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firtantial

rontde

INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 94

Railway & Industrial Section
Bankers' Convention Section

Electric Railway Section
State and City Section

SATURDAY, JUNE 1 1912

Whe Thronitte.'
.1.•

PUBLISHED WEEKLY.

Terms of Subscription-Payable in Advance

NO. 2449
Week ending May 25.

Clearings at
1912.

1911.

Inc. or
Dec.

1910.

1909.

'TS
$
255,204,412 +14.4 263,424,745 274,064,837
22,141,450 +17.9
20,541,700
22,527,900
17,823,283 +14.5
18,816,527
13,336,046
17,540,363 +26.8
18,355,350
14,340.839
11,408,826 +5.3
11,563.247
10,284,063
7,447,523 +1.5
7,585,879
5,915,023
5,832,400
5,045.800 +10.5
5,369,900
4,055,368
4,546,371 -4.8
3,321,698
2,619,595
2,516,452 +15.3
2,954,688
2,667,107
2,479,417 +23.4
2,257,859
1,830,951
1,712,905
1,974,952 +11.3
1,945,865
2,044,402 +8.6
1,701,628
626,161
723,502 +2.3
556,700
772,705
816,004 +24.1
795,354
846.448
984,644 +2.7
949,170
934,591
810,941 +60.0
892,710
901,019
724,292
794,338 +11.6
800.000
1,219,000 +106.5
700,000
676,103
+0.4
745,641
658,740
440,972
403,971
643,629 -21.6
469,651
542,195 +9.7
481,023
922,437
920,196 +31.4
.590,810
611,529
565,413 -18.8
620,407
490,063 -6.1
424,357
462,224
457,274 +31.7
515,233
276,000
353,846 +17.8
408,656
490,696
378,704 +6.6
357,566
309,114
376.191 -5.9
364,193
333,765
239,027 +10.3
244,029
242,674
350,360 -6.7
268,248
280,967
161,814 +0.5
191,724
160,256
62,720 -45.6
25,770
26,529
335,633 -4.6
430,000
362,144,386 +14.5 370,470,126 367,702,797

Chicago
291,863,082
Cincinnati
26,101,450
Cleveland
20,402,001
Detroit
22,237,575
Milwaukee
12,013,847
Indianapolis _ _ _
7,557,119
Columbus
5,577,600
Toledo
4,239,260
Peoria
2,900,000
Grand Rapids_
3,141,271
Evansville
2,198,587
Dayton
2,220,198
Kalamazoo
740,147
Terms of Advertising-Per Inch Space
Springfield, Ill _ _
1,046,514
Fort Wayne
1,011,561
Transient matter per inch space(14 agate lines)
4 20 Youngstown _ - _ _
_
1,296,857
2 00 Rockford
Two Months
(8 times)
886,131
29 00 Akron
Three Months (13 times)
Standing Business Cards
2,517,000
50 00 Lexington
Six Months
(26 times)
748,700
87 00 South Bend
Twelve Months(52 times)
504,987
CHICAGO OFFICE-GOO.M.Shepherd,513 Monadnock Block;TeLnarrison 4012. Quincy
594,441
LONDoN OFFICE-Edwards (45 Smith,1 Drapers' Gardens, E. C.
Canton
1,209,411
Bloomington_ _ _
459,870
WILLIAM B. DANA. COMPANY, Publishers,
Springfteld, Ohio.
462,372
P.O. Box 958. Front, Pine and Depeyster Stn.,
New York.
Jackson
602,162
Decatur
416,603
403,917
Published every Saturday morning by WILLIAM B. DANA COMPANY, Mansfield
353,926
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana, Danville
263,685
Vice-Presidents; Arnold G. Dana, See. Addresses of all, Office of the Company. Jacksonville, Ill_
Lima
326.051
Ann Arbor
162,622
Adrian
34,151
CLEARING-HOUSE RETURNS.
Owensboro
320,341
The following table, Made up by telegraph, &c., indicates that the
Tot.Mid.West. 414,813,448
total bank clearings of all clearing houses of the United States for week
ending June 1 have been :0'2,740,330,511, against 33,165,916,325 last San Francisco__ _
38,892,686
45,133,494
40,772,319 +10.7
31,783,801
week and $2,911,291,562 the corresponding week last year.
Los Angeles
15,625,762
20,775,147
16,593,547 +25.2
13,334,674
Seattle
10,721,788
10,346,926 +9.5
11.333,840
12,656,826
Portland
8,747,263
9,831,307
8,786,127 +11.9
6,115,202
Clearings-Returns by Telegraph.
Per
Salt Lake City5,827,229
'6,327,584
5,597,032 +13.0
6,293,415
Week ending June 1.
1912.
Cent.
1911.
Spokane
4146,855
4,589,019
3,871,889 +7.1
3,115,524
Tacoma
5,413,192
4,004,933
3,997,354 +0.2
5,681,602
Now 'York
81,155,135,389 81,333,092,939 -13.4 Oakland
3,253,354
2,685,621
2,792,775 +16.5
1,687,400
Boston
100,028,389
118,502,435 -15.3 San Diego
2,270,757
1,400,000
1,540,000 +47.4
1,125,000
Philadelphia
90,866,567
120,850,092 -23.1 Sacramento
1,448,423
1,203,286 +20.4
1,014,260
1,004,068
Baltimore
22,464,733
24,557,256
-8.5 Pasadena
898,232
797,402 +12.7
800,000
Chicago
-7.8 Fresno
206,959,879
190,798,499
975,038
540,000 +80,6
538,104
407,950
St. Louis
56,805,507
-1.1 San Jose
57,448,657
555,099
447,146 +24.2
429,233
409,970
New Orleans
14,139,261
15,992.378 -11.7 Stockton
799,121
624,996 +27.9
516,482
363,172
North Yakima
400,895
396,126 +1.2
450,000
338,972
Seven cities, 5 days
31,039,238,345 $1,887,303,636 -13.1 Reno
289.736
200,000 +44.9
215,000
220,000
425,678,917
Other cities, 5 days
402,497,618
+5.7
Total Pacific
112,443,815
98,507,825 +14.1
97,865,639
84,537,576
12,064,917,262 12,289,801,254
Total all cities, 5 days
-9.8
46,996,138
48,291,312
43,137,416 +11.9
38,927,290
675,413,240
• 621,490,308
All cities, 1 day
+9.0 Kansas City_
Minneapolis
18,759,088
16,892,348
16,634,146 +1.5
15,917,346
eq 710 nqn ,11
R9011 901 M12
15,773,677
15,634,370
14,967,518 +4.5
-50 Omaha
14,494,121
St. Paul
9,870,466
11,835,885
9,511,237 +3.8
7,937,552
The full details for the week covered by the above will be given next Denver
8,220,584
9,135,128
8,165,527 +0.7
7,980,905
Saturday. We cannot furnish them to-day, clearings being made up by the St. Joseph
6,884,153
+7,5
7,103,544
6,400,871
5,351,652
clearing houses at noon on Saturday, and hence in the above the last day of Des Moines
4,054,757
3,588,394
3.803,753 +6.6
2,925,119
the week has to be in all cases'estimated, as we go to press Friday night.
Duluth
3,061,902
3,549.449
2,617,103 +13.1
2,559,000
We present below detailed figures for the week ending with Saturday, Sioux City
2,849,168
2,256,659 +26.3
2,972,160
2,198,532
noon, May 25 for four years.
Wichita
3,430.000
3,098,822 +10.7
2,852,129
2,369,921
Lincoln
1,519,960
1,520,826 --ADA
1,404,928
1,307,379
.
I
Davenport
1,271,025
1,139,689 +11.6
1,269,037
1,203,811
Week ending May 25.
Topeka
1,395,346
1,208,468
1,476,672 -5.5
1,189,483
Clearings at
Rapids_ _
Cedar
1,300,000
1,323,465
1,147.766
1,099.472 +18.3
Inc. or
302,965
Fargo
684,384 -55.9
792,516
541,287
1912.
1911.
Dec.
1910.
1909.
542,549
Colorado Springs.
716,668
500,066 +8,5
574,422
Pueblo
609,667
569,326 +7.0
480,342
526,519
$
$
%
S
$
321,610
Fremont
373,182
304.590 .+5.3
380,750
1,844,285,564 1,710,221,471
New York
+7,8 1,774,159,016 1,686,608,486 Waterloo
1,300,543
1,114,799
1,251,440 +3.9
140,106,640 139,184,521
Philadelphia _
+0.7 136,828,705 131,358,996 Helena
721,448
790,888
1,191,392
797,377 -9.5
Pittsburgh
50,380.152 +18.1
. 59,479,043
51,772,456 ,46,239,573 Aberdeen
284,493
400,000
355.693 -20.0
Baltimore
34,622,325
31,310,352 +10.6
20,006,720
24,547,361 Billings
183,515
257,231
92,988 +176.6
154,123
Buffalo
8,888,600 +24.7
11,061,224
8,975,628
8,840,058 Hastings
199,034
180.000
185,854 +7.1
Washington
7,288,298 +4.3
7,535,964
7,599,238
6,878,509
Tot.oth. West. 129,214,821 120,571,429 +1.2 133,313.725 108,878,370
Albany
6,674,775 -6.8
5,846,806
0,220.042
5,477,849
Rochester
3,370,758 +16.0
3,360,677
3,921,114
3,288,634
-Scranton
2,443,413 -9.6
2,640,979
2,208,404
2,388,329 St. Louis
77,924,854
71,307,658
60,499,206
66,533,745 +17.1
Syracuse .... _
1,997,390
2,371,545 -8.7
2,165,653
1,703,940 New Orleans_
17,378,448
15,884,808
13,245,841
23,122.265 -24.8
Reading
1,521,118
1,530,614 +5.0
1,606,048
1,371,729 Louisville
12,777,694
15,424,664
12,066,636 +27.8
10.707,168
Wilmington
1,400,647
1,285,709
1,444,046 -11.0
1,317,608 Houston
17,160,988
12,025,384
10,525,171 +63.0
13,384,762
Wilkes-Barre
1,322,844
1,343,175
1,171,975 Galveston
1,346,787 -1,8
8,200,000
5,357,500
6,244,500 +31.3
5,326,500
Wheeling
2,000,090
1,793,912
1,893,196 +5.7
1,642,149 Richmond
7.323.497
7,153,129 +2.4
6.892,967
5,982,846
Trenton
1,430,433
1,646,088
1,368,523 Atlanta
1,365,895 +20.6
10,589.214
7,596,866
6,731,828
9,400,667 +12.5
York
953,187
850,487
812,159 +17.4
Memphis
797,389
6,795,663
4,990,259
4,585,180
5,520,532 +23.1
Lancaster
1,354,068
1,000,000
040,284 +44.0
Fort Worth
5,922,711
5,627502
5,693,754
5,023,524 +17.9
Erie
911,471
780,200
779,425 +16.9
5,251,949
606,765 Nashville
3,437,714
3,355,913
3,518,433 +49.3
Binghamton _ _
608,100
482,200 +26.1
417,200
305,700 Savannah
4,526,393
3,457.799
2,933.643
3,691,879 +22.5
Greensburg
573,756
518,146
469,992 +22.1
3,130,656
473,582 Norfolk
2,837,001
2,919,664 +7
2,639,181
.2
Chester
531,597
513,639 +3.5
2,827,047
581,627
2,437,532
2,369,972 +19.3
461,741 Birmingham __
1,778,073
.Altoona
559,138
3,200,000
462,678 +20.8
2,058,681
431,209
381,660 Jacksonville _
2,725,107 +17.4
1,566,275
Chattanooga .
1,998,968
1,705,940
1,705,640 +17.2
1.251,508
Total Middle__ 2,125,022.213 1,974,164,800 +7.6 2,032,092,597 1,927,231,346 Knoxville
1,464,394
2,012,274
1,556,510 +29.3
1,362,290
Augusta
1,997,524
1,807,576 +10.5
1.546,504
1,322,387
154,346,845 145,275,081
Boston
+6.2 141,320,683 138,620,950 Little Rock
1,710,725
1,562,986 +9.
1,375,409
1,255,381
Providence
7,639,600
7,005,500 +8.1
1,689,542
1,438,286 +17.5
7,015,300
6,727,100 Charleston
1,360,752
1,068,844
4,097,816
Hartford
3,810,047 +7.5
1,341,515
3,026,453 Mobile
1,142,792 +17.4'
3,726,826
1,269,163
1,199,763
2,806,122
New Haven
2,613,091
2,813,100
2,359,114 Oklahoma
+7.4
1,300.000
1,850,000 -29.7
2,300,000
1,325,000
2,168,533
Springfield
2,185,915 -0.8
1,820;476 Macon
2,038,730
3,225,000
624,106
2,449,255 +31.7
596,115
1,842,448
Portland
1,723,476 +6.9
1,838,268
1,465,473 Austin
2.000,000
672,690
4,255,680 -53.0
803,548
2,355,134
Worcester
2,123,268 +10.0
1,627.492 Wilmington, N.C
2,097,387
.700,000
532,856
631,041 +10.9
350,000
1,120,088
Fall River
1,037,621
1,059,189 Vicksburg
+8.0
870,757
201,061
188,334
177,031 +13.6
166,923
846,841
New Bedford.
864,268 -2.0
1,035,566
.759,560 Jackson
313,147
500,000
326,985 -4.2
252,000
581,626
Lowell
511,143 +13.8
461,906
406,445 Tulsa
+7.3
669,661
691.131
646,666
Holyoke
536,690 +20.5
471,693 Muskogee
471,530
• 687,288
824,682 -16.3
Bangor
446,050
477,593 -6.6
Total Southern 205.524,259 177.213,494 -1-16.0 170.229.513 149,383.929
Total New Eng 178.807.769 168.224.593
4-11.3 102 RonnAl 15A 243.045
Total all
3.165.916.325 .900.820.521
2,967,661.652 2.796,077.963
Outside N.Y.. 1,321,630,761 1,190,605,056 +11.0 1,193,502,636 1.109.469.41,
Note.
-For Canadian clearings see "Commercial and Miscellancoi s News."
$10 00
For One Year
For Six Months
6 00
European Subscription (including postage)
13 00
European Subscription six months(including postage)
7 50
Annual Subscript on in London (including pcstage)
22 148.
Six Months Subscription in London (including postage)
21 118.
Canadian Subscription (including postage)
$11 50
Subscription includes following Supplements,
BANK AND QUOTATION (monthly) RAILWAY AND INDusTRIAL(3 times yearly)
RAILWAY EARNINGS(monthly)
ELECTRIC RAILWAY(3 tunes yearly)
STATE AND CITY(semi-annually) BANKERS'CONVENTION (yearly)




1468

THE CHRONICLE

[VoL. Lxxxxiv.

It is clear from the course of events that Mr. Roosevelt simply expected Mr. Taft to keep the chair warm
THE FINANCIAL SITUATION.
Whatever may be thought of Mr. Roosevelt's for him during the interval of four years. The
chances of securing his own nomination and election, "Outlook," on whose staff I Mr. Roosevelt occupies
he has clearly succeeded in establishing for himself one the position of Contributing Editor, in its issue of
record in American history. No one, until lately, March 2nd, when commenting on Mr. Roosevelt's
would have thought it possible that any individual in letter declaring he would accept the nomination for
this country would ever be able to lay claim to the President (this in response to the request of seven
distinction of having made and unmade a President Republican Governors asking him to become a candiof the United States. As Mr. Roosevelt on Tuesday date), pointed out that Mr. Roosevelt in ,consenting
of this week swept the State of New Jersey at the to run was simply acting in the spirit of his reply to
primary elections on that day, getting all of the the address of welcome at the Battery in New York
twenty-eight delegates from that State to the National on his return to this country in June 1910. On that
Republican Convention, Mr. Taft's prospects of ob- occasion the ex-President said: "I am ready and
taining the nomination, and therefore of securing re- eager to do my part, so far as I am able, in helping
election at the polls next November, may be said to solve problems which must be solved, if we, of this
have faded away. To Mr. Roosevelt belongs the the greatest Democratic republic on which the sun
credit, or rather the discredit, of having accomplished ever shone, are to see its destinies rise to the high
the task. Four years ago Mr. Roosevelt made Taft level of our hopes and its opportunities." At that
President. To-day he unmakes him. Four years ago time Mr. Taft had been in off ice hardly much more
Mr. Roosevelt controlled everything in connection than a year and yet even thus early Mr. Roosevelt
with the National Republican Convention. He selec- was looking forward, "ready and eager," to the time
ted Mr. Taft for the nomination. He also selected the when Mr. Taft must vacate his office and thereby give
platform upon which the candidate was to stand. Mr. Roosevelt the opportunity to do his part in
The Convention had no volition of its own. It simply solving the "problems" which he himself has taken
registered the Iloosevelt decree. To-day Mr. Taft is such pains in the interval to create.
That Mr. Roosevelt should have triumphed in State
again a candidate for the nomination, but Mr. Rooseappeals to after State is no surprise to us, as our readers know.
velt now vetoes his desires. He
the handful of ranters and shouters who attend Mr. Roosevelt's sentiments and fiery appeals are such
the new-fangled Presidential preference primaries, as take well, not alone with the emotional and the uninand these do his bidding with the same alacrity telligent, but also with the politicians, who are ever
that the Republican Convention of 1908 carried out alert for a battle-cry with which to rally their followers.
As primaries are attended mainly by the politicians
his wishes.
and those most obedient to their wishes, the result in
Is there any citizen with r atriotic impulses who can
It is,
view such a situation with complacency? By all the favor of Roosevelt was a foregone conclusion.
by right of his conduct of the office, of course, humiliating that even among the politicians
precedents and
Mr. Taft was entitled to a re-nomination. The only and their immediate followers Mr. Roosevelt should
reason why he does not get this re-nomination is possess power enough to make and unmake a President.
because Mr. Roosevelt has intervened to prevent it— It is still more humiliating to think that President Taft
and on whose behalf? On his own behalf. Why is should, through the exercise of this power, have been
Mr. Roosevelt opposed to Mr. Taft now,.when, four deprived of the chance of again asking for the suffrages
second
years ago, he championed him with so much ardor? of the people for the purpose of getting a
in all sincerity,
Some there be who think that Mr. Roosevelt is dis- Presidential term. We say this
issue with Mr. Taft
pleased with Mr. Taft and that the Taft administration though we have felt obliged to take
again during his administration on most
has not been to hisliking. The Roosevelt supporters are over and over
day.
assiduously engaged in cultivating that notion. But of the important issues of the
the thought should be dismissed. Mr. Roosevelt
But though the Presidential nomination may now
,
wants the Presidential offic. for himself and is surwilling to step aside be within Mr. Roosevelt's grasp, it should not be forprised that Mr. Taft should not be
without further ado and make room for him. Mr. gotten that it is a long way from a nomination to an
Taft was committed by his own declarations and by election. We do not think that Mr. Roosevelt as a
the Republican platform of 1908 to the Roosevelt candidate is going to be easy to beat. But he can be
doctrines and policies (or at least all of them that beaten if the Democrats do their duty. The RooseMr. Roosevel himself had proclaimed up to that time), veltites are appealing to the worst. instincts of the
and he has striven faithfully and loyally to carry out population. The Democrats must appeal to its best
these policies. Had he been less faithful and less loyal instincts. Mr. Roosevelt would array class against
to these policies, he would to-day be stronger than class and make the resulting disturbances a steppinghe is, for he would have fewer enemies. By under- stone to the advancement of his own political fortunes.
taking to give effect to the Roosevelt policies, he an- The Democrats must refuse to appeal to the baser
tagonized the conservative sentiment of the East, passions and insist on liberty and justice for all, rewhile he failed to propitiate the radicals of the West. fusing to counsel the use of quack remedies. Mr.
Thus he has fallen between two stools. It is true he Roosevelt would destroy the independence and inhas not been a puppet, with Roosevelt pulling the tegrity of the judiciary. The Democrats must come
strings from behind, but that is greatly to his honor. to the support of the judiciary and see to it that its
Even though he had been a puppet, however, and influence and functions are maintained inviolate and
had also accepted the latest Roosevelt doctrines pro- unimpaired. Mr. Roosevelt would make the conduct
viding for the recall of judicial decisions, Mr. Roose- of business, and particularly large business, a matter
velt would, nevertheless, have thrust him aside. of political influence and favor, with himself the
After an interregnum of four years Mr. Roosevelt dispenser of favors. The Democrats must demand
the separation of politics and business. They must
wants the office for himself again.




//

JUNE 1 1912.)

THE CHRONICLE

1469

declare for absolute freedom of trade so long as it is of the State tired", and he has another plan. He would
conducted in accordance with the requirements of the let anybody offer himself as candidate for an office
law as expressed in plain and unmistakable language. of his own selection, simply depositing an entrance
In determining whether the provisions of the law are fee as is customary in other cases. A would-be
being complied with, the decision must rest with the Governor or Congressman might pay $150, and this
courts, not with Government hirelings who are con- amount could graduate down to, say, $10 for the
cerned only in doing nothing that shall jeopardize humblest places. He thinks this plan would relieve
their continuance in office. It is time the business the people from the petitions plague, lessen the.
man came into his own. He asks no odds or favors of number of aspirants, and produce a little money for
any one, but he has a right to demand that he shall not public uses.
be looked upon as a criminal.
It certainly does agree with the square deal, and
We feel convinced that with such a set of principles if Cincinnatus is to call himself from his furrow instead
and with a candidate standing squarely upon the of being called, his poverty need not hinder him,
same the Democrats could easily vanquish Mr. Roose- for a few of his admiring neighbors could raise the
velt, notwithstanding his popularity with the unin- amount of the entrance fee among themselves, taking
telligent masses. If, however, the Democrats again the plow as security. The plan would appeal to the
put up Mr. Bryan or some disciple of his, the experience sporting element, which seems prominent in politics
of 1908 will be repeated, and the election go to the this year, yet another method would be at once
ex-President by default. Four years ago Mr. Taft more spectacular and more productive of pubic
.as the Roosevelt candidate could not have been elected revenue, namely to put the offices up at auction, to go
had not the Democrats committed the stupendous to the highest bidder.
folly of re-nominating Mr. Bryan for the third time.
If this sounds like trifling with weighty matters,
As a result tens of thousands of voters in both the perhaps the Kansas suggestion is meant for sarcasm,
great political parties stayed at home and refrained and any careful and candid observer who has watched
from voting, and other thousands voted for Mr. Taft our politics for the last four months must admit that
not because they believed in the Roosevelt doctrines, their manner could hardly droop to a lower level. If
but because they felt there was less to fear from his the highest offices are to be filled through a hustings
election than from the election of Mr. Bryan. So held in the trail of a traveling show and the lowest
it will be again in this year of grace if the Democrats motives and passions are to be strired, plus temptarepeat their blunder of 1908.
tion and opportunity for largess of money, it would
At this juncture we note with regret a tendency on be more candid to conform the manner to the facts
the part of not a few Wall Street men to get on the and raise public revenue for relief from taxes (as
Roosevelt band wagon. They are unable to perceive well as incidentally furnishing amusement) by putting
any likelihood t'hat the Democratic Party can be de- the offices on public sale.
pended upon to do the sound and sensible thing, and
The country began its history in the most strictly
hence imagine that Mr. Roosevelt's election must follow representative manner. The members of the electoral
as a matter of course. It is significant of the opportun- "college" exercised representative functions, not
ism that controls many leaders in the business and finan- clerical. By theory, they were to be selected as the
cial world that the man who throughout the whole of his wisest and purest men in their States, and then they
administration was absolutely indifferent to the welfare (not the people at large) were to select the fittest
of business should be heralded in advance as safer than man to be President. Afterwards, the nominating
any candidate that the opposition party seems likely convention came into being and the electors became
to put up. The Democrats should put these weak- merely clerical; yet the convention was a deliberative
kneed brethren, who are prepared to sacrifice political body, even after it descended (in practice) from underprinciples for momentary advantage, to shame by taking to choose the fittest man and the best public
placing in the field a candidate who shall be in every policy to a mere study of "availability," the one
way the exact antithesis of Roosevelt.
question being what man and what policy could
command the votes of the largest States. •
The Kansas Secretary of State views with alarm
Now we have reached the bottom of the downward
the natural consequences of popular selection for public slide hi this imaginary expression of the rule of
office, as those are exhibited there. This year, ten the people. Let the people select their candidates
State officers are to be elected, and three 'Supreme instead of leaving that to the bosses, it is said. But
Court judges, besides Congressmen, county officers, the bosses simply take note of the change of form'
and legislators, the total being 210. Four parties and adapt themselves to it; nothing is accomplished
will have candidates for the county offices. The except to change bosses, or (as has been exhibited in
Secretary estimates that at least two candidates this year) to reduce their number from plural to
for every position are to be included in the primaries, singular. The only possible democratic government
and that a small army of 8,000 men are now or have is a representative one. Any attempt to make the
been circulating petitions. In order to secure the people govern directly, by setting marionettes in all
utmost right of each elector to his choice in each public places from the Presidency to judgeships, to,
instance, and the utmost right of each citizen to act as the people twitch their arms and be jerked down
honorably aspire to public office, anybody can start when the people take a displeasure,
introduces a
a petition on his own behalf, and the Secretary says scheme which is degrading in its effects and, moreover,,
it needs only the trouble of exhibiting one in order cannot possibly be worked.
to get signatures; he cities the case of one aspirant
That it will not work we are already beginning to
for a State office, for whom (as in another very cele- discover. It is new; it has a pleasing sound; it flatters
brated case) no sign of any public call had appeared; but and catches the popular imagination; the politicians
this man likes publicity and is passing a petition around. cheerfully consent to it. But, as experience had
The Kansas Secretary of State perceives that this already indicated, only a small fraction of the voters
multiplying of primary petitions is "making the people participate in it; it only aggravates the defects of.




1470

THE CHRONICLE

Lxxxxiv.

politics, and the cumbrousness of the direct primary unless steps are taken to extend the cultivation of
will tire and disgust the people who have thought they cotton elsewhere.
Mr. Ernest H. Taylor, of Manchester, who read a
craved it.
paper on Cotton Supply at the Textile Institute meetBy the death of N. C. D. Borden on Monday last, in ing, pointed out the danger of trusting too much to
his 70th year, the country has lost a notable figure in existing sources of supply. He contended they ought
business life. Descended from a family that was to be increased and that bankers and others were no
among the pioneers in the cotton-manufacturing less concerned in the matter than spinners. Referring
industry of New England, he was born in Fall River in to the British Cotton Growing Association, organized
1842, and graduated from Yale in 1864. The following in 1902, he indicated the enormous difficulties with
year he entered the employ of the dry goods jobbing which it has had to contend, not the least of which
house of Low, Harriman & Co., of this city, becoming has been the apathy and indifference of Lancashire.
a partner three years later, and in 1879 he associated He showed the small measure of success thus far
himself with Wright, Bliss & Fabyan (subsequently attained or probable of attainment working along
Bliss, Fabyan & Co.), where he remained until 1910, present lines.• A much larger capital, he maifitained,
• when the commission house of M. C. D. Borden & is essential to success and voiced the opinion that
only by means of a Governmental guaranty could it
Sons was formed.
It was in the cotton-goods manufacturing industry be raised.
Mr. Schmidt's preliminary report on his second
that Mr. Borden's ability, clear-sightedness and power
apparent. In 1880, in journey to India is of a rather optimistic tenor.
of initiative were most fully
connection with his brother, Thomas J., whose interest After stating that the India crop this. year will be
he afterwards acquired, be reorganized the American smaller than last, owing to prolonged drought in
Print Cloth Works of Fall River, which had failed in western districts, he adds that there is not the least
1879, changing the name to the American Printing Co. doubt -La the crop of the country can be doubled
This concern, needless to say, turned out to be a without interfering with the growing of food supplies.
complete success, and is the largest of its kind in exist- Moreover, in his opinion, the yield per acre has alence. Shortly after acquiring the printing works ready increased and is gradually improving. The
Mr. Borden realizing the desirability of manufacturing extension of. irrigation, which is making rapid proghis own cloth instead of purchasing supplies from ress in several provinces, he cites as a means of enother mills, revived the charter of the Fall River Iron larging area, and notably that under long-staple cotton.
The action taken by the Committee of the InterWorks Co., which was very comprehensive in its
character, and began the erection of spinning and national Cotton Federation in the interest of a larger
weaving establishments. Here again great success cotton supply contemplates a tour of the cottonresulted as is witnessed by the fact that at the present growing areas of Egypt in October next. Great eftime the corporation's mills contain nearly 500,000 forts are in progress, it was stated at the meeting, to
spindles and over 13,000 looms engaged exclusively improve the quality of Egyptian cotton and to increase
on print cloths, the whole product going to supply area, and it is believed the visit will have a stimulating effect.
the needs of the American Printing Co.
From all of this it is evident that there is to be no
But not alone in the actual work of manufacturing
of his strong per- cessation of British endeavor to obtain increasing supdid Mr. Borden leave the impress
$onality and insight into conditions. On a number plies of cotton from districts outside of the United
of occasions when the cotton-manufacturing industry States. From India and Egypt there are, of course,
of Fall River faced troublous times, he saved the excellent possibilities; but other and newer fields, as
situation. We have noted from time to time in our we have frequently indicated, appear to hold out little
columns how Mr. Borden's purchase of large quantities promise, with climate probably an important factor.
of printing cloths seemed to turn the tide of depression, The United States is now, and is likely to continue to
and how his action on the wage question was such as be for many years, by far the premier cotton country,
to call for the gratitude of labor at Fall River. and it is here that large extension of area can be looked
These matters have been so fully made a part of the for, as consumptive requirements increase.
cotton manufacturing history of the country that they
We explained last week at some length the possible
need no detailed repetition here. Suffice it to say,
therefore, that Mr. Borden whether in the relation of legal and diplomatic complications that were conmerchant, manufacturer or employer, occupied a tained in the action brought by the Department of
Justice to have a so-called "coffee valorization"
foremost place in the world of affairs.
scheme declared illegal. The more immediate action
The necessity of increasing the sources of supply requested by the Government, namely the seizure of
of raw cotton is a question, to Great Britain at least, the coffee belonging to the Sao Paulo Government
that, like Banquo's ghost, will not down. It was held in this country as collateral for its bonds, was on
the theme of the principal speaker at the meet- Tuesday last denied by the United States Circuit Court
ing of the Textile Institute held at Manchester, of Appeals. The Government had asked for an in(Eng.) on May 10, and finds reflection in the report junction (to continue until final hearings and decree),
of Mr. Arno. Schmidt, Secretary of the International which would practically impound the coffee so that
Cotton Federation, concerning his journey to India the owners could not sell it to anybody in this country
to investigate the possibilities of cotton-growing in at any price, could not ship it abroad and sell it there
that country. Furthermore, at a meeting of the should a satisfactory price be obtainable, and could
Executive Committee of the International Cotton not even return it to the place whence it came. No
Feder ,tion at Salzburg, Austria, May 15, the same provision was proffered, to quote the opinion of the
thought developed. Back of it all seems to be the fear Court, "for making good to the owner any losses it
that even with an increasing supply from America might sustain in consequence of such impounding of
the augmenting needs of the world will fail to be met its property should the plaintiff fail to riake good its




JUNE 1 1912.1

THE CFIRONICLE

contentions on final hearing, probably many months
hence. . . • We are not persuaded by anything
in the papers submitted that there is any reason to
apprehend that in the interim there will be such
changes in the situation as will injuriously affect the
position of the Government. The motion for preliminary injunction is denied."
The Government's suit, unfortunately, seems to be
assuming a position of some delicacy both in Washington and in our international relations with South
America. Ambassador da Gama of Brazil, at a
banquet given in this city on Monday by the newly
established Pan-American Society of the United States,
voiced a very strong protest, and clearly suggested
that the entire action was not calculated to improve
the relations between this country and South America.
He said in part:
I had intended to tell you of my expectation that the PanAmerican Society would serve to dispel the misunderstandings due to ignorance of our South American countries, when
my hopes or a new era in our commercial relations received a
heavy blow with the indorsement by the Government of the
United States of the somewhat arbitrary and quite revolutionary doctrine of paying for other people's merchandise
not the price they ask for it, but the price the United States—
I mean the American merchants—want to pay for it. It is
a brand new doctrine and the United States seem disposed to
enforce it even to the sacrifice of long standing international
friendship. In their eagerness to establish their right to
meddle with the right of foreign States,certain officials of this
Government went so far as to proclaim before an American
court of justice the forfeiture of the sovereignty of that
foreign State, and this with an unthoughtfulness for the consideration due to a friendly State which borders on the boundaries of international discourtesy. We, the South Americans, have still much to learn of the "new American ways"
in dealing with foreign countries, as Americans have still to
learn the way to our hearts. This should be one of the purposes of the Pan-American Society, and I cordially wish and
hope that some day I may make "the speech of my life" by
bearing testimony before you that this splendid result has
been happily and fully attained.

In Washington there is excellent reason for believing
that a wide difference of opinion exists in the Cabinet
as to the advisability of the Government filing the
suit or pushing it now that it has been filed. Secretary
Knox finds that it is embarrassing to his South American policy and has recommended that the suit be
withdrawn. The Secretary, it will be recalled, has
recently completed an official visit to the republics
bordering on the Carribean and has been deeply,interested in an attempt to improve the relations of
this country with its Southern neighbors. He feels
his efforts will be nullified by the interpretation that
will be placed upon the Government's action in the
coffee case by Spanish-American 'countries. The Department of Justice, however, is still convinced that
the suit is a proper one and that the Government's
interests will not suffer from the refusal of the injunction.
The dock disorders in London have not yet been
settled. The Government invited both parties to send
representatives to a conference to be held at the
British Board of Trade yesterday with the object of
reaching a settlement. But all the employers, following the lead of the ship owners, have declined to
meet the workers on the ground that the latter refuse
to be bound by agreements, and that therefore it is
useless to confer with them. It seems evident, therefore, that while both sides will meet representatives
of the Government they will not meet representatives
of each other. The employers are willing to place the i




1471

views before the Government and they visited the
Home Office on Thursday and talked with Secretary
McKenna, Lloyd-George, Sydney Buxton (President
of the Board of Trade), Sir George Askwith (the strike
"settler") and others. It is expected that another
conference will be held on Monday. Meanwhile, the
Government is pursuing a very firm course in preventing rioting. An official statement issued early
in the week declared that there must be no interruption
of London's food supply because of the strike of transport workers. The statement specifically denied the.
charge made by the Transport Workers' Federation
that the Government was accommodating employers
by using Federal help. It further declared that not
only were soldiers not used but that the reports that
preparations were being made to use them were not
true. The statement concluded, nevertheless, with
the following significant sentence: "It must, however,
be clearly understood that the Government will insist
on the maintenance of order and if necessary use all
the resources at its disposal to insure a continued food
supply." Two thousand policemen have been assigned
to guard the transporting of food supplies to London
in a determined effort to prevent famine conditions
in the city during the strike. Thus far there has been
very little serious rioting when it is considered that
upwards of 120,000 men are reported to be idle,
j
President Gomez of Cuba is, we are pleased to see,
being given full opportunity to show that he can
control the negro uprising that has taken place in the
island republic. In response to a cable from the
Cuban President protesting against intervention At
this time, President Taft on Monday sent a reply
declaring that our Government's activity in mobilizing
war vessels at Key West and dispatching the Prairie
with marines to Guantanamo was not in any sense a
move toward intervention. President Taft said in
his message:
"I am sincerely gratified to learn of your Government's
energetic measures to put down the disturbance and to know
that you are confident of being successful. As was fully
explained to the Cuban Charge d'Affaires here, this Government's motive in sending ships to Key West, just as in
sending the Prairie to the Guantanamo naval station, was
merely to be able to act promptly in case it should, unfortunately, become necessary to protect American life and
property by rendering moral support or assistance to the
Cuban Government. As was made quite clear at the time,
these ordinary measures of precaution were entirely dissociated from any question of intervention."

President Gomez on Wednesday issued a proclamation purporting to give exact conditions as they now
exist. In part it follows:
"A group of men belonging to the colored race have risen in
arms, and although the movement started in various parts
of the republic, it now exists only in Oriente, having been
crushed elsewhere, thanks to the valor and efficiency of the
regulars and rurales. The rebellion now consists of a misled
uprising under the direction of persons desirous of gratifying
their personal political ambitions.
"That the great majority of the colored race repudiates
the uprising and remains loyal to the Government is proof
that it is untrue that the whites and blacks are now standing
in an attitude of hostility. Many thousands of colored
citizens bitterly denounce the uprising and are anxious to
lend support to the Government. Among the troops now
facing the enemy, blacks and whites march shoulder to
shoulder like brothers.
"Reduced as the rebellion is to a small part of Oriente, the
Government, backed as it is by sufficient military force and
the strength of popular support, will proceed with the utmosI
energy to comply with its national and international obligations to completely restore order."

1472

THE CHRONICLE

The Cuban Congress is fully supporting President
Gomez in his strong opposition toward American intervention. At a meeting early this week of the Cuban
,House of Representatives, the following resolution
-was adopted:
"The House of Representatives identifies itself with the
patriotic sentiments of the President's cable to the President
•of the United States in regard to the uprising now existing in
an eastern provinec and solemnly declares its satisfaction
over the reply returned to said cable by the President of the
United States. The House considers the Cuban Executive
fully prepared and able to re-establish peace and perform
all its duties as an independent nation, and therefore, in interpreting the sentiments of the Cuban people, the House
applauds the dignified and worthy attitude assumed by our
President."

[VOL. LXXXXIV.

that the Sultan himself was a willing party to
the plans for his own seizure and that the objective
was his restoration as the real ruler of Morocco instead
of being a nominal one under French domination.
Gen. Lyautey, the new Resident General and Governor
of Morocco is a man of firmness and diplomacy and
the French authorities have every belief, now that the
real situation has developed, that he will prove equal
to the task of pacification. Meanwhile some very
fierce fighting is in progress. A second attack on Fez
occurred on Monday last by a strong body of Moors,
some of whom forced their way within the walls of the
city. This was finally repulsed after a battle lasting
thirteen hours. A force of 5,000 additional French
troops is being sent' forward to protect the route
between Rabat and Fez.

From Mexico the news of the week has been so indefinite that it is difficult to obtain a fairly clear idea
Definite progress is still absent in reaching peace in
of actual conditions. Some reports, especially those' the Turco-Italian war. The Powers have formally
from Government sources, are optimistic and predict notified Turkey that they will not tolerate the closing
that the formal close of the revolution is at hand. On of the Dardanelles even if Italy should occupy addithe other hand, a dispatch from Chihuahua, dated tional islands in the Aegean Sea. This is regarded an
May 30, states that Gen. Huerta's forces, upon whom indication approaching intervention for it is hardly
the Madero Government is depending to end the likely that such action would be taken unless the Powrebellion, are in a precarious condition. Laredo, a ers were willing to protect Turkey from disastrous
few miles from Torreon, is reported to be in possession results. A cable dispatch- from Paris quotes the
of the rebel generals Campa and Argumendo. If this "Intransigeant" as authority for the statement which
is correct it means the cutting of communication it claims to have received from a reliable source, that
between General Huerta and his base of supplies. in the event of the Powers again conferring in an
General Orozco's army, on the other hand, which has effort to end the war,Italy will agree to pay to Turkey
been forced north, is reported to be in a completely a big annuity over a long term of years, thus practically
discouraged and disorganized condition. Attempts recognizing Turkey's sovereignty over Tripoli. Also
are being made in Northern Mexico to stir up antagon- in the event that the natives keep up the fight, the pape
ism against the United States in retaliation for our states that Italy agrees to treat the Arabs as belligerents
alleged partiality to the Madero Government. This instead of rebels.
may be considered a distinct cause of weakness among
the revolutionists, since it has the appearance of a
Private foreign discounts continue to reflect a steady
'move to attract intervention, thus permitting the demand for money, though at the close London was
revolutionary leaders to excuse their defeat on the quotably easier, preparations for the June payments
ground that they were beaten by the United States having then been completed. In Lombard Street disGovernment and not by Madero.
counts in many instances are still slightly above the
On the other hand, the news that a $10,000,000 loan official Bank of England rate, closing quotations, as
has. been arranged for Mexico by Messrs. Speyer & Co. cabled yesterday, being 3@3Y% for 60-day bankers'
of this city suggests confidence by these bankers and acceptances, spot, and 2Y% for 60-day bills to arrive.
their associates in the stability of the present Mexican For 90-day acceptances the spot rate closed at 3 1-16
Government. The loan, we are informed, will be in and forward bills closed at 2 13-16@2%%. Tenthe form of treasury notes which were recently author- ders were made on Thursday for an issue of treasury
ized by the Mexican Congress and will constitute an ob- bills to the amount of £1',500,000 in further part
ligation of the Republic. They will bear 4% interest, replacement of bills paid off temporarily in Febpayable half-yearly, will be in denominations of $1,000 ruary. There has recently been active liquidaUnited States gold coin,and multiples thereof, and will tion on the London Stock Exchange, which is the
be for one year only, being thus limited because the. natural result of the excessive speculation in other
Mexican Government and the bankers believe that by than standard investment securities during the last
the time it expires it will be possible to place a longer two months. An additional indication of the pressure
issue on much more favorable terms than are now ob- for money in London is the fact that at the settlement
tainable. It is thought that the placing of the loan in just concluded contango rates were 43 3%, which
this country will exert a beneficial influence on Mexican compares with 4@,432 at the settlement a fortnight
%
sentiment towards the United States and will tend to previous. The London market was again a large bormaterially moderate the bitterness that has been rower at the Bank of England, the loans showing the
shown in some quarters in the republic, where inter- unusual expansion of £4,766,000 (as indicated by the
vention by the United States has been feared.
increase in the item of "other securities" in Thursday's
statement of the Bank), following an expansion of
While the Italian Government is unable to make £1,188,000 last week. In Paris the closing private
important progress in Tripoli, France is having dif- discount rate, as cabled yesterday, was 2%% for all
ficult work in preserving French authority in Morocco. maturities, spot and to arrive. This shows no change
It is now evident that the recent uprising of the Moors from a week ago. In Berlin the private discount rate
was not a mere whim of the tribesmen but represented reflected still further tension at the German centre,
action on a well-laid plan, having as its object the the closing quotations as cabled being 4@41
4% for all
seizure of the Sultan and of M. Regnault, the French maturities, spot and to arrive, comparing with 4%
Minister. Cables from Paris suggest a deep impression a week ago. At the May,settlement 4%@5% was




JUNE 1 1912.

THE CHRONICLE

charged for money—an unusually high range. Brus4
sels remains without change at 33 % for all maturities and Amsterdam also remains without alteration at 34%. On Thursday the Bank of Belgium
7
reduced its rate from 43'% to 4%. The official Bank
rates on the centres named are: London, 3%; Paris,
3%;Berlin,5%; Brussels, 4%, and Amsterdam, 4%.
The weekly statement of the Bank of England, as
already noted, registered an expansion of £4,766,000
in loans. Private deposits showed a corresponding
increase of £4,020,000. Gold coin and bullion holdings
were reduced by £675,935, notwithstanding that the
Bank again was the chief purchaser of the weekly offering of Cape gold. This week's offering amounted to
£1,000,000, all of which was secured at the Mint price
by the Bank except the usual £200,000 that India has
been taking weekly for several months. It is evident
that the Bank is experiencing a large internal currency
demand. The total reserve decreased £746,000, and
the proportion to liabilities suffered a sharp reduction
to 46.76%, against 51.33% last week and 52.30%
on May 16. A year ago the proportion was 51%%.
Notes reserved decreased £711,000 for the week, notes
in circulation increased £7 ,000, public deposits increased only £32,000, notwithstanding the recent
active borrowings by the Treasury. Our special correspondent furnishes the fol owing details of the gold
movement into and out of the Bank for the Bank week:
Imports, £255,000 (of which £33,000 from Australia,
£7,000 from France and £215,000 bought in the open
market); exports,£400,000(wholly to Turkey),and shipments of £531,000 net to the interior of Great Britain.
The Bank of France in its weekly statement published on Thursday indicated a decrease in the holdings
of gold of 5,350,000 francs and in silver of 700,000
francs. The gold stock is now 3,252,900,000 francs,
which compares with 3,213,350,000 francs one year
ago and with 3,390,275,000 francs at this date in 1910.
General deposits during the week showed a contraction
of 173,850,000 francs, notes in circulation increased
74,550,000 francs and bills discounted increased 138,425,000 francs. Deposits by the Treasury are 55,950,000 francs greater than a week ago.

1473

Aside from this there have been no important demands
for banking accommodation during the week. Germany has again been in the market as a borrower,but, ,
to quote one bank officer interested in last week's
loans, has only been "nibbling" this week. In manufacturing and mercantile circles there has been no new
initiative to require banking facilities that may be considered of more than ordinary routine proportions,
and there seems slight encouragement to expect an
improved demand.for money from this source until
the political situation has assumed more definite
shape. Stock Exchange requirements have been so
limited that call money has been in light demand. The range of rates for call money this week has been
23@3%. On Monday 2M@3% were the lowest and
highest figures, respectively, with 2%% the renewal
rate. Tuesday's extremes were also 234 and 3%,
while the ruling quotation was reduced to 29%, at
which it continued on Wednesday. Wednesday's
%
highest rate was 23 and lowest 23'%. Thursday,
Decoration Day, was a holiday, so there was no market. On Friday 3% was the highest, 2% the
lowest and 29% the ruling figure. Time money at
the close was quoted a trifle easier for early maturities,
sixty days being held at 2%@3%, comparing with
3% a week ago. Otherwise quotations are without
change,3@33i% remaining the figure for ninety days,
34@3M% for four and five months and 332% for
1
six months. Mercantile paper continues scarce and
in fair demand. Quotations are slightly easier at
/
39@41 2% for sixty and ninety days' endorsed bills
receivable and also for four to six months' singlename bills of choice character; others are quoted at 5%.

Sterling exchange was quiet but ruled steady
throughout the week until Friday. Then an easier
tendency was shown as a result of slightly lower discounts in London. The Whitsuntide holidays in
Europe and,our own national holiday on Thursday
naturally tended to confine transactions within restricted limits, while the labor troubles among the dock
workers of London and the fear that their strike would
become general throughout the United Kingdom exercised a restraining influence on financial operations
against merchandise shipments. There were, however,
statement of the Imperial Bank of Ger- no large financial operations of an international characThe weekly
many which was published on Saturday showed an ter if we except the financing of the new Subway propoincrease of 27,376,000 marks in the gold on hand and 'salons in the city of New York. There is excellent reaof 45,521,000 marks in the gold and silver combined. son to believe that a fair amount of European funds
This increase makes the total of the two metals 1,322-, will be included in the subscriptions for the $170,000,963,000 marks, which compares with 1,229,360,000 a 000 Interborough Rapid Transit bonds which are being
year ago. Notes in circulation were reduced 56,839,- financed here. The Bank de Paris and the Societe
000 marks during the week, Treasury bills increased Generale are offering 153,000 6% preferred shares of
187,000 marks, loans decreased 18,719,000 marks and the American Smelters Securities Company at 95 in
discounts decreased 33,372,000 marks. The total out- Paris, and cable advices state that the response has been
standing loans and discounts, according to the state- favorable. Checks on London in Paris closed at 25
ment, is 1,152,376,000 marks, comparing with 951,- francs 24 centimes, which compares with 25 francs
4% centimes one week ago and 25 francs 22 centimes
060,000 marks one year ago and 1,003,480,000 marks 241
corresponding date of 1910. Circulation for the a fortnight ago, while checks on London in Berlin
at the
week showed a contraction of 56,839,000 marks. closed at 20 marks 46 pfennigs, last week's closing
The amount outstanding is 1,560,985,000 marks, com- quotation, but a reaction of M pfennig from the rate
paring with 1,464,040,000 marks one year ago and current early in the week.
Compared with Friday of last week,sterling exchange
1,536,480,000 marks in 1910.
on Saturday was weaker for cable transfers and sixty
situation shows a firmer tone day bills, which were quoted at 4 8745@4 8750 and
The local money
towards the close of the week, though not in actual 4 8445@4 8455, respectively; demand, however, was
quotations, the result of the usual accumulation of unchanged at 4 8715@4 8720. The observance of
funds for the June dividend and coupon disbursements. the Whitsuntide holidays in Europe caused a general
These, however, have now been taken care of and will, restriction in operations here on Monday, although the
inithe usual course, find their way back into the banks. market was firm and advanced 5 points on the London




THE CHRONICLE

1474

dock strike; closing figures were 4 8720 ®4 8725 for
demand,4 87554 8760 for cable transfers and 4 8450
@4 8460 for sixty days. On Tuesday rates held firm,
on a slight stiffening in English discounts and the
continued German borrowing here; trading was very
'quiet and rates closed unchanged for demand and
sixty days, while cable transfers declined to 4 8750
4 8755. Continued firmness in discounts at London
brought about a further advance of 5 points in sterling
on Wednesday, the final range being 4 8725 ®4 8730
for demand and 4 8755@4 8760 for cable transfers;
sixty days showed no change. Thursday was a holiday.
On Friday the market eased off about 5 points as a
result of easier London discounts. Closing quotations
were 4 8450@4 8460 for sixty days, 4 8720@4 8725 for
demand and 4 8750@4 8755 for cable transfers. Commercial on banks closed at 4 833' ®4 84 and documents
for payment 4 83/4 84%. Cotton for payment
ranged from 4 84 to 4 844; grain for payment from
%
4 845 to 4 84%.
The following gives the week's movement of money
to and from the interior by the New York banks.
Week ending May 311912.

Shipped by
Received by
N. Y. Banks. N. 1'. Banks.

Net Interior
Movement.

$14,661,000
3,474,000

Currency
Gold
Total gold and legal tenders

$4,320,000 Gain $10,341,000
1,474,000 Gain 2,000,000

$18,135,000

$5,794,000 Gain $12,341,000

With the Sub-Treasury operations the result is:
Week ending May 311912.
Banks' Interior movement, as above_
Sub-Treasury operations
Total gold and legal tenders

Into
Banks.

Net Change in
Bank Holdings.

Out of
Banks.

$18,135,000
17,300,000

S5,794,000 Gain $12,341,000
21,500,000 Loss 4,200,000

$35,435,000

$27,294,000 Gain $8,141,000

The following table indicates the amount of bullion
in the principal European banks.
May 30 1912.

June 1 1911.

Banks of
Silver.

Gold.

z

England_ _ 39,360,791
France _ 130,116,120
Germany. 45,950,600
Russia .... 149,676,000
Aus.-Hunb 52,798,000
Spain _ _ 17,027,000
Italy _ _ 42,314,000
Nethlands 12,192,000
Nat. Belg 6,784,000
Sweden _ _ 4,793,000
6,429,000
Switzerl'd
Norway _ _ 2,132,000

Total.

Gold.

39,360,791 39,054,054
32,532,280 162,648,400 128,533,840
17,264,000 63,214,600 42,595,700
7,795,000 157,471,000 144,503,000
12,704,000 65,502,000 55,804,000
30,272,000 47,299,00 16,539,000
3,700,000 46,014,000 39,776,000
1,078,100 13,270,10 11,491,000
3,392,000 10,176,000 6,804,000
4,793,000 4,606,000
6,429,000 6,260,100
2,132,000 1,986,000

Silver.

Total.

.e
39,054,054
34,115,880 162,649,720
16,297,700 58,893,400
7,681,000 152,244,000
13,142,000 68,946,000
31,190,000 47,729,000
3,557,000 43,333,000
2,286,700 13,777,700
3,402,000 10,206,000
4,666,000
6,260,100
1,986,000

Total week 509,572,511 108,737,380618,309,891 198,072,694 111,672,280 309,744,974
Prey. week 510,187,846 108,647,920 318,835,766 500,984,675 111,665,043 612,649,718

THE REPORT ON THE "TITANIC."
The report of the Senate Committee on the Titanic
disaster was submitted to Congress last Tuesday, and
vigorous speeches were at the same time delivered by
members of the committee. There has been wide variety of comment, both at home and abroad, on the
general policies adopted by the committee in its investigation. We believe, however, that the great consensus of public opinion on both sides of the water is,
and will continue to be, to the effect that the original
action of the committee was wise and proper, that
its recent inquiry was suited, in purpose and method,
to the needs of the occasion, and that the findings in its
formal report are in almost all respects such as were
called for by the situation and such as will appeal to
the thinking mind.
It hardly needs now to be explained why prompt and
immediate action of the committee, on the landing of
,the Carpathia with the surviving passengers, was
necessary. The objection that, since the Titanic was
a vessel flying a foreign flag, investigation of the disaster was therefore a matter under the jurisdiction of
that foreign Power alone, has been dismissed, we believe, by all unprejudiced thinkers here and in England. In fact, the general attitude of our committee




Lxxxxiv.

has been accepted as correct, under the unusual circumstances of the case, by spokesmen for the British
the House of Commons. The comGovernment in,
mittee's report itself states thus simply the justification of its action:
Our course was simple and plain—to gather the facts
relating to this disaster while they were still vivid realities. Questions of diverse citizenship gave way to the
universal desire for the simple truth. It was of paramount importance that we should act quickly to avoid
jurisdictional confusion and organized opposition at
home or abroad. We, of course, recognized that
the ship was under a foreign flag, but the lives of,many
of our own countrymen had been sacrificed and the
safety of many had been put in grave peril, and it was
vital that the entire matter should be reviewed before
an American tribunal, if legislative action was to be
taken for future guidance.
During the recent investigation, considerable bitter
feeling was obviously stirred up in England, and it took
the form largely of ridicule of some slips of knowledge
on the part of Senator Smith, the chief investigator.
We believe that this unfortunate impression, and in
particular the ideas spread broadcast in England regarding the arbitrary character of the committee's
action, were created largely by dispatches from English correspondents in this country, which laid undue
stress upon minor incidents in the matter and which
went very far toward misrepresenting the actual status
of the case. Be this as it may, the comment of English newspapers and public men on this week's actual
report of the committee must be described as, in the
main, favorable. In the English newspapers there
has been some objection to the rhetoric employed by
Senator Smith'in his speech, and some fresh reference
to his alleged ignorance of certain marine details during the investigation. But these are manifestly minor
considerations. The sober English press has candidly
admitted that the committee's findings are in almost
all respects correct. One of the London daily newspapers, which has found most fault with the methods
employed by Senator Smith, and which repeated those
criticisms this week, ended by saying that even what
it terms the committee's attack on the British Board of
Trade "calls for the attention of the House of Commons
when our own inquiry is concluded." One of the best
known English marine experts,an officer of the British
Navy, made the pregnant comment,"I agree with the
report on all things which really matter."
The report itself //necessarily deals with facts and
conclusions already familiar to the general public.
Briefly summed up, it may be said that its criticisms
have to do, first, with the imperfect equipment of the
Titanic for any emergency of the kind, and its inadequate preparation of officers and crew to deal with it;
second, with the faulty discipline which existed on
the boat, as a result of which, the committee says,
"life boats were filled so indifferently and lowered so
quickly that, according to uncontradicted evidence,
nearly five hundred people were needlessly sacrificed
to want of orderly discipline in lowering the few that
were provided"; third, with the recklessness of the
Titanic's commander in driving his boat at the highest
speed of the passage after having received unquestionable warnings regarding the existence of dangerous
ice floes in its path.
Into the well-known proof for these allegations we
hardly need to go at the present time. The report goes
on to bestow some well-deserved praise on the captain
of the Carpathia, who,"by his utter self-effacement and
his own indifference to peril, and by his promptness

JUNE 1 1912.

THE CHRONICLE

1475

and his knightly sympathy, rendered a great service
The second finding of the Senate report which we
to humanity." This tribute, accompanied by recom- regret is that making reference to the British Board of
mendation of a medal to be presented by Congress to Trade. It reads as follows:
Captain Rostron, expresses beyond any question the
We shall leave to the honest judgment of England
feelings of all who have read the story of the Titanic. its painstaking chastisement of the British Board of
It was rightly and powerfully supplemented, a day Trade, to whose laxity of regulation and hasty inspecafter the presentation of the report, by the tribute of tion the world is largely indebted for this awful fatalthe surviving passengers, personally rendered at New ity.
York by their committee, to Captain Rostron and his
As to this, we believe that the question of right or
crew. As against this pleasing aspect of the matter, wrong in criticism of that organization is not in point.
the committee criticizes unsparingly the captain of The Board of Trade is an arm of the British Governthe Californian, who, it is declared, although "nearer ment. It had acted along the prescribed lines of its
the Titanic than the nineteen miles reported by her general duties. That it had not sufficiently performed
captain," and although "her officers and crew saw the these duties is, we suppose, the opinion even of high
distress signals of the Titanic," nevertheless "failed to officials in Great Britain. But that being so,there is all
respond to them in accordance with the dictates of the more reason why our own Senate committee should
humanity, international usage and the requirements of have been cautious in its use of language in criticizing
law." The committee gives its opinion that "such that foreign agency. Had the responsibility of the
conduct, whether arising from indifference or gross Board of Trade for insufficient requirements as to lifecarelessness, is most reprehensible." It should be said boat equipment been denied or disputed by the Englishin passing that the English papers of this week,already men, the case might have been different. But when
referred to,admit that our committee's "indictment of a formal investigation under the auspices of the British
Captain Lord of the Californian is a serious matter Government is now in progress regarding this same disthat cannot well be allowed to rest." It will undoubt- aster, we greatly doubt the propriety of our own comedly form a part of the London investigation now in mittee's caustic comment. Laxity in such matters,
progress; the captain of the Californian having, accord- due to obsolete provisions, has not been unknown,
ing to this week's advices, been detached from his even in American Governmental supervision.
ship to testify before that commission. The result
This leads us to say, in closing, a word or two reof that inquiry will be conclusive as to the facts in the garding the London investigation now in progress,
case and the excuse, if there is excuse, for the Califor- over which Lord Mersey is presiding. The accounts of
nian's failure to respond to an opportunity whereby that investigation cabled from Great Britain have been
every man and woman on the Tiatnic might have been meagre. Only from the English newspapers can a
saved.
fair idea be obtained of the carefulness, thoroughness
As to the formal recommendations of the Senate and severity with which the inquiry is being conducted.
committee, it is proposed that all ships carrying more We regret to say that this lack of knowledge on the
than one hundred passengers shall be required to have part of our people has led to some quite unfair intimatwo search lights; that the steamship inspection laws tions regarding the character and purposes of the
of foreign countries, so far as they apply to vessels English commission. We have seen in print the offengaging in trade with our ports, must conform to the hand assertion that the English board of inquiry was a
standard applied in the United States; that every ship "white-washing" body. No one who has read th tesshall be required to carry sufficient lifeboats for all timony before Lord Mersey could honestly repeat that
passengers and crew; that the use of wireless telegraphy criticism. Our own feeling, after reading pretty thormust be regulated by law; that watertight bulkheads oughly the detailed testimony up to date, is that the
on ocean-going ships be required, in accordance with English commission is pursuing its investigation with
the stipulations of experts, particularly in the way of greater severity even than our own- Senate comtransverse bulkheads, and that, in general, the super- mittee's. The attitude of the Chairman,in particular,
vision of all steamships engaged in American carrying, as shown in the full reports in the English newspapers,
trade be undertaken rigidly by the United States Gov- certainly leads one to suppose that he and his colernment.
leagues have in mind the resolute purpose of getting to
Two things in the Senate committee's report we the bottom of the facts, without respect of persons or
are bound to say we regret, believing them to have been of national prejudices. The Mersey commission has
superfluous or unwarranted. The first has to do with already adduced considerably more complete testithe criticism of the conduct of the White Star Line's mony regarding the state of affairs which prevailed on
office in this city. To say that these officers "battled the ship after the disaster than was brought out at
with the truth on the morning of the day after the ac- Washington, and it has almost invariably emphasized
cident, although having already received information the facts disclosed in the earlier investigation. The
from their Montreal office in the morning," is merely Cross-examination of passengers and officers in the
to say that they hoped against hope, like all the rest lifeboats which refused to return to help the survivors
of the community. The committee does not give fair in the water, after the ship had sunk, was marked by
recognition to the fact that contradictory wireless re- a sternness for which even our Senate inquiry did not
ports, whose origin has not since been traced, were in provide a precedent.
circulation during the day, and that the White Star
But more than this, the English commission has
officers might have incurred a heavy responsibility made preparations to go with the utmost thoroughness
if they had assumed that the original and more or less into the question of responsibility by Government in- •
vague dispatch was the only correct version of the spection offices, and of inadequacy regarding the proper
calamity, if they had issued public and official state- manning, equipment and discipline of great ocean
ments on the basis of it, and if they had discovered vessels. In the hands of such a commission, this part
thereafter that they had been deceived. For ourselves, of the question will, we believe, be sure of proper and
we do not see how Mr. Franklin and his associates useful treatment. That our own Senate committee
could properly have acted otherwise than they did.
should have urged legislation by the United States to




1476

THE CHRONICLE

require certain equipment in the vessels engaged in
American trade and .carrying American passengers,
was, we believe, entirely proper. But we are certain
that a much more far-reaching result will be achieved
when a similar declaration, in greater technical detail,
and with the prestige of an official body named especially for the purpose of this inquiry, by the Government of Great Britain, is made.
COMMERCIAL EDUCATION IN THE
GOVERNMENT REPORT.
The first report of Dr. Claxton, the new Commissioner of Education of the United States, is just at
hand. As usual, this report of the Department of
Education contains much matter of interest. It
shows the rapid development of vocational education
everywhere. Agricultural and technical instruction
is leading the movement in almost every country,
and the United States is making creditable progress,
though we still have much to learn from European
countries. There is less said about commercial
education, though some notable facts are recorded.
The Grand Duchy of Baden, for example, which was
one of the earliest European States to take up the
matter of systematic vocational training, is now
giving large attention to the preparation of teachers in
this new department of general instruction. It has
passed an ordinance fixing the curriculum through
which teachers of commercial education must pass.
Hitherto little attention has been given anywhere to
the training of teachers for commercial schools.
Now Baden is leading in its effort to provide teachers
of high grade for this work. Appointment to such
positions hereafter will require a certain amount
of experience in mercantile business, and at least two
years' attendance at designated institutions established for the purpose of training commercial teachers.
The subjects taught cover a wide range, including
commercial mathematics, economic geography, political economy and the science of finance, legal principles
of commercial law, laws of exchange and maritime
laws, special process trade regulations, patent rights,
bankruptcy law, with an outline of administration
and international law. In political economy and the
science of finance they have to study the fundamental
conceptions of political economy with reference to
money, coinage, banks, markets, joint-stock affairs,
commerce and trade, politics, the labor question,
insurance, the historical development of special
economic tendencies and the characteristics of the
science of finance in relation to tariff and taxation;
also the finances of the State and of the community.
They must be prepared to pass examinations in the
outline of commerce in ancient times and in the
Middle Ages, with a thorough knowledge of the
history of commerce in modern times. One foreign
language is essential, with the privilege of offering
three others in addition, including English, French,
Spanish and Italian. They also have to acquire
technical facility in commercial correspondence and
counting-room work, book-keeping, stenography, as
well as in methods of teaching and skill in handling
a given problem in school instruction, with a knowledge
of the course of study in commercial schools in general.
This requirement of special training, with a special
degree, for teachers in commercial schools, is as yet
a novelty, but marks a manifest need, and is sure to
be followed elsewhere. We have not yet recognized
it in the United States. Everywhere in Germany




[VOL. Lxxxxiv.

the State is taking extensive cognizance of industrial
and commercial education, and is extending increased
aid, not only to the schools in their immediate instruction, but also in contributing to the cost of excursions
abroad which from time to time are made by students
in order to inform themselves as to conditions in other
countries. That their work may not become purely
academic and unfruitful in some cities, teachers
are urged to engage in business while they continue
teaching. Thus they face real conditions, and their
teaching is vitalized.
It is interesting to learn that in the republics of
South America and in Mexico, whose commerce is
now rapidly developing, and will certainly be greatly
increased by the opening of the Panama Canal,
attention is already aroused to commercial education.
In Mexico the first step has recently been taken by
the introduction of commercial courses in the higher
grades of the primary schools; and also by the establishment of a commercial section in the secondary
school; and, more recently, by the establishment of a
high school of commerce in the National Capital.
This work will doubtless be pushed by the new Government as soon as it gets into peaceful operation.
In South America, Chili has for some time had
schools of this character established in no less than
ten cities, through the efforts of Government and
municipal and private enterprise. The plan in these
schools is to employ foreign teachers as well as
native. Of these there are reported six German, one
Spanish, one Swiss, six English and three from the
United States, The course of instruction is not yet
as thorough or extensive as that in Germany, but it is
a beginning, and in that enterprising country will
inevitably be rapidly developed. The other South
American republics are sure to follow in the same
path. It is evident that this newly awakened recognition of the need of special education for merchants is
rapidly going to be realized in all the growing commercial States. It has passed beyond the stage of
experiment and is fast becoming a determining
factor in the competition for successful business.
While we have made a beginning in the United States,
and there are with us some schools of light and learning,
the need is not yet recognized as it should be, and
we are in danger of serious loss unless the attention
of the people is genwally called to it, and the leaders in
our educational life do their part in providing the
means for suitable instruction. It may ultimately
be recognized as the work of the State, but meanwhile the wisest intelligence will lead to action on the
part of the merchants themselves, through trade
organizations and chambers of commerce, as in many
foreign cities, or by individual benefactions, as notably
in the case of Mr. Tuck in founding the Tuck School in
connection with Dartmouth College.
THE UNITED STATES RETROGRADING IN
AGRICULTURE.
In seeking to explain the rise in the prices of the
necessaries of life and the advance in the cost of living,
it has often been argued that the United States is retrograding in agriculture—that its agricultural development, as far as area and production are concerned, is
not keeping pace with the growth in population. Mr.
James J. Hill, in particular, has always laid emphasis
on this point. Some Census statistics now at hand
confirm in a striking way the accuracy of these asser.
,
tions.

JuzfE 1 1912.1

THE CHRONICLE

As far as population is concerned, it has long been
known that the trend is away from the farm. Population is concentrating more and more in towns and
cities. For instance, while during the decade between
1900 and 1910 the urban population was added to by
over 11,013,738 (rising from 31,609,645 to 42,623,383),
or 34.8%, the increase in the rural population was only
4,963,953, or but 11.2%, numbers having advanced
from 44,384,930 to 49,348,883. Total population in
the ten years increased from 75,994,575 to 91,972,266,
a gain of 15,977,691, or 21%. In other words, out
of a total addition to the number of inhabitants during
the ten years of, roughly, 16,000,000, 11,000,000 has
been in urban population and a little less than 5,000,000 in the rural population, and while the general
growth in population has been 21%,that in the rural
population has been at only about half that rate. In
1900 the rural population exceeded the urban population by 12,775,285. In 1910 the excess of rural over
urban was only 6,725,500. The Census authorities seem
to intimate that for distinctively farm population the
comparisons as regards growth might be even less
favorable. For it is pointed out that "iural population" is a much broader term than "agricultural population"-that "rural" as used in the Census comprehends the entire population outside of incorporated
places, including New England "towns," having 2,500
or more inhabitants.
• With the farming communities making slow or only
indifferent growth, it seems natural that the land devoted to agriculture should also show only a limited and
restricted addition. The actual facts as now revealed
by Census publications come, nevertheless, as a surprise. For 1910 the land in farms is found to be 878,798,325 acres; for 1900 it was 838,591,774. The increase here is less than 5%-actually 4.8%. During
the same interval, we have already seen, the increase in
general population (meaning the country as a whole)
was 21%, and in the urban population 34.8%. Of the
total land in farms, the improved area in 1910 was 478,451,750 and in 1900 414,498,487 acres, the increase
here being 15.4% 'The comparison in this instance
is somewhat better, and yet the increase falls considerably below the 21% addition to population in the
same Census decade.
As our analysis is carried further, the results become
steadily more striking. While 63,953,263 acres were
added during the ten years .to the aggregate of improved land, the addition in the case of the areas devoted to food products for man has been relatively
trifling, while the area under some of the important
crops-in particular wheat-has actually declined.
Complete details are not available as to the distribution of the whole of the increase in improved lands,
but in the case of cotton alone there has been an addition of almost 8,000,000 acres, and in the case of hay
and forage an increase of over,103 million acres. Turning to the statistics regarding cereals, we find abundant
data to explain the rise in the prices of the necessaries
of life. The total area devoted to cereals in 1909 was
101,395,963 acres, and in 1899 was 184,982,220 acres.
In yield, the totals for the two Census periods show relatively even smaller changes, the aggregate for 1909
being 4,512,564,465 bushels, against 4,438,857,013
bushels for 1899. With production thus only slightly
larger, the value of the cereal crops in 1909 exceeded
that of 1899 by no less than $1,183,000,000.
The addition to population during the ten years, as
noted above, was 21%, but the increase in the grain
area was only 3.5% and the increase in grain produc-




1477

tion no more than 1.7%. On the other hand, there
was an expansion in the money value of the cereal crops
of almost 80%-to be exact, 79.8%. In 1909 the
per capita production was only 49.1 bushels; in 1899 it
was 584 bushels. A loss of over 9 bushels per head of.
population goes a great way, we need hardly say, to
explain the advance in food prices; and with such an
explanation ready at hand, and with a coincident great
rise in wages in all departments of human activity, it
hardly seems necessary to have recourse to the theory
that the great increase in the world's gold production
during the last decade or more must be held responsible
for the rise in prices.
For the separate crops, on which a ten-year comparison is made, the results are in close accord with those
for the general totals. In the case of wheat, the "staff
of life," the area has actually declined almost 16%,
having been only 44,262,592 acres for 1909, against
52,588,574 acres for 1899; but the harvest was somewhat better in the later year, and accordingly there is
an increase in production, but only 3.8%. On the other
hand, because of the higher price the farmer was
able to realize per bushel of wheat, there has been an increase in the value of the wheat crop from $369,945,320 in 1899 to $657,656,801 in 1909, or 77.8%. The
corn area increased 3.7%, but corn production declined 4.3%, while the value of the diminished crop
advanced 73.7%. For oats, the increase is 19% in
area, 6.8% in product and no less than 91% in value.
In such figures we see the need for the action of our
bankers and our railroads in undertaking to promote
agricultural development through scientific farming
and by a return to the farm on the part of many of
those who congregate in the city and the town. In the
following we furnish comparisons between 1909 and
1899 for all the different cereals, and also for a few
other items of agricultural production:
ACREAGE, PRODUCTION AND VALUE OF LEADING CROPS.
1909.
Acreage
Corn
Wheat
Oats
:Barley
Rye
Buckwheat
Kaffir corn
Emmer and spelt
Rough rice

1899.

Inc. or
Dec.

Acres.
98,382,665
44,262,592
35,159,441
7,698,706
2,195,561
878,048
1,635,153
573,622
610,175

Acres.
94,913,673
52,588,574
29,539,698
4,470,196
2,054,292
807,060
266,513
342,214

+78.3

191,395,963
3,668,855
541,255
72,280,775
1,294,911
32,043,838

184,982,220
2,938,778
537,312
61,691,069
1,101,460
24,275,101

+3.5
+24.8
+19.3
+17.2
+17.6
+32.0

Bushels.
2,552,189,630
683,379,259
1,007,142,980
173,344.212
29,520,457
14,849.332
17,597,305
12,702,710
21,838,580

2,666,324.370
658,534.252
943.389,375
119,634,877
25,568,625
11,233,515
5,169,113

-4.3
+3.8
+6.8
+44.9
+15.5
' +32.2
+240.4

9,002,886

+142.6

Total product
4,512,564,465
Potatoes
389,194.965
Sweet potatoes and yarns_
59.232,070
Hay and forage
tons.97,453.735
Tobacco
Ws.1,055,761,808
bates.10,649,268
Cotton

4,438,857,013
273,318,167
42,517,412
tons.79,251,562
U93.868,112,865
bales.9,534,707

+1.7
+42.4
+39.3
+23.0
+21.6
+11.7

Total acreage
Potatoes
Sweet potatoes and yams_
Hay and forage
Tobacco
Cotton
Production
Corn
Wheat
Oats
Barley
Rye
Buckwheat
Kaffir corn
Emmer and spelt
Rough rice

+3.7.
---15.8
+19.0
+72.2
+6.9.
+8.8
+513.2

Value
Corn
Wheat
Oats
Barley
Rye
Buckwheat
Kaffir corn
Emmer and spelt
Rough rice

$
1,438,553,919
657,656,801
414,697,422
92,458,571
20,421,812
9,330.592
10,816.940
5,584,050
16,019.607

$
828,192,388
369,945,320
217,098.584
41,631,762
12,290,540
5,747,853
1,367,040

+73.7
+77.8
+91.0
+122.1
+66.2
+62.3
+691.3

6,329,562

+153.1

Total value
Potatoes
Sweet potatoes and yams_
Hay and forage
Tobacco
Cotton

2,665,539,714
166,423,910
35,429,176
824,004,877
104,302,856
703,619,303

1,482.603,049
98,380,110
19,869,840
484,254,703
56,987,902

+79.8
+69.2
+78.3
+70.2
+83.0
+117.3

It will be observed that, outside the cereal productions, the tendency of values to rise very much faster
than either area or yield is also strongly emphasized.
For hay and forage we have an increase of 17.2% in

1478

THE CHRONICLE

acreage and of 23% in production, but an advance in
values of over 70%. In tobacco, an addition of 17.6%
in acreage and of 21.6% in production is accompanied
by a rise in value of 83%. In cotton, an addition of
32% in area has been attended by an increase of only
11.7% in production, while the aggregate value of the
crop has risen 117%. In this instance, however, it
is only fair to say that the yield of cotton in 1909 was a
poor one, making the comparison as far as this particular production is concerned somewhat misleading.
The foregoing furnishes evidence going to show,
what is well known, that the farmer has been experiencing great prosperity. Further confirmatory evidence is furnished in the tremendous growth that has
occurred during the ten years in the value of farm lands.
The aggregate value of farm property in1910 was more
than double that of 1900
-in other words, was $40,991,449,090, against $20,439,901,164, the addition
for the ten years having been $20,551,547,926. This
tremendous increase in value becomes all the more noteworthy when the fact already recorded above is recalled, namely that the aggregate addition to farm
area for the ten years has been only 4.8% and the increase in improved farm land 15.4%. In the value of
the land alone (exclusive of buildings, implements and
machinery and live stock), the increase has been
$15,417,666,174, or 118%. The average value per
farm was $6,444 in 1910, as against only $3,563 in
1900; the average value of land per acre in the ten
years has risen from $15 57 to $32 40, and the average
vale of all property in farms from $24 37 per acre to
$46 64, the ratio of increment in the one case having
been 108% and in the other 91%. In the following we
furnish comparisons between 1910 and 1900 for these
various items, and also some others:
FARMS, FARM LAND AND FARM PROPERTY OF THE UNITED STATES
Increase.
1910.
(April 15)
Population
Urban population
Rural population
Number of all farms
Land area of country _acres
acres
Land in farms
Improv.land in farms acre:

1900.
(June 1)

Amount.

%

91,972,26.
42,623,383
49,348,883

75,994,575
31,609,645
44,384,930

15,977,691 21.0
11,013,738 34.8
4,963,953 11.2

6,361,50
1,903,289,601
878,798,325
478,451,750

5,737,372
1,903,461,760
838,591,774
414,498,487

624,130 10.9
-172,160 ___ _
40,206,551 4.8
63,953,263 15.4

146.2
138.1
Average acreage per farm_
-8.1 -5.5
Average improved acreag
72.2
per form
75.2
3.0
4.2
Per cent of total land are:
44.1
In farms
46.2
Per cent of land In farms
Improved
54.4
49.4
Percent of total land area
Improved
25.1
21.8
Value of farm prop'y, total $40,991,449,090 $20,439,901,164 $20,551,547,926 100.5
Land
28,475,674,169 13,058,007,995 15,417,666,174 118.1
Buildings
6,325,451,528 3,556,639,496
2,768,812,032 77.8
Implements and machln. 1,265,149,783
749,775,970
515,373,813 68.7
Domestic animals, poultry and bees
4,925,173,610 3,075,477,703
1,849,695,907 60.1
Average value of all pro
erty per farm
Averitge value of all property, per acre of land I
farms
Avg. value of land per acr

"

$6,444
46.64
32.40

$3,563
24.37
15.57

$2,881 80.9
.
22.27
16.83

91.4
108.1

-Decrease.

In view of this prosperity of the farming industry
and this marvelous advance in farm values, it would
seem impossible to deny that the agriculturist has been
getting his full share of the advance in wealth. In the
circumstances, it is difficult to understand why he
should assume an attitude of hostility toward wealth
in other forms. Yet it is in the agricultural sections
of ,the country that radicalism is rampant. Without
the aid of Eastern capital, used for the development
of the newer and remoter sections of the country, there
could tiever have been such a prodigious rise in farm
values, for without the transportation facilities which
the funds raised in the East have provided, the commodities produced on Western farms could never have
found a market. Indeed, without the capital advanced to upply all the various needs of new settlers,




[Vol, Lxxxxiv.

there could never have been any growth at all in the remoter parts of the country. In face of all this, the
Western farmer is all the time attacking the railroads,
alleging over-capitalization, &c. It is the farmer,
also, who indulges in attacks on the so-called trusts.
He would remove tariff duties on the manufactured
goods produced here in the East, hoping thereby to
buy these goods cheaper for his own use, while maintaining the level of duties on the products of the farm
25 cents a bushel, for instance, on wheat and potatoes
-because he wants to maintain and even advance still
further the prices of the things in which he is
interested as producer.
There ,is little or no "water" in the capitalization of
the railroads, speaking of them as a whole, and statements regarding the inflation of the capitalization of
industrial and manufacturing corporations are immensely exaggerated. On the other hand, taking the
commonly accepted meaning of the term "water,"
namely something created out of nothing, what more
striking evidence of inflation could be found than this
doubling of farm values in ten years, this addition of
$20,000,000,000 to farm values within a decade? With
the farming communities which support the railroads
thus flourishing, does it not seem as if these communities could afford to pay a fair price for the services performed by the transportation lines, which have been
the main agencies in the upbuilding of the remoter
parts of the country? With such an enormous addition to the farmers' wealth, it certainly cannot be
claimed that the railroads, or the country's manufacturing industries, have thriven at the expense of the
agricultural sections. On the other hand, it does seem
as if the advance of the farming industry had been at
the expense of the rest of the country, particularly
the consuming public in the thickly settled manufacturing districts of the East.
To the credit of the railroads it can be said that,
through improvements and economies of various kinds,
they have lowered transportation costs and reduced
rates. So, too, the great "trusts" have almost without exception cheapened the cost of
manufacture. By turning out goods on a tremendous scale, by the use of new and improved machinery and by effecting economies in distribution,
they have cheapened costs per unit, and the benefits
of this cheapening process have in large measure inured
to the advantage of the consumer. But what of the
farmer? The doubling of the value of his property has
come, as we have already seen, not as the result of any
material increase in the land devoted to farming; and so
little attention has he given to increasing the fertility of
the soil that on a given acre of land to-day he is producing no more than ten years ago. What would be thought
of the "trusts," the large industrial combinations, if
they had effected no economies of production and could
not justify themselves by turning out goods more
cheaply than before. On the cereal crops alone the
agricultural community, with an increase in product
of only 1.7% in the ten years, has been getting such
an advance in price that the aggregate value of the
crops in 1909 was $1,183,000,000 greater than the value
of these crops in 1899.
The gain from the prodigious increase in prices and
in farm lands has accrued almost entirely to the West.
For it is pointed out in the Census bulletin that the
most conspicuous feature of the statistics regarding
farms and farm property is the movement of agriculture towards the West. New England actually has
less improved land in farms at/ present than it had in

JUNE 1 1912.]

THE CHRONICLE

1850. The acreage of farm land and of improved land
in the Middle Atlantic division reached its maximum
in 1880 and has since declined. The acreage of farm
land in the South Atlantic division was less in 1910
than in 1860, although improved land has increased
appreciably. On the other hand, the other geographical divisions, and particularly the divisions west of the
Mississippi, have made wonderful increases. In the
East North Central division, for instance, consisting
of Ohio, Indiana, Illinois, Michigan and Wisconsin,
where the land in farms increased during the ten years
only 1.4% and the improved land in farms no more
than 2.6%, the value of farm property has jumped
from $5,683,925,367 to $10,119,138,066, being an
increase of 78%. In the West North Central division,
made up of States of Minnesota, Iowa, Missouri, the
two Dakotas, Nebraska and Kansas, with an increase in
farm lands of 15.7% and an increase in improved land
of 21.1%, the jump in farm values has been over
132%,the total rising from $5,820,994,481 to $13,525,309,511. Yet both these geographical sections and
other divisions equally favored are hotbeds of radicalism. What explanation can be offered for such a situation? Are not the tillers of the soil entirely illogical
in their attitude of hostility towards the growth of
wealth as the result of other forms of human activity?
Is it not, at all events, time that they changed this
attitude?
THE FIRE LOSS AND GOVERNMENT
RATE-MAKING.
The results of fire insurance, as presented in the
customary form at the forty-sixth annual meeting of
the National Board of Fire Underwriters, held last
week in this city, continues unpleasant. In 1911 180
joint-stock companies collected a little over 294 millions in gross premiums, out of which (after paying
losses and expenses and charging off the increase in liabilities during the year) they saved as net underwriting
profit $1,938,136, being 0.66%. In the ten years
ending with 1911 they collected about 2,4283 millions,
and (by the same computation) they "made" a net
underwriting loss of just under 123 millions, or 0.51%.
The favorable side of the outlook is the great advance,
already mentioned several times, in the campaign of
education towards reducing the frightful fire waste
by improving the physical characteristics of buildings
and making preventive practices more general. If insurance were withdrawn, industry and business would
feel a paralyzing shock, for it ranks next in importance
to production and transportation. But if insurances
are to be paid,they must assess their cost plus expenses
through premiums; therefore, the only way to reduce
rates is to reduce loss.
The educational movement towards prevention is
moving slowly though surely; meanwhile the unreasoning notion that the cost of insurance can be reduced
by having laws to coerce the underwriters into charging
less, persists, its latest form being to set up commission
boards for ordering maximum rates. The doctrine is
set up that insurance is unlike other commodities in
being a necessity, so that it becomes "affected with a
public interest," and therefore properly subject to
having its prices regulated. But the alleged distinction is unfounded. Any business which is able to
maintain itself is affected with a public interest by its
public service, and if usefulness and necessity are to
involve the right to substitute State regulatio of
prices for competition in the open market,there is no
business that can be sure of exemption. For examples




1479

food is the most indispensable of articles, yet the farrn0
haS thus far managed to escape being brought under
regulation; he still charges all he can get.
The analogy between insurance and railroads, ,if;s
utterly unreal; railroading is exclusive and limited,by
its nature, while the entire movable capital of the
world is at liberty to go competitively into insurance,
under terms of incorporation which are simple and alike
to all. There is, however, one close likeness between
the insurance and the railroad situation. It has been
cogently and unanswerably pointed out that .when
Government assumes to limit railroad rates, it inevitably takes on itself responsibility for railroad solvency,
because it cannot diminish the obligations, although it
diminishes the means for meeting them. Similarly, if
the State undertakes to prescribe maximum rates of
insurance it must guarantee sufficiency of those rates,.
since their insufficiency means bankruptcy of the companies and failure of the insurance. The underwriters
have done their best to make rates just right, and
under the changing conditions they have never been
able to quite do this; if the State takes the work out
of their hands, the State must assume responsibility for
results. If the faith in Governmental work is sufficient, the State can risk the experiment of converting
itself into a formal insurance concern, doing everything'
itself. The result of that would certainly be very instructive; but when the problem• of rate-making is
taken up, the State must .do all or nothing. , The
problem is arithmetical, therefore immovable. Kentucky is the State now most prominently wrestling
with it, but the money must be provided for loss'
paying. If the State will not let the companies provide,
that, it will have to try its own apprentice hand. Nor
can the time of choosing be long deferred.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
—The public sales of bank stocks this week aggregate 75
shares, of which 65 were sold at the Stock Exchange and
10 shares at auction. No sales of trust company stocks were
made.
Shares. BANKS—New York.
•28 City Bank, National
'37 Commerce, Nat. Bank of
10 Nassau Bank, National_ _ _ _

Low.
425
19854
20454

High.
430
200
20454

Close.
425
19854
20454

Last previous sale.
May 1912— 43054,
May 1912— 199
Nov. 1911— 302

• Sold at the Stock Exchange.

—A resolution providing that the next Electoral College
be based upon the new apportionment, and not upon the
present membership- of the House of Representatives and the
Senate, was favorably reported by the Judiciary Committee
of the Senate on the 27th ult.
—A resolution introduced in the House of Representatives
on Wednesday (May 29) by Representative Difenderfer of
Pennsylvania directs the Secretary of Commerce and Labor,
through the Bureau of Labor, to conduct an investigation of
the anthracite coal industry. The New York "Tribune,"
which has been urging an inquiry into the acts of the anthracite carriers, because of the increase in the price of coal
following the advance made in wages, prints the resolution
as follows:
Whereas, The increase In the benefit to the anthracite coal miners le
approximately $5,000,000 under the recent compromise agreement, while
the increase to the general consumers will approximate $15,000,000; Therefore, be it
Resolved, That the Secretary of Commerce and Labor be and he is
hereby directed to obtain and report to the House of Representatives,
through the Bureau of Labor, full information concerning the different
elements of cost and profit included in the present high prices of anthracite
coal.

—A resolution, offered by Senator Hitchcock on May 25,
and passed by the U. S. Senate on May 30, calls upon the
President to supply to the Senate a compilation of the returns
made under the Corporation Tax Law by corporations engaged
in the iron and steel and other industries. The resolution
reads as follows
Resolved, That the President be, and he is hereby, requested tosend to
the Senate a compilation of the returns made by the corporations for internal revenue purposes for the year 1911, so arranged as to show the following
facts;

1480

THE CHRONICLE

1. The total number of corporations engaged in the iron and steel industry;
the total aggregate amount of their paid-up capital stock outstanding; the
total aggregate amount of their bonded and other indebtedness; the total aggregate amount of their ordinary, necessary expenses of maintenance and
operation, exclusive of interest; the totalZaggregate amount of their losses
for the'year, not covered by insurance; the total aggregate amount of their
-rd
a
depreciation',forithelyear; the total, aggregate'amount of the interest pbyrthemfonitheir indebtedness; the:total aggregate amount of taxes pai.7.1
during the year to the United States and to any State or Territory thereof;
the total aggregate amount of foreign taxes paid; the total aggregate amount
received by way of dividends upon stock of other corporations, joint-stock
companies and associations subject to Federal tax; the total aggregate
amount of their net income.
2. The same compilation of statistics of corporations engaged in other
metal, manufacturing and mining industries covered by Schedule C of the
Tariff Act of Aug. 5 1909.
3. The same compilation of statistics of corporations engaged in the
woolen industry.
4. The same compilation of statistics of corporations engaged in the cotton industry.
5. The same compilation of statistics of corporations engaged in the sugar
refining industry, except beet sugar.
6. The same compilation of statistics of corporations engaged in the beet
sugar industry.

[VoL. Lxxxxxv.

Senator Smith, in submitting the report, addressed the
Senate at length, prefacing his remarks with a statement as
to the warrant for conducting the inquiry in the United
States. On this point he said:
"Our course was simple and plain—to gather the facts relating to this
disaster while they were still vivid realities. Questions of diverse citizenship
gave way to the universal desire for the simple truth. It was of paramount
importance that we should act quickly to avoid jurisdictional confusion and
organized opposition at home or abroad. We, of course, recognized that
the ship was under a foreign flag, but the lives of many of our own countrymen had been sacrificed and the safety of many had been put in grave peril,
and it was vital that the entire matter should be reviewed before an American tribunal, if legislative action was to be taken for future guidance.
"Therefore, we determined that the testimony of British officers and
crew and English passengers temporarily in the United States should be first
obtained. We deemed it important to have the surviving officers and sailors
of this ship meet the passengers of all classes before our committee.
"Without any pretension to experience or special knowledge of nauti ca
affairs, nevertheless I am of the opinion that very few important facts which
were susceptible of being known escaped our scrutiny. Energy Is often
more desirable than learning, and the inquisition serves a useful pnrpose
to the State."

That the lives of those lost in the disaster were needlessly
—The banks which have failed to submit the information sacrificed was the assertion made by Mr. Smith in the folsought by the House Committee of Banking and Currency lowing:
in its investigation into banking and monetary conditions
"In the construction of the Titanic no limit of cost circumscribed their
head of
have been asked by Chairman A. P. Pujo to advise him by endeavor, and when this vessel took its place at the to have the line every
been realized;
modern improvement in shipbuilding was supposed
June 3 whether or not they will furnish the data requested.. so confident were they that both owner and builder were eager to go upon
bulkheads or
—The findings of the sub-committee of the United States the trial trip; no sufficient tests were made of boilers orwere reviewed;
gearing or equipment, and no life-saving or signal devices
Senate directed to investigate the causes leading to the wreck officers and crews were strangers to one another and passengers to both;
on!April 14.of the White Star SS. Titanic were presented to neither was familiar with the vessel or Its implements or tools; no drill or
the tranquility of that
helpful discipline
the Senate . Tuesday of this week (May 28) by Senator station practice or the crisis came a disturbed absolute unpreparedness
on
— •—
state of
voyage, and when
lden Smith, Chairman of the Committee. The stupefied both passengers and crew, and, in their despair, the ship went
report is largely a review of evidence; but it contains recom- down, carrying as needless a sacrifice of noble women and brave men as
seat in any single moment of passing
mendations for legislation. The principal conclusions agreed ever clustered about the judgment
time."
upon by the committee are summarized as follows:
He furthermore said: "We shall leave to the honest judgThe supposedly water-tight compartments of the Titanic were not water- ment of England its painstaking chastisement of the British
tight, because of the non-water-tight condition of the decks where the
Board of Trade, to whose laxity of regulation and hasty intransverse bulkheads ended..
The steamship Californian, controlled by the same concern as the Titanic, spection the world is largely indebted for this awful fatality.
was nearer the sinking steamer than the nineteen miles reported by her
Of contributing causes there were many. In the face of
captain, and her officers and crew "saw the distress signals of the Titanic
and failed to respond to them in accordance with the dictates of humanity, warning signals speed was increased and messages of danger
International usage and the requirements of law." The committee con- seemed to stimulate her to action rather than to persuade
cludes that the Californian might have saved all the lost passengers and
her to fear." Mr. Smith added:
crew of the ship that went down.
4.4

Eight ships, all equipped with wireless, were In the vicinity of the Titanic,
the Olympic furthest away-512 miles.
The mysterious lights on an unknown ship, seen by the passengers on the
Titanic, undoubtedly were on the Californian, less than nineteen miles away.
The full capacity of the Titanic's life-boats was not utilized, because, while
only 706 persons were saved, the ship's boats could have carried 1,176.
No general alarm was sounded, no whistle blown and no systematic
warning was given to the endangered passengers, and it was fifteen or twenty
minutes after the collision before Captain Smith ordered the Titanic's
wireless operator to send out a distress message.
The Titanic's crew was only meagrely acquainted with their positions and
duties in an accident, and only one drill was held before the maiden trip.
Many of the crew joined the ship only a few hours before she sailed and
were In ignorance of their positions until the following Friday.

• The action of Captain Arthur Henry Rostron of the Carpathia, in going to the relief of the Titanic and saving the
lives of 706 of those on board the latter, the Committee
deems as deserving of the highest praise and worthy of special
recognition. This view was given immediate indorsement in
a resolution adopted by the Senate on Tuesday expressing
the thanks of Congress to him and the officers and crew, and
calling for an appropriation of $1,000 for a gold medal, to
be appropriately inscribed, to be awarded to him. Capt.
Rostron was the recipient of further honors this week,having
been presented with a silver-loving cup by the survivors of
the Titanic when the Carpathia reached her pier in New York
•on Wednesday upon the return from Naples In addition
medals were presented to him and the 325 members of the
•
officers:and crew.. Capt. Rostron and five of the officers
received gold medals; the medals for the junior officers were
of silver, while those for the members of the cre.w were of
bronze.
An outline of the legislation advocated in the Senate report
is furnished in the following:
It is recommended that all ships carrying more than 100 passengers have
two search-lights; that a revision be made of steamship inspection laws of

foreign countries to the standard proposed In the United States; that every
ship be required to carry sufficient life-boats for all passengers and crew;
that the use of wireless be regulated to prevent interference by amateurs,
and that all ships have a wireless operator on constant duty.
Detailed recommendations are made as to water-tight bulkhead construction on ocean-going ships. Bulkheads should be so spaced that any two
adjacent compartments of a ship might be flooded without sinking. Transverse bulkheads forward and abaft the machinery should be continued
water-tight to the uppermost continuous structural deck, and this deck
should be fitted water-tight, the report says.

A bill and resolution to enact into law the legislation recommended above, were introduced by Senator Smith this week.
The resolution proposes a commission of experts to be appointed by President Taft to study and report needed
changes in United States maritime laws and regulations now
n force.




"The Titanic rushed onward on her true course—one recognized as
appropriate and agreed upon by mariners as the international highway for
westbound vessels, yet dangerous at this season of the year, when the
Labrador current may be bearing vast masses of ice across the track of
ships. Scores of these towering glaciers planted themselves in the very
pathway of this ship and were so large and so numerous that, In the absence
of fog, they should have been easily discernible by the lookout, who says
in his testimony that if he had been supplied with glasses such as he had
been accustomed to on the Oceanic • • • but which wore denied him.
• • • he could have seen the Iceberg • • * soon enough to get out
of the way.
•
•
•
•
•
•
•
•
•
"Captain Smith knew the sea, and his clear eye and steady hand had
often guided his ship through dangerous paths; for forty years storms
sought In vain to vex him or menace his craft. . . . His indifference
to danger was one of the direct and contributing causes of this unnecessary
tragedy, while his own willingness to die was the expiating evidence of his
fitness to live.
•
•
•
•
•
•
"The mystery of his indifference to danger, when other and less pretendoubled their lookout or stopped their engines, ands no
tious vessels
reasonable hypothesis in conjecture or speculation; science In shipbuilding
was supposed to have attained perfection and to have spoken her last word;
mastery of the ocean had at last been achieved; but overconfidence seems
to have dulled the faculties usually so alert. With the atmosphere literally
charged with warning signals and wireless messages registering their last
appeal, the stokers in the engine-room fed their fires with fresh fuel, registering in that dangerous place her fastest speed.

Mr. Smith stated that the evidence tended to show
that at the time of"the collision the water-tight compartments were not successfully closed, no general alarm
was given, no ship's officers formally assembled, no orderly routine attempted or organized system of safety
begun. Life-belts, he continued, were finally adjusted
to all and the life-boats cleared away, and although strangely
insufficient in number, were only partially loaded, and in
all instances unprovided with compasses, and only three of
them had lamps.
—The Underwood bill, revising the metal schedules of the
Payne-Aldrich Tariff Law, which passed the House of Representatives on Jan. 29, was passed in an amended form by the
United States Senate on Thursday, May 30, by a vote of
35 to 22. Senator Gronna was the only Republican who
voted in favor of the bill, and the entire negative vote was
cast by Republicans. Most of the Republicans, however,
had purposely remained absent in order to allow the bill to
go through and be vetoed by the President as a straight
Democratic measure. The Cummins bill, which had been
introduced in the Senate early last month as a substitute for
the House Bill, was rejected on Tuesday by a vote of 60 to
12; the twelve votes were cast by four regular Republicans—
Senators Jones, Nelson, Page and Townsend—and eight
Progressive Republicans, viz.: Senators Borah, Bourne,

JUNFI 1 1912]

THE CHRONICLE

Bristow, Clapp, Cummins, Gronna, Poindexter and Works.
As passed by the Senate on Thursday, the Underwood bill
repeals the Canadian Reciprocity Act passed by Congress last
year, and in substitution for its clause permitting the free
admission of print paper from Canada, it places a flat tax of
$2 a ton on print paper; this rate is made to apply not only
to Canada but on paper from all other countries. This
amendment to the steel bill was adopted on Wednesday, and
developed out of the proposal of Senator Gronna to repeal all
of the Reciprocity Act except the free-paper clause. Senator
Gallinger thereupon suggested the repeal of the entire law,
but Senator Cummins pointed out that this would have the
effect of restoring the duty of $3 75 a ton, which is provided
under the Payne-Aldrich law, and is the rate which all countries outside of Canada are required to pay. Senator Cummins, who considered $3 75 too high a duty, urged a rate of
$2, which was agreed to by Senator Gallinger, and the
amendment repealing the Reciprocity Act was adopted by
a vote of 37 to 27. Three Republicans voted against the
amendment—Senators Bristow, Fall and Poindexter—and
four Democrats voted for it—Senators Johnson and Gardner
of Maine, where there are large paper mills, Simmons of North
Carolina, and Thornton of Louisiana. It is generally conceded that the adoption of this amendment will have the
effect of killing the bill. Two other changes made in the
Underwood bill are the reduction in the duty on pig iron from
the 8% rate,fixed in the House bill, to 6%,and the reduction
in the duty on ferro-sillicon from 15% to 10%.
—The Naval Appropriation Bill, which conforms to the
agreement reached in the House caucus, in that it carries no
provision for the building of new battleships, was passed by
the House of Representatives on Tuesday. On the day of its
passage an amendment offered by Representative Roberts,
authorizing two battleships, was defeated by a vote of 125
to 80. Representative Roberts later moved that the bill be
re-committed to the Committee with instructions to provide
for one battleship; but this motion was lost by a vote of 140
to 106. Seven Democrats voted in favor of t e proposition
for two battleships, namely Representatives Lee and
Donohue of Pennsylvania; Ayers, Wilson, Talcott and
Redfield of New York and Murray of Massachusetts.
The following Republicans voted in opposition to the
two battleships, viz. Representatives McCall of Massachusetts; Willis of Ohio; McKenzie of Illinois; Barthodlt of Missouri, Campbell and Young of Kansas;
Nye, Steenerson, Davis and Anderson of Minnesota,
and Morse, Lenroot and Nelson of Wisconsin. The bill as
passed carries with it, as a rider, the eight-hour bill, passed
by the House last December and now pending before the
Senate. This measure or amendment requires that all
contracts made on or behalf of the Government, involving
the employment of laborers or mechanics, shall embody an
agreement fhat the men are.not to work more than eight
hours a day. The proviso applies not only to naval contracts
but to all others hereafter entered into by the Government.
The Naval Bill authorizes the construction of two fuel ships,
six torpedo boat destroyers, one tender for the destroyers,
four submarine torpedo boats and one submarine tender.
It calls for a total appropriation of approximately $119,000,000. The provision for the establishment of a wireless
system around the world was stricken from the bill on
the 25th ult.
—The motion for a preliminary injunction to restrain the
New York Dock Co. and Herman Sielcken from disposing
of the "valorization coffee" stored in the Dock Company's
warehouses was denied on Tuesday by Judges Lacombe,
Coxe, Noyes and Ward of the U. S. Circuit Court of Appeals
in New York. As stated in these columns last week, a
temporary injunction had been granted on May 18 by Judge
Hand in the U. S. District Court with the institution by the
Government of an action under the Sherman Anti-Trust
Act for the dissolution of the so-called "coffee-trust". The
Court order denying the application for the issuance of a
permanent injunction was written by Judge Lacombe,who in
his opinion, said:
"The preliminary relief prayed for in the bill—or petition, as it is called in
the Anti-Trust Act—included an immediate seizure of all coffee now in the
possession of the warehouse company belonging to the State of Sao Paulo,
Brazil, and the turning of it over to a receiver to be appointed by the Court,
with instructions to sell it from time to time as the Court might direct.
"Application for that particular relief at this time was disclaimed on the
argument. The temporary relief which the bill asks for is an injunction
(to continue to final hearing and decree) which will practically impound
this coffee, so that the owner cannot sell it tO anybody in this country at
any' price, cannot ship it abroad and sell it there should a satisfactory price
be obtainable, and cannot oven return It to the place from whence it
came.




1481

"No provision is proffered for making good to the ownerlany losses it
might sustain in- consequence of such impounding of its property, should
the plaintiff fail to make good its contentions on final hearing, probably
many months hence.
"The numerous issues of fact and law which have been referred to on the
hearing present important questions and contain too many elements of
uncertainty to be decided summarily in advance of the trial. They may,
with greater propriety, be disposed of when the testimony shall have
disclosed the exact facts.
"We are not persuaded by anything in the papers submitted that there is
any reason to apprehend that in the interim there will be such changes In
the situation as will injuriously affect the position of the Government. The
motion for preliminary injunction is denied."

A recommendation that the suit be withdrawn because
of possible complications with Brazil is reported to have been
made to President Taft by Secretary of State Knox. Attorney-General Wickersham, however, it is understood, is
anxious that the proceedings be pushed, and in a statement
given out on Tuesday he expressed the belief that the
interests of the Government would not be affected by the
decision. In his reference to the matter he said:
•"The decision merely denies the application for a temporary injunction to
restrain any disposition of the coffee now in storage in New York pending
the suit, upon the ground that the issues in the case 'may with greater
propriety be disposed of when the testimony shall have disclosed the exact
facts' than on a motion for a temporary injunction. As it is hardly probable that in the face of this suit the coffee will be sold subject to such restrictions as the bill charges have been imposed.on previous sales1the
Department believes that the interests of the Government will not suffer
from this decision."

—At a recent meeting in Chicago of the executive committee of the new national organization, which had its inception in Washington in April at the instance of President
Taft, action toward its Federal incorporation was taken. A
bill for its creation was introduced in the House of Representatives on the 23rd ult. The organization has been
designated the Chamber of Commerce of the United States
of America. The object of the Association is to provide a
national clearing house for the development and consideration of business opinion and to secure united action upon
questions affecting the commercial interests of the United
States. Only questions of national importance are to be
considered. The Chicago meeting was presided over by Harry
A. Wheeler, who was elected President of the organization
at the previous meeting. We learn from the Chicago "InterOcean" that it was the sense of the executive committee
that the national organization should proceed with its work
free from any connection with the Federal Government in
any respect, and without the representation of Federal
officials in its councils or management. That it should
under no circumstances seek Government aid or subvention,
and that such investigations as it should undertake should be
made independently and at its own expense. It is the purpose,.however, to co-operate with the Government in every
way possible wherever such co-operation is desired. A
special committee was appointed to arrange for permanent
offices in Washington which shall serve as a central meeting
place and headquarters for the representatives of all the
organizations having business at the capital. Regular
meetings of the executive committee and the board of directors will be held in alternate months during the remainder
of the year. The next meeting of the directors will take
place in Washington on June 4, and the executive committee
will meet on 'July 9 in a city in the East to be determined
later. John Joy Edson of Washington, D. C., is Treasurer
of the organization. Commercial or manufacturers' associations, not organized for private purposes, are eligible for
constituent membership in the Chamber. Such associations
include: (1) Local or State commercial or manufacturers'
organizations, such as boards of trade or chambers of commerce whose activities are confined to a single State, city
or locality; and (2) State, inter-State or national commercial
or manufacturers' associations whose membership is confined to one trade or class of trades. It is announced that
in order to participate, the New York Chamber of Commerce
purposes amending its charter, which prohibits it from becoming affiliated with other organizations.
—A volume, having especial interest at the present time,
treating as it does of the question of "Banking Reform,"
has just been issued by the National Citizens' League for
the Promotion of a Sound Banking System. The work is
edited by J. Laurence Laughlin, Professor of Political Economy in the University of Chicago, and Chairman of the
Executive Committee of the League. Its purpose, as indi.
cated in the foreword, is "to furnish a plain, untechnical
exposition of the defects of our present banking and currency
system, together with a discussion of the remedies." The
author considers the subject under review in its very latest
aspects, from the point of view of American Finance, American Business, American farming and American every-day

1482

THE CHRONICLE

living. In offering his exhaustive treatment of the matter,
Prof. Laughlin declares that the national banking system
to-day presents serious problems to the commercial world
calling loudly for study and solution. As bearing on the
part essayed by the League in the agitation, the following is
submitted in the preface:

Lxxxxiv.

In some States where banking legislation has received very careful attenion there is a provision of law on this subject. For instance, in Ne w York
it is required that the board of directors of every bank and trust company
shall, twice a year, examine or cause a committee of at least three of its
members to examine fully into the books, papers and affairs of the bank
or trust company of which they are directors, and particularly into the
loans and discounts, with the special view of ascertaining the value and
security thereof, and of the collateral security, if any, given in connection
therewith. After the completion of each of such examinations a report
thereof in writing, sworn to by the directors making the same, shall be
made to the board of directors, be placed on file in said bank or trust
company, and a duplicate filed in the department. Such report shall particularly contain a statement of the assets and liabilities of the bank or
trust company examined as shown by the books of the bank or trust
company, together with any deductions from the assets, or addition to
the liabilities, which such directors or committee, after such examination,
may determine to make. It shall also contain a statement in detail of
loans, if any, which in their opinion are worthless or doubtful, together
with their reasons for so regarding them; also a statement of loans made
on collateral security which in their opinion are insufficiently secure,
giving in each case the amount of the loan, the name and market value
of the collateral, if it has any market value, and, if not, a statement of that
fact, and its actual value as nearly as possible. Such report shall also
contain a statement of overdrafts, of the names and amounts of such as
they consider worthless or doubtful, and a full statement of such other
matters as affect the solvency and soundness of the institution. The law
provides a penalty for the failure to make these examinations and file
reports as provided by the Act.
Under the laws of Missouri, Nebraska and Oklahoma, periodicial reports
of examining committees of directors are also required to be filed with the
State Banking Departments. In general, these reports are required to
embody detailed information in relation to methods of accounting, character
and value of assets, and such recommendations as conditions may warrant.
When the National Bank Act is taken up for revision by Congress,the
Comptroller will urge that a provision on the lines of the New York law
be incorporated in the National Bank Law. Until there is law on the
subject, the Comptroller feels that the same good result can be reached by
the directors voluntarily co-operating with the Comptroller, and he believes
they will.
•
•
•
•
•
•
•
•
•
At the best this is but an administrative effort to meet a situation which
the law ought to give the Comptroller of the Currency full power to meet.
Bank examiners ought to be put on such a basis that the Government can
make with.its own men, satisfactorily compensated, practically a complete
audit of the affairs of each bank and a very careful estimate of its securities,
and investigate as well all its general lines of credit. Until the examiners
are taken from the illogical and unsatisfactory basis on which they now are
and•put upon a basis whereby the Government can do in the way of bank
supervision what bank supervision should be and what the people of the
country expect It to be, the Comptroller is making this administrative
effort to better conditions.

The reason for the existence of the National Citizens' League, which is
made up of business men, is found in the fact that the reform affects the
borrowing business man more than the lending bank; the bank can always
protect itself by sacrificing the borrower. There is practically no class in
the community not directly concerned in the outcome of this campaign
of education. This book explains the effects of our banking system and
of its reform on every class.
It has long been seen that our currency is needlessly inelastic; that our
credit system is even more dangerously inelastic; that our large gold supply
Is ineffectively used; that the scattering of reserves forbids co-operative
action by the banks in times of stress; that our rigid reserve system even
breeds panics; that State banks and trust companies are doing commercial
banking but without co-operation with national banks; that our Independent
Sub-Treasury often attacks the reserves of banks at times of danger and
works without business-like economy and efficiency; that idle funds of banks
drift to New York and on call loans feed stock speculation; and that our
trade is greatly hampered by lack of American banking facilities in foreign
countries. For these reasons the people are calling loudly for legislation
which shall be non-partisan and formed on seasoned experience, without
breaking with our democratic system of independent banks. It should
also be a matter of care that elasticity should be obtained without the
dangers of over-expansion.
The reform should not take the shape of a dominant central bank, nor
should it be the creature of politics. For this reason the Government of
the United States should not enter the discount and deposit business of
banking; but, on the other hand, it should supervise and regulate a cooperative means of assistance, like an enlarged clearing-house association,
in the common interest, and require the banks to pay all the cost of providing capital, supplying gold reserves, and issuing notes under its close
supervision. Thus the surplus profits of note-issues and of discounts
would go to the people of the United States. Moreover, in any legislation,
care should be taken that control of our credit system should not pass
Into the hands of any sinister political or financial interests.
For these good and sufficient reasons, the National Citizens' League,
organized in most of the-States of the Union, is now carrying on a campaign
of education,so that the worth of every measure proposed to Congress may
be rightly judged. For this reason the plan of the National Monetary
Commission —the elaborate and most discussed plan before the public—
has been given extended study. The League, however, is not committed
to any specific measure. If discussion shows that any other plan is superior
to that now before Congress, it will support that plan. It will favor any
measure which incorporates its fundamental principles without regard to
its origin. It realizes, however, that the remedy for the defects of our
present credit system lies in some form of a co-operative institution, evolved
In his instructions to the national bank examiners in the
from our clearing-house experience, by whatever name it may be called, matter, Comptroller Murray outlines as follows the points
which will remove the defects of to-day. The evil of separate sections,
working at odds, can no longer be tolerated. The co-operation desired he wants especially covered:
1. The genuineness of the notes.
should be country-wide, providing for the importation of gold in the interest
.
2. That all loans are approved by them (the examining committee)
of all banks, big and little, giving assistance to all in times of stress, and
3. That the losses, itemized, will be charged off promptly.
supplying uniformity in the rate of discount. Such advantages could not
4. That the certificates of deposit account has been properly verified.
be gained by dividing the country into independent detached sections,
5. That the individual ledger has been verified by examining some of
leaving the situation much as it is to-day. But this co-operative agency
-books (or by such other methods of verification as they might
furnish the indispensable economy of united reserves and common the pass
should
places for the re-discount of commercial paper impossible under a system adopt).
6. That monthly statements from correspondents are properly checked
of separate organizations.
and verified.

—Continuing his campaign to make conditions in the national banks safer, Comptroller of the Currency Lawrence 0.
Murray has asked that the directors of these institutions cooperate with him in an effort to learn whether there is forged
paper in the banks, and also whether there are any defalcations. To this end the directors will be requested to transmit to the Comptroller's office a copy of the report of their
examining committee, which report is made to the directors
after a careful examination of the bank. The statement of
the Comptroller says:

For the last six months the Comptroller has had this matter under
consideration with the bank examiners and bankers, and has the assurance
of the examiners that good results will come from this co-operation. What
he asks will not cost the banks anything, as the Comptroller will merely
ask for a carbon copy of the report made by the examining committee to
the board of directors which the by-laws of the banks require to be made
at least once or twice each year.
The Comptroller will not ask that any set form of report be submitted.
He will watt for at least six months, at the end of which time all the banks
will have sent in at least one report of the examining committee. These
reports will all be carefully examined, and an effort then made by the
Comptroller's office to draw up a form of report for the examining committees which will meet the needs of all the banks, and fit conditions as they
exist in all parts of the country. In drafting this form of report, the
Comptroller will bear in mind the fact that the degree of banking experience
and ability differs materially in different banks.
The reason the Comptroller asks this co-operation is that the examiners
are frequently finding defalcations and occasionally forged paper. He
believes that if the examining committee in every national bank is active
and makes a really searching investigation that within six months every
defalcation in national banks will be detected and all forged paper found.
•
•
•
•
•
During the year an investigation has been made by the Comptroller of
the records of his own office and it was found that about one-third of the
national banks did not have by-laws. These banks were asked to adopt
by-laws suitable and satisfactory to the Comptroller's office and they have
done so. The by-laws provide, among other things, for an examining
committee, and the examining committee In every bank is now active, and
making examinations at least twice a year.
The Comptroller Will compare the report of the examining committee
with the report of the national bank examiner and such information as
the examiner has not discovered will be valuable for the Comptroller and
his examiners. On the other hand, if the examining committee has made
a superficial examination and has not discovered matters which the examiners found and called to the attention of the Comptroller, the board of
directors will promptly be notified of such fact by the Comptroller, and the
directors will be asked to either verify or disprove the examiner's findings.




—The postal savings deposits on March 31 in the 7,163
postal banks amounted to $16,200,000, according to an announcement made on the 9th inst. by Postmaster-General
Hitchcock. In thirty-two cities, each having a population
of snore than 150,000, the deposits aggregate $6,437,641.
The two cities ranking, respectively, first and second in
population, New York and Chicago, occupy the same relative
rank with respect to deposits, with BrooklYn included as part
of New York; the amount of these deposits in New York
is $860,585, and in Brooklyn $301,683, while the amount
credited to Chicago is $902,841. Portland, Ore., which ranks
twenty-eighth in population, is third in deposits, which stand
at $407,547; St Paul, twenty-sixth in population, is fourth in
deposits.
—In his annual address as President, delivered at the
annual convention of the California Bankers' Association,
held at Long Beach May 23 to 25, Stoddard Jess, VicePresident of the First National Bank of Los Angeles, referred
to the business depression suffered through the attempted
enforcement of anti-trust legislation, saying:
The effect of the attempted enforcement of the anti-trust provisions of
the Sherman law, with its interdictions against present organization of
business, and without suggestion of changes that would be acceptable to
the Government, has produced such a feeling of uncertainty as to cause the
wheels of progress to stop and await the outcome of it all; it has been even
more potent—it has caused the wheels to turn back. Business activity begets demand for money to finance it; a lack of business activity, a cessation
of development, results in a plethora of money.
From the fact that the law stood as a dead letter, so far as any attempt
to make it applicable to business combinations and so-called trusts, for
such a long time, might justify a layman in the conclusion that the attempt
to enforce it now is actuated more for political reasons than from any other
motive. That the public welfare demands that combinations and trusts
should have national supervision and regulation is generally admitted, but
to attempt to deny the right of business to assume any proportions, however big, is to attempt to set aside a natural law of progress. Proper supervision with wholesale regulations and restrictions of the business of all corporations by Government officials should be invited by the corporations
themselves.

Mr. Jess also stated that the fact that the much-needed
monetary legislation has been withheld by Congress is a sad

JUNE 1 1932

THE CHRONICLE

commentary on the tendency of the legislative branch of our
Government to play politics, even in the face of impending
danger to the welfare of the people.
A resolution adopted by the California Bankers' Association advocates an amendment to Section 33 of the State
Bank Act so as to permit, under proper safeguards, loans
by State banks to corporations of which bank directors
are officers or stockholders. According to the report
of the Legislative Committee, this Section was recommended for revision by one of the members of the Association, who in setting out the reason therefore, pointed out
that the Superintendent of Banks had held that under it
"a stockholder of a borrowing corporation is, from his
stockholder's liability, an obligor to the bank, and that
therefore no stockholder of a borrowing corporation can
act as a director of a bank." A resolution was also passed
at the convention favoring a law amending the State bank
Act so as to permit banks to accept mortgages and trust
deeds as collateral security under the same restrictions that
apply to loans on real estate security. Under still another
resolution the association pledged its assistance toward
securing the enactment of adequate legislation for the
examination and control of all stock-selling corporations.
The association also expressed itself in favor of the adoption
of the "group system."
—Resolutions recommending liberal appropriations for
agricultural experiments and favoring the enactment into
law of the Clapp-Stevens bill, governing bills of lading, were
adopted at the annual meeting of the Missouri Bankers' Association held at Joplin on May 21 and 22. Discussion over
the proposed single-tax amendment to the State constitution
resulted in the adoption of a resolution in which it was declared that such a proposal would tend to discourage the
owning of homes and landed property. R. R. Calkins of the
German-American National Bank of St. Joseph has been
elected President of the association. Richard S. Hawes,
Vice-President of the Third National Bank of St. Louis, is
Treasurer of the association for the ensuing year.
—A verdict in favor of the Louisville & Nashville RR. in
an action brought by Alexander Eccles & Co., an English
concern, in which it was sought to Take the road responsible
for losses sustained on cotton bills of lading, was returned
by a jury in the U. S. District Court at Huntsville, Ala., on
May 18. The suit developed from the failure of the cotton
firm of Knight, Yancey & Co.,and it concerned the recovery
of the value of 1,000 bales of cotton, the amount involved
being $70,000. The verdict hinged on the question as to
whether authority had been conferred on John W. Knight,
head of Knight, Yancey & Co., by the foreign agent of the
road to issue bills of lading for the railroad company. In
his charge to the jury, Judge Grubb stated that the complainants had failed to show that the agent had authority to give
such permission. It is stated that there are fifty more cases
of a similar nature on the docket in the Huntsville Court
against the Louisville & Nashville and other Southern roads,
the amounts sued for aggregating $5,000,000.
—Among the several resolutions adopted by the Kansas
Bankers' Association at its annual meeting, which took
place at Topeka on May 23 and 24, one approved the educational movement along agricultural lines, which has been
undertaken, and favored liberal appropriations by Congress
for agricultural purposes. A committee of eight was named
by the association to represent it in assisting in the development of the movement. In the following resolution the association placed itself on record as favoring a more elastic
currency and credit system:
Resolved, That the business of the country discloses the need of a more
elastic, currency and credit system, which, while preserving the independence of our banks, will be free from any sinister financial or political control. We commend the educational work undertaken by the National
Citizens' League to the end that business inen may discuss Intelligently
the banking and currency needs of the nation.

The association also passed a resolution favoring "the repeal or a thorough revision of the present bankruptcy law,
in order to free the business interests of the country from the
evils that have arisen." W. W. Bowman of Topeka, the
efficient Secretary of the association, has been re-elected to
that office.
—E. E. Lindemuth, Vice-President of the Western National Bank of Philadelphia at the time of its recent consolidation with the Girard National Bank, has been appointed a
national bank examiner.
—The provision of the banking law of New York State
which prohibits an "officer, clerk, teller or bookkeeper" of
a corporation formed thereunder from acting as proxy for a




1483

stockholder of such corporation, applies to a director of a
bank, according to an opinion given by Attorney-General
Carmody. Mr. Carmody holds that a director serving in no
other official position is an officer within the meaning of this
provision.
—In still another opinion, Attorney-General Carmody
has decided that the term "capital" as used in the banking
law is much narrower than "resources," and its investment
is controlled exclusively by Section 193 of the banking law,
rather than by Section 186, which applies to investments
generally. Section 193, Mr. Carmody holds, does not permit
a trust company to invest part of its capital in a banking
house to be used as a place of business.
. —An announcement from the American Bankers' Association states that at a meeting of the executive committee,
having in charge the convention to be held in Detroit Sept. 9
to 14, arrangements for the meeting were discussed in detail.
While no definite program of entertainment has as yet been
decided upon, it is evident that the visitors will be given an
opportunity of enjoying the pleasures of the Detroit River.
Detroit possesses the finest steamers plying upon fresh water,
and it is contemplated to charter these boats to take visiting
bankers to points of interest. John W. Staley, Chairman of
the Hotel Committee,in his report to the executive committee
stated that the hotel situation was well in hand. Between
eleven hundred and twelve hundred people have already
made reservations at the hotels, and requests for accommodations are being taken care of as fast as received at the
Convention committee rooms. Detroit is an unusually attractive city during the summer months, and it is expected
that a great number of representative bankers will take
advantage of the opportunity to visit the city the second
week in September.
—Orion H. Cheney, formerly New York State Superintendent of Banks, has been elected President of the Pacific
Bank of this city, succeeding H. B. Brundrett. Mr. Cheney
had served as a Vice-President of the institution during the
past year; in addition he gained ten years practical banking
experience while connected with the Garfield National Bank.
Subsequent to serving with the latter, Mr. Cheney took
up law, and later identified himself with the State Banking
Department, where he was First Assistant under Clark Williams; when the latter resigned as Superintendent in 1909
Mr. Cheney was appointed his successor, and remained
in that office until a year ago. The Pacific Bank, one of the
oldest Clearing-House banks in the city, was organized in 1850.
—Henry T. Scott of San Francisco has been elected a
director of the Windsor Trust Company of this city.
—M. J. M. Smith, for the past five years Secretary of
the Mount Vernon Trust Company, Mount Vernon, N. Y.,
has resigned to accept a position with the National City Bank
of New York.
—The first statement issued by the Bankers Trust Co. of
this city since the removal to its new building was published
this week. On the date chosen—May 23 1912—the company's deposits were $173,819,870; combined capital
($10,000,00Q), surplus ($10,000,000) and undivided profits
($4,867,521) aggregated $24,867,522, while the cash on
hand and in banks amounted to $38,472,038, and aggregate
resources reached $205,202,039. The executive staff is as
follows: E. C. Converse, President; Benjamin Strong Jr.,
W. C. Poillon, D. E. Pomeroy, W. N. Duane, F. I. Kent,
H. B. Thorne and F. N. B. Close, all Vice-Presidents; G. G.
Thomson, Secretary, and G. W. Benton,Treasurer.
—For the convenience of visitors in attendance at the
convention of the New York State Bankers' Association,
which is to be held in Buffalo on June 13 and 14, the Bank
of Buffalo has issued,with its compliments,a souvenir map
of the city indicating the places of interests and their locality.
The map has been prepared at the instance of the bank; it
is inclosed in card-board covers of vest-pocket size, and will
be found a useful and handy guide by those visiting the city.
—Matthew C. D. Borden, for years the leading manufacturer of cotton print cloths, died on Monday at his summer home at Oceanic, N. J. His career is referred to more
at length in a paragraph appearing in our article on the
Financial Situation on a preceding page. Mr. Borden,
who was seventy years of age was affiliated with several
banking institutions as director, the institutions on whose
board he still served at the time of his death being the Bank
of the Manhattan Company and the Lincoln Safe Deposit
Company. About a year ago he retired from the directorate

1484

THE CHRONICLE

of the Lincoln National Bank; he was one of the original
members of the board of that. institution, and with his
withdrawal Col. Thomas L. James, President of the bank,
remained as the only one of the original directors. Mr.
Borden's son, Howard S. Borden, succeeded his father as a
director of the Lincoln National.
—The Gallatin National Bank of this city was formally
placed in voluntary liquidation by its stockholders on May
27. The business of the institution was taken over by the
Hanover National Bank on April 26.
—Application for a certificate of incorporation for the
Colonial Bank Safe Deposit Company has been made to the
Banking Department by interests in the Colonial Bank
of New York. The new organization is to have a capital
of $100,000.
—Darwin R. James Jr. has been elected a director of the
Nassau National Bank of Brooklyn Borough to succeed the
late Thomas T. Barr.
—The development of the Fidelity Trust Company of
Newark, N. J., during the twenty-five years of its operation,
is indicated in figures submitted upon the occasion of that anniversary. The commercial banking department which started
with the inception of the company in 1887 now has 3,870
depositors, with $13,479,531 deposits; the savings department, organized in 1902, has 9,150 depositors and $4,856,562
deposits. The trust department in the quarter of a century
has successfully handled hundreds of estates and other
trusts, and millions of dollars of other people's money.
Similar activity has been experienced by its title, mortgage,
bond and safe deposit departments. The company began
with a capital of $200,000; its capital is now $2,000,000,
while the combined capital, surplus and undivided profits
amounts to over $9,500,000. Uzal H. McCarter, President,
has the able assistance of a corps of officers, chief among
whom are Anthony R. Kuser, First Vice-President, Frederick
W.Egner, Second Vice-President, and James H.Schackleton,
Secretary and Treasurer.
—Charles Schlegel, Chief Clerk in the bond and stock
department of the New Jersey Title Guarantee & Trust
Company of Jersey City was arrested on the 25th ult.
on charges of embezzling bonds and cash belonging to the
institution. William H. Corbin, President of the Company,
has given out the following statement in the matter:
Charles Schlegel, Chief Clerk in the bond and stock department of the
New Jersey Title Guarantee & Trust Co., who has been in the employ of the
company for eight years, was recently discovered to have taken bonds held
by the company as trustee under a collateral trust mortgage made by the
United Electric Co., the same being $45,000 of coupon bonds of the North
Hudson Light, Heat & Power Co. and $5,000 of bonds of the Consumers'
Light, Heat do Power Co., nearly all of which he delivered to sundry brokers
in New York City as margin for certain speculative stock accounts, which, it
appears, he had opened with them. The whereabouts of the bonds has been
discovered, and the holders thereof notified and demand made for their
return.
There were certain other irregularities of lesser amount, all of which he
also admitted. Among these was the taking of $7137 50 in cash, which he
has now repaid. The total shortage of bonds and cash was $58,767 50. It
was in the course of the examination of the assets made by the finance
committee of the board of directors that evidence of the shortage was discovered, and this was immediately followed by Mr. Schlegel's confession.
All the company's accounts with its customers and their securities are
absolutely intact. It is believed that the company will suffer no loss.
If, however, any should result, it is provided for by a surety bond issued by
the American Surety Co. of New York, who state that they stand ready to
pay the loss as soon as the claim is presented. Any deficiency will be paid
from a special reserve fund without the use of any portion of the company's
surplus or profits.

Lxxxxxv.

doings. Following their-arrest the directors of the institution offered the following statement:
The directors ollthe Stamford Trust:Co:announce that,owing to defalcation on the part of two of its employees, George S. Wilson and De Forest
Moores, the company has lost $57,687 07. The amount of the loss will be
reduced by the amount of their surety bonds, $12,500, and some additional
individual assets.
The directors assure the depositors and stockholders of the company that
the defalcation, while large, in no respect impairs the soundness of the
bank, which, after deducting all loss, has unimpaired capital of $200,000
and surplus and undivided profits of $215,000, making net assets over
all liabilities of $415,000.

—In order to be relieved of some of the burdens entailed
in the office of President, Frederick Harris, head of the
Third National Bank of Springfield, Mass., will retire from
that post and will become Vice-President and Chairman of
the board of directors, an office which will be created for him.
Mr. Harris will be succeeded as President by Joseph Shattuck Jr., who has tendered his resignation as Treasurer of
the Springfield Institution for Savings. Mr. Harris, now
in his sixtieth year, entered the Third National in 1873,
serving then as Assistant Cashier, later becoming Cashier,
and last year, on the death of his father, advancing to the
chief office. The elder Mr. Harris' connection with the
bank had covered a period of nearly fifty years. The Third
National has an option on property at Main Street and
Harrison Avenue,and will probably move its business there,
if the negotiations are carried to completion. According to
the Springfield "Republican",the terms call for the payment
by the bank of $560,000 for the property. If the present
plans are fulfilled, the site will be improved with a handsome
office building. The present location of the institution is
at Main Street and Besse Place, but increased business has
necessitated larger quarters. The bank has a capital of
$500,000 and had deposits (April 18) of $4,461,724.
—Samuel M. Curwin, President of the J. G. Brill Co., has
been elected to succeed the late James Rawle as a director
of the Central National Bank of Philadelphia.
—The stockholders of the Southwark National Bank of
Philadelphia have ratified amendments to the articles of
association under which the par value of the stock of the
institution will be changed from $50 to $100 per share.
The capital will remain unchanged at $250,000.
—Israel Roberts has been elected Vice-President of the
National State Bank of Camden, N. J., succeeding Wilbur
F. Rose, who retires. Mr. Rose was connected with the
institution for more than fifty years. The bank is over one
hundred years old, its charter having been granted on
January 28 1812.
—The Anthracite Savings Bank of Wilkes-Barre, Pa., has
arranged to consolidate with the Miners' Savings Bank,
under the name of the Miners' Bank of Wilkes-Barre. The
merger will take effect not later than July 1. On May 3
the Anthracite Savings Bank had a capital of $200,000,
surplus and undivided profits of $652,074, deposits of $1,454,276 and resources of $2,315,207. Its total individual
trusts amounted to $1,110,828, while the value of corporate
trusts represented under deeds of trusts or mortgages
aggregated 05,320,000. The Miners' Savings Bank has a
capital of $150,000, surplus and profits of over $1,000,000
and deposits of about $2,580,000.
—A new banking institution has been organized in Baltimore under the name of the Equitable Mortgage & Trust.
The application for its incorporation was approved by the
State Bank:Commissioner on May 16, and the officers of the
institution, named subsequently, are John R. Bland, President; Robert S. Mooney, Vice-President; Hugh L. Pope,
Treasurer; S. Tagart Steele, Secretary,and Eugene Pennington, Assistant Secretary and Treasurer. The company has
a capital of $1,000,000 in shares of $100. In addition to
conducting a general banking and trust business,it will lend
money on real estate, and issue mortgage certificates. The
date of its opening has not yet been announced.
—The opening of the Mercantile Trust & Savings Bank of
Chicago, announced for June 1st, has been postponediuntil
July 1st. The following board of directors has been appointed:

—The Third National Bank of Buffalo, N. Y., is now
conducting business in its remodeled quarters at Main and
Swan streets, the offices having been enlarged and improved
to meet the growing needs of the institution. New vaults
of steel-lined concrete have also been installed. The Third
National dates from 1865. Its present capital is $500,000
"
2
and its deposits amount to about 43/ million dolllars. John
W. Robinson is President and George A. Drummer is Cashier.
—George S. Wilson and De Forest Moores, employees of
the Stamford Trust Co. of Stamford, Conn., were arrested
on May 14 on charges of embezzlement. The warrant
charges Wilson with misappropriating $46,055 of the institution's funds and Moores with a defalcation of $11,632.
Darius Miller, President Chicago Burlington do Quincy By. Co.:IA.1B.
Their cases have been assigned to the September term of the Dick, President A. B. Dick Co.; E. A. Russell, First Vice-President Otis
Elevator Co.; Milton S. Florshiem, President Florsheim Shoo Co.; Edward
Superior Court, Wilson's bonds being fixed at $40,000 and
A.
Vice-President Union Trust
Rose, Edward Rose
Moores'bail placed at $10,000. The two,who are about 30 years Co.; 0. N. Caldwell, & Co.; Harry W.Wheeler, & Sons Co.; Richard J. ColCaldwell
Treasurer H.
old, entered the employ of the company some fifteen years lins, President the Fulton Street Wholesale Market Co.; E. A. Howard,
manager Chicago Burlington & Quincy By. Co.; Frank A. Hecht,
ago. Wilson rose to the position of manager of the savings real estate& Hecht Co.; David B. Gann, attorney; Frederick H. Rawson,
Kaestner
department, while Moores had advanced to the post of teller. President Union Trust Co.
At a meeting of the directors held May 29th, F. H. Rawson
Although they were associated in outside business ventures,
their counsel declares that there was absolutely no collusion was elected President of the new institution and II. A.
between them, and that each was ignorant of the other's Wheeler Vice-President




JUNE 1 1912.1

THE CHRONICLE

-The bond department of the Central Trust Co. of Illinois, Chicago, is now located on the ground floor, to the right
of the main entrance to the company's banking room at 125
West Monroe St. The space was formerly utilized for the
directors' room. Changes necessary to meet the needs of
the bond department have been made, and an entrance
opened into the main corridor.
-The Chicago Savings Bank & Trust Co. of Chicago is
moving its trust and real estate loan department to the
third floor of its building, in order to permit additional facilities for the increased business of the banking department.
-Six new directors were added this week to the board of
the Union Trust Co. of Detroit., Mich., thereby increasing the
membership to twenty-seven. The new directors are Joseph
L. Hudson, Fred.T. Moran, Hal H. Smith, F. R. Hathaway
and Capt. John H. Poole of Detroit, and James B. Peter of
Saginaw. All have important business connections. These
additions to the board of the company are part of a general
plan of enlargement, the first steps with respect to which
were taken when the capital was incrCased in February of
the present year from $500,000 to $1,000,000.
-The payment of a 20% dividend to the depositors of the
Albion National Bank of Albion, Mich., has been authorized
by the Comptroller of the Currency. The bank suspended
Jan. 2. An assessment of $100 per share was levied on the
$50,000 capital.
-Following the death on May 20 of Frederick R. Karste
President of the German Bank of Sheyboygan, Wis., the
institution was temporarily closed by State Bank Commissioner A. E. Kuolt. The action is said to have been taken
at the request of the directors, who desired an examination
of the bank. Mr. Kuolt has since announced an assessment
of 200% against the stockholders. The bank has a capital
of $250,000.
The International Bank of St. Louis has moved from
Fourth and Chestnut Streets to Fourth and Olive Streets.
The new quarters were formally opened on May 20, when the
many friends of the management displayed their interest and
good-will by sending an abundance of flowers. The new
offices are up-to-date and attractive in equipment and
appointment.
The Fidelity Trust Co. of Nashville filed its charter with
the Secretary of State on May 13 and on the 20th commenced business with a capital of $25,000. J. E. Winters is
President; Dr. G. F. Cummins is Vice-President and Hiram
H. Blanton is Cashier. The institution will conduct a
general banking and trust business.
-The proposal to increase the capital of the Guaranty
State Bank & Trust Co. of Dallas, Texas, from $400,000 to
$600,000, was sanctioned by the stockholders on the 21st
inst. The new stock will be sold at $120 per share, and the
$40,000 premium will be added to the surplus, bringing the
latter up to $100,000.
-The "San Francisco Chronicle" reports that the AngloCalifornia Trust Co. of San Francisco proposes to take over the
business of the Swiss-American Bank about July- 1. The
bank was affiliated with the Central Trust Co., and after the
latter's merger with the Anglo-California Trust Co. last year,
the consolidated institution retained the connection which
had previously existed between the Central Trust and the
bank.
-At the annual convention of the Washington Bankers
Association to be held in the cities of Tacoma and Olympia
on June 27, 28 and 29, it is proposed to make a special feature
of the pending movement toward a higher vocational and
agricultural education. W. D. Vincent, Cashier of the Old
National Bank of Spokane, a member of the Committee on
Education appointed by the American Bankers' Association,
and H. B. Dewey, Superintendent of Public Instruction for the State of Washington, will both deliver addresses
upon this subject. The question will then be thrown open for
general discussion. John Perrin,Chairman of the board of the
Fletcher-American National Bank of Indianapolis, will also
be a speaker at the convention. His remarks will be devoted to currency reform legislation. J. W.Bradley, of Spokane, Vice-President of the American Institute of Banking,
will speak on "The Purposes and Work of the Institute." The
business sessions of the convention will be held in Tacoma on
the 27th and 29th of June, while on the 28th the delegates
and visitors will be,;the guests of the bankers of Olympia.
-During the past year the Imperial Bank of Canada (head
office, Toronto) has experienced unusual growth, its deposits




1485

(interest and non-interest bearing) having increased from
$46,504,492 to $54,987,979 from April 30 1911 to the same
date in 1912, and its assets having been augmented by more
than $10,000,000, advancing from $63,710,026 to $73,751,668. The reserve fund has been increased to $6,000,000
by the addition of $230,441 from profits. The paid-in capital likewise stands at $6,000,000, but a further issue of
$1,000,000 is contemplated. Thus the institution keeps
pace with the general banking development of the Dominion,
a guide to which was furnished in the statement submitted
at the annual meeting of the stockholders of the institution
on the 22d ult. From this we learn that the paid-up capital
of all the banks has grown in the twelve months ending
April 30 1912 from $100,000,000 to $112,038,900; the rest
accounts from $85,000,000 to $100,638,000; public deposits
in Canada from $837,000,000 to $960,000,000;deposits outside
of Canada from $69,000,000 to $85,000,000, and total resources from $1,046,000,000 to $1,211,000,000. The Imperial Bank now has 120 offices, including sub-branches, as
compared with 107 in 1911.
IMPORTS AND EXPORTS FOR APRIL.
The Bureau of Statistics at Washington has issued the
statement of the country's foreign trade for April, 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) are in all cases omitted.)
MERCHANDISE.
Exports
1911.
1910.
1912.
$197,083 $144,461 $143,606
175,957
124,558
134,183
161,933
143,658
157,573
157,988
133,110
162,726
153,152
131,084
141,707
127,888
127,697
114,628
144,185
134,666
195,799
168,874
210,366
207,709
201,753
206,620
224,907
229,003

1912.
January ____ $202,446
198,844
February _ __
205,411
March
119,089
April
May
June
July
August
Septemb
October------November
December
Total.

Imports
1911.
$130,561
121,695
139,042
119,827
129,814
122,807
118,054
125,945
125,172
133,206
126,162
140,782

1910.
$133,671
130,118
162,999
133,922
118,838
119,876
117,316
138,358
117,265
124,046
129,786
136,709

$1,533,067 $1,562,904

82,092,527 $1,866,259
GOLD.
1912.
$1,915
10,589
7,454
1,817

January ___
February __
March
April
May
June
July
August
September_
October
November
December.

Exports
1911.
$924
425
505
1,506
6,817
3,075
2,178
481
2,353
3,984
13,941
994

Total

837,183

1910.
$6,163
2,937
1,816
36,284
719
1,598
829
3,150
1,823
750
1,376
1,330

1910.
$2,131
3,063
4,374
2,101
3,143
4,576
10,283
12,819
3,192
4,250
4,313
4,977
$59,222

Imports
1911.
$3,551
3,898
3,197
4,252
3,556
3,506
3,921
3,653
4,163
3,404
3,339
3,307

1910.
$4,248
3,155
3,995
3,841
3,355
3,308
3,795
4,119
3,442
3,395
4,827
4,398

$43,747

$45,878

$58,775
SILVER.

Exports
1911.
85,651
4,453
5,897
7,610
5,054
5,778
5,275
4,870
4,941
5,087
5,052
5,997

1910.
34,408
4,589
4,553
4,697
4,131
4,587
5,124
4,756
4,830
4,270
5,265
6,061

$65,665

1912.
36,028
5,122
5,806
4,941

January ____
February _ __
March
April
May
June
July
August
September_
October _
November December _

..

Imports
1911.
$9,541
5,806
4,119
4,525
5,015
4,768
2,595
4,105
4,704
4,102
3,458
4,707
857,445

1912.
$5,141
2,937
4,336
3,893

$57,361

Total

1912.
$4,358
3,781
3,712
4,189

EXCESS OF EXPORTS OR IMPORTS.
Merchandise
Sitter
-Gold
1912.
1911.
1912.
1910.
1912.
1911.
1911.
$
$
$
$
$
$
8
January ___ +58,840 +66,522 +10,700 -3,226 -8,617 +1,670 +2,100
February __ +64.656 +54,262 -5,560 +7,652 -5,381 +1,341
+555
March ____ +47,828 +22,891 -19,341 +3,118 -3,614 +2,094 +2,700
April
+16,344 +38,161
-812 -2,076 -3,019
+752 +3,358
May
+1,802
+23,338 +12,246
+1,498
June
+8,012
+18,900
-1,693
+2,272
July
+9,643 -2,688
-417
+1,354
+18,240 -3.692
August _
-3,624
+1,217
+70,627 +51,609
September
-2,351
+778
+77,160 +83,663
October.
-118
+1,683
+75,591 +76,834
November
+10,483
+1,713
+84,125 +92,293
December
-3,713
+2,690
+559,459 +303,354

-20,262

+21,918

+ Exports. -Imports.

We subjoin the totals for merchandise, gold and silver for
ten months since July 1 for six years:
Merchandise.
Ten
Months.
Exports.

Imports.

Excess
of
ExExports ports.

Gold.
Excess
Imof
ports. Exports

$
$
1911-12 1,890,477 1,366,78E 523,691 45,706 39,970 5,727
1910-11 1,754,461 1,274,605 178,856 12,616 63,823/51,207
1909-10 1,486,013 1,318,233 167,78 116,246 35,621 80,625
1008-09 1,422,269 1,071,195 351,074 72,014 39,373 32,641
1907-08 1,631,794 1,018,193 613,601 37,250 141,786f104536
1906-07 1,608,352 1,195,390 112,953 23,022 109,663 /86,641
f Excess of Imports.

ports.

Excess
Imof
ports. Exports

53,111;
53,918
46,568
45,740
49,455
47,052

37,826
38,873
38,534
35,738
37,815
35,907

Ex-

15,293
15,045
8,014
9,991
11,640
11,145

1486

THE CHRONICLE

[VOL. Lxxxxiv.

Similar totals for four months since January 1 for six years business was dull. There is no loss of confidence. On the
contrary, trade is exceedingly active-never, perhaps, has
make the following exhibit:
been more active; and, in spite of the rumored intentions of
Russia and Germany in regard to Turkey, there is a very
Silver.
Gold.
Merchandise.
strong belief that the general peace will be maintained; and
•Pour
Excess
Excess
Excess
iiimuirs.
that even the war between Turkey and Italy will not last
of Exports Imports of Exports Imports of
Experts. Imports.
Exports very much longer. The trouble is that the boomlet which
Exports
Paper N
occurred during the coal strike was got up by promoters and
$
3
$
$
$
$
$
$
$
of high standing, and that their followers were
1212_ 785.771 598,093 1.87,67 21,775 16,307 5,468 21,997 16,040 5.957 operators not
1911.,,_ 692.061 511.121(81,83. 3.36 23,991 /20,631 23,611 14,898 8,713 mainly persons with very small means and less judgment.
1910_ 545,78 560,71C 14,92 .. 47,20 11,669 35,531 18,336 15,238 3,098 The speculation, therefore, was largely confined to the pro,505' 28,811 19,426 14,675 4,751
. 547,231 477.271 69,95 44,31
1909.81
1908._ 648,81
346,302 102,51. 18,335 19,85/1.521 17,04: 14,298 2,750 fessional element and members of the Stock Exchange. Yet
7,923 16.622 /8,699 19,532 15,356 4,176 it assumed surprisingly large proportions, and the difficulty
1907_ 667,951 612,257 155,69
now is that at the height to which prices were forced the
f Excess of Imports.
public is unwilling to buy, while many weak operators are
unable to carry their accounts very much longer. The forced
liquidation, therefore, must be carried through before there is
entertained by the
otutarg]gotauterciaignpaisligews any real recovery. But no doubt issoon be completed,welland
informed that the liquidation will
that then there will be a general improvement in business.
(From our own correspondent.)
The India Council offered for tender on Wednesday 60 lacs
London, Saturday, May 18 1912.
of its bills and telegraphic transfers, and the applications
The announcement this morning from Paris that the Rus- amounted to 795M lacs at prices ranging from is. 4d. to
sian Ambassador at that point has, in the name of his Gov- is. 4 1-16d. per rupee. Applicants for bills at is. 4d. and
ernment, demanded from the French Prime Minister the for telegraphic transfers at is. 4 1-32d. per rupee were
recall from St. Petersburg of the French Ambassador there, allotted 4%, and above in full.
has, naturally, made a great sensation in Paris and has
raised apprehensions everywhere throughout Europe. It is
English Financial Markets-Per Cable.
said that Russia is displeased with the half-hearted manner in
which France has supported her proposals to mediate in the
The daily closing quotations for securities, &c., at London,
'War between Italy and Turkey, and that she takes this step as reported by cable, have been as follows the past week:
to compel France to blindly follow her lead. It is also reLondon,
ported that Germany has come to some kind of understanding
Thurs. Psi.
Wed.
Tues.
Mon.
Sat.
Week ending May 31.
28 1-16
28 1-16 2834
d
2834
with Russia, the aim of the two Powers being to obtain ad- Silver, per oz per cents._,___
77 11-10 77 11-16 7734
7734
at the expense of Turkey in Asia Minor. Lastly, Consols, 234
vantages
77 11-16 77 11-1677 13-16
7734
For account
93.25
94.20
93.7734 93.70
it is -rumored that. the two Powers intend to make proposals French rentes (in Paris)_fr_ 94.10
8534
8534
8534
Conper Co __
8434
to England. There is not time at the moment to ascertain Amalgamated de Refining Co.
c8634
88
88
88
Amer.Smelt.
834
834
834
834
what truth there is in all this; but naturally it has excited b Anaconda Mining Co
10834
109
109
Atch. Topeka & Santa Fe._ 10934
an uneasy feeling here.
106
106
106
106
Preferred
11134
11134
11134
On Friday the Bank of France put down its rate of discount Baltimore & Ohio
11134
91
___
9134
9134
Preferred
from 33i% to 3%. Much interest attaches to this move- Canadian Pacific
27334
27334 c27334
27034
ment, firstly, because the rate had been kept at 33'% since Chesapeake & Ohio
81
8134
81
8034.
18
18
18
18
Chicago Great Western
Sept. 21 1911-an exceptionally long time for the Bank of Chicago Milw. & St. Pau
108
108
10734
108
which prides itself upon maintaining a steady rate Denver & Rio Grande
France,
20
20
2034
20
36
36
36
363-4
Preferred
and thus avoiding pressing unduly upon its poorer clients. Erie
3634
3634
3534
3634
55
Furthermore it is of importance, since it seems to indicate
55
533-4
5434
First preferred
•
43
44
44
44
Second preferred
than there was in France to
that there is greater disposition
13634
135 q
13634
Great Northern, preferred
n
129%
employ money abroad. Ever since the scare in the autumn Illinois Central
66-129
129%
41
161
16134
162
16134
money has been scarce in Paris, and Louisville & Nashville
rn
on account of Morocco,
27%
c.)
2734
2734
2734
the French banks have refrained from employing their surplus Missouri Kansas & Texas__ _ .1
____
5934
6034
60
Preferred
E.
0
3734
____
39
3954
'European States. They have, of Missouri Pacific
balances in the Middle
65
____
65
65
accommodate Russia, and they have Nat. P.R. of Mex., 1st pref 41
course, continued to
3232 OF,
Second preferred
3134
CD
121 !,,3
1- 14
2 121
12134
lent to several of the smaller States. But they have avoided N.Y.Central & Hudson Riv. Z
3834
3834
383-4
Berlin, Vienna and Buda-Pesth. There was a N.Y. Ontario & Western_ _ _ ..4
altogether
tri
11534 c11334
11534
115
Norfolk 8e Western
0
suspicion that the Bank of France delayed putting down its
Preferred
X14
- 1i5ii
123
Northern Pacific
rate for the purpose of discouraging the other banks from a Pennsylvania
41
6334
3 88
6-,i 1-2-314
6334
6334
employing money abroad. However that may be, there is a a Reading
89
89
8834
46
____
4634
4634
a First preferred
of speculation just now as to whether the other
great deal
a Second preferred
French banks will understand the action of the Bank of Rock Island
iiK ;;;; iiiiii
11434 c1123j
114
11434
Southern
France to mean that there are good grounds for believing that Southern Pacific
2034
2034
2934
2934
Ry
be more plentiful in Paris; and, Preferred
7634
7634
77
77
money henceforward will
17634 17634 c17334
17534
may resume employing Union Pacific
consequently, that they themselves
93
93
93
9334
Preferred
Undoubtedly, the action U. S. Steel Corporation
7234
money in neighboring countries.
7134
7234
c7034 '
11334
11334 '
11334
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of the French banks in withholding assistance from Berlin, Wabash
8
734
734
734
7%
it
seriously both in
Vienna and Buda-Pesth has been felt very
Ng
1834
19
1834
Preferred
70
70
7034
- --Extended 4s
Germany and in Austria-Hungary. And if the reduction of
the Bank rate results in freer action on the part of the other -- per share. 8£ sterling.. c Ex-dividend.
a Price
French banks,there will be great gratification in the Central
speculation, moreEuropean States. There is a good deal of
over, as to whether the Reichsbank will follow the example
of the Bank of France early next week, and put down its rate golantexcial and Xisceilantons
of discount. Money in Germany is scarce. The German
-The clearings for the week endCanadian Bank Clearings.
banks are offering high rates for loans for a month certain
here in London. It is feared that there will be some pressure ing May 25 at Canadian cities, in comparison with the same
at the settlement at the end of this month, and everyone is week of 1911, shows an increase in the aggregate of 52.2%.
prepared for much pressure at the end of June. The general
Week ending May 25.
opinion, therefore, is that the Reichsbank will make no
Clearings at-.
Inc. or
change. Yet there are many well-informed persons who hold
Dec
1910.
1911.
1909.
1912.
that, now that the Bank of England and the Bank of France
the Reichsbank will feel that it
have both lowered their rates,
S
%
$
$
$
Canada57,668,148 37,901,059 +52.2 28,129,013 28,677,909
gontreal
can put down its rate at least to 43'% without danger of forento
40,617,931 30,092,977 +31.1 27,070,028 22,781,035
from Germany.
leading to shipments of gold
32,634,000 18,000,902 +75.4 12,656,153 10,503,273
Winnipeg
12,551,000 8,933,159 +40.5 6,772,581 4,743,352
Here in London business has been rather quiet during the Vancouver
4,989,449 3,652,559 +36.6 2,767,556 2,927,267
been very well applied for, 3tto.wa
week. The new issues have not
3,427,000 3,722,735 -7.9 1,272,710 1,007,372
Victoria
5,499,808 3,361,647 +63.6 2,599,392 1,586,957
and upon the Stock Exchange business has been rather dull. :algary
2,782,946 2,073,332 +34.2 1,932,587 1,535,467
In a few specialties there has heen a fair amount of business; ilaraliton
838,074
944,853
4,000,000 1,745,494 +129.2
Edmonton
3,019,000 1,515,769 +94.6 1,933,161 2,048,974
but, speaking generally, except on Thursday, markets have auebec
1,726,038 1,325,491 +30,2 1,469,018 1,092,090
in general securities on Monday it. John
been dull. • The making up
1,601,000 1,301,944 +23.0 2,130,452 1,568,995
Halifax
000,347
978,932
showed a very much smaller decrease in the account open for London
1,639,679 1,067,845 +53.0
587,796
1,883,000 1,134,968 +66.0
Therefore, there was an legina
the rise than had been expected.
908,175 +152.0
2,288,000
3mkatoon
unwillingness on the part of lenders to give assistance to goose Jaw
612,914 +88.6
1,155,000
547,413 +18.8
650,000
Lethbridge
weak speculators in carrying over their accounts. Forced 3rantford
418,386 +72.2
720,000
therefore, continued throughout the three days 3randon
liquidation,
350,552
397,071 +70.3
700,000
1,000,000 Not include d in tot al.
-Monday, Tuesday and Wednes- Tort William
of the general settlement
latter day there were three failures, none of
day. On the
179,551,999 117,962,952 +52.2 91,595,384 80,211,117
Total Canada
them very important, although one was of an old-established
it was hoped that the liquidation was
firm. On Thursday
-The following information regarding
National Banks.
nearly completed; but on Friday there was another failure,
from which it was concluded that the liquidation must be national banks is from the office of the Comptroller of the
carried much farther, andkenerally quotations were low and Currency, Treasury Department:




nem

JUNE 1 1912]

TIIE CHRONICLE

CHARTERS ISSUED TO NATIONAL BANKS MAY 15 TO MAY 21.
10,195—The Farmers National Bank of Alma, Kan. Capital, $25,000.
E. E. Ames, President; B. V. Curry, Cashier. (To succeed the
Commercial National Bank of Alma.)
10,196—The Yukon National Bank, Yukon, Okla. Capital, $25,000.
John F. Kroutil, President; Chas. A. Arlen, Cashier.
10,197—The Commercial National Bank of Madera, Cal. Capital, $50,00(1.
Return Roberts President; J. G. Roberts, Cashier. (Conversion
of the Commercial Bank of Madera.)
10,198—Farmers' National Bank of Fayetteville, Tenn. Capital, $50,000.
D. C. Sherrell, President; J. Boone Landess, Cashier. (Succeeds
Farmers' Bank & Trust Co., Fayetteville.)
10,199—The National Bank of New Berlin, N. Y. Capital, $50,000. Alfred D. Sprague, President,,Cashier.
10,200—The First National Bank of Riverdale, Cal. Capital, $25,000.
John B. Lewis, President; Homer J. Hoyt, Cashier. (Conversion
of the Bank of Riverdale.)
10,201—The National Bank of Tulare, Cal. Capital, $100,000.
President; L. L. Abercrombie, Cashier. (Conversion of the Bank
of Tulare.)
10,202—The Enid National Bank, Enid, Okla. Capital, $100,000. 0. J.
Fleming, President; Frank H. Letson, Cashier. (Conversion of
the Bank of Enid.)
10,203—The Carmen National Bank, Carmen, Okla. Capital, $25,000.
P. N. Winslow, President; C. J. Campbell, Cashier. (Conversion
of the State Guaranty Bank of Carmen.)
10,204—The Healdsburg National Bank, Ilealdsburg, Cal. Capital, $75,000. Geo. H. Waraell, Presilent; J. R. Williams, Cashier.
(Succeeds the Sotoyome Bank of Healdsburg.)
VOLUNTARY LIQUIDATIONS.
8,391—The Toxic° National Bank,Texreo, .M.. Meh.6 1912. Absorbed
by The clovis National Bank, Clovis, N. M. Liquidating agent,
Alex. Shipley, Clovis, N. M.
8,774—The Central National Bank of Denver, Colo., April 10 1912. Consolidated with The United States National Bank of Denver, Colo.
Liquidating agent, W. M. Marshall, Denver, Colo.
6,069—The First National Bank of Blum, Tex., May 11 1912. (To be
succeeded by a State bank. Liquidating agent, W. A. Wells,
Blum, Tex.)
6,355—The Capitol National Bank of Denver, Colo., May 11 1912. Consolidated with the First National Bank of Denver. (Liquidating
committee, M. D. Thatcher, J. C. Gunter and H. J. Alexander,
Denver, Colo.)
APPLICATION TO CONVERT APPROVED.
The Seaboard Bank, Norfolk, Va., into "The Seaboard National Bank of
Norfolk." Capital, $200,000. Correspondent, the Seaboard Bank, Norfolk, Va.

DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.

Per
Cent.

When
Payable.

Books Closed,
Days Inclusive.

Railroads (Steam).
Alabama Great Southern, ordinary
2M June 27 Holders of rec. June la
Preferred
3
Aug. 28 Holders of rec. July20a
Atch. Topeka & Santa Fe,corn.(quar.)
1)4 June
1 Holders of ree. Apr.30a
Atlantic Coast Line Co.(quar.)
3
Juno 10 May 30 to June 9
Atlantic Coast Line RR., common
33 July 10 June 20 to July 10
Boston & Albany (quar.)
2) June 29 Holders of rec. May3la
Boston Se Lowell
4
July
2 May 26 to June 1
Boston de Maine, common (quar.)
1
July
1 Holders of rec. June la
Boston Revere Beach & Lynn (guar.)
13. July
1 Holders of rec. June15a
Canadian Pacillc, corn. (quar.) (No. 64). 2M rune 29 Holders of rec. June la
Chesapeake de Ohio (quar.)
1M June 29 Holders of rec. June 7e
Chestnut Hill Mara
1M June 4 May 21 to June 3
1M July
Chicago & North Western, corn.(quar.)
1 Holders of rec. June 3a
Preferred (quar.)
1 Holders of rec. June 3a
July
2
Cin. N. 0. & Texas Pacific, common..._ 3
June 13 Holders of rec. June la
Common (extra)
23 June 13 Holders of rec. June la
Preferred (guar.)
1y, June 1 Holders of rec. May25a
Cleveland dr Pittsburgh, reg. guar.(quar.) 1)( June 1 Holders of rec. MaylOa
Special guaranteed (quar.)
1
June
1 Holders of rec. MaylOa
•
Connecting Ry. (Philadelphia)
2
June 29 Holders of rec. June20a
Cripple Creek Central, corn. (No. 10)- — 1
June
1 Holders of rec. May 17a
Preferred (quar.) (No. 26)
1
June 1 Holders of rec. May 17a
Delaware & Hudson Co.(guar.)
23( June 20 Holders of rec. May28a
Detroit & Mackinac, corn. & pref
2M July
1 June 16 to July 2
Greene Railroad, guaranteed
3
June 19 Holders of rec. Junel4a
Loulsvill3 & Nashville
33.4 Aug. 10 July 20 to Aug 11
N. Y. N. H. & Hartford (quar.)
2
June 29 Holders of rec. June 8a
Norfolk Southern (quar.)
M July
1 Holders of rec. Junel5a
Norfolk & Western, common (quar.)... 13'4 June 19 Holders of rec. May3la
Preferred (quar.)
1
Aug. 19 Holders of rec. July3la
Phila. Germantown & Norristown (quar.) 3
June 4 May 21 to June 3
Pittsburgh Bessemer de Lake Erie, pref _ 3
June 1 Holders of rec. May 15
Pitts. Youngst. & Ash. com.&pf.(qua. 1( June 1 Holders of rec. May20a
Reading Company, first preferred (quar.) 1
'
June 13 Holders of roe. May29a
Southern Pacific (quar.)(No. 23)
1M July
1 Holders of rec. June la
Union Pacific, common (quar.)
2)4 July
1 Holders of rec. June la
Street and Electric Railways.
American Railways (quar.)
75e. June 15 Holders of rec. May3la
Arkansas Val. Ry., L. & P., pref. (qu.).
1) June 15 Holders of rec. May 31
Baton Rouge Elec. Co., pref.(No.2)
3
June 1 Holders of rec. May28a
Brooklyn Rapid Transit (guar.)
July
1 Holders of rec. JunelOa
13
Chicago City Railway (guar.)
234 June 28 June 19 to June 23
Chicago Elevated Railways, pref. (quar.) 1M June
1 Holders of rec. May 22
Chinnewa Valley Ry., L. & P. pref.(qu.) 1( June
1 Holders of rec. May3la
Columbus (0.) Ry., corn. Op.)(No. 36). 13f June I Holders of rec. Mayl5a
'
Detroit United Ry. (quar.)
13j June 1 Holders of rec. Mayllia
Dulatle-Superior Traction, cont.(guar.) -- 1M July
1 Holders of rec. Junel5a
Preferred (guar.)
1
July
1 Holders of rec. Junel5a
Faderal Light & Traction, pref. (quar.) _ 134 June 1 May 16 to June 1
Ft. Wayne & Nor Ind. Trac., pref.(qua 1M June 1 May 23 to May 31
Louisville Traction, corn. (quar.)
1
July
1 June 11 to June 14
Manila Elec RR. & Ltg. Corp.(guar.)._
1) July
1 Holders of rec. June 18
Massachusetts Electric Cos. preferred
Cos.,
$2 July
1 Holders of rec. June 5a
Norfolk Railway & Light
2)4 June 10 Holders of rec May 31
Nor. Ohio Tr. & Light, corn. (quar.)__ _
1
June 15 Holders of rec May3la
Nor. Texas El. Co., corn.(qua (No.
1M June
1 Holders of rec. May25a
Pensacola Electric Co. pref. (No. 11),, 3
June 1 Holders of rec. May15a
Portland (Ore.) Ry ,1;t.& P.(qua(No.6) 1
Juno 1 Holders of rec. Maylla
& Lt., pref. (quar.)
Rochester
1M June
1 Holders of rec. May25a
Ry.
St. Jos. Ry. L.H.dc Pow.,com.(riu.)
(No.15)
M June 1 Holders of rec. Mayl5a
Sao Paulo Tr., L.& P.,Ltd.(qu.)(No. 41) 2M July
2 Holders of rec. June 10
Twin City Rapid Transit, corn.(guar.)_ _
1
July
1 Holders of rec. June 10
Preferred (guar.)
1
July
1 Holders of rec. June 10
Virginia Ry. & Power, preferred
2M July 10 Holders of rec. June22a
Washington (D.C.) Ry.& El., corn.(qu.) 1
June
I May 19 to May 20
Preferred
2)4 June 1 May 19 to May 20
Miscellaneous.
Express (quar.)
Adams
$.3
June 1 May 14 to May 31
American Can, pref. (guar.)
1M July
1 Holders of rec. Junel8a
American Cotton 011, preferred
3
June
1 May 17 to June 2
American Express (quar.)
33 July
1 Holders of rec. May3la
14 June
American Gas (quar.)
1 Holders of rec. May 22
American Mfg. (guar.) (No. 61)
1 M July
1 Holders of rec. Juno 15
2
American Radiator, common (quar.).
June 29 June 22 to June 29
Amer.Smelt.&Refg.,com. (quar.)(No.35) 1
Tune 15 tune 1 to June o
(quar.) (No. 52)
13 June 1 May 18 to May 26
Preferred
corn. dr pfd.(quar.)
Amer. Sugar
1U July
2 Holders of rec. June la
Refin.'
American Telegraph & Cable (guar.)
1M June
1 Holders of rec. June la
235 June
,
American Tobacco, common
1 Holders of rec. May 15
Blackstone Val.Gas&EI.,com.(qu.)(No.2) 2 • June
1 Holders of rec. May25a
June 1 Holders of rec. May25a
Preferred (quar.) (No. 14)
Jena 1 Jane a to Jun. 101
Florden's Cond. Milk, pref.(mum)




Name of Company.

1487
Per I When
Cent. I Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
British-American Tobacco, ordinary _ _ _ _
10
une 29 solders of rec. June 12
Brooklyn Union Gas(guar.)(No. 45)- - -- 134 uly
3 June 16 to June 30
Extra
uly
1 une 16 to June 30
1
Buckeye Pipe Line
one 15 elders of rec. MaY 154
$5
Buffalo General Electric (guar.)(No. 71).
134 June 30 elders of rec. June 20
Butteriek Company (guar.)
34 June . 1 Holders of rec. Mayl5a
Calumet & Heels Mining (quar.)
310 June 20 Holders of ree. May 18
Canadian Car dr Foundry, common
2
une 1 elders of rec. Apr.30a
Celluloid Company (quar.)
134 uly 1 olders of rec. June 14
Central Leather, pref. (quar.)
1 elders of rec. JunelOa
134 uly
Chesebrough Manufacturing Mara
June 24 May 28 to June 24
6
Extra
June 24 ay 28 to June 24
4
Chicago Telephone (guar.)
une 29 Holders of rec. June 20
2
Childs Company, coin.(quar.)
234 June 10 June 4 to June 10
Preferred (quar.)
134 June 10 one 4 to June 10
Cities Service, common (monthly)
1 Holders of rec. May20a
1-3 June
Preferred (monthly)
M June
1 Holders of rec May20a
City & Suburban Homes
June 4 elders of rec. June 4
2
Columbus (0.) Gas dr Fuel, corn. (quar.)
M June 1 elders oUrec. May IS.
Consolidated Gas (guar.)
134 une 15 folders of rec. May 156
Crescent Pipe Line (guar.)
31.50 June 15 ay 21 to June j5
Crex Carpet
June 15 elders of rec. May310
3
Cuban-American Sugar, pref.(guar.)._ __ 1% July
1 Holders of rec..Junela
Deere Sr Co., pref.(quar.)
1 ay 19 to June • 2
13( June
Diamond Match (quar.)
.
134 June 15 Holders of rec. May3la
du Pont(E.I.) de Nemours Pow.,coni.(gu.). 2
June 15 June 6 to June 36
Common(extra)
June 1.5 June 6 to June 15
1
Preferred (guar.)
July 26
134 July 21 July 16 of to June20a
du Pont Internat. Powder, pref.(quar.)-- 134 July
rec.
Holders
Preferred (extra)
I Holders of rec. June20a
el% July
Eastman Kodak, common (quar.)
1 Holders of rec. May3la
234 July
Preferred (quar)
154 July 1 Holders of rec..May3la
Elec. Lt. & P.of Abington, &e.(No.38)— 84 July
I Holders of rec. June22¢
Equitable IU. Gas L., Philadelphia, pref._ a
June 15 Holdere of me. June 8
Essex & Hudson Gas
4
June
1 Holders of rec. May 20
Federal Mining & Smelting, pref. (quar.) 134 June 15 Holders of no, MaY24t1
Federal Utilities, pref. (quar.)(No. 4)... _ 134 June 1 Holders of rec. May 15
Galena-Signal Oil, corn.(guar.)
4
June 29 June 1 to June 20
Preferred (guar.)
2 . June 29 June 1 to June 20
General Asphalt, Pref. (guar.)
13.4 June 1 Holders of rec. Mayliki
Chemical, common (quar.)
General
134 June 1 elders of rec. MAY 214
Preferred (quar.)
134 July 1 Holders of rec. Junelea
Gen. Chemical of Cal., 1st pref. (quar.)_ 134 July
1 Holders of rec. June2la
General Electric (quar.)
2
July 15 Holders of rec. June la
Goldfield Consolidated Mines (guar.)
30e. July 31 Holders of rec. June30a
Great Lakes Towing, preferred (quar.)_ _
134 July 1 Holders of rec. Junel5a!
Great Northern Paper (quar.)
134 June
1 May 25 to June 1
Harbison-Walker Refract., corn.(quer.).
34 June 1 Holders of roe. May 20
Hudson County (N. J.) Gas
4
iders of rec, May .20
June
1
Internat. Harvester, corn. (qu.)(No. 10) 1;,4 July 15 elders of rec. June25a
Internat. Harvester, pref. (qu.) (No. 21) 144 June 1 Holders of rec. MaylOa
International Nickel, common (guar.)._ 7 • June
1 May 19 to June • 2
18% July
International Silver (guar.)
1 une 18 to July j
Extra
1 une 18 to Ally 1
Of July
Internat. Smelt. & Refg. (quar.)
June 1 May 15 • to. June 4
2
Internat. Smokeless Pow.&Ch.,com.(qu.)
1 Holders Of rec. June200
M July
Common (extra)
1 Holders of rec. June20a
July
1
Kings County El. L.& Pow.(qu.)(No. 49) 2
June 1 • olders of rec. May 210
Laclede Gas Light, corn.(quar.)
134 June 15 June 2 to June 16
Preferred
234 June 15 June 2 to June 16
Mackay Companies, eon). (qu.) (No. 28) 134 July
1 Holders of rec. June 8a
Preferred (quar.) (No. 34)
1 Holders of rec. June 8a
July
1
Massachusetts Gas Co., preferred
2
June 1 ay 16 to May 31
May Department Stores, corn. (quar )- - 134 June 1 Holders of ree./Mayllia •
Muskogee Gas & Et., pref. (guar.)
134 June 15 Holders.of rec. May310
National Biscuit, corn. (quar.) (No. 56). 144 July 15 Holders of rec. June28a
Nat Enamel. dr Stamping, pref. (quar.) hlai July
1 June 11 to July. 1
National Lead, common (quar.) (No. 34)
M June 29 June 8 to June 12
Preferred (omar.)
144 June 15 May 25 to .May 28
National Transit
750. June 15 June 1 to June 14
Nevada Consolidated Copper (quar.)._ _ _ 3734c. June 29 June 8 to June 11
N. Y. & Queens El. L.&P., pref. (quar.) 1
June 1 Holders of me May24a
New York Transit
Tidy 15 Holders of rec. June 15
10
Niles
-Bement
-Pond, corn. (quar.)
134 June 20 June 13 to June 20
North American Company (quar.)
1 Holders of rec. Junel50
134 July
Northern Pipe Line
July
1 Holders of rec. Junel5a
5
Ohio Oil
$1.25 June 20 May 26 to June 10
Pabst Brewing, pref. (quar.)
lfi June 15 June 1 to June 15
Philadelphia Electric (quar.)
2254c. June 15 May 24 to June 6
Pittsburgh Steel, pref. (quar.)
134 June 1 olders of rec. May .18
Prairie 011 Az Gas
6
June 29 Holders of rec. May3la
Pure 011,common (quar.)
1 May 15 to May'31 •
234 June
Quaker Oats, corn. (quar.)
234 July 15 Holders of rec. July la
Preferred (quar.)
154 Aug. 31 Holders of me. Aug. la
Quincy Mining (guar.)
51.25 June 24 May 28 to June 6
Railway Steel-Spring, pref. (guar.)
134, June 20 June 8 to June•20
July 15 Holders of rec. July...5
3
Realty Associates (No. 19)
Southern Pipe Line
June 1 Holders of rec. May 15
6
South Penn Oil
June 16 May 31 to June'16
10
Siarulard.Gas & Electric, pref.
2
June 15 Holders of rec. 3tay3la
10
June 20 May 21 to June 20
011 of Nebraska
(quar.)Stnd
$5 June 15 Holders of rec. May204
Standard 011 of New Jersey (quar.)
Standard 011 of New York
June 15 Holders of rec. May310
6
1 May 21 to June. 2
Stern Brothers, pref. (quar.) (No. 6)— -134 June
Studebaker Corp., pref. (Guar.)
134 June 1 Holders of rec. May 18Swift & Co. (quar.) (No. 103)
134 July 1 Holders of rec. June 8
Tri-State Telp.&Tel. pfd.(qu.)(No. 36) 134 June . 1 Holders of roe. May, 21•
Underwood Typewriter, common (quar.) 1
July
1 Holders of rec. June205
Preferred (quar.)
1 Holders of rec. June20a
154 July
Union Carbide (quar.)
2
July
1 June 19 to June • 30
Union Stock Yards, Omaha (quar.)
134 June 1 Holders of rec. May21a.
United Cigar Mfrs., pref. (quar.)
134 June 1 Holders of rec. May290 •
United Dry Goods Cos., pref.(quara_
June 1 Holders of rec. May.25a
U. S. Steel Corp., corn. (quar.)(No. 34)_ 134 June 29 June 2" to June 9
Utah Copner (quar.) (No. 16)
75e. June 29 June 8 to June 11
Waltham Watch. preferred (No. 11)
3
June
1 Holders of rec. May140
Westinghouse Air Brake (pay. In stock). 133 1-3 July 10 June 29 to July 10
Woman's Hotel (No. 10)
214 June 15 Holders of rec: June la
a Transfer books not closed for this dly dend. 0 Lees Income tax. d Correction.
e On account of accumulated dividends. h Dividends, 1M% each, declared pa'
•
able Sept. 30 and Dec. 311912. t Payable in stock.

Auction 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:
Per cent.
Shares.
230 pref. & 1,000 corn. Hawes
Von Gal, Inc., a Conn. corp.,
subject to a lien thereon not
$4,000
exceeding $15,000
$750 Note of A. M. Johnson, past
due
3,500 Eclipse Consol. Gold Mines
$5
Co. of Colo. Springs
500 Navajo Mining Co., Tusca- lot.
rom Dist., Nev
12 Arizona Water Co
985
18 Continental Ins.Co
11 Fidelity dr Phenix Ins. Co..- _310
2,928 Brooklyn City RR. Co
16634
25 Bankers'Money Order Assoc.,
com. certf. of deP
310 lot
Typewriter Co.2d pfd _111
5 Union
5 Crocker Wheeler Co.coin_ _ _ _ 90
132 United Stores Assoc. corn.,
, $25 each
agt.
$6

Shares.
Per Cent
100 City Investing Co.common._ 523
33 Kotzen Realty Co
3 •
50 Realty AssociateS___ __ • 11534
10 Nat. Nassau Bank
...
12 Long Island Estates
$500
•
Bonds.
Per cent.
$3,000 Costlllo County, Oolo., re,f:
434s, 1922, opt. Jan. 1912_9054 & int.
$2,000 Arizona Water Co. gen. Inc.
$25 loli
5s, 1919, etf. of dep
$5,000 State of Georgia 7s, 1894,
Dec. 1871 coupons on
..$9854 lot.--r
82,000 Idaho Oregon Lt. arPow.Co.
Interim ctfs. for cons. 1st & ref.
30;
la Bonds
$6.000 No.Platte Vall. Wig.Co. 1st
52 & let'
6s, 1919, J. dr J
$6,000 Montoursville Pass. Ay. 511:
• •
52 & Int;
1938, M. & N

THE CHRONICLE

1488
By Messrs. R. L. Day & Co., Boston:

[VoL. Lxxxxi v.

DETAILED RETURNS OF TRUST COMPANIES.

5 per sh.
$persh. Shares.
Shares.
On Dep.
Net
983
3 Regal Shoe Co.. pref
1 Merrimack Mfg. Co., com_ _ _ 46
Trust Cos,. Surplus. Loans. Specie. Legals. withC.H. Deposits. Reserve.
25 Puget Sound Traction, Light
146
1 Everett Mills
Average. Average. Average. Banks. Average.
omitted.
00s
105%
& Power Co., pref
Franklin,Co.—Lewiston, Me.106
147%
1 American Glue Co., pref
10 Sealshipt Oyster System, corn_ 18
$
102
6 Amoskeag Mfg. Co., pref
52 Waltham Watch Co. com_28-27%
466,0 2,231,0 14,452, 16.1-1-13.3
Per cent. Brooklyn _ _ 2,426,2 19,092,0 1,866,0
Bonds.
2 Waltham Watch CO., pref.,
90,0 13.555,0 120,408, 15.0+10.0
14,376,4 155,853,0 17,977,0
• Bankers
New Rochelle, N. Y., 5s,
$2,000
100
ex-dividend
502,0 5,247,0 32,891,0 15.3+13.5
102% U.S. Mtg.4,Tr. 4,564,5 48,785,0 4,434,0
1917, St. Impt. Loan
208%
1 Lawrence Gas Co
30,0 1,908,0 16,055, 14.8+ 9.7
1,220,5 20,165,0 2,357,0
Astor
Title Gu. & Tr. 11,870,4 36,113,0 1,827,0 1,632,0 2,417,0 22,461,0 15.0+ 9.6
By Messrs. Francis Henshaw & Co., Boston:
23,064,5 175,182.0 18,373,0 1,312,0 15,614,0 123,672,0 16.9+11.2
Per cent. Guaranty
It per an. Bonds.
Shares.
768.0 5,811,0 15.5+10.3
232,0
674.0
1,278,0 7.586,0
Fidelity
$10,000 Old Colony Street Ry. 4s,
160
14 Boston Belting Co
20,333,0 1,454,0 1,031,0 1,752,0 16,023,0 15.5+ 9.8
90% LawyersTI&T. 6,204,6 20,042,0 1.732,0
1954
102
5 Amoskeag Mfg. Co., pref
90,0 1,502,0 12,136,0 15 0+11.5
1,950,0
Columbia
99
23,0 2,010, 14,812,0 15.2+11.9
6 Regal Shoe Co.. prat
1,377,9 16,386,0 2,243,0
Standard _ _
501,0 2,082, 15,756,0 16.0+11.3
1,725,7 17,564,0 1,876,0
People's
By Messrs. Barnes & Lofland, Philadelphia:
164,0 3,713,0 33,273,0 15.5+10.0
$ per sh. New York__ _ _ 11,631,3 47,997,0 5,000,0
$ per sh. Shares.
Shares.
977,0 9,015,0 15 7+ 9.6
351,0
1,316,4 11,034,0 1,071,0
Franklin
Lot Si
6 United Electric Co
53 Nat. Bank of Germantown;
222,0 1,268,0 10,982, 15.0+10.3
567,5 11,572,0 1,436,0
Lincoln
30 Redstone Gold Mining Co_l Lot
140
Par $50
13,0 2,654,0 18,790, 15.1+12.3
Metropolitan_ _ 6,147,8 26,195,0 2,827,0
11 Goshen Car&Ry.Equip.Co.f $2
-190m
$50A90
20 Penn Nat. Bk.; par
346,0 1,075,0 8,722,0 15.2+10.8
986,0
559,9 8,609,0
Broadway
200 Nat. Underground Elec. Co.:
21,000 The Veta Grande Mining
Lot $1
Par $5
%e.
Co.; par $1
90,271,6 642,608,0 66,132,0 6,905,0 58,773,0 475,268,0 15.3+11.0
Total Avge_
11 Western Car Co.; par$25_Lot $3
_ _ 112%
25 Germantown Pass. Ry..
4,500 Western Mining De-MOP-12 Frankford 4, Southwark
Actual figures May 25_ 643,563,0 68,545,0 6,778,0 60,557,0 474,914,0 15.8+11.3
Lot $2
ment Co.; par $1
373%
PASS. Ry
400 Clear Creek Gold Mining &
157%
20 Phila. City Pass. Ry
Water Pow. Co.; par 51_Lot $1
17 Second & Third Sts. Pass.
The capital of the trust companies is as follows: Brooklyn, $1,000,000: Bankers,
5 Pocono Pines Assembly &
251M-251%
Ry
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000; Title
Summer Sch.; par $20_ _Lot $2
50 Depew Improvem't Co_Lot $55
Guarantee & Trust, $4,375,000; Guaranty, $5,000,000; Fidelity, $1,000,000:
400 Goldfield Rustler Lease Co.;
14 Central Nat. Bank_ _ _ _455-456
Lawyers' fitle Insurance & Trust, $4,000,000; Columbia, $1,000,000; Standard,
Lot $1
Par $1
23 Fourth Street Nat. Bank _323%
$1.000,000; People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000;
1,000 American Automobile Co.:
9 Miners' Nat. Bank, PottsLincoln, $1,000,000; Metropolitan, $2,000,000; Broadway, $1,000,000; total,
Let 38
par $50
101%
vile; par $50
$39,625,000.
10 James Dunlap Carpet Co.,
2 Nat.Bank of Nor. Liberties 2503j
Lot $1
pref
116
10 Tenth Nat. Bank
115
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
10 Enterprise Mfg
Columbia Ave. Tr. Co_170-170%
10
160 Lawrence Gas Fixture Mfg.
30 Franklin Trust Co.; par $50_ 55
Lot $2
Co.; par $50
2713.
On Dep.
10 Germantown Trust Co
Week
5,100 Philadelphia Osage 011 Co.;
Legal with C.H.Net
Specie.
5 Pennsy. Co. for Ins., &c__._650
Capital. Surplus. Loans.
ending
Lot 58
par $1
Tenders. Banks. Deposits.
12 Real Est T.I.&T.Co _300%-300%
May 25.
1144
35 West End Trust Co
Per cent.
Bonds.
$
$
$
4 Fire Assn.of Phila.; par $50 357
$
$
$
$
Averages
1,415,779,0
:3 Pennsylvania Fire Ins. Co_400% $840 Coupons of Town of Gillett.
Banks ___ 131,150,1 195.115,7 1,372,404,0299,457,0 76,542
Lot $22
Colo., due 1906
35 People's Nat. Fire Ins. Co.:
66,132,0 6,905, 68,773,0 475,258,0
Trust cos_ 39,625,1 90,271,6 642,508,1
$500 Laguna Madre Vineyard Co.
25
Par $25
Lot $6
first 65
16 John B. Stetson.Co., pref- A85
Total __ 170,775,1285,387,3 2,014,912,0365,589,0 83,447, 58,773,0 1,891,037.0
$22,000 Buff. & Lake Erie Trite. Co.
Ins. Co. of State of
8178-10000
Actual.
1st ref. 58, 1936
67%-683.
Lot $86
1,417,951,0
Pennsylvania
1,373,630,0300,281,0 70,577,
Banks
643,563,0 68,545,0 0,778, 60,557,0 474,914,0
54 Phila. Life Ins, Co.; par 310_ 10% 21,000 New Alexandra Improve
Trust cos
Lot $7
ment Co. 1st Os
375 Fairmount Ice Mfg. Co.;
Coal & Lum$1,000 Standard Iron,
Lot $1
par $10
2,017,193,0368,826,0 83,355 00,557,0 1,892,865,0
Total -.
Lot $2
ber Co. 5s, 1928
50 Juliet Water Works Co.;
81,000 Independent Brewing Co. of
Lot $1
par $10
Lot $1
N. Y. City Os, 1948
200 Mexican Nat. Exploring &
$10,000 Selma Rome dr Dal. 2d
Mining Co.; par $25_ _..Lot $1
The State Banking Department also furnishes weekly
Lot $6
7s
5 Land & River Improvement
31,000 Springf. Wat. Co. 5s, 1926_ _100
returns of the State banks and trust companies under its
Lot $1
Co.; par $50
$1,000 No.Springf.Wat.Co.5.3,1928 100
100 Tombstone Mill& Mining Co.;
charge. These returns cover all the institutions of this class
Lot $1
par $25
so as to

in the whole State, but the figures are compiled
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following.
For. definitions and rules under which the various items
Statement of New York City Clearing-House Banks and are made up, see "Chronicle," V. 86, p. 316.
Trust Companies.—The detailed statement below shows the
STATE BANKS AND TRUST COMPANIES.
condition of the New York City Clearing-House members
for the week ending May 25. The figures for the separate
Trust Cos.
Trust Cos. State Banks
Stale Banks
outside of
outside of
in
in
banks are the averages of the daily results. In the case of
Week ended May 25.
N. Y. Greater N. Y. Greater N. Y Greater N. Y
Greater
the totals, actual figures at the end of the week are also given.
$
$
For definitions and rules under which the various items are
$
$
8,975,000
9,605,100
made up, see "Chronicle," V. 85, p. 836, in the case of the Capital as of Mel'. 21_ ___ 22,387,400 60,300,000
banks, and V. 92, p. 1607, in the case of the trust companies. Surplus as of Mch. 21_ _ _. 38,732,700 171,337,281 12,085,744 11,534,908
By Messrs. Samuel T. Freeman & Co., Philadelphia:

Per cent.
$ per sh. Bonds.
Shares.
75 $1,000 North Springfield Water Co.
5 Central Trust & Savings Co
100
5s 1928
18
2 Delaware Insurance Co
30 People's National Fire Insurance_ _25 $1,000 Springfield Water Co.5s, 1926_100

DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
001 omitted.
Bank of N. Y_
Hanhattan Co.
Herchants' __
ilech.& Metals
America
3ity
Chemical
iierchants'Ex.
Butch.&Drov.
3reenwich
tin. Exchange
3ommerce
Pacific
jhat.& Phenix
People's
Ranover
;Mizell's Cent_
`fassau
ilarket & Fult.
lIetropolitan _
7ora Exchange
[mp &Traders'
?ark
fast River_
Fourth
3econd
First
frying Exch _
3owery
V'. Y. County_
lerman-Amer.
;has°
rifth Avenue_
lerman Exch.
-manta
let
.incoln
larlield
7ifth
ifetropolis
Vest Side_ _ _
.
;eaboard
.lberty
,
T.Y.Prod.Ex_
Rate
lecurity
;oal 4,Iron_ _ _
Mon Exch
i'assau,Bklyn.

Capital. Surplus.
$
2,000.0
2,050,0
2,000,0
6,000,0
1,500,0
25,000,0
3,000,0
600,0
300,0
500,0
5,000,0
25,000,0
500,0
2,250,0
200,0
3,000,0
2.550,0
500,0
1,000,0
2,000,0
3.000,0
1,500,0
5,000,0
250,0
5,000,0
1,000,0
10,000,0
2,000,0
250,0
500,0
750,0
5,000,0
100.0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0

Specie. Legals. Net Depos- ReLoans.
Average. Average. Average. its, Aver. serve.

292,552,700 1,213,865,000
—1,112,700 +5,986,800

Specie
Change from last week_

106,863,80
—53,400

105,585,000
+491,500

52,549,100 127.775,200
+1,534,100 ' +2,808,500

$
$
$
%
$
$
11,425,100
24,094,600
767,0 19,642,0 26.2 Legal-tenders & bk. notes
3,775,4 21,510,1 4,392,0
—303.200
—270,200
Change front last week_
4,765,3 31,900,0 7.992,0 1,582,0 36,450,0 26.2
1,984,7 20,549,0 3,942,0 1,555,0 21,039,0 26.1
347,503,700 1,318,184,600 112,764,400 173,799,000
12.264,0 2,097,0 56,703,0 25.3 Deposits
8,584,8 57,830,0
—57,10
+243,800
—961,400 +8,232,900
Change from last week_
6,214,6 26,959,1 4,756,0 2,225,0 27,271,0 25.5
28,390,5 183,283,1 51,118,0 7,869,0 191,718,0 30.7
22,084,00
24,574,600
98,318,800 147,345,400
4,540,0 2,124,0 25,953,0 25.6 Reserve on deposits
7,082,9 28,867,0
+28,30
—74,700
+61,600 +2,600,700
Change from last week_
6,828,0 25.0
160,0
6,719,0 1,552,0
520,7
65,0
2,303,0 28.1
583,0
2,198,0
125,7
16.5%
15.2%
20.8%
29.2%
25.1 P. C. reserve to deposits_ _
0,851,0
170,0
8,644,0 2,309,0
929,0
16.4%
20.8%
15.3%
29.1%
Percentage last week
4,748,5 44,924,0 9,873,0 1,700,0 45,312,0 25.6
21,003,0 9,143,0 110,805,0 25.1
15,770,2 143,518,0
3,914,0 28.5
658,0
459,0
4,229.0
952,9
+ Increase over last week. — Decrease from last week.
1,204,5 17,865,1 3,091,0 1,580,0 18,352,0 25.4
2,069,0 26.6
148,0
404,0
1,892,
461,6
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" includes
13,302,0 77,341,0 15,965,0 5,494,0 86,095,0 25.0 for both trust companies and State banks, not only cash items but amounts due
624,0 21,691.0 26.0 from reserve agents. Trust companies in New York State are required by law to
1,991,6 22,593,0 5,038,0
451,9 10,285,0 2,736,0 1,003,0 12,569,0 20.7 keep a reserve proportionate to their deposits, the ratio varying according to lo9,812,0 27.2 cation as shown below. The percentage of reserve required is computed on the
9,552,0 1,589.0 1,089,0
1,830,5
246,0 12,128,0 25.8 aggregate of deposits, exclusive of moneys held in trust and not payable within
1,665,6 11.820,0 2,890,0
5,559,4 48,207,1 8,608,0 5,862,0 56,934,0 25.4 thirty days, and also exclusive of time deposits not payable within thirty days,
7,679,4 25,942,0 3,940,0 2,257,0 23,572,0 26.2 represented by certificates, and also exclusive of deposits secured by bonds or
13,036,0 86.402,0 21,188,0 2,085,0 90,724,0 25.6 obligations of the State or City of Now York, and exclusive of an amount equal to
1,782,0 28.2 the market value (not exceeding par) of bonds or obligations of the State or City
123,0
380,0
1,438,0
70,0
5,762,1 33,606,1 6,909,0 1,900,0 34,821,0 25.5 of New York owned by the bank or held In trust for it by any public department.
165,0 13,756,0 25.4 The State banks are likewise required to keep a reserve varying according to loca2,419,5 14,143,1 3,330,0
21,236,0 115,978,0 20,313,0 2,589,0 109,432,0 26.4 tion, the reserve being computed on the whole amount of deposits exclusive of time
2,052,8 34,526,1 7,445,0 2,750,0 40,007,0 25.4 deposits not payable within thirty days, represented by certificates (according
50,0
807,0
3,711,0 23.0 to the amendment of 1910), and exclusive of deposits secured (according to amend3,581,0
803,1
8,705,0 23.1 ment of 1911) by bonds or obligations of the City or State of New York, and ex671,0
8,627,0 1,343,0
1,711,0
223,0
4,260,0 26.1 clusive of an amount equal to the market value (not exceeding par) of bonds or
891,0
709,2
4,352,
9,017,3 89,824,1 22,507,0 6,355,0 103,812,0 27.8 obligations of the State or City of New York owned by the company or held in trust
2,205,0 13,404,1 2,754,0 1,132,0 15,102,0 25.6 for It by any public department.
374,0
—Trust Cos.— —Slate Banks—
3,493,0 25.2
509,0
3,377,1
834,1
255,0
Total
Of
Total
0,271,0 25.8
Of
1,057,2
5,350,0 1,364,0
Required for Trust Companies
which
675,0 14,7711,0 25.1 Reserveand Stale Banks.
Reserve which Reserve
1,700,5 14,629,0 3,041,0
258,0
Required,in Cash. Required. in Cash.
9,579,0 26.6
9,213,0 2,291,0
1,252,3
Location—
15%
25%
562,0
%
329,0
3,540,0 25.1 Manhattan Borough
3,425,0
616,0
10%
10%
20%
2,156,1 12,543,0 1,235,0 1,984,0 12,591,0 25.5 Brooklyn Borough (without branches in Manhat.) 15%.
7%%
272,0
15%
985,0
10%
5,035,0 25.0 Other Boroughs(without branches in Manhattan)15%
4,446,0
1.041,1
20%
15%
20%
2,139,7 24,084,0 5,495,0 2,112,0 28,515,0 26.6 Brooklyn Borough,with branches in Manhattan_ _15%
15%
708.0 24,496,0 26.3 Other Boroughs, with branches in Manhattan_ _ _15%
15%
15%
2,658,8 22,223,0 5,753,0
332.0 11,564,0 26 8
- -- 10%
5%
---9,586,0 2,657,0
861,1
first and second class
368,0 21,435,0 25.7 Cities of the third class and villages
10%
3%
867,1 15,974,0 5,156,0
Cities of the
457,6 11,347,0 2,747,0 1,128,0 15,165,0 25.5 Elsewhere in State------------------------------407,0
6,002,0 27.3
5,832,0 1,235,0
488,4
360,0 10,321,0 25.6
9,998,1 2,283,0
977,8
The Banking Department also undertakes to present sepa274,0
0,814,0 25.5
1,466,0
7,779,1
1,094,2

131,150,0 195.115,7 1372,404,0 299,457,0 76,542,0 1415,779,0 26.5
— ----—
1373,630,0 300,281,0 76,577,0 1417,951,0 26.5
kc tual figures May 25_

rota's, Avge

Circulation.—On the basis of averages, circulation of national banks in the Clearing
House amounted to $47,239,000, and according to actual figures was $47,179,000.




Loans and investments__
Change from last week

-ai•N;

banks and
rate figures indicating the totals for the State
in the Greater New York not in the Clearing
trust companies
House. These figures are shown in the table below, as are
for the Clearingalso the results (both actual and average)

JUNE 1 1912.1

THE CHRONICLE

1489

House banks and trust companies. In addition, we have
Boston and Philadelphia Clearing-House Members.
-Becombined each corresponding item in t e two statements, low is a summary of the weekly totals of the Clearing-House
thus affording an aggregate for the wohle of the banks and institutions of Boston and Philadelphia:
trust companies in the Greater New York.
We omit two ciphers(00)in all thesefigures.
NEW YORK CITY BANKS AND TRUST COMPANIES

Capital
and
Loans.
Surplus.

Banks.
Week ended May 25
-

-House Slate Banks & Total of all
-House Clear.
Clear.
Members. Trust Cos. Not Banks &Trust
Members.
Average. in 0. . Aver. Cos. Average.
-II
.4ctualFigures
$

(Nat. Banksl
Capital (April 18 andi 170,775,000
(State Banks •
285,387,300
Surplus (March 21.

170,775,000

27,618,400

198,393,400

285,387,300

88,258,381

373,645,681

Loans and investments 2,017,193,000 2,014,912,000
Change from last week +5,883,000 +1,319,000

646,991,100 2,661,903,100
+1,394,300
+2,713,300

1,892,865,000 1,891,037.000
Deposits
Change from last week +11,621,000 +12,007,000

a654,050,200 2,545,037,200
+869,900 +12,876,900

Specie
Change from last week

83,355,000
+66,000

365,580,000
+8,910,000

67,698,600
+667,500

433,287,600
+9,577,500

Legal-tenders
Change from last week

60,557,000
+3,962,000

83,447,000
-1,082,000

/11,597,900
+01,600

95,044,900
-1,020,400

Banks: cash in vault
Ratio to deposits_

376,858,000
26.57%

375,999,000
26.55%

113,091,900
14.50%

389,090,900

Trust cos.; cash in vault

75,323,000

73.037,000

66,194,600

139,231,600

Aggr'te money holdings
Change from last week

452,181,000
+7,907,000

449,036,000
+7,828,000

79,296,500
+729,100

528,332,500
+8,557,100

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

60,557,000
+3,962,000

58,773,000
-057,000

20,045,100
-166,700

78,818,100
--823,700

512,738,000
Total reserve
Change from last week +11,869,000

507,809,000
+7,171,000

99,341,600
+562,400

607,150,600
+7,733,400

Boston.
$
$
$
$
$
$
$
Apr. 6
91,575,0 220,107,0 26,405,0 3,725,0 271,258,0 7,934,0 217,714,3
Apr. 13
.....
41,575,0 223,761,0 25,029,0 3,998.0 265,259,0 8,044,0 179,925,9
Apr.20
41,575,0 224,164,0 24,781,0 4,335,0 270,845,0 8,044,0 182,164,5
Apr.27
41,575,0 224,672,0 25,504,0 4,291,0 270,566,0 8,032,0 187,369,2
May 4
41,575,0 224,248,0 25,994,0 4,203,0 268,810,0 8,146,0 174,806,1
May 11
41,575,0 225,273,0 26,693,0 9,234,0 266,357,0 8,287,0 159,721,9
May 18
41,575,0 227,823,0 26,797,0 4,160,0 270,708,0 8,296,0 177,628.9
May 25
41,575,0 223,271,0 27,365,0 4,211,0 263,636,0 8,290,0 154,346,8
Philadelphia.
Apr. 0
80,623,2 387,969,0
103,578,0
432,871,0 15,129,0 152,101,7
Apr. 13
80,623,2 388,787,0
99,849,0
431,057,0 15,102,0 164,825.3
Apr.20
80,623,2 387,884,0
102,136,0
433.781,0 15,083,0 156,382,1
Apr.27
.
80,623,2 388,707,0
101,634,0
431,093,0 15,074,0 147,051,3
May 4
80,623,2 389,800,0
101,968,0
133,251,0 15,053,0 180,646,6
May 11
80,623,2 391,639,0
100,662,0
432,167,0 15,066,0 142,3013,9
May 18
80,623,2 390,943.0
102,904,0 t 445,524,0 15,062,0 155,070,7
May 25
80,623,2 390,678,0
99,197,0 t 437,376,0 15,088,0 140,106,6
a Includes Government deposits and the Item "due to other banks." At Boston
Government deposits amounted to $788,000 on May 25, against $774,000 on May 18.
t "Deposits" now include the item of "Exchanges for Clearing House," which was
not previously embraced in the total. "Exchanges for Clearing House" were reported on May 25 as $12,400,000.

Imports and Exports for the Week.
-The following are
the imports at New York for the week ending May 1; also
totals since the beginning of the first week in January: FOREIGN IMPORTS AT NEW YORK.
For week.

1912.

Dry goods
General merchandise

Surplus CASH reserveBanks (above 25%).Trust cos.(above15%)

22,370,250
4,085,900

22,054,250
1,748,300

Total
Change from last week

26,456,150
+5,553,650

23,802,550
+5,835,250
15.36%
11.00%

27.16%

26.36%

16.52%

Total 21 weeks

+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City": with this item included,
deposits amounted to $730,471,600, an increase of 83,991,300 over last week. In
the case of the Clearing-House members, the deposits are "legal net deposits", both
for the average and the actual figures. b Includes bank notes.

$2,151,451
16,073.374

1910.

1909.

$2,234,267
14,451,451

$2,882,465
13,312,238

$18,158,108 $18,224,825 $16,685,718 116,194,703
$60,290,683 859,789,574 $67,923,941 $71,745,729
357,044,253 299,739,452 329,017,241 285,487,048

15.42%
1.10%

Total

1911,

$2,309,438
15,848,664

Total
Since Jan, 1.
Dry goods
General merchandise

% of cash reserves of tr wilt cos..
-Cash in vault
15.86%
Cash on dep.with
11.30%

Specie. Legals. Deposits. Circu- Clearings
tallon.
a

$417,334,936 $359,529,026 5396,941,182 $357,232,777

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending May 25 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1912.
For the week
Previously reported

1911.

1910.

1909.

819,209,598 313,691,386 111,520,743 811,952,054
334,423,048 305,303,941 252,748,200 245,728,766

The averages of the New York City Clearing-House banks
Total 21 weeks
$353,632,646 $318,995.327 $264,269,003 1257,680,820
and trust companies, combined with those for the State banks
and trust companies in Greater New York outside of the
The following table shows the exports and imports of
Clearing House, compare as follows for a series of weeks past:
specie at the port of New York for the week ending May 25
and since Jan. 1 1912, and for the corresponding periods in
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
•
1911 and 1910:
GREATER NEW YORK.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.

We omit 1w)ciphers in all thesefigures.
Week
Ended,
Mch. 23..
Mcb. 30_
Apr. 6_
Apr. 13_
Apr. 20_
Apr. 27_
May 4_
May 11_
May 18._
May 25_

Loans and
Investments. Deposits.
2,649,129,8
2,650,810,6
2,661,514,8
2,646.312,4
2,628,377,1
2,625,045,4
2,613,058,7
2,602,368,9
2,059,189,8
2,661,903,1

3
2,510,225,6
2,507,172,7
2,506,033,3
2,489,720,4
2,482,583,9
2,477,238,3
2,497,676,4
2,518.682,7
2,532,210,3
2.545_082.2

Specie.
$
422,044,4
417,151,0
908,260,1
410,412,2
416,492,1
416,955,2
417,009,3
417,890,5
423,710,1
433.287.6

3
96,212,5
95,293,3
92,914,6
94,300,4
94,945,3
95,289,9
95,954,6
96,282,0
96,065.3
95.044.0

$
518,256,9
512,445,2
501,174,7
504,712,6
511,387,4
512,245,1
512,963,9
514,152,5
519,775,4
528.332.5

$
595,574,2
591,973.0
580,074,9
582,181,0
592,817,9
593,657,8
596,187,4
598,196,1
599,417,2
1107 im a

Reports of Clearing Non-Member Banks.
-The following is
the statement of condition of the clearing non-member banks
for the week ending May 25, based on average daily results:
We omit two ciphers(00)In all thesefigures.

Banks.

Capi(al.

Surplus.

Loans,
Legal
On
Disc'ts
Tender Deposit
and
Specie, and
with
Net
InvestBank C.-H
. Depostis
.
ments.
Notes. Banks.

New York City.
SIanhattan and Bronx. $
$
$
ketna National
500,0
525,6 2,781,0
Washinaton Heights_ 100,1
318,0 1,491,0
3attery Park Nat... 200,0
111,4 1,413,0
500,0
514,5 5,335,0
3entury
400,0
7.olonial
501,5 6,496,0
300,0
:lolumbla
799,9 6,611,0
200,0
Fidelity
171,4 1,043,0
250,0
'fount Morris
340,7 2,654,0
Kutual
200,0
402,4 4,348,0
lew Netherlands_ _ _ _ 200,0
286,8 2,886,0
200,0
Twenty-third Ward
72,3 1,865,0
Yorkville
100,0
507,3 4,247,0
Brooklyn.
Broadway
200,0
544,0 3,263,0
300,0
662,8 3,572,0
First National
31anufacturers' Nat
252,0
871,4 5,980,0
1,000,0
862,0 10,978,0
l,techanics'
300,1
575,2 3,978,0
National City
200,1
169,0 2,258,0
North Side
Jersey City.
400,0 1,310,6 4,952,0
First National
250,0
784,4 3,405,0
Hudson County Nat
200,0
422,0 1,872,0
Third National
Hoboken.
220,1
640,5 3,789,0
First National
125,1
288,6 3,107,0
Second National
Totals May 25
Totals May 18
Totals May 11




$
$
$
50:3,0
59,0
59,0
155,0
73,0
188,0
335,0
49,0
88,0
40,0 1,112,9 1,008,0
944,0 417,0
866,0
094,0 595,0
821,0
53,0 117,0
23:3,0
452,0
48,0
327.0
524,0 359,0
641,0
327,0 108,0
215,0
244,0 104,0
237,0
72,0 772,0
663,0

$
2,325,0
1,258,0
1,449,0
5,456,0
6,955,0
7,623,0
994,0
2,975,0
4,753,0
2,700,0
2,051,0
4,758,0

408,0 120,0
333,0 3,212,0
267.0 126,0
403,0 2,721,0
364,0 480,0
651,0 5,465,0
242,0 1,830,0 1,769,0 12,957,0
533,0 141,0
669,0 4,052,0
195,0
99,0
269,0 2,256,0
281,0
201,0
117,0
190,0
179,0

Exports.

Tot. Money Entire Re .
.1
Holdings. on Deposit.

Legals.

413,0 2,288,0
84,0
433,0
166,0
463,0
54,0
40,0

362,0
226,0

4,100,0
1,748,0
1,496,0

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

Since Jan.1

Week.

300,000
500

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

$5,164
439,382

16,238
325,323
19,695
23,103

8,799,327
49,883

$339,050 $21,555,187
5,100 2,330,931
19,800 43,928,663

118,435
6,238,828
1,098,176
709,839

$392,747 $8,609,824
682,063 4,344,545
43,618 5,386,234

$908,655 $17,315,136
183,100 2,898,400

$36

6,856

• 57,308

387

186
366,200

Total 1912
Total 1911
Total 1910

Since Jan.1

$8,388

$12,030,487
15
$38,550
675,475

Total 1912
Total 1911
Total 1010

25,319
672,236

50,362
30,271

$1,464,997 820.968,429
1,050,857 19,769,150
799,590 17,331,477

$3,329
2,838
15,335
13,118
2,532,655
1,578,742
559,607

$81,056 $4.705,624
698,080 3,876,824
14,798 1,544,360

Of the above imports for the week in 1912, $21,320 were
American gold coin and 8387 American silver coin.

Maulting and ginanciaL
Railroad and Industrial Stocks
Write for our Circular No. 614 entitled "Railroad and Industrial
Stocks," which describes 126 issues listed on the New York Stock
Exchange, and classified by us as follows: Investment Stocks, Semi
Investment Stocks, Speculative Stocks.

Spencer Trask & Co.
43 EXCHANGE PLACE
-NEW YORK.
Chicago, III. Boston, Mass. Albany, N. Y.
Members New York Stock Exchange.

White, Weld & Co.

1.557,0
1,317,0

6,797,0 11,691,3 88,388.0 7,320,0 7,36(3,0 13,202,0
84,178,0
3,797,1 11,691,3 89,413,0 7,394.0 7,170,0
0.797,0 11,691,3 89,272,0 7,378,0 7,062,0 12,535,0 85,180,0
12,923,0 85,123.0

Imports.

(fold.

Bonds and Investment Securities.
14 WALL STREET

THE ROOKERY

35 CONGRESS STREET

NEW YORK

CHICAGO

BOSTON

(Vat. Lxxxxrv.

THE CHRONICLE

Vanker

I

4azctte.

Wall Street, Friday Night, May 31, 1912.
-No surprise
The Money Market and Financial Situation.
is to be found in financial circles because business at the
Stock Exchange has dwindled to exceptionally small proportions and that there has been a further substantial decline
in prices. The result of the Presidential primaries in New
Jersey was a disappointment to those who feel that the
policies advocated by Mr. Roosevelt in his speech-making
will be detrimental to the industries and commerce of the
country, and it is doubtful if President Taft has increased
his chances for re-election by taking the stump in his own
behalf.
There is nothing in the general situation, however, aside
from the deplorable political contest referred to to warrant
such a state of inertia as now exists in Wall Street. Crop
reports have again this week been of an exceptional favorable
character, new orders for iron and steel are said to heap pace
with shipments, and in several cases reports of railway
earnings make a relatively favorable showing. The suspension of coal-mining during April of course made poor
returns of earnings by the anthracite coal carriers and some
of the others a foregone conclusion.
A final settlement of the Subway question, so long discussed, and the trouble which some of the New York hotels
are experiencing with their employees are matters principally of local interest. The latter is simply an illustration,
in an unexpected quarter, of how necessary it is for labor
leaders to seem to be "doing something."
Local money rates continue easy notwithstanding a
variety of new bond offerings at attractive rates of interest
and rather firmer conditions at London and Berlin. The
Bank of England reports a percentage of reserve to liabilities
about 43/i points lower than last week and German bankers
are still bidding for money in this market.
The open market rate for call loans on the Stock Exchange
during the week on stock and bond collaterals has ranged
from 234@3%. To-day rates on call were 2%@3%.
-day
Commercial paper quoted at 3%@43/2% for 60 to 90
endorsements and for prime 4 to 6 months' single names
and 5% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of .e675,935 and the percentage
of reserve to liabilities was 46.76, against 51.33 last week.
The rate of discount remains unchanged at 3%, as fixed
May 9. The Bank of France shows a decrease of 5,350,000
francs gold and 700,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not including Trust Companies.)
1912.
Averages for
week ending
May 25.

Differences
from
previous week.

'
1911.
Averages for
week ending
May 27.

1910.
Averages for
week ending
May 28.

s
s
$
$
134,150,000 130,350,000
131,150,000
Capital
200,234,400 185,325,600
195,115,700
Surplus
Loans and discounts__ 1,372,404,000 Dec. 2.803,000 1,331,816,500 1,189,214,000
45,879,600
47,826,100
121,000
47,2:39,000 Dec.
Circulation
1,415,779,000 Inc. 1,917,000 1,388,516,100 1,184,566,000
Net deposits
299,457,000 Inc. 6,584,000 317,558,200 253,161,800
Specie
75,917,800
839,000
69,215,700
76,542,000 Dec.
Legal-tenders
Reserve held
25% of deposits

375,999,000 Inc. 5,745,000
479,250
353,944,730 Inc.

393,476,000
347,129,025

322,377,500
296,141,500

.
P Surplus reserve

22,054,250 Inc. 5,265,750

46,346,075

26,236,000

-The Clearing House now issues a statement weekly show ng the actual
Note.
condition of the banks on Saturday morning as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department giving the condition of
State banks and trust companies not reporting to the Clearing House, appear on
;•41
tvs- •
• 1
114,r
the second page preceding.

-The tone of the sterling exchange
Foreign Exchange.
market was firm until Friday, then it became easier in
sympathy with lower discounts in London.
To-day's (Friday's) nominal rates for sterling exchange were 4 85 for
-day and 4 88 for sight. To-day's actual rates for sterling exchange
60
were 4 8450@4 8460 for 60 days, 4 8720@4 8725 for cheques and 4 8750@
4 8755 for cables. Commercial on banks 4 83 A(g,4 84 and documents for
payment 4 83%@4 84%. Cotton for payment 4 84@4 84% and grain for
payment 4 84 %@4 84%.
The posted rates for sterling, as quoted by a representative house, were
not changed during the week from 4 85 for 60 days and 4 88 for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 20 less
3-32 ® 5 20 less 1-16 for long and 5 17 % less 3-32@5 17% less 1-16 for
short. Germany bankers' marks were 94 11-16@ % for long and 953
@95 5-16 less 1-32 for short. Amsterdam bankers' guilders were 40%
less 3-32 ®40% less 1-18 for short.
Exchange at Paris on London, 25f. 24 Xc.; week's range, 251. 25c. high
and 251. 23%c. low. Exchange at Berlin on London, 20m.46 pt.; week's
range, 20m. 47p1. high and 20m. 45 %pf. low.
• The range for foreign exchange for the week follows:
Cables.
Cheques.
Sixty Days.
• Sterling, Actual4 8760
4 8730
High for the week _ _4 8460
4 8745
4 8715
.
Low for the we.:k _ _4 8445
Parts Bankers' Francs
High for the week _ _ 5 20 less 1-16
5 17% less 1-16 5 17%
5 17% less 3-64
5 18
Ldw for the week __5 20%
Germany Bankers' Marks
95 5-16 less 1-32 95% less 1-32
High for the week __ 94 %
95 5-16
95% less 1-32
Low for the week __ 94 %
Amsterdam Bankers' Guilders
40 7-16 less 1-16
High for the week __ 40 3-16 less 1-16 40% less 1-16
40 5-16 plus 1-32 40% plus 1-32
Low for the week __ 40%
-Chicago, 200. per $1,000 premium. Boston, par.
• Domestic Exchange.
St. Louis, 35c. per $1,000 premium bid and 40c. asked. New Orleans,
commercial, par; bank, $1 premium. San Francisco, 200. per $1,000 premium. Savannah, buying, 3-16% discount; selling, par. Montreal, 31%0.
premium. Charleston, buying, par; selling, 1-10% premium.
-Sales of State bonds at the
State and Railroad Bonds.
Board include $1,000 New York 4s 1958 at 1003,, $1,000




New York, 4s 1961 at 1013/ and $27,000 New York Canal
4s 1961 at 1013.g to 101 39.
/
The market for railway and industrial bonds is again
inactive, the transactions averaging only about $2,000,000
per day, par value, and the tendency of prices has generally
been towards a lower level.
higher.
Only 5 or 6 issues of a list of 25 are % or

YL

-Sales
United States Bonds.

of Government bonds a
the Board include $5,000 2s coup. at 100(, $5,000 2s reg.
at 100% and $18,000 4s reg. at 1143j. The following are
the daily closing quotations; for yearly range see third page

following.
Interest
Periods
registered
2s, 1930
coupon
2s, 1930
registered
3s, 1908-18
coupon
3s, 1908-18
registered
4s, 1925
coupon
4s, 1925 •
2s, 1936_Panama Canal regis
35, 1961.Panama Canal coup

May
25

May
27

May
28

•
May
29

May
30

May
31

*100%
Q-Jan. *100% 100% *100% *100%
*100%
Q-Jan *100% 100% *100% *100%
*102%
Q-Feb *102% *102% *102% *102%
-Feb *102% *102% *102% *102% HOLI- *102%
Q
DAY. *114
11-1% *114 *114
Q-Feb *114
*114q
Q-Feb *114% .114i *114% *114%
*100%
Q-Feb *100% *100% *100% *100%
*101%
Q-Mch *101% N101% *101% *101%

* This is the price bid at the moral ig board; no sale was made.
-The stock market
Railroad and Miscellaneous Stocks.
was a typical holiday affair during the early part of the
week. On Tuesday the transactions aggregated only
143,637 shares, the smallest, except on one day (Feb. 24th)
since the dull period of last August. Wednesday and to-day
it has been more active on persistent liquidation which
has carried prices down from 2 to 8 points for the more
speculative stocks.
Among the exceptional features Canadian Pacific is noteworthy for an advance of 13' points, in addition to the
dividend which came off to-day, and Great Northern closes
fractionally higher than last week.
On the other hand Reading has declined 83. points,
Lehigh Valley nearly 7, Union Pacific 432, American Can
5%, Sears Roebuck 7, Harvester 5 and Smelting & Refining
43. American Tobacco has covered a range of 7% points
and closes with a net loss of 3. New York Air Brake has
advanced day by day and closes nearly 8 points higher.
For daily volume of business see page 1500.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales
STOCKS.
Week ending May 31. for
Week.

Range for Week.
Lowest.

Highest.

Range since Jan. 1.
Lowest.

300 1% May 20 2 May 25 1%
-Chaim recta 1st p'd
Allis
400 5 May 27 5% May 27 5
Fret reds 1st paid__ _
200 81% May 25 81% May 25 8%
Batopilas Mining
10C .10% May 27 10% May 27 8
Brunswick Terminal....
100 110 May 29 110 May 29 105
Buffalo Roch & Pittsb
106 18 May 29 18 May 29 17
Chicago & Alton
i
y
g May 25
% May 28
436
Chic Mil & St P rights
700 40 May 31 42 May 28 40
Colorado & Southern
100 74 May 29 74 May 21) 74
1st preferred
200 10c. May 29 13c. May 27 10c.
Comstock Tunnel
25 90 May 28 90 May 28 70
Crex Carpet
Deny & Rio G rights
20,000 1-32 May 29 1 May 29 142
16111 May 28111 May 29 106%
Gen Chemical, pref
31 12% May 27 13 May 27 10%
Green Bay & W deb B
G W Helme
100 171 May 28 171 May 25 155
100 96% May 27 .96% May 27 86%
Homestake Mining
Interboro-Met pref v t c
extended
300 60% May 25 61 May 25 52%
K C Ft S & M pref recta_
100 78% May 29 78% May 29 77%
500 29 May 27 31 May 31 29
Lackawanna Steel
100 46 May 31 46 May 31 43%
Long Island
598 101 May 28 101% May 25 101
M Rumely, pref
210 2 May 28 2 May 28 1
Ontario Silver
-C & E Ills
St L dr S F
30 54% May 29 55% May 29 53
new stock trust certfs_
500 25% May 31 26% May 25 16%
Standard Milling
305 61 May 20 62% May 25 53
Preferred
600 37 May 25 38 May 27 26
U S Indust Alcohol
150 103% May 27 103% May 27 95
Preferred
u
100 2 May 28 2 May 28 1%
US Reduction dr Refg
100 6 May 29 6 May 20 6
Preferred
100 58% May 27 58% May 27 54
Virginia Iron C & C
200 199 May 25200 May 31 170
Weyman-Bruton
•

Highest.

May 2% May
May
May 6
Mob 82% Apr
June 11% May
May
Jan 110
Jan 24%1Apr
May 3-16 Apr
Feb
May 45
May 76% Jan
Apr 16c. Feb
May
Apr 90
May I
May
Feb
Mch 111
May
Feb 13
May 171% Mch
Mch 913% May
Jan 61
Jan 81
Mel: 31
Feb 47
May 101%
Feb 3%

May
Mch
May
Apr
May
May

Feb 57 •
Jan 26%
Jan 62%
Jan 38%
Jar 104
Mch 3%
May 10%
Mel 90
Jan 200

Feb
May
May
May
Apr
May
Apr
Jan
Apr

-Active trading in industrials on the
Outside Market.
"curb" this week converged on one or two issues which have
been prominent for some time.. Price movements, for the
most part, were irregular. United Cigar Stores, after an
early rise of 5 points to 234%, ran down to 225 and recovered
finally to 228. Anglo-Amer. Oil gamed over a point to 23 in
the early trading, but reacted to 21, transactions to-day
%
being up to 213 . British-Amer. Tobacco weakened from
%
27Y4 to 263 but advanced to-day to 27%. Consolidated
Rubber Tire corn. sold down from 19 to 17 and closed to-day
at 17g. B. F. Goodrich corn. improved from 863. to 863,
then dropped to 833.. Intercontinental Rubber corn. rose
from 14% to 15%. Lehigh Valley Coal Sales improved 2
points to 252 and sank to 242. Loose-Wiles Biscuit corn.
eased off at first from 35 to 343, but thereafter advanced
steadily, reaching 373., the close to-day. The first pref. was
traded in between 1033/i and 102% and at 103 finally. R. J.
Reynolds Co. rose from 245 to 247 and fell to 239. U. S.
Light & Heat corn. lost 23' points to 193. F. W. Woolworth corn. declined from 85 to 84. In bonds Braden Copper
issues made substantial advances, the cony. 6s moving up
from 125 to 148 and down to 145. The 7s advanced from
8X;
130 to 145. Chicago Elevated 5% notes sold up from 9
to 98% and down to 983. The strength of Braden Copper
was a feature in the mining group, the stock selling up from
%
5% to 6%, the close to-day being at 65 . Giroux advanced
from 55% to 5% and moved back to 5%. Greene Cananea.
moved up from 93/i to 10 and ends the week at 9%.
Outside quotations will be /found on page 1500.

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record lf sales durinz the week of stock:: usual!v in. tive. see orecedinT nage.
.
,
STOCKS-H[011E37' AY!) LOWEST SALE PRICES.
Saturday
May 23

Monday
May 27

Tuesday
May 28

eanesday
May 29.

Thursday
May 30.

105 10514 10614 106; 10814 10638 10534 10614
*10318 10314 10314 10314 *10318 10339 10333 le 137
*139 140 *139 14012 8139 140 *139 140
4
109 103
10838 1083 10333 10838
10831 109
8834 *8739 83; *8734 8814 8812 8812
*88
4 8813 8912
8912 90
8914 9017 8918 893
23414 23.5!8 26433 2653 28314 26412 26553 2671:
4
*370 390 *370 390 *370 390 1,370 390
7912 7912 7812 7934
7914 7978 79
79
1712 1712
*1712 18
1753 1734 *1712 18
34
*34
35
*31
3512 *3412 3512 33
3
3
10.514 10512 10538 10553 1053 105 4 105 105
14118 14112
141 141
11112 1413 141 141
4
138 13:08
8 138 139
13814 13812 13838 1383
*180 192 *180 192 *180 191
273 - 2 1
3
234 23 *2 4 3
7
7
231 23
4
*612 7
63
4 644 4,614 714 *612 7
81
61
*57
*58
61
61
*56
*53
100'3 103 *10018 105 *10018 105
*10918 10,5 ,
17014 17014 17012 170; *16712 17012 17014 17014
*51212 550 :‘51212 550 *54213 550 *54213 550
11)12 1912 19
*1914 2014 *1934 22
1913
8 35
3518 3514 3413 3512
35
3579 357
*913 11
*912 11
*012 11
*912 11
*1912 2232 *18
22; *18
22
22
58 *18
3538 353
6 3518 3537 3514 3&
58 3133 35 3
3
5314
*53
53
5312 53
5234 53
52
*4214 44
*4214 433.1 *4214 4312 42
4214
132 13219 13214 13238 13212 13388 132 13312
4314 4312 4212 43
42
4212 4134 4.314
12812 127
128 12611 12534 1263 128 12617
4
2133 2114 2118 213
2114
2138 20
4 21
6038 6138 6018 6138 61) 603
4 5838 6012
13
*12
*12
13
*12
13
*12
13
30
*25
*25
30
30
*25
*25
30
*2512 23 4 25
2812 245 2518 2213 24
3
3
*5978 60 8 597 GO
5
8
8
597 5978 58
5814
*16
18
*16
18
*16
18
*16
18
*3973 41
*397 41
8
*3978 41
3978 3978
177 17734 17531 178
17614 177
17314 17714
*15713 1587 15814 15814 15734 158
9
157 157
*135 137
13858 1385; 13518 13518 *135 138
*2012 2212 *2012 22
2014 2014 *__ 21
*44 ____ *17
50
*44 ____
47
47
*141 14212 14214 14212 *141 142
141 141
*152 155 *152 155 *152 155
154 154
*85 4 8712 *8512 8712 *8534 87
3
*853 87
4
2714 273
53 263
4 2618 27
9 2653 2712 28
5814 5814 5733 58
3
*5912 8014 58 4 60
39
39
3814 3914 377 38 4 3512 3814
3
8
*6313 65
*112
*83
85
65
*6318 85
*3034 3117 *3014 3112 *3014 31
5
30 8 3058
11814 11838 118 11818 118 11812 11734 11814
13514 13614 13612 13612 13612 13612
3733 3V38
37
37
*3612 38
*3612 38
88 4 883
3
4
4 8838 8838 *8734 8858 8734 873
51
*16
*16
*46
5012 5012 501:
51
11278 11278 1125 11258 11218 11258 11134 11212
3
91
*88
92 *88
*88
91
92
*87
*61
64
64
*61
*---- 6312
12038 12038 120 12038 11933 121;3 1102 12118
4
12334 12378 12314 1233 12318 12338 123 12312
4
10953 10958 10913 10917 10914 10914 10734 109
1 12
0
*110 118 *17 34 177 *110 118 *110 116
15
174 1743
17278 17338 17012 17312
4
*8912 91
91
*8914 91 *8812 8934
*89
*9712 991e *9712 100
9712 9712 *97 100
2714 273
27
2378 263
8 2714 2714 27
4
5514 55
5412
55
5538 5113 5411
51
2212 2212 *2212 2417 *2212 24
2212 2212
6334 *61
*62
6334 8114 6114 61
61
8
3553 3634
4
373 373 *3714 3838 368 :37
4
*32
3312 *31
3312
3312 *31
3314 *31
74
*72
71
*72
74
74
74
*72
263 263
8
8 25
2434 25
4 2473 257
2514
4
543 56
4
533 541/ 5338 54
5114 55
111 111
11113 11114 11118 111; 1104 11134
283
4
7
5
28 8 2918 2834 2918 28 3 283
4 28
7514 7512 7514 7514 7514 7514 703 75
2412
*24
*2358 2478 *2312 243. *23
25
40
41
41
40
4012 *39
*3812 3912
*7
8
618 671
*834 8
*614 7
*1312 1414
*1312 15
*1312 1412 *1312 14
*3012 32
*2912 3258 *3012 32
3012 3012
*10512 100 *10612 10814 *107 109
107 107
1705 1713 17053 1713 17078 17138 170 17178
3
4
4
91
9014 901,
91
907 907
8
3 9014 9034
3212 *32
32
*32
88 32
*31
*30
47
32
6158 60
*81
6034 6012 6012
613 *61
4
*173
8
- *473s ---714 *7
73
4
7,54 -734
712 712 *7 -1814 181, 1814 1817
*1814 1812 18
1814
*5834 5014 5812 58 4
58 4 5878 59
3
59
3
8212
8238 *80
8238 *80
*80
8238 *80
*7
8
*7
*7
8
8
*7
8
*2212 23
*24
*23
25
2312 24
25
*12
13
1158 1158 *1112 13
*1112 13
*5178 55
*317 55
3
*52
*517 55
55
3
*205 -- *205
*205
.5205 205
7
8
1
68
7
8
1
1
*312
24 2
3
24 3
3
34
3
314
4 8232 8338 8234 83 8 8112 8314
8314 833
,
8214 462
82
62
82
61
62
61
*100 101 *100 101 *100 101 *100 101
723
8 71
7212 7318 7218 7258 72
7278
*9912 101 *100 101 *10014 101
*100 101
*95
95 4 *9512 9534 9513 9512 *953 953
3
4
8
13612 13812 *13413 137 *13412 137 *13613 137
3833 397
8
s 385 3914 3712 3914
4
393 40
116 8 11712 11734 11814 11678 118
7
116 117
59
5858 5834 5814 59
5012 59
*59
*11914 120 *118 12014 *11712 11814 120 120
5414 5414 5414 5414 5334 54
*5312 55
*9432 08
*9138 98
8
*943 98
*9 139 98
*217 225 *215 222 *215 222 5215 215
es

Friday
May 31.

sa:et 01
the
Week
Shares.

STOCKS
NEW YORK STOCK
EXCHANGE

Range since January 1.
On basis of 100-share lots.

Lowest.

Highest.

Lowest.

Range for Previous
Year 1911.

Railroads
10514 106
8,300 -c/-A toh Topeka do Santa Fe 10314 Feb 1 11038 Apr 8
10314 10338 1,030
Do pref
10138 Jan 2 10414 Feb 10
200 Atlantic Coast Line RR
139 13912
13313 Jan 10 14313 Apr 9
210114 Feb 1 11173 Apr 30
108 10838 3,100 Ilaitimore & Oblo
700 11.* Do pret
8734 88
4
863 Jan 22 91 Jan 23
773 A pr 7
8612 8812 37,300 Brooklyn Rapid Transit_
x28412 26813 35,975 I lanadian Pacific
fa 1
9
22613 Ain 4 27918 May16
0 MaY27
‘(sutra! of New Jersey. 305 Jan 9 395 Apr 29
*370 390
7634 7914 7,900 Chesapeake & Ohio
6814 Feb 1 8158 Apr 11
17
1712 1,700 Chit, Gt West trust ctts
)2
17 May31 ii312 A pr 8
60
33
Do pref trust etfs
33
33 May29
104 10.514 12,800 Chicago Mllw & St Paul.. x10313 Feb 5 11234 Apr 6
*14118 142
Do prat
1,300
141 May27 146 Jan 2
13718 1385
8 2,700 Chicago & North Western 1361 9lav16 145 Apr 26
4
100
Do pref
190 190
190 May 4 191 hih 16
78
2c 8
700 Chic Un Tree (Ws stmpd
Apr
4 3
113 Feb 16
*23
*012 7
Do pref ctfs stmpd
200
4 Mch 21
100 Cleve On Chic & St L
58
18
3
5412 Mch28 6 12 Al;2
58
12 4
9
Do pref
*10018 105
59578 Feb 24 10112 Apr 17
500 nelaware & Hudson
8
16773 1677
167 Jan I() 17613 Feb 6
100 1)elaware Lack & West_ 540 Jan 16 569 Jan 29
513 543
400 Denver & Rio Grande
10
4,
1
*31:12 21
187 May23 24 Mc1127
8
Do pref
3412 May29 9614 Jan 29
12 3514 1,720
Duluth So Shore & Atlan
4
812 M oil 4 113 May16
Do pref
*18
16 hich 8 23 May13
22
3014 Jan 15 3918 Apr 11
3118 3173 17,700
ErieDo let preferred
5013 Feb 3
51
5212 3,600
Do 2d preferred
500
48
'
40 Feb :3 577 Apr 1 1
42
42
13238 13332 16,540 Great Northern pref
126 Jan 15 135 4 Apr 9
3
Iron Ore properties
3,380
0
158 Jan 31 45 May20
38 m
20
42
12
14118 Jan 23
12512 12512 1,700 Illinois Central
8
3
1918 205 23,420 1 nterboro-Metrop v t ctfs 16 3 Jan 3 2134 Men 24
ue l
Dgenpraf
18,500 rowa
5333 Jan 3 62 Mch 26
4
553 59
10112 Feb 8 15 Jan 4
13
*12
Do preferred
24 Mch 15 30 Jan 4
2012
*23
2518 33
2914 Mch 25
4,000 Kansas City Southern__
526212
May29 6558 Mch 25
Du
preferred
5818 1,800
50
i ake Erie & Western__ 1112 Jan 26 13 Apr 24
18
*16
30 Jan b 12473142 j ay21
10 bfan 135
bda
500 11A Do preferred
3914 3912
15573 Feb 5 18534 Jan 15
66,400 Lehigh Valley
16934 175
14973 Feb 1 163 Apr
8 2,100 Louisville & Nashville
15613 1577
4
ftnn atta
u heapolls Flezird
oia; 135 Jan 2 1383 ?dell 13
a
.
,
*135 138
200
2014 May28
*
100 M
- 21
510 Feb 26 557 Jan 15
Do preferred
100
49
i.:1:1
900 Minn St P & S S Marie_ 129 Feb 3
14012 14113
14714 Feb 1 1547 MaY15
3
Do preferred
100
*152 155
8
Do leased line Cti3--. 8612 May21 5887 Jan 17
*8534 87
2614 May31 3153 bleb 29
6,000 Mo Kansas & Texas
2614 27
5738 May49 66 Apr 17
59
Do preferred
800
*58
4734 Mch 27
3512 May2_
19,350 Missouri Pacific
3578 37
NI at Rye of Mex let pref 63 May17 71 Jan 4
*83
65
*3034 3114
100 II Do 2d preferred
28 Apr 1 3678 Jan 20
11733 11814 9,850 N Y Central & Hudson
10614 Jan 9 12113 Apr 25
138 136
710 N le N H & Hartford....... 13412 May17 14214 Apr 1
*3673 38
300 N Y Ontario & We..tern. 357 Mch i 4138 Apr 12
3
900 N Y State Railways
0
8738lilay21 9334 Apr 26
4618 Feb 3
8
873 873
3
100 Norfolk Southern
5011
*46
55 May *2
3,450 Norfolk & Western
110734 Feb 1 11414 Apr 3
r110 111
Do adjustment pret__ 9013 Jan 4 92 Feb 17
91
*87
Nor Ohio Trac & Light__ 56 dichll 6718 Apr It
*.._ 64
11533 Jan 15 12558 Apr 6
11838 1201. 14,910 Northern Pacific
12212 Jan 9 12614 May 2
12318 12312 5,900 Pennsylvania
9813 Jan 2 11014 hfay20
4 1,900 Pittsb Clp Chic h St L...._
10714 1083
11(312 Jan 2 117 Feb 20
Do preferred
*110 116
14813 Jan 11 17914 Apr 29
16514 1713 352,600 I.)ending
4
8914 Mch 5 9314 Apr 29
200 1-V 1st preferred
90 90
*07
94 Jan 11 10113 Apr 29
9912 . 10
2d preferred
28.00
0
2212 May31 3012 Apr 8
m
30,200 Rook Island Copany_
2212 25
48 Jan 3 5953 Apr 9
Do preferred
2134 May22 2913 Mch 26
100 St Louis & San Fran__
24
*4913 5117
22
61 May10 '
6912 Jan 23
7
200 1, Do 1st preferred
64
*57
1334 Apr 11
3512 3578 2,695. Do 2d preferred
St Louis Southwestern__ 3514 J an 21 3458 Apr 2
$2
293 M aY.
2
33
*30
6812 Jan 17 7713 Apr 8
Do preferred
200
73
73
2434 May29 2712 Apr 4
3,155 Seaboard Air Line
2524 25
Do preferred
11,000
5033 Apr 16 55 May25
54
53
10512 Feb 1 1271566111422 pr 228
pcrh 8
x10814 10912 7,725 Southern Pacific Co
2812 Jan 31 3118 Apr 9
2734 2814 7,000 Southern v tr etts stmpd _
Do prefdo
6814 Feb 4
741: 1,700
74
2(112 Jan 3
100 Texas & Pacific
Apr
23
23
3534 May 7 4934 Jan tu
3713 381: 1,300 i bird Ave New
3 Jan 15 1058 Apr 16
500 Toledo Railways & Lt
*7
8
1234 Mch 4 1633 Mch 27
300 Toledo St L & Western._
1312 1338
2912 May21 36 Apr 8
Po pre:erred
32
100
*30
100 Twin City Rapid 'franslt_ 10412 Jan 5 103 May16
gilt:1 108
160 Feb 1 17553 Apr Ii
71881g 16914 720,100 i !Mon Pacific
1,000 t.) Do preferred
9013 9011
9013 May10 9358 Feb 27
,
k
300 Unit itys Inv't of San Fr 303 Jan 6 3714 'b 1 4
31
65 2 i e
311
'
4
700
60
60-,
Do preferred
4
jan 2
J
...... VIrgiall ity it 11
60 Apr k
.4wer -. "41
- -1 ; 200 W abash
58 /
1
97 Apray
28
6 Jan 4 2 3 A1 1
4
1778 1814 1,900 T T
Do preferred
Ii
1678 Jan 2
900 Western Maryland Ry
5813 5812
5534 Jan 9 6414 hich25
*80
Do preferred
8212
75 Jan 9 81 Apr 6
8
*7
Wheeling & Lake Ere...,.,
4 Jan 10
200
*21
25
Do let preferred
973 A pt* 3
5
11 Jan 3 2 14 Mob 18
100
*1112 13
Do 2d preferred
6 Jan 19 14 Mch 13
Wisconsin Central
*3173 53
48 Feb 5 5712 Apr
industrial&Miscellaneous
60 a dams Express
5191 Mch 12 21712 Apr 18
*205 220
*5
8 1
5,100 /Allis-Chalmers
Mchh3200
me
Do pref
2 4 l cr 26
3 A h 9
12 ip
3,400
*234 6
8 Jan 2
814 8318 83,200 Amalgamated Copper
60 Feb 1 85 Apr 27
5812 Feb 27 6353 hich
*61
420 Amer Agricultural Chem_
62
Do pref
*100 101
3
10014 Apr 15 10414
6514 7114 14,900 American Beet Sugar
53 Feb 26 78 Mayll
*10014 1007)
3
Do pref
97 Apr 3 1007 Jan 10
9112 Jan 2 9 3 Apr 23
,
*9538 9534
100 Ani Brake Shoe & Fdry
1311% 136.34
130 Jan 2 138 Jan 22
Do pref
210
1114 Feb 1 43 May 11
3413 3;14 60,950 American Can
12112 Mayll
11534 11312 8,600
Do pref
1
949 8 Feb 5 6138 Apr
5712 5812 3,100 American Car & Foundry :
115 Feb 14 120 May24
*118 119
Do pref
100
*0 : 537
513 9718 1,010 Amerloan Cotton 011- 4512Jan 19 5714 May
3
4
95 Jan 19 9914 Feb 13
220Do pref
200 Feb 2 4225 Apr 11
*212
10 American Express

Highest

997 Sep
3
10034 Jan
117 Jan
'3312 Sep
8512 Aug
72 Sep
19553 Jan
60 Aug
6833 Sep
17 Set)
3512 Dec
3
105 4 Oct
141 Sep
13818 Sep
191 Nov
1"2 Sep
,
434 Sep
4813 Sep
9414 J'ly
15912 Sep
505 Sep
1733 Dec
3634 Dec
9 Nov
1718 Dec
2714 Jan
.15sa Jan
35 Jan
119 Sep
3334 Dec
132 Jan
1318 Sep
3034 Sep
15 May
23 Apr
2514 Sep
b112 Sep
10 Sep
25 Sep
151 Sep
13612 Sep
13114 Sep
2112 Apr
35 Mch
4
v1243 Sep
146 Nov
8712 J'ly
27 Sep
63 Sep
4
3314 Sep
60 Aug
25:3 Aug
x9978 SP
12678 Sep
3734 Sep

11663 rne
10512 J'ne
13014 Nov
10914 J'ly
91 Jan
8438 J'ly
247 J'Ir
320 Dec
8634 Feb
2514 J'ne
4914 Feb
13312 Feb
15513 Feb
1504 J'ne
5209 Jan
332 Feb
714 Feb
66 Jan
98 Feb
2
1747 J'ne
570 Nov
35 Feb
74 Feb
1558 Mch
3013 !itch
383 J'ly
3
6114 J'ly
4
4,0 J'ly
140 J'ne
6334 Feb
147 J'ly
2033 Feb
5632 J'ly
22 Sop
42 Sep
3738 J'ne
6934 J'ao
17 Nov
40 Jan
18673 Dec
1603 Nov
4
14212 Jan
4212 Set)
6813 Sep
15214 Mch
160 Men
9013 Mob
3813 J'ne
70 Oct
63 Feb
7232 Jan
383s Feb
11512 Feb
15112 Feb
4137 J*11
3

4514 Oct
9934 Sep
8534 Apr
3912 Jan
11034 Sep
11834 Sep
11013 Sep
10218 SeD
134 Sep
88 Mch
9012 Sep
223 Sep
4
4334 Dec
23 Dec
59 Sep
37 Sep
24 Jan
5934 Jan

60 Mch
11114 Nov
9114 J'ne
5534 Nov
1374 J'ne
13013 Feb
100 Jan
112 Feb
16173 J'ne
92 J'ly
101 May
3438 J'ne
68 3 J'ne
5
27 Oct
6914 J'ly
4912 J'ly
34 Feb
72 rue

10412 Sep
2434 Sep
6114 Jan
1978 Dec
31 Nov
4 Nov
12 Dec
3478 Dec
104 Sep
15312 Sep
89 Sep
2812 Sep
52 Sep
37 Sep
534 Dec
1414 Dec
487 Apr
3
75 Jan
213 Sep
7 Sep
3 Aug
48 Sep

1263 J'ne
2
3338 J'ly
7614 J'I7
3014 Feb
41 Dec
814 Jan
2434 Feb
537 Jan
8
111 Feb
19233 J'ly
96 J'ly
49 rev
7514 Mch
45 Apr
1838 Feb
4038 Feb
66 J'ly
8814 XI!'
614 Feu
1738 Feb
8 Feb
7213 May

1198 Nov 245 Apr
118 Dec
0 4 May
3
34 Feb
658 Dec
7158 J'ne
4434 Sep
4434 Sep
6313 Dec
9912 Oct 105 Dec
3914 Jan
5934 Oct
0212 Jan 101 Oct
87 Sep
97 Feb
12212 Oct 138 Feb
124 MAY
873Jan
934 Dec
77 Jan
4238 Sep
6814 J1
7
113 Oct 120 May
4158 Nov
6238 Feb
92 Nov 10512 Feb
201 Sep 4255 Jan

BANKS AND TRUST COM PANI ES-BROKERS' Q UO FA rums.
Banks
New York
,etna
.inerlca 11.-.user Exch.
lattery pa_
loweryl
iroaxliorol
1roax Nat_
ryant Pk 11
latch & Dr
eatury 1_
lhase

NW

Asa

195
620
237
125
400
300
175
180
130
230
8
38

205
630
243
130
____
____
180
155
140
-.__.

Banks
Lila
Ask
Chat&Phenlx 18212 18212
Jheisea Ex, 195
200
Jheinical _ 440
450
Citizens' Cti 130
185
Jity
1425 1450
Coal & Iron 155
160
Colonia, II_ 425
____
Columbia il . 335 350
Gormilerce . 11981212W
Corn Ex $.... 315....
East River. 100
115
Fidelity $1._ 165
176

Esti Ask
Banks
Fifth Avell. 4500 4750
Fl.th
300 325
VI rst
____
1000
205
Fourth .-- 200
iallatIn ___ 400 910
290
;arlield --- 275
lerin-Am V 140
---ierai'n HO 425
440
Jermania 1. 525 640
Jotharn ___ 155
165
___
Jreeriwien V 250
Jauover___ 070
__

Banks
Harrimal _
imp & Trail
trying N Ex
Liberty__
Lincoln-.lanhattaii$
larlet&Ful
,
lech &Met's
derchntile _
torch Excn
derchants*.

Ella
290
565
230
500
375
340
250
280
175
16212
185

Ask
__
575
____
610
385
34712
2571:
265
185
16712
--

Banks
‘letropolis 'I
qetropol 'ill'
.At Morrill_
lutuai $___
Nassau ___
'Sew Net12.1
Vey,YorkCo
'Sew York.
t'aelfiell____
earl(
People's 11..._

/11.4

375
195
250
283
120418
220
875
340
255
37U
240

Ask
385
20J
260
29217
____
__
---350
265
375
250

ism
Banks
,'rod Each $ 170
.teserve ___ 90
,eaboard ... 415
,ecoad ___ 376
iecurhyl _ 135
,Permaa___ 135
250
-state 1 - 23d Ward li
176
ll a:on Esc_ 162
Wash li'ta 1, 275
West Side $
_
Yorkville 11_ 60)

•131d and asked p ices: no sales were made on this day. 7 Flx-ru4hta 4 Less than 100 shares. 11 State banks. a Ex-dividend and rights 0 New stock.
L ?Sale at Biala Exchange or at auotlon this week. /1 Filet installment paid. n Sold at private sale at thisprlee. a Ex-dividend. 1Full paid.




Ask
175
_
_
400
145
275
-..
168
-650
......

New York Stock Record-Concluded-Page 2

1492

[VoL. Lxxxxiv.

For record of silos tiring Ns week of st,c'es .441111Y iTt:ti V3 S33 .81:11 I 111'1 II 321'111T
-HIGHEST AND LOWEST SALE PRICES.
STOCKS
Saturday
May 25

Monday
May 27

Tuesday
May 28

Wednesday
May 29.

Thursday
May 30.

6
6
12
3
512 5
53
4 54
4
5 4 53
3
253 25 4
*2534 27
4
*2512 27
3
18 2578 26
2914 283 28 4 263 2814
29
29
29
8
3
4
1412
1458 1434 1434 143 *1458 1612 14
4
*3612 3812 *37
3812 *3612 3812 *3612 3812
4212 4212 *4134 4217 4214 4212 4134 4214
*108 108 4 *107. 109
3
10814 10814 10814 10814
1334 133.1
14
1513 *1312 1412 14
1412
5818 5818 5814 59
5833 5312 58
5818
*88
89
338
88
*88
89
*88
89
8614 8612 8538 86
3512 8578 8412 86
10712 1075 10714 10714 10713 1074 10714 107
8
14
*130 134 *130 134
13234 13234 *130 133
*102 10818 *102 103 *102 108 *102 103
10217 *101 10412 *10112 10212 *101 103
*101
3714 3714 3714 3714 37
3713 3612 3612
*12912 131
129 12912
130 130
130 130
*122 124 *122 124 *122 124
12113 12118
14553 14534 14512 14534 14512 14534 14533 145 4
3
275 275
273 275
270 27212 270 272
*106 107
10618 10613 *106 108 *106 107
10334 1033 1033 10414 1033 104
4
1033 103 8
3
4
4
1
*28
30
2913 '2912 *2812 30
2812 2
912
923.1 9234 *92
92
9314 02
9314 *91
*3714 3834 *3714 3814 38
38
3714 3714
4258 • 43
4212 423
3
4 423 4253 4218 4273
*120 122
122 122 *120 12312 *120 12312
*10712 108 *10712 108 *1073 108
1073 1073
4
4
4
*3712 33
3712 3814 *37
377
18 3838 37
8
*71
717
3 70 4 71
7012 7034 7014 71
3
*143 145 *144 145 *144 145
14334 144
3612
3612 *35
361, *36
3612 *35
*35
*2512 26
*2512 2612 *2512 2612 2443 2 2
51.
9412 9412
*9414 94 4 9412 9412 *9412 95
3
2978 297
4
293 2034
2
2912 293
4 2973 30
*2812 2917 *2812 2978 2812 2812 28
2812
14212 143
14212 14210 14214 14212 14114 14214
1512 16
*1618 1632 *1534 163- 316
16
4
8314 8314 *8212 8312 *8214 8312 *82
8312
4
313 3214
33
3314 3278 3272 *32
33
20
*13
*15
20
20
*16
20
*13
44
*42
*41
44
44
*41
44
*42
171 17112 171 17212 171 17112 16913 171
353 *35
8
35
353
4 35
*3512 3612 35
7512
75
76
763F 76
76
76
76
414 414
414 414
414 414
414 414
*19
3
19 8 1918 1913 19
1918 187 19
3
122 122
118 122
119 12112
118 121
1
1120 120 *1183 12114 *11812 12114 '119 12114
4
412 4 8
414 414
412 412
43
3
4 434
*1838 21
*1812 20
*1853 20
19 3 197
3
3
1834 1918 18
1812 173.4 1773 1634 1814
562
62
6112 6112 6012 6114 6012 61
*27
30
29
2933 2938 29
283 2 3
4 84
*8012 82
*8012 82
81
*8012 84
.81
107 108 *10714 1073 10712 1073 107 10753
4
4
*192 19414 192 193
190 19112 189 191
*11113 112
11134 1113 11134 11134 *111 112
4
*8112 86
8312 8312 *3112 80
____ ___
*69
6912
*69
6912 *69
6912
82
81
82
8114 80 80
*51 *81
*107 110 *107 110 *107 110 *107 110
3
7034 63 4 7018
7138 7112 7034 7114 70
2614 2638 2614 2638 2618 2614 2618 2614
15834 1583 15714 15714 157 15734 158 153
4
512912 12912 *12714 131 *12714 131 *12714 131
*17
18
17
*17
17
17
17
18
95
*92
95
9313 9318 *92
*92
95
8 504 69
5312 585
3
*587 59 8 5812 59
8
*10714 10012 *10714 10012 *10612 10012 *106 10714
2112 2178
2218 2238 22
2213 2178 22
8 60
6012 5913 605
61
58
56
54
82
82
*81
8217 *8112 8212 8113 8112
34
34
3434 3312 34
3314 3334 33
*503 5158 *50
50
4
5158 50
5153 *50
11512 11814 114 116 8 11414 11412 11312 11414
7
*104 106 *104 106
10312 10,1 1.10312 105
22
23
2333 2234 23
2314 23
223
4
9258
91
9218 9134 923
4 9173 9234 00
*185 188 1185 185
187 187 *183 189
112 112
112 112 *11112 11212 *112 11212
3414 35
3478 35
*35
3512 3458 35
*100 102 *100 102 *100 102 *100 102
*103 10912 109 109 *109 10912 109 109
*15912 16012 *15912 161 *15912 161 4160 160
*612 712 *612 712
3
612 6 4 *612 712
*6
1114
10
1 112 10
*913 1012 *9
*3412 35
3412 3412 *3412 35
3412 3412
_
*100 102 *100 102 *10018 102 *10018
18 8 19
5
1913 1918 19
3
1918 187 19
*2312 24
4
2338 2312 2333 2334 223 2318
7712 7712
78
73
78
78
79
579
18614 18912 18334 187
183 18412 180 18418
51
*49
*49
61
*49
51
*49
51
.
4614 4534 441, 4512
4614 4614 4514 46
.
11012 113
11134 11314 11012 11112 109 111
107 10712 0106 10712 *106 10712 *106 109
*11112 11212 4111 11212 *11112 11212 11212 11212
1353 1334 1312 1378 1333 1334 12
1314
62
62
*60
65
*60
05
6512 *60
61
6114 01
6178 6173 *6014 6212 01
*107 110 *106 110 *105 110 *105 110
*99 10014 *99 10014 *9912 10 14
*99 100
0
*1053 1073 *10534 108
4
10531 10534 *10412 10612
4
*20
2112 2034 2073 2014 2014 203 203
4
4
56
5614 5612
5612 *5612 57
*55
56
7714
4 77
7712 7814 7738 773
79
79
6412 63
6453 6534 6312 6534 63
65
112 112
11158 112
111 11112 11112 112
8133 8212 *8112 8212 8218 8212 82
823
8
7012
69
69 4 7018 6912 7013 6958 70
3
3
111073 1107 11078 III
11034 110 4 11012 11078
8
6238 6218 6234 6134 6212
8 62
6214 623
*5114 5112 5112 6112 5138 5112 5118 52
*113 119 *118 119 *118 119 *118 119
*143 14512 *143 146 5144 144 *142 14512
8313 8212 83
8314 8314 83
*3314 84
73 73
74
7334 7414 *73
*73
74
*111t ion *117 190 *117 120
117 117

•
s

•
•

›,
./
A
11
0
M
X

Sales of
he
Week
Shares.

Friday
May 31.

Range since January 1.
On basis of 100-share lots.

STOCKS
NEW YORK STOOK
EXCHANGE

Lowest.

Highest

Lowest

Industrial and Misc.(Con)
000 Amerloan Elide &'Leather
Do pref
500
7,550 American Joe Securities..
2,500 American Linseed
Do prof
200
1,200 American Locomotive
Do pref
300
1,600 American Malt Corp
Do pref
.
2,900
10 Amer Smelters Sec pref B
27,700 Amer Smelting& Relining
Do pref..
800
300 American Snuff
Do pref
Do pref, new
500 Amer Steel Found (new) _
3,260 American Sugar Refining
Do pref
100
3,022 American Teleph & Teleg
4,870 American Tobacco
100
Do prof
2,663
Preferred, new
500 American Woolen
Do pref
300
1,000 Amer Writing Paper. prt.
13,100 aAnacondaCopper Par$25
100 Assets Realization
200 44aldwin Locomotive. pf
2,200 kiethiehem Steel
2,000
Do pre
300 Brooklyn Union Gas
100 Butterlok Co
1,200 f lentral Leather
414 k 1 Do pref
4,000 dChino Copper_ __ _Par $5
900 Colorado Fuel 66 Iron__ _
4,250 Consolidated Gas (N Y)2,683 Corn Products Re:being_
800
Do pref
2,110 Distillers' Securities Corp
Federal Mining & Smeit'g
Do prof
100
6,750 General Electrio
533 Gen Motors vot : ctts_
t
.
Do prof vot tr Ws
NO
4,273 dGoldneld Con St Par $10
2,920 d I nsp'n ConCop Par $20
3,800 'ant Harvester stk tr ctts
Do prof stk tr ctfs
310
000 lot Mer Marine stk tr ctfs
Do pref
600
6,900 International Paper
2,950
Do pref
500 Internet Steam Pump
Do pref
100
2,490 Leolede Gas (St L) coin_
1,100 Liggett & Myers Tobacco
200
Dopreferred
100 Mackay Companies
Do prof
1,500 May Department Stores_
Do pref
18,900 Mexican Petroleum
4,990 dMiami Copper___Par $5
800 Mational B.soult
Do prof
1 11
600 Nat Enamel'g 6: Stamp'g
Do pre'
100
4,400 National Lead
Do prof
8,700 dNev Cons Copper_Par ;5
4,850 New York Air Brake
1,000 North American Co (new)
yete
ailp
a
3,400
ec Teleg
1,150 pacific
,
ei
18,850 People's G L , C (Chic) _
1,100 Philadelphia Co (Pittsb)_
3.350 Pittsburgh Coal Co
Do pref
12,410
375 P. Lorillard Co
Do preferred
300
1,800 Pressed Steel Car
Do pre4
24
295 Pub Service Corp of N J_
165 Pullman Company
300 Quicksilver Mining
Do pref
200
700Raili a y re eel Spring
) pStf
wo

612 May16
2717 May16
3034 May20
177 Apr 23
3
43 Apr 23
443 Apr 0
4
110 Apr 8
1514 May16
5913 Mayll
89 May 2
8963 Mch 25
10812 Apr 24
14473 Jan 27
111 Jan 20
102 Apr 4
3912 Mayll
13312 Mityl.)
123 Apr 7
14918 Mcb 25
,
287 Jan'6
10834 Jan 10
10638 Jan 19
31 Mayli
9412 Mch 12
4133 May k
$4473 Apr 2
123 Apr pi
103 May lo
42 Apr 19
7434 May 9
14534 May16
401s Apr 30
2813 Apr 22
9533 Apr 22
$307 May20
8
3414 Apr 10
146 Meh28
1712 Apr 24
87 Apr 24
3438 Apr 8
1834 Melt 26
45 Mch 25
173 Apr 0
3814 Apr 9
82 Apr 8
55 Mch 18
81953 May20
12112 Mav2t,
1213 Apr 4
4
71 Mch 211
s
19.34 193
26 Mc1429
,
1514 167(
938 Jan 17 1934 May23
54578 Jan 3 6273 May23
53
60
271:
27
27 May31 34 Jan 2
79 Feb 1 8458 Apr 8
*8014 83
104 Mch 16 10834 Jan 4
x10518 10514
15678 Jan 15 103 Apr S
191 191
*111 112
105(2 Jan 12 11312 Jan 18
7518 Jan 31 87 Apr 12
*8112 81
68i2 Jan 11 707 Jan 23
691:
*69
8
69 Apr 11 8214 May23
781:
77
10912 Apr 30 112 Jan 11
*107 111
6234 Apr 20 7.133 May18
6714 695:
82318 Feb 14 52634 Apr 2
261,
20
*155 1581;
13012 Jan 2 161 Apr 30
*12714 131
12634 Feb 20 130 May14
16
161,
1214 Feb 29 1914 May15
*92
95
88 Feb 27 9517 Jan 2
5712 573.
5113 Jan 9 6058 May22
*105 4 1071,
3
10512 Feb 1 10934 Feb 15
2133 213.
$1814 Jan 29 $2314 May 1
6112 62
50 Feb 17 62 May31
7412Jan 3 8473 Apr 27
8012 811,
30 Jan 3 35 MO 27
*3234 331;
47 Feb 6 55 3 Apr 25
48
3
493
103 Jan 8 11814 May25
11214 114
10212 May31 11114 Feb 16
10212 103
1634 Melt 1 2334 Apr 23
22
22
891;
77 Feb 8 9273 May24
88
167 Mehl] 19212 Apr 8
18773 1877
*111 1121:
10731 Jan 12 116 Jan 19
2
3358 34
2834 Feb 27 373 Apr 9
3
4102 102
06 Feb 28 10312 Apr 24
5103 109
10634 Feb 17 11134 Mch28
15933 1595
15812 Feb 2 103 Apr 29
812 Apr 26
3 Jan 4
612 61
7
7
312 Feb 28 1214 May13
34
34
2712 Feb 8 3714 Apr 27
*10018 102
22 $23 I 1 cb221
1 1001 ,
,
10,850 dllay ConsCopper Par ;10 310 JanMch
183 19
Apr
106
2153 221,
1534 Feb 26 27 Jan 2
2 1,900 Republic Iron & Steel
612
Do pref
77
77
6412 Feb 27 8533 Jan 3
132 184
11,375 Sears, Roebuck ee Co____ 140 Jan 15 11)412Alay22
100 Sloss-Sheffield Steel ee Ir_ 3914 Jan 3
49 49
5212 Mayll
4113 431;
0,000 dTennessee Copp _Par 525 3'2Feb 1 $4714 May21
108 1001;
7,600 Texas Company (The) _
81 Jan 16 1133 May20
4
10114 106
1,100 1 [nderwood Typewriter. 983 Apr 3 10312 May21
4
Do pref
*11112 113
100 Li
, Ill Feb 26 11234 Feb 13
.
10
121,
5,450 Union Bag & Paper 8
453 Jan 25 177 May15
621;
Do prof
100
*60
673.1 May15
4934 Feb 21
60
601.
1,556 United Cigar Mfrs
5912 May17 643.1 May21
*105 110
105 Jan 10 109 Feb 15
Un ited Dry Goods
*99 1001,
Do
97 Feb 10 10118 Apr 10
Do pref
100
*10411 1061,
10333 Fob 24 108 113av20
20
20
950 U S Cast I Pipe & Founur 13 Feb 16 2212 May16
56
56
Do pref
900
50 Jan 4 5712 Apr 22
7612 757
2,100 U S Realty & Improv't
67 Jan 31 8114 May20
6234 635 12,920 United States Rubber
4514 Feb 1 6778 May21
11112 1111
Do 1st pref
1,750
109 Jan 30 116 May20
82
82
Do 28 prof
1,000
.,
75 Jan 23 8512 May21
x6614 693 220,350 United States Steel
5314 Feb 13 7314 Apr 30
110 1103
Do prof
2,655
10738 Feb 13 1133( Apr 3
6112 627 16,550 dUtah Copper_ __Par ;10 $5212 Jan 20 $6512 Apr 8
8
5012 511
1,800 Virginia-Carolina Chem_
49 Jan 17 5714 Jan 26
*118 119
118 May 1 122 Mch27
*140 14512
go
W elis Fargo & Co
Do pr
5142 Feb 7 151 Jan 3
8212 8234 2,321 YT estern Union Teieg
79 Jan 2 8614 Jan 18
7212 1,700 WestingleseEl &Alfg assen 6614 Jan 3 8178 Mch 27
71
117 117
_
200
Do 1st prct
11473 Jan 5 122 11e4123
5
5
2; 24
25
273
4
1334 1412
361:
36
4118 411:
10814 10814
*1312 1434
68
58
89
*33
x8112 8414
10714 10714
130 130
*102 103
*101 103
36
*35
x12512 128
*120 123
14538 1451:
272 2773
4
*1013 107
10334 10334
28
28
*9112 93
3512 37
427
42
*12014 1221:
108 108
3534 361:
701:
70
14212 1421:
35
35
2438 25
9.914 9432
2934
2712 *
2772
13912 1411:
15
16
8234 83
3153 32
*13
20
43
43
x168 169
355
*35
74
74
413 414
1878 1014
11714 119
119 1191;
*4124.1

3 Feb 19
20 Feb 26
18 Jan 2
9 Mch 6
30 Feb 20
3134 Feb 27
103 Jan 15
434 Jan 10
42 Jan 6
86 Mch 22
6773 Feb 1
10233 Jan 2
123 Mch 6
10213 Jan 16
99 Feb 9
26 Jan 19
11433 Jan 12
115!2 Jan 5
13758 Jan 2
24118 Feb 20
102 Jan 9
10114 Jan 11
2514 Feb 6
82i Feb 7
2518 Jan 25
334 Feb 1
1051-2 Feb 7
10234 Feb 2
2734 Feb 27
5612 Feb 27
13712 Mch21
2912 Mch 18
1612 Feb 27
80 Feb 27
$25 Jan 15
2313 Feb 21
13814 Feb 17
10 Jan 16
57614 Jan 3
28 Feb 5
1114 Feb 28
3718 Jan 23
155 Jan 2
30 Feb 26
7014 May 3
$4 May 6
81878 May20
10514 Feb 1
11812 Jan 26
1412 cii0
7
ah 7

2

Range for Previotss
Year 1911.
Hfghen.

312 Sep
Ins
2033 J'as
18 Sep
2534 J'ly
1112 Aug
8 Aug
1238 Feb
2618 Oct
3412 Deo
;.:218 Oct
4314 May
102 Oct 11034 Mob
3 Sep
58 Jan
3112 Met) 4358 J'ly
82 Sep
891R J'ly
5658 Sep
8373 J'ne
983 Sep 10812 J us
4
225 Sep :325 May
96
Aug 105 Deo
25 Sep
11214 Sep
111 Jan
13112 Aug
87

5212 Feb
12212 Feb
11912 Feb
15313 J'ne

AUir

10514 Deo

2512 Dec
8514 int
2412 Sep
329 Sep
10612 Dec
10314 Dec
76 Sep
64 Sep
x129 Sep
23 Feb
183 Sep
4
9113 Dec
31612 Sep
25 Sep
1283 Sep
4
()58 Oct
73 Sep
24) Sep
13 Dec
37 Dec
142 Sep
35 Nov
7412 Dec
$312 Oct

3612 Mch
9614 J'ne
3412 Feb
54118 J'ne
108 Dec
107 Dec
3318 Aug
(16.14
14814 Nov
31 Mch
3338 Feb
105 Feb
52712 Deo
3033 Feb
19812 J'ne
1534 May
85 M
3814 Mch
36 Feb
6612 May
1683 May
8
5134 Aug
8658 Aug
$77 Jan
8

9918 Sep
115 Sep
314 Sep
14 Aug
9 Sep
4453 May
23 Oct
80 Oct
10114 Sep

12938 May
12814 May
578 Jan
2212 Dec
1333 Jan
618 Jan
44 Feb
9012 J'no
11412 Jan

7412 Dec
08 Dec
70 Apr
10734 Sep

95 Feb
77 Mob
81 J'ne
11314 J'as

$1558 Sep $2912 Deo
11714 Jan 14334 Nov
124 Jan 130 Feb
22 J'ly
1212 Dec
85 Jan 10034 J'ly
59 Feb
4212 Sep
4
104 Sep 1093 Aug
$1518 Sep ff2114 J'ne
45 Oct
70 Fob
64 Jan
4
763 May
2318 Apr
3338 Nov
35 Sep
5458 Jan
10112 Aug 109 Jan
99 Sep 11812 J'ne
17 Dec
2314 J'ne
0018 J'ly
6734 Jan
3753 J'ne
25 Seri
91 Sep 10234 J'ne
103 Oct 120 Feb
154 Sep 163 Jan
412 Nov
2 Apr
212 J'no
512 Nov
26 Oct
10 J'ne
92 Jan 103 Joe
;12 Sep 310 Deo
18 Oct
3514 Feb
7413 Oct
993 Feb
8
12512 Sep 192 Feb
34 Sep
5614 Feb
$3014 Sep $94 J'no
7412 Nov 13612 Feb
63 Mch 111 J'ne
103 Mcb 11378 .1.17
434 Dec
9 Feb
5013 Nov
5912 Jan
10014 Set) 510012 Oct
9712 Sep 108 J'ne
10034 Sep 10710 ,fly
11 Sep
19 Feb
4017 Sep 561 Feb
0518 Jan
7931 May
3012 Sep
4812 Deo
104 Sep 11512 J'17
66 Sep
NIch
8213 Feb
60 Oct
103 Oct 12078 Feb
538 Sep $577311e°
4:318 Sep
7933 Feb
114 Sep 12812 Mcb
139 Sep 177 May
7153 Apr
8412 May
5853 Sep
79 May
110f, A ug 123 Jan

BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Brooklyn
Broadway 1
Coney Isrdli
First
GreenpoInt_
Hhlisidel
Homesteadi
Manutae're
Mechaulca'
Montauk
Nassau
Nat City

Bid

Ask

395
370
155
281; 295
173
165
125
100
41U- 425
230
240
150
212 - 225
280
295

Bid
Banks
BrJuktyn
North Side 11 175
c'eople's
_ 150
Prosp'etPle. 140

Ask

Trust Co's
N Y City
Central Tr_
200
160 Columbia
155 Commercial
Emptrc
EquIt'ble 'Fr
Trust Co's
Farm LoecT
Fidelity ___
N Y City
Ful ton
370
Astor
-1
9
Bankers' 'fr 585 5 --- Guarty Tr_
13 way Tr
.
17712 18212 Guardian 'Pr

Bid
1040
395
00
300
640
1400
220
315
1020
00

Ask

Trust Co's
Iludson
If nickerb'kr
40 - Law T I&Tr
0
Lincoln Tr_
95
Nietropol
310
Mutual All!
1415
.mice
Mut.4 West225
chester)._
325
1035
105

Bid
140
297
228

Ask
150
301
2:33
115

440
130
140

150

frolic Co's
NY Life &Tr
N Y Trust_
Standard Tr
fitleGu& Tr
Union Tr__
US Iltg& 'jr
Unit States_
Washington
Westchester
Windsor -.

Big Ask
1030 1045
635 640
375 330
600
1306
470
481;1120 1130
390
410
150
LSO
192
196

Crust Co's
Bro9klyn
Brooklyn Tr
Ci tizens' _ _
Franklin .._tlamilton
Kings Co -L Isl L & Tr
Nassau -Peoples' _..Jueens Co_

Bld
470
140
205
270
105
520
300
155
205
05

Ask

275
286
116
312
105
305
105

Mess than 100 shares. t Ex-rights. b New stock. a Fix-dlv. and rights. d Quoted dollars per share.
*Bid and asked prices: no sales on th s day
tilalo at Stock Exchange or at auction this week. S Ex stook dividend. ilitanha marked with a paragraph (g) are state banks. st Ex-dividsnd.




New York Stock Exchange—Bond Record, Friday, Weekly and Yearly

defaulted bonds.
Jan. 1 1909 (ha E'ccfringe rnethod of quoting bonds was changed, and prices are now all—"and interest"—ercept for income and
1 p.
.

BONDStC,'
Y. STOCK EXCHANGE 21
,.2.
Week Ending May 31.

Price
Friday
May 31.

Week's
Range or
Las: Sale

'1_
,5,-°i
cleii

Range
Since
Jan. 1.

n
,..s
' Price
BONDS
Friday
.
6
N. 51. STOCK EXCHANGE '-'-Week Ending May 31.4.33., May 81.

Wcele3
Range or
Las! Sal:

,,,,
g,--.,
i
c•-.:

High No.
Ask how
Bid
Low High Chesapeake or Ohio—
Gen funding & impt 5s__1929 J-J_ 10)1- 102 May'12 .._
1.0011 10073
li
111
11- Sale 11034
334
1930 51-N
1st consol gold 5s
10034 1013
4
1939 M-N 103 _.___ Ill May'12 ____
102 1023
Registered
,
10)3. 29
4
10112 10314
1092 11-S 1003.1 Sal. 1003
General gold 4 Itis
1902 11-S 9'J14 101,34 9933 Nov'1 I __,_
11314 1195,
Registered
93
22
11314 11434
1930 F- A 93 Sale 0234
Convertible 4 lis
I31g Sandy 1st 43
1949 J-1) 86 89 89 Apr '12 .......
_ ___ _
8812J'ne'll
Coal lily fly 1st gu 4s.._ _ _1945 J -D 86 88
-13g 10212
10
1013.1 May'12 _ —
1940 J -J 10134
Craig Valley 1st g 5s_
1
84
84 __ _ 84
Potts Creek Br 1st 4s_ _ _ _1996 J -J
Foreign Government
II & A DIY 1st con g 4s 1989 J -J ____ 9412 05 May'12 ____
4
Argentine—Internal 53 of 1009_ If-S 0 083 9938 99 May'12 ---- 07 9933
1 '
13 J nb 0,_ __
2d conso! gold 4s
1:
8831 __ __ __ 10214 Fe e:11: _.
9314 9512
1989 J -J
(Ilukuang) fly Is J.:____ J -D I 9418 05 95 May'12 __
Chinese
Warm Spr Val 1st g 53_ _1941 M-S 101
Imperial Japanese Government
9212 13 92 94
Greenbrier fly let gu g 4s 1990 Ii-N 9118 ____ 95 Oct '10 __
1025 F-A I 9213 Sale 0213
Sterling loan 4 )4s
71,34 May'12 ..._
Chic & Alt RR ref g 3s
1999 A-() 7113 72
6 9114 93
9111
1925 J -J I 9118 (138 9114
2d Series 4 013
6114 36
6114 62 61
Railway 1st lien 3 Ltis___ _1950 J -J
1 8512 8813
8515
.
1931 J J 0 8512 Sale 8512
Sterling loan 43
4
7 10213 1035, Chic 13 & Q Denver Div 4s_ _1922 F -A 9914 100 903 Apr '12 ____
10317
Reoublic of Cuba 5s exten debt_ NE-S 10318 1031 0314
99
87
1
0918
Illinois Div 3 50s
87 Sale 87
1949 J -J
1949 F-A ---------'3!8 May'12
External loan 4083
_
86 ,___ 8,512 Apr '12
Registered
1949 J -J
.5 9718 98
9753
San Paulo (Brazil) trust 53_1010 J -J t 9753 9812 9758
, 12
987
Illinois Div 4s
3
987 Sale 9813
95
1949 J-J
4 94
9414
,
Tokyo City loan of 1012, 58___ 5I-S --- - 9 133 9414
Registered
3
9u3 9914 Mch'12 ____
1949 J J
5
1 9513 9714
9558
Mexico St g 5s of__ _ _1899 Q-J I 95 8 Sale 0553
U S of
Iowa Div sink fund 53_1919 A-0 10973 105 105 Apr '12 ____
9013
___1934 J -D 91 9,1
91
10 88 91
Gold 42 01 1904
9919 10
Sinking fund 4s
7 These are p ;ices on (lie be sis o 1 5$ to £.
1919 A-0 9914 --_ 11912
Nebraska Extension 4s 1927 M-N ____ 09 99
Securities
State and City
Mel),'11 ___
Registered
1927 11-N 9712 __ 9818 May'12---10134, 77 101 103
1060 M-S 10138 Sale 10114
N Y CIty-4 Us
Southwestern Div 4s_ _ _1921 91-S
5
99 8 _-__ 9918 Dec '11
00 1007 1011s
8
101
-1062 ..„.. 101 Sale 101
43s when issued
Joint bonds See Great North
9953 13 9938 10018
3
3
4% Corporate Stock_ _ _ _1059 51-N 003 Sale 093
Debenture 5s
4
1913 51-N 10(A3 1003 10012 May'12
5 9912 10013
9912
' 4% Corporate Stock____1958 51-N 9912 Sale 9913
General 4s
9614 55
3
1958 11-S 9573 Sale 957
2 9933 10014
9934
4
1957 .11-N 093 Sale 9912
0
. 4, Corporate stock
1.10!•2
8014 8012 8013
1957 If N 10713 19114 10713 10714 22 107 1077, Chic & E III ref & imp 4 gs_1955 J -J
4 Itis
New
1st consol gold Gs
1934 A-() 12210 12334 123 May'l:. __
102 1023.1
.102 Mch'12
1017 51-N .10153
New 4 ;is
General consul 1st 5s_ _ _ _1937 If-N 10312 109 1081- May'12 _ _ _
10714 28 107 1077,,
4 % Corporate Stock_ _1957 51-N 10713 10714 10718
Registered
1937 11-N ___- ---- 1091i Feb '12
4;4% assessment bond3_1917 51-N 102 10214 102 May'12 ____ 102 10278
10813 May'12 __.._
Chic & Ind C fly 1st 53_1l336 J -J 10812 _
2 808 88
8612
,
$ ;i‘!0 Corporate Stock_ _1954 411-N 3612 8812 8613
89
1 101 10278 Chic Gt Western 1st 45___ _1959 If- S 80 Sale 7934
1961 51-S 1003 1o11 2 10112 10112
4
N Y State-43
10112 27 10118 10278 Chic Ind & Loulsv—Itet 63_1947 J -J ____ 12812 12712 May'12 _ _
3
1013 Sale 10113
Canal Improvement 4s._ _1961 J -J
Refunding gold 5s
1047 J-J 11012 -- 11034 Apr '12 ____
Canal Imp'oient (new) 45 1961 J - J 101 1011, 102 Apr '12 ___. 10134 103
Refunding 45 Series C
1917 J-J
86 ---- 9558 Apr '11
2
Canal Improvement 4s_1960 J J 101 1011. 10114 May'12 ___ 10114 102
hid do Loulsv 1st gu 4s_ _1956 J -J _ _
9012 Meh'12 _ _
- __ ___
So Carolina 4 Itis 20-40......_1933 J -J .--- — 10310,11y '1
3 - 1 9153 May'12 _-___
4
9714 ___ 973- Ape '12 ____ 9734 -0734 Chle Ind & Sou 50-yr 4s_ _ _ _1956 J J
Team new settlement 3s_ _ _ _1913 J -J
_ Chic L S & East 1st 4 ytis_ _ _1969 J-1) ---- ---- 104 Dec '11
—_
__
Virginia fund debt 2-3s_ __ _1991 J -J - - 83 8613 Dee '11 _
„
3
Os deferred Brown Bros etfs__ _ __ _
47 49
91712 May'12 _-_-_-_ 46 - -jit4 Chic hill & St P term! g 53_1914 J -J 1021- -___ 10213 May 12 __
Gen'l gold 43 Series A__e1989 J -J
8 24
98 Sale 98
985
Railroad
9713 9818 9713 Apr '12 _
81980 Q-J
Registered
3 7918 8414
7912
A nn Arlior lit g 4s
Sale 7912
7912
1u1995 Q-.1
8518 8614 357 May'12____
3
Gen% gold 3 Itis Series 8 _e1089 J-J
9918 125 9873 100
‘Itch Top ea S lee gen g 43_1995 A-() 99 Sale 9878
86 J•ne•li
8412
el989 J -J
Registered
93 9912
4
Registered
1005 A-() 98 91J13 083 May'12
_
90 Sale 00
90
1939 J-J
25-year deben 4s
9010 Sale 9012
1
4
3 ( 9012 9233
907
Adjustment gold 43__81905 Nov
10214 636
,(
Cony 4 3 28 (when issued) _ --------10218 Sale 1013.1
Registered
.
81995 Nov ---- ----91 Feb '13 -_ -- 9014 91
Chic & L Sup Div g 53_ _ _1921 J --J 10613 ,.._,_ 10614 Apr '1'... _
Starapcd
3
90 4 28 9053 022,,
81995 51-N 1RP Sale 9053
Chic & Mo lily Div 5s_ _ _1926 J -J 10814 10813 108 May'12 __
10014 1073;
---Cony 93 issue ot 1900_ _ _ _1935 J-D- ----10734 Apr '12 __
1;6
1
1921 J -J 10573 10618 106
Chic & P W 1st g 5s
4
10612 i3 1033 1095,
1955 J -1) (534 ,14 10314
Cony gold 4s
3
CM & Puget SO 1st gu 4s 1949 J -J __ _ 033 9333 May'12 __
10113 181 10014 10134
Cony 45 (Issue 01 1910) _ _1960 J -D 102 Sale 102
3
1)ak & Gt So gold 53_ 1916 J -J 1(:d58 10314 102, May'12
10758 21 103 110
10712 Sale 10713
_ _ _1917 J-1)
10-year cony gold
4
1920 J -J 1133 ---. 11314 Apr '12 ____
Dubuque Div 1st s f O
---- 9914 J'iy '11 _
5sDebentures 4s Series 11_1013 1-A
Far & Sou assum g Gs__ 1924 J -J 115 ____ 11733 Aug'11
9638
East Okla Div 1st g 4s.._ .1928 51-S -„-_- __ . 90 Mch'12 _7_ _ 66 6&34
4
1910 J -J 1047
LaCrosse & D 1st is
03 9314 9333 May'12 _ _ _ 923 94
8---- 1043 Apr '12 ____
4
J -J
Short Line 1st 48 gold_ _1958
Wis & Minn Div g 5s__ _ _1921 J -J 10618 ____ 10618 May'12 _
S Fe Pres & Ph 1st g 53_1942 51-5 10912 ---- 110 Mch'12 ____ 110 11012
Wls Val, Div 1st 63
1920 J -J 11234 115 11234 Mch'12 ____
1915 M-S 104 _ _ 10633 J'ly '11
Chile & St L 1st Os
4
Mil & No 1st cons Gs_ _1913 J -D 10153 ____ 1013 Dec '11 ____
0513
7
3
MI Coast L 1st gold 43__h1952 M-5 9513 Sale 95
Extended 4 Itis
_- ---- ---1913 J -D 10014 ___ 10014 Noy'll
81952 M-S 95 ____ 98 Oct '00
Registered
Chicago & N West cons 7s _1915 (3-F 107 1083 107!8 May'12 _ _ _
8
_1928 III-N 10734 ___ 10358 Aug'11
Ala Mid 1st gu gold 53._
Extension 48
1886-1926 F-A 0613 ____ OS Mehl? ___
4
4
9513 ____ 9534Jan '12 ____ 663 653
Bruns & IV 1st gu gold 4s 1038 J -J
Registered
0734 N ov'11 ____
1886-1926 F-A 9614 _-_
___ ____
____
___
Charles & Say 1st gold 7s 1936 J -J 128
General gold 3 ;tis
8
6 937, 9534
11187 51-N 8512 857 85)0 May'1_
9418
8
M-N 9334 0413 037
o1952
'L & N col, gold 43
, 84 8573 8412 Mal"L _ _
Registered
p1987 (3-1
_ _
Say F dr W 1st gold 6s_ _ _1934 A-0 123 12438 12514 Dec '11 ____ ____
-9.6
9734
General 48
98
1987 .11-N 9253 98
1034 A 0 10953 11212 1103 MaY'11
8
1st gold 55
Sinking fund 6s_ _1879-1920 A-0 11118 -_-- 11134 Noy'11 ..___
9714 100 07 Jan '12 _ _ _ 97 07
Sil Sp Oca & 0 gu g 4s_1918 J -J
Registered
1879-1929 A-0 11012 ____ 11114 Nov'09
7 9153 93
4
913
5
fl alt & Ohio Prior 3 Itis --1025 J-J 9153 Sale 915
____ 10373 hi ay'12
Sinking fund 5s_ __ _1879-1929 A-0 10513
9073 915,,
9013 0153 9158 May'12 _
I./ Registered
_1925 Q-J
8
1879-1929 A-0 10453 ____ 10378 Dec '11
Registered
9812 58 973 0914
4
81048 A-0 0813 Sale 9814
Gold 45
1921 A-0 104 10913 10413 May'12
Debenture 5s
9818
4
9613 973 9773 May'12 __ _ 97
Registered
1j1948 Q-J
1021 A-0 103 ____ 10612 Feb '10
ltegistered
Pitts June 1st gold 3e,,,_1922 J -J 1121. -- . 112 Jan '12 ____ 112 112
1
1933 11-N 107 ---- 10813 Mch'12 ____
Striking fund deb 5s
8
83 887
88 May'12
P June & Al Div 1st g 3 ctis1025 If- N 88 89
1933 11-N 10513 _ _ 10734 Aug'11
Registered
0113 ii 9053 92
P L E & IV Va Sys ref 43_1941 II-N 9113 Sale 9113
1 1i/1 2713 Mch'12 _-___
Frem Elk & hio V 1st 63_1933 A-0
4
9133 10 003 9112
91 Sale 91
Southw Div 1st gold 3 Itis 1025 J-J
hiani G B & NW 1st 3 Itis 1991 J -J ---- -----9012 Sep '09 ____
____ _
Cen 0111011 1st c 34 01s_ 1930 51-S 10153 --- 103 hfch•10
4
Alliw & S L 1st gu 3 Itis_ _ 1991 J -J _ __ 863- __ ____
Cl Lor & IV con 1st g 53_1933 A-() 10812 110 11112 Apr '12 __ 109 iiii,
.314
- 11912 11434 Apr '12 ____
hill L S & West 1st g 63_1921 M-S la
10373 1041:.
Motion Illy 1st gu g 53___191.9 F-A 10233 101 10112 May'32
Ext & imp s f gold 53_1929 F-A 10A4 ____ 109 May'12 ____
_ 10933 Mch'12 .. __ 10918 1092,
Ohio River RR 1st g 5s__19311 J -D 10910
Ashland Div 1st g 65 1925 Al- S 11613 ____ 142)2 Feb '02
General gold 53
1937 A-0 10518 10i612 10512 Apr '12 _- _ 105 10512
Mich Div 1st gold 63_1924 J -J 116 ____ 11034
116 9
i
3
11312 Feb '12 ____ 11312 11313
Pitts Clev & Tol 1st g 63_1922 A-0 110
8
937 '76
Mil Scar &N W 1st gu 4s_1947 II-S 9378 Sale 9334
9753 9813 9712 hitch'12 ____ 9'712 9713
Pitts & West 1st g 43._ __ _1917 J -.I
Northw Union 1st 73 g_ _1917 NI-S 112 _ _ _ 115 J'ly '11 _ _ _ _
_
Stat Isl My lit gu g 4013-1943 J -I) 91 ____ 93 Nov'ii
Winona & St P 1st ext 7s 1916 .1 -I) ill 11110 11334 Aug'11
3
-1121, May'12 __ if17 ilit3
Buffalo It & F gen g 5s_ _ _ _1937 II-S 11214
1937 51-N 1063 107 10714 Meh'12 --- 113714 10714 Chicago Rock Is & Pa as _ _1917 J -J 103 10514 10814 May'12 ____
8
Consol 4 Iis
Registered
1917 J-J 108 ,___ 109 Aug'10
97 Feb '11 ___ ____ ____
All & West 1st g 48 gu_ _ _1908 A-0 0713 __
General gold 4s
1988 J -J 05 3 Sale 9553
1,614 13
3
Cl & Mali 1st go g 5s_ _ _ _1943 J -J 103 ____ 103 J'Iy '08 ____ ____ ____
Registered
0434 90
0514 Ifell'12 ___
1983 .1 -J
_ 11334 Nov'll
3
110ch & Pitts 1st gold 63_1921 F-A 1127
1934 A-0 89 Sale 8858
Refunding gold 4s
89
7:1
3
1155- 1155,
1155): Apr '12
1022 J -1) 1155
Consol let g 63
9734 Sep '11 ____
Coll trust Series L 4s _ __ _1914 M-N -r
Butt & Susq 1st ret g 9s_ _ _d1951 J -J ---- ---- -72 MCh'10
9612 Noy'll
1915.51-N
Ai 43
101
12 10058 102
1913 J -J 101 10114 101
Oan So 1st ext Os
1918 M-N ---- ----9434J'ne'll ____
P 4s
1031,- 27 10014 101
10014
1913 51-S 1001
%-i 28 Is
955
70
- Sale 67
Chic ji, I & Pac 1111 4s_ _ _2002 M-N
RegIstered
1913 51-S --------- 10033Jan '11
2002 III-N --------- 7134 Mch'12 ____
Registered
-3:
3
3
Central of Ga 1st gold Gs_ _p1945 F-A 1123-„_ _ 11273 Apr '12 ____ ili7 113
R I Ark dc Louis 1st 4 iis 1934 51-S 0112 93 91/3 Apr '12 __._
1045 111-N 1033 Sale 1093
3
'7 101) 1111,,
Consol gold 55
3 1093
3
Bur C R & N—lst g 5s 1939 A-0 11013 __ _ 11013 May'12 ____
Registered
1945 51-N --- --_- 10712 Nov'll ____ _______
1034 A-0 .0412 9714 1201351cl''03
Registered
1st pret income g 5s____p1945 Oct ___ .--_ 103 Dec '11 ____ ___.. ___
C II I F & N IV 1st gu 53 '21 A-0 104 __ 10514 Sep '11 ___
Stamped
10613 May'll ____ ____ ____
.
_
M & St L 1st gu g 7s_ 1927 J -D
2d pref income g 5s____p1945 Oct ---- ____ 105 Dec '11 ____ ____ _-__
g'11
4
Choc Ok & G gen g 5s__o1919 J -J 103 19313 1023 Au- _ ____ ____ 96 Noy'll __ ____ ____
_
2d pref income g 53 stamped
1052 I1-N 107 ___ _ 107 May'12 __.._
Consol gold Is
-3d pret income g 53_ ___p1045 0et ---- --__ 107 Dee '11 ____ ___ ____
1923 A-0 10934 10133 10013 May'12 .__.
Keok & Des Di 1st 5s
_
8518 Oct '10
3d pref Income g 55 stamped
5
3
8 122 4
Chatt Div pur 'lion g 4s__1951 J-1) 00 (5112 9113 Apr '12 __ _ 8953 9113 Chic St P hi & 0 con Gs_ _ 1030 J -D 12258 12234 1225
Cons Gs reduced to 3 03s_ _1930 J-1) 80 ____ 93 Dec '03 __
Mac & Nor Div 1st g 53__1946 J -.I 10714 110 10714 Jan '12__,,., 10714 10714
123 May'12 __-_-_
Ch St I' & Minn 1st g 65_ _1918 11-N __
Mid (la & Atl Div 5s_ __ _1947 J -J 10533 __ _ 115 Nov'05 ____ ____ ____
Nor Wisconsin 1st Gs_ _ _ _1930 .1-2 __-_- -_ _ _ _ 12938 May"09
1946 J -J 10713 _
10934 May 11 _
'Mobile Div 1st g 53
SIP & S City 1st g Gs_
4
1 10212 103
_1019 A-0 110 - 111 1103 May'12 ____
Cen Mt & B of Ga col g 53_1937 111-N 102l103(3 10212 10213
Superior Short L 1st 5s - _1930 11-S 108
-g
_
1 12053 12234
12053
Cent of N J gen'l gold 15s_ _1987 J-J 12015 12112 1203
_ 1081- Apr '12 -_-_-_-_
3
h1987 Q-J 120 12112 122 May'12 __-. 12113 12214 Chic &West Ind gen g 6s_q1932 Q-Al 10813_
Registered
Consol 50-year 4s
.
1952 J-J 00 1/V34 90
90
8
10618 107
Am Dock & Imp gu 5s_ _ _1921 J -J 10614 10634 10610 May'12
8
Le & Hurl 11 gen Ku g 5s-1920 J - .1 102, ---- 10212 May'12 ___ 111212 10212 Cin H & D 2d gold 4 jis_ _ _1937 J -J ____ 101 101 Mch'12 ____
1959 J -J ____ 01 _
1st & refunding 4s
_ 100 Apr '12..__ 100 100
-8
Leh dc Wilkes Coal 33_1912 M-N 100
1959 J-J ____ 907 89 Mair1st guaranteed 43
3
ii -_-_-_ -„,N Y & Long Br gen g 43_1941 91-S 100 .:.._ 100 Dec '11 ____
--1
Cent Vermont 1st gu g 43_ _e1920(3-F 9013 912 9134 May'12 __ _. 00 9214

High No.
Ask Low
Bid
U. S. Government,
5
U S 2s consol registered_ _(11930 Q-J 10012 101 10014 10034
10034
.5
M 8 25 consol coupon_ _ _al 930 Q- J 10034 10134 10034
,
k1918 (3-1 10214 10234 10258 Feb '12 ____
U S 3s registered
,
k1918 (,)-1 10214 10234 10234 May'12 ____
U S as coupon
11414 18
1925 Q - I, 114 11434 11414
M S 43 registered
1923 (3-13 11.114 115 11412 May'12____
U 34s coupon
U 8 Pan Canal 10-30-yr 23 k1036 (3-N 10014 -___ 10012 Jun '11 ____
1961 Q-S 10158 102 102 May'12 ___
'U S Panama Canal 3s g

Range
Since
Jan. 1.
Low Higi
102 1041,
10912 1113
110 1111,
10014 103
_ _,. _ .., .
8
925 04
88
8713_
__ _ _
-3:
10134 101
84
863.
9312 96
: .... .._
.... .... : ..-:
_-_, -„.
703- 72
4
6014 651:
9934 100
87 88
8513 8.51;
0813 10011
9914 991;
10473 105
9914 9931
9812 1:195
__— - ___
_-- --10010 1015;
0534 9714
7912 8111
123 125
10818 11115
10914 10914
10810 10915
795g 83
12713 12915
11034 11034
____ - -- ,
8812 00 2
9013 9153
10138 /EIS
08 9913
9712 98
,
85 3 867
8
_
_
3
66 6i3
1013 1033
4
4
10614 108
108 10834
8
100 1065
03 9514
4
1023 103
113 11358
__ _ _ _ _
10413 1043
4
106 10633
11234 11234
____ --10713 108
9714 98
_ _ .._
8514 87
8410 8634
.
9718 1)834
____ _
10073 10578
10910 10512
g1i5 2 i6.12
i.2118 1274
____ _ __ _
114 11513
109 110
_
_
110-3411034
9353 94
____ _ _
3
4
1081- 10879512
05
Ws
___

967g
9(214
3
90 4
__ _ _

____ ____
67 7314
7134 7284
9112 93
11.013 11112
____
___ _ _
107 10814
100 10114
12258 124
2
123 - 1231___ „,_
11011 111,
5
3
i6i - 168190 9213
101 101
__ ------- --—

MISCELLANEOUS BONI)S—Continued on Next Page.
Street Railway,
9714 May'12 --__
Manhat fly (NY) cons g 43-1990 A-0 9014 97
9612
1
1 Sle 9612
Stamped tax-exempt_ _ _1900 A-()
Mch'12 _
Met St Ity gen coil tr g 5s_1097 F-A ---- -- -102_
_ 99 ____ 99 May'12 ___
Guaranty Trust Co certifs_
2002 ,c
-b ____ ____ 64 May'12 __
Refunding gold 4s
62 Mch'12 ____
Farmers' Loan & Tr ctf_
Stamped
34
59 Mch'12 __
-13way & 701 Av lstc g 5s_1943 J-I) 103(3104 10373
10378
5
Col & 9th Av 1st gu g 53_1993 If-S
___ 10312 10213 May'12,,,
1021- 11
-003 10318 102
Lex Av & P F 1st gu g 53_1993 If- S 1
Third Av 1114 cons gu 43_2000 J-J ____ ____ 80 Jan '12 ____
73 May'12
Central Trust Co cents
73 May'12 _ _
Cent TrCo cts stamped_ _ _ _ ___
108
1
_ 1001 108
Third Ave fly 1st g 5s__ _1937 J-.1
Ira W S El (Chic) lit g 93_1938 F-A -------- 13313J'ly '06 ____
__10913 Dec '11
Illiw Elec RI & Lt cons g 531926 F-A
,
Refunding & eaten 4013_1931 J -J 94 0533 9512 May'12 ____
.
a Due May. 8 Due July. k Due Aug. o Due Oct. p Due Nov. g Duo Dec. s Option

Street Railway
Brooklyn Rap 'Fran g 53_ _1945 A-()
1st refund cony gold 4s__2002 J-J
Bk City 1st con 53 1916-1041 J J
Bic Q Co & S con gu g 55_1941 11-N
Birlyn Q Co & S 1st 53_1941 .1-.1
Birlyn Un El 1st g 4-53_1050 F-A
Stamped guar 4-5s_ ___1950 F-A
1949 F-A
Kings Co El 1st g 4s
Stamped guar 43
1940 F-A
Nassau Bice guar gold 43_1951 J -J
cello Ity& List & ref 5g 4%3-'51 J -J
1951 J -.I
Stamped guar 4 Itis
Da united 1st cons g 4 ytis_1932 J -J
FtSmIthLt & Trac 1st g 53_1936 M-S
Grand Rapids fly 1st g ris 1916 J -D
,
Havana Elec consul g 53— _1052 I -A
Interboro-Metro coll 4 Yis_1956 A-0
53 Set A1952N1-N
Interboro Rap

105 10512 10412 May'12 ____
0053 828
89 Sale 8(.1
10212 - - _ 10213 May'12 ---,___ 9914 97 Nov'Il ____
100 --- —__
-,, ---1
4
1013
10112 1021; 10134
10114 10314 10233 May'12 ___
85 8518 8534 May'12 -___
4
8518
85 ____ 8513
8
79
78 Sale 78
1013.1 Apr '12 __
10112
10113
101,34 May'12 __
____ -7812 7312
7812 12
__ 9434 93 Apr '12 ____
100 --__ 10014 /deli'12 __
___ 0914 993 Apr '12 -„8
8
817 Sale 8134
831 755
10458 Sale 10458 104 8 177

,_ *No price Friday; latest this week.

a Bile April.




103 10512
3
837 0055
10112 1C1213
____ ____
--- ,,-1013g 10314
10113 10212
8312 8534
8412 86
78 81
101 1017;,
10134 10173
7813 7038
93 95
10014 10014
4
99 093
8012 8412
10318 105

9614 98
0612 9818
9913 102
97 101.153
5812 64
5712 6214
5753 62
103 10412
10113 10313
1.02 103
80 80
73 8113
7214 8114
108 11012
____ _..
951g -9512
Bala.

1494
-*
BONDS_
N. Y. STOCK EXCHANGE a
•
Week Ending May. 31
.., a.,

[VoL. Lxxxxiv.

Now York Bond Record-Continued-Page 2
Price
Friday
May 31

Week's
Range or
Last Sale

.2.

g1

a4c

Range
Since
Jan. 1.

Bid
Din Ham & Dayton (Continued)
High No. Low High
Ask Low
Cin D do I 1st gu g 5s_ _ ....1941 11-N 10212 ____ 10212May 12 .__ 10212 10414
• C Find & Ft W 1st go 4s g 1923 11-N ___ 87
83 Meh'll
• Cin I ec W 1st gu g 4s_ _ _1059 J -J
2
2
_ 8/1- -8718712 __ _ 8712 May'12
Day kMich 1st cons 4gs 1931 J -J ___ __
___
____
- -- Ind Dec de W 1st g 5s___1938 J-.1 1091i ..,-- 1041- May•12 ___ 104 - 10912
2
1st guar gold 5s
1935 J --I
10712 Dec
--Cleve (Mn C & St L gen 48_ _1903 J -D 92 923 92
2 9112 9314
92
4
Cairo Div 1st gold 45_ _1939 J J
:
9334 94 9412 May'12 ____ 0912 99t
(Mn W ec M Div 1st g 4s_1991 J -J ...„ 9012 90 May'12 ____ 90 93
St L Div 1st col tr g 48._ _1900 \t-N 90 Sale 90
2 90 0312
90
Registered
1990 ‘f-N 89
_ 91 Oct '07 ---- ---- --, Spr & Col Div 1st g 4s__ _1940 11-S
90
_ 90 Dec '11
• W W Val Div 1st g 4s
90 9212 91 Apr '12 ___ 91 91
1940 J -J
CI St L & C consol 6s_1920 11-N 105 4 ____ 10534 Dec '11
3
1st gold 4s
81936 Q-F 9614
97
_ 07 Mch'12 ____ 96
Registered
81936 Q-F 96 97 9713 Dec '11
Cin S & Cl con 1st g 5s___1928 J -J 1063 1071: 10712 Feb '12 __ 10718 10718
3
0 C C & I consol 7s
10512 10512
1914 J -D 10513 _
10512 Mch'12 _
•
Consol sinking fund 7s_1914 J -D
' General consol gold 6s _1934 J -J '12314'12314:7.: I.231- Air'U ____ 12312 12311
•
-.2
Registered
1934 J-J
•' Ind BI & W 1st pret 4s
1940 A-0 66iii- ni 'OS
, 0 Ind Fe W 1st pret 5s__d1938 Q-J 95
• Peo & East 1st con 45_ _1940 4-0 9034 92 903
1 9012 92
4
9034
Income 45
2 35 4678
40
40 4312 40
1990 Apr
Del Midland 1st g 9s
42 581.
46 48 47 May'12 _
1947 J -J
.1olorado & Sou 1st g 4s_ __ _1929 P-A 9612 Sale 9512
96
3 (0512 975;3
Refund & ext 4 3s
9612 14 903 9818
1935 M-N 96 3 Sale 9638
3
• Ft W & Den 0 1st g 63_1921 J -I) ___. 111 111
1 111 11212
111
Donn & Pas Rivs 1st g 48_1043 A-0
---- -...._
_----.
Dubs RR 1st 50-yr 5 g
1952 J-J ---- ----100 - miii.15
net Lack de WesternMorris & Essex 1st 7s 1914 M-N 105 106 10553 Apr'12 ___ 10553 106
1st consol guar 7s_ __ _1915 J 41 10734 109 10734 May'12___ 1073 10918
4
• Registered
11138 Dec '10 .
1915 J-D 108
1st ref gu g 3;is
2000 J -D 85
90 90
90 Mch'12 -i• NY Lack & W 1st 8s_1921 J -J 11314 .._
11334 Apr '12 -- 113%11914
'
Construction 5s
1923 F-A 106 107 4 10734 May'12
-310712 10'734
•
Term do Improve 4s__ _1923 M-N *98 ___ 98 Dec '11 ...... ____ ___ _
Warren 1st ref gu g 3;18_2000 F-A 85
10213 Feb '03 ____ ____ __ __I
1912 M-S 113 _- 11512 Aug'11
Del & Hud 1st Pa Div 7s
149 Aug'01
Registered
1917 M-S
1916 J -D 98 9814 98
10-yr cony deb 4s
9818 53 971. 99
7
1922 J-J 100 3 10114 10114 May'12
- 1st lien equip g 43s
101 - 10134
• 1st ec ref 45
1943 M-N 9912 _
9934
993
9 9312 9934
Alb & Sus cony 33.s...,_1946 A-0 91
914 92 May'12 --- 0114 93
7
liens ec Saratoga let 7s_1921 .11-N 120 3 12158 12112 May'12 ._ -- 12112 12112
Denver & Rio Grande• 1st consol gold 4s
1936 J-J
88 88
10 86 91
86
, Consol gold 4 lis__
1936 J -J
98 9812 May'12
98 ' 9812
. Improvement gold 5s
1928 J -D ...„- 9878 9912 Feb '12 ___ 96 9912
1st & refunding 5s
1955 F-A 8512 Sale 8512
8534 32 8514 90
• Rio Gr June 1st go g 5s_1039 J -D 105 112 1043 Meh'll --- .._ ---4
• Rio Gr So 1st gold 4s__._1940 J-J _6112 Apr '11
1940 J -J
• Guaranteed
85 Mch'08 ---- _ ---1939 J-J 85 - 86 85
• Rio Gr West 1st g 4s
2 85 8834
85
Mtge & col trust 4s A_ _1949 A-0 79 8018 79
7)
1 78 81
Utah Cent 1st gu g 4s_a1917 A-0 __.
.. 97 Jan '02 ____ _
1917 11-N 09 Des Mol Un By 1st g 5s
_--_ 110 Sep '01
-- - Det Fe Mack 1st lien g 4s-1995 J -D 9212 jg 92 Noy'll __
---- --- Gold 4s
1995 J -D 9212 _ U, 9212 May'12
90 9212
Det Riv 'run Det Ter Tun 4 10'61 lit-N
72 t 00
100 10
-------75 Feb '12 ___ 9912 10078
Det T & 1-0 S Div lst g 431991 M'S 75 75
)ul Niissabe & Nor gen 5s_ _1941 J -J 105 108 106 Apr '12 _ _ 106 103
Dui & Iron Range 1st 5s._ _1937 A-0 1051
10518
10513
1
1 10518 107
Registered
1937 A-0 -------- 10612 Mch'08 --- ____ -- - __
1916 J -J 103I8_ 7._ _ 104 Feb '11 __
• 2d 6s
_
_
1937 J-,1 109 111 108 Apr '12 __-- 107 108
Dui So Shore & Atl g 5s_
_ 11218 May'12 ...... 1103 11218
plgin Jol & East 1st g 5s 1941 11-N 1103
4
urie 1st consol gold 7s_ _ 1920 M-S__ 11734 11714
11714
1 117 1185
8
• N Y & Erie 1st ext g 4s1947 M-N ___
10112J'ne'11
2d ext gold 58
1919 M-S 10378 -____ 10414 Mch'12 ...... 10414 10412
- • 3d ext gold 4 ;is
10212 1023
1923 M-S 102 ____ 10212 Mch'12
4
• 4th ext gold 5s
1920 A-0 10312 ____ 105 Feb '12 __ 105 10514
•
5th ext gold 4s
1928 J -D 96 101 100 Jan '12 ___ 100 100
N Y L F; & W 1st g td 7s_1920 NI-S 11512 11712 11614 May'12 ____ 11614 11612
Erie 1st con g 4s prior__ _1996 J -J 897 Sale 895
8
3
8978 13 8812 90
•
Registered
1996 J -J
_
86 Apr '12
88 88
••• 1st consol gen lien g 45_1996 J -J '783 Sale 7812
4
7834 • 2 7778 79 4
3
• •
Registered
1996 J -J
77 Apr'12
77 77
•- • Penn coil tr g 4s
1951 F- A 9012 91 9012
1 8818 91
9012
- • 50-year cony 4s A
1053 A-0 85 88 86
86
10 855 9118
,•
8
do
Series 13_ _1953 A-0 781 Sale 78 3
7
7938 16 7514 804
• Buff N Y & Erie 1st 7s 1916 J -D 10914 111 110 Apr '12 __ 1083 1103
9
4
112
Chic & Erie 1st gold 5s...1082 11-N 112 11312 112
2 112 114
Cloy & Mahon Val g 5s 1938 J -J 109 ____ 109 May'12 ___ 100 109
Registered
1938 Q-J 108
1935 A-0 12412 __ 12412 May'12 ____ 12334 12412
Long Dock consol g 6s
106
1 106 107
106
Coal & RR 1st cur gu 88_1922 n- N 10614
• Dock & Imp 1st cur 6s_1913 J -J 10118 ___ 10134 Mc11'12
105 May'12 ____ 105 105
• N Y & Green L gu g 5s 1946 '11-N 10258
_3
N Y Sus & W 1st ref 5s 1937 J -J ..-- 103 4 10412 Apr '12 ____ 103 105
1937 F -A 82
10014 Dec '06
•
2d gold 4 ;is
1940 F-A 8534 90 90 May'12
88 - 90
•
General gold 5s
•
Terminal 1st gold 5s 1943 il-N 10958 __ _ 10812 Dec '11
Mid of N J 1st ext 5s_ _1940 A -0 11112 Sale 11112 11112
1 111712 11112
Wilk & Ea 1st gu g 5s_._ _1942 J -D 9912 10038 19012 May'12 __ 10014 10212
106 May'12 ___ 106 106
iv & Ind 1st con gu g 68_1926 J -J 110 _
:vans & TB 1st cons 6s_1921 J -J 11134 .. _ 11112 May'12. __ 11112 1123
s
1942 A-0 10214 ...- 8 1021
1st general gold 5s
10218 - 1 10178 10218
1025
8
• Mt Vernon 1st gold 6s
1923 A-0 1077 ____ 108 Noy'll.__ _ ___
3
Sull Co Branch 1st g 5s_1930 4-0 95
95 J'ne'08
___ _
lorida F. Coast 1st 4 54s.1959 J -D __ ._ 97 9734 Apr '12 ...._ -97 9953
ort St II 0 Co 1st g 4 ;is_1941 J -J
90 -- __ 92 Aug'10 ..- __ _ -1st g 4s
1928 J -J __ 80 8112 Jan '12 ___ 8112 8113
1 W & Rio Cr
- al II & H of 1882 1st 55_1913 A-0 9912 100 100 May'12 ---- 9912 100
4
-Treat Northern
1921 J-J
0658 Sale 0612 • 9634 182 98 085
0 B de Q coil trust 48
8
1921 Q-J 9638 97
Registered_ h
9638 May'12 ___. 9614 983
1st & refund 4 ;48 ser A 1961 J J 10034 Sale 10034
100 8 25 10013 101%
7
Reglitered
1933 -- - - 116-12 Safi 6913
J •:J
6i12 15 6813 6 3
St Paul M 8: Man 4s
-;
6
12534 May'12
12512 1253
, 1st consol gold Os
1933 J-J 1243
4
1933 J -J ---- ----132 Apr '09
_
' Registered
-4
1047
8 -2 1043 10512
,•
Reduced to gold 4;01933 J -J 10458 105 10478
'•- •
_ 10834 J'ne'09 __ _ _
Registered
1933 J -J 10314
97
3 if Sig14
Mont ext 1st gold 4s_ _1937 J -D
97
Registered
1937 .1 -fl --------98 J'ne'll

F

BONDS
N. Y. STOCK EXCHANGE
.;
Week Ending May 31.

Price
Friday
May 31

Week's
Range or
Last Sale

,.,
cGq,

Range
Since
Jan. I.

Bid
St P M dc'M (Continued)Ask Low
High No. Low 1710
Pacific Ext guar 4s .E._ _ _1040 J-J
9212
__ 9253Meh'll ........- II Minn Nor Div 1st - 4s1948 A-0 97 9834 981.Jan '12 ___ i)612 t;1.2
g
Minn Union 1st g 6s___1022 J -J 116 _
11514 May'12 __ t1471116
Mont 0 1st gu g 6s____1937 J-J 127 ___ 127 May'12___ 127 12714
1937 J -J 12614
_ 13614 May'06 --Registered
- ----1937 J-J 11134 114 11234 Sep '11 ____ __ -1st guar gold 5s
1937 J-J
Registered
-314 ___ ifil2Se17) 1V111 & S 1? 1st gold 5s_1938 J -I) 11
'
li
Gulf & S I 1st ref & t g 5s_51952 J-J 90 927 9334 May'12 __-_ -93 - -95
8
51952 J -J
Registered
'f_Tock Val 1st cons g 4 ;is_1999 J-J i673 11 101 Mai'12 ___ 101 103
__
LA Registered
1999 J-J ---- ---- 10012Sep '08 ___
_
Col & 11 V 1st ext g 4s__ _1948 A-0 0114 953 9412 Dec '11
4
_ 9613 Jan '12 ___ 6618 6618
1955 F-A 91
Col & Tol 1st ex 4s
1937 J-J
99 3 10112 9934 May'12 -- 9912 904
5
Hous Belt & Term 1st 5s
Illinois Central1
1st gold 4s
1951 J-J
03 0212 May'12 __- 10212 104
Registered
1951 J-J ---- --- 100 Sep '11 __ -___
_
1st gold 334s
1951 J -J 90 9012 90 Apr '12 _. 90 130
Registered
1951 J-J
89 8912 89 Apr '12 __-_ 89 8912
Extended 1st g 3;is
1951 A-0 90 ___ 93I2May'09 __-- ----Registered
1951 A-O
1st gold as sterling
--.
1951 111-S ____ ___ iti- J'Iy H ---. ---- --Registered
1951 M-S
_
---- - Coll trust gold 4s
1952 A-0 1/ 5- - 1
5617 malii ____ ii 1.66
1
Registered
_
1952 A-0 ---- ----9812 Auell -- ---- -_--1st ref 4s
U653
3 95
1955 MN 951- Salo 9514
96
4
Purchased lines 334s_,,_1952 J-J -8614 Feb '12 .... 86% 8614
L N 0 & Vex gold 4s
1
3 903 May'12 ____ 97 9912
1953 M-N
Registered
4
1953 M-N ---- ---- 943 Jan '11 __ ---- ---Cairo Bridge gold 4s
1950 J-D 9412 ..... _ 95 May'12... 95 95
Litchfield Div 1st g 3s
1951 J-J 74
___ 7518 Sep
'11-,Loulsv Div & Term g 3 3481053 J-J
8413 8633 May'12--- -8412 8118
86
Registered
1953 J-J
8312 __ 8314 Nov'10 -_ --- ---Middle Div reg 5s
1921 F-A 10534
123 May'99 -_ ---Omaha Div 1st g 3s
1951 F-A 7312 75 75 Apr '12 ____ 73 75
St Louis Div & term g 35.1951 J -J
74 7'7
7512Mch'12 --- '7512 7512
Registered
7334 _
1951 J-J
_ _
Gold 334s
85 863 85 4 Apr '12 .._ _ -13E3 /N -14,
1951 J-J
4
1 3Registered
1951 J-J
8412 ___ 10118 Oct '99 ---- -Spring Div 1st g 3318
1951 J-J
85 86 100 Nov'00 ------ --Registered
1951 J-J
83 86 _----- --Western lines 1st g 4s
Mt
o'fi- Ap2.12 -- -- 96
-1951 F-A 9434 96
Registered
1951 F-A 04 ______
__ __-_ ---Belley & Car 1st 6s
1923 J-D 1123
4._ 11712May'10 -- ---- --Garb & Shaw 1st g 4s
1932 M-S 94 _ _ _ 96 May'12 _. 96 96
Chic St L & N 0 g 5s
1951 J-D 114 116 11412 Apr '12 __ 11413 116
Registered
1951 J-D 11312 ____ 114 Feb '11 --- ---- --Gold 334s
1951 J-D 84 _ __ 90 Oct '09 ---- --Registered
1951 J-D --- --- -- -Memph Div 1st g 4s
3
1951 J-D 921- ..:_-_ -9712Mch'10 ------ ...... ---- --- Registered
St L Sou 1st gu g 4s
. 1931 M-S di- _ . 98 J'Iy '15 -----------(rid 111 & la 1st g 4s
1950 J-J
933 -of 94
3
10 9313 96
94
[nt dc Great Nor 1st g 69_1919 M-N 108 10834 108 May'12 8 1 108 10812
[owa Central 1st gold 53_1038 J-D 9012 10) 101 May'12 ___ 101 10212
Refunding gold 43
8 63 6612
66
1951 M-S 66 Sale 6414
Tamestown Franklin &
'1 Clearfield 1st 48
1959 J-D ....„._ 9434 04 May'12 --- 941 Li1r
Kang4 sere 1st gold 3s INS
tir ou
(
Sale
I
..... 7 4 Oct '00 -- ° -, 4;, 133
, ,,7
6
72
7
Ref & impt Os
I:413 itte 9812
4
Apr 1950 J-J
9834 uz so12..04
Kansas City Terml 1st 4s_1060 J -J ___. 9734 9734 May'12 .___ 9714 9 4
83
F aka Erie & W 1st g 5s__ _1937 J -J 105 1093, 10934 May'12 ...._ 10812 110
I-4 2d gold 53
1041 J -J 104 105 104 May'12 ....... 104 10414
North Ohio 1st gu g 5s__ _1045 A-0 10414 10612 10514
3 105 10512
10514
Leh Vail N Y 1st gu g 4345.1940 J-J ____ 10512 10533 Apr '12 ____ 10514 106
Registered
1940 J-J 1.1002
10412 May'12 ____ 10412 10412
Lehigh Vail (Pa) cons g 48_2003 111-N ___ __- 9814 May'12 __ 97 9814
977
8
Leh V Ter By 1st gu g 5
1941 A-0 113 ____ 114
114
1() 11314 114
Registered
1941 A-0 11034 ___ 11113 Dec '11 _. ---Leh V Coal Co 1st gu g 5s 1933 J -J 108 109 108 Nov'09 --__ ---- -Registered
1033 J-J
1st lot reduced to 4s
1933 J-J
'.Jeh & N Y let guar g 4s
1995 M-S 9314 _:__ -941-gili - i 931 -941a
8
8
RegIstered
1045 51-S___
_
__ -El & N 1st pret (3s
1919 A-0 102- .. __ 10112Feb
:
'
--- -10 ,,,,Gold guar 5s
1914 A-0 10014 __ 103 Mch'12 .__ 103 10
3
'..ong Island
1st consol gold 5s
711931 Q-J 10918 110 110 May'12 ___ 10934 11038.
1st consol gold Is
h1931 Q-J
95
__ 9614 Mch'12 ____ 9614 9614
General gold 48
941g
1938 J -D 9413
9418 May'12 ___ 94
Ferry gold 434s
/922 A1- S 9814 100 98 May'12 __ 98 98
Gold 4s
9914 Oct '06 __ -------1932 J -D 9118 97
9512
Unified gold 48_ ___
9512 May'12 ___ (19
1949 111-S 92 94
Debenture goid 5(
1934 J-D __-_ 104 • 10412 Dec '08 ____ ---- --Guar ref gold 43
97 ' May'12 ___ 93 9'712•
1949 81-S
Registered
1949 11-S ---- ----95 Jan '11 __. ----N Y B & M B 181 con g 53 1935 A-O 10512 10714 11014 Nov'08 ___ __- -N Y & R B 1st g 5s
1927 M-S 10378 ____ 105 Apr '07 ____ ----Nor Sh B 1st con g gu 5s.o1932 Q-J 1053 __ 10714 Jan '12 ___ 10612 10714
4
1.ouislana & Ark 1st g 5s__ _1927 51-S .--. 96 93 May'12 ____ 93 9413
,oulsyllie ec Nashville
General gold Os
1930 J-D __ 11412 115 May'12_ _ 114 11712
__
Gold 58
1937 11-N 11134 ____ 112 Apr '12
_ 11112 112
Unified gold 4s
1940 J-J
901s Sale 0018
9912 44 983 993
4
3
98l3__.,. 983 Apr'12.- 9834 9838
Registered_„,
1940 J-J
3
Collateral trust gold 58 1931 M-N 10812 110 108%
1 108%11012
10853
E H ec Nash 1st g 6s
1919 J -I) 110 115 111 May'12 ____ III 11134
L Cin & Lox gold 4 348_1931 51-N 104 _ __ 10434 May'12 ___ 10418 105
N 0 & M 1st gold 6s
1930 J -J 121 125 121 Mch'12 __ 121 121
N 0 & M 2d gold 6s
1930 J-J 117 _ 117I2Jan '12 __ 11712 11712
Paducah & Mem dly 48_1946 F-A 94% _:_ 95 May'12..... 95 98
Pensacola Div gold 6s.._1920 M-S 105 10714 10534 Mch'11 _. _ ___ _ _
St Louis Div 1st gold 65_1921 M-S 11212 11234 113 May'12 ____ 113 113
2d gold 38
1980 M-S 6913 7218 6918 May'12 _ -. 6913 6934
Atl Knox & Cln Div 4s 1955 M-N 928 927 0212
9234
3 92 93
All Knox & Nor 1st g 5s_1046 J-D 11214 115 11212 May'12 ____ 11212 11212
Hender Bdge 1st s t g 6s_1931 M-S 105 ____ 106 Apr '11
Kentucky Cent gold 4s 1087 J-J
943 95 9334 May'12
3
933 95
-4
10412 May'12
_ 10414 10412
L & N & M do M 1st g 4 3401945 51-S 10412
8918
L de N-South 51 joint 4s_ _1952 J-J__- 8912 8918
1 8018 8953
Registered
h1952 Q-J ____ ____ 95 Feb '05 ____ ___
N Fla & S 1st gu g 5s_ _ _ 1937 F-A 10812 10912 10912 May'12 __ 1091- 10932
4
N & C Bdge gen gu g 4 ;is 1945 J-J 1013 ---- --4
112 Mch'12
Pens & All 1st gu g 6s___1921 F-A 11012
112 112
8
8
8
S & N Ala con gu g 53_1936 F-A 1103 1107- 1107 May'12 __ 11034 1114
alh 011.
.& Jeff Bdcte Co oa II 414
11145 M-S ODA ____ 9114 Mch'12

,:8 _7214
iz

M SCELLANLOUS BONDS
-Continued on Next Page
Street Railway
IlInneap St 1st cons g 5s---1919 J-S
New On Ry & Lt gen 4 340_1935 J-J
NY Rys 1st R E & ref 43 temp J -J
Temporary affj too 5s_
A-0
Portland By 1st & ref 58_1930 M-N
Portland Gen Elee 1st 5s. _ _1935 J .1
StJosRy.L.H&PlstgOs1937M-N
St Paul City Cab cons g 5s_1937 J-J
Third Ave 1st ref 48 ars
Adj Inc Os interim Otis.
TM-City Ry & Lt 1st at 5s.1923 A-0
Underground of London 58_1920 M-N
4348
1938 J -J
Income Os
1948 ___ _
Union Elec (Chic) tat g 58_1945 A-0
Wilted Rys Inv lit lien coil
1926 M-N
trust 5s Pitts issue

102
1 10112 102
102 10214 102
85 8712 8752 May'12 --__ 8412 8812
79I5 105 7814 8134
78% Sale 7814
5234 64 5153 5912
5134 Sale 5134
_
99 __ _ 9
9 Feb
99
_ _ _14_
____
_ '_12- ----98 Nov'08
_9_9_
__--_
106 ____ 106 Feb '12 -.. 10514 108
82
58 8134 86
82 Sale 8134
73
90 7034 8014
72% Sale 7214
983
8
1 9'753 99
98,33 Sale 9834
____
98 Apr '09 --. ___.
___ 98 9512
9512
7 95 9614
86 89 89 May'12 .___ 7412 90
___--_ 84 Oct '08 --____ _.

Street Railways,
United Rys St L 1st g 48-1934
St Louis Transit gu 5s___1924
United RRs San Fr s t 4s__1927
Va By dc Pwr 1st& ref 5s___1934

7612
J-J
A-0 83
A-0 66 4
3
J-J ----

78
86
6712
9073

7612 May'12 __
85 Jan '12 ____
6634
67
2
9612 Apr '12 __

7612
85
66
96

80
86
70
9712

Gas and Electric Light
___ ______AtlantaGLCo1stg5s ___1947 J-1) 104 ____ ____
Bklyn U Gas 1st con g 58__1945 M-N 10712 __ 10712 maly04122 _1 160 163
. 0614 073
Buffalo Gas 1st g Os
1947 A-0 61i2 03 6112
Columbus Gas 1st g Os_.,_1932 J-J ---- ____ ___--10012 101
Detroit City Gas g 5s
1923 J -J 10038 101 101 Mch'12
Det Gas Co con 1st g 5s
1918 F- A •-.._ _ 10078 95% Sep '08 ---------,
--4 10133 102
10112
Det Edison 1st coil tr 58-1933 J-5 10112 102 10112
Eq G L N Y 1st con g 5s
1932 81-S 105 107 107 Apr '12 ____ 106 107
Gas & Elec Berg (Jo c g 53_1940 J-0 103 --__ 6113 Oct '01 -- -----,
Gr Rap G L Co 1st g 5s
1915 F- A 99 ____ 100 Oct '09 ....-----10414 100
8212 8612 8334 May'12 ___ 8334 8612 Hudson Co Gas 1st g 5s
1999 M-N 10412 ____ 105 May'12 _
9934Jan '12 ___ 9918 991
Ban CitY(Mo)Gas 1st sr 5s 1922 4-0
*No price Friday; latest bid and asked this week, a Due Jan. 5 Due Feb. d Duo April, 6 Due July. 2 Due Aug. 0 Duo Oct. 8 Option sale.




1495

New York Bond Record—Continued—Page 3

JUNE 1 1912

Bid
Nanila RR—Sou lines 4s_1936 M-N
exlcan Cent inn g 3s tr rects_
1917
Equip & coil g 5s
Mex lnternat 1st con g 4s_ _1977 MS
Stamped guaranteed_ _ 1977 M-S
Minn & St L 1st gold 7s__1927 J-1)
Pacific Eat 1st gold 8s__ _1921 A-0
1934 RN
1st consol gold 55
'
j
,
1st and refund gold 4s_ _ _
Des M & Ft I) 1st gu 4s_ _1935 J-J
M StP&SSM con g 4s int gu.1938 J-J
MSSM &A 1st g 4s int gu _1926 J-J
Mississippi Central 1st 55-1949 J -.1
Ito Kan & Texasist gold 4s1990 J
01090 FA
2d gold 49
1944 51-N
1st eat gold 58
2004 kt:S
1st & refund 45
i93 J J
Gen sinking fund 4
St Louts Div 1st ref g 43_2001 A-0
1940 .11-N
Dal & Wa 1st gu g 5s
-A
_1090 F.
Kan C & Pao 1st g 4s_
11/42 A-0
Mo K & E 1st gu g 5s
M K & Ok 1st guar 5s__ _1942 .11-N
M K & T of T 1st gu g 5s_1042 51-S
Sher Sh & So 1st gu g 5s-1043 J -D
Texas & Okla 1st gu g 5s 1943 11-S
Missouri Pao 1st cons g 6s_ _1920 1I-N
Trust gold 5s stamped_ _a191.7 M-S
a1917 11-S
Registered
_1920 F-A
1st collateral gold Os
1920 FA
Registered
1915 ,11-S
40-year gold loan 4s
1038 51-N
ad 78 extended at 4%
1st & ref cony 5s
1950 •11-S
Cent Br Fly 1st go g 4s 1919 F-A
1948 J -D
Cent Br U P 1st g 4s
Leroy &C VA L istg 5s.1926 J - J
.
Pee 11 of Mo 1st ext g 48_1938 F -A
2d extended gold 5s
1938 J -J
SO. Ir M&S gen con g 5s_1931 A-0
Gen con stamp gu g 5s..1931 A-0
Unified & ref gold 4s_1929 J
Registered
1929 J -J
Illy & G Div 1st g 4s_ _1933 M-N
Verdi V I & W 1st g 5s_1023 11-S
Mob & Ohio new gold 6s,_1927 J -D
1st extension gold 83_1/1927 Q-J
General gold 451
Montgom Div ist g 53_18,31'47 g-/1
1 N -S
St L & Cairo coll g 4se1930 Q-F
1931 J -J
Guaranteed gold 4s
ashy Ch & St L 1st 7s 1931 J -J
928 A
23 J
11 1st consol gold
Jasper Branch 1st g 8s_1
Os1
MeM 81 W & Al 1st es_1017 J-J
_ _1017
J
T & P Branch 1st
Nat Itys of Rex pr lien 4 H3.1957 J -J
8s_Guaranteed general 4s_ 1977 A-0
Nat of Rex prior lien 4 Hs_1928 J-J
1st consol 4s
1951 A-0
N 0 Mob &Chic 1st ref 58 1900 J -J
NO &NE prior lien g 6s_4)1015 A-0
New Orleans Term 1st 4s 1953 J-J
N Y Central & flud River—
Gold 3 WI
1997 J-J
Registered
1997 J-J
Debenture gold 48
1934 111-N
Registered
Lake Shore coil g 3 Hs.._ _ 199S 3 -A
1931 11- N
Registered
Mich Cent coil gold 3 Hs_1998
100
Registered
1908 F-A
Beech Creek 1st gu g 4s 1936 JJ
Registered
193.
2d guar gold 5s
393 JJ
Registered
1936 J -J
Beech Cr Ext 1st g 3 30..61951 A-()
Cart & Ad 1st gu g 4s__1981 J
Golly & Oswe 1st gu g 5s_1942 J -D
Moh & Mal 1st gu g 4s
1901 M-S
N J Juno R guar 1st 4s 1986 F-A
Registered
1088 F-A
200( M-N
' NY & Harlem g 3 Hs
200 M-N
Registered
N Y & Northern 1st g 5s_1927 A-0
N Y & Pu 1st cons gu g 451093 A-0
• Nor & Mont 1st gu g 53_191 , A-0
193' J -D
Pine Creek reg guar Os
W & 0 con 1st ext 58...h1922 A-0
Oswe & R 2d gu g 53-0191- F-A
It W&OTR lst gu g 35_1918 M-N
Rutland 1st con g 4 Hs_.1941 J -J
Og&I.Cham 1st gu 4s g 1948 J -J
Rut-Canad 1st gu g 48_1949 J-J
St Lawr & Adir 1st g 5s_1906 J-J
1098 A-0
2d gold Os
Utica & 13Ik Itiv gii g 48_1022 J -J
1997 J-1)
Lake Shore gold 3 Hs
1997 J -D
Registered
1028 51-S
Debenture gold 4s
1031 M-N
25-year gold 43
1931 )11-N
Registered
Ka A & G It 1st gti c 58.1038 J-J
Mahon C'l RR 1st 5s_1934 J-J
, Pitts & L Erie 2d g 5s_ _a1928 A-0
, Pitts MoK & Y 1st gu 68_1932 J-J
1934 J-J
,
2d guaranteed (3s
AleKees & ISV 1st g 63_1018 J-J
1031 t11-S
• Michigan Central 5s
Registered
1031 09-M
1940 J-J
45
Registered
1040 J-J
J L & S 1st gold 3 30_1951 31-S
1952 M-N
lit gold 3 Hs
20-year debenture 4s_1029 A-0
A-0
A-01937
N Y Chic &St L 1st g 48_
Registered_
1037
Debenture 48
1931 M-N

Range
.Since
Jan. 1.

Week's
Range or
Last Sall

Price
Friday
May 31

BONDS
N. Y. STOCK EXCHANGE
Week Ending May 31.

Ask Low

High

High No. Low

- 2513 Apr 09
---57 Mch'lO
---79 Nov'10
129 Feb '12
11018 Aug 11
_
i5i34 1)154
10134
5
6112 13
01 6112
-„- 7814 78 May'12
,..7
2
00 967 97
10
9614 _ _ _ 9614 May'12
9812 Mch'11
943
4_
9512 tittle 9312
554
7
8,04 Sale 8034
8114
6
102 Sale 102
102
7
7712 Sale 7712
2
7712
88
87 8814 3/3
12
7834 Nov'll
1055
10533 Mch'12
91
91 Apr '12
1.38 Sale 108
113
1
10512 103 2 106 May'12
,
10134 103 10134 May'12
10234 101 10378 Feb '12 ...„
_ 10334 10378 Mch'12
i.dg14 10634 10634
.
117
10
97 0958 99 May'12
97 08 97 May'12
98 9834 93 May'12
--

2
-7712
-7,3 "7:21
9612 May'l
9232 94
8658 -i;
86 8612 38
917
8_ 92 May'12 ___ •
75 gi 81 May'12
102 110 Men'05 _
94 -__ 96 May'12
104 10912 10812 May'll
13412
13234 10514 1)413
111 Sep '03
80 81 8078 May'12
80 Mch'12
12
8312 Sale 8312
84
10212 Jan '10
_
1 -618 12014 12014
-2
4 Marl'
1151s 11512 1153 Feb '12
4
8612 88 863 May'12
109 10334 110 May'12
8418 85 83 Apr '12
9312 Nich'11
1.517 idS 103 May'12
2
1))58 10012 10958
5
11334
_ 1157 Nov'10
4
10714 -- 1073 Mch'12
113 J'iy '04
10714 (3012 May'12
-E 843 8314 May'12
12
4
99 10las 99 Mch'12
76 7812 78 May'12
907 Sale 9034
8
8
6
103 106
May'12
9138

---129 129 i6f1- 105
2
6112 6072
78 81
063 973
4
4
9614 9614
-11i34 97 8118
SO
101 10212
7712 8112
87 8914
idE3 1053
2
8
9012 91
108 110
10534 10712
19134 101
10334 10334
10378 10314
10634 10818
99 1003
4
97 97
98 10034
- 3.3 -75I4
f6.
1
_
86 89.8
3
02 92
81 81
-5E- -56 -

2
---L 164-1- 1.664

8738
87 Sale 87
86
86 Sale 83
9312 Sale 9312
9312
93 May'12
813t Sale 813
4
8218
4
8034 81, 8)34 May 12
783
8
7833 Sale 7818
4
7712 7612 773 Apr '12
_ 935 Dec 10
8
9918
9718
90 May'll
1067
8
•

96

idti

-5611, Mcliii
105 Oct '02

---_
-_

0
_ _ 107

12014 121
11534 1153
4
86 4 873
3
4
110 1103
4
83 83
- 115
10032 100
58

idia; 10734
8912 -9i1. 2
8314 8911
99 100
78 80
0034 95
.1
2
-81 -881-

45 8612 8812
2 80 87
10 9214 9614
03 93
26 807s 85
79 84
7818 8212
773 7312
4
_

Apr '09

56 _ _
.
103 -__ _

7912 8334
78 80
8212 84

---- -- - - --- -2
-ids -id

103 Oct '09
977 Aug'11
8

Lift;Jan '09
Hg3
3
10634 — - 10334
1063
4
101 Mch'12
C6 0'- 101 J'110'10
14
9612 —.- 0814 Mch'12
8438 88 84 Feb '12
02 J'n(3•09
115 xne'00
1071s
1191,5fch'12
118
093 -- 997i Nov'11
4
8312 8331 89 ltlasr12
4
88 8814 333 May'12
9314 9.312 9314
°A'
9312
9314 Sale 9315
9258 Apr '12
1(3,5I8
11112
11132 Mch'll
10513
105 Apr '12
12112 ___. 13018Jan '09
123
12314 Mch'12
100_
10912115 lii Jan '12
109 112 119 J'ne'06
___ 99 98 Apr '12
9312 Nov'11
90 J'ne'08
8812 5fell'12
8612
90 9038 9033 May'12
9978 100 100
100
9012
__ 9934 Mch'12
8912 90 5012 May'12

4 10634 10784
101 101
-6 12 -6811
4
Si 86
11912 11912
-81 4
38714
33 9314
64 93
92 8
5

807
8834
9412
93%
9312

165" 166 16314 1231
. 4
111

111
- 98 -

-861- 853
2
4
90 915
8
2 9931 10035
09 9934
8912 91

BONDS
N. Y. STOCK EXCHANGE
Week Ending May 31.

—
b•

Pric;
Friday
May 31

Range
Since '
Jan. 1.

Week:
Range or
Last Sale

High No.
Bid
Ask Low
NY C & H R—(Ccm)—
91,134
9978 18
West Shore 1st 45 guar__2361 8
Registered
'361 J - J
077
8
9712 98 9712
10012 ny '11
NY Cent Lines cq tr 4 Hs 1923 - J
N Y New Haven & Hartf—
9438 Aug'11
Non-conv deben 43
1955 J -J
(3112 May'12
Non-conv 4s
1956 M-N
991 10
id 9212 9012
Cony debenture 3 Hs_
1956 J-J
11
129
Cony debenture Os
1948 J -J 128 129 129
9918 Apr '12
Harlem It-Pt Ches 1st 4s_1954 ill-N 9913 _ _ _
113 923 9258 May'12
4
Cent New Eng 1st gu 4s_1961 J-J
4
115 Mch'12
Housatonic It cons g 5s_ _1937 M-N 115
997 Sale 9412
N YW•ches &Hist ser I 4 Hs '46 J -J
5-997
8 54
N H & Derby cons cy 5s_19 18 M-N 10212 ---- 107 Aug'09
New England cons 5s
1945 J-J 115
-2
Cousol 43
1945 J-J
9958
_ -9912 Meic'17
Providence Scour deb 4s_1957 31-N 80 gg 87 May'll;
1
94 May'12
N Y 0 & W ref 1st g 45_01992 M-S -- 03 1,340
-12 _ _
Registered $5,000 only_g1992 M-S 62
1953 J -D
General 4s
2
1 );1
,
(3.;
Norfolk Sou 1st & ref A 551961 I - A - - -65 8 99'8 Pe13 12 21
7- 891
10234 Apr '12 ---Norf & South 1st gold 5s 1941 M-N 10318
1
12338
Norf & West gen gold 8s_1931 31-N 12312 1233 12,33
4
8
5
124
Improvement & ext g 6s_1934 F- A 12112 1253 12412
8
1932 A-0 124 ____ 124 May'll.
New River 1st gold 6s
4
9834
9834
N & W Fly 1st cons g 4s 1996 A-0 5814 99
1
92 1
Registered
1990 A-0 9712 _ _ _ _ ,253 Jan',5z
98
925 Sale
8
Dly'l 1st I & gen g 4s_1944 J-J
14
,
10-25-year cony 4s_ __ _1032 J -D 11112 1121 11112 1121
10912 110) 10312 10912 50
10-20-yr cony 4s full pd rct
92 Sale 92
Pocah C & C joint 4s_ _1041
92
2
4
C C & '1' lit guar gold 5s_1922 J-J 10618 1063 10635 Mch'12
Selo V & NE 1st gu g 41989 5.1-N 95 953 06 May'12
4
9938 Sale 0938
Northern Pac prior 1 g 4s_ _1997 Q-J
993
14
9834 Sale 9812
1907 0- J
Registered
0834
t.
69
6914 6)
General lien gold 3s____a2047 Q6918 11
a2047 Q-P 6712 6;;38 63 Dec '11
Registered
St Paul-Duluth Div g 4s_1996 J-1) 96 9612 98 May'12
S 100
99 Feb '10
Dul Short L 1st gu 5s___1916
St P & N P gen gold 6s__1023 P-A 11538
11514 Apr '12
Registered certlfleates_1923 0-F 11434 ---- 1152s Aug'11
110
_ 107 Jan 12 ___
St Paul & Duluth 131 58_1931
2d 5s..
1917 A-0 1023 --- 10234 J'ne 11
4
1988 J-1) 94 ____ 9234 Mch'12
1st consol gold 4s
8958
_ 9118 Apr '11
Wash Cent 1st gold 4s__ _1948
11134 May'12
-M
Nor Pac Term Co 1st g 6s_ _1933 V- J 112 _ _
11113 Sale 9112
)11
, 3,5
Oregon-Wash 1st & ref 45 _1001 J -J
4
pacific Coast Co 1st g 58_ _1946 J -D 1033 105 104 May'0
L enna RR 1st real estg4s_1923 M-N 10012 1011: 10014 May'12 -110 110 Alch./.2
1919 NI- S
Consol gold 55
1943 31-N ____ 10234 10234 Slch'12
Consol gold 4s
100
21
Convertible gold 3 Hs_ _1912 M-N 100 Sale 130
9758 Sale
1915
Convertible gold 3 Hs
9712 FebFeb•12 _
9 1
75
8
1915 J -D 9,3
Registered
13,312
I
1948 M-N 10312 Sale 10,512
Consol gold 4s
1
8
997
8
8
Aileg Val gen guar g 45_ _1942 31-S 995 luuls 997
D It R It & Bge 1st gu 4sg1936
1003 -4
Phila Balt & W 1st g 4s_ _1943 51-N _
---- 102 May'12
102 Jan '03
Sod Bay & Sou 1st g 5s_ _1924 J -J --Sunbury & Lewis 1st g 4s 1930 J -J
97
_
2
U NJ RR & Can gen 4s 1944 31-S 10112 __ 1011- MaT12
Penns Co gllar 1st g4
.
10,353
_1921 J-J 10,218 30i 10338
Registered
1921 J -J 102 _
_ 103 Mch'12
Guar 3 Hs coil trust reg_ _1937 51-s 884
- 8914 Apr '1
4
Guar 3 Hs coil trust ser 13.1941 F-A 81312 89 883 May'12
Trust Co certfs go g3 Hs_1916 81-N
- - 9734 May'12
Guar 3 Hs trust ctfs C
1942 J -I) 8814 -- 88 Meh'12
Guar 3 Hs trust ctts D__ _1944 J -D 87/3 __ 8734Jan 12
Guar 1 5-25 year g 4s
1 ,
1931 A-0 9634 67' 9714 May'12
Cln Lela & Nor gu 45 g__ _1942 51-N 92 963 9612 Dec '11
4
Cl & Mar 1st go g 4 Hs_ _1935 A1-N 1)314 103 110 Jan '0
4
CI & P gen gu g 4 Hs ser A 1942 J-J 10618 ____ 1073 Dec '11
Series 11
1042 A-0 10618 ___ 10934 J'ly '0
_ 9114 Feb '1
Int reduced to 3 Hs_1942 A-() 9114
Series C 3 Hs
1048 51-N 9114
0114
9114
0
Series D 3 Hs
1950 F-A 9114 9312 90 May.
9114 95 9112 May'12
Erie & Pitts gu g 3 Hs 14_1940 J-J
933 Apr '0
4
9114 95
Series C
1940 J -J
Gr It & I exdst gu g 4 0_1941 J -J 10414 105 10414 Ma
"
Pitts Ft W & C 1st 7s
idi_ 100 May'12
1912 J -J
2d 7s
1912 J-J
1037 Feb '11
3(1 7s
101 Dec '11
h1912 A-0
Pitts Y & Ash 1st con 58_1927 M-N idis; _ _ _ 109 May'l
Tol 1V V & 0
10134 Feb '1
4 Hs A__1931 J-J 10212
Series 13 4 Hs
1933 J-J 10212 _ _ _ 100 J•ly '1
Series C 4s
1942 M-S 9514 _ _ _
2
P C C & St L g 4 Hs A 1940 A-0 10514 --- idE7 Apr '12
-u
10612 May'l
Series 13 guar
1942 A-0 10514
_ Rif 106 J'ne '11
Series C guar
1942 M-N
9714 Slay'12
Series D 4s guar
1945 51-N 9712 _ _
Series E 3 Hs guar g
1949 F-A 033 --- 931 Feb '1
4
Series F gu 49 g
1953 J-D 97 ____ 9778 Aug'11
99 Mch'12
Series G 43 guar
1957 SI-N 9734
C St L & P 1st con g 5s 1932 A-0 11073.,__ _ 11312 Nov • 11
Peo & Pelt Un 1st g 6s
1921 Q-F 196 _ _ 109 May'll
2d gold 4 Hs
_
_ 90 9312 Jan '1
61921
Pere Marquette—Ref 48_1955 J-J
50
6034 Apr '12
633 Nov'11
4
Refunding guar 4s
1955 J -J
8
Ch & W M 5s
1921 J-D
_ 995 Feb '1
Flint & P M g 6s
10838 May'l
1920 A-0
1st consol gold 5s
9812 Apr '1
1939 M-N 9618
Pt Huron Div 1st g 55_1939 A-0 98
_ 9/12
0712
Sag Tus & II 1st gu g 49_1931 F-A
Philippine By 1st 30-yr st
a
J-J
88 ma ii
Pitts SII & L 5 1st g 5s
1940 A-0 112 _ - 11 314 Marl
1st consol gold 5s
1943 J-J 11014 -_-,- 11314 Nov 'I
Deading Co gen g 48
1997 J-J
98
72
077 Sale 9778
8
It' Registered
1997 J-J
98 Apr '1
Jersey Cent coil g 4s_,,_1951 A-0 9714 971 9712
971
2
Atlan City gu 48 g
1951 J -J
Qt Jo & Or Is! 1st g 4s_ _ 1947 J-J
85 :::: 86 Mch'I'
, L & San Fran gong 6s 1931 J-J 11812 11912 11834
Jt
1 1834 18
General gold 5s
1931 J-J — 103 10712 May'12
86 9114 881 Feb '12
St L & S F 1111 cons g 45_1996 J-J
1927 31-N 8878 Sale 867
8
Gen 15-20 yr 55
87
21
Southw Div 1st g 5s 1947 A-0 9812 _ _ 100 Oct '11
1951 J-J
783 Sale 7834
4 _7818 35
Refunding g 43
1951 J-J
Registered
8034 Mch'11

Low High
9934 101
07 9812

-1;1712
90 9458
129 13212
9915 9915
9258 9355
114 115
98 100
- 2 166
01-

""668658 5
" -89- ;
9938 10018
10212 1023
4
12338 12334
121 12638
124 124
98 9978
9214 04
10712 11414
108 11134
92 94
10638 10633
95 9812
0914 1004
9s14 9012
69 7015
2
-56 - -561t1514 11512
- kW -51E3 9234
4
11112 1113i
9114 9134
10312 104
10014 102
103 110
102 104
9912 10018
9634 97)8
9712 9712
10212 104
10175 10218
101 - 10112
10318 104
103 103
8812 8914
88 8834
9712 9734
88 8814
8754 8734
9634 9812
-- - - --- ---- - 9114 9114
0114 0114
- - -- -9112 9112
idi 105
100 10114

10134 10134
1(3513 10634
10612 107

"ii" 66

9318 9312

99

99

-- - -d6 4 6034
3-5652 -5502
108 10838
9812 100
0712 0712
-g41- 86
4
11314 11314
4
8
-(7c17 933
9734 9814
5
967 9812
86 8614
1 1834 119 8
5
10712 10812
88 8814
2
8678
.4
-g1 3
81753 - -

MISCELLANEOUS BONDS—Continued on Next Page.
Oas and Electric Light
Kings Co El L & P g 5s____1937 A-0
1997 A-0
, Purchase money(3s
Convertible deb 6s
1922 111- S
Ed BM 131cn 1st con g 48_1939 J - J
Lac Gas L of St L 1st g 55_01919
1934 A-0
Ref and ext 1st g 5s
1927 M-N
Milwaukee Gas L 1st 4s
1948 J D
Newark Con Gas g Os
1948 J-1)
NYGELII & P g 5s
1940 F-A
Purchase money g 48_
Ed El Ill 1st cons g 5s__ _1905 J-J
LAP 1st cong 53_1930 F-A
& Q El
Y & Rich Gas 1st g 53_1921 Al-N
G & Si Co Cal G & E
Corp unifying & ref 5s 1937 M-N
Poe Pow & Lt 1st & ref 20-yr F'-A
193
Os Internat Series
Pat ec Passaic 0 & 14 55_ __ _194 M-S

IV

9615 Sale 96

.10618

95 Sale 95
10212

95

No mice Fridar, late46. bld and asked.




Gas and Electric Light
11814 Apr '12
Peo Gas & C 1st con g 6s___1943 A-0
108
102
1947 M-S 10153 102 102
11512 11512
07
Refunding gold Os
103 Feb '09
1947 111-S
Registered
_
103ls
Ch G-L & Cite 1st gu g 5s_1937 J-J 1021 2 -- 10278
102
4
Con G Co of Ch 1st gu g 5s 1936 J-I) 10112 1033 102
102 - 103 89 02 93 Mch'12
Ind Nat Gas & 011 30-yr Os '36
10034 10158
10114 Mch'12
Mu Fuel Gas 1st gu g 5s_1947
897g 905g
1947 M-N
100
Registered
10614 10614
1910 F- A 102 109 100 Feb '12
10258 10114 Philadelphia Co cony 5s
101 Dec '11
8814 8912 Syracuse Lighting 1st g 58_1051 J-D 10,112
1954 J -J 83 _ _ _ _ 83 May'12
112i211315 Syracuse L & P Os
_ _1949 M-S 1)3
.
109 Feb '01
102 113212 Trenton G & E 1st I/
1932 31-S 5100
,
_ Union Elec L & P 1st g 5s
-- - 101 Apr '12
1933 11-N 96 _ _ _ _ 9612 Apr '12
Ref & ext Os
1950 J -J 103 __ _ _
22 94 9638 Utica El L & P 1st g 5s_
1957 J-J
1001- De- 4
e ii
Utica Gas & E ref 5s
.
Westchester Light g g 5s-_ _1950 J-D 10513 10534 10512 May'12
1 9312 95

104 10478 105 Mch 12 ____
117 ____ 117
1
117
1
1813 Dec '1/ ---------- -8312 Dec '11
_
1021- 1023 10214
8
4
10212
5
10034 101 10034
1003
4
I
8)75 903 0058
4
905g
10614 _ _ _ 101114 Apr '12 ____
103 19312 10312 10312
8
89 Sale 833
8
89
31
111318 Mch'12 _
:::: 10212 Meh'12 ___
9212ny '09

a Due Jan. 0 Due Feb. •Due May

g Due June.

/I Due July.

p Due Nov. S Option sale.

11614 11712
7 1013 10212
4
10 1027 10912
8
1
-93 '-

1005810114
107"166
" 86
101 "161"
9612 9812
10435 iad3-4

1496
14,,,d
BONDS
N. Y. STOCK EXCHANGE q
V a,
Week Ending May 31.
,
St L & San Fran (Can)
IC C Ft S do M con g 6s__1928 M-N
li C Ft S & M fly ref g 48_1936 A-0
Registered
1936 A-0
IC C & MR & B 1st gu 53_1929 A-0
Ozark & Ch C 1st gu Is g_1912 A-0
St L S W 1st g 4s bd ctfs_ _11)89 51-N
2d g 4s Inc bond ctfs____y1989 J-J
Consol gold 4s
1932 J-D
Gray's Pt Ter 1st gu g 5s_1947 J -D
S A do A Pass 1st gu g 4s__ _1943 J-J
S 1 & NP 1st sink t g 53_1019 .1-J
,
Seaboard Air Line g 4s___ _1950 A-0
Gold 4s stamped
1950 A-0
Registered
1950 A-O
Ad lustment 58
o1949 F-A
Refunding 45
1959 A-0
Ati-ilirm 30-yr 1st g 4s_e1933 51-S
Car Cent 1st con g 4s___3949 J-J
Fla Can & Pen 1st g_5s__ _1918 J-J
1st land gr ext g 11s_
1030 J -J
Consol gold 5s
1943 J-J
Ga & Ala fly 1st con 5s_o1945 J-J
Ga Car & No 1st gu g 5s_1929 J-J
Scab & Roa 1st 55
1926 J-J
Southern Pacific Co—
Gold 45 (Cent Pao coil) _81949 J-D
Registered
k1949 J-D
20-year cony 45
g1929 NI- S
Cent Pac 1st ref gu g 4s__1949 F-A
Registered
1949 F-A
Mort guar gold 3 348....k1929 J-D
Through St L 1st gu 4s.1954 A-0
G H & S A NI & P 1st 5s_1931 M-N
Gila V G do N 1st gu g 53_1924 IM-N
lions E & W 'I' 1st g 58_1933 n-N
1st guar Is red
1933 M-N
II & T C 1st g Is Int gu_ _1937 J-J
Consol g es int guar 1912 A-0
Gen gold 48 int guar.,,A921 A-0
Waco & N W div 1st g Os'30 111-N
A & N W 1st gu g 5s_ _ _1941 .1-J
Morgan's La & T 1st 78 1918 A-0
1st gold (is
1920 J-J
N Y Tex & NI gu 4s g___ _1912 A-()
No of Cal guar g Is
1938 A-0
Ore & Cal 1st guar g 58_1027 J-J
So Pao of Cal—Cu g 53 _1937 M-N
So Pao Coast 1st gu 48 g_1937 J -J
San Fran Termi 1st 45., 1950 A-0
Tex & N 0 Sab Div 1st g es '12 11-S
Con gold 5s
1943 J-J
1955 J-J
So Pao RR 1st ref 43
Southern 1st consol g 5s__ _1994 J -3
Registered
1994 J-J
Develop & gen 4s Ser A_1956 A-0
Mob & Ohio coil tr g 4s 1938 M-S
Hem Div 1st g 4 36-5s
1990 J-J
St Louis div 1st g 4s__1051 J-J
Ala Cen 141st g 6s
1918 J-J
Atl de Danv 1st g 4s
1948 J-J
2d 45
1948 J-J
Atl do Yad 1st g guar 4s 1949 A-0
Col & Greenv 1st es
1916 J-J
B '1' Va & (la Div g 5s
1930 J-J
Con 1st gold Is
1956 51-N
E Ten reor lien g Is
1938 ill- S
Ga Midland 1st as
1946 A-0
Ga Pac Ily 18t g es
1922 J-J
Knox & Ohio 1st g 63_1925 J-J
Mob & 131r prior lien g 58_1945 J -J
Mortgage gold 4s
1945 J-J
1915 J -J
Rich do Dan con g es
Deb Is stamped
1927 A-0
Rich & Meck 1st g 4s
1948 M-N
So Car & Ga 1st g 58_ _ _1919 .11-N
Virginia Mid sec C 6s_ __ _1916 IM-S
Series D 4-5s
1921 NI- S
Series 5 5s
•
1926 NI- S
•
Series F 5s
1931 M- S
General 51
1036 31-N
Va & So'w't 1st gu 5s_2003 J -J
1st cons 50
-year 5s 1958 A-0
W 0 do W 1st cy gu 48__ _1024 F-A
West N C 1st con g 0_1914 J-J
Spokane Internet 1st g 5s_1955 J-J
ri-ler A of St L 1st g 4 36s_ _1939 A-0
1. 1st con gold 5s__1894-1944 F-A
Gen refund 8 f g 4s
1953 J -J
St L M Bge Per gu g 5s1930 A-0
2000 J-D
Tex & Pac 1st gold 55
2d gold Inc Is
q2000 Mch
La Div B L 1st g Is
1931 J -J
W Min W & N W 1st gu 5s_'30 F-A
Tot & 0 C 1st g 5s
1935 J-J
Western Div 1st g 5s__ _1035 A-0
General gold Is
1935 J -D
Kan & M 1st gu g 4s
1990 A-0
-year 5s
2d 20
1927 J -J
Tol P & W 1st gold 45
1917 J-J
Tol St L & W or lien g 3 30_1925 J -J
50
-year gold 4s
1950 A-0
Coll tr 4s g Ser A
1917 F-A
Tor Ham & Bull 1st g 4s__31046 J -D
TT1ster & Del 1st con g Is., 1928 J -D
3
-3 1st refund g 48
1952 A-0
Unlon Pacillo---Gold 4s
1047 J -J
Registered
1947 J -J
1927 J-J
20
-year cony 45
g2008 NI-S
1st & ret 4s
Ore fly & Nay con g 4s__1946 J-D
Ore Short Line 1st g Os_ _1922 F-A
1st consol g Is
1946 J-J
Guar refund 43
1929 J-D
Utah & Nor gold 5s,, 1926 J-J
1st extended 45
1933 J-J
andalla cons g 48 Ser A.1055 F-A
Consol 48 Series 13_
3,1-N
1957_
Vora Cruz & P 1st am 4 1,4s 1934 J-.1

V

New York Bond Record—Concluded—Page 4
Price
Friday
May 31,

Week's
Range or
Last Bats

,
e.

o.

el —

Bid
Ask Low
High No.
11538 116 11534 May'12 ____
79
934 79 8
5
7034 38
-------79 Sep '10 --10234
10014 Deo '09
100 9034
9934
993
4
3
9112
9114 Sale 9114
4
81 8113 8114
8114 10
82
8178 Sale 8134
83
98 8 ____ 10118 Apr '07
3
8612 8734 8634
8634
1
10334_
104 Oct '09 _ __
8714 ___ 87
87
2
8'738
8'7
8714
I
,
8114 80
8412 8112 8014
81
81 Sale 81
10
8938 88 May'12 ---9113
9312 Apr '12 __-10178 ___ 103 May'll
103 ___ 104 May'12 ---_ 107 May'12 __
107
106 ____ 1061 May'12 ___
8
10312 106 10512 May'12 ____
__ 10614 105 Alay'12 ----

Range
Since
Jan. 1.
Low High
11534 118
'7038 8012
___. ---_
9914 100
91 9213
8034 82
79 8412
8614 8'73
4
_ .. _
87 8738
8612 00
79
81
83
9234

8114
83
90
9312

104 101
107 107
10635 10- 4
0
10512 1053
4
105 10615

9112 26 01 9212
91 Sale 91
89 9114 9112N0v'11 ____ ______
1478 68 945 97
9134 Sale 9458
8
9638 Sale 96
963
8 42 9514 97
9419 9512 0412 May'12 ____ 9412 0412
8
89 95 907 Apr '12 _-- 0013 9112
9014
____ 0112 0014
4 9278 9278
104 10612 107 Mch'12 ---- 10634 107
10218 1041: 10434 Feu '12-- 10434 10434
10414 10314 10418Jan '12 ____ 10412 10412
10414 10312 10414 Feb '12 ---- 10414 10414
1091 1033 10958 May'12 --- 10958 110
_
---- ---- 10713Sep '11 ____ ____
943 0312 94% May'12 ---- 9458 9512
114 118 11914 31eh'10 ---- _
_
106 __ 10712 Feb '12 -- 10713 10712
1123.1 ____ 11212 Sep '11 __ __ _ _ _ _
110 111 111 Meh'll ____ ___ ____
__-- __-- _______ ---110 11458 112 Feb '07 __-- ____ ____
10114
102 J'ly '11 ____
___
1107 __ 116 May'07 .--8
91l3 ,,
90 J'ly '09
____ 9118 9078 May'12 ____ 9038 92
10018 10.0) 10034 Mch'12 ___. 10034 1003
4
____ 105 10153 May'll
95
947 Sale 9478
8
86 9434 9538
10712
---- 101 10738
3 107 10838
3
____ 107 105 Sep '11
4
7834 181 7882 793
7812 Sale 785
867 87 87 May'12 -- 8512 8712
8
10334 109 109 May'12 ____ 10814 111
89 00 89
89
2 8858 0014
10734 10834 10778 Nov'10 _.-- _ _ _
8712 0012 0012 Nov'll
8113 8234 8214 Feb '12 _
8214 8214
86 ____ _ _ _
____ ...— ....._
101
10534 Dec '11.
1073 10812 10778 May'12 ___- 10734 10814
4
11012 1113 1113 May'12 ___ 11034 1113
4
4
4
101 107 106 Mch'12 __-- 10534 106
8412 May'12 -- 6412 6112
6112 72
112 11212 1123 May'12
112511278
4
114 Apr '12 ___. 114 115
11418
10412 __ 10513 Nov'10
7813 .,.., 78 Dec '11
10414 10434 10414 Apr '------10414 1043
4
101
1043 Apr '12 -- 104 104,34
4
7212 __
71 Itch'11
193
103 10314 103
2 10284 104
105 ___ 112 Oct '06 ____ _ _ _ _ _
10334 ____ 10414 J'ne'11 ___ _ _ _ __ _
10512___ 106 Mch'll __ .. _ _ ____
10538 ____ 105 J'ne'10 ____
108 .._ 10814 May'12 ___ 108 10814
103 ____ 10812 J'iy '11
97 Sale 97
97
1 9612 973
4
9218 __ 00 Mch'll ____ 00 00
103 Sale 103
103
4 103 10313
____ 103 10212 Apr '11
10478 106 103 Mch'12 __-. 105 105
11114 112 112 May'12 __._ 112 11212
04 9478 9158 May'12
94 96
10234 _
10812 Feb '11 ___ ____ _ _ __
10838 Salo 1083
10312
3 10818 11012
50 55 30 May'12 __-. 50 50
100 _
9912 Apr '11 ____ __ __
------10013 Nov'04
108 109 10514 May'12 ___ 1081s 10912
10734 10812 10731 May'12 __-- 1073 1073
4
4
103 10412 10312 Mch'12 ........ 103 104
93 May'12 ....... 9134 03
93 04
9814 Sale 0814
083
4
6 9814 9912
0412 9518 945 May'12 ... _ 9314 9178
8614 88 8614 Apr '12 ___. 86 8712
6.02
6212 63
1 61 6958
6312
--- 75 7312 May'12 ____ 71
73
8934 ___ 897 Apr '12 ____ 8913 931:
8
105 __ 106 Apr '12 -- 10578 106
8618 May'12 ___ 8(318 864
8512
, 10114 29 10038 1021)
1003 Sale 1053
4
9914 101 101 .May'12 ____ 9012 10171
10138 Sale 10134 10178 64 10113 104
96 97 967
19 96 977f
8
97
9534
9512 Sale 9512
6 05 961)
11214 Sale 11214 11212
2 11214 1133,
11018 11114 11014 11014
6 11014 112
94
935 0414 04
8
4 9338 953,
10318 __ 108 May'll
9218
92
9658 Mch'12 ____ 9632 963,
92 06
9712 Apr '12____ 97 971)
9011 913) 93 Nov'll ____ __ ____

BONDS
N. 'Y. STOCK EXCHANGE
Week Ending May 31.

0,3

Lxxxxxv.
Price
Friday
May 31.

Range
Since ,
Jan. 1. '

Week's
Range or
Last Sale

Wabash 1st gold Is
1939
v
2d gold 55
F-A
Debenture Series 13
1939 J-J
939
1st lien equip s fd g 5s
1921 M-S
1st lien 50-yr g term 4s_ ,1954 J-J
1st ref and ext g 4s
1956 J-J
Cent Trust Co ctfs
Do Stamped
Equit Tr st Co ctfs
Do Stamped
Det do Ch Ext 1st g 5s___1941 J-J
Des Moin Div 1st g 4s___1939 J-J
Om Div 1st g 3 36s
A-0
,
Tol & Ch Div 1st g 4s_
ill!
Wab Pitts Term 1st g 4s__ _1054 J -D
Cent & Old Col Tr Co certfs...,
Columbia Tr Co ctfs
Col Tr ctfs for Cent Tr ctfs_
2d gold 4s
195:4 :1=15
Trust Co certfs
Wash Termi 1st gu 3 363_1945 F-A
13t 40-yr guar 4s
1945 F-A
West Maryland ist g 48_
1 955 A-0
42
West N Y & Pa 1st g 5s
1937 J-J
Gen gold 4s
1043 A-0
Income Is
Nov
Wheeling & L B 1st g 58....! 1946 A-0
. 923
1
Wheel Div 1st gold Is_ 1928 J-J
Exton & Imp gold 5s
_1930 F-A
RR 1st consol 45
NI-S
20-year equip s f 5s_1949 J-J
1922
Winston-Salem S B 1st 45_ _1960 J-J
Wis Cent 50-yr 1st gen 4s_ _1949 J-J
Sup &Dul div & term 1st 45'36 M-N

Bid
Ask Low
High No. Low High
10612 Sale 10612 10718 16 10412 1077s
903
4
904 Sale 903
0 96 100
100 100 May'12
100 100
09 100
0814
- 99 Apr '12
80 _ _ _ 83 Dec '10
67 Sale 67
711
6812 250
6618 Sale 6618
667
8 13 64% 703
8
6512 14 6458 66
64% Sale 6458
64 May'12
5914 6958
6412 Sale 6112
CG
100 6012 6912
10512 10812 10618 May'12
106 107
7314 -- 8112 May'li
7012 _ _
7134 May'12
-6813 714
80 86 83I2Mch'12
7234 8312
3911 Apr '12
38 3914
3612 ____ 3612
3612
35 4214
4 3434 4112
3612
3612 Sale 3612
_
113 11 —1
21
112 212 112
212 258 May'12
2
178 3
• 86 8634 87% Oct '11
9718 9718
9718 _ _ 9718 Mch'12
3
8718 36 963 9814
8634 Sale 86 4
4
10734 _
10734 1083
_ 10734 May'12
4
8714 8813
---- 3714 8714 Apr '12
34 Feb '07
2012 __
104 105 10, May'12
10414 DWI;
112
10114 104 10218 Nov '11
100 103 102 J'ne'10
____ 8418 84% May'12
84 851k
96%
9812 Feb '11
•
4
0213 913 Apr '12
913.1 93 •
02 9318 92
9214
9114 9338 •
91 Sale 91
91
5 91 9212

Manufacturing -Ind Industrial
Allis-Chalmers 1st 5s
1936 B-J
Am Ag Chem 1st o 5s
A-()
Am Cot 011 ext 4 36s
Q-13
Debenture Is
M-N
Am Hide & L 1st s f g 63_19932851 NI- S
010
9
Amer Ice Secur deb g 6s__ _1925 A-0
Am Smelt Securities s f es_ _1926 F- A
Am Spirits Mfg 1st g 63
S
1015
Am Thread 1st col tr 4s_ _ 1919 J-J
Am Tobacco 40-yr g es_ _1944 A-0
Registered
1044 A-0
Certificates of deposit
Gold
1951 F-A
I 4s
Registered
1051 F-A
Certificates of deposit
P Lorillard Co 7s tem'pry bds_
5s temporary bonds
Llgg & Myers Tob Co7s tpy bds
5s temporary bonds
Am Writg Paper 1st sf 5s__1919
Baldw Loco Works 1st 53_1940 M-N
Beth Steel 1st ext s f 5s_ _1026 J -J
Cent Leather 20
-year g 53_ _ 1025 A-0
Consol Tobacco g 45
F-A
Registered
1 951 F-A
1 95
Corn Prod Ref s I g Is
1931
1st 25-year s f Is
11-N
Cuban-Amer Sugar coil tr Os 1918 A-0
93
Distli Sec Cor cony 1st g 5s_1927 A-0
E I du Pont Powder 4 36s_1936 J-D
Gen Electric deb g 33-6s
1942 F-A
10-yr g deb Is
1917 J-1)
Gen'i Motors 1st lien es_
1915 A-0
Ill Steel deb 4 33s
,
1940 A-0
Indiana Steel 1st Is (rects) 1952 M-N
Int Paper Co 1st con g es_ _1918 F-A
Consol cony s I g 5s
1935 J -J
Int St Pump 1st s Is
1929 M- S
Lackaw Steel 1st g 5s
A-0
1st con Is Series A
/11- S
5-year convertible 5s_ „199255
119193
S
Mexican Petrol Ltd cnv - A '21 A-0
6s
Nat Enam do Stpg 1st 5s__ _1029 J -D
National Tube 1st 58 rects_1952
N Y Air Brake 1st cony 6s 1928 M-N
Ry Steel Spgs 1st s f 5s_ _ _ _1921 J -J
Repub I & S Ist&col tr Is., _1034 A-0
10-30-year 5s s f
1040 A-0
Standard Milling 1st Is., _ _ _1930 NI-N
The Texas Co cony deb 6s_ _1931 J
Union Bag & Paper 1st 5s_ _1930 J-J
Stamped
9 13
U S Leath Co s f dcb g es__ _1939
11 S Realty & I cony deb g 5s_'24 J-J
1931 J-J
U S Red & Refg 1st g 6s
U S Rubber 10-yr coil tr 6s_1918 .1-1)
1018 J-D
Registered
_41063 NI-N
15 S Steel Corp—/coup
41963 NI-N
S f 10-60-yr 5s1reg,
Va-Car Chem 1st 15-yr 55_ _1023 J-D
West Electric 1st Is Dec 1022 J-J
Westinghouse E & H s f 53_1931 J -J
_1017 A-0
10-year coil tr notes

0212 72
61
102 May'12 - - 1
9818
9818
95 May'12
9934
100
29
8014
803
4 21
10434
105
56
10012 Mar'12 ---.
9334 May'L:
12014
12004
12012 May'12
121)14 May'12
-6E -0534 9514
9512 12
1:4
9338 Apr '12
9514 May'l;,
12182
lift;'Sale 12114 12112 lb
0434 Sale 9412 95 06
12058 22
12014 Sale 1201i
1;5
9438
0434 Sale 8973
82
00
22
897 Sale
3
10378 ___. 104 Feb '12
977 Sale 9778
98_1 136
,
,
8
0512 Sale 0513
9578 26
0514
1
_ _ _ 0534 0514
57 Nov'07
957 9678 9614
0614
1
____ 95 95 May'12
06 9631 9678 May'12
75
7458 Sale 7'
58
58
90
8312 _
2
_90
835 - - 84 May'12 ___
3
150 Feb '12
9034 9034 18
-0371 Sale
____ 92 02
3
92
101 Sale 101
10118 150
10433 10.02 104
104
1
00% 91
9118 May'12 __
3
9214 Sale 9218
9214
9412 05 94 May'12
7014 Sale 79
7914 65
03 Sale 9278
11
03
99
5
093
4
- 90
93 95 0412 Apr '12
1003 Sale 10058
8
1003 -- iL
4
22
99
90 Sale 9812
0714 9712 0712 May'12
10314 ___ 101 Apr '12
9252
1
9258 Sale 02%
8634
87
8631 87
2
9934 Sale 0912
09 4 22
,
943 May'12 .___
8
1
94
01
04
10034 10114 10114 May'12 ____
90
___ 8)12 89
2
50 Apr '12
104% Sale 10412 10151 31
,
10318 Jan '10
foiti Sale 102
10214 306
10134
10214
1
99% Sale 9912
9958 18
10112 1(12 102
10214
2
0434 Sale 9434
95
13
9612 08 9712 May 12

Telegraph & Telephone
Am Telep & Tel coil tr 4s_ _1029 J-J
1936 M- S
Convertible 48
Chicago Telephone 1st 5s_ _1923 j-I)
Commercial Cable 1st g 43-2397 Q-J
2397 Q-J
• Registered
Keystone Telephone 1st 53_1935 J -J
lletropol Tel & Tel 1st sf Is 1918 M-N
Mich State Telep 1st 5s_ _ _1024 1:- A
lI Y & N J Telephone 5s i_1920 n-N
N Y Telep 1st & gen 814 35s 1939 NI-N
1937 J -J
Pac Tel & Tel 1st Is
West Unlon col tr cur 5s__ _1938 J -J
Fd and real est g 4 %_.,_1950
1936
N
Cony 4s, series A
NI- N
Registered
9 11
Hut Un Tel gu cat 5s_ _19,36 M-N
g1934 J -J
Northwest Te1 gu 4 36s -

-is.;

61 Sale
10134 132
9818 9814
---- 114in
100 Sale
8014 Sale
13.134 Sale
10012 101
0312 04
12014 Sale
-- -

905 9078 905s
8
114 11412 114

9078
11412

82 81 _
82 84 1023.110314
10014 ____
102 ____
9918 Sale
100 Sale
101 10214
0812 Sale

04

52 67
14
10112 10234
08 9813,
9412 9512'
9818 100 ,
7212 82 :
10212 1051‘
10014 101
9258 9312
11878 12112 •
4487 12133,
8
11878 12112
9178 9578
9214 11553
9178 96
11938 1233
4
0118 9653
11834 123
1,034 96
8814 00
10312 104
9312 102
9134 9614
9134 9558
952 97
94 0612
0614 9712
71% 7814
847 9212
8
82 84
15312 159
9812 100 8
7
92 92 4
3
10078 101%
10312 10134
8412 917
8
9134 0312
04 97
77 8213
9012 93
05 100
9334 0912

1(1(1(2 10113

97 100
0312 9814
10278 104
0034 9333
854 883
3
4
9413 10014
04 0413
1)4
9412
1007 102
3
8712 00
50 50
10334 105
151 31
-.
10138 104
9913 101
1017 10318
93 0514
0612 98

05 90 9118
25 1083
4116%
-8212 8212

-012 Mc11'12
-8312 Nov'll
82 Feb '12
82 82
10234 May'12 _
10231 103
10014
10034
2 100 101
10314 Nlay'll
01)
9978 242 -611 idtil
s
100
10018 71 9878 10012
102 May'12
101 10313
0814
0812
9 9714 10012
105 Feb '12
10133 105
103 Feb '11
101 J'ne'11
____ 95
95
95 95

MISCELLANEOUS BONDS--Concluded
Coal & Iron
Buff & Susq Iron s I 5s____1932 J-D
Debenture 5s
a1926 81-S
Col F & I Co gen s f g 5s____1043 F-A
Col Fuel gen es
1919 Al-N
Col Indus 1st & coil 55 gu_ _1034 F-A
Cons Ind Coal Me 1st 58_1935 i-1)
Cons Coal of Md 1st & ref Is 1950 J-D
Gr Riv Coal & C 1st g 6s_h1910 A-0
Kan &HO &C lstsf g 53_1951 J-J
Pocah Con Collier 1st s f 58_1957 J-J
1955 J-J
St L Rock Mt & P 1st 5s
1951 J-J
Tenn Coal gen 55
Birm Div 1st consol 63_1917 J-J
• Tenn Div 1st g 6s
a1017 A-0
Cah C H Co 1st gu g 68_1022 J-D
1031
S
Utah Fuel 1st g 55
1953 J-J
Victor Fuel 1st s 1 55
Va Iron Coal & Coke 1st g 581949 Al- S

07
97 Sale 97
88_ 01 Nov'll
100 lo614 100 May'12
4
1063 10812 10734 Jan '12
7512
7512
___ 76
8112 85 J'ne'11
_
_ 94
04 Dec '11
04 _
1023 Apr '06
96 6§12 1)812 Apr '12
8812
4
8812 993 8812
823
8214 83
4
8234
10258
102% Sale 10258
10334 105 10358 May'12
10353 Sale 103%
103%
110 Jan '09
- - -85 4 "iri"
3
9512 96
96
96

97

98

id()

10038
10734 1073
4
1 7212 77

9734 951
;
4 8112 8017
5 703 8112.
4
10218 10378
10312 10418
6 103 101
86

2

86

9512 0812

Miscellaneous
1948
S
Adams Ex coil tr g 45
Armour & Co 1st real est 4 363'39 J-D
1052 A-0
Bush Terminal 1st 4s
1935 J -J
Consol 5s
Chino Copper 1st cony 0_1921 J-J
N
Irrigation Wits & D of A 4 36s '43
lot Mercan Marine 486s__,1022 A-0
Int Navigation 1st s f 5s._ _1029 F-A
Mge Bond (N Y) ser 2-45-1066 A-0
_1930
Morris & Co 1st s f 4
1951 1
0-A
N Y Dock 50-yr 1st g 4s
1032 J-J
Niag Falls Pow 1st 5s
Refunding & gen es____a1932 A-0
1945 111-N
Ontario Transmission 5s
Pub Serv Corp N J gen 5s_ _1959 A-0
Ray Cons Copper 1st cony es 1021 J -J
1930 J-J
St Jos Stk Yds g 4 36s
Wash Water Pow 1st Is_ 1930 J-J

83 85 86 May'12
86 881s
91% Salo 9158
913.) lb 9112 0214
8912 90 8834 May'12
4 07 99
97
0712 07
126 130 127
:
1_1 6 . 3
67_8 13 7_3
5 : . 6.4
12934
9318 Nov'll
6412 Sale 6414
7812 2
8t 68.4- 86
-lis; ;.0.i21
65%
7813 Sale 7812
79
89 Apr '11
8978 May'12
8212 84
85 Apr '12
10012 10012
10073 _ _ 10012 Apr '12
92 93
9418 Sale
112 Sale
87 ____
103 ____

9413
935
4
113
112
10012 Sep '05
104
104

5
24 057
31 112 118
I 10234104

No price Friday; latest bid and asked aDUe Jan (MUG April oDue May Opus June hDuo July kDue Aug oDue Oct aDue Nov qDue Deo sOption sale




CHICAGO STOCTC. EXCHA.NGE-Stock Record-Daily, Weekly and Yearly
AND LOWEST SALE PRICES

S7'3CICS-IIIGIII
Saturday •
May 25
*35
*89
*90
2814
*812
*412
19
*4612
*8
*42

40
92
95
2814
93
4
5
19
483
3
0
40

Morulay
May 27
*35
90
*92
23
*812
*412
1812
*4612
*8
*42

40
90
91
28
912
5
1812
4838
812
48

Tuesday
Hay 23
*35
*89
*90
28
*812
*412
*19
*4612
*8
*42

40
92
95
2312
912
512
20
4818
9
48

Wednesdity
.IIa'j 2)
*35
*8)
*32
*23
*812
*4
*19
*4012
8
*42

40
92
95
30
912
5
20
4838
8
43

Thursday
11ay 30

Friday
May 31

Last Sale 19

May'12

Last Sale )0-2912 30
914 914
412 412

Last Sale 50--2
1
;
8
8
Last Sale 18 Apr'12
MEMORIAL DAY
3914 HOLIDAY
4
38
35
38
3958 353 39
3934 3934 39
8
1167 11678
116 116
117 117
11734 11814 117 118
350
Last Sale 100 May'12
*350 ---- *350 ____ ,
*350
,130
J
Last Sale 135 Apr'12
- *1:30
*130__ *130
53
*F 53
?
Last Sale 56 May'12
51; *35
*55 -58
*55 -Last Sale 10334Nlay'12
*10312 106 *10312 106 *101 103 *101 100
14512 14512
14512 14512 *14514 146 *14512 146
*14512 116
65
6312 64
65
65
65
66
65
Apr'12
Last Sale 17
0117
34
9312 9312
"91 911; 9114 9112 -51r2 - 2 -007 94 61
62
62
*57
*55
Last Sale 5812 Nfay'12
*5512 5912 *58
4818 4838 4312 4812
49
4812 4812
*48
48
48
Last Sale 142 May'12
:2
IsO fici" *1011 16:5"" *19112 193 *19112 195
140 141
140" i:Ccr
141 141 *140 142
142 142
5
15
15 8
1614
*16
Jan'll
- Last Sale 78
108" fig - *108 103
10612 10814
15:5" fOiti 108 103
Ion 101 ot00% 10112 10012 1003
4
10012 10012
101 101
6312 6714 68
68
6658 67
683
68
11812 121
8
11712 iffis
_ 1207 121
72
72
*70
72
*70
*70
Last Sale 7012 May'12
*70
72
157 157
158 158
*158 160 *158 160
13014 13014 *128 130
_
, 129 129 *128 130
120 120 *118 120 *118 120
120 120
120 120 *118 120
*117 120 *118 120
6512 65
65
6314 (3314
*65
6512 *65
Last Sale .60 May'12
"
" 112
" 9212 ;55
;55 -.1; ;55 l9213 ;55
" 9212
115 117
11212 114
11514 118
11412 115
11312 114
84
86
84
85
*85
86
83
34 8534 81
8512
May'12
Last Sale Is
-c1100 100
15- n; 4 10134 1013 *165- 101
15512 101
.
4
*10112 102 *10112 102 4.10112 102 *10112 102
Last Sale 10034May'12
18(1 183
18134 18312
183 18012 184 18512 18012 18358
*12112 125 *12458 125
*12434 12434
12114 1213 *12412 125
4
10538 10512
8
1043 1047 10434 10178 10414 1047 10178 10518
4
8
230 290 *285 290
285 285
280 280
230 285
*109 10314 10) 103 *10) 10314 10)12 10)12
103 10912
152 152
13112 152
15112 152
150 151
151 155
5
5
412 514
514
5
SIt 514
1
1
114
1
1
*1
1
--115
118
1
7014
6112 6312
78 6912 6934 6358 6058 69
897 0
3
*10
11
*10
11
11
*10
11
11

Sates
of the
Week
Share
,

Inletest
Period

Prize
Friday
May 31

Week's
Range or
Last Sale

JUX.4..

fttqa

Range for Previous
Year 1911,
Lowest.

32 Mch 19 40 Apr 24
90 May27 933 Jan 20
4
93 Apr 4 10438 Jan 13
28 May2, 38 Jan 9
9 alch 22 11 Jan 12
578 Jan 13
4 May
1812 May27 21 May 1
5012 Jan 19
49 Apr s
6 Itich28 1178 Apr 10
35 Jan 33 45 Apr 10

Miscel'aneous
1,105 American Can
100 111 Jan 2 43 Mayll
Do pref
100 91 Feb 1 121 Mayll
575
American itadlator 100 325 Feb 1 400 May
Do pref
100 131 Jan 15 135 Apr 30
Amer Shipbuilding_100 47 itich 1 f 59 Apr )1
Do pref
100 100 Feb 6 10418 Jan 18
139 Jan 11 148i8 Itch 17
75 Amer Telep & Teleg
39 Mch 14 6612 May22
325 Booth Fisheries com
4312, Feb
Voting trust ctf
50 Jan 9
77 Mch l4 9412 May22
Do 1st prof
985
6558 May1:3
Cal & Chic Canal & D_100 49 Feb
44 Mob 15 5312 May 3
110 Chic Pneumatic Tool_100
Chicago Telephone__ _100 13712 Jan 4 145 Melt 9
5 Chicago Title & Trust.100 181 Jan 4 19814 Jan 9
142 Commonw'th-Edison_100 13514 Jan 4 150 Mch 7
10 Feb 13 1718 Apr 26
100 Corn Prod Ref Co corn
do
pref
Do
100 106 Jan 2 11134 Feb 5
143 Diamond Match
163 Hart Shaffner & Marx pf_ 10035 Mch 22 10212 Mch 8
6812 May27
100 56 Jan
621 Illinois Brick
485 internat Harvester Co__ _ 105 Feb 14 12414 May25
67 May 1 71 May21
Knickerbocker Ice pref..
100 14312 Jan 15 16112 Apr 30
200 National 131scuit
Do pref
100 126 Jan 15 13034 MaY28
26
12018 May20
100 103 Mch
195 National Carbon
100 115 Feb 16 120 Jan 2
25
Do prof
2 6314 May2.• z 67 Apr 22
120 Pacific Gas & El Co
2.53 May 5 x.65 Apr 23
Do
rights
Do
preferred
2,258 People's Gas L&Coke_100 10312 Jan 2 118 May25
519 Pub Serv of No Ill corn. z 84 May2 , z 9412 Apr 21
z.08 May la z 112 Apr 21
Do rights
_____ x100 May', £10712 Apr 24
Do preferred
352
z 9912 Apr 27 z102 May a
Rumely Co, preferred
7,486 Scars-Roebuck corn.,_100 140 Jan 5 134 May22
100 12112Jan 11 12434 May23
Do prof
105
100 9834 Jan 2 10314 Apr 4
559 Swift & Co
125 The Quaker Oats Co.._100 215 Jan 15 290 May28
100 10513 Jan 2 110 Jan 15
Do pref
133
213534 May S z156 May21
427 Union Carbide Co
x 314 May z 6 May22
Do
rights
82
178 Jan 18
38 May 2
232 Unit Box Bd & P Co_100
5858 Feb 13 7234 Apr 26
1,135 United States Steel corn_
100 10 Jan 17 1418 Feb 7
15 Western Stone

Ittgaesi

21 J'ly
85 J'iy
80 Apr
2034 May
8 May
912 Mch
15 Sep
39 Sep
7 Dec
38 Not

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

9 Jan
7678 Jan
265 Jan
12612 Mcl.
48 No',
10612 Sep
13158 Aug
Apr
33 J'ne
60 Sep
4912 Apr
3912 Set)
115 Jan
15112 Jan
113 Jan.
4
93 Oct
78 Jan
9212 Feb
100 Sep
4978 Sep
9914 Sep

1212 May
93 Dec
304 Oct
133 Nov
79 Feb
113 May
15214 'ne
5914 aich
5734 lien
8838 Dec
52 Feb
5512 Feb
14114 Nov
180 Dec
13738 J'ly
1538 J'he
78 Jan
11034 Nov
10334 Dec
70 Jan
129 May

11714 Jan
123 Jan
100 Aug
117 Sep

19212 Dec
130 Melt
120 Mch
120 Mch

101

1085 Jan
8

Sep

12334 Sep
116 Sep
9734 Sep
165 Mch
10212 Feb

19234 Jan
122 Mch
104 J'no
212 Deo
10712 J'iy

1 Dec
5012 Oct
1.3 Dec

Jan
8178 Feb
25 Jan

Chicago Banks and Trust Companies
B'ds
S'ola

Rangs
for
Year 1912

High No. Low
High
Bid
Ask Low
91
Apr'12
__ 291.
91
Am Tel & Tel coil 4s__1929 I - J
2 021
Armour & Co 4 Ss-_.,l930 3 • 13 1-917 -- 8 9134 May'12 -- -- 9158 9214
8214 Apr'12 ___ 28214 8214
Auto Elea 1st M 63___1928
5-, - 88
Cal Gas&El unit & r Os '37 it - N / 36
9618 May'12 ___ 29518 9618
07
,
Chicago City ity 5s___1027 t • t 10178 Sale 13134 102
16 10134 103
83
8834 25 88
Ohl City& ConRys 5s_d1927 A -0 183 Sale
915
s
4 9738 99
Chicago Eley ity 53_1911 I - J 49812 13)
9813
9818
92
95
Ohio Pee Pool 1st 53-a11/21 3J 1 90
92
92 May'12 __
1927 S - A 10018 Sale 100
10014 10 9978 10158
Ohio By Os
97
963 Sale
8
9632
9538 12 96
Chic flys Si __series "A" A- U
SaleSale9638 Jan'1Jan'128
Chia By' 4S...series "A" A 9014 973
Ohio Rys 4i...series "13' 3 - 1) -iii8
913
4 873' MaY'1 2 ------- 81334 95
941
1
8 12
.‘
2 9; 8
7
1581s
Ohio itys 43 _series "0' i - A
10(9
Jan'12 __ 100 100
- A ---- __
Chic Rats coil 0-191s
85
77
Chin Ry Pr m Mg 4s_e'27 J - J i 75 71)-- 7734 May'12 ___
__ 52
53 May'12 .___
48
60
Chia Ely Adj Inc 4s c1927 Mayl
8
110112 1013 10158 May'12 ____ 10158 10314
192.i
Ohio Telephone .39
9938 May'12 ____
9738 9918
010ero Gas Co ref GM 1032 J - J t 9814 99
10338 12 10214 1033
Commonw-Edisou 55_1943
4
10314 Sale 10314
2 10212 1033
10234 Sale 10234 10234
Cotnmonw Elect 5361943 4 4
10038 15 9978 1003
Cudahy Pack lstal5s_1024 61 -N 10038 Sale 10038
4
10918 16 107 11014
1920 _ _ /109 Sale 109
Die Match Con tl I)8
-Gen Mot 6% lstLnotes '15 A 0 t 0012 10048 9934 Apr'12
:
10134 10114 May'12 ..::.. 52'93 10132
- - 1011 9914
1952 .ti - N
Ind Steel 1st g 5.3
1028
1st g 6s
Do
nt liar 3 yr 5% g notes'13 e - A 110018 10058 10058 May'12 --- 210012 10038
10518 Apr'12
510518 10518
'd St'l 1st 51 g lis_1928
Ken City ity & Light
94
3 8714 9014
94
1913
0414 Apr'12
; 9312
Co 5s
90
89
89
&eke St El-1st 5s..-1928 J . J 1 89
4
8334
- A 1 833 Sale
833
4
5 8312 853
4
Metr W Side El 1st 45 103o
83
82
1 8112 825 8258 May'12
Extension g 4s.......1938 3 8
X1017 1047
8
8
Nil El By & L 1st g 53 1920 F - A 1103 2 10512 1047 Apr'12
93
x05
9612 or) Apr'12
do ref & ext 4 30_1931 S - J 1 94
do gen & ref 5s.-11/51 J - D ; 9178 95-2
0
3 lii
;50E4 -1 --0018 31;y .
712
Nil Gas Lt 1st g 4s1027 - N 1 8)12
11/39
i 8914 Sale
- 8934
4 10 8912 0014
893
Morris & Co. a 34
£10034 10114
M- N ;____ 10134 10034 May'12
Nat Tubo 1st g
£10314 10314
3103 10114 10314 Apr'12
1922 A Nor Sh El 1st g 5s
.410038 10038
3
do 13'. & ref g 53._1040 A- 0 1100 8 10378 10038 Apr'12
x9718 9718
Nor Sh Gas of Ill 1st 53 '37 1? - A 3_-- 9718 Oils Apr'12
100 July'll
North West El 1st 4s,.. 1911 A.
Ma y'12
-Nil 161) -;
-FA go.NW GL &Coke Co 5s1928
99
19 9534 09
9934
99
1
1914 , • N ; 99 Sale
Ogden Gas 5s
29178 9218
8
Pee Gas & El ref g 5s_1042 J - J ; 917 9218 92 , Miy'12
98182 )
...
.
1‘,icy 12
:
£100 10018
PacT & P 1st ool tr Os 1937 1 - J 3 097 1i2 10038 11fa li 00
_____
Pearsons
1910 I -Tatt 5s
----__
- S 95 -. 9612 Meh'10
4,403
Feb'10
06
-___ __
4.60s Series P
Ii- N
---- 97
9712
9814 Nov'll
4.80s Series I
,
- 73
-T.- 115 May'12
ill 1
-1812
Peo Gas L & C 1st 63_11143 A 11 1015 10214
Refunding g 53....1947 A 5152 Sale 10178 102
8
1 10314 10334
Chic Gas UGC 1st 5s1032 J 1 15 ,4 Sale 10314 10314
3103i
6 14
10218 103
10312 10234 May'12
Comma Gas 1st 59_1936
- 11 r.
10112 10112
.
'
____ 10112 Jan'12
Mut Fuel Gas 13t511947 A • N
29634 100
99 May'12
99
Pub &Iry Co 1st ref g 53'66
-. 10014 May'12
r100 10014
__
Sou Bell T &T 131Sf 5s'41 J - J I 9934
j t 9412 sale 0112
I9
South Side HWY 434s.1112 I
J ;10012
2 In14
10012 MAI
Swift & Co 1st g 5s....-1914 J
3134
4
Tr -City By & Lt coil tr
1023 A - 0 1 97 2 _ _ 9814 Apr'12
5
lien s f 5s
Apr'12
89
85
x95
83 °314
82
Union El (Loop) 53_104)A - t) 1 78
29378 100
100 May'12
U S Gypsum 1st g 53 1022 11 - S : 9812 101
310112 1027 10212 Apr'12
z10212 10258
8
TI S Steel 10-80-yr st g 55
102 103
Western Elea Co 5s- 192 I - J 310112 10212 102 May'12
Note.-Acczued interest must ue added to all Chicago b arid tirtees.
--

Range lot Year 1912

Railroads
Chicago Elev Rya corn__
Do pret
6
Chic Rys part Ott "1"
366 Chic Rys part ctf "2"
50 Ohio Rys part ctt "3"
2t. Chic Rys part ctt "4"
222 Kansas City By & Lt_100
Do prof
100
75 Streets W Stable C L_100
Do prat
100

Chicago Bond Record.
BONDS
CHICAGO SrocK
EXCt1ANGE
Week ending May 31,

STOCKS
CHICAGO STOCK
EXCHANGE

NAME

OutstanaIn)
31031
(P

Surpazs
Profits
(15

Divtaena Record
In
191,)

Per- Last Paid,
In
1911

V.92, p.1004
3200,000 $170,280 Org. A prit 3
American State
Jan '11, 6
n18,581
6
100,000
Calumet National
Jut '12, 7
10
10
500,00) 0238,637
Chicago City
sich30'12 212
10
Conti'tal & Conlin Nat_ 21,500,000 8,033,114
Apr '12, 4
16
"
Corn tischange Nationat 3,000,000 5,008,830 "io
1. V.02.0538
200.005
1,308 Beg. (3 ts Stay
Ltougiaa State
Apr '12, 112
60,05o
6
200,000
8
Drexel State
Apr '12, 212
10
463,8)1 10
800,000
Drovers' Dep National _
Apr '12, 2
53,511
6
634
200,005
Englewood State
-Ica '12 114 v
12
10,000,000 11,555,724 12
First National
12
205,701 10
s1ch.31'12 212
150.000
First Nat Englewood
525,59
Priv ate Ba
Foreman Bros 13'k'g Co_ 1,000.000
Apr '12, 2
614,232
8
Fort Dearborn National 2,000,000
8
(1)
(1)
Hibernian 13'leg Ass'n_ 1,500,000 1,401,478 8+2
Dec30'11; 5
400 000
142,98i 104 15 10
Kaspar State Bank
V.92.p, 1001
200.000
20,781 Beg. u us Apr
Lake View State
V.90. p.1277
278,001 Beg, b us, Ma
La Sail) St National__ 1,000,000
512,688 10
10
Ac030'11.212
Live Stock Exciege Nat 1,250,005
sich30'12,2
8
8
Nat Bank of Ropublle_ 2,000,000 1,335,253
8
Apr '12, 112
588,442
2,000,000
National City
Apr '12, 112
250,000
97,425
a
4
National Produce
71,131
Apr '12, 13
200,000
4
854
7
North Avenue State
8
Apr '12, 112
40,216
50,000
North Side State Say'gs
Apr '12, 112
4
5
33,208
200,000
North West State
Jan '12, 212
7
111,200
934
300,000
People's Stk Yds State.,
Apr '12, 112
53,623
6
6
Prairlo State
500.000
V.93, p.1235
Second Security_
3,519 Beg. b us.Nov
200,000
Apr '12, 112
Security
400,000
136,490
sa
434
Apr '12,2
106,000
8
South Chloago Savings_
200,000
7A
Apr '12; 112
14,017
South Side State
200,000
6
6
Apr '12,3
12
State Bank of Chicago- 1,500,000 2,200,588 12
Mch 30'11; 2
250,000
208,507
8
Stock Yards Savings_
8
May '12,3
600,000
150,233
6
6
Union Bank of Chicago_
Apr '12, 112
6
6
u9,820
Washington Park Nat'l
100.000
0ec)1 08,112
23,012 None None
Wendell State
50,000
Apr '12, 2
t0 Central Tr Co of Ill- 3,500,000 1,404,905
8
734
,
Apr '12,1112
Chicago Say 13k & Ti,,.. 1,000.000
251,281
6
Apr '12, 2
Chicago Title & Trust
8
73,4
5,000.000 12,031,511
Apr '12, 3
18,325
10
Citizens Trust & Sayings
6
50,000
Apr '12:213
473,683 8+2 8+2
Colonial Trust & Saving
600,000
Coat & Comm Tr & Say 3,000.000 1,273,450
161,321
832 1-1-3 Apr '12, 212
8
200,000
Drovers"Trust&Savings
16 Q-M Dae30' 11, 4
First Trust & Savings _ 5,000,000 1,616,208 12
13,094 Beg, us,Apr 3' 11 V. 92, p. 929
250.000
Ft.Dearborn TrasSav 13k
63,716 Beg. b u.s.Apr 8'12 V.91,p, 1030.
200,000
Franklin Tr& Say Bank
131,541
254
Apr '12, 212
GreenebaumSe3511k6ar 1,500.000
34 Jan '12, 3
34,009
200.000
Guarantee 'rrust & Say..
12
Q-J Apr '12, 3
Harris Trust & Savings- 1,500.000 2,029,648 114-5
'1 111.92,p.1009
300,000
62,961 Beg. b us Apr
dome Bank & Trust
Apr '12; 4
Illinois Trust 53 Savings 5,000,000 9,393,072 16+1 16+4
Q-3 bich30'11134
7
74,857 7+13
Kenwood Trust & Saves
200.000
4
534
(4-) Apr '12, 112
58,471
Lako View Trust &Swigs
200,000
13
Q-J Apr '12; 4
Merchants' Loan &Tr Co 3,000.0J0 5,192,518 12
61,368 Beg. b us. Oct 291 oV91,p,1221
200,000
Michigan Ave Tr Co
78,517 Com. b us. Ap r10' 11V92 p1004
Mid-City Tr t!e Say Bk500.000
8
8
Northern Trust Co
1,500,000 2,611,159
Q-J itich30 '111 2
121,908
6
3-J Jan '12; 4
250,009
8
North-Western Tr&Say
50,000 Beg. Is us J'ne
200,000
V.92,p. 1537
Old CoLny Tr & Say Bank
162,691
500.000
Apr '12. 2
People's Tr & Say Bk
300.000
215,825
Q-3 Apr '12,2
8
8
Pullman Trust de, Savgs_
200.000
31,491 Beg. b us. 3'ty 120 9 V.89,p.141
Sheridan Tr & Say Bank
315,182 Comm one Id bus. Sept 6 1910
Standard Tr & Sayings_ 1,000.000
205,00
6
34 Jan '12; 3
46,720
534
Stockmen's Trust & Say
1,200,000 1,400,133 18+2 8+2 (.1-M Sich30'11.2
Union Trust Co
8+2 (4-11 Apr '12, 2
6
900,000
69,156
West Side Tr&SavBank
73,4
200,000
83,338
Woodiawn Tr&Savkiana
93,4 Q-J Apr '12; 212

•Ind and asked prices; no sales were made on this daY. 1April18 (close of business) for national banks and April 19 (opening of business) for State institutions. (No
Dries Friday; latest price this week. S Sept. 1 1911. 1 Dividends not published. Stock all acquired by the Cont. & Carnal. Nat. Bank. a Due Dec. 31. b Due June. e Due Feb. d Due Jan. 1. k Also 20% in stock, n,Feb. 20 1912. o April 22 1102. q Dividends are paid Q-J, with extra payments Q-F. $ A dlr. of 50% paid In 1911
131% of this 13 a special diviDec. 30 1911. u March 19 1912.
on Security Bank stock, to provide capital for the new Second Security Bank. V. 93, p. 1235.
dend. to Prairie State Bank to be merged into Use Central TrCo.; see V. 94, p. 1293. 957. z Sales reported beginning April 18.




BOSTON STOCK EXCHANGE—Stock Record, Daily, Weekly and Yearly
SHARE PRICES—NOT PER CANTUM PRICES
Saturday
May 25

Monday
May 27

Tuesday
May 23

il'eunesriao
May 29

Thursday
May 30

Friday
May 31

Lest Sale 10512May'12
*106 1061.: *10618 1033, *10618 1063 *10578 10318
M MO*103 1031,, *103 1031 *103 10612 *10%11 10312
10312 10312
218 218* ItIAL DAY *21512 219
*217 219
217 218 *217 218
12812 12812 12812 129- 128 12812 5128 129
128 128
*___ 21i) *___ 210 *200 210
. 5____ 212
Last Sale 210 May'12
97
9612 9612
97 ' 96
97
97
97
97
97
*297 -5297 298 *297 298
Last Sale 297 May'12
*13
*13
513
15
*13
15
15
15
Liz! sale 14 May'12
78
*78 ---- 5____ 78
*78 -___
Lail Sale 78 Apr'12
*__ 10: *___ 101
1012 5444. 1012 • Sale 1238 Jan'12
54
54
552
*52
*52
54 *52
54
I,ast
52 May'12
:5,165 16) *165 169 *165 169 *165 169
La3l Sw.e 169 Mav'12
*113 114
113 113 *113 114 1,113 114
0113 114
272 *4_4_ 272
272
272
Last Sale 272 Apr'12
12412 1241, 124 1241 124 124
12334 1233
124 124
4
*124 125 *124 125 *124 125 *124 125
125 125
*85
85 4 *85
3
8!" *85
85 4 *85
85 4
3
3
8512 8512
*143 145 *143 145 *143 145 • 143 145
14733 14738
2012 201, *2034 211
2012 2012
20 4 21
3
52012
8012 81
8012 80'
8012
, 80
8012 8012
8012 801
136 136
13534 13612 136 1361. 136 137
136 136
Last Sale 14012 Apr'12
Last Sale 21312 Jan'12
iii- 116180
*175 1$)
60
*57
59
59
59
59
5____ 60
171 171 517031 171
216812 16812
1707 17114 5171 17114
8
*9012 91
*90
Last Sale 1012 Mar
9012 59033 9034
*90 4 91
3
*160 _ _ -160 --_ *160
1.160
Dial. Sale 160 May'12
85
85
8578 8412 8412 *84
*85
85
8412 8412
10012 1001: 10012 10012 10012 101
10012 10012
10012 10012
8212 621,
10014 100:
414 41
1712 171;
130 1301:
123 123
14578 146

6212 6212
10312 10012
*4
412
17
171f
130 130
123 123
14538 14578

6112 613
10014 10012
414 41
1712 17 2
,
130 13014
123 123
14512 145

6178 617
8
10014 10012
112 478
17
1712
12914 13012
12234 123
14512 1457
8

-9254

9214 -a- W- 92 - - -914 9134
02183
*82
83
82 *-- 83
82
104 ••103 104
_ 10•4 *____ 105
*738 8
8
*738 8
*738 8
14
14
*13
14
14
14
*13
165a 11 3 1714
16
161, 1534 16
3
2841: 283 2831:' 283 283
285 285
171 17114
172 172
9
0
;55- 91 *90 91 -iiF -- - 90 90
95
95
95
95
95
95
95
955
*21938 2211: 22112 2211f 222 222
223 223
*314 4
*314 4
*314 4
*314 4
102 5___ 102
102 5_, 102
*3012 100 04_4_ 100
100
100
154 *_ _4_ 154
153 153 • 153 153
*93 ---- *93 ___ 593
_ *53 -*15912 160
15914 15914 5159 160
15918 1503
4
1634 1634 1612 16 2 *16
17
,
104 8 10473 10412 1052.. 10412 1047 10478 105
7
8
*28
281: 23
2214 2812 28 2 *28
2812
,
2912 2912 2912
*2812 2912 *29
2912 *29
*212 2 4
3
*23
8 27
8 *258 3
1891: 1877 161;- *189 190
189 189
189
8
50
50
50
4912 4912 50 50
50
2918 29
*29
291. *29
2918
2914 *29
7012
6934 6976 6912 70
6958 6078 69
*11013 111 *1103 11118 511012 111 011014 11024
8
*82
*103
*728
*13
15
283

Last Sale 05
15912 15934
1612 1612
105 10512
2812 2812
*2812 30
212 212
189 190
*1912 50
2918 2918
26613 69
11078 111

STOCKS
BOSTON SI OCK
EXCHANGE

Railroads
Atch Top & Santa Fe_lOn
Do pre,
10u
100
100
15 lloston & Albany
100
15 Boston E,evated
Boston
Lowell
100
10'
129 Boston & Maine
Boston at Providenoe_10,
Loston Suburban El CO3_
Dopref
Boston & Wore Elea Cos_
e.
D's
Chic June lty & USY.100
Do pref
4
Connecticut River,,_ _100
100
89 • tch burg, pref
100 Ga Ry Is Elea stmpd_105)
Do prat
100
20
100
100 iamb Central
100
600 :ass Electric Cos
Do pref Stam pad_ I00
284
-1
527 N Y N 1 & Hartiord_10u
Northern N E
lOu
erwica & W or pref_100
100
10 Old Colony
100
20 Rutland pref
101
80 Union Pacific
iot
Do pre:
Vermont & Mass
101
55,
100 1:est Lad St
Do pref
553
71
Miscellaneous
1.mer AgrIcul Chem_ 100
D • pre(
Amer Pneu
56
Do pref
50
Amer Sugar Iteni._ 100
Do pref
100
Amer Tel-p as Teleg_10u
Amerman Woolen_
Iut.
Do pre(
100
129
5 Amoskeag Manuf icturing
Do prof
Atl Gulf & W I SS L_10)
Do pret
103
67
1U
8,065 East Boston Land
78 Edison Eleo
11)0
130 General Electric
139 Massachusetts Gas Cos100
Do p_ef
100
102
49 Mergenthaler Lino...10u
Mexican Telephone
10
N E Cotton Yarn
100
Do prof
105,
N E Telephone
1051
54
Portland (Me) Llec 1.•
100
79 Pullman Co
Reece Button-Hole.. 10
95
100
512 Swift & Co
2.
241 Torrington
Do pre
(
25
32
200 (Tilton Copper L & M
10u
367 United Fruit
Un Shoe Mach Corp_ 23
765
29 . Do pref
13,400 U S Steel Corp
DO prof
lOu
37
79
181
315
188
623
236
1,360

Range since January 1
-Mare tots
On basis oh 100
Lowest

9
9
812 812
*814 ---7
7
7
7
71s
7
4134 443.; 4412 4412 43
4314
8113 8312
8234 83
8212 831r
2914 2938 2014 291
29
2918
538 51
' 514 538
513 £14
.50 0.40 .50
- .50 5.40
712 8
818 81F
814 81.!
418 418
414a 438
418 414




Sighed

10378 Feb 1(1 110 Apr s
10112 Jan 12 10914 Feb 7
216 Apr 15 22212 Apr 3
12734 May 6 13434 Mch 25
209 Apr 25 218 Jan 4
96 May28 10012 Jan 3
29/ May a 300 Apr 27
13 Jan 24 14 May7: Jan 25 78 Apr 24
12 Jan 6 1212 Jan 6
51 May14 57 Jan 8
165 May It 170 Jan 19
10812 Jan 2 111 Feb 19
271 Jan 3 272 Jan IL
12334 May22 128 Jan 25
125 Apr 11 2179 Apr 1
85 May 7 9112 Jan 6
192 May16 14733 May31
19 May 6 2318 Jan b
7912 May 8 83 Feb 28
13312 Mayla 14238 Apr 2
14012 Itch 19 143 Jan 24
211 Jan b 21212 Jan 20
178 May29 187 Jan 31
41 Jan 2 751 Jan 24
4
16012 Feb 1 1743 Apr is
0052 May 7 9212 Feb 8
100 Apr 23 164 Jan 16
83 Apr 15 888 Feb 2.
100 May 3 10312 bleb 19
5814 Feb 28
100 Apr 11
312 MO 13
14 Mch 26
11434 Jan 10
11512 Jan 4
13712 Jan 2
25 Jan 31
86 Feb 5
77 Jan 3
100 Jan 2
7 Jan 4
1412 May31
1034 Jan 2
280 May2a
155 Jail 2
88 4 May 2
2
9312 Jan 5
218 Feb 1
212 Mch 14
10112 May.41
100 May '2
152 Jau 2
7212 Jan 17
158 Feb 1
1334 Jan 2
9812 Jan 2
27 May a.
28 Jan 6
.85 Jan 6
178 Jan 29
4614 Jan 15
2758 Jan 10
5828 Feb 13
10718 Feb 13

Mining
25
*818 ____
5 Mch 28
14
300 Adventure Con
458 Jan 4
25
61516 Vie 1,215 A lgomal] Mlnln6
25 3814 Feb 1
650 A llouez
4212 43
8134 8134 3,147 Amalgamated Copper 10i, 60 Feb 1
Zinc Lead as :3m. 21 2412 Feb 15
1,520
2834 29
2 Jan 2
5
51g 3,175 Arizona Com'l ctls clap_
aonanza Dev Co__ _ lc .40 Men 9
Lent Sale .45 May'12
614 Feb 1
7
738 2,595 Bos&Corbeope:.$114
314 May23
3 4 33
3
4 2,450 Butte-ISalaklava Cop_ 10
butte Coalition
15 2134 Ja 18
L::.31 Sale 23 Feb'12
4
381. -57 - .- -57r2 -- -3- 39.1 3712
5,080 ButtedaSupCop(Ltd) 10 1912 Feb 7
3614 37
38
3 4
7
712
37'2
7412 75 4 14,582 Calumet & ArIzom._ 10 5712 Feb 1
7412 7612 7412 7614
3
7214 733, 73
75
25 405 Feb 1
133 Calumet (To Ilecla
490 494
490 493
488 488
486 490
485 485
21 1712 Jan 5
24
50 Centennial
24
24
24
*2412 251:
24
5 2514 Feb 28
360 .hino Copper
52958 30
30
2938 29 8 2934 29 4 2912 2958
3
30
3
1 .03 Meh 26
400 Cons blercur
.06 .05
.0t 0.05
.05 5,05 .07
5.05
6815818 581;
5812 585- 5812 5812
-ail - 2 719 Copper ltange Con Co 105" 50 Jan 31
5812 59
Daly-West
514 51
5 Jan 19
90
21)
*5
: *514 512
512
51, *5
512 512
10 1214 Jan 15
1334 133.
1312 1334 1312 1334 1312 1378
1314 1312 2,068 East Butte Cop Min
23 1152 Jan 15
745 Franklin
1114
1214 1214 1233 1212
1212 1212 12
1214 1214
Giroux Consolidated_ 5
418 Feb 27
518 534
53 5 11-16 1,415
3
57i8 5
9us
53
4 53
4 Vs 59-1
700 Granby Consoildated_100 33 Feb b
541. 54
:
54
5434 53
*54
53
*54
V14
55
20
712 Feb 29
912 91
912 9.
3
3
9 4 1013 12,956 Greene Cananea
912 93
4
938 1018
320 Hancock Consolidated 25 29 Jan 5
314, 3312 3378 3312 34
34
3314 334
3314 3314
25
1 Jan 3
112 112
8 15
,
150 Helvetia Copper
5118 11!
112 112 *13
_
25 1138 Jan 16
19
19
1912 19;1
1014 1912 20
19 -- 4 1,035 laillana Mining
103
4
193
97 Inspiration Canso( C. 20 18 Feb 6
19
19
1038 1938 *1878 191
*1812 19
: 1878 1878
5434
53
53
55
*52
5412 5434 54
3,315 Island Creek Com _ _ _ I 4012 Jan 17
5234 53
Do prat
85 Jan 13
90
90
*39
20
90
90
90
00
*89
*89
90
1,424 isle Royale Copper__ 25 2034 Jan 15
281r
2812 2878 28
2813 2818 2814 21358
2734 28
8
2 Apr 9
21348 213,
212 21:
212 212
*233 258
410 Kerr Lake
24 2 4
3
3
25 .80 Jan 2
*134 2
2
85 Kewecnaw Copper
2
*134 2
513
4 2
13
4 13
4
25 3212 Feb 1
385i 3814 3812 3812 383
1,240 Lake Copper Co
38
39
39
39
4 38
26
C,3
8 611 *614 635 *614 613
41* Feb 15
612 61:
612 612
110 La Salle Copper
..5 107i Feb 8
4
1172 11', *115 1214 1138 115
8 1112 118
8
340 blazon Valley Mines.
*1112 1178
25
634 714 *7
_
3
740 .dass Consol
6 4 May27
*7
714
63
4 7
714
1133 11
25
113
234 Jan 3
4 11
11
11
*11
11
4 1038 1,160 Mayflowo.•
93 -- 2338 Jan 29
2628 2614 2614 *2618 2614
2618 23'8 26
26
26
625 Miami Copper
25
2 Jan 2
3
3
3
3
3
3
3
3
130 Michigan
23 5012 Jan 30
*6212* 631, 6212 63
6212 63
63
63
185 Mohawk_ ..,
6312 6312
2158 2134
22
2178 22
22
22
22
2114 2178 1,102 Nevada Consolidated_ 5 1814 Jan 25)
314 Feb
4/4 414
4
4
418 414
41!
115 Nays Arcadian Copper 25
414 414 *4
.,
5
534 Jan 3
*734 8
738 758
758 7..*
605 Nipissing Mine.;
3
7 2 73
5
4
7 4 73
3
15 2234 Feb 1
, 2814 2914 28.1'8 2912
28
29
2812 283, 2814 287
3,285 North Butte
25
514 Jan 30
0
614
654 61.
040 North Lake
814 61 • 614 614
614 614
;
*13
25
4 514
414 May b
*414 434
412 41. *412 5
412 412
305 Cjibway Mining
71., 83
8 1,461 Old Colony
25
258 Jan 2
8
53 8:
8 2 (4A.
,
812 8 s
8 8 83
3
7
4
25 44 Jan 31
56
5714 57
57
56
*5534 561: 5612 57
5712
1,280 Old Dominion Co
25 106 Jan 15
119 120
11812 120
119 11912 119 119
118 118
89 Osceola
15 Mch 27
MI 17
*1612 171., *1612 1714 1612 1612
160 Pond Creek Coal -- lu
25 7312 Jan 29
88
88
-852 ---1*8812 894 28714 88
8712 88
35 Quincy
87 2
10 1618 Jan '29
19
1858 183
19
*1834 19' *1878 1918 1878 19
325 Ray Cnnsol Copper
4
1 Jan 31
378 4
33
4 4
3
358 313ie
33 31318
4
334 313
153 3,353 Santa Fe Gold & Cop_ 10
10
9 Jan 31
1528 151
1412 15
15
151, 1514 1514 15 , 1514
3,716 Shannon
.60 Feb 1
5.75
.8. .80
.70 .70
.86 *.75
.91) .75 .75
1,330 .iouth Utah .151
31
21 24 Feb 1
34
, 3414 3414
33
3312
*3312 341.5 3433 34'
465 superior
I
114 May24
214 21,
3
2148 218
2
2 1a 2:
2148 1,345 Superusree Boston
214 214
*42
43
*42
*42
20 Jan 31
42
42
43
42
42
43
75 Tamarack
*612 7
612 (1
654 614
5 Jan 15
21
165 Frinity
612
614 612 56
318 May13
1
3 8 358
5
3
*338 358
9is
312 358
*312 3
3
815 Tuolumne Copper
3812 381; 3812 381.
3812 3812
3818 3818
3812 381
764 U S Smelt Ref & Mln_ 50 24 Jan 31
pref
4873 4876 4858 481,
4834 4834
50 47 Jan 1(
D
483 42:3_ 4873 4878
4
500
*212 234 *212 23
252 21
Z8 238
1
2 May21
4
210 Utah-Apex Mining... 5
23 28
3
3
1234 1312 51212 1314 1234 123 *1234 13
13
5 1234 Apr >5
13
155 Utah Consolidated
4 6214 621, 6212 621: 62
6234 623
6238
0 4 6134
10 5212 Jan 29
3
239 .tab Copper Co
418
438 *458 437 *312 4
37 May22
8
378 4
23
285 Vic orla
414 414
*6
63., 56
Last Sale 612 May'12
*6
(0
63., 56
Winona
512 Jan 25
25
12 712
109 109
10912 10)i. *10) 110 •10752 10) 10314 10E14 •
25 9434 Jan 21;
55 Wolverine
,•
at, a
21.
13, .T.sn 5
*218
3-1t, *^'•
2S0 Wt. 01 'rat
2118
25
Vin
a
Ada
pr,e44. a A +IV •Wk.,I, C A9I1 pa,..t. 0 sAZ-4400.: WV. is 14 Z-e,41314, a gl*-jsi, aaa rig.ai3. 3 4J114.-1.130,1.1.
*818 ---714 714
*4412 451:
8312 835
2938 2934
*53
8 55.
.51
5.40
S
814
31548 41;

43
,

6178 6178
10033 10012
434 5
1714 18
z127 129
z121 12114
14512 14534
Last Sale 2912 Meh'12
92
9214
83
*82
Last Sale 10334May'12
Last Sale 738 May'12
1312 1312
1578 16
290 290
2169 169
9012
90
95
95
*221 223
Last Sale 314 May'12
Last Sal. 102 May'12
Last Sale WO May'12

Scutt
of the
Week
Shares

Range Jar Previous
Year 11)11
Lowest

Ii leihest.

10058 Sep 11114 J'ns
101 Sep 105 J'ne
119 Apr 226 Feb
12412 Sea 13012 Aug
207 Feb 218 Sep
51612 Oct 12238 Feu
292 bleb 300 Mch
12 Sep
16 Mali
70 Oct
7014 J'ne
6 Feb
13 J'IY
31812 Jan
58 J'ly
156 Apr 171 Dec
107 blab 11512 J'ly
265 Jan 272 J'ne
125 Apr 130 Jan
211752 Jan 2164 Oct
86 Feb
9312 J'ne
135 Sep 215 Jan
16 Apr
24 J'ne
12714 Sep
135? Jan
210 Jan
183 Mcb
32 Jan
15312 Sep
90 Mch
1551 Mch
85 Sep
104 Aug

15138 Feb
142 Mch
211 Nov
190 Noc
45 Dee
19218 J'ly
9518 May
10418 Dec
93 btch
105 Jan

46 Sep
63 4 Mcb 23
3
99 Jan
105 bich:22
312 Au4
518 Jan 15
1218 Aug
18 May31
1335 May13 112 Sep
8
4
123 Apr Ii 1113 Jan
149 Mch25 13158 Aug
2612 Dec
30 Mch 22
8512 Oct
9414 Mch 23
84 May a
7712 Dec
56) Dec
105 Mcb 26
9 Feb 14
73 Dec
8
1412 Nov
20 Jan 18
714 Jan
1714 May27
300 Men2i 275 Sep
17238 Apr It 142 Sep
8734 Jan
94 Meta 16
93 Dec
9878 Feb 155
225 Jan 18 211 Jan
3 Oct
4 Jan 20
105 Jan 18 103 Oct
107 Mch 26 101 Nov
164 MO 14 13/ Jan
6234 J'ly
90 bich 20
16512 Apr 29 153 Sep
1738 Apr 11 212 Jan
9734 Sep
109 1510127
251 Sep
32 Jan 10
27 Mch
31 Anr 17
3 May
4
3
3 4 Apr 8
190 May 1 /1178 Dec
4014 Aug
5314 Maki 13
2612 Sep
2012 Apr 2t,
50 Oct
7314 Apr 3u
11334 Mch 2,, 10312 Sep

6334 Deo
10554 Mai
612 Jan
1014 Jan
122 Feb
12012 may
15314 J'ne
3614 Mch
9012 J'ne
81 Nov
10012 Dec
11 May
20 Jan
12 May
297 Dec
10734 May
9034 Aug
9812 Oct
235 Aug
478 Jan
119 bleb
11613 Mob
10512 Dec
7334 Nov
103 Jan
15 May
104 J'ne
ad Jan
31 J'ly
1140 bleb
19712 J'ly
5878 Feb
2104 Jan
8218 Feb
12012 Feb

4 Sep
212 Oct
21 Aug
4134 Sep
1934 Oct
138 Dec
.30 Oct
334 Aug
3 Nov
14 Aug

713 J'ne
11 J'ne
4414 Dec
7158 J'ne
3058 J'ne
21148 Deo
.75 May
1612 may
612 Jan
2,312 Deo

46 Sep
360 Sep
a Aug
163 Sep
8
.03 Nov
4634 Sep
3 Feb
87 Aug
2
512 Aug
33 Sep
8
26 Aug
5940 Oct
17 Sep
4
3 Sep
514 Oct

0334 Deo
545 Jan
19 Dec
2712 Dec
.15 Jab
6104 Feb
7 Dec
113 J'ne
4
14 J'ne
815 Feb
9312 J'ne
858 Deo
3112 Dec
2 Feb
16 J'ne

2914 May
8118 Sep
1152 Aug
253 Oct
12 Nov
22 Aug
3 Aug
612 Apr
412 Aua
.20 Feb
1678 Sep
114 Nov
36 Apr
15 Sep
2 Aug
2612 Dec
20 Sep
4
33 Aug
35 Dec
8
.50 Jan
3414 Sep
81 Sep

44 Dec
91 J'ne
23 Dec
778 Jan
384 J'ne
40 J'ne
6 Jan
1178 Deo
sb
J'ne
31i8 Dec
2438 Dee
31 Jan
57 Deo
2114 J'ne
414 Arm
115s Feb
3014 J'no
93 Joe
4
3112 J'ne
318 J'ly
49 J'ne
124 Jan

55 Sep
12 Sep
4
3 Apr
7 Oct
12 Dec
20 Oct
e218 ()et
20 Sep
278 Oct
134 Sep
3038 SeP
9514 Aue
173 Nov
934 Jan
38 Sep
1 Aug
4
33 Nov
74 Nov
.30 Nov

76 Dec
10 Deo
4
13 J'ne
1214 Feb
1 144 May
4212 Jan
814 J'ne
62 Jan
512 Dec
478 May
4018 rne
450. J'ne
3w.no
20 J'uo
5758 Dae
418 Dec
911 Feb
123 Feb
2 Feb

1114 Apr 20
814 May 2
50 Apr L.
85 Apr 27
3134 Apr 2u
67 Apr 2
8
.55 Apr 11
9 Jan 16
534 Apr 2
2333 Jan 3
3834 Maylb
7612 May28
500 Apr 1
2712 Apr lb
3034 May25,
.09 Jan 155
6612 Apr 11
712 Me1327
1536 Apr 11
1614 Apr 1
61148Apr 6
6014 Apr 26
1018 May2u
3658 May k
2 Maya
23 Apr 24
2153 Jan 24
55 May27
9012 May17
2912 Apr li
358 Feb 13
3 May b
49 Apr 15.
8- Apr 17
1334 Mali 211
914 Jan 4
1812 Apr 23
27 Apr 2
512 Apr 20
6711 Apr lb
2314 May 1
614 Apr 10
858 bleb 26
35 Apr 11
3
8 4 Apr 22
863 Jan 11
4
1314 May 1
58 Mayll
121 Apr 17
1712 May22
93 Apr 26
2034 Apr '2
478 May2s
1534 Apr 2
114 Apr 3
39 Apr 2(1
478 Jan 13
51 Apr lb
912 Apr I.
Via bleb 26
40 4 Apr 11
3
4954 !Met'28
,
31'io Feb I
2038 Apr 2
6518 Apr a
6 8 Jan 20
7
734 Men I
117 Apr 17
314 Mch 4

1499'

Boston Bond Record

- AnTE 1 1912.1
Pric,
Friday
May 31

BONDS
'BOSTON STOCK EXCHANGE
Week Ending Slay 31

Range
Since
Jan. 1.

Week'
Range or
Last Sate

high No
Ask Low
10213
102
(37 Sale 9058
9073 47
S 113 11.114 11334 11334
1936
Convertible 43
9834 Oct '11
Am Writ Paper 1st $ f Is g 1919 J
1915 II-N fig - 122 lid May'12
Am Zino L h 8 deb 6s
-- 72 May'12
Ariz Com Cop 1st Os ctfs of dep_
9:113 Sale 01;12 tn18 1
Mob Top & S Fe gen g 4s 1995
Adjustment g 4s____Juiy 1995 Nov 9014 91 4 91 Mch'12
/0.1 9114 ii0P3 May'12
July 1995 11-N
Stamped
---- 10813 Mch '12
1955 J_1)
.
50-year cony 48
JD -------- 11053 Mch'll
10-year cony Is
61
191 13
Gulf 63 W 1 SS Lines 55_1957 J - 3 ---- ---- 64
Atl
Boston Elev 30-yr g as
1935 ,11-N ---- ---- 9513 Feb '12
1916 J -J -------- 10014 Mch'09
Boston & Lowell 45
____
10412 Oct '08
1944 J Boston & Maine 4 1,1s
193,
Improvement 4s
95 Feb '12
1942 F-A
Plain 'is
10318 Apr '12
Isle J -J 103
Bur & Mo illy cons Os
illsSep '11 --Cedar Rap & Mo It 1st 73_1910 11-N
0112
1
4
9112 913 11.12
Cent Vermt 1st g 4s__ May 1920
1103 Oct '07
0 13 46 Q Iowa )31v 1st 58_191s -0
1919 A-0
16119 Mch'12
Iowa Div 1st 4s
1913 .11-N
101 10078 Apr '12
Debenture 53
9978 Feb '12
1922 F- A
Denver Eaten gs
1927 .11-N
9812 Mch'12
Nebraska Eaten 45
1921 .11- S
991g Feb '11
&SWst 45
B
1949 J -J
8718 May'12
87 __ _
Illinois Div 3 1s5
3
Chic Jet fly do Stk Yds 5s....1915 J J 10073 1013 10114 May'12
Coll trust refunding g 45_1940 A -0 9053 ___ 8912 May'lu
114 Jan '11
Ch Milw & St P Dub D 65_1920 J-J
11375 Feb '11
Ch M &St P Wis V div 63_1920 J J
91 May'12
Ch 63 No Mich 1st gu 5s__1931 ,11-N
1921 J
97 Apr '12
Chic 63 W Mich gen Is
3712Sep '11
Concord & Mont cons 45_ _1920 J-11
10014 Aug 0..)
Cudahy Pack (The) 1st g 53 1924 .11-N
1926 A-0
100 May'12
Current River let 55
1940 A -0
81) May'12
Dot Gr Rap & W 1st 4s
1940 .11-N
9834 Apr 12
Dominion Coal 1st 5 f 5s
1915 .11- S
10313 Apr '05
Fitchburg 45
1927 NI- S
06 Apr '08
45
12712 Sleh
Fremt Elk 631110 V 1st 6s1933 A-0
---- 127 \tell'12
1933 A-0 ---•12
Unstamped 1st 6s
rod

Am Agrieul Chem 1E Is.. __1928 A-0

AM ToLep & Tel coil tr 4s-1929 J - J

BONDS
BOSTON STOCK EXCHANGE
14
Week Ending May 31

Low
4
111114 1023 General Motors 1st 5-yr 63_1915 A-0
9013 9114 ('..t Nor C B & Q coil tr 4s__1921 J-J
Registered 4.3
1921 Q -J
10834 1153
4
Illinois Steel debert Is
1913 A-0
In Falls & Sioux C 1st 7s
1113 120
1917 A-0
Kan C Olin & Spr 1st 5s_ _1925 A-0
5 1 82
99 9934 Kan C Ft Scott & Mem 6s 1928 11-N
91 9213 Kan C AI & 13 gen 4s
1934 11- S
Assented Income 5.3
0058 915$
1934
S
10818 10813 Kan C & M fly Fe Br 1st 55_1929 A-0
Siam Hough & Ont 1st 63_1925 A -0
4
64 ii1- Mass Gas 4 1-Ss
1929 J-J
1917 J • J
95 (1518 Mich Telephone 1st Is
New Eng Cotton Yarn 5s_1929 F-A
New Eng Tel -ph Is
1915 A -0
Is
1916 A-0
New England cons g Is
1945 J-.1
93 95
Boston Term 1st 4s
1939 A-0
103 10318
New River (The) cony 53_1934 J-J
4 NY N H & Ii con deb 3 hs_155. J -J
2 92
191- --Cony deb 6s
1948 J -J
-7991; Old Colony gold 4s
1924 F-A
3
1007 10112 Oregon By & Nay con g 4s..1946 J -I)
9973 100
Oreg Sh Line 1st g (3s
1922 F-A
1912 J-J
9812 9833 Pere Marquette deb g 6s
Repub Valley 1st s t 6s
1919 J -J
i;3- 8734 3avannah Elec 1st cons 5s_..1952 J -J
4
193u F-A
10034 10134 Seattle Elee 1st g Is
Shannon-Ariz 1st g 65
1913 NI- N
89 91
Terre Haute Elec g Is
1129 J -J
1318 M-S
Torrington 1st g 58
Union Pac RR & 1 gr g 4s_1947 J -J
01 99
1927 J -J
-year cony 4s
20
97 101
United Fruit gen s f 4 Jis
1923 J-J
Debenture 43.s
1925 J. J
9914 103
U S Steel Co 10-60-yr Is Apr 1953 Si-N
1915 F-A
80 8614 West End Street fly 4s
1914 ;11- S
Gold 4 112
9834 9914
Gold debenture 43
1916 ,11-N
Gold 43
1917 F-A
1932 J-J
12712127)2 Western Teleph & Tel 5s
127 1271p. Wisconsin Cent 1st gen 4s 1949 J -J

-Buyer pays accrued int,srest In addition to tus purcna.se pried tor all Boston Bonds
NOTE.

Price
Friday
May 31

Range or
Last Sals
--High No
Bid
Ask Low
,
100 100) 0914 Feb '12 ---9634 16
9612 Sale 9612
fc
9614
9638
96 8
5
2
10038 150 8 onss 10038
.5
117 Apr '08
97 Mch'12
if/ 11618 May'12
6i13
. 9212 Meh'12 _
81 84 85 May'12 ____
103 ____ 10234 May'12
115 J'ne'08
987
8
9812 99 9878
10018 Apr '12
98
9812 ---- 98
---- ---- 10138 Mch'll
10012 Sep '08
---1.1978Jan '72

--

---- 75 Dec 11
9214 Meh'12 -_-_-_-_
---132 Meh'12
101 Apr 1.19
9878 Sep 'Os
:77
1133 Feb '12
4
..95 Jan '12 __
103 Jan '11
103 7014 Dec '10
1
10514
10514
0512 May'L
97 Apr '0/
1561- Sale 10012 10012
3
'
10012 Men 12
10178 May'12
-6658 -967-3 9658 May'12 ____
- .
4
3
9512 05 4 953 May'12 ____
---- 102 May'12
---- ---- 99 May'12
____
100)4 Feb '12
9878 Apr '12
9812Nov'll
10034 Sale 10034 101
7
035, Feb 12

• NJ price Friday: tate t old and asked.

leaned
Sines
Jan, L
Low High
9914 9914
9638 9812
9633 9758
10018 10034
116 11712
- 11..
1 .
9 8
: .
2
85 89
4
10212 1023
1)1018 10018
:
-8

;0.09
981
6

J93
4
0214 9278
13134 13212
1131 11334
4
95 95

16•1- 1- -4
618131396
1 - -1
-0
0
10012 10053
10178 1017
8
9553 9713
9512 9612
10158104
99 9913
10014 10014

1)912 101

0:35,; 933s

lj Fiat price.

Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
,
mil-Not Per Ceaturn Pr•cos
Shari'
Saturday
May 25

Monday
May 27

Wednesday
May 29

Tuesday
May 28

118 *11612 118 *116 118
113 113 *___ 11312 *112 11312 '112
3
13 4 133.1 1312 1334 1312 1359 1314
6614 6614 6614 6614 6518 6612 6633
12712 12711
iry32512 2512 2514 - - 8 25
-2612 If.54,1
*5312
554
55
5512 5412
55
2358
241; 2334 24
2417 24
*24

*433.i
4314
*1214
*5512
*2114
6312

- 8 ..7 - 8
0 437; 0
44
4333
43
4314 43
*1214
1214
___
5534
56
56
66
21
2114
213.1 21
*6312
64
631: 64

44
4331
1214
557
9
21
61

1312
6612
2514
-2353

- 8 44
0
*4314 431,,
41214
5512 551t
2012 2034
6.312 63k•

2812 2917
2912 ;igr2 2017 ;2T312 20
*29
,
4
89 8 895e 8912 8912 8918 893 *8914 893
5
8718 8712
88
883 883
4
4 8812 8812 83
1214 1212 1212 1353 1314 131: 13
1312
4
29
2914 2912 301; 293 293
4 2919 30
61,310 611546 Oluis 611515 6153 6173 6153 61"16
52
5212 *52
5112 5112
521, 52
*52
1014 1912 1914 1914
1933 1038 1914 1914
2273 23
23
2273 2279 23
*2234 23
*8713 8714 802 8712 8638 8658 8533 8653
*61.14 7
7
7
7
7
7
7
5153 5153 5138 5112 6112 5112 5114 5138
814
88 4 88 4 88 / 88 4 8812 8812 8814 8
3
3
51
3

PHILADELPHIA
Inactive Stocks
10
American Milling
50
Cambria Iron
Central Coal 61 Coke. 100
100
Preferred
100
Consol Tree of N J
50
Germantown Plugs_
Huntington & 13 T___50
50
Preferred
Indiana Union Tr____100
Insurance Co of N A__ _10
Inter Sin Pow & Chem_5t,
Interstate lilts. pref__ _10
Kentucky Socurities__100
100
Preferred
Keystone Telep V t c__.50
50
Preferred
Keystone Watch Case_100
lu
Lit Brothers
50
Little Schuylkill
Mlnelsill & Schuyi 11_50
Nat Gas Elee Lt & Po_ IOU
100
Preferred
North Pennsylvania_ __50
50
Pennsylvania Salt
Pennsylvania Steel,.,.100
Preferred
100
Phila. Co (Pitts) pref___5d
Phil German & Norris_50
50
Phlla Traction
10
Railways Genera)
Tonopah Belmont Dev__1
United Cos of N
United Trac Pitts pref_50
Virginia fly & Pow__ _100
100
Preferred
Warwick Iron & Steel_ _10
Washington-Va By._ 10
100
Preferred
100
Welsbach Co
West Jersey & Sea 811_50
Westmoreland Coal__ __50
Wilkes Gas & Elec----100
5
York Railway
50
Preferred

114,4

A:lc

Range Since
January 1

ACTIVE STOCKS
oi the
Week (For Bonds and Inactive
Stocks see below)
Shares.

Lowest

Iiiohest

Range tor Previous
Year (1911)
Lowen

litf/lIst

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

9512 Dec
101 Sep
10 Aug
79 J'ly
13034 J'ne
27 J'ne
50 Nov
1978 J'iy

*116 117
11218 11212
1212 13
66
66
*12712 130
*2434 2512
4
*5314 533
21
2113

Baltimore
Con Gas El L & Pow_100
pref
Do
100
218
2,265 Houston 01 tr etts_10o
pref tr etts_ 100
Do
506
50
1 Northern Central
100
758 Seaboard Air Llne
Do
pre:.
100
495
1,375 United By & Electric.. 10

96 Jan 3 117 May 6
101 Jan 2 116 Apr 3
814 Jan 3 1414 May20
6334 Jan 25 67 May16
127 Feb 28 130 Apr b
2714 May24
2212 Meh
4512 Mch 14 5512 May25
2412 May21
1814 Jan

*112 2
14314 44
4333
43
_
*12145512 1
.
534
2012
*20
*6312 6334
*614 7
3114
30
8934 813
4
85
8712
1312
13
2912 30
6112 6134
5112 5112
12112 2159
2212 2279
8351.6 8514
6154861516
5114 5133
88
8814

Philadelphia
50
American Cement
831 American Raliways_ 50
50
488 Cambrta Steel
100 Electric Co of America 10
348 Elec Storage Battery_100
100
1,180 Gen Asphalt tr etfs
pre( tr ctfs_100
Do
352
Keystone Telephone_ 50
5,763 Lake Superior Corp 100
50
80 Leh C & Nay tr
50
600 Lehigh Valley
8,946 Lehigh Valley Transit 50
50
Do pref
1,939
50
1,355 Pennsylvania Rit
225 Philadel Co(PIttsb) _ 50
1,643 Philadelphia Elec)_ 25
50
631 Phil 11 T vot tr etfs
50
4,600 iteadin.•
1
578 Fonopah Mining
50
1,109 Union Traction
55
1,428 Union Gas Impt

1712 Jan
112 MayL)
5 Nov
7 Jan 10
42 Jan
4314 May.s1 4512 Feb 1
4612 Nov
4078 Sep
483 Feb
4434 Men 28
4
4112 Men u
1212 Jan
1178 Feb 2 1214 Jan 29
1112 Jan
5618 J'ne
5234 Jan 16 563 Mch 2l
4812 Jan
4
2812 Aug
3914 Oct
18 Apr 2 3314 Jan 3
68 Aug
8378 Jan
5934 Apr 2 73 Jan 11
648 Dec
918 Jan
6 Apr 4 848 Jan 8
2112 Sep
32 Feb
2714 Jan 3 33 Apr 15
8312 J'ne
98 Jan
8778 Mch 20 91 Apr 26
mg Feb 5 927 Jaii 16
8
753 Seri 93'ts Dec
4
614 Jan
978 Oct
812 Jan 3 1358 May27
2538 Oct
1812 Jan
23 Jan 12 3012 May27
5938 Sep
65 Feb
011ie Jan 27 631te Apr 26
5914 J'ne
4814 Sep
5(412 Jan 11 5614 Feb 16
1512 Nov
18 XIV
1678 Jan 2 12148 May31
2218 May 6 245 Jan 25
2418 Aug
17 Apr
8034 Feb
7414 Jan 11 1914 Apr 30 661'te Sep
814 Apr 15
512 J'iy
634 Jan 11
853 Jan
43 Jan
5234 Aug
4934 Feb 28 5214 Jan 26
8614 Jan 1) 8034 Apr 26
8933 Jan
8414 Sep

Bid

PHI LA DE LPH IA

Bonds
158 178
Prices are all "and
43
4312
interest'
8312 85
Alt & L V Elee 4 14s'33 F
-A
8012 81
Am Gas 63 Elee Is '07_F-A
A-0
Am Itys Is 1917
--- ___ All Gas 1st s 1 Is '60--J-J
Berg&EBrew 1st 6821 J-J
_ii _
Bethleti Steel 8s 1908_Q-F
..ii1.. .--- Choc dc Ile 1st Is 1949.J-J
.4
-ill oh Ok & G gen Is 1919 J-J
:
Con 'Frac of N J 1st Is '33
.._
Del Co Itys tr ars 4s'49J-J
-311- -3312 Elec & Peoples Tr tr etts__
2
-_ --- Fr Tachli 1st Is 1940.J-J
.
Gen Asphalt Is 1916.11-S
Indianan By 45 1933__J-3
_
F-A
-_ Interstate 4s 1943
-1712 _- Keystone Tel Is 1935_J-J
-.
.
Lake Sup Corp inc 5s'240
5712 ___
Lehigh Nay 4 141 '14...Q-J
20 --Gen M 4 1ss g 1924..Q-F
Leh V C 1st Is g 1933.J-J
70
Leh V ext 4s 1st 1948_J-D
idli itii - Conso (Is 1923
J-D
Comm 4 143 1923
J-D
-_Annuity 6$
J-D
9934 100
Gen cons ,s 2003 _M-N
4312 44
Leh V 'I'ran con 4s '35 J-D
152
egt.
1st series A 4s 1935_M-S
81
1st series B 5s 1935 11-S
91, 10
1014 MarketStEl 1st 4s•55 NI-N
10
Natl.!'&P ser 13 Is '19 J-J
New Con Gas Is 1948_J-D
___ ---- N 1 Ph & No lia 45'39 J-J
Income 4s 1939
M-N
"161- -1 2 Pa 6c N Y Can Is '39_A-0
4 -01--.Penn Steel 1st Is '17_51-N
--- Pt.ople's 'rr tr ctfs 48 1943
P Co Ist&coli tr 53'49 M-S
5217 ____
Con & coil tr Is '51 11-N
Phil Elec gold tr etts_A-0
82-Trust etfs 4s 1949 __J-J
....... ____
P & E gen M 54 g '20_A-t)
Gen M 4s g 1920
A-0

.1/3/4 and asked: no sales on this day.




Friday
May 31.

Thursday
May 30

11 Ex-div.83 rights.

PHILADELPHIA

Ask

111,4

Asl.

63
82
77

0312
7

1033
4
- 34
ig

3
HE- 115110.318 10358
145 146
98 9814

,
100

-6114
92 92)7
10312 101
07
9712
10317 104
8314 8359
1051,

9934 1,6-6

I 515 paid.

BALTIMORE
Inactive Stocks
Ala Cons Coal & Iron_100
Preferred
lot
Atian Coast L (Conn)_100
100
Canton Co
100
Georgia Sou do Fla
100
1st preferred
100
2d preferred
100
0-13-S Brewing
Pullman Cons Ventli...100
100
Preferred
Bonds
Prices an all "and
interest"
J-J
Bait City 3 14s 1930
4s 1954-11135___Varlous
Ii-N
55 1916
Anacostia & Potom 5s A-0
AtCoast L cony deb 453I-N
At! Coast L(Ct)ctfs 5s J-D
Ctfs of indebt 4s___J-J
J-J
5-20-yr 45 1925
-A
13 S P & C 1st 4;is'53 F
Bait Trac 1st Is 29__M-N
No Balt Div 5s 1942 J•D
Car Pow & Lt Is 1938 F-A
Cent By cons Is '32__M-N

t 413 34 paid.

BALTIMORE

Bid

Ask

C By Eat&Imp 53 '32 11-S
Chai City fly 1-1 53'23 J-J 103 Chas Ity G & El Is '99 11-6 96
City & Sub 1st Is 1922 J-D
Lay & Sub(Was)1st 53 '48 104 10414
Coal 44 C fly lit Is'19 A-0 91
10112
Coal & I IV 1st
Col&Grny 1st 63 1916 J-J
Consos Gas 53 1939___J-D
Gen 4;is
90
Cons GE & P 43.4s '35 J-J
Fair & Ci Ti' 1st 5.'38 A-0
10012
Ga & Ala 1st con 5s'45 J-J
Ga Car&N 1st Is g '29_J- iC1 13 105
,4
Georgia P 1st 68 1922__J-..i 112 11234
Ga So dc Fla 1st Is '45_J-J
(i-B-S Br‘w 3-4s '51_M-s 51
linoxy Trac 1st 53'28 A-C
1:0i312
AlaconRy&Lt 1st 55'53 J-J
9912 101
Md Eiec fly 1st 55'31_A-0 98 9834
Memphis St LA Is 45..J J
Mt Ver Cot Duck 1st 5s__ 75 -fE13
Npt N & OP 1st 55'3811-N
100
Nora:Port Tr 1st 5s'36 J-1) 89
8912
North Cent 4 1.1s 1924-A-U
Series A Is 1926____J-J
80 Series B Is 1926___J-J
412 5
20 30 P tt Un Trac Is 1997__J-J
89 98 Polo Val 1st 5. 1941__J-4
Say Fla & West 5.'34 A-U •
Scab Air L 43 1930___A-U
Adjust Is 1949____F-A
Seat' & Roan Is 1926__J-J
106
93
10017 South Bound let 5s__A-u
U El L&P 1st 4 11s29 11-N
-6412
10359
Un fly & El 1st 45 '49 M-S. 84 4 85
,
i513- 10214 Income 4s 1949___J-1) 0714 6712
4
Funding Is 1933___J-D
90
_
Va Mid 3d ser Gs'16_M-s_
4th ser 3-1-53 1921_11-5
-6/1- 5th series Sc 1926__M-s.
8
100
1661 107 Va (State) 3s new '$2_J-.J 86
4
Fund debt, 2-3s 1921 J-J
West N C con 68 1914_14
Wil & Weld Is 1935_ __J-J

Ph 6c Read 2c1 Is 1933 A-0
Na Imp M 4s 1947_A-U
Termin..1 leg 194i _Q-F 114 rig
P W .14 B col tr 4.'21__J-J 9912 100
a
-if- -ili Read 'Frac 1st 65 '33_..J-J
Hoch Hy de Leon 5s'5t J-J .
96
1664 10134
9314 Spanish-Am Ir 65 '27__J-J 101 luli,
Stan'd Gas 46 E 65'26_J-D 10012
11612:7; Stand SU Wks Istas'28 J-J
U 'Frac Ind gen Is '19_J-J
Un Itys Tr etts 441'49__J-J -if 78
103
1043 ___ United Rya Inv let coll ti
4
84).
5 f Is 1926_
M-N 84
Welsbach s f Is 1930_ _J-D 9112
8712 88
W11-13 G&E con 53
.55_J-3
York Rys 1st 53 1937...1-D

§517 A paid.

1500

THE CHRONICLE

[VoL. Lxxxxxv.

Volume of Business at Stock Exchanges

Bid Ask Indust and Miscell-(Con.) Bid Act
Ferry Companies
95
B & N V let as 1911„....14 92
131131 (E W) Co corn
85
8
15
Preferred
NY&ER Ferry stock_ 100
50 7512
0
5 122 127
45
55
Bond & Mtge Guar
1st 5s 1922
M-N
100 290
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
9912 100
N Y & Hob 5s May '40_ _J-D
Borden's Cond Milk com 100 128 12912
DAILY, WEEKLY AND YEARLY.
Hob ley 1st 5s1946..M.)8 104 jai'00 10812 110
Preferred
British CoCm Copper Co..Co__5 .518
NY &NJ 5s 1946___J-J 98
Stocks.
35 Casein Cool Amer com 100
Raitroad,
1t1 2
10th & 23d Sts Ferry_ __100 25
70
Week ending
1st mtge 53 1919
dec.,
Preferred
J-D 60
Slats
U.S.
100 50
52
Shares.
Par Value.
May 31 1912.
26 Casualty Co of America_100 115 130
Bonds.
Union Ferry stock
100 23
Bonds.
Bonds.
97
99 Ceitutoid Co
M-N
1st 5.1 1920
100 143 143
131,787 *12,018,700 $1,203,000
Saturday
City Investing Co
$15,000
100 51 95212
'236,975 20,760,000
Monday
Preferred
Short
-Term Notes
65,500 $28,000
1,989,500
100 100 101
143,638 12,808,800
Tuesday
3
Amal Copper 5s 1913__A-0 10038 L00 4 6 CiallIn al B) Co com_10()
2,086,000
63,000
90
540,024 48,042,400
Wednesday
e 1st preferred
Bait & Ohio 410 1913.3-1) 10014 10012
1,969,000
54,000
_100 - 90
Thursday
e 2d preferred
HOLIDAY
liethieh Steel tie 1914_31-N 10318 10312
100 -- 90
Friday
9938 9934 Consot Car Heating__ __100 )1J- 63
607,066 53,206,600
Ohio 414s 1914 __J-D
1,842,000
Ches &
122,500
)12 lo0
Cousoi Rubber Tire.. 100 9
Ohio & Alton 5s 1913.__M-S
17
19
Total
1/818 381.
1,659,490 4146,926,500 19,08),500
Preferred
5320,000 $28,090 Chic Elev Rye 5s 1914__J-J
100 55
59
Debenture 95 1951___A-0 /55
Chi Ham & D 4s 1913_34 9912 100
80
Erie as April 8 1914__A-08 10334 10114 e Crucible Steel coal_ _100 12
1214
Sales at
Week ending May 31.
Jan. 1 to May 31.
8
e Preierred
Coll 5s Oct 1 1914... A-0 993 93.4
100 83 8 84
5
New York Stock
8
Coll 5s April 1 1915_ _A-0 987 9918 Davis-Daly Copper Co___1() *2718 212
Exchange.
1912.
1911.
1912.
1911.
7
eGeneral Motors 6.s '15.A&0 9934 99 s e Diamond Match Co_ .,100 10612 10712
Hudson Companies
duPont( 1) de Nein Pow 100 180 190
Stocks
-No. shares__
1,659,490
62,166,819
45,351,926
2,788,176
F-A
99 4 10314
3
e Plelerred
65 Feb 1 1913
100 94, 96
Par value
$146,926,500 $244,961,350 $5,614,115,700 $4,011,446,900
3912
Os Oct 15 1913 __Adc015 99 4 10014
J-D
3
e Gold 414s 1936
Bank shares, par
$15,200
*316,100
$6,500
$967,000
Int & Gt Nor Sc 1914 F-A 98
9812 Empire Steel & Iron corn 100
6 "10
Bonds.
135
40
45
Government bonds
$28,000
$4,000
$926,500
$130,500 Inter Harvester 5s '15..F&A 10038 10034
K 0 Ry dr Lt (is 1912....31-S 90
95 e Genera) Chemical com_100
145
1
Prelerred00
State bonds
320,000
1,535,000
11,268,500
60,298,500
90
95
e Preierred
111
RR. and misc. bonds..
9,089,500 17,063,000
347,821,500
327,513,000 Minn & St L g 53 1013...F-A
Mo Kan & Tex 5s 1913.M-N
9912 99 4 Goodricu (3 F') Co
3
0
811 84
00 183
96
Preferre .
_ ......100 10812 10834
corn..
$9,437,500 $18,602,000
Total bonds
$360,016,500
$387,942,000 Missouri Pacific 52 1914_3-1) • 95
Nat Rye of 31ex 43.54
9712 98
Greene-Lananea
20 *934 10
eNYC Lines Eq 5s 1912-22 6412 4.4f. thiggenheitu Expiorn_100 218 225
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
434s Jan 1913-1925., _J-J b412% 4,0 e Hackensack Water Co
EXCHANGES.
0
Ref g 4s '52 op 1912_ __J-3 85 4145 Jan 1913-1927_ _J-J 541,./ 4.40
N Y Cent 4%s 1914
M-s 100t4 lomi. Havana Tobacco Co__ __100
3
7
Preierred
St L & S F 55 1913 opt J-D 9934 100
100
Boston.
6
12
Philadelphia.
3
1st g 55 June 1 1922 J-D 1 64
South Ry g 5s 1913._ F-A 10038 104 4
• Week ending
67
94
Hecker-Jones-Jewell Milling
Wabash 414s 1913 _M-N (JO
Listed Unlisted
May 31 1912.
Bond
Listed
Uruisted
Bond
Let as 1922
Westingifse El & B Os 1913 10118 10112
M-s 102 104
shares,
shares. shares
sales
shares
sales.
Herring-Hall-Marvin _ 100 10
s 5% notes Oct 1917_A-0 9612 08
20
Hoboken Land is Improvel
Saturday
7,185
56,000
9,621
4,737
1,664
$30,600
M-N 104
Railroad
15,000
1st os Nov 193()
6,880
15,251
10,176
Monday
1,680
38,900
21
Hocking Vat Products_ 109 12
4,406
21,000
4,911
14
16,395
1,443
Tuesday
61,300 e Chic & Alton corn__ _100 17
42
el/referred
25
3
33,000
100 12 18 13
9,421
6,120
let g 5s 19b1
61
22,758
Wednesday
63
6,715
71,500
e Chic St P M dr Om_ _100 125
HOLT DAY
1.14 13
oil corn ctI3
100 12
j4
Thursday
e Preferred
loo
9,006
20,000
11,699
6,512
17,970
IOU 65 (37
56,300
Friday
e Colo dc South corn..
3
9
.100 152 141 e ingerson-itand corn.
105
e 1st preferred
75
100 74
e Preferred
595,000
37,652
36,898
18,014 5258,600
81,995
100 98
Total
e 26 preferred
100 6612 70
Intercontin Rub corn_ _100 1512 16
e NY Chic & St L corn ..100 57
53
Internal Banking Co_ 100 85
90
e 1st preferred_
100 103 112
International Nickel
100 285 295
90
e 26 preferred
100 84
Preferred
100 107 109
Northern 8ecurltles Stubs__ 105 115
let g as 1932
A-0 100 101
All bond prices are now -and Interest" except where marked "I"
35 • International Salt
Pitts Bess & Lake Erie_50 *31
100
2
4
street Railways-Won.)
Bid Ask
70
Preferred
let g 54 1951
A-0 1 48
so *60
50
Bid Ask United Itys of St LStreet Rail ways
c Railroad Securdies
International Silver com IOU 100
Co.n vot tr ctfs
14
100
1412
8514 89
C stk tr ctfs Ser A_
Preferred
100 126 127
e Preferred
New York City
100 4514 4512 West Psc 1st 5s 1933_111-S 82
84
let as 11148.
J-D III 11112
26 Wash fly .3r El Co
Bleeck St & Ful Fy stk_100 22
90
100 88
Internal Smelt et: Refg_ 100 123 130
70
J-J
Preferred
let mtge 45 1950
100 9478 95
Standard 011 Stocks
Kayser (Julius) & Co
100 83
90
100 170 180
45 1951
J-D
B'y & 7th Ave stk
8614 8638 Angio-American 011
let preterred
£1 .2114 2158
1110 107 103
2d mtge 53 1914
Jda 9934 1001 Electric, Gas & Power Cos
Atlantic Refining
100 375 385 e Lackawanna Steel.. _100 30
35
Broadway Surface RR
New York City
a let con 5s 1950
Borne-Scrymser Co
100 125 225
M-S 7914 7934
J&J 103 104 Cent Un Gas 5s 1927
let 55 1924
.J4 10212 104
e Deb 53 1915
9312
Buckeye Pipe Line Co _50 *i.35 140
M-S
5
10 e Kings Co El L & P Co._101) r13112 133
Cent Crosstown stock _.100
f.anston Monotype___WO 9258 93
Chesebrough Mfg cons...10u x640 1:393
1st mtge as 1922_ _ _
95 103 New Amsterdam Gas
Colonial 011
100 130 170
Lawyers' Mtge Co
100 225 228
15
Cen Pk N & E itiv stock _100 10
1st consol 55 1948
100 800 300
34 102 10212 Continental 011
Lehigh 'cal Coal sales _50 242 245
Christopher&lOth St stk 100 132 14'J N V dr 8: It Gas 1st 53'44 34 10412 10614 Crescent Pipe Line Co_ _50 *.e55
65
Madison sq Gard-'n Stubs.. .212 712
Consol 53 1945
Dry Dock E B & BJ-J 101 103
Cumberland Pipe Line' 100 65
80
Manhattan 'trans& _ _ __20 *218 214
1932
J-D 99 1011 e N Y Mutual Gas L...100 180
lot gold
Eureka Pipe Line Co_ __10o 290 300
Mononganelalt Con C&C.50 *11
45
Scrip as 11)14.
F-A
55
Galena-Signal 011 corn 100 x223 223
Y & Q El L & Pow Co_100 55
60
50 *33
Preierred.
Preferred
Preferred
85
Eighth Avenue stock_ ..100 315 330
100 x133 143
100 76
Mortgage Bond Co..
100 101 LOS
F-A
Indiana Pipe Line Co__ 50 .88
60
99 101 N Y & Richmond Gas_ 100 40
Scrip 65 1014
98 e National Surety
100 227
National Transit Co
42d & Or St Fy stock_ _100 285 310 North'n Un 1st 59 1927 M-N 101 102
2S *.r37
40 e New I. ork Dock corn _100 2012 _
New York Transit Co_ _100 280 293
Standard Gas L cons.
42d St 111 & St N Ave_ _100
..J00 (30
e Preierred
100 40
49
Northern Pipe LIneCo_100 x108 116
let 6s 1910
M'S 99 100
Preferred
100 90 100
N Y Mtge de8ecurity___100 210 215
M-N 10412 106
Ohio Oil Co
1st 5s 1930
lad Inc 63Jan 1 1915._., / 75
95
25 4.ru2
N Y lransportation
6
Prairie 011 & Gas
Other Cities.
'
100 160 Di;
10u s252 259
NinthAvenue stock
Niles-Bern-Pond corn___10
8 *81' 90
2
8
4
50 *86
88
Solar Refining
2
Am Gas & Elec corn
Second Avenue stock. 100
100 475 525
Nipissing Mines
74
3
4712 Southern Pipe Line Co 100 x190 200 ohlo Copper Co
50 *46
Preferred
47
Consol 55 1948 ctts F-A / 40
18 211114
4:
100 303 306
South Penn 011
Sixth Avenue stock. _100 125 135 Am Lt & Trac corn.
100 ‘570 595 e Ontario Sliver
100
2
3
100 108 110
Preferred
J-J 83
Sou West Pa Pipe Lines 100 140 145
Sou Boulev 5s 1945
Otis Elevator corn
100 75
78
95 Amer Power & Lt coin_ 100 7112 73
A-0 90
Standard Oil of Calif..,100 155 16.5
80 Per 1st 5s 1919
Preferred
'1 14 10212
12
6 2
,
Preferred
100 8012 8714 Stand Oil of Indiana_ .100 215 225
80
Tarry WP & M 53'28 __M&S 75
Pittsburgh Brewing
9
30 Bay State Gas
50 *Js
28 & 29th Sts 5e '96 ctIsA-0 f 23
5
s Standard Oil of liansas_100 195 210
50 *37
Preferred
3712
13inghlon (N Y) Gas Wk
Twenty-third St stock __100 250
Stand Oil of Kentucky_100 375 390 e Pittsburgh Steel pref, 100 100
1st g 55 1938
A-0 98 101
Stand Oil of Nebraska..l0) x210 225
Union ity 1st 5s 1942F-A 10312
100 30
Pope Mfg Co corn
35 312 5
90 Buffalo City Gas stock 100
Westchester 1st 5s '43.J-J 80
Stand 011 of N J (old)
100 74
Preferred
77
1(30 860 875
95 Cities Service Co cola_ _.100 10112 104
Yonkers St RR 5s 194(3_ A-0 92
Stand Oil of N J
*4380 385
Pratt & Whitney pref. 100 105 10212
0
0 98
92
Brooklyn
Preferred
100 90
Standard 011 subsidiaries.
485 495
Producers oh
115
Standard Oil of N
Atlan Ave RR con 55'31A-0 101 103 Con Gas of N J 55 1936_34 98 100
Realty Assoc (Bklyn) 100 121 124
__ __100 r390 400
96 100 Consumers' L H dc Pow
Standard 011 of Ohio.
BB(kW E5S 1933 _
Royal Bak Powd corn..,1
_
?1( 215
,134
8
.,100 165 180
Brooklyn City RIt
__10 164 1(38
Swan & Finch
5s 1938
J-D 100 102
Preferred
Lou t180 235
10934
Warrants (when Issued)_ *80 135 e Rumely (Ad) Co pref _100 101 10112
Bklyn ligts 1st 55 1941_ A-0 99 102 Consumers Power (Minn.)Istdcref 5s 1929op'14-M-N
Union Tank LineCo
Bklyn Queens Co & Sub92
90
100 50
55 Safety Car Heat & Lt. _100 11912 12012
sist g 55 '41 opli)16..J-2 98 101 Denver G dc El Sc 1949_M-N
96
9712 Vacuum Oil
183
100 148 153
0
0
e Sears, Roebuck & Co_ 100
Warrants
s let con 5s'41 op '16 31-N
*46
52
6612 9812 Elizabeth Gas Lt Co.,,_.100 300
a Preferred
121
84
100 101 105 Essex & Hudson Gas...100 145 148
Washington 011
Coney Isl & liklyn
10 *22
28 Singer Mfg Co
100 285 288
90 Gas & El Bergen Co.. 100 881. 90
1st cons g 4s 1948
J-.1 80
Waters-Pierce 011
1
IOU 1000 1500 South Iron it 8 corn__ _100
2
1
J-J
82 e Or Rap U L 1st 5.9 '15_F-A 09
77
Con g 45 1955
Preferred
100
4
Brk C & N 5s 1939. _J-J 06 100 Gr't West Pow Sc 1946 J-J 8834 88
Tobacco Stocks
Standard Coupler corn 100 10
0
0 33
0
40
Nassau Eiec pref
100
Hudson County Gas_ ..100 145 147
(See also Stock ExcharigeLisl)
Preferred
112
1st Is 1944
A-0 102 104
e 1st 55 1949.
111-N 105 10512 British-American Tobac.X1 .27
2713 e Standard Milling Co_ „100 ,514 26
20
•N Wmsburg dr FlatbushIndiana Lighting Co_ 100 43
47
Conley Foil
100 290 300
e Preferred
100
6212
1st 414s July 1941 __F&A
92
4s 1958 opt
F
-A
id-N 8634 87
7212 7312 e Heinle (Geo W) corn _100 140 173
e let 5e 1930
1st as 1922_ _J-3 100 10312 Indianapolis Gas
Steinway
50 35
e Preferred
100 100 112 Stern Bros pref
100 86
89
Oilier C11183
1st g 5s 1952
85
A-0 80
Johnson Tin Foil &Metal 100 175 190 Studebaker Corp corn
10
0
0 98
35
40
Buffalo Street sty
MaoAndrews & Forbes. 100 175 180
Jackson Gas 53 g 1937 A-0 99 102
Preferred
97
-A 104 105 eLaciede Gas preferred _IOC. s102
let consol 55 1931 _F
Porto-Rican-Amer Tob_100 245 250
Suizberger & Sons Co pf_100 100 101
A-0 104 106 Madison Gas 6s 1926...A-0 104 109
Deb Os 1917
Reynolds (It J) Tobacco.100 240 250
Texas & Pacific Coal_ 100 99 102
OConn Ry & Ltg com_100 7214 8012 Narragan (Prov) El Co .80 *98
9912 United Cigar Stores CorplOU 228 230
a Texas Pacific Land Tr_ 100 89
00
100 80
82 Newark Gas 63 Apr'44.Q4 12634 12712
Preferred
Weyman-Bruton Co_ _100 198 205
Title Ins Co of N Y
I
1209
100 3512 37 Newark Consol Gas
Federal Light dr Trac
100 OS 100
e Preferred
100 100 114
Tonopah Min (Nevada).....1
*7
Preferred
100 79
81
a Con g 55 1948
J-D 10614
Young (J S) Co
100 175 180
Trenton Potteries com 100
4
No Hud L H & P 5s 1938 A-0
Industrial and Miscellaneous
•Havana Mee Ity coin __100 11012
_
Preferred new,
100 50
55
100 118
e Preferred
100 100- -1- Adams Exp g 4s 1947_3-D J 84
Pacific Gas & E corn_
8514 Prow Directory
100 25
6312 64 2
40
#Loulsv St 5s 1930.
J-J 10514s 1051
Preferred
100 91
Alliance Realty
100 113 12212 Union Typewriter com_100 100, 46
913
10
0 45
4
36 Pat & Pas Gas dr Eleo.._100 94
0 New On Rye & Lt corn 100 34
95
Amer Bank Note coin ___50 *43
51
let preferred
112
e Preferred
100 76
M-S 10212
Preferred
5() *52
e Con g 5s 1949
78
100 109 112
5312
2d preferred
iN Y Westch & Bost RySt Joseph Gas 5s 1937___J-J 90
American Book
94
100 168 180
.
United Copper
114
_ J-.1 9912 993 Standard Gas dr Elec(Del).50 *23
1st g 44s 1946
100 132 135
235
8 American Brass
Preferred
20
# Pub Serv Corp of N J-See Stk
x list
American Chicle coin _100 227 230
Preferred
50 *50
51
100 195 205
U 8 Casualty
Tr ctfs 2% to 6% perpet 110 111
I g 83 1926 op_J-D 10012 101
Preferred
Cony s
100 105 108
U 8 Envelope corn
100 98 105
North Jersey St Ry_100 75
90 United Electric of N J..100 90
Am Graphophone com__100 1812 ---95
Preferred
100 117 11915
1st 4s 1948
M-N 82
J-D 823 8312
83
let g 4s 1949
Preferred
100 55
4
100 95 100
Cons Tract of N J._100 76
77 Western Power corn__ _100 30
'
3012 American Hardware.. IGO 13412 135
U 8 Fix lseisnsg
8E nl rii
100 89
95
1st 53 1933.
3-D 10-134 105
Preferred
100 50
Amer Malting as 1914 _J-D 100 102Preferred
60
100 103 105
New'k Pass Ry Sit '30_J-J 108 10812 Western States Gas&ElecAmer Press Assoc'n____100
77
let g 5s 1919
J-J 100 105
Rapid Tress St fly..,,..100 235
1st & ref g 53 1941 op-J-D 9212 95
Am Steel Fdy as 1935_A-0 id6 101
'
Con g 55 1929
98
J-J 93
1st to 1921
A.0 103
Deb 4s 1923
F-A 69
ielegraph and lelephone
72 e U 8 Indust Alcohol
3714
10038
J C Hob & Paterson
e Amer Teieg & Cable _ _100 x70
50 315 325
7712 MIMIC= Surety8 Preferred
100 101 103%
4s g 1949
8.034 8112 e Central & South Amer.100 11712 120
31-N
American Thread pref.,..S *419 6
U 8 Steel Corporation
So J Gas El &'Frac_ 100 136 13712 Comml Un Tel(N
108 115
Amer Typefounders corn 100 46' 49
Col s 1 Apr 53 1951 op 1911 11412
Gu g as 1953
M-S 9 3 100 Empire & Bay State Tel _100 65
Preferred
100 100 103
75
94
Cole 1 Apr 5s 1951 not opt 11412
No Hud Co Ry 68 1914 J-J 10212
100 40
Franklin
M-N
Deb g 63 1939
98
60
9912 101
U 8 Tit Gil & Indem _ _100 90
Con 31 re 1928
J-J 10312
e Gold & Stock Teleg_ _100 120 124
Amer Writing Paper..__100
_2
314 31 Westchester & Bronx Title
Ezt 55 1924 ___M-N 100
e Northwestern Teleg___50 115 124
elst s f g Si'19 red 105_34 895 897
166
8
8
dc Mtge Guar
Pat Ry con 651931__3-D 114 118" Pacttic dr Atlantic
•
25 65
An Gulf dc W 158 Lines_100
8 171
75
.51 17
7
8
1
,Vestingh'se Air Brake...1 *16
2d as 1914 opt ____A-0 10(1 102 e Pac Telep & Telegpref.100 99 10018
Preferred
100 8312 85
100 13
15
Woolworth (F W)Co
Republic Ry & Light ___100 2712 2812 Southern & Atlantic
25 92
Coll tr g 5s 1939
97
13
0
2
0
34 6 12 64
Preferred
Preferred
100 7912 81 South Bell Telep & TelegBarney & Smith Car com100
s
1
Worthington(HI000 14-188 In idir
Trent P Sr II Sc 1943 __J-D 97 . 100
lst g 5s 1941 op 1916_34 100 10012
Preferred
100 70
80
•Per share. S Basic e Sells on Stock Exchaage; see sales-record on a preceding page. / Fiat price. n Nominal. s Salo price. I New stock, x Ex-dIv. V Ex rights,

Inactive and Unlisted Securities




•

28
8'4

1501

THE CHRONICLE

JUNE 1 191.2.J

Xnuestinent and Aailroad intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEANE railroad from which regular weekly or monthly returns

the latest week
month and the last two
can be obtained. The first two columns of figures give the gross earnings for week or month.or We add a supplementary
to and including such latest
colutnns the earnings for the period from July 1 roads whose fiscal year does not
with July, but covers some other

begin
statement to show the fiscal year totals of those
period. The returns of the electric railways are brought together separately an a subsepent page.
Latest Gross Earnings.
ROADS.

Week or
Month

Current
Year.

Previous
Year.

July 1. to Lates: Date.
Current
Year.

3
Ala N 0 & Tex Pao-338,276 278,560 3,230,314 3,040,435
N 0 & Nor East_ April
111,918 124,316 1,408,447 1,517,600
Ala & VIcicsburg_ April
97,202 100,272 1,239,634 1,283,016
Vicits Shrev& Pac April
81,017
111,02.,
11,000
14,189
elimary _
Ala Tenn de North..
37,784 2,060,353 1,862,623
39,272
3d wk May
Ann Arbor
9,186,291 8,007,748 89,869,054 00,440,659
Topeka de S Fe April
Atch
49,030 2,937,680 2,528,950
56,517
Atlanta Birm & Ati 3d wk Apr
3,250,802 1,290,557 24,837,927 23,866,570
Marra
Atlantic coa.:;t
176,192 190,709 1,485,090 1,480,690
Charleston &Wear March
928,629
08,363
974,608
110,031
Louis Rend& StL March
7,589,078 6,888,218 76,026,494 73,165,258
Baltimore & Ohio April
125,204 113,119 1,288,436 1,227,301
Ch Ter RR April
B &0
_ 336,499 316,462 2,591,978 2,374,723
Bangor & ArooAook March
March ___ _ 3,727,351 3,579,370 34,403,738 23,567,578
Boston & Maine
40,035
4,053
43,367
4,123
do Saco R March __
Bridgeton
Buff Roch & Pittsb_ 3d wit May 202,248 172,435 8,423,290 8,243,433
95,635 183,526 1,970,161 1,955,607
_
Anril
Buffalo & Sum
Canadian Northern_ 3d wit May 433,200 303,700 17,180,400 13,296,700
3d wk May 2,551,000 2,041,000 107880374 91,147,073
Canadian Pacidc
11,719,708
Central of Georgia_ _ 3d wk May 215,700 198,400 12,637,862 24,107,800
1,757,546 2,457,832 24,830,906
Cent of New Jersey_ April
_ 338,6. , 345,184 3,050,436 2,050,805
Central Vermont_ _ _ Aarc.a
Chcs & Ohio Lines_ 3d wk May 638,620 591,334 30,336,610 29,000,495
Chicago & Alton_ _ _ 3d wk May 280,892 303,118 13,136,522 12,009,738
7,211,044 6,863,027 66,462,035 67,904,006
Chic Burl & Quincy March
p Ohio Great West 3d wk May 260,524 270,788 11,431,475 11,317,357
Chi() Ind & Louisv_ 2d wk May 122,803 121,681 5,786,019 5,481,064
5,300,658 5,238,607 47,804,880 19,981,200
Chic Miiw & St Paul 4arch
1,317,504 1,355,346 11,815,798 10,050,185
Ch Mil & Pug Sd_ March
5,838,542 5,751,577 63,332,036 04,777,859
eChle & North West April
1,171,152 1,135,397 12,808,526 13,777,745
eChlo St Paul M & 0 April
182,338 145,787 1,406.194 1,578,938
Chic T 1.1 & S E........ larch
702,948 750,603 8,221,158 7,923,498
Cin Ham & Dayton April
larch
115,887 125,506 1,431,886 1,500,041
Colorado Midland
b Colorado & South 3d wit May 225,509 263,891 12,667,036 14,410,118
12,739
121,827
145,435
!arch
17,900
Cornwall
24,446
253,417
228,868
23,258
Cornwall & Lebanor , arch
- 404,344 334,366 2.722,857 2,228,005
larch
Cuba Railroad
1,772,36., 1,812,480 16,407,838 15,629,461
Delaware de Hudron At rch
2,140,904 2,928,107 29,834,315 29,626,309
April
Del Lack & West
Deny & Rio Grande lU wk May 413,100 433,400 20,691,498 20,833,963
3,896,579
March --- 308,552
Western Pacific
56,351
81930,681 - 2;fiE
75,492
Denver N W & Pac March 28,607 1,548,068 1,603,564
24,015
Detroit Tol & front 2d wk May
19,619 1,103,137 1,051,762
24,952
Detroit & Mackinac 3d wk May
164,837 269,348 4,923,938 5,805,519
April
Dui do Iron Range
61,611 2,702,929 2,703,551
63,089
Dui Sou Sh & Atian 2d wk May
986,214 669.039 7,543,883 6,010,236
Elgin Joliet & East_ '•larch
__.._ 641,662 509,702 5,580,701 5,458,240
El Paso & Sou West (arch
3,773,514 4,399,630 47,177,726 46,905,336
April
Erie
17,871
21,401
1,803
3,853
larch
Fairchild & N E
586,034 707,066 3,128,956 2,992,031
Florida East Coast_ .larch 701,441
704,098
72,140
74,201
Fonda Johns & Cloy
268,652 242,260 2,912,633 2,761,845
APril _ _ _
Georgia Railroad
Grand Trunk Syst_ _ :;d wit May 928,783 874,443 43,556,425 39,818,038
Grand Trk West.. 2d wk May 127,896 123,497 5,803,023 5,466,392
40,465 1,962,698 1,792,362
42,100
Pet Gr Hay & MB 2d wk May
46,645 1,823,078 1,662,135
50,246
Canada Atlantic.. 2d wk May
5,069,862 4,548,315 54,663,786 50,650,686
Great Northern Syst April ___
160,547 176,580 1,499,738 1,524,856
Gulf & Ship Island_ March __
_ 611,708 452,752 5,635,181 5,541,137
Hocking Valley.... ,..tarch
1,234,446 1,770,G., 48,912,233 52,513,754
1111nolq Central__ _ April
Internat & Crt Nor.. 3d wit May 148,000 131,000 9,311,744 8,239,741
97,936 7,704,251 7,888,751
a Interoceanie Mex 3d wit May 186,209
211,063 235,952 2,369,324 2,352,091
March
Kanawha & Woh
718,823 738,920 7,860,515 8,558,965
Kansas City South.. April
132,959 140,105 1,215,802 1,314,111
C Mex do Orient._ February _
1,924,229 3,187,411 30,056,032 30,480,157
April
Lehigh Valley
48,172
405,098
378,341
48,862
Lexington & East... March
Loulslana & Arkan_ March- 137,009 132,500 1,081,198 1,005,032
Louisville & Nash_ 3d wit May 1,059,910 959,495 50,257,112 18,506,323
s
142,600
10,369
136,315
11,541
Macon & 131rm'ham Aural
_ 013,163 817,244 8,051.440 7,435,580
mitred
Maine Central
36,814
326,529
326,604
35,903
Maryland de Penna.. March
a Mexican Railway_ 1st wit May 150,200 173,100 7,069,000 7,396,400
667,357
654,201
14,176
2d wk May
14,669
Mineral Rang.:
Minn & St Lou1S-1 3d wk May 160,232 148,188 7,044,678 7,680,719
Iowa Central___ f
Minn St P & S S MI ld wk May 448,857 377,607 23,400,654 19,556,601
Chicago Division!
695,234
665,085
76,230
_
73,830
Mississippi Central_ March
Mo 'Cans & Texas 3d wk May 509,196 491,602 25,420,864 26,166,235
3d wk May 1,025,000 900,000 48,432,442 17,182,219
Missouri Pacific_
1,041,417 1,138,732 0,088,155 9,287,337
,
Nash / Chatt & St L March __
3d wit May 1,059,855 692,176 55,208,712 55,229,298
a Nat flys of Mex
295,582
324,047
9,090
3d wk May
6,893
Nevada-Cal-Oregon
129,419 154,314 1,221,488 1,270,066
N 0 Great Northern March
166,790 152,847 1,292,663 1,237,267
N 0 Mobile /se Chic_ Fe oruary _
8,084,827 8,369,124 87,863,035 84,451,791
eNYC& Ilud Rly April
4,044,474 3,764,581 42,083,375 40,588,793
Lake Shore & M April
414,089 302,471 4,667,112 4,624,287
n Lake Erie & W.. April
285,407 320,253 3,360,450 3,078,241
Chic Ind & South April
2,679,090 2,366,387 26,203,844 25,034,125
Michigan Central. April
2,346,918 2,399.154 25,742,006 25,773,446
Cleve C C & St L.. April
222,377 226,662 2,657,963 2,997,119
Peoria & Eastern April
114,008
79,578 1,130,792 1,053,906
Cincinnati North._ April
1,071,258 1,130,947 13,344,021 13,148,844
& Lake Erie April
Pitts
912,087 007,675 0,602,804 9,349,122
N Y Chic & St L.. April
247,146 334,008 4,320,394 4,232,455
Tel 43 Ohio Cent _ April
20422 588 20201 740 220975 790 214336 132
Tot all lines above April

July 1 to Latest Date.

Latest Gross Earnings.

Previous
Year.

ROADS.

14 eek or
Month.

Current
Year.

Previous
Year.

Current
Year.

Previous
Year.

$
NYNH& Hartf__ March
5,470,408 4,919.828 48,171,076 46,245,543
N Y Oct & West..... March
755.777 744,783 6.909,362 7,008,578
N Y Susq de West.. April
188,281 347,713 3,139,143 3,216,378
280,163 290,683 2,365,478 2,177,617
Norfolk Southern__ March
Norfolk de Western_ March
.1,270,707 2,885,340 20,244,104 26,874,080
April
Northern Pacific
5;201,647 5,008,952 52,761,961 54,760,720
Pacific Coast (Jo..... March
600,543 539,835 5,668,804 5,896.713
13291 728 12617 245 135932 834 131071 434
Pennsylvania RR__ April
223,321
228,384
16,85i
20,078
Bait Chas &Atlan April
Cumberland Vali_ April
263,649 236,165 2,481,873 2,547,300
April
814,037 809,630 8,717,642 8,172,872
Long island
109,914
7,797
111,790
8,670
Maryi'd Del & Va April
284,123 267,929 2,738,200 2,776,682
N Y Phtla & Norf April
912,330 1,102,356 10,544,392 10.760,184
Northern Central. April
1,620,070 1,552,414 15,875,549 15,784,298
Phila Balt& Wash April
484,425 479,045 5,240,425 5,071,204
W Jersey & Seash April
4,021,487 3,091,511 43,942,924 43,558,407
April
Pennsylvania Co
459,734 389,916 4,347,766 4,336,296
Grand Rap de Ind April
3,281,405 2,934,924 33,829,208 32,728,118
Pitts C C & St L_ April
672,224 778,477 8,436,810 8,854,862
April
Vaudalia
Total lines
18668 707 18080060 192866 311 187638 297
East Pitts & E_ April
8,536,412 8,172,670 93,477,387 92,127,620
West Pitts & E April
27205 119 26252 729 286343 701 279765 918
All East& West April
1,380,251 1,242.662 13,978,727 13,362,968
Pere Marquette........ April
Reading 'ompany2,987,468 3,981,690 38,202,311 37,780,326
Philo & Reading_April
903,718 4,789,521 31,825,554 29,255,715
Coal & Iron Co__ April
3,891,1848,771,211 70,117,865 67,036,040
Total both cos__ _ April
221.236 222,854 1,812,406 1,686,424
Rich Fred & Potom March
748,378
71,609
60,076
751,859
Rio Grande Junc___ March _ _ _ _
10,280
452,821
503,284
0,252
Rio Grande South__ 3d wk May
4,874,232 5,054,192 53,736,789 57,191,446
Rock Island Lines__ April
270,071 252,858 2,576.337 2,564,090
March.
Rutland
-- 109,568 137,576 1,185,564 1,302,069
St Jos & Grand Isl.. March
3,462,771 3,665,560 32,384,859 33,368,038
St Louis & San Fran March
Chic de East III_ March..... 1,406,378 1,174,192 12,004,538 11,580,010
4,869,150 4,839,753 44,389,397 14,948,107
Total all lines .. March
199,269 153.732 1,517,744 1,610,843
St L Rocky Mt &P.. March.._
St Louis Southwest_ 3d wk May 216,000 195,000 10,733,040 10,817,333
San Pcd L A & 8 L. Febru: ry _ 74_:,16J 576,754 5,815,310 5,337,833
Seaboard Air Line
3d wk May 423,378 413,619 20,566,818 19,545,740
10187057 10130221 109951394 111529780
Southern Pacific Co April
Southern Railway__ 3d wk May 1,127,435 1,098,503 56,983,039 54,276,251
Mobile & Ohio__ 3d wk May 222,945 232,333 9,889,479 9,956,183
Cin N 0 & Tex P.. 3d wk May 209,918 171,581 8,601,058 8,155,750
83,437 4,244,015 4,003,193
Ala Great South.. 3d wk May
93,011
40,313 2,204,242 2,157,932
43,625
Georgia Sou & Fla 3d wk Apr
381,170 429,658 3,646,023 3,402,406
Spok Portl & Seatt_ March
92,766
2,291
86,821
2,190
Tenn Ala & Georgia 2d wk May
125.206 132,708 1,134,447 1,130,713
Tennessee Central.... March
Texas & Pachic____ 3d wit May 276,302 241,205 15,437,986 14,427,427
79,788
72,603
8,578
7,867
Tidewater & West April
24,987 1,131,940 1,142,319
22,832
Toledo Peor & West 3d wk May
85,166 3,484,876 3,374,229
78,813
Toledo St L & West 3d wit May
6,968,578 6,671,606 72,097.501 74,892,411
Union Pacific Syst_ April
139,658 101,260 1,446,962 1,135,231
Virginia & So West_ April
409,911 299,111 3,570,087 2,640,614
March.
Virginian
2,201,081 2,372,44: 21,574,981 22,702,285
March -__
Wabash
Western Maryland_ March __- 655,538 575,702 5,395,723 9,396,847
380,003 533,697 6,196,445 6,530,965
Wheel & Lake Erie_ April
292,018
313,467
23,876
28,476
WrIghtsv & Tennille April
585,155 774,605 8,306,349 0,277,443
Yazoo & Miss Valley April

I

Period.

Various Fiscal Years.
Jan
Delaware & Hudson
N Y Central & Hudson River_e_ Jan
Lake Shore & Michigan South Jan
Jan
Lake Erie & Western_n
Chicago Indiana & Southern. Jan
Jan
MichiganCentral
Cleve Cin Chicago & St Louis_ Jan
Jan
Peoria & Eastern'
Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
New York Chicago & St Louis Ian
Jan
Toledo & Ohio Central
Total all lines
Tan
ian
Pennsylvania Railroad
Baltimore Chesap & Atlantic._ Tan
Tan
Cumberland Valley
Long Island
Jan
Maryland Delaware &Virginia Jan
N Y Philadelphia & Norfolk.. Tan
Jan
Northern Central
Jan
Philadelphia Bait & Wash
Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Jan
Grand Rapids & Indiana
Pittsb Uncle Chic & St Louis Jan
an
Vandalla
-East Pitts & Erie Jan
Total lines
West Pitts& Erie Jan
All lines E & W. Tan
Deo
Rio Grande Junction
Jan
Rutland
Jan
Texas & Pacific

1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to

Meh
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Mch
Mch
May

Curren,
Year.

Previous
Year.

31 5,273,920 4,867,395
30 32,716,836 31,517,111
30 16,467,421 14,881,700
30 1,770,460 1,681,844
30 1,410,680 1,264,332
30 10,098,760 9,328,714
30 9,735,977 9,531,711
30 1,003,959 1,052,809
30
349,595
422,799
30 4,972,758 4,379,767
30 3,736,603 3,559,769
30 1,490,021 1,309,155
30 83,826,289 78,854,507
30 53,771,104 49,163,010
58,579
60,098
30
910,784
981,724
30
30 2,883,286 2,717,758
28,254
26,534
30
30 1,010,191 1,002,642
30 4,006,328 4,099,826
36 6,080,643 5,825,160
30 1,580,146 1,514,026
30 16,471,744 15,155,375
30 1,661,262 1,610,326
30 13,330,889 11,845,416
3C 3,236,479 3,202,416
30 73,796,332 68,713,153
30 35,084,781 32,158,754
30 108881 113 100871 906
31
270,249
267,492
31
700,599
733,451
31 6,255,162 5,482,298

AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
ilreek/9 Summaries.

Cur'nt Year Prev's Year inc. or Dec.

Monthly Summaries.

Cur'nt Year Prep's Year Inc. or Dec.

%

$
Mileage. Cur.Yr. Prey. Yr.
244,503 240,088 231,638,008 233.169,887 -1,481,881 0.65
13,603,439 13,131,968
+471,471 3.59
July
2d week Mch (43 roads)
244.531 240.170 253,043,102 254,886,944 -1,843,343 0.72
13.740,405 13,045,757
August
+694,648 4.32
week Mch (41 roads)
3:1
+507,987 0.19
10,193,029 19,247,711
+213,310 1.29 September 245,494 240,825 257,256,762 230.748.775
4!.1 week Wit f39 roads/
14,119,697 13.209,786
+909,911 6.89
October _245,633 241,321 266.084,129 263,637,356 +2,426,773 0.92
1st week Apr (43 roads)
13,358,411 12,500,991 +1,207,420 10.33
November _234,200 231,561 .341,343,763 243,111,388 -1,767.625 0.73
April (41 roads)
2d week
13,710,625 12.722,657
December -233,561 235,685 233.614,912 232,275,177 +1,339.735 0.57
+987,068 7.70
3d week April (-11 roads)
18,315,1)95 15,680,657 +2,625,438 16.73
January _237,888 234,402 210.704.771 213,145,078 -2,440.307 1.14
4th week April (11 roa(Is)
February _237,082 233,191 218,031,094 197,278,939 +20.752,155 10.53
+1,254,859 10.42
- 13,332,998 12,078,139
roads)
1st week May (42
238,218 234.692 237,564,332 224,608.654 +12,955,678 5.77
13,539,914 12,337,158 +1,202,756 9.75
March
2d week May (40 roads)^
84,9611 64,096,256 58,452,774 +5,643,482 9.
86,559
13,740,780 12,171,934 +1,568,846 12.89
April
3d week May (38 roads)
Nov 1 1911: In 1910 these returns
District Ry.,
a Mexican currency. b Does not include earnings of Colorado Springs & Cripple Creek & Adirondack from the Ottawa & N. Y. By., the latter
and
lioston & Albany, the New York & Ottawa, the St. Lawrence
are Included. 3 Includes the
Includes Evansville da Terre Haute and Evansof which, being a Canadian road, does not make returns to the Inter State Commerce Commission. the
Northern Ohio RR. p Includes earnings of
ville Li Indiana HR. 9 Includes the Cleveland Lorain & Wheeling By. in both years. n Includes
Includes Louisville & Atlantic and the Frankfort & Cincinnati. t Includes the
Mason City & Ft. Dodge and Wisconsin Minnesota & paelae.
Mexican international from July 1910. u Includes the Texas Central. v Includes not only operating revenues. but also all other receipts.




1502

THE CHRONICLE

Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the third week
of May. The table covers 38 roads and shows 12.89% increase in the aggregate over the same week last year.

[VOL. Lxxxxiv.

-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Roads.
Year.
Year.
Year.
Year.
Pennsylvania (Conc.)
$
$
$
$
.
Cumberland Valley a Apr
263,649
236,165
84,565
58,256
Jan 1 to Apr 30
981,724
910,784
263,433
229,158
Long Island a
Apr 814,037
Third week of May.
809,630
1912.
94,380
137,428
1911.
Increase.' Decrease.
Jan 1 to Apr 30
2,883,286 2,707,758
58,869 def20,027
Maryland Del & Va a Apr
$
$
8,670
$
7,797
$
def4,017
def3,789
Alabama Great Southern
Jan 1 to Apr 30
93,011
83,437
26,534
9,574
28,254 de115,386
def9,864
Ann Arbor
39,272
37,784
1,488
N Y Phila & Nor! a_ _Apr
284,123
267,929
60,063
Atlanta Birmingham & Atlantic
50,439
56,517
40,038
7,479
Jan 1 to Apr '30
1,010,191 1,002,642
107,950
Buffalo Rochester & Pittsburgh
171,044
202,248
172,435
29,813
Northern Central a __Apr 912,330 1,102,356
Canadian Northern
8,866
453,200
303,700 149,500
206,135
Jan 1 to Apr 30
Canadian Pacific
4,006,328 4,099,826
80,242
2,551,000 2,041,000 510,000
322,864
Central of Georgia
215,700
108,400
Phila Bait° & Wash a Apr 1,620,970 1,552,414
17,300
309,770
355,458
Chesapeake & Ohio
638,620
591,334
Jan 1 to Apr 30
47,286
6,080,643 5,825,160
807,349
902,498
Chicago & Alton
280,892
303,118
22,226
West Jersey & Seash a Apr 484,042
479,945
88,095
133,467
Chicago Great Western •
260,524
270,788
10,204
Jan 1 to Apr 30
1,580,146 1,514,026 de172,607
69,159
Chicago Ind & Lousy'Ile
122,803
121,681
1,122
Pennsylv Company a __Apr 4,021,487 3,991,511
Cinc New On & Tex Pac
209,918
449,467 1,122,461
171,581
38,337
Colorado & Southern
Jan 1 to Apr 30
16,471,744 15,155,370 2,313,778 2,970,818
225,509
263,891
38,382
Denver & Rio Grande
413,100
433,400
Grand Rapids&Ind a Apr 459,734
20,300
66,364
389,916
35,996
Detroit & Mackinac
24,952
19,619
5,333
Jan 1 to Apr 30
1,661,262 1,610,326
146,298
159,221
Georgia & Southern
43,625
40,313
3,312
Pitts Cin Ch & St L a Apr 3,281,405 2,924.924
670,313
825,976
Grand Trunk of Canada
1
Jan 1 to Apr 30
13,330,889 11,845,416 2,857,556 2,531,896
Grand Trunk Western
1
928,783
874,443
54,340
Detroit Grand Haven & Mil_
Vandalia a
Apr 672,224
119,194
778,477
6,241
Canada Atlantic
Jan 1 to Apr 30
3,236,479 3,202,416
527,950
481,547
International & Great Northern
148,000
131,000
17,000
Tot lines E of P&E a Apr 18,668,707 18,080,060 3,708,277 4,451,465
Interoceanic of Mexico
186,209
97,938
88,271
Jan 1 to Apr 30
73,796,332 68,713,152 11,898,428 12,149,200
Louisville & Nashville
1,059,910
959,495 100,415
Tot lines W of P&E a Apr 8,536,412 8,172,670 1,217,605 2,127,711
Minneap & St Louis}
160,232
148,188
12,044
Jan 1 to Apr 30
35,084,781 32,158,754 5,875,702 6,289,866
Iowa Central
Minneapolis St Paul & S SM ) 446,857
Total all lines a_ _ _Apr 27,205,119 26,252,729 5,015,943 6,570,177
377,607
69,250
Chicago Division
Jan 1 to Apr 30 ____108,881,113 100,871,906 17,774,130 18,439,066
Missouri Kansas & Texas
509,196
491,602
17,594
Reading CompanyMissouri Pacific
1,025,000
990,000
35,000
Phila & Reading_b___Apr 2,987,466 3,981,690
609,151 1,419,248
Mobile & Ohio
232,333
222,945
9,388
July 1 to Apr 30
38,292,311 37,780,326 13,371,782 13,466,639
National Railways of Mexico
1,059,855
692,176 367,679
Coal & Iron Co_ b_ _ _ _Apr 903,718 4,789,521 def399,061
Nevada-California-Oregon
144,401
9,090
6,893
2,197
July 1 to Apr 30
31,825,554 29,255,715 1,162,173
Rio Grande Southern
459,738
9,252
10,280
1,028
St Louis Southwestern
216,000
195,000
21,000
Total both Cos_ b
Apr 3,891,184 8,771,211
209,090 1,563,649
Seaboard Air Line
423,378
413,619
9,759
July 1 to Apr 30
70,117,865 67,036,040 14,533,935 13,026,377
Southern Railway
1,127,435 1,098,503
28,932
Reading Company
Apr
159,049
170,228
Texas & Pacific
276,302
241,205
35,037
July 1 to Apr 30
1,637,810 1,458,161
Toledo \Peoria & Western
22,632
24,967
2,335
Total all Cos
Toledo St Louis & Western_ _ _ _
Apr
78,813
85,163
369,039 1,733,877
0,353
July 1 to Apr 30
16,171,745 15,384,538
Total (38 roads)
13,740,780 12,171,934 1,679,122 110,276 Rock Island b
Apr 4,874,232 5,054,102 1,211,502 1,088,280
Net increase (12.89%)
•
1,568,846
July 1 to Apr 30
53,736,789 57,101,446 13,862,564 15,971,657
Southern Pacifica
Apr10,487,057 10,130,221 2,941,323 2,993,979
July 1 to Apr 30
109,051,394111,529,781 33,437,398 36,237,332
Net Earnings Monthly to Latest Dates.
-The table fol5,570,111 4,815,548
lowing shows the gross and net earnings of STEAM railroads .Southern 1 Rallway_b___Apr53,493,345 50,991,727 1,673,896 1,544,466
July
to Apr 30
17,02.1,507 10,567,570
and industrial companies reported this week:
Tidewater & Western_ _ _Apr
7,867
853
2,858
8,578
July 1 to Apr 30
-Gross Earnings- -Net Earnings
79,788
9,654
9,390
72,603
Current
Previous
Current
Previous
Union Pacifie_a
Apr 6,968,578 0,671,606 2,303,972 2,375,833
Roads.
Year.
Year.
Year.
Year.
July 1 to Apr 30
72,097,501 74,892,411 26,633,000 30,080,614
$
$
$
$
130,658
101,260
23,028
40,450
Atch Top & Santa Fe_b_Apr 9,186,291 8,907,748 53,504,337 52,935,387 Virginia & Southwest_b_Apr
July 1 to Apr 30
.
1,446,962 1,135,231
501,103
349,886
July 1 to Apr 30
89,869,954 90,440,659529,911,934531,111,806
Wrightsville & Tenn_b_Apr
28,478
23,876
6,025
5,438
Brazil Railway
Apr £209,400 £183,945
£96,867
£76,259
July 1 to Apr 30
101,193
313,467
115,088
202,018
Jan 1 to Apr 30
£840,400 £731,851 £402,534 £314,254
Buffalo Roch & Pitts_b_Apr
572,784
685,448
112,353
141,117
INDUSTRIAL COMPANIES.
July 1 to Apr 30
7,765,866 7,666,033 2,433,999 2,682,686
Canadian Northern
Apr 1,608,100 1,345,400
403,100
361,100 Atlantic G & W I SS lines
(Subsidiary Cos.)___Mch 1,584,784 1,461,567
300,510
297,852
July 1 to Apr 30
15,947,000 12,288,300 4,236,300 3,444,400
Jan 1 to Mch 31
4,545,429 3,263,030
720,806
808,084
Canadian Pacifica
Apr11,301,349 8,672,025 4,115,752 3,156,975
a Net earnings here given are after deducting taxes.
July 1 to Apr 30
100,647,723 85,376,098 35,771,125 30,731,075
b Net earnings here given are before deducting taxes.
Central of Georgia_ b_ _ _ _Apr 1,095,218
897,785
c256,785
c156,979
c After allowing for outside operations and taxes, operating income for
July 1 to Apr 30
11,987,280 11,118,982 c3,573,260 c3,495,730 Apr. 1912 was $207,345, against $117,838; from
July 1 to Apr. 30 was
Chicago Great West_ b__Apr 1,013,578
962,522
171,635
219,745 $3,120,057 In 1912, against $3,102,983 last year.
e Includes the Northern Ohio RR.
July 1 to Apr 30
10,689,951 10,534,698 2,390,721 2,699,960
f Includes not only operating revenue, but also all other receipts.
Chicago & N Western_a_Apr /5,838,542 15,751,577 1,472,250 1,315,754
g These results are In Mexican currency.
July 1 to Apr 30
163,332,038 164,777,859 16,390,055 17,823,529
The company now includes the earnings of the Atch. Topeka Santa Fe
Chicago St PM & 0_a_ _Apr 11,171,152 11,135,397
203,867
270,526 By., Gulf Colorado & Santa Fe By., Pecos & Northern Texas &
By., Pecos
July 1 to Apr 30
112,808,526113,777,745 3,261,537 4,348,277 River RR., Southern Kansas By.
of Texas, Texas & Gulf Ry., G. & I. By.
Cinc Ham dc Dayton_b_ _Apr 702,748
750,603
134,067
143,290 of Texas, C. S. S. & L. V. RR. and R. G. & E. P. RR. In both years. For
July 1 to Apr 30
8,221,158 7,923,498 2,074,269 1,734,645 Apr. taxes amounted to $361,784, against $296,858 in 1911; after deducting
which, net for Apr. 1912 was $3,142,553, against $2,038529 last year.
Colorado & Southern_ b _Apr 1,022,233 1,082,058
246,898
360,163
July 1 to Apr 30
12,001,082 13,658,825 3,860,311 4,722,362 From July 1 to Apr. 30 taxes were ;3,544,675 in 1912, against $2,891,401
last year.
Del Lack & West _b _ _ _ _Apr 2,140,904 2,928,107
190,343 1,139,644
q Includes the Boston & Albany, the N. Y. & Ottawa, the St. Lawrence &
July 1 to Apr 30
29,834,315 29,626,399 10,748,738 11,947,945 Adirondack and the Ottawa & N. Y. By.. the latter of which, being a CanaDetroit & Mackinac_a_Apr
dian road, does not make returns to the Inter-State Commerce Commission.
127,006
99,775
43,083
15,750.
July 1 to Apr 30
1,029,702
990,322
210,588
232,109
Interest Charges and Surplus.
Erie_a
Apr 3,773,514 4,390,630
539,712 1,23 1,426
July 1 to Apr 30
47,177,726 46,905,336 11,591,582 13,012,556
-rat., Rentals,
-Bat. of Net Earns.
Georgia RR_ b
Current
Previous
Apr 268,652
Current
242,260
Previous
35,921
47,977
July 1 to Apr 30
Year.
Year.
2,912,633 2,761,845
Roads.
Year.
Year.
759,014
710,380
g Interoceanic of Mex__ _Apr 794,489
825,156
370,431
303,522
174,922
176,350
x23,828
x24,860
July 1 to Apr 30
7,256,705 7,524,781 2,616,383 2,788,406 Buffalo Roch & Pitts___ Apr 1,734,438
1,789,915 z1,344,818 z1,638,107
July 1 to Apr 30
Kansas City Southern_ b Apr 718,823
738,920
208,726
237,770 Chicago Great Western_ _Apr • 227,779
209,547 zdef47,279
x16,485
July 1 to Apr 30
7,860,513 8,558,965 2,510,285 3,076,344
2,290,332 2,118,449 z200,845 x683,220
July 1 to Apr 30
Lehigh Valley_ b
Apr 1,924,229 3,187,411
201,507 1,381,863 Chicago
739,009
636,148
& N Western __Apr 838,102
576,745
July 1 to Apr 30
30,956,032 30,480,157 9,742,861 11,023,802
7,742,817 7,707,891 8,647,238 10,115,638
July 1 to Apr 30
g National Rys of Mex_ _Apr 5,024,128 4,763,789 1,325,001 1,347,470
147,908
169,010
145,959
101,510
July 1 to Apr 30
52,057,782 52,870,984 21,240,213 20,242,179 Chicago St P M & Om__ _Apr
1,758,594 1,677,508 1,50 2,943 2,670,709
July 1 to Apr 30
qN Y Cent & Hud Riv_b_Apr 8,084,827 8,369,124 1,399,293 2,307,154
275,668
x18,900 x128.022
Jan 1 to Apr 30
32,716,830 31,517,111 8,213,577 6,294,579 Colorado & Southern_ __Apr 281,666
2,806,797 2,724,921 x1,472,216 x2,077,381
July 1 to Apr 30
Lake Sh & Mich Sob Apr 4,044,474 3,764,571 1,107,812
905,956
68,350 zdef28,179 zdef12,280
74,806
Apr
Jan 1 to Apr 30
16,467,421 14,881,700 5,150,542 3,520,218 Georgia RR
737,258 z113,003
742,494
July 1 to Apr 30
x63,184
eLake Erie & West_ b_Apr 414,989
392,471
55,231
36,230 Reading Company
888,660 def409,211'
868,250
Apr
845,217
Jan 1 to Apr 30
1,770,460 1,681,844
300,286
227,734
8,682,500 8,886,605 7.480,245 6,497,933
July 1 to Apr 30
Chic Ind & South_b_Apr 285,407
320,253
28,678
46,766
Jan 1 to Apr 30
1,410,686 1,264,332
229,984
INDUSTRIAL COMPANIES.
185,118
Michigan Central_b__Apr 2,679,099 2,366,387
811,167
514,100 Atlantic Gulf & W I SS Lines
Jan 1 to Apr 30
157,706
158,208
10,098,769 9,320,714 2,769,182 1,709,093
(Subsidiary Cos.)_ _ _ _Mch
142,302
140,148
472,986
475,081
Jan 1 to Mch 31
245,725
335,098
Clev Cin Ch & St L_b_Apr 2,346,916 2,399,154
445,107
446,239
Jan 1 to Apr 30
0,735,977 9,531,711 1,866,881 1,7-11,251
z After allowing for other income received.
Peoria & Eastern_b___Apr • 222,377
37,863
226,662
11,909
EXPRESS COMPANIES.
Jan 1 to Apr 30
1,003,959 1,052,809
214,912
141,535
February
July 1 to Feb. 29Cincinnati North'n_b_Apr
114,008
79,578
16,193
def3,035
1911.
1912.
1911-12.
1910-11.
Jan 1 to Apr 30
422,799
6,414
349,595
22,023
American Express Co.
$
$
Pittsb & Lake Erie_b_Apr 1,071,258 1,130,947
403,681
523,029 Express revenue
2,935,524 2,630,678 27,370,132 26,155,573
Jan 1 to Apr 30
4,972,758 4,379,767 2,120,215 2,047,291 Misc. transportation revenue
N Y Chic & St Lb _ __Apr 912,087
129,948
121,721 1,156,144 1,117,097
214,735
907,675
234,844 Non-transportation revenue_
Jan 1 to Apr 30
Gross receipts from opera_ 3,065,472 2,758,400 28,526,277 27,273,270
3,736,603 3,559,769
850,596
804,231
1,438,209 1,248,267 13,206,103 12,809,916
Express privileges
-Dr
Toledo & Ohio Cent_ b_Apr 247,146
334,908 de134,641
47,840
Jan 1 to Apr 30
1,490,021 1,309,155
233,197
178,974
Total operating revenues
1,629,263 1,510,123 15,320,173 14,863,354
Total all lines- b
Apr 20,422,588 20,291,740 4,575,149 5,071,032 Maintenance
545,400
22,762
352,904
48,350
Jan 1 to Apr 30
83,826,289 78,854,507 19,955,786 16,852,645 Traffic expenses
199,660
31,506
239,414
26,707
N Y Susq & Western_a_Apr
188,281
347,713
14,108
1,451,936 1,310,513 11,787,085 10,918,541
150,934 Transportation expenses_
_
July 1 to Apr 30
3,130,143 3,216,378
930,885 1,100,124 General expenses
954,173
992,660
128,925
117,370
Northern Pacific_ b
Apr 5,201,648 5,008,952 1,971,673 1,888,840
July 1 to Apr 30
Total operating expenses_ _ 1,635,131 1,503,037 13,372,065 12,617,874
59,781,962 54,760,721 21,444,216 21,528,570
Net operating revenue__ _ Set.5,867
Pennsylvania Lines7,085 1,948,108 2,045,470
234,497
256,235
33,887
Railroad a _ _Apr 13,291,728 12,61 7,245 3,082,508 3,459,034 One-twelfth of annual taxes_
17,156
Pennsylv
53,771,104 49,163,010 10,650,145 10,553,088
Jan 1 to Apr 30
Operating income
Lass39,554 Loss10,071 1,691,872 1,810,981
20 .78
Balto Ches & Atl a _Apr
16,867
2,311
def 486 Mileage of allISteam roads_
54,158
55,130
60,098
Jan 1 to Apr 30
58,579
def6,627
def3,59 5
lines coveredlOther lines
1,643
1,840




,JUNE 1 1912.j

THE CHRONICLE

National Express Co.
Express revenue
Misc. transportation revenue
Non-transportation revenue_

February
-July 1 to Feb. 291911.
1911-12.
1912.
1910-11.
$
806,764
76,373
838,530
80,548
371

334

Gross receipts from oper__
Express privileges-Dr

80,919
37,394

76,707
27,438

840,286
328,210

810,057
306,891

Total operating revenues
Maintenance
Traffic expenses
Transportation expenses_ _ _ _
General expenses

43,525
1,153

49,268
609

503,166
7,376

46,650
2,994

44,073
3;124

512,075
7,226
7
392,837
24,509

373,622
24,937

50,798
Total °prating expenses
def.7,272
Net operating revenue_
496
One-twelfth of annual taxes..

47,807
1,460
75

424,580
87,495
3,882

405,937
97,229
4,276

1,384
Loss7.769
Operating income
1,422
1,408
Mileage of allfSteam roads_
70
70
lines coveredlOther lines__
-January
1911.
1912.
$
$
Northern Express Co.
174,715
171,829
Express revenue
Misc. transportation revenue
2,622
2,775
Non-transportation revenue_

83,612

92,953

3,755

3,293

July 1 to Jan. 311911-12.
1910-11.
$
$
1,752,053 1,936,732
23,239

25,738

Gross receipts from oper__
-Dr
Express privileges

177,337
90,083

174,605
80,403

1,775,293
902,731

1,962,471
938,759

Total operating revenues_ _
Maintenance
Traffic expenses
Transportation expenses_ _ _ _
General expenses

87,254
1,609
2,952
71,082
6,157

94,201
104
2,889
74,646
4,262

872,561
10,593
23,410
552,619
41,711

1,023,712
12,634
21,677
543,227
33,583

Total operating expenses
Net operating revenue_
One-twelfth of annual taxes_

81,800
5,453
4,500

81,902
12,208
4,500

628,335
244,226
31,500

611,123
412,588
31,500

953
7,798
212,726
381,088
6,601
7,310
315
261
February
July I to Feb. 291912.
1911,
1911.12,
1910-11.
$
United States Express Co.$
1,469,123 1,369,398 13,821,040 13,310,555
Express revenue
Misc. transportation revenue
23,802
24,243
Non-transportation revenue_
212,868
214,712
Operating income
Mileage of allfSteam roads_
lines covered jOther lines

Gross receipts from °per__ 1,492,926
715,733
-Dr
Express privileges
Total operating revenues_ _
Maintenance
Traffic expenses
Transportation expenses_ _ _
General expenses

777,193
30,165
22,055
792,127
53,966

1,393,841 14,033,908 13,525,268
679,075 6,482,606 6,425,344
714,586
23,665
12,016
720,733
43,345

7,551,301
266,487
132,037
6,600,868
381,084

7,099,923
194,550
95,727
6,029,134
344,119

799,760
898,314
Total operating expenses
Net operating revenue_ _ _ _d1.121,121 def.85,194
13,957
8,784
One-twelfth of annual taxes_

7,380,476
170,825
88,238

6,663,533
436,390
71,082

Loss135,078 Loss93,978
Operating income
28,853
Mileage of alliSteam roads_
29,104
lines coveredlOther lines__
3,954
3,866

82,586

365,308

ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.

Name of
Road.

Week or
Month.

Current Previou:
Year.
Year.

$
$
American Rys Co_ __ _ April
374,240 355,927
Atlantic Shore Ry___ April
26,078
21,738
;Aur Elgin & Chic Ry April
141,974 130,913
Bangor Ry 40 Elec Co April
51,492 43,097
Baton Rouge Elec Co March __
10,880
9,189
Binghamton Railway March
33.169 29.000
Brock 40 Plym St Ry March __
7,514
7,303
Bklyn Rap Tran Syst January
1821,950 1745,422
Cape Breton Elec Co_ March __
24,410 24,199
Carolina Pow 40 Lt Co April
34,846 28,690
Cent Park N & E My January _
47,567 50,437
Central Penn Trao___ AprIl
69,397 85,112
Chattanooga By & Lt April
81,208 75,114
Clev Painesv & East. March __ _
24.728 24.075
Clev Southw & Colum Aprli
91,091 85,885
Columbus (Ga) El Co March __
41,149 38,243
Coney Island & Bklyn January
98,218 99.934
Dallas Electric Corp_ March..-. 143,057 129,528
Detroit United it11v.._ 4th wk Apr 250,020 228,139
D DEB & Bat (Rec) January
50,749 49.546
91,998 89,797
Duluth-Superior Trao April
East St Louis & Sub_ April
179,744 178,507
El Paso Electric
63,055 57.090
_
. .March _ _
Fairm & Clarks f' April
65,227 53,186
Tr Co
42dStM&SNAv (flee) January
127,313 116,453
Galv-Hous Elec Co.. March __ ._ 149,417 116,287
Grand Rapids Ry Co_ April
94,339 89,967
Havana Electric ity_ Wk May 28 47,012 44,709
Honolulu Rapid 'rran
& Land Co
March ____
46.110 40.038
Houghton Co Trao Co March __ __
24,485 24,090
Hudson & Manhattan March ____ 455,691 389.729
Illinois Traction Co
March ____ 590.277 549.729
Interboro Rap Tran_ March ____ 2859,256 2742,786
Jacksonville Trac Co_ March __ __
51,257 51,900
Lake Shore Elec Ry_ March - __
92,120 86.528
Long Island Electric_ January _ _
12,742
13,030
Milw El Ry & Lt Co_ March ___ 447,350 391,825
Difilw Lt. Fit & Tr Co_ March ____
84,841
74,191
March ____ 427,864 371,992
Montreal Street Ry
Nashville Ry & Light April
168,978 161,228
N Y City Interboro__ January
33,005 20,998
NY & Long Isl Tree_ January
24,131
24,993
__ January
NY & Queens
90,624 83,536
Northam Easton 4.0W February _
Co_11.969
10,868
North Ohio Trao & Lt April
221,784 200,015
North Texas Eleo Co_ March _ 139.192 142,938
Ocean Electric (L I). January
4,154
3,313
Paducah Tram& Lt Co March
23,616 20,541
Pensacola Electric Co March _ _
22,309 22,841
Rap Trans Co__ April
1903,908 1824,173
Phila
532,558 526,475
Port(Ore)Ry,L&PCo. April
140,279 142,689
Puget Sound Mee Co_ March __
Richmond Lt & RR_ January
23,687 23,123
Rio de Janeiro Tram
1193,833 1030,111
Light & Power Co_ April
St Joseph (Mo) Ry,Lt
90,423 84,700
heat h Power Co_ April
375.015 284,038
Sao Paulo Tram,L&P April
58,964
Savannah Electric Co March
53,062
_Seattle Electric Co__ February . 413.838 428,557
70,780 65,595
Second Ave (Reo)___ January _ _
Southern Boulevard_ January
9,076
8,232
Sou Wisconsin Ry Co April
16,950
14,848
qtnfm, ToPA xxo..-.....,
li, 00A
T......nt,,
,




VT

C.Aq

Jan. 1 to latest date.
Current
Year.

Previous
Year.

Name of
Road.

1503
Latest Gross Earnings.
Week or
Month.

Current Previous
Year.
Year.

$
$
Tampa Electric Co__ March _ __
62,057 56,804
Third Avenue (flee). January __ 305,568 290.984
Tr -City By & Lt Co_ April
225,987 210,756
Twin City Rap Tran_ 3d wk May 149,503 143,443
Underground Elec By
of London
Three tube lines_ _ _ Wk May 25 £13,365 £13,305
Metropolitan Dist_ Wk May 25 £12,793 £12,291
United Tramways_ Wk May 25 £6,491 £7,450
London Gen'l Bus, Wk May 25 £54,058 £43,866
Union (Rec)
January __ 180,130 167,777
Unionily,G&ECo(III) April
279,735 242,968
United Rys of St L__ April
1014.430 973,939
United MU of San Fr March
891,754 657,178
Westchester El (Rea) January
41.277 40.483
Whatcom Co Ry & Lt March __ _
32,411
31,301
Yonkers RR (Rec)_ _ January
52,207 49,332
Youngst & Ohio Illy_ March
19.106 18.212
c These figures are for consolidated company.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

$
$
182,487
167.363
305,568
290,984
974,179
894,237
2,997,384 2,873,738
£297,780 £293,585
£262,588 £250,249
£123,631 £123,301
£931,742 £711,857
180,130
167,777
1,202,810 1,024,475
3,818,745 3,741,119
2,012,427 1,873,070
41,277
40,483
96.088
101.924
49,332
52,207
53.523
51.000

Electric Railway Net Earnings.
-The following table gives
the returns of ELECTRIC railway gross and net earnings
reported this week:
Roads.

-Gross Earnings- --Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

Bangor Ry & Elect_a__ _Apr
51,492
43,097
26,837
July 1 to Apr 30
540,242
483,650
297,422
Chattanooga Ry & Lt_a_Apr
81,208
75,114
33,972
Jan 1 to Apr 30
320,201
290.307
129,937
Cleve Southw & Col_b__Apr
91,091
85,885
36,803
Jan 1 to Apr 30
334,396
324,046
121,296
Commonwealth P B & L
(Mich)_a
Apr
490,119
421,924
204,487
Jan 1 to Apr 30
2,007,486 1,773,761
843,732
Consum Pow(Mich) a Apr 215,813
187,536
100,270
Jan 1 to Apr 30
915,120
793,887
431,371
Detroit United _ b
802,163
Apr 915,426
325,381
Jan 1 to Apr 30
3,383,637 2,985,356 1,157,196
Duluth-Superior Tract _b Apr
89,797
91,998
40,266
Jan 1 to Apr 30
340,845
354,486
138,986
East St Louis & Sub_a__Apr
179,744
178,507
74,965
712,803
Jan 1 to Apr 30
757,607
328,948
Grand Rapids
89,967
__Apr
94,339
39,148
Jan 1 to Apr 30
353,578
Ry_a_382,013
162,133
Lewiston Aug & Wat_a_Apr
38,736
46,767
17,252
Jan 1 to Apr 30
502,038
435,013
182,606
Nashville Ry & Light_a_Apr
168,976
161,228
67,818
Jan 1 to Apr 30
883,697
631,374
263,376
North Ohio Tr & Lt_a_ _Apr 221,784
93,616
200,015
Jan 1 to Apr 30
845.270
748,885
349.738
Northwest Pennsylvania Apr
12,203
11,152
3,024
Jan 1 to Apr 30
51,586
41,279
13,588
Portland(Ore)R,L&P a Apr 532,558
526,475
254,862
Jan 1 to Apr 30
2,125.836 2,032,114 1,021,091
ltio de JaneiroTramL&P Apr 1,193,833 1,030.111 • 632,203
Jan 1 to Apr 30
4,548,297 3,938,862 .2,327,779
Roch Syracuse & East-b
Jan 1 to Moh 31
155,453
140,348
60,226
90,423
St Joseph R L H &P_a_ _Apr
84,700
37,175
378,984
Jan 1 to Apr 30
348,542
165,710
Apr 225,987
210,756
Tr -City Ry & Lt-a
94,529
894,237
974,179
Jan 1 to Apr 30
414,860
620,671
631,461
Twin City Rap Trans_b_Apr
305,674
Jan 1 to .Apr 30
2,543,073 2,441.711 1,162,225
Underground Elect (London)
Metropolitan Dist_ _ _ _Apr £62,635
£60,644
£32,407
Jan 1 to Apr 30
£257,986 £246,951 £131,293
United Tramway
Apr £29,939
£30,020
£11,825
Jan 1. to Apr 30
£102,526
£99,545
£27,182
London Elect Ry
Apr £61,081
£63,485
£29,530
Jan 1 to Apr 30
£265,642 £259,299 £137,786
Union Ry,Gas&EI(II1) a Apr 279.735
242,968
108,548
Jan 1 to Apr 30
1,202,810 1,024.475
480,447
a Net earnings here given are after deducting taxes.
b Net earnings hero given are before deducting taxes.

22,464
259,569
32,072
122,463
36,511
130,392
175,727
773,189
91,387
408,550
283,567
1,063,327
41,547
138,670
72,352
299,384
35,619
147,822
13,586
158,314
66,673
258,925
85,253
311,501
971
0,318
2803430
1,034,099
518,787
1,993,797
59,388
30,541
137,998
85,879
365,913
300,732
1,151,240

$
I
1,473.552 1,375,834
89,802
76,705
£31,073
521,854
487,084
£128,315
208,777
173,319
£12,420
34,060
27,376
£28,939
96,623
84,054
21,559
21.194
£32,000
1,821,950 1,745,422
£134,543
76,430
73,725
97,226
138,879
117,807
420,292
50,437
47,567
277,548
259,848
320,201
290,307
69,353
68,242
334,396
324,046
Interest Charges and Surplus.
127,349
114,305
-Int., Rentals, &c.- -Del. of Net Earns.
98,218
99,934
Current
Previous
Current
Previous
407,978
384,673
Roads.
Year.
Year.
Year.
3,317,129 2,934,875
Year.
50,749
49,546
By & Elect_ _ _Apr
16,492
354,486
Y10:345
7 Bangor
9,985
340,845
July 1 to Apr 30
148,410
757,607
121,563
149,012
712,803
138,006
194,474
173,709 Chattanooga Rx & Lt.
.Apr
21,508
19,437
12,464
12,635
243,232
208,612
Jan 1 to pr 30
85,550
77,261
44,387
45,202
127,313
116,453 Cleve Southw
& Col _ _Apr
30,498
30,091
z6,305
x7,063
327,381
431,869
Jan 1 to Apr 30
120,966
120,149
z13,108
z968
382,013
353,576
1,014,481
952,964 Commonwealth P. R & L
(Mich)
Apr
120,911
105,081
70,648
83,576
Jan 1 to Apr 30
455,325
116,783
137,496
408,214
388,407
364,975
67,913
68,580
Consum Pow (Mich)_ _Apr
46.931
40,123
53,339
51,264
' Jan 1 to Apr 30
1,345,600 1,138.396
177,686
148,084
253,885
260,466
1,790,362 1,650,699 Detroit United
Apr
177,051
176,379 z164,724
x120,073
7,836.106
Jan 1 to Apr 30
714,216
703,950 z509,260 z914,661
151,638
- 147,047
22.738
247,356 Duluth-Superior Tract_ _Apr
261,391
22,042
17,528
19,505
Jan 1 to Apr 30
90,950
13,030
12,742
88,167
48,016
50,503
1,331,814 1.180,315 East St Louis & Sub_ _ _ _Apr
47.962
45.433
27,003
26,919
248,967
221,879
Jan 1 to Apr 30
192.258
181,724
136,690
117,660
1,239,621 1,072,854
Apr
14,515
15,038
24,633
20,581
631,374 Grand Rapids Ry
663,697
Jan 1 to Apr 30
58,632
60,326
103,501
87,496
20,998
33,005
24,131
24,993 Lewiston Aug & Wat_ __Apr
14,446
2,806
13.340
246
Jan 1 to Apr 30
90,624
83,536
38,120
144,486
131,665
28,649
23,473
22,790 Nashville By do Light___Apr
32,657
35,161
33,409
33,264
748,885
845,270
Jan 1 to Apr 30
123,723
139,853
133,579
125,345
376,035
367.375
43,821
44,329
49,795
40,924
3,313 Northern Ohio Tr & Lt_ _Apr
4,154
Jan 1 to Apr 30
177.444
175,287
174,446
134,057
63,033
71,270
67,585
67,530 Portland(Ore)R L&P __Apr
167,108
121,231
87,754
159,199
7,321,162 6,923,554
537,744
Jan 1 to Apr 30
491,506
447,347
542,593
2,125,836 2,032,114 Rochester Syracuse 40 East
404,088
417,055
106,740
Jan 1 to Mch 31
91,017 def46,514 def31,629
23,667
23,123
19,541
St Joseph R L H & P._Apr
19,693
17,634
10,848
78,586
Jan 1 to Apr 30
77,642
4,548,297 3,938,862
87,124
60,356
TA-City By 40 Light_ _ _ _Apr a78.296
61.318
16,233
24.561
378,984
346,542
a289,656
Jan 1 to Apr 30
243.256
125,204
122,657
1,468,048 1,125,118
143,079
Twin City Rap Trans__ _Apr
140,079
162,595
160,653
173,762
158,166
569,317
Jan 1 to Apr 30
560,317
590,923
592,908
863,654
907,285
69,147
70,780
80,686
65,595 Union Ry Gas & El_ _ _ _Apr
39,401
36,540
9,076
271,538
Jan 1 to Apr 30
8,232
239,286
208,909
181,006
69,716
58,080
a Includes dividends on preferred stock.
ln ,
,A
1m oe.n
x After allowing for other income received.

1504
ANNUAL REPORTS,

-The latest index will be found in the
Annual Reports.
issue of May 25. The next will appear in that of June 29.
Western New York & Pennsylvania Ry.
(Report for Fiscal Year ending Dec. 311911.)
Pres. Jno. P. Green, Phila., Apr. 1, wrote in substance:
Results.
-The gross revenues show a decrease of $588,302, or 6.95%, of
which 5554.682 was in the freight revenue. Operating expenses, excluding
taxes, decreased $641,922, due mainly to the fact that the previous year's
maintenance expenditures included heavy charges for renewals to, and im
provement of, roadway and equipment, and to the decrease in the volume
of traffic handled and more favorable operating conditions In the first
three months of the year. The operating Income Increased $52,371, but
was again largely insufficient to meet the fixed and other charges, there
being a net deficit of $1,151,379. In addition to this, there were expenditures for additions and betterments, not properly chargeable to capital
account, amounting to $137,297, making the total deficit for the year $1,288,676, which was charged to your profit and loss account.
-These aggregate net $666,Construction and Equipment Expenditures.
966, viz.:
Road expenditures (chiefly revision of line, additional tracks,
interlocking, &c., $200,960, and extension of passing sidings
and improvement of grades, $190,141), $531,872, less credits,
$104,047, and also less property abandoned and not replaced,
$106,923); net road expenditure
_ $346,557
Equipment: Locomotives, $546,733, less cars, locomotives, &c.,
retired, $226,324; net increase in equipment...
__
320,409
During the past year agreements were executed between the city of Buffalo and the various railroad companies having tracks and terminals lying
along the so-called "sea-wall strip" and the Hamburg turnpike in that city,
being the final result of many years of negotiation. Under these agreements the companies and the city will undertake various lake front improvements, and the respective property limits have been defined so as to
admit both of their protection against further erosion and the establishment thereon of lake traffic facilities. The railroad tracks are to be so
located as to avoid unnecessary grade crossings of the roadway which will
be constructed by the city along the sea-wall strip.
Subsidiaries.
-The Kendall & Eldred RR. Co., all of whose capital stock
was owned by your company, having no property nor assets of any kind,
and no liabilities, was dissolved. The corporate property, rights and franchises of the McKean & Buffalo RR. Co. were acquired by your company
and the corporate existence of the former terminated. The Kinzua Valley
11R. Co. and the Kinzua By. Co. were consolidated as the Kinzua RR. Co.,
all of whose corporate property, rights and franchises were acquired by
your compethy and its corporate existence terminated. The Olean Bradford ec Warren By. Co. was consolidated with the Bradford By. Co., forming the Bradford RR. Co. These changes are reflected in your balance
sheet by a decrease in the item of "securities" to the extent of $105,003,
but as the cost of road of these subsidiaries was already largely represented
in your road investment, the Increase in that account In this connection
amounts to but a nominal sum. The acquisition of the McKean & Buffalo
and the Kinzua railroad companies increases the mileage of road owned and
correspondingly decreases the mileage operated under contract.
OPERATIONS AND FISCAL RESULTS.
1911.
1910.
1909.
1908.
Miles of road operated __
650
650
650
653
Operations
Passengers carried
1,982,620
1,949,715
1,916,336
2,087,969
Passengers carried 1 mile 59,386,472 58,852,774 56,731,189 59,571,769
Rate per pass. per mile_ 2.055 cts.
2.049 cts.
2.055 cts.
2.063 cts.
Freight (tons) carried.. 10,307,122 11,407,425 10,281,422
9,243,079
Freight(tons)carriedlm.1221376,113 1374663,740 1235448,777 1170697,029
Rate per ton per mile_
0.500 cts.
0.500 cts.
0.507 cts.
0.488 cts.
456
442
Avge. train-loads (tons)
441
419
Earns. per pass. train m. 100.1 cts.
104.2 cts.
106.0 cts.
95.0 cts.
221.3 cts.
Earns, rev. fgt. train m_ 235.3 cts.
223.8 cts.
204.4 cts.
$12,107
$13,020
$11,997
Gross revenue per mile_
$11,093
Earnings
1,215,006
1,199,458
1,160,387
1,218,121
Passenger
5,624,148
6,180,733
Freight _
6,735,415
6,156,195
523,396
478,031
474,228
397,965
Mall, express, &c
7,869,967

8,458,269

7,794,613

1,231,456
1,974,379
152,815
3,520,332
180,379

1,395,284
2,255,542
165,546
3,718,516
160,395

1,481,147
1,701,654
• 145,795
3,122.241
• 151,730

1,319,614
1,858,057
134,458
3,299,955
142,627

7,059,361
Total
185,629
Taxes
(92.06)
P.c. exp. & taxes to earn.

7,701,283
184,379
(93.23)

6,602,567
186,138
(87.09)

6,754,711
175,394
(95.72)

624,977

572,606

1,005,908

310,129

899,500
19,685
326,773
21,465
63,679
137,207
445,254

899,500
19,685
368,547
20,752
57,308
539,556
379,402

• 899,500
• 19,685
• 303,490
• 31,099
47,290
45,109
355,772

899,500
19,685
321,567
37,526
69,307
174,689
301,534

1,913,653
1,288,676

2,284,750
1,712,144

1,701,945
696,037

1,823,808
1,513,879

Total earnings
ExpensesMaint. of way,•&c
Maint. of equipment_ _ _
Traffic
Transportation
General

Net earnings
Deduct
Interest on bonds
Int. on real estate mtges.
Hire of equipment
Int. on equipment trusts
Rents
Additions,betterm'ts, &c
Interest, general account
Total

•
•
•
•

7,240,234

BALANCE SHEET DECEMBER 31,
1911.
1910.
1911.
1910.
•
Assets
Liabilities$
$
Road & equipl...a57,356,697 56,963,493 Capital stock
20,000,000 20,000,000
Funded debt
Stocks of prop.,&c.
29,900,000 29,910,000
105,000 Equipment trusts_ 370,523
cos. unpledged
543,779
12 Mortgages
Securities pledged_
9
562,428
562,428
3,759 Working advances. 7,310,815 5,999,020
Other investments
3,759
272,202 Construc.,&c.,adv. 7,253,823 6,428,875
271,000
Cash
422,244 Miscellaneous ____ 372,824
Securities in trees_ 422,244
405,179
Miscellaneous
431,452
294,284 Matured interest __ 270,815
272,025
Deficit
87,773,996 6,264,911 Unmatured lot __ 100,360
100,000
Taxes accrued ____
27,569
24,599
Total

[VOL. LXXXXIV

THE CHRONICLE

66,259,157 64,325,905

Total

66,259,157 64,325,905

a After deducting reserve for accrued depreciation of equipment, $131,450.
b After deducting $1,725,905 for appropriated surplus, consisting of additions to
Property since June 30 1907 through income, $1,478,882, and car trust principal
charged out in advance, $247,023.-V. 94, P. 1318.

Cleveland Akron & Cincinnati Railway Co.
(Report for Fiscal Year ending Dec. 31 1911.)
President Joseph Wood, Pittsburgh, wrote in substance:
Consolidation.
-The company was formed by consolidation July 1 1911
of the Cleveland Akron & Columbus By. Co. and the Cincinnati & Muskingum Valley RR. Co. While the report presents the aggregate results
for the entire year, it will be noted that these lines have been operated
under the consolidated organization only for the last six months of the year.
[The agreement of consolidation Is appended to the pamphlet report.)
Results.
-The operating revenues decreased $100,113, or 2.73%. The
operating income decreased $60,636, or 6.86%. The ratio of operating
expenses and taxes to operating revenues was 76.9%, as against 75.87%
for 1910. The tonnage moved was 5,151,923 tons, a decrease of 256,592
tons, or 4.74%, the decrease being principally in bituminous coal, coke,
iron ore, lumber, castings and machinery, bar and sheet metal and merchandise. Freight revenue decreased $137,115, or 5.18%. Freight train
mileage decreased 153,738 miles, or 14.50%. The average rate per ton




per mile was 7.36 mills, as compared with 6.84 mills for 1910. The revenue
per freight train mile was $2.77, as against 52 50 for last year. Passenger
revenue increased $27,881, or 3.57%. There were 1,701,499 passengers
carried in 1911, as compared with 1,640,666 in 1910, an increase of 60,833.
or 3.71%. The average rate per passenger per mlic was 1.773c., as compared with 1.7600. for 1910.
The maintenance of way and structure expenses decreased $93,061, or
14.04%, due chiefly to a lesser number of rails used in renewals and a decrease in charges for bridges, trestles and culverts.
There was an Increase of $73,581, or 55.50%, in the amount paid for
taxes, due to an increase in the excise tax paid the State of Ohio and to a
higher valuation placed upon the property of $25,917.
-These aggregated: "Road," $258,532;
Additions and Betterments.
"equipment," net, $177,727; total, $436,259, of which $200,000 was charged
against the reserve for additions and betterments set aside out of the net
income of 1910, and the remainder, 5236,260, against the income of the
current year.
-This road, in which your company owns
Akron de Barberton Belt RR.
a 25% interest, was operated at a net cost to the owners of $123,873, of
which your company paid on the basis of use $47,644, or 38.46%. The
ninth annual contribution for retiring the 1st M.4% bonds, amounting to
$15,790, was made in Nov. 1911, of which we paid one-fourth, or $3,947.
Operation by Pennsylvania Company.
-On Dec. 1 1911 an agreement was
entered into with the Pennsylvania Company for the operation on and after
Jan. 1 1912 of the property as a part of its central system, on the basis of
paying to your company the net earnings resulting therefrom.
-PRODUCTS OF
CLASSIFICATION OF FREIGHT TONNAGE
Manurs. Mdse,ctc.
Agriculture. Animals. Mines.
Forest,
432,358 47,265 2,657,810 327,950 1,527,972 158,568
372,957 35,307 2,790,898 361,510 1,626,950 220,893

1911
1910 •

TRAFFIC STATISTICS.
1911.
1910.
1911
1910.
344
344 Pass. carried
Mlles of railway
1,701,499 1,640,666
Tons car'd (No.) 5,151,923 5,408,515 Pass. car'd 1 mile_45,648,025 44,419,495
Tons car'd 1 m_341,143,496 387,164,019 Rev. p. pass. p. m. 1.773 cts. 1.760 cts.
Rev. p.ton p. m. 0.736 cts. 0.684 cts. Gross rev. per mile $10,348
$10,639
RESULTS OF ALL LINES OPERATING FOR TWO CALENDAR YEARS.
1910.
1911.
1911.
1910.
Oper. Revenue
2,511,047 2,648,163 Net oper. revenue_1,029,283 1,016,338
Freight
206,155 132,574
Passenger
809,568 781,686 faxes
Mall
37,493
35,838
Express
118,851 113,446
Operating income_ 823,128 883,764
Other transportation 60,881
20,238
63,651 Other income
14,472
Non-transportation _ 24,872
20,041
Gross income
837,600 904,002
Total
3,562,712 3,662,825
ExpensesDeduct
569,796 662,857 Interest on funded
Maint. of way, &c
Maint. of equipt_ _ 607,299 595,527
debt
224,742 225,640
Traffic expenses_ _ _ _ 52,184
57,745 Interest
-car trusts_ 21,213
25,462
Transportation exp 1.239.382 1,266,018 Hire of equipment_
753
883
General expenses_ _ _ 64,768
64,340
Total deductions_ 246,708 251,985
Total expenses_ _ _2,533,429 2,646,487
Net income
590,892 652,017
From the net income as above In 1911, $590,892, there were deducted the following: Contributions to sinking funds, $17,279; (new first consol. M. bonds, Cleve.
Akron & Col. By.,$15,285, and 1st M. bonds Ctn.& Musk. Vail. RR.,$1,994); Payment on account of principal of car trusts, $11,199; additions and betterments,
$236,259; dividends paid, $230,000: total,$494,737, leaving a balance, transferred
to profit and loss account, of $36,155.
GENERAL BALANCE SHEET DEC. 31
1910.
1911.
1910.
1911.
Liabilities
Assets$
7,500,000 6,000,000
Road & equipt__a12,925,996 11,715,622 Capital stock
Stocks owned_ _ _ _
166,523
166,523 Bds.(see"R&ISec")5,155,000 5,173,000
564,351
Loans & bills rec.
100,000 Equip. tr. oblig_ 456,207
127,470
114,430
Cash
614,566
654,708 rrafflc balances_ _
Traffic, &c., bats_
240,087
34,539
43,943 Vouch. & wages__ 347,954
Due from agts.,&c.
25,113
41,740
24,329
56,935
accts
Material & supplies 339,174
159,069
237,806 Accr'd Int. & taxes 184,410
Miscell. accts
134,323
61,205
117,667 Def, credit items_
4,497
Advances, &c
45,939
36,875 Approp. surplus__ 8389,301 8971,124
0th. def. deb. Items 442,801
532,006 Profit and loss_ __
310,665
c569,440
Total

14,745,601 13,662,085

Total

14,745,601 13,662,085

a After deducting reserve for accrued depreciation (equipment), $85,109. b APpropriated surplus includes additions to property since June 30 1907, through Income, 8198,986 in 1911, against 5598,085 In 1910; invested in sinking fund and redemption funds, $190,318, against $173,039; in 1910 also includes $200,000 not
specifically Invested. c After adding amount charged in adjustment of accounts,
$144,620, and deducting $12,000 naid to State of Ohio, being the fee for filing articles
-V.94, p. 1448.
of agreement of consolidation.

Consolidated Gas Co. of New York.
(Report for the Year ending Dec. 31 1911.)
The Public Service Commission, First District, has made
public the income accounts and balance sheets of the company and its subsidiaries (subject to revision) for the calendar
year 1911.
The list of investments of the Consolidated Gas Co. on
Dec. 31 1908 (total book value, $53,967,134) and also the
advances to subsidiary and affiliated companies (amounting
on that date to $28,538,720) were given in V. 89, p. 1664.
OPERATIONS OF CONSOLIDATED GAS CO.
1911.
1911.
1910.
Oper.Expenses*Sales elGas$
$
$
Commerel light g_10,921,687 10,963,019 Cost of gas manta_ 2,639,821
.
2,916,697
Prepaid gas
1,730,321 1,582,409 Gas bought
Municipal lighting 241,522
240,326
Tot. prod'n exp. 5,556,518
16,720
Westch. Ltg. Co__
14,824
Distribution exp
1,392,604
Total sales__ _*12,908,354 12,802,554 comml,gen% &c. 1,638,135
Cost of manufac'g
residuals sold
239,128
Sale of residuals__ 252.4661
13,337
Rent gas stoves,&c. 3S7.926) 626,533 Residual expense_
43.965)
Sundries
Total over. exp. 8,839,722
Total gas revenues 13,592,711 13,429,087 Net before taxes__ 4,752,989

1910.
2,628,059
2,880,877
5,508,936
1,263,183
1,595,734
246,633
13,564
8,628,051
4,801,036

• Sales of gas in 1911 include 13,652,826 M. Cu. ft. commercial lighting®
800.; 2,170,662 M. Cu. ft. prepaid gas ® 80o.; 322,028 M. Cu, ft. municipal
lighting ® 750., and 29,647 M.cu.ft. to Westchester Lighting Co. ® 50o.
INCOME'ACCOUNTS FOR YEARS ENDING DEC. 31 OF CONSOLIDATED GAS CO. AND CONTROLLED COMPANIES.
-Consolidated Gas Co.- -Astoria IA.11.c4.1 .Co
, .1910.
1910.
1911.
1911.
$
$
$
$
3,324,227
Operating revenues ____ 13,592,711 13,429,087
3,385,200
2,028,325
2,075,867
Operating expenses_ _ _ _ 8,839,722
8,628,051
112,338
114,293
Taxes
896,801
812,784
Uncollectible bills
54,600
71,755
3,916,407
5,461,198

1,195,040
2,238

1,183,564
1,650

Gross income
9,377,696
9,532,700
Int. on funded debt, &o_
617,833
656,167
Rentals
Dividends
(6%)5,988,990(4).)4491632
5,109,465
Total deductions ____ 6,645,157
4.2a8.23.1
2.58.7,54a
Balance..surplus_

1,197,278
613,642
75,095

1,185,214
633,983
74,979

Operating income
Non-operating Income

3,801,588
5,731,112

688,736
508,542..

708,962
476,252

THE CHRONICLE

JUNE 1 1912.]

- -N.Y.Mut.GasLt.Co.
-New Amster.Gas Co.
1911.
1910.
1910.
1911.
$
$
1,567,782
1,581,297
2,749,926
2,751,015
Operating revenue
1,101,882
1,116,208
1,391,460
Operating expenses... _ 1,413,524
115,174
209,334
108,136
211,278
Taxes
____
10,577
6,493
10,455
11,270
Uncollectible bills
Operating income_ _
Non-operating income

1,114,943
96,378

1,138,677
98,721

339,338
78,327

351,271
76,021

Gross income
Interest
Dividends

1,211,319
1,059,493

1,237,398
1,060,836

415,665
19,103
(9)309,294

427,292
18,371
(7)240,562

1505

STANDARD GAS LIGHT CO. BALANCE SHEET DEC. 31.
1911
1910.
1910. 1
1911.
LiabilitiesAssets
$
$
'
Fixed capital_ _ _ _a12,550,687 12,358,883 Capital stock
9,281,400 9,281,400
Free investments_
38,130 Mortgage bonds
1,195,000 1,195,000
46,090
Cash
1,270,684 1,364,087 Accrued liabilities 341.7491 1430,096
-..4
Due from aaso. cos.
146,1671
7,240 Other cur. liabil's_
a/il111
1
Renewal&conting
Accts. reedy. with
City of N. Y
account
2,273,578 2,130,967
6,681
11,547
Consumers' sects_
48.480
77,847 Reserves
85,635
38,796
Materials & supp_
0785,241
68,222
70,838 Corporate surp
890,703
Other accounts...
27,783
21,956
Suspense, &c ____
15,534
15,833

Total
14,071,615 13,966,962
Total
14,071,615 13,966,962
87,268
168,358
176,562
151,826
a After deducting $34,583 for accrued amortization.
-Cent. Union Gas Co. -North. Un. Gas Co.
b After deducting $209,066 for renewals and contingencies and $35,109 for surplus
1910.
1911.
1911.
1910.
adjustments
$
$
CENTRAL UNION GAS CO. BALANCE SHEET DEC. 31.
755,321
909,048
2,056,603
1,837,790
Operating revenue
432,167
980,714
527,992
1911.
1910.
1911.
1910.
Operating expenses_ _ _ - 1,103,310
45,597
89,991
81,104
47,152
Assets
Liabilities$
$
Taxes
11,255
2,355 Fixed capital
10,324
1,320
_a10,018,177 9,641,078 Capital stock
3,500,000 3,500,000
Uncollectible bills
Free Investments_ 298,079
290,521 Funded debt
3,555,000 3,555,000
275,202 Cash
852,047
765,648
332,584
355,402 Accrued liabilities 412,418)
608,161
Operating income_ _ _ _
13,450
10,486
1,997 Accounts receiv.306
Other current Ha} 513,263
Non-operating income__
Associated cos_
45,081
bilities
173,836)
277,199
865,497
776,134
City of N. Y___
332,890
44,560
45,065 Renewal &conting.
Gross income
204,210
80,488 Consumers' sects_
200,409 { 78,462
82,115
74,636
account
984,778
Interest
826,683
Other accounts_
76,371
1
44,218 Reserves, &c
55,131
Rents
56,046
Materials & supp_
101,557
89,652 Corporate surplus_b2,550,539 2,136,707
196,711 Pre-payments ___
661,287
575,725
254,428
Balance, surplus
2,682
2,046
.-Standard Gas Lt. Co.- -United El.Lt.&P.Co
Total
11,231,702 10,587,699
Total
11,231,702 10,587,699
1910.
1911.
1911.
1910.
a After deducting $26,904 for accrued amortization.
$
$
$
$
2,109,242
b After deducting $226,601 for renewals and contingencies and $1,044 for surplus
1,732,104
1,718,959
2,309,337
Operating revenue
971,673 adjustments.
Operating expenses
970,032
1,094,426
946,922
101,776
124,149
107,223
113,749
Taxes
•
NORTHERN UNION GAS CO. BALANCE SHEET DEC. 31.
6,724
Uncollectible bills
3,943
12,085
3,133
1910.
1911.
1911.
1910.
AssetsLiabilities$
$
$
1,029,069
1,095,603
Operating income....633,980
655,155
a3,619,368 3,536,006 Capital stock
1,500,000 1,500,000
20,144 Fixed capital
16,669
35,740
46,808
Non-operating income__
Free investments_ _ _
10,232
9,039 Mortgage bonds_ __ _1,250,000 1,250,000
166,529 100,155 Accrued liabilities
209,3321
1,049,213 Cash
1,112,272
Gross income
669,720
701,963
Other current Ha445,934
731,033 Accts. receiv. with
737,718
Interest, &a
73,836
71,980
associated cos_
bilities
66,672
164,631)
dividends (6%)_ -Pref.
257,742
257,742
Accts. receiv. with
Renewal & conting.
Common dividends_ __ _(4%)199,428
(2)99,714
City of N. Y
71,992
account
75,735
335,135 271,188
11,786
9,128
318,180 Consumers' accts.__ 33,645 '36,584 Reserves
374,553
Balance, surplus
138,714
272,527
Other accounts
9,430
5,207 Corporate surplus.. x478,353 365,141
Materials & supplies 28,649
11,357
DEC. 31.
MISCELLANEOUS INFORMATION AS OF
Pre-payments
501
636
Suspense
8,891
Consolidated Gas Co.- 1911. 1910.
Consolidated Gas Co.- 1911. 1910.
827.74 820.62
No. consumers' meters. 476,931 469,571 Mlles of gas mains
Total
3,949,237 3,841,391
Total
3,949,237 3,841,391
146,291 Holder canac.(M. Cu. ft.) 43,770 34,565
Appliances rented
(?)
a After deducting $37.623 for accrued amortization.
Caoacity (24 hours)Street lampsx After deducting $107,338 for renewals and contingencies and adding $3,746
Coal gas wks.(M.cu.ft.) 9,500 9,500
12,569 13,764
Weisbach
Water do do ___ 41,500 41,500 for surplus adjustments.
7
6
Open flame
ASTORIA LIGHT, HEAT & POWER CO. BALANCE SHEET DEC. 31,
Astoria L. New Am. N.Y.MW. Cent. Un. Nor.Un. Stan.Gas
1910.
.Co. Gas Co. GasLt.Co. Gas Co. Gas Co. Light Co.
1911.
H.deI'
1911.
1910.
2,153,149
Assets$
Liabilities$
Gas made(M.Cu.ft.)4,313,615 4,709,370 2,628,682 3,438,708
$
$
_a13,361,185 12,476,361 Capital stock
122,816
54,304 158,524 1,194,380 120,766 Fixed capital
Ga.s bought
500,000
500,000
65,205 Funded debt
1,877,701 2,190,508 1,068,583 2,048,082 Free investments_
84,563
210 3,064,096
Sold consumers___
375,000
375,000
45,923 Cash
4,795
75,384 Due assoc. cos_ ...12.607.302 10,507,302
96,033 1,269,880
83,778
169,706
Supplied other cos.
Accrued liabilities_ 389,0751 476,098
1,564
7,613 Accts. rec. with
5,676
14,158
2,999
945
Used by company_
258,045 Misc, accounts_
28,283
1,407,334
f
9.8.90C.COS
For Cons. Gas Co_4,310,559 1,404,098 583,835
34 Renewals&conting.
149.2
160.35
203.19 Consumers' accts.
21
169.32
320.90
0.698
Gas mains (miles) __
account
112,539
17,968 Other accounts... 286,266
14,610
11,528
869,944
33,153
15,752
3
668,193
No. service pipes_ _ _
509,648 Reserves
38,868 *57,272 Material & supplies 725,442
120,659
46,325
81,608
65,448
3 100,527
No. consumers' met_
21,582
Corporate surplus_b1,172,537
29,536
24,069
905,175
No. appliances rent_
8
4
1
5
13
4
Holders
Total
Total
16,034,517 13,497,216
16,034,517 13,497,216
Capacity of holders
1,195
13,895
15,000
20,875
14,800
8,581
(M. Cu. ft.)
a After deducting $32,093 for accrued amortization.
I) After deducting $215,681 for renewals and replacements and $25,498 for surplus
* The number of consumers was 61.471.
adjustments.
UNITED ELECTRIC LIGHT de POWER CO. BALANCE SHEET DEC. 31.
BALANCE SHEET Ole CONSOLIDATED GAS CO. DEC 31.
1911.
1910.
1911.
1910.
1911.
1910.
1910.
1911.
Assets
Liabilities$
$
Liabilities
Assets
Fixed capital____a11,724,376 11,450,449 Capital stock
5,318,434 5,318,434
99,816,500 99,816,500 Free investments_ 1,107,571
55,144 Mortgage bonds 4,838.000 4,838,000
Fixed capital....a.51,819,774 50,536,519 Capital stock
1,245,100 1,302,100 Bond investments
Free investments_59,624,454 59,573,880 Funded debt
1,048,262 Accrued liabilities
6,1971
3,593,732 1,185,535 Accrued liabilities_ 5,304,732 1,826,996 Cash
Cash
415,462
251,684 Other current ha)3,028,378
379,583 Accts. receivable
Due assoc. cos
Temp. advances to
bilities
3,156,030)
29,123,374 Other current liaassociated cos_ _27,890,724
Associated cos_
274,884 Renewal&conting.
7,307,027 9,912,567
bilities
Accts. rec. with
City of N. Y
account
37,987
33,732
1,142,345
947,656
425,336 Prem.on stk., &c_13,951,397 13,951,397 Consumers' accts.. 204,458
401,205
City of N. Y
205,829 Casualties and in746,537 Renewal & continConsumers' acct._ 648,724
Other accounts_ _ _ 258,261
24,733
surance reserve_
54,429
47,805
gency account 7,637,613 6,509,534 Material & supplies 148,503
Other accts. rec.1 2,328,540 1 519,739
181,834
11.755,404 Casualties and inSuspense,&c
83,585
87,911
Int. & divs. rec .f
571,643 Corporate deficit
surance reserve_ 642,988
985,275
x535,232
565,811
Mater. & supplies_ 1,037,722
34.226 Corporate surp_b11,502,853 10,658,167
Pre-payments
57.335
42,662
14,515,435 14,180,273
Suspense
Total
Total
14,515,435 14,180,273
a After deducting $48,291 for accrued amortization.
147,408,210144,928,487
Total
Total
147,408,210144,928,487
x After debiting $308,337 for renewals and contingencies and $35,637 for surplus
adjustments.
-V.94. p. 1451, 275.
a After deducting 8386,258 for accrued amortization.
b After deducting reserve for renewals and contingencies, $1,617,516, and surUnited States Realty-& Improvement Co.
•
transferring $386,258 to accrued amortization of cap.
plus adjustments,$39.083, and
Note.
-The company has contingent liabilities aggregating $21,846,000, consisting
(Report for Fiscal Year ending Apr. 30 1912.)
bonds of Westchester Lighting and merged companies which are guaranteed both
of
as to principal and Interest.
Pres. H. S. Black, New York, Apr. 30, wrote in substance:
ResuUs.-The net earnings were equal to 8.27% on the capital stock, and
NEW AMSTERDAM GAS CO BALANCE SHEET DEC. 31.
the amount added to surplus, after paying dividends of 5% for the year,
1910.
1911.
1911
1910.
and after setting aside customary reserves, was $528,532. This, added to
Liabilities
the surplus from the previous year, less a special deduction of $100,000
$
Assets21,165,000 21,165,000 set aside for contingencies, makes the present surplus *1,294,839.
Fixed capital_ _a41,154,210 41,174,646 Capital stock
281,751 Mortgage bonds.
.19,235,000 19,235,000
Reserves.
-There has been set aside $145,068 to cover possible losses on
Free investments_ 450,844
357,012 Accrued liabilities 715,550
234,206 account of doubtful debts, depreciation, accidents during construction of
Bound investm'ts_
193,650
232,193 Due associated cos. 1,196,422 1,531,422 buildings, carrying charges on unproductive real estate and other conCash
Consumers' depos.1 265,496 1 343,672 tingencies, making in all the sum of $675,930 now held for such purposes.
Temp.advances to
Real Estate.
75,000
98,826 Misc. accounts ._ _1
-The company's real estate is carried on Its books at its
1 309,467
associated cos
original cost. The entire expense of carrying the unproductive real estate
Renewal&conting.
Accts. reedy. with
60,911
94,306
account
2,629,700 2,402,259 is charged out of income, but in order to show the amount which the reCity of N. Y...
125,307 Casualties & Insurspective properties have actually cost us,this expense has been added to
Consumers' accts. 117,157
111,022
33,733
ance reserve
81,887 book value and a like amount has been set aside as a reserve.
97,013
Misc. accounts__
293,972
During the year the mortgages on the company's real estate were deMaterials & supp_ 306,364
17,118
15,112
creased $595,000 and the aggregate of the mortgages on all of the real estate
Pre-payments
Is now less than 50% of the book value.
Corporate deficit_ _x2,820,001 x2,594,049
The Lawyers' Club has leased quarters In the upper stories of the United
Total
45,304,271 45,302,913
45,304,271 45,302,913 States Realty Building, 115 Broadway. The Mercantile Safe Deposit Co.
Total
has taken the space formerly occupied by the Carnegie Safe Deposit Co.
in the same building. The acquisition of these two tenants will undoubta After deducting $59,166 for accrued amortization.
x After debiting reserve for contingencies and renewals, $314,787, and surplus edly prove of great value to that building. The results in the Whitehall
Building have proven very satisfactory, although there is still a large
adjustments, $3,826.
amount of unrented space. It is confidently expected, however, that this
NEW YORK MUTUAL GAS CO. BALANCE SHEET DEC. 31.
building will soon become one of our most profitable investments.
-These mortgages are largely on real estate in the
1910.
Mortgages Receivable.
1911.
1911.
1910.
City of New York. Aggregate of mortgages April 30 1911, $3,346,045.
Liabilities$
$
Assets
a2,898,665 3,460,582 Capital stock
3,436,600 3,436,600 Deduct mortgages paid off, $348,781, less new mortgages taken during
Fixed capital
460,2751 876,091 year, $285,250-$63,531. In force April 30 1912, $3,282,514.
Free investments...1,044,489 1,034,152 Accrued liabilities
1,634,893 1,350,836 Other cur. liabilities_ 231,3391
Stocks and Bonds.
-These have been materially Increased during the
Cash
year, principally on account of the purchase of some high-grade bonds for
Renewal & conting
reedy with
Accts.
27,936
29,157
account
515,714 investment. There was a nominal increase in the value of the marketable
City of N. Y....
87,993 109,280 Insur., &c., reserve_ 77,662
65,894 securities, which amount has been credited to the reserve for contingencies.
Consumers' acts
19,980 Other reserves
Construction Depart ment.-Summary for George A. Fuller Co. during year
120,000
.
Other accounts..... 17,739
82,636 Corporate surplus_ _x1,488,809 1,192,324 Unfinished business on the books April 30 1911
$16.479,732
Materials <lc supp _ - 102,970
New business taken,$21.503,427,less work completed,$19,063,957 2,439.470
5,814,685 6,086,623
Total
5,814,685 6,086,623
Total
Unfinished business on company's books April 30 1912
$18,919,202
The company is now constructing buildings in the following cities: New
a After deducting $592,704 for accrued amortization.
x After adding surplus adjustments (net). $209,217 (incl. $210,935 net difference York, Chicago, Boston, Washington, Philadelphia, Richmond, Chattabetween amount reserved for franchise taxes and final settlement with the city, nooga, Knoxville, Baltimore, Kansas City, Detroit, Milwaukee, Ottawa,
Montreal, Winnipeg and Toronto.
covering the years 1902-1909, InelusiVe.,
Balance, surplus




THE CHRONICLE

1506

-The regular income from real estate and other invest
Regular Income.
ments is more than sufficient to pay all expenses and the interest upon the
company's bonds. The balance of the income from these Investments and
the profits from the George A. Fuller Co. and the real estate operating department are applicable to dividends.
STOCKS AND BONDS APRIL 30 1912
-AGGREGATING *7,984,697.
DescriptionQuantity. Carried at. Amount.
Realty Companies (total $6,251,610)
Plaza Operating Co. preferred
16,482 shares
100 $1,648,200
common
do
do
16,684 shares
100
1,668,400
Alliance Realty Co4,033shares
483,960
120
Broad Exchange Co
------ _ 7,000 pf. sh.
700,000
100
No. 68 William Street
2,500 shares60
150,000
Park Realty Co _
-1,000 pf. sh.
100
100,000
do750
corn.
50
37,500
Monks Building Trust_
2,353 shares
235,300
100
Minot Building Trust _________ 1,168 shares
116,800
100
43d Street Realty Co..1,000 shares
100,000
100
do
__
464,000
464 bonds 1,000
Chestnut Street Realty Co_ __ _
8,000 shares
400,000
50
Beaver Building Co..
250 shares
25,000
100
Broad & Beaver Street Co
4 shares
24,950
-_ __
Everett Investing Co _
6 shares
-20,600
Consolidated Stock Exchange Bldg. Co. 72 bonds
160
-6
72,000
Miscellaneous
4,900
Other companies (total, $1,733,087)
National Fireproofing Co _
7,350 pf. sh.
265i
,
194,775
do
do
2,000 corn. sh.
5(
11,500
Building Trade Employers' Association
5 bonds
500
100
Copley-Plaza Operating Co
4,500
45 shares
100
do
do
do
,._
200 bonds 1,000
200,000
Carlton Hotel Co. of Montreal, Ltd__ __
500 pf. sh.
42,500
85
Mercantile Safe Deposit Co
28,000
280 shares
100
Ches. & Ohio By. convertible 4 lis
200 bonds
932.5
186,500
Chicago & North West. By. gen. M. 4s.._
200 bonds
977.5
195,500
Southern Pacific By. ref. M.4s _
190,000
200 bonds
950
Republic Iron & Steel Co. s. f. 5s 1940_
200 bonds
926.25 185,250
Chicago Elevated flys. 5% gold notes_
500 notes
988.125 494,062
INCOME ACCOUNT YEAR EN DING APRIL 30.
1910-11.
1911-12.
1909-10.
1908-09.
Interest receivable _
$244,605
$280,864
$256,164
$205,923
Income from investments
1,389,991
Real estate
1,443,432
1,417,088
1,354,864
290,849
337,172
Security of realty cos_
441,785
334,430
17,536
74,450
Other stocks & bonds
41,761
71,063
Profit on bldg. contract
266,374
546,404
445,621
321,294
On bldgs. completed..
On bldgs. In progress
940,126
793,422
959,841
803,411
(proportion acceti) _
Profit on realization of
36,602
118,224
407,374
real estate & securities
59,470
Total income ________ 53,342,761
DeductionsInt. paid and accrued__
$773,631
Loss on sale of securities
Expenses of unproductive real estate__ __
16,618
Depreciation
45,069
General and corp. exp
574,271

$3,437,290

$3,621,730

$3,498,359

$654,086

$638,647
168,737

$849,550

24,926
35,186
609,543

10,458
37,766
558,922

10,046
32,104
456,269

Total deductions_ $1,409,589 $1,323,741 $1,414,530
Net income _
$1,933,172 $2,113,549 $2,207,200
Interest on deb. bonds.... $596,500
$600,000
$642.800
Dividends
(5)808,140 (5)808,140(4 %)767,733

$1,347,969
$2,150,390
$664,200
(4)646,512

*528,532
$705,409
$796,667
$839,678
CONSOLIDATED BALANCE SHEET APRIL 30.
1912.
1911.
1912.
1911.
LiaNlitiesAssets$
$
$
$
Real estate
35,476,093 35,120,970 Stock
16,162,800 16,162,800
Less underlying
Debenture bonds_11,930,000 11,930,000
mortgages
17,730,600 18,325,600 Bills payable
950,000
Int. & taxes accr'd 664,639
654,057
17,745,493 16,795,370 Rents rec'd In adv.
Equity
49,022
40,130
Loans on mtges.... _ 3,282,514 3,346,046 General accounts.. 452,947
73,719
Secur. of realty cos. 6,251,610 6,166,550 Unpaid bd. coups_
3,900
2,350
Other securities
1,733,087
202,035
202,035
408,640 Dividends
5,213
Plant,&c
172,766 Rent deposits_ _ _
.
4,189
215,510
675,930
509,377
Accts. receivable.. 1,542,939 1,257,355 Reserves
x1,294,839
866,307
30,771
34,460 Surplus
Unexp'd Ins., &c..
1,586,827 2,266,351
Cash
Surplus

Total

32,388,751 30,447,538

Total

32,388,751 30,447,538

x After deducting $100,000 for reserve for contingencies -V.94, p. 1453, 922.

Associated Oil Co.
(Report for Fiscal Year ending Dec. 31 1911.)
W. S. Porter, First Vice-Pres. & Gen. Mgr., says in part:

Lixiktv:

ASSOCIATED OIL CO.BALANCE SHEET DECEMBER 31.
1911.
1910.
1911.
1910.
Assets
Liabilities$
$
$
011 lands & leases_27,063,942 26,410,144 Capital stock
40,000,000 40,000,000
Bonds
Personal property
15,033,000 13,096,000
& iraprovemls_12,637,396 10,926,967 Notes payable
400,000
Stocks and bonds_16,221,114 15,457,310 Vouchers, &c
138,832
203,834
580,894 Accounts payable.. 710,610
Sinking fund
671,460
524,910
553,713 Freight
Material & supplies 716,534
131,191
264,875
742,458 Interest accrued._ 340,829
256,934
Cash
267,706
Bills & accts. recle 1,468,748 1,784,851 Bal. due on purch_ 214,945 1,353,248
Def. gain,land sales 116,698
Receivable on acct,
50,320 Bal. due,acct. conof bond sales..
struction steamer
Mdse. on hand.. 3.097,780 1,289,581
311,500
175,325 1,073,828 Miscellaneous ____
Deferred assets_ .._
119,568
104,104
Bond discount,&c_ 1,504,422 1,205,680 Deprec'n reserve... 2,184,702
814,922
Oth.conting.a.ssets. a987,317 1,366,064 Surplus
5,810,598 4,100,710
Total

64,800,973 61,441,810

Total

64,800,973 61,441,810

a "Other contingent assets" In 1911 Include Los Angeles Investment, $260,708;
Catch Basin Assn.,$19,485; Panama Pacific International Exposition stock,550,000;
due from affiliated cos., $453,976, and from proprietary cos., $203,148.
INCOME ACCOUNTS OF AFFILIATED COMPANIES.
Sterling
West Coast Oil- -Calif. Coast Oil
1910.
1911.
1910.
1911.
1910.
1911.
Gross revenue
$158,175 $276,979 $156,851 $145,881 $240,655 $283,737
DeductOper &c.,expen--1
I $110,217 $87,131
$59,667 $50,039 548,527
}S85,034(
Interest
2,925
4,687
'faxes
I.
j
62,227
53,512
67,034
26,276
17,491
Deprec. reserve_ -- 38,028
31,250
62,448 161,000 241,500
Dividends
Total deductions.5123,062 5202.591 $140,358 5189,149 8237,315 8307,518
Balance
sr.$35,113 sr.374,388 sr.37.493 df.$43,268 sr.$3,340 df.$23,781
-Amalgamated Oil- -Calendar Year 1911
PioneerMid- Salt Lake Arcturus
Year end. Dec.31
Oil Co.
Oil Co.
1910.
way Oil.
1911.
Gross revenue
$4,061,345 53,696,425 5140,419 $809,907 $267,742
Deduct
Operating, &c.,expenses_ _$3,493,915 $3,074,226 537,721 5553,802 8117,567
Interest on notes, &c
6,319
20,789
Taxes
9,522
5,309
8,091
2,810
Depreciation reserve
58,661
98,198
95,570
72.089
103,963
Dividends
100.000
250,000
233,200
81,800
Total deductions
53,668,418 33,448,522 3133,291 5899,056 5274.366
sr.$392,927 sr.$247,903 sr.$7,128 df.389,149 df.$6,624
Balance
Among the assets of the Amaiga netted oil Co. are stocks owned valued at $5,085,396, as shown In the balance sheet, Including all the stock of the Salt Lake 011 Co.
and of the Arcturus Oil Co. and about 20 shares of the La Habra Water Co.
The balance sheets of the sub-comnanles show capitalization (all stocks, no bonds)
as follows: (1) Proprietary companies (total), $6,081,502; and (2) affiliated companies, 513,431,600.-V. 94, p. 1059.

United Boxboard Co., Chicago.
(Reportfor Fiscal Year ending March 30 1912.)
Pros. Sidney Mitchell writes in substance as follows:
The earnings amounted to $155,023, interest on underlying liens and on
bills payable has been paid, leaving net earnings $89,498. No interest or
sinking funds have been paid on the general mortgage or collateral trust
bonds of the United Box Board & Paper Co. during the past 15 months,
some adjustment with the holders of these bonds being deemed essential.
Prices for boxboard products continued at a low level during 1911, resulting
in a small margin of manufacturing profit. The building of many boxboard
mills during the past few years has doubled the capacity of the mills in
the country. Many of these new mills have proved to be unprofitable
and there are now fewer new mills in construction than for some time.
It is hoped that the demand will soon reach the capacity of the mills and
recent reports indicate that consumption is increasing in sufficient volume
to obtain this result.
RESULTS OF OPERATIONS UNITED BOXBOARD CO. AND
SUBSIDIARY COMPANIES.
-Years endingMch. 30 '12. Apr. 1 '11. Mch. 26 '10.
Gross earnings
*413,709
$415,205
$393,895
$134,816
Repairs and Improvements
$123,819
$128,564
3442:003498
Idle mill charges
40,544
38,936
Taxes and insurance
36,010
35,114
67,135
72,952
Administration expenses
71,546
Total
Net earnings
Earnings of subsidiary companies..

$269,415
$144,294
10,729

$278,070
$137,135
3,811

$278,038
$115,857
33,089

Total net earnings
Interest charges

$155,023
•65,525

$140,946
172,352

$148,946
ri,8,526

Development.-During the year 1911 we completed 11 wells as follows:
$89.498 def $31,406 def.519,580
• Balance for year
MoKIttrick field, 2; Coalinga field, 5; Midway field, 3; Lost Hills field, 1.
'
oaths' interest on general mortgage or collateral
• Does not include 15,
Our development work on lands purchased in the Lost Hills district has trust bonds of United Box Board & Paper Co.
not proven entirely satisfactory, but the lands are of great extent and the
CONDENSED BALANCE SHEET
development work done by other companies in the vicinity demonstrates
AssetsMe/i. 30 '12. Apr. 1 '11. Mch.20 '10.
that these lands have great possibilities. The work done by us in the
Buena Vista Hills, on what are known as the McMurtry lands, demonstrates Plants, equip., good-will and shares of
Amer. Straw Board Co. (46,280 In
these lands to be of great value and capable of producing both oil and gas
1912 and 1911, agst 42,980 in 1910_515,807,679 $15,818,519 $15,458,520
in large quantities.
31.717 • 31,064
32,098
Cost of Production.-The high-duty compressor plants which we installed Personal prop. at gen. office and mills
1,214,687
.2,363,541
1,507,789
Kern River field during 1910 have more than fulfilled our expecta- Stocks and bonds
in the
6,425
tions; their operation has not only checked the encroachment of water Sinking funds
46,229
84,071
104,881
throughout the field but has reduced the general water level. Many wells Cash
51,975
3,035
2,906
which a year ago were producing water have been reclaimed and are now Notes receivable
385,563
291,839
208,449
producing large quantities of oil with a small percentage of water and at a Accounts receivable
472,380
516,745
543,885
comparatively low cost. In fact, the average cost of oil produced by us Merchandise, materials and supplies..
37,151
1,579
16,175
in an fields during 1911 was 4.6% lower than the preceding year, this result Deferred charges
34,913
9,855
Deficit
being mainly due to the operation of these plants.
•
• •
-A large percentage of the oil developed by us on various
Miscellaneous.
$19,196,616 $17,997,104 $17,889,949
Total!
properties purchased during 1910 is suitable for refining. This oil, together
Liabilities
with the light oil due on purchase contracts, gives us about 10,000 barrels
$15,000,000 *14,000,000 $14,000,000
per day suitable for refining purposes. We have under consideration the Capital stock.
. •. 6 • • • • b
construction, in the near future, of a complete refinery at Avon, near Port Gen. mtge. &collat. trt. bds. & sundry
bds. & mtgs.(not liabils. of this co.) 3,550,990 • 3,442,990 .,.3,564,990
Costa on San Francisco Bay, which, with additions to our distributing
559,183 • 496,472 •
266,035
liabilities
plants at various trade centres, will cost approximately $1,250,000. This Current
36,643
57,642 .
58,924
Res. for accrd. int., taxes & sundry ch.
plant, if constructed, will add materially to our net earnings.
49,800
-Notwithstanding the reduced selling price of oil, the net earn- Surplus
Earnings.
ings were apprximately the same as in 1910 and were used largely in paying
$19,196,616 $17,997,104 $17,889,949
Total
for 4,261,144 barrels of oil purchased and stored during the year and in
-V.94, p. 1388,921.
building additional storage to the extent of 1,500,000 barrels. The depreciation reserve ($645,650) was used for'the retirement of outstanding bonds.
INCOME ACCOUNT OF ASSOCIATED OIL CO. FOR CALENDAR YEARS.
1909.
1911.
1910.
1908.
Sales and other revenue
$20,192,995 $22.079.6391$15,420,831 $13,218,033
RAILROADS, INCLUDING ELECTRIC ROADS.
Divs.from other than prop. cos.._
144,689
305,4781

GENERAL INVESTMENT NEWS,

Total receipts
$90,337,684 $22,385,117 $15,420.831 513,218,033
Deductions
Production, transportation, administration, purch. of oil, &c.515,910,911 $18,086,4481
115,130$12,402,185 $10,080,796
Int. on notes & def'd payments._
140.933
75,473
Taxca
113,625
438,558
139,029
Interest on bonds
697,754
138,046
1,215,294
717,221
Depreciation reserve
1,718,215
577,670

Artesian Belt RR.
-Sale of Road.

The property was on May 26, it Is announced, acquired by the European
Contract Syndicate, Ltd., for $500,000. The road will be the connecting
link to San Antonio of the projected San Antonio Rockport & Mexican RR.,
which will give San Antonio another line to the Gulf coast and into Mexican
territory. (The San Antonio Rockport & Mexican is projected from San
Antonio, Tex., via Crowther and Rockport to Harbor Island; also from
Crowther to a point on the Rio Grande, a total of 337 miles, the contract
for construction being let In April last.) The San Antonio Chamber of
518,571,438 810,930,904 $13,258,435 511,696,512 Commerce has, It Is stated, agreed to give $200,000 for a terminal site for
Total deductions
$1,766,246 52,454,213 $2,162,396 $1 521 521 the new road in San Antonio. A representative of the Artesian Belt Line
Surplus for year
,
From the surplus earnings dividends were Paid: No. I, 135%, Feb. 1 1905, says that trains will be running between San Antonio and Crowther by
Feb. 1 1906,5446,059; August if the Chamber of Commerce makes good its contract. Train
$821.165; No. 2,1%,Aug. 11005,$335,081; No.3,1%,
• 12
-V.91, p. 910.
service to the coast is predicted by next summer.
4. 1%%, March 11907, $146,059. None since.
No.




JUNE 1 1912.1

THE CHRONICLE

Baltimore &.Ohio Ry.—Proposed Financial Plan.—
With regard to the report from Baltimore that the company Is planning
to authorize an issue of $200,000,000 bonds, a director states that the board
has been working with the bankers for some time on a comprehensive financial plan to provide for short-term notes maturing next year and the refunding of underlying bonds; but that the total amount of the issue and
otler details have not been fully determined.—V. 94, p. 1316, 1055.

Bay State Street Ry., Boston, Mass.—Decision.—
The full bench of the Massachusetts Supreme Court has sustained the
constitutionality of Chapter 578 of the Acts of 1911 providing that street
railways shall carry all pupils of schools under 16 years of age for half fare.
The company, under its former name of Boston & Northern St. Ry., was
indicted for refusing to sell a half-fare to a pupil of an industrial school at
Lawrence.—V. 94, p. 1055.

Boston & Providence RR.—Bill Signed.—
Governor Foss yesterday signed the bill authorizing the company to
issue $8,000,000 bonds, to provide for electrification of main line, construction of additional tracks and elimination of grade crossings. Cornpare,V. 94, p. 1249.

Brooklyn Rapid Transit Co.—New Financial Plan.—
It was announced on Monday, after the board meeting, that the plan
for financing the new subways and improving present lines had been completed, but that the details will not be made public until after, the Court
ot Appeals renders a decision in the preferential case now pending, in which
the argument will take place before that Court on June 10. Kuhn, Loeb
& Co. and the Central Trust Co. will finance the plan. It is generally expected that the new bond issue will be about 3100,000,000. This will be
made by anew company to be formed to make the contract with the city.
The new financing will, it is said, in no way disturb or affect the present
capitalization of the Brooklyn Rapid Transit Co.
The present refunding 4% bonds of the latter company will not be retired, nor will their lien be affected; but any subsequent issues will necessarily be limited in future to refunding operations and toadditions and improvements to surface lines not covered by the city contract.—V. 94, IL
487, 416.

Chicago Elevated Railways.—Difference in Valuations.—
Experts selected by the companies and the city have recently been appraising the elevated rallroads.in Chicago, with a view to an agreement by
which there should be a unification of the transportation systems in Chicago,
permitting passengers to transfer from surface to elevated lines and to ride
anywhere inside the city limits for a 5-cent fare. The companies are represented on the valuation committee by Prof. George F. Swain of Harvard,
the city by J. J. Reynolds, John Ericson, E. C. Shankland and George
Weston. Prof. Swain charges the other members of the commission with
trying to make a "political' instead of a "physical" valuation.
The "Engineering Record" of N. Y. in an article on the valuation says:
"On Apr. 30 Prof. George F. Swain of Harvard University submitted a report on the valuation of the elevated railroads of Chicago in which, he did
not agree with valuations made by A. L. Drum & Co., $40,750,892, and
by the Harbor and Subway Commission of Chicago, $26,354,217. The
final figures reached by Prof.Swain are $34,634,396 for the depreciated value
without real estate, rights of way and overhead charge. This is to be compared with the sums mentioned. The overhead charge on the physical
property he estimated at $11,865,674. The real estate and rights of way
were estimated at $44,551,498 by J. Milton Trainer [contrasting with $16,479,074 by the city's expert], and the brokerage at 2% of this sum. or
$2,227,575. The total of these figures is $93,279,143, Prof. Swain's estimate of the depreciated value of the entire physical property, real estate and
rights of way [as against $53,500,000, as reported by the city's experts].
[Before the merger of the elevated lines, Henry A. Blair, who put the
merger through, had his own experts value the lines. Their valuation was
about $90,000,000, and it was on that basis that the New York syndicate
put up the money to acquire the properties.—Ed.]—V. 94, p. 1448, 982.

Cincinnati New Orleans & Texas Pacific Ry.—Extra 234%.
A semi-annual dividend of 3%, also an extra 2 %, has been declared on
the $3,000,000 corn. stock, payable June 13 to holders of record May 25,
being the same as in Dec. last and comparing with 2 A % semi-annually from
June 1907 to Junk 1911. •
Common Stock Record (Per Cent).
1911.
6 mos. 1912.
1903. 1901. 1905. 1906. 1907-10.
5A
5
5
A
A
5&2extra.
3 & 2 A extra.
2
2
New Director, &c.—William Proctor has been elected a director to succeed
IL. E. Ingalls, who resigned. The directors have authorized the consructtion of 29 miles of double track between Erlanger and Williamstown, KY.
When this is completed there will be 36 miles of continuous double track
from Ludlow to Williamstown.—V. 93. p. 1530.

Columbus Marion & Bucyrus (Electric) RR.—Foreclosure.
The Troy (N. Y.) Trust Co., as successor trustee to the Cin. Tr. Co.,
has brought suit at Marion, Ohio, to foreclose the mortgage of 1905 for $500,000. The interest has been in default since Sept. 1 1909.—V. 92, p. 59.

Concord & Montreal RR.—Increase of Stock.—The stockholders will vote on June 4 on issuing $1,500,000 additional
stock in connection with the new road to Mt. Washington
and improvements connected therewith.
President B. A. Kimball is quoted as saying: "The new circular road
will be approximately 13 miles long. It will be one of the grandest and
best-built scenic railways in the United States or any other country. There
will be nothing like it in the world. One roof will house the new hotel and
terminal station. Erection of the electric plant will begin at once,and the
whole project will, it is expected, be finished within about two years.
Meanwhile the present cog railway will be kept in service. The stockholders
will meet June 4 to approve an issue of 15,000 new shares to provide funds
for the construction. These shares will be offered stockholders at a price
probably of $180 per share. Already numerous stockholders have subscribed at this figure for over half of the new issue, conditional on subsequent allotment. The new shares will be of so-called 'class 4' stock. All
our new issues, however, are now of this class, the security position and
distinctions of the several classes having become no longer of practical
Importance."—V. 94, p. 910.

1507

$170,000,000 of the company's proposed new 1st M. 5%
53:
-year gold bonds contingent upon the approval by the
Court of Appeals of the preferential payment (argument set
for June 10) provided for in the arrangement between the
city and the Interborough for new subway construction.
Subscriptions to a five-year underwriting syndicate, which
will get the bonds at 96, Etre being received in New York by
J. P. Morgan & Co., in London by Morgan, Grenfell & Co.,
and in Paris by Morgan, Harjes & Co.
Digest of Letter from Pres. Shonts to J. P. Morgan & Co..
-Contract Agreed Upon Subject to Approval of Courts.
The City of New York and the Interborough Rapid Transit Co. have
agreed upon a contract by which the city and the company shall build,
and the company equip and operate, extensions to the present subway,
particulars of which are fully set forth in the accompanying analysis (see
13elow) of the proposal of the company to the city. The agreement has
been entered into subject to the reservation that it shall be passed upon by
the courts before any action is taken uuder it.
New Subway Construction—Leases to Be Modified—Profits.
The sum required for construction of the new subway is est. at $112,000,000, of which sum the Interborough Rapid Transit Co. agrees to
contribute one-half. Should the construction cost exceed this amount,
the city agrees to furnish the additional amount required.
Under the terms of the contract the Interborough Rapid Transit Co.
will modify its present leases, fixing the expiration of all its subway leases
at 49 years from the completion of the new subways. The company will
be.authorized to take annually during this period from the aggregate net
earnings of the old and new subways the sum of $6,335,000, being the average amount of the net earnings during the last two years on the present
subway; also the sum of $4,620,000, the equivalent of 5% interest and 1%
sinking fund, on the investment by the company of $77,000,000, of new
money, viz„ $56,000,000, the company's contribution toward the cost of
construction, and $21,000,000, the estimated total cost of equipping the
new subways. These payments are to be a first charge on such net earnings and are to be cumulative,
Third Track on Manhattan (Elevated) Railway (leased).
The Interborough Rapid Transit,Co. is lessee of the Manhattan Railway
Co., which owns the elevated railways in the boroughs of Manhattan and
the Bronx, and receives authority, under the agreement with the city, to
make extensions and additions, including third tracks on the 2d, 3d and 9th
avenue elevated lines. The estimated cost of these extensions, additions
and equipment of same is approximately $30,000,000. The Interborough
will be authorized to take annually from the net earnings of the old and
new elevated lines the Manhattan rental and the average profits derived
from the Manhattan Railway Co. lease for the past two years—approximately $1,500,000 per annum; also interest and 1% sinking fund on the
new money Invested in the elevated improvements; after which deductions
the remaining profits will be divided equally with the city.
Requirements Under Plan—Aggregate, $167,156,950.
Refunding present debt
$50,656,950
Construction of new subway (Interborough Co.'s one-half)_ _ _ _ 56,000,000
Manhattan By. improvements, about
30,000,000
Equipment of new subways
21,000,000
9,500,000
Other charges, including discounts, about
Sale of Bonds—Sinking Fund to Retire Entire $170,000,000.
In order to procure the necessary funds to carry out this contract and
retire its present debt, the company proposes to issue, and you have agreed
to buy,new first mortgage 5% 53-year gold bonds to the amount of about
$170,000,000. The mortgage securing these bonds will also provide for
the issue of such additional amounts of bonds as may be needed for extensions and improvements as may be authorized by the city and agreed to by
the company during the period of the lease—as provided in the agreement.
A cumulative sinking fund of 1% will begin five years from the date of
opening the new subways, or in any event not more than 10 years from the
date of the bonds. Bonds may be drawn for the sinking fund at 110, or
bought in the market at a lower price, and by the operation of the sinking
fund the whole issue will be amortized during the term of the lease. The
company reserves the right to increase the sluicing fund at any time.
Four- Years for Payment by Those Underwriting the $170,000,000 Bonds.
$78,000,00011914-15
*30,000,000
1912-13
30,000,00011915-16
32,000,000
1913-14
All or any part of such annual installment of bonds may be taken and
paid for by the syndicate any time during the year. The syndicate
agrees to divide equally with the company any amount received On
the sale of the bonds in excess of an average price of par and accrued interest, after deducting all expenses.
Company's Prior Claim on Net Earnings When New Construction is Completed.
$6,335,000
Average annual earnings of present subway during last 2 years
5% int. and 1% annual sinking fund on $77,000,000, the amount
4,620,000
of Interborough's new investment in subways
Interest and annual sinking fund on approximately $30,000,000
1,800,000
new capital invested in elevated railways
Manhattan Ry. lease and other income, which durProfits from
1,813,000
ing the last two years have averaged annually
$14,568,000
Total company's prior claim on net
Average Annual Earns. Past Two Years and Estimate for Completed Property.
[Including Manhattan Ry. lease and other income.]
Aver.Past
—Est. Completed Prop.
1st 5 Years.
2 Years.
4th Year.
$8,148,000 $13,038,000 $15,075,000
Net available for interest
Deduct—Annual int, on total issue of $170,000,000 new bonds__ $8,500,000
Annual sinking fund upon the bonds, which will not begin, however, until five years after the enlarged system is put in oper__ 1,700,000

Total deductions (incl. sinking fund begin. after 5th year) _ _$10,200,000
Balance, surplus, upon above basis
$4,875,000
ed
Interest during the construction period has been provided for as part ofthe cost of the work. As indicated above, when the new subways are open
for operation,the earnings of the property will show from the start an ample
margin above all fixed charges.
Summary of Co's Offer dated Feb. 27 Referred to Above by Pres. Shonts.
Detroit United Ry.—Difficulties Ended.—
[This offer is now accepted in toto, except for the change of route from
An agreement has been signed by officials of the company and the Street lower Manhattan to Brooklyn, shown under "New Lines" below.]
Railway Employees' Association, ending the difficulties that have been
New Lines.—The lines proposed to be'constructed are (1) a four-track
for several months. The main concessions the men get in addition
pending
St. to the Harlem River, with three extensions In the
to the double-pay agreement for overtime are the increase in the scale of line from 42d Jerome Av. to the vicinity of Woodlawn Cemetery, Bronx,
one to
wages of A cent per hour and tile shortening of the time that they may be one through
subject to call for duty in any 24-hours from 13 to 12 A Becker Av. near the city line and one to Pelham Bay Park; (2) a four-track
required to be
subway from Times Square. on the west side of Manhattan, to the Battery,
hours.—V. 94, p. 767, 485.
with a tunnel under the East River, and to Borough Hall in Brooklyn, with
extensions of the present subway line from Atlantic Av. to Buffalo Av.,
Great Northern Ry.—New President.—
and from Eastern Parkway to New Lots Road; (3) the completion of the
Carl R. Gray has been formally appointed President to succeed Louts W. Belmont Tunnel through 42d St. with extensions to Woodside and Corona
Hill, his duties to begin at once. It Is thought likely that Mr. Hill will and to Astoria. Trackage rights are reserved by the city over the Jerome
'
ultimately become Chairman of the board of directors and that his father Av. and Becker Av. extensions in the Bronx and over the lines to Astoria
will become Chairman of a newly-created executive board.—V. 94, p. and Corona in Queens.
1191, 1109.
[There are substituted under the final plan,in placeof 2 tracks on 7th Av,
line, south of Park Place and the Battery or Liberty St. tunnel, the
Hudson & Manhattan RR.—Fares Reduced.—
following: A line "through Park Place, Spruce or Beekman St. and WilAn arrangement has been made by which Pennsylvania RR. passengers liam St. to a connection with the William St. route through Old Slip, under
may, after June 1, go to Park Place, Newark, or points on the Newark the East River to Clark St., Brooklyn, and along Clark St., Brooklyn, to a
Rapid Transit Line,from 33d St., N,Y., or stations down to Christopher St. connection with the present Interborough line at Borough Hall."
for 19 cents one way or 34 cents round trip.
The elevated improvements embrace the completion of the third track
The Hudson & Manhattan RR. will also sell tickets to Park Place, New- upon the 2d, 3d and 9th Av. lines, with connections in the Bronx between
ark, after June 1 at Hudson Terminal and Exchange Place, Grove St. and the 9th Av. line (over the Putnam River Bridge) and the Jerome Av. subthe Erie Station, Jersey City, and at the Hoboken Terminal. The rate way extension, between the 3d Av. line and the West Farms division of the
from these points will be 17 cents one way and 30 cents for the round trip.
subway, between the 3d Av. line and the Becker Av. subway extension
After June 1 all Pennsylvania RR, tickets will be good to and from the and between the 2d Av. line (across the Queensborough Bridge) and the
uptown Hudson Tube stations upon payment of 2 cents Hudson Tube Queensborough Bridge Plaza.
supplemental fare. This will be a saving of 5 cents each way for passengers
Subway Extensions (Side Numbers Are Nos. of Paragraphs)
on either line going to the uptown New York stations, or 10 cents for the Terms Applying tosubway lines are to be constructed according to plans of
Cost.—(1) The
round trip.—V. 94, p. 1317, 1246.
Public Service Commission. The company agrees to contribute onethe
Interborough Rapid Transit Co., NeW York.—Sale of half of the cost, its contribution not to exceed $56,000,000, and the entire
cost of the equipment, In the amount of 321,000,000—its total contribution
Bonds for New Subways, Refunding, &c.—It was announced to be exactly $77,000,000. If the subway costs over $112,000,000, the
en May 18 that J. P. Morgan & Co. had agreed to purchase city must pay the excess.




I508

THE CHRONICLE

(2) The construction cost shall be construed to be the actual cost of the
construction, including roadbeds, tracks and station finish, but not of the
third-rail or signal systems, which are charged to equipment; carrying
charges, engineering expenses, extras and damages and real estate and easements. Fee damages paid in acquiring streets, however, will be paid from
the city's general funds.
(3) Brokerage charges not to exceed 3% are allowed upon the $77,000,000
•
o be furnished by company.
Leases.—(4). The new lease shall be for 49 years from the time when the
ew subways are put into operation, which in turn shall be not later than
years from the time the formal contract is entered into, making due
llowAnce for strikes, &c., beyond the control of the company. (5) All
existi ig leases between city and company are to be leveled with the term
of the proposed new lease.
Exchange of Lines.—(6) The company agrees to exchange either the
present down-town leg south of 42d St., running into Brooklyn, or the upown West Side leg north of 42d St., for a corresponding leg to be constructed by the city to complete the "H" upon obtaining the necessary
legislative authority.
Recapture by City.—(7) All new lines constructed are after 10 years to
be subject to recapture by the city upon paying the company the cost of its
investment plus 15%, which sum decreases as the term continues, and the
actual cost of its equipment, less sinking fund and deferred maintenance.
This recapture right, howe,er. Is to be exercised with respect to groups;
as the group of lines necessary to complete the "H" upon either side, the
Belmont extension through 42d St. to Corona and Astoria, the Brooklyn
extensions and the Becker Av. extension.
(8) If the city takes over any new lines after a period of 10 years, it shall
also have the right after 35 years to take over the unexpired portion of the
leases under contracts Nos. 1 and 2, upon payment of their then worth.
(9) The city reserves the privilege to assign its recapture rights to
Such third parties as it may designate.
Belmont Tunnel.—(10) This Is contributed as a part of the Interborough's
half of the cost of construction at a valuation of $3,000,000.
Single Fare.—(11) Provides for a single fare over old and new subw. lines.
Application of Receipts.—(12) From the combined receipts of the old and
new subways there will first be deducted the operatingexpenses,including
obsolescence, taxes and rentals payable to the city (which rentals shall continue throughout the 49 years); second, $6,335,000 annually, representing
the current profits of the Interborough Co.; third, 6% upon the company's
Investment of $77,000,000, out of which it undertakes to provide a sinking
fund sufficient to pay off its bonds within the life of the lease. Provision
is also made that betterments or improvements upon both the old and new
subways and their equipment shall be made at the actual cost of the money
plus sinking fund to both the company and the city. If a sinking fund of
1% shall not be sufficient to pay off the cost of betterments or improvements made towards the end of the lease, for example, the cost of these
betterments or improvements, less the sinking fund, is to be paid by the
city upon the termination of the lease.
(13) After the foregoing payments the city shall take out a sum equal
to 8.76% upon the city's capital investment in the original construction.
(14) Division of the profits. The deductions aboile provided for are to
year
be cumulative, and if not paid out of the available earnings for any poolmust be paid out of available earnings thereafter. (15) Provides for new
ing the receipts upon the completion of a substantial portion of theupon
system; revenue to be determined according to receipts from operation
the pooled lines and expenses upon a per-passenger basis.
Equipment.—(16) The new equipment to the extent amortized from the
sinking fund to become the property of the city upon termination of lease.
(17) The equipment of the existing subways Is to be taken over under the
terms of contracts Nos. 1 and 2; i. e., at its then reasonable value.
Operation of Future Extensions Built by City.—(18) Separate accounts
are to be kept of the earnings of these extensions, and after the deduction
of operating expenses the company Is to be paid a sum equal to its annual
charges for carrying the cost of the equipment which it agrees to supply
of 1% to meet obsolescence; and
and creating a partial sinking fund of
any deficits in meeting these charges shall be met by the city. From the
balance of income are to be paid interest and sinking fund upon the city's
bonds issued for construction purposes, and the net profits, if any, are to
be divided between the company and the city. Provided, if any extension
shall become profitable and all deficits shall be discharged, such extension
shall be treated as a part of the subway system under the original plan.
Miscellaneous Provisions.—(19) Examination of present subway equipment and taking up of deferred maintenance, if any. (20) The formal
contract to contain the essential provisions of the P. S. Law with respect
to operation. (21) Provides for the operation of the enlarged subway system by a single company, and prevents the assignment of the lease without
the consent of the city, or the creation of any subsidiary company to furnish the system with power, supplies or other operating necessities. (22) The
classification of operating expenses shall be prescribed by the P. S. Commission, with right of appeal, in the event of dispute, to the Appellate Division.
Terms Applying to Third Track and Elevated Improvements.
Franchises.—(1) The franchise for elevated improvements running to
the Manhattan Company is to be for 25 ye trs, with three renewal periods
-year recapture
of 20 years each, for the readjustment of rentals. The 10
privilege shall not be exercised by the city for railroad transit operation,
either by itself or by any other party, and shall be without prejudice to the
rights of the Manhattan Company in its existing structures.
(2) The elevated extensions are to run in a franchise to the Interborough
Company. Recapture rights exist, but it is provided that in event the
White Plains or Jerome Av. subway extensions are taken over, trackage
rights are to be reserved to the Manhattan Company to enable that company to reach its new terminals.
Receipts.—(3) The Manhattan Company may be required to pay 2% of
the increased gross receipts from the stations served by the third track as
compensation for the third-tracking franchise; but so long as the Interborough Company shall operate these lines,this sum shall not be paid, but
the profits, over and beyond the average profits from the Manhattan lease
for the two years prior to June 30 1911, after deducting operating expenses. rentals payable to the Manhattan Company, interest and sinking
fund upon capital for the elevated improvements and extensions, and
amortization of brokerage charges, shall be divided between the city and
the Interborough Comnanv.
If the rPeeints in any year shall fall below these average profits, they shall
be deducted out of the profits of any future year before division with city.

[VOL. Lxxxxiv..

Monongahela Valley Traction Co., Fairmont, W. Va.—
Merger—Bonds.—This company, recently formed by consolidation of successful electric railway and electric-lighting properties in the rapidly developing section of the Monongahela
Valley, W. Va., has made a mortgage to the Fidelity Trust
Co. of Baltimore, as trustee, to secure an issue of $15,000,000
1st M. 5% 30-year gold bonds, dated June 1 1912 and due
June 1 1942, but callable at 105 and int. on or after June 1
1922. Int. J. &.D. in New York. Par (c*)$500 and $1,000,
(r*) $1,000. Of these bonds, $2,500,000, being the entire
amount outstanding, have been purchased by the Fidelity
Trust Co. of Baltimore, and will, it is understood, shortly be
offered at 96 and int., netting the investor 5.29% income.
Digest of Letter from Pres. S. L. Watson, Dated May 21 1912.
Organization.—Organized in %V. Va. May 18 1912 by consolidation, succeeding to the properties and franchises of the Fairmont & Clarksburg Trac.
Co., the Fairmont & Northern Trac. Co. and the Clarksburg & Western
Electric Ry. Co., forming a system of electric railways and electric-lighting
plants operating in thriving cities and communities in the rapidly developing
Monongahela Valley section of West Virginia. Mileage, operated and under
construction, 91.01 miles, serving upwards of 150,000 people, viz.: Fairmont & Clarksburg Trac. Co. (in operation), 51.78 miles, and (under construction), 3.75 miles; Fairmont & Northern Trao. Co., 11.43 miles; Clarksburg & Weston Elec. By. Co. (in operation), 6.30 miles, and (under construction), 17.75 miles.
Owns street railways and electric-lighting plant within the City of Fairmont, W. Va.• street railways in Clarksburg, W. Va.; an interurban rail'
way, equipped with automatic block signals, connecting Fairmont with the
various points south thereof, and extending a distance of 25 miles to Clarksburg, with branch lines to Fairview, Bellview, O'Neill, Grasselli, Bridgeport, and an extension to Mt. Clare, W. Va. Entire construction high
standard. Ballasted with stone (except where streets are paved); 80-1b. T
rail; bridges of steel with concrete abutments; cars are of latest standard,
designed for heavy traffic. About $750,000 of earnings have gone into
Improvements and additions. Main power station at Jayenne, W. Va. on
'
B. ec 0. RR—brick, fireproof, electrical power capacity of 3,000 k. w. in
steam turbines (reserve cpaacity of about 50%). Seven modern substations. Franchises, principally perpetual, extend beyond 1942. Unlimited franchises on county roads and bridges in Marion and Harrison counties.
Territory Served.—The valley traversed by the lines of the company is
unexcelled in the natural advantages for manufacturing. It has inexhaustible fields of coal, gas and exceptional transportation facilities, and is
rapidly increasing In wealth, population and importance, about 150,000
people being served by the company.
Capitalization.
Stock (auth.), common,$5,000,000; 5% cum. pref., $2,500,000_$7,500,000
Bonded debt: total auth., $15,000,000; present issue, to provide
funds to pay such of the Fairmont & Clarksburg Tram. Co. 5%
collateral trust notes as do not convert, balance for completion
of the railroad Into city of Weston, and the electrification and
equipment of lines of railroad of company, and other corporate
2,500,000
purposes
Reserved to retire Fairmont & Clarksburg 1st M.5% gold bonds
2,500,000
(due Oct. 11938)
$10,000,000
Reserved for additions and extensions
Additional bonds can be issued for permanent improvements, additions
and extensions only when net earnings for the 12 months preceding shall
have been not less than 1 A times interest charges, including the bonds
proposed to be issued.
These bonds are an absolute first mortgage upon the Fairmont & Northern
Trac. Co. and the Clarksburg & Weston Elec. By. Co.; and a mortgage
upon all the properties of the Fairmont & Clarksburg Traction Co. (subject
only to $2,500,000 F. & C. 5s redeemable after Oct. 1 1913, against which a
like amount of bonds of the Monongahela Valley Trac. Co. are reserved).
Also an up-to-date electric-lighting plant in the city of Fairmont operated
under an exclusive and unlimited franchise.
Earnings for Year ended Dec. 31 1911.
$742,294 Interest, including this issue$250,000
Gross earnings
196,
089
446,089 Balance, surplus
Net (after taxes)
Net earnings, therefore, were sufficient, after deducting the present fixed
charges, for a dividend of 5% on the pref.and 1 A% on common stook. Although the company had not received the benefit of the expenditure for
improvements and additions of the proceeds of $1,500,000 of the new bonds,
interest charges are included. The interest on the bonds reserved for
conversion of the collateral notes will not increase the present fixed charges,
being offset by the interest now paid upon said notes.
Statement of Earnings by Years,Indicating the Development of Territory Served.
1907.
1908.
1909.
1910.
1911.
Years ending Dec. 31—
Gross earnings
$742,294 $611,644 $472,251 $416,882 $389,973
477,073 396,254 306,819 270,998 218,083
Net (before taxes)
Directors.—S. L. Watson, Fairmont (Pres.); J. H. Wheelwright, Baltimore (V.
-P.); Walton Miller, Fairmont (See. & Treas.); Clarence W. Watson, J. E. Watson, A. B. Fleming, G. T. Watson, C. L. Shaver and J. 0.
Watson, Fairmont, W. Va.; S. C. Denham, Clarksburg, W. Va.; and
Van Lear Black. Baltimore. Md.—V. 04, p. 1384, 912, 827.

New York New Haven & Hartford RR.—Partial Operation
Begun.—See New York Westchester & Boston Ry. below.
—V. 94, p. 1384, 1317.
New York Ontario & Western Ry.—Plan to Issue Bonds.—
The company has applied to tile P. S. Comm. for authority to issue
$2,171,000 gen. M. bonds. The petition recites that since Dec. 1 1910 there
has been expended out of income and mondys In the treasury $1,980,767 17
for extensions and improvements, including: Construction of second track
on Scranton branch, $711,520; additional sidings and extensions of sidings,
$234,782; shops, engine houses and turntables, $307,190; machinery and
tools, $151,305; equipment, $278,374 76. It is also proposed to expend
$101,660 on bridges and viaducts; for additional lands for right of way and
station grounds at Sidney, $10,000, and for company's share of joint passenger and freight stations at Sidney, $12,000; for new station at Warwarsing, $4,165; for improvements at Middletown storehouse, $2,424. This
will make $8,821,000 of the issue outstanding.—V. 94, p. 1250, 983.

Status Upon Completion of New Construction.—The present
subways aggregate single track, 73 miles; elevated system,
118 miles. The new road, to be constructed jointly by the
.city and the company (subways) will amount to 150 miles;
New York Philadelphia & Norfolk Mt.—Opinion.—
'elevated extensions to be constructed by the company,
-9 miles; third-track extension to be constructed by the comW. Cabell Bruce, General Counsel to tile Public Service Comm.of Md.
In reference to the proposed issue of $1,250,000 ad377 miles See. has rendered an opinionstook dividend on the $2,500,000 outstanding stock,
pany, 27 miles, making the total system ,
ditional stock as a 50%
"Rapid Transit in N. Y. City,' in last week s issue, p. 1449. in which he advises the Commission that it can give Its approval to the issuis to be used for the acquisition of property,
Wages.—The increase of 10 to 25 cents a day in the wages ance of new stock only when itand improvements and the lawful refunding
extensions
of employees announced May 10 will, it is said, aggregate construction work, Commission is expected to hand down Its opinion.
of obligations. The
which will probably follow the lines of the advice contained in the opinion
about $230,000 for the first year.—V. 94, p. 1249, 1185.
:
of its counsel. Compare V.94, p. 912; V.90, p.1102.
Kansas City Mexico & Orient Ry.—Receivers' Certificates.
New York State Railways.—New Mortgage.—
receivers have been working on a plan to issue $1,000,000 receivers'
The
certificates to extend the line 32 miles from its present terminus at Granada,
-Tex., to Fort Stockton. It is also hoped to get another permission later to
.issue a further $1,000,000 of certificates or thereabouts.to extend the line to
Alpine, Tex., where a connection will be made with the Southern Pacific
RR.
' The Electric &General InvestmentCo.of London gives notice that the greater
part of the 50
-year 1st M. 4% gold bonds held by the trustees of the 6%
-year sterling notes, as collateral security, having been deposited by the
5
trustees with the reorganization committee. In accordance with the trustees'
,circular and advertisement of Apr. 30 1912, the attention of holders of
sterling notes who have not yet given their consent to the deposit of the
collateral is called to the importance of doing so without delay, In order to
strengthen the hands of the committee formed for the reorganization of the
railway. The deposit of the collateral will not affect the position of the
sterling notes as a direct obligation of the railway company. Copies of the
circular may be obtained at the office of the trustees.—V. 94, p. 1383, 1185.

Key West (Fla.) Electric Co.—Earnings Cal. Years 1911.—
Cal. year 1911, gross, $144,717; net after taxes, $61,830; in, charges,
$37,198; bal., surP., $24,632. Seep. 64,"El. By.Seo."—V.82, p. 1496.




The stockholders on May 21 authorized the issue of the new mortgage to
secure an issue of $50,000,000 in 50-year 4 A% bonds to replace the old issue.
and provide also for the refunding of the bonds of controlled properties. It
is proposed to consolidate the various companies now controlled through
ownership of stocks, viz., the Utica & Mohawk Valley, Oneida By..Syracuse
Rapid Transit and the Rochester Elcotrio By. In order to carry out the
plan, the minority stook of the Syracuse Rapid Transit Co. has been already acquired.—V. 94, p. 1384, 1250.

New York Westchester & Boston Ry.—Part Operated.—
On May 29 this new high-speed electric line, controlled by the N. Y.
New Haven & Hartford RR., was placed in operation from the temporary
station at 180th and Adams streets, N. Y. City, to New Rochelle, N. Y.,
8 miles. The branch to White Plains will not be ready for operation for
point a mile beseveral weeks. The road is four-track from 180th St. to a Rochelle and
a
yond Mount Vernon, where two tracks diverge to New
II. RR., while another
junction with the main line of the N. Y. N. H. &
St. there Is
two-track line diverges to White Plains. South from 180th
under construction a connection with the Now Haven's six-track Harlem
River branch at 132d St. See V. 93, p. 346.—V. 94, p. 758, 899. • •

Jura: 1 1912.]

THE CHRONICLE

Northern Electric Ry., California.—Application.—
The company has applied to the California RR. Commission to issue
$1.100,000 additional 30-year 5% bonds. Of the $1,500,000 authorized
Issue, $150,000 are outstanding. The additional bonds are to be used in the
'construction of the proposed road from Marysville, through Colusa to
Meridian, in Sutter Co., and to bridge the Sacramento River at Meridian,—
V.94, p.279.

1509

strained the Ohio RR. Commission from reducing from 90 to 70 cents a ton
the freight rates on so-called "lake cargo" coal shipments from the Ohio
coal fields to the Lake Erie ports of Cleveland and Huron, to be there transshipped to upper Lake ports. The Court holds that the shipments are
Inter-State regardless of the trans
-shipment at the Lake ports, and that
as such it is beyond the power of the Ohio Commission to regulate the same.
Compare V. 92, p. 1245.—V. 94, p. 1058.

Paris & Mt. Pleasant RR.—Bonds Offered—Bankers' Data:
Peabody,Houghteling & Co.,Chicago, are placing, at par and int.$600,000
1st M.golds. fd. 6% bonds dated July 1 1912, due July 1 1932. Redeemable on or after July 1 1915 at 105 and int. Par $1,000 (os). Prin. & int.
payable at First Nat. banks of Chicago and N. Y. City. Trustee, First
Trust & Savings Bank, Chicago. Sinking fund, 5% of gross earnings, beginning Jan. 1 1915, to be invested In income-producing securities approved
by firms named, or applied to redemption of the bonds.
A 1st M.on all property now or hereafter owned, viz.: 53 miles of standardgauge Main line between Paris and Mount Pleasant, Tex.; 24 miles of which.
are In operation from Paris to Bogata, Tex., and 29 miles under construction, to be completed by Oct. 1 1912 (Bogata to Mount Pleasant), together
with rolling stock, yards, terminals, &c. Right-of-way, 100 ft. wide, to
be completely fenced. Rails, new 60-1b. steel on oak ties, to be thoroughly
ballasted. Actual cash investment behind the bonds, $300,000.
Total auth. bond Issue, $2,000,000; issued against present property,
$600,000; reserved for future construction, subject, however, to the approval of Peabody, Houghteling & Co., $1,400,000.
Earnings.—The present 24 miles of road were put in operation in Oct.
1910. On purely local traffic the net earnings for the year ending Jan. 31
1912 were at the rate of $937 per mile, as shown by the following statement:
Gross earnings, $63,081; operating expenses, $40,591; net earnings, $22,490.
The extension to Mount Pleasant will pass through a large hardwood timber
belt and will form a connection between 5 main lines. The entire road
should show gross, $190,000; net, $75,000; bond Int.. $36,000.—V.93, p.527

Pere Marquette RR.—Receivers' Certificates.—Judge Angell
of the U. S. District Court on Wednesday granted the joint
petition of the receivers, asking him to sanction the issue of
receivers' certificates amounting to $3,500,000, providing
$1,800,000 to take care of outstanding equipment obligations and $1,700,000 to go into new equipment and improvements, &c. The "Detroit Free Press" May 28 says:

INDUSTRIAL, GAS AND MISCELLANEOUS.
Allis-Chalmers Co., New York.—Foreclosure Suit.—
The Continental & Commercial Trust & Savings Bank of Chicago, as
trustee under the 1st M. of 1906,has brought suit to foreclose the mortgage.
This Is a preliminary to the carrying out of the reorganization plan, V.94,
p. 913.
Interests headed by E.P. Chalmers are preparing to oppose the foreclosure
proceedings. Members of the reorganization committee do not regard the
contest seriously and expect the reorganization plan to be carried through,
although the opposition may, possibly, delay matters.

Deposits.—The time for deposit of securities with the reorganization committee expires to-day.
The time will not be extended, as sufficient deposits have been made.
Over 85% of the bonds and 75% of each class of stock has been deposited.
A member of the committee says: "Business Is prospering under the direction of the receivers. A gross business of $500,000 in Nov.last wasincreased
to an average of over $900,000 monthly for Dec., Jan. and Feb., held its
own in March and April, and for the month of May is expected to aggregate
$1,300,000. An order for reciprocating engines was booked In May for the
first time in two years. These engines number 20. The company is on
better working terms with its competitors than formerly. Relations are
amicable both with Westinghouse Electric Mfg. Co. and General Electric Co.
Of course, a portion of new business had to be taken at cost prices to keep
plants going, but on some of the business the margin of profit has been considerable. If general business keeps up with its anticipated improvement,
the outlook for Allis-Chalmers will be, comparatively speaking, quite
bright."—V. 94, p. 1318, 1251.

Aluminum Co. of America.—Subsidiary Bonds Called.—
All of the $1,450,000 outstanding collateral trust 4% 50-yr. guaranteed
gold bonds of the St. Lawrence Securities Co, Issued under agreement dated
April 16 1906,have been called for payment at par and interest on July 1
at the office of Aluminum Co. of America, Pittsburgh, Pa. V.94,p. 1385,913.

When the motion to pay the interest on the Chicago & West Michigan
bonds came before the Court a week ago, Receiver Blair set forth his position
American Ice Co., New York.—Bonds.—The stockholders
clearly by stating that he would concur in the payment of the interest on the
underlying bonds from earnings only upon the condition that some other yesterday authorized the new
issue of $6,500,000 1st M.6%
means be found to take care of the outstanding equipment obligations and
to provide for the necessary betterments and additional rolling stock. Re- 30 year bonds, present issue to be $3,000,000, to refund bonds
ceivers Erb and Waters, having acquiesced in the "equipment" petition, due Feb. 1914.—V. 94, p. 1450.
Mr. Blair yesterday withdrew his opposition to the payment of the Interest
on the Chicago & West Michigan bonds and joined his colleagues in a petiAmerican Power & Light Co., N. Y. City.—New Merger.—
tion to the Court to reverse the decision of a week ago. This Judge Angell
See Texas Power & Light Co. below.—V. 94, p. 1251, 913,
readily did.
The plan of payment of the interest on the bonds, as approved by the
American Water Works & Guarantee Co., Pittsburgh.—
order issued Monday, takes care of all of the underlying bonds up to and
including what is known as the consolidated mortgage bonds of 1901. Sub- Pref. Stock Offered.—A large part of the issue having been
sequent bond issues will have to wait until the property is able to pay the sold in London, Paris, Amsterdam and Brussels, J. S. &
interest or some other means to do so are found.
W. S. Kuhn, Inc., Pittsburgh, N. Y., Chic., Phila. and
Statement by Receivers—Needs of Property.
Since March 1 1911, out of the proceeds of the five-year notes issued on Boston, and the Equitable Trust Co., New York, are offerthat date upwards of $2,800,000 have been expended, almost entirely
within the State of Michigan, for double-tracking, engine house and yard ing at 97M and accrued dividend, by advertisement on
facilities, side tracks, improvements and grades and other additions and another page,the unsold portion of the total auth. $10,000,000
betterments. Additions and betterments for the year ending June 30 1908
aggregate about $800,000, in 1908-09 about $150,000 and in 1909-10 about 6% cumulative participating pref. stock. Subscription
$700,000. But notwithstanding the large sums of money so expended and books will open and also close on June 3.
the purchase during the same time of a large amount of equipment in addiA simultaneous offering will
by Bobarts, Lubbock & Co.. Lontion on time contracts, the following additional expenditures should be don, and by Bolssevain Bros., be made
Amsterdam.
made for the general betterment: New rail (Incl. 14,000 tons of 90-1b. rail),
Fully paid and non-assessable ($100 par value). Dividends Q.
-J. (see
$525,000; equipment (incl. 25 locomotives and 6 gasoline motors), $725,below). Registrar,
N. Y. City. Transfer
Loan & Trust
000; engine houses, $150,000; coaling plants, *100,000; depots, $50,000; agent, Eq. Tr. Co. ofFarmers'Application will Co.,
be made to list this issue on
N. Y.
total, $1,700,000.
(The plan of issuing receivers' certificates now presented, it is pointed out, the New York, Pittsburgh, London, Paris, Amsterdam and Brussels
makes no provision at present for interest on $24,306,000 securities, viz.: stock exchanges.
Capitalization: Pref. stock (auth.), $10,000,000; common stock (auth. and
$10,106,000 refunding mtge. 45 of 1955, int. J. & J.; $8,000,000 6% coll.
trust 5-year notes, due Mch.11916,Int. M. & S.; $1,200,000 loan due June 28 fully paid), $10,000,000; surplus and reserve (earned), *3,103,465.
1912, $5,000,000 debenture 6s due July 1 1912. These securities, the Digest of Statement by Pres. James S. Kuhn, Pittsb., Pa., May 20 1912.
receivers say, were properly issued and for them the company received full
Began as a limited partnership In 1882, operating water works. Incorpovalue, but "pending more certain indications of improvements in net," the rated in N. J. In 1891. The business has been extended under the present
payment of interest thereon has not been recommended.]
• management, so that at this time the company (1) Supplies water to about
Notice to First and Second Pref. Stockholders—Agreement Modified.— 1,250,000 people in 82 cities and towns in the U. S. [see United Water dc
The preferred stockholders' protective committee, Philip Stockton, Chair- Light Co., V.87, p. 1092; V. 91, p. 158]. (2) Controls, In and around Pittsman k V. 94, p. fu57), has modified the deposit agreement as follows: (a) burgh, Pa., 209 miles of interurban electric railway and electric light and
Maximum expenses to be met by depositors not to exceed 50 cents per share; power system, supplying 110 cities and towns. Power plant capacity
(b) No sale of stock or plan of reorganization shall be entered into without (42,000 h.p.) is being Increased to 55,000 h.p. [See West Penn Traction &
giving each shareholder an opportunity to withdraw his shares on payment Water Power Co., with map, &c., pages 103 and 104 of "El. Ry. Sec.";
984. (3)
of his pro rata of said expenses. (c) C. R. Weedon is now a member of also V. 94, p.companies Controls and operates one of the most valuable
in the United States, located in Southern Idaho,
hydro-electric
the committee.
92,000 h.p.
As matters of considerable Importance may arise shortly, shareholders ultimate capacity operates directly or
(4) Controls and
through its four subsidiaries in the
are urged to deposit promptly their stock with the Old Colony Trust Co.,
Twin Fails country, Idaho, and in the Sacramento Valley, Cal., Irrigation
Boston, or with Bankers' Trust Co., N. Y. City.—V. 94, p. 1317, 1250.
systems designed to irrigate 650,000 acres of land. Of this acreage, about
130,000 acres are owned in fee simple and on some 300,000 acres the IrrigaPhiladelphia Rapid Transit Co.—Labor Matters.—
The management on May 20 In its "Employees' Bulletin No. 4" an- tion works are completed and the land and water rights sold to actual settlers.
nounced that as a result of the recent barn elections for the choice of repre- The system to Irrigate the balance is nearing completion. [See Twin Falls
sentatives on the co-operative committee, 6,250 men voting out of a tote, Northsttle Land & Water Co., V. 89, p. 999; Twin Falls Oakley Land &
of 7,113, two committees of 19 each were selected, one representing the Water Co., V.89,p.1000; Twin Falls Salmon River Land & Water Co., V.88,
first choices of each barn and the other the second choice. The wage in- p. 1135.] [See Sacramento Valley Irrigation Co., V.92,p.530; V.90,p.171.1
crease to a maximum of 24 , cents per hour, promised forJuly 11913, will (5) Controls a group of bituminous coal mines in Pennsylvania that now
4
be made effective July 1 1912. The co-operative plan will be continued stand third In tonnage mined annually in that State. Total daily capacity
with the two committees, representing the men as individual employees, 18,700 tons. with 550,000,000 tons of coal available. (See United Coal Co.,
until June 30 1913. If by that date the unions have settled their internal V. 92, p. 1706, 1641.)
The company is now engaged In the construction of a large hydro-electric)
differences, the company will, upon a petition signed by one-third of the
men, take another vote on the recognition of a union, a two-thirds majority enterprise near Pittsburgh. From the reports of three expert hydrobeing necessary for success. For 10 months ending April 30 1912 wages electric engineers, considerably over 100,000 h.p. can be developed. For
this power there Is a ready and profitable market within 70 miles of the
were $209,257 greater than In the 10 months of 1910-11.
Out of a total of 7,113 motormen and conductors, approximately 4,200 site of the main power plant. United States Census reports show that over
are wearing buttons, signifying that they either hold membership In the 1,500,000 h.p. Is now being developed In this district from steam. (See
Amalgamated Association or the Keystone, or are followers of C. O. Pratt, West Penn Traction Co., V. 94, p. 984.)
Cap. Stock.—Beyond the 6% cumulative dividend out of earnings on the
each class being about equally numerous.—V. 94, p. 1250, 827.
pref. stock, and after the common stockholder shall have received 6%
Toledo Railways & Light Co.—Meeting Again Postponed.— cumulative dividends, the pref. stockholder shall participate equally with
common stockholder In all dividends paid by the company. No addiThe joint meeting of the bondholders' and stockholders' protective com- the
tional pref. stock can
75% In interest of
mittee for the consideration of reorganization plans has been again post- the outstanding pref. be issued without the consent ofbe created
stock, nor can any bonded debt
without
poned for a week, to Thursday, June 6. See V. 94, p. 1384, 1121.
the consent (given separately) of 75% in interest of each class of stock.
United Railways Co. of St. Louis.—Bonds—Option.— The entire auth. common stock Is outstanding and, under the laws of N. J.,
cannot be increased without the consent of 66 2-3% of both classes of stock
The company has arranged with A. G. Edwards & Sons, Francis,Bro. & outstanding. The management will remain in the hands of Its founders,
Co., Mississippi Valley Trust Co. and Mercantile Trust Co., all of St. Louis, who own a large majority of the common stock.
for an extension of the $1,800,000 Cass Av.& Fair Grounds 5% bonds, maturBalance Sheet April 30 1912.
ing July 1, for ten years from July1 1912 at4
. The bankers offer present
Liabilities—
Assets—
holders of maturing bonds the privilege, for a limited period, of having
$10,000,000
their bonds extended and receiving the extended 4% bonds at 979, Stocks of subsidiary cos_ $6,879,379 Common stock
551,346 (Pref. auth., not issued,
Bonds and stocks for sale
discount, amounting to $22 50 per $1,000 bond, to be paid in cash.
the
40,677
$10,000,000.)
Deposit of bonds should be made with any of the firms or trust com- City warrants
Accounts payable, incl.
panies named. Holders not desiring to extend their bonds may present Notes and accounts re4,540,574
accts. of all sub. cos_ _
celyab a
h in blc
84,419
them at one of the above-named depositaries, and receive principal and
nks and on hand 1,172,408 Oper. and maint. reserve 2,182,679
accrued int. to date of delivery before July 1. Bonds presented after July 1 Cash
3,500 Surplus
920,786
will be paid by said depositaries with Interest to July 1, when interest will Other assets
cease.—V. 94, p. 1250, 913.
$13,187,884
Total
Total
$13,187,884
Warren (Mass.) Brookfield & Spencer Ry.—Receivership.
The item of "stocks of sub. cos." in 1912, totaling at par $31,273,200,
Judge Sheldon, of the Supreme Court, on a bill filed by the International consists of the capital stocks of the different companies owned and conTrust Co. of Boston, on May 29 appointed Thomas T. Robinson of Dedham, trolled; while they are shown in the statement as only $6,879,379, based on
temporary receiver. Interest on the $125,000 bonds was defaulted on an 8% earning basis,these stocks have been appraised at $10,000,000,and
May 1. Floating debt, $66,000. Real estate attachments totaling $55,- have a still higher prospective value. The Irrigation and hydro-electric
000 have been filed against the company. A permanent receiver is asked companies should develop large earning values within the next few years.
for, a subpoena returnable July 1 being issued. Compare V. 94, p. 1318.
A recent appralsement of the coal properties values them at about $10,000,000 In excess of liabilities, while 51% of the stock is carried on our
Wheeling & Lake Erie RR.—Favorable Rate Decision.—
books at less than $300,000. The market value of the stocks of the West
The United Ste tee Supreme Court on May 27 unanimously, affirmed the Penn Traction Co. and the West Penn Traction & Power Co., now owned
decision of tke U. S. Circuit Court of Appeals on May 2 1911, which re- by the company, is $5,800,000; they are carried on our books at 11,800,000.




1510

THE CHRONICLE

The company has no direct liabilities other than current accounts (84,419
April 30). It has, however, a contingent liability through its guaranties of
about $48,000,000 par value of bonds of companies which it controls and
operates, all of which issues of bonds are secured by mortgage assets far in
excess of the bonded debt. For some of the most important companies,
notably the railway and coal companies, the company has no contingent
liability. During the entire 30 years of the company's existence, the losses
resulting from its guaranties have reached only $180,000.
Net Earnings for the Past Five Fiscal Years ending April 30.
1907-08. 1908-09. 1909-10. 1910-11, 1911-12. 1912-13 (est.) 1913-14 (est.)
$542,642 $680,210 5780,634.5823,134 $1,091,061 $1,500,000 $2,000,000
Average annual dividends of more than 6% have been paid since Incorporation in 1891.-V. 93, p. 104.

Ann Arbor (Mich.) Water Co.
-Purchase Again Defeated.
See "Ann Arbor" in "State & City" Dept.
-V.'94, p.205, 122.
Bell Telephone Co. of Canada, Montreal.
-New Bonds.
Press reports say this company is preparing to issue $2,500,000 bonds.
See annual report above.
-V. 94, p. 633.

Brooklyn Union Gas Co.
-P. S. Commission reports:
DiviInt. ec
Other
Operating Net (after
Income. Rentals.
dends.
Taxes).
Revenue.
$9,467,930 $2,434,685 $177,552 $822,135 $1,259,895
1910
9,052,704 2,441,554 162,939 826,172 1,349,775
-V.94, p. 1451.
Total gas sales in 1911, 12,436,850 M cu. ft.

Calendar
Year-

1911

Balance,
Surplus.
$530,207
428,546

-See Yellow
-Consolidation.
Cab & Taxi Co., N. Y. City.
-V.93, p. 530.
Taxicab Co. below.
-Notes.
Commonwealth Water & Light Co., Summit, N. J.
H. F. Bachman & Co., Phila. and N. Y., are offering $100,000 5% serial
the two $20,000 lots
notes, par $1,000, dated May 15 1912, tax-free in N.
J.,
due Ilay 15 1913 and 1914, at 100 and int.; the $20,000 due May 15 1915, at
99.65 and int., yielding 5 h %; the $20,000 due May 15 1916. at 99.11 and
int., yielding 53.1%; the $20,000 due May 15 1917, at 98.37 and int., yielding 5%%. Proceeds to be used in part for additional 20-inch water mains to
connect with a reinforced concrete reservoir of 1,500,000-gallon capacity,
and for an additional 500 Ic.w. turbine generator.
Capitalization-Digest of Bankers' Statement.
$700,000
Stock-Common, 5400,000; 5% preferred, $300,000
1st M.5% bonds due Aug. 11934; auth. $1,000,000 (V.80, p. 714):
980,000
outstanding (including $60.000 In treasury)
Furnishes the entire water supply In Lakewood, Irvington, West Orange,
South Orange, Milburn, New Providence and Summit. N. J., the entire
sewerage system in Lakewood and pumps sewerage for city of Summit;
also the entire electric-lighting and power facilities In Lakewood, Summit
New Providence Borough, New Providence Township and Passaic Township, and, current to the Chatham municipal plant. Population served,
about 70,000. Franchises all perpetual, ekcept the electric itanchises (a) in
New Providence Township, Union County;(b) in Passaic Township, Morris
County, which extend until 1940 and 1950, respectively.
Has municipal contracts in every municipality in which it operates, and
owns the following properties: 1,323 acres of land; 3 office buildings;
154.53 miles of water mains supplying 8,268 consumers; 909 hydrants;
2 power houses, inchlding 2,400 h.p. electric generators, as well as pumping
plants; 3 independent pumping stations,'total daily capacity 11,750,000
gallons; 74.6 miles of electric pole lines; 302 miles of electric wire circuits,
serving 1,600 consumers; 16.7 miles of sewer mains. Total replacement
value, exclusive of franchises, municipal oantracts and water rights, is
appraised at $1,750,000.
1911.
1910.
1906.
1907.
1908.
1909.
Earnings$176,420 $217,873 $225,623 $238,660 $271,309 $304,320
Gross
$105,923 $128,217 $119,191 $137,391 $147,415 $166,153
Net
49,000
44,233
44,205
39,000
44,000
Fixed charges
42,000
Bal., surplus_ $66,923 $86,217 $75,191 $93,186 $103,182 $117,153
Since its incorporation In 1904 has paid 5% annually on pref. stock and
2% from 1904 to 1907 and 4% from 1907 to 1912 on Its common stock.
For 1911, after deducting $14,545 for depreciation and upkeep,the interest
on all outstanding bonds and dividends on pref. and common stocks showed
a net surplus of 578,606.-V. 80, p. 714.

-Favorable Decision.
Consumers' Power Co., Michigan.
Judge Angell in the U. S. Circuit Court (East. Dist. of Mich. and Nor.
Dak.) some time since held that the Saginaw Power Co. (control of whose
stock is owned), In purchasing the physical properties of the Bartlett Illuminating Co. and the rights of the Eastern Michigan Power Co. under the ordinance of 1908, did not create an unlawful combination or monopoly, or
disobey the statutes of the State. The resolution of the Common Council
of Aug. 15 1910, directing the removal from the city streets of the poles,
wires and other apparatus which formerly belonged to the Bartlett Illuminating Co., was declared to be unauthorized and void, and a parmanent injunction was granted to prevent such removal. The oninion was given at
length in the 'Water and Gas Review" of May 1912.-V. 94, p. 354.

-Earnings.
Dominion Textile Co., Ltd., Montreal.
Total Net
Year end.
Mch. 31. Income.
51,257,897
1912
1,110,031
1911
-V. 92, p, 1834.

Int. &
Pt. Divs. Com.Divs. Written
Off.
(5%).
.
Rents.
(770)
5771,859 $130,485 $250,000 $5,329
250,000 13,104
130,137
679,684

Balance,
Surplus.
$100,224
37,106

Electric Bond Deposit Co. (of Delaware), New York.

This holding company, whose stock is being traded in in N. Y., was
described under Ozark Power & Water Co. in V. 94, p. 565.

-Offer to Subscribe.
Firestone Tire & Rubber Co.
Stockholders are offered the remainder of the common stock in the treasury at $250 a share to the extent of 10% of present holdings. This will
make the total $3,000,000 common authorized, all outstanding. There is
also $1,000,000 7% pref., all outstanding. Subscriptions close June 1.
Shareholders may pay in full at once or 25% on June 1, 25% June 20 and
50% July 20.-V. 94, p. 1452.

-Extra Div. Omitted.
Goldfield Consolidated Mines Co.
A regular quarterly dividend of 30 cents a share has been declared on the
$35,591,480 stock, payable June 30, the extra payment of 20 cents a share
which has been made since Jan. 1910 being, it is reported, omitted.
V. 94, p. 1381, 1319.

-Increase Approved.
Goodyear Tire & Rubber CO.
The stockholders on May 28 authorized the proposed increase in capital
stock to $10,000,000 common and 55,000,000 pref. Shareholders will be
offered the right to subscribe for the $4,000,000 new pref. at par, up to
June 10.-V. 94, p. 1059.

-Sale July 9.
Hamilton (0.) Gas & Electric Co.
The sale has been postponed from May 29 to July 9. The appraisement
of the property by L. P. Clawson, Governor Morey and Warren E. Howell
was completed Dec. 11, the total amounting to $744,633, consisting of High
St. pidnt, $70,000; electric-light plant, 561,458, and gas plant, $141,772
mortgage on the coke works,.5365,000, and stock valued at $100,000.V. 93, p. 1605.

-New Bond Issue.
Holton Power Co., Redlands, Cal.
The company has applied to the California State RR. Commission for
permission to issue $300,000 "first and refunding" gold mortgage bonds.
• Auth. capital stock, $1,500,000, of which $1,250,000 outstanding; 1st M.6%
bonds, $500,000. See V. 92, p. 1377; V. 93, p. 348.

Hudson County(N: J.) Water(10.-Decision-Sale June 6:
Vice-Chancellor IIowell on May 29 denied the application for an injunction restraining the use of 5350,000 bonds which have been deposited with
the reorganization committee in the purchase of the property. The Vice
Chancellor holds that "It was intended that the committee should have the
Irrevocable power to use the bonds of the depositors for the purpose of effecting the reorganization," and that, while there is a provision in the reorganization agreement permitting withdrawal of bonds, this "operates only
when the plan approved by the committee shall have become effective."
The sale, which was postponed from April 30 to May 28 on account of the




[VOL. Lxxxxiv.

Injunction, has been further adjourned to June 6, at the request of the bond-V. 94, p. 1059. 915.
holders who sought the Injunction.

Improved Property Holding Co. of New York.
-Receivers:
Judge Hough of the U. S. District Court on May 22 appointed Charles C.
Burlingham and Treas. Joseph J. O'Donohue Jr. receivers of the property,
on the application of V.-Pres. Alwyn Ball Jr., as a creditor for $5,000 for
services. May 29 R. E. Dowling was appointed as co-receiver. It Is
said that some $400,000 or $500,000 receiver's certificates will be necessary
to meet maturing obligations and supply.working capital.
The company, it is stated, is solvent but short of ready cash, certain of
the assets being "slow". The assctsare reported as: Real estate, $10,050,000; leaseholds, $4,056,000; investments In stocks and bonds, $697,327;
advance accounts receivable, $129,523; accounts receivable, $22,080;
deferred charges to operating, $21,075; cash, $12,247, and office furniture,
$1,718; total, $14,989,668. The liabilities are: Mortgages, $8,819,739:
bonds, $1,759,000; advance accounts payable, $724.699; accounts payable,
$303,948; reserves, $507,235; notes payable, $63,335, and security deposits,
$1,800; total, $12,179,756.
The company was incorporated In May 1906 with a capital stock of
$1,500,000, which was afterward increased to $5,250,000. Henry Corn is
President. Among the properties owned in fee are the following,with their
reported value: No. 395 to 399 Broadway, $1,200,000; Nos.474 )4 and 476
Broadway, $650,000; Nos. 303 and 305 Fifth Ave., $2,700,000; No. 50 to
58 West 77th St., Manhattan Square Hotel, $900,000; 58th'St.and 7th Ave.,
Alwyn Court, $1,700,000; northeast corner of 12th St. and 5th Ave., $2,250,000, and southwest corner of Broadway and 21st St.,$650,000; total,
$10,050,000.
Leasehold buildings erected by the company: No. 341 to 347 5th Ave.,
$900,000; No. 1161 to 1175 Broadway, $320,000; No. 43 to 47 West 33d St.,
$250,000; Nos. 24 and 26 East 34th St. 5100,000, and No. 505 5th Ave.,
$375,000; total, $1,945,000. Other le.;.seholds: No, 84 to 90 5th Ave.,
$575,000; No. 110 5th Ave., $205,000; No. 217 to 231 5th Ave., $200,000;
No. 315 5th Ave., $175,000; No. 320 5th Ave., $250,000; No. 894 to 900
Broadway, 581,000; northeast corner of 42d St. and 6th Ave., $400,000, and
No. 56 to 60 Madison Ave., $225,000; total, 52,111,000.
The following committees are announced: (a) For series A 6% sinking
fund bonds due June 1918 (V. 83, p. 893): Warner Marshall, Chairman;
W. B. Cardozo, V.
-P., Farmers' Loan 4: Tr. Co., N. Y.; P. W. Brooks,
P. W. Brooks & Co., N. Y.; with Farmers' Loan & Tr. Co. as depositary.
(b) Owners of bonds, claims and stock: J. Van Vechten Olcott, Frank D.
Pavey and William B. Randall, with H. M. De Lanole, Secretary, 66 Broadway, N. Y. Deposits are requested with the Security Transfer .5c Registrar
Co., depositary, No. 66 Broadway, N. Y., on or before June 3 1912.V. 90, p. 1385.

-The
-Sale July 1.
Independent Telephone Co., Omaha.
property will be sold under foreclosure on July 1 under a
decree of the Federal Court. Lysle I. Abbott is special
master. Upset price $1,000,000.-V. 94, p. 419.
-Bond Issue.
International Agricultural Corporation.
The stockholders will vote on June 7 on authorizing an issue of $30,000,000
1st M.and collateral trust 5% 20-year sinking fund,bonds to be dated May 2,
and the execution of a mortgage to the Bankers Trust Co. and Frank N. B.
Close, as trustees, to secure the bonds.
The company has arranged to sell to a syndicate headed•by White, Weld
& Co. $13,000,000 of the bonds to retire the present floating,debt and pro-V.94, p. 1452,909.
vide funds sufficient to take care of development plans.

-New Directors.
International Steam Pump Co.
S. R. Guggenheim, and Thomas M. Schumacher the Traffic Mgr. of the
Amer. Smelting & Refining Co. have been elected directors to succeed
-V.93, p.1724.
Benjamin Guggenheim and Arnold Tanzer, both deceased.

Long Acre Electric Light & Power Co., New York.
The Appellate Division of the Supreme Court on May 28 heard argument of the appeal from the order of the P. S. Commission granting authority to issue $2,000,000 stock and $4,000,000 bonds. (V. 93, p. 1468.)
-V. 94, p. 1452.

-Increase of Stock.
Manufacturers' Ry. Co. of St. Louis.
G. F. Moore, Prest. and Gen. Manager, writes: The company has increased its capitalization to $1,000,000 and the stockholders of record have
subscribed for the increase at par. There Is nothing we have to offer the
-V.94, p. 487.
general public at present.

-Operative.
Marconi Wireless Telegraph Co. of America.
The plan of April 10 1912 having been declared operative, tho par value
of the shares has been decreased from $25 to 55, by issue of five new shares
for one old share, and the entire stock as increased to 510,000,000,full paid,
has been listed on the N. Y.curb. (See V. 94, p. 1122.)-V. 94,p.1320, 1253.

-See
-Change of Control.
Minneapolis General Electric Co.
-V. 94, p. 1253, 1183.
Northern States Power Co. below.
Mississippi Valley Gas& Elec. Co.-FurtherAcquisition.The minority stock of the Louisville Lighting Co„ consisting of 9,000
shares, has been purchased from New York shareholders on a basis of $65
a share. As the remainder of the lighting company stock was owned by
the Louisville Gas Co. and included in the recent sale to the Mississippi
Valley Co., that company now has control of the Louisville Lighting Co.
The new bonds are due May 11022. Compare V. 94, p. 1452.

den
Montreal Light, Heat & Power CO.-Earnings.Int. on
Balance,
Net
Surplus.
Earnings. Bonds,&.e.
Paid.
$2,844,016 $485,747 (8%)$1,360,000 $998,269
19 11-12.... _$4,960,255 ",576,340 472,051 (7
829,289
1,275,000
1910-11_ 4,404,126
From the balance as above in 1911-12, 5998,269, there was deducted
1910-11), and
$490,000 for depreciation, renewals, &o. (against $476,011
$10,000 for officers and employees' pension fund, leaving a surplus of
$498,269.-V. 94, p. 634.
Year end.
Apr. 30.

Gross
arnings.

in

-Company Dissolved.
National Rice Milling Co.

A certificate was filed at Trenton, N. J., May 7, dissolving this corporation. See V. 94, p. 986.

-Bonds Sold.
-Kidder,
New York (Bell) Telephone Co.
Peabody & Co.recently offered at 98M and int., and have
wholly sold, 15'10,000,000 "first and general mortgage
43s' dated 1909, due Nov. 11939, but callable at 110
& int. Tax-free in N. Y. State. A further £2,000,000 of
these bonds were offered simultaneously in London and Amsterdam by Baring Bros. & Co., Ltd., and Messrs. Hope &
Co. Total authorized issue., $75,000,000, of which £5,500,000 and $22,500,000 have been issued.
Digest of Letter, from President U. N. Bethel!. May 27 1912.
Referring to the $20,000,000 of its "first and genera,1 mortgage" 4)4%
gold sinking fund bonds, due 1939, which this company has sold to you, I beg
of a total
to say that the issue of these bonds will make $70,000,000 issueddeducting
of 575,000,000, to which amount the mortgage Is limited. After the total
bonds heretofore retired through operations of the sinking fund,
be $69,bonds outstanding under the mortgage, Including this issue, willmortgage
000,000. These bonds are subject to 53,507,000 of outstanding
indebtedness of constituent companies, which will be paid as it matures.
The share capital of the company Is now $125,000,000, the excess of this
par; and
amount over $85,000,000 having been paid for in cash at or abovethis issue
of
the assets as certified by balance sheet, including the proceeds times the
bonds, will exceed $230,000,000, which is more than three
of
liens.
amount of all outstanding bonds, including the amount of prior three calenThe net earnings before deductions for interest, for the past
1909, $10,572,000; 1910, $14,496,000; 1911, $15,223,dar years, have been:
issue of
000. Interest charges, Including interest on the present bonds bonds, will
heretofore
amount to $3,240,000 per annum. The proceeds of all of advances
obapplied to repayment
issued under the mortgage have been
tained for improvements and to the acquirement of additional property.
of the present issue will be applied to similar purposes. (see
The proceeds
•
• •
also V. 99, p. 1351).-V. 94, p. 1054.

JUNE 1 1912.11

THE CHRONICLE

1511

the remaining directors being elected by the common stock; otherwise
has no voting power.
-During the
Certified Earnings after Full Allowance for Depreciation.
seven years ended Dec. 31 1911 net earnings of the business have averaged
$507,610, and for the three years ended Dec. 31 1911 show an average of
$493,926, or over three times these dividend requirements. For the cal.
year 1911 the net earnings were $288,678 (or approximately twice the first
pref. dividend), reflecting the generally depressed conditions throughout
the country. The railroads have used up their available reserve supplies
and, it is believed, must soon buy heavily. I estimate that during 1912 the
earnings available for dividends will be about $500,000 and for 1913 over
$750,000, or nearly five times the first pref. dividend requirements
Excess of Assets Over Current Liabilities (Excl. Good-will,Patents andTrade
Marks) Dec. 31 1911, $2,460,092.
$1,629,325
Real estate, buildings, equipments, appraised at
Current assets: Cash, $262,164; acc'ts receivable, $302,643;
927,265
materials and supplies, $357,633; prepaid insurance, $4,825_ _
Deduct-Acets payable, $87,432; accr'd taxes, $9,066; _$96,498
Plants.
-Seven years ago the company abandoned its old plant and acquired a site about 6 miles from the heart of Chicago, embracing 32
acres of land located on the Chicago & Western Indiana (Belt) RR. Co.
Digest of Bankers' Statement Dated May 22 1912.
The company owns all of the stock (except qualifying Shares) of the The buildings are of most substantial construction and embrace a central
Consumers Power Co. and that company, in turn, either directly or power station, a building 280x700 ft., where the frogs, crossings, switches,
through stock ownersliip, owns and operates public utility properties in guard rails, &c., are made; a forging shop 200x280 ft., &c., all equipped for
the following cities: (1) Electric light, power and steam heat: St. Paul, efficient operation, with tracks, overhead cranes and monorails for moving
Minn., and suburbs; (2) Electric light, power and gas: Faribault, Minn., materials. The American Appraisal Co. says "this plant has no superior
And Stillwater, Minn., and Northfield, Minn.; (3) Electric light, power, gas of its kind in this country."
and steam heat: Grand Forks, N. D., Mankato, Minn., and EeSt Grand
Pittsburgh Steel Co.
-Listed.
-The N. Y. Stock Exchange
Forks, Minn.; (4) Electric light, power, gas, steam heat and street railways:
Fargo. N. D., and Moorhead, Minn.; (5) Electric light, power and tele- has listed the $3,500,000 pref. stock recently offered to stockphone, Minot, N. D.; (6) Electric lig,ht and power: Cannon Falls, Minn.,
Platteville, Wis., Galena, Ill., and several other Illinois and Wisconsin holders, making the total amount listed $10,500,000. Comtowns, and the zinc mining regions of Northern Illinois and Southern Wisc. pare V. 94, p. 634, 766, 1253, 1321.
Hydro-Electric Properties Owned by Consumers P.Co., Installed Capac.(h.p.).
-For the 10 months ending April 30 1912 net
Earnings.
2,500
Apple River Power Co. of Wisconsin, on Apple River, installed
earnings were $1,056,915, against $791,699 in the same mos.
.Cannon Falls, Minn., on Cannon River, installed (capable of further
2,000 in the preceding year.
p.)
development of 3,000 h.
-V. 94, p. 1321, 1253.
Rapidan, Minn., on Blue Earth River, installed (capable of a further
2,000
development of 2,600 h. p.)
Richelieu & Ontario Navigation Co.
-Purchase Approved.
Red Lake Falls, Minn., an undeveloped water power on the Red Lake
The shareholders voted on May 28 to purchase control of the Niagara
Falls River, capable of development of 5,600 h. p.; a small part
Navigation Co. Holders of over 80% of the $1,000,000 stock of the Niagara
(7)
developed and in operation
only
Co. have accepted the terms offered. See V. 94, p. 1190, 566.
Minneapolis General Electric Co.
-The Consumers Power Co. has comA press dispatch says that Richelieu stockholders of record May 31 may
pleted arrangements to acquire not less than 95% of the [$3,375,000] com- subscribe at par on or before June 10 for $1,908,551 new stock to the extent
stock of The of one new share for each four shares
mon stock and not less than 00es of the [$1,000,000] pref.
now held.
-V. 94, p. 1190.
Minneapolis General Electric Co.°
(V. 94, p. 1253, 1183), which company
Securities Corporation Ge .eral.-New Investment Co.
-operates the only public electric-light and power system in the city of
Minneapolis. [Purchase is on basis of $7,950,000 cash for the entire share
Announcement is made of the incorporation of this company in Virginia
-capital; bonds outstanding Dee. 31 1911, $6,747,000 1st M. 5s,due Dce.1
with $5,000,000 6% cumulative pref. stock and $5,000,000 common stock,
-Ed.]
1934.
The Minneapolis company owns, In addition to the distribution system of which the present Issue will be $3,000,000 pref. and $3,250,000 common.
by which It serves,Minneapolis (where an extensive underground system The entire $3,000,000 pref. stock has been underwritten and sold; no
-Covers the business district) and the towns of Lindstrom and Chisago City: public offering will be made. Application to list the securities on the N. Y.
(a) New steam station, installed capabity 18,000 h. p.: (0) hydro-electric and Philadelphia stock exchanges will shortly be filed.
The company has already acquired interest in bonds and securities in
station at Taylor's Falls on St. Croix River, Installed capacity 20,000 h. p.,
with space for an additional 5,000 h. p., which will be immediately added; excess of $2,000000 par value, and in addition will have paid into its treasspecialty will
(c) Hydro-electric station on the Mississippi River in Minneapolis, preSent ury $2,000,000 In cash. Aand railway be made of investment in undercorporations. The 5-year voting
installed capacity 2,500 h. p. (d) Undeveloped water-power sites on St. writings of public service
trust of the common stock has as trustees Edward D.Toland, S. Z. Mitchell
Croix and Mississippi rivers, capable of an estimated aggregate installed
and P. M. Chandler.
capacity of 71,000 h. p.
Officers: Pres.Percy M.Chandler; V.-Pres., W.H.Sharp;Sec. de Treas.,
It is purp sed to connect the steam and water-power stations of The
Minneapolis General Electric Co. with the steam and water-power stations J. K. Trimble. 'Directorate Apr. 25 1912: Alexander J. Hemphill, Hownow owned by the Consumers Power Co., which will result In supplying a ard A. Loeb, S. Z. Mitchell, George W. Robertson and Percy M. Chandler
largo present available market, and will further result in substantial econo- (forming the executive committee), Caldwell Hardy, Fergus Reid, F. W.
mies by shutting down for at least portions of the year existing steam sta- Roebling Jr., Wm. H. Sharp, Edward D. Toland, J. G. White, F. T.
tions now operated by the Consumers Power Co. or its controlled companies. Chandler.
-Press reports say:
-Sale.
Earnings Consuiners Power Co. (incl. Minn.Gen. El.),Years ended Mch. 31.
Shasta Power Co., San Fran.
1911-12. Est. 1912-13.
1910-11.
The stockholders will receive $1 81 a share for their stock as rapidly as
$9,737,590 $3,254,603 33,582,000 they present their certificates. This is equivalent to $180,966 for the
Combined gross earnings
company's entire holdings. Its power house is in Snow Creek. The $1 81.
Combined net earnings year 1911-12. after deducting all charges
prior to pref. and common stocks of Northern States Power Co_ $601,711 a share is to be paid in 6% 3-year debenture notes of the Northern Calicharges on Northern States pref. stock (Incl. that just sold)517,069 fornia Power Co.
Dividend

-Sale of Taxicab Business.
New York Transportation Co.
-V.94, p. 770.
See Yellow Taxicab Co. below.
Northern California Power Co., Consolidated, San Fran.-V. 94, p. 419.
Purchasc.-See Shasta Power Co. below.
-New Stock Over• Northern States Power Co. of Chicago.
Subscribed-Purchase of Minneapolis General Electric Co.
William P. Bonbright & Co., N. Y. and London, and H. M.
Byllesby & Co. offered privately on Monday $3,700,000 7%
cumulative pref. stock and $1,480,000 common stock in
3,700 blocks (each block consisting of $1,000 pref. and $400
-common) at $1,000 per block, plus accrued pref. dividend
from April 1 1912. The entire amount was over-subscribed
within 24 hours.

Balance,surplus, after pref. div. charges for combined companies $84,642
It is estimated that from economies resulting from the consolidation and
Increased business the surplus, after pref..stock charges and after deducting
Int. on increased charges for development of the properties, will be for the
year to commence Aug. 1 1912 not less than $390,000, or the equivalent of 6.26% on the common stock.
Capitalization of Northern States Power Co.. with Acquirement of Minn.Gen.E1.
.
Authorized. Out
$5,000,000 $5,000,000
Bonds
Pref. stock (has paid regularly 7% per annum since
7,386,700
16,000,000
Jan. 11910)
6,225,000
14,000,000
Common stock
The total population served by the Consumers Power Co., including
Minneapolis, aggregates approximately 750,000 people. Minneapolis and
St. Paul together have a population of over 550,000, exceeded by but eight
-V.92, p. 1569.
cities in the U. S. at time of 1910 Census.

-Transfer to City on ,July 1.
Omaha Water Co.
-V. 94, p. 1320.
See "Omaha" in "State and City" Department.

Sheridan (Wyo.) Coal Co.
-1st M. Bonds Called.
Twenty-four ($24,000) 1st m.6% bonds dated June 11 1903 for payment
at 106 and int. on June 30 at Union Trust Co., N. Y.trustee. V.86, p.1228.

Standard Wall Paper Co., Sandy Hill, N. Y.-Acguittal.A jury in the Federal Court at Cleveland.0.,before Judge Doyen May 24,
rendered a verdict acquitting four wail-paper manufacturers and four
wall-paper jobbers on the charge of criminal conspiracy in restraint of trade
in violation of the Sherman law. Compare V. 93. p. 1026.
•
SUpdrier Coal Co. of New York City.-Receivership.
In the suit of the trustee (Knickerbocker Tr. Co. of N. Y.) to foreclose
the mortgage, the amount outstanding being $1,930,000 with Int. from
Nov. 1 1911, Niles B. Hersloff of N. Y., was on May 18 appointed
receiver. The property, it is stated, includes 8,800 acres of coal lands
and 4,000 acres of mineral rights near Wellston .Coalton and Jackson, with
-V.87, p. 484.
its office In Jackson.

Texas Power & Light Co., Waco, Cleburn, &c.
-Merger.

This company was incorp. May 27 in Texas and will take over imme-Earnings.Pacific Mail Steamship Co.
diately all the properties, franchises, &c., of the Waco Electric & Gas Co.
Deprec'n,
Net
Balance, (V. 93, p. 52), the Cleburne Electric & Gas Co.. the Hillsboro EleCtric &
Total
Year end'g
Expenses,
Deficit. Gas Co., the Waxahachie Electric & Gas Co., the Temple Electric Light
Receipts. Repairs,&c.
Insur., &c.
Apr. 30. Receipts.
$432,105
$433,023
$19,082 Co., the Sherman Electric & Gas Co. and the Bonham Electric & Gas Co.
$4,856,176
1911-12_55,285,199
155,181
354,457
4,819,638
199,276 These companies do the entire commercial electric light and power business,
1910-11_ _ 4,974,819
-V.92, p. 1495.
also the municipal electric-light business, in all the cities served, and the entire gas business In Waco and Cleburne. The seven cities named are in the
-First famous "Black Belt" of Texas, one of the richest agricultural sections of the
• Pettibone Mulliken Co. (of New York), Chicago.
Pref, Stock.
-William Salomon & Co. N.Y., are placing pri- world. It is said that within a radius of 200 miles of Waco one-fifth of the
cotton crop is grown, along with other large
vately this new company's 7% cumulative first pref.(p. & d.) world'spurchase of these properties Is being financed crops. Electric Bond
by the
The
stock. Par $100 a share. Dividend dates Q.
-J. Redeema- & Share Co., presumably In the interest of the American Power & Light Co.,
which already controls the Kansas Gas & Electric Co., Pacific Power &
ble all or part at option of company at 115 plus accrued divi- Light Co. and the Portland Gas & Coke Co.. and whose fiscal agent is the
Electric Bond & Share Co.
dend. Sinking fund provides for its retirement at 115.
The company has an authorized capital stock of $13,000,000, of which
Digest of Letter from Pres. A. H. Mulliken, Chicago, May 17 1912.
take over, as a $10,000,000 is common stock and $3,000,000 7% cumulative pref. stock,
Will be incorporated under laws of N. Y. State and will
the latter redeemable at 115%.
going concern, the property, business and good-will of Pettibone, Mullis
The company has a contract running for 50 years with the Southern Tracken & Co., an Illinois corporation (either directly or by stock ownership).
the power for its Waco
to
tion Co.
Capitalization (No Mtge. or Funded Debt)- Authorized. Now lobe iss'd. electric (see p. 41 of "El. By. Sec.") forsupply all
Its proposed 135 miles of interurtraction system (16 miles) and
$2,250,000
$2,250,000
7% cumulative first preferred stock
750,000 ban lines (Dallas Via Waxahachie, Hillsboro, &c., to Waco; also Dallas to
750,000
cumulative second preferred stock
7%
7,000,000 Corsicana), part of which is expected to be in operation by Sept. 1. The
7,000,000
Common stock
be generated at a large, modern, steam station
power for these lines
Present business est. in 1880, but Pres. A. H. Mulliken has been in this to be built at Waco. will contract gives the company a perpetual right.
The
since 1868. Company manufactures frogs, crossings, guard rails
business
of-way easement, ahead of all traction company mortgages, to erect and
and switeli material, and ranks as the most important manufacturers of maintain poles and wires along the right of way of the interurban railway,
these railway appliances, supplying steam railroads in the world. Its
products are those parts of a railroad which suffer most from wear and which
-Rumored Distribution.
Union Carbide Co.
must be continually replaced. In 1900 supplied about 25,000 miles of
An exchange says: "Another melon is understood to be awaiting the
railroad; at the present time its customers represent over 100,000 miles
holders of stock. The melon is In the form of a distribution of stock In
out of a total of about 250,000 miles of railroad in the United States.
-(a) Entitled to prior payment of 7% cum. divi- the Oxycetelcne Co., organized about a year ago to take over some of the
First Preferred Stock.
-J.); also, upon Involuntary dissolution, to par and all arrearages smaller subsidiaries. The stock of this company has been held by a few
dend (Q.
behalf of Union Carbide stockholders. The plan as
of dividends, and, upon a voluntary liquidation, to an additional 15% individuals acting in
close to the Carbide management is to distribute the
out of assets. (0) Redeemable, all or part, on 40 days' notice at 115 and outlined by a man Carbide holders to the amount of about 10% of their
dividends. (c) Cumulative sinking fund for the redemption or Oxycetelene stock to
accrued
smaller company retaining its identity. Friends of
purchase of 1st pref. stock, $100,000 In 1914 out of net profits, after pay- present holdings, theIs In a position to pay 6% from the start and earnings
ment of dividends (with all arrearages) upon the 1st and 2d pref, stock, the company claim it
thereafter, and also, in each case, a sum equal to the are reputed to be in excess of 15%. In addition to this distribution a 10%
and $175,000 yearly
Is predicted for the beginning Of next year, this coming out
amount, If any, in excess of 6% paid upon the common stock in the year cash dividend company's earnings."
-V. 94, p. 1191.
next preceding. (d) No net profits shall be used In any year for better- of the parent
ments or additions until all arrearages of first pref, dividends have been paid
-Agreement-Minority Terms.
United Boxboard Co.
and provision is made for the current year's dividends on 1st pref. and the
It Is announced that all the differences that haVe existed between the
sinking fund requirements. (e) No dividends unon the common stock that
will reduce the surplus below $175,000. (1) The corperation shall not, factions have been amicably adjusted, and the reorganization will be carWithout the consent of 66 2-3% of the first nref., (1) change any voting ried out according to the terms previously announced. The minority were
powers; (2) sell or dispose of the property in its entirety; (3) mortgage any given 3 more directors at the annual meeting, making 5 out of 14 members
real estate or plant for any purpose, or create any Men upon other property of the board, and it was agreed that the reorganization committee should
to secure any indebtedness; (4) issue any stock prior to or on a parity with offer the minority stockholders who cannot pay the $10 assessment on the
the first pref. stock: (5) create bonds, notes or other evidences of Indebted- stock under the plan (V. 94, p. 636) the alternative of 25% In common
ness running more than one year. (g) As a class may elect one director, shares of the proposed new company for their present holdings. Lazard




1512

THE CHRONICLE

Kahn, who. with Herman Grossman and others, opposed the plan, is preparing a letter recommending the terms of the settlement, which soon will
be mailed to all of the stockholders who sent their proxies to him to be used
at the recent annual meeting.-k:ee "Reports" above.
-V.94, p. 1388.

The Totnntercial

United States Realty & Improvement Co.
-New Director:

B. M. Fellows, Treas., has been elected a director to succeed Edwin Hawey. See "Annual Reports" above.
-V.94, p. 1453, 932.

United States Rubber Co.
-Official Explanation
-

[VoL. Lxxxxiv.

COMMERCIAL EPITOME.
Friday Night, May 31 1g12.
Increased conservatism is reflected in some decrease in
bank clearings. Recent bad weather has affected both retail and wholesale trade. The spring trade has really not
been up to expectations. Collections are only fair. Complaints of hot, dry weather come from parts of the winter-.
wheat belt. It is true that the prospects for the spring-wheat
crop look favorable, and those for cotton have irnproved.
Money is easy, but recent bad weather and the success of
Mr. Roosevelt in the primary elections of various States have
cast a shadow over the business situation in the United
States. That fact may as well be recognized.
LARD on the spot has been steady, with a moderate trade;
prime Western 10.85c., Middle Western 10.75c. and City
steam 10@,10Xc. Refined lard has been dull and easier;
Continent 11c., South America 11.90c. and Brazil in
kegs 12.90c. The speculation in lard futures at the West
has been moderately active, with prices irregular. At times
packers have sold and there has been scattered liquidation by
commission houses on larger receipts of live hogs and depression in corn. Reactions, however, have been taken advantage of by believers in higher prices to make purchases, and
there has also been covering of shorts.

(1) As to Common Diridend.-In the last annual report (V. 94, p. 1311)
it will be observed that the company's share of the undivided earnings of
the Rubber Goods Mfg. Co., the Canadian Company and other companies
was not shown in the consolidated statement, although as much a part of
the total earnings of the United States Rubber Co. as though included.
The report indicates that for the last fiscal year, after payment of all
interest charges, the entire net earnings of the U. S. Rubber Co. and of
its subsidiaries (to the ex ent of the company's interest therein) were
$6,711,331. The amount paid for dividends, including three quarterly
dividends on the common stock, was $4,550,000, which, had four quarterly
dividends been paid on the common stock, would have been increased to
$4,800,000. This sum, therefore, was almost $2,000,000 less than the
company's earnings as above stated.
On April 1 1912 the total surplus of the U. S. Rubber Co. and its direct
subsidiaries was $9,175,730, and on Jan. 1 1912 the further surplus of the
Rubber Goods Mfg. Co. (of which the U. S. Rubber Co. owned substantially all of the common stock and more than 75% of the pref.) was $8,260,877. The greater part of these surpluses has been accumulated during
the years in which dividends have been suspended on the common stock.
Accordingly, upon the basis of last year's earnings, and disregarding the
expectation of increased business and earnings, there would appear to be
adequate assurance of earnings to provide full dividends after the issue of
the new stock; and upon the basis of surplus, It appears that there is ample
justification for a dividend (an extra stock dividend] upon the commonstock,
so long as the same shall not'constitute a drain upon the cash resources.
These considerations indicate the propriety, not only of the issue of such
common stock by way of dividend, but also of the fairness of offering it to
the holders of the common stock, who, under the charter, are entitled to all
dividends payable'out of surplus after payment of full pref. dividends.
(2) As to the Second Preferred Stock.
-All that is proposed is an offer to
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
the holders of the 2d pref. stook, for acceptance or rejection by each for
nimself, without compulsion of any kind. It is difficult to perceive any
Mon.
Sat.
Tues.
Wed. Thurs.
Fri.
ground upon which any holder of 2d pref. stock could object to such an offer, July delivery
10.60
10.60
10.62 ;.6 Roil- 10.65
10.65
and It is believed that upon comprehension of the situation, most, if not all, September delivery_ _ _ _10.80
10.80
10.80
10.80
day. 10.82
of the holders of the 2d pref. stock will desire to make the exchange. The
PORK on the spot has ruled steady, with trade quiet.
annual dividend on the 2d pref. ($600,000) is so small compared with the
present earnings that the order of preference becomes practically imma- Mess $20 50@$20 75, clear $19@$20 50 and family $20 25
terial. For the company, the advantage lies in the simplification of capi- @$21 25. Beef has
been in light request but firm; mess
talization, the elimination of a relatively small issue, constituting something
$15 50@$16; packet $17@$17 50; family $18@$18 50 and
3f an embarrassment to larger Issues.
(3) As to the First Preferred Stock.
-The $5,000,000 common stock divi- extra India mess $29@$29 50. Cut
meats have been in fair
dend having been declared, the company would be at liberty to issue $10,000,000 first pref. stock without exceeding the limitation of the New Jersey demand and firm; pickled hams, 10©20 lbs., 12%@13c.;
statute, which provides that the pref. stock shall not be more than twice the pickled bellies, 6@12 lbs., 11 ®11%c. Butter
has been in
common stock. 'For this reason there can be no issue of first pref. stock
unless the proposed common stock dividend .be approved. These two moderate demand and firm; creamery, extras, 263 ©27c.
%
parts of the plan are inseparably connected, and it one is rejected, the other Cheese has been quiet and steady; State, whole milk, new,
will be. For the funding of such of the existing: obligations as shall be
white, specials, 143c. Eggs have been quiet and steady;
deemed best, and making prompt provision for business conditions presently required, it has seemed to the management very desirable in this way
Western firsts 19@19%c.
and without delay,to increase by the amount of $10,000,000 the assets which
OILS.
-Linseed oil has advanced, influenced by a sharp
it has no doubt could easily earn more than the increased annual charge of
$800,000. This being so, there would be no burden either upon the com- rise in the price of seed at Duluth and a good demand here for
pany or upon the dividend fund.
If the terms upon the proposed Issues are regarded as liberal, it should be oil; City, raw, American seed, 78@79c.; boiled 79(0)80c.;
borne in mind that the entire benefit enures to our own stockholders, there Calcutta, raw, 85c. Cottonseed oil has been quiet; winter
being no syndicate and no payment of commissions. (Signed, Samuel P. 7@7.60c.; summer white 6.90@7.75c.;
crude 5.74©5.87c.
Colt, President.] The Informal vote May 31 showed 558,569 shares in
Cocoanut has been quiet but steady; Cochin 93 ©10c.;
favor and•2,982 opposed to the plan. See V. 94, p. 1453, 1311.
4

Yellow Taxicab Co., New York City.
-Consolidation
Special meetings of the stockholders of the Cab & Taxi Co.(V.93, p. 530)
and of the Yellow Taxicab Co. (the latter was incorporated in N. Y. on
Mch. 3 1912, with $5,000,000 auth. capital stock, and recently took over
the taxicab business of the New York Transportation Co., V. 94, p. 770),
were held on May 21 and ratified an agreement for the consolidation of the
Cab Fc Taxi Co. with the Yellow Taxicab Co. under the name of Yellow
Taxicab Co.
The consolidated company has a large list of patrons, also furnishes the
transportation service for m st of the principal clubs, hotels and restaurants
in the city, and in addition it furnishes the taxicab service for the patrons
of the Pennsylvania RR. and the Central RR. of New Jersey.
Company's Outstanding Capitalization (Par of Shares, $100).
First mortgage bonds
$500,000 IPref. stock 7% cum. $1,
Second mortgage bonds_ __ _ 200,0001 000,000 authorized) _ _ $850,000
Common stock (par $100)_ _4,000,00
Officers and directors: Pres., A. F. Rockwell, Bristol, Conn.; V.
-P. &
Treas., H.R.Swartz; Sec., P.J. Holdsworth, William M.Lybrand, Robert
C. Watson, Charles F.Pope, William J. Moran and Allan Lexow,all of N. Y.
City; Charles T. Treadway, Bristol, Conn.

-J. S. & W. S. Kuhn, Inc. of Pittsburgh, New York,
Chicago, Philadelphia and Boston, are offering for invest'
ment, by advertisement in this issue, $10,000,000 cumulative
participating 6% pref. stock of the American Water-Works &
Guarantee Co. Pittsburgh. This stock is full paid and nonassessable. A:large part of the issue has been sold in London, Paris, Amsterdam and Brussels, and the unsold balance
is offered at 973 and accrued interest. Subscriptions will be
closed on Monday, June 3, at 3 o'clock p. m. In New York
City subscriptions will be received at the firm's offices at
37 Wall St. and also by the Equitable Trust Co., 37 Wall St.
See advertisement for full details and our "General Investment News Department" for further information.
-John Burnham & Co.,specialists in bank stock and unlisted securities, have removed their Chicago office to more
commodious quarters on the ground floor of the New York
Life Insurance Building, corner of La Salle and Munroe streets.
These offices were formerly occupied by the American Trust
& Savings Bank.
-The City of Chicago new bond issue awarded this week
was later offered for sale at 999 and interest by the Continental & Commercial Trust Co., E. H. Rollins & Sons and
the Hibernian Banking Association. For description of issue,
see "Chronicle" issue May 18, page 1398.
-Miller & Co., bankers, 29 Broadway, New York, Boston
and Chicago are prepared to deal in Rochester Syracuse &
Eastern first mortgage 5% bonds due 1945, in which they
'
are specialists. Address inquiries to the firm's bond department.
-Kissel, Kinnicutt & Co., bankers, 14 Wall St., announce
that they have opened an office at 407 "The Rookery,"
Chicago, under the management of Robert Stevenson Jr.
-Bolger, Mosser & Willaman of Chicago are now established in their new and spacious offices on the second floor
of No. 29 South La Salle St.




Ceylon 9@93c. China wood has been firm with an increased demand at 103@11c. Lard has been quiet but firm
at 85@88c. for prime. Corn oil has been moderately active
and firm at $6 25@$6 30. Cod has been steady with a fair
jobbing trade; domestic 52@)53c.
COFFEE on the spot has been quiet. Rio No. 7, 143c.;
Santos No. 4, 153®16c. West India growths have been
quiet and steady; fair to good Cucuta 16@163e. The
speculation in future contracts has been quiet much of the
time, with irregular fluctuations. Early in the week the
action of the Court in refusing the Government's petition
in the so-called trust suit caused an advance, but this was
followed by a reaction. The receipts in Brazil continue liberal and the demand from consumers in this country fails
to expand. The closing prices were as follows:

June
July
Aug
Sept

13.27(3
,13.28
]3.31®13.32
13.40®13,41
13.49 Q 13.50

Oct
Nov
Dec
Jan

13.50 Q 13.52
13.52®13.54
13.54@13.56
13.54®13.56

Feb
13.52 Q 13.53
March _ __ _13.56 Q 13.57
April
13.560)13.57
May
13.5613.57

SUGAR.
-Raw has been firmer, with an increased demand from refiners. Centrifugal, 96-degrees test, 3.983'c.;
muscovado, 89-degrees test, 3.483c.; molasses, 89-degrees
test, 3.233'c. Receipts in Cuba have been smaller, owing
to political troubles. Refined has been firm and more active;
withdrawals on old .contracts have increased, and there has
been a larger business on new orders; fine granulated 5@5.20c.
PETROLEUM.
-Refined petroleum continues firm, with
an active demand for export and domestic account; refined,
barrels, for export, 8.60c.; bulk 5c.; cases 10.50c. Crude
continues strong; new production has increased in some sections. Naphtha has been firm, with an active foreign and
domestic demand; 73()76 degrees in 100-gallon drums, 20c.;
drinns $8 50 extra.
TOBACCO.
-There has been no material change in the
situation during the week. Trading in domestic leaf continues quiet, despite the belief that cigar manufacturers are
carrying small supplies and must soon take hold more freely.
Prices are well sustained, however with binder firm on light
supplies. Sumatra is meeting with a somewhat larger de'
mand and the market continues firm. The request for Havana has been light, but the market exhibits a strong tone,
owing partly to the political disturbances in Cuba.
COPPER has been stronger under the influence of an increased demand from speculators and consumers; lake, spot
and near-by, 16%c.; electrolytic, 16@165 sc. Tin has been
/
easier of late after advancing earlier in the week; spot 46%c.
Lead has been more active and firmer at 4.17%c. Spelter
has been quiet but firmer at 6.90e. Pig iron has been active
at $15 25C415 75 for No. 1 Northern and $15@$15 50 for
No. 2 Southern. Finished material has been active and
strong, with some descriptions in upward tendency. Car
works in some sections are taxed to the utmost to fill contracts
on time. additional large orders for cars and locomotives
appear to be impending.

On Shipboard, Not Cleared for

COTTON.
May 311912.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-nght, is given below. For the
week ending this evening the total receipts have reached
34,901 bales, against 43,902 bales last week and 42,610
bales the previous week, making the total receipts since
Sept. 1 1911 11,306,780 bales, against 8,295,579 bales for
the same period of 1910-11, showing an increase since Sept. 1
1911 of 3,001,201 bales.
Friday Night,

Mon.

Sat.

Receipts at
Galveston
Texas City
Pt. Arthur, &c
New Orleans_ _ _ _
Gulfport
Mobile
Pensacola
Jacksonville, &c.
Savannah
Brunswick
Charleston
Georgetown ___ _
_
Wilmington
Norfolk
N'port News, &c.
New York
Boston
Baltimore
Philadelphia_ _ _ _
Totals this week_

Tues.

Wed.

Thurs.

Total.

Fri.

1,091

1,344

4,062

1,272

1,102

1,320 10,191

1,220

1,410

1,842

2,145

2,546

156

70
2,200

85

151

--;16

1- a5
,
--a

-5
-tit

10,616

-565
2,200
325
6,751

616

1,071

2,045

-884

1,295

--56
-iio

28

259

11

-igi

-gio
--gg

17
321

--ig

239

108
518

149

56
429

30
329

1,985

5

73

8

57

106
1.180

1,180

6,822

8,964 1

4,687

5,711

3,482

-502
-5:15
-ia

5,235 34,901

The following shows the week's total receipts, the total
since Sept. 11911, and the stocks to-night, compared with
last year:
1911-12.
Receipts to
May 31.

1910-11.

This Since Sep This Since Sep
Week. 1 1911. Week. 1 1910.

Galveston
10,191 3,466,508 4,401 2,724,874
585,683
308,229
Texas City
____ 258,797
___ 275,714
Port Arthur, too
10616 1607,737 11,160 1,535,982
New Orleans
34,211
____
__
Gulfport ----------- - 66,845
314 249,344
553 372,139
___
Mobile __
3,468 122,678
2,200 212,701
Pensacola
330
24,365
325
50,387
Jacksonville, ft_
6,751 2,349,743 2,991 1,401,499
Savannah
____ 222,434
403,983
Brunswick
442 282,046
Charleston
502 411,713
1,424
Georgetown
1,169
23 408,370
349 542,490
Wilmington
1,985 732,339 2,016 555,901
Norfolk
3,924
____
_
37,031
N'port News, &c_
13,140
6,114
742
New York
37,446
61,282
613
249
Boston
1,180 120,950 1,226 110,550
Baltimore
____
365
2,252
Philadelphia
To...,

qA

(Int

11.111Ailan

97,9AR 'OK M7.3

Stock.
1912.

1911.

93,167

23,594

55,487
8,067
3,534

80,871

49,517
449
17,390

18,300
907
8,094

4,166
34,778

1,848
14,362

158,184
10,284
10,796
1,025

130,330
9,655
2,906
1,925

AAA AAA

900 543

7,051

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

1912.

Galveston ___
PexasCity,&c.
New Orleans_
11obile
3avannah
Brunswick_
Dharleston,&c
Wilmington
Norfolk
N'port N., &o
kit others_ __ _
Potal this wk_

1911.

1910.

10,191

4,401

10,616
553
6,751

11,160
314
2,991

1909.

8,285
14,145
197
6,498
503
143
821
1,887
764
3,149

502
349
1,985

•

442
23
2,016

3,954

6,379

34,901

27,726

:11........ V...., 1
11•PAAPIOA 0
•
-

*ma Kftn

19,601
2,143
14,796
2,000
10,862
2,882
598
451
4,758
169
468
58,706

36,392
A

AAA

ARO

n

1907.

1908.

8,276
138
8,594
583
6,426
75
122
742
3,434
786
1,123

17,696
21,282
2,405
12,024
1,367
3,590
5,147
243
1,131
64,885

MIVI ',VA,' OW/ 10A

30,299
n

rgil Clo

Tile exports for the week endins this evening reach a total
of 54,829 bales, of which 22,8t4 were to Great Britain,
9,183 to France and 22,772 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1911:
Week ending May 31 1912. From Sept. 1 1911 to May 311912.
Exported to
Expo:ted to
Exports
from
-

ContiGreat
Great
Conti.
Britain Fenc, Pont. Total. Britain. France. nent.

Galveston _ _
Texas City____
Pt. Arthur, &c.
New Orleans__
5,171
Mobile
5,201
_
Pensacola
2,200
Gulfport
Savannah
13,39E
Brunswick__
Charleston___ _
.WIlmington__
Norfolk
2,730 1,706
New York
1,027
Boston
-ioo
Baltimore ___.
502
Philadelphia _
Portland, Me_ _
San Francisco_
Seattle
Tacoma
Detroit
Total

8,801
7,727
1,744
228

3,647
173

-445

Total.

8,8081,357,301 280,821 1,288,80: 2,926,938
81,73
411,53:3 92,817
586,087
21,54( 66,141 111,34: 199,029
12,904 797,954 172,654 544,191 1,514,806
5,208 106,91: 65,654 119,311 291,885
90,521 213,051
2,200 58,381 64,137
25,04(
31,902
56,948
1,744
13,626 471,931 169,672 1,109,17( 1,750,780
175,16( 372,824
---- 197,669
199,201 249,974
50,762
162,097 115,441 220,791 498,330
5,021
13,73e
18,757
8, 92 228,859 82,421 290,911. 602,195
0
1,027 166,770
11,657 178,427
100 18,912 6,i20 95,797 120,929
22,064
84,861
675 62,797
6,615
6,615
445
210,071 210,071
.145,861 145,861
59,843
59,843
4,868
4,868

GerOther CoastGreat
May 31 at
- Britain. France many. Foreign wise.
New Orleans.. _
Galveston _ _
Savannah
Charleston_ _ _ _
Mobile
Norfolk
New York_ _ _ _
Other ports_ _ _

Total 1910-11_ 33,513 9,414 28,538 71,4653,250,899 895,082 3,074,1167,220,01)7

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.

8,763
6,200

Total.

Leasing
Stock.

8,083
1,857

22,369
820 12,402
3,500
2,300
1,012
1,162
16,500 17,750
1,200
2,200
100
1,800

33,118
80,765
46,017
15,090
2,372
17,028
155,984
32,987

152 15,896 11,240 18,332 63,483
6,001 14,531 13,270 8,065 48,580
931 13,648 16,326 9,990 78,336

383,361
251,263
373,933

52

5,471
3,525
3,500
2,300

-166

-ao

-150
1,250
500
1,000

Total 1912.. _ 17,863
Total 1911
6,713
Total 1010.. _ 37,440

700

Speculation in cotton for future delivery has been on only
a moderate scale and prices in the main have shown a downward drift. This was due in part to improved crop advices.
The National Ginners' Association report, contrary to expectations, gave the condition as relatively high. That is to
say, it put it at 79.4%, against 85.6% last year, whereas
there has been a very general expectation that it would give
the condition at 70% or even lower. The announcement of
this report of last Monday caused a sudden slump in prices.
The South, Waldorf interests, Wall Street houses and big
spot concerns were good sellers and as usual on such occasions
room operators sold on a considerable scale. Some experienced members of the trade think that prices are altogether too high; that the consumption is being overestimated
and too little account is being made of the fact that Europe
is holding stocks of cotton very much larger than those of a
year ago. While it is true that in the Mississippi Valley
the overflows may cause some curtailment of the acreage
and some delay in planting, it is no less true that planting
can be done as late as June 10 and it is not altogether clear
that the planted area will be very seriously reduced. The
dry goods trade has not been in an altogether satisfactory
condition, owing to the prolonged spell of very unseasonable
weather. Sales of cotton goods to the Far East have for
some time past been slow and of late cotton yarns have declined. Lancashire visitors here report that trade on the
other side is not up to expectations at the present level of
prices. Althou'gh at one time there was a complaint of
hot, dry weather in this country, within a day or two conditions have been somewhat better, with some rains on both
sides of the Mississippi and lower temperatures. On the
other hand, however, powerful interests are still arrayed on
the bull side of the market. Some think that the National
Ginners' Association's condition figures of 79.4 were too
high. The same report, by the way, states the acreage at
some 7% less than that of last year. Believers in higher
prices look for a bullish report by the Government on June 4
embracing data brought down to May 25. They insist, too.
that the consumption of American cotton this season will
foot up some 14,500,000 bales and that the acreage will show
a decrease of 5 to 10% and the use of fertilizers a reduction
of 10 to 15%. Published reports of late show that in the
Carolinas the season is 10 to 15 days late; that in Mississippi
and Louisiana the conditions are low, planting not entirely
finished and considerable cotton not yet up. It also seems
that boll-weevil has appeared in Mississippi; that cotton is
small in that State and also in Tennessee and Arkansas
and stands,below the average. Early in the week the temperature at Abilene, Texas, was as high as 102. Hot winds
of 24 miles velocity are said to have done more or less harm.
Liverpool has been buying to some extent in undoing
straddles and certain large spot interests have become buyers.
But one of the most interesting features of the buying has
been the steady purchases by domestic spinners, which has
attracted a good deal of attention and aroused much comment as one of the most encouraging features of the situation. Print cloths started the week with an advance of
1-16c. With more seasonable weather,such as we have had
during the past week, it is believed that trading in the
manufactured product will soon show noteworthy improvement. To-day prices were slightly lower. A commission
house stated the condition of the crop at 78.5%. Spot
cotton quiet at 11.50c. for middling uplands, a decline for
the week of 10 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
May 25 to May 31Middling uplands

Sat.
11.60

Mon. Tues.
11.40 11.50

Wed. Thurs. Fri.
11.50
H.
11.50

NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
May 31 for each of the past 32 years have been as follows:
11.50
15.85
14.50
11.40
11.40
12.90
11.45
8.85

1912_0
1911
1910
1909
1908
1907
1906
1905

1904 _c
1903
1902
1901
1900
1899
1898
1897

12.75
11.70
9.50
8.25
9.00
6.25
6.56
7.62

1896_c
1895
1894
1893
1892
1891
1890
1889

8.00 1888_c
7.31 1887
7.25 1886
7.62 1885
7.44 1884
8.88 1883
12.621 1882

10.00
10.94
1.44
9.19
11.62
10.75
12.06
10.88

MARKET AND SALES AT NEW YORK.
Spot Market
Closed.

22,874 9.183 22,772 548294,138,660 1147880 1,806,53010093,079




1513

THE CHRONICLE

JUNE 1 1912.]

Saturday__ _
Monday_
Tuesday _ _ _
Wednesday_
Thursday _ _
Friday
Total_

Quiet
Quiet, 20 pts. dec.. _
Quiet, 10 pts. adv_ _
Quiet
___ HOLIDAY
Quiet

Futures
Market
Closed.
Steady
Steady
Steady
Steady
Quiet_ __ _ .

SALES.
Spot. Contr'et Total.

155

3:566

155
3,300

100

3,200

3,300

255

6,500

6,755

151-1

THE CHRONICLE

[VoL. Lxxxxiv.

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THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
May 31Stock at Liverpool
Stock at London
Stock at Manchester

1912.
bales.1,260,000
6,000
127,000

1911.
789,000
6,000
78,000

1909.
1910.
582,000 1,154,000
5,000
4,000
82,000
53,000

1,399,000
8,000
541a,000
294,000
3,000
21,000
34,000
13,000

873,000
9,000
161,000
221,000
2,000
20,000
27,000
11,000

639,000 1,241,000
10,000
11,000
415,000
215,000
303,000
231,000
4,000
3,000
38,000
11,000
41,000
16,000
6,000
8,000

922,000

451,000

495,000

Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks

817,000

Total European stocks
2,321,000 1,324,000 1,134,000 2,058,000
India cotton afloat for Europe__ _ 109,000
223,000
94,000
172,000
259,236
Amer. cotton afloat for Europe
211,246
204,480
167,082
31,000
Egypt,Brazil,&c.,afit.for Europe..
33,000
39,000
10,000
Stock in Alexandria, Egypt
126,000
156,000
139,000
93,000
Stock in Bombay, India
602,000
434,000
668,000
733,000
Stock in U. S. ports
299,843
452,269
507,820
446,844
Stock -in U. S. interior towns_
188,390
284,001
203,3'71
233,699
U. S. exports to-day
15,305
797
7,599
12,583
Total visible supply
• 4,150,044 3,016,018 2,995,847 3,811,656
Of the above, totals of American and other descriptions are as follows:
American
684,000 495,000 1,047,000
Liverpool stock
bales.1,155,000
43,000
Manchester stock
83,000
68,000
102,600
440,000
Continental stock
890,000 408,000
766,000
American afloat for Europe
167,082
211,248
204,480
259,236
U. S. port stocks
446,844
507,820
299,843
452,269
U. S. interior stocks
203,371
233,699
264,001
188,390
U. S. exports to-day
12,583
15,305
797
7,599
Total American
East Indian, Brazil, dEc.LI.verpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American

3,021,044 1,841,018 1,840,847 2,919,656
111,000
6,000
25,000
32,000
109,000
39,000
139,000
668,000

125,000
6,000
15,000
45,000
223,000
33,000
126,000
602,000

87,000
4,000
10,000
46,000
172,000
10,000
93,000
733,000

107,000
5,000
14,000
51,000
94,000
31,000
156,000
434,000

1,129,000 1,175,000 1,155,000
892,000
3,021,044 1,841,018 1,840,847 2,919,656

Total visible supply
4,150,044 3,016,018 2,995,847 3,811,856
Middling Upland, Liverpool
6.36d.
8.33d.
7.94d.
5.83d.
Middling Upland, New York_ _ _ _
15.75c.
14.50c,
11.50c.
11.50c.
Egypt, Good Brown, Liverpool_ _10 5-16d.
11 %d. 15 1-160.
90.
Peruvian, Rough Good, Liverpool
11.25d.
9.40d.
11.000.
7.75d
Broach, Fine, Liverpool
7 Ud.
734d.
6 Md.
5340.
Tinnevelly, Good, Liverpool_ _ _ _ 6 1-16d.
7%d.
7d. 5 7-16d.

Continental imports for the past week have been 85,000
bales.
• The above figures for 1912 show a decrease from last week
of 159,407 bales,a gain of 1,134,026 bales over 1911,an excess of 1,154,197 bales over 1910 and a gain of 338,388 bales
-over 1909.




i

Receipts.

Week. I Season.

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Movement to May 31 1912.

Tuesday,
May 28.
-

1 Wednesday,
! May 29.

11

Friday,
May 31.

Movement to June 2 1911.

FUTURES.
-The highest, lowest and closing prices at
AT THE INTERIOR TOWNS the movement
-that is,
New York the past week have been as follows:
the receipts and shipments for the week and since Sept. 1,
and stocks to-night, and same items for the corresponding
00
8.1 11 1-1 I :1 •
I e° 1 I 2.1 I I
periods for previous year-is set out in detail below.
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The above totals show that the interior stocks have decreased during the week 16,696 bales,and are to-night 14,981
bales more than at the same time last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.
-We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Sept. 1 in the last two years are as follows
-1911-12Since
Week. Sept. 1.
7,202
622,031
1,616
63,419
8,408
2,6
-162,844
2,103
120,628
1,214
187,828
2,462
440,160

-1910-11Since
Week. Sept. 1.
3,929
499,258
204,124
1,553
25,957
_
12
-.
:4
,0 128,214
77,516
598
172,416
2,510
165,947
2,071

Total gross overland
17,157 1,605,316
Deduct Shipments
Overland to N. Y., Boston, &c_ _ _ 1,429
190,598
Between interior towns
99,884
1,326
Inland, &c., from South
69,152
. 2,653
Total to be deducted
359,634
5,408

11,901 1,273,432

Leaving total net overland*
11,749 1,245,682
" Including movement by rail to Canada.

8,567 1,005 ,201

May31ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c

2,581
124
629

161,501
59,748
46,982

3,334

268,231

The foregoing shows the week's net overland movement
has been 11,749 bales, against 8,567 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 240,481 bales.
-1911 12
Since
/n Sight and Spinners'
Sept. 1.
Takings.
Week.
Receipts at ports to May 31
34,901 11,306,7n
Net overland to May 31
11,749,
r
...
South'n consumption to May 31_ _ 56,000 2,012,000

1910 11
Since
Week.
Sept. 1.
27,726 8,295,579
8,657 1,005,201
49,000 1,858,000

102,650 14,564,462
102,934
0 16,696

85,293 11,158,780
*20 ,430
137,612

Total marketed
Interior stocks in excess

Came into sight during week_ _ _ 85,954
Total in sight May 81
Nortifn spin's takings to May 31_ 35,710
" Decrease during week.

14,6fe7,556
2,240,140

58,863
34,317

11,296,392
2,029,640

Movement into sight in previous years:
Since Sept. 1Bales.
68,911 1909-10-June 3
79,678 1908-00-J11n° 4
-08-June 6
82,704 1907

Week-

1910--June 3
1909
-June 4
1908-June 6

Bales,
9,914,763
12,909,364
10,697,056

QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
-Below as the closing quotations of middling
cotton at Southern and other principal cotton markets: '
Closing Quotations for Middling Cotton onWeek ending
May 31.
Galveston
New Orleans__ _
Mobile
Savannah
_
Charleston _
Wilmington
Norfolk
Baltimore
Philadelphia __ _
Augusta_
Memphis
St. Louis
H-uston
Little Rock_ - -

saraay. Monday. Tuesday. wea'aay. Thursdli Friday.
11 9-16
11 11-16 11 9-16
1134
1134
1134
1134,
113.4
1134

11 9-16
11 9-16
1134
1134

1134

11 9-16
11 9-16
1134
1134

11 9-16
11 9-16
117-18
1134

11 9-16
11 9-16
1134
11;4
1134
1134
113-4
11.75
12
12
11%
11 7-46
1134

1134

11%

ii-,
,
-

iii

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3
11.65
12
12
1134
11 7-16
ill-"

11
11.75
12
12
1134
11 7-16
1 I IX

11 ,i
3
11.75
12
12
1134
11 7-16
11“

- ---

11.85
12
12
1134

11 y,,

11 5
A

12
12
ii 4-16
11

JUNE 1 1912.]

THE CHRONICLE

1515

NEW ORLEANS OPTION MARKET.—The highest,
Huntsville,' Tex.—We have had no rain during the week.
lowest and closing quotations for leading options in the New The thermometer has averaged 78, ranging from 62 to 94:
Orleans cotton market for the past week have been as follows: Month's rainfall 1.88 inches.
Kerrville, Tex.—We have had no rain the past week. The
Sat'day, Monday, Tuesday, Wed!day, Thursd'y, Friday,
thermometer has ranged from 58- to 100, averaging 79. May
May 25. May 27. May 28. May 29. May 30. May 31.
rainfall eighteen hundredths of an inch.
Mau—
Range
— ® • — 11.54-.61 11.54-.62 11.64-.67 11.52 • — 11.59 —
Lampasas, Tex.—There has been no rain the past'week.
Closing
11.64-.65'11.51-.54 11.60-.61 11.64-.66 11.60 — — ® — Average
thermometer 78, highest 100, lowest 56. May rainJune
qp ___ ___ @ ,__ ___ @ ___ ___ q) — fall 0.86 inch.
___ (g, ___ ___ @ ___ __Range.
Closing
11.65-.67 11.52-.54 11.60-.62 11.62-.64 11.61 — 11.58-.60
Luling, Tex.—Rainfall for the week ten hundredths of an July—
Range.
11.63-.73 11.52,67 11.55-.63 33.60-.68 11.59-:66 11.58-.66 inch, on one day. The thermometer has averaged 83,
Closing
11.70-.71 11.53-.54 11.61-.62 11.60-.61 11.63-.65 11.60-.61
ranging from 66 to 100. Month's rainfall 1.24 inches.
August—
— ® — 11.50 — — ® — — ® — — ® — —_
Range
® —
Nacogdoches Tex.—There has been heavy rain on one day 11.39-.41 11.48-.50 11.48-.50 11.52-.53 11.49-.50
Closing
11.58-.60
during the week, the rainfall reaching three inches and sixtySeptember—
— ® -- ®. — 11.37 -- ® -- ® _ __ ® _ eight hundredths.
Range
Thermometer has ranged from 64 to 90,
11.51-.53 11.32-.34 11.40-.42 11.40-.42 11.40-.42 11.35-.37
Closing
averaging 77. Month's rainfall 9.42 inches.
October—
11.38-.49 1122-.41 11.28-.36 11.30-.42 11:33-.38 11.29-.37
Range
Paris, Tex.—There has been no rain the past week. The
11.45-.46 11.26-.27 11.33-.34 11.31-.32 11.35-.36 11.30-.31
,
Closing
November—
— ® _ _ ® _ _ ® _ _ ® _ _ ® _ _ ® — thermometer has averaged 77, the highest being .94 and the
Range
11.45-.47 11.28-.30 11.34-.36 11.32-.34 11.36-.38 11.31-.33 lowest 60. Month's rainfall 1.78 inches.
Closing
December—
San Antonio, Tex.—There has been light rain on one day
11.41-.51 11.35-.43 11.31-.38 11.32-.43 11.35,39 11.30-.38
Range
11.47-.48 11.29-.30 11.35-.36 11.33-.34 11.37-.38 11.32-.33 the past week, the rainfall being one hundredth of an inch.
Closing ,
January—
11,47-.51 11,30,4611.35-.39 11.36,46 11.40-.41 11.36-.38 The thermometer has averaged 85, ranging from 68 to 102.
Range
11.51-.52 11,31,32 11.38-.39 11.36-.37 11.40-.41 11.36-.37 Month's rainfall 0.87 inch.
Closing
.
t
February—
_ ® •._ _ ®•-___. _ ® _ ..,... (3, ,_ ___. ® • _ _ ® —
Weatherford, Tex.—We have ,had no rain the past week.
Range
11.52-.54 11.33-.35 11.40-.42 11.38-.40 11.42-.44 11.38-.40 Average thermometer 79, highest 96,
Closing
lowest 62. Month's
,
March-,
11.58.-- ® -- ® -- ®• —_ @.-- ® — rainfall 2.10 inches.
Rango
11.58-.59 11.38-.40 11.44-.46 11.42-.44 11.46..48 11.44-.45
Closing
Marlow, Okla.—We have had no rain during the week.
Tone—
The thermometer has ranged from 59 to 98, averaging 79.
Steady. Steady. Steady.
Dull.
Steady. Steady.
Spot
Steady. Steady. Steady. Steady. Steady. Steady.
Tulsa, Okla.—There has been rain on one day the past
Options
week, the rainfall being thirty
OUR COTTON ACREAGE REPORT.—Our cotton acre- age thermometer 75, highest hundredths of an inch. Aver92 and lowest 58.
age report will probably be ready about June 19. Parties
Alexandria, La.—There has been no
desiring the circular in quantities with their business cards The thermometer has averaged 81, therain during the week.
highest being 97 and
printed thereon should send in their orders as soon as possible the lowest 65.
to ensure early delivery.
New Orleans, La.—We have had rain on one day during
COTTON CONSUMPTION AND OVERLAND MOVE- the week, the rainfall being one inch and thirty hundredths.
MENT TO JUNE 1.—Below we present a synopsis of the The thermometer has averaged 81, ranging from 72 to 90.
Shreveport, La.—We have had rain on one day during the
crop movement for the month of May and the nine months
ended May 31 for three years:
week, the precipitation reaching thirty hundredths of an inch.
The thermometer has ranged from 68 to 94,-averaging 81.
1911-12. 1910-11. 1909-10.
Helena, Ark.—Farm work going on right back of the levee,
Gross overland for May
99,856
56,388
75,496 but outside not planted yet. The river is falling rapidly.
Gross overland for 9 months
1,605,316 1,269,770 1,017,906 The week's rainfall has been fifty hundredths of an inch on
Net overland for May
65,638
40,047
31,735
Net overland for 9 months
1,245,082 1,002,077
796,237 two days. The thermometer has averaged 76.4, the highest
Port receipts in May
203,495
246,501
248,241 being 91 and the lowest 62.
Port receipts In 9 months
11,306,780 8,284,250 6,978,620
Little Rock, Ark.—We have had rain on one day during the
Exports in May
365,534
297,114
283,465
Exports in 9,months
10,093,079 7,185,549 5,580,716 week, the rainfall being twenty-four hundredths of an inch.
on May 31
Port stocks
446,844
334,215
462,617
Northern spinners' takings to June 1_ _ 2,240,140 2,018,589 2,002,085 Thermometer has averaged 77, ranging from 64 to 90.
2,012,000 1,844,000 1,948,000
Southern consumption to June 1
Columbus, Miss.—We have had rain on one day during the
Canada for 9 months (inOverland to
135,417
127,926
cluded in net overland)
101,483 week, the rainfall being six hundredths of an inch. The
7,777
Burnt North and South in 9 months
22
1,915 thermometer has ranged from 65 to 95, averaging 80.
15,200
20,000
Stock at North. Interior markets June 1....
13,387
Meridian, Miss.—We have had rain on one day of the past
425,067
343,548
Came in sight during May
340,976
14,667,396 11,282,177 9,877,857 week, the rainfall being fifty-two hundredths of an inch.
Amount of crop in sight June 1
Came In sight balance of season
850,155
773,104 Average thermometer 79, highest 94 and lowest 64.
Total crop
12,132,332 10,650,961
Vicksburg, Miss.—There has been rain on one day during
513.84
Average gross weight of bales
510.48 •
506.20
, 489.84
Average net weight of bales
486.48
482.20 the week, the precipitation being thirty hundredths of an
inch. The thermometer has averaged 83, the highest being
—Mr. M. C. D.'Borden, very prominent as a commission 88 and the lowest 68.
Memphis, Tenn.—Planting completed on hills. The river
merchant in this city and a cotton manufacturer at Fall
River, died on Monday last at his summer residence, Oceanic, is falling fast and planting on overflowed lands being rushed.
N. J.; in his 70th year. Reference to some of the phases of It has been dry all the week. The thermometer has ranged
from 61 to 89, averaging 76.
his business career will be found in our editorial columns.
Nashville, Tenn.—Rain has fallen on one day of the week,
NEW YORK COTTON EXCHANGE.—Nominations.— the rainfall being one inch and twenty-four hundredths.
The Nominating Committee of the New York Cotton Ex- Average thermometer 72, highest 90, lowest 54.
change report the following,ticket for officers and board of
Mobile, Ala.—Crops are growing finely. Good stands
managers for the year 1912-13.
have been secured in the greater portions of lowlands planted.
President, George W. Neville; Vice-President, Edward IC. Cone; Treasurer, James F. Maury: Managers, Leopold, S. Bache, J. Temple Gwathmey, We have had rain on two days during the week, the rainfall
Adolf G. Hagedorn, W.. Hustace Hubbard, Charles A. Kittle, Robert B. being thirteen hundredths of an inch. The thermometer has
L. Lewis, Luttpold Mandelbaum, Elwood P, McEnany, Gardiner H, Miller, averaged 80, the highest being 92 and the lowest 70.
Nathaniel II. Morison, Clayton E. Rich Jr. Henry H. Royce, George M
'
Montgomery, Ala.—Weather favorable. Plant is small
Shutt, Edward P. Walker, Adolph L. Wolff; Trustee of the Gratuity Fund
(to serve 3 years), Paul Schwarz; Inspectors of Election, William A. Boger, but healthy. .There has been rain on three days the past
Charles H. Cothran, Frank A. Kimball.
week; the rainfall being eleven hundredths of an inch. The
WEATHER REPORTS BY TELEGRAPH.—Telegraphic thermometer has ranged from 68 to 94, averaging 81.'
evening from the South indicate that the
reports ,to us this
Selma, Ala.—:Week's rainfall eight hundredths of an inch,
weather during the week has continued favorable as a rule on two days. Average thermometer 79, highest 93, lowest
developing well in the main. Planting in the 65.
and the crop is
overflowed territory is carried on as fast as the water recedes.
Gainesville, Fla.—There has been rain on one day during
Galveston, Tex.—Scattered rains fell in Texas during the the week, the precipitation being seventeen hundredths of an
report favorable weather for cotton. We inch. The thermometer has averaged 82, the highest being
week. All sections
have had rai , on one day of the past week, the rainfall being 97 and the lowest 68.
thirty hundredths of an inch. Average thermometer 78,
Madison, Fla.—It has been dry all the week. The therhighest 88 and lowest 68. May rainfall 4.48 inches.
mometer has ranged from 70 to 100, averaging 85.
Abilene, Tex.—There • has been no rain during the week.
Tallahassee, Fla.—We have had a rainfall of twenty-eight
The thermometer has averaged 74, the highest being 90 and hundredths of an inch during the week, on one day. Average
the lowest 58. Month's rainfall 1.82 inches.
thermometer 81, highest 94, lowest 69.
Brenham, Tex.—We have had rain on one day during the
Augusta, Ga.—There has been rain on two days of the past
week, the rainfall being -sixty-eight hundredths of an inch. week, the rainfall being nineteen hundredths of an inch. The
Thermometer has averaged 79, ranging from 66 to 92. thermometer has averaged 81, highest being 96 and lowest 67.
Month's rainfall 2.68 inches.
Savannah, Ga.—There has been rain on three days the
Cuero, Tex.—There has been no rainS during the week. past week, the rainfall being one inch and seventy-four hunThe thermometer has ranged from 60 to 98, averaging 79.. dredths. The thermometer has ranged from 68 to 96, averMonth's rainfall 1.46 inches.
aging 80.
Dallas, Tex.—Dry all the week., Average thermometer 78,
Washington, Ga.—Dry all the week. The thermometer has
highest 96, lowest 60. Month's rainfall 0i74 inch.
averaged 80, the highest being 96 and the lowest 64.
Henrietta, Tex.—It has been dry all the week. The therCharleston, S. C1 —We have had rain on three days during
mometer has averaged 80, the highest being 100 and the the week, the rainfall being two inches and one hundredth.
lowest 601 May rainfall 1.06 inches.
The thermometer has ranged from 69 to 95, averaging 82.




have had rain on two days during
nineteen
the week, the precipitation being four inches and
hundredths. The thermometer has averaged 77, the highest
being 94 and the lowest 60.
-We have had rain on three days the
Spartanburg, S. C.
inch.
past week; the rainfall being nineteen hundredths of an
The thermometer has ranged from 61 to 95, averaging 78.
-We have had rain on two days of the
Charlotte, N. C.
of
week, the precipitation reaching twenty-one hundredths
an inch. The thermometer has averaged 76, the highest
being 91 and the lowest 62.
-We have had no rain during the past
Greensboro, N. C.
week. The thermometer has averaged 72, the highest being
88 and the lowest 57.
-It has rained on one day of the week, the
Raleigh, N. C.
rainfall reaching two hundredths of an inch. The thermometer has averaged 75, the highest being 90 and the lowest
60.

-We
Greenville, S. C.

WORLD'S SUPPLY AND TAKINGS OF COTTON.
1910-11.

1911-12.

Cotton Takings.
Week and Season.

Week.

Week.

Season.

Season.

3,156,265
4,309,451
Visible supply May 24
1,495,514
1,603,418
Visible supply Sept. 1
58,863 11,296,392
85,954 14,667,396
American Insight to May 31_ _ _ _
56,000 2,197,000
30,000 2,104,000
_
Bombay receipts to May
340,200
9,000
183,000
21,000
Other India ship'ts to May 30.._
2,000 1,004,000
964,000
2,000
Alexandria receipts to May 29_ _
6,000
262,000
209,000
5,000
Other supply to May 290
4,463,405 19,730,814 3,288,128 16,595,106

Total supply
Deduct
Visible supply May 31

4,150,044 4,150,044 3,016,018 3,016,018

313,361 15,580,770 272,110 13,579,088
Total takings to May 31
216,361 12,498,770 194,110 10,248,888
Of which American
78,000 3,330,200
97,000 _3,082,000
Of which other
--Embraces receats in Europe from Brazil, Smyrna, West Indies, &o
.---•
INDIA COTTON MOVEMENT FROM ALL PORTS.
1911-12.
May 30.
Receipts at

1910-11.

Since
Since
Week. Sept. I. Week. Sept. 1.

Since
Week. Sept. I.

5,000 25,00
53,00
39,00

Japan
Continent. & China. Total.

9,000 282,000 732,000 1,023,000
475,000 1,330,000
53,000 802,0
782,0 1,747,000
90,000 875.00

2,000

2,000 10,000
6,00
3,00
1,000 7,00

2,0
2,000

7,000 19,00
9,000
8,00

2,000
3,000
3.000

16,00
31,00
37,00

11,000
18,00
41,00

29,000
52,000
81,000

2,00
8,000
4,00

2,000

54,329
Total
-By cable from Liverpool we have the fah
LIVERPOOL.
port:
lowing statement of the week's sales, stocks, Sze., at that
May 30.
May 24.
May 17.
May 10.
24,000
39,000
47,000
bales_
55,000
week
Sales of the
400
2,000
1,000
2,000
Of which speculators took._
300
2,000
1,000
1,000
Of which exporters took ___
22,000
35,000
41,000
48,000
Sales, American
13,000
1,000
11,000
19,000
Actual export
47,000
75,000
106,000
106,000
Forwarded
1,266,000 1,266,000
I
9
Total stock-Estimated
1,210,000 1:145:000 1,152,000 1,155,000
Of which American
60,000
72,000
27,000
84,000
Total imports of the week_ __ _
51,000
59,000
11,000
71,000
Of which American
99 000
128,000
173,000
171,000
Amount afloat
th,00
99,000
135,000
126,000
Of which American
futures ,
The tone of the Liverpool market for spots and
of
each day of the past week and the daily closing prices
spot cotton have been as follows:
Spot.

Great
Great Conti- Japan
ritain. nent. &China Total. Britain.
20,00
48,00
39,00

Total bales.
-May 24-Cevic, 1,080 upland, 1,013
-To Liverpool
NEW YORK
2,639
Peruvian__ _May 29-Adriatic, 521 upland, 25 faelgn
190
-May 24-Francisco, 100
To Hull
-May 25-Rochambeau, 59 foreign __May 28
To Havre
1,156
Mineola, 1,055 upland, 42 Sea Island
550
To Dunkirk-May 28-Mineola, 550
550
To Bremen-May 24-Berlin, 550
100
24-Kroonland, 100
To Antwerp-May
To Genoa
-May 24-Friedrich, 1,357__ _May 28-Moltke, 340_ 1,697
-San Georgio,500 800
To Naples
-May 24-Friedrich, 300 _ _ May 27
500
To Venice
-May 24-Martha Washington, 500
7,023 ,
GALVESTON-To Bremen-May 29-Breslau, 7,023
1,685'
To Hamburg
-May 24-Hammershuus, 1,685
100
-May 28-Noruega, 100
To Christiania
3,618
-May 27-Colonlan, 3,618
-To Havre
NEW ORLEANS
1,518
27-Colonlan, 1,518
To Dunkirk-May
41
-Georgia, 41
To Marseilles
-May 25
844
-Steiermark, 798; Dortmund,46
-May 25
To Hamburg
108
27-Inkula, 108
To Rotterdam-May
2,459
-Georgia, 2,459
To Barcelona-May 25
2,250 •
-Georgia, 2,250
To Venice
-May 25
1,916
1,916
-Georgia,
To Trieste
-May 25
150
-Georgia, 150
-May 25
To Flume
5,208
-May 24-Alexandrian, 5,208
MOBILE-To Liverpool
1,744
, 1,744
GULFPORT-To Bremen-May 28-Friederike
2,200
-Crown of Galicia, 2,200
-May 25
PENSACOLA-To Havre
-May 25-Kilsyth, 2,080_ _..May 29SAVANNAH-To Liverpool
5,107
Fridland, 3,027
8,291
-Reliance, 8,291
-May 25
To Manchester
53
-Sierra Blanca, 53
25
-May
To Hamburg
175
-May 29-Fridiand, 175
To Bombay
-May 23-Michigan, 439......May 24
BOSTON-To Liverpool
1,027
-Laconia, 288
Canadian, 300_ May 27
100
-Georgian, 100
-May 23
-To Havre
BALTIMORE
502
-May 24-Dominion, 502
PHILADELPHIA-To Liverpool
173
-May 23-Menominee, 173
To Antwerp
445
SAN FRANCISCO-To Japan-May 25-Slberia, 445

Since September 1.

For the Week.

Bombay
1911-12•
1910-11._
1909-10
Calcutta
1911-12
1910-11
1909-10
Madras
1911-12
1910-11
1909-10
All othe
1911-12_
1910=11_ _
1909-10..

1909-10.

.40,000 2,104.000 56,000 2,197,000 47,000 2.975,000

Bombay

Erports.
from

[VOL. Lxxxxiv.

THE CHRONICLE

1516

3,
18,00
11,

1,0
20
1,00

6,000
26,200
16,000

7,000 112,000
35.000 215,00
24,000 251,000

29,00 148,000
12,000 262,000
278,000
3,0

Saturday.

Monday.

Fair
business
doing.

Market, 1
12:15 }
P. M. 1

Fair
business
doing.
6.37

6.32

Mid. Upnis
Sales
SpecAtexp.

Tuesday. Wednesday. Thursday.

HOLIDAY.

HOLIDAY.

8,000
500

Moderate
demand.
6.36

• I7
8,000
.
500AY.

Futures.
Market 1
I
opened

Quiet at
8 points
decline,

Steady at
3 points
advance.

Market, 1
4
t
P m

Steady at
83443934

Steady at
2340434

tit-, den.

'Friday.

ntA

gado

SI.:±-af at
103 pts.
decline.
Steady
unch. to
II nt •1

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary

Total all
20,00 413,000 773,0001,206,000 • clause, unless otherwise stated.
1911-12_ _ 2,000 30,000 14,000 46,0
09,000 1,0011,000 505,2001,670,200
62,00
8,000 54,000
1910-11.
The prices are given in pence and 100t/is. Thus, 6 12 means 6 12-100d.
121,000 1,174,000 827.0002,122.000
49.00
1909-10_ 1.000 48,000'
Fri.
Thurs.
I Wed.
Tues.
Mon.
.• Estimated.
Sat.
May 25
to
ALEXANDRIA RECEIPTS AND SHIPMENTS.
4 1234 4 1234 4 121 4
123(
May 31. 123411254 121 4
p.m. P.m.P.m P.M
P.m. P.m.P.m P.m. Pm. P.m.P.m. P.m
1909-10.
1910-11.
1911-12.
Alexandria, Egypt,
13 17 1534 ____ ____
6 12%
May ____
May 29.
6 12% 13 16% 15% 15 16
May-June
6 12% 13 16 153415 1534
June-July
Receipts (cantars)6 15 15% 19 % 18 17% 18
5,500
17,000
July-Aug_
Thls week
8 15% 16 20 18 % 18 1834
4,892,983
7,529,664
Aug.
-Sep..
Since Sept. 1
6 0934 09% 16% 1534_..,.. 16
Sep.
-Oct _
HOLTHOLI- 6 0834 0834 14 % 1334 13 14
-Nov_ HOLIOct.
DAY.
This Since
This Since
This Since
DAY. 6 08 08 1334 1334 11 % 13
Nov.-Dec. DAY.
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1. Dec.
6 08 08 13 12 1134 1234
Exports (bales)
-Jan..
11
1234
6 08% 08 % 13 12
-Feb_
Jan.
__..1334
900 187,341 2,750 204.455 1,500 145,231 Feb.-Mch.
6 09% 09% 13% 13
To Liverpool
116,626 Mch.-Apr.
205,610
5,500 216,471
1334 14 %
6 10 1034 1434 14
To Manchester
____ 15
5,000 335,974 1,855 370,142 2,500 276,037 Apr.
6 11
1134 15% 15
To Continent and India
-May.
50 58,654 May-June
____ 16
____ 18!.1 16
2,500 103,238 1,000 113,750
To America
13,900 843,024 11,250 893,957 4,050 596,548
Total exports
A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
Friday Night, May 31 1912.
-Our report received by cable
MANCHESTER MARKET.
Flour has been in moderate demand and generally about
from Manchester states that the market continues
to-night
for
steady. It is a fact, however, that buyers still adhere
quiet for yarns and steady for shirtings. Demand for both
most part to the policy of purchasing only from hand to
yarn and cloth is poor. We give the prices for to-day below the
mouth. This necessarily keeps business in a rut and the
and leave those for previous weeks of this and last year for
market during the past week, as in so many previous weeks,
comparison.
has been devoid of features of striking interest. The policy
their
of buyers seems to be to continue to purchase only as
1912.
immediate wants dictate until they can get a clearer idea of
sy,i lbs. Shirt- Cot'n the future course of the wheat market, a market which is a
831 lbs. Shirt- Col'n
tags, common Mid.
323 Cop
Inas, common Mid.
32s Cop
part by
to finest.
Upl's prey just now to speculation influenced for the most
Upl's
Twist.
to finest.
Twist.
conflicting reports in regard to the condition of the winter
d. d.
d. s. d.
s.
s. d. d. d.
d.
dad.
wheat crop and the prospects for the spring-wheat yield.
Apr.
winds
7.96
5 11011 0
Wheat advanced, owing partly to reports of hot, dry
O 10% 6 1 011 4% 6.44
12 9%
6 0011 I% 8.10
6.62
Minneapolis pries
19 9%, O 10% 6 1%011 5
6 1011 3
8.27 in Kansas and Nebraska. Duluth and
6.56
26 9% • 10% 6 1%011 5
has inhave advanced sharply. The cash trade in Chicago
May
decreas6 1%011 4
8.23
10% 6 1 011 3
6.37
3 9;•6
creased. The Minneapolis stock has been steadily
8.42
6.53
6 1%011 4
10 p% 0 10% 6 1%011 3
been re6 1%011 3
8.47
6 1%011 4% 8.40 ing. The receipts have been light. There have
17 9 11-16
6.36
6 1348311.434 8.28 ports of too much rain in the Northwest, particularly in the
24 9%, 0 1034 6 1%011 3
6.36
6 1%011 3
0 1%011 4% 8.33
The
31
Red River Valley. The soil there is said to be heavy.
s there
on a previous page, the Southwest has had too little rain and the temperature
-As shown
SHIPPING NEWS.
also. The contract stock
exports of cotton from the United States the past week have have been high, with high winds
winter it was
The shipments in detail, as made at Chicago is decreasing. At one time last
reached 54,829 bales.
nearly double what it was at the corresponding period in
up from mail and telegraphic returns, are as follows:

)
7,21?:221

BREADSTUFFS.

1034
934 @ 1034




JUNE 1 1912]

THE CHRONICLE

1911, but now, after a decrease within a week of 682,000 bushels, it is 7,257,000 bushels, against 6,859,000 last year, so
that there is a difference of only about 400,000 bushels.
This stock is under strong control. There are powerful interests, too, at Minneapolis, which are working on the bull
side of wheat, believing that the crop is going to be deficient.
The reason given by one operator for selling out his long holdings a few weeks ago was that the crop is going to be as large
as that of last year. Bulls maintain that it ought to be very
much larger than last year; otherwise they argue that prices
are bound to advance materially. They call attention to
the small receipts at Minneapolis and Duluth, and they likewise lay stress on the heavy rains of late in the Northwest.
They also insist that, whereas recently it looked as though
Kansas and Nebraska would have the largest crops on record,
there is now danger that the crops in those States may turn
out to be very much smaller than has been expected. In
this situation speculation for a rise has been more active.
On the other hand, the Government reports of the weather
have not been of so lurid a character as those that have been
circulated in some of the private dispatches. Over nearly
all the districts to the eastward of the Rocky Mountains
the weather recently has been the most favorable of the
season. The Government report adds that sunshine and
warmth prevailed, and the general absence of rain permitted
the drying of the soil sufficiently for the much-needed culti-growing States west of the
vation. In the winter-wheat
Mississippi warm and dry weather prevailed and much progress was made, the report states, in plant growth and farm
work. In the winter-wheat States east of the Mississippi
general warmth, abundant sunshine and absence of rain
were beneficial to all agricultural interests. Also, it states
that in the spring-wheat belt good rains occurred. Although
it was cloudy during most of the week, especially in the
w stern portions, the weather was favorable and the soil
.
.
tinues in an excellent condition. The visible supply stales were on the surface rather bearish. The total in
rope and afloat for Europe showed an increase for the
ek of 2,500,000 bushels, against a decrease for the same
me last year of 4,600,000 bushels. The world's stock in its
entirety showed a decrease for the week of 689,000 bushels,
against a decrease of about 9 times greater than that last
year. Still, world's supplies are steadily decreasing. Today prices declined, owing to rather more favorable crop
reports.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sal. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
12331 12431 124'% 123% Holt- 123
May deliv
in.
,
Ivator
12031 121 34 12131 12131 day. nom.
1143
July deli
tor
1147 115% 1163 11531
DAILY k
PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
Holt- 110 %
May delivery in elelait •
11434 11431 11334 113
July delivery in elevator
11031 1103 11131 1103 day. 110
September delivery in elevator..
106
10534 10534 10634 10631

1517

DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Standards
61 % 61% 62% 6234 Holl- 62
No. 2 white
62
62
63
63
day. 6234
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
55
5534 5534 53
Hell- 50 %
July delivery in elevator
51 % 5034 5031 50
day. 49%
September delivery in elevator_ __ _ 4234 4234 4234 42
4134

Closing prices were as follows:
FLOUR.
Winter, low grades_ ___$4 00 ® $4 251 Kansas straights, 8acks_$5 00@$5 50
Winter patents
5 90® 6 10 I Kansas clears, sacks__ 4 25
4 75
Winter straights
5 351 5 601City patents
6 80
7 10
Winter clears
4 75
5 00IRye flour
4 70
5 15
Spring patents
5 50
6 00IGraham flour
4 00@ 4 70
Spring straights
5 00® 5 50IC:drn meal, kiln dried__ 4 25®
Spring clears
4 85® 5 101B uckwheat,cwt
Nominal
GRAIN
Wheat, per bushel
-L o. b. $1 2$ x CoNa 2 bushel
rn,.per
Cents.
N. Spring, No. 1
N. Spring, No. 2
1 20 n
Nominal
Steamer ____eleVato'br
.
Red winter, No. 2
1 23
No. 3
elevator
Nominal
Hard winter, No. 2
1 22 % Rye, per bushel
Oats, per bushel, new
Cents.
No. 2 Western
Nominal
Standards
62
Bat
State e Pennsylvania
iev-cm
Nominal
No. 2 white
62 %
$1 16@$1 28
No. 3
62

The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years has been:
Flour.

!eceipts at;hicago ____
filwaukee_
)uluth
finneapolis_
'oledo
)etrolt
3eveland __
It. Louis__
'emir'
Cansas City

Wheat.

Corn.

Oats.

Barley.

Rye.

bbls.196lbs. bush.60 lbs. bush.56 lbs. bush.32 lbs. bush.48lbs. tru.56 lbs.
957,250 2,174,100
438,000
120,718
165,000
17.000
55,460
174,600
15,400
100,050
79.300
15,400
2,018
2,739
10,970
91,836
2,242
153,330
145,770
770,290
77,010
19,110
30,000
49,100
106,000
7,000
58,361
39,000
3,800
12,000
47,400
806
34,619
1,058
8,998
288,065
3,201
226,185
64,190
234
183,136
37,400
96.800
110,181
16,801
38,000
9,600
119,000
286,800
150.700

Total 1912
252,784 1,899,010 1,923,726 3,124,313
345,107
65,586
ame wk.'11
284,998 3,567,267 4,532,475 4,102,314
570,432
75,050
ame wk.'10
289,511 2,511,545 2,768,739 3,169,044 1,090,827
62,857
ince Aug. 1 1911-12 _ 10,732,329 124,706,438 166,167.811 130,073,608 60,103,52: 448,758
1910-11 __ 13,369,745 193,818,853 239,195,587 162,400,277 60,492,860 4,967,139
1909-10 __ 17,599,046 227.447,966 155.769.797 69.771.179 72.967.945 6.324.608

Total receipts of flour and grain at the seaboard ports for
the week ended May 25 1912 follow:
•
Receipts atNew York
Boston
Portland, Me
Philadelphia
Baltimore
New Orleans
Norfolk
Galveston
Mobile
Montreal

Flour,
Wheal,
bbls.
bush,
163,656 2,354,400
36,035
497,130
176,000
34,932 1,241,597
36,365
644,109
20,790
2,400
4,786
9,000
3,000
47,945 2,203,223

Corn,
bush.
64,125
3.750

Oats,
bush.
318,725
62,820

29,570
106,491
124,900

109,401
126,736
33,000

3,000
15,000
1,500

388,211

Barley,
bush.
53,107

Rye,
bush.
1,100
1,845

22,930

Indian corn has shown a tendency to cut loose from wheat Total week 1912._ 347,009 7,127,859 348.336 1,038,893 76,037 2,945
and decline, owing to the growing impression that the Since Jan. 11912_6,996,090 39,068,963 22,237,936 15,488,286 3023,052 260,682
Week 1911
328,476 1,898,161
986,551 1,381,672 51,328
3,900
weather and crop conditions had been favorable, and that SinceJan.1 1911_7,530,402 25,139,492 39,979,215 19,527,622 2314,082 280,643
under ordinary conditions the next crop will be large and. * Receipts do not include grain passing through New Orleans for foreign ports
prices decline. The present price is regarded as very high, on through bills of lading.
and many believe that the highest values of the year have
The exports from the several seaboard ports for the week
already been seen. There have been good rains over Iowa, ending May 25 are shown in the annexed statement:
Wheat,
Illinois and Missouri. The Ohio State crop report was favCorn, Flour,
Oats,
Rye, Peas, Barley,
Exports
bush.
bush.
bbls.
bush.
bush,
bush.
bush.
orable. Cash prices in a single day dropped 1 to 3 cents. New Yorkfrom- 1,658,945
3,874 78,648
12,960
23,848
586 ,
The Chicago contract stock increased for the week 306,000 Portland, Me__ _ _ 176,000
6,203
526,341
Boston
bushels, and is now 1,370,000 bushels, against 775,000 for Philadelphia
736,000
1,000 4,000
last year. The May option has been irregular and, of course, Baltimore
61,854
1,500 9,249
200
24,000 16,414
500
100
went out to-day. Exports have been liberal. Crop reports New Orleans.,_
333
4,000
Galveston
from Kansas have been unfavorable, and the May .shorts Mobile
15,000 3,000
1,985,000
54,000 366,000
have found it at times difficult to cover, owing to the small- Montreal
ness of the offerings. On Wednesday there was a sharp deTotal week_ ___5,142,482
45,374 179,800 379,660
23,848
686
/
2,109,500 673,072 127,238 365,217
900
mand for May and the price was bid up to 813 0.,in Chicago, Week 1911
an advance over the previous day of 1 Y after which there
tc.,
The destination of these exports for the week and since
was a reaction, owing to selling by big interests, the price July 1 1911 is as below:
Wheat
-Corn
dropping back to 803/2. There was said to be a large open
Since
Since
Si
interest at Chicago, where elevator companies were delivering
Week
July 1
Week
July 1
Week
July 1
No. 3 corn at a penalty of 5 cents a bushel, showing some Exportsfor week and May25. 1911. May 25.
1911. May 25.
1911,
Since July 1 tobbls.
bbls.
bush.
bush.
bush.
bush.
loss. Big interests there were selling both May and the dis- United Kingdom- 83,194 4,269,454 2,415,713 50,566,784
13,041,771
tant futures. To-day prices declined, owing to favorable Continent
38,487 1,697,376 2,723,436 35.007,190
1,510 16,545,249
So. Sr Cent. America 22,678 1,064,492
3,000
1,900 1,064,040
820,747
crop accounts. Planting is progressing satisfactorily.
West Indies
21,832 1,176,713
333
41,964
19,094

DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
nom. nom. nom. nom. Holi- nom.
Cash corn
nom. nom. nom. nom. day. nom.
May delivery in elevator
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
82% 81 % 8034 8034 Hell- 80
May delivery in elevator
July delivery in elevator
76 34 75 3i 7534 7534 day. 7434
September delivery in elevator_ _ _ _ '73 % 73
73 %, 72%
72%

23,000

1,791,185
16,283
33,418

179,800 8,547,465 5,147,482 86,436,815
127,238 3,212.549 2,109,400 52,427,483

45,374 32,491,950
673.072 46,445,679

265
BrIt.No.Am.Colonies
Other Countires
13,344
Total
Total 1910-11

43,767
295,663

The world's shipments of wheat and corn for the week
ending May 25 1912 and since July 1 1911 and 1910 are shown
in the following:

Oats have, on the whole, sympathized with wheat rather
Wheat.
Corn.
than with corn. Some unfavorable crop reports have been
received from Illinois and Indiana. What is more, they
1910-11.
L'.r.ports.
1911-12,
1911-12.
1910-11.
have been backed up by buying orders from those States.
Since
Since
Week
Since
Week
Since
Some large interests have been covering in May and other
July 1.
July 1.
May 25.
July 1.
May 25.
July 1.
prominent people have been going long of the distant fuBushels.
Bushels. Bushels.
Bushels.
Bushels,
tures. The cash demand at times has been noticeably good North Amer. 7,184,000 162,700,000 117,137,000 Bushels. 29,102,000 41,601,000
72,000 71,888.000 200,512,000 536,000 37,693,000 20,447,000
and on a single day cash prices advanced 1 to 2 cents. Con- Russia
'120,000 70,523,000 84,282,000 672,000 75,125,000 32.329,000
tract stocks at Chit:ago tell off for the week agout 150,000 Danube
Argentina
3,792,000 77,274,000 78,538,000 1,063,000 13,917,000 88,797,000
bushels, and are now 3,200,000 bushels, or 400,000 bushels Australia _ 656,000 50,980,000 52,040,000
1,304,000 40,594,000 42,604,000
less than a year ago. To many,oats look high, especially Indla
408,000 10,305,000 7,408,000
as the hay crop is admittedly good and the price of oats is 0th. countr's--Total - 13536.000 484.264.000 582,521,000 5,271.000 155,837,000 183,174,000
some 20 cents a bushel higher than a year ago. To-day
prices were lower, owing to favorable crop news and a falling
The quantity of wheat and corn afloat for Europe on dates
off in the cash demand.
mentioned was as follows:




Bushels.

Toni.

ContErm!.

Total.

Bushels.

Bushels.

Bushels.

Blshel
s

1912., 31,296,000 28,784;000 60,090,000 7,225,000 12.767,000
1912_ _ 30,280,009 29,184;000 59,464.000 .078,000'0.690,000
1911... 24,885,000 31,744,001) 56,632,000 4,029,000 .4,616,090
1910_ _ 32.720,000 15,120.000 47.84.0.000' 3,640.010 2.075,000

19,992,000
15,768,000
8,545,000
6 615.000

The visible supply of grain, comprising the stocks in
granary at principal .points of accumulation at lake and
seaboard ports May 25 1912, was as follows:
UNITED STATES GRAIN RTOCKS.
In Thousands-

New York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
Toldie
Dettolt •
Chleage
Milwaukee
Dulitth

Amer. BInded Amer. Amer. Bonded Amer. Amer. Bonded
Oats.
Oats.
Rye. Barley.Barley.
Wheat. Wheat. Corn.
bush. bush.
bush.
bush.
bush,
bush. bush.
bush.

104
1
256

1,055
226
937,
850

67
102
7
361
105
-

340
21
138
187

118
19
_ 8i
.
.

In Thousands-

Montreal
Ft. William
Pt. Arthur
Other Canadian

Total May 25 1912 _ _ _16,029
Total May 18 1912_16,117
Total may 27 1911_ _ _ 6,384
Total May 28 1910 _ .... 6,358

In Thousands-

_ _ _-

-

--ai

-55i -"ii

4
19
124
36
33
202
2
____
4
__21
25

- ---

5,797 8,690 2,389
6,528 8,834 2,383
3,902 8,182
5,490 6,905
GRAIN STOCKS.

Bonded
Canadian Bonded . Canadian
Oats. Oats.
Wheat. Wheat: Corn.
bush.
bush.
bush.
bush.
bush.

1,048
5,849
3,196
5,936

1

Corn.
bash.

37
19
- 131

28

306
17
-- - _
---- -- _
31
.. _ _
----

560 • 848
568' 870
34•
991.
518 1,070

172
216

Canadian
Bonded
Rye. Barley. Barley.
bush,
bush.
bush.

258. _ _ _ _
1,612
1,302: _ -- 3,797' - -- 41
71

1 6,069
2 6,408 .
267 6,227
____
83
868.
SUMMARY.

Bonded
Wheat. Wheat.
bush.
bush.

18
1
__

40
.
282
796 -Lii
1,000" -'76
122
56
____
617
300
190
103
____
____
11,105
2,327 4,251
251234
160 ____
'
1-,§la378 1,
612
4,690
- 41
502 ____
Mlarteapo13
11,036
310
425 • 114 ---St:Lodis
102' .. _ _
Kansas City
1,075
427
___ _
1
161
Peoria
36
Indianapolis
176 . 43 •
923 • ___Omaha
510
2,297604'
285 ---_
378
On Lakes_
100
On Canal and River_ _ _
---. 144
Tot:41May 25 1912_ _ _32,226 5,643
TOtat May 18 1912_ _34;568 4,782
Total May 27 191L _ _25,948 -- -____
Total May 28 1910_ _ _29,133
CANADIAN

11
4

....
i

Bonded
Oats.
Oat-;.
bush.
Mali.

53
173

___

Bonded
Rye. Barley. Barley.
bush • bush'.
bush.

American
Canadian

32,226 5,643 5,797 8,590 2,389
_
_16,029
1 6,969
•
Total May 25 1912._ _48,255 5,643 5,798 15,659 2,389
Total May 18 1912_ _50,685 4,782 6,530 15,242 2,331
Total May 27 191L _ _32,332 ____ 4,160' 14.400
_
____ 5.573 7,773
Total May 28 1910.._ _26,491

560
560
558
34
518

848 .
44
892
911
1,044
1,834

172
172
216
----

THE DRY GOODS TRADE.
New York, Friday Night, May 31; 1912.
There has been considerable improvement in the dry goods
trade during the past week owing ,to more seasonable weather
and the resultant increased demand from retail quarters.
The holiday, coining as it did in the middle. of the week,
restricted business considerably, as many buyers and 'sellers
availed of this opportunity to leave town over the week-end.
Mail orders, however, received by jobbing houses were very
satisfactory and showed that out-of-town retailers had
succeeded in moving considerable spring and summer goods
during the .past week or two of warmer weather. The demand for cotton wash fabrics, light-weight hosiery and underwear from retail sources continues fair, with numerous
inquiries for summer silks and linens. Commission houses
also had a better demand from jobbers whose goods are
moving freely as a result of the improvement in retail trade.
Jobbers report that there still remains considerable retail
demand to be covered on summer lines as retailers in eastern
sections of the country are only just beginning to dispose of
the supplies on their shelves. Road salesmen are sending
in a fair amount of orders, chiefly from large. retail houses,
who are commencing to cover fall requirements. In print
cloths the week has been rather quiet, as all offers received
are at quotations a shade lower than mills,are asking and are
being refused. There is, however, no instance of a weakening of prices except possibly on a few odd lots. In cotton
yarns buyers' price ideas are still considerably. below those
of sellers' and only spot and near-by requirements are ,being
put through. Weavers complain that the price of finished
goods is below parity with that of yarns and that the high
price of the latter, together with the increased cost of production through the recent advances in wages, are . eating up
profits. In the export division of the market, business is.
reported as slow with little prospect of any increase in demand
for the time being.
-The exports of cotton
DOMESTIC COTTON GOODS.
goods from this port for the week ending May 25 were 8,168
packages, valued at $465,196.
-----1912
----Since
Week. Jan. 1.

New York to May 25Great Britain
631
Other Europe
15
China
1,989
India14
Arabia
Africa
737
West Indies
1,226
Mexico
31
Central America
1,097
2,076
South America
352
Other countries

Total




2,356
736
41,498
2gAg
9,465
22,755
1.476
16
9,0,
32,863
30,140

8,168.188,247 •

Week.

Since
Jan. 1.

374
459
30,202
15 13,203
8,539
27
3,068
251
928 16,831
974
5
7,751
203
483 26,447
558 16,700
2,526 124,548
39
17

The value of these New.York exports since Jan. 1 has been
$12,467,498 in 1912,-against $9,207,626 in 1911..
Business in domestic cotton markets was fairly active
during the early part of the week, with reports from different
centres received by . commission houses telling of a steady
consumptive demand. During the latter part of the week,
however, the holiday spirit descended on the market and
trading became quiet. The more seasonable weather of late
has greatly helped to stimulate trade, as it has made it
possible to move out summer goods more rapidly. Mills
are very firm in their views, declining offers for spot goods at
concessions. Jobbers are still having more or less difficulty
in receiving prompt shipments of goods due, and those that
have goods to arrive in June are making requests for as
prompt shipment as possible. Among the lines mostly
wanted are tickings, wide sheetings and brown cottons,
although denims are likewise in active request. Small lots
for immediate shipment of heavy colored domestics are
hard to obtain, owing to the fact that many of the mills
have their production already booked for a number of weeks
to come. Reports from the retail trade generally are very
favorable and all indications point to an increasing interest
in summer lines. In the carpet and rug division activity
prevails, and, according to reports, domestics are being
ordered about as fast as retailers can move their stocks.
Print cloths and convertibles have displayed a steadier undertone, although business is quiet with sales confined to small
lots. Manufacturers have been firmer in their views, in
many instances declining bids for large lots at concessions.
Gray goods, 38 inch standard, are quoted 5 to 53c.
WOOLEN GOODS.
-In men's wear and dress goods
markets demand continues to expand and a good business,
particularly for late delivery, is being booked. Broadcloths
are firm and advances have been announced on a number
of lines. Serges continue in active request and mills are
well supplied with business for some time to come.
• FOREIGN DRY GOODS.
-Linen markets are firm, in
sympathy with advices from abroad and a good business is
being transacted at full prices. Improved weather conditions have resulted in a broader inquiry for stock goods and
better orders from retail houses for goods for fall delivery.
Housekeeping goods of all ,descriptions have been in active
request. Burlaps remain about unchanged, continuing
steady and fairly active in both spot and futures, Prices
2
are unchanged, with light-weights quoted at 5.85c and 103/
ounce at 7.00c.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending May 25 1012 and since
Jan. 1 1912, and for the corresponding periods of last year,
were as follows:
CO CI CI NO 01 C'S
CO O'S 0
CO
N0o1.0 nn
CO
ct 0 ic co Lc .0 CO
0, CO
CO

C4

OCO

Tr
00
Tr •
CO

o
•

ci

COCO

1,0,000.1. N0
00..0.1 -00
.
0.12
.
..0 0 02
.4 O Tr. Hi CS.'
'
COO
05 01
CO
.

..cV
W
4

CO

'.
4

41.
,..
tr4

CO

0....00
00.0N

kro
CO
0 .
.r 1 0i... a" CO
;r-

Z

•
zt *
o • t,?,
.
c•
z

ON0.0.

F.
X

pl

CO CO
N CO
.0

,tr9
....

-

Tr
Ca
ci ,-7
CO
r1 CO
1-1

t•-• cn

oo

ciCO
▪ o0
-I. co!
on

CO

00

Tr ro
r- de
co
0
00
CO .0'SoCO
o

•:r

CO

.0...

CO
oe
CO • •
r1

CO
CO
c
;
.
OD
c.3 •

ol

0000. .0
.
CO'SCOOO 'SO'S
CO
.000 CO CI
1.4

CO

CO
CO

‘1,
oo
CS

co
CO
ci

N.000
co CO
ON

CO

Pm

CO

.1
.

CO
4:

CO

CO

ci

• o.,
o

4.,
m
4.1
z
41

co

.N

r ' ';V"•" ci
0 it 0•...I-'.4 I
0 ::: '
- N:: CO
T.c000m
T.4 00n•

CI 00
MN
CO N
CO 0 IM
C. 00
CO CO 0 '".t
COci
;
Ci CO-

ci cs1

ci

.-t• io
•--, .
cn
Z W2

r0

o6

,-, 0 - N - cc
-0 tT o •
Troor.wo

• '•

r4 }•
•••
O

C;C:Ti
NN

CO

• ....

d

a

CO

et
Tr

CD

849c4Vog

..ol
'-.. ct
T.

N
on

.00000LN
.1. et N
r,
-"S0 co

CON

CO
co
co
T.

.0

CON
00

CO

"
4

CO
CO .

06' Co

CO

Tr Tr n el 0
41.
Al:

N0NO.
oinW.C1 CO 0
• du

ci

0.11
ci

CO CO CO 00
.1. CO CO CO Ol
.1. co .2 -tr.
••

co
CO
ut

ci
CO

nTr

,...4,... 01 ,-;

r-

. .
c,.';',..2.?...g.
•..^.04.00o000
41.4 Cr'
O -.
x W t-..

r; oti ic; CO CC
MOmet.
.
0
.0.2 n.

on

CO co .
N 0

v-.06

r:
CO
CO
CO
CO

15

g
0

0

T'autgi

"4

CO

-

g

• Total Imports

Continent.

Bu.shels.

United
Kingdom.

60,635,706

Corn.

Wheat.
United
Kingdom.

May 25
May 18
May 27
May 28

[VoL. Lxxxxxv.

THE CHRONICLE

1518

THE CHRONICLE

JUNE 1 1912.1

STAT1E MO CITY

33tritTri

News Items.
Arkansas.—Governor Declines to Call Extra Session of
Legislature.—The request of a delegation of Eastern Arkansas
citizens that an extra session of the Legislature be called for
the purpose of authorizing the St. Francis Levee District to
issue $1,500,000 bonds to repair levees damaged by the flood
was denied by Governor Donaghey on May 20. The Governor gave the following reasons for his action:
directly
The citizens of the levee district themselves, those who are to be session,
affected by any bond issue, are divided on the question of a special Francis
St.
and I have received many protests from proparty owners in theof the State
Valley. There is no question but a majority of the citizens
is no cersession
at large are opposed to the special togetherbeing called. There
would
in
tainty that the Legislature, if called might be extraordinary session, short
recommended in any
legislation that
Pass the remedial
of bonds in
proposed bill
length of time. Certainly anyopposition. Afor the issuance might incur
special session
any locality would meet withTreasury is in no condition to sustain addigreat expense, ancl the State
tional expense if it can possibly be avoided.

California.—Court Refuses to Enjoin Sale of India Basin
Bonds.—On May 23 Judge Seawell in the Superior Court
dismissed the order to show cause why an injunction should
not be issued restraining the sale of the $1,000,000 4% bonds
voted in November 1910 for the improvement of the India
Basin in San Francisco's harbor. The action was brought
by T. J. Butts, a resident of Sonoma County, whose principal
contention was that the acquirement of land for a tidal basin
for the improvement of the San Francisco harbor is not a
"public purpose" in the sense in which that expression is
used in the statutes allowing private property to be taken
under the right of eminent domain. In dismissing the order
to show cause,the Court holds that under the present system
of
, taxation no tax resulting from the bond issue would fall
upon the counties, and therefore Mr. Butts had no right
to sue, not being a party in interest. An opinion upon the
validity of the bonds was reserved by Judge Seawell until a
later date.
Colorado.—Denver Clearing House Urges Prompt Payment
of Old State Warrants.—As stated in the 'Chronicle" of May
11, page 1336, the State Supreme Court on May 6 declared
constitutional the Act providing for the issuance of $2,115,000
3% bonds for the payment of State warrants issued in 1887,
1888 and 1889. We now print below a resolution passed by
the Denver Clearing-House Associat ion, emphasizing the
importance of the decision and urging the State to take
prompt action in paying the warrants involved.
Resolved, That the recent decision of the Supreme Court of this State, susthe
taining the State bond issue authorized by a vote of the people to settleany
.old State debt, is of greater importance and value to this State than this
other decision rendered for many years, and will be worth millions to not
.State for the investing public to know,that the people of the State are
repudiators, and to be assured that legitimate investments offered will be
protected by the highest Court of the State, and we respectfully request
that the State's executive officers charged with the duty of taking up the
long-dishonored securities of this State will perform that duty promptly,
.and thus show to the Eastern investors that the standard of business integrity is as high in Colorado as in any other State of the Union.

Denver, Colo.—United States Supreme Court Assumes
Jurisdiction in Water Case.—The U. S. Supreme Court on
May 27 granted the application of the city authorities for a
writ of certiorari to review the decision of the U. S. Circuit
'Court of Appeals, which on May 19 1911 affirmed the order
for a temporary injucntion issued by the Federal Court for
the District of Colorado restraining the city from issuing
• bonds or constructing a water system. This means that the
case cannot be heard until fall, at least, as the Supreme Court
will adjourn for the summer early this month. The decision
of U. S. District Judge Trieber on the application of the
Denver Union Water Co. for a permanent injunction re• straining the city from making the bond issue has not yet
been announced.
Framingham, Mass.—Town Not Liable on Forged Note.—
'According to the Boston "Advertiser" of May 27, the State
.Supreme Court on May 25 deckled,in the case of the Franklin
Savings Bank vs. the Town of Framingham, that the town
was not responsible on a $25,000 note alleged to have been
forged by John B. Lombard, former Town Treasurer. The
-Court holds, it is said, that the town is not estopped to set
up the forgery in defence. See V. 94, p. 78.
Freeport, Armstrong County,Pa.—Bonds Declared Void.—
An issue of $15,000 bonds has been declared void, it is stated,
in an opinion handed down by Judge W. D. Patton.
Hudson County (P. 0. Jersey City), N. J.—Voters Accept
• Strong Act Providingfor Smaller Board of Chosen Freeholders.
—A special election held May 28 resulted in favor of reducing
the Board of Chosen Freeholders from 31 members to 9,
under the Strong Act (P. L. 1902, p. 65).
Idaho.—Supreme Court Upholds Commission Government
Law.—The constitutionality of the Black Law (Chap. 82,
Laws of 1911), providing that cities of 2,500 or over may
adopt the commission form of government, was upheld by the
State Supreme Court on May 2 in a decision delivered orally
by Justice J. F. Ailshie and concurred in by Chief Justice
Stewart, Justice Isaac N. Sullivan dissenting.
The appeal to the Supreme Court was taken from the decision of Judge
Carl A. Davis of the District Court in sustaining a demurrer to the complaint in the case of A. J. Swain against the Mayor and officials of the city
ofjBoise.The demurrer was based upon the grounds that the complaint in the
Swain case did not contain sufficient facts to constitute a cause of action.
Swain on Feb. 23 asked the Court to grant an injunction to prevent the
, holding of tho special city election whio't the Mayor had called for that d
(Feb. 23) upon the principal ground that the Black Law was not pass




1519

and adopted in the Legislature in accordance with legal provisions, and
was, therefore, unconstitutional.
As to whether the law was legally passed, Justice Alishie says: "The
journal of the House shows a substantial compliance with the constitution
in this matter."
• Concerning the question also raised as to the applicability of the law to
the city of Boise,ithe Court says: "The I3lack Law is a general law, and is
applicable to all cities of more than 2,500 population which choose to adopt
it." The Court also ruled that the submission of the Black Law to the
voters was in accord with the manner as determined by the Legislature.
As to the impairment of contracts and other obligations of the city, the
Court ruled, according to the Boise "Idaho Statesman," that the Black Law
does not attempt such procedure; that it has been uniformly held by the
United States that it is beyond the power of the Legislature,or the municipality to amend or repeal an Act or city ordinance where bonds have been
sold and that all ordinances in effect before the adoption of the new law
will remain in force Until altered or appealed.
The Court also decreed that the referendum does not apply to tax levies
and appropriations and that It was intended by the Legislature that all
ordinances providing for tax levies should not be liable to the operations
of the referendum or petitions, and that it was provided that such ordinance,
upon passage, should go into effect at once. It is agreed upon in the
majority opinion by the Court that the referendum feature does not deprive
bondholders of an adequate remedy to protect their interests.
Justice Sullivan, it is said, conceded that the Black Law was enacted in
accordance with the provisions of the constitution which prescribe the procedure for the enactment of laws, and therefore agreed with his associates
on the bench in refusing to lend strength to the basic contention of Swain as
to the alleged unconstitutionality of the passage of the Act. He dissented
first upon the grounds, as he viewed them, that there are no general laws
applicable or pertaining to the government of Boise City under the Black
Law, except the provisions contained in the Black Law and in Section 3239
of the Revised Codes.
It is held by Justice Sullivan that Section 3 of said Act provides that all
laws of the State governing or pertaining to the city making application to
come under the Black Law,and not inconsistent with the provisions of the
Black Law, shall apply to and govern cities organized under it, and that as
Boise City was governed wholly by its charter and there were no general laws
governing or pertaining to it, the Black Law, by its terms, does not make the
general law applicable to Boise City, for it only makes appiNable the general
laws that govern the city or pertain to it at the time it adopts the Black Law.
Justice Sullivan held that this would leave Boise City for its government
only the provisions of the Black Law and the provisions of Section 2239 of
the Revised Codes. These provisions of that section and that law, Justice
Sullivan contended, are not sufficient for the government of Boise City, or
for the government of any city, and for that reason the law is not applicable
to Boise City.
Relative to the remedy supplied to the bondholders to protect their interests by the new law, Justice Sullivan cited Sections 24, 25 and 26 of the
Black Law,and held that under the workings of this law all ordinances may
be enacted under the initiative or referendum; that under the initiative the
electors can produce an ordinance for levying or refusing to levy certain
taxes, and under its provisions the Council would have to enact the ordinance or submit it to a vote of the people.
Justice Sullivan pointed out that under the provisions of Section 26 the
Council may submit "any proposed ordinance or measure" to a vote of the
people; that this includes every ordinance that may be enacted by the
Council for the levying of taxes as well as for any other purpose; that in case
the Council would think it advisable to submit the ordinance levying taxes
to a vote of the people, under the Black Law they might do that, but could
not be reached by any process of the Court to compel the Council to pass
the ordinahoe levying taxes.
The matter of levying taxes, Justice Sullivan maintained, is virtually in
the hands of the electors and the courts are powerless by mandamus or
any other writ or process to compel the people to vote in favor of an ordinance levying a tax. It is thus made clear, he contended, that the bondholders, under the Black Law, have no adequate remedy whereby they
could enforce the levying of a tax in case the people refused to pass an
ordinance for that purpose.

Illinois.—Death of Secretary of State.—Jas. A. Rose, Secretary of State, died May 29 at his home in Springfield.
Klamath Falls, Ore.—Commission Form of Government
Adopted.—An election held May 20 resulted, it is stated, in
favor of the commission plan of government.
Louisiana.—Rehearing Granted in Drainage Bond Case.—
The State Supreme Court on May 20 granted a rehearing in
the case of the Board of Commissioners for the Bayou TerreAux-Boeuf Drainage District vs. Geo. H. Randolph, The
Court decided on Apr. 22 that a proposed bond issue by the
district referred to was illegal. See V. 94, p. 1200.
Manitou School District, Colo.—Bond Issue Enjoined.—A.
permanent injunction was granted on May 13 by Judge Morris of the District Court, restraining the issuance of $25,000
bonds voted to build an auditorium. On Feb. 10 $25,000
bonds, presumably the same issue, was awarded to E. H.
Rollins & Sons of Denver. See V. 94, p. 721.
Maryland—West Virginia.—Boundary Dispute Settled.—The
U. S. Supreme Court has approved the findings of the commission which was appointed in 1910, and decided that the
low-water mark of the Potomac River ... as the boundary
1 ne between these two States. Maryland had contended
that the high-water mark was the boundary line.
Massachusetts.—House Refuses to Agree on State Income
Tax Amendment.—By a vote of 9 "ayes" to 210 "nays," the
House on May 24 refused to agree to the proposed amendment to the State constitution providing for the taxation of
incomes. The amendment, which was substituted for an
adverse report by the Senate on May 16 by a vote of 20 to 12,
reads as follows:
Full power and authority are hereby given and granted to the General
Court to impose and levy, at uniform rates throughout the Commonwealth,
reasonable taxes upon incomes which shall be proportional upon incomes
from the same class of subjects, and to grant reasonable exemptions and
abatements; but any class of property the income from which is taxed
under the provisions of this article, shall be exempt from other taxes, as
well as from duties and excises other than those imposed on licenses.
transfers, legacies and successions.

Mercer County (P. 0. Princeton), Mo.—Bonds Declared
Valid by Supreme Court.—The $75,000 5% court-house bonds
offered on April 3 (V. 94, p. 721) were declared valid in an
opinion filed by the State Supreme Court on May 20. The
bonds were awarded to a St. Louis company, according to
local papers, at 102.416.
.—New Loan.—Speyer & Co. of New York are
Mexico
placing the $10,000,000 United States of Mexico Government
43i% notes at 98% and interest. A good proportion of the
loan has been placed in Europe, particularly in London and
Amsterdam and there is a good demand here from the
leading banks and trust companies. Dated June 10 1912,
due June 10 1913. Subject to redemption at 100 and int.
at any time on 30 days' notice. Coupon notes in denominations of $1,000, $5,000, $10,000, U. S. gold. Principal and

1520

THE CHRONICLE

semi-annual interest payable at the office of Speyer & Co.
and also in sterling at the office of Speyer Bros. in London
at the rate of $4 87 per pound sterling. These notes, which
were recently authorized by the Mexican Congress, are a
direct obligation of the United States of Mexico. Temporary
certificates will be issued pending delivery of definitive notes.
Minnesota.—Commission Form of Government Sustained
by State Supreme Court.—In an opinion filed May 17 the
Minnesota Supreme Court holds constitutional and valid
the law of 1909 authorizing cities and villages in this State
to adopt the commission form of government. This ruling
was made in the suit brought to oust those elected under
this plan of government in the city of Mankato. It was
contended that the Mankato charter was unconstitutional
as it conferred joint executive and legislative powers upon
the Mayor. The syllabus of the decision, as printed in the
Minneapolis "Tribune," is as follows:

VOL. Lxxxxxv.

Legislature is declared unconstitutional by the State Supreme
Court in its decision in the case of the State of Wisconsin ex
rel Carl F. Mueller, respondent, vs. Carl D. Thompson, city
clerk of Milwaukee, appellant. In this case it was sought
to compel the city clerk to submit to a vote at a special
election to be ordered by him a proposed amendment to the
city charter for the establishment of a municipal ice plant
• proposed by the Common Council by virtue of authority
conferred upon the Council by the Home Rule Law. Mr.
Thompson appealed to the Supreme Court from an order
of the Circuit Court overruling a motion to quash the
alternative writ of mandamus.
The decision of the Supreme Court, which reverses that of
the lower Court,is written by Justice Marshall and says in
part:

"The power to make law,commonly called legislative power, is dealt with
by section 1, article 4 of the constitution; so it is plain that power to make
laws—to exercise the functions contemplated by that part of the constituState ex rdl George T. Simpson, relator, vs. City of Mankato et al., re- tion under consideration—was reserved exclusively to the Legislature and
any attempt to abdicate it in any particular field, although valid in form,
spondents. Syllabus:
The provisions of a State constitution did not confer any powers upon must necessarily be held void. Just what falls within the scope of this
the Legislature, but mere limitations, and the Legislature had all the powers power is not always easy to determine, but as to the particular subject
of an absolute sovereign of which it has not been deprived by the Constitu- plainly recognized by the constitution as within such field, there is no room
for doubt. Such is the case of the granting corporate charters to cities as
tion.
'
In determining the constitutionality of an act of the Legislature,every we shall see.
"In view of the foregoing, very little need be said in testing the Act in
intendment must be indulged in favor of its validity.
Constitutional provisions being mere limitations, the question to be question by constitutional restriction. As we have seen, determination of
considered in determining whether a particular Act of the Legislature violates the form of government and everything appertaining to the fundamentals
a particular constitutional provision, is not whether the people in adopting of the city charter were essentially legislative functions. Power in that
such provision had in mind the Act of the Legislature in question and were respect was so universally regarded before the constitution and thereby
attempting to authorize it, but whether, having in mind the possibility of the Legislature was disabled from delegating it. Can one read the Act
some future attempt on the part of the Legislature to enact such an Act,they under consideration and doubt that in terms and effect it InVolves an
attempt at legislative abdication of that power to a large extent
were attempting to frustrate it in advance.
"In answering that, we need look but to the first section which is quoted
The requirement of mist. art. 4, sec. 36, that home rule charters must
provide for a "mayor or chief magistrate, and a legislative body," does The second is subsidiary to and an addition of the first and a limitation
not of itself import such a severance of the several departments of munici- thereof in some respects."
The quoted section follows:
pal government as to preclude the Legislature from authorizing cities and
"Every city, in addition to the power now possessed, is hereby given
villages to adopt the commission form of government, wherein the mayor is
vested with legislative functions and the council is given other than legisla- authority to alter or amend its charter or adopt a new charter by convention
in the manner provided for in this Act.
tive powers.
Const. art III., providing that the powers of government shall be divided
"Note the two distinct grants of power. First, to alter or amend an
into executive, legislative and judicial, etc., does not apply to municipal existing charter or adopt an entirely new one. Second, to exercise all
governments, and neither its expressed intent nor its spirit can be read powers in relation to the form of government and conduct of municipal
into const. art 4, sec. 36, so as to extend the limitation imposed by the affairs, not conflicting with the fundamental or any general law.
latter on the form of municipal government and thereby make it co-exten"The first is broad, with unmistakable purpose to enable any city in this
sive with the limitation imposed by the former upon the form of State State to make its law to suit the pleasure of its people; to change its existing
government.
charter or make a new one without any legislative interference.
Laws 1909, C. 170, authorizing cities and villages to adopt the commission
"The second is in the nature of a proviso to the first. That as to the mere
form of government, held constitutional and valid.
form of government and the conduct of municipal business, the exercise
Mankato city charter, which provides and establishes the commission of the latter shall be within the designated limitations,leaving the fundagovernment for the said city, is authorized by Laws 1909, o. 170, mentals of the charter in general to local discretion.
form of
and does not transcend the constitutional limitations imposed upon the
"It seems-plain that by the first clause of the section there is indicated
form of municipal government.
with great clearness a purpose to delegate power to make laws of the nature
Writ quashed and respondents dismiskd. P. E. Brown, J.
which was clearly reserved to the Legislature and that in the means attempted to be afforded
likewise a manifest purpose to
Nutley, N. J.—Commission Form of Government Adopted.— delegate authority to aid thereof, there is so reserved.
which the constitution
"The form of a city government is of vital importance—the very foundaThe voters on May 23 decided in favor of the commission
tion stone."

plan of government.
Oklahoma.—Right of State Board of Equalization to Fix
Valuations as Returned at Fair Cash Value Upheld by Supreme
Court.—In deciding the appeal of J. W. McNeal of Guthrie
from the action of the State Board of Equalization in raising
the valuation of the several counties of the State from $784,511,965 to $1,075,078,496, the State Supreme Court on May
14, in an opinion by Justice Dunn, upholds the action of the
board referred to. The Court says in part:
If a board is powerless to fix a different valuation upon a property than
that returned to it, then it would be without power to accomplish equalization in Oklahoma. It is necessary that the power exist to Ilx a valuation
* The action of
on the property as returned at its fair cash value. •
the Board of Equalization in equalizing, correcting and adjusting the various county assessments by increasing or decreasing the value of any or all
of the different classes of real and personal property, as the same are provided for by the revenue laws of the State, in order to make the valuation
conform to the fair cash value thereof, is valid.

Omaha, Neb.—Compromise Agreed Upon in Water Case.—
An understanding has been reached between the city and the
Omaha Water Co. whereby deeds for the property are to be
turned over to the city on or before July 1, when the city is
to pay $6,392,720 17.

Commission Form of Government Attacked.—Proceedings
attacking the commission form of government in this State
were commenced May 17 in the Circuit Court at Oshkosh
by attorney J. Elmer Lehr of Milwaukee acting for Wm.
Bloomer, a policeman discharged by the fire and police commissioners of Appleton. Objection to the commission form
government is said to be based on the same arguments as
were made against the constitutionality of the Home Rule Law
which, as stated above, the Supreme Court declared invalid
on May 14. It is claimed that the commission form delegates
legislative power to the people of a city, and that this cannot
be done without an amendment to the constitution.

Bond Proposals and Negotiations this weak
tave been as follows:

AGAWAM, Mass.—Note Offering.—Proposals will be received until
10 a. m. June 22 by J. W. Hastings, Town Treas., for $20,000 4% schoolhouse tax-free notes, due $2,000 yrly. July 1 1913 to 1922 incl. Int. J. &
J. at Union Tr. Co., Springfield. Date July 11912. Notes will be certified
by the Director of the Bureau of Statistics, State House, Boston.
Miss.—Bond Offering.—Proposals
ALCORN COUNTY (P.
The city, according to the Omaha "Bee" of May 29, is to consent to a• will be received until June 0. Corinth).
3 by 0. M. Hinton, Clerk, for $50,000 5% 20
judgment in favor of the water company for hydrant rentals from July 1
year road bonds. Interest semi-annually.
1911 to Dec. 31 1911, with interest, and to pay the amount of the judgment.
ALEXANDRIA, Douglas County, Minn.—Bond Offering.—Further
The water company is to start suit for hydrant rentals for the period ending
details are at hand relative to the offering on June 10 of the $30,000 funding
June 30 1912.
The sum of $126,617 55, with 7% interest from the first of the year, being bonds (V. 94,J. 1461). Proposals will be received until 7:30 p. m. on that
the balance of the amount withheld by the Comptroller for occupation taxes, that day by C. J. Sundblad, City Clerk. Denom. $1,000. Date June 1
1911. Int. (at not exceeding 5%) J. & D. at St. Paul at the First Nat.
is to be paid to the water company.
Private bills due for water prior to the time of turning over the plant are Bank. Due $2,000 yriy. on Juno 1 from 1917 to 1931 incl. Cert check or
cash for 5250, payable to the City Treasurer, required.
to be collected by the city and turned over to the company.
All water rentals collected between now and July 1 for water to be de
ALVINA SCHOOL DISTRICT. Cal.—Band Sale.—An issue of $4,500
livered in the future to be paid to the city.
bonds has been awarded, it is reported, to the First National Bank of
The Omaha Water Co. Is to pay to the City of South Omaha the royalties Fresno for $4,591, or 102.022.
provided by contract.
ANN ARBOR, Washtenaw County, Mich.—Bonds Defeated.—At an
issue $600,000 bonds to
As stated in the "Chronicle" of May 11, page 1342, $7,- election held in this city May 27 the proposition to is stated,
was defeated.
purchase the plant of the Ann Arbor Water Co., It
000,000 of the $8,250,000 bonds voted last August to pur- (V. 94, p. 1073.)
•
chase and improve the plant were sold recently to Kountze
Cal.—Bond Offering.—
ANTELOPE SCHOOL DISTRICT, Tulare County,
Proposals will be received until June 5 by A. M. Coburn, Clerk, Board of
Bros. of New York.
Supervisors (P. 0. Visalia) for $8,000 7% bldg. bonds. Authority, vote
Santa Ana Grammar School District, Orange County, Cal. of 26 to 2 at election held April 13. Denom.$1,000. Int. ann. on April 13.
1917 to 1924 incl. Cert. check
—Court Orders Bonds Signed.—On May 17 the District Court Due 81,000 yriy. on April 13 from Board of Supervisors, required. for 10%
bid, payable to the Chairman of
of Appeals granted a writ of mandamus compelling the Chair- of ARKANSAS CITY. Cowley County, Kans.—Bonds Offered by Bankers.—
man of the Board of Supervisors of Orange County, T. B. Tal- The H. C. Speer & Sons Co. of Chicago are offering to investors $21,000
1 1912.
improvement bonds. Denom.
bert, to sign in his official capacity the $25,000 5% bonds 53•670 general at State Treasury in Topeka. $500. Date April follows:
Due on April 1 as
Int. A. & 0.
sold in February to the Wm. R. Staats Co. of Los Angeles. $1,500 in 1913, $2,000 from 1914 to 1919 incl. and $2,500 from 1920' to
1922 incl.
V. 94, p. 782.
ARNOLD SCHOOL DISTRICT. Pa.—Bond Sale.—An issue of $20,000
Texas.—Drainage Laws Upheld.—In a recent decision vali% tax-free school bonds has been sold to the Western Reserve Investdating an issue of $350,000 bonds of Wharton County Drain- ment Co. of Cleveland, a subsidiary of the Washington Investment Co.
•
of Pittsburgh.

age District No. 1, Associate Justice T.S.Reese, in the Galveston Court of Civil Appeals, is said to have sustained in
substance the present drainage laws of the State. The opinion reverses that of Judge Thompson of the lower Court. It
is expected that the case will be appealed.
Westwood, N. J.—Commission Form of Government Defeated.—An election held May 28 resulted in the defeat of the
commission plan of government.
Wisconsin.—Home Rule Law Declared Unconstitutional by
Supreme Court.—The Home Rule Law passed by the 1911




ATTLEBORO, Bristol County, Mass.—Bond Sate.—On May 17$39
4% school-house bonds were awarded to Estabrook & Co. of Bost
100.67. Date May 18 1912. Int. M. & N. Due from Nov. 18 1
1918 incl.
AUGUSTA. Ga.—Bond Election.—An election Will be held June 24 to vote
on the question of issuing the following 4%% 30-year coupon bonds:
$1,000,000 flood-protection bonds. Date Nov. 1 1912.
150,000 hospital bonds. Date July 1 1912.
100,000 water-works bonds. Date July 1 1912.
Denom. $1,000. Int. J. & J. at the City Treasurer's office.
AUGUST SCHOOL DISTRICT, San Joaquin County. Cal.—Bond Offering.—Proposals will be received until 11 a.m. June 3 by E.D. Graham, Co.
Clerk (P. 0. Stockton),for the910,000 6% 1-20-yr. (ser.) gold school bonds

THE CHRONICLE

JUNE 11912.]

voted April 11 (V. 94, p. 1202). Denom. $500. Date June 1 1912. Int.
J. & J. at the County Treasurer's office. Cert. check for 10% of bid, payable to the Chairman Bd. of Supervisors, is required. No debt at present.
-The
-Bands Registered.
AUSTIN COUNTY (P. 0. Bellville), Texas.
State Comptroller registered on May 18 the $100,000 5% 5-40-yr (opt.)
road bonds (V. 94, p. 1397.)
-On May 23 $7,588 99 5%
-Bond Sale.
BAKER, Baker County, Ore.
street-impt. bonds were awarded to the Baker Loan & Trust Co. of Baker
102.63. Other bids follow:
for $7,788 99, making the price
$7,878 39
Morris Bros., Portland
7,599 99
Carstens & Earles, Inc., Seattle
-Bond Sate.
-An issue of $16,000
BAKERSFIELD, Kern County, Cal.
stated, to the Goodwin-Corby-Holcomb
sewer bonds has been awarded, it is
Co. of San Francisco at 105.
-The Commissioners of Finance will
BALTIMORE, Md.-Bond Offering.
sell at public auction July 15, it is stated, the following 4% city stock: '61.
$310,000 school
-house loan, due
1951.
$600,000 paving loan, due
400,000 annex-impt. loan, due 1951.1 600,000 dock impt. loan, due 1961.
conduit loan, due 1958. 12,000,000 new sewerage loan, due
170,000
I
1961.
600,000 water loan, due 1958.
120,000 burnt-district loan, due '60.1 200,000 Jones' Falls loan, due 1061.
-Bonds Voted.-Thls village on May 21
BATH. Steuben County, N. Y.
voted to issue, it is stated, $30,000 paving bonds. The vote is given as
444 "for" to 98 "against."
BEACH CITY SPECIAL SCHOOL DISTRICT (P. 0. Beach City),
-On May 27 the $9,500 5% coup.
-Bond Sale.
Stark County, Ohio.
-Bertram
bldg. tax-free bonds, (V. 94, p. 1461) were awarded to the Davies
Co. of Cin. for $10,047, making the price 105.768. Other bids follow: 00
$9,977 00 Hayden, Miller & Co.,Cleve$9,890
New First Nat.Bk., Col
9,973 00 Stacy & Braun, Toledo__ 9,844 80
Otis & Hough, Cleve
9,956 00 Well, Roth & Co., Cin____ 9,809 00
Seasongood & Mayer, Cin
Beach City Bk., Beach City 9,939 00 S. A. Kean & Co., Chic_ 9,604 82
Spitzer, Rorick & Co., Tel 9,890 50
-Bond Offering.
BENTON COUNTY SCHOOL DISTRICT NO. 9, Ore.
Proposals will be received until 1:30 p. m. June 5 by W. A. Buchanan,
County Treas. (P. 0. Corvallis), for $15,000 5% bonds. Denom. $500, or
$1,000. Int. payable at County Treas. office or designated fiscal agency in
N. Y. Due 20 years, opt. after 10 yrs. Cert. check for $500 required.
-Proposals will be
BERLIN, Worcester County, Md.-Band Offering.
received until 8 p. m. June 20 by we Mayor and Council for $15,000 5%
& ext. bonds. Auth. Chap. 521, Acts of 1910. Denom. (8) $1,000,
impt.
each, (10) $500 and (20) $1,000. Date July 1 1912. Int. J. & J. Due
$1,000 yearly July 1 1964 to 1978 incl. Purchaser to pay accrued int.
BETTSVILLE SCHOOL DISTRICT (P. 0. Bettsville), Seneca County.
--Papers state that this district on May 28 voted to
-Bonds Voted.
Ohio.
issue school-building bonds.
BIG LAKE DRAINAGE AND LEVEE DISTRICT, Schuler County, III.
-Bond Offering.
-Proposals will be received until 1 p. ni. June 17 by J. W
Rose, W. II. Leach and J. C. Graff, Commissioners, for $127,492 92 6%
bonds. Int. ann. in March. Due $12,750 yearly hIarch 1 1916 to 1924
Inclusive and $12,742 92 March 1 1925.
BISMARCK SCHOOL DISTRICT (P. 0. Bismarck), Burleigh County,
-A proposition to issue $10,000 bonds for a new
No. Dak.-Bond Election.
high-School building will, it is stated, be voted upon.
BLAIRSVILLE SCHOOL DISTRICT (P.O. Blairsville), Indiana County,
-On May 24 the $60,000 435% bldg. bonds (V. 94, P •
-Bond Sale.
Pa.
1398) were awarded to the Mellon Nat. Bank of Pittsburgh on a 4.30%
basis. Denom. $500. Date May 1 1912. Int. M. & N.
-The election
BUTLER COUNTY (P.0. Hamilton), Ohlo.-Bonds Voted.
held May 21 resulted in favor of the proposition to issue the $50,000 courthouse bonds (V. 94, p. 1338). The vote was 4965 to 3430.
-An election held
-Bonds Defeated-New Election.
CAMBRIDGE, Ohio.
May 21 resulted In the defeat of a proposition to issue $100,000 water-works
impt. bonds. The matter will be re-submitted on June 27.
CAROLINE COUNTY (P. 0. Bowling Green), Va.-Bond Electio1s.-n0
July 3 the voters will be asked to pass upon the proposition to issue the
$125,000 road bonds (V.04. p.997).
-Proposals will be
-Bond Offering.
CARRICK, Alleghany County, Pa.
received until 8 p. m. June 3 by R. B. Hansel!, Boro. Secy. for $70,000
1 1911. Int.
4% tax-free coupon bonds. Denom. $1,000. Date Nov.'
M. & N. Duo on Nov. 1 as follows: $8,000 in 1916; $7,000, 1921; $8,000,
1926; $12,000, 1931; $15,000, 1936 and $20,000 in 1941. Cert. check or
New York draft for $1.000 required.
CATASAUQUA SCHOOL DISTRICT (P. 0. Catasauqua), Lehigh
-Bond Offering.
-Proposals will be received until 12 m.
County, Pa.
June 24 by J. J. Williams, Secretary, for $30,000 4% 10-30-year (opt.)
tax-free bonds. Denom. (200) $100 and (20) $500. Date July 1 1912.
Int. J. & J. at the Nat. Bank of Catasauqua. Certified check for 5% of
bid is required.
-Reports
-Bond Sales.
CATAWBA COUNTY (P. 0. Newton), No. Caro.
state that the Wachovia Loan & Trust Co. of Winston-Salem has been
awarded an issue of $25,000 5% 30-year Newton Township bonds at 100.40.
It is further stated that an issue of $25,000 6% 20-year Hickory Township
bonds has been awarded to C. A. Webb & Co. of Asheville at 105.248.
CEDAR COUNTY (P.0. Stockton), Mo.-Bond Sale.-SutherlIn & Co.of
6%
,
Kansas City, Mo., have, it is stated, been awarded an issue of $19,000 53
road bonds.
-Pro-Bond Offering.
Urbana), Ohio.
CHAMPAIGN COUNTY (P. 0.
posals will be received until 11 a. m.Juno 10 by 0. E. Eby, County Auditor,
for $3,000 4% Seipert Road impt. bonds. Authority Sec. 6956-5 and 6,
Gen. Code. Denom. $500. Date June 10 1912. Int. semi-ann, at the
County Treasurer's office. Due $500 each six months from Dec. 10 1912
to Juno 10 1915 incl. Cert. check for 10% of bonds bid for, payable to the
Treasurer, is required.
CHATTANOOGA Tenn.-Bond AS'aie.-On May 22 two issues of 6% paving bonds, aggregating *8,866 96, were awarded to Seasongood & Mayer of
Cinc. for $8,967 50 (101.133) and int. Other bids follow:
Premium.
:
: r_ iu 00
A.Kean & Co., Chicago..1_ er75.
First Nat. Bank, Cleveland.. _$85.65
Seo. Say. Bk. & Tr. Co., Tot__ 81.25 New First Nat. 13k., Columbus 13.50
-On May 28 the follow-Bond Sale.
CHESTER, Delaware County, Pa.
ing bids were received for the $80,000 431% tax-free school-bldg. and sitepurchase bonds (V. 94, p. 1461).
A. B. Leach & Co., N. Y___•102.70 N. W. Heise & Co., Phila._ _101.83
102.41 Lawrence ilarnum & Co.,101.38
Graham & Co., Piffle
Philadelphia
Delaware County Trust Co.,
Chester
102.33 E. H. Rollins & Sons, Phila_101.31
Harris, Forbes & Co., N. Y 102.18 Ed. V. Kane & Co., Phila....101.19
First Nat. Bank, Chester..._ _101.09
Townsend, Whelen & Co.,
102.01 Newburger, Henderson & Loeb,
Philadelphia
101.07
J.S.&W.S.Kuhn, Inc.. Phila. 101.85
Philadelphia
Kountze Bros., New York_ _ _ _100.08
Cambridge Trust Co., Chesterl
'It is reported that this bid was successful.
-Bond Sale.
-The $380,000 health-department and
CHICAGO, 111.
$225,000 sewer-refunding 4% gold bonds offered on May 28 (V.94, p. 1398)
were awarded to the Continental & Commercial Trust & Savings Bank and
E. H. Rollins & Sons, both of Chicago, at their joint bid of 99.28 and
int. The former Issue matures on July 1 as follows: $19,000 yearly
from 1914 to 1931 incl. and $38,000 In 1932. The latter issue matures
on July 1 as follows: $16,000 in 1912 and *11,000 yearly from 1914 to 1932
incl. The biJs received follow:
Continental & Corn'! Tr. & Say. Bk.and E. H. Rollins & Sons, Chic_ _90.28
Emery, Peck & Rockwood, Chicago (for *100,000 of either loan) 99.275
99.175
II arrls Trust & Savings Bank, Chicago
99.11
Wm. R. Compton Co., Chicago
99.03
First Trust & Savings Bank, Chicago
Chicago
__.._98.911
Merchants' Loan & Trust Co.,
98.76
Fort Dearborn Trust & Savings Bank, Chicago
98.65
N. W. Halsey & Co. and A. B. Leach & Co., Chicago
98.53
Estabrook & Co., Chicago
Northern Trust Co., Illinois Trust & Savings Bank and Wm. A.
08.31
Read & Co., Chicago
The Continental & Commercial Tr. & Say. Bank and E. H. Rollins &
Sons of Chicago, the successful bidders for the bonds referred to above,
together with the Hibernian Banking Association, Chicago, are now offer----- .
• • •
ing the Issues to investors at 9931 and interest.




IS.

1521

-Bond Offering.-Proposals will
-West Park District.
CHICAGO. 111.
be received until 4 p. m. June 11 by the West Chicago Park Commissioners.
Union Park, Chicago, for the 11,000,0004% bonds for acquiring additional lands. Denomination $1,000. Interest J. & J. at Treasurer's office. Maturity $50,000 yearly on July 1 from 1913 to 1932 inclusive. Certified check for 2% of bid, payable to the "West Chicago Park Commissioners," is required.
-The other bids received
-Bids.
CHICOPEE. Hampden County. Mass.
on May 23 for the 101.0004% coup. elec.-light-plant-reconstruc.-loan bonds,
awarded to Blake Bros. ec Co. of Boston at 103.21 and int.(V.94, p. 1461),
were as follows:
Estabrook & Co., Boston_ __ _103.13'Merrill, Oldham & Co. Bost _102.919
102.56
'
102.921Blodget & Co., Boston
Adams & Co.. Boston
-Local papers report the
-Result of Bond Election.
CLEVELAND. Ohio.
following vote on the six issues of bonds aggregating $5,000,000, submitted
to the voters May 21. (V.94, p.1074.)
$1,000,000 city-playground bonds. Vote 21,784 "for" to 14,482"against."
900,000 street
-extension bonds. Vote 16,791 "for" to 15,210 'against."
2,000,000 library-building bonds. Vote 17,677 "for" to 16,256 "against."
700,000 site-purchase and school-bldg. bonds. Vote 21,383 "for" to
13,085 "against."
300,000 school-buliding-impt. bonds. Vote 23,054 "for" to 11,888
"against."
100,000 school-playground bonds. Vote 21,089 "for" to 14,789 "against."
CLIMAX AND PAVILION SCHOOL DISTRICT NO. 1 (P. 0. Scotts).
-Bond Offertng.-Proposals will be received until June 10 for $3,000
Mich.
4 M% bonds.
-Pro-Bond Offering.
COLUMBIANA COUNTY (P. 0. Lisbon). 0810.
posals will be received until 1 p. m.June 10 by P. R. Walker, Clerk Board
County Comm., for $16,416 39 434% impt. bonds. Denom. (16) $1,000
and (1) $416 39. Date June 1912. Int. ann. in Sept. Due $416 39 In
Sept. 1913 and $1,000 yearly thereafter: Bids must be unconditional.
Cert. check on a local bank for $500, payable to the County Treasurer,
is required.
-Result of Bond Election.
-The vote cast at the elecCOLUMBUS. Ohio.
tion held May 21 on the four propositions to issue bonds were as follows:
Vote
Purpose.
Vote For. Against.
Amount.
6,107
$700,000 grade-crossing bonds
14 7
6,116
13,64198
265,000 ligt-extension bonds
Bonds Defeated.
7,619
12,000
$425,000 Third St. viaduct bonds
10,292
9,015
350,000 civic-centre bonds
A two-thirds majority was necessary to authorize an issue.
-Bond
SCHOOL DISTRICT NO. 97 (Oak Park). 111.
COOK COUNTY
-On May 24 the $60.000 434% bldg. bonds (V. 94, p. 1338) were
Sale.
awarded to the Mercantile Trust Co. at 102.63. Other bids follow:
S. A. Kean & Co., Chic_ _*$61.950 00 Cont. & Comm'l Tr. & Say.
Bank, Chicago
$61,260 00
Well. Roth & Co.. Chicago 61,506 00
Chic_ _ 61,362 00 Harris Tr. & Say. Bk., Ch_ 61,242 00
A. B. Leach & C
First Tr. & Say. Bank_ ___ 61,350 00 Yard, Otis & Taylor, Chic. 61,146 00
Chic.61,011 00
N. W.Halsey & C
Bolger, Mosser & Willa61,296 00 Wm.R. Compton Co.,Chic.60,936 00
man, Chicago
John Nuveen & Co.. Chic_ 60,930 00
Kissel, Kinnicutt & Co.,
60,625 00
61,280 40 Fidelity Trust Co
New York
* Irregular bid.
-On May 20 the
CORONADO. San Diego County, Cal-Bond Sale.
$80,000 Orange Ave. paving and $75,000 sea-wall 5% 19.9-year (ay.) coup.
bonds (V. 94, p. 1265) were awarded to the Bank of Commerce & Trust Co.
of San Diego for $155,200 (100.129) and int. A bid was also received from
J. H. Adams & Co. of Los Angeles.
-Bond Sale.
COWLITZ COUNTY SCHOOL DISTRICT NO. 36, Wash.
On May 20 $30,000 bonds were awarded to the State of Washington at par
for 58. Other bids were received from J. N. Wright & Co., W.E.Sweet &
Co. and Keeler Bros. of Denver. Henry Pratt & Co. of Tacoma, the Merchants' Say. & Trust Co. of Portland, Brand & Stevens, Los Angeles.
Hoehler & Cummings of Toledo, S. A. Kean & Co. of Chicago and the Union
Savings & Trust Co. of Spokane.
-On May 22
CRAWFORD COUNTY (P. 0. Bucyrus), Ohlo.-Bond Sale.
the $12,000 431% coup. Road Dist. No. 1 refunding and extending bonds
(V. 94, p. 1265) were awarded to Seasongood & Mayer of Cincinnati for
$12,602 (105.016) and interest. Other bids follow:
Provident Savings Bank
Bucyrus City Bk., Bucy..$12,480 00
& Trust Co., Cin
$12,529 20 Farmers' & Citizens' Bank
& Savings Co., Bucyrus 12,396 30
Stacy & Braun, Toledo... 12,522 84
Well, Roth & Co., Cin
12,481 00 First Nat. Bank, Chi_ _ 12,390 00
-Bond Sale.
-On
CROOK COUNTY SCHOOL DISTRICT NO. 76, Ore.
May 21 83,950 6% 10-20-year (opt.) bonds were awarded to S. A. Kean
& Co. of Chicago at par.
CROOK COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Gillette), Wyo.-The State of Wyoming has purchased, according to reports.
Bond Sale.
an Issue of bonds of this district.
-Bonds Authorized.-AccordIng
CRYSTAL FALLS. Iron County, Mich.
to reports, the issuance of $90,000 school-building bonds has been authorized.
-Pro-Bond Offering.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
posals will be received until 11 a. m. June 26 by J. F. Goidenbogen, County
Clerk, for $4,500 434% coup. "Highland Road Bridge No. 1, over Euclid
Creek," bonds. Authority, Sec. 2434, 2435, 2438 and 5638 to 5644, incl..
Gen. Code. Denom. $250. Date June 1 1912. Int. A. & 0. Due $250
Oct. 1 1914 and 1915 and $500 yearly Oct. 1 from 1916 to 1923 incl. Cert.
check on a bank other than one making bid, for 10% of bonds bid for, paya
hie to the County Treas., is required. Purchaser to pay accrued Interest.
-Bond Offering.
DANBURRY TOWNSHIP. Ottawa County. Ohio.
% coup.
Proposals will be received until 12 m. June 10, for $8,400
highway bonds. Denom. (1) $400; (8) 11,000. Date June 10, 1912.
Int. J. & D. Due $400 June 10 1927 and $1,000 yrly. from June 10 1928
to 1935 incl. Cert. check for $250 required. Leo. Mutach is Vii. Clerk,
-This city reDANVILLE, Pittsylvania County, Va.-Bonds Voted.
cently voted, according to local papers, to issue $150,000 bonds for the construction of a new electric-light plant. It is further stated that the city
has sold the old plant and site for $50,000.
-The $20,000
DE BEQUE, Mesa County Colo.-Description of Bonds.
water-works bonds voted April 2 (V. 94, p. 1074) bear interest at 6% and
are payable In 1927, opt. after 10 years. We are advised that these bonds
will be offered for sale in about 30 days.
-Bonds Proposed.
DEEMSTON (Borough), Washington County. Pa.
According to Charleroi, Pa. papers, an issue of $10,000 grading and paving
by
bonds is being considered ' this borough.
-It
DEFIANCE COUNTY (P. 0. Defiance), Ohlo.-Bonds Authorized.
Is stated In local papers that the County Commissioners on May 13 adopted
a resolution authorizing the issuance of *15,000 bonds for the building of a
children's home.
-Bonds Atithorized.-A resolution
DELAWARE .Delaware County. Ohio.
was passed on May 6 providing for the Issuance of $12,000 5% coup. bonds
to refund outstanding certificates of indebtedness. Denom. $500. Date
not later than April 1 1912. Int. semi-annual at the depository of the
sinking fund. Due March 11027.
An ordinance was passed on the same day providing for the issuance
of $5,238.42 5% coup, judgment funding bonds. Denom. (1) 738.42 and
(9) $500. Date not later than June 1 1912. Int. M. & S. Due $738.42
March 1 1916 and MO yrly. March 1 from 1917 to 1925, incl.
-Bond Sale.
-On May
DELAWARE COUNTY (P. 0. Delaware), Ohio.
27 the *11,500 434% 1-10-yr. (ser.) coup. funding bonds (V. 94, p. 1398)
were awarded to Seasongood & Mayer of Cin. for $11,702.50 (101.75)
and Int. Other bids follow:
Cin
$11,621
Sec'y Say. Bk.&Tr. Co,Tol$11,682 50 Well, Roth &
11,672 50 Hayden, Miller di Co., Cleve_ 11,620
Co.,
Otis & Hough, Cleve
DEN ISON SCHOOL DISTRICT (P.O. Denison), Spokane County. Wash.
-A favorable vote was cast on Apr. 27, it is reported, on the
-Bonds Voted.
proposition to issue bonds.
-The
-Bonds Offered by Bankers.
DICKSON, Dickson County, Tenn.
H. C. Speer & Sons Co. of Chicago are offering to investors $15,000 5%
school bonds. Denom. $500. Date Feb. 15 1912. Int. F. & A. at First
National Bank, Chicago. Due Feb. 15 1942. Total bonded debt, incl.
this issue, $43.000. Assessed valuation (equalized) 1911, $406,950.
Actual value of taxable property $1,200,000.

1,522

THE CHRONICLE

DORCHESTER COUNTY (P.O. Cambridge), Md.-Bond Offering.
-Proposals will be received until 12 m. June 11 by the School Board, Wm. P.
Beckwith, Sec., for $10,000 5% high-school-bldg. bonds. Auth. Chap.
of 1912. Denom. $500. Date July 1 1912. Due $1,000 yearly.
104, Laws
Bonds are exempt from county and municipal taxes. Cert. check for $100
required.
EASTON. Northampton County, Pa.
-Bond Offering.-Proposals will be
received until 8 p. m. June 6 by J. H. Warner, City Clerk, for $45,000 4%
5-30-yr. (opt.) coup, tax-free impt. bonds: Denom. $100 and $500. Date
July 1 1912. Int. semi-ann. at the City Treas. office. Cert. check for
'3% of bid, payable to the City Treasurer, is required.
EAST TOWN TOWNSHIP. Pa.
-Dispatches state that
-Bond Sale.
Newburger, Henderson & Loeb of Philadelphia have been awarded an issue
of $20,000 4;i% school bonds.
•EL SEGUNDO SCHOOL DISTRICT, Los Angeles County, Cal.
-Bonds
Voted.
-The proposition to issue the $5,500 5% school-building and site'purchase bonds submitted to the voters on May 20 (V. 94, p. 1339) carried,
according to reports.
-On May 21 $4,000
EUREKA.McPherson County, So. Dak.-Bond Sale.
water-works bonds were awarded to the German Bank of Eureka at par for
5s. Denom. $1,000. Date June 1 1912. Int. semi-annual. Due $1,000
In 1917, 1922. 1927 and 1932.
FAR HILLS.SCHOOL DISTRICT, N. J.
-Bond Election.
-It Is reported
In Newark papers that this district will hold an election June 5 to submit
to the voters a proposition to issue $25,000 building bonds.
-On
FERGUS COUNTY SCHOOL DISTRICT NO.45, Mont.
-Bond Sale.
May 18 $4,500 6% bldg. bonds were awarded to Wm. E. Sweet & Co. of
• Denver at 100.50.
-Bond Sale.
FINDLAY, Hancock County, Ohio.
-On May 27 the $9,570.75 4% coup. paving and sewer-assess. bonds (V. 94, p. 1339) were
awarded to the American Nat. Bank of Findley for $9,602 25 (100.32) and
Int. Other bids follow:.
Stacy & Braun, Toledo
par and int. less $62.75 for expenses.
Security Say. Bank & Trust Co., Tel_ _par and int. less $75
for expenses.
-Bond Offering.-Proposals will be received until
FORT SMITH, Ark.
12 m.June 15 for $45,000 5% Paving Dist. No.7 bonds. Roy M.Johnston
Is Secretary of Improvement Board.
• The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
-FRAMINGHAM (P. 0. South Framingham), Norfolk County, Mass.
-The $35,000 4% coup. water bonds offered on May 28 (V. 94,
Bond Sale.
p. 1462) were awarded to *Curtis & Sanger of Boston at 101.69. The other
bids follow:
101.31
Merrill, Oldham & Co., Bos101.6191Blodget &Co., Boston
R. L. Day & Co., Boston_ _101.349 I
Int. J. 80 D. Due $2,000 yrly. on June 1 from 1913 to 1929 incl. and
$1,000 June 1 1930.
FREDERICK COUNTY (P. 0. Frederick City), Md.-Bond Offering.Pcqposals will be received until 12 m. June 18 by L. G. Dinterman, Pres.
County Corn., for $25,000 43% coup. bonds. Auth. Chap. 404, Acts of
1912. Denom. $500. Date May 11912. Int. M. & N. Duo May 1 1942,
opt. aft. May 1 1927. Bpnds are exempt from county and municipal taxation. Cert. check for'5% of bonds bid for, payable to County Corn., required. Bonds will be ready for delivery June 18. Purchaser to pay accrued int.
GARRETTSON, Minnehaha County, So. Dak.-Bond Election.-Electriclight-plant bonds amounting to $6,000 will be voted upon at an election to
be held June 3.
-Bond .Sale.
-An issue of $8,000
GAYLORD, Otsego County, Mich.
•
bldg. bonds voted April 22 (V. 94, p. 1133) has been taken by local people.
GLOVERSVILLE, Fulton County. N. Y.
-Bonds Voted.
-An election
held May 10 authorized the issuance of $20,000 bridge bonds, we are advised.
-Bids Rejected.
GOLDENDALE, Klickitat County, Wash,
-All bids
received on May 23 for an issue of $5,088.55 funding bonds was rejected.
-The $50,000 5% 30-yr.
GRAHAM, Tazewell County, Va.-Bond Sale.
coup. bonds offered on May 29 (V. 94, p. 1399) have been sold.
-Bonds Proposed.
-The issuGRASS VALLEY, Nevada County, Cal.
ance of city-hall bonds is to be considered by this city, according to reports.
-Bond Sale.- n May 22
• GRAYSON COUNTY (P. 0. Sherman), Texas.
the $400,000 5% reg. Road Dist. No. 2 impt. bonds (V. 94, p. 1265) were
awarded to the Continental & Commercial Trust & Say. Bank and Bolger,
Mosser & Willaman of Chicago at their joint bid of par and interest.
-Bond Offering.-Proposals
GREEN BAY, Brown County, Wisconsin.
will be received until 2 p. m. June 3 for $23,000 4;4% coup. paving bonds.
Auth. Secs. 925-133 and Sec. 943 of Rd. Stets. of Wis.for 1898 as amended.
Denom. $1,000. Date May 11912. Int. M. & N. at such bank as finance
committee shall designate. Due $1,000 May 1 1914 and 1915; $2,000
May 1 1916; $3,000 May 1 from 1915 to 1921 incl.; $2,000 May 1 1922 and
1923. Cert. check on a nat, bank in Wisc,msin for $200, required;' Bonds
to be delivered within 15 days from time of award. Purchaser to furnish
blank bonds. W.S. Kerr is City Clerk. Official circular states that there
is no litigation pending or threatened in any. manner affecting this issue
.. .
. . . .
of bonds.
-It is stated in
-Bonds Proposed.
HACKENSACK, Bergen County, N. J.
twat papers that an ordinance has passed its first reading providing for the
,
issuance of $150,000 456% 30-year bonds to liquidate floating and outstanding indebtedness. Date Aug. 1 1912. Int. F. & A. at Hackensack Tr. Co.
HAMILTON SCHOOL DISTRICT (P. 0. Hamilton), Butler County,
-The election held May 21 resulted in 2,511 votes
-Bonds Voted.
Ohio.
"for" to 1989 "against" the proposition to issue $300,000 bonds to erect a
high school add a grammar school.
-On
-Bond Sale.
HANFORD SCHOOL DISTRICT, King County, Cal.
May 8 $7,500 6% bldg. bonds were awarded to the Amer. Say. Bank of Los
Angeles for $7,693, making the price 102.573. Denom. (7) $1,000 and (1)
$500. Date April 4 1912. Int. annually In April. Due $500 in 2 years
and $1,000 yearly thereafter.
HARBOR SCHOOL DISTRICT (P. 0. Harbor), Ashtabula County, Ohio.
-Bond Offering.-Proposals will be received until 12 m. June 18 for $50,000
43i% school bonds. Authority vote of 382 to 124 at the election held May
21 (V.94, p. 1133). Int. A. & 0.
-Bonds Voted.
-The voters at
HARDIN COUNTY (P. 0. Kenton), Ohio.
a special election held May 21 authorized the issuance, it is stated, of $275,000 court-house bonds.
-Bond Sale.
-On May 28 the two
HARTLAND, Niagara County. N. Y.
issues of bonds (V. 94, p. 1462) were awarded to John J. Hart of Albany
as follows:
$4,251 27 road bonds for $4,252 87 (100.037) and int. for 5s.
,
8,000 00 drainage bonds for $8,005 50 (100.068) and hit. for 536s.
HASTINGS SCHOOL DISTRICT (P.O. Hastings), Adams County, Neb.
-On May 24 the $50,000 4)-% 10-20-year (opt.) coup. bldg.
-Bond Sale.
bonds were awarded to the Investors' Securities Co. of Des Moines at 100.612
and int. Other bids follow:
First Nat. Bank, Ifastings_ _$50,1041S. A. Kean ec Co. Chicago_ _$49,850
'
These bonds were offered as 5s on May 15 (V. 94, p. 1339) and the bids
received rejected.
-Bonds Voted.-This
HERMOSA BEACH, Los Angeles County. Cal.
place has, according to reports, voted to issue $60,000 pleasure-pier bonds.
HILLSBORO SCHOOL DISTRICT NO. 95, Montgomery County, III.Bond Sale.
-On May 24 $12,000 5% 1-12-year (serial) building bonds were
awarded to the Montgomery County Loan & Trust Co. Bank of Hillsboro for
$12,350 (102.91)-a basis of about 4,479%. Denom. $1,000. Date
June 1 1912. Interest annually in June.
HOBART. Delaware County. N. Y.
-Bond Offering Postponed.
-The
offering of the $20,000 1-20-year (serial) coupon sewer-construction bonds
(V. 94, p. 1399) has been postponed from May 27 until about Aug. 1 because of a slight technical error.
HOLLAND SCHOOL DISTRICT (P.0. Holland), Mich.
-Bonds Voted.
An election held May 14 resulted in favor of the issuance of $100,000 highschool-building bonds. The vote was 618 to 321.
HOT SPRINGS SCHOOL DISTRICT (P, 0. Hot Springs), Garland
-Bonds Offered by Bankers.
-The Lewis W.
'Thomson SecuriCounty, Ark.




[VoL. Lxxxxiv.

ties Co. of St. Louis Is offering to investors $85,000
% school building
bonds. Denom. $1,000. Date April 11912. Int. Mch. 1 and Sept. 1. Due
$5,000 yearly on Sept. 1 from 1922 to 1931 incl.and $7,000 yearly on Sept. 1
from 1932 to 1936 incl.
-Bonds Proposed.
HUMBOLDT. Allen County, Kan.
-We are advised
that this city will issue $23,000 sewer bonds in the near future.
HUNTINGTON BEACH. Orange County, Cal.
-Bond Offering.----Proposals will be received until 7:30 p. in. July 1 by C. E. Layering, City
Clerk, for $70,000 534% coup. municipal-wharf bonds. Auth. Statutes
1901, page 27; also election held Apr. 22. Denom. $250.- Date June 1
1912. Int. J. & D. at City Treas. office. Due $1,750 yearly from June 1
1913 to 1952 incl. Cert. check on a bank in California for 10% of bid
payable to City Treas., required. Bonds will be ready- for delivery on or
about July •15 1912. No bonds outstanding. Assessed val. 1911-12
$865,805. Official circular states that there is no litigation pending or
threatened affecting city officers, city boundaries,or this bond Issue, or the
corporate existence of the city.
-Bond Sale.
IRONTON, Lawrence County, Ohio.
-On May 24 the following bids were received for the $25,000 sewer and $15,000 street 4% 20-yr.
coup. bonds (V. 94, p. 1339):
Otis & Hough, Cleveland_$40,260 50 Provident Say. Bank &
First Nat. Bank, Ironton_ 40,177 00
Trust Co., Cincinnati_ _$40,105 20
Davies-Bertram Co., Cin- 40,156 00 Stacy & Braun, Toledo__ 40,088 00
Fifth-Third Nat. Bank, Cin.40,156 00 Well, Roth ec Co., Cin_ ___ 40,059 50
Seasongood ec Mayer, Cin_ 40,121 00 Brighton German Bk., Cin.40,037 25
JACKSON COUNTY (P. 0. Jackson), Minn.
-Bond Offering.
-Proposals
will be received until 10 a. m. June 5 by P. D. McKeller, County Auditor,
for $78,500 coup. ditch bonds. Cert. check for 5% of bid, payable to the
County Auditor, is required. Rate of interest at not exceeding 5% and
denom. of bonds to be named in bid.
JACKSON JOINT UNION HIGH SCHOOL DISTRICT, Amador County,
-Bond Offering.
Cal.
-Proposals will be received until Julie 3 for the $25,000 5% high-school-building and equipment bonds authorized by a vote
of 342 to 26 on March 16. V. 94, p.909. Denom. $500. Due $1,000
every 2 years.
JEFFERSON COUNTY (P. 0. Steubenville), Ohio.
-Bond Offering.
Proposals will be received until 12 m. June 4 by the Commissioners of
Bantam Ridge Free Turnpike at office of the County Auditor 'for $20,000
4% turnpike bonds. Auth. Sec, 7283, Gen. Code. Denom. $500.
Date June 1 1912. Int. M. ec S. Due $500 yrly. on Sept. 1 from 1913
to 1922 incl. and $500 each six motiths from Mch. 1 1923 to Sept 1 1937
Incl. Cert. check for 5% of bonds bid for, payable to the turnpike commissioners, required. Bonds to be delivered at Steubenville June 15 1912.
JERSEY CITY, N. J.
-Bond Sale.
-On May 24 the $200,000 school and
$60,000 harbor-lmpt. 4 g% 30-year gold coupon or registered bonds (V. 94,
p. 1399) were awarded to A. B. Leach & Co. of N. Y.for $263,620 (101•235)•
Other bids follow.
Rhoades ec Co., N. Y___$263,146 00 Bond ec Goodwin, N. Y_$261,716 00
R. L. Day & Co., N. Y. 262,841 80 N.W.Halsey &Co.,N.Y. 261,638 00
W. N. Coler & Co., N. Y_ 262,550 00 Estabrook & Co., N. Y__ 261,417 60
Outwater&Wells,Jer.City 262,056 60 Seasongood & MayerlCin 261,430 50
Curtis & Sanger, N. Y__ 262,039 00 Breed & Harrison__ f
Harris,Forbes&Co.,N.Y _ 261,770 60 Watson &Pressprtch,N.Y. 260,210 00
R. M. Grant ec Co., N. Y. 261,762 80 Kissel,Kinnioutt&Co.,N.Y.260,183 00
Well, Roth & Co. of Cincinnati bid $60,330 for the $60,000 issue.
JONES COUNTY (P. 0. Ellisville), Miss.
-Bond Offering -Proposals
will be received until 12 m. June 3 (not June 1 as inadvertently reported in
V. 94, p. 1399) by W. H. Bufkin, Clerk Bd. of Supervisors, for the $10,000
agricultural-high-school-bldg. bonds. Cert. check for 10% of bid required.
-Proposals will be
KADAKA, Stanley County, S. Dak.-Bond Offering.
received until June 5 by the Bd. of Trustees at the office of 0. C. Sharon,
Town Clerk, for $8,700 7% water bonds. Denom. $5,000 & $1,700. Date
"time of sale." Int. annually. Due $5,000 March 1 1926 and $1,700
Mar. 1 1927. Cert. check for 2% of bonds bid for, payable to Thos. Brokke,
Town Treas., required.
KENDRICK SCHOOL DISTRICT (P. 0. Kendrick), Latah County,
-Bonds Voted.-Thls district, by a vote of 95 to 27, authorized the
Idaho.
issuance of $15,000 building bonds, it is stated, at an election on May 14.
KENMORE SCHOOL DISTRICT (P. 0. Kenmore), Summit County, 0.
-Bonds Voted.
-The election held May 21 resulted in favor of the proposition to issue the $15,000 5% bldg. bonds (V. 94. p. 999) The vote was
.
149 to 10.. . .1.,.
KENNEDY HEIGHTS SCHOOL DISTRICT. Hamilton County, Ohio.
Bond Offering.
-Proposals will be received until 12 m. Juno 19 by Dr. A. A.
Sprague, Clerk Bd. of Ed.
0. Stiverton), for $50,000 4% school-bldg.
bonds. Auth. Sec. 7625, 7626, 7627, Gen. Code; also election held May 21.
(P'
Denom. $500. Date "day of sale." Int. J. 80 D. at Fourth Nat. Bank,
Cincinnati. Due June 19 1952. Cert. check for $2,000, payable to the
Clerk, required. Purchaser to pay accrued interest.
KENOVA SCHOOL DISTRICT (P.O. Kenova), Wayne County, W. Va.
-Bond Sale.-Thls district has sold, according to reports, an issue of $7,500
building
-Proposals
LACLEDE COUNTY (P. 0. Lebanon), Mo.-Bond Offering.
will be received until June 8 by E. B. Kellerman, Clerk Lebanon Spec. Road
Dist., for the $50,000 road bonds (V. 94, p. 1266). Denom. $500. Int.
(rate to be named in bid) semi-ann. in St. Louis, Kansas City, Chicago or
New York. Due $2,500 from 1914 to 1918 inol., $3,500 from 1919 to 1923
incl. and $4,000 from 1924 to 1928 incl.
-Bond Sale.
-The $500,000 4%
LAWRENCE, Essex County, Mass.
coup. bonds (V.94, p. 505) were awarded on May 29, it is stated, to Merrill,
Oldham & Co. of Boston at 100.529. Date March 1 1912. Int. 31. & S.
at Old Colony Trust Co., Boston, or at office of City Treasurer. Due $50,000 yearly on March 1 from 1913 to 1922.
-A proposition to
LEESBURG, Loudoun County, Va.-Bond Election.
issue $30,000 bonds for a gravity water system, sewerage system and for
ref. bonds known as town-hall bonds will, it is stated, be voted upon June 4.
• LEON SCHOOL DISTRICT (P. 0. Leon), Decatur County, Iowa.
Bonds Voted.
-By a vote of 160 to 118 the voters of this distriet,at an
election held May 17,authorized the issuance, It is stated, of $15,000 highschool -building bonds.
-Bond Sale.
•LEWISTOWN, Fergus County. Mont.
-On May 20 the
$80,000 5% 10-20-yr. (opt.) gold coup. sewer bonds (V. 94, p. 1205) were
awarded to N. W. Halsey & Co. of San Francisco for $61,031 (101.71) and
int. Other bids follow:
Wells&Dickey Co,M'ples.$61,030 00 Empire Bank & Trust Co.,
isto
N. vvrwf
60,747 40
Austin W. Warr
James
right & Co Denv. 60 490
$ 0 27
:3
Rockbridge County, Va.-Bond Sale.
-We have just been
LEXINGTON,
advised that the Equitable Life Ins. Society of N. Y. was awarded in Jan.
$65,000 4% water-works bonds.
-Bonds
LIMA SCHOOL DISTRICT (P. 0. Lima), Allen County, Ohio.
Voted.
-This district authorized the issuance of the $75,000 high-schoolbldg. bonds submitted to the voters on May 21 (V. 94, p. 1134) by a vote
off 2,062 to 1,126.
-Bond Sale -This village has awarded
LONDON,Madison CountY, Ohio.
an issue of $16,000 5% refunding bends, it is stated, to the Madison National Bank of London at 105.193.
LYNNVILLE SCHOOL DISTRICT (P. 0. Lynnville), Jasper County,
Iowa.-BondSals.-An issue of $15,000 bonds has been sold,wo are advised.
-We are
-Bonds Proposed.
McALESTER, Pittsburgh County, Okla.
advised that proceedings are pending for the sale of $32,210 6% coup, funding bonds. Date Feb. 1 1912. Int. F. & A. at the Oklahoma fiscal agency
(National Reserve Bank) in New York. Dile Feb. 1 1937.
-Bond Election.-Propositions in
MACOMB, McDonough County, Ill.
issue $6,000 stand-pipe and $7,000 engine-house bonds will be submitted
to the voters, it is stated, on Juno 7
.
ffering.-Proposals
-Bond 0
MADISON COUNTY (P. 0. Canton), Miss.
will be received until 12 in. June 3 for $50,000 5% Dist, No. 1 road bonds.
Denom. $500. Date July 1 1912. Int. ann. in Jan. at the County Treas.
office. Due 500 yrly., Jan 1 1923 to 1937 incl. and $42,500 July 1 1937.
'Cert. check for 5% of amount bid for is required. Official circular states
that there is no litigation pending or threatened affecting this Issue of
bonds and the County has never defaulted in the payment of interest or
principal on any of its bonds. D. C. McCool is Clerk.
•

RTNE 11912.]

1523

THE CHRONICLE

-On
-On May 27
NEW PHILADELPHIA, Tuscarawas County, Ohlo.-Bond Sale.
-Bond Sale.
MADISON COUNTY (P. 0. London), Ohio.
the $16,000 5% 8 yr. (ay.) coup. Indebtedness extension bonds (V. 94, May 27 the $7,000 434% coup. park bonds (V. 94. p. 1400) were awarded
-Bertram Co. of Cin. for $7,316 (104.51) and Int. Other bids
p. 1400) were awarded to the Madison Nat. Bank in London for $16,831 to Davies
follow:
(105.193) and int. Other bids blow.
Stacy de Braun, Toledo_ ___$7,307 80I Hayden, Miller as Co., Clev$7,260 00
$16,800. London Ex. Bk. Co., Lon_ _$16,728 Seasongood & Mayer, Cin__ 7,305 20 Sec'y Sav.Bk.dcTr. Co,Tol. 7,252 50
S. A. Kean ec Co., Chic:
MADISONVILLE INDEPENDENT SCHOOL DISTRICT (P.O. Madison- Well, Roth & Co., Cin_ __ _ 7,285 00 New First Nat. Bank, Col_ 7,212 00
-We are advised that *18,000 Breed & Harrison, Cin____ 7,282 10 Citlzens Nat.Bk..New Philo 7,180 00
-Band Sale.
ville), Madison County, Texas.
bldg. bonds have been sold.
-On May 29 the loan of $60,000
-Temporary Loan.
NEWPORT. R. I.
-Bond
Ohio.
MANSFIELD SCHOOL DISTRICT (P. 0. Mansfield).J. H. Bristor, due Sept. 5 1912 (V.94, p. 1462), was negotiated with Blake Bros.deCo.
of Boston at 3.55% discount.
-Proposals will be received until 12 m. June 7 by
Offering.
Clerk of Bd. Ed., for $25,000 4% impt. bonds. Auth. Secs. 7625 and 7626,
-The *78,-Bond Sale.
NEW ROCHELLE, Westchester County, N. Y.
' Revised Statutes and election of May 21 1912. Denom. $1,000. Int. 530 public-improvement and $22,215 fire and police 434% registered bonds
M. & S. at office of Clerk of Bd. of Ed. Due $1,000 yrly. on Sept. 10 offered on May 28 (V. 94, p. 1400) were awarded to R. M. Grant & Co.,
check on a Mansfield bank for 10% of bonds
from 1915 to 1939 incl. Cert.
New York, for $102,072.82, making the price 101.31. The other bidders,
bid for, payable to the Clerk,required. Bids to be unconditional. Purchaser all of which were from New York, were as follows:
to pay accrued interest.
5101,780 00
$102,054 68 Bond & Goodwin
Rhoades & Co
-On May 28 the following Curtis ,
-Bond Sale.
101,638 61
102,047 63 Estabrook & Co
HarrI &Sanger
• MARION, Marion County, 01110.
101,591 26
Forbes & Co__.._ 101,936 81 Farson, Son & Co
•bids were received for the two issues of 434% non-taxable bonds aggregating
101,289 00
101,900 00 James R. Magoffin
Adams & Co
411,172 (V. 94, p. 1340).
$10,000 Issue. $1,172 Issue.
The public improvement bonds are due $10,000 yearly on May 1 from
$.1,192 00 1915 to 1921 incl. and $8,530 May 1 1922. The fire and police bonds
$90,325
Marion National Bank, Marion_
1,182 00 are due $3,000 yearly on May 1 from 1915 to 1921 Ind. and $1,215May 1
10,300
•J. A. Monnctt, Marlon_
10,258
1,175 00 1922.
.Seasongood do Mayer. Cin
10,237
Dayton Say. do Trust Co., Dayton
-Bond Offering.
NILE IRRIGATION DISTRICT. Morgan County, Colo.
10,225
Breed & Harrison, Cincinnati
-Proposals will be received until 12 m.June 8 by E. E. Morse, Pres. Board
10,225
Davies, Bertram Co., Cincinnati
of Directors (P. 0. Wiggins), for $15,000 8% bonds. Int. semi-annual.
10,217
.C. E. Denison dc Co., Cleveland
-Proposals will be re-Bond Offering.
10,217
, NILES. Trumbull County. Ohio.
New First National Bank, Columbus
10,217
ceived until 2 p. m. June 19 by H. Thomas, City Aud.. for $10,000 434%
Provident Savings Bank & Trust Co., Cin
fire-dept., city-hall and jail bonds. Auth. Sec. 3939, Gen. Code. Denom.
•Security Savings Bank 6: Trust Co., Toledo_ _ _ _ 10,217
$500. Date July 1 1912. Int. J. & J. at Treasurer's office. Due $500
10,215
First Nat. Bank, Cleveland
yearly on July 1 from 1925 to 1929 incl. Cert. check on a Niles bank for
10,215
:Stacy & Braun, Toledo
2% of bonds bid for, payable to Treas., required. Bonds to be delivered
10,207
Otis & Hough, Cleveland
1,181 72 within 10 days from time of award. Purchaser to pay accrued interest.
10,191
.Citizens Nat. Bank, Wooster
10,188
Well, Roth de Co., Cincinnati
-Bond Offering.
NILES SCHOOL DISTRICT, Alameda County, Cal.
10,156
'Central Trust & Safe Deposit Co., Cin
Proposals will be received until June 10, it stated, by the Board of County
1,173 00 Supervisors (P. 0. Oakland) for the $25.000 5% building bonds voted
10,144
Hayden, Miller ec Co.. Cleveland
March 23 1912,(V. 94, p. 1077). Due $1,000 yrly. for 15 years and $2,000
• Successful bids.
yearly thereafter.
-On
MARION GRADED SCHOOL DISTRICT (P. 0. Marion), Crittenden
NORTHAMPTON, Hampshire County, Mass.-TempOrary Loan.
-At a special election recently held in this dis- May 27 the loan of $80,000 due Nov. 27 1912 (V. 94, p. 1462) was negoKy.-Bonds Voted.
County,
trict, an issue of $3,000 building bonds was, It is stated, authorized.
tiated with Curtis & Sanger of Boston at 3.60% interest to follow.
-Reports
-Bands Proposed.
MARSHALLTOWN,Marshall County. Iowa.
NORTH WILDWOOD (P. 0. Wildwood), Cape May County, N. J.
in local papers state that this city is considering the issuance of from Bonds Voted.
-Local papers state that the question of issuing $30,000 boardto $20,000 paving bonds at not exceeding 5% interest.
415,009
walk-erection bonds received a favorable vote at an election held recently.
-Bond Offering.
-Proposals
MASON SCHOOL DISTRICT (P. 0. Mason), Warren County, Ohio.
NOTTINGHAM, Cuyahoga County, Ohio.
-Proposals will be received until 12 m. June 3 by the Board will be received until 12 m. July 1 by J. C. Steinicke, Village Clerk, for $27,Bond Offering.
of Education, W. N. Cox, Clerk, for $3,000 434% tax-free impt. bonds. 000 90 434% water-main-construction assessment bonds. Denom. (53)
Auth. election May 0 1912. Denom. $250. Date June 3 1912. Int. M. & $500, (1) $500 90. Date July 1 1912. Int. M. dc N. Due $1,000 May 1
S. Due $750 Mch. 1 and Sept. 1 in 1930 and 1931. Certified check for 1913, $1,500 Nov. 1 1913, $1,000 May 1 1914, $2,000 Nov. 1 1914, $1,000
5% of bonds bid for, payable to said board, required.
May 1 1915, $1,500 Nov. 1 1915, 51,00o11 May 1 1916, $2,000 Nov. 1 1916.
-Bond Sale.
-On May 24 the $1,000 May 1 1917, $1,500 Nov. 1 1917, $1,000 May 1 1918, 11.500 Nov. 1
MERCER COUNTY (P. 0. Celina), Ohio.
$10,800 434% coup. Oak Grove-free-turnpike bonds (V. 94, p. 1340) were 1918, 51,000 May 1 1919, $2,000 Nov. 11919, $1,000 May 1 1920, $1,500
awarded to Well, Roth & Co., of Ctn. at 102.25 and int. A bid of *11,022 Nov. 1 1920, $1,000 May 1 1921, $1,500 Nov. 1 1921, $1,000 May 1 1922,
was also received from Otis de Hough of Cleveland.
$2,000 90 Nov. 1 1922. Cert, check for 5% of bonds bid for, payable to
within 10 days from
-Bonds Authorized.
-An ordin- Village Treasurer, required. Bonds to be delivered
MERIDIAN, Lauderdale County, Miss.
interest.
ance was recently passed, it is stated, providing for the issuance of $170,000 time of award. Purchaser to pay accrued
-Proposals will be
-Bond Offering.
be submitted
water funding and In:pt. bonds. The proposition will now
OAKLEY. Hamilton County, Ohio.
received until 12 m. June 14 by 0. Kasche, VII. Clerk, for $1,298 5% sideto the voters.
impt. assessment bonds. Auth. Sec. 3914, Gen. Code. Denom.
-An election walk
-Bond Election.
MERIDIAN, Lauderdale County, Miss.
Int. annual. Due $130 yearly from May 1 1913
will be held in about 60 days to vote on the question of issuing $170,000 (9) $130 and (1) $128. $128 on May 1 1922. Cert, check, payable to the
water-works, $100,000 street-impt., $30,000 viaduct and $20,000 sewer- to May 1 1921 incl. and bid for. Purchaser to pay accrued interest.
bonds
village, for 5% of
extension bonds.
-On May 28 the four issues of 5% 1-10 year (serial) impt.
Bond Sale.
-On May 28 the assess. bonds (V. 94, p. 1205) were awarded to Seasongood & Mayer of
-Band Sale.
MIDDLEPORT. Niagara County. N. Y.
issues of bonds, aggregating $105,000 (V. 94, p. 1462) were awarded Cincinnati. The bids follow:
two
$10,352 $2,066.48 $5,281.75 $3,057.64
to Douglas Fenwick & Co. of N. Y. for $105,365 67 (100.348) and int. for
Issue.
Issue.
Issue.
Issue.
4.35s.
Premium. Premium. Premium. Premium.
-Proposals
MIDDLETOWN. Middlesex County Conn.-Loan Offering.
$76 00 $206 00 $148 50
w ill be received until 3 p. m. June 3, it is stated, for a temporary loan of Seasongood & Mayer, Cincinnati-.$403 00
367 50
Breed & Harrison, Cincinnati
$50,000. Duo Dec. 4 1912.
133 37
177 99
69 84
Provident Say. Bank & Tr. Co.,Cin. 348 86
128 23
171 17
66 95
-Proposals will be received Mayer, Deppe & Walter, Cincin
-Bond Offering.
335 41
MINNEAPOLIS, Minn.
167 08
328 00
by Dan C. Brown, City Comptroller, for $325,000 4% Well, Roth ec Co., Cincinnati
until 2 p. m. June 20
29 99
59 00
9 99
_ 219 99
permanent-impt. revolving fund bonds. Date June 1 1912. Int. J. & D. First National Bank, Norwood_ __
-On May 27
-Bond Sate.
OGDENSBURG, St. Lawrence County. N. Y.
Duo June 1 1942. Bonds are tax-exempt in Minn. Cert. check for 2% of
4% refunding water bonds were awarded to local banks at par.
bonds bid for, payable to C. A. Bloomquist, City Treasurer, is required. $14,000
Date June 11911. Due June 1 1921 to 1924. No other bids were recetved.
Bids will not be entertained for less than 95% of par value of bonds.
-According to
-Bonds Voted.
• ORANGE COUNTY (P. 0. Orange), Tex.
The official notice of this bond offering will be found among the advertise- Galveston papers of May 17, an issue of $30,000 drainage bonds of this
ments elsewhere in this Department.
county had been favorably voted.
-Recently this
-On May 23 the following bids were received for the Ave issues
Bond Sale.
ORANGE COUNTY (P. 0. Orange), Va.-Bonds Voted.
of coup. bonds aggregating $365,588 (V. 94, p. 1266):
county voted to issue, it is stated, $50,000 Barbour-Road-District and
$80,000 $50,000 $10,588 $200,000 $25,000 $75,000 Taylor-Road-District bonds.
4%
4%
4%
4%
-Proposals will be received until
-Bond Offering.
OREGON CITY, Ore.
Issue. Issue.
Issue. Issue.
Issue.
5 p. m. June 10 by the Board of Water Commissioners for $50,000 434%
Minnesota L. do Tr.Co
water bonds. Date May 1 1912. Int. M. & N. Due 20 yrs. Cert. check
'96,929
900
•100
& A. B.Leach dc Co.,N.Y. a•100
for $1,000 required. Bids must be unconditional. Jos. E. Hodges is
98.40
Wells & Dickey Co., Minn
Bd. of Water Commissioners. These bonds were offered on
100 Sec'y of thethe bids received on that day were rejected.
96.27
100 (5%)105
100
100 May 20 but
96.27
100
100
Wm.R.ComptonCo.,St.L.ael
-The $20,000 5%
OSAWATOMIE, Miami County, Kans.-Bond Sale.
97.90
-year light and water bonds offered on May 21 (V. 94, p. 1400) were
100 30
95.85
100
100
Merrill,Oldham &Co.,Boston e
awarded to Sutherlin dc Co. of Kansas City, Mo.. at 103 and blank bonds.
Estabrook & Co. and It. L.
100 Denom. $1,000. Date June 11912. Int. J. & J.
95.01
100
Day & Co., Chicago_e_ __
100
100
-Bids Rejected-Bond Offering.95.00
100
100
N. W. Halsey de Co., Chic.e
OXNARD, Ventura County, Cal.
and
E. II. Rollins 6: Sons
Bids received on May 21 for the $30,000 light and$100,000 water 5% bonds
98.14
98.11
Blodget do Co., Chicago__ 98.11
voted April 5 (V. 94, p. 1134) were rejected. Proposals are again asked
98.02
_ _
Harris Tr. & Say. Bk., Chic.
for, this time until June 25.
'(4(%)100
C. B. Enkema & Co., Min'lls
-An ordinance
-Bonds Authorized.
PAINESVILLE, Lake County, Ohio.
was passed April 29 providing for the issuance of $1,500 4% electric-light
• Successful bids, a And blank bonds. e All or none.
and extension bonds. Denom. $500. Date Oct. 1 1912. Int. A. & 0. at
-Proposals will be received until 2 p. m. June 12 by the City Treasurer's office. Due $500 Oct. 1 in 1919. 1920 and 1921.
Certificate Offering.
J. A. Ridgway, Sec. Board of Park Commissioners, for $123,349 77 park-Proposals
PARKERSBURG Wood County, W. Va.-Bond Offering.
way certificates of Indebtedness. Cert. check for 2% of certificates bid for, will be received until 3 p. m. June 14 by W. H. Smith. Chairman of City
payable to 0. A. Bloomquist, City Treas., is required.
-year coup, water-works bonds voted
Commissioners, for the $100,000 4% 20
-Bond Sale.
-On May 22 the April 2 (V. 94, p. 1000). Denom. $100, $500 and $1,000. Date June 1
MODESTO. Stanislaus County, Cal.
$82,500 5% water bonds recently voted (V. 94, p. 866) were awarded to 1912. Int. ann. In June at Parkersburg. No deposit required.
J. H. Adams dc Co. of Los Angeles for $85,366 (103.47) and int. Denom.
It was previously reported that the above bonds had been awarded to
$500. Date May 1 1012. Int. J. & J. Due $2,500 yrly. Jan. 2 1913 Mayer, Deppe & Walter of Cincinnati and Townsend Scott de Sons of
to 1945 incl.
-Se V. 94, 1463.
Baltimore.
-It is stated that
PEND D'OREILLE COUNTY SCHOOL DISTRICT NO. 2. Wash.
-Bonds Authorized.
MONTCLAIR, Essex County, N.J.
-On May 27 $20,000 school bonds were awarded to the State of
Band Sale.
the Board of School Estimate has approved a bond issue of $261,000.
Other bids follow:
- Washington at par for 530. 5tis
-Bond Offering.
MORELAND TOWNSHIP, Montgomery County, Pa.
For 6s
For
Proposals will be received on or before June 3 by Henry W. Hallowell, Exchange Nat. Bk.,Spok_$20,296 00 Causey,Foster&Co.,Deny_$21,004 00
Pres. Board of Supervisors (P.0. Jenkintown), for $10,000 4 34% registered Causey,Foster&Co.,Denv. 20,245 00 Hoehler&Cummings,Tol__ 20,806 50
bonds. Denom.$500. Date June 1 1912. Int. J. & D. Due $500 yearly
Bk.,Spok_ 20,215 00 C. H. Coffin, Chicago_ _ _ _ 20,601 00
on June 1 from 1913 to 1922, incl., and $1,000 yearly on June 1 from 1923 Union Tr. &S.
Portland_ _ _ 20,147 50 John Nuveen ec Co., Ohio_ 20,456 00
to 1927, incl. Bonds will be delivered and must be paid for on June 10 at Morris Bros.,
Carstens&Earies,Inc.,Seat 20,139 00 Wm. D. Perkins is Co.,
office of the President of Board of Supervisors in the Jenkintown Nat.
20,000 00
Seattle
Fidelity Nat. Bank, Spok_ 20,110 00
Bank. Bond debt of township, this issue.
-Proposals will be
-Bond Offering.
PENN VAN. Yates County, N. Y.
MORRISTOWN SCHOOL DISTRICT (P.O. Morristown), Morris County. received until 8 p. m. June 3 by H. M. Putnam, Village Clerk, for $60,000
-Loan Voted.
-The voters at an election held May 20 authorized the reg, highway bonds. Auth. election held July 25 1911. Denom. $1,000.
N. J.
spending of *42,000 for repairing certain schools in the district.
PETALUMA CITY SCHOOL DISTRICT (P. 0. Petaluma). Sonoma
-Atan election to beheld in this district June4
-On May 29 $10,000 County, Cal.
-Bond Election.
NASHUA, Hillsboro County, N. H.
-Bond Sale.
-year refunding bonds were awarded to Geo. A. Fernald & Co. of a proposition to issue $125,000 5% gold high-school site and building
4% 20
J. & D.
to the voters. Int. semi-annual. Due $3,125
Boston at 100.06. Denom. $1,000. Date June 1 1912. Int.
bonds will be submitted
NEIHART SCHOOL DISTRICT (P. 0. Neihart), Cascade County, Mont. yearly for 40 years.
-An election will be held in this district June 4, according
PETOSKEY SCHOOL DISTRICT (P. 0. Petoskey). Emmet County.
-Bond Election.
-On May 23 the $80,000 434% coup.school-bldg. bonds,
-Bond Sale.
to reports, for the purpose of submitting to the voters a proposition to issue Mich.
recently voted (V. 94, p.1134). were awarded to the Detroit Trust Co. In
$3,000 refunding bonds.
int. Other bids follow:
- Detroit at 101.625 and
-Bond Offering.
HAVEN'TOWNSHIP, Huron County, Ohio.
NEW
W. E. Moss & Co., Detroit_ _$80,939 Harris Trust & Say. Bank,
$80,610
Proposals will be received until 12 m. June 17 13y D. F. Dawson, Township H. W. Noble & Co., Detroit 80,8001 Chicago
1927.
Clerk (P. 0. Chicago Junction), for $15,000 5% road-impt. bonds. Auth.
Duo $5,000 yrly. Aug. 1 1917 to 1926 incl. and $30,000 Aug. 1
Secs. 6976 to 7018, General Code. Denom. $500. • Date June 17 1912.
-PaCOUNTY (P. 0. Phillipsburg), Kans.-Bonds Voted.
PHILLIPS
Int. J. & D. Duo on June 17 as follows: $2,000 yearly from 1915 to 1920,
jail bonds has been voted
of $60,000 court-house and
ncl., and $3,000 in 1921. Cert. cheek for $500, payable to the Clerk, pers state than an Issue
by this county.
required. Purchaser to pay accrued interest.




I

1524

THE CHRONICLE,

PIEDRA SCHOOL DISTRICT, Fresno County, Cal.
-On
-Bond Sale.
May 20 the $2,029 50 6% bldg. bonds (V. 94, p. 1401) were awarded, it is
stated, to the Fresno Savings Bank for $2,037.07, or 100.373.
PILOT ROCK. Umatilla County. Ore.
-Bond Election.
-On June 7 this
city will vote, it is stated, upon the question of issuing $12,000 water-system
bonds.
PLEASANTVILLE, Atlantic County. N. J.
-Pro-Certificate Offering.
posals will be received, according to reports, until 2 p. m. to-day (June 1)
for *12,000 6% 5-yr. certificates of indebtedness. Certified check for $100
is required.
-Bonds to be Offered
PORTAGE COUNTY (P. 0. Ravenna), Ohio.
Shortly.
-Reports state that this county will shortly offer for sale an issue
of $14,000 (county's portion) Portage
-Trumbull-ditch bonds.
-Proposals will
PORTSMOUTH. Scioto County, Ohio.
-Band Offering.
be received until 12 m.June 18 by Wm.N. Gableman, City Auditor, for the
following 4% coup. bonds:
$300,000 water-works-extension bonds. Denom. $500. Date Jan. 1 1911.
Int. J. & J. at the Treas. office. Due $7,500 yearly Jan. 1 1916
to 1955 Incl.
20,000 street
-extension bonds. Denom. $500. Date March 1 1912.
Int. M. 6: S. at the Treas. office. Due Mch. 1 1924.
20,000 sewer-constr. (city's portion) bonds. Denom. $500. Date
Mch. 11912. Int. H. & S. at the Treas. office. Due $2,000 yrly.
Mch. 1 1913 to 1922 incl.
Cert. check for 2% of bonds bid for, payable to:the Auditor, islrequired.
Bids must be unconditional.
-.,.........., ,............1
POPLAR BLUFF SCHOOL DISTRICT (Poplar Bluff), Butler county,
Mo.-Bond Offering.
-Proposals will be received until June 18, according
to reports, by H. Ruth, Pres. Board of Education, for $50,000 4%
10-20-yr. (optional) bonds. Int. semi-annual. Certified check for $1,000
Is required. • • .....
• •
..... • • • • * • • ,28 ..th '
. .
-On May
-Bond Sale.
PORT CLINTON, Ottawa Covnty, Ohio.
$5,000 5% 1-10-yr. (ser.) water-works-ext. bonds (V. 94, p. 1267) were
awarded to the Citizens Nat. Bank in Wooster at 103.73. Other bids
follow:
Seasongood & Mayer, Cin $5,185 00 Stacy & Braun, Toledo__ $5,153 15
Davies
-Bertram Co., Cin__ 5,183 00 New First Nat. Bk., Co!._ 5,125 00
Sec.Say. Bk. & Tr. Co., Tol. 5,175 50 Croghan Bank & Savings
Co., Fremont
5,121 50
Hayden. Miller & Co., Clev. 5,165 00
-Bond Offering.
-Proposals
• PUTNAM COUNTY (P. 0. Ottawa), Ohio.
will be receiRed until 12 m. June 13 by the Board of Commissioners at
Auditor's office, Courthouse, Ottawa, for the following bonds:
$9,000 5% A. W. Dangler road impt. bonds in Palmer and Greensburg
Twps. Denom. $1,500. Due $1,500 yearly from 1917 to 1922 incl.
11,000 S. R. Parrett road impt. bonds in Monroe Twp. Denom. $1,000.
Due *1,000 in 1916 and $2,000 yearly from 1917 to 1921 incl.
16,000 J. E. Blister road impt. bonds in Palmer, Perry, Monroe and Greensburg Twps. Denom. $1,000. Due $1,000 in 1917 and $3,000
yearly from 1917 to 1922 inclusive.
29,000 E. H. Buckland road impt. bonds in Blanchard and Van Buren
Twps. Denom. $1,000. Due $2,000 in 1917 and $2,000 yearly
from 1918 to 1922 inclusive.
Date July 1 1912. Int. J. & J. at Co. Treas. office. Cert. check on bank
doing business in Ottawa (or cash) for $1,000, payable to Co. Treas., required. Purchaser to pay accrued int. and furnish blank bonds at his
own expense.
-Bond Offering.
-ProRED LAKE FALLS, Red Lake County, Minn.
posals will be received until 1 p. m. June 4 by J. Perrault, City Clerk, for
the $25,000 water-works bonds at not exceeding 6% int. (V. 94, p. 1463).
Denom. $1,000. Date June 1 1912. Int. J. & D. Due June 1 1932.
Cert. cheek for $500, payable to the City Treas., is required.
-Bond Offering.
REDWOOD CITY. San inateo %,ounty. at.
-Proposals
will be received until 8 p. m. June 3, it is stated, for $30,000 5 v% municipal-impt. bonds. Denom. $500. , - .... • • • • ...... .1
-The $600,000 4% 30
-year gold coupon
-Bond Sale.
RHODE ISLAND.
or registered highway-construction bonds offered on May 28 (V. 94, p.
1401) were awarded to the Providence Banking Co. of Providence at 105.138.
The following bids were also received:
Estabrook & Co. B oston_ __ _103.34 Jas. A. Hutchinson, floston_101.53
Blake Bros. & Co.and Adams
'
Blodget & Co., Boston, and
100.31
& Co., Boston
Richardson & Clark, Prov_ 102.86
Industrial Trust Co., Prov___102.22 Merrill, Oldham & Co., Bost_100.089
-Bonds Voted.
-By a vote of 132 "for" to
ROCHELLE, Ogle County. III.
13 'against, this place on May 16 voted to issue, It is stated, $26,000 pay•
ing bones. .1 •
_______
-Note Sale.
-On May 29 the $150,000 6-mos. water• ROCHESTER, N. Y.
works-impt. notes (V. 94, p. 1463) were awarded to Goldman,Sachs & Co.
of N. Y. at 3.70% Int. and $7 50 premium. Other bids follow:
3.90% int.
Bond & Goodwin N Y
4.00% int. and $25 prem.
H. Lee Anstey, 24. Y
4.00% int. and $10 prem.
Security Trust Co., Rochester
3.98% int.
Luther Robbins, Rochester
4.00% int. and $5 prem.
First Trust & Say. Bank, Chicago
4.05% int.
Watson & Pressprich, N Y
-An issue of
ROSEDALE, Wyandotte County, Kans.-Bonds Voted.
•
$20,000 city-hall building bonds was authorized, it is stated, by a vote of
260 to 76 at an election on May 17. The reports further state that bonds
for the extension of the municipal water mains were authorized at the same
election by a vote of 227 to 158.
-Bond Sale.
-The $1,441 70 reg.
• ROYALTON. Niagara County, N. Y.
drainage bonds offered on May 28 (V.94, p. 1463) were awarded to Wm.W.
Johnson at par and accrued interest for 5.60s. Interest annual.
-Bond Election Postponed.
-An elecRUPERT. Lincoln County, Idaho.
tion which was to have been held May 21 was postponed, we are advised
pending the receipt of an opinion as to the legality of ordinance.
-On May 27 all
ST. ALBANS. Franklin County, Vt.-Bids Rejected.
bids received for the $12,000 4)4% 8-10-yr. (ser.) IT. S. deposit fund bonds
(V. 94, p. 1463) were rejected. Proposals were received from E. H. Gay
and E. H. Rollins & Sons of Boston and the Bellows Free Academy Fund
in St. Albans.
-Bonds Proposed.
-An issue of $23,000
ST. CHARLES, Kane County. III.
park bonds is, according to reports, being considered by this city.
ST. MARY PARISH FIFTH WARD SCHOOL DISTRICT (P. 0. Frank-The Interstate Trust & Banking Co. of New Orleans
-Bond Sale.
lin), La.
has been awarded, it Is stated, the $36,000 5% bonds which this district
has been offering for sale. (V. 94, p. 1206.) The price paid is reported as
par and accrued interest. Due on May 1 as follows: $1,000 in 1914, 1915,
1916 and 1917, $1,250 in 1918, 1919, 1920 and 1921; $1,500 in 1922, 1923
and 1924; $1,750 from 1925 to 1928 incl.; $2,000 in 1929, 1930 and 1931;
$2,250 in 1932; $2,500 in 1933 and 1934 and $2,250 in 1935. • • • • . .,
-Proposals will be
IIRSALEM. McCook County, So. Dak.-Bond Offering.
received until 5 p. m. June 3 by N. M. Nelson, City Aud., for $5,000 5%
coup, water and sewer tax-free bonds. Auth. Chap. 14, Laws of 1903; also
election held April 16. Denom. $500. Date June 3 1912. Int. J. & J.
at City Treasurer's office, with exchange on N. Y. Due $5,000 Apr. 16 1932.
SALEM INDEPENDENT SCHOOL DISTRICT (P. 0. Salem), Harrison
-Proposals will be received until 6 p. m.
County. W. Va.-Bond Offering.
June 17 by R. L Towles, Sec. Bd. of Ed. for $20,000 5% school-bldg.
bonds. Denom. $100. Int. J. & D. Due at any interest period or may
'
run to 1932.
SALINEVILLE, Columbia County, Ohio.
-Bond Sale.
-On May 28 the
following bids were received for the $5,000 5% 3-12-yr. (ser.) coup. Main
St.-impt. (village's portion) bonds. (V. 94, p. 1402):
•
Prov.Say.Bk.& Tr.Co., Cin $5,230 00I Otis & Hough, Cleve
$5,191 00
Hayden, Miller & Co., Clev, 5,210 00 Cit. Bkg. Co., Salineville
5,187 00
Seasongood & Mayer, Cln 5,205 00 Sec. Say.Bk.&Tr.Co., Tol
5,151 50
New First Nat.Bk., Columb, 5,200 00 First Nat. Bank, East
Citizens' Nat. Bk., Wooster 5,191 501 Liverpool
5,051 00
-It is stated in
-Bonds Not Sold.
SAN ANSELMO. Mario County, Cal.
San Francisco papers that no bids were received for an issue of $26,000 . .
5%
bonds recently offered for sale. . . . • . . ...... , . . .

W

SAN BERNARDINO HIGH SCHOOL DISTRICT (P.O. San Bernardino),
-Bond Election.
-On June 6 an issue of $230,San Bernardino County, Cal.
000 polytechnic high-school bonds will, it is stated, be submitted to the
voters.




Lxxxxiv.

SAND POINT, Banner County. Idaho.
-Bond Offering.
-Proposals will
be received until 12 m. June 20 by W. J. Costello, Clerk Sewer Corn., for
$40,000 sewer bonds at not exceeding 8% interest, payable annually.
SCOTT TOWNSHIP SCHOOL DISTRICT, Sandusky County, Ohio.
Bands Not Sold.
-The $6,500 6% school-bldg. fund bonds offered on May 27
(V. 94, p. 1267) were not sold, according to reports, as the District Board
withdrew the advertising and ended further proceedings for the time being.
-Bond Sales for April.
SEATTLE, Wash.
-During the month of Apri
the following special impt. bonds aggregating $135,400 08 were issued by
the city:
Purpose.
Amount.
Date.rn
It. Ap
n 7
Due.
$811 38 Bridge and roadway
8 1912 April 8 1917
48,393 97 Sewer and water-main
6 April 16 1912 April 16 1922
30,150 99 Grade and curbs
7 April 22 1912 April 22 1917
2,757 46 Planking
7 April 29 1912 April 29 1917
4,175 08 Bridge and roadway
7 April 30 1912 April 30 1917
49,111 20 Grade and curbs
7 April 30 1912 April 30 1917
The above issues are all subject to call after one year.
SELMA, Dallas County, Ala.
-Description of Bonds.
-The $35,000 school
bonds voted by this city on March 25 (V. 94, p. 1002) will, it is stated, be
coupon in form and run for a period of 35 years, bearing 5% interest.
-Bonds Voted.
SENOIA, Coweja County, Oa.
-By a vote of 121 "for"
to none "against' this city on May 20 authorized the Issuance of building
bonds. ,
-Bonds Voted.
SHARON, Mercer County, Pa.
-The election held in this
borough May 21 to vote on the question of issuing $85,000 4 yi% 10-30-year
(opt.) municipal electric-light-plant
-construction bonds (V. 94, p. 1206)
resulted in a vote of 366 "for" to 326 "against," according to reports.
-Proposals
SHARPSBURG, Allegheny County. Pa.
-Band Offering.
will be received until 8 p. m. June 1 for $25,000 4 3 % coupon general-impt.
bonds. Denom. $1,000. Date May 1 1912. Int. J. & D. Due $5,000
yearly Dec. 1 from 1923 to 1927 incl. Bonds are exempt from State tax.
Cert. check for $500 required. T. J. McGivern is Borough Clerk.
SIDNEY, Cheyenne County, Neb.-Bids Rejected.
-According to reports
all bids recently received for the $22,000 6% sewerage bonds voted Mch. 25
(V. 94, p. 1002) were rejected. It is also stated that the issue will probabl
be sold at private sale.
SILVIS, Rock Island County, Ill.
-Bonds Defeated.
-The election held
April 16 resulted in the defeat of the proposition to issue the $15,000 5%
village-hall bonds (V.94, p. 1002). The vote was 96 "for" to 149 "against."
Due $1,500 yearly on Sept. 1.
SMITH COUNTY (P. 0. Tyler). Texas.
-Bonds Defeated.-The election
held April 20 resulted in the defeat of the proposition to issue $40,000 road
bonds (V. 94, P. 1002). The vote was 194 "for" to 112 "against," a two..
thirds majority being required to authorize the issue.
SMITH COUNTY COMMON SCHOOL DISTRICT NO. 18, Tex.
-Bond
-The State Permanent School Fund purchased on May 10 $8,000 5%
Sale.
5-40-yr. (opt.) bldg. bonds dated April 10 1912 at par and Int.
-The above bonds were registered by the State CompBonds Registered.
troller on May 9.
SOMERSET (Town), Niagara County, N. Y.
-Bid.
-A bid of $4,003 for
530 was received for the $4,000 (town's portion) drainage bonds offered
on May 28 (V. 94, p. 1463).
SPRINGFIELD TOWNSHIP, Mahoning County, Ohio.
-Bond Offering.
Proposals will be received until 1 p. m. June 11 by L. W.Scholl, Township Clerk (P. 0. Petersburg), for $40,000 5% road-impt. bonds. Denom.
$500. Date June 15 1912. Int. semi-annually at Struthers Savings &
Banking Co., Struthers. Due $5,000 yearly on Oct. 1 from 1913 to 1920.
incl. Cert. check for $1,000, payable to E. C. Welsh, Township Treas.,
required. Bonds to be delivered not later than June 15.
-This city has
STATESVILLE. lredell County. No. Caro.
-Band Sale.
awarded to the H. C. Speer & Sons Co.of Chicago an issue of $60,000 municipal-improvement bonds at par and accrued interest.
-Bond Sale.
SUMMIT LAKE SCHOOL DISTRICT, Fresno County, Cal.
On May 20 the $6,000 6% 1-5-year (serial) school bonds (V. 94, p. 1402)
were awarded to the Fresno Say. Bank at 100.6595. Wm,R. Staats Co. of"
San Francisco bid 100.95, but their cert. check was not sufficient ,according to notice of sale,
TEAGUE SCHOOL DISTRICT, Cal.
-Bond Sale.
-Reports state that
the First Nat. Bank of Fresno has been awarded $2,500 bonds at 101.48.
TIPPECANOE COUNTY (P. 0. La Fayette), Ind.
-Bond Sale.
-The
Merchants' Nat. Bank has been awarded at 100.50 and int. an issue of
$100,000 4% bridge bonds. Denom.$500. Date April 1 1912. Int. A. &
0. Due one-fifth yearly. A bid of par and int. was also received from
Edward O'Gara.
TRAVERSE CITY, Grand Traverse County, Mich.
-Bond Offering.-Proposals will be received until 12 in. Juno 10 by T. H. Gillis,
City Clerk, for the *150,000 bonds, at not exceeding 4% interest,
to purchase the Queen City Electric Light & Power Co. plant, privileges
and franchises (V. 94, p. 1463). Denom. $1,000. Date June 1 1912.
Int. J. & D. at the City Treasurer's office. Due June 1 1932. Official
circular states that previous issues of bonds have never been contested and
that there is no controversy or litigation pending or threatened affecting
the corporate existence or the boundaries of the city, title of its present
officials to their respective offices or the validity of these bonds.
-Certificate Sale.
-On May 28 the
TROY. Rensselaer County, N. Y.
$100,000 5% certificates of indebtedness due Oct. 28 1912 (V. 94, p. 1463)
were awarded to the Manufacturers' Nat. Bank in Troy for 100.46. Other
bids follow:
Albany Say. Bank, Albany..$100,4101Troy Say. Bank, Troy
$100,325
Harris, Forbes & Co., N. Y. 100,3691
-Bond Sale.
-An issue of $50,000 554%
TUPELO, Lee County, Miss.
impt. bonds was awarded in April to the People's Bank & Trust Co. In
Tupelo at 102.40. Denom. $500. Date April 11912. Int. A. & 0.
-Bond Sale.
-It is reported
UNION SPRINGS, Bullock County, Ala.
-year gold bonds, bids
that the $30,000 sewer and $5,000 water-tower 5% 30
for which were rejected on Mch. 11 (V. 94, p. 783), have been sold.
-On May 28 the $70,000 4'(% 1-20-year
-Bond Sale.
UTICA. N. Y.
(ser.) reg. tax-free public-impt. bonds (V. 94, p. 1463) were awarded to
W. N. Coler & Co. of N. Y. at 102.79 and int. Other bids follow:
Estabrook & Co., N. Y_ _ 470,224 00
Kissel, Kinnieutt 6: Co.,
New York
$70,482 00 Harris, Forbes 6: Co.,N.Y. 70,128 10
Rhoades & Co., N. Y
70,364 00 E. H.Rollins & Sons,N.Y. 70,124 39
N. W.Halsey & Co., N.Y. 70,354 90 Adams & Co., N. Y
70,119 00
Watson 6: Pressprioh,N.Y. 70,336 00 R. L. Day & Co., N. Y
70,112 70
R. M. Grant & Co., N. Y_ 70,313 60 A. B. Leach & Co., N.Y.. 70,077 00
O'Connor & Kehler, N. Y.. 70,294 00 Kountze Bros., N. Y
70,028 70
Bond & Goodwin, N. Y.._ 70,280 00 James 11. Magoffin, N. Y_ 70,013 75
A bid from Farson, Son & Co. of 2. Y. was rejected. Interest M. & N.
VALLEY COUNTY SCHOOL DISTRICT NO. 1, Mont.
-Bond Sale.
-On
-10
May 21 the $3,500 6% 5 -year (opt. bldg. bonds were awarded to Wm.E.
Sweet & Co. of Denver for $3,560 (101.71) and expenses. Other bids:
J. N. Wright & Co., Chicago_a$3,550 State Board of Land Comm,.
..$3,500
Keeler Bros., Denver
3,535 C. H. Coffin, Chicago
3,423
Union Bk.6:Tr.Co., Helena_ _a3,500 Un. Tr. & Say. Bk., Spokane_ 3,405
S. A. Kean & Co., Chicago__ (..)
a And blank bonds. • Price not stated.
Denom. $500. Date July 1 1912. Int. annually in July.
-Band Offering.
WARREN. Warren County, Pa.
-Proposals will be received until 12 m. June 3 by A. W. Mumford, Pres. of Council, for $15,000
4 )i% tax-free paving bonds. Denom. *1,000. Date June 1 1912. Int.
J. & D. In Warren. Due June 1 1942. No deposit required with bids.
WASHINGTON. Daviess County, Ind.
-Bond Sale.
-The Fletcher-American National Bank of Indianapolis has been awarded, It is stated, an issue
-year school-building bonds for $65,120 (100.184) and other
of $65,000 10
considerations.
WASHINGTON C. H. SCHOOL DISTRICT (P. 0. Washington C. H.),
,
-The proposition to issue $30,000
Fayette County, Ohio.
-Bonds Voted.
bldg. bonds carried at an election held May 21 by a vote of 643 for to
507 "against."
WASHINGTON TOWNSHIP, Belmont County, Ohlo.-Bond Offering.Proposals will be received until 12 m. Juno 17 by Walter McKeon, Twp.
Clerk (P. 0. Armstrong's Mills), for $10,000 5% road-lmpt. bonds. Auth.
Gen. Code, Sec. 7033 to 7052 incl. Denom. *1,000. Date Moh. 15 1912.
Int. M. & S. Due $1,000 each six months from Mch. 15 1913 to Sept.il5

JUNN 1 1912.1

1917 incl. Cert, check for 5% of bonds bid for, payable to the Township
Trustees, required. Bonds to be delivered and paid for within 5 days from
the time of the award.
WAUKEGAN SCHOOL DISTRICT (P.O. Waukegan), Lake County, 111.
-Bond Election.
-Local papers state that an election will be held June 3
to vote on a proposition to issue $20,000 20-year building bonds.
-An election which was to
• WAUTOMA, Wis.-Bond Election Rescinded.
have been held May 28 to vote on the question of issuing $7,000 improvement bonds was called off.
-Bond Sale.
-The $18,500 5%
WELLINGTON. Lorain County, Ohio.
coup. street (village's portion) bonds offered on May 27 (V. 94, p. 1463)
were awarded to Stacy & Braun of Toledo for $20,041, making the price
108.32. The other bids were:
Seasongood & Mayer, Cin420,001 00 Otis & Hough, Cleveland $10,755 00
Security Savings Bank &
Tillotson & Wolcott Co..
Trust Co., Cleveland_ __ 19,625 00
19,983 70
Cleveland
Davies-Bertram Co., Cin_ 19,615 00
Hayden, Miller & Co..
19,830 00 New First Nat. Bank,
Cleveland
19,228 00
Columbus
19,795 00
Well, Roth & Co.. Cin_
Due on Oct. 1 as follows: $500 in 1920, $1,000 yearly from 1921 to 1926
yearly from 1927 to 1932 incl.
incl. and $2,000
WEST CARROLLTON SCHOOL DISTRICT (P. 0. West Carrollton).
-Bonds Voted.
-Building bonds were authorMontgomery County. Ohio.
ized by this district at a recent election, it is stated. The vote is given as
153 to 104.
-On May 29
-Bond Sale.
WEST ELIZABETH, Allegheny County, Pa.
the $14,000 434% bonds (V. 94, p. 1463) were awarded to the Mellon Nat.
Bank in Pittsburgh for $14,112 75, making the price 100.805. Other bids:
100.30
J. S. & W. S. Kuhn, Inc., Pittsburgh
100.25
First National Bank, West Elizabeth
Denom. $500. Date June 1 1912. Int. J. & D. Due $5,000 in 1930
1935 and $4,000 in 1939.
and
-Bond Sale.
WHITMAN COUNTY SCHOOL DISTRICT NO.82, Wash.
On May 27 $20,000 5% 15-20-year funding bonds were awarded to Woodin,
MoNear & Moore of Chicago. Denom. $1,000. Date April 1 1912.
Interest semi-annually in New York.
-On May 29 the
-Bond Sale.
WILMINGTON, New Castle County, Del.
$100,000 434% reg. street and sewer-impt. bonds (V. 94, p. 1403) were
awarded to N. W. Halsey & Co. of N. Y. at 104.135. Other bids follow:
104.059 Equitable Guar. & Tr. Co__ _103.670
Biodget & Co., N Y
103.89 A. B. Leach & Co., N. Y_ __ _103.57
R. L. Day & Co., N. Y
103.521
Harris, Forbes & Co., N. Y.._103.823 Bond & Goodwin, N Y
F. D. Lackey & Co., Wilm_ _103.81
A bid was also received from the Wilmington Saving Fund.
-On May 28 local
-Certificate Sale.
WINDSOR, Broome County, N. V.
investors were awarded $3,550 highway-impt. certificates dated June 1 1912
par.
at
-Dispatches
W1NNECONNE. Winnebago County, Wis.-Bonds Voted.
state that an issue of $12,000 municipal-building bonds was authorized by
this city at an election held May 20.
WOODBURY-MONONA DRAIN AGE DISTRICT NO. 2 (P. 0. Onawa).
-Proposals will be received until 12 m. June 12 by
-Bond Offering.
Iowa.
C. E. Blanchard, Auditor of Monona County (P. 0.Sioux City), for $75,000
6% coup. drainage bonds. Denom. $500 and $1,000. Date July 1 1912.
Int. J. & J. at County Treas. office. Due one-fifth yearly from Jan. 1 1913.
Cort. check for $1,000, payable to the County Auditor, is required.

NEW LOANS.

1525

THE CHRONICLE

WOOD COUNTY (P.0, Grand Rapids), Wis.-Bands Offered by Bankers.
-Farson, Son & Co. of Chicago are offering to investors $30,568 6% Remington Drainage District bonds. Denom. $1,000. Date June 1 1912.
Int. J. & D. at Farson, Son & Co., New York and Chicago. Due $2,000
. •
yearly on June 1 from 1916 to 1929 incl. and $2,568 June 1 1930.
-Bonds Offered by
WYA N DOTTE COUNTY (P. 0. Kansas City), Kan.
Bankers.
-In an advertisement on a preceding page the H.C. Speer & Sons
Co. of Chicago is offering to investors $130,000 of the issue of $170,000 434%
coupon bridge bonds awarded to it in January. Denom. $1,000. Date
Feb. 1 1912. Interest F. & A. at State Treasury, Topeka. Due serially
Feb. 1 1932 to 1941 inclusive.
-year (serial) assesYONKERS. N. Y.
-Bond Sale.
-The $150,000 1-10
ment and $68,000 1-17-year (serial) school 434% registered bonds offered
on May 28 (V. 94, p. 1464) were awarded to Kissel, Kinnicutt & Co., N. Y.,
at 101 .33 and 101.96, respectively. Other bids follow:
$68,000 00
5150,000 00
Issue.
Issue.
Harris, Forbes & Co., New York
101.184
101.184
Estabrook & Co., New York
101.153
101.153
Ferris & White, New York
101.791
101.101
Farson, Son & Co., New York
101.479
100.97
Rhoades & Co., New York
-$3,117 40 premium on allE. H. Rollins & Sons, New York
3,014 94 premium on all
Bond & Goodwin, New York
40 premium on all
2
Bonds awarded to Kissel. Kinnicutt
Co.

and
------.0.Canada. its Provinces
Municipalities.

AMHERSTBURG, Ont.-Debentures Voted.
-The election held May 14
(V. 94, p. 1268) resulted in favor of the issuance of $10,000 5% 10-installment debentures to aid the Canadian Two-in-One Auto Co.
AR NPRIOR. Ont.-Debenture Offering.
-Proposals will be received until
12 m. June 14 by Dan McLachlin, Mayor, for 51,521 68 20-yr., $2,168 70
20-yr., $1,340 63 29-yr. and $24,000 30-yr. debentures.
-On June 3 a vote will be taken on a
BARRIE. Ont.-Loan Election.
-plant loan.
$7,000 electric-light
BIGGAR SCHOOL DISTRICT NO. 2497. Sask.-Debenture Sale.
-This
district has awarded $4,000 6% 20-year debentures to Nay & James of
Regina.
-This village has sold to Nay & James
BOUNTY. Sask.-Debenture Sale.
of Regina $7,000 7% 10-year debentures.
CALEDONIA, Ont.-Loan Election.-The question of raising 54.600 for
hydro-electric purposes will be voted upon on June 6,
-Propositions to raise $130,000
-Loan Election.
CALGARY, Alberta.
for a service building and $18,500 for the upkeep of the city walls will be
voted upon on June 3, according to reports.
-The 52.000 6% 15-installment debenDUBUC. Sask.-Debenture Sale.
tures referred to in V. 94, p. 1346. have been awarded to Nay & James of
Regina.
-The by-law providing for the
EXETER. Ont.-Debentures Voted.
issuance of the $5,000 drainage-construction debentures was adopted at
the election on May 27 (V. 94, p. 1404) by a vote of 186 to 11.
-Nay & James of Regina were the
FULLAR, Sask.-Debenture Sale.
-year debentures of this village.
purchasers of $2,000 6% 15
KEELER. Sask.-Debenture Sale.-Thls village has sold to Nay te James
of Regina $2,000 6% 15-year debentures.

NEW LOANS.

INVESTMENTS.

$325,000
Bolger, Mosser & Willaman
MUNICIPAL BONDS
CITY OF GRAFTON, W. VA., CITY OF MINNEAPOLIS,
$90,000

WATERWORKS BONDS
The undersigned will receive proposals until
3 o'clock p. m.. JUNE /4TH, 1912, at the office
of the City Clerk of Grafton, West Virginia, for
$90,000 Water-works Bonds of the City of Grafton,
Taylor County, West Virginia.
Bonds will be coupon bonds of the denomination of $1,000 each, dated July 1, 1912. bearing
interest at the rate of Five per centum per annum.
payable annually, both principal and interest
payable at the Grafton Bank, in the City of
Grafton, West Virginia, or at the Coal & Iron
National Bank In the City and State of New York,
at the option of the holder, said bonds to mature and become payable as follows: 18 of said
bonds, aggregating the sum of $18,000, 10 years
after their date, and 3 of said bonds,for the aggregate amount of $3,000, yearly, 11 to 34 years after
the date of said bonds.
Each bid shall be In writing and enclosed in an
envelope marked "Bid for City of Grafton, West
Virginia. Bonds." No sale shall be valid unless
the same be ratified and approved by the City
Council.
The legality of the bonds has been approved
by Messrs. Dillon, Thomson & Clay, attorneys, of
New York City, whose opinion as to the legality,
or a duplicate, will be delivered to the purchaser.
Each bid must be accompanied by a certified
oheck on some responsible bank or trust company,
payable to the order of the City Clerk, for Two
per cent par value of the bonds bid for, as security
for the performance of such bid and as liquidated
damages in the event of failure of the successful
bidder to accept and pay for said bonds. No
bid for less than par and accrued interest will be
considered. The right is reserved to reject any
and all bids. Said bonds will be delivered to the
successful bidder on the 1st day of July, 1912.
R. M. PARRISH,
P. P. POE,
R. E. BLANEY,
WTJLIAMS. HANWAY, City Clerk,
Committee.

$45,000
Paving District No.7, Fort Smith,Arkansas,
5% BONDS

BONDS
Sealed bids will be received by the Committee on
Ways and Means of the City Council of Minnespoils,Minnesota,at the office of the undersigned,
THURSDAY, JUNE 20TH, 1912, at 2 o'clock
P. M., for the whole, or any part of $325,000
Permanent Improvement Revolving Fund Bonds,
dated June 1st, 1912, payable June 1st, 1942
bearing interest at the rate of Four (4%) Per Cent
per annum, payable semi-annually December 1st,
and June 1st, and no bid or proposal will be
entertained for a sum less than 95% of the par
value of said bonds, and accrued interest on same
to date of delivery.
The above bonds are tax-exempt in the State
of Minnesota.
The right to reject any or all bids is hereby
reserved.
A certified check for Two (2%) Per Cent of the
par value of the bonds bid for, made to C. A.
tiloomquist, City Treasurer, must accompany
each bid.
Circular containing full particulars will be
mailed upon application.
By order of the Committee on Ways and Means
at a meeting held May 23rd, 1912.
DAN C. BROWN,
City Comptroller.

$6,100,000

Port of Seattle District, Wash.,
DEVELOPMENT BONDS
Sealed proposals will be received at the office of
the Port of Seattle Commission, 843 Central
Building, Seattle, Wash., until 12 M. JULY 1.
1912. and then publicly opened, for the purchase
of the following bond issues authorized by the
Port of Seattle District (co-terminous with the
County of King, in which the City of Seattle is
located) at a special election held in said District
March 5, 1912, for the purpose of providing funds
for the development of the Port of Seattle.
For the Smith's Cove Waterway pro$1,000,000
ject
850,000
For the East Waterway project
350.000
For the Salmon Bay project
750,000
For the Central Waterfront project_ _ _
For the Lake Washington ferry project 150,000
For the Harbor Island Terminal project 3,000,000

$6,100,000
Scaled bids will be received until 12 o'clock noon
Total
JUNE 15TH 1912
Full particulars will be furnished upon applicaSmith, Arkansas. For further informa- tion.
at Fort
tion address
ROY Id. JOHNSTON, Secretary,
Board of Improvement of Paving
District No. 7.
LAWYER.

Legal for Savings Banks,
Postal Savings and Trust Funds,
SEND FOR LIST.

29 South La Salle St.,

CHICAGO

BLODGET & CO. •
BONDS
60 STATE STREET,BOSTON
SO PINE STREET,NEW YORK

STATE, CITY & RAILROAD BONDS

HODENPYL, HARDY & CO.
14 Wall St., New York
Railroad, Street Ry., Gas & Elec. Light
SECURITIES
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION

SEASONGOOD & MAYER
Ingalls Building
CINCINNATI

MUNICIPAL BONDS
Yielding 3.85% to 5.00%

STACY & BRAUN
Toledo, 0.

Cincinnati, 0.

F. WM. KRAFT

Strtherlin & Company
MUNICIPAL BONDS
Commerce Building
MISSOURI
KANSAS CITY




Charles M. Smith & Co

Specializing in Examination of

CORPORATION AND
MUNICIPAL BONDS

Municipal and Corporation Bonds
1037-9 FIRST NATIONAL BANK BLDG.,

CHICAGO, ILL.

FIRST NATIONAL BANK BUILDING
CHICAGO

Lxxxxiv.

THE CHRONICLE

1526

LAMPMAN. Sask.-Debenture Sale.-Thls village has disposed of $3,000
6% 15-year debentures to Nay & James of Regina.
-Debentures amounting to $3,500,
LANDIS, Sask.-Debenture Sale.
bearing 7% interest and payable in 15 years, were recently sold by this
village to Nay & James of Regina.
-Debentures Voted.
LETHBRIDGE. Alta.
-The election held May 15
(V.94, p. 1269) resulted in favor of issuing the following 4 36% coup. debs.:
,
40,000 30-yr. electric-light
-extension debentures. Majority 224.
10.000 30-yr. street-railway-extension debentures. Majority 172.
25.800 10-yr. city employees' bldg.. stores and fire-hall No. 1 erection debentures. Majority 186.
39,200 10-yr, personal-property-purchase debentures. Majority 180.
83,500 30-yr. sewage-disposal debentures. Majority 215.
42,000 30-yr. water-works
-extension debentures. Majority 213.
8,000 30-yr. park debentures. Majority 194.
25,500 30-yr. street-ext. and road-constr. debentures. Majority 193.
29,000 30-yr. park-site-purchase debentures. Majority 208.
-An election will
MELANCTHON TOWNSHIP. Ont.-Loan Election.
be held June 17, It is stated, on the question of raising $10,000 for bridge
purposes.
-An election will be
MORRIS TOWNSHIP. Ont.-Debenture Election.
held June 8, it Is stated, to vote on the question of issuing $23,000 bridgebuilding debentures.
-Debentures Offered in London OversubNEW WESTMINSTER. B. C.
scribed.
-It is reported that the issue of £101,300 43 % coup. sterling de,
6
bentures recently offered in London at 98.75, were oversubscribed. Denom.
£100. Redeemable at paras to £26,400 in 1932 and £74,900 in 1962.
Int. J. & J. at Bank of Montreal in London.
-It is stated that City
NIAGARA FALLS, Ont.-Debentures Authorized.
Council has provided for the issuance of $10,000 debentures for a gymnasium at the collegiate institute.
-G.A. Stimson &
NORTH GOWER TOWNSHIP, Ont.-Debenture Sale.
Co. of Toronto have bought $7.000 5% 10-installment school debentures.
OKOTOKS. Alta.
-Loan Election Proposed.-A by-law providing for a
loan of $25,000 to erect a school will shortly be submitted to the burgesses,
It is stated.
OMEGA.Sask.-Debenture:Sate.-Nay & James of Regina have purchased
$3,000 6% 15
-year debentures of this village.
-On May 27 the $44,000
-Debenture Sale.
OWEN SOUND, Ontario.
school and $5,000 park 4% 20-yr. coup. debentures (V.94, p. 1465) were
awarded to the Dominion Securities Corp., Ltd., of Toronto for $48,574
(99.13) and int. Other bids follow:
Ont. Sec. Co., 1.4d., Toronto_$47,807 Aemilius Jarvis & Co., Tor$47,191 90
Nat. Finance CO., Toronto__ 47,708 Brent, Noxon SG Co., Tor_ 47,111 00
Wood,'Gundy & Co., Tor..... 47,608 C. H. Burgess & Co., Tor_ 46,850 00
Goldman Fe Co.. Toronto_ ___ 47,241

-The $25,000 bonus debentures proPERTH. Ont.-Debentures Voted.
position voted upon May 23 (V. 94, p. 1405) was authorized, Ills stated, by
a vote of 351 to 174.
-Debenture Offering.
-Proposals will be rePINCHER CREEK, Alta.
ceived until 12 m. June 10 by G. D. Plunkett, Secy.-Treas.. tor $25,000 6%
-installment debentures.
30
-Proposals will be received until
PRESTON, Ont.-Debenture Offering.
12 m. June 15 by H. C. Edgar, Town Clerk, and Treas., for $25,500 water
works and $11,800 electric-light 5% 20-Installment debentures.
RURAL MUNICIPALITY OF LAWTONIA, Sask.-Debenture Sale.
An issue of $10,000 5 yi% 20-year debentures was awarded recently to
Nay & James of Regina.
-The following bids received on
-Bids Rejected.
SHOAL LAKE, Man.
May 18 for the $12,000 5% 20-installment fire-hall debentures (V. 94.
p. 1209) were rejected:
Brent, Noxon & Co., Tor__ _$10,631 l National Finance Co.. Tor_ _ _$10,628
-Proposals will be received until 12 m. June 15 by
Debenture Offering.
F. Dobbs, Sec.-Treas., for the $12,000 5% 20-installm't fire-hail .debentures.
-Papers state that on June 3 the
ST. MARY, Ont.-Loan Election.
ratepayers will be called upon to vote on loans of $3,000 for artificial stone
works and $10,000 as a guaranty to N. Mathieson and W. B. Spaulding
manufacturers.
-A proposition to issue $36,000 5%
SI MCOE. Ont.-Debentures Voted.
30-installment sewer and sewage-disposal-works debentures carried on
May 27 by a vote of 231 to 71. We are advised that the debentures wiii
not be offered until about the end of December.
-Proposals will be
STAMFORD TOWNSHIP. Ont.-Debenture Offering.
received until 12 m. June 3 by C. F. Monroe,Township Clerk, (P. 0. South
End), for $1,638 46 5% 20-Installment impt. debentures.
-Debenture Offering-Proposals will be received until
VERDEN, Man.
-addition bonds, payable in 20 annual
June 18 for $8,000 5% municipal-bldg.
installments beginning July 2 1913. Auth. vote of 58 to 0 at election held
May 16. Thos. W. Lloyd is Secretary-Treasurer.
-An Issue of $601 Y% 10-year deWELWYN, Sask.-Debenture Sale.
bentures of this village has been awarded to Nay do James of Regina.
-The election held May 11 (V. 94WESTMOUNT, Que.-Loan Defeated.
p. 1346) resulted in the defeat of the by-law providing for a loan of $601.033 33 for acquiring a park and effecting certain street and drainage works.
-The election held May 8 resulted
WESTON. Ont.-Debentures Voted.
In favor of the question of issuing the $40,000 4)4% sewer debentures
.
(V. 94, p. 1138) The vote was 96 to 60.
-The matter of raising $1,000 for
WINGHAM. Ont.-Loan Election.
bridge building will be passed upon by the voters on Juno 8.
ZEELANDIA, Sask.-Debentures Voted.
-The election held May 16 resulted in favor of the proposition to issue the $3,000 park and $3,000 refunding 6% debentures (V. 94, p. 1346).

MISCELLANEOUS,.

MISCELLANEOUS.

•••••••••••,Nn

ESTABLISHED 1885.

H. C. SPEER & SONS CO.
First Nat. Bank Bldg., Chicago
SCHOOL,
COUNTY AND MUNICIPAL BONDS

gke 6,comitnteix1 A,c,convetaut
P.0. BOX 27, MAIN OFFICE.
WASHINGTON, D. C.
OFFICIAL ORGAN OF THE ASSOCIATION OF
AMERICAN GOVERNMENT ACCOUNTANTS.

OFFICE OF THE

ATLANTIC MUTUAL INSURANCE COMPANY.

New York, January 23d, 1912.
The Trustees, in conformity with the Charter of the Company, submit the following statement of its affairs on the
31st of December, 1911.
The Company's business has been confined to marine and inland transportation insurance.
63,653,325 18
Premiums on such risks from the IA January, 1911, to the 31st Decembor, 1911
873,680 37
Premiums on Policies not marked oft 1st January, 1911
Total Premiums
Premiums marked off from January 1st, 1911, to December 31st, 1911
Interest on the investments of the Company received during the year..._ $333,897 03
39,628 24
Interest on Deposits in Banks and Trust Companies, etc
153,167 66
Rent received less Taxes and Expenses

7
$1,527705 55
$3,773,578 22

526,692 93

$1,385,386 46
A MONTHLY MAGAZINE OF INTEREST TO Losses paid during the year
Less Salvages
$220,704 52
ACCOUNTING AND FINANCIAL OFFICERS
205,151 34 425,855 86
Re-insurances
.OF MUNICIPALITIES, BANKS. RAILWAYS
AND OTHER PUBLIC SERVICE CORPORA$959,53060
TIONS.
Returns of Premiums
TO BE FOUND IN ALL LEADING CERTIFIED Expenses, including officers' salaries and clerks' compensation, stationery, advertise- $196,936 89
ments,etc
570,472 18
PUBLIC ACCOUNTANTS' OFFICES.

,Sample Copy 15 cents. Per Annum $150

NOW READY

FINANCIAL REVIEW
1912 ISSUE
A Year Book of Financial Information
300 Pages
Comprehensive Statistics for a Series of Years
CONTENTS
Retrospect of the Year 1911.
Listings of New Securities.
Bank Clearings.
Record of Transactions on Stock Exchange.
Business Failures in United States.
Daily Rates for Call Money in 1911.
Weekly Range of Money Rates.
Yields of Leading Crops.
Anthracite Coal Production.
Gold and Silver Production.
Silver Quotations from 1837 to 1912.
British Trade and Finances in 1911.
United States Imports and Exports.
Daily Prices of Foreign Exchange.
United States Debt and Securities.
Prices of State Securities.
Railroad Statistics.
Monthly Range of Prices.
Stocks and Bonds
-At New York Stock Exchange for five years, viz.: 1907, 1908, 1909,
1910 and 1911, and at Boston, Philadelphia,
Baltimore and Chicago Exchanges for year 1911.
Dividends
-1902 to 1911 inclusive.
Railway and Industrial Section.
The February 1912 issue of this important publication (190 pages) is bound up with the Review
TERMS:
Price of the Review, bound in cloth
$2 00
Postage 20 cents.

A dividend of interest of Fix per cent on the outstanding certificates of profits will be paid to the holders
thereof, or their legal representatives, on and after Tuesday the sixth of February next.
The outstanding certificates of the issue of 1906 will be redeemed and paid to the holders thereof, or their
legal representatives, on and after Tuesday the sixth 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, 1911, which are entitled to participate in dividend, for which, upon application, certificates will be
issued on and after Tuesday the seventh of May next.
G. STANTON FLOYD-JONES, Secretary.
By order of the Board,
TRUSTEES.
CHARLES M. PRATT,
FRANCIS M. BACON,
HERBERT L. GIUGGS,
DALLAS B.
JOHN N. BEACH,
CLEMENT A. GRISCOM,
GEORGE W. QUINTARD;
PRATENS
C. BLISS,
ANSON W. HARD,
ANTON A. RAVEN,
VERNON H. BROWN,
THOMAS H. HUBBARD,
JOHN J. RIKE'R,
WALDRON P. BROWN.
LEWIS CASS LEDYARD,
DOUGLAS ROBINSON,
JOHN CLAFLIN
CHARLES D. LEVERICH,
GUSTAV H. SCHWAB.
GEORGE C. CLARK,
LEANDER N. LOVELL,
•
WILLIAM SLOANE,
GEORGE H. MACY,
CLEVELAND H. DODGE,
LOUIS STERN
CORNELIUS ELDERT,
CHARLES H. MARSHALL;
WILLIAM A. STREET;
RICHARD H. EWART,
NICHOLAS F. PALMER.
HENRY PARISH,
GEORGE E. TURNURE.
PHILIP A. S. FRANKLIN,
ADOLF PAVENSTEDT,
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 2d Vice
-President.
CHARLES E. FAY, 3d Vice-President,
JOHN H. JONES STEWART, 4th Vice-President.
BALANCE SHEET.
ASSETS.
United States and State of New York
Bonds
New York City and New York Trust Co.
and Bank Stocks
Stocks and Bonds of Railroads
Other Securities
Special Deposits in Banks and Trust
Companies
Real Estate cor. Wall and William Streets
and Exchange Place, containing offices
Real Estate on Staten Island (held under
provisions of Chapter 481,Laws of 1887)
Premium Notes
Bills Receivable
ea-4ft in hands of European Bankers to
pay losses under policies payable in
foreign countries
Cash in Bank
New York City Revenue Bonds

$700,000 00
1,777,900 00
2,742,162 00
220,020 00
1,000,000 00
4,299,426 04
75,000 00
618.136 00
449,354 23

LIABILITIES.
Estimated Losses and Losses Unsettled
$2,310,027 00
in process of Adjustment
753,427 33
Premiums on Unterminated Risks
Certificates of Profits and Interest Un267,092 Of,
paid
109,742 16
Return Premiums Unpaid
57,512 16
Reserve for Taxes
183,599 07
Re-insurance Premiums
Claims not Settled, including Compen69,104 08
sation, etc
Certificates of Profits Ordered Redeemed,
22,471 29
Withheld for Unpaid Premiums
1,401,390 00
Certificates of Profits Outstanding
•

203,603 36
930,321 99
450,000 00

511,174,36.5 .14
813,465,923 62
48
Thus leaving a balance of
$41,878 80
Accrued Interest on Bonds on the 31st day el December, 1911, amounted to
21,970 46
Rents due on the 31st day of December, 1911, amounted to
Re-insurance due or accrued, in companies authorized in New York, on the 31st day of December, 214,367 00
1911, amounted to
83,096 43
Unexpired re-Insurance premiums on the 31st day of December, 1911, amounted to
Note: The 3nsurance Department has estimated the value of the Real Estate corner Wall and 450,573 96
,
William Streets and Exchange Place in excess of the Book Value given above, at
63,700 00
And the property at Staten Island in excess of the Book Value, at
138 Front Street, New York.
The Market Value of Stocks. Bonds and other Securities on the 31st day of December, 1911. exI,588,635 82
eceded the Company's valuation by
Copies may also be had at 513 Monadnock
Blk.. Chicago; Edwards & Smith. 1 Drapers'
$4,755,780 75
On the basis of these increased valuations the balance would be
-Gardens, London.

Commercial & Financial Chronicle





Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102