st g 4s_1949
cons
Registered
88i2
May'13
79*a
100
...1913 J-D
1913 J-D
cons 6s
97
Jan'12
Since
Jan. 1
1035s
104*4
109*8 Nov'12
9414 Sale
9334
94i2
99i2 Mch'13
J-J
J-J
1919 J-J
Wis & Minn Div g 5s.
Wis Vail Div 1st 6s
9778
9534 Mch '13
108
1926 J-J
J-J
Mo Riv Div 5s
P W 1st g 5s.....1921
Puget Sd 1st gu 4s_1949
Grt Sou gold 5s___1916
Dubuque Div 1st s f 6s...l920
9U2
397
T-i
Gen'l gold ZMs Ser B_..el989
Registered
el 989 JtJ
92l2
9is4 May'13
9012
9078
Dec'11
Street Railway
Brooklyn Rapid Tran g 5s. 1945 A-O
_el989
Sinking fund 5s.;
Registered
103
10714
1917 J-J
Refunding 4s Series C
Ind & Louisv 1st gu 4s
9012
Deo 'U
Cent Vermont 1st gu g 4s__el920 Q-F
Chic & Ind C Ry 1st 5s
1936 J-J
Chic Great West 1st 4s
1959 M-S
Chic Ind & Louis v—Ref 6s_ 1947 J-J
Refunding gold 5s
1947 J-J
Registered
51
Range
or
Registered
91%
105
T-i
Registered
Pur money 1st coal 5s
88
91
100
A-O
1937 M-N
1937 M-N
1942 F-A
General consol 1st 5s
90
103
Registered
ft 1987
Am Dock & Imp gu 5s___1921
Leh & HUd R gen gu g 5s_1920 J-J
N Y & Long Br gen g 4s. .1941 M-S
Il958 M-S
J-J
General 4s
Chic & E 111 ref & imp 4s g_1955
1st consol gold 6s
1934
88
Oct
Mobile Div 1st g 5s
1946 J-J
Gen RR & B of Ga col g 5s_l937 M-N
Cent of N J gen'l gold 5s__.1987 J-J
Southwestern Div 4s
1921 M-S
Joint bonds.
See Great North
Debenture 5s
1913 Wl-N
2
831*
J-J
1949
1919 A-O
Nebraska Extension 4s...1927 M-N
Registered
1927 M-N
General 4s
90
97
A-O
J-D
_
Sinking fund 4s
20
113%
104
9212
Oct '12
Oct
pl945
pref income g 5s
pi 945
2d pref income g 5s stamped.
3d pref income g 5s
pl945
3d pref income g 5s stamped._
Chatt Div pur mon g 4s
1951
Registered
General gold 3^8--,
10312 Apr '13
104i2 103% Apr '12
91
.1949 J-J
—...1949 J-J
Iowa Div sink fund 5s...1919 A-O
8914
_
,
107
Aug'12
2d
•
10
88
Oct '06
1st pref income g 5s
'
98U 10012
160" - "
A-O
1998 A-O
CI & Mab 1st gu g 5S....1943 J-J
Roch & Pitts 1st gold 6s..1921 FA
92
107
86
"82 "
A-O
1937 M-S
.1957 M-N
85l2
103% 103%
87% 9514
88
885g 88"
124i2 1231a J'ne 12
112l2 1106a May'll
F-A
J-D
9~3%
...
...
Extension 4s
87i#
M-N
J-J
105*4
9278 10358
98
10558
Feb '13
102" * III! 10684 Feb
96
93
Feb'13
112
A-O
11
9814 J'ne'13
107
88
92"
May'13
102"" 11II 103ia
"9034
M-S
"21
5s;
93%
86
•
83'
99l2 100
99
Q-J
M-N
86
44
96
89
Central of Ga 1st gold 5s__pl945 F-A
Consol gold 5s
1945 M-N
)*•
Registered
1945 M-N
•
83
983s
90
Canada Sou cons gu A 5s. 1962
Registered..,
1962
J'ne'13
95
All & West 1st g 4s gu__
Consol 1st g 6s.
Buff& Susq lstregg4s
83
Sale
J-J
Pitts & West 1st g 4s
1917 J-J
Stat Isl Ry 1st gU g 4 ^s__1943 J-D
.
08
100
ft 1925 Q-J
ftl948 A-O
93U
99
"92 "
J-J
F-A
1949 J-J
Chic L S & East 1st 4 ^s._.1969 J-D
Chic Mil & StPtermlg5s
1914 J-J
Gen'l gold 4s Series A
el989 J-J
9212
"53
9414
8312
8334
99i2 May'13
95i8
96
Div $M*
Registered
M-N
A-O
59"
7978
98i8
9334
Greenbrier Ry 1st gu g 4s_1940
Chic & Alton RR ref
g 3s—1949
Railway 1st lien 3 Us
1950
Chic B & Q Denver biv 4s_1922
42"
70
J'ne'13
96
1918 J-J
Registered
*
ftl948
20-yr conv4^s (wh iss)._1933
Pitts June 1st gold 6s
1922
P Junc& M Div 1st g 3^sl925
P L E & W Va Sys ref 4s__1941
Southw Div 1st gold 3 HS.1925
Cent Ohio Ii 1st c g 4Mb..1930
CI Lor & W con 1st g 5s.. 1933
Monon River 1st gug5s__19l9
Ohio River RR lstg 5s___1936
General gold 5s__
1937
Pitts Clev & Tol 1st g 6s__1922
Buffalo R & P gen g 5s
Consol 4 Ms
"96 " Sale"
1934 A-O
1934 A-O
1925
70
1989 J-J
Range
Ask Low
94i2
104*4...
1989 J-J
1956 J-J
Chic Ind & Sou 50-year 4s..l956 J-J
9314 Apr '13
94% Sale
1955 J-D
Conv gold 4s
Conv 4s (issueof 1910)
72
70
R & A Div 1st con g 4s
2d consol gold 4s
99
Railroad.
Q-J
1929 J-J
1939 M-N
Registered
__1939 M-N
General gold 4^s
1992 M-S
Registered
1992 M-S
Convertible 4Mb
--.1930 F-A
Big Sandy 1st 4s
1944 J-D
Coal River Ry 1st gu 4s._1945 J-D
Craig Valley 1st g 5s___._1940 J-J
Potts Creek Br 1st 4s.
1946 J-J
1st consol gold 5s
99
Apr '13
Week's
Last Sale
Bid
Chesapeake & Ohio—
Gen funding & impt 5s
Illinois Div 4s
97U
93
are
STOCK EXCHANGE
Week Ending July 3.
94%
96i2
88
94
84
J
Price
Y.
Illinois
84
t
N.
9912 102%
-
84
92
835g
88i2
99i8
85
96
96
1
1
South Carolina 4 Ms 20-40..1933 JTenn new settlement 3s
1913 J6s deferred Brown Bros ctfs
9978 101 %
101%
102% 103%
10212 10334
100% J'ne 'll
t 96
97
t 88% Sale
These
4Ks temp rects (w i)
4% Corporate stock...
4% Corporate stock.
4% Corporate stock
New 4J^s
New, 4^s
....
103
103
103
103
High
Low
100
...
1961 Q-
Foreign Govern,ent.
Argentine—Internal 5s of 1909_
ChiInese (Hukuang) Ry 5s £
Imperial Japanese Government
Sterling loan 4 Mb
1925
2d Series 4Mb
1925
Sterling loan 4s
;
1931
Republic of Cuba 5s exten debtExternal loan 4^s
1949
Ban Paulo (Brazil) trust 5s_1919
Tokyo City loan of 1912 5s_
U S of Mexico
Since
Last Sale
Bid
U. S. Government.
uS 2s consol registered. _dl 930
0 S 2s consol coupon
<21930
D S 3s registered
*1918 QD S 3s coupon
*1918
U 8 Panama Canal 3s g
Week's
Range or
Thursday
July 3
BONDS
Range
Price
Thursday
July 3
BONDS
EXCHANGE
STOCK
Week Ending July 3.
Record, Friday, Weekly and Yearly
changed, and prices are now all—"and interest"—except for income and defaulted bonds.;
Interboro Rap Tr 5s Ser
A.1952 M-N
A-O
Ry (NY) cons g 48.1990
Stamped tax-exempt
1990 A-O
Metropolitan Street Ry—
Refunding gold 4s
.2002 A-O
Farmers Loan <St Tr ctf
Stamped
J-D
Bway & 7th Av 1st c g 5s_1943
Manhat
Col & 9th Av 1st gu g
M-S
Lex Av & P F 1st gu g
1047S sale 1045g
87i 1 Sale
86i2
87*4
87ia
....
....
99
89
J-J
41
87i2
3
87*4
1
May'12
62i2Jan '13
69*4 Mch 12
J'ne'13
F-A
J-J
J-J
108%
10T
Nov'12
06
J'ne'13
91
107%
Nov'12
Io6% iST
91
Apr'13
102
92
104
93i2 J'ly
100*2 1Q212 101
.Aprii.JJDtte May, f Dae Jane, ft Due July. * Due Au«. 0 Due Oct. p Due
OUa
97%
J'ne'13
84
....
051#
100
12
97i2 May'13
74
J'ly '12
74i2 J'ly '12
104i2 104
100
87%
101i2 Dec
74
J-J
F-A
102*4 104%
86% 95
62l|
64
IOU4 10234 100
M-S
5s..1993
5S.1993
Third Av RR cons gu 4s_.2000
Central Trust Co certifs—..
Cent Tr Co ctfs stamped
Third Ave Ry 1st g 5s_.__1937
Met W S El (Chic) 1st g 4s_l938
Milw Elec Ry& Lt consg5sl926
Refunding & exten 4 Ms—1931
Mlnneap St 1st cons g 5s...1919
50
1047g
91
....
Nor. t Due Deo, «OpUoajMl%i
j
JULY 5
'
New YorK Bond Record—Continued—Page 2
1913.]
Price
Week's
Thursday
July 3
Last Sale
BONDS
N.
Y. STOCK EXCHANGE
Week Ending July 3
ho.
Bid
OIn H& D 2d gold 4^8—-1937 J-J
1st & refunding 4s.......1959 j.j
1st guaranteed 4s
1959 J.J
Cin D & I 1st gu g 5s*.—1941
M-N
O Find & Ft W 1st gu 4s
Cin 1 & W 1st gu g 4s
M-N
J.J
J-J
J-J
J-J
J-D
J-J
g.1923
1953
Day&Mich lstcons4Hs.l931
Ind Dec& W 1st g 5s
.1935
1st guar gold ,5s
;
1935
Cleve Cin C & St L gen 4s..1993
20-yr deb 4 Ms
1931
...
Cairo Div 1st gold 4s__.—1939 J-J
Cin W & M Div 1st g 4s-_1991 J-J
St L Divlst coll tr g 4s
1990
Registered.
1990
Spr& Col Div lstg4s....1940
W W Val Div 1st g4s....1940
C I St L& C consol 6s
M-N
M-N
M-S
J-J
1920 M-N
1st gold 4s
£1936 Q-F
Registered....
*1936
3:5
Cin S & CI con 1st g 5s
1923
O O C & Iconsol 7s.
...1914 JtD
Consol sinking fund 7s
1914 J-D
General consol gold 6s..1934 J-J
Registered
1934 J-J
97
1940
Income 4s
;
..1990
Col Mid and 1st g 4s
1947
Trust Co. certfs. of deposit...
Colorado & Sou 1st g 4s
1929
Refund & ext4Hs—**
1935
Ft W & Den C 1stg 6s...1921
Conn & Pas Rivs 1st g 4s*.1943
Cuba RR 1st 50-yr 5s g ..1952
Del Morris &Western—
el Lack &
Essex Ist7s.l914
III1162 " 103"
"8412 HII
lstref gu g 3 Ms
J-J
Construction 5s........1923 F-A
Term & Improve 4s.
1923 M-N
Warren lstref gug 3^s..2000 F-A
Del& Hud 1st Pa Div 7s... 1917 M-S
Registered
1917 M-S
10-yr conv deb 4s_...
1916 J-D
......
1st lien
equip
g
--1922 J-J
4^8
1st & ref 4s
1943 M-N
Alb & Bus conv 3 Ms
1946 A-0
Rens& Saratoga 1st 7s
1921 M-N
Denv <& R Gr 1st con g 4s_.1936 J-J
Consol gold 4Ms
1936 J-J
.
Improvement gold 5s....1928 i-D
lst& refunding 5s
*
1955 F-A
Guaranteed
...1940 J1-J
Gold 4s
1995
Det Riv Tun-Ter Tun 4^s.l961
Det T & I—G S Div lst g 4s 1941
Dul Missabe & Nor gen 5s_1941
Dul & Iron Range 1st 5s
1937
Registered
1937
........1916
Dti So Shore & At g 5s
1937
Olgin Jol & East 1st g 5s..1941
l-Jne 1st consol gold 7s.i._1920
N Y & Erie 1st ext g 4s
1947
2d ext gold 5s_
1919
3d ext gold 4Ma
—1923
4th ext gold 5s
1920
5th ext gold 4s
1
1928
N YJL.E& W 1st gfd7s_.1920
Erie 1st con g 4s prior
1996
Registered...
1996
1st consol, gen lien g 4s. .1996
Registered
......1996
Penn coil tr g 4s
1951
2d
.
6s..
_
50-year conv 4s A
J-J
M-N
J-D
J-D
M-N
M-S
J-J
A-O
A-O
J-J
J-J
M-N
M-S
M-N
M-S
M-S
A-O
J-D
M-S
J-J
J-J
J-J
Series B
Buff N Y & Erie 1st 7s
Chlc dc Erie 1st gold 5s
..1953 A-0
1916
J-D
N Y & Green L gu g 5s
1946 M-N
N Y Sus& W 1st ref5s...1937 J-J
2d gold 4Ms.!
........1937 F-A
General gold 5s
1940 F-A
Terminal 1st gold 58—1943 M-N
Mid of N J 1st ext 5s.*—.1940 A-O
Wilk & Ea 1st gug 5s....1942
....
j:?
J-J
89%
87
91
Apr ',12
104% Mch'13
9712NOV 12
93
104% 105%
Mch'13
....
...
I rock Val 1st cons g
II Registered
1
Registered
1st gold 3Ms
35
28
120" 120"
79
35
35
49%
28
25
36%
26%
90%
93
91%
91%
10534 106% Apr '13
89
90%
91
....
100" May"
101
10312
102
....
90
94U
84%
10
115
81
Sale
102% 1061B
94% 97
Registered
101%
93%
8884
68
77l2
78
97
"97"34
84
84
88
J'ne'13
82
82
97
Apr '13
97
75
93
Sep '04
J'ne'13
82
"84" III
Jan '08
110
71
82
Feb *12
78
1959
81
Jamestown Franklin &
Clearfield 1st 4s
1959 J-D
Kan City Sou 1st gold 3s
Registered
_1950 A-O
•
104% 104%
Mar'13
100
100
impt 5s
.Apr 1950 J-J
Kansas City Term 1st 4s
1960 J-J
T ake Erie & W 1st g 5s
1937 J^J
L(
2d gold 5si_.__._w.
1941 J-J
North Ohio 1st gu g 5s
1945 A-O
Leh Vail N Y 1st gu g 4^8.1940 J-J
Registered
1040 J-J
103% Feb *13
101
1J0
Aljg'12
no%112% 110%
110%
101% J'ne '11
103% 103%
iio'% 115""
Feb '13
103" 103"
Feb '11
....102
...
103
Registered
96
9934 Oct '12
Mch'13
100ia 10234 103
....
100
103"
Jan '12
*1111112"
11584 J'ne '12
83%
83%
83% Sale
85
82
Sep '12
8
82
87
....
69
70
69
77
"*87%
69
87%
Sale
66i2 Sale
....
"4
70
67%
65%
80
66%
10934 110
82%
65
77%
Apr *13
106" "111 "
106
96
90
—.
....
9"6~"
Gold
101%
96%
90
96
13
83
83
93% Apr *13
94% Jan '11
94% J'ly 12
76% NOV 12
93
96%
81
May'13
81
81
83
Aug'12
May'99
mi "75%
82
....
84
107% Feb '13
111% May 12
Mch'13
97i2 98
106
May 12
108
10738 108
"69 " "70
75% Aug 12
76% Mch'12
75
85% Oct"»12
101% Oct *99
100
86
.
96%
.2.-105
101%
105
105
98
.
1
J'ne'13
Mar'13
94%
i HI mn'
9384 Sale
95
....
98
"w" "76%
9712
9584
93
5s.
Q-J
Q-J
J-D
M-S
1937 M-N
....1940 J-J
Nash
117% May'10
94% J'ly '12
104
114
Feb '11
90
J'ne'13
96
96
93i2
93%
118
1181s
119%
117l2 124
100
101% 99%
108%
....
93%
97
1940 J-J
1931 M-N
L& N& M& M 1st g'4 Ms
L & N-South M joint 4s
' 96
93%
98%
124%
J'ne'13
118
Mch,'13
119%. 119%
J'ne'13
9934 104%
J'ne '09
104'105%
J'ne'13
111
Oct *09
92%
Aug"
12
88
50
•
98
* J'ly" 08
92
nil "95%
May'13
89
93%
91
57
89
May'13
68%
69% Sale
93%
91
94
68
May'13
69%
63
....
92
102% 107
89
99%
57
64%
102% J'ne'13
93
54
72
Oot *00
95" "99"
"96 " "97 "
95%
96%
90
91
91% J'ne V13
101% 102% 101%
101%
97
100
Mch'13
100% 104% J'ne 12
100
104% 100% J'ne'13
90
96%
101% 106%
97
....
102%
....
106
..
IOO" II
—
IOO" 104%
104% May'12
94
May'13
111
May'13
111% Dec 11
105% Mch'13
93% *97%
110% 111%
105% 105%
93
J'ne.'12
101%
Febr*10
103
Mch
107
107
104
Mch'13
12
10/
103
96% Mch'12
in:
93
—
100
93
93
13
* "94"
96% NOV'12
99% Oct '06
97
_
Feb
86
85
"86 " "89%
J'ne'13
104% Dec *08
*88"% "90
90
95
Jan
*90 " "96""
J'ne'13
11
110
Nov 06
103
Jan '13
103
103
Apr
104
104
104
104
95
....
93
1-
Feb '13
110% ... 110% J'ne'13
Mch'13
104% ...J 111
93
Sale
92%
93%
96% Sep *12
IIII105 106% Mph'13
93
93%
110% 114%
110%111
40
91% 99%
106*%
106%
105
1st g 6s...
Kentucky Cent gold 4s_
96%
96
100%
92%
....
9*4" "94"
J-J
Paducah & Mem div 4s...1946
Pensacola Div gold 6s....1920 M-S
St Louis Div 1st gold 6s..1921 M-S
2d gold 3s
...
.*..1980 M-S
Atl Knox & Cin Div 4s._. 1955 M-N
Atl Knox & Nor 1st g 5s__1946 J-D
98%
"94" "96%
93%
93%
93% J'ne'13
97%
97.%
....
Feb '13
106
LCinA Lex gold 4 Ms
103" iio
98%
Nov'00
*
1919 J-D .....109% 105 J'ne'13
104% May'12
1931 M-N
N O & M 1st gold 6s*....1930 J-J
120% Mch'13
N O & M 2d gold 6s......1930 J-J
114% Feb *13
* '99"
Aug '10
72
....
J-J
....1930 J-L>
Collateral trust gold 5s
mi-mm
98% Mch 13
94
111
100
A-O
5s.......1934 J-D
Registered
EH&
Feb
123
1932 J-D
Unified gold 4s..
85* "87"
87
A-O
1949 M-S
Registered
__1949 M-S
N YB & M B lstcongSs.1935 A-O
NY&BB 1st g 5s
1927 M-S
Nor Sh B 1st con g gu 5s_ol932 Q-J
Louisiana & Ark 1st g 5s*..1927 M-S
Louisville & Nashville-
06
Apr '13
84
92
1921 J-J
93%
95% Sep '12
J'ne'13
83
94
89
....
.....1949 M-S
General gold 6s..
J'ne'13
100% Dec
"m"
100% 100%
...
96
....
m
May"'13
91
81
1UI-N
Guar ref gold 4s.
Apr '12
108i2 106
66
4s__
Unified gold 4s
Debenture gold
115
6
" J'ly~'09
93%
90%
.
90
1914 A-O
Gold
*87"% *90 "
109
May'12
J'ne *13
124% 122
Dec 12
107% 106
100% J'ne'13
103% Aug 12
101% 109
....
"66% "76 "
....
88%
93%
..1914 A-O
Long lsld 1st cons gold 5s.hl93l
1st consol gold 4s__.__._/jl931
General gold 4s.
_1938
Ferry gold 4 Ms
...1922
60
Apr 12
87%
"88%
88%
88%
1945 M-S
El C & N 1st pref 6s
Gold guar 5s__
103%
92%
* 102%
97
1st int reduced to 4s.
1,933 J-J
Leh & N Y 1st guar g 4s.__1945 M-S
104
95
*90 " nil
Registered.
1987 J-J
1945 M-S
1952 J-J
i_*.._ftl952
N Fla& S 1st gug 5s
1937
N & O Bdge gen gu g 4Ms 1945
Pens & At! 1st gug Is.*..1921
S & N Ala con gu g 5s
1936
L & Jeff Bdge Co gu g 4s...1945
105%*.— 105%
109
112%
69%
66
88%
87% 88
103
111
...-
....
on
J-J
F-A
91
Mch'13
91
105% 105%
Jly *12
Sep '12
88%
88%
Jan.'13
110
mi
....
79
Apr 'Hi
"91
88% J'ne'13
103% 103%-Feb '13
81
81
J'ne '13
95
92%
111
"88% "92%
103
81
90
12
101% Jan '13
110% Oct '12
97,
107%110
103%
Feb'05
100" in. 109% Oct
F-A
M-S
120% 130%
114% 114%
J'ne'13
106
-J
§-A
91
101%101%
109%J'ly '12
"83"" "88%
91% Mch'12
Next Page.
Street Railway
al942 A-0
f 5s
87%
73% Sale
....
54
Third Ave 1st ref 4s
i960
J-J
al960 A-0
f 5s. 1923 A-0
Sale
85% Feb *13
73
73%
53%
54
85
72%
61%
85%
79
60%
95%
101
Jan'13
101
101
95
Mch'13
95
Nov'08
103% Feb *13
"79% Sale" 79%
79%
68% Sale
66%
68%
96
97% 97%
97%
103% 103%
77% 82%
63% 76%
96% 99%
Underground of London—
4Ms
1933 J-J
I
Income 6s
1948
lUnion Elev (Chic) 1st g 5s_1945 A-O
United Rys Inv'lst lien coll
trust 58 Pitts issue...
1926 M-N
92%
84
89%
United Rys St L 1st g 4s.
1934
St Louis Transit gu 5s_...1924
United RRs San Fr s f 4s__1927
Va Ry & Pow 1st & ref 5s..1934
96
98
100
1942 F-A
Portland Gen Elec 1st 5S.1935 J-J
St Jos By. L, H & P 1st g 5s 1937 M-N
St Paul City Cab cons g 5s_1937 J-J
92% J'ne'13
87% J'ne'13
84
J'ne'13
71
83
Oct '08
71'
87
95%
93%
92%
a
Due Jan.
J-J
A-O
A-O
73% Mch'13
72
May'13
54
J-J
54
95
52
95
54
73%
72
10
May'13
73%
72
54
67
93%
95
Qas and Electric Light
Atlanta G L Co. 1st g 5s—.1947
Bklyn U Gas 1st con g 5s
1945
Buffalo Gas 1st g 5s..—.
1947
Columbus Gas 1st g 5s*
1932
Detroit City Gas g 5s„...1923
Det Gas Co. con 1st g 5s.
Det Edison 1st coll tr 5s
J-D
Kan City
& Due Feb.
(Mb) Gas 1st
d Due April,
g
102
J-J
J-J
*90
1918 F-A
1933 J-J
1949 M-N
5s 1922 A-O
h Due July,
100%
M-N
A-O
Eq G L N Y 1st con g 5s
1932 M-S
Gas & Elec Berg Co c g 5s..1949 J-D
Gr Rap G L Co 1st g 5s
*1915 F-A
Hudson Co Gas 1st g 5s
<♦
price Friday; latest bid and asked this Week,
A-0
Lehigh Vail (Pa) cons g 4sl2003
Leh V TerRy lstgu g5s_._l941
Registered
.1941
Leh Val Coal Co lstgu g 5s_1933
Registered
1933
106% Mch'08
Portland Ry 1st & ref 5s
1930 M-N
Portland Ry Lt & Pow 1st
No
1950
100
Mar'13
J-D
Ref &
104% Mch 13
100% 1039s 100
85%
" "92 *
92%
Sep '11
88% Feb '13
88% Feb 13
93% May'09
J-D
Refunding gold 4s.......1951 M-S
79%
95%
101%
100
92
Mch'08
82%
Apr'13
92
92
Apr'13
92% Apr *13
100% Deo '12
100
102%105
Street Railway
*
..
J-J
J'ne *12
New Orl Ry & Lt gen 4,^8.1935 J-J
N Y Rys 1st R E & ref 4s
temp J-J
.
98
Ind I11& la 1st
MISCELLANEOUS BONDS—Continued
s
11II "92"%
lnt & Great Nor 1st
g 6s
1019 M-N
Iowa Central 1st gold 5s__.1938 J-D
61% Apr '11
Iio"
90
96% 100% Sop '08
....
99
82%
124%
96,"
84%
85
"•82 " ~83%
96%
105%109~
"96% '97% 98* J'nV'i3
67
JMov'11
.1933 J-J
Reduced to gold 4MS-1933 J-J
Registered
...1933 J-J
■
J-D
J-D
J-D
J-D
M-S
g 4s
120
104%
96%
69%
Dec'12
S2
104% J'ne'13
90.
Apr *13
68
109
95
Registered. _L___
Adj inc 5s
Tri-City Ry & Lt 1st
103% in:
-...93
87% J'ne'13
71
108
2 ~j
s
....
93
95%
J'ne *13
136% May'06
105% May'13
....
93% Mch'13
*85~
120
...
1951 F-A
1923 J-D
1932 M-S
...
Shaw
...
"89%
80%
F-A
1951
Registered
1951
Gold 3Ms
......1951
Registered..
1951
Memph Div 1st g 4s
1951
Registered
*....1951
St L Sou 1st gu g 4s_._.._1931
99%
83
81
1953 J-J
1951
1st g 4s
Chic St L& N O g 5s
~98 "
97
98
A-0
Registered h
1921
refunding 4Ms ser A 1961
Registered
.....1961
St Paul M & Map 4s.
.1933 J-J
1st consol gold 6s*_...*193'3 J^J
lst &
& ref conv
108
1953 J-J
Bellev & Car 1st 6s
Carb &
95%
g 3 Ms
High
95%
J'ne'll
92% Mch'11
97
Sep '12
114% Sep '12
M-S
..1953 M-N
_1950 J-D
3s...1951 J-J
Western lines 1st g 4s_
110%110%
94%
94%
84%
84%
121% May'12
81
111%
98
A-O
Middle Div reg 5s
1921 F-A
Omaha Div 1st g 3s.
1951 F-A
St Louis Div & term g 3s. 19,51 J-J
Registered
1951 J-J
Gold 3 Ms
1951 J-J
Registered..
1951 J-J
Spring Div 1st g 3 Ms
1951 J-J
Registered
1951 J-J
Mch'12
98
95%
84i2
Div A Term
Registered
101% 103%
-104% 105%
108
g
Louisv
10
J'ne'13
108&S 109i2 108
102i2 105% 102%
102%
93
95
94% J'ne'13
102% Feb 03
ids" in: 110% Mch'13
149
Aug'01
96
963s 96%
96%
98
Litchfield Div 1st
90%
106% 108
101%
101%
104% J'ne'13
111% Dec
"80 " *84
Registered
Cairo Bridge gold 4s
94%
94%
96% Apr '13
-HI *97
120%
119%
104%
NO. Low
High
92
..1951 J-J
....1951 J-J
.......1951 J-J
3 Hs..
1951 A-0
M-S
A-O
A-0
1st ref 4s.
1955 M-N
Purchased lines 3 Ms
..1952 J-J
L N O & Tex gold 4a...1.1953 M-N
89'
25
901* Sale
Ask Low
Range
95%
....
J'ne'13
25
Jan. 1
J-J
J-J
....1999 J-J
Registered
I..1951
1st gold 3s sterling...... 1951
Registered
.....1951
Coll trust gold 48
1952
Registered
J952
" J'ly "'08
79" J'n"e"'i3
60
Since
Last Sale
...
Extended 1st g
110%110%
Mch '13
J-J
Colic H V 1st ext g4s._..1948 A-O
Col& Tol 1st ext 4s.
1955 F-A
HousBeltA Term 1st 5s;
1937 J-J
I llinois Central 1st gold 4s. 1951 J-J
121%
"94
J-D
J-J
A-O
J-J
J-J
J-J
J-J
J-J
J-D
4)$s_.1999
......
III! 124" 120"
TTeef-
Range or
July 3
Hender Bdge 1st s f g 6s..1931 M-S
^.mit Northern— 4s
B & Q coll trust
30-year adj inc 5s
K)<3
1937
Pacific ext guar 4s £....1940
E Minn Nor Div 1st g 4s 1948
Minn Union 1st g 6s
..1922
Mont C 1st gu g 6s
..1937
Registered
1937
1st guar gold 5s
1937
Registered
1937
Will & S F 1st gold 5s... 1938
Gulf & S11st ref & t g 5s..bl952
Registered
&1952
Registered
107% J'ly '12
101% J'ne'13
A-O
Ft W & Rio Gr 1st g 4s.—1928 J-J
Price
Thursday
EXCHANGE
Bid
St P M & M (Continued)—
Mont ext 1st gold 4s..
1937 J-D
90" "do"
90
100
90
Oct *07
Dec li
91
923s
89%
J'ne'13
100" nir
A-0
f?lorida E Coast 1st 4Ms—1959 J-D
A, ort StUD Co 1st g 4 Ms .1941 J-J
!
90
104%
1982 M-N 102
Clev & Mahon Val g 5s—1938 j.j
....
Long Dock consol g 6s_._1935 A-O
Coal & RR 1st cur gu 6s
1922 M-N
Dock & Imp 1st cur 6s
1915 J-J *100
Ey As Ind 1st con gu g 6s._.1926
Evans & T H 1st cons 6s
1921
1st general gold 5s__
.1942
Mt Vernon 1st gold 6s
1923
Sull Co Branch 1st g 5s
1930
90%
9238
90
89% Feb *13
J-J
F-A
1953 A-0
do
82
92
A-O
A-O
STOCK
Week Ending July 3
......
90%
88%
Mch'13
90
91
....
Rlo Gr June 1st gu g 5s...1939 J-D
Rio Gr So 1st gold 4s
.1940 J-J
Rio. Gr West 1st g 4s_"
.1939
Mtge& col trust 4s A
1949
Utah Cent 1st gu g 4s.al917
Des Mol Un Ry 1st g 5s
1917
Det& Mack 1st iien g 4s__.1995
"86%
8684
Dec'12
90
75
J-J
1915 J-D
2000 J-D
(Registered...
'98% Iod%
107% Dec *02
907S May'13
88% May'13
-III "9"d
35
N Y Lack & W 1st Gs_.._1921
High
Mch 11
8634 Feb *13
40
M-N
Low
Y.
....
80% J'nV'i2
98% Mch'13
2512
1915 J-D
1st consol guar 7s
NO.
N.
....
n
F-A
M-N
J-D
A-0
High
Since
Jan. 1
Registered
88
IIII "83"
Ind B & W 1st pref 4s_._1940 A-0
O Ind & W 1st pref 5s_..dl938
Peo & East 1st con 4s
Ask Low
ol
cqcQ
101% 100*4 Oot *12
91%
8112
BONDS
Range
Range of
103% 103%
50
98%
*99
54
104
J'ne *13
99%
99
J'ne'13
103% 106%
54
54
99
100
*
95% Sep '08
99% J'ne'13
106% Oct 12
~
107
"98
100
101
ioi
k Due Aug,
"
Feb '13
100
"99"
102%
IOO* IOO"
Oct '09
Sale 101
IOI*
101
103%
98% Sep *12
o Due Oct,
s
Option sain*
New York Bond Record—Continued—Page 3
34
BONDS
PrU*
STOCK EXCHANGE
Week Ending July 3
TTMt'f
Thursday
Y.
Rang* or
Sine*
July 3
Last Sal*
Jan. 1
Nft.
Did
Ask Low
Minn A St L 1st gold 7s....1027
PacificExt lstgold 6s
1921
1st consol goid 6s
..1934
1st and refund gold 4s
1940
Des M A Pt D 1st gu 4s..1936
M StPASSM con g 4s int gu 1938
'
J-D
A-O
79
88
J'ne'13
88
59
59
May 13
69
79»4
957a
79*4 Dec '12
J-J
J-J
Trust gold 5s stamped__al917 M-s
Registered
a 1917 M-S
1st collateral gold 5s
1920 F-A
..1920 F-A
...1945 M-S
Registered
49-year gold loan 4s
3d 7s extended at 4%
1st A ref conv 5s
Cent Br Ry 1st gu g 4s
Cent Br U P 1st g 4s.
'
1948 J-D
Leroy A OVAL 1st g 58.1926 J-J
Pac R of Mo 1st ext g 4s..J938 F-A
2d extended gold 5s
1938 J-J
StLIrMA 8 gen con g 5s.l931 A-O
Gen
stamp gu g 5s__1931 A-O
Unified & ref gold 4s. ...1929 J-J
Registered
1929 J-J
,
.1933 M-N
Verdi V I & W 1st g 5s...1926 M-S
Mob & Ohio new gold 6s...1927 J-D
1st extension gold 6s
Montgom Div 1st
1938 M-S
1947 F-A
g 5s
St L & Cairo coll g 4s
Guaranteed gold 4s
cl930 Q-F
1931 J-J
J-J
A-O
Nashville Ch &gold 5s 7s 1913
St L 1st 1928
1st consol
Jasper Branch 1st
g 6s___1923
McM M W & Ai 1st 6s
TAP Branch 1st Gs
NatRys of Mex
1917
1917
J
-
J
r-i
N O Mob A Chic 1st ref 5s.l960 J-J
:NO& NE prior Hen g 6s_.pl9l5 A-O
New Orleans Term 1st 4s_.1953 J-J
N Y Central & H R g 3 3^s_1997 JtJ
Registered
...1997 J-J
Debenture gold 4s.
Registered
'(
1934 M-N
1934 M-N
Lake Shore coll g3^s
'
1993 FA
...1993 F-A
.Registered..
,
Mich Cent coll gold 3^8-1998 F-A
•
82
.1998 F-A
Beech Creek 1st gu g 4s__1936 J-J
J
|
Registered
1936
Id guar gold 5s
J
1936
,
J::
-
74
98
67U
97*4
67*4
99*2
77*2
80
80
87
67*4
J'ne'13
78*4 Apr '13
82
77*2
Apr'13
May'13
102
98
98
100
96
95*2 Sale
98
95*2
97
92
93
90
91*4
166*2 Sale"
7878
90
"88"
80
13
100
106
"78"" "82\
79
807s Oct '12
iid~iii*8
77*2
Jan '13
Apr '13
114
96
114
11234 Jan '13
~ in'
so
110
9934
111
StPaul-Duluth Div g4s
Dull Short L 1st gu 5s
St P & N P gen gold 6s
1996
1916
1923
Registered certificates..1923
St Paul A D.iluth 1st 5s__1031
5s...
1917
1st consol gold 4s
1968
Wash Cent 1st gold 4s
1948
Nor Pac Term Co 1st
g 6s. .1933
Oregon-Wash lst& ref 4s_.1961
pacific Coast Co
-1-
82*8
76*4
S67g
76JJay'13
75
45
45
J^ne'13
~88*2
78
0678
76*2
87
"87*2
"81 " ~83~
82
82
86
83
J'ne'l
82
86*4
88
89
88
88I4
May'12
87*2
91*2
8:
93
Sale
77
79*4
106
78*2
77*2
76*4 "83"
76" ' 80*4
79*4
77*2
76*4
77
7712 May'13
98
Apr *13
99
May'll
75
80
76
7712
08
98
"II
N J June R
1st 4s...1986 F-A
guar
Registered
1021*
-.
,
'
'
2000
Registered
-.2000
N Y & Northern lstg 5s__1927
N Y & Pu lstconpgug 4S.1993
Nor & Mont 1st
/
*
Rutland 1st
'
....
4^s
con g
112
" III
Registered
""
101
Mch'12
...
101
A-O
104
J'ne'10
90
1111-80
115
....
"86i2 "87"
84*4 86
90*4 Sale
91
Sale
101
110*2
Ka A A G R 1st gu c 5s..1938 J-J
Mahon C'l RR 1st 5s_..1934 J-J
Pitts & L Erie 2d g 5s...al928 A-O
Pitts McK & Y 1st gu 6S..1932 J-J
'
#
2d guaranteed Cs
13
83*4 Feb '13
83*4
"
90
84
Jns'09
IIII i09T2
J-J
..1931 M-N
..1931 M-N
90
Apr
..
15-yr gold 4s
Registered
'
103-" ide"u
J'ne'13
101
J-J
J-J
J-J
J-J
105**2 idf"
Sep '12
119*2 Mch'12
097f Nov'11
85*f
84i2
90*4
89*a
84i2 May*13
90*4
91
90®4
01
93
Oot '12
Guar 3 Ms trust ctfs D
,—1934 J-J
Michigan Central
5s
1931
1940
...
'
Registered
W
J L A 8 1st gold
3H»
1051
1st gold 3 Ms.
1952
20-year debenture 4s
1929
.NY Chic A StL lstg 4a—1937
<
Registered
1937
/. Debenture 4s
...1931
<
>
.....
M-S
M-N
A-O
A-O
....
86
94*2 Sale
A-O
M-N
J'ne'08
83
May'13
83
85
86*2
85*4
89
94
85*4 J'ne '13
94ia
94^4
97if Jan '13
mi "if"
99*2
97lt
89
97*2
83*2
J'ne'13
MISCELLANEOUS
g
5s
Purchase money 6s
Convertible deb 6s
1997 A-O
1934
SB
Milwaukee Gas L 1st 4s... 1927 M-N
P 1st
con g
10412 104*4 Feb '18
J-D
J-D
F-A
J-J
122
Dec
107
99*2
lstg5s_....l940
........
Registered......
on
9212
91*4 Sale
"63"^ *63*4
6614
"95-"
100
130
123
123
99
1
88
Jan
88
"2
99
92*4
1127g
llllj
35
98
107
4
83
92
104
103
83
10534,
84*2
91&8
93*4,
63*2
65
105*4 105*4
84*2 95*8
60
915, 985s
93*4 97*s
""12 63*2 68*4
:
90
J-D
M-S
F-A
'ml "ml
100
....
65
90
.
68
92*2
100*2 .01*2 <
Ill
Q-F
113
112
115*8
;
113
F-A
107
,
A-O
101
,
J-D
94
,
89
M*
113
Q-M
J-J
11078
J-J
161" 102*;
93
87*2
....
ii"o«; iii*;
88*4
98
89
"~9
99
100
99
91*4
101*2
99*2 101
J'r
104*4 110
Mc
99
Ml
....
99*8
963s Sale
"99*2
M-N
Sale
100*8
....
"69*4 III"
101
"l32
96*a
96*8
99*2
100*2
97*2
90
1
96*8
9
98*4 102*4
99*4 99*4
2
99*4 Fe
100
Se;
9918
99*8
102
101*4
99
99*8 100
97
Jan '03
101*2 May'12
102
J'ne'13
102l2 103
102*4 May '13
100*2
83
May'13
8678 87
82
85*8 J'ne'13
M-S
F-A
97
96
M-N
J-D
♦837g
8834
81
843s
87
87*4 Jan '12
Jan
97
94
06*8
9212
92*t
........
....
........
90
86*2
J-J
85*8
'05
10734 Dec '11
.0934 J'ly '09
91*4 Feb '12
87*s
86*4
84*8
97
"l
May'13
92i2 Feb '13
110
87
85*8
94
95
M-N
J-J
102U 102*4
8438
-
84
M-N
,,
iTJL
102U 104
J'ne'13
95
A-O
....
86*2
""3 "86"*; "86*2
J-J
J-J
mm mm
109
M-N
May 10
95*2
mmmm
— •
98
95*8 Oct
98
101
104
Mch
12
92*2
13,
---
106
98
.....
J'ne
....
"9*2"*; "92*;
90
90
Apr '13
95UJan '13
13
106
54
*60'
104'
A-O
M-N
A-O
F-A
J-J
A-O
J-J
J-J
J-J
A-O
J-J
J-J
100
"80 "
Sale
J-J
106
108
J-J
96
J-J
M-N
A-O
J-J
70
74
62
Sale
69
Sale
"»3"
90*2
108
106
64
64
61
647g
Oct *12
IOOI2 IOOI2
Feb '13
96
90*2
"16
76" Ma"y'l3
74
95*4
97*2
108
106
III-
100*2 Apr '13
96
90
90
11
Jan '13
5474 May'13
98
95*4
97*2
106
Feb '13
93*2 Jan
06
^mmm
J'ne'13
106
A-O
Q-F
92*2
103*8
101*2
11
9212 J'ne'13
97*2 Jan
101
101
99*4 105*2 101*2 May '13
90*2
....
....
.
I6l "
A-O
M-N
M-N
F-A
J-D
M-N
101*2 101*1
90*2
75
IIII
Apr'13
106
96
9612
83*4
108
113*4 Nov'11
"94*1 Sale
mm—mmmmm
93
94i2
96*4 Apr *13
94
80
105
....
"21
94
95
94
"""3
80
"""i
J'ne'13
"""I
95
8512 Dec '12
5212
69
80
105
93
9712
96lt
9644
84
114*4
105
""76 "filf, "8214
52
100
914*
95*2
91*2
Jan '13
100
"12
69
65
100
764|
8034 Mch'11
1951 J-J
Next Pace.
88*8 J'ne'13
88*5
88*2
10212
99*2102
88*s 90
100
106*4 Apr '12
IOH4
101*4 Sale 1007s
101*8
1005s 103*2
82*4 Sale
82*4
83
1047s lOfilg 1066s Apr '13
101
82
86*2
1066s 108*2
99l2 101*8
10H« J'ne'13
92*f J'ly '09
92
Sale
05
....
99
....
a
91
92
15
94*2 Mch'13
1026, J'ly *12
Due Jan.
Peo Gas A O 1st con g 6s...1943 A-O
Refunding gold 5a......1947 M-S
Registered
9912 J'ne'13
906s
88*s
114
12
88*g Apr '13
100*8
101
No prtee Friday latest bid and
asked,
f 4s '37
Regutered...........1997
Jersey Cent coll g 4s
1951
Atlan City gu 4s g—.....1951
't Jo& Gr Isl 1st g 4s
1947
71 Louis A San Francisco—
General gold 6s..._—...1931
General gold 5s
......1931
St L A S F RR cons g 43—1996
Gen 15-20-yr 5s
1927
Southw Div 1st g 5s....1947
Refunding g4s_
19 51
BONDS—Continued
104*4104*4
J'ne'13
io"o"*2 nil
5s 1930 F-A 1100
Corp unifying A; ref 5s
..1937 M-N
Pac Pow A Lt 1st A ref 20-yr
6s Internat Series
..1930 F-A
Pat A Passaic G A E 5s
1949 M-8
107
1246s
N Y A Rich Gas 1st g 5s_..1921
M-N
Pacific G& El Co CalG A E
•
114
108
1922 M-S
Ed E1 III Bkn 1st con g 4s. 1939 J-J
Lac Gas L of St L 1st g 5s.el919
Ref and ext 1st g 5s
85
Gas and Electric Light
1987 A-O
Newark Con Gas g 5s
1948
NYGELH&Pg 5s... ..1948
Purchase money g 4s
1049
Ed El 111 1st cons
g 5s
1995
s
gold 5s
1943
eading Co gen g 4S.....1907
Qa» and Electric Light
Kings Co El L A P
84*8
1921 J-D
1st consol
J'ns'00
90
82*f
Series B guar..
:_..^1942
Series C guar
1042
Series D 4s guar
:....1945
Series E 3Ms guar g
1949
Series F gu 4s g
.....1953
Series G 4s guar
...1957
O St L A P 1st con g 5s
1932
PeoA Pek Un lstg 6s
1921
)
Jan "'12
mmmm
88
104
83
83
104
Series O 4s
....1942 M-S
PCC & StLgu4HsA._.1940 A-O
^
Apr *12
98if Nov'11
....
80
Ogu4HsA.__1931 J-J
4^s..
^
1033 J-J
Pi'itsBh A LB
98
1940 J-J
'
iff"
119
112
1931 M-S
Registered
4s
102*2 103*2
1948 M-N
F-A
Series D 3
..1950
Erie & Pitts gu gS^s B
1940
Series O-___._..._^...1940
Gr R & I ex lstgu g 4Hs_1041
Pitts Y & Ash 1st cons 5S.1927
Philippine Ry 1st 30-yr
McKeesA B V lstg6S..1918 J-J
,
mm
mm
6
102*2
1942 A-O
Flint A P M g 6s...
1920
lSt consol gold 5s..
1939
Pt Huron Div 1st g 5s..1939
Sag Tus & H 1st gu g 4s..1931
il'lT2Mch'lI
98*4
mm
115*2 120*4
88
102*2 103*2
1942 A-O
88
105
Apr '12
130*f Jan '09
123*4 Moh'12
106
....
92
08
90
1944 J-D
Ch & WM 5s.
926s
Jan
15*;
Sale
1944)M-S
I
88*2
62*4
110
877f
118
92
88
2d gold 4^8
.51921 M-N
PereMarquette—Ref 4a
1955 j-j
Refunding guar 4s.......1955 J-J
J'ne'13
87
119
......1921J J-J
J -J
1
1921
Guar 15-25-year g 4s
1931
GinLeb& Norgu 4sg..._1942
CI A Mar 1st gu g 4Ms
1935
01 & P gen gug 4 As ser A 1942
Tol WV &
131*2 Jan '09
103*4 103
102
Registered
Debenture gold 4s...—.1928 M-S
•
985s
87*i Dec"'12
1071a 107 " Feb" 13
93
977a Aug '11
IIII
A-O
Co—
Guar 3Hs coll trust reg__1037
Guar 3^s coll trust ser B.1941
Trust Co ctfsgu g 3 Ms
1016
Guar 3^8 trust ctfs O
1942
Series B
A-O
J-D
—.1997 J-D
i
,
"83 "II
gug
1941
Og A L Cham 1st gu 4s g 1948
Rut-Canad 1st gu g 4S..1949
fit Lawr& Adir lstg 5s
1996
2d gold 6s.
..1996
Utica & Blk Rlv gu g 4s..1922
Lake Shore gold 3 Ms
1997
.
98*8
Oot '02
105
IIII
123
92
ol915 J-D
J-D
U N J RR A Can gen 4s
Guarlstg^Hs
M-N
R W & O con 1st ext 5s_.M922 A-O
Oswe & R 2d gu g 5s
el915 F-A
R W& OT Rlstgug5s__1918 M-N
(
'
M-N
5s
1916 A-O
Pine Creek reg guar 6s... 1932 J-D
,
98®i Jan "'13
"eo*2 II..
1986 F-A
:
N Y & Harlem g 3Hs_
•
Oct '12
2
100
IIII121
1923 M-N
1919 M-S
1943 M-N
Series B______
Int reduced to 3 Us
Series O 3Ms
88
110
*817; "83"*;
88
118
M-S
F-A
M-N
Sod Bay & Sou 1st g 5s_._1924| J-J
Sunburtrfe Lewis lstg4s_ 1936 J-J
87
V—
19
ennsylvania RR—
Pennsylvania
79*2
.
mm
87
907«
5s_.1046 J-D
Registered
ol915
Consol gold 4s
..1948
AUeg Val gen guar g 4s
1942
D R R R & B'ge 1st
gu 4s g '36
Phila Balt& W lstg4s.__1943
79T2 MaXl3
Sale
77*2 Sale
g
Convertible gold 3^3
100*8 102
"78*2
1st
111
Apr '13
88
IIII "07*2.
a2047 Q-F
a2047 Q-F
108*4
Feb'13
....
88
1997 Q-J
....
111
& Feb '13
117*4 126
.
gu g4s__ 1039 M-N
Northern Pacific prior 1 g 4s 1997 Q-J
105.
84
75
.
"90*4 "90*1
110
89
JcioV & N E 1st
Consol gold 5s
Consol gold 4s
7
77l2
97
6
.
80
Convertibles (wh.is.)1938
101
105*2 105*2
98*4
97*i
mm
Pocah O A G Joint 4s__.1941 J-D
C C A T 1st guar
gold 5s__1922 J-J
100
Jan '13
118
107
1996 A-O
Div'i 1st 1A gen g 4s....1944 J -J
10-25-year conv 4s
.1032 J-D
10-20-year conv 4s_.
1932 M-S
1st real est g 4s
105*2 Jan ■
113
J'ly '04
....
87
Sale
Registered
10534
I05ia
107*2
10234
102®4
89*a
88*2
75
88
F-A
1932 A-O
1996 A-O
100
105*2 Sale
...
857fi
107*2 109
Nov'12
100
45
,11714
8578 Dec '12
92
....
—72
96
80
107*2 J'ne *13
....
85
"83*2
112*411234
J'ne'13
80
87
1177a 11834 118
88
A extg6s__1934
2d
78*2 J'ne'13
96
84
87
77
1931 M-N
Registered
921t 93*8
101*4 103
Oct *12
79
IIII *78*2
86
1051|
1941 M-N
New River lstgold 6s
N A W Ry 1st
consg 4s
Registered
90
81
91
1045 J-J
Improvement
91*4
11
h Doe Feb.
91
96
94*2
94*2
<
_
High
93
90
81*2
75*4
1937 M-N
s '46 J-J
gold 6s
"0-938
Low
2
88*2
M-N
1856 J-J
Norf A Sou lstgold 5s
Norf & West
gen
Mch'05
100*2
1956
General lien gold 5s
92*2 Apr *13
10134 J'ne'13
104
~79 "
92*|
'65" -7OS4
No.
94
94i2
94*2
1055 J-J
4s
Providence Secur deb 4s..1957 M-N
NYOft W ref lstg 4s. ...j/1992 M-S
Registered $5,000 only..ol992 M-S
General4s..
1955 J-D
Norfolk Sou lst&ref A 5s..1961 F-A
106*2
Dec *12
100*2
Ask Low
03*4
91*8
Bin**
Jam, t
Hartf-—
Consol 4s
95*| 100
92i2
110
92*2
103
'65
81
103
Rang*
ll
Last Sals
Derby cons cy 5s..1918 M-N
New England cons 5s
.1945 J-J
IOH2 101*2
9612 May 11
79*s
7934
90
May'13
e6i2
80
877«
96
9534
Mav'12
92*2
~ Sale" '66*
65
78*4
102*4 108
103*2 104*2
97*2 101*4
May'13
105*4 10U2 Mch *13
104i2
104i2 103*2
103
05*4
102
82
1023s 102*4 J'no'13
ion2 103
Apr'13
'
/
Bid
Cent New Eng 1st gu 4s..1961 J-J
Registered
Beech Cr Ext 1st
1936 J-J
'
g 3Hs_l>1951 A-O
( Cart & Ad 1st gu g 4s
..1981 J-D
Gouv & Oswe 1st gu g 5s__1942 J-D
Moh A Mai 1st gu g 4s
1991 M-S
R—(Con)—
Conv debenture 6s
1948 J-J
Harlem R-Pt Ches 1st 4s.1954 M-N
B&NY Air Line 1st 4s
1955 F-A
8D4
98
...
Registered
,
74
102
1977 A-O
1951 A-O
89l|
74
75
Nat of Mex prior lien 4>$s.l926 J-J
1st consol 4s
H
xcvn.
WeeVt
Range or
N H A
02»4
91*2
79*8
98iz
80
96*4
lien 4^81957 j-j
pr
Guaranteed general 4s
Y O &
Housatonic R cons g 5!s
NYW'ches&B 1stser14
96*4 May 12
98*t Mch '11
90*2
90*2
69
90ij
743s
hl927 Q-J
General gold 4s
627g
97*4 J'ne'12
con
RlvA GDIv lstg4s
100
"el"" "97"
J'ne'13
91
96*4
1938 M-N
..1950 M-S
1910 F-A
N
Conv deben tine 3
93
gher Sh A So 1st
*
STOCK EXCHANGE
Week Ending July 3
Non-conv deben
Non-conv 4s
Nov'10
124i2 Oct '12
llOlfAue 11
88
M-N
M-S
gu g 5s..1942 J-D
Texas A Okla 1st gu g 5s..1943 M-S
Missouri Pac 1st consg 6s„_1920
OM-iN
Price
Thursday
July 3
Y.
Registered
2361 J-J
NY Cent Lines
eq tr4Hs 1932 J-J
108
St Louis Div 1st ref g 4s..2001 A-O
Dal A Wa 1st gu g 5s
0M- N
..1940
Kan C A Pac 1st g 48:
..1990 F-A
Mo K & E 1st gu g 5s
1942 A-O
M K & Ok 1st guar 5s
1942 M-N
M K A T of T 1st gu g 58.1942 M-S
'
N.
N Y New Haven A
100
...1944 M-N
2004 M-S
..1936 J-J
sinking fund 4Mb
High
Low
25*i Apr" 09
Mo Kan & Tex 1st gold 4S..1990 J-D
2d gold 4s_
gl990 F-A
.
No
"77" McV-io
1st Chic Terml s f 4s
1941 M-N
M S S A A 1st g 4s int gu.1928 J-J
Mississippi Central 1st 5s_.1949 J-J
1st ext gold 6s
1st A refund 4s
Gen
High
BONDS
Rang*
West Shore 1st 4s guar...2361 J-J
14 aniJa RR—Sou lines 48.1036 M-N
exican Cent inc g 3s tr recta.
'•
Equip A coll g 6s
1917 A-O
Mex Internet 1st con g 4s..l977 M-S
-S
7MStamped guaranteed
1977
[Vol.
1947
112
<7
Due June.
A Due July.
100
J'ne'13
....102
102
J'ne'13
92
93
Mch'12
....
95
J-J
....
M-S
J-J
j-j
J-D
0
10014 Aug 12
97*2 May'13
93*8 97*2 Feb 13
95
Conv deben g 5s—.......1922 M-N
Stan Gas A Elconv a f 6s—1926 J-D
J-D
Due May.
Fsb '09
100
Con G Co of Oh 1st gu g 5sl936 J-D
Ind Nat Gas A Oil 30-yr 5s '36 M-N
Mu Fuel Gas 1st gu g 5s..1947 M-N
Philadelphia Co conv 5s...l910 F-A
M-S
M-N
116*4 May'13
9914
997g
103
...
Ch G-L A Cke 1st gu g 58.1937 J-J
Syracuse Lighting 1st g 5S..1951
Syracuse LAP 5s........1954
Trenton G A E 1st g 5s....1949
Union Elec L A P 1st g &S..1932
Ref A ext 5s
1933
Utica El L A P 1st g 5s
1950
Utica Gas A E ref 5s...... 1957
Westchester Leg g 5s......1950
116
9978 Sale
M-S
100*4
mm.m
95
....
....
•
•
.
~
■
mmmm
J'ne'13
Dec '11
100l8 101
85*2 J'ne'12
mmmm
100
Feb '01
97
J'ne'13
92
J'ne'13
101
*96
....
102
Due Oct.
9
I0014 Dee'ff
IOH2 J'ne'13
Due Nor.
*
Option sale.
JULY 5
New York Bond Record-rConcluded^Page
1913.]
Print
T.
N.
Wetk's
Thursday
July 3
EXCHANGE
«&°IDS
STOCK
Week Bndtof July 3.
Rang* or
Sine*
Last Sals
Jan. 1
Bid
8t L & San Fran (Con)
105
V K O Ft S At M con g 6s__.1928 M-N
'
K O Ft S 8c M Ryrefg 48.1936 A-O
A-O
70
Ask Lot*
106
70
70
..
A-O
90
A-O
M-N
J-J
86
Sale
79
...
J-D
3-D
76*
-
79*
"71
76
Ga At Ala
i
Ry 1st
gu g
[ Cent Pac 1st ref gu
f.
g
4s..1949
104
103
....
89*
*86*
Sale
91* Sale
F-A
Registered .......^....1949 F-A
G H 8c S A M 8c P 1st 5s_1931
'
Gila V G 8c N 1st gu g 5s_1924
{ Rous B Ac W T 1st g 5S-1933
(
1st guar 5s red
.1933
/BiTC 1st g 5s int gu—1937
Gen gold 4s Int guar.
1921
Waco 8c N W div 1st g 6s 1930
A 8c N W 1st gu g 5s...—1941
I Morgan's La A T 1st 7s..1918
t
1st gold 6s
..1920
l No of Cal guar g 5s;—
1938
Ore 8c Cal 1st guar g 5s,..1927
} So Pac of Cal—Gu g 5s_.1937
'
So Pac Coast 1st gu 4s g.1937
(flan Fran Terml 1st 4s._1950
/ Tex 8c N O con gold 5s_.1943
l
....
100
M-N
M-N
100
M-N
M-N
J-J
87*
....
...
100
A-O
92
M-N
110
J-J
100
A-O
110
A-O
J-J
M-N
J-J
A-O
89*
104
...
94
103
gu g 4s.
104*1
Sale
...
104
.
,
•
:
__
'•
'
'
Vahdaiia
4s Ser A.1955
100
..
48
48
64
96*
" "gf
89*
©I*
104*
Low
101
94*
High
106*
90*
:::: "98* ~98*
May'13
48
Sale
80
80
46*
64*
45
24
64
i
48
51
j
j
Nov '12
....
45*
48
102* May'13
....
"36 "45" "61*
....
102* 107
80
14
13
14
1
1*
*
-
90
75
....
75
i
13
24
13
26*
27*
15
28
13
13*
13*
17* May'13
1
May'13
* J'ne'13
1
82
81*
F-A
May'13
13
13
J-D
:::: "65" "65 "
77
13
--^~
Apr'13
...
77
J'ne'13
100
77
Sep
12
.....
Oct '12
Feb
2*
82
82
....
J'ne'13
86
84
86
3
*
....
....
80
1
....
75
100*102* 103* May'13
....
-
Aug'12
65
....
Trust Co ctfs deposit
Am Ag Chem 1st c 5s__—.1928
Am Cot Oil ext 4^8
pl915
"93"
106*
110
Debenture
5s_;
Am Hide Ac L lstsf g 6s
Amer Ice Secur deb g 6
Am Smelt Securities
88*
Registered
"00 "
72*
78*
Mch'13
84*
105*
87*
82*
107*
104*104*
J'ne'13
107
*98~
May'13
Sep '12
Deo" II
J'ne'13
J'ne'13
112
107
83*
"86* *87*
Jan *13
Feb '14
" "83*
103* 107*
»•t•
1
1
I
1
07
100* J'ne'13
95
99
Feb
100* 101*
J'ne'13
95
100
mmmm
99
....
80
101*
80*
13
80
Apr'13
98* Feb'11
867g J'ne'13
84»a J'ne'13
89* Mch'13
....
*86* "01~
....
....
84
91*
00*
89*
....
Mch'13
108* Jan '13
102* 108*
90* 9578
92
92
100
National Tube 1st 5s
1952
N Y Air Brake 1st conv 6S.1928
Ry Steel Spgs 1st s f 5s_i..l921
Repiib I Ac S 1st & col tr 5S.1934
10-30-year 5s s t
1940
Standard Milling 1st 5s.s...l930
The Texas Co conv deb 68.1931
Union Bag Ac Paper 1st 5S.1930
92
100
J'ne'13
101
102* Apr '11
104
Feb *13
108
111
Aug'12
103*104"
88*
89* May'13
mi 105 106* Sep 12
100*
100* 102* 100*
61
IOO"
"89*
107*
Nov 12
9w*Apr '11
106* Nov'04
105* Apr'13
102* 107*J'ne'i2
100
May'13
IIII "87
91* Feb '13
94*
94*" 94* 94*
102
105
80
84
84
49
....
50
.
65
68
88*
89
....
100
91*
91*
94
99
80
91*
Dec'12
Sale
100"
J'ne'13
80
....
105*106*
...
84
05* Sale
*90* Safe
91* Sale
91* 93
Apr 13
102* Apr '13
85* J'ne'12
95
*88 " "89 "
-i.
1027| 104*
91
109* 109* J'ne'13
103* 104* 1Q3* J'ne'13
88*
88* Sale 88*
108
May'll
176
98*
86*
20
887a
1
91
98*
97
95*
93*
112*
109
103*)09
12
86*
93*
::*: *99
*93* Apr'13
93
Mch'13
Oct '12
97*
93
93
....
90
97* Sale
94
96
M-N
J-J
ArO
ArO
M-N
J-J
J-J
Stamped
..1930 J-J
U S Death Co s f deb g 6s__1913 M-N
U S Realty A; I conv deb g 5s_ '24 J-J
U 8 Red & Refg 1st g 6s___1931 J -J
US Rubber 10-yr coll tr 6S.1918 J -D
....
'81
"96
93
98*
93*
80*
93*
....
90*
91
Registered
19I8
U S Steel Corp—-/coup ..41963
8 f 10-60-yr 5s[reg
...41963
Va-Car Chem 1st
15-yr 5s_1923
West Electric 1st 5s Dec 1922
WestinghouseE Ac M s f 5S.1931
10-year coll tr notes 5S..1917
Telegraph & Telephone
Am Telep At Tel coll.tr 4s..l929
Convertible) 4s
...1936
J-D
M-N
M-N
J-D
J-J
J-J
A-O
J
M
Commercial Cable 1st g 4S.2397 Q
Registered .............2397 QCumb'dT Ac T 1st Ac gen 58.1937 J;
Keystone Telephone 1st 5s^l935
Metropol Tel&Tel 1st s f 5S.1918
Mich State Telep 1st 5s_...1924
N Y Ac N J Telephone 5s g.1920
NY Telep 1st Ac gensf 4K« 1939
F
M
M
Pac Tel Ac Tel 1st 5s..^.w-.1937 JSouth Bell Tel Ac Tistsf 5s 1941 J
West Union col tr cur 5S...1938 J
Fd and real est g 4Hs——1950 M
Mut Un Tel gu ext 5s
1941 M
Northwest Tel gu 4Hs g.1934 J-
14
96
11
93
'4-7"" "e"r
04
95
93
1
101*
071*
92*
06
99* J'ne'13
73* J'ne'13
Sale 101*
102
96* 99* Jan '13
91
93
May'13
98* 103*:
73* 76*
7 101* 105
99* 90*
91
93*
118
118
J'ne'13
120*
117*
117* "~5 117* 117*
96
04
J'ne'13
"98
S3
07*
95* j'ne'12
i
83* 1 Cn *81" "do*
Sale 83*
103
103*
102* 103* May'13
93
93
13
96*
93*
Sale
80
8
80*
86*
Sale 80
93
15
91* 97
93*
93*
96* 97*
96* 96* Apr *13
...
1
.
"
....
90
Sale
"66* Sale
96* Feb '13
12
90*
91
94*.Feb *13
66*
56* "34
Sale
83
96*
76* Sale
95
83
—.
103
98
83
76*
"I
8
103*
98
97*
83*
85
84
....
627s
6278
..J.
72
92
75
92
84
19
2
74
94* Sale 94*
117* Sale 117*
97* Sale 97*
115
117
95* Sale
95* 97*
91
88
"95"
99
96
95*
99*
98*
102*...
89'
90
83* 85*
97* Sale
88
117
27
2
92,
4
J'ne'13
23
"
2
05*
mmmm
3
89
85* J'ne'13
-
Feb'13
50
80
89
91* Jan '13
100
Apr *13
81* J'ne'13
27
25
30
May'13
101
100* SalC 100*
103* Jan '10
99*
987b Sale 98*
9884
99*
"91 "Sale" 90*
91
100*
100* Sale 100*
89
887b
89
95* 96* Apr *13
Sale
93
99
.
"*
.1"
05*
8.8* 88*
95* 99*
9834 103
95* 98*
102* 1027b
88* 92*
"97" "98
89*....
102
97* 98*
89*
100
80*
25
103 100
97
2
17
8
13
98* 102
90* 98
99* 102*
87* 94
96*
96^1
82
90
97* 110*
113
....
82* Deo T2
83* Nov '11
97
,
98*104*
98
98
97
97
89
89*
III
i
~
"
"""j
100* 101*
97
101*
"13 "95*
*98*
28
95
101
11
98
101
4
97
102*
13
Of
96*
J'ne 11
93
mm mm
;
97
85
Aug'12
100* J'ne'13
104
"90"::::
27
103*
11
103* May'll
96*
96*
96*
96*
98*
98* Sale 90*
89* Sale
91*4
100*
89
28
96* Sale
—..
92
"340 "96*102"
87*
~96* ~96*
"
89*
0434 100*
mmm*
100
100
88
101
87
99* 100* 100
101
Sale 10J
"78*::::
91*
88*
96*
80*
100
....
87
105
59*
91*
90
m
"81* "84*
82
89*
98*101*
85*
— •
97*
90
97>4 100
97
....
J'ne'13
97
76*
101* 105*
117* 122*
94
18
09*
116
122*
11
94* 097|
95* J'ne'13
1027S Mch'13
89
79*
18
94*
95*
64*
73
m
94*
117*
9784
J'ne'13
97
99
03*
99
70
90
95*
82
9434
84
6278
95*
May'13
88
J'ne'13
88* Feb '13
96*
90
100
J'ne'13
.
9534
95
76*
Sale 103
Sale
11
Apr *13
83*
83* Sale
99
99*
99* Sale
100
100* 100* J'ne'13
J
M
48*
95* J'ne'13
70
96
...
20-yr conv 4Hs (when iss) 1933 M
Chicago Telephone 1st 5S..1923 J
95
95*
98* Feb '13
88*
90*
91*
91*
91
"47* "57*
60
D ec '12
.
M-N
Deo'12
96
1
83*
102
......
105
108*108*
102*
100
F-A
M-N
M-N
A-O
A-O
du Pont Powder 4*s..1936 J-D
1st con 5s Series A.«.
1950 M-S
5-year convertible 5s.
1915 M-S
Liggett Ac Myers Tobac 7s.l944 A-O
5s
i
...1951 F-A
Lorlllard Co (P) 7s
..1944 A-O
5s...
1951 F-A
Mexican Petrol Ltd env 6s A.'21 A-O
Nat Enam Ac Stpg 1st 5s..1929 J-D
Nat Starch 20-yr deb 5s_..1930 J-J
98*101
"95"
A-O
Consol conv 8 f g 5s....'.. 1935 J-J
Int 8t Pump 1st s f 5s
1929 M-S
Lackaw Steel 1st g 5s
1923 A-O
101* 102*
103* 103*
90
115
1942 M-N
"79 " "79
Oct '06
"08*
A-O
Indiana Steel 1st 5s....
1952 M-N
Int Paper Co 1st con g 6s_.1918 F-A
109*
102
1919 J-J
1944
-.-..11111944 A-O
~63~ '64*
Mch'13
....
F-A
1097a 110
107* 112
106
104
92
A-O
57
47
99*
....
1915 M-S
J"D
F-A
Debenture 5s
..1952 M-S
Gen'l Motors 1st lien 6s—1915 A-O
111 Steel deb 4jis_..—
..1940 A-O
104* 104*
100
1925
General Baking 1st 2 5-yr 6s. 1936
Gen Electric deb g 3*|s—1942
103* 106"
104
100" ioi
M-N
.1919 M-S
Cent Leather 20-year g 5s.1925
Oonsol Tobacco g 4s_
1951
Corn Prod Ref s f g 5s.__.193l
1st 25-year s f 5s.
.1934
Cuban-Amer Sugar coll tr6sl918
Distil Sec Cor conv 1st g 5s. 1927
88*
93
1931
f 6S.1926
1st & ref 5s guar A
78*
86*
107.
103* NOV'12
104* Jan '13
102* 104* 102*
91* Sale
91*
A-O
Q-F
——.....1951 F-A
Registered.....
...1951 F-A
Am Writg Paper 1st s f 58.1919 3-3
Baldw Loco Works 1st 5s..1940 M-N
Beth Steel 1st ext s f 5s..__1926 3-3
87* "94*
101
49* 62
48* Sale
97* 99
95* 96*
—-
Gold 4s
t
80
s
Am Spirits Mfg g 6s
Am Thread 1st col tr 4s
Am Tobacco 40-yr g 6s..
101* 102 "
101* 101*
101* 101* May'13
104* 103* Jan '13
73
Sep 12
ioo
98* J'ne'13
F-A
Consolcons g
4s Series B....1957 M-N
Vera Cruz A P 1st gu 4Hs-1934 J-J
Virginian 1st 5s Series A
1962 Ml-N
88
110
107* J'ne'13
105* Nov 12
79
Mch'13
v
J-J
J-J
M-S
Ore Ry A Nav '.on g 4s.. 1946 J-D
Ore Short Line 1st g 6s..1922 F-A
1st consol ; 5s
1946 J-J
Guar refund 4sl_.
..1929 J-D
Utah A Nor gold 5S....1926 J-J
1st extended 4s........1933 J-J
90
105*107
88* Feb *13
101* May'll
88*
89*
110
....
J-J
03*
106"
...
"63" "64*
J-J
J-J
A-O
F-A
A-O
84
93
Jan '13
106
/i 1946 J-D
J-D +100
g
May'13
Mch'13
80
49*
....
Msnufacturing & Industrial
,
AUis-Chalmers 1st 5s
1936 3-3
105* J'lyj*2
64* May'13
i-j
Union Pacific—
1st RR A land grant g 4s_1947
Registered
1947
t
20-year conv 4s.........1927
1st A ref 4s
02008
10
60
....
05*
Deo'12
103* 105
(r 2d 20-year 5s
1927 J-J
|Tol P A W 1st gold 4S..—1917
(Tol St L A W pr lien g 3Hs_1925
50-year gold 4s
1950 A-O
fjColl tr 4s g Ser A........1917 F-A
Ulster A Del 1st4s g 5s.1928
con
1st refund
1952
36
48*
WheelingA LB 1stg5s...1926A-O noo* III*
•
95
Wheel Div 1st gold 5s...1928 J-J
♦
99
Exten 4c Impt gold 5s..
1930 F-A
78
RR 1st consol 4s
..1949 M-S
20-year equip s f 5s._—1922 J-J
Winston-Salem S B 1st4s..I960 J-J
"so*::::
85
90
Wis Cent 50-yr 1st gen 4s..l949 J-J
84
87
Sup&Dul divAc term 1st 4s '36 M-N
08
E I
...1935 J-D
1990 A-O
Tor Ham A Buff 1st g 4s
88*
86*
104
104* May'12
109* Sep 12
93
Apr *13
106
82
/ La Div B L 1st g 5s..___1931 J-J
I
WMinWAN W 1st gu 5s_ 1930 F-A
Vol A O O 1st g 5s
..1935 J-J
t
Western Div 1st g 5s
1935 A-O
Kan A M 1st
No.
96
J'ne'12
....
—
F-A
A-O
J-J
Gen gold 4s............1943 A-O
Income 5s
....41943 Nov
99
High
1027b
51
J'ne '13
48
,
194 "{05"
102* 103*
119* Mch'10
*83" III.
Gen refund s f g 4s
1953 J-J
St L M Bge Ter gu g 5s..1930 A-O
Tex A Pac 1st gold 5s.
,.2000 J-D
2d gold inc 5s..........02000 MdN
General gold 5s
——
Sale
1
1.
*
12
...
83
B Ten reor lien g 5s......1938 M-S
<
Ga Midland 1st 3s.
...1946 A-O
;Ga Pac Ry 1st g 6s......1922 J-J
yKnox A Ohip 1st g 6s....1925 J-J
Mo]) A Bir prior lien g 5S.1945 J-J
v
Mortgage gold 4s......1945 J-J
Rich A Dan con g 6s....1915 J-J
Deb 5s stamped
....1927 A-O
Rich A Meek 1st g 4s
1948 M-N
So Car A Ga 1st g 5s
1919 M-N
Virginia Mid ser O 6s
1916 M-S
Series D 4-5s.......
1921 M-S
''
Series E'5s.i
......>.1926 M-S
Series F 5s.........
.1931 M-S
General 5s
1936 M-N
Va A So'w'n 1st gu 5s..2003 J-J
*
1st cons 50-year 5s
1958 A-O
W O A W 1st cy gu 4s
1924 F-A
,
917»
103* 103*
McU'13
103
103
i-Ool & Greenv 1st 6s
..1916 J-J
s E T Va
A Ga Div g 5S...1930 J-J
t Con 1st gold 5s.;
-.1956 M-N
;
InS,
13
89*
86* May'13
8534
86* 178
8
91*
91*
94* J'ly '12
88
May'13
89* Apr '13
4s_.1949 A-O
West N C 1st con g 6s._.1914
Spokane Internet 1st g 5s..1955
er A of St L 1st g 4Hs--1939
1st con gold 5s...1894-1944
88
M»y'12
106*
80
1918 J-J
1948 J-J
,
W&b Pitts Term 1st g
Cent and Old Col Tr Co certs.
Columbia Tr Co ctfs...
2d gold 4s
......1954
Trust Co COTtfs....
Wash Terml 1st gu 3^s
.1945
1st 40-year guar 4s......1945
West Maryland 1st g 4s.—1952
West NYi.Pa 1st g 5s._.1937
79
84*
....
1948 J-J
g guar
"fftl
73
Nov'12
.
2d 4s
86
66*
76
-----
....
51
J-J
J- J
ArO
M-S
4s-.1954 J-D
" "85*
79*
102
101* Sale 101*
105
101
Sep '11
73
73i| Sale
73*
Mem Div 1st g 4%-5s
1996 J-J
.■flt Louis div 1st g 4s
...1951 J-J
It'Atl Ac Yad 1st
85
110
May'13
105* 107* 105* J'ne'13
112
Feb '07
101* May'13
101*.... 101* J'ne'13
91* Sep '12
J-J
1994 J-J
Registered
.1994 J-J
Develop & gen 4s Ser A..1956 A-O
Mob A Ohio coll tr g 4s..1938 M-S
6s
-'Atl Ac Danv 1st g 4s...
85*
80
Sines
Jan. 1
_
....105
1st consol g 5s_
g
79*
89
[Southern—
iJUa Cen R 1st
Bqult Trust Co ctfs
Do
Stamped
—-Det & Ch Ext 1st g fis
.1941
Des Moin Div 1st g 4s.—1939
Om Div 1st g 3^s
w—1941
Tol & Ch Div 1st g 4s
1941
,.
*71*
....103* 102* J'ly
J-J
..1955 J-J
8o Pac RR 1st ref 4s
/
81
90
IIII "97*
J-J
J-J
....
Ask Low
102* Sale 101*
95* 95* 95*
...
88*
C. Mort guar gold 3Hs_.*1929 J-D
f Through St L 1st gu 4S.1954 A-O
i
80
76*
J'n0'12
104
Apr '13
102* Apr '13
106* 105
J-D
01929 M-S
conv 4s
Cent Trust Co ctfs
Do
Stamped.....'....^..
Oct '09
76
....
LGold 4s (Cent Pac coll).W949 J-D
10-year
Z8«
85* Feb '13
79*
79*
....
6s__1929 J-J
Seab 8c Roa 1st 5s.......1928 J-J
[Southern Pacific Co—
Registered ...........*1949
J'ne'13
76* J'ne'13
101* Apr '07
79* J'ne'13
71*
1st lien 50-yr g term 4s-.1954
1st ref and ext g 4s
.1956
00
Rang*
eS
Last Salt
Bid
Wabash 1st5S......J....1939 M-N
2d gold gold 5s......1939 F-A
78
Weeks
Rang* or
July 3
High
113*
84*
71*4
Sale
Pries
Thursday
Debenture Series B......1939 J-J
1st lien equip s fd g 5s....1921 M-S
86
Safe
BONDS
STOCK
EXCHANGE
Week Ending July 3.
107
f
]
'
78
104
ol945 J-J
con 5s
86
T.
N.
99* 100*
84* Mch'13
J'ne'13
89* 90
103* Jan '13
( Atl-Blrm 30-yr 1st g 4s..el933 M-B
(Oar Cent 1st con g 4s....1949 J-J
I Fla Cent A Pen 1st g 5s..1918 J-J
I
1st land gr ext g 5s.....1930 J-J
/
Consol gold 5s
...1943 J-J
( Ga Car 8c No 1st
No. Low
2 105
13
65
77* J'ly '12
103* J'ly '12
99* May'13
104
3-3
A-O
A-O
........1950 A-O
ol949 F-A
.........1959 A-O
{Registered
( Adjustment 5s
/Refunding 4s
760s
W "79h
3-3
High
10812 106
/
Registered.......
1936
K C 8c M R 86 B 1st gu 5S.1929
Ozark At Oh O 1st gu 5a g.1912
0t L S W 1st g 4s bd ctfs
1989
Sd g 4a inc bond ctfs
__pl989
1 Oonsol gold 4s
1932
'
Gray's PtTer 1st gu g 5s. 1947
8 A 8c A Pass 1st gu g 4s...1943
8 F Ac N P 1st sink fg 5s.—1919
Seaboard Air Line g 4s....1950
<.
Gold 4s stamped
1950
Range
35
4
Jan *13
"93"" "dl"
MISCELLANEOUS BONDS—Concluded.
Miscellaneous*
Coal & Iron
[Buff Ac Susq Iron
a f 5s.
1932 J-D
Debenture 5s..........ol926 M-S
;Ool F Ac I Co gen a f g 5s
1943 F-A
I Col Fuel gen 6s
..1919 M-N
;Ool Indus 1st Ac coll 5s gu..l934
F-A
Cons Ind Coal Me 1st 5s
.1935 J-D
jOons Coal of Md lstAcref 5s 1950 J-D
1r Riv Coal Ac O 1st g 6s
hl919 A-O
Ian & H O Ac C 1st s f g 6S.1951
?ocah Con Collier 1st s f 58.1957
It L Rock Mt Ac P 1st 5S...1955
Fenn Coal gen 5s...
...1951
Birm Div 1st consol 6S...1917 3-3
i:i
V-i
Tenn Div 1st
6s......al917 A-O
_^C)ahC M Co 1st gu g 5s.. 1922 J-D
Utah Fuel 1st g 5s
1031 M-S
Victor Fuel 1st s f 5s
1953 J-J
Ta Iron Ooal&Coke 1st g Ss 1949 M-S
,
g
97
85
77*
93
"79*
80
95*
J'ly'22
75
J'ne *13
:::: "92*
..-.100
96
"77* _85 "
Oct'12
102* Apr '06
08
Jan '13
80
86* J'naT3
76
70
73
J'ne'13
997S
100
99* 100
100
Apr '13
102* 101
98
86
102
102
Feb
13
103
110
80
97
92^
May'13
J'ne'13
877a
80
99*103
101
103
102
102
Jan 09
80
10
98
76
....
100
99*
J'ne'11
93
75
93*
93* J'ne'13
107* J'ne'12
79*
79*
Sale
85
....
75
Adams Ex coll tr g 4s..
..1948 M-S
Armour Ac Co 1st real est4Hs '39 J-D
Bush Terminal 1st 4s
1952 A-O
Consol 5s ..............1955 J-J
Bldgs 5s guar tax ex.....1960
Chino Copper 1st conv 68..1921
Inspir Cons Cop 1st 6s (rects)..
IntMercan Marine 4 Hs
.1922
Int Navigation 1st s f 5s
1929
80
81
89* Sale
....
89
95
89
04
90
May'13
89
94
May'13
82*
93
80*
06
A-O
75
90
94
Apr'13
04
04
J-J
133
140
144
J'ne'13
122
100
95
Sale
58
Sale
58
F-A
A-O
76* Sale
96
95
A-O
Mge Bond (N Y) 4s ser 2..1966
10-20 vr 5s series 3......1932 J-J
Morris & Co 1st s f 4>is...lW39
N Y Dock 50-yr 1st g 4s
1951
Niag Falls Pow 1st 5s
...1932
Ontario Transmission 5s...1945
Pub ServCorp N J gen 58..1959
89*
79*
89*
80
80
J-J
....
j-j
M-N
A-O
6sl921 J-J
88*
81
F-A
76*
(
52
68*
76*
11
101
100
04* 108*.
56* 66*
76* 70*
00*
09* May'13
86* J'ne'13
82
May'13
61
83
100
J'ne'13
92
100
1
00*
80*
84
Deo'12
"do"
Sale
100
Sale 100
89*
89*
90
100*
Deo'12
108*
33
ox* m
>
•JKIopria# Friday; latest bid and asked oDueJaa dDue April «Due May oDue June ADue July tDue Aug oDue Oct pDue Nov «Due Deo zOption oaia
j
e
....
92
79*
80
92
98
RayOonsCopper 1st
conv
Wash Water Pow 1st 5s...1939 J-
102
CHICAGO STOCK EXCHANGE-Stock Record.
36
STOCKS—HIGHEST
AND
SALS
LOWEST
PRICES.
STOCKS
OHIOAGO STOCK
EXCHANGE
Sales
•
if the
Saturday
Monday
June 28.
June
Tuesday
July 1.
30.
Wednesday
Friday
July 2.
Week
July 4.
Thursday
July 3.
Range
Ranoe
Shares
for
Year
Lowest.
for
Year
1913
Previous
(1912.)
Lowest.
Highest.
Highest.
Railroads
*26
30
•26
.•76
85
*76
85
♦76
85
*76
85
96
95
•94
96
*94
96
j.
96
102
23%
24%
!
23
*6%
23%
7
3%
•
*26
4
24%
7%
*3
*1
"*6~
40
*
7
•
♦30
40
*
7
40
June'13
♦
----
J'ne'13
Last Sale 2
June'13
Last Sale 18
40
Last Sale 41
Nov'12
Last Sale 6%
June'13
Last Sale 45
Mar'13
6%
40
26%
27%
86%
86%
•
•40
97%
*
132%
42%
97%
26*4
86*4
87%
87%
435
•
28%
2684
*
435
*
45
45
*95
.
28%
28%
87%
88
88
Last Sale 130
45
♦95
99
128% *127% 128% *127% 128% ♦127% 128%
*49%
50%
50%
50%
*49%
*49%
*49%
50%
*75
♦75
7534
7534
75*4
*75
.
7534 •75
!
1
I*
*
57
»48%
"49"
49%
*
57
*
57
49%
48*4
48*4
Jan'13
mm
~m
100
205
205
205
205
205
131
131
134
134
136
10
10
May'12
Last Sale 77
*
98
•26
28
•28
29
•28
29
*28
29
•94
95%
•94
•94
95%
96
96
*68
69
95%
69%
♦69
70
69
69
99
98%
99
98%
Jtme'13
mmmm
mmmm
'
Last Sale 100
[.
4mm
m
m.
mm* m
—
«.
mm
'mmmrn
m'm'
•74
77
•74
77
•74
77
*74
77
•112
114
114
♦112
114
112
112
h»117
119
♦112
*117
119
•117
119
*117
119
•114
115
*114
115
*114
115
*114
115
114%
*
114%
*
114%
♦
114%
!•_.:_
•35%
36%
•89
•107
36%
36%
92
36%
92
•89
36%
•89
m'm
mmmm
92
J'ne'13
Last Sale 76%
'
Aug'12
114
Last Sale
*89
"20
"150
112
"615
93%
*92
93%
*92
93%
*92
93%
J'ne'13
•20
21
•20
21
♦15
17
*15
17
Last Sale 25
Apr'13
Rumely
•39
40
*39
40
•35
40
*35
40
Last Sale 42
J'ne'13
Do
1*161% 162% 161*4 163
•11734 119
*11784 119
162
Last Sale 68%
Last Sale 92
J'ne'13
119
119
25
♦24
25
*24
25
*24
25
Last Sale
•85
86
•85
86
*85
86
*85
86
Last Sale 92
103% 104
104
*215
225
100
100
10438
100
•215
Dec'12
104% 104%
165
J'ne'13
""52
'
mmrnm
172% 172%
169% 172
•1%
1%
1%
•1%
*1%
1%
52.
62%
53
52%
53%
5278
•10678- 108
*10678 108
♦10678 108
•8
10
10
♦8
(V
....
m
*8
138
Dec
19878 Mch
Jan
3
897g Jan
1%
1%
527g
5338
107% 107%
*8
10,
10
m
mmmm
163
m'mmm '
71
29
Mch
70
Deo
77
Mch
95
J'ne
49
Feb
Jan 10
52
39
6
Jan 29
65
44
Mch
65*8 May
5512 Oct
137ia Jan
145
Mch
Jan
222
J'ne
135U Jan
150
Moh
212
Jan
7
184
145
Jan
5
J'ne 10
16ij Jan 31
10
Feb
77
Feb 11
77
Feb 11
87
Oct
2U2 Oot
87
Oct
98
J'ne 30
3
103
Feb 13
IIOI4 Feb
28
Mch 18
53
94
Mch22
661 j
Mch 24
J'ly
111*4 Feb
63
Dec
14
97
Dec
31
931] Jan
76l2 Jan
56
Jaa
8OI2
102it
7312
12678
76*s
1611a
130*4
100
J'ne 12
115
105
J'ne 12
12812 Jan
3
118
Mchl9
123
Jan
14
113
J'ne
Jan 23
2
113ij J'ne 10
135
May
Dec
114
12214 Oct
103
Mch
115
Feb
61
J'ly
x
*
Sep
Moh
Sep
Sep
Aug
Apr
Mny
Sep
120
105% Dec
67
100
68if J'ne 20
100
100
25
J'ne 25
.100
155
J'ne 11
117
mmmm
mmmm
Mayi9
30
Last Sale 11
x
80
Dec
x
98
Deo
x
94ij Dec
9912 Apr
Feb 21
69
97*8 Feb
6
2
214*4 Jan
124*4 Feb 17
Jan
140
121it Jan
3078 J'ly
Feb 13
34
11
"i0778"
J'ne 12
195
1
J'ne 11
Deo
Mchl7
10
100
87ii Mch 24
98*4 Jan
Jan
67
Apr
122*1" Oot"
9412 Apr
*10718 Apr
Noy
Oot
Not
9878
*10312
2211*
125*4
J'ne
49
Aug
97is Aug
10914 Apr
397
Nov
110
Jan
234
Nov
178 Jan
*s May
2
58*g Feb
801* Sep
"9"
15
5
2
Jan
112
105% Jan
*135*4 May
Feb 10
Jan
Jan
215
Feb 15
Jan 10
108*4 Mch
141t Jan
10512 Feb 19
100
"6
Feb 15
108%
2061S
1*1
68*4
Jan 17
60
Mch
280
99»4 J'ne 24
14812 J'ne 10
Ward, Montg'y & Co pref
Western Stone
Wool worth, com
Apr'13
May'13
10312" Jan
9
02
161" j'ne
100
com
J'ne 11
2612 May 16
The Quaker Oats Co. 100
Do
pref
i.
..100
1,035 U S Steel
107% 107%
Jan
8212 Jan 25
101*8 Jan 13
Apr 25
42
100
com.
91
100
Carbide Co
100
100 Unit Box Bd & P Co.100
Last Sale 91*4
....
6
Jan
Apr 26
125i2 J'ne 10
225 Union
163
mrnmm
J'ne
200
Studebaker Corp com.100
Do
pref
100
944 Swift & Co
100
26% May'13
Last Sale 210
225
165
rnmmm
com
common
pref
504 Sears-Roebuck
Do
25
pref
16284 163%
•24
225
3
116
•92
100
139*4 Jan
J'ne 10
Pub Serv of No 111
Do
pref
•215
J'ne 10
104
69
225
106*8 Oct
preferred
.100
People's Gas LACoke.100
*65
100% 100%
172% 172%
Feb
122i2 Feb 17
118
Jan 25
63
Jan 27
107*4 110
•215
Aug
J'ne 27
69
10278 103%
Jan
35
*65
10234 103%
131
1
45
'
10734 107*4
^
Oct
405
100
55
47l2 J'ne 12
100
69
U''mmmm
61
126
Feb
Co.r 100
*65
162*4 16234
135
Feb
May
135
91
325
100
pref
107% 10734
>162%
*117*4 119
Oot
Sep
J'ly
Apr
J'ne
Do
92
111
Pacific Gas & El
Do
113i2J'neT3
69
107%
47
Feb 11
500
100
pref
National Carbon
*65
i
12914 Jan 30
100
Do
May'13
39%
92
*89
52
IH2 Jan
Knickerbocker Ice pf.100
90 National Biscuit
114
39%
mm
Mch
Jan
2
8
114% 115
Last Sale 119
Oct
6
35
46i2 Jan 31
7312 J'ne 10
""30
mmmm
.
3
Mchl8
13
Do
pref
100
Diamond Match
100
Goodrich (B.F.) com. 100
'"""16 Hart Shaff &■ Marx pflOO
50 llinois Brick
100
Internat Harvester Col 00
Feb'13
Last Sale 29
mmmm
14U Aug
Jan
200 Corn Prod Ref Co comlOO
99
Jan
67j Jan
25
Sep
60% Jan
117t Apr
103% Jan
126
1,320 Commonw'th-Edison.100
69%
45
Jan
11
Oct
4212 J'ne 26
973s J'ne21
Chicago Telephone
100
""75 Chicago Title & Trust 100
130
98*4
J'ne 6
Mchl8
55
•204
99
>
v
pref.
130
•
4
2H2 J'ne 10
81
J'ne 10
Shipbuilding
206
10%
18
50
Do
129
10%
4
38
J'ne
40
Radiator. .100
♦203
142
J'ne
"512
100
206
(•203
1
18
3
2
9% Jan
Apr
93% Jan
3
5
45
40
104*i Jan
6
26% J'ly
8I2 Jan
4% Apr
J'ne
Nov
19*4 Nov
6
100
128% 129
*10%
11
Last Sale
Dec
9
Cal & Chic Canal & D 100
125 Chic Pneumatic Tool. 100
J'ne'13
.mmmm
mmm m
May
83
J'ne
Booth Fisheries com. 100
Do
1st pref...
100
Amer
J'ne'13
Last Sale 45
90
J'ne 28
2
100
100
pref
100
Telep & Teleg__100
Do
Amer
128%J'ne'13
Last Sale 77
Jan 20
5*2 J'ne
J'ne 11
60
Last Sale 50
57
14
J'ne 18
.
99
Last Sale
(•128
25
91
102
J'ne 10
130
J'ne'13
*95
3
J'ne 12
Jan
18
435
J'ne'13
Last Sale 42%
American
J'ne'13
132%
*III_
*40"
Jan
Miscellaneous
DAY.
Last Sale 440
30
4
75
88
2,230 American Can
Do
450
pref
DENCE
435
99
*40
99
28*4
*
435
132%
♦40"
*95
2778
87%
8634
*--•—
132%
28%
24% J'ne
100
"1"
"2"
M3"
"4"
Lt.100
Streets W Stable C L_100
Do
pref
100
INDEPEN¬
•
pref
Rys part ctf
5,148 Chic Rys part ctf
180 Chic Rys part ctf
Chic Rys part ctf
Kansas City Ry &
Do
pref
26%
2534
18
•III*—III"':
6%
40
Do
90 Chic
94
7%
4
40
40
•6
Last Sale 76
Chicago Elev Rys comlOO
June'13
94
26%
7%
*3
18
Last Sale 28
30
24%
4
18
♦
•30
*26
•
18
•
30
23%
7%
7
•3
7%
•2%
•
30
Sep
Nov
3
Dividend Record
Chicago Banks and Trust Companies
Capital
NAME.
Dividend Record
Capital
Profits t
Profits, t
In
In
Per¬
1911.
(00s om iued.)
1912.
iod.
Calumet National
$200,0
100,0
Capital State
Per-
iod.
$191,3
250,0
6
Corn
Exch
Nat..
Drexel State.
3,000,0
200,0
First
150,0
Joreman Bros...
Existed St State
1,000,0
2,000,0
200,0
Hibernian Bk Assn
2,000,0
t Dearborn Nat.
'
'Hyde Park State.
tc223,8
567.7
831,5
«22,0
1,196,8
r35,0
215,7
r4,4
59,4
614,4
•
200,0
Kaspar State
State-
400,0
-200,0
State..
200,0
Live Stk Exch Nat
1,250,0
200,0
2,00<
Lake
View
Lawndale
Mecli A Trad State
'Nat Bk of Repub.
National City
National
Produce
North Ave StateNorth Side St Sav
North West State
Ogden Ave State.
People'r Stk Yds St
'
Becond Security..
Security
iBouth Chicago Sav
[.South Side State.
I Btate
Bank of Chic
State Bank ol Italy
[Btock Yards Sav.
fUnion Bk of Chic.
/Washingt'nPkNat
Central Tr Co of 111
Chicago City Bj&T
"Chicago Sav B AT
Chicago Title & Tr
Colonial Tr & Sav
ContAComTrAS
8
215
225
C&l Gas A Ei unif A ref 5s 1937 M-N
257
us.
8
7
7
6
6
ov.
27
Nov
8
US. Aug
252.1
r181,1
20,0
2,102,0
8
10
6
6
6
6H
8
8
•396,2
10
159.4
8X
16
3.058.0
16,7 Beg. b
101,9 Beg. b
2X
290.7
16A4«
Kenwood Tr A Sav
200,0
101.8
LakeViewTrASav
200,0
&LaSalleStTrASav
1,000,0
Liberty Tr A Sav.
250,0
6
86,7
280.4 Beg.
28.6 Org.
r27,5 Org.
r39,7 Beg.
"Market Tr A Sav.
200,0
Merc'ntileTrASav
250,0
Michigan Ave Tr.
3,000,0
200,0
Mld-Clty Tr A Sav
600,0
Northern Tr Co..
1,500,0
250,0
200,0
500,0
.Pullman Tr A Sav
300,0
Sheridan Tr A Sav
200,0
7
12
us
-
.Apr
16A4«
6
b us. Ma
D ec. 6
8 ept. 5
b us .J'ly
140
146
125
127
7»185
195
260
*12.
ice
'13
-
A -O
79
Range
for
•
t
J-J
Chicago Telephone 5s...1923 J
99
80
9914
80
Sale
78%
93i2
90
93
80
.
88i2
96
91*4
Sale
79
100
Jan
13
Mch '13
50
50
June'13
100
Sale
98
94
96
30
---
—-
mmm^
4
100
96i8 Dec '12
10034
10078
99is
99i8
1
140
143
Cudahy Pack 1st M 6s... 1924
99U
Sale
9914
99%
1
102i2
99*4
lOO^s
105%
June'13
April'12
May '12
April* 12
176
182
Kan
City Ry A Light Co
122
1938
-
Sale
7914
104i2
94%
J 1 861*
86*4
-.1939 J .1952 M-N
Nor Shore El 1st g 5s_...1922 A-O
do
1st A ref g 6s...1940 A -O 1 98
Morris A Co 4^8-
1945
M-N
Peop Gas L A C 1st 6s...1943
Refunding gold 5s
1947
Chic Gas L A C 1st 58.1937
Consum Gas 1st 5s
1936
Mutual Fuel Gas 1st 5s 1947
424
Pub Serv Co 1st ref g 63.1956
Swift A Co 1st g 6s
325
Tri-City
1924
1914
South Side Elev 4Hs
Ry
trust lien a
A
f 5s
122
Union Elec (Loop)
310
Lt
68
99% 1017,
99% 102%
99% 100%
105
1Q8%
...
95
"87"
""6
87"
m
m
-78
82
77
June'13
1047, Apru'12
•
mmlm
'13
R1
m
April* 12
86% June'13
Jan
13
99i2 100
100
:
94
—
—
"86% "89"
"160" Too*
"991", "100%
94i2 June'13
115i2 Sept '12
9918
9934
95
"99*4
Sale
J-J
100*4
Sale
-D
j"-"J
*12
-79
:
M- S
M-N
77
:
951* Sept *12
IOOI4 July '11
A-O
J
Jan
78%
100
99
Nor Sh Gas of 111 1st 5s._1937 F-A
North West Ei 1st 4s
135
75
45
100*4 May'12
103U April'12
Nat Tube 1st g 5s.
1911 M- S
N W G L A Coke Co 5a..l928 Q-M
Oct
87
79
A
Extension g 4s.
1938 J-J t 77
Mil Ei Ry A Lt 1st g 5S..1926 F.-A )103
do
ref A ext 4H3--1931 J-J 1 94
15
Q-J July '13, 4
418
Q-J July'13,
72.2
1H
rl02,6 Com.b us. Ap 10'1 l.V.92,p.l004 219
8
8
Q-J J'ne30'13,2
2.885.1
320
J-J
8
8
pl50,4
July '13, 4
275
r52,7 Beg. b us.J*ne 1 11 V 92, p. 1537 117
8
220.5
Q-J July '13, 2X 302
8
"S"
304.2
Q-J J'ne30'13,2
180
3
51.1
Q-J July'13,
IX 133
285
90
J-J
Metr W Side El 1st 4s._.1938 F
223
93
72
"
...1913 M-N
5s
Lake St El—1st 5s
Ogden Gas 6s...
175
V. 95, p. 593 119
,
110212 105
-Gen Mot 6% 1st L notes.1915 A-O t 98
99
Int Har 3-yr 5% g notes.1915 F - A
Inland Steel 1st M g 6s.. 1928
93
"i§ "997, "103%
Sale
1920
98%
100%
93
94%
77% 81%
12
72
701*
89
88
13
80
Jan
93
93
797,
93%
1
Sale
225
917,
2
88i2
96i2
May'13
Commonw-Edlson 5s_.,_.1943 M- S tl0078
Commonw Elec 5s
61943 M- S t 99%
Dla Match Con deb 6s
91
"66 "99% "1017;
June'13
93i2
93% Sale
881* Sale
96*8 Sale
135
300
High
91
96i8 May *12
-D uoo
M-N t
Low
897,
mmm'
82i4 AprU'12
96
No.
383
119
484
High
Feb
89?8 June'13
130
115
p.
Ask Low
90
Chic Rys coll 6s
1913 F - A
Chic RyPrraMg 4s.cl997 J-J t—Chic Ry Ad) Inc 4s__.cl927 Mayl X
99% Sale
1 92s4 Sale
1 91
92i4
J-J 1
99%
99i2
75
8512
June'13
94
10034
IOO84
IOOI2 June'13
9914
9914
91%
92*4
93
97
991, 102
100
103
1001* 100%
99U 100%
91% 97%
90% 93%
997, 100%
May'13
997s June'13
coll
...1923 A-O
6s....1945
A-O
U S Gypsum
1st g 5s....1922 M- S
Western Elec Co 6s
1922 J-J
1
9814 April" 12
85
Aprll'12
May *12
991,
99l8
100
t~99%
Sale
99% 101
138
Note—Accrued
r.
220
Year 1913
376
215
1*12 V. 94,
Sold
-
172
16
B'di
Cicero Gas Co ref G m._1932 J-J X
215
July '13. IX 208
y'10
'12.
Week's
99%
Chicago Rys 5s_...
1927 F - A
Chic Rys 5s__
series 'A" A-O
Chic Rys 4s
series "B" J -D
A f
Chic Rys 4s
series "C" F
185
CPJ
A
168
note
7A2«
F
165
165
7.082.0
300
2^210
Range or
t
Chic Pneu Tool 1st 5s__al921 JJ
.
6
12"
r71,7 Beg. b
5,000,0 10,249,7
.Apr
.Apr
10
52.0
300,0
—-
Last Sale
77
.1928
190
-
None
us
Julyl3,
89%
186
(H)
(H)
July *13, 2X 255
Dec30'll, 4
V.92,p. 929
V. 94,p. 1030 163
167
J'ne30'13,2H
142
July '13, 3
152
475
July'13,
3
152
l.V.92,p.l004 148
490
498
4
July'13,
10
us
Qg
91
-D
Chicago.City Ry 5s
1927
Chic City A Con Rys 6s_dl927
Chicago Elev Ry 5s.....1914
250
e
J
140
223
July'13,
2X 220
July '13, 6
300
330
151
July '13, IX 147
*205
July'13,
2
221
July'13,
2X 217
10A2«
1939
225
110
July'13,
2
July'13,. IX
July '13, 3
2 V. 95, p.623
J'ne 30 '13,4
May* 13,
3
July 13,
5X
6
49,8 Beg. b
153
Q-M J'ne30'13,3
10
Am Tel A Tel coll 4s__..1929 J-J
136
2X 240
V.93,p. 1235
250
July '13, 2
12
.
169
148
Price
218
Juiyl3,
6
8
251
240
V. 95, p. 1944 105
10
6
2.779.1
Old Colony Tr A 8
People's Tr A Sav
'13, 2
J'ne 30*13,3
2 V 95, p 593
J'ne 30*13,2
Julyl3.
IX
July '13, IX
July'13, lJi
July '13, IX
July 13,
1*4
l6A2e
.
12
200,0
Nor-West Tr A 8.
Apr
us.Aug
US
IX 165
3
Q M J'ue30'13,2
8A2e
Bid
01)
,
July
8
124
18.120
p.
'13,
138
110
"16"
95,
July 13,
Thursday
July 3.
est
period
Armour A Co 4Hs
Auto Elec 1st M Os
;
J-J
8
9X
Inter
July 4.
.138
20.1
1,500,0
Week ending
e
2,603,0
Guarantee Tr & 8
note'(tf)
275
V. 95, p. 273, 135
236
July '13, 5
V.92,p. 1004 105
Aug
us
10
5
r48,6
7.7 Org. N
9X
94,9
rl5,9 Beg. b
6
182.3
[ Harris Tr & Sav._
Home Bank & Tr.
265
2
Beg. b
Beg. b
V.
Q-M July
m
BONDS
CHICAGO STOCK
Not pu blished
10
mm
Chicago Bond Record
330
134
6
6
1,000,0
311,7
8
8
5,600.0 12.263,2
8A2«
600,0
488.4 8A2s
3,000,0 1.911,8 Notpu blished
1,600,0
Merchants' L A Tr
July"'13",
25
ov
6
Greenebaum Sons
8A2«
106,7
EXCHANGE
8
rl0.6
250,0
300,0
132,5
200,0
Ba
6
6,000.0
400,0
Wopdlawn Tr A S
436
12 X
Priv ate
6
Ft Dearborn Tr AS
i
430
17
12
115,0
101.2
First Trust & Sav
8A2«
"
mm
184
8
250,0
200,0
200,0
5200,0
200,0
r
500,0
200,0
400,0
200,0
200,0
1,500,0
200,0
250,0
600,0
100,0
4,500,0
600,0
.Franklin Tr A Sav
1,586,0
255
178
'13, IX
'13, 2X
July '13, 2
Mch31'13,4H
Mch31'13, 2i2
6
■
1,200,0
'12.
$r23,8 Org. J uly 5
*m
429,4
6
6
51,2
412
250
12
Org. N
$200,0
210
July
6
130.0
406
4
July
744,7
250,0
Illinois Tr A Sav.
.
Ask.
289
6
6X
r52,6 Beg.
1,481,4
288
3
10
•
10
2,006,0
Drovers Tr & Sav
►
y
■
% Bid.
148
July '13,
Apr 13,
16
6
110
95^. 1585 105
W95, p..944 145
10
16
150
6
V.
'
Natlonal...j 10,000,0 12,028,9
FirstNatEnglew'd
r
6.413,5
113,0
382.6
60.5
750,0
200,0
Englewood State
None-
10
Ask.
1.000,0
200,0
West Side Tr A Sav
% Bid.
7
IX 218
r22,5 Org. J an.^27
rl6,7 Beg. b us; Oct
Cont A Com Nat- 21,500,0 10,094,9
Drovers' National
"
Standard Tr A Sav
Union Trust Co..
Last Paid.
2X
65,5
200,0
Central Mfg Dlst.
In
1912.
Southwest Tr A 8
Stockmen's Tr A S
In
1911.
(00s om itted.)
American State..
Lasl Paid.
Surp. &
Stock.T
NAME.
Surp. A
t
Stock,
interest
m ust
be added
t 0 all
Chicago
bon
d prices.
B*d and asked prices; no sales were made on this day. t June 4 (close of business) for national banks and June 5 (opening of business) for State institutions. $ No
Friday; latest price this week.
Due June,
1464, 1135.
c
{ Sept. 11911.
If Dividends not published; stock all acquired by the Continental A Commercial National Bank,
a Due Dec. 31.
d Due Jan. 1.
e Extra dvldend.
h Ex-rights.
i Stockholders to vote July 10 on proposition to raise capital to $300,000.
V. 96, p. 1678.
beginning April 18.
pJune 27 1913.
q Dividends are paid Q. J. with extra payments Q. F.
r April 5 1913.
t Capital increased to $300,000.
Y,
t Deo. 311912.
« Apr. 30 1913.
v Ex. 24% accumulated dividend.
wAprlU 1913.
yNov. 26 1912.
* Feb. 5 1913.
.
Due Feb.
July 5
37
CHRONICLE
THE
1913.]
Bid
Yolume of Business at Stock Exchanges
Ask
102
106
100
110
60
72
40
50
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY
AND YEARLY.
Deb 4s 1923....
Stocks.
4 1913.
July
State
U. 8.
Bonds.
Tuesday
Wednesday
i,.
Thursday ....J
Friday
$361,000
1,319,500
1,219,000
1,011,000
1,319,000
$12,150,000
16,725,000
20,169,300
14,476,150
9,096,900
136,535
183,825
221,498
159,449
99,944
Monday
-
61,5001
129,000!
92.000
C
New
York
Bklyn Rap Tr 5s 1918...J-J
Ches A Ohio 4^b 1914..J-D
ChlcElevRys 5s 1914___J-J
$30,600
94
96
93
98i4
98
April 8 1914...
1914...A-O
1,656,537
801,251
$72,617,350 $154,743,600
$6,300
$9,700
Par value
Bank shares, par
46,738,189
$4,208,304,125
$90,300
70,889,210
$6,409,334,175
$331,600
$30,500
$10,500
327,500
$533,500
16,125,200
270,990,500
$988,000
447,500
5,229,500
...
6s
111
State bonds
11,881,000
Cent
402,054,000
112
114
103
Harvester
105
Preferred
87
Casualty Co of America. 100
110
120
Celluloid Co
100
127
129
99
City Investing Co.
100
35
40
Preferred
...100
Claflin (H B) Co com..100
90
95
75
80
98
list.
•
Car Heating
72
80
85
Consol
Rubber Tire
100
16
20
9934
100
60
70
Debenture 4s 1951...A-O / 45
44
Continental Can com___100
80
Preferred
..100
46
Preferred
95
Bond
Listed
Unlisted
9334
94l4
NYC Lines Eq 6s 1913^22 6
5«4
5%
b
5»4
6%
b
534
Shares.
A-021
21 1914
Monday
6,030
4,634
-
__
Tuesday
Wednesday.
;
Thursday
8,003
6,582
4,141
6,108
:
8,753
2,475
3,761
5,210
1,700
1,677
2,131
3,136
4,000
3,931
2,184
$6,000
28,100
18,000
33,100
17,000
35
82
90
Empire Steel A Iron
65
6% notes Oct'17—See N Y
14,823
15,382
$102,200
33,587
23,826
Preferred
65
Inactive and Unlisted Securities
;
bond
All
prices
Street Railways—(Con
York
e
98
9934 I00i4
Stk
15
stk—100
J-J
100
J-J
J;
preferred
Havana Tobacco Co
Crosstown
•
Com vot tr ctfs..
100
9
10
e 2d preferred
100
Northern Securities Stubs..
100
31
3U2
Pitts Bess A Lake Erie...50
8914
87i4
90i2
8214
83
Wash Ry A El
Preferred
•
stock..100
99i2 102
4s
10
'■mmmm
100
.....100
Co
«...
J-D
1951........
1st mtge 6s 1922.....M-N
Cen Pk N <fe E R Rstock 100
1
110
125
.
37
310
M-S
1910
Ninth Avenue stock
100
Second Avenue stock
Consol
•Sixth Avenue stock
99
100
1st consol 6s 1948
170"
J-J
89*2
Tarry WP A M 5s *28..M-S / 75
5
18 A 29th Sts 5s '96 ctfa A-0 /
Twenty-third St stock..100
Union Ry 1st 5s 1942..F-A
Westchester 1st 5s '43.J-J
220
260
100
90
95
Yonkers St RR 5s 1946. A-O
88
95
Amer Power A Lt com..100
102
99
5s '31A-0
con
96
153
100
..100
98
101
J-J
80
87
J-J
78
J-J
97
100
Nassau Elec 1st 5s 1944 A-O
100
103
103
104
57
58
77
66
100
Ry
•
-
100
26
Preferred
;
100
Havana Elec Ry LA P 100
75
Federal Light & Trac
78
J-J
•
.j# New Ojrl Rys A Lt
e
com.
Preferred.
__
100
Swan A Finch
100
190
350
Union Tank Line Co.... 100
Vacuum Oil
100
71
175
180
♦28
■
73
•Nor Ohio Tr A Lt com .100
85
88
Washington Oil..:..
81
82
Waters-Pierce
Couhty Gas....100
12?
127
38
42
66
68
63i2
_
-
mm'mmm
73
74
1st 5s 1933
J-D
103
Rapid Tran St Ry
100
230
100
«.
J C Hob A Pat 4s '49 M-N
75
So J Gas El A Trac... 100
Gu g 5s 1953..._._M-S
120
94
1938A-0
No Hud L H A P 5s
Pacific Gas A E com.... 100
36l4
85
J-J
El (Del) 50
90
"95~I2
St Joseph Gas 5s 1937
Ext
5s
1924
2d 6s
J-D
A-O
Republic Ry & Light... 100
Preferred
100
Tennessee Ry LAP com. 100
Preferred
.100
•Toledo Rys A Light...
.
♦Per share,
Ex subsidiaries,
■ales. If
any.
3712
86i2
180
MacAndrews A Forbes__100
190
Porto-Rican-Amer Tob.100
Reynolds (R J) Tobacco. 100
200
240
100
100
82
United Cigar Mfrs com 100
41
1st g 4s 1949
J-D
United Gas A Elec Corp.100
79
c
26
30
73
75
Young (J S) Co
16l2
18
48
•
80
90
Alliance
100
Power com
Preferred
op.J-D
Adams
~
e
100
U S Envelope com.,.
100
200
300
US Express..
100
109
120
..100
140
170
U S Finishing
Preferred
Express
100
100
stock..100
9
M-N
50
60
'46—J-D
Fy 1st 5s 1946.-M-N
98
♦45
103
N Y A Hob 5s May
72
Hob
f Apr 5s 1951 op
1911
113
115
f Apr 5s 1951 not opt
113
115
98
e
Wells Fargo A Co
100
U S Tit Gu A Indem
m
Westchester
161
158
mm
mm
50
w^mmm
m
80
1C
120
18
20
96
Amer Malting 6s 1914..J-D
Amer Press Assoc'n
100
Hardware
mm
mm
127
Preferred
43
f Flat price,
Westlngh'se
39
43
100 *106
115
Title
Bronx
Air
Willys-Overland
9934 101
38
A
A Mtge Guar
•
82
100
165
100
Brake.50 ♦12778
mm
mm
100
57
6$
...100
84
91
com
__i.
Worthl ngton (H R) Co
pf.100
80
Nominal.
* Sale price.
t New stock*
•Listed on Stock Exchange but Infrequently dealt In; record of
Jfc Listed on Stock Exchange but usually Inactive.
Includes all new stock dividends and subscriptions.
m
£1C~
Graphophone com.. 100
68
s
95
Preferred
41*
s
100
American Express
55
Col
Virginia Iron C A C...100
Am
60
1031*
Col
«
e
3
47l2
199
94
AEx-300% stock dividend.
100
196
American
>
35
80
100
58
Daae.
29
100
American Chicle com
50
Ex-rights.
100
1929..
Preferred
52
35
preceding
90
175
25
112
22
133
Preferred
200
-
80
165
96
Ex-div.
5s
—
J-J
J-J
50 ♦x50
...
J-J
b Basis.
g
—
19
US Indus Alcohol
e
190
••
........100
100
American
100
1st mtge 5s 1919
J-D
Union Ferry stock......100
1st 5s 1920
M-N
10th A 23d Sts Ferry
•
99
50
100
9912
1st 5s 1922
Con
77
110
«
1
Ob
;©
........100
100
Book
Preferred
90
7
76
105
'
97
100
American Brass
Ferry Companies
80
135
125
1
'
100
1st g 5s 1919
J-D /
Realty
7
—--
...100
U S Casualty
list
55
100
Preferred
100
Col tr g 4s 1947
J-J
United Dry Goods
Preferred
NY AN J 5s 1946
y
Preferred....
e
82
16
a
100
100
115
72l2
100
Directory
United Copper
row
81
Preferred
95
x
50
100
Industrial&Miscellaneous
47
new
Preferred
107
14
90
90
100
Weyman-Bruton Co
74
Texas Pacific Land Tr.100
Coal
TonopahMtn (Nev) -£e«Phlla Stk E
4
Trenton Potteries com.. 100
10U2
100
Preferred
70
95
44
com..
78
100
100
100
111
299
100
90
e
40
105
95
115
100
e
35
90
c
-
Us t.
296
100
255
Tobacco Products
,
240
•
Ex
100
Sulzberger A Sons Co pf.100
200
United Cigar Stores con
Preferred
x
115
Preferred
~95~
102l2 104
Bros pref
Texas A Pacific
165
165
Preferred
11
And accrued dividend.
on
(Geo W) com..100
100
e
90
a
will be found
290
70
2l2
225s
275
40
ioo"i2
70
♦223s
...100
185
...100
Stern
135
Helme
Preferred—See Chic Stk
60
86
lst A ref g 5s 1941
21
145
50
Tobac.fl
991*
180
Rumely (M) Co com—See Stk Ex list
108
110
Safety Car Heat A Lt._.100
Sears, RoebuckACo—£eeN Y Stk E xi IM
Singer Mfg Co
135
991*
98
•
32
.100
'»•
40
mmmm
98
100
,
Fdy__100
♦39
N Y A E R Ferry
1912
100
Trent P A H 5s 1943...J-D
A
♦10l2
B AN Y 1st 6s 1911
100
__
1914 opt
39
901
Amer Bank Note com..
103
110
38
80
Conley Foil..
Western States Gas A El-
90
105
.100
1
50
Preferred
Western
107
130
•
100
Standard Gas A
76i2
101
M-N
Amer Machine
85
100
Pat Ry con 6s 1931
100
...
Preferred
1550
Johnson Tin FoilAMetal 100
~9312
95
99
No Hud Co Ry 6s 1914 J-J
Con M 5s 1928
J-J
101
Whitney pref
Standard Coupler com..100
Preferred
100
Preferred
e
**-_
'44.Q-J
Preferred
124
98
m
35
100
Tobacco Stocks
(See also Stock Exchange List)
Cigar com.
.100
British-American
102"i2
Newark Consol Gas.— 100
Newark Gas 6s Apr
United Electric of N J
103
1921
...
89
86l2
10
100 1450
Oil
Amer
92l2 100
120
234
A-O
1st g 5s 1952..
—
99l2 100
New'k Pass Ry 5s '30.J-J
5s
-
Preferred
104i2 105i2
76
100
Gas
100
F-A
50
........100
Pat A Pas Gas A Elec
100
«•
list
Cons Tract of N J.
«
1
64
x
No Jer St 1st 4s 1948 M-N
.
Indianapolis
78
Stk E
Pub Serv Corp of N J—See
Tr ctfs 6% perpetual
1st
125
11
7
100
73
.
1114
100
Realty Assoc (Bklyn)
100
emingtonTypewt'r comlOO
1st preferred
...100
2d preferred.
...100
Royal Bak Powd com
100
200
4s 1958 opt
mm
_100
•N Y State Rys com._j._100
95
"
96
Indiana Lighting Co
8914
103l2 104"
mm"mi.
2312
66l4
100
Preferred
Loulsv St 5s 1930
♦35
Producers Oil
93
A-O
68l2 Jackson Gas 5s g 1937--A-O
28
•Laclede Gas preferred—100
Madison Gas, 6s 1926..A-O
77
Narragan (Prov) El Co. 5.0
•
50
Preferred
280
Hudson
71
29
90
♦11
Pratt A
m
270
78
100
19
78
50
preferred
Preferred
356
85
Co.L_.100
94
Pittsburgh Steel pref.. 100
Pope Mfg Co com
.100
♦685
84
Essex A Hudson Gas____100
100
......
—
71
90
•
290
352
21*
68
100
100
e 1st
310
1035
J.....1.100
%
100
com
:
Pittsburgh Brewing
420
280
(Minn)'14M-N
102
• Conn
com.
100
41*
82
**8
10
Pettlbone-Mulllken Co 100
110
146
1st A ref 5s '29 opt
69
«
Standard Oil (Kansas) ..100 ,300
400
Stand Oil of Kentucky..100
Oil
401*
2"
173
77i2
10U
Ohio Copper Co..
330
Penn
144
Elizabeth Gas Lt Co.... 100
66
•
171
325
South
Gr't West Pow 5s 1946..J-J
Buff St Ry 1st con 5s *31 F-A
'<
•Preferred
Stand Oil of N
95
Com'w'lth Pow Ry A L.100
Preferred
...100
•
Otis Elevator
Standard Oil of N Y....100
Standard Oil of 0hlo._.100
Gas A El Bergen
|
185
245
Standard Oil subsidiaries
Consumers Power
Other Cities.
• Detroit United
305
235
95
98
1941...F-A
Stelnway 1st 6s 1922.... J-J
Ry & Ltg
300
100 hl75
Refining.
"97 " 100""
J-D
5s 1938
92
1st 4Hs July
Preferred
100
Solar
Stand Oil of Indiana
Consumers' L II A Pow—
N Wmsburgh & Flatbusb
e
133
Stand Oil of Nebraska.. 100
J-J
Con Gas of N"J 5s 1936
25
100
*130
95
J-J
1927
Preferred
25
Denver G A El 5s 1949.M-N
1
Brk C & N 5s 1939
105
*312
76
150
10
83
Coney Isl & Bklyn
1st cons g 4s 1948
Con g 4s 1955..
100
102
e
209
76
5s
39
320
95
100
145
100
1st
195
100 1199
♦
95
..100
Preferred
Columbia Gas A Elec
20
5
185
Rights
h
4
102
1%
*178
..._2Q
125
78
3
10012 102
...100
150
Sou West Pa Pipe Lines. 100
Standard Oil (California) 100
671!
76i2
92
com.
70
100
Preferred
81
193
Southern Pipe Line Co..100
.,.100
Cities Service Co
100
148
A-O
B B A W E 6s 1933
City RR..
10
Bklyn Hgta 1st 5s 1941. A-O
Brooklyn
<
.
Bay State Gas
50
Buffalo City Gas stock.. 100
Brooklyn
Atlan Ave RR
45
108
65
.
100
Preferred
50
Manhattan Shirt...
Manhattan Transit
Ohio Oil Co.
Prairie Oil A Gas.
372
105
195
145
Yprk Transit Co
80
365 ;
100
185
185
Preferred
1021*
♦44
60
..100
Preferred
670
*120
Indiana Pipe Line Co.
50
•
37
National Transit Co.....25
310
New
Northern Pipe Line Co.. 100
Preferred
202
100
101
Am Lt A Trac com
197
165
Galena-Signal Oil
20
109
' Lawyers' Mtge Co
2.100
Lehigh Val Coal Sales...50
160
78l2
104
80
103
110
100
155
40
♦76
109
Internat Smelt A Refg—100
Lanston Monotype.
100
300
100
60
50
128
75
70
Am Gas A Elec com.
125
365
25
Other Cities.
80
Bo Fer 1st 5s 1919..:.... A-O
4
511*
49
65
50
99
f
...A-O f
355
Co.100
100
100
100
3
Cp___i0Q
com. .100
Richmond Gas... 100
North'n Un 1st 5s 1927.M-N
20
600
63
N Y A Q El L A Pow
Standard G L 1st 5s '30 M-N
98
aternational Silver pref. 100
1st 6s 1948
J-D
100
Eureka Pipe Line
98
118
100
Salt
1st g 5s 1951
205
'Cumberland Pipe Line.. 100
...
116
90
152
N Y A
9
110
100
Preferred
aternational
♦60
60
mm
mm
71?.
share
♦19i2
...100
Oil
Crescent Pipe Line Co
100
100
90
77
mmm
-
89
100
Preferred
3
40
30
100
105
...100 1200
Oil
Continental
102l2
98
112
103
100
85
590
145
Preferred
28
£1
Oil
100
3
1
e
com
62
7512
15
1
J-J
100
1st g 5s 1961
Ingersoll-Rand
'
mm
1011*
99
M-N
31
Per
..J-J
'
25i2
100
1st 5s Nov 1930
90
♦57
5
7
i
NY Mutual Gas L
Consol 5s 1945
vT is
5s 1948 ctfs__F-A /
Sou Boulev 6s 1945
J-J
N Y A E R Gas 1st 5s '44 J-J
•
100
Colonial
New Amsterdam Gas—
240
10
63
104
100
280
Borne-Scrymser Co
100
♦155
Buckeye Pipe Line Co
60
Chesebrough Mfg Cons. 100 655
11012 113
100l2
Scrip 6s 1914
F-A / 99
220
42d A Gr St Fy stock... 100
42d St M A St N Ave...100
6s
Kings Co El L A P Co. 100
5
[ocking Val Products.. 100
mm
80
50
Atlantic Refining
99i2 101
e
80i4
Standard Oil Stocks
City
mm
102
West Pac 1st 5s 1933..M-S
Cent Un Gas 5s 1927....J-J
2
100
54
mm
♦28
111 C stk tr ctfs Ser A
77
"76
100
Hoboken Land A Improve't
65
96
100
98
M-S
66
5U2
100
99
.100
1st 6s 1922
3U2
55
100
55
9712
Hecker-Jones-Jewell Milling
Railroad Securities Co—
Anglo-American
101 "
com..
preferred
Preferred
e
Electric, Gas & Power Cos
New York
Dry Dock EBA Batt—
99
1st gold 5s 1932....-J-D
Scrip 5s 1914
F-A / 31
Eighth Avenue stock
100 280
1st
«
3
Christopher & 10th St stk 100
........
NY Chic A St L
33
100
Preferred
•
89
West Penh TrAWatPow 100
104
102
1st
2d preferred
77
72
50
96
...100
Herrlng-Hall-Marvln ...100
65i2
100
preferred
25
31
.100
75
Preferred
68
1st
140
64
e
105
80
1st g 5s June 1 1922.. J-D / 60
130
135
69
160
99'4 100
Broadway Surface RR—
v
1st 5s 1924...
...J-J
Cent
«
Ask
15
120
100
100
100
63 "
50
140
102
100
2d
10
8
100
.
Colo A South com..
•
Preferred
1st preferred
E X list
100
...
100
18
City
1st mtge 4s 1950
B'y A 7th Ave stk
2d mtge 5s 1914
Preferred
Preferred
preferred
:
preferred
United Rys of St L—
United Lt A Rys com
1st
New
e
2d
Ask
Bid
Street Railways
Bleeck St A Ful Fy
Chic St P M A Om
e
Bid
)
185
Ref g 4s *52 op 1912...J-J
Hale A KUburn com
100
Preferred
«
,>
"and Interest" except where marked ' f.*
now
are
170
k Hackensack Water Co—
...100
com
37
100
98l2
Railroad
Chic A Alton
13
—
100
com.
9834
$110,000
•
«•
100
General Chemical
e
99i8
95
Westlngh'se El A M 6s 1913
...
Total
100
com
98
F-A
1916
West Maryland 5s 1915.J-J
HOLI DAY.
Friday
Preferred
9834
5s
89
87
28
e
97i2
Southern
127
124
100
Emerson-Bran tlngham.. 100
Preferred
..100
99S4
mmmmm
$4,600
18,300
29,700
42,400
15,000
131*
861*
2*4
*2
Preferred
9934
.
3,431
4,422
5,309
Saturday
85
86
Davis-Daly Copper Co
10
duPont(EI) de Nem Pow 100
5%
50
133g
..100
com
100
•
99i2
99
Sales.
Crucible Steel
e
98l2
99l4
Bond
Shares.
Preferred
97
9834
Sales.
96
Consol
..100
100
92
99
Cluett.PeabodyA Co
94
Philadelphia.
Shares.
82
97
4^s Jan 1914-1925...J-J
Unlisted
47
80
99
Week ending
Listed
42
preferred
80
97l2
Shares.
com 100
2d preferred
98
4Ma Jan 1914-1927...J-J
July 4 1913.
100
100
80
9912
9934
5s Apr
1st
•
100
90
EXCHANGES.
23,
47
99
•
♦218
83
Mo Kan A Tex 5s 1915.M-N
$416,723,500
100
...
British Col Copper Co....5
Brown Shoe com.......100
95
'15. F-A
5s
-
130
283
100
Missouri Pacific 5s 1914. J-D
Boston.
81
122
Preferred
Michigan Central 4i2s. 1914
BOSTON AND PHILADELPHIA
AT THE
DAILY TRANSACTIONS
70
98i2
4^s
/
KCRyA Lt 6s 1912.
Lake Sh A Mich So 4i2s_'14
13,681,500
$287,649,200
$12,219,000
$5,707,500
bonds
Total
10
mm
mm
42
Minn A St L g 6s 1914..F-A
RR. and misc. bonds.
mm
79
9914
97
1913...A-015
15
Oct
Inter
.
mm
50
...
e
1914
J-J
Int A Gt Nor 5s 1914..F-A
Bonds.
Government bonds
..100
282
Hudson Companies—
Stocks—No. shares
j_;
96
96i2
Coll 5s April 1 1915.
Gen'l Motors 6s '15—See NY StkLx
1912.
1913.
1912.
1913.
1*1
mm
><mmm
50
97
6s
9734
1915..M-S
Copper 5s
Coll 5s Oct 1
Stock
Exchange.
■
Borden's Cond Milk com.100
9814
99is
9412
4.
July
1
100
Bliss (E W) Co com
Preferred)...
98VS
Erie
to
Preferred
Balto A Ohio 5s 1914___J-J
Amal
10,000
$447,500
1
Jan.
Week ending July 4.
100
97
100
com
'
Short-Term Notes
114,000'
$5,229,500
801,251' $72,617,350
Sales at
95
97
Bond A Mtge Guar.....100
HOLIDAY
Total..
9012
80
pref.JOO
75
85
45
94
M-N
Barney A Smith Car
63
Pac Telep A Teleg
e
5
42
100
6s 1939
g
195
-
*
Amer Writing Paper
120
$8,000
12,500
$51,000;
Deb
68
Bonds.
Pacific A Atlantic
Saturday
89
64
&c..
Bonds.
Par Value.
Shares.
190
50
Preferred
76
Railroad,
Week ending
69
64
pref
5 ♦
Amer Typefounders com.100
11514
100
96
F-A
American Surety
American Thread
Ask
Bid
Indust and Miscell—(Con)
Am Steel Fdy 6s 1935.A-0
56
55is
Amer Teleg A Cable...
•
n
1
"
BOSTON STOCK
38
CENTUM
PER
PRICES—NOT
SHARE
EXCHANGE—Stock
oj
June 30
64
♦62
•250
185
♦184
185
•184
84
*184
831*
86I2
•851*
86
" 8~"
•42
62
♦164
166
*
\
8
62
*43
63
165
♦164
87 Boston & Maine
100
50
May
J'ne 12
3 Boston & Providence. 100
250
May 14
Do
June'13
Do
102"
101
101
102
84"
•loo"
*166*2
84
13
13
67
115
160"
115
*112
165
160
*
165
*161
*
34
13*2
13*2
137s
67
68"
68
67*2
102
102*8 102*4
102*8 102*4
10178 10212
10212 10312
102
67
165"
"71*4
90
•87
*71
*87
88*2
72
"72"
71*4
Do
"~50
86
86
2
May'13
72
88
88
*"95
88
70
Cos
25
Deo
80
7
Deo
12i2 Jan
Jan 24
Feb 14
60
Aug
May
57
Jan
170
Jan
83
Dec
Mch 13
125
Dec
16
Dec
19*8 Feb
Feb
4
165
Jan
119
Dec
128
Jan
124
J'ne
79
5
126
115
J'ne 25
130
Jan
9
Feb 21
176*2 Feb 11
36
Mch25
e174
162*4 Jan
6
90*2 Jan
9
150
Feb 27
152
158
J'ne 21
30
May 15
100
130
Maj 15
Agricul Chem._100
pref
100
44*4 J'ne 27
57
z91
Jan
187
Jan
70
Jan
Jan
176i4 Sep
937s Deo
Dec
164
Dec
150
Jan
,
8878 Feb .!
Oct
80
50
143
J'ne
.96
100
3
Feb
1423g Apr
89*8 Sep
8
May 21
83
Dec
41
3
J'ly
Apr
91i2 Jan
14738 May
23*8 Jan
128*2 Oct
Jan
70
88
2179
723a Dec
81*2 Feb
50
J'ne
272
130
139*2 J'ne 12
80*8 J'ne 10
112
J'ne
10712 Oct
J'ly
260
J'ne28
100
100
100
pref
6
99*2 J'ne 12
100
May
70
Mch 27
Colony
Rutland, pref
Union Pacific.*
Do
pref
Do
14
7
6
85
67
Apr
Jan
1001s Jan
Apr
Deo
110
827s Feb
!
Feb
Men
Mch
122
Apr 29
12*4 J'ne 14
Oct
300
Dec
10
126
J'ne
100
100
West End St
Dec
94
290
Mch
100
H
218
Jan 13
Feb 8
Feb 10
pref stamped .100
N
Nov
107
Vermont & Mass
147
72
88
89
♦87
Mass Electric
14 Old
~
147
Last Sale 130
*127
♦127
~72
165
June'13
Last Sale 31
♦146*4 147
*14578 146*4 *147*8 14758
♦14812 149
*81*2
82
82
82
*81*8
8112 *8H2
•8OI2
♦701*
184
202
166
115*2 J'ly
100
609 N Y N H&Hartford.lOO
20 Northern
165"" *161" 165"
31
"l35
1378
67*2
102*4
Central
Deo
260
100
Maine
112
IIU4
10414
22212
13434
10378 Feb
IOU4 Nov
211*2 Sep
J'ne 19
Fitchburg pref
100
100 Ga Ry &Elec stmpd.100
Do
1
pref
100
84
-
2
7*4 Mch
_
210
Last Sale 100 June'13
2
4
10U2 J'ne 20
May 14
100
99
-
*
84
84
*13*2
67
67
67
"
84
45
Mcb
163
pref
Connecticut River
102
116*2 115*2 ♦116
*
*166"
*100
•13
102
*115
*115
♦115
66
Highest,
Lowest.
7*s Feb 19
-
pref
Chic June Ry & USY.100
101*2J'ne'13
*101
102
Previous
lor
Year 1912.
11414 Jan 30
205
Jan 27
97
Jan
3
290
Jan
3
43
pref
Do
Last Sale 210 May'13
106*4 Jan
101*8 Feb
Jan
215
7*2 Feb 19
67*2 J'ne
5
Feb 26
Boston & Wore Elec Cos.
June'13
102
181
Boston Suburban El Cos.
May'13
Last Sale
97*4 J'ly
Apr 30
8312 J'ne 30
190
100
100
260
Last Sale 163
166
*102
J'no 12
94
100
Albany
.100
63
260
Last Sale 43
8
pref
1,146 Boston Elevated
*185
Range
Highest.
89 Boston & Lowell
85*2
Last Sale 7
62
.<
Do
3 Boston &
June'13
Last Sale 57*2 June'13
I
♦164
2
Last Sale 7*2
♦7*8
*102
•102
96*2
97*4
85
185
Loioest.
Railroads
100 Atch Top & Santa Fe.100
195
195
♦250
•42"
•IIII
Shares
62
52
63
*250
•712
♦71*
185
185
6212
63
6218
*250
—
July 4
86
84
85*2
Friday
*96*8
97U
95l2 >•♦96*8
95lj
*96
96*4
96*2
196*2
194*4 194*4 ♦195
198
Range Since Jan. 1.
On basis of lOO-share lots
EXCHANGE
Week
July 3
*96
96
•95i2
♦194
199
951*
♦95U
96*4
96
•961*
•961*
•194
the
Thursday
Wednesday
July 2.
Tuesday
July 1
Monday
Saturday
June 28
STOC.CS
BOSTON STOOK
Sales
PRICES
Record.
103*2 Mch '
Nov
Miscellaneous
45
45
45
46
45*2
92
92
92
92
3i2
♦25*
107*4 10778
113
♦112
11214 112*4
127
127*4
12814 1285g
171*
♦1612
11
11
»
212
215
♦67*2
♦6712
13812 139"
15212 153
♦15
151*
102*4 103
27*4
*27*2
2712
♦2612
1
*®4
154
27*2
27*2
*26*2
27*2
1
5314
103
♦15
*
27*2
"**4
45
26*8
2678
52
53*8
2678
53*8
45
151
45
26*2
2678
53
53*4
45*2
♦27
28
527s
53
103*2 103*4
103*8 1035s
102*4 103*2
152
45*2
Jan 23
Apr 15
Jan
3
Feb
8
z9ui4 J'ne
5
Aug
10i2 Aug
10*4 Jan
105
6
1*4
•H8
Ills
10
1U
*H8
31
•30
16i2
2*2
285
10*4
H*8
1*4
*1*8
6
272i2Sep
300
186*4 Jan
2
155
189
Deo
McElwain(WH)lst pf 100
104
Jan
13
103
107
Jan
\
95
Oct
<
Do
pref
Morgenthaler Lino
Telephone
87
Apr 28
93*2 Jan 22
J'ne 16
955s Mch24
209
J'ne14
Jan 16
219*8 Apr 12
3*2 Feb
8
3
10
10
_
Torrington
Do
pref..
Union Copper
L
Do
pref
......
25
100
3.508 U S Steel Corp..
Do
173
pref.........100
17»
30*2
65*4
lL
HI"
1%2
1%
20*4
20*2
21
6914
60
59
59*4
•415
420
410
420
•10
11
•10
11
•
♦410
39*2
10*4
6*2
2
10
64*2
54
10*4
65s
♦5*8
1*8
54
1*2
54*8
*54
6
6*8
6
•Sis
1*8
105
107
Mch
H8I4 Oct
164
Mch
165*2 Jan
2
158
Feb
184
Aug
!
I6I2 Apr
2
5
173s Apr
109*8 Sep
(
Mch
5
41is J'ne 10
26*8 J'ne 24
60
J'ne 11
1021s J'ne 10
108
28*2
16
1478
32
31
.30 ♦.30
.30
378
48*4
37s
48*4
♦79
81
18
18
•3*8
•1*4
3%
1*2
7
7
3*4
•3*2
•5*2
3
6*4
21
1*4
2*2
♦5*2
♦20*8
♦1
4
*48
•79
81
1878
3*8
7*8
♦3*2
♦5*8
♦2*4
578
20*4
24*2
44*4
14*4
*4
4412
14*4
*4
9
1*2
21
24*4
♦1*2
2
*4 ♦.65
48*2
♦3*2
June'13
7
2
*4
3U
3
3
3*4
♦21
*43
44
43*i
43*2
78
78
76
76
16*4
16*2
16*2
*24*4
3i2
I6I2
16*2
45
58
♦57
58
♦16*4
16*4
♦165s
17
35
35
35
35
33
33
15s
7*2
23*4
*3412
•1*4
7*4
35
•1*4
7*2
•23
••15
•22*2
.20 *.15
.20 ♦.15
•22*4
23*2
2*4
•2
•22
23
•3/6
1*4
36*2
3*2
1*4
36*2
47
47
1*2
7*2
•42*4
1*8
7*2
4212
1
1
1*4
•1*4
•44
46
23
23
2
22*4
24
1*4
•
35*4
36.
46*4
35*4
46*4
♦1*2
1*4
8
4278
1
1
*1*4
*8
8*4
42*4
.99
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1®8
45
.9b
.90 ♦.50
Bid and aakod prioesb
f)
1
1*8
1*4
44
1*4
♦42
8
4278
.90 * 60
•JS&
3»At
3*4
1%. 1%
3*4
1*4
♦43
23*2
2
♦22
3*4
•15s
♦35*2
*46*8
23*2
2*4
2
♦22
.60
a
New
17
68
17
16*4
1*2
76
58
68
57*2
1678
7*4
23*2
45
17
17
68
1*2
7*4
3*2
i76
•165s
*1*8
7*4
♦2212
9
9
45
•57
♦57
44*4
14*4
156 156
♦77
77
17
21*4
June'13
43*2
14U
3*4
♦44
44
1612
7
24*4
•1*2
3
1*4
Last Sale .60 June'13
24*4
26
77
3% 3X*
3*4
*2*4
14*2
1*2
8*8
25
1*4
♦8*2
8*4
5*4
45
•43
*3
June* 13
8*4
3*4
7
21*4
*1*4
19*4
3*4
3*4
Last Sale 1
14*8
81
18*4
H*
8*4
378
14*2
48*2
♦78*2
19
44
44
24*4
5*8
48*2
80*2
♦234
6i2
2U4
3*4
8% 8%
9
5
Last Sale
6
1*4
14*4
♦1*4
5
8I4
♦3*2
6
6
*1
.30
Last Sale
8*4
312
A A
.30
3%> 3%
3*4
7*4
3*2
*5*8
*2*4
*20*2
31
18*8
19
♦1*4
1*4
25
24*4
2
♦1*2
*4 ♦.65
•1*2
•.65
3
6
20*4
31
*2
48*2
♦78*2
80*s
♦3»/&
' 6
♦1
146g
.90
9
•»4
878
79
15*4
32
4*2
434
♦18
1*2
7*4
3*4
♦1*4
44*2
44*2
1458
187s
3*4
15*4
6*4
15*4
*2
48*4
48*2
65*2
6
6
*30
.50
4
4*4
60
5 Calumet & Heel a.
Centennial.,
Chino Copper
»
200
16*4
*16*8
i*2 "l*2
7
7*s
♦22*2 23
Last Sale *4
June'13
24
2412
2312 24
2
♦2
2*8
2*4
22
23
23*2 25
3*8
3*8
*3*8
3*2
1 As I'A*
1% ' 1*4
36
36
35*4
36*4
46
46*2
4612 46*2
*112
1*4
♦1*2
1*4
8
8
8I4
9*8
42
42
>*42*8 425s
*
.88
1
♦1*4
1«4
♦1*4
1*4
*H4
1*4
v
23
r2d
43
♦43
45
.90
4212
* .65
.80
.80
paid.
slock.
«
....
25
5
65 Franklin
..
Consolidated.
25
6
Granby Consolidated. 100
20
165 Hancock Consolidated 25
307
20
10
25
Indiana Mining..... 25
Island Creek Coal...
1
Gold
lledley
260 Helvetia
375
43
Do
21
640 Isle
...
Copper
-
1
Roy ale Copper—
25
95 Kerr
pref
Jan
3
65*4 Feb
4
3
182
28*2 Feb
69
Jan
2
111
Jan 30
25
5
25
Mayflower
.
25
105 Miami
Copper......
5
Michigan
—.—
25
25
""366 Mohawk
5
174 Nevada Consolidated.
680 New Arcadian Copper 25
415
Nipissing Mines—..
.5
985 North Butte..———
25 North Lake.—.....
*6
25
112
O jib way
""476
Mining—... 25
25
25
Colony
135 Old Dominion Co——
Old
66 Osceola
——
820 Pond Creek Coal....
w
Au't
full
paid.
paid.
* fix-etoek div.
6
Jan
4
5
330
Jan
3
300
J'ly
214 Jan
4214 Jan
3
16*4 J'ne 27
2i4J'ne 6
""l55 Superior..
60
225
675
—
25
Superior & Boston Cop
10
Utah
pref....
Mining—
Consolidated...
Co
Utah Copper
125 V ictoria
10 Winona
31
193 Wolverine.
100
Wvandott
h Kx-righU.
a
Jan
4
Jan
2
7212 Jan
665
Jan
2
6
2
37*s J'ne 10
63
Jan
2
18
4
212 Mayl3
4*4 J'ne 9
Us J'ne26
9*2 Jan
25
Jan
6*s J'ne 12
J'ne 19
14
2
2
35
277s Jan 10
3is J'ne 27
44*4 J'ne 12
79
J'ly l
16
J'ne 10
59
•»
2
3% Feb 15
38s Feb 4
26*2 Jan
3
5*4 Jan
3
10*2 Jan
2
6*2 Jan
2
15*4 Jan
2
26*2 Jan
3
.95
J'ne 24
2
42
J'ne 10
65
13
J'ne 10
19*4 Jan
4
2*2 Jan
2
9*2 Mch29
*2 J'ne 10
8*i« J'ne 10
Apr
Jan
21*4 J'ne 10
.99
May 17
34*2 Jan
i2J'ne 6
8
7
3*4 Jan
3
234
Apr 30
41*4 J'ne 19
74*4 J'ne 11
15
J'ne 10
8*8
Jan
.20
22
Jan
8
J'ne 10
1^6 Jan
2
J'ne 10
l*s May 6
7i4 May 6
40
J'ne 10
.90
J'ne 10
J'ne
9
40*4 J 'ne 12
.40
—
s
J'ne 12
Unstamped,
65*4
9II4
87*4
314
Apr
J'ne
Aug
Nov
Jan
85
20*4 Jan
2
Apr
Jan
3
22*4 Deo
49
4ij Feb
10*4 Dec
8
.80
5
18L Jan
Dec
1
634 Jan
2234 Feb
2*8 Deo
li2 Deo
v
25gJan
72is Doc
16ig Jan
3
43
Deo
Jan
Feb
Jan
14 Dec
40*t Jan
2
24
Feb
e4*s Feb
4
1
Dec
Jan
Jan
3
26
Jan
9
4
Deo
3*2 Jan 28
43*2 Jan
2
50
Jan
6
2isDeo
34
Jan
47
Jan
2*8 Jan
3
1
11U Jan
60
Jan
2
Jan
2
9i2 J'ly
Nov
.
5212 Jan
1*4 Dec
3*8 Dec
Jan
3
65
9
1
Sep
Apr
Deo
Oct
8*4 Apr
e6*4 Jan
13*4 May
Oct
29
Nov
9
J'ne
>
24ia Sep
Apr
47g May
177s Aug
34i2 Not
1*4 Apr
487i J'ly
47t Jan
51
Apr
9i2 Apr
4**t« Mch
x50*g Sep
52*4 Sep
3**18 Feb
20*8 Apr
67*8 Sep
57| Jan
7*4 Men
Dec
t 2d paid.
J'ne
24*8
6*4
9*4
3938
130*2 J'ne
Deo
1*2 Jan
4i2Jan
76
J'ne
Jan
Apr
Sep
Apr
64
*
Mch
3
„
Apr
Apr
73
Jan
Jan
Deo
Jan
2
Feb
May
1412
914
18*2
30*8
6*s
Deo
234
233s
Its
50*2
1
6
46
40i2 Jan
9
May 15
J'ne 10
May
23
17
38
34
Nov
2
2
3
J'ne 10
1
J'ne
30
Dec
13*s Jan
2
28*s Jan
3
.35
Jan 18
21
l&J'iy
37
May
.70
Deo
Jan
Jan
Jan
Feb 19
Oct
16'
22
-Jan
Jan
6**j«Apr
7734 Nov
11*8 Oct
Feb
15
80
66*2 Ape
7*2 Mch
1634 Sep
16*4 Apr
Dec
44
46
J'ne 25
■<
100
22
J'ne 12
Feb
15*2 Dec
25*4 Feb
48i2Deo
3i2 Oct
1214 Jan
67g Sep
28*4 Jan
J'ne 30
7
2
Jan
J'ne 11
21
19*2 Feb
Jan
Jan
66
107-
Apr
J'ne
Apr
J'ne
Ang
615
Sep
27*2 Apr
50*4 N*v
5719 Feb
405
Oct
678
9*4
534
61*4
83*2
11*8 Sep
.
87*s Jan 10
33/8 Jan
'85
Jan
7*2 Feb
Apr 28
0
Jan
2
4i2 Dec
216io J'ly
33
*4 Jan
17
Jan
14 May 8
8*4 May
50*8 J'ne
92&g Oct
24l2 Feb
3
3% Jan
73*2 Jan
J'ne 10
61
Jan 27
15*8 Jan
9
Jan
9*4 J'ne 10
1
Ex-dir. and rights,
2
Jan
—
....—---
4
45
47*2 Jan
200 Utah-Apex
902
Feb
3
——
Copper.—
U S Smelt Ref & Min.
Do
Deo
60
11*4 Apr
J'ly
370
Deo
36
30*4 J'ne 10
1
Tamarack—...
Trinity-
2"
3
15*4 J'no 10
600 Tuolumne
320
6
li2 J'ne 12
18*4 J'ne 10
56*2 J'ne 11
400
J'ne 10
10
J'ne 10
_
220
J'ne
Apr
* Full paid.
i
t
Apr
3*4 Apr
208i2 J'ne
5 /12 Aug
2934 Sep
80*8 Sep
1163s Oct
D ec
2
80*4 Jan
3278 Feb1 10
4is Mch 6
7
Feb 3
29*s J'ne 11
J'ne 10
33
10
1,130 Shannon
10
76 Shattuck-Arizona
South Utah M & S...
5
Feb
Jan
31
3
65
Quincy
Ray Consol Copper__
fin
70 St Mary's Min Land.
20 Santa Fe Gold & Cop.
36
Sep
Jan
Dec
Feb
46*4
27*2
5838
107*8
wl8
li2Jan 7
3*s J'ne 10
3*4 J'ne 4
47s J'ne 12
2*4 J'ne 11
6*2 J'ne 10
20*4 J'ne 10
Valley Mines.
h174
May 12
2*8 Jan 14
Mass Consol-——
Mason
""306
Jan
Jan
32
Jan
J'ne24
25
25
28
.85
1
5
Lake
Keweenaw Copper...
L235 Lake Copper Co
15 La Salle Copper
Jan 15
28*4 Jan 20
2
Jan
4
1334 Jan
98i2 Jan
27
May
8*4 J'no 10
.15
May20
360 G reene-Cananea——
70
"
1*4
7*4
•1*8
7*4
23
"mm
25
Copper Range Con Co 100
Daly-West
—
20
East Butte Cop Min. 10
181 Giroux
18 ♦55~
15*4
31
.50 *.30
15o
55*2
6
15
•30
.•
—"
63
6
•1412
40
2*2 June'13
10*4
10*4
♦5
5*2
5*2
•
55
14*2
60
886
1,560 Calumet & Arizona.. 10
Apr
275
.05
1*8
10
♦5
6*8
678
40
40
25
4i2 J'ne '
212 Mch
Dec
*4 J'ne 6
147
J'ne 24
Bos&CorbCop&SilMg
5
Butte-Balaklava Cop 10
Butte& SupCop (Ltd) 10
435
June'13
10
*l^i l9At
6
4on
420
(half pd.) 10
Mining
.25
Aug i;
Dec
J'ne 10
Mch28
27
4,616 Amalgamated Copper 100
4.392 Am Zinc Lead & 8m. 25
5
924 Arizona Commercial.
2212
59*8
60
*415'
420
25
25
229
214*2 Dec
90
62
Last Sale
2*4
10*4
6*8
Algomah
June'13
40
39*2
♦2%
32
14l2
♦30
*1%
22
/
Last Sale 34
34*4
39*4
2*4
%
59*2
-
81 Allouez
.95
Last Sale 10
10*2
♦34
34
*39*2
♦2
420
420
♦10*8
*3334
2*4
10*2
10
,
.
59*8
Aon
2*4
2*4
*
2* 22
^
22
?oi
59*2
4
39
•2%
24
.95
18
17*8
1778
2*8
oial
?Q
59
34*4
39
65*4
64*4
-
14,793 Alaska Gold
32
64*8
17*2
.95
1%
ijao"
Adventure Con......
Ahmeek
June'13
32
■
20
•34
64*4
2*4
2*4
18
31
♦30
63*8
June'13
16*8
16*4
Last Sale 1*8
•1*8
30*2
2*2
1J
l2-
15*4
u>15*8"
^
2*2
155s
9878 Feb
J'ne
27
100
1,288 United Fruit
840 Un Shoe Mach Corp* 25
Dec
93
90
14*2 Apr 15
J'ne 12
25
25
& M 25
...
Apr
z88*8 J'ly
Mch
2
7
60
9
101
...
Jan
91*2 Jan 11
160
Jan 11
Apr
100
17*4 May
J'ne 18
17
6378 Apr
100
424 Swift & Co
288*2 Jan 10
86
100
100
Button-Hole.
30 Reece
Last Sale 275 June'13
285
65*8
6418
Last Sale 1*4
1*4
*1*8
*265
31
♦30
65%
18
2
6378
1*4
*1*8
♦267
285
,
Feb
Jan
May26
Mining
•265
9
20
J'ne10
162
271
100
,
May f.
Mch 5
J'ne
100
42
84
95
*136
June'13
NOV
130
100
...100
June*13
149*4 150*2
150*8
45
103*2
27*4
1
44*2
52*4
15
10412 104*2
27*4
27*4
Last Sale 1
150
*26*2
•1434
Last Sale 27*2
27
150*2
*103
15*8
104*2
75
257
35 Pullman Co...
♦15312 154
81i2 Jan
7
75
Jan 14
100
Ilium.
Electric
pref
N E Telephone
100
Mch
100
Elec
Edison
Do
139
139
Mch
30
15
10
N E Cotton Yarn
104
102*4 103*4
27*2
27*2
10258 103
4
149
Nov
5
10
364 MassachusettsGasOosl 00
92
114*4 Dec
137*2 Jan
J'ne
Mexican
1537g 154
15*8
15*8
15*8
4412
2678
62*8
103
140
154
150
45
*2612
140
152*2 153
*15
20
24i2 Nov
133*8 May
12334 Aug '
113*4 Dec
22
1
Mch :
6*4 J'n»
9
June'13
140
5
Mch
106
9414 Mch
8
May 19
Jan 10
95
Apr 30
Aug
14
6334 Mch
Dec
Dec
3
'
79*4 Nov
Mav27
100
i
June'13
♦139
59
21
64
98
12
626 General
Last Sale 68*2 June'13
140
♦*4
14912 150
45
*67*2
*139
"""9
275
May
2
3
23*4 Jan 11
118*2 Jan
3
11714 Feb
1
140i2 Jan
3
412 Jan
7
pref
Last Sale 20
*20
74
Jan 11
99*4 Jan
Jan
Do
Last Sale 3*8
3*2
*3*8
3*2
*20
30
•20
90*4
125*2 J'ne 10
16*4 Feb 28
pref
100
Amoskeag Manufacturing
Do
pref
East Boston Land
90*4
*87
87*2
88
87*2
*212*4 215
*212*2 215
87*2
*212
97
97
90*2
5
137U 138
97*2
97*2
90*4 90*4
137
*
552 Atl Gulf & W I S SL.100
6
*271
136
97
90*8
""189
J'ne 23
2*2 J'ne 11
16*4 J'ne 9
105
J'ne 12
110
J'ne 9
50
Do
11
*271
136*2
97
87
*3*8
11
270
Service
Do
June'13
6
Pneu
pref
50
Sugar Refin
.100
pref
100
1,864 Amer Telep & Teleg.100
American Woolen
100
167
♦10*4
11
Last Sale 10
June'13
♦10*4
Do
338 Amer
June'13
6
6
136
136*4
96*2
96*2
90*2
90*2
75
75
74*4
Last Sale 95
270"
273
June'13
Last Sale 60
1034
10*4
136
212
31*
*3*8
"11"
86*2
213
♦212
.
6
*270"
88
7412
113
12712 127*8
Last Sale 17*8
96
6
113
127*8 127*8
"74*4
17
17
107*2 108
113
86
100 Amer
Do
35
2*4
*212
2*4
18
112
65
♦90
*
273
13614 1361*
96l2
•951*
90l4 90l4
•87
♦60
96
*6
♦10*4
11
273"
65
♦90
°
*10*4
*_
.
"74"
74*4
66
•60
"•e"
7458
*60
741*
74
92
107*4 108
127*8
127
46*4
92
♦17
♦17
18
*17
46*2
92
2*4
2*4
*212
17*4
107*4 107*2
112
112i2
3*2
♦25g
18
1081* 1081s
46*2
92*
92
•17
,
46*2
46*2
•9H4
339 Amer
67
1fas
j
{
I
July 5
Week's
Range or
Since
Last Sale
Jan. 1.
1928 A-O
1929 J-J
Am Agricul Chem 1st 5s
Am Telep & Tel coll tr 4s
Convertible 4s
20-year conv 4J^s
1933
Am Writ Paper 1st sf5sg
1919
Am Zinc L & S deb 6s
1915
Atch Top & S Fe gen g ''s..1995
Adjustment g 4s
July 1995
1'
Stamped
July 1995
*93%
A-0
Nov
9538
983s
Deben
Mich
New
A-O
Oct '07
J-J
*95 * ~98
100
100
Mch'13
99i8
J'ne'13
J-D
A-O
9l"
M-N
"""
J'ne'13
Feb
11
May'12
98
"95"" "95"
IOOI4 Aug'12
100
Aug'12
~92~
A-O
9212
Mch'13
95
95
A-O
100
83% 8518
985s 1003*
79i2 86i2
107
110%
Apr'13
97% Sep '11
J-D
8934
Mch'12
Dec '12
____
M-N
82
May*13
107
1053s
1053s 11278 113%
91
85i2 88
94
93% 95
J-J
104% 10414
J'ne '13
10078 104% 100
98
100i8 98%
98%
837S
99
99% 99i8
79%
79*2
1927 M-N
B & S W s f 4s
1921 M-S
Illinois Div 3Ms
1949 J-J
Chic Jet Ry & Stk Yds 5s__1915 J-J
79
80U Sep '12
Feb '13
M-N
96
Oct '12
122
Feb'13
122
"99 " *991?
99
M-S
Mch '12
A-O
1163»
....
A-O
NOTE.—Buyer pays accrued interest in
122* "
122
Per
Centura
"9*6*34
95%
94
Sale
93%
*9*0* "9614
J-J
J-J
J-J
F-A
J-D
F-A
F-A
90
June
•106
108
•15%
69
108% 108%
16%
16%
*15%
July 3.
July 4.
Shares.
105
—-
*15
...
*58%
59
; 104% 104%
104
104
♦109
59
59
59
59
Week.
July 2.
*15
92% Mch'12
1183s J'ne'13
Apr *0'J
26
....
163" Jan "'11
M-N
88
70% Dec '10
103% Mch'13
100
90
M-S
J-J
J-J
9478
J-J
J-J
Do
100
26%
Do
*92*" *96%
94»4 Apr '13
93% 95%
99% 101%
99%
*9*7% "98%
99
99%
May'12
99% J'ne'13
97% Feb '13
98% Nov'11
98% Sale
84% 87%
*99% "9"9"%
98%
9878
93% Feb '12
M-S
M-N
*9*7% 1*0*0%
*37
38
37
44
44
44
44
44
•37%
992
26%
11%
J'ne 10
120
Jan 16
,96
Jan
117
101
J'ne 12
Jan
116
J'ne 10
12034 Jan 31
23
Apr 4
68
Jan
9
ioi
14
115% J'ne 28
123
121
14% J'ne 11
43% Feb 28
23
Jan
6
21
50
.100
pref
United Ry & Electric.
100
60
161
<58
J'ne
9
72%
•10%
11
♦10%
73
1034
24%
♦2334
84
73%
20%
73%
19%
73%
19%
*83%
72%
32
32
32
32
65%
65%
55%
40
40%
55%
40%
21%
21%
21%
21%
73
♦10%
11%
24%
84%
73%
20
*10%
♦2334
♦83%
55%
21%
21%
21%
78% 79%
*4 %
434
47%
47%
*83%
83%
"
Apr
2
83%
Bid
PHILADELPHIA
Inactive Stocks
American Milling..
Phila R T vot tr ctfs*.
50
Reading
Tonopah
*
50
1
100
Pennsylvania..
Con Trac of N
; so
100
"62*
*65*"
38
39%
41%
United Cos of N J
L00
United Trac Pitts pref 50
Virginia Ry & Power..100
Preferred
100
Warwick Iron & Steel.
Washington-Va Ry
10
100
Preferred
100
Welsbach Co
100
West Jersey & Sea Sh. 50
Westmoreland Coal.. 50
41
Railway
Preferred
......
Bid and asked;
no
*83% "84*"
95%
....
162"
99%
J 1st 5s '33
82%
10
82%
*.
-
Leh V O 1st 58 g 1933.J-J
Leh V ext 4s 1st 1948.J-D
10434
1923
Annuity 6s
"s'%
11%
12*"
36
37
70
....
this day.
...100
.100
100
preferred
preferred
111%
101% G-R-S Brewing
J-D
J-D
100
100
100
2d
*«•«»<-
«■
m
142
Prices
94
4s
Bonds
are all
"and
interest"
....
Bait City 3^s 1930
J-J
4s 1954-1955
Various
5s 1916
M-N
*93*"
Anacostia & Potom 5s A-O
Atl O'st
conv
deb 4s_M-N
Atl Coast L(Ct)ctfs 5s
B
....
*86*
J-D
5-20-yr 4s 1925
J-J
S P & C 1st 4 %s *53 F-A
Bait Trac 1st 5s '29.M-N
|| 16% Jan
22% May
74% Jan
24% Feb 14
28%Jan
3
84% Jan 2
6% Jan 13
51%Jan
9
91% Feb 3
100
Gas 5s
1939—J-D
1954
A-O
100% Cons GE&P4H8 '35 J-J
Consol Coal 5s 1950
J-D
100
Fair & CI Tr 1st 5s *38. A-O
96
Ga & Ala 1st con 5s "45 J-J
*9*0*
231
•
100
235
Mt Ver Cot Duck
NptN & O P 1st 5s'38M-N
'29—M-S
Nor&Port Tr 1st 5s*36 J-D
25
Norf Ry & L 5s '49
91
M-N
North Cent 4%s 1925 A-O
80
Series A 5s 1926——J-J
2
Series B 5s 1926——J-J
Pitt Un Trac 5s 1997
J-J
Poto Val 1st 5s 1941 ...J-J
Sav Fla & West 5s *34 A-O
90
88
Seab Air L 4s 1950...A-O
89% 90
Seab & Roan 5s 1926
J-J
101
98% South Bound 1st 5s..A-O
U El L&P 1st 4 %s'29M-N
92
91
Un Ry & El 1st 4s '49 M-S
100
-
-
U $15 paid.
City & Sub 1st 5s 1922 J-D
City&Sub (Was) 1st 5s '48
I 13 X paid.
$ $17yi paid.
_
4s
Income
1949
.J-D
«.
-
38
102%
104*
81
J
j
mmmrn ;
"96"%
■m
mm
A
-«««*
1
1
mmm
-
69
67%
-
m
93
90
.
..
'
98
■
88
-
98
99
99%
'mmmrn
101
•
101
....
100
mmm
105
104
79%
101
80%
....
101
89
90%
81%
61%
82
J-D
104
Va Mid 3d ser 6s '16.M-S
100
3-4-5s 1921 M-S
100
M-S
101
62
86
Conv notes 5s 1914 J-J
94
mm
-
-
100
N & A Terml 5s
87
109%
35
1st 5s._
Funding
5s
1936
100
-
991a
100%
170
ser
95
Va (State) 3s new '32.J-J
Fund debt 2-3s 1991 J-J
10234 103
101
100
West IT C con Cs 1914.J-J
Wil & Weld 5s 1335...J-J
93%
...
-
99
106
*9*6"
90
86%
88
101
102% Chas City Ry 1st 5s'2* J-J
Chas Ry G 6c El 5s '99MS
79% 80
.
86
'29 J-J
5th series 5s 1926
M 5s
92
'45.J-J
G-B-S Brew 3-4s '51.M-S
73
Houston Oil div ctfs
F-A
90%
Knoxv Trac 1st 5s '28 A-O
*9*4% Maconlty&Lt 1st 5s*53J-J
Md Elec Ry 1st 5s '31 A-O
Memphis St 1st 5s '45.J-J
Monon V Trac 5s '42 J-D
4th
**
102% 105
Georgia P 1st 6s 1922—J-J
Ga So & Fla 1st 5s
102
m
!
Art
*98*" "99""
102
102
Sep
89% Apr
8% Apr
63
Sep
92>g Aug
Bid
BALTIMORE
103
87
29
49% Feb
86% Jan
No Bait Div 5s 1942J-D
98%
33% Deo
63)6 Apr
56% Feb
2434 Sep
Dec
6
Cent Ry cons 5s *32.M-N
Ext & Imp 5s 1932 M-S
97%
Con <St coll tr 5s.'51 M-N
Phil Elec gold tr ctfs.A-O
Trust ctfs 4s 1949—J-J
11 Ex-div. and rights.
...
Dec
Ga Car&N 1st 5s g
1937.J-D
1st
J-D
r '20.A-O
1820—A-Q
Co
Jan
60
4j% Dec
8
Sep
92% Jan
16% Sep
Col & Grnv 1st 6s 1916 J-J
*71
5s '55.J-J
Consolidation Coal
Georgia Sou & Fla
ii*2*"
1st series A 4s
Gen M 4s g
con
Inactive Stocks
Atlan Coast L (Conn).100
Canton
Leh V Tran con 4s
P & E gen
*99"i2
BALTIMORE
90%
P Co Ist&coll tr5s'49M-S
48
Wil-B G&E
York Rys 1st 5s
~
on
-
f 5s 1930..J-D
s
Jan
35% Sep
100
Gen 4%s
102%
People's Tr tr ctfs 4s_1943
"60*
7%
-
Welsbach
50
Consol
Stan'd Gas & EI 6s'26 J-D
99% U Trac Ind gen 5s '19.J-J
Un Rys tr ctfs 4s '49 .J-J
23
37% Mch 28
61% Jan
9
Atk
113
Roch Ry & L con 5s
'54J-J
Spanish-Am ir 6s '27..J-J
23% Mch 28
73% Deo
13
Sep
Coal & C Ry 1st 5s '19A-0
Coal & I Ry 1st 5s'20 F-A
Read Trac 1st 6s '33—J-J
58
cons
3
46% J'ne 10
8034 J'ne 10
United Rys Invlst coll tr
s f 5s 1926—..—M-N
1943—F-A
Consol 4Hs 1923
Imp M 4s 1947.A-0
Q-F
....
90%
6s
4% J'ly
Stand Stl Wks lst5s'28 J-J
115% 116
57
Consol
75% J'ne 10
Bid
Terminal 5s g 1941
2003.-M-N
'35 J-D
1935.M-S
1st series B 5s 1935 M-S
6%
6*A
MarketStEl 1st 4s '55M-N
NatLH&P serB 5s '19 J-J
New Con Gas 5s 1948. J-D
NYPhiNo 1st 4s'39 J-J
Income 4s 1939—M-N
*"e% "io"
Pa & N Y Can 5s '39.A-0
*78" Penn Steel 1st 5s *i7_M-N
9
50
50
sales
105*"
20% J'ne 10
20
J'ne 10
P W & B col tr 4s '21. Jj-J
Asphalt 5s 1916.M-S
1942 M-S
Gen
81%
.Warrants (when issued)
Wilkes Gas & Eiec
100
York
Ex
and
95%
4s
J'ne 10
.
Peoples Tr tr ctfs.
*40. J-J
Interstate
37
Ph & Read 2d 5s 1933 A-O
*82%
Elec &
Impt
PHILADELPHIA
Ask
Keystone Tel 5s 1935._J-J
Lake Sup Corp inc 5s*24 O
Lehigh Nav 4%s '14.Q-J
Gen M 4%sg 1924.Q-F
*30*
Phila Co (Pitts) 5% prf 50
50
Bid
Harw Elec 1st Gs
*20*
50
50
Fr Tac & H 1st 5s
104
Phila German & Norris
Phila Traction
50
United Gas
J-J
Bethleli S'tl 6s 1998.Q-F
Ch Ok & G gen 5s 1919 J-J
Gen
50
100
Railways General
10
Tonopah Belmont Dev
1
Union Traction......
499
Bonds
Prices are all
interest"
"44* *46*
Pennsylvania Salt
Pennsylvania Steel
50
403
84
PHILADELPHIA
50
6% cumulative pref.
48
83%
Del Co Rys tr ctfs 4s'49J-J
Edison Elec 5s 1946..A-O
Pennsy receipts $15 paid-
Preferred
482
Berg&EBrew lst6s'21
22
Mining
4%
%s'33F-A
*88** *9*0* " Am Gas & Elec 5s '07.F-A
Am Rys 5s 1917
82
-A-O
81
Atl C Gas 1st s f 5s '60 J-J
*12*
_
48
48
83%
10
Preferred
3,147
Alt & L V Elec 4
"21*34
Little Schuylkill
50
Minehlll & Schuyl H_. 50
Nat Gas Elec Lt & P..100
118
79
4%
434
~99"
."id"r
Kentucky Securities. .100
Keystonp Telep, pref. 50
Keystone Watch Case 100
Lit Brothers
453
Ask
50
10
50
_
Insurance Co of N A..
Inter Sm Pow & Chem
78% Feb
8% Jan
1,931
83%
50
Huntington & B T
87% Mch
3
21%
1%
10
Amer Rys pref.
...100
Cambria Iron
50
Central Coal & Coke.. 100
Preferred
..100
Consol Trac of N J...100
Harwood Electric....100
3
21%
47%
47%
83%
47%
93% Jan
84%#jan
375
Sep
12% J'ly
583g Aug
39% Deo
Feb
JnelO
182
Jan
65% Oct
Apr
70% J'ne 10
1534 J an
4
29% J'ne 12
53% J'ne 4
21
484
6
27
81
...
■
18
Apr
59% Apr
May 13
13% MayiO
31% Jan
9
50
50
50
50
50
25
2,557
78%
4
78
7
47
J'ne
40% Oct
41% Mch
11% J'ly
52% Jail
50
>.65% 55%
39%
39%
79% 79%,
78% '79%
4%
4%
J'ne
1
6
*49% Feb 24
53% Jan
9
12% Jan
9
54% Jan
9
42% Feb 4
Apr
27% May
65% J'na
26% Sep
18% Jan
Leh C & Nav tr ctfs__
21%
3934
.
32
32
934 J'ne 10
22
Feb
130
45% Mch
10
21%
♦19%
703g J'ne 10
2
Dec
Dec
18
Jan 30
47>4 Jan 24
27% Apr 3
May
Apr
25% Nor
72% J'ly
8% Jan
5334 Jan
99
21%
733g
32
55%, 5534
*39
21%
21%
*83%
100
pref tr ctfs. 100
Keystone Telephone. 50
Lake Superior Corp__100
21%
.32,
40
♦39
40%
210
11%
23%
84%
73%
20%
23%
Do
21%
♦1934
19%
31%
55%
"*94
Lehigh Valley
Lehigh Valley Transit
Do
pref
...
Pennsylvania RR
Philadel (jo (Pittsb)..
Philadelphia Elect J.
73%
19%
<31%
21%
_
*72
*72
10%
24
84%
73
*72
11
Preferred
42% J'ne 10
33
,J'ne 10
45%
*35%
73
6%
47%
85
Elec Storage Battery. 100
Gen Asphalt tr ctfs..100
36
♦72,
21%
78%78%
190
46
*35
7234
31%
46
36
73
*46*
84
•
JnelO
11% J'ne 16
36
•23«4
,
41
6
J'ne 11
Electric Co of America 10
46%
84%
North
50
Cambria Steel
Feb
25
*35
24%
6%
47%
84%
2
37
2,163
*45%
•83
•20
50
Railways.. 50
11%
36
*34%
•23%
73%
Cement
American
44%
46
46
46
36
37
Highest
Lowest
Highest
*11%
11%
•45%
37%
44
44
44
♦35
*37
38
44
37%
97%
Range lor Previous
100
American
38
97%
H Flat prices.
Philadelphia
38
95%
95%
J'ne'13
92
Year (1912).
pref tr ctfs. 100
Do
26%
96
166%100%
.100
pref
Northern Central
43%
26%
26%
26
26
26
90
Apr '07
100'4 Mch '13
9538
95% 95%
90% 1017g May 12
93
89%
103% 103%
J'ne'13
97
90
J-J
Lowest
below)
see
Seaboard Air Line
"
118% 125%
92% 9878 Sep '09
109% 11138Oct '12
91
Inactive
Baltimore
Con Gas El L & Pow.100
'*50
115
I
and
Houston Oil tr ctfs
60
*113
♦43
*25%
Stocks
170
15%
♦58
61
116% 115%
!
211
108% 109 •
*14%
Bonds
(For
Friday
108% 109
105
*105
108
108
!
9934101%
101
Range Since Jan. 1.
ACTIVE STOCKS
Sales
Prices
Thursday
1.
July
30.
93
101
11
Dec
af the
June 28.
99%
101
Exchanges—Stock Record, Daily, Weekly, Yearly
Wednesday
Tuesday
Monday
Saturday
94%
90
Apr 13
100%
101
78
F-A
J-J
J-J
93%
9 884
90
101
Sale*
80
*9*4" "97"
May'13
75
J-J
J-J
F-A
M-N
F-A
78
95%
94
99
* No price Friday; latest bid and asked.
addition to the purchase price lor all Boston bonds.
Philadelphia and Baltimore Stock
Price J—Not
95%
101
102
92
99% 101%
A-O
101
92
13
J'ne'08
1932
New River (The) conv 5s
1934
N Y N H & Hcondeb3^8.1956
Conv deb 6s_
1948
Old Colony gold 4s
1924
Oregon Ry & Nav con g 4s_1946
Oreg Sh Line 1st g 6s
1922
Puget Sd Elec Ry 1st 5s
1932
Repub Valley 1st s f 6s
1919
Savannah Elec 1st cons 5s__1952
Seattle Elec 1st g 5s
1930
Shannon-Ariz 1st 6s g
..1919
Terre Haute Elec g 5s
1929
Torrington 1st g 5s
1918
Union Pac RR & Id gr g 4s_1947
20-year conv 4s
1927
United Fruit gen s f 4^$s
1923
Debenture 4j^s
1925
U S Steel Co 10-60-yr 5s Aprl963
West End Street Ry 4s
1915
Gold 4Mb
.1914
Gold debenture 4s
1916
Gold 4s
1917
Western Teleph & Tel 5s
1932
Wisconsin Cent 1st gen 4s__1949
-
Feb
J'ne'13
99
5s
99%
96%
95%
115
A-O
83
98
Nebraska Exten 4s
J-J
1917 J-J
1929 F-A
93%
94%
100
98
96
1915
id4U JTne"'l3
85
1929 J-J
Dec 1931
4 Hs
Telephone 1st 5s
Eng Cotton Yarn 5s
Eng Teleph 5s
99%
—
New
1103
83%
Cent Vermt 1st g 4s
May 1920 Q-F
OB & Q Iowa Div 1st 5s_._1019 A-O
Iowa Div 1st 4s
1819 A-O
Denver Exten 4s
1922 F-A
Share
85
A-O
i
High
108% 113
76% 76%
90% 90%
J'ne'13
101
101
1918 J-J
refunding g 4s_1940
Oh Milw & St P Dub D 6s__1920
Ch M & St P Wis V div 68—1920
Oh & No Mich 1st gu 5s_—1931
Chic & W Mich gen 5s
1921
Concord & Mont cons 4s
1920
Copper Range 1st 5s
1949
Cudahy Pack (The) lstg 5- 1924
Current River 1st 5s
1926
DetGrRap&W 1st 4s
1946
Dominion Coal 1st s f 5s
1940
Fitchburg 4s
1927
Fremt Elk & Mo V 1st 6s
1933
Unstamped 1st 6s
.1933
50
M-S
High
92
A-O
M-S
I
1
Low
10478 108% 108% May'13
763sJan '13
90% Feb '13
—*90
78
78% May'13
Feb '12
95
Butte El & Pow 1st 5s__
1951 J-D
Cedar Rap & Mo Kiv 1st 7s 1916 M-N
Coil trust
6s__1925
Marq Hough & Ont 1st
Mass Gas 4 J^s
62 %
A-O
No
117* Apr*08
85
A-O
M-N
100% Mch'09
104% Oct '08
-1944 J-J
6s
cons
59
94
A-O
& Mem 6S..1928
K C Ft S & M Ry ref 4s gu_1936
Kan O M & B gen 4s
1934
Assented income 5s
1934
Kan C & M Ry & Br 1st 5s_1929
Since
Jan.
993a Apr '13
9384
94
94% May'13
98%
f gen 5s_1925 F-A
C 1st 7s...1917
Spr 1st 5S...1925
Kan C Ft Scott
98
95% Feb '12
1942 P-A
Bur & Mo Riv
Houston Elec 1st s
Kan O Clin &
93
Ask Low
9678
9334
Range
Last Sale
1921 Q-J
4s
la Falls & Sioux
59% J'ne*13
50
May* 13
Bos& Corb 1st conv sf 6s—1923 M-N
Boston Elev 3 -yrg4s.—
1935 iVl-N
Boston & Lowell 4s
1916 J-J
4s
Registered
87&8 NOV 12
89i2J'iy 12
9658 10434 Sep 12
9918 110% Mch'11
M-N
J-D
893^
85%
83%
J-D
General Motors 1st 5-yr 6s_1915 A-O
Gt Nor O B & Q coll tr 4s._1921 J-J
102
86
Week's
Range or
Bid
102i2108
99
IO414
943s
9438
943g
Week Ending July 3.
High
99
"'18
EXCHANGE
BOSTON STOCK
J'ne'12
131
10-year conv 5s
Atl Guf & W I SS Lines 5s_1959 J-J
Boston & Maine 4^s
"25
10034
101% 100
S978 J'ne 12
101
Low
1033u Mch'13
103
96
M-N
1955
1917
50-year conv 4s
No.
99«4 Apr *13
867S
87%
87% Sale
1936 M-S
Range
High
Ask Low
Bid
Price
Thursday
July 3
BONDS
Price
Thursday
July 3
BONDS
[BOSTON STOCK EXCHANGE
Week Ending July 3.
Plain
39
Boston Bond Record
1913.]
100
103
104%
f
40
CHRONICLE
THE
[Vol.
xcvn.
I"
[unjestwewt and Railroad Intelligence*
GROSS
RAILROAD
The
EARNINGS.
earnings of every STEAM railroad from which regular weekly or monthly returns«an be obtained.
The first two columns of figures give the gross earnings for the latest week of- (month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month.
Wejadd a supplementary
statement to show the fiscal year totals of those roads whose fis?al year does not begin with July, but covers some other
period.
The returns of the electric railways are brought together separately on a subsequent page.
y
following table shows the
gross
,
Latest Gross
ROADS.
Week
Current
or
Year.
Month.
Ala N O & Tex PacN O & Nor East.
Ala & Vicksburg.
67,000
30,000
23,000
43,193
1st wkJune
wkJune
st
Atck Top & S Fe
May
Atlanta Birm & Atl May
Atlantic Coast Line May
9.368.397
247,113
Chariest & W Car May
Lou Hend & St L April
137.506
'
2,924,071
94,091
8,967,456
163.366
,
i
300.279
: Bessem & Lake Erie May
997.387
i Birmingham South. April
122,401
3,973,644
May
| Boston & Maine
3d wk June
256,383
i Buff Roch & Pitts
Buffalo & Susq
May.
210.225
489,300
i Canadian
Northern 3d wk June
Baltimore & Ohio May
B & O Ch Ter RR May
Bangor & Aroostook May_
f
-
Canadian Pacific.
3d wk June 2,530,000
Central of Georgia- 2d wk June
201,300
_
Cent of New Jersey May
2,518.184
| Cent New England. May
306.863
352,076
[Central
Vermont
April
Ches & Ohio Lines- 3d wk June
3d wk June
Chicago & Alton
702,686
307,510
Chic Burl & Quincy April
7,081,599
328.126
p Chic Great West- 3d wk June
Chic Irid & Louisv. 3d wk June
126,970
Chic Milw & St
P.\ May
Chic Mil & PugS/
|
Year.
7.338.031
5 Colorado & South.
Cornwall & Leban.
Cuba Railroad
| Delaware
& Hudson
iDel Lack & West..
Denv & Rio Grande
Western Pacific
j
Denver & Salt Lake
!
Detroit
Tol & Iront
Detroit & Mackinac
Dul & Iron Range.
_
Dul Sou Shore & Atl
Elgin Joliet & EastEl Paso & Sou West
Erie
Fonda Johns & Glov
Florida East Coast-
Georgia
Railroad--
55,000 3,677,218 3.624,436
19,000
1,774,558 1,532,138
2,047,205 1,844,216
9,000
40,410 2,230,505 2,244,743
9,213.695 108275822 99,083.650
244,440 3,010,462 3,026,054
2,901,883 33,513,818 30,967,505
1,813,639
150,955
1,763,324
1,074,615
100,007
1,024,177
8,252,995 92,540,705 84,279.490
127,139
1,644,330 1.415.575
2,982,765 3,111,023
242,718
1,023,744 7,953,894 7.408,213
717,814
81,888
1,043,265
3,859,051 44.464,852 42,018,443
228,255 10,777,525 9,383.227
162.400 2,272,134 2,132,561
411,700 22,278,900 18.958,900
2,510,000 135186291 119335723
226,100 13,387,780 13,400,080
1,870,028 29,265,269 26,700,935
252.194
3,411,644 3,167,020
347.195 3,466,021 3,397,631
702.533 34,015,533 33,362,608
271,918 14,932,349 14,206,671
0,726,131 79.583.138 73,188,167
266,968 13,663,220 12,535,778
6,345,800
130,334
6,809,121
6,365,517 86.452.139 72,455,705
6,797,722 6.272.414 78,884,214 69.795.190
1,304,492 1,215,364 15,806,254 14,023,890
1,602,858
160,855
106,664
1,633,721
839,074
784,394
9,140,029 9,005,552
120,386
138,936
1,700,640 1,696,893
3d wk June
249,739
213,634 14,704,357 13,661,189
May
19,816
17,976
222,255
179,063
278,369
32.706
25,693
386,004
May......
May
447.127
380,854 4,232,940 3,500,435
May
1.908.032 1,423,506 22,046,029 18,967,634
May
3.569.323 2.406,372 37,125,861 32,240,688
3d wk June
422.400
439,500 23,822,740 22,660,630
526.100
Mayw
'
448.827
5,662,935 4,789.249
2d wk June
23,247
25,297
1,094,674 1.140.520
102,525
118,270
April
1,384,781
1,507,474
3d wk June
22,900
1,209,837 1,204.385
24,196
807,264
May
954,589
6,068,950 5,731.203
3d wk June
80,158
68,997 3,317,485 3,062,800
1,208,254 1,110,312 12,201,331
9,566.207
May
May
745,777
708,013 7,966,036 6,957,656
May
5,410,711 4,285,537 57,290,468 51,463,264
May.
85,682
901,881
846,602
74,291
May_.
439,415
442,452
4,732,907 4.079.521
262,801
May
243,128 2,895,961 3,155,761
-
„
Grand Trunk Pac
2d wk June
110.367
Grand Trunk Syst. 3d wk June 1,166,394
Grand Trk West. 2d wk June
141,995
1,066",726
119,497
46,757
48,801
Det Gr Hav & M 2d wk June
53,293
Canada Atlantic- 2d wk June
39,039
Great North Syst
May
6,876,956 5,667,710
Gulf & Ship Island- April
Hocking Valley
'
May
Illinois Central
May
Internat & Gr Nor. 3d wk June
3d wk June
Interoceanic Mex
Kanawha & Mich.
May^.-.^--
a
„
i
t
Kansas City South. May
Lehigh Valley
May_-
Louisiana & Arkan. April
3 Louisv & Nashv__ 3d wk June
Macon & Birrta'ham May.
Maine Central
i
_
-
Maryland & Penna
[ o Mexican Railway.
Mineral Range.
Minn & St Louis.
Iowa
May
May
...
2d wk June
3d wk June
3d wk June
172,289
161,870
755,451
652,816
5,662,824 5,030,335
155,000
164,000
196,170
188,658
332,579
295,959
901,363
764,530
3,795,218 2,300,710
147,608
133,175
1.090.205 1,021,410
9,978
11,571
938,984
854,702
43,374
38,926
204,700
151,700
17,510
14,251
208,342
180,797
54,249,357
7,036,136
2,350,287
2,300,534
71.725,907
1,740,141
7,094,143
59,436,199
10,967,834
8,772,231
3,006,457
9,852,329
39,299,894
1,405,046
58,109,095
146,933
10,388,414
465,628
8,569,600
821,119
48,170,110
6,340,480
2,146,345
2,026,794
60",330,088
1,655,246
6,637,452
53.956,881
10.106,823
8,677,515
2,848,322
8,505,736
33,256,743
1,214,374
54,950,754
155,821
9,729,722
9,512,682
'
408,824
8,087,100
742,677
7.656,298
:
593,156
539,550 31,327,220 25,541,098
Chicago Division/
Mississippi Central. April
jtt Mo Kan & Tex_. 3d wk
;
80,514
67,925
June
540,676
470,340
'^Missouri Pacific._ 3d wk June 1,182,000 1,019,000
Nashv Chatt & St L May
1,137,435 1,104,950
! a Nat Rys of Mex.i 3d wk June
687,981 1,204,177
i Nevada-Cal-Oregon 3d wk June
8,503
11,133
; N O Moble & Chic. April
224,566
159.534
i
•
I New Orl Grt North.
!«N Y C&
HuURiv.
Lake Shore & M S
n Lake Erie & W_
Chic Ind & South
«
Michigan Central
''
•'
•
Cleve C C & St L
Peoria & Eastern
Cincinnati North
Pitts & Lake Erie
N Y Chic & St L.
Tol & Qhio CentTot all lines above
I N Y N H & Hartf—
May
May
May..
May._
May......
May
May__
May
May
May.
May
May
May—:
May
—
—
—
870,754
733,010
31,561,543 27.500,243
60,810,246 53,140,047
12,248,980 11.266,817
55,756,105 60,085,633
393,085
372,358
2,112,299
1,623,802
145.515
1,639,528
176,217
1,489,825
10025721 8,686,434 105143973 96,506,168
5,040,440 4,144,900 53,444,154 46,228,274
506,953
436,054
5,547,278 5,103,166
390,241
299,914 4,066,918 3,660,364
2,984,922 2,521,346 32,363,776 28,725,191
2,920,459 2,424,607 31,094,354 28,166,613
291,941
235,749 3,276,772 2,893.714
127,592
93,779 ,1,293.985 1,224,571
1,885,234 1,491,288 18,305,263 14,835,310
986,807
957,212 11,529,864 10,560,018
558,191
425,478
5,070,866 •4,745,873
25718501
21716761
271147305 .242649254
5.740.206 5,482,402 63,197,752 59,105,855
AGGREGATE i
Weekly Summaries.
Current
Year.
Previous
Year.
OF
2d
week
(39 roads).
week
4th week
(40 roads).
(40 roads).
(38 roads).
April
April
April
1st week May
2d
week May
3d week May
4th week May
(40 roads).
(37 roads).
(40 roads).
1st week June (42
roads).
2d
week June (41 roads).
3d
week June
a
ton &
(39 roads).
13,544,895
14,098,561
18,903,550
13,500,986
14,069,124
13,655,723
20,223,520
14,155,295
14,167,762
13,489,096
13,402,134
18,059,025
12,921,283
13,242,972
13,151,182
19,138,924
13,576,071
13,900,378
14,191,787
13,870,253
GROSS
Increase
N Y Ont & "West
May
May
Previous
Year.
Year.
—
1st wkJune
_
-
-
—
-
Total Lines
East Pitts & E
May..
West Pitts & E— May
All East &West
22241348
Pere
4,369,543 3,224,803 47.524.483 41.517,114
755,243 38,489,447 32,580,797
3,294,073
7,663,616 3,980,046 86,013,930 74,097,911
278,271
281,418
2,709,393
2,335,860
.948,433
69,833
79,731
831,589
3a wk June
642,935
12,048
12,736
496,403
5.208,590 4,874,232 59,618.809 53.736,789
April
302,292 3,383,525 3.156,269
May—Z—
327,299
131,549
1,308,977
April
120,872
1,317,114
April
2,697,829 2,173,136 28,871,797 25,220,340
148,071
1,884,387
April
190,711
1,665,814
April
3,499,773 2.949.471 38.636,406 35,329,580
April
968,964 13,571,005 12,973,502
1,203,922
4,703,695 3.918.434 52,207.411 48,303,081
April
3d wk June
233,000 12,977,052 11,764,995
212,000
791,323
8,436,598
April
830,874
7,349,199
3d wk June
402,429 23,952,949 22,473,461
435,212
11784 139 11032 945 131130 169 120984 339
May
3d wk June 1,187,556 1,146,230 66,913.388 62,108,534
3d wk June
216,841 11,936,757 10,900,663
239,576
3d wk June
190,276 10,188,760
191,498
9,502,228
3d wk June
83,742
5,074,118
90,632
4,648,226
3d wk June
42,065
2,500,717
42,575
2,392,447
371.317
4.433.743
4,033,563
408,461
April
3d wk June
2,934
131,266
2,244
107,593
130,814 1(399,510
1,265,262
April
141,915
3d wk June
252,957 17,620,423 16,567,059
270.600
9,716
97,653
10,545
89,504
May
3d wk June
23,688
1,332,161
1,238,156
26,197
3d wk Junof
75,556 4,218,138
3,789,650
75,649
May.:
■
7,270,481 6,974,180 86,074,697 79,071,681
157,807
i;660,817
1,604,769
165,344
May—.
486,625
5,672,862 4,516,765
522,218
May
May
2,610,795 2,307,287 29,168,912 25,953,387
613,812 6,914,635 6,630,244
May
636,921
595,340 7,066,251
6,791,785
May
741,148
.291,473
19,145
332,613
May..—_
18,201
597,970 10,200,202
8,890,500
May861,187
Coal & Iron Co.
Total both cos
Rich Fred & Potom
Rio Grande June
May
May
May
April
.
Rio Grande South
Rock Island Lines..
Rutland.
-----
P
St Louis & San Fran
/Chic & East Hi.
Total all lines.
St Louis SouthwestSan Fed L A & S L_
Seaboard Air Line
-
Southern PacificSouthern Railway-
Mobile & Ohio.—
OinNO&TexP.
Ala Great South-
Georgia So & Fla.
Spok Port & Seattle
Tenn Ala <& Georgia
Tennessee Central
Texas & Pacific
Tidewater &
...
-----
__
St Jos & Grand Isl'd
St L Iron Mtn & So
Rocky Mt &
-
West.-
Toledo Peor & West
Toledo St L & West
Union Pacific Syst.
Virginia & So West.
Virginian
WabashWestern Maryland.
,
-
—
-
Wheel & Lake Erie.
—
Wrlghtsv & Tennille
Yazoo & Miss Vail.
Current
Previous
Year.
Period.
Various Fiscal Years.
Year.
S
Delaware & Hudson
Jan
N Y Central & Hudson River.e
Jan
Lake Shore & Michigan South Jan
Lake Erie &
Jan
Western.n
Chicago Indiana & Southern- Jan
Jan
Michigan Central.
Cleve Cin Chic & St Louis
Jan
Jan
Cincinnati Northern..
Jan
Jan
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan
Jan
Toledo & Ohio Central
Jan
Total all lines
Pennsylvania Railroad
Baltimore Chesap & AtlanticCumberland Valley
;
Long Island
Maryland Delaw & Virginia
N Y Philadelphia & Norfolk—
Philadelphia Bait & WashWest Jersey & Seashore
Pennsylvania Company
Grand ,Rapids & Indiana
Pitts Cincfn Chic & St Louis*•«»
Jan
Jan
Jan
Jan
Jan
31
9,737,969
to
31
7,833,718
31 24,206,461
31
2,361,211
45,899,678 41,346,406
20,602,321
31
2,206,514
1,710,600
1,856,892
31 14,689,417 12,620,115
31 13,074,932 12.160,584
31
31
31
31
31
31
31
31
31
31
31
31
31
31
1,353,354
1,239,708
492,095
516,577
8,213.582
6,464,046
5,030,900
4,693,815
2,126.903
1,915,499
119305425 105486185
73,693,485 67,847,929
101,799
86,988
1,464,632
1,251.992
4.082,276
3,815.752
47,427
37,659
1,517,772
1,338,034
5,393,907
4,933,119
8.542,957
7,747,234
2,075,971
2,080.763
24,967,871 21,587,428
2,127,640
2,076,413
Jan
to
May
31
Jan
to
to
Jan
to
Jan
to
& Erie Jan
to
May
May
May
May
May
May
May
31
Jan
31
151966844
138970163
Apr
30
376,398
1,388,290
347,223
1.313,384
a
Total lines—East
Jan
Jan
Northern Central
yandalia
Jan
May
May
;May
to
May
to
May
to
May
to
May
to
May
to
May
to
May
to
May
to
May
to
May
to
May
to
May
to
May
to
May
to
May
to
May
to
May
to
May
to
to
Pit'ts
—West Pitts& Erie Jan
—All lines E &
W- Jan
RIo Grande Junction—
Rutland
—
to
to
Dec
to
Jan
to
31
31 17,516,135 16,690,353
31
4,391,169
3.979,366
31 102346161 94,080,897,
31 49,620,683 44.889,266
May
Current
%
0.41
5.20
4.68
4.49
6.24
3.84
5.07
4.27
1.93
2.35
Summaries
Monthly
Cur. Yr. Prev. Yr.
Mileage.
235,404
August-—, ..239,230
235,140
..237,591
September
October
233,545
..237,217
November, ..237,376
233,305
234,146
December ..238,072
..235,607
232,179
January
237,756
February., -240,986
..240,510
237,295
March
-240,740
236,515
April
86,735
88,816
May
—
_
..
Previous
Year.
Year.
Commission.
Increase
or
Decrease.
276,927.416 251,067,032 +25,860,384
272,209,629 252,318,597 + 19,891,032
293,738,091 258,473,408 +35,264,683
276,430,016 244,461,845 +31,968,171
263,768,603 234,087.361 +29,681,242
246,663,737 208,535,060 +38,128,677
232,726,241 218,336,929 + 14,389,312
249,230,551 238,634,712 + 10,595,839
245,170,143 220,981,373 +24,188,770
75,041,869. 68,027,250.
+7.014,619
Mexican currency,
b Does not include earnings of Colorado Springs& Cripple Creek District Railway from Nov. 1 1911.
e
Albany, the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York Railway, the latter of which,
road,does not make returns to the Inter-State Commerce
cludes the Cleveland Lorain &
Wheeling Ry. in both years,
203043803
103365792
316409594
1,415,752 1,349,723 16,096,987 15,328,450
Marquette
Reading Co—
Phila & Reading- May
St L
10122299 234758779
11734001 9,747,898 118040742
33975349 29870197 352799522
May
May
EARNINGS—Weekly and Monthly.
$
+55,799
+696,427
+844,525
+579,703
+826,152
+ 504,541
+1,084,596
+579,224
+267,384
+321,534
Current
794,917
465,280
8,638,337
7,730,415
321.333
235,145 3,490,447
3,374,288
62.039
60,941
3,400,828 3,045,081
April
3,152,492 3,508,855 36,095,463 32,752,959
5,766,417 5,127.545 66,651,916 57,909,507
May
Northwestern Pac_ May..—
328,231
301,463 3,356,916 <3,172,187
Pacific Coast Co
608,955
398,453
6,590,808
April
6,267,256
Pennsylvania RR.. May
15603928 14076824 166270967 150009660
Bait Ches & Atl_ May
28,961
26,890
291,633
255,279
Cumberland Vail May
293,261
270,266
3,221,687
2,752,037
Long Island-.
1,005,975
932,466 10,350,865
May
9,650,109
Maryl'd Del & Va May
140,061
11,125
11,221
122,914
N Y Phila & Norf
356.455
May
327,843 3,387,817 3,066,043
Northern Central May
926,792 12,228,020 11,471,184
1,175,394
Phil Bait & Wash May——— 1,851,228 1,666,590 19,320,401 17,542,140
W Jersey & Seash
5,780,391
500,618
505,191
May
5,741,045
Pennsylvania Co
6,228,829 5,115,684 60,418,573 50,997.221
May
Grand Rap & Ind May
446,390
415,152
5,067,192
4,762,917
Pitts O O & St L- May
3.985,010 3,359,464 40,861,836 37,188,672
Vandalia
929,146
742,887 10,320,170 9,179,699
May
N Y Susq & WestNorfolk Southern.
Norfolk & Western.
N orthern Pacific
or
Decrease.
$
3d
Year.
Peoria & Eastern
Central___/
Minn St P & SS Ml 3d wk June
1
Month.
July 1 to Latest Date.
Previous
Year.
S
April
Cin Ham & Dayton May
,'
[Colorado Mldland- May..
'
Current
or
$
tChic & North West May__
[Cornwall
Week
Year
| rChic St Paul M &O May
|OhicTH&SE_„_
ROADS.
Previous
$
Vick Shrev & Pac 1st wkJune
Ann Arbor
3d wk June
•
Current
Previous
Year.
Gross Earnings.
Latest
July 1 to Latest Date.
Earnings.
%
10.30
7.88
13.64
13.07
12.68
18.28
6.59
4.46
10.90
10.30
Includes the Bos¬
being a Canadian
Terre Haute and Evansville & IndianaRR.0 Inn Includes the Northern Ohio RR.
p Includes earnings of Mason City & Ft. Dodge and
£?• n A nnesota f6 Pacific,
s Includes Louisville & Atlantic and the Frankfort & Cincinnati,
t Includes the Mexican International,
u Include#
the Texas Central in both years and the
Wichita Falls Lines in 1912, beginning Nov. 1.
v Includes not oqly operating revenues,
but also all othefi
; receipts.
xt Includes, St. Louia Iron Mountain <Se. Southern.
<
/Includes
Evansville &
*v.
.
..
.
.
JULY 5
\ THE
1913.]
CHRONICLE
41
Gross
Latest Gross Earnings by Weeks.—For the third week of
June
final statement
our
increase in the aggregate over the smae week last year.
Third
week
1913.
of June.
Increase.
1912.
Decrease.
Pennsylvania RR,—(Concl.)
Bait Ches & Atlan.a.May
Jan 1 to May 31
Georgia Southern & Florida
Louisville &
Nashville
Mineral Range
Mobile & Ohio...
!
Nevada-Cal-0regon
—
...
Seaboard Air Line
...
80,158
42,575
1,090,205
17,510
239,576
8,503
435,212
Tenn Alabama & Georgia...
Toledo St Louis & Western
Total (39 roads)
2,244
75,649
14,251
216,841
11,133
402,429
28,961
May
1,005.975
4,08X276
Year.
2,924,071
Atlantic Coast Line.a.-May
Northern Central.a.-May 1,175,394
Jan 1 to May 31— 5,393,907
926,792
4,933,119
Phila Bait & Washla.May 1,851,228
Jan 1 to May 31
—
8,542,957
West Jersey
& Sea.a.May
505,191
Jan 1 to May 31
2,075,971
2,901,883
571,276
Pennsylvania
Central of N Jersey.b-May
July 1 to May 31
— —
2,518,184
1,870,028
911,855
373,440
29,265.269 26,700,935 12,535,709 11,046,157
Chesapeake & Ohio.b-May 2,944,557
2,808,981
July 1 to May 31.—32,024,781 31,378,592
898,326
863,720
9,569,365 10,513,086
S161.619
Chicago & Alton.a——May 1,252,690
1,044,004
S249.770
July 1 to May 31....-14,001,617 13,390,918 si,872,933 s2,905,884
Chic Milwfc St Paul.b.May 7,338,031
July 1 to May 31
...86,452,139
2,123,591
6,365,517
72.455,705 28,857,511
.
—
Chic St P Minn & O.a.May
\
July 1 to May 31
1,304,492
1,215,364
14,023,890
.15,806,254
Cornwall
RR.b...
May
July 1 to May 31—
282,876
4,088,998
17,976
10,659
380,854
3,500,435
238,690
1,996,175
193,761
1,687,191
1,423,506
7,833,718
692,995
3,542,710
377,620
2,229,483
1,908,032
9,737,969
Del Lack & West.b
May 3,569,323
2,406,372
1,266,113
452,759
37,125,861 32,240,685 14,055,447 11,201,498
July 1 to May 31
Detroit & Mackinac.a.May
108,083
July 1 to May 31
1,141,375
El Paso & Southwest.b.May
July 1 to May 31—
Erie.a
745,777
7,966,036
'
108,729
1,138,432
32,111
271,255
14,082
224,671
708,013
6,957,656
261,895
--May 5,410,711
4,285,537
July 1 to May 31—57,290,468 51,463,264
-
Georgia RR.b..
July 1 to May 31
May
1,634,088
892,155
14,674,977 12,483,737
262,801
2,895.961
243,128
3,155,761
29,488
362,023
455
759,469
Hocking Valley.b
May
755,451
July 1 to May 31.
7,094,143
652,816
6,637,452
286,162
2,513,726
240,450
2,445,193
i.May 5,662,824 *5,030,335
1,070,875
July 1 to May 31—59,436,199 53,956,881 10,023,543
845,766
6,695,964
Illinois Central.a—
fflnteroceanic of Mexico.May
807,267
July 1 to May 31—*— 8,268,372
Louisville & Nashv_b._<May 5,071,380 „4,668,175
July 1 to May 31
..54,797,676 51,882,824
Maine
Central, b
May
938,985
July 1 to May 31—.—10,388,415
Minneap & St Louis.a—May
July 1 to May 31.
702,277
8,936,979.
275,129
2,935,539
874,993
8,131,698
334,592
2,950,955
878,716
1,165,213
_
13,944,492 15,640,291
854,702
9,729,722
187,084
2,938,645
152,259
2,671,417
641,049
71146,963
7il20,89l
7,124,380 712,408,377 7il,269,967
Minn St P & S S M.a.-May 1,605,652
July 1 to May 31
-19,836,934
1,423,834
15,712,151
378,165
7,667,384
471,032
5,981,736
Chicago Division.a—May
889,608
July 1 to May 31—...10,001,723
838,508
8,741,512
198,620
3,014,364
206,741
2,313,713
Mo Kansas & Texas.b.May 2,409,627
*564,072
*476,753
2,086,905
July 1 to May 31—.—29,994,670 26,088,796 *9,103,154 *6,391,184
Missouri Pacific.b---—May 5,105,686
1,427,400
4,576,507
1,708,273
July 1 to May 31...—57,430,682 50,183,120 16,037,386 12,188,709
Nashv Chatt & St L.b.May 1,137,435
July 1 to May 31
12,248,980
,250,700
2,641,404
1,104,950
11,266,817
249,794
2,731,672
43,530
339,886
7,478
106,634
20,585
108,244
N Y Cent & Hud Riv b MaylO,025,721
8,686,434
Jan 1 to May 31
45,899,678 41,346,406
2,711,234
10,873,550
2,168,251
8,378,086
Lake Shore & M S.b.May 5,040,440b 4,144,900
Jan 1 to May 31—....24,206,461 20,602,321
1,519,951
7,340,032
1,130,370
6,280,911
——
Nevada-Cal-Oregon _b .May
29,616
370,341
July 1 to May 31
Lake Erie & West.b.May
506,953
Jan 1 to May 31
2,361,211
Chic Irid &
Jan
1 to
Southib.May
May 31...
—
96,786
390,241
299,914
1,710,600
1
CO C & St
Jan
1 to
Peoria &
30,115
88,011
Central.b.May 2,984,922
2,521,346
to May 31—-14,689,417 12,620,115
1,351,991
38,527
134.451
32,077
178,375
528,965
1,687,234
712,616
3,570,173
929,146
742,887
4,391,169
3,979,366
128,481
488,563
67,656
529,204
1 to
May
1 to May 31
Jan
10,122,299
4,609,893
94,080,897
16,316,583
4,592,515
16,507,256
Total West P & E.a.Mayll,734,001
9,747,898
Jan 1 to May 31
.49,620,683 44,889,266
2,082,306
5,515,805
2,216,380
8,099,697
TotalalllinesE & WaMay33,975,349 29,870,197
6,692,199
1 to May 31.. —151,966,844 138970,163
21,832,388
6,808,895
24,606,953
May 1,415,752
1,349,723
-16,096,987 15,328,450
208,533
2,990,750
256,258
2,307,613
Jan 1 to May 3L —102,346,161
Jan
Pere Marquette.a
July 1 to May 31—
*.
2,709,393
278,271
2,335,860
123,056
1,064,173.
117,174
825,407
—May
327,299
Jan 1 to May 311,388,290
302,292
1,313,384
75,960
216,034
261,669
1,030,261
975,483
July 1 to May 31—— 12,336,900 11,093,355
3,453,157
221,592
2,933,883
Railway.b—-May 5,605,709
5,208,387
1,296,707
July 1 to May 31
-63,382,392 58,701,731 18,867,793
1,510,517
18,535,114
July 1 to May 31
Rutland b——
959,188
10,265,593
3,016,937
264,886
2,708,763
979,297
9,609,800
908,664
8,936,369
315,918
3,206.448
307,161
3,008,310
Sou.b.May
471,539
July 1 to May 31..
4,805,181
412,893
106,281
1,325,024
104,489
1,302,671
10,271
CinNO& TexPac.b.May
July 1 to May 31
.
Alabama Great
Tidewater & Western .b.May
2,920,459" 2,424,607
.13,074,932 12,160,584
Eastern.b—May
89,504
2,382
15,063
636,921
6,914,635
613,812
6,630,244
151,918
1,638,410
2,350,599
Wrightsv & Tennille b.May
•
18,201
July 1 to May 31
.291,473
19,145
332,613
defl,061
58,846
def2,917
98,276
July 1 to May 31
Western Maryland.a—.May
July 1 to May 31
——
" 861,187
-10,200,202
July 1 to May 31
Lines
1
Subsid cos..Apr
to
1,641
9,593
6,033
1,593,486
6,137,019
1,682,291
6,637,484
Apr 30
294,011
1,125,558
275,725
908,195
38,572
218,574
23,670
135,086
9,662
*62,250
478
99,737
540,339
89,625
490,751
Edison El (Brockton).a.May
Jan 1 to May 31.
32,815
186,026
28,647
160,383
11,705
71,536
Fall River Gas Wks.a.May
Jan 1 to May 31—^
37,794
191,966
34,054
178,993
11,287
61,300
Houghton Co El Lt. a ..May
Jan 1 to May 31—
22,225
20,808
129,994
125,604
9,777
61,108
34.027
188,432
32,775
174,289
11,873
72,420
10,127
61,491
Pacific Lt & Power._—Apr
Jan 1 to Apr 30——
214,137
861,805
186,892
772,814
90,619
370,574
79,126
313,184
Sierra Pacific Elect.a—May
53,030
270,457
52,120
256,049
31,990
164,012
32,357
156,009
Lowell Elec Lt Corp.a.May
Jan 1 to May 31—
Jan
,
1 to May 31
•
8,215
46,369
>
w
8,232
57,783
Net earnings here given are after deducting taxes.
,
■*'
Net earnings here given are before deducting taxes., .•••'■
These results are in Mexican currency.'
*
•
h After allowing for additional income for the month of May 1913, total
net earnings were $161,254, against $136,060 last year, and for period
from July 1 to May 31 were $2,406J41 this year, against $1,280,246.
* After allowing for outside operations and taxes, operating income for
May 1913 was $458,967, against $376,889; from July 1 to May 31, was
$7,871,436 in 1913, against $5,396,768 last year,
s After allowing for miscellaneous charges to income for the month of
May 1913, total net earnings were $115,722, against $214,928 last year,
and for the period from July 1 to May 31vrere $1,215,248 this year, against
$2,263,238.
•
a
b
g
,
.
.
.
Interest
■
Charges and Surplus.
•
—Int., Rentals,
260,099
Ac.
Bat. of Ntt Earns.—
Current
Previous
Current
Previous
Year.
$ •
Year.
$
Year.
$
Year.
877,005
3,883,323.
659,531
3,428,712
263,107
1,322,569
462,845
2,329,726
Central of New Jersey..May
548,072
July 1 to May 31—6,037,502
575,989
6,121,913
363,783 def202,549
6,498,207
4,924,244
Chic St Paul Minn & O.May
176,083
July 1 to May 31—— 2,055,296
145,667
1,904,260
106,793
2,033,702
223,254
1,726,198
171,898
1,261,744
126,137
995,817
>
Roads.
:
:
.
.
■
291,941
25,625
240,536
def5,268
1,145
1,491,288
6.464,046
994,512
3,901,517
669,119
2,789,333
Georgia RR
N Y Chic & St L_b_.May
986,807
Jan 1 to May 31
~
5,030,900
957,212
4,693,815
178,489
928,610
261,418
1,112,014
Missouri Pacific
558,191
425,478
126 903
1,915,499
156,989
421,710
103,804
337,001
1 to May 31
...
—....
Cent.b..May
May 31
Total all lines
2
b-.—May25,Vl8!501
May 31
21,716,761
5,586,535
6,948,993
119,305,425 105486,185 29,535,399 25,538,573
Nat Ryslof Mexico
July 1 to May 31
May 3,618,667
4,581,985
832,998
654,562
54,274,064 56,639,747 20,855,695 21,894,775
1 to
7,561
44,165
Blackst Val Gas & Rl.a.May.
Jan 1 to May 31,
17,628
def39,549
Jan
s
'
10,311
53,752
West Indies
Atlantic Gulf &
Jan
227,931
130,854 defl04,454
1,795,908
1.164,223
V
Elect
May
——
as
597,970
8,890,500
881
INDUSTRIAL COMPANIES.
-
Abington & Rockland
Lt & Power.a—
Jan 1 to May 31
45,281
126,197
1 to
9.716
Yazoo & Miss Val.a—-May
93,779
516,577
Jan
4,397,905-
10,545
97,653
235,749
1,239,708
May 31
North.b..May
Tol & Ohio
322,469-,
$
:
L.b.—-.May
May 31.
1 to
181,199
84,405
Mobile# Ohio, b—... May 1,184,984
July 1 to May 31—11,306,966
127,592
492,095
Jan
N
.
—
Southern
Pitts & Lake Erie. b..May 1,885,234
Jan 1 to May 31
8,213,582
g
—
281,418
St Louis Southwest.a—May
1,353,354
Jan
Cincinnati
—
Rich Fred & Potom.b—May
381,010
363,266
Michigan
Jan
60,725
414,174
436,054
2,206,514
1,856,892
.
.
102,869
43,118
Co.a—May 6,228,829
5,115,684
May 31——24.967,871 21,587,428
293,015
3,359,464
16,690,353
320,468
2,822,687
3,256,8.48
1,136,109
53,748
def50,721
Total East P&E.a—May22,241,348
92,968
Jan, 1 to May 31......
215,449
945,679
500,618
2,080,763
—
3,087,771
9,642
* 126,086
.....May
447,127
July 1 to May 31— 4,232,940
v*.
1,666,590
7,747,234
Vandalia.a
368,921
3,630,458
" 179,063
Delaware & Hudson.b.May
9,072
80,991
'
Pitts Cin Chic & St LaMay 3,985,010
Jan 1 to May 31 —
17,516,135
1,515,841
19,820,062
19,816
222,255
CubaRR-.
186,725
—
Canadian Pacific.a—May 11.904,979
11,360,421
3,504,030
3,680,515
127721,270 112008.144 42,618,120 39.451,641
92,144
290,100
/
415,152
2,076,413
Jan
718,825
9,126,277
1,223,005
9,771,993
defl7,813
Grand Rap&Ind.a. .May
446,390
Jan 1 to May 31
2,127,640
$
Maine.b
May 3,973,644
3,859,051 *
790,323
July 1 to May 31 ——44,464,852 42,018,443
9,245,600
def20,849
1,384,516
3,698,294
Year.
610,490
9,507,969
July 1 to May 31.
to
— —
S
Boston &
1
—
892,810
321,534
def2,466
116,200
v
Year.
33,513,818 30,967,505
July 1 to May 31-
defS^1
81,562
268,918.
93
'•'
$
11,125
37,659
327,843
1,338,034
-Net EarningsPrevious
Current
"Year.
.
223,511
282,381
47,427
■
$
75,091
338,524
251,469
360,064
356,455
1,517,772
Jan
Earnings Monthly to Latest Dates.—The table
following shows the gross and net earnings of STEAM rail¬
roads and industrial companies reported this week:
Roads.
li^
May 31.
4,949
defl,346
441,729
3,815,752
1 to May 31.
Island.a
N Y Phila & Norf.a.May
Jan 1 to May 31.
Net
Previous
4,195
1,544
98,526
932,466
Jan 1 to May 31..,.—
32",783
75,556
-Gross Earnings-
26,890
86,988
270,266
1,251,992
Md Del & Va.a——May
2,934
Current
$
293,261
1,464,632
Long
510
14,191,787 13,870,253!
„
S
101,799
——..
567,956
68,795
3,259
22,735
1,021,410
Net decrease (2.35%).
.
Year.
$
2,630
68,997
42,065
,
Previous
Year.
""690
—
Duluth South Shore & Atlantic.
Current
Year.
$
Jan
648,602
6,890
35,592
61,168
1,222
11,161
Net Earnings
Previous
Year.
Cumberland Vall_a._May
Previously reported (26 roads). 11,282,379 11,201,733
Alabama Great Southern—...
90,632
83,742
307,520
271,918
Ohicago & Alton
328,136
266,968
Chicago Great Western.
Cine New Orl & Texas Pae_.
190,276
191,498
Earnings
Current
Roads.
39 roads and shows 2.35%
covers
CubaRR
May
66,792
734,431
67,624
691,374
May
62,228
686,651
65,792 *def24,174 *def56,723
722,527 *def223,428 *142,039
..May 1,539,299
16,621,613
1,465,264
*352,261
*79,453
15,845.487*1,414,187*dfl,908,058
July 1 to May 31
July 1 to May 31—
July 1 to May 31
Nevada-Cal-Oregon
July 1 to May 31
7,048
77,904
131,108
1,376,220
117,924
1,220,783
230,801
2,525,580
223,825
*55,339
*75,109
2,202,721 *1,855,609 *1,538,601
July 1 to May 31
St Louis Southwest
May
July 1 to May 31
.
5,947
70,194
*15,4^0
May
NY Ontario & West.. .May
*463
*31,796
*42,915
94,294 def127,662
1,075,385
346,979
YNH&Hartf.b.-May 5,740,206
July 1 to May 31
N Y Ontario & West
b.May
July 1 to May 31
NYSusq&West.a—-May
July 1 to May 31
5,482,402
1,281,514
1,721,631
63,197,752 59.105,855 19,354,819 20,624,449
794,917
8,638,337
465,280
7,730,415
225,402
2,451,605
def9,738
1,567,762
321,333
3,490,447
235,145
3,374,288
113,436
922,554
'37,330
968,215
Northern Pacific, b—-May 5,766,417
5.127,545
1,647,814
1,727,227
July 1 to May 31.—„.66,651,916 57,909,507 25,745,522 23,171;443
Pennsylv^ia PR.a.-.Mayl5,603,928 14,076,824
3,629,158
3,621,627
Jan 1 to May 31—73,693,485
67,847,929 14,058,655 14,189.319
INDUSTRIAL
Abin&ton & Rockland Elec
Light & Power
May
Jan 1 to May 31.
COMPANIES.
306
1,584
937
1,335
8,009
5,096
Lines Subsid cos..Apr
1 to Apr 30—— —
148,631
579,788
129,247
515,992
145,380
545,770
146,478
392,203
Blackst Val Gas & El..May
Jan 1 to May 31.
16,328
8,881
44,334
22,244
14,789
90,752
Atlantic Gulf &
SS
187
291
West Indies
Jan
81,533
137,041
42
CHRONICLE
THE
Rentals,
-Int.,
&c.—
-Bal. of Net Earns.—
Current
Previous
Current
Year.
Year.
-Gross EarningsPrevious
Previous
Year.
Year.
Companies.
(Brockton)..MayJan 1 to May 31
2,276
11,322
$
1,933
9,713
Fall River Gas Works. .May
Jan 1 to May 31
821
723
3,932
3,107
$
Edison El
—
.
May
69,037
370,842
59,838
312,422
29,707
171,496
25,460
143,027
11,619
Galveston-Houst El.a. May
202,470
905,333
168,519
90,954
366,960
70,698
287,482
44,543
210,171
49,440
211,573
7,826
71,144
160,715
*251,192
5,935
5,399
29,211
27,167
for other income received.
26,055
134,801
Jan
*51,372
*167,377
26,958
128,842
Sierra Pacific Elect—-May
1 to May 31
107,572
510,598
Houghton Co Trac.a_.May
Jan 1 to May 31
24.644
122,472
117,235
9,536
44,263
9,708
42,359
621,154
3,105,274
577,021
2,930,888
247,298
1,252,002
202,827
1,134.584
59,834
52,515
250.846
22,169
96,815
20,259
90,899
Jan. 1 to latest date.
Year.
Current
Year.
Rys Co
120,618
720,450
289,041
! 62,044
180,546
9,636,194
41,-364
....
5,501,659
143,981
493.372
110,306
463,557
239,440
2,276,200
319,193
859,612
_
Honolulu Rapid Tran
& Land Co..
April.
48,447
24.644
338,
36,
Houghton Co Tr Co. May
Hudson & Manhattan March
Idaho
•«.'
Traction Co.. May
Lake Shore Elec Ry.
Lehigh Valley Transit
Lewis Aug & Waterv.
Long Island Electric.
Milw El Ry & Lt Co.
Milw Lt, Ht & Tr Co
Monongahela Vail Tr
Nashville Ry & Light
N Y City Interboro.
NY& Long Isl Tr...
March.
May
490.669
M ay
113,994
79,473
184,147
47,374
30,214
May
May
March
March
11,929
107,248
NY& North Shore._ March
March
N Y & Queens Co
New Yojrk Railways. April
May
;
North Texas Elec Co May
^
Northw Pennsylv Ry May
Ocean Electric (L I). March
_
Paducah Tr & Lt Co. May
Pensacola Electric Co May
Phila Rap Trans Co. April
Port (Ore) RyL&PCo May ;
Portland (Me) RR._ May
Puget Sound Tr,L&P April
_
May
March
Third Avenue
Twin City Rap Tran. 3d wk June
Underground Elec Ry of London
Wk June 21
~£13,050
Wk June 21
"£13,161
London Gen Bus.. Wk June 21
Union Ry Co of NYC March
£74,515
London Elec Ry._
Metropolitan Dist.
207,026
395,679
Union RyG&E Co (111) May
United Rys of St L__ May
Westchester Electric. March
Western Rys &
Yonkers
....
Light May
Railroad.
—
March
1120,757
41,736
207,440
58,425
65.684
19,216
13,302
....
York Railways
May
Youngstown & Ohio. April
Youngstown & South March
These figures are for
c
183,317
834,726
650,370
85,244
363,344
70,742
286,104
May
25.645
115,046
21,417
116,321
7,738
34.498
5,462
31,938
May
22,770
114,516
24,141
114,217
7,135
37,972
9,313
40,464
549,852
2,724,648
543,813
2,669,653
280,143
1,387,767
278,907
1,299,997
79,691
364.414
77,570
341,772
18,392
68,280
22,103
78,479
70,026
333,193
63,524
298,005
24,817
104,390
16,044
79,829
94,248
473,233
37.499
217,754
36,630
202,340
34.376
135,790
83,561
32,528
301.373
Elec_a.----.May
98,836
503.415
May
69,556
325,927
308,227
31,398
152,710
144,459
690,630
3,233,703
385.207
1,673,053
358,725
1,520,950
409,967
4.630,009
185,590
2,177,589
157,148
1,867,553
Union Ry, G & El (IIl)a May
395,679
Jan 1 to May 31
1,950,386
275,795
1,478,606
186,130
851,037
107,564
588,011
...
Wisconsin
Gas
17,136
86,321
16,498
81.751
15,062
63,646
13,274
55,141
May
2,076
10,043
1,730
2,605
13,635
4,403
16,426
Brockton & Plymouth. .May
Jan 1 to May 31.
1,105
636
1,017
Baton
5,513
def 1,026
—
6,081
30,140
5,703
28,314
4,793
28,138
Chattanooga Ry & Lt—May
Jan 1 to May 31
24,607
121,249
21,684
107,234
31,256
77,440
16,845
61,232
Cleve Southw & Col—.May
Jan 1 to May 31
31,590
155,803
30,638
151,604
14,506
14,182
12,215
*13,078
13,082
9,824
70,416
33,946
58,390
48,862
236,075
374,039
52,839
258,977
18,072
62,013
4*-.16,749
Columbus
473,233
v'
Jan
(Ga) Elect. .May
1 to May 31—
Jan
Jan
Dallas
235.668
1 to May 31
Elect Corp
17,482
52.008
63,365
325,927
314.012
959.515
4,000,593
175,635
889.852
*222,988
*869,797
*219,584
,*728,844
50,552
247,246
48,286
240,544
47,674
207,717
34,276
170,965
2,198
14,529
6,597
34,581
27,509
136,957
18,863
108,446
Galveston-Houston EL .May
Jan 1 to May 31
34,754
173,773
33,814
169,739
56,200
193,187
117,743
May
14,963
74,594
14,497
73,128
29,580
135,577
34,943
138.445
May
5,629
28,229
6,612
3,907
27,404
16,034
3,096
14,955
11,184
55,116
9,829
47,798
10,985
41,699
10,430
43,101
2.589
3,912
943
Lewist Augusta & Wat. May
Jan 1 to May 31
15,493
73,709
14,447
72,229
6,056
4,224
2,834
defl8,5J6
Nashville Ry & Light—May
Jan 1 to May 31
37,877
187,244
36,200
175.853
34,146
167,854
37,247
160,970
58,131
284,501
43,821
219,108
54,164
171,116
24,166
61,078
240,189
Grand
£13,315
£355,485
£352.240
£12,938
£328,713
£315,586
£57,581 £1,503,300 £1,155.284
189,306
586.831
540,976
275,795
1,950,386
1,478,606
1085,013 5,144,938
4,901,759
43,793
119,082
124,835
179,630
1,001,803
882,426
55.525
136.261
157,859
58,329
300,631
280,263
17,765
73,520
71,288
12,191
35,970
32,839
Rapids Ry.
Jan
1 to May 31
Houghton Co Tract
Jan 1 to May 31
Jacksonville Tract
May
Jan 1, to May 31—
Key West
"
Electric....-May
"
Current
Year.
$
10,279
41],364
1,741
4,487
10,874
58,278
7,131
34,703
313
def 1,669
def 1,378
def2,765
6,477
31,945
6,378
31,886
6,027
2,935
8,578
May
162,174
790,432
148,392
722,135
117,969
597,335
130,515
577,862
Portland (Me) RR
Jan 1 to May 31
May
10,729
51,853
10,206
49,025
7,663
16,427
11,897
29,454
May
22,727
102,985
16,009
79,774
2,090
1,405
St Joseph Ry L H & P.May
Jan 1 to May 31
12,386
50,604
Chattanooga Ry & Lt a May
Jan 1 to May 31———
123,315
493,372
88,888
409,089
55,863
198,689
38,529
168,466
Cleve Southw & Col.b.May
Jan 1 to May 31
108,624
463,557
100,774
435,170
46,096
169,985
42,853
164,150
7,425
35,876
Portland (Ore) Ry L&P
Jan 1 to May 31
2,071
6,039
29,989
143,981
9,759
39,604
28,578
131,567
Jan 1 to May 31— —_
123,155
20,198
100,460
19,710
98,297
17,301
117,294
16,920
104,043
May
4,528
23,529
4,363
22,309
26,870
129,181
25,725
122,150
149,906
733,186
143,079
712,396
235,301
939,867
215,646
808,554
May
113,186
1,095,406
92,656
1.017,436
72,404
1,082,183
El (111) May
97,724
488,618
68,086
339,623
88,406
.362,418
127,289
*127,450
*569,504
Pensacola
$
Brockton & Plym'th.a.May
Jan 1 to May 31-—--
239,440
43,372
214,169
22,908
106,139
20,219
103,261
233,125
202,472
111,282
94,007
1,311,491
1,117,592
679,570
166,126
773,532
75,365
346,433
69,580
297,498
184,737
150,065
75,908
59,924
859,612
699,141.
343,754
251,957
Savannah Electric
Jan 1 to May 31
,
Tampa Electric
Jan 1 to May
Twin
->
■
31
City Rap Trans..May
Jan
1 to May 31
United Light & Rys—
Subsidiary Cos
525,377
175,866
844,933
68,479
242,925
'
20,845
104.225
Year.
S
,
689
Elect
...May
Jan 1 to May 31
*
Previous
Year.
•
36,884
Paducah Tract & Lt—-May
Jan 1 to May 31——
—Net Earnings-
Previous
31
.
v
Northern Texas Elect..May
Jan 1 to May 31-——
6,133
25,075
,
35,257
137,282
...May
Jan 1 to May 31...—
3,706.094
4,681
23,678
Dallas Elec Corp.a—May
Jan tl to May 31
51,293
223,555
El Paso Elect.
910.319
156,464
13,901
59,088
CumberrdCo(Me)P&LaMay
24,667
114,675
179,568
896,862
308,227
V-
48,717
38,513
24,615
120,199
...
12,231
62,044
1 to May 31
35,617
289,302
May
31—r—
"
27,677
49.329
Rouge Elec.a—-May
1 to May 31
-
Jan
•
Detroit United.
—May
Jan 1 to May 31— —
29,772
136,892
Consumers Pow Co.a.-May
Jan ; to May 31——
7,137
32,845
East St Louis & Sub:—.May
Jan 1 to May 31
210.402
41,401
32,198
149,967
Columbus (Ga) Elec.a.May
57,293
284,420
Co(Me)P&L May
Jan 1 to May
161.696
53,790
262,567
May
62,420
305,531
1 to May 31———
Cumberl'd
298,005
60,285
289,041
Cape Breton Elec.a
Jan 1 to May 31
—.
13,084
72,193
Northern Ohio Tr & Lt.May
187,272
8
Jan
779
6,683
22,290
.
"
70,699
Year.
Bangor Ry& Elec.a—May
Jan 1 to May 31
'
Consumers' Power Co..May
2,742.919
333,193
—•—Gross Earnings
Baton
May
"
Net Earnings.—The following table
of ELECTRIC railway gross and net
Roads.
8,649
1,054
5,260
Cape Bretoh Elect
Jan 1 to May 31
consolidated company.
Current
—
Rouge Elect
Jan 1 to May 31
Railway
gives the returns
earnings reported this week:
188,418
869,022
Charges and Surplus.
May
Jan 1 to May
Electric
(incl'g
May
Interest
7.321,162
2,669,653
341,772
503.415
El
Bangor Ry & Elect
Jan 1 to May 31
114,217
7,784.912
2,724,648
364.414
2,749,256
73.679
&
subsidiary cos).a
674,098
624,246
200,634
Jan 1 to May 31
3,353,997
3,080,205
943,06$
a Net earnings here given are after deducting taxes,
b Net earnings here given are before deducting taxes.
13,352
116,321
114,516
30,088
Light &
Railways
479,857
(subsidiary cos)
May
July 1 to May 31
5,221,753
650,370
115.214
115,046
63,365
United
1,100,375
129,344
14.086
...
May
Tampa Elec.a
Jan 1 to May 31
77,371
30,309
272,140
4.397.518
50.924
53,385
—
148,060
Twin City Rap Tran.b.May
742,153
Jan 1 to May 31
3,476,036
98.216
28.864
10,918
96,564
I to May 31
...
Jan 1 to May 31
1,037,372
94,248
32,178
63.524
73.749
10,074
83,136
14.829
,18,355
69,556
334,143
181,948
1,100,375
112,300
462,033
May
St Jo Ry,Lt,Ht&P_a
Jan 1 to May 31
434.399
314.624
71,391
173,675
98,836
70,026
73,440
336,823
112,295
455,617
Savannah
210,541
511,566
363,328
892,438
24,745
38.166
March
Second Ave (Rec)
Southern Boulevard. March
Staten Isl'd Midland- March.—_
Tampa Electric Co.
2,485.909
97,041
25,923
.....
72,023
355,098
255,104
Jan
39.639
2.325,541
1,205,720
.834,726
:
173,675
1,037,372
544.051
•
44.901
279,992 255,104
183,317
148,060
30,874
26,674
5,397
5,137
25.645
21,417
22,770
24,141
1998,245 1903,908
549,852
543,813
79,691
77,570
689,941
669,409
St Joseph (Mo) Ry.Lt,
May
Heat & Power Co
184*147
892,438
279,992
1,205,720
Portland (Me) RR.a.-.May
Jan 1 to May 31
*
181.504
117,235
935.415
152.887
2,930,888
13,888,326
'250,846
359,197
4.616,383
Lt & RR_ March
Santiago Elec Lt & Tr May
Savannah Electric Co May
97,806
164.699
1202,761 1167.654
13,907
13.680
Northam Easton& W April
Richmond
52,515
54,957
16.204
_
North Ohio Trac & Lt
964.567
3,105,274
14,169.427
274,796
382.561
646.260
239,127
18,671
53,713
Portland(Ore)Ry,L&Pa May
358.246
,328
34,186
4,601
76,543
Pensacola Elec.a
Jan 1 to May 31
1,245,063
122,472
123.326
49,814
14,000
461,401
"
382.175
3,532
21,549
Paducah Tr & Lt.a
Jan 1 to May 31
312,422
397,111
751,991
484,640
1,393,735
203.963
59,834
100,218
...
447.221
905,333
510,598
11,693
49,814
210,541
Nor Texas Elec.a
May
Jan 1 to May 31—
450,536
954,431
370,842
,088
147.652
April.
May......
May
485,578
24,088
54,957
239,127
May
Nor Ohio Tr & Lt.a
Jan 1 to May 31
681,114
262,567
.••59,088
144:640
8,208,660
39,604
5,435,492
131,567
409,089
100.245
435,170
214,169
2,007,485
301.181
699,141
4,797,890
152,238
1,055,475
,008
L» 2857,074 2752.464
•
5,614,610
143,310
577,021
62
May
Interboro Rap Tran. May
Jacksonville Trac Co May
Traction
Illinois
•
484,640
10,847
...
1,870.697
115,009
1,980.626
102,627
274,796
Nashville Ry & Lt.a_.May
Jan 1 to May 31
398,642
25,207
159,261
53,790
13,901
z8,927
168,721
60,285
12,231
59,281
51,435
March
Belt Line
1990.910 1731,156
Brazilian Trac, L & P May
9,759
10,279
Brock & Plym St Ry. May
1990.389 1888,677
Bklyn Rap Tran Syst March
28,578
29,989
Cape Breton Elec Ry May
88,888
123,315
Chattanooga Ry & Lt May
27,839
29.683
Cleve Painesv & East April
100,774
108,624
May
Cleve Southw & Col
43,372
48,717
Columbus (Ga) El Co May
545,577
490,119
Commonw P,Ry& Lt, April
104.745
112,650
*.
Coney Isl & Brooklyn March
150,065
184,737
May
Dallas Electric Corp
221,179
252,945
Detroit United Ry__ 2d wk June
53,353
51,415
D D E B & Bat (Rec) March
96,050
105,873
Duluth-Superior Trac May
196,824
221,798
East St Louis & Sub- May
59,838
69,037
El Paso Electric Cos. May
141,960
157,847
42d St M & St N Ave March
168,519
202,470
Galv-Houst Elec Co. May
102,627
107,572
Grand Rapids Ry Co May
80,698
87,087
Harrisburg Railways May
Wk June 29
50,489
7,187
HavanaEl Ry L & P.
—
May
1 to May 31.
Lewiston Aug& Wat.a.May
Jan 1 to May 31
Year.
$
433.589
May
May
Atlantic Shore Ry
c Aur Elgin & Ch Ry. May
Bangor Ry & Elec Co May
Batomftouge Elec Co May
American
1 to May 31—
Key West Elec.a
Previous
Year.
—May
Jacksonville Trac. a 1
Jan
Previous
751,991
Rapids Ry.a
May
Jan 1 to May 31....,.
Illinois Traction.a
Latest Gross Earnings.
221,798
Jan 1 to May 31—
Jan
Month.
1 to May 31
Grand
ELECTRIC RAILWAY AND TRACTION COMPANIES.
'
82,562
411,509
El Paso Elec.a
Jan 1 to May 31
37,099
163,892
Current
1,055,475
98,226
454,963
4,100
38,933
1,276
or
379,671
1,536,868
196,824
954,431
5,560
42,108
*
40,398
158,531
Week
4,363,671
May
Pacific Lt & Power.
.Apr
Jan 1 to Apr 30—-
Name of
Road.
Fear.
$
382,872
1,669,141
East St L & Sub.a
Jan 1 to May 31.
8,524
53,665
allowing
Previous
Year.
7,492
43,262
1,603
Jan
Current
$
980,034
10,466
57,368
4,132
18,850
After
$
May 1,152,954
5,110,997
Year.
Detroit United_b
254
*
Year.
7,729
52,537
4,217
19,000
...
-—Net Earnings
Current
Roads.
xcvii.
9,429
60,214
May
Houghton Co Elect Lt.May
Jan 1 to May 31
Lowell Elect Lt Corp
Jan 1 to May 31.
[Vol.
July 1 to May 3L
Union Ry Gas &
Jan
1 to May
31
Wisconsin Gas & El Unci.
subsidiary cos)
May
Jan 1 to May 31— —
*
After allowing for
other
125,020
,
618,549
660,406
Income received.
49,897
181,879
658
t
64,493
850,117
„
39,478
248,388
*110,037,;
*448,094
July 5
EXPRESS COMPANIES.
March— —July 1 to Mar. 31—
Month of
Express
1911-42.
1,842,432
operating revenuesTotal operating expenses, — -
3,626,216 35,839,370 32,152,493
1,853,651 17,244,731 15,059,754
1,883,601
1,927,131
privileges—Dr
Total
Net operating revenue-
1912-13.
1912.
1913.
3,726,034
American Express Co.—
Gross receipts from operation
1,772,565 18,594,639 17,092,739
1,726,635 17,623,081 15,098,700
971,558
281,989
45,930
30,751
def43,529
- -
30,238
One-twelfth of annual taxes,
1,994,038
286,987
praisal Co.. July 1909, with additions for improvements and betterments
and deductions for property disposed of subsequent thereto.
The property
at Attica, N.
1912-13.
1911-12.
$
$
2,800,201 26,493,724 25,219,895
1,441,250 13,738,667 12,884,586
Express
Total operating revenues,
Total operating expenses,-Net
2,738,876
privileges—Dr—— 1,432,437
1,358,950 12,755,057 12,335,309
1,223,986 12,434,789 11,330,626
1,306,439
1,332,808
15,789
114,302
loss42,157
Operating income
Month of
Southern Express Co.—
Gross receipts from operation
--
~~
178,013
1912.
$
$
1,407,890 12,245,222 11,518,051
727,639
6.082,863
5,587,097
1,399,267
710,832
688,434
581,828
Net operating revenue-—-
One-twelfth of annual taxes.
Operating income
680,250
548,350
6,162,359
5,119,055
106,606
12,440
Total operating revenues-
Total operating expenses
131,899
12,757
1,043,303 -1,224,426
120,586
127,666
922,717
119,142
94,166
Month of
1912.
$
United States Express Co.-
receipts from operation 1,653,378
5,930,954
4,706,527
1,096,759
—July 1 to Mar. 31—
March-
1913.
Gross
826,669
1913.
1912.
$
S
Express privileges— Dr
172,296
>
1,004,683
—July 1 to March 31—
March
1913,
v
320,268
147,971
134,964
20,662
def26,368
operating revenue
One-twelfth of annual taxes,
1912-13.
1911-12.
$$
.
$
1,687,882 16,418,463 15,721,791
822,389
7,914,331
7,304,996
Express privileges—Dr__...
805,599
Total operating revenuesTotal operating expenses—
847,778
891,263
865,493
935,115
8,504,131
8,459,744
revenue,def43,484
def69,621
14,757
44,386
104,665
101,203
15,808
Operating income,.——loss59,292
loss84,379
Ioss60s278
lossl,792
8,416,795
8,315,591
'
Net operating
One-twelfth of annual taxes,
102,996
value of $220,965, which
conversion of 3-year 6s.
Note.—The company has a contingent liability, as endorser, on notes re¬
ceivable discounted, amounting to $32,000.—-V. 96, p. 1845, 424.
(TEejTWilliam" Cramp & Sons Ship & Engine Building
Company, Philadelphia,
{Report-for Fiscal Year ending April: 30 1913.)
Pres.
1912.
$
a net
6 Bond discount and 3-year 5% coupon notes issued in connection with
,
1913.
Y., is carried on the books at
than cost.
amount is less
689,568
1,707,051
Operating income—------ loss73,768
15,178
Month of March—July 1 to Mar. 31—
Adams Express CorGross receipts from operation
43
CHRONICLE
THE
1913:]
Henry S. Grove, Phila,, June 2^, said in substance:
December last a stockholders' meeting was called
of $2,000,000 of pref. stock, to permit the carrying
comprehensive financial plan and to provide for extensive plant
improvements.
The great increase in the size of vessels rendered advisable
extensive alterations with a view to handling vessels as large as will pass
through the locks of the Panama Canal, namely 1,000 ft. long, 110 ft,
wide, with a draft of 45 ft. of water over the sills.
This plan involved the
extension of the serial notes, which was later found to be impracticable, as
many of the notes are held by estates which have no power to consent, to
the extension.
Moreover,,the recent booking of important orders for com¬
mercial work makes it inexpedient at present to undertake these changes.
It was, however, necessary to make arrangements to pay for improve¬
ments to the I. P. Morris Co. and to provide additional working capital to
handle the present volume of business, and your company has therefore
issued and sold $1,200,000 of 3-year 6% notes, dated April I 1913, maturing
April 1 1916 (interest A. & O.), but callable at company's option at 101 and
int. and secured by $2,000,000 of our 5% consolidated mortgage gold bonds
of 1923.
This financing required no action on the part of the stockholders.
Business and Outlook.—Except the shipyard proper, ail of our depart¬
ments have for years been doing a very satisfactory and growing business,
and the last year has i/vitnessed a phenomenal development in certain of
them.
On the other, hand, the business of shipbuilding has until now
suffered from conditions familiar to every one and common to all ship¬
yards in the United States.
In the period now coming to a close tlie num¬
ber of new vessels to build has at all times beeh considerably less than the
capacity of existing shipyards, with the result that keen competition has
driven prices to a level where satisfactory profits were not to be obtained
and where frequently business was taken at a loss in order to. keep yards
running.
Since 1902 the number of shipbuilding companies on the sea¬
board of the United States has decreased, as seven have disappeared, while
ip the same period not a single new one has come into existence.
Now, however, the approaching Completion of the Panama Canal has
so improved the outloox for shipbuilding in the United States that it is
reasonably certain that the new ships that must be built in American yards
during the next few years will tax to the limit their available capacities.
This will make for a permanently larger volume both of new construction
and repairs, and insures reasonably profitable prices and a satisfactoryNew Financing .—In
to authorize an issue
out of a
that the management is "now satisfied that if Con¬
does not change the coastwise shipping laws, which confines the trade
ports tp American-built vessels, the shipyard will
hereafter be a reasonably well paying property.
To handle economically the -business, now on the company's books, the
immediate purchase of a small amount of real estate and new tools, and the
construction of new buildings and yard tracks, was necessary, and hasbeen
proceeded with/ These improvements will be completed for about $150,000.
Further extensions and improvements can be made as needed,
Improvements.—The new I. P. Morris machine shop and improvements
in the I. P. Morris foundry are practically completed.
Within the last
ten years the business of this branch has increased threefold.
The Kensington shipyard, Cramp's brass foundry and Federal steel
foundry require no" extraordinary expenditures.
Their business and the
profits from their operations are increasing and promise to continue to do so.
amount of business; so
gress
ANNUAL
between United (States
REPORTS.
Annual
Reports.:—An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month.
This index will
not include reports in the issue, of the "Chronicle" in which
it is published.
The latest index will be found in the issue
of June 28.
The iiext will appear in that of July 26.
The Westinghouse Machine
••
Co., East Pittsburgh, Pa.
{Report for Fiscal Year ending March 31 1913.)
T. S.
Summary of Improvements
For
new
Grubbs, Sec. and Aud., June 24 1913, wrote in subst.:
Results s—The average annual net income available for interest and
divi¬
dends, or for capital accounts, during the 11-year period ended March 31
1913, as certified by Haskins & Sells, has been $638,180.
The net earnings
for the tyst fiscal year ended March 31 1913, before deduction of interest
charges, were $500,030, as compared with $180,874 in the previous fiscal
year.
In the year just closed the total billing in product of the company's
manufacture was $3,841,000, practically $400,000 more than the previous
fiscal year.
Accordingly, with increased billing in the year just closed of
$400,000 over the business done in the previous year, there is an increase in
net earnings of approximately $320,000.
' "
*
'
Adjustments.—The charges against surplus account shown above in
the y^ar ended March 1912, amounting to approximately $5,800,000, rep¬
resent principally adjustments in book values of certain. investments ac¬
quired many years previous!; and the same item in the year ended March
1913, amounting to approximately $43,000, consists in the main of charges
in connection with the recent conversion of over $4,600,000 of the 3-year
notes inito long-term bdnds.
These items, therefore, have no connection
with the operating results.
Plan Consummated.—In Dec. 1912 a re-financing plan was declared ef¬
fective, under which the notes held by the creditors were converted into
long-term bonds, and Mr. Westinghouse purchased $1,000,000 of the bonds
to provide additional working capital required.
(See V 95 p 970; V 96
p 66, 424.)
The re-financing plan having been carried into effect, the
management and control of the company, which for five years past
had been conducted under the supervision of the creditors' committee,
have reverted to its stockholders and the board of directors elected at the
shipyard
1912-13. 1911-12. 1910-11. 1909-10.
of all departihents..
$561,796 $473,022 $283,507 $716,142
20-year 5% serial notes.
.$165,083 $176,083 $187,083 $198,083
Int. on lstmtge. 5% gold bonds.
57,917
69,167
60,417
61,667
Ground rents & int. on feal est. mtgs.
32,120
29,664
29,839
29,964
m
Net
earns,
Int.
on
...
.
Net surplus-—.-———
$306,676 $208,108
The net earnings above include
1. P. Morris Co. and.Kensington
operating results than those, of the past 5vyears,
Extracts from Statement by Haskins & Sells, May 9 1913.
The securities owned include $873,180 par value of stocks in foreign West¬
inghouse companies, carried at a book value of $317,192 and $1,350,000
capital stock of the Pittsburgh Meter Co. (V. 85, p. 157) carried at its par
value.' For several yearsjpaSt the earnings of the Pittsburgh Meter Co.
$6,168 $426,428
the company and its subsidiaries, viz.:
Shipyard Co., incl. misc. income, and
after deduction of insurance and taxes.
The company has made the following payments
In reduction of capital debt, $245,000:
*
and expenditures:
*
220 20-year 5% serial notes redeemed, as per terms of issue
$220,000
25 1st M. 5% gold bonds redeemed, as per terms deed of trust.
25,000
Expended in the purchase of.real estate, new tools, machinery and
for improvements, Ac
—
j.
630,337
BALANCE SHEET APRIL 30.
1913.
estate,
$
1913.
Liabilities—
Capital
ma¬
1912.
$
stock
.
6,098,000
6,175,344
200,000
323,520
Wages due May..
67,966
Accrued Interest.
79,847
Profit and loss
4,195,898
5,184,912
notes
and
rec1,626,873
792,570
428,741
402,687
Bills
564,137
a674,298
775,020
667,880
Merchandise accts
Materials A suppCash
.
-
Deferred assets—
mortgages
payable.,...
467*444
60,249
77,295
_
—.17,140,575 15,854,346
Total
$
6,098,000
13,846,527 13,216,189 Bonds,
chinery, AC
Bills A accts.
1912.
$
Assets—
Real
affairs of the company.
Under these conditions, with more orders in hand
than the shop can execute in the coming six months, there is every reason
to expect more satisfactory
150,000
^EARNINGS FOR FISCAL YEAR ENDING APRIL 30.
.
Eresent meeting is therefore will continue to give personal attention shareolders.
Mr. westinghouse truly representative of the company's to the
{Total $750,000).
I. P. Morris machine shop and ext. of I. P. M. iron fciry_$600,000
For immediate improvements to
Total
3,966,446
17,140,575 15,854,346
$635,368 contested claims against the Government (uncol¬
lectible balance to be written off when all claims have been finally adjudi¬
cated) and $38$29 undistributed expenditures on plans, stocks, patent
and patent litigation.—V. 96, p. 1843.
a
Includes
have been in
excess of 10% per annum on its Capital stock and during the
ended March 31 1913 a dividend of 8% was paid.
We believe that,
considered as a whole, the securities owned are fairly valued.
year
The average annual net
income of the company available for interest
dividends or for capital accounts for the period of 11 years ended
March 31 1913 has been $638,180.
Marconi Wireless Telegraph Co. of America, New York
.
and
RESULTS FOR
1912-13.
Net mfg. profit af¬
ter allow'ces for
depreciation
$439,669
$164,012
123,578
123,149
$563,247
63,217
$287,161
Dlvs. rec'd A other
income
Total
Deduc. from inc..
*
Results.—'The company's
YEARS ENDING MARCH Bl.
1912-13.
1911-12.
Shipments billed__$3,840,973 $3,440,790
106.287
Interest
Net earnings after
interest charges
,
Less—Charges to
surplus
...
Net
1911-12.
$418,339
charges.
$478,934
$81,691
*$298,059
42,729
5,772,929
addition to
$38,962*$6,070,988
surplus
Deficit.
BALANCE
1913.
SHEET MARCH 31.
Liabilities—
bldgs., 1
property, &c,-.a8,581,057
other investm'ts
$
7,341,000
318,880
287,463
2,120,000
4,605,500
2,990,349
Three-year notes..
Notes payable
Accts. pay. .taxes A
1,526,408
495,913
Advance paym'ts.
44,944
Res've for depr.,Ac
397,201
Profit and loss.... ; 490,727
372,266
246,573
323,513
451,765
8,573,273
Funded
debt
(see
Ry. & Ind. Sec.)
858,656)
mat'i, mfd., pro¬
duct, Ac
2,829,755
Patents,
licenses,
insur.,&c.,prepd 1,525,331
Deferred charge-6317,330
■
$
7,505,450
2,771,449 2,772,500
Notes & accts. rec.,
1912.
7,505,450
Capital stock
Secure, owned and
Cash
1913.
1912.
Assets—
Real estate,
interest.
237,463
Total
____16,881,578 15,862,530
Total........ .16,881,578 15,862,530
a.The book value of,the property at East Pittsburgh, Fa., and Trafford
City, Pa., represents the value determined by the Manufacturers' Ap¬
{Report for Fiscal Year ending Jan. 31 1913.)'
Secretary J. Bottomley writes in substance:
business shows satisfactory extension, but the
be taken as any criterion of what the company
should do when the long-distance stations now building come into operation.
results shown must not
The acquisition, after bankruptcy sale, of the tangible assets of the United
Wireless Telegraph Co. gave us control of all the coast stations of import¬
the Atlantic and Pacific coasts/besides the business of practically
ance on
the whole of the American Mercantile Marine at present fitted with Wireless
installations, so that your company is to-day operating over 500 stations,
ship and shore.
It must be remembered, however, that the company did
not get possession of these additional assets until July last, that many of
the contracts taken over were for an unexpired term. on an unsatisfactory
basis, and that time was required to re-arrange these contracts on more
equitable terms; therefore the improvements which will necessarily result
from these changes play but a small part in the accounts now submitted.
The expenses entailed m taking over these assets were heavy.
New Stock.—On April 18 1912 the stockholders voted to increase the
capital stock to $10,000,000, of which $7,000,000 was offered to stockhold¬
ers and fully subscribed; 1,880,504 shares have been issued and
paid for
and 119,486 shares subscribed for but not yet issued.
Holders of certifi¬
cates of stock previously issued are entitled to receive in exchange therefor
five shares of stock of the present par value, and it is requested that the
original certificates be forwdrded for this purpose by registered mail to
The Corporation Trust Co., 15 Exchange Place, Jersey City.
Long-Distance Stations.—With such an addition to capital resources, the
directors have been able to arrange for the immediate construction of sta¬
tions to place this country in direct communication with England, and for
the construction of stations at San Francisco and Honolulu to communicate
through* the Philippines with China and Japan.
It is intended to extend
the service from New York south to Cuba, Panama, and subsequently to
each of the South American States.
Communication across the Atlantic
44
CHRONICLE
THE
should be established this year, and other stations will be available within
the next 12 months.
Each or them, when completed, should add very
considerably to the company's revenue.
All the stations will be constructed
for a duplex Service, and each will be furnished with apparatus for auto¬
matic transmission and reception.
Contracts.—In anticipation of the opening of the long-distance stations,
and the traffic expected to accrue therefrom, agreements have been entered
Into with the Western Union Telegraph Co. and the Great Northwestern
Telegraph Co. whereby some 30,000 telegraphf offices of these companies
become available for the delivery and receipt orMarconigrams throughout
the United States and Canada.
\ !
A Contract has been entered into with the Norwegian Govt, for the erec¬
tion of high-power stations in Norway and the vicinity of New York for
the purpose of conducting a commercial telegraph service between Northern
.
Europe and America.
The receipts of thegjoint station^ will be pooled by
the Norwegian Govt, and the Marconi Wireless Telegraph Co. of America
andfdivided equally between them.tfFThe contract is for 25 years, and the
Norwegian Govt, has the right to renew it.
Directly the contract has been
ratified by the Norway Storthing, construction of the stations will begin.
Federal Legislation.—The U. S. Govt, has now ratified the convention
Of the International Radiotelegraph Conference of London, and Federal
laws have been brought into force which require that passenger steamers
licensed to carry 50 or more persons and trading between ports distant
200 miles or more be equipped with wireless telegraph apparatus, and in
addition thereto an auxiliary equipment independent of the ship's main
power
plant available in case of disaster disabling that plant, which must
be capable of carrying on communication for four hours over a distance
Furthermore, all passenger steamers! ncluded in the
above-mentioned Act are required to carry two operators so that a continu¬
ous watch may be maintained.
After July 1 1913 this Act will apply to
ocean cargo steamers carrying a crew of 50 or more.
All the vessels operated by this company, within a very short time after
the regulations came into force, were equipped with the necessary auxiliary
apparatus, and competent operators have how been supplied.
of at least 100 miles.
tion between ships at sea and between ships and coast stations.
These
regulations are international and every station, whether on shipboard or on
land:, must be licensed'and the operators in charge of such stations must
obtain a certificate of efficiency.
These regulations have gone far toward
improving the Radiotelegraphic service of the U.S.A., preventing the chaos
which so frequently obtained through the interference of amateurs.
Work During the Year.—In addition to the re-equipment of vessels, the
wireless business of which was taken over, three 100k. w. stations have been
•erected during the year for the United Fruit Co. to provide wireless service
between New Orleans and South America, replacing apparatus 6t another
wireless company.
Many sets have also been manufactured and delivered
jbo the several Governmental departments, for both ship and shore work.
Factory.—The Company has purchased land and equipped a factory at
Aldene, N. J., for the manufacture of wireless telegraph apparatus,
RESULTS FOR
YEARS ENDING JANUARY 31.
Ore
1912.
Other income
—
JAN.
SHEET
BALANCE
31
1913
(Total EachySide,
$9,866,443).
bankers' certificates of deposit, $775,000; bankers'
$2,320,000; totaL
$3,403,491
Railway bonds and notes, $2,108,503; bankers' time collateral
loans, $250,000; foreign government bonds, $97,875; munici.
pal loans, $75,000; bankers' time certificates of deposit, $100,000; shares of other companies, $1,470; total
2,632,848
Interest accrued, $22,718; sundry debtors and debit balances
(after providing reserve for doubtful accounts) $309,684; total
332,402
Patents, patent rights and good-will, $2,691,215; real estate and
buildings, machinery, plant, apparatus at works, land and ship
stations, after providing reserve for depreciation of equipment,
$806,487; total.
—
—1
$3,497,702
collateral loans,
—
—
_ .
-
_ -
-Capital stock
--$9,402,070
Sundry creditors and credit balances, $195,857; reserves for out¬
— _ -
standing liabilities, rentals prepaid, &c., $44,032; total—___
Profit and loss-_—
:
1706.
r-V. 96, p. 1776,
224,484
—
-
*
'
•
RESULTS FOR CALENDAR
.1909.
$1,026,252
$946,907
$939,109
$848,597
$181,096
ipt
am
Deductpar tici-
$176;531
$165,622
$160,206
ation
P»
earnings—
in
Cable repairs
Divs. (10% per annum)
Miscellaneous
45,638
19,496
358,940
13,519
-
___
37,772
14,834
358,940
45,500
v
358,940
15,677
34 ,'569
68,565
340,942
10,121
Sales of silver
1909.
84,502,475
12-672 cts.
39,838
381.331
51,749,233
53.3 cts.
53.58 cts.
51.528 cts.
804,058
195,564
$10,708,411
796,758
204.332
166
888
$6,683,321
417,247
102,511
4,311
$15,345,953 $12,825,953 $11,710,389
$7,207,390
34,256
311,391
60.657 cts.
_
Total
Additions &
$350,259
2,585,117
$361,941
2,223,176
$3,342,939
$2,935,376
$2,585,117
improv'ts^
$3,342,939
BALANCE
'
,
1912.
$2,935,376'
SHEET DEC.
$2,585,117
Expenses—
Operation
$4,031,589
Mine development-184,298
Prep'd explore stripping
398,649
Freight on ore
Treatment and refining.
4,424,175
investments.
_
Interest received
Total net profits.
on
$2; 176,000
46,562
_
_
_.
$8,529,804
80,532
.
Liabilities—
4,729", 747
191.1.
$
...
—
Cash-—*.-
—
-
Investment
Total
—
-Vv 96, p.
7,076,003 6,674,062
1092.
Total
...-.—-.
.7,076,003 6,674,062
-
$1,459,775
21,011
30,077
6,908
13,050
$5,401,775
$2,160,090
5,348
1)464,387
(20%)
4,703,022
(30%)
$1,534,906
BALANCE
1912.
>«
$
SHEET DEC.
(30%)
$752,912"
1912.
Liabilities—
$
e
$690,355
31.
1911.
Property .)
17,095,264 15,975,144
919,733
Prepaid exp., ore. 2,278,937
Ore in mill bins
13,823
10,956
Investments
6,697,054
.*7,680,991
Accts. receivable..
90,531
122,972
Notes receivable—
222,000
301,500
Material & supplies
621,118
716,358
Equity in copper
in transit.-*.-,-: 1,183,972
1,177,570
Cash....:
392,401 V 498,487
3,000
Prepaid insur.,&c.
6,185
-
—
4,648,675
1911.
$
$
Stock outstanding 15,796,400
15,750,000
Treatment and ref.
charges, not yet
due
Accounts payable
Various
.
reserves..
495,404
483,989
674,526
700,718
66,154
50,751
6,496,620
6,450,970
6,311,020
Surplus from sale
of
stock.......
Surplus
.
—
2,731,445
..
-.29,789,537 26,218,460
Total —
-29,789,537, 26,218,460
*
Investments include Garfield Water Co. stock (atpar), $200,000, and
advances to that co., $160,989; Garfield Improvement Go. stock (at par),
$80,000, and advances, $46,140; Bingham & Garfield Ry. stock (at par), $2,500,000; Bingham & Garfield Ry. bonds (at par); $232,000;. $5,002,500
Nevada Consolidated Copper Co., stock, book value, $4,453,007; and $7,300 Utah & Salt Lake Canal Co. stock, book value, $8,854.—V. 96,
1234, 494.
p.
<
American Pneumatic
Service
ft
Co.
■»'
''•
,
{Report for Fiscal Year ending March 31 1913.)
Pres. William H. Ames, Boston, June 14, wrote in subst.:
Capital
Stock.—Tide
common
stock has been reduced by changing the par
value from $50 to $25 per share, the patents and good-will account being
reduced by a corresponding amount (V. 95, p. 39).
Postal Pneumatic Tubes.—Because of the inability on the part of the Post
to foresee always the requirements for changes in locaroffices, it would appear not only reasonable but entirely
logical that the Government should own the pneumatic tube properties, and
your directors have expressed a willingness to recommend to the stock¬
holders to sell the existing systems at a fair price, such price to be ascer¬
tained by arbitration or otherwise.
A special Congressional commission
tions of branch post
was
appointed during the year to investigate the desirability of Government
ownership, and accountants appointed by the commission have investigated
the books of the mail tube companies, and engineers have made a complete
physical examination of the entire system.
The compapy
constructed during the year, for demonstration
purposes,
30-irich electrically-operated tube system for the conveyance ©f mail or
in bulk.
This system has fulfilled every expectation, and
merchandise
Co.
{Report for Fiscal Year ending Dec. 31 1912.)
Pres. C. IVf. MacNeill, N. Y., April 20, wrote in substance:
Results.—The gross production was 96,175,090 lbs. of copper, and after
making smelter deductions the net production amounted to 91,366,337 lbs.
of refined copper.
In addition there were produced 34,256 oz. of gold,
for which we received $20 per oz., and 311,391 oz. of silver, for which we
received 60.657 cts. per oz.
The net cost per pound of copper was 8.781
cts. after deducting miscellaneous income, no deductions being made,
however, on account of dividends received upon our Nevada Consolidated
stock.
[Amounting at par Dec. 31 1912 to $5,002,500 and carried on books
at $4,453,007.
See separate report for that company below.]
The operating profit from, Utah operations for the year amounted to
$6,307,242 net, while the miscellaneous income from outside investments,
including the dividends received from the Nevada Consolidated Copper
Co..amounted to $2,222,562; total income $8,529,804.
Interest amounted
to $80,532, which, beings deducted, left a net profit applicable to
dividends
and capital purposes, $8,449,272.
Quarterly dividends [at rate orm0%
per annum] were paid during the year 1912 amounting to $4,729,747,
bringing the total dividends paid up to $16,242,220.
Surplus Account.—This item, $6,496,620, represents only the amount
-received over par from the sale of securities, and should not in any way be
confounded with "undivided profits.".
.
Capital Stock.—On Dec. 31 1912 the outstanding shares were 1,579,640
(par $10).
During the year there were 4,640 shares of stock issued in
exchange for $232,000 Bingham & Garfield Ry. Co.'s bonds.
Since Dec. 31
-there have been issued 2,530 shares for $126,500 of said railway bonds, which
$1,720,750
3,125
43,120
$3,719,525
Surplus—
a
Utah Copper
$5,067,258
$2,140,132
(30%)
.
Rate of dividend...
$2,940,701
717,525
3,589,400 3,589,400
-3,567400 3,566,594 Capital stock
297,102
195,480 Sundry creditors.___
51,819
59,551
'89,735
secur's.-2,924,128 2,620,528 Dividend
89,735
2yll0
Sundry debtors, &c_
116,983
113,871 Fire insurance fund.
Current traffic accts.
170,690
17*.589 Surp. rev. end of yr.3,342,939 2,935,376
Plant
$7,819,477
$3,890,912
Office Department
■1912.
1911.
133,714
762,081
1,779,866
$6,268,895
30,966
I
272,675
1,292,435
2,724,983
$8,324,053
$4,501,900
1
I
Assets—
$2,278,469
113,128
351,060
bonds
Dividends
$234,194
31.
$3,224,770
304,614
1,440,749
2,717,593
$9,038,711
$6,307,242
_
\
J
Rentals
Interest
20,862
198,943
188
Total expenses
Net operating revenue.
Other Income—
Interest paid
12.915 cts.
.
$3,598,526
216,126
—
2,706,507
$2,223,176
.
382
—
ft
$407,563
2,935,376
I
685,115
188,880
;
Total income.
on
31.
1910.
93,514,419
12.646 cts.
40,202
366,907
Miscellaneous
Div;
ENDING DEC.
YEARS
.15.8391 cts.
Sales of copper
Sales of gold at $20
'
Add to surp. for year-
ore.
91,366,337
—_
Total
1910.
t
developed
1911.
-
...
YEARS.
1911.
1912.
Fully
$14,471,576' ill,$26,165
Copper, lbs
Average price
Gold, oz. (at $20)-Silver, oz
Average price,
Operating Revenue—
—
(Report for Fiscal Year ending Dec. 31 1912,.)
includes:
1912.
.
Mexican Telegraph Co.
,
239,889
development
INCOME ACCOUNT
Sales of—
Cash in banks, on hand and at call: Cash in banks and on hand,
$308,491;
ore
[Total area of lode mining claims Dec. 31 1912 was 740 acres; fully and
partially developed, 217.26 acres.
Length of tunnels, drifts and raises
driven during year, 35,473 ft.; total length of all underground work to
Dec. 31, 78.54 miles; 69,763 ft. had been destroyed by steam shovel work
and 194,024 ft. by underground work, leaving about 29 miles still accessible.
Total combined depth or all drill holes at end of year, 27,318 ft.;
average
depth 455 ft.
Total cost of both underground and surface development
during 1912, 4.51 cts. per ton of ore mined; this cost was all charged against
operations and included in the per ton mining cost for the year .]
Average grade of the ore handled during the year was 1.3642% copper.
Output.—In the last annual report it was estimated that during the year
1912 the output would be 120,000,000 lbs. of copper.
This prediction would
have been realized had it not been for the
interruption occasioned during
the last quarter of the year following lal?or difficulties.
It is expected that
the current year will show a production of approximately 120,000,000 lbs.
Bingham & Garfield Ry. Co.-—The operation of this company, whose
entire capital stock is owned by the Utah Copper Co., has been in every way
satisfactory, both from a physical and financial standpoint.
The financial
return upon this investment will result in approximately % cent per pound
reduction in the cost of producing copper.
(During 1912 the road handled
3,620,750 tons of commercial freight.
Of this quantity, 3,381,161 tons were
ore shipped by the Utah Copper
Co.]
—
Total income—$332,243 $55,794
Balance, surplus.$211,246 $16,993
An initial div. of 2% has been declared on the stock, payable Aug. 1.
Reserves.—The
257,584,500 tons, averaging 1.6%-copper; partially developed ore, 80,116,342 tons, averaging 1.16% copper; making a total Of 337,700,842 tons of
fully and partially developed ore averaging 1.5% copper.
During the
entire operation of the
property in past years, there have been mined and
treated 21,200,842 tons of an average
copper content of 1.542%.
The
remaining tonnage of developed and partially developed ore now in reserve
amounts to 316.500.000 tons averaging
1.495% copper.
$170,695 $55,794 Net, after taxes,&c.$242,235 $28,254
161,548
Depreciation
30,989
11,261
<Gross earnings
.
1913.
1912.
1913.
xcvn.
makes a total exchanged to date of $358,500, leaving $2,141,500 of these
bonds outstanding, convertible until July 1 1914 into stock of Utah Copper
Co. on the basis of $50 per share.
Conference.—The American Govt, in April 1912 ratified the Berlin
Berlin
International Radiotelegraph Convention, the general purpose of that Con¬
vention being to procure the maximum amount of efficiency in communica¬
[Vol.
the company
is in a position to build tubes 30 inches in1 diameter, or larger,
operated by. this method. ,
'
*
New Fiscal Year.—In order that our fiscal year may correspond with the
cal.
year,
the next report will cover the nine mos. ending Dec. 31
1913.|
Extracts from Report of Oakes Ames Pres. of Latnson Store Service Co*
actually completed for the past year Is some $114,000
less than the preceding year, the operating profits are materially larger,
due to lower manufacturing costs and generally improved conditions of
While business
the company.
New business taken exceeds that of the previous year,
however, by over $275,000, leaving the uncompleted business brought over
nto the
present year
correspondingly greater.
We have produced several
types of apparatus, and have at the same time materially reduced prices
of our business continues to
is from this source that we
may look for our largest gains.
During the year the Lamson Co. issued at par, for cash, $358,075 capital
stock, bringing the total capital outstanding up to $2,000,000, being the
Entire amount authorized, the proceeds of this increase being used to reduce
the floating debt to the parent company.
Further additions to new equip¬
ment and machinery at our Lowell factory amounted to $28,000, and over
$30,000 has been added to the value of our leased plants.
From accumu¬
lated surplus there has been deducted $51,358 to cover increases made to
patent and good-^will account and also future shrinkage in material account.
new
standard apparatus.
The conveyor end
show a steady and healthy growth, and it
on
Data from Merton L. Emerson, Mgr. of Mail Tube Properties, &c.
The rentals received from the U. S. Post Office Dept. during the year
amounted to $770,989, being an increase of $11,499.
In November an investigation was made of the amount of mail carried
by the.pneumatic tubes owned by this company, which include all of the
.ITJLY 5
tubes in
CHRONICLE
THE
1913.]
Philadelphia.
It was found that
18,154,000 letters a day, or at the
On this basis the cost per letter
allowing 501etters per lb., this mail is being
CONSOLIDATED
country excepting those in
the
the companies were transporting about
rate of 5,682,202,000 letters a year.
carried Is $0.000136 each, or,
carried at the rate of 68 cts. per 100 lbs.
Inasmuch as there are approxi¬
mately 5,000 letters to 100 lbs., the postage cost of which is $100, it is inter¬
esting to note the small proportion which the cost of the pneumatic tube
service bears to the total amount received.
The parcel post service, which was inaugurated by the
Government
during the year, has resulted in the tubes being called upon to carry a
considerably larger quantity of small parcels than heretofore.
Neverthe¬
less, there has been a slight decrease in the operating expenses of the
different companies.
.
„
1
Real estate and investments, patents, Ac.,
$7,727,575; inven¬
tory—finished cars, parts, product in process and stock at
$2,653,636; total—
$10 381,211
Cash, $292,458; notes and accounts receivable, $1,470,807, and
prepaid interest, rents and expenditures chargeable to future
operations, $204,622; total
L
1,967,887
branches,
1913.
1913.
1912.
Boston
6.7740
6.7740
Post offices connected
Brooklyn.
1.3500
9.6017
1.3500
Employees, No
9.6017
.25.7810
25.1730
1.9880
1.9465
45.4947
1912.
45
195
York
St. Louis
Total miles..
CONSOLIDATED
81
79
Total rated horse power
57
3,810
57
3,810
Carriers, No
Chicago
New
4,800
Accrued
Power units,
Total deductions
Balance,
surplus
1910-11.
1909-10.
$558,647
$159,281
$514,128
$114,771
157,399
52,955}
122,911
67,727/
589
105,000
(1%)62,994
1,178
105,000
689
$272,859
$241,269
$435,550
.
.....
$360,860
$388,370
$197,205
$271,253
$170,277
CONSOLIDATED BALANCE SHEET AMERICAN PNEUMATIC
AND
SUBSIDIARIES MARCH 31.
1913.
tories
1,500,000
142,548
Bonded debt
145,766
938,500
Accounts payable.
137,680
Acc'd int.,taxes,&c
Rentals prep'd.&c.
454,514
574,640
.....
798,613
126,468
9,404
10,378
Sinking fund assets
Deferred
charges
754,890
10,482
....
in progress.
Prepaid accounts.
56,081
78,047
48,800
15,600
12,036
10,388
297,903
17,500
5,085
111,290
6,942
9,302
1,162,000
140,351
78,409
Reserves—
Insurance
.....
Contracts
10,978
353,906
11,524
4
to operations—
Sinking fund
Doubtful
accts.
'
308
308
417,100
271,253
Miscellaneous
'
Surplus
14,989,951 20,001,622
Total.....
...
i...14,989,951 20,001,622
Total
condition in the book and Job printing trade during the en¬
Our sales and profits were also largely affected by the Balkan
materially to interfere with the business of the English
corporation.
The number of machines and keyboards shipped to them
during the past year showed a falling off of about 10%.
For the coming year, all indications point to a substantial increase of
War, which tended
bus ness.
i
New Plant.—The factory building was finished in the
YEARS
Total
1,476,553
Gross
profit
.......
Other income.
Total
....
Income.
.......
Interest on bonds, Ac...
Depreciation and taxes..
m mwmmmm
Dividends..
.......
...
portant and valuable
applications were filed.
Agency.—We have established an agency in Cuba and anticipate
good business in that country.
.
Depreciation, &c.—While we were moving, we took occasion to "clean
house," and among other things we wrote off from our assets the book value
of obsolete machinery and certain discarded parts to the amount of $160,000.
Status.—The financial condition of the company is excellent, and the
financial report of the English corporation shows that company also to be
in excellent financial condition.
Death of Inventor.—The death of Mr. Tolbert Lanston, the inventor of
our original model of machine, occurred during the year,
Mr. Lanston
had been in feeble health for a long time, and had not been connected with
a
for the past ten years.
the company
$773,704
385,302
$1,872,080
1,591,566
$762,205
377,155
$280,514
Dr.6,153
$388,402
$307,492
$58,725
$274,361
$390,098
$238,301
63,287
$387,396
$223,796
(4)65,677(2 2-3)40,000
(3)45,000
$48,510
1912-13.
sales.
Net
— —
J
-
$61,872
«
(6)120,000
2,346
$146,813
62,526
1910-11.
1911-12.
$614,397
$605,069
$505,468
(6)360,000
(6)360,000
(6)329,699
(1^)75,000
Balance, surplus..$149,025
$254,397
$275,370
$430,468
deprec..
$509,025
Dividends on stock.....
v'
BALANCE SHEET MARCH 1.
1913.
$123,025
.
Cash
Real estate
>
1912.
$105,527
Stocks & bonds.
487,593
725,113
(cost)
643,372
Miscellaneous..
769,975
20,404
Acc'ts receivable
Inventory
Plant
Assets (con.)—
1913.
1912.
Rights, fran. &
impts
$4,178,521$4,106,151
119,382
749,426
566,678
357,165
receivable. z446,449
Bills
-
Total assets_$7,751,617$7,746,879
Liabilities—
734,283 Capital stock. .$6,000,000S6,000,000
105,193
89,873
643,487 Acc'ts payable..
700.324 Profit and loss.yl,646i424 L.657,006
21,621
Total liabil's $7.751,617$7,746,879
bills receivable discounted, $450,000.
y After deduct¬
ing $159,606 for discarded obsolete machines, parts, Ac., written off.—
V. 96, p. 1367.
;
After deducting
x
Standard Chain Co.
{Report for Year ending Dec. 31 1912.)
RESULTS FOR
International Motor Co., New York.
*
'
{Report for Fiscal Year ending Dec.
Pres.
S1 1912.)
'
Net inc.
Divs.
on
over
4
,
YEARS.
1910.
$67,008
*$43,205
1909.
$48,523
$67,008
1911.
1912.
*$119,717
bond int..
$48,523
(4%)20,628 (4%)20,628
pref. stock
Balance, surplus.....
feel, warrants us in concluding that the demand for motor trucks will be
largely in excess this coming year over that of 1912.
We have in hand
a larger number
and a better class of inquiries than ever before.
The net
operating results also from the same volume of business as that received
last year should be considerably better, and with the anticipated increase,
ftie earnings for this year should be larger than for 1912.
PROFIT
AND
LOSS
ACCOUNT
FOR
CAL.
YEAR
1912.
Earnings from operation of plants after deducting manufacturing
administrative, selling expenses, depreciation and including
other income and earnings of subsidiary companies
$590,149
Deduct—Interest, $91,101; amount charged off for special and
extraordinary charges during the year, $117,151; total
208,252
profits for year
Preferred dividends three quarterly payments (5M %)»
$381,897
185,260
...
surplus.
—.,$196,637
Note.—There was set aside during the year $64,742 as a reserve for de¬
Balance,
preciation
CALENDAR
C. P. Goleman says in substance:'
Results.—-Compared with the business done in 1911 by the several con¬
stituent companies, the orders taken show an increase of 95% in quantity
and 96.6% in value; the shipments made show an increase of 78 1-3% in
quantity and 72.6% in value.
There were on hand unfilled orders Dec. 31
of $712,243 in sales value.
Although this is our first year, when it was necessary to incur the ex¬
penses incidental to an organization period, the net earnings, after writing
off liberal amounts in connection with the organization and acquisition of
the component companies, are largely in excess of the requirements of 7%
on the outstanding pref. shares.
The company, moreover, has not yet
had a fair opportunity of demonstrating its true earning power.
Additions, &c.—Due to the development of our business in Greater New
York, where there are now in service approximately 1,200 of our trucks,
arrangements were made to have erected for us under lease a building at
64th St. and West End Ave., which will permit us to dispense with the three
service stations now in use, and by so doing enable us materially to reduce
our overhead expense and also to give better repair facilities.
This build¬
ing will be ready for use about May 1 1913.
Additions were made to our Mack plant at Allentown, Pa., and to our
Saurer plant at Plainfield, N. J., for buildings, machinery and shop equip¬
ment representing an oiitlay of $222,851.
We now haye operating a central
sales organization, 10 branches and 36 agencies.
i
The improvement of our present lines of product and the development of
new lines has entailed an expense from which, of course, the benefits will
not be received until succeeding years.
We have developed a 1,500-lb.
one-ton truck and are preparing to meet the demand for such.
Financial Plan—Pref. Dividends Waived.—The growth of the business
and the necessity of carrying out certain contracts for materials made by
our predecessors materially increased our investment in inventories
and
necessitated the provision for additional cash.
This was accomplished in
accordance with our letter of Dec. 12 1912.
Because of these requirements, and for the development of the company's
business, it was deemed advisable to waive payment of pref. dividends, this
action being taken after consultation with the holders of a large majority
of the stock, who gave it their approval (V. 95, p. 1686; V. 96, p. 64).
Outlook.—A careful canvass of the market situation for motor trucks, we
Net
1909-10.
$1,358,678
.
Net profit after
Deduct—
$5.6,074
■'
$385,050
1,696
,
RESULTS.
FISCAL
OPERATIONS AND
1911-12.
$281,415
26,077
$128,767
Balance, surplus.
—V. 96, p. 1775, 555.
Tube Cos.
1912-13.
.
Moving
manufacture.
Assets—4
-Mail
.
1911-12..
$1,757,968
income...
Total expenses.....
31.
MARCH
ENDING
-Lamson Co
1912-13.
early fall.
occupied nearly three months and was completed in December.
The old
building was surrendered Jan. 1 1913.
We have now one of the most mod¬
ern factories in the country, and expect materially to reduce all costs of
'
,
FOR
Dove May 1 wrote in substance:
eral stagnant
.
RESULTS
Machine Co., Philadelphia, Pa.
tire year.
good-will" was reduced $4,995,662, common capital stock being
♦"Patents and
reduced by a like amount.
94,711
*257,702
Results.—The falling off In the net profits for the year is due to the gen¬
Cuban
9,991,325
6,328,800
stock
cos.'
held by outsiders
Merchandise inven¬
Work
6,328,800
1,500,000
preferred
Second preferred..
Sub.
accounts
receivable
$
$
4,995,662
First
good¬
will.
^—*7,256,389 12,257,556
Plant construction 5,711,116
5,703,647
698,396
Cash, office, banks
492,462
&
2,768,561
advance
Patents.—Many patents have been taken out and a large number of im¬
1912.
Common stock...
Patents and
Notes
t
Liabilities—
$
$
Assets—
SERVICE CO
1913.
1912.
.
Lanston Monotype
Pres. J. Maury
1911-12.
$632,113
$71,594
:
__
and customers'
agency
♦After charging off $150,000 for special contingencies and extraordinary
depreciation.—V. 96, p. 719, 64.
STATEMENT.
EARNINGS
$632,755
Deduct—Deprec. and adjustm't.
$63,999
Sinking fund obligation
56,017
Interest on bonds, &c._
52,050
Divs. paid on minor stk. L. Co.
999
Divs. on 1st pref. stock (7%)..
105,000
Dlv. on 2d pref. stock.
(2^%)157,484
profits
$56,548;
accounts,
{Report for Fiscal Year ending Feb. 28 1913.)
1912-13.
Net
No...
$9,228,125
payments, $38,163; total...
Profit and loss, surplus.
4,800
Terminal sets...
total
$17,500; notes payable, $2,197,550, and
payable, $501,511; total.
mortgages, balance,
44.8452
46
197
stock)$5,628,125;
Bonds of subsidiary companies, balance outstanding, $52,000;
accounts
31—Growth of Systems.
\
34Q 0QQ1
-T inhilitip*
Pref. stock, $3,600,000; common
"
v
.
Double-Tube Mileage on which Co. was Receiving Rental Mar.
BALANCE SHEET.
($12,349,099)—
Assets
of property and equipment after providing for
maintenance, Ac.
all repairs,
$22,577
$99,089
1912 and 1911.
♦After allowing for depreciation in
BALANCE
1912.
SHEET DEC.
$
31.
1911.
1912.
1911.
$
"
Assets—
••
Liabilities—
1,348,505 Preferred stock...
Cos. bonds in vault
5,000
5,000 Common stock
First mtge. bonds.
1st M.bds.pledged
for notes pay'ble ..34,000
40,000 Notes & accounts
John C. Schmidt,
payable
trustee co.'s stk.
*6,400 *
6,400 Other reserves
Cash....
30,674 Reserve for deprec.
86,344
of plant & equip.
Accts.A notes rec.
383,625 •
318,364
400,812
277,264 Surplus...
.Materials & supp.
Cost of property.
.
1,453,724
$
$
515,700
284,871
469,000
>
515,700
284,871
488,000
.•
619,413
366,323
1
23,037
15,897
125,000
332,883
100,000
255,416
2,369,904
2,026,207
....
Total
♦At
....
,y 2,369,904
par.—V. 94,
p.
2,026,207
Total
554.
(W. H.) McElwain Co. (Shoe Mfrs.), Boston, Mass.
{Report for Fiscal Year ending May 31 1913.)
Pres. J. Franklin McElwain, Boston,
June 25, wrote:>
Sales.-,—The total volume of sales for the year, excluding all
duplications
The sales of shoes by the manufacturing departments
shows an increase of $1,768,105,.and is the largest in the company s history.
The unusual increase in total sales during the past two years is due to the
absorption of three large shoe wholesale houses in which the company had
previously owned a majority of stock.
The sales of these houses are in¬
cluded since the respective dates of their absorption (see below).
Capital Stock.—The company has purchased 600 shares of first pref.
stock during the year for $60,250.
Total par value of stock purchased and
canceled to date, $110,000.
The company has issued for cash at or above par 25,000 shares of 1st pref.
stock, 5,000 shares of 2d pref. stock and 5,000 shares of common stock,
which were authorized by the stockholders Jan. 8 1913 (V. 96, p. 206).
Working Capital.—The net quick assets of the corporation, after deduct¬
ing $34,450 to cover dividends for May 1913 on pref. stock amount to
$5,869,059, being equal to $120 02 per share of first pref. stock.
Plant Account.—The company has expended during the past fiscal year
and charged to plant account $1,179,683, the present book value of plant
account being $2,787,691, replacement value about $3,302,528.
Repairs
and renewals, amounting to $193,436, were included during the year in
cost of production, contrasting with $99,463 in 1910-11 and with $146,279
in 1911-12.
We have also made special appropriations from net earnings
as extraordinary depreciation of $40,557, making a total of $189,685 for
the past three years.
During the year the company has completed the erection of factories in
Manchester and Claremont, N. H., and purchased (in Nov. 1912) a large
tannery property at Manchester adjoining the other properties.
Here the
company will begin, during 1913-14, the tanning of a portion of its upper
leather, following the policy initiated some three years ago in the tanning of
a portion
of its sole leather.
The new property comprises some 9 acres
of land, reservoir, arid 17 buildings.
Employees.—Aaverage number employed during the year, 8,223.
was
$20,631,070.
CHRONICLE
THE
Acquisitions—Merger.—Continuing
our policy of
wholesale distribution,
Island
in order to guarantee an uninterrupted and economic outlet for our products,
we have acquired during the past year all the capital stock not previously
$1,000,000, and con¬
ducting the largest wholesale shoe business in the East; on Mar. 1 1913
that corporation was absorbed, and its business is now conducted by this
company.
We also acquired a majority of the capital stock of the FentonBard Shoe Co., large wholesale distributers of shoes of Columbus, Ohio.
Number of Shareholders.—Of 1st and 2d pref. stock, 1,493.
Outlook.—We anticipate a satisfactory business during the coming year.
Recent purchases of raw material assure a satisfactory profit.
1913.
Manufacturing earns.l $769,
>,116 f $487,262
Total
net,
Deductions-—
■-
-
Bonuses
to
$53,827
1st pref. div. (6%)... 189,950
150,000
112,500
,..,$769,116 $639,780 2d pref. divs. (9%)— 148,187
• "
'■ .y;"- Common divldends(15)232,500(6) 90,000
(no officers includ.). $83,992
$74,235
Balance, surplus._. $73,930
Appropria'ns to plant
$40,557
account..
Volume of
$159,218
Sales for Years ending May 31.
1913.
1912.
1911.
1910.
1905.
1900.
$
.■
$
$
'
$
$
$
20,631,071 17,089,017 13,623,235 13,379,760 5,203,043 1,201,713
.1895.
$
.
„
75,957,
.
SHEET MAY 31.
BALANCE
499,890
$338,370
2,518,179
3,469,001
683,150
2,787,691
1,648,565
1913.
1912.
$3,836,506 $2,980,105
4,890,000. 2,450,000
Second pref. stock. 2,000,000
1,500,000
Common stock
2,000,000
1,500,000
Surplus
301,090
227,160
...$13,027,595 $8,657,265
Total.— ..$13,027,595 $8,657,265
1912.
1913.
Assets—
Receivables
$369,629
3,844,523
Merchandise
5,525,862
Cash
Securities
Plant account—.
Liabilities—
Debts
_______
First pref. stock..
CONSOLIDATED EARNINGS STATEMENT YEARS ENDING DEC. 31.
1912.
Net
Total
manufacturing
also of the distributing houses of Clark-Hutchin
Co., Boston; Clark-Hutchinson Co., New York; Winch Bros. Co.,
Boston, all of which were absorbed Feb. 1 1912, and of Morse & Rogers,
N. Y., which was absorbed Mar. 11913.—V. 96, p. 1843,
son
Net profits.
Admin. &
gen.
$715,691 $582,117
exp...
57,253
60,421
As to extra dividend
________
.$17,043,863
70,965 Preferred stock
20,761 Bonds
265,545 Bills payable.______
37,540 Bills not due.
4,709 Suspense
201,412 Reserve and surplus.
Materials & supplies...
Advance payments....
Bills receivable
...
—
Suspense
Funds in escrow......
Cash _;
..
...
dividend...*401,280'
def.$22,807sr 233,357
Aug. 1 1912,
text.
see
1912.
Stock
(not
below)
375,858
243,406
15,950
112,640
17,100
Current liabilities... 1/185,730
Div. paid Jan.
74,680
173,048
74,651
Prem.
Unexp.
22,383
-
& Oil Co. not held.
Def. pay'ts on
insur., pre¬
paid taxes, Ac.
$
.*4,487,016 4,479,915
Cap. stk. of U. S. C.
404,046
164,793
235,231-
1911.
$
par—see
.
14,832
on
common
prop.
shares
stock....; 292,334
455,062
735
Deprec., Ac., funds.
Undiv. surp. of sub.
cos.
applicable to
420,551
stocks not owned.
3,557
4,088
1,048,820 1,071,627
5,000.000,
..
97,859
...
$531,613
$298,256
Liabilities—
$9,500,000
2,500,000
Surplus.
........ ...
153.507
:
126,709
266,720
..
—V. 96, p, 1090.
Total
.1
—
6,675,789
6,241,714
Total.._________6,675,789 6,241,714
Includes 49,789 8-18 shares pref. and 99,578 16-18 shares common stock
issued in exchange for 179,242 shares of stock of U. S. Coal A Oil Co., par
x
American Writing Paper
value of which is $4,481,050, and 5,966 shares common issued for cash, par
value $5,966; total, $4,487,016.
'
•„
'
Company.
{Rep&rd,Jor Fiscal Year ending Dec. 31 1912.)
The usual
446,218
storage
Materials & supplies.
.
.
.
..
$9,917
Total net profits...$677,132
Pref. divs
...$298,659
$
Coal in transit and in
(Total Each Side, $17,644,795).
Common stock
$18,694
1911.
$
Accounts receivable.
—
Property.....—
:...
1911.
bank dep.
on common
Property account...5,001,858 4,467,336
Bond redemp. fund.
3,150
3,150
Cash
802,156
733,087
Balance, surplus—,
$138,082
The total gross earnings as above ($1,060,501) compare with (approxi¬
mately) $897,161 In 1911, $836,104 in 1910 and $792,932 in 1909, during
the receivership of the predecessor companies.
.
paid
1912.
.
Assets—
1912
on
Ac.....:
CONSOLIDATED BALANCE SHEET DEC. 31 1911 (INCL. SUBSID'S.).
_
CONDENSED BAL. SHEET DEC.
Add-Int.
Balance
_$1,060,5011Taxes & uncollec. bills..:—. $47,926
Operating expenses
619,157 |Net earnings.
i— 393,418
Interest charges and income deductions
255,336
.
Not
stated.
Common
Electric Power Corporation.
{Report for Fiscal Year ending Dec. 31 1912.)
Gross earnings
1912.
1911.
$811,048
95,357
$658,438 $521,696
•
Adirondack
earnings
Res. for extlng.A depr.
This balance sheet Includes the assets and liabilities of the
and supply departments;
April 1913, wrote in substance:
operated continuously during the year, and
produced 2,039,837 tons.
Net capital expenditures amounted to $534,522,
notably for the construction of 126 houses and the completion of 38 houses
under construction Jan. 1 1912; the construction of a new hospital, new
store buildings, a Catholic Church and parsonage, new mine equipment,
including twelve 6-ton locomotives and two 15-ton locomotives, mining
machines, mining cars; &c.; expenditures on account of docks in Superior*
Wis., and especially the new dock at Duluth, Minn.
Arrangements have been made with the Ohes. & Ohio Ry. Co. for the
operation of our railroad, with the right to have other roads jointly use our
railroad, if such Joint use seems to us advisable.
On Aug. 1 1912 was paid the first [quarterly] dividend upon the common
stock, at the rate of $2 per share per year, and also an extra dividend (catt¬
ing for $298,728) of $3 per share.
At the same time, an opportunity was
given to the stockholders to re-invest the $3 thus paid in the common stock
at $50 per share.
In this manner the cash capital was not reduced, but
stockholders not desiring thus to re-invest were permitted to receive a por¬
tion of the surplus which had already accumulated, and for the distribu¬
tion of which they had so patiently waited
Notwithstanding the large net expenditures at Duluth and elsewhere, the
net quick assets have remained substantially intact.
Proper additions to
the depreciation and reserve funds have been continued, and your direc¬
tors believe that the property is in the best and most promising condition
since its development was begun..
managers
\ 152,518
_/
Miscellaneous
Pres. Albert F. Holden,
1912.
1913.
1912.
loll
Go.
The properties have been
YEAR ENDING MAY 31.
INCOME ACCOUNT
Greek Coal
xcvii.
{Report for Fiscal Year ending Dec. 31 1912.)
owned of Morse A Rogers, a corporation capitalized at
•
[Vol.
figures
were
in V. 96,
418.
p.
-
The text says:
y Current liabilities include bonds called
for payment, unredeemed,
$3,150; accounts payable, $117,144; accrued pay-rolls, $40,445; drafts in
transit. $17,772; accrued taxes, $7,218; dividend declared (paid Jan. 11913),
$74,681.—V..96, p. 1025.
\
#
Results.—The business during the past year has shown some improvement.
The sales for, the
first\six months
were very
good, but orders for the last
half of the year dropped somewhat on the better grades.
Our sales, how¬
the largest in our history, and the average selling price equaled
ever, were
the highest figure heretofore reached.
All the employees shared in a general advance in wages, and about half of
the mills have been put oh the so-called "three-tour" system, the men in the
continuous operations of the plants working three shifts of eight hours each.
Instead of two shifts extending over the twenty-four hours.
This change has
materially Increased the cost of manufacture,
but it is hoped to secure
greater efficiency from the employees on account of the shorter hours.
Practically all materials entering into the manufacture of paper have in¬
creased in cost, and to offset these extra costs, together with that of labor,
the selling prices of nearly all grades of paper have advanced a little during
the year, but are still much lower than they should be to give a fair return
on capital invested.
•:
The company has maintained its high standing as a cash purchaser,
and in its sales for the year of nearly $12,000,000 has been practically free
from loss by bad debts.
..
The plants have been kept up to their usual standard, the sum of $330,891
having been spent for repairs and the amount charged to operating exp.
Bonds.—We met the annual sinking fund requirement of $100,000 and
in addition thereto $96,150 for interest on bonds in the fund.
The trustee
"
purchased during the year $209,000 bonds at cost of $188,309, bringing the
amount of bonds in the sinking fund Jan. 11913 up to $1,980,000, which had
Cost the company $1,650,714.
Balance of cash in trustee's hands Jan. 1
1913. $50,180, making our total charge to sinking fund of $1,700,900.
The Treasurer also has purchased, from interest received from bonds in
our own treasury, 75 more bonds, at cost of $67,194.
This purchase in¬
creases the investment to 1,400 bonds of par value of $1,400,000 at cost to
the company of $1,187,345.
These bonds are held as an asset to be dis¬
posed or as the directors may determine.
The company now has in the
sinking fund and its own treasury bonds of the par value of $3,380,000.
The reserves, now amounting to $3,815,927, consist of $1,237,411 set aside
for additional working capital. $1,700,900 sinking fund and $877,616 to
the credit of profit and loss.—-V. 96, p. 418.
American Coal
Products Co., New York.
{Report for Fiscal Year ending Dec. 31 1912.)
CONSOLIDATED INCOME ACCOUNT (Including Subsidiary Companies) •
,$
$
19,751,905 17,645,837
_
1912,
1911.
,1912.
V- :$•"'.
Gross sales.
Cost,of goods.sold. 16,800,154 14,400;887
Net income.
Deduct—
.
2,951,751
623,168
3,244,950 Pref. div. (7%)__
538,620 Com. div. (7%)__
3,574,919
3,783,570 Prop.
Extraord. charges.
Total income...
miscel. expenses 2,021,318
1.553,601
1,529,112
1912.
deduc'ns.
Balance, surplus..
$
Furniture A fixt's.
$
130,263
3,367,769
Cash A cash Items
390,924
Current lnvestm'ts
Notes & accts.
*3S4,056
4,563,402
Inventories
2,628,163
Invest, in oth. cos.
122,195
Prepaid, Ac., chgs.
68,087
rec.
9,745,218
111,450
3,366,204
511,109
241,221
3,682,040
2,056,273
246,603
47,586
.
1911.
$
Common stock...10,539,300 10,539,300
2,500,000
Pref. stock
Coal
P.
......
1,250,000
Bonds of sub. cos. 2,823,000
Notes payable
1,119,010
Accounts payable- 1,973,583
Acc'd pref. divs..
36,458
3,023.000
Minority interests
588,817
Reserves
367,538
Surplus i
2,252,889
593,397
526,666
.
Prest. J. R. Clark,
Feb. 1, wrote in substance:
Results.—The year 1912 has been, in many respects, theniostsuccessful
in the history of the enterprise.
Our entire product, has, with one or
two minor exceptions, been motor fire apparatus, the large increase in
sales directly reflecting the successful operation of this new product.
The
amount of sales
was
approximately $2,100,000 (mostly to the smaller
cities), as compared with some $1,100,000 in 1911, a gain of nearly 100%.'
On Jan. 1 1913 we had in hand sales orders to the amount of about $1,000,000, or about $800,000 more than on Jan. 1 1912.
Outlook.—The large cities have not as yet attempted a general motoriza¬
tion of their fire departments, their purchases having
been mainly for the
purpose of testing motor apparatus in their departments; therefore, it is
to be expected there will be a still greater demand for motor fire apparatus
during the present year.
The prospective list of purchases which should
materialize within the next six months Is the largest in the history of the
business.
This, coupled with the fact that the company started the year
one
,
with about $1,000,000
work in hand, makes the outlook
very encouraging.
Reorganization.—During the past year a carefully worked out plan of
reorganization has been consummated, more than 97% of both classes of
stock and some 94% of the bonds having already deposited their holdings
under this plan (V. 95* p. 482, 1685).
This reorganization was necessary
in order to provide additional cash working capital to finance the largely
increasing business.
On December 20 1912 tne business and the assets
were transferred to the new company, the only change in the corporate
title being the "Ihq."
"• '
mm
Earnings.—The earnings of the old company from Jan. 1 to Dec. 20 1912,
inclusive, were $221,448, of which some $87,000 was bond interest and In¬
terest on floating debt, which will not be a charge against the new company's
profits, the plan of readjustment having practically eliminated these charges.
Jin response to our inquiry, Sec.-Treas., A. E. Rhodes, March 7 wrote;
"The old company had outstanding some $900,000 in bonds and. a floating
debt Of about $500,000.
Upon reorganization Dec. 20 1912 some $850,000
of these bonds were canceled: and the greater part of floating debt paid off.
"The earnings of the new company for the period Dec. 20 to 31 1912,
$5,609, were net earnings after paying bond interest and interest on floating
debt which,, howeyer, were inconsiderable.
In Prest. Clarke's report the
earnings from Jan. 1 to Dep. 20 were given as $221,448, including bond
interest and interest on floating debt, since upon reorganization these
interest-bearing debts were replaced by stock, issues and gross earnings
become net earnings and the figure named shows what the result would
have been if the capitalization had been as It is now."
The new company paid on April 1 an initial dividend of 1.96% on the
$2,000,000 7% cumulative pref. stock, being at the rate of 7% per annum,
from Dec. 20 to April 1, payable April 1.
The earnings, it is stated, after
a monthly allowance for depreciation, were sufficient in the two months
of Jan. and Feb. to more than pay the dividend for the 3 months and ten
,
fl
days.—V. 96, p. 948.—Ed.]
BALANCE SHEET DEC. 31
1912
buildings, Ac...$2,569,135
89,435
Inventory and supplies
636,754
Accts.
receivable,
$420,840;
Pref. stock 7% cum,
Securities to acquire bonds...
notes and warrants
receivable,
total...
unexpired,
472,012
$1,172;
cash in banks, Ac., $83,574;
Insurance
total
(Total each side $3,852,082.)
Liabilities—
Assets—
aReal estate,
common
stock,
total
0
$2,000,000;
$1,450,000;
$3,460,000
Amer.-La France Fire Engine
Co. gen. 1st M. bonds
Vouchers
notes
payable,
payable,
__
Surplus from operations
1,878,720
Real estate, buildings,' &c., include real estate,
tools, fixtures, furniture, patterns,
287,785
Sundry creditors, $18,382; bond
int. accrd., $871; total
a
89.435
$187,785;
$100,000;
total
81,746
1,712,444
484,177
N.Y
(Report for Fiscal Year ending Dec. 31 1912.)
$51,172;
Co.
serial gold notes
22,200.595 20,007,704
Total
4....22,200,595 20,007,704
Market value, $396,195.—V. 96. p. 792, 717.
Total
*
1,201,335
327.777
$
Liabilities—
Am.
_
32,204
1,179,431
374,170
1912.
Contracts & good¬
will
162,017
Subsidiary Companies).
1911.
Plants & equlpm't 10,545,736
734",553
43,961
CONSOLIDATED BALANCE SHEETS (Including
Assets
272,561
2,254,458
Total
Net income.—
171,100
167,708
737,751
58,911
app. to min.
Interests
Admin., general &
$
1,529,11?
...
Bond & other int.
Net from sales..
Other Income
1911.
1,553,601
American-La France Fire Engine Co., Inc., Elmira,
19,253
5,609
buildings, machinery,
drawings, patents, good-will. Act; ac¬
quired from the old La-France Fire Engine Co. and stocks of subsidiary
companies.
b Amer.-La France Fire Engine Co. general 1st M. bonds were
reduced
to $54,535 on Feb. 6 1913.—V. 96, p. 717, 948.
July
THE
51913.]
CHRONICLE
Dominion
Chicago (111.) Railway Equipment Co.
Feb. 4 1913, wrote in subst.:
Results.—Although curtailed conditions continued during the early part
of the year, the accumulating necessities of the railroads reached a point
about the middle of the year when, with splendid crop prospects and a gen¬
eral revival of business, it was apparently no longer possible to withstand
the
demand.
The
result was a flood of car construction, together with
deluge of inquiries for needed betterments.
a
The number of unfinished orders carried over by your company to
the
that the
under adverse con¬
present year is greater than in any year in its history save one, so
1913 is very satisfactory, even
reasonable outlook for
ditions of legislative uncertainties or enactments.
The total number of freight cars built during the year, as shown by offi¬
statistics, was 152,429 (as against less than half that number during
1911) while the number of cars ordered was 234 ,758.
The great dearth of business in 1911 had the effect of developing the keen¬
est competition and the lowest level of prices ever witnessed in the history
of your industry.
These conditions continued during the first half of 1912,
when prices began to improve; but they have not yet attained a normal stage.
Under these conditions, the results shown are highly satisfactory.
Sale of Jersey City Plant.—This property was sold April 1 at a price
in excess of original cost.
New Plant.—For economy in operation and distribution, it was decided
to build a new brake-beam plant on your Franklin, Pa., property, to be
operated in connection with your rolling mill.
The new plant will soon be
completed, taking care of all the Eastern business formerly served by the
Jersey City plant, and possessing far greater strategic advantages.
cial
"
,
Older
Grand
Plants.—The
Rapids plant,
with its modern equipment,
is rapidly being brought to the highest state of efficiency.
The Marion
plant, while an older plant, with less modern equipment, is being improved,
and should show increasingly Satisfactory results.
All of your plants are
in good condition and have been liberal contributors to the year's earnings.
Franklin Plant.—A number of years ago the "U" shaped bar rolled by the
Franklin Rolling Mill & Foundry Co., was incorporated into your "Creco"
brake-beam, which soon became a most important part of your company's
product.
After months of negotiation, the property was foreclosed and
reorganized as the Franklin Steel Co., your company consenting to guar¬
antee $200,000 of bonds and finally accepting $159,000 of same at 90 in
settlement of cash advances.
The Franklin. Steel Co. having failed to
establish itself, although conducting a rapidly growing business, your com-
Pres. C. B. Gordon, Montreal,
paid interest on bonds, dividend on pref. stock (7%), dividend on
stock (5H%. against 5% in 1911-12) and rentals of Dominion
Merchants* Cotton Co. and Mount Royal Spinning Co.r
and after allowing for all bad and doubtful debts, there is left a surplus for
the year of $149,723.
This brings the amount at credit of profit and loss
account on March 31 1913 to $779,959, to which we have to add $73,390
annual dividend on the stock of the Dominion Cotton Mills Co. Ltd.
received since closing our books, making the total amount at the credit of
been
common
Cotton Mills Co.,
profit and loss account $853,349, against $750,660 last year.
This result your directors consider very satisfactory when taking into
in
During the years 1912 and 1913, two advances
out
the
working hours have been considerably reduced,
Sales for the year amounted to $9,824,102, compared with $9,038,464
last year, an increase of $785,638.
The company has in operation 10,237 looms, 459,786 spindles, and em¬
ploys over 7,500 hands.
"
•
:
Additions.—During the past year a new mill with an additional 500 looms
has been erected at Magog, adjoining the present, cotton mill.
This addi¬
tion is required for manufacturing gray cloths for use in the print works,
owing to the increased demand for printed goods.
The power to operate
the machinery in this new addition is supplied by the new electric power
plant erected recently by the town of Magog.
At the Mount Royal mill an
additional 300 looms have been erected during the past year, and we now
have a total of 1,800 looms in full operation at this mill.
An extension to
the St- Anne's mill, Montreal, is now being constructed which, when com¬
pleted, will increase by 50% the output of that mill.
consideration the high price paid for raw cotton and the steady advance
wages
and general expenses.
of 5% each were made in mill wages, and the company is now paying
the sum of $350,000 per annum over that paid three years ago, although
Stockholders.—Total number, 697, increase 19.
Finances.—The last option on the land adjacent to the Chicago plant
been exercised, calling for some $38,000.
All your property is now
has
owned in fee and without encumbrance.
'
■
/
.
■
The extensive operations of all your plants, together with the large stocks
Of raw and manufactured material necessary to maintain, have made it
desirable to avail of banking accommodation.
It has been deemed wise to establish
leaving undivided
Royal Trust Co., trustee, making the MB
first mortgage bond.
profits of $214,204
Company's
Record.—During
20
the
turned
its
to
shareholders
all
our
$2,500,000,
From
in
100%
finished products.
a
closed,
now
years
your
company
dividends, and to-day has tangible
leased
good-will
Material
SHEETS OF
DEC.
^
31.
$1,216,781
759,098
$1,247,994
$1,374,299
770,352
/■
>
1909.
1910.
1911.
773,042
hand,
on
------
-----
$893,312
68,390
51,705
>
3.000
$1,351,130
$1,257,897
$1,110,031
$1,016,407
$189,286
Int. on Montmor'cy bds.
27,000
Rent.&int.—Dom.C.M.
359,110
do
do
Merch. Cot.
-42,325
Mt. Royal rent account.
165,000
Div. on pref. stock (7%)
131,396
Div. on com, stock__(5H %)275,000
Amt.written off,bad d'ts
12,290
$188,155
27,000
345.175
58,099
153.430
130,485
(5)250.000
5,329
$187,882
27,000
332,889
57,911
74,002
130.137
(5)250.000
13,104
$178,079
$1,157,673
$100,224
$1,072,925
$37,106
3^% Mer. C. Co.
City of St. Henri.
Total income
Deduct—
Int.
•
,
$989,711
68,440
51,880
•
Dom. T. bonds.
on
Total deductions
$1,201,407
Balance, surplus
$149,723
27,000
328,439
65,104
130,137
(5)250,000
1,916
$980,675
$35,732
•
1913.
of
$
5
767,720
.
'
Domin.
' \
'■/
and Merc. C.Cos.
10,008,020
of other cos., less
'■
leased '
due
companies..
753,252
<
901,490
Cash
24,177
Accts. receivable. 2,053,853
Supplies
295,082
Insurance
43,000 '
less stock and
329,254
5,000,000
1,864,373
3,182,667
450,000
3,456,550
1,548,570
22,778
1,740.942
292,154
48,000
bds.
of other cos...__
1,053,609
and in
Open accounts...
Deposits
Wages
186,508
294,938
114,781
241,037
61,386
38,850
.....
Interest on bonds.
39,550
22,400
62,600
32,627
22,750
Com. div. April 1.
75,000
33,442
779,959
Pref. div. April 15
Profit and logs.—.
Chi-
Detroit, Jersey
City, Grand Rapids,
Marion, Montreal &
%
$
5,000,000
Preferred stock... 1,911,000
Bonds, 4 series (V.
80, p. 2347)..... 3,237.800
Montmorency bds.
450,000
Loans.
*2,49Q,209
Common stock...
Amt. due leased co.
......
Raw cotton
Stock mfg.
1912.
1913.
Liabilities—
/
and good-will ...10,564,384
Stks., bds. A notes
amt.
'
1912.
Land,bldgs.,mach.,
stks.
>
SHEET MARCH 31.
BALANCE
process
Assets—
1912.
'/
Real est., bldgs. & mach. $1,726,335
Patents,
plant
-
BALANCE
1909-10.
51,884
Div.
Assets—
the equivalent of its
or
occupying
■"
1910-11.
1911-12.
$1,137,553
68,460
51,884
Net prof, after rep'rs,&c. $1,230,706
Div. 2H% D.C.M.Co,
68,540
■
outstanding stock at
covering 30,000 sq. feet of
floor space, you now own in fee plants in five cities with buildings cpvering
700,000 sq. feet, and a total land area of 57 acres.
The business of 14
companies, and also 345 patents, have been acquired, and we are to-day
able to manufacture in our own plants direct from the raw materials nearly
value.
par
1912-13.
general reserve fund of $500,000,
available for dividends should it
has earned upwards of $7,000,000; has discharged all its obligations, has
also paid nearly $1,000,000 for the purchase of other companies; has re¬
assets of over
YEARS ENDING MARCH 31.
INCOME ACCOUNT
a
become desirable to draw therefrom.'
„
been turned in and a mortgage registered against
now
as
should continue to grow.
Co.
the property
bonds of the com¬
V';V;
Shares Turned in—Bonds.—All of the shares of the Merchants' Cotton
have
in favor of the
The Franklin
plant consists of an 18-in. mill, a 12-in. mill and a 9-in.
mill, engaged in re-rolling rails for conversion into "U" bars for brake-beams,
metal telephone and telegraph poles and various shapes for concrete re¬
inforcement work.
A large volume of business is being done in the lastnamed shapes, and the pole business is a rapidly growing and profitable one.
The operations of the plant during the
past seven months have been pro¬
fitable and added materially to your earnings.
The new brake-beam plant,
heretofore mentioned, should furnish a large tonnage for the 18-in. mill;
v
Diversity of Operations.—The policy of manufacturing articles other than
brake-beams has been developed to such an extent that your company is
now receiving substantial
profits independent of its brake-beam business.
Your subsidiaries have been liberal contributors to the year's earnings and
May 26, wrote in substance:
loans, all mill charges and writing off $241,483 for repairs and betterments,
amount to $1,230,706.
To these profits we have to add $68,540, being a
dividend of 2H% on 27,416 shares of the Dominion Cotton Mills Co.
Ltd. stock, and $51,884, being a dividend of 3^ % on 14,824 shares of the
Merchants' Cotton Co. stock, in all $1,351,130.
Out of this amount has
pany a
nown
Co., Ltd., Montreal.
Results.—The net profits for the year, after paying current interest on
Eany tookthe Franklin. Steel Works. on June 1 1912, the plant being now
over the entire property
*
Textile
{Report for Fiscal Year ending March 31 1913.)
{Report for Fiscal Year ending Dec. 31 1912.)
Pres. E. B. Leigh, Chicago,
47
630,236
cago,
Walkerviile
Deferred
rec.
„
& cash
charges
Total
485,804
169,285
425,006
13,831
$3,345,878
79,384
$4,058,911
$2,482,500
$2,485,000
$2,485,000
255,538
300,000
803,169
a214,204
50,000
*
—
..........
100,000
85,925
192,192
216,950
457,243
201,926
523,027
131,909
401,719
$3,238,577
$3,345,878
$3,308,320
,
After deducting $500,000, amount transferred to
included in "Reserves" ($803,169), as shown above.
a
general reserve and
,PaId during 1912, $174,020; 1911, $173,950; 1910, $173,906;
1909, $173,600, and in 1908 and 1907, $173,602, charged to surplus ac¬
count.—V. 95, p. 45.
.■
Cleveland &
SanduskypJrewing Co.
{Report for Fiscal Year ending Dec. 31 1912.)
"
RESULTS FOR
CALENDAR
YEARS.
'
'
Barrels
1912.
sold
1911.
501,896
493,392
Earnings—
Income
from
pany's
Net profit
59,111
30,166
56,068
30,520
Bond interest
Sinking
fund
8818,904 $945,644
1912.
«
Plants,
fixtures,
good-will, Ac...11,355,447 11,338,694
other
904,733
884,892
1,310,371
__
1,170,323
Sinking fund, first
mortgage
Merchandise stock
Cash
Loans
379 867
25A43
Total
$485,020 $608,058
$383,162 $384,081
50,000
50,000
;
Pres. Eugene E. Spiegelberg, Mar. 1, wrote in substance:
depreciation, &c., the net
$162,270.
The full dividends on the pref. stock were author¬
7% per annum.
Additions.—During the year there has been expended about $200,000
on a new process for detinning, which, besides building and equipment,
includes the purchase of patents, license rights, &c.; all of this has been
paid out of surplus and earnings.
This new plant, located at Sewaren, N.J.r
1s distinct both in its process and product from our electrolytic plant.
Fire—-On Nov. 8 1912 the electrolytic plant at Sewaren was
entirely
destroyed by fire.
Reconstruction is well under way and a complete,
modern and more efficient electrolytic plant will soon be in operation.
While the fire loss was fully covered by insurance, a cessation of all opera¬
tions in respect of electrolytic detinning at Sewaren has been necessitated
during the period of rebuilding.
To this extent and on account of the in¬
crease in the cost of our raw material, normal profits will be curtailed from
causes entirely beyond our control.
We plan to use the new process above referred to in conjunction with our
new electrolytic
plant, as market conditions for the finished products of the
two
processes may warrant..
.
"
.
'•
Suit.—The appeals in the case against the American Can Co. have
finally been decided in our favor.
The exact sum Which will be awarded
is as yet undetermined, as some questions involved in the case remain still
to be passed on by the Court.
These questions, it is hoped, will shortly
be decided, so that payment of the final judgment rendered in your com¬
pany's favor may be made (V. 95, p. 1478).
'
profits
ized
were
at
„
,
$51,S58 $173,977
accounts
.1,326,896
1911.
1912.
I
8
Liabilities—
.
Preferred stock
2,502,000
2,386,500
First mtge. bonds. 6,003,000
Underlying mtges.
510,000
Bills & accts. pay.
276,701
Conting.liabilities*
164,798
Common stock
S
2,502,000
2,386,500
6,016,000
520,000
171,246
137,085
14,900
61,395
Cash acct .over draft
.......
.
1,316,858
.........15,341,855 15,116,077
Deferred
dividend
Sink. fd.
reserve..
1,310,370
Working capital..
51,128
&
receivable
♦
370,671
22,609
Sundry assets
Co., New York.
Results.-*—After making liberal deductions for
2,136,628
1,170,323
1,000,000
51,858
1,136,628
Profit & loss acct.
Total
•
.....15,341,855 15,116,077
Notes of customers, secured
by mortgage, which have been sold by
company, and on which it is liable only as endorser.—V. 96, p.
the
1366, 491.
FROM
OPERATIONS.
—Year end.
Year'ending 9 Mos. ending
Dec. 31 '12. Dec. 31 '11.
31.
1911.
$
j
Assets—
and
....
Balance, surplus
BALANCE SHEET DEC.
properties
Vulcan Detinning
RESULTS
Total earnings
Saloon
—
$729,627 $859,056
com¬
properties..
Interest account
„
1912.
1911.
$157,475 $160,490
deprec'n. 176,409
177,096
Expenses—
General charges.
Bad debts &
Earns, from breweries
14,635,238 15,043,327
-
.♦Loans include commercial, $1,817,046, and special, $673,163.
Note.—-There are indirect liabilities consisting of bills receivable under
discount amounting to $868,927.—V. 96, p. 1632.
$3,308,320
$2,486,000
Reserves.———.
Surplus account.
.
Total
15,043,327
{Report for Fiscal Year ending Dec. 31 1912.)
Stock outstanding
5% mortgage bonds.
,
....14,635,238
,
Accounts payable, &c__
Bills payable—
Total
655,186
49,683
610,300
17,272
$3,238,577
$4,058,911
Liabilities—
579,589
180,010
550,415
20,150
804,958
19,285
733,531
1,759.
_
Investments, &c
Accts. & bills
Total
Net profit over depr.,&c.
$162,270
Dividends, preferred.(7%)$105,000
Balance, surplus
$57,270
BALANCE
ments,
$
processes, Ac
Total-"-
3,666,307 3,933,317
receiv.,
bonds A inventory
Miscellaneous
$84,541
$27,557
$118,685
1912.
Liabilities—
1911.
$
$
Preferred stock
tene¬
patents,
Cash, accts.
1910.
$208,685
(6)90,000
1911.
$
land,
dar. 31—
$110,057
(5^)82,500
SHEET DEC. 31.
1912.
Assets—
Plants,
1911.
$155,791
(4^)71,250
407,969
407,645
3,469
1,500,000 1,500,000
Common stock
2,000,000 2,000,000
Dividend payable.-26,250
26,250
Acets. payable
i_
'72,699
71,876
Surplus
478,796
*746,526
3,690
4,077,745 4,344,652|
—
Total—
——4.077.745 4,344,652
♦After deducting $325,000 charged off from patents and processes, the
qrplus remaining Jan. 1 1912 was $421,526.—V. 96, p. 1027, 66,
48
CHRONICLE
THE
Casein
Co.
of
The
America, New York.
(Report for Fiscal Year ending Dec. 31 1012.)
Pres. Isaac L.
$193,089;
$86,562;
expenses,
profits,
net
$106,527;
total surplus to Dec. 31 1912 was $89,492.
The income of the Casein Co. of America amounted to $36,356, repre¬
senting dividends and royalties received from the subsidiary companies.
General expenses and accounts written off amounted to $36,306.
As usual,
surplus balance was written down $15,000 on account of stock in subcompanies.
This, with the $40,000 paid in dividends Feb. 10 and May 10
1912, explains the shrinkage of the surplus.
"
To understand the relatively small income of the 'parent
company, It
should be borne in mind that, while in previous years the subsidiary com¬
panies declared sufficient dividends to meet our dividend requirements,
they now maintain as large a reserve as possible, declaring dividends only
to the extent necessary to provide for the
expenses and other requirements
our
.
of the Casein Co.
of
Canada, Ltd., Hamilton, Can.
Pres. C. S. Wilcox, Hamilton, Can., April 1, wrote in subst:
Rice, N. Y., May 14, wrote in substance:
manufacturing profits,
Steel Co.
xcvii.
{Report for Fiscal Year ending Dec. 31 1912.)
Results.—The gross sales of the subsidiary companies were $1,450,341;
total
[Vol.
of America.
•
,
Dividends
Stopped to Finance Additions.—Early in 1912 it became evident
The financial plan
suggested June 5 1912 was not favorably received, and it became necessary
to stop our pref. dividends until the requirements of the subsidiary com¬
panies for additional plants should be fully met.
In letter of Oct. 30 1912, addressed to the pref. shareholders, I stated
that the additional cash required for the development of the business was
estimated at about $210,000, or about $70,000ayear for the next three years.
On new construction the company has disbursed for the six months ending
March 31 1913,
$42,50Q, with $22,500 still to be paid.
Unfortunately, it has* been necessary to stop work on additions pending
that additional capital must be raised for new plants.
.
certain
Results.—The net profits for the year, after expending $464,163 for re¬
pairs, maintenance and improvements, were $1,547,040, being an increase
of $173,516 over
1911, is due partly to the improved trade conditions in
the latter part of the year, but
largely to the improved condition of our
plants and reduced cost of production.
'
For a large part of 1912 we had to contend with
very low prices in nearly
all
our
lines
of goods.
The average price of steel bars at Pittsburgh
over a period of 10 years has been
$1 42 per 100 lbs., but during the early
part of 1912 contracts extending over several months were made on a baste
of $1 05 per 100 lbs. f.o.b.
Pittsburgh, for export to Canada.
For pig iron,
the average price at Buffalo for four
years nas been a shade over $15 per
ton, while contracts were made for Canada during 1912 at less than $13
The Government regulations still admit of large quantities of
steel bars and pig iron being brought into Canada either free of
duty or
with a drawback of 99% of the duty paid.
Bonds—Notes.—The issue of the $500,000 bonds, the
proceeds of which
were required to help defray extensions
to^plants, and which was referred to
ton.
per
in the last annual report, was
successfully disposed of.
During the year
your directors, in order to be prepared for just such a financial
stringency
as at present exists
arranged for the placing of notes, the payment of which
is spread over three, four and five
years, and this accounts for the increase
of the amount of our bills payable.
Additions.—During the year very considerable additions were made to
plants, the cost of which was defrayed out of the moneys received by
our
the
bond and note issue before referred to.
The two new open-heartn
furnaces mentioned in the last report were completed and
put into successful
operation.
The work on the blooming, billet, rod and bar mills was pushed
forward as vigorously as
possible.
The blooming and billet mills are com¬
pleted and the rod mill will be in
operation in the course of a few days. At
the Canada Works, Hamilton, additions were made to the
buildings to
accommodate the machinery required for increasing our
product of wood
screws;
At the works at Swansea and Montreal, new bolt and screw ma¬
chines were also installed.
During the current year we should receive good
litigation.
•
Litigation.—In this connection I would mention that during 1904 this
company was receiving, under contract, considerable quantities of Argen¬
tine casein.
Following the receipt of certain lots of defective casein, we
refused to proceed under the contract unless payment was made subject
to inspection of the merchandise at destination.
A suit, brought by the
shippers, was tried in the N. Y. Supreme Court, and resulted in a judgment
for the plaintiffs of $145,655.
The case is now before the Court of Appeals.
While we believe that the plaintiffs were not entitled to damages beyond,
results from the expenditures on all these additions.
Financial.—The 92 shares of the Canada Screw Co.,
{>ossibly, a small percentagecontingent liability of considerable magnitude.
of the amount awarded, the company is, neverheless, confronted with
outstanding Dec. 31 1911, were turned in during the year and the Hogan
Estate mortgage on the Montreal rolling mills
property has been discharged.
a
19&Notes.—In taking an appeal, it was necessary to deposit the sum of
$95,000.
This explains the large amount of note indebtedness Dec. 31,
against which, however, cash was held amounting to $129,021.
Outlook.—Apart from this litigation, the status as to earnings is satis¬
factory.
Whereas, for the first six months of 1912 the earnings of the
subsidiary companies amounted to $23,589, during the last six months of
the year earnings amounted to $82,938.
The earnings for the first three
months of the current year amounted to $35,294 (against
$4,812 for thpi-irst
quarter of 1912), with every prospect of increased earningsdurfng the
balance of the year.
Of course it should be understood thax from these
earnings the expenses of the Casein Co. of America are to be deducted.
(incl. accounts>ritten off) averaged during 1912 $3,025 per month.
Pending the determination of the litigation herein referred to, it will be
INCOME ACCOUNT FOR
1912.
Plant additions have been stopped,
resumption of dividends will likewise have to be deferred.
•
and the
on
)
INCOME ACCOUNT.
Steel Co. of Canada
150,000
bonds—
Steel Co. of Can. J
100,000
»
;
434,918
30,000
Mont. Roll. M. Co.
Pref. divs.
410,491
30,000
1912.
$
-
1912.
Net profit.....
Dividends
stock
SHEET
$50
preferred
on
1911.
DECEMBER
sur.$455
31.
129,662
1911.
1912.
Ji.$S€tS'~"~m
Patents.
Liabilities—
.
.
4,497,711 5,147,711
.
in
Investment
stock
subsidiary cos..2,204,182 1,426,551
Notes receivable
6,180
-7,001
Accounts receivable.
15,543
107,298
Cash.
Open
accounts
14,095
97,532
29,717
Due by subsid. cos..
24,375
251,063
7,295
1911.
$
$
6,496,300
6,496,300
Common stock... 11,500,000 11,500,000
1st M. A coll. tr. 6s 7,500.000
7,000.000
123,328
4,512,844
2,104,441
Raw mat'l, finished
Mont. R. M. bds.
i
"
500,000
Mtge.,H.Hogan eat
'.
1,730,651
Bills payable..... 2,174,590
Div. pay. Feb. 1.
113,685
Reserve funds
5472,861
Surplus
1,060,572
59,332
165,954
6,427
8,386
500,000
30,000
Accounts payable.
1,444,477
993,275
■113,685
254,213
583,600
1911.
Total
.
.....31,548,659 28,915,550
Total
..31,548,659 28,915,550
Preferred stock..
1,000,000 1,,0(30,000
stock.....5,487,000 5,,487,000
Notes payable
235,000
285,000
Common
of
1912.
Preferred stock...
other
,
1912.
•-v' '
•
.4,637,354
Accts. receivable- 2,973,137
Bills receivable..j
78,959
Cash..
318,440
Deferred charges.
8,819
Unexpired ins. Ac.
5,782
337,681
31.
Liabilities—
••
21,934,838
products, «fec
def.$39,950
.....
in
companies
$80,455
„
........._(4%)40,000 (8)80,000
Balance
$50'$80,455
BALANCE
1912.
.
Divs., Ac., rec'd from
subsidiary companies$36,356 $122,764
General expenses, &c__ 36,306
42,309
Net profit...
Invest'ts
1911.
476,972
Balance, surplus..
1911.
$
39,000
1,610
454,741
409
(7%)
BALANCE SHEET DEC.
Assets—
454,741
Miscellaneous
'
;
Cost of works,Ac.a23 ,396,506
"
$
and
stamping of bds. of
'
:
1911.
$
Deduct—
Deprec., renewals,&c.
our resources.
.
1912.
Underwriting
improvem'ts, Ac.) 1,547,040 1,373,523
Interest
were
YEARS.
.$
Profits (after maint.,
These
necessary to husband
CALENDAR
1911.
$
Ltd., which
...
Accounts payable
960
960
receivable..
for
accidents,
$33,747
for
contingencies
renewals and improvements.—V.
Reserve for accounts
Surplus
Cost of works owned and operated by the company.
b Reserves in 1912 include $72,925 for re-lining and
a
96,
p.
and
1093,
re-building, $12,117
for depreciation,
$354,071
1026.-
>
4,547
_....
y^,.... ♦140,419
Central
195,368
Coal
&
Coke
Co.,
Kansas
City.
{Report for Year ending Jan. 1 1913.)
Total
*
Total....J—
6,867,926 6,968,328
6,867,926 6,968,328
After deducting $15,000 reduction in investment of stock of subsidiary
ompanies.—V. 96,
p.
1426.
The
two
pamphlet report contains
periods compare as follows:
no
The results for
text.
;
-
■
,
results of OPERATIONS.
American Window Glass
Co., Pittsburgh, Pa.
{Report for Fiscal*Year ending Aug. 30 1912.)
Pres. M» K.
McMullin, writing
■
months
ago,
said;
announce
INCOME ACCOUNT YEAR ENDING AUG. 30.
^
1911-12.
_.
34.887
112.987
8,008
6,710
3,049
18.445
*33,808
42,834
17,165
62,712
85,149
90,956
:
1909-10.
$886,523
76,023
$492,701
233,304
$1,068,580
266,915
$962,546
329,546
$259,397
814,856
$801,665
928,785
$1,231,472
.
Royalties
$127,120
$7,653
........
Miscellaneous
1912.
$
Investments
Cash & acc'ts rec.
27,390
394,183
Int.&taxes in adv.
Disct.
on
bonds.!.
Repairs, Ac
Profit & loss
1911.
$
17,365,610
1911.
$
$
Common
stock...13,000,000 13,000,000
1,653,884 Preferred stock
4,000,000
4,000,000
1,697,935 Sinking fund
2,791,000
199,483 Accts.¬es pay.
196,984
3,532,143
63,631 Royalty accounts. 4,384,228
3,569,372
444",273
Am. Window Glass
88,088
*4,809,885
1912.
Liabilities—
Mfg. Co. purch.
3,253,962
account
...
•"
>'
-..—.24,732,810. 24,234,505
132,990
...24,732,310 24,234,505
Total
*
After adding charges applicable to prior year's operations, $1,000,465.
-V. 95, p. 1041.
V
"
.
V
•
-
'
y
.
732,417
807,158
income account.
'
Year end.
Jan. 1 1913.
18 Mos. end.
Jan. 11912.
$1,231,472
$1,395,304
$1,103,781
$1,076,459
$107,655
253,679
$125,665
278,619
39,803
6,346
137,474
193,146
119,664
$79,141
241,805
34,586
81,907
130,610
29,500
$81,773
264,873
37,839
4,008
85,447
110,359
18,500
Total
$599,963
$900,717
$601,557
Surplus earnings.
631,509
$494,587
$502,224
Divs. on pref. stock.... *(5)93,750*(7H)140,625
*(5)93,750
Divs. on com. stock—.*(6)307,500 *(9)461,250 *(6)307,500
$473,660
*(5)93,750
*(6)307,500
•
.
Net earnings as above.
Deductions—
_
Royalty cred. coal lands
Royalty cred. timber Ids.
Depreciation mill prop.
36,240
Deprpc'n washer prop..
4,008
General expense
Interest on bonds...—
81,493
78,597
38,292
Interest and exchange..
after
♦These items
—Years end. June 1—■
1910.
1909.
4,008
•
$602,799
divs.*sur.$230,259*def$107,288*sur$100,974 *sur$72,410
have been
or
supplied; they do not
appear
in the reports.
credits there were, we do not know.—Ed.
balance sheet years ending jan. 1.
1912.
$
Assets—
$
4,350,876
Timber lands
3,459,554
Coal shafts A bldgs 1,878,920
Sawmills A lmpts.
347,241
Yards A equip't..
99,373
Personal property
96,472
Mo. A La. RR. Co.
stock
150,000
Bonds.Ac.,In other
150,101
companies
Accts. for collection 1,554,311
4,324,558
3,423,014
1,570,192
289,608
91,448
603,254
506,524
230*290
50,000
43,875
1913.
Liabilities—
S
1912.
$
175,486
—
poflh
j
Sinking fund
Total
907",946
93.586
113,582
.
Inventories
276,520
83,577
Res'd for repairs..
363.496
♦Loss.
Coal l ands
BALANCE SHEET SEPT. 1.
Assets—
'
132,903
1913.
Prop. A plants... 17,615,754
Materials A supp. 1,352,737
$1,395,304
788,204
661,410
574,212
$633,000
640.553
$555,459
inc
41,812
49,003
Wholesale lumber
Carson mill—■
!.
Keith mill
Total
$633,835
17.534
5,691
3,602
8.296
36,533
*185,860
141,568
806,372
123,875
145,074
158,784
•
137,947
What other deductions
Net
•
50,873
18,773
13,243
......
Balance
.
124,889
,
"
1910-11.
$957,868 1
110,712
—$437,346
55,355
Deductions
..1
.1
Net.
$1 ,307,631
Mining.....
Mining stores
'
Net profits
Other income
$448,801
St. Joseph coal
the lowest
Gross.
$920,289
Salt Lake City coal
Washer
prices at which window glass has ever been sold in this country.
These
prices remained in effect until March 13 1912, at which time there was an
advance, but no benefit was received therefrom until about June.
As a
result, although the total sales in boxes and footage were in excess of the
Bales for the preceding year, yet the co. received for its^glass $729,179 less.
During the past year the company began the manufacture of dry
plate commercially at factory No. 14, and is now producing it in successful
competition with foreign manufacturers.
The demand for our 3-16 crystal
sheet continues to grow.
This product is far superior to that made by our
competitors.
:.The company has produced during the past fiscal year the
following;
Boxes, single strength, 2,508,565; boxes, double strength, 956,381; .3-16
crystal sheet and dry plate, a total of 1,468,039 sq. feet.
Improvements.—The company has continued to improve its furnaces,
and has thereby effected very great economies in fuel, as well as
greatly
increased the production of quality glass.
The expenses of the rebuilding
of these furnaces has been almost entirely charged to
manufacturing costs.
Exports.-r-During the past year the company has built up quite a large
export business to various foreign countries.
Exporting gives promise of
becoming a very important branch of our business.
;
los.end. Jan. 1 *12.
18
...
...
.......
some
market, the company on Oct. 27 1911 was forced to
.
coal.
Retail coal......
Wichita coal
Operations —Our total production was slightly below that of the preced¬
ing year.
One tank at Belle Vernon was shut down in Nov. 1911 on account
of a fire, which destroyed a portion of the plant, and did not resume
opera-,
tions until July 51912.
On account of the condition of the window-glass
•
Year end. Jan. 1 '13.
Gross.
Net.
Department—
Wholesale
-
Sundry balances..
Total .........13,014,267
—V.
95. p. 418.
Common stock
5,125,000
Preferred stock... 1,875,000
Undivided profits. 1,574,848
Bonds
2,284,000
Audited bills
542,954
71,792
Bond Int. not due-
Sundry accounts..
26,381
108,718
150,000
Pay-roll balances.
131,423
155,101
Freight charges un¬
adjusted
1,299,914
Sink, fund for Ins.
Bills payable
94,537
5,125,000
1,875,000
1,404,499
2,408,000
329,613
23,262
78,385
94,723
57,937
3,906
27,790
1,247,500
.700,000
18,014,267
12,122,209
50,000
.
-14,872
12,122,209 J
Total
Jtjly 5
bonds and stocks of the companies doing the
lighting and power business in Beaumont, Tex., and the entire
and power business and an ice-manufacturing and refrig¬
erating business in Port Arthur, Tex.; also owns all the securities, bonds and
stocks of the company (Jefferson County Traction Co.) constructing an
interurban electric railway between Beaumont and Port Arthur, about 20
miles; and is about to acquire all the stock and $200,000 of the $600,000
bonds of the Beaumont Traction Co., doing the entire electric railway busi¬
ness in Beaumont (V. 96, p. 1627).
Population served approximates 40,000.
The proceeds from the sale of these $500,000 notes will cover the cost
of the securities referred to above of the company doing the entire electric
railway business in Beaumont.
The Beaumont railway system has been
in operation for ten years and should add materially to the growth and sta¬
bility of the earnings of Eastern Texas Electric Co.
:
7
/
Owns
NEWS.
INVESTMENT
GENERAL
49
CHRONICLE
THE
1913.]
all the securities,
entire electric
electric lighting
railroads/ including electric
Baltimore & Ohio RR.—Sale
roads.
of Penn. RR. Holdings.—
See Union Pacific RR. below.—V. 96. p.
1771, 1700.
Bangor & Aroostook RR.—Dividend Reduced.—A semi¬
annual dividend of 1% has been declared on the $3,198,600
stock, payable July 8 to holders of record July 6, comparing
with 2% semi-annually from July 1906 to Jan. 1913 and 1 K%
semi-ann. from Jan. 1904 to Jan. 1905, incl.—V. 96, p. 419.
Boston & Albany RR.—Bonds Awarded.—The company
syndicate consisting of R. L. Day & Co.,
Estabrook & Co., Kidder, Peabody & Co. and N. W. Harris
& Co. $2,015,000 25-year 5% improvement bonds dated
July 1 1913 and $3,627,000 50-year 5% refunding bonds
dated Oct. 1 1913.—V. 96, p. 1838, 1700.
r
has awarded to a
Companies.—Dividends of
Sub. Co.—A dividend of 2% has been declared on the 19,870
shares of the Middlesex & Boston Street Ry., all of which is
Electric
Suburban
Boston
owned by the Boston Suburban Electric Companies, making
4% for the fiscal year "ending June 30.
(5,250 shares having been
jton Street Ry.), the amounts received from the
being, therefore, $79,480 hi 1913and $81,410 in
>aid
royears
on
14,620 shares
v./',.
Carolina & Yadkin River Ry.—New Trustee.—
1912.—V. 96, p. 1487.
The
r
;
/•,
,•
;
,
1762.
4-;./
Common stock
Read
A.
& Co.
are
Notes.—
offering privately $350,000 5%
equipment trust gold notes, Series "D," dated July 1 1913,
due in
14 semi-annual installments of $25,000
1914 to
July 1 1920.
Par $1,000 (c.).
A circular says:
equipment notes are the direct obligation of the railway, issued
against 500 steel underframe box and stock cars, which cost the railway over
$431,000, cash payment $81,000, or nearly 19%..- Title does not pass to
the railway until the entire issue of notas has been paid.
An important line, owning and operating about 250 miles of railway
extending through the well-known Clinchfield coal fields in Southwestern
Virginia, and has outlets to the Atlantic Coast over the Seaboard Air Line,
Southern Ry. and other lines.
An extension of 35 miles from the present
terminus to Elkhorn, Ky., giving connection with the Ch&sapeake & Ohio
Ry., andan outlet to the North and the West is under construction.
These
Gross Revenues Years 1909^10 to 1911-12
—Years ending Jufie
1911-12.
1910-11.
$2,351,313
$1,957,152
30——
1909-10.
$1,277,355
2,000,000 1,400,000
—
and additional bonds are
Further $400,000 First 5s of 1942 in treasury
ssuable under carefully guarded restrictions.
♦
Including the Street Railway System in Beaumont but not the
Interurban Railway Under Construction.
1907.
1908.
1909.
1910.
1911.
1912.
$262,280 $306,252 $346,221 $357,866 $362,520 $407,787 $433,901 $470,686
Gross Earnings,
1906.
1905.
Earnings 12 Months ending April 30 1913, including Street
Beaumont; Estimate for Cat. Year 1914, including also
1 Q14. est
1 Q1 9-1 ^
Gross
Railway System in
Interurban Ry.
1912-13.
earnings...$461,352 $670,000
1914 est.
Int. excl. this issue $21,383
Balance
..$144,048
$61,000
$222,500
require $30,000
$30,000
Net, after taxes-.$165,432 $283,500
Interest charges on this issue of $500,000 6% notes
Note.—Interest on the $800,000 Eastern Texas Electric
Co. outstanding
chargeable to "interest during construction" until the com¬
Dividends of 6% per annum
pletion of the interurban railway next fall.
are being paid on the preferred stock.
Plants.—The electric light and power generating plants serving Beau¬
Port Arthur have a present combined capacity of 4,400 h.p.;
and 10 Mos. 1911-12 and 1912-13.
—10 Mos. ending April 30
1912-13.|_
$2,377,550
plant at Port Arthur, as recently enlarged, 75 tons
railway id Beaumont operates 12 miles of track with
ice
1911-12.
$1,917,941
Inc.
25%
10 mo. to Apr. 30. 1912-13.
1911-12.
1911-12.
$1,917,941 Fixed charges._._$767,924 $843,775
Surplus
613,748
116,925
Net, aft. taxes 1,381.672
960,700
For the 10 months in 1912-13 earned nearly twice its interest charges.—
V. 95, p. 480, 418, 358.
^:74;.:
l0mo.toApr.30 1912-13.
Total revenue.$2,377,550
Chesapeake & Ohio Ry. of Indiana .—Authorized.—
: The P.
S. Commission of Ohio has authorized the company to issue
$377,000 additional stock and $381,000 additional bonds.—V. 96, p. 1627.
Chicago & Eastern Illinois RR .—Receiver's Certificates.
—The Equitable Trust Co. of N. Y., having sold the greater
portion of the issue, is offering by adv.- on another page,
at a price to yield 7%, the remainder of the authorized
$4,000,000 one-year 6% receiver's certificates dated July 1
1913 and due July 1
1914.
Par $1,000 and multiples.
Int. payable J. & J.
By decree of Court,-these receivers'
certificates, are prior to the $17,000,000 refunding 4s, $5,000,000 floating debt (interest on both of which the Court
has ordered paid) and $17,000,000 stock.—V; 96, p. 1839,
1700.
Chicago Great Western Ry—Offer for Bonds
See Wisconsin Minnesota & Pacific RR. below.—V.95, p.
—
Cities—
Beaumont
Port Arthur
...
Sabine Lake, a landlocked inlet from the Gulf
and, with the exception of Galveston.it is the only port on the
deep channel.
It ranks twelfth among the
Port Arthur is located on
of Mexico,
Gulf west of New Orleans with a
in the value of foreign exports and
(See also V. 95, p. 1745.)—V. 96, p. 1629.
ports of the United States
nage.
Elberton to
Eastern
V. 93, p. 1190.
Erie
sixth in ton¬
RR.—Operation.—The line from
Tignall, Ga., 21 miles, was opened on July 1.—
&
Elberton
.
RR.—Offering of Extended Bonds—Guaranty.—.
See New York Lake Erie & Western Docks & Improvement Co.
"Industrials" below.—V. 96, p. 1700, 1629.
•
/
under
.
Gulf
&
Florida
Alabama Ry.—StatusPres.
Roy C.
Megargel (of Megargel & Co., bankers), having just inspected
the road, confirms the statement that construction is making
good progress on both the northern extension and the terminal
property, and that within 90 days 24 miles of additional roa$
will be opened for traffic.
He further says:
Earnings have been increasing rapidly and it has been
order additional equipment.
The road has contracted
found necessary to
for 2 locomotives,
and 50 flat cars.
During May about 4,000,000 ft. of
umber w.ere handled over the railroad dock at Pensacola.
Work has-been
commenced on another pier, 1,200 ft. in length, which is to be completed by
December.
Also the present pier is being extended, so that by the end of
the present year there will, be accommodations for eight ships at one time.
These piers are being dredged to the depth of 30 ft. and the plan contem¬
plates the filling of about 40 acres of water-front, (Compare map on page
57 of "Railway & Industrial Section."and V. 95, p. 1541.
4 passenger coaches
Hudson & Manhattan RR,—Plan
Approved.—The P. S.
July 1 approved the readjustment plan as
formulated by Kuhn, Loeb & Co., Robert Fleming & Co.
and Harvey Fisk & Son, and approved by the directors and
J. P. Morgan & Co.
(Compare V. 96, p. 208, and map on
page 58 of "Ry. & Ind." Section.)—V. 96, p. 1701, 1365.
Comihission
1269.
Chicago Railways.—Accumidated Dividends Paid on Par¬
ticipation Certificates.—A dividend of 10% was declared on
June 27 on the Series 18% cumulative participation cer¬
tificates, 6% being payable July 1 to holders of record
June 27 and 4% Aug. 1 to those of July 23/
of ice per day; street
20 closed and 4 open
The 20-mile electric railway be¬
in operation in the fall of 1913.
Population
•—Assessed Valuation—s
1890. 1900.
1910.
1913 est.
1900.
1912.
3,296 9,427 20,640 Over 25,000 $2,513,470 $17,286,614
900
7,663 Over 12,000
855,641
5,083,049
and power station of about 800 h.p.
tween Beaumont and Port Arthur will be
cars
each Jan. 1
Int. payable J. & J.
New York Trust Co., trustee.
in N. Y.
.
—
400,000
500,000
1,400,000
mont and
'
Carolina Clinchfield & Ohio "Ry —Equipment
Wm.
.
$200,000 bonds held by East. Texas Electric Co.).., $600,000
the Guardian Trust Co. as trustee of the 1st
p.
trust 5s, due 1942__[See V.95, p. 1745) ♦$800,000
1st M.;5s, due 1943 (final
Three-year 6% gold coupon notes, due July 1 1916
500,000
Pref. stock, 6% cumulative (treasury holds $50,000)--2,000,000
bonds will be
Equitable Trust Co. of New York has been appointed successor of
M. dated June 1 1912.—V. 94,
Authorized. Outsfg.
Capitalization—
First mortgage collateral
Beaumont Traction Co.
Illinois
on
Traction
Co.—Acquisition
—
See Nebraska Traction & Power Co. below.—V.
96, p. 1423, 1365.
Lakeside & Marblehead RR.—Stock Increase.—The conipany on
July 3 filed a certificate of increase of capital stock
$500,000.—V. 94, p. 826.
■ :
•
from $150,000 to
.
and
City Railway & Light Co.—Negotiations Re¬
sumed.—Judge Hook of the U. S. District Court on June 24
P.
instructed the receivers of the Metropolitan
6% dividend will be the fourth of that amount since Oct. 1 1912
will complete the payment of the accumulated dividends.—V. 96,
1839, 1700.
/ ( '
The
Kansas
Chicago Union Depot Co.—Joint Chicago Station.—The
Circuit Court at Chicago on Thursday granted articles of
incorporation to the company, with $50,000,000 authorized
stock, to be owned by the Chicago Burlington & Quincy, the
Chicago Milwaukee & St. Paul and the Pittsburgh Cincin¬
nati Chicago & St. Louis railroad companies.
Of the stock,
$25,000,000 is to be held by the Burlington and the other
two roads will hold $12,500,000 each. •
Will bd on the west side
Jackson Boulevard on the south
The exterior will be of American
white granite, while the interior of the waiting room will be of white stone.
The main station, it was stated some time ago,
of Canal St. with Adams St. on the north,
and Clinton St. on the west, 320x370 ft.
Detroit
Toledo
&
Ironton
Ry.—Sale.—The Northern
and Southern divisions of the road
sale
were
sold at foreclosure
June 28 to Otto T. Bannard and
acting jointly as a purchasing
committee, representing the reorganization committee (the
only bidder), for $1,650,000, the upset price.
at
Delray, O.,
on
W. N. Buckner of New York,
'
Neiv Officer.—H. C. Bell has
Manager.—V. 96, p. 1839, 1628.
been
appointed
General
Texas
Electric
Co., Beaumont and Port
Tex.—New Notes Offered.—Stone & Webster of¬
fered on Monday, at 98^ and int., to yield 61^%, a new issue
*of $500,000 3-year 6% gold coupon notes dated July 1 1913
and due July 1 1916, but callable as a whole at 100 and int.
upon 30 days' notice.
Interest payable) J. & J. af office of
State Street Trust Co., trustee, Boston.- Par $500-and $1,Eastern
Arthur,
000 c*.
A circular shoWs:
'
'•
Street Ry. Co.
negotiations with the city on the basis of the offer
Mayor Jost, which provides as follows:
to resume
•
of
The capital value as of May 31 1912 to be fixed at $30,$00,000; add to this
capital expenditures annually for extensions and allow 6% on the entire
capital value as it exists annually.
All surplus above 6% is to be applied
to the reduction of the capital value to what shall be agreed as the physical
value.
Two-thirds of the surplus shall go to the city and one-third to the
company, the city's share to be used to reduce further the capital value.
When the capital value is reduced one-half, the city shall take over the
property, subject to a debt for the other half.
The company's participa¬
tion in the surplus is to begin in any event when the new capital expendi¬
tures equal the amount necessary to reduce the capital to physical value.
When the capital value has been reduced one-half, the city shall haVe the
right to test reduced fares, but it shall not impair the right of 6% of return
or the company's participation in the surplus.
Compare V. 96, p. 1297,
—V. 96. p. 1423, 1297.
new
•
Kansas
City
Ry.—•Notes
Terminal
Oversubscribed
in
£1,000,000 3-year 5% Secured
Sterling Notes offered in London July 2 by Higginson &
Co., at a price to yield 5%%, was quickly oversubscribed.
London.—A
new
issue
of
Condensed Extracts from Letter of Pres. H. H. Adams,
Dated June 28
1913.
Secured under
a
deed of trust to the Illinois Trust & Savings Bank of
Chicago and Samuel W. Moore of Kansas City, as trustees; limits of issue,
£1,000,000.
Dated July 15 1913, mature July 15 1916, interest J. & J. 15.
Both principal and interest payable at Higginson & Co., London.
Par
£100 and £200 c*.
Callable as a whole or in blocks of not less than £200,000 on any interest date at 101% and int.
The proceeds will be used for
construction expenditures for the new union station and terminals.
Secured by deposit with the trustee of $6,667,000 par value of the Kansas
City Terminal Ry. Co. 1st M. 4% gold bonds, the present market value
Of which is over $6,000,000.
$5,000,000 of these bonds will be deposited
and/pending the delivery of the balance, the company will deposit $1,667,000 cash to be held as a part of the security for the notes until a like amount
of bonds can be certified and deposited, which will be done almost imme¬
diately.
The maximum authorized bond issue is $50,000,000, of which
$36,761,000 are outstanding, including the $6,667,000 bonds pledged as
collateral
for
these
notes.
,
.
•
The combined surplus income of the twelve [proprietary and
tenant] rail¬
Rapid Transit
(trial)
ing the Brooklyn,
operated on June
road companies in the last fiscal year, after payment of all their fixed charges,
exceeded 577,000,000, as shown by their published annual reports for the
ending June 30 1912.
90, p. 698.]
See alsd V. 96,
year
V.
—The first
135, 203, 790; V. 91, P. 1386;
p.
Kootenay & Alberta Ry.—Guaranty, &c.—
See Canadian Coal & Coke Co.
Manila
Railway.—Additional
Debentures
—
of
Holders
June 15 about 9 miles of new subway and 6 miles of elevated lines to be
operated by the Interborough Rapid Transit Co. are under construction
on
Compare V. 96,
p.
and 12 miles of
subway to be operated by the Brooklyn Rapid Transit Co.
Counting the Steinway Tunnel, for which the city will soon pay $3,000,000, and the contract for Section No. 4 of the Broadway (Manhattan) sub¬
way, bids for which were opened last week, the work under|constrUction
will soon represent a contract outlay of $81,000,000.
Bids to be submitted by July 22 were invited July 1 by the P. S. Commis¬
sion for the second section of the Broadway (New York) subway, to be
operated by the B. R. T., from Union Square, a little north of 14th St.,
to about 26th St.
The section will take in part of the Union Square express
station and a local station at 23d St.
This is the second of the Broadway
sections to be advertised since the dual subway contracts were signed.
Bids for the section from Bleecker St. to Union Square have been received
and are now under consideration.—V. 96, p. 874 791.
487, 360.
Nebraska Traction & Power Co.—Me—The company's
was
of the Illinois
sold last week to W. B. McKinley, President
Traotiob Co., the only bidder, for $110,000,
under foreclosure ordered by Federal
New
York
New
Court.—V. 91,
Hartford
&
Haven
p.
1254.
RR.—Progress
on
Hell Gate Bridge.—Link Between New England and the West
and South.—Edward G. Riggs, Executive Assistant, reports:
Work on the New York Connecting RR., the four-track freight and
passenger road which is to connect the New Haven Railroad system with
the Pennsylvania, for much of New England's freight and passenger traffic,
has been progressing steadily now for a year.
The concrete work is so far
advanced that within
a
,
Richmond
(Va.) & Henrico Street Ry .-^-Receivers' Certs.
—The Virginia Trust Co., the receiver, has, it is reported,
been authorized by the Law and Equity Court to issue
$10,000 in receivers' certificates to make improvements.
few months the erection of the steel for the viaduct
The report of the receiver shows outstanding bonds, $1,250,000; other
liabilities, $116,179; accounts, $7,772; cash on hand, $8,115.—V. 96, p. 1630.
Sortions of the line will have beenworld, aggregating 15,840 feet (not in¬
fell Gate will be the longest in the
begun. The great arch bridge over
cluding
filled-in
portion—main
span
between
piers,
3,000 ft.).
The
St.
Title of Issue—-
...
Kansas
a
have welcomed the
cago
the Spring St. and Delancey St.
North Carolina Public Service Co.—New
and the receivers expect to be able to provide for interest payments
and necessary improvements out of current income.
Permission has been
granted to them to borrow $850,000 from banks, if necessary for meeting
July 1 coupons.
The July interest having been promptly met on the Re¬
funding Mortgage 4s, the committee for tins issue, Frederick
Strauss, Chairman, remains of opinion that no deposit of
these bondsris at present necessary.
See adv. on another
page.—V. 96, p. 1841, 1774.
„
San Pedro Los Angeles
thorized.—The
Trustee
South
,
Southern Pacific Co.—Plan
Union
Oakland Railways.—Notes.—A committee consisting of
to
Pacific, and appointed
City as Commissioner to'see that
the letter and spirit of the plan are carried out.
The decree
was filed in the Federal Court.at Salt Lake City this week.
Attorney-General McReynolds has not, it is said, because
of this settlement, relinquished his intention of entering
suit to force the Southern Pacific itself to give up the Central
Pacific RR. as a parallel line held in restraint bf trade.
The plan provides in substance that the Union Pacific
shall exchange $38,292,400 of its $126,650,000 holdings in
the Southern Pacific for the Pennsylvania Railroad's entire
holdings in the stock of the Baltimore & Ohio (amounting to
$42,547,200, one-half preferred); that remaining $88,357,600
shall be sold to the general public through the Central Trust
Co. of N. Y.; that no present stockholders in the Union Pa¬
cific, continuing as such, may buy any of the Southern Pa¬
cific stock so sold; that the transaction shall begin on Nov. 1
1913, and if not completed by Jan. 1 1916 the Court shall
direct the disposition of any So. Pac. stock remaining unsold.
Omitted.—The
the $8,655,000
stock usually paid on July 1.
This is the result
damage to property and losses in business due to the
floods last spring. Distributions of 1 % quarterly were paid
from July 1 1911 to Apr. 1913, both inclusive, and payments
made in Oct. 1910 and Nov. 1909.
—V. 96, p. 1365, 1157.
Pennsylvania RR.—Sale of Stock.—
See Union Pacific RR. below.
Pennsylvania Full-Crew Law Held Valid.—
on a
previous
page.
Alleged Rebates.—
The U.S. Supreme Court on June 23 in the suit brought by the Inter¬
national Coal Mining Co. against the company held that a company claim¬
ing damages because secret rebates
given to another company must
makes the lawbreaker pay
right of action for a private
verdict of $12,012 against the road.
were
prove that it suffered loss or injury.
The law
a fine to the
Government, but it does not give a
injury.
The lower Court sustained
—V. 96, p* 1773, 1703.
Railways
Co.
holders will vote
a
General.—Stock
„
Reduction.-—The
\
stock¬
July 15 on decreasing the capital stock
from $500,000 to $400,000.—V. 92, p. 528.
on
Approved.—At St. Paul on
Sanborn, William C. Hook and
the U. S. District Court for the
Louis C. Krauthoff of N. Y.
common
"Banking, Legislative and Financial News"
RR.—Plan
of the Union Pacific and Southern
of the
Decision in Suit for Damages for
Approved.
District of Utah, approved the plan presented by AttorneyGeneral McReynolds and the road's counsel for the. separation
Halsey & Co. has been
protect the holders of the $2,500,000 6% notes
due June 12, and is asking deposits of thonotes with the said
firm,which, with E. H. Rollins & Sons, will handle the re¬
financing of the corporation, provided the Smith committees
succeed as expected in fulfilling certain conditions prior to
July 15.
See V. 96, p. 1702, 1773.
;
See
Pacific
June 30 Judges Walter H.
Walter I. Smith, sitting as
all the members of the firm of N. W.
on
j
Shore Traction Co.—Sale
See Union Pacific RR. below.-W. 96, p. 1774, 1703..
merly the Athol & Orange St. Ry.) to issue $500,000 30-year
5% bonds to refund bonds of Fitchburg St. Ry. and to
pay floating debt.
Dividend
Commission has authorized
Adjourned.—The sale
of the remaining assets of the company has been adjourned
from June 27 to July 11.^-V. 96, p. 1703.
Northern Massachusetts Street Ry.—Authorized.—The
RR. Commission has authorized the company (for¬
Ca.—Common
RR.
ment—V. 96, p. 1703.
—
Mass.
directors have decided to omit the dividend
California
& Salt Lake RR.—Bonds Au¬
the company to issue $1,119,000 additional 1st M. bonds for
betterments and improvements and purchase of new equip¬
The Equitable Trust Co; of New York has been appointed trustee under
the "First and Ref. Mortgage", succeeding Guardian Tr.lCo.—V.96,p.790.
were
"
The Frisco has earhed a substantial balance' over its fixed charges this
sleeping-car service is expected to be inaugurated between Norfolk via
Raleigh to Charlotte about November next.—V. 96, p. 863, 487.
;
amount
-
,
year,
The road is to be extended frOm Mt. Gilead to Charlotte.
The distance
between Raleigh and Charlotte is to be reduced 20 miles.
A double daily
same
.
The receivers have not yet applied to the courts for permission to issue
receivers' certificates, and bankers who have been connected with Frisco
bond issues were hopeful yesterday (July 1) that it would not be necessary
to create any new interest-bearing obligations to help the property out of
its difficulties.
Norfolk Southern H'R.-r-Extension Completed.—The Ra¬
leigh Charlotte & Southern Ry. has completed, its VarinaColon extension, covering a distance, of; 105 miles from
Raleigh to Mt. Gilead, the first train over the new track1
being operated from Mt. Gilead to Raleigh on July 1.
of the
(jointly controlled road) 1st M. 5s.
be true:
The following is understood to
•
/;
Traction
well
stock and trust certificates and New Orleans Mobile & Chi¬
batteries by the Electric Storage Battery Co.
See also Electric Stor¬
Battery Co. under "Industrials" below.—V. 96, p. 1557, 1424,
Ohio
City Ft. Scott & Memphis
The only issues of the system as recently constituted which
failed to receive their interest or guaranteed dividends are
believed to be Chicago &, Eastern Illinois common and pref.
one-minute headway, owing to the heavy traffic in the middle of the
formed
Bankers Trust Co., N, Y.
2,923,000 H. B. Hollins & Co.
390,000 Central Trust Co., N. Y.
979,000 First Nat. Bank, N. Y.
<
The cars are to be supplied by the American Car & Foundry Co.,
the motors and control equipment by the General Electric Co. and the stor¬
age
Bankers Trust Co., N. Y
Bankers Trust Co., N. iY.
.
line.
age
Bankers Trust Co., N. Y.
Bankers Trust Co., N. Y.
■
It is estimated that during rush hours it will he necessary to run cars
on
Bankers Trust Co., N. Y.
Series "A" equipment
195,000 Blair & Co.
On these three equipment issues the July installment of principal as
as the interest was met at
maturity.
line between Grand St. ferry on the East River and the Desbrosses St* ferry on the North River, replacing the present
horse-car service.
...
_
committee
the fullest
information, allowing'the committee to examine the books of the company
and to form its conclusions independently.
The executive committee then
appointed a sub-committee, Messrs. Morgan, Milligan, Skinner, Rea and
Vail, to confer with the committee to facilitate its work.—V. 96, p. 1840.
on
Outstanding.
Place of Payment.
_____$68,557,000 Guaranty Trust Co., N. Y
Ft. Worth & Rio G. RR. 1st M. 4s
Series "N" equipment
Series "I" equipment
committee.
At a recent meeting of the sub-committee of this
and the executive committee of the railroad, the latter offered
placed in operation
;
1,558,000
9,484,000
Muskogee City Bridge bonds.100,000
St. Louis Memphis & Southeastern
1st Mtge. 4s
365,625
Southern Missouri & Ark. RR. 5s_
4,500
Kan. City Ft. Scott & Mem. Pref.
Stock Trust 4% Ctfs. (dividend) 15,000,000
.
New York Railways.—Storage-battery cars are shortly
Francisco
Refunding4s_____
Report of Committee.—The shareholders''committee, which
now represents 2,691 stockholders owning $26,257,700 stock,
made on June 30 a preliminary report, Saying in part:
the railroad
San
following
Consolidated First Mtge. 4s
General Mortgage 5s and 6s
^
The board of directors and officers of
&
ments.—The
[for passenger service via'the Penn. Terminal in N. Y. City], but the
freight line will be continued farther until it joins the tracks of the old
Manhattan Beach road, over which it will run to Bay Ridge, in South
Brooklyn, where the freight will be ferried across the bay to Greenville, N.J.
At present there are about 1,000 men employed on the actual construc¬
tion work of the bridge and viaducts.
The entire work will require about
90,000 tons of steel and 450,000 cubic yards of concrete, reinforced with
about 5,000 tons of steel rods.
Gustav Lindenthal is the Chief Engineer.
The work will be completed within four years:
When this bridge is completed, through trains will be run from Boston
to Chicago, Cincinnati, New Orleans, Washington and Florida.
In his
testimony before Commissioner Prouty recently, President Mellen said
that he was figuring on 40 trains a day running over the bridge into the
Pennsylvania Station.
This would mean a larger through service over the
Hell Gate, bridge than there is running to-day out of New England over the
New Haven's main line alone.
Louis
RR.—July 1 Interest Pay*
interest payments were made on
July 1, the amounts of the several issues outstanding being
given as last reported to us:
railroad and bridge combined will be 10 miles long and cost $30,000,000,
being the joint enterprise of the New Haven and the Pennsylvania RRs.
The road will connect with the Pennsylvania near the Sunnyside yards
to be
It is
in operation
Manhattan,
by about March next.
The extension from 43d St. to 89th St. is expected
to be completed in the early part of 1915.
The report of the division engineers of the P. S. Commission shows that
authorizing—
property
in New York City.—Centre St. Loop, &c.
train through the Centre St. loop connect¬
Manhattan and Williamsburg bridges was
30 by overhead wires.
now estimated that the Fourth Ave.
(Brooklyn) subway will be
from 43d St., over the Manhattan Bridge to the bridge loop,
(a) The company to issue £500,000 each of further "A" and "B" deben¬
ture bonds or debenture stocks in addition to the £2,000,000 each of A
and "B" already issued or issuable,
(b) Variations in the provisions of
the trust deed and supplemental trust deed necessary to effect the above
issue.
xcvii.
It is hoped to have the regular train service installed by Aug. 1.
("Industrials") below.—Y. 92, p. 1564.
"A" and "B" debenture bonds will vote in London July 23
on
[Vol.
CHRONICLE
THE
50
Summary of Plan of Dissolution
*
[As
Supplemented by
Given Out by Department of Justice.
Data from the. Final
Decree.]
Exchange of $38,292,400 Stock—Balance to Be Deposited with Trust Co.
1. They (the railroads) withdraw the plans heretofore proposed.
These
had been objected to by the Attorney-General.
[The decree says that "the
amended plan is, hereby approved in so far, and only so far, as its provisions
are embodied in this decree."]
....
2. They ask permission to sell $38,292,400 of Southern Pacific stock to
the Pennsylvania RR. Co. and to accept in exchange $42,547,200 Balti¬
more & Ohio stock, this being all of such stock owned by the Pennsylvania
t
Jult 5
51
CHRONICLE
THE
1913.]
Trusteeship and Sale of Remaining $88,000,000 Southern Pacific Stock.
or any of its subsidiaries.
[This sale must be consummated within
The Southern Pacific will thereupon pay to
Oregon Short Line Co., on demand, the dividends appertaining to said
shares heretofore declared and payable April 1 and July l.J
3. A trust company shall be appointed to receive and hold, as custodian
and depositary of the Court, and subject to its further orders and decrees,
the remaining $88,357,600 of said Southern Pacific stock ["or," the decree
adds, "the entire holdings, if such exchange with the Pennsylvania shall not
be consummated within 30 days from date hereof"]; and the petitioners
must also assign to the trustee the unpaid dividends thereof, commencing
with the one due April 1 1913.
This stock will be registered in the name of
the trustee [the Central Trust Co.] but cannot be voted except by direction
of the Court.
'
RR. Co.
30 days from date of decree.
These provisions put
the disposition of such shares under the direction of
The proposal is to transfer them to a trust company, which shall
the Court.
become a party to tne proceeding and in effect an arm of the Court. The
trustee has no power to vote the shares except when and as directed by the
Union Pacific stockholders will be entitled to subscribe for certifi¬
issued by the trust company representing the shares in its
Court.
cates of interest
custody, payment to be made either in full at the time of subscription, or
$25 per share then and the remainder within 12 months, with interest at 6%;
but the holders will have no voting rights and will receive no dividends
until their certificates are converted into stock of the Southern Pacific
Co. and such conversion can only be made upon affidavit that the applicant owns no shares of the Union Pacific RR. Co. and is not acting for or
,
.
behalf of any stockholder thereof or in concert, agreement or understand¬
ing with any other person, firm or corporation for the control of the Southern
Pacific Co. in the interest of the Union Pacific Co,; but in his own behalf in
on
1913 to Subscribe for Certifi¬
Of Interest as to $88,357,600 at Price to Be Fixed by Board.—
U. P. Shareholders to Have Right Prior to Nov. 1
cates
Underwriting Authorized.
,
good faith.
If by Jan. 1 1916 the certificates of interest have not been converted by
persons not Union Pacific stockholders into shares of the Southern Pacifie
Company the Court may order the sale of the Southern Pacific shares repre¬
sented thereby.
.v». v'
;:
:
.
[Substituted from decree.—Ed.] Prior to Nov. 1 1913 the defendants,
4.
Oregon Short Line, shall offer to all stockholders of the
Union Pacific and
former, common and preferred, registered as such on a date to be desig¬
nated in the offer and not more than 40 days from its date, or to their
assignees,
intervals the trustee Is required to report to the Court the
firms or corporations who shall have converted such
certificates into shares of stock of the Southern Pacific Co. where the
conversions involve more than 100 shares, and the Attorney-General may
require of the trustee any other information relating to the carrying out of
At monthly
proportion of their respective holdings, with allowance for possible
of bonds.
The offering shall include all accumulated dividends
appertaining to said shares, and shall be at such price and upon such other
terms as the Union Pacific shall determine, except as herein specifically
prescribed or as otherwise directed by the Court by a subsequent order or
decree.
The subscription shall be payable at the time of the subscription
or at the option of the subscriber, $25 per share at the time of the subscrip¬
tion and the balance within one year thereafter, with interest at 6%.
Neither Union Pacific nor Oregon Short Line nor any corporation controlled
by either, nor any person acting in the interest of either, shall acquire by
of all persons,
names
the
conversion
the plan.
These provisions seem
Union Pacific RR. among persons not
purchase or otherwise any of said certificates of interest. The defendants
sale of said certificates of interest upon such subscription offer
U.
The P.
of Interest Exchangeable by Holder for Southern Pacifib
Time Prior to Jan. 1 1916, but only on Affidavit that
He Owns No Union Pacific Slock.
Stock
disapproved of the lease to the Pennsylvania RR.,
to have gone into effect on July 1, when1 a special
dividend of llA% was to have been paid to the stockholders.
ratified
which
5. The trustee shall execute and issue negotiable certificates according to
prescribed form, representing the shares transferred to it, upon full pay¬
subscription price.
The holder of a full-paid certificate may at
any time prior to Jan. 1 1916, by presenting and surrendering the same to
the trustee, receive the number of shares of Southern Pacific stock repre¬
sented thereby, together with all dividends declared thereon, beginning with
that of April 1 1913 (but without interest), but only upon the express con¬
dition that he make an affidavit, in the form prescribed, showing in sub¬
stance that he does not own in his own right any shares of the capital stock
of the Union Pacific RR., that he is making the application in good faith
in his own right, and that he is not acting for or on behalf of any stockhold¬
ers of the Union Pacific Company, or in concert, agreement or understand¬
ing with any one seeking to control the Southern Pacific Co. in the interest
the Public Utilities Commission.—V. 96, p.
ment of the
Wisconsin Minnesota & Pacific RR.—Offer for Bonds
1. Payment to Central Trust Co., N. Y., depositary, of $123,740 in
cash, being $103,740, the face amount of the coupons on said deposited
bonds, which matured Oct. 1 1912, plus $20,000; and
2. The delivery to said depositary in respect of each $1,000 face amount
.
received for the beneficial certificates and shall collect all dividends
the stock in its hands.
[The certificates of interest and the subscription receipts issued hereunder
may be in denominations of one share, 10 shares, 50 shares, 100 shares and
such other denominations as the trustee shall elect.]
[The trustee shall, if so required by the registered owner of any sub¬
scription receipt, by application in writing not less than 10 days prior to
money
principal of the bends, and of the coupons pretaining to such bonds„
are in said certificates of deposit mentioned, of (a) $500 1st M. 50gold bonds of the Chicago Great Western RR. Co., due Sept. 1
1959, bearing coupons maturing on Sept. 1 1913, and thereafter; and (6)
$500 preferred stock of Chicago Great Western RR. Co.
The committee unanimously recommends that depositing bondholders
consent to this arrangement, and on receiving the prescribed consent of
two-thirds in amount of the deposited bonds will make such sale as being,
in its opinion, to the best interests of all depositing bondholders.
This
conclusion has been reached after careful consideration of all the elements
which enter into the question; notably
the costliness and uncertainty of
litigation, sure to be long drawn out, and particularly In view of the condi¬
tions affecting the property and its earnings, which now prevail and which
were not foreseen when the lease of April 30 1901 was entered into.
Hold¬
ers and representatives of a large amount of the deposited bonds have given
the adjustment,their strong approval.
The compensation and expenses
provided for in the protective agreement will be paid out of the cash to be
received as above, and the remaining cash will be distributed pro rata to
the holders of certificates of deposit.
See V. 91, p. 1027; V. 95,1). 620, 892,
1275,1333.;,'
•.. '
;
■
;
/,
due or to become due upon
any
annual
or
of the
which
Year 4%
stockholders' meeting of Southern Pacific Co., execute and
deliver to such registered owner a proxy appointing such proxies as he shall
nominate to appear and vote at such meetings.
Provided, however, that
the applicant shall first file with the trustee an affidavit that hejs not the
holder of any shares in Union
Pacific RR.]
'
Any Southern Pac. Stock Remaining with Trust Co. Jan. 1 1916 to Be
for Account of Holders of Certificates of Interest.
7. If, after Jan. 1 1916, any certificates of interest remain
the Court may direct the trustee to sell the stock represented
—
protective committee for 1st M. 4s, James N. Wallace,
Chairman, announces, by circular dated at N. Y. June 27
that it now has an opportunity to make sale of the deposited
bonds ($5,187,000) and the coupons thereto pertaining to
the Chicago Great Western RR. Co., on the following terms:
The
Union Pacific Company.
.
'
The trustee shall pay over to the petitioners from time to time the
the
6.
or
was
provisions of the lease cannot be carried out until it is approved by
1299, 1090.
The
a
of
& Seashore RR —Lease Noi Yet Operative.—
Commission of New Jersey has not yet either
West Jersey
to be underwritten.
any
well designed to bring about a distribution of the
Southern Pacific Co. unlawfully acquired and controlled by the
stockholders of the latter, and thus
effectually dissolve the unlawful combination.
If they unexpectedly fail
the disposition of the stock will remain subject to the further order of the
Court.—V. 96, p. 1841,
shares of the
may cause
Such Certificates
'
Reports by Trustee.—General Effect of Plan.
the right to subscribe for certificates of interest representing
Pacific shares transferred to the trustee, substantially in
Southern
the
Sold
outstanding,
thereby and
the proceeds to the lawful holders.
The trustee shall become a party
to the cause and shall at all times be subject to its orders and decrees.
Any
party may, whenever so advised, apply to the Court for such further orders
or decrees as may be necessary to carry into effect the decree of the Supreme
Court., Provision will be made requiring the trustee to report to the Court
at frequent intervals, and likewise, upon request, to the Attorney-General
of the United States.
* **1
[Nothing In this decree shall be construed as prohibiting Union Pacific
from acquiring at any time the stock or other property of the Central
pay
.
.
INDUSTRIAL, GAS AND MISCELLANEOUS.
,
Pacific.I
:
Abitibi Pulp &
'
;
N. B. Stark & Co., Montreal and
to Jan. 1 1914, with 50%
8tallemts
7%
Attorney-General's
v
Reasons for Approving the
P(an.
Effect of Proposed Exchange of Stack.
proposed sale to the Pennsylvania RR. Co. of 382,924 shares ($38,292,400) of the capital stock of the Southern Pacific Co., now owned or
the Union Pacific RR. Co. (being about 14% of the total
capital 6tock of the Southern Pacific Co.), in exchange for 425,472 shares
($42,547,200) of the capital stock of the B, & O. RR. Co. now owned by
the Pennsylvania RR. Co. (being all of such stock held by the latter and
20.04% of the entire share capital of the B. 9c O. Co.), obviously goes far
to separate the Southern Pacific Co. from the Union Pacific Co. and to
that extent breaks up the particular unlawful combination between them
assailed In the original bill and now before the Court for dissolution.
4
Moreover, it divests the Pennsylvania RR. Co. of a large amount of the
capital stock of an active competitor—the B. & O. RR. Co.—and thereby
remedies a highly objectionable condition.
So far as I am able to ascer¬
tain, such exchange would not result in creating any new combination in
restraint of trade nor any other condition in violation of existing law.
Should the exchange be made, the Union Pacific RR. Co. would then own
38.66% of the capital stock of the B. & O. RR. Co. and the Pennsylvania
RR. Co. would own 14% of the capital stock of the Southern Pacific Co. >
The
Record (Per Cent).
'05. '06, '07. '08. '09. *10. '11. '12. *13None
4H
8
8
7M
0
2
2
0
0-In full to Oct. 1912, 8% yearly (recently 2% Q.-J.
0
—V. 96, p. 1558. 864.
'
"
'
V '
Pref—
system
that the
Digest of Letter from Pres. William H. Childs, N, Y., June 30 1913
Owns and operates, through subsidiary companies, about 30 plants en¬
gaged in the manufacture of coal products, such as; tar, ammonia, 9cc. 1
The proceeds of these notes will provide funds for the payment of all debts
of the company except
current accounts, and the net quick assets, as
per balance sheets, will be about $6,000,000; or three times the amount
of this issue.
'
' ;;
'•
non-competitive with those of the B. 8c O. system, it is manifest
Pennsylvania lines and the Southern Pacific lines do not connect so
nor do those of the Union Pacific and the
.
Ohio.
Accounts receivable
Sany from owning stock in another the national policy in that regard,may
ereafter deem it advisable to change non-competitive line, Congress
and
laws
so as to
Merchandise
give them meanings different
Plant and
Wherefore, in order that any future legislation by Congress on the subject
holding of stock by one railroad in another, and also all existing laws,
certainly apply to the holdings which the Pennsylvania RR. Co. and
the Union Pacific RR. Co. would acquire by the proposed exchange, said
exchange should only be permitted subject to the following express con¬
ditions, in substance.
i
Not only would1 this proviso leave unobstructed the power of Congress
hereafter to legislate in respect of the stocks or transactions in question, but
if any illegal condition should result from the
proposed exchange of stocks
under existing law, the Government could freely assail it, if so advised.
side $23,615,713)♦
$2,113,401
2,175,397
4,912,535 Accrued dividends
3,108,431 B onds of subsidiaries
314,752 Minority interest
10,911,315
7,292
2,823,000
596,513
2,500,000
10,639,300
431,295
Preferred stock
137,758 Common stock
3,369,502 Reserves
83,8151 Surplus
f
2,329,515
Prepaid charges
Deferred charges
59,6901
The agreement under which these notes are issued provides that no
further liens of any kind shall hereafter be placed upon any of the assets of
the subsidiary companies until the notes are paid and that no assets of
the parent company shall be mortgaged or pledged unless these notes are
equally secured.
Net
Earnings of Co. Available for Dividends after Paying all Charges, Incl. Int
1903.
$i,284,157
,
equipment
Contracts and good-will.._
of the
permission shall not be taken or construed as affecting the ob¬
ligations, powers, rights, or duties under either present or future laws of any
person or corporation not a party to this cause, nor be taken or construed
as an adjudication that any party hereto has the
right to acquire or hold the
shares of stocks so sold or exchanged nor as an exemption of any such party
i* respect of such acquisition of holding, from the operation of any law now
in force, or which may hereafter be enacted.
hand
Furniture and fixtures
may
Such
on
Investments
from
Not to Establish Precedent.
.
Balance Sheet, incl. Subsidiaries, April 30 1913 (Total each
Cash and cash assets
$324,358 Notes payable
Current investments
393,556 Accounts payable
Furthermore, while at present no Federal law forbids one railroad com-
the courts may interpret existing
those now accepted.
4H
,
to form a continuous route,
Baltimore 9c
3
4
4
Co., New York.—Notes Offered.
Kidder, Peabody & Co. are offering, by adv. on another pag e
at 973^ and int., to yield almost 7%, the unsold portion of"
the new issue of $2,000,000 3-year 6% notes dated July 1
1913 and due July 1 1916, but callable on any interest date
at 100 and int. on 30 days' notice.
Guaranty Trust Co. of
New York, trustee.
""
" -
While the lines of the Pennsylvania System appear to be non-competitive
with those of the Southern Pacific system and tne lines of the Union Pacific
as
'99. '00. '01. *02. '03- 04.
American Coal Products
ditions hereunder stated.
to Future Legislation.
Record.—
Dividend
4
Com..
actively competitive systems—the Pennsylvania and the B. & O.—and
since no new conditions contrary to existing law would result therefrom,
I think the Court may properly grant leave to make it. subject to the con¬
as
Co.—Dividend
larly since organization of the company in 1898.
No payment has been
made on the $1,000,000 common since June 1911.
proposed exchange would be a substantial step in the dissolu¬
Proviso
Caramel
No dividends have been paid on the $1,000,000 8% cumulative pref.
Prior to that time payments had been made regu¬
stock since Oct. 1912.
tion of the particular unlawful combination now under consideration, and
at the same time would destroy thb stockholding relation between two other
•
cum.
American
controlled by
Since the
Paper Co., Ltd.—Pref. Slock Offered.—
Toronto, offer at 95, payable in inbonus in common, $500,000 of the(after Jan. 1 1914) convertible preferred stock, the remaining
$500,000 of the $1,000,000 present issue having been sold. Capitalization,
$1,500,000 7% pref. stock; issued, $1,000,000; common stock auth., $3,500,000; issued, $3,000,000; 1st M. 6% 20-year bonds, $1,500,000; issued,.
$1,000,000. Further details another week.
■
'
1906.
1909.
1910.
1911.
1912.
$1,301,598
$1,285,173
$1,393,903
$1,062,330
$1,279,629
earnings of the past 10 years, applicable to payment of interest on
these notes, have averaged ten times the amount that the charge will be
For the five months of 1913 earnings have shown an increase of $400,00(1
over the same period of last year, an"® should there be no further increase
this year, the earnings will amount t° $1,679,000, or fourteen tlmee'ith*
Interest on these $2,000,000 notes.
^
r*
The
;
See also "Annual Reports" above.—V.
96,|p3792,^717.
AmericanlMalt
.
CHRONICLE
THE
52
Corporation.—To Amend
Articles of
Incorporation.—The shareholders will vote July 17 on amend¬
ing Art. 3 of the certificate of incorporation in order to enlarge
the company's powers with reference to the securities of the
American Malt Co., thereby facilitating any financing.
The amendment provides that the corporation shall have the right "to
acquire by purchase, subscription or otherwise, and to hold, sell, assign,
transfer, mortgage, pledge or otherwise dispose of, the shares of the corporate
stock of, or;any bonds, securities or other evidences of indebtedness created
by the Ameriacn Malting Co.," and "while owner of such shares of stock
or other securities, to aid in any manner the said company," &c.—V. 95,
p. 1204.
American Naval sWes, Savannah.—Status—Pres. A.
O'Byrne*! who is alstfChairman of the creditors' committee,
in Savannah on May 30 gave out the following statement
from the auditors of the committee relating to. the balance
sheet of March 31 1913, shown below, and then just received
from Marwick, Mitchell, Peat & Co., chartered accountants:
A little more than two months ago when the company, owing to the im¬
pairment of its credit, was forced to announce its suspension and a determi¬
nation to liquidate its business.it owed to secured creditors about $4,300,000, and during the short time that has elspsed since the first meeting of
the creditors in Savannah, more than $3,000,000 of this secured indebted¬
ness has been discharged.
Our committee confidently expects to liquidate
in full within the next six or eight weeks all of the secured indebtedness and
to have a handsome cash balance left in their hands from the sale of the rosin
which was held by banks as security, to apply on the unsecured debts.
From the figures in the balance sheet it appears that not only will the
creditors, both secured and unsecured, be paid in full, but a large sum will
be conserved for distribution among the stockholders.
Audited
Balance
Sheet
March
31—Total
.
_
Each
Unsecured
Cash, accounts and notes
receivable—free
:$2,260,620
Cash held by banks against
notes discounted
162,571
Inventories—free balance 1,371,745
Due by officers & employees 585,421
Unexpired ins., taxes, &c_
95,354
Investments
1,972,502
Fixed assets.
475,966
Franchises
250,000
Side,
debts
$7,174,179
$2,593,522
1,345,764
Notes receiv. discounted-
_
Union
Naval
Stores
Co.
(secured)..
Bal. due European cos___
Items in mail between of-
300,852
1,041,552
«
11,793
Capital stock..$3,202,500
1,456,297 1,746,203
Less deficit
This balance sheet includes the assets and liabilities of the following cos.:
Am. Naval Stores Co. of W. Va., Am. Naval Stores Co. of N. Y., Nat.
Transportation & Terminal Co. of N. J., Nat. Transportation & Terminal
Co. of N. Y., Seaboard Cooperage Co. and South Atlantic S3. Line.
The accounts of the European Naval Stores Co. and its subsidiary cos.,
the capital stock of which is owned by the Am. Naval Stores Co. of W. Va.,
are not dealt with in this report, the verification of their balance sheets
not yet being complete (V. 96, p. 1703, 1491).
—V.
96, p. 0000.
American Power
&
Light Co., New York.—Report.—*
investment holding company, organized by the Elec¬
tric Bond & Share Co. of N. Y. and controlled by interests
This
closely allied therewith, has issued an elaborate 58-page
pamphlet, historical and descriptive, with maps and state*
ments of earnings and financial condition for all its controlled
as the company itself, thii$ bringing down
to date the information which was published in the "Chron¬
properties „■ as well
icle" of July 15 1911
(pages 169 to 173).
Income Account Controlled Co,—Year end. Apr. 30 .—1912-13.
Terms of
■
1911-12.
.
,
....
.
_
.
On April 1 1912 the company's treasury held in addition to amounts, outstanding: pref. stock, $416,000; bonds, $276,000; com. stock, $177,000.
The reorganization committee will endeavor to organize a syndicate to
underwrite such portion of the new bonds as may be necessary.
Reorganization Committee: J. William Middendorf, Chairman; Harry
B. Cochran, Harry D. Eichelberger, Charles M. Howe. Daniel
N. Mc¬
Quillen Jr., Eugene E. Thompson and J. Robert Woods, with Gaylord
Lee Clark as Secretary and Phila. Tr. Safe Dep. & Ins. Co., 413 Chestnut
St., Phila., as depositary.—V. 95, p. 1543. »
•.
,
dends
Gulf
&
West
Indies
Steamship
.
.
Co.—Divi¬
of Operating Companies.—
operating companies have declared their semi-annual dividends for
The dividends declared are $1 by the Clyde,
$1 by the Ward Line and 50 cts. by the Mallory.
The New York & Porto i.!
Rico Co., which did not pay any dividend in 1912, has not declared any-f
thing for the 6 months of 1913, although it is said to be earning a small divi¬
dend of, say, 4% or 5% on its 80,000 shares of stock.
These dividends „
aggregate $410,000, the same as the 6 months ending Dpc. 31 1912The subsidiary companias have for the last 18 months or 2 years been
paying into the treasury of the parent company only a little more than
enough to meet the 5% interest on the $ 13,0OO,000 Collateral trust bonds
of the parent company, the 6 months' interest charge on the bonds calling
for $325,000, or within $85,000 of what will be received from the 3 dividends
just declared.
Last December the Ward line for the first time in 4 years
was able to make a small distribution on its stock.
The Improvement in
Ward line earnings which set in during 1912 having continued and been
somewhat accelerated, another dividend of the same amount has been paid.
The Ward line is now freer from competition than for several years and its
traffic outlook is premising for the summer and fall.
The Clyde line is
building two boats costing $825,000 which will be financed without the
issuance of any securities to the public.
The Porto Rico line is also putting
$400,000 into steamship construction, mainly to remodel one of its im¬
portant boats so that it may become a revenue producer. !vThis boat has
not been able to operate at a profit, not being well adapted to the service.
Other boats of similar size have been earning $7,000 to $10,000 per voyage,
and it is believed the remodeled boat should be able to do at least as well.
—v. 96, p. 1231,1155.
;v
The
the 6 months ending June 30.
Cross
earnings (incl. in 1912-13: Electric light and •
power, $2,921,471; artificial gas, $1,693,284; natural
gas,
$405,004;
railway, $211,179;. water,
.
'
,
$165,052; miscellaneous, $22,204)
$5,418,194 $5,057,170
Net earnings.
2,393,737
2,208,971
This statement shows the earnings of all the properties of the Kansas
Cas & Electric Co., Portland Gas & Coke Co., Pacific Power & Light Co.,
Vancouver Gas Co. and Southwestern Power & Light Co.'s subsidiaries,
now owned, irrespective of the dates of their acquisition.
Exchange (Amounts in Dollars Supplied by Editor)
Old Securities
v Amounts
Will Receive•
Common
(if Deposited)—•
Oulst'g. •
is* Pref. Stock.
2d Pref. Stock.
Stock.
First mtge. bonds...$1,224,000 100%-$1,224,000
50%-$612,000
Preferred stock
333,000
50%-$166,500 25%83,250
Common stock
1,423,000
"
10%- 142,300
General creditors, say
y233,000
233,000
50%- 116,500
1st M. cbupons of Jan. 1 1912, with Int. thereon, par in special 6% scrip.
Atlantic
134,493
xcyii.
deemable on any interest date on 30 days' notice at 102 and Int.
Annual
sinking fund, equal to 2% of all bonds issued, for purchase, call and can¬
cellation, at not over par and int.
These bonds, or their proceeds, to be distributed to the holders of all
receivership obligations, all obligations acquired or incurred by the com¬
mittee, and also for their compensation, obligations and expenses, and
to furnish working
capital for the new company.
2. Special 6% Scrip (interest semi-annually), to be issued for unpaid
1st M. coupons due Jan. 1 1912, and interest thereon at 6% per annum.
All scrip must be redeemed before the declaration of any dividend on new
stock of any class.
3. $1,500,000 First Preferred 7% Stock (1st pref. p. & d.).
Entitled to
non-cum. dividends when declared by the board out of surplus or net pro¬
fits from Oct. 1 1913 to Jan. 1 1916; and to cumulative dividends after
Jan. 1 1916, payable out of the surplus or net profits.
Subject to redemption at par at option of new company.
No right to vote until after Oct. 1
1918, except during a default in interest on the new 1st M. bonds.
4. $200,000 Second Preferred Stock (2d pref. p. & d.).
Dividends after
Oct. 1 1913 payable out of the surplus or net profits when declared by the
board; callable at par and caryring no right to vote until after Oct. 1 1918,
except during a default in interest on 1st M. bonds.
5. $1,500,000 Common Stock.
All except a sufficient number to qualify
directors therein to be placed in a voting trust until Oct. 1 1918.
■
ficers of companies
Accident ins. reserve
[Vol.
.
(E. W.) Bliss Co.—New Director.:—
Frank Coit Johnson, VIce-Pres.
of theE. W. Bliss Building, Inc., has been
.
elected
a
director to succeed the late Seth Keeney.—V. 92, p. 703.
—
California Wine Association, San Fr.—New
____
'
Income Account, &c.,
of American Power <& Light Co.-—Year end. Apr. 30'13.
Gross income.
Net
$839,737
[Interest and discounts
income
.$341,126
-^.___-_$601,946|Net income
.-.-.$260,820
Add combined net income of controlled companies over (1) div'ds, '
(2) depreciation reserve ($158,397) and (3) $147,780 accruing to
common stock not owned by American Power & Light Co. ^
.$253,875
v
Total
I'.
.$514,695
Less preferred stock dividends paid (6%)._
i
186,798.
Less common stock dividend paid (1% March 1 1913)56,314
-
Balance, combined surplus for 12 mos. ending April 30 1913—.$271,583
Total surplus of company and proportionate interest in total
surpluses of controlled companies April 30 1913 —--.'I
.$1,080,523
See also the controlled cos. separately given below—V. 96, p. 1558.
American Slate
Co.—Gen.
Mtge. Bonds Called.—
Fifteen
($15,000) general mtge. bonds for payment at 105 and int.
July 1 at Northampton Trust Co., Easton, Pa.—V. 90, p. 1679.
Anthracite
on
Coal.—Pennsylvania Law Taxing Coal.—
California.—Subsidiary Dividend.—
The Amalgamated Oil Co., of whose $5,000,000 stock $2,500,500 is
owned, has, it is stated, increased its dividend rate from $1 a month to $1 25,
placing the stock on a 15% basis.—V. 96, p. 1487, 1231.
Atlantic
&
Gulf
Portland
Cement
Co*,—Plan.—'The
plan of the bondholders' committee dated June 5 1913 has
been adopted by the holders of all deposited 1st'M.bonds,
thereby assuring that at least 97% of the bonds will partici¬
pate.
The plan shows:
It was hoped that our plan of May 1 1912 could be carried into effect
without court proceedings, but an unsecured creditor on July 29 filed a
general creditor's bill, which resulted in the appointment of receivers, who
on Aug. 3 were succeeded by receivers in bankruptcy proceedings and later,
on Oct.
19, by W. S. Lovell, H. C. Stiles and J. H. McQuillen Carter
as trustees in bankruptcy.
At the instance of your committee, the Fidelity
Trust Co., the mortgage trustee, intervened and brought suit to foreclose.
On Sept. 2 1912 $25,000 receivers' certificates were sold at par.
The operation of the plant by the receivers and trustees in bankruptcy
has produced a profit of $37,000 to April 1 1913, although including the
worst three months of the year for sales in the cement industry.
It is the
intention to increase the capacity of the plant from 1,000 bbls. per day to
1,800 bbls. per day at the time of reorganization.
Using as a basis the
earnings from Sept. 1 1912 to April 1 1913, and allowing for the increased
capacity, it is estimated that the average net earnings will amount to
about $130,000 per annum.
These earnings would meet the interest and
sinking fund requirements upon the proposed new 1st M. bonds and 7% divi¬
dends upon the new first pref. stock.
The organization of the new company
will provide that no other mortgage debt, other than the $600,000 new
1st M. bonds, can be placed on the property without the consent of 75%
of the outstanding first pref. stock.
'
'
•
.
..
;
New
Company—Proposed
New
,
Capitalization.
1. $500,000 First Mortgage 6% 30-year gold bonds, with privilege to
issue $100,000 additional for 75% of cost of additions to plant.
Par $1,000
and $500 c*.
Interest from Oct. 1 1913, payable semi-annually.
Re¬
$2,-
as required;
none of the remainder of the stock to be issued
present.
A San Francisco paper says:
,rThe increase in the bonded debt is partly for the payment of the present
$1,938,000 bonds and for extensive improvements.
Much of the new money
from the sale of stock will be .used in the purchase of the plant of the Italian
Swiss Colony.
Extensive additions are planned at Winehaven."
Com¬
pare V. 96, p. 1020, 1023, 1300.
bentures
at
Canadian Coal
& Coke Co.* Ltd., Montreal.—To Re¬
fund All Existing Bonds into $4,000,000 7% Cum. Pref. Stock.
The bondholders of this company and of
its several controlled
coal prop¬
erties, namely Pacific Pass Coal Fields, Ltd.; Lethbridge Collieries, Ltd.;
Western Coal & Coke Co.; St- Albert Collieries, Ltd., and Canadian Coal
Ltd., will vote July 18 and 19 on a proposition to consolidate
properties in the Canadian Coal & Coke Co., Ltd., and to exchange
bonds, $ for $, into its 7 % cum. participating pref. stock,
of a proposed issue of $4,000,000, pref. p. & d., par $100, participating in
dividends with the common stock in any year after 7 % on each class.
In June 1912 the total amount of bonds authorized was stated as $6,506,600,
but a considerable part of the same remained in the treasury and will now
be canceled.
The exchange of the stock of the controlled companies for
full paid common stock of the Canadian Coal & Coke Co., Ltd., par for par,
will be continued.
The Canadian Coal & Coke Co., Ltd., was incorporated
Dec. 30 1910 under the Can, Cos. Act and its auth. common stock is $15,000,000 in $100 shares.
Under the plan it will "assume all debts, liabili¬
ties and obligations of the four cos." other than the outstanding bonds.
Condensed Extracts from Statement by Secretary S. T. Mains.
Pacific Pass Coal Fields, Ltd.—The immense coal deposits of this company
are situate about 46 miles from the main line of the Grand Trunk Pacific
Ry.
Without roads, the difficulty of bringing in machinery was prac- .
tically" prohibitive.
The company in 1910 entered into a contract with the
Branch Lines Co. of the Grand Trunk Pacific Ry. for the construction of a
railway between the mines and the main line of the Grand Trunk Pacific
Ry.
The Branch Lines Co. did not complete this line until 1913 and a con¬
siderable portion still remains to be ballasted.
The Pacific Pass Co.
during* this period made demonstration of its coal,bodies, developed its ■
property and ordered the necessary materials ahd machinery. Engineers
report that the property is of great value by reason of its immense available
tonnage, the favorable conditions for mining and the good quality of the
coal produced.
It is now necessary, in order to preserve the property and
render its product available, to provide additional funds, about $500,000.
Lethbridge Collieriest Ltd.—This mine is now in operation and giving
most satisfactory results.
To accomplish this, it has been necessary to
procure advances of funds in excess of those originally provided to the
extent of some $400,000.
Western Coal & Coke Co.—This company has experienced difficulties in
the matter of railway construction, similar to those which confronted the
Pacific Pass Co.
In order to connect the mines with the Canadian Pacific
Ry. it was necessary to build a branch line, about 16 miles, through a
difficult section.
To accomplish this the Western Coal & Coke Co. guaran¬
teed payment of the principal and interest of the bonds of the Kootenay
& Alberta Ry. (V. 92, p. 1564), but, notwithstanding persistent efforts,
this line was not completed till 1913 and the cost has exceeded the esti¬
mates.
This railway is now completed, the mines have been developed
and equipped to a capacity of 2,000 tons a day, and the output, approxi¬
mately 500 tons per day, will be rapidly increased to the full capacity.
This property and the railway will require about $220,000 additional money.
St. Albert Collieries, Ltd.—These mines are situated about 8 miles from
the city of Edmonton.
The first contractor found the sinking of shafts
in the ordinary way"impossible.
The New York Foundation Co. has now
& Coke Co.,
all these
*
Governor Tener of Pennsylvania on June 3 signed the law passed by the
Legislature imposing a tax of 23^ % on the value of prepared coal at the
The salesmen of the Reading Coal & Iron Co. were, it is stated,
mines.
notified to increase the price by the amount of the tax and it was expected
that supplementary circulars would be issued to the trade, the price lists
for July having already been sent out.
See also "Pennsylvania" in "State
and City" Department.
•
,,''
Associated Oil Co.,
Securities.
The stockholders voted June 23 to increase the bonded debt from
000,000 to $7,000,000, to provide for the issuance of $5,000,000 debentures
(present issue to be $3,000,000) and also to increase the authorized stock
from $10,000,000 to $20,000,000, to provide for the conversion of the de¬
their 6% mortgage
put down a shaft in concrete most successfully, passing through two seams
of coal 14 ft. apart, the uppet* seaui 534 ft. and the lower seam 7% ft. thick,
without a parting.
large market will
usual
pumping.
This coal is of excellent quality and its proximity to a
insure success.
The dry concrete shaft eliminates the
The satisfactory development of this undertaking has
•
July 5
and
will
excess
necessitate
a
capital expenditure of approximately $250,000 In
of the estimates.
in use by the Third Ave. Ry.
Each set consists of 58 cells
MV-29 "Hycap-Exide" battery, having a rating of 67 amp.for 6
at an average of 114 volts.
The weight of
each set, Including the containing trays, is 4,880 lbs., and the installation
is placed under the car seats, utilizing space that would otherwise be
wasted.
One of the advantages claimed for storage-battery cars is that
thev may be operated on steam roads where the interval between trains is
sufficiently great.
Storage batteries have been furnished to the Lewisburg Milton & Watsontown Passenger Ry., operating over the Lewisburg
& Tyrone branch of the Pennsylvania RR., between Montandon and
Mifflinburg, Pa.—V. 96, p. 865.
for 90 sets now
of type
•
,
continuous discharge,
Requirements.—The companies now require about $1,500,000
to pav off their existing liabilities and to carry on the works now in progress.
The work in progress has recently been carried out on the personal credit
of the directors.
The present plan will,we believe, do justice to all inter¬
ests and place the consolidated company in a position to earn and pay at
an early date 7% dividends on the pref. stock.
A majority of the bond¬
holders of each of the four operating companies has approved of the plan.
The only charge ranking prior to the preferred shares will be the charge
given for the new money necessary to bring the combined undertakings
to complete success and to liquidate the current liabilities of the five cos.
[The original combine was promoted by J. W. McConnell, the capital!
zation of the cos. being then reported unofficially, as follows: Western
Coal & Coke Co., $131,580 pref. stock, $1,968,000 common stock and $600,
000 bonds: Lethbridge Collieries, $2,300,000 stock and $625,000 bonds;
Pacific Pass Coal Fields, $4,000,000 stock and $1,250,000 bonds; St. Albert
collieries, $750,000 stock and $500,000 bonds.
H. A. Lovett is President.
hours'
Telephone Co.* Grand Rapids, Mich.—
Bonds Offered—A. B. Leach & Co. are offering privately
at par and int. $200,000 1st M. 6% bonds dated Aug. 1 1913
and due Aug. 1 1923, but red. at 102 and int. on any interest
date.
Interest F. & A.
Par $1,000 and $500.
Michigan
Apr. 30 Year.
Financial
.
Citizens'
Trust Co.,
A circular shows:
Grand Rapids, trustee
Capital stock auth., $5,000,000: outstanding.
First mtge. 6% bonds auth.. $750,000; held in treasury,
000: outstanding
___$3,722,945
$350,-
—
400,000
—
- —
_ _
issued for additional extensions at
of the value of such extensions.
The companv, a Michigan corporation, operates in Grand Rapids and
surrounding towns and owns a controlling interest in the Citizens' Tele¬
phone Co. of Battle Creek, Jackson and Marshall, Mich.
Earnings for
Years ending June 30.
1911-12.
1910-11.
1909-10.
1908-09.
1907-08.
Gross
$767,368
$719,841
$675,543
$633,456
$603,701
Net. after op. exn.__.$376.362
$338,400
$318,453
$290,433
$286,309
The companv has a total of nearly 40,000 telephones in use and controls
a large part of the business
in Grand Rapids.
For the past 12 years
It has paid dividends on its capital stock at the rate of 8% Per annum.
.—V. 96, p. 1843.
—
.
City Water Co. of Santa Cruz, Cal.—Sale to
See "Santa Cruz, Cal.," in "State and
City.—
which have been held
The comoanv's $14,067,000 debentures,
as secur¬
been canceled, and the real
ity for Colorado Industrial Co. bonds, have
restored to the parent company, subject both to its
Industrial Co.
See V. 96, p.-1492,1775,
bonds and the bonds of the
Columbia Gas & Electric Co.,
Extended
ative—Time
Consolidated Gas Co. of New York.—Notes Sold.— ';
w
purchased by the National City
pave, it is announced, been sold.—V. 96, p.. 1843,1485,1492.
All of the $15.000,000 8-months 6% notes
V Consolidated
Gas,
Electric
Light
&
Power
Baltimore.—Reduced Rates.—The P. S. Commission
20 made
an
order reducing rates,
The schedules ordered
the basic rate of 90 cts.
effective July 1.
of
Co.
June
on
:
;
follows:
10 cts. for the first 50,000 cu. ft. used
month, 15 cts. when over 50.000 cu. ft. up to 100,000 and 20 cts. when
the amount Is over 100,000.
The company's schedules filed June 3 pro¬
vided that the consumer using over 50.000 feet should have a discount of
in
a
10 cts. for the first 50,000 feet, 15 cts. for the amount between 50,000 and
100.000 and 20 cts. for that above 100.000.
'
.
charge for electricity is made $12 a year instead of $1 a
proposed by the company.
Adjustments are to be made at the
end of the year so that any credits which may be due for months when the
amount used was not equal to $ 1 may be reimbursed.
*
The minimum
month
Bonds Paid.
The outstanding collateral trust 5%
secured gold notes ($1,570,000), due
being paid at the Continental Trust Co., Bait.—V. 96,
Consumers'
•
Gas Co.
of Toronto.—of
Stock.—
.
Of the $500,000 new stock offered at auction
about one-half
was
sold at
—
Int. Charges.
$68,006
41,067
by the company on June 26,
prices ranging from 160 to 177 and averaging
about 166^.—V. 96, p. 1705.
.•
The following particulars
are
;
and after
Par $500 and $100.
Coudersport Trust Co.,
trustee.
Total auth. $200,000, applicable as follows: $150,000 to refund
as rapidly as possible old $150,000 1st M. 5s (dated 1906 and due July 1
1926, but red. after July 1 1911 at par; int. J. & J.); $10,000 to acquire the
$108,000 stock of Consolidated Water Co. of Coudersport, Pa., and $40,000
to enlarge Galeton-Eldred reservoir and extend pipe line half a mile to the
Pennsylvania RR. under contract to supply it with water:
The company
will assume p. & i. the $90,000 5% bonds of the Consolidated Water Co.,»
making the total bonded debt $290,000 against properties valued at $321,801, including $32,802 for improvements now proposed.
The company
(a consolidation in 1906) operates in Potter and McKean counties, Pa., in¬
cluding cities of Galeton (pop. 5,500), Eldred (pop. 1,500) and Coudersport
(pop. 3,500), thus controlling the water system for a population (within
said counties) of 12,000 to 15,000 people.
Gross revenue 1912-13, $25,581;
net, after taxes, $21,026.
Est. after impts, &c., gross, $29,500; net, $26,000; bond int., $14,500; bal., sur., $11,500.
1918 at par and int.
Boston.—Appeal Dismissed.
Gillette Safety Razor Co.,
"Sun" dated June 30 says that the
appeal court on that day, decided that the
A cable disnatch to the New York
sitting
an
as
Anglo-American Trading Co. had not infringed the patents of the Gillette
company and dismissed the appeal of the latter with costs.—V. 96, p. 205.
Grasselli Chemical Co.,
An initial quarterly
Cleveland.—Com. Div.—!
dividend of
%
was
paid June 30 on the$11,250,000
increased by the declaration of a stock dividend of 50%
to holders of record Feb. 27, comparing with 2.% quarterly disbursed on the
stock
common
as
See V. 96, p. 1024,422.
$7,500,000 common stock formerly outstanding.
Great Western Cereal Co.,
Receivers Fielder and Tilden report,
Chicago,^—Receiver's Report.
it isolated, that they have sold all
,
.
cash in hand and unliqui¬
claims of credi¬
receive nothing.
dated assets aggregating $14:321, against .which the allowed
tors amount to $399,246. The stockholders will, therefore,
—V.
96,
1024.
p.
.
Greene-Cananea Copper
The stockholders
po —Par .Stock, $100.—
June 16 voted to increase the par value of the shares
from $20 to $100. the authorized stock to remain unchanged at $60,000,000,
of which about $50,000,000 is outstanding.
Arrangements for the exchange
of 5 shares of the
on
present stock for one share of the new stock will soon be
perfec t6d
'•
Greene Consolidated Copper Co.
exchange their stock on the basis of one share for 1M of Greene-Cananea
stock will remain open for the present, but when the new GreenenCananea
stock is ready for exchange, stockholders of the Greene Consolidated com¬
pany who desire to avail themselves of the privilege of converting their
shares into stock of the Greene-Cananea Copper Co. will do so on the basis
The offer
to
the stockholders of the
to
of
one
share of Consolidated
Hendee
Mfg. Co.,
Stock.—The
three-tenths of
company stock for
Greene-Cananea stock (par $100).—V.,96,
p.
share of
a
1775, 1366:
Springfield* Mass.—To Retire Pref.
on June 27 to retire
the $600,000 pref. stock, either by calling the same at $125
and div. or by exchanging it for common stock, $ for $.
The exchange may ,be made until and including July 27.
common
shareholders voted
There is $2,000,000 common stock
V.
96,
283.
p.
j'-
outstanding.
Compare
^,, "' A-
Hupp Motor Car Co.—New Stock
—
Des Moines, la., "Register" June 22 said in substance:
"Papers have been
filed at Lansing, Mich., increasing the capital stock from $750,000 to $1,000.000. preparatory to a 33 1-3% stock dividend out of surplus.
This
makes the sixth increase in capital since incorporation, viz.: Nov: 1908;
$25,000: Dec. 1903, $50,000: March 1910. $250,000: June 1911, $500-000;
Sept. 1912, $750,000: June 1913, $1,000,000.
The last four stock increases
have all been made out of tfye surplus, on hand in every instance, leaving
a comfortable margin of surplus.
'We took this action." explained Presi¬
dent J. Walter Drake, 'to provide for the extension of our factory equip¬
of
(Mich.) Edison Co.—Roncfs.—Harris, Forbes &
Co., Spencer Trask & .Co. and Perry, Coffin & Burr are
placing at 99 and int. the final $1,000,000 1st M. 5% gold
bonds, dated 1903 and due Jan. 1 1933, without option of
prior payment.
A circular shows:
«
Refunding
furnished:
Dated Jan. 1 1913, due Jan. 1 1943, but red, on any int. date on
Jan.
ment and the
;vJ
-
Detroit
Netaft.Chgs.
$216,243
162,678
Galeton-Eldred (Pa.) Water Co.^-Bonds Sold.—Fink &
as
July 1 1913, are
p. 1704,1632.
—
Co. of N. Y. have sold at 95 and int. $40,000 First
-
provide that for gas there shall be discounts on
as
—
the real estate of the company and have $167,398
plan of June 3 1913 for the exchange of 5% debentures of this com¬
pany for the minority stocks of the Union Gas & Electric Co. has been
declared operative, there having been deposited with the Central Trust
Co. $1,200,100 of the pref. stock and $3,962,600 of the common (together
with dividend certificates), making the company's total holdings 85% of the
pref. stock and about 95% of the common stock, out of $5,000,000 and
$10,000,000,
respectively,
outstanding.
The time for deposits and
exchange has been extended to and including July 8.
The exchange is on
the basis of par for par in the debentures for Union Gas & Electric pref.
stock and dividend scrip and $100 debentures for 10 share of the common.
Compare V. 96, p. 1631, 1704.
;
The
Bank last week
Light Co. (see above) shows:
Gross Earns. Net (aft. Tax.).
$545,488
.
$284,249
462,670
203,745
<
See bond offering, &c., V. 93, p. 533, 668.
1912-13.
Cincinnati.—Plan Oper¬
July 8.—
to
Fort Worth Power & Light Co .—Earnings.—The report
of the American Power &
House of Lords,
estate, having been deeded to the Industrial Co. and by it transferred to
the New York Trust Co., as further security for Industrial Co. bonds,
has been conveyed back to the Colorado Fuel & Iron Co. along with other
lands of the Industrial Co.
All the property held by the Colorado Fuel
own
($6,000) 6% 1st mtge. gold bonds, Nos. 40, 52, 110, 131, 149, 157,
Electric Light & Power Co. at 103 and int. on July 1 at N. Y.
Trust Co., ex the July coupon.—W. 95, p. 621.
City" Department.—V.96, p.1843.
Colorado Fuel & Iron Co.—Plan Consummated.—
<k Iron CO. is, therefore,
19 -12
Electric Co.—Bonds Called.—
Erie (Pa.) County
Six
of the Edison
5% bonds.
The $350,000 treasury bonds can be
discretion of trustee, but only for 60%
*
53
CHRONICLE
THE
1913.]
our
expansion In
our
organization 7
We estimate the requirements
dealers for the forthcoming season at 15.000 cars.' "
Indianapolis Light & Heat Co.—Bonds Called.—
Five ($5,000) 1st M. bonds. Nos. 120, 129,162, 256, 307, of the Indianap¬
olis Light & Power Co. for payment at 102 and Int. on July 1 at American
Trust Co., Boston. Mass.—V. 96, p. 1024, 866.
•
-
Kansas
Gas & Electric
,
Co.—Earnings.—The report of
dees the entire commercial electric-lighting and industrial
power business in Detroit, the ninth citv in size in the United States, with
the American Power & Light Go. (see above) shows:.
population,of 465.766 in 1910: of 285,704 in 1900, of 205,876 in 1890 and
Apr. 30 Yr.
of 116,340 in
1912-13
Company
1880.
Capitalization— v
"
Authorized. Outstanding.
Capital stock (dividends since July 1909: rate since
Dec. 1910, 7%)--_
$15,000,000 $13,451,500
First mortgage 5s (closed mortgage)__ J
10,000,000
10,000,000
Earnings for Year ending April 30 1913—Present Int. Chge. on 1st M. 5s.
Gross receipts._____—-$4,404,0601 Present int. on 1st M. bds.
$500,000
Net Income after taxes___ 1,816,018|Bal. after IstM. interest. 1,316,018
.
,
.
Results
—V.
93,
Gross.
$940,724
1.024,653
167.
■
;
1911-12
p.
for
Years ending Anril 30.
Net (aft.Tax.)
$320,105
351,134
.
Int. Chaes.
$164,603
136,874
'
Pref.
Divs.
Bal., Sur.
$105,000
105,000
$50,502
109,260
.
...
••
—
—
April 30 Years—
1910-11.
1911-12.
1912-13.
$3,056,247
$3,586,796
$4,404,060
1,254,285
1,480,291
1,816,018
Has two modern central steam turbine power stations, with a machinery
installation of 104,000 h.p. rated capacity, which will shortly be increased
to 124,000 h.p. rated capacity through the operation of a new turbo-gen¬
erator now being installed.
To provide for the increase in business expected
in 1914, plans are being prepared for the construction of a new power house
on the river front at the other end of the city from the
present stations.
The franchises are stated by counsel, Sullivan & Cromwell, to extend
to 1946, and probably for an unlimited period beyond that date.
The
management is under the control of the North American Co., New York,
thus assuring an able and progressive devvelopment. (Compare "Ry. &
Industrial Section.")—V. 96, p. 1091, 1086.
Gross receipts
Net income
1909-10.
$2,294,991
965,225
Easton Consolidated Electric Co.—New
Officers.—
R- P. Stevens, President of the Lehigh Valley Transit Co., has been
elected President and director, to succeed Joseph S. Lovering, who resigned.
J. C. Dawson and Albert L. Smith have been elected directors to succeed
Robert L. Montgomery and John S. Bioren, who resigned.—V. 96, p.
1021, 789.
,
Electric
—
The company has recently received an order for 43 storage-battery sets
Storage Battery Co., Philadelphia.—Orders
which will be used for street-railway service on one of the crosstpwn lines
Of the New York Railways.
This is the second large order of batteries for
traction purposes received by the company from New Yrr'c, the first
being
Kentucky Electric Co .—Merger, Aw.—
See Louisville Gas & Electric Co. below.—-V. 95, p.
Payment
for
made within
a
the
stock
on
the
basis
of $74
a
1687.
'
V v
share will probably be
few days.
All.of the outstanding $1,200,000 1st gold 5s Issued under mortgage
dated Feb. 1 1911 have been called for payment at 105 and int. on Aug. 1
at Continental & Commercial Trust & Savings Bank, Chic.—V. 95, p. 476.
Kentucky Heating Co.—Merger, Ac.—
See Louisville Gas & Electric Co. below.—V. 95, p.
Knox Automobile Co., Springfield,
stockholders' committee, Thomas Z. Lee,
ing
on
a
1476.
Mass..Plan.—The
Chairman, is work¬
plan of reorganization.
The committee's depositary, the Old Colony Trust Co., Boston, holds a
large majority of the $1,000,000 capital stock (which is equally divided into
preferred and common), and any plan that shall receive the assent in writing
of 51 % in interest of the depositors will bind all depositors who shall not,
within 10 days after written notice of the plan, withdraw their stock.
The
committee, formed under agreement of Oct. 20 1912, consists of Thomas
Z. Lee of Providence, John J. Shaughnessy of Marlboro, Charles C. Lewis
of Springfield and Charles E. Bockus of Boston,; counsel, Tyler & Young,
Ames Bldg., Boston.
Compare V. 96, p. 496.
,
Lincoln (Neb.) Telep. & Teleg. Co —Rates Increased:—
The Nebraska, RR. Comm.
on June 27 granted the apolieation to increase
averaging about 22%.
The rate for
telephones is raised from $4 to $6 and of individual
residence telephones from $2 to $2 25.
The "Omaha Bee' says that the
loss to the company through the consolidation with the Nebraska Bel!
the rates to be charged for service,
individual
business
54
CHRONICLE
THE
Telephone Oo. will bekbout $72,000, while the raise in rates will amount to
about $69,000.
The report, signed by Commissioners Clark and Taylor,
and
opposed by Commissioner Hall, shows the reproductive value of $1,-
Long-Bell Lumber Co.—Stock Increase.—
The company on June 27 filed in the office of the
Secretary of State of
$15,000,000.
—V. 90, p. 1557.
Louisville Gas Co.—Merger, &c.—
,
See Louisville Gas & Electric Go. below.—V. 95,
p.|821,
(Ky.) Gas & Electric Co.—5-Year 6% Bonds
Offered.—Harris, Forbes & Co., New York; N. W. Harris
& Co., Inc., Boston; Harris, Trust & Savings Bank, Chicago,
and E. H. Rollins & Sons, N. Y., Boston, &c., are offer¬
ing at 99% and int., by adv. on another page, the unsold
portion of their block of $7,500,000 First and Refunding
Mortgage 5-year 6% gold bonds dated July 1 1913 and due
July 1 1918, but redeemable at 101 and int. July 1 1914 or
On any interest date thereafter.
Principal and interest (J.
& J.) payable in N. Y. or Chicago.
Par $500 and $1,000 0*.
Trustee, Harris Trust & Savings Bank, Chicago.
Louisville
.
May Department Stores Co.—Sub-Co. Bonds.—
See New May
Miller
Gross
earns.
end. May 31 '13
-Estimate Year end. Apr.
Monongahela Consolidated Coal & Coke Co.—Suit.—
Alexander Dempster on June 30 filed a suit in the Common Pleas Court,
Pittsburgh, asking that the election of directors of the company be set
aside as illegal, that an injunction be granted restraining the Pittsburgh
Coal Co. from controlling the company, and requesting the appointment of
a receiver
for the company.
Mr. Dempster is said to be the holder of
8,481 shares of common and 100 shares of pref. stock.
A statement issued by the Pittsburgh Coal Co. says: "Since 1904 the Pitts¬
burgh Coal Co. has had a large ownership of capital stock, both common
and preferred, of the River Co., and from time to time since that year
its ownership has been increased.
During a large portion of the period
since 1904, Mr. Dempster was active both in the affairs of the Pittsburgh
Coal Co. and the River Co., as director of the Pittsburgh Coal Co. and as
President and Chairman of the board of directors of the River Co.
Dur¬
ing that time its elections have been regularly conducted, and its business
carried on by its officers and directors in such manner as appeared to them
to be to the best interests of all of its stockholders.
The company has never
been in a more prosperous condition than
at present, and Mr. Demp¬
ster's purpose in attacking the concerns which he helped to build lip can
only be guessed at the present."—V. 96, p. 282, 207.
30 '14.
_$2,249,047 $2,450,000 Annual bond int. charge—$606,050
$341,930
$947,980 $1,175,000 Balance
Net, aft. tax.
We estimate that the consolidation of these successful gas and
electric
properties, the largest of which has been in operation for more than 74
years, will result in increased earnings, greater efficiency in operation and
still more satisfactory service to its customers.
Properties.—1These include a thoroughly modern equipment for the manu¬
facture and distribution of gas and electricity for light, heat, power and
fuel, and a steam heat business in the downtown section of Louisville.
There are two modern electric steam generating stations, .with a total rated
capacity of 22,000 h. p.
While the gas and steam-heat business is confined
principally to the City of Louisville, the electric-distribution system in¬
cludes the near-by suburban towns of Buech61,Middletown, Jeffersontown,
Anchorage and Highland Park.
In the downtown district of Louisville
the wires are underground.
.'
Through the Kentucky Pipe Line Co., there will be constructed a
pipe
West Virginia-Kentucky
State Line to Louisville, upon the completion of which an ample supply of
natural gas will be available for both light and fuel purposes.
This will
enable the company to operate more economically and serve its customers
at lower rates, on account of the very favorable contract which it has for
line for the transmission of natural gas from the
Narragansett Elec. Light Co., Providence.—Contract.
See New England Power
the
purchase of natural gas from the West Virginia fields.
Upon the com¬
pletion of this pipe line, the artificial gas plants will be used for reserve only
The company will this month open its 60-mile high-tension transmission
line from the Shelburne Falls development to Milbury, just south of Worces¬
ter.
15 years after the maturity of these five-year bonds.
The gas and electric franchises are favorable in
their terms from the
standpoint of the company, and, in the opinion of counsel, extend well
beyond the maturity of the bonds.
■'
'• , •
'
On the basis of the actual cash cost
an.
equity In the property
,
of the property to the present owners,
and above the amount of bonds
able
New York Lake Erie & Western Docks
1 >000,000
.
Says that the Storthing has
ratified the 25-year contract between the Norwegian Government and the
Marconi Wireless Telegraph Co., Ltd., for the erection and joint operation
of high-power stations in Norway and New England
(United States).
When completed, they will send and receive direct messages over the
longest distance between any two wireless stations in the world.
Two locations, 20 miles apart, will be chosen in Massachusetts or Con¬
necticut, and the American Marconi Co. will build separate receiving and
transmitting stations similar to those now being constructed at New Bruns¬
wick and Belmar in New Jersey.
They will form part of the world-en¬
circling chain of stations, which include San Francisco, Honolulu, Yoko¬
hama, Bangalore and Alexandria.
Under the contract, the Norwegian Government will spend $560,000 in
building a station at Stavanger.
The receipts of the joint stations will be
pooled and divided between the Government and the American Co.
The
stations will be equipped for receiving and transmitting news matter and
commercial and personal messages.
The primary object of the new sta¬
tions is to connect the United States with Norway, but they will also com¬
municate with Sweden, Russia
and
other' parts of Northern Europe.
"Annual Reports" on
a
••
England
Co.), Cleveland.—Bonds.—Greenebaum Sons Bank & Trust
Co., Chicago, are offering by adv. on another page at par and
int., to yield 6%, $2,000,000 1st M. 6% gold bonds dated
March 1 1913, par $1,000 and $500.
A circular shows:
will distribute it over
& Improvement
Co.—-Offering of Extended Bondsy Guaranteed Under Lease.—*■
Kissel, Kinnicutt & Co. and White, Weld & Co., who jointly
purchased the issue, are offering at par and int., by adv. on
another page, the, unsold portion of the $3,396,000 .1st M.
(extended) 5% gold bonds dated July 1 1913 and due July 1
1943, btit redeemable as below stated. ;
\
Total auth., $4,000,000;
owned by
outstanding in hands of public, $3,396,000, and
Erie RR. and deposited under its First Cons. Mtge.,
$604,000.
& J.
J.
Trustee, Farmers'Loan & Trust Co., N. Y.
Par $1,000 (c*).
Int. J.
Prin. & int. guar, under the lease by Erie RR. Co.
Tax-exempt in N.
F. D. Underwood, President Erie RR. Col, May 16 1913.
Property Covered j-—'The entire property of the Docks Oo. is covered by its
M. dated June 1 1883, securing the above-mentioned bonds.
Such
Letter from
first
property includes
water on the west
68 71 acres of upland and 52.919 acres of land under
side of the Hudson River in the city of Hoboken and the
township of Weehawken, Hudson County, N. J., a total area of 121.629
acres, having a frontage of 2,591 ft. along the established pier-head line Of
the Hudson River; also five covered piers, two open piers, one coal transfer
pier with trestles and pockets, two mooring racks and transfer bridge; also
21.95 miles of frailroadtraeks located upon the property, and a freight-house,
an engine-house, a warehouse and other miscellaneous buildings.
The property on which these bonds are a first lien constitutes the principal
tidewater freight terminal of the Erie RR. System on N. Y. Harbor.
I
know of no other shore-front property of equal size and suitability for ter¬
minals available at the present time at any point along the New Jersey
shore of the Hudson River.
The property is an important and indispensa¬
ble part of the Erie terminals along the Hudson River and
as real estate regardless of the use to which it is put.
is very! valuable
|
Guaranty by Erie RR.—By a supplemental indentdre dated
Feb. 8 1890 the terms of the above-mentioned mtge. were extended so as to
cover the long-term lease of the above-mentioned property, made Feb. 8
Lease
and
1890 by the Docks Co. to the N.
Y. Lake Erie & Western RR. Co.
Erie RR. Co. has succeeded to the
rights and to the obligations of the lessee
and
The
for many years has been in the possession of the above-mentioned
property under such lease, by the terms of which the lessee, among other
things, guarantees the payment of the interest and the principal of the
above-mentioned bond.
The entire capital stock of the Docks Co. is
owned by the Erie RR. Co.
previous page.]—Y. 96, p. 1776, 1706.
May Building Co. (Owned by May Department Stores
,
_
hydro-electric power to the Narragansett Co., which
the entire district.
See also Y. 96. p. 719, 493.
Marconi Wireless Telegraph Co. of America.—Contract.
[Compare
of electric energy.
Island Transmission Co., which is owned by the New
than 70,000 h.p.
campaign will be ended and the New England Power Co. will secure en¬
the great manufacturing section of Rhode Isl¬
Under the contract the New England Power Co. will wholesale
—
dated June 30
than$700,000
.
and.
ffand additions, provided the net earnings are 1 % times the an¬
nual interest charge, including the underlying bonds and those
applied for.
—
3,379,000
The mortgage securing these bonds will be so drawn that the bondholders
will be free from any income tax retained or deducted by the company
under any present or future Federal or State law.
Territory Served.—Louisville,' founded in 1779, is one of the most sub¬
stantial cities in the Middle West, the Ohio River providing water connec¬
tion with all Mississippi and Ohio River points, and four important rail¬
roads (L. & N. RR., Ches. & Ohio, Pennsylvania, Big Four, Monon, South¬
ern, Illinois Central and the B. & O. S, W.) making it a railroad centre.
Produces or markets tobacco, liquor, cattle, bath tubs, ax handles, organs,
wagons, furniture, plows, hats, cigar boxes, brick, cast iron pipe, machin¬
ery, &c., &c., also has the large shops of the L. & N. RR. . Population,
161,129 in 1890; 223,928 in 1910.
Present population, including the sub¬
urbs served, estimated over 240,000.
The building permits in Louisville
aggregated $1,918,872 in 1903 and $6,552,840 in 1912; post office receipts,
$661,036 in 1903 and $1,124,363 in 1912; bank clearings, $529,241,193 in
1903 and $724,894,243 in 1912.—V. 96, p. 1632, 1559.
"
from London
•
its
trance on favorable terms to
May be issued for 75% of the cash cost of permanent extensions
A cablegram
more
The Rhode
3,121,000
.
656).
completion
Power Co., has now concluded a 301year contract with the Narragansett
Electric Light Co. and the city of Providence by which a sharp competitive
.
extensions and additions
hydro-elec¬
large storage
another power plant on the
transmission line to Milbury
makes available 50,000 h.p. of hydro-electric energy, and when construction
work now under way is completed, the affiliated companies will have avail¬
Authorized Issue of $15,000,000 First & Ref. M. Five-Year 6% Bonds.
To be issued forthwith (being the bonds now offered)-.-$7,500,000
Reserved to retire a like amount of underlying bonds (Louisville
Issuable for cash cost of permanent
with cheap
companies are now earning at the rate of more
affiliated
(compare V. 96, p. 1775,
New England Power Co. is pushing to
reservoir at Somerset, Vt., and building
Deerfield River.
The completion of the
Bond
Issue.—A
first lien
on
all the properties, subject only to
$3,121,000 Louisville Lighting 1st 5s, as to that portion, and so a first lien
on more than 75% of the entire property; also a
first lien on Pipe Line
property, through the deposit with, the trustee of the entire issue of $3,000,000 1st M. bonds and $2,000,000 capital stock of the Kentucky Pipe Line
Co.
To insure the satisfactory completion of the pipe line, there Will be
deposited with the Harris Trust & Savings Bank, as trustee under the Pipe
Line mortgage, $3,000,000 in cash, which may only be withdrawn from
time to time for the actual cost of construction. '
'
,
This line will serve a large industrial district
completing a loop service covering all Central Massachusetts
and greatly benefiting the Connecticut River Power Oo. (controlled).
The Connecticut River Power in 1912 earned $514,000 gross, while the
tric power,
gross per annum
over
outstanding, in excess of $10,000,000.
Lighting Oo. 5s)_
Co. below.—V. 94, p. 419.
England Power Co., Boston.—Status.—Baker,
Ayling & Co., Boston, the fiscal agents, confirm this:
New
and will be kept in readiness to take care of any emergency.
By its terms,
the contract for the purchase of natural gas does not expire until more than
there is
Akron, Ohio.—Stock Increase.—
capital stock from $1,000,000
$2,000,000, $500,000 of the new stock to be 7% cumulative pref., on
which dividends are payable quarterly, and $500,000 common stock, which
is to be placed in the treasury for future disposition.
The preferred stock
is to be offered first to shareholders and then to the public, to provide funds
to finance increasing sales.
Total net assets, according to Secretary and
Gen. Man. W. F. Pfeiffer, will be
equal to more than 3 times the pref. issue.
The company, it is stated, has just completed buildings doubling the
floor space, and is now installing new and improved machinery, so that
additional business can be taken care of.
Activity has been limited by
production, and, although an increase of 55% in sales was made for the
first 7 months of the fiscal year, as compared with the same period of the
previous year, a much larger volume of business, it is said, could have been
done.
The new funds will place the company in position to produce ap¬
proximately 1,000 pneumatic automobile tires a day, and will more than
double the capacity of the other departments.—V. 95, p. 53.
to
1912-13.
1913-14.
Dept. Store Bldg., Cleveland, below.—V. 96, p. 862.
Rubber Co.,
The stockholders have voted to increase the
of Letter from H. M. Byllesby & Co., Managers, June 26.
When incorporation is completed, on or about July 2 1913, will own and
operate without competition all of the gas, electric lighting and power
properties (and a steam heat business) in the City of Louisville, serving a
population estimated to exceed 240,000.
The companies so consoli¬
dated are the Louisville Gas Co. (V. 95, p. 821), the Kentucky Heating
Co. (V. 95, p. 1687), the Kentucky Electric Co. (V. 93, p. 1605), the Louis¬
ville Lighting Co. and the Fetter Light & Heat Co.
The company will
also own the entire cap. stock and 1st M. bonds of Kentucky Pipe Line Co.
[incorporated in Ky. about July 1 1913 with$2,000,000 authorized stock]
Capitalization (see note below)—
Authorized.
OxUstanding.
Capital stock—__
—— — .$11,000,000
$11,000,000
First & Refunding 6s_
15,000,000
7,500,000
Louisville Ltg. Co. IstM. 5s, due 1953 (closed M.)
3,121,000
Note.—Simultaneously with the issuance of these $7,500,000 First &
Ref. 6s, cash will be deposited to retire all bonds of constituent companies
excepting the Louisville Lighting 5s due 1953.
Digest
Combined, Earns, for Year
1912-13.
xcvii.
Principal due In 18 annual Installments from Mar. 1 1915 to 1933 inch,
respectively,2 of $60,000, 6 of $80,000, 2 of $90,000. 3 $100,000, 2 $120,000,
2 $140,000 and 2 $200,000, but callable on and after Mar. 1 1918 upon 00
days' notice at 103 and int.
Principal and interest (M. & S.) payable at
Guardian Savings & Trust Co., Cleveland, trustee, and Greenebaum Sons
Bank & Trust Co., Chicago.
Direct first obligation of the May Building Co., an Ohio corporation
with a capital stock of $2,500,000, all owned by May Department Stores Co.
Secured by a first mortgage on the company's leasehold interest, appraised
at $700,000, in nearly 100,000 sq. ft. of land on Euclid and Prospect avenues,
the heart of the retail business district of Cleveland, and on a thoroughly
fireproof six-story mercantile buliding to be erected thereon at a cost,
including equipment, of approximately $3,000,000, with a total area of
672,000 sq. feet, or over twelve acres.
Entire property leased for 30 years
to the May Department Stores Co. at an annual rental sufficient to pay all
expenses and fixed charges, including ground rent, taxes, insurance, re¬
pairs, and interest and principal of bonds, as they mature.
There will also
be deposited with the trustee, as additional security, the lease to the May
Department Stores Co., above referred to, and "the May Department
Stores Co.'s leasehold Interest in its present Ontario Avenue Bldg. (adjoin¬
ing the new building), which contains approximately 110,000 sq. ft. of
floor space.
The net earnings of the May Department Stores Co. for year
ending Jan. 31 1913 were $2,578,922, or nearly 15 times the amount neces¬
sary to meet requirements of lease.
The bonds are also offered by Tillotson & Wolcott Co., Cleveland.)
»
785,907 and a present value of $1,381,418.
The company claimed a re¬
production value of $2,075,000, and in addition a consolidation expense
of $200,000.—V. 94, p. 212.
Missouri notice of increase of capital stock from $10,000,000 to
[Vol.
Digest of Extension Supplement for 1st M. Bonds.
By this
supplement and coupon sheet executed by thp Docks Co. and
attached to the accompanying bonds dated June 1 1883, and in considera¬
tion of the agreements herein stated,'it is mutually agreed that (except as
hereinafter provided)
the principal of such bond shall not be payable before
July 1 „1943, unless default be made in the payment of interest at 5% per
annum after presentation of the several proper semi-annual coupons there¬
for, hereto attached, which coupons the Docks Co. promises to pay on such
Jttlt 5
1813.]
THE
CHRONICLE
presentation; but upon any such default the payment of the
principal of
such bond may be enforced as provided in the said first
mortgage or in the
supplement thereto dated Feb. 8 1890.
Payment of the principal and interest of such bond as extended shall be
made in U. S. gold coin of the present standard of weight and
fineness; and
the Docks Co. covenants to make such payments as
they severally become
due at the office or agency of the Erie RR. Co. in N. Y.
City.
At any time, at the option of the Docks Co., the said bond
may be called
for redemption at a premium of 2H% and interest on or prior to
July 1
1918, and at a premium of 5% after July 1 1918; provided, that noticeof
such redemption shall have been published in at least four
daily newspapers
of N. Y. City twice each week for two weeks
beginning 60 days prior to
the date for redemption.
Nothing
contained
herein, nor anythiiig done hereunder, shall in
anyway impair, affect or qualify the obligation of the said bond
(except
as to the postponement of the due date
thereof) or the lien or priority of
obligations.
The management of the Rumely company was altered ma¬
terially two months ago when O. S. Funk, formerly of the International
Harvester Co., was selected as General Manager.
The company at that
time was found to be loaded up with contracts for forward business which
were
and selling costs have been considerably lower, even than last year.
For reasons beyond the control of the management, the financial results
of
the year have, however, been disappointing.
The company had to
market this year but a limited amount of stock, all of which was disposed of
to advantage.
Had It not been for the loss of a considerable amount of
young stock due to unprecedented storms in
have realized sufficient funds to pay the July
Owing to this loss it has been deemed inadvisable to pay this interest,
and bondholders have been asked to deposit coupons maturing July 1 1913
and Jan. 1 1914 at the Old Colony Trust Co., to be held until June I 1914
Northern States Power Co.—Earnings.—
unless sooner paid.
Holders of a majority of the bonds have signified
intention of depositing coupons and it is hoped remaining bondholders will
consent to co-operate with the management and deposit coupons.
Assum¬
Oross
Net (after
Fixed
Preferred
Balance,
Earnings.
Taxes).
Charges.
Dividends.
Surplus.
-$3,721,003
$1,869,482
$1,156,440
$544,252
$168,790
The gross earnings for the month of May 1913 were
$284,825, against
$256,958 in May 1912; net earnings, $142,092, against $119,795.
Common stock of the Northern States Power Co. outstanding
May 31
1913, $5,975,000: preferred stock, $8,386,700, and constituent companies'
bonds, &c., $22,388,000.—Y. 96, p. 1026.
May 31—
1913
Scotia
Car
Works,
All shareholders of record
;
-rrv.r
ing this will be done, directors are arranging for carrying on summer planting
and will continue operation of the company in anticipation of better re¬
sults during ensuing season.—V. 96, p. 1844.
Sears, Roebuck & Co.—Total Sales.—
1913—June—1912.
$5,550,197
—V.,96, p.
Ltd., Halifax, N. S.—Stk.—
offered
May 12 the right to subscribe
on or before June 20 in amounts
equal to 12% of their respective holdings
(common or preferred) for $200,000 new 1st pref. 7% stock, at par less a
commission of 6% (in other words, at $94 a share), payment to be made on
or before July 1.
Vice-Pres. and Gen. Mgr. F.M. Brown May 16 wrote:
On Dec. 31 last, the profit and loss
surplus, after paying the Jan. 1 1913
dividend, was $76,813, or sufficient to provide dividends on the outstand¬
ing first pref. shares for 21 months.
In 1913, up to May 16, we have
shipped 404 cars, which, with car wheels, forgings, &c., have amounted
to $458,753, and we have orders on
hand, accepted at satisfactory prices,
aggregating $1,385,000.
The total turnover for 1913, we believe, should
exceed $2,200,000, compared with $1,515,064 for 1912 from
the sale of
1,728 cars, car wheels,&c. Since its organization in Feb. 1911 therehasbeen
expended, without increase of the 1st pref. shares, $355,000 on capital
account, notably for steel-car plant (now turning out 10 steel box cars
daily), a grey-iron foundry, extension of power house and $30,000 for
real estate.
The proceeds of this $200,000 1st pref. shares can be util¬
ized to advantage.—V. 93, p. 51.
were
on
Southern
the
Lake
and
Subscriptions (upon the company's printed warrants) must be received
office in New Haven on or before Sept. 15 1913; and must be paid
full on or before Dec. 27 1913.
The new certificates (for full shares
only) will be issued on Jan. 1 1914, or as soon as possible thereafter, and
will participate in the dividend for the quarter ending March 31 1914.
The company will not deal in "rights."-r-V. 96, p. 423.
Southwestern
to granting authority to issue
Refunding" bonds to complete
Gross.
Year—
Taxes).
1912-13—$1,239,382
v
1911-12
—V.
Charges.
$299,951
342,135
$597,605
1,193,965
96, p. 793.
552,560
___
March
-,
Total
—
1912.
ores
business
added
a
1913.
for
Sutter Basin Co.,
Secured by
months
Gas
&
in "State and
$5,000,000; issued, $2,750,000.
„
City" Dept.—V. 95, p. 1611.
;
—V. 93, p.
167.
I
Bal., Sur.
$287,777
281,573
•
Quicksilver Mining Co., New York.—Note Issue— The
company has confirmed the following:
The
new
management is preparing to increase.the working capital $50,000
more, through an issue of short-term
notes, with interest probably at
6%, these to be offered to shareholders. It is also proposed to work, through
new reduction
processes, the low-grade ore which could not be handled by
the old method.
Owns about 9,000 acres of arable land near San
Jose, Cal.,
and quicksilver mines thereon
which, since 1850, have afforded an output
of $50,000,000.
The common
stock, however, which at one time
or
40% a year, has not made
Compare V. 96, p. 1844.
paid
any
return to shareholders in many years.
(M.) Rumely Co., Agricultural
ImplementsT^S^OOO,-
000 Loan.—The company has
arranged with New York City
bankers for a loan of $2,000,000 to increase its
working capital.
Last May a similar amount was advanced
mon
„
by William Salo¬
& Co. and Hallgarten &
Co., and at the same time it
announced that arrangements had been made with sev¬
eral banks to borrow
$3,500,000 in addition (see V. 96, p.
1367).
A director is quoted as saying that the company is
handling a large business and was forced to get-more capital
by the slowness of collections on goods sold.
The following
was
is
understood to be
correct:
The money will not be raised
through the sale of notes.'
extended to the I company by its
financial backers
as
Credit will be
it is needed to meet
Sacramento.)
(1) Notes are secured through the deposit of Collateral by a first mortgage
approximately 40,000 acres of land (located in Sacramento Valley,
Co.), a large portion of which is equal in fertility to the richest land
in California, and when reclaimed
by levees, &c., will command high prices;
it being vyell supplied with
transportation facilities.
Owns 10.000 addi¬
tional acres of land which cannot be sold unless entire
proceeds are paid to
the trustee for retirement of,notes.
(2) Total value of property estimated at $11,000,000 after1 completion of
improvements, against which $3,500,000 notes may be issued.
Additional
$1,500,000 notes authorized may be Issued under conservative restrictions
to acquire additional
property, or for investments for the advantage of
property owned.
If additional lands are purchased and reclaimed, same
may be mortgaged to the extent of $75 per acre, dr notes may be issued to
purchase warrants issued by the Reclamation District (No. 1500) or for
75% of the cost of improvements, or for investments as aforesaid, with the
approval of the trustees.
(3) The laws of California provide that stockholders of a corporation are
personally liable fcr their proportionate share of all indebtedness incurred.
The stockholders are J. Ogden Armour and associates of Chicago and W. E.
v
Sutter
Co.—Earnings.—The report of
Light Co. (see above) shows:
Years ending April 30.
Net (aft.Tax.) Int. Chges.
Pref. Divs.
$601,801
$216,461
•
$97,563
546*213
171,890
92,750
'
on
of
Results for
Gross. ■ .
1912-13—$1,218,623
1911—1.2___ .1,103,862
6%
Data from Letter of Pres. W. E. Gerber (Pres. of Cal. Nat. Bank of
Coke
the American Power &
deposit of company's total authorized issues of 1st M.
bonds and capital stock $6,000,000 each.
Notes dated May 1 1913 and
due May 1 1918. but red. on any Int. date at 103 and int.
Principal and
interest (M. & N.) payable at Continental & Commercial Trust &
Savings
Bank, Chicago, trustees (with Frank H. Jones).
Par $1,000 c*.
Auth.,
1912.
the six
Sacramento, Gal.—Notes Offered.—
Earles, Inc., Seattle, are placing at par and int. the present
$2,750,000 5-year 6% collateral trust gold notes.
Plainfield-Union Water Co.—Decision.—
Portland
offered
issue of
5.640.273 lbs, in 1912, against 4,154,240 lbs. in 1912.—V. 96, p. 1633.
See "Plainfield, N. J.,"
was
The Continental & Commercial Trust & Savings Bank, Chi¬
cago, and the Dexter Horton Nat. Bank and Carstens &
__-.__.68,575,866 66,581,233
—
company's affairs; in fact, testimony
company's management is independent.
more tank stations .and to
actively compete for business, $1,000,000
$3,000,000 to be expended for the purpose.—V. 96, p. 1234, 1160.
to
Balance,
......
further amount
.
build
2d Pref.
10,892,391 April
11,689,357 11,312,759
10,230,280 May-_-_-__-ll,852.535 11,134,545
10,928,169 June
.11,481,874 12,083,089
(pounds) for six months..„
Customs
Two judges dissented.
showed that it had surrendered its stock I a the Waters,
The company has announced its intention to enlarge its equipment and
Dividends. Dividend. Surplus.
$140,000
$98,750
$58,904
105,000
105,425
Pounds.
1911-12.
Suspended.—
are in control of the
to the effect that the
Phelps, Dodge & Co.—Copper Production.—The produc¬
Queen, Detroit and Moctemines, owned by Phelps, Dodge & Co., for the six
months ended June 30 1913,. was 68,575*866
lbs., as com¬
pared with 66,581,233 lbs. in 1912, as follows:
1913.
1912-13.[
—$1,999,065 $1,711,420
$870,731
$758,131
The Missouri Supreme Court on June 28, on the report of Special Com¬
missioner Montgomery of Sedalia, suspended the operation of its order
ousting the company so long as it obeys the anti-trust laws and other stat¬
utes.
If It violates any law, the Court, upon the motion of the AttorneyGeneral, or its own motion, may revoke its order of suspension and oust
they,
zuma
11,510,711
10,519,051
11.517,338
;
.
'•*
Pounds.
__
{iroved that the company is largely owned by John D. Rockefeller showother
arge stockholders in the New Jersey corporation, but failed to and
that
tion of copper by the Copper
January
February
..
(after operating expenses)
The company
April 30.
Preferred
Co —Earnings.—The
Pierce Oil Co. and that its intention is to actively
compete with that com-?
pany and others for business in Missouri.
The State, Attorney-General
Light Co.—Earnings.—The report of
Results for Years ending
Net (after
Interest
Earnings.
earnings
the company.
on
the American Power & Light Co. (see above) shows:
April 30.
Light
Standard Oil Co. of Indiana.—Ouster
'
.
Power &
&
Earnings for the Cal. Year ending April 30^Gross earnings
Net
June 24 authorized the extension of 6 notes of
$25,000 each
for 6 months.—V. 96, p. 1840.
Pacific
Power
report of the American Power & Lt. Co. (see above) shows:
its financial
Spaulding plant, the Cal. RR. Commission
Telephone Co.—Right
at the
stability and with the prospect of continued dividends.
"General
England (Bell)
in
a
Authorized.—In addition
New
204,600 of the ($1,207,200) additional stock to be offered
at par ($100 a share) to stockholders of record as of June 30
in the approximate proportion of one share of new stock for
each multiple of 7.3 shares held by them respectively.
tion work.
After this had been financed and
Completed, with the incoire
from the enlarged operating field
the company would be in position to
resume dividends
on
its common stock, without
$5,000,000
13.06%
Subscribe.—The directors voted on June 30 that the cap¬
ital stock be increased from $8,792,800 to $10,000,000, $1,-.
than
affecting
Increase.
$38,656,459
to
payment of fixed charges and pre¬
liberal allowance for maintenance and
depreciation,
$2,000,000 a year.
The passing ofthe common div¬
idend and the crediting of the amount to
surplus for a few quarterly periods
will, it is expected, soon put the company in a very strong position.
Bank¬
ers advised the directors to
pass the dividend and go ahead with construc¬
more
1913—6 mos.—1912.
I$44,909,530
The company, it is stated, will not sell at present the $2,500,000 5% 1st
bonds recently authorized by the California RR. Commission.
The
Commission has authorized the company to pledge a part of the new bonds
as collateral for money which the
company will borrow in anticipation of
the time when the bonds may be sold on more favorable terms.—V. 96,
p. 1771, 1777, 1026.
While the earnings are large and business is
growing steadily, it is desired
use all available funds to assist in
completing the Lake Spaulding project.
The company is now earning, after,
at the rate of
24.64%
M.
>
ferred dividends with
Increase. I
$4,303,489
1368, 1026.
Southern California Edison Co.—No Sale at Present.—
-
Pacific Gas & Electric Co., San Francisco.—-Common
Dividend Omitted.—The directors have voted to omit the divi¬
dend on the $31,998,750 com. stock which was
paid at the
rate of 1%% from April 1912 to
April 1913, both inclusive.
to
January, the company would
interest and carry on summer
planting.
Year ending
Nova
1367, 1099, 1084.
Official Statement Issued in Boston July 2—Deposit of Coupons.
part of the transaction) hereby assents to such extension.
[Signed for the
two companies under their raspective seals by President and Secretary as of
May 15 1913.]—V. 96, p. 1776.
i
p.
In certain respects the affairs of the company have improved.
The
economies instituted a year ago have been continued and both operating
lien of the said mortgage securing the same.
The Erie RR. Co, (being invested with the
rights, and being subject to
the liabilities, of the N. Y. Lake Erie & Western RR.
Co., as lessee under
the indenture of lease from the Docks
Co., lessor, dated Feb. 8 1890, as
|
larger than could be profitably handled.—V. 96,
Sealshipt Oyster System, Boston.—Default.—Interest
due July 1 on the $2,500,000 5% convertible bonds remains
unpaid.
Compare V. 96, p. 1844.
the
j >
55
-
•Gerber and associates of Sacramento, Cal.
The foregoing own 93% of
the stock, J. Ogden Armour personally owning 60%.
These stockholders
agree to retain their present
holdings of stock during the life of these notes.
(4) Under provisions of trust deed no disbursements may be made to
as long as any part of this note issue is outstanding.
It is the intention of the company to sell most of this land in small tracts
for intensive farming and fruit
raising, in the meantime placing as much of
the land as possible under cultivation by doing the work themselves or
renting the land.
At least 70% of the cash payments for all land sold
must be deposited with the trustee to retire notes, and all contracts of sale
shall be likewise deposited.
stockholders
Texas
Power
&
Light Co.—Earnings.—The report of
the American Power & Light Co. (see above) shows:
Earnings for Year ending April 30—
earnings.
Gross
1912-13.
$886,324
1911-12.
$761,258
Net earnings..
See bond offering, &c., V. 95, p. 907, 1126.
$353*080
$326,984
Union
Carbide
Co., New York and Chicago.—New
Stock.—Shareholders of record July 26 will be permitted to
subscribe at par ($100 a share), upon warrants to be issued
Aug..2 for $1,198,760 new capital stock, in amounts equal
to
10% ofi present holdings.
Subscriptions^are payable
•
THE
56
either 25% Aug. 15, 25% Oct. 15, 25% Dec. 15 and
Feb. 10 1914 (company to pay6 % int. on the partial
25%
llxc ©ummmial Jfiwrs.
pay¬
ments) or, at subscriber's* option in full any time prior
to Feb.; 16, thef stock certificates to be issued as soon as
full
paid.-
said:
Trejas. A. B. Proal, June 27, further
growth
the
of the company's business the board has determined
manufacturing plant in Canada; and to raise, in part, the
forlthis purpose, and also to enlarge the existing plants and
facilities of the coihpany, it has decided to offer to stockholders at par
$1,198,760 capital stock, the present outstanding stock being $11,987,600.
The Union Carbide Co. of Canada, capitalized at $2,000,000, has, it is
reported, agreed to erect a factory at Welland, Ont., to cost nearly $1,000,000, upon being granted a fixed assessment, arid has also closed a contract
with the Hydro-Electric Commission of Ontario for a block of 17,000 h.p.]
—V. 96, p. 1162, 1093..
^ V
• >
Because ,of
.
to
erect a new
capital required
Vicksburg (Miss.) Water Works
See Vicksburg,
Miss., in "State and City
Wake Water Co.,
Raleigh, N. C.—Sold-to City.—
Western Steel Corp.,
Metropolitan Trust Co.
The
Department.—V. 96, p. 424.
Irondale, Wash .—Judgment.—of N. Y. has been awarded a verdict of
?5641,796 against Jamesthe company to suit based company April 1of a note
$600,000 given by A. Moore in a the trust on his guaranty
1911.—
or
V.
95,
•
1478.
p.
;
;
,
Westmoreland Coal Co.,
'
■
COMMERCIAL
.
right to subscribe at par, $50 a
share, on or before Sept. 22,for the $1,000,000 new stock in proportion of
one share of new stock for every 5 shares of old stock.
Subscriptions are
payable between Sept. 15 and 22 1913, incl.
The new stock will be issued
after Oct. 1 1913, and will participate in all dividends declared after the
Oct. 1913 dividend.—V. 96, p. 1845, 1561.
Wheeling, Va.—New Stock.—
(all of one class) to $7,000,000 in
stock is to be 8% cum. pref. stock, with
000,000
$100 shares.
from $5,-
The $2,000,000
full voting power, pref. p.&d.,
callable at 120; dividends Q.-M.
The company has large sheet mills at
Wheeling, Martins Ferry and Portsmouth, O. Compare V. 90, p. 564,
new
633, 1177.
'
(J. G.) White & Co., Inc.—Divs. of Associated
-
At meetings of the
Cos.—
directors of the associated J. G. White companies,
held July 1, the following dividends were declared:
J. G. White & Co., Inc., the regular quarterly
t
dividend (41st quar.)
of 1H % on the pref. stock, payable Aug. 1 to holders of record July 21.
The J. G. White Engineering Corporation and J. G. White Management
Corporation, both recently organized, an initial dividend at the rate of 7%
per annum on the stock of each company for the 5 months ending June 30
1913, payable Sppt. 1 to holders of record Aug. 20.
The dividends for the
odd period of 5 months is paid to adjust the dividend periods to correspond
with the fiscal year, it being expected that hereafter payments will be regu¬
larly made quarterly.—V. 96, p. 1622.
—Announcement of the
new
firm of Martin & Co., with
is made as of July 1
partnership has been formed for the purchase and
sale of high-grade investment securities.
Carl N. Martin,
the senior partner, who is a member of the Philadelphia
Stock Exchange, was until the death of his father the junior
member of the firm of R. T. Martin & Co. and continued the
business under that name up to the present time.
The other
members of the firm are Daniel <N. McQuillen Jr., who was
connected with the bond department of J. H. McQuillen
& Co., and J. Elliot Newlin, who was associated for a long
time with Graham & Co.
/
%.
offices in the Stock Exchange Building,
The
1913.
—At
a
STOCKS OF MERCHANDISE AT NEW
"General Investment News" Department.
our
—Edward B. Smith & Co. of 27 Pine St., New York, and
Broad and
Chestnut
the issuance of $
ment
streets, Philadelphia, are advertising
July 1st circular of "Exceptional Invest¬
Opportunities"
interests.
which in
Hides
Cotton
Manila
Sisal
The
for
circular
distribution
describes
a
among
number
investment
of
" /
YORK.
July 1 '13. June 1 *13. Julu 1 '12.
__._..._.bags.l,436,161
1,592,602
1,635,656
___^_____.mats.
36,104
37,046
(?)
bags.
230,830
241,226
265,407
....tons.
89,504
80,402
32,000
No.
3,500
1,800
4,550
.bales.
51,223
■■■;' 67,790
128.238
bales.
17,881
19,521
4,746
bales.
441
441 9,687
____bbls_
41,200
54,200
46,500
Brazil....
Coffee, Java
Coffee, other
Sugar
Coffee,
hemp
hemp
Flour
Lard firmer; prime Western:, $11.50; refined for the Con¬
tinent, $11.75; for South America, $12.40 and for Brazil,
in kegs, $13.40.
Lard futures have advanced.
There is
a
bullish undercurrent
on
the idea that the general
situation,
judged from the viewpoint of supply and demand, warrants
higher prices.
On Thursday prices were firm.
DAILY CLOSING PRICES OF LARD
Mon.
Sat.
July delivery:
cts_11.07H
September delivery
11.27H
October delivery...... 11.32^
chicago.
Fri.
11.45
Hob11.60
day.
11.67H
FUTURES IN
Wed.
Tues.
11.12H 11.20
11-30
11.40
11.37H11.47H
11.50
11.65
11-70
Thurs.
PORK continues steady; mess, $22.25@$22.75; clear,
$20.75@$22.25; family $23.50@$25.
Beef, steady; mess,
$19@$20;
packet,
$21 @$22; family,
$22@$24; extra
India mess, $31 @$32.
Cut meats, firm; pickled hams,
10 to 20 lbs., 15^@16%c.; bellies, clear f.ojb. New York,
6 to 12 lbs., 16@17Mc.
Butter, creamery extras, 26%c.
Cheese, state whole mild fresh colored specials; 14J^c.
Eggs,
fresh
gathered extras, 22@24c.
.
OILS.—Linseed steady; City, raw
J.
•
.
:
.
American seed, 47@
48c.; boiled 48@49c.; Calcutta 70c.
Cotton-seed oil steady;
winter 8.20c.; summer white 8.50@9.25c.
Cocoanut oil firm;
Cochin 12%@ 13c.; Ceylon 11 @11 Ho.
Chinawood fairly
active at 7%@,7%g.
Corn stronger at 6.05@6.10c.
Cod
steady at 38@40c.
price to yield 7%, the bond department of the
Equitable Trust Co. of New York, 37 Wall St., this city,
is offering a limited amount of $4,000,000 Chicago & Eastern
Illinois ;RR. Co. one-year 6% receivers' certificates.
The
Equitable Trust Co. purchased the certificates for its own
account and has already sold the greater portion.
The in¬
stitution states that by decree of Court these receivers' eer*
tificates are prior to the $17,000,000 refunding 4s, $5,000,000
floating debt (interest on both of which the Court has ordered
paid) and $17,000,000 stock.
See advertisement for facts
and
.
.
Philadelphia.—New Stock.—
The shareholders will vote July 8 on increasing capital stock
that
Rains have helped the cotton crop.
Collec¬
tions, however, are none too prompt, and the outbreak in the
Balkans disturbs the political, and to some extent the finan¬
cial, situation in Europe.
The number of failures in this
country during the first half of 1913, though smaller than
those of the same time last year, are, with this exception, the
largest since 1908.
•
v
*
'
of last year.
Shareholders of record June 25 have the
Whitaker-Glessner Co.,
EPITOME.
Thursday Night, July 3 1913.
The tendency of American trade seems to be towards some
improvement, although the note of conservatism is far from
being absent.
Manufacturing industries are, to all appear*
ances; well employed, although it is not to be denied that the
iron and steel industry has met with something of a setback.
Pig iron has been weaker. ' The crops, on the whole, are
doing well.
Dry weather has favored the harvesting of the
,
.
winter-wheat crop, which will be noticeably larger than
Co.—Appeal.—
Department/ -—V. 96, p. 366.
See Raleigh, N. C., in "State and City"
v;
[Vol.- xcvii.
CHRONICLE
i
COFFEE
has
remained
quiet.
No. 7 Rio 9%@9%c.;
mild grades quiet; fair to good Cucuta 11%@11Kc.
futures have been for the most part dull on the eve
Coffee
of the
A certain negative steadiness has been noticeable
from time to time on the idea that after the recent severe
holidays.
decline in
prices
a
rally
now
and then would not be surprising,
if it be contended that the general direction of
is downward.
The Brazilian crop turns out to have
even
prices
been,
roughly, 11,500,000 bags in the season ended June 30th,
against 12,491,000 bags in the previous year. Apparently the
crop outlook is on the whole rather favorable.
On Thursday
prices declined.
C osing prices were as follows:
March
July.
_9.16@9.17 November i:.9.55@9.57
9.62 @9.63 April
August
__9.28@9.30 December
9.67@9.69 May
September -.9.41 @9.42 January
October
9.48 @9.50 February ...9.73@9.75
9.79@9-.80
9.81@9.83
_.-9.83@9.85
Receipts at Atlantic ports for
higher.
36,840 tons, against 77,010 last week, 65,061
SUGAR.—Raw
securities
been conspicuous for
the week
The firm recommends such securities for
Many of the municipal, railroad,
public-utility and semi-industrial securities are offered at
exceptionally low prices.
A copy will be promptly mailed
to any address on request.^
-i,
^
last year
their
a
market notably weak have
strength.
investment at this time.
.
—Kisseirkinnicutt &"Co. and White, Weld &"Co! of this
city
to-day publicly offering by advertisement in this
are
issue the unsold balance of $3,396,000 New York Lake Erie
& Western Docks & Improvement Co. first mortgage (ex¬
tended) 5% bonds, subject,to prior salej at 100% and ac¬
crued interest, yielding over 4.95%.
For full particulars of
this investment see advertisement and our "General In¬
vestment
#
News"
advertising
an
& Electric Co. first and
—Having sold a large portion of $2,000,000 American Coal
Products Co. 3-year 6% notes, Kidder, Peabody & Co. of
New York and Boston are publicly offering the remainder at
97% and interest, to yield almost 7%.
Full details
appear
in
the advertisement elsewhere in the "Chronicle"
to-day
and other information is published in our "General Invest¬
ment News" Department.
"
V
.
—S. N. Pierson, formerly with Geo.
become associated with Seasongood &
,
•
25 %g.; 68 to 70 degrees, 22 %g,' and stove 21c.
Spirits of turpentine 39^@40c.
Common to good strained
degrees,
$4.
TOBACCO has
Department.
offering of $7,500,000 Louisville Gas
refunding mortgage 5-year 6% bonds
at 993^ and interest.
For the attractive investment fea¬
tures of this security, see the advertisement on another page
and also other information regarding the property in our
"General Investment News" Departmentare
and 35,579 in 1911.
Centrifugal, 96-degrees test,
muscovado, 89-degrees test, 2.98c.;- molasses, 89degrees test, 2.73c.
Refined quiet and stronger; granu¬
lated 4.50C.
"
"
•
PETROLEUM steady; barrels 8.70@9.70c., bulk 5@6c.,
cases ll@12e.
Pennsylvania crude $2@$2 50, Kansas and
Oklahoma 88c., Corsicana, Tex., 80 to 95c., North Lima
$1 39, South Lima $1 35, Indiana $1 34, Illinois $1 30.
Naphtha steady; 73 to 76 degrees, in 100-gallon drums, 25c.;
drums $8 50 extra.
Gasoline, 86-degrees, 20%,g.\ 74 to 76
3.48c.;
rosin
—Harris, Forbes & Co. and E. H. Rollins & Sons of this
city
were
.
H. Burr & Co., has
Haas.
a moderate demand.
been steady enough, but
trade has kept pretty well within the old rut.
It is true that
supplies are not at all burdensome, but on the other hand
buyers are obviously loath to depart from their policy of
buying from hand to mouth.
Crop advices from Massaschusetts and Connecticut are unusually favorable but in
Wisconsin farmers are replanting.
COPPER has been quiet as a rule at the recent decline,
but there has been rather more inquiry; Lake 14 %c.; elec¬
trolytic 14%.; London has at times shown an advancing
tendency.
Tin here on the spot 41 %c.
London prices
have sagged now and then.
Lead 4.32%g. on the spot here
and quiet, "though London has been stronger.
Spelter here
5.25c.
Pig iron has been more or less depressed.
Sales have
somewhat increased; No. 2 Foundry East $15.25@$15.50;
No. 2 Southern $10@$10 50.
;
as a
rule met with only
Prices for binder and filler have
July 5
57
CHRONICLE
THE
1913.]
On
COTTON.
Great
Thursday Night, July 3 1913.
THE MOVEMENT OF THE
CROP,
indicated by
as
telegrams from the South to-night, is given below.
July
3
Shipboard, Not Cleared for-
Ger-
Other
Foreign
wise.
237
3,685
5,795
3,300
days ending this evening the total receipts have reached
19,555 bales, against 27,262 bales last week and 30,264 bales
the previous week,
of
making the total receipts since the 1st
September 1912 9,428,158 bales, against 11,426,253 bales
the
for
period of 1911-12, showing
same
decrease since
a
Sept. 1 1912 of 1,998,095 bales.
4,310
448
Galveston
1,400
Total.
504
1,268
1,728
1,206
1,231
5,937
71
Galveston
Texas
71
5",912
City
Arthur.
Port
Aransas Pass,&c.
New Orleans.
"572
...
Mobile
t
Pensacola.
1,505
1,292
1,479
252
1,064
171
382
87
967
|
75
•
HOLI¬
l",5I4
"235
"746
"""§
46
""32
"45
"201
"333
"70
"200
"64
"20
Vie
"370
370
781
506
139
.1,939
■'%"U
"92
"578
"375
DAY.
3,448
*
Charleston
Georgetown
Wilmington
....
Norfolk
___J.
'
'
143
N'port News, &c
New York
•
.
"102
V:-V
Boston
Baltimore
46
"102
'■V; V
'
179
297
297
,
.Philadelphia
2,123
3,970'
3,385
5,693
4,384
19,555
The following shows the six days' total receipts, the
since Sept. 1 1912, and the stocks to-night, compared
last year:
total
with
'
.
1911-12.
1912-13.
Stock.
Receipts to
Six
June 20;
Since
Texas
1 1911.
City..
Aransas Pass, &c_
Orleans
Mobile
320
79,526
5,379i 1,638,587
j
66,845
238
379,503
600
215,979
;
50,418
2,384 2,370,914
403,983
224,035
967j
Pensacola
Jacksonville,
124,899
15,104
3,448 1,268,686
234,129
333.
305,313
&c
Savannah
Brunswick
Charleston
...
"370
Wilmington
Norfolk
"102;
York
New
Boston
179
Baltimore
297;
Philadelphia
1,346
90"
174
"
Totals
19,555 9,428,158
...
40,764
16,946 11426253
40,249
"
"l~,287
36
501
24,129
38,515
526
40
9,124
8,796
9,998
21,774
"""736
50.554
8,158
1,169
547,816
741,990
37,031
6,,257
62,455
122,548
2,252
"""21
342,338
532,506
114,006
14,778
45,435
74,619
7,595
1,939
N'pprt News, &c.
50,300
"¥,528
413,900
890
110
Georgetown
46,907
2,701
586,468
200,569
Gulf port
1912.
1913.
5,504 3,498,043
5,937 3,779.151
71
666,851
138,642
123,523
5,912 1,416,438
Port Arthur
New
Since Sep
Week.
1 1912.
Days.
Galveston
This
Sep
14Y.818
23,350
6,244
925
8,133
6,124
1,815
226,869
324,163
In order that
we
comparison may be made with other years,
give below the totals at leading ports for six seasons:
1912.
1913.
Receipts at—
Galveston
1,530
3,213
7,781
14,955
"2",497
5,799
"6~,272
"7",900
4
329
2,427
2,370
1,017
1,479
3,251
"2",767
:
5,504
5,937
100
320
City,&c
71
Mobile
5.912
967
234
Savannah
3,448
2,384
"""333
""890
Texas
5,379
'
1908.
1909.
1910.
1911.
New Orleans.
1,253
Brunswick
Charles ton,&c
_
370
.
1,346
"r
'""460
17
3,313
144
"""133
308
21
1.939
Wilmington
Norfolk..
1,472
1,737
2,091
274
""578
"""864
"1,938
"3",372
19.555
16,946
8,561
21,571
Total this wk.
Since Sept. 1.
798
726
N'port N.,&c.
All others—_
1,278
19.171J
33.723
9,428,158 11426253 8,378,290 7,128,262 9,721,704 8,145,308
The exports
for the week ending this evening reach a total
bales, of which 8,781. were to Great Britain,
1,161 to France and 33,942 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1912:
of 43,884
Six Days ending July
•
3 1913
From
.
Sept.
Exported to-
1913.
1 1912 to July 3
Exported,to-
Exports
Great
from—
nent.
Conti¬
Great
Contl-
Britain. France.
Total.
38,116
47,629
21,731
188,753
276,534
185,764
9,672
825
11,3781
200
Charleston
"255
100
Other ports.
3,692
Total 1912..
4,395
4,646
Total 1911
11,631
100
337
300
381
9,745
4,663
4,986
11,380
21,124
7,178
500
__
1913'—
Total
"200
800
"300
New York
1,435
11,631
1,135
100
Mobile
Norfolk
.
1,800
<
Stock.
31,092
35,529
23.929
9,124
3,093
10,143
48,154
27,689
106
.
2,400
12,962
17,147
4,540
speculation in cotton for future delivery has not been
It has been, in fact, very largely an evening-up
market pending the announcement of the Government re¬
port on Thursday, July 3.
The tendency to even up has
been all the more noticeable because the New York and New
Orleans exchanges will be closed not only on Independence
Day, July 4, but also on the following day, Saturday, July 5.
It has been, pending the Government report, largely a
traders' market, governed chiefly by two factors, i. e., the
weather and the fluctuations in the July delivery.
Liver¬
pool has, however, not been without its influence.
In the
fore part of the week it was depressed by more favorable
weather at the South and the troubles in the Balkans growing
out of the disputes between the Servians, Greeks and Bul¬
garians, with the possibility of Roumania, if not some of the
great Powers of Europe, being drawn into the strife.
Bulls,
therefore, for a time liquidated freely in Liverpool.
The
weekly Government weather report stated that the plant had
had warmer weather during the week, with local showers over
most of the belt, giving favorable conditions.
There was an
abundance of rain in the- Carolinas.
Other reports have
stated that, though the plant is small, it is strong and vigor¬
ous.
Liverpool, New Orleans, Memphis and the South gen¬
erally have sold; also Wall Street and some of the spot inter¬
ests.
There will be an effort, it is said, to put a tax on cotton
"futures" .trading,where delivery is not contemplated, of
one-tenth of a cent a pound, or $50 on a hundred bales, some¬
thing which, with the commission of $15 for the round turn,
would make a handicap of $65 per hundred bales.
This
would be prohibitive of general trading in futures. It would,
it is declared, practically break up the New York and New
Orleans Cotton Exchanges.
Efforts will be made by a com¬
mittee of the New York Exchange to prevent the enactment
of such a measure on the ground that it would be very bad
not alone for the Cotton Exchanges as really part of the vast
machinery of the cotton commerce, but also for both cotton
growers and cotton manufacturers, as well as the dealers
in "§pot" cotton.
It is held that it would destroy the oppor¬
tunity for spinners and dealers to "hedge," and thus would
introduce into the trade in actual cotton and cotton goods a
very large element of chance and speculation by the very
legislation whereby it is sought to break up speculation.
July and August on the whole, have shown more strength than
The
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.,
Total.
200
2,344
New Orleans..
Savannah
six
Leaving
Coast-
many.
■
,
Britain.'France.
at-
our
For the
j
Britain.
France.
nent.
Total.
active.
,
other
months.
•
have covered.
Wall
The
Street
and
Waldorf-Astoria
shorts
sections is small.
Rain is
said to be much needed in parts of Mississippi, and it is re¬
ported to be getting too dry in Arkansas and Oklahoma.
Temperatures have latterly been above normal in some sec¬
tions.
It has been 100 to 102 degrees in various parts of the
Eastern belt.
The consumption is reported large and spin¬
ners are said to
be steadily reducing their reserves.
The
stock here is still small, and there are apparently wellauthenticated reports that 20,000 bales of cotton now held
at New York will be exported this month to Liverpool.
Reports
of
boll-weevils
have
come
from
Louisiana,
Mississippi and Texas, as well as other parts of the belt.
The
view of many is that the plant over a large area of the belt is
one to two
weks late, that it is small even though strong,
that it will require good conditions from now on, and that
the weather during July will, therefore, be an especially
important factor.
On Thursday, July 3, the Government
report stated the condition of the crop on June 25 at 81.8%,
against 79.1 May 25, 80.4 on June 25 JL912 and 88.2 on June
25 1911.
The effect was to depress prices somewhat.
The
close was below the closing quotation of last Friday/ New
York, Liverpool, New Orleans and Memphis sold.
Spot
cotton closed at 12.35c. for middling uplands, showing a
plant in
many
.
Galveston..
Texas
8,916
1,735
City.
Port Arthur
Ar.Pass.&c.
NewOrleans
4,000
1,039
9,789
Mobile
Pensacola..
8",071
Savannah..
Brunswick
Charleston
8,916 1,309,977
406,308
1,735
31,480
.12,921
730,219
14,828
60,266
24,309
132,718
8,071
207
207
111,236
73,367
106,043
202
202
16,614
_
Wilmington
Norfolk
N'portNews
New
York.
390,643 1,406,230
'85,947
146,793
"'
79,213
27,949
16,048
8,606
438,284
147,420
55,589
25,562
65,963
34,791
632,061
63,269
100,328
"s'.ooo 146,952
,
59,673
500
2",783
122
4",414
7,319
303,626
189
189
354
354
7,743
1,146
52,318
"ioo
1,046
Portl'd, Me.
51,385
20l",686
10,146
"3",350
48,911
8,021
556,697
158,411
60,004
60,339
507
"917
Fran..
"917
26*2", 361
Pt. Towns'd
103,801
3,716
Totll911-12
125,063
828,048
211,564
225,319
317,831
71,936
507
Portl'd, Ore
Total
,315,923
141,417
291
148,265
Baltimore-_
Philadel'a-
639,048
138,642
37,575
291
Boston
San
152,115
54,822
,106,850
8,781
22,0431
15 points. »
4
4
quotation for middling upland cotton in the
New York market each day for the past week has been:
43,884 3,528,208
June 28 to July 4—
Middling uplands
NEW
YORK
Sat.
12.50
Mon.
12.40
12.40
QUOTATION FOR
Fri.
H.
Wed. Thurs.
12.45
12.35
Tues.
32 YEARS.
1889-C. —.11.12
7.88
1913_c
12.35
1905-C
10.80
1897-C
1912.
11.95
1904
10.85
1896.
7.44
1888—
10.31
1895
7.19
1887
11.06
1894
7.31
1886—
1893
8.00
7.38
1885
10.50
1884
11.12
1911
14.70
1903
1910
15.35
12.60
1902
1900
1907
11.40
13.50
1899
6.12
1891.
1906
10.80
1898
6.25
1890
1909
1908
1901
_„12.75
9.31
8.88
9.94
1892
9.44
8.38
1883
10.31
12.00
1882
12.62
MARKET AND SALES AT NEW YORK.
199
16,368
38,610 4,190,0521,158,382 4,932,544 10280978
Liverpool,&c.
to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named.
We add similar figures for
New York.
v.-V
SALES.
Futures
Spot Market
Saturday.!.
Monday j...
Tuesday
Wednesday.
Thursday
Friday.
__
Total
Market
Closed.
972,383 3,864,752 8,365,343
In addition to above exports, our telegrams
;
■
33,942
Note.—N. Y. exports since Sept. 1 Include 20,388 bales
Peru, &c., to
the week of
The official
262,361
103,801
3,716
1,161
decline for
Closed.
Quiet,
Quiet,
Quiet.
Quiet,
Quiet,
r
Spot.
20 pts. adv.. Steady
10 pts. dec.. Easy
Steady,
5 pts. adv.__ Steady
Steady
10 pts. dec
.A
Contr'ct
Total.
"166
~2ii
14,900
14,900
"255
4",100
4",355
366
19,100
19,466
'ill
HOLIDAY
J
58
THE
CHRONICLE
FUTURES.—The highest, lowest and closing prices at
New York the past week have been
Saturday, Monday,
June
28. June
Tuesday, Wed'day, Thursd'y,
July 1.
July 2.
July 3.
30.
Friday,
Week.
July 4
detail below.
June—
Range
©
—
Closing
July—
—
—
@
@
—
—
@
—
—
—
—
@
@
—
—
—
12.08-.10
Movement to July 3
11.92-.14 11.95-.12 11.93-.03 12.12-.16 11.97-.17
12.10-.11 11.98-.00 12.03-.04 12.15 — 12.06-.07
Range
Closing
August—
11.92 .17
Towns.
__
Ala., Eufaula..
Montgomery
■
@ — 11.63-.67 11.58-.59 11.67-.76 11.60-.72
11.70-.72 11.62-.63 11.61-.63 11.75-.73 11.60-.62
—
Closing
11.68 .72
11.43-.50 11.38-.48 11.32-.40 11.48-.54 11.34-.55
11.49-.50 11.38-.39 11.30-.40 11.51-.52 11.40-.41
...
11.32 .55
.—
__
©
HOLI
@ — 11.46 —
Closing.—, 11.42-.44 11.32-.34 11.33-.35 11.45-.47 11.33.-35
December—
—
—
@
—
—
—
—
Range
11,.46
20
Closing
11.48-.49 11.38-.39 11.37-.38 11.48-.49 11.38-.39
11.37-.43 11.33-.42 11.26-.33 11.41-.47 11.28-.48
——
—
—
—
-
z50
La., Shreveport
Miss.,Columb's
11.28 .48
zl5
■
mm mm
Greenville
Greenwood...
—
@
—
—
—
—
—
Natchez
Vicksburg
11.49-.53 11.44-.55 11.37-.43 ll.54r-.56 11.37-.56
11.62-.43 11.44-.45 11.44-.45 ll.53-.54 11.43-.44
Closing
April—
—
©
—
—
—
—
—
®
—
11.49-.55 11.51
Range1
@
—•
—
—
—
11.37 .56
—
—•
—
—
11.45 .57
11.55-.56 11.45-.57
Closing..— ll.54r.56 11.46-.47 11.46-.48 11.54-.55 11.45-.47
—
-
City..
Mo., St. Louis.
N.C., Raleigh..
O., Cincinnati.
Okla., Hugo»_.
S.C., Greenw'd
Tenn.,Memphis
—
—
"85
Yazoo
March—
Range
z600
by cable and telegraph, is as follows.
Foreign stocks,
as well
as
the afloat, are this week's returns, and conse¬
quently all foreign figures are brought down to .Wednesday
evening.
But to make the total the complete figures for
to-night (Thursday), we add the item of exports from the
United States, including in it the exports of Thursday only.
1913.
1912.
bales. *946,000 1,000,000
4,000
3,000
62,000
108,000
1911.
1910.
665.000
13,000
67,000
500,000
7,000
44,000
745,000
11,000
103,000
154,000
.2,000
18,000
19,000
9,000
551,000
14,000
160,000
147,000
2,000
11,000
20,000
9,000
316,000
European stocks
1,650,000 1,797,000 1,061,000
India cotton afloat for Europe..101,000
i04,000
135,000
Ainer. cotton afloat for Europe.123,677
105,768
84,151
Egypt,Brazil,&c.,aflt.for Europe.
23,000
15,000
31,000
Stock in Alexandria, Egypt117,000
82,000
87,000
Stock in Bombay, India
861,000
583,000
542,000
Stock in U. S. ports.
276,869
324,163
207,495
Stock in U. S. interior towns
x 212,269
144,215
122,970
U. S. exports to-day
7,286
799
672
914,000
123,000
130,340
13,000
72,000
656,000
233,038
131,458
Total Great Britain stockStock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles---Stock at Barcelona
Stock at Genoa.
Stock at Trieste
•'
1,012,000 1,111,000
10,000
7,000
343,000
409,000
203,000
218,000
3,000
3,000
20,000
17,000
33,000
19,000
26,000
13,000
i.
Total Continental stocks-^—- 1638,000
686,000
Total
Total visible supply
—3,322,101
.
Liverpool stock
Manchester stock—
Continental stock.
bales. *760,000
364
106
178
22
2",209
15,746
32
50
650
402
3,000
2,200
22,542
194,885
144,662
70,009
211,347
32,717
183,948
278,080
543,062
83,755
70,304
67,434
142,662
37,679
44,516
95,091
104,409
19,887
38,270
29,898
513
582
American afloat for
Europe
123,677
226,869
212,269
7,286
U. S.
port stocks.----U. S. interior stocks
U. S. exports to-day
Total American_
_
407,000
84,151
207,495
122,970
306,000
130,340
223,038
131,458
799
'672
>
*186,000
4,000
19,000
143,000
101,000
23,000
117,000
861,000
_—
Continental stock
India afloat for Europe
Egypt,.Brazil, &c., afloat
Stock in Alexandria,
Egypt-.
Stock in Bombay, India.Total East
513,000
53,000
267,000
.1,968,101 2,184,945
.
East Indian, Brazil, &c.—
Liverpool stock—
London stock.
Manchester stock.
871.000
84,000
1595,000
34,000
1,248,288 1,231,836
129,000
3,000
152,000
13,000
14,000
49,000
135,000
31,000
87,000
542,000
24,000
31,000
104,000,.
15,000
82,000
853,000
93,000
7,000
10,000
57,000
123,000
13,000
72,000
656,000
♦Estimated,
i,155,945 2,271 ;288 2,262,836
6.86d.
7.97d.
7.92d.
12.00c.
14.65c.
15.40c.
'
lOJ^d.
lid.
12%&.
9.50d.
11.25d.
7 9-16d.
7 7-16d.
ll.OOd.
7d.
6 5-16d.
6^d.
T Last'week's figures.
7d.
:
■
gain of 1,059,265 bales
-
.
QUOTATIONS
146
13
FOR
MIDDLING
86
2,600
3,817
444
225
"285
525
5
92
778
63
100
2,600
4,497
20,255
1,399
106
160
111
22,275
880
:
1,341
809,115
7,857
17,749
5",079
55
550
25
25
300
12,877 7,103,949
1,377
1,967
135
994
969
1,700
36
1
28,296 212,269
COTTON
AT
OTHER
MARKETS.—Below are the closing quotations
middling cotton at Southern and other principal cotton
markets for each day of the week.
of
293
34
70
100
600
769
3,633
855
351
11,864
23,396
276,027
;; 8,117
100
110
918
18,926
100-
228
315
17,173
957,579
4,063
110-
1,614
18,847
89
29
50
200
mm
mmmm
450
4,914
3,612
28,880
2,128
2,065-
"350
7,355
17,675
54,773
97,662
50,664
1,754 3,012,484
167,016
mm
300
Louisville, Ky.
407
23
,
43,719
150
18
2",892
2,315
2,600
200
6,453
567
8,958
"38
117
450
62
43,835
100
132,560
45,137
4,329 3,283,685
151,138
386
33
852
651,608
278
•
221
....
_____
_
3",820 27,555'
-.—
8,869 7,759,181
20,039 144,215
z Estimated this year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.—We give below a statement
showing the
overland movement for the 6 days and since Sept. 1, as made
from telegraphic reports Thursday night.
up
The results for
the 6 days and since Sept. 1 in the last two years are as follows:
1912-13
■
July 3—
Shipped—
Via St. Louis.
Via Cairo
4,497
543,565
227,794
21,738
88,751
129,540
141.758
384,686
2,892
611
447,963
6,410
1,537,232
6,731
1,830,555
578
264
3,438
142,427
124,440
101,631
2,938
193,512
101,759
77,152
4,016
368.498
3,202
372,423
—
—
Via Rock
247
—
Island.—
—
•
overland—
gross
,
Sept. 1.
642,391
0244,528
8,408
170,152
126,966
*
a831
1~,785
342
275
,
190,147
Shipments—
Overland to N. Y., Roston, &C—
Between interior towns...
Inland, &c., from South
-
Total to be deducted
*
112
578
163
Via Virginia points
Via other routes, &c
Deduct
Since
Week.
324
489
——.
Sept . 1.
Via Louisville
Via Cincinnati
Total
1911-12—
Since
6 Days.
2,394 1,168,734
Including movement by rail to Canada,
a
3,529 1,458,132
Revised.
foregoing shows the 6 days' net overland movement this
year has been 2,394 bales, against 3,529 bales for the week
last year, and that for the season to date the aggregate net
overland exhibits a decrease from a year ago"of 289,398 bales.
.
!
.
——1912-13
In Sight and Spinners'
Takings.
6 Days.
Receipts at ports to July 3.
19,555
Net overland to July 3
2,394
Southern consumption to July 3_ 51,000
Total marketed—.
Came into sight
during week..
15,176,385
43,778
—
14,078
week.
65,305
i.
13,204,125.
57,530
North'n spinners' takings to July 3
Decrease during
76,475
*11,170
*15,419
Total in sight July 3.--i
1911-12
' Since
Week.
■.
Sept. 1.
16,946 11,426,252
3,529
1,458,133
56,000
2,292,000
72,949 13,088,892
115,233
Interior stocks in excess—
»
r
Since
Sept. 1.
9,428,158
1,168,734
2,492,000
—J—'
15,220,163
2,371,198
37,930
2,523,568
—
-
/
,
Movement into sight in previous years.
Week—
r
.
Bales.
V
1911—July 7—
•
47,453
1910—July 8——————.41,824
1909—July 9
...57,123
•
ORLEANS
NEW
Since Sept. 1—
Bales.
1910-11—July 7--..__--U,570,862
1909-10—July 8
10,180,604
1908-09— July 9—
13,282,072
—
—
OPTION
MARKET.—The
.
of 169,808 bales, a gain of 166,156 bales over
1912, an excess
of 1-,050,813 bales over 1911 and a
1910.
45
2,850
29,307
♦Last year's figures are for
highest,
lowest and
closing quotations for leading options in the New
Orleans cotton market for the-past week-have been as follows:
Continental imports for past week have been 64,000 bales.
The above figures for 1913 show a decrease from last week
over
"
m
714
19,672
Z50
Paris
1,354,000
971,000 1,023,000 1,031,000
,1,968,101 2 ,184,945 1,248,288 1,231,836
Total visible supply
—3,322,101
Middling Upland, Liverpool_
* 6.74d.
Middling Upland. New. York
12.35ft.
Egypt, Good Brown, Liverpool..
9.954.
Peruvian, Rough Good, Liverpool
9.25d.
Broach, Fine, Liverpool
$%&.
Tinnevelly, Good, Liverpool
6 5-16d.
50
mm
81
—
Total American-
610
4,800
3,300
■_
^
z50
Dallas.
*
India, &c.
274
10,000
6,400
"400
."'rnmmm
Total, 33 towns
"30
1,274
3,222
The
•
655,000
105,768
324,163
144,215
43,000
...
—
5.
573
2,567
Houston
3,155,945 2,271,288 2,262.836
Of the above, totals of American and other descriptions are as follows:
1
July
152
Leaving total net overland*
American—
Stocks
Week.
25,037
■
Honey Grove.
363,000
Stock at Manchester
Season.
26
30,200
: ■„
Nashville
THE VISIBLE SUPPLY OF COTTON to-night, as made
-
ZlOO
Tex., Brenham
up
Julys—
-
3,282
Clarksvllle
Stock at Liverpool—_
Stock at London.__
Week.
979
108,937
58,102
18,131
29,337
22,476
559,883
11,143
225,789
"216
Meridian
@ —
© —
@ —
@ —
@ —
Closing—— ll.44r-.46 11.34-.36 11.34-.36 11.45-.47 11.35 .37
—
Ship¬
ments.
Receipts.
1,650
7,100
742
162,100
335,563 > 2,223
75,081
1,046
158
36,785
192
51,537
52
140,942
18
27,647
49,308
zlOO
——
Rome
—
Closing.... 11.42-.43 11.32-.33 11.32-.33 11.43-.44 11.33-.34
February—
—
z600
'
—
123
107,132
8350
'
11.32 .53
—
January—
Closing
May—'
j
Augusta
Columbus....
-
Macon
11.42-.49 11.38-.47 11.31-.39 11.46-.53 11.32-.52
Range
116
Athens
DAY.
r
Range
Rock..
Atlanta
@
—
•
21,110
156,584
118,683
41,593
181,178
23,960
39
Ga., Albany.__
—-
November—
Range
z8
Ark., Helena..
Llttle
Closing.
3.
July 5 1912.
July
6 Days.
Season.
Z200
Selma
.—'
October—
Range
Stocks
11.90 .18
Closing.-— 12.00-.03 ll.94r-.95 12.06- .07 12.14-.15 12.05-.06
Range
Movement to
1913.
Ship¬
.—
6 Days.
11.94-.03 11.95-.03 11.90-.07 12.10-.17 11.97-.18
September—
Range
Receipts.
ments.
—
!
Range
.
xcvii.
AT THE INTERIOR TOWNS the movement—that
is, the
receipts for six days and since Sept. 1, the shipments for the
six days and the stocks
to-night, and the same items for the
corresponding period for the previous year—is set out in
follows:
as
[Vol.
Sat'day,
June 28;
Monddy. Tuesday.
June 30.
July 1.
Wed'day. Thursd'y,
July 3.
July 2.
Friday.
July 4.
June—
—
Range
Closing.
July—
—
!
Range
Closing
August—
©
12.52
@
—
@
—
@
—
—
©
—
12.50-.57 12.42-.56 12.39-.47 12.50-.56 12.48-.60
12.55-.56 12.42-.45 12.45-.47 12.52-.53 12.56-.58
Range
12.15-.18 12.03-.17 12.00-.07 12.12-.18 12.04-.16
Closing
12.17-.18 12.02-.05 12.06-.08 12.12-13 12.10-.12
September—
Closing Qoutations for Middling Cotton
Week ending
July 4.
Sat'day.
12%
New Orleans.-*
'
iiy>
Savannah
Norfolk
Baltimore
Philadelphia
Augusta.
Memphis.
St.
Louis
Houston
Little Rock
Tuesday. Wed'day. Thursd'y.
^
Friday.
Range
Closing
Galveston
Mobile.-..
Monday.
on—
Rar*r«?
Cloarng
October—
12%
12%
12
12%
12%
12%
12%
12.65
12 %
12%
12 5-16
12 5-16
12 3-16
12
12 3-16
12
liH
12%
12.75,
12%
12 %
12%
12%
12
12
Closing
January—
12
12
12^
12^
12%
12%
12.70
12.60
12%
12%
Range
12
12iH»
12%
12%
12.^5
12%
12H
^
12 5-16
;«
Range
HOLI¬
,
12 5-16
12 3-16
12
.
—
11.68
—
Il.6f-.61
@
—
11.67~.68 11.63-.64
11.52-.60 11.43-.57 11.40-.50 11.55-.61 11.43-.64
11.59-.60 11.44-.45 11.48-.49 11.56-.57 11.52-.53
December—
12
12%
12%
12%
11.73
11.71-.73 11.55-.56
12 3-16
12
Closing
March—
Range
Closing
12 5-16
12 3-16
12
DAY.
*
11.53-.58 11.42-. 57 11.40-.48 11.54-.60 11.4 2=-.62
11.57-.58 11.43-.44 11.46-.48 11.56-.57 11.50-.51
11.56-.60 11.45-.56 11.43-.50 11.59-.62 11.47-.60
11.60-.62 11.46-.47 11.49-.50 11.57-.58 11.53-.54
,1/
.
;'
@ — 11.55-.66 ll.53-.60 11.67-.71 ll.57-.60
11.69-.71 11.54-.55 11.59-.60 11.67-.68 11.62-.63
—
Tone—
•u
Spot
Options,-!
Quiet.
Quiet.
Quiet.
Steady.
Steady.
Steady.
Steady.
Steady.
Quiet.
Steady.
HOLI¬
DAY.
July 5 1913 .J
THE
CHRONICLE
WEATHER REPORTS BY TELEGRAPH.—Our tele-
graphic advices this evening from the South
of
a
are on
favorable tenor and indicate that the crop
quite generally.
of too much
From portions of Texas there
Columbus, Miss.—There has been rain on two days during
week; to the extent of one inch and thirty-six hun¬
the
the whole
dredths.
The thermometer has averaged 85, the highest
being 101 and the lowest 69.
Meridian, Miss.—There has been rain on two days of the
week, to the extent of one inch and six hundredths. ' The
thermometer has averaged 83, the highest being 98 and the
is doing well
are
complaints
moisture, but in the main the rainfall has been
beneficial.
lowest 68.
Tex.—Rains over Texas have been general.
showers are claimed to be doing harm
retarding maturity and producing boll weevils.
Movement
there in consequence will be ten days late as compared with
last season.
.We have had rain on one day during the past
week, the rainfall being ten hundredths of an inch.. Average
thermometer 81, highest 86, lowest 76.
Abilene, Tex— We have had rain on two days of the week,
the rainfall reaching forty-six hundredths of an inch.
Mini¬
Galveston,
Vicksburg, Miss.—We have had rain on one day during the
week, the precipitation being forty-two hundredths of an
inch.
Thermometer has averaged 81, ranging from 71 to 94.
Mobile, AZa.-r-General rains have been of much benefit.
Crop condition is fine.
It has rained on six days of the week,
the precipitation being two inches and eighty-two hun¬
dredths.
The thermometer has ranged from 70 to 91,
Averaging 81.
Montgomery, Ala.—We have had rain on two days of the
week, the precipitation being twenty hundredths of an inch.
Average thermometer 83, highest 97, lowest 69.
Selma, Ala.—It has rained on three days of the week, the
rainfall reaching one inch.
The thermometer has averaged
82, the highest being 95 and the lowest 70.
Augusta, Ga.—We have had rain on two days of the past
week, the rainfall reaching forty-one hundredths of an inch.
Average thermometer 84, highest 96, lowest 72.'
Savannah, Ga.-—The week's rainfall has been twenty-three
hundredths of an inch on one day.
The thermometer has
averaged 82, the highest being 95 and lowest 71.
Washington, Ga.—We have had rain on one day during
the week, the precipitation being fifteen hundredths of an
inch.
The thermometer has averaged 83, ranging from 70 to
In South Texas daily
mum
thermometer 70.
-
Brenham, Tex.—There has been good rain on three days
during the week, to the extent of two inches and seventy-six
hundredths.
The thermometer has averaged 83, ranging
from 74 to 92.
'
Cuero, Tex.—We have had rain on three days during the
week, the rainfall reaching one inch and twenty hundredths.
The thermometer has ranged from 72 to 94, averaging 83.
Dallas,
Tex.—Rain has fallen
three days of the. week,
eighty-three hundredths.
on
the rainfall reaching one inch and
Average thermometer 82, highest 96, lowest 68.
Henrietta, Tex.—It has rained lightly on three days dur¬
ing the week, the rainfall having reached fifty-six hundredths
of an inch.
The thermometer has averaged 84, the highest
being 98 and the lowest 70.
'
Huntsville, Tex.—There has been heavy rain on one day
during the week, to the extent of one inch and forty-eight
hundredths.
The thermometer has averaged 82, ranging
.
96.
on
three days during
the week, the rainfall reaching one inch and fourteen hun¬
dredths:
The thermometer has ranged from 70 to 94,
averaging 82.
the lowest 74.
inch.
'
ing the week, to the extent of
inch and twenty-four
The thermometer has averaged 80, ranging
■
Palestine, Tex.—We have had rain on four days during the
week, the rainfall reaching one inch and thirty hundredths.
The thermometer has ranged from 70 to 90, averaging 80.
Paris, Tex.—We have had rain on four days the past week,
the rainfall reaching two inches.
Average thermometer 82,
highest 94,'lowest 70.
Kerrville,.Tex.—We have had rain On three days of the
week.
The thermometer has averaged £2, the highest be¬
ing 94 and the lowest 70.
;
San Antonio, Tex.—There has been rain on four days,
during the week, to the extent of one inch and eighty-four
hundredths.
The thermometer has averaged 82, ranging
from..70'.to 94..
•
•
•
Taylor, Tex.—There has been rain on three days during
the week, the rainfall reaching one inch and ten hundredths.
71.
.
'
;
V..'
■
■'
■
;
•
.'
:
Eldorado, Ark.—There has been rain On three days during
the week, to the extent of one inch and three hundredths.
The thermometer has averaged 81, ranging from 69 to 94.
Helena, Ark.—We have had rain on one day during the
week, the rainfall reaching one hundredth of an inch.
The
thermometer has ranged from 74 to 98, averaging 86.
Little Rock, Ark.—There has been rain on one day the past
week, the rainfall being twelve hundredths of an inch.
The
thermometer has averaged 84, ranging from 72 to 96.
Alexander, La.—There has been rain on four days of the
week, the precipitation being two inches and twenty-two
hundredths.
The thermometer has ranged from 71 to 92,
averaging 81.
New Orleans, La.—We have had rain on five days of the
past week, the rainfall reaching forty-one hundredths of an
inch.
Average thermometer 78, highest 90, lowest 66.
Shreveport, La—We have had rain on six days of the week,
the rainfall reaching one, inch and eighty-two hundredths.
The thermometer has averaged 83, the highest being 95 and
the lowest 70.
aver¬
1
•
.
72.
Charlotte, N. C.—There has been rain on one day the past
week, the rainfall reaching eight hundredths of an inch.
The
thermometer has averaged 84, ranging from 70 to 98. Greensboro, N. C —We have had rain on one day during the
week, the precipitation reaching sixteen hundredths of an
inch. -The thermometer has ranged from 64 to 95, averaging 79.
Raleigh, N. C.—We have had rain on two days of the past
week, the rainfall reaching eighty-four hundredths of an inch.
Average thermometer 81, highest 96, lowest 66.
y:
<
:
~
est
thermometer has
.
lowest
.
Weatherford, Tex.—-There has been rain on three days dur¬
ing the past week, the precipitation being one inch and fortyeight hundredths.
The thermometer has averaged 83, rang¬
ing from 72 to 94.
Ardmore, Okla.—It has rained on three days of the week,
the rainfall reaching two inches and five hundredths.
The
thermometer has ranged from 70 to 97, averaging 84.
Holdenville, Okla.—We have had rain on two days during
the past week, the rainfall being fqrty-sfx hundredths of an
inch.
Average thermometer 85, highest'99, lowest 71.
Marlow, Okla.—We have had rain on two days of the week,
the rainfall reaching forty hundredths of an inch.
The ther¬
mometer has averaged 85, the highest being 99 and the low-,
The
Dyersburg, Tenn.—We have had rain on three days during
the week, the rainfall being fifty-one hundredths of an inch.
The thermometer has ranged from 60 to 100, averaging 80.
Memphis, Tenn.—It has rained on three days during the
week, the rainfall being two inches and twenty-nine hun¬
dredths., Average thermometer 85, highest 98, lowest 73.
Nashville, Tenn.—It has rained on two days of the week,
the rainfall being two inches and thirty hundredths. • The
thermometer has averaged 86, the highest being 100 and the
'
thermometer 72.
rain.
■
from 67 to 93/
.
Minimum
more
Gainesville, Fla.—We have had rain on five days of the
past week, the rainfall reaching one inch and forty-seven
hundredths. 1 Average thermometer 81 /highest 93, lowest 68.
Tallahassee, Fla.—Rain has fallen on three days of the
week, the precipitation being one inch and thirty-seven
hundredths.
The thermometer has averaged 80, ranging
one
from 70 to 90.
Indication
aged 83, ranging from 66 to 99.
Madison, Fla.—There;has been rain on three days during
the week, the precipitation being one inch and twenty hun¬
dredths.
Thermometer has ranged from 70 to 92, averaging
81.
two days dur¬
on
69.
Spartanburg, S. C.—There has been rain on three days the
past week, the rainfall being seventy-eight hundredths of an
'■
Nacodoches, Tex.—There has been rain
hundredths.
the lowest
.
Longview, Tex.—We have had rain on five days the past
week, the rainfall reaching two inches and eighty-two
hundredths.
Average thermometer 84, highest 98, lowest 70.
Luting, Tex.—It has rained on three days during the week,
the rainfall having reached one inch and twenty hundredths.
The thermometer has averaged 85, the highest being 96 and
*
Charleston, S. C.—There has been rain on two days the
past week, the rainfall being fifty hundredths of an inch.
The thermometer has ranged from 71 to 94, averaging 82.
Greenville, S. C.—There has been rain on two days of the
week, the rainfall being twenty-three hundredths of an inch.
The thermometer has averaged 82, the highest being 96 and
from 72 to 92.
Lampasas, Tex.-r-We have had rain
59
AGRICULTURAL DEPARTMENT REPORT ON COT¬
ACREAGE AND CONDITION.—The Agricultural
department at Washington issued on July 3 its report on
cotton conditions and acreage as follows:
TON
The Crop Reporting Board of the Bureau "of Statistics of the United
States Department of Agriculture estimates•, from the reports of the corre¬
spondents and agents of the bureau, that the number of acres of cotton in
Cultivation this year. (1913) in the United States is about 102.5% of the
area planted to cotton last year, equivalent to about 35,622,000
acres, as
compared with 34,766,000 acres indicated by the Bureau's revised "estimate
of last year's1 planted area, an increase of about 856,000 acres, or 2.5%.
The condition of the growing crop on June 25 was 81.8"% of a normal
condition, as compared with 79.1 on May 25, 1913, 80.4 on June 25, 1912,
and 80.2, the average condition for the past ten years on June 25.
Details by states follow:
Area, 1913.
Area
—Prelim, est.—
undercultivation
a
yr. ago,
States—
rev'd est.
Virginia
47,000
No. Caro_._
1,560,000
So. Caro
2,716,000
Georgia
5,390,000
Florida
245,000
Alabama
3,766,000
Miss
2,985,000
Louisiana
972,000
Texas
11,390,000
Arkansas
2,055,000
Tennessee
799,000
"Missduri-.-107,000
Oklahoma2,725,000
California-'
9,000
-
______
—
U.
34,766,000
—Condition
P.O.
comp.
with
1912
_____
June
25,
Acres
103
103
106
107
155
50,000
1,560,000
2,716,000
5,336,000
230,000
3,804,000
3,045,000
1,166,000
11,732,000
2,117,000
823,000
113,000
2,916,000
14,000 '
102.5
35,622,000
106
100
100
99
94
101
102
120
103
1913.
81
76
73
74
85
79
82
81
June 25,—
May
25,
Tenyr.
1913.
1912.
83
76
87
83
79
68
69
83
75
81
81
86
86
87
88
84
89
87
95
96
81.8
79J
85
87
90
72
76
76
74
74
89
77
76
75
82
98
8Cb4
avg
84
81
80
81
85
79
78
78
81
80
82
82
80
%_
8(b2
[Vol.
CHRONICLE
THE
60
•
WORLD'S SUPPLY AND TAKINGS OP COTTON.
Week
and
Visible supply June 27.
Visible supply Sept. 1
American in sight to July 3
Other supply to July 2*
,.:v v; •
Total takings to July 3a
282,338 16,379,309
167,338 12,601,509
115,000
3,777,800
...
Of which American.-
*
.
Of whifch other
3,155,945
3,322,101 3,155,945
3,322,101
Visible supply to July 3---
«
17603",418
65,305 15,220,163
14,000 2,222,00Q
'283,000
13,000
400
967,000
239,000
8,000
329,341 17,378,636
224,941 13,887,636
104,400 3,491.000
in Europe from Brazil, Smyrna, West Indies, &c.
This total embraces the total estimated consumption by Southern mills,
*
Embraces receipts
a
2,492,000 bales in 1912-13 and 2,292,000 bales in 1911-12—takings not
being available—and the aggregate amounts taken by Northern and foreign
spinners, 13,887,30;) bales in 1912-13 and 15,086,636 bales in 1911-12, of
which 10,109,500 bales and 11,595,636 bales American.
PROM ALL PORTS.
INDIA COTTON MOVEMENT
Since
Week.
1 Sept. 1.
nent,
Japan
Conti-
31,000 2,401,000
Great
Conti-
&China\ Total.
nent.
<fc China.
Total.
1911-12..
802,000 1,136,000
323,000
874,000
11,000
57,000
1,000
3,000
24,000
2,000
22,000
60,000
40,000
56,000
33,000
1,000
16,000
1,000
3,000
34,000
19,000
1,000
1,000
2,000
3,000
1,000
2,000
3,000
19,000
4,000
1,000
22,200
8,000
8,000
20,000
300
28,300
226,000
153,000
250,000
114,000
363,000
65,000
235,000
316,000
1,000
1910-11.
200
1,000
12,000
1,000
14,000
23,000
1911-12..
1,000
6,000
4,000
1910-11..
5,000
7,000
11,000
12,000
53,000
17,000
13,000
2,000
1,000
40,000
—Not
1912-13..
1911-12..
1,000
5.000
Received
39.000
502,000
884,000 1,419,000
121,0001,178,000
23,000j 39,000j
15,000
1910-11..
616,3001,915,300
33,000
25,0001 69,0001
ALEXANDRIA RECEIPTS AND SHIPMENTS.
July 2.
3,000
1,000
32,000
6,000
7,000
67,000
1,009,000
826,000
65,000
982,000
794,000
27,000
61,000
44,000:
19,000
132,000
101,000
50,000
92,000
57,000
26,000
76,000
48,000
Not
received.
-
market for spots and futures
The tone of the Liverpool
closing prices of
day of the past week and the daily
spot cotton have been as follows:
each
Thursday.
Wednesday.
Tuesday.
Monday.
Saturday.
Friday.
Fair
Market,
Good :
business
Moderate
Good
doing.
Dull.
demand.
demand.
..
demand.
6.76
6.76
6.68
6.73
6.74
3,000
Mid.Upl'ds
z
8,000
1,000
7,000
12,000
500
1,000
10,000
1,000
300
Spec.&exp.
HOLI¬
DAY.
AT
unch.
unch.
P.M.
The
1
to
pt. dec.
advance.
decline.
advance.
f Barely st'y, Quiet,** pt.
Market,
dec.to 2
NEW
generally
2 H@ 1 point AH @5 pts. 3@3H Pts.
to
pts. adv.
opened
Quiet,
YORK.
Quiet,
Easy,
Steady,
Quiet
Futures.
pt. dec.
X
Very st'dy, Ba'ly
Steady,
5H®6 Pts. 6H@7 pts. 5 H
advance.
decline.
pts. adv.
sty,
points
,.'7
i
decline.
prices of futures at Liverpool for each day are given
Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The
prices are given in pence and 100ths.
Mon.
Sat.
Thus, 6 55 means 6 55-100ci.
Wed.
Tues.
Thurs.
Fri.
to
4
12M
4
1234
6
1234
6
1234
4
12 H
July 4.;
12K
12X
p.m.
p.m. p.jn. p.m. p.m. p.m. p.m. p.m. p.m. ]p.m. p.m.
<
7,452,851
Week. Sept.
Week. Sept. 1.
Exports (bales)—
Liverpool—
—-
To Manchester
India—v
To America
Week. Sept. 1.
1.
4,250 198,605
222,936
5,250 367,162
2,000 111,291
2,500 211,256
213,466
6?6OO 393,108
1,250 119,514
9,750 937,344
.
received
MARKET.—Our report
6
d.
\d.
Nov.-Dec.
6
Dec .-Jani.
6
17
Jan .-Feb-
6
17
Feb.-Mar.
6
18 %
Mar.-Apr.
Apr .-May
6
June-July
July-Aug.
Aug .-Sep
6
Sep.-Oct
6
_
_
May-June
June-July
6
6
6
d.
d-
56
55X
46%
46%
38>*
2734
21%
1734
June
Oct..-Nov.
Egyptian bales weigh about 750 lbs.
Note.—A cantar is 99 pounds.
MANCHESTER
Since
This
11,500 899,994
3,750 199,750
200,432
6,250 386,171
600 121,365
10,600 907,718
z
5,000
.7,569,546
Since
This
Since
This
Total exports.
July 3.
39,000
1,020,000
840,000
stock—Estimated
Of which American
'
2,500
7,252,697
600
»
—
1_-
To Continent &
-43,884
p.m.
Receipts (cantars)—
Since Sept.
'
68,000
„_
—
Total
'
This week___
917
—
8,000
Forwarded
June 28
1910-11.
1911-12.
1912-13.
Alexandria, Egypt >
■
54,000
Sales, American
export.
Actual
below.
Total all—
To
48,000
4
All others—
•
June 20.
63,000
Market
Madras—
1911-12.
—
584,000 1,515,000
1,000
1910-11..
—
June 27.
June 13.
Of which speculators took-_
6,000
Of which exporters took-2,000
Sales
1,000
1,000
1912-13-.
-
-
LIVERPOOL.—Sales, stocks, &c., for past week:
12:15
Calcutta—
■
—
.
-
————— —
--
Received
26,000
54,000
18,000
25,000
'8,000
29,000
1911-12..
1912-13..
——
Sales of the week.
P. M.
Not
1910-11..
1,046
100
719; Manchuria.
Japan
Britain.
i
Bombay—
1912-13..
1912-13.
—
—
Spot.
Great
Britain,
;
Total
Mari¬
-
Since September 1.
For the Week.
Exports
*
198
Total imports of the week
Of which American
Sept. 1.
Week.
14,000 2,222,000
*32,000 2,615,000
Bombay
-
Since
Since
,
Week.
Sept. 1.
207
202
189
354
-
-
Of which American
July 3.
Receipts at—
from—
1,046
To Genoa—June 30—Stampalia, 100
SAN FRANCISCO—To Japan—June 25—China,
Amount afloat
1910-11.
1911-12.
1912-13.
—,
BALTIMORE—To Liverpool—June 27—Templeinore, 354.PHILADELPHIA—To Manchester—June 28—Manchester
ner,
1,067
2,636
48
1,200
-—-
-
NORFOLK—To Liverpool—July 2—Eagle Point. 202
BOSTON—To Liveimool—June 25—Sagamore, 189
3,604,439 19,701,410 3,485,286 20,534,581
supply
Deduct—
3,120
Plata, 623
Liverpool—June 28—William Cliff, 207
BRUNSWICK—To
3,384,581
2,135,485
13,204,125
32,000 2,615.000
445,200
16,000
993,600
308,000
57? 530
Bombay receipts to July 3
Season.
Week.
Season.
3,491,909
Other India ship'ts to July 3-__ _
Alexandria receipts to July 2-_-
Total
—July 1—Volnay, 44
To Barcelona—July 2—Korana, 2,636
To Genoa—July 2—Korana, 48-To Venice—July 2—Korana, 1,200.
Season.
Week.
Total bales.
*
SAVANNAH—To Bremen—July 1—Volnay, 3,120.
To Hamburg—June 30—Spyros Villianos, 400; La
1911-12.
1912-13.
Cotton Takings.
xcvii.
1934
6 20%
6 21%
47
39
d.
d.
d.
d.
d.
d.-
43?" 47"? 4934 48"" 44"
39
4234
4134 4134 46
33
3334 38
21
2134 26
2734 27
15
21 % 21
18
1734 11
17
1634 1034
17
1634 1034
12
1834 18
13
1934 19
20
20
14/
15
2134 21
15
1534 20
1134 16
11
1534
11
1534
1234 17
1334 18
1434 19
1534 20
1534 20
4834 4634
40 34 3834
2834 2634
2234 2034
1834
18
IS*
18
16
43
35
23
HOLI¬
17
DAY
13
1234
1234
AT
NEW
YORK
1934 1734 14
2034
2134
2234
2234
1834 15
1934 16
2034 17"
2034 17'
by
to-night from Manchester states that the market is
and quiet for shirtings. Merchants are not
willing to pay present prices.
We give the prices for to-day
below and leave those for previous weeks of this and last
-cable
firm for yarns
year
for comparison.
•
1912.
8 H lbs. Shirt¬
8M lbs. Shirt¬
ings, common
Mid.
•a.
Mid."
Tioist.
Twist.
d.
Cot'n
32a Cop
Upl's
ings, common
Cot'n
to
a.
finest.
d.
to
d.
d.
d.
B.
8.
d.
Upl's
finest.
s.
d.
M'y
16
23
6.72 9 11-16@
10«
1}*@11 3
6.47
10J*
6.79 9X
6.61 9X
10%
10^
6.36
@11 AH
®
@
1H@11 3
10^
10
30
d.
@11 AH
@11 AH
1 H@U
3
6.38
6.67 9% '
@
@
©
3
2
@113
1X("11 2
iH@n 2
6.45
6.77I9M
6.79,9%
10**
10 %
10**
.10%
4
6.86
10K
@
10
10
June
AH
6
,10
@
W/i
2
@11
13
10
@
10X
2
@11 AH
20.10%
'"1
10%
@
10%
10%
27
July
3
2X*U 5
2H® 11 5
6.75 9
1,1-16®
\H@U
6.63
6.63
6.62
.
10
11
H. ©
6
2
@11
6
@
"10 13-16
6
2H @11
,
SHIPPING
NEWS.—Shipments in „detail:
'.
.
6,74 9 J*
NEW YORKr-To Liverpool—July
-;
'
,
2—Cedric, 2,266
To
To
Antwerp—June 27—Lapland,
To
To
•
,
Total bales'.
2,266
' 100
^----._-
28—Minnewaska, 100__—•—
Manchester—June 28—Raeburn, 417__
Havre—June 28—Chicago, 122
Bremen—July 2—Bremen, 359
Hamburg—July 1—Kaiserin Augusta Victoria, 250
To London—June
To
1,000
28—Fernando, 550—June 30—Roma, 146
To Genoa—June 30—Re d'ltalia, 1,200—July 1—Hamburg,
751; Carpathia, 58To Naples—June 30—Re d'ltalia, 100
GALVESTON—To Hamburg—June 26—Lord Downshire, 3.067- —
To Rotterdam—June 26—Lord Downshire, 407.—
To Barcelona—June 27—Lodovica, 4,800
To Venice—June 27—Lodovica, 442
To Trieste—June 27—Lodovica ,200
TEXAS CITY—To Mexico—July 1—Barlby, 1,735jNEW ORLEANS—To Liverpool—June 30—Craftsman, 4,000
To Havre—June 30—Honduras, 1,009
—
To Barcelona—June
To Bordeaux—June 30—Honduras, 30
To Rotterdam—June 30—Maartensdyk,
To Antwerp—July 2—Horace, 1,257
To Oporto—July 2—Maria, 100.To Genoa—June 27—Soperga, 3,332
To Naples—July 1—Italia, 100
To Trieste—July 2—Maria, 150-—
To Venice—July 2—Maria, 325-.-
*.
Thursday Nighty July 3 1913.
25
417
122
359
250
1,000
696
2,009
100
3,067
407
4,800
442
200
1,735
4,000
1,009
30
25
1,257
-
100
July 1—Italia, 4,500-- 7,832
100
;
"-
' 150
325
•
transactions
have continued to be op a very restricted scale.
Buyers in
other words still being in doubt as to the general outlook,
whether wheat is to advance or decline materially in price,
adhere to the policy of purchasing as a rule only as their
immediate necessities demand.
In such circumstances the
market is to a large extent an unsettled or nominal affair
although most holders have maintained prices pretty steadily.
Some new flour has airived here from the Southwest, but
it has been held at prices which have checked business.
Wheat has felt the effects to a greater or less extent of
beneficial rains at the Northwest.
Rains had been much
needed there,
Also the country has been selling more
freely at Chicago. The weather for harvesting in the winterwheat belt has been favorable and there has been a pressure
to" sell July,
The Northwestern receipts have been running
well ahead of those of last year.
Some advices are that the
yield of spring wheat will be about as large as that of last
year in Minnesota and North Dakota.
The crop of winter
wheat, according to some reports, will be about 100,000,000
bushels larger than that of last year.
The increase is espe¬
cially noticeable east of the Missouri River.
The yield in
Kansas, Nebraska and Oklahoma is supposed to be about
the same as that of last year.
St. Louis has been receiving •
20 cars of new wheat in a day and soft winter wheat has been
offered at lower prices.
Early in the week it declined 3 cents.
No. 2 red at that time sold at Kansas City at 7 Me. under Sep¬
tember in Chicago.
That was an ample shipping difference.
The cash demand has at times fallen off very noticeably.
Speculation for a rise has lagged. Professional operators
have been inclined to take the short side, owing to the pros¬
pects of an increased crop of winter wheat and the brighter
prospects for the spring-wheat yield in two of the three big
spring wheat States.
The dry, hot weather in the winterwheat belt, which has recently so greatly promoted harvestFlour has been in
'
1913.
32a Cop
BREADSTUFFS.
the main steady, but the
July 5
ing work, leads many to look for a considerable increase in
the receipts of winter wheat at the distributing centres of
the West in the near future.
Foreign markets have at times
depression, but this fact has attracted less attention
than the favorable weather and crop reports from various
sections of our Western States.
During June the receipts at
shown
principal Western primary points were no less than
15,642,000 bushels, or some 9,000,000 bushels more than
during the same month last year.
The visible supply in
the United States, according to one computation, is some
the
7,000,000 bushels larger than at
this time in 1912.
Lower
prices for other grain have now and then affected wheat,
especially as it has grown plainer to everybody that the re¬
ceipts of new wheat are about to increase noticeably. And
this easier tendency was manifest in spite of the fact that there
were no deliveries on July contracts at Chicago on the 1st
inst.
The cash demand there has latterly been slow.
On
the other hand, some factors have tended to act as a check
on a decline.
The world's shipments hvae decreased very
noticeably.
The total last week was only 10,578,000 bush¬
els, against 12,448,000 bushels in the previous week and 11,080,000 bushels last year.
Also, the quantity on passage to
Europe, much to the surprise of many, decreased last week
more
than 4,000,000 bushels.
There would appear to be
export demand, too. Last week a quarter of a million
of bushels of new No. 2 hard winter were sold to exporters
some
and not then
reported.
via the Gulf of Mexico.
It is for July and August shipment
It is a fact not without interest, too,
anywhere from 10 to 20 cents a bushel lower
than at this time last year, the price of No. 1 Northern in
particular being about 21 cents below the quotations of a
year ago.
Some reports in regard to South Dakota state
that the prospects point to a crop only 50% of last year's
yield.
While the world's shipments last week were but
10,578,000 bushels, the weekly world's requirements are
estimated in Liverpool at 12,320,000 bushels.
The stock
at Chicago is down to 1,314,000 bushels, against 5,632,000
bushels a year ago.
The Southwest, moreover,has reported'
export bids at the market.
On Thursday prices advanced.,
that
prices
are
DAILY CLOSING PRICES OF
WHEAT FUTURES IN NEW
2
_..,-cts_
red-----.:
July delivery in elevator
September delivery in elevator
•___
YORK.
Wed.Thurs.
99
98
Mon.
Tues.
98%
Sat.
•
No.
98%
98%
98%
97%
96%
98%
99%
97%
,
evidently to take advantage of the recent advance in prices.
Certainly the visible supply increased last week 2,769,000
as contrasted with a decrease in the same week last
of 841,000 bushels.
It is a fact of interest, too, that the
total visible supply in the United States, according to one
statement which may be accepted as sufficiently accurate for
all practical purposes, is no less than 14,696,000 bushels^
against 3,690,000 bushels a year ago.
Moreover, the July
deliveries at Chicago on the 1st inst. amounted to 2,000,000
bushels.
The stopk there increased last week some 433,000
bushels and reached 2,875,000 bushels, against 416,000
bushels a year ago, so that, even after deducting the big July
deliveries, the stock there is still more than double that of a
year ago.
Prices have latterly shown some weakness. On
Thursday prices advanced.
'
bushels,
year
DAILY CLOSING
CLOSING
PRICES
Holiday.
No. 2
Mon.
90%
90%
89%
90 •
93%
93
89%
89%
92%
corn
43%
$3 10@$3 50 Spring clears
grades
Winter clears
Spring patents
Spring straights
Kansas
4 10
Winter patents
Winter straights
City patents
Rye Hour.
Kansas clears,
4 90
—
Wheat, per bushel—f. o. b.
N. Spring, No. 1-...——$1
Hard winter. No. 2.
No. 2
Tues.
93%
NEW YORK.
Fri.
Wed. Thurs.
Holi¬
day.
DAILY
CLOSING
PRICES
OF
CORN
Sat.
July delivery in elevator.61%
September delivery in elevator
63%
December delivery in elevator
60%
FUTURES
Mon.
60%
62%
59%
Tues.
60%
61%
58%
IN
CHICAGO.
Wed. Thurs.
61%
62%
59%
61%
62%
59%
*—
a
firmer tendency from
4 75
white
3-r
No. 2,
...
.\_
_
3
Rye, per bushel—
No. 2
67%
State and Pennsylvania..Nominal
Barley—Malting
58 @63
;
—46% @47
of breadstuffs to market
prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
The statements of the movement
indicated below
are
.
Receipts
916,000
3,520,000
267,000
488,000
847,000
63,000
DuluthL....
611,000
1,267,000
120,000
292,000
19,000
4,000
58,000
104,000
117,000
436,000
196,000
244,000
430,000
67,000
81,000
______
Fri.
—
—
—
"16",666
Detroit-
Cleveland
8,000
185,000
24,000
305,000
182,000
16,000
__
62,000
54,000
Louis...
St.
—
Peoria
Kansas City.
— —
—
—
—
Omaha
Tot. wk.
294,232
Same wk. '11
"
'
1
Since Aug.
1913.
1912.....
1911.
3,920,000
1,520,979
3,150,539
362,000
196,011
'13
Same wk. '12
■;
'<
i
56,000
------
----
1,000
8,000
51,000
.
51,000
•
3,000
«
-
-
-
-
-
------
.
......
130,000
5,555,000
3,161,010
6,661,000
2,453,065
1,790,000
191,526
226,000
85,000
3,534,237
2,647,750
362,800
,26,721
'
•
16765642
16,929,520 251,981,966 219,134,228 235,898,688 98,382,330
11,779,050 132,962,607 187,675,522 142,136,481 61,308,164 8,143,928
1S1.544.169 62,438,528 5,099,696
14,776,063 207,119,695 366,186,941
seaboard ports for
receipts of flour and grain at the
Total
25,000
116,000
------
202,000
617,000
193,000
"
26,000
619,000
324,000
270,000
517,000
3,929,000
163,000
175,000
39,000
Rye.
Barley.
Oats.
Corn.
Wheat.
Flour.
at—
the week ended June 28 1913 follow:
New York
...
Philadelphia
26,000
45,000
2,000
.
New Orleans ♦...
.
'Norfolk
12,000
47,000
._
Montreal...
1,000
25,000
65,000
92,000
..
-
i-'
—
_
_
-
■.
.
————
•
-
-
-
-
17,000
--
—
—
'
-----
-----
1,000
"
27,000
2,000
1,210,000
bush.
5,000
12,000
------
55,000
Galveston......
Mobile.
bush.
171,000
624,000
60,000
226,000
118,000
31,000
115,000
357,000
66,000
271,000
124,000
31,000
.-
Baltimore
540,000
181,000
30,000
..
Boston
Rye,
Barley,
Oats,
bush.
bush.
bush.
bbls.
Receipts at—
Corn,
Wheat,'
Flour,
-
-
--
-----
-
82,000
352,000
334,000
■
100,000
St. John.:
.....
535,000 104,000
13226000 1838,000
72,264
2,723,000
327,000
1,394,000
Since Jan. 1 1913.11,006,000 81,077,000 40,986,000 27,675,000
Week 1912. z
245,663
1,543,310
233,590
1,202,333
Since Jan. 11912
8,466,135 54,480,813 23,881,663 23,679,682
Total week 1913
674,000
.
Receipts do not include grain passing through
through bills of lading.
are
Corn,
Wheat,
Boston
»_
Philadelphia
bush.
..
.....
Baltimore
New
bush.
42,910
199,000
*8",000
529,196
21,000
...
Orleans.
Galveston,
St. John
45",656
,*
27",666
Mobile..
Montreal
...1,009,000
100,000
Oats,
Rye,
bbls.
bush.
bush.
77,853
14,336
38,000
159,461
21,600
Flour,
■
19,785
7,000
2,000
Total week
1912
2,689,028
2,029,000
July 1 1912 is
as
Peas,
bush.
1,097
1,000
,500
12,000
40,000
274,000
.....
455,56 1
405,460
122,910 212,974
33,076 156,682
below:
227,000
.....
July 1 to—
June 28.
bbls.
United Kingdom...117,515
48,001
18,160
West Indies
27,594
Brit. Nor. Am. Cols.
1,075
Continent
Sou. & Cent. Amer.
Other Countries.
629
Week
July 1
June 28.
Corn
July 1
1912.
1912.
bush.
bush.
bbls.
5,343,236 1,399,143 84,798,150
368,970 1,248,330 82,271,911
36,156
1,220,220
1,241,831
122,979
2,023,362
89,318
"5",399 2,206,715
434,297
11501,014 2,689,028 170619,975"
....156,682 9,397,279 2,029,000 103602,398
,1911-12...
Total....... ..._212,974
The worlds'
50
for the week and since
Since
Since
Since
Exports for week and
2,097 268,642
42,200
Wheat
Flour-
Week
Total
bush..
61,642
,
The destination of these exports
since
Baney,
2",660
Norfolk
Week
for the week
shown in the annexed statement:
382,444
448,388
Exports from—
New" York
New Orleans for foreign ports on
from the several seaboard ports
The exports
ending June 28
282,062
3626,790
.
*
Holiday.
time to time,
owing to hot, dry weather in the belt and covering of shorts,
not to mention aggressive buying for a rise.
Big operators
at Chicago are understood to be working on the bull side.
The crop just now is in the filling stage.
It could be much
damaged by the wrong kind of weather.
The consensus is
that it needs, rain and some moderation of the high tempera¬
tures which have recently prevailed in the oats belt.
The
price is still about 12 cents a bushel cheaper than a year ago.
On the other hand, there is a larger movement of the crop,
Oats have shown
3 90
.elevator Nominal
.elevator Nominal
c.l.f. Nominal
...
Steamer
No.
98%
1 01%
cts.
47 @47%
....—.
48
Standards
No.
'
02
bushel, new—
Oats, per
day.
largely a weather market.
The fact that the Southwest in
the opinion of many would be the better for further rains has
had a tendency to keep the market in a more or less nervous
state.
The country offerings, too, have at times fallen off
noticeably; and latterly there has been a fair cash demand.
On Thursday prices advanced.
Mon.
3 65<
bushel—
Corn, per
1 00%
N. Spring, No. 2
.....
Red winter. No. 2__
—
90%
is still and must continue to be for some time to come very
Sat.
6 60
5 95 <
...4 00(
GRAIN.
90%
cts.Nom. Nom. Nom. Nom. Nom.
14 00@$4 25
4 50
4 40
4 00
3 75
—
Graham flour....
60®
4
——
Minneapolis.
has also been influenced to some extent
;
straights, sacks.
sacks
5 40®
4 60 ~
Toledo.....
receipts.
Also the world's shipments last week reached the
large total of 9,377,000 bushels, against 7,354,000 in the
previous week.
The crop reports have been on the whole
favorable, although it is not denied that further rains would
be beneficial., Moreover the visible supply in the U. S.,
according to one calculation, increased last week 1,816,000
bushels, whereas in the same week last year it decreased
587,000 bushels.
Latterly the tendency toward some decline
of prices has been increased by good rains in Kansas, Mis¬
souri and Oklahoma and indications that they might spread
to the Central West. The short side has recently become more
popular/ The deliveries on July contracts at Chicago were
1,000,000 bushels on the 1st instant.
The stock there in¬
creased last week 904,000 bushels, bringing it up to.1,780,000
bushels minus the million bushels just delivered.
Yefit
corn
44%
44%
FLOUR.
Winter, low
Holi-
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN
43%
41% Holt42% day,
closing quotations:
The following are
Fri.
,
Cash
41%
42%
Fri.
Wed.Thurs.
40%
42%
December
90
93%
Tues.
41
42%
•
by
pains in the Southwest.
Oklahoma and Texas have had
beneficial rains; so has Kansas.
It may be recalled that in
1909 even Texas raised 201,840,000 bushels and Oklahoma
122,239,000 bushels.
Then came a noticeable decrease in
the yields of those States.
In the present year corn is about
20 cents a bushel cheaper than it was a year ago, while cotton
is'% to lc. a pound higher than then, so that it may turn out
that the corn acreage in Texas and Oklahoma was somewhat
reduced this year in favor of cotton.. The difference may be
offset by the higher prices for meat.
However this may be,
corn has at times of late been depressed
not only because of
the rains in the Southwest but also because of increasing
Indian
Mon.
Sat.
cts. 41%
42%
delivery in elevator
44
89%
Tues. Wed. Thurs.
CHICAGO.
PRICES OF OATS FUTURES IN
DAILY CLOSING
'
Sat.
July delivery in elevator
cts_
September delivery in elevator—,
December delivery in elevator....
Fri.
Wed. Thurs.
Tues.
Mon.
July delivery in elevator
September delivery in elevator
Chicago....
CHICAGO.
OF WHEAT FUTURES IN
Sat.
'
Milwaukee,.
DAILY
YORK.
PRICES OF OATS IN NEW
cts_47@47% 47@47% 47@47% 47@47% 47@47% Holiwhite-,--—
48 v;■t 48
48
•
48
V 48 ; day,
Standards
Fri.
97%
"98%
.97%
(it
CHRONICLE
THE
1913.]
| Week
June 28.'"
bush.
July 1
1912,
bush.
8,000 14,460,543
40,972 22,183,064
71,705
641,904
2,284,437
49,383
480
148,080
1,753
122,910 39,767,411
33,076 32,939,936
shipments of wheat and corn for the week
ending June 28 1913 and since July 11912 and 1Q11 are shown
in the following:
*
,
.
62
THE
Wheat.
Exports.
Week
1911-12.
Since
Bushels.
July
Bushels.
Week
July 1.
Bushels.
Bushels.
Since
June 28.
1.
Bushels.
Danube
1,016,000
Argentina- 1,226,000
Australia.
288,000
—
India..
2,608,000
Oth.countr's.
48,000
The
quantity of wheat and
mentioned
was
afloat for Europe
corn
follows:
as
on
new
until after the passage of the tariff.
DOMESTIC
COTTON GOODS.—The exports of cotton
goods from this port for the week ending June 28 were 5,711
packages, valued at $554,146, their destination being to the
points specified in the table below:
;
10578000 664,622,000 551,752.000 9,577,000 289,201,000 193,815,000
Total
j
29,352,000
40,372,000
85,334,000
38,757,000
40,000
37,216,000
230,000
81,912,000
12,207,000
76,347,000
638,000
17,454,000
89,858,000 8,669,000 222,324,000
54,364,000
52,362,000
11,433,000
54,759,000
127,614,000
45,852,000
64,756,000
7,240,000
1.
Bushels.
North Amer. 4,056,000 256,894,000
185,476,000
Russia
1,336,000 107,507,000
their opening of
on
-1913-
dates
'
.
Eew York to June 28.
Great Britain.
>
Week.
Other
Wheat.
1'
45
497
155
2,623
3,085
2,363
3,872
1,869
520
34,329
8,285
18,363
15,317
20,057
1,413
8,385
28,785
33,095
.—5,711
169,353
European
India
Arabia
Kingdom.
Bushels;
Continent.
Total.
Kingdom.
Byshels.
Bushels.
Bushels.
Africa
Total.
Continent.
West Indies
Mexico
1 1911— 24,144,000 21,568,000 45,712,000
The
5,746,000
Other
6,001,000 11,747,000
supply of grain, comprising the .stocks in
principal points of accumulation at lake and
seaboard ports June 28 1913 was as follows:
Amer. Bonded
Amer.
Wheat. Wheat.
Corn.-
In Thousands—
bush.
bush.
515
— .
Philadelphia
j
1
-
Baltimore
... .
New Orleans
;
703
222
105
1
Buffalo
Detroit.
Chicago
218
463
Duluth
St. Louis-.—.j—...!
.
mmmm
6,048
'
'
....
mmmim-
mmmm
A!,123
W
125
V
m m
'*•
mmmm
mm
'
mmmm
....
59
......
31
8,248
650
80
746
888
179
....
129
407
......
4
499
mm'f
142
15
640
.
.
.
142:
165
40
V
...
.
.
.
mmmmm
467
.
35
156
V:r
116
.
.
4
9
301
532
....
.
„
i
■'.mm mi,'
....
....
7
'
...
.
.
-
....
'
m'rn,mm
814"
650
■mm
m
766
466
■mm
mm
m
.
6
•
18
....
'-m'-m
.
'■'mi
■
58
24
.
45
44
•
137
-
956
.
On Canal and River..
61
'
■
95
-«r
mmmm
306
-
305
_
bush.
2
74
44
■
Omaha
On Lakes
109
bush.
"137
.
1
95
873
'
64Q
.
—
Indianapolis
mmmm'
175
177
-■
60
i—
City
Peoria
73
mmmm
239
.
40
m
mmmm'
7,814
.15,283
-
m
'
26
Minneapolis
Kansas
mm
mmmm
15
.
-
647
'
1,769
-
afloat
Milwaukee
431
19 *
122
6
234
.
_
614
152
201
Toledo
bush
19
139
.
Rye. Barley. Barley.
bush.
8
131
Amer. Bonded
Amer.
Oats.
btish.
52
743
298
.
—
Galyeston
309
73
York.—
Boston
Oats.
68
m
,V
....
14
451
37
'
'm
m
mm
■
.-...
— .
act
Total June 28 1913. .30,163
Total June 21
3,196 11,479 14,696
3,777
9,663 12,027
2,469
8,204
3,690
1913. .31,372
Total June 29
•
Total July
1912. .23,250
T 1911. .23,863
7,482
»822
449
825
389
1,478
1,066
147
414
416
513
222
15
637
9,570,
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian
Bonded
Wheat. Wheat.
"
Com.
Oats.
bush.
bush.
11
Canadian.
Oats,
bush.
bush.
Montreal
Ft.Willlara & Pt.Arthur
Other Canadian—_—
bush.
1,559
6,335
3,171
.
1,997
4,218
3,092
——.
—r
Total June 28 1913. .11,065
11
Total June 21
1913. .11,403
11
Total June 29
1912. .10,758
1
689
bush.
bush.
78
4,951
1 1911.
.
5,158
•
78
bush.
Bonded
438
335
Bonded
'
Corn.
Oats.
bush.
bush.
bush,
hush.
bush.
bush.
bush.
bush.
.30,163
.11,065
3,196
11,479
11
14,696
9,307
822
449
1,478
78
3,196
3,777
2,469
11,490 24,003
9,674 21,085
8,205
8,641
8,171 10,433
822
927
825
423
1,916
1,401
147'
414
416
521
222
...
Total June 21' 1913. .42,775
1912. .34,008
1 1911. .29,021 '
Total June 29
Total July
■
THE
....
Rye.
Barley Barley,
DRY GOODS
....
152
.
96
666
TRADE.
New York,
Thursday Night, July 3 1913.
With the majority of the large dry goods establishments
closing from July 3d until the following Monday, there is
little of interest to report,
The exceedingly hot weather
during the week has greatly stimulated retail trade in sum¬
mer merchandise and there has been a steady call from
this
quarter tok replenish stocks.
Jobbers' supplies are also
pretty well cleaned up following the midsummer clearance
sales, and active preparations are being made for fall business.
An influx of buyers to this market is expected early in
July
to attend the annual convention of the Dry Goods
Buyers'
Association, and selling agents are anticipating to place a
substantial business during their attendance.
Leading fac¬
tors report that the volume of business for June was much
better than had been expected, considering the tariff depres¬
sion, and look for business to improve steadily from now on.
It is believed that the worst in the way of tariff reductions
has been
fully discounted and that buyers will be unable to
delay much longer in covering their fall needs.
In cotton
goods the opening of new spring lines of wash dress fabrics
is attracting considerable attention.
Opening prices are
attractive, and as the season is late in starting, a good busi¬
ness is anticipated.
Jobbers are carrying over very small
stocks of cotton wash goods and are expected to make active
purchases in the near future, both for fall and spring require¬
ments.
In fact, several of the mills are now well booked for
the coming two or three months.
Export business has re¬
sumed during the past week, China having placed further
orders for sheetings.
It is estimated that between seven and
eight thousand bales additional have been placed during the
past few days.
A moderate business has also been done with
Red Sea
merchants.^ India is doing little beyond inquiries
to
keep in touch with the market.1 Woolen and worsted
dress goods are quiet, manufacturers
holding off as longfas
FOREIGN
DRY
GOODS.—Demand
for
linens
has in
and
creased
....
wear and dress
goods mar¬
quiet, the tariff uncertainties restraining business.
are
buying for
proportions, an in¬
creased demand is looked forward to, and it is feared that
some buyers may find it a difficult matter to cover their needs
as supplies are none too
plentiful.
-
438
Total June 28 1913. .41,228
Canadian....
Oats.
deterrent.
a
WOOLEN GOODS.—Men's
96
American
as
prevailing a year ago.
Owing to the fact that
fall account has only been of moderate
8
29
Bonded
277,911
Some business has been done in serges for
spring delivery
and the prices named are said to be about
10% under those
SUMMARY.
Wheat. Wheat.
1^340
Trade in print cloths has been of mod¬
steady prices, although it is rumored that
small sales have been put
through at slight concessions from
generally quoted values.
The majority of buyers are con¬
fining their purchases to nearby deliveries.
Gray goods,
,38 34-inch standard, are quoted at 5 l-16c.
438—..
34
2,027
3,537
erate character at
kets
9,307
9,058
4;951
Total July
Bonded
Rye. Barley. Barley,
'
•
96
65
340
$13,657,928 in 1913, against $14,883,859 in 1912.
The near approach of the
holidays, together with the ex¬
treme heat, have been
responsible for less activity in markets
for domestic cotton goods
during the past week.
In some
quarters, however, a moderate business has been reported
and prices have ruled
steady.
Mail orders received from
Western jobbing centres have been of
satisfactory volume,
such goods as tickings,
denims, sheetings, ginghams and
different descriptions of colored cottons
being called for to
replenish supplies which have dwindled to low proportions.
According to reports, leading distributors and retailers will
end the half year with their stocks
very well liquidated, and
will be in a good position to meet the new tariff.
Bleached
cottons are moving along in a moderate
way on old con¬
tracts, with the current demand confined to small lots for
prompt delivery.
As regards fancy cottons, a fair amount of
interest is being displayed in
spring deliveries and it is ex¬
pected that within another week or so the trade will become
active, although the tariff uncertainties will continue to
STOCKS.
Amer. Bonded
bush.
—
,
1.
2,930
1,225
47,015
13,254
34,664
13,548
25,931
1,695
11.195
38,420
38,034
915
.
Jan.
The value of these New York
exports since Jan. 1 has been
at
UNITED STATES GRAIN
1,251
countries..
Total
visible
granary
New
622
19
260
America.
South America
June 28 1913— 23,632,000 20,520,000 44,152,000 14,042,000 22,194,000 36,236,000
June 21 1913— 24,408,000 23,752,000 48,160,000 11,398,000 19,405,000 30,803,000
June 29 1912.. 24,984,000 21,168,000 46,152,000
8,551,000 21,318,000 29,869,000
July
214
..—:
...
Central
Bushels.
Bushels.
Since
.
112
—
*
\
Week.
827
China
Corn.
United
1912
T-
Since
Jan. 1.
157
_
United
xcvii.
spring lines.
It is difficult
the prices for the new
definitely the extent of reductions
to be embodied in the new tariff.
Buyers are confining
their purchases at present to immediate
requirements, so,
therefore, cannot be expected to do much on spring lines
Since
July
[Vol.
for manufacturers to determine
upon
lines until they know more
1911-12.
1912-13.
Since
1.
July
possible
Corn.
1912-13.
June 28.
CHRONICLE
jobbers are finding that they need prompter
shipment of goods ordered and are urging these from mills.
Prices hold firm and inquiries for many lines,
particularly
damasks, are said to be in excess of production.
It-is re¬
ported that some of the stock houses have offered slight con¬
cessions on odd lots which they were anxious to clear
up and
that these have readily been absorbed.
An active demand
developed during the week from the bag trade for light-weight
burlaps, and prices for these descriptions advanced sharply.
Heavy-weights ruled quiet and rather easy in tone.
Light¬
weights are! quoted at 5.75c. and heavy-weights at 7.55
to 7.60c,
'•
.•/
Importations and Warehouse Withdrawals of DryGoods
Imports Entered
•
,
.
for Consumption for the Week and Since Jan. 1.
Week Ending
.
June 28 1913.
(■
Pkgs.
Manufactures of—
Wool—..
\
Cotton
,
.....
Total
1912.
Manufactures
.....
.
—
Warehouse
1,691,814
2,279,091
247,206
272,404
57,676,736
57,565,222
Withdrawals Thrown
230
Cotton
the
Market.
578
57,647
161,460
78,903
118,137
42,194
6,698
16,733
4,915
14,576
61,351
1,681,578
4,842,709
2,035,136
3,028,817
2,617,446
2,133
7,214
458,341
1,691,814
104,273
247,206
14,205,686
57,676,736
9,347
16,747
2,150,155
2,698,309
351,479
407,621
71,882,422
71,890,631
556
—
Silk
224
Flax
1 545
Miscellaneous..-.—
Total
Upon
of—
Wool
-
3,524,531
20,113,027
16,468,242
11,061,004
6,509,932
7,214
9,247
.....
1913—
14,746
72,807
.37,815
51,158
70,680
1,289
1,305
Flax
Total
$
104,771
580,556
593,649
274,676
138,182
.
2,342
—
_.i
Miscellaneous
Value.
1,702
—i
Silk..'
Pkgs.
S
,
576
Since Jan. 11913.
Value.
'
withdrawals
Entered for consumption
Total marketed
1913
Total marketed
1912
Imports
Entered for Warehouse
During Saftie Period.
Manufactures of—
Wool
1,057
1,124
242,161
302,772
66,327
180,469
84,179
12.264
21,075
5,480
18,735
72,828
2,821,880
5,935,757
2,165,821
4,093,467
2,522,661
3,643
875,908
7,21^
1,691,814
130,382
247,206
17,539,586
57,676,736
Total imports 1913
10,857
Total imports 1912—.__T —15,613
2,567,722
2,765,703
377,588
408,809
71,646,732
Cotton
Silk.....
Flax.
173
——...
—
Miscellaneous
Total
—
—
—
„
-
—————
Entered for consumption..
842
447
—
...
.
75,216,322
•
July 5
63
CHRONICLE
THE
1913.]
prepared in pamphlet form and copies may be o^
applying to W. S. Allen, Secretary of State.
Ex¬
plaining his approval, the Governor said:
has been
CITY Dtfrntmrn.
gws
tained by
I am satisfied with Senate File No. 1, which Is known
Law.'
That there is need for a law that will prevent the
"I cannot say that
the 'Blue Sky
as
sale of stocks and securities in our State that are conceived in fraud and are
I recommended such a law and still say we
Those most earnestly opposed to the law as proposed
worthless, every one admits.
PUBLISHED WEEKLY.
ought to have it.
Every one admits that hundreds of thou¬
of the State annually by the sale of stocks
have voiced the same sentiment.
Terms of Subscription—Payable in
Advance
For Six Months
i
European Subscription (including postage)........
European Subscription six months (including postage)...
Annual Subscription in London (including postage).
Six Months Subscription in London (including postage)
Canadian
13
7
£2
£1
.$11
—...
..
—
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00
50
14s.
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50
Subscription includes following Supplements—
i.
.
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For One Year...:
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(monthly)
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Railway and Industrial (3 times yearly)
Electric Railway (3 times yearly)
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Standing Business Cards
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V
CHICAGO Office—Geo. M.
"
...
29 00
Shepherd, 513 Monadnock Block; Tel.Harrison4012.
Gardens, E. C.
-
London Office—Edwards & Smith, 1 Drapers'
B. DANA
WILLIAM
COMPANY, Publishers,
Front, Pine and Depeyster Sts.,
P. O. Box 958.
News
New York.
Items.
Atchison, Kans —City Declines to Pay Maturing Bonds in
government of this city has been severely
critized the past week owing to its refusal to pay in cash an
issue of $266,950 4% bonds which matured July 1.
The
holders of these bonds were asked to exchange their holdings
Cash.—The
new 4% 20-year bonds.
The present market value of
4% security being below par, this is obviously partial
confiscation.
The offer was declined and we understand
for
a
have been made by a prominent New York
trust company to start suit to compel the city to pay the
bonds in cash.
In writing to a representative of one of the
holders of the maturing bonds, the Mayor of Atchison,
C. C. Pinney, is reported to have said:
that arrangements
30-yr. bonds,issued in 1883,due July 1have been their judgment that a sinking fund Was
Atchison will have $266,950 4%
In the past, it seems to
not necessary, \
debt—I would not repudiate it, but will defer it by
renewal fully as good as the one you hold.
opportunity of money at present, but as a representative
of the taxpayers I cannot increase their obligation on account of a temporary
stringency in the money market.
^
.
A new bond for the old one, with the same rate that has satisfied for
thirty years, ought to be acceptable under the adverse circumstances.
I regret that it is the best I have to Offer.
•,
\
"
I have inherited a
offering
'
a
realize the
I
We recently
received
a
letter concerning this matter from
desire to
Whitaker & Co. of St. Louis* Mo., who express a
get in touch with some of the holders of
case it be necessary to protect the rights
not
accept this arrangement,
maturing bonds in
of those who may
which naturally they consider
entirely inequitable.
'
'
'
Baltimore, Md.—Facts Concerning Sale of City Bonds By
Baltimore ' Sun".—Mr. Channing Rudd, Manager of the
Investment
has written
Department of-Alex. Brown & Sons of Baltimore,
an interesting .article called "A Fact Romance
Finance", telling how the Baltimore "Sun" sold over its
nearly one million dollars worth of city bonds.
The
sale was organized and supervised by Mr. Rudd and, as
previously stated in these columns the offer of the newspaper
to assist the city by selling bonds in this manner met with
a ready response, $993,500 being subscribed for within nine
days.
This sWelled the amount disposed of by the city in
of
counter
the
periocTtm over $5,000,000 and completed the sale
$5,500,000 which the city had been unable to
public bidding on June 5.
same
of the entire
sell at
Boston,'Mass.—Act Concerning Rate of Interest on Bonds.—
Chapter 788 of the Acts of 1913, approved June 13, provides
that all loans issued by the. city of Boston during the fiscal
year
not
of interest,
and the interest shall be
ending Jan. 31 1914 shall bear such rates
exceeding
43^%
per annum,
payable at such times as the City Auditor, City Treasurer
Mayor may determine.
and the
Plan.—The
the de¬
plan of
government. ; There were- 2,406 ballots "fqr" and 4,692
"against" in a total vote of 7,226, while the total vote of
B.Camden,
•
N.
J.—■Voters
Reject
Commission
election held here July 1 (V. 96, p. 1852) resulted in
feat of the proposition to establish a commission
the
city last November
was
18,828.
Cape May, N. J.—Commission Plan Defeated.—The ques¬
tion of
establishing the commission form of government was
on July 1.
The proposition lost, it is stated, by
votes out of a total of 384.
This is the second time the
represent absolutely nothing except, perhaps, the wild 'get-rich-quick'
vision of some conscienceless schemer.
This ought to be prevented.
The
that
proposed law is aimed at just such business and will reach and prevent it.
While it does this, it is thought it goes too far in its effect upon business
perfectly legitimate.
The ill-effects of a law are always extremely
exaggerated.
The extreme criticism that has been placed upon this law
is, m my judgment, hardly warranted.
"It has also been argued to me with considerable plausibility and force,
I must confess, that the bill as passed is unconstitutional.
Under these
circumstances it was quite difficult to determine my duty in the premises.
The bill is not at all in some respects as it,seems to me it ought to be.
In
other features it is what it ought to be in reaching the evil aimed at, if, of
course, it is not in contravention of the constitution.
As to the effects of
the law and as to its validity, there is difference of opinion.
Good lawyers
do not agree with me in my view of it.
The Legislature passed the bill.
That branch of the Government, therefore, must be said to be satisfied
with it in all the respects mentioned.
It was Chief Justice White of the
Supreme Court of the United States who said in the sinking fund cases:
'Every possible presumption is in favor of the validity of a statute and this
continues until the contrary is shown beyond a rational doubt.
One branch
of the Government cannot encroach on the domain of another without
danger.
The safety of our institutions depends in no small degree on a
strict observance of the salutary rule.' Justice Chase of the same Court ques¬
tioned whether it had the power to declare an Act of Congress void, and said:
'If the Court have such a power, I am free to declare that I will never exer¬
cise it but in a very clear case.' That Court and our own Supreme Court
have again and again held that legislative enactments will not be stricken
down as unconstitutional unless they are 'plainly and palpably so' or 'beyond
a reasonable doubt' or 'unless the case be clear, decisive and unavoidable,'
and, further, that the 'prerogative should be exercised with the greatest
caution and only after every reasonable presumption has been indulged in
favor of the Act.
If, under any possible state of facts, the Act would be
Constitutional and valid, the Court is bound to presume that such condition
existed.'
If as between the legislative and judicial departments of the
Government this extreme caution about encroachment, the one upon the
other, should exist, it certainly should be observed upon the part of the
Executive Department as well, and especially so when, as in this case,
lawyers differ upon the question of Constitutionality. It certainly must be
plain that upon this ground the Executive ought not to exercise his veto
that is
"With the
or
voters have
rejected this proposal, the first election having
been held in September 1911.
Cleveland,
Ohio.—New Charter Adopted.—The
election
held July 1 resulted in the adoption of the new "home-rule"
charter.
The vote is reported unofficially as 24,037 to
12,077.
V. 96,
p.
Iowa.—Governor
1641.
Finally Approves "Blue Sky" Law.—On
May 14 Governor Clarke finally approved the law recently
passed by the Legislature to provide for the regulation and
supervision of investment companies.
The bill had been
signed on ApHl 19 but had not been sent to the Secretary of
State, as the Governor wished to hear objections raised
against the, measure.
The Act, which took effect on July 4,
•
'
he doesn't like
of the legislative
is salutary and demanded by the people?
the form in which it is presented when the purpose
mind is affected and that purpose
If, in the judgment of the Legislature, the law, as written, was best calculated
or adapted to secure the end desired, is it for the Executive to interpose his
veto to say that it was not ?
The law should have a broad and liberal con¬
traction and administration, as I believe it will have. If it does not, then,
work as its friends believe it Will, it can at the next session be amended
perfected; but it has not seemed to me that I should insist by vetoing it
approximately perfect or not at all.
whole, I should not be justified in inter¬
fering, and I therefore approved the bill."
and
that it shall, in my judgment, be
"It seemed to me that, on the
Jacksonville, Fla.-—Circuit Court Validates Dock Bonds.—
by Judge Daniel A. Simmons
^
A formal decree has been issued
in the Circuit Court of the Fourth
Judicial Circuit in and
for Duval
County validating the $1,500,000 dock and ter¬
minal bonds voted Jan. 21.
V. 96, p. 376.
The validation
of these bonds was opposed by B. G. Lasseter who interposed
numerous objections, the principal one of which, according to
the Court, was that the legislative Act authorizing the issu¬
ance of the bonds creating the Board of Port Commissioners
&c., was utterly unconstitutional and void, because the
journal of the House of Representatives failed to state
whether
or not any members voted "nay" upon the final
of the bill,
'
Concerning this point, Judge Simmons says in part: All
public officers are presumed to have done their duty, which
means, in this case, that the clerk of the House is presumed
to have recorded all votes cast; and that, since his record
shows no negative votes, it is presumed that none were cast.
It is expected that the case will be appealed to the State
Supreme Court.
*
V
passage
.
.
!King County (P. O. Seattle), Wash.—Suit to Enjoin
Road Bonds.—An action
has been started by Reeves Ayl-
Jr. to restrain the issuance of the $3,000,000 road bonds,
bids for which are to be opened July 30, according to local
more
It is charged in the complaint, it is said, that the
invalid because a portion of the proceeds was voted
to,improve city streets with county money; because no pro¬
vision has been made for the retiring of the bonds after ten
years and before twenty years, as provided by law; that the
descriptions of the roads to be built with the bond money were
indefinite when presented to the voters; that the voters were
given no opportunity to vote for a part of the road improve¬
ments and to reject other parts, but were obliged to reject
or approve all of the road construction.
' . •
papers.
bonds
are
Mexico.—Loan.—In
an
advertisement
on
a
preceding
J. P. Morgan & Co. and Kuhn, Loeb & Co. are offer¬
ing at 92% and accrued interest $8,245,000 6% 10-year
Treasury notes of the Mexican Government.
All subscrip¬
tions must be accompanied by a deposit of $25 per £100
page,
subscribed for.
defeated
86
-
particular and peculiar form of the legislation I am not satis¬
But is it for the Executive to veto legislation because
fied.
it,
■
•••
power.
are part of an authorized issue of £20,000,000,
$97,000,000 and its equivalent in other currencies.
Of
These notes
or
the present issue of £6,000,000, $8,245,000 are being issued
in the United States, Switzerland, Belgium and Holland;
francs in France and £1,450,000 in England.
secured by 38% of the customs receipts of the
Government, in accordance with an agreement made with it.
71,962,500
The notes
New
Jersey.—Court of Errors and Appeals
heritance
June 18
are
Upholds In¬
Appeals on
unanimously affirmed the constitutionality of the
Tax Law.—The
Court of Errors and
collateral inheritance tax Act of 1909.
litigations, one brought by Annia A. Saw¬
and others, administrators of Edwin Lord, who died in New York and
New Jersey.
The other was brought by
Samuel Carr, executor of Freeborn F. Raymond, who died in Massachusetts
The law was attacked In two
yer
whose estate was taxed $21,000 by
64
and whose estate
was
taxed $4,000.
Both litigations were directed against
State Comptroller Edwards.
The Act was attacked on the
ground that it was unconstitutional and in¬
efficacious for the purpose of taxing stock in New Jersey corporations held
by non- resident descendants. It was claimed that the definition of "estate"
and "property" used in the Act could not be applied for the purpose of tax¬
ing stock which was not specifically bequeathed, that is to say that the Act
was inapplicable to taxation of transfer of shares of stock which fell into the
corpus of estates of non-residents. The grounds urged were found untenable
by the Court of Errors. The opinion was by Justice Swayze.
The constitutionality of the Act as well as its applicability to the stock of
New Jersey corporations held by a non-resident was sustained by the Su¬
preme Court in both the Lord and Raymond cases. ;
constitutionality of the Act as well as its applicabliity
stock of New Jersey corporations held by a non¬
resident ,was sustained by the Supreme Court in both the
Lord and Raymond cases.
^
'
The
the
to
Conn.—Voters Favor Consolidation—An elec¬
Norwalk,
tion held June 30 resulted,
[Vol.
CHRONICLE
THE
it is said, in favor of merging
Norwalk, South Norwalk and other component parts of the
town of Norwalk into the City of Norwalk, in accordance with
the consolidation Act passed by the last Legislature, which
provided that the boundaries of the new city should be coin¬
cident with those of the town.
The change will be effective
the first week in October, when city officers will be elected.
Pennsylvania.—Legislature Adjourns.—The Legislature
adjourned on June 28.
Among the important bills
passed are the following:
;
A
xcvii.
Bill which
prohibits the shipment in inter-State commerce
intoxicating liquor intended for sale in prohibition States
cannot be prosecuted in United States Courts as the measure
is not a criminal statute.
The law contains no penalty for
infractions
and "its purpose," says the Attorney-General,
"is to permit State laws to operate in respect of intoxicating
liquors moving in inter-State commerce."
The law, it is held, simply deprives shippers of any privi¬
leges they might claim on the ground of inter-State commerce,
and permits the application of State prohibition laws to
inter-State commerce in liquors.
of
,
Vicksburg, Miss.—Water Case Advanced on U. S. Supreme
Court Docket.—Local papers state that the suit brought by
the Vicksburg Water Works Co. to restrain the erection of a
municipal water plant by the city has been advanced on the
docket of the U. S. Supreme Court and will be heardOct.14.
V. 96, p. 375.
West Virginia.—Senator Convicted, of Accepting Bribe.—
Newspaper dispatches from Webster Spring say that State
Senator Smith on July 1 was declared by a jury to be guilty
of accepting money for his vote for William Seymour Ed¬
wards
as
a
candidate for the U. S. Senate.
/
of 1913
State-wide primary
Bond Calls and Redemptions.
bill, to nominate directly all public officers, from
United States Senators and Governors down.
Denver,
,
Establishing Department of Labor and Industry and abolishing the
of Factory Inspection.
T
Passage for the second time of the proposed constitutional amendment to
borrow $50,000,000 to build State highways.
Ratification of the Federal Constitutional Amendment to elect United
Bureau
,
will add
approximately $4,500,000 yearly into the State Treasury.
Constitutional amendment which will institute direct inheritance tax,
'
graduated, passed for ratification. '
'
STORM
"■
Newark, newspaper the opinion of the Court of Errors by
Chief Justice Gummere agreed in the main with the reasoning of the Su¬
preme Court, although the higher Court differed in one essential particular.
This was the conclusion of the Supreme Court that it was unnecessary tp
determine whether the charter of the Plainfield Water Supply Co. and that
of the Union Water Co., which were merged into the Plainfield-Union Water
Co., contained legislative authority to make the several municipal contracts
under which the consolidated Company is supplying water to a number of
a
communities.
,
The Court of Errors held that the power to make these
several contracts
specifically conferred upon the companies by their respective charters.
also held that although the Legislature .might, authorize one public
already devoted to a public use by another,
public agency, the intention to grant such authority must be manifested
in express terms, or by necessary implication.
The Court, it is said, found no legislative intention in the Act of 1876 to
Was
It
SEWER
BONDS.
SANITARY
Sub Dist. No.
SEWER
BONDS.
8 of the East Side Sanitary
Sewer Dist. No.
1, Bonds
Nos. 159 to 162 inclusive.
Sub Dist. No.
Nos. 31
10 of the East Side Sanitary Sewer Dist.
11
No. 1, Bond3
Bonds
and 32.
Sub Dist. No.
Nos.
No. 1,
of the East Side Sanitary Sewer Dist.
58 and 59.
IMPROVEMENT
Plainfield, N. J.—Right, of City to Condemn Water Plant
18 gave
a decision affirming the Supreme Court in holding that the
Legislature had not conferred the authority necessary for the
condemnation by the city of the plant of the PlainfieldUnion Water Co.
This sets aside the appointment of com¬
missioners in the proceedings.
were
Washington Park Storm Sewer Bonds Nos, 116 and 117.
\
Denied.—The Court of Errors and Appeals on June
According to
Call.—The following bonds
North Denver Storm Sewer Dist. No. 1, Bonds Nos. 327*to 338 inclusive
Sub Dist. No. 4 North Denver Storm Sewer Dist. No. 1, Bond No. 10.
States Senators by direct vote of the people.
Appropriating $1,000,000 to improve Philadelphia harbor.
' ,
Empowering Philadelphia to build subways and providing method of
raising $40,000,000 for that purpose.
Amendment resolution granting suffrage to women.
•
Taxing hard coal 2H % ad valorem at the mine.
It is estimated that this
Colo.-—Bond
called for payment June 30:
BONDS.
Arlington Park Impt. Dist. Bond No. 52.
Capitol Hill Impt. Dist. No. 5, Bonds Nos. 125 to 128 inclusive.
Capitol Hill Impt. Dist. No. 6, Bonds Nos. 27 to 29 inclusive.
East Denver Impt. Dist. No. 6, Bond No. 13.
East Side Impt. Dist. N.o. 1, Bonds Nos. 84 to 87, inclusive.
East Side Impt. Dist. No. 2, Bond No. 67.
East Side Impt. Dist. No. 4, Bond No. 4.
Montclair Parkway Suburban Improvement Dist. No. 1, Bonds Nos. 46
to 49 inclusive.
•
•
"
'
' •
North Side Improvement Dist. No. 1, Bond No. 107\
North Side Improvement Dist. No. 15, Bond No. 14.
South Capitol Hill Dist. No. 2, Bond No. 44.
South Denver Improvement Dist. Nq. 4, Bonds Nos. 50 to 53, inclusive.
,
,
.
,
-
PAVING
,
BONDS.
Montclair Parkway Suburban Paving Dist. No. 1, Bond No. 43.
Lower
Merion
Township, Pa.—Bond Call.—Call was
July 1 at the Merion Title & Trust Co. of
Ardmore of SlA% bonds due July 1 1913.
v
;
made for payment
was
Missouri.—Bond CallsWhitaker& Co. of St. Louis, in
agency to condemn property
permit one of several municipalities, which are being supplied with water
by a private corporation under legislative authority, to acquire by con¬
demnation, either in whole or in part, the water -supply plant and franchises
of such corporation.
Caro.—City Completes Purchase of Water
completed the purchase of the
plant of the Wake Water Co. by paying $250,000 for the same.
V. 96, p. .149. A. :• >
Raleigh,
No.
Plant—On June 23 the city
St. Paul, Minn —City Sells Certificates of Participation in
City Bonds—Beginning July 1, the Sinking Fund Committee
offered for sale at par in denominations of $10 and multi¬
ples thereof 4% certificates of participation in city bonds.
The certificates are redeemable at par and interest at any
time, and the securities against which they are issued are
held in trust for the holders by the sinking fund/
Newpsaper
dispatches dated July 2 stated that the City Treasurer had
sold $92,000 certificates.
This plan is similar to that adopted
by the Northwestern Trust Co. of St. Paul, which succeeded
about a month ago in selling $25,000 trust certificates to
represent $25,000 43^% playground bonds of the city.
On July 1 this trust conipany made a further offering of
$50,000 of these trust certificates, but this lot is secured by
$10,000 of city water bonds and a $40,000 mortgage on real
estate.
'
•
Santa
.
Cruz,
-V
••/"*
Cal.—Purchase of Water Plant by City.-**..
An election held June 25 resulted in favor of the proposition
$220,000 bonds for the purchase of the water-works
which belonged to the City Water Co. of Santa Cruz on
May 1 1890 and which was sold at foreclosure sale on May 23
1913 under an order issued out of the U. S. District Court
for the Northern District of California, Second Division.
to issue
The vote
was 2,856 to 63, over 70% of the registered voters
casting ballots.
The bonds have already been subscribed
for, we are informed, by local banks.
The option to pur¬
chase the plant was given to the city subsequent to the de¬
cision of the U. S. Circuit Court of Appeals referred to in
V. 96, p. 1843 by a reorganization committee consisting
of Hunter Wykes, Chairman, Chas. F. Street and William
B. Hord, all of New York.
The total issue of mortgage
bonds of the water company was $88,000, but the interest
which accrued pending the litigation brought the claim to
considerably over 200% of the par value.
United States .-Attorney-General
Bill is Not
their
quotation pamphlet dated June 15, include the fol¬
lowing list of municipal bonds which have been called for
redemption:
Adair Co.—City of Kirksville Sch. Dist. 4% bldg. bonds dated July 1
1899, for $500 each, Nos. 60, 61, 62, 63, 64, 65 and 66 have been called
and will be paid July 1 1913.
Atchison Co.—School Dist. No. 2-65-40 6% bldg. bonds, three for $100
each, three for $200 each and four for $150 each, dated July 6 1903, Nos. 1
to 10 incl., have been called and will be paid March 1 1913.
.
Austin Twp., Cass Co.—4)4% bonds, Nos. 1, 2, 3 and 4,for$1,000each,
dated Dec. 1 1898, have been called and will be paid June 1 1913.
Cass Co.—Township bonds, Grand River 5% bond No. 149, dated Nov. 1
1887, for $1,000, has been called and will be paid June 1 1913.
Christian Co.—Line Sch. Dist. No. 79-27-22 7% bldg. bonds, dated'
June 15 1906, Nos. 4 and 5 have been called and will be paid June 15 1913.
Laclede Co.—Lebanon Sch. Dist. No. 42 4)4% renewal funding bonds,
for
sent to all
No. 9, dated Jan.
1 1896, has been called and will be paid.
Dist., Twp. 55, Range 31, 5 % bldg. bond, dated June 1
1907, for $500, No. 5 has been called and will be paid June 1 1913.
Lincoln Co.—Elsberry Sch. Dist. No. 16-51-1 E. 5% bldg. bonds dated
July 1 1904, for $500 each, Nos. 10 and 11 of the 5-20 series have been called
and will be paid July 1 1913.
Marion Co.—4% bldg. bends, dated June 30 1900, for $500 each, Nos.
/175 to 198 incl., have been called and will be paid June 30 1913.
Monroe Co.—Paris Public Sch. Dist. 5% blag, bonds, dated July 2 1906,
for $1,000 each, No. 7 has been called and will be paid July 2 1913.
Pettis Co.—Sch. Dist. No. 52-45 and 46-22 6% bldg. bonds, dated
May 16 1910, for $100 each, No. 3 has been called and will be paid May 16
1913
Pettis Co .—Sch. Dist.
'
No. 24-44-21 6 % bldg. bonds, dated April 221912,
for $200 each, No. 1 has been called and will be paid May 1 1913.
Pleasant Hill Twp., Cass Co.—4)4 % bonds Nos. 1, 2, 3 and 4, for
$1,000
each, dated Aug. 1 1905, have been called.
Richmond Special Sch.. Dist. 5% bldg. bonds/for $500 each, Nos. 13
and 14. dated July 1 1904..have been called.and will be paid July 1 1913.
Sullivan Co.—Sch. Dist. No. 26-63-18 5% bldg. bond No. 7, dated July 1
1903, for $500, has been
called and will be paid July 1 1913.
Co.—Sch. Dist. No. 18-28-8, formerly Dist. No. 4-28-8, 7% bond,
April 2 1906, for $250, No. 1 has been called and will be paid
June 18 1913.
'•
Texas
dated
O. Livingston), Mont.—Bond Call.—
advertised that they would redeem 30 days
after June 2 at the office of the County Treasurer in Living¬
ston or at the Hanover Nat. Bank, N. Y. City, at option of
Park County (P.
The Commissioners
holder, $75,000 bonds
tions of $1,000.
dated July 1 1893 and in denomina¬
Puebla, Mexico.—Bond Call.—The'following numbers of
bonds of this city (Amortizable del Honor¬
the first series of
able
Ayuntamiento de Puebla de Zaragoza)
were
called for
payment at the Chase Nat. Bank, N. Y., July 1, and
ceases on that date:
251, 1357, 1641, 1747, 1917,
3803, 3862, 4026, 4403, 4640.
8282, 8423, 8680. 9269. 9946.
Holds that Webb Liquor
Criminal Statute—Instructions
$1,000,
JULathrop3Sch.
Sao
Brazil.-^Bond
Paulo,
int.
1918, 2115, 2807, 2995, 3122, 3536, 3547,
4759, 5233, 5323, 5660, 7302, 7531, 8004,
Call.—Call
were
made for
the United States attorneys on June 19 by
payment at par on July 1 1913 at the National City Bank,
New York, of all the outstanding 5% sterling treasury loan
McReynolds saying that violations
of
a
of
were
Attorney-General
the Webb Liquor
1908.
•
.
Jvly 5
ASHLAND, Ashland County,
Spokane, Wash.—Bond Calls - -The following special
improvement bonds were called for payment at the City
Treasurer's office on July 1:
Dis
Arthur St
Boone Ave
St
Cedar
Ave
Clarke
36
1
.
5-6 incl.
376
649
Carlisle Ave
;
Eleventh Ave...
6-7 incl.
4-5 incl.
801
'
Hemlock St
Jefferson St
:
_
362
St
Madison
Howard St--;.------
-
Lincoln St-
AURELIA,
424
2
48
74
11
.
Twelfth Ave
Thirteenth Ave.--_-
8
incl^*
Nora Ave
—
Twenty-fifth Ave.
-
_
The following
Paving—
6
TOWNSHIP (P. O. Ellsworth), Antrim County, Mich.—
OFFERING.—Proposals will be received until July 15 by R. Davis,
Twp. Clerk, for $20,000 5% highway-impt. bonds.
Int. ann. These
bonds were offered without success on June 2 (V. 96, p. 1570.)
BANKS
BOND
565 13-16 incl.
525
.
6
573
8-9 incl.
613
4
bonds
Monroe St___
—
Ave
Main
_
162
2
142
.164
.746
Cannon Hill—— .722
Lincoln St—
'
8th Ave.
15
15
470
13th Ave.-.-
Spokane Ave
370
•
Tekoa St..
Olympia Ave
16
18-19incl.
7-10
44
.921
Pacific Ave.
3-5
"
Wall
5-10
"
"
Sound
--.739
Monroe St
Ave.725
4-15
12-19 incl.
Madison St-216
Glass
Ave
2-34
-.414
incl.
44
12
'
13
2-8
-.16
$147,700 municipal-lighting bonds. Denom. (147) $1,009, (1) $700. Date
Aug. 1 1913.
Due $10,000 yearly Aug. 1 from 1919 to 1923,
incl. $20,000 yrly. on Aug. 1 from 1924 to 1927 incl. and $17,700
on Aug.
1 1928.
'
.
.
'
20,000 Binghamton-Lestershire trunk-sewer reg. bonds.
Denom. $500.
Date July 15 1913.
Due $5,000 yearly on July 15 from 1917
to 1920 incl.
These bonds are part of ah issue of $25,000, of
which $5,000 has been purchased by the Sinking Fund.
Int. semi-ann. at office of City Treas.
Cert, check, cash or N. Y. draft
for 2% of bonds bid for, payable to F. M. Hopkins, Secy., required.
F. M. Hopkins, Sec. Bd. of Estimate and Apportionment, will offer for
sale at public auction on July 15 the following
% reg, tax-free bonds:
$55,000 00 hospital-impt. bonds.
Denom. $100 and $500,
Due part
yrly. on Aug. 1 from 1924 to 1927 incl., subject to call after
7
'
•
.
80-94 incl.
5
-
11
626
Denver St.
incl
5'
:____.637
5th & Chandler
86
3
Alley
_„633
Augus taAve. ——635
—
.
11-13 incl.
of
incl., to the
Main St. bridge bonds (First Series), bond of $500, principal
of $500, principal 111.
Loan of 1885. bonds Nos. 27, 54 and 58, for $500 each,
104; bond
and Nos. 125,
153. 212, 215, 200. 244, 250. 279 and 292, for $1,000 each.
*
•
'
i
A.Ufif
•
39,839 50
r
8
1
' v:: • *,
, *'
Denom. $100, $500, $1,000.
Due in
after Aug. 1 1921.
■
Int. F. & A. at office of City Treas.
Cert, check,
1924.
school-impt.'bonds.
1921, 1922 and 1923; opt.
Date Aug.
1 1913..
for 2% required.
Official circular states that there is no
litigation or controversy pending
this issue of bonds, the boundaries of the munici¬
the titles of the officials to their respective offices; that no previous
threatened concerning
or
pality
or
issues
of bonds have ever been
of all previous bonds have
Bond Proposals and Negotiations
as follows:
this week
have been
Boise), Idaho.—BOND OFFERING.—Proposals
m. July 24 by the Board-of County Commis¬
sioners, W. Howell, Chairman, for $200,000 road and bridge bonds, at not
exceeding 6% int. (V. 96. p. 1715).
Auth. vote of 3842 to 916-at the elec¬
tion held June 25.
Denom. $100, $500 or $1,000.
Int. J. & J. at office
of County Treasurer.
Due $20,000 yearly beginning after 10 years from
date.
Certified check for 5% of bonds bid for, payable tp "Ada County,'
a.
*
required.
(P.
O.
Date April 1
for 5s.
1913,
Wis.—BOND SALE.—The
May 5 as 4j^s (V. 96, p. 1314) have
Bk. of Chicago for $30,125 (100.416)
Friendship),
$30,000 court-house bonds offered on
been awarded to the Harris Tr. & Sav.
Ohio .—BONDS OFFERED BY BANKERS.—In an adver¬
AKRON,
on a
Cleveland
yield
erroneously reported in last week's "Chronicle" that these
preceding page C. E, Denison & Co., Boston and
offering td investors $150,000 5% bonds, due 1923, at a price to
4.60%.
It
was
*
bonds matured in 1913.
O. Correll), Big Stone County, Minn.—
will be received until 1 p. m. July 15 by
by P. Cl Scholberg, Twp. Clerk, for $2,500 6% town-hall bonds.
Auth.
.
RIVER
TOWNSHIP,
'
warrants.
Howard
election held
April 5.
Denom. $500.
Date Aug. 1 1913., Int. annual at
id.
glace to be designated for $100, payable to Township Treasurer, required
Due $500 yearly from 1914 to 1918
Certified check by purchaser.
ALGER, Hardin County, Ohio.—BONf) OFFERING.—Proposals will
G. Winegardner, Village Clerk, for
6% coup. McConnell St. improvement bonds.
Denom. $187.
Date May 1 1913.
Int. ann. on Sept. 1 at office of Village Treasurer.
Due $374 yearly on Sept. 1 from 1913 to 1922 incl.
Cert, check for 10%
of bonds bid for, payable to Village Treasurer, required.
Bonds to be de¬
livered and paid for within 10 days from time of award. & Purchaser to
he received until 12 m. July 24 by V.
$3,740
accrued interest.
pay
County, Ohio.—BOND OFFERING .—Proposals
m.
July 18 by C. O. Silver, City Auditor, for
Denom. $500.
Date June 1 1913.
Int.
**'
office °f City Treasurer.
Due $1,500 on Sept. 1 1914 and 1915
and $2,000 on Sept. 1 1916.
Certified check on a national or State bank for
3% of bonds bid for, payable to "City of Alliance," required.
Bids must be
made on blank forms furnished by the City Auditor.
Purchaser to furnish,
at his own expense, the necessary blank bonds.
ALLIANCE,
will
be received
$5,000
5%
Stark
until
sidewalk
12
bonds.
AMARILLO, Potter County, Tex.—BOND ELECTION—Newspaper
reports state that an election will be held July 12 to vote on the question of
ssuing $60,000 5}^% 20-30-year (opt.) funding bonds.
ANTELOPE
Lancaster),
tion
VALLEY
GRAMMAR SCHOOL DISTRICT
(P. O.
Los Angeles County, Cal.—BONDS VOTED—The ques¬
site-purchase and equipment bonds received a favorable
of issuing
vote, reports state, at the election held June 14.
.
..
Wis.—BOND SALE.—On June 30 the
(V. 96, p. 1853) were
Denom. $1,000.
Date
June
15
1913.
Int. J. &
D.
y
BOISE, Ada County, Idaho.—BONDS DEFEATED.—The questions
of issuing the $45,000 paving ,$50,000 storm-sewer and $30,000 drainage
10-20-yr. (opt.) coupon bonds (V. 96, p. 1509) were defeated at the election
held June 3.
The vote was 366 "for' to 232 "against", 167 "for" to 378
"against" and 240 "for" to 323 "against", respectively.
A two-thirds
majority necessary to carry.
BOONE COUNTY (P. O. Lebanon), Ind.—BOND OFFERING.—Pro¬
posals will be received until 10 a. m. July 10 by John A. Flannigan, County
it is stated, for two issues of highway-impt.
bonds, aggre¬
gating $11,920.
•
,
:
'
°
Treasurer,
COMMON
SCHOOL
13, Tex.—BONDS
DISTRICT NO.
State Comptroller
registered an issue of $7,500 5%
10-40-year (opt.) school-constr. bonds on June 10.
BONDS AWARDED IN PART.—The State Board
of Ed. purchased at
the same day.
BRISTOL COUNTY (P. O. Taunton), Mass.—NOTES NOT SOLD.—
No bids were received for the $20,000 4)^% 2-year highway and bridgeconstruction notes offered on July 1 (V. 96, p. 1853).
These notes Will
be sold at private sale.
'
BROWN'S
SCHOOL
DISTRICT,
Sutter County,
Cal.^-PRICE
PAID FOR BONDS.—The price paid for the $2,500 6% bldg. bonds awarded
on June 2
to S. ;J. Flanery of Yuba City (V. 96, p. 1715) was 100.15
Denom. $250.' Date June 1 1913.
Int. J. & D.
Due $250 yrly. June 1
par
and int. $2,400 of the above issue on
.
from 1914 to 1923 incl.
BUFFALO,
N.
Y.—BOND SALES.—During the
'*
month of .June the
following ten issues of 4% bonds, aggregating $191,757 23, were purchased
by the Comptroller for the various sinking funds at par:
Amount.
Purpose—. " .
Date.
Due.
$5,000 00 Terminal Station Commission—June
1 1913 July 11914
11,757 23 Monthly local work-,
-June 15 1913 June 15 1914
60,000 00 Water
l...
--June 20 1913
Juno 20 1933
40,000 00
do
—------June 20 1913 June 20 1933
5,000 00 Certificates of Indebtedness
—June 20 1913
July 1 1914
5,300 00
do
do
June 20 1913
July 11914
6,000 00
do
do
June 20 1913 July 11914
4,200 00
do
do
June 20 1913
July 1 1914
30,000 00
do
do
-June 20 1913
July 11914
24,500 00
do
do
June 20 1913 July 1 1914
CALEDONIA
UNION
FREE SCHOOL DISTRICT NO. 5 (P. O.
Caledonia), Livingston County, N.
Y.—BOND OFFERING.—Pro¬
posals will be received until 8 p. m. July 14 by the Board of Education for
$20,000 5% school bonds.
Denom. $1,000.
Date July 1 1913.
Int.
J. & J. at Central Bank of Rochester.
Due $1,000 yearly on July 1 from
1914 to 1933 incl.
Certified check for 1% of bonds, payable to District
Treasurer,
required.
CALDWELL, Noble County, Ohio.^BOND OFFERING.—Proposals
will be received until 7 p. m. July 28 by H. A. Smith, Vil. Clerk, for the
following 6% impt. (village's portion) bonds:
$1,500 Miller & Main Sts. impt. bonds.
Denom. $500.
Due $500 yrly.
on Aug. 1 from 1930 to 1932 incl.
1,200 Main St.-impt. bonds.
Denom. (2) $500, (1) $200.
Due $500 on
.Aug. 1 1929 and 1930 and $200 on Aug. 1 1931. •
1
500 Locust St.-impt. bonds.
Denom. $100.
Due $100 yrly. on Aug. L
'
'
from 1930 to 1934 incl.
2,800 West St.-impt. bonds.
Denbm. (5) $500, (1) $300.
Due $500 yrly..
on Aug. 1 from 1928 to 1932 incl. and $300 on Aug. 1 1933.
Auth. Sec. 3,821 Gen. Code.
Date AUg. 1 1913.
Int. ann.
Cert,
check for 10% of bonds bid for, payable to Vil. Treas., required.
Bonds
,
Langlade County,
$15,000 4H % 1-15-yr. (ser.) street-impt. bonds
awarded at par and int., less $789 for expenses.
Iud.—WARRANT
County,
AKRON TOWNSHIP (P.
BOND OFFERING.—Proposals
interest
•
REGISTERED.—rThe
at the Old Colony Tr. Co. of Boston.
Due on July 1 as follows: $3,500
yrly. from 1914 to 1940 incl.; $2,000 in 1941 and 1942 and $1,500 in 1943.
tisement
BLUE
contested, and that the principal and
been paid promptly.
OFFERING.—According to reports proposals will be received until 10 a. m.
July 18 by Charles W. Smith, Twp. Trustee (P. O. DePauw), for $1,563
BOSQUE
Int. A. & O.
AGAWAM, Hapmden County, Mass.—BOND SALE.—On June 25
$100,000 4Yi % coupon tax-free water loan Act of 1913 bonds were awarded
to R. L. Day & Co. of Boston at 102.19 and int.
Merrill, Oldham & Co.
of Boston bid 101.839. ' Denom. $1,000.
Date July 1 1913.
Int. J. & J.
are
Cal.—
incl,
4
Ave__— _—655
Refunding loan of 1912, "Series B" bonds, Nos. 129 to 134
..
V'
COUNTY
.
Board of Estimate and
amount of $6,000.
ADAMS
r-
■
Call was
Wheeling, W. Va.—Bond Call.
July 1 at the Bank of the Ohio Valley, Wheeling,
the following bonds:
ADA COUNTY (P. O.
10
_■
district recently voted in favor
tax-free bonds:
6-9
.632
St_„—
ment
will be received, until
,
(P. O. Biggs), Butte County,
BINGHAMTON,
Broome County,
N. Y —BOND OFFERING.—
Proposals will be received until 4:30 p. m. July 16 by F. M, Hopkins; Secy.,
Apportionment, for the following 414% registered
12-13 incl.
9
made for pay¬
,
<
BINGHAM CANYON, Salt Lake County, Utah.— 30ND OFFERING.
—Proposals will be received until 8 p.m. July 16, it is stated, by F. W.
Quinn, Town Clerk, for $15,000 water, $7,000 town-hall and $3,000 firestation 6% bonds.
Interest semi-annual.
Sewer—
1st Ward
4-5
Ave...-.-^.935
Glass
8
—
Carlisle Ave—__—377
4
521
17
4
..410
.328
--..400
.
1st Wd
6
'
37
5th Ave
Magnolia St-.---.646
Maple St
-.-.418
Jefferson St
-—
St
Cedar
308
-775
16th Ave...:
Main
13th Ave
5-11
19
19
,
,
VOTED.—Reports state that this
of the issuance of $2,500 building bonds.
BONDS
Walk—
16-18incl.
925
654
int/Qrcst1
BIGGS SCHOOL DISTRICT
44
2-3
743
.5
St
St—
Adams
2
409
Sheridan St
■
12-15 incl.
.883
Carlisle Ave.---_.636
Boone Ave__._
549
Addison
Stevens St....
12-19 44
5
Conclin St
v
incl,
8-11
Ave.---.----.651
Elm St—
837
Dalton St
:
807
1st
Grade—
30th Ave.--946
Nos. bonds
Dist.
809
"
4th Ave
until
bldg.
Denom. (7) $200, (6) $100.
Date Sept. 1 1913. Int.
M. and S.
Due on Sept. 1 as follows: $200 in 1916, 1918, 1920, 1922, 1929,
1930 and 1931 and $100 in 1923, 1924, 1925, 1926, 1927 and 1928.
Cert,
check for $100, payable to Dist. Treas., required.
Bonds to be delivered
and paid for within 10 days from time of award.
Purchaser to pay accrued
called for payment July 15:
Nos. bonds
12
12
DISTRICT (P. O. Belle Valley), Noble
Ohio.—BOND OFFERING.—Proposals will be received
C. M. Ilorton, Clerk Bd. of Ed., for $2,000 5%
1 p. mJuly 10 by
and equip, bonds.
Name.
Dist.
Street..-- —163
Post
are
BELLE VALLEY SCHOOL
County,
i
Name.
June 26 this district voted
to reports, the vote was
.
SEWER.
Alley
Eighth Ave
1376) were rejected, it is reported.
DISTRICT (P. O. Ballston Spa), Sara-
BALLSTON SPA SCHOOL
8-12 incl.
827
premium for $5,000 2-yr. bonds.
Cherokee County, Iowa.—BIDS REJECTED.—All bids
of coup, bonds, aggregating $9,500, offered on
received for the two issues
Sprague Ave
631
...
4-yr. bonds and $65
Seventeenth Ave
Wall St
-
7-13 incl.
4-5 incl.
r
638 27-64 incl.
729 22-43 incl.
773
6-8 incl.
May 14 (V. 96, p.
532
7-8 incl.
543 10-11 incl.
St
First Nat.
Lpga County, N. Y.—BONDS VOTED.—On
$30,680 building bonds.
According
696 to 632.
Twenty-second Ave.
Twenty-fifth Ave
Wellesley
Bank, Jeffers'n $76,238 00 Sidney Spitzer & Co., Tol.$75,809 00
First Nat. Bk., Cleve
75,645 60
Stacy & Braun, Toledo.76,005 00
Prov. S. B. & T. Co., Cin_ 75,997 50 Spitzer, Rorick & Co., Tol 75,517 00
Hoehler & Cummings, Tol 75,087 00
Otis & Co., Cleveland-— 75,900 00
Ashtabula Nat. Bk., Ash. 75,000 00
Breed,Elliott& Harrison, Cin75,900 00
of Athens bid $90 premium for $5,000
The Bankers' Bond & Mtge. Co. c
Other bids were:
int. I
945
2
391 11-14
Twelfth Ave
Twelfth Ave.__'_
Seasongood & Mayer for $76,360 (101.813) and
p.
2
294 26-33 incl.
421
8
Liberty Ave
Montgomery Ave.:.Normandie St..
Sherbrook St
1715) were awarded to
2
382 14-19 incl.
82
7
Fifth Ave.
390 23-32 incl.
442
7
144
16
499 11-15 incl.
Seventeenth Ave
ASHTABULA COUNTY (P. O. Jefferson), Ohio.—BOND SALE.—
On June 30 the $75,000 5H% 3-yr. (av.) flood-emergency bonds (V, 96,
WALK.
10
1
-
Ninth Ave—
16
12-19 incl.
14-15 incl.
774
Providence St.175
Shannon Ave
Howard St_
11-12 incl.
608
La Crosse Ave._
Eighth Ave--
10-31
349 26-29 incl.
Normandie St--
760
745
Broadway Ave
3
1
868
Hatch St.
awarded to the Fist Nat. Bank of Ashland at
of Ashland bid $7,001.
The Farmers' Bank
100.09 and int.
PAVING.
V
(V. 96, p. 1570) were
bonds
2
W. 21
—W. 4
W. 23
Mayfair St
Pittsburg St
Ruby St
6-12 incl.
552
Fifteenth Ave
.
Buffalo St
788 13-23 incl.
Ohio.—BOND OFFERING.—Proposals
until 12 m. July 19 by E. Koehl, City Auditor,for $16,50
E. Main St. paving bonds.
Auth. Sec. 3939, Gen. Code. Denom.
$825.
Date July 19 1913.
Int. M. & S.
Due $825 each six months from
March 1 1914 to Sept. 1 1923 incl.
Certified check for 5% of bonds bid
for, payable to City Treasurer, required.
Bonds to be delivered and paid
for within 10 days from time of award.
Purchaser to pay accrued interest.
BOND SALE.—On June 21 the $7,000 5% coup. F.R. Marks judgment
5%
MAINS.
Dis
No.of Bds.
—W. 12 , 2-3 incl.
2
Colton St __—.—W. 16
2
Division St
W. 18
2
Fifteenth Ave.W. 20
2
Lee St
W. 35
Name—
No.of Bds.
.
503 25-29 incl.
4-5 incl.
750
5-7 incl.
829.
Adams St
will be received
WATER
GRADE.
Name—
Atlantic St
65
CHRONICLE
THE
1913.]
66
THE
to be delivered and paid for within 10
days from time of award.
to pay accrued interest.
CHRONICLE
$125,000, offered
on
On
June 27 (V. 96, p. 1716) were rejected.
CASS COUNTY (P. O.
Logansport), Ind.—BOND OFFERING.—
Proposals will be received until 10 a. m. July 7 by M. M. Minnick, County
Treasurer, for the following 4H %
road-improvement bonds:
Schlegelmilch road bonds.
Denom. $759.
6,592
Marshall-Clingenpeel Road bonds.
Denom. $329 60.
Due part yearly from 1 to 10 years.
CENTRAL' LAKE TOWNSHIP
(P. O. Central
Lake), Antrim
County, Mich.—BOND ELECTION — Reports state that an election will
be held July 8 to vote on the issuance of
$20,000 road bonds.
Date June 3 1913.
CHAMPAIGN
COUNTY
(P.
O.
Urbana),
EAST
Purchaser
CAMDEN, Kershaw County, So. Car.— BIDS REJECTED.—All bids
received for the two issues of
5% 20-40-yr. (opt.) coupon bonds, aggregating
Ohio.—BOND
SALE.—
On June 30 the $20,000
5% coup, flood-emergency bonds (V. 96, p. 1853)
awarded at public auction, it is
reported, to the Nat. Bank of Ur¬
bana at par.
tonville, N. Y., at
par
for 4%s.
Denom. $500.
CHICO HIGH SCHOOL DISTRICT (P. O. Chico), Butte County,
Cal.—BOND ELECTION.-—It is stated that an election will be held July 7
to vote on the question of issuing
$70,000 bldg. bonds (V. 96, p. 1716).
„
CHICOPEE, Hampden County, Mass.—LOAN OFFERING^-Reports
state that
proposals will be received until 12 m. July 9 by the City Treas.
for a temporary loan of $25,000, in
anticipation of taxes, maturing Nov.
28, 1913.
CLEARWATER
COUNTY
(P.
O.
Orofino), Idaho.—BOND ELEC¬
TION.—An election will be held July 19, it is
stated, to vote on the propo¬
sition to issue $25,000 court-house-construction bonds.
CLERMONT COUNTY
(P. O. Batavia), Ohio.—BOND SALE.—On
June 30 the two issues of
5% 3-31-year (ser.) flood-emergency bonds, ag¬
gregating $39,700 (V. 96, p. 1716) were awarded to the Provident Sav. Bk.
& Tr. Co. of Cincinnati at 101.31.
Denom. $500. Date June 1 1913.
Interest J. & D.
CLEVELAND
*
v
SCHOOL
J
DISTRICT
(P.
O.
Ohio.—
Cleveland),
TEMPORARY LOAN.—Local papers state that a loan of
$225,000 has been
negotiated with the Cleveland Trust Co., Cleveland, at
% int.
The loan
extends until the Board of Education is in
receipt of the usual advance from
the County Treasurer
CLIFTON
on
the year's taxes.
.
,
INDEPENDENT
SCHOOL DISTRICT (P. O. Clifton),
Bosque County, Texas .—BONDS VOTED.—By a vote of 149 to 75 the
proposition to issue $25,000 building bonds carried, it is stated, at an
election held recently.
CLIFTY
TOWNSHIP, Bartholomew County, Ind.—BOND OFFER¬
ING.—Proposals will be received, it is stated, until 10 a. m. July 19 by
W. H. Scott, Twp. Trustee (P. O.
Newborn)., for $8,400 school-house bonds.
CLINTON, Oneida County, N. Y.—BOND SALE.—We are advised
by the Clerk that this village has disposed of an issue of $5,000 bonds locally.
•
CLINTON COUNTY (P. O.
Frankfort), Ind.—BOND OFFERING.—
Reports state that E. M. Caldwell, County Treasurer, will receive proposals
until 10
a. m. July 10 for $3,920
highway-impt. bonds.
CLYDE, Sandusky County,
Ohio.—BOND SALE— On June 30
$9,500 5% Cherry St. impt. assess. bonds were awarded at par as follows:
$2,850 bonds, due $950 June 1 1914, 1915 and 1916, to Wm. Brugger.
.
6,650 bonds, due $950 yrly. June 1 from 1917 to 1923 incl., to the Clyde
Sav. Bank Co., Clyde.
v
*
Denom. $950.
Date June 1 1913.
Int. J. & D.
'
.
COAL CREEK VALLEY SCHOOL DISTRICT (P. O. Chehalis),
Lewis County, Wash.—BOND
OFFERING.—Proposals will be received
(V. 96 p. 1571).
_
until
July 12 for the $3,000 bldg. bonds voted May 17
V. Myer is Deputy Co. Treas.
SCHOOL DISTRICT NO. 13 (P. O.
Cobleskill), Schoharie County, N. Y.—BOND SALE.—On June 19 the
$68,000 coup, high-school-construction bonds (V. 96, p. 1644) were awarded
to the N. Y. State Nat. Bank of Albany at
par for 5s.
CORRELL, Big Stone County, Minn.—BOND OFFERING.—'Pro¬
posals will be received until 8 p. m. July 15 by C. G. Johnson, Village Re¬
corder, for $2,500 6% town-hall bonds.
Auth.
election held March 11
Date Aug. 1 1913.
Int. ann. at place Fto be designated by purchaser.
Due $250 yearly from 1914 to 1923 incl.
Certified check for $100, payable
to Village Treasurer, required.
COVINGTON,
Miami
County.
Ohio.-—BOND
OFFERING.—Pro¬
posals will be received until 12 m. July 18 by G. F. Shawver, Vil.
Clerk,
for $2,000 5% coup. Grant St. impt.
(assess.) bonds.
Denom. $500.
Date
April 1 1913.
Int. A. & O.
Due $500 yrly. on April ! from 1915 to 1918
incl.
Cert, check for 5% of bonds bid for,
payable to Vil. Treas., required.:
Bonds to be delivered and, paid for within
5 days from time of award.
Purchaser to pay accrued interest.
V
CUBA, Allegheny County, N. Y.—BOND SALE.—On June 23 the
$10,000 paving bonds (V. 96, p. 1785) were awarded to
Douglas Fenwick
& Co., New York, at 100.91 for 5s.
V
CULVER SCHOOL PISTRICT (P. O.
Culver), Crook County, Ore*
—BONDS
VOTED.—Reports state that
election held June 21
m
on
a
the proposition to
favorable vote
was
cast at the
issue/$6,000 school-bldg. bonds.
CUSTER COUNTY SCHOOL DISTRICT; NO. 47 (P.
Mont.—BONDS NOT SOLD,—No bids
6% 4—5-yr. (opt.) bldg. bonds offered
July 1 1913.
Int. ann. on July 1,
O.
March),
received for an issue of 2,000
June 25.
Denom.$500.
Date
•
an issue of $7,500 school bonds.
Denom. $500.
ELIDA SCHOOL DISTRICT (P. O.
Elida), Allen County, Ohio.—
OFFERING.—Proposals will be received until 12 m. July 23 by
C. Pfeiffer, Clerk Board of
Education, for $25,000 5% coupon site-purchase
and impt. bonds.
Auth. Sees. 7629 and 7630, Gen. Code.
Denom. (3)
$1,000, (11) $2,000.
Date Sept. 1 1913.
Int. M. & S. at office of Board
of Education.
Due part yearly on Sept. 1 from 1914 to 1924, incl.
Certi¬
fied check for $500, payable to "Board of
Education," required.
Bonds
to be delivered and paid for within 30
days from time of award.
Purchaser
to
Texas.—BONDS AUTHORIZED.—Local papers state that
passed on June 27 providing for the issuance of $250,000
$300,000 of an issue of $550,000 4sewage-disposal bonds
voted April 1912.
Denom. $1,000.
Date May 1 1913.
were
DALY
CITY, San Mateo County, Cal.—BONDS VOTED.—The ques¬
issuing the $100,000 water-plant-coristr. bonds (V. 96, p.
1716),
carried, it is reported at the election held June 16 by
a
vote 489 to 82.
DAYTON, Yamhill County, Ore.—BONDS NOT SOLD.—No sale
has yet been made, we are advised, of the
$12,000 6% 20-yr. gold coup,
water-system-extension bonds offered on April 7.
COUNTY
was
4M% highway-impt.
(V. 96, p. 1785).
(P.
made
bonds,
O.
on
Greensburg),
June
aggregating
DECATUR TOWNSHIP (P. O. West
24
of
$22,080,
Ind.—BONDS
the
two
offered
on
NOT
issues
that
of
day
Newton), Marion County, Ind«
—WARRANT SALE.—On June 27 $19,000
6% building warrants were
awarded to the Merchants' Nat. Bank of
Indianapolis at par and interest.
Denom. $1,000.
Date May 27 1913.
Interest M. & N.
DELAWARE COUNTY (P. O.
Muncie), Ind.—BONDS NOT SOLD.—
Reports state that no award was made on June 23 of the $18,700 highwavimpt. bonds offered on that day (V. 96, p. 1785).
DEDHAM,
Norfolk
County,
Mass.—TEMPORARY LOAN.—On
a loan of $50,000 was
negotiated, it is stated, with Lee, Higginson
& Co. of Boston.
July 2
DERRY, Westmoreland County, Pa.—BOND
OFFERING.—Proposals
will be received until 8
p.m. July 7, it is stated, by J. M. Nicholson,
Borough Secretary, for $23,000 4M%
Interest semi-annual.
DES
20 5-6-year
(av.)
funding
Certified check for $1,000 required.
MOINES
bonds!
INDEPENDENT SCHOOL DISTRICT
(P. O. Des
Moines), Iowa.—PRICE PAID FOR BONDS.—The price paid for the
$326,506 20-year building bonds, (V. 96, p. 1853) was as follows:
$50,000 to the Iowa State Traveling Mens' Assn. of Des Moines
at par
for 4 %s.
276,000 to the Merchants' Loan & Trust Co.of
Chicago on June 24 at 100.19
and int. for 5s,
Immediate delivery and payment, interest
pay¬
'
-
able in Des
Moines.
pay
accrued interest.
BONDS NOT SOLD.-—No bids
coup,
were
received for the five issues of
bonds, aggregating$26,292, offered
assess,
5%
June30 (V.96, p.1645.
on
Lincoln County, Mont.—BOND* OFFERING.—Proposals
will be received until 1 p. m. July 18 by IT. G.
Pomeroy, Town Clerk, fos
the $3,500 water-works-extension and $3,500
sewerage
6%
10-20-year
(opt.) bonds voted May 31 (V. 96, p. 1571).
Denom. $500,
Date July 1
1913.
Int. J. & J.
Certified check for 3% of bonds bid for required.
EUREKA,
FARGO, Cass County, No. Dak.—BOND OFFERING.—Reports
state
that proposals will be received until July 9 by A. B. Watkins,
City Auditor,
for
$30,000 6% 1-15-year serial paving bonds.
Interest annual.
FLOYD COUNTY (P. O. New Albany), Ind.—BOND OFFERING.—
Proposals will be received until 10 a. m. July 15 by Wm. Sloemer, County
Treasurer, it is stated, for $18,400 highway-improvement bonds.
FONDA,
Pocahontas
County,
Iowa.—BOND ELECTION.—'The
question of issuing $16,000 electric-light and power bonds will be submitted
to a vote on July 11, it is stated.
FOREST
GROVE
SCHOOL DISTRICT
(P.
O. Forest Grove),
Washington County, Ore.—BOND SALE.—On June 18 $35,000 20-year
high-school-building bonds were awarded, it is stated, to Morris Bros, of
Portland for $35,201 (100.574) for 6s.
FRAMIN GHAM,
Middlesex
awarded to N. W. Harris &
were:
•
•
County,
Mass.—BOND
$30,006 4)^% public-playground bonds (V. 96,
June 30 the
Other bids
-X;.. \x;
•
.
SALE.—On
1854) were
p.
Co., Inc., of Boston at 102.29.
■-'.i';*
.
Merrill, Oldham
& Co., Bos_101.569 IR. L. Day & Co., Boston.___100.84
Denom. $1,000.
Date July 1 1913.
Int. J. & J.
Due $1,000 yearly.
July 1 from 1914 to 1943, inclusive.
FRANCESVILLE,
Ind.—BOND OFFERING.—Proposals will be re¬
p. m. July 15 by I. J. Lefler, Town Clerk, for
ceived, it is stated, until 1
$5,000 bonds.
FRANKFORT
-
,
v
v
-
"
UNION
FREE SCHOOL DISTRICT NO. 9 (P. O.
County, N. Y.—BIDS REJECTED.—All bids
received for the $45,000 18^-year building> bonds offered on June 26
(V. 96, p. 1786) were rejected.
These bonds will be re-advertised. \
Frankfort),
Herkimer
'
'•
^
FRANKLIN COUNTY (P. O. Brookville), Ind.—-BOND OFFERING.
—Proposals will be received until 1 p. m. Aug. 8 by C. G. Reifel, County
Auditor, for $73,000 4% West Fork White Water River bridge bonds.
Denom.
$500.
Date Sept.
1913.
2
Int. J. & D.
Due $1,500 each six
•
months from June 1 1914 to Dec. 1 1923, inclusive: $2,000 each six months
from June 1 1924 to Dec. 1 1930, inclusive ; and $2,500 each six months
from June 1 1931 to Dec. 1 1933, inclusive.
Certified check on a Franklin
County bank for 3% of bonds bid for, payable to Board of County Commis¬
sioners, required.
,
FRANKLIN COUNTY (P. O. Malone), N. Y —BOND OFFERING.—
Proposals will be received until 1 p. m. July 11 by B. L. Reynolds, County
Treasurer, for $100,000 4H % reg. highway bonds.
Bids are also requested
at
4H% and 5%.
People's Nat. Bank, Malone.
Denom. $1,000.
Date March 1 1913.
.Int. M. & S.
Due $10,000 yearly on March 1 from 1915
national bank or trust company for 2%
of bonds bid for, payable to County Treasurer, required.
Purchaser to
pay accrued interest.
These bonds will be certified as to. genuineness by
the Columbian-Knickerbocker Trust Co. and their legality approved by
Caldwell, Masslich & Reed of N. Y. City, whose favorable opinion will be
furnished successful bidder.
Bonds to be delivered and paid for at office
of above trust co. in N. Y. City at 11 a. m. July 28, unless a subsequent date
shall be mutually agreed upon.
Bids must be made on blank forms fur¬
nished by County Treasurer.
A like amount of bonds was awarded to
N. W. Halsey & Co. of N. Y. on Feb. 26 (V. 96, p. 666), but that sale was
to 1924 incl.
Certified check
on a
not consummated.
FULDA SCHOOL DISTRICT (P. O. Fulda), Murray
County; Minn.
—BONDS
VOTED.—Reports state that this district on June 6 voted to*
$6,000 additional school bonds.
issue
GEAUGA COUNTY (P. O. Chardon), Ohio.—BOND OFFERING —
Proposals will be received until 12 m. July 10 by H. A. Cowles, Co. Aud.f
for $8,000 5H% coup, emergency repair bonds.
Denom. $800.
Date
Int. J. & D. at Co. Treas.
June 21 1913.
Due $800 each six months from
April 1 1914 to Oct. 1 1918 incl.
Cert, check on a local bank for $500, pay¬
able to Co. Treas., required.
Purchaser to pay accrued interest.
Bids
be unconditional.
must
GRANT
bids
were
offered
on
,
COUNTY (P.
.
O. Marion), Ind.—BONDS NOT SOLD.—No
received for the $40,000 4% coupon tax-free flood-repair bonds
June 26 (V. 96, p. 1510), reports state.
GREAT
FALLS,
Cascade
County,
Mont.—BOND
SALE.—On
$109,060 5% 20ryear coupon water-works refunding bonds
1717) were awarded at public auction to the Great Falls Nat.
par and interest.
' '
'
t'-"..
U■"*)'! '■ :■/:
30 the
Bank
.
DALLAS,
sale
street-improvement bonds, aggregating
awarded to Sidney Spitzer & Co. or Toledo,
(V. 96, p.
school and
DECATUR
of 6%
were
BOND
on
_
SOLD.—No
issues
ELDON
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Eldon),
Wapello County, Iowa.—BONDS REGISTERED.—On June 29 the Coun¬
June
,
tion of
the ten
ty Auditor registered
were
CUYAHOGA COUNTY (P. O.
Cleveland), Ohio.—BOND SALE.—
On July 2 the $15,924 6% lK-year bonds
(V. 96, p. 1716) were awarded
to the First Nat. Bank of Cleveland for
$15,989 60, making the price
100.411, > Other bids were:
,
First National Bank, Baraesville___
_$15,985 50
Breed, Elliott & Harrison, Cincinnati
15,963 81
Otis & Co., Cleveland
15,946 00
ordinances
9
at
COBLESKILL UNION FREE
xovii.
YOUNGSTOWN, Mahoning County, Ohio.—BOND SALE.—
June
$74,800 (V. 96, p. 1315)
it is reported.
were
CHESTER, Orange County, N. Y.—BOND SALE.—On May 28 an
issue of $7,000 improvement bonds was awarded
to the Estate of Washing-
[Vol.
at
GROSSE
POINTE
ELECTION.—We
that
are
PARK,
Wayne
Mich.—NO
County,
BOND
advised by the Village Clerk under date of June 23
on the question of issuing
the election held June 3 was not to vote
bonds as stated in V. 96, p.
1646, but to vote
on an
amendment to the vil-
jaofQ pliRrfc^r.
■.
' •'*
•
•
BOND ELECTION.—An
election will be held July 28, It is stated, to
not this village shall issue $115,000 sewer-ext.bonds.
decide whether or
HALLS,
state that
a
Lauderdale
favorable vote
County,
was
Tenn.—BONDS
VOTED.—Reports
cast on June 25 on the
$25;000 street and sidewalk bonds.
voted on May 24,(V. 96, p. 1646).
proposition to issue
A similar issue of bonds
;
>
was
reported
.
HAMILTON, Butler County, Ohio.—BOND OFFERING.—Proposals
will be received until July 23 by H. A. Grimmer, City Auditor, for $15,912
4&j% North "D" St. impt. (assess.) bonds.
Date April 1 1913. Int.
A. & O.
Due in 10 annual installments.
Certified check for 5% ,of bonds
bid for, payable to City Treasurer,. required.
Bonds to be delivered and
paid for within 10 days from time of award. ; •
X,
.
„
,
HAMILTON COUNTY (P.
O. Cincinnati), Ohio.—BOND SALE.—
30-yr. coupon court-house and jail-constr.
1646) were awarded to the Brighton German Bank of Cin.
The bonds are dated June 27 1913.
On June 27 the $25,000 4H%
bonds (V. 96, p.
at par
and int.
HAMTRAMCK
Wayne
SCHOOL
DISTRICT
NO.
County, Mich.—BONDS VOTED.—A
at the election
3
(P. O. Hamtramck),
favorable vote was cast
held June 23, reports state, on the proposition to issue $18,-
000 building bonds.
HARDIN
COUNTY (P.
O. Kountze), Tex.—BOND ELECTION
PROPOSED.—According to reports, an election will shortly be held to sub¬
mit to a vote the question of issuing $65,000 road bonds in Saratoga and
Batson districts.
HARLEM TOWNSHIP SCHOOL DISTRICT (P. O. Centre Village),
County, Ohio.—BOND SALE.—On June 28 the $2,200 5%
2^-year (average) building bonds (V. 96, p. 1786) were awarded to Smith
Mann of Delaware, it is stated, at par and interest.
Delaware
HARRISON COUNTY (P. O. Corydon), Ind.—BOND OFFERING.—
According to reports, proposals will be received until 2 p. m. July 8 by
J. D. Pitman, County Treas., for $5,600 highway-impt. bonds.
HARRISON TOWNSHIP, Howard County, Ind.—BOND OFFER¬
ING.—Proposals will be received uhtil 2 p. m. July 15, it is stated, by
F. M. Coe, Twp. Trustee (P. O. Kokomo), for $6,000 school-house bonds
HARTFORD,
Trumbull County,
Ohio.—BONDS NOT SOLD.—No
5% st.-impt. and sewbr
bids were re ceived on June 21 for the $12,426 43
constr. bonds offered on that day (V. 96,' p. 1510).
July 5
1913.]
THE
CHRONICLE
each six months from May 15 1922 to Nov. 15 1928, incl.
Total debt, incl*
these issues, $16,920.
Assessed value, $438,830; real value, $1,000,000.
Howard County.—$8,000 434% tax-exempt Center Township bonds.
Denom. $400.
Date May 1 1913.
Int. M. & N. at the County Treas¬
HASTINGS-ON-HUDSON, Westchester County, N. Y.—BOND
OFFERING.—According to newspaper reports, proposals will be received
until
5 p. m. July 15 by J. E. Murphy, Village Clerk, for $52,000 5%
bonds.
Int. semi-ann.
Certified check for $1,000 required.
These bonds
awarded on June 3 (V. 96, p. 1646)
but that sale was not consummated.
were
HAZELTON
County,
DISTRICT
SCHOOL
Pa.—BOND
Due $400 each six months from May 15 1913 to Nov. 15
1923, inclusive.
$6,000 434% tax-exempt Center Township bonds.
Denom. $300.
Date May 1 1913.
Int. M. & N. at the County Treasurer's office.
Due
$300 each six months from May 15 1914 to Nov. 15 1923, inclusive.
$8,400 434% tax-exempt Jackson Township bonds.
Denom. $420.
Date April 8 1913.
Int. M. & N. at the County Treasurer's office.
Due
$420 each six months from May 15 1914 to Nov. 15 1923, incl.
Total debt,
incl. this issue, $37,779.
Assessed value, $1,007,470; real value, $2,000,000.
urer's office.
to G. M. Hahn of New York,
(P.
O.
OFFERING.—Proposals
Hazelton),
will
Luzerne
received
be
unti
8 p. m. July 22 by D. T. Evans, Sec., for $80,000 434 % coup, tax-free school
bonds.
yearly
Denom. $500.
on
Date July 1
1913.
Int. semi-ann.
July 1 from 1919 to 1930 incl, and $4,000 yrly.
1931 to 1941 incl.
Cert, check for 1%
Due $3,000
July 1 from
on
of bonds bid for, required.
67
The
County$5,600 434 % tax-exempt Indian Creek and Van Buren
bonds.
Denom. $280.
Date Mar. 6 1913.
Int. M. & N. at
Treasurer's office.
Due $280 each six months from May 15
Nov. 15 1923. inclusive.
Pulaski
legality of this issue has been approved by J. H. Bigelow, Solicitor of the
townships
Board and District Attorney of the County.
the County
The
1914 to
official notice of this bond offering will be found among the advertise¬
that
nounced
HENRY COUNTY
(P. O. Martinsville), Va.—BOND OFFERING.—
Proposals will be received until 12
ing bonds.
m.
Denom. $100 to $1,000.
office of County
Treas.
Due Aug. 1
July 15 for $60,000 5%
Date Aug.-1 1913-.
1946.
refund¬
for bonds
"
The official notice of this bond
ments elsewhere in this
pay
'
offering will be found among the advertise¬
JEFFERSON
The bonds will be sold privately.
on
on
the proposition
'5
■
■
$12,000 school gymnasium bonds (V. 96, p. 1718) will be held July 7,
ports state.
INDIANA.—BONDS OFFERED BY BANKERS.—J. F. Wild & Co.
re¬
of
Indianapolis, in their circular dated June 17 1913, describing bonds which
they offer to investors, include the following issues, aggregating $166,038,
the sale of which we have not previously reported:
Center Township, Howard County.—$12,000 434% tax-exempt bonds.
Denom. $500.
Date June 2 1913.
Int. F. & A. at the Farmers' Trust &
Sav. Bank, Kokomo.
Due $1,000 yearly Aug. 1 from 1914 to 1925, incl.
issue,
$22,500:
$2,141,790;
Assessed value,
real
Centred Township, Marion County.—$45,000 434% tax-exempt bonds.
Denom. $500.
Date July 15 1913.
Int. J. & D. at the Merchants* Nat.
Bank of Indianapolis.
Due $3,000 yearly July 15 from 1914 to 1928, incl.
Total debt, including this issue, $47,400.
Assessed value, $2,518,190; real
value, $5,000,0$0.
Dallas Township, Huntington County.—$6,000 of an issue of $15,000
4)4% tax-exempt bonds.
Denom. $750.
Date Feb. 15 1,913.
Int.
F* & A. at the State Bank of Andrews.
Due $750 Feb. 15 and Aug. 15
1916 and 1917, $750 Aug. 15 1919. $750 Feb. 15 and Aug. 15 1920, and
$750 Feb. 15 1921.
Total debt, this issue.
Assessed value, $835,680; real
value, $1,700,000.
Lauramie Township, Tippecanoe County.—$30,000 434% bonds offered
on May 21
(V. 96, p. 1377). , Denom. $1,000.
Date June 1 1913.
nt.
F. & A. at the State Bank at Clark's Hill.
Due $2,000 Aug. 1 1914 and
$1,000 each six months from Feb. 1 1915 to Feb. 1 1928, incl., and $1,000
June 1 1928.
Total debt, this issue.
Assessed value, $2,253,575; real
value; $4,507,150.
*
Gravel-Road Bonds.
.
April
Jan.
Jan.
Jan.
Mar.
1 1933
1 '14-'2g
11919"
1'14-'1S
1'14-'23
Mar. 1'14-'23
.1 '15-'22
June 1 1913
Jan.
..Rooks Co. S. D. No. 65-.
do
June 1 1913
..RosedaleBd. of Ed...-.__Sumner & Cowley Cos.
Joint,S.D.Nos. 28A29-
do
May 1 1913
Jan. 1 *15-'21
May 1 1933
s
do
June 2 1913
July 1 '16-*27
KANSAS CITY, Wyandotte County, Kans.—BONDS VOTED.—Ac¬
cording to reports, the propositions to. issue the $20,000 Jersey Creek bridge
constr. and $200,000 electric-light-coup, bonds at not exceeding 434%
int. (V. 96, p. 1573) carried at the election held June 24.
The vote was
2,442 to 1.651 and 2.563 to 1,650, respectively.
Shoshone County, Idaho .—BONDS TO BE OFFERED
are advised that the $30,000 19-20-year (opt.) sewer bonds
exceeding 6% int. voted June 16 (V. 96, p. 1854) will be offered for
KELLOGG,
SHORTLY.—We
at not
sale in about 30 days.
KERN COUNTY (P. O. Bakersfield), Cal.—BOND ELECTION.—
8, it is reported, to vote on ithe question erf
issuing $2,500,000 highway bonds.
An election will be held July
KING COUNTY (P. O.
papers
state that
Adams County.—$2,040 434 % tax-exempt Blue Creek and St. Mary's
Townships bonds.
Denom. $136.
Date April 15 1913.
Int. M. & N. at
the County Treasurer's office.
Due $136 May 15 1914 and $136 each six
months from May 15 1917 to Nov.,15 1923, incl.
Total debt, including this
issue, $32,016.
Assessed value, $1,100,000; real value, $2,500,000.
$2,968 434% tax-exempt Monroe Township bonds.
Denom. $212.
Date April 15 1913.
Int. M. & N. at the County Treasurer's office.
Due
$212'each six months from May 15 1917 to Nov. 15 1923, inclusive.
Total
debt. incl. this issue, $95,346.
Assessed, value, $3,500,000;' real value,
$7,000,000.
$5,504 434% tax-exempt Monroe Township bonds.
Denom. $344.
Date April 15 1913.
Int. M. & N. at the County Treasurer's office.
Due
$344 each six months from May 15 1916 to Nov. 16 1923, incl.
Total debt,
incl. this issue, $95,346.
Assessed value, $3,000,000; real value, $6,000,000.
$3,060 434% tax-exempt Washington Township bonds.
Denom. $204.
Date April 15 1913.
Int. M. & N. at the County Treasurer's office.
Due
$204 May 15 and Nov. 15 1914 and 1916, $204 each six months from
Nov. 15 1918 to Nov. 15 1923, inclusive.
»
...
$2,736 4)4% tax-exempt Washington Township bonds.
Denom. $144.
Date April 15 1913.
Int. M. & N. at the County Treasurer's office.
Due
$144 May 15 and Nov. 15 1914 and 1915 and $144 each six months from
May 15 1917 to Nov. 15 1922, inclusive, and $144 May 15 1916.
Benton County.—$7,140 434 %
tax-exempt Parish Grove and Hickory
Grove Township lines bonds.
Denom. $357.
Date April 15 1913.
Int.
M. & N. at the County Treasurer's office.
Due $357 Nov. 15 1914, $357
May 15 and Nov. 15 1914 and 1916, $357 Nov. 15 1921 and $357 May 15
Seattle), Wash.—BOND OFFERING.—Local
proposals will be received,until July 30 for the $3,000,000
See "News Items'* on a preceding
road bonds.
School-House Bonds.
debt, incl. this
value; $4,000,000.
.Rooks Co. S. D. No. 103.School-house
Due.
1 1913
1 1913
1 1913
15 1913
11913
1 1913
.
•;.
HURON SCHOOL DISTRICT (P. O. Huron), Erie County, Ohio,—
BOND ELECTION.—The election to vote on the question of issuing the
Total
April
May
May
May
Mar.
Mar.
5
5
,
<
.
Date.
.
5
Dade
Ohio.— BOND SALE.—Reports
Sidney Spitzer & Co. of Toledo recently were awarded $12,000
534% bonds.
Purpose.
..Arcadia.
Light.
..Gray County S.D. No. 9.School-house
..Guilford Twp., Wilson Co.
Bridge
..Marion Co. S.D. No. 119-School-house
..Ottawa
..Improvement
—Ottawa
—
do
5
•28,006
HURON COUNTY (P. O. Norwalk),
state that
ten
700
June 24
to issue $10,000 high-school bonds.
following
800
11,000
on
STATE.—The
5 34
5
5
6
5
3,000
3,200
1,000
10,600
7,600
was cast
BY
aggregating $74,400, were purchased by the State of Kansaa
Place.
Rate.
Amt.
$8,500
(P. O. Holden), Johnson County,
Mo.—BONDS VOTED.—A favorable vote was cast at the election held
June 24 on the proposition to issue $13,000 impt. bonds, "reports state.
Homestead),
PURCHASED
KANSAS.—BONDS
last month at par:
Interest semi-annually.
O.
BE
KALAMAZOO, Kalamazoo County, Mich.—BOND SALE.—Local
that the three issjies of,,bonds, aggregating $136,000, offered
May 26 as 434s (V. 96, p. 1511), have been purchased by the Detroit
issues of bonds,
HOLDEN SCHOOL DISTRICT
(P.
TO
Trust Co. of Detroit for 434s.
•
DISTRICT
Iowa.—BONDS
papers state
HILLSBOROUGH COUNTY (P. O. Tampa), Fla.— BOND OFFER¬
ING.—Proposals will be received until July 19, reports state, by the
County Schopl Board, M. Moore, Sec'y, for the following 6% school bonds
$20,000 Gary Special Tax School District No. 24 bonds.
Denom. $1,000.
Due $1,000 yearly on July 1 from 1915 to 1934 inclusive.
20,000 Buffalo Ave. Special Tax School District No. 28 bonds.
Denom.
$1,000.1 Due $1,000 yearly on July 1 from 1915 to 1934 incl.
6,000 E. Tampa Special Tax School District No. 20 bonds.
Denom.
$500.
Due $500 yearly on July 1 from 1915 to 1926 inclusive.
SCHOOL
Fairfield),
O.
JOPLIN, Jasper County, Mo .—BOND ELECTION PROPOSED.—
According to local papers, an election will be held in the near future to re¬
submit to a vote the question, of issuing the $75,000 electric-light-plant
bonds defeated at the election held June 3 (V. 96, p. 1573).
County, Tex.—BONDS VOTED.—'The election
held June 27 resulted, it is stated, in a vote of 127 to 24 in favor of the ques¬
tion of issuing $25,000 5% water-works and sewerage bonds (V. 96, p. 1718).
HOMESTEAD
(P.
of locally at par and int.,for5s, 75% of the $18,000 coupon 5-10-yr.
(opt.) tax-free sheriff's residence, and jail-bldg. bonds offered without
success as 434s on May 26 (V. 96, p. 1572.)
Hill
County, Fla.—BONDS VOTED.—A favorable vote
COUNTY
SOLD LOCALLY.—The Co. Treas. advises us that he has arranged to dis¬
pose
HILL COUNTY SCHOOL DISTRICT NO. 28 (P. O. Inverness),
Mont.—BONDS NOT SOLD.—No sale was made of an issue of $5,000 6%
June 21.
an¬
not
JACKSON, Jackson County, Mich.—BOND OFFERING.—Proposals
Harrington, City Recorder, for
434% municipal-impt. bonds:
v.
$28,000 paving bonds.
Due July 15 1934,
22,000 water-extension bonds.
Due July 15 1936.
18,000 sewer-extension bonds.
Due July 15 1935.
Auth. election held April 7.
Denom. $1,000.
Date July 15 1913,
Int.
semi-ann.
Cert, check for $500, payable to "City of Jackson'*, required.
These bonds were offered without success as 4s on June 16 (V. 96, p. 1718.)
Department.
on
Is
or
*
the following
HIGHLAND PARK, Wayne County, Mich.—RESULT OF BOND
ELECTION.—The election held June 21 resulted, it is stated, in the defeat
of the question of issuing $30,000 playground bonds and in favor of the pro¬
positions to issue $45,000 water-works-ext., $20,000 garbage-incinerator,
$116,400 trunk-line-sewer-Constr. and $25,000 land-purchase bonds.
HILLSBORO,
ELECTION.—It
Denom. $1,000.
will be received until 5 p. m. July 15 by J.
on
HERNANDO COUNTY (P. O. Brooksville), Fla.—BONDS VOTED.—
According" to reports, this county on June 14 voted in favor of the issuance
of the $100,000 5% 30-year road bonds (V. 96, p. 1718).
bldg. bonds offered
Ga.—BOND
election will be held July 8 to decide whether
an
$23,000 5% sewerage bonds shall be issued.
Int. P. & A. at
Purchaser to
before Aug. 1 1913.
or
coup,
County,
Butts
JACKSON,
ments elsewhere in this Department.
page.
SCHOOL DISTRICT NO. 144, Wash.—BOND
OFFERING.—Proposals will be received until 11 a. m. July 12 by W. H.
Hanna, County Treas. (P. O. Seattle), for $12,000 1-20-yr. (opt.) coup,
construction and equip, bonds. Auth. election held May 31. Denom. $500*
Int. (rate not to exceed 6%) ann. at office of Co, Treas. or at fiscal agency
of State of Washington in N. Y.
Cert, check or draft for 1% of bonda
bid for, payable to Co. Treas., required, except with bid from State of
Washington.
Bonds to be ready for delivery Aug. 1 1913. Bonded debt,
$16,000. Outstanding warrants, $2,111. Assessed valuation, $778,398;
KING
COUNTY
KING
COUNTY
SCHOOL
DISTRICT
NO.
182,
Wash.—BOND
OFFERING.—Proposals will be received until 10 a. m. July 12 by W. H.
Hanna, County Treas. <P. O. Seattle), for $6,000 5-10-yr. (opt.) coup,
bldg. and equip, bonds.
Auth. election held June 14.
Denom. $500*
Int. (rate not to exceed 6%) ann. at office of Co. Treas. or at fiscal agency
of State of Washington in N. Y. City.
Cert, check or draft for 1 % of bonds
bid for, payable to Co. Treas., required, except with bid from State of Wash¬
ington.
Bonds will be ready for delivery Aug. 1 1913.
No bonded debt.
No outstanding warrants.
Assessed valuation, $272,482.
KLAMATH FALLS, Klamath County, Or a.—BOND OFFERING.—
Reports state that proposals will be received until 8 p. m. July 14, by
the Police Judge, for $76,793 refunding bonds.
,
KNOX SCHOOL TOWNSHIP, Jay County, Ind.—BOND OFFERING.
•—Proposals will be received until 10
a. m. July 24 by G. G. Philebaum,
School
Trustee, for $4,500 5% school bonds,
Denoin. $500.
Date
July 24 1913-.
Int. J. & J.
Due $500 each six months from July 15 1916
to July 15 1920 incl.
LAKE COUNTY (P.
O. Crown Point), Ind —BONDS NOT SOLD.—
gravel-road-bonds, aggregating
No sale was made of the four issues of 434 %
$128,400. offered
on
June 25 (V. 96, p. 1719)1
.
LAKELAND SUB-SCHOOL DISTRICT (P.
O. Lakeland). Polk
County, Fla.—BOND ELECTION.—Reports state that an election will
be held July 7 to vote on the question of issuing $50,000 bldg. bonds (V. 96.
p. 1719).
LAMAR COUNTY (P. O. Paris), Tex.—BOND OFFERING.—Pro¬
posals will be received until 12 m. July 28, reports state, by W. F. Gill.
Co. Aud., for $100,000 5% 40-yr. road bonds (V. 96, p. 1855).
Int. semiann.
Cert, check for
$2,500 required.
These bonds are part of an issue
of $300,000, $100,000 of which has already been sold.
•
.
and Nov.
LATROBE SCHOOL DISTRICT (P. O. Latrobe). Westmoreland
County, Pa..—BONDS NOT SOLD.—No sale was made of the $50,000
434% tax-free bldg. bonds offered on June 20 (V. 96, p. 1646).
LAWRENCE, Nassau County, N. Y.—BONDS NOT SOLD.—Up to
July 2 no sale had been made of the $75,000 street-impt.Jnonds offered on
June 21.
(V. 96, p. 1646).
LEBANON, Boone County, Ind.—BOND OFFERING WITHDRAWN.
$25,000 434 % refunding
96, p. 1719) was called
off because it was found that the bonds which this issue was to refund!
15 1922 and 1923.
Clark County.—$1,575
4J4% tax-exempt Jeffersonville Township bonds.
Denom. $175.
Date Mar. 3 1913.
Int. M. & N. at the County Treasur¬
er's office.
Due $175 each six months from May 15 1919 to May 15 1923,
—The City Clerk advises us that the offering of the
bonds which was to have taken place June 23 (V.
tod.^Total debt, $18,125. Assessed value, $14,439,270; real value,
LEE COUNTY (P. O. Sanford). No. Caro.—BOND OFFERING.—
Proposals will be received until Aug. 4 by F. A. Riddle, Chairman IBoard of
Harrison County.—$3,600 4>4 % tax-exempt Blue River Township bonds.
Denom. $200.
Date Jan. 7 1913.
Int. M. & N. at the First Nat. Bank,
Corydon.
Due $200 each six months from May 15 1923 to Nov. 15 1931,
incl.
Total debt, incl. this issue, $13,500.
Assessed value, $339,900; real
value, $700,000.
$2,475 434% tax-exempt Harrison Township bonds.
Denom. $225.
Date Mar. 6 1913.
Int. M. & N. at the First Nat. Bank, Corydon.
Due
$225 each six months from May 15 1926 to Nov. 15 1931, inclusive.
$2,200 434% tax-exempt Posey Township bonds.
Denom. $220.
Date
Feb. 6 1913.
Int.M. & N. at the First Nat. Bank, Corydon.
Due $220
May 15 1919 and $220 each six months from May 15 1921 to Nov. 15 1925,
were
illegal.
County Commrs., for $25,000 5% 30-year refunding bonds.
LEWIS
$2,800 434 % tax-exempt Posey Township bonds.
Denom. $200.
Date
Int. M. & N. at the First Nat. Bank, Corydon. APue $200
Feb. 6 1913.
COUNTY
DISTRICT NO. 14, Wash.^BOND
(opt.) bldg. bonds were awarded to
5s at par.
Causey, Foster & Co. of Denver bid
Date July 1 1913.
Int. ann. in July at the
SCHOOL
SALE.—On June 28 $12,000 1-10-yr.
the State of
*
inclusive.
Int. semi¬
Certified check for $100 required.
These bonds were advertised
23, but the advertisement was not sufficient under the
Act, and all bids received were returned unopened.
annual.
to be sold on June
Washington
for
as
6s.
Denom. $1,000.
County Treasurer's office.
LEWIS
COUNTY SCHOOL DISTRICT NO. 211, Wash—BOND
28°$25,000.1-5-yr. (opt.) bldg. bonds were awarded to
Causey, Foster & Co. of Denver
SALE.—On June
the State of Washington at par for 5s.
Int. ann. on July 1
bid for 5J4s.
at the
Denom. $1,000.
Date July 1 1913.
County Treasurer's office.
Hillsdale
LITCHFIELD,
County,
VOTED.—Ac¬
bonds car¬
Mich.—BONDS
cording to reports, the proposition to issue $7,500 electric-light
ried by a vote of 194 to 144 at the election held June 23.
LITTLE
VALLEY,
Cattaraugus
County,
Co., N.Y., bid $17,515 for 5s. Denom. $698 40. Date June 1 1913. Int.
on June 1.
Due $698 40 yearly on June 1 from 1918 to 1942 inch
BOND SALE.—These bonds were awarded on May 19 oq. Douglas Fen
wick & Co. of N. Y., but the sale was not consummated.
annual
LOUISIANA SCHOOL DISTRICT (P. O. Louisiana), Pike County
BONDS.—The, $42,000 5% bldg.. bonds pur¬
Mo .—DESCRIPTION OF
on
May 28 by the Commerce Trust Co. of Kansas
City, Mo., for
101.35 and int. (V. 96, p. 1787) are in the denom. of $500 each and dated
June 1 1913.
Int. J. & D.
Due June 1 1933, subject to call $12,000
June 1 1923.
'
LOWELL, Mass.—TEMPORARY LOAN.—Reports state that on June
in anticipation of
Sanger of Boston: $500,000 dated July 1 1913 and pay¬
able July 1 1914, interest payable semi-annually at 100.023 for 5)4 %.notes
? j C $200,000 dated July 1 1913 and payable $100,000 Nov. 30, and $100,-
28 this city awarded the following temporary loan notes
taxes to Curtis &
discount.
000 Dec. 30 1913, at 5)4%
MOODY
O. Flandreau), So. Dak.—BOND SALE.—
bonds were awarded to the First Nat.
less $2,875 discount.
Denom. $50, $1,000 and
(70) $500.
Date June 23 1913.
Int. J. & D.
Due in not less than 5 yrs.,
nor more than 20 yrs. from date, subject to call in 5 years or any multiple
(P. O. Chatfield), Crawford County, Ohio.
June 26, it is stated, of the
road-impt. bonds offered on that day (V. 96, p. 1646).
LYKENS TOWNSHIP
Ohio.—BOND OFFERINO.—Reports state that proposals will be received until 12 m. July 14
by I. M. Hogg, Co. Aud., for $30,000 5% bridge bonds.
Cert, check for
MAHONING COUNTY (P. O. Youngstown),
$500 required.
June
24
Mo.—BONDS VOTED.—At the election
issue $14,800 water-works-installation
Holt County,
MAITLAND,
held
the
proposition to
is reported.
bonds carrlod, it
\
MANSFIELD, Richland County, Ohio.—BOND SALE.—On June 30
the nine issues of 5% improvement bonds, aggregating $73,200 (V. 96, p.
1646) were awarded, it is stated, as follows:
$32,100 general street-impt. bonds to the Richlands Sav. Bank, Mansfield,
for $32,176-—making the price 100.237.
7,000 North Diamond St. impt. (assess.) bonds to the Richlands Sav.
Bank, Mansfield, at 100.40.
*
.34,100 (seven issues city's portion and assess.) bonds to the Citizens' Nat.
Bank, Mansfield, for $34,134—making the price 100.099.
.
Linn County, Mo.—BOND ELECTION.—An election
vote the proposition to issue $10,bonds.
MARCELINE,
(P.
On June 23 $85,000 5% court-house
Bank of Flandreau at par,
MOOSIC SCHOOL DISTRICT (P. O. Moosic), Lackawanna County,
Pa .—BONDS NOT SOLD.—No bids were received for the $40,000 5%
will be held to-day (July 5) to submit to a
000 electric-light-plant-impt.
MARICOPA COUNTY SCHOOL DISTRICT NO. 11, Ariz.—BOND
OFFERING.—Proposals will be received until 10 a. m. July 14, reports
Miller, Jr., County Clerk (P. O. Phoenix), for $20,000 5%
20-year school bonds.
Certified check for 10% required.
*
bonds offered on June 20.
coupon
V. 96,
1720.
p.
MORROW COUNTY (P. O. Mt. Gilead), Ohio.—BOND OFFERING1
—Proposals will be received until 11 a„m. July 18 by C. Sipe, Co. Aud.,
for $35,100 5% coupon Cox joint county road (county's portion) bonds.
Denom. (1) $100, (35) $500.
Date Mar. 1 1913.
Int. M. & S.
Due
$17,600 on Sept. 1 19l5 and $3,500 each six months from Mar. 1 1916to
Mar. 1 1918 incl.
Cdrt. check (or cash) on a Morrow County bank for 5%
of bonds bid for, payable to Co. Aud., required.
Bonds to be delivered
and paid for within 15 days from time of award.
Bids must be uncondition¬
al and made on blank forms furnished by Co. Aud.
MOUND CITY SCHOOL DISTRICT (P. O. Mound City), Holt
County, Mo .—BONDS VOTED.—Dispatches state that this district on
June 24 authorized the issuance of $32,500 building bonds by
319 to 48.
-
MT.
Christian
AUBURN,
County,
a
vote of
«
111.—BOND
ELECTION—An
the proposition to issue $5,000 water¬
election will be held July 15 to vote on
works-installation and town-hall-constr. bonds.
MT. PLEASANT,
—BONDS NOT SOLD.—No sale was made on
$14,000 5% coup,
COUNTY
xcvii.
of five.
N. Y.—BOND SALE.—
On June 30 the $17,460 paving bonds (V. 96, p. 1855) were awarded to the
Salamanca Trust Co. of Salamanca at par for 4.95s.
Douglas Fenwick &
chased
[Vol.
CHRONICLE
THE
68
Charleston County, So. Caro.—BOND ELECTION
PROPOSED.—Local papers state that an election will be held in the near
future to vote on the question of issuing $20,000 water-works-const, bonds.
MOUNTRAIL COUNTY (P. O. Stanley), No. Dak.—BOND OFFERING.—Proposals will be received until 2 p. m. July 28 by W. C. Gibb,
County Aud., for the $50,000 4% 20-yr. coup, court-house constr. tax-free
bonds voted Nov. 5 1912.
Denom. $500.
Int. semi-ann.
Cert, check
for $1,000, payable to Chairman Bd. of County Comm's, required.
These
bonds were offered without success on Apr. 22 (V. 96, p. 1317).
MYRTLE POINT SCHOOL DISTRICT
(P. O. Myrtle Point), Coos
County, Ore.—BOND SALE.—According to reports, an issue of $20,000
high-school-bldg. bonds has been purchased by Morris Bros, of Portland at
100.135.
NASH
COUNTY
(P. O.
Nashville), No.
Car.—BOND SALE.—The
following 6% 30-yr. road bonds offered on April 25 have been awarded to
Sidney Spitzer & Co. of Toledo.
'
$10,000 Red Oak Township bonds at 101.17.
:
;
10,000 Coopers Township bonds at 101.07.
,
NAVAJO
COUNTY
SCHOOL
DISTRICT
NO.
16,
.
,
Ariz .—BOND
OFFERING.—Proposals will be received until July 7 by the Bd. of Sup's., C.
M. C. Hauch, Co. Clerk, for $2,500 6% gold coupon school-bldg. and equip,
bonds.
Auth. vote of 22 to 5 at an election held Aug. 9 1912.
Denom.
Int.
$500.
ann.
on
Jan. 1 at office of Co. Treas.
Due in 3, 6, 9, 12 and
15 years from date.
County, Cal.—BOND
issue of $4,000 school bonds has been awarded, reports state,
NAVALENCIA SCHOOL DISTRICT. Tulare
state, by J.
SALE.—An
to the Nat. Bank of Arosi at 102
and interest.
MARIETTA,
Washington County, Ohio.—BOND OFFERING.—
NELTA
SCHOOL
Proposals will be received until 12 m. July 7 by G. S. Alexander, City Aud.,
DISTRICT,
Hopkins County, Tex.—BONDS
for $120,000 5% coup. Muskingum River bridge-repair bonds.
VOTED.—This district recently voted in favor of the question of issuing
Denom.
$500.
Date June 2 1913.
Int. J. & D.
Due $6,000 yrly. on June 2
building bonds, reports state.
/
V
'
from 1914 to 1933 incl.
Cert, check for 10% of bonds bid for, payable to
NEW
BARBADOES
TOWNSHIP
(P. O. Hackensack), Bergen
City Treas., required.
Bonds to be delivered and paid for within 10day&4
County, N. J.—BOND OFFERING.—Proposals will be received until 8:30
from time of award.
Purchaser to pay accrued interest.
p. m. July 7 by the'Bd. of Ed., G. N. Comes, Dist. Clerk, for $70,000.5%
school bonds.
Denom. $1,000.
Date July 11913. Int. J. & J. at Hacken¬
MARYLAND.—BONDS AWARDED IN PART.—Of the $2;070,000
sack Nat. Bank, Hackensack.
Due $2,000 in 10, 11, 12, 13 and 17 years
4% 15-20-yr. (opt.) coup, tax-free bonds (6 issues) offered July 1 (V. 96,
and $4,000 in 14, 15 and 16 years and $4,000 yearly from 18 to 29 y^rs
p. 1646), only $496,000 (road bonds) were disposed of.
The successful
incl.
Cert, check on a nat. bank or trust company for 2% of bonds bid,
Didders are reported as follows:
Brown Brothers, $30,000 at 94.53 to 94.84;
for, payable to G. Van Buskirk, Custodian of school moneys, required.
the estate of Charles W. Slagle, $12,000 at 94.75; Baker, Watts & Co.,
Bonds to be delivered and paid for on July 21, unless a subsequent date shall
$14,000 at 94.59; New York Life Insurance Co., $300,000 at 94.5887 to
be mutually agreed upon.
Purchaser to pay accrued interest.* These
94.0676; Townsend Scott & Sons, $40,000 at 94.16 to 94.916; J. S. Wilson
bonds will be certified as to genuineness by the Columbia-Knickerbocker
Jr. & Co., $50,000 at 94.02; Mercantile Trust & Dep. Co., Baltimore,
Trust Co.
Their validity will be approved by Hawkins, Delafield & Long¬
$50,000 at 94.06 to 94.31.
fellow of N. Y. City.
Bids must be made upon blank forms furnished by
MAYPERL INDEPENDENT SCHOOL DISTRICT (P. O. Mayperl),
Dist. Clerk or above trust company.
Ellis County, Tex.—BONDS REGISTERED .—On June 17 the State
?
•
.
Comptroller registered an issue of $15,000 5% building bonds.
yearly.
■
a
MEDFORD,
A
PART.—Of the
.
<•
'■
.
Due $500
'
■
.
Middlesex
County,
Mass.—-LOAN AWARDED IN
temporary loan of $100,000 offered on July 2 (V. 96, p.
1855), $50,000, due Jan, 19 1914,
Trust Co. at 5% discount.
was
awarded
Stark County, Ohio.—BOND OFFERING—Pro¬
posals will be received until 12 m. July 22 by W. A. Hess,Vil.Clerk for
the following 5% coupon bonds:
•
$15,000 sewerage
bonds.
Denom.
$500.
Date June 1
1913* Due
,
MERCER COUNTY (P. O. Princeton), W. Va.—BONDSDEFEA TED
—According to early returns the proposition to issue $800,000 good-road
bonds was defeated at the election held May 10.
MERCHANT VILLE, Camden County, N. J .—BOND SALE.—The
$100,000,434 %.30-yr. street-impt, bonds offered without success on May 14
(V. 96, p. 1378) have been disposed of at private sale, reports state.
MIAMI COUNTY (P. O. Troy), Ohio
-
—
BOND OFFERING.—Proposal«
Cbunty Auditor, fo
will be received until 1p.m. July 14 by M. T. Staley,
the following 5% flood-emergency bonds:
$30,000
roads bonds of an issue of $43;000.
Dates: Nos. 1-20, incl.,
July 1 1913 and due July 1 1914; and Nos. 21 to 60, incl., dated
Sept. 1 1913 and maturing Sept. 1 1915.
80,000 bridges bonds of an issue of $451,000.
Dates:
Nos. 1-80
Incl., July'1 1913, and Nos. 81-160, incl., Sept. 1 1913.
Due
$25,000 July 1 1914 and $15,000 July 1 1915, $22,000 Sept. 1 1916
and $18,000 Sept. 1 1917. •
\
Denom. $500.
Int. semi-annually at office of County Auditor.
Certi¬
fied check for 3% of bonds bid for, payable to County Auditor, required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued interest.
Bids must be unconditional.
V
..
.
*
.
MIDDLETOWN,
Butler County
Ohio.—BOND OFFERING—Pro¬
July 25 by W. Gibbins; City Aud., for
$40,000 5% street-impt. (city s portion ) bonds.
Auth. Sec. 3939, Geh
Code.,
Denom. $500.
Date April 1 1913.
Int. A. & O. at Nat. Park
Bank, N. Y. City.
Due $1,000 yearly on April 1 from 1915 to 1954 incl.
Cert, check for $2,000 required.
Bonds to be delivered and paid for within
10 days from time of award.
> •
.
posals will be received until 12
m.
„
MIDLAND
„
SCHOOL DISTRICT
(P. 0. Midland), Beaver County,
Ta,.—BOND$ NOT SOLD.—No sale was made of the $30,000 4)4 % 1-20year (ser.) tax-free school bonds offered on June 30 (V. 96, p. 1855).
MILAM COUNTY ROAD DISTRICT NO.
5, Tex.—'BONDS REGIS¬
an issue of $50,000 5% 10-40-year (opt.) road bonds
registered by the State Comptroller.-
TERED.—On June 23
was
MILLTOWN
SCHOOL
DISTRICT
(P.
O.
Milltown),
Middlesex
County, N. J.—BOND OFFERING.—According to newspaper reports
proposals will be received until 8 p. m. July 15 by J. M. Brindle, Clerk
Board of Education, for $16,000 4)4% 3 5-6-year (average) school bonds.
Interest semi-annual.
Certified check for 5% required.
MILWAUKEE, Wis.—BOND OFFERING.—According to reports,
pro¬
posals will be received until July 12 by M. N. Kotecki, City Comptroller,
for $300,000 sewer and $75,000 bath 4)4% 1-20-yr. (ser.) bonds.
Cert
check for 1% required.
These bonds, together with an issue of $100,000
park bonds, were offered without success on June 12, but it was subse¬
quently reported that they would be taken by local banks at par (V 96
p.
1855).
..
MINSTER, Auglaize County, Ohio.—BOND SALE.—The
5% street-impt. (assess.) bonds, aggregating $40,000, offered
(V. 96, p. 1573) have been awarded, it is stated, to
two
on
issues
June 25
Ipavies-Bertram
Co. of
Cincinnati at par, less $450 for attorney's fees.
•MITCHELL, Davison County, So. Dak.—VOTE.—We are advised
that the vote cast at the election held June 10 on the
proposition to issue
the $60,000 10-20-yr. (opt.) municipal-telephone bonds at not
5)4% int. (V. 96,
p.
1720)
was
776 to 260.
'
exceeding
B
•
MOBILE COUNTY (P. O. Mobile),■ Ala,.—^-DESCRIPTION OF
BONDS
SI50,000 5% 20-year road bonds awarded on June 26 to the Bank
of Mobile,
Is. B. A. (V.
and bear date of Aug.
1
96, p.
1913.
1855),
Int.
are
F. &
in the denom. of $1,000 each
A.
"
■
1916.
1
1,000 water-works-constr. bond.
Date June 1 1913.
Due June 1 1916.
1,000 refunding bond.
Date May 15 1913.
Due May 15 1916.
ann.
Cert, check on a Stark Co. bonk for 5% of bonds bid for, pay
,..
MEMPHIS, Tenn.-—BOND OFFERING.—This city will offer at private
sale $40,000 4)4 % 40-yr. gold coupon school bonds.
Denom. to suit pur¬
chaser.,
Date July 1 1913.
Int. J. & J, in Memphis or N.. Y.
These
bonds were offered without success on May 12 (V. 96, p. 1438.)
_
^
June
*
that day to the Fidelity
on
BERLIN,
NEW
Int.
required.
of award.
able to Vil. Treas.,
10 days from time
Bonds to be delivered and paid for, within
Purchaser to pay accrued interest. Pur¬
the necessary blank bonds..
chaser to furnish at his own expense,
COUNTY
CASTLE
NEW
Wilmington), Del.—BONDS NOT
following 4)4 % gold bonds offered
O.
(P.
SOLD.—No bids were received for the
on
June 27:
.
■
■„ •
T
,
,
.
Due $15,000 yearly on July 1 from
July 1 1929.
100,000 highway-impt. bonds, fourth series.
Due $15,000 yearly on
July 1 from 1945 to 1949 incl. and $10,000 July 1 1950 and 1951
$100,000 bldg.
commission bonds.
1923 to 1928 incl. and $10,000
and $5,000 July 1 1952.
100,000 bridge-impt. bonds, first series.
Due $15,000 yearly on
from 1933 to 1938 incl. and $10,000 July 1 1939.
Date July 1 1913.
Denom. $1,000.
July 1
Int. J. & J. at Farmer's Bank, Wil¬
mington.
MEXICO.—BONDS AWARDED IN
NEW
PART.—Of the two issues
Offered on June 2
bonds were awarded on that
and int. for 5s.
\
.
v
NEWPORT SCHOOL DISTRICT NO. 1 (P. O. Newport), Pend
Oreille County, Wash.—BONDS VOTED.—Reports state that this dis¬
trict on June 21 voted in favor of the questions ofissuing $18,000 bldg.and
$1,000 impt. bonds.
The vote on the $18,000 issue was 97 to 4.
of 20-40-yr. (opt.)
refunding bonds, aggregating $629,000,
1317), the $179,000 series "A" gold
day to Kelly & Kelly of Kansas City at 100.55
V. 96, p.
NEWTON COUNTY
(P. O. Kentland), Ind.—BOND OFFERING.—
will be received until 1 p. m. July 7 by F. C.
Reports state that proposals
Rich, County Treasurer, for
NICKERSON,
tion will be held
$7,320 highway-impt. bonds.
Reno County, Kan.—BOND ELECTION.—An elec¬
July 8, reports state, to vote on the proposition to issue
electric-transmission-line-purchase and $5,000 land-purchase bonds
1720) for an agricultural dept. in the high school..
NILES, Trumbull County, Ohio.—BOND OFFERING.-—Proposals
will be received uhtil 2 p. m. July 29 by H. Thomas, City Aud.*, for $10,500
5% fire-dept.
and pnson-impt. bonds.
Auth. Sec. 3939 Gen. Code.
Denom. $500.
Date June 1 1913.
Int. J. & D.
Due $5,000 on June 1
1935 and $5,500 on June 1 1936.
Cert, check for 2% of bonds bid for,
payable to City Treas., required.
Bonds to be delivered and paid for
within 10 days from time of award.
Purchaser to pay accrued interest.
NILES SCHOOL DISTRICT (P. O. Niles), Trumbull County, Ohio.
$12 000
(V.96,
p,
OFFERING.—Proposals will be received until 12 m. July 17 by
impt. bonds.
Date July 17
to 1948 incl.
Bonds to be
Purchaser to
pay accrued interest.
NORTH PLAINFIELD (P. O. Plainfield), Union County, N. J.—
BOND ELECTION.—An election to vote on the proposition to issue $25,000
sewer system bonds will be held July 15.
—BOND
Miller,.Clerk of Bd. of Ed., for $96,000 5% bldg. and
7627 incl.
Gen. Code.
Denom. $500.
1913.
Int. J. & J.
Due $3,000 yrly. on July 17 from 1917
Cert, check for $500, payable to Treas. of Board, required.
delivered and paid for within 20 days from time of award.
G
R
Auth. Sees. 7625 to
NORWOOD, Hamilton County, Ohio.—RESULT OF BOND ELEC¬
of issuing the $105,000 water-works bonds carried,
of 1,071 to 295 at the election held June 17 (V. 96,
p. 1.378) •
At the same election the proposition to issue the $35,000 watersoftening bonds was defeated by a vote of 796 "for'' to 550 "against."
A
two-thirds majority was necessary to authorize.
TION.—The question
it is stated, by a vote
ONEIDA, Madison County, N. Y.—BONDS NOT SOLD — No award
made on June 4 of the $3,984 34 4)4% 1-10-yr. (ser.) reg. (assess.),
offered on that day (V. 96, p. 1574).
was
series "Al" bonds,
ORANGE
COUNTY
(P.
O.
Goshep), N. Y.-^BOND OFFERING
Proposals will be received until 12 m. July 14 by R. Johnston, County
Treasurer, for $23,000 434 % coup, tax-free hospital bonds, Denom. $1,000.
July 5
1913.
Date June 1
and $5,000 yrly. on
was
CHRONICLE
THE
1913.]
Int. payable at Goshen.
Due $3,000 on June 1 1914
June 1 from 1915 to 1918 incl.
A similar issue of bonds
Bank on Apr. 19 1912 (V. 95, p. 1764).
awarded the Newburgh Sav.
INDEPENDENT SCHOOL DISTRICT (P. O. Ore City),
Upshur County, Tex.—BONDS VOTED.—Reports state that at a recent
election the question of issuing $8,000 bldg. bonds received a favorable vote.
ORE CITY
Shiawassee
OWOSSO,
Mich.—BOND ELECTION.—Re"
County,
ports state that on July 9 the proposition to issue $30,000 Washington and
Main St-paving bonds, at not exceeding 5% int., will be submitted to a
vote.
Denom. $1,000.
Due $2,000 yearly on Oct. 1 from 1915 to 1929
RICE LAKE,
will be
RICHARDSON INDEPENDENT
election held June 20 the question
bonds was defeated, it is reported.
PALM BEACH
COUNTY P. O. (West Palm Beach), Fla.—BONDS
SHORTLY—The Clerk of the Board of County
PARMER COUNTY
special road and bridge district
(V. 96, p. 1574) will soon be
-
(P. O. Farwell), Tex.—BOND ELECTION
POSED.—According to dispatches, an
PRO¬
election has been called to vote on
bonds.
question of issuing $50,000 court-houso-constr.
PASCO COUNTY (P. O. Dade City), * Fla.—BOND OFFERING.—
Proposals will be received until July 7 by J. T. Tait, Chairman of the Bd.
of Commrs., it is reported, for the $150,000 5 % 30-yr. Special Road and
Bridge Dist. No. 1 road-const, bonds voted recently (V. 96, p. 1788).
semi-annual.
PEEBLES
SCHOOL
DISTRICT (P. O. Peebles), Adams County,
$5,000 5lA% 20-25-yr. (ser.) building
Ohio.—BOND SALE.—On June 26
bonds
were
awarded, it is stated, to Spitzer,
Rorick & Co. of Toledo at
101.68.
SCHOOL DISTRICT (P. O. Pelican Rapids),
Ottertail County, Minn.—BONDS DEFEATED .—On June 23, reports
state, the proposition to issue $29,000 building bonds was defeated.
PELICAN
PERRY
that
building bonds.
RICHLAND COUNTY (P. O. Mansfield), Ohio.—BOND SALE.—
the $65,000 5% coupon flood-emergency bonds (V. 96, p. 1648)
awarded to Davies-Bertram Co. of Cin. for $65,301 (100.463) and int.
On June 28
of issuing
RAPIDS
Cincinnati, $65,015.
-■
Mansfield, $10,094 50 for bonds due in 1925 and 1926.
J. M. Woerth, Mansfield, $15,135 for last 30 due.
;
Richland Sav. Bank, Mansfield, $30,049 50 for last 60 due.
RICHLAND
SCHOOL DISTRICT, Hopkins County, Texas.—
BONDS VOTED.—According to reports, this district, at a recent election,
voted to issue school-construction bonds.
RICHLAND
SCHOOL TOWNSHIP (P.
O. Auburn), DeKalb
County, Ind.—BOND OFFERING.—Further details are at hand relative
to the offering on July 7 of the $20,000 4 A % building bonds (V. 96, p. 1788).
ProDOsals for the bonds, will be received until 1 p. m. on that day by G.
Shaffer, Twp. Trustee.
Denom. (8) $1,000, (4) $1,250, (4) $1,300, (2)
$900.
Date June 1 1913.
Int. J. & J. at City Nat. Bank, Auburn.
Due $1,000 each six months from July 1 1914 to Jan. 1 1918 incl., $1,250
each six months from July 1 1918 to Jan, 1 1920 incl., $1,300 each six months
from July 1 1920 to Jan. 1 1922 incl. and $900 on July 1 1922 and Jan. 1 '23
RICHVALE SCHOOL DISTRICT (P. O. Richvale), Butte County,
Cal.—NO ACTION YET TAKEN.—We are advised by the County Clerk
that no action has yet been taken looking towards the issuance of the
$10,000 5% school bonds voted May 17 (V. 96, p. 1574).
RIDGELAND, Jasper County, So. Caro.—BOND ELECTION PRO¬
POSED.— Reports state that a petition is being circulated calling for an elec¬
tion to submit to the voters the proposition to issue water-works and elec¬
Seasongood & Mayer,
,Wyoming County, N. y.—BOND ELECTION.—It is stated
submit to the voters the question
$11,000 fire-dept. building-completion and equip, bonds.
PETALUMA, Sonoma County,
Cal.—BONDS DEFEATED.—The
of issuing the $375,000 water-plant-purchase bonds (V. 96,
was defeated at the election held June i0 by a vote of 663 "for"
'against."
to 1,257
question
1379)
P
.
PHILADELPHIA, Pa.—TEMPORARY LOAN.—Newspaper dispatches
that a $600,000 4% 4-months temporary municipal loan was nego¬
state
tiated July 2 with three city depositaries, the
the Third Nat., $175,000, arid the Market
PIKE COUNTY (P.
Franklin Nat. Bank, $250,000;
Street Nat., $175,000.
O. Waverly)., Ohio.—BOND SALE.—On June 30
is stated, to the First
$14,000 5% floodremergency bonds were awarded, it
Nat. Bank of Waverly at par.
Date July 1 ,1913.
'
County,
Mass.—LOAN OFFERING.—
will be received until 12 m. July 9 by the
loan of $25,000 maturing Nov. 28.
PLEASANT VALLEY. Marshall County, W. Va.—BOND ELECTION
—An election will be held July 7, it is stated, to decide whether or not this
town shall issue $10,000 street-impt. bonds.
Local papers state, that proposals
City Treasurer for a temporary
•
Iowa.—BOND ELECTION—Accord
POMEROY, Calhoun County,
reports the question of issuing
ing to
bonds
will
be submitted to a vote on
$15,000 electric-light-plant-constr,
July 15.
V
SCHOOL DISTRICT
(P. O. Pomona), Los Angeles
Cal.—BONDS VOTED.—The question of issuing the $30,000
POMONA
County,
building bonds (V. 96, p. 1721) carried, reports state, at
June 26 by a vote
of 384 to 137.
the election held
Vi
;
;
Ohio.— BOND SALE— On
% 2-10-yr. (ser.) coupon Jefferson St. sewer-constr.
assess, bonds (V. 96, p. 1574) were awarded to Stacy & Braun of Toledo
for $8,596 90 (101.141) and int.
Other bids were:
C.E.DenisonA Co.. Cleve.$8,591 601Breed .Elliott & Har.,Cin_$8,521 25
Otis & Co., Cleveland
8,566 001 Hoehler & Cummings, Tol_ 8,507 00
Sidney Spitzer A Co., Tol. 8,563 001 Spitzer, Rorick & Co., Tol. 8,504 00
Seasongood & Mayer, Cin_ 8,560 OOjGerm.-Amer. Bk., Pt. Clin. 8,500 00
PORT
Ottawa
CLINTON,
County,
June 30 the $8,50,0 5 A
PORTLAND. Ore.—BOND SALE.—On June 23
local-impt. bonds were awarded, it is stated, as
Bidder.
Bidder.
Amt.
Price
U. S. Nat. Bank—$20,000 00 103.50
Lumberm. N. Bk_ 50,000 00 103.61 E, Eising
Portland Tr. Co— 16.568 66 103.41
A G.Rushlight.M'r
3,500 00 100
*
,
$210,068 66 6% 10-yr.
follows:
Amt.
■
($30,000
|
,
'
•
Price.
103.48
30,000 ,103.58
30,000
10.3.68
103,78
{ 30,000
PORTSMOUTH, Scioto County', Ohio.—BOND OFFERING.—Addi¬
information is at hand relative to the .offering on July 22 of the
coupon bonds:
..
.
* •
$42,000 Kendall Ave. subway impt. bonds.
Date Aug. 1 1913." Due
$2,000 on Aug. 1 1914 and $4,000 yearly on Aug. 1 from 1915 to
tional
following 5%
•
1924, inclusive.
10,000 flood-emergency bonds. , Date
70,000 water-works-extension bonds.
April 17 1913.
Due April 17 1923.
Date Aug. 1 1913.
Due $14,000
yearly on Aug. 1 from 1918 to 1922, inclusive.
17,000 street-impt. (city's/portion) bonds.
Date Aug. 1 1913. Due
$7,000 on Aug. 1 1918 and $10,000 on Aug. 1 1919.
Proposals for these bonds will be received until 12 m, on that day by
W. N. Gableman, City Auditor.
Denom. $500.
Trit. semi-annually at
office of City Treasurer.
Certified check for 2% of bonds bid for, payable
to City Auditor, required.,
Bids must be unconditional."
.
OFFERING.—
It is reported that proposals will be received until 2 p. m. July 12 by Andrew
A. Schenck, County Treasurer, for $6,700 highway-impt. bonds.
POSEY COUNTY
(P.
O. Mt. Vernon), Ind —BOND
POTTSTOWN, Montgomery County, Pa .—BONDS NOT SOLD.—
Reports state that no bids were received on June 28 for the $100,000 4%
sewer and sewage-disposal bonds offered.on that day (V. 96, p.
1856). •
' •' •
•1
•
•
V
*
tax-free
Green), Kosciusko Countv,
received until 2 p. m. July 15
by W. B. Anglin, Twp. Trustee, for $11,000 4^% site-purchase and con¬
struction bonds.
Denom. $500.
Date July .15 1913.
Int. J. & J.
Due
$1,000 yearly on July 15 from 19.14 .to 1920, incl., and $500 yearly on
Jan. 15 from 1915 to 1920, incl., and $1,000 on Jari. 15 1921.
PRAIRIE
TOWNSHIP
(P.
O.
':/>
tric-light bonds.
;
■
ROCHESTER, N. Y.—NOTE OFFERING.—Proposals will be received
m. July 10 by E. S. Osborne, City Comptroller, for $100,000
until 2 p.
water-works-improvement and $10,000 public-market-construction notes,
payable 8 months from July 14 1913.
They will be drawn with int., and
will be delivered at the Union Trust Co. of N. Y. on July 14.
Bidder to
designate rate of interest and denomination of notes desired.
. ;
ROCKWOOD, Roane County, Tenn.—BONDS NOT SOLD.—No
sale was made on June 28 of the $40,000 5% bldg. bonds offered on that
day (V. 96, p. 1721).
The bonds will be re-advertised.
ST. LOUIS, Mo.—BOND ELECTION PROPOSED.—An election will be
held within 3 months, newspaper reports state, to vote on the proposition
to
issue
$3,500,000 bridge-completion
bonds.
PAUL, Minn.—SALE OF TAX LEVY CERTIFICATES —Up to
June 28 there had been disposed of $1,960,800 of an issue of $2,293,500 4%
certificates in anticipation of taxes.
Date June 15 1913.
Int. J. & D.
Due June 15 1914.
Of those certificates which have been sold $1,747,000
ST.
Berkshire
PITTSFIELD,
V.;-.
Other bids were:
election will be held July 7 to
an
SCHOOL DISTRICT (P. O. Rich¬
County, Tex.—BONDS VOTED.—On June 28 this
of 64 to 30, authorized the issuance of $16,000 school-
Citizens' Nat. Bank,
,
RE-OFFERED
Commissioners advises us that the $45,000
bonds offered without success on May 5,
for g&le
Int.
Dallas
ardson),
district, by a vote
Shiawasse County,
OWOSSO SCHOOL DISTRICT (P. O. Owosso),
of issuing building
the
deposit on a
Rice Lake,"
were
Mich.—BONDS DEFEATED.—At the
BE
8 by O. G. Jensen, City Clerk, for $3,000
required.
inclusive.
TO
Barron County, Wis.—BOND OFFERING.—Proposals
received until 2 p. m. July
5% public building bonds.
Certified check or a certificate of
national bank for 4% of bonds bid for, payable to "City of
Etna
Ind.—BOND OFFERING.-r-Proposals will be
represents
the renewals by old
subscribers out of the previous issue
'
$1,909,300.
SALEM,
of
■
OFFERING.—Reports
sewer-construction bonds which were to have
Columbiana County, Ohio.—BOND
the $25,000 4 A %
been sold June 26 were withdrawn
state that
in order to increase the interest rate
They will be offered for sale July 30 as 5s.
TOWNSHIP (P. O. Francesville), Pulaski County,
Ind.—BOND OFFERING.—Proposals will be received until 1 p. m. July 15
bv F. C. Westphal, Twp. Trustee, for $18,000 4 A % school bonds.
Denom.
$600.
Int. J. & J.
Due $1,200 on July 15 1914 and $600 each six months
from Jan. 15 1915 to July 15 1928 incl.
Cert, check for $500, payable to
Twp. Trustee, required.
Bonds to be delivered and paid for within 10
days from time of award.
Bids must be made on blank forms prescribed
by the State Board of Accounts.
These borids were offered without successon June23 (V. 96, p. 1648).
,
.
■'
.
*
SALT CREEK TOWNSHIP, Muskingum County, Ohio.—BOND
OFFERING.-r-Proposals will be received until 12 m. July 24 by T, H. ■
Clapper, Twp. Clerk (P. O. Chandlersville, R. F. D.) . for $1,000 6 % 5-year
coupon school site-purchase and construction bonds.
Auth. Sec. 7629,
Gen. Code.
Denom. $500.
Date July 1 1913.
Int. J. & J. at office of
Treasurer of Board of Education.
Certified check for 10% of bonds bid
(V. 96, p. 1856).
SALEM SCHOOL
for
required.
.
;
.
•
1
.
ANTONIO, Tex.—BONDS REGISTERED.—An issue of $221,000
5% 10-40-yr. (opt.) impt. Dist. No. 4 bonds was registered on June 27
SAN
by the State
Comptroller.
"
:
SCHOOL DISTRICT (P. O. San
SAN ANTONIO
.
■
Antonio), Bexar
County, Tex.—BOND ELECTION.—Reports state that an election will
be held July 18 to submit to the voters the question of issuing $300,000
school-building and improvement bonds.
SANDUSKY, Erie County, Ohio.—BOND ELECTION.—An election
30 (not July 1, as first reported) to vote on the question
$200,000 electric-light-plant-constr. bonds. (V. 96, p. 1574).
-will be held July
of issuing
SANTA CRUZ, Cal.-—BOND SALE.—An issue of $220,000 water-plantpurchase bonds voted June 25 has been subscribed for by local banks.
See "Santa Cruz" among the "News Items" on a preceding page.
SCHENECTADY, N. Y.—BOND SALE.—Bids received at the sale of
(V. 96, p. 1853) were as follows:
'n
$100,000 $400,000 $380,000 $100,000'
5% Sch. 5% Sch. 5%Seicer 5% Garb.
bonds held July 2
Series A. Series B.
Name of Bidder—
W. Halsey & Co.;
Bonds.
Disposal.
R. W. Press"
• •
prich & Co.; The Equitable Trust
_ „
Co. of New York, jointly..
-$100,830 $403,320 $383,154 $100,830
Remick, Hodges & Co.; Harris,
•
Forbes & Co., jointly
100,453 401,812
381,721 100,453
Farson, Son & Co—^
100,025
—
----------N. W. Halsey & Co.; R. W. Pressprich & Co.; The Equitable Trust Co.
of N. Y., jointly, also offered $1,280,537 fo* all of the entire issues, aggre¬
gating $1,280,000—$300,000 Park bonds to bear 4A% int., balance
$980,000 to bear 5% int.
•
.
,
,1 Award was made to first-named bidder for $980,000, as per bid;
last bid
shown rejected upon advice of Messrs. Caldwell, Masslich & Reed, who
stated that an award under the conditions would have been illegal.
Park
bonds to be re-advertised at a later date.
"
"
■
V'
N.
of
SECAUCUS, Hudson County, N. J.—BOND OFFERING.^Proposals
8, it is stated; by A. Post, Borough Clerk, for
will be received Until July
(P, O. Winamac), Ind.—BOND OFFERING.—
Proposals will be received, it is stated, until 12 m. July 8 by Phil H. McKinnis, County Treasurer, for $2,900 highway-improvement bonds.
PULASKI COUNTY
$29,000 sewer bonds.
PUTNAM COUNTY (P. O. Greencastle),
SHELBY COUNTY (P. O. Center), Tex.—BOND ELECTION PRO¬
POSED.—According to newspaper reports, a petition is being circulated for
an election to vote on the proposition to issue $287,000 road bonds.
Ind.—BOND OFFERING.—
proposals will be received until 12 m. July 7 by Arthur L.
County Treasurer, for two issues of highway-impt. bonds, aggre¬
It is stated that
Reat,
j
gating $19,240.
QUANAH, Hardeman Countv, Tex.—BOND ELECTION.—The
tion to vote on the propositions to issue the $16,000
water-works bonds (V. 96, p. 1856) will beheld July
elec¬
COUNTY
(P.
sewerageandl$20,000
28, it is stated-
O.
RANKIN COUNTY (P. O. Brandon), Miss.—BONDS PROPOSED.county, according to reports, proposes to issue $75,000 6% goodbonds.
This
road
RED OAK INDEPENDENT SCHOOL DISTRICT (P. O. Red Oak),
County, Tex.—BONDS REGISTERED.—On June 17 the State
Comptroller registered the $15,000 5% bldg. bonds voted May 3 (V. 96,
p. 1440).
Due $500 yearly.
"
Ellis
Texas.—BOND ELEC¬
TION.—Report^ state that an election will be held Julv 12 to submit to a
vote the question of whether this county shall issue $200,000 5%'40-yea
RED
RIVER
road bonds (V.
COUNTY
96, p. 1721).
(P.
O.
Clarksville),
La .—BONDS NOT SOLD—INTEREST RATE TO
June 24 the $101,500 4A% tax-free public impt.
BE INCREASED.—On
bonds
Winchester), Ind.—BOND SALE.—
Goodrich & Ward of Winchester were awarded during June the following
4A% gravel-road bonds, aggregating $38,740:
$9,600 D. L. Fouts Road, Nettle Creek Twp., bonds for $9,627.
9,440 W. H. Shockney Road, Greenfork Twp., bonds, for $9,469.
19,700 F. H. Thompson Road, Nettle Creek Twp., bonds, for $19,757.
RANDOLPH
SHREVEPORT,
"
(V. 96, p. 1721) were
awarded to Mayer, Deppe
&WalterofCincin¬
requested an allowance
the issue. This request
its acceptance of the
been made to re-vote the bonds at 5% interest.
will be taken on the issuance of $55,000 street-
nati at par.
Subsequently, it is reported, this firm
of $10,000 to cover expenses incident to negotiating
was denied arid the City Council on June 25 withdrew
bid.
Arrangements have
At the same time a vote
repair apparatus bonds.
Mahoning County, Ohio.—
received on June 25, it is stated, for
offered on that day (V. 96, p. 1575).
SNOW HILL, Worcester County, Md.—BOND SALE.—On June 28
$1,000 5% refunding water bonds were awarded to T. M. Purnell at 101.
Denom. $100.
Date July 1 1913.
Interest J. & J.
SOUTH HEIGHTS SCHOOL DISTRICT (P. 0. Rock Island), Rock
Island County, 111.—BONDS DEFEATED.—This district on June 14,*
according to reports,, defeated by a vote of 17 to 28 the question of issuing
SMITH TOWNSHIP
(P. O. Sebring),
BONDS NOT SOLD.—No bids were
the
$30,000 4 A % road-impt. bonds
building bonds." SOUTH OMAHA SCHOOL DISTRICT
(P. O. South Omaha),
Douglas County, Neb.—BOND OFFERING.—Proposals will be received
until 8 p. m. July 7, it is reported, by J. P. Sullivan, Sec. Board of Educa¬
tion, for $60,000 5% school bonds.
Interest semi-annual.
Certified check
for $500 required.
THE
CHRONICLE
SPRINGFIELD, Greene County, Mo.—BOND ELECTION PRO¬
POSED.—An election will be held in the near future,
reports state, to vote
the question of issuing $100,000
park bonds.
on
SPRINGFIELD—PLEASURE
DRIVEWAY
PARK
rDISTRICT,
HI.—BOND ELECTION.—An election will be held
July 15 to submit to a
vote the question of
issuing $45,000 5% serial coupon judgment bonds.
STARKE SCHOOL DISTRICT (P. O.
Starke), Bradford County,
la.—BOND ELECTION.—To-day
(July
5)
the question of issuing
$30,000 building bonds will be submitted to the voters.
:
STEELTON SCHOOL DISTRICT (P. O. Steelton), Dauphin Coun¬
ty, Pa .—BOND OFFERING.—This district is offering for sale $35,000
of an issue of $65,000
4yA% 30-yr. coup, tax-free bldg. bonds offered with¬
out success on
May 29 (V. 96, p. 1649).
'
v
STRAWN SCHOOL DISTRICT (P. O. Strawn), Palo Pinto County,
Tex.—BONDS VOTED.—By a vote of 61 to 19 the question of issuing
■
$16,000 building bonds carried, reports state, at a recent election.
SUMMIT COUNTY (P. O, Akron), Ohio.—BOND SALE.—On June 18
the $160,000 5% coupon
flood-emergency bonds (V. 96, p. 1649) were
awarded to Hayden, Miller & Co. of Cleveland at
par and interest.
SWAMPSCOTT, Essex County, Mass.—BOND SALE.—On June 26
five issues of 4)^%
V^gating $42,900,
interest.
coupon
were
Other bids
(with privilege of registration) bonds, aggre-
awarded to R. L. Day & Co. of Boston at 100.44 and
were:
Blodget & Co., Boston
The bonds
are
100.08|Estabrook & Co., Boston
described
as
V
100.03
follows:
$3,000 water bonds.
Denom. $500.
to 1919, inclusive.
7,500 sewer .bonds.
Denom. $500.
Due $500 yearly May 1 from 1914
inclusive.
13,400 miscellaneous loan bonds.
Denom. (10) $1,000, (6) $500 and (1)
$400.
Due $1,500 yearly from 1914 to 1919, incl., $1,400 July 1
1920 and $1,000 on July 1 in 1921, 1922 and 1923.
Dates; water bonds, May 1 1913; all others, July 1 1913.
Interest:
water bonds, M. & N.; all others, J. & J.
TAFT SCHOOL DISTRICT (P. O.
Taft), Kern County,! Cal.—
BOND ELECTION.—The question of issuing $18,000
grammar-school
building bonds will be submitted to a vote, it is stated, on July 18.
TALLAHASSEE, Leon County, Fla.—BOND OFFERING.—Proposals
12 m. Aug. 14 by A. H. Williams, City Clerk, for
$32,000 st.-paving, $4,000 water-main-impt. and $9,000 gas, electric-light
and water-works-ext. 5% 10-50-yr.
(opt.) bonds (V. 96, p. 1379).
Denom.
$1,000.
Int. F. & A. at Chemical Nat. Bank, N. Y. C.
Cert, check for
2% of bonds bid for required.
Bonds have been validated by decree of
will be received until
-
purchased last week (V, 96, p. 1857) was 98.10.
The
offered to investors at an interest yield of about
5H%-
Circuit Court.
•
the election held June 24-
TENNESSEE.—PRICE
PAID
FOR
SHORT-TERM
REFUNDING
BONDS.—Nashville newspapers state that the price paid by the banking
syndicate for the $9,401,000 5% 1-year temporary loan refunding bonds
:.
(Y. 96,
St.
Joseph
County,
Mich.—BOND ELECTION
electric-light-installa¬
V
..
TIPPECANOE COUNTY (P. O.
Lafayette), Ind.—BOND OFFERING.
—Proposals will be received until 2 p.m. July 11, it is stated, by F. Lee
Duncan, County Treasurer, for $26,600 highway-impt. bonds.
TOLEDO, Ohio.-1—BOND OFFERING.—Proposals will be received
7:30 P- m. July 30 by J. J. Lynch, City Auditor, for the following
4H% coupon bonds:
•
$150,000 water-works bonds.
Denom. $1,000..
Due $50,000 on June 1
until
1929, 1930 and 1931.
These bonds
were
as 4s on April 16 (V. 96,
p. 1174).
130,633 street-impt.
bonds.
Denom.
(130)
offered without success
$1,000,
(1)
$633.
Due
June 1 1920.
Date June 1 1913.
Int. J. & D. at U. S. Mtge. & Trust Co., N. Y.
City.
Certified check on a national bank in Toledo for
5% of bonds bid for,
payable to City Auditor, required.
.
TROUTDALE, Multnomah County, Ore.—BONDS DEFEATED.—
Dispatches state that the proposition to issue $5,000 city-hall-construction
was
defeated at
a
recent election.
TUSTIN SCHOOL DISTRICT (P. O.
—BONDS
VOTED.—According
to
Tustin), Orange County, Cal.
this
reports,
district
$50,000 building bonds.
URBANA
recently
voted
.
SCHOOL
DISTRICT
(P.
O.
Urbana),
Champaign
County, Ohio.—BOND SALE— On July 1 $3,000 5*4% 4M-year (av.)
building bonds were awarded to the Nat. Bank of Urbana at par,
Denom.
(2) $550, (2) $500, (2) $450.
Interest J; & J.
/
.: "
Findlay), Hancock County, Ohio
ELECTION.—According to reports, an election will beheld July 8
VAN BUREN TOWNSHIP (P. O.
—BOND
to vote on the
proposition to issue $17,000 bonds for centralized schools.
VERMILION, Erie County, Ohio.—BONDS DEFEATED.—The
ques¬
tion of issuing $23,500 sanitary-sewer and
disposal-plant constr. bonds was
defeated bya vote of 79 "for" to 111
"against
at the elect on held June 17
WADS WORTH, Medina
County, Ohio.—BOND $ALE.—The $12,500
5% 92£-year (average) street-impt. bonds offered on June 3 (V. 96,
p. 1441)
Sidney Spitzer & Co. of Toledo.
WALLINGFORD CENTRAL SCHOOL DISTRICT (P. O.
Wallingford), New Haven County, Conn.—BONDS NOT SOLD.—No bids were
received on June 28 for the $20,000 4>3
% refund, bonds offered on that day.
have been awarded, it is stated, to
WARREN COUNTY (P. O.
Williamsport), Ind.—BOND
OFFERING.
—The County Treasurer will receive
proposals until 1 p. m. July 8, it is
stated, for two issues of highway-impt. bonds, aggregating $22,380.
WASHINGTON
TOWNSHIP,
Greene
County,
Ind.— WARRANT
OFFERING.—It is reported that Theo. S. Rainbolt
(P. O. Lyons)
receive proposals until 10 a. m. July 19 for
$2,700 township warrants.
will
WASHINGTON TOWNSHIP (P. O.
Bowling Green), Clay County,
Ind.—BOND OFFERING.—Proposals will be received until 10 a. m.
$250,000
CITY
each, dated May
OF
AUGUSTA, GEORGIA,
Flood Protection Bonds of 1912
1,
1913, and bearing interest
(5%) per annum, pay¬
the first days of May and
November in each year, both principal and inter¬
est being payable at the First National Bank of
West Orange, N. ,J. Ten of said bonds will be
payable on May 1st in each of the years 1934 to
1939 inclusive; twelve of said bonds will be
payable
on
May 1st, 1940; eight of said bonds will be
payable on May 1st, 1941, and ten of said bonds
will be payable on May 1st in each of the
years
NOTICE
at the rate of five per cent
semi-annually
on
1942 and 1943.
Said bonds will be coupon bonds,
with the privilege of registration as to
principal.
Proposals
should
be
Addressed
to
Albert
Wrensch, District Clerk of the School District
of the Town of West
Orange, Post Office Ad¬
dress, Montclair, N. J., and each proposal must
be accompanied by a certified check on an in¬
corporated bank or trust company, payable to
of West Orange, for 2% of the face value of
bonds bid for, and all proposals must
the
provide for
genuineness by the U.
S. Mortgage & Trust Co.
legality by Messrs.
Longfellow of New York
City, whose opinion will be furnished to the
bidder.
No sale shall be, made so as to include
coupons, but all past-due coupons shall be detached before delivery
they belong.
The time when sales of said bonds shall be made and the
amount to be sold at
any time, subject to the maximum amount herein prescribed, shall be
fixed by the City Council of
Augusta, according to the requirements of the work to be done
for the purpose Of
protection against floods.
All the requirements, notice or details in connection with any of such sales shall be left to the discretion and power of the Finance
Com¬
mittee." '
'
of the bonds to which
to
and will be approved as to the
Hawkins, Delafield &
or blocks not exceeding In
Fifty Thousand Dollars ($250,000),
dignity and no bond shall have any
priority or preference over any other bond of such issue.
Such sales shall be by competitive
bid to the highest bidder for cash.
Each sale of said bonds shall be advertised.in at least
one newspaper in each of the cities of
Augusta, Atlanta, Baltimore, Boston, Chicago and
any one sale the principal amount of Two Hundred and
but all of. such bonds whenever sold shall have the same
New York once a week for two weeks before the sale.
therein any past-due
,
as
SALE
"Such bonds shall be sold by the Finance Committee in lots
'
the payment of accrued interest from the
date of
said bonds to the date of
delivery and payment for
the
same.
*
Said "bonds will be prepared and certified
OF
Sealed proposals will be received
by the Finance Committee of The City Council of Augusta,
Georgia, to be filed with the Clerk of Council at his office, Augusta, Georgia^ until 12 o clock
noon,
City or Eastern time, on the 10TH DAY OF JULY, 1913, for the
purchase for cash of all or any
part of Two Hundred and Fifty Thousand Dollars
($250,000) principal amount of bonds of the City
Council of Augusta, known as
"City of Augusta Flood Protection Bonds of 1912."
The amount thus
to be sold is a
portion of a series of bonds known as "City of Augusta Flood Protection Bonds of 1912,"
for the aggregate
principal amount of One Million Dollars ($1,000,000).
Each of said bonds is for the
principal amount of One Thousand Dollars ($1,000), bears date November
1, 1912, matures thirty
STars after date, and bears interest at the rate of four and one-half
(4M) per cent per annum, payable
on May and November
first of each year, represented by coupons.
The above amount of such issue
of bonds is offered for sale in
accordance with Section 7 of the ordinance of. The City Council of Au¬
gusta, providing for such issue, as follows:
"|f;
' :
the order of Edward A.
McGuirk, -Custodian of
School Moneys of the School District of the Town
succes-
„
'
.
Said bonds will riot
and accrued interest.
be sold for
"
less
than
par
r
«
This Board- reserves the right to
reject any or
all bids.
For blank form of bids and,
.
...
circular of informa¬
tion,
address
Albert
Wrensch, District Clerk
P. O. Address Montclair, N.
J., or United States
Mortgage & Trust Compnay, 55 Cedar Street,
New York.
V
Dated June 27th,
1913.
^ ^
THE BOARD OF EDUCATION OF THE
TOWN OF WEST ORANGE IN THE
COUNTY OF ESSEX, N. J.
By
ALBERT
WRENSCH,
District
BLODGET
&
Clerk.
CO.
BONDS
60
RIVERS,
tion bonds.
Orange, N. J.,
SCHOOL BONDS
.
1575).
p.
THREE
stated, by F. D. Riviere, City
^-yr. (av.) water and sewer-ext.
(av.) R. E. Lee Institute ext. 5% bonds voted May 21
Int. semi-ann.
Cert, check for $200 required.
NEW LOANS.
Sealed proposals will be received by the Board
Of Education of the town of West
Orange, in the
County of Essex, N. J., until 8:30 p. m. JULY
14, 1913, when they will be opened, for the pur¬
chase of all or any part of $100,000 five per cent
(5%) School Bonds of the Town of West Orange,
said bonds to be of the denomination of $1,000
ful
re-
$100,000
Town of West
able
are
PROPOSED.—An election will be held in the near
future, reports state, to
vote on the question of issuing
water-works-impt. and
NEW LOANS
•
bonds
THOMASTON, Upson County, Ga.—BOND OFFERING—Proposals
•
•
TECUMSEH SCHOOL DISTRICT NO. 7 (P. O. Tecumseh), Lenawee
a vote of 96 "for" to 117
"against", the proposition to issue $50,000 bldg. bonds was defeated at
County, Mich.—BONDS DEFEATED.—By
xcvii.
will be received until 8
p. m. July 15, it is
Clerk and Treas., for the $15,000 21
and $5,000 28-yr.
bonds
Due $500 yearly July 1 from 1914
to 1928, inclusive.
8,500 fire department bonds.
Denom.
(8) $1,000,
(1)
$500.
Due
$1,000 yearly July 1 from 1914 to 1921, incl., and $500 July 1 1922.
10,500 public park and town-hall bonds.
Denom. (19) $500, (1) $1,000.
Due $1,000 July 1 1914 and $500 yearly July 1 from 1915 to 1933,
[Vol.
STATE STREET,
BOSTON
The time of the sale of the bonds now offered for sale, and the amount to
be sold, have been fixed
by The City Council of Augusta, for the da,te herein set out and for th'e amount herein
expressed,
according to the requirements of the work to be done for the purpose of protection
against floods,
by a resolution adopted by it on the 23d day of June, 1913.
These bonds have been validated in
accordance with the laws of the State of Georgia, and provision has been made
for the levy of suf¬
ficient taxes each year to
pay the interest and the entire amount of the principal at maturity.
Such
entire issue of bonds, of which those now offered for sale are a
part, are secured by a mortgage or deed
of trust from the
City Council of Augusta to the United States Mortgage & Trust Company, covering
and creating a lien upon both the
power-producing canal and municipal waterworks of such City;
said mortgage being the first and
only lien upon the said properties.
All bids must be made out on blanks that will be furnished
by William Lyon Martin, Clerk of
Council,
Augusta, Georgia, and must be accompanied by a duly certified check, payable to the order
of "The City Council of
Augusta," for two per cent of the principal amount of the bonds bid for.
which check is to become the
property of said "The City Council of Augusta," as payment of liqui¬
dated damages should the bidder fail to comply with his bid within ten
(10) days after written notice
of the acceptance of his bid shall have been
given him.
The bid and certified check must be enclosed
in a sealed envelope marked "Bid for
City of Augusta Flood Protection Bonds of 1912," and addressed
to "Finance Committee of The
City Council of Augusta, Georgia."
It is suggested, though not in¬
sisted upon, that this sealed envelope be enclosed in another
Lyon Martin, Clerk of Council, Augusta, Georgia."
dressing said Clerk of Council.
envelope and addressed
Any additional information
to "William
by ad¬
be had
There will be furnished to the purchaser an opinion
by Messrs. Storey, Thorndike, Palmer &
Dodge, Attorneys-at-Law, Boston, Mass., favorable to the legality of such bonds.
Such bonds will
be certified by the Clerk of the
Superior Court of Richmond County, as to their validation; will be
engraved and executed under the supervision of- the United States
Mortgage & Trust Company;
and each bond will bear the certificate of that Company as.to its genuineness.
The right is reserved to reject any or all bids.
.
,
30 PINE
can
-
"
-
.
-
.
STREET,
NEW YORK
FINANCEICOMMITTEE OF THE CITY COUNCIL OF AUGUSTA,
STATE, CITY& RAILROAD BONDS
.
,
'
JAS. P.
'
,
DOUGHTY, Chairman.
LINWOOD
O.
HAYNE,
MAYOR."
7
JULY 5
July 25 by B.JF. Talbott, Twp. Trustee, for
bldg. bonds.
Denom. $250.
Date July 25 1913.
six months beginning July 1914.
school-
$3,500^4H
coup
Due
each
1649)
were
WASHINGTON TOWNSHIP (P. O.
West Toledo), Lucas County,
O. West Point),. Tippecanoe
WAYNE SCHOOL TOWNSHIP (P.
„
Ind.—BOND
OFFERING.—Further
details are at hand rela¬
school-building bonds
tive to the offering on July 9 of the $13,000 4J^%
(V. 96, p. 1858).
Proposals for these bonds will be received until 10 a. m.
on that day by C.
Turner, Twp. Trustee.
Denom. $650.
Date July 9
1913.
Int. J, & J.
Due $650 each six months from July 9 1914 to Jan. 1
1924 inclusive.
WEATHERFORD,
vote will be taken
sewer-ext.
on
Parker
Tex.—BOND ELECTION.—A
July 8, reports state, oh the question of issuing $4,000
County,
bonds.
WELLSVILLE, Columbiana County, Ohio.—BOND OFFERING.—
Proposals will be received until 12 m. July 30 by J. T. McQueen, City
Auditor, for the following 5% improvement bonds:
$6,058 Center Ave. impt. (assessment) bonds.
Date Feb. 1 1913.
Int.
annual.
3,540 Commerce St. impt.
(city's share) bonds.
Denom. $708.
Date
Mar. 1 1913.
Int. M. & S.
Due in 5 years.
Certified check for 2% of bonds bid for, payable to City Treasurer,
required.
Bonds to be delivered and paid for within 10 days from time
of award.
The
ments
County,
Ohio.—BONDS DEFEATED.—The proposition to issue the
$125,000 building bonds (V. 96, p. 1723) was defeated at the election held
June 14 by a vote of 229 "for" to 605 "against".
WESTFIELD, Hampden County, Mass.—BOND SALE.—On June 30
the two issues or 4H% coup, bonds, aggregating $93,000 (V. 96, p. 1858)
were awarded to Merrill, Oldham & Co.
of Boston at 101.279 and int.
were:
WEST PARK,
Cuyahoga County, Ohio.—BOND OFFERING.—
Proposals will be received until 12 m. Aug. 1 by F. Feuchter, Vil. Clerk,
30-yr. public-hall-const, bonds.
Auth. Sees. 3939 to 3954
incl., Gen. Code.
Denom. $1,000.
Date June 15 1913.
Int. J. & D.
Cert, check on a bank other than the one making the bid, for 5% of bonds
bid for, payable to the Vil. Treas., required.
Bonds to be delivered and
paid for within 15 days from time of award.
Purch. to pay accrued int.
for $15,000 5%
WEST
at
ORANGE
SCHOOL
Sedgwick County, Kans.—BONDS AUTHORIZED.—
passed June 23, reports state, providing for the issuance
bonds to build a "rest room" in Riverside Park.
WILLIAMSTOWN, Hancock County, Ohio.—BONDS DEFEATED.
—Dispatches state that the proposition to issue $7,000 funding and firedepartment-improvement bonds was defeated at the election held June 22
by a vote of 63 "for" to 62 "against."
A three-fifths majority was neces¬
WICHITA,
of $3,851
sary
Denom.
bonds.
$1,000.
First Nat. Bank, West Orange.
WINLOCK, Lewis County, Wash.—BNOD ELECTION.—An election
question of issuing $7,000 refunding and $3,500
will be held to vote on the
building bonds.
YAMHILL,
N.
County,
Essex
to
1939, incl., $12,000
bonded debt at present.
J.—
to
Int. M. & N. at
on an
NEW
Improvement Bonds
said
of issue, arid redeemable in 20 years,
bonds
to
draw
interest
at
the rate of
five
per
(5%)
per
annum,
payable
annually at the office of the County Court in the
City of Fairmont, Marion County, W. Va., and
said interest to be evidenced by coupons attached
to the bonds.
v
The County Court of Marion County is author¬
ized by law to include in its annual levy for road
purposes the amount required for interest on the
bonds, together with an additional fund as a
sinking fund sufficient to
expiration
of
thirty
pay
(30)
off said bonds at
years.
<
Due $532 yearly on Oct. 1 from 1914
bonds.
NEW LOANS.
LOANS,
$10,000
The
CITY OF CONRAD,
total
valuation of taxable property in Fairmont Dis¬
trict in 1912 was Eighteen Million Four Hundred
and
Forty-nine Thousand Two
Hundred and
Thirty-one Dollars ($18,449,231).
The District
has no bonded indebtedness and is authorized
by law to borrow up to Five Per Centum (5%)
Notice is hereby given by the City
the
clearly the date on which it is
bonds shall be made payable.
at the
in the
City of Conrad, County of Teton, and State of
Montana, on the
'
28TH DAY OF JULY, A. D. 1913,
at the hour of seven o'clock p. m. of that day.
That the Council reserves the right to reject
any or all bids or offers of purchase.
The Principal of said Bonds to be payable in
twenty years from the date hereof, ana $2,000 00
redeemable in ten years, $3,000 00 redeemable
in fifteen years from the date thereof at the option
of the Town Council.
All tenders, bids or offers
to purchase to be addressed to John G. Weitzel,
City Clerk, and a certified check for npt less than
$100 00 to accompany each bid to insure good faith
bidder offering the highest price therefor
Council Chambers of the City of Conrad
desired^that
the State of
Dated
right to reject any or all bids is hereby
.
Montana,
Conrad,
JOHN
this
WEITZEL,
G.
2d
day of
Clerk.
City
By order of the City Council, June 2d, 1913.
value of the bonds bid for, made to Ci A.
Bloomquist, City Treasurer, must accompany
par
at
at
June, 1913.
reserved. ■
A certified check for two (2%) per cent of the
mailed
behalf of the bidder.
on
Minnesota.
each bid.
Circular
Council of
in the State of Montana,
of Conrad,
$10,000 00, bearing interest at six (6) per cent
per annum, interest payable semi-annually, on
the first of January and first of July in each year,
will be offered for sale at Public Axiction to the
(4%) per cent per annum, payable semi-annually,
no bid or proposals will be entertained for a
less than 95 per cent of the par value of said
bonds and accrued interest on same to date of
delivery, and each bid or proposal must designate
The above" bonds are tax-exempt in
City
that the Sewer Bonds of said" City in the sum or
sum
The
MONT.,
SEWER BONDS.;
and
very
1914
1918.
on
Ways and Means of the City Council of
Minneapolis, Minnesota, at the office of the
undersigned, THURSDAY, JULY 10TH, 1913,
at 2 o'clock p. m., and thereafter, for the whole
or any part of $200,000 00 Water-Works Bonds;
$299,500 00 High-School Bonds; $75,000 00 Park
Bonds; $125,000 00 Hospital Bonds; $27,500 00
Work-House Bonds; $50,000 00 Revolving Fund
Bonds, and $150,000 00 Main Sewer Bonds, to
be dated June 1st, 1913, and to become due and
payable at a time not less than two years nor
more than thirty years frorn date thereof, as de¬
sired by the purchaser thereof.
<
Said bonds will bear interest at the rate of four
said
from
Due $1,890 yearly on Oct. 1 from 1914 to
inclusive.
1918
2,660 Earle Ave. paving
to
1
1918 inclusive.
9,450 Ina Ave. paving bonds.
Sealed bids will be received by the Committee
v
the
to
'•
.
Due $1,425 yearly on Oct.
BONDS
date
centum
from
CITY OF MINNEAPOLIS
FAIRMONT,
Sealed proposals will be received by a Committee
appointed
by the
County
Court
of Marion
County, W. Va., until SATURDAY, JULY 19,
AT 2 O'CLOCK P. M., for the whole or any
part of Four Hundred Thousand Dollars ($400,000) Permanent Road Improvement Bonds duly
authorized by the District of Fairmont in said
Marion
County.
The
bonds
will
be
dated
September 1, 1913, the denomination and number
of said bonds being ten
(10) of One Hundred
Dollars ($100) each, two (2) of Five Hundred
Dollars ($500) each, and Three Hundred and
Ninety-eight (398) of One Thousand ($1,000)
each, a total of Four Hundred and Ten (410)
bonds;
Said bonds are payable thirty (30) years
from
from
1
$927,000
(Marion County, West Va.,)
Permanent Road
1
Oct.
These bonds will be certified as to genuine¬
$400,000
OF
Oct.
Due $1,627 yearly on
7,125 Kyle St. paving bonds.
incorporated bank or trust
NEW LOANS.
DISTRICT
Due $1,622 yearly on
8,135 Maple Ave. paving bonds.
1914 to 1918 inclusive.
Due $10,000 yearly on May 1 from 1934
Certified check
of School Moneys, required.
1918 inclusive.
8,110 Marion Ave. paving bonds.
1914 to 1918 inclusive.
of bonds bid for, payable to E. A. McGuirk, Custodian
company for 2%
v
YOUNGSTOWN, Ohio.—BOND OFFERING.—Proposals will be re¬
ceived until 2 p. m. July 21 by D. J. Jones, City Auditor, for the following
5% bonds:
$1,880 Ridge Ave. sewer bonds.
Due $376 yearly on Oct. 1 from 1914
May 1 1940, $8,000 May 1 1941 and $10,000 on
on
May 1 1942 and 1943.
1913.'
May 1
Ore.—BOND OFFERING.—Proposals
Yamhill County,
E. Howard, City Recorder, for $4,300 6% gold cou¬
tax-free Impt. Dist. No. 1 bonds.
Denom. $100.
Date July 20 1913.
Int. J. & J. at office of City Treasurer.
Due July 20 1923, subject to call
after 1 year.
Certified check for 10%, payable to City Recorder, required.
pon
be received until 8:30 p. m. July 14
Date
(P. O. WillisWilliams County, No. Dak.—BONDS VOTED.—The question of
(V. 96, p. 1790) carried by a
issuing the $20,000 4% 20-year building bonds
vote of 69 to 3 at the election held June 27.
by A. Wrensch, District Clerk (P. O. Montclair), for $100,000 5% coupon
school
to authorize.
ton),
awarded to the Mellon Nat. Bank,
DISTRICT,
SOLD.—
for the $4,600 4^% road
An ordinance was
Pittsburgh, at 100.01 and int.
WEST
414% coup, taxable
1649).
Int. A. & O.
People's Sav. Bank Co. of Cincinnati.
No
BOND OFFERING.—Proposals will
Ohio.—BONDS NOT SOLD.—
County,
WHITE COUNTY (P. O. Monticello), Ind.—BONDS NOT
WESTMORELAND COUNTY (P. O. Greensburg), Pa .—BOND SALE
the $250,000 4H% 16-20-yr. (opt.) coup, funding bonds,
were
Cuyahoga
Reports state that there were no bids received
bonds offered on June 28 (V. 96, p. 1723).
—On June 30
1789),
PARK,
bids were received on June 30 for the $15,000
water-main-ext. bonds offered on that day (V. 96, p.
No
will be received by L.
N. W. Harris & Co., Inc.,
101.17
Boston
100.
100.86
R. L. Day & Co., Boston
100.589 Blodget& Co., Boston____-_100.4£
Date July 1 1913.
Interest J. & J.
Blake Bros., Boston
Curtis & Sanger, Boston
dated July 1 1913 (V. 96, p.
District Clerk.
or
official notice of this bond offering will be found among the advertise¬
elsewhere in this Department.
WILLISTON SPECIAL SCHOOL DISTRICT NO. 1
WELLSVILLE SCHOOL DISTRICT (P. O. Wellsville), Columbiana
Other bids
Longfellow of N. Y. City, whose favorable opinion will
Bids must be made on blank forms fur¬
successful bidder.
nished by above trust company
accrued interest.
Purchaser to pay
by the U. S. Mtge. & Trust Co. and their legality approved by Haw¬
kins, Delafield &
awarded, it is stated, to Edward O Gara of Lafayette.
Ohio.—BONDS NOT SOLD.—No award was made on June 25, reports
state, of the $40,000 5% site-purchase and building bonds offered on that
day (V. 96, p. 1649).
County,
ness
be furnished
WASHINGTON TOWNSHIP (P. O. Colburn), Tippecanoe County'
Ind.—BOND SALE.—On June 19 the $3,500 4J^% building bonds (V. 96,
_
p.
71
CHRONICLE
THE
1913.]
«
containing full
application.
particulars
will
be
upon
Bolger,
By order of the Committee on Ways and Means
a meeting held June 23rd, 1913.
DAN C. BROWN,
City Comptroller.
& Willaman
Mosser
MUNICIPAL BONDS
Legal for
„
Savings Banks,
of its
total valuation.
Bids must be addressed
Clerk
Postal Savings
John F. Phillips,
of Marion County,
to
of the
County Court
West
Virginia, endorsed
"Bid for
Permanent Improvement Road Bonds in Fair¬
mont
District," and accompanied by certified
check payable to Calvin D. Conaway, Sheriff of
$80,000
Fairmont,
CITY
Marion County, West Virginia, for a sum equal to
five per centum of the amount of the bid.
No
bids for less than par will be considered.
The
right is reserved to reject
Further information
upon
as
and all bids.
to this issue may be had
any
application to
JOHN
F. PHILLIPS
Clerk of the County Court,
Fairmont, West Virginia.
OF
HAZLETON,
29 South La Salle
PA.,
SCHOOL BONDS
BONDS
LIST
adopted June 25, 1913, that up to and including
the 22ND DAY OF JULY, 1913, at 8 p. m.,
said Board will receive bids for the purchase of
,000 4H per cent School Bonds.
information^applyto
EVANS,
KRAFT
LAWYER.
STACY
&
BRAUN
and Corporation Bonds
MAYER
CINCINNATI
—
..
11
"
;
1 *
1
1
1
■
■
'
HODENPYL, HARDY & C0i
Investment
Bonds
Railway, Street Ry., Gas &EIec.[Light
1037-9 FIRST NATIONAL BANK BLDG..
CHICAGO, ILL.
1
14 Wall St., New York
SpeclalHzng in Examination of
Municipal
APPLICATION
Ingalls Building
.
WM.
ON
SEAS0NG00D &
Secretary.
F.
CHICAGO
St.,
liUNlCEPAK. AND RAILROAD
is hereby given that under and pur¬
suant to a resolution and order of the Board of
School Directors of the City of Hazleton, Pa.,
Notice
For further
and Trust Funds.
SEND FOR LIST.
Toledo
Cincinnat
[SECURITIES
CHRONICLE
THE
73
5,070 Oak Hill Ave. paving bonds. ' Due $1,014 yearly on Oct. 1 from
1914 to 1918 inclusive.
810 Cedar St. paving bonds.
1918 inclusive.
Due $162 yearly
on
Oct. 1 from 1914 to
1 from
Oct. 1
14,000 Fairmont Ave. impt. bonds.
Due on Oct. 1 as follows:
$2,000 in
1915 and 1916, $3,000 in 1917 and 1918 and $4,000 in 1919.
'
12,000 Lincoln Park viaduct-construction bonds.
Due $3,000 yearly on
Oct. 1 from 1915 to 1918 inclusive.
16,000 street-improvement (city's portion) bonds.
Due $3,000 yearly on
Oct. 1 from 1915 to 1918 incl. and $4,000 on Oct. 1 1919.
5,500 street-improvement (city's portion) bonds.
Due $3,000 on Oct. 1
1915 and $2,500 on Oct. 1 1916.
■:
Date Aug. 1 1913.
Int. F. & A. at office of Sinking Fund Trustees.
_
sEach bid must be for each block of bonds separately.
Certified
2% of each block of bonds bid for, payable to City Auditor,
Bonds to be delivered and paid for not later than Aug. 1 1913.
check for
required.
DEBENTURES AUTHORIZED.—Reports state that the Town Courici I
a recent meeting authorized the issuance of
$4,389 paving, $17,526 46
asphalt paving and $14,837 st.-pavement debentures.
COLONSAY (Rural Municipality No. 342), Sask.—DEBENTURES
AUTHORIZED.—According to reports, this municipality has been em¬
powered to borrow $12,000.
COULEE
Municipality No. 136), Sask.—DEBENTURES
AUTHORIZED^--According to reports," this municipality has been author¬
ized to borrow $5,000.
DUFFERIN
F. R. Bolin (P. O. Neidpolk) is Sec-Treas.
(Rural Municipality No.
EDMONDS, B. C —DEBENTURES DEFEATED.—A by-law to raise
$200,000 for water-works-impt. was recently defeated by the burgesses,
stated.
ELDERSLEY
(Rural Municipality No. 427), Sask.—DEBENTURES
GANANOQUE, Ont.—DEBENTURE- ELECTION.—Reports state that
an election will be held July 7 (date
changed from JUne 30) to vote on the
question of raising $20,000 to be granted to the Gananoque & Arnprior
Ry. Co. (V. 96, p. 1859).
GRAVENHURST,
Canada, its Provinces and Municipalities*
BASSANO, Alta.—DEBENTURES VOTED.—The question Of issuing
$25,000 30-yr. gas-well and $5,000 10-yr. hospital 6% debentures
p. 1724) carried at the election held June 20 by a vote of 57 to 7.
BATTLEFORD CATHOLIC SCHOOL DISTRICT NO. 11, Sask.—
DEBENTURE SALE.—The $25,000 6% 30-instaU. school debentures of¬
fered on June 2 (V. 96, p. 1517) have been awarded to the Western School
Supply Co; of Regina, it is stated, at 93-6.
the
(Y. 96,
BOW ISLAND, Alta.—DEBENTURES NOT SOLD.—We are advised
by the Secy.-Treas. under date of June 25 that no sale has yet been made
of the $40,000 6% 30-yr. gas-well debentures offered on April 1 (V. 96,
p. 743.)
OFFERING
—
Sask.—DEBENTURES
SALE.—The
Ohio.—BOND
$28,500 5% 1-year Sinking Fund Trustees refunding bonds, offered with¬
on June 25 (V. 96, p. 1859) have been awarded, it is stated, to
the First Nat. Bank of Zanesvflle at par and interest.
out success
Ont.—DEBENTURE
190),
AUTHORIZED.—-It is reported that this municipality has been authorized
to borrow $15,000.
J. Slater (P. O. Bethune) is Sec.-Treas.
AUTHORIZED.—This municipality has been authorized to borrow $4,000
for permanent impts.
W. L. Robertson is Sec.-Treas. (P. O. Tisdale).
bonds (V. 96, p. 1790) are erroneous.
BRAMPTON,
R. A. Baird is Sec.-Treas.
(Rural.
No. 1,000
county offered for sale on June 28 $350,000 Reclamation District
County.
COLLINGWOOD, Ont.—DEBENTURE OFFERING.—Proposals will
be received until July 15 by A. D. Knight, Town Treas., for $30,000 20-yr.
hydro-electric-power, $17,000 20-yr. consolidated floating debt and $7,000
30-yr. 5% debentures.
Due in ann. installments.
it is
YUBA COUNTY (P. O. Marysville), Cal.—ATO BONDS OFFERED.—
We are advised by the County Treasurer that the reports stating that this
Muskingum
xcvn.
at
545 Ashland Ave. grading bonds.
Due $109 yearly on Oct.
1914 to 1918 inclusive.
5,165 Marshall St. et al sidewalk bonds.
Due $1,033 yearly on
from 1914 to 1918 inclusive.
ZANESVILLE,
ol.
Proposals will be
by W. H. McFadden, Town Clerk, for $42,701 50
5>4% local-impt. debentures..
Due in 20 ann. installments of prin. & int.
DEBENTURES VOTED.—The by-laws providing for the issuance of
$20,000 J. W. Hewetson Co. and $15,000 Hough Lithographing Co. 5K%
bonus debentures carried at the election held June 27 by a vote of 424 to 27.
Due in 10 and 15 years.
received until July 7
Ont.—DEBENTURE OFFERING .—Proposals will
be received until 6 p. m. July 7 by W. H. Cross, Town Clerk and Treas.,
for the $8,000 5H % 30-yr. So. Falls power-station -dam-constr. debentures
voted June 13 (V. 96, p. 1791.)
HALIFAX, N. S.—DEBENTURE OFFERING.—Reports state that
proposals will be received until July 28 by W. L. Brown, City Treas., for
$299,750 debentures.
HAMILTON,
Ont.—DEBENTURE OFFERING .—Proposals will be
a. m. July 10 by J. Allan, Mayor, for $382,269 26 4H%
debentures.
Int. senii-ann.
Due on March 1 as follows:
$37,034 06
1914; $38.719 38
1915;
$40,481 33
1916; $42,323 50 1917;
$44,249 60
1918; $37,660 81
1919; $20,568 63
1920; $21,504 58
1921;
$22,483 46
1922; $23,511 19 1923; $9,812 74 1924;
$10,259 27
1925;
$10,726 14 1926; $11,214 24 1927 and $11,720 33 in 1928.
A deposit of
$1,000, payable to W. R. Leckie, City Treas., required.
received until 10
local-impt.
INVERGORDON
(Rural Municipality No.
Sask.—DEBEN¬
430),
TURES AUTHORIZED.—This municipality has been authorized to
$5,000, it is reported.
row
bor¬
W. E. Brock is Sec.-Treas..
KINGSVILLE, Ont.—DEBENTURE SALE.-—Reports state that the
two issues of 5% 10-yr. debentures, aggregating $14,906 31, offered with¬
out success on April 6 (V. 96, p. 969), have been sold to local investors.
MISCELLANEOUS.
NEW LOANS.
OFFICE OF; THE
$60,000
ATLANTIC MUTUAL INSURANCE COMPANY.
Henry County, Virginia,
The Trustees, in
New York, January 22d, 1913.
conformity with the Charter of the Company, submit the following statement of its affairs on the
31« of December, 1912.
REFUNDING BONDS
The Company's
business has been confined to marine and inland transportation insurance.
..$4,069,457 66
Premiums
received, for all or any part thereof
Henry County Refunding bonds until
JULY 15TH,
on
Policies.not marked oh 1st January, 1912........—............................
Total Premiums.
NOON.
These will be coupon bonds and will date from
August 1st, 1913, and will mature August 1st,
1946;
such risks from the 1st January, 1912, to the 31st December, 1912...
Premiums
Bids will be
for $60,000
on
1913,
.......—.....
p-.■
•
.
.
•
•.
.
depominations $100 to
$1,000.
They are for the refunding of railroad
by'-authority of the Virginia Code., Sec.8346.
They will bear interest at 5%, payable semi-annu¬
ally at the Treasurer's office, Martinsville, Va.
The successful bidder must pay for said bonds on
or before August 1st, 1913.
No money required
to be deposited with bids.
The right is reserved
to reject any and all bids.
This June 30th, 1913.
JOSEPH R. TAYLOR,
Martinsville, Va.,
Agent for Henry
County.
Interest on the investments of the Company received
Interest on Deposits id Banks and Trust Companies,
Rent received less Taxes and Expenses
bonds
Losses
42,787 34
Re-insurances
475,863 41
- - - --- - - - - - --
$2,104,257 48
...
$197,204 74
544,016 02
195.79
....*
/
-.
Discount..
.
«
^
t
.1... 130,987 28
:
Less Salvages
„
;
during the year..—$302,088 79
etc
1—...
paid during the year
:
-...............-$4,055,834 06
Premiums marked off from January 1st, 1912, to December 31st, 1912...
Will be issued in
753,427 33
$4,822,884 99
;—...
—
741,416 55
~$U6~2,840~93
-
$91,649 80
Returns of
Premiums-.-,
—Expenses, Including officers' salaries and clerks'
meats, etc..
compensation, stationery, advertise-
.
563,285 21
.
Six per cent on the outstanding certificates of profits will be paid to the holders
their legal representatives, on and after Tuesday the fourth °* February next...
...
certificates of the. Issue of 1907 will be redeemed and paid to the holders thereof, or then,
legal representatives, on and after Tuesday the fourth of February next, from which date all Interest thereon
will cease.
The certificates to be produced at the time of payment and canceled.
,
A dividend of Forty Per cent is declared on the earned premiums of the Company for the year ending 31st,
December, 1912, which are entitled to participate In dividend, lor which, upon application, certificates will be
Issued on and after Tuesday the sixth of May next.
A„_
By order of the Board,
■
(J. STANTON FLOYD-JONES, Secretary.
A dividend of Interest of
thereof,
Adrian H. Muller & Son
AUCTIONEERS
The
or
.
..
_
outstanding
„
TRUSTEES.
Regular Weekly Sales
OF
'•
STOCKS and BONDS
EVERY WEDNESDAY
CHARLES M. PRATT.
PRATT,
GEORGE W. QUINTARD;
ANTON A. RAVEN,
JOHN J. RIKER,
DOUGLAS ROBINSON.
HERBERT L. GRIGGS,
ANSON W. HARD,
THOMAS H. HUBBARD;
LEWIS CASS LED YARD:
CHARLES D. LEVERICBt;
GEORGE H. MACY,
NICHOLAS F. PALMER,
HENRY PARISH,
ADOLF PAVENSTEDT,
JAMES H. POST.
N. BEACH.
ERNESTO. BLISS,
VERNON H. BROWN,
WALDRON P. BROWN,
JOHN CLAFLIN
GEORGE C. CLARK,
CLEVELAND H. DODGE;
CORNELIUS ELDERT,
RICHARD H. EWART.
PHILIP A. S. FRANKLIN;
JOHN
•DALLAS B.
WILLIAM J. SCHIEFFELIN,
WILLIAM BLOANE.
LOUIS STERN,
WILLIAM A. STREET,
GEORGE E. TURNURB.
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President.
Office, No. 65 WILLIAM STREET
WALTER WOOD PARSONS, 2d Vice-President.
CHARLES EJ FAY, 3d Vice-President.
JOHN H. JONES STEWART, 4*A Vice-President.
Corner Pine Street.
BALANCE SHEET.
AMERICAN
MFG.
CO.
ASSETS.
United States and State of New York
Bonds
New York
Other Securities
Sales
1,777,900 00
-
900.000 00
provisions of Chapter 481,Laws of 1887)
75,000 00
592.766 69
Premium Notes
Bills Receivable
ash In hands of
Brooklyn, N. Y.
pay
B.
losses under policies payable In
other properties.
Negotiations,
Investigations,
Settlements
Purchases of Property, Information.
EDWIN
NEW
Thus leaving a
Janu¬
balance of
Accrued Interest
104.322 76
110,02519
203,735 55
82,698 09
22,556 09
7,293,220 00
400,875 00
$11,020,590 67
on
Bonds on the
re-insurance"premiums
...............................
—
..$2,603,260 71
31st day of December, 1912, amounted to
Rents due and accrued on the 31st day of
Re-Insurance due or accrued, in companies
Note:
*
Compen-
Certificates of Profits"Ordered Redeemed",
Withheld for Unpaid Premiums
Certificates of Profits Outstanding......
$13,623,851 38
Unexpired
R. CASE
-
298,641 20
994,882 29
...—
Temporary Investments (payable
ary 1913)
-
EDWARDS
Reserve for Taxes—
Re-insurance Premiums
Claims not Settled, Including
satlon etc
615,303 16
-
foreign countries
GEO.
$2,174,058 00
767,050 94
262,924 06
European Bankers to
Cash In Bank
Tribune Building, NEW YORK, N. Y.
FOR SALE—Timber, Coal. Iron, Ranch and
*
Premiums on Unterminated Risks.
Certificates of Profits and Interest Un¬
...........
4,299,426 04
'
of Adjustment
paid
282,520 00 Return Premiums Unpaid.............
-
--
in process
2 716,537 00
Trust
Banks and
Real Estate cor. Wall and William Streets
and Exchange Place, containing offices
Real Estate on Staten Island (held under
Office I
Noble & West Sts.,
.
-------
Special Deposits In
Companies
CORDAGE
Estimated Losses and Losses Unsettled
$670,000 00
------
City and New York Trust
Companies-andBank Stocks...—
Stocks and Bonds of Railroads...*.
MANILA, SISAL AND JUTE
LIABILITIES.
•
December, 1912, amounted to——-----authorized in New York, on the 31st day of December,
31st day of December, f9UT anaounted to..—-----—estimated the value of the Real Estate corner Wall and
on the
The Insurance Department has
$40,804 99
26,690 99
257,330 00
47,650 39
450,573 96
Place In excess of the Book Value given above, at........
^
property at Staten Island in excess of the Book Value, at.......... ........
63,700 00
Securities on the 31st day of December, 1912, ex- ;
William Streets and Exchange
JERSEY
No better State
SECURITIES
No better Becurftfei
15 BXCHANQE PLACE
752
JERSEY
Tels. 751 and
CITY
And the
The Market value of Stocks, Bonds and other
ceeded the Company's valuation by—
^ the basis of these Increased valuations the
—
....................
1,695,027 24
balance would be..............................$5,185,044 28
•Iuly 5
RITCHOT
(Rural Municipality No. 339), Man .—DEBENTURE
ELECTION.—An election will be held July 21 to submit to a vote the ques¬
tion of issuing $60,000 5% coup, highway-impt. debentures.
Date Dec. 18
Sarnia),Ont.—DEBENTURE OFFER¬
Co. Treas., for $20,000
(P. O.
LlM3rON COUNTY
ING.—Proposals will be received by H. Ingram,
5% debentures.
Due in 10 ann. installments.
LOUGHEED,
•council
18 at Banque d'Hochelaga, Montreal or
of Commerce, Toronto, or at Clydesdale Bank,
Due in 30 ann. installments.
RIVERS, Man.—DEBENTURE OFFERING.—Proposals will be re¬
ceived until July 15 by C. Howard, Secretary-Treasurer, for $20,000 6%
public-works debentures. Date June 24 1913. Due in 20 ann. installments.
SANDWICH, Ont .—DEBENTURES AUTHORIZED.—'The Board of
Education is authorized to borrow $75,000 debentures for school-building,
DISTRICT NO. 2575, Alta.—DEBENTURE
school-bldg. debentures has been awarded
SCHOOL
MAJESTIC
SALE.—An issue of $1,700 7%
School Supply Co. of Regina at par.
MANITOU
BENTURES
CONSOLIDATED SCHOOL DISTRICT, Man.—DE¬
DEFEATED.—Reports state that the proposition to issue
reports
defeated at the recent election.
$30,000 bldg. debentures was
MERRITTON, Ont.—DEBENTURES VOTED—The question of
ing $20,000 sidewalk debentures received a favorable vote at a recent
VIKING, Alta.—DEBENTURES AUTHORIZED.—Reports state that
Council have been empowered to borrow $6,000 for fire-hall
police-station.
,
WETASKIWIN, Alta.—DEBENTURE ELECTION.—An election will
July 10, it is stated, to vote on the questions of issuing $16,000
water-works-constr., $6,000 natural-gas, $20,000 sewerage-system and
$20,000 electric-power debenutres..
.
and
1923,
REGINA,
Sask.—DEBENTURES
for the issuance of $143,754 09 sewer,
WEYBURN, Sask.—DEBENTURES TO
Mortlach.)
(P. O.
WILLIAMSBURG TOWNSHIP, Ont.—DEBENTURES DEFEATED.
by-law providing for the raising of $8,000 to be granted as a bonus to
the Ottawa & St. Lawrence Elec. Ry. Co. was defeated, it is reported, at a
—The
election.
recent
,
'
'
'
Ont .—DESCRIPTION OF DEBENTURES.—The Town
that the $6,500 debentures for the purchase of road ma¬
chinery and $5,000 water-works debentures voted May 19 (V. 96, p. 1578)
bear interest at the rate of 5% and are dated Oct. 1 1913.
Due in 20
WINGHAM,
Clerk advises us
VOTED.—The by-laws providing
$83,772 60 paving, $6,324 60 plank-
annual
trunk-sewer and $100,000
at a recent election.
installments.
V
WOODVILLE, Ont.—DEBENTURE ELECTION.—Reports state that
election will be held July 15 to vote on a by-law providing for the issuance
an
OFFERING.—Proposals
30-yr. debentures.
Ont.—DEBENTURE
HILL,
RICHMOND
will be received by A. J.
BE OFFERED SHORTLY.—
this town wUl offer for sale in the near future $285,000
municipal-impt. debentures.
: •
WHEATLANDS (Rural Municipality No. 163), Sask.—DEBEN¬
TURES AUTHORIZED.—Local newspaper reports state that this muni¬
cipality has been authorized to borrow $6,000. "G. F. Cliff is Secy .-Treas.
According to reports
VOTED.—Reports state that the
$190,831 43 water-mains, $100,000
park-impts. debentures, carried, reports state,
.
be held
proposition to issue the $58,000 water-works-impt. debentures (V. 96.
p. 1725) carried, reports state, at the election held June 23.
PETERSBOROUGH COUNTY (P. O. Peterboro), Ont.—DEBEN¬
TURES AUTHORIZED.—According
to reports the Council recently
passed on third reading, the by-law providing for the raising of $10,000 for
permanent improvements.
PRAIRIE
(Rural Municipality No. 408), Sask.—DEBENTURES
AUTHORIZED.—Newspapers stated that the Council has been authorized
to borrow $5,000 for permanent improvements.
S.'C. Bowen-Smith is
Secretary-Treasurer. (P. O. Wilkie).
sidewalks,
debentures.,
the Village
Ont .—DEBENTURE OFFERING WITHDRAWN.—
The Town Clerk advisas us, under date of June 30, that the offering of the
$30,000 5% bonus debentures which was to have taken place on that day
(V. 96, p. 1791) was withdrawn and will not occur until the spring of 1914,
as the by-law providing for the issuance of the debentures has to be con¬
firmed by an Act of the Legislature.
Ont.—DEBENTURES
OFFERING.—Proposals will be received
Treas.. for $36,000 5% sewerage
(Rural Municipality No. 310), Sask .—DEBENTURES
AUTHORIZED.—Accordingto reports this municipality has been author¬
ized to borrow $ 15,000.
E. D. G ardiner is Secy-Treas .(P.O. Lockwood).
USBORNE
O RANGE VILLE,
ORILLIA,
'•
.
.
by F. Reid. Town
NAMEPI RIVER SCHOOL DISTRICT NO. 2869 (P. O. Radway
Centre), Alta.—DEBENTURE SALE.—The Alberta School Supply Co.
of Edmonton was awarded on May 10 $1,200 7% building debentures at
Due $120 yearly Dec. 2 from 1914 to
state.'
SIMCOE, Ont.—DEBENTURE
MONCTON, Ont.—DEBENTURES AWARDED IN PART.—On June
$150,000 5 % 40-yr. of the two issues of debentures, aggregating $201,000
(V. 96, p. 1652), were awarded to the Eastern Securities Co., Ltd.* of Mon¬
treal at 97.25.
Date July 2 1913,
Int. J. & J.
25
'
Sept.
SHEDIAC, N. B.—DEBENTURE SALE.—During the month of May,
J. M. Robinson & Son of St. Johns purchased $15,000 5% 30-year water¬
works and street debentures dated May 15 1913.
issu¬
elec¬
tion, it is reported.
8ar. Int. annually in Dec.
lclusive.
'
on
Winnipeg; Canadian Bank
Ltd., London., England.
reports state.
to the Western
Int. ann.
1913.
Alt*.—DEBENTURES AUTHORIZED.—'The village
to borrow $2,000 for street and sidewalks,
been authorized
has
73
CHRONICLE
THE
1913.]
of $4,000
Hume, Clerk, for $5,000 5%
hydro-electric-power debentures.
ENGINEERS
TRUST COMPANIES.
CHARTERED 18S3
ESTABLISHED I8*>4
United States Trust Company of New
York
45-47 WALL STREET
r
jforfc, $acoit & 3>avts
•
Capital,
-
Undivided Profits
Surplus and
Engineers
$2,000,000 00
•
-
-
-
-
•
$14,025,643 12
vw'v
Administrator, Guardian, Trustee,
Depositary and in other recognized trust capacities;
; : .
;
This Company acts as Executor,
deposits. >
and invests money, securities
■
Court
personal, for estates, corporations and
WILLIAM M. KINGSLEY,
appraisers
and other property, real or
individuals.
EDWARD W. SHELDON,
properties financed
President
WILFRED J. WORCESTER, Secretary
CHARLES A. EDWARDS, 2d Asst. Secy
Vice-President
WILLIAMSON PELL, Asst. Secretary
engineers
:i constructing engineers
operating managers
It allows interest at current rates on
It holds, manages
act as '
consulting
york
115 broadway, new
san FRANCISCO
new orleans
TRUSTEES
JOHN A. STEWART, Chairman
WILLIAM
Board
of the
M. KING8LEY
STEWART TOD
MILLS
LEWIS CASS LED YARD
LYMAN J. GAGE
PAYNE
WHITNEY
EDWARD W. SHELDON
ALEXANDER E. ORR
WILLIAMH. MAOY JR
WILLIAM D. SLOANS
FRANK LYMAN
JAMES 8TILLMAN
JOHN OLAFLIN
WILLIAM
CHAUNCEY KEEP
GEORGE L. RIVES
ARTHUR OURTISS JAMES
ROCKEFELLER
CORNELIUS N.
WILLIAM
OGDEN
EGERTON L.
WINTHROP
BLISS JR
THE J. G. WHITE COMPANIES
HENRY W. de FOREST
ROBERT
I. GAMMELL
ENGINEERS
JOHN J. PHELPS
-
MANAGERS
FINANCIERS
The Union Trust Company
for
many
years
made
a
Agreement—and maintains
of New York (established in 1864) has
specialty of Personal Trusts—under Will or under
a carefully organized department for handling them*
Many millions of dollars worth of
property—real and personal—have
by conservative people, residents not only of
State but of other states in which the Union Trust Company is
been entrusted to the company
New York
authorized
to
trusts
of any
or
Exchange Place,
interviews with persons considering the
kind—for themselves
or
formation of
for others—are solicited.
CAPITAL and SURPLUS
-
-
-
-
-
$8,700,000
NEW YORK
London,
ChlH.
Manila, Para, Buenos Aires, Santiago,
Charles D. Robins
FORSTALL AND ROBISON
SNOINEERS
Investigations
COMPANY, 80 Broadway
UNION TRUST
-
San Francisco.
Chicago.
Alfred E. Forstall
do business.
Correspondence
43
and
Electric Properties
Appraisals
of Gas and
Financial
for Owners or
Institutions.
NEW YORK 03YV
84 William St.,
C. G. YOUNG
Engineering and Construction
UlinoisTrust&Smin^sBanK
Plant, Methods, Examination*
CHICAGO
Public Utilities and Industrial!
$15,000,000
Capital and Surplus,
Pays Interest
Deals in
REPORTS FOR FINANCING
Bankers Trust
Time Deposits, Current and Reserve Accounts*
Investment Securities and Foreign Exchange.
Alex. 0.
Bldg., New York
Humphreys
Alten S
Miller
on
Transacts
.
a
General
Trust
Business.
HUMPHREYS &MILL£R.lne
ENGINEERS
Power—Light—"Ga*
CORRESPONDENCE
INVITED
160 BROADWAY.
NEW YORK
74
THE
CHRONICLE
[Vol.
Hatttuics and f^KohzK* antsidt
LOS
PITTSBURGH
-1-1 *1-1 "Win
We
Buy and
Water Works,
tion
and
5goncfe.
ANGELES
(WWWMNM
rn
SAN
-h -yy-,
^ ^ n_,,_,c ,-fVi- Lnrn-.-N*.-, •
FRANCISCO
Sell
J.
Hydro-Electric, Trac¬
General
Public
TORRANCE, MARSHALL & CO.
Utility Bonds
C.
WILSON
MEMBERS
J. S.&W. S. KUHN
Incorporated
LOS ANGELES
SAN
FRANCISCO
CO.
New York Cotton Exchange
Chicago Board of Trade
The Stock & Bond Exchange
Branch
offices:^ Los Angeles, San Diego, Cal«
Portland, Ore.; Seattle. Wash.
sVancouver.BX-j
Private Wire to Chicago and New
York.
Philadelphia
Boston
Established
Conner, Chllds & Woods WILLIAM
Members New York Stock Exchange, Pittsburgh
Stock Exchange, Chicago Board of Trade.
R. STAATS
LOUIS SLOSS & CO.
CO.,
'
CALIFORNIA
•
TO YIELD
INVESTMENTS
4M% TO 6%
Bank Building,
P A
1887
Municipal and Corporation Bonds
INVESTMENT SECURITIES
P I T T S B U R Q H,
&
[New York Stock Exchange
MAIN OFFICE.
BUILDINO, SAN FRANCISCO.
MILLS
Pittsburgh, Pa.
Chlcaso
New York
Union
xcvii.
LOS ANOELES
ALASKA COMMERCIAL
BUILDING.
...SAN FRANCISCO
.
SAN
PASADENA
FRANCISCO.
It is to the interest of landlords,
stockholders,
bondholders and
corporations
to
acquaint
themselves
at
once
with
the
provisions
of
Perrin
the
proposed
FEDERAL INCOME TAX LAW.
We will be pleased to exchange our views with
you,
and send you our July Bulletin dealing
With this subject.
\
;
NEW
YORC
investment
LOS
securities
SAN
ANGELES
BOND
Bonds
COMMONWEALTH BLDG.,
and
Information
BALLARD
Members
&.
Furnished
Securities
.
Established
CALIFORNIA
Municipal and Corporation Bonds
TO YIELD
PACIFIC
SAN
NORTHWEST
Jacob Furth
■
PITTSBURGH, PA.
J. B.
John
Davis
Partlck
F. K. Struve
Quotations and
V. D. MUler
Wm. G. Hopper & Co.
EYMAN A COMPANY
A
CO.
Municipal Corporation
and
Timber
San Francisco
410 Montgomery St.
Correspondence Invited.
LOUISVILLE
GOODWIN, GARBY & HOLTON, INC.
J. J. B. HILLIARD & SON
.
Philadelphia,
MEMBERS] NEW
STOCK EXCHANGE
FRANCISCO. CAL.
Municipal and Corporation
LOUISVILLE, KY.
BONDS
BANKERS AND BROKERS
YORK STOCK EXCHANGE
[CHICAGO
1858
Members
San Francisco Stock
Bond Exchange
Bonds
HOGE BUILDING, SEATTLE.
Tha Bourse, Fourth Street,
[PHILADELPHIA
Furnished
Securltlaa
Established
SAN
SPARKS
Coast
INVESTMENT BROKERS
Investments receive our special attention.
In¬
formation cheerfully furnished regarding present
holdings or proposed investments.
W.
Information
Pacffie
SEATTLE
J.
LOS ANGELES
SUTRO A CO.
W. G. HOPPER,
H. S. HOPPER.
Members of Philadelphia Stock Exchange.
STOCK AND BOND BROKERS
28 South Third Street,
PHILADELPHIA
4H%T0 8%
FRANCISCO
PASADENA
DAVIS & STRUVE BOND CO.
.
1887
WILLIAM R. STAATS CO.
ANGELES, CAL.
Bonds originating in the
Pittsburgh Stock Exchange
PHILADELPHIA
Bldg.
SEATTLE, WASH.
on
?
McCONNEL
Commonwealth Bldg..
LOS
PITTSBURGH
PITTSBURGH SECURITIES.
California
Herman W* Hellman
DEPARTMENT
Dealers in California Securities
ARONSON-GALE CO.
Southern
Investment
FRANCISCO
Capital and Siirplui.«M^..
PITTSBURGH
C. M. Barr & Company
Qnotatlons
National Bank
(INCORPORATED)
.
H-PTayinr&BD.
Anglo & London Paris
Drake &, Riley
INVESTMENT BONDS
BOARD OF TRADE
CALIFORNIA SECURITIES
STREET RAILWAY SECURITIES
A Specialty
BALTIMORE
Correspondents: WALKER BROS., 71 B'way, N. Y.
G.
G,
BLYMYER
&
CO
CALIFORNIA
COLSTON, BOYCE & CO., HENNING, CHAMBERS & CO.
Members Baltimore Stock Exchange
Union Ry., Gas & Electric
Commonwealth Power, Ry. & Light
Pprtland Ry., Light & Power
baltimore, washington
and
southern
securities
LOCAL SECURITIES]
116 So.
■
5th
MUNICIPALS
yielding
.
454% to 554%
The
MORRIS BROTHERS
PORTLAND
Rochester Railway 1st & 2d Mtge. 5s
Buffalo Railway 1st Consol fis
Buffalo Crosstown 5s
Louisville Henderson & St. Louis 1st 5s
International Ry. 5s'
r
Texas & Mexico Division 1st Mtge. 5s -
NEW
Municipal and Corporation
BONDS
FACIFIG
HENRY
S.
LADD
Georgia Municipal
T I LTON
BANK
OREGON
-
Established 1839
-
-
$1,000,OOP
Surplus & Undiv'd Profits $1,200,000
NORFOLK, VA.
OFFICERS.
W. M. Ladd, President.
E. Cookingham, V.-Pres.
CO.
W. H.
Established 1892.
SPECIALTY
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MOTTU &
alabama
&
PORTLAND,
Capital Fully Paid
at 97H and interest.
p
mobile,
A
FRAZER
NASHVILLE
550.000INASHVILLE RY. & LT. CO.
Refunding & Extension 5s, due 1058.
STOCKS AND BONDS.
SECURITIES
PORTLAND, OREOON
Capital, Surplus and Profits, $625,000
bonds
SCHLEY
COAST
NASHVILLE
FOR SALE
MACARTNEY
YOR
LOUISVILLE, KY.
Atlanta, Ga.
MOBILE
PHILADELPHIA
John W. & D. S. Green
atlanta, georgia
Southern Public Service
FRANCISCO
PORTLAND, ORE.
Members
New York Stock
Exchange
Louisville
Stock
Exchange
Robinson-Humphrey-WardlawCo.
THE ATLANTA TRUST COMPANY
SAN
St., LOUISVILLE, KY.
ATLANTA
SOUTHERN
MUNICIPAL BONDS
454 California St..
NORFOLK. VA.
NEW
YORK
60 Broadway
PARIS, 224
,
rue
de Rlvoli
INVESTMENTS
R. S. Howard, Asst. Cash
J. W. Ladd, Asst. Cash.
M. Cook, Asst. Cash.
Dunckley, Cashier. W.
Interest paid on Time
Accounts
"Of
Individuals
furnish
Deposit# and Savings Accounts,
Banks,
Firms,
solicited.
depositors
eat
with
We
er-ry
'
Corporations
are
prepared
and
to
facility consist*,
*-"*uklpA
,
@FedFRASER