Full text of Commercial and Financial Chronicle : June 15, 1912, Vol. 94, No. 2451

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Bank & Quotation Section

Railway & Industrial Section

Electric Railway Section

Railway Earnings Section

Bankers’ Convention Section

State and City Section
N O . 245 1

S A T U R D A Y , J U N E 15 1912

V O L . 94

Week ending June 8.

2£Jtje ©Iir;cmixlje.

Clearings at—
1912.

PUBLISHED W EEKLY.

1

Terms of Subscription— Payable in Advance
For Ono Year........................................................................................... $10
For Six Months........................................................................................ 6
European Subscription (including postage)......................................... 13
European Subscription six months (including postage)...................... 7
Annual Subscription in London (including p< stage)............................£2
Six Months Subscription in London (including postage)......................£1
Canadian Subscription (including postage)......................................... $11

00
00
00
50
14s.
11 a.
50

Subscription includes following Supplements—

B ank and Quotation (monthly) I railw ay and I ndustrial (3 times yearly)
R ailway E arnings (monthly)
E lectric R ailway (3 times Yearly)
State and City (semi-annually) |B ankers’ convention (yearly)

Terms of Advertising— Per Inch Space
Transient matter per inch space (14 agate lines). — -..........................
20
( T w o M on th s
<* tim e s )............................... 22 00
.
) Three Months (13 times).......................... 20 00
Standing Business Cards < g ii Months (20 times).......................... 50 00
( Twelve Months (52 times)........................ 87 00
< incAoo Office—Geo. M. Shepherd, 513 Monadnock Block;Tol.Harrison 4012.
London Office—Edwards <fc Smith, 1 Drapers’ Gardens, E. C.
W IL L IA M

P . O. B o x 9 5 8 .

B . B A N A C O M P A N Y , P u b lis h e r s ,

F ro n t. P in e and Dcpeywtcr 8ts.>

N ew Y o r k .

Published every Saturday morning b y W ILLIA M B . D A N A CO M PA N Y,
Jacob Seibert Jr., President and Trcas.; George 8. Dana and Arnold G . Dana,
Vioo-Presldents; Arnold G. Dana, Sec. Addresses ot all. Ottlce ot the Company.

C L E A I il N G -H 0 U S E R E T U R N S .
T h e fo llo w in g ta b le, m ad e u p byfctclegrap h , & o., in d ica te s th a t th e
to ta l ban k clearings o f all clea rin g houses o f th e U nited S tates fo r w eek
en d in g Ju n e 15 h a ve been 5 3 ,3 3 3 ,5 9 5 .0 8 1 , a g ain st $ 3 ,5 0 7 ,2 0 0 ,8 9 8 last
w eek and $ 3 ,1 0 1 ,3 8 0 ,2 1 7 the c o rre sp o n d in g w eek last y e a r._______________

clearings—Returns by Lelegraph.
Week, ending June 15.

Per
Cent.

1912.

1911.

St. L o u is ....................................................
New O rlea n s ...........................................

$1,584,400,038
115,146,325
123,127,845
29,204,587
242,557,770
60,444,351
13.723,475

*1,524,429,059
141,199,747
122,939,178
27,362,599
232,545,079
64,475,050
13.515,413

+ 4.3
+ 0.7
+ 0 .4
+ 7.0
+ 4.3
+ 3 .1
+ 1.5

Seven cities, 5 days............................
Other cities, 5 d a y s . . . ............................

S2,210,3 51,997
543,263,741

$2,129,767,325
490,014,261

+ 10.8

Total all cities, 5 days.
All cities, 1 d a y ..................

$2,753,623,738
579,972,213

$2,619,811,589
571,563,628

+ 5.1
+ 1.5

$3,333,595,981

$3,191,380,217

+ 4.5

N e w Y o r k ..............- — ...................................
B o s t o n ___________________ _______________ - ­
P h i l a d e l p h i a ______________________________
B a l t i m o r e ....................... ............ - ................. - ­
C h i c a g o .................................................................

Total all cities for w eek....................-

+ 3.8

T h e fu ll details fo r the w eek c o v e r e d b y the a b o v e w ill be gi e n n e x t
S a tu r d a y .
W o ca n n o t furnish th em to -d a y , clearings being m ade u p b y the
clea rin g houses a t n oon o n S a tu rd a y , and hence in th e a b o v e th e last d a y o f
tho w eek lias to be In all cases e stim ated , as w e g o t o press F rid a y nigh t.
VVc present below d etailed figures fo r the w eek e n d in g w ith S a tu rd a y,
n oon , Ju n e 8 for fo u r y e a rs.

Week ending June 8.
C le a r in g s a t—

1912.

1911.

In c. or
D ec.

1910.

1909.

%

$

S

$
S
2,130,401,492 1,949,220,624
163,565,116
161,931.724
49,084,893
56,600,058
34,154,528
37,160,828
9,891.138
12,281,336
8,684,038
9,900,885
5,811.281
0,292,063
5,700,241
8,401.962
2,622,305
2,900,000
2,429,208
2,420,000
1,531,179
2,076,729
1 ,535,109
1,849,117
1,483,151
1,659,471
1 ,568,690
1,524,407
1,902,391
1,634,036
1,155,146
1,713,111
921,533
992,810
834,702
993.590
613,320
870,019
549,700
082,278
630,100
558,200
513,199
427.252

+ 9 .3 2,074,449.420 2,323,850,393
— 1.0
157,002,163
132,486,881
51,068,147
45,306,840
+ 15.1
27,271,508
+ 8.8
28,471,497
+ 24.2
8,500.755
9,335,428
6,774,835
+ 14.1
8,150,149
5,691,049
+ 8.3
6,528,168
+ 47.4
3,992,013
4,108,169
2,344,630
+ 10.6
2,751,458
— 0.4
1 ,968,849
2,309,644
1,723,060
+ 3 5 .6
1,807,420
1,451,526
+ 20.5
1,628,980
1,411,151
+ 11.9
1,036,638
1,370,548
— 2.8
1,456,469
1,365,201
— 14.1
1,575,223
—
+ 48.8
1,123,273
924,334
+ 7.7
994,047
049,131
900,205
+ 19.0
605,107
+ 41.9
560,170
5 5 1,788
510,994
+ 24.2
458,000
499,300
+ 12.9
.389,165
451,350
+ 20.6

Total M id d le .. 2,443,441,905 2.244,243,805

+ 8.9 2.357,928,332 2,509,102,484

P h ila d elp h ia___
P ittsb u rg h .............

W ilm ington..........
Y o r k ___ ____
E r i e ....................
G reen sb u rg ...........
C h e s te r ..................
B in g h a m to n ----A lto o n a ------------

Total New Eng

177.547,391
8,856,600
5,352,538
3,003,564
2,802,094
2,203,017
2,764,554
1,137.015
960,015
050,00<
577,771
549,580

157,443,599 + 12 8
7,495,006 + 18.2
5,016.601
+ 0.7
2,754,327
+ 9.0
3,847,590 — 27.2
1,893,916 + 16.4
2,149,680 + 28.6
1,238,801
— 8.2
985,177
— 2.5
633,021
+ 2.7
540,756
+ 6.9
493,671 + 11.3

119,902,468
7,002,700
3.935,123
2,937,557
2,146,715
1,924.073
2,278,110
1,116,648
980,378
590,991
555,979

206,404.141

184,492,133

173,442,742

+ 11.9

158,885,136
7,452,400
3,536,611
2,896,883
2,312,000
1,697,899
1,677,503
1,008,113
970,469
523,546
502,785

T o t . M id .W e s t
S a n F r a n c i s c o ___
L o s A n g e l e s ______
S e a t tle - ..............
S p o k a n e ................
P o r t l a n d ................
S a lt L a k e C i t y . . .
T a c o m a __________
O a k l a n d ........... .......
S a c r a m e n t o ______
S a n D i e g o ..............
P a s a d e n a _________
F r e s n o .....................
S t o c k t o n ................
S a n J o s e . ................
N orth Y a k im a . R e n o ........................
T o ta l P a c ific ..
K a n s a s C i t y ------M in n e a p o lis .- . 1 O m a h a ...................
S t . P a u l -------------D e n v e r ...................
S t . J o s e p h ...........
D e s M o i n e s ------S io u x C i t y --------W i c h i t a ................
D u l u t h ...................
L in c o ln ................
T o p e k a ................
D a v e n p o r t ...........
C ed ar R a p id s . C o l o r a d o S p r in g s
F a r g o _____P u e b l o _____
F r e m o n t ................
W a te r lo o . .
H e l e n a _____
A b e r d e e n ___
H a s t i n g s ___
B i l l i n g s _____
T o t . o t h .W c s t.
S t . L o u t s ................
N e w O r l e a n s ------I .o u ls v llle
H o u s t o n ___
A t l a n t a _____
R ic h m o n d .
F a r t W o r t h ______
G a l v e s t o n ______
M e m p h i s ................
N a s h v ille . .
S a v a n n a h ..............
N o r f o l k ................
J a c k s o n v i l l e ___
B i r m i n g h a m ------O k l a h o m a _____
A u g u s t a ..............
C h a tta n oog a _
K n o x v i l l e ____
L it t l e R o c k ___
C h a r l e s t o n ..............
M o b i l e ...................
A u s t i n __________
M a c o n ...........—
W i l m i n g t o n ,N .C
J a c k s o n ------V i c k s b u r g ..............
T u l s a .............
M uskogee ..
T o ta l S ou th ern

178,529,355

.V o le ,— F o r C a n a d ia n c le a r in g s s e e “ C o m m e r c ia l a n d M is c e lla n e o u s N o w s ’




C h i c a g o ...................
C i n c i n n a t i -----------C le v e la n d . . . ------D e t r o i t .....................
M i lw a u k e e _______
I n d i a n a p o l i s ------C o l u m b u s _______
T o l e d o . __________
P e o r i a .....................
G r a n d R a p i d s ___
D a y t o n _________
E v a n s v i l l e _____
K a l a m a z o o ------S p r in g fi e ld , 111 F o r t W a y n e ___
Y o u n g s to w n
L e x i n g t o n ---------R o c k f o r d ...........
A k r o n - _________
C a n t o n ...................
Q u i n c y ...................
B lo o m in g t o n .
S o u t h B e n d ____ S n r t n g fle ld , O ___
D e c a t u r ........... J a c k s o n ................
M a n s f ie ld ................
D a n v i l l e . . ...........
L i m a ____________
J a c k s o n v il le , 111
L a n s in g ................
A n n A r b o r --------A d r i a n .................
O w e n s b o r o ...........

T o t a l a l l ------- -O u t s id e N . Y . .

S
299,995,841
26,920,850
22,322,084
20,420,472
15,079.089
9,140,502
6,135,300
4,287,469
3,394,851
2,913,201
2,367,657
2,351,842
988,014
1,309,744
1,302,958
1,936,345
962,397
692,691
1,817,000
1.250.540
780,943
799,424
051,049
568,581
650,270
470,000
365,801
479,980
452,472
334,070
494,128
237,184
43,946
414,129
436.344,024
49,185,826
23,200,487
11,885,355
4,619,555
10,390,460
10,213,300
4,772,955
3,914,001
1,723,528
2,937,394
1,120,487
850,000
825,040
703,225
509,411
342.328
127,325,968

1

1911.

264.879,649
22,948.950
19,314,957
19,308,047
12,014,749
7,911,393
5,627,500
4,340,086
2,855,363
2,576,444
2,374,871
2,253,822
727.550
1,059,659
1,017,006
1,218,132
892,838
719,887
1,312,000
973,684
691,817
674,189
661,245
574,647
473,709
410,000
413,788
452,909
351,615
162,004
338,751
194,826
67,200
370,031
380,793,438

Inc. or
Dec.
%

+ 13.3
+ 17.3
+ 15.0
+ 5.8
+ 19.5
+ 15.5
+ 9.0
— 1.2
+ 18.9
+ 13.1
— 0.3
+ 4.3
+ 35.9
+ 23.6
+ 24.4
+ 59.4
+ 7.8
— 3.8
+ 3 8 .5
+ 2 8 .5
+ 13.6
+ 18.5
— 14.5
— 0.5
+ 37.4
+ 14.6
— 11.6
+ 6.0
+ 27 6
+ 106.2
+ 46.2
+ 22.1
— 34.5
+ 11.9
+ 14.6

44,323,706 + 11.0
17,290,875 + 34.2
10,718,200 + 10.9
+ 7.6
4,291,205
-j-7.5
9,001,258
5,715,891 + 78.7
4,129,150 + 15.0
3,290,775 + 19.0
1,401,493 + 18.0
1,417,500 + 107.3
814,205 + 3 8 .3
700,000 + 21.4
+ 5.4
783,444
485.850 + 57.2
4S0.650 + 18.3
260.000 + 31.7
105,824.328 + 20.3

1910.

1909.

S
262,516,833
22,746,900
17,829,111
10,935,338
11.801,583
9,214,601
5,058,800
4,307,885
2,955,565
2,007,911
2,443,214
2,021,748
715,890
1,289,220
935,540
1,049,724
680,472
780,396
881,000
1,000,000
700,000
578,427
585,394
515,469
426,198
455,811
423,357
426,260
295,642
247,533

$
273,276,322
20,074,600
15,205,698
14,218,079
11,094,272
8,225,984
0,099,200
3,504,823
2,533,110
2,503,423
2,253,938
1,795,487
740,205
1,013,708
920,656
908,037
776,130
644,291
635,000
566,199
522,351
496,420
496,208
481,336
446.650
330,000
389,358
325,382
276,543
240,330

198,371
23,000
435,000
373,088,198

208,079
41,245

42,823,452
15,495,571
11,071,994
5,019,295
9.395,674
6,911,573
5,447,690
2,991,074
1,389,445
1,350,000
800,000
704,510
643,402
457,983
555,063
245,000
105,302.566

376,243,732
36,746,689
13,576,458
11,807,310
3,790,296
7,550,451
5,570,501
5,986,731
1,967,576
1,219,278
1,117,000
546,930
516,151
440,770
431,569
232,000
91,499,485

44,260,634
45,265,354
+ 7.0
50,781,888
47.206,807
10,399,696
18,677.639
+ 0.0
19,070,835
19,190,583
15,289,204
15,420,422
17,200.000
14,743,141 + 10.7
8,557,092
9,708.752
+ 6.8
10,553,264
9,884,008
8,678,076
9.614,392
10,810,718
9,020,555 + 19.8
5,548,882
0,653,910
9,095,470
7,459,605 + 21.9
3,504,858
3,985,070
4,913,035
3,658,812 + 34 .3
3,276.043
3,129,495
3,104,371
2,580,457 + 20.3
2,599,634
2.819,424
3,294,115 + 13.3
3,732,248
2,714,197
3,039,658
2,963,179 + 11.7
3,309,005
1,488,030
1,744,856
1,563,357 + 29.8
2,029,473
1.285,694
— 6.2
1,296,243
1,800,099
1,088,013
1.105,322
+
3
8
.5
1,443,191
1,340,667
1,850,441
887,994
1,186,612
1,748,147 — 16.2
1,494,275
692,265
785.94C
640,284 + 19.8
767,403
688,202
899,304 — 59.5
997,73?
364,972
559.978
534,329
647,522 + 17.8
059,030
398,070
+
28.5
380,043
378,87C
486,463
1,306,38(
1,479,378
1,201,581 + 23.1
1,077,739
733.103
1,074,058
926,371 + 16.C
569,731
352,40-1
416,401 — 15.4
177,000
208,36c
183,577 + i3.r
174,467
222,820
318,685
131,207 + 142.9
119,187,337
129.692,108
145,470,146
131,865,027 + 10.3
63,474,510
71,501,488
82,674,047
71,117,503 + 16.3
15,134,887
17,958,635
14,495,75c
19,343,642 — 25.1
12,243,237
11,962,48f
13,803,17-1
12,323,53? + 12.5
11,374,559
12,681,990
16,803,507
12,205,701 + 37.5
7,817,097
— 4.5
12,283,920
11,733,131
10,126,67
6,923,450
8.309.44S
+ 5.9
7,153,59!
7,900,00f
5,002,408
6,108,73:
6,416,747
5,507,401 + 15 2
4,931.500
6.007.50C
8.120.50C
7,085,501 + 14 6
4,341,799
5,419,982
6,536,302
— 3.5
6,771,752
3,443,957
4,112,061
5,529,47' — 15.C
5,443,87?
3,133,716
3.824.59
4 ,577,22i — 10.
3,839,092
2,524,070
2,822,932
+ 17.‘
3,226,98
3,787,29?
2,004,989
— 3.<
2,606,47!
3,195.64?
3,100,001
1,758,3512,588,88
+ 13.2
2,367,00
2,680,181
1,800,000
1,912,164 — 30."
2,250,00(
1 ,325.00C
1,331,090
1,810,455
1,681,28' ' +49.*
1,764,721
1,771,086
2,407.142,152,234 + 11.1
1,797,715
1,331,588
1,932,76. — 10.1
1,007,60' i
1,735,281
1,541,622
1,774,79.'
1,912,77
— 7.r
1,884,97
1,301,532
1,316,02
2,082,52
1,848,69
+ 12.
1,266,742
1,318,48'
1,579,17 i — 16.;
1,410,11 ,
G27.311
5,588,62
— 53..
2,600,00' '
1,537,53 1
750,936
820,00 )
2,500,00 l
—6 , :
2,667,39
367,436
527,87 1
630,87*
639,30 1 — 1. 1
362,000
510,00 1
371,48 :
509,46
— 27.
226,009
290,75 )
244.60
337,44 1 — 27.
767,09
718,54 1 + 6 .
+0.
769,52
763,95 )
155.986.482
-*-5
180.709.07
208.214.7?
107.799.13 2
4-9. 9 3.320.758.01 7 3.490.609,153
3.567,200,>9 8 3.245.UI /.SO1
1,430.799,40 3 1.295,797.23 .1 + 1 0 9 1,246,308,59711.166.745.760

___
.....

-- --

1588

THE CHRONICLE
THE FINANCIAL SITUATION.

Good may possibly come out of the Congressional
“ Money Trust" investigation, hearings in connection
with which have taken place the present week, but
there is something really grotesque about the sugges­
tions that have been made that the New York Clearing­
House, instead of having practiced rescue and relief
work at the time of the 1907 panic, was engaged in a
sort of wrecking process whose purpose it was to bring
about the downfall of a number of unfortunate banks
which could not put up a fight against the superior
resources of the united Clearing-House banks, and
hence became easy prey for the wreckers. Much of the
testimony this week has had to do with the closing of
the Oriental Bank on Jan. 31 1908— three months fol­
lowing the panic of October 1907. As a number of
other banks were obliged to suspend about the same
time, namely the National Bank of North America,
the New Amsterdam National Bank and the Mechan­
ics’ & Traders’ Bank, an effort has been made to have it
appear that, except for the summary action of the Clear­
ing House at that time, these institutions might have
maintained their existence. A letter was offered in
evidence written by Hugh Kelly, who was in­
duced to assume the presidency of the Oriental Bank
after it had got into trouble the previous autumn, in
which it was directly charged that the suspension in
its case had been forced by Clearing-House action.
•
It is possible that the closing of the Oriental Bank
in January 1908 may have been precipitated by the
action of the Clearing House in requesting retirement
of the loan certificates by a certain definite date in
the near future, but there is room for doubt even on
that point. As to the remaining banks which went
down, it is not possible to grant as much as that.
But even if their downfall had been precipitated by
that event, it by no means follows that such action
upon the part of the Clearing House would have to be
held blameworthy or that in default of it these insti­
tutions would not have gone to the wall, anyway.
It is rather singular that in the current discussions
of the matter the fact is entirely lost sight of that
these banks were obliged to request assistance the
previous October and November and got it from the
Clearing House, and that such action on the part of
the latter was entirely voluntary. It is certainly
curious that in seeking to account for the collapse of
these institutions discussion has hinged entirely around
the Clearing-House action in January 1908, and that
no one has seen fit to refer to the true cause of the
breakdown in all these cases, namely the fact that
when the financial storm burst in October 1907 all
these banks were in a frightfully crippled state.
Whatever may be thought, therefore, of the wisdom
or the unwisdom of Clearing-House action in January
1908, responsibility for their disaster rests upon the
banks themselves. When, as a result of faulty man­
agement and unsound methods, they got to a pass in
the panic of 1907 when their own resources were in­
sufficient to keep them afloat any longer, the Clearing
House placed its own resources at their command in
the effort to tide them over. The effort failed. The
Clearing House, with the aid of its loan certificates,
had carried them along for several months, and now
in effect gave notice that the time had arrived when
they must be prepared to show that they could dis­
pense with the Clearing-House crutch. They had been
carried into fairer financial skies. If now their assets had
been of the right kind and they still possessed|the confi­



(VOL. LXXXXIV.

dence of the community, they would have had no dif­
ficulty in getting the cash to pay off their loan certifi­
cates, especially as money was congesting in enormous
amounts at the monetary centre. The truth is,- their
assets were not of the right kind, else they would have
found it easy to realize upon the same, and in addition
they had completely lost the confidence of the com­
munity.
This brings us back to the starting-point of the bank
troubles of 1907. In their essence these troubles were
due to unsound methods of banking, some of them to
worse—to questionable and even positively dishonest
management. In this we are not referring to the
Oriental Bank, but no one can have forgotten the
fact that as an outgrowth of these numerous bank
embarrassments criminal prosecutions were undertaken
by the Government and that some of the accused
officials were, after trial, found guilty and sentenced
to prison. Speculation in copper securities had weak­
ened one group of banks, speculation in ice and steam­
ship securities had weakened others, while kiting
operations under which the shares of one bank served
as collateral for loans from another bank controlled by
the same clique tended still further to sap the strength
of some of the institutions. Stress is laid in the letter
of Hugh Kelly on the fact that the former
President of the bank was forced to retire on
rumors relating to him which subsequently proved
groundless. That is one of those incidents that
nearly always attend a period of panic and dis­
turbed confidence. The mere fact that the rumor
prevailed made it imperative that the Clearing-House
managers should take cognizance of it. In the interest
of the bank itself it was desirable that some one else
should, for the time being at least, be placed at the
helm, until confidence had been restored, and it should
be demonstrated that the rumors were baseless.
1here was all the more reason for insisting on such a
course in this instance, inasmuch as in the case of
several officials in control of other institutions evi­
dence of wrong-doing had been clearly and incontrovertibly established.
There was still another circumstance that made
necessary the exercise of the utmost caution in this
respect. In helping any threatened institution the
Clearing House had to guard against the continuous
depletion of the deposits of such institutions. It
could extend a certain amount of aid, but it could not
undertake to care for the whole of their deposits.
This made it important that after help had been given,
the institution should retain the confidence of the
community to such an extent that a considerable part
of its deposits would remain with it.
If that
could not be accomplished, then aid was really use­
less. In order that such confidence should be fostered,
it was essential that any name, either among the direc­
tors or officers, the retention of which, justly or un­
justly, was calculated to weaken the return of confi­
dence, should be eliminated. It will be remembered
that in pursuance of this policy the Clearing House
very early in the development of panic conditions in
October 1907 insisted on the retirement of a number
of persons whose names appeared over and over again
in the directories of a chain of related banks. It
seems no exaggeration to say that had not this been
done and confidence thereby restored in the sound­
ness of banking methods, the panic could not have
been checked, but would have spread still further, with
consequences which only the imagination can con­
ceive.

June 15 1912.]

THE CHRONICLE

1589

for cities”
Mr. Robert S. Binkerd, Secretary of the
City Club, said that, T>f [the [first 142 of the laws of
1912 which he had examined, he found 51 of them deal
with local government “ in a specific and irritating
manner.” The legislative session cost the State half
a million, but, outside of one important city measure,
the yield to municipal government is permission to
Hoosick Falls to pave some streets, permission to
Port Chester to borrow money for repair of a fire
house, permission to Saratoga Springs to license dogs,
and so on. He also made the interesting declaration
that not since the time of Governor Tilden had there
been so great a demand by cities for a scheme of local
government, capable of expansion, and built on that
freedom in local matters which has always been the
basis of American citizenship.
Greater New York supplies quite forty per cent of
the Legislature numerically; why cannot Brooklyn
decide its own questions of paving and public build­
ings and Saratoga attend to its own dogs? The only
conceivable answer is that the overpowering wicked­
ness of the city must be held up by the virtue of
the rest of the State. The answer is not satisfactory.
It cannot be imagined that Herkimer and Essex
counties can understand municipal conditions and
needs as well as New York and Erie counties under­
stand them, and if comparisons of political virtue are
to be made it is not certain that competent observers
would allow preponderance to the rural districts. It
is certain, however, that fear and distrust have
moved the better part of the citizens of this city
to consent to, if not to seek, the supposed relief
of governing its affairs by the whole State, as if it
were merely a part of the whole and in no sense an
entity in itself. From the day when an alderman was
in all respects really somebody, the course has been
a gradual transfer of power, through the old device
of the “ non-partisan board” and otherwise, in the
desperate hope that the complexity of governing may
minim izethe badness of those engaged in it. In
dividing and scattering power, while trying to keep up
checks and counter-checks, we have frittered away
responsibility.
....................................... IS! '
No problem is more serious and difficult than the
government of cities. But the phrase “ local self­
government” overlooks the elementary fact that any
self-government is local necessarily. Manila cannot
be self-governed in Washington, and little more can
New York be self-governed in Albany. After a long
trial£otherwise, the difficult problem of intoxicat­
ing liquors seems JTlearly tending to local option,
which means that each small community may decide
its own policy and take the consequences of its decision.
Similiarly, educational questions tend to a like dis­
position. Bad though we are in this city, we must
presently undertake to save ourselves as best we can in
electing a Mayor and certainly we shall not gain in
mental and moral strength by walking in leading-strings.
After trial in some cities of the South and the
Northwest, commission government has taken anew
turn in New Jersey, complicated by initiative, referen­
dum andjTrecall. The results will be awaited with
interest. Meanwhile, the Executive Committee of the
recent conference prescribe full local powers for
cities and villages, including framing of charters;
a small number of offices, of importance enought to
attractable "men; enough concentration of power and
An interesting two-days’ conference of mayors and responsibility-fto make for efficiency; a scheme of
other municipal officers in this State was held in elections which should exclude party names and
Utica this week, its keynote being “ more home rule emblems.^-There are no short cuts to good municipal

The action of the Clearing House in January 1908 in
calling for the retirement of the loan certificates must
be considered in the light of these facts, and also in the
light of certain obvious circumstances and conditions.
With the return of monetary ease, the Clearing House
loan certificates at other points throughout the United
States were being rapidly retired, and New York was
being pointed to as the one weak spot in the situation.
The fact that a number of banks in this city were still
carrying these loan certificates was notice to the whole
world that all was not yet well here. It was also a
sort of menace to the country’s commerce and indus­
tries, for there could be no revival of business activity
so long as the collapse of these institutions, which,
after being helped along for several months, still found
it impossible to meet their cash engagements, was an
impending possibility.
There was yet another important consideration that
doubtless influenced the Clearing-House managers.
For a period of over three months the publication of
the detailed weekly statement of the Clearing-House
banks, showing the condition of each separate institu­
tion, had been suspended. The public now demanded
that the issue of this detailed weekly statement should
be resumed. Accordingly, Saturday Feb. 8 was fixed
for the appearance of these weekly statements again.
Up to this time the names of the institutions still usingloan certificates had been a well-kept secret. But
with the publication of the detailed statement the iden­
tity of these banks would be revealed, and this made
a run on all these institutions certain. Runs actually
did occur when it was announced that the Clearing­
House had called for the retirement of the certificates,
and one after another of the toppling banks had to con­
fess that they would be unable to take up their hold­
ings of these certificates. These runs continued even
after the Clearing House apprised these banks that
further time would be given for the retirement of the
certificates.
The truth is, and the fact should not be forgotten, it
was not merely the continued use of the certificates
already issued to them that these banks wanted, but
the issue of new certificates for large additional
amounts, as the depositors drew out their funds.
Mr. Hugh Kelly, in the letter already referred to,
stated that on Oct. 24 1907 the deposits of the Oriental
Bank were $10,500,000 net, but that on Jan. 31, when
the bank closed its doors, these deposits had been
drawn down to $3,982,000 net. The experience of the
other embarrassed banks was the same, and some of
them were institutions of much more imposing size
than the Oriental. Imagine the situation if the
Clearing House had now undertaken to come anew to
the aid of these tottering banks. What may we sup­
pose would have happened if the Clearing House had
been called upon, by reason of the fright of the
depositors, to take care of the entire volume of deposits
of all these various institutions? The task would,
obviously, have been an impossible one, but consider
the effect upon the industrial and financial community
throughout the United States, and in fact throughout
the world, of the issue of a huge additional mass of loan
certificates in February 1908, four months after the
panic 1 It is occasion for regret that at this week's
meeting of the investigating committee no attempt
was made to bring out these facts.




1590

THE CHRONICLE

[VOL. LXXXXIV .

“ Give careful heed to the promotion of their pros­
government, but evasions and shifts do not make for
success. The subject is a sort of nettle, to be grasped perity and growth;
“ Ascertain, in considering enactments compelling
firmly.
expenditures, that they possess the resources to meet
The Railway Business Association, through its such outlays without injury to efficient service;
President, brings the subject of land transportation
“ Provide that in all adjustments of rates, ample
before the platform-makers as a suitable and neglected revenue shall be insured them to meet existing obliga­
topic. A memorandum sent out to shippers for signa­ tions and to attract capital for necessary improve­
tures recites that while regulation has been in recent ments and extensions.”
party platforms and probably will not be absent
The usual campaign claptrap for catching votes is
this year, the inadequacy of trans ortation facilities more attractive to platform framers,' but there is no
has been neglected. This inadequacy is said to arise more taking plank than “ prosperity” and means for
“ in the absence of any connection between rate reaching that. The people watch the struggle in the
regulation, railway revenues and the demands made convention cities, but the things really at stake are
on the railways for service and outlays.” In various larger and last longer than the exciting wrestle for
ways, Government undertakes to foster many interests, the offices
Production and industry have’ too long
including water transportation, but railways are been made pawns in the game. Which convention
passed by.
will be shrewd enough to take serious heed of the
In 1906, and again in 1907, the Inter-State Com­ inseparable connection between transportation by
merce Commission deplored the inadequacy of carrying rail and general prosperity in the country?
facilities, recognized the economic waste of putting
capital into production of commodities which cannot
The grain crop situation in the United States on
readily be carried, and confessed the insuperable
June
1, as indicated by the report of the Department
difficulty in framing an effective legislative scheme
of relief. This difficulty, says the Association, is of Agriculture made public on Monday, gives no cause
the unalterable fact that every needed additional ear for special concern in any direction, and in many of
or other physical instrumentality must be provided its features is quite encouraging. It is true, of course,
by the roads with money they either earn or borrow. that, reflecting the unfavorable conditions that pre­
The Commission might investigate, decide, and order, vailed in important sections in May, the status of win­
tq any extent; it will be futile, unless the roads can ter wheat for June 1 this year is lower than on the same
get the money. Mr. Prouty, now the Chairman, date of any year since 1895, but with the outlook for
put it tersely in 1909, when he said at Yale that the spring variety above the average, the prospect
“ while we can provide by legislation the sort of cars now is for a total wheat yield in excess of 1911 and
a railroad shall use and the rates it shall impose, we about equal to 1910. Oats and hay promise much
cannot by legislation force one dollar of private capital better than a year ago, and the condition of pastures
is the highest in quite a few years. Altogether, then,
into railroad investment against its will.”
This ought to be accepted as self-evident, and the the current crop situation is satisfactory, especially
Association’s petition states the financial dilemma as needed rains within the last few days have brought
compactly. Borrowing credit has become impaired, relief to certain portions of the winter-wheat territory
because the level of a great body of rates is low while which were in need of moisture. The Department’s
Avages have been forced upward, fixed charges have been June 1 report does not cover corn, the first official ad­
increased by improvements which are non-productive vices on that crop being as of July 1, but private in­
of revenue, and liability exposure through compensa­ vestigation indicates a favorable and encouraging con­
tion for injuries is broadened.
There is not now dition of that cereal. Planting has seemingly been
the unincumbered property which once existed, pretty well completed over an enlarged area, and
available as security for loans. New money must stands secured are quite uniformly good, although, of
now be raised on junior liens or new stock; purchasers course, some replantings are hardly up yet.
Winter wheat suffered a deterioration of 5.4 points
of the former will require a higher rate, in view of the
lessened security, and purchasers of the latter will during May, the result of dry weather over large sec­
feel doubt as to keeping up the dividend rate. Doubt tions, the condition June 1 being given as only 74.3,
as to that must haunt the managers themselves; “ no against 79.7 a month earlier. On June 1 1911, 1910
other condition of mind is possible to them, since and 1909 the condition was 80.4, 80 and 80.7, respec­
they have no way of knowing what rates they will be tively, in 1908 was 86 and in 1906 (the bumper-crop
permitted to charge, and hence what income they will year) 82.7. The ten-year average is 80.9. Compared
have, and no way of forecasting what drafts will be with last year, the most conspicuous decline in condi­
made on their resources by Congressional and State tion is reported from Illinois, Indiana, Ohio, Michigan
and Missouri, t c status of the crop this year in each
enactments ”
instance
being exceptionally low. In Kansas, the
It is a condition, not a theory
The condition is
arithmetical, therefore inexorable. As the “ Chronicle” banner wheat-raising State, the situation, on the other
has already put it, regulation cannot reduce the hand, is much better than a year ago, and to an even
obligations, though it can reduce the means for meet­ greater extent is this true of Oklahoma and Texas.
ing them; and when Government assumes to limit the As we pointed out a month ago, Government investiga­
revenue by prescribing the rates, it will be forced, tion disclosed a much larger abandonment of area than
. however unwillingly or tardily, to see that the revenue usual, on account of winter-killing, &c., so that there
remains under cultivation the present season a total
proves sufficient.
Therefore the Railway Business Association appeals of only 25,744,000 acres, or 11% % less than the terri­
to the platform makers for a plank which may affirm, tory harvested last year. On the basis of the ratio of
in general and familiar terms, the need of regulation the average condition on June 1 to the final yield in
to prevent discriminations and overcharges, safeguard the five-year period 1906-1910, the Department esti­
life, and so on, but shall declare for a policy towards mates a product per acre of 14.1 bushels, which, on the
railroads which will do this:
area given above, would mean a crop of winter wheat



June 15 1912. ]

THE CHRONICLE

1591

of 303 million bushels, against 430 millions last year jected a scheme that i t has been considering for some
time for the issue of irredeemable notes. It has, how­
and 434 millions in 1910.
Spring wheat, as intimated above, has made a ever, approved the is sue of national bonds at 9 5 ^ % ,
very satisfactory start, the condition June 1 being the payable within a decade. The total issue authorized
highest since 1903, and consequently above the aver­ is $100,000,000. Chinese merchants are said to be
age; but the area has been decreased. The average strongly advocating the raising of a patriotic subscrip­
condition June 1 this year, stated at 95.8, contrasts tion instead of a foreign loan. Ex-President Dr. Sunwith 94.0 on the same date a year ago, 92.8 in 1910 and Yat-sen has had several conferences with important
a ten-year average of 93.8. Area, according to the interests on this subject.
Department, has been decreased to the extent of 5.8%,
The decline in British consols to 76 3-16— a new low
making the aggregate now 19,201,000 acres. The
Government on its basis of figuring estimates the yield record since they have been on a 2j^ % basis— is inper acre at 13.8 bushels, and this foreshadows a crop terperted in some quarters as a reflection of a more
of 205,000,000 bushels, against 191 millions last year nervous European political feeling. It is conceded
and the record product (in 1909) of 290,823,000 bush­ that the necessities of English bankers who have under­
els. Combining the two estimates (winter and spring), written securities that have failed to attract public
we have a prospective total wheat crop of 028 million support is one reason, these bankers having been com­
pelled to sell investment securities to raise funds. But
bushels, against 021 millions in 1911.
A nominal increase in oats area this year is indicated it is not improbable that there has been a still broader
by the Department, this spring’s planting embracing cause. The London “ Daily Mail” claims reason to
37,844,000 acres, or 81,000 acres more than were seeded believe that as a result of the recent conference at
in 1911. The average condition June 1 is placed at Malta, in which Premier Asquith, First Lord of the
91.1, comparing with 85.7 a year ago, 91 in 1910 and Admi alty Churchill and Gen. Kitchener took part,
a 10-year average of 88.4
With the current satisfac­ some arrangement will be made with France to share
tory condition of the crop, it is not unnatural the De­ with Great Britain the responsibility for the defence of
partment’ s estimate of yield per acre should be high— British interests in the Mediterranean. The occupa­
29.3 bushels, against 24.4 bushels a year ago— nor tion of the Aegean Islands by Italy is the source of
that, area being full, the aggregate crop pointed to considerable apprehension to France. ►Should Italy
should be close to the record— 1,109 million bushels refuse to return the islands to Turkey, or should some
being taken as the promise for 1912, as against 1,186 other Powers object to Turkey regaining possession,
the entire Hellenic question would probably be re­
million bushels in 1910.
The condition of hay on June 1 at 89.8 was much opened. The Italian Government has refrained from
better than at the corresponding time in 1911, and making any official statement regarding the duration
above the average of recent years, and the same is or nature of the occupation of the Islands. Its pro­
true of pastures. Last year, it will be remembered, clamations merely declare that Turkish rule has ceased
the crop was very short (the smallest, in fact, since and that the inhabitants are under Italian protection.
1895), and the condition of pastures at this date was It is assumed that Italy will hold the islands until a
quite a little below the average. Barley condition is war indemnity has been paid, but as Turkey still owes
given as a little better than last year, acreage only Russia a great portion of the war indemnity of 1878,
nominally lower; and the Department on its basis of there will evidently be considerable delay in paying
computing arrives at an average indicated yield "per Italy until Russia’s prior rights are satisfied. This
acre of 25.2 bushels, or a total product of 192,000,000 means, it would almost seem, that Italy will be dis­
posed to hold the islands for an indefinite period with­
bushels, a new high record for this crop.
out definite attempt at annexation. Thus it is evi­
It is once more reported by cable that an early set­ dent that a position of delicacy in European politics
tlement of negotiations for the Six-Nation loan of is gradually developing, and rumors are current in
$300,000,000 to China is at hand. China, nevertheless, London of a new division, that shall include Britain,
is still objecting to the appointment by the bankers of a France and Italy, on the one hand, and Russia, Ger­
foreign adviser to control the distribution of the loan. many and Austria on the other hand. In a severe
As this was stated to be the main obstacle a week ago, engagement between combined Turkish and Arab
it is rather difficult to see wherein actual progress forces and the Italian troops at Lebda, near Tripoli
has taken place. Representatives of the banking City, on the night of June 11, the Turkish forces were
groups of the six Powers will, it is announced, meet in defeated and retreated, leaving 421 dead on the bat­
Paris to-day, and it is expected they will be willing tlefield . The Italians lost 31 killed and had 51 wounded.
to make provision for a small loan to meet cm rgencies, A dispatch received by the Italian Ambassador at
but will insist on withholding the main loan until guar­ Washington announced that the Italian forces suc­
anties have been given that the proceeds will be prop­ ceeded in turning the enemy’s flank and gaining a posi­
erly expended. The Japanese Government has inti­ tion in his rear. The Turkish and Arab forces were
mated its willingness to withdraw its demand that completely routed and fled in confusion. Dispatches
recognition of Japan’s special interests in Manchuria from Turkish sources give an entirely different version
shall be included in the bankers’ agreement, provided of the result. They declare that the Italians were
that the bankers will place it on record that this is a routed and left several cannon and quantities of rifles
matter for the Powers and not the financiers to deal and ammunition, as well as stores, in the hands of the
with. Russian acquiescence in Japan’ s position is ex­ victorious Turks. The Turkish casualties were only
pected in the early future. The Chinese Premier, said to be 50 killed and 150 wounded.
Tang Shao-yi, has formally notified the financial
group representing the Powers that he will require
Earl Loreburn, British Lord High Chancellor since
90,000,000 taels ($63,000,000) during June, and that December 1905, resigned on Monday last, and Vis­
if he does not obtain this, he will consider himself free count Haldane, Secretary of State for War, and who
to borrow elsewhere. The Chinese Assembly has re­ has been so active, in seeking more friendly relatio s



1593

THE CHRONICLE

with Germany, was appointed immediately to succeed
the Earl. Lord Loreburn has been out of sympathy
with the recent radical legislation and has been openly
hostile to the attitude of Reginald McKenna, Secretary
of State for Home Affairs, in refusing adequate pro­
tection to the non-unionists who were willing to take
the place of the dockmen out on strike. A national
strike of British transport workers was formally de­
clared on Monday night as a result of the refusal of
London shipowners to accept the Government’s pro­
posals for ending the Port of London strike. More
than 200,000 workers, including dockers, lightermen,
firemen and carters throughout the country are affili­
ated with the Transport Workers’ Federation. In
fact, it was estimated that 300,000 transport workers
would be idle if the union men as a whole recognized
the general strike order. But the orders were not
generally obeyed. On Tuesday the executive com­
mittee of the Dockers’ Union, which embraces Liver­
pool and Hull and all of Scotland and Ireland, de­
cided not to join the strike, and the latest advices
indicate that the number of men outside of London
who'have responded to the call for a national strike
does not exceed 25,000. Efforts are reported to be
under way on the part of the strike leaders to seek
pretexts for peace. The strike continues to seriously
interfere with the movement of shipping.
In France, also, labor troubles are causing an in­
convenience in shipping circles. As a result of the
disaffection of firemen and seamen on the French Line
steamer La France, a general strike has been declared
at Havre and the port is practically tied up. The
voyage of the steamer has been given up, passage
money having been returned in order that patrons
may seek accommodation on other steamers. These
shipping strikes may be regarded as part of the gen­
eral discontent; they are predicated primarily on the
demand for higher wages, which is in turn based
directly or indirectly on the higher cost of living.
France is having its own troubles in this respect as a
result to some extent of its poor crops. The Chamber
of Deputies on Thursday, in an attempt to ameliorate
the distress caused by high prices, passed a bill ad­
mitting wheat free of duty on condition that an equiva­
lent weight of flour is exported from France by the
importer within three months, or an equivalent weight
of biscuits within four months. The high price of
wheat and the scarcity of the grain have been causing
considerable apprehension in France, and it is believed
that the action of the Chamber will temporarily re­
lieve the situation.
President Gomez of Cuba in a statement to RearAdmiral Osterhaus, who is now in Havana with the
United States cruiser Washington and the battleship
Rhode Island, promised the suppression of the re­
bellion within ten days from last Wednesday. Our
State Department will give him full opportunity to
fulfill his promise The warships now in Cuban waters
will remain there and American marines will continue
to protect foreign-owned properties. But there will
be no addition to the force until the situation becomes
aggravated. The first division of the Atlantic fleet
has been ordered from Hampton Roads to Massa­
chusetts waters for regular summer practice drill.
This is interpreted as meaning that the Administration
regards the Cuban crisis as having passed, at least
temporarily. The actual engagements between the
Gomez troops and the revolutionists have apparently
not been decisive. Washington advices intimate



[V o L . LXXXXIV.

that President Taft and Secretary Knox are much con­
cerned over the attitude of the Gomez Government
toward the Cuban rebels. They are not convinced
that the most effective methods are being taken to
stamp out the revolt. Secretary Knox on Thursday
evening gave a banquet to Senor Orestes Ferrara, the
Speaker of the Cuban House of Representatives, who
is at present in Washington, and it is hoped by the
Administration that some of the discussion at the
banquet may be communicated to the Cuban foreign
office and convince Cuban officials that the United
States desires not only to see Cuba free herself from
disorder,but that Cuba must promptly fulfill her prom­
ises by showing her ability to help herself. The Ameri­
can Consul at Santiago reports that General Monteaguado has issued an order that insurgents in arms who
will appear before and submit to the lawful authorities
before 12 o’clock noon on June 22 will be exempted
from punishment and liberated immediately, with the
exception of the originators and leaders of the re­
bellion and those guilty of a second offence. The
originators and leaders will be exempted from the
penalty to which they are liable and will suffer a lesser
penalty, while those guilty of a second offence will
be held under surveillance. Authorities at Washing­
ton are unable to see why the rebels should be given
until June 22 to burn cane fields and commit outrages
and other overt acts. June 12 had originally been
fixed as the limit in which rebels could lay down their
arms and receive clemency. An extension was made
until June 22, according to the Cuban Government,
because some of the rebels had not learned of the offer
of clemency. But Havana cables suggest that the
real object of the extension was for the purpose of
buying off General Estemez, the rebel commander-in­
chief, and General Ivomet, his chief assistant.
Advices received by the State Department on Thurs­
day reported that the Mexican rebels under General
Orozco had met with a serious defeat at the hands of
the Federals and were retreating upon Jiminez. The
report has not been confirmed. The rebels, on the
other hand, claim they have the Federal army of
General Huerta bottled up between Chihuahua and
Torreon and starving, subsisting on horse meat and
discussing surrender. The Chihuahua Legislature lias
passed a special Act authorizing the issuance of a
million dollars’ worth of bonds to finance the revolution
In the event of the success of the revolution General
Orozco promises that these bonds shall become na­
tional obligations. The Mexican Federal Govern­
ment declares that Chihuahua cannot legally issue
bonds. Senator Nelson on Saturday introduced a
long resolution directing the Foreign Relations Com­
mittee to make a thorough inquiry into the statements
that the uprisings both in Cuba and Mexico originated
and were financed in the United States. Senator
Nelson declared that American Sugar interests fur­
nished the funds for the Cuban insurrection in the
interest of annexation which would remove the duty
on raw sugar. Mining interests, he declared, were seek­
ing the annexation of Northern Mexico.
Private foreign discounts during the week, notwith­
standing the formal reduction by the Imperial Bank
of Germany in its official rate from 5% to 4 }4%>
have indicated a generally firm money situation in
London as well as at the Continental centres. Lon­
don has, in fact, developed quito an active demand
for funds, and yesterday’s cable reports quoted 2% %

June

15 1912.

THE CHRONICLE

1593

for both sixty and ninety-day bankers’ acceptances, quoted at 3 % @ 3 % % (comparing with the single rate
spot and to arrive. This is an advance of % % for of 3 % % a week ago) and Amsterdam remains un­
the week. There appears to have been quite a rush changed at 3 % % . The official Bank rates at the
in the applications for new capital at the British centres named are: London, 3 % ; Paris, 3 % ; Berlin,
centre, and a point has been reached, according to 4 % % ; Brussels, 4 % , and Amsterdam, 4 % .
The weekly statement of the Bank of England, as
responsible cable advices from the British centre, at
which it is necessary to provide a period of rest in we have already stated, shows an increase of £403,923
order that the market may digest the large volume in the gold coin and bullion holdings, making the total
of securities that has been offered by underwriters £41,089,377, comparing with £39,486,451 at this date
and not yet distributed. The underwriters of the a year ago and £42,388,921 in 1910. The reserve in­
New Zealand loan of £4,500,000 in 3 % % bonds which creased £702,000, bringing the total up to £30,753,000,
were formally offered for subscription last week were, comparing with £29,197,621 in 1911 and £33,136,881
for instance, themselves compelled to take 8 7 % of the in 1910. The proportion of reserve to liabilities this
entire issue. This was one of the worst of recent week is 4 9 .5 7 % ; last week it was 4 8 .4 4 % ; last year
expeiiences of this character by London bankers. 5 2 .6 2 % , and in 1910, 5 1 .9 0 % . Notes in circulation
The Danish loan of £4,000,000 was only subscribed show a contraction of £298,000; public deposits an in­
to the extent of 4 5 % , the underwriters being called crease of £520,000; other deposits a reduction of
upon to take the remainder, while the City of Moscow £528,000; loans (other securities) were paid off to the
offering of £3,800,000 was subscribed only to the amount of £705,000. Our special correspondent fur­
extent of 4 7 % . The latter incident has, perhaps, a nishes the following details of the gold movement into
wider significance than those we have previously men­ and out of the Bank for the Bank week: Imports,
tioned, as the offering was made simultaneously on £536,000 (of which £23,000 from Australia, £5,000
the English, German, Dutch and Swiss markets, and from France and£508,000 bought in the open market);
was a 4 % % issue at 9 6 % % . Another indication of exports, £576,000 (of which £50,000 to Java and
the strain that is current in the London market is the £526,000 German coin sold), and receipts of £444,000
weakness in consols, which closed yesterday at 7 6 % , net from the interior of Great Britain.
after touching 76 3-16 on Wednesday, the lowest
The Bank of France, in its weekly statement, re­
figure that, as 2 % per cents, the premier English
security has ever sold at. This compares with 7 6 % ported an increase of 7,025,000 francs in gold. Its
a week ago. The weakness is explained in part by total holdings of the precious metal are 3,249,075,000
sales that have been found necessary by underwriters francs, which compares with 3,208,375,000 francs a
in order to secure funds to finance the underwritings year ago and 3,700,650,000 francs at this date in
which investors have shown so much backwardness in 1909, which was the Bank’s high-water mark for the
taking off their hands. It is not unlikely that the corresponding week. The silver holdings decreased
London market for new capital will promptly heed the 2.400.000 francs, notes in circulation were reduced
caution that has just been administered, especially 80.250.000 francs, bills discounted declined 10,700,000
as there are well-defined reports that both Italy and francs, general deposits were 23,175,000 francs higher
Russia will soon become applicants for new Joans. and treasury deposits 5,450,000 francs higher. The
The Turkish government is placing Treasury Bills in total outstanding circulation is 5,171,,241,000 francs,
against 5,079,107,110 francs a year ago; and discounts
London on a 7 % basis.
An active demand for gold by Germany to reinforce are also much higher, amounting to 1,114,539,000
German bank reserves is also a factor in London’s francs, comparing with 1,012,458,402 francs in 1911
monetary firmness. There were fears that the London and 810,144,174 francs in 1910.
settlement would disclose some weakness in Stock
Exchange circles at that centre, but, fortunately, HgThe Imperial Bank of Germany on Tuesday an­
there were no developments of an untoward character nounced a reduction to 4 % % from 5 % in the official
in this direction. Contangoes’ on American securities rate of discount. This is the first reduction in the
at the settlement were quoted at 4 % % , which is the German rate since it was advanced from 4 % on Sept. 19
same figure current at the preceding settlement. Not­ 1911. Some doubts are entertained at New York, as
withstanding the German and other demands, the well as at London and Paris, whether the reduction
Bank of England, in its report published on Thursday, will remain in force over the half-yearly payments, and
indicated a further increase in its gold coin and bullion there seems a disposition in banking circles at all the
holdings of £403,923, following an increase last week centres. named to regard the action of the Reichsas an experiment having in
of £1,324,663. India was not a bidder at the Cape bank’ s directors
gold auction at London on Monday. The Bank of view a possible sentimental influence on the German
England purchased virtually the entire offering of situation. In other words, if the lowering of the of­
ficial rate creates a more comfortable appearance in
£750,000 at the Mint price of 77s. 9d.
The closing private discount rate in Paris, as cabled local banking circles in Berlin, it is not at all improba­
yesterday, was 2 % % for all maturities, which repre­ ble that foreign lenders may moderate their views as
sents no alteration for the week. French bankers are regards interest rates. A 5 % official Bank rate in
reported to be quite cynical as to the ability of the Berlin not unnaturally influences foreign lenders as
German Bank to continue in effect its reduced discount to the rate of interest they should charge for accom­
rate, and were reported by cable yesterday to have modation to the German market. The directors of
again stopped lending to the German market, believing the German Bank are particularly frank in saying that
that higher rates will prevail later. A t Berlin closing their action is experimental. They accompanied their
private discount rates are 4 % for spot bills, all maturi­ announcement of the reduction with a warning to the
ties, and 4 % % to arrive. These quotations represent banks not to grant excessive credits. If this warning
a reduction of % % in the spot and of % % in the for­ is heeded, they intimate the rate can be maintained
ward bill quotation, in sympathy with the reduction in until the autumn; but otherwise a restoration of the
the Imperial Bank rate. Brussels at the close is 5 % basis will be necessary in a few weeks. The Ger-




1594

THE CHRONICLE

man demands for funds have already in some degree
been repeated in the New York market, though these
are largely for renewals of loans that are about matur­
ing. Our bankers are showing no disposition to mod­
ify their original figures in the renewals. The reduc­
tion in the German Bank rate is said to have resulted
from a disposition shown by French bankers to make
temporary loans for the June payments in Berlin.
But Paris expects a tightening of the German market,
and is consequently stopping its temporary loans.
On the other hand, there is some evidence that Berlin
is determined to strengthen its gold position. On
Wednesday the Bank of England sold £501,000 in the
precious metal for shipment to Germany, and private
cables state that additional purchases in the London
market will probably soon be announced. The
weekly statement of the Imperial Bank was published
on Monday. It indicated an increase of 24,177,000
marks in the gold item and of 14,805,000 marks in gold
and silver combined. The stock of the two metals is
1,376,937,000 marks, which makes a favorable com­
parison with 1,165,220,000 marks at the corresponding
date last year and 1,132,200,000 marks in 1910. A
further indication of the strengthening process during
the week is a reduction of 62,288,000 marks in circu­
lation, of 25,504,000 marks in loans and 69,140,000
marks in discounts. Loans and discounts combined
now total 1,065,796,000 marks, compared with 969,­
180,000 marks a year ago and 931,940,000 marks in
1910.
The total circulation outstanding is 1,594,399,­
000 marks, which compares with 1,504,480,000 marks
in 1911 and 1,477,700,000 marks in 1910. Deposits
in the Reichsbank decreased 19,478,000 marks during
the week. In a recent issue received by latest mail,
the Frankfurter “ Zeitung” declares that it “ is scarcely
a secret that American money going to Berlin has come
for some time and in considerable proportion from the
regular resources of the great French banks, which
they are unable to use elsewhere, and, by a compli­
cated operation, lend first to London, which puts the
money at the disposition of New York, which hands
it over to Berlin.”
Bankers at New York with whom we have discussed
this matter do not believe that this form of indirect
lending has been carried on to any important extent,
if at all. W e append the translation of a letter re­
ceived by one of the largest foreign houses here from
one of the best informed and most conservative au­
thorities in Berlin. It will be seen that it takes a rather
calmer survey of the German situation than has re­
cently been indicated by cable: “ It is now thoroughly
appreciated here that the great industrial prosperity
in this country can continue only under normal mone­
tary conditions. Normal conditions in this connection
mean that the speculative accounts of firms and in­
dividuals must be adjusted satisfactorily to the finan­
cial state of affairs of each party concerned. In other
words, over-speculation must be curbed, the cash hold­
ings of the Reichsbank must be considerably increased
and the amount of circulation subject to the Steuerpflicht (Government tax) must come down a good bit.
With the above factors accomplished, and with fairly
good crops assured, the German money market ought
soon to find its equilibrium again. It is certainly re­
markable that the recent heavy liquidation at Berlin
could have been put through with hardly a break in
prices, thus proving that influential buyers considered
the outlook sufficiently encouraging to enter the arena
and to invest at the then prevailing quotations.”




[VO L. LXXXXIV.

The local money market remains in an easy position.
Supplies are sufficient for all demands, but lenders
are not attempting to encourage borrowers to take
accommodation that is not needed. Thus, while the
Stock Exchange market has frequently ruled so dull
during the week that it has been at times almost a
nominal affair, rates for demand loans have each
day touched 3 % and the renewal rate throughout the
week has been maintained at 2 % % . The demands
of mercantile and industrial borrowers are of a routine
character, which is quite natural in view of the acute
stage reached in the political campaign. Trade
reports from the South are not as favorable as those
from the West. There have been some inquiries
from German sources for additional loans. They
have not assumed direct importance, however, and
are understood to be largely significant of a desire to
renew loans that are about maturing. Germany is
making active preparation for the regular quarter-end
strain that is expected at the close of the month and it
would not be surprising, according to views of bankers
in this city identified with German financing, if the
old rule that “ troubles that are expected are usually
averted” should hold good in this particular in­
stance. There is no question, however, but that
American bankers will be close students of German
banking developments during the next few weeks and
the prospects certainly favor the development of a
situation in which America will be the most comfort­
able money market of the world at the time of making
the half-yearly payments this year. It must be
conceded that there are not likely to be important
demands on bank surpluses during the next few
months when the political campaign will not un­
naturally have a retarding influence on our national
activities. In fact, the demands of the agricultural
sections are perhaps the earliest from which we may
expect any definite strain, and until these demands
develop it does not seem improbable, unless an active
foreign demand springs up, that we shall experience
a continuance of current easy conditions. In other
words, movements in our own money market will be
very largely in sympathy with foreign monetary
conditions during the next few months.
Call money during the week has been confined
within the range of 2 @ 3 % . The ruling rate has
remained unchanged from 2 % % , which was current
at the close of last week. On Monday and Tuesday
the extreme figures each day were 2 % and 3 % ,
Wednesday’s range was 2 @ 3 % . Thursday’s was
2M @ 3 %
and Friday’s 2 J ^ @ 3 % .
Time money
closed at slight concessions for the week. Both
sixty and ninety day loans are available at 3 % , four
months at 3 @ 3 ) 4 % , five months at 3 K % , six months
a t 3 K @ 3 % % and later maturities
@ 4 % . Mer­
cantile paper is in light supply and buyers are quoting
3 M @ 4 % for sixty and ninety days’ endorsed bills
receivable and also for four to six months’ single­
name bills of choice character; others are quoted at
4 to 4 K % .
Sterling exchange throughout the week has ruled
quiet, but, as was the case last week, stubbornly
steady. The seasonal requirements of tourists are
probably the chief support, though, as we noted last
week, the year is far from being an active one for the
passenger steamship lines. One reason, and probably
the most important, is the unfortunate disaster that
overtook the steamship “ Titanic” , but contributing
influences have been the fact of its being Presidential

June 35 19i2.]

THE CHRONICLE

1595

June 15 1 911.
June 13 1 9 12 .
year and also the lack of pronounced prosperity in
Banks of
Silver.
Total.
Gold.
Silver.
Total.
Gold.
business circles. The shipping labor troubles have
£
£
£
£
£
£
also exerted a retarding influence on the year’s tour­ E ngland __ 4 1 ,0 8 9 ,3 7 7
3 9 ,4 8 0 ,4 5 1
4 1 ,0 8 9 ,3 7 7 3 9 ,4 8 0 ,4 5 1
3
4
,1
5
3
,4
4
0
1
0
2
.4
.0 0 0
1
2
9
,9
0
3
,3
8
0
1
2
8
,3
3
5
,1
0
0
1
0
2
,5
5
4
,7
4
0
__
3
2
,5
9
1
,3
0
0
F
ra
n
c
e
ist travel. There has been smaller evidence this week G erm any.. 4 5 ,8 4 4 ,9 0 0 1 7 ,0 0 0 ,0 0 0 0 3 .4 4 4 .9 0 0 4 2 ,2 9 2 ,3 0 0 1 5 ,9 0 3 ,7 5 0 5 8 ,2 58 08 ,0
50
ussia . . . 1 5 0 ,2 8 8 ,0 0 0 7 .9 3 4 .0 0 0 1 5 8 ,2 2 2 ,0 0 0 1 4 5 ,0 0 2 ,0 0 0 7 .7 2 7 .0 0 0 1 5 2 .7 8 9 .0 0 0
of manipulation in sterling exchange. There have R
A u a-H u n . 5 2 .2 0 3 .0 0 0 1 2 .5 4 4 .0 0 0 0 1 .7 4 7 .0 0 0 5 5 .8 4 0 .0 0 0 1 2 .9 7 1 .0 0 0 0 8 ,8 1 1 ,0 0 0
a in ___ 1 7 .0 3 4 .0 0 0 3 0 .1 0 1 .0 0 0 4 7 .1 9 5 .0 0 0 1 0 .5 5 2 .0 0 0 3 1 .0 7 0 .0 0 0 4 7 .0 2 2 .0 0 0
been reported fair remittances on German ac­ SItap ly
___ 4 2 .3 2 0 .0 0 0 3 .0 5 0 .0 0 0 4 5 .9 7 0 .0 0 0 3 9 .8 4 0 .0 0 0 3 .5 3 4 .0 0 0 4 3 .3 7 4 .0 0 0
X etlierl ’ds 1 2 .1 1 2 .0 0 0
1 3 .1 0 1 .9 0 0 1 1 .5 2 1 .0 0 0 2 ,1 0 4 ,3 0 0 1 3 ,0 2 5 ,3 0 0
count via London. The Continental exchanges have N at.B elg .. 7 ,2 7 0 ,0 0 7 3 ,09 3S89.900
,3 3 3 1 0 .9 1 5 .0 0 0 0 ,7 0 1 ,3 3 3 3 ,3 8 0 ,0 0 7 1 0 .1 4 2 .0 0 0
5 ,1 3 4 ,0 0 0 ­
Sweden . .
4 .0 0 4 .0 0 0
5 .1 3 4 .0 0 0 4 .0 0 4 .0 0 0
moved in favor of London, chiefly as a result of Swltzerl’d. 0 ,3 9 9 ,0 0 0
0 .3 8 8 ,3 0 0
0 ,3 9 9 ,0 0 0 0 ,3 8 8 ,3 0 0
N orway . .
2 ,1 2 2 ,0 0 0
2 .0 8 0 .0 0 0
2 .1 2 2 .0 0 0 2 .0 8 0 .0 0 0
the fortnightly settlement. Now that this has been
T otal week 5 1 1 ,7 8 0 ,3 2 4 1 0 9 ,1 0 8 ,5 9 3 0 2 0 .8 9 4 ,9 1 7 4 9 8 ,8 2 2 ,2 4 4 1 1 0,9 0 4,1 5 7 0 0 9 ,7 2 0 ,4 0 1
successfully accomplished, there is not unlikely to be Prcv. week 5 0 9 ,8 4 0 ,1 7 1 1 0 9 ,3 0 9 ,8 1 3 0 1 9 ,1 4 9 ,9 8 4 4 9 8 ,0 8 7 ,0 3 3 1 1 1,2 8 9,3 1 7 0 0 9 ,3 7 0 ,3 5 0
a reaction in this respect. Checks on London in
Paris were quoted by cable yesterday at 25 francs
T H E PUJO C O M M ITT E E 'S IN Q U IR Y .
24 centimes, which compares with 25 francs 2 3 %
In common, we suppose, with all other fair-minded
centimes a week ago; while the London check rate in observers of the general situation, we cordially ap­
Berlin closed at 20 marks 45 pfennigs, against proved the statement of the Chairman of the House
20 marks 4 3 % pfennigs last week. The Berlin check Banking and Currency Committee early last week,
rate in Paris closed at 123.42, which suggests that the to the effect that the Committee considered it inad­
movement is still in favor of Berlin, notwithstanding visable to conduct its so-called Money Trust inquiry
that cable advices report that French banks have during “ the. heat and excitement of a political cam­
stopped making further temporary loans to the paign” . Mr. Pujo added: “ Its has been recognized
German centre.
as imperative that the public confidence in the judicial
Compared with Friday of last week, sterling ex­ attitude of the Committee shall be beyond suspicion” ;
change on Saturday was firmer, with demand quoted concluding that, “ for that additional reason the
at 4 8715 @ 4 8720 and cable transfers at 4 8745 @ Committee has not considered pursuing the main
4 8750; sixty days was unchanged at 4 8450 @ 4 8400. branch of the investigation until after the election.”
Speculative activities by brokers caused sterling to
This decision was not only fair on general principles,
move irregularly on Monday; the opening was firm, but it was eminently wise in the interests of an effect­
with an advance of several points, but later the ive inquiry. Every one knows exactly how much
market receded and closed unchanged for demand and how little of serious and permanent regard is
and sixty day bills at 4 8715 @ 4 8720 and 4 8450 @ paid by the general public to an investigation of a
4 8400, respectively, while cable transfers declined to sensational sort, pursued amid the clamor of partisan
4 8735 @ 4 8740. On Tuesday rates were firm on politics, at a time when the wildest insinuations and
inquiries in connection with the coming fortnightly accusations are being exchanged upon the stump.
settlement, and demand advanced to 4 8720 @ 4 8725 Mr. Pujo’s interview referred primarily to the blank
and cable transfers to 4 8745 @ 4 8750; sixty days, forms of inquiry sent out by the Committee to all the
however, declined to 4 8445 @ 4 8455. The opening national banks, asking a number of questions which
was firm on Wednesday with very little business involved confidential information regarding the posi­
transacted throughout the day; before the close the tion of their depositors. The banks were advised
market eased off about 5 points, demand being quoted by counsel that, since the National Bank Act pro­
at 4 8 7 1 5 @ 4 8720 and cable transfers at 4 8740 @ vides that no institution of the sort “ shall be subject
4 8745; sixty days advanced to 4 8455 @ 4 8465. to any visitorial powers other than such as are author­
Sterling continued firm on Thursday and advanced ized by this title” (the section creating the National
5 points on covering of shorts; the final range was Bank Examiners) “ or are vested in the courts of
4 8720 @ 4 8725 for demand and 4 8745 @ 4 8750 for justice” , the banks had no right to give up this informa­
cable transfers; sixty days ruled unchanged. On tion to any other agent of the Government. The
Friday the market continued quiet and closed at a de­ legal propriety of this position seems to have appealed
cline of 5 points for demand, while cable transfers and to the Committee; in addition, as we have seen, the Com­
sixty days were without net change. Closing quo­ mittee has recognized the grave impropriety of press­
tations were 4 8 4 5 0 @ 4 8460 for sixty days, 4 8720 ing the investigation during a Presidential contest.
@ 4 8725 for demand and 4 8745 @ 4 8750 for cable
W e find it somewhat difficult, however, to square
transfers. Commercial on banks closed at 4 83% @ this position with the attitude of the committee and its
4 8 4 % and documents for payment 4 8 3 % @ 4 8 4 % . counsel in what it calls the “ collateral inquiry” which
Cotton for payment ranged from 4 84 to 4 8 4 % ; has been pursued since the Chairman’s interview was
grain for payment from 4 8 4 % to 4 85.
given out. These inquiries have been directed toward
the operations of the New York Clearing-House Asso­
The following gives the week’s movement of money ciation, and in part toward dealings on the Stock
to and from the interior by the New York banks.
. Exchange. In the hearings which have already been
held, the manner of the committee’s counsel has plainly
Net Interior
Received by
Shipped by
Week ending June 14 1 9 12 .
Movement.
N. Y. Ranks. iV. Y . Banks.
suggested, not the “ judicial attitude” asserted by
C u rren cy .............................................
S 1 1 ,9 7 0 .0 0 0
S 3 ,9 2 0 ,0 0 0 Gain SS.0 4 4 ,0 0 0
Mr. Pujo, but the attitude of the prosecutor and the
Gold .................................................
1 ,2 3 3 ,0 0 0
2 ,3 9 7 ,0 0 0
1 ,1G 4,000 Gain
hostile investigator. In ways familiar to all experi­
3 5 ,0 9 0 ,0 0 0 Gain $ 9 ,2 7 7 ,0 0 0
$ 1 4 ,3 0 7 ,0 0 0
enced cross-examiners of the legal profession, the
With the Sub-Treasury operations the result is.
counsel has adroitly assumed certain facts which were
really the main questions in dispute. His inquiry has
Into
Net Change in
Out o/
Week ending June 14 1 912.
Banks.
Banks.
Bank Holdings.
at most times been so framed as to give an apparent
Hunks’ Interior m ovem ent, as above. SI 1.3G 7.000
5 5 .0 9 0 .0 0 0 Gain $ 9 ,2 7 7 ,0 0 0
color of wrongfulness to the facts admitted by the
Sub-Treasury operations..........................
2 1 ,1 0 0 ,0 0 0
2 0 .8 5 0 .0 0 0 Loss
5 ,7 5 0 ,0 0 0
bank witnesses.
Total gold and legal tenders.............
$ 3 5 ,4 0 7 ,0 0 0
S 3 1 ,9 4 0 ,0 0 0 Gain S 3 ,5 2 7 ,0 0 0

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




In overhauling the episode of the Oriental Bank
failure at the end of January 1908, witnesses were
called, who, by the nature of the case and by their

1596

THE CHRONICLE

previous association with that bank, were naturally
prejudiced regarding the attitude of the Clearing­
House Committee— which, thy claimed, forced insol­
vency upon them. The result of this was to give to
a perfectly normal and routine action of the Committee
an aspect into which the uninformed public might
easily read the evidence of a secret conspiracy. The
Committee and its counsel subsequently had the grace
to suggest that the Clearing-House side of the matter
would be heard, but they did not do this until the
other side of the case had been stated on authority in
some of the newspapers, and they did so with an in­
sinuation that the witnesses, whom the Committee
had not subpoenaed, were unwilling to come forward.
Mr. Frank A . Vanderlip, President of the Clearing­
House Committee, this week responded as follows to
the Chairman of the House Committee:
In my opinion, the reason that responsible gentle­
men connected with the Clearing House do not volun­
teer to appear before your Committee is due to an
impression that thus far the disposition of the Com­
mittee, as reflected in the attitude of its counsel, has
been not so much to ascertain the actual facts as to
limit the evidence so as to support, if possible, a pre
conceived assumption. Gentlemen hesitate to place
themselves in such a position as examinations of this
character entail, much as they might like to be of
service to a committee of the House of Representatives
making a legitimate inquiry into conditions, a knowl­
edge of which would be desirable in legislative con­
siderations. ■ ■ ■ •
p-j
Mr. Vanderlip’s statement of the case, so far as
regards the manner in which the cross-examination
of witnesses was conducted, we believe to be true.
If the procedure to date represents the “ maintenance
of a judicial attitude,” we shall have to revise our ideas
as to what the word judicial means.
The testimony of last week Friday in relation to the
Oriental Bank came from the former President of
that institution and from two or three of the directors.
In general, it was to the effect that on Oct. 20 or 22
1907 the Clearing-House Committee ordered the Orien­
tal Bank to discontinue clearing for certain Brooklyn
institutions— an action clearly within the powers of
the Clearing-House Committee, and justified by what
was known then and what was disclosed afterward
regarding the condition of these Brooklyn institutions.
The Clearing House did, however, make a liberal
a lowance in loan certificates to the Oriental Bank,
that assistance amounting to $2,800,000.
After the lapse of three months, when the panic had
subsided and the emergency expedient of the Clearing­
House loan certificates was being brought to an end
through retirement of such paper, the Oriental Bank, in
common with other institutions, was called upon to
take up the certificates which they held. The order,
we understand, was coupled with an offer of assistance
on another basis which, for whatever reason, was not
accepted by the bank. In the end, the Oriental Bank
closed its doors. All of this testimony, submitted by
men identified with the bank at the time, was naturally
colored with resentment at the attitude of the Clearing­
House Committee, and a letter by the late Hugh Kelly,
who became President of the bank during the panic,
was submitted in evidence as showing the strong feel­
ings which existed at the time. This letter was, how­
ever, never mailed to the Committee, and no explana­
tion seems to have been given in the testimony as to
why, if the case was so clear, it was not sent.
The views published in some of the New York papers
during the day or two after this evidence was sub­




[VOL. L X X X X IV .

mitted put a very different color on the episode. In
fact, we are confident that people who are familiar
with the situation during and after October 1907
must have read the testimony before the Pujo com­
mittee with a strong sense of indignation. More than
four years have elapsed since the panic of 1907, and
no doubt people have begun to forget a good many
things which were strongly impressed on their minds
at that time. It should not be difficult to recall,
however, that when the financial storm broke sud­
denly on the New York banking institutions, it was
recognized at once that, quite outside of the trust
companies, which were then bearing the brunt of the
most extraordinary run of depositors in all the history
of banking, there was a serious danger-point in the
shape of numerous small banks, many of which had
been ill managed, many of which had found it diffi­
cult to comply with the requirements of the Banking
Department, and some of which were known to have been
manipulated in the interests of speculating financiers.
This danger-point had long been recognized, but the
Clearing-House Committee had to acknowledge the
limitations on its powers, which made peremptory
remedial action difficult. When the panic came, it
was obvious that these small banks, in their over­
strained condition, could not stand alone. The Clearing-IIouse Association resorted to the familiar ex­
pedient of loan certificates, whereby the larger banks
virtually placed their own resources at the disposal
of the threatened institutions. In the end, and be­
fore the panic of 1907 was over, the banks of New
York had $88,420,000 of such loan certificates out­
standing, whereas the maximum in any previous panic
had been the $38,280,000 of 1893.
So long as these certificates were outstanding, it
was impossible that the financial situation should
right itself. Continuing business on the basis of loan
certificates, instead of cash reserves, involved the
paitial restriction on cash payments to depositors,
and, therefore, also involved a premium on currency
in the market. There was no doubt at the end of 1907
as to what was standing in the way of full retirement
of these emergency certificates. It was these identical
small banks, which, after getting themselves into a
position where they had had to apply to the other
sound banks for help and relief, were simply resting
on that assistance and perpetuating an impossible
situation. The issue of loan certificates, it should be
remembered, was no mandatory duty imposed upon
the banks. It would have been quite within their
rights and privileges to have refused assistance to a
bank or group of banks whose past policy had not
justified such aid from other institutions. Be this
as it may, that alternative was not adopted, and the
weak institutions were granted all the financial
assistance which had ever previously been extended in
a time of panic.
Such was the situation which was pictured with so
singular a misrepresentation before the Banking Com­
mittee last week. We do not doubt that, when all
the testimony has been heard in this matter, the public
will be in a position to understand both sides. But
none the less it appears to us that some protest should
be made against the conducting of the cross-examina­
tion before the committee in such a way as carefully
to instill into the public mind the impression that
banking institutions in New York must somehow at
that time have been guilty of great wrong.
In connection with the present hearing, there has
been talk of some sort of reform involving legal con-

June 15 1912. j

THE CHRONICLE

trol and supervision of the Clearing-House Committee.
Until we are informed what shape that proposed super­
vision should take, it is quite impossible to express
judgment on the merits of the question. W e are not
among those who have argued that the condition of
affairs as a result of which, in every time of panic, the
Clearing-House Committee .is forced to assume such
powers as have been thrust upon it, is one which ought
indefinitely to continue. It is easy, in times of pro­
found composure in the money market, to criticize
what was done, and what had to be done at once, in a
case of grave and critical emergency. It is a very
different thing to say what ought to be done to pre­
serve the banking and business situation at a time
when the whole structure of credit is in imminent
peril of collapse. W e have not been left without sug­
gestions of a proper remedy for such absence of lawful
authority and of financial power to deal with crises such
as that of 1907; and when the excitement of the
Presidential campaign shall have subsided, the ques­
tion of reorganizing our banking system, with a view
to this very purpose, will come up seriously for con­
sideration. How far such sober constructive efforts
will be helped by haphazard and random attacks on
existing expedients and institutions— themselves the
product of long experience and a recognized safe­
guard in time of stress— we may leave to the judgment
of the business community.
E M P L O Y E E S M A Y NOT CONSPIRE TO IN J U R E
. TH E B U SIN E S S OF E M P L O Y E R .
The decision two weeks ago by Justice Stapleton in
the Supreme Court, Kings County, in the case of Albro
J. Newton Co. vs. Erickson et al, making permanent
the preliminary injunction issued by Justice Blackmar
in January of last year, is important because it relates
to a labor controversy of wide bearing and interest,
and also because of the broad and unqualified way in
which it sustains the original opinion in the same
action and which so emphatically condemned strike
and boycott conspiracies. This is the case in which
Justice Blackmar laid down the doctrine that the light
of an employer to carry on business is as absolute as
the right of the workmen to control their own time
and labor. Furthermore, this right to carry on busi­
ness, Justice Blackmar declared, was a property right.
He pointed out that the relation of a dealer to his cus­
tomers and to the trade generally is what is known
as “ good will" and is property which the law is bound
to protect.
In this instance the labor unions had sought through
the employment of the strike and the boycott to
destroy the business of the plaintiff, and in granting
the preliminary restraining order, which has now been
made permanent by another Judge, Justice Blackmar
asserted, with much force, that to bring an “ obstin­
ate" manufacturer to terms an attack on his good­
will would be fully as effective as to tear down his fac­
tory or to smash his machinery. Accordingly, he held
that a combination to attack the plaintiff’s good-will
was illegal and said that the illegality of the act is not
changed even though the means used are themselves
innocent.
To these views Justice Stapleton gives unqualified
assent, for he expresses his opinion in these words as
published in the “ New York Law Journal" for May*29:
“ The facts established upon the trial of this action
were the same as those accepted by the Special Term in
granting the order herein continuing a temporary in­
junction. To those facts the law has been applied by



1597

authority governing this Court (Newton vs. Erickson,
70 Misc., 291; 126 N. Y . Supp., 949; affirmed, 129
N . Y . Supp., 1111). To re-state the facts is unneces­
sary, as they were in that opinion succinctly and accur­
ately expressed. To re-write the law, in contempla­
tion of its exhaustive and learned exposition by Mr.
Justice Blackmar, would be pedantic. The plaintiff
may have judgment for a permanent injunction, ex­
pressed in terms precisely as those used in the order."
W e reviewed the facts of the case quite at length in
our issue of Jan. 21 1911, and made extended excerpts
from the opinion of Justice Blackmar. The Albro J.
Newton Co., the plaintiff in the case, a large concern,
manufacturing doors, sash and wood trim and other
lumber products, has been maintaining an “ open” shop
and employing men without reference to their member­
ship in labor unions. The defendants were agents and
officers of certain local labor organizations affiliated
with the United Brotherhood of Carpenters and Joiners
of America, a union composed of about 185,000 work­
ers in wood. These labor organizations undertook to
force the plaintiff to “ unionize" its mills. W ith this
end in view, representatives of the union called on the
plaintiff company and requested it to discharge all
employees who would not join the union. This hap­
pened in September 1910. John Wolfinger, a general
organizer from the union headquarters in Indianapolis,
also called upon the President of the Newton Co. and
sought to compel it not to buy lower-priced materials
from other non-union shops. The Newton Co. refused
point blank, and accordingly the union attempted
coercion.
The product of the plaintiff’s factoiy is sold mainlv
to builders in New York. The carpenters employed
by said builders are largely union men. The plan, of
action devised by the union was to so injure the plain­
tiff’s trade by working upon the fears and necessities
of its customers that it would be obliged to submit to
the union’s demands. For this purpose.it circulated
among the owners, contractors and builders of New
York a notice to the effect that the union would refuse
to handle material unless made under “ strict union
conditions." The circular contained a list of the firms
working under agreement with the union, omitting the
plaintiff’s name. The union then proceeded to call
strikes against the builders and contractors who used
the plaintiff’s material, which were enforced by a sys­
tem of fines on its members.
It was the contention of the labor unions that they
were using lawful means— that is, the right to decline
to work except under satisfactory conditions, which
included the right to announce their intention so to
do to accomplish a lawful object, namely the improve­
ment of the condition of labor. Justice Blackmar
admitted that workmen have the unlimited and un­
qualified right to refuse to work. A strike is a com­
bination to quit work, he declared, and a strike can
never in and of itself be illegal. It does not need to
be justified. The absolute right to refuse to work,
which necessarily exists in a free constitutional govern­
ment constructed on individualistic principles, is
guaranteed by our Constitution and cannot be abridged
by legislative, executive or judicial power. Whatever
the workmen may lawfully do, they may announce
their intention of doing, and such announcement,
even if called a threat, is not illegal. But in the pres­
ent instance the circular and the strikes were simply
a means to an end. The union had no quarrel with the
builders, for, said the opinion, the claim that the
plaintiff’s material was unsafe to handle was an after­
thought and not founded on fact. The workmen quit

1598

THE CHRONICLE

their jobs on the buildings because they were required
to do so by the governing power of the union, The
union adopted this means to accomplish an end.
The plaintiff’s cause of action, according to Justice
Blackmar, was the combination to injure his business.
It was an attempt on the part of the union to compel
builders and contractors to boycott the plaintiff. This,
he declared, had uniformly been pronounced illegal by
the courts. In other words, a concerted attack upon
the trade of a merchant or manufacturer by inducing
or coercing his customers to cease dealing with him
was held illegal. Any other decision, said Justice
Blackmar, would be equivalent to excluding this class
of property from the protection of the law. In effect
the ruling would be: “ You must not use violence
towards persons or tangible property, but you may
cripple your adversary by destroying his good-will and
business connections.” The fact that indirectly the
union is aided in the struggle for a better rate ol wages
and shorter hours of service, does not justify the injury
to the plaintiff. The injury to the plaintiff is an essen­
tial element in the defendants’ scheme, and whether
the benefit to defendants’ members be considered as
the end of the combination and the injury to the plain­
tiff one of the means used, or whether the injury to the
plaintiff be considered the end and the strikes the
means, the result is the same. The concerted action
is an illegal conspiracy.
It is to these views and to this opinion that Justice
Stapleton refers when he speaks of an “ exhaustive
and learned exposition” of the law. But he goes
further than this and declares the plaintiff may have
judgment for a permanent injunction, “ expressed in
terms precisely cls those used in the order.
1 hus the
order, too, is re-affirmed. As was pointed out by us
at the time, this order was unusually comprehensive.
Justice Stapleton’s ruling makes it important to re­
print it here. The defendants were enjoined from in­
terfering with the plaintiff’s business in either of the
following ways:
First. By sending to any customer or prospective
customer of plaintiff any letter, circular or communi­
cation, printed, written or oral, which in terms or by
inference suggests that labor troubles will follow the
use of materials purchased from plaintiff or from any
person, firm or corporation declared “ unfair,” or
whose material does not bear the union label, meaning
plaintiff thereby; or
Second. By ordering, directing, requiring, or by
compelling by any by-law, rule or regulation, or any
act thereunder, any person whatever to refrain from
or cease working for any person, firm or corporation
because they use material purchased of or furnished
byjplaintiff, or by any person, firm or corporation dedared “ unfair,” or whose material does not bear the
union label, meaning plaintiff thereby.”
W e should imagine it would be difficult for labor
unions to get around the terms of this order. A t all
events, the outcome in this instance should make the
union leaders chary about indulging in illegal acts
such as the courts have condemned.
RAILROAD GROSS E A R N IN G S FOR M A Y .
Our early statement of the gross earnings of United
States railroads for the month of May (comprising
merely the roads whose practice it is to furnish pre­
liminary estimates of their gross revenues soon after
the close of the month) makes, on the whole, a very
satisfactory exhibit, thereby reflecting a more active
state of trade throughout the country. The results
appear all the more gratifying when it is remembered



[VOL.

LXXXXIV.

that the Western grain movement in the aggregate
fell considerably below that of the corresponding
month in the previous year, that the cotton move­
ment in the South was not up to that of May last
year, that the overflow of the Mississippi reached
serious proportions early in the month inundating
large areas and interfering with railroad operations in
the territory affected; that the anthracite coal miners
did not return to work (after the suspension since
April 1) until May 22 and that in the bituminous coal
regions the resumption of work in different parts of
the country occurred only gradually. In some States,
like Illinois, the mines were at work nearly all the
month,
but
operators
were not
anxious
to
prosecute mining operations with vigor, inasmuch as
there was a lack of desirable orders, and mining would
hence have been in considerable measure unprofit­
able.
Our tabulation just as it stands covers 89,686 miles
of road and records an increase of 84,377,512, or
6 .8 0 % . As in preceding months, this includes the
results of three large Canadian systems, namely the
Candian Pacific, the Canadian Northern and the
Grand Trunk Railway of Canada, which together
contributed $2,759,819 to the amount of gain. Elim­
inating these, the increase on the roads in the United
States is reduced to $1,617,693, or only 3 .2 4 % .
But even this is not a poor showing, considering the
many unfavorable influences and conditions prevailing,
as enumerated above. The effect of these adverse
influences is reflected in the losses sustained by
some of the separate roads in our table. 'rhus, the
Illinois Central falls $276,120 behind and the Yazoo
& Mississippi Valley $183,102 behind, presumably,
in good part, by reason of the floods in the Mississippi
Valley. The decrease of $124,437 on the Wabash
may be due in a measure to the same circumstance,
the
overflow
having
diminished
the
traffic
contributed by connecting lines. The shrinkage of
$143,978 in the earnings of the Chicago & Alton may
have followed from smaller coal operations in Illinois,
while the decrease of $50,817 in the earnings of the
Chicago Great Western followed, we should judge,
from a smaller grain movement. The decrease of
$103,237 on the Colorado & Southern and of $36,000
on the Denver & Rio Grande, succeeding losses the
previous near, evidently indicates continued depression
in the mineral regions of Colorado. .
Speaking of the roads collectively it should be
remembered that comparison is not with diminished
totals a year ago. Our preliminary statement at that
time, notwithstanding the existence of industrial
depression over the greater part of the United States,
then showed $658,651 increase, or 1 .0 1 % . It is
true, however, that this included the three Canadian
systems already referred to, the same as the present
year, and that with these eliminated there would have
been a decrease. The falling off even then, though,
would not have been large— no more than $668,284.
Our final statement for May last year, comparing
the entire railroad mileage of the country, recorded
quite a considerable falling off, but that would not
furnish a fair basis for comparison in this instance,
inasmuch as the roads embraced in the larger tabu­
lation are wholly different from those which contribute
returns to the present early statement
In 1910,
of course, our early statement for the month of May,
comprising substantially the same roads as are now
represented, was highly gratifying, recording an
improvement of no less than $8,772,771, or 1 6 .9 8 % .

Moreover, this followed a gain of $6,320,871, or 14.79%,
in May 1909 over 1908. In 1908, we need hardly
say, when the depression in business which followed
the panic of 1907 was at its height, our early tabula­
tion recorded a heavy loss, the falling off being no
less than $15,319,106, or 25.10%. Prior to 1908
there was an almost uninterrupted series of gains
extending back to 1896. In the following we furnish
a summary of the May aggregates as registered by our
early compilations for each year back to 1897
Year Yr. pre­ / ti­
Given. ceding. er*se.
May.
1897 ___
1898 ___
1899 ___
1900 ___
1901
1902 ___
1903 ___
1904 ___
1905
1906 ___
1907 ___
1908 ___
1909 ___
1910
1911
1912
Jan. 1 to
1897 ___
1898 ___
1899 ___
1900 ___
1901
1902 ___
1903 ___
1901___
1905 ___
1900 ----1907 ----1908 ___
1908 ----1910
1911 - - - ­
1912___

Increase (-J-)

Gross Earnings.

Mileage.

Roads Miles. Miles.
125 93,037 92,903
128 90,800 95,748
111 91,958 90,390
114 97,537 95.038
99,916 96,630
99
____________
84 91.858 90,262
81 101.759 99.723
60 85.108 82,820
74.707 73,230
53
____________
71 90,593 94,398
07 93,640 92.180
53 79,369 77,918
50 77.583 76.243
86,120 83.827
48
____________
87.422 85.734
44
____________
89.08G 89.097
48
____________
May 31.
124 93,308 92,634
120 90.708 95,598
110 91,920 90,752
113 97,204 95,305
99,910 99,032
99
____________
84 91.858 90.202
81 101.759 99.723
00 85.108 82,820
51 74,510 72,973
70 90,517 94,322
67 93,040 92.180
51 72,795 71,553
50 77.583 70.243
80,120 83.827
48
____________
44 87.422 85.734
48 89,686 89.097

Year
Given.

Decrease ( -

Year
Preceding.

%
0.72
1.10
1.73
1.98
3.39
1.76
2.04
2.76
2.09
2.33
1.59
l.Sf
1.76
2.73
1.97
1.81

S
37,604,347
44,342,892
44,509,301
52,845,746
57,403,999
54,942,317
70,028,295
52,134,881
48,367,104
79,005,712
83,611,407
45,710,111
49,188,578
00,439,775
63,174,600
08,767,003

S
36,190,355
38,094,312
41,801,285
47,911,099
52,107,814
50,323,090
62,505,093
54,001,062
44,543,718
09,742,596
72.722.003
01,035,217
42,807,707
51.667.004
62,515,955
64,389,491

S
+ 1,413,992
+ 5,048,580
+ 2,708,010
+ 4,934,647
+ 5,230,185
+ 4,619,227
+ 7,462,602
— 1,860,181
+ 3,823,380
+ 9,323,116
+ 10,889,344
—15,319,100
+ 0,320,871
+ 8,772,771
+ 058,051
+4,377,512

%
3.91
14.59
6.46
10.29
10.03
9.17
11.92
3.44
8.58
13.37
14.97
25.10
14.79
10.98
1.01
6.80

0.72
1.16
1.28
1.99
0.28
1.70
2.04
2.70
2.09
2.32
1.59
1.73
1.70
2.73
1.97
1.81

179,431,982
212,802,464
192.031,591
258,503,791
279,458,010
204,631,088
340,451,843
254,210,014
231,202,020
379,538,324
380,802,330
213,070,580
241.351,921
299,497,000
304,409,018
329,392,723

180,894,891
183,519,317
183,058,059
255,084,715
225,282,597
244,134,988
300,727,971
259,877,293
217,158,045
327,370,540
347,530,821
252,904,500
216,821,652
250,482,991
303,005,788
307,752,009

— 1,462,909
+ 29,283,147
+ 9,572,935
+ 33,419,076
+24,175,443
+ 20,390,100
+39,723,809
— 5,007,279
+ 14,103,975
+ 52,107,778
+ 33,271,509
—39,893,971
+ 24,530.272
+ 43,014,000
+ 1,343,230
+ 21,637,114

0.81
15.95
5.22
10.84
9.47
8.35
13.21
2.18
0.49
15.93
9.80
15.77
11.33
10.77
0.44
7.03

Note.— We do not Include the Mexican roads In any ot the years.

With reference to the present year’s contraction in
the Western grain movement, this was due mainly
to the exceptional extent of the movement in the
previous year. In May 1911 there was a corner in
May wheat at Chicago and this led to the rushing of
extra amounts of wheat to that point, while the
sympathetic rise in the quotations for corn and oats
tended to increase the deliveries of those cereals too’.
By reason of this contrast it is found that the deliveries
of wheat at the Western primary markets for the four
weeks ending May 25 this year were only 8,892,505
bushels, against 11,310,074 bushels in the correspond­
ing four weeks of last year, the receipts of corn only
12,104,895, against 13,870,155 bushels, the receipts
of oats 11,201,429 bushels against 13,304,389 bushels
and the receipts of barley only 1,378,192 bushels,
against 2,788,580 bushels Adding rye, the deliveries
of the five cereals combined reached only 33,873,073
bushels for the four weeks of 1912, against 41,531,506
bushels in the corresponding four weeks of last year,
but comparing with 32,252,503 bushels in 1910.
The details of the Western grain movement in our
usual form are set out in the following:
W ESTER N G R A IN RE CE IPTS.

Ing May 25.
Chicago—
IB 12................
1911____ _____
Milwaukee—
1912.......... —
1911-------------,81. Louis—
1912................
1911...... .........
Toledo—
1912...... .........
1911 ..............
Detroit—
1912...... .........
1911 — .........
Cleveland—
1912................
1911................
Peoria—
1911 —............
Duluth—
1911___ ___
Minneapolis—
1911
Kansas City—
1911................

Rye.
(bush.)

Flour.
(fills.)

Wheat.
(bush.)

Corn.
(bush.)

Oats.
(bush.)

410,000
408,494

1,913,800
3,122,600

5,565,100
7,292,200

0,932,100
7,852,900

576,600
1,120,000

94,500
52,500

160,720
257,100

435,850
624,790

752,280
370,040

923,800
1,000,030

410,800
707,200

75,100
92,820

226,435
184,565

709,253
810,900

1,257,005
1,408,750

3.200
18,228

459
11,108

___

2,008,185
2.175,425

Earley.
(bush.)

—

661,000
82,000

192,000
300,500

117,000
249,000

16,546
19,527

127,330
90,789

109,434
301,102

235,500
200,470

2,935
2,030

27,574
47,720

133,355
360,741

210,935
314,754

3,013
2,840

1,400

179,200
109,200

100,000
70,198

989,571
1,300,484

542,500
802,093

84,915
122,400

25,200
13,100

54,400
51,205

789,648
801,231

159,123

54,069
382,352

20,894
13,252

16,973
880

..........

3.289,720
4,506,040

4S0.570
443,480

509,000
594,140

272,770
798,000

80,420
87,900

...........

832,300
1,087,200

1,808.400
1,094,400

418,200
492,700

of a l l —
1912J.............. 1,062,302 8,892,505 12,104,895 11,201,429
1911........ ....... 1,092,121 11.310,074 13,870,155 13,304,389

T o ta l




In the case of the cotton movement in the South
the shipments overland in May 1912 were 99,856 bales,
against 56,388 bales in May 1911, but the receipts
at the Southern ports amounted to only 192,737
bales, against 229,851 bales in May 1911 and 227,538
bales May 1910.
R E C E IPTS O F COTTON AT SO U T H E RN PO RTS IN M A Y AN D FROM
JA N . 1 TO M A Y 31 1912, 1911 AND 1910.

___

—

T o ta l...........................

290,052
258,30

1910.

1911.

1912.

53,910 51,851 51,970 1,210,411
8,500
5,879 4,330 323,646
43,755 87,581 78,813 752,025
5,766 11,819 4,219 141,257
1,371 176,129
2,525 7,047
40,008 34,769 30,599 783,949
6,663
1,250 2,222 161,695
2,873
5,719 3,180 112,315
24
589
3,375 7,007
7,247 184,535
17,086 14,869 30,009 271,419
1,652
—
1,578
20,521

1911.

1910.

655,319
250,854
501,930
57,086
81,953
280,808
52,984
34,168
726
72,792
131,895
1,140

666,283
106,815
516,361
6S.337
56,913
204,570
33,420
20,112
592
38,278
128,990
0,921

192,737 229,851 227.538 4,144,491 2,194,255 1,847,598

As far as the separate roads are concerned we have
already referred to some of the conspicuous decreases.
The increases, however, are much the more prominent.
Leaving out the Canadian roads, the Great Northern
stands at the top of the list among United States
roads. It has a gain of $625,052. It is only fair to
state, however, that this follows a somewhat larger
loss in the same month of last year. The Minneapolis
St. Paul & Sault Ste Marie has an increase of $236,038,
which is far in excess of its 1911 loss. The Louisville
& Nashville has $306,888 gain, which is somewhat
larger than the previous year’s loss. On the other
hand, the gain of $275,417 reported by the Southern
Railway is in addition to a gain in 1911. With few
exceptions the roads in the South generally show
improved totals of earnings. The increase of $193,106
•on the Chesapeake & Ohio and of $161,523 on the
Buffalo Rochester & Pittsburgh is evidence that in
the mines tributary to the lines of these two roads,
which are both large carriers of bituminous coal,
mining operations were fully maintained. In the
table we now insert, we show all changes for the
separate roads for amounts in excess of $30,000,
whether increases or decreases.
P R I N C I P A L C H A N G E S IN

GROSS E A R N I N G S IN M A Y .
Increases.

T ii r r p n

C a n adian P a c ific .................. $ 2,022,000
625,052
G reat N o rth e r n ....................
C anadian N o rth e r n ----------376 ,500
Grantf T r u n k - ......................
L o u isv ille & N a sh v ille------306 ,888
S ou th ern R a ilw a y ------------M inn S t P a u l & S S M ------236,038
C h esapeake & O h io ----------193,106
B u ffa lo R o c h & P it t s ____
161,523
M issouri P a c ific ................. 134,000
Cine N ew O rl & T e x P a c . .
119,009
S t L o u is S o u th w e s t_______
109,000
105,305
T e x a s & P a cific ___________
C entral o f G e o rg ia ________
74,200
In te rn a t G reat N o r t h ------71,000
S e a b o a rd A ir L in e ------------58,912
Alabam a G reat S o u th e r n .
53,838
N ew Orl & N o rth e a s te r n .
46,851

M in neapolis & S t L o u i s . .

$34,728*

R e p re se n tin g 19 ro a d s
in o u r c o m p ila t io n $ 5,3 6 4 ,6 8 6

Decreases.
Illin ois C e n tra l---------- $27 6,12 0
Y a z o o & M ississippi V a lle y
183,102
C h ica g o & A l t o n -----143,978
W a b a s h ______________
124,437
C o lo ra d o & S o u th e r n ____
103,237
V ic k s S h re v & P a c ific ____
59,675
C h ica g o G reat W e s te rn ___
50,817
D e n ve r & R io G ra n d e ------36,0 0 0
M obile & O h io ......................
30,034
R e p re se n tin g 9 ro a d s in
o u r c o m p ila t io n -$ 1 ,0 0 7 ,4 0 0

To complete our analysis we furnish the following
six-year comparisons of the earnings of leading roads
arranged in groups
E A RN IN G S O F SO U TH E RN G RO U P.

May.

1912.

1911.

s
411,774

$
357,930

1910.
S

379,508

1909.

1908.

S
294,402

3
253,306

1907.

I

3
362,693

253,164
288,859
205,662
272,091
292,271
339,122
136,374
115,635
113,430
130,567
132.S95
104,091
113,176
122,118
102,077
110,593
90,330
42,402
141,977
204,035
108,056
217,108
103,608
246,983
719,042
955,735
899,000
827,190
7SO.S09
973,200
2,768,613 2,575,507 2,549,711 2,393,639 1,817,629 2.390.93S
821.m
590,484
789,374
908,383
815,993
668.317
( In N O & T P .
4,578,905 4,272,017 4,528,322 3,647,S94 3,259,673 4 ,u«>0,858
947,725
700,521
960.262
990,296
756,803
927,728
Mobile & Ohio.
Scab Air Line. 1.884,335 1,825,423 1,691,413 1,495,9SC 1,196,365 1,421,903
5,108,027 4,833,210 4,659,993 4,033,898 3,501,751 4 ,S25,977
703,953
705,387 a083,618
020,464
809,566
832,432
Yazoo & MlssV

Ala & Vicks.
Vick Shr & P
Atl Birm & Atl

Total .......... 18,953,761 18,096,740 17,955,028 15,420,13C 13,240,473 17,147,719
U U iU U U v O i

1,378,192
2,788,580

1912.

Galveston__ _______ bales.
Port Arthur, &c__________
New Orleans............ ...........
Mobile__________________
Pensacola, &c-----------------Savannah
-------------------Brunswick.. -----------------Charleston----------------------Georgetown.........................
Wilmington---------------------Norfolk ...................... .........
Newport News, &c..............

Ala Grt South.
Ala N O & T V
—

Since January 1.

May.

Ports.

2,000
____ -

1599

C H R O N IC L E

_

THE

June 15 1912.]

tu io ) t m , o v m v

-

--------

-

,

wludcd in monthly earnings.
lm ,
b Includes Louisville & Atlantic and the Frankfort & Cincinnati In 1 1-, 1.M1,
910 and 1909.
.
. ,
, , . ,
c Includes Chesaneake Sc Ohio of Indiana, beginning July l 19iu .

1600

THE

C H R O N IC L E

BA R N IN G S O F N O R T H W E ST E R N AN D N O R TH PACIFIC G RO U P.

Hay.

1912.

1911.

1910.

1909.

-S
S
$
$
Canadian Pac. 11,133,000 9,111,000 8,378,114 6,240,640
Chic Grt West* 1,004,398 1,055,215 1,052,760
799,994
Dul So Sh& Atl
276,509
279,655
298,112
246.847
Great Northern 5,662,233 65,037,181 65,708,014 64,273,553
Minn & St L .)
639,880
605,152 /38S.322
306,571
Iowa Cent.j
\253,324
227,301
M StPA SSM.u 1,906,982 1,670,944 1,814,360 1,531,007
T o ta l______ 20,623,002 17,759,147 17,893,006 13,625,913

1908.

$
$
5,392,570 6,937,135
542,407
722,264
186,558
304,854
63,642,101 5,639,540
258,916
326,101
201,589
255,910
1,257,575 1,968,485
11,481,776 16,154.289

1912InCI 9 n 3 m o “ 1909 ;md'Ot908>O<1SC and ^ Wlsconsln Mlnncsota & Pacific In
a Includes Chicago Division In 1912, 1911, 1910, 1909 and 1908: for previous year
wo have combined Minneapolis St. Paul & S. S. M. and Wisconsin Central.
o Actual iigures of earnings are now used for comparison.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
Hay.

1912.

1911.

1910.

1909.

1908.

1907.

S
925,166
532,593

$
S
$
S
8
Buff Roch & P.
763,643
S10.572
644,357
464,166
863,858
Chic Ind & Lou
545,515
525,816
389,169
458,784
521,415
Grand Trunk.
GrdTrk W.
4,303.374 3,942,055 3,731,820 3,239,753 3,096,224 3,908,674
DOHA M
Canada Atl.
Illinois Cent c 4,868,862 65,144.982 64,658,337 04,665,394 o4,050,015 4,862,104
Tol Peo & Wes
94,276
105,344
91,174
90,679
76,387
115,397
Tot St L & W
312,513
316,052
321,033
284,062
257,739
369,056
Wabash ........ 2,260,406 2,3 S4,843 2,289,951 2,103,073 1,851,536 2,281,071
& T o ta l........... 13,297,190 13,202,434 12,428,208 11,486,597 10,185,236 12,921,575
SI
a No longer Includes receipts from outside operations.
6 No longer Includes receipts for hire of equipment, rentals and other Items
c Includes earnings of the Indianapolis Southern, beginning with July 1910
EARNINGS OF SOUTHWESTERN GROUP.
Hay.

1912.

1911.

S
Colo & South.* 1,001,643
Denv & Rio Gr 1,867,600
Tnt A Grt Nor.
725.000
Mo Kan & T .o 2,065,592
Missouri Pac._ 4,484,000
St Louis So W .
936.000
Texas & Pacific 1,200,641

1910.
1909.
1908.
1907.
$
$
$
S
$
1,104,880 1,370,486 1,144,591
960,969 1,126,754
1,903,600 1,922,198 1,720,852 1.470,890 1,822,900
654.000
672,308
616,304
474,736
680,308
2,063,127 1,903,990 1,790,523 1,485,356 2,271.841
4,350,000 4,310,238 3,593,815 3,032,882 4,214,943
827.000
811,548
747,885
630,900
861,976
1,095,336 1,188,363 1,062,934
847,585 1,358,480

T o ta l______ 12,280,476 11,997,943 12,179,131 10,682,904 8,915,324 12,337,202
wiui.mu
vjrccK jjistrici in UlU'; it
earnings of that road were $57,90:).
a Includes the Texas Central In 1912, 1911 and 1910,
G R O S S E A R N I N G S A N D M I L E A G E IN M A Y .

Gross Earnings.

Name of Road,
1912.

1911.

$
411,774

5
357,936

New Orl Northeast .
339,122
Alabam a & Vicks . .
104,691
Vicks Shrev & Pac
42,402
Ann A rb o r_ ......... ...... 182,164
Atlanta Birin & "A tl. _
"246,983
Buffalo R och & Pitts .
925,160
Canadian N orth ern .. _
1,822.100
Canadian P a cific____ . 11,133,000
Central of Georgia___ 973,200
Chesapeake & O h lo .. _
2,768,613
Chlcago & A lto n ____ _
1,026,134
Chicago Great W est. .
1,004,398
Chicago Ind & Louis’v
532,593
Cine New Orl & T ex 1P
908,383
Colorado & Southern 1,001,643
Denver & R io Grand e
1,867,600
Detroit & Mackinac .
104,903
Detroit T ol &iIrontoi u
117,159
Duluth So Sh & Atl .
276,509
Georgia South & F la. .
192,689
Grand Trunk of Can.
Grand Trunk W est
4,303,374
Dot Gr Ila v & MU
Canada A tla n tic..
Great N orthern______.
5,662,233
Illinois C entral.
.
4,868,862
Internat & Gt North .
725,000
Loulsv & N ashville.. .
4,578,905
Macon & B lrm ’ham .
11,672
Mineral R a n g e __ __ 63,033
MInneap & St L o u is .’|
039,880
•Iowa Central____,
MInneap St P & S S IVI
1,906,982
Missouri K an & Tex.< l
2,065,592
Missouri P a cific______ .
4,484,000
Aloblle & O hio_______ .
960,262
Nevada-Cal-Orcgon .. .
44,983
R io Grande Southern. .
40,853
St Louis Southwcsterr 1
930,000
Seaboard A ir L lnc.
.
1,884,335
Southern Railway
.
5,108,627
Tenn A la & G eorgia.. .
V0,884
Texas & Pacific____ .
1,200,641
Toledo Peoria & Wesit
94,276
T oledo St Louis & W . .
312,513
W abash ... .
.
2,260,406
Y azoo & Miss Valley. .
626,464

202,271
132,895
102,077
173,734
217,168
763,643
1,445,600
9,111,000
899,000
2,575,507
1,170,112
1,055,215
; 545,515
789,374
1,104,880
1,903,600
00,405
124,527
279,655
176,514

h

Mileage.

In c. ( + ) or
Dec. (— ) .

1912.

1911.

$
+ 53,838

309

309

+ 46,851
195
— 28,204
142
— 59,675
171
+ 8,430
292
+ 29,815
661
+ 161,523
573
+ 376,500 3,981
+ 2,022,000 10,981
+ 74,200 1,915
+ 193,106 2,281
— 143,978 1,026
— 50,817 1,496
— 12,922
610
+ 119,009
336
— 103,237 1,814
— 36,000 2,544
+ 14,498
358
— 7,368
441
— 3,146
624
+ 16,175
395

195
142
171
292
661
568
3,386
10,276
1,915
2,232
1,025
1,496
616
338
1,987
2,544
360
441
610
395

u iA U iir a u

Total (48 roa d s)__ .
Net increase (6 .8 0 % ),

68,767,003

3,942,055

+ 361,319

5,037,181
5,144,982
054,000
4,272,017
9.836
60,758
605,152

+ 625,052
— 276,120
+ 71,000
+ 306,888
+ 1,836
+ 2,275
+ 34,728

1,670,944
2,063,127
4,350,000
990,296
31,170
43,698
827,000
1,825,423
4,833,210
1/6,873
1,095,336
105,344
316,052
2,384,843
809,566

+ 236,038 3,769 3,763
+ 2,465 3,398 3,394
+ 134,000 7,229 7,233
— 30,034 1,114 1,114
+ 13,813
238
184
— 2,845
180
180
+ 109,000 1,545 1,499
+ 58,912 3,070 3,046
+ 275,417 7,090 7,030
95
+ 11
95
+ 105,305 1,885 1,885
— 11,068
247
247
— 3,539
451
451
— 124,437 2,514 2,514
— 183,102 1,372 1,372

64,389,491

+ 4,377,512 89,686 88,097

Mexican R oads (not Included in total) —
Interoccanlc of A lex .. .
8 7 0 ,9 7 8
553,867
Mexican R ailw a y___
t/472,700
1/503,700
Nat R ys o f A lexlco.xl . 4,570,848
3,631,581

+ 317,111
— 31,000
+ 939,267

4,540

*23 C o m m e rce , N a t. B a n k o f ____
*10 M eehan. & M etals N a t. B a n k .
T R U S T C O M P A N Y — New
10 H u d so n T ru st C o . . ...................

BANKING, LEGISLATIVE AND FINANCIAL NEWS.
— The public sales of bank stocks this week aggregate
33Jshares and were all made at the Stock Exchange. Ten
shares of trust company stock were sold at auction.

205

205

A p ril 1912— 203

York.
140J* 140 % 140M M c h . 1912—

142

-

-----

All

1/AiVv IJIVGDll^aUUU

Ul

the so-called “ beef trust” : Representatives Edwin Y . Webb
of North Carolina; Charles C. Carlin of Virginia; Henry C.
Floyd of Arkansas; John W. Davis of West Virginia, Demo-

-The Lee Bill extending the Erdman Act so as to make it
pplicable to coal mine operators and employees was

,
'
(
(
J
,
|

The bill creates

S

i
<

it iHuiuuua m e ie.\as c e n tr a l in Dotn ye a rs.

High. Close. Last preivous sale
199 % 199
J u n o 1912— 198 'A

By a vote of 72 to 47 the House of Representatives on
the 7th inst. defeated an amendment to the Sundry Civil
Appropriation Bill which called for an appropriation of
$225,000 for the maintenance of the Tariff Board during the
coming fiscal year. The amendment was offered by Repre­
sentative Malby. A motion of Representative Payne to
strike from the bill the $25,000 appropriation for President
Taft's travelling expenses for this year was defeated on
Thursday.
— The bill reducing from five to three years the period of
residence required on homestead lands before patents are
issued was signed by President Taft on the 6th inst. It
allows five months’ absence from a claim each year and
reduces the acreage to be cultivated on large claims from
eighty to forty acres. The bill, it is stated, is designed to
check the emigration of American farmers to Canada by
liberalizing the homestead laws.
— The following sub-committee was named on the 11th

7,345 7,274
4,755 4,755
1,159 1,159
4,722 4,591
105
105
127
127
1,585 1,585

1,035
361
6,147
■

199
205

— The House of Representatives on the 10th inst., by a
vote of 145 to 101, rejected the amendment made by the
Senate to the bill revising the metal schedules, under which
the Canadian Reciprocity Act is repealed and a world-wide
tariff duty of $2 a ton on print paper is imposed. The other
two amendments of the Senate, making a reduction in the
duty on pig iron and ferro-silicon, were concurred in by the
House. Representative Norris proposed an amendment
which would provide for the repeal of the Reciprocity Act
except that portion of it governing the free admission of print
paper, but this proposition was lost by a vote of 189 to 50.
On the 11th inst. the bill was sent back to the Senate, which
on the following day, by a vote of 33 to 27, refused to recede
from its amendment repealing the Reciprocity Act. The
bill was sent to conference with instructions to the Senate
conferees to insist on the amendment.

1
I

1,048
395
6,132

Low.

LXXXXIV

* S o ld a t th e S to c k E x ch a n g e .

4,528

x N o w Inclu des M exica n In te rn a tio n a l In b o th years.
V T h ese figures are fo r three w eeks o n ly In b o th years.




Shares. B A N K S — New York.

1907.

[VOL.

the advice and consent of the Senate.
“ Tribune” states, that:

It provides, the

In case ot la b o r d ispu tes a ffe ctin g railroads o r c o a l m ines, eith e r p a r t y t o
In the e v e n t the C o m m ission

,
1 le disp u te m a y app eal to the C om m issio n .
i
c
.

c . ----iitciiiuur or memuers ui
th e a rbitra tion b o a rd . I f n o se le ctio n can be m ado b y th e In itia l a rb ltra tors, the rem ain ing m em bers necessary shall bo n am ed b y th e C om m ission
r
cin M ediation an d C on cilia tion , w h ich shall be a perm an en t co m m is s io n .

— In a Message sent to Congress by President Taft on the
inst. an appropriation of $100,000 is asked for the
I elief of the volcano victims near Kodiak, Alaska.
The
,
IMessage says:
1'2th

In fo rm a tio n co m e s o f a re liable ch a ra cte r th at, th rou gh the a c tio n o f a

v o lean o In the n e ig h b o rh o o d o f K o d ia k , A la sk a , m ore than a th ou san d p e o Pl e are rendered hom eless, an d unless akl c a n be given them th e y a r c lik ely
t o suffer severely . I ask, therefore, an Im m ed iate e m ergen cy a p p ro p r ia tio n
c o b e e xp e n d e d b y th e R e v e n u e C u tte r S e rv ice un d er the d ir e ctio n o f the
e cre ta ry o f the T re a s u ry .
T h e d an ger is said to be In th e n e ig h b o r h o o d o f large sa lm o n can n eries,

a nd sh ou ld th e stream s o f the c o u n t r y bo c lo g g e d an d p o is o n e d , as Is lik ely
y the v o lc a n ic e x p lo s io n , loss o f life is ce rta in to ensue u n less re lief is
gra n te d . I re co m m e n d th a t an a p p ro p ria tio n o f $ 100,000 b e m a d e fo r this
p u rp ose.

— The bill governing the operation of the Panama Canal
and the Government of the Canal zone, which passed the
House of Representatives on May 23, was favorably reported
to the Senate in an amended form by the Senate Committee
on Interoceanic Canals on the 11th inst."7 One of the’ essential

Junk 15 1912.]

T H E C H R O N IC L E

c h a n g e s m a d e i n j t h e 'b i l l f a f f e c t s
cam e

fro m

th e

r a i l r o a d -o w n e d

H ou se,

w as

sh ip s fr o m

th e p r o v is io n ^ w h ic h , a s it

in te n d e d

u sin g

th e

h a v e p r o h i b i t e d a l l r a ilr o a d s f r o m

not

o n ly

to

fo r b id

C a n a l b u t w o u ld

a lso

h o l d i n g s t o c k in o r c o n ­

p r ia tio n s , p r o v id in g fo r th e m a in te n a n c e o f th e U n ite d S ta t e s
C o m m e rce C o u rt.

fo r

op p osed

a lto g e th e r

and

th e

b ill,

as

am ended

by

th e

S en a te

M ay

its

re te n tio n .
th e

Of

10 b y R e p u b lic a n s .
m itte e

a r a i lr o a d , o r in w h ic h

a n y r a ilr o a d

a b o lis h

th e

3G

v o te s

m ade

in

by

th e

th e

S en a te

w h ic h

C o m m itte e

and

w a n te d th e C o u r t a b o lis h e d , 2 6 w ere c a s t b y D e m o c r a ts a n d

a te d ,

by

th e

am endm en t

C o m m it t e e , p r o v id e s th a t n o s h ip , o w n e d , c h a r te r e d , o p e r­
o r c o n tr o lle d

1 0 it w a s p ro p o se d to

C o u r t a f t e r J u ly 1 , b u t th e S e n a t e C o m m itte e m a d e p r o v is io n

t r o l l i n g , d i r e c t l y o r i n d i r e c t l y , a s t e a m s h i p lin e w i t h w h ic h

a te d

U n d e r t h e b ill a s p a s s e d b y t h e H o u s e o f

R e p r e s e n ta t iv e s o n

th e r o a d s c o m p e t e .

T h e la t t e r r e s tr ic tio n h a s b e e n e lim in ­

1601

A m o n g th o se w h o a p p r o v e d th e C o m ­

a m e n d m e n t S en a to r T h o rn to n

w as

th e o n ly

D em o­

h a s a n y i n t e r e s t w h a t s o e v e r , d i r e c t l y o r i n d i r e c t l y , s h a ll b e

cra t.

p e r m itte d

t o e n t e r o r p a s s t h r o u g h t h e C a n a l if e n g a g e d in

S m i t h a n d a d o p t e d b y t h e S e n a t e o n t h e 1 2 t h i n s t . , c a lls f o r

c o a stw ise

tra d e b e tw e e n

sh ip o f A m e r ic a n
p e r m itte d
tra d e
such

to

to

o p e ra te

and

fro m

v e sse l o n its

b e g iv e n

th e

p r iv ile g e ,

th ro u g h

O rie n ta l

w ay

rig h t

o f th e U n ite d

p o rts o f

th e

U n ite d

S ta tes.

Any

r e g i s t r y , h o w e v e r , o w n e d o r c o n t r o lle d is

to

or

to a n d
do

a

S ta tes an d

how ever,

th e

Canal

in

E uropean

fro m

c o u n tr ie s ,

th o se

c o a stw ise

t r a n s -o c e a n i c
and

c o u n t r i e s w o u ld

tra d e

b e tw e e n

p o rts

in te r m e d ia te fo re ig n p o r t s .

w o u ld

not

a p p ly

to

any

T h is

s h ip

ow ned

o r c o n t r o lle d in w h o le o r in p a r t b y a n y r a ilr o a d c o m p a n y ,
e x c e p t t h o s e e n g a g e d in t r a n s -o c e a n i c t r a d e .

A

fu rth e r

a m e n d m en t,

o ffe re d

by

S en a to r

H oke

t h e a b o l i t i o n o f t h e f iv e a d d i t i o n a l C i r c u it C o u r t J u d g e s h i p s
p r o v id e d

f o r in t h e A c t c r e a t i n g t h e C o m m e r c e C o u r t , a n d

r e d u c e s t h e n u m b e r o f C i r c u it C o u r t J u d g e s t o 2 9 , a g a i n s t 3 4
as a t p re se n t.

T h i s is s u b s t a n t i a l l y in lin e w it h t h e p u r p o s e

o f th e H o u s e B i ll, w h ic h s t ip u la t e d

th a t n o fu r th e r a p p o in t­

m e n t s b e m a d e u n t il t h e n u m b e r o f C i r c u it J u d g e s is r e d u c e d
t o 2 9 , w h ic h w a s f ix e d a s t h e m a x i m u m ; t h e S e n a t e C o m m i t t e e
h a d s tr ic k e n th is p r o v is io n fr o m th e b ill.

T h e r e w a s n o r o ll-

c a ll o n t h e S m i t h a m e n d m e n t , b u t a t e s t v o t e f o l l o w e d a p o i n t

T h e c o a stw ise

o f o r d e r b y S e n a to r W a r r e n th a t th e p r o p o s e d a m e n d m e n t ,

t r a d e t o b e a l lo w e d s u c h s h i p s w o u ld b e s t r i c t l y t o o r f r o m

b e i n g in t h e n a t u r e o f g e n e r a l le g i s l a t i o n c h a n g i n g e x i s t i n g

tr a n s -o c e a n ic
C en tra l
th a t

or

p o r ts an d

S o u th

no su ch

not

A m e r ic a .

r a i l r o a d -o w n e d

to p o r ts

of

Canada,

It

is

fu rth e r m o re

or

c o n tr o lle d

t h r o u g h t h e C a n a l u n le s s a t l e a s t 5 0 %

s h ip

th e

c o a stw ise

a p r o v is io n

to

tr a d e

is r e t a i n e d , a n d

c o u ld

not be

added

s h a ll p a s s

G a llin g e r ,

T h e H ou se

t o l ls A m e r i c a n v e s s e ls e n g a g e d in

th e e ffe c t t h a t n o

la w ,

u n a n im o u s c o n s e n t.

o f i t s c a r g o is d e s t in e d

to o r sh ip p e d fr o m O r ie n ta l o r E u r o p e a n p o r t s .
p r o v is io n e x e m p t in g fr o m

M e x ic o ,

s tip u la te d

th e re h a s b e e n

added

t o l ls s h a ll b e l e v i e d

upon

w ho

to

an

a p p r o p r ia tio n

b ill

w ith o u t

by

S en a to r

T h is p o in t w a s s u s ta in e d

o c c u p ie d

th e

C h a ir ;

S en a to r

O verm an

of

N o r t h C a r o li n a a p p e a l e d f r o m t h e d e c is i o n o f t h e C h a i r , a n d
h is a p p e a l w a s s u s t a i n e d b y a v o t e o f 2 9 t o 2 2 .

Y e ste rd a y

a n a m e n d m e n t , o ffe re d a s a s u b s t it u t e fo r t h a t o f S e n a t o r
S m ith ,

e m p o w e r in g

th e

C h ie f J u s t ic e

of

th e U n ite d

S ta tes

S u p r e m e C o u r t t o a s s i g n t h e f iv e m e m b e r s o f t h e C o m m e r c e

v e s s e ls o f A m e r i c a n r e g i s t r y e n g a g e d in t h e f o r e i g n t r a d e if

C o u r t t o t h e C i r c u it a n d D i s t r i c t C o u r t s o f t h e U n i t e d S t a t e s

t h e o w n e r s a g r e e t h a t s u c h v e s s e ls m a y b e t a k e n a n d u s e d

w a s l o s t b y a v o t e o f 2 3 t o 2 5 ; t h e S m i t h a m e n d m e n t , w h ic h

b y th e U n i t e d S t a t e s in t i m e o f w a r o r o t h e r p u b l i c e m e r g e n c y ,

h a d p r e v io u s ly b e e n a d o p te d b y

in

w as agreed o n y e ste rd a y b y a v o te o f 2 8

th e

d is c r e tio n

of

th e

P re sid e n t,

o w n e r s o f th e fa ir a c tu a l v a lu e a t

upon
th e

paym ent

tim e o f th e

T h e b ill a l s o s t i p u l a t e s t h a t n o t o l ls f ix e d b y

to

th e

ta k in g .

th e P r e s id e n t

th e

b ill p r o v i d e s f o r

J u d ges,

P re sid e n t

n o t i c e o f t h e s a m e is g i v e n .

T h is

T h e H o u s e b i l l c a lle d

f o r th e

a d m in is tr a tio n o f th e C a n a l a n d C a n a l Z o n e b y a G o v e r n o r ;
t h e p r o v i s i o n b e a r i n g o n it s g o v e r n m e n t h a s b e e n

changed

b y th e S e n a te C o m m itte e to re a d a s fo llo w s :

b ill i n t r o d u c e d

by

R e p r e s e n ta tiv e

F o s te r e x te n d in g

t h e ju r i s d i c t i o n o f t h e B u r e a u o f M in e s w a s p a s s e d b y
H o u s e o f R e p r e s e n ta t iv e s o n

th e 5 th in s t .

th e

U n d e r t h e la w

a s it n o w e x i s t s th e B u r e a u h a s j u r i s d i c t i o n o v e r c o a l m in e s
a lo n e ;

th e

in q u ir i e s

p e n d in g
and

le g i s l a t i o n

s c ie n t i fi c

c o n c e rn in g m in in g ,

and

a u th o rize s

it

te c h n o lo g ic

to

“ conduct

in v e s tig a tio n s

o th e r

m in e r a l

has

it

to

r e s u lte d

th e

sav e
in

general

th e

th e

F ed eral

b e lie f

C om m erce

in tr o d u c tio n

th a t

C o u rt.
in

th e

S e n a t e b y S e n a t o r G a l li n g e r o f a r e s o l u t io n a u t h o r i z i n g t h e
c o n t i n u a t i o n o f a l l a p p r o p r i a t i o n s m a d e f o r t h e p r e s e n t fis c a l

— The
fo r

an

r e s o lu tio n

of

in v e s tig a tio n

•

R e p r e s e n ta t iv e

of

th e

D ife n d e r fe r ,

a n th ra c ite

coal

c a ll in g

in d u s tr y

fa v o r a b ly r e p o rte d

to th e H o u s e o f R e p r e s e n ta t iv e s o n

8th

H ou se

in st.

by

th e

F o re ig n C o m m e r c e .

C o m m itte e

on

In t e r -S ta te

w as
th e
and

T h e r e s o l u t io n is b r o a d e r in s c o p e t h a n

a t fir s t d r a f t e d a n d a s p r e s e n t e d t o t h e H o u s e is a s f o l l o w s :

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
Hureau o f Labor, full information concerning the different elements of
cost and profit included in the present high price o f anthracite coal, specify­
ing as far as practicable how much and in what particulars the coal miners
were benefited b y the recent strike agreement, and how much and for what
reason and by what means the cost of coal to the general consumer was at
the same time Increased.
A n o th e r
s e n ta tiv e
i n q u ir e

r e s o l u t io n
M ill e r )

in t o

an

in tr o d u c e d

d ir e c ts

a l le g e d

th e

in

th e

H ou se

B u reau

c o n sp ir a c y

of

(b y

R ep re­

C o r p o r a tio n s

p r e v e n tin g

th e

to

G overn­

m e n t a t T w o H a r b o r s , M i n n ., f r o m b u y i n g c o a l a t w h o le s a le
p r i c e s , w i t h t h e v i e w t o s e lli n g i t t o t h e c i t i z e n s in a n e f f o r t

c o n d i t i o n s a n d in c r e a s i n g s a f e t y , e f f i c i e n c y e c o n o m i c d e v e l o p ­
and

e x p e c ta tio n

v e to

is

A lth o u g h

u tiliz a ­

m e n t a n d t h e p r e v e n t i o n o f w a s t e in t h e m i n i n g , q u a r r y i n g ,
m e t a llu r g i c a l

w ill

it

to 2G .

P r e sid e n t,

to im p r o v in g h e a lth

th e p r e p a r a tio n , t r e a t m e n t a n d

t i o n o f m in e r a l r e s o u r c e s , w it h a v i e w

T a ft

& c .,

th e

y e a r i n t o t h e n e w fis c a l y e a r .

Section 4. That when the construction o f the Panama Canal shall be
com pleted so as to render unnecessary the further services o f the Isthmian
Canal Commission as now constituted, the President Is authorized to reduce
the membership of the Commission to three, •ne chosen from the corps of
engineers o f the arm y, who shall be President of the Commission, as so re­
organized; one experienced In the work of sanitation In the tropics, and one
a civilian. The President o f said Commission shall receive a salary o f $10,­
000 per annum, and the other members shall each receive a salary of $9,000
per anhhm. Said Commissioners shall bo appointed b y the President, by
anti with the advice and consent o f the Senate, and shall hold office until
their successors shall be appointed and qualified. Until otherwise provided
>y law, the President, through such Commission, shall provide for the gov­
ernment of the Canal Zone and the com pletion and operation of the Canal.
A

th e s a la rie s o f

C o n gressm en ,

o r c h a n g e d b y h i m s h a ll b e c o m e e f f e c t i v e u n t i l s i x m o n t h s ’

th e C o m m it t e e a s a w h o le ,

i n d u s t r i e s .”

The

b ill,

to re d u c e th e c o s t o f liv in g .
In

•

p u r s u a n c e o f t h e i n q u i r y w h ic h

c ia t io n o f N e w

Y ork

p u rp oses

th e M e r c h a n ts ’ A s s o ­

to m a k e a n e n t th e a d v a n c e

fu r th e r m o r e , e m p o w e r s th e B u r e a u to “ in v e s tig a te e x p lo s iv e s

of 25

and

T o w n e h a s a d d r e s s e d a le tte r to th e p r e s id e n ts o f th e a n t h r a ­

f u e ls a n d

u n f in is h e d

m in e r a l p r o d u c t s b e l o n g i n g t o t h e

c e n t s a t o n in t h e p r i c e o f c o a l ,

U n i t e d S t a t e s , ot f o r t h e u s e o f t h e U n i t e d S t a t e s , w i t h a v i e w

c it e

t o t h e ir m o s t e f f i c i e n t u s e . ”

p a rt he say s:

I he H o u s e o f R e p r e s e n t a t i v e s o n T h u r s d a y p a s s e d
r e s o l u t io n a u t h o r i z i n g
C o m m itte e

a

s u b -c o m m it t e e

to in v e s t ig a t e

of

th e o ffic ia l a n d

th e

th e

J u d ic ia r y

p erson al co n d u c t

o f J u d g e C o r n e li u s I E H a n f o r d , o f t h e U . S . D i s t r i c t C o u r t in
S e a t t l e , w h o r e c e n t ly h a n d e d
c itiz e n s h ip
C la y to n
S e a ttle

of

L eonard

ia s n a m e d
to

ta k e

th e

dow n

a d e c r e e c a n c e li n g th e

O le s o n ,
fo llo w in g

te stim o n y

in

a

S o c ia lis t .

s u b -c o m m it t e e

th e

case:

C h a ir m a n
to

go

to

R e p r e s e n ta tiv e s

J a m e s M . G r a h a m o f Illin o is , C h a ir m a n ; E d w in W . H ig g in s
o f C o n n e c tic u t, a n d

W a lte r I . M c C o y o f N e w J e rse y .

— O n th e 1 1 th in s t . th e J u d ic ia r y C o m m it t e e o f th e H o u s e
of

R e p r e s e n ta t iv e s

E m p lo y e r s ’

v o te d

L ia b ility

and

to

p o stp o n e

W o r k m e n ’s

c o n sid e ra tio n

of

C o m p e n s a tio n

w h ic h w a s p a s s e d b y t h e S e n a t e o n M a y G.

th e
B ill,

N o fu r th e r c o n ­

s i d e r a t i o n o f th e b i l l , i t is s t a t e d , is e x p e c t e d a t t h is s e s s i o n .
— B y a v o te o f 3 6 to 2 4 th e U n ite d

S t a t e s S e n a t e o n th e

r o a d s s e e k in g

th e ir

c o o p e r a tio n

P re sid e n t H e n r y

in

th e

m o v e m e n t;

R .

in

The purpose of the Investigation is to ascertain, thoroughly and impar­
tially, all o f the essential factors which Influence the price o f coal in this
market. The com m ittee approaches this work without bias and without
preconceived views: its aim will be to secure reliable information from all
available sources, and to summarize the data so obtained in a report for
the Information of our members and the public, which It Is hoped m ay estab­
lish a basis for fair and Intelligent understanding o f the Important subject to
which it relates. W hen com pleted, the report of the special com m ittee
will be submitted to our board of directors for review, and for such action
thereon as it m ay deem expedient.
Permit me to ask if in this investigation we m ay have the benefit ( f
your advice and co-operation. The cost o f transportation is a vital factor
in the cost o f coal. Our traffic manager, Mr. Lincoln, Is recognized as one
o f the leading experts in his speciality, and will be glad to confer with of­
ficials o f your com pany, if Invited to do so, in order to obtain for the use of
the com m ittee such information as you m ay be willing to afford. Our work
will be directed to the ascertainment of facts; for the present we have no
opinions on the subject under Investigation.
M o s t o f t h e r a ilr o a d
n ess

to a s s is t

p r e s i d e n t s h a v e s ig n ifie d t h e i r w ill in g ­

th e C o m m it t e e , th o u g h

so m e h a v e exp ressed

d o u b t s a s t o t h e a d v i s a b i l i t y o f t h e i n q u i r y in v i e w o f it h e

1 1 t h i n s t . r e je c t e d t h e a m e n d m e n t t o t h e l e g i s l a t i v e , e x e c u -

fa c t t h a t th e a n th r a c ite r o a d s a re u n d e r in v e s t ig a t io n jb y th e

t i v e j m d j u d i c i a l s u p p l y b ill m a d e b y it s C o m m i t t e e o n A p p r o ­

G o v ern m en t.




1602
— The
opened

THE

s o -c a lle d

o f B a n k in g a n d
and

w as

T ru st”

in v e s tig a tio n

w h ic h

on

F r id a y

of

la s t w e e k , w a s resu m ed

I n a d d i t i o n t o in q u i r i n g f u r t h e r i n t o t h e N e w

C le a r in g

H ou se

A s s o c ia t io n , th e

in v e s t ig a t in g

Com ­

m i t t e e t h is w e e k a l s o t u r n e d i t s a t t e n t i o n t o t h e N e w
S to c k

E xchange.

h e a r in g w a s

w as

th e S u b -C o m m it t e e

C u r r e n c y o f th e H o u s e o f R e p r e s e n t a t iv e s ,

co n tin u e d

on T u esd a y .
Y ork

“ M oney

in t h i s c i t y o n t h e 6 t h i n s t . b y

C H R O N IC L E

An

im p o r t a n t

th e c o r r e c tio n

by

fe a tu re

W illia m

of

la s t

Sherer,

Y ork

F r i d a y 's

M anager of

t h e C l e a r in g H o u s e o f a s t a t e m e n t t o w h ic h h e h a d a g r e e d
t h e p r e v i o u s d a y , in w h ic h i t h a d b e e n m a d e t o a p p e a r t h a t
th e
of

reven ue

to

th e

o u t-o f-to w n

T a k in g

N ew

checks

$ 1 0 0 ,0 0 0 ,0 0 0

as

S h e r e r , in d e a l i n g w i t h
th a t

fu lly

p o in ts o n

Y ork

th e

b a s is

to

fro m

is

o f d a ily

on

c o ll e c t i o n
a

year.

c o lle c tio n s ,

th e 7 t h

M r.

i n s t .,s t a t e d

d is c r e tio n a r y

th e b a n k s are p e r m itte d

w it h o u t c h a r g e .

th e

$ 5 0 ,0 0 0 ,0 0 0

th e m a tte r o n

$ 6 0 ,0 0 0 ,0 0 0

w h ic h

banks

a m o u n te d

p o in ts— •

to c o lle c t c h e c k s

H e p o i n t e d o u t t h a t if t h e a v e r a g e r a t e o n

th e r e m a in in g $ 4 0 ,0 0 0 ,0 0 0 w a s 1 -7 o f 1 %

t h e r e v e n u e w o u ld

a m o u n t to $ 5 7 ,0 0 0 a d a y , o r $ 1 7 ,0 0 0 ,0 0 0 a y e a r , in s te a d
$ 5 0 ,0 0 0 ,0 0 0 .

T h e average of

1 -7

of

1% ,

of

h e a d d e d , m ig h t

a l s o b e m a t e r i a l l y m o d i f i e d b y t h e f a c t t h a t a la r g e p r o p o r ­
t i o n o f t h e $ 4 0 , 0 0 0 , 0 0 0 is in t h e z o n e - p a y i n g 1 - 1 0 o f 1 %
o n l y a s m a l l p a r t in t h e z o n e p a y i n g
o f th e , O r ie n ta l B a n k
of

th e

C o m m itte e

}4

of 1 % .

c o n s u m e d c o n s i d e r a b le o f t h e a t t e n t i o n

on

th e

7 th ,

e ffo r ts b e in g

t h a t t h e C l e a r in g H o u s e ,

th ro u g h

m en t

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

of

out by

th e

and

T h e a f f a ir s

o u ts ta n d in g

it s

c a ll

m ade
fo r

to sh o w

th e

c e r t if i c a t e s

re tir e ­
ta k e n

th e b a n k d u r in g th e p a n ic p e r io d o f 1 9 0 7 -1 9 0 8 h a d

brou gh t

about

observed
cou n sel

in
to

th e
th e

th e

c lo s i n g

of

th a t

n ew sp ap ers

C o m m itte e ,

of

by

in s titu tio n .
Sam uel

te s tim o n y

C r it i c i s m s
U n te rm y e r,

p re se n te d

at

t h is

h e a r in g , b r o u g h t fo r th fr o m h im o n th e 9 t h in s t . th e fo llo w in g
l e t t e r t o F r a n k A . V a n d e r l i p , C h a i r m a n o f t h e C l e a r in g H o u s e
C o m m itte e :

Dear Sir: I observe from last evening’s and tills m orning’s newspapers
very full and circumstantial reports distributed through the Associated
Press and b y other agencies of interviews with anonym ous members of the
Clearing-House com m ittee, in which these unnamed gentlemen take issue
with the sworn testimony of Messrs. Jones, Hewitt and Beckman and with
certain statements contained in the letter of Hugh K elly, now deceased,
as adduced before the Comm ittee on Banking and Currency on Friday last.
I am instructed by the Chairman o f the com m ittee to write you as Chair­
man o f the Committee o f the Clearing-House Association to say that if these
undisclosed gentlemen who take this irresponsible m ethod of trying their
side o f the case in the newspapers as against the sworn testimony of wit­
nesses,care to disclose their identity, the com m ittee will be pleased to hear
them at its next session, on Tuesday m orning next, at 11 o ’clock, in room
N o. 328 o f the Custom House Building.
The com m ittee is, a bove all things, anxious in the perform ance of the
legitimate functions o f the inquiry to elicit the truth and will gladly welcome
the testim ony o f every one who can contribute to that result.
The com m ittee desires, above all things, that the inquiry shall be judicial
and impartial In the last degree and that no injustice shall be done. T o that
end it is prepared at all times to accept all testimony that m ay be offered
from every rcsponsllbc direction bearing upon any question under in­
vestigation.
C orresp on d en ce

w h ic h

has

p assed b e tw e e n M r. V a n d e r­

lip a n d t h e C o n g r e s s i o n a l C o m m i t t e e a s a r e s u l t o f t h e f o r e ­
g o in g

c o m m u n ic a tio n

is

show n

b e lo w ,

M r.

V a n d e r l i p , in

a n s w e r t o M r . U n t e r m y e r ’s l e t t e r , h a v i n g w r i t t e n C h a i r m a n
P u jo a s fo llo w s :

[ VOL.

LXXXXIV

am ount charged us b y country banks for the service of collection, left an
apparent total o f $69,900, but during the whole time we were on an average
out the use of $7,000,000 o f m oney, as that was the average am ount of
country checks afloat in process of collection, credit for which had been
given to the depositors.
Counting that m oney worth 4 % , it would represent a loss of $280,000,
against which wc had the income of $69,900; or, roundly, the business of co l­
lecting country checks cost this bank $210,000. That being the case, I think
It is fair to say that the business of country collections has cost the banks of
New York City at least $2,000,000 to $3,000,000 annually. Such profit as
has been made in the business o f country collections has been made by the
country banks. They have received a large gross total. That total, of
course, is not by any means all profit to them, but whatever profit there is
in the business goes to the country bank, and it is a profit which, under
existing conditions, it seems to me they are clearly entitled to for the service
which they render in collecting these checks and forwarding the proceeds
so that it becom es available to the bank which lias already credited the
original depositor.
It is a fact, I am told, that when the New Y ork Clearing House adopted
the practice in vogue In many of the clearing houses of the country of fixing
the rate for collection of country checks, it was calculated that the rate pro­
vided by its regulations would only partially reimburse the bank for the
loss in doing the business, and the results have borne out that assumption.
I know of no bank which makes a net profit on this business; I believe every
bank in the Clearing House sustains a loss.
I note In the newspaper accounts o f the recent hearing that the statement
is made in some o f the newspapers that your counsel brought out the state­
ment that the inform ation obtained by the Clearing-House Bank Exam iner
in respect to the books, loans, collateral, & c., o f the various banks exam ­
ined places the Clearing-House Committee in possession of the status of
each, bank, banker and depositor, and that tills information might be of
the utm ost value in certain conditions of the stock market. Such state­
ments as tills, leaving the unavoidable inference in the reader’s mind that
a witness testified to such a condition of affairs, illustrates the bad eflect
produced by innuendoes. No such statement was made by any witness.
If any such statement had been made it would not have been true. The
Clearing-House Comm ittee has no more knowledge of the affairs of a bank
after the Clearing-House Examiner has com pleted an exam ination than has
your counsel’s office b oy, further than that it has the assurance from the
Bank Examiner that the bank has been found in solvent condition.
The rules under which the Clearing-House examiner works specially p ro­
vide that such should be the case. The Clearing-House Com m ittee, when
*tlie plan of Clearing-House bank examinations was unanimously agreed to
b y the members, took great pains to arrange the m ethod of exam ination so
that the members of the com m ittee would have no detailed knowledge
whatever in regard to the affairs o f solvent banks, and the regulations under
which the examiner works provide in the strictest manner that that shall
be the case. The Clearing-House Committee takes the w ord of the bank
examiner and relies on that solely, never having before it the details of the
exam ination. A nd, further, all the facts of the examination and the ex­
aminer’s report are sealed by the examiner himself and returned to the bank
that has been exam ined, so as to guard against any improper use o f that
information had it remained in the flics of the exam iner. If a bank were
found by the examiner to be insolvent, he would then properly bring its
condition to the com m ittee In detail, but so long as the bank is solvent, and
in the opinion of the examiner properly m anaged, the com m ittee has abso­
lutely no knowledge of the details of its affairs. This m ethod of examina­
tion and report is one that was originally established b y tile Chicago Clear­
ing-House Association at the time of the so-called Walsh bank troubles
there, and met so com pletely the approval of tile Chicago banks that It was
adopted, practically without change, by the New York A ssociation, in order
to avoid a repetition of somewhat similar troubles here.
There was apparently an effort to create the impression that the Clearing­
House Committee, from ulterior m otives, excludes banks from member­
ship in the Clearing House or expels them from such m embership. There
was nothing brought out from any witness in the exam ination to warrant
such an inference, although it was spread broadcast, and certainly nothing
exists in the facts to warrant such a suspicion. So far as I have any knowl­
edge of the Clearing House, there never was excluded any bank applying
for admission if that bank showed a clean bill of health, that Is, if it was
solvent, if It had the minimum capitalization which the rules o f the Clearing
House prescribe, and it its management was reputable. Certainly no bank
was ever expelled from the Clearing House while it com plied with these con ­
ditions. The Clearing House is not a group of banditti. It is, I believe,
com posed of the highest grade bankers In this country, and its history Is
one of helpfulness and conservation at all times, and in times of panic of the
most essential usefulness to the whole nation.
Very truly yours,
F . A . V A N D E R R IP .
H on. A . P. P ujo, Chairman Comm ittee on Banking and Currency House
of Representatives, R oom 328, Custom House, New Y ork, N . Y .

New York, June 10, 1912.
M y Dear Mr. Pujo: There has been addressed to me by one of the counsel
o f your com m ittee an open letter in which I am told that you have instructed
you r counsel to inform me as Chairman of the Clearing-House Committee
that you will be pleased to hear any member of the Clearing-House Com­
O n th e 1 1 t h i n s t . t h e f o l l o w i n g r e p l y w a s m a d e b y R e p r e ­
mittee at your session Tuesday morning. The letter is signed by one of the
s e n ta tiv e P u jo :
counsel for your com m ittee, but, for obvious reasons, I make reply to you
as the responsible head o f the Governm ent inquiry, particularly because of Dear M r. Vanderlip:
reference to anonymous members, &c., which I can hardly believe would
I have just read in tills m orning’s papers your yesterday’s letter, which
form part of a courteous invitation from you or your colleagues to members lias not yet reached me.
It is manifest you have not read the official notes of the testim ony of
o f the Clearing-House Committee.
In m y opinion, the reason that responsible gentlemen connected with Mr. Sherer, the Manager of the New York Clearing-House Association, as
the Clearing House do not volunteer to appear before your com m ittee is your statements are not in accord with the record.
due to an impression that thus far the disposition o f the com m ittee, as
Following tlie testim ony of three reputable witnesses and the statement
reflected in the attitude o f its counsel, has been not so much to ascertain
of one now dead, there appeared In all the newspapers, contrary to the
the actual facts as to limit the evidence so as to support, if possible, a pre­ sworn testim ony of witnesses, a version of the affair in the form of an In­
conceived assumption. Gentlemen hesitate to place themselves in such a terview from one said to be prominent in the Association, but who declined
position as examinations o f this character entail, mucli as they might like to disclose his identity or the source of his information, so that it was im­
to be of service to a com m ittee of the House o f Representatives making a possible to locate him or to know the basis for his assertions.
legitimate inquiry into conditions a knowledge of which would be desirable
Thereupon the Chairman Instructed counsel through you, as Chairman of
in legislative considerations.
the Clearing-House Committee, to Invite all persons having knowledge o f
Take, for example, the sensational statement which has been given wide the facts to com e before our com m ittee. In response to tills very fair and
publicity that the profits of the New York banks on the collection of proper invitation, you have seen lit, instead of acting on this suggestion, to
country checks reached $30,000,000 per annum. This statement, of indulge in what seems to us a most unjust and unwarranted attack on coun­
course, emanates not from a witness but from your counsel, but the press sel in the methods of conducting the inquiry, in a renewed effort to present
reports of the hearing have undoubtedly left in the minds of many readers your view of the facts through the newspapers instead of to the com m ittee
the inference that it has been officially brought out at a hearing o f your and under the solem nity of an oath.
com m ittee that the profits o f the New York banks from this source approxi­
The com m ittee assumes that the interests affected b y the inquiry prefer
mate that large figure. As a matter o f fact, instead of New York banks that it should not be held, but it cannot permit the Important constructive
making a profit of $50,000,000 from the collection of country checks, the purposes of the investigation to be lost sight of b y baseless com plaints of
work actually entails upon them a loss from $2,000,000 to $3,000,000 per unfairness or b y attem pts to turn It into a personal controversy.
annum. I reach this conclusion from the experience of the National City
All the com m ittee has sought or is seeking is the facts, and those It pro­
Bank, with which I am familiar. Other bankers tell me that their ex­ poses to secure If and as soon a3 all the questions as to its power that have
perience is similar to that o f the National City Bank. T o quote exactly
been raised by you and your associates are rem oved by further legislation.
from the figures of the National City Bank, the excess amount received
Meantime, the com m ittee will In an orderly way hear every one who can
from the collection of country checks last year was $09,900. That is to throw light upon any of the collateral branches of tile Inquiry, but it cannot
say, the amount we received from the depositors of the checks, less the 1 undertake to take note of unofficial assertions unsupported by proof.




JUNE]5 1912.]

THE

C H R O N IC L E

I am directed b y the com m ittee to send you this com m unication, and
have the honor to remain,
Yours respectfully,
A . P . PUJO, Chairman.
T h e h e a r in g s o f t h e c o m m i t t e e w e r e a d j o u r n e d s in e d i e o n
T h u r s d a y , C h a i r m a n P u j o a t t h e c lo s e o f t h a t s e s s i o n m a k ­
in g th e fo llo w in g a n n o u n c e m e n t :

The presence o f the members Is required In W ashington for the work of
the House. These sessions will accordingly be suspended for the present
and the Committee will now adjourn sine die. Its future meetings will take
place In W ashington. The main lino o f the Inquiry relating to the concen­
tration o f the control of m oney, and the use of our financial and Industrial
corporations to that end, has not yet been touched upon to any extent.
That must wait the rem oval o f all questions of the power o f the com m ittee
b y the passing o f the pending bill, and must be followed b y months of prepa­
ration and Investigation. The Inquiry upon collateral branches relating
to the Clearing House and Stock Exchange has barely begun. The com ­
mittee hopes and expects in the end, and with the aid o f further power,
to secure the data upon which to base permanent and constructive legisla­
tion.
■— I n

resp o n se

B an k ers’
th e

to a r e q u e s t o f m e m b e r s o f th e A m e r ic a n

A s s o c ia tio n

o b lig a tio n

of

th e

fo r

an

e x p r e ssio n

banks

to

fu r n is h

of
th e

o p in io n

as

to

C o m m itte e

of

C o n g r e s s w i t h t h e i n f o r m a t i o n r e c e n t l y r e q u e s t e d r e s p e c t in g
th e ir

b u s in e s s

Thom as

B.

e n te re d

in to

and

P a to n ,
a

th e ir

r e la t i o n s

w ith

o th e r

G e n e ra l C o u n se l o f th e

le n g t h y

d is c u s s i o n

of

th e

in s titu t io n s ,

A s s o c ia tio n , h a s
m a tte r;

h is

con­

c lu s i o n s a r e t h a t t h e o f f c i a l s o f t h e n a t i o n a l b a n k s a r e u n d e r
n o o b l i g a t i o n t o d is c lo s e a n y o f t h e i n f o r m a t i o n s o u g h t , a n d
th a t a s to S ta t e b a n k s a n d
doubt
th e

as

to th e ju r is d ic tio n o f th e H o u s e o r th e p o w e r o f

C o m m itte e

e x tr a c ts

t r u s t c o m p a n i e s t h e r e is g r a v e

fro m

m ake

th e

h is o p i n i o n

to

are

in q u is it io n .
ta k e n

fr o m

The
th e

fo llo w in g

“ Journal of

C om m erce” :

The Fourth Amendment o f the Constitution provides that "T h e right of
the people to be secure in their persons, houses, papers and effects against
unreasonable searches and seizures shall not be violated, and no warrants
shall Issue, but upon probable cause, supported b y oath or affirm ation, and
particularly describing the place to be searched, and the persons or things
to be seized.”
The Fifth Amendment provides that: “ No person * ♦ * shall be
com pelled In any criminal case to be a witness against hlinself, nor be de­
prived o f life, liberty or property without due process o f law * * * .”
As already stated, corporations arc within the protection o f these am end­
ments, and while a provision off the House resolution based on Section 103
o f the Revised Statutes Is apparently designed to rem ove one o f the bar­
riers i f the Fifth Amendment, b y com pelling self-incriminating testimony
coupled with a provision granting Immunity, the Fourth Amendment
would seem to afford protection against any such general inquiry Into the
business affairs o f all State banking Institutions as Is now proposed. Un­
reasonable search for stolen goods was probably the original evil which
ljd to protective laws In England, followed by adoption In this country of
the Fourth Amendment to the Federal Constitution. Take, for exam ple,
a com m unity in which there are 100 families, and among which there is a
thief. H ow unreasonable that an administrative officer, without warrant
from a court o f justice In a proper case, should Invade the sanctity o f the
h mes of 90 Innocent persons that the thief with the stolen goods m ay be
located In the hundredth. The Fourth Amendment protects against this,
and It would seem equally contrary to the spirit o f that Amendment that
any wholesale non-judicial invasion or search into the private affairs o f all
he banks o f the country should be permitted to uncover an alleged group or
groups o f financiers upon the non-proved charge of wielding an Improper
Influence over the affairs o f certain Institutions. The Fifth Am endm ent,
protecting against self-lncrlminatlng testimony, would, o f course, afford
no protection to banks whose affairs would disclose no crim e, but It would
seem that the Fourth Amendment should be relied on as a barrier to the
disclosure of the private affairs o f the banks and their custom ers. * * *
As to the national banks, which are Institutions created and regulated b y
Congress, that b od y has expressly enacted that:
“ No association shall be subject to any visitorlal powers other than such as
are authorized by this title, or arc vested In courts o f Justice.”
The visitorlal powers authorized “ by this title” are those given b y the
Comptroller o f the Currency. This legislation b y Congress covers the en­
tire subject o f Inquiry which the House Committee on Banking and Cur­
rency is attem pting to explore, and In the face of the positive declaration of
Congress that no association shall be subject to any other visitorlal powers,
t seems clear that this excludes any Jurisdiction In one House o f Congress
to Investigate Into the business of any o f the national banks.
*
*
•
*
•
•
*
•
•
•
*
*
W ithout pursuing the subject further, m y view is that the officers o f na­
tional banks are under no obligation to disclose to the com m ittee o f Congress
any of the matters o f inform ation called for, and as to the State banks and
trust companies, there Is grave doubt as to the jurisdiction o f the House
or the power of the com m ittee to make such a general Inquisition and to
com pel the disclosure o f the private business o f such Institutions; so much
so that until the Supreme Court o f the United States should decide other­
wise, which seems very unlikely, the officer of a State bank or trust com pany,
whose duty It Is to faithfully safeguard the Interests o f his Institution, would
probably be Justified In refusing to disclose such matters o f Information relatlve to his Institution or Its clients as relate to their private affairs or would
be detrimental to their Interests.

1003

During the past few weeks a request has been made b y the Committee
on Banking and Currency o f the House o f Representatives, of the National
and State banks and trust com panies o f this and other States, to furnish
certain Information about their business. M any o f our friends thought
that com pliance would be a departure from the policy and practice of banks
for m any years o f holding confidential all transactions with their custom ers.
In maintaining that principle, banks m ay be subjected to hasty criticism
or misunderstanding, but It is believed that all thoughtful members of the
com m unity will approve our course. It goes without saying in this audience
that the representatives o f our banks should be deemed the best advisers in
respect to financial questions, and m ore particularly so when political
exigency m ay afford opportunity to the advocates of false theories to
misrepresent the conservative course to which bankers should adhere. It
would appear proper that the bankers of this State here assembled express
their opinion as to our duty In guarding the Interests of those for whom
we act substantially as trustees, and as to the m ethod in which we m ay
best render assistance to those who are conscientiously endeavoring to im ­
prove our m onetary system . It Is peculiarly appropriate for this Associa­
tion to consider the principles involved In a matter o f this kind. On the
one hand m any o f the questions asked b y the Committee would Involve
the public disclosure o f the confidential relations existing between the
various banks and their customers, while on the other hand there is the
high authority reposed In our National Legislature, and the consideration
o f due respect to this Important com m ittee. Moreover, It should be the
aim of banking interests generally to aid In the proper and wise reconstruc­
tion o f our m onetary system .
G eorge

M.

C o m m e r c ia l
d is c o u r s e

“ The

S y ste m — A
tru st”

R e y n o ld s ,

N a tio n a l

Q u e stio n

N a tio n a l

in q u is itio n

P re sid e n t

Bank
of

of

of

th e

C h ic a g o ,

Our

P r o b l e m ,”

C o n tin e n ta l

w ho

B a n k in g
d w e lt

to o k

and

upon

th e

fo r

&
h is

C u rrency
“ m oney

a s fo llo w s :

There has arisen much confusion and m isconception through the use of
the words “ m oney power” and “ m oney trust,” for frequently when the
words “ m oney power” are used b y one person, another in undertaking to
quote them, will, either through confusion or arbitrarily and prem cdltatcdly, substitute the word “ trust” for the word “ pow er,” making It appear
as “ m oney trust.”
I
feel certain there are present to-day those who will think It Is heresy for
me to say anything upon the subject o f the so-called “ m oney trust,” but
flagrant and unwarranted use o f this phrase b y those unable to discriminate
between the words “ power” and “ trust,” with a view of leading the public
to believe there exists between the larger banks o f the country a com bina­
tion for the control and Improper use of the m oney o f the country and the
credit It protects, causes me to feel I would not be true to the banking fra­
ternity If I were not to take this opportunity to deny publicly any knowledge
o f the existence o f such a trust, and to disclaim any connection, either
directly or Indirectly, with any such organization.
The word “ trust” In this connection implies com bination, collusion,
manipulation, or the Improper banding together b y those bankers who are
carrying the reserves o f the banks of the country, for the alleged purpose
o f withholding that to which the public Is entitled, v iz.: credit.
'The agitation o f this question of the so-called "m on ey trust” has gained
such momentum that It has been dignified b y the appointm ent o f a Con­
gressional Investigating Committee, and If the Investigation b y that body
can be had along fair and Impartial lines, and not be made the football o f
politics, I, for one, will welcom e It and will do what I can to assist In It,
believing that It will entirely dissipate this Illusion of the existence o f a
“ trust,” and thereby disabuse the minds of many well-meaning, but
misguided, people who honestly feel that there now exists in the United
States a “ m oney banditti,” seeking to pounce upon and destroy the unwary
and unsophisticated. H owever, I do not think the proposed Investigation
should be of such a character as to cause the Committee to try to force the
banks of the country to divulge the confidential relations existing between
the banks and their customers, for such relations have been regarded as
sacred from time Immemorial; indeed, I believe the Committee can secure
sufficiently com prehensive inform ation to enable them to make a convincing
and satisfying investigation o f the subject without doing this.
W illia m
Bank,

w as

E.

K nox,

a n o th e r

C o m p tr o lle r

sp ea k er

w ho

of

th e

re v e rte d

B ow ery
to

th e

S a v in g s
in q u ir y ,

a n d in h is c o m m e n t s h e r e m a r k e d :

" N o doubt m any o f you believe with me that we could get along fairly
well without any Investigating, and could make an honest living without
doing the com m unity any particular harm. But wc seem to be In for
the Investigations. There are so m any o f them that when a man meets
another and finds that his business has not been Investigated In some way
or other b y Congress, he does not know whether to be suspicious o f him
because he’s so out of the ordinary, or to set him down as a very distinguished
person because he’s such an exception to the general run o f business m en ."
A r e s o lu tio n o n th e in q u ir y w a s a d o p t e d a t th e C o n v e n tio n
a s fo llo w s :

“ Whereas, The New York State Bankers’ Association has considered the
recent request made by a com m ittee appointed b y the Federal House of
Representatives for Information respecting dealings between banks and
their customers, Involving a disclosure of transactions generally regarded
as confidential;
“ Resolved, That this Association deprecates the unfounded assertion that
any bank In this State Is opposed to proper Investigation b y the duly
constituted authorities or to the disclosure to them o f any and all dealings:
that this Association has always urged and does approve the mo3t rigid
scrutiny b y proper visitation as well as the strict enforcement o f all laws
pertaining to the conduct of banking business;
“ Resolved, That It Is the sense of this Association that both the Federal
and State banks are conservatively and well conducted, and that the super­
vision provided b y existing law Is adequate; that Federal and State officials
— A r e d u c t i o n in t h e r a t e o f in t e r e s t b y t w o o f t h e lo c a l
have com plete power of Inquiry and have at all times Information In respect
to any and every transaction in any bank, and that the principle that
s a v i n g s b a n k s is a n n o u n c e d t h i s w e e k , v i z . , t h e G e r m a n
dealings with customers shall be deemed confidential and Information In
S a v i n g s B a n k a n d t h e N o r t h S id e S a v i n g s B a n k , b o t h o f
respect thereto shall be withheld until due process of law, or the consent
w h ic h h a d h e r e to fo r e p a id 4 % a n d h a v e n o w a d o p t e d th e
o f those whose Interests may be prejudiced shall first be obtained, Is proper
and wise;
S}4% r a t e .
"R esolved , That the Interests o f those engaged in and representing the
— T h e in v e s tig a tio n in to m o n e t a r y c o n d itio n s w a s re­
great industrial and financial affairs o f the country are conserved and pro­
m
oted
b y a scrupulous enforcement of the established usage o f withholding
f e r r e d t o in t h e s e v e r a l a d d r e s s e s d e l i v e r e d a t t h e o p e n i n g
any disclosure to third parties except when com pulsory, and that hasty
s e s s io n o n T h u r s d a y o f t h e N e w Y o r k S t a t e B a n k e r s ’ C o n ­
criticism or 111-advlsed attacks upon the long-settled practice o f banks
v e n t i o n h e ld a t B u f f a l o .
W a lt e r H . B e n n e t t , V ic e -P r e s id e n t
tends only to disturb business relations and to Injure the merchant and the
manufacturer;
a n d C a s h ie r o f t h e A m e r i c a n E x c h a n g e N a t i o n a l B a n k o f
“ Resolved, That this Association advocates and demands the strictest
N e w Y o r k , b r o a c h e d t h e s u b j e c t in h is a d d r e s s a s P r e s i d e n t
I fidelity and the m ost rigid regard for law on the part o f those charged with
o f th e A s s o c ia t io n , s a y in g :
• I the high trust o f conducting banking business, and urges that no changes In




1604

THE

the law shall be proposed w ithout opportunity for deliberate and careful
consideration b y the representatives o f the banks, who are deeply Interested
In a sound and conservative m onetary system , and In prudent and ade­
quate limitations upon their adm inistration.”
E llio tt
who

C.

a ls o

M c D o u g a l,

ad d ressed

P r e s id e n t o f th e

th e

c o n v e n tio n ,

Bank

re fe rre d

of

B u ffa lo ,

to

th e

1907

p a n i c , a n d s t a t e d t h a t w h il e w e a r e n o t g o i n g t o h a v e a n o t h e r
f o r s o m e y e a r s t o c o m e , t h e s e e d s o f t h e n e x t p a n i c , w h ic h
he

c h a r a c te r iz e d

t o -d a y .

as an

“ in d u s t r i a l p a n i c , ”

are

of

C o u n try

C l e a r in g s ” ; S ir

th e C a n a d ia n
address on
A lle n ,

b e in g

Edm und

E n g la n d S y s te m

W a lk e r ,

P re sid e n t

of

B a n k o f C o m m e r c e o f T o r o n t o , fu rn ish e d a n

“ B a n k in g

E d u c a tio n a l

a s a P u b lic S e r v i c e ,”

D ir e c to r

of

th e

and

A m e r ic a n

G eorge E .

In s titu te

of

LXXXXIV.

representatives o f national banks In the State Legislature should oppose
this, as. If the new Institutions are m ore effective than national banks,
national banks could becom e State institutions and share all benefits.
Neither must we lose sight o f the public, who are entitled to m ore con­
sideration than the stockholders o f the banks. The public of the State
o f New Y ork are entitled from the Legislature o f the State of New York
to the very best banking facilities that human Ingenuity can devise.
Yours very truly,
E . C. M cD O U G A L , President.
— H en ri

sow n

F . B . S e a r s , V ic e -P r e s id e n t o f th e N a t i o n a l S h a w -

m u t B a n k of B o sto n , spoke on “ T h e N ew

[VOL.

C H R O N IC L E

de

S a in t -S e in e

r e p r e s e n ta tiv e

of

th e

has

Banque

been

a p p o in te d

A m e r ic a n

F r a n c o -A m e r ic a in e

of

P a r is ,

F r a n c e , w h ic h n o w h a s a b r a n c h o ffic e a t 4 5 W a l l S t ., th is
c ity .

M .

S a in t -S e in e

C o m p to ir

w as

p r e v io u s ly

N a tio n a l D ’E s c o m p te d e

c o n n e c te d

P a r is

fo r

w ith

tw e lv e

th e

years

a n d l a t e r in 1 9 0 4 h e o r g a n i z e d t h e f o r e i g n e x c h a n g e d e p a r t ­
m en t

of

th e

A m e r ic a n

N a tio n a l

Bank

of

San

F r a n c isc o .

B a n k in g , to o k u p th e m a tte r o f “ E d u c a tio n a l D e v e lo p m e n t

T h e b a n k , t h r o u g h i t s A m e r i c a n r e p r e s e n t a t i v e , e n g a g e s in

and

E d u c a t i o n .”

p la c in g

new

P r e s id e n t o f th e A s s o c ia t io n , a n d

C o r n e li u s A .

V ic e -P r e s id e n t a n d

S e c re ta ry

B r o o k ly n , has b een
tio n .

P u g s l e y o f P e e k s k i l l is t h e

of

th e

C h a r le s L . S c h e n c k ,

P e o p le ’ s

m a d e T re a su re r o f th e

T ru st

S ta te

Co.

Y ork

“ J o u r n a l o f C o m m e r c e ,”

h a s d e c id e d

th e

c o a stw ise

a ffe c t

every

b u s in e s s .

s te a m s h ip

p ly in g b e tw e e n

The

Tine

G a lv e sto n

ord er,

engaged

and

it

in

is

to d is c o n ­

sta te d ,

fo r e ig n

E uropean

w ill

b u s in e s s

p o rts.

N ew

Y ork

o ffic e .

The

Banque

F r a n c o -A m e r ic a in e

w a s o r g a n i z e d in 1 9 0 6 a n d h a s a c a p i t a l o f $ 4 , 0 0 0 , 0 0 0 .
— P e r c y C h u b b a n d T h o m a s M .T h a c h e r h a v e b e e n e le c te d

th e

tin u e o n J u n e 2 0 th e is s u a n c e o f th r o u g h b ills o f la d in g v ia

a

m a r k e t i n g A m e r i c a n s e c u r i t ie s

at

d ir e c to r s

I t is a l s o

r e p o r t e d t h a t t h e o r d e r w a s c a ll e d f o r t h b y t h e r e c e n t a c t i o n

of

th e

s u c c e e d in g

F arm ers’

R obert

C.

Loan

Boyd

&

T ru st

and

Co.

W illia m

th is

c ity ,

R o w la n d ,

of

b o th

deceased .

G a l v e s t o n in c o n n e c t i o n w i t h a ll s t e a m s h i p li n e s e x c e p t t h o s e
d o in g

lo a n s a n d

P a r is , b u t d o e s n o t t r a n s a c t a g e n e r a l b a n k in g b u s in e s s

W . J . H e n r y h a s b e e n r e -e l e c t e d S e c r e t a r y .

— T h e G u l f C o lo r a d o & S a n t a F e R R . , w e l e a r n f r o m
N ew

of

o r g a n iza ­

A m e r ic a n

in

— At

a

recent

m e e tin g

V ic e -P r e s id e n t o f

th e

C h a r le s

S h erm an

G.

C o ly e r

w as

N a tio n a l B a n k

e le c te d

o f th is c it y

a n d G . C . M a r s h a l l , f o r m e r l y A s s i s t a n t C a s h ie r , w a s c h o s e n
to s u c c e e d M r . C o ly e r a s C a s h ie r .
a p p o in te d

A s s is ta n t

C . W . H od son has been

C a s h ie r .

o f t h e s t e a m s h i p c o m p a n i e s in w h i c h t h e y d e c i d e d , b e g i n n i n g
— C h a r le s A .

J u n e 2 2 , t o w i t h d r a w t h e d e m u r r a g e a g r e e m e n t f o r m e r l y in
fo r c e b e tw e e n

th e ir c o m p a n ie s a n d

g o v e r n in g fr e ig h t o n

th e G a lv e s to n

th r o u g h b ills o f la d in g .

r a il lin e s

O n b e h a lf o f

t h e r o a d s it is c o n t e n d e d t h a t t h e y a r e d e p r i v e d o f t h e u s e o f
t h e i r c a r s in c a s e s w h e r e t h e c o t t o n is n o t p r o m p t l y u n l o a d e d
a t s h i p s i d e , a n d i t is c h a r g e d t h a t t h e s t e a m s h i p li n e s h a v e
d e c lin e d

to

pay

dem u rrage

on

— B u n k e r H ill D a y , J u n e

su ch

th is
A l­

t h o u g h t h e d a y is n o t a le g a l h o l i d a y , t h e b a n k s h a v e u s u a l l y

d e s ir e

to

p e n d in g

assu m e

t h a t t h e y n o lo n g e r

t h e le g a l r e s p o n s ib il it ie s in c u r r e d

b u s in e s s f o r

a p p o in te d

S p e c ia l D e p u t y

G eorge C . V a n T u y l J r.

H e w ill h a v e c h a r g e o f t h e l i q u i ­

G e o r g e B . W illia m s , w h o re sig n e d to b e c o m e C a s h ie r o f th e
C h e ls e a E x c h a n g e B a n k o f th is c it y .
— F o llo w in g th e sa le b y h im o f 6 0 0 s h a r e s o f th e

th e B o s t o n b a n k s .

c lo s e d in f o r m e r y e a r s , b u t i t is s t a t e d

has been

d a t io n o f th e N o r th e r n B a n k o f th is c i t y , ta k in g th e p la c e o f

s h ip m e n ts.

1 7 , w ill n o t b e r e c o g n iz e d

y e a r n o r h e r e a fte r a s a h o lid a y b y

H orn e

S u p e rin te n d e n t o f B a n k s b y S ta te S u p e rin te n d e n t o f B a n k s

by

su s­

th e

C o n n e c tic u t

B a n k in g

Com pany

of

sto c k o

H a rtfo rd ,

S a m u e l E . E lm o r e h a s re tire d a s P r e s id e n t o f th e in s t it u t io n .
C h a r le s

L.

Spencer of

S u f f i e ld

and

L.

Edm und

Zacher

of

H a r t f o r d h a v e s u c c e e d e d M r . E l m o r e a n d C la r e n c e E . W h i t ­
n e y a s d ir e c to r s o f th e b a n k , a n d M r . S p e n c e r h a s b e e n m a d e
C h a ir m a n

th e d a y .

R iv e r

of

th e

m a i n s u n f i lle d .

board

of

d ir e c to r s .

The

T h e s to c k d isp o se d o f b y

p r e sid e n c y

re ­

M r . E lm o r e

w as

— A t t h e a n n u a l e le c t i o n o f t h e B a l t i m o r e S t o c k E x c h a n g e

t a k e n b y t h e T r a v e l e r s ’ I n s u r a n c e C o . , w h ic h is a l s o s a i d t o

t h e 3 d i n s t . , t h e c a n d i d a t e s in f a v o r o f t h e c o n t i n u a n c e

h a v e a c q u i r e d l a r g e h o l d i n g s in t h e C i t y B a n k o f H a r t f o r d .

on

o f th e c o m m is s io n c h a r g e o f 34 o f 1 %
N ew

Y ork

w ere

v ic to r io u s .

H arry

o n b o n d s t r a d e d in a t
F a h n e sto ck

and

A.

E.

T h e C o n n e c tic u t R iv e r B a n k in g C o . h a s a c a p ita l o f $ 1 5 0 ,0 0 0
in $ 3 0 s h a r e s .

W a t e r s , w h o w e r e o p p o s e d t o a n y c h a n g e in t h e r a t e , w e r e
e le c te d

m em b ers

of

th e

W a lla c e L a n a h a n a n d
r e d u c in g

L.

th e c h a r g e

B oard

P h i li p L .

to

of

of

G overn ors,

w h ile

1% ,

w ere d e fe a te d .

G ordon

P a i n e , w h o , i t is s t a t e d , w a s n o t o p p o s e d t o t h e c h a n g e ,

w a s a ls o e le c te d

to

th e b o a r d .

H arry

A .

— H e r b e r t W . M a s o n , F r e d e r ic k C . M c D u f f i e a n d S t a n w o o d

W .

P o e , w h o w e r e in f a v o r o f

O r r ic k h a s b e e n

G.

W e llin g to n

S tre e t T r u st

— T h e f o l l o w i n g l e t t e r a d v o c a t i n g le g i s l a t i o n b y t h e S t a t e
o f N e w Y o r k w h ic h w o u ld p r o v i d e f o r t h e c r e a t i o n o f i n s t i t u ­
tio n s c o m b in in g th e fa c ilitie s o f tr u s t c o m p a n ie s a n d c o m m e r ­

to

th e

d ir e c to r a te

of

th e

S ta te

o f B o s t o n o n th e 5 t h in s t.

— G e o rg e Z im m e r h a s b e e n a p p o in te d M a n a g e r o f th e F o r ­
e ig n E x c h a n g e D e p a r t m e n t o f t h e F r a n k l i n N a t i o n a l B a n k o f
P h ila d e lp h ia ,

r e -e le c te d P r e s id e n t o f th e E x c h a n g e .

w ere a d d e d

Co.

s u c c e e d in g

W illia m

W r ig h t,

who

r e s ig n s

on

a c c o u n t o f h is h e a l t h , t o g o a b r o a d f o r a y e a r .
— The

paym ent

o f d iv id e n d s

at

6%

— 134%

q u a r te r ly —

b y t h e A m e r i c a n S t a t e B a n k o f C h ic a g o w ill b e g i n o n J u n e 3 0 ,

c ia l b a n k s u n d e r p r o p e r r e s t r i c t i o n s h a s b e e n s e n t b y P r e s i­

w hen

dent

b a n k c o m m e n c e d b u s in e s s o n A p r il 3 1 9 1 1 w ith a c a p it a l o f

E llio tt

C.

M cD ougal

of

th e

Bank

of

B u ffa lo

to

th e

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

S t a t e b a n k s a n d tr u s t c o m p a n ie s w ith in th e S t a t e :

$ 2 0 0 ,0 0 0 .

Buffalo, N . Y ., June 8 1912.
Dear S ir.— Many State banks and trust com panies, unfortunately, have
been acting as If their Interests were antagonistic, as, perhaps, superficially
speaking, they appear to be. W hat all should see Is that State banks
must share with trust companies a great part o f the business which State
banks have considered as exclusively belonging to themselves, and that
trust com panies must share with State banks a great part of the business
which trust companies have considered as exclusively belonging to them­
selves. Trust companies are now purchasing unsecured paper and, In a
great m any ways, doing commercial banking. State banks are soliciting
Interest-bearing deposits and quiet accounts which form erly were considered
m ore particularly the perquisites o f trust com panies. National banks arc
establishing savings departments. These tendencies cannot be checked.
T hey will continue to grow.
The Legislature o f the State o f New York has It In Its power to put the
State of New York In the front rank In banking facilities b y providing for
a class o f Institutions com bining the facilities o f trust companies and
com m ercial banks under proper legal restrictions. Such Institutions would
be m ore efficient and give the public better service than national banks,
and all our State Institutions, with the exception o f savings banks pure and
simple, could belong to the one class. W e would have a cohesive b ody, the
members o f which, their Interests being Identical, would work together In­
stead o f pulling apart as State banks and trust com panies often d o. This
would Insure to the State o f New York the continuance o f a large number
o f powerful Institutions as State banks which otherwise m ay gradually
withdraw Into the national system. Some such action by our State Legisla­
ture m ay be necessary as a last resort as, should Congress pass new laws
giving to national banks distinct advantages over Stato banks. State
banks, as they exist under the present laws, would bo driven Into the
national system . If It be good policy to legislate to protect State banks
against such disadvantages, why Is It not still better policy for the State
o f New Y ork to be In advance o f the times and to have Its Institutions first
In the field with the advantages on their side? There Is no reason w h y

w h il e i t s d e p o s i t s e x c e e d $ 9 0 0 , 0 0 0 .




The

I t s s u r p lu s a n d p r o fits a m o u n t to a b o u t $ 1 7 0 ,0 0 0 ,

— T he N ew

Y o r k C e n t r a l L i n e s is s u e d t h i s w e e k t h e p r e ­

lim in a r y a n n o u n c e m e n t o f its sp e c ia l b a n k e r s ’ tr a in s to th e
t h ir ty -e ig h th

a n n u a l c o n v e n tio n

of

th e A m e r ic a n

B an k ers’

A s s o c i a t i o n , t o b e h e ld i n D e t r o i t f r o m S e p t . 9 t o 1 4 .

A s in

p a s t y e a r s , th e r a ilw a y h a s th e o ffic ia l a p p r o v a l o f th e T r a n s ­
p o r ta tio n C o m m itte e o f th e N e w Y o r k S ta t e B a n k e r s ’ A s s o ­
c ia t io n fo r it s to u r s .

T h e la tte r are d iv id e d

th r e e

Tour

c la s s e s ,

c lu d e s a t r i p

n a m e ly

“A ”

to th e Y e llo w s t o n e

(R e d

th is y e a r in t o

S e c tio n ),

w h ic h

in ­

P a r k , S a lt L a k e C ity an d

C o l o r a d o , w i t h s e v e r a l s id e t r i p s ; T o u r “ B ”

(W h it e S e c tio n ),

g o i n g d i r e c t t o B u f f a l o , th e r e t a k i n g t h e s t e a m e r t o D e t r o i t ,
r e tu r n in g

by

r a il, b o t h

g o in g a n d

la r g e
th e

a ll

and

Tour “ C ”

r e tu r n in g

fr o m

n u m b e r o f r e s e r v a tio n s h a v e

Y e llo w s to n e

P ark

r a il;

are

P ark

lim ite d ,

tr ip , a n d

re q u e sts

fo r

S e c t io n ), a ll

m e e tin g .

a lr e a d y

been

As a

m ade

fo r

a s a c c o m m o d a t i o n s in

th e

r e s e r v a tio n s

s h o u ld b e m a d e a s e a r ly a s p o s s ib le .
t r a in s w ill in e v e r y w a y

(B lu e
th e

corresp on d

fo r

th is

to u r

T h e e q u ip m e n t o f th e
w ith

th e fa m o u s

R ed,

W h i t e a n d B l u e s p e c ia l s w h ic h w e r e a f e a t u r e o f t h e s e v e r a l
r e c e n t c o n v e n tio n s o f th e a s s o c ia tio n .
— The

d ir e c to r s

of

th e

F ir s t

N a tio n a l

Bank

and

th e

N a tio n a l B a n k o f W ilm in g to n a n d B r a n d y w in e , o f W ilm in g ­
t o n , D e l ., o n th e 1 1 th i n s t , e n d o r s e d th e p r o p o s itio n to c o m -

June 15 1912.)

THE CHRONICLE

bine their institutions with the Wilmington Trust Co. The
First National has a capital of $500,000 and deposits of
million dollars; the National Bank of Wilmington and
Brandywine has a capital of $200,000 and deposits slightly
in excess of those of the First National, while the Wilmington
Trust Co. has $300,000 capital and deposits of $2,300,000.
The consolidation will be effected under the name of the
Wilmington Trust Co. T. Coleman du Pont, President of
the E . I. du Pont de Nemours Powder Co., is President of
the trust company.
— An announcement of much interest in banking circles
the past week was the acceptance by Frank O. W atts,
President of the First National Bank of Nashville, Tenn.,
of a vice-presidency in the Third National Bank of St. Louis.
Mr. W atts’ rise in the banking world has been marked; he
commenced as a junior in the Bank of Union City, Tenn.,
in 1883, and, after filling the several offices in this bank with
much credit, was elected Cashier of the First National Bank
of Nashville and removed to that city in 1897. Ten years
ago he was elected head of this prominent Southern institu­
tion and has also held at various times other positions of
trust in that city of his adoption. He has been for a num­
ber of years active in the councils of the American Bankers’
Association, occupying every position, and last year was
clectod to tlie presidency. Mr. W atts is a personal friend of
Charles II. Huttig, the well-known head of the Third Na­
tional, and will prove a valuable addition to the bank’s
already efficient staff of officials. While Mr. W atts’ duties
will commence early in July, he will not become perma­
nently identified with the St. Louis institution until Jan. 1
1913. An arrangement entered into with the boards of
both institutions permits Mr. Watts to divide his time
between the two banks until the first of the coming year.
— In addressing the Mississippi Bankers’ Convention at
Gulfport last month, on a topic bearing the unusual title
"Advertising Lemons” , R. L. Gurney, Manager Savings De­
partment, Commonwealth Trust Co., St. Louis, M o., stated
that bankers had discovered from sad experience that many
so-called advertising plans, promising splendid results, often
proved first-class "lem ons” ; i.e., programs; paid write-ups;
alleged trade and financial journals; prepared copy; the dig­
nified card of name, capital and location, and spasmodic
instead of continuous advertising. And because bankers
were considered easy marks, he desired to sound a note of
warning and impress upon the Mississippi bankers the im­
portance of carefully examining propositions before exe­
cuting contracts.
He said that such an examination would
convince them that for checking, savings, investment, trust
and real estate business, the exclusive use of their local
newspapers would prove most effective. Also that to secure
accounts from other financial institutions, a permanent
advertisement should be carried in the legitimate, well-known
and established financial journals.
He told the bankers
that the Commonwealth Trust Co. not only wrote its own
advertisements but prepared one for each day in the year
except Sunday. In suggesting how they might prepare
advertising, he declared "th e first step, and it is one of
paramount importance, is to decide to spend your money
buying newspaper space only, and while it will be found
difficult to adhere rigidly to this decision, it will pay well
to do so.” "I n soliciting checking and savings accounts,”
he continued, "y o u direct your appeal to all classes, and there
is no way to so effectively direct it as through the columns of
your local newspapers. The second step in doing the adver­
tising for your bank is to provide yourself with the necessray
equipment.
You must have, so to speak, a kit of tools,
and that is: Four eyes, four ears, pot of paste, long shears,
vest-pocket memorandum book, blue pencil, dictionary,
book of synonyms, book of antonyms, scrap books. Two
of the eyes and ears belong to yourself, or to the one to
whom you delegate this work, and the other pair to your
Teller, and the habit quickly developed of observing and
listening to things all about you will prove a constant sur­
prise and delight. Try hard not to use many words. The
fewer, the better. Hence, after you write your advertise­
ments, boil them down. Then boil them down again and
cut out more words— especially long ones, used for effect
only. Select short, strong words. Words of snap and
action, which will make your advertisements fairly burn
their message into the mind of the reader. This can only
be accomplished by writing them over and over again.
Make one clear point, for it is a fatal mistake to attempt to
cover the whole field of banking every time. An adver­
tisement containing many points makes no definite im­




1605

pression of the service you can render to prospective de­
positors. Saying but one thing and in few words will not
require much type, thus leaving plenty of white space around
your advertisement, which makes it stand out prominently
and attract attention more quickly than when the space is
entirely filled up with type.” Lack of room prevents refer­
ence to the numerous other points made by Mr. Gurney.
During his address he used a powerful stereopticon with
which to illustrate the new type of advertising used by the
Commonwealth Trust Co.
— Controlling interest in the National Bank of Augusta,
at Augusta, G a., has been disposed of by the Georgia Rail­
road Bank to interests identified with the Citizens & Southern
Bank of Savannah. The Georgia Railroad Bank had been
in control of the National Bank of Augusta since March 1911,
and had continued its operation as a separate institution.
The new interests have elected Mills B . Lane President of
the National Bank of Augusta, and R. L. Rockwell has been
made Vice-President of the institution. Messrs. Lane,
Rockwell, E . T. Comer and J. J. Cummings replace Jacob
Phinizy, W . A . Latimer, Porter Fleming and W . B . White
as directors of the National Bank of Augusta. Mr. Lane is
President and Mr. Rockwell is Assistant Cashier of the
Citizens & Southern Bank of Savannah, The latter has
already located in Augusta, and Mr. Lane, it is stated;
will make frequent visits to that city to supervise the affairs
of his new bank. E . J. Gallaher remains as Cashier of the
National Bank of Augusta. The Augusta "Chronicle”
states that 1,351 shares out of the total of 2,500 of the
National Bank of Augusta are involved in the transaction,
which brings to Augusta something like $277,000 of outside
capital.
— The proposal to increase the capital of the First National
Bank of El Paso, Texas, from 8600,000 to $800,000 has been
recommended to the stockholders by the directors of the
institution. The surplus of the bank is $200,000. If the
proposition is favorably acted upon by the stockholders,
the institution will be the first in the city to have a capital
and surplus of $1,000,000.
— Giles M. Wilson has tendered his resignation as a
National Bank Examiner, to take effect July 5, to become
Vice-President of the Florida National Bank of Jackson­
ville. Prior to becoming a National Bank Examiner about
a year-and a half ago, Mr. Wilson was State Bank Examiner
of South Carolina.

ilXomhxxvfi<£ow w cvci algnQlisTx
English Financial Markets— Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by. cable, have been as follows the past week:
L ondon.
W e e k c n d ln y J u n e 14.
S a t.
_____ d . . 28
S il v e r , p e r o z ___ . . .
C o n s u ls , 2 % p e r c e n t s .............. 7 0 7 -1 0
F o r a c c o u n t _______________ . 7 0 9 -1 5
F r e n c h R e n t e s (in P a r i s ) . f r . . 9 3 .7 5
A m a lg a m a t e d C o p p e r C o ____■ 8 8 %
A m e r ic a n S m e lt . & R e f . C o .. 8 8 %
h A n a e o n d a M in in g C o _______ . 9 %
A t c h is o n T o p e k a & S a n te F e .1 1 0 3 ,
P r e f e r r e d ____________ ______ .1 0 0
B a lt i m o r e <fc O h i o ______ ______ 111 %
P r e f e r r e d .............................. .. . 9 0 %
C a n a d ia n P a c ific . . .................... .2 7 1 %
C h e s a p e a k e h O h io ________ ■ SO J £
C h ic a g o (J re a t W e s t e r n _____ . IS
C h ic a g o M U w . .V S t . P a u l . .. .1 0 8
D e n v e r &. R i o G r a n d e . .......... . 21
P r e fe r r e d .
— ...................... 3 7 %
E r i e ............. .................................. ■ 3 5 %
F ir s t P r e fe r r e d ........... ............. 54
S e c o n d P r e fe r r e d
............. • 4 3 %
G r e a t N o r t h e r n , p r e f e r r e d ...1 3 7 %
I llin o is C e n t r a l------------------------ 130
L o u is v i ll e & N a s h v i ll e .............1 0 3
M is s o u r i K a n s a s & T e x a s . .. . 29
P r e fe r r e d .............................. . 6 1 %
M is s o u r i P a c i f i c .........................- 3 8 J.;
N a t . R R . o f M e x ., l s t p r e f . . 07
S e c o n d p r e fe r r e d ------- . . - 3 1 %
N . Y . C e n tr a l & H u d s o n R i v . 1 2 2 1
N . Y . O n t.
W e s t e r n ........... . 39
N o r fo l k & W e s t e r n ................ . 1 1 4 %
P r e fe r r e d ................................. . 92
N o r t h e r n P a c i f i c . ..................... . 1 2 3 %
- 03%
a P e n n s y lv a n ia .................. —
a l t e a d l n g ------- -------------------- _ 8 8
a F I r s t p r e fe r r e d ................... - 4 0 'A
a S c c o n d p r e fe r r e d ________ - 6 0 %
R o c k I s l a n d --------- ---------------- - 2 0 %
S o u t h e r n P a c i f i c . ..................... .1 1 3
S o u t h e r n R a i l w a y ----------------- - 2 9 %
. 70
U n io n P a c i f i c ------------- ---------- - 1 7 4 %
P r e fe r r e d . ........ .................. . 9 3
U . S . S te e l C o r p o r a t io n ------- - 71 %

7%
W abash . .
. . ........................ P r e fe r r e d --------------- ------------- . 19
E x t e n d e d 4 s . . . .............. . 7 0
a P r ic e per sh a re .

I> £ s t e r lin g .

W ed .
28%
7 0 7 -1 0
76 9 -1 0
9 3 .7 7 %
87%
87%
9
109%
100
111
90
270%
80%
17%
105%
20%
36%
35%
53% ■
43
130%
129%
101%
28%
01%
37%
08
31%
121
38%
114

M on.
28%
7G 7 -1 0
7 0 9 -1 0
9 3 .8 7 %
88%
88%
9%
110%
1 00
111%
90%
271%
SI
18
107 %
21
37
35%
53%
43%
137%
129%
102%
29%
62%
37%
08
31%
122%
39
114%

T u es.
28%
7 6 5 -1 0
7 0 7 -1 0
9 3 .6 7 %
88%
87%
9
109%
1 00
111%
90%
270
81
17%
105%
20%
30
35%
54
43%
130%
1 30
102%
28%
02
38
08
32
121%
38%
114%

___

—

—

123%
03 %
88
40

123%
63%
80%
40

122%
03%
85%
45

25%
113%
29%
70
174 %
92%
72
114
7%
18%

25%
113
29%
70
172%
92%
70%
113%
7
18
70%

___

70

__

25
112
28%
70
173%
92%
70%
113%
7
17%
70%

Thun.
2 8 5 -1 0
70%
76%
9 3 .8 2 %
87%
87%
9%
109%
1 00
111
90
272%
80% '
17%
105'i
20%
30%
35%
53%
43
137%
129%
161%
28%
01%
37%
08
31%
121
38%
114%
_____
122%
03 %
85
45%
_____
25%
112%
29
76
173%
92%
71%
113%
7%
17%
70%

F rt.
2 8 5 -1 0
70%
70%
9 3 .7 0
87%
87%
9
109%
10G
111
90
272%
80
1 7 ',
105%
2 0 i y.
36%
35%
53%
43
137
130
10% ;
28%
61%
38
08
.32
121
38%
1 15
122%
03%
80%
45%

___

• 25%
112%
29% ,
76
173%
92%
70%
113%
7%
17%
70

THE CHRONICLE

1606

Commercial and
Breadstuffs Figures brought from Page 1639.— The state­
ments 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:

[V O L . L X X X X I V .

CH AN GE OF C O R P O R A T E T IT L E .
The title of the Western Metropolis National Bank of San Francisco, Cal.,
N o. 9882 (which absorbed on May 31 1912 the Merchants’ National Bank of
San Francisco, N o. 8487, placed in voluntary liquidation on that date) ,
has been changed this day to "M erchants’ National Bank o f San F rancisco.’ ’

D IV ID E N D S .
The following shows all the dividends announced for the
future by large or important corporations:

Dividends announced this week are printed in italics.
R e c e i p t s a t—

F lo u r .

W h ea l.

C orn.

R ye.

B a r le y .

O a ts .

b b l s . i m b s . b u sh 6 0 7 5 s . b u sh . 5 6 lb s. b u sh . 3 2 lb s. b u s h A S lb s . '; « , 5 6 lb s.
9 8 ,5 1 9
1 4 8 ,8 0 0
1 1 3 ,5 0 0
1 9 ,0 0 0
3 ,8 1 2 ,5 0 0
1 ,4 8 0 ,8 0 0
1 3 ,8 0 0
1 2 5 ,3 5 0
1 9 9 ,8 0 0
5 5 ,9 0 0
4 4 4 ,8 0 0
1 4 ,3 0 0
1 1 ,6 0 0
1 6 1 ,6 4 3
2 ,9 7 9
0 1 1 ,2 5 0
1 3 8 ,0 0 0
1 0 1 ,3 8 0
2 4 ,0 0 0
7 3 ,7 2 0
3 ,0 0 0
9 ,0 0 0
3 7 ,1 0 0
' 3 ,1 9 0
7 7 ,8 7 9
5 1 ,0 0 0
1 5 ,7 0 0
C le v e l a n d .
400
805
3 3 ,9 1 2
480
5 ,1 2 7
5 3 ,4 8 0
S t. L o u is .. .
4 7 ,4 8 0
1 0 4 ,1 9 4
3 0 4 ,3 0 0
8 1 9 ,7 9 0
P e o r i a ______
~ 7 ,00 0
5 2 ,3 8 8
2 2 2 ,7 0 0
4 0 ,1 0 0
4 0 3 ,3 0 1
K an sas C ity .
1 3 8 ,0 0 0
3 7 0 ,2 0 0
4 9 ,3 0 0

C h i c a g o ------M ilw a u k e e ..
D u lu t h .. . . .
M i n n e a p o l is .
T o le d o
...

T o t a l \vk. ’ 12
S a m e w k . ’ 11
S a m e w k . ’ 10

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

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

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

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

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

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

S in c e A u g . 1
1 9 1 1 - 1 2 . . . 1 1 ,1 5 4 ,2 0 8 1 2 8 ,0 7 5 ,7 4 0 1 7 4 ,4 6 0 ,0 6 3 1 3 4 ,5 5 0 ,1 4 4 0 0 ,0 0 5 ,9 8 3
6 6 2 ,3 9 8
1 0 1 0 - 1 1 ___ 1 3 ,8 9 4 ,2 5 3 1 9 9 ,4 0 5 ,3 2 6 2 5 2 ,0 2 1 ,9 0 8 1 7 1 ,3 9 0 ,9 4 0 6 1 ,3 9 2 ,1 4 4 5 ,0 2 2 ,4 IS
1 0 0 0 - 1 0 ___ 1 8 .2 1 2 ,9 9 5 2 3 1 .2 7 8 .1 0 8 1 0 4 ,2 2 5 .2 5 6 7 5 ,3 8 8 ,2 9 7 7 5 ,2 4 4 ,8 3 4 0 ,4 6 2 ,6 6 8

Total receipts of flour and grain at the seaboard ports for
the week ended June 8 1912 follow:
R e e e l p ts at—
N e w Y o r k .................. .
B o s t o n _________. . . .
P h i l a d e l p h i a ______.
B a lt im o r e .
.
NSw O r le a n s * . . . .
G a l v e s t o n ___
..
M o b ile
M on tre a l
. . . . .
.

Flour,
bbls.

Wheal,
bush.

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

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

:* ,0 0 0
6 4 ,9 8 5
4 ,0 0 0

Corn,
bush.
1 2 8 ,2 5 0
4 ,0 0 0
4 5 ,5 2 4
4 1 ,2 9 2
7 7 ,8 0 0
1 .0 0 0
1 4 ,0 0 0

O a ts ,
bu sh .
7 2 3 ,0 0 0
8 9 .0 U
2 1 0 ,7 3 9
1 9 4 ,7 1 2

H a r le y ,
b u sh .
2 2 7 ,8 0 7

1,015

" 424

47.000
204,708

1 ,0 9 5 ,2 0 0

T ’ o t a l w e e k 1 9 1 2 . . 3 2 8 ,1 3 9
3 ,1 5 0 ,0 7 0
3 1 1 ,8 6 0
s i n c e J a n , ! 1 9 1 2 . . 7 , 6 2 4 , 7 2 8 4 7 ,3 1 4 ,9 5 4 2 2 ,8 7 9 ,8 0 2
W e e k 1911
.....
3 3 9 ,3 6 3
1 ,4 1 8 , 6 7 6 .
9 3 5 ,6 4 0

R ye,
b u sh .

10,100

12,310
1 7 ,5 3 9
2 7 8 ,2 2 1
1 3 ,7 4 3
3 0 3 ,0 0 9

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

Since Jan. 1 1911.-8)195,755 27,740,204 42,005,531 22,255,311 2407,032
* l l e c c l n t s d o n o t I n c lu d e
o n t h r o u g h b ills o f l a d in g .

g r a in p a s s in g t h r o u g h N e w O r le a n s f o r f o r e ig n p o r t s

The exports from the several seaboard ports for the week
ending June 8 are shown in the annexed statement:
Wheat,
Exports from—
bush
New York . . . . . . .1,196,840
Boston ................. 489,615
Philadelphia ....... 529,000
Baltimore______ . 238.718
New Orleans . . . 43,095
Galveston.........
Mobile.......... ...
Montreal_______ . 1,862,000
St. John_______

Com, Flour,
bush.
bbls.
16,222 61,793
1,135
13,000
1,680 15,395
96,500 10,744
16,613
14,000
3,000
74,000
4,000

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

128,402 199,680
Total week___ .4,359,268
Week 1911......... . 1,402,023 1,058,640 247,069

Oats,
bush.
85,035
3,000
3,000
200
6,000

Rye.
bush.

Peas,
bush.
99,431

135,000

__
__
__

232,835
501,574

.........
99,431
.........

........

B a r le y ,
b u sh .

300

S in c e J u ly 1 l o U n it e d K i n g d o m .

Sou. & Cent.

...... .

9 5 ,1 0 0
3 2 ,9 2 6
374

606
3 ,1 1 2

S in c e
J u li 1
1911.
b u sh .
1 3 ,0 4 1 ,7 7 1
1 6 ,5 4 6 ,2 4 9
1 ,2 3 3 ,1 4 4
1 ,8 7 3 ,8 2 0
t o ,28 3
3 4 ,7 3 4

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

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

. 1 9 9 ,6 8 0
T ota l

W eek
J u n e 8.
b u sh .

1910-ii - 1111247,669 8.733,055 1,402,623 55,881,840 1,058,640 48,215,677

The world’s shipments of wheat and corn for the week
ending June 8 1912 and since July 1 1911 and 1910 are shown
in the f o l l o w i n g : _________________________
___
C orn.

W h ea l.
R ep orts.

1 9 1 1 -1 2 .
W eek
June 8.

N orth A m er.
R u s s i a ______
D a n u b e ____
A r g e n tin a . .
A u s t r a l i a ___
In d ia
O th . c o u n tr ’s
T o t a l ____

1 9 1 0 -1 1 .

S in c e
J u l y 1.

S in c e
J u l y 1.

1 9 1 1 -1 2 .
W eek
June 8.

B u s h e ls .
B u s h e ls .
B u s h e ls .
B u s h e ls .
8 0 ,0 0 0
6 ,0 0 0 ,0 0 0 1 7 3 ,3 9 6 ,0 0 0 1 2 3 .3 1 3 .0 0 0
7 5 .3 6 8 .0 0 0 2 0 9 .7 7 6 .0 0 0
2 .9 8 4 .0 0 0
5 4 4 ,0 0 0
2 .0 6 4 .0 0 0 7 2 .7 8 7 .0 0 0 8 5 .4 5 0 .0 0 0 3 .3 4 9 .0 0 0
2 .0 8 0 .0 0 0 8 1 .6 5 0 .0 0 0 8 4 .8 0 2 .0 0 0 1 .8 8 8 .0 0 0
6 4 8 .0 0 0 5 2 .4 6 8 .0 0 0 5 4 .1 9 2 .0 0 0
2 ,6 0 0 ,0 0 0 4 4 .5 0 6 .0 0 0 4 6 .5 1 6 .0 0 0
7 ,5 6 8 ,0 0 0
1 0 .8 5 7 .0 0 0
4 2 4 .0 0 0
..............

1 9 1 0 -1 1 .

S in c e
J u ly l .
B u s h e ls .
2 9 .2 3 9 .0 0 0
3 8 .6 2 8 .0 0 0
7 9 .4 6 0 .0 0 0
2 2 .5 0 2 .0 0 0

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

S in c e
J u l y 1.
B u s h e ls .
4 3 .2 6 7 .0 0 0
2 3 .5 8 3 .0 0 0
3 8 .3 9 9 .0 0 0
8 8 .7 9 7 .0 0 0

—

16SOOOOO 5 1 1 ,0 3 2 ,0 0 0 6 1 1 ,6 1 7 ,0 0 0 8 ,8 6 1 ,0 0 0 1 6 9 ,8 8 9 ,0 0 0 1 9 4 ,0 1 6 ,0 0 0

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
C orn.

W h ea t.
U n ite d
K in rjclon i.

June 8
June 1
J u n e 10
J u n e 11

B u s h e ls .
1 9 1 2 . . 2 9 .8 0 0 .0 0 0
1 9 1 2 . . 5 1 .3 6 8 .0 0 0
1 9 1 1 . . 2 6 .9 0 4 .0 0 0
2 8 .4 0 0 .0 0 0
1910.

C o n t in e n t

T o ta l.

B u s h e ls .
2 6 ,8 0 0 ,0 0 0
2 4 .8 2 4 .0 0 0
2 9 .3 5 4 .0 0 0
1 1 .4 8 0 .0 0 0

B u s h e ls .
5 6 .6 0 0 .0 0 0
5 6 .1 9 2 .0 0 0
5 6 .2 8 8 .0 0 0
1 0 .2 4 0 .0 0 0

U n ite d
K in g d o m .

C o n t in e n t .

T o ta l.

B u s h e ls .
B u s h e ls .
B u s h e ls .
8 .9 0 8 .0 0 0 1 8 .0 0 3 .0 0 0 2 6 .9 1 1 .0 0 0
8 .6 4 5 .0 0 0 1 4 .4 1 0 .0 0 0 2 3 .0 6 1 .0 0 0
6 .2 3 9 .0 0 0 6 .5 7 1 .0 0 0 1 2 .8 1 0 .0 0 0
4 .5 9 0 .0 0 0 3 .1 9 0 .0 0 0 8 .5 0 0 .0 0 0

National Banks.— The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
A P P L IC A T IO N TO C O N V E R T A P P R O V E D .
The Fanners' & Merchants’ Bank, Incorporated, of Junction City, Ore.,
into “ The First National Bank o f Junction C ity.” Capital, 550,000.
W . C. W ashburnc, correspondent. Junction City, Ore.
V O L U N T A R Y L IQ U ID A T IO N .
8,487— The Merchants' National Bank of San Francisco, Cal., May 31 1912.
Consolidated with the Western Metropolis National Bank o f San
Francisco, N o. 9882. ;Lewls I. Cowglll and W . W . Jones, San Fran­
cisco, liquidating agents.




P er
C en t.

R a il r o a d s ( S t e a m ) .
A l a b a m a G r e a t S o u t h e r n , o r d i n a r y ..............
3
P r e f e r r e d ........... ................................. ...................
A l b a n y A- S u s q u e h a n n a .......................... ............
A s h la n d C o a l A I r o n R y . ( q u a r . ) ...................
1
A t c h . T o p e k a & S a n t a F e , p r e f. ( N o . 2 8 )
2
A t l a n t i c C o a s t X.Ine R R . , c o m m o n _______
B a ltim o r e C h e s a p e a k e A A t la n t ic , p r e f ____
B eech C r e e k , q u a r a n ie ed (q u a r A .. ....................
1
B o s t o n A A l b a n y ( q u a r . ) ........... .......................
B o s t o n A L o w e l l ................ .................................
4
B o s t o n & M a in e , c o m m o n ( q u a r . ) _______
1
B o s to n A- P r o v id e n c e , g u a r a n te ed (q u a r . ) . .
B o s to n R e v e re B e a ch A L y n n ( q u a r . ) . . .
1A
C a n a d a S o u th e r n _________________ ____________
1A
C a n a d ia n P a c ifi c , c o m . ( q u a r .) ( N o . 6 4 ) .
C a rth a g e W a te r to w n & S a ck e ts H a r b o r ..
C e n tra l R R . o f N . J . ( q u a r .) ___ _______ . . .
E x t r a ______ __________________________________
C h e s a p e a k e A O h io ( q u a r . ) ________________
1
C h ic a g o B u r li n g t o n A Q u in c y ( q u a r . ) . .
C h ic a g o A E a s t e r n 111., p r e f . ( q u a r . ) . . . .
1A
C h ic a g o I n d . A L o u is v i lle , c o m m o n _______
IX
P r e f e r r e d ........... ................................ ....................
2
C h ic a g o A N o r t h W e s t e r n , c o m . ( q u a r . ) . .
IX
P r e fe r r e d ( q u a r . ) . . ........................ ..................
C h ic a g o R o c k I s la n d A P a c ifi c ( q u a r . ) . .
C l e v . C in e . C h ic . A S t . L ., p r e f. ( q u a r . ) . .
IX
C o n n e c t in g R y . ( P h i l a d e l p h i a ) _____________
3
C u b a R R . , p r e fe r r e d ...............................................
D e la w a r e A H u d s o n C o . ( q u a r . ) __________
D ela w a re R iv e r R R . A B r id g e _______ _______
3
D e t r o i t A M a c k in a c , c o m . A p r e f ...................
E a s t M a h a n o y ........................................................
2A
F o n tla J o h n stm v n A- G lo v e r s v ., p r e f . (q u a r .)
G e o r g ia R a ilr o a d A B a n k i n g ( q u a r . ) ..............
3
G r e e n e R a i l r o a d , g u a r a n t e e d ...........................
3
H a r r is b u r g P o r ls m . M l . J . A- L a n c a s t e r - _ .
3
E x t r a ........................................................................
I lli n o is C e n tra l, lea sed li n e g u a r ____________
I n t e r b o r o u g h R a p i d T r a n s i t ( q u a r . ) ____
2
K a n a w h a A M i c h i g a n .........................................
L a c k a w a n n a R R . o f N J . ( q u a r . ) ..............
l
6
L a k e S h o re A M i c h . S o u t h e r n --------- ------------0
G u a r , s t o c k ( M i c h . S o u . A- N o r . I n d . ) - .
3
L it t l e S c h u y lk ill N a v . , R R . A C o a l .............
L o u is v ille A N a s h v i ll e ...... ............ ,.— ............
3H
So
M a h o n in g C o a l
c o m m o n .....................
P r e f e r r e d ................................................................. 8 1 .2 5
M a i n e C e n tra l ( q u a r .) - —
..........................
M a n h a t t a n R y . ( q u a r .) ( N o . 1 1 3 ) -------------M i c h ig a n C e n t r a l................— ............................
3
. i /o r r l s A E s s e x , g u a r a n t e e d . . . .....................
N . Y . C e n tr a l A H u d s o n R i v e r ( q u a r . ) .
N e w Y o r k C h ic . A- S t . L . , 1st A- 2 d p r e f , .
2
N e w Y o r k A H a r l e m , c o m . A p r e f ____
5
N . Y . L a c k A W e s t . , g u a r , ( q u a r . ) ___
N . Y . N . H. A H a r t f o r d ( q u a r . ) ...................
N o r f o l k S o u t h e r n ( q u a r . ) _______ ___________
N o r fo lk A W e s t e r n , c o m m o n ( q u a r . ) . .
P r e fe r r e d ( q u a r . ) ..............................................
1
N o r th e r n C e n t r a l........
.......................................
S2
N o r th e r n R R . o f N . //. ( q u a r . ) ........................
N o r w ic h A- W o r c e s t e r , p r e f . ( q u a r . ) .............
2
O ld C o lo n y , g u a r a n te ed ( q u a r . ) ........ ...............
P h ila d e lp h ia B a ltim o r e A W a s h i n g t o n ____
SI
P itts . F t.
. A C h i c ., re g . g u a r , (q u a r . ) . .
S p e c ia l g u a r a n te ed ( q u a r . ) ............................
P itts b u r g h A L a k e E r i e ................... ................ $ 2 .5 0
R e n s s e la e r A S a r a to g a ..........................................
4
S t . L o u is A S a n F r a n c i s c o —
5
C h i c . A E . III. c o m . s t k . t r u s t c e r t f s .
P r e fe r r e d s t o c k t r u s t c e r t f s . ( q u a r .)
K . C . F t . S . A M . p r e f .s t k t r . c t f s . ( q u a r .)
S t . L o u t s S o u th ic es ler n , p r e f . ( X o . 7 ) ____
S o u t h e r n P a c ifi c ( q u a r .) ( N o . 2 3 ) ................
S o u th ic es ler n o f G e o r g i a ______________________
U n io n P a c ifi c , c o m m o n ( q u a r . ) .....................
V a ll e y R R . ( N . Y . ) , g u a r a n t e e d . ................
S tre e t a n d E l e c t r i c R a i l w a y s .
A m e r le a n C itie s C o ., p r e f . ( X o . 2 ) ____
3
A m e r ic a n R a il w a y s ( q u a r . ) .............................
75c.
A r k a n s a s V a l. R y . , L . A I ’ ., p r e f . ( q u . ) .
A s h e v i l l e ( N .C .) P o w .& L t . .p f d . ( q u . ) ( X o . \ )
A u r o r a E lg in A C h ica g o R R . , c o m . (q u a r .)
P r e f e r r e d ( q u a r .) .................................................
i
B r o o k l y n R a p i d T r a n s i t ( q u a r . ) ...................
C a p it o l T r a c ., W a s h in g t o n . I ) . C . (q u a r .)
C a r o lin a P o w . A- L t ., p r e f . (q u .) ( N o . 13)
C e d a r R a p t d s -I o w a C i t y R y . & L . ,c o m .( q u . )
P r e f e r r e d ( q u a r .) .................................................
C h i c a g o C i t y R a il w a y ( q u a r , ) . . ...................
C in c in n a ti S treet R y . ( q u a r . ) ________________
1
C le v e la n d l t y . ( q u a r . ) _______ _______________
C o m m o n w e a lt h P o w . , R y . A L t . , p f . ( q u . )
C o n s o lid a ted T r a c tio n o f X . J . .....................
S3
C o n t in e n t a l P a s s , l t y . , P h l l a . . ................ ..
D u l u t h - S u p e r io r T r a c t i o n , c o m . ( q u a r , ) .
P r e fe r r e d ( q u a r . ) ...............................................
l
F r a n k f o r d A S ’w a r k P a s s . , P h lla . ( q u . ) . . S I . 5 0
a l l f a x E l e c . T r a m ., L id . (q u a r .) ( X o . 6 2 )
2
l
I n d i a n a p o l is S t r e e t R y ............. ...................... ..
L a k e S h o r e F .lc c . R y . , 1st p r e f. ( q u a r . ) . .
L o u is v ille T r a c t i o n , c o m . ( q u a r . ) ................
1
M a n ila E l e c . R R . A L t g . C o r p . ( q u a r . ) . .
l
M a s s a c h u s e t t s E l e c t r i c C o s ., p r e f e r r e d . . .
$2
M e m p h is S tre et R y . , c o m m o n - . .....................
1
P r e f e r r e d ................................................................
ix
M o h a w k V a ll e y C o . ( q u a r . ) ________________
l
N e w O r le a n s R y . A L ig h t , c o m m o n ____
P r e fe r r e d ( q u a r . ) . . . ........... ...........................
N e w Y o r k S t a t e R y s , c o m . ( q u a r . ) ____
P r e fe r r e d ( q u a r . ) ...............................................
N o r th e r n O h io T r a c . A L ig h t, p r e f . (q u a r .)
l
N o r . O h io T r . A L ig h t , c o m . ( q u a r . ) ___
P o r t o R ic o R y s ., L t d ., c o m . ( q u a r . ) ..............
P r e f e r r e d ( q u a r . ) .................................................
P u b l ic S e r v ic e C o r p . o f N . J . ( q u a r . ) ______
l
S t .J o s e p h R y .,L .,I I .A P .,p f.(q u .) (N o .39)
S a o P a u lo T r ., L . A P ., L t d .( q u .) ( N o . 41)
S y r a c u s e R a p id T r a n s it, c o m . ( q u a r . ) . .
P r e fe r r e d ( q u a r . ) . . .........................................
T o r o n t o R a i l w a y ( q u a r . ) . . .............................
2
T w in C ity R a p id T r a n s it, c o m . ( q u a r . ) . .
P r e fe r r e d ( q u a r . ) ...............................................
U n io n P a s s e n g e r R y . , P h ila d e l p h ia _______ S 4 .7 5
U n io n R y . , G a s A E l e c . , p r e f. ( q u a r . ) . .
1

2A

4A
A
3A
2A
2A

2A

2A
2A
2
2
'A
2

2
(A
2

2X
2A
lA

A
A
A
2A
2

Hit.,

lA
IX
3A
IX
A

The destination of these exports for the week and since
July 1 1911 is as below:
S in c e
S in c e
W eek
J u ly 1
W eek
J u ly l
J u n es.
1911.
J u n e 8.
1911.
b u sh .
b u sh .
b bls.
b b ls.
. 8 5 ,8 8 5 4 ,4 9 3 ,3 1 3 2 ,0 2 8 ,1 0 2 5 4 ,5 6 5 ,1 3 6
. 2 8 ,9 9 1 1 ,7 4 1 ,7 5 7 2 ,2 8 2 .0 7 1 3 8 ,9 8 8 ,1 4 3
4 9 ,0 9 5
S 7 7 .3 7 7
. 1 6 ,0 0 1 1 ,0 9 2 ,1 8 8
..
.
1 9 ,0 9 4
1 ,2 3 7 ,1 3 7
4 5 ,6 0 0
1 ,1 4 0
_______
2 3 ,0 0 0
3 2 5 ,2 0 4
. 2 9 ,0 1 9

N a m e o/ C o m p a n y .

IX
2
A
1A

W

lA
IX
IX
IX

lA
1
2A
lA
2A
2A
2A

IX
IX
A
IX
lA
IX
A
IX
2A
A
lA
lA
2
IX

II

A
3
lA
A

A
1
IX
lA
IX
A
1
1
IX
A
IX
2A

1

\A
1A
IX
A

W h en
P a y a b le .

B o o k s C lo sed .
D a y s I n c lu s iv e .

June
A ug.
J u ly
June
A ug.
J u ly
J u ly
J u ly
June
J u ly
J u ly
J u ly
J u ly
A ug.
June
June
A ug.
June
June
June
J u ly
June
June
J u ly
J u ly
June
J u ly
June
A ug.
June
June
J u ly
June
June
J u ly
June
J u ly
J u ly
J u ly
J u ly
June
J u ly
J u ly
A ug.
J u ly
A ug.
A ug.
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
A ug.
J u ly
J u ly
June
J u ly
June
Aug.
J u ly
J u ly
J u ly
J u ly
June
J u ly
J u ly
A ug.
J u ly

27 H o l d e r s o f r o e .
2S H o ld e r s o f r c c .
1 J u n e 16
to
2 0 H o ld e r s o f r e c .
1 H o ld e r s o f r e c .
to
10 J u n e 2 0
1 H o ld e r s o f r e c .
1 H o ld e r s o f r e c .
29 H o l d e r s o f r e c .
2 M ay 20
to
1 H o ld e r s o f r e c .
1 H o ld e r s o f r c c .
1 H o ld e r s o f r c c .
1 H o ld e r s o f r e c .
29 H o ld e r s o f r e c .
29 H o l d e r s o f r e c .
1 H o ld e r s o f r e c .
26 H o ld e r s o f r c c .
21) H o ld e r s o f r e c .
2 5 H o ld e r s o f r c c .
1 H o ld e r s o f r c c .
28 H o l d e r s o f r c c .
28 H o ld e r s o f r e c .
1 H o ld e r s o f r e c .
1 H o ld e r s o f r c c .
2 9 H o ld e r s o f r e c .
20 H o ld e r s o f r c c .
29 H o ld e r s o f r e c .
1 H o ld e r s o f r e c .
20 H o ld e r s o f r e c .
21 H o ld e r s o f r c c .
to
1 J u n e 16
15 H o ld e r s o f r c c .
15 H o ld e r s o f r e c .
2
to
15 J u ly
19 H o ld e r s o f r c c .
10 H o ld e r s o f r c c .
10 H o ld e r s o f r e c .
1 J u n e 16
to
1 H o ld e r s o f r e c .
29 H o ld e r s o f r c c .
1 H o ld e r s o f r e c .
29 H o ld e r s o f r c c .
1 H o ld e r s o f r e c .
15 J u n e 11
to
to
10 J u ly 2 0
1 H o ld e r s o f r e c .
1 H o ld e r s o f r e c .
1 H o ld e r s o f r c c .
1 H o ld e r s o f r c c .
29 H o ld e r s o f r e c .
1 H o ld e r s o f r e c .
15 H o ld e r s o f r c c .
31 H o ld e r s o f r e c .
1 H o ld e r s o f r e c .
1 H o ld e r s o f r e c .
29 H o ld e r s c f r c c .
1 H o ld e r s o f r e c .
19 H o ld e r s o f r e c .
19 H o ld e r s o f r e c .
15 H o l d e r s o f r o e .
1 H o ld e r s o f r c c .
1 J u n e 10
to
l H o ld e r s o f r e c .
29 H o ld e r s o f r e c .
June
9
to
to
1 J u n e 16
1 H o ld e r s o f r e c .
to
1 J u n e 12

J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly

1
1
1
15
1
5
1
1

J u n e 16
J u n o 16
J u n e 16
H o ld e r s
H o ld e r s
J u n e 16
H o ld e r s
H o ld e r s

to
to
to
rec.
rcc.
to
rec.
rcc.

J u ly
1
J u ly
1
J u ly
1
June29a
J u n e la
J u ly
5
J u n e la
J u n c2 2a

J u ly
June
June
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
June
June
June
J u ly
J u ly
A ug.
J u ly
Juno
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
June
June
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly
June
J u ly
J u ly
June
J u ly
J u ly
June
J u ly
J u ly
J u ly
J u ly
J u ly
J u ly

1
15
15
1
10
10
1
l
1
80
30
28
1
1
1
15
30
1
1
1
1
1
1
1
1
1
1
29
29
1
1
1
1
1
1
15
2
2
29
1

J u n e 23
to
H o ld e r s o f r e c .
H o ld e r s o f r c c .
J u n e 23
to
H o ld e r s o f r c c .
H o ld e r s o f r e c .
H o ld e r s o f r e c .
J u n e 15
to
J u n e 23
to
H o ld e r s o f r c e .
H o ld e r s o f r c e .
J u n e 19
to
J u n e 16
to
H o ld e r s o f r e e .
(/J u ly 2 0
to
June 30
to
H o ld e r s o f r e c .
H o ld e r s o f r e c .
H o ld e r s o f r e c .
H o ld e r s o f r e c .
Juno 20
to

June 30
M ay31a
M ay31a
J u n e 30
J u n c2 3a
June23a
J u n e lO a
Jup.e 3 0
J u n e 30
June26a
June20a
J u n e 23
June 30
J u n cl5 a
Aug. 6
J u ly 15
M ny31a
J u n e l5 a
J u n e l5 a
J u n e l5 u
J u ly
1

June 22
H o ld e r s
J u n e 11
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
J u n e 15
J u n e 15
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s
H o ld e r s

J u ly
1
June20a
J u n e 14
J u n e lS a
J u n e 5a
J u n e 20
J u n e 20
Ju ne24a
J u n e 30
J u n e 30
J u n e l7 a
J u n e l7 a
J u n e l5 a
M ay31a
J u n e 20
J u n e 20
June28a
J u n e l5 a
J u n e 10
Ju ne22a
Ju ne24a
J u n e lS a
J u n e lO a
J u n e lO a
J u n e 10
J u n e l7 a

2

2

29
1
2
1
1
1
1

of
of
of
of

to
o f rcc.
to
o f rcc
o f rcc.
o f rec.
o f rec.
o f rec.
to
to
o f rec.
o f rcc.
o f rcc.
o f rec
o f rcc.
o f rcc.
o f ree.
o f rcc.
o f rcc
o f rcc.
o f rcc.
o f rcc.
o f rec.
o f rec.
o f ree.
o f rcc.

June la
J u ly 2 0 a
J u n e 30
June20a
June28a
J u l y 10
June20«
June22a
M ny31a
June
1
J u n e la
June20a
J u n cl5 a
June28a
June la
Ju ne22a
J u ly P J a
J u n e lO a
J u n e 7a
J u n e lO a
J u n e lS a
J u n e l4 a
J u n e l4 a
J u n e 3a
June 3a
J u n e l4 a
June28a
June20a
J u ly la
M ay28a
J u n e lO a
J u ly
2
J u n e 5a
J u n e lO a
J u ly 14
J u n e l4 a
June20a
June20a
J u ly
4
June22a
J u n e 20
J u n e lO a
Ju ne28a
June28a
J u ly 14
A u g 11
J u ly l5 a
June20a
J u n e l5 a
J u n e lS a
June28«
J u n e 7a
J u n e lS a
A u g . la
J u n cl5 a
J u n c l5 a
J u n e 8a
J u n e 15a
M ay31a
J u ly 3 1 a
June29a
J u n e lO a
June 30
J u n e l5 a
J u n e l2 a
J u ly
2
J u ly
1
J u l y 22a
J u n e 30

J une 15 19J2.]
Name of Company.

THE CHRONICLE
Per
Cent.

When
Payable.

Street and Electric Railways (Concluded).
Union Traction, Philadelphia_________ <51.50 July
Union Utilities, W. Va., common (quar.).
H July
United Electric Co. of N . J .........................
2 A July
United Trac. A Klee., Providence (quar.)
l X July
Utica A Mohawk Val. Ity., com. (quar.)
1
June
Preferred (quar ) ...................................
VA Juno
Virginia Ity. A Power, preferred..............
2 14 July
July
2
Washington Water Power, Spokane (quar.)
S2 July
West End St. Ity., Boston, pref. (quar )
West Inlia Elec. Co.. Ltd. (qu.) (No. 18)..
VA July
West Penn Trac. ifc Water Pow., pf. (qu.) .
V i June
S5 July
West Philadelphia Passenger Ity ...............
Banks.
Chatham & Phenlx National (quar.)____
l A July
Coal & Iron National (quar.)....................
1A July
2
Homestead, Brooklyn.......... . ........... .........
Merchants’ National (No. 218)...........—
35$ July
July
2
Metropolitan (quar.)---------------------------July
3
Mount Morris (quar.) (No. 50)--------------4
July
Mutual________________ _____ - ...............
4
June
Union Exchange National . . .............. —
Trust Companies.
8
June
Guaranty (quar.)____________ _________
2
Extra . . .................................................
June
Lawyers' Title Ins. & Tr. (qu.) (No. 55)-July
3
Mechanics of N . J . (quar.) (No. 52)____
5
July
Mutual Alliance (quar.)............................
VA July
United States.......... ..................................... 25
July
Miscellaneous.
Aeolian, Weber Piano & Pianola, pf. (qu.)
l H June
Amer. Agrlcul. Chem., com. (qu.) (No.’A)
1
July
Preferred (quar.) (No. 28) _ _ ..............
VA July
American Bank Note, pref. (quar.)___
VA July
Amer. Beet Sugar, pref. (quar ) (No. 52)
VA July
Am. Brake Shoe & Fdy., com. <fe pf. (qu.)
l?. June
American Can, pref. (quar.)...... ......... ..
July
Vi
Amer. Car A Fdy., cam. (quar.) (No. 30)
Vi July
Preferred (quar.) (No. 53)____
VA July
American Cigar, preferred............ ..
July
3
American Express (q u a r.)..........
S3 July
Amer. Oas A Elec., com. (quar.)..
VA July
Preferred (quar.)..........................
1A Aug.
VA July
Amer. Locomotive, pref. (quar.)............
VA July
American Mfg. (quar.) (No 61)_______
VA July
Amer. Pipe A Construction (quar.)........
2
July
American Radiator, common (quar.)___
2
Juno
Amer.Smelt.&Refg.,com. (quar.)(No .35)
I
June
Am. Smelt. Secur., pref. A (qu.) (No. 30)
VA July
Pref. B (quar ) (No. 29)..................
V i July
American Snuff, com. (quar.)...... .........
2 A July
Preferred (quar.).................................
VA July
Amer. Sugar Refln., com. A pfd. (quar.)
l ’A July
American Surety (quar.) (No. 92)---------3
June
American Tobacco, pref. (quar.)---------VA July
Amer. Type Pounders, common (quar.)..
1
July
Preferred (quar.)........ .............................
VA July
Am. Water-Works & Guarantee,pf.(.Vo. 1)
VA July
Amer. Woolen, pref. (quar.) (No. 53)----VA July
Baldwin Locomotive Works, common
1
July
Preferred........ ...............................
3 A July
Dordcn'sCond.MIlk, pref. (quar.)(No.42)
l A June
Brltlsh-Amerlcan Tobacco, ordinary___
10 June
Brooklyn Union Gas (quar.) (No. 45)___
l A July
Extra .....................................................
1
July
Buckeye Pipe Lino..................................... $5
June
Buffalo General Electric (quar.) (No. 71)
VA June
Butte Electric A Power, common (quar.)..
v a July
Calumet & Ilecla Mining (quar.)________ Sio
June
Canadian General Elec., Ltd., com. (qu.)
v a July
Canadian Westlnghouse, Ltd. (qu.) (No.'.tO)
VA July
Canton Company. ------- ---------------- --------S2 July
Case (J. I.) Thresh. Mach., pref. (quar.).
VA July
Celluloid Company (q u a r .)............. .......
1A July
Central Coal A Coke, common (quar.)___
l A July
Preferred (quar.)............ .........................
V i July
Central Leather, pref. (quar.)..................
VA July
Chcsebrough Manufacturing (quar.)_____
6
Juno
4
Extra................................... ...................
June
Chic. June. Rys.& U.Stk.Yds.,com.(qu.)
2
July
Preferred (quar.)................ ...................
1A July
2
June
Chicago Telephone (quar.)........................
Cincinnati Gas A Electric (quar.)............
V i July
Columbus (O.) Gas A Fuel, pref. (quar.)
VA July
Columbus LI., lit. A Pow., com. (quar.)..
VA July
Preferred (quar.).....................................
VA July
Consolidated Car Heating______________ k2A July
July
2
E xtra______________________________
Consolidated Gas (quar.)..........................
1H June
Consumers’ Power, Mich., prof. (quar.)..
VA July
Crescent Pipe Lino (quar.)........................ SI.50 June
Crex Carpet.................................................
Juno
3
Crucible Steel, pref. (quar.) (No. 35)........
VA June
Cuban-Amcrlcan Sugar, pref. (quar.)___
V i July
Detroit Edison (quar.).......... ....................
VA July
Diamond Match (quar.)_____ ______ ___
V i June
du Pont(E.I.)dc Nemours Pow., com.(qu.)
2
June
Common (extra)......................................
1
June
Preferred (quar.)-----------------------------V i July
du Pont Internal. Powder, pref. (quar.)..
VA July
Preferred (extra)........ ......... ......... ......... e lA July
Eastern Light A Fuel (quar.) _....................
2
July
Eastman Kodak, common (quar.)..........
2 A July
Preferred ( q u a r ),............................. .
VA July
Elce. Lt. & P. Of Ablngton, Ac. (No. 38).
SI July
Equitable III. Gas L., Philadelphia, pref.
3
June
Federal Mining & Smelting, pref. (quar.)
V i June
Galena-Signal Oil, com. (quar.)..............
4
June
Preferred (quar.)-----------------------------2
June
General Chemical, pref. (quar.)..............
V i July
Gen. Chemical of Cal., 1st pref. (quar )_
VA July
General Electric (quar.)............................
2
July
Goldfield Consolidated Mines (quar.)___ 30c. July
Great Lakes Towing, preferred (quar.)..
151 July
Guggenheim Exploration (quar.) (No. 38)
2 A July
Hart, Schaffner A Marx, pref. (quar.)___
VA Juno
llelmc (Geo. W.) Co., common (No. 1 )..
2 A July
Preferred (quar.)-----------------------------V i July
Homestake Mining (mthly.) (No. 451)----- 50c. June
Ingersoll-Rand, preferred............ ..............
3
July
Intercontinental Rubber, pref. (quar.)..
154 Juno
Internat. Harvester, com. (qu.) (No. 10)
V i July
International Silver (quar.)......................
V i July
E xtra ......................................................
e'A July
Internat. Smokeless Pow.ACh.,com.(qu.)
54 July
1
Common (extra)....................- ...............
July
La Belle Iron Works (quar.)....................
2 A June
Laclede Gas Light, com. (quar.)..............
154 June
Preferred .................................... .........
2 A Juno
Lanston Monotype Machine (quar.)----V i June
Lawyers' Mortgage (quar.) (No. 43)----3
July
Lehigh A Wilkes-Barre Coal------------------ $3.25 June
Liggett A Myers ToDacco, pref. (quar.)..
154 July
Lorlllard (P.) Co., common (No. 1)----2 A July
154 July
Preferred (quar.)....................................
Mackay Companies, com. (qu.) (No. 28)
154 July
1
July
Preferred (quar.) (No. 34)................ ..
May Department Stores, pref. (quar ) ----154 July
Mcrgcnthalor Linotype (quar.)................
2A Juno
Extra ____ ________________________
A June
Michigan Light, pref. (quar.)...... ...........
1A July




Books Closed.
Days Inclusive.

1 Holders of rec.
1 June 21 to
1 Holders of rec.
1 June 12 to
20 Holders of rec.
29 Holders of rec.
10 Holders of rec.
1 Holders of rec.
1 June 23 to
2 June 25 to
15 June 12 to
1 Holders of rec.

1607
Per
Cent.

Name of Company.

June Sa
June 30
June29a
June 16
June22a
June22a
Junc22a
Junel5a
Jutv 1
July 2
June 16
JunclSa

July 1
1 June 23 to
1 Holders of rec June 12
1 Holders of rec
1 Juno 16 to
1 June 21 to
1 Holders of roe,
29 June 20 to

June
June
June
June
June

25
30
30
22
30

29 Holders of rec.
29 Holders of rec.
l June 16 to
1 June 29 to
1 June 25 to
1 Holders of rec.

June29a
June29a
July 1
July 1
June 30
JunclOa

29 Holders of rec. Junc24fi
15 Holders of rec. Juno 24
15 Holders of rec. June 24
1 June 16 to July l
1 Holders of rec. Junc21a
29 Holders of rec. June20a
1 Holders of rec. JunelSa
1 Holders of rec. Junella
1 Holders of rec. Junella
1 Holders of rec. Junel5a
1 Holders of rec. May.'Jla
1 Juno 21 to July 1
Aug. 1
1 July 18 to
1 Holders of rec. Junc20a
22 July 6 to July 22
1 Holders of rec. June 15
1 Holders of rec. JunelSa
29 Juno 22 to June 29
15 June 1 to June 9
1 June 20 to June 28
1 June 20 to June 28
1 Holders of rec. JunelSa
1 Holders of rec. June15a
2 Holders of rec. Juno la
29 June 16 to June 30
1 Holders of rec. Junel4a
15 Holders of rec. JulylOa
15 Holders of rec. JulylOa
1 June 15 to June 20
16 June 22 to July 7
i Holders of rec. JunelSa
i Holders of rec. JunelSa
15 June 0 to June 16
29 Holders of rec. June 13
1 June 16 to June 30
1 Juno 16 to June 30
15 Holders of rec. May 15a
30 Holders of rec. June 20
1 Holders of rec. June20a
20 Holders of rec. May 18
1 June 15 to June 30
July 9
10 June 30 to
1
1 Holders of rec. June 18
1 Holders of rec. Junel4a
2 to July 15
15 July
2 to July 15
15 July
1 Holders of rec. JunclOa
24 May 28 to Juno 24
24 May 28 to June 24
1 Holders of rec. Juncl2a
1 Holders of rec. Junel2a
29 Holders of rec. Junc20a
2 Juno 15 to June 21
1 Holders of rec. JunclSa
1 Holders of rec. JunelSa
1 Holders of rec. Juncl5a
15
15
15 Holders of rec. May 15a
1 Holders of rec. Juncl7a
15 May 21 to June 15
15 Holders of rec. May31a
29 Holders of rec. JunelOa
I Holders of rec. JunelSa
15 Holders of rec. Junc‘29a
15 Holders of rec. May31a
6 to June 15
15 June
0 to June 15
15 June
_6 to July 26
25 ___
1 Holders of rec. June20a
1 Holders of rec. Junc20a
1 Holders of rec. June 20
1 Holders of rec. May31a
1 Holders of rec. May31a
1 Holders of rec. June22a
15 Holders of rec. June 8
15 Holders of rco. May 24a
1 to June 20
29 June
1 to June 20
29 June
1 Holders of rec. JunclOa
1 Holders of rec. June21a
15 Holders of rec. June la
31 Holders of rec. Junc29a
1 Holders of rec. Junel5a
1 June 15 to June 18
29 Holders of rec. June20a
1 Holders of rec. JunelSa
1 Holders of rec. JunelSa
25 June 21 to
1 Holders of rec. JunclSa
29 June 20 to June 30
15 Holders of rec. Junc25a
1 June 18 to July 1
1 June 18 to July 1
1 Holders of rec. Junc20a
1 Holders of rec. Junc20a
29 Juno 21 to June 30
15 June 2 to Juno 16
15 Juno 2 to Juno 16
29 Holders of rec. June 22
1 Holders of rec. June 20
14 Holders of rec. Junel2a
1 Holders of rec. Juncl5a
1 Holders of rec. Junel5a
1 Holders of rec. JunelSa
1 Holders of rec. Juno 8a
1 Holders of rec. June 8a
1 Holders of rec. JunclSa
29 Holders of rec. Juno 8a
29 Holders of rec. June 8a
1 Holders of rec. Juncl7a

Miscellaneous (Concluded).
Mortgage-Bond (quar.).............................
Muskogee Gas A EL, pref. (quar.)..........
National Biscuit, com. (quar.) (No. 56).
Nat. Enamel. & Stamping, pref. (quar.)
National Gas, Et.L. it Pow., pref. (quar.)
National Lead, common (quar.) (No. 34)
Preferred (auar.)........ ..................... .....
National Licorice, pref. (quar.) (No. 4 0)..
National Sugar Refg., pref. (quar.)_____
National Surety (quar.)______________ _
National Transit_______________________
Nevada Consolidated Copper (quar.)___
New England Telp. <t Te'.g. (guar.)_____
Now York Transit________ _
Niagara Falls Power (q u a r.)__________
NUes-Bement-Pond, corn. (q u a r.)... .
Nipc Bay Co., pref. (quar.) _......................
Nlplsslng Mines Co. (quar.)
Extra ......................
North American Company fouar.)
Northern Pipe Line__
Ohio Oil.....................................
Old Dominion S S _.................
Pabst Brewing, pref. (quar.)........
Phelps, Dodge & Co., Inc. (quar. ) ._ . .
E xtra.....................................................
Philadelphia Electric (quar.)....................
Pittsburgh Plate Glass, common (quar.). .
Pitts. Tcrm.,W’house & Trans, (mthly.)
Prairie OH & Gas.......................................
Producers' Oil (quar.) ...............
Public Securities, preferred........................
Quaker Oats, com. (quar.)......................
Preferred (quar.)....................... .........
Quincy Mining (quar.)................................
Railway Steel-Spring, pref. (quar.)..........
Realty Associates (No. 19)........................
Reynolds (R. J.) Tobacco..................
E xtra_____ ______ ___________ __ _
Royal Baking Powder, common (quar.).. .
Rubber Goods Mfg., com. (quar.)..........
Preferred (quar.) (No. 53)..................
Safety Car Heating A Ltg. (quar.)_____
St. Joseph Stock Yards (quar.)..................
Sears, Roebuck A Co., pref. (quar.)___
Securities Company___ _______ ________
Sloss-Shefflcld Steel «fc Iron, pref. (qu.)..
South Penn Oil_______________ ________
South Porto Rico Sugar, com. (quar.)..
Preferred (quar.)_____ .
South West Pennsylvania Pipe Lines. . .
Standard Coupler, common
Preferred__________
Standard Gas A Electric, pref. (auar.)
Standard Gas Light, common.
Preferred_____ ___
Standard Oil of Nebraska__
Standard Oil of New Jersey (quar.)
Standard Oil of New York_____
Standard Screw, common____ _____
Preferred.........................................
Subway Realty (quar.)________________
Sulzberger A Sons Co., pref. (quar.)_____
Swift A Co. (quar.) (No. 103)..................
Texas Company (quar.). . ____________
Underwood Typewriter, common (quar.)
Preferred (quar.)............ .......................
Union Bag A Paper, pref. (qu.) (No. 53)
Uidon Carbide (quar.)_________________
Union Switch A Signal, com. A pref.(au.)
United Fruit (quar.) (No. 52)___
United Gas Improvement (quar.)
United Shoe Machinery, common (quar.)
Preferred (quar.)____ ____
U. S. Cast Iron Pipe & Fdy., pref. (qu.)..
U. S. Steel Corp., com. (quar.) (No. 34).
United Utilities, prej. (quar.) (No. 6 ).._
Utah Copper (quar.) (No. 16)........ .........
Va.-CarolinaChem., pref. (qu.) (No. 6 7)..
Western Electric (quar.)________________
Western Union Telegraph (quar.) (No. 173)
Westlnghouse Air Brake (pay. in stock).
Westlnghouse Air Brake (quar.)..............
Extra ............ ....... ........... ............ .......
Special _____ , _____ _______________
Weyman-Bruton Co., com. (No. 1) . . .
Preferred (q u a r.).................................
Woman’s Hotel (No. 10)............. ..........
W oolworth (F . IF.) Co., pref. (quar.)........
Yukon Gold Co. (quar.) (No. 12) ____
Railroads (Sfeani) Continued.

When
Payable.

1A June
VA June
VA July
hVA July
1A July
H June
VA June
1A June
l A July
July
3
75c. June
375$e. June
VA June
July
10
2
July
V i June
July
1
5
July
2J4 July
1)4 July
July
5
SI.25 June
July
3
VA June
2 A June
2
June
22 A c. June
1)4 July
1851c. June
6
June
VA June
:iA July
2 A Inly
VA [Aug.
S1.25 June
1*4 June
3
July
July
3
2
July
3
June
I^
1 ‘ June
154 June
July
2
VA June
V i July
2 A July
154 July
June
10
July
1
2
July
$5 July
2
June
4
June
o
June
l A June
June
3
10
June
35 Juno
6
Juno
1
July
July
3
154 July
154 July
154 July
154 June
1
July
154 July
l
July
2
July
July
3
July
2
2
July
2
July
V i July
July
n
154 Juno
154 July
75c. June
2
Julv
2
Juno
54 July
(33 1-3 July
254 July
154 July
1
July
254 July
154 July
254 June
154 July
754c. June

Books Closed.
Days Inclusive.

30 Holders of rcc. June 20
15 Holders of rec. May31a
15 Holders of rec. June28a
1 June 11 to July 4
1 June 2G to June 30
29 June 8 to June 12
15 May 25 to May 28
29 June 25 to June 30
2 Holders of rec. June 17
1 June 21 to June 30
15 June 1 to June 14
2<S June 8 to June 11
29 Holders of rcc. JunelSa
15 Holders ol rec. June 15
15 Holders of rec. July la
20 June 13 to June 20
15 Holders ol rec. June 25
20 June 30 to July 17
20 June 30 to July 17
1 Holders of rec. JunclSa
1 Holders of rec. JunelSa
20 May 26 to June 10
1 June 21 to June 30
15 June 1 to June 15
28 Holders of rcc. Juncl7a
28 Holders of rec. Junel7a
15 May 24 to June 0
1 June 16 to July 1
15 Holders of rec. June 8
29 Holders of rec. May31a
29 Holders of rec. Junel4a
1 Holders of rec, Juno 25
15
31 Holders of rec. Aug. la24 May 28 to June E*
20 June 8 to June 20
15 Holders ol rec. July 515 Holders of rec. June 2955 Udders Ql rcc, -June 29
29 Holders of rec. JuneUfd
15 Holders of rec. JunelCa
15 Holders of rcc. JunelOa
1 Holders of ree. Juncl4a
30 Holders of rec. Junc2*a
1 Holders of rec. Junel5a
15 June 30 to July 15
1 Holders of rcc. Juncl8a
15 May 31 to
June 16
1 Holders ol rec. JunclSa
1 Holders ol rcc. Junel5a
1 Holders ol rec. June 15
29 June 20 to June 30
29 June 20 to June 30
15 Holders ol rec May31a
29 June 21 to June 30
29 June 21 to June 30
20 May 21 to June 20
15 Holders of rec. May20a
15 Holders of rec. May31a
1 Holders of rec. Junel5a
1 Holders of rec. Junel5a
1 Holders of rcc. Junc22a
1 June 16 to June 30
1 Holders of rec. June 8
29 Holders of rec. JuneHa
1 Holders of rec. June20a
1 Holders of rec. June20a
15 Holders of rec. June29a
1 June 19 to June 30
10 Holders of rec. June 29
15 Holders of rec. June 25
15 Holders of rec. June 29
5 Holders of rec. June 17
5 Holders of rcc. June 17
15 Holders of rec. July 5
29 June 2 to June 9
1 June 23 to July 1
29 June 8 to June 11
15 June 16 to July 17
29 Holders of rcc. June 22
15 Holders of rec. June20a
10 Juno 29 to July 10
10 June 2Qd to July 10
10 June 29d to July 10
10 June 29d to July 10
1 Holders of rec. Juncl5a
1 Holders of rec. JunelSa
16 Holders of rec. June la
1 Holders of rec. Junel5a
29 June 15 to June 30

a Transfer books not closed for this dividend, b Less Income tax. d Correction
A Dividends, I H % each, declared pay­
able Sept. 30 and Dec. 31 1912. 1 Payable In stock,
k Declared 5% , payable
2 A % July 15 1912 and 2 A % Jan. 15 1913. / Declared 4% payable In quarterly
Installments, beginning July 15.
e On account of accumulated dividends.

Canadian Bank Clearings.— The clearings for the week end­
ing June 8 at Canadian cities, in comparison with the same
week of 1911, shows an increase in the aggregate of 24.2% .
Week ending June 8.

Clearings ad—
1912.
Canada—
Montreal ________
Toronto..................
Winnipeg..............
Vancouver............
Ottawa..................
Quebec..................
Halifax........ .........
Calgary ................
Hamilton........ .
St. John........ .......
Victoria..................
London ................
Edm onton............
R egina..................
Brandon ................
Lethbridge_______
Saskatoon..............
Brantford ............
Moose Jaw............
Fort William........
Total Canada—

S
56,220,689
48,036,484
29,573.OSS
12,499,137
4,788.543
3,311.934
2,159,791
5,731,701
3,181,311
1,536,698
3,167,361
1,771,333
4,628,687
2,420,S98
694,912
609,953
2,247,084
571,923
1,175,286
1,266,522

1911.

Inc. or
Dec.

$
48,771,470
42.650,029
20,629.579
11.270,640
3,978,599
3,004,934
1,774,602
3,919,036
2,786,912
1,442,353
2,543,775
1,434,999
2.135.758
1,379,069
654,011
597,745
1,052,405
497,106
797,901
Not Include

%
+ 15.3
+ 12 6
+ 43.4
+ 11.3
+20.4
+ 10.2
+ 21.7
+ 46.2
+ 14.2
+ 6.5
+24.5
+ 23.5
+ 116.7
+ 75.5
+ 6.2
+ 2.4
+ 113.6
+ 15.1
+ 47.3
d In tot

184,326,813 148,376,366

1010.

1909.

S
S
48,376,817 39,988,859
31,746,884 29,075,394
10,173,395 11,475,044
8,275,035
5,247,393
3,611,827
3,461,677
2,984,124
2,697.543
2,076,211
1,931,624
3,154,057
1,886,179
1,793,267
1,635,425
1,723,637
1,477,396
1,831,531
1,346,483
1,537,630
1,266,192
1,228,754
1,086,334
1,073,357
497,063

al.

+ 24.2 126,083,589 102,575,549

DETAILED RETURNS OF TRUST COMPANIES.

Auction Sales.— Among other securities, the following, no *
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.
Percent. Shares
■ 20 Dreamland stock.............. $1 lot.
1,000 The Cuban& Pan-Amer.
82,000 Dreamland Mtge. & Inc.
Exp. Co., pref--------- $113,000
2,450 The Cuban* Pan-Amer.
Bonds, 1014........ ........... 80
Exp. Co., Com------05 Peoples Surety Co.......... ..... 10
40 Remsen Realty Co. prcf_$l lot.
Bonds.
Per cent.
100 Nevada-UtahM. &S Corp.,
S10 each........ ................ $1 lot. $100,000 Mex. Nat. Packing Co.,
Ltd., Temp. 6s, 1931..$1,000
50 Empire China Works........$399
10 Hudson Trust Co................ 140%
2 Crematory Co. of N. Y -$1 lot.
5 U .S . Electric Co.......... .
6
150 Home Bank of Bklyn----- $21 lot.
7,500 Nalca Mg. Co., SI each..$14 lot.
190 Remsen Bond & Mtge. C o.$22 lot.
100 Indian Harbor Yacht Club
400 Remsen Realty C o ............$3 lot.
2d 5s, 1923...................... $51
55 Itallan-Amer. Tr. C o.$10 per sh.
349 Harway Impt. C o ...$1,000 lot.
50 Builders’ Mtge. Co_______ $1 lot.

By Messrs. R . L . Day & Co., Boston:
%persh.
Shares.
$ per sh. Shares.
10 Middlesex Co., common............ 70
1 State National Bank_________ 174
20 NeponsetNat.Bk.,Canton,Mass. 85%
2 American Glue Co., pref______ 147Ji
3
ElrstNat.Bk.,Newburyp’ t,Mass.100 5 Plymouth Cordage Co________ 215
3 Charlestown Gas & Electric
y, Franklin Co., Lewiston, Me— 105 K
Co., $50 each_____ _______ 125M
10 Mass. Cotton Mills....................120M
20 Waltham Watch Co., common 28
11 Merrimack Mfg. Co., com...........46
22 Hamilton Mfg. Co...................... 86

By Messrs. Samuel T . Freeman & Co., Philadelphia:
Shares.
$ per sh. I Bonds.
Per cent.
7 Fanners’ & Mech. Nat. Bank...144 $500 No. Spgfd. Wat. Co. 5s, 1928.100
10 Girard Ave. T. & Tr. Co., par$50- 70 I $1,000 Spgfd. Water Co. 5s, 1926.100

By Messrs. Barnes & Lofland, Philadelphia:
Shares.
S per sh.
500 Shawnee * Iron Point Coal &
Iron Co------------------------- Lot $60
44 Lenoir (N. C.) Cotton Mill.Lot$4,400
14 Lykens Vail. Constr. Co.......... -14
2 Schuylkill & Dauphin Tr. C o .. $1
2 Northwestern Nat. Bank........ 390
1 Provident Life & Tr. Co.......... 870
200 Phlla. Linotype Co., par $10.I,ot $3
12 13th*15th Sts. Pass. Ry. C o ..253
1 Bank of North America...........305
21 Farmers’&Mech. Nat. B ank..144
2 Fourth Street Nat. Bank.........320
5 Girard National Bank...............417
23 Market Street National Bank. .181%
5 North Penn Nat. B ank............ 120
12 Commercial Trust Co...... ..........430
11 Commonwealth T. I. * T. Co. 240%
10 Continental Eqult. Tr. Co___ 102%
50 Excelsior Tr.&S.F. Co.; Par$50 55
30 Mutual Trust Co.; par $50------- 44
5 Penns. Co. for Ins., & e............652
5 Phlla. Tr., S.D. & I. Co...........700
5 Provident Life & Trust Co------869
[ 3 Real Est. Trust Co. pref.......... 95%
2 Fire Asso. of Phlla.; par $50..358
27 People’s Nat. F. I. Co.; par $25 25

Shares.
$ per sh.
3 Del. & Bound Brook ItR. Co. .190
20 Frankford &SouthwarkPass.Ry373
10 Germantown Pass, ll y ............. 113
4 J. B. Stetson Co., com ___ 465-465^
10 Delong Hook & Eye C o ... 100-100^
7 Amer. Pipe & Constr. Co______ 90
10 Amer. Dredging Co.......... 195-195H
60 J. G. Brill Co., pref_____ 100-100M
15 Phlla. Life Ins. Co.; par $10.. 10,%
5 Prudential Loan Society of
Philadelphia; par $10.............12%
12 Leader Supply Co................. 110
10 Enterprise Mfg. Co...................112
Bonds.
Percent.
$600 Schuylkill & Dauphin Traction
Co. 6 s . .................................... Lot $16
$10,000 City of Phlla. 4s, 1940___ 101
$3,100 City of Phlla. 3%s,1932... 93%
$700 City of Phlla. 3%s,1931.......... 93%
$5,000 Indianapolis Nor. Trac. Co.
87%
first 5s. 1932.........
$500 Phoenix Gas & Elec. 1st 5s, ’51 60
$1,000 Sppgfd. Wat. Co. 5s, 1926..100
$2,000 North Springfield Water Co.
5s, 1928...........
99%-100

Statement of New York City Clearing-House Banks and
Trust Companies.— The detailed statement below shows the
condition of the New York City Clearing-House members
for the week ending June 8. The figures for the separate
banks are the averages of the daily results. In the case of
the totals, actual figures at the end of the week are also given.
For definitions and rules under which the various items are
made up, see “ Chronicle,” V . 85, p. 830, in the case of the
banks, and V . 92, p. 1607, in the case of the trust companies.
DETAILED RETURNS OF BANKS.
W e omit two ciphers (00) in all cases.
Banks.
00s omitted.
Bank of N. Y.
Manhattan Co.
Merchants’ __
Mech.&Metals’
Am erica____
City ..............
Chemical........
Merchants’ Ex
Butch.* Drov.
Greenwich__
Am. Exchange
Commerce___
Pacific ..........
Chat. & Phen.
People’s ........
Hanover____
Citizens’ Cent.
N assau..........
Market & Fult.
Metropolitan .
Corn Exchange
Imp.&Traders’
P a rk ..............
East IUver__
F ou rth ..........
S econ d..........
First ............ .
Irving E xch ..
Bowery ........
N .Y . County
Gcrman-Amer.
Chase..............
Fifth AvenueGerman Exch.
Germania___
Lincoln........ .
Garfield_____
F ifth -----------Metropolis . . .
West Side----Seaboard------Liberty..........
N .Y. Prod.Ex
State ..............
Security____
Coal & I ro n ...
Unlon E xch ..
Nassau, Bklyn

[VOL. LXXXXIV

THE CHRONICLE

1608

Trust Cos.
00s omitted.

Surplus.

Ore Dep.
Net
Loans. Specie. Legals. withC.H. Deposits.
Average. Average. Average. Banks. Average.

B ro o k ly n ----Bankers ____
U .S .M tg. & T.
A sto r________
Tit. Guar. & T.
Guaranty........
Fidelity........ ..
LawyersT.I.&T
Colum.-Knlck.
S tand ard ___
People’s ____
New York___
Franklin____
Lincoln ..........
Metropolitan..
Broadway-----

$
2,426,2
14,376,4
4,564,5
1,220,5
11,870,4
23,064,5
1,278,0
6,204,6
7,000,0
1,377,9
1,723,7
11,631,3
1,316,4
557,5
6,147,8
559,9

S
20,015,0
152,540,0
48,355,0
20,009,0
35,793,0
168,004,0
7,645,0
19,436,0
30,232,0
16,843,0
17,311,0
46,997,0
10,657,0
11,318,0
25,553,0
8,865,0

Actual figures June 8. 658,607,0 67,239,0 7,436,0 64,307,0 478,424,0 15.6+11.8
NOTE.—The returns of tho Columbla-Knlckcrbocker Tr. Co. Increase the totals
by amounts representing tho Knickerbocker Tr. Co., which was not previously a
member. The figures for the Columbla-Knlckerbocker, as compared with those for
the Columbia last week, show the following Increases: Surplus, $5,050,000; loans,
$9,643,000; specie, $1,567,000; legal tenders, $604,000; deposits with Clearing-House
banks, $1,159,000; net deposits, $10,055,000.
The capital of the trust companies Is as follows: Brooklyn, $1,000,000; Bankers,
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000; Title
Guarantee & Trust, $4,375,000; Guaranty, $5,000,000; Fidelity, $1,000,000;
Lawyers’ Title Insurance & Trust, $4,000,000; Columbla-Knlckerbockcr, $2,000,­
000: Standard, $1,000,000; People’s, $1,000,000: Now York, $3,000,000; Franklin,
$1,000,000; Lincoln, $1,000,000; Metropolitan, $2,000,000; Broadway, $1,000,000:
total, $40,625,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
June 8.

Capital. Surplus.

Total . .

..........

The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following.
For definitions and rules under which the various items
are made up, see “ Chronicle,” V . 86, p. 316.
STATE BANKS AND TRUST COMPANIES.

Week ended June 8.

$
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

$
$
$
s
$
%
775,0
21,696,0 4,401,0
19,834,0 26.0
3,775,4
4,765,3 33,000,0 9,123,0 1,401,0 38,500,0 27.3
21,455,0 4,9S4,0 1,168,0 22,656,0 27.1
1,984,7
8.584,8
56,278,0 11,983,0 2,039,0 54,825,0 25.5
6,214,6 27,078,0 4,904,0 1,911,0 27,226,0 25.0
28,390,5 193,429,0 60,431,0 8,51.3,0 211,426,0 32.6
7,082,9 28,188,0 4,468,0 2,119,0 25,197,0 26.1
1,631,0
7,086,0 24.7
123,0
6,935,0
520,7
493,0
2,125,0
67,0
2,233,0 25.0
125,7
10,004,0 25.1
200,0
929,0
8,788,0 2,315,0
4,748,5 43,565,0 9,010,0 1,785,0 43,184,0 25.0
15,770,2 144,316,0 20,943,0 10,689,0 122,355,0 25.8
.366,0
3,895,0 25.9
644,0
4,280,0
952,9
18,320,0 25.1
17,919,0 2,922,0 1,694,0
1,204,5
2,089,0 27.4
421,0
152,0
461,6
1,849,0
13,302,0 77,198,0 20,320,0 5,215,0 90,018,0 28.3
624,0 22,061,0 26.1
1,991,6 22,881,0 5,144,0
12,57.3,0 27.0
451,9
10,741,0 2,228,0 1,186,0
1,405,0 1,021,0
9,557,0 25.3
1,830,5
9,536,0
268,0
12,055,0 26.3
1,665,6
11,745,0 2,909,0
5,559,4 49,958,0 8,443,0 6,039,0 58,214,0 24.8
7,679,4
25,657,0 3,854,0 2,265,0 23,196,0 26.3
13,036,0 85,005,0 20,825,0 2,158,0 88,984,0 25.8
121,0
1,742,0 26.3
339,0
70,0
1,414,0
5,762,1 33,970,0 6,894,0 1,900,0 35,073,0 25.0
165,0
13,498,0 25.4
2,419,5
13,923,0 3,273,0
21,236,0 114,000,0 23,498,0 2,226,0 104,520,0 24.6
2,052,8 34,605,0 7,411,0 2,892,0 40,173,0 25.6
56,0;
S43.0
3,769,0 2.3.8
803,1
3,602,0
680,0
1,360,0
1,711,0
8,498,0 24.0
8,418,0
229,0
838,0
709,2
4,132,0 25.8
4,262,0
9,017,3 90,198,0 20,381,0 5,049,0 100,754,0 25.2
2,205,0
13,350,0 2,784,0 1,122,0
15,028,0 25.9
524,0
349,0
834,1
3,375,0
3,426,0 25.5
1,347,0
253,0
1,057,2
5,429,0
0,327,0 25.3
936,0
1.700,5
15,293,0 3,061,0
15,725,0 25.4
246,0
9,333,0 2,104,0
1,252,3
9.50.3.0 24.7
314,0
547,0
3,421,0
516,0
3,487,0 24.6
1,285,0 1,857,0
2,156,1
12,755,0
12,718,0 24.7
935,0
268,0
1,041,1
4,373,0
4,900,0 24.5
2,139,7 24,707.0 5,699,0 2,206,0 29,420,0 26.6
733,0 24,275,0 26.3
2,058,8 22,053,0 5,671,0
861,1
346,0
9,253,0 2,574,0
11,155,0 26.1
867,1
358.0 21,300,0 25.2
15,860,0 5,018,0
457,6
11,322,0 2,980,0 1,059,0
15,438,0 26.1
488,4
536,0
6,050,0
1,171,0
6,283,0 27.1
977,8
10,118,0 2,283,0
360,0
10,430,0 25.3
1,094,2
7,850,0
1,383,0
278,0
6,615,0 25.1

Loans and Investments..
Change from last week.

1384,164,0 J 10,642,0 76,623,0 1438.490.0 26.9

Circulation.— On tho basis of averages, circulation of national banks In the Clearing
House amounted to $46,966,000, and, according to actual figures were $47,063,00').




Ore Dep.
Legal xoilhC.H.
Net
Tenders. Banks. Deposits

.......... 2,042,771,0 377,881,0 84,059,0 64,307,0 1,016,914,0

Capital as of March 2 1 .. .

—

Specie.

Total
171,775,0 290,437,3 2.022.189.0 371.176.0 84.276.0 56,824,0 1.897.519.0
Actual.
1.438.490.0
1.384.164.0 310.642.0 76.623.0
Banks . . .
Trust cos.
058,607,0 67,239,0 7,436,0 64',307",6 478,424,0

Specie. Legals. .Vet Depos­ Re­
Average. Average. its, Aver. serve.

Actual figures June 8 ..

Loans.

$
$
$
$
$
$
Averages.
$
1,433,077,0
Banks . . . 131,150,0 195,115,7 1,382,616,0 307,493,0 76,828,0
Trust cos. 40,625,0 95,321,6 639,573,0 63,683,0 7,448,0 56,824,0 403,8-42,0

Surplus.

Totals, Avge.. 131,150,0 195,115.7 1382,616,0 307,493,0 76,828,0 1433.677.0 20.8

8
$
$
S
%
446,0 1,874,0 14,157,0 15.1 + 17.6
1,788,0
69,0 12,621,0 114,580,0 15.0+10.0
17,131,0
453,0 4,936,0 31,602,0 15.0+13.3
4,288,0
29,0 2,031,0 16,373,0 14.7+10.0
2,380,0
1,642,0 1,641,0 2,405,0 22,307,0 14.7+ 9.6
15,646,0 1,268,0 14,605,0 111,798,0 15.1 + 11.5
232,0
706,0
789,0 5,906,0 15.8+10.6
1,228,0
972,0 1,581,0 14,865,0 14.8+ 9.5
3,355,0
744,0 2,513,0 22,325,0 18.3 + 10.0
26,0 1,698,0 15,316,0 15.4 + 10.0
2,343,0
487,0 2,325,0 16,050,0 15.1 + 12.3
1,938,0
5,100,0
167,0 3,626,0 32,648,0 16.1 + 10.0
319,0
980,0 8,537,0 16.0+10.1
1,050,0
221,0 1,181,0 10,769,0 15.2+ 9.8
1,421,0
14,0 2,607,0 17,849,0 15.1 + 12.7
2,685,0
982,0
360,0 1,052,0 8,760,0 15.3 + 10.6

Totals, A vge.. 95,321,6 639,573,0 63,683,0 7,448,0 56,824,0 463,842,0 15.3 + 10.9

Capital.

Loans.
Average.

Reserve.

Surplus as of March 21. . .

Stale Banks
Trust Cos.
Stale Banks
Trust Cos.
outside of
in
outside of
in
Greater N . Y Greater N . Y . Greater N . Y . Greater N . Y
$
22,387,400

S
59,756,000

38.732,700

$
9,605,100

S
9,525,000

170,776,700

12,085,744

12.095,489

295,376,100 1,198.021,400
+ 1,016,100 — 10,178,300

107,728,200
+ 745,100

165,666,300
+ 156,300

______

Specie ..............................
Change from last week.

53,481,000
+ 684,300

123,449,100
— 2,283,700

Legal-tenders & bk. notes
Change from last week.

23,555,200
+ 123,100

11,220,800
—219,200

______

348,198,800 1,316,947,700
+ 601,200 — 1,598,700

113,358,700
+856,400

175,440,300
+ 1,523,600

21,969,700
— 158,200

25,415,800
+ 896,900

Deposits ..........................
Change from last week.
Reserve on deposits........
Change from last week.

97,517,000
—324,400

P. C. reserve to deposits..
Percentage last week..
+ Increase over last week.

28.9%
29.1%

143,140,300
— 775,300
16.4%
16.3%

20.5%
20.9%

15.3%
15.2%

— Decrease from last week.

Note.— ‘ ’Surplus’’ Includes all undivided profits. “ Reserve on deposits” Includes
for both trust compan es and State banks, not only cash Items but amounts due
from reserve agents. Trust companies In New York State arc required by law to
keep a reserve proportionate to their deposits, the ratio varying according to lo­
cation ns shown below. The percentage of reserve required Is computed on tho
aggregate of (Jeposlts, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive of time deposits not pnyoblo within thirty days,
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held In trust for It by any public department.
Tho State banks are likewise required to keep a reserve varying according to loca­
tion, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amend­
ment of 1911) by bonds or obligations of the City or State of New York, and ex­
clusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held In trust
for It by any public department.
------ Trust Cos.-------- State B a n k sReserve Required for Trust Companies
Total
Of
Total
Of
and State Banks.
Reserve which Reserve
which
Location—
Required, in Cash. Required, in Cash.
Manhattan Borough.................... - - - - - - - ......... --15%
15%
25%
15%
Brooklyn Borough (without branches In Manhat.) 15%
10%
20%
10%
Other Boroughs (without branches In Manhattan) 15%
10%
15%
7% %
Brooklyn Borough, with branches In Manhattan..15%
15%
20%
20%
Other Boroughs, with branches In Manhattan___ 15%
15%
15%r
15/,
Cities of the first and second cla ss........................ 10%
5%
......................
Cities of the third class and villages.......................10%.........3%.........- - - ---­
Elsewhere In State....................................................... .
10

The Banking Department also undertakes to present sepa­
rate figures indicating the totals for the State banks and

June 15 1912.)

THE CHRONICLE

trust companies in the Greater New York not in the Clearing
These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing­
House banks and trust companies. ^ In addition, we have
combined each corresponding item in the two statements,
thus affording an aggregate for the whole of the banks and
trust companies in the Greater New York.
H ou se.

NEW YORK CITY BANKS AND TRUST COMPANIES
Clear.-House Clear.-House Stale Banks & Total of all
Members. Trust Cos. Not Banks &Trust
Members.
In C.-H. Aver. Cos. Average.
Average.
ActualFtgures

Week ended June 8—

INat. Banksl
Capital )April 18 and I
State Banks
Surplus JMarch Ml__ J

%

$

$
171,775.000

171,775,000

290,437.300

290,437,300

$

26,068,400

197,843,400

82,647,800

373,085,100

Loans and Investments 2,042,771.000 2,022,189,000
Change from last week + 20,345,000 + 11,209,000

012,468,000 2,634.657,000
— 32,101,300 — 20,892,300

Deposits ........ ............. 1,910,914,000 1,897,519,000
+9,655,000
Change from last week +22,414,000

0616,658,700 2,514,177,700
— 34,878,800 — 25,223,800

Change from last week

377,881,000
+9,737,000

371,170,000
+2,117,000

63,460,300
— 4,239,900

434,636,300
— 2,122,900

Change from last week

84,059,000
—809,000

84,276,000
— 143,000

610,794,000
— 650,700

95,070,600
— 793,700

Banks: cash In v ault..
Ratio to deposits-----

387,265,000
26.92%

384,321,000
26.80%

12,914,500
14.30%

397,235,500

Trust cos.: cash In vault

74,675,000

71,131,000

61,340,400

132,471,400

Aggr’te money holdings
Change from last week

401,940,000
+8,928,000

455,452,000
+ 1,974,000

74.254,900
—4,890,600

529,706,900
— 2,916,600

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

64,307,000
+ 1,967.000

56,824,000
— 5,933,000

20,116,400
+ 956,500

76,940,400
—4,976,500

526,247,000
Change from last week + 10,895,000

512,276,000
—3,959,000

94,371,300
—3.934,100

606,647,300
— 7,893,100

Surplus CASH rcserveBanks (above 2 5 % )..
Trust cos.(abovel5%)

27,642,500
2,911,400

25,901,750
1,554,700

...........—

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

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

30,553.900
+ 5,047,800

27,456,450
— 735,150

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

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

1609

Boston and Philadelphia Clearing-House Members.— Be­
low is a summary of the weekly totals of the Clearing-House
institutions of Boston and Philadelphia:
We omit two ciphers (00) in all these figures.
Capital
and
Surplus.
Boston.
Apr. 20............
Apr. 27............
May 4 ______
May 11______
May 18............
May 25______
June 1______
June 8............
Philadelphia.
Apr. 20.
Apr. 27.
May 4
4............. .
May 11.
May 18.
May 25.
June 1.
June 8.

Specie. Legals. Deposits. Circu­
a
lation.
S

$

41.575.0
41.575.0
41.575.0
41.575.0
41.575.0
41.575.0
41.575.0
41.575.0
80.023
80.023
80.623
80.623
80.623
80.623
80.623
80.623

,164,0
,672,0
,248,0
,273,0
,823,0
,271,0
,818.0
,641.0

$
24,781,0
25,504,0
25,994,0
26,693,0
26,797.0
27,365,0
24,781,0
25,024,0

387.884.0
388.707.0
389.800.0
391.639.0
390.943.0
390.678.0
391.429.0
391.567.0

$
4,335,0
4,291,0
4,203,0
4,234,0
4,160.0
4,211,0
4,422,0
4,620,0

102,136,0
101,634,0
101,968,0
100,662,0
102,904,0
99,197,0
96,558.0
90,355,0

t
t
t
t

Clearings

s
270.845,0
270,566,0
268,810,0
266,357,0
270,708,0
263,636,0
262,539,0
277,022,0

$
8,044,0
8,032,0
8,146,0
8,287,0
8,296,0
8,290,0
8,266,0
8,252,0

$
182,164,0
187,369,2
174.866.1
159,721,9
177,628,9
154,346.8
129.127,2
177,547,4

433,781,0
431,093,0
433,251,0
432,167,0
445,524,0
437,376,0
439,365,0
436,562,0

15,083,0
15,074,0
15,053,0
15,066,0
15.062,0
15.088,0
15.077,0
15,084,0

156,382,1
147,051,3
180,646,6
142,306,9
155,070,7
140,106,6
132.611.8
161,931,7

a Includes Government deposits and the Item “ due to other banks.” At Boston
Government deposits amounted to $787,000 on June 8 against $787,000 on June 1.
t “ Deposits” now Include the Item of “ Exchanges for Clearing House,” which was
not previously embraced In the total
"Exchanges for Clearing House” were re­
ported on June 8 as $15,116,000.

Imports and Exports for the W eek .— The following are
the imports at New York for the week ending June 8; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For week.

1911.

1912.

Dry Goods..............................
General Merchandise...........
T o ta l...................... ..........
Since January 1.
Dry Goods.......... ...................
General Merchandise_______

1910.

$2,311,451
16,381,231

$2,562,087
16,701,676

1909

$2,156,799
13,617,168

S2.741.604
12,670,702

$19,263,763 $18,692,682 $15,773,967 $15,412,306
$64,762,978 S64,033,131 $72,267,316 $77,252,205
390.084.589 327,370,916 355,713,837 313,090,208

Total 23 weeks.................. $454,847,567 $391,404,047 $427,981,153 $390,342,413

% of cash reserves of tr ust cos.—
15.60%
11.84%
Cash on dep. with bks

15.33%
10.91%

15.35%
1.20%

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending June 8 and from Jan. I to date:

27.44%

26.24%

16.55%

EXPORTS FROM NEW YORK.

T o ta l..........................

+ Increase over last week. — Decrease from last week.
a These are the deposits alter eliminating the Item “ Due from reserve depositories
and other banks and trust companies In New York City” : with this Item Included,
deposits nmouuted to $710,070,900, a decreaso of $21,029,400 from last week. In
the case of the Clearing-House members, the deposits are “ legal net deposits” both
for the average and the actual figures. 6 Includes bank ntoes.

The averages of the New York City Clearing-House banks
and trust companies, combined with tliose for the State banks
and trust companies in Greater New York outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.

1912.
For the week

Apr. 6 ..
Apr. 1 3..
Apr. 2 0 ..
Apr. 2 7..
May 4 ..

2.081.514.8
2.046.312.4
2.028.377.1
2.025.045.4
2.043.058.7
2.002.308.9

may

in ..

$

2.059.189.8

May 25.. 2.001.903.1
June 1 .. 2.055,540,3
June 8 .. 2,034,057,0

Deposits.
S
2.500.033.3
2.489.720.4
2,482,583,9
2.477.238.3
2.497.870.4
2.518.082.7
2,532.210,3
2,545,082,2
2.539.401.5
2.514.177.7

Specie.
S

408.200.1
410.412.2
410.442.1
410.955.2
417.009.3
417.890,5
423.710.1
433,287,0
430.759.2
434.030.3

Legals.

Tot. Money Entire Res.
Holdings. on Deposit.

$
S
$
92.914.0 501,174,7 580.074.9
94,300,4 504.712.0 582.181.0
94.945.3 611.387.4 592.817.9
95.289.9 512.215.1 593,057.8
95.954.0 512.903.9 596.187.4
90.202.0 514.152.5 598.196.1
90.005.3 519.775.4 599.417.2
95.044.9 528.332.5 607,150,6
95.864.3 532.023.5 014.540.4
95,070,6 529.706.9 606.047.3

Reports of Clearing Non-Member Banks.— The following is
the statement of condition of the clearing non-member banks
for the week ending June 8, based on average daily results:
.

Banks.

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

Capi­
tal.

Sur­
plus.

Loans.
Disc’is
and
Invest­
ments.

New York City.
Manhattan arul Bronx.
$
$
$
500,0
Aetna National..........
525,6 2,925,0
100,0
Washington Heights.
318,0 1,520,0
200,0
111,4 1,436,0
Battery Park Nat----500,0
514.5 5,320,0
Century ........ ...........
501,5 0,420,0
Colonial .................... 400,0
799,9 6,780,0
300,0
Columbia --------------171,4 1,039,0
200,0
Fidelity........ - ...........
250,0
340,7 2,603,0
Mount Morris........ .
402,4 4,391,0
Mutual........................ 200,0
286,8 2,978,0
200,0
New Netherland........
72,3 1,873,0
Twenty-third W ard.. 200,0
100,0
507,3 4,369,0
Y ork vllle........ .........
Brooklyn.
200,0
544,0 3,285,0
Broadway..................
300,0
662,8 3,560,0
First National............
252,0
871,1 5,964.0
Manufacturers’ N at..
862,0 10,959 0
Mechanics’ ................ 1,000,0
300,0
575,2 3,876,0
National City............
200,0
109,0 2.229.0
North Side.- - ............
K83 Jersey City.
400,0 1,319,6 5,095,0
First National---------784,4 3,357 0
Hudson County N at.. 250,0
200,0
422,0 1,904,0
Third National..........
m
Hoboken.
640,5 3,795,0
220.0
First National............
288,6 3,091,0
125,0
Second National-------

Specie.

Legal
On
Tender Deposit
and
with
Net
Bank C.-H. Deposits.
Notes. Banks.

3
$
$
34,0
460,0
66,0
155,0
227,0
78,0
336,0
180,0
50,0
31,0 1,068,0 1,101,0
898,0 431,0
881,0
601,0 579,0
595,0
49.0 120,0
250,0
451,0
303,0
50,0
505,0 349,0
595,0
329,0 109,0
132,0
95,0
241,0
248,0
66,0 772,0
058,0

3
2,431,0
1,281,0
1,643,0
5,305,0
6,850,0
7,532,0
994,0
2,926,0
4,746,0
2,724,0
2,055,0
4,866,0

417,0 120.0
356,0 3,221,0
272,0 109,0
422,0 2.704,0
391,0 474,0
780,0
5,452,0
otc
:
n
1 ,0
Q77
A
l
ana ,u
n 1
255 0 11,0/
iJ.U 1,oOO
I6
/ / ,U
508 [o 129,0
860,0 3,890,0
198,0 105,0
231,0 2,241,0
281,0
178,0
115,0
211,0
194,0

449,0 1,219,0
93,0
052,0
132,0
491,0
43,0
39,0

437,0
233,0

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.




Imports.

Exports.
Week.

Great Britain........ ...........
France _____________ _____ ______
Germany ____________ _____ . ___
West Indies_________
Mexico _________________________
South America........ ............... .........
All other countries__ _____ _______
Total 1912...
Total 1911............ - .......................
Total 1910............................... .....

Since Jan. 1

$12,030,487
15
$8,666
683,575
29,750

8,829,077
50,383

Week.

Since Jan.l
$5,164
439,382

" $ 8 ’,052
180,595
31,361
8,195

’ 127,357
6,639,939
1,159,769
762,763

$37,750 $21,593,537
24,825 2,620,481
55,745 44,211,008

$228,803 $9,134,379
275,417 5,516,411
64,818 5.568.382

Silver.
Great’ Britain_____ _____________ $1,177,715 $19,474,104
61,200 3,020,811
France
Germany ..................................... - * 62,808
' ‘ ' V,506
West Indies........ ..............................
Mexico _________________________
25,349
South America__
400
672,636
All other countries__ _____ _______

$3,329
2.833
15,335
13,707
2,669,979
1.658.383
619,832

$1,240,815 $23,255,708
Total 1912...
Total 1911.____ ________ ______ 1,138,200 21,700,692
878,008 19,143,010
Total 1910.....................................

" ‘ $471
137,324
42,840
6,922

$187,557 $4,983,463
131,474 4,022,654
125.300 1,853,461

Of the above imports for the week in 1912, §1,300 were
American gold coin and $ 2 2 4 American silver coin.

giinlitucj a ml fjitm ticiai
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.

4,241,0
1,699,0
1,483,0

White, Weld & Co.

1,541,0
1,224,0

Totals June 8____ 6,797.0 11,691,3 38,769,0 7,209,0 7.311.0 12,818,0 84,335,0
Totals June 1------ 6,797,0 11,691,3 88,708,0 7,201,0 6,998,0 13,623,0 84,112,0
Totals May 25____ 6,797.0 11,691.3 88,388,0 7,320,0 7,306,0 13,202,0 84,178,0

an

1909.

The following table shows the exports and imports of
specie at the port of New York for the week ending June 8
and since Jan. 1 1912, and for the corresponding periods in
1911 and 1910:

dold
Loans and
Investments.

1910.

Total 23 weeks.................. $382,171,022 $350,254,553 $283,344,161 $278,943,353

We omit two ciphers In all these figures.
Week
Ended.

1911.

$16,171,289 $18,753,628 $12,454,580 S12,855.076
365,999,733 331,500,925 270,889,581 266,088 ,*277
Previously
reported
------------

Bonds and Investment Securities.
14 W A L L S T R E E T

THE ROOKERY

35 CONGRESS S T R E E T

NEW YORK

CHICAGO

BOSTON

J610

THE CHRONICLE

W all Street, F rid a y Night, June 14 1912
The Money Market and Financial Situation.— A glance at
the record of Stock Exchange operations this week reveals
a state of general indifference thereto such as is rarely seen
at this season, and suggests a late summer holiday period when
every one who can escape from the city has done so. Not
only has the volume of business been exceptionally small,
but the movement of prices irregular and in some cases illogi­
cal as well as unaccountable.
A broad view of the situation as a whole shows an im­
proved condition of affairs which usually have an influence
upon the security markets. The most important of these is
increasing probability that President Taft will be nominated
for re-election at the National Convention next week. Next
in order of significance is, undoubtedly, the crop situation.
This, as is well known, has substantially improved since the
Government report of June 1st was issued. It is reported,
moreover, that the yield of winter-wheat, harvesting of
which is progressing satisfactorily in certain sections, is not
as meagre as had been expected. Reports as to conditions in
the iron and steel industry continue to be of the same cheerful
tenor
of late, and one of the encouraging features of the
increased activity there is the fact that a considerable per­
centage of that increase is received, directly or indirectly from
the railroads.
The Imperial Bank of Germany reported early in the week
a reduction of its discount rate from 5 to 4 ^ per cent and
the Bank of England shows in its weekly statement a slightly
larger percentage of reserve than last week. The latter is,
however, somewhat below the average for a series of years
and German bankers are bidding for loans in this market
at higher rates than here prevail.
The open market rate for call loans at the Stock Exchange
during the week on stock and bond collaterals has ranged
from 2 @ 3 % . To-day’s rates on call were 2 ^ @ 3 % .
Commercial paper quoted at 3 % @ 4 % for 60 to 90-day
endorsements and for prime 4 to 6 months’ single names
and 4 @ 4 t ^ % for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £4 03,923 and the percent­
age of reserve to liabilities was 49.57, against 48.44 last week.
The rate of discount remains unchanged at 3 % , as fixed
May 9. The Bank of France shows an increase of 7,025,000
francs gold and a decrease of 2,400,000 francs silver.

[VOL. LXXXXIV.

New York Canal 4s, 1961, at 1 0 1 $ 1 , 0 0 0 New York 4s
1958, at 100 Y%, and $36,000 Virginia 6s deferred trust
receipts at 47 to 47
The market for railway and industrial bonds shows in­
creasing dulness, the transactions at the Exchange averaging
well below $2,000,000, par value, per day, or the smallest in
many months. Fluctuations have been unusually narrow
and 15 out of 20 net changes are to a fractionally lower level.
United States Bonds.— Sales of Gove(nment bonds at the
Board are limited to $10,000 4s reg. at 114J4 and $5,500,
Panama 3s at 10124 to 1 0 1 % . The following are the
daily closing quotations; fo r yearly range see third page f o l­
lowing.
|Interest
j Periods
28,
2s,
3s,
3s,
4s,
4s,
2s,
3s,

June
8

1930 _____ . . .registered Q—Jan
1930........... ____ coupon'd—Jan
1908-18____ .. .registered!!}—Feb
1908-18___ -------coupon Q— Feb
1925 ____ _ .. .registered,!}— Feb
1925............
1936.1’ anania Canal rcgis.Q— Feb
1961.Panama Canal coupjQ—Mch

June
10

*100% *100%
noox *100)4
*102% *102)4
*102)4 *102)4
*114% H4)4
*11414 *114)4
*100)4 *100)4
*101% *101%

June
11

June
12

June
13

June
14

*100%
*100)4
*102)4
*102)4
*114)4
*114)4
*100)4
101)4

*100%
*100%
*102
*102
*114
*114
*100%
101%

*100%
*100%
*102
*102
*114
*114
*100%
*101%

*100%
*100%
*102
*102
*114
*114
*100%
*101%

* This Is the price bid at the morning board; no sale was made.

Railroad and Miscellaneous Stocks.— Limited transactions
and narrow, unimportant changes in quotations were the
prominent characteristics of stock market operations through­
out the week until to-day. Except for a slight reactionary
tendency which began on Wednesday, the market has been
continuously soft. To-day it was notably weak on the most
urgent selling that has occurred of late. Reading leads the
list in a loss o f 6 % points. Lehigh Valley is down over4
and a considerable list of other important issues is from 2 to
4 points lower than last week.
Liggett & Myers and General Electric are exceptional in
an advance of 1 % and 1 % points, respectively, and American
Sugar Refining, Beet Sugar and U . S. Industrial Alcohal
are fractionally higher.
F or daily volume o f business see page 1620.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending June 14.

Scdes
tor
Week.

Range for Week.
Loioest.

Highest.

Range since Jan. 1.
Lowest.

Highest.

200 2 June 13 2% June 8 1% May 2% May
Allls-Chal rects 1st paid.
400 5% June 13 5% Junel3
5
May 6
Prel rects 1st paid----May
110 31)4 Junel4 31)4 Junell 31% June 31% June
American Cities.......... .
125 81% Junel4 81% Junell 81% June 81% June
Preferred----------------50 69% Junel3 69% Junel3 69% June 78
Amer Teleg & hable----Jan
Amer Tobacco pref rects
200 109
JunelO 109
JunelO 102
Jan 109
June
100 $1)4 June 8 $1% June £ s% Mch S2% Apr
BatopUas Mining..........
NEW YO RK CITY CLEARING-HOUSE BANKS.
Buffalo Roch & Plttsb. .
100 112 Junel4 112 Junel4 105
Jan 112
June
(.Not including Trust Companies.)
Can Pac subs 2d paid.. .
9 255
JunelO 255
JunelO 222% Feb 259
June
Cent. & So. Amer. Teleg.
10 119)4 Junel4 119% Junell 115% Jan 121% Jan
Comstock Tunnel........ .
100 10c. June 8 10c. June £ 10c. Apr 16c. Feb
1912.
1911.
1910.
100 102 Juncl2 102
Averages tort
Junel2 102
June
Dil/erences
June 102
Averages tor Averages /or . Consolidation Coal........
General Chemical..........
185 140% Juncl2 140% Junel2 128
week ending
Jan 140% June
Jrom
week ending week ending
Preferred........ ...........
330 111
Junell 111
Feb
June 8.
previous week.
June 11.
Junell 106% Mch 111
June 10.
G W Helme.................... 1,400 178 June 8 194% JunelO 155
May 194% June
Lackawanna Steel..........
Mch 35)4 June
200 35
Junell 35
Junell 29
S
S
S
S
134,150,000 130.350.000 Long Island.................... 1,000 50% June 13 52% Juncl3 4.3% Feb 52% June
131.150.000
Capitol...................... -.
May 101% May
Junel4 101% Junel4 101
400 101
Surplus
200,234,400 185,325,600 M Rumely, preferred...
195,115,700
June 90
June12 86
Jan
Juncl2 80
100 86
Loans and discounts, -. 1,382,616.000 Inc. 11,079,000 1,352,413,500 1,192,120,800 N Y Chic & St L 2d pref
Feb 103% June
Junell
101
101%
Junel4
101%
100
Pittsburgh
Steel,
p
ref..
_
48,129,400
Dec.
193,000
45,496,800
Circulation___________
46.966.000
3% Feb 12% May
300 7% JunelO 8% Junell
Net deposits................ . 1,433,677,000 Inc. 12,609,000 1,406,330,000 1,184,276,900 Quicksilver Mining, pref.
Jan 05
Juncl3 50
Jan
100 58 Junel3 58
Specie ................ .........
307.493.000 Inc. 2,287,000 315,508,800 250,525,900 Rutland, preferred------Feb 105
Apr
200 100 Junel4 100)4 Junell 90
08,643,100 Sloss-Sheff. S. & I., pref.
732,000
Legal-tenders . ............
76.828.000 Dec.
74,913,900
Standard MUlIng______ 1,395 27% JunelO 29% Junell 10% Jan 29)4 June
Jan 63)4 June
Preferred .................... 1,460 62)4 JunelO 03% June12 53
Reserve held_______
384.321.000 Inc. 1,555,000 390,422,700 319.169.000
JunelO: 26
Jan 41
June
25% ol deposits_____
358,419,250 Inc. 3,152,250 351,582,500 290,069,225 U S Industrial Alcohol. . 4,710 38% June 8 41
Jan 101
Apr
Preferred............ ....... 1,500 102% JunelO 103% JunelOj 95
100 58% Junel3 5.8% Junel3 54
Mch 90
Jan
Surplus reserve........
25,901,750 Dec. 1,597,250
38,840,200
23,099,775 Virginia Iron, C & C___
Junell 23
100 23
Junell 15
Jan 27% Feb
Vulcan Detlnnlng_____
30 203
Junell 203
Junell 170
Weyman-Bruton______
Jan 203
June
Note.—The Clearing House now Issues a statement weekly showing the actual
condition of the bonks on Saturday morning os well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
Outside Market.— While trading on the “ curb” this week
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 in special issues was active, the general list quieted down
the second page preceding.
considerably. The undertone continued good, though small

Foreign Exchange.— The market for sterling exchange re­
mained quiet but as a rule firm throughout the week.

losses in prices were the rule. United Cigar Stores continued
prominent and after a loss of 7 points to 236 sol d up to 246,
T o-d a y’s (Friday’s) nominal rates for sterling exchange were 4 85 for the closing figure to-day being 243.
Amer. Water Works
60-day and 4 88 for sight. T o-d a y’s actual rates for sterling exchange were
& Guarantee pref. from 99 weakened to 9 8 % and finished
4 8450@ 4 8400 for 60 days, 4 8720@ 4 8725 for cheques and 4 874 5 @ 4 8750
for cables. Commercial on banks 4 83 % @ 4 84 % and documents for pay­ to-day at 9 8 % .
British-Amer. Tobacco moved up from
ment 4 8 3 % @ 4 84 % . Cotton for paym ent 4 8 4 @ 4 8 4% and grain for
2 7 % to 2 8 % and reacted to 2 7 % . B . F. Goodrich com. lost
paym ent 4 8 4% @ 4 85.
Posted rates for sterling exchange, as quoted b y a representative house,
almost a point to 81. The preferred dropped from 1 0 8 % to
were not changed during the week from 4 85 for 60 days and 4 88 fo r sight.
108, recovered to 109 and ends the week at 1 0 8 % . Havana
T o-d a y’s (Friday’s) actual rates for Paris bankers’ francs were 5 20 less
Tobacco com. advanced from 7 % to 10, fell to 6 % and re­
1 -16@ 5 20 less 1-32 for long and 5 17% less 3 -3 2 @ 5 17)4 less 1-16 for
short. Germany bankers’ marks were 94 11-16@94 % for long and 95 5-16 covered finally to 8.
The preferred sold up 6 points to 20
@ 9 5 5-16 plus 1-32 for short. Amsterdam bankers’ guilders were 40 3 3 @
and back to 14.
Lehigh Valley Coal Sales was traded in at
40 35 fo r short.
Exchange at Paris on London, 25f. 24c.; week’s range, 25f. 24 H e. high
245 and 240. Loose-W iles Biscuit com. lost a point to 3 6 % .
and 25f. 23 % c. low . Exchange at Berlin on London, 20m. 4 5 p f.; w eek’s
The preferred was also down a point to 102, but sold back
range, 20m. 4 5 % p f. high and 20m. 4 3 % p f. low.
The range for foreign exchange for the week follows:
to 103. MacAndrews & Forbes, after an early rise of 10
Sterling, Actual—
Sixty Days.
Cheques.
Cables.
points to 195, receded to 182, and moved upward again,
High for the w e e k . ..4 8465
4 8725
4 8750
4 8735
L ow for the w e e k . ..4 8445
4 8715
resting finally at 189. Porto Rican-Amer. Tobacco ad­
Paris Bankers' Francs—
vanced from 283 to 290 and reacted to 275, selling subse­
High for the week___5 20 less 1-32
5 17% less 1-16 5 17 %
L ow for the week___5 20%
5 18% plus 1-64 5 17% less 3-64
quently at 280. R . J . Reynolds Co. dropped from 237 to
Germany Bankers’ Marks—
233 and sold up to 241.
Standard Oil oi N . J. lost about
High for the w e e k ... 94 %
95 ■ I less 1-32
95 7-16 less 1-32
Bonds were dull.
L ow for the w e e k ... 94 %
95) plus 1-64
95 5-16 plus 1-64 3 points to 280, but moved back to 283.
Amsterdam Bankers’ Guilders—
Western Pacific 5s were conspicuous for an advance from
40 40
High for the w eek
40 15
40 35
8 3 % to 8 5 % , the close to-day being at 8 4 % . Copper issues
40 37
Low for the week
40 12
40 32
Braden Copper
Domestic Exchange.— Chicago, 15c. per $1,000 prem ium . Boston, par. were quiet, though prices held fairly well.
S t. Louis, 30c. per S I,000 premium bid and 40c. asked. New Orleans,
rose from 7 to 7 % , went off to 6 % and closed to-day at 7.
com m ercial, par; bank, $1 premium. San Francisco, 20c. per $1,000
British Columbia sold down from 6 to 5 % and back to 6.
prem ium . Savannah, buying, 3-16% discount; selling, par. S t. Paul,
40o. per $1,000 prem ium . Montreal, 15 H o. discount. Charleston, buy­
Giroux weakened from 5 % to 5 % . Greene-Cananea, after
ing, par; selling, 1-10% prem ium . Minneapolis, 50c. per $1,000 premium.
an early advance from 1 0 % to 1 0 % , fell to 9 % and ends the
State and Railroad Bonds.— Sales of State bonds at the week at 10.
Board include $40,000 New York 4s, 1961, at 101, $5,000
Outside quotations will be found on page 1620.




New York Stock Exchange— Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G T W O P A G E S
For record of sales during the week of stocks usually inactive, see preceding page-____________________
STOCKS—HIGHEST AND LOWEST SALE PRICES.
Saturday
June 8

Tuesday
June 11

Monday
June 10

June 12

Thursday
June 13

Friday
June 14

Salts 0/
the
Week
Shares.

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

Range since January 1.
On basis oj 100-s6ar« lots.

Range 1or Previous
Year 1911.

Highest.

Highest.

Railroads
tch Topeka & Santa Fe 103% Feb 1 1103s Apr 8 997g Sep 116% J ’ne
1071s 10714 1063, 1073s 1063s 1067s 100% 1067f 106% 10634 1057s 1063, 12,105
Do p r e f __________ 101% Jan* 2 10-1% Feb 10 IOO-34 Jan 105% J’ne
955
*1031,s 103-lg 1034i 103% 103% 103% 103% IO.334 *103% 10334 §10333 10338
915 Atlantic Coast Line R 1 L . 133% Jan 10 143% A pr 9 117 Jan 139% N ov
140 141
13934 140% >140 141 *140 141
*140% H i's 140% 141
93% Sep 109% J ’ly
1073, 108% >10773 108% *10778 108% 10734 108% 3,400 B altim ore & Ohio______ rlOl% Feb 1 111% Apr 30
1083.1 10834 108% 109
91 Jan
85% Aug
873 j Apr 27 01 Jan 23
300
Do p r e f __________
*87%
88
88
*87%
*87%
88
*87% 88
*87% 88
*87% 88
84% J ’ly
72 Sep
90%
May27
7634
Jan
2
29,780
Brooklyn Rapid T ransit.
88% 8S34 883S S87s 87% 89
8734 89
80's 8984 z873., 89
23,200 / lanndlan Pacific............ 220% Mch 4 270 May 16 19558 Jan 247 J ’ly
26334 266
265% 266% 264% 266
262% 264
20 4 265
265 206
260 Aug 320 Dec
395
A
pr
29
305
Jan
9
v
cntral
of
New
Jersey
_
50
*370
390
375
*370
395
§375
*375 395 *370 395 *370 395
S534 Feb
683a Sep
68% Feb 1 81% A pr 11
4,420 Chesapeake & O hio_____
77% 78% 773.1 77?s 77% 77% 76% 77
7712 77*s 77% 78
26% J ’no
17 Sep
20% Apr 8
17 May31
400 Chic Gt West trust c t f s ..
17%
17% 17
*17% 1S12 *17% 18% *17% 18% *171, 1734 17
49% Feb
35%
Dec
39%
A
pr
8
33
M
ay29
Do
pret
trust
ctfs_____
400
33
33
34%
*33%
35
*33
33
*33% 35% 33
*3312 35
133%
Feb
10534
Oct
11234
Apr
6
102
j
’n
e
li
Chloago
Mllw
&
St
P
a
u
l.
.
102 10334 102% 103% 103 1033s 102% 1033s 27,525
1043., 105% 103% 105
1405g J ’ne 14 146 Jan 2 141 Sep 1551- Feb
Do pref______________
500
141% 141% 140% 141
141 142 *140% 142
+141% 143 *141% 143
138% Sep 1501” j ’ne
145
Apr
26
134'8
J
’ne
10
Chicago
&
North
Western
2,810
135%
135%
*135
136%
1317s
>135%
137
135%
135
135
13512 136%
198 Mch 26 191 N ov §209 Jan
190 May
Do pref______________
77
*180 191 *180 195 *180 195 §193 193 *180 193
33f Feb
1% Sep
37s Apr 18
1% Feb 16
23g 2-%
200 Chic Un Trao ctfs sttnpd
2% 2%
*2% 3
*27S 3% *2% 3
"*234 "3”
7% Feb
434 Sep
10% Apr 18
4
Mch21
Do
pref
ctfs
stm
pd___
100
6%
6%
*0
6%
*0
*6%
7
*7
734
*612 714
6^2
66
Jan
48%
Sep
62%
A
pr
23
64%
Mch
28
Cleve
Cln
Chic
*
St
L
___
*53
57
*53
57
*53
57
*53
*53
57
57
■ *5112 57
98 Feb
94% J ’ly
§957s Feb 24 101% A pr 17
Do pref
“ "1 6 6
101 101 *100% 105 *100% 105
*1001s 105 * 100% 101 *100% 105
elaware & H udson___ 107 Jan 10 175% Feb 6 159% Sep l74”g J ’na
400
168 168
*16734 16934 *10734 169% 16S% 168% >167% 168% *167% 169
elaware Lack A W est. 540 Jan 16 569 Jan 29 505 Sep 570 N ov
100
540 540
*540 550 *540 550 *540 550 *540 550 *540 550
35 Feb
17% Dec
187s May23
24 Mch 27
200 Denver & Rio Grande___
*19% 20%
19% 19% *19% 20% *19% 20
20
20
*20
21
74 Feb
36*4 Dec
34% May29
46% Jan 24
Do
pref______________
36%
1,000
*34%
34%
36
35%
3512 36
37
*34
35% 35% *35
15% Mch
9 Nov
8% Mch 4 1134 May 16
Duluth So Shore & Atlan
934 *83., 9*4
10% *9
*9
1012
10% *8% 10% *9
*9
30k Mch
17% Dec
16 Mch 8 23 M ayl5
Do pref______________
20
25
§20
21
21
*18
22
*18
21
21
*18
*18
*18
27%
Jan
28%
J ’ly
39%
Apr
11
30%
Jan
15
U
'r
i
e
........................
..........
343,
17,250
34
34%
343S 34% 34% 35% 34
34%
34% 34% 34%
61% J ’ly
46% Jan
50% Feb 3 57% Apr 11
Do 1st preferred__
800
*52
527g 52% 52% 52% 52% *52
527S *52% 52% 52-% 52*3
35 Jan
49% J iy
40 Feb 3 48 Apr 11
Do 2d preferred___
4234 42
410
*413., 423.| *42
§413., 413, 413., 414, 41% 42
42
140 J ’ne
Apr 9 119 Sep
132% 133% 133 133*g 1333S 133->8 132% 133% 10,315 Great Northern pref_____ 126 Jan 15 13534
133% 13334 1333., 134
6334 Feb
3334 Dec
36 Jan 31 45 51ay 20
Iron Ore properties___
*413, 42I4 413, 42% 4078 41% *403., 41% 41% 41% 40% 403/
1,550
147 J’ly
132 Jan
1265s 127
1,900 Illinois Central_________ 120% May 9 141% Jan 23
1263, 127
12&3, 1263.. 127 12 /*s 126% 126
126% 127
203s Feb
13%
Sep
2134
Mch24
16%
Jan
3
19% 20% 4,765 I nterboro-M etrop v t ctfs
20
201/
20
19% 20
2OI4 20% 20% 20%
20*s
66% J ’ly
39*4 Sep
5338 Jan 3 62 Mch 26
Do pref
58% 57% 58% 57% 67*,
*58*4 5884 58
57% 58% 57% 5734 5,200
22 Sep
15 May
10% Feb 8 15 Jan 4
Iowa Central
*12
*11
13
*11
*12
13
13
13
*11
13
*12
13
42 Sep
23 Apr
24 Mch 16 30 Jan 4
Do preferred__________
*24
28
30
*25
*25
30
*25
35
30
*25
*25
373;-, J ’ne
25% Sep
29% Mch2o
22% May29
ansas City S ou th ern ..
500
25% 25% 25%
*24
25% *24
25% 243, 25
*24% 2512 *25
6934 J ao
61% Sep
65% M ch25
56 May
Do
preferred______
400
59
59
583., 5834 *58
6034 58
59
60
59
*58
58
17 N ov
10 Sep
18 A pr 24
11% Jan 26
ake Erie & W estern ..
150
15
17-34 15
173. *15
173.i *15
*15
173.1 *15
17% *15
40 Jan
25 Sep
30 Jan 8 40 May21
Do preferred ______
39%
100
393,| *38
39*g *38
*3812 39.% *38% 39-% 381? 38% *38
1867g Deo
1S534 Jan 15 151 Sep
Feb
1743, 175% 173 1753s 171% 173% 17134 172% 1723s 1733g 170% 173% 80,29( Lehigh V alley___________ 1557s
160*4 N ov
163 A pr 9 136% Sep
157 1571 157% 15734 156% 157% 6,300 Louisville & N ashville.. 1497g Feb
159 15914 158% 1583,, 156% 158
142% Jan
13834 Mch 13 131% Sep
anhattan E le v a te d .. 135 Jan
302
135">8 135% >135 137 *133% 137
*136 137 5137 137 *135 137
42% Sep
21% Apr
27% Jan 23
1934 J ’ne
Inneapolls
&
St
Louis
10
*18
§197s 197S
61:% Sep
35
Mch
§57
Jan
15
§40
Feb
26
Do
preferred________
100
*44
45
45
*44
49
152% Mch
400 Minn St P A S S M a r ie ... 129 Feb 3 14434 Mayl5 a 12434 Sep
*1401.1 141 *140 1411 1407S 1407s >140 141% *141 142% 140 140%
Do preferred......... ...... 147% Feb 1 1547s May 16 146 Nov ISO Mch
*152 154 *152 154 *152 154 *152 154 *152 154 *152 154
87%.Fly
90% Mch
66i-> May2l §887s Jan 17
Do leased line ctfs___
*8534 86-% *85*4 87
*8534 87
*85% 87
*853, 87
*8534 87
38% J ’DQ
27 Sep
31% Mch29
20% May31
2, GOO Mo Kansas A T exas_____
2838 27% 28
*27% 28
*271., 28
*27% 28
28'2 2812 28
62-34 Sep
70 Oct
67% May29 66 A pr 17
Do preferred_________
565
*59% 61% *59% 62
§60
603, f,l
60
60
60
*60% 62
33%
Sep
63 Feb
47-34
Mch
27
35%
May23
363.1 307S 36% 37% 12,100 Missouri Pacific________
367s 36% 37
3583 373. 36% 371.1 30
60 Aug
71 Jan 4
7238 Jan
at Rys of Mex 1st pref 63 Mayl7
*643., 70
*64
67
*643., 70
70
*65
70
*64
70
*65
25% Aug
33% Feb
28 Apr 1 867s Jan 20
Do 2d preferred___
1,255
§30% 30% 3078 31
31% 311., *31% 31% 30% 31% *30% 31
Sep 115% Feb
118 118% 1175s 1183g 5,900 N Y Central A H u d so n .. 106% Jan 9 121% A pr 25 i997s
11734 11834 11734 118
119 11912 1183., 119
151% Feb
280 N V N H 4 H artford____ 134% J ’ne 14 142% Apr 1 12o78 Sep
*134 1351 *134 135% *133 135% 1347S 1347s *134 135% 134% 134%
467g J 'ly
3734 Sep
4138 Apr 12
34 J ’n cl4
34
38% 4,250 N Y Ontario A W estern.
*37
38
38
37% 37% 37% 37% *37
*37l2 38
93% A pr 26
8678 J ’ne
400 N Y State Railways____
89*3 893S ♦8834 89-3.1
89
89
89
89
, 88% 88% *88% 89
45% Oct
60 Mch
46is Feb 29 55 May 2
Norfolk Southern_______
50%
50% *46
50% *46
50% *46
*46
50% *40
501 *46
99-34 Sep
111% N ov
Apr 3
1113., 11134 111% 111% 111 111% 111% 1113, 1117s 112% 111% 11134 4,300 Norfolk A W estern_____ tl0734 Feb ‘ 114%
01% J ’na
85-34 Apr
88 J ’ne 12 92 Feb 17
Do adjustment p r e f ..
100
88
88
*85
91
5534 N ov
39% Jan
56 Mch 11 67% Apr 16
100 Nor Ohio Trac A L ig h t..
60
60
*59
64
11034 Sep 13778 J ’no
1265s
Apr
fly
115-3,3
Jan
15
Northern
Pacific______
8,100
11834
119%
11934 120% 119% 1195S 119% 1193., 119% 1191;
1193., 120
130%
Feb
11834
Sep
120%
May
2
122%
Jan
123% 1233g 9,050 P enn sylvania__________
12334 124% 123% 12334 123% 12334 123% 124
124 124
90% Sep 100 Jan
110% May20
98% Jan
800 Pittsb ClnChto A S t L . .
107% 107%
107% 107% *107 108% *107% 109 *107% 10834 107*4 108
112
Feb
102%
Sep
117
Feb
20
108%
Jan
Do
preferred_____
_
.
*110 117 *110 117 *110 117 *110 117 *110 117 *110 117
1617g j'n o
148% Jan 11 179% Apr 29 134 Sep
171% 17134 1691.1 1723g 10534 1695s 16678 167% 167*3 168% 164% 168% 348,400 TT e a d ln g _____________
92 J 'ly
88 Mch
93% Apr 29
88 J ’n o ll
772 YV 1st preferred_____
*877g 89
*8773 89
90
*88
88
88
*88
90
88
88
90% Sep 101 May
94 Jan 11 101% A pr 29
2d preferred______
300
98%
99
*97
99% *97
98% *95% 98% *96
97
+95
97
343s J ’no
22S4 Sep
30% A pr 8
22% May3l
24% 25% 8,800 Rook Island C om pany___
2438 25% 2434 25
25
23% 24% 24% 24% 25
4334 Dec
68*8 J ’no
695s A pr 9
Do preferred______
48 Jan
3,300
5034 51
50% 50% 4834 50
4934 49*4 50% 50% 495s 50
27 Oct
23
Dec
29%
Mch
26
2134
May22
t
Louis
A
San
Fran
_
*2234 25
300
*223., 25
♦23
25
*22% 25
25
23% 2434 *23
69% J ’ly
69 Sep
61 May 10 69% Jan 23
Do 1st prefeiTcd.____
*61% 65
*63
66
*61% 65
*61% 66
*61% 65
*61% 60
49% J ’ly
37
Sep
4334
Apr
11
351
•
>
May31
Do
2d
preferred______
700
38
*36
36
36%
*36
36%
♦36% 38
36%
38
*36% 38
34 Feb
2,100 St Louis S outhw estern.. 2934 Jan 22 3438 Apr 2 24 Jan
3334 3334 *33
34
3378 3334 34
33% 337g 333., 333, 33
72 J ’no
5934 Jan
68% Jan 17 77% A pr 8
Do preferred_______
76% 76
75% 76% 2,925
76% 76
77
76
76% *75
76% 77
27% A pr 4
24-34 May29
243, 2434 1,800 Seaboard A ir L in e ____
25% 25% 25’% 2434 25
*25% 26% 25
*25% 26
50% Apr 16 66% J ’ne 7
Do preferred_______
55% 54% 547g 54% 5483 6,800
55% 553., 55% 553.1 5478 55% 55
105% Feb ‘ 115% A pr 8 104% Sep 12638 J ’ne
110% H03s 110% 1103s 109 1103g 109*8 109% 109% 1097g 108*4 10958 7,400 Southern Pacifio Co____
333a J ’ly
2434 Sep
26% Jan 31 31% Apr 9
2838 4,450 Southern v tr ctfs stmpd
28% 28% 28% 287S 28% 28% 281., 2S38 28% 283g 28
75% J ’ly
61% Jan
76% Mch 28
68% Feb
Do pret
do
1,908
73% 74
*73% 74% 7378 74
*74
74% §74% 74% 73% 74
30% Feb
197a Dec
26% Apr 2
20% Jan
200 r|>xas A Pacific.
*23% 24
*23% 24
+23% 24
*23% 24% *2334 24% 2334 24
41 Deo
31
N
ov
3534
May
4934
Jan
9
1
hlrd
Avo
N
e
w
____
_
400
39
*38
*38
*38
39
39
3934 39
39% 38% 38%
*39
8% Jan
4 N ov
3 Jan 16 10% Apr 16
T oledo Railways A L t ._
*6*4 7% *6% 7% *6%
7% *6% 7
8
*7
8
*7.
2434 Feb
12 Dec
1234 Mch
163S M ch27
1,200 T oledo St L A W e ste rn ..
*14
14-% *14
*13% 15
15
147g *13% 15
13% 13% 14
537g
Jan
347g
Dec
36
Apr
8
28
J
’no
Do
prelerred
300
32
*28
32»g
*28
32%
32% *25
32
30% 31
32
*30
109 M ayl6 104 Sep i l l Feb
Twin Glty Rapid T ranslt. 104% Jan
♦107% 108 *105 108 *105 108 *105 108 *105 106 *105 109
1923g J’ly
175*8 Apr 9 153% Sep
160 Feb
nlon Pacifio___
90,250
169% 170% 169 170% 167*4 169% 168% 169% 1687s 169% 16078 169
89 Sep
96 J ’ly
03% Feb 27
90 J ’no
Do preferred
1,910
90%
90
90
90% 90% 90% 90% §90% 90% 90% 90% 90
28% Sep
49 Feb
37% Feb 14
30 J ’ne
100 Unit Rys In v’ t of San Fr
30*4 *29% 3034 *29% 3078 *30% 3034
*30
30% 30% 30% *30
76% Meh
62 Sep
65%
Feb
14
68
Jan
Do
preferred_______
600
59%
59%
59%
68%
681'
59%
60
60
60
♦59%
*59% 60
45 Apr
37
Sep
60
Apr
2
41
Jan
Virginia
lty
&
P
ow
er._
_
♦47% 50
*47% 50% *47% 50% *47% 60% *47% 50%
*47% 51
183g Feb
534 Dec
934 May 11
0 Jan
a b a s h _____________
6% 7% 6,500
6% 7
7% 7%
*7% 7%
6% 678
63S 7%
403g Feb
14% Dec
16% J ’ne 14 227g Apr 9
Do preferred____
1634 18% 163.i 17% 17% 17% 17% 17% 16% 17% 7,600
18
18
66 J ’ly
4878 Apr
64% Mch25
55*4 Jan
58
*57
57% 57% 1,100 Western Maryland R y . .
68
58% 58% 58
68
57% 57% *57
88% J’ly
75 Jan
81 Apr 6
75 Jan
Do preferred_______
80-% *77
♦77
81
81
81% *77% 81
*77
*78
*77
81
6% Feb
2% Sep
9% Mch 13
300 Wheeling A Lake E r ie ..
4 Jan 10
678 67g
7
7
73., 734
8
*7
8
7% 7% *7
1758 Feb
7 Sep
100
257s Apr 18
11 Jan
22
Do 1st preferred.___
22
*20
24
*22
25
*23
*22
__
25
25
♦22
25
8 Feb
3 Aug
14 Mch 13
100
Do 2d preferred_____
6 Jan 19
*11% 12% 11% 11%
*11% 12% *11% 13
*11% 13
*11% 13
72% May
48 Sep
57% Apr 8
160 W isconsin Central_____
48 Feb
§52% 62%
*52% 55
*52
65
*5178 55
63% 63% *52% 55
Industrial A Miscellaneous
§191 Mch 12 §217% Apr 18 §198 N ov §245 Apr
dams Express.
♦205 220 *205 220 *205 220 *205 220 *205 220 >205 220
934 May
3 Mch30
1% Dec
*3,
1
“ ~ ’
100
% Mch 26
*34 1
*%
1
llls-Chalmers
1
*34 1%
3.i
*4
*34 1
8 Jan 2
6% Dec
34 Feb
2% J ’ne ‘
300
Do pref
*2% 10
*2% 10
*2% 10
2% 2% *134 2% * 2 % ___
88 J ’no 6
443.1 Sep
71% J ’no
60 Feb
8378 85% 104,185 Amalgamated Copper___
85% 86%
8638 867s 8578 8678 84% 8578 85
86
4434 Sep
58% Feb 27 63*8 Mch 22
63% Deo
450 Amer Agricultural Chem
6078 607g
*60% 62
61
61
61
61
61% 61% *60% 62
100% Apr 15 104% Mch 20
99% Oct 105 Deo
10
Do pref_____________
*100 101 % *100 101% *100 101% §100% 100% *100 101%
53 Feb 26 76 May 11
5934 Oct
39% Jan
74% 7534 73
75">g '74% 753‘i 51,300 American Beet Sugar___
75
75
75
74% 75
74
101 J ’ne 14
92% Jan
101 Oct
97 Apr
Do pref_____________
225
*100 101
101 101
100% 100% §101 101 *100% 101
♦ 100% 101
91% Jan
97 Feb
98 Apr 23
87 Sep
Am Brake Shoe A F d ry .
*95% 96% *95% 96% +95% 96% *95% 96% *95% 96% *95% 96%
130 Jan
141 J ’no 14 122% Oct 138 Feb
300
Do p ref____________
*137%
>137%___ *1 37 % ----- 1397s 13978 141 141
♦135%
12% May
87g Jan
11% Feb
43 May 11
37% 33
3334 343,
3234 3434 49,750 American Can__________
3638 335S 35%
36% 36% 36
93% Deo
77 Jan
90% Feb
121% M a y ll
Do pref_____________
116 117% 7,975
1185s 119% 1183, 11934 116% 11734 116% 117% 116% 117
58% J ’ly
42*3 Sep
49 Feb
61-38 Apr 9
5834 69% 2,000 Anierloau Car A Foundry
5934 5934 5978 697S *58% 59
59
59
59
59
115 Feb 14 120 May2l 113 Oct 120 May
Do pref
155
118% 118% *118 1187g
§119% 119% §120% 120% *116 118% *116% 119
G238 Feb
41*3 N ov
45% Jan 19 57% May 3
1,300 American Cotton Oil____
517a 52
52
53
53% *52% 54
*53% 54% 5358 5358 53
92 NOV 105% Feb
95 Jan 19 99% Feb 13
Do pref
9678 9678 *96
110
.
98
*94*8 98
*943s 97% *9438 97% *94% 98
§225 Apr 11 201 Sep §255 Jan
______American Express________ 200 Feb
♦212 220 *2 12 220 *210 220 *210 220 *210 220 *210 220

A

D

K
L

M

N

S

U

W

A

BANKS
Bid

Banks
New York
A e tn a _____ 200
America II.. 620
Amer E xch. 237
Battery R k. 125
BoweryH___ 400
BrouxBorot, 300
Bronx Nat. 175
Bryant Rk 1< 160
Butch Jo Dr 130
ittentury §).. 6230
IChase _____ 675

Ask
207
630
243
130
____
_____

180
155
140
—

Banks
Chat*Rhcnlx
Cheisea itxl
Chemical _ .
Citizens’ Cti
C ity_______
Coal & Iron
Colonial T,._
Columbia §j.
Commerce .
Corn Ex H_.
East River.
Fidelity H_.

Bia
1821
6150
440
180
4171;
155
425
335
1199
320
100
165

AND

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

BU
Ask
Banks
1871- Filth Aveli- 1400
Filth ......... 300
I’ tr s t______ 1000
450
F o u r th ____ 200
185
G a rfield ___ 275
425
ICO Germ-Am H 140
Germ’ ll Kxlj 425
360 Germania U- 525
r 1997, G o t h a m ___ 155
Greenwloh 1J 250
H a n o v e r ... 075
115
175

325
205
290
440
640
165

Banks
Harrlmaa . .
imp & Trad
Irving N Ex
L iberty____
L incoln____
Manhattan!]
vlark’ t&Ful
vlcch&Met’s
viercantlle .
\lerch Exch
Merchants’ .

Bia
290
565
230
590
375
340
250
t265
175
162%
185

Banks
Metropolis 1
Metropol ’ n§
Mt MorrisH.
Mutual 1l___
010
.Nassau___
385
347% New Neth.1
257% NewYorkCo
New York.
RaclflcH____
180
167% H ark______
Reople’s U_.

Ask
575

BlJL
375
191
250
288
200
220
875
340
255
370
240

Ask
Banks
385
Rrod Exch 1,
198
Reserve . . .
260
>eaboard__
2921- ->econd ____
oecurityU . .
205
jherm an___
State U ____
23d Wardl).
350
Union E xc.
265
Wash U’ ts 1
375
.Vest Side 1250
VorkvUie 1|.

Bid
170
90
415
375
135
135
250
175
162
276
600

• Bid and assod prices; no salt*) were made on this day. 1 Ex-rlghts. § Less than 100 shares. 11 State banks, a Ex-dlvIdend and rights 0 New rtOOk.
§Balo at Btock Exchange or at auction this week, ft First installment paid, a Sold at private sale at this price, * Ex-dividend, JiuU paid.




AtM
175
400 ;

145 :

2751

168 ;
e'wT;

1612

New York Stock Record—Concluded—Page 2

[V O L . L X X X X IV .

For recoru of sales d irlng th9 week o; sticts 'isn lly h i . ' vi sea s i : <i 1 1 1 : 2 orecMIni
STOCKS—HIGHEST AND LOWEST SALE PRICES
Saturday
June 8

Monday
June 10

Tuesday
June 11

Wednesday
June 12

Thursday
June 13

Friday
June 14

Sales 0/
Vie
Week
Shares

STOCKS
N EW Y O R K STOCK
E X C H AN G E

Range since January 1
On basis ol 100-share lots
Highest

Industrial and Misc. (Con)
512 51
*5t4 534
*514 534 *5
6
*5
6
3 Feb ...
*5
6
100 American Hide & Leather
261 *2514 26
*2-1
2414 241.) *24
25l2 24t4 241, *24
20 Feu 20
28
Do pref______________
200
26’ i *2614 263; 2512 2612 26l2 27
*20
*2612 271,
18 Jan
26
2612 2,100 American Icc Securities .
1412 141;
14-18 1514
l-il2 1412 1412 1412 14-84 143,
1412 1412 2,506 American L in se e d ______
9 Mch .
38
31 -’g *37
39
*3612 39
*36l2 39
... Feb 20
30
*3012 39
*3612 39
Do p rcl______________
1,040
■I2I4 421. *42
42341*4 4212 4134 4134 42
413, 42
42
3U4 Feb 27
1,550 American L ocom otive__
*10612 108 >107 1081,i ■108 IO8I4 IO8I3 IO8I3 IO8I4 1081, ,10812 10812
103 Jan 15
Do pref______________
210
147S 14?3 1412 15
15
15
15
1584
1512 173f. 1718 187s 16,720 American Malt Corp____
434 Jan 10
5S78 68?s 5812 5812 58*4 59
42 Jan
5812 6H4 6012 61V,
Do p re f______________
61
6212 9,950
*89
90
8912 891; 8914 89l4 *8938 89t2 *8918 891; *8918 89I;
86 Mch 2
350 Amer Smelters Seo pref R
85-I4 8t-78 853s 85 <3 84’3 85-18 8434 8512 8538 8578 8312 851, 18,800 Amer Sm elting* Defining
677s Feb
li)23g Jan
107 »8 1075S 1073s 1073* 10734 10734 108 108
Do pref______________
720
10783 10758 10734 1073,
165 I 69I4 160 16634 15812 163
161 162
160i2 16334 rl60 1613, 8,525 American Snulf..... ............ 123 Mch .
*103 108
=104 108
100 108 >100 108 *100 108 *100 105
Do pref_____________ 102)S Jan 16
♦102
‘ 103 . . .
102 105 >100 105
Do pref, new . . . *
99 Feb 9
>100 105
*35
37
36l4 3 6I4 *36
3612 37
37
‘ 37* 37'
28 J.-.n 19
37
37
900 Amer Steel Found (new)
130 1321* 13134 133% 130l4 13212 131 132
131 13214 130l4 1315; 35.410 American Sugar Refining U4-i4 Jan 12
122 122
12212 122<V >121 122 >121 12U2 12112 1211; >121 1221;
800
Do pref.......................... 115i2 Jan
14534 1457g 14534 146*g 14512 145-14 14534 1457s 14512 145-1., 14512 145-1,
5,151 American Teleph & Teleg 137*8 Jan
205 2981; 294 296
293 293
289 295
292 29573 291 296
24Hs Feb 2
7.020 American T o b a c c o ..__
10712 107*4 107 108
*107 109
10712 10712 >107 109 *10512 107
Do p r e f ______ I .
102 Jan
301
1053s 105-% 105 105*8 105 IO5I4 105*8 10512 1053s 10512 rl0312 1033,
Preferred, new______
10U4 Jan 1
2,900
2912
29l2
*28
2912 *28
*2712 29*2
30
2912i *28
2514 Feb .
*28
2912
100 American Woole-i
9134 913.i 91
*91
921;
9112 91
91
Do pref__________H I ’
700
86 Feb 7
9112 915s 9112 9112
*36
37
36*4 3712 3612 363., *36
37
3612 3658 361* 30i8 1.020 Amer Writing Paper, prl.
25)8 Jan 25
4414 441.|
4414 44‘;
43U 4414 4312 44V, 44I3 4412 4314 4418 22,870 aAnaoondaCopper P a rt25 534 Feb
*120*8 122
12012 120-8 12014 1231; *120U 1231; >12058 12312 >12058 12312
105i2 Feb
201 Assets Realization
55 J ’n cl3
55
5514 5518 55% 1,250 IJaldnln L o c o m o t lv e .il
10778 107'8 10778 1077* 10734 1073., 10734 10734 >10734 108
DO
nrof __________ 10234 i-'eb .
10734 108
- - pref
1,61< ■'
37*8 3758 37i2 37l2 363g 37I4 3714 371
2734 Feb 27
37
3712 355S 363j 2,301 Bethlehem Steel
*7012 721; *7012 72l2 7012 7012 *70>8 717g 70
70
6Ui2 Feb 27
Do p ret......................
300
6912 6912
14212 1420 144 144 >142 144
*143 145
143-14 144 >141 143
400 Brooklyn Union Gas____ 137% Mch21
*3214 351; ♦3214 351; *3312 35
2912 Mch 16
*3312 3512 *3312 35l2 *3312 3412
Butterlok Co___
26*8 2512 251f *25
*25
26
2478 - ­
26
25*8 2514 26
10i2 Feb 2/
1.400 ( 'entral Leather
93*8 8355 *9134 94
*92
931; 9234 92-1,, *9112 9312 91
80 Feb 27
Do pref____________
350
323s 33l2 32">3 33-1s 325S 3458 3312 35
3312 33®s 3312 34
Par 65 325 Jan 15
22,301, dChlno Copper.
*28*3
30
2913 3218 31-18 3278 32
331S 315g 327g 25,500 Colorado Fuel A Iron
♦285s 2912
23's Feb 2;_
♦1413,, 143
14134 142
14014 14H; 140-1, 14034 *141 142
138I4 Feb 17
140 141
3.300 Consolidated Gas (N Y)
*15
15lg *15U 167s 15'8 1514 15U ISl,
I5I4 I5I4
10 Jan 16
1.400 Corn Products R efin in g..
15
151,
*82
83
*82
83
82
82
8188 8158 ♦8112 83
Do prel....................
r76i4 Jan
8U3 813.,
620
337( 3238 33-% 3278 3314 3234 33
3234 83
33
28 Feb _
3212 3212 6,450 Distillers’ Securities Corp
*13
*13
17
*13
17
*13
17
HI4 Feb 28
15
15
*13
18
100 Federal Mining & Smelt’g
42
42
*42
44
*41
44
Do pret_______
*41
44
*42
43
37% Jan 23
*411, 44
100
169 16914 169 170
I68I4 169
169 169
155 Jan 2
1695s 1G934 16914 1711s 4,980 General Electric.
3312 3434 *33
*33 '85
35
30 Feb 26
3314 33I4 *33
35
*33
3513
700 Gen Motors vot t* ctfs__
74-1,1 74-1* 7414 75
*74
75
70i4 May 3
*7414 75
Do prof vot tr ctfs___
75
75
7512 7512 1,000
412
43s 41;
4-% 412
438 412
SI May 1,
438 4S8
438 412 12,300 dGotdfleld Con M Par $10
67
6012 z60l8 623S 37,101 dGuggenh E xplo.P a r $25 $>7 J ’nol-i
1934 20
1912 197f
19-% 1912 19l2 1988 -19V, 193,
I9I4 193g 6,925 d |nsp’n Con Cop Par $20 #18% J ’ne
* ll8 12112 ■118 1211; »1181-2 H812 >11812 1211; *11812 1211; 119 119
450 1 nt Harvester stk tr efts 10514 Feb 1
120 120
*11712 120
11712 122 *11712 122 >11712 122
11712 122
Do pref stk tr c t f s ___ 116i2 Jan 26
100
412 412 *414 4»g
*414 43S *414 4-1;
*414 4B8 *414 43,,
100 Int Mer Marine stk tr ctfs
4
Mch 7
*187S 1912 1712 181; *18
193s 188, 183, *18-14 1938 1812 1812 1.300
Do prof________
17); May 10
1712 181;
16?8 18
173,
1712 1734 1712 173, *17
1638 17
—
6,40V International Paper
9-i8 Jan 17
00
6012 6OI4 601;
60
*59
61
60
60
Do pref________
60
z457s Jan 3
*58
1,001
361;
*25
261 *25
25
2512 2512 25
2512 25
25lg
1,335 Internat Steam Pum p___
2R ; J ’ne 3
81
7973 797s §80
*7Ul2 8OI4 *79
80
Do pref__________ .
*70
81
79 Feu 1
125
*7912 80
*10ol4 106 ■10512 106
IO5I4 IO5I4 >105 106 >105 106 >105 106
201 Laclede Via* (St L) c o m .. 104 Mch 16
20234 206t; 19934 203
19934 19934 201 2011; 20312 205
198 200
6,371 Liggett & Myers Tobacco 1567s Jan 16
*11212 11412 11212 1131; 11212 1125s 112 1121; >11212 114 t 11134 lll-l,
Do preferred................ 105i2 Jan 12
1,000
*84
88
* _____
88
*80
87
8534 85-1, *84
87
*8514 87
7513 Jan 3)
100 Mackay Companies_____
687s 68/f
*6S12 69
68% 68% *6812 6912 69
Do pref_____________ I
6918 691S 6918
600
68i2 Jan 11
*78
80
7714 78
7814 78V, *77
80
*77
80
78
79
69 A pr 11
700 May Department Sto'resl
*100 108 *106 110
106 108 >106 108 >100 108 >10414 106V;
Do pref______________ 1091; A pr 3-;
6SI4 68-lg 6734 681& 67
68
673s 68
0712 673; 053, 673.) 12,100 Mexican Petroleum_____
02-1.1 A p t 20
2734 28
277s 2814 2712 28
277S 28
2778 281
28
28V, 21,151 d -Jlami Copper___Par
$23ig Feb 14
*15534 158 >15618 158
168 15612 ►
156i2 156l2 156 1667s 156 156
900 \J atlonal B’ scult........... 139i2 Jan 2
>125
131
*125 131
>125 131 >125 130
12912 12912 §130 130
Do pref.................... 120-ij Feb 20
135 I *
1612 1612 *16
*16
I7I4
17
*16
1612 *16
17
10
16
1214 Feb 2:.
200 Nat Enamel’g & Stainp’g
*9212 95
*91
94
92-14 92-1, *91
94
*91
94
Do pref___________
9312
*90
8.3 Feu 27
100
6734
5734
667S 5734 57
*5712 58
5718 *57
5658 5714 1,750 National Lead___________
58
6li8 Jan u
*10712 1093j IO7I4 1091;. 10912 10912 >10712 1091. >10712 1081; *107*2 109%
Do pref___________ .
105t2 Feb 1
100
22
2283 22
22-33 22*8 223s 221;
22I4 221g 221,
217S 221s 9,200 dNev Cons Copper.P a r 55 SlSVj Jan 211
74
74
7513 7614 7412 76
751; 7512 7512 761,
7412 741; 3,800 New York Air B ra k e .. .
50 Feb 17
*8212 8378 *8318 837; X82
83
*3212 3312 *8212 8312 82
821g
7412 Jan 3
900 North American Co (new)
33I4 o312 32-l4 3314 3312 331; *323, 331, 33
*3334 34
acific Mall....... ..............
33
30 Jan 3
800
495g 50"
51
5073 507s 6034 511; 50
*4912 51
49I4 50
aclflc Telep A T e le g ..
47 Feb 6
1,80V
115 115
114 1141 >114 115
11412 11412 113 114
*115 110
103 Jan 8
1,125 People’s G L & C (Chic)
103 103 *10212 104 *103 105
*10312 105 >103 104
IO3I3 1031s
Philadelphia Co (P ittsb). 1)2 J ’no 3
200
*2114 221; *2H4 221; *20
2212 *2114 21-1, 213, 213., 207s 22
lUVjMch 1
95V Plttsourgn Coal Co______
0012 90 $ 8U-34 90*8 88*4 89
*88
90
90
90
Do pref____________
*89
DOC, 1,000
77 Feb 8
195 2001 1923s 19434 191 192
195 195
195 195 ,rl90 191
107 Mch 11
3,207 P. Lori Ilard C o.................
*113 1131 II3I4 1131; >113 114 >11314 IHI4 ►11312 IHI4 111-1., 1133:
Do p re fe rre d ............. 107-i4 Jan 12
441
*35
36 " 35
*35
36
35
35
35
35I4 3514 34% 35
2834 Feb 27
50C Pressed Steel Car_______
J10378 10378 >10012 10112 >10012 1011 >100 102 >100 102 >100 102
i'0 ore.______ _____
96 Feb 28
*109 112 >10912 1111; >109 112 *109 1111; >109 1111; 111 111
100 Pub Service Corp of N J . 106- I4 Feb 17
16978 1597s *1591; 160 §160 160
*15914 160
15912 160 5160 160
242 Pullman Com pany______ 158i2 Feb 2
*34-*4
3
g
*
4
*3434 351; §34-1., 3 I-I4 35V, 35I4 3514 35V,
*35
353.1
27); Feb 8
57( IJ allway Steel S p r in g ...
*9814 103
102 102
*9912 103
Do pref_________
*98V, 102
♦9-SI4 102
100 Mch 12
*9814 102
100 *4
20*3 21 ls 207g 213S 203S 2H4 2OS3 2073 2058 2118 205g 21
45,675 dRay ConsCopper Par | lo 510 Jan 29
24I4 2H4 2414 2‘H4 2314 23I4 2 3 l2 237 s *23-1, 24
15-14 Feb 26
24
24
800 Republic Iron A S t e e l...
*78
80
*79
80
7818 79
64 % Feb 2 7
Do p r e f............ ..........
79
79
79
79
7914 79V, 1,200
18912 IOOI4 189 19034 188 1883, >186 1893., 1891s 1893., 189 1911, 4,000 -tears, Roebuck A Co____ 140 Jan 15
62
52
*60
52
*50
52
51
51
52
52
39i4 Jan 30
*5H8 521;
601 Sloss-Sheffleld Steel & lr.
441; 42
44
44-r>8 44
4312 44
44-84 4412 4512 441, 451; 9,630 dTennessce C opp.P a r 325 $34% Feb 1
11012 11012 n o i 2 1101; 109 11012 11012 11012 llOig H I 3:1091, 1101, 2,820 Texas Company (T h e)___
81 Jan 16
10634 1081s 10.‘;34 108*4 1005s 107 *10718 108
1077S 108
109 110
98i4 Apr 3
nderwoo 1 Typewriter
1,70V
*112 114 >11112 11434 >112 115 *11112 11434 >11H2 115
Do pref...................... 119 J ’no l !
no no
200
1234 13
I2I3 12V,
11*8 12
1112 1112 1112 121,
-|58 Jan 25
12
12
1,80V Union Bag A Paper.........
6OI3 62
*62
64
*60
62
60
O0
*58
64
4911 Feb 21
Do p r e f ........... ..........
*58
62
410
62
637s 641.1 62
62
62
*60
63
*613s 63
6153 G15S 1,40V United Cigar Mfrs............
5912 M ayi.
>105
110
*105 110 *105 110 *105 110 *105 n o
*105 110
Do
p r e f ....... .............. 105 Jan Li
*99-34 10112 *9934 10112 *9934101l2 IOOI4 10H2 *100 10112 >100 10012
97 Feb 10
80C United Dry Goods______
105-14 10012 >106 10612 IO6I3 1061s +106 1061, 1051, 10018
*105*4 1061; ►
Do pref....... ................. 1031s Feb 24
400
21
*21
2H4 *2012 21»8 21
2114 a n 2 2134 223g 2112 2112 2,600 U S Cast I Pipe A Foundr
13 Feb 16
5814 5734 5818 5812 60
5734 58l8 58
60
61
591, 60-1, 3,900
50 Jan -1
Do pref______________
*761; 771; 7612 7012 7534 7534 *7512 77
67 Jan 31
*75t4 761, *7514 7bl2
300 U S Realty & Im prov’ t . .
6U8 64lJ 641S 6418 6234 63*8 6312 63-14 6312 63-1, 6314 631; 3,300 United States R ubbor___
4514 Feb 1
11112 11112 11178 11178 11178 11178 111-1., 1113., 11112 11112 IIM4 1117g
Do 1st pref.................... 109 Jan 30
800
*81-1.1 8218 *8112 8218 815S 8183 *8112 8212 *813, 82V, *82
82V,
75 Jan 23
Do 2d pref___________
100
697s 70%, 69 >3 7012 68I4 697S 6863 6918 6918 6938 6734 691, 236,800 United States Steel.........
581,i Feb 13
*110-1.1 11118 111 11118 11038 11078 11058 11078 11018 11038 110 1103g 6,05(
Do pref......... ................. 107- % Feb 13
64*4 64*4 6383 6412 62-l4 6312 6312 637g 6312 64
627S 633,, 22,40V dUtah Copper___Par 510 $52i2 Jan 29
50*4 51
*50l2 51
SO’,, 5034 5018 6OI3 4733 5018 4712 4818 8,600 Vlrglnia-Carollna C h em ..
47-'3 J ’ ne 13
*118 120
119l8 1101S MIM4 119 *118 119i2 118 118 *118 119
Do pref
118 May 1
300
*140 1451; *140 1451; *140 145 *140 1451» *140 145 *140 145
ells Fargo A Co......... §142 Feb 7
833, 83
831S 8.8Vi 83
83
8318 831,
8212 8318 8214 8312 5,292
estern Union T e le g ..
79 Jan 2
*72
7312 7312 7312 72
7212 7212 72l2 7212 73
73
7412 2,900 Wc-stlngh’seEl AMfg assen
00V1 Jan 3
120 120 *117 120 *117 120 *118 120 *118 120
*117 120
20(
Do 1st p re f_______
1117* Jan 5

__

P

U

W

BANKS AND
Banks
Brooklyn
Coney Isl’dT
F ir s t............
Greenpoint..
HUIsUlel!___
Homestead!
Manufac'rs
Mechanics' t
Montauk H
N assau____
Nat C it y ...

ma

Ask

__

155
295
175
125
100
425
240
150
225
296

280
165

....
__

410
230

___

212
283

Banks
Brooklyn
North Side T
I’ eople’s ___
Rrosp’ctP k’
Trust Co’ s
N. Y City
A s t o r _____
Bankers' it
B’ way T r._

Hid

Ask

Trust CoY
N Y CUV
175
200 Central 1’r.
160 Columbla150
155
140
Knlckorh
Commercial
E m p ir e __
Eqult’ ble Tt
Farm LoA'l
372l2 __ Fidelity . .
F u lto n ___I
580
590
1771; 1821; Guar'ty Tr.

foa ie at Stock Exchange or at auotlon this woek.




TRUST

Range tor Previous
Tear 1911.
H ighesl.

6i; May U
271; May 10
30-i.| May.'
1778 Apr 21:
43 Apr 2
44*4 Anr 1
110 Apr
187s J ’ne l
621; j ’no L
891; J ’ne l
89*3 Mch 26
1081; Apr 24
16.>>4 J ’no
111 Jan 20
103 J ’ne
39% M a yll
133' May 1
12.)i8 J ’no 3
149*8 Men 25
298*2 J ’ne
IO8V1 Jan 1
100-18 Jan 19
61 May 17
94i2 Men 12
4 lis May
$4478 Apr 2
123 Apr 1:
651; J ’n e li
108 Mayl42 Apr 1(
7414 May 1
1451; Mayli
40i8 Apr 30
28% A pr 22
95-% A pr 2:
535 J ’no 14
3414 Apr 10
140 Mch 28
1712 Apr 24
87 Apr 24
3438 Apr
1834 Mch 26
46 Mch 26
173 Apr 0
3814 Apr 9
82 A pr 8
$5 Mch 18
. 362-13 J ’ne 14
$20*8 J ’ne 7
1241; Mn\'2;
I2l-i.i Apr -.
778 Men29
26 Mch 29
l-3.i May2027s May.'.,
34 Jan 2
8458 Apr b
1083i Jan 4
206U J ’ne !■
113i2 Jan It
87-)., J ’ne 6
707,3 Jail 23
82Vi May2.s
112 Jan 11
7.3-13 M ayl
S28i2 J ’ne 13
101 Apr.)
130 May M
191.1 May la
95i2 Jan :
005s May2:
10934 Feb la
*23i4 May 1
761; J ’no 1
847g Apr 27
35 Mch 27
5538 Apr 25
II8I4 May.'&
IIH4 Feb 10
23-i4 Apr 23
9278 Mayj-t
20012 J ’no -‘
115 Jan 19
37-% Apr 9
103i2 Apr 24
lll-i4 M ch28
163 Apr 29
3714 Apr 27
103 Feb 21
*21.13 j-n e io
27 Jan 2
85-18 Jan 3
lJ4l;M ny'i
62l2 M ayll
$4711 May.’ l
11,3.t May2.i
tllS sJ ’no v
113 J ’ne 1
1/73 Mayl.'
0734 Mayl:,
04-i4 M ay21
10;) Feb 16
10Us Apr 10
103 Mav2
22*2 M aylo
61 J ’ no 13
8U4 Mav20
677g May21
110 May 2;
85l2 May21
7314 Apr 311
11334 Apr 8
S85% Apr H
5714 Jan 26
122 Mch 27
151 Jan 3
8OI4 Jan 18
817S Mch 27
122 Mch 21

3i2 Sep
18 Sep
l - i 2 Aug
8 Aim
261s Oct
32lg Oct
102 Oct
3 Sep
31i2 Mcb
82 Sep
5058 Sep
98-3, Sep
225 Sep
90
Aug

6 J'no
20% J ’ne
25.14 J ’ly
123, Feb
3412 Deo
4314 May
110.14 Mch
6-ig Jan
43*8 J ’ly
89l8 J ’ly
837S J'no
1081; J'no
325 May
105 Deo

25 Sep
II2I4 Sep
111 Jan
131i2 Aug

62i2 Feb
1221; Feb
11912 Feb
153ig J ’ne

87

Aug

105% Deo

26i2 Dec
86I4 o c t
24'; Sep
*29 Sep
106i2 Dec

36i2 Mch
96V| J ’ no
341; Feb
$41i8 J ’no
108 Deo

103i4 Deo
20 Sep
54 Sen
rl2U Sep
28 Feb
183., Stp
9113 Dec
$10*2 Sep
25 Sep
1283j Sep
95g Oct
73 Sep
29 Sep
13 Dec
37 Dec
142 Sep
35 Nov
74% Dec
$3% Oct

10? Deo
3$1s Aug
6C34 J ’ly
148% N ov
31 Mch
3338 Feb
105 Fob
$27l2 Deo
363S Feb
14812 J 'n i
1534 May
85 May
38i4 Mch
30 Feb
00i2 May
10S33 May
6134 Aug
865g Aug
5778 Jan

99ig Sep
115 Sep
3l4 Sep
14 Aus
9 Sep
4453 May
23 Oct
80 Oct
10111 Sep

1293a May
128i4 May
67g Jan
22i2 Deo
133g Jan
5038 Jan
44 Fob
00% J’no
U4i2 Jan

741; Dec
08 Dec
70 Apr
10734 Sep

95
77
87
ll3Vt

Feb
Mch
J'no
J ’ne

♦lb-% Sep $24% Deo
117V| Jan
14334 N ov
124 Jan
130 Feb
22 J ’ly
12i2 Dec
100-i4 J 'ly
85 Jail
42i2 Sep
59 Feb
10934 Aug
104 Sep
Si513 Sep $2114 J'ne
45 Oct
70 Feb
7J34 May
64 Jan
333g Nov
23lg Apr
645g Jan
35 Sep
1U112 Aug 109 Jan
99 Sep U S!; J ’ne
23i4 J’no
17 Dec
6734 J an
9’07g J'ly
25 Sep
91 Sep
108 Oct
154 Sep
26 Oct
92 Jan
•f12 Sep
18 Oct
74% Oct
126i2 Sep
34 Sep
$3014 Sep
7412 Nov
63 Mch
103 Mch
434 Dec
6OI3 N ov

frig J’ne
1023.1 J’ne
120 Feb
163 Jan
39 J ’ ne
103 J'no
*19 Deo
35U Feb
9>J3S Feb
192 Feb
60V| Feb
$44 J’ne
130l2 Feb
i l l J ’ne
U37S J ’ ly
9 Feb
691; Jan

100U Sep §106% Oct
9712 Sep 108 J ’no
1003.) Sep 107i2 J 'ly
19 Feb
11 Sep
401; Sep x61 Feb
7934 May
05is Jan
48i2 Deo
30i2 Sep
ll6 i2 J ’ly
104 Sep
79 Mch
00 Sep
82i* Fob
60 Oct
103 Oct 1207g Feb
$38 Sep S5773 Deo
7U38 Feb
43i8 Sep
114 Sep 128i2 Mch
139 Sep 177 May
84i; May
715S Apr
79 May
68*3 Sep
1101; \lie 123 Jan

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

AJ*

1035
580
90
300
530
1100
220
315
1020

609
95
310
....
225
325
1035

Trust Co’ s
Guardian Tr
Hudson . . .
Law T I&Tr
Lincoln Tr
Metropol’t’ ii
Mutual Alii
a n c e _____
Mut.t Westch ester)..

Bta Ask
90
105
fl4034
225
23o”
115
460 *
1471;
140

150

Irus. Co :
NY Life AT'
N Y Trust
.standard Tt
TltleVJuA Ti
Union Tr . .
US M tg* Tt
Unit States
•vashingtou
.Vestchestei
vVlndsor . .

Hut
1030
030
370
885
1300
470
1120
390
150
190

As/c
KM5
(310
380
505
IS. 1
; 130
ill)
160
195

trust Co's
tiro iklyn
Brooklyn
JitlKcns*
p’ran kiln___
lamllton - fIonic - - - - Nlngs C o . .
L Isl L A Tr
N assau-----t’coples’ __
-uccns C o.

Hid
470
150
205
270
105
520
300
165
295
95

Atk

275"
286
115
312
185
305
105

than 100 shares. tEx-rights. 6 New stock, a Ex-dlv. and rights, d Quoted dollar* per share,
s E x stock dividend. 11Banks marked with a paragraph (U) are State banks. * Ex-dlrldead.

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

U
U
U
U
U
U
U
U

Price
Friday
June 14.

So
BONDS
Y . STOCK EXCHANGE
Week Ending June 14.

N.

S
3
S
3
S
3
3
3

U. S. Ciovernment.

28 consol registered..(11030
2s consol cou pon____ (11930
3s registered_________ fcl9l8
3s c o u p o n ___________ fcl918
4s registered__________ 1925
43 c o u p o n _____________1925
Pan Canal 10-30-yr 2s fcl930
Panama Canal 3s g -------1961

Foreign Government
Argentine— Internal 5s ol 1909.
Clilnesc (llukuang) Ry 5s £ ____
Imperial Japanese Government
Sterling loan 4 H s________ 1925
2d Scries 4 Hs_________ 1925
Sterling loan 4s__________ 1931
Republic o£ Cuba 5s exten d eb t.
External loan 4 h s _______1949
San Paulo (Brazil) trust 5S.1919
T okyo City loan of 1012, 5s.
U S of Mexico s f g 5s o f____ 1899

Q -J
y -j
y -F
y -F
y -F
y -F
y -N
y -s

Hid
Ask
100% 101
100% 101%
102 1023. :
102 102 j
114 11434 1
111 1144,
100% 101
101% 102

Monon Rtv 1st gu g 5s.

/'''a n So 1st ext 6s.
2d Bs................

114%
10H4

1013g 102%

9834
94%

97 99%
93% 95%

F-A
J -J
J J
M-S
F -A
J -J
M-S
y -j
J -D
t

92%
91%
85

923S
0H4
86
1031?
99% M ay’ 12
97%
97%
94
95
90
961?
91 M a y 12

92
94
OH4 93
85 88%
102% 103%
99 99%
97% 98
94
95
95% 97%
88 91
/ 5$ to £.

1013s
101 Sale 01
100% Sale 00%
1,00%
09% Sale 99 lg ,j901
100%
99% Sale 99lg
1/J 9‘j l 2 993g J’ne *12
10/% Sale 10713
107%
____10-% 102 Mch T 2
107%
107 107%
102 102% 102% J ’n o ’ l
80%
86% dale 86%
101
101
*100%____
100%____ 101%
101%
100%____ 102 Apr T2
May 12
*100%____
lU3%J’ly TO
07% ------ 0734 Apr T2
80%Dec ’ l l
____88
47%
47 48-34 47

101 103
100% 101%
99% 109%
99%100%
993g IOUI4
107 107%
102 10234
107 107%

1 92% 921£
t 90% 91 %
: 85
8/%
103% Sale
1------ 99Jt
t 97% 98%
------ 94%
t 96
061i
____91
These are p

M-N
A-O
A-O
J -J
J -J
y -j
A-O
y -J
j -j
M-N
M-N
J -J
M-S
A -0
F-A
J -D
A-O
A -0
J -J
1 J-D
M- S
M-N
A -0
J -J
F-A
J-D
J J
J -J
Al-S
i Al-S
i F- A
5 M-N
5 M-N

1st pret Income g 5s____pl94
S ta m p e d ________________
2d pref income g 5s____pl91 5 Oct
2d pref Income g 5s stam ped.
3d pref Income g 53____p lo i
3d pref income g 5s stamped.
1 J-D
; j-j
/ j-j
6 J -J
7 Al-N
7 J -J
7 Q -J
Am Dock & Imp gu 5s___192 1 J -J
0 J -J
J M-N
N Y & Long Br gen g 4 sll9 4 1 M-S
o y -i*

Street Railway
Brooklyn Rap Tran g 5s___1945 A -0
1st retund conv gold -I s ..2002 J -J
Bk City 1st con 5s 1916-1941 J J
Bk Q Co & S con gu g 5S.1941 Al-N
BUlyn Q Co & S 1st 5s__ 1941 J -J
Bklyn Un El 1st g 4-5S..1950 F-A
Stamped guar 4-5s-------1950 F -A
Kings Co El 1st g 4s--------1949 F-A
Stamped guar 4s
...1 9 4 9 F -A
Nassau Elec guar gold 4s 1951 J -J
C o nn I t y * L ist A re! 5 g 4 ^ 8 - 51 J -J
Stamped guar 4 M*-1951 J -J
D ct United 1st cons g 4 H s.1 9 3 . J -J
F t Smith Lt A T rac ls t g 5 s .1936 Al-S
Grand Rapids R y 1st g 5 s ..1910 J -D
Havana Elec consol g 5s— 1952 F-A
Interhoro-Metrop coll 4 Hs.1956 A-O
jnterboro Rap Tr 5s Ser A . 1952 M-N

♦ No price Friday; latest thl* week,




High

M-S 1 0S-3.t Sale
J -D t 95 Sale

State and City Securities
N Y City— i U a ....................19
Al-S
4 Ms when Issued_______ 1962 _ _
M-N
M-N
Al-N
M N
M-N
Al-N
Al-N
M-N
3_Hl
Al-S
J -J
J -J
J J
So Carolina 4 Ms 20-40
.193
Tcnu new settlement 3s .
191 J -J
Virginia fund debt 2-3s____199 J -J
6s deferred Brown Bros ctfs.
({abroad
y -J
A -0
A -0
Nov
Adjustment gold 4s.
Nov
M-N
J-D
J-D
J-D
J-D
F -A
Al-S
J -J
M-S
Chic & St L 1st Os............191 Al-S
M-S
M-S
M-N
J -J

Gold

N.

102 102%

86I4 88
101 102%
101% 102%
10134 103
IOH4 102
9734 9734
46

62%

Price
Friday
June 14.

BONDS

Y . STOCK E XC H AN G E
Week Ending June 14.

High
Hid
Ask Low
Chesapeake & Ohio—
Gen funding & Impt 5 s ..1929 J - J 102 103% 102 M ay’ 12
110V
1st consol gold 5s________ 1939 Al-N 110 110% 110%
Registered____________ 1939 Al-N 109 ____ 111 M ay’ 12
1093?
General gold 4 Ms________1992 Al-S 100 100% 100%
99% 10L34 993? N o v ’ ll
Registered_____________1992 Al-S
92-% 94
93%
92% 93% 93
Convertible 4 Ms_________ 1930 F -A
87% 88
86% 87% 89 Apr T2
Big Sandy 1st 4s_________ 1944 J -D
86 89% 88% J ’n e ’ l l
Coal R lv R y l s t g u 4 s ____1945 J-D
10H4 10134
Craig Valley 1st g 5s____1940 J -J
IOH4____ 10H4 May'12
84
8634
84 ____ 84 Ma.v’ l
Potts Creek Br 1st 4s____1946 J -J
93% 96
95 M ay’ l
R & A Dlv 1st con g 4 s ..1989 J -J ____ 94
8 8 % ____ 02% J ’n e ’ l l
2d conso! gold 4s______ 1989 J -J
W arm apr Vat 1st g 5 s ..1941 Al-S 10 H 4____ 113% Feb 05
91%------ 95 Oct To
Greenbrier R y 1st gu g 4s 1940 M-N
70% 72
70%
70.3 Sale 70%
Chic & Alt liR ref g 3s......... 1949 A -0
60% 651J
64
62% 61% 63%
Railway 1st lien 3 Ms____1950 J -J
99% 100
99%
993
99% 100
Chic B & Q Denver Dlv 4 s .. 1922 F -A
87 88
87
87
87% 87
Illinois Dlv 3 Ms_________1949 J -J
85% 85%
86 ------ 85% Apr T2
Registered____________ 1949 J -J
98% 100%
98
9834 Sale 9834
Illinois Dlv 4s___________ 1049 J -J
98% 99%
98%
98
Registered____________ 1949 J J
98% 09
10473 105
Iowa Div sink fund 5s___1919 A-O 104%------ 101% 101.
99% 99-%
09% ____ 99% M ay’ 12
Sinking fund 4s_______ 1919 A -0
9734 99%
v?34
Nebraska Extension 4 s . . 1927 Al-N 9734 Sale 9734
97% ____ g8% M ch’ ll
Registered____________ 1927 Al-N
09%____ 99% Dec ’ ll
Southwestern Div 4s____ 1921 M-S
Joint bonds See Great North
100% 101%
Debenture 5s___________ 1913 Al-N 10034 Sale 100*4 100-%
9534 07%
06
95% Sale 957s
General 4s______________ 1958 Al-S
79% 81%
80%
80% Sale 80%
Chic & E III ref & Imp 4 gs_1955 J -J
123 125
121% 123% 123 May’ ll
1st consol gold 6s_______ 1934 A -0
108%111%
General consol 1st 5s____1937 M-N 107%109 109 J 'n e ’ 12
100% 109%
199% Feb T2
Registered_____
1937 M-N
1081? 109%
Chic & Ind C R y 1st 5 s . . 1936 J -J 108% H U 108% M ay’ 12
78% S3
79%
79 Sale 78-8
Chic Gt Western 1st 4s
1959 M-S
120% 129%
Chic Ind & Loulsv— Ref 6 sll947 J -J 126% Sale 126% 126%
11034 11034
Refunding gold 5s
1047 J -J 110% 111 IIOS4 A p r ’ 12
9538 Apr 'l l
Refunding 4s Series C
1917 J -J ____94%
90% M ch'12
88% 90%
86 87
Ind & Loulsv 1st gu 4 s ..1950 J -J
90% 91%
9034 931 91% May’ 12
Chic Ind & Sou 50-yr 4s
1956 J J
101 Dec ’ll
Chic L S & East 1st 4 M sZ"Il969 J-D
10Hs 102%
Chic Mil & St P terml g 5s 1914 J -J 102% --- 102% May 12
98
99%
98%
98 Sale 98
Gen’l gold 4s Series A e l 989 J -J
97% 98
R e g is t e r e d _____
ei089<J-J
98 98% 97% Apr '12
85% 8G74
85
85% 85% J ’n e ’ 12
Gen’l gold 3 Ms Series B .el9 89 J -J
Registered_______
el980 J -J
8412 ____ 86 J 'n e ’H
00% It 90 9233
____ 90%, 90%
25-year deben 4s_________1934 J -J
" 101*410334
102% ait
Conv 4 Ms (full pd re e ls;. _________ 102 Sale 102
106% 108
Chic & L Sup Dlv g 5s___1921 J - J 106%____ 106% Apr T2
108 10834
Chic & Mo R lv Div 5 s . . .1926 J -J 108 108% 108 May'12
1057s 100%
105%106 105% J ’n o ’ 12
Chic & P W 1st g 5s......... 1921 J -J
93
95%
93%
C M & Puget Sd 1st gu 4s 1949 J - J ____ 93% 93%
10234 103
102% 103% 102% May'12
Dak & Gt So gold 5s____1916 J -J
113 113%
Dubuque Dlv 1st s f 6 s ..1020 J -J 1R34 ___ 113% Apr 12
115%------ 117;% Aug ’ ll
Far & Sou assum g Gs____ 1924 J -J
104% 10434
10434____ 101-% Apr T2
Lacrosse & D 1st 5s_____ 1919 J -J
100 1063s
106%____ 106% M a y'll
Wis & Minn Div g 5s____1021 J -J
11234 11234
WIs Val' Dlv 1st 6s............1920 J - J 1123(113 11234 M en'll'
MU & No 1st cons 6s____1913 J-D 101% ___ 10H4 Dec 'l l
Extended 4 Ms________1913 J-D IOUI4____ 100% N o v ’l l
107% 108
Chicago & N West cons 7s .1015 y - F 107 1083g 107% M ay’ l .
97% 98
96% 97% 98 M ch' 12
Extension 4s______ 1886-1926 F -A
9734 N o v ’ ll
90% ..
R egistered______ 1886-1926 F-A
85 87
General gold 3 Ms______ 1987 M-N 85% 85sS 80 J ’n e ’ ll
84% 8G34
Registered___________ pl987 Q-F" 81 85% 84% May’ll
97% 9834
y/%
General 4s____________
1987 M-N 9734 Sale 973.(
Sinking fund 6s____ 1879-1929 A-O 110%____ H134N0VTI
R egistered_______1879-1929 A-O 103%____ 111% N o v '00
1067s 1067s
Sinking fund 5s____ 1870-1929 A-O 105 106% 100-8 May-12
R egistered_______1879-1929 A-O 104% . . . 103% Dec ’ l l
104% 105%
Debenture 5s___________ 1921 A-O 104 104% 104% M ay’ 12
100% Feb TO
Registered_____ _______1921 A-O 103 ..
Ios% ios’%
Sinking fund deb 5s_____ 1933 AV-N 107 ____ 108% Mch T2
10734
A
u
g
’
ll
Registered....................... 1933 Al-N 105%____
127% m %
Frem Elk & Mo V 1st 6s_1033 A -0 125 127% 127% M ch’ 12
00% Sep '09
M a n lG B & N W 1st 3 Ms 1041 J -J
Mllw & S L 1st gu 3 M s ..1941 J -J ____ 8634
114 115%
MU L S <5c W est 1st g 6 s ..1921 M-S 113% 114% 11484 Apr '12
109 n o
109%
E xt & Imp s f gold 5 s ..1929 F -A IO0 I4 Sale 109%
Ashland Dlv 1st g 6 s ..1025 M-S 116%------ 142% Feb '02
11634 11634
Mich Dlv 1st gold 6 s ..1024 J -J 116%------ 11634 M ay’ 12
93% 94
93%
MU S pa r& N W 1st gu 4 s. 1947 Al-S
93% 93% 9334
116 J ’ly 'l l
Northw Union 1st 7s g._1917 Al-S 112
W inona & St P 1st ext 7s 1016 J -D 111 111% 11334 A u g ’ ll
108% 1087*
Chicago R ock Is & Pa 6 s . . 1917 J -J 108 ____ 108% May '12
Registered____________ 1917 J -J 108 ____ 109 Aug TO
95
907j
96%
General gold 4s__________ 1088 J -J
95 95% 95
95
96%
95% Mch T 2
Registered____________ 1988 J - J
94 96
8858 90*4
88*4 Sale 88%
88 %
Refunding gold 4s______ 1934 A-O
93
04%
94%
94 97% 94%
20-ycar debenture 5s ..1 9 3 2 J - J
9734Sep ’l l
Coll trust Series L 4 s ____1914 AI.-N
0O%Nov’H
M 4s..... ...............'. ..........1915 M-N ____08
9434 J 'n e 'll
P 4 s ...................
1018 M-N
67
73%
09%
69% Sale 09
Chic R I & Pac R R 4 s . . . 2002 M-N
7134 72*4
7134 Mch '12
.
Registered_____ _______ 2002 M-N
91% 93
R I Ark 8s Louis 1st 4 Ms 1934 A\-S . . . . 91% 91% Apr *12
110% 111%
Bur C It & N— 1st g 5 s ..1934 A-O 1 1 0 % ... 110% M ay’12
120% Mch ’03
Registered__________ 1034 A-O
C II I F & N W 1st gu 5s ’21 A -0 104 . . . 105%Sep ’l l
M 8c St L 1st gu g 7 s ...1 9 2 7 J -D
Choc Ok 8c G gen g 5 s ..01919 J -J ____103% 10234 Aug 'l l
107 108%
107 M a y
Consol gold 5s_________ 1952 M-N 107
100 101%
Keok 8c Des M 1st 5s____ 1923 A -0 101 1013s 100% M ay’ 12
122% 124
1221
Chic St P M 8c O con 6s____1930 J -D 122% Sale 122%
93 Dec ’03
89
Cons 6s reduced to 3 M s ..1930 J -D
123 123%
123 May’ 12
Ch St P & Mlun l s t g 6S..1918 Al-N
129% May'
Nor Wisconsin 1st 6s____1930 J -J
i f 6% 111%
St P 8c S City l s t g 6s____1919 A-O 110% 110 % 11034 M ay’12
Superior Short L 1st 5s g.1930 M-S 108
108 108%
108% 108%
Chic & West Ind gen g 6 s ..31932 Q-M 108%
90 92%
90% 90 May'
Consol 50-year 4s________1952 J -J
101 101
101 101 M ch’ 12
Cln H 8c D 2d gold 4 MS____ 1037 J -J
. 91%
1st & refunding 4s______ 1959 J -J
. 907i 89 M a y 'll . .
1st guaranteed 4s_____ 1959 J -J

79% 84%
____ 79
7914
793s
98% 100
98%
98% Sale 98%
98
99%
98*14 Mav’ 12
97% 08
90% 923g
00 01% 903g J ’n e ’ l
01 Feb T2
90% 91
9()3j
90% 92%
00% 00% 90%
106% 10734
10734 Apr T2
10534 109%
low* Sale 106*34 107%
102a8 bale ll)2Sg
103%
100% 10434
10634 lo/% 10/
10/ 1.
105 HO
99% JTy l l
903S ------ 96 MOh’ 12
96
9634
9234 94
92% 93% 93% J 'n e ’ 12
109% Sale 10J%
100%
10 J% 110%
104 ____ 1063g JTy ’ l l
943g 967g
95%
94% Sale 94%
94 ____ 98 Oct '06
10734____ 108% A u g 'll
9534 9534
95% ____ 9584 Jan '12
128
93% 9534
0J3.( Sale 93%
94
123% Sale 123% 123%
123% 123%
109%____ 110% M a y 'll
97 Jan T2
0/% 100
97
97
9134
91% 93
0H4 Sale 91%
90 01% 91% M ay’ 12
90% 91%
08 Sale 98
9734 99%
98%
97
98%
96% 0734 9734 J’ne '12
112%------ 112 Jau '12
112 112
89
88
89
8834 ____
9034
90
92
90% Sale
01
9034 91%
91
91%
Mch TO
101%-----109 111%
107% 10J% 111% A p r 'l
103% 1041
102?s 101 lOB? M ay'12
109% 10!)3g
109%____ 109% M ch'12
105 105%
105% 110% 105% Apr '12
113% 113%
110 ____ 113% Feb '12
97% 97%
97%____ 97% M ch'12
91
91
91 ____ 91 J ’nc'12
lll7g 112%
112%------ 112% May'12
107*4 107%
10,,% 100% 10/U M ch’12
9 7% ------ 97 Feb ’ l l
108 ____ 103 J ’ly ’08
112%------ II334 N o v ’ l l
11434 ____ 115
115
115 115%
72 Mch TO
101 Sale 100%
101
100% 102
100*38 100?g 100% J ’n o ’ 12
100% 101
. 100% 10034 Jan 'l l
112%------ 112% Apr '12
1127g 11334
IO0I4 111 10J% 109%
109 111%
107% N o v ’ l l
103 Dec 'l l
106% M ay’ l l
105 Dec ’ ll
90 N o v ’ l l
107 D e c 'l l
85% Oct TO
89% 91%
00
91% 91% Apr '12
107% 107%
107% 110 10714 Jan '12
105%------ 115 N o v '05
108 ------ 10934 May 11
102% 103
102% 103 102% May'12
120 12234
1201
12J Sale 120
121% 122%
. . 12o% 122 M ay’ 12
100% 107
100 1U034 100% M ay’ 12
102% 102%
102%------ lO‘2%May’ 12
100 100
100 ____ 100 Apr T2
08 ____ 100 D e c ’ ll
90
92%
00% ------ OH? J ’ne'12
AllSCm .LANEOUS BONDS— Continued on Next Page.
105 100 105% 105%
8978 Sale 89
90%
102 102% 102% J’no T2
____90%
97 N o v ’ l l
100 . . .
101% 102% 102
102
101% 103% 102% J ’ne 12
*84%____ 853.| M ay’ 12
------ 85%
84%
84%
78
7J
78
78
101 % ___ 101%-I’neT2
102 . . .
101% J ’ne T2
------ 78
77%
78%
------ 933j 93 Apr '12
100 .
100% Mch '12
------ 99% 993g Apr T2
8H4 Sale 81 «
82
104% 101-. 10134 1047s

d Due April.

0

Due May.

WeeKs
Range or
Last Sale

__

Street Railway.
103 105% Manhat R y (N Y) cons g 4s. 1990
Stamped
tax-exem pt____1990
837s 00%
101% 102% Met St R y gen coU tr g 5s. .1997
Guaranty Trust Co certlfs-----Refunding gold 4 s ______ 2002
Farmers’ Loan A Tr c tf-----lOHs 103%
S ta m p e d _______________
101% 102%
Bway A 7th A v lstc g 5 s .1943
83% 85*4
Col A 9th A v 1st gu g 5 s .1993
84% 86
L ex A v A P F 1st gu g 58.1993
78 81
Third A v R R cons gu 4 s .2000
101 1017g
Central Trust Co certs__
101% lOHs
Cent TrC o cts stam ped..
77% 793s
Third A ve R y 1st g 5s___1937
03
95
100% 100% Met VV S El (Chic) 1st g 4S.1938
99
0934 Mllw Elec R y A Lt cons g 5sl920
Refunding A exien 4 H S -1 9 3 1
80% 84%
103% 105

/» Due July.

k Due Aug.

0 Due Oct.

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

S6*s J’ n c ’ 12 .
96% 97
96% 98% 97% J ’ne T2 .
102 M ch’ 12
99 ____ 99 May'12
64 May'12
62 M ch'12.
5934 Mch T2
103%
103% Sale 103%
102% ___ 102% J ’ne T2
10034 102 102% M ay’ 12
80 Jan '12
*____84
73 M ay’ 12
75
75
108 May'12
____109
93%JTy '06
104%Dec ’l l
101%
95% May'12
94 .

v Due Nov.

« Duo Dec.

96% 98
96% 98%
99% 102
97 103%
68% 64
57% 62%
57% 62
103 104%
101% 1031s
102 103
80 80
73
81%
72% 81%
108 110%
95% 95%

*01)003 5016.

1614

New York Bond Record—Contin ed— Page 2

r
BONDS
If. T . STOCK E XC H AN G E
, • • W eek Ending Juno 14.

II

Oln Ham ft D ayton (Continued)
• Cln D & I 1st gu g 5s------ 1041 M-N
■• O Find ft Ft W 1st gu 4s g 1023 M-N
Cln I & W 1st g u g 4s____1053 J -J
Day & Mich 1st cons 4>is 1931 J - J
Ind Dec & W 1st g 5s____1935 J -J
1st guar gold 5s________1035 J -J
Clevc Cln C & St L gen 43.-1093 J-D
20-yr deb 4 V is ................ 1031 J -J
Cairo Dlv 1st gold 4s____1939 J J
Cln VV & M Dlv 1st g 4S-.1O01 J -J
St L Dlv 1st col tr g 4s___1990 M-N
R egistered....................... 1990 M-N
Spr & Col Dlv 1st g 4 s ...1 9 4 0 M-S
W W Val Dlv 1st g 4 s . . .1040 J -J
C I St L & C conscl Os...1 9 2 0 M-N.
1st gold 4s............
*1936 Q -F
Registered_________ fcl936 Q -F
Cln S & Cl con 1st g 5 s ..» 1928 J - J
C C C & X consol 7s______ '1914 J -D
•Consol sinking fund 7 s .1914 J-D
• General consol gold 6s-1934 J -J
Registered................... 1934 J -J
Ind HI & VV 1st pref 4 s ...1 9 4 0 A-O
O Ind & VV 1st pref 5 s . . <11938 Q -J
Peo ft East 1st con 4s___1940 A-O
Incom e 4s....................... 1990 Apr
Col Midland 1st g 4s________1947 J -J
;Colorado & Sou 1st g 4s___ 1929 F-A
i Refund & ext 4 V is ..
1935 M-N
• Ft VV & Den C l s t g 0S ...1921 J -l)
Conn & Pas RIvs 1st g 4 s ..1943 A-O
|Cuba R R 1st 50-yr 5 g ...........1952 J -J
el Lack & W estern—
Morris & Essex lst7 s._ 1 9 1 4 M-N
1st consol guar 7s____ 1915 J -D
Registered
............ 1915 J -D
1st ref gu g 3 Vis_____ 2000 J -D
N Y Lack & VV 1st 0s____1921 J -J
Construction 5s________ 1923 F-A
Term & Im prove 4s___ 1923 M-N
•Warren 1st ref gu g 3 Vis.2000 F-A
Del & Hud 1st Pa Dlv 7 s ...1 9 1 7 M-S
Registered........................1917 M-S
10-yr conv deb 4s............... 1916 J -D
1st Hen equip g 4 Vis______ 1922 J -J
1st & ref 4s.......................... 1943 M-N
A lb & Sus con v 3 Ms____1946 A-O
Rcns ft Saratoga 1st 7 s .. 1921 M-N
.1936 J -J
.1036 J -J
. 192{ J -D
.1955 F-A
_ 193£ .1-1)
.1940 J -J
.1040 J -J
.1939 J -J
_ 194C A-O
U1917 A-O
.1917 M-N
.1995 J -D
.1095 J -D

D

Pries
Friday
June 14

Ireek’s
Range or
Last Sate

Bid
A ft
102i2 103%
____ 87
8712 ____

Low
High
102% M ay’ 12
88 M ch’ l
87% M ay’12

10412 ------ 104% 1041
107% Dec '02
92% Sale 92*3
921;
9334
933,
------ 0o*8
93% 94% 93% J’n e ’ l
____ 89%
90 M ay’12
90 90% 90 J ’n e ’ 12
89 ____ 91 Oct '07
90 ____ 90 D ec '1
90 02% 91 A p r ’12
105%____ IO534 Dec ’ ll
96%____ 97 M ch’ 12
96
97
97% Dec '1
106% 107% 107% Feb '12
10434 . . . 105
105
____1231

123% Apr '12

SO . . .
95 . . .
90% 91
40 431
46% Sale'
9478 95
96% Sale
____ 111

9034 M a y 12
43 J ’no'12
46%
46%
9478
94%
96%
96*4
111 M ay'l

94 J ’ly 'OS

I60 * Ma'y’io
105 . . .
1073.1109
1 0 7 % ...
85% . . .
112% . . .
105% 1073j
95 981
85 . . . I
____1131

105% Apr '12
1073.! M ay’ 12
111% Dec '10
90 M ch’ 12
112 j ’n e ’ l:
107*4 M ay’ 12
98 Dec 'l l
102% Feb '03
115% A u g ’ l l
140 A u g '01
98 Safe 9S
08%
101% Sale 101%
101%
98% Sale 9S%
983,
90% Sale 90
901,
1207S ____ 121% M ay’ l l
84% 857g 851.i
85%
------ 97*s
98% M ay’ 12
94
05% 99*4 Feb '12
857a Sale 8534
86%
105 112 104% M ch'll
61% A pr '11
85 Mch '08
85
85
85
86
____ 80%
80
80
97 Jan '02
99 . . . . 10 Sep '01
92% 95
92 N o v 'll
92% ____ 92% M ay’12
997»
99% 100% 997a
Dot T ft 1— O S Dlv 1st g 431941 M S
75 F e b '12
Dul MIssabc & Nor gen 5s. .1941 J -J 105 106 106 Apr '12
Dul ft Iron Range 1st 5 s . . . 1937 A -O 1057g 106% 105% M ay’ 12
R egistered_______________ 1937 A-O
106% Mch ’08
’ • 2d 6s___________________ 1916 J -J 103%____ 104 Feb '11
Dul So Shore ft Atl g 5s____ 1937 J -J 105 ____ 108 Apr '12
TPlgln Jol ft East 1st g 5S..1041 M-N 11038 ____ 112% M ay’ 12
J-<rle 1st consol gold 7s____ 1920 M-S . . . 117% 117% M ay’ 12
N Y & Erie 1st ext g 4s. .1947 M-N
101% J ’n e ’l l
2d ext gold 5s.................1919 M-S 1037g------ 104% M ch'12
3d ext gold 4 Vis............1923 M -S 101 ___ 102% M ch’12
4th ext gold 5s...............1920 A-O 103%____ 105 Feb ’ 12
06 101 100 Jan '12
5th ext gold 4s...............1928 J -D
N Y L E ft VV 1st g fd 73.1920 M-S 115% 117% 116% M ay’ 12
8J3. 90
Erie 1st con g 4s prior___1096 J -J
897a
90
88% ___ 88%
R egistered__________ 1996 J -J
88%
• 1st consol gen lien g 4 s .1996 J -J
7878 Sale 78
79
R egistered...................1906 J -J
77 Apr '12
90% Sale 90%
Penn coll tr g 4s............1951 F-A
90%
50-year conv 4s A ____1953 A-O
85 88
86% J ’n e ’ 12
do
Series B ____1953 A-O
78% Sale 78%
7834
Bun N Y * Erie 1st 7 s ..1916 J -D 109% 110 110 A p r '12
Chlo ft Erie 1st gold 5s_.1982 M-N 111% 112 112 M ay’12
Clev & Mahon Val g o s . . 1938 J -J 109 ____ 109 May'12
R egistered_____________1938
108 .
Long Dock consol g 6 s ...1 9 3 5
124%____ 124% M ay’12
Coal ft R R 1st cur gu 6 s .1922 M-N 1067a Sale 1007g 1067$
Dock & Im p 1st cur 6 s ..1913 J -J 101% ___ 10134 M ch’ 12
N Y & Green L gu g 5 s ..1946 M-N 103% 105 105 M ay’ 12
N Y Sus & VV 1st ref 5 s .. 1937 J -J ____ 1033j 104% A p r '12
2d gold 4 Vis...................1037 F-A
82 ____ 100% Deo '06
General gold 5s________ 1940 F-A
87 90
87 J ’n e ’ 12
Terminal 1st gold 5 s ..1943 M-N 109%____ 108% Dec '11
: Mid of N J 1st ext 5s____1940 A-O
111% May’ 12
W llk ft Ea 1st gu g 5s__ 1942 J -D
99% 39934 9934 j ’n e ’ 12
Ev ft Ind 1st con gu g 6s__ 1926 J -J 106 ____ 106 May'12
Evans 4 T 1 1 1st cons 6 s .. 1921 J -J 111 ____ 111% May 12
1st general gold 5s______ 1942 A-O 102 102% 102
102
M t Vernon 1st gold 6s___1923 A-O 10778 ____ 108 N o v ’l l
Suit Co Branch 1st g 5 s ..1930 A-O
95
95 ____ 95
TjMorlda E Coast 1st 4 V is .. 1959 J -D ------ 97
9734 A pr '12
ort St (J D Co 1st g 4 V is.1941 J -J *90 ____ 92 A u g '10
Ft W & Rio Gr 1st g 4s____1928 J -J ------ 79
79
79
Q a l H ft II of 1882 1st 5 s .1913 A-O
99% 100 100 May'12
reat Northern—
C B & Q coll trust 4s_____1921 J -J
96%
96% Sale 96%
96%
R egistered.^ ............... 1921 Q -J
96%____ 96%
100%
1st & refund 4 Ms ser A . .1961 J -J 100*8 101 100%
Registered____________ 1961
St Paul M & Man 4s______1933 J -J
98%
98% ____ 98%
1st consol gold 6s...........1933 J -J 123%____ 12534 M ay’ 12
Registered.................. 1933 J -J
132 Apr '09
R educed to gold 4 Visl933 J -J 10438 10434 104*4 J ’n e ’ 12
Registered............... 1933 J -J 103 ____ 10834 J’ne '09
M ont ext 1st gold 4 s .. 1937 J -D
9734 J ’n e ’ 12
97
98
R egistered__________ 19371 J -D
9S J ’n e ’ l l

u

Range
Since
Jan. 1.

N.

[VOL. LXXXXIV
Price
Friday
June 14

Week's
Range or
Last Sale

Range
Since
Jan. 1.

Bid
Ask
92%____
9G78 07
116 ____
125 ____
124%____
111*4 114

Low
High
925g M ch’ l l
98% Jan *12
115% M ay’ 12
127 M ay’ 12
136% M ay’06
11234Sep ’ l l

Low High

Y . STOCK? ^E X C H A N G E
Week Ending June 14.

Low High St P M ft M (Continued)—
102% 104%
Pacific E xt guar 4s £ ____ 1940 J -J
E Minn Nor Dlv 1st g4sl948 A-O
87% 871;
Minn Union 1st g 6s__ 1922 J - J
M ont C 1st gu g 6s____1937 J -J
1(44 104%
R egistered....... ........... 1937 J -J
1st guar gold 5s____1937 J -J
91% 93%
Registered....... ........... 1937 J -J
9334 933,
Will 4 S F 1st gold 5s. 1938 J -D
93% 94% Gulf & S I 1st ref & t g 5 s_ .51952 J -J
90 93
R egistered......................... 61952 J - J
897a 931 TT ock Val 1st cons g 4 'As.1999 J -J
R egistered___________ 1999 J -J
Col ft H V 1st ext g 4s__ 1948 A-O
Col & Tol 1st ex 4s........... 1955 F-A
Hous Belt ft Term 1st 5 s ...1 9 3 7 J -J
96 97
Tillnols Central—
A
st ; gold 4 s . . ............
1st
1951 J - J
Registered................
1951 J - J
107% 107"%
105 105%
1st gold 3 % s ..
1951 J - J
Registered_____ _____ 11951 J -J
123% 123%
Extended 1st g 3 Vis____1951 A-O
R e g is t e r e d ............
1051 A-O
1st gold 3s sterling. .
1951 Al-S
R egistered____________ 1951 M-S
Coll trust gold 4s.............. 1952 A-O
90% 92
35 467a
1952 A-O
R egistered______ . .
1st ref 4s..............................1955 M-N
42
58%
947a 975{
Purchased lines 3 Vis____1952 J -J
963a 98%
L N O ft T ex gold 4s____1953 M-N
111 112%
R egistered____________ 1953 M-N
Cairo Bridge gold 4s____1950 J -D
Litchfield Dlv 1st g 3s. .1951 J -J
Louisv Dlv ft Term g 3 U sl953 J - J
105% 106
Registered...................... 1953 J -J
10734 109%
Middle Dlv reg 5s.
1921 F -A
Omaha Dlv 1st g 3 s ..
1951 F-A
St
Louis Dlv & term g 3sll051 J -J
'90 ' 90
Registered______
1051 J -J
112 114%
1951 J -J
Gold 3 } i s ..............
107% 10734
Registered................1951 J -J
Spring Dlv 1st g 3 V is ... 1951 J -J
Registered..............
1951 J -J
Western lines 1st g 4s
1951 F-A
Registered...........
1051 F-A
97% 99
Bcllev ft Car 1st 6s. '
1023 J -D
101 IOIS4
98 9034
Carb & Shaw 1st g 4s * *1932 M-S
Chic St L & N O g 5s * "1951 J -D
90
93
Registered......... .. * '1951 J -D
121% 121%
Gold 3 Vis.............. " '1 9 5 1 J -D
84% 91
98 98%
1951 J-D
. Registered.........
98
99%
Memph Dlv 1st g 4s '1951 J -D
84*4 90
c . T Registered.............. 1951 J-D
St I, Sou 1st gu g 4s____1931 M-S
Ind III ft la 1st g 4 s.
1950 J -J
Int ft Great Nor 1st g 6s" " 1 0 1 9 M-N
88 % Iowa Central 1st gold 5 s . " 1938 J -D
81
Refunding gold 4s
'1951 M-S
Jam estown Franklin f t "
w Clearfield 1st 4s.
1959 J -D
an City Sou 1st gold 3 s " 1050 A-O
90 92%
Registered . .
1950 A-O
09% 1007a
R ef ft Irapt 5s___ Apr 1050
J -J
75 75
Kansas City Terml 1st 4s I960 J -J
106 106
ake Erie & W l s t g 5 s ." 1 9 3 7 J - J
105%107
2d gold 5 s . . .
1041 J -J
North Ohio 1st gu g 5 s '" l 9 4 5 A-O
Leh Vail N Y 1st gu g 4 k s 1940 J -J
Registered____
1940 J -J
107 108
IIO34 112% Lehigh Vail (Pa) c o n s'g '48^2003 M-N
117 1185a Leh V Ter R y 1st gu g 5s 1941 A-O
Registered.........
'1041 A-O
104% lO llo Leh V Coal Co 1st gu 'g 5s” 1933 J - J
" 1 0 3 3 J -J
Registered.........
102% 10234
1st int reduced to 4s
1033 J - J
105 105%
Leh ft N Y 1st guar g 4 s .. 1045 M-S
100 100
R egistered_______
‘ 1945 M-S
116% 116%
88% 90
El C & N 1st pref 0 s " ' " l 9 1 4 A-O
86 88%
Gold guar 5s____
'1914 A-O
777g 7934 Long Island—
77 77
1st consol gold 5s____ hi 931
88% 91
1st consol gold i s . . .
h i931
85*8 91%
General gold 4s...................1938
75% 807,<
Ferry gold 4 Vis_________ 1922 M -S
108*4 11034
Gold 4s.................................. 1032 J-D
Unified gold 4s__________ 1049 M -S
112 114
109 109
Debenture goid 5s______ 1034 J-D
Guar ref gold 4s.................1049 M-S
12334 124%
Registered....................... 1949 M-S
N Y B ft M B 1st con g 5s 1035 A-O
106 107
N Y ft R B l s t g 5s......... 1927 M-S
Nor Sh B 1st con g gu 5s.ol032 Q -J
105 105
103 105
Louisiana & Ark 1st g 5 s . . .1927 M-S
Louisville ft Nashville—
General gold 6s_____
1930 J-D
Gold 5s....... ..........................1937 M-N
111%111%
Unified gold 4s.............. ..1 9 4 0 J -J
9934 102%
Registered______
..1 9 4 0 J -J
106 106 '
Collateral trust gold 5 s ..1931 M-N
E II & Nash 1st g 6s____1919 J -D
111% 112%
101% 102%
L Cln ft Lex gold 4 V is ...1931 M-N
N O ft M 1st gold 6s____1930 J -J
95
N O ft M 2d gold 6s____ 1930 J - J
99%
Paducah & Mem dlv 4S..1046 F -A
Pensacola Dlv goid 6 s . . . 1920 Al-S
79 81%
St Louis Dlv 1st gold 63.1921 M-S
99% 100
2d gold 3s.......................1980 M-S
Atl K nox ft Cln Dlv 4 s ..1955 M-N
96 98%
Atl K nox ft Nor 1st g 5s 1946 J -D
96% 983a
Hender Bdge 1st s f g 6s. 1931 M-S
100% 101%
Kentucky Cent gold 4s__1987 J -J
L ft N ft M ft M 1st g 4 Visl945 M-S
98% 9934
L & N-South M joint 4s 1952 J -J
125 12534
Registered.....................hl952 Q -J
N Fla ft S 1st gu g 5s
1937 F -A
N & C Bdge gen gu g 4 Vis 1945 J -J
104% 105%
Pens ft Atl 1st gu g 6s
1921 F-A
S ft N Ala con gu g 5s__ 1936 F-A
9 7 ' '98%
L ft Jell Bdge Co gu g 4s___1945 M -S

1

K

L

n

96% 98%
n47a 116
127 127%

113%____ 112%Sep 'l l
91% 92% 01%
91%

91% 95

____102

101% 1017?
100% Sep ’08
91*4 953. 94% Dec '1
91
96% Jan ’ 12
99*4 101% 9S34 M ay’ 12

101

103

96% 96%
99% 99*4

1 0 0 % .... 102% M ay’12
100 Sep ’ 1
*90% " "
90 Apr ’ 12:
89 89% 89 A p r ’ 12
90 ____ 93% M ay’OS

102% 104
90
89%

80 J ’ly ’OS
983S 100
95% 957{
-------86

------ 9734

97% 100

97% J’n c ’ U
98% A u g ’ l l
9534 J ’n e ’ D
86% Feb ’ 12
9,3S M ay’ 12
9434 Jan ’ ll
95 M ay’ 12
75% Sop ’l l
86% M ay’ 12
83% N ov ’ 10
123 M ay'90
75 Apr '12
75% M ch’ 12

94% ____
74
76
84% 857j
83% . . . .
10534 . . .
73% 76
74 77
7334 74%
85
863f 85%
851
84%
101% Oct ’95
85
86 100 N o v '00
83
86
94% 90% 94% J ’n e '12
93%
11234
117%May’ 10
94
96 M ay’12
114% 110 114%
114%
113%____ 114 Feb ’l l
84 ____ 90 Oct ’09
97% M ch'10

93 ____
9334 85%
108 1083
------ 100
64 Sale

98 J ’l y '08
92*8
923s
108
108
100 J ’n e ’ 15
64 . 647f

90*8
99%

95

95

75 75
75% 75%
85% 86*4

94% 96%
96
66
114% 116

92*8 90
108 108%
100 102%;
03 66% :
94%
74

94 M ay’12
72%
73
63 Oct ’00
08% Sale 98%
98*s
97% Sale 97%
971
105 109*4 109*4 M ay’ l:
104 105 104 M ay’ 12
104%106% 105% M ay’ 12
105ia Sale 105
1051
104% May’ l:
98% M ay’12
113%____ 114 May'U
411% Dec ’l l
108
■108 N o v ’Of
____73

93%____

86%

84% 87%

__

92%____

95

97

86 %

981s 100%
96*4 9834
108% n o
104 104%
105 105%
105 106
104% 104%
97
98%
113% 114

94% M ay’12

937g 94%

1 02' " " l6f%Feb'’I6
100%____ 103 M ch'12

103

103

10934 110*8
96% 96% :
94
04%
08
98 ;

110 M ay’ 12
96% M ch’ 12
94% J ’n e ’ 12
98 M ay’ 12
09% Oet '06
95% J’no '12
104% Dec '08
97 M ay’12
95 Jan '11
105% 107% 110% N o v ’06
10334 104% 103% 103%
1 0 5 % .... 107% Jan T2
------ 96
93 May'12

107%110
95 ____
94% ____
96% 100
91% 97
91
97
------ 103%
____ 96

92

95%'

93

97%

103% 103%
106% 107%
93
94% i

113 1137a 115 M ay’ 12
111% ..
112 Apr '12
9834 99
99
99%
98 ____ 98*8 A p r '12
108 110 108*8 M ay’12
no ns 111 M ay’12
104 ____ IO434 M ay’ 12
121 125 121 M ch’ 12
112 . . . 117%Jan '12
9434 95*1 95 M ay’ 12
105 107% 10534 Mch T 1
112% 113 113 M ay’12
69% 72% 69% M ay’ 12
92% 9234 925a
9234
112% 115 112% M ay’ 12
105 .
106 Apr ’ l l
93 93% 93
93%
104*8... 104% M ay’ 12
89 Sale 88*8
89
95 Feb '05
107% 109% 109% M ay’ 12

114 117%
111% 112
9834 99%
983„ 98*8;
108*8 110%;
111 111V
104% 105 ;
121

121

113 113
69% 69*4
02
03
112% 112%
93
95 ;
104% 104%.
887g 89%

109% 10934 '

101*4___

110% ____ 112 M ch’ 12
110 110*s 11078 May’ 12
91%____ 91% M ch’ 12

112

112

11034 111%
91% 91%

MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway

Street Railways.

__

102 May’ 12
Mlnneap St 1st cons g 5s___1019 J -J 102
United R ys St L 1st g 4 s . . .1034 J -J
101% 102
New On R y ft Lt gen 4 Via.1935 J-J
85 87% 87% M ay’ 12
St Louis Transit gu 5 s . . . 1924 A-O
84% 88%
N Y R ys 1st R E & ref 4s temp J -J
79
192 7734 815g United R R s San Fr s f 4 s . . 1927 A-O
78*4 Sale 78%
Tem porary adj Inc 5s............. A-O
53
52*8 Sale 52%
159 51% 59% Va R y & Pwr lst& ref 5 s .-.1 9 3 4 J -J
Portland R y 1st ft ref 5 s ...1 9 3 0 M-N 993a ____ 99 Feb ’ 12
09
99
Gas and Electric Light
Portland Gen Elec 1st 5s___1935 J J ♦93% 05
St Jos R y, L, H & P lstg 5s 1937 M-N
98 N o v ’08
Atlanta G L Co 1st g 5s____ 1047 J -D
St Paul City Cab cons g 5 s . . 1937 J -J 106 ____ 106 Feb ’ 12
10*5% 106 ' Bklyn U Gas 1st con g 5 s ..1945 M-N
83 '*74 8134 86
Third Ave 1st ref 4s ctfs ...........
82% Sale 82%
Buffalo Gas 1st g 5s..............1947 A-O
7438 303 7034 80% Columbus Gas 1st g 5s_____ 1032 J-J
A dj Inc 5s Interim ctfs ...........
73*4 Sale 73
98%
Trl-Clty R y ft L t 1st s f 5 s .1923 A-O
98% Sale 98%
3 97% 99
Detroit City Gas g 5s............1923 J -J
Underground of London 58.1920 M-N
98 Apr ’09
Det Gas Co con 1st g 5s____1918 F-A
4 V is.....................
1933 J-J " " *95% 95% M ay’ 12 —
95
96% Det Edison 1st coll tr 5s___1933 J -J
86 89
89 M ay’ 12
Incom e 8s_______________ 1948
74% 90
Eq G L N Y 1st con g 5s___1932 M-S
84 Oct ’08
Union Elec (Chic) l s t g 5 s ..1945 a '- o
Gas ft Elec Berg Co c g 5 s .. 1949 J -D
United R ys Inv 1st lien coll
Gr Rap G L Co 1st g 5s____1915 F -A
82% 85
trust Ss Pitta Issue............1026 M-N
. . . . 83*4 86% Hudson Co Gas 1st g 5s____ 1949 Al-N
Kan Clty(Mo)Gas 1st g 5 s .. 1922 A-O

?No prlco Friday; latest bid and asked this week,




a Due Jan.

9 Due Feb.

d Due AprU.

h Due July,

____ 78
85 Sale
66*4 Sale
96% Sale

76% M ay’12
84*4
85
66*4
67%
90
96%

104
10738 107% i07'38
01% 62
62

l07'*4
62

2
16
14

0 Due Oct.

76%
8434
66
96

80
85
70
97%

4 100% i<m«
2 60 63

i6638 101 100*4 J ’ne ’ 12 . . . .
95*8 Sep '98
1
101%____ 101%
101%
105 10534 107 A p r ’ 12
103 ____ 61% Oct '01
09 ____ 100 Oct '00
104%____ 105 M ay’ 12 —
9934 Jan ’ 12

k Due Aug.

:

117% 117%.
96
96 :

100% 101
101% 102%
106 107
104% 105%
99% 99*4

« Option sale,

J une

1 5 1 9 1 2 .1

BONDS
STOCK EXC H AN G E
Week Ending June 14.

y.

N.

1615

New York Bond Record—Continued—Page 3

Range
Since
Jan. 1.

Week.''.
Range or
Last Sale

BONDS
Y . STOCK E XC H AN G E
W eek Ending June 14.

Range
Since
Jan. 1.

WeeKs
Range or
Last Sale

Price
Friday
June 14

Low
High
High
Low High NY C & II R — (Con)—
Ask Low
9934
99%
West Shore 1st 4s g u a r ..2361 J -J
88
anila HR— Sou llne3 4S.193C Al-N
97%
973.,
Registered____________ 2361 J -J
2512
Apr
'09
cxlean Cent Inc g 3s tr rccts.
ioo% J’ly 'l l
J
-J
N
Y
Cent
Idnes
eq
tr
4
Hs
1923
Equip & coll g 5s________1917 A-O
Y
New
Haven
&
liartf—
7 Mch'10
92 J ’n e ’12
M cx lnternat 1st con g 4 s ..1977 M-S
N on-conv deben 4s______ 1955 J -J ____ 92
79 Nov'10
91% May'12
Stamped guaranteed____ 1977 M-S
Non-conv 4s_____________ 1956 Al-N ____ 91%
129 129
Minn ft St L 1st gold 7s____ 1927 J-D ____129% 129 F e b '12
90%
90%
90
91*t
J
-J
Conv
debenture
3
l$s____1956
110% Aug 'l l
Pacific E xt 1st gold 6s___ 1921 A-O . . . . 1091* 131*4
129
129
J
129
130
Conv debenture 6s______ 1048
101% 105 "
ll:
1st consol gold 5s________1934 M-N ____IO2I4 60 M ay’
99% Apr '12
M-N
99%
-----Harlem
R
-I’
t
Ches
1st
4s.
1954
60
6978
60
60
61
1st and refund gold 4s___ 1949 Al-S
99%
99%
B ft N Y A ir Line 1st 4s 1955 F-A
78 81
77
821* 78 May'12
Des M & Ft I) 1st gu 4 s ..1935 J -J
Cent New Eng 1st gu 4S.1961 J -J ____ 9234 92*8 May'12
90
9734
96
96
96 -97
M StP&SSM con g is lnt gu.1938 J -J
115 M ch'12
M-N
115
____
Housatonic
R
cons
g
5s_.19.37
96%
96%
96l4
M
ay’
12
9614____
M S S M & A 1st g 4s lnt gu.l92G J -J
100
N Y W ’ches &B 1st ser I 4 H* ’ 46 J - J 100 Sale 99%
98% Mch '11
Mississippi Central 1st 53.-1949 J -J
N If ft Derby cons cy Ss.1918 M-N 102%____ 107 Aug'OS
94% 97
OSlj
Mo Kan ft T exaslst gold 4sl999 J D 9518 Sale 94%
115
____
J
-J
New
England
cons
5s____1945
80
81%
80%
J’
n
o
’
12
80
8Ui|
2d gold 4s_______________01990 F-A 100%102
99% ____ 99% M ch’ l
J
Consol 4 s ____________ 1945
101 1021
102 J ’n e ’ 12
87 May’ l l
1st ext gold 5s__________ 1944 M-N
80 85
Providence Secur deb 4 s .1957 M-N
77% 81%
78 J ’no'12
92%
921
1st & refund 4s--------------- 2004 VI- S 77% 78
____ 93%
M-S
Y
O
&
W
ref
1st
g
4s
g
1992
87
89%
88
8
8
%
87% 88
92%
92%
Gen sinking fund 4 Ms— 1936 J -J
____
94
M-S
Registered
$5,000
o
n
ly
.
gl
992
77
77
77
77
____ 84
St Louis Dlv 1st ref g 4S.2001 A-O 103%___
89% Feb '12
D
General 4s______________ 1955
10538
105*8
1053s
Mch
'12
M-N
100 M ay’ 12
Dal ft Wa 1st gu g 5s-------1940
F
-A
*99*
*99%
Norfolk
Sou
1st
ft
ref
A
5s
1961
90%
91
91
91
91 . . .
Kan C & Pac 1st g 4s-------1990 F-A
Norf & South 1st gold 5 s .. 1941 M-N 103%____ 10234 Apr '12
10S 110
May'12
Mo K ft E 1st gu g 5s---- 1942 A-O 108 108% 108
10o34 107% NorC ft W est gen gold CS..1931 M-N 123 123* 12J38 May’ l
M K ft Ok 1st guar 5 S...1942 M-N 105% 106% 100 M ay’ 12
121% 125% 124% May’ 12
Im provem ent & ext g 6s. 1931 F
10134
104
1013.1
10134
M K ft T of T 1st gu g 5s. 1942 M-S ____ 102
New River 1st gold 6s___1932 A-O 123 ____ 124 May'12
10334 103%
Slier Sh & So 1st gu g 5s - 1943 J-D 10234 101 1037g Feb '12
9'J
0834 Sale 98*4
N ft W R y 1st cons g 4S..1D96 A-O
10378
105%
1037s
M
ch'12
____
10234
M-S
Texas ft Okla 1st gu g 5s 1943
07%____ 98 Jan '11
Registered____________ 1995 A-O
106% 108%
Missouri Fac 1st cons g 6s. .1920 M-N 100% 107% 100S8 J’n o ’ 12
92%
92*
92
93
D lv’l 1st 1 ft gen g 4S..1944 J -J
99 10034
99
99%
99 100
Trust gold 5s s ta m p e d ..n l9 17 M-S
D
112
112 Sale 110%
10-25-year con v 4s___ 1932
97
97
97 May'12
97
98
Registered___________ al917 M-S
i
l
l
J
’n
e
'12
110
111%
10-20-yrconv4s
full
pd
ret
97's 10034
0778
98 9334 9778
1st collateral gold 5s-------1920 F-A
D 92 Sale 92
92%
Pocah C ft C joint 4 s .. 1941
Registered_____________1920 F-A
J -J 106% 106*4 10638 M ch 'l
C
C
ft
T
1st
guar
gold
5
s
.1922
70-%
75%
70%
71
M-S
70*4 Sale
40-year gold loan 4s_____ 1945
95
95*4 96% J ’ne 'If
Sclo V ft N E 1st gu g 4 s .1989 M -N
96% M a y'll
99*8
3d 7s extended at 4 % ___193fi M-N 92% 94
99% Sale 99*8
851
8U3 89% Northern Pac prior 1 g 4 S ..1997 Q -J
983.i M ay’ 12
1st ft ref con v 5s________ 1959 M-S ____ 86%
97*4 y j
Q
-J
Registered____________1997
92
92
92
“
M
ay’
ll
917S . . .
69
69%
Cent Br R y 1st gu g 4 s. .1919 F -A
69%
Sale
Q
-F
General
lien
gold
3s____a2
04
7
81
81
81 May'12
75 80
68 Dec '11
67% 60
Cent Br U P 1st g 4s____ 1948 J-D
Registered___________ a2047 Q -F
n o Mch 05
96
Leroy ft C V A L 1st g 5s. 1928 J -J ____102
96 Sale 96
St Paul-Duluth Dlv g 4 s .1990 J -D
95 96
94 ____ 96 May'12
99 Feb '10
Pac R of Mo 1st ext g 4 s. 1938 F-A
100
____
M-S
Dul
Short
L
1st
gu
5s_
_
1916
108% M a y 'll
1151
2d extended gold 5s___ 1938 J -J 102 ..
St P ft N P gen gold 6s* 1923 F -A 115%____ 115%
103% 100*s
10331
104
104
Sale
A-O
S tfj Ir M&S gen con g 5 s .1931
Registered certificates 1923 q - i 11134 . . . 115*8 Aug '11
111 Sep '09
Gen eon stamp gu g 5s. 1931 A-O
St Paul ft Duluth 1st 5s* 1931 F -A 100 ____ 107 Jan 12
82*4
79
79 Sale 79
Unified ft ref gold 4s. .1929 J -J
2d 5s______________
*1917 A-O 102*8____ 102*4 J ’nc 11
80
80
M
ch'12
J
-J
Registered__________ 1929
94 ____ 92*4 M ch'12
1st consol gold* 4s
1988 J-D
84
83%
8.1% Safe 83%
R iv & G Dlv 1st g 4s. . 1933 M-N
01% Apr '11
Wash
Cent
1st
gold
4s
1948 Q-Al 80%
102% Jan '10
Verdi V 1 ft W 1st g 5S..192C U-S
Nor Pac Term Co 1st g 0s**1933 J -J 111%____ 11134 M ay’12
120 121
120
120
iio%
i-io*
J
-D
Mob ft Ohio new gold 6s___ 1927
9138
91*8
J
-J
-----91%
Oregon-Wash
1st
&
ref
4s
*1961
II53.1II534
115%
Feb
'12
1st extension gold 63___ h i927 CJ-J 115 117
8634 873.; Pacific Coast Co 1st g 53. .1940 J-D 103*4 104% 103*4 J ’no '12
08% M ay’ 12
80% 8S
General gold 4s----------------193" M-S
100%
- enna R R 1st realcstg4s*1023 M-N 100% 101% 100%
108%
110*<
103%
1081
108%
110%
F-A
Montgoin Dlv 1st g 5s__ 194
*1919 M-S ____110 * 110 M ch'12
Consol gold 5s_______
83
83
83 Apr '12
83% 85
Ht (.< ft Cairo coll g 4s___el93u Q -F
Consol gold 4s......... ..
1943 M-N ____ 10234 102*i Mch '12
931-M c h 'll
Guaranteed gold 4s___ 1931 J -J
100
Convertible gold 3 Ms__ 1912 M-N 100 100% 160
102%
163"
10.1
May'12
103
"
104
J
-J
ashv Ch ft St L 1st 7S..1931
J -D
07% 97% 97*8
971
Convertible
gold
3
Msol915
109%
J
'n
e
’
12
109*8 109%
1st consol gold 5s_______1928 A-O 109% . . .
U7*s
J
’n
e’l
J
-D
96
.
.
.
o
10l5
Registered___________
■ Jasper Branch 1st g 6 s . . 1923 J -J 11334 ____ 1157s N o v ’ 10
104%
Consol gold 4s___________ 1948 M-N 104 Sale 104
10734
10734
10734
M
ch’
12
1
0
7
%
...
J
-J
McM M VV ft Al 1st 6 s ...19 1 7
99*8 10U% 99*8 May’ 12
Alleg Val gen guar g 4 s ..1942 M-S
T ft I’ Branch 1st 6s____1917 J -J 10?l4____ 113 J’ly '04
D R R R ft Bgc 1st gu 4sgl936 F-A 10034
83 92%
8d,
8 j% Sale 891.1
,Nat Rys of Mcx pr lien 4 Hs.1957 J -J
102 M ay'l
M-N
Phila
Balt
ft
W
1st
g
4s
1913
82%
821
82%
86%
82% Sale
Guaranteed general 4s__ 1977 A-O
102 Jan '03
Sod Bay ft Sou 1st g 5s 192* J -J
99 100
99 101*8 99 M ch'l:
:Nat of Mex prior lien 4 ^ 3 .19 2 6 J -J
97 ____
Sunbury ft Lewis 1st g 4s 1936 J -J
77*4
J’n
o
’
l:;
77*4
80
____
78%
A-O
1st consol 4s______ _____ 1951
101% May'12
M-S
U
N
J
H
R
&
Can
gen
4s_
.1944
9034
J
’no
'12
90*4
95
90 907g
N O Mob ft Chib 1st ref 5s I960 J -J
Penna Co guar 1st g4 >$s *1921 J -J 103% 103% 103% J ’n e ’ U
N O & N E prior Hen g G s_.p l9 l5 A-O 103 100
103 M ch'12
Registered_______
1921 J -J 102
88
”
May'll
M
"
88%
J
-J
____
877s
New Orleans Term 1st 4 s .. 1953
88*4____ 80% Apr '12
Guar 3 Ms coll trust reg * 1937 M-S
8834 May'12
N Y Central ft Uud River—
F
-A
____89
Guar
3
Ms
coll
trust
ser
B.1941
S6% 881*
87%
87% Sale 87
Gold 3 % s .._ ..............
1997 J -J
9734 May'12
Trust Co certfs gu g 3 ,%s_1016 M-N
iy ’ 12
86 87
88 May
80 87
Registered____________ 1997 J -J
88 M ch'12
88
.
.
.
J
-D
Guar
3
J^s
trust
ctfs
C
1942
92%
96%
9234
Sale
92*4
92*4
Debenture gold 4s---------- 1934 M-N
8734 Jan 12
S77S
.
.
.
J
-D
Guar
3
Ms
trust
ctfs
D
___1944
93 M ay’ 12
93
93
Registered_____________1934 M-N
96*4
96*4
9634 97
Guar 15-25 year g 4s____1931 A-O
8()7S
85
81%
81%
81%
Sale
F
-A
Lake Shore coll g 3 VSs— 1998
Cln Lcb ft Nor gu 4s g **1942 M-N 92 96*4 96% Dec '11
79 84
A 80*8 81% 81 J ’n e ’ 12
Registered____________ 1998
110
Jan
'05
103%
105
M-N
Cl
ft
Mar
1st
gu
g
4
H
s~
'l0
3
5
79*4
78% 82%
79% Sale 79%
Mich Cent coll gold 3 Hs.1998 F -A
Cl ft P gen gu g 4 Ms ser A 1942 J -J 105 . . . 107*4 Dec '11
77*4 79%
77% 7838 7734 Apr '12
■
Registered____________ 1998 F -A
105 . . . 109*4 J ’ly 09
Series
B
_______
1942
A-O
98%
Dec
10
9 9 % --.
J
Beech Creek 1st gu g 4S..1936
01% ____ 91% Feb '12
ln t reduced to 3W s’ l942 A-O
97%------ 99 M a y 'll
Registered--------------------1936 J -J
Series C 3 Ms___
1948 M-N 91% 9238 91% May'12
2d guar gold 5s________1936 J -J 107 _
90 May'08
91% . . .
Series
D
3
Ms.........
1950
F-A
Registered__________ 1936 J -J
91% May'12
91% 95
Erie ft Pitts gu g 3Ms*B*1940
J
Beech Cr E xt 1st g 3 Hs.61951 A-O
9S34 Apr '04
91% 95
Series
C
_____________
1940
J
-J
97%
Apr
’09
90
Cart ft Ad 1st gu g 4s___1981 J -D
Gr R & I ex 1st gru g 4 Ms*194l J -J ____101*8 104% May 12
Gouv ft Oswe 1st gu g 5 s .19 12 J -D 103
100 M ay’12
Pitts Ft VV & C 1st 7 s. 1912 J -J
99% M ch'11
Moh ft Mai 1st gu g 4s___ 1991 M-S
10378 Feb 'l l
2d 7s_________
1912 J -J ____ 101
98% 100 105 O ct '02
N J Juno R guar 1st 4 s ..1988 F -A
101 Dec 11
3d 7 s .......................... **ftl912 A-O
Registered_____________1986 F -A
Pitts Y ft Ash 1st con 5s 1927 M-N 1 0 7 % ... 109 May'10
89 " May'12
88% 89
N Y ft Harlem g 3 H s ---2 d 0 o M-N
10is4 Feb '12
102%
-----Tol
W
V
ft
O
gu
4M
s
A
.
.1931
J
-J
• Registered____________ 2000 M-N
Series B 4 Ms_________ 1933 J -J 102% . . . 100 J ’ly '10
N Y ft Northern 1st g Ss.1927 A-O . . . 107 108 Oct '09
95% . . .
* *1942 M-S
Series C 4s_____
977S
A
u
g
'll
A-O
N Y ft Pu 1st cons gu g 4sl993
P C C ft St L gu 4 Ms A *Zl940 A-O 105*8 Sale 105*8 105%
Nor ft Mont 1st gu g 5 s ..1916 A-O
Series B guar__________ 1942 A-O 1053S . . . 106% M ay’ 12
' Pine Creek reg guar 6s___ 1932 J -D 12034 ____ 131% Jan '09
100 J ’n e ’ l l
Series C guar__________ 1942 M-N ____107
105*4
May'12
103*4
10734
10634
____
A-O
It VV & O con 1st ext 53.A1922
971
07% ____ 97%
Series D 4s guar_______1945 M-N
. . . 105% 101 Mch 12
101 101
- Oswe & R 2d gu g 5s__el915 F -A
93*4____ 93% Feb '12
Series E 3 Ms guar g ___1949 F -A
. R W ft O T R 1st gu g 53.1918 M-N 10634 107 101 J ’n o ’ 10
97 ____ 9778 A u g 'll
Series
F
gu
4s
g
________1953
J
-D
98%
M
ch'12
97%
98%
96*8
-----, Rutland 1st con g 4 H s ..l9 4 1 J -J
99 M ch'12
Series G 4s guar_______1957 M-N 97% 99
84 Feb '12
84
86
81% S3
‘
Og&LChatn 1st gu 4s g 1948 J -J
C St L ft P 1st con g 5 s ..1932 A-O 1 1 0 * i____ 113% N ov'll
92 J’n e ’09
Rut-Canad 1st gu g 4 s .1949 J -J
109 M a y 'll
1
0
6
%
...
Q
-F
Pco
ft
Pek
Un
1st
g
Cs____1921
115
J
’ne
'09
St Lawr ft Adlr 1st g 5S..1996 J -J 107%-----93%Jan '11
2d gold 4 Ms____________ 61921 M-N ____99
119% 119%
2d gold 63....................... 1996 A-O 118 ____ 119% M ch'12
50 ____ 60*4 Apr ’ 12
Pere Marquette— Ref 4s___1955 J
9934 ------ 9978 N o v ’ i l
Utica ft Blk ltlv gu g 43.1922 J -J
0S*j N o v 'll
J
-J
Refunding
guar
4s______
1955
88%
831.1
8734
897S
88 89%
Lake Shore gold 3 Ms____ 1997 J-D
99*8 Feb '12
Ch ft W M 5s..................... 1921 J -D
87% 88*4
88 881 8834 May'12
Registered....................... 1997 J-D
10833 May’ 12
Flint ft P M g 6s_________ 1920 A-O
93%
93% 91%
93% Sale 93%
.
Debenture gold 4s____ 19
M-S
98% A p r '12
96%
-----M-N
1st
consol
gold
5s_____
1039
93
937S
93*8
25-ycar gold 4s...............1931 M-N 93% Sale 93%
95% ____ 97% May'12
Pt Huron Dlv 1st g 5 s .1939 A-O
92% Apr '12
92% 93%
•
Registered________ 1931 M-N
Sag Tus & II 1st gu g 4 s .1931 F -A
• Ka A ft G It 1st gu c 5s.1938 J -J 108% . . .
Philippine R y 1st 30-yr s f 4 s .'37 J -J ____ 86% 86 May’ 12
,
Mahon C’l R R 1st 5 s ..1931 J -J 101% . . . tllt o M c h 'll
113%
Pitts Sli & L E 1st g 5s____1940 A-O 110% 113 113%
105 105
• Pitts & L Erie 2d g 5 s..a l9 2 8 A-O 105%------ 105 A p r ’ 12
1st consol gold 5s________ 1943 J -J 110% ___ 113% N o v ’ l l
Pitts MoK ft Y 1st gu 63.1982 J -J 121 % ___ 130% Jan '09
97*i
98
J
-J
D
eadlng
Co
gen
g
4s______
1997
9
7*8
Sale
123%
123%
123%
M
ch
'12
’
2d guaranteed 6s______1934 J -J 123 -----98 Apr '12
AA1 R e g iste re d ____________ 1997 J
McKees & B V 1st g 6 s .1918 J -J 100 . . .
07% May'12
96*4 97
Jersey Cent coll g 4s____1951 A-O
111 111
Michigan Central 5s.......... 1931 M-S 109% 115 111 Jan ’ 12
Atlan City gu 4s g _______1951 J
109 112 119 J ’n e ’06
Registered...................1931
86 M ch’ 12
86 . . .
t Jo ft Gr Isl 1st g 4s____1947 J -J
98 98
98 Apr ’ 12
____99
4 3 ......................................1940 ‘j - J
t L & San Fran gen g 6S..1931 J -J 110 1191 118*i May'12
98% N o v ’ l l
,
Registered................1940 J -J
107%
M ay’ 12
.
.
.1071
J
-J
General
gold
5s__________
1931
90 J ’ne '08
J L ft S 1st gold 3 H s .. 1951 M-S
86 91*4 88% Feh '12
St L ft S F R R cons g 4 s .1990 J
86% 86*4
86% M ch’ 12
'
1st gold 3 ^ S .....................1952 M-N
86 % . . .
87
871
M-N
87
88
Gen
15-20
yr
5s_______1927
89*4
92
893.(
89*4
90
903
20-year debenture 4 s ..1928 A-O
98% . . . 100 Oct '11
Southw Dlv 1st g 5 s ..1947 A-O
9934100%
. N Y Clllc ft St L 1st g 4s. 193 7 A-O ’ 9978 Sale 9978 100
781;
78 Sale 78
Refunding g 4s________1951 J -J
99 9934
90% ____ 993.J M ch’ 12
Registered......... ............. 1937 A-O
80*4 Mch *11
Registered__________ 1951 J
89% 91
90
Debenture 4s----------------193 M-N 90 Sale 89%
A1ISCELLANEOUS BONDS— Continued on Next Page.

M

Low High
99*4 101
97
98%
92
92
91% 93%
90 91%
128 132%
99% 99%
99% 99%
92% 93%
114 115
98 100
99% 100
92% 96
92% 92%
89*8 89%
99*8 100%

102% 102*4

123*8 12334
121 12S%
124 124
98 99*8
92 94
1071-114%
108 111*4
92
94
106*8 106*8
05 98%
99% 100*4
98% 99%
69 70%
96

107

111% 111*4
91% 92*4
103% 101
100% 102
108 110
102 104
99% 100%
96*4 97%
07*8 97%
102% 104%
10178 102%
101 101%
103% 104
103 103
88% 89%
88 88*4
97% 97*4
88

(las and Electric Light

102

102

100*t 101% 101 J ’no'12
90*f
90% 91% 90*8
106 ____ 106% Apr '12
103% Sale 103% 103%
88%
8878 Sale 88*4
113% M ch’ 12
101% 1017g 102% M ch’ 12
02% J ’ly '09
------

057S 98

93% 95
102% . . .

•No srtee Friday; latest bid and asked,




102% 102

95

a Due Jan.

90
May’ 12

104% 105% Peo Gas ft C 1st con g 6s__ 1943 A-O
Refunding gold 5s______ 1947 M-S
115% 117
Registered____________ 1947 M-S
Ch G-L ft Cke 1st gu g 5 s .1937 J -J
Con G Co of Ch 1st gu g 5s 1936 J -D
102 103
Ind Nat Gas ft OU 30-yr 5s ’30 M-N
10J*i 101%
Mu Fuel Gas 1st gu g 5 s ..1947 M-N
807g 90%
Registered____________ 1947 M-N
106% 100%
102*8 104% Philadelphia Co conv 5s— 1919 F-A
88% 89% StanG as& E lcc conv s f 6 s ..1926 J-D
112% 113% Syracuse Lighting 1st g 5 s .l9 a l J - n
102 102% Syracuse L & P 5s_________ 1954 J -J
Trenton G & E 1st g 5s------ 1940 M-S
Union Elec L & P 1st g 5 s .. 1932 M-S
Ret & ext 5s____________ 1933 Al-N
94
9G*a
Utica El L ft P 1st g 5s------ 1950 J -J
Utica Gas ft E ref 5s............ 1957 J -J
93% 95
Westchester Llght’g g 5s___1950 J -D

91% 91%
91% 91%
91% 91%
105
101%

101*4 101J4

105% 106*4
106% 107
97
99
93% 93%

60*4 60*4
9958 99%
108 108*8
981- 100
97% 97%
84% 86
113% 113%
9734 98*4
97*4 98%
9678 9S%
86

b Due Feb.

« Due May

Q Due June,

h Due July.

0

88

100

109
100 ' 101
1001;

88
103
100
96
103

109
101

101

*78 ’ "81*4

116% 117%
101% 102%

102

1027s 104%
102

109

Feb ’ 12

101

101

Deo 'l l
80 M ay’ 12
109 Feb '01
101 Apr '12
96* ; A pr '12

p Due Nov.

102

93
93
100*8 101%

So

86

101 101
96% 08%

10034 100% Dec '11
105' 105*4 1051- May'12 ___

Due Oct.

88 %

8678 88%

103 Feb ’09
102% 104% 103% M ay’ 12
101% 103% 102 M ay’ 12
91
89
93 M ch’ 12
101% M ch’ 12
1011.

86%

118*4 119%
107%108%

116% A p r ’ 12

101% 102 102

88 %

8734 87*4
9634 98%

S

____ 10478 104% J ’n o ’ 12
116*;
116 ____ 116*4
122 % ___ 118% Dec '11
88% Dec '11

107

92% *92*4

__

(las and Electric Light

9612

115% 115%

N

Kings Co El L & P g 5s------ 1937 A-O
Purchase money 6s............ 1997 A-O
Convertible deb 6 s ........... 1922, 'll- S
Ed El II Bkn 1st con g 4s. 1939 J -J
L ac Ga3 I, of St L 1st g 5 s..el9 1 0 Q -F
Ret and ext 1st g 5s..........1934 A-O
Milwaukee Gas L 1st, 4s------ 1927 Al-N
•Newark Con Gas g os ------ 1948 J -D
N Y G E L H & P f ? **s-------1948 J -D
Purchase money g 4s-------1949 F -A
Ed El III 1st cons g os
1995 J -J
N Y ft Q El L&P 1st con g 5 s .1930 F-A
IN Y ft Rich Gas 1st Z 5 s .- - 10- 1 Al-N
•Pacific G ft El Co Cal G ft E
: Corp unifying ft ref 5 s .. 1937 M-N
JPao Pow & Lt 1st ft ref 20-yr
T 5s Internal S eries........... 1930 F -A
> o t ft Passaic G ft E 5s------ 1949 Al-S

;

104*8 105%

t Option sale.

1616
BONDS

T . STOCK E XC H AN G E
W eek Ending June 14.

Price
Friday
June 14.

Week's
Range or
Last Sale

|Bonds
I Sold

N.

New York Bond Record—Concluded— Page 4
Range
Since
Jan. 1.

N.

BONDS

Y . STOCK E XC H AN G E
Week Ending June 14.

[VOL. L XXXX IV .
Price
Friday
June 14.

WceKs
Range or
Last Sale

St L & San Fran (Con)
Rid
Ask Low
h No Low High
Bid
Ask Low
High
K O Ft S & M con g 6S..1928 M-N ____ 116 115t,t
4
a 115% 118
XX/abash 1st gold 5s_______1939 Al-N 105% Sale 105
105%
K C Ft 3 & M R y ref g 4 s .1936 A-O
70% 7912 79%
79% 80% * * 2d gold 5s...................1 9 3 9 F -A
?
091,
997S
99%
100
Registered............. : ___ 1936 A -0
79 ;
o ___
Debenture Series B ____1939 J-J ____ 90 100 May'12
K C <56 M R & 13 1st gu 5s_1929 A-O 102-A,____ 10014 ]
9 ___
OSI4 99% 99 Apr T2
1st lien equip s fd g 5s___1921 Al-S
Ozark & Ch C 1st gu 5s g.1912 A-O
9973 Sale 99 <3
%
99% 100
1st lien 50-yr g term 4 s ..1954 J-J
83 Dec To
St L S W 1st g 4s bd ctfs. 1989 M-N 91 Sale 01
7 91
92%
1st ref and ext g 4 s .......... 1956 J-J
68% Sale 68%
69%
65% 71%
2d g 4s Inc bond c t f s .. pl989 J - J
15 80% 82
82 83
82
67
67
Cent Trust Co c t f s . . ......... ..
6438 70%
Consol gold 4s______
1932 J - D
8U2
81% 83
84%
% 2i! 79
63
Do Stam ped___________
66
06
6453 (Hi
Gray’s Pt Ter 1st gu g 5s. 1947 J-D
99
10U3 ,
7 ----Equit T r st Co ctfs_______
09 M ay’ 12
59% 02%
3 A & A Pass 1st gu g 4 s. 1943 J -J
5., 1C S6_% 87%
86I4 '86% 8684
65 Sale 05
Do S tam ped___________
66
60%
691,
S F & N P 1st sink f g 5 s ..1919 J-J 1033., _
9 ___
104 (
Det & Ch E xt 1st g 5 s ...1941 J-J 105% 108% 100% May’ 12
106 107 "
2 ___ 87
Seaboard Air Line g 4s____1950 A-O
86l2 ____ 87 I
79 ____ 81% M ay’ ll
87%
Des Moln Div 1st g 4 s . . . 1939 J -J
l
i
Gold 4s sta m p ed ..
1950 A-O
88 Sale 8712
80% 90
Om Div 1st g 3 Ms.......... .1941 A-O
70 7134 71% May’ 12
68% 713,
Registered.....................
1950 A-O
Tol & Ch Dlv 1st g 4s____1911 M-S
80 86
83% Mch T 2
72% 83%
’ Ci '79 ‘ '84% VVab Pitts Term 1st g 4s
Adjustment 5 s .. .
ol049 F -A "80% Sale *80%
1954 J -D
34
34
34
39%
Refunding 4s.
1959 A-O
81% 8U2 8U4
■1 24 81
83
Cent & Old Col Tr Co certfs.
33% 34
32
35%
32
421,
80 885S 88 I
Atl-Birm 30-yr 1st g 4s.el933 M-S
2 ----- 88
90
Columbia Tr Co ctfs
___
31%
33
31% 41%
Car Cent 1st con g 4s
1049 J-J
91% ____ 9312 j
2 ----- 92-% 93%
2d gold 4s.........................1954 J -D
1% M ay’ 12
1
101%____
1 ___
103 f
Fla Cen & Pen 1st g 5 s .. 1918 J -J
Trust Co certfs
2%
2% ,2% M ay’12
178
104 3
2—
1st land gr ext g 5 s . . . 1930 J-J 102
104 J04
Wash Terml 1st gu 3 M3. 1945 F -A
86% ____ 87% Oct ’ ll
Consol gold 5s. . .
1943 J -J 107 ____ 107
2 107 107
1st 40-yr guar 4s.................1945 F -A
9 7 % . . . . 97% M ch’ 12
97%
07%
1053j____
Ga 8c Ala R y 1st con 5s.ol945 J - J
2—
10534 107% vest Maryland 1st g 4 s .. 1952 A-O ____ 87
86 >3
87
86% Sf%
Ga Car & No 1st gu g 5 s .1929 J-J 105 lOoS*
2—
105% 10534 Vest N Y & Pa 1st g 5 s .. 1937 J-J 1073,
1075, May’ l l
10734 10834
Scab & R oa 1st 5s............ 1926 J -J ------ 1061:
2—
105 105%
Gen gold 4s____________ 1943 A-O
87% 87% Apr T2
87% SS%
Southern Pacltlc Co—
Incom e 5s______
<71943 Nov
201,
34 Feb '07
23 9Q38 92% /heeling & L E 1st g 5 s ...1 9 2 6 A-O 104 105 101% M ay’ 12
Gold 4s (Cent I’ ac coll) _fcl949 J - D
9032 Sale 9C3S
104% 10712
1 ----Registered............. ...A ; 1949 J - D
9U2 1
Wheel Dlv 1st gold 5s. 1928 J
101% 101 102% N o v 'll
120 94% 97
945s Sale 9112
20-year conv 4s______ .&1929 M - S
Exten & Im p gold 5s____ 1930 F -A 101% 103 102 J ’n o ’ K
Cent Pac 1st ref gu g 4s 1949 F-A
s 16 95% 97
96>3 9684 96%
R R 1st consol 4 s ..
..1 9 4 9 M-S
83
84
84 J ’n o ’ 12
84
85%
R e g is te r e d ............
1949 F-A
2 ----- 94% 94%
94 95
9412 j
0G53
20-ycar equip s f 5 s . . . 1922 J -J
98% Feb ’ ll
9133
Mort guar gold 3 Ms. .it 1929 J - D ____ 913j
s
a 90% 91%
J
0134 Apr T2
92
913, 03 .
Through St L 1st gu 4s 1954 A-O ____ 9U2 90
90
92”s
91% 92
92
J
-J
92%
91% 9333
G H & S A M & P 1st 5s. 1931 M - N 104 10 >% 107 ]
1003., 107
Sup&Dul dlv & term 1st 4s ’36 Al-N —
91% 9034
9034
90% 02%
Glia V G & N 1st gu g 5s 1924 M - N 1021S 104
2 ----- 1043,10434
i ----- 104% 104%
Hous E & W T 1st g 5s 1933 M - N 104 10;7S
$,aiy?,!a?*ur‘n2 and Industrial
1st guar 5s red________ 1933 M-N 104 105
—
104% 104% illis-Chalmers 1st 5s
193 J-J
01
62 J ’n c ’12
62
67%
II & T C 1st g 5s lnt g u .. 1937 J -J 10914____
1 ----- 10353 110
Trust Co ctfs d e p o s it............
61
60%
60%
601, Oil,
Consol g 6s lnt g u a r .. 1912 A-O
1 ----A-O 101% Sale io n ,
101%
101% 1023,
Gen gold 4s lnt g u a r .. 1921 A-O ~9412 Sale'
1 94% 95%
98% Sale 98%
98%
m c o t o n ext 4 Ms____
1915 O -F
08
98%
W aco & N W dlv 1st g 6s ’30 A l - N 114 . . .
) ----Debenture 5s____________ 1931 Al-N
94% 95 AIay’ 12
91% 951,
A & N W 1st gu g 5s____ 1941 J -J 107 . . .
___ 107%107%
M -S 100 10034 100
190
98% 100
M organ’s La & T 1st 7S..1918 A-O 1123g____
—
A-O
7!)% SO 80
SO
72% 82
1920 J -J 1093S ____
1st gold 6s_____
—
F-A 1C4% Sale 101% 105
102% 105%
N Y Tex & M gu 4s g . . 1912 A-O
............
100
100
M-S ___ 101
100 101
No of Cal guar g 5s
1938 A-O n o 11433 112
—
94
95
J-J
95
95
925S 04
Ore & Cal 1st guar g 5s. 1927 J -J IOU4 1031 102
—
................
A-O 120 1201 120% J ’n o ’ 12
US78 121%
. ...
So Pac of Cal— Gu g 5s 1037 M - N U07a . . . . 116
Registered_______
1944 A-O
120% M ay’ 12
H87S 12138
—
So Pac Coast 1st gu 4s g 1937 J -J
O lio___ 90
Certificates of deposit
120% M ay’ 12
118% 121%
—
'S a n Fran Terml 1st 4s 1950 A-O ____90P
903.S 92
Gold 4s. .........................
1951 F-A
95% 9534 >95%
95%
OU3 057s
—
T ex & N O .Sab Dlv 1st g 6s ’ 12 M - S 100 IOOI4
10034 100%
Registered.........
1951 F-A
9538 Apr T2
92% 9553
___
Con gold 5s____
1943 J -J ____105
Ccrtlllcates of deposit.........
96% M ay’ 12
9178
96
10c 94% 95%
9484 Sale 9434
So Pac ItR 1st ref 4 s ..
1955 J -J
121 122 121.<3 12178
P Lorlllard Co 7s tem ’pry bds.
11933 12334
l 20 107 108%
Southern 1st consol g 5s
1994 J - J 10734 Sale 107*2
5s temporary bonds. . .
95 Sale 94%
95-%
9
Us
9GB8
—
1994 J -J ____ 107
Registered_______
105 5
Llgg & Myers T ob Co7s tpy bds
120% Sale 12053 12078
118% 123
7 % Sale 7S3S
Develop & gen 4s Scr A . 1956 A-O
78% 793,
0
5s temporary b o n d s . ..____
9478 Sale 94%
95
8934 9 6
867s 87i2 867,
Mob & Ohio coll tr g 4s 1938 M-S
0 85% 87%
893, Sale 89%
J -J
89%
881, 90
Mem Dlv 1st g 4M-5s__ 1996 J -J 10S12 109 109 1
108% 111
Al-N 101% ___ 104 Feb T2
103% 104
St Louis dlv 1st g 4s____1951 J -J
803.1 Sale 89
£>^•>8 01'I4
J-J
97
96% Sale 90%
93% 102
Ala Cen R 1st g 6s_______1918 J -J I0734 . .
—
................ c
A-O
95% Sale 95%
<95%
915, 96%
Atl & Danv 1st g 4 s ..
1948 J -J
87 885S
—
F -A
95% J ’n e '12
9b% 9563
2d 4s.................. .......... 111048 J -J
8112 8234
82% 82%
Registered.......................... 1951 F -A
57 N o v '07
8434 .
Atl & Yad 1st ggu a r 4s 1949 A-O
C
Al-N 8 6 % . . .
907s J ’n o ’ 12
95% 97
Col & Greenv 1st 6s .
1916 J -J 104 . . .
___
1st 25-ycar s f 5s________ 1934 Al-N 0514 90-% 95
95
9 1 96%
______ 1073, 108% C
E T Va & Ga Div g 5s. 1930 J -J 10734 . . .
A-O ____ 9084 90% J ’ne ’U
06
97%
Con 1st gold 5 s .. _ 1956 M-N 1105s 110»j 11058
1101,11134 1
747S
74% Sale 74%
A-O
7
D3 78%
_______
E Ten reor lien g 5s___ 1938 A l - S 105 ____ 106 I
105% 106
1
J-D
89%
89 Salo 89
8178 921*
6412 66
Ga Midland 1st 3 s . .
1946 A-O
61% Oil. C
0412 I
F-A
-----83%
83-%
835s
82 84
_____ 112% 1127g , 10-yr g deb 5s______ I I H l0 1 7 J-I)
1022 J -J IIU 2II2
Ga Pac R y 1st g 6s____
159 Feb T2
153% 159
■ K n ox & Ohio 1st g 6s . 1925 J -J II334____
114 115
C
100
A-O 100 Sale 9973
31 98% 10078
___
.
I
M ob & Blr prior lien g 5s 1945 J -J 10412 ____
A-O ____ 9 2
92 J 'n e ’ 12
92 9234
I
Mortgage gold 4 s.
1945 J -J
78t2 80
78 1
Al-N 101 Salo 10073 101% 15( 10073 1015S
R ich <Sc Dan con g 6s
1915 J -J 104% 1041- 104%
1 104% 10434 I
F-A 103% 103% 103%
4 1031., 10134
103%
Deb 5s sta m p ed ..
1927 A-O 103t2 ____ 0434 .
101 104-%
Consol conv s f g 5s___HlU35 J -J
90 90% 90
90S,
8 81% 91%
72l2 ____ 71 I
______
[
Rich & Meek 1st g 4s
1948 M-N
M-S
92% Sale 92%
92% 12 91% 93%
10234 104
L
So Car & Ga 1st g 5s
1919 A l -N 10234 103 103 J
A-O
90 96% 95
6 94
95%
97
II I !
Virginia Mid ser C Gs
1916 Al-S 10H2 ____ 112 1
1st con 5s Series A
1950 Al-S ____80
80
81
16 77
82%
Series D 4-5s.............
1921 A l - S 10334 ____ 104% .
5-year convertible 5s___ 1915 Al-S
03% Sale 93%
36 90% 94%
94
m i
Series E 5s____________ 1926 A l - S 10512 ____ 106 .
A-O
____
99
1
98%
99
95 100
Series F 5s____________ 1931 A l - S 105%____ 105 .
—
J-D
93 95
1 93
93
93
94%
General 5s____________ 1936 Al-N 10714 108
108 108% A
Al-N 100 % 100% 100%
100% 45 1001, i o n ,
Va & S o’ w’ t 1st gu 5 s.2003 J -J 108 ____
—
Al-N 99 101% 100%
101% lo 97 io n ,
_____ 96% 9734 r
06
97
1st cons 50-year 5 s ..1958 A-O
J -J ____ 97
97
97
97
98%
9218 ____ 90 A
W O & W 1st oy gu 4s___1924 F-A
90
90
I
A-O 103%____ 101 Apr T2
102/3 104
W est N C 1st con g 6s___1014 J -J 103 ____ 103 J
103 103b
10-30-year 5s s f ___
_ 1040 A-O
92 Sale 91
92%
9034 93%
Spokane Internat 1st g 5 s ..1955 J -J ------ 103
102i2 i
.......... ..
S andard Milling 1st 5s____1030 M-N 80% 861; 86%
801
86% 88%
r P e r A of St L 1st g 4 M s ..1939 A-O 10473 106 105 A
99 09% 9934
9978
105 105
'1 le Texas Co con v deb 6s. .1931 J-J
94% 100%
A- 1st con gold 5s___1894-1944 F-A 111 11U2 U U 2
1 111% 112% (j
94
J-J ____ 94% 94
94
91%
Gen refund s f g 4s............1953 J -J
9412 9478 9453 M ay’12 —
94
96
Stamped ________________ 1930
94% Sale 94
94%
94
94%
St L M Bge Ter gu g 5s. .1030 A-O 107%
108l2Feb 'l l
Al-N 100% 101% 101% May’ 12
10078 102
T ex & Pao 1st gold 5s_____ 2000 J -D ------ 10812 10734
7 10734110% U
108%
89 89% 89%
J-J
89%
87% 90
2d gold inc 5 s __________<72000 M c h
50 65
—
50 M ay’12
___45
50 60
U
J-J
50 Apr T2
50
50
La Dlv B L 1st g 5s.......... 1931 J -J 100 ____ 99i2 Apr ’ l l —
J-D 101% Sale 104% 104% 24 10334 105
................ U
W Min W & N VV 1st gu 5 s .’30 F-A
100i2 N ov '04
Registered______________ 1918 J-D
103% Jan TO
Tol 8s O C 1st g 5s_________ 1935 J -J IO8I3 10834 IOSI4 M ay’ 12 —
<0 903 M-N 102% Sale 102%
108% 109% U S Steel Corp— ( c o u p
1021
233 101% 104%
Western Dlv 1st g 5s____ 1935 A-O 10734 108 1073., May’ 12 —
10734 1073.
S f 10-60-yr S s l r e g ____<11963 M-N 102% Sale 102
102%
'■*10158 104
General gold 5s__________ 1935 J -D 103 10412 10312 M ch'12 . . . . 103 104 ’ V a-Car Chcm 1st 15-yr 5 s .. 1923 J-D
>99% Sale 90%
093s 22' 99% 101
9134 93
Kan & M 1st gu g 43____ 1990 A-O
93 M ay’ 12 —
J-J 101% 102 lODg 102
9134 93
V
6 10153 103%
2d 20-year 5s__________ 1927 J -J
983,| 24 981,i 99% V
94% Sale 94%
98% 9914 98l2
943., 56 93
J-J
95%
9334 95I3 94% J ’ne ’ 12 —
Tol P & W 1st gold 4s_____ 1917 J -J
93% 94%
96% 93
10-ycur coll tr notes 5 s .. 1917 A-O
97% M ay’12
96% 98
Tol St L & W pr Ucn g 3 Ms.1025 J -J
S6I4 88
8OI4 A pr '12 . . . . 86
87%
50-year gold 4s__________ 1950 A-O
7 60
60
61
60
62
695s
Telegraph & Telephone
Coll tr 4s g Ser A ________1917 F-A
65 75
73i2 M ay’ 12
90% Sale 90%
71
73% A m Telep <S» Tel coll tr 4 s .. 1929 j - j
905s
90 01%
8934 ____ 8978 Apr ’ 12 . . . . 89% 90%
T or Ham & Bull 1st g 4 s..h l9 4 6 J-D
114%
Convertible 4s______ ...1 0 3 6 Al-S ____114% 114%
10834 1165|
TTlster & Del 1st con g 5s. .1928 J -D ♦105 . . . 105
2 105 106 ‘ C
•
J- l
10514
J-D
'-J
1st refund g 4s________1952 A-O
___
8512 . . . . 86I3 May’ 12
-J
80% 86% C
82% M ch’ 12
82"% '82%
Union Pacific— Gold 4s____ 1947 J -J IOOI4 1001c 1001.,
I00i2 37 1001, 102%
J
Registered______________ 2397
83% N o v 'll
R egistered____________ 1947 J -J
9914____ 101 M ay’ 12 —
99% 101% h
J 82 ____ 82 Feb T2
82 " '82 "
20-year con v 4s_________ 1927 J -J 10138 Sale 101%
10214 67 101% 104
,\
Al-N 102% 103% 102% j ’ne'12
10234 103
1st & ref 4s____________ p2008 M - S
23 90
977jj A
96i2 Sale 96i2
97
F -A 100% 100% 100%
100%
100 101
Ore R y & Nav con g 4 s ..1946 J-D ------ 95<fi
945,
943.,
5 913, 96% A
Al-N
103% May’ ll
Ore Short Line 1st g 6s. .1922 F -A 11213 112o6 112
11234 20 112 11334 ,8
M-N *99% Said 09
99%
09 10073
1st consol g 5s____
.1946 J -J 110i2 111 UOI4 J 'n e ’ 12 —
110% 112
P
J -J 100% Sale 100
100%
0S78 100%
Guar refund 4s________ 1929 J-D
21 9333 9534 V
9312 Sale 9312
101
%
102
94
J-J
101% loiEf,
101
103%
Utah & Nor gold 5s. 1926 J -J 10513____ 108 M ay’ ll
Fd and real cst g 4 Ms___1950 Al-N 08% 98% 98% J ’n o ’ 12
97% 100%
1st extended 4 s _______1933 J -J
92i8 ____
Conv 4s, series A _______ 1936 M-N
105 Feb T2
1045s 105
\7andalla cons g 4s Ser A . 1955 F-A
92 ____ 9603 M ch'12 . . . . 965S 9638
Registered____________ 1936 M-N
103 F e b ’ ll
*
Consol 4s Series B ____ 1957 M - N
2 94
94 Sale 94
94
97%
Mut Un Tel gu ext 5s___1941 At-N
101 J ’n e ’ ll
Vera Cruz & P 1st gu 4 Ms.1934 J -J ____913,
913., 9134
9134 J ’n e '12 —
Northwest Te.' gu 4 Ms g.1934 J-J
90% J ’n e ’ 12
95___96%

__

__

£

MISCELLANEOUS BONDS—Concluded
Coal & Iron
Buff & Susq Iron s f 5$___1032 J -D
Debenture 5s___________ al920 M-S
Col F & I C o g e n s f g 5s___1943 F-A
Col Fuel gen 0s........... .......1919 Al-N
Col Indus 1st & coll 5s gu._1934 F-A
Cons Ind Coal Me 1st 5s___1935 J-D
Cons Coal of Md 1st <Sc ref os 1950 J -I)
Gr R lv Coal & C 1st g 0S../U919 A-O
Kan & II C & C 1st s f g 5 s .1951 J -J
Pocah Con Collier 1st s f 53.1957 J " J
St L R ock Mt & P 1st 5 s . . .1955 J -J
Tenn Coal gen 5s_________ 1951 J -J
BIrm Dlv 1st consol 6s. .1917 J-J
Tenn Dlv 1st g 0s______ al917 A-O
Cah C M Co 1st gu g 6 s ..1922 J -D
Utah Fuel 1st g 5s________ 1931 M -S
Victor Fuel 1st s f 5s______ 1953 J -J
y a Iron Coal & Coke 1st g 5sl949. M -S

__

Miscellaneous

98% 97 May’ 12
97 98
Adam s E x coll tr g 4s_____ 1948
91 N o v ’l l
Arm our & Co 1st real cst 4 Ms ’39
100%
4 ido ioo3S Bush Terminal 1st 4s_______1952
100 100% 100%
10Q34 108% 107% J ’n c ’ 12
107% 10734
Consol 5s________________ 1955
81 '206 72% 81
81 Sale 76%
Chino Copper 1st conv 6 s .. 1921
____ 84% 85 J ’n e ’ l l
Irrigation W ks & D of A 4 Ms ’43
Dec
’
ll
04
____ 04
Inspir Cons Cop 1st 0s irectsi . .
94 ____ 102% Apr ’0
Int Mcrcan Marine 4 Ms___ 1922
98
2 973, 98% lnt Navigation 1st s f as___1929
98 Sale 98
J
’n
e
’
12
------ 88% 88%
Sl% 89% Mge Bond (N Y) ser 2 - 4 s . . . I960
82 ____ 8234 M ay’12
7934 g.,% Morris & Co 1st s t 4 Ms____1939
1023., 103 103
103
102% 103% N Y Dock 50-yr 1st g 4s___ 1951
1023S ------ 1033s
1033.
1 103% 104% Niag Falls Pow 1st 5s_____ 1932
10238 ____ 10358 M ay’12
103 104
Refunding & gen 6s____ «1932
103%____ 110 Jan ’09
Ontario Transmission 5s___ 1945
Pub Serv Corp N J gen 5 s ..1959
____ 85^4
MayT2
80 ” *86 " Ray Cons Copper 1st con v 6s 1921
95% 96
>
90 " 1 2 9512 981s Wash Water Pow 1st 5 s ...1 9 3 9
07

Al-S
J-D
A-O
J -J
J -J
M-N
A-O
F-A
A-O
J -J
F-A
J -J
A-O
Al-N
A-O
J -J
J -J

83 Sale 82%
83
9 U3 Sale 91%
92
80% 90
8834 M ay’ 12
____97%
97% J’n e ’ 12
145 Sale 140
145
____90
93% N o v ’ ll
101% 105
65% 65% 05%
65%
79 Sale 78
79
89 A p r ’ ll
89% 89% 89%
89%
82% 84
85 Apr T2
190%____ 100% Apr T2

821, 88%
91% 92%
8834 92
97
99
116 145

"03"
Sale " d i "
94
Sale 93%
120
Sale 118
____ 101 M ay’12

*93” *03*
9253 94%
112 120
1027s 104

93
94
119
103

104%105
03
70
78
82%
89% 897s
84
85%

100% 100%

•No price Friday; latest bid and asked aDueJan dDue April cD uelfay yDueJuue /»Due July fcDuoAug oDue O ctdDuoN ov ijDue Deo (Option sale




CHICAGO STOCK EXCHANGE—Stock Record—Daily, Weekly and Yearly
S T O C K S — H IG H E S T
S a tu r d a y
June 8

M onday
J u n e 10

38 *30
92
*89
95 *90
27% 26%
*8
8 l2
*7
*4% 5
*114

AND

T u esd a y
J u n e 11

36
*30
92
*89
95
*80
26-14 2512
812 *712
5
*3%
*1S12 20 *18l2
♦I8 I2 2 0
*4612 4832 *4612 4838 *4612
934
8
9
8
1012
*43
*44 48
♦44 48
*30
♦80
♦90
27

LOW EST

SALE

36 *30
*89
92
90 *80
25*2
26
812 * 6*2
412 *3
*18*2
20
48% *46*2
934 10
4412
46

P R IC E S

T h u rsd a y
J u n e 13

W ed n esd ay
J u n e 12

F r id a y
J u n e 14

39 May’ 12
90 May’ 12
93 Mav’ 12
26
26
25*2 26
7
7*4
6
6
8
L a s t S a le ■
4*2 May’ 12
4%
19
19
19
19
20
483s *16*2 4S38 40*2 40%

36
92
90
26

10*4

L a s t S a le
L a s t S a le
L a s t S a le

10

44*2

45

10

4912

934

50

10

50

3 II4 3434
3314 34%
34
363S 3334 35
36% 3G*4 36% 37
119 119
11612 11734 116*2 117*2 116*2 11034 II 6 I4 11714
119 119
L a s t S ale 400%J’ne'12
*400
'400
*400 ----- *400
L o s t S ale 135 Apr’ 12
*130 m "
130
*130 ___ *130
*53
57
5412 54*2 53% 5312
57
*53
55
55
*53 55
L a s t S a le 10334May'12
*104 1 1 0 *104 110 *104 105 *104 105
145'r8 1457g 145% 148
14512 14534 14534 14534 *145*2 146 *145*2 146
64 *62
64
64 *62
62
62
*62
64 *62
63
63
L a s t S a le 47
Apr’12
94
9414 94
*92
95
*92
95
9434 9134 9412 95
62 *60
64 *60
L a s t S a le 62 June’ 12
*60
62 *60
*4734 486 *4734 4812 *4734 48
48
48 48
L a s t S a le 142_ May"’ 12
200 200 *195 200 *195 200 *195 209 *195 200
202 202
140 14014 *139 140 -140 141
140 140
140 140
140 140
*1514 15*2 *15U 1512 15U 15U 15*4 15*4
Jan’ 11
L a s t S a le 78
IO8 I4 IOSI4 *108 109
IO8 I4 IO8 I4 10714 IO7 I4 *107*2 108i2 *107*2 108!2
*10012 10O34 10034 100% 10034 101 >10034 101
101 101% 101*2 101*2
67
67
67*4
0712 0712 673S 6734 668 3 67lg 67
Ily" rig"
120*2 12012
L a s t Sah 71 June’ 12
71
*69
72 *69
71
*70
*70 72
156 156 *155 157 ♦155 157
*155 158 *155 158 *155 158
129 129
*128 131 *128 131 *128 131 *128 131 *128 131
L a s t S a le 120 May’ 12
*118 1 2 0 *118 1 2 0 *115 120 *115 1 2 0
117 117 *117 120 *117 119 >117 119
*118 119 *118 119
64 *63*2 64*8 6412 64-34
63% 63% 633S 6334 64
L a s t S a le .60’ May" 12
92*2 *90 9212 *90 9212
9212 *90
9212 *90
*90
9212 *90
114 115*8 114*4 II4 I4 114*2 11434 113% 11412
115 1151,1 115 115
84% 84*2 84l2
85
8412 84% 84
84 84% *84
L a s t S a le *8
May’ 12
100 100
100 100 *100 10034 IOOI4 IOOI4
100% 100% *100 101
L a s t S a le IOO34 May 12
♦100 10C“4 *100 100% *100 102 *100 102
189 18912 1S9 189i2 190 191
18912 19012 18834 19012 1S718 189
12534 125% *125 126 *125 126 *125 126 *125 126 *125 126
10434 1051s 10 l l 2 104% 104*2 104*4 104*2 104%
lOl'g 105
290 290 287 290
290 291 *287 295
*287 295
109 109 *10334 109
10834 10834
109 109
*109 IO9 I4 109 109
161 162
162 167
163 168
156% 156% 15612 ia»% 160 162
L a s t S ale 1*2 May’ 12
1*8
1*8
*1'8 1>4 *U8 U4 * 1*8 1*4 * 1*8 1*4
69
693s "os' "09V
70 7038 69% 701­ 68*4 GO'S 6S':8 69
L a s t S a le 11 May’ 12
11
11 *10 11
*10
*10
*10
11

S a les
o f the
W est
S h a r ei

in t e r ­
est
P erio d

P r ic e
F r id a y
J u n e 14.
M l

A sk

1
-.
Armour <&Co 4 >$3__ 193* J - D t 91% 02%
Auto Elec 1st AI 6s___1928
Cal Gas&El unit & r 5s ’37 I - N : 95
97
- \ £102% Sale
Chicago City Rv 5s__ 1927
Ohl City* UonKys 5s.61927 A -O
88% Sale
Chicago Kiev Ky 5 s ..lu ll 1 - J tua
98. •>
Chlo Fue Pool 1st 53.al92l J - 1 99 Said
Chlo Ry 5s...................192? F - A too Sale
Chlo Kys 5s ..series “ A’ A - l. t U6 I4 96%
Chlo Ry 4s_.-erics “ A ” A - O
Chlo Rys 4s..series ” B' J - D 186% 861?
Ohio Rys 4s ..series ’*C’ F - A t 93% 9-1*4
Ohio Rys coll 6 3 __ 191 i F - A
Chlo Ry Pr m .VI g 4s.c'27 J - J t 7312 76
Chlo Ry AdJ Inc 4scl92/ Mayl t - - . . 55
Ohio Telephone 6 s___ 1 U2 .< 1 - 1 IOU4 Sale
Cicero Gas Co ref G il 1932 J - j t 9814 99
Commouiv- Edison 5s. 194.1 rl - 8 103*8 Sale
Commonw Fleet Ssoiuu .1 - .' f l 0 2 l2 103%
Cudahy Pack lst.Vl5s.102. M -N 19038 Sale
Dla Match Con (lD6s..l921108 1 0 0
Gen Mot 0% IstL notes ’ 1., A - O
Ind Steel 1st g 5 3 ____1952 ,rt - N __ . ___
Do
1st g Gs._ .1923
Int liar 3 yr 5% g notes’ 15 F - A £10 0 % 10034
Inl’d St’l 1st Al g 6s__192o __ .... ___
Kan City Ry i t Light
Co 5 s .................... . 1 0 1 .1 -V- N __ _ ___
Lake St El— 1st 5s__ 192c J . . t 88*2 89
Motr VV Side El 1st 4 s 193s F - A £ ~ ~ 83
Extension g 4s------1 9 .1.1 J - 1 1 8 U2 82%
Mil El Ry & L 1st g 5s 1926 F - A [103 105%
do ref & ext 4 44s_ 1931 I - J £ 94 ___
do gen & ref 5s__ 19oi J - L [ 94
90%
MU Gas Lt 1st g 4s.__1027 At - N t 89*2
-J
Morris & Co. •»44____1939 J
t 89*2 89*4
Nat Tube 1st g 5s------1952 H - N t - - 1 0 1 %
Nor Sh El 1st g 5s------1922 A - O {103 IOU4
do Is) & ref g 5S..1940 A - O £looJg 10 0 <8
Nor Sh Gas of 111 1st 5;; '3 7 F - A 1 — . 97%
_
Norti West FI 1st 4 .1 . . 1911 At - 2
N W GL &Coke Co 531028 J - Al
Ogden Gas 5s-----------1945 -l - N 08 Sale
Pao Gas & El ref g 5S.1942 J - J £---- 921?
Pao T & T 1st col tr 5s 1937 / - J t 997S 10 0 -%
Poarsons-Taft 5s------- lulo * - D 98l£
4.403 .............................. d - S 95
4.60s Series E_________ M - N 96
4.80s Series F_________ Al - N 97%
Pco Gas L i t G 1st Cs.1943 A - U
Refunding g 5s------194 7 M - t tU)l% 10173
Chic Gas LJcC 1st 5al937 J - J U03
Onnsuin Gas 1st 5s. 1936 •J - 14 t ___ 103*2
Mut’ l Fuel Gas Ist5 s l 9 4 7 At - N U 0 1 1 0 1 1 ?
Pub Serv Co 1st ref g 5c 55
£ 98
9812
Sou BcU T & T 1st sf 5s 41 >1 " J t 99*4
South Side Elev 4 443-1924 J • J 1 94*2 95
Swift St Co 1st g 5 s . ..1914 J ■ J UOOI4 1 0 0 %
Trl-Clty Ry & Bt 0 0 U tr
Ucn s f 5s_________ 19J6 A - O t 97-% __
84
Union El (Loop! 5s_.194o A • t t 78
10 1
U S Gypsum 1st tr 5J 1922 At • S £98

W e e k 's
R a n g e or
L a st S a le

vj w
H ig h
91 Apr’12
92
92
82*4 Apr’ 12
98% Atay’ 12
102
102*8
88*8
88*2
98% AIay’12
90
92
100
100%
96%
90*2
9018 Jail’ ll
86

86*4

94% May’12
109 Jah’12
74%June’ 12
53 May’12
10 1*8

10 1*2

99-% May’ 12
103*8 103*4
10234June’ 1 2
10038 100%
109 Juno’ 12
99*4 Apr’12
IOH4 May’ 12

R ange

lor

1912

R a n g * lo r P r e v i o u s
Y e a r 1911.

H ig h e st.

H ig'-.srt

Y ear

L o w e st.

Railroads
Chicago Elev Rys com__
I9o pref_____________
Chlo Kys part ctf “ 1” __
1,231 Chic Kys part ctf ’’2” __
330 Chlo Kys part ctf ’’ 3” __
Chic Kys part ctf “ 4” __
70 Kansas City Ky & Lt.100
80 Do pref_________ _100
1 175 Streets W stable C L.100
141 Do pref.m________ 100

32 Mch 19
90 May27
93 Apr 4
25i2 J’n c ll
6
J’ne 13
4 May 3
I 8 I2 May27
40% J’ne 14
6
Mch 28
25 Jan 30

40 Apr 24
933., Jan 2(1
Jan 13
38 Jan 9
11 Jan 12
678 Jan 13
21 May 1
5012 Jan 19
1178 Apr 10
50 J’ne 14

10433

AUscel’aneous
1,525 American Can_______ 100 1 1 * 2 Jan 2 43 May 11
800 Do pref___________1 0 0
Feb 1 121 May 11
American Radiator. .100
Feb 1 40012 J’ne 1
Do pref__________ 1 0 0
Jan 15 135 Apr 30
Amer Shipbuilding__ 100
Mch 19 59 Apr 11
Do pref__________ 100
Feb 6 104% Jan 18
Jan 11 14S?s Mch 17
125 Amer Telep & Tcleg_____
Mch 14 60*2 May22
160 Booth Fisheries com____
43l2 Feb 28 60 Jan 9
Voting trust ctf______
77 Mch 14 95 J’ne 5
195 Do 1st pref_________
Cal & Chic Canal & D . 100 49 Feb 9 655s May 13
’ iio Chic Pneumatic T o o l.100 44 Mch 15 53i2 May 3
Chicago Telephone__ 1 0 0 137l2Jan 4 145 .Mch 9
70 Chicago Title & Trust.100 1S4 Jan 4 205 J’ne 7
186 Commonw’tu-Kdlson.lOO 1 3 5 I4 Jan 4 150 Mch 7
10 Feb 13 17*8 Apr 26
100 Corn Prod Kef Co com__
Do
do
pref__
22 Diamond Match_____100 106 Jan 2 11134 Feb 5
130 Hart ShafTner & Marx pf. 1003S Mch 22 10212 Mch 8
804 Illinois Brick___
100 58 Jan 9 G8 i2 May27
106 Feb 14 12414 Mav20
1 1 0 Internat Harvester C o ...
Knickerbocker Ico p ref.. 67 May 1 71 May21
National Biscuit_____1 0 0 143i2Jan 15 I6 H2 Apr 30
Do pref___________100 126 Jan 15 13034 May28
National Carbon_____100 103 Mch 5 120*8 May20
16 Do pref___________100 115 Feb 16 120 Jan 2
435 Pad tie Gas & El Co......... x 63*8 J’ne 8 ; 67 Apr 22
Do
righ ts________ x .60 May 3 :.65 Apr 23
Do
preferred_____
714 People’s Gas L&Coke.lOO 103*2 Jan 2 118 May25
240 Pub Scrvof No 111 com. x 84 May29 X 94*2 Apr 24
Do rig h ts __________ z.08 May lh
1*2 Apr 2 1
Do preferred_______ xlOO May31 xl07% Apr 24
241
Rumcly Co, preferred___ x 99i2 Apr 27 zl*J2 Alay 8
4,241 Sears-Kocbuck c o m .. 100 140 Jan 5 194 AIay22
25 Do pref__________ 100 121*2Jan 11 1253.1 J’ne 8
347 Swift & Co................... 100 98% Jan 2 IO5 I4 Apr 4
90 The Quaker Oats C o ..100 215 Jan 15 291 J’ne 10
142 Do pref__________ 100 105i2Jan 2 110 Jan 15
r 13534 May 8 xlG8 J’ne 13
1,574 Union Carbide C o ..
0 AIay22
314 May 8
Do
righ ts__
17s Jan 18
3S May 2
100 Unit Box ltd & P C o .100
1,775 United States Steel com .
58% Feb 13 72% Apr 26
Western Stone______100
10 Jan 17 1478 Fcb 7

32 Deo
21 J’ly
94
Nor
t5 J’ly
80 Apr 101 Aug
203,i May 37.% Deo
8
Alay 12 *2 Aug
71; Aug
4*2 Mch
25 Feb
15 Sep
72t- Feb
39 Sep
13*4 Feb
7 Dec
50 Jan
38 Nov
1 2 1 . May
9 Jan
93 * Dec
7678 Jan
265 Jan 304 Ocv
126i2 Alch 133 Not
79 Feb
48 Nov
I0 6 i2 Sep 113 May
13138 Allg 162*4 J’ne
25 Apr
59*4 '.lch
30 J’ne 573; .Vlch
8 8 % Dec
60 Sep
52 Feb
49% Apr
551; Feb
39i2 Sep
115 Jan 14li< Not
15U2 Jan 180 Dec
113 Jan 137% J’ly
934 Oct
15% J’ne
78 Jan
78 Jan
92% Feb 1103.; N O V
100 Sep 1033.; Dec
497S Sep
70 Jan
99% Sep 129 Alay
117 14

Jan
123 Jan
100 Aug
117 Sep

142% Deo
130 Afch
120 Alch
120 Alch

101 Sep

108% Jan

123-44 Sep 19234 Jan
116 Sep 1 2 2 Mch
U734 Sep 104 J’no
165 Mch 212 Dec
102l2 Feb 107% J’ly
1 Dec

001 2Oct

13 Dec

7 Jan
81% Feb
25 Jan

Chicago Banks and Trust Companies

Uincago Bond Becord
BONDS
CHICAGO STOCK
EXCHANGE
W e e k e n d i n g J u n e 14.

STOCKS
CHICAGO STOCK
EXCHANGE

li'tls
SM

N o.

R a w j3
fo r
Y e a r 1912
.'yjw

1

H ig h

91
91% 92%
z82% 82l4
x9G% 96%
101*4 103
88
91%
97*8 99
95
90
997S 10158
97
96
96*4 973S
80*8 UDs
93-*4 95*8

NAME
American State_________

Chicago City__________
Coutl’ tal & Comm Nat.
Corn Exchange Nations
Douglas Btate_________
io
Drex cl State__________
13
Drovers' Dep National.
Englewood State______
7
First National________
5
First Nat Englewood..
6
Foreman Bros U’ k’ g Co.
Fort Dearborn National
19
Hibernian B’ k’g A ss'n ..
10 0
100
Kaspar Stato Bank___
L.akc View Stato________
74*2 85
48
60
La Salle St National__
135 1 0 1 % 103*4 Live Stock Exch’ ge Nat
97*% 90% Nat Bank of Republic_
IS 10214 103*4 National City_________
National Produce_____
1 0 2 % 103*4
34 U978 10034' Norou Avenue State__
107 110*4 North Side State Sav'gs
199*8 993,( North West State_____
xl0 1 % 10 1*2 People’s Stk Yds State.

May'll
xl 0 0 % 1 0 0 % Second S ecu rity.._____
105% Apr’ 12 ___ rl05% 105% S ecu rity________
South Chicago Savings.
94*4 Apr’ 12
0 II4 94% Soutn Side State___
89 June’ 12 ___
87% 90
State Bank of Chicago.
1
85*4 stock Yards Savings__
83
83
83
82->8 .lay ’ 12
83
82
Union Bank of Chicago.
1047a Apr'12
Zl0l7s 1047S Washington Park Nat’l
95 Apr’ 12
95
x95
Wendell State____ . .
__
___ w Central Tr Co or i l l ..
90% Atay’ 12 __ x89% 00*8 Chicago Sav Bk & Tr_
89*4Juno’12
89*2 U014 Chicago Title & T rust..
xl 00 % IOH4 Citizens Trust <Sc Savings
100*4 .May’12
x IO.U4 103*4 Colonial Trust St Saving
103*4 Apr’ 12
100% Apr'12
z 100*8 10 0 -% Cont St Comm Tr 6t Sav
97% Apr’ 12 __ z9/% 07% Drovcrs’ Trust ^Savings
100 July’ll
First Trust St Savings .
100 June’12
99*4 10J
Ft.Dcarborn Tr&Sav Bk
is 95*4 99
Franklin Tr& Sav Bank
9712
98
92 At y’ 12
z917s 92% GrecnebaumSohsBk * l ’r
100 Alay't2
Z100 1 0 0 % Guarantee Trust <5s Sav.
100^8 Mch'09
Homo Bank & Trust___
96*2 Mch’tO
__
Illinois Trust & Savings
97 Feb’ 10
Kenwood Trust & Savgs
98% Nev’ ll
116 May’12
116 118*2 Lake View Trust JcSavgs
102 Alay’12
1015S 1 0 2 % Merchants’ Loan&Tr Co
IO.U4 103*4 Michigan Ave Tr Co__
103*4 May'12
Mld-Clty Tr & Sav Bk.
102*4 May’ 12
102*8 103
10 1*2 1 0 U2
Northern Trust Co___
10U2 Jan’ 12
2 x96*.[ 100
North-Western TrdsSav
98*2
98*2
Old
Colony '1% & Sav Bank
dOO 100*4
IOOI4 itay’12
94
96% Peoplc’ 3 Tr St Sav B k ..
5
91*2
94%
100% May’l 2
IOOI4 100*4 Pullman Trust & Savgs.
Sheridan Tr & Sav Bank
U8 I4 Apr’ 12
zOS 981.1 Standard Tr & Savings.
85 Apr’ 12
85
Trust St Sav
89
_ z997s 1 0 0 Stockmen’s
Union Trust Co_______
loo May 12

100>8

Western Eleo Co 5s— 1922 1 - J £ - . - 102*4 10 1*2 June’12
10 1*2 103
M o t e . — Accrued Interest must oe auaea to all Chicago b ond prices.

Woodlawn Tr&SavBans

O u tsta n d ­
ing
S lo e ’s

S u r p lu s
and
P r o fi t s

CD

(f)

D i v i d e net K t co r d
In

1910

In

1911

P er­
iod

L ast P a i d ,
%

___ Jne 30'12 1%
$170,289
An Jail ’ ll, 6
6
nl.8,531
6
j -j Jan '12,7
0298,637 10
10
10
8,903,11-1
Q-J Mch30 12 2*2
10 Q-J July 12, 4
5,908.830 16
1,308 Beg. b u« Alay 91 1 l. V.J2,pl538
0 Q-U Apr '12, llj
60,853
8
463,891 10
10 Q-J Apr '12, 2*2
53,511
<)
644 Q-J Apr '12, 2
11,556,724 12
12 Q-Al Mch '12 4*4 *
Q-Al Mch31'12 2%
12
205,701 1 0
523,690 Prlv Ate Ba ak
644,232
8
Q-J Apr 12, 2
8
1,401,478 8 + 2
(t)
Q-J
(1 )
142,987 10+ 15 1 0
J-J Dec30’ll, 5
2 0 0 ,0 0 0
20,784 Beg. b us Apr 311 V.92.P. 1004
1 .0 0 0 .0 0 U
278,001 Beg. b us. Ala y ’ 1 0 V.90, p.1277
Q-Al Mctl30'll,2%
1,250,000
512,688 1 U
10
2 , 000.000
1,365,253
8
8
Q-J July '12, 2
2 ,000,000
588,442
0
6
Q-J Apr, '12, 1%
Q-J Apr '12, 1%
250,000
07,425
4
6
2 0 0 ,0 0 0
74,131
7
Q-J July '12, 1%
64a
Q-J Apr '12, 11*
40,218
50,000
6
0
Q-J Apr '12, 1%
33,203
6
2 0 0,000
4
141,26c
300,000
7
944 Q-J Jan '12, 21*
Q-M Apr '12, 1U
6
6
500 00U
63,623
20 0 ,0 0 0
3,5/9 Beg. b us-Nov I ’ ll V.93, p.1236
Q-J Apr ’ 12, 1%
136,490
400,000
*8
4H
103,000
20 0 .0 0 0
8
Q-J Apr ‘ 12, 2
744
14,017
20 0 ,0 0 0
6
Q-J Apr '12J 11*
6
12
1,500.000 2,200,588 12
Q-J Apr '12,3
Q-Al Alch 30' 11. 2
250,000
206,507
8
8
U-N Alay ’ 12, 3
600.000
150,233
6
6
k9,820
6
6
Q-J Apr '12, 11 *
10 0 . 00 .)
23,042 Non« Nona Q-Al Deed 1’ 08,11*
50,000
8
Q-J Apr ‘ 12, 2
3,500,00*) 1,494,908
7>4
Q-J Apr ‘12, 11*
251,281
0
6
1 ,0 00 .000
8
Q-J Apr '12, 2
5,000.000 72,031,511
744
Q-J Apr '12, 3
10
16,325
6
50,000
8+2
473,683 8 + 2
Q-J July '12; 2%
600.000
__ __
____
3,000.000 1,273,450
161,321
8
844 Q-J Apr '12, 21*
20 0 ,0 0 0
16 Q-Al Dec30’ 11, 4
5,000,000 1,646,208 1 2
13,034 Beg. b us. Apr 3' 11 V. 92. p. 929
'250.000
63,716 Beg. b us. Apr 8 ’ 12 V.94,p. 103d
20 0 ,0 0 0
131,544
1,500,000
244 Q-J Apr '12, 21*
31,009
2 0 0 ,0 0 0
J-J Jan '12, 3
Q-J
12
1,500,000 2,029,648 11+ 5
62,964 Beg. b us Apr lv 'l 1 V.92,p. i004
'300,000
<7 Apr '12, 4
5,000,000 9,399,072 16 + 4 16+4
7
Q-J Alch30'll 1*4
74,857 7+ 1*4
2 0 0 .0 0 0
6
Q-J Apr '12; 1%
58,471
5H
2 0 0 ,0 0 0
15 Q-J Apr ’12; 4
3,000,000 G,492,518 12
61,368 Beg. b us. Oct 29 ’ 1 uV91,p.1221
2 0 0 ,0 0 0
78,547 Com. b us. Ap rlO 11Y92 plG04
500,000
8
8
Q-J MchJO'll, 2
1,509,000 2,644,159
121,908
6
250,000
8
J-J Jan '12,' 4
50,000 Beg. u us J’nc 1 1 1 V.92,p. 1637
2 0 0,000
162,691
500.000
Apr '12, 2
300,000
245,825
8
8
Q-J Apr '12, 2
20 0 ,0 0 0
37,491 Beg. b us. J’ly 12 ’ 0 9 V.89.P.141
1 ,000 ,0 0 0
345,182 Comm sneed bus. dept 6 1910
2 0 0 ,0 0 0
46.72C
6
J-J Jan ‘ 12; 3
544
1 ,20 0 ,0 0 0 1,400,133 48+2
Q-Al MchJO’ 11,2
8+2
400 000
2 0 0 .0 0 0
83M38
744 ’ 944 Q-J Apr '12', 2%

$200,000
100.00c
500.00J
21.500,000
3.000.00C
200,00'..
200,000
600.000
200,000
10.000.000
150,00c
1 , 0 00 .000
2 . 00 0 .0 0 0
1,500,000
400,000

n,

* Bid and asked prices; no sales were made on this day. TAprlUS (close of business) for national hanks and April 19 (opening of business) for State institutions, t No
prloe Friday; latest price this week. » Sept. 1 1911. 1 Dividends not published. Stock all acquired by the Cont. & Comm. Nat. Bank, a Due Dec. 31. b Due June,
* Duo Feb.
d Due Jan. 1. * AI30 20% In stock.
«;Feb. 20 1912. oAprll 22 1192. q Dividends are paid Q-J, with extra payments Q-F. * A dlv. of 50%paid In 1911
on Seourity Bank stock, to provide capital for the new Second Security Bank. V. 93, p. 1235. t Dec. 30 1911. u Alarch 19 1912.v 1 H % of this
is a special dirt*
dead, w Prairie Stato Bank to bejnerged Into the Central TrCo.; see V. 04, p. 1293, 957. x Sales reported beginning April 18.




BOSTON STOCK EXCHANGE— Stock Record, Daily, Weekly and Yearly
SHARK
S a tu r d a y
J u n e 8.

*107

P R IC E S — N O T

M onday
J u n e 10.

1071, *1067g 107

T u esd a u
J u n e 11.
1063, 1063,

PER

CENTUM

W ed n esd ay
J u n e 12.

*10634 107

P R IC E S

T h u rsd a y
J u n e 13

F r id a y
J u n e 14.

*106% 106*3 *106

1061,

*10313 10312 +10338 103*s 40312 104 *103l4 1033,
L a s t S ale 1033,.J’nc’ 12
*215
217 217
21512 21512 2156 21512 2156 2156 2156 2156
*12712 128 128 128 128 128 128 12812 12834 129 +1286 129
*204
90
*296
*13
*78

200
204 204
96
96
96
297 +296 297
15 *13
15
*78
* __ ” 978
"< )'
*52
54 *52
54
*165 169 *165 169
113
113
271
271
*123 1236 1 2 3 3 , 1233,
125 125 *124 125
80 *85
*85
86
*14373
44378
197s 20
£0 20
78 *7912 801
78
13514 135% 135 1351,

205 205
90 97
*296 297
*13
15
*78 . . .
*
*52
54
*105 109
*___ 113
*___ 271
124 124
125 125
*85
86

+204 205 *204 205
98
98
97
97
*296 297
297 297
*13
15
L a s t S a le
*78 . . .
L a s t S a le
----97g
L97s
a s t S a le
---------------*52
54
L a s t S a le
___ 169
L a s t S a le

*124
124
*85
*14378 ___ 116
20

80
135

20

80
135

125
124
86
146

20 %

7812

*204 205
96 96
*297 . . .
14 May’12
SO J'ne’ 12
12% Jan’ 12
52 May’ 12
169 May’ 12
112

112

20

20

272 Apr’12
125
124 124
124 *124 125
L a s t S a le 8 5 6 J’ne’ 12
*144 140 *128 130
L a s t S a le

*124
124
20

20

786 786 78 786
1346 135
1346 135
L a s t S a te 1406 Apr’ 12
L a s t S a te 2136 Jan’ 12
*176 . . .
176 176 *170 180 *176 180 *176 180 zl74 1741,
*___ 59
*55 59
___ 60
L a s t S a le 59
May’ 12
*169's 16912 1691s 1691s 16314 IOSI4 169 169 *169 1091, 167 1676
*9014 90-2 *90 9012 *90 9012 *8978 903S L a s t S a le 90 June’ 12
*160 . . . *160 . . . *160 .
L a s t S a le 160 June’ 12
*8412 85 *8412 85
84
84
85
*84 85
84 8412 *84
*10012 101 *10012 101 * 10012 101 *1006 101 101 1011, *1016 102
1347s 135

S ales
o f the
W eek
S h a res

STOCKS
BOSTON STOCK
EXCHANGE

R a n g e s in c e J a n u a r y 1
O n b a sis o t 100-s h a r e lots
H Ighest

Railroads
Atch Top & S’anta Fe.lOr 10378 Feb 10 110 Apr 8
Do prei_________ lOo 10112 Jan l£ 1041, Feb 7
22 Boston * Albany____101 2156 J’no l 2226 Apr 3
199 Boston Elevated_____100 127% May 6 1343, Mch 25
Boston & Lowell_____100 204 J’ne 10 218 Jan '
Boston & Maine____ 100
96 May 28 100l2 Jan 3
Boston & Providence.lOo 297 May e 300 Apr 27
13 Jan 24 14 May2J
Boston Suburban El Cos
Do pro!____________
75 Jan 25 80 J’no 5
Boston & Wore Eleo Cos.
12 Jail 6 126 Jan 8
Do pref____________
51 Mayl4 57 Jan 8
Ohio Juno Ry & USY.100 165 May 6 170 Jan 19
Do prei_________
112 J’n oli
1086 Jan
Connecticut River___ 1 0 0 271 Jan
272 Jan U
23 Fitchburg, pref______ 100 122% J’ne 1 128 Jan 25
188 Ga Ry & Eiec stmpd.100 124 J’ne 1 <179 Apr
Do pref___ __
10 0
*
6
85 May 7 916 Jan
20 Maine Central..............luO 142 Maylo 1473s MayJl
1,034 Maas Electric Cos____ 1UU 19 May b 23% .Jan
145 Do pref Stamped.100 78 J’ne 7 83 Feb 28
382 N Y N 11 & Hartford.lOo 1336 May IS 1423s Apr
Northern N H ___ __ 10 0 1106 Mch 19 143 Jan 24
Norwich & VVor p ref.lot 211 Jan 8 2126 Jan 29
17 Old Colony_________ 10 1 . rl74 J 'n o li 187 Jan 31
Rutland pref________ i0u 41 Jan 2 70 Jan £4
'156 Union Pacific_______ 1 0 0 100i2 Feb 1 1743, Apr
Do prex___ _____ lot
90 J’ne 3 92l2 Feb
Vermont & Mass____lOo 160 Apr 23 104 Jan 16
West End s t_________ 50 83 Apr 15 887s Feb 26
Do pref___ I I I ” 60 100 May 3 1036 Mch 19

Miscellaneous
61
61
61
581, Feb 28 63% Mch 23
4 9 7 Amer Agrlcul Chem..l0L
1007s 1007g 1007s
D ■> pref______ . 1 0 0 100 A p r il 105 Mch 1 2
900
43, *414 43,
1 1 0 Amer Pneu Service_5u
6's Jan 15
36 Mch 13
50
176 17
14 Mch 26 18 May3 1
145 Do pref___ __
176
1321, 130 1303, 2,520 Amor Sugar Kefir... loo 1143, Jan 10 133% May!
10 0
1213. 122 122
1156 Jan 4 123 Apr
438 Do pref______
1157s
1456 145% 2,647 Amor Telop & Telcg . 1 0 0 1376 Jan 2 149 Mch 2
Amer*can Woolen___ 10 0
25 Jan 31 30 Mch 22
L a s t S ale 296 Mch’ 12
Do pref_________ 1 0 0 86 Feb 6 941, Mch 23
92
921s 92
0112 916 916 9 2
9212 UH2 92
913, 92
331
*82
83
83 83
83
83
83
83
S3
S3 *82 83
257 Amoskeag Manufacturing 77 Jan 3 84 May
*___ 104
Do
pref___________
_
402
104
*_____103
100
*___ 104
Jan 2 105 Mch 20
L a s t S ale 1033,May’ 12
*73g 8
*73S 8
738 73g * 7*3 8
9 Feb 14
7 Jan 4
*73S 8
*73S 8
1 Atl Gulf & W 1 SS L.100
14 *13
1
0
0
1212 1312 *13
Do
pref_________
14 *13
12i2
J’ne
8 20 Jnn 18
14 *13
14
*13
14
0
103, Jan 2 171.1 May27
153, 15
1512 16
156 147S 147g 151, 151,
1512 156 15
905 East Boston Land__ 10
285 285
285 285 *233 285 *283 285
285 285
285 235
CO Edison Eleo Ilium__ 100 280 May 23 300 Mch 2/
170 170
109 1696 169 169
170 171
1636 169
891 General Electric_____loo 155 Jan 2 17233 Apr 9
9078 91
9012 906 *90I2 91
907g 907s 901, 903,
512 Massachusetts Ga3 CoslOO 88*4 May 7 94 Mch 16
9412 9412 946 946 *946 95
936 Jan 6 087s Feb 19
05
05
95
95
91 Do p.ef_________ 1 0 0
225 Jan 18
* ------- 220
2 2 OI4 2 2 1
*219 2196 *218 . . .
17 Mergentnaler Lino__ loo 213 Feb
*3 14
4
33, 33, *31, 4
'*3
14
T
3*8 3 I3
4 Jan 20
*314
4
2i2 Mch 14
150 Mexican Telephone.. 1 0
101 101 1_____ 102 ' _____ 100
- . 102
100 100 100 . . .
28 N E Cotton Yarn____10o 100 J’ne Id 105 Jan 18
Do pref_________ 10 0 100 May 2 107 Mch 2i.
* -------- 100
* --------- 100
' _____ 100
' -------- 100
L a s t S a le 100 May’ 12
*
15212
N E Telephone______ 100 152 Jan 2 164 Mch 14
152 1526 *150 1526
15212 15212 15212 15212 152 152
*93 ___ *93 . . .
Portland (Me) Elec-.WO 726 Jan 17 90 Mch 2(1
*93 ___
L a s t S a le 90
Mch’ 12
*159 160
1593, 160
1596 15912 1596 1596 1596 160
160 160
128 Pullman Co_________ 1 0 0 158 Feb 1 1056 Apr 29
*16
163, 1638 163, *1512 1612 *1512 161? 16
133, Jan 2 1733 Apr 11
16 *16 . . .
15 Reece Button-Hole.. 1 0
104*8 1043,, 1043, 105
1046 104* 104% 10412 1041, 10412
1043, 105
348 Swift & Co___________100 0S12 Jan 2 109 Mch 27
27 May S 32 Jan 10
29 29
28U 2814 2S6 2812 2812 2812 2812 29
29 29
500 Torrlngton__ . . . ___ 20
*286 31
Do pref__________ 2 5 28 Jan 6 31 Apr 17
*
___________
31 30
*2812
L a s t S a le 29 June’ 12
*2812 30
*2 14
212
33, Apr 8
212 212 * 214 212
150 Jnlon Copper L & M 2o .85 Jan 6
21.1 21,
192 1921, 192% 195
193 195
195 19512 195’ 195
195 1966
776 United Fruit________ 1 0 0 178 Jan 29 1961, j ’ne 14
5112 513,, 511, 513, 5112 517s 5112 5112 51l2 52
52 626 5,525 Un Shoe Mach Corp__ 25 461, Jan 15 631, Mch 13
*29
2912 2 9 I4 291, 291S 291S *2914 2912 296 296 296 296
112 Do pref__________ 25 27% Jan lo 296 Apr 20
697S 7 OI4 693, 70*3 6 8 I4 6933 68t2 69
69
691, 68
69% 6,187 U S Steel Corp______ 100 5s38 Feb 13 731, Apr 30
*11078 11138 HHs 1113s 110% U07S ‘110*8 111% 1103, 1107s llfrls 1103s
179 Do pref_________ 1 0 0 1076 Feb 13 1133, Mch2o
Alining
Adventure C o n . . . . . . 25
51, Mch 28 116 Apr 20
9 I4
912
912 103s
93, 97s
97S 10%
912 10
96 96 5,947 Algomah
Mining_____25
8i, May
45s Jan 4
03, 7
7
7
71s 714
7
71,
890
7
7
7
7
Allouez__________
25 381, Feb 1 50 Apr 1
4612 47
466 4612 48
4612 47
48 48
486 4634 48
1,651
86*3 863,i
60 Feb 1 873, j ’no
8434 857s 85 8578 853, 86
5,860 Amalgamated Copper 1 0 0
86
87
84 85
3012 303.) 3012 313S 3012 31
30l2 323, 321, 33
316 32% 35,727 Ain Zinc Lead & 3m 25 246 Feb 15 33 J’nold
*578 6>s
678 Apr
53, 53,
2 Jan 2
512 5?s *5*3 53,
57s 6
5*8 57g 2,330 Arizona Com’l ctfs dep.
Bonanza Dev Co
10
+.40 .50 *.40 .50 ............50 * .40 .50
L a s t S a le 45 May’12
.40 Mch 9 .55 Apr 11
73, 812
812 83,
8
SI4
8
8*8
3,612 Bos&CorbCopJjSilMV 6
734 81,
61, Feb 1
8 I4
83S
91, J’ne 6
+33, 4
*33, 4
4*8 4%
*4 414
414
412 *378 4
53, Apr
31 , May23
385 Butte-Dalakluva Cop. 1 0
Butte Coalition____ _ 1 5
213, Jan 18 23% Jan
497. 61,402 Butte&SupCop (Ltd) 1 0
45% 45*8 49
47
45
486 476 51% 49% 51% 48
196 Feb 7 613, j ’nc 12
763, 78
77
78
756 77% 75*3 76
756 76% 743, 76% 3,173 Calumet A Arizona.. 1 0 5712 Feb I 78t4 J’no 6
624 525 524 525 512 520
405 Feb 1 628 J’ne 7
515 518 520 521 520 524
206 Calumet & Hecla___ 25
26
26
26
246 241? 246 25
25
251.1 256
611 Centennial___________ 25 176 Jan 6 276 Apr 18
256 26
33*8 33% 33*8 33% 32*8 33os 3273 33% 32*8 3441 34% 35
2.615 Chino Copper_______ 5 251, Feb 28 35 J’no 14
Cons Mercur Gold___
1 .03 Mcb 26 .09 Jan 19
*.05 .03
603, 60% 60% 60
593, 58% 59
60
60
59
586 59
1,067 Copper liangc Con Co 100 50 Jan 31 666 Apr 11
76 Mch27
5 Jan 19
0
6
6
6
5*8 578 *56 6
56 51? *56 0
142 Daly-West_________ 20
14% 14% 14
14% 13*8 14
*136 13% 136 13% 13% 136 1,555 East Butte Cop M in.. 10 1214 Jan 15 15% Apr 11
25 116 -Jan 15 101, Apr 1
1273 13% 13
131, 13% 13% 13
13
*13
13
13
13% 1,300 Franklin________
4 I3 Feb 27
C“ iaApr 6
5*8 5%
5*8 5% 5% 5*%«
56 5*8
56 5%
5% 5*io 2,745 Giroux Consolidated.
56% 576 55*4 57% 51% 55
54% 566 3,804 Granby Consolidated.100 33 Feb 6 601, Apr 26
55
55
55
57
20
10% 10% 1 0 % 10% 10
10% 10
10
76 Feb 29 10i2 J’no C
10% 9**10 10% 4,730 ireene Cananea..
10 %
34
34
34% 35
37 J’ne 14
3 4 % 35%
34*8 31% 34% 356
37
8,641 Hancock Consolidated 25 29 Jan
2 May h
16 16
1 Jan _
455 Helvetia Copper. . . 2 5
16 U2
1*4 178
1%
16 1%
1%
16 1%
20
20
20
113s Jan 16 23 Apr 24
20
19% 20
196
19 1 ,
910 Indiana Mining______25
196 19% 19% 19
20
20
19% 196 *19% 19% *19% 196
*19% 20
180 Inspiration Consol C_ 20 18 Feb 6 21*8 Jan 21
59% 596 65% 63
59
64
02
62
62
62
63
61
5,680 Island Creek Coal____ 1 406 Jan 17 653, J’no 10
Do pref_________ 1 85 Jan 13 906 May 17
90
+89
90
901? 89% 906 906 906 90
90
896 90
686
31
31
31
31% 30% 30% 303, 31
31% 336 316 32Vo 14,888 Isle Royalc Copper.. 25 203, Jan 15 336 J’ne 13
2?s
2 Apr 9
3% Feb 13
27s 2% *2°8 2%
27S 2% 2‘%o 2*3.o 2**16 2>%o
345 Kerr Lake__________ 5
*17S 2
*17g 2
.80 Jan
3 May 8
1% 1% *178 2
*178 2
110 Keweenaw Copper__ 25
178 IV?
406 306 401,3 39% 40% 38% 40
416 41
411? 40
49 Apr 10
41
326 Feb
4,286 Luke Copper Co____ 2o
46 Feb 15
8 Apr 17
7% 7%
7% 7*2
76 V6
620 La Salic C o p p e r ..... 25
76 7%
76 76
76 76
133S 13
133S 126 13% 1212 12% 12*8 127s 123s 123, 7,995 Mason Valley Mines__ 5
107s Feb 8 133, Mch 29
13
03, May27
91, Jan 4
+7% 7*8
7
71,1 7%
7'.1
7% 73,S
615 Mass Consol__________ 25
76 71?
7% 76
Mayflower___________
25
*93, 10%
23, Jau 3 186 Apr 23
106
96 10
10
10% 10% 10
10
855
96 9*8
273, 28
28
28% 28% 28% 2,168 Miami Copper_______ 5 2333 Jan 29 28*3 J’no 10
28
28% 276 28% 277S 28
*3
3%
3
3% 3%
3
3% 31,
2 Jan 2
56 Apr 20
3*ia 3‘ifl
433 Michigan____________ 25
3% 3Jx
06
66
66
886 66
666 666 66
60
671, 2,031 Mohawk______________25 506 Jan 30 686 J’nc 13
646 66
22% 2212 226 221? 22% 221,s 22
22
22
22
22
£2
824 Nevada Consolidated. 5 18t, Jan 29 231, May 1
43a 419
01, Apr 10
*4% 4%
4% 4*8
3G Feb 8
36 36
4% 4%
4U 46
471 New Arcadian Coppor 25
8*3 Mch 25
*73, 7*-i«
53, Jan 3
7»%8 77s 7*>i« 7*%o 77.3 7**10 73| 7*%n 7**10 7‘ *io 1,225 Nlplsslng Mines______ 5
31% 32% 306 3H? 30% 31% 30*3 31% 293, 31
3H2 32
7,911 North Butte_________ 15 223, Feb 1 35 A p ril
83, Apr 22
*6^3 7
7
6%
51, Jan 30
7
7
V
255 North Lake__________ 25
6% 0%
66 66
43, 478
4% 4%
4% J’ne 1 <03, Jan 11
5
*46 5
5
5
5
705 OJibway Mining------- 25
412 46
2*8 Jan 2 131, May 1
7
8
7% 7%
8% 8%
7% 1,330 Old Colony__________ 25
7% vi?
8%
76 7%
581? 58
44 Jan 31 60 J’no 0
596 5912 596 69% 58
*57
58
59 *586 59
1,079 Old Dominion Co___ 25
121 124
122 124
106 Jan 15 125 J’no 6
122 125
123 123
123 123
1236 125
376 Osceola__ ;_________ 25
197s 19% 19*,? 19% 195s 19
18% 18% 18-% !97„ 19
19% 12,957 Pond Creek C oa l___ 10
15 Mch 27 197g J’ne 10
916 906 91
916 92
92
916 916 911? 91
92% 91
313 Quincy_______________25 736 Jan 29 93 Apr 20
20% 21
2078 21% 206 21
20% 20% 20% 211, 20-% 20% 2,890 Hay Consol Copper.. 10 16% Jan 29 211, j ’ne 10
3% 37*
4% May.M
37S 3**18
1 Jan 31
3*s 37* 33, 3*%b 3**io 3**16
3% 3%
980 Santa Fe Gold & Cop. 10
113, 15
15
156 15*8 156 16% 15
15% 15
9 Jan 31 153, Apr 2
15% 15
1,765 Shannon___________ 1 0
.85 *.80 .90
♦___
.75 .75 * .60 .80
.85 .85 .80 .80
U4 Apr 3
655 South Utah M & S__ 5 .60 Feb 1
37
376 376 37*3 373S 36
416 386 41
7,448 Superior______________25 24 Feb 1 416 J’no 13
366 391? 40
21, 21.1
H, May24
2% 26 *233 2*8
47g Jan l.i
26 23,
258 2%
2% 26
495 Superior* Boston illn 10
466- 456 451? 41
45
43
45% *44
45
44
♦45
46
105 Tamarack___________ 2 5 26 Jan 31 51 Apr 18
7
7%
7
7
7
71,
7
5 Jan 15
96 Apr 9
1,043 Trinity_______________25
76 7%
76 7%
4
37g 4
3*%s 4% 4*18
4
3% 3*%6 *3**18 33,
313 May 15 4*'to Mch 26
4,515 Tuolumne Copper . . . 1
40% 39 393, 4,248 U S Smelt Ref & Min. 50 34 Jan 31 40% Apr 11
396 138*4 38% 386 3 9 % 39
396 39% 39
48"s 49
487s 49
49
49
483, 49
49
49
49
49
D > pref................... 50 47 Jan 10 491.1 Mch 28
1,234
2 May21 3‘ %o Feb 9
26 2%6
785 Utah-Apcx M ining... 5
2% 2% *26 2% *26 2*3
2*3 2%
26 £6
13
13% 13
12
12% 126 12
10
131, 13% *13
m i 2,780 Utah Consolidated... 5 10 J’no 14 20% Apr 2
63% 63% 63*8 633, 03% 6318 6312
61% 63
240 Utah Copper Co_____10
5212 Jan 29 056 J’no 0
616 64% 64
4% 4%
4*8 *4%o 4%
37S May22
*4
150 Vic.oria.....................- 25
578 Jau 20
4% 4% 3**io 3*%o *3**io 41,
63, 7
63, 6-Tj
6% 6-% *03, 7
*63, 712
295 Winona_______
25
734 Mch 1
7% 7%
5i2 Jan 25
110 TO7* 110 no
112 113 112 .12
114 114 112 .13
158 Wolverine___________ 25 943 , Jan 20 117 Apr 17
L a s t S a le 27s June’ 12
*2*3 27s *21o 27s *21o 27, *26 23,
3% Mch 4
13, Jan 5
VVyani'ott___________ 25
* Bid and asxed priO/H. U Now itoox, t Ass t paid. 0 Kx-stoox dlv. n Ec-rigau. a Ex-dlv. aad rlgata. < UuatauipaU.
61
61
6134 61% 01 011
01
611
10012 1003s 100t2 1007s 100*3 1007g 1003, 101

_

61
1003,
*43, 5
*412 47g *46
434 5
*434 5
*1714 18
171, I 7 I4 171.1 171, 1712 1712 *171,
1303.1 I3 2 I4 132 1331, 1303, 132
1316 132
1316
*121 122
122 1223. 1 2 1 1 2 1 2 1 t2 12112 12112 1216
145*8 146
1456
145*4 1457s 1453, 1161g 14512 146




R a n g e lo r P r e v i o u s
Y e a r 1911
L ow est.

H ig h e st.

t00*s Sep
101 Sep
219 Apr
1246 Sep
207 Feb
906 Oct
292 Mch
12 Sep
70 Oct
6 Feb
386 Jan
156 Apr
107 Mch
£66 Jan
125 Apr
31176 Jan
80 Feb
135 Sep
16 Apr

11C% J’ne
105 J’ne
226 Feb
1306 Aug
218 Sep
1223, FeD
300 Mch
16 Mch
76% J’ne
13 J’ly
63 J’ly
171 Deo
1156 J’ly
272 Jne
130 Jan
3104 Oct
036 J’ no
215 Jan
24 J’no

1 2 /i, Sep
I 6 I33 Feb
139 Jan 142 Mch
210 Jan 2 1 1 Nov
183 Mch 190 Nov
32 Jan
45 Dec
153l2 Sep 192% J’ly
90 Mch
95% May
156 Mch 164% Deo
85 Sep
93 Mch
10J Aug 105 Jan

40 Sep
99 Jan
36 Aug
1 2 % Aug
112 Sep
1113, Jan
131*8 Aug
266 Dec
851.. Oct
776 Dec
99 Dec
73,3 Dec
1412 Nov
7% Jan
275 Sep
142 Sep
8734 Jan
93 Dec
211 Jan
3 Oct
103 Oct
101 Nov
137 Jan.
623, J'ly
153 Sep
rl2 Jau
973, Sep
29 Sep
27 Mch
3, May
4178 Dec
40% Aug
266 Sep
50 Oct
1036 Sep

163% J’no
36% Mch
96% J nn
81 Nov
100t2 Dec
11 May
26 Jan
12 May
297 Dec
107% May
963, Aug
936 Oct
235 Aug
47s Jan
119 Mch
1166 Mch
1656 Dec
733, Nov
163 Jan
15 May
104 J’ne
36 Jan
31 J lv
l ‘i8 Mch
1076 J’ly
6S7g F«b
29% Jan
82% Feb
1206 Feb

4 Sep
26 Oct
21 Aug
44% Sep
1934 Oct
138 Dec
.30 Oct
33, Aug
3 Nov
14 Aug

7% J’ne
11 J’no
44% Dec
7l*s J ’ne
30*8 J’ne
2‘ %b Dec
.75 May
186 May
66 Jan
236 Deo

45 Sep
360 Sep
8 Aug
163s Sep
.03 Nov
403, Sep
3 Fob
87s Aug
56 Aug
3% Sep
£6 Aug
6%8 Oct
17 Sep
*, Sep
6% Oct

03 3 , Deo
645 Jan
19 Deo
276 Deo
.16 J’na
69% Feb
7 Deo
14% J’ne
14 J’ne
8% Feb
436 J’ne
8*8 Deo
3H* Deo
2 Feb
16 J'ne

033, Deo
105% Mch
6% Jan
19% Jan
122 Feb

120% Mav

29% May 44 Deo
91 J’ne
82<s Sep
23 Deo
116 Aug
2*8 Oct
7% Jan
33, J'ne
6 Nov
40 J’no
22 Aug
6
Jan
3 Aug
117 3 Deo
66 Apr
46 Aug <10 J'ne
3%8 Dec
.20 Fob
24*8 Deo
167s Sep
3i2 Jan
11, Nov
57 Deo
30 Apr
21% J'ne
15 Sep
4% Aor
2
Aug
113s Feb
z66 Dec
20 Sep
36% J’ne
33, Aug
98, J ’no
3*8 Dec
86 J’no
.60
Jan
3% J’ly
341, Sep
49 J’ne
81 Sep 124 Jan
65 Sep
12 Sep
3, Apr
7 Oct
6 Doc
20 Oct
<2% Oc*
20 Sep
278 Oct
1% Sep
303s Sep
451, Aug
173 Nov
9% Jan
38
Sep
1 Aug
3*, Nov
74 Nov
U0 Nov|

76 Dec
19 Deo
1», J'ne
12i, Feb
1*18 Mar
426 Jan
8% J’no
62 Jan
66 Dec
47s May
4 0 % J’ne
49% J’ne
36J’ qo
20 J’ne
67*3 Deo
4% Deo •
96 Feb
12 2
Feb !
2 Feb

June

1G19

Boston Bond Record

15 1912.1

RONDS
BOSTON STOCK EXCHANGE
Week Ending June 14

P r ic e
F r id a y
J u n e 14

BONDS
BOSTON STOCK EXCHANGE
Week Ending June 14

R ange
S in c e
J a n . 1.

W te X t
R an ge or
I M i S ale

P r ic e
F r id a y
J u n e 14

W eek 's
R a n g e or
Las'. S ale

R ange
S in c e
J a n . 1.

Lota H i g h
H igh
b id
A s k Low
Low
H igh .Vo Low H ig h
99U 99U
0914 Feb T2
13 IOH4 10234 General Motors 1st 5-yr 6 s.1915 A-0 100 100i2 963g
10112 102
Am Agrlcul Chcm 1st 5s__ 1928 A-0
9038 98ia
96Sg
96b Sale
Gt Nor O B A Q coll tr 4 s..1921 J-J
21
90's
01b
9
0
>
8
9
0
3
4
O
O
i.i
Sale
9614 975g
Am Tolep & Tel coll tr 4 4 ..1029 J-J
9 b'4 J’ne’ 12
96's___
1
9
2
1
Q-J
Registered
-is__________
1
1083
4
115*4
114
100b
10034
Convertible 4s__________ 1936 M-S 113 114 lit
1003S
100b
Illinois Steel deben 5s_____1913 A-O
897S no
89b J’n e T 2“ 21 103
Am Writ Paper 1 st s I 5s g ..l9 1 9 J - J
117 A p r'08
la Falls & Sioux C 1st 7 s . ..1917 A-O
130
1
2
5
1
3
0
9612 97
Ain Zinc L & S deb Os____ 1915 VI-N
97
Mch'12
1925
A-O
Kan
C
Clin
&
Spr
1st
5s___
54
82
.
.
.
.
791o J’n c ’12
116 117Ij
May'12
Ariz Coin Cop 1st Os oils ot dep- 98b 9934 Kan C Ft Scott & Mem 6 s ..1928 M-N ___ 116 1161s
981.1
92 9212
Atcb Top & S Pc gun g 4 s . .1903 A-0
Mch'12
91 92b Kan C M & B sen 4s. ........... 1934 ,\1- S 92i2----- 92l2
91 M ch98b
’12
85 89
Adjustment jr 4s___ Juiy 1995 Nov
8 6 '2 J’ne’ 12
Assented
Income
5s_____1934
M-S
85'2
80
903
s
91*s
905)i M ay ’12
10212
10234
Stamped _______ July 1995 Vl-N
1023
4
May’
12
103
___
108b 103b Kan C & M Ry & Br 1st 53.1929 A-0
10S18Mch '12
50-year conv 4s______ 1055 J-D
115 J’ne'08
Marq Hough & Oat 1st 0s._ 1925 A-O
HObMchTl
98 9912
1 0 -year conv 5s______ 1917 J-D
9S1
2
981
2
9812
99
Mass
Gas
4
y
e
s
_____________1929
J-J
6814
63
03if 6 63
100's 10018
Atl Gulf & W 1 SS Lines 53.1959 J - T
100*8 Apr T2
95 95b Mich Telephone 1st 5s_____1917 J-J
9518Feb '12
96'2 99
Boston Kiev CO-yr g 4s------1935 M-N
New Eng Cotton Yarn 5s. .1929 F-A "osu ’ 9 8b 98 J’ne’ 12
1
0
0
1
4
Mch ’09
Boston & Lowell 4s_______ 1916 J-J
1013g
Men’
ll
New
Eng
Tebph
5s_______
1915
A-O
10412Oct '08 . . . . — ........... 5 s .......... ........................... 1910 A-O
Boston <Sc Maine 4 Hs______ 1044 J-J
1 0 0 l2Sep ’08
Improvement 4s------------ 193< r -A
9934 99"s
997gJan T2
New England cons g 5s___ 1945 J-J
95 Feb T2
95 95
Plain 4s------------------------ 1942 F-A
Boston Term 1st 4s_____1939 A-O
103
103 * " * 2 103 103's
Bur & Mo Rlv cons 6 s------- 1018 J-J
75 D e c 'll
New River (The) conv 5 s .. 1934 J-J
111*8Sep '11
Cedar Hap & Mo R 1st 7s. .1916 d-N
9214 923g
92i4 Mch’ 12
1
8912 9214 N Y N II & H con deb 3 y y s . 1950 J - J
91>2
Cent Vermt 1st g 4s----May 1020 O -t ___ 9156 91'2
13134 13212
132 Mch’ 12
Conv deb 6 s ------------------1948 J-J
1103 Oct '07
0 ) 1 i Q Iowa Dlv 1st 5s__ 1919 A-0
101 Apr '09
9912 99' 2 Old Colony gold 4s________ 1924 F-A
99b Mch'12
Iowa Dlv 1st 4 s . . . ........... 1919 A-O
987 g Sep '00
1007s 1 0 ll 2 Oregon Ry & Nav con g 4s. 1940 J -D
L0078 Apr '12
Debenture 5s__________ 1013 >\-N
11 3 3 4 11334
3 13 3 4 Feb '12
Oreg Sh Line 1st g 6s..........1922 F-A
99?s Feb '12 i n : 997s 100
Denver Extcn 4s________ 1922 P-A
95 95
95 Jan '12
98'2 98*8 Perc Marquette deb g 6s— 1912 J-J
98b Mch ’ 12
Nebraska Extcn 4s______ 1927 i\-N
103 Jan 'll
___
103
Rcpub
Valley
1st
s
t
6s----1919
J-J
99's
Feb
'll
B & S W s t 4 3 __________ 1921 ,1-S
70U
Dec
TO
Savannah
Elec
1st
cons
5
s
..1952
J-J
87is MayT2
86*4 87*4
Illinois Dlv 3 u s ._ ........... 1040 J-J
IO0 I4 May'12
104 105b
10()34 10134 Seattle Elec 1st g 5s----------- 1930 F-A
Cblc Jet Ry & Stic Yds 5 s..1915 J J 100?8 Sale 100/8 11)1*4
100
83'2100
Shannon-Arlz 1st g Cs------- 1919 M-N 99 100 99
89 91
2
9012
90*8
Coll trust refunding g 4 s.1940 A-O
97 Apr '07
Terre
Haute
Elec
g
5s_____1929
J-J
i l l Jan ’ ll
Oh Milw & St P Dub D 0s._102o J-J
9934 100«4
IO
O
34
J’ne’12
Torrlngton 1st g 5s------------ 1818 M-S
1135sFeb ’ ll
Oh M & St P WIs V dlv 6 s .. 1920 J J
1 0 0 1 2 Men T2
1 0 0 '2 1005s
Union Pac RR & l gr g 4 s . .1947 J-J
91 99
91 May'12
Ch & No Mich 1st gu 5s___ 1031 4 -N
10178 lOUg
1017s
May’12
1927
J-J
20-year
conv
4s_________
97 Apr '12 m i 97 101
Ohio & W Mich iron 5s.........1921 J -b
955s 971S
9 6 I4
9 6 I4 Sale 96*4
United Fruit gen s f 4 H 3 ...1923 J-J
97l2Sep ’ ll
Concord & Mont cons 4s__ lo2o J-D
95'2 96'2
9534
9534 Sale 95!2
Debenture 4H s-------------1925 J-J
100b Auk *09
Oudahy Pack (The) ls tg 5s 1924 U-N
1015s
104
i
1
02'8
1021*
102>s
Sale
U S Steel Co 10-60-yr 5s Apr 1903 M-N
99b 103
Current River 1st 5s----------- 1026 A-0 10 0 . . . 100 May'12
99 May’ 12
99 99b
VVest
End
Street
Ry
4s___
1915
F
-A
80
8
6
I
4
80
May’12
Det Gr Rap & W 1st 4s___ 1941: A-O
IO
O
I
4 IOOI4
IO
O
I
4 Feb T2
........
..................
1914
M-S
Gold
4
M
s
8 98*4 9 9 I4
99
99
Dominion Coal 1st s f 5s___ 104e »\-N
9S78 Apr T2
Gold debenture 4s______ 1916 M-N
1031s Apr '05
Fitchburg 4s______________1915 Vl-S
9S'2 N ov’ ll
Gold 4s............................ 1917 F-A,
96 Apr '08
4 s . . .....................
1927 vl-S
6
9912101
io
o*2 1 0 0 1 }
Western
Telcph
&
Tel
5
s...1932
J-J
100'2Sale
127'2 12712
12712 Mch'12
Fremt Elk & Mo V 1st 6s...1933 A-0
933s Feb 12 __ 935S 93^
i n : 127 127b Wisconsin Cent 1st gen 4s. .1949 J - J I ___
Unstamped 1st Os_______ 1933 A-0
N O T E .— Buyer pays accrued interest In addition to the purchase price for all Boston Bonds.
* No price Friday: late t Did and asked- II Flat price.

Philadelphia and Baltimore Stock Exchanges— Stock Record, Daily, Weekly, Yearly
Shara Pncas— Not Per Centum Prices
M onday
J u n e 10

T u esd a y
J u n e 11

W ed n esd ay
J u n e 12

T h u rsd a y
J u n e 13

F r id a y
J u n e 14.

*116
117 117
110
116
►112 114
1 1 2 b 1 1 2 b *1 1 2 b __ * 1 1 2
113 11312
141
2
14b
14'2
141?
14b
14*3
145*
"143s
Y
4
7
J
14
1434
6734 67*4 67
67*4 6714 67*2 68
6714 68
663s 67
129 129 *12.8
130 130
*24b
25
25*8 25
___ 25b 25
*26" 26 *___ 257* ►
54*4 54*4 *5373
55
5512 5512 55*4 5584 5538 55-38
*24
2412 *24 —
24 2414 *24
24
2418
*24
2 H4
1

4 3 14

*4 3 14
*

1214

43U
4312

—

4318
4312
*12 14

56
2 OI4
63U 63b *0234

56
20

56
20

3012 31 301s
*89
8934 8912
*877ts 87»ie 8034
13»8 13&s 1312
293i 2934 2934
62
61I8i# 62
*515s
52 52
217S 2 2 I4 2 2 I4
23
23
23
, 8 6 eis 85fli« 8434
7*ia 7*16 *7
507S
61
61
88*4 89
8878
*

43b 4312 43l2 *4314
431
43 43b 43b
...
*12 14 . . .
*1 2 b
56 *5512
56's 56
*1912
20
20
201 j
*6212
63
63
63
30b *30 31
8 OI1 89b
89';
8714 85*4 8 6 I4
135s 1314 13b
2934 *29 29b
621S 6158 62'ig
51*8 515).
52
225* 2214 2 2 b
23b 23 23
86
837io 8413ie
7
7*18
7*18
50V8 6 (1*8
89 89
89

56"
20

63

*30
31
8912 891j
8 6 *s 8 6 b
*13
1314
*29
2912
61*8 61*618
52
52
22*3 223)
23*>
23
83*2 831
7
56*2 50*1
89*s 89b

43*2
4338
* 1214
56
19*8
*62

1

4312
433) 43*8
* 1214
56
55*8
19b 1938
63 *62
*6

4312
433)
—

56
183)
63
7
30
89b

30b 30
8912
90
861? 8512 86
13
13b 13
29b
29*2 *29
62 61 9-16 617S
52 *5112 52
22b 22 1j
22*8 22 *)
23
23
23
23*8
83*3io 84*16 82 5-16 831j
*7
7*16 7 1-167 1-16
5<V*s 50b 50*4 5012
89
89*s 89
89b
30*4
*8914
*80*4
13b
*29
61**18
51*2

PHILADELPHIA

PHILADELPHIA

H id

ACTIVE STOCKS
(For

Baltimore
9 Con Gas El L & Pow.100
____ 100
Do
pref
7,245 Houston OU tr cU.r_.10l)
Do
pref tr ctfs.lOO
1,295
57 Northern Central____50
412 Seaboard Air Line__ 100
Do
prof . . . . ___ 100
660
344 United Ry & Electric. 60

fl Ex-dlv.& rights.

R a n g e 1or P r e v i o u s
Y e a r (1911)

R a n g e S in ce
J a n u ary 1

B o n d s a n d In a c tiv e
S to c k s s e e b e lo w >

H ig h e s t

H ig h e st

96 Jan 3 117 May 6
101 Jan 2 116 Apr 3
147S j'nclO
8 I4 Jan 3
63-34 Jan 25 6 8 J’ne 10
127 Feb 28 130 Apr 8
22l2 Meh 7 27b May24
45' 2 Mchl-1 5634 J’ne 10
18<4 Jan 2 24'2 May21

64 Jan
89 Jan
7 Mch
45 Feb
121 Jan
20 Jan
33 Jan
1012 Jan

95l2 Deo
101 Sep
10 Aug
79 J’ly
13034 J’ne
27 J’ne
50 Nov
197S J'ly

Philadelphia
7 Jan 10
1 J’nel4
30 American Cement____50
43is J’ne lo 45l2 Feb 1
152 American Railways_50
4U2 Mcn 2 4434 Mch28
346 Cambria Steel________ 60
ll"s Feb 2 1214 Jan 29
Electric Co ot America 10
56*4 Mch21
5234 Jan 16
‘ 485 E'ec Storage Battery.100
18 Apr 2 3 3 I4 Jan 3
359 Gen Asphait tr ctfs— 100
73 Jan 3
6934
Apr
2
Do
pref tr ctfs.lOO
51
6
Apr 4 8*18 Jan 8
____ Keystone Telephone. 60
27U Jan 3 33 Apr 15
230 Lake Superior Corp_.100
87-8 Mch20 91 Apr 26
142 Leh C & Nav tr c tfs .. 50
78b Feb 6 927 g Jan 16
265 Lehigh Valley________ 50
1334 J'ne 7
8 i2Jan 3
563 Lehigh ValleyTransit 50
23 Jan 12 30b May27
100 Do pref----------------50
Ol'io Jan 27 63*io Apr 26
1,176 Pennsylvania RIt____50
50i2 Jan 11 6 6 i4 Feb 10
122 Phlladel Co(Pittsb)— 50
8,340 Philadelphia Eleci}.. 25 1)1678 Jan 2 223s J’ne 10
22's May 6 2433 Jan 25
872 Phil R T vot tr c tis .. 50
7414 Jan 11
89b Apr 30;
7,934 Heading____________ 50
8 '4 Apr 15
634 Jan 11
980 Tonopah Mining------- 1
52 I4 Jan 26
4934 Feb 28
8 9 9 Union Traction______ 50
89*4 Apr 26
8 6 U Jan 9
1,070 Union Gas lm pt_____6u

5 Nov
42 Jan
Sep
Jan
48i2Jan
28b Aug
68
Aug
6 S3 Dec
2112 Sep
8312 J’ne
7534 Sep
6 t4 Jan
18i2 Jan
69*8 Sep
4Si4 Sep
1512 Nov
17 Apr
6 6 *si 8 Sep
6i2 J’ly
43 Jan
S4t4 Sep

17i2 Jan
40l2 Nov
Feb
Jan
56's J'ne
39 14 Oct
837g Jan
9b Jan
32 Feb
98 Jan
93?i8 Dec
97g Oct
253S Oct
65 Feb
5914 J’ne
18 J’ly
24b Aug
80*4 Feb
8*8 Jan
6234 Aug
89*g Jan

20

A sk

PHILADELPHIA

Ph A Read 2d 5s 1933 A-O
Bondi
EX Imp M 4S 1947.A-O
P r i c e s a r e a ll “ a m t
Mi
Tcrmin-l 5s g 1941.Q-F
in te r e s t"
P W & B col tr 4 ' '21..J-J
Alt & L V Elec 4 Hs’33 F-A
Read Trac 1st 6 s '3 3 ..J-J
86b
Am Gas A Elec 6 s '0 7 .F-A
Itoch Ry & L con 5 s’ 5 4 J-J
96
Am Rys 5s 1017. — A-0
93b Spanlsh-Am Ir 6 s ’2 7 ..J-J
Atl Gas 1st s f 5s 60..J-J
Stan’d Gas <5c E 6 s '26.J-D
BcrgAEBrew 1st 6s’21 J-J
Stand Stl Wks lst5s’28 J-J
Bethleh Steel 6 s 1908-Q-F 116*4
U Trac Ind gen 5s T 9 -J-J
Choc & Me 1st 5s 1949.u-J
103b Un Rys Tr ctfs 4s’49..J-J
Ch Ok & G gen 5s 1919 J-J
United Rys Inv 1st coll tr
io
"4
"3
s
Con Trac of N J 1st 5s ’33
s f 5s 1926.............. M-N
Del Co Uys tr ctfs 4s’49J-J
Elec & Peoples Tr tr ctfs.. *87b 8 8 " Welsbach s f 5s 1930..J-D
Wtl-B
GAE con &s’ 55.J-J
Fr TacAll 1st 5s 1040.J-J
York Rys 1st 5s 1937.J-D
Gen Asphalt 5s 1916.M-S
83*8
Indianap Ry 4 3 1933..J-J
BALTIMORE
Interstate 4s 1 9 4 3 ...F-A 625S
Inactive Stocks
Keystone Tel 5s 1935.J-J 83 8312
77 78 Ala Cons Coal A Iron.100
Lake Sup Corp lno 5s'24.0
Preferred __________100
Lehigh Nav 4 y$% T 4 _Q-J
Gen M 4 Hs g 1924.Q-F 103b 103*4 Atlan Coast L (Conn) .100
Canton Co___________ 100
Leh V C 1st 5s g 1933 .J-J 108i2
Georgia Sou A Fla------1 0 0
Leh V ext 4s 1st 1948.J-D
1 st preferred...____1 0 0
Couso 6 s 1023 ___ J-D II5 I4
2 d preferred_______ 10 0
Consol 4 Hs 1023...J -D
G-Il-S Brewing_______ 100
Annuity 6 s________ J-D 145
Pullman Cons Ventll— 100
Gen cons *-s 20 03..M-N 07 b
Preferred_________ 100
Leh V Tran con 4 s '35 J-D
Bonds
1st scries A 4s 1935.M-S
P r i c e s a n a ll “ a n d
1st series B 5s 1035 M-S 10214 I025f
in tere st"
. ,
MarketStEI 1st 4s’ 55 M-N 97b
Balt City 3 Hs 1930...J-J
NatLUAP ser B 5s T9 J-J
100
43 19 5 4 -1 9 5 5 ...V arious
New Con Gas 5s 1948.J-D
5s 1016................... M-N
N Y Ph & No 1st 4s’ 39 J-J 98b IIIAnacostla & Potom 5s A-O
Income 4 s 1939____M-N
AtCoastLconv dcb4sM-N
lOlf Pa A N Y Can 5s ’39 .A-O ___ 114
Atl Coast L(Ct)ctfs 5s J-D
Penn Steel 1st 5s *17.M-N
Ctfs of Indebt 4s----- J-J
Ptople’s Tr tr ctfs 4s 1943
5 - 2 0 -yr 4 s 1925____ J-J
P Co lst&coli tr 5s’49 M-S
103
Con A coll tr 5s '51 M-N 97 97b B S P & C 1st 4 'A s '53 F-A
Trac 1st 5s 2 9 ..M-N
82b Phil Elec gold tr ctfs.A-O 10334 104b Balt
No Balt Dlv 5s 1942 J-D
TrU8 t C t f s 4 s 1949 ..J -J
8312 83*4
Car Pow & Lt 5s 1038 F-A
P & E gen M 5s g ’20 .A-O 105b
Cent Ry cons 5s *32..M-N
Gen M 4s g 1920...A -O

Inactive Stocks
American Milling______ 1 0
lb
Cambria Iron________ 5<
Central Coal & Coke.. 100 83b
Preferred_________ 10U 8012
Consol Trac ot N J ___ 10*.
Germantown Pass__ _ 61
Huntington & B T __ .St,
Preferred_______
5o
Indiana Union Tr------loo
Insurance Co ot N A — In 2134
Inter Sm Pow & Clicm-6t)
Interstate Kys, pref
10
Kentucky Securities..lOo
Preferred_________ *9°
Keystone Telep v t C ...60
Preferred__________ &o
Keystone Watch Case.lOu
Lit Brothers................... 10 17b
Little Schuylkill----------- 50
Mlnehilt A Schuyl H ...6 0
Nat Gas Elec Lt & Po.100
Preferred . . . ____ ..10u
North Pennsylvania__ 60
Pennsylvania Salt_____50
Pennsylvania Steel__ 100
Preferred_________ 160
Phlla Co (Pitts) pref...5J
Phil German A N orris..50
Phlla Traction-------------50 84's
9b
Railways General.. — lo
10'i
Tonopah Belmont D ev .-l
United Cos ot N J ....1 0 0
United Trac Pitts pref-5c
Virginia Ry & P ow ..-100
Preferred................. *0®
10b
Warwick Iron & S tcel-.io
Washington-Va Ity. —10;;
Preferred................. 100
Welsbach Co________ 100
West Jersey A Sea Sh..60
Westmoreland Coal....5 0
Wilkes Gas A Elec____100
York Railway________ 5:
Preferred ___________50
Bid Mid miked: no sales on this day.




43*4
43b

117
113*2
1412
67*4
130
25
5412
2412

S a id
at the
W eek
S h a r es.

(»15pald.

f $13 H paid.

HU

A t l:

407 s
1U2

BALTIMORE

C Ry Ext&Imp os ’32 M S
Chas City Ry 1- t 5s’23 J-J
114b Chas Ry O A El 5s ’99 M-S
City & Sub 1st 5s 1922 J-D
10 0
City & Sub(Was) 1st 5s '48
Coal & C Ry 1!t 0s T9 A-O
10 1
1 0 1 1 ' Coal & I Ity 1st Ks ' 2 0 . F-A
101
1001 ) lOO-b Col&Grnv 1st 0s 1916 J-J
Consol Gas 5s 1939----J-D
Gen 4fSs 19 0 1 ___ A-O
96b
Cons G E & P 4 Hs ’35 J-J
Fair & Cl Tr 1st 5s’38 A-0
83b 8334
Ga Car&N 1 st 5s g '29-J- j
92
Georgia P 1st 6 s 1922..J-J
Ga So & Fla 1st 5s ’45.J-J
G-B-S Brew 3-4s ’ 51 .M-S
Knoxv Trac 1st 5s ’28 A-O
Maconlty &Lt 1st 5s'53 J-J
Md Elec Ry 1st 5s ’31 .A -0
Memphis St 1st 5s '45.J J
265 274 Mt Ver Cot Duck 1st 5 s..
Npt N & O P 1st 5s’38M-N
35 37 Nor&Port Tr 1st 5s’36 J-D
North Cent 4 J^s 1925. A-O
95
Series A 5s 1926___ J-J
80
Series B 5s 1926______ J-J
638 5*4
30 P.tt Un Trac 5s 1997..J-J
20
89b 95 Poto Val 1st 04 1941..J-0
Sav Fla & West 54 '34 A-Q)

HU

A ik

106 - - - 103 ______
95 ______
104b ____1033. 104b
______ ______

102

102*2

105*2

______
______ ______

9?8s 98
89b 8934
10 0 *s

10 0

105*s
_____

107
53*4
. . . .

75
10412
109
109
106
109

10034
7512
99b
89b

__

______
Adjust 5s 1949______ F-Aj
Seab & Roan 5s 1926.-J-J 105 10 0
______
South Bound 1st 5 S . . A - 0
U El L&P 1st 4 Ms’29 M-N 94" 9434
Un Ry & El 1st 4 s '49 M-S S434 85
Income 4s 1949____ J-D1 65b ______
Funding 5s 1936____ J-D 8834 89b
Va Mid 3d 6 er 6 s ’ 16..M-S
4 th ser 3—
l-5s 1921.M-S
—
91b
5th series 5s 1926..M-S
97 9712
Va (State) 3s new ’32.JW
106
Fund debt 2-3s 1991 J-J 8 6 . . . .
10812 1 1 0 b
______
WU A Weld 5a 1 8 3 5 ...J-J1 ______ —
—
______

93b
99»4 10012
103
9934 100
1 0 2 b 10234
104 . . . .

} $17 H paid.

4834
I2i2

1620

THE CHRONICLE

Volume of Business at Stock Exchanges

Ferry Companies
B A N Y 1st 6 s 1911...

[VOL. L X X X X IY .

Indust and AlisceM— ( C o n .) B i t Ask
95 Bliss (E W) Co com____ 50 70 80
15
Preferred....................56 120 125
55 Bond & Mtge Guar....... 106 290
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
9934 Borden's Cond Milk com.100 128 129”
DAILY. WEEKLY AND YEARLY.
__ Preferred..................100 cl05 108
N Y & N J 53 1948..
loo
British Col Copper Co___ L *0
61*
S to ck s
R a ilr o a d ,
10th & 23d Sts Ferry..
35 Casein Co of Amer com.. 161
II
W e e k e n d in g
Ac.,
S tate
V . s.
70
iou 50 52
Preferred.... .........
S h a res.
J u n e 14 1912.
P a r V a lu e.
B onds.
B on d s.
B onds.
2612 Casualty Co of AmerlcallOO 115 130
99 Celluloid Co......... ........ loo 143 146
Saturday _________
145,929 S13,640.400
$725,500
$16,000
City Investing Co........10
51
63
293,794 25,069,100
Monday __________
1.785,000
43,000 $ 10 ,0 0 0
Short-Term Notes
Preferred...................iou 100 101
Tuesday_____ _____
522,978 45,196,450
1,753,500
O 1003 10034 Alabin (H B) Co com..
227,500
5,000
90
Wednesday .............
163,252 14,802,700
1,750,000
47,000
U 1001 toil's
500
e 1 st preferred........” l06
90
Thursday__________
190,339 17,710,400
1,386,500
N 1031 1033*
58,500
e 2 d preferred........... 100
Friday _____ ______
436,347 38,387,200
1,389,500
D 991 993.J l.'onsoi Car Heating___ IOC 62
384,000 ..........
-S 9J1 99',. Consol Rubber Tire___ 100
15
18
Total.................... 1,752,639 3lo5,412,550 $8,790,000
-J 98 98 !4
8776,000 $15,500
Preferred____ ____ .Hit
55 59
-J 991 100
Debenture 4s 1951...A-O 755 60
JS
1003
10114
Crucible Steel com___ 106
S a le s at
1312 1334
W e e k e n d in g J u n e 14.
J a n . 1 to J u n e 14.
0
993 9934
e Preferred_________ 100
N e w Y o r k S to c k
8712 883g
■O 99 9914 Davls-Daiy Copper C o... 10 * 21* 214
E xch an ge.
1912.
1911.
1912.
1911.
U 997, 100
! Diamond Match Co__ 100
106 I0712
Stocks—No. shares__
luPont ( I) de Nem Pow 106 18J 190
60,555,262 Hudson Companies—
66,402,442
1,752,639
2,520,588
6 s Feb 1 1913........
A 993. 10014
Par value............... $155,412,550 $222,423,400 $5,938,287,225 $4,482,337,050
e Preferred................. IOC
95
0
993 10014
e Goid 4 V is 1936..
J-D 89 9(7"
Bank shares, par........
$3,300
$1,070,500
$46,800
$321,300
A 98 9812
B onds.
5
10
10034
A
100!
Government bonds__
45
40
$15,500
$10 ,0 0 0
$965,000
$153,500
-8
9 /I4 U
0 I4
State bonds________
776,000
140 145
12,554,500
6 6 , 10 2 ,0 0 0
2,846,000
A 90 95
e Preferred................ 10.
RR.and mlsc. bonds..
8,790,000 15,654,500
110
368,011,500
366,041,000
Ills
N 991; 9934 Joodrlch (B F) Co corn'100 80Ij 81
D 911 951s
Total bonds______
Preferred___ ______ 100 103t 1087*
SO.581,500 $18,510,506
$381,531,000
$132,296,500
D 973; 9812
10
*94
Vi
b 46 1.4.
\r62ts 023g
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
4Hs Jan 1913-1925.. -J 0412% 4.*^0 Ha;-..;ensack Water Co—
EXCHANGES.
414s Jan 1913-1927.
-J 0U2% 4 .1 0
Ret g 4s '52 op 1912...J-J 80
3 10 0 1001 ;
7
8
D 995, LOO
B o s to n .
P h ila d elp h ia .
Preierreu.................. 100
10
15
A 1003, 10j34
W e e k e n d in g
1st g 5s June 1 la22..J-D 61 67
J u r .e 14 1912.
U n listed
B ond
L is t e d
94
L isted
N 90
U n listed
B ond
sh a re s.
sh a res
sa les
sh a res.
sh a res
3 10U8 loli 2
1st 6s 1922............... M-,- 102 104
sa les.
O 966 98
lerrlng-llau-Marvln _..10o 10
20
16,062
Saturday.................. 11,461
$16,000
3,784
1,735
$39,800
[obokea Land A Improvo't
Monday___________ 10,601
39,020
79,000
Railroad
6,957
2,318
30,300
1st 5s Nov 1930____ M-N 104
30,082
Tuesday.................. 16,99.
30,000
0,144
0 17 23
7,156
140,300 a Chic & Alton com__
locking Vat Products.. 100 12
14
Wednesday......... ..... 11,539
e Preferred_______
30,628
41,000
0 251* 10
2,752
2,983
39,700
1st g 5s 1961............. J-j 60 63
Thursday_________ 18,155
38,995
6 130 135
1 louston OU com ctfs.. 106
2 1 ,0 0 0
4,252
2,153
37.800
14
1412
Friday.................... 15,266
6 152
.61
29,157
2 1 ,0 0 0
5,142
iou 07 6734
Pret ctfs...............
30,300
4,213
0 39 41
Ingersoii-ltand com "Iloc 105
6
74 75
Total ................
90,017 189,944 $208,000
e Preferred................100
29,031
20,558 $318,200
98
68
1
0 67
1434 16
0 56
60 1
85 90
K) 103 1 1 2
285 295
e 2 d preferred.
0 84 907*
Preferred . . . . . _____ 106 107 109
105 115
All bond prices are now “and Interest" except where marked " t '
1st g 6s 1932..........".A-O 100 101
6 *31
35 , !
2
4
Street Railways—(C o n .)
A sk
6 *60
70
1st g 5s 1961.............A L I 4812
Street Railw ays
United Rys of St L—•
3 Railroad Securities Co­
1 iternational Sliver com 100 100
Com vot tr ctfs.........100
143S
14
in C stk tr ctfs Ser
. 8514 89
Prelerred..........
lOo 127
M ew Y o r k C ity
e Preferred................. 100
45
West Pac 1st 5s 1933
8
81 85
1st 6s 1918........... ” j-L 111
Bleeck St & Eul Ey stk.100
25 Wash Ry & El Co......... 100 91 94
I iteraat Smelt & Ref j . luc 12J 128
1st mtge -Is 1950____ J-J
Preferred.............
I0t; 94i2 95
Standard Oil Stocks
ayser (Julius) A Co__
83 00
B’ y A 7th Ave stk........100 175 185
4s 1951........
J-Li 85fg 8 6 I4
1 *2 2
2 2 12 ‘ 1st prelerred.............
107 109
2d mtge 6 s 1914....... J&J 99^4 1001; Electric, (las 8c Power Cos
j 385
.95 «
35
38
Broadway Surlace HR—
M ew Y o r k C i t y
Borne-Scrymser Co.
1. 10 0
175
e 1st con 5s 1950
M-S
80
1st 5s 1924...............JAJ 103 104 Cent Un Gas 5s 1927___ J-J 10212 104
j *140
150
e Deb 5s 1915...........M-S
04
~93'\s
Cent Crosstowu stock..100
5
10
e Kings Co El L A P Co.. 100 131
132
„ 700 750 r
9314 937S
1st mtge Os 1022___ M-N 98
New Amsterdam Gas—
130 16 O 1-awyers' Mtge Co.
225 228
Cen Pk N A E Rlv stock. 100 10 ‘ 15"
1st consol 5s 1948___ J-J 10112 I0212
) 800 900
I
240 245
ChrlstopherAlOth St stk 100 132 140 N Y & E R Gas 1st os’44 J-J 1 0 1 1 2 IO6 I4
0 *55
60 ^
« 212 71*
Dry Dock E J3 A B
Consol 5s 1945______ J-J 101 103
. 70 80 A
*214 23,
1st gold 5s 1032......... J-D 99 10U 2 e N Y Mutual Gas L___ 100 182 187
305 115 J
*14
Scrip 5s 1914.......... F-A / 45
55 N Y & Q El L A Pow Co. 100 65 60
225 235 i Preferred .................... 51. *45
Eighth Avenue stock__ 100 315 )30
Preferred................... 100 76 85
135 »45 |i
101 108
Scrip tis 1014.....
F-A / 99 101 N Y A Richmond Gas__ 100 40 60
*90 lOO Is
iat Surety_____ 100 228 233
42d A Ur St Fy stock...100 285 310 North'n Un 1st 5s 1927 AI-N 101 102
*39 41 s
ork Dock com..100 2012
42d St M A St N A vo... 100
Standard Gas L com___ 100 60
z2S3 :J8
e Prelerred................ 100
40 4*9"“
1 st 6 s lul l ............... M-S / 99
Prelerred................... 100 90 Too *
112
122 , N
210 215
2nd Inc 6s Jan 1 1015
1st 63 1930.............. M-N 10412 106
/ 75
*93 96 N
6
*5
Ninth Avenue stock___ 100 ICO
O th er C itie s .
266 276 N
88
90
2
Second Avenue stock__ 100
Am Gas & Elec com........50 *87 90
1 475
>75 N
*734
77*
Consol 6s 1948 ctfs..F-A / 40
Preferred................... _-50 *4612 48
200
-10
U
*112 l5*
s* Sixth Avenue stock__ 100 125
Am Lt A Trac com........100 345 350
585 >05 e
23,
2
Sou Boulev os 1945____ J-J 83
Preferred................... lOo 108 111
tl40 t48 O
75 78
So Fer 1st 5s 1919........A-O 90
Amer Power A Lt com.. 100 70 7112
1 160
105
101 1021,
Preferred...................
100
Tarry WP & M 5s '2 8 ..MAS / 75
Preferred................... 100 85 86
Stand Oil of Indiana.
223 228 P
81,
gb Brewing____ 60 *8
38 A 29th Sts 5s 'UOctlsA-O ’ 23
Bay State Gas...........
50
♦1; °i»
1 195 2 1 0
Preferred___________ 60 *37
Twenty-third St stock.. 100 250
Bingh'ton (N Y) Gas Wk
375 100 a
.100 1011s 103
Union Ry 1st 5s 1942..F-A 104
1st g 5s 1938............. A-O 98 1 0 1
Stand Oil of Nebraska.. 10i 2 1 0 225 P
.101 30 35
Westchester 1st 5s '43.J-J 80
Buffalo City Gas stock..100
3
412
zSSO HO
Preferred .................. 100
101 74
77
Yonkers St RR 5s 1946. A-O 90
Cities Service Co com__ 100 1011. 10312 Stand Oil of N J........... 10 38J 181 P
.100 98 1021*
B rook lyn
Preferred ................... 100 8812 9012 Standard OU subsidiaries.. 2510 >30 P
101 105 115
Atlan Ave RR cun 5s ‘31A-0 101
Con Gas of N J 5s 1936..J-J 98 99
420 130 R
_10< 115 118
B B A W E 58 1933___ A-O 96
Consumers' L H A Pow—
i 180 190 R
.106 210 215
Brooklyn City R R ___ ..10 167
1938.................... J-D 100 102
175 225
Preferred...................100
106 10S34 1093,1
Bklyn Hgts 1st 5s 1941. A-O 99
Consumers Power (Allnn.)—
*75 150 s
.100 101 10H;,
Bkiyn Queens Co A Sub—
1 st Are! 5s 1929ep'14_ AI-N
8812 8912
55 65 St
100 119 120
« 1st g 5s '41 oplOlb.J-.
Denver G & El 5s 1949.M-N 96
160 105 e
9712
.100 189 IOU*
« 1st con 5s'41 o p '16 M-N
9914 Elizabeth Gas Lt Co___ 100 300
*23 29
e Preferred.
Kill Z12312 __
Coney Isl & Bklyn........100
105 Essex A Hudson Gas.__10C 143 146 *
1000
IIKi 285 290
.300 SI
1st cons g 4s 1048___ J-J'
90 Gas A El Bergen C o ..” 100 88l2 90
.100
1
Sc
2
Con g 4s 1955............. J-J
82 e Gr Rap G L 1st 6 s '15.F-A 99
Tobacco Stocks
Preferred__________ 100
10(!
2
4
Brk 0 A N 5s 1939...J-J
100 Gr't West Pow 5s 1946..J-J
8634 88"
( S e e a lso S to ck E x c h a n g e L ls t)
106 30 40
3ttandard Coupler com...100
Nassau Elec pret______ 100
Hudson County Ua3
100 130 140
Britlsh-Amerlcan Tobac £ 1 *2714 273,
Preferred__________ 106
103 112
1
0
(1
1st 5s 1944............... A-O
104
e 1st 5s 1949..............AI-N 10412 105l2
290 100 a
.100 29 291*
N Wmsburg A Flatbush—
Indiana Lighting Co
100 40 45
zl80 .94
1110 63
Preferred............... 100
04
1st 4 ^ 3 July 1941..FAA
4s 1958 opt............... F-A 71 73
ZlOO .1 1
1st 5s 1930........... M-N
M-N
801* 8Glj
Btcinway 1st 63 1922...J-J
10312 Indianapolis Gas............. 50 35
175 .90 31
100 86 89
O th er C itie s
1st g os 1952............. A-O 82 8 6 "
180 .90 St
.100 36 37
Buffalo Street Ry—
Jackson Gas 5s g 1937..A-O 99 102
270 r80
Preferred.................. 101
9412 90
1st consol 5s 1931___ F-A 10412 10514 cLaclcde Gas preferred 101 98I4 100
240
15 St
.106 99 101
Deb 6a 1917..............A-O 10434
Madison Gas 6 s 1926...A-O 104 109
242 243 IT
.100 99 102
• Conn Ry A Ltg com..100 7914 8 <)li Narragan (Prov) El Co .50 *z95 9812
z20 2
.100 ()lt2
« Preferred................. 100 80 82 Newark Gas 6s Apr’44_Q-J 1203. 1 2 >12
zlOO
13
n
III! 120 125
Federal Light & Trac.__100 34
37 Newark Consol Ga3 ....... 100
98 ‘ 100
Young (J 8 ) Co.
181 181 l’(
1 ♦7
7'*
Preferred_____ _____100 79tj 803s e Con g 5s 1048... J-D 106
LT
4
?
106
« Havana Klee Ry L A P 100 92
No Hud LII A P 5s 1938 A-O 100
Preferred new.
100 50 55
e Prelerred_________ 100
Paclilc Gas A E com___ 100 6U4 6134
/ 8-4 85
n
40
urn 25
«Loulsv St 5s 1930........J-J 10514
Preferred................... 100 91 9134
118 .20
U
10 0
44
451*
« New Orl Rys & Lt com 100 3512
Pat A Pas Gas A Elec__ 100 94 95
*49 51
1st preferred..
112
100 109
« Preferred................. 100 77
e Con g 5s 1949....... M-S 10212
*521o 5312
2d preferred...............loo
loo 109 112
«N Y Westeh A Bost Ry—
•St Joseph Gas 5s 1937...J-J 90 "94*" American Book............. 160 169 75 U
10 0
3.1 1
1st g 4Ms 1946............J-J 100
Standard Gas & Elec(Del) .50 *2312 24
American Brass............. 100 135 40
Preferred.................100
10(1
8 20
* Pub Serv Corp of N J— S ee Stk F x list
Preferred.................... 5i *50
American Chicle com ...100 225 28 U
63
1
0
(1
195
205
Tr ctfs 2% to 6 % perpet 110 110i2 eConv s f g 6 s 1926 op J-D 100 101
Preferred................... 100 105 08 U
100 98 105
North Jersey St Ry._100 75
90 United Electric of N J . . 1 0 0
Am Graphophone com..100 25
90 95
Preferred__________ 100
100
U91f
117
1st 4s 1948............M-N 82
821
1st g 4s 1949............. J-D 83I4 83l2
Preferred................... 100 0 2 l2 __ e
1(11) 95 98
Cons Tract of N J ___ 100 76
701 Wcitem Power com___ 100 3012 31
American Hardware___ 100 13412 35
u
100 89 95
1st 5s 1933............J-D IO4 I4 10434 Preferred _________ 100 581 5912 Amer Alaltlng 6s 1914..J-D 100
02
Preferred ............... iou
1(10 103 108
New’k Pass Ry 5s '30.J-J 108 1081 Western States GasAElec
Amer Pres3 Assoc’n___ 100
77
1st g 5s 1 9 1 9 . . J-J 100 105
Rapid Tran St Ry__ 100 235
1st A ref g 531941 op .J-D 9212 95
Am Steel Fdy 6 s 1935..A-o 10 0
01
Con g 5s 1929...........J
93 93
1st 5s 1921............A.O 103
Telegraph and Telephone
Deb 4s 1923............. f-A 69 72 e
1(H) 3912 40
J C Hob & Paterson—
a Amer Tcleg & Cable...100
American Surety............. 50 315 <25
74
104
103
e Preferred................ 100
100
43 g 1949............. M-N 8034 8112 e Central A South Amer. 100 11712 11934 American Thread pref___ 5 *412 5 U
Bo J Gas El A Trao__ 100 130 133 Comm'l Un Tel(N Y).__25 108 115
Amer Typefounders com.106 40 49
11412
911
Gu g 53 1953....... M-S 990 9934 Empire A Bay State Tel. 100 65 75
Preferred......... ......... 100 100
opt 11H2 __
03
No Hud Co Ry 6s 1914 J-J 1021 •>
Franklin .......................10(. 40
Deb g 6s 1939............M-N ioot2 : 02 U
50
100 90 98
Con M 5s 1928....... J-J 103l£
eGold * Stock Teleg.,.100 120 122
Amer Writing Paper___ 100
TtlC
312 4 W
Ext 5s 1924......... M-N 99
e Northwestern Teleg___ 50 115
elst s f g 5s '19 red 105.J-J 895* 90
KM, 160 106
A
Mtge
Guar_______
106
Pat Ry con 5s 1931..J-D 117
Paclilc A Atlantic........... 25 65 75" At! Gulf & W ISS Lines. 106
.50 ♦170 1741*
7
8
VV
2d 63 1914 opt___ A-O 100
e Pac Telcp & Teleg pref. 100
9934
Preferred................... 100 13
100 87 881*
15
W
fcepubllc Ry & Light...100 20
Southern & Atlantic....... 25 92
Coll tr g 5s 1939....... J-J 0212 64
100 11()12 U71*
Preferred____ _____ 100
Preferred
100 8034
South Bell Telep A Teleg—
100 100 1081*
Barney & Smith Car comlOo 10
20 W
Trent P A H 5s 19431.-J-D 97
1st g 5s 1941 op 1916.J-J 100 1003,
Preferred................... 106 70 80
* Par share. 6 Bm i. c Sells on Stock Exchange: see aalfs-record on a preceding page. / Flat price, n Nominal, s Sale price. •'New stock. * Ex-dlv, y Ex-righte.
L * Includes all new stock dividends and subscriptions.

Inactive and Unlisted Securities




rm

-J 90
06
8
-N 45
-D 99
-N 104
-J 98
X) 25
L 60
)6
231j
N 97

A sk

1621

THE CHRONICLE

J u n e 1 5 1 9 1 2 .]

gmiestnteut and l^ailrorad Intelligence*
RAILROAD

GROSS

EARNIJNGS.

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly return^
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month.
We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year doe3 not begin with July, but covers some other
period. The returns o f the electric railways are brouqht together separately on a subsequent page.
_________________
July 1

L a te st G ro s s E a r n in g s .

Week or
Month

ROADS.

A! i N O A Tex FacN O A Nor East.
Ala A Vloksburg.
Vlck Shrev & Pac
A'ia Arbor________
Atch Topeka A 3 l ' c
Atlanta J3Irm A At
Atlantic Coast Li;;
Charlest’nAWCar
Louis Hen A S t L
o Baltimore & Ohio
B A O Oh Ter KK
Bangor A Aroostook
Boston A Maine__
Bridgeton A .Saco It
Bull Roch A Plttsb.
B uHalo A Susq____
Canadian Northern.
Canadian Paci-lo—
Central ol Georgia..
Central New Engi’d
Cent of New Jersey.
Central Vermont—
Chcs A Ohio X.lnes.
Chicago A Alton—
Chic Burl A Quincy
p Chic Great W est..
Clilc Ind A Loulsv.
Chlc Milw A St Paul
Chic Alii A Pug Sd
rChlc & North West
rChlc St Paul M A u
Chicago T H 4 S E .
Cln Ham A Dayton
Colorado Midland..
b Colorado A South.
Cornwall_________
Cornwall A Lebanon
Cuba Railroad____
Delaware & Hudson
Dol Lack A W est..
Denv & Rio Grande
Western Pacilic..
Denver N VV & Pac.
Detroit Tol A Iront
Detroit & Mackinac
Dul A Iron Range..
Dul Sou Shore* Ati
Elgin Joliet & East.
El Paso & Sou West
E r ie _____________
Fairchild & N E __
Florida East Coast.
Fonda Johns & Glov
Georgia Railroad..
Grand Trunk Syst. .
Grand Trk VVest.
Det Gr Hav & Mil
Canada AtlanticGreat Northern Syst
Gulf & Ship Island.
Hocking Valley___
Illinois Central___
Intcrnat & Grt Nor.
a Interoceanlc Alex.
Kanawha & M ich..
Kansas City South.
K C M ex & Orient..
Lehigh V a lle y ___
Lexington & East..
Louisiana & Arkan.
s Louisville & Nash.
Macon & Birm’ham.
Maine Central_____
Maryland & Penna.
a Mexican Railway.
Mineral Range____
Minn A St L o u is..I
Iowa Central__ /
Minn St P * S S All
Chicago Division/
Mississippi Central.
« Mo Kan & Texas.
Missouri Paclilo----Nashv Chatt * St L
a Nat Rys of M ex.f.
Nevada-Cal-Orcgon
N O Great Northern
N O Mobile A Chlo.
e N Y C & Hud Rlv
Lake Shore & M S
n Lake Erie & W .
Cliio Ind & South
Michigan Central.
Clove C C & St L .
Peoria A Eastern
Cincinnati North.
Pitts A Lake Erie
N Y Chio A St L .
Tol A Ohio Cent .
Tot all lines above

C u rren t

M a y _____
M a y _____
May _____
ith wkMay
A p ril____
Ith wkMay
A pril_____
A pril____
A pril_____
A pril_____
April ___
A p ril_____
A p ril____
A p ril____
1st wk Jun
April ___
1st wk Jun
1st wk Jun
1st wk Jun
A p ril_____
Apr, l ____
A pril____
1st wk Jun
1st wk Jun
A pril____
1st wk Jun
1st wk Jun
A p ril_____
A pril.........
A p ril_____
A p ril_____
April_____
April ___
A p ril____
1st wk Jun
A pril____
A pril_____
A p ril_____
A p ril_____
Anril ___
1st wk Jun
A p ril____
A p ril........
ith wkMay
1st wk Jun
A p ril.........
1st wkJunc
A p ril____
A pril_____
A pril.........
April.........
April.........
March___
April ___
1st wk Jun
1th wkMay
1th wkMay
1th wkMay
M a y ------A pril.........
A pril____
M a y _____
1st wk Jun
1st wkJunc
A pril_____
A p ril_____
February .
April ____
April .
A p ril____
1st wk Jun
May
A pril_____
Anril
3U wk May
1st wkJunc
1st wk Jun
1st wk Jun
April ___
1st wk Jun
1st wk Jun

Year.

P rev io u s
Y ea r.

5

i

to L a te s t

Curren.
Y ear.

339,122
292 ,271 3.509.436
104,691
132 ,895 1,513,138
42.402
102 ,077 1,282,036
60,780
54 ,747 2,124,458
,186,291 3,907 ,748 89,869,954
76,138
70 ,055 3,028,597
,199,191 2,835 ,442 28,037,118
177,594
162 ,116 1,602,684
100.007
88 ,929 1,074,015
,589,078 0 ,8 8 8 ,218 76,020,494
125,204
113 ,119 1.288.436
270,327
204 ,224 2,868,305
,755,053 3,504 ,062 38,159,39
47,273
3,900
3 ,236
190 ,843 8,892,592
201,560
95,635
183 ,520 1,970,161
403.000
320 ,900 18,172,100
,520,000 2,071 000 114300723
209,200
207 ,800 13,169,680
291,462
286 ,259 2,914,826
,757,540 2,457, 832 24,830,906
321 ,173 3,397,031
347,195
567,284
575 ,900 31,905,507
231 988 13,627,511
254,464
,726,131 0,423 311 73,188,160
239 ,452 11,943,154
248,805
121,224
118 ,894 6,085,467
,054,242 4,771 763 52,859,122
,415,268 1,131 599 13,231,066
,838,542 5,751 577 43,332,036
,171,152 1,135, 397 12,808,526
106,664
147, 126 1,602,858
702,748
750, 603 8,221,158
126,071
121 , 606 1,557,957
219,104
229, 634 13,221,829
161,088
15,653
13, 945
2 52,675
23,807
22 , 424
396,723
301, 183 3,119,580
,136,290 1,754, 927 17,544,128
140,904 2,928, 107 29,834,315
429, 900 21,775,530
441.100
443,843
4,340,422
84,605
60, 618 1,015,340
40,414
38, 572 1.624.633
21.402
19, 331 1,156,067
164,837
269, 348 4,923,938
08,802
69, 510 2,921,055
912.012
617, ,441 8,455,895
558, ,433 6,249,043
668,941
,773,514 4,399, ,030 47,177,720
25,074
1,,807
4,723
575, 480 3,637,008
508,112
704,008
72, 846
74,201
268,652
242, 260 2.912.633
873, 582 46,053,213
983.931
178,537
159, 636 6,104,507
56,184
50, 800 2,058,330
01, 698 1,933,790
67,771
,002,233 5,037, 181 60,324,011
160, 154 1,601,669
101.931
349,454
480, 578 5,984,030
,808,862 5,144, 982 53,795,408
144, 000 9,717,744
146.000
108,275
107, 141 8,295,058
183,038
213, 922 2,552,363
738, 920 7,860,515
718,823
140, 105 1.215.802
132,959
1,924,229 3,187, ,411 30,956,032
458,604
48 ,944
53,506
113 ,248 1,214,37;
133,175
962 ,395 52,795,183
1,000,030
154,930
9 ,836
11,672
823,570
707 ,945 8,875,019
369,098
38 ,710
43,169
158.100
154 ,10
7,391,500
13 ,523
713,971
14,334
157 ,382 7,413,973
102,808
453.013

67,925
443,029
930.000
\ d l_____ 1,073,71.'!
1st wkJunc 1,052,931!
4 th wkMay
16,005
M arch___
129,419
A pril__
159,534
A pril......... 8,084,827
A p ril___ 4,01-1,474,
A p ril......... 414,989
A pril_____ 285,407
A pril___ 2,679,099
A p ril......... 2,340,910
April_____ 222,377
A pril____
114.008
A p ril......... 1,071,258
A p ril____
912,087
A pril____
247,140
A p ril____ 20422 588

,332,706
,650,495
,385,093
,917,370
,440,059
,599,004
,702,012
,642,807
,017,558
165,258
;227,301
,038,947
,082,240
43,270
,620,519
,955,607
,054,800
,55 1,098
,225,782
,629,111
,197,800
,271,978
,464,764
,587,484
,328.217
,829 365
,779,278
,753,053
,081,784
,777,859
,777,745
,726,004
,923,498
,621,706
993,339
135,773
275,842
,529,189
,384,388
626,399
912,833
872,793
,671,328
,100,058
,805,519
,939,670
,657,677
,010,073
,905,336
19,678
,567,520
701,441
,761,845
,033,407
,745,174
,881,132
,762,580
,696,867
,685,010
,021,715
,658,730
,619,741
,245,789
,506,912
,558,965
,314,111
,480,157
427,285
,209,180
,841,039
146,151
,203,525
305,319
,727,009
697,760
,070,438

427,002 24,551,310 20,499,383
74,135
443,128
898,000
1,026,780
1,035,900
10,940
154,314
141,934
8,369,124
3,764,571
392,471
320,253
2,306,387
2,390,154
220,062
79,578
1,130,947
007,675
334,908
202 91740

733,010
26,511,112
51,020,013
10,101,808
57,681,545
341,341
1,221,488
1.623.802
87,803,035
4 2,083,375
4,667,112
3 ,360,450
26,203,844
25,742,006
2,057,003
1,130,792
13,344,021
9,602,804
4,320,394
220975 709

769,309
27,322,254
4 9 ,550,200
10,314,117
57,538,471
305,007
1,270,006
1,543,492
81,454,791
40,588,783
4,0 2 4 ,2 8 7
3,078,241
25,034,125
25,773,440
2 ,997,110
1,053,906
13,148,844
9,349,122
4,2 3 2 ,4 5 5
214336132

July 1 to

L a te st G r o s s E a r n in o s .

D a te.

P rev io u s
Y ear.

R O AD S.

Vi e e k

or
M o n th .

N Y N II A H artf.. A p ril____ 5,451,477
N Y Ont A West__ A p ril______ 355,773
188,281
N Y Susq A W est.. A p ril___
Norfolk Southern.. A p ril___
315,209
Norfolk A Western. A p ril___ 3 ,508,856
Northern Pacidc__ A pril______ 5,201,647
598,452
l’ acidc Coast Co__ April . . .
Pennsylvania R R -. April ____ 13291728
20,978
Balt Chcs AAtlan April ____
Cumberland Vail. April ____ 263,649
814,037
Long Island____ April ___
8,670
Maryl’d Del A Va April ---N Y Phila A Nor April ------ 284,123
912,330
Northern Central. April ___
Phila BaltA Wash April ____ 1,620,970
484,042
W Jersey A Seash April ___
Pennsylvania C o __ April ____ 4,021,487
459,734
Grand Rap A Ind April ___
Pitts C C A St L . April ___ 3.281.405
672,224
Vandalia_______ April ____
Total lines—
East Pitts A E . April ___ 18668707
West Pitts A E April ___ 8,536,412
All EastA West April ___ 27205119
Pcrc Marquette___ A p ril_____ 1,380,251
Reading CompanyPhila A Reading. A p ril_____ 2,087,466
Coal A Iron Co. April
903,713
Total both cos__ April
3,891,184
Rich Fred A Potom April
_ 245,183
Rio Grande June__ M arch___
00,076
Rio Grande South.. 1st wkJune
8,015
Rock Island Lines.. A pril____ 4,874,232
Rutland _________ A p ril____
277,040
St Jos A Grand Isl. A pril......... 131,549
St Loul3 A San Fran A p ril_____ 2,950,033
/C hic A East Ill- A p ril_____ 968,964
Total all lines.__ A pril____ 3,918,997
148,070
St L Rocky Mt A P . A p ril____
St Louis Southwest. 1st wk Jun 220,000
San Pcd L A A S L . April _____ 701,323
Seaboard Air Line. 4th wkMay 526,105
10487057
Southern Pacific Co April
Southern Railway.. 1st wk Jun 1,128,351
Mobile A O h io ... 1st wk Jun 215,304
Cln N O * Tex P . 1st wk Jun 187,100
84,375
Ala Great South. 1st wk Jun
62,943
Georgia Sou A Fla Ith wkMay
370,172
Spok Portl A Seatt. A p ril____
2,695
Tenn Ala A Georgia 3d wk May
Tennessee Central.. April
130,814
Texas A Pacific___ 1st wk Jun 211,551
7,867
Tidewater A West Aprjl ___
Toledo Peor A West 1st wk Jun
21,102
06,890
Toledo St L A West 1st wk Jun
Union Pacific Syst. A p ril_____ 6,968,578
Virginia A So West. A pril_____ 139,658
415,401
Virginian_________ A p ril____
W abash__________ M a y _____ 2.260.406
620,706
Western Maryland. A p ril____
Wheel A Lake Erie. A pril_____ 380,003
28,476
Wrightsv A Tennille A p ril____
Yazoo A Miss Valley May _____ 626,464

C u rren t
Y ear.

P r e c io u s
Y ea r.

5,155,362
697,781
347,713
261,831
2,830,585
5,008,952
627,804
1261724
16,867
236,165
809,630
7,797
267,929
1,102,350
1,552,414
479,945
3,991,511
389,916
2,924,924
778,477

53,623,45
7,265,135
3,139,143
2,680,688
<2,752,969
j 2 ,781,961
6,267,256
10i>d32 834
228,384
2,481,773
8,717,642
111,790
2,738,200
10,544,392
15,875,549
5,240,425
43,942,924
4,347,760
33,329,208
8,436,810

51,400,905
7,700,353
3 ,216,378
2,439,448
29,710,665
54,760,720
6,524,518
131071434
223,321
2,5 4 7 ,3 0 0
8,172,872
109,914
2,776,682
10,760,184
15,784,298
5,071,204
43,558,407
4 ,3 3 6 ,2 9 3
32,718,118
8,854,862

18080060
8,172,670
26252 729
1,242,662

192866311
93,477,387
286343701
13,978,72

187638297
92,127,620
279 765918
13,362,968

3 ,981,690
4,789,521
8,771,211
237,484
71,609
9,511
5,054,192
273,957
129,981
3 ,172,880
1,113,653
4,286,533
167,228
185,000
773,345
520,600
10130221
1,084,681
218.789
166,146
75,194
55,574
461,157
2,291
123,155
239,030
8,578
20,404
71,313
6,671,606
101,200
307,653
2,384,843
589.789
533,697
23,876
809,566

38,292,311
31,825,554
70,117,80
2,057,589
751,859
470 ,3 3 6
53,730,789
2,853,977
1,317,114
35,334,893
12,973,502
48,308,394
1,065,814
11,273,872
7,349,199
21,139,684
109951394
10,728,323
10,481,970
9,123,188
4,481,161
2,267,185
4 ,016,196
95,461
1,265,262
16,001,792
79,788
1,188,466
3,636,068
72,097,501
1,446,962
3 ,985,488
25,906,506
6,016,431
6,196,445
313,407
8,918,992

,780,326

C u rren t
Y ear.

Various Fiscal Years.
Delaware A Hudson___________ Jan
N Y Central A Hudson R iver.c. Jan
Lake Shore A Michigan S outh___
Lake Erie A Western.n____ Jan
Chicago Indiana A Southern. Jan
Michigan Central____________ Jan
Clcve Cln Chicago A St Louis. Jan
Peoria A Eastern____________ Jan
Cincinnati Northern_________Jan
Pittsburgh A Lake Erie____ Jan
New York Chicago A St Louis Jan
Toledo A Ohio Central______Jan
Total all lines_______________ Jan
Pennsylvania R a i l r o a d _________Jan
Baltimore Chesap A Atlantic. Jan
Cumberland Valley__________Jan
Long Island________________ Jan
Maryland Delaware* Virginia Jan
N Y Philadelphia A Norfolk. Jan
Northern Central____________ Jan
Philadelphia Balt A Wash__ Jan
West Jersey A Seashore____ Jan
Pennsylvania C o m p a n y _________ Jan
Grand Rapids A Indiana___ Jan
Plttsb Clncin Chic A St Louis Jan
Vandalia____________________Jan
Total lines— East Pitts A Erie Jan
West Pitts* Erie Jan
All lines E A W . Jan
Rio Grande Junction___________ Dec
R utlan d__________________
Jan
Texas A Pacific_______________ Jan

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

L a te st D a ! '.

P rev io u s
Y ea r,

C u rren t
Y ear.

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

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
Apr
Mch
Apr
June

,255,715
,030,040
,923,908
748,378

526,918

,191,446

,838,047
,430,049
540,978
,693,603
234,641

,778,071
225,938
700,968
067,340
1529780
909,618
499,809
608,710
,208,068
,213,506
,863,564
89,112
,253,868
,044,803
72,603
,202,741
,531,224
,892,411
135,231
948,207
381,390
986,636
530,965
292,018
087,008
Previous
Year.

30 6,410,210 6,622,323
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 10,098,769 9,326,714
30 9,735,977 9,531,711
30 1,003,959 1,052,809
349,595
422,799
30
30 4,972,758 4,379,707
30 3,736,003 3,559,709
30 1,490,021 1,309,155
30 83,820,289 78,854,507
30 53,771,104 49,163,010
58,579
30
60,098
30
981,724
910,784
30 2,883,286 2,717,758
20,534
28,254
30
30 1,010,191 1,002,043
30 4,006,328 4,099,826
30 6,080,643 5,825,160
30 1,580,146 1,514,026
30 16,471,744 15,155,376
30 1,661,262 1,610,326
30 13,330,889 11,845,416
30 3,236,479 3,202,416
30 73,790,332 68,713,152
30 35,084,781 32,158,754
30 108881113 100871 906
270,249
31
267,492
974,557
30 1,011,092
7 6,856,117 6,099,673

AGGREGATES OF GROSS EARNIN G S— Weekly and Monthly.
Weekly Summaries.

Cur'nt Year Prev’s Year Inc. or Dec.

%

Monthly Summaries.

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

Prev. Yr.
$
5
?
Mileage. Cur. Yr.
3
5
A *h week Moh (39 roade)----+248,310 1.29 August__ ..244,531 240,170 253,043,102 254,880,944 — 1,843,842
19,490,029 10,247,719
+ 507,987
1st week April (43 roads)----- 14,119,697 13.209,786
September ..245,494 240,825 257.258.762 256,748,775
+909,911 6.89
2 1 week April (41 roads)----- 13,858,411 12,560,991 + 1,297,420 10.33
October . ..245,633 241,321 266,084,129 263,637,356 + 2,426,773
November ..234,209 231,563 241.343.763 213,111.383 — 1,767,625
3d week April (41 roads)----- 13,710,825 12.722.657
+987,908 7.70
December ..233,561 235,635 233,614,912 232,275,177 + 1,339,735
4th week April (U roads)----- 18,315,095 15.089.657 +2,625,438 10.73
January
_ ..237,888 234,402 210,704,771 213,145,078 — 3,440,307
13,332,998
10.42
1st week May (42 roads)-----12,078,139 + 1,254,859
February ..237,082 233,191 218,031,094 197,273,939 +20.752,155
2d week May (40 roads)------ 13,539,914 12,337,158 + 1,202,756 9.75
3d week May (43 roads)----- 14,007,892 12.432.657 + 1,575,235 12.67 March — ..288,218 234,692 237,564.332 224,608,654 + 12,955,078
84,961 64,096,256 58,452,774 + 5,643,482
4th week May (41 roads)------ 19,535,402 17,972,712 + 1,562,090 8.70 A p r il------ . . 86,559
89,680
88,097 08,707,003 64,389,491 + 4,377,512
1st week Juno (35 roads)------ 12,772,308 11,947,879
+ 824,429 6.90 M ay ------a Mexican currency, b Docs not Include earnings of Colorado Springs A Cripple Creek District R y., from Nov 1 1911; In 1910 these return*
are Included « Includes the Boston A Albany, the New York A Ottawa, the St. Lawrence A Adirondack and the Ottawa A N. Y. R y., the latte?
of which bein'* a Canadian road, does not make returns to the Inter State Commerce Commission, f Includes Evansville A Terre Haute and Evans*
Vllle A Indiana RR. Q Includes the Cleveland Lorain A Wheeling Ry. In both years, n Includes the Northern Ohio HR. p Includes earnings ol
Mason City A Ft. Douge and Wisconsin Minnesota A Pacilic. s Includes Louisville A Atlantic and tho Frankfort A Cincinnati. (Includes tbo
Mexican International from July 1910. u Include.! tho Texas Central, v Includes not only operating revenues, but also all other receipts.




$

1622

THE CHRONICLE

Latest Gross Earnings by W eeks.— In the table which
follows we sum up separately the earnings for the first week
of June. The table covers 35 roads and shows 6 .9 0 % in­
crease in the aggregate over the same week last year.
F ir s t w eek o f J u n e .

1912.

1911.

In crea se.

$

§

$

Alabama Great Southern__
75,194
84,375
190,843
Bulfalo Rochester & Pittsburgh
2Q1.560
320.900
Canadian Northern___________
403,000
Canadian Pacllic_____________ 2.520,000 2,071,000
207,800
Central ot Georgia.......................
209,200
567,284
575.900
Chesapeake & Ohio___________
281,988
254,464
Chicago & Alton_____________
248,805
239,452
Chicago Great Western_______
118,894
121,224
Chicago Ind & Louisville______
166,146
187.100
Cine New Or & Texas Pacllic . .
229,634
219,104
Colorado & Southern_________
429.900
441.100
Denver & Rio Grande_________
19,331
21,462
Detroit & Mackinac__________
68,802
69,510
Duluth South Shore & AtlanticGrand Trunk ot Canada______
983,931
873,582
Grand Trunk Western_____
Detroit Gr Haven & Milw._
Canada Atlantic___________
144.000
International & Great Northern
146.000
167,141
Interoceanlc of Mexico________
168,275
962,395
Louisville & Nashville________ 1,000,630
13,523
Mineral Range____ __________
14,334
157,382
162,868
Minneapolis & St Louis_____ \
Iowa Central_____________ /
427,602
453,013
Minneapolis St Paul & S S M _.
443,128
443,629
Missouri Kansas & Texas_____
898.000
930.000
Missouri Pacllic_______________
215,304
218,789
Mobile & Ohio________________
National Rys of Mexico_______ 1,052,935 1,035,906
9,511
8,015
Rio Grande Southern_________
185.000
220 .000
St Louis Southwestern________
Southern Railway__________ 1,126,351 1,084,681
239,030
211,551
Texas & Pacllic_______________
21,102
20,404
Toledo Peoria & Western--------71,313
66,890
Toledo St Louis & Western-----

9,181
10,717
82,100
449,000
1,400

12,772,308 11,947,870

908,690
824,429

Toledo (3 5 roads) _.
Net Increase (6.90%).

9,353
2,330
20,954

D ecrea se.

8,616
27,524
K

2,131

'" 7 0 8

2,0 0 0

1,134
38,235
811
5,486
25,411
501
32,000
17,029
35,000
41,670

3,485
1,496
27,479
T , 42 3
84,261

5

142,295

19,535,402 17,972,712 1,704,985
1,562,690

142,295

Net Earnings Monthly to Latest D ates.— The table fol­
lowing shows the gross and net earnings of STEAM railroads
and industrial companies reported this week:
R oa d s.

C u rren t
Y ea r.

E a r n i n g s -----P rev io u s
Y ea r.

S
Alabama Tcnn & Nor
Apr
13,029
July 1 to Apr 30______
136,341
Boston & Mainc.b—
Jan 1 to Mch 31______10,364,207
July 1 to Mch 31______34,403,737
Birmingham & Southeast.Apr
2,243
Juiy 1 to Apr 30--------34,459
Chesterfield & Lane___ Apr
9,819
July 1 to Apr 30...........
59,343
Clilc Ind & Louisville__ Apr
545,621
July 1 to Apr 30______ 5,431,650
Fairchild & Northeast.b.Apr
4,273
July 1 to Apr 30______
25,674
Lake Shore & Mich So— a
Jan 1 to Mch 31______ 11.646,712
N Y New Haven & Haftford— b
___ 15,208,974
Jan 1 to Mch 31___
July 1 to Mch 31______ 48,171,975

Rutland—b
Jan 1 to

------ N e t
C u rren t
Y ear.

E a r n i n g s -----P rev io u s
Y ear.

S
3,420
47,496

S
9,002
100,284

$
4,131
59,945

10,037,796
33,567,578
1,433
29,935
8,071
73,042
517,097
5,114,869
1,807
19,678

1,765,275
7,718,604
214
14,001
5,409
25,369
98,922
1,504,029
1,764
7,031

1,506,007
7,536,670
dcf292
13,306
4,247
41,459
176,357
1,590,452
338
def 11,469

11,137,718 2,569,891

3,095,603

13,880,322 4,819,642
46,245,543 17,039,322

4,019,746

105,857
Mch 31 ___
733,451
700,599
68,861
4,818
Toledo Peoria & West.b.Apr
10,232
.Apr
89,168
90,367
0,845
18', 24 4
___
94,276
M a y -----------105,344
203,901
___ 1,168,293 1,182,330
Juiy 1 to May 31------229,119
3,049
Tombigbee Valley______Apr
2,984
Apr
10,172
7,823
29,468
88,207
74,474
July 1 to Apr 30 ___
28,249
.Apr 2,071,120 2,294,263 dcf41,902
406,042
...... 23,646,100 24,996,547 4,861,278 6,500,682
INDUSTRIAL COMPANIES.
-N e t E a r n in g s ------ G r o s s E a r n i n g s C o m p a n ie s .

Amer Pow & Lt (SubCos)Apr
May 1 to Apr 30. . . .. .
Butte Electric & Power. .Apr
May 1 to Apr 3 0 .. ___
Cent Mcx Lt & Power. . .Apr
May 1 to Apr 30. ___
Duluth-Edlson Elcctric.Apr
May 1 to Apr 30. ___
Edison Elec (Boston). _May
July 1 to May 31 _. ___
Ft Smith Lt & Trac___ •Apr
May 1 to Apr 30 ___
Guanajuato Pow &, Elec-Apr
May 1 to Apr 3 0 .. ___
Kansas Gas & E le c .a .. May
June 1 to May 31-_ ___
.Apr
Mobile Electric___
May 1 to Apr 3 0 .. ___
Muskogee Gas & E lec.. .Apr
May 1 to Apr 3 0 .. ___
Northern States Power. .Apr
May 1 to Apr 3 0 .. ___
Ottumwa Ry & Light . .Apr
May 1 to Apr 30 ___




C u rran t
Y ear.
t

P rev io u s
Y ea r.

C u rren t
Y ea r.

P rev io u s
Y ea r.

S
S
127,470
280,373
121,138
1,447,930 1,316,978
3,311,025
75,225
130,596
71,194
1,078,891
1,745,152
061,477
17,234
38,905
12,440
185,013
____
410,795
34,521
35,745
14,165
13,518
439,920
188,184
460,662
194,989
397,685
238,080
201,822
447,762
5,358,509 4,859,291 3,178,758 2,801,102
41,026
20,198
16,731
53,874
486,597
244,045
605,043
208,451
40,331
52,445
58,714
40,025
549,425
467,471
662,055
420,724
72,714
74,166
25,043
21,472
1,011,746
961,879
352,734
324,593
31,173
27,524
13,918
13,005
362,134
328,201
173,592
157,000
46,396
37,051
16,667
14,803
525,088
412,302
213,915
150,406
121,700
134,561
63,083
56,714
1,684,548 1,450,203
720,522
610,919
22,786
22,450
9,472
9,058
273,095
135,482
294,182
127,556
5
276,073
3,036,348
121,499
1,619,225
29,748

E a r n in g s —
P rev io u s
Y ea r.

------N e t
C u rren t
Y ea r.

E a r n i n g s -----P rev io u s
Y ea r.

5

§

52,920
500,523
45,207
552,260
717,730
8,792,961
132,390
1,701,447
41,689
514,018

44,957
551,377
39,160
461,803
633,730
8,210,801
40,163
434,137

a Net earnings here given arc after deducting taxes,
b Net earnings here given are before deducting taxes.

Interest Charges and Surplus.
R oa d s.

- I n t . , R e n t a l s , & c .—
C u rren t
P rev io u s
Y ear.
Y ea r.

$

110,349

,816,670 1,606,846
129,680
23,091
54,747
6,033
6,083
70,055
48,216
286,814
1,842
38,572
55,574
7,369
5,505
520,600

------ G r o s s

C u rren t
Y ea r.

$
5
99,378
Pacific Power & L t.a — May
103,767
June 1 to May 31______ 1,198,354 1,146,173
81,741
Portland (Ore) Gas&C.a.May
88,177
975,937
June 1 to May 31_______ 1,110,289
,816,910
Pullman Company.b----- Apr 2,971,851
July 1 to Apr 30______ 30,614,775 29,546,062
Standard Gas & Elcctric.Apr
135,975
--------May 1 to Apr 30______ 1,733,245
...........
06,909
Western States Gas & El.Apr
77,564
775,755
May 1 to Apr 30______
911,052

10,530

F o u rth w eek o f M a y .

Total (41 roads)___
Net increase (8.70% ).

------ G r o s s
C o m p a n ie s .

11,200

For'the fourth week of May our final statement covers 41
roads and shows 8 .7 0 % increase in the aggregate over the
same week last year.

Previously reported (34 roads) _ 18,281,221
152,771
Alabama Great Southern______
60,780
Ann Arbor___________________
76,138
Atlanta Birmingham & Atlantic
335,030
Cine New Orl & Texas Pacific..
40,414
Detroit Toledo & Ironton..........
62,943
Georgia .Southern & Florida___
526,105
Seaboard Air Line____________

[ V o l . LXXXXIV

$

—B a l.

o f N e t E a r n s .—•
C u rren t
P rev io u s
Y ear.
Y ea r.

8

$

Boston & Maine—
Jan 1 to Mch 31______ 2,693,683 2,558,570£def733,999£dcf890,599
£540,249 £373,331
July 1 to Mch 31______ 7,875,546 7,731,309
Lake Shore & Mich So—
Jan 1 to Mch 3 1 .......... 3,784,320 3,310,130£def013,186 £218,228
N Y New Haven & Hartford—
£477,485
Jan 1 to Mch 31______ 5,638,402 5,070,475 £836,301
July 1 to Mch 3 1 -.- -10,704,751 15,561,803 £6,051,701 £5,034,605
Rutland—
105,751 £def38,465 £deI70,214
170,978
Jan 1 to Mch 31______
23,402 £dcfl 1,380 £def5,660
Toledo Peoria & W e st.-.A p r
23,682
23,525 £d efl3,151 £def 1,766
May _________ ________
23,995
£7,654
264,598 £defl 1,528
July 1 to May 31______
262,997
INDUSTRIAL COMPANIES.
14,726
12,059
6,746
12,984
Kansas Gas & Elec____ May
227,580
210,422
97,013
142,312
June 1 to May 31______
17,486
28,091
27,471
24,229
Pacific Power & L t____ May
316,825
338,893
234,552
221,030
June 1 to May 31______
29,217
15,300
9,943
29,907
Portl’d(Ore)Gas & Coke .May
310,687
177,247
151,110
375,013
June 1 to May 31--------£ After allowing for other income received.
EXPRESS COMPANIES.
-------- F e b r u a r y --------- 1912.
1911.
C a n a d i a n E x p r e s s C o .—
$
5
176,525
149,487
Express revenue__________
Misc. transportation revenue
3,461
4,228
Non-transportation revenue.

1 to F e b . 29—
1912.
1911.
5
$
1,899,347 1,733,836

— J u ly

42,202

34,438

1,944,550
904,807

1,768,274
852,898

79,584 1,036,742
48,786
1,302
9,675
1,585
758,942
71,265
57,440
6,350

915,376
22,328
7,973
648,081
54,879

80,509
def. 925
1,200

874,845
161,896
18,000

733,262
182,113
9,600

Operating Income________ loss 10,442 loss 2,125
6,964
Mileage of all/Steam roads.
6,122
830
lines covercd/Other lines..
830
----------- A p r i l ----------1912.
1911.
$
$
G r e a t N o r t h e r n E x p r e s s C o . —179,120
164,885
Express revenue___________
Misc. transportation revenue
945
Non-transportation revenue.
2,336

143,896

172,513

Gross receipts from op er..
Express privileges— D r -------

180,754
80,864

Total opertlng revenues.
Maintenance ----- ------------Traffic expenes------- --------Transportation expenses-----General expenses---------------

99,889
7,862
1,332
91,183
7,704

108,082
Total operating expenses.
Net operating revenue___ def .8,192
2,250
One-twelfth of annual taxes.

152,949
73,365

1 to
1912.
3
1,870,763

— J u ly

30—
1911.
5
1,722,024

A p ril

14,008

10,453

Gross receipts from oper’n.
Express privileges— D r ____

181,456
117,111

165,830
115,403

1,884,771
1,156,786

1,732,477
1,063,217

Total operating revenues.
Malntcnance -------------------Traffic expenses----------------Transportation expenses----General expenses---------------

64,345
1,767
2,041
65,276
4,070

50,426
1,388
1,453
55,808
4,067

727,984
13,255
11,623
555,436
31,612

669,260
12,278
9.882
459,698
29,759

62,717
73,155
Total operating expenses.
Net operating revenue----- def .8,810 d ef.12,290
2,278
2,379
One-twelfth of annual taxes.

611,927
116,057
24,831

511,619
157,641
24,988

132,652
91,225
Operating Incom e.___ . loss 11,089 loss 14,670
8,270
Mileage of allfStcam roads.
8,496
359
lines covered/Other lines..
399
— J u l y 1 t o N o v . 30—
--------- -N o v e m b e r 1910.
1011.
1910.
1911.
$
$
3
Wells F a r g o & C o . —
S
Express revenue.............
2,756,106 2,052,567 12,898,829 10 405,133
2,250
052
5,833
Misc. transportation revenue
369
191,985
40,600
233,144
Non-transportation revenue.
53 341
Gross receipts from oper’n . 2,809,818 2,094,120 13,137,807 10,590.370
Express privileges— D r ------- 1,352,840 1,005,901 6,227,919 4,991,369
Total operating revenues. 1,456,977 1,088,219 0,909,888 5,608,000
105,072
253,708
32,138
Maintenance _____________
53,523
73,737
123,010
15,335
Traffic expenses___________
21,633
824,997 4,980,370 3,974,022
Transportation expenses___ 1,044,125
304,210
418,297
76,200
General expenses__________
107,404
048,071 5,784,386 4,547,642
Total operating expenses.. 1,220,686
130,547 1,125,501 1,000,357
Net operating revenue___
230,291
123,706
81,901
16,023
One-twelfth of annual taxes.
24,744
205,546
63,074
17,339

122,023
40,251
4,504

1,001,795

978,450

1912.
S o u t h e r n E x p r e s s C o .—
Express revenue____ _____ 1,227,255
21
Misc. transportation revenue
23,070
Non-transportation revenue.

1911.
S
1,214,333
119
18,226

1912.
S
9,919,298
151
190,711

1911.
$
9,515,947
955
155,907

Gross receipts from op er.. 1,250,940
635,702
Express privileges— D r .___

1,232,700 10,110,161
003,049 4,859,457

9.072,810
4,560,720

Operating income............. Mileage of all/Steam roads/
lines covered) Other lines...

Total operating revenues..
Maintenance______________
Traffic expenses___________
Transportation expenses___
General expenses. ........ —

615,244
18,777
9,852
425,742
74,627

029,659
12,075
8,771
394,555
57,912

5,250,703
102,348
74,758
3,433,994
487,074

5,112,089
146,135
75,746
3,174,390
433,147

Total operating expenses..
Net operating revenue___
One-twelfth of annual taxes.

529,000
80,244
12,755

473,315
156,343
11,990

4,158,177
1,092,520
114,909

3,829,424
1,282,001
94,445

Operating Income________
Mileage of all/Steam roads,
lines covered/Othcr lines..

73,488
3,990
821

144,347
3,018
810

977,617

1,188,219

6 1 ,992

4 2 ,2 2 3

1 to
1912
$
4 8 4 ,2 0 7

1 ,6 7 0

" l ', 2 7 9

1 6 ,8 4 6

30—
1911.
$
3 6 0 ,6 1 6
316
1 4 ,3 4 9

63 662
2 4 ,7 9 6

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

5 0 1 ,0 5 3
1 9 4 ,2 5 3

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

3 8 ,8 6 5
37 2
355
1 6 ,5 8 2
L655

2 7 ,0 5 4
200
29 8
1 1 ,8 9 2
1 ,1 7 5

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

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

18 tfl66
1 9 ,8 9 9
54 0

1 3 ,5 6 7
1 3 ,4 8 7
141

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

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

1 9 ,3 5 9
4 ,0 2 2

1 3 ,3 4 5
3 ,3 6 9

1 3 9 ,4 7 7

1 0 2 ,8 4 3

22

22

-A p ril

— J u ly

1912.

1911.

$

$

C anadian N o r. E x p . Co .—
E xp ress r ev e n u e---------------------M isc . tra n sp ortation revenue

I

M a in te n a n c e ------T r a ffic expenses .

5O p eratin g In c o m e--------- - - ­
M ileage o f a ll/S t e a m r o a d s .
lln e s c o v e r c d iO t h c r l i n e s ..

ELECTRIC RAILWAY AND
Latest
N ame of
llo ad .

Gross

Seattle Electric C o ..

F ebru ary

84,641

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

tl

l

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

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

2
S
3
S

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

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

i
1
i

,
I
,
’

’

S

f
J

5
j

\
7
7

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

1

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

i0
8
i5
,7
15
12
18
12
)9
(4
>6
51

4 ,5 4 8 ,2 9 7

3 ,9 3 8 ,8 6 2

3 7 8 .9 8 4
1 ,4 6 8 ,0 4 8
2 3 4 ,4 8 3
8 0 3 ,0 5 4
7 0 ,7 8 0
9 ,0 7 0 .
6 9 ,7 1 0 i
1 0 ,3 2 0 i
2 4 4 ,8 6 2 i
3 0 5 ,5 0 8 1
074.171) 1
3 ,2 2 6 ,5 5 1 >

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

>0 £ 3 2 5 , 23 ( ) £ 3 2 0 ,1 7 0
58 £ 2 8 8 ,0 4 1 i £ 2 7 4 ,1 3 5
18 £ 1 4 0 ,1 1 1 l £ 1 4 1 ,0 2 5
50 £ 1 ,0 4 3 ,8 U > £ 8 0 2 ,2 6 5
1 6 7 ,7 7 7
77
1 8 0 ,13C)
58 1 ,2 0 2 ,8 1 ( ) 1 ,0 2 4 ,4 7 5
19 3 ,8 1 8 ,7 4 : i 3 ,7 4 1 ,1 1 9
76 2 ,0 1 2 ,4 2 1 r 1 ,8 7 3 ,0 7 0
4 0 ,4 8 3
53
41,271 7
9 0 .0 8 8
H
101,92^ 1
4 9 .3 3 2
32
52,201 7
6 8 .4 8 2
82
7 1 ,2 8 ! i

-------- Gross

Current
Year.

E arn in g s ------------------- Net E a rn in g s -------Previous
C urrent
Previous
Year.
Year.
Year.

§
§
S
3 3 ,1 6 3
2 8 ,7 0 9
1 3 ,7 0 9
Jan 1 to A p r 3 0 ________
1 2 9 ,7 8 6
1 1 2 ,7 6 3
5 2 ,7 7 9
la c k so n v llle T r a c t C o . b - A p r
5 1 ,2 8 4
4 6 ,1 6 4
1 8 ,9 0 2
J an 1 to A p r 3 0 ________
1 9 8 ,3 3 1
1 9 7 .8 0 2
7 0 ,6 4 0
a N e t earnings here give n are after d ed u c tin g t x e s .
b N e t earnings here given are b efore d ed u c tin g t a x e s .

Binghamton R y ---------------- A p r

§

1 1 ,3 7 6
4 3 ,5 7 5
1 6 ,1 0 3
7 4 .7 4 0

Interest Charges and Surplus.
R oads.

In t., R entals, & c .—
C urrent
Previous
Y ear.
Y ear.

9 ,5 4 3
9 ,3 2 2
B in g h a m to n R y ....................A Pr
3 8 ,3 4 5
3 8 ,0 6 2
Jan 1 to A p r 3 0 ..............
9 .6 4 3
6 ,9 2 5
J ack son ville T r a c t C o — A p r
3 7 ,9 6 9
2 7 ,7 9 7
Jan 1 to A p r 3 0 x A fte r a h ow ln gtfor oth er Incom e rec eiv e d .




T h e rev o lu tio n a ry d istu rba n ces in M e x ico d uring t h e y e a r d i d n o t serlD u ring the w hole p eriod o f
n iisiv affect the c o m p a n y or its u n d erta k in g .

1
T h e electric tra ck m ileage h as been
t rlcity and 1 9 .5 5 4 m iles b y m u le s.
lereased b y 16 88 m iles an d m u le tra ck s h a v e been redu ced b y 1 .7 6 m ile s.
A Cnew line betw een M ixc oac an d th e C ity o f M e x ico throu gh th e C alon la
,] el V a lle h as been p u t Into op eration d u rin g the year an d h as op en ed up an
a t tr a c tiv e r e sid e n tia l d istric t, an d sh ou ld b e a sa tisfa cto r y source o f In com e.
w
n
„
s a n ta F e m u le u n e, w m en w in iorm pari, m sue
T h e p rop e rty h as been m a in ta in ed In ex cellen t c o n d itio n , a n d f o r th is p u r„ ose § 7 6 1 ,2 7 6 (M e x . curr.) h as been ex p en d ed d uring th e ye ar on m a in t n e e .
‘ W e c o n te m p la te th e c on stru ction o f further ex ten sion s an d th e e le c tr m c atlon o f som e o f th e lines still op erated b y m u le s.
.
Closer R elations .— In v ie w o f th e fa c t th a t this c o m p a n y h as such a large
iterest in th e M e xican L . & P . C o .. L t d ., th e directors g la d ly c on sen ted to
i larro Ila r rse n , the G e n . M g r . o f this c o m p a n y , u n d ertak in g also th e general
n la n a g e m cn t o f th e M e xican L ig h t & P ow er C o ., L t d .
C on sid erab le
c con o m y an d benefit sh ou ld r e su lt.
, ,
.
„„
Outlook .— T h e b oard look s fo r ste a d y d e v e lo p m e n t an d Increased pi o sr

1
1908.
. § 4 ,3 4 7 ,5 6 1
4 5 8 ,4 5 5
..
2 1 9 ,3 1 9
..
2 5 4 ,8 8 1

1909.
§ 4 ,4 2 0 ,6 9 0
4 8 6 ,9 6 2
2 1 6 .1 4 6
2 5 9 ,2 1 7

1910.
§ 4 ,7 7 2 ,8 5 6
5 0 4 ,5 5 0
2 7 6 .0 2 0
2 8 1 ,3 1 3

1911.
§ 4 ,9 7 7 .0 5 3
5 5 0 ,8 1 3
2 2 8 ,8 3 8
2 7 0 ,2 0 9

(

..§ 5 ,2 8 0 ,2 1 6
.
4 8 ,3 5 7

§ 5 ,3 8 3 .0 1 5
5 7 ,2 7 2

§ 5 ,8 3 4 ,7 3 9
4 7 ,7 9 5

§ 6 ,0 2 6 ,9 1 3
1 5 0 ,0 5 8

(

..§ 5 ,3 2 8 ,5 7 3
. . 2 ,7 9 5 ,0 9 2

§ 5 ,4 4 0 ,2 8 7
2 ,7 2 1 ,4 5 7

§ 5 ,8 8 2 ,5 3 4
2 ,8 8 5 ,9 2 5

§ 6 ,1 7 6 ,9 7 1
3 ,0 0 0 ,3 5 2

§ 2 ,7 1 8 ,8 3 0
N e t ea rn in g s____________§ 2 ,5 3 3 ,4 8 1
; ieduct— R e n ts & fixed c h g c s ., p a y a b le
to s u b . c o s. u nd er leases, less a m o u n t
received back as In t. a n d d lv s . on
securities h e ld ---------------------------------------S u n d r y d e b it s .............................................. .( n e t ) 2 1 ,2 0 9

§ 2 ,9 9 6 ,6 0 9

§ 3 .1 7 6 .6 1 9

§ 5 4 8 ,1 5 8
9 .3 0 7

$ 5 9 6 ,8 2 5

§ 2 .4 3 9 ,1 4 5

§ 2 ,5 7 9 ,7 9 4

i
r
j

C ar E arnings —

1

B a la n c e , transferred to h ead o ffic e ,
T o r o n to , P rofit & L oss A c c o u n t .. § 2 , 1 9 8 , 5 3 0
.

O F F IC E .

TORONTO (A M E R IC A N C U R R E N C Y ).

1911.
,»in nnlm
r nf
.0 6
67
7
B a la n ce a ti- h
begin
in g
o f vfliir
year
-______
- - - - . §§66 44 44 ,0
P rofit fr o m o p er. a fter p rovid in g for
lease r en tals ( § 2 ,5 7 9 .7 8 4 M e x . curr.)
in 1 9 1 1 . a g s t . § 2 ,4 3 9 .1 4 5 In 1 9 1 0 a n d
§ 2 ,1 9 8 .5 3 0 In 1 9 0 9 ) ___________________ 1 ,2 8 9 ,8 9 7
I n t . an d d lv s . on loan s to and secu r. of
oth er c o s. ow n ed or controlled an d In
1 9 1 0 b a l. p r e m . on s t k . Issued b y c o . 1 ,0 9 3 ,7 6 7
M isc ella n e o u s---------------------- ------------------- - 3 1 ,1 7 7

1910.
§ 4 1 6 ,3 4 4

1909.
§ 3 7 1 ,3 5 0

1 ,2 1 9 ,5 7 2

1 ,0 9 3 ,5 4 9

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

7 2 4 ,1 7 8
..............

§ 2 ,8 3 5 ,1 9 8
T 0 t a i ______________________________________ § 3 ,0 5 8 ,9 0 8
L on d on o ffice ex p e n se s,
§ 3 6 .3 2 1
transfer fees an d legal ex p e n se s------§ 6 4 ,6 8 6
1 5 0 .2 2 9
In te r e st on lo a n s---------------------------------------1 5 1 ,62 o
D ifference In e x c h a n g e . - - - - — - - -----------4 5 0 .0 0 0
I n t . on 5 % g e n . c o n s. 1 st M . b o n d s . . .
4 5 0 .0 0 0
3 6 5 .0 0 0
I n t on 6 % 50 -y e a r deb en tu re b o n d s . .
3 6 5 .0 0 0
D iv id e n d s .
. . . - - - - - - - ( 7 % ) 1 , 1 5 4 , 1 18(6 > 4 )9 3 9 .5 8 1

§ 2 ,1 8 9 ,0 7 7

Toronto" an d

.V .

B ala n ce carried to balan ce sh e e t— .

BALANCE SHEET DEC

31

—

D al. of Net E a rn s .—
Current
Previous
Year.
Year.
§

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

2 ,0 5 4
5 ,5 1 3

9 ,1 7 8
4 6 ,9 4 3

§ 8 7 3 ,4 7 9

§ 3 8 ,4 2 7
3 1 ,1 0 0
1 0 ,4 9 2
4 5 0 ,0 0 0
3 6 5 ,2 5 0
( 6 ) 5 7 7 ,4 6 4

§ 8 9 4 ,0 6 7

§ 7 1 6 ,3 4 4

(.AMERICAN CURRENCY).

1910.
1911.
1910.
1911.
LiaMUties—
$
S
Assets—
§
«
Capital stock.......... 16.487,400 16,487,400
Properties, securi­
1 s tM 5 % b o n d s-- 9,0 00.0 00 9 ,000.000
ties & contracts
_ ________
6,083,333
acquired............... 21,106,986 21,071,815 6 % deben. bonds. 6,083,333
332,50 0
335,360
Stores on hand,&c.
599,923
600,045 Acer. Int. on bonds
Unclaimed
dlvs.
&
Mules and h orses..
19,000
18,094
16,466
unpaid coupons.
27,203
Accts. receivable. 527,975
425,910
Current loans and
A d v .t o s u b .& o t h .
__
2,1
27.6
05
accts.
p
a
y
a
b
le..
2,107,286
cos. controlled-.14,640,228 14,358,657
C a sh ______________
532.977
729,936 Reserve accou nt.. 2,6 00.0 00 2,513,087
644.067
Profit and loss------- *786,566
T o t a l ................3 7 ,4 2 7 ,1 4 9 37,204,458

Electric Railway Net Earnings.— -The following table given
the returns of E LE C T R IC railway gross and net earnings
reported this week:

—

T h e n et revenu e In gold fo r 1 9 1 1 , a f ^
PAy 1 h?
ne * ? rC
nme iOH)*
fixed ch arges, a m o u n te d to § 1 ,3 8 3 ,5 3 0 . w h ic h , w ith
g l a n c e fro m 1 9 1 0 .
m ak es a to ta l cred it b alan ce to profit an d loss a c co u n t o f § 2 .0 2 7 ,5 9 7 , o u t
of w hich th e directors h a v e p aid fou r q u arterly d ivid en d s a t th e rate o l 7 %

Previous
Year.

1 1 9 3 ,8 3 3 1 0 3 0 ,1 1 11

Southern Boulevard. J anu ary . .
Sou Wisconsin Ry Co A p r i l ............
Staten Isl’d Midland. Jan u ary . .
Tampa Electric C o .. A p r i l ...........
Thlrd Avenue (R ec). J an u ary . .
Trl-Clty Ry & Lt Co. A p r i l ............
Twin City Rap Tran. 4th w k M ay
Underground Eleo Ry
of L o n d o n Three tube lines__ W k J un e 8 £ 1 3 ,8 4 5
Metropolitan Dist. W k J un e 8 £ 1 2 ,6 4 2
United Tramways. W k Jun e 8 £ 6 ,3 6 8
London Gen’l Bus. W k Jun e 8 £ 5 2 ,2 8 2
Union (R ec)------------ J an u ary . . 1 8 0 ,1 3 0
UnlonRy.G&ECodll) A p r i l ............ 2 7 9 ,7 3 5
United Rys of St L A p r i l ______ 1 0 1 4 ,4 3 0
United RRs of San Fr M a r c h _____ 6 9 1 ,7 5 4
4 1 ,2 7 7
Westchester El (Rec) J an u ary . .
3 2 ,4 1 1
Whatcom Co Ry & Lt M a r c h ____
5 2 ,2 0 7
Yonkers RR (Rec)
J a n u a ry . .
1 7 ,7 6 5 '
Youngst & Ohio R lv. A p r i l ............
c T h ese figures are for c on solid ated c o m p a n y

R oads.

Sec. W . E . Davidson, Toronto, June 1, wrote in substance:
R esults .—

Current
Y ear.

1 3 0 ,9 1 3

4 4 ,0 0 8
2 4 ,5 6 6
April
M arch------ 4 5 5 ,6 9 1
5 6 3 ,5 0 5
April
A pril------- 2 8 0 6 ,3 8 9
5 1 ,2 8 4
A p r l.........
9 7 ,8 0 0
A pril------1 2 ,7 4 2
J an u ary . .
M a rch ------ 4 4 7 ,3 5 0

Second Avc (Reo) — J an u ary . .

Mexico Tramways Co.
{Report f o r Fiscal Y ear ending D ec. 31 1911.)

T
w

Previous
Year.

Honolulu Rapid Tran
& Land Co........ . April

Savannah Electric Co A p ril . . .

Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index wiU
not include reports in the issue of the “ Chronicle in which
it is published. The latest index will be found in the issue
of May 25. The next will appear in that of June 29.

to latest date .

Jan.

E arn in g s.

$
3 7 4 ,2 4 0
American Rys Co------April
2 6 ,0 7 8
Atlantic Shore R y --- Apr 1 .........
1 4 1 ,9 7 4
cAur Elgin & Chlo Ry April . . .
5 1 ,4 9 2
Bangor Ry & Elec Co April . .
1 1 ,1 2 9
Baton Rouge Elec Co April . .
3 3 ,1 6 3
Binghamton Railway April ...
8 ,2 8 5
Brock & Plym St R y. April ...
1 8 2 1 ,9 5 0
Bklyn Rap Tran Syst January
2 6 ,5 5 9
Cape Breton Elec Co. A p ril------3 4 ,8 4 6
Carolina Pow & Lt Co
------4 7 ,5 6 7
Cent Park N & E Rlv January . .
6 9 ,3 9 7
Central Penn Trac
A p ril------8 1 ,2 0 8
Chattanooga Ry & Lt A p ril.........
2 6 ,5 2 7
Clev Palncsv & East. A p ril------9 1 ,0 9 1
Clev South w & Colum A p r il_____
4 1 ,1 4 9
Columbus (Ga) El Co M arch----9 8 ,2 1 8
Coney Island & Bklyn January . .
Dallas Electric Corp. A p ril------- 1 4 1 ,0 9 6
Detroit United R y . . . 3d wk May 2 0 4 ,7 2 5
5 0 ,7 4 9
D D E B & Bat (Rec) January . .
9 1 .9 9 8
Dulutli-Superlor Trac April
1 7 9 ,7 4 4
East St Louis & Sub. April
5 8 ,1 1 0
El Paso Electric------- April
6 5 ,2 2 7
Falrm & Clarks Tr Co A p ril.........
4 2 dStM&SNAv (Reo) January . . 1 2 7 ,3 1 3
1 5 1 ,6 0 3
Galv-IIous Elec C o .. April
9 4 ,3 3 9
Grand Rapids Ry Co. April
Havana Electric R y . Wk June 9 4 0 ,0 8 5

Hudson & Manhattan
Illinois Tratcion C o ..
Interboro Rap Tran.
Jacksonville Trac Co.
Lake Shore Elec R y .
Long Island Electric.
Mllw El R y & Lt Co.
Mllw Lt, Ht & Tr Co. M a rch -----Montrcal Street Ily . - M a rch -----Nashville Ry & Light A p r i l ............
N Y City Interboro.. J an u ary . .
N Y & Long Isl Trac. J an u ary . .
N Y & Queens Co----- J an u ary . .
New York Railways. J an u ary . .
Northam Eastdn & W A p r i l ______
North Ohio Trac & Lt A p r i l ______
North Texas Elec Co. A p r i l ............
Ocean Electric (L I ) . J an u ary . .
Paducah Trao& Lt Co M a r c h ------Pensacola Electric Co A p ril
Phlla Rap Trans C o .. A p r i l ............
Port (Ore) Ry, L &PCo. A p r i l ............
Puget Sound Elec Co. M a r c h ------Richmond Lt & R R - J a n u a r y . .
Rlo de Janeiro Tram
Light & Power Co. A p ril
St Joseph (Mo) R y.Lt
Heat & Power Co. A p r i l -----Sao Paulo Tram, LAP A p ril . . . .

ANNUAL REPORTS^

A p r.

TRACTION COMPANIES

C urrent
Year.

Week, or
M onth.

H oughton Cor Trac Co

1623

THE CHRONICLE

J une 15 1912. J

T o t a l .................... 37 ,427 ,14 9 37.204,458

‘ After deducting $86,913 transferred to reserve account for depreciation in 1911,
against §250,000 In 1910.— V . 94 , p . 827.

Mexican Light & Power Co., Ltd.
{Report fo r Fiscal Year ending D ec. 31 1911.)

Sec. W . E . Davidson, Toronto, June 1, wrote in substance:

_T h e net

reven u e in gold for the year 1 9 1 1 , a fter p a y in g aU

exDenses an d fixed charges am o u n ted to § 1 ,2 5 1 ,6 7 9 , w h ic h , w ith § 7 4 5 ,8 4 8
b r o u g h t forw ard from 1 9 1 0 , m ak es a to ta l cred it balan ce to p rofit an d loss
account o f 81 99 7 52 7
O u t o f this su m th e directors h a v e p aid d urin g th e
y e a ? d lv W e n d s 'o f 7 % o n t h e p r e f. sh ares an d 4 % on th e ord inary sh ares,
a b so rb in g SOM 4 0 0 a n d h a v e p laced § 5 0 ,0 0 0 to reserve a c co u n t, w hich
n ow sta n d s a t § 4 2 7 .8 8 4 .
A b alan ce o f § 9 8 4 .1 2 7 to th e cred it o f profit an d
10 N o n e ofe ourCp ropertyrw as In terfered w ith d urin g th e rev o lu tio n a r y dis­
tu rb an ces w hich occurred In M e x ico d u rin g th e y e a r, b ey o n d th e b reak ing
o f so m e o f th e arc la m p s, an d the c o m p a n y 's business h as stea d ily ln crM sed
T h e Increase in th e sale o f p ow er h as been v e r y s a tlsfa c to r y . esp eclally
as regard s th e q u a n tity o f p ow er taken b y th e P ach u ca L ig h t & P °w e r C o ..
L td .
T h ere Is e v ery in dication th a t the m in in g com p an ies In th e P ach u ca
D istr ict w ill continu e to Increase their electrical e q u ip m en t n ow th a t th e y
can d ep en d u pon th e regu lar su p p ly o f electric e n e r g y . ___
C onstruction __ D u rin g th e year th e N e x a p a R eservoir w as c o m p le te d ,
I an d good progress m a d e in th e c o n tru c tlo n w ork o f th e T e n a n g o R e s e r v o ir ,

1624

THE CHRONICLE

whioh should be ready for use during the rainy season of 1912. The con­
struction work to extend the system of canals and tunnels to divert several
rivers in the Necaxa water-shed has progressed satisfactorily, so that the
water from one of the rivers will be available by the end of 1912
Outlook.—-The board looks for steady developm ent and increased pros­
perity o f the cou ntry in the near future, and consequently the further
successful growth and profitable operations of the com p any’s undertaking.
Installations Connected—
1911.
1910.
1909.
1908.
. 3,914
5,088
3,691
3,310
.400,422 398,301 331,945 305,400
Incandescent lamps, Horse-power I . 33,240
36.G16
30,898
28,720
M otors, horse-power.______________
88,532
84,690
52,291
50,353
Total horse-power_________________121,778
121,778 121,306
83,189
79,073
R E SU LT S EOIl C A L E N D A R YE AR S (U . S. C U R R E N C Y ).
„
1911.
1910.
1909.
1908.
Gross ea rn in g s-------------- 53,533,427 53,495,190 53,004,153 52,038,474
Divs.onPachucaL.& R.stk.
250 000
Other in c o m e ___________
7,434
49,337
10,172
Total Incom e...................53,790.861 53,544,536 53,014,325 52,938,474
Operating expenses_____ 1,154,525
1,006,035
1,126,235
1,080,570
Net earnings...................52,636.336 52,538,501 51,888,090 51,857,904
Deduct—
In t. on bonds M . L. & P . 5600,767
5586,994
5594,375
5600,000
Int. on bonds M. E . I,. Co
287,660
291,145
293,287
300,000
In t. on curr. loans & m isc
316,230
186,754
Sinking fund M. L . & P . .
120,000
120 ,000
118,875
110,000
Sinking fund M. E . L . Co.
60,000
58,657
60,000
60,000
Comm on dividends____(4% )543,400
(4)543.400
(4 )54 3 ,4 0 0(3 ^ )4 75 ,4 7 5
Preferred dividends (7 % )
420,000
316,750
108,000
119,627

(VOL.

LXXXXIV.

for current expenses. The cash on hand at New York, San Franoisco and
London Apt II 30 1912 amounted to 3265,735, and the current cash assets
largely exceed the liabilities for current expenses.
E A R N IN G S , E X P E N S E S , A C .
________
Receipts—
1911-12.
1910-11.
1909-10.
Gross rects. from ste a m s.$ 5 ,123,248 54,772,420 34,664,030
Malls .................... ...............
15,180
15,180
15,180
Miscellaneous collections. 128,907
168,616
154,070
Incom e from Invests., &c.
21,861
18,603
19,485
T o t a l ................................ 55,289,199
Expenses—
Steamer expenses.............53,318,779
Charterhlre_____________
312,911
A gency expenses_________
624,435
General (lncl. Insurance).
394,962
______
Miscellaneous e xp e n se s..
A cct. of purch. of steams.
Mongolia & Manchuria.
205,089
Depr. & general & extra­
ordinary repairs, & c.__
452,105
T o t a l --------------------------- 55,308,281
Balance, d eficit__________
519,082
-V . 94, p. 1511.

1008-09.
54,513,767
15,180
133,594
2,403

54,974,819

54,853,374

54,064,944

53,218,570
720,000
553,582
308,815
18,671

53,851,365

53,852,298

572,997
287,503
3,283

537,448
258,822
4,109

354,457

352,802

351,892

55,174,095
5199,276

55,067,950
5214,576

55,004,629
5339,685

Island Creek (W . V a.) Coal Co., Boston.
{Report fo r Fiscal Y ea r ending D ec. 31 1911.)

Pres. A . F. Holden March 21 1912 wrote in substance:

ing toPeUy ^ ? M 7 6 ° 4 4 ? t o n !s aVe opcratcd continuously and produced dur51,776,594 51,665,102
$111,496
ddfOons.— No . 7 and N o. 8 mines have been opened and equipped
$192,801
W e have added 99 dwelling houses, one bungalow, 70 mine cars 5 £
GENERAL BALANCE SHEET DEC. 31 (.GOLD CURRENCY).
locom otives and 1 railroad locom otive. The property is now thoroughly
1911.
equipped for a production of over 3 ,0 0 0 ,0 0 0 tons per year.
k y
1910.
1911.
1910.
Assets—
S
S
Dock at Duluth.— In order to introduce and handle otir coal In the North­
Liabilities—
$
$
Property conces­
Ord. shares Issued. 13,585,000 13,585,000 west, the Island Creek Coal Dock Co. was organized in Maine and has pur­
sions, &c---------41,307,981 30,398,199 Pref. shares Issued. 6,000,000 G,000.000 chased 38 acres o f water front at Grassy Point, Duluth, for the location of
Apparatus rented.
19,104
our main d o c k . The contract has been let for dredging a channel for build­
17,407 Bonds.......... ......... 10,465,607 11,728,500
Shares In subsidi­
Loan account----- 9,917,012 10,821,227 ing the dock fronts and equipping the first 1,000 ft., which Is all that we
ary eos. (cost). . 5,068,756 5,049,756 Sundry accts. pay.
shall develop at this time, with two H cyl-Patterson coal-unloadlmr bridges
292,894
314,689
874,009 1,058,183 Employees’ & con­
Materials________
W e expect this developm ent will handle at least 400 ,000 tons and store
BIIU receivable...
190,850
sumers’ deposits
149,581
129,7.37 2 0 0 ,0 0 0 tons. We estimate that the developm ent and equipment of this
Accts. receivable.. 438,003
dock
will require approxim ately $50 0 ,0 0 0 , exclusive of the financing of th e
603,046 Accrued bond Int.
401,893
389,041
Government depos­
Sk. fd. M .E . L. Co
30,000
30,000 coal to be handled. It Is our intention to pay for this dock out of the
i t s . . .......... ........
12,175
uuo
n o uuu i garnlnP
the com pany
The Dock Company has leased an old dock In
18,389
do M.L.AP.Co.
Uncxpired Insur­
to!s92
_’
Superior, W is°., over which we expect to handle an additional 100,000 tons.
Unclaimed dlvs,Ac
ance .......... .......
.....
427 884
.377 884 ? 1 s, 9 0C c Company should materially add to your earnings, In addition
4,752 Reserve account..
C a s h ................... w406,502
’
1
outlet for your product during the dull summer season
1,082,194 Profit & loss acct.
984,127
745,848
Outlook.—-\\ hlle 1911 was an unusually bad year in the coal business
’
T o t a l................ 48,377,980 44,231,926
Total
.48,377,980 44,231.926 we believe the outlook for 1912 is excellent.
Note.—The company also guarantees as'to prin. and int. So,719,100 Mexican” Elec
tf\c initial distribution, Just declared, on the com m on stock, also the
Lskue of new com m on to cover extra dividend, see a subsequent page.— Ed.J
I-t. Co. bonds and £800.000 Paehuca Lt. & Pow. Co. bonds.— V. 93, p. 1537.
Total d e d u ctio n s _____ 52,348,057
Balance, surplus_________ 5288,279

52,105,043
5433,458

Sulzberger & Sons Co., New York.

{Consolidated Balance Sheet of Sept. 30 1911, lncl. Sub. Cos.)
Assets (517,016,730)
Property account.. . ______$24,511,048
Inv. In sub. cos. wholly owned 5,744,015
Merchandise on hand, In tran­
sit and consigned___ ___ 9,455,359
Accounts A bills receivable.. 4,335,432
Mtges. & Investra’t securities
200,895
Cash...............
3.055,491
Insur , lot., disc.,Ac., prepaid
314,487

Liabilities ($47,016,730)—
Common stock........................$20,000,000
10,000,000
Preferred stock.............
10-ycar debenture notes____
5,145,000
Accrued Int. on deben. notes.
103,000
Dividends payable Oct. 1 ’ l l .
175,000
Bills pay.—domestlc&forelgn 8,199,918
Accounts payable__________ 1,052,534
Surplus ................................. *2,941,278

* Total surplus S?pt.30 1911 Is made up as follows: Surplus at time of organiza­
tion, S2,000,000; Increase, 51,013,804; total, 53,643,804; less dlvs. on pref. stock
paid ami accrued, including dlvs. payable Oct. 1 1911, $702,520; balauce as above
$2,941,278.— V. 94. p. 491.

C ON SOLIDATE D E A R N IN G S S T A T E M E N T Y R .E N D . DEC. 31 1911.
Net earnings of the main and subsidiary co s. from coal and mlscell
operations, Including the net profits on sales of lumber Ac
less am t. credited to reserve funds for extinguishment and de­
preciation of the coal properties, transport, plants, river and
railroad equipment, A c . ________
SSS’ 117
Deduct— Administrative and general expenses” ! ” ! ! ! ’ !.’ ! ! " "
oo,’421
Profits from all sources before interest
.
Add— Interest received on bauk deposits, A c ____.

$521 696
9,’917

!!!!!!!!!!!

Net profits for the year .
Dividends (6 % ) ______________

...............................$531,613
.............................. 298,256
« 233 357
Carried to surplus a ccou n t................. ................... ...............

American Coal Products Co.

{Report for Fiscal Year ending Dec. 31 1911.)
President W . H . Childs says:

A ccounts receivable_____
Coal in transit & in storage
Materials and supplies____
Unexpircd insur., prepaid
taxes, & c_......................

404,046 C urrent lia b ilit ie s .. _ I I I I I
375,858 D iv . paid J a n . 1 1 9 1 2 . . . . .
243,406 P rem . on 15 sh s. c o m . s t k .

y l7 3 ,’ o48
7 4 ,0 5 1
735

The net profits o f the com pany applicable to dividends are $1,062,330,
D ep reo. & res’ ve fu n d s .
4 2 0 ,5 5 1
or 10.08% on the outstanding capital stock. In the following statements
14,832
U n d lv d su rp . of su b . cos.
all Inter-company Items have been eliminated. In December the direc­
a p p lic. to s t k s . n ot ow n ed
4 ,0 8 8
tors declared ari extra dividend o f A o f 1 % , thereby advancing the divi­
S u r p lu s ---------------------------------- 1 ,0 7 1 ,6 2 7
dend rate from 6 >3% to 7 % per annum.
(As to sale in Jan 1912 o f S2 500 000 7 % cum nref stool- to n m n idA
I ■ x Includes 49,776 12-18 shares pref. and 99,553 0-18 shares com m on stock
etlremcnt June 1^ 9 1 2 of°$ 1,250,000 goltl notes o f m o ^ ' v °0? \°p)\\ f t
^
f ffih T U l
.?• A'oa. & Oil C o., par
shares com m on Issued for cash, par
^ 9 4 , p. 1318). a n d a ll.o th er debts, and for additions and Improvements,’ | value $15-tota l ‘ l - M U i j m ° ’
15 Shar
stc
I>- 12,>’
I
V Current liabilities Include bonds called for paym ent, unredeemed
IN C O M E AC C O U N T OF C O M B IN E D C O M P A N IE S C AL. Y E A R 1911
^ c o u n ts payable. $68,367; accrued pay-rolls, $47,367; drafts ill
12 330
330
taxes $t 1,563; reserve for refund of switching
Act p rofits---------------------- $1,191.1171Applicable to dividends $1,062
charges, $20,877.— V . 94, p. 986.
Maintenance charges-------- $275,0001Dividends ( 7 % )____about 740 463
Extraordinary items not
______
Dominion Steel Corporation, Ltd.
applicable to 1911-------153,787[ S u rp lu s ___________ about $321,867
I h e balance applicable to dividends as above, $1,062,330, compares with
Including Dominion Coal Co., Ltd., and Dominion Iron & Steel Co., Ltd.
$1,393,903 in 1910, $1,285,173 In ’09, $940,409 In ’08 and $1,520,262 in ’07.
C O N SO LID A TE D B A L A N C E SHEETS DEC. 31 (IN CL. S UBSID. C O S .).
1911.
1910.
1911.
1910.
$
Liabilities—
S
$
Plants & equlpm’t 9,745,218 9,0S9,930 Capital (Issued).. 10,539,300 10,418.400
Furniture & flxt’s.
111,450
101,010 Am. Coal I’ . Co.
Contracts A good­
serial gold notes 1,250,000 1,500,000
will __________ 3,306,204 3,305.811 Bonds of sub. cos. 3,023,000 2,877,000
Cash & cash Items 511,109
514,325 Notes payable___
526,666
300,000
Current Investm’ts *241,221
150,163 Accounts payable. 1,712,444 1,416,324
Notes & acc’ts rec. 3,682,010 3,264,487 Minority Interests
Inventories_____ 2,050,273 2,131,312
In subsld. co s ..
593,397
573,C61
Invest. In oth. cos. 246.603
326,003 Reserves ..............
484,177
473,260
Spec. Ms.(Invested) _______
30,437 Surplus-------------- 1,878,720 1,550,853
Prepaid, Ac., chgs.
47,586
112,020
T o ta l--------------20.007,704 19,116,498
_______

T o ta l................ 20,007,70-1 19,115,498

* Market value, $318,030.— V . 91, p. 1567, 1318.

Pacific Mail Steamship Company.

{Preliminary Statement for Year ending April 30 1912.)
Pres. Robert S. Lovett, N . Y . City, May 29, wrote in subst.
P u rch a se-N otes.— On N ov. 1 1911 the com pany purchased the steamers
Mongolia and Manchuria for $4,212,784, for which It has issued its notes.
Results.— The receipts from the operations of steamers have increased
$390,031; rents and other collections at agencies decreased $85,309; and
receipts from all other sources Increased $10,641, making a net increase in
receipts o f $315,363.
Steamer expenses increased $124,427, resulting principally from an In­
crease o f 81,243 in miles run by steamers. A gency expenses Increased
$52,183, due to an Increase of traffic and from the re-arrangement of agen­
cies in San Francisco and In the Orient. It was found necessary for the
com pany to use In San Francisco Its entire terminal facilities for Its own
business. General expenses Increased $24,758. Insurance increased
$01,388, on account o f the insurance on the steamers Mongolia and Man­
churia, which Is now carried by the com pany.




{Report fo r Periods ending M arch 31 1912.)
Pres. J. H . Plummer, Toronto, writes in substance:

Earnings of the Year.— The earnings of the Coal Company show- a satis­
fa ctory growth, which there is every reason to expect will continue. The
Steel Company s earnings reflect the very unsatisfactory conditions of the
Iron and steel trade in the matter o f prices, which, asa consequence of the
depression In the trade In the United States, have marked the past vear
The conditions as to bounties and duties have also affected the Steel Co
as a considerable portion of Its product had to he sold In a depressed market
in com petition with duty-free imports from the United States
Your directors have caused representations to ho made to the Govern­
ment as to these and other matters affecting the manufacture o f Iron and
fnCthcntarm :‘o n these^rU cles1111 ° f “ “ earIy rem oval of thc serious anomalies
Production.— The increase In output has com e up to our expectations
The figures for last year and for the 12 months preceding are as follows- but
It is to be noted that the Cumberland figures for the earlier period were not
normal, owing to the strike:
Production for Years ending March 31 (Tons).
, Coal Company
Cape Breton. Cumberland
Total.
J31! - ! ? ................ - .......... .............. .......... 4,063,395
312,868
4,408,263
3 ,8 6 2,1C1
Steel C o —
WabanaOre. Pig ir. Steel ing. Rails. WtreRds 'B ill A c
1911-12--------------- 602,168 290,588 335,553 153,498
70 63 o'
JonoO
1910-11----------.
544 792 248,715 301,910 133,896
78,600
34’ ll0
Bloom s and billets for sale or stock.
',4 >
Extensions— Dominion Coal Co.— During thc year the amount oxDcnded
t0n s ? ^ 7 6 932 and o°ntht M 0^ ty ,°r M10 Coal <:° - Ci‘ P« Breton amounted
J£«*?,5ZS.’ 032’ a I o n ,tIle Cumberland property $23,353. (Sec V 94 p.
122.) The new mines In the Llngan District arc making an excellent slimi­
ng, both in tonnage and in quality of coal. T hc coal from No 6 colliery
has greatly improved since thc deeper parts of the scant were reached.
1 inOeratbvmf nn the K00(\mar,{et for a11 the coal which the mines produce,
e « ^ um#) e r Pr°P erty have proved thc existence and
°w?/?a ( ' t,le six-foot scam ” ) not hitherto worked,
7?»vA ° i7. Sprlnghlll, and the directors have under consideration
. ? 8L °.P e new. colliery on this scam, 'l'he development

1625

THE CHRONICLE

J u n e 15 1912. j

tho work In progress were given in the circular o f Jan. 4 1912 (V . 94. p. 122).
There have been still further delays b y the contractors, but the wire and
nail mills will be In operation shortly and N o. 8 blast furnace and the new
bar mill will follow during the summer.
Stock and Bond Issues.— As sanctioned on Jan. 15 1912, the corporation
has Issued $7,000,000 6 % preference shares and has received $3,500,000 6%
Income bonds from the Dominion Coal Co., L td., and a like am ount from
the Dominion Iron A Steel C o., Ltd. These bonds will be held In the treas­
ury of the Corporation, as the primary source from which a revenue to
provide for the dividends on the preference shares will be derived. (V .
94, p. 1188, 1319).
During the year your directors issued 2,500 shares o f com m on stock for
the purpose o f acquiring the securities o f a com pany which supplies lum ber
and other w ood products to the Coal and Steel companies.

Dominion Steel Corporation, Ltd., and Constituent Companies.
CONSOL. P R O F IT &. LOSS AC C T. FOR 21 M O S. E N D . M C H . 31 1912.
Net earnings (21 months) after deducting all organization, manu­
facturing, selling and administrative expenses________________$7,388,261
Deduct— Regular provisions for sinking funds, exhaustion of
minerals and depreciation--------------------------------------- ------------ 1,624,806
$5,763,455
In t. on bonds and loans (less proportion chargeable to construc­
tion) , $1,957,879; propor. of disc, on bds. sold, $115,426; t o ta l.$2,073,305
Pref. dividends, $980,000; com m on dividends, $1,225,204; to ta l. 2,205,204
Special appropriation for depreciation and renewals____________
700,000
Surplus Mch. 31 1912 from operations o f 21 m o n t h s ________
$784,946
Note.— In consolidating these accounts, $2,049,394 o f the constituent
com panies’ surplus as at July 1 1910 has been deducted from the cost of
properties In the balance sheet.
C O N SO LID A TE D B A L A N C E SH E E T M A R C H 31 1912.
Assets ($76,566,341) —
Cost of properties (incl. discounts on securities being am ortized),
$73,307,068; less reserves for depreciation and exhaustion of
mineral areas, $7,421,640___________________________________ $65,885,428
Inventories, $4,398,078; accounts receivable, $2,542,954; securi­
ties held for sale, $3,163,773; cash, $285,640; tota l________ 10,391,045
Sinking fund cash in hands of trustee________ ____ _____________
815
Insurance and other expenses paid In advance-----------------------289,053
Liabilities ($76,566,341) —
Preference shares Corporation, $7,000,000; Dominion Coal Co.,
$3,000,000, and Dominion I. & S. Co., $5,000,000; t o t a l...$15 ,0 0 0,0 00
Common stock o f the Corporation, $35,656,800; less in treasury
of constituent companies, $5,000,000______________________ 30,656,800
Dominion Coal Co. 1st 5s, $6,904,500, and mlso. bonds, $122,­
388, total, $7,026,888; Dom . I. A S. Co. 1st 5s, $7,245,000,
and consol. 5s, $6,812,847, total, $14,057,847; Cumberland
R y . A Coal Co. 1st 6s, $979,000; Dom . Steel Corp. 5-yr. 5%
debentures, $1,500,000, and em ployees’ 6 % debentures, $31,­
843, total, $1,531,843; total funded and mortgage d eb t____ 23,595,578
Loans and bills payable (of which $1,250,004 are secured), $3,­
784,984: bank overdrafts, $115,066; accounts payable, $1,­
364,072, dividends payable April 1 1912— pref., $175,360, and
com m on, $308,558; accrued int. on bonds, $295,505; total
current liabilities______ ______________________________________ 6,043,551
Reserves— Contlng. & misc. operating funds, &c., $204,854;
accr. dlvs. on pref. stock, $35,000; outstanding com m on stock
485,466
o f constituent companies, $245,612; tota l___________________
S u rp lu s _____ ___________________________ ______________ ________
784,946
N ote.— According to the contract for the purchase o f the Cumberland
C o.’s stock the above 6% Cumberland bonds arc to be exchanged for $ 1,­
174,800 5% bonds o f that com pany. In addition to the bonds outstanding
£207,500 Dominion Iron A Steel Co. consolidated 5s and $500,000 o f Cum­
berland 6s are deposited as security for loans.

Dominion Coal Co., Ltd.
IN C O M E AC C O U N T.
Year ending 15 M os. e n d .------Years end. Dec. 31---M cll.S l '12. M c h .31 ’ l l .
1909.
1908.
Net earns, after expenses
and current repairs_____ $2,274,111 $2,118,687
Depreciation, also sink­
ing fund in 1911-12..
414,010
500,000

$1,113,091 £$2,686,202
350,000

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

$1,618,687

$703,091

$2,686,202

In t. on bonds and loans.
$375,898
$437,834
Proportion o f discount
on bonds s o l d _______
3,787
_________
Preferred d iv id e n d s ...(7 % )2 1 0 ,0 0 0 (8 ^ )26 2 ,5 0 0
Common dividends ...(4 % )6 0 0 ,0 0 0 y(l)150,000

$312,565

$276,040

(7)210,000
(4)600,000

(7)210,000
(4)600,000

B a la n ce....................... .$ 1 ,8 6 0 ,1 0 1

T o t a l ______ ________ $1,189,685
$850,334 $1,122,565 $1,086,040
Balance for y ea r_______ S .$670,416 S .$768,353 D .$359,474 S.$l,600,162
£ N ote.— As to actual (readjusted) earnings In 1908, see V . 92, p . 1043.
V This Is the com m on dividend paid April 1 1910. Under the amalga­
mation plan, the Dominion Steel Corporation paid dividends o f 4 % ($600,­
000) on the com m on stock In quarterly Installments o f 1% each, beginning
July 1 1910, but these arc not deducted from the com pany’s incom e.
BALANCE SHEET MARCH 31.
1912.
1911.
1912.
19H.
Liabilities—
S
$
Assets—
$
$
Common s tock __ 15 ,000,000 15,000,000
Cost of properties a25 ,919,2601
Preferred s to c k ... 3 ,000,000 3,000,000
Cumb. Ry. A Coal
6% bds. (at par)
521,000)24,359,132 Bonds & mtges.. . 10 ,526,888 6,486,416
Loans and bank
Securities held for
overdrafts........61 ,465,946
s a l e ...... ...........
,158,965)
575.901
Inventories..........
,410,072 1,035,184 Accounts payable.
688,609
143,844
Accts. receivable) 1,161,434 J 699,542 Accrued bond lnt.
131,250
Cash __________/
\ 10,601 Com.div.pay.Apr.l 150,000
Insurance, Ac.,
Reserves..............
242,697
C53.434
84,289
113,044 Profit and loss----- 1 ,338,947
prepaid ............
068,531
T o ta l................ 32,255,020 26,217.503

T o ta l................ 32,255,020 26,217,503

a Cost of properties (Including discounts on securities being amortized), $30,168,­
480, less reserve for depreciation, $4,249,220; balance, $25,919,260.
6 Of which $550,000 are secured.
c Reserves Incl. In 1912 $35,000 for pref. dlv. and $18,434 for loss of cargoes, Ac.

Dominion Iron & Steel Co., Ltd.
IN C O M E AC C O U N T.
Year ending 10 mos. end. ----- Years end. M ay 31—
Melt. 31 ’ 12. M ch. 31 ’ l l .
1910.
1909.
Net after repairs, & o . . . $1,885,074 $2,201,186 $2,735,591 $2,634,127
Sink f d „ dep’ n & renew. _________
466.633
410,860
498,101
____________
408,292
Total net incom e------ $1,418,441

Interest on b on d s------- 1
Int. on current loans /

$1,781,320

$704,042 ( $538,602
l
139,901

$2,237,490 $2,225,834
$545,051
84,478

P roport’n o f disc, on bds.
63,100
------------Pref. dividends______ (7 % )35 0 ,000(5 5-6)291,607 •(7)350,666

$469,979
184,443

---------(7)350.000

$970,170
Total d ed u ction s -----$979,529 $1,004,423
$811,150 $1,257,961 $1,221,411
Surplus (see b elow )-----$301,200
T o the surplus as above for the year ending March 31 1912 ($301,299)
there was added tho surplus as at April 1 1011, $2,369,375, making a total
o f $2,070,074; deducting the dividends on the com m on stock, $800,000
(4 % ), leaves a total surplus on March 31 1912 o f $1,870,674. The previous
dividend on the com m on stock (4% ) In quarterly Installments o f 1% each
beginning July 1 1910, was paid b y the Dominion Steel Corporation (not by
tho Dom . I. & S . Co.) under the amalgamation plan.
• There was also paid out $1,575,000 (31 H % ) In dividends In 1909-10 to
settle arrears, Incl. 3>£% paid Oct. 1909 and 28% April 1910 (V . 90, p. 702),




BALANCE SHEET MARCH 31.
1912.
1911.
1912.
3
$
Assets—
Liabilities—
$
Property and In­
Common stock__ 20 ,000,000
vestments ----- a43 247,307 43,000,896 Preferred stock__
,000,000
Cash on hand,&c.l 2 ,181,595 / 512,369 Funded debt......... 17 ,557,847
Accts. receivable/
\1,820,478 Special loan Dom.
Inventories.......... 2,818,758
2,148,140
350.000
Coal stock........
Advance work at
118,949
Bond Int. accrued.
mlnes.unexplred
DIvs. pay. April 1.
375,372
Insurance, Ac._
179,731
185,081 Accounts payable. 1,012,339
Cash proceeds of
Loans __________ 61 ,956,604
bond sales____
374,819 Deprec., exhaust’n
Sink, fund assets.
of minerals, AcComing .. A c. .res’ve 186,421
Profit and loss_____ 1 ,870,674
T o ta l.......... -.-48,428,206 48,041,783

1911.
$
20 , 000,000

5,000,000
14,152,833
1,753,021
120,039­
175,000
743,048
605,363
2,713.376
409,728
2.369.375

T o t a l_________ 48,428,206 48,041,783

a Represents cost of properties (Incl. $5,000,000 Dominion Steel Corp. common
stock, and discounts'on securities being amortized), $46,419,727, less provision for
depreciation and exhaustion of mineral areas, $3,172,420: bid. as above, S43,247,307.
6 Of which $350,604 are secured.
c Deducted from cost of properties In 1912— s ;c foot-note a.— V. 94. p. 1568, 1319.

GENERAL INVESTMENT NEWS,
RAILROADS, INCLUDING ELECTRIC ROADS.
American Cities Co.— Listed.— The New York Stock E x ­
change has listed $20,553,500 6 % cumulative preferred stock
and $16,264,702 common stock.— V . 94, p. 826, 696.

Arkansas Valley Railway, Light & Power Co,— F irst
Dividend on Preferred. — An initial quarterly dividend of
1 % % has been declared on the $500,000 7 % cum. pref. stock,
payable June 15 to holders of record May 31 .— V . 93, p. 1460.
Asheville (N. C.) Power & Light Co .— First P ref. D i v .—
An Initial quarterly dividend o f 1 >A% has been declared on the $600,000
7% cumulative pref. stock, payable July 1 to holders o f record June 22.—
V . 94, p. 1316, 1187.

Boise & Interurban (Electric) Railway.— M erger .—
See Idaho Railway, Light A Power Co. below .— V . 93, p. 1190.

Boston & Albany RR.— Sale o f B onds.— Kidder, Peabody
& Co., It. L. Day & Co. and Estabrook & Co., all of Boston
and N . Y ., have sold at 105 and int. practically all of the
$1,000,000 (plain) 25-year 4J^s, dated July 1 1912; par
$1,000. Interest J. & J. at Old Colony Trust Co., Boston.
Guaranteed principal and interest by N . Y . Central &
Hudson River R lt.— V . 94, p. 1316.
Bridgton & Saco River RR.— Sale.—
The stockholders of this narrow-gauge line, extending from Harrison to
Bridgton Jet., Me., 21 miles, on June 12 accepted the offer of purchase of
stock at par b y parties said to represent the N . Y . N . II. & H artford R R .

Brooklyn City RR .— Appeal to Court o f A p p ea ls. — Presi
dent Prank Lyman announces under date of June 12:
The Appellate Division o f the Supreme Court. Second Departm ent, has
rendered its decision upon the appeal taken b y the com pany from the
Judgment rendered against It by the lower Court In favor of the Brooklyn
Heights R R . in the sum o f $3,383,572 (V . 94. p. 1565). By its decision
the Appellate Division has modified this judgm ent by striking therefrom
the sum of $1,616,680 (Interest to Mch. 3 1910), leaving a Judgment against
the com pany as of date Mch. 3 1910 o f $1,766,892. There has, therefore
been a substantial result from the appeal which was taken; but the board of
directors feels, and It Is strengthened in this feeling by the advice o f counsel
that the judgm ent remaining should not stand against the com pany. The
board has, therefore. Instructed the com p a n y’s counsel, Charles F. Brown
and Alexander B . Siegel, to take a further appeal from the modified judg­
ment to the Court of Appeals. The directors confidently expect that, upon
such appeal, relief will be given in favor o f the com pany from tho judgm ent
endered b y the Appellate Division.— V . 94, p. 1565, 122.
ES

Brooklyn Rapid Transit C o . - N e w Financial P la n . — The
securities to’ be underwritten by the syndicate consisting of
Kuhn, Loeb & Co., Central Trust Co. and Kidder, Peabody
& Co., to finance the new construction called for by the
agreement with the city, will, it is understood, consist
of $50,000,000 of 5 % G-year notes of a subsidiary to be
formed, guaranteed by the B . R. T. The notes will be se­
cured by an equal amount of bonds of the subsidiary com­
pany (part of a $100,000,000 auth. issue), the latter to run
for a period of 49 years from the date of the completion of
the new subway construction.
A p p ea l. — See Bklyn City R R . above.— -V. 94, p.1565, 1507.
Canadian Northern Railway Co.— Bonds Sold. — W m . A .
Read & Co., bankers, announce that all of the $5,000,000
equipment 4J^s, recently offered, have been sold. See
particulars, V . 94, p. 1448.— V . 94, p. 1565.
Canadian Pacific Ry.— Quebec Central Ratifies Lease.—
See Quebec Central R y. below.— V . 94, p. 1565, 1158.

Carolina Clinchfield & Ohio Ry.— N ew Stock.— A certifi­
cate was filed at Richmond, V a ., on June 7, increasing the
authorized capital from $30,000,000 (consisting of.$15,000,000 each of common and 6 % preferred) to $40,000,000 (con­
sisting of $25,000,000 common and $15,000,000 preferred).
The new stock is all com m on. There is now outstanding $20,000,000
com m on and $10,000,000 pref. stock, $10,000,000 o f the com m on stock
having recently been issued.— V . 94, p . 1448.

Central of Georgia Ry,— B on d s. — The new mortgage, it is
reported, will be limited to $75,000,000.
Income B d s. — III. Cent. N otes. — See that co.— V .94, p .1565.
Central Ry. of Canada.— N o A ction . — For tvant of a quo­
rum no action was taken by the bondholders at the meeting
held in London on May 29 to consider releasing the land
grant subsidy from the trust deed on condition that the
bonds be converted into bonds guaranteed by the Canadian,
Ontario or Quebec governments.
C. N. Armstrong, who presided, expressed regret that the meeting could
not be effective, as the amount o f bonds required for a quorum was £226,000,
while the am ount represented was only £84,000. The whole ob ject of the
directors, he said, was to get the opinion o f the bondholders whether they
would prefer a bond guaranteed b y the Dominion Government, or the
governments o f Quebec or Ontario, in place of the bond they now hold.
No less than 95% o f the bondholders with whom he had been able to com ­
municate were in favor of the exchange. There had been negotiations, he
stated, between the Ontario Govt, and the representatives o f the oom pany.
The com pany, however, was not In a position to tproceed further without

1G26

THE CHRONICLE

[VOL. L X X X X I V

the consent of the bondholders. As far as the Dom inion Government was
concerned, certain proposals had been discussed, although the m atter was
not, at present, very far advanced.
The resolution passed on March 8 by the Montreal Board o f Trade was
read to show the favorable attitude of that body towards the com pany.
The Chairman stated that the total amount o f the debentures outstanding
is £600,000, and the com pany has contracted for the balance o f £400,000,
making the total o f £1,000,000. The cash In hand In Canada and London
is about £125,000. The operations in Canada, he said, are proceeding
steadily. He quoted counsel’s opinion in support of the land grant obtained
under A ct o f 1859 incorporating the Carillon & Greenville R y ., &c. (see
“ London Financial News” o f May 30), and deprecated any com prom ise in
connection with the land grants, as he considers that the land grants are
worth more than any sum the com pany could obtain from the Govern­
ment. A special notice o f the next m eeting, if and when called, will be
sent to each bondholder. The directors have arranged that the bond­
holders shall have the com pany’s report after the meeting of the share­
holders, to be held in Septem ber.— V. 94, p. 1316, 1185.

Idaho Railway, Light & Power Co.— M erger. — Kissel,
Kinnicut & Co. of New York, in association with other bank­
ing interests of New York City, have recently organized in
Maine a corporation with this name, which has acquired:

Sullivan Cbunty R R .— V. 94, p. 1GG8.
Cuba R R .— Dividend Again Increased.— A dividend of 3 %
(N o. 7) has been declared on the .$10,000,000 6 % non-cum.
pref. stock, payable Aug. 1 to holders of record July 1, com­
paring with 2 > £ % each in Feb. last and a year ago, 2 % in
Feb. 1911 and Aug. 1910 and l } 4 % hi Feb. 1910 and Aug.
1909, the first distribution.— V. 93, p. 727.
Cumberland Corporation.— Paym ent o f N otes. — The $15,­
000,000 6-year 5 % coll, trust gold notes, maturing to-day,
are being paid on presentation at New York Trust Co.,
26 Broad St., N . Y .— V. 94, p. 1448.
Denver Laramie & Northwestern R R .— Contest Results in
Receivership.— A press dispatch from Denver on June 14 an­
nounced the appointment of receivers upon application of
F. E . Bridge, a bondholder, and recently 2nd Vice-President.

The Idaho Railway, Light & Power Co. will have outstand­
ing, if all the stock of the Idaho-Oregon Light & Power Co.
is exchanged, approximately $2,492,000 pref. stock and $12,­
500,000 common stock, and approximately $6,000,000 new
5% . “ first and refunding mtge. sinking fund gold bonds,”
which, except as hereinbefore stated, are the only secured
obligations of the said company.
There will be about
$1,000,000 cash for extensions and improvements. The
bankers expect that the Idaho Railway Light & Power Co.
will pay 6 % dividends on its pref. stock and that, when the
extensions and improvements now contemplated are made,
the earnings should show a steady increase and a substan­
tial surplus for the common stock.

Properties, &c.. Acquired by the New Company.
(1) A hydro-electric power plant form erly owned by the Swan Falls
Power Co. located at Swan Falls, Ida., on the Snake River, about 27 miles
southwest o f Boise. Present capacity 4,000 k. w., and capable of an
ultimate total developm ent o f about 7,500 k. w . In connection with this
plant, which furnishes the Idaho-Oregon Light & Power Co. with its power,
the Idaho Ity., L t. & Power Co. owns and operates transmission lines to
Murphy, Dewey, Silver City, Nampa and Caldwell in the State o f Idaho
and sells power in those markets.
(2) The properties and franchises formerly of the Dewey'FI. IJ. & Power
Co., Ltd., furnishing electric light to and in City of Nampa.
(3) The properties and franchises form erly of the Caldwell Power Co.,
Ltd., furnishing electric light to and In the City of Caldwell.
Central Vermont R y .— Steamship S u bsidiary .—
(4) A n interurban trolley line (Boise & Interurban R y.] extending from
The Central Verm ont Transportation Co. (controlled) has filed in Maine Boise City to Caldwell, Idaho, about 35 miles.
(5) An interurban trolley line extending from Boise City to N am pa,
a certificate o f Increase o f capital stock from $200,000 to $1,000,000.
— V . 94, p. 1249.
about 27 miles.
,
An Interurban trolley line extending from Nampa to Caldwell, about
Chicago Torre Haute & Southeastern R y .— Listed. — The 8 (6)
miles.
,
(7) A m ajority o f both the $7,485,700 outstanding com m on stock and
New York Stock Exchange has listed $3,950,000 1st and re­
the $2,491,000 pref. stock of Idaho-Oregon Lt. & Power Co.; also about
funding mtge. 50-year 5 % bonds due 1900.
$1,443,000 of its “ consolidated first and refunding m ortgage” 6% gold bonds,
Earnings.— For 3 mos. ending Mch. 31 1912 and cal. yr. '11 being all but about $170,000 o f said issue now outstanding. Trustee,
Period
Operating N etO p er.
Ollier
Fixed In t. Valance, now G uar.Trust Co. [As to underlying b_nds, see V . 93, p. 533; V . 94,
p. 701, 915.)
Covered.
Revenues. Revenues. Income.
& Taxes. Surplus.
All the power and traction properties Nos. 1 to 6 (the trolley roads aggre­
3 m o.cnd.M oh.31’ 12- $537,988
$173,506 $111,687
$155,220 $129,973
gating about 70 mlies of track) are free and clear of encum brances other
Calendar year 1911. .1,790,446
563,598 202,097
598,797
166,898
than the “ first and refunding” bonds of Idaho R y., Lt. & Power C o., except
— V . 94, p. 1118, 622. j
that on the former Boise & Interurban R y. there is an issue of $1,068,000
Cleveland Cincinnati Chicago & St. Louis R y .— Listed .— of 1st M. 5% bonds, and the interurban trolley line between Boise and
The New York Stock Exchange has listed the $5,000,000 20- Nampa, upon which there Is an Issue of $980,800 1st M. 5% bonds, all of
which latter issue, however, except $7,500 thereof, is held by the Idaho
year 4 % debentures due Jan. 1 1931 (V . 92, p. 1700),— • R y ., Light & Power Co.
The holders of the com . and pref. stocks of the Idaho-Oregon Lt. & Power
V. 94, p. 1118, 839, 823.
Co. have been given an opportunity to exchange their stock for the com .
Connecticut River R R .— Purchases Authorized.— Gov. stock and the 6% pref. stock o f the Idaho R y., Lt. & Power C o., share for
and the m ajority of tills stock has already been exchanged on such
Foss of Massachusetts on June 12 signed the bill authorizing share,
basis. An opportunity Is now being given to the m inority holders of both
the company to acquire the Vermont Valley R R . and classes of such stock to make a similar exchange if they so desire.

Condensed Extracts from Denver “ R epublican" of June 4.
Mr. Bridge, In his petition for the appointm ent o f a receiver, alleges that
the condition o f the corporation Is due to mismanagement. He asserts
that he is holder o f $1,297,496 bonds and that the corporation h->s alloating debt of $2,290,501,which It cannot pay. He also alleges that the inter­
est on the securities was defaulted April 1 and O ct. 1.
Bridge has also filed suit in the Federal Court against C. S. Johnson,
Otto Huber, the Denver Laramie & Northwestern and the C olorado-W yom Ing Coal Co., to restrain the defendants from alleged contem plated breach
o f contract. In the suit filed about three weeks ago, he sought to prevent
the annulling o f a contract subsidiary to the original agreement which he
and Huber and Johnson had made for the sale of D. L. & N. VV. bonds.
The Court held that since the other parties to the contract, Huber and
Johnson, wereunwilling to prosecute. Bridge was not entitled to judgm ent.
A t the meeting held May 23, Bridge declares that W . B. Green voted
proxies for the m ajority of the capital stock, thereby etecting a board of
directors which was unfavorable to Bridge and his two associates, C. A .
Johnson and Otto Bridge. This election, the plaintiff claims, was illegal
and void. Since that meeting a new board has been elected, of which
W . E . Green was elected President. The new board repudiated the con­
tract which provided that Bridge and his associates were to sell 5,100 bonds
at $1,000 each, they receiving $15,300,000 capital stock, the m ajority.
On Feb. 16 the com pany owed promissory notes and bills payable to the
Northwestern Land & Iron Co. amounting to $1,207,496 27; to the Denver,
Laramie Realty Co., $200,000, and to the C olorado-W yom ing Coal Co.
$75,000, besides being Indebted to the extent o f $392,000 for pay-roll ex­
penses and such. The officials of the road assert they hope to raise a
15% levy on the stock of the subsidiary companies, thereby relieving the
m ost pressing debts and that they are drawing plans by which the project
can be finished, but Bridge, however, declares that this can never be done
under the present management.— V . 94, p. 697, 1249, 1382, 1565.

Detroit Toledo & Ironton R y .— Foreclosure S u it. — The
Central Trust Co. of New York, as trustee for the Detroit
Southern,Ohio Southern R y .,l s t 4 % M .o f 1901, on June 11
filed a suit in the U. S. District Court for the Eastern Dis­
trict of Michigan to foreclose the mtge. See V . 94, p.
1383, 1317.
Eagles Mere RR .— Organization o f Nmo C om pa n y .— •

The com pany has been incorporated In Maine. Autli. capital stock,
$30 000 000, viz.: com m on, $20,000,000; pref., 6% non-cum ., $10,000,000.
Substantially all is.ucd stock is deposited with Francis L. Hlnc, Pres, of
the First Nat. Bank; A . Barton Hepburn, Chairman of Chase N at. Bank.,
and Sinclair Mainland, representing the stockholders of the Idaho-Oregon
Light & Power Co., pursuant to the terms of a voting trust whereby these
individuals are constituted voting trustees.
Directors of the Idaho R y., Light & Power Co.
Albert II. W lggin, Pres. Chase N at. Bank, N . Y .; Charles II. Sabin,
V .-P . Guaranty Trust Co., N. Y .; John D. Ryan, Pres. A m algam ated
Copper Co., N. Y .; Robert VV. W atson, Man. Dir. Great Northern Power
Co.; Stacy C. Richm ond, W inslow, Lanier & Co.; Samuel L. Fuller, Kissel,
Klnnloutt & Co.; William Mainland, Pres. Idaho R y., Light & Pow er C o.;
Sinclair Mainland, Director Idaho-Oregon Lt. & Power Co.; A . E . T hom p­
son, Oshkosh, W ls.; Grant Fitch, V .-P . Nat. Exchange Bank, Milwaukee,
W is.; R. M. Burtls, Pres. Interstate Power Co., Oshkosh, W ls.

Illinois Central R R .— $15,000,000 Secured Notes S old .—
The company has sold to Kuhn, Loeb & Co. an issue of
$15,000,000 2-year 4 } ^ % secured gold notes. The bankers
announce that the notes have all been sold.
The notes are to be dated July 1 and will becom e due July 1 1914. but be
callable on July 1 1913 or Jan. 1 1914 at 1 0 0 ^ % on 3 months notice.
They will be secured by approxim ately $14,000,000 Central of Georgia R y.
Co. incomes and about $5,000,000 C en t.of Ga. R y .s to ck .— V . 93, p. 1668.

Indianapolis Newcastle & Eastern Traction Co.— Mtge.—
A mortgage has been filed to the Fidelity Trust Co. of Phila., as trustee,
to secure an issue o f $1,500,000 6% bonds due in seven years. John P. T odd
is President.— V . 91, p. 1565.

Interborough Rapid Transit Co.— Demurrer Overruled.— •
The Court of Appeals at Albany on June 11 overruled the demurrer in
the suit brought by the Continental Securities Co. and Clarence II. Venner
as stockholders to set aside a transfer alleged to have been made by the
com pany to Belmont & Co. of 15,000 shares o f stock. The com plaint states
that the stock was Improperly issued In payment for stock of the Pelham
Park and City Island railroad companies ami for com pensation to the
bankers for services rendered In procuring an assignment of a contract be­
tween John B. McDonald and the City o f New York for the construction
and operation of subways. Judge Chase In the opinion says that in such
a case an application to the body of stockholders to bring a suit is not neces­
sary, a demand on the corporation and its directors being sufficient. The
case will now be tried on Its merits, the Court of Appeals holding merely
that the complaint states a cause o f a ction .— V. 94, p. 1565, 1507.

A t a meeting of the purchasers on June 12 of the road at foreclosure sale
Laramie Hahn’s Peak & Pacific R y .— Receivership.— Judge
on Sept. 7 last (V. 93, p. 666), a now organization was perfected and the
following directors elected: H. Laussat Geyelin, W illiam Em ery, E . S.
Riner in the U. S. District Court at Cheyenne, W y o., on
Chase, William K. De Victor and William S. Kirk. The new officers are: June 10, on application of creditors, appointed Fred. A .
President, H. Laussat Geyelin: Secretary, S. S. Garwood: V lce-Pres., W in.
K . DeVictor, and Treasurer, E. S. Chase, Eagles Mere, Pa.— V . 93, p. 666. Miller, who resigned as President, receiver for the road.
The receivership, it is said, will be temporary and is due to the fact that
Evansville & Southern Indiana Traction Co.— M erger .—
the road was not com pleted into the coai fields in time to make contracts
See Public Utilities Co. of Evansville below .— V . 94, p. 1118, 911.
for the season. The Interest on the bonds was provided for during the
construction period, but not against the contingency o f failure to get Into
Grand Trunk R y .— Boston Extension Authorized .—
operation when expected. It is believed that ttic road will be In condition
See Southern New England R y . below .— V . 94, p . 1449, 1383.
to take care of its charges within the next 90 days.-—V . 93, p. 1668.

S?* Havana (Cuba) Electric Railway, Light & Power Co.—
Stocks Listed on N ew York Stock Exchange.— This company’s
preferred and common stock ($15,000,000 of each) were listed
this week on the N . Y . Stock Exchange. On subsequent
pages we give a digest of the official statement made to the
Exchange, together with balance sheets and income accounts.
Compare V. 94, p. 1563.
f . Hocking Valley R y .— F in es fo r Rebating .—
E^Judge Klllits in the U . S. District Court at T oledo on June 11 fined the
railroad com pany $42,000 and the Sunday Creek (Coal) Co. $20,000 on the
charge of rebating under the Indictments found in N ov. 1910. V . 91, p.
1253. There were a num ber of counts against both the railroad and the
coal com pany. Both com panies pleaded nolo contendere and asked Im­
m unity on the ground that the practice had ceased and that at the time it
was not thought to be in violation of the law.
Sr- Clarence Brown, counsel for the railroad com pany. Is quoted as saying
that there is no dispute as to the facts, but only one of law, involving the
question as to whother the giving of credit such as that charged Is iii vio ­
lation of the rebate law. For the purposes of settling the point, an appeal
will probably be taken to the U. S. Circuit Court o f Appeals.




Louisiana Ry. & Navigation Co .— Changes in Officers .—
C. B. Rogers and II. B. Helm have been elected 1st V .-P . and 2d V .-P ..
respectively, to succeed W . F. Taylor, who resigned as V .-P res. Mr. Helm
__________
form erly Secretary, also becomes Trcas. In. _______
place of C.
E llcrbc,_ form erly
J. J. Tlppln, A uditor, has also
Asst, to Pres, and Trcas., who resigned,
been chosen Sec. to succeed II. B. Helm, The position of A sst, to Pres.
has been abolished.— V . 84, p. 450.

Louisville & Northern Railway & Lighting Co.—
See Middle W est Utilities Co. below .— V . 82, p. 868.

Maine Central R R . — New Stock .— The $ 5 , 0 0 0 , 0 0 0 new
stock autli. on May 24 to provide for new equipment, im­
provements, &c., is offered at par to the holders of the exist­
ing $10,000,000 stock of record June 15.

Subscriptions will be received until 2 p. in. Sept. 10 to the extent of one
new share for each two shares held. Subscriptions must be pain either
(a) $25 O ct. 1 1912, $25 Jan. 1 1913 and $50 Mch. 1 1913; or (W In full on
Oct. 1 1912: or (c) $25 Oct. 1 1912 and $75 Jan. l 1913. Dividends on In­
stallments paid in on whole shares only will be paid pro rata on the same
basis as dividends paid on stock fully paid for. All subscriptions and pay
ments will be made to George W . York, Trcas., Portland.— V .9 4 , p.1119

J u n e 15 1 9 1 2 .]

Memphis Street R y .— First Common Dividend .—
An initial dividend o f 1% has been declared on the $2,500,000 com m on
stock, payable June 29 to holders o f record June 20.— V . 92, p . 118.

Metropolitan Crosstown R y ., N. Y .— Refunding B on d s .—
See New York Railways below .— V. 04, p. 207.

Metropolitan Street R y ., Kansas City.— Foreclosure .—
Foreclosure proceedings were brought yesterday in the
Federal Court at Kansas City to foreclose the consolidated
mortgage of 1895 (Old Colony Trust Co., Boston, trustee),
under which $7,242,000 bonds are outstanding.— V .93 ,p . 1532.
Mexico Northwestern R y .— Income B on d s. — To provide
funds for the completion of the properties at Madera, Pear­
son and El Paso, and other purposes, shareholders of record
June 8 1912 arc offered the right to subscribe at 8 5 % , in pro­
portion of £ 3 0 bonds for every 10 shares of stock held, for
£ 7 5 0 , 0 0 0 o f 6 % cum .convertible income bonds. An advt says
II I. Miller, V .-P res. and Gen. Man., estimates the cost o f the exten­
sions and com pletion at 52,708,000, of which 5359,000 Is to be spent at
Madera on enlarging the lumber plant, railway terminals, and providing
Increased housing accom m odations; 51,970,000 at Pearson, on drying kilns,
railway terminals, logging road, & c., and 5469,000 at El Paso, on the llnlshIng mills and box factory. The plant at Madera has a capacity of 9,000,000
ft. per m onth, and when enlarged will have a capacity of 13,000,000 ft. per
m onth. The plant ta Pearson will have a capacity of 16,000,000 ft. per
month and the plant at El Paso a capacity of 12,500,000 ft. per m onth.
The com pany now has 512 miles of railway com pleted and is building the
Chuichupa branch, 29 miles; also has about 100 miles of logging railway.
The through railway service has been ready for operation since Feb. last.
The only mlll3 so far operated are those at Madera, to about two-thirds of
their full capacity. The large mills at Pearson will not be ready to operate
until July, and the finishing mills and box factory at El Paso about the
same time. During 1910, with the partly ilnlshed railway and lumber
mills at Madera, the com pany’s total net earnings w ere£160,000, but, owing
to the revolution, which disturbed operations during the greater part of the
year 1911, the net earnings fell to £119,000. The com pany has claimed
com pensation from the Government for losses sustained.
Prior to the revolution, the com pany had established a good market for
its lumber products, but finding It Impossible to fill Its orders regularly,
owing to the disturbed railway service, It decided to discontinue shipments
and pile Its lumber until peace was restored. The com pany has on hand
nearly 80,000,000 ft. of lumber piled In Its yards. In the past few weeks
the railway service has been more regular and we have resumed shipments.
Mr Miller estimates that, If operations are not further disturbed during
the remainder of the present year, the com pany will earn £250,000 net,
which is more than sufficient to pay the Interest charges due for the balance
of the vear. For 1913 Mr. Miller estimates the net earnings at £600,000.
The 6% cumulative convertible Income bonds now offered form part of
an authorized Issue of £1,000,000, which will be secured b y a deed of trust
to the N at. Trust C o., Ltd., of T oron to, trustee, as a general lloating charge
on the undertaking, subject to bonds or other securities now or hereafter
Issued under the deed of trust securing our 5% 50-year 1st M. bonds.
Denominations, £20 , £100 and £500 <c” ) . Date July 1 1912. Will be
redeemed on or before July 1 1922 by an annual sinking fund com m encing
July 1 1916, upon annual drawings of bonds, at par and int. May also be
redeemed at par and Int. at any time on six months' notice. On July l
1914 and subsequently on each 1st day of O ct., Jan., April and July until
July 1 1922, the holders of the bonds will have the option, on 30 days
notice, of converting their bonds Into fully paid ordinary shares at 54 86 2-3
to the £ sterling, fractions being adjusted in cash at par. A ny bond drawn
prior to July 1 1922 may similarly be converted into ordinary shares.
The Interest is cum ulative, but In each year Is payable only to the extent
that the net earnings In such year are sufficient to pay the same after pro­
viding for all fixed charges ranking in priority to the bonds. Interest will
com m ence to accrue from July 1 1912. The directors will In Feb. and A ug.
In each year declare the amount of Interest payable on the next succeeding
M ch. 15 and Sept. 15 for the half-year ending Dec. 31 and June 30 last pre­
ceding, and coupons payable on such Mch. 15 and Sept. 15 will be attached
to the bonds, first coupon payable Mch. 15 1913.— V . 93, p. 1463.

Middle W est Utilities Co., Chicago.— Holding C om p a n y. —
The Chicago “ Tribune” learns that among the properties
to be controlled by this new holding company, lormcd

and the New Albany (Ind.) water uo. m e "Tribune ' says
For the present the capitalization o f the Middle W est Co. will be 54,­
000,000 6% pref. ami 56,000,000 com m on stock. No change will be made
In the management of the properties. Much extension work Is being planned

Milwaukee L t ., H t. & Trac. Co.— Sub. C o. Bonds Called.
See Racine Gas Light Co. under “ Industrials” below.

V. 86, p. 1529.

Missouri Oklahoma & Gulf R y .— Bonds Authorized .—
The Texas R R . Commission on June 5 approved for registration $350,000
bonds o f the Missouri Oklahoma & Gulf, to cover the original cost o f con­
struction of the ten miles from Denison north to the State line. W ork on
the proposed extension of the road south from Denison will begin soon.
— V. 94, p. 098, 500.

Monongahela Valley Traction Co . -Bonds Offered.— N . W .
Halsey & Co., New York, and Middendorf, Williams & Co.,
Baltimore, are offering this week at 96 and int., yielding
5.34%, the 82,500,000 first (and refunding) 5 % gold bonds
dated June 1 1912 and due June 1 1942, which were fully
described in the “ Chronicle” of June 1, p. 1508.
Called.— AH of the $1,000,000 Fairmont & Clarksburg Traction Co. 5%
three-year convertible gold coupon secured notes of 1911 have been called
and will be redeemed at par and int. at the National City Bank o f N . Y .,
55 W all St., oil A ug. 1 1912.— V . 94, p. 1508.

New
Bill

England Investment & Security Co.— M erger. —
Vetoed.—-Governor Foss in Boston on June 8 vetoed

the Act to incorporate the Worcester Springfield & Berk­
shire Street R y. Co., requiring the N . Y . N. H . & Hartford
R R . Co. to purchase its common stock.
(See V . 94, p. 207.)
The House passed the measure over the veto, but in the
Senate the vote failed of the necessary two-thirds, with
only 23 yeas to 16 nays.
Condensed Extracts from Messages of Gov. Foss, ( “ Boston Transcript.")
The street railways consolidated by this A ct are now the property of
voluntary associations. There has been passed by the General Court a
resolution which provides for an Investigation relative to the holdings
o f stock In public-service corporations by voluntary associations and for
the consolidation o f companies controlled by them and the liquidation of
such associations. A commission consisting of the Attorney-General,
*ho Board o f Railroad Commissioners, the Board o f Gas and Electric Light
Commissioners and six members of the General Court are to consider the
subject and report to the next General Court. The growth o f these asso­
ciations which control such a large proportion o f our public-service co r­
porations presents grave dangers and the question of their dissolution
must be considered with reference to all o f them.
Another question involved In the passage o f this A ct Is the expediency
o f permitting steam railroads to enlarge their ownership o f street railways




1627

THE CHRONICLE

In this Com m onwealth. It is our right to demand proper additions and
Improvements, and lt is time to put the seal of the disapproval o f this
Commonwealth on the continuous proposals of the N. Y . N. H. & Hartford
R R . to d o Its duty by this Commonwealth only In exchange for some
desired piece o f legislation.
, ,„
, .
I also recomm end that the State conduct, through a Special Commission,
an Investigation o f the whole problem o f more adequate railroad facilities
for the western section, particularly the hill towns o f the State, and to
report to the General Court. If private capital Is unable to supply this
service without surrendering lt to the dom ination o f the New Haven road,
1 believe lt is the duty of the State to supply that service directly b y a
State-owned system of electric roads.— V . 94, p. 207.

New York New Haven & Hartford RR.— N o M erger. —
See New England Investment & Security Co. above.

New L in e .— See N . Y . W est. & Bos. R R . below.
New Road to Replace Trackage.— Thefollowing is given out:
“ Contracts have been awarded for construction between Hinsdale, N. II.,
and Brattleboro, V t., and the work Is now under way. H olbrook, Cabot &
Rollins have the contract fo r this w rk. Complete surveys have been
made for a line between W indsor, V t., and W hite River Jet., the construc­
tion of which is under contem plation, but for which no contracts have yet
been aw arded." [These lines will replace trackage over the Central Ver­
m ont R y. (Grand Trunk System) now used b y the Boston & Maine System .
— Ed.l— V. 94, p. 1508, 1384.

Acquisition. — See Bridgton
Y . 94, p. 1508, 1384.

& Saco River R R . below.—

New York Philadelphia & Norfolk RR.— Stock D iv . D enied.
The Public Service Commission o f Maryland on June 7 denied the appli­
cation for permission to issue 51,250,000 additional stock as a 50% stock
dividend. The decision Is Influenced by the opinion of their General Counsel
dated May 15 last (V. 94, p. 1508), the Commission’s opinion quoting also
the refusal o f the Public Service Comm , of New York “ under an identical
provision of law .” The Commission states that it Is “ inclined to think that
the law should contain some well-guarded provision fo r relief in cases like
the present, but until such provision is made this Commission m ust act
within the limitations presented by the law which created it .” [The evi­
dence showed that during the years 1899 to 1909 inclusive and Jan. and
Feb. 1910 expenditures were made out o f surplus earnings In excess o f
.51,250,000 for additions and improvements properly chargeable to capital
account.]— V . 94, p. 1508, 912.

New York Railways.— Bonds fo r R efunding .■—
The com pany has applied to the Public Service C om m , for permission to
Issue $754,000 4 % "first real estate and refunding” bonds to refund the
$600,000 bonds o f - the M etropolitan Crosstown R y . (compare V . 93, p.
1787). A s the New York Railways refunding bonds are worth in the mar­
ket about $800 per 51.000 bond, lt will require approxim ately $754,000 to
pay off the Metropolitan Crosstown bonds at the price agreed upon, $602,­
453 with Interest. A hearing was to be held on June 13.— V . 94, p. 1566.

New York Westchester & Boston (Electric) Ry.—President L. S. Miller is quoted as saying: "Initial service was startdHJ
May 29 from Adams S t., the Bronx, to North A ve., New Rochelle [12 miles].
The line from M t. Vernon to W hite Plains [8.6 miles] will be opened the
m onth. That from Adams S t., Borough of the B ronx, south to 174th S t.,
where connection will b - made with the Harlem R iver branch o f the New
Haven, will be com pleted In August. W e have trackage rights over the
Harlem R iver branch to the Harlem R l v r , where the 2d and 3d A ve. ele­
vated will be available. Further extension o f theservlce to P ort Chester
will follow .
„
- . •
!
•
“ There will be 23 stations between Harlem R iver and Port Chester, and 8
on the W hite Plains branch. Our lines are equipped for both passenger and
freight business and will also derive revenue from local express business.
T o date we have had delivered 30 all-steel m ultiple-unit coaches.
The road Is expected to be an Important branch for the parent system ,
the N. Y . N . II. & II. R R . Co. When in full operation both exp ress and
local trains are run all day at a 15-minute headway. See 4 51-page illus­
trated article in “ Railway Age Gazette" o f N. Y ., June 7.— V . 94, p. 1508.

Ocean Shore RR., California.--Issu a n ce o f B onds.—
The com pany on June 3 applied to the California ItR..Com m , to Issue
$700,000 bonds, which arc to be deposited with the Union Trust Co. as
security for a loan of $250,000 to com plete the purchase of terminal property
at 11th and Market streets.— V . 94, p. 1057, 912.

Ohio Electric Ry., Columbus, 0 . — Car T rusts. — The Ohio
P. S. Commission has sanctioned an issue of 8120,000 5 %
trust certificates (presumably “ Series C” ) in connection with
the purchase of 43 electric cars. Compare V .9 3 ,p .2 3 0 , 1534.
Pere Marquette RR.— Objections F iled . — The Farmers’
Loan & Trust Co. of New York has filed objections
to the issuance of 83,500,000 receivers’ certificates which
were recently authorized and the State of Michigan has filed
a petition for intervention. A hearing has been set for
June 24. Compare V . 94, p. 1566, 1509.
Philadelphia & Baltimore Central RR.— N ew B on d s .—
The com pany has applied to the Public Service Comm, of Maryland fo r
permission to execute and deliver to the Fidelity Trust C o., as trustee, a
mortgage to secure not more than $10,000,000 bonds and to issue at once
$2,200,000 of the bonds. Compare V . 93, p. 1106.

Pittsburgh Fort Wayne & Chicago Ry.— M aturing B onds.
T he $5,250,000 7% 1st M .. 55.160,000 2d M. and $2,000,000 7 % 3d M.
or Income bonds will be redeemed on July 1 1912 at the office of W inslow,
Lanier & C o., 59 Cedar S t., N. Y . City. As the bonds arc In registered
form , a power of attorney in blank, duly executed, will be required.—
V . 93, p. 45.

Public Utilities Co. of Evansville, Ind.— M erger.— Under
this title, it is announced, will be merged the Evansville Pub­
lic Service Co. and the Evansville & Southern Indiana Trac­
tion Co., recently brought together as the Evansville Public
Service Co. by A . O. Hassensall & Co. of Evansville. (V . 91,
p. 339; V . 94, p. 1118), and also the Evansville Gas & Elec­
tric Co. (V . 83, p. 495), thus uniting all of the gas, electric
light, heat and power business of the city with the street
railway system of Evansville and the interurban line run­
ning north from Evansville to Princeton. The new com­
pany will have an authorized issue of 810,000,000 of “ first
and refunding” bonds, 83,000,000 of pref. stock and 83 ,000 ,­
000 of common stock. All of the common stock has been
acquired by Hodenpyl, Hardy & Co. of N . Y . City, who will
operate the property.
Of the new securities, $5,000,000 o f bonds and $2,000,000 o f pref. stock
will be used to purchase the underlying com panies and to provide for the
retirement o f the underlying bonds. Evansville Gas & Electric C o. was
controlled by the Hodenpyl, Hardy & Co. syndicate. The P ublic U tilities
C o. was Inc rp. in Ind. on June 10, 1912.

Quebec Central Ry.— Lease Ratified.— An Act having been
passed confirming the agreement with the Canadian Pacific
R y. (V . 93, p. 667, 1106), the debenture holders and share­
holders at London on June 12 unanimously ratified the
lease of the railroad for 999 years to the Canadian Pacific.
The lease will becom e operative at midnight on Dec. 31 next.
1'hc Canadian Pacific R y . has agreed that the guaranteed dividend on the
shares at 4 % per annum shall accrue from June 30 instead of Dec. 31 1912
and six m onths’ Interest at that rate will be paid on Jan. 15 1913 and sem i-

1038

THE CHRONICLE

In the data furnished you for publication in the "E lectric R ailw ay” Sec­
tion on the United Properties Co. of California, the figures covering the
calendar year 1911 are in error, due to the system of accounting in vogue
with the East Shore & Suburban R y . Co. prior to the time the books were
taken over by the San Francisco-Oakland Terminal Railways. The cor­
rect figures for 1911 are:
Gross incom e...................... $4,574,176 I Deductions ______________§1,020,585
Net incom e (after op. exp.) l,602,301|Surplus---------------------------581,719
The figures for tho fiscal year ending Juno 30 1911 are correct.— V . 94,
p. 913, 353.

Quincy Horse R y. & Carrying Co.— Successor C o. —

Verde Valley R R .— Mortgage o f Atchison Subsidiary.— The
company has filed a mortgage to the Continental & Commer­
cial Trust & Savings Bank of Chicago, as trustee, to secure
an issue of $1,500,000 50-year 4 % gold bonds, dated May 12
1912, subject to call on any interest date.

See Quincy Railway below .— V . 67, p. 737.

Quincy (111.) R y .— Successor C o. — M ortgage.—
The com pany has been incorporated in Illinois with, it is stated, $1,­
000,000 authorized stock and §1,000,000 authorized bonds as successor of
the Quincy Horse Railway & Carrying Co. Of tho bonds, §140,000 first
M. bonds and §660,000 second M. bonds are to be Issued at present, the
remaining §200.000 to be set aside for extensions and improvements,
Including several loops to be built during tho present year.

The com pany was Incorporated in Arizona on N ov. 20 1911 with §1,500,­
000 authorized stock. Its line is under construction from Cedar Glade, on
the Santa Fc Prescott & Phoenix R y. (Atchison Topeka & Santa Fe sys­
tem ), 21.3 miles south of Ash Fork, down the valley of Hell’s Canyon and
the valley of the Verde River to the new smelter site of the United Verde
Copner Co., on the Jordan ranch, 4 miles northeast of Jerome, a dlstanco of
37 miles.

St. Louis & San Francisco R R .— Decision A ffirm ed . —
The Court of Appeals on June 4 affirmed the decision o f the Appellate
Division of the Supreme Court, First D ept., in tho case agreed upon between
It and the Guaranty Trust Co., trustee of the ref. m tge.. denying the right
o f the railroad com pany to issue §1,997,000 of bonds (which were originally
set aside to refund underlying bonds), to provideforadditlonal rolllngstock.
Judge Gray, who writes the opinion says: “ The language of the instru­
ment should be interpreted as it would be by tho plain and careful mind.
W hen so read, the Intent will be clear that no portion o f the refunding bonds
which were reserved to take up outstanding underlying bonds could be used
for tho general corporate purposes expressed in Subdivision C. until all of
the underlying bonds had been retired ."— Compare V . 94, p. 164.— V . 94,
p . 1317, 1250.

Vermont Valley R R .— Sale o f Road Authorized .— •
Sec Connecticut River R R . above.— V . 93, p. 1669.

W est Penn Traction & W ater Pow. Co.— F irst P ref. D i v .— •
An Initial quarterly dividend of 1 % % has been declared on the 6%
cumulative preferred stock, payable June 15 to holders of record June 11.
Year enciina
Gross
Net (after
int. on 5% U .P .Itu. Balance,
March SI—
Receipts.
Taxes.)
Bonds. P ref. Dies.
Surp.
1911-12__________§2,427,481
§1,210,684 §570,433 §137,500 §502,751
1910-11__________ 2,059,228
1,056,701
475,821
137,500
443,380
interest on bonds in 1911-12, as abovo, Includes: W est Penn R ys. and
sub. cos., §461,625; 5% bonds of West Penn. Trac. C o., §86,706, and bonds
of sub. cos. of West Penn T rac. Co., §22,042.— V. 94, p. 1318, 984.

St. Louis Southwestern R y .— F u ll P r ef. D iv. Restored.— A
semi-annual dividend (N o. 7) of 2 ^ % has been declared on
the $19,S93,650 5 % non-cumulative pref. stock, payable
July 15 to holders of record June 29, comparing with 2 %
in Jan. 1912 and semi-annually in 1911, 2 W
s mi-annually
in 1910 and 2 % in July 1909, the first distribution made.

Wheeling (W . V a.) Traction Co .— Sale o f Stock .—
A syndicate consisting, it is said, of Eastern capitalists has agreed to
purchase a m ajority of the stock at §120 per share, and to take any of the
remaining shares at the same price. Payment is to be made 25% in cash
and the remainder in deferred payments, with the stock as collateral.—
V . 93, p. 1727.

This makes 4 % % for tho fiscal year ending Juno 30 1912, against 4 %
and 5 % , respectively, in tho preceding two years.
President Edwin Gould says that the declaration does not definitely com ­
mit the com pany to a 5% rate on the pref. stock.— V . 94, p. 1450, 1250.

Seaboard Air Line R y .— Paym ent by Warfield Syndicate .—
The following statement was given out on Thursday:
Payment was com pleted yesterday for the Seaboard stocks form erly
owned by the Cumberland Corporation, and delivery thereof made to pur­
chasers (V. 94, p. 1566). The amount involved was over §8,000,000, rep­
resenting 90,000 shares of preferred and 120,000 shares o f com m on stock
of the Seaboard A ir Line R y .
,,
_
.
Such members of this syndicate as were announced
by Mr.Warfield at
tho time the statement of purchase was made are subscribers to this syndi­
cate in personal capacities, and not as representing the several banks and
trust companies with which they are connected.
Such changes or additions as m ay be made in the Seaboard board of
directors would necessarily not take place until the annual meeting in
N ovem ber. It is understood that the Southern interests which have now
becom e identified with the property will later be largely represented on
the board, such representatives com ing from the States which the Seaboard
A ir Line traverses. [See Cumberland Corp. above.]— V . 94, p. 1566.

Seattle Renton & Southern (Electric) R y .— D ecision. —

Shamokin (Pa.) & Mount Carmel Transit Co.— Application fov U c c c z v c r ~•

Judge K och on June 3 heard the application of the Girard Trust Co. of
Philadelphia and the W olvcrton estate for the appointm ent of a receiver.
It is alleged that an agreement was entered into by the management with
the Locust Gap Trolley Co. to the disadvantage of the Shamokin & Mount
Carmel Co.- also that an §85,000 bond issue is to be floated, which will be
largely beneficial to the directors personally. The com pany filed a de­
murrer to the proceedings.— V . 83, p. 273.

Southern New England R y .— Bill Signed.— Governor Foss
of Massachusetts on June 10 signed the bill permitting the
co. to build an extension to Boston.— V . 94, p. 1567, 1450.
Spokane Portland & Seattle R y .— N ew President, & c .— •
j.
H . Young has been elected President, to succeed C. R . Gray, and T .
Dunbar, form erly Asst. Treas., has been made Treasurer, succeeding C. A .
Clark. Mr. Young has also been chosen to succeed C. R . Gray as Presi­
dent of the Oregon Trunk R y .. Pacific & Eastern R y ., United R ys. Co.
and Oregon Electric R y .— V .93, p. 1106.

Sullivan County R R .— Sale o f Road Authorized.— •
See Connecticut River R R . above.— V. 63, p. 877.

Susquehanna R y ., Light & Power Co.— M erger Ratified.—
See United Gas & Electric Corp. under "Industrials” below .— V . 94, p.
1450, 692.

Texas & Pacific R y .— Proposed Netv Orleans Term inals.
— Options and purchases have been secured, it is stated,
covering 17 city blocks of ground in New Orleans for the
company’s proposed New Orleans freight and passenger
terminals. A new company will, it is said, be formed,
probably under the name of Texas & Pacific Terminal G’o.,
to finance the improvements, which are estimated to cost
about $5,000,000.
The property purchased and to be acquired extends from Thalia to Race
streets and from Annunciation Street to the property on the river fron t al­
ready owned by tho railroad com p any.— V . 94, p. 1250, 1187.

United Light & Railways, Chicago and Grand Rapids.—
Bonds, tfee.— A syndicate headed by N . W . Halsey & Co.,
and Itussell, Brewster & Co., has purchased $4,300,000
of the issue of 20-year 5s authorized by the stockholders
at their meeting on June 1.
The Grand Rapids "P ress” states that at said meeting there were author­
ized §4,375,000 20-yr. 5% bonds, redeem able at any Interest period at
102% , the proceeds to be used in the purchase of the Tri-City Railway &
Light and the Ottumwa Gas properties, the redem ption o f various under­
lying bonds of the constituent companies and the providing of about
§1 000,000 working capital. The N. Y . Trust Co. and Mortimer & Duckncr of N. Y . are the trustees. Tho bonds will be delivered June 30.
The directorate, it is stated, will be increased from nine to fifteen, when
new directors will be Samuel Insult, President o f the Commonwealth Edison
o f Chicago: Edward P. Russell o f Russell, Brewster- & Co., Chicago: W illiam
Buttcrworth of Moline, J. P. Porter, President o f Tri-City R y. & Light
Co • J. G. W hite, N. Y ., and E. G. Filer o f Manistee. The financial
headquarters o f the United will be m oved to Chicago In July and President
Frank T . Hulswit will make his headquarters there, though he will retain
his Grave! Uaplcls resldcnoo,— V . 94, p . 1385, 1250.




LXXXXIV

United Properties Co. of California.— Corrected Earnings
Statement.— W e have received the following:

annually thereafter to July 15 1916. On Jan. 15 1917 and thereafter pay­
ments will be at the rate o f 5% per annum. The interest on the 4 % deben­
ture stock will be paid on the same dates as heretofore, viz.: Feb. 1 and
Aug. 1. The status of the other securities affected,’ viz.: the 3% debenture
stock and the 7 % income bonds, will remain unaltered until Dec. 31 next.
As soon as practicable after that date the bonds, stock and share certificates
will bo called in and new certificates issued therefor. The cash bonus of
10% to bo received b y the 7% income bondholders will be paid at the time
of conversion. The interest on the new 3 % % 50-ycar debenture stock and
5% 50-year bonds will accrue from Jan. 1 1913, and the first paym ent in
each case will fall due on July 15 1913, and thereafter Interest paym ents will
be on Jan. 15 and July 15 in each year up to m aturity.— V. 93, p. 1192.

Judge Frater in the Superior Court on June 8 denied the application of the
Peabody-Houghteling & Co. interests to remove to the Federal Court the
suit brought by form er President VV. R. Crawford, in which the State
Court recently appointed Scott Calhoun as receiver. The tw o receivers
named by the Federal Court on the request of Peabody, Iloughtellng & Co.
are In control i f the road, these interests claiming that as they are non­
residents and active defendants they are entitled to a Federal Court adjudi­
cation. Mr. Calhoun is appealing to the State Supreme Court to be placed
in charge.— V . 94, p. 1450, 1383.

[V O L .

IN D U ST R IA L , GAS A N D M ISC ELLAN EO U S.
Allis-Chalmers Co.— Deposits o f Bonds and Stock.— •
All but $800,000 of tiie $11,148,000 bonds and more than 80% o f each
class of stock has been deposited with the reorganization com m ittee. The
time to make deposits expired June 1.— V . 94, p. 1509, 1318.

Amalgamated Asbestos Corp., Montreal.— Sale, &c.
The R oyal Trust C o., as mortgage trustee, lias sold the assets of the co r­
poration to the Asbestos Corporation o f Canada.
For tiie 5 months ending May 31 1912 the earnings, it is stated, were
§358,000, com paring with §290,000 for the same period in 1911, or an in­
crease of 2 3 .4 % . See V. 94, p. 1567, 1318.

American Cigar Co.— Dividends to B e Paid Quarterly .— •
Tiie usual semi-annual dividend of 3% has been declared on the$10,000,000 pref. stock, payable July 1 to holders of record June 15. The directors
have decided to pay the dividends quarterly hereafter. The next distribu­
tion is to be declared, therefore, In Septem ber.— V . 94, p. 796, 700.

American Gas & Electric C o.— Dividend Increased to 7 %
B a sis. — A quarterly dividend of 1 M % has been declared on
the $2,500,000 common stock for the quarter ending June 30,
payable July 1 to stock of record June 20, comparing with
1 M % quarterly from July 1910 to April 1911 incl. An initial
dividend of 1 % was paid in July 1910.— V. 94, p. 1567, 1251.
American Ice Co.— Bonds Called f o r Paym ent A u g . 1.—
The $2,411,000 outstanding first and gen. M. 5% bonds dated F eb. 1
1909 have been called for payment at par and interest on A ug. 1 from tiie
proceeds of the new bond issue. Compare V . 94, p. 1509, 1450.

American Locomotive Co., New York .— N otes S old .—
Harvey Fisk & Sons, N . Y ., have sold at par tho entire
present issue of $3,600,000 5 % serial gold dated July 1 1912
(part of an authorized $6,000,000), due $1,200,000 yearly
on July 1 from 1915 to 1917 inch, but redeemable at option
of company on any interest date at 102 and int. The
proceeds will be used as working capital and to take up at
maturity on Oct. 1 1912 $1,000,000 of the existing $5,000,000
N.5 % notes of 1909, leaving $2,000,000 to mature Oct. 1 1913
and $2,000,000 Oct. 1 1914.
These notes arc a direct obligation of the com pany and,w hile not secured
by mortgage, no lien can bo placed on any of tile property unless m oney
lias been deposited for their paym ent. The only bonded debt at present
is §2,304,500 of sub com pany bonds.
The net carning3 for April and May 1912 were tho largest for any two
months in the history of the corporation, the balance after oharges being
equal to an annual rate of over 15% on the $25,000,000 com m on stock or
double the 7 .2 % earned during the 1911 fiscal year. For its fiscal year
ending June 30 1912 the com pany is expected to show a balance of between
10% and 11% for the com m on stock.
One reason for the sale of notes at this tim e is that railroads have been
somewhat slow in paying their bills.— V . 94, p. 1318.

American Milling Co., Phila. and Chic.— B onds. —
Coffin & Crawford and F. W . Morgan & Co., Chicago, recently offered
at par and in t .$200,000 1st M . 6s sink, fund bonds, being tho unsold portion
of a total issue of §350,000, dated April 1 1912, duo April 1 1922, subject
to call at 105 and int. on any interest-paying dato. Par §1,000. Int. A .& O.
at Cont. & Com. T r. & Sav. Bank, trustee, Chicago. 'I’he only bonded debt
covers manufacturing plants located at Peoria, 111., Superior, W is., and
Owensboro, K y . Reported earnings at rate o f §100,000 per year net. Pro­
ceeds of this issue will be used §175,000 to enlarge tho plants owned and
§175,000 for working capital. II. G. A tw ood is Pres.— V . 94, p . 769.

American Smelters Securities Co.— P ref. Stock in P a ris. — •
The Banque de Paris et cles Pays-Bas et the Socioto Generale
have sold in Paris at 9 5 % $15,350,000 Scries A 6 %
pref. stock, being part of the total $17,000,000 “ A ” .
A pplication will be made to list this stock on tho Paris Parquet. D ivi­
dends on the issue are payable not only in London but also in Paris, Bel­
gium and Switzerland.— V. 94, p. 125.

American Union Telephone Co.— Plan A pproved.
An advertisement states that the com m ittco named oolow has approved
the original proposal of tho Telephone Investm ent Co., with m odifications
made Feb. 3 1912, Mch. 8 1912 and April 2 1912, for tho reorganization
of the American Union Telephone Co., American Union Telephone Co.
bondholders to receive 24% o f par in general mortgage bonds, which shall
be non-forcclosable until July 1 1915, and 76% in pref. stock.
1 he plan
will bo binding unless dissented from in writing on or before July 10 1912,
bonds to be delivered Aug. 1 1912. Committee: John R .T . Ryan, James B.
Krause, Thomas Daugherty, H. J. Patton and L. B.„ H arvey, a ce United
Telephone & Telegraph Co. below .— V . 94, p. 561.

American W ater Works & Guarantee Co.— F irst Preferred
D ividend. — An initial quarterly dividend of 1 ^ % has been

J unk 15 1912.]

5629

THE CHRONICLE

filed in the U . S. District Court at Wilmington, D el., on
June 13 (V . 94, p. 1386). It conforms almost entirely with
the plan submitted by counsel in Philadelphia two weeks
ago. The company is given until December 15 of this year
to carry out the terms of the decree, but an extension of time
Sco A m a lg a m a te d A sb e sto s C o rp o ra tio n a b o v e .— V . 9 1 , p . 1 3 1 8 .
Associated Gas & Electric Co. of New York.— P ref. Stock — • m ay be asked for if necessary.— V . 94, p. 1386,1252.
Status.— Daniel B. Ely & Co., New York, who are ofFering
Electric Bond & Share Co., New York.— §1,500,000 New
at 92 and div. a small block of the 6 % cum. pref. stock, re­ P ref. Stock .— Holders of the §2,000,000 pref. stock of record
port in substance (see V. 89, p. 1412; V. 94, p. 884):
June 6 1912 may subscribe on the company’s warrants at its
Capital Outstanding (A Holding Co. Incor. in N. Y. Mch. 17 ’0 6 )
office, 71 Broadway, on or before June 24, for 15,000 shares
P r e f . (p .A d .) s to c k , d lv s . Q .- J .; p a r $ 1 0 0 (a u t li ., $ 1 ,0 0 0 , 0 0 0 ) ------ $ 5 0 0 ,0 0 0
C o m m o n s to c k (a u t li ., $ 1 , 0 0 0 , 0 0 0 ); p a r $ 1 0 0 -----------------■ - - - — - - 6 0 0 ,0 0 0
of additional pref. stock at par (§100) plus accrued divi­
F ir s t m o rtg a g e b o n d a n d s to c k c o lla te ra l t r u s t 5 % gold b o n d s ,
dends, to the extent of three new shares for each four pref.
d u e 1 9 3 9 ( a u t h ., $ 5 , 0 0 0 , 0 0 0 ) _____________ _____
1 ,3 2 1 ,0 0 0
shares now held.
C oll, t r u s t 6 % d e b e n tu re gold b o n d s (a u t li ., $ 1 , 5 0 0 ,0 0 0 ) , d u e 1 9 4 9 3 4 5 ,0 0 0
declared on the §10,000,000 6 % cumulative participating
referred stock, payable July 1 to holders of record June 15.
ee stock ofFering, V. 94, p. 1567, 1509.
Asbestos Corporation of Canada.— Purchase — E a r n in g s -

§

3 - y e a r 5 % gold n o te s , d u e 1 9 1 2 ( a u t li ., $ 4 0 0 , 0 0 0 ) ------------- — - 2 5 1 , 0 0 0
Directors.— J . I I . P a rd e e , P re s .; G eorge I<. T y le r, V .- P re s .; I t . H . M arc h a n t T re a s ■ T . W . M o ffat, S eo.; F re d e ric I I . H eed , R o b e r t L . M o n tg o m ­
e ry W m . D l’g n a n J r . a n d C. A . G reen ld g e . M essrs. P a rd e e , M a r c h a n t,
M offat, H eed a n d G reen ld g e re p re s e n t J . G. W h ite A C o ., N . Y . (w ho In
1 0 1 2 b o u g h t a la rg e in te re s t): th e o th e rs re p re s e n t M o n tg o m e ry , C lo th ie r A
T y le r , P h lla ., th e tw o c o n c e rn s to g e th e r h o ld in g th e p rin c ip a l o w n e rsh ip
o f th e c o m m o n s to c k .

Income Account as Reporlcl by Haskins <&Sells.
1910.
Interest on bonds, A c . 864,624
Earn.app.to stk.owned 103,28!
Other Incom e._____ 5,067

1911. I
1910.
1911.
SO 1,8391Net Incom e.................... $101,611 $108,195
101,0151 Int on bonds A notes.$102,248 8 )9,500
14,383 0% on i ref. s t o c k . . 30,000
30,000

S u b s c r ip t io n s w ill b e p a y a b le a t s a id o ffie e J u n o 24 1 9 1 2 , p lu s a c c r u e d
d iv ld e n d s a t 6 % p e r a n n u m fr o m M a y 1 1912 t o d a te o f p a y m e n t, o r , a t o p ­
t i o n o f s u b s c r i b e r . In t w o e q u a l I n s t a l l m e n t s , a s f o l l o w s : 5 0 % J u n e 2 4 1 9 1 2 ,
5 0 % N o v . 1 1 9 1 2 , w ith a n a d ju s t m e n t b e tw e e n In te re s t a t r a t e o f 5 % p e r
a n n u m u p o n t h e fir s t I n s t a llm e n t a n d a c c r u e d d i v id e n d a t 6 % p e r a n n u m o n
su ch p r e f. s to c k .
F r a c t io n a l w a r r a n t s w ill n o t e n t it le a h o ld e r t o s u b s c r ib e ,
b u t I f p r e s e n t e d b y J u n e 2 4 1 9 1 2 in a m o u n t s a g g r e g a t i n g $ 1 0 0 w i l l b e e x ­
c h a n g e a b le fo r a s u b s c r ip t io n w a r r a n t fo r $ 1 0 0 .
T h e c o m m o n s t o c k h o ld e r s h a v e a g r e e d t o p u r c h a s e a t p a r a n d a c c r u e d
d i v i d e n d s o m u c h o f > - u c h p r c f . s t o c k a s s h a ll n o t h a v e b e e n b o u g h t b y t h e
p r e f. s t o c k h o ld e r s o n o r b e fo r e J u n e 24 1 9 1 2 .
S ee rep ort, V . 94, p . 9 80.

Evansville Gas & Electric Co.— M erger .—
S e e P u b lic U t ilit ie s C o . o f E v a n s v ille u n d e r " R R s ” a b o v e .— V . 8 3 , p . 4 9 5 .

Total gross Incom e.8172,974 S180.228I
Balance, su r p lu s ... $29,362 838,695
Revenue in 1911 of Companies Control'-1 (All or Majority Stock Owned).

Gross.

Net

Gross.

Net.

Uethle’m (Pa.)C on.G .C o.$95,949 852,880 Ithaca (N .Y .) Gas L. Co.S79,733 827,509
Canlsteo (N. Y .) Gas C o. 23,357
3,184 Norwich(N .Y.)G.& El.Co. 42,371 12,112
9,911
Green vlllc(0.)G as Lt.Co. 20,723
5,718 VanW crt (O.) G asI.t.C o. 30,465
Homer & Cort GasLt Co. 50,122 14,780
T o ta l......... .......... .. . . -S560.9718188,04 7
H om cll(N .Y ,)G n sL t.C o.l24,709 15,225
Ithaca(N .Y.)E l.Ij.& P.Co. 99,542 46,080
Total population served, 120,576.— V 94, p 884.

Baldwin Locomotive W o rk s.— Listed .— The New York
Stock Exchange has listed §20,000,000 common stock.
— V . 94, p. 1818.
Bell Telephone Co. of Canada, Montreal,— N o B on d s .— •
A n o ffic e r writes th a t the press rep orts sta tin g th a t the c o m p a n y Is pre­
p a rin g to m ake an Issue o f b o n d s Is in accu rate. See V . 94, p . 1510, 633.

Bethlehem Steel Corp,— F iv e -Y ea r 6 % Notes Called .—
F ifty -e ig h t ($58,000) 5-y e a r 6 % g o ld n o te s d a te d N o v . 1 1909 o f th e
B eth leh em Steel C o. have been c a lle d fo r p a y m e n t a t 102 >4 an d Int. on
A u g . 5 a t Bankers T ru st C o ., N . Y . , tru stee.— V . 94, p . 1450, 1318.

Calumet & Hecla Mining Co.— Output.—
Estimated Copper Output of Company and Subsidiaries (Lbs.)
— 5 Mos. end. May 31-May1912.
C a lu m et & H e c la ............... 6,9 4 4 ,1 9 3
O s c e o l a ___________________ 1 ,343,950
A h m c o k ................................ 1,313,960
T a m a r a c k ________________
703 ,795
Isle R o y a l e . _____________
732 ,486
O th er s u b s id ia r ie s _______
975,143

1911.
6 .943,153
1,678,250
1 ,314,620
700 ,000
539,596
1,014,924

1912.
3 0 ,9 8 6 ,0 5 6
6 ,9 9 5 ,4 4 0
6 ,6 0 7 ,2 2 5
3 ,4 8 3 ,4 9 0
3 ,320,274
4 ,5 5 5 ,1 3 6

1911.
3 1 ,2 0 5 ,7 4 8
7 ,4 5 2 ,8 1 0
5,7 7 6 ,7 4 0
3 ,882,471
2 ,8 9 3 ,5 6 5
4 ,6 6 2 ,8 6 6

T o t a l .................................. 11,643,527
— V . 94, p . 1451, 1446.

12,190,543

5 5 ,047,621

5 5 ,8 7 4 ,2 0 0

Cambridge & Muskingum Valley Coal Co.— Bonds Called.
T w e n ty -e ig h t b on d s Issued under m tg e . d a te d J a n . 1 1906 fo r p a y m e n t
a t par and Int. o n J u ly 1 a t G uardian S av in gs & T ru s t C o ., C leveland,
tru stee.— V . 93, p . 1193.

Central States Electric Corp. (of Virginia).— Incorporated.
T h is c o m p a n y was ch artered a t R ic h m o n d , V a ., o n M a y 28 per plan fo r
co n tr o llin g C leveland E le c tr ic 111. C o ., A c . See V . 94, p . 1451.

Chicago Telephone Co.— Listed. — The New York Stock
Exchange has listed §14,000,000 additional 1st M. 15-year
5 % gold bonds due 1923, recently sold (V . 94, p. 1059), mak­
ing the total amount listed §19 .000 ,00 0.— V . 94, p. 1122.
Cincinnati & Suburban Bell Telephone Co.— New Stock.—
The Ohio P. S. Commission has sanctioned the issue of §58 0,­
000 new stock, increasing the amount out to §7,638,050.
T h e proceed s w ill be used to e re ct a new bu ild in g fo r the ce n tra l exch a n g e
and m ain fflce, to c o s t $350,000, install a s w itch b o a rd c o s tin g m o re than
$11 5,00 0, an d m a k e o th e r Im p ro v e m e n ts.— V . 87, p . 1239.

Consolidated Car Heating Co.— Dividend — Officers.—
A d iv id e n d o f 5 % has been declared on the $1,1 3 0 ,4 0 0 s to c k , p a y a b le
2 u % J u ly 15 1912 an d 2 y3% J a n . 15 1913: also an e x tra d isbu rsem en t o f
2 % o n J u ly 15 1912. T h fs co m p a re s w ith 4 % in tw o installm ents an d 2 %
e x tr a d ecla red a y ear a g o, anil 2 % each (w ith o u t a n y extras) o n A u g . 1
1910 an d F eb . 1911 and 1 H % In F e b . 1910.

Dividend Record (Per Cent).

97 ’ 98 ’ 9 9 . ’ 0 0 . ’ 0 1 . ’ 02. ’ 0 3 . ’ 04. ’ 05. ’ 0 6 . ’ 0 7 .’ 0 8 -’0 9 .’ 1 0 . ’ l l . ’ 12. 1913.
ju
3
4 7 'A 6 5 H
7
6
4
3
3
0
3M
6 6 ) ( J a n .2 H
F red erick W . K elley an d M on cu re C o n w a y C arp enter h a ve been elected
P res an d T rea s., re s p e ctiv e ly , to su cce e d C. S . lla w lc y , w h o resign ed as
Pres.’ and T reas. C laude C. N u ck ols, fo rm e rly G eneral M an ager, b ecom es
V lc c -P r c s .— V . 92, p . 1638.

Crucible Steel Co. of America.— Earnings.—

9 Months ending
Deprec. & Contin- Int.onSub. Balance,
Man SI—
Profits.
Repairs. genc.,&c. Co. lids, for Dies.
1011 —12
..................$ 3 ,0 7 6 ,8 8 7 $1,0 7 3 ,6 3 9
-------$21 7,37 5------- - $2,385,873
l O l O - l l I ...............
- 3,0 7 3 ,6 2 9
934,341
59,777
55,055
2 ,024,456
T h e p rofits for the qu a rters co m p r is in g th e 9 m o s. p e rio d were: Q uarter
en d in g N o v . 30 1911, $ 1 ,1 4 1 ,0 0 7 ; q u a r. e n d in g F e b . 28 1912, $1,142,767 ;
uuar. c m l. M ay 31 1912, $ 1, 3 9 3 , 1) 3 , c o m p a re d w ith $ 1 ,022,759 , $972,320
an d $1 ,0 7 8 ,5 5 0 , re s p e ctiv e ly , fo r th o c o rre s p o n d in g qu a rters In 1910-11.—
V . 94, p . 769.

Cumberland Telephone & Telegraph Co.— D ecisions. — •
T h e u . S . S u p rem e C ou rt o n Ju n e 7, reversin g the low er C ou rt, held
v alid the ord in a n ce passed in 1909 b y th e L ou isville G eneral C ou ncil re­
d u cin g the rates for serv ice w ithin the c it y lim its, h o ld in g th ey are n o t c o n ­
fisca tory, as cla im ed b y tho c o m p a n y . Ju stice H olm e s, w h o w ro te the
o p in ion , after dlsousslng figures as to v alu es an d profits, says th a t “ the
w hole qu estion Is to o m uoh In the air fo r us to feel a u th o rize d to let th e In­
ju n ction s ta n d ,” an d th at the rates are en title d to a fa ir trial.
T h e S up rem o C ou rt recen tly held Invalid th o o rd in a n ce passed In Jan .
1909 seeking to can cel the rig h t o f the c o m p a n y t o op e ra te In the c it y .
T h e n u rp osc o f the c it y a u th orities w as, It Is s t a t e d ,t o c o m p e l the c o m p a n y
to m ircllaso a new fra n ch ise u n d er w hich rates co u ld be llx cd b y th e c ity ,
this nu rposc being In large m easure a cco m p lish e d b y th e d e cisio n Just han ded
d ow n w h ich , It Is rep orte d , will e ffe ct a sa yin g to su bscrib ers o f a b o u t
$75 000 a y ea r. A p p lic a tio n s fo r rehcarin gs In b o th cases w ere de n ie d on
Ju n o 10.— V. 0 4 , p. 829. 354 .
0 . ,,
,

Dallas (Tex.) Gas Co.— Suit M a y B e D ism issed. —
J u d ge M uso In the F o r ty -fo u rth D istrict C o u rt o n Ju n e 3 c o n tin u e d until
th o O cto b e r term the suit bro u g h t b y the S tate o f T e x a s In 1908 to ca n ce l
$800 000 b on d s Issued b y the c o m p a n y , w hich has been set fo r trial a n u m ­
ber o f tim es, b u t In w hich there has n ever been a hearing, s a y in g th a t unless
som e Interest Is m anifested in tho case b y tho b ta to b y th a t tim e, th e case
w ill be dism issed fo r w a n t o f p ro se cu tio n .

• (E . I . ) du Pont de Nemours Powder Co.— Decree F iled .—
Tho final decroo ordering tho dissolution of the company was




Evansville (Ind.) Public Service Co.— M erger .—
S e e P u b lic U tilitie s o f E v a n s v ille u n d e r " R R s . ” a b o v e .— V . 9 1 , p . 3 3 9 .

Gas Traction Co., Minneapolis.— Bonds Called.—

■

A ll o f th e o u t s t a n d in g 1st M . b o n d s d a t e d J a n . 1 1911 w h ic h m a tu r e
s u b s e q u e n t t o J u ly 1 1 9 1 2 (b e in g N o s . 31 t o 1 5 0 , b o t h i n c l .) , h a v e b e e n
c a l l e d f o r p a y m e n t o n J u l y 1 a t 101 a n d I n t . a t M i n n e a p o l i s T r u s t C o . ,
M in n e a p o lis .— V . 9 4 , p . 1 1 8 9 .

(The) B. F . Goodrich Co., New York &|Akron, O.— A ll
Subscribed.— G o l d m a n , S a c h s & C o . , N . Y . C i t y , C h i c a g o a n d
B o s t o n ; L e h m a n B r o s ., N . Y . C it y , a n d K le in w o r t S o n s &
C o ., L o n d o n , h a v e s o l d in a d v a n c e o f a p u b l i c o fF e rin g t h e
e n tir e a m o u n t o f n e w s t o c k r e c e n tly p u r c h a s e d b y t h e m ,
th e n e w sh a r e s b e in g a llo t t e d to s u b s c r ib e r s a t 1 0 5 fo r th e
p r e f. a n d 8 1 fo r th e c o m m o n s t o c k .
A s a m a tte r o f record ,
a n a d v e r t i s e m e n t o f t h e o fF erin g is p u b l i s h e d o n a n o t h o r p a g e
o f t h i s is s u e o f t h e “ C h r o n i c l e .”

Condensed Statement by Pres. Bertram G. Work, June 10 1912.

T h e B . F . G ood rich C o. has pu rchased fro m T h e D iam on d R u b b e r C o .
o f A k ro n , O ., all o f Its p ro p e rty , assets and g o o d -w ill (e x ce p t o n ly ce rta in
am ou n ts in cash r e s e rv e d ), and has paid fo r the sam e w ith $ 1 5 ,0 0 0 ,0 0 0 7 %
pref. s to c k an d $ 3 0 ,0 0 0 ,0 0 0 c o m . s to c k .

Capitalization of Company Following Said Purchase (No Mtge. or Fund.Debt.)
P referred s to c k , 7 % cu m u la tiv e , a u th orized an d Issued_______ $ 3 0 ,0 0 0 ,0 0 0
C o m m o n sto ck , a u th o rize d an d Issued___________________________ 6 0 ,0 0 0 ,0 0 0
R eferrin g to the p urchase b y y o u o n M ay 11 o f the 78,000 shares o f p ref.
s to c k and y o u r present p urchase o f an a d d itio n a l 75,000 shares o f p r e f.
s to c k , I b e g to say:
T h e B . F . G ood rich C o. was orga n ized u n d er th e law s o f N . Y . S ta te o n
M ay 2 1912 (V . 94, p . 829, 91 4 ), an d th ereu pon a cq u ire d all o f the assets
(e x c e p t certa in cash reserved) o f the B. F . G oo d rich C o . o f O h io, a c o m p a n y
w hich w as organ ized as a partnership in 1870 and In corp orated In 1880 an d
had largely increased an d p rosp ered . D uring th e last 6 yrs. m ost o f th e o ld
fa c to r y buildin gs h a ve been replaced w ith m odern fire p ro o f co n s tr u c tio n ,
so th at t o -d a v , a lth ou gh the c o m p a n y is o v e r 40 years old . It has m o st im ­
p ro v e d facilities fo r p ro d u c in g ru b b e r g o o d s . T h e p rosperou s D ia m o n d
R u b b e r C o ., n o w a cq u ire d , began business in 1894, and In 1905 w as finally
in co rp o ra te d in O h io . T o ta l e m p loyees o f th e tw o com p a n ie s, a b o u t 12,000.
B y the acq u isitio n o f the D iam on d R u b b e r C o ., T h e B . F . G o o d rich C o.
has b e co m e o f still greater im p o rta n ce In the ru b b e r m a n u fa ctu rin g in d u s­
try , e m b ra cin g tw o o f the h a lf-d o ze n largest an d m o s t cucceSsfu l con cern s
o f th e kind in the w o rld , each m a n u fa ctu rin g a great v a rie ty o f ru b b e r
g o o d s . Inclu din g a u to m o b ile tires. T h e plants and general o ffice s o f b oth
are lo ca te d in A k ro n , O h io , o c c u p y in g a d jo in in g prem ises w hich aggregate
a b o u t 110 acres o f g ro u n d , total floor sp a ce a b o u t 60 acres.
I believ e th at
the result w ill b e eco n o m ie s In op e ra tio n an d in the fo rm a tio n o f o n e la rg e
organ ization b etter ab le to m eet the g ro w in g d e m a n d fo r o u r p r o d u c t.

Examples of Rubber Proudcts (Too Numerous to Be Fully Enumerated).
A u to m o b ile tires.
R u b b e r an d c o t to n h ose (garden,
fire, A c .)
A u to m o b ile ru b b e r sundries.
B ic y c le and m o t o r c y c le tires, & c.
R u b b e r w earin g app arel.
S olid tires fo r tru ck s, carriages. & c.
R u b b e r b o o ts and shoes.
R u b b e r sundries fo r druggists, d en ­ R u b b e r Insulated wire.
H ard ru b b e r g o o d s .
tists, A c .
G olf balls an d tennis balls.
E lectrica l, railroad , A c ., sundries.
T h e d o m e s tic business is han dled th rou gh bran ch es o r a ffilia te d o r c o n ­
tro lle d c o m p a n ie s "located In the p rin cipa l cities o f the U nited S tates, the
foreign business b y T h e B . F . G ood rich C o ., L td ., o f L o n d o n , a selling o rg a n ­
ization , and the S o cie te F ran calse B . F . G oo d rich o f Paris, w hich m a n u fa c­
tures as w ell as sells.

Various Provisions Safeguarding the Preferred Stock.

(a) T h e c o m p a n y shall n o t m o rtg age a n y o f its p ro p e rty , e x c e p t w ith the
co n s e n t o f 7 5 % o f each class o f sto ck , b u t this d o c s n o t fo rb id purch asem o n e y m ortg a ges o n a fte r-a cq u ire d p r o p e r ty n o r the p ledgin g fo r loans in
cu rre n t business, o f a c c o u n ts rece iva b le , o r a n y sto ck s, b on d s, A c ., o th er
th an the shares o f a n y s u b . c o r p o r a tio n .
b) A ll o r a n y p a rt o f the pref. s to c k m a y be redeem ed a t a n y tim e at
o p t io n o f the b o a rd u p o n three m o n th s' n o tice at 1 25 % and accru e d d lv .
(c) O n or b e fo re J u ly 1 1914, an d o n each J u ly 1 thereafter, the c o m p a n y
shall an n u ally o u t o f surplus profits, if s u fficie n t, a fte r m e e tin g all a c c u m u ­
la ted d iv id e n d s (If a n y ) a cq u ire b y r e d e m p tio n o r p urchase th e re o f a t n ot
to ex ce e d $125 per share, and d lv s ., at least 3 % o f the largest a m o u n t o f
preferred s to c k a t a n y o n e tim e o u tsta n d in g .
(d) N o d iv id e n d shall be declared o n th e co m m o n s to c k until all arrears in
resp ect o f the aforesaid 3 % h a ve been m ad e g o o d .
(e) T h e pref. s to c k shall n o t be Increased e x c e p t w ith the c o n s e n t o f 7 5 %
o f th e o u ts ta n d in g s to ck o f each cla ss.
(/) U pon a n y d issolu tion o r m erger (v o lu h ta ry o r Involu n tary) there
shall b e paid to th e holders o f the p re f. s to ck $125 per share an d all a ccru ed
d iv id e n d s , b e fo re a n y sum shall be paid o n the c o m m o n s to c k .
(g) T h e e le ctio n o f d ire cto rs shall be vested in the c o m m o n s to c k , b u t
u p o n d e fa u lt o f fo u r q u a rte rly p referred d iv id e n d s th e p re f. s to c k shall,
u n til th e d e fa u lte d d lv s . h a v e been p a id , e le ct o n e -h a lf o f the d ire cto rs to
b e th e re a fte r e le cte d .
_ ,
A p p lic a tio n w ill b e m ade In d u e cou rse to list th e shares o f th e c o m p a n y
o n th e N ew Y o r k an d C h icago S to c k E x ch a n g e s.
Consol. Balance Sheet B. F. Goodrich Co. of N. Y. (and Sub. Companies).
[A s o f A p ril 1 1912, after the Issue
o f the assets o f T h e B . F . G ood rich C o
Assets ($100,877,604 ) —
R ea l estate, b ld g s ., plant,
m a ch in e ry, g o o d -w ill,
p aten ts, A c ., less un­
m atu red p u rch . m on ey
m o rtg age o f $3 0 ,0 0 0 .-$ 7 2 ,3 2 5 ,1 8 9
In v e s tm ’ ts In o th e r c o s . I ,6 o 0 ,2 3 7
266,990
S to c k In tre a s u ry ------------M aterials, su pplies, A c . . 17,776,580
T ra d e a c c o u n ts r e ce iv a ­
ble, less re se rv e s_______
5,035,571
O th er a cco u n ts re ce iva b le 1,791,581
Bills re c e iv a b le ___________
463 ,037
C a sh ___________
1,390,538
P repa id lnsur., in t., A c . .
177,681

o f th e n ew s t o c k and the tak in g o v e r
o f O h io a n d T h e D iam on d R u b b e r C o.
Liabilities ($ 1 0 0 ,8 7 7 ,6 0 4 )—
C o m m o n s t o c k . .............. . $ 60,000 ,000
P re fe rre d s t o c k ___________ 3 0 ,0 0 0 ,0 0 0
S u r p l u s __________________
2 ,2 0 0 ,0 0 0
C u rren t L i a b i l i t i e s B ills p a y a b le ___________ 4 ,3 1 0 ,6 6 5
A c c o u n t s p a y a b le ____
1 ,173,812
S u n d ry a c c r u a ls - ..........
153,543
F . F . G oo d rich C o. o f
O h io .......................
[8 3 7 ,6 8 5
D ia m o n d R u b b e r C o.
o f O h i o .....................
850,000
M iscella n eou s r e s e r v e s ..
1 ,851,899

1630

THE CHRONICLE

Certified Combined Sales and Profits, after Charging All Operating Expenses,
but before Providing for Depreciation.

[In clu d in g the G ood rich C o. tor ca le n d a r ye a rs an d the D ia m o n d C o . fo r
years en d ed S e p t. 30.]
1908.
1909.
1910.
1911.
Average.
P rofits . . . $1,(515,098 $ 8 ,0 5 3 ,1 4 6 $6,3 8 1 ,0 5 9
$ 7 ,8 0 3 ,3 1 2
$ 6 ,7 1 6 ,9 0 1
G ross sa les.$ 22 ,580 ,10 8 $ 32 ,087 ,85 4 $ 45 ,800 ,53 5 $ 13 ,528 ,11 2
__________
C om p a re V . 94, p . 1386.
Officers.— P res., B . G. W o r k , fo r 25 years w ith the G o o d rich C o . an d fo r
10 years its a c tiv e h ea d ; 1st V .-P r e s . an d G en. M gr., A . I f. M arks, the
a c tiv e h ead >f the D ia m o n d R u b b e r C o . since its o rg a n iz a tio n ; 2d V .-P r e s .,
an d W ork s M gr., E . C. S h a w , r e c e n tly M anager o f the G ood rich w orks; 2d
V . -P r c s . and Sales M g r., H . E . R a y m o n d ; 2d V .-P r e s . a n d A s s t. Sales M g r.,
W . B . M iller (M essrs. R a y m o n d and M iller h a v e been in ch arge o f the sales
d ep a rtm en ts o f the G ood rich and D ia m o n d c o s .) ; S e c ., C. 11. R a y m o n d ;
T r e a s ., W . A . M eans. T h e office rs, alth ou gh o ld in th e business, a r c all
y o u n g in years, n on e being o v e r 45. T h e bankers w ill be rep resen ted on
th e b oa rd b y A . II. W iggin , Pres, o f Chase N at. B a nk, an d b y H en ry
G old m a n and P h ilip L e h m a n .— V . 94, p. 1386, 1252.

Goodyear Tire & Rubber Co., Akron, O .— Circular.—
P u rsu a n t to n o tice o f A p r . 10 1912, sto ck h o ld e rs on M ay 28 v o te d to in­
crease the a u th orized capital s to c k fro m $ 6 ,0 0 0 ,0 0 0 to $ 1 5 ,0 0 0 ,0 0 0 , $ 5 ,0 0 0 ,­
000 o f w hich increase is to be c o m m o n s to c k and $ 4 ,0 0 0 ,0 0 0 to be p r e f.;
said pref. s to c k to be s u b je c t to th e co n d itio n s in the a foresa id n o tice , and
su bscrip tion s th erefo r to be tiled n o t later than Ju n e 10, and full p a y m e n t
m a d e n o t later than J u ly 1 1912.
In a c c o r d a n c e w ith the a b o v e v o t e , the
d irectors on M ay 28 d e cid e d to o ffe r fo r sale said $ 4 ,0 0 0 ,0 0 0 p r e f. s to c k
to all o f the stock h old e rs a t par in a m o u n ts equa l to 8 0 % o f th eir re sp e ctive
h old in g s. [A n ex ch a n g e says th a t holders are p e rm itte d to e x ch a n g e their
p resen t $1,0 0 0 ,0 0 0 o f pref. s to c k , w hich m a y be re tired at 105, fo r an equal
a m o u n t o f the n ew p r e f., w hich m a y be retired a t 130 a t the c o m p a n y ’s
o p tio n a fter Jan . 1 1915.]— V . 94, p . 1568, 1510.

Greene Consolidated Copper Co.— Combined Income A c c ’t.
Earnings of Greene Consol. Copper Co. and Cananea Consol. Copper. Co.
Calendar
Total
Expenses,
DepreciIialance,
Year—
Income.
Int., ifee.
ation.
Surplus.
19 1 1 ________ ______ __________ $ 5 ,8 6 3 ,2 0 5 $ 4 ,5 5 8 ,1 7 0 $28 0,18 0
$1,024,855
191 0
_____________________ 5 ,592,051
4 ,4 0 7 ,3 0 1
684,097
500,653
T h e Cananea C on so lid a te d C o p p e r C o. p r o d u c e d 4 4 ,8 9 7 ,4 6 6 lb s. o f line
c o p p e r d u rin g 1911, a gain st 4 5 ,6 8 0 ,1 4 5 lb s. in 191 0.— V . 93, p . 40.

Guggenheim Exploration Co.— L isted .— The New York
Stock Exchange has listed $15,038,800 stock,with authority
to add $5,754,500 on notice of exchange for outstanding cer­
tificates, making the total amount authorized $20,793,300.
Yukon Gold Co. Income Account for Calendar Year 1911.
O p era tin g p rofit 191 1 ____ $1,4 6 2 ,0 4 2 1 B a l., surplus fo r 191 1_____
$4,233
Less d e p r c c ’ n o f p la n t ____
145,309 Surplus D e c. 31 1 9 1 0 ____
382 ,451
D lv s . p a id d u rin g 1911. - - l,3 1 2 ,5 0 0 | T o t a l surplus D e c. 30 ’ l l .
386 ,684
Guggenheim Exploration Co., Amplified Income Account Cal. Year 1911.
D iv id e n d s ; E sp era n za M in ing C o ., $79 ,252 ; Y u k o n G o ld C o .,
$1 ,0 2 9 ,6 5 8 ; A m . S m e lt . & R e fg . C o ., p re f. “ A ” , $ 92 4,00 0;
U tah C op p er Co., $ 1 ,2 0 4 ,2 9 9 ................................................ ...................$ 3,637,209
P ro fit sales E speranza M in ing C o ____________________________________
186,366
496 ,9 7 6
M ls c c ll., in cl. Int. an d co m m issio n s on u n d e rw ritin g s____________
T o t a l in c o m e _____________________ _________________________________ $3,920,551
L ess general e x p e n s e s _____________ _______ ______ ____________________
$238,781
L ess d lv s . (1 0 % o n s to ck ) ($ 2 2 ,0 0 0 ,0 0 0 less $ 1 ,0 2 6 ,7 0 0 in treas.) . 1,602,440
B a la n ce, surplus fo r y e a r ____________________ ____________________ $2,0 7 9 ,3 3 0
P r o fit on sale o f A m . S m . S e c . c o m m o n s to c k (fo r m e r ly ca rried
o n b o o k s a t $ 1 ) ___________________________________________________ 6 ,747,149
T o t a l s u r p . D e c . 3 0 ’ l l ( i n c l . s u r p . D e c . 3 0 '1 0 , $ 1 5 , 1 2 4 , 5 8 9 ) . . $ 2 3 , 4 7 4 , 1 7 8
(S e e r e p o r t s , V . 9 4 , p . 6 9 6 , 9 8 1 . ) — V . 9 4 , p . 1 1 2 2 , 1 0 5 5 .

Hoster-Columbus Associated Breweries Co., Columbus, 0 .
T h e p r e f. sh a re h o ld e r s h a v e r e c e iv e d a c ir c u la r fr o m W . E . H u t t o n & C o .
o f C in cin n a ti a s k in g o p t io n s , u n til J u ly 1 1 9 1 2 , o n th e p r e f. s t o c k a t $ 3 0 a
s h a r e , a n d c o m m o n a t $ 7 a s h a r e .— V . 9 2 , p . 3 9 7 .

International Agricultural Chemical Co.— Bonds Voted.—
T h e s t o c k h o l d e r s o n J u n e 11 a u t h o r i z e d t h e I s s u e o f $ 3 0 , 0 0 0 , 0 0 0 “ l l r s t
m o r t g a g e a n d c o lla t e r a l t r u s t ” 5 % 2 0 -y e a r s in k in g fu n d b o n d s , o f w h ic h
W h it e , W e ld & C o . h a v e a r r a n g e d t o u n d e r w r ite $ 1 3 ,0 0 0 ,0 0 0 .
See V .
94, p. 1452, 1510, 1568.

Island Creek Coal Co., Boston.— Initial Dividend on Com ­
mon Stock;also Extra Dividend, Covered by New Stock Issu e .—
T h e d ir e c t o r s o n J u n e 11 d e c la r e d a n i n it i a l q u a r t e r l y d i v i ­
d e n d o f 5 0 c . p e r s h a re a n d a n e x t r a d iv id e n d o f $ 3 p e r s h a r e ,
p a y a b l e A u g . 1 1 9 1 2 t o h o ld e r s o f t h e 9 9 , 5 6 8 1 -3 s h a r e s o f
c o m m o n s to c k (n o p a r v a lu e a s id e fr o m n o m in a l $ 1 ) o f
r e c o r d J u ly 1 5 1 9 1 2 .
T h e u s u a l q u a r te r ly $ 1 5 0 p e r sh a re
is p a y a b l e o n p r e f . s h a r e s J u ly l t o h o ld e r s o f r e c o r d J u n e 2 2 .
D ig e s t o f O ffic ia l C ir c u la r S e n t to C o m m o n S t o c k h o ld e r s u n d e r D a t e J u n e 1 1 .
T h e s u r p lu s a lr e a d y a c c u m u la t e d o f m o r e th a n $ 1 ,0 0 0 ,0 0 0 , a n d th e n e t
e a r n i n g s o f y o u r c o m p a n y a n d o f its s u b s i d i a r y c o m p a n i e s , h a v e c a u s e d t h e
d ir e c t o r s t o a p p r o v e o f p a y in g d iv id e n d s u p o n th e c o m m o n s t o c k .
The
n e t q u i c k a s s e t s a m o u n t t o m o r e t h a n $ 1 , 5 0 0 , 0 0 0 , w h i c h i t is d e s i r e d t o
m a in t a in a n d in c r e a s e .
Y o u r d i r e c t o r s h a v e , t h e r e f o r e , v o t e d (a ) T h a t
a n in it ia l q u a r t e r ly d i v id e n d o f 5 0 c e n t s p e r s h a r e a n d a n e x t r a d i v id e n d
o f $3 p e r sh a re b e p a id A u g . 1 1912 t o th e c o m m o n s t o c k h o ld e r s o f r e c o r d
J u l y 15 1 9 1 2 .
(b ) T h a t t h e c o m m o n s t o c k h o ld e r s o f r e c o r d J u ly 1 5 1 9 1 2 b e
p e r m it t e d t o s u b s c r i b e o n o r b e f o r e A u g . 1 1 9 1 2 f o r 6 ,0 0 0 s h a r e s o f n e w c o m ­
m o n s t o c k a t $ 5 0 p e r s h a r e In t h e r a t i o o f s i x o n e - h u n d r e d t h s o f a s h a r e
o f n e w s t o c k fo r e a ch sh a re o f o ld s t o c k .
T h e s a le o f t h e n e w s h a r e s w ill
r e s t o r e t o w o r k in g c a p i t a l t h e $ 3 0 0 ,0 0 0 d e c la r e d a s a n e x t r a d i v id e n d ,
a n d tlie c a s h o f t h e c o m p a n y w il l t h u s b e d e p r e c i a t e d o n l y b y t h e r e g u l a r
d iv id e n d .
T h e e x t r a d iv id e n d c h e c k , p a y a b le A u g . 1 1 9 1 2 , a c c o m p a n ie d
b y a r ig h t t o s u b s c r ib e f o r t h e n e w s t o c k , w ill b e f o r w a r d e d t o t h e c o m ­
m o n s t o c k h o l d e r s a s s o o n a s p o s s i b l e a f t e r J u l y 15 1 9 1 2 .
A n y o f t h e 6 ,0 0 0
s h a r e s n o t s u b s c r ib e d f o r o n o r b e f o r e A u g . 1 1 9 1 2 w ill b e o ff e r e d a t p u b lic
a u c t i o n , a n d s e v e r a l o f t h e d i r e c t o r s h a v e a g r e e d t o b id t h e r e f o r n o t le s s
th a n $50 p er sh a re.
A r r a n g e m e n ts h a v e b e e n m a d e w h e r e b y fr a c t io n s
m a y b e a d j u s t e d a t tir e m a r k e t p r i c e o f t h e s t o c k .

Report. — S e e “ A n n u a l R e p o r t s ” a b o v e . — V . 9 4 , p . 9 8 6 .

Jacksonville (Fla.) Gas Co.— Bonds Called.—
A ll o f th e o u t s t a n d in g $ 1 ,1 4 8 ,0 0 0 3 0 - y r . 5 % s in k in g fu n d g o ld b o n d s
Issu e d u n d e r m t g e . d a t e d J u n e 2 0 1 90 7 h a v e b e e n c a lle d f o r p a y m e n t o n
S e p t . 1 a t 105 a n d In t. a t C e n tr a l T r u s t C o . o f I lin o is , C h ic a g o , a s tr u s t e e .
— V . 04, p. 1256, 1387.

Co.— Receivers’

Certfs.

Authorized .—

A d e c r e e w a s f i l e d in t h e U . S . D i s t r i c t C o u r t o n M a y 3 1 a u t h o r i z i n g t h e
r e c e iv e r s t o is s u e n o t e x c e e d i n g $ 5 0 0 ,0 0 0 fir s t H en r e c e i v e r s ’ c e r t i f i c a t e s .
T h e p r o c e e d s w ill b e u s e d t o c o n t i n u e t h e b u s in e s s .
D e c r e e s w e r e .a lso
file d d i r e c t i n g t h e r e c e iv e r s t o e n t e r I n t o c e r t a i n c o n t r a c t s r e l a t i v e t o p a t e n t
r ig h ts h e ld b y th e c o m p a n y fo r th e m a n u fa c t u r e o f v a c u u m cle a n e rs a n d
t r a n s o m li ft s .
I t is s t a t e d t h a t $ 5 0 , 0 0 0 w a s b o r r o w e d s o m e w e e k s a g o , a n d
t h a t th e b a n k e r s ’ c o m m i t t e e a g r e e d t o th e r e q u e s t o f th e r e c e iv e r s f o r $ 2 0 0 ,­
0 0 0 a d d it io n a l.
M o r e th a n a m a jo r it y o f th e s t o c k h a d b e e n d e p o s it e d t w o w e e k s a g o w ith
t h e s t c o k h o ld e r s ’ c o m m it t e e , th e tim e fo r th e d e p o s it o f s t o c k a s e x t e n d e d
expiring t o - m o r r o w (V. 94, p . 1320).— V. 94, p. 1452, 1320.

Mississippi Valley Gas & Electric Co.— Incorporated.—
T h i s c o m p a n y w a s I n c o r p o r a t e d in M a in e
a u t l i . s t o c k p e r p l a n in V . 9 4 , p . 1 4 5 2 .

on

M ay

North American Telephone & Telegraph

27

w ith

$ 5 ,0 0 0 ,0 0 0

Corporation.—

Plant. — S e e m o d i f i e d p l a n u n d e r A m e r i c a n U n i o n T e l e p h o n e
C o ., V . 9 4 , p . 5 6 1 .— V . 9 4 , p . 4 1 9 .




lxxxxiv

Omaha Water Co.— A ll Bonds Called — Litigation.— A l l o f
th e $ 1 , 2 6 2 , 0 0 0 p r i o r li e n 5 s a n d $ 3 , 5 4 3 , 0 0 0 c o n s o l . M . 5 % s h a v e b e e n c a ll e d f o r p a y m e n t o n J u l y 1 f r o m t h e p r o c e e d s o f
s a le o f w a t e r - w o r k s b o n d s o f t h e c i t y o f O m a h a .
P a y m e n t w ill b e m a d e b y t h e G u a r a n t y T r u s t C o . a n d F a r m e r s ’ L o a n &
T r u s t C o . o f N . Y ., r e s p e c t iv e ly , th e m o r tg a g e tr u s te e s .
C e r t ific a t e s o f th e
w a t e r c o m p a n y w ill b e I s s u e d , r e p r e s e n t i n g t h e 5 % r e d e m p t i o n p r e m iu m In
lit ig a t io n , a n d e n t it lin g th e h o ld e r o f e a c h $ 1 ,0 0 0 b o n d t o $ 5 0 , w it h in t. a t
5 % p e r a n n u m fr o m J u ly 1 1 9 1 2 , if th e C o u r t o f A p p e a ls o f th e S t a t e o f N e w
Y o r k s h a ll d e c i d e t h a t t h e c o m p l e t i o n o f t h e c i t y 's p u r c h a s e d o e s n o t r e lie v e
t h e c o m p a n y f r o m p a y m e n t o f s u c h p r e m iu m .— -V . 9 4 , p . 1 5 1 1 , 1 3 2 0 .

Ontario Power Co. of Niagara Falls, N . Y .— Listed. — The
N e w Y o r k S t o c k E x c h a n g e h a s li s t e d $ 8 , 2 7 2 , 0 0 0 1 s t M . 5 %
s in k in g fu n d 4 0 -y e a r b o n d s d u e 1 9 4 3 .— V . 9 4 , p . 1 1 2 3 , 2 8 4 .

Ontario Pulp & Paper Co., L td ., Toronto, Ont.— M erger.—
S e e S p a n is h R i v e r P u lp

& P a p e r M ills b e l o w . — V . 9 4 , p . 8 3 0 .

Osceola Consolidated Mining Co.— D ecision. — •
J u d g e W i e s t o f th e I n g h a m C ir c u it C o u r t o n J u n e 13 d e n ie d t h e p e t it io n
o f C h a rle s M . T u r n e r o f L a n s in g , M i c h ., f o r a t e m p o r a r y I n ju n c t io n r e s t r a in ­
in g t h e s t o c k h o ld e r s o f t h e C a lu m e t & I l c c l a M in in g C o . f r o m v o t in g f o r
d i r e c t o r s in t h e O s c e o l a C o . a t t h e a n n u a l m e e t i n g o f t h e l a t t e r c o r p o r a t i o n .
— V . 94, p . 770, 565.

Phelps, Dodge & Co.— Extra Distribution. — •
A n e x t r a d iv id e n d o f 2 % h a s b e e n d e c la r e d o n th e $ 4 5 ,0 0 0 ,0 0 0 s t o c k ,
t o g e t h e r w it h t h e r e g u la r 2 ) , %
q u a r t e r ly d i s b u r s e m e n t m a in ta in e d s in c e
M a r c h 1 9 0 9 , b o t h p a y a b l e J u n e 28 t o h o l d e r s o f r e c o r d J u n e 1 7 .
E x tra
d i v i d e n d s o f t h e s a m e a m o u n t ( 2 % ) h a v e h e r e t o f o r e b e e n p a i d in D e c e m b e r ,
b u t n o n e a t o t h e r q u a r t e r ly p e r io d s .
D iv id e n d r e c o r d (p e r c e n t .) :
— — — 1 9 0 9 --------- —
--------1 9 1 0 a n d 1 9 1 1
10 ( i n c l . 2 % e x t . )
10 & 2 e x t .( D e c . 3 0 )
— V . 91, p. 1570, 1277.

— -----------------------1 9 1 2 --------------------------M c h . , 2 H ; J u n e , 2 'A & 2 e x t .

Prairie Oil & Gas Co.— Decision o f Inter-State Com . C om . —
T h e I n t e r - S t a t e C o m m e r c e C o m m i s s i o n o n J u n e 13 h e l d t h a t p i p e - U n c
c o m p a n ie s t r a n s p o r t in g o il b e t w e e n t h e S ta te s a r e c o m m o n c a r r ie r s w itli
t h e o b l i g a t i o n s o f s u c h , a n d o r d e r e d 13 o f t h e l a r g e s t o i l - p i p e l i n e s ( i n c l u d ­
i n g t h e P r a i r i e O i l & G a s C o . , P u r e O i l C o . , & c . ) t o f i le s c h e d u l e s o f r a t e s
b y S e p t . 1 a n d c o m p ly w ith th e p r o v is io n s o f th e In te r -S ta te C o m m e r c o A o t .
T h e C o m m i s s i o n s a y s t h a t C o n g r e s s , In d e s i g n a t i n g o l l - p l p o l i n e s a s
" c o m m o n c a r r i e r s , ” m e a n t p r e c i s e l y w h a t w a s s a i d In t h e s t a t u t e , a n d t h a t
t h e o b l i g a t i o n s o f a c o m m o n c a r r ie r a r c I m p r e s s e d u p o n a p i p e lin e e n g a g e d
in t h e t r a n s p o r t a t i o n o f o i l I n I n t e r - S t a t e c o m m e r c e , e v e n t h o u g h s u c h p i p e
lin e w a s b u i l t o v e r p r i v a t e l y a c q u i r e d
r ig h t o f w a y a n d tr a n s p o r ts o n ly
I ts o w n o i l ; a l s o t h a t s u c h t r a f f i c is n o t d i v e s t e d o f I t s i n t e r - S t a t o c h a r a c t e r
b y p l a c i n g t h e o w n e r s h i p o f t h e p i p e l i n e In d i f f e r e n t c o r p o r a t i o n s i n e a c h
S ta te t h r o u g h w h ic h th e t r a n s p o r t a t io n p a s s e s , o r b y t r a n s fe r r in g title t o
th e o il t o e a c h o f s u c h c o r p o r a t io n s a s th e o il e n te r s th e p ip e s o f t h a t c o r ­
p o r a t io n , a n d t h a t n o S t a t e s t a t u t e d e c la r in g p i p e lin e s t o b e c o m m o n c a r ­
r i e r s c a n b e e f f e c t i v e , b e c a u s e i f t h e F e d e r a l A c t Is I n e f f e c t i v e a s i m i l a r
s t a t u t e o f a n I n d i v i d u a l S t a t e i.s o f n o a v a i l .
A p ip e lin e , th e C o m m is s io n
s a y s , Is n o t a c o m m o n c a r r i e r m e r e l y b e c a u s e i t u t i l i z e s t h e r i g h t o f w a y o f a
c o m m o n c a r r ie r r a i l r o a d .
T h e d e c i s i o n , i t Is a n n o u n c e d , w i l l b e g e n e r a l l y c o n t e s t e d In t h e c o u r t s .
I n t h e c a s e o f p i p e lin e s e n g a g e d in b u s in e s s o n t h e i r o w n a c c o u n t s o l e ly
a n d o p e r a t e d b y i n d i v i d u a l s . I t is e s p e c i a l l y c l a i m e d t h a t C o n g r e s s h a d n o
p o w e r t o c r e a t e s u c h p i p e lin e s a s c o r a m o n c a r r ie r s b y m e r e l y d e s ig n a t n g a ll
p i p e l i n e s a s s u c h ; In o t h e r w o r d s , t h a t “ a l i n o w h i c h h a s b e e n o p e r a t e d i n
a la w fu l b u s in e s s f o r m a n y y e a r s c o u l d n o t b e t a k e n a w a y a n d d e v o t e d t o
p u b lic u se w it h o u t c o m p e n s a t io n .
T h e C o m m is s io n d o e s n o t d e c id e th is
q u e s t i o n , m e r e l y s a y i n g : ' W h e t h e r C o n g r e s s c o u l d l a w f u l l y a c t Is a m a t t e r
o r th e c o u r ts ju d ic ia lly t o d e c id e .” — V . 9 4 , p . 7 0 2 .

Racine Gas Light Co.— First Mortgage Bonds Called.—
A ll o f th e o u t s t a n d in g $ 1 ,0 0 0 ,0 0 0 1st M . 5 % b o n d s Issu e d u n d e r m o r t g a g e
d a t e d J a n . 2 1 9 0 0 h a v e b e e n c a lle d f o r p a y m e n t a t 1 0 5 o n J u ly 2 a t F ir s t
S a v in g s & T r u s t C o ., M ilw a u k e e , W i s ., t r u s t e e .
A ll o f t h e $ 5 0 0 ,0 0 0 c a p it a l
s t o c k is o w n e d b y . t h e M i l w a u k e e L i g h t , I l c a t & T r a c t i o n C o . , a n d d e p o s i t e d
b y it u n d e r its fir s t m o r t g a g e .— V . 8 9 , p . 9 9 9 .

Republic Iron & Steel Co.— Fiscal Year Changed, & c. —

Idaho-Oregon Light & Power Co.— Offer.— •
S ee Id a h o R y ., L t . & P o w . C o . u n d e r ’ ’ R R s .” a b o v e .— V . 9 4 , p . 7 0 1 , 9 1 5 .

McCrum-Howell

[V q l .

T lie d ir e c t o r s a t a r e c e n t m e e t in g c h a n g e d th e fis ca l y e a r fr o m J u n e 3 0
to D e c. 3 1 .
T h e e x e c u t i v e c o m m it t e e h a s a ls o b e e n I n c r e a s e d fr o m 5 t o 7 .
L.
C . H a n n a o f C le v e la n d s u c c e e d s J o h n L a m b e r t , w h o r e s ig n e d a s a m e m b e r
o f t h e c o m m i t t e e , a n d E . VV. O g e l b a y h a s b e e n e l e c t e d a m e m b e r . — V . 9 4 ,
p. 987, 7 02 .

(R. J.) Reynolds Tobacco Co.— Extra D i v i d e n d A n ex tra
o f 3 % , has
t o h o ld e r s o
m a d e s in ce

d iv id e n d o f 2 % , a lo n g w ith th e u s u a l s e m i-a n n u a l d is t r ib u t io n
b e e n d e c la r e d o n th e $ 7 ,5 2 5 ,0 0 0 c a p it a l s t o c k , p a y a b le J u ly 15
f record Ju n e 29.
T h i s is t h e f i r s t e x t r a p a y m e n t t h a t h a s b e e n
1909, w h e n 1 4 % w as p a id .

Extra Dividend Record (Per cent).
1909.
14%

1907.
1908.
10%
13%
— V . 04, p . 921 .

1910.
N one

1911.
N one

1912.
J u ly , 2

Spanish River Pulp & Paper Mills, L td ., Toronto.- -M erger
G ist o f O fficial C ircular D ated at T o r o n t o Ju n e 3.
T h e agreem ent betw een the co m p a n ie s p rovid es that the u n d erta k in g
and assets o f the O ntario P u lp & P a per C o ., L t d . (V . 91, p . 830) shall b e
transferred to the Spanish R iv e r P u lp & P aper Mills, L t d ., In c o n sid era tion
o f $1,000,000 c o m m o n shares, fu lly p a id , o f tlie la tte r c o m p a n y , w hich
takes o v e r the business as o f M ay 31 1912 and assum es all liab ilities.
O n this basis, the sh areholders o f O n ta rio P u lp & P a p e r C o ., L t d ., w ill
receive tw o shares o f Spanish R iv e r c o m m o n s to c k fo r e v e r y threo shares o f
their present h oldin gs. T o p ro v id e the co n sid e ra tio n , it Is necessary to in­
crease the ca p ita l o f the Spanish R iv e r C o. b y $ 1 ,0 0 0 ,0 0 0 c o m m o n sto ck ,
and the d irectors p ro p o s e to ask tlie sh areh old ers to a p p ro v e o r crea tin g
an a dd ition al $ 1,000,000 o f p r e f. an d $ 1 ,0 0 0 ,0 0 0 o f c o m m o n s to c k , to be
retained in the treasury fo r possib le future re q u ire m e n ts.
It is fu rth er
d eem ed a d v isa b le that tiic e n d in g o f the fiscal y e a r shall be ch a n g ed from
D ec. 31 to Jun e 30. [Signed b y T . H . W a ts o n . V ic c -P r e s . and M anaging
D ire cto r o f b o th co m p a n ie s.] C o m p a re V . 93, p. 475; V . 94, p. 566.

A handsome pamphlet issued by the Dominion Bonds Co.,
Montreal, shows:
Timber
S p a n is h
O n t a r io

Mills,Dally
Outpuldrns)

U n its .
P u lp . P a p er
170
100
R i v e r ____ 6 ,0 0 0 s q . m .
P u l p _____ 2 ,5 7 0 s q . m .
130
50

------- C a p it a l F e b . 1 9 1 2 ( I s s u e d )-------1st M . 6s .
P r e f . S lk .
C o m . S tk .
r.$ 2 ,5 0 0 ,0 0 0 y $ 1 ,5 0 0 ,0 0 0
8 2 , 0 0 0 ,0 0 0
; 1 ,5 0 0 ,0 0 0
N one.
1 ,5 0 0 ,0 0 0

x Including $ 1 ,2 0 0 ,0 0 0 Is s u e d f o r c o n s t r u c t i o n o f n e w p a p e r m il l.
t h o r i z e d , $ 2 ,0 0 0 .0 0 ;). z T o t a l a u t h o r i z e d , § 2 ,5 0 0 , 0 0 0 . — V . 9 4 , p . 5 6 0 .

2/T o t a l a u ­

Standard Gas & Electric Co.— Listed. — The New York
Stock Exchange has listed $10,300,000 convertible 6 %
sinking fund bonds due 1925.— V. 91, p. 1452, 831.
Earnings for Month and Year ending April SO 1912.
Period ending
Total
Expenses
Net
Rond, &c., Pref. Iialance,
April SO—
Income.
Paid.
Income.
Int. Dividend. Surplus.
M o n t h ______ $135,976
$3,5 8 5
$13 2,39 1
$53 ,004 $71 ,266
$8,121
Y e a r _______ .1 ,7 3 3 ,2 4 5 31,797
1,701,448
397,644 590 ,687
713,117
T o t a l Incom e fo r the y ear e n d in g A p ril 30 1912 as a b o v e ($ 1 ,7 3 3 ,- l o )
con sists o f Interest an d d iv id e n d s ea rn ed , $1 ,6 5 2 ,6 0 1 , an d p ro fit o n sale o f
securities, $ 8 0 ,6 4 4 .— V . 94, p. 1452, 831.

Standard Gas Light Co., New York.— Dividend Reduced .—-

A sem i-an n u al d iv id e n d o f l ) i % has been d eclared on the $4,986,200
c o m m o n s to c k , pa y a b le Jun e 29 to h olders o f re co rd Ju n e 1», com p arin g
w ith 2 % scm l-a n n u a lly fro m D e c. 1910 (th e first sin ce 1906) t o D ec. 1011,
in clu sive.
Dividend Record.
.
D IV ’ 9 5 . ’ 9 6 . ’ 9 7 .
’98.
'9 9 .
’ 00.
'0 1 .
'0 2 -’ 05. '0 6 . '0 7 - 0 9 .
Com 1
4
5 8
5
0
2
6 y r ly . I E
|
4
3J4
P re f. 3M 4 E r> 8
6
2M 6
6 y r ly . 0
6 y r ly . 6 6
Ju n e, 3
T h ere is $ 5 ,0 0 0 ,0 0 0 c o m . sto ck , o f w h ich C on solid a ted Gas C o. ow n s
$ 4 ,796,200 , alo n g w ith $ 4 ,0 9 6 ,1 0 0 o f the $ 4 ,2 9 5 ,7 0 0 p r e f.— V . 91, p . 1635.

June

15 1912,

Standard Milling Co.— Tenders fo r Subsidiary B on d s .—
T h e Ileck cr-J on cs-J ew ell M illin g C o . has asked fo r tenders to sell $ 2 5 0 ,0 0 0
b on d s up to .and Inclu din g Ju n e 28. P a y m e n t fo r a cc e p te d b o n d s w ill be
m ade J u ly 1.— V . 04, p . 702.

Standard Oil Co. (of California).— New Stock.— The share­
holders will vote at Richmond, Cal., on June 21 on increas­
ing the stock from $25,000,000 to $50,000,000, in $100sh ’s.
Digest of Official Circular. Dated at San Francisco, May 28 1912.

T h e c o m p a n y Is n ow Indebted [p resu m a b ly to the S ta n d a r d O il C o . o f
N . J .— Ed.I In sum a b o u t $ 1 1 ,000 ,00 0 fo r p ro p e rty p u rchased an d im p ro v e ­
m ents m ade th ereon . T h is ex p e n d itu re b e ca m e a b s o lu te ly n ecsesary to
han dle the Increased business o f the c o m p a n y , n ecessitatin g a d d itio n a l pipe
line and refining ca p a cities, vessel e q u ip m e n t an d a d d itio n a l d is trib u tin g
station facilities all o v e r the P a cific C oast. A new refin ery has been c o n ­
stru cted at E l S cg u n d o, near L os A n geles, an d the R ic h m o n d refin ery o n
San I'ran clsco B a y Is being g reatly enlarged to m eet the c o m p a n y 's large
sales o f e x p o r t oil t o the Far E a st. T h e a d d itio n s an d im p ro v e m e n ts to
th e p rop erty o f the c o m p a n y co n te m p la te d fo r th e cu rre n t llscal y e a r w ill
requ ire a p p ro x im a te ly $7 ,0 0 0 ,0 0 0 .
In the c o m in g y e a r large a d d itio n a l
ex p en d itu res o f like ch a ra cte r w ill p r o b a b ly be necessary t o p r o v id e fo r the
e x p e c te d fu rth er increase o f bu sin ess. T h e b o a rd has c a re fu lly co n sid e re d
th e qu estion o f h ow to p ro v id e these fu n d s an d has u n a n im o u sly d e cid e d
th a t the best m eth od o f so d o in g is an iticrease o f th e ca p ita l s t o c k .
By
this cou rse the cu rren t earnings o f the c o m p a n y w ill, a fte r su ch Issue, be
a vailable fo r d iv id e n d s . A n o p p o r tu n ity will be a ffo rd e d e v e ry s to c k h o ld e r
o f record to ta k e Ills p ro rata o f the Increased s to c k a t p ar w h en ever th e
sam e, o r a p ortion , Is offered fo r sa le .— V . 83, p . 1294.

Standard Oil Co. of New York.— Stock Increase.— It is com­
monly reported that the company is planning to increase its
capital from $15,000,000 to about $ 5 0,00 0,0 00or $00,000,000.
See V . 94, p. 1388.
Sunday Creek Co.— F in es fo r Rebating .—
See H ock in g V a lley R y . u n d er “ R a ilr o a d s ” a b o v e .— V . 93, p . 168.

F ive Per Cent Sinking F und Bonds Called fo r P a ym en t .—
$47,000 o f the 5 % sin kin g fu n d b o n d s o f 1905 fo r p a y m e n t a t 102 'A at
C en tral T ru st C o. o f N ew Y o r k , trustee, on J u ly 1.— V. 93, p . 168.

U . S. Cast Iron Pipe & Foundry Co.— Dividends Resum ed .—
A ye a rly d iv id en d o f 4 % has been d eclared on the $12 ,1 0 6 ,3 0 0 7 % n o n ­
c u m u la tiv e p ref. s to c k , p a y a b le 1% q u a rte rly begin n in g J u ly 15 and O ct. 15
1912 an d Jan . 15 and A p ril 15 1913 to holders o f record J u ly an d O c t . 5 1912
and Ja n . 4 and A p ril 5 1913, r e s p e c tiv e ly . T h e last d iv id e n d p aid was
1 ,'.[% on Ju n e 1 1911 (V . 93, p . 475, 538 ).
P r e v io u s D iv id e n d R e c o r d ( P e r C e n t).
Id s.
1 '9 9 . '0 0. ’ 0 1 . '0 2 - ’ 03. '0 1 .
Dividends.
P r e fe r re d . ( % ) ) 1-H 3 Vj 0 4 y l y . 4 y,
(% )J 0
0
0
0
0
C om m on
— V. 93, p . 538.

'0 5 . '0 6. '0 7 .
8 7
7
1 4
4

08. '0 9 . '1 0 . ' l l .
.3 35
5K
0 Z'A
N o n e ---------

United States Motor Co., New Y ork.— Financing .—
N egotia tion s arc In progress and m ay be c o m p le te d n e x t w eek w ith a
view to fin a n cin g the c o m p a n y ’s ca p ita l req u irem en ts fo r the y e a r 1913.
O f the a u th . issue o f $ 1 2 ,5 0 0 ,0 0 0 .6 % co n v e r tib le d e b e n tu re b o n d s o f 1911,
o n ly $ 6,000,000 are o u ts ta n d in g . T h e y w ere u n d erw ritten b y E u gen e
M eyer & C o. Sec V . 94, p . 909, 553.

United States Steel Corporation.— Subsidiaries’ Orders
March 31.— The report of orders given out June 10 shows un­
filled orders on the books May 31 aggregating 5,750,983 tons,
being an increase of 8(5,098 tons for the month.
Tonnage of Unfilled Orders (00,000 omitted)— All on Xew Basis.
--------------- 1912— ------- -------- - ---------------------- 1911— ------------------- . 1910 1909 1904
Mail. Apr. Mch. Feb. .Jan. Dec. Oct. J ’neiMav .M cli. Jan. Dec. Dec. Sert.
5,7
5,6
5,3
5,5 5,4
5,1
3,7
3 ,3
3,1
3,4
3.1
2 ,7
5,9
2,4
Bonds Called.— -One hun dred ($10 0 ,0 0 0 ) 1st tin ge , b o n d s o f the II. C.
Frick C ok e C o ., fo r p a y m en t on J u ly 1 at 105 and Interest, at F id e lity T itle
& T ru st C o ., P ittsbu rgh , P a ., tru stee.— V . 9 1 , p. 1452, 1321.

United Telephone & Telegraph Co. of Penn.— P la n .—
T h e b o n d h o ld e rs ' p r o te c tiv e c o m m itte e , R ich a rd C . P a rk , Ch airm an,
L a n ca ster, P a ., an n ou n ces th a t the c o m m itte e “ has a p p ro v e d a m o d ifica ­
tion o f the su pplem en tal pro p o sa l o f the T e le p h o n e In v e stm e n t C o ., d a te d
F eb . 3 1912, for the reorga n iza tio n o f the U n ite d T e le p h o n e & T elegrap h
C o an d oth er c on s titu en t co m p a n ie s o f th e A m e rica n U n io n T e le p h o n e
S ystem red u cin g the first m o rtg a g e t o be Issued th ereu n der to $6,5 0 0 ,0 0 0
and the w ork in g c a p ita l c o rre s p o n d in g ly to $2 ,0 0 0 ,0 0 0 ; and also the Inser­
tion o f a clause in the m ortg a g e secu rin g the general m o rtg a g e b o n d s to be
Issued to d ep ositin g b on d h o ld e rs u nd er said p ro p o sa l, w a h big th e rig h t o f
foreclosu re fo r a p eriod o f three years fro m the d a te o f said m o rtg a g e . ’
T h e tim e fo r ca rry in g said plan Into cfTcct has been e x te n d e d to A u g . 1
1912. S ec A m erican U n on T e le p h o n e C o . a b o v e , also V . 94, p . .)07

Westerly (R. I.) L t. & Power Co.— Control— Voting Trust.
— Bodell & Co., Providence and Boston, have purchased con­
siderably more than the control of the stock of this company
and they have placed it in a 5-year voting trust, the three
voting trustees being J. J. Bodell and Philip B. Simonds, of
Bodell & Co., and Arthur B . Lisle, of Providence.
M ost o f the o ld d irectors w ill retire an d the fo llo w in g w ill be m em bers o f
the new b oa rd : W illia m C lark. W e ste rly , P re s.; W illiam L . H o d gm a n
(P res. T itle G u aran te C o .), P r o v id e n c e ; F rederick S . P eck (P res. A sa P eck
& C o ., P ro v id e n ce , V .- P . N a t. E x ch a n g e B a n k ); L y m a n B. G ofI (Pres.
U n ion W a d d in g C o ., P a w tu c k e t, d ire cto r o f R h o d e Island H o sp ita l T ru st
C o. and In du strial T ru s t C o ., P r o v id e n c e ): G eorge K . W e b s te r (W ebster
C o ., silversm ith s), N o . A t t le b o r o , M ass.: P h ilip B . S im o n d s an d Josep h J.
B od ell, o f B od ell & C o ., P ro v id e n ce , R . I.
T h is c o m p a n y furnish es («) e le ctric ligh t an d p o w e r to W e s te rly , W a tch
H lil, A sh aw ay and Pleasant V ie w , R . I ., and P a w c a tu c k , S to n in g to n ,
M ystic an d part o f G roton , C o n n .; W) gas to W e ste rly an d P a w ca tu ck ,
C on n . T h e c o m p a n y Is p a y in g d iv id e n d s o f 5 % o n Its ($200,000 n o n c u m .l pref. s tock and 3 % on Its [$500,0001 c o m . s to c k , and the new Interests
h a ve p u rchased the c o m p a n y w ith the Idea o f d e v e lo p in g an d e x te n d in g the
business. [There are also o u ts ta n d in g $37 5,00 0 o f an issue o f $500,000
1st M . 30-y c a r 5s due Ju n e 1 1937, ln t. J . & D . at U n io n T r . C o ., I’ ro v .l
M r. Clark has been P residen t sin ce o rg a n iz a tio n an d M. II. S pellm an,
w h o has been G en. M gr., w ill c o n tin u e In th e sam e c a p a c it y . V . 85, p . 44.

Western Union Telegraph Co.— Earnings. — For 3 and 12
months ending June 30 (partly estimated in 1912):
3 Mos. end.
Gross
June 30.
Income.
1912 ( e s t .) ___$1 0 ,9 0 1 ,8 5 0
1011 ( a c t .) . - N o t s t a t e d .

Net
Itcvenue.

Bond
Interest.

Dividends
Paid.

$1,1 3 9 ,9 8 0
1,982,493

$347,633
433 ,953

(?D $ 7 4 8 ,0 0 5
(J*> 717,887

Balance,
Surplus.
$44,342
800,653

1011-i •* (est.)
..................
6 ,9 0 1 ,5 8 6 1.650,373
(3) 2 ,991 ,812 2,259,401
1010-11 (a c t.)
...............7 ,1 0 5 ,3 5 6 1,733,389
(3 )2 ,0 9 1 ,3 0 5 2,380,662
T h e net reven u e as a b o v e fo r th e 3 and 12 m o n th s, r e s p e ctiv e ly , en din g
Ju n e 30 1912, is sh ow n a fte r d e d u ctin g $850,000 and $ 1,7 0 0 ,0 0 0 , resp ec­
tiv ely fo r repairs and d ep r e c ia tio n , th e d ire cto rs h a v in g v o te d to a p p ro ­
priate’ $3 400 000, p a y a b le In equal qu a rte rly Installm ents, o u t o f the earn­
ings o f th e year en din g D ec. 31 1912, fo r repairs an d m a in ten an ce, and $ 5 ,­
000 000 In such qu a rterly Installm ents as m ay be d eterm in ed b y d irectors,
fo r recon stru ction and d e p re cia tio n reserve.
V . 94, p . 1191, 771.

Western United Gas & El. Co., Aurora, 111.— B ds. Called.—
A ll o f the $115,000 ou ts ta n d in g 1st M . 5s Issued b y the c o m p a n y u nd er
its form er nam e o f F o x R iv e r L igh t, H eat & P o w e r C o ., d ated J u ly 1 1902,
h a ve been ca lled fo r p a y m e n t at 102
and ln t. on J u ly 1 a t the C o n ti­
nental T ru st & S avin gs Bank (form erly A m e r. T ru st & S av in gs B a n k ),
C h icago, trustee. H olders o f a n y o f said b o n d s desiring t o secu re p a y m e n t
p rior t o J u ly l are referred to N . W . H alsey & C o ., co rn e r A d a m s an d La
8aHe S treets, C h ica g o .— V . 04, p . 1191.




1631

T H E C H R O N IC L E

Westinghouse Electric & M fg. Co.— Patent Case W o n .—
T h e U .S .S u p r e m e C ou rt o n Ju n e 7 d e cid e d in fa v o r o f th e c o m p a n y th e
su it bro u g h t a g ain st o n e W a gn er, in v o lv in g an alleged in frin g e m e n t o f a
W e stin g h o u se p a te n t o n a tra n sfo rm e r.— V . 94, p . 1441, 1191.

Westminster Building, Chicago.— Bonds Offered.— S. W .
Straus & Co., Chicago, are placing at par and int. the entire
auth. issue of $750,000 1st M. 6 % serial bonds dated May 1
1912 (due 2 to 15 years) covering the 16-story steel frame
building now under construction at Munroe and Dearborn
streets, costing probably $1,600,000; also guaranteed by indi­
viduals of substantial means.
W est Virginia Pulp & Paper Co.— Bonds Called —
N in eteen 5 % d e b e n tu re b o n d s o f $1,000 each , d a te d Ju n e 29 1906, an d
ten o f $100 ea ch , fo r p a y m e n t a t p a r an d in t. on J u ly 1 a t the o ffic e o f the
c o m p a n y , 200 5tli A v e ., N . Y . — V . 93, p . 538.

Wisconsin Sugar Co., Menominee Falls, W is .— P ref.
Stock.— The Benj. M. Weil’s Sons Co., Milwaukee, recently
offered at par ($100) and int. $500,000 7 % cum. pref.
(p. & d.) stock, dividend period Q .-F ., callable all or part
at 110 and div. A circular shows:
O rganized In W iscon sin in 1901 w ith a c a p ita l s to c k o f $50 0,00 0 to m a n u ­
fa ctu re and rellnc boot su gar. O w n s a m o d e rn p la n t a t M e n o m in e e Falls,
c o v e r in g 20 acres, c a p a c ity 500 ton s o f beets a d a y , rep resen tin g an o u tp u t
up to 12,500,000 lbs. o f sugar per season . A ls o ow n s a co n tr o llin g Interest
In the successul 600 -ton beet sugar fa c to r y at M adison , W ls ., o rg a n iz e d In
1907, ca p ita l $ 52 5,00 0. T h e c o m p a n y has n o w am e n d e d its articles, m a k ­
ing the total a u th orized ca p ita l s to c k $500,000 p re f. an d $ 1 ,0 0 0 ,0 0 0 c o m ­
m o n . T h e proceeds o f this pref. s to ck are to be used to d o u b le th e c a p a c it y
o f the plan t, to bu ild a d ry in g plan t fo r the m a n u fa ctu re o f s to c k fe e d o u t
o f the b e e t residue, to equ ip the fa c to r y fo r refining raw ca n e su gar d u rin g
the p o rtio n o f the ye a r th at the beet sugar fa c to r y is necessarily id le, fo r
ad d ition a l w o rk in g c a p ita l, and to retire the entire present o u ts ta n d in g b on d
Issue, a m o u n tin g to $20 0,00 0.
P resen t net assets a b o v e all liabilities, e x c e p t the o u ts ta n d in g co m m o n
s to c k , are $8*3 ,8 0 0 . A v era ge net annual profit a b o v e all c o s t an d fix ed
charges fo r the past five years was $75,807, o r o v e r tw ice the p re f. d iv id e n d
ch a rge . T h e net earnings o f the enarged plant are e stim a te d at th ree tim es
the present earnings.
O ver 7 5 % o f the presen t o u ts ta n d in g co m m o n s to c k Is o w n e d b y th e o f ­
ficers and m anagers. T h e c o m p a n y ca n n o t, w ith o u t the co n s e n t o f 7 5 %
o f the pref. sto ck , m o rtg age o r e n cu m b e r Its real o r p erson al p r o p e r ty , o r
create o r Issue a n y b o n d s.
P ro v isio n also m ust be m ade fo r a fu ll y e a r ’s
pref. d iv id e n d s b e fo re c o m m o n s to c k d iv id e n d s can b e d e cla re d .

Yale & Towne Manufacturing Co.— Special D ividend .—
A special d iv id e n d o f 1 % has been de cla re d o n th e $ 2 ,0 0 0 ,0 0 0 s to c k in
a d d itio n to the regular q u a rte rly p a y m e n t o f 1 H % , be in g th e sam e a m o u n t
as on Ja n . 1 1912.
In 1910 and 1911 e x tra d iv id e n d s o f 4 % each w ere
p a id , in 1909 2 % an d in 1907 and 1908 1 % . — V . 90, p. 452.

Yosemite Steamship Co.— Bonds Called .—
A ll o f th e o u ts ta n d in g
the steam sh ip Y o s e m ite ,
been called fo r p a y m e n t
D e tro it, tru ste e .— V’ . 73,

m tg e . b o n d s (N o s. 86 to 125 In clu sive), c o v e r in g
Issued u n d e r m o rtg a ge d a te d S e p t. 18 1901, h a ve
on J u ly 1 a t 105 an d ln t. a t Unlom T r u s t C o .,
p . 725.

— A brochure covering the organization proceedings of the
Southern Settlement & Development Organization at the
meetings held in Baltimore Dec. 8 1911 and Feb. 20 1912 has
just been printed and is ready for public distribution. The
Southern Settlement & Development Organization was
founded by the railroad and transportation officials and the
Governors of the Southern States, and has for its purpose the
settlement and development of the unoccupied farm lands
of the sixteen States of the South. S. Davies Warfield,
President of the Continental Trust Co. of Baltimore, is
President of the Organization, in the creation of which he has
taken a leading part. The objects as stated in the charter are:
1. T o m ak e a th o ro u gh and s cie n tillc stu d y o f th e resources an d possi­
bilities o f the S tates o f A la b a m a , A rk a n sas, F lo rid a , G eorgia, K e n tu c k y ,
L ou isian a, M arylan d , M ississip p i, M issouri, N orth C arolina, O k la h o m a ,
S ou th C a rolin a, T en n essee, T e x a s , V irginia an d W e s t V irgin ia , an d the
best p ra ctica l m e th o d s o f d e v e lo p in g sam e.
2 T o direet p u b lic a tte n tio n , b o th in this an d in o th e r c o u n trie s , t o the
resou rces and p o ssibilities o f said S tates, a n d m o re e s p e cia lly to the Im ­
m ense area o f u n im p r o v e d land th erein .
3. T o a ttr a c t Into said S tates c a p ita lists, in vestors and d e sirable im m i­
gran ts, an d m ore e s p e cia lly exp e rie n ce d farm ers and agricu ltu ra l la b o rers.
4 . T o en co u ra g e b y e v e r y p ra ctica l m eans the e stablish in g in the several
S tates n am ed o f the S o u th , b y said S tates or oth erw ise, bureaus o f ag ri­
c u ltu re and im m ig ra tio n bureaus fo r the pu rpose o f dissem in atin g reliable
in fo r m a tio n regardin g the resou rces and possibilities o f said S tates.
5. T o establish an d m a in ta in , so far as p r a c tic a b le , a c o -o p e ra tio n be­
tw een th e U n ited S tates G o v e rn m e n t, th e g o v e rn m e n ts o f the several
S tates n a m e d , th e railroad and tra n sp o rta tio n c o m p a n ie s, c o m m e rcia l
b o d ie s, real esta te m en and m em bers o f the said S ou th ern S e ttlem en t &
D e v e lo p m e n t O rga n iza tio n , In p la cin g th e Sou th ern c o u n tr y p r o p e r ly b e ­
fo re th e p e o p le o f the w o rld .
6. T o secu re from the U nited S tates G o ve rn m e n t p ro p e r p o r t fa cilities
a t B a ltim o re and th e S o u th A tla n tic an d G ulf p o rts fo r th e h a n d lin g o f
fo re ign Im m igration .
7. T o establish the p rin cipa l o ffic e o f th e o rg a n iz a tio n , h ead qu arters
o r bu reau In the c it y o f B a ltim ore M d ., w ith as m a n y b ran ch es th e re o f an d
in such cities as th e e x e c u tiv e co m m itte e m a y d e te rm in e .

A copy of the brochure can be obtained on application
to the Continental Trust Co., Baltimore.
— A very attractive list of investment bonds is being offered
on another page by the banking house of N . W . Halsey & Co.,
49 Wall St. The offering comprises municipal, railroad and
corporation bonds which will yield the investor from 4 .0 5 %
to 5 .5 0 % .
A number of the issues are legal for savings banks
and trust funds in New York, New Jersey, Connecticut and
Massachusetts. Full information and complete June circular
will be furnished upon application to the firm’s main office
in New York or its offices in Philadelphia, Chicago and San
Francisco.
— C. E . Denison & Co., Boston and Cleveland, are offer­
ing the unsold portion of $100,000 1st M. 5s of the Ontario
Power Co. of Niagara Falls, Ont. See V . 94, p. 284.
— G. G. C. Flintermann has severed his connection with
Bertron, Griscom & Jenks to become associated with E . II.
Rollins & Sons in their Philadelphia office.
— Bolger, Mosser & Willaman, Chicago, are offering Tar­
rant County, Texas, 5 % bonds. See full description in ad­
vertisement on another page.
— J. M. Cowan, for the last five years with Geo. II. Burr
& Co., is now associated with the Lewis W . Thompson
• Securities Co. of St. Louis.

1632

THE

C H R O N IC L E

[VOL. L X X X X I V .

gkpoxts mid glom m m ls.
HAVANA ELECTRIC RAILW AY, LIGHT & POWER COMPANY
D IG E ST OF O FFIC IA L S T A T E M E N T TO T H E N E W Y O R K STOCK E X C H A N G E IN CONNECTION
T H E L ISTIN G OF T H E 6 % C U M U L A T IV E P R E F E R R E D STOCK A N D T H E COMMON STOCK.

New Y ork, June 5 1912.
The Havana Electric Railway, Light & Power Company
respectfully makes application to have listed on the New
York Stock Exchange $15,000,000, par value, the authorized
issue of its Six Per Cent Cumulative Preferred Capital Stock,
divided into 150,000 shares of §100 each, and §15,000,000,
par value, the authorized issue of its Common Capital Stock,
divided into 150,000 shares of §100 each. Botn classes of
stock are fully paid and non-assessable, have equal voting
power and no personal liability attaches.
The Company was incorporated under the laws of the
State of New Jersey on the 26th day of March 1912.
The charter is perpetual and permits the Company to gen­
erate, distribute and sell gas and electricity or light, heat,
power, etc., to acquire, hold and operate railways and omni­
bus lines, telephone lines, own wharves, warehouses, etc.,
in the W est Indies, and to do such other things as is set forth
in its Certificate of Incorporation.
The holders of Preferred Stock are entitled to cumulative
dividends at the rate of Six Per Cent per annum, beginning
April 1 1912, and no more, payable semi-annually. In case
of liquidation or dissolution or distribution of assets, the
holders of Preferred Stock shall be entitled to be paid the
par amount of their shares, with any accumulated and un­
paid dividends before any amount shall be paid to the holders
of Common Stock. The Preferred Stock is redeemable as a
whole but not in part at any time after 1914 at §115 per
share, with accrued dividends.
Negotiations have been carried on between the Havana
Electric Railway Company and the Compania do Gas y
Electricidad de la Habana. A committee of Stockholders
of each Company recommend to the Stockholders of their
respective Companies the acceptance of a certain Plan of
Amalgamation and Agreement, dated March 8 1912.
This said plan was declared operative, over Ninety-seven
per cent of the Stockholders of the Compania de Gas y Elec­
tricidad de la Habana and over Ninety-five per cent of the
Stockholders of the Havana Electric Railway Company have
already exchanged their holdings as therein provided and
sufficient amounts of the shares of the Havana Electric Rail­
way, Light & Power Company are provided for in order to
exchange under said Plan all outstanding stocks of said
companies.
In pursuance of said Plan the total Capital Stock of the
Havana Electric Railway, Light & Power Company, i. e.,
$15,000,000 Six Per Cent Cumulative Preferred Stock and
$15,000,000 Common Stock has been issued.
The said Plan of Amalgamation and Agreement of March 8
1912 does not deal with any of the bonds or mortgages which
are to be assumed by the New Company whenever the phys­
ical properties of the two companies may have been trans­
ferred to it, but it provides, viz.:
“ Depositing Stockholders will receive stock of the new
Company (Havana Electric Railway, Light & Power Com­
pany) upon the following basis of exchange:
“ E a ch $100, par v a lu e , o f H a va n a E le c tr ic R a ilw a y C o m p a n y Preferred
“ S to c k la to receive:
“ $110, par v a lu e. In the N ew C o m p a n y ’s (H a v a n a E le ctric R a ilw a y , L igh t
“ & P ow er C om p a n y ) Preferred S to c k :
“ $25, par va lu e. In the N ew C o m p a n y ’s (H a v a n a E le ctric R a ilw a y , L igh t
“ & P o w e r C om p a n y ) C o m m o n S to c k .
“ E a ch $100, p a r va lu e , o f H a va n a E le c t r ic R a ilw a y C o m p a n y C om m on
•‘ S to c k is to receive:
“ $140, p ar va lu e. In the N ew C o m p a n y 's (H a v a n a E le c tr ic R a ilw a y , Light
" & P ow er C om p a n y ) C om m on S to ck .
“ E a ch $100, p ar va lu e , o f the C om pa n ia d e Gas y E le ctricid a d d c la
“ H ab a n a S to c k Is to re ceive:
“ $110, par va lu e. In the new C o m p a n y ’ s (H a v a n a E le c tr ic R a ilw a y , L ight
“ & P ow er C om p a n y ) Preferred S to c k ;
“ $25, par valu e, In the N ew C o m p a n y ’s (H a v a n a E le ctric R a ilw a y , L ight
“ & P ow er C om p a n y ) C o m m o n S to c k .

“ To effect an exchange of stock on the foregoing basis and
provide funds as stated it will be necessary to make the fol
lowing disposition of new (Havana Electric Railway, Light
& Power Company) stock:
“ (1) P referred S to c k t o be e xch an g ed u p o n the fo re g o in g basis
at the rate o f $110 par value o f the n ew (H a v a n a E lec­
tric R a ilw a y , L ig h t & P ow er C o m p a n y ) Preferred S to c k
fo r each $100 par valu e o f P referred S to c k o f the R a il­
w a y C om p a n y surrendered fo r e x c h a n g e ------------------------ $5,500,000
“ T o be exch an g ed u p o n the fo re g o in g basis at the rate o f
$110 par valu e o f the new (H a v a n a E le ctric R a ilw a y ,
L ig h t & P ow er C om p a n y) P referred S to c k fo r each $100
par v alu e o f s to c k o f the C om pa n ia d e Gas y E le ctrlcld cd
d e la H ab a n a surrendered fo r e x c h a n g e ________ _________ 6,600,000
“ T o b e sold , the proceeds to be a pp lied to p ro v id e fu n ds for
exten sion s, enlargem ents, betterm en ts and Im prove­
m ents o f the properties o f the R a ilw a y C o m p a n y and the
C om p a n ia d e Gas y E lectricid a d de la H ab a n a and to
d e fra y the expen ses o f ca rryin g o u t the plan, in clu d in g
th e co m p e n sa tio n to be paid to the M anagers an d De­
p ositaries a n d their ex p en ses............... ........... ......................._
2 ,9 0 0 ,0 0 0
$15 ,000 ,00 0
‘ (2) C om m on S to c k to be ex ch a n g e d fo r Preferred S to c k o f the
R a ilw a y C o m p a n y a t the rate o f $25 p a r v alu e o f new
(H a v a n a E le ctric R a ilw a y , L ig h t & P ow er C om pa n y)
C om m on S to c k fo r each $100 par va lu e o f Preferred
S to c k surrendered fo r e x c h a n g e _________________________ $ 1,250,000




W IT H

Brought forward---------------------------------------------------------------------------- $1,250,000
“ T o be e x ch a n g e d fo r C o m m o n S to c k o f th e R a ilw a y C om ­
p a n y a t the rate o f $140 par va lu e o f n ew (H a v a n a E lec­
tric R a ilw a y , L ig h t & P o w e r C o m p a n y ) C o m m o n S to c k
fo r each $100 par value o f o ld C o m m o n S to c k surren­
dered fo r e x c h a n g e ____________________________________ ____ 1 0,500,000
“ T o be ex ch a n g e d fo r s to c k o f the C o m p a n ia d e Gas y E lec­
tricidad d e la H ab a n a a t the rate o f $25 par v alu e o f
n ew (H a v a n a E le ctric R a ilw a y , L igh t & P ow er C o m ­
pan y) C o m m o n S to c k fo r each $100 par va lu e o f C om ­
pan ia d e Gas y E le ctricid a d d c la H a b a n a S to c k surren­
dered fo r e x c h a n g e _________________________ ______ _________
1,500,000
“ T o be so ld , the p roceed s to be a p p lie d to p ro v id e fu n d s for
exten sion s, enlargem en ts, be tte rm e n ts an d Im prove­
m ents o f the properties o f the R a ilw a y C o m p a n y and the
C o m p a n ia d e Gas y E le ctricid a d d e la H a b a n a and to
d e fra y th e expen ses o f ca rry in g o u t the plan, Including
th e c o m p e n s a tio n an d expenses o f the M anagers and
D e p o s ito r ie s ................. .............................. ........................................
1,7 5 0 ,0 0 0
$ 1 5 ,0 0 0 ,0 0 0

H A V A N A E LE C T R IC R A IL W A Y C O M PAN Y.
The Havana Electric Railway Company (hereinafter
called the Railway Company), whose §7,500,000 Common
and §5,000,000 Preferred Stock and §10,000,000 Consoli­
dated Mortgage Five Per Cent Bonds are listed on your E x­
change (under applications A 3056, dated March 22 1905,
A 3458, dated April 1 1908, and A 3941, dated March 28
1911), acquired the concessions, franchises, privileges and
property of the Havana City Railway & Omnibus Co., or­
ganized in 1876, and under provisions of the franchises the
Railway Company has a preferential right to construct any
extensions and branches for which franchises may be granted
within the limits of the municipality. The Railway Com­
pany now owns the following concessions and franchises:
T h e “ T r ig o ” C on cession granted In 1859, e x p irin g In 1958, an d s u b je c t
to an ann ual p a y m e n t o f $8,300 to the orig in a l co n cession aire d u rin g the
life o f the co n ce s s io n .

and the fol owing which are not subject to any payments:
111

T h e “ P r in c ip e " C on cession, gra n ted in the y e a r 1883 and e xp irin g In 1943.
T h e “ T o rre P la " C on cession, gran ted in 1893 an d e x p irin g in 1953.
A n d the right to eq u ip th e system e le ctr ic a lly , w ith m o d ifica tion s in the
rou tes b y the A m erican M ilitary G ov e rn m e n t o f In te rv e n tio n in 1899.
A con cession granted on J u ly 3 0 1908 fo r a b o u t th irty m iles o f a d d ition a l
track in and a b o u t H avan a, o f w hich s ix m iles h a v e been built.

Under the above concessions the Railway Company op­
erates 50.66 miles of overhead tro ley street and elevated
railway in the city and suburbs of Havana, serving a popu­
lation of about 312,000.
Freight is carried over a portion
of its lines.
In addition, the Railway Company operates, through
ownership of all of the §100,000 Capital Stock, the Insular
Railway Company, a New Jersey corporation, which has
constructed and owns free of mortgage about eight miles of
road between Havana and Marianao and in Marianao.
I he
accounts of said Insular Company are consolidated herein
with those of the Railway Company.
The Railway Company also owns and operates stage lines
in the city and suburbs of Havana, employing therein about
180 stages and 1,500 mules and horses.
The above-mentioned concessions and all other properties
of the Railway Company are subject to a Mortgage for $10,­
000,000, executed by it to the Central Trust Company of
New York on May 10 1902, under which §10,000,000 Con­
solidated Mortgage Five Per Cent Gold Bonds, duo 1952,
have been issued, of which at present §9,554,000 Bonds arc
outstanding, §446,000 of these Bonds having been retired
to date by operation of a sinking fund.
The Havana Electric Railway Company for the last two
years has paid dividends at the rate of Six Per Cent per an­
num on its Common and Preferred Capital Stock.
CO M PAN IA DE GAS Y E L E C T R IC ID A D D E LA H A B A N A
The Compania de Gas y Electricidad de la Habana (here­
inafter called the Gas Company) was formed in Havana on
September 16 1904 by Notarial Act, duly registered in
the Mercantile Register of Havana.
The corporate existence of the Gas Company is unlimited.
The Gas Company owns four franchises authorizing it to
manufacture, distribute and sell gas and electricity, respec­
tively, for lighting, heating, power or any other purposes
in Havana.
These franchses are perpetual.
The Gas Company is the only corporation in its fiold op­
erating in Havana, serving about 312,000 people, and does
the street lighting of the City of Havana by gas and electricity.
The properties of the Gas Company comprise: A gas
plant, with an annual production (1911) of about 390,000,000
cubic feet, and an electric plant with a capacity of 4,600 k.w .,
with warehouses, wharves for discharge of coal, etc., situ­
ated in Havana, at the Harbor, and covering an area of
125,089 square meters. An electric plant at the Vedado,
in the City of Havana,|(wlth a capacity of 2,600 k.w ., and

June

15 1913. j

THE

covering an area of 29,375 square meters. An office build­
ing at Monte Street No. 1, in the business district of Havana,
valued at $125,000.
The total Capital Stock of the Cas Company authorized
and outstanding is $6,000,000, divided into 60,000 shares
of $100, par value, each.
The Bonds and obligations of the Gas Company are as
follows:
Issu ed .

D u e.

A u th o r iz e d .

6 % M o rtg a g e B o n d s ________________ 1904 1954 $ 4,000,000
5 % M ortg a g e B o n d s ________ _______ 1906 1943
£ 1 4 0 ,0 0 0
Carried o n th e h ook s a t -------------------------------------------------6 % C on solid a ted Incom e o b lig a ­
tion s rctlra b le In w h ole or In
p a rt a t th e o p tio n o f the Co_ _ 1906 ------$6,0 0 0 ,0 0 0

Outstanding.

$ 3 ,9 9 8 ,0 0 0 00
£ 1 4 0 ,9 0 0 00
$07 6,18 3 39

6 , 000,000 00

The gross earnings of the Gas Company are as follows:
1006
1907
1908

...$ 1 , 9 7 3 , 5 7 1 27
..$ 1 ,3 2 6 ,6 6 2 93 1 1 9 0 9 ................
1,556,421 83 1910_____________________ 2 ,0 0 0 ,0 0 3 49
___________________ 1,727,998 82 |1911----2 ,2 0 8 ,6 0 7 27

The Gas Company during the last two years has paid divi­
dends on its stock at the rate of Eight Per Cent per annum.
C O M B IN E D B A L A N C E S H E E T O F T I I E H A V A N A E L E C T R I C R A I L ­
W A Y C O M P A N Y A N D C O M P A N I A D E G A S Y E L E G T R IC I D A D D E L A H A B A N A (T H E H A V A N A G A S &
E L E C T R I C C O M P A N Y ) A P R I L 1 1912.

ASSETS.
H a v a n a E lec.
HU. C o.

H avana G as
& E lec. C o.

1633

C H R O N IC L E

T o ta l.

P erm a n en t:
$
S
„ „„
P r o p e r ty a c c o u n t ___________2 1 ,7 4 1 ,7 0 7 05 17,234,862 76 3 8 ,9 7 6 ,o69 81
B e tte r m e n ts ___________________
4 0 ,406 23
52,778 01
93,184 24
Insular R a ilw a y ..................
442 ,348 44
....
4 4 -,3 4 8 44
S ta ge lin es ____________________
i8 5 ,2 5 8 i3 ---------------------- ---- 135 ,2o8 13
227409,719 85 17,287,640 77 3 9 ,6 9 7 ,3 6 0 62
C u rrent:
803,613 75
215,153 45
588 ,460 30
Cash o n ‘h an d' and' ‘In 'b a n'k . .
267 ,020 44
208,832 49
58,187 05
A c c o u n ts r e c e iv a b le ........ ...... ..
210,372 81
210,372 81
C ity o f H a v a n a _______________
32,961 08
32,961
08
C u ban G o v e rn m e n t_________
T h e Snare & T rle s t C o. (G ar­
32,5 0 0 00
32,500 00
b a ge D isposal P la n t ) _____
53,067 00
500 00
52,567 00
D ep osit w ith G o v e rn m e n t—
1,399,535 08
'7 0 0 ,3 1 9 83
099 ,215 25
2,6 5 0 04
2,650 04
B ills r e c e iv a b le -------------- ----------I n v e n t o r y — M aterial and su p­
662,081
71
200
,583
36
plies __________________________
461 ,4 9 8 35
5,754 54
3,954 54
Secu rities o w n e d -----------------------1,800 00
D eferred:
P rep a id Insurance
39,391 22
9,897 58
a n d t a x e s _____________________
29,493 64
S p ecial: B o n d d is c o u n t an d e x ­
200 ,024 21
pense to be a m o r t iz e d _______
200,024 21

H A V A N A E L E C T R IC R A IL W A Y C O M P A N Y .

Revenue and Profit and Loss Accounts for the Year ended Dec. 31 1911.
Car e a rn in g s ___________________________________
S ta g e e a r n in g s _________________________________
M iscella n eou s e a r n in g s .. __________ ______ _
U n claim ed w ages w ritte n b a c k ______________
G ross e a r n in g s ______________________________
O p e ra tin g exp en ses:
M a in t e n a n c e ______________________ ______ _
T r a n s p o r t a t i o n _____________________________
G e n e ra l_________________ ____________________
S ta ge lin e s __________________________________

________ $ 2 ,469,161
..............
403,451
____
118,888
____
51
$ 2 ,091,553

$299,201
739,449
173,035
3 07 ,617

17
57
82
93
49

52
18
63
11

1,5 1 9 ,3 0 3 44
N et earnings fro m o p e r a t io n fo r 191 1________________________$ 1 ,4 7 2 ,2 5 0 05
B a d d e b t s __________________________________________
$4,344 67
T a x e s , e t c _________________________________________
22,720 59
I n t e r e s t ___________________________________________
479 ,953 17
5,194 80
A m o r tiz a tio n , b o n d d is c o u n t an d e x p e n s e _____
-----------------------512,213 23
N e t p rofits fo r 1 9 1 1 .................................. ........................................ ..
$96 0,03 6 82
Surplus J a n u a ry 1 191 1__________________________________________ 1,1 1 4 ,9 1 3 75
$ 2 ,0 7 4 ,9 5 0 57
C om m n d iv id e n d s . N o s . 10 an d 1 1 , 3 % fro m
surplus p ro fits o f 19 1 0 --------------------------------------- $223,908 92
C o m m o n d iv id e n d s. N os. 12 an d 13, 3 % fro m
surplus p rofits o f 1 9 1 1 --------------------------------------223,908 92
P referred d iv id e n d s. N os. 21, 22, 23 a n d 24,
3 0 0 ,0 0 0 00
fro m surplus p rofits o f 1 9 1 1 ___________________
-----------------------747 ,8 1 7 84
-----------------------B a la n ce carried to B a lan ce S h e e t:
Surplus fro m p rofits o f 191 1----------------------------- $ 4 3 6 ,1 2 7 90
Surplus fro m p rofits o f p re v io u s y e a r s ________
8 91 ,004 83
------------------------$ 1 ,3 2 7 ,1 3 2 73
D iv id e n d s N o . 13 C o m m o n an d N o . 24 P re fe rre d d e cla re d J a n . 10 1912.
C O M P A N IA DE GAS Y E L E C T R IC ID A D D E L A H A B A N A .
Income Account for the Year ended December 31 1911.
G ross e a r n in g s _____ _______________________________________________ $ 2 ,2 0 8 ,6 0 7 27
E x p e n s e s _________________________________________________________ 1 ,7 8 3 ,1 52 72
N et e a rn in g s____________
$425,454 55
2 0 3 ,0 5 7 25
D iv id e n d s ._________
B a la n ce , B . F ____________
$ 2 2 2,39 7 30
S u rp lu s ------------------9 2 3 ,6 5 7 69
T o t a l surplus to B a lan ce S h e e t ______________
$ 1 ,1 4 6 ,0 5 4 99

H A V A N A ELE C T R IC R A I L W A Y , L IG H T & P O W E R CO
The Havana Electric Railway, Light & Power Companjr
agrees with the New York Stock Exchange as follows: To pub­
lish at least once in each year, and submit to the Stock­
holders at least fifteen days in advance of the annual meet­
ing of the corporation, a detailed statement of its physical
and financial conditions, an income account covering the
previous fiscal year, and a balance sheet showing assets and
liabilities at the end of the year; also annually an income
2 3 ,801,751 30 18,205,046 12 4 2 ,0 0 6 ,7 9 7 42
account and balance sheet of all subsidiary companies; to
LIABILITIES.
maintain a transfer office or agency in the Borough of Man­
Havana Elec. Havana Gas
hattan, City of New York, where all securities shall be
A Elec. Co.
Total.
Ily. Co.
$
$
directly transferable and the principal of all securities with
C a pital S to c k :
$
.
. _ 4 ,9 9 9 ,9 1 5 00
P r e f e r r e d _____________________ 4 ,9 9 9 ,9 1 5 00
or dividends thereon shall be payable; to give at
000 00 13,463,094 interest
00
C o m m o n ______________________ 7 ,4 63,094 00 6 .0 0 0 .
ten days’ notice in advance of the closing of the books
000 00 18,4 6 3 ,0 0 9 least
00
12,463,000 00 6 .0 0 0 .
or the taking of a record of Stockholders for any purpose;
B o n d s O u tsta n d in g :
__
F irst M ortgage B o n d s________
36,0 0 0 00 3 ,9 9 8 ,0 0 0 00 4 ,0 3 4 ,0 0 0 00
to notify the Stock Exchange in the event of the issuance of
_________
0,5 1 7 ,6 8 1 11
C on solid a ted B o n d s --------------- 9,5 1 7 ,6 8 1 11
6
.
000
.
000
00
6
,
000,000
00 rights or subscriptions to, or allotments of its securities,
any
6 % C on sol. In c o m e o b llg a t'n s
...............676,183 39
676,183 39
- ------------E n glish C o. B o n d s ---------------and afford the holders of listed securities a proper period
9,5 5 3 ,6 8 1 11 10,674,183 39 20,2 2 7 ,8 6 4 50
within which to record their interests; and that all rights,
Current:
175,140 07
05,168 11
79,971 96
subscriptions or allotments shall be transferable, payable and
A c c o u n t s p a y a b le ------------------59,972 69
59,972 69
B ills p a y a b le --------------------------deliverable in the Borough of Manhattan, City of New York.
3 3 ,956 28
16,207 13
17,749 15
U n p aid B o n d C o u p o n s ---------The certificates of stock are engraved in two languages,
16,266 63
16,266 63
U n p a id d iv id e n d s -----------------178,746 77
178,746 77
M eter d e p o s it s ________ ___ —
English and Spanish, and are interchangeable between New
17,038 46
17,038 46
U n cla im ed m eter d e p o s it s ___
York and Havana, Cuba. In any interpretation of the text
984 54
984 54
D e p o s its fo r ren t, etc
3 1 ,0 8 5 00
E m p lo y e e s ’ deposits
the English version prevails.
513,190 44
385 ,926 35
The New York Agency and Stock Transfer Office of the
A c c r u e d (see N ote A ) :
Company is at 55 Liberty Street, New York City.
167,857 25
88,3 8 5 78
79,471 47
B on d In terest----------9,7
6
7
67
9,767
67
T a x e s _______ _______ _
The Registrars of this Company’s Preferred and Common
88,3 8 5 78
177,624 92
89,239 14
Capital Stock are The United States Mortgage & Trust Com­
R eserv e:
pany at New' York City, and the Banco Espanol de la Isla
F o r prem iu m s on First M o rt­
gage B on d s
do Cuba at Havana, Cuba.
F o r d o u b tfu l a c c o u n ts
The fiscal year of the Company ends on December 31st.
The annual meeting of the Stockholders is held on the
R es erv e a c c o u n ts : S in k in g fund
P ro fit an d loss— S u r p lu s ---------- 1,088,688 24
third Thursday in May at the principal office of the Company
at 15 Exchange Place, Jersey City, New Jersey.
1,555,920 32
1 ,056,550 60 2 ,6 1 2 ,4 7 0 02
It is provided in the Certificate of Incorporation that the
23,801,751 3 0 18,205 046 12 4 2 ,0 0 6 ,7 9 7 42
Board of Directors shall be divided into three classes. The
Note A .— N o provision has been m ade b y the Gas & E le ctrlo C o m p a n y
Directors of the first class shall be elected for a term of one
fo r in terest to A p ril 1 1912 o n $6,0 0 0 ,0 0 0 C on so lid a te d In c o m e o b lig a tio n s
a m o u n tin g to $ 16 5,00 0.
, _
„
year; the Directors of the second class for a term of two years,
N o p r o v is io n has been m ade b y the Gas & E le ctric C o m p a n y fo r taxe
and the Directors of the third class for a term of three years;
accru ed to A p ril 1 1912 a m o u n tin g to $32,775 (a p p r o x im a te ly ).
and at each annual election thereafter the successors to the
C O M B IN E D S T A T E M E N T — P R O F I T A N D L O SS A N D S U R P L U S O F
T H E H A V A N A E L E C T R IC R A I L W A Y C O M P A N Y A N D T H E
class of Directors whose terms shall expire in that year shall
H A V A N A G A S & E L E C T R I C C O M P A N Y (C O M P A N IA D E
be elected to hold office for the term of three years, so that
G A S Y E L E C T R I C I D A D I)E L A H A B A N A ) J A N U A R Y 1
the term of office of one class of Directors snail expire in
1912 T O M A R C H 31 1912.
E arnings fro m op eration s:
each year. The present Directors and their respective
"•treet—R a ilw
- a y -D e p a r tm e n t. $ 3 5 3,99 6 29
S
terms of office are as follows:
104,089 14
Gas D e p a r tm e n t......................
2 2 6 ,0 3 5 12— $68 4,12 0 55
E le c tr ic L ig h t D e p a r t m e n t-Corsino Bustillo, Pedro Landeras, Herman Kraemer,
M iscella neous earnings:
terms expire in 1913; Antonio San Miguel, David T. Davis,
$1,069 09
F rom e x c h a n g c (G a s & E l.C o .)
M aintain ing p riv a te arcs (Gas
Emetcrio Zorilla, terms expire in 1914; Richard Schuster,
206 01—
1,276 0 0 — $685,396 55
& E le c. C o . ) ________________
Jacob G. Metcalfe, Frank Steinhart, terms expire in 1915.
D ed u ction s:
A c c r u e d Interest on b o n d s
The present Officers of the Company are as follows:
R a ilw a y C o m p a n y ________ $ 1 1 8,45 8 52
Frank Steinhart, President; David T . Davis, 1st Vice-Presi­
Gas & E lectric Co
69,293 11— $187,751 63
A ccru e d taxes and an n u ities
dent; Emeterio Zorilla, 2d Vice-President; Antonio San
— R a ilw a y C o m p a n y _____
$5,520 39
Miguel, 3d Vice-President; Herman Kraemer, Secretary
A m o rtize d b o n d d is co u n t e x ­
penses R a ilw a y C o m p a n y .
1,296 86
6,826 25
and Treasurer.
S u n dry repair a ccou n ts s ta te d o n b o o k s o f
Gas & E lectric C om p a n y as assets, n o w
ch a rged o f f -------------- -----------------------------------

16,780 23—

211,358 11

H A V A N A E LE CTR IC R Y ., L IG H T & P O W E R CO.,
B y D A V I D T . D A V I S , ls f Vice-President.
H . K R A E M E R , Treasurer.

$474,038 44
Surplus a c c o u n t J an u ary 1 1912:
H a va n a Gas & E lectric C o . ( a d ju s t e d ) ____
H a v a n a E le c tr ic R a ilw a y C o . ( a d j u s t e d ) ..

$81 1,22 3 68
1,327,208 80— 2 ,1 3 8 ,4 3 2 48

P er co m b in e d balan ce s h e e t ........................................................ $ 2 ,6 1 2 ,4 7 0 92
S in k in g fu n d reserve— R a ilw a y C o m p a n y ..
$467,232 08
••
— Gas & E lectric C o . .
2 3 ,730 16
S u rp lu s— R a ilw a y C o m p a n y .$ l,0 8 8 ,6 8 8 24
•• — Gas & E lec. C o ____ 1 ,032,820 44— 2 ,1 2 1,508 68




$ 2 ,6 1 2 ,4 7 0 92

This Committee recommends that the above-mentioned
$15,000,000 par value Six Per Cent Cumulative Preferred
Stock and $15,000,000 par value Common Stock be admitted
to the list.
G EO R G E W . E L Y ,
Secretary.

WM. W . HEATON,
Chairman.

Adopted by the Governing Committee June 12 1912.

1634

THE

C H R O N IC L E

3£ke ©jcrmromial gimjcs,
COMMERCIAL EPITOME.
F rida y Night, June 14 1912.

Trade is increasing along conservative lines, as is clearly
revealed by the exhibit of bank exchanges, as compared not
only with last year but with the year before. The weather
has been better for the crops. Iron and steel have still been
hopeful features of the situation. In the textile industries
there is a fair degree of activity. The disturbed political
situation, however, is still a factor that cannot be wholly
ignored.
G E N E R A L ST O C K S O F M E R C H A N D IS E .
June 1 1912. May 1 1912. June 1 1911.
C offee, B r a z il............................. ...b a g S - 1 ,6 8 2 ,7 3 8
1,577,103
2 ,044,321
C offe, J a v a ______________________ m a t s .
4 0 ,720
21,728
15,560
C offee, o t h e r _____________________ b a s s . 260 ,608
278 ,895
292 ,066
S u g a r ................................................. . b a g s .
20,000
nil
41,437
N o3,600
5,200
8,100
H id e s ................
C o t t o n . . . ...................................... . . b a l e s .
158,700
141,139
106 ,532
M an ila h e m p .................................. . . b a l e s .
2,591
2,5 8 7
4,444
Sisal h e m p . _______
b a le s .
1,123
nil
726
F l o u r .................................................
b b ls .
4 8 ,2 0 0
4 5 ,6 0 0
42,600

L A R D on the spot has ruled steady, on the whole, with
trade quiet; prime Western 11.05c.; Middle Western 10.85c.;
City steam 10 % c . Refined lard has been in moderate de­
mand and steady; Continent 11.35c.; South America 12.10c.;
Brazil in kegs 13.10c. The speculation in lard futures at the
West has been moderately active most of the time. Fluctu­
ations have been frequent, though not wide. A t times there
has been rather free selling on some increase in the move­
ment of hogs and depression in corn. On set-backs, however,
there has been good buying for investment and shorts have
covered, causing rallies.
D A I L Y C L O S IN G P R I C E S O F L A R D

Sat.

J u ly d e liv e r y ______ c t s . 1 0.95
S e p te m b e r d e liv e r y ____ 11.15

Mon.

F U T U R E S IN CHICAGO.

Tues.

Wed.

Thurs.

Fri.

11.02 M 10.97 44 11.02 44 10.97 44 10.90
11.2 2 44 11.15
11.22 44 11.17 44 11,10

P O R K on the spot has been moderately active and prices
have not varied much; mess $20 5 0 @ $ 2 0 75, clear $ 1 9 ®
$20 50, family $20 2 5 @ $ 2 1 25. Beef has been quiet and
firm; mess $15 50@$1(3, packet $ 1 7 @ $ 1 7 50, family $ 1 8 ®
$18 50; extra India mess $ 2 9 @ $ 2 9 50. Cut meats have been
quiet and steady; pickled hams, 1 0 @ 2 0 lbs., 123^ @ 13c.;
pickled bellies, f>@12 lbs., 11 @ 1 1 * 4 ® . Butter has been in
fair demand and steady; creamery extras 2 7 % ® 28c. Cheese
has been quiet and steady; State, whole milk, new, colored or
white, specials, 1 4 % c . Eggs have been quiet and steady;
Western firsts 1 8 % @ 1 9 c .
O IL S.— Linseed has been moderately active and firm; city,
raw, American seed, 7 9 @ 8 0 c .; boiled 8 0 ® 8 1 c ., Calcutta, raw,
85c. Cottonseed oil has been quiet but firm; winter 7 @ 8 c .;
summer white 7 @ 8 c . Cocoanut has been quiet and steady;
Cochin 9 % @ 1 0 c ., Ceylon 9 @ 9 % c .
Chinawood has been
in moderate demand at 9 % @ 1 0 % c ., according to grade.
Lard has been dull but strong; prime 8 5 @ 8 8 c . Corn has
been in moderate demand and steady at 6 .2 5 @ 6 .3 0 c . Cod
quiet; domestic 5 0 @ 5 2 c .
COFFEE on the spot has been quiet.
Rio No. 7, 14% @
1 4 % c .; Santos No. 4, 1 5 % @ 1 6 c .
West India growths have
been quiet; fair to good Cucuta 1 6 ® 1 6 % c . Trading in
futures has been more active during the week, but varia­
tions in prices have been confined within moderate limits.
The receipts have continued liberal and the spot demand
has been quiet, but on the other hand cost and freight offers
from Brazil have been higher and Europe has been a buyer
at times.
Closing prices were as follows:
J a n u a ry . . 1 3 .9 7 © 1 3 .9 8 1M a y . ' ____ 1 4 .0 3 © 14.04 | Septem ber. 13.8 5 © 13.8 6
F e b ru a r y .1 3 .9 2 © 13.93 J u n e _____ 1 3 .6 3 ® 1 3 .6 5 J O c t o b e r . . .1 3 .8 9 ® 13.90
M a r c h -------13 .9 9 © 14.00 J u l y ______ 1 3 .6 6 © 13.68 N o v e m b e r 1 3 .9 3 © 13.84
A p ril ........14.01 @ 14.02 I A u g u st . . _ 1 3 .7 5 © 1 3 .7 6 1 D e ce m b e r 1 3 .9 7 © 13.98

S U G A R .— Sugar has been quiet and steady. Centrifu­
gal, 90-degrees test, 3.92c.; muscovado, 89-dcgrees test,
3.42c.; molasses, 89-degrees test, 3.17c. The world’s visible
supply is stated at 2,340,000 tons, against 2,400,000 tons
a year ago. Refined has been quiet at 5 .1 0 @ 5 -2 0 c .
P E T R O L E U M .— Refined has been firm, with an active
Remand from foreign and domestic buyers; refined, barrels,
8.00c.; bulk, 5c.; cases, 10.50c. Crude has been firm.
Naphtha has been firm and active; 73@70-degrces in 100gallon drums, 20c.; drums, $8 50 extra.
^ T O B A C C O .— The market continues quiet and featureless.
There is still a fair demand for binder, the supply of which is
moderate. Prices are well maintained by packers. Some
business is reported in shade-grown leaf of both New England
and Southern types. Sumatra is less active, the trade being
fairly well supplied for requirements. Recent inscription
sales in Holland have gone off at high prices. Havana leaf
is’ quiet and steady.
COPPER on the spot has been moderately active and
firmer; Lake 17 % c .; electrolytic 17 % c . Tin has been active
at?an advance; spot 4 8 % c . Lead has been moderately
active and firmer at 4 % c . Spelter has been steady, with a
moderate demand at 6.95c. Pig iron has been firm and
more i active. No. 1 Northern, $15 2 5 @ $ 1 5 75; No. 2
Southern, $ 1 5 @ $ 1 5 50. Finished material has been firm
andjactive. Many contracts have been placed recently for
structural steel for commercial buildings.




[VOL. LXXXXIV.

COTTON.
F rid a y N ight, J une 14 1912.
T H E M O VEM EN T OF T H E CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
19,167 bales, against 24,504 bales last week and 34,901
bales the previous week, making the total receipts since
Sept. 1 1911 11,358,692 bales, against 8,342,854 bales for
the same period of 1910-11, showing an increase since Sept. 1
1911 of 3,015,838 bales.
Sat.

Receipts at—

Mon.

G a lv e sto n _____
T e x a s C i t y ___. .
P t . A r th u r , &c_ N ew O rlean s____
G u lfp o rt . .
M o b ile
___ _____
P e n sa co la _ _ - _
J a c k s o n v ille , & c.
S av an n ah _______
B r u n s w i c k ___ C h a r le s t o n _____
G e o rg e to w n ____
W ilm in g to n . _
N o r f o l k _________
N ’ p o r t N ew s, & c.
N ew Y o rk _____
B o sto n
. _
_
B a lt i m o r e ..
P h ila d e lp h ia ____

2,318

T o ta ls this w e e k .

5,478

Tues.

1,948

__

Thurs.

Wed.

Fri.

Total.

1,113

451

717

450

__

7,000

423

1,152

178

751

4,414

248

491

160

78

75

65

1,117

578

454

1,009

395

838

358

3,632

142

fi

8

15

14

42

226

26
343

34
363

78
1,767

641

66
226
641

2,704

19,167

1,910

5
221

377

223

13
240

50
6

16
11

90

119

—

—

—

3,302

—

3,026

—

2,466

2.191

The following shows the week’s total receipts, the total
since Sept. 1 1911, and the stocks to-night, compared with
last year:
1911-12.

Receipts to
June 14.

Stock.

1910-11.

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

G a lv e s to n ________
T e x a s C it y _______
P o r t A rth u r, & c.
N ew O rle a n s____
M o b i l e __________
P e n sa co la
. . .
J a ck so n v ille , &c
S a v a n n a h .. . . —
B r u n s w ic k _______
C h a r le s t o n ---------G e o rg e to w n -----W ilm in g to n -----N o r fo lk ___________
N e w p ’ t N ew s, & c.
N ew Y o r k ........
B o s t o n ....................
B a lt im o r e ..
—
P h il a d e l p h i a ____

7,000 3 ,4 8 1 ,0 6 0
586,468
279,775
4,414 1,615,053
66,845
1,117
377,838
212,701
50,387
3,632 2 ,362,406
403,983
226
412,008
1,169
78
542,687
1,767
736,782
_____
37,031
66
6,257
226
61,935
611
122,055
—
2,252

1,963 2 ,7 3 1 ,9 5 4
308,229
258,797
4,198 1,559,683
34,211
24
249,522
122,678
291
25,218
2,782 1,408,877
222 ,634
1,425
285 ,026
1,436
732
409 ,117
557,714
143
3,924
174
13,987
37,910
265
576
1 11,572
365

T o t a l ----------------

19,167 11358692

12,573 8 ,342,854

__

1912.

1911.

79,200

13,975

42,662
8,067
3,204

77,072

45,494
421
12,786

15,649
714
7,810

■2,663
29,820

t,0 00
10,314

157,710
9,941
7,190
843

121,628
8,750
2,021
3,333

4 00 ,010

266 ,257

3,091

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

1012.

G a lv e s t o n ___
T e x a s C ity ,& c .
N ew O rlean s.
M o b i le _______
w Savannah___

1911.

1910.

1909.

1908.

1907.

7,000

1,963

4,724

9,840

16,855

4,414
1,117
3,632

4,198
24
2,782

6,903
997
3,813

15,117
1,028
7,903

C h a rle sto n ,& c
W ilm in g to n .
N o r f o l k ___.
N ’ p o rt N ., &c
A ll o th e r s ____

226
78
1,767

1,425
732
143

7,802
282
4,533
2,984
171
554
1,258

237
1,675
4,582

933

1,306

1,471

924
240
3,536
368
6,762

959

18
57
2,258
208
5,417

T o t a l this w k .

10,167

12,573

23,779

33,383

48,356

25,383

0,770
28
6,294
126
4,113

S in ce S e p t. 1 . 11358692 8,3 4 2 ,8 5 4 7,061,451 9 ,6 4 0 ,6 1 0 8 ,0 1 2 ,8 6 3 9 ,5 7 3 ,9 7 0

The exports for the week ending this evening reach a total
of 37,835 bales, of which 7,933 were to Great Britain.
____ to France and 29,902 to the rest of the Conitnent.
Below are the exports for the week and since Sept. 1 1911:
W eek
E x p o rts
fr o m —

c n d lw j J u n e 14
I i t p o r ted to—

G rea t
C o n t i­
B rita in . F r ’ n ee n e n t.

G a l v e s t o n . . - . 0 4 ,1 0 6
T exas C it y .. .
P t . A r t h u r , & c.
N e w O r l e a n s ..
M o b ile
--------P e n s a c o l a ------G u l f p o r t --------S a v a n n a h ------B r u n s w i c k ------C h a r l e s t o n ____
—

1 1 ,4 0 4

6 ,1 8 6

.....
__
__
.....

N o r f o l k -----------N e w Y o r k ------B o s t o n ___ .
B a lt i m o r e
P h il a d e lp h ia .
S an F ra n cisco .
S e a t tle ..............
T acom a
. . .
D e t r o i t ________
T o t a l .............
T ota l

1 9 1 0 -1 1 .

’2 ,5 3 4
757
5 36

....

390
1 ,3 8 5

.....
7 ,9 3 3
7 ,8 6 0

5 ,4 0 6
10C
1,681
350

9 .7 6 8

1912. F ro m S ep t.

T o ta l.

G rea t
B r it a in .

1 1911 to J u n e
E x p o r te d t o —

F ra n ce.

C o n t i­
n e n t.

H

1912.

T o ta l.

1 5 ,5 1 0 1 ,3 6 1 , U r 2 80 ,82 1 1 ,3 0 1 .7 6 6 2 ,9 1 4 ,0 0 2
8 1 ,7 5 2
........ 4 1 1 ,5 0 1 9 2 ,0 5 8
5 8 5 ,9 1 4
2 1 ,5 4 0 0 6 ,1 4 0
1 1 6 ,6 9 8
2 0 4 ,3 8 4
____
8 0 5 ,8 0 0 1 7 4 ,0 4 3
5 6 4 ,1 7 4 1 .5 4 1 ,6 1 7
6 ,1 8 6
1 0 6 ,9 1 2 6 5 ,6 5 t
1 1 9 ,3 1 9
2 9 1 ,8 8 5
5 8 ,3 8 5 6 4 .3 3 7
9 0 ,3 2 9
2 1 3 ,0 5 1
3 1 ,9 0 2
2 5 ,0 4 6
5 6 ,9 1 8
4 7 1 .9 3 8 1 6 9 ,6 7 2 U 19,8 31 1 ,7 6 1 ,4 4 4
1 9 7 ,6 6 4
17.5,160
3 7 2 ,8 2 4
5 1 ,3 0 5
1 9 9 ,2 0 9
2 5 0 ,5 7 1
...........
1 6 2 ,0 9 7 1 1 5 ,4 1 i
2 2 0 ,7 9 2
4 9 8 ,3 3 0
1 4 .7 6 6
2 0 ,3 7 8
5 ,6 2 2
2 3 1 ,6 3 3 8 3 .4 2 1
6 1 2 ,6 6 2
7,94C
2 9 7 ,5 0 8
1 6 7 ,6 7 6
1 7 9 ,6 6 0
857
1 1 ,99 0
1 ,6 8 1
1 8 ,9 1 2
6 ,2 2 0
1 2 3 ,9 9 1
9 8 .8 5 9
8 6 ,0 7 7
886
0 3 ,5 8 3
2 2 ,4 9 4
6 ,8 2 9
6 ,8 2 9
2 1 0 ,5 6 1
390
2 1 0 ,5 6 1
1 6 0 ,2 4 6
4,3 8 .5
1 5 0 ,2 4 6
5 9 ,8 4 3
5 9 ,8 4 3
4 ,8 0 8
4 ,8 6 8
...........
...........

2 9 ,9 0 2

3 7 ,8 3 5 4 ,1 5 6 ,8 8 3 1 15 0909 4 , 8 7 1 .20 2 1 0 ,1 7 8 ,9 9 4

1 5 .8 6 0

3 3 .4 8 8 3 , 2 0 1 .244 9 0 5 .1 9 5 3 ,1 2 0 .8 8 1 7 . 2 0 0 . 6 2 0

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.

June J5 19J2

T H E C H R O N IC L E
On Shipboard, Not Cleared for—

June

14

Great
at— Britain. France

N e w O r le a n s . _
G a lv e s to n . _
Savannah . . .
C h a rle s to n . .
M o b i l e ............ ....
N o r f o l k ...............
N ew Y o r k .. . „
O t h e r p o r t s ___

5 ,1 6 0
6 ,3 7 4
200

700
1 ,0 0 0

1 ,6 6 6

T o ta l 1 9 1 2 ..
T ota l 1911. .
T o t a l 1 9 1 0 ..

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

1 ,3 9 5
3 ,4 4 0
5 ,1 5 2

Ger­
Other Coa si­
many. Foreign te ise.
2 02

395
N one

3 ,5 4 1

4 ,4 5 2
1 5 ,5 8 8

1 0 ,3 5 4
2 0 ,0 4 3
260

300
1 7 ,5 0 0

—

—

2 0 ,5 4 0
0 ,9 8 0
8 ,0 0 0

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

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

100
GOO
4 ,5 0 3
5 ,5 0 7
6 ,8 8 8

85
540

640
1 7 ,5 0 0
2 ,3 0 0
1 ,6 0 0

340

—

Total.

500

Leaving
Stock.

'

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

M id d lin g

u p la n d s ...

N EW
1 9 1 1 ...

Sat.

_____

YO R K

__ 1 1 . 6 5

AND

SALES

Q u ie t
Q u ie t,
Q u ie t
Q u ie t,
Q u ie t
Q u ie t

------------------------- -10 p t s . a d v
- ----------- ---------5 p ts a d v . .
-----------■
10 p t s . a d v . . .




Wed. Thurs.

1 1 .7 5

FOR

.... 12.40 1896-C-.
. . . 12.50 189 5 ..
9 .44 1894
. . 8.38 1893..
. . . 9.00 1892. _
. _ 0.31 1891____
. . . 0.50 1890___
. . 7.09 1889___

Spot Market
Closed.
S a t u r d a y ___
M o n d a y . ___
T u e s d a y ____
W edn esday .
T h u rsda y ..
F r i d a y _______

Tucs.

1 1 .7 5

Q U O T A T IO N S

. . . 11 .00 1004.C
15.80 1903
1902
---- 11.35 1 90 1 .._
1000___
13.15 1 8 9 9 ...
11.20 1898.
8.95 1897___
M AR KET

Alon.

AT

1 1 .8 0

1 1 .8 0

th e

Pri.
1 1 .9 0

1 8 8 8 -0 --- .10.12
1 8 8 7 ........ .11.25
1880
9.12
1885_____
11.50
1884_____
1883. . .... .10.62
1882_____ .12.19
1881_____ .11.00

7.44
7.25
7.31
. . 8.00
. . . 7.56
. . . 8.50
. .12.25
__ 11.12
N EW

S t e a d y ___ ■_ ____
V e r y s t e a d y ___
B a r e ly s t e a d y . .
V e r y s t e a d y ___
S t e a d y ______ . . .
V e r y s t e a d y ____

M©

©
o

£*.U
© Cl

0000

YO R K .

SA LE S
Spot.

Contr'ct Total.

T oo

"6 6
139

39

100

139

©

Cl Cl

a ci

o ci o ci ci j

I©

1©

I®

I®

m ci o
© 1©

El

MOO 0>U

©

©

.U

O *—

©©

MO

I®

I®

I©

©

I©

I®

Ci © o ci ci c«

0000 to M 0000
WCO COCO C\2to

Cl Cl
1©

-a -1
I®

IV

MM O
o ^ m

© I® I®

1

bo
CO 1
LL
© CD
COt\5
1©

1 1
1 1
|@

MM © J
M M CD 1
££
00 O0 O0 M
O0 Cl h-M
|©
|@

I®

j©

T®

Cl Ci

Cl Cl

CI I
*- I

i* ci

r>Cl OCl
-00 MO
|© |©

Cl
I-4
|©

Cl £*■
>u
MO OH1© |©

Ci C» Cl Ci Cl
coo © to ©

I©

!®

O.U
co
•uo
®

co ro to

000 00
©

I©

©© © I
MOO to 1

Cl ©
M 00

Ci >u iu J©© ©©

LL
OO
©Co
|®

££
MM
Co©
I©

££
© Cl
CDto
1©

-

- -

LL LL
!u
© © ©tk
© CO M CD 00 ^
|@, 1 ©
1©
LL LL

1©

I®

I©

I®

|@

--

I©

Ia

£2

COCO
00 CO 0000
I©
I®

I®

©Cl
>U©
MM
MO
1©

I® T®

Ci Cl
ci po 00£*

I® 1© 1©

rr

©

MOO
I©

I®

COCO
CD©

3
<S>3.
b

Cl Cl »uCl
I
0OM_OO to ,

I®

I©

I©

T H E V I S I B L E S U P P L Y O F C O T T O N to -n ig h t , a s m a d e
u p b y c a b l e a n d t e l e g r a p h , is a s f o l l o w s .
F o re ig n s t o c k s ,
a s w e ll a s t h e a f l o a t , a r e t h i s w e e k ’ s r e t u r n s , a n d c o n s e ­
q u e n t l y a l l f o r e i g n f ig u r e s a r e b r o u g h t d o w n t o T h u r s d a y
e v e n in g .
B u t t o m a k e t h e t o t a l t h e c o m p l e t e f ig u r e s f o r
t o -n ig h t ( F r i d a y ) , w e a d d th e it e m o f e x p o r ts fr o m th e
U n i t e d S t a t e s , i n c l u d i n g in i t t h e e x p o r t s o f F r i d a y o n l y .

June 1 4 —
S t o c k a t L i v e r p o o l ___________
S t o c k a t L o n d o n _____________

S tock a t H a m b u rg -

S t o c k a t M a r s e ille s S t o c k a t H a r c c lo n a
S t o c k a t G e n o a _____

1912.
.1 ,1 6 1 ,0 0 0
.
7 ,0 0 0
.
1 1 8 ,0 0 0

1911.
7 5 0 ,0 0 0
9 ,0 0 0
7 4 ,0 0 0

1910.
5 2 8 ,0 0 0
4 ,0 0 0
5 0 ,0 0 0

1009.
1 ,1 4 9 ,0 0 0
7 ,0 0 0
8 0 ,0 0 0

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

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

5 8 2 ,0 0 0
1 1 ,0 0 0
2 0 2 ,0 0 0
1 9 1 ,0 0 0
3 ,0 0 0
1 1 .0 0 0
1 6 ,0 0 0
8 ,0 0 0

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

T o t a l C o n t i n e n t a l s t o c k s ________ .

8 3 9 ,0 0 0

3 9 1 ,0 0 0

4 4 2 ,0 0 0

7 1 2 ,0 0 0

.2 ,1 2 5 ,0 0 0
1 1 8 ,0 0 0
I n d i a c o t t o n a f l o a t f o r E u r o p e ____.
1 3 3 ,7 3 1
A m e r . c o t t o n a l l o a t f o r E u r o p e . ..
2 8 ,0 0 0
E g y p t , B r a z il,& c .,a llt .fo r E u r o p e .
1 0 9 ,0 0 0
S t o c k In A l e x a n d r i a , E g y p t _____ .
0 3 8 ,0 0 0
S t o c k In B o m b a y , I n d i a __________ .
S t o c k In U . S . p o r t s _______________ . 4 0 0 , 0 1 0
1 7 7 ,3 4 3
S t o c k i n U . S . i n t e r i o r t o w n s _____ .
.
3 .0 3 4
U . S . e x p o r t s t o - d a y ________

1 ,2 2 4 ,0 0 0
1 8 4 ,0 0 0
1 5 2 ,9 3 5
2 9 ,0 0 0
1 1 2 ,0 0 0
5 8 8 ,0 0 0
2 0 6 ,2 5 7
1 5 4 ,2 6 5
884

1 ,0 2 4 ,0 0 0
1 5 4 ,0 0 0
1 8 7 ,8 6 0
8 ,0 0 0
8 7 ,0 0 0
7 0 8 ,0 0 0
3 4 4 ,5 8 0
1 9 7 ,1 0 8
286

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

T o t a l v i s i b l e s u p p l y . .................. . . 3. 3, 7, 73 322, 1, 11188

2 ,7 1 1 ,3 4 1

2 ,7 1 0 ,8 4 6

;1 ,4 8 0 , 4 0 2

O f t h e a b o v e , t o t a l s o f A m e r ic a n a n d o t h e r d e s c r ip t io n s a r e a s fo llo w s

Am erican—

.1,036,000
91,000
805,000
133,731
400.010
. 177,313
.
3,034

M a n c h e s t e r s t o c k _____ ________
.
C o n t i n e n t a l s t o c k ___ . . . . . _________.
A m e r i c a n a f l o a t f o r E u r o p e ____ .
U . S . p o r t s t o c k s ________________
.
U . S . e x p o rts

to -d a y .

T o t a l A m e r i c a n _____________

East Indian, B ra zil, A c .—
L o n d o n s t o c k _____
M a n ch ester s t o c k .
C o n tin e n ta l s t o c k .
E g y p t , B r a z il, & c ., a f l o a t . . .
S t o c k In A l e x a n d r i a , E g y p t .
S t o c k In B o m b a y , I n d i a . .

615,000
59,000
338,000
152,935
266,257
154,265
884

430,000 1,046,000
65,000
41,000
654,000
392,000
202,036
187,866
344,586
439,345
197,108
214,695
280
8,386

.2.646,118 1,586,341 1,598,816 2,629,462
.
.
.
.
.
.
.
.

125,000
7,000
27,000
34,000
118,000
28,000
109,000
638,000

135,000
9,000
15,000
53,000
184,000
29,000
112,000
588,000

92,000
4,000
9,000
50,000
154,000
8,000
87,000
708,000

103,000
7,000
15,000
58,000
79,000
32,000
131,000
426,000

1,080,000 1,125,000 1,112,000
851,000
.2,646,118 1,586,341 1,598,846 2,629,402
.3,732,118 2,711,341 2,710,846 3,480,462
5.96d.
8 ,09d.
8.27d.
11.40C.
15.05c.
15.00c.
9d
14 tfd .
11 5-1 Gd.
11 .OOd.
8d .
11 ,25d.
7 d . 9 5-lC d.
7 K d.
7d.
5 Hd.
7 hid.

.
6.63d.
M id d lin g U p la n d , L iv e r p o o l
. 11.80c.
M id d lin g U p la n d , N e w Y o r k .
10 ll-1 0 d .
E g y p t , G o o d B r o w n , L lv c r p c K
P e r u v i a n , H o u g h G o o d , L i v e r p o o l1
9.50d.
6 yHd .
B r o a c h , P i n e , L i v e r p o o l -------. 6 l-1 6 d .
T in n c v e lly , G o o d , L iv e r p o o l
C o n tin e n ta l im p o r ts fo r

"3 9
39

^

w

lU

32 Y E A R S .

...
.

Futures
Market
Closed.

©©

© I® I© I© I© I®

ll

T h e o f f i c i a l q u o t a t i o n f o r m i d d l i n g u p la n d c o t t o n in
N e w Y o r k m a r k e t e a c h d a y fo r th e p a s t w e e k h a s b e e n :

at

gg S g l s B I S g i s g l g g l s g l s g ' s g l s g f s g l s g l

11
11

F a i r _____ ___ _c. 1 .75 on
M iddlin' __ . .c . H arils I Good mid tinged, c . Even
S trict m id. fair . . . 1 . 5 0 on S trict low mid . . 0 .3 5 off Strict m id. tin g e d . .0 .1 5 off
M iddling f a i r .. __ l .30 on Low m id d lin g ... . .0 .8 0 off I Middling tin g e d .. .0 .3 0 off
S trict good m id__ .0.S 0 on S trict g »od ord . . 1 .40 off 1S trict low m id. ting.0 .8 0 off
(iood m iddling.
0 .5 5 on Good ordinary . . . .2 .1 5 off Low m id. tinged . . . 1.0 0 off
S trict middling.................................rlct
. . .0 .3 0 on
g ’d m id. ted 0 .4 i on | M iddling.stained . .0 .9 0 off

p r ic e s

o
'
O
o
S
.
S
a
o
a
S
s
S
.
S
QSt* ojci-7 QK.^QM-, Q » r o » - 0 3 ? 0 £ n o a r - Q a ? 02*= 03)^

11

t i m e s w e ll k n o w n o p e r a t o r s h a v e t a k e n t h e a g g r e s s i v e a n d
p u r c h a s e d o n a s c a le w h ic h a t t r a c t e d c o n s i d e r a b le a t t e n t i o n .
L iv e r p o o l s e n t b u y in g o r d e rs.
T h e S o u t h , N e w O r le a n s
and
M e m p h is
have
b o u g h t.
A
th rea te n e d
s tr ik e
on
tr a n s p o r ta tio n
lin e s
th r o u g h o u t
G reat
B r ita in ,
it
is
h oped
and
b e lie v e d ,
has
been
a v e rte d .
R e­
cent
fa v o r a b le
w e a th e r
le d
to
th e
fo r m a tio n
of
a
r a t h e r la r g e
s h o r t in t e r e s t .
T h is
in t e r e s t
has been
c o v e r in g to s o m e e x t e n t , t h e r e b y a s s is tin g th e rise .
O n th e
o t h e r h a n d , t h e r e a r e t h o s e w h o b e li e v e t h a t t h e c u r r e n t
p r ic e d i s c o u n t s a n y t h i n g a t a ll b u lli s h in th e p r e s e n t s i t u a ­
t i o n , e s p e c i a l l y a s r e c e n t fin e w e a t h e r h a s u n d o u b t e d l y i m ­
p r o v e d t h e o u t l o o k in A l a b a m a , M is s i s s ip p i a n d L o u i s i a n a ,
a n d e v e n in m a n y p a r t s o f t h e e a s t e r n s e c t i o n o f t h e b e l t , n o t
e x c e p tin g G e o r g ia .
A s f o r T e x a s , th e p r o s p e c t s in t h a t
S ta t e are reg a rd e d as d is t in c tly fa v o r a b le .
I t is tr u e t h a t
r a in w o u ld n o w b e b e n e f i c i a l , b u t it is n o t a n a b s o l u t e n e c e s ­
s ity a s y e t .
T h e d r y g o o d s s i t u a t i o n in t h i s c o u n t r y s till
le a v e s m u c h to b e d e s ir e d .
Y e t s p in n e r s a t h o m e a n d
abroad
w ant
th e
a c tu a l
c o tto n ,
and
th e y
are
buy­
in g i t w it h a v i d i t y w h e n e v e r t h e y c a n g e t
h o ld
o f it.
A m e r i c a n a n d f o r e i g n s p in n e r s h a v e a b s o r b e d p r a c t i c a l l y
1 5 ,0 0 0 ,0 0 0 o u t o f a c ro p o f s o m e 1 6 ,2 0 5 ,0 0 0 b a le s .
T h i s is
a n o t h e r i l lu s t r a t i o n o f t h e i m p e r a t i v e n a t u r e o f t h e d e m a n d
fo r th e a c tu a l c o t t o n .
S p in n e r s in t h i s c o u n t r y a n d in
E u r o p e s e e m l o a t h t o a l l o w t h e i r s t o c k s t o d w in d l e t o t h e
lo w s t a g e o f a y e a r a g o .
I t is a r g u e d t h a t t h e y h a v e le a r n e d
a le s s o n a n d a r c s e e m i n g l y d e t e r m i n e d t o p r o f i t b y i t .
It
is o f i n t e r e s t t o n o t i c e , t o o , t h a t t h e t e n d e n c y o f J u ly c o t t o n
in L i v e r p o o l a n d N e w O r le a n s s e e m s t o b e t o w a r d s a n o t e ­
w o r t h y p r e m i u m o v e r t h e n e x t -c r o p m o n t h s .
L arge sp o t
i n t e r e s t s h e r e h a v e b e e n g o o d b u y e r s o f J u l y , if in s o m e
c a s e s t h e y h a v e b e e n s e lli n g O c t o b e r a g a i n s t i t .
T o -d a y
p r i c e s a d v a n c e d o n h e a v y r a in s in G e o r g i a , A l a b a m a , M i s ­
s is s i p p i a n d L o u i s i a n a , p r c d i c t i n s o f f u r t h e r r a i n s , s t r o n g s p o t
m a r k e t s , s p o t s a l e s in L i v e r p o o l o f 1 4 , 0 0 0 b a l e s , h e a v y
c o v e r in g o f s h o r ts a n d g e n e r a l b u y i n g .
S p o t c o tto n has a d ­
v a n c e d t o 1 1 . 9 0 c . f o r m i d d l i n g u p l a n d s , a ris e f o r th e w e e k
o f 2 5 p o in ts.
T h e r a t e s o n a n d o f f m i d d l i n g , a s e s t a b li s h e d N o v . 15 1 9 1 1
b y t h e R e v i s i o n C o m m i t t e e , a t w h ic h g r a d e s o t h e r t h a n
m i d d l i n g m a y b e d e li v e r e d o n c o n t r a c t , a r e a s f o llo w s :

June H to June 14—

F U T U R E S .— T h e h ig h e s t,
o w e s t a n d c lo s in g
N e w Y o r k th e p a s t w e e k h a v e b e e n a s fo llo w s :

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

S p e c u l a t i o n in c o t t o n f o r f u t u r e d e l i v e r y h a s b e e n o n a
r a t h e r li b e r a l s c a le a n d p r ic e s h a v e in t h e m a i n t a k e n a n
u p w a r d d ir e c tio n .
P a r t s o f t h e e a s t e r n s e c t i o n o f th e b e l t
a r e s a id to h a v e h a d t o o m u c h r a in , w h ile a t t h e s a m e t i m e
th e te m p e r a tu r e s h a v e b e e n b e lo w n o r m a l.
T h is w a s m o r e
p a r t i c u l a r l y t h e c a s e in G e o r g i a , A l a b a m a a n d p a r t s o f
M is s i s s ip p i.
O v e r m u c h o f th e b e l t t h e s e a s o n is s a id t o b e
tw o to fo u r w e e k s la te .
L a t t e r l y t h e r e h a s b e e n a lo w
b a r o m e t e r in t h e G u l f o f M e x i c o w h ic h h a s c a u s e d u n e a s i­
n ess.
I t w a s f e a r e d t h a t it m i g h t m o v e u p in t o t h e c o t t o n
b e l t a n d c a u s e m o r e o r le s s d a m a g e .
F u rth e r m o r e ,
th e
sp ot
m a rk e ts a t
th e
S o u th
have
been
a
very
s tro n g
f a c t o r in t h e s i t u a t i o n .
G o o d w h it e c o t t o n is s a i d t o b e
d i f f i c u l t t o p u r c h a s e , w h ile a t t h e s a m e t i m e t h e r e is a p e r ­
s is t e n t d e m a n d fo r it .
L i v e r p o o l s p o t s a l e s .h a v e b e e n la r g e ,
i . e . , 1 0 ,0 0 0 t o 1 4 , 0 0 0 b a le s a d a y .
M o r e o v e r , M a n c h e s t e r ’s
tr a d e r e p o r ts h a v e b e e n m o r e c h e e r fu l.
T h e y sp ea k o f m ore
a c t i v e t r a d e a n d fir m p r i c e s .
T h e b ig e x p o r ts th is y e a r a re
a t t r a c t in g a t t e n t io n , a s th e y a r e o f u n p r e c e d e n te d s iz e .
L iv e r p o o l p r i c e s o f la t e h a v e b e e n g e n e r a l l y h ig h e r t h a n
e x p e c te d .
L a r g e s p o t in te r e s ts h a v e b e e n b u y in g .
At

1035

th e p a st w eek h a v e

b e e n 6 9 ,0 0 0

b a le s .
T h e a b o v e fig u r e s f o r 1 9 1 2 s h o w a d e c r e a s e f r o m l a s t w e e k
o f 2 2 2 , 7 9 2 b a l e s , a g a i n o f 1 , 0 2 0 , 7 7 7 b a le s o v e r 1 9 1 1 , a n e x ­
c e s s o f 1 , 0 2 1 , 2 7 2 b a le s o v e r 1 9 1 0 a n d a g a i n o f 2 5 1 , 6 5 6 b a l e s
over 1909.
.................................................................................................................

A T T H E IN T
t h e r e c e ip t s a n d
a n d th e s to c k s
s p o n d in g p e rio d
b e lo w .

"

E R I O R T O W N S th e m o v e m e n t — t h a t is ,
s h i p m e n t s f o r t h e w e e k a n d s in c e S e p t . 1 ,
t o -n ig h t , a n d s a m e it e m s fo r th e corre­
f o r t h e p r e v i o u s y e a r — is s e t o u t in d e t a i l

“

l©©CMrH©

5

CO0000 ©

gq gp:

iMf ] C O

OCOOC5MH1'TfHHHHO
O CM ©

COO COr
tH C

1-i

Range — Closing......... ..
N o v.—
R a n g e ______
Closing__
D ec.—
R a n g e _____
Closing _____
Ja n .—
R a n g e __ __ _
Closing______
Feh.—
Range ______
C losing______
Mch.
Range ______
Closing.. ------

I>01.0O CMCO Icvi O GO-M
*O kOCO ICO

O^'OMOOiTfPlCOCOO’ l'OOOHOOiOOON^'OJHHTftO
COOcOHi«LOh.OP]<00 0 000>COOOP]QOOOOO«OOMH
^O M D O ^ri'TH O O O H O rfH H H H PlH ^ r- 03SOCO*0
Hrf
© OOlOPJPlH
HOH
O lOH’ f

SI*3
icmuo© coiOt-i ©
i co © *o o © eo >0
i© r-«30rH©

OOOcOOJOOSObilOO lOOOeO ' O 00
COOcOOiOMONTfp. IMrf o Tf i©0O
M '-H h O00HH ItH CM I«V|CO

5CMrf eo ©

»or«.Tf<ococooocMoo©^Tf©©i-H
OP]!D’fO©©002H O '-*C5iO «D.--- -------- -- _ -- ©CMC000Ot-t>'SMl0©C0rHtN.c0Tt‘ **OTl*00 r* 00OOP|r>»©^CM U-

^

^

cvf {o"{n
;.” .. .Co.

^ *o co ©_ ^
co ki
©m
rfi m
co ^
©^
©©

1^*
_*>^© oiO©
© t^*
©

©

lt.8 4 -.8 7 11.94-.13 11.98-.05 12.05-.15 12.09-.16 12.21-.33
11.86-.87 12.09-.10 11.98-.99 12.15-.16 12.13-.14 12.31-.32
— @ — 11.99-.03
11.90-.92 12.03-.05
— @ — — @ —
11.76-.78 11.92-.95

11.48-.54 11.58-.69 11.56-. 65 11.62-.72 11.64-.72 11.76-.85
11.50-.51 11.67-.68 11.57-.58 11.71-.72 11.68-.69 11.82-.83
— @ — — @ — — @ — — @ — — © — — @ —
11,51-.53 11.69-.71 11.58-. 59 11.72-.73 11.69-.71 11.-83.85
11.52-.58 11.60-.73 11.G0-.68 11.05-.76 11.69-.75 11.80-.88
11.53.-54 11.71 — 11.60-. 61 11.75-.76 11.71-.72 11.80-.87
11.57-.60 11.68-.76 11.67-.72 11.70-.78 11.73-.75 11.86-.92
11.58-. 59 11.75-.76 11.65-.66 11.79-.70 11.75-.76 11.91-.92
— @ — — @ — — @ — — @ — — @ — — @ —
11.60-.02 11.79-.81 11.69-.70 11.83-.85 11.77-.79 11.93-.94
— @ — 11.78-.86 11.75-.80 11.82-.84 11.85-.86 11.93-.98
11.67-.68 11.84-.85 11.73-.74 11.88-.89 11.84-.85 11.98-.99
F im i.
Quiet.

O p t io n s _____

Steady.
Steady.

Firm.
Steady.

Firm.
Steady.

Quiet.
Steady.

Firm.
Steady.

CO

IO © © Tj*t>»© SO
I© © O T-«© © CO
1©
M© »H

OUR

COTTON ACR EAG E

R E P O R T .— O u r c o tto n acre­

a g e r e p o r t w ill p r o b a b l y b e r e a d y a b o u t J u n e 1 9 .
P a r tie s
d e s ir in g t h e c ir c u l a r in q u a n t i t i e s w i t h t h e ir b u s i n e s s c a r d s
p r i n t e d t h e r e o n s h o u ld s e n d in t h e i r o r d e r s a s s o o n a s p o s s i b le

|0 I i O I I • •CO ' ' <U^ WO q
fcjyM i »TJ X
l V Io I I
o a „NpO-g 'g O J S s S ^ l o « !
;S ' 1°- ' 1 '- . 3 ! 1 2 2 3 3 0
■ a *'
£ •= ^,rddkxJ*-‘ Cl3>. W^

t o in s u r e e a r l y d e l i v e r y .

as ■*«

W EATH ER
us b y

w S t t W H j< * < ^ o S S ^ o a o a o S & > > « w t fo © S & « 5 9 W K &
.................1
1 I I 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ...................
11
I II I II

3

o ° *xj
5 6 .aa;- <
*u
^
3 Z O « p i * Eh

4 ; ; -a. d : . ; : . : fc.jjZj; - .
<J
<) o in
M.3a

— @ — — @ — — ® — — @ — — @ — — @ —
11.83 — 12.05 — 11.95 — 12.11 — 12.10 — 12.28

— @ — 11.85-.88 11.82 —- — @ —
Closing---------- 11.68-.70 11.87-.88 11.78-.79 11.94 —
Sept.—
Range _____ 11.55-. 57 11.62-.75 11.60 — 11.74 —
Closing______ 11.56-. 57 11.74-.76 11.60-.68 11.80-.82

ooJOJHor-oorfO'tooooTfo^coo^cncoHcoHHOsOHOOJsO'
h-OCOrs'h'l-OPlh-C5,1'PJHOTfP]T}'OOP]OOCOr-lOCOOrHlOb«lOb'r
HtfMO<l, OHOlOOM^'1<lrtMlrtHOCOHCOCOO)^®MflOrtHh.r
r-^tCOC20rHlOTtC5rOTfMt^lOC'l«CeOC3’-^'^C5^C'3t^COOO»OC50riCK
HPIOSOOPlOCCPlO'tTj'
t
-<
CM HHCO

N E W
ORLEANS
O P T IO N
M A R K E T .— T h e h ig h e s t,
l o w e s t a n d c lo s i n g q u o t a t i o n s f o r l e a d i n g o p t i o n s in t h e N e w
O r le a n s c o t t o n m a r k e t f o r t h e p a s t w e e k h a v e b e e n a s f o l l o w s :

Ju ne~ R a n g e ______
Closing-------July—
............
R a n g e ______
Closing______
A u g .—

H PJr

ilOO O H
icOOHh
ICO© o

© © t>- rf rH IC5000 iO © O CO00O Tj*
rf © 00rHt* IMH05P.
IGOOOCOrH

LXXXXIV.

Sat'day, Monday, Tuesday, Wed’day, Thursd'y, Friday,
June 8. June 10. June 11. June 12. June 13. June 14.

OlflOOO
H«oooMMOo>cortooo lObntOO

SS1'3

©s;

Voii.

T H E C H R O N IC L E

1636

REPORTS

t e le g r a p h

fro m

B Y

T E L E G R A P H .— A d v ic e s to

th e S o u th

th is e v e n in g in d ic a te

th a t

r a in h a s f a lle n o v e r m u c h t h e g r e a t e r p a r t o f t h e c o t t o n b e l t
d u r in g th e w e e k , a n d q u ite g e n e r a lly th e m o is tu r e h a s b e e n
b e n e fic ia l.

V e r y l i t t l e r a in h a s f a lle n in T e x a s , b u t c o n d i t i o n

t h e r e is r e p o r t e d v e r y s a t i s f a c t o r y .
OVERLAN D
M OVEM ENT
FOR
TH E
W E E K
AND
S I N C E S E P T . 1 . — W e g i v e b e l o w a s t a t e m e n t s h o w i n g th e
o v e r l a n d m o v e m e n t f o r t h e w e e k a n d s in c e S e p t . 1 , a s m a d e
u p f r o m t e le g r a p h i c r e p o r t s F r i d a y n i g h t .
T h e re su lts fo r
t h e ’ w e e k a n d s in c e S e p t . 1 i n t h e l a s t t w o y e a r s a r e a s f o l l o w s :

------- 19 1-12------Since
June 14—
Sept. 1.
W eek.
Shipped—
631,806
Via St. Louis---------------------------- __ 5,932
04,648
688
• Via C a iro ______________________
8,408
Via R ock Island----------------------165,510
Via L ou is v ille_________________ __ 1,021
124,372
1,723
Via Cincinnati_______ - -------189,339
748
Via Virginia p oin ts------------------- __
445,826
Via other routes, & c---- ------------ . . 3,694

------- 19 10-11------Since
Sept. 1.
W eek.
507,091
3,905
200,102
911
____
25,957
129,386
357
78,669
• 435
800
173,920
168,008
987

Total gross overland ---------- -.1 3 ,8 0 6 1,029,909
Deduct shipments—
933
192,499
Overland to N. Y ., Boston, &c_ . .
797
101,104
Between Interior tow ns----------- . .
70,330
..
384
Inland, &c., from S outh------

7,401 1,289,193

303,993

Total to be deducted----------- . . 2,114

Leaving total net overland *------ . .11,692 1,265,916

1,015
598
1,909

163,834
60,624
50,710

3,522

275,168

3,879 1,014,025

* Including m ovem ent b y rail to Canada.
T h e f o r e g o i n g s h o w s t h e w e e k ’ s n e t o v e r la n d m o v e m e n t
h a s b e e n 1 1 , 6 9 2 b a l e s , a g a i n s t 3 , 8 7 9 b a l e s f o r t h e w e e k la s t
y e a r , a n d t h a t fo r th e s e a s o n to d a t e th e a g g r e g a te n e t o v e r ­
la n d e x h i b i t s a n in c r e a s e o v e r a y e a r a g o o f 2 5 1 , 8 9 1 b a l e s .

-1911-12ln Sight and Spinners'
Since
Takings.
W eek.
Sept. 1.
Receipts at ports to June 14_____ 19,107 11,358,692
Net overland to June 14________ 11,692 1,265,910
Southern consum ption to June 14. 56,000 2,124,000

-1910—11Since
Week.
Sept. 1.
12,573 8,312,854
3,879 1,014,025
48,000 1,955,000

_ 86,859 14,748,608
76,906
. . * 10,973

04,452 11,311,879
•14,753
103,487

.. 75,886
1.

7,919

49,699
14,825,514
2,272,922

18,489

11,415,366
2,058,253

* Decrease during week.
M ovem ent

in to

s i g h t in

p r e v io u s

years:

Since Sept. 1—
Bales.
Week—
Bales.
1910— June 17________________ 52,549 1909-10— June 17_______ 10,037,955
1909— June 1 8 . . . . ................... .76,765 1908-09— Juno 18------------13.080,899
1908— June 20..............................75,764 1907-08— Juno 2 0 . . ......... 10,866,584
Q U O T A T IO N S F O R M ID D L IN G C O T T O N A T O T H E R
M A R K E T S . — B e l o w a s t h e c lo s i n g q u o t a t i o n s o f m i d d l i n g
c o t t o n a t S o u th e r n a n d o th e r p r in c ip a l c o t t o n m a r k e ts

Closing Quotations for Middling Colton on
Week ending
J u oe 14.
Galveston . —
Mew Orleans —
M o b ile ________
Savannah -------Charleston_____
W ilm ington____
Norfolk _____
B a ltim o re -------Philadelphia —
A ugusta----------M em p h is---------S t. Louis______
H o u s t o n ____■-Little R o ck ____

Sat'day.

Monday. Tuesday. Wed’day. 7'hursd’y. Friday.

11 13-16 u k

12

12

u k

u k
u k
u k

11 K
11K
ii K
11 K
11.90

12
12

UK
11 9-16

11 V»




____
ii K

11 K
12
12
12
u k
u k

11 K

12
12 W

UK
12 K
UK
11 K
UK

12
12 K
UK
UK
UK

UK
UK
UK

UK
UK

UK
UK
12.05

UK
UK
12.05

____

12
12
12

12

—

12

12 1-16
12 K

UK
UK
UK

____

UK
UK
12.15

12

12 K
12 K
12 K
12 K
UK
UK
12 K
11 13-16 11 13-16 11-15-16
UK
11 11-10 11 11-16 11 11-16 11 11-10

Galveston, Tex.— L i t t l e o r n o p r e c i p i t a t i o n o c c u r r e d in
T e x a s d u r i n g t h e w e e k j u s t p a s t . I n t h e fo r e p a r t o f t h e
w e e k th e w e a th e r o n th e c o a s t w a s u n s e tt le d a n d c lo u d y :
t h e b a l a n c e o f t h e S t a t e a v e r a g e d c le a r a n d s u n s h i n y w e a t h e r .
T e x a s c o n d i t i o n is n o w h i g h e r t h a n in a n y y e a r s in c e 1 9 0 2 .
T h e fir s t b a l e o f t h i s s e a s o n ’ s
a b o u t J u ly 1 .
I t h a s r a in e d
t h e r a in f a ll h a v i n g r e a c h e d
in c h .
T h e th e rm o m e te r h a s

c r o p w ill p r o b a b l y b e m a r k e t e d
d u r in g th e w e e k o n tw o d a y s ,
t w e n ty -o n e h u n d r e d th s o f a n
a v e r a g e d 7 8 , th e h ig h e s t b e in g

8 6 a n d th e lo w e s t 7 0 .
.
Abilene, Tex.— T h e r e h a s b e e n a tr a c e o f r a m o n o n 1 d a y
th e p a s t w e e k .
T h e t h e r m o m e t e r h a s a v e r a g e d 7 7 , r a n g in g
fro m

6 4 to 9 0 .

Brenham, Tex.—

T h e r e h a s b e e n n o r a m d u r in g th e w e e k .
T h e r m o m e t e r h a s r a n g e d fr o m 6 2 to 9 4 , a v e r a g in g 7 8 .
Cuero, Tex.— W e h a v e h a d n o r a in th e p a s t w e e k . A v e r ­
a g e th e r m o m e te r 7 8 , h ig h e s t 9 4 , lo w e s t 6 2 .
Dallas, Tex.— D r y a ll t h e w e e k . T h e t h e r m o m e t e r h a s
a v e r a g e d 8 0 , t h e h i g h e s t b e i n g 1 0 2 a n d th e
Henrietta, Tex.— T h e r e h a s b e e n n o r a in
T h e th e r m o m e te r h a s a v e r a g e d 8 1 , r a n g in g
Huntsville, Tex.— It h a s b e e n d r y a ll th e

lo w e s t 5 8 .
d u r in g th e w e e k .
fr o m 6 0 to 1 0 2 .
w eek.
I h e th e r­

m o m e te r h a s ra n g e d fr o m 5 8 to 9 4 , a v e r a g in g 7 6 .
Kerrville, Tex.— W e h a v e h a d n o r a in t h e p a s t

w eek.

A v e r a g e t h e r m o m e t e r 7 8 , h i g h e s t 1 0 0 , lo w e s t 5 6 .
Lampasas, Tex.— I t h a s b e e n d r y a l l t h e w e e k ,
rh e th e r­
m o m e t e r h a s a v e r a g e d 7 8 , h ig h e s t b e in g 1 0 2 a n d lo w e s t 5 4 .
Lonqview, Tex— R a i n f a l l f o r t h e w e e k , s i x t e e n h u n d r e d t h s
o f a n in c h , o n o n e d a y .
T h e th e rm o m e te r has a v e ra g e d 7 9 ,
ra n g in g fr o m

62

to 9 6 .
.
.
m
W o h a v e h a d n o r a m th e p a s t w e e k .
Ih e
th e r m o m e te r h a s ra n g ed fro m 6 2 to 1 0 0 a v e r a g in g 8 1 .
Nacoqdoches, Tex.— I t h a s b e e n d r y a l l t h e w e e k . A v e r a g e

Lulinq Tex.—

th e r m o m e te r 7 4 , h ig h e st 8 8 , lo w e st 6 0 .
Paris Tex.— T h e r e h a s b e e n n o r a m d u r i n g t h e w e e k . T h e
th e r m o m e te r h a s a v e r a g e d 7 5 , ra n g in g fr o m 6 0 to 9 0 .
San Antonio, T e x .— T h e r e h a s b e e n r a in o n o n e d a y o f th e
w eek
t h e r a in f a ll r e a c h i n g t w e n t y - f o u r h u n d r e d t h s o f a n
in c h .
T h e r m o m e te r h a s ra n g e d fr o m 6 6 to 9 8 a v e r a g in g 8 2 .
Weatherford, Tex— I t h a s b e e n d r y a l t h e w e e k . T h e
t h e r m o m e t e r h a s a v e r a g e d 8 1 , th e h ig h e s t b e in g 1 0 2 a n d th e

^°™Ardmore, Okla.—

I t h a s r a in e d o n o n e d a y o f th e w e e k , t h e
p r e c i p i t a t i o n r e a c h i n g t w e n t y h u n d r e d t h s o f a n in c h .
Ih e
t h e r m o m e t e r h a s r a n g e d f r o m 6 2 t o 1 0 -., a v e r a g i n g 8 0 .
Marlow, Okla.— It, h a s r a in e d o n t w o d a y s d u r i n g t h e w e e k ,
t h e r a in f a ll b e i n g n i n e t y - f o u r h u n d r e d t h s o f a n i n c h . A v e r a g e
t h e r m o m e t e r 7 5 , h ig h e s t 9 3 a n d lo w e s t 5 9 .
Tulsa, Okla.— T h e r e h a s b e e n r a m o n t w o d a y s d u r i n g th e
w e e k , t h e p r e c i p i t a t i o n b e i n g o n e in c h a n d t w o h u n d r e d t h s .
T h e t h e r m o m e t e r h a s a v e r a g e d 7 4 , th e h i g h e s t b e i e g 9 0 ,
a n d th e lo w e s t 5 7 .
Alexandria, La.— R a i n f a l l f o r t h e

,
,
w eek , s ix ty -e ig h t H un­

d r e d t h s o f a n in c h , o n o n e d a y .
T h e th e rm o m e te r has
a v e r a g e d 7 6 , r a n g in g fr o m 6 0 to 9 4 .
.
New Orleans, La.— T h e r e h a s b e e n r a in o n f iv e d a y s d u r i n g
th e

w eek,

th e

r a in f a ll

re a c h in g

one

in c h

and

seven

hun-

June 15 1012
d re d th s.

The

THE

j

th e rm o m e te r

has

ranged

fr o m

62

C H R O N IC L E
to

86,

W O R L D ’S

a v e ra g in g 7 4 .

Shreveport, La.— I t h a s r a in e d o n o n e d a y o f t h e w e e k , t h e
r a in f a ll b e i n g n i n e t e e n h u n d r e d t h s o f a n i n c h .
A verage
t h e r m o m e t e r 7 5 , h i g h e s t 9 0 , a n d lo w e s t 6 1 .
Eldorado, Ark.— I t h a s r a in e d o n o n e d a y d u r i n g t h e w e e k ,
t h e r a i n f a ll h a v i n g r e a c h e d t w e n t y - o n e h u n d r e d t h s o f a n
in c h .
T h e th e r m o m e te r h a s a v e r a g e d 7 2 , th e h ig h e s t b e in g
8 8 a n d th e lo w e s t 5 5 .
Helena, Ark.— R a i n h a s b e e n b e n e f i c i a l . T h e r e h a s b e e n
r a in o n o n e d a y t h e p a s t w e e k , t h e r a i n f a ll r e a c h i n g t h i r t y th r e e h u n d r e d t h s o f a n i n c h .
T h e th e rm o m e te r has a v e r­
a g e d 7 6 .4 , r a n g in g fr o m 6 0 to 9 1 .
Little Rock, Ark.— We h a v e h a d r a in o n o n e d a y d u r i n g t h e
w e e k , th e p r e c ip ita tio n r e a c h in g tw e lv e h u n d r e d th s o f a n
in c h .
T h e th e rm o m e te r h a s ra n ged fro m 5 8 to 8 8 , a v e r­

SUPPLY

d u r in g th e w e e k w e re o f g r e a t b e n e fit.
T h e r e h a s b e e n r a in
o n t h r e e d a y s o f t h e w e e k , t h e r a in f a ll r e a c h i n g t h i r t y - s i x
h u n d re d th s o f a n in c h .
T h e th e rm o m e te r has a v era g ed 7 3 ,
r a n g in g fr o m 6 3 to 8 4 .
Montgomery, Ala.— R a i n h a s f a l l e n o n t w o d a y s d u r i n g
t h e w e e k , t h e p r e c i p i t a t i o n r e a c h i n g o n e in c h a n d f i f t y h u n ­
d r e d th s . T h e th e rm o m e te r h a s ra n g ed fr o m 6 0 to 8 6 , a v e r a g ­
in g 7 3 .

Selma, Ala.— I t h a s r a in e d o n t w o d a y s d u r i n g t h e w e e k ,
t h e r a i n f a ll b e i n g o n e in c h a n d f o r t y - f i v e h u n d r e d t h s . A v e r ­
a g e t h e r m o m e t e r 7 2 . 5 , h i g h e s t 8 3 , lo w e s t 6 2 .
Gainesville, Fla.— -I t h a s r a in e d o n fiv e d a y s d u r i n g t h e
w e e k , t h e r a i n f a ll h a v i n g r e a c h e d f o u r in c h e s a n d n i n e t y - f i v e
h u n d re d th s.
T h e h te r m o m e to r h a s a v e r a g e d 7 6 , th e h ig h e s t
b e in g 8 8 a n d th e lo w e s t 6 4 .
Madison, Fla.— M o s t fie ld s a r e t o o w e t t o w o r k . T h e
w e a t h e r is s t i l l u n s e t t l e d .
T h e r e h a s b e e n r a in o n f o u r d a y s
d u r i n g t h e w e e k , t h e r a i n f a ll r e a c h i n g t h r e e in c h e s a n d f i f t y fo u r h u n d re d th s.
T h e th e r m o m e te r has a v e ra g e d 7 3 , ra n g ­
in g f r o m

6 3 to 8 6 .
Augusta, Ga.— W e h a v e h a d r a in o n t w o d a y s d u r i n g th e

w e e k , th e p r e c ip ita tio n r e a c h in g fif t y -t w o h u n d r e d th s o f a n
in c h .
T h e th e r m o m e te r h a s ra n g e d fr o m 5 7 to 8 9 , a v e r a g ­
in g 7 3 .

Savannah, G a . — W e h a v e h a d r a in o n t w o d a y s o f t h e p a s t
w e e k , t h e r a i n f a l l r e a c h i n g t h r e e in c h e s a n d e le v e n h u n ­
d re d th s.
A v e r a g e t h e r m o m e t e r 7 1 , h i g h e s t 8 7 , lo w e s t 6 0 .
Washington, Ga.— I t h a s r a in e d o n t w o d a y s o f t h e w e e k ,
t h e r a i n f a l l b e i n g o n e in c h a n d t w e n t y - f o u r h u n d r e d t h s . T h e
t h e r m o m e t e r h a s a v e r a g e d 7 0 , th e h ig h e s t b e in g 8 6 a n d th e
lo w e s t 5 3 .
Charleston, S. C.— T h e r e h a s b e e n r a in o n t w o d a y s t h e p a s t
w e e k , t h e r a i n f a ll r e a c h i n g f iv e in c h e s a n d n i n e t y - s i x h u n ­
d re d th s.
T h e th e r m o m e te r h a s a v e ra g e d 7 3 , r a n g in g fr o m
5 9 to 8 6 .
Spartanburg, S. C.— W o h a v e h a d r a in o n t w o d a y s d u r i n g
t h e w e e k , t h e r a i n f a ll b e i n g t h r o e in c h e s a n d f i f t y h u n d r e d t h s .
A v e r a g e t h e r m o m e te r 7 0 , h ig h e st 9 1 , lo w e s t 4 9 .
Charlotte, N . C.— T h e r e h a s b e e n r a in o n t w o d a y s d u r i n g
t h e w e e k , t h e r a i n f a ll b e i n g t w o in c h e s a n d t h i r t y - s e v e n h u n ­
d re d th s.
T h e th e r m o m e te r h a s a v e r a g e d 7 0 , ra n g in g fr o m
5 0 to 9 0 .
Greensboro, N.C. — T h e r e h a s b e e n r a in o n t w o d a y s d u r in g
t h e w e e k , t h e r a in f a ll r e a c h i n g f o r t y - n i n o h u n d r e d t h s o f a n
in c h .
T h e th e r m o m e te r h a s a v e r a g e d 6 7 , ra n g in g fr o m
4 7 to 8 8 .
A L E X A N D R IA

R E C E IP T S

Alexandria, Eovpt,
June 12.
Receipts (cantars)—
This w e e k __________ .
Since Sept. 1 _______
Exports (bales)—
To
To
To
To

L iverpool......................
M anchester--------------Continent and I n d ia ..
A m e r ic a .-....................

T otal exports------------N ote.— A cantar Is 99 lbs.

' 1911-12.

AN D

S H IP M E N T S .

1910-11.

1900-10.

OF

COTTON.

1910-11.
Season.

Week.

2,844,456
Visible supply June 7 --------------- 3,954,910
1,495,514
1,603,418
Visible supply Sept. 1__________
______
49,699 11,415,366
American in sight to June 14__
75,886 14,825,514
B om bay receipts to June 13____
46,000 2,286,000
28,000 2,163,000
355,200
Other India shlpm ’ts to June 13
9,000
6,000
207.000
1,000 1,007,000
Alexandria receipts to June 1 2 ..
1,000
966.000
267,000
4,000
5,000
217.000
Other supply to June 12 •_____ 1
T otal s u p p l y .. ._____ ________ 4,073,706 19,981,932 2,951,155 16,826,080
Deduct—
Visible supply June 14_________ 3,732,118 3,732,118 2,711,341 2,711,341
341,678 16.249.814
Total takings to June 14______
239.814 14,114,730
O f which A m erican............... ..
277,678 13.031.814
163.814 10,622,539
O f which o t h e r _____________
64,000 3,218,000
76,000 3,492,200
* Embraces receipts in Europe from Brazil, Smyrna, W est Indies, &c.
COTTON

M OVEM ENT

FROM

1911-12.

'June 13.
Receipts at—

Week.

Bombay...............................

Since
Sept. 1.

Since
Sept. 1.

Week.

28,000 2.163,000 46,m ) 2,286,00() 35,000 13,046,000
Since September 1.

Great Conti- Japan
Britain. nenl. &China Total.

Great
Britain.

Bombay—
1911-12..
5.000 6,000 11,000
191011.. 27,000
3‘,666
30.000
1909- 10..
5.000 12'6o6 17.000
Calcutta—
191112..
1.000
1,000
191011..
1909- 10..
Madras—
191112..
191011..
1909- 10..
2',666
21666
All others—
191112..
1,000
7.000
8,000
1,000
5.000
191011..
6,000
9.000
190910..
9,000
Total all—
19111910r o ^ -io

PORTS.

1909-10.

Since
Sept. 1.

Week.

For the Week.
Exports,
from—

ALL

1910-11.

1,000
12.. 13.000 6,000 20,000
4,000
36,000
11.. 32.000
16.000 12"oor ys.nnn

Conti­
nent.

Japan
<fc China.

Total.

783.000 1.095.000
513.000 1.405.000
816.000 1.818.000

10,000
56.000
92.000

302.000
836.000
910.000

2,000
3.000
3.000

17.000
33.000
37.000

12,000
18,000
46.000

31.000
54.000
86.000

3.000
8.000
4,000

3,000
18.000
15,000

1,000
200
1,000

7,000
26,200
20,000

10.000
39.000
24.000

128.000
224.000
275.000

31.000
12.000
8,000

169.000
275.000
307.000

25,000 450,000
106,000 1,111,000
lyi.nnn l ,2 i7,non

827,000 1.302.000
543,200 1,760,200
8T1 .r'OO2.231.000

M A N C H E S T E R M A R K E T . — O u r r e p o r t r e c e iv e d b y c a b le
t o - n i g h t f r o m M a n c h e s t e r s t a t e s t h a t tlio m a r k e t i s q u i e t f o r
y a r n s a n d f ir m f o r s h i r t i n g s .
T h e d e m a n d fo r b o th y a rn
a n d c l o t h is i m p r o v i n g .
W e g iv e th e p ric e s fo r t o -d a y
b e l o w a n d le a v e t h o s e f o r p r e v i o u s w e e k s o f t h i s a n d l a s t
y e a r fo r c o m p a riso n .

1911.

1012.
8 M lbs. Shirt- Cot'n
inns, common Mid.
to finest.
Upl's

32s Cop
Ttcist.
Apr.
26
May
3
10
17
24
31
June
7
14

<1. 8. d.

d.
9H

@

OH
@
@
OH
9 11 -16 @
C9
OH
©
OH
OH

©
®

s. d.

d.

d.

105* 6

1H@11 5

6.56 10X

10M
10M
10M
10«

6
6
6
6
io x 0

1 @11
1K @ l l
1J4@11
1X@ 11
1H @ U

6.37
6.53
6.47
0.36
6.36

10»* 6
10JJ 6

1H @11 3
2 ©11 3

3
3
3
3
3

8 X lbs. Shin­ Cot’n
in'} s. common Mid.
to finest.
Upl’s

32s Cop
Ttcist.

d. s. d.
@

10 13-16®
10 15-16®
10 15-16@
10H @
11
@

s. d.

d.

lix 6

1@11

3

8.27

11?i
11H
11H
11X
11K

1X @ 11
1X @ 11
ix @ ll
I X @11
1K @ 11

4
4
4H
4H
4H

8.23
8.42
8.40
8.28
8.33

1X @ 11 4H
1t4©11 5

8.31
8.27

6
6
6
6
6

6.45 11 1-16 @ 11X 6
6 63 11 1-16 f t m < 6

S H I P P I N G N E W S . — A s s h o w n o n a p r e v io u s p a g e , th e
e x p h r ts o f c o tto n fr o m th e U n ite d S ta t e s th e p a s t w e e k h a v e
re a c h e d 3 7 ,8 3 5 b a le s .
T h e s h i p m e n t s in d e t a i l , a s m a d e
u p fr o m

m a i l a n d t e le g r a p h i c r e t u r n s , a r e a s f o l l o w s :

Total bales.
N E W Y O R K — T o Liverpool— June 10— T ropic, 1,204 upland. 265
Sea Island__ June 12— Cedric, 88 upland, 33 Sea Island, 819
Peruvian ----------------------------------- --------------------------------------------- 2,409
T o London— June 7— Minneapolis, 125------------------------------------125
T o Bremen— yune 7— Koenlgen Luise, 575-------------------------------575
T o Hamburg— June 7— President Lincoln, 1 0 5 . ..Jun e 12—
Amerlka, 2 0 ----------------------------------------------------------------------------125
T o Barcelona— June 7— Provincia, 985___________ ______________
985
T o Genoa— June 7— Calabria, 939; Lulslana, 300__ June 12—
Principe dl Piemonte, 6 25 ------------------------------------------------------- 1,874
T o Naples^-June 7— Calabria, 200. . June 12— Principe dl Piom ontc, 50____________________________________________________
250
T o Leghorn— June 7— Calabria, 9 7 ____________ ________ ________
97
T o Japan— June 7— K ioto, 1,500_______________________________ 1,500
GA LV ESTON — T o Liverpool— June 8— Orator, 4,106_____________ 4,106
T o Bremen— June 10— Ikbal, 8,456_____________________________ 8,456
T o Genoa— June 11— II Piemonte, 2,948______________ ________2,948
N E W O R LE AN S— T o Hamburg— June 8— Quernmore, 834----------834
T o Antwerp—June 7— Tronto, 249; Homer, 250-----------------------499
T o Genoa— June 12— Delphlne, 3,850___June 14— Dlnnamore,
1.003 ___________
4,853
BOSTON— T o Liverpool— June 6— Sachem, 703
June 7— Cali­
fornian, 3 5 __ June 11— Franconia, 19_______________________
757
T o Genoa— June 7— Canopic, 100______________________________
100
B AL T IM O R E — T o Bremen— June 7— Neckar, 1,681______________ 1,681
P H IL A D E L P H IA — T o Liverpool— June 7— Haverford, 536______
536
T o Genoa— June 8— A ncona. 350______________________________
350
SAN FRAIICISCO— T o Japan— Jan. 6— Manchuria. 390___________
390
S E A T T L E — T o Japan— Jan. 8— Tacom a Maru, 4 ,3 8 5 _____________ 4,385
T otal

_________________________ _____ ____________________ _______-.3 7 ,8 3 5

L I V E R P O O L . — T h e w e e k ’s s a l e s , s t o c k s , & c . :

6,500
7,241,623

9,000
7,552,225

3,000
4,890,782

This
Since
Week. Sept. 1.

Since
This
Week. Sept. 1.

Since
This
Week. Sept. 1.

4,000 193,488
216,379
f,66o 347,740
2,2 50 106,538

3,000
4.500
2,750
3.500

207,531
214,497
378,767
117,217

147,273
1,750 118,300
1,500 282,979
59,020

7,250 864,145 13,750 918,012 3,250 607,581
E gyptian bales weigh about 750 lbs.

T h e s t a t e m e n t s h o w s t h a t th e re c o ip ts fo r th e w e e k w ere
6 ,5 0 0 « v n ta r s a n d th e fo r e ig n s h ip m e n ts 7 ,2 5 0 b a le s .




T A K IN G S

|
1911-12.
.
| Week.
Season.

Columbus, Miss.—

R a in h a s fa lle n o n o n e d a y o f th e w e e k ,
th e p r e c ip ita tio n r e a c h in g s ix t y -f o u r h u n d r e d th s o f a n in c h .
A v e r a g e t h e r m o m e t e r 7 2 , h i g h e s t 8 8 , lo w e s t 5 6 .
Meridian, Miss.— T h e r e h a s b e e n r a in o n t w o d a y s d u r i n g
t h e w e e k , t h e p r e c i p i t a t i o n b e i n g t w o in c h e s a n d f iv e h u n ­
d r e d th s o f a n in c h .
T h e th e r m o m e te r h a s a v e r a g e d 7 1 , th e
h i g h e s t b e i n g 8 4 a n d t h e lo w e s t 5 8 .
Vicksburg, Miss.— W e h a v e h a d r a in o n t w o d a y s o f th e
w e e k , t h e r a i n f a ll r e a c h i n g f if t e e n h u n d r e d t h s o f a n i n c h .
T h e th e r m o m e te r h a s a v e r a g e d 7 4 , ra n g in g fr o m 6 3 to 8 5 .
Dyersburg, Tenn.— We h a v e h a d r a in o n o n e d a y d u r i n g
th e w e e k , th e r a in fa ll b e in g n in e t y h u n d r e d th s o f a n in c h .
T h e th e r m o m e te r h a s ra n g e d fr o m 5 4 to 9 0 , a v e r a g in g 7 2 .
Memphis, Term.— W e h a v e h a d r a in o n o n e d a y t h e p a s t
w e e k , th e r a in fa ll b e in g
2 6 - 1 0 0 o f a n in c h h e a v i e r
in
t h e i m m e d i a t e t e r r i t o r y w i t h i n d i c a t i o n s f o r m o r e , w h i c h is
needed.
A v e r a g e t h e r m o m e t e r 7 3 , h ig h e s t 8 8 , lo w e s t 5 9 .
Nashville, Tenn.— D r y a l l t h e w e o k . T h e t h e r m o m e t e r
h a s a v e r a g e d 7 0 , th e h ig h e s t b e in g 8 6 a n d th e lo w e s t 5 4 .
Mobile, Ala.— C r o p s a r e d o i n g w e l l . T h e g e n e r a l s h o w e r s

AN D

^Cotton T akings.
tt vvi\ tuiu Gcaauu.

IN D IA

a g in g 7 3 .

1037

M ay 24.
M ay 30.
Sales of the w eek______ bales.
3,090
24,000
Of which speculators t o o k ..
2,000
400
Of which exporters to o k __
2,000
300
Sales, A m erican_____________
35,000
22,000
Actual e xp ort_______________
1,000
13,000
F o rw a r d e d ........... ................ - 75,000
47,000
Total stock— E stim ated_____ 1,266,000
1,266,000
Of which A m erican________1,152,000
1,155,000
72,000
60,000
Total Imports of the w eek____
Of which A m erican_______
59,000
51,000
Am ount afloat_______________
128,000
99,000
Of which A m erican_______
99,000
67,000

June 7. June 14.
46,000
70,000
400
400
300
200
40,000
61,000
8,000
9,000
106,000
89,000
1,208,000 1,161,000
1,087,000 1,036,000
45,000
51,000
33,000
29,000
88,000
47,000
53,000
31,000

T h e to n e o f th e L iv e r p o o l m a r k e t fo r s p o ts a n d fu tu r e s
e a c h d a y o f th e p a s t w e e k a n d th e d a ily c lo s in g p r ic e s o f
s p o t c o t t o n h a r e b e e n a s fo llo w s :

THE

1638
S p o t.
M a rk et,
1 2 :1 5
V. M .

1
1
J

S a tu r d a y .

M onday.

T u esd a y.

W ed n e s d a y .

T h u rsd a y.

F r id a y .

Q u ie t .

G ood
dem and.

G ood
dem and.

G ood
dem and.

G ood
dem and.

G ood
dem and.

M l d . U p l ’ ds.
S a l e s ____
S p c c .& e x p

0 .4 8

0 .4 9

6 .5 3

0 .5 1

0 .3 9

0 .5 3

5 ,0 0 0
500

1 0 ,0 0 0
500

1 0 .0 0 0
1 ,0 0 0

1 2 ,0 0 0
1 ,0 0 0

1 2 ,0 0 0
2 ,0 0 0

1 4 .0 0 0
1 ,0 0 0

S te a d y at
1 p o in t
advance.

F u tu res.
M a rk et
opened

Q u ie t a t
S tea d y at
Q u ie t ,
u n c h a n g e d . 2 @ 2 % p ts . 3 ® 3 3 3 p t s .
advan ce.
d e c lin e .

M a rk et,
4
I>. M .

S t e a d y a t 1 B a r e ly s t y . S t e a d y a t
Q u ie t ,
u n c li. t o p t . d e c . t o % pt.dec.tc 4 33 @ 9 %
1 % p t s . a d v . l % p t s .a d v . i % p t-s.a d v . i o t a . a d v .

S te a d y ,
S te a d y at
u n ch . to
l @ l % P ts.
% p t. a d v .
advan ce.
B a r e ly s t y .
a t l p t .d e c .
t o % p t .a d v

F ir m a t
! % (i>;8 p t s .
p ts . a d v .

T h e p ric e s o f fu tu r e s a t L iv e r p o o l fo r e a c h d a y a re g iv e n
b e lo w .
P ric e s a re o n th e b a s is o f u p la n d , g o o d o r o r d in a r y
c l a u s e , u n le s s o t h e r w i s e s t a t e d . _________________________ _______________

Fri.
Tu cs.
W ed.
Mon.
Thurs.
Sat.
June 8
to
4
4 12M 4 1z k
June 14. 12 Va, 12 y2 12M' ^ 12 Va 4 12
p.m. p.m. p.m . p.m. p.m. p.m. p.m. p.m. p.m . p.m . p.m. p.m.
June-July
July-A ugA u g .-S cp .
Sept.-O ot.
O c t.-N o v .
N ov .-Deo. —
Dec .-Jan
Jan .-Feb.
Feb.-M ch.
Mch .-Apr.
A pr.-M ay.
May-June —

0
8
6
0
0
0
6
0
6
0
0
0
0

28
27%
29 33
30
27
24 %
23%
23
23
23 %
24 %
2 5%
2 0%

2 7% 29
27
28 33
29
30%
30
31 33
2 5 33 27
23
24 %
22
23
2 1 33 2 2 %
2 1 33 2 2 %
22
23
23 !2 4
24 |25
25
26

32 %
32
34
35
30 33
27 33
26
25%
25%
20
27
28
29

30
29
31
32
27
24
2 2%
22
22
22 %
23 %
24 %
25 %

39
34
38 33 40
33 % 38
39 ‘ 3 38 33
40
39
34 33 39
39
38 %
38
35
31
28 13 31 % 33
25 % 28 33 29 33 2 7%
27
27 33 2 0
24
25 %
23 % 26% 27
25 33
23 % 26 33 27
27
24
27 33 26
28
25
2 8 33 27
29
29 % 28
20
30
27
30 33 29

BREADSTUFFS.
Friday Night, June

43
42%
43
42 %
35
31
29
28 %
28 %
29
30
31
32

47
46%
47
40%
39
34 33
32 33
32
32
32 %
33 %
34 %
35 33

14 1 9 1 2 .

• F lo u r h a s c o n tin u e d d u ll, b u y e r s a d h e r in g to th e ir p r o ­
g r a m , w h ic h t h e y h a v e f o l l o w e d f o r m o n t h s p a s t o f b u y i n g
o n ly fr o m h a n d to m o u t h .
I n o th e r w o r d s , th e w e e k ’s e x ­
p e r i e n c e in t h e f lo u r t r a d e w a s o n l y a r e p e t i t i o n o f w h a t h a d
b e e n g o in g b e fo r e .
A ll la s t w e e k it w a s p r e t t y m u c h th e
s a m e t h in g , w ith o n ly a n o c c a s io n a l b r ie f p e r io d o f a c t i v it y .
B u y e r s a re n o w m o r e d is p o s e d to p la y a w a it in g g a m e , s o to
s p e a k , t h a n a t a n y t i m e in t h e p a s t .
T h e y t h i n k it w is e t o
b u y s im p ly , a s th e ir a c tu a l n e e d s r e q u ir e , u n t il t h e y c a n g e t
a b e t t e r id e a o f h o w m u c h t h e w h e a t c r o p is g o i n g t o b e a n d
w h a t d ir e c t i o n t h e p r ic e o f w h e a t is g o i n g t o t a k e .
The
o u t p u t a t M i n n e a p o l i s , D u l u t h a n d M il w a u k e e h a s b e e n f o r
t h e p a s t w e e k 3 0 9 , 0 9 0 b a r r e ls , a g a i n s t 2 9 7 , 4 7 5 in t h e p r e v i o u s
w e e k a n d 2 5 2 , 9 3 5 b a r r e ls in t h e s a m e w e e k l a s t y e a r .
t W h e a t h a s b e e n i r r e g u l a r , b u t in t h e m a i n h a s b e e n d e ­
c lin in g .
I t a d v a n c e d a t f ir s t o n t h e G o v e r n m e n t c r o p re ­
p o r t , w h ic h s e e m e d t o in d i c a t e a y i e l d o f o n l y 3 0 3 , 0 0 0 , 0 0 0
b u s h e ls o f w in te r w h e a t a n d 2 0 5 ,0 0 0 ,0 0 0 b u s h e ls o f sp r in g
w h e a t , m a k in g a to ta l y ie ld o f 0 2 8 ,0 0 0 ,0 0 0 b u s h e ls , w h ere
m a n y h a d b e e n lo o k in g fo r a r e p o r t p o in tin g to a p p r o x i­
m a t e l y 0 3 0 , 0 0 0 , 0 0 0 b u s h e l s . O f c o u r s e t h e in d ic a t e d s p r i n g w h e a t y i e ld is v e r y l a r g e , b e i n g 2 0 5 , 0 0 0 , 0 0 0 b u s h e l s , b u t
it is o f i n t e r e s t t o r e c a ll t h a t t h e in d i c a t e d c r o p a t t h e s a m e
tim e la s t y e a r w a s 2 8 4 ,3 7 1 ,0 0 0 b u s h e ls , w h e re a s th e a c tu a l
c r o p t u r n e d o u t t o b e o n l y 1 9 0 , 0 8 2 , 0 0 0 , o r t h e s m a l l e s t fo r
som e years p a st.
T h e e ffe c t o f th is r e p o r t o f J u n e 4 w a s to
c a u s e a b r ie f a d v a n c e .
A l s o t h e v i s ib le s u p p l y s h o w e d a g o o d
d e c r e a s e . P r i m a r y r e c e ip t s h a v e b e e n s m a l l e r t h a n l a s t y e a r .
T h e w o r l d ’ s s t o c k is r a 'p id ly d e c r e a s i n g . T h e f a l l i n g o f f f o r th e
w e e k w a s s o m e 1 , 5 0 0 , 0 0 0 b u s h , g r e a t e r t h a n a t t h i s t i m e la s t
year.
T h e G o v e r n m e n t r e p o r t w ill b e f o u n d in fu ll in a n o t h e r
c o lu m n .
I t g a v e t h e c o n d i t i o n o f w in t e r w h e a t a s 7 4 . 3 , a
d e c r e a s e d u r i n g t h e m o n t h o f 5 . 4 % , a n d i t is 6 . 6 % u n d e r t h e
1 0 - y e a r a v e r a g e , w h i c h is 8 0 . 9 % .
T h is re p o rt ca u se d a g o o d
d e a l o f c o v e r i n g , a n d , a s a l r e a d y i n i t m a t e d , p r ic e s f o r a t i m e
a d v a n c e d . T h e n c a m e a s e t - b a c k , o w i n g t o r a in s in K a n s a s
a n d N e b r a s k a , a n d a g o o d d e a l o f r e a liz in g .
A l s o , it is
w o r t h w h ile t o o b s e r v e t h a t t h e w o r l d ’ s s h i p m e n t s f o r t h e
w e e k r e a c h e d 1 6 , 8 0 0 , 0 0 0 b u s h e l s , a g a i n s t o n l y 9 , 9 6 8 , 0 0 0 in
t h e p r e v i o u s w e e k a n d 1 2 , 5 1 2 , 0 0 0 in t h e s a m e w e e k l a s t y e a r .
A u s t r a l i a h a s h a d v e r y h e a v y r a i n s , w h ic h w e r e v e r y f a v o r a ­
b le .
T h e d r o u g h t in t h e U n i t e d K i n g d o m h a s b e e n p a r t l y
r e lie v e d .
C ro p r e p o rts fr o m th e N o r th w e s t h a v e b e e n v e r y
fa v o r a b le .
G ood
r a in s
have
fa lle n
over
th e
en­
tir e
co u n try
of
la te .
F u rth e r
r a in s
have
fa lle n
in K a n s a s a n d N e b r a s k a .
T h e c ro p h a s b e e n g r e a tly im ­
p ro v e d th e re b y .
R e p o r t s f r o m i m p a r t i a l s o u r c e s in K a n s a s
s t a t e t h a t th e d a m a g e h a s b e e n e x a g g e r a t e d .
H a rv e stin g
h a s b e g u n in O k l a h o m a a n d t h e y i e ld is e s t i m a t e d a t 1 5 to
2 5 b u s h e ls p e r a c r e .
L a r g e in t e r e s t s a t C h ic a g o h a v e b e e n
s e lli n g o n th e a d v a n c e a n d b u y i n g o n d e c l i n e s .
T h e cash
b u s in e s s h a s la t t e r ly b e e n m o d e r a t e .
T h e w o r l d ’s s t o c k s ,
t o o , a lth o u g h th e y a re n o w 1 5 7 ,0 0 0 ,0 0 0 a n d w e re 2 0 0 ,0 0 0 ,0 0 0
a t o n e t im e , a re 2 3 ,0 0 0 ,0 0 0 la r g e r th a n a y e a r a g o a n d 4 2 ,­
0 0 0 , 0 0 0 la r g e r t h a n t w o y e a r s a g o .
T h e fa c t th a t th e G o v ­
e r n m e n t r e p o r t h a s h a d s o li t t l e e f f e c t a c t s a s a d e t e r r e n t
o n b u l l s p e c u l a t i o n a t t h e W e s t , a n d t h e m a r k e t is n o w o f a
p r o fe s s io n a l k in d .
T h e t r a d i n g is f o r q u i c k t u r n s .
E ven
s o m e o f t h e la r g e s t o p e r a t o r s a r e s i m p l y b u y i n g o n d e c lin e s
a n d le ttin g
go
on
r a llie s .
T h e y a r e r e a l ly w a i t i n g f o r
f u r t h e r l i g h t in t h e c r o p s i t u a t i o n .
A t W i n n i p e g th e m a r ­
k e t lia s a t t i m e s b e e n v e r y s t r o n g , a n d in th e N o r t h w e s t
m ille r s a r c b u y i n g h a r d w h e a t f r o m t h e S o u t h w e s t .
A ccord ­
i n g t o L i v e r p o o l a d v i c e s , f o r e i g n m a r k e t s a r e l i k e l y t o ru le
f i r m , o w i n g t o t h e c o m p a r a t i v e s c a r c i t y o f w h e a t in F r a n c e .
G erm an y and Ita ly .
F r a n c e , it s e e m s , is t o s u s p e n d th e
d u t y o n w h e a t fo r th r ee m o n t h s .
T o - d a y p r ic e s d e c lin e d




[VOL. LXXXXIV.

C H R O N IC L E

u n d e r fa v o r a le
w e a th e r a n d liq u id a t io n o f J u ly .
S p r in g w h e a t c r o p r e p o r ts a re h ig h ly fa v o r a b le .
D a m a g e in t h e
w i n t e r - w h e a t s e c t i o n is b e l i e v e d t o h a v e b e e n e x a g g e r a t e d .
D A IL Y CLOSING P R IC E S OF W H E A T F U TU RE S IN NEW YO RK .
S a t. M on. 'l'ues. Wed. T/iitrs. F ri.
N o. 2 red ______________ _____ cts.121 'i 1203a 121
119% 118^ 118 q
July delivery In elevator . —
..1 1 5 % 114 % 114 % 114 % 114
113
D A IL Y CLOSING PR ICE S OF W H E A T FU T U RE S IN CHICAGO.
Sat. M on. Tues. Wed. Thors. F ri.
July delivery in e le v a to r____.cts_109% 109% 108% 109% 108 33 108 33
September delivery In elevator
.105 % 105 33 105% 105% 104% 104 33
C o rn h a s d e c lin e d o n g e n e r a lly fa v o r a b le w e a t h e r .
I t is
fin e f o r c u l t i v a t i n g , a l t h o u g h in p a r t s o f t h e W e s t it is t o o
c o o l f o r r a p id g r o w t h .
T h e ca s h d e m a n d h a s b e e n lig h t .
T h e w o r l d ’ s s h i p m e n t s a m o u n t e d t o 8 ,8 6 1 , 0 0 0 b u s h e l s ,
a g a i n s t 5 ,1 9 1 , 0 0 0 b u s h e l s in t h e p r e v i o u s w e e k .
L a r g e in ­
t e r e s t s a t C h i c a g o h a v e b e e n s t e a d y s e lle r s .
I t is b e l i e v e d
t h a t t h e a c r e a g e is l a r g e a s a r e s u l t o f e x i s t i n g h ig h p r i c e s .
L a t t e r l y c a s h p r i c e s h a v e b e e n d e c l i n i n g , o w i n g t o t h e fin e
w e a t h e r c o i n c i d e n t w i t h t h e f a l l i n g o f f in t h e c a s h d e m a n d .
T h e i d e a o f m a n y is t h a t , o w i n g t o t h e v e r y l a r g e a c r e a g e a n d
i m p r o v e d w e a t h e r c o n d i t i o n s t h e r e is a g o o d c h a n c e o f a l a r g e
c r o p b e in g r a is e d .
M e a n tim e th e s h ip m e n ts fr o m th e D a n ­
u b e s h o w a v e r y l a r g e i n c r e a s e , a n d A r g e n t i n a is a l s o s h i p p i n g
m o re fr e e ly to th e m a r k e ts o f E u r o p e .
O n th e o t h e r h a n d ,
t h e v i s i b l e s u p p l y is m u c h s m a lle r t h a n a y e a r a g o , a n d m a n y
l o o k f o r a s h a r p f a ll i n g o f f in t h e r e c e ip t s in t h e n e a r f u t u r e .
T h e r e a re a ls o c o m m e n t s o n th e f a c t th a t th e w e a t h e r o f la te
has b een ra th er to o c o o l.
Y e t , as a lr e a d y in t im a t e d , th e
d r ift o f p r ic e s h a s b e e n d o w n w a r d .
A t t h e s a m e t i m e , i t is
tru e th a t th e d e c lin e h a s n o t b e e n v e r y m a r k e d .
A s to th e
r e c e ip t s , w h a t e v e r t h e y m a y b e in t h e n e a r f u t u r e t h e y
h a v e d u r in g th e p a s t w e e k b e e n la r g e .
T o - d a y p r ic e s d e ­
c l i n e d , p a r t l y in s y m p a t h y w i t h w h e a t , b u t a l s o o w i n g t o
g e n e r a l r a in s a n d a n i n d i f f e r e n t c a s h d e m a n d .
C a sh p r ic e s
fe ll a t C h i c a g o .
D A IL Y CLOSING PRICES OF NO. 2 M IX E D CORN IN NEW Y O R K .
S a t. M on. Tues. Wed. Thurs. F ri.
Cash co rn . . , ___ ____ _______ cts. nom . nom . nom . nom . noin. nom .
July delivery In e le v a to r _________nom . nom . nom . nom . nom . nom .
D A IL Y CLOSING PR ICES OF CORN F U TU RE S IN CHICAGO.
Sal. M on. Tues. Wed. Thurs. F ri.
July delivery In elevator______ c ts . 74 33 73% 7 3 % 74 33 74 % 73%
September delivery In e le v a to r.. . 73 33 72 % 72 33 72 % 72%
7133
O a ts h a v e a ls o b e e n d e p r e s s e d , o w in g la r g e ly t o g o o d
w e a th e r fo r th e c r o p .
T h e G o v e r n m e n t c r o p re p o rt w as fa ­
v o r a b le .
I t g a v e th e c o n d it io n a t 9 1 . 1 % , a g a in s t 8 5 .7 %
a yea r a g o an d 9 1 % tw o yea rs a g o.
T h i s is s u p p o s e d t o i n d i ­
c a t e a c r o p o f 1 , 1 0 0 , 0 0 0 ,0 0 0 b u s h e l s , a g a i n s t 9 2 2 , 2 9 8 ,0 0 0
b u s h e ls la s t y e a r a n d 1 , 1 8 6 , 3 4 1 ,0 0 0 t w o y e a r s a g o .
The
c a s h d e m a n d e a r l y in t h e w e e k w a s s l o w b u t l a t e r o n b e c a m e
ra th e r b e tte r.
T o - d a y p r i c e s d e c l i n e d , p a r t l y in r e s p o n s e t o
th e lo w e r p r ic e s f o r o t h e r g r a in s .
B u t t h e y s h o w e d less
w e a k n e ss th a n o t h e r g r a in s .
R e c e ip t s w e re s m a ll.
P r o m i­
n e n t C h ic a g o in te r e s ts a re b u y in g .
T h e c r o p is c o n s i d e r e d
a tr ifle l a t e .
T h e p r o s p e c t s f o r a g o o d y ie ld a re , h o w e v e r ,
o n t h e w h o le f a v o r a b l e .
D A IL Y CLOSIN G PR IC E S OF OATS IN NEW YO RK .
S a t. M on. Tues. Wed. Thurs. F ri.
S tandards________
.
_____ cts . GI
01
01
00 33 01
00 %
No. 2 white_______________________ 0 1 33 6 1 33
0 1 33 6 1
0 1 33 6 1 M
D A IL Y CLOSING PR IC E S OF OATS F U TU RE S IN CHICAGO.
Sat. M on . Tues. Wed. Thurs. F ri.
July delivery In elevator_____ c ts . 5 1% 5 1% 50 33 50% 5033 49%
September delivery In elevator____ 42
4 1%
4 0 % 41
4133 40 %
T h e f o llo w in g a re c lo s in g q u o t a t io n s :
FLOUR.
Winter, low grades____$4 00® S4 2 5 1Kansas straights, s a c k s.55 2 0 ® S3 50
Winter patents................ 5 9 0 ® 0 10| Kansas clears, sacks— 4 2 5® 4 75
Winter straights______ 5 3 5 ® 5 4 5iC lty patents----------------- 0 8 0 ® 7 10
Winter clears__________ 4 75® 5 0 0 1Rye (lour----------------------- 4 70® 5 35
Spring patents_________ 5 50® 0 0 0 1Graham Hour................... 4 0 0 ® 4 70
Spring straights.............. 5 0 0 ® 5 5 0 1Corn meal, kiln d r ie d .. 4 2 5 ® -----Spring clears___________ 4 8 5 @ 5 101fluckwheat, c w t ______
Nominal
G R A IN
Cents.
Corn, per bushel—
Wheat, per bushel— f. o . b.
82 %
N o. 2 . ........... elevator
N. Spring. No. 1..................$1 23%
Steamer ____elevator
Nominal
N. Spring, N o. 2 .................. 1 16 33
No. 3 _____ ______c .l.f.
Nominal
Red winter. No. 2 _________ 1 18 33
Hard winter. No. 2 _______ 1 17 33 R ye, per bushel—
No. 2 W estern--------Nominal
Oats, per bushel, new—
Cents.
State & Pennsylvania
Nominal
Standards ________________
60 33
No. 2 white______________
0133 Barley— M a ltin g --------- J1 14® $1 25
No. 3 ........................................
00 33
A G R IC U L T U R A L D E P A R T M E N T
R E P O R T ON CE­
R E A L S , & C .— T h e r e p o r t o f t h e D e p a r t m e n t o f A g r i c u l t u r e ,
s h o w in g th e c o n d itio n o f th e c e re a l c r o p s o n J u n e 1 , w a s
is s u e d o n t h e 1 0 t h i n s t . , a n d is a s f o l l o w s :

The Crop Reporting Board of the Bureau of Statistics of the United
States Department of Agriculture estimates, from the reports of the
corespondents and agents of the Bureau, as follows:
■Acreage, 1912­
Condition June 1
10-gr. M ay 1
% ot
Acres.
1912. 1911. Avge. 1912.
1911.
Crop9 4 .2 19.201.000 95.8 94.0 93.8
Spring w h e a t ........ ..........
W inter w h e a t......................
68.3 25.744.000 74.3 80.4 80.9
37.844.000 91.1 85.7 88.4
Oats__________________________
7,574,000 91.1 90.2 00.8
Barley _______________________ 0 9 -J
87.7 88.0 89.7 87.5
R ye --------------- --------------------------------89.8 70.8
85.7
Hay __________________
—
93.7 81.8 89 .3 81.7
P astures___________________________
The following gives the Indicated yield per acre and comparisons of total
production. The indicated yield for 1912 Is based upon the ratio of the
average condition on June 1 to the final yield in the live years 1900-1910:
Total Production in Millions
— Yield per A cre—
o[ ISushels.

W inter wheat Spring w h eat-----All wheat .............
Oats_____________
Barley __________
R y e _____________

1912. 1911. 1900F in a l. 10 A v.
a
bush.
bush.
bush.
14.1
14.8
15.5
.
13.8
9.4
13.4
14.0
12.5
14.0
. . 29.3
24.4
28.4
_____ 25.2
2 1 .0
24.8
. 10.0
15.0
10.3

1912. 1911. 1910. I " 9 a
Final. F inal. Census.
363
205
028
1,109
192
—

a Interpreted from condition reports.
• For other tables usually given here, see page 1606.

430
191
621
922
160
33

434
201
635
1,180
174
35

418
265
083
1,007
173
30

J unk 15 llii2.

T h e v i s i b l e s u p p l y o f g r a i n , c o m p r i s i n g t h e s t o c k s in
g r a n a r y a t p r i n c i p a l p o i n t s o f a c c u m u l a t i o n a t la k e a n d

T h e v a l u e o f t h e s e N e w Y o r k e x p o r t s s in c e J a n . 1 h a s b e e n
$ 1 3 , 3 3 1 , 7 3 8 in 1 9 1 2 , a g a i n s t $ 1 0 , 3 4 1 , 2 8 5 in 1 9 1 1 .

s e a b o a r d p o r ts J u n e 8 1 9 1 2 , w a s a s fo llo w s :

D o m e s t ic c o t t o n m a r k e ts h a v e d is p la y e d lit t le a n im a t io n

UNITED STATES GRAIN STOCKS.
Bonded Amcr. Amer. Bonded Amer. Amer. Bonded
Rye. Barley Barley.
Wheat. Com. Oats. Oats.
bush. bush. bush. bush. bush. btush. bush.
In Thousands11
20
100
171
139
389
New York_____
74 1,001
3
2 ___
6
20
295
B o ston ..............
—
—
24
82
___
13
903
Philadelphia___
14
—
—
342
506
89
576
.
176
Baltimore..........
—
—
—
117
117 ___
25
New Orleans___
—
___
___
•1
78
204
54
158
816
477
48
1,875
..
897
Buffalo ..............
4
—
76
49 ___
.
580
Toledo................
—
20 ___
94
158
.
257
•14 —
127
3,182 2,850 ___
.10.632
Chicago ............
—
34
27
184 ___
317
_ 215
Milwaukee____
39
79
34
5
073
1,1 29
D uluth..............
198
284
264
—
___
37
__
. 9,350
Minneapolis----350
108
2
___
___
15
___
.
277
St. Louis---------76
___
379
__ _
___
___
.
750
Kansas City----105
___
3
___
___
47
1 ___
Peoria_________
74
.
202
___
30 ___
Indianapolis —
163
853
600
20
37
Om aha-----------.
567
236
225
On Lakes-------—
On Canal and R iver..
191
—
18S —
—
—
Total
Total
Total
Total

1912. .28,410 5,782 6,427 6,397 1,883
1912. .30,847 5,696 5,699 8,052 2,615
1911. .25,971
5,353 9,413
1910. .16,887
6,084 8,949
—
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats.
In Thousandsbush. bush. bush. bush. bush.
47L
Fort William. .......... 4,315
1,051
Port Arthur----- ............ 2.517
1,019
Other Canadian. ........ - 5,931
2,922
—
Total
Total
Total
Total

June
June
June
June

June
June
June
June

8
1
10
11

8
I
10
11

4 5.463
4 5,872
250 5,732
—
___
108
903
s c :MMA11Y.
Bonded
Bonded
Wheat. Wheat. Com. Oats. Oats.
In Thousands-—
bush. bush. bush. bush. bush.
American-------- ______ 28,410 5,782 6,427 0,397 1,883
4 5,463
—
—
Canadian .......... ............ 14,140
Total
Total
Total
Total

June
Juno
June
June

8
1
10
11

1912..14,140
1912.. 12.950
1911 . 4.904
1910.. 5.207

1912..42,550
1912..43,797
1911. .30,875
1910..22,094

5,782
5,696

0,431
5,703
5,603.
6,192

11,860
13,924
15,145
6,912

1,883
2,015
—

524
544
31
503

572
571
8G6
1,745

343
287
—

Canadian Bonded
Bye. Barley. Barley.
bush. bush. bush.
39
—

—

—

Bonded
Rye. Barley. Barley,
bush. bush. bush.
572
524
3 13
—
39
—
524
544
31
503

611
020
906
1,854

343
287
....

1912.
T h e r e h a s p r a c t i c a l l y b e e n n o c h a n g e in t h e d r y g o o d s
s it u a tio n d u r in g th e p a s t w e e k .
A fir m u n d e r t o n e p r e v a i l s
d e s p ite a n o t o v e r -a c t iv e d e m a n d fr o m b u y e r s , w h o s e a t t i ­
t u d e is a w a i t i n g o n e .
F r o m th e s t a n d p o in t o f th e m ills th e
s i t u a t i o n is a l l t h a t c o u ld b e d e s i r e d , a s t h e y a r e w e ll b o o k e d
a h e a d a n d m o r e in t e r e s t e d in m e e t i n g e x i s t i n g c o n t r a c t s
t h a n in o b t a i n i n g n e w o n e s .
I n m a r k e ts fo r sta p le c o tto n
g o o d s p r ic e s a r e ( i r m l y m a i n t a i n e d , d e s p i t e t h e e a s i e r t e n ­
d e n c y n o t i c e a b l e in g r a y g o o d s .
T h e f ir m n e s s d i s p l a y e d in
th e c o tto n m a r k e t h a s b e e n a s u p p o r tin g fa c t o r .
M a il or­
d e r s in t h e h a n d s o f j o b b e r s a t t h e b e g i n n i g o f t h e w e e k w e r e
v e r y s a t i s f a c t o r y , a n d r e f le c t e d i m p r o v e m e n t in t h e o u t - o f t o w n r e t a il t r a d e .
S to r e tr a d e w a s a lso a c t i v e , a n d m a n y
s m a l l c i t y r e t a ile r s w e r e in t h e m a r k e t f o r a d d i t i o n a l s u m m e r
su p p lie s .
A s th e w eek p ro g re sse d jo b b e r s e v in c e d a g r e a te r
in t e r e s t in f u t u r e r e q u i r e m e n t s , b u t t h e y a r e s t i l l c h ie f ly
in t e r e s t e d in g e t t i n g d e l a y e d d e l i v e r i e s w h i c h a r e n e c e s s a r y
in o r d e r t o m e e t t h e i r o w n c o n t r a c t s .
P r in t c lo th s r e m a in
v e r y s l o w , w it h b i d s u n a c c e p t a b l e t o s e lle r s .
T h e c o tto n
y a r n s i t u a t i o n is v e r y u n s e t t l e d , w i t h b u y e r s a n d s p in n e r s
d e a d lo c k e d o v e r th e p ric e q u e s t io n .
S o m e d e a le r s w h o a r e
d e s ir o u s o f m o v in g g o o d s a r e m a k in g s lig h t c o n c e s s io n s , b u t
t h e s e a r e g e n e r a l l y ig n o r e d b y b u y e r s .
E x p o r t b u s in e s s is
q u i e t , w it h l i t t l e p r o s p e c t o f a n y i m p r o v e m e n t in t h e n e a r
fu tu re .
F o r t w o w e e k s n o c o n s i g n m e n t o f g o o d s h a s le f t
t h i s m a r k e t f o r C h i n a , w h ic h is q u i t e u n u s u a l .
R ed Sea and
I n d i a n b u s i n e s s h a s a l s o s u f f e r e d b y t h e I t a l i a n b l o c k a d e in
th e M e d ite r r a n e a n .
M e r c h a n t s in t o u c h w it h t h e C h in e s e
m a r k e t d o n o t e x p e c t a n y i m p r o v e m e n t in t h a t q u a r t e r u n t i l
t h e r e v o l u t i o n is d e f i n i t e l y o v e r a n d t h e r e q u i r e d l o a n s a t i s ­
fa c to r ily p la c e d .
I n th e m a r k e t fo r d r e s s g o o d s , jo b b e r s
a r e a n x i o u s l y i n q u i r i n g f o r f a ll g o o d s , b u t t h e m ills in m o s t
i n s t a n c e s a r e s o w e ll s o l d a h e a d t h a t t h e y a r e in n o p o s i t i o n
to a c c e p t a d d itio n a l b u s in e s s .
In m e n ’s w e a r b u y e r s a n d
jo b b e r s a re lo o k in g fo r w a r d to th e n e w s p r in g s e a s o n .
T hey
e v i d e n t ly e x p e c t h ig h e r p r ic e s a s th e s e a s o n a p p r o a c h e s , a n d
a r e a n x io u s to g e t th e ir o r d e rs o n th e m ill b o o k s b e fo r e a n y
a d v a n c e is n a m e d .
M o s t m ills a r e d is i n c lin e d t o a c c e p t th is
b u s i n e s s , f e e l i n g t h a t b u y e r s c a n n o t p o s s i b l y k n o w s o f a r in
a d v a n c e j u s t w h a t t h e y w ill n e e d m o s t , a n d t h a t s o m e o f
t h e b u s i n e s s s o p l a c e d w o u ld p r o v e u n s a t i s f a c t o r y .
D O M E S T I C C O T T O N G O O D S .— T h e e x p o r ts o f c o tto n
g o o d s f r o m th is p o r t fo r th e w e e k e n d in g J u n e 8 w e re 7 ,4 2 9
p a c k a g e s , v a l u e d a t $ 1 ) 6 5 ,0 1 7 , t h e i r d e s t i n a t i o n b e i n g t o th e
p o i n t s s p e c if ie d in t h e t a b l e b e l o w :

New York to June 8—
Great Britain_____
Other E urope_________
China...................... ........
I n d ia ............................ ......

Since
Week. Jan. 1.
2,700
917
41,498
30|792

W eek.
10
2
1,491

Con trill America...........................
South A m erica................ . . . .
O her countries...........................

1.567
9,818
34,905
33,574

731
1,091
71
492
1,178
030

T o t a l .........................................

801,583

0,196

West Indies--------------- ---------

d u r i n g t h e p a s t w e e k , w h ic h w a s n o t s u r p r is i n g in v i e w
th e p o litic a l a n d o t h e r d e v e lo p m e n t s .

Since
Jan. 1.
.387
465
35,102
14,695
10,717
4,582
18,466
1,077
1,149
27,698
18.096
139,735

of

U n d e r ly in g th e d u ll­

n e s s , h o w e v e r , t h a t h a s p e r v a d e d th e tr a d in g , th e re c o n tin u e s
to b e a n u n d e r to n e o f fir m n e s s .

O f c o u rse th e re are s o m e

e a s y p la c e s , th is b e in g p a r tic u la r ly tr u e in re g a rd to c e r ta in
c o n s t r u c t i o n s o f s h e e t i n g s a n d fin e p la i n g o o d s , b u t w h e n a t ­
t e m p t s a r e m a d e t o p u r c h a s e la r g e q u a n t i t i e s , f ir m p r ic e s a r e
q u o te d .

J o b b e r s w ill s o o n b e g i n “ c le a r a n c e s a l e s ” p r e p a r a ­

to r y to t a k in g in v e n to r ie s , a n d fo r th e m o m e n t a re n o t m u c h
in t e r e s t e d in n e w g o o d s .

B u y e r s in m a n y i n s t a n c e s a r e a l s o

h o ld in g o ff in e x p e c t a t io n o f m a k in g p u r c h a s e s a t lo w e r le v e ls .
B r o w n - s h e e t i n g s a n d d r i lls r u le q u i e t , w i t h a n u m b e r o f t h e
u n b r a n d e d lin e s o f f e r e d a t c o n c e s s i o n s .
H o u s e s h a n d lin g
t h e h e a v i e r d e s c r i p t i o n s o f c o lo r e d g o o d s r e p o r t f a i r o r d e r s
r e c e iv e d f o r l a t e d e l i v e r y , b u t q u a n t i t i e s o r d e r e d m o s t l y
s m a ll.
A s t e a d y d e m a n d is n o t e d f o r w a s h f a b r i c s , w i t h
q u i c k s h i p m e n t s o f w h it e g o o d s , h o s i e r y a n d u n d e r w e a r e a g e r l y
re q u e ste d .
E x p o r t d e m a n d c o n tin u e s q u ie t , a n d p a r tic u ­
l a r l y s o w i t h C h i n a , o w i n g t o t h e u n s e t t l e d c o n d i t i o n s in
p o litic s .
P r i n t c lo t h s a n d c o n v e r t i b l e s , a s a r e s u l t o f a n i m - ,
p roved
d e m a n d , h a v e d e v e lo p e d
a ste a d ie r
u n d e rto n e .
F a i r - s i z e d s a l e s h a v e b e e n m a d e o f n a r r o w a n d w id e p r i n t s ,
w ith s to c k s a t F a ll R iv e r r e p o rte d lig h t.
G ray g o od s,
3 8 H -in c h

39
49
40
109

T H E DRY GOODS T R A D E .
New York, Friday Night, June 1 4




1639

T H E C H R O N IC L E

s ta n d a rd , are q u o te d s te a d y , u n ch a n g ed a t o c . •

W O O L E N G O O D S .— I n m e n ’s w e a r a n d d re ss g o o d s m a r ­
k e t s b u s i n e s s is m o d e r a t e l y a c t i v e , w i t h s e lli n g a g e n t s b o o k ­
in g g o o d o r d e r s f o r t h e s p r i n g o f 1 9 1 3 .
S e r g e s h a v e b e e n in
p a r t i c u l a r r e q u e s t , a n d a n u m b e r o f m ills h a v e t h e i r o u t p u t
fo r th e lig h t -w e ig h t s e a s o n w e ll t a k e n .
B r o a d c lo th s c o n ­
tin u e to im p r o v e s t e a d i ly .
P r ic e s r e m a in v e r y fir m , o w in g
to th e h ig h c o s t o f w o o l a ll o v e r th e w o r ld , a n d m a n y m a n u ­
fa c tu r e r s fa m ilia r w ith u n d e r ly in g c o n d itio n s p r e d ic t s till
h ig h e r v a lu e s .

h'J

FOREIGN DRY

G O O D S .— L in e n s r e m a in fir m , w ith b u s i­
n e s s a c t i v e , a l t h o u g h t h e r e h a s b e e n s o m e q u i e t i n g d o w n in
t h e d e m a n d f o r h o u s e k e e p i n g li n e n s f o r p r o m p t d e l i v e r y .
D e m a n d fo r d re ss f a b r ic s , h o w e v e r , fo r th e c u r r e n t s e a s o n ’s
r e q u ir e m e n ts a n d fa ll d e liv e r y c o n t in u e s .
M a n y d u p lic a te
o r d e r s fo r fa ll s e a s o n w e re b o o k e d o n g e n e r a l lin e s , a n d in ­
t e r e s t i n d r e s s g o o d s f o r t h e n e x t s p r i n g s e a s o n is w e ll m a i n ­
ta in e d .
B u r l a p m a r k e t s h a v e a g a i n r u le d q u i e t a n d w e a k ,
a l t h o u g h a f a ir b u s i n e s s h a s b e e n t r a n s a c t e d f o r f u t u r e d e ­
liv e r y .
L i g h t - w e i g h t s a r e q u o t e d * t 5 . 2 5 c . a n d 1 0 J ^ -o u n c e
a t G .5 0 c .
Im p o r ta tio n s a n d W a r e h o u s e W ith d r a w a ls o f D r y G o o d s .
T h e im p o r t a t io n s a n d w a r e h o u s e w ith d r a w a ls o f d r y g o o d s
a t t h i s p o r t f o r t h e w e e k e n d i n g J u n e 8 1 9 1 2 a n d s in c e
J a n . 1 1 9 1 2 , a n d fo r th e c o rr e sp o n d in g p e rio d s o f la s t y e a r ,
w e re a s fo llo w s :
-j

o

p

H
5 -i

ao

to
£
££

Oo

5.

n>p
P- — P . . o - P
o . 2.

3 £

OP

li
o

rtO &
£
S i ?

X
£

fa g g s -g
2, c® Sr o £

K
ft
O

c

; 3
£

•
JI
o

p- *-

3;

S3

H

CD
to

s

i

>
C <

3:
•a !

o

%

r

sg-

ft

to

S3

a
O
*3

H

CD
to

to to
b OO
H* to
o o

ci 4k (D<*MOSM

o

Cj
k-kCl Cs oo 00 00 CD
O os os O CO“4 4k

2

a

V>

to to CO-1
O O ►- O 0*
-4 Ci o o> to

*8

o

S3

o

to

M Jk
b eo ffl M o I-1O'
COCO O OOH* M O
O -1 ■'l ttl oo to tt*

ft

t*
M oo

o 4k
-4 CO
-4 Cl
o a* COCl Cl >-* os a
eo tt* MOOOO*.
• S3
O 4k OS “4 O Cs >—

o
o

S3

MM4 O
■4 <31 ik m to y l i
to Os oo O COk-14k
4k to to to »-» >-*
m

co 4* Co 00 to
Cl to 4* H-»
Cl Co 04 >-» «4

o>

4- 00 CO4* 4^ Ox CJ

2
C

o"

2 a

2

o

COO
00 tti
4k CO
4k
O CO
co co

CD

>

~4 tt*
ft
0
0to
•*4W
to
b oo *1 M W N W
eo ci 4- CO4- CO
COCO 4k O COO Ol

.
>ex - i >—
•
2Oo O *4
‘ O 05 >1V
*b b b
IO W O
>*-*■© -1

“4 “4 C
4k ~4 C
Os 4k c

M D H tl M S3
*oo ci ci 4- as o
Cl to COOS 4k
00 -kt to Ci 4k
b b b ►
-* w
to ci 4k
00 Ol rfk oo OS C

to O 05
*4 Ci oo b -4
COo >-* 05 us
tt* O 00 4k *4 c
O n ’t
OS £0 k
05 05 C

C
c» 4k i-* Cl ► 2
ci to 4k *-* C
oo to o» ci c

co 4k 4k «0
4k -q OS tsS OS
os co CO4k O

0000

°° ft ^
3 CD

ft &
-p tto
o

*

E

>
M

f ITO?co- CD
D

4 4k OS 4k
5 CO“4 4k•

S3

co to >. *4 o
to to b *4*b
CI os t-k Cl “4
O h*N m o

o o»
b o

M l_* M COCl
co o Cl tt* 4k COOi
O' tt* Cl *4 4k -4 to

o Cl
OS00
os J4
o b
*-* Cl
to -4

5 ft ^

5 4k Cl t-S
® o *4 co eo

COCl COto *4
Cl ® OS00 4k
-O M fiO
b r o o ’k jo
*4 CO4k CI tt!
O SO^ © Ci

to

R
K
H

o
s
3
a
w
K

to
to ■kl 4k
tO 00 W
-4 tt*

O
s:

H

33

~

r

CD £

5

O 4»- co Cl “4 CO00
tts o Ol to to «4 O
COO to 00 00 Cl 4k
*1,5 Cl
© *-* Oo Co I—
Co Cl O os CO
to CO 4k co »-* to OS

r

K

to to M* C* M*
M
CO“4 pih'toik
00 -4 tt* c* 00 *4 CO

-4 to
CO4*. «4 tt* H* *4 Co
to M* to to k-k O Cl
o w o> O to ** i-*

>
>

O

* I § g

cn
>
2

-4 4- 05 Ol M*
00 O Cl 0>_C1

SwCO

4 4k to Cl 0*
-* Cl -4 4* 0*

O
a
Clt COW O) >
b b b *4k
^
eo tt* to O ® P m*
O O os O 0*
eo
"m V o w c* » £
o 4k
4k 4k ' '
COOS CDM* O

T H E C H R O N IC L E

1640

News Items.

O h i o .—

Court Declines to Interfere with An­

nexation of Oakley.—

I n a n o p in io n h a n d e d d o w n J u n e 12
J u d g e D i c k s o n r e f u s e d t o in t e r f e r e w i t h t h e a n n e x a t i o n o f
O a k le y to th e c it y o f C in c in n a ti.
A c c o r d i n g t o t h e C i n c in ­
n a t i “ T i m e s - S t a r , ” t h e d e c is i o n s a y s :

T h e Court is of opinion that, by the returns, the m ajority of the votes
cast were in favor of annexation. W hile it is true that these same returns
clo not show that a m ajority of the votes in the b ox were in its favor, yet,
in the absence of any showing to the contrary, the Court is bound to pre­
sume that a m ajority of the votes which could be counted at all were in
its favor and that the excess ballots were unsuccessful attem pts at voting
because certain electors did not mark their ballots at all or Improperly
marked them , or otherwise destroyed their effectiveness.
C l e v e l a n d , O h i o .—

Light Plant Bonds Declared Valid.—

In

a d e c is i o n r e n d e r e d J u n e 1 0 C o m m o n P l e a s J u d g e C o lli s t e r
u p h e l d t h e v a l i d i t y o f t h e $ 2 , 0 0 0 , 0 0 0 4 % c o u p o n e le c t r i c l i g h t b o n d s v o t e d l a s t N o v e m b e r , $ 1 , 0 0 0 , 0 0 0 o f w h ic h w e r e
o f f e r e d f o r s a le b y t h e c i t y o n A p r i l 8 ( V . 9 4 , p . 1 0 7 4 ) .
The
C o u r t d e c i d e d , h o w e v e r , t h a t t h e r e q u i r e d s i x t y d a y s d id n o t
e la p s e b e t w e e n t h e p a s s a g e o f t h e b o n d o r d i n a n c e , F e b . 1 9
a n d A p r i l 8 , t h e d a t e s e t f o r t h e s a le o f t h e b o n d s , a n d t h e r e ­
f o r e i t w ill b e n e c e s s a r y f o r t h e c i t y t o p a s s a n e w o r d in a n c e
a n d th e n w a it s i x t y d a y s b e fo r e ta k in g a n y a c t io n .

Couxl Decides that Sewer and Street Bonds May be Issued
Immediately.— I n t h e s u i t b r o u g h t b y A . B . E m e r y t o r e ­
s tr a in th e s a le o f c e r ta in se w e r a n d s tr e e t b o n d s , J u d g e
C o lli s t e r h e l d , a c c o r d i n g t o lo c a l p a p e r s , t h a t t h e y m u s t fir s t
b e o f f e r e d t o t h e S i n k i n g F u n d C o m m i s s i o n , a n d if d e c lin e d
c a n i m m e d i a t e l y b e s o l d a t p u b li c s a l e .
C o u n t y , T e x . — Voters Adopt Com­
A n e l e c t i o n h e ld r e c e n t l y
r e s u l t e d in f a v o r o f t h e c o m m i s s i o n f o r m o f g o v e r n m e n t .
T h e v o t e is r e p o r t e d a s 6 3 t o 3 5 .
F ran k ston , A n d erson

mission Form of Government.—

F r e d e r i c k , M d . — Commission Plan Defeated.— A t a s p e c i a l
e l e c t i o n J u n e 1 1 a p r o p o s e d n e w c i t y c h a r t e r e m b o d y i n g th e
c o m m i s s i o n p la n a n d p r o v i d i n g f o r t h e i n i t i a t i v e , r e f e r e n d u m
a n d r e c a ll w a s d e f e a t e d , i t is s t a t e d , b y a m a j o r i t y o f 6 3 5
v o te s.
I l li n o i s .—

Legislature Adjourns.—

w h ic h h a s b e e n
V . 94, p. 1263.

in s p e c ia l s e s s i o n ,

The

Illin o is

a d jo u r n e d

L e g is la tu r e ,

June

5.

See

M a s s a c h u s e t t s . — Personal Property of Non-Resident Dece­
dents Exempted from Inheritance Tax.— T h e in h e r i t a n c e t a x
la w o f th is S t a t e h a s b e e n c h a n g e d b y a r e c e n t A c t o f th e
L e g is la tu r e (C h a p . 6 7 8 , A c t s o f 1 9 1 2 ) so a s to p r o v id e th a t
p e r s o n a l p r o p e r ty b e lo n g in g to th e e s ta te s o f n o n -r e s id e n t s
d y i n g o n o r a f t e r M a y 2 9 1 9 1 2 s h a ll b e e x e m p t f r o m t a x ,
o n l y r e a l e s t a t e s i t u a t e d in M a s s a c h u s e t t s b e i n g t a x a b l e .
U n d e r t h e n e w la w a c o r p o r a t i o n o r b a n k h o l d i n g s u c h a s s e t s
m a y n o w , u p o n b e i n g s a t i s f ie d t h a t t h e d e a t h o c c u r r e d o n o r
a f t e r M a y 2 9 , 1 9 1 2 , d e l i v e r o r t r a n s f e r s u c h a s s e t s w i t h o u t re­
q u i r i n g a w a i v e r o r r e c e ip t e d t a x b i l l f r o m t h e a u t h o r i t i e s
a t th e S ta t e H o u s e .
H e r e to fo re b a n k s , tru st c o m p a n ie s,
c o r p o r a t i o n s a n d i n d i v i d u a l s w e r e h e ld p e r s o n a l l y l i a b le f o r
t h e t a x u p o n a s s e t s in t h e ir p o s s e s s i o n if d e li v e r e d o r t r a n s ­
fe r r e d t o t h e lo c a l r e p r e s e n t a t i v e o f f o r e i g n d e c e d e n t s b e f o r e
a ll ta x e s w e re p a id to th e S t a t e .

Legislature Prorogued.— T h e L e g i s l a t u r e o f t h i s S t a t e w a s
p r o ro g u e d s h o r tly a fte r 7 p . m . o n J u n e 1 3 .
M i n n e s o t a . — Legislature Ratifies Federal Income Tax and
Direct Election of U. S. Senators.— O n J u n e 6 t h e H o u s e
p a s s e d b y a u n a n i m o u s v o t e r e s o l u t i o n s r a t i f y i n g th e p r o ­
p o s e d A m e n d m e n t s to th e F e d e r a l C o n s titu tio n p r o v id in g
f o r a t a x u p o n in c o m e s a n d f o r t h e d i r e c t e l e c t i o n o f U . S .
S en a to rs.
T h e l a t t e r w a s u n a n i m o u s l y c o n c u r r e d in b y
th e S e n a te o n J u n e 1 0 .
T h e r e s o lu tio n r a tify in g th e I n ­
c o m e T a x A m e n d m e n t w a s p a s s e d b y th e S e n a te on JJ une 12
b y a v o te o f 4 9 to 5 .
N e w I b e r i a , L a . — Commission Form of Government Adopted.
— A n ew ch a r te r p r o v id in g a c o m m is s io n fo r m o f g o v e r n m e n t
w a s a d o p t e d , i t is r e p o r t e d , a t a n e l e c t i o n h e ld J u n e 11 b y a
v o te o f 4 4 9 to 9 9 .
V e n t n o r C i t y , N . J . — Commission Plan Defeated.— A n e le c ­
t i o n h e ld J u n e 11 r e s u l t e d in t h e d e f e a t o f t h e c o m m i s s i o n
p la n o f g o v e r n m e n t .
T h e v o t e , i t is s t a t e d , w a s 4 8 “ f o r ”
to 51 “ a g a i n s t ."

B o n d P r o p o s a l s a n d N e g o t ia t io n s this week
lave been as follows:
ADA SCHOOL DISTRICT (P. O. Ada). Hardin County, Ohio.— Bond
Offering.— Proposals will be received until 12 m . June 21 by A .W elsh,
Clerk lid . of lid ., for $28,000 4 % refunding bonds. Denom. $1,000. Date
July 1 1012. Int. J. & J. at office of Treas. Due $1,000 each six months
from Jan. 1 1913 to July 1 1020 lncl. Cert, cheok on an Ada bank for
$200 required.
AKRON, Summit County, Ohio.— Description of Bonds.— The $1,225,000
4 % coupon water-works bonds voted May 21 (V . 94, p. 1401) are in the
denom . of $1,000 each and dated June 1 1012. Int. semi-annual. Due
June 1 1942.
A L E X A N D R I A , D o u g la s C o u n ty , M in n . — Bond Sale.— O n Ju n e 10 th e
$30 ,0 0 0 12-yr. (a v .) c o u p , fu n d in g b o n d s (V . 94, p . 1520) w ere aw ard ed




LXXXXIV

to the Minn. Loan & Trust Co. of Minneapolis at par and int. fo r 4J^s.
Other bids follow , all o f which were for 5% bonds:
Capital T r. C o., S t. P aul— *$31,100 Ulcn & Co., Chicago_______ *$30,547
*30,376
Harris T r.& S a v.B k ., C hic._ *30,867 C. II. Coffin, Chicago
C. F . Childs & Co., Chicago *30,825 Parson, Son & Co., Chicago *30,338
W oodin, McNear &Moore,Chic *30,723 Hoehler & Cummings, T o l. 29,430

B i l o x i , M i s s . — Election on Commission Form of Government.
— T h e q u e s tio n o f e s t a b lis h in g a c o m m is s io n fo r m o f g o v e r n ­
m e n t w ill b e v o t e d u p o n , i t is s t a t e d , o n J u l y 1 2 .
C in c in n a ti,

[VOL.

*And blank bonds.
A LM ENA. Norton C ounty, K ans.— Bond Sale.- -T he State of Kansas was
awarded at par in May $6,000 5
light bonds. Date Jan. 1 1912. Duo
April 1 1917-1922, op t. at any interest period.
ANTELOPE SCHOOL DISTRICT, Tulare C ounty. Cal.— Bond Sale.—
On June 5 the $8,000 7% 5-12-yr. (ser.) bldg, bonds (V . 94, p. 1520) were
awarded to the First Nat. Dank of Visalia for $8,811, making the price
110.137. Other bids follow:
J. II. Adams & C o., San Fran.$8,507 I G. G. Dlymyer & C o., San Fr.$8,288
First Nat. B k., B a r n v llle .-. 8 ,3 5 1 1W m . R . Staats C o., San Fran. 8,215
APALA C H ICO LA, Franklin County. Fla.— Bonds Voted..— A n election
held May 28 resulted, reports state, in favor of the question of issuing
sewerage-system bonds. The vote was 48 to 14.
ARK AN SAS C ITY, Cowley County, Ark.— Bond S a fe — A ccording to
reports, this city has sold $79,540 3 0 funding bonds for $80,980 30, making
the price 101.817.
ASBU RY P A R K , N. J .— Bond Sale.— On June 3 the $75,000 4
35-yr.
coupon (with priv. of reg.) sewer bonds (V . 94, p. 1461) were awarded to
Kean, Taylor & Co. of N. Y . at 101.71 and int. Other bids follow :
R . M. Grant & C o., N. Y ____101.281Asbury Park & Ocean Grove
Adam s & Co., N . Y __________101 -IS | Bank, A sbury Park________ 101.27
This sale was inadvertently reported in last week’s “ Chronicle” as
Asbury Park, N . Y .
A SH LAN D, Ashland C ounty. W is.— Bond Sale.— On June 5 the $100,000
10-20-yr. (opt.) gold coupon tax-free refunding bonds (V . 94, p. 1397) were
awarded to Bolger, Alosser & Wllliaman of Cicago at par and int. less $300
for expenses. A bid was also received from N. VV. Ilalsey & Co. of Chicago.
ASHLAND SCHOOL DISTRICT (P. O. Ashland), Schuyikill C ounty.
Pa.— Bond Sale.— I.ocal investors were awarded at par the $27,500 4%
2-30-yr. (opt.) reg. bonds which this district offered for sale (V . 04, p. 1397).
Denom. $100 and $500.
ATHENS. McMinn C ounty. Tenn — Bonds Voted.— On June 7 this city
voted, it is stated, to issue $38,000 water and sewer-extension bonds.
ATTLEBORO. Bristol C ounty, Mass.— Temporary Loan.— A loan of
$40,000 due in live months was negotiated on June 11 with 0 . D. Parker
& Co. of Boston at 3 .60% discount.
AUSTIN , Travis C ounty, T exas.— Bond Sale.— On June 4 the five Issues
of 5% bonds, aggregating $750,000 (V . 94, p. 1338), were awarded to the
Texas Trust Co. of Austin at 100.1682 and int. Other bids follow:
U.S.Bond & Mtge.Co.,Dallas.$739,000|Maycr, Deppe & W altcr,Cin.$732.175
Sutherland & Co., Kan.Clty. 738,750 (Seasongood & Mayer, Cln__ 727,875
W oodin , McNear & C o., Chic.735,097 |
A X T E L L . Marshall County, K a n — Bonds Voted.— 'This town, according
to reports, lias voted to issue $10,000 electric-light bonds.
B A R N W E L L . Barnwell C ounty, So. C a r — Bond Offering.— Proposals
will be received until 12 m . June 20 by J. M. Easterling, Chairman, for the
$22,000 5% coupon electric-light and water-works bonds voted May 8
(V . 94, p. 1398). Denom. $1,000. Date A ug. 1 1912. Int. annual. Duo
A ug. 1 1953, optional after Aug. 1 1933. Cert, check for 2 % , payable to
Chairman, required. Bonded debt, lncl. this issue, $30,500. No iloatlng
debt. Assessed val. 1912, $385,375.
BAY TOW N SH IP (P. (). Port Clinton), Ottawa C ounty, Ohio.— Bond
Offering.— Proposals will be received until 12 m . July 1 by C. W . Darr,
Town Clerk, for $14,600 5% cou p, bonds. Denom. (1) $600, (14) $1,000.
Date July 1 1912. Int. J. & J. at office o f T w p. Treas. Duo $600 July 1
1924 and $1,000 yrly. on July 1 from 1925 to 1938 lncl. Cert, check on
a Port Clinton bank for $250, payable to T w p . Clerk, required.
BENSON SCHOOL DISTRICT (P. O. Benson) . Douglas C ounty, Neb.—
Bond Sale.— On May 20 $5,000 5% 20-yr. school bonds w'ere awarded to
II. T . Holtz & Co. of Chicago at 101.14 and int. Denom . $500. Date
July 1 1912.
B EV E R L Y , Essex C ounty. Alass.— Bond O fferin g— Proposals will be
received until 10 a. m. June 25 by C. F. Lee, City Treas., for $110,000 4%
cou p, publlc-library-bldg. bonds. Denom . $1,000. Date Dec. 1 1911. Int.
J. & D. at Old Colony 'I’rust C o., Boston. Due $6,000 yearly on Dec. 1
from 1912 to 1921 incl. and $5,000 yearly on Dec. 1 from 1922 to 1931 incl.
Bonds will lie certified as to genuineness by the Old Colony Trust Co. The
legality of the issue has been approved by Ropes, Gray & Gorham, Boston.
BLISS SCHOOL DISTRICT, Tulare C ounty. Cal.— Bond Sale.— On
June 3 $t,008 6% bldg, bonds were awarded to the First Nat. Bank of
Visalia for $4,725, making the price 117.889. Other bids follow:
W m .R.Staats Co., Los A n g __ $4,6081G. G. B lym yer & C o., .San I‘ r . $4,008
BOW LES SCHOOL DISTRICT, Fresno C ounty, CM.— Bond Sale.— T he
$8,000 625 school-building bonds voted May 15 (V. 94, p. l.>79) w cie
awarded, it is stated, to the American Savings Bank of Los Angeles for
$8,203, making the price 102.537.
B R ID G E W A T E R , Rockingham C ounty. Va.— Bonds Voted.— It is
reported that an issue of $25,000 water-works bonds lia3 been voted by
this place.
BRISTOL. Bucks C ounty, P a .— Bond Offering.— Proposals will be re­
ceived until 12 m. June 25 by H . E . Ancker, Chief Burgess, and II. II. II.
Poole, Treas., for $100,000 4 'A% tax-free water bonds. Denom. $1,000.
Date Feb. 1 1912. Int. F. & A . Due part yearly on Feb. 1 from 1922 to
1942 incl. Cert, check for 5 % , required.
B RO OKSV ILL E. Hernando C ounty, Fla.— Bond Bale.— On May 28 the
$12,000 5% coupon linpt. bonds (V. 94, p. 1398) were awarded to C. II.
Coffin of Chic, at 95. No other bids were received. Int. annual.
BRU N SW ICK A N D T O P SH AM W ATER DISTRICT (P. O. B runsw ick),
Cumberland County, Me.— Bond Sale;— On June 12 the $40,000 4 % 30-year
gold coup water bonds (V. 94, p. 1579) were awarded to Blodget & Co. o f
Boston at 101.26. Other bids follow :
T> t _
Merrill, Oldham & Co.. B o s t .101.070 M aynavdS. Bird & Co P ort.) 100.769
Fidelity Trust Co., P ortla n d .100.13 |A. B. Leach & C o., N.
BURR OAK lewell C ountv. Kans.— Bond Sale.— The Fidelity Trust Co.
of Kansas City was awarded at par the $25,000 5% 20-yr. ■ water-workssystetn bonds voted March l (V . 94, p. 719). D enom . $1,000. Date
March 15 1912. Int. M. & S.
C A L IF O R N IA — Bond Offering.— A t 1:30 p. m. July 11 E. D. Roberts,
State Treas. (P . O. Sacram ento), will offer at public auction $-,000,000 4%
highway bonds. Denom. $1,000. Date July 3 1911. Int. J. & J
Due
July 3 as follows: $400,000 in 1918, 1919, 1920, 1921 and 1922, inclusive.
CAMDEN SCHOOL DISTRICT (P. O. Cam den), N. Y .— Bond Sale —
On June 4 $25,000 1-25-yr. (ser.) reg. school-house bonds were awarded to
Adams & Co. of New York at 100.06 for -1.35s. Denom. $1,000. Date
July 1 1912. Int. anil, in Novem ber.
This sale was inadvertently reported in last week s Chronicle as
“ Camden School District, N. J .”
CANONSBURG, W ashington C ounty, Pa.— Bond Bale — J. S. & W . S.
Kuhn, Inc., of Pittsburgh, have purchased $12,500 4 >4% tax-free bonds.
C A R L IN V II.L E SCHOOL DISTRICT (P. O. Carlinvillc), Macoupin
C ounty. 111.— Bond S ale.— W e are advised that tills district has disposed
of the $35,000 school-bldg, bonds voted Jan. 16 (V . 04, p. 295).
CASCADE COUNTY SCHOOL DISTRICT NO. 1, M ont.— Bond Sale-—
On June 6 the $170,000 5% 15-20-year (opt.) school bonds (V. 0 4 , p. 1338)
were awarded jointly to W oodin, McNear & Moore and E . II. Rollins &
Sons of Chicago at 103.375, hit. and blank bonds.
CASS COUNTY SCHOOL DISTRICT NO. 32 ( P .O . V irginia), III.— Bond
Offering.— Proposals will be received until 2 p. m . June 20 by II. A}cDonald,
Clerk, for the $20,000 5% coupon school-house bonds voted Feb. 17 (V . 94,
p. 1207). Denom. $500. Date July 1 1912. Int. ann. at Virginia. Due
$1,000 yrly. on July 1 from 1913 to 1932 lncl. Cert, check for 5
of bonds
bid for, payable to the Clerk, required. Purchase m oney to be paid. $o,uuu
A ug. 1: $5,000 Sept. 1; $5,000 O ct. 1 and $5,000 N ov. 1 1012.
CEN TERVILLE SCHOOL DISTRICT. Alameda C ounty. Cal.— Bond
Offering.— Proposals will be received until 10 a. m. June 17 by J . l . Look,
County Clerk (P . O. Oakland), for the $22,000 5% gold coupon tax-free
building bonds, voted April 20 (V . 94, p. 1264). A uth. A r t ..- 1, Chap. 3,
Title 3, F a rt3 , Pol.C odc. Denom. $1,000. Date July 1 191<5. I n t .J . cc

June 15 1912,]

THE CHRONICLE

J . a t o ffic e o f C o u n ty T rea s.
D ue $1,000 y e a r ly on J u ly 1 fro m 1913 to
1934, in cl. C ert, c h e c k fo r 2 % o f h id, p a y a b le to the C o u n ty Clerk, re­
q u ired . P u rch a ser to p a y a ccru e d Int. N o d e b t a t p re se n t. A ssessed
v a lu a tio n , $98 6 ,9 5 8 .
C H A R L E R O I SC H O O L D IS T R IC T (P . O . C h a rle ro i), W a s h in g to n
C o u n ty , P a . — Bond Offering.— P roposals w ill be re ce iv e d u n til 8 p . m .
Ju n e 20 b y J . M . IIH1, S e c. S ch o o l B o a rd , fo r $70,000 4 A % ta x -fre e b u ild in g
b o n d s. A u th . v o t e o f 316 to 128 a t e le ctio n held M ay 2 8 . D e n o m .
$ 1 ,0 0 0 .
D ate J u ly 1 1912. I n t. J . & J . a t o ffic e o f T r e a s .
D u e $ 3 0 ,0 0 0
J u ly 1 1915, $1,000 J u ly 1 1 9 l6 , $1,000 J u ly 1 1917, $3,000 J u ly 1 1918 and
1920, $1,000 J u ly 1 1921, $3,000 J u ly 1 1923, $2,000 J u ly 1 in 1924, 1926
an d 1927, $4,000 on J u ly l 1930, 1932 1933, 1935, 1930 a n d 1937, an d
$5,000 y e a rly on J u ly 1 fro m 1938 to 1942, ln c l. C ertified ch e ck fo r 2 %
o f b on d s b id fo r requ ired .
C H A R L E S C I T Y , C o le s C o u n ty , III — Bond Sale.— T h e $40 ,000 5 %
w a ter-w ork s b on d s offered on Jun e 10 (V . 94, p . 1579) w ere aw arded, It Is
sta ted , to the H arris T ru st & Savings B a n k o f C h ica go a t 103.77.
C H A R L O T T E , M eck len b u rg C o u n ty , N o. C a ro . — Bond Sale.— -This c it y
has aw ard ed an issue o f $90 ,000 6 % 1-10-year s tr e e t-lm p t. bon d s, it Is
s ta ted , to M ayer, D ep p e & W a lte r o f C in cin n ati a t 105.55.
C H E L T E N H A M T O W N S H IP SC H O O L D IS T R IC T , M o n tg o m e r y C o u n ty ,
P a .— Bond Offering.— P rop osa ls w ill be re ce iv e d o n o r b e fo re J u ly 1 b y
J . H . E rvlen , P res., care o f Je n k in to n T ru s t C o ., fo r $55 ,000 4 M% ta x -fr e e
b ld g . Im pt. b on d s.
D e n o m . $ 1 ,000.
D a te J u ly 5 1912.
D u e In 10, 20
an d 30 years. T h e lega lity o f the Issue has been passed u p o n b y N . LI.
L a rzelere.
C H IC A G O , III.— W e s t Park
4 % 1-20-yr. (serial) b on d s offered
It is stated , to the H arris T ru st
S avin gs B a n k , b o th o f C h icago,
egal expen ses.

D is tr ic t.— B o n d
o n Ju n e 11 (V . 94,
& S av in gs B a n k
a t th eir jo in t bid

S a fe .— T h e $1,000,000
p. 1521) w e rc a w a r d e d ,
a n d th e F irst T ru s t &
o f par and $13,290 fo r

C IN C IN N A I I , O h io.— Bids.— T h e fo llo w in g b ids w ere re ce iv e d fo r the
three issues o f 4 % c o u p o n n o n -ta x a b le b o n d s, a ggre ga tin g $ 52 2,50 0, o lfcre d
o n Ju n e 3 ( V . 94, p . 1264.)
$199,500
$73,000
$ 2 5 0,00 0

issue.

issue.

$25 8,15 0 00
257 ,837 50
. 257 ,750 00

G erm an N ation a l Bank
S ea son g ood & M ayer
.
D a v ies -B ertra m Co
W e s te rn -G e rm a n B a n k , C i n . ..........
F ield , L on gstreth & C o ., C i n ________.
C en tral T r . & S afe D e p . C o 1
W e ll,
.
S ta c y & Braun

$203,351 00
203 ,250 60
203 ,280 53

issue.

$74,504 00
74,372 40
74,383 35

257 ,607 00

203,051 00

74,346 00

257 ,026 00
2 55 ,800 00

203 ,590 00
202,412 70

74,501 00
73,956 00

255 ,750 00

202,412 70

74,131 50

73,360 00
200 ,504 00
73,638 75
. 2 54 ,225 00
200 ,996 25
H a y d e n , M iller & C o ., C leveland
. 254 ,600 00
73,956 30
202 ,113 45
U n ion S a v . B ank & T r u s t C o ., Cin_
252 ,5 0 7 00
202,332 90
74,036 60
C L A Y SC H O O L D IS T R IC T , H arrison C o u n ty , W . V a .— Bond Sale.— On
Ju n e 8 $35 ,000 5 % 10 -2 0 -yr. (o p t.) h lgh -sch ool b on d s w ere aw ard ed to C ut­
ter. M ay & C o. o f C h icago fo r $35 ,549 (101.568) an d in t.
D a t e J u n e l 1912.
In t. J. & D.

CLARINDA INDEPENDENT SCHOOL DISTRICT (P. O. Clariiida),

Page County, Iowa,— Bond Offering.— P rop osals w ill be re ce iv e d until
7:30 p . m . Jun e 19 b y E . P eters, S e c y . B o a rd o f D ire cto rs, fo r $50,000 4 L6%
c o u p , o r r e g . site-p u rch ase an d b ld g , b o n d s. D e n o m . $500. D ate M ay 1
1912.
I n t . M . & N . at the p u rch a se r’ s o ffic e .
D ue M a y 1 1922; o p t . a fte r
M a y 1 1917.
B on d s arc e x e m p t fro m all ta x a tio n . C ert, c h e ck on a b an k
fo r $ 1,000, p a y a b le to th e D lst. T r e a s ., r e q u ire d .
B o n d e d d e b t, $ 1 8 ,5 0 0 .
F lo a tin g d e b t, $1,541 40. A ssess, v a l. fo r 1911, $74 3 ,3 5 3 .
T h e a b o v e b on d s w ere offe re d on Jun e 5 as 4s (V . 94, p . 1338) b u t all bids
w ere r e je c te d ,
CLEVELAND

SCHOOL

DISTRICT

(P.

O.

Cleveland).

Cuyahoga

County, Ohio . —Bond Offering.— P rop osals w ill be re ce iv e d Until 4 p . in.
J u ly 1 b y S . II. H y r e , Clerk B o a rd E d u c ., fo r $30 0,00 0 b ld g .-lm p t ., $700,000
b ld g , an d $10 0,00 0 p la y g ro u n d 4 % c o u p o n b o n d s . A u th . S ecs. 7625 and
7626, G en. C od e.
D e n o m . $ 1 ,0 0 0 .
D ate J u ly 1 1912.
I n t. J . & J .
D ue
J u ly 1 1932. C ert, ch e ck on a n ation a l ban k fo r 5 % o f b o n d s bid fo r,
p a y a b le t o the T reasu rer, re q u ire d . P u rch a ser to p a y a ccru e d Interest.
B id s to b e m ade on blank fo rm s furnish ed b y d is tric t.
COLUMBIANA COUNTY (P. 0 . Lisbon), Ohio.— Bond Offering.— P ro ­
posals w ill be re ce iv e d u n til 1 p . m . Jun e 24 b y the C o u n ty C om m issioner
fo r $19 ,267 4 lA % r o a d -lm p t . b o n d s. A u th . S ee. 6912, G en . C od e. D e n o m .
(1) $267, (10) $ 1 ,0 0 0 .
D ate Ju n e 1 1912. I n t. an n . in S e p t. D ue $267
S e p t. 1 1913 and $1,000 y e a rly o n S e p t. 1 fro m 1914 to 1932, in cl. C ertc h e ck on a loca l ban k fo r $500, p a y a b le to C o u n ty T r e a s ., re q u ire d . B on d s
to be deliv ered J u ly 3 at C o u n ty T re a s u ry .
P u rchaser to p a y accru e d in t.
B ids to be u n co n d itio n a l.
P . It. W a lte r is C lerk.
Bond Sale.— O n Ju n e 10 the $16 ,416 39 4 lA % c o u p . Im pt. assess, b o n d s
(V . 94, p . 1521) w ere a w a rd e d t o S e a so n go o d & M ailer o f Cine, fo r $1 ,­
994 39 (103.52) and in te re st. O th er b ids fo llo w :
Premium.

Premium.

F irst N a tion a l B a n k _________ $518 51 O tis & H o u g h , C le v e la n d ____ $420 00
B reed & H arrison , C ln c in ._ 492 50 H a y d e n , M iller & C o ., C l c v - . 414 00
S ta c y A B rau n, T o l e d o _____ 488 65 N ew F irst N a t. B a nk, C ol__ 333 00
D a vlc3 -B ertra m C o ., C in e
465 00
C O L U M B U S , O h io .— Bond Offering.— P rop osals will be rece iv e d until
12 m . Ju n e 24 b y J . T . B arr, C lerk o f C ou n cil, fo r $10 ,000 4 % fire-plug
b on d s.
D en om . $ 1 ,000.
D ate Ju n e 20 1912.
I n t. M . & S .
D ue S e p t. 1
1932. C ert, c h e c k fo r 2 % o f b on d s b id fo r, p a y a b le to T reasu rer, requ ired.
B on d s to be deliv ered w ithin 10 d a y s fro m tim e o f a w a rd .
P u rchaser to
n a y accru ed interest.
C O R O N A D O SC H O OL D IS T R IC T (P . O. C o r o n a d o ), San D iego C o u n ty .
Cal.
Bond Election.— T h e v oters will d ecid e a t an e le ctio n to be held June
25, it is sta ted , w heth er or n o t $80,000 b u ild in g b on d s shall be issued. A
sim ilar issue o f b on d s w as fa v o r a b ly v o t e d A p ril 17 1912 (V . 94, p. 1338).
C U S T E R C O U N T Y SC H O O L D IS T R IC T NO. 42 (P . O . Is m a y ), M o n t.—
— Bond Offering.— F . B u tton h ain , Clerk, will offer a t p u b lic a u ctio n a t
2 p . m . Jun o 20 $1,200 c o u p . b ld g , b on d s at n o t e x c e e d in g 6 % in terest.
A u th . e le ctio n h eld A p ril 6 1912.
D en om . $10 0. D a te Ja n . 1 1912.
In t.
a n n . in J a n .
D ue J a n . 1 1922; o p t . a fte r J a n . 1 1917. C ert, c h e c k (or
cash) fo r 5 % o f b on d s re q u ire d .
D A N B U R Y T O W N S H IP , O ttaw a C o u n ty . O h io .— Bond Sale.— T h e
$8 400 4 >3% c o u p o n h ig h w a y b o n d s offered on Ju n e 10 (V . 94, p .1 5 2 1 )
h a v e been s old .
D ue $400 Ju n e 10 1927 and $1,000 y e a rly fro m Jun e 10
1928 to 1935 Inclu sive.
D A N V I L L E , P ittsy lv a n ia C o u n ty , V a .— Bond Offering.— P rop osa ls will
b e receiv ed until 12 m . J u ly 8 b y W . T . Sw ann, C h airm an F in a n ce C om ­
m ittee, fo r $50 ,000 4 'A% r e fu n d in g b o n d s.
D ate A u g . 1 1912.
In t.
sem i-an n u al.
D ue A u g . 1 1942. C ert, ch e ck fo r $500, p a y a b le to the
C ity T reasu rer, Is req u ire d .

The official notice of this bond offering will be found among the advertise­
ments elsewhere in this Department.
D A Y T O N , M o n tg o m e r y C o u n ty , O h i o . — Bond Offering.— P r o p o s a l s w i l l
b e r e c e iv e d
4 % cou p on

u n t i l 12 m . J u n e 2 1 b y G . W . B i s h , C i t y A u d . , f o r t h e f o l l o w i n g
bonds:

$45 ,000 general street-rep air b o n d s.
D e n o m . $ 1 ,0 0 0 . D ue $5,000 y e a r ly
on A p ril 1 fro m 1921 to 1929, in clu sive.
25,000 w a te r-w o rk s -im p t. an d e x te n sio n b o n d s .
D e n o m . $ 1 ,0 0 0 . D ue
$5,000 y e a rly on A p ril 1 fro m 1922 to 1926, in clu sive .
120,000 w ater-w ork s Im pt. and e x te n sio n b o n d s.
D e n o m . $ 1 ,0 0 0 . D uo
$10 ,000 yea rly o n A p ril 1 from 1920 to 1931, Inclu sive.
2,5 0 0 asp h a lt-rep a ir plan t b o n d s.
D e n o m . (2) $ 1 ,0 0 0 , (1) $500. D ue
$500 A p ril 1 1924, $1,000 on A p ril l 1921 and 1922.
D a te A p ril 1 1912. I n t . A . & O . In N ew Y o r k . C ert, c h e ck on a n ation a l
ban k for 5 % o f b on d s, p a y a b le t o the C ity A u d ., re q u ire d .
B o n d s t o be
d eliv ered a t o ffic e o f T reasurer Ju n e 21.
Bonds Authorized.— A n o rd in a n ce has been passed p r o v id in g fo r the
Issuance o f $1,200 5 % C o n co rd S treet p a v in g assess, b o n d s.
D e n o m . $500
a n d $70 0. D ate A p ril 1 .1 9 1 2 ,^-.Int. s e m i-a n n .
D ue $500 A p ril 1 1917
an d $700 A p ril 1 1923.
D O R C H E S T E R C O U N T Y (P . O. C a m b rid g e ), M d .— Bond Sale.— O n
Ju n e 11 the $10,000 5 % lilg h -s c h o o l-b ld g . b o n d s (V . 94, p . 1522) w ere
a w a rd ed , It Is sta ted , t o T o w n se n d S c o t t & S on o f B a ltim o re .




1641

DOW CITY, Crawford County, I o w a .— Bonds Voted.— T h e e le ction h eld
Jun e 4 resu lted In fa v o r o f the qu estion o f issuing the $5,0 0 0 5 % e le ctr ic ligh t a n d p o w e r b on d s (V . 94, p . 146 2). T h e v o t e w as 116 t o 16.
Dus
20 years, o p t . a t a n y interest p e r io d .
DRIGGS SCHOOL DISTRICT (P. O. Driggs). Fremont County,

Idaho

— Bond Election.— -An e le ctio n w ill be held Jun e 17 to v o t e o n th e q u estion
o f Issuing $20 ,000 6 % 2 0 -ye a r sch o o l-b u ild in g b o n d s.
DUNLAP, Harrison County, Iowa.—Bonds Voted.— T h e p r o p o s itio n to
issue th e $ 8 ,000 5 % 2 0 -y r . w a te r-m a in -e x te n sio n b on d s (V . 94, p . 1580)
carried a t th e e le ctio n Ju n e 8 b y a v o t e o f 154 to 13.

EAST LIVERPOOL SCHOOL DISTRICT (P. O. East Liverpool), Colum­

biana County, Ohio.—Bond Sale.— T h e $13 5,00 0 4 % b u ild in g b on d s o f­
fered on Ju n e 3 (V . 94, p . 1399) w ere aw ard ed , a c c o r d in g to re p o rts, t o O tis
& H ou gh o f C levelan d fo r $13 5 ,5 5 5 , m ak in g th e p rice 1 00 .411 . D u e on
Jun e 1 as fo llo w s - $2,000 in 1922; $3,000 y e a rly fro m 1923 to 1933 in c l.,
$5,000 y e a rly fro m 1934 to 1947 in c l. an d $6,000 y e a rly fro m 1948 t o 1952
in cl.
EAST PITTSBURGH SCHOOL DISTRICT (P. O. East Pittsburgh).

Allegheny County, P a .— Bond Election.— T h e v o te r s o f this d is trict will
h a ve s u b m itte d to th em on Ju n e 17, it is s ta te d , a p r o p o s itio n to issue
$55 ,000 b o n d s fo r a new s c h o o l b u ild in g a t B essem er T e rra ce .
EAST WATERLOO INDEPENDENT SCHOOL DISTRICT. Iowa —
Bond Sale.— O n Jun e 1 $25 ,000 4 )£ % 1 0-year b ld g , b o n d s w ere aw ard ed to
G eo. M . B e ch te l & Co. o f D a v e n p o r t a t 100 .61, in t. an d b la n k b o n d s.
EDEN TOWNSHIP (P. O. Melmorc), Seneca County, Ohio.— Bond Sale.
— T h e $15 ,000 4'A% c o u p o n r o a d -lm p t. b o n d s offered o n Ju n e 6 (V . 94,
p . 1339) w ere aw ard ed , a c c o r d in g to reports, to th e F irst N a tio n a l Bank
o f C leveland fo r $ 1 5 ,6 1 0 — m akin g the price 104 .106 .
D ue $500 each six
m on th s fro m M arch 1 1921 to S e p t. 1 1927 in cl. and $1,000 each six m on th s
fro m M arch 1 1928 to S e p t. 1 1931 in cl.
EDWARDSVILLE (P . O. Wilkes-Barre), Luzerne C o u n ty , Pa.— Bond
Sale.— M . M. F reem an & C o. o f P h ila d e lp h ia w ere a w a rd e d fo r $ 1 8 ,0 0 6 75
(103.238) th e $17,500 (n o t $17,000 as a t first re p o rte d ) 5 % c o u p , ta x -fre e
im p t. b o n d s offe re d on A p ril 1 (V . 94, p . 9 3 1 ). T h e $4,500 5 % 5 -y c a r c o u p ,
certifica te s o f in d ebted n ess offered at the sam e tim e (V . 94, p . 931) w ere
also a w a rd e d to M . M . F reem an & C o. o f P h ila . a t p a r.
EL MODENA SCHOOL DISTRICT (P . 0 . El Modena), Orange County,
Cal.—BondsVoted— T h e p ro p o s itio n su b m itte d t o th e v o te r s on M ay 31,
p r o v id in g fo r the Issuance o f $25 ,000 b u ild in g b o n d s (V . 94, p . 146 2), c a r ­
ried , it is s ta te d , b y a v o t e o f 72 to 10.
E S S E X , E sse x County, M a s s .— Note Sale.— B lo d g e t & C o . o f B o s to n w ere
a w a rd e d o n Ju n e 12, it is sta te d , $17 ,128 4 % n otes fo r $ 1 7 ,2 7 8 — m ak in g the
p rice 100.875.
D ue 1912 to 1929 in c l.
E V E R E T T , M a s s .— Temporarg Loan.— O n Ju n e 13 a lo a n o f $100,000
due $30 ,000 O ct. 15 an d N o v . 15 an d $ 10 ,000 D e c. 16 1912 a n d J a n . 15.
F e b . 15 an d M ch . 15 1913 w as n e g o tia te d , it is sta te d , w ith R . I ,. D a y &
C o . a t 3 .7 4 % d is c o u n t.

EXCELSIOR SPRINGS, Clay County, M o .— Certificates Offered by Bank­
ers.— C offin & C raw ford o f C h ica go are o ffe rin g to in v e sto rs $ 5 1 ,9 0 0 7 %
c o u p , park fu n d certifica te s. D e n o m . $ 1 ,000, $500 an d $ 1 0 0 . Date
A p ril 1 1912.
In t. an n . in J u n e .
D u e $10 ,000 y r ly . fro m 1913 to 1916
an d $11,900 in 1917; o p tio n a l a fte r 1913.
FAR HILLS SCHOOL DISTRICT, N. J .— Bonds Voted.— 'T h e election
held Ju n e 5 resulted in fa v o r o f the p r o p o s itio n to issue th e $ 30 ,000 b o n d s .
D e n o m . $ 1 ,0 0 0 . D ue $5,000 y r ly fro m 16 t o 21 y e a rs.
FINDLAY SCHOOL DISTRICT (P. 0 . Findlay), Hancock County. Ohio.
— Bond Offering.— P rop osals w ill be re ce iv e d until 12 m . Ju n e 17 b y D r.
P . O . G uise, Clerk, fo r $5,500 4 'A% b ld g . im p t. b o n d s (V . 94, p . 158 0 ).
A u th . S e c. 2294, G en. C o d e . D e n o m . $50 0.
D a te Jun e 1 1912. I n t .
J . & I ).
D ue $1,000 y r ly . o n Ju n e 1 fro m 1926 to 1929 in cl. an d $ 1 ,500
d u e Ju n e 1 1930.
FLOYD COUNTY (P. O. F lo y d a d a ), Texas.— Bonds Offered by Bankers.—
F a rso n , S on & C o. o f N . Y . an d C h ica g o , arc o ffe rin g to in ve sto rs $70 ,0 0 0
6 % c o u p o n co u r t-h o u s e b o n d s. D e n o m . $50 0. D a te Ju n e 1 1912. I n t.
a n n . in J a n . a t th e C o u n ty T re a s. o ffic e o r F a rso n , S o n & C o . o f N . Y . o r
C h ic a g o . D u e fro m J a n . 1 1913 t o 1926. N o o th e r d e b t . A ssessed v a l.
$ 5 ,6 9 1 ,5 4 8 .
GARDEN GROVE, Decatur County, Iowa.— Bond Election.— A p ro p o s i­
tion to Issue $9,000 w a ter-w ork s bon d s w ill be v o te d u p o n J u ly 16.
GENEVA, Ashtabula County. O h io .— Bonds Defeated.— T h e e le ctio n held
M ay 21 resulted in the de fe a t o f the p ro p o sitio n to Issue th e $ 4 ,0 0 0 fu n d in g
b o n d s (V . 94, p . 1 0 7 5 ). T h e v o t e was 151 “ f o r ” to 192 “ a g a in s t .”
GENOA, Ottawa County, Ohio.— Bond Offering.— P rop osa ls w ill b e re­
c e iv e d until 12 m . J u ly 1 b y R . H . U th o ff, V il. Clerk, fo r th e fo llo w in g
4 lA % M ain S treet im p ro v e m e n t b o n d s:
$36 ,500 assessm ent b o n d s.
D e n o m . 5 50 0.
D ue p a r t ea ch s ix m on th s
fro m M arch 1 1913 to S e p t. 1 1923, in clu sive .
4,8 8 0 (v illa g e ’s p o rtio n ) b o n d s. D e n o m . (1) $380, (9) $50 0.
D u e $380
S e p t. 1 1913 an d $500 y e a rly o n S e p t. 1 fro m 1914 t o 1922, in cl.
D ate J u ly 1 1912. I n t. sem i-a n n . a t o ffic e o f V illa g e T re a s. C ert, ch eck
o n a G enoa ban k fo r 5 % o f b o n d s bid fo r, p a y a b le to V illa g e T rea s ., re­
q u ire d .
B o n d s t o b e deliv e re d n o t later than J u ly 5. P u rch a se r t o p a y
a ccru e d interest.
GIRARD TOWNSHIP SCHOOL DISTRICT (P. O. Girard). Erie County.

P a . — Bond Sale.— T h e N a t. B ank o f G irard in G irard w as aw ard ed $7,500
5 % refu n d in g b o n d s fo r $7,762 30, m ak in g the price 1 03 .49.
D e n o m . $100.
D a te Jun e 1 1912.
I n t .J .& J .
D u e fro m 1914 to 1929 Incl.
GLOUCESTER, Essex County. Mass — Bond Sale.— O n Ju n e 10 $90 ,000
4 % 1-10-yr. im p t. b o n d s, w ere aw ard ed to th e C a pe A n n Nat. B a n k in
G lou cester a t 101.3675. O th er bids fo llo w :
E s ta b ro o k & C o ., B o s t o n ____ 101.333 I B lo d g e t & C o ., B o s t o n _______ 100.78
P erry, C o ffin & B u rr, B o s t o n .101.21
R . L . D ay & C o ., B o s t o n ____ 100.579
C ity N at. B a n k. G lo u c e s t e r .. 100.956 |
D e n o m . $ 1 ,0 0 0 .
D a te Ju n e 1 1912.
In t. J . & D .

GLOUCESTER COUNTY (P. O. Woodbury), N. J.— Bond

Sale.— On

M ay 16 $4,500 4 'A% road b o n d s w ere s o ld .
D e n o m . $500.
D a te Ju n e 1
1912.
In t. J . & D.
D ue $1,000 Ja n . 1 1914 an d 1915, $1,500 Ja n . 1 1916
and $1,000 Jan . 1 1917.
GOWANDA, Cattaraugus County, N. Y.— Bond Offering.— P rop osa ls
w ill be re ce iv e d until 8 p . m . Ju n e 21 b y F . J . H erd eg, V illa ge Clerk, It is
s ta te d , fo r $11 ,000 5-1 5 -yea r (serial) p a v in g b o n d s at n o t e x ce e d in g 5 % Int.

GRATIS SCHOOL DISTRICT (P. O. Gratis), Preble County. Ohio.—
Bond Offering.— P roposals will be rece iv e d until 12 m . Ju n e 22 b y G . A .
B a rn ett, Clerk, fo r $35,000 5 % c o u p . b ld g , b o n d s.
D e n o m . $ 5 0 0 . Date
Ju n e 22 1912.

In terest p a y a b le In G ratis.

GREAT BARRINGTON FIRE DISTRICT (P. O. Great Barrington),
Berkshire County, Mass.—Bond Offering.— P ro p o sa ls w ill be re ce iv e d until
12 m . Jun e 18 b y J . I I . M alon ey, T r e a s ., fo r $45 ,000 4 % co u p o n w ater
bon d s.
D e n o m . (20) $250, (40) $ 1 ,0 0 0 .
D a te Ju n e 1 1912. I n t . J . & D .
a t the O ld C o lo n y T ru st C o ., B o s to n .
D ue $2,2 5 0 y r ly . on D eo. 1 fro m
1912 to 1931 in cl.
B on d s w ill be certified as to genuineness b y th e O ld
C o lo n y T ru s t C o. and h a v e been a p p ro v e d as to le g a lity b y M essrs. Ropes,
G ra y an d G orh am , B o s to n .
GREEN BAY, Brown County, Wis.— Bond Sale.— O n Ju n e 3 th e $23 ,000
4 'A% co u p o n p a v in g b o n d s (V . 94, p . 1522) w ere a w a r d e d to E . I I . R ollin s
& Sons o f C h icago a t 100.27 and in t. O th er bid s fo llo w :

Premium

Premium

B o lg e r, M osser & W lll’n , C h ic .$45 00 N . W . H a ls e y & C o ., C h ic ____ 526 00
33 00 M cC a rtn e y N a t. B k ., G r. B a y .none
E m e r y , P e c k & R o c k w ’ d , Chic. 31 05 C lt. N a t. B a n k , G reen B a y ___ n on e
G R E E N T O W N S H IP SC H O O L D IS T R IC T , S u m m it C o u n ty , O h io .—
Bond Offering.— P roposals w ill be re ce iv e d until 1 p . m . J u ly 1 b y V . T .
B en der, Clerk B d . o f E d ..(P . O . A u ltm a n , R . F . D .) , fo r $4,700 4 'A% co u p b o n d s. A u th . S ecs. 7629 and 7630, G en. C o d e .
D e n o m . (8) $500, (1) $700.
D ate “ d a y o f s a le .”
In t. A . & O. a t N a t. C ity B a n k , A k ro n .
D ue $500
y e a rly on O ct. 1 fro m 1913 to 1920 in cl. an d $700 o n O ct. 1 1921. C ert,
ch e ck fo r $200 on a ban k o th e r than o n e m akin g b id , re q u ire d .
B on d s to
be deliv e re d a t N at. C ity B a n k , A k ro n .
G U E R N S E Y C O U N T Y (P . O . C a m b rid g e ), O h io .— Bonds Defeated.— 'T h e
e le ctio n held M ay 21 resu lted in th e d e fe a t o f the p r o p o s itio n t o Issue the
$50,000 infirm ary b ld g , b o n d s ( V . 94, p . 1 3 9 9 ). T h e v o t e w as 1,628 “ f o r ”
to 4,048 “ a g a in s t.”
H A N C O C K C O U N T Y (P . O . F in d la y ), O h io .— Bond Offering.— P rop osa ls
w ill be re ce iv e d until 12 m . Ju n e 22 b y L . B u ck m a n , J . R o lle r, J . O. G reer,
C o u n ty C o m m rs., fo r the fo llo w in g 5 % c o u p o n b o n d s:
A . B . L ea ch & C o ., C h ic----------

1642

THE CHRONICLE

[VOL.

LXXXX1V.

(1) $500 a n d (18) $ 1 ,0 0 0 . D a te J u ly 1 1912. I n t. a n n . a t the V illa ge
T reas. o ffic e .
D u e on e b o n d y e a r ly a fte r 20 years.
P u rcha ser t o p a y
accru e d Interest. C ert, c h e c k f o r 1 0 % o f b o n d s bid fo r , p a y a b le t o th e
T reasurer, is req u ired .
L O G A N SC H O O L D IS T R IC T . F resn o C o u n ty , C al.— B o n d Sale.— T h e
A m e rica n S a v in gs B a n k o f L o s A n g e le s has been aw arded, a c c o r d in g to re­
p o rts an issue o f $ 3 ,500 b o n d s o f this d istrict fo r $3,552— m a k in g th e p rice
01 .4 8 5 .
L O R D S B U R G , L o s A n g e le s C o u n ty . CaL— Bonds V oted — I t Is r e p o rte d
th a t this p lace r e ce n tly v o t e d to Issue $38 ,000 r o a d -im p t. b o n d s.
L Y N N , E sse x C o u n ty , M a ss.— Temporary Loan.— A lo a n o f $20 0,00 0,
d u e $100,000 O c t. 22 an d O c t . 29, w as n e g o tia te d . It is sta te d , w ith B lak e
B ro s. & C o . o f B o s to n a t 3 .5 5 % d is c o u n t and $4 75 p rom lu m .
M A C O M B , M c D o n o u g h C o u n ty , III.— Bonds Voted.— Th e e le ction held
J u n e 7 resulted in fa v o r o f th e p r o p o s itio n t o issue th e $ 7 ,000 4 H % c o u p o n
en gin e-h ou se b o n d s (V . 94, p . 1522) . T h e v o t e w aJ 543 t o 170.
D en om .
$ 1 ,0 0 0 . D a te J u ly 1 1912. I n t . J . & J . a t the M a c o m b N a t. B a n k In
M a co m b .
D u e $1,000 y r ly J u ly 1 1917 t o 1923 ln cl.
M A C O M B SC H O O L D IS T R I C T NO. 160, M c D o n o u g h C o u n ty , 111.—
Bonds Defeated.— r h e e le ctio n held M ay 4 resu lted In th e d e fe a t o f th e
p r o p o s itio n to issuo th e $60,000 4 A % c o u p o n s lto -p u r c h a s o a n d h lg h -s ch o o lju ild ln g b o n d s (V . 94, p . 1 2 6 6 ).
_
M A L D E N , M a s s .— Temporary Loan.— O n Jun e 13 a $15 0,00 0 0 -m o n th s ’
loan d a te d Ju n e 15 1912 was n e g o tia te d w ith B lak o B ro s. & C o. o f B o s to n
at 3 .6 3 % d is c o u n t .
M A R IO N T O W N S H I P (P . O . M a r io n ). W lilia m s o n C o u n ty . III.— Bids
Rejected.— Al\ bids re ce iv e d o n J u n e 8 fo r $60 ,000 h lg h -s ch o o l b o n d s w ere
r e je c te d .
M A R Y L A N D .— Bond Offering.— P rop osals w ill be re ce iv e d u n til 12 m .
J u ly 11 b y M . V a n din er, S ta te T re a s ., at A n n a p o lis, fo r $1 ,0 0 0 ,0 0 0 ($500,­
000 Series “ A " and $500,000 Series " B " ) 4 % c o u p , ro a d ta x -fre e b on d s.
A u th . C h a p . 370, A sse m b ly o f 1912. D e n o m . $ 1 ,0 0 0 .
D ate A u g . 1 1912.
In t. F . & A .
D u e A u g . 1 1927, o p tio n a l a fte r A u g . 1 1022. C ert, c h e c k fo r
5 % o f b id , p a y a b le to S ta te o f M a ry la n d , req u ired .
M E L R O S E , A lid d lesex C o u n ty , M a ss.— Temporary< Loan.— O n Jun e 13
this c it y n e g o tia te d a te m p o r a r y lo a n o f $50,000 w ith B lako B ro s, o f B o s to n
a t 3 .6 8 % d is c o u n t, a c c o r d in g t o r e p o rts . L o a n m atures $20 ,000 N o v . 19
1912, $20,000 D e c . 19 1912 and $10 ,000 Jan . 19 1913.
MERIDIAN. Lauderdale County, Miss.— Bonds Defeated.— It Is re ­
p o rte d th at this c it y o n Jun e 11 d e fe a te d p ro p o s itio n s t o Issue $10 0,00 0
s tre e t-lm p t. .and $30,000 v ia d u c t bonds b y a vote of 264 to 616 a n d 200 to
656, r e s p e c t iv e ly .
M IL L E R C O U N T Y S P E C IA L S C H O O L D IS T R IC T NO. 2 , A rk .— ponds
Offered by Bankers.— F arson, S on & C o . o f N . Y . an d C h ic , are ottering to
Investors $20,000 6 % b o n d s.
D e n o m . $50 0.
D ate Ju n e 1 1012.
In t.
an n . in Jun e at F arson, S on & C o . o f N . Y . o r C h ic. D u o fro m Ju n e 1 1918
to 1936. N o o th e r d e b t . A ssessed v a l. $ 50 0,00 0.
M O B IL E , A la .— Bond Sale.— O n Ju n e 10 th e fo llo w in g b ids w ere re­
ce iv e d fo r th e $60 ,000 5 % 3 0 -y e a r c o u p , (w ith p riv ile g e o f re g .) sew ere x tcn s lo n b o n d s (V . 94, p . 1462);
F irst N at B a n k , C le v e . .$ 6 3 ,2 9 6 80 A. J . H o o d & C o ., D e tr o it $61,211 00
Bank o f M o b ile , M o b ile - .
63,281 00 F a rson , Son & C o .,C h ic . 60,945 00
C ity B k . & T r . C o ., iMobile 6 3 ,000 00 In te r-S ta te T r u s t & B a n k W e ll, R o t h & C o ., C i r . . .
62,780 00
in g C o ., N ew O rle a n s. . 60,910 00
S e a so n g o o d & M ayer, C in .
6 2 ,706 00 S p itze r, R o r ic k & C o ., T o l. 60,798 00
R . M . G rant & C o ., N . Y . 62,706 00 P r o v id e n t S av in gs B ank &
L iv in g s to n & C o ., N . Y _ . 62,154 00
T r u s t C o ., C in -------------- 60,765 00
S . A . K ean & C o ., C h i c . . 6 1 ,850 00 N . Y . L ife In s. C o ., N . Y . 60,046 20
M O L IN E . R o c k Isla nd C o u n ty , III.— Bonds Proposed.— O n J u n o 3 an
ord in a n ce w as in tro d u ce d in the C ity C ou n cil, it is sta te d , p r o v id in g fo r the
issuance o f $16 4,00 0 4 A % w a te r-w o rk s -lm p t. b o n d s.
D e n o m . $ 1 ,0 0 0 .
D ate J u ly 1 1912. In t. sem i-an n u al. D u e $ 14 ,000 In 1916 an d $1 0 ,0 0 0
a a n d b la n k b o n d s .
y e a rly fro m 1917 t o 1931 in cl.
EJACKSON COUNTY (P. O. Jackson), M in n.— Bond Sale — O n .J u n e 5 the
M O N R O E , M onroe C o u n ty . M ic h .— Bond O fferin g— Vio p o s a ls w ill be
$ 78 ,500 c o u p , d itch b o n d s (V . 94, p . 1522) w ere aw arded to th e W ells &
r e ce iv e d until 7 p. m . J u ly 1 fo r $15 ,000 o f the $25,000 4 hS% t a x -fie o p a v ­
D ic k e y C o. ofM U nneapolls fo r $81 ,615 (103.968) fo r 5,s. D a te J u ly 1 1912.
ing b o n d s v o t e d F e b . 27 (V . 94, p . 6 4 8 ).
D e n o m . $50 0. D a te Jun e 1
I n t. J . & D . D u e p a rt y e a r ly fro m 1913 to 1931 ln c l.
1912.
In t. an n . D ue $ 3 ,000 Ju n e 1 1916 a n d $ 2 ,0 0 0 y e a r ly on Ju n e 1

$ 0 ,0 0 0 P h illip B a rm u th R o a d (E agle T w p .) b o n d s . D u e $ 1 ,000 y r ly . o n
.
J u ly 1 fro m 1913 to 1920 in c l.; $500 J u ly 1 1921 a n d 1922.
15.000 A . L . M iller R o a d (Jackson T w p .) b o n d s . D u o $1,500 y r ly . on
J u ly 1 fro m 1913 to 1922 ln cl.
13.000 M c E lr o y R o a d (O range an d V a n B u ren T w p s .) b o n d s . D u e $1,500
•
y r ly . o n J u ly 1 fro m 1913 t o 1918 ln c l.; $ 1 ,0 0 0 y r ly . J u ly 1 1919
.
to 1922 ln cl.
,
[ 5,000 W . H . H o o k R o a d (Jack son , M adison a n d D e law are T w p s .) b o n d s.
D u e $500 y r ly . o n J u ly 1 fro m 1913 to 1922 ln cl.
[ 4,0 0 0 W e ld m a n R o a d (M adison T w p .) b o n d s . D u e $500 y r ly . o n J u ly 1
.
fro m 1913 t o 1920 ln cl.
11.000 J oh n R eel R o a d (U n ion , E a gle, V a n B u ren an d O range T w p s .)
•
b o n d s. D u e $1,500 o n J u ly 1 1913 a n d 1914 an d $1,000 y r ly . o n
J u ly 1 fro m 1915 t o 1922 ln cl.
A u th . S e c . 6949, G en. C od e. D c n o m . $50 0. D a te J u ly 1 1912. I n t.
J . & J . a t o ffic e o f C o u n ty T re a s . C ert, c h e ck (o r cash) f o r $50, p a y a b le
to C ou n ty T r e a s ., req u ire d w ith b id s fo r ea ch issue. B o n d s an d c o u p o n s
w ill b e fu rn ish ed b y th e C om m ission ers.
H E N R Y SC H O O L D IS T R I C T (P . O . H e n r y ), C o d in g to n C o u n ty , So
D a k .— Bonds Defeated.— A p r o p o s itio n to issue $ 6 ,300 b u ild in g b o n d s w a s.
it Is s ta te d , d e fe a te d a t a re ce n t e le ctio n .
H E S T E R SC H O O L D IS T R IC T (P . O . San J o s e ), Santa C lara C o u n ty , Cal.
— Bonds Voted.— T h e e le ctio n h e ld M a y 28 resulted In fa v o r o f th e p r o p o ­
sition t o Issue th e $80 ,000 5 % 1 -4 0 -y r . (ser.) s c h o o l-b ld g , b o n d s ( V . 94,
p . 1 4 6 2 ). T h e v o t e w as 489 t o 211.
H IC K O R Y T O W N S H I P , C a ta w b a C o u n ty , N o. C a r.— Bond Sale.— O n
M a y 17 $25 000 6 % 20-y e a r ro a d bo n d s w ere a w a rd ed t o 0 . A . W e b b & C o.
o f A s h e v ille a t 105.25 a n d in t. D en ora . $ 1 ,0 0 0 . D a te J u n e 1 1912.
In terest J . & J .
H O B A R T , D elaw are C o u n ty , N. Y — Bond Offering.— P ro p o sa ls w ill be
r e ceiv ed u n til 8 p . m . Ju n e 24 b y th e T ru stees, W . J . H . R o b in s o n , Clerk,
fo r th e $20 ,000 sew er-co n stru ctio n b o n d s, th e sale o f w h ich w as p o stp o n e d
fro m M ay 27 (V . 94, p. 152 2).
D e n o m . $ 1 ,0 0 0 .
D ate J u ly 1 1912. In t.
(to be n a m ed In bid) an n . a t N a t. B a n k o f H o b a r t In N . Y . ex ch a n g e .
D u e $ 1 ,0 0 0 y ea rly on J u ly 1 fro m 1913 t o 1932 ln cl. C e rt, ch e ck o r b a n k
d r a ft f o r 1 0 % o f b o n d s b id fo r re q u ire d .
N o b o n d e d d e b t a t p resen t.
A ssess, v a l., real and p ersonal (a b o u t) $ 3 1 4 ,0 0 0 .
H O B O K E N N J — Bonds Authorized.— R e p o rts state th a t th e C om m on
C ou n cil on Ju n e 12 a u th o riz e d th e issuance o f $25 ,000 re -p a v in g b o n d s.
H Y A T T S V I L L E , Prince G e o rg e s C o u n ty , M d .— BondiSale.— A c c o r d in g to
ren orts H a m b le to n & C o . o f B a ltim o re h a v e be e n a w a rd e d an issue o f
$7,0 0 0 5 % m u n icip a l an d flre -d e p t. bu ild in g b o n d s.
D e n o m . $500.
In t.
sem i-an n u al. D u e 25 years.
I R V IN G T O N , E s s e x C o u n ty , N. J . — Bond Sale.— O n M a y C th e $14,000
4 ><” o " l - l 0 - y r . (scr.) c o u p , fire-house b o n d s (V . 94, p . 1204) w ere a w a rd ed
t o J . S . R lp p e l o f N ew ark a t 1 0 0 .1 3 . D a te o f b o n d s M a y 1 1912.
J A C K S O N , M is s .— Bond S ale— O n J u r e 4 th e $3 0 ,0 0 0 s t r e e t-im p t. and
$ 6 0 ,0 0 0 fu n d in g 5 % 2 0 -y r . b o n d s (V . 94, p . 1399) w ere a w ard ed t o the
U . b . B on d & M ortgage C o . o f D allas fo r $9 2 ,9 5 2 02 (10 3 .2 8 ) a n d in t .—
a basis o f a b o u t 4 .7 4 5 % . O th er bids fo llo w :
N . W . H a ls e y & C o ., N .Y .$ 9 2 ,5 1 6 40 W e il, R o t h & C o ., C in ____ $01,954 00
N . Y . L ife In s . C o ., N . Y . 9 2,385 00 H o e h le r & C u m 'g s, T o l _ . 9 1,950 00
S u th crlin & C o ., K a n . C itya 9 2 ,3 0 5 00 J o h n N ick e rso n J r ., S t . L . 9 1,500 00
H .C .Sp eer & Son s C o.,C hic. 92,255 00 S e c.M u t.L ife In s .C o .,B ln g . 91,458 00
S e a s o n g o o d & M a yer, C in . 02,077 00 H arris, F o rb e s & C o ., N .Y . 91,431 90
R . M . G ra n t & C o ., N . Y . 92,061 00 F irst N a t. B k ., C le v e la n d . 9 1,415 80
F ifth -T h ir d N a t. B k ., C in . 92,043 00 A . J . H o o d & C o .. D e tr o it. 9 1 ,130 00
S. A . K e a n & C o ., C h ica go .a 9 2 ,0 2 5 00 A . B . L ea ch & C o ., C h ic . 90,963 00
I n v e s t. S e c . C o ., D es M oin . 9 2 ,010 00 E . I I . R o llin s & S o n s, Chic. 9 0 ,495 00
M a y er,D ep p e& W alter.C in . 91,989 00 In te r-S ta te T r . & B a n k in g
C o ., N ew O rlean s_______ 0 0 ,5 1 1 0 0
C. E . D en ison & C o ., C le v e ­
la n d
_________________ 9 1 ,955 60 B olg.,M osser& W lll’ n.Chle. 90,139 00

JACKSON PARISH (P. O. Vernon), L a — Bonds Offered by Bankers —

F a rson , S on & C o. o f N . Y . an d C h ic, are ottering to In vestors $50,000 5 %
c o u p o n c o u r t-h o u s e an d Jail b o n d s.
D e n o m . $50 0.
D ate F e b . 1 1912.
I n t. an n . In F e b . In N . Y . or C h ic.
D u e fro m I‘ e b . 1 1913 t o 1922. N o
o th e r d e b t . A ssessed v a l. $ 2 ,7 2 2 ,7 1 3 .
JADIS TOWNSHIP, Roseau County, M in n.— B o n d S a le .— T h e C apital
T r u s t C o . o f S t. P a u l w as a w ard ed $6,000 6 % 6-y e a r r e fu n d in g b o n d s at
100 25 an d in t. D e n o m . $500. D ate Ju n e 1 1912. I n t . an n . In Jun e.
JASPER COUNTY SUPERVISORS DISTRICT NO. 5 (P. O. Paulding),
Miss.— Bond Offering.— P rop osals w ill b e re ce iv e d u n til 12 m . J u ly 1 b y
th e C lerk o f C ou rts fo r $ 25 ,000 5 % c o u p , ta x -fre e ro a d b o n d s . A u th C h ap.
149 A c t s o f 1910.
D e n o m . $500.
D ate J u ly 1 1912. I n t . J . * J . In N . Y .
C ert, ch e ck fo r $500, p a y a b le to T . Q . B ralne, C lerk, r e q u ire d . N o d e b t
a t p resen t. Assessed v a lu a tio n , $ 85 0,00 0.
IF N N IN G S T O W N S H IP . O h io .— Bond Sale.— O n M a y 30 $1,700 4 %
ro a d b o n d s w ere d isp o se d o f .
D e n o m . $100, $200 and $ 30 0. D ate Jun e 8
1912. I n t . M . & S .
D u e fro m 1914 t o 1921.

1 °Proposals w ill also be re c e iv e d a t th e sam e tim e and place fo r $6,000 4 %
ta x -fre e p a v in g b o n d s, this be in g the u n so ld p o r tio n o f an Issue o f $15,000
v o t e d M ay 9 1910. D e n o m . $ 10 0. D ate A u g . 1 1912.
I n t. an n .
D ue
$1,000 A u g . 1 1921 an d $ 2,000 y e a r ly thereafter. Certified ch e ck fo r 2 %
o f bo n d s bid for, p a y a b le to the “ C ity o f M o n r o e ,” r e q u ire d . F . M . K ressb a c k is C ity C lerk.
M O N T C L A IR , E sse x C o u n ty . N. J .— Bonds Authorized— Th e C om m on
C ou n cil, at its m eetin g on Jun e 10, au th o riz e d th o Issuance, It is sta ted ,
o f $100,000 b o n d s fo r a m u n icip a l b u ild in g .
M U N H A L L . A lle g h e n y C o u n ty . P a .— Bond Sale.— 'T he $40 ,000 4IJ4%
20-year c o u p o n lm p t. b o n d s o lfe re d o n J u n e 4 (V . 94, p . 1462) w ere aw arded,
it Is stated, t o J . S . & W . S . K u h n , I n c ., o f P itts b u rg h .
N E W B U R G H (P . O . C le v e la n d ). C u y a h o g a C o u n ty , O h io .— B o n d Bate.—
O n Jun e 8 the three issues o f 4 H % 2 ° ^ . c o u p o n sew er b P^d o ^ r i o w ia m f
$53,000 (V . 94, p . 1340) w ere a w a rd ed to H ayd en , M iller & C o . o f C leveland
a t 105.94 an d i n t — a basis o f a b o u t 4 .0 6 4 % . O th er b id s fo llo w .
First N at. B a n k , C l e v e - _ -$ 5 6 ,0 8 3 07 M;vyer, D cp p o & W a lte r
KALAMAZOO. Kalamazoo County.
rt+tq a. Hniiffh Cleveland
56,028 0 0 1 C in cin n ati - - -----------------$o5,94c« 00
w ill b e receiv ed u n til 1 1 a . m . Jun e 24, it is sta te d , b y C . L . M iller, C ity
S ta c y & B raun, T o l e d o - . ! 55,964 9 6 |Tlllotson & W o le . C o.,C Iev. 55,618 20
Clerk, fo r $17 0 ,0 0 0 4 ^ % 1 -10-year (serial) Im p ro v e m e n t b o n d s.
N
E
W
C
A
S
T
L
E
A
N
D
B
E
D F O R D U N IO N F R E E SC H O O L D IS T R IC T
K F A R N F Y B u ffa lo C o u n ty , Neb.— Bond Election.— A n e le ctio n w ill be
held Ju n e 17 t o v o t e o n th e q u e stio n o f issu in g $3 0 ,0 0 0 5 % 10-20-yr.
N o. 2, W e stch e ste r C o u n ty , N. Y — Bond Offering.— P rop osals w ill b e re­
(o p t.) r a ilroa d -a id b o n d s. D a te Jan . 1 1913. I n t . a n n . In J a n .
c e iv e d until 4 p. m . Jun e 25 b y R . G erdes, V illa ge T reas. (P . O . M t. K ls c o ),
KENEFIC, Bryan County. Okla.— Bond Offering.— P ro p o sa ls w ill be fo r $65,000 4 A % reg. b o n d s. D e n o m . $ 1 ,0 0 0 . D ate Jun e 1 1012. In t.
receiv ed u n til 8 p . m . Ju n e 24 b y W . E . S trick la n d , T ow n Clerk, fo r the
se
m i-a n n . a t the C o lu m b la -K n ic k c r b o c k e r T ru st C o. In N . Y .
D ue $ 2 ,0 0 0
$15 ,000 6 % 2 5 -y c a r w a ter-w ork s b o n d s v o t e d F e b . 27 (V . 04, p . 7 - 1 ) .
yea rly Jun e 1 1917 to 1927 a n d $3,000 yea rly thereafter t o a n d Including
KEY W E S T , M on roe C o u n ty . Fla.— Ponds Offered by Bankers.— F arson,
Jun e 1 1941, an d $1,000 Ju n e 1 1942. C ert, c h e c k fo r 5 % o f b on d s bid for,
S on & C o. o f N . Y . an d C h ic, are offerin g to Investors $ 12 9,40 0 5 % refu nding
p a y a b le to the V illa ge T reasu rer, Is req u ired . B on d s are b e in g e x a m in e d
b o n d s . D e n o m . $1,000.
D ate J u ly 1 1912. I n t. J . & J . a t th e K n ick e r­
b o c k e r T ru st C o. In N . Y . D ue J u ly 1 1942.
as to leg a lity b y C aldw ell, M assllch & R e e d , w h ose fa v o r a b le o p in io n w ill
K N O X V IL L E . K n o x C o u n ty , T e n n .— Bond Offering—-P ro p o s a ls w il be
be furnished to the pu rch aser. T h e y will bo certified as t o genuineness
receivccL a c c o r d in g t o rep orts, until 10 a . m . Ju n e 18 b y E . G . L ea h y, C ity
b y the C o lu m b la -K n lck e rb o ck e r T r u s t C o. o f N . Y .
R e c o r d e r fo r $27 5,00 0 4'A% 3 0 -y e a r w ater a n d sew er a n d $15,000 5 %
The official notice of this bond offering will be found among the advertise­
30-y e a r s tr e ct-lm p t. b o n d s . C ert, ch e ck fo r $ 1,000 a n d $250, resp e ctiv e ly ,
ments elsewhere In this Department.
r eq u ired .
N E W K E N SIN G T O N SC H O O L D IS T R IC T (P . O . N ow K e n s in g to n ),
i A C A R N F O tta w a C o u n ty . O h io .— Bonds Defeated.— A n e le ctio n h eld
W estm orela n d C o u n ty . P a .— Bond Sale.— I his d istrict has aw arded t o
r e c e n tly resul’t ed In th e d e fe a t o f th e p r o p o s itio n t o issue $13 ,000 s c h o o l­
J . S . & W . S. K u h n , I n c ., o f P ittsb u rg h , it is sta ted , an Issue o f $6 0 ,0 0 0
b u ild in g b o n d s. T h e v o te , it is sta te d , was 44 fo r to 89 again st.
•I A GRANGE Fayette County, T e x .— S e n d Offering— P roposals w ill be 4 A % ta x -free b o n d s. D ate M ay 1 1912.
N E W L E B A N O N (T ow n ) U N IO N F R E E SC H O O L D IS T R IC T NO. 1
r e o e v e d u n til 12 m . Ju n e 19 b y I I . W . S p reck els, Mayoi% ^ r th e $17,000
(P . O . L eb an on S p r in g s). C olu m b ia C o u n ty , N. Y .— Bond Offering- P ro­
5 % 1 0 -40-year (o p t.) sew erag e-system b o n d s v o t e d A p ril 2 (V . 94. p . 1133) .
posals w ill be r e ceiv ed until 7:30 p . m . t o -d a y (Juno l o )
D e n o m . $500. D ate M ay 1 1912. I n t . a n n u a lly . C ert, c h e c k fo r $500 Is
O . R . H a n d . C lerk, fo r $12 ,000 5 % c o u p , (s u b je c t t o -reg istra tion ) b ld g
r eq u ired . T h ese secu rities w ere registered o n M a y 18 b y th e M a te C om p.
b o n d s. A u th . S ec. 480, E d . L a w o f 1910.
D e n o m . $40 0. D ate Jan . 1
LA GRANGE TOWNSHIP (P. O. La Orange). Lorain Count/. Ohio.— 1912. I n t. from J u ly 1 1912, p a y a b le J . & J . a t IJer ^ h i r e L o a n & T ru st
Bond Offering.— P rop osals w ill be re ce iv e d until J u ly ■> b y I . M . J oh n ston , C o ., P ittsfield , M ass., In N ew Y o r k e x c h a n g e . D uo $40 0 y ea rly o n Jan 1
T o w n s h ip C lerk, it is sta te d , fo r $ 2 7 ,0 0 0 4 4* % g o ld b o n d s. C ertified ch e ck
from 1913 to 1942 in cl. C ert, c h e c k , ban k d ra ft o r cash Tor 1 0 % o f b on d s,
fo r $500 req u ired .
p a y a b le t o T r e a s., req u ired . P u rch a ser to p a y a c cru e d in t. N o d e b t
LANCASTER, K y — Correction— H o eh ler & C u m m ings o f T o le d o a d vise a t p resen t. Assessed v a l. 1911, $ 23 4,04 5.
us th a t th e reports s ta tin g th a t th ey w ere th e purchasers o f $ 12,000 w ater
N E W P O R T . R . I .— Temporary Loan.—-On Jun e 13 a loan o f $70,000 due in
b on d s are e rron eou s. V . 94, p . 1400.
2 'A m on th s was n eg otia ted w ith C urtis & b a n ger o f B o sto n a t 3 .5 0 % d isc t .
LA SALLE SCHOOL DISTRICT (P. O. La Salic). La Salle County, 111 —
N ORTH H U N T IN G D O N T O W N S H IP SC H O O L D IS T R IC T , P a .— B on d
Bond Sale.— T h e L a Salle S ta te B ank o f L a Salle w as a w ard ed at p riva te Sale.— H igh -sch oot-bu lld in g b on d s a m ou n tin g to $ o 0.0 0 0 Havo been s o ld ,
sale a t p ar fo r 4 Ms th e $40 ,000 b ld g , b o n d s o ffe re d o n Ju n e 6 a s 4 M s
a cco rd in g t o reports, t o J . S . & W . S . K u h n , l n o „ o f I ttsb u rg h , as 4 'As.
(V . 94, p . 9 3 1 ).
D ate J u ly 1 1912. I n t . sem i-a n n u a l.
N O R W A L K , Fairfield C o u n ty . Conn.— -Bond Sale.— On Juno 10 the
LEAVENWORTH, Chelan C o u n ty , W a s h .— Bonds Defeated.— A n e le ctio n $10 0,00 0 4 H % 19-yr. pa vin g b on d s (V . 94, p . 1400) w ere a w a rd ed to E . H .
h eld M ay 21 resu lted In th e d e fe a t o f th e p r o p o s itio n t o Issue $40,000
R o llin s & Sons o f N . Y . a t 104.015— a basis o f a b o u t 4.192 % . O th er b ids
w a ter-w ork s b o n d s .
are rep orted as fo llo w s :
,,
1 FAVENWORTH COUNTY CONSOLIDATED SCHOOL DISTRICT E sta b ro o k & C o ., N. Y ______ 103.47 IJlodgct & C '; , N . Y ............. 102.43
W . N . Coler & C o ., N . Y ____ 103 .335 It. E . p a y * C0 " N . Y - 102.199
v n IQ k n n — Bond Sale.— T h e S ta te o f K ansas w as aw arded a t par in
Harris, F orb es & C o ., N . Y - . 1 02.801 M errill, O ld h a m & C o ., B osM a y $7*000 5 % s ch o o l-h o u se b o n d s.
D ate A p ril 1 1912.
D ue J a n . 1 1 9 1 4
ton --------------------------------------- 1 0 1 . .>2*
K ou n tze B ro s., N . Y ________ 102.673|
t o 1927’, o p t . at a n y interest p e rio d .
N O T T IN G H A M , C u y a h o g a C o u n t y . O h io .— Bond OW rin g.— Proposals
I FWIS COUNTY (P. O. M o n t ic c llo ), Mo.— Bonds Defeated.— T h e e le c­
w ill be r e ce iv e d until 12 m . J u ly 20 (d a te c h a n g e d fro m J u ly 1) b y J . C.
tio n held A p ril 20 resulted in th e d e fe a t o f th e p r o p o s itio n to Issue $25 ,000
Stein lck e, V illage Clerk, fo r $27 ,000 90 4 'A% w ater-nnain-cO nstruotion_asD oor-h ou se b o n d s .
U n o fficia l returns r e p o rt 757 v o te s " f o r ” an d 741
sassm ent b o n d s.
D en om . (53) $500, (1) $500 90.
D ate J u ly 1 1 9 1 2 .
In t.
•against” , a tw o -th ird s m a jo r it y be in g requ ired t o a u th o rize .
m T& N
D ue $1,000 M ay 1 1913, $ 1 ,500 N o r . 1 1913 $
M ay 1 1914.
I ISRON C olu m b ia n a C o u n ty , O h io .— Bond Offering— P ro p o sa ls w ill
$2,000 N o v . 1 1914, $1,000 M ay 1 1 9 15- $,1-5 2 °
* i ‘Y o o
b e r e ceiv ed u n til 12 m J u ly 6 b y H . E . M arsdcn, V illa ge Clerk, fo r $18 ,500
1916, $ 2 ,000 N o v . 1 1916, $1,000 M ay 1 1917. $ 1 ,500 N o r . 1 1017, $1,000
4 V>% f c o u p , refu n d in g b o n d s . .A u t h o r it y S e c . 391 6, G en. C o d e . •D e n o m




1,000

Juve 15 1912. J

THE CHRONICLE

M a y l 1018, $1,500 N o v . 1 1918, $1,000 M ay 1 1910, $2,000 N o v . 1 1919,
$1,000 M ay 1 1920, $1,500 N o v . 1 1920, $1,000 M ay 1 1921, $1,500 N o v . 1
1921. $ 1 ,000 M a y 1 1922, $2,000 90 N o v . 1 1922. C ert, c h e ck lo r 5 % o l
b o n d s b id fo r, p a y a b le t o V illa ge Treasurer, requ ired . B o n d s to be d e liv ­
ered w ith in 10 d a y s fro m tim e o f aw ard. P u rch a ser to p a y a ccru e d interest.
NHVV Y O R K S T A T E .— Bond Sale.— T h e successful an d unsu ccessfu l
bidders o n Ju n e 0 fo r the $ 25 ,950 ,00 0 4 % b o n d s, the sale o f w h ich w as re­
p orted last w eek (V . 94, p. 1582), are g iv e n b e lo w . T h e a vera ge price
realized fo r th e Class I b o n d s ($ 1 2 ,0 0 0 ,0 0 0 can al and $ 8 ,0 0 0 ,0 0 0 h igh w ay
d u o In 50 years) w as 100.223-1----- a basis o f a b o u t 3 .9 9 % .
O f th e Class II
b on d s ($ 5 ,0 0 0 ,0 0 0 Barge-C anal term inal 3 0 -y e a r ), o n ly $ 3 ,4 0 6 ,5 0 0 w ere dis­
posed o f, th e av era g e price b ein g 100.188-1----- a basis o f a b o u t 3 . 9 9 % .
Of
t h e Class I I I b on d s ($950,000 1 -1 0 -yr. (serial) S ta te r e s e r v a tio n ), o n ly
$ 5 6 5,00 0 w ere a llo tte d , the average p rice b e in g 100.211-1-----a basis o f
a b o u t 3 .0 5 7 % .

Successful Bidders for Class 1 ($20,000,000 4% Canal and Highway Bonds due 19C2
Q. W , W ellington,!
Corning N. Y . _ ./
G. M. W est, Owego
G. K. Sponsler,/
Lime Ridge, P a .)
Abel E . B lackm ar,/
Brooklyn _____ )
G. S. Nicholas, N.Y
Adele B lackm ar, /
B ro o k ly n ............. )
U eorgc G. Sw eet,/
A lbany, N . Y . . . )
F irst N at. B an k ,/
S t. JohnsvHIe__ )
Columbia N ational/
B ank, B u ffalo .. )
N a t. B ank, Norwich
E . Sleradzka, New/
York C ity ............. )
H u rst E lectrotype /
C o., New Y o rk .. )
C. I I. S haver, Chic.
G. B. Salisbury it/
Co., New Y o r k ../

1643

Successful Bidders for Class No. 2 ($5,000,000 4% Canal Bonds due 194i.)
First Nat. Bank o f /
Milton, P a ......... \ $10,000.-100.5

H. W. Cady, Platts-f
burg, N . Y ____\
$2,000.-100.05
Columbla-Kntcker-)
bocker Trust Co ,) 500,000. .100.01
New Y ork ......... . j
to 100.19
U. S. Mtge. A T r . / 500 ,000 .. 100.43
C o., New Y o r k . . )
to 100 63
2 5 ,0 0 0 .- 1 0 0 .0 0 2 5
Onondaga Co. Sav.) 100,000.-100.35
Bank,
Syracuse.)
100,000.-100.25
3 ,0 0 0 .. 1 0 0 . 5
j 100.000..100.15
250 ,000 .. 100.
Merchants Union /
250,000.. 100.035
Trust Co., P h lla .) 100,000.. 100.14
Joseph F. W ade,/
300,000..100.051
New Y ork ______ )
2 ,0 0 0 ..1 0 3
First N at. Bank, /
6 0 .0 0 0 .
- 1 0 0 .0 1 7
5 0 .0 0 0 .
-1 0 0 .2 5 H u d s o n ................)
to 10 8.0 1 7
2 5 .0 0 0 .
.1 0 0 .1 3Forrest Glen,
/
2 5 .0 0 0 .
- 1 0 0 .0 1 B r o o k ly n ............)
10.000.
.101
W . N . Coler A C o .,/
5 0 .0 0 0 .
. 1 0 0 126
New Y o r k ......... . ) 129,000.-100
100,000.. 100.193
Hirsch, LUllenthal/
20,000. .100.025
100,000.. 100.093
A C o., New Y ork)
5 ,0 0 0 .. 100.075
First Nat. Bank, /
50 0 ..1 0 0
A lb a n y ................ )
20,000. .100.56
E. C. Benedict A /
50,000..100.255
10,000..100
C o., New York . )
50,000.-100.505
160,000. .100.1
to 100.75
Total a ass 2 bonds allotted.$3,406,500

Seasongood A Hass,) 100,000.. 100.063
New Y ork______ > 100,000.-100.032
J 100.000. .100.002
M. A H. Clarkson,/
New Y o rk ........... )
Mackay A Co., /
New Y o r k ______ )
Bond A G oodw in ,/
New Y o rk --------- )
Sutro Bros. A C o .,/
New Y o r k .......... )
Union Trust C o .,/
A lb a n y ......... .......)
Chisholm A Chap-/
man, New York \
W hite, Weld A C o .,/
New Y o rk ______ )
R . L. D ay A Co ,/
New Y o r k .......... )
E . B . Deyoes,
/
Grand Gorge,N .Y.)
II. F . H oornbeek,/
Napanoch, N. Y .)
Kraus Bros. A C o .,/
New Y o rk ______ )

95,000-. 100.18
E. D . Levinson & /
$6,000,100.43 1-3
to 100.3
C o., New Y o r k ../
1.000..100.65
The Public B a nk,/ 100,000. 100.051
10,000.-101
New Y o r k ........._)
to 100.121
Estabrook A C o .,/ 21 3 ,0 0 0 .. 100.3
New Y o rk ________ )
to 100.45
1.0 0 0 .
-101.125
Low,
D ixon & C o .,/
100.000.
-100.7
New Y o r k ______ )
4 ,000 ..100.52
1 .0 0 0 .
.101.125
Luke A . D alton,/
Yonkers, N. Y _ _ )
5,000..1 00.3 8
1.0 0 0 .
-100.75
Thos. Denny & C o.,/ 100,000.. 100.26
New Y ork.............) 100,000.. 100.13
2 5 .0 0 0 .
.100.5 Lawyers’ Title In s./ 200,000. .100.05
& Tr. C o., N. Y . )
to 100.125
Successful Bidders for Class No. 3 ($950,000 Bonds for Stale Reservation__ $ u j/r
100.000.
-100.5 Bull & E ldredge,/
50 ,0 0 0 .. 100.18
average.)
*
100.000.
.100.25 New Y o rk ...............)
to 100.34
Due.
Due.
Clark, Dodge A11918 $35,000.. 100.18
The Coal A Iron/
11.000.
-100.5 A. B . Leach & C o .,/
Co., N. Y ._ _ )1 9 2 0 50,000.-100.28
New Y o rk _______)
35,000..100.1
N at.B k.,N .Y .l 1913 $2 5 ,0 0 0 .. 100
J1922 10,000.-100.175
Rhoades & Co., / 715 ,000 .. 100.053
1913
5 ,000..1 00
1.0 0 0 .
. 101
New Y ork ________ 1
to 100.375
1913
5,0 0 0 .. 100.1275 Merchants Nat. 1914
5,000. 108
2 0 .0 0 0 .
.101 Joseph L . B utton-/
1914
5,000.-100.1275
Bank, Burl- 1915
5 ,0 0 0 .. 100
50,000.-100.05
1915
5,000..100.1275
ington, Vt__)1916
5,000..1 00
welscr, N. Y ______)
to 100.19
1916
5.000..100.1275
1917
5 ,000..1 00
6 .0 0 0 .
. 100.25
Geo. H . Burr & Co.,)
50 ,0 0 0 .. 100.185
1917
5,000..100.1275
1920
5,000..1 00
10.000.
.100.5 New Y o rk _______ ) 50,000.-100.265
1920
5,000.-100.1275
J1922
5 ,000..1 00
J 100.000..100.328
F irst N at. B ank, 1
10.000.
. 101
1922
5,000.-100.1275
M ilton, P a ____ j
Albany T r. C o.,/1914 10,000.-100.01
10.000.
.101.5 Westchester Co. 1 100,000.. 100.315
1913
5,000.-100.085
A lb a n y ------- )1915 10.000.. 100.02
National Bank, > 100,000.-100.217
•John H arm on,
/
1914
5,000.-100.085
R . L. D ay A 11918 0 0 ,0 0 0 .. 100.273
PeeksklU ............. J 100,000.. 100.135
H a m ilton ........... \
1915
5 ,0 0 0 .. 100.085
5 .0 0 0 .
.101
Co., N . Y . . .11919 95,000.-100 313
1916
5,000. .100.085
Taylor, Auchtnloss/ 50,000..100.063
•Skaneatelcs Savgs.)
J1921 9 5 ,0 0 0 .. 100.393
Morris A Sm ith,) 1917 5 ,0 0 0 .. 100.085
to 100.314
15.000.
.100.75 & Joost, N . Y __ 1
B ank, S kancate-)
C. S. Sym onds,/
New Y o r k . . 1920 5,000.-100.085
l e s .............................j
H . N. W hitney & /
2 5 ,0 0 0 .. 100.125
1922
5 ,0 0 0 .. 100.085
u
t
lc
a
............)1913
5,000..100.01
Sons, New Y o r k ./
25,000..100.25
F irst N at. B an k ,/
1913
5,000..100.0425
1914
5 ,0 0 0 .. 100.055
E a s t A nrora___ 1
15.000.
. 100.375
Hess * Hess, N ew/
70,000.-100.061
1914
5 ,0 0 0 .. 100.0425
1915
5 ,0 0 0 .. 100.105
to 100.46
1915
5,000.-100.0425
Cyrus J . Lawrence/
6 5 .0 0 0 .
-100.25 Y o r k .....................)
A Sons, N . Y _ - .\
1916
5,000.-100.0425
to 100.75
Harris, Forbes & /
1917
5 ,0 0 0 .. 100.0425
I,
. F . Rothschild
A/
10.000.
.100.25 Co., New Y o r k ._) 100,000.-100.081
1920
5.000..100.0425
Co., New Y o r k ..\
10.000.
. 100.5Clark, Dodge & Co.,/ 100,000.. 100.13
1922
5.000..100.0425
1916
5,000. 100 155
Lake Shore N a t. /
New
Y
o
rk
...........
1
100,000.-100,26
4 5 .0 0 0 .
. 100.25
1917 aw
5,000..100.175
Total Class 3 bonds
arded.$565,000
|# .B a n k , D unkirk _)
to 101.25
Equitable Tr. C o . , / l , 250,000..100.11
1920
5,000.-100.205
Other bidders at the sale whose bids were not successful were
as follows:
to 100.31
■ Colonial A ssurance/ 100.000.
1922
5 .0 0 0 .. 100.225
.100.25 New Y o rk ........... )
C o., New Y o r k ..\
Adams A C o., / $100,000.-100
Lawyers’ Title In s./ $100,000.-100.025
W allace, Butler A /
New Y o rk ______ )
50,000.-100.02
35,000.-100.41
A Tr. Co., N. Y . ) 200,000.-100.01
H . I . Nicholas & 1
5 0 .0 0 0 .
.100.28 Brown, N. Y . . . \
;» Co., New Y o r k .. )
Paul A. Shipm an,/
Joseph L. B utten-/
2 5 .0 0 0 .
.100.18Marine Nat. B ank,/ 100,000.. 100.1.3
5,000.-100.01
Brooklyn ............)
2 5 .0 0 0 .
.100.08 B u ff a lo ............... 1 100,000.-100.26
J
weiser, N. Y . . . . 1
2 5 ,0 0 0 .. 100.03
Nat. City Bank, /
J . S. Rlppcl, New-/ 100.000.
-100.19 Emigrant Ind. S av ./2.0 00,0 0 0 .. 100.05
Public Bank, N ew / 300,000 106
a rk , N . J .................)
New Y o r k ..........11,000,000..100.0126
to 100.59
Y o r k . ...................)
to lo o '.o il
to 100.195
Bank of N. Y . . . \
E sta te of Pearson)
John D. Everltt A /
Rhoades A C o., ) 100,000.. 100 043
Newburgcr,Render-/
H alstead, Dec’d,
Co.,
New
Y
o
r
k
.)
50
,0
0
0
..
100.011
New Y ork........... ) 100,000.. 100.033
son A L o e b .N .Y .) 250.000..100.13
care Baldwin
)
2 0 .0 0 0 ..1 0 1 .1 2 5
I 100,000. .100.023
James R Magoffin,)
2 0 .0 0 0 .
.100.05 Eleanor S. T u rn ey,/
W adhams, Bacon I
10,000..100.011
H . N. Whitney A / 100,000. 100 001
New Y o r k ........... }
2 0 .0 0 0 .
. 100.045 New Y o rk ........... )
A Fisher, N . Y..J
Sons, New Y o r k .)
50,000..100
J.
A
.
Clark
A
C
o
.,/
2
0
.0
0
0
.
-100.055
F irst N at. B ank of/
5 .0 0 0 .
.100.66
New Y o r k ......... _)
5 0 .0 0 0 .
.1 0 0 .0 1Westchester Co.Nat/
Central N at. B ank,/
S ayre, P a _____ )
5 .0 0 0 .
. 100.25
Farmers’
Loan
A
/
Bank,
PeeksklU.)
200,000.-100.005
B
u
ffa
lo
................
\
300.000..100.05
Chas.C.Harrison, J r ./ 500 .000 .
-100.195
1 5 .0 0 0 .
.1 0 0
& Co., P h lln ___ \
5 0 .0 0 0 .
-100.76 T r. Qo.. N. Y ___)
1
10,000.. 100.032
to 400.111
Hess A Hess, N .Y .)
10,000.. 100 014
Cleveland Trust Co. > 2 5 .0 0 0 .
-100.63 Guarantee Tr. C o .,/
M utual Alliance T r./ 250 .000 .
-100.351
2
5
.0
0
0
.
-100.51
New
Y
ork...........
)
500,000.-100.0113
j
i
o ,o o o . .i o o j a i
J
C o., New York _)
to 100.476
Harris, Forbes A /
Curtis A Sanger, / 300,000..100.112
Bank of B atavia,/
City N at. B an k ,/
New Y o r k ______ )
Batavia,
N.
Y
.
_
)
C
o.,
New
Y
o
r
k
..)
300,000..100.001
to
100.482
5
0.000.
.100
^ B e l f a s t, Me...........)
2 5 .000.
-100.156
Clark, Dodge A Co.,/
C. J . T urner A Sons,/ 5 0 0 ,0 0 0 .- 1 0 0 .0 0 2 7
Lake Shore Nat. /
E . A. Seliects.M 1).,/
2 0 .0 0 0 .
.100.25 New Y o r k ........... )
New Y o rk ......... . ) 100,000..100
Bank, D unkirk.)
to 100.1225
5 .0 0 0 .
.100
tot Y o n k e rs .................)
to 100.625
J.
A. Clark A C o .,/
Werner Bros. A
/ 175.000.
Coal
A
Iron
N
at.
/
.100.072
Salom oa Bros. A/
2 5 .0 0 0 .
-100.125Goldschm idt,N.Y)
to 100.312
Bank,
New
Y
ork)
5
0.000.
-100.01
New
Y o rk ........... )
50,000. .100.001
H utzler, N . Y . . . \
to 100.25
Marine
Nat. B a nk,/
Crawford, Patton A /
Edward Canfield A /
5 0 .0 0 0 .
. 100.0625
1 100.000-.100.25
Cannon, N . Y __ \
8
.0
0
0
.
.
100.025
------)
Bros.,
N
.
Y
to
100.675
Buffal0
................
1
315,000.-100.001
H am ilton T ru st C o .) 100.000.
. 100.1875
Herzfeld A .100.125
Stern,/
Newburgcr,
Hen-)
M ayors. Auerbach,/
4 .0 0 0 .
.100.01
50,000 .100.21
10.000.
)
New Y o r k ........... \
derson A L o e b ,) 250.000. 100 0 0 ’
to 100.04
New Y ork --------- )
to 100.38
Seasongood* Ilass,/1,200,0 0 0 .. 100.266
New Y o rk ______ j
Stout A C o., N. Y . 120.000.
New Y ork______ \
. 100.381 Lincoln Nat. B ank,/
to 1 0 0 .4 0 7
J R . Magoffin, / 140,000. 100 001
Bigelow A Co., /
S. M. Gallcrt A C o .,/
4 0 .0 0 0 .
-100,045 R o ch e s te r___ _•.) 200,0 0 0 .. 100
8 , 0 0 0 . . 1 0 0.0 6
New Y ork ........... )
to 100.035
New Y ork ........... )
Bond A G oodw in,/ 250,0 0 0 .. 100
to 100.3
7 .0 0 0 .
.1 0 0 .1 6 New Y o rk ............ )
Werner Bros. A /
New Y ork ........... ) 250 ,000 .. 100.035
Transatlantic Trust/ 1 2 5 .0 0 0 .
-1 0 0 .2 1 W . N . 8 . Sanders,/
Goldschm
idt,N
.Y.)
2
5
,0 0 0 .. 100.031
Albany
...............
)
5 .000..1 00.6
Sutro Bros. A C o .,/ 400,000.-100.013
K Co., New York _)
to 1 0 0.61
Stout A Co., N . Y . 150,000.-100.032
It. L. Day A C o .,/
New Y ork ........... )
to 100.043
Seasongood &
/
New Y o rk ______)
Bigelow A Co.. N.Y.
10.000.. 100
250 .000 .
.100.199 E. D . Levinson A /
Mayer, Cln......... I
7 5 .0 0 0 .
-1 0 0 .4 0 3
N .W . Halsey A Co.,/
C o., New Y o r k ..) 55,000..100.04
Harvey Fisk A / 2 , 000,000. 100 04
Edward Canfield A /
New
Y
o
r
k
..........)
500,000..100.1897
Son,
New
Y
o
r
k
.)2
,000
,000 .. 100.01
Kt Bro., New York.\
Nassau
Trust
C
o
.,/
7 .0 0 0 . -1 0 0 .2 5 2
B r o o k ly n ........... )
25,000. .100
)
5 .0 0 0 .. 100 0625
W . L. Raym ond A /
Montauk Bank,
/
2 5 .0 0 0 .
-1 0 0 .2 5Williamson A
------)
10,000.-100.125
Squire,
N
.
Y
B r o o k ly n ............ )
Co..
Boston,Mass.)
5,000.-100.039
Thomas
Denny
A
/
2 5 .0 0 0 .
. 1 0 0 .3 7 5
I 10,000. 100.1875
Co., New Y o r k ..) 100,000.-100.001
Smith, Heck A C o .,/
M aycrS. Auerbach,/
1 6 .0 0 0 .
- 1 0 0 .0 Bank
5
of H olland.(
1.000. 100.5
New Y ork ........... )
5 0 .0 0 0 .. 100.032
New Y ork ............ )
to 100.7
H o lla n d ............ )
M ^ A ’ II. Clarkson,/ 1 0 0 .0 0 0 .
N O R TH W I L D W O O D (P . O . Anglesea), N. J.— Bonds R efu sed __Artlnv
.1 0 0 .0 0 2R.5 L. Day A C o .,/ 600 ,000 .. 100.060
u p o n the a d v ic e o f C aldw ell. M assllch A R e e d , It. M . G rant A C o h ™
in New Y o r k ............ \
to 1 0 0 .5 6 2 5
New Y ork........... )
to 100.343
d e clin e d t o a c c e p t the $60,000 5 % s tr e ct-im p t. b on d s aw arded tn
Mayer, D cppe A /
5 0 .0 0 0 .
. 1 0 0.4 Harvey
4
o n M arch 5 (V . 04, p . 792 ).
t o tn em
Fisk A /
Walter, Cln..........\
Bond Offering.— P roposals w ill b e rece iv e d until 8 p . m Tune
k ,Son, New York. 12,000,000.. 100.07
Mackay & C o., / 3 6 7 . 0 0 0 .
G eo. A . Ite d d ln g , Clerk, It Is s ta te d , fo r $65,500 refu n d in g bon d s
C ert?
-1 0 0 .0 6 1
N. Y . Trust C o .,/ 500,000.. 100.00
New Y ork ........... )
flcdi.ch eck fo r $ 1,000 requ ired.
**
n a s ’ C cru
to 10 0.5 1 1
New Y o rk ...........1
to 100.20
Lincoln Nat. B a nk,/ 1 0 0 .0 0 0 .
.1 0 0 .1 2 Abraham
5
• O A K V I L L E , Chehalis C o u n ty , W a s h .— Bonds Voted.— B o n d s fo r n mu
V. Pick-)
R och ester............1
n lcipa l w ater pla n t were fa v o r a b ly v o t e d . It is s ta te d , a t an e le ctio n held
ford, Rockville )
2 ,0 0 0 .. 100.55
Mutual Trust C o .,/ 5 0 0 . 0 0 0 .
Ju n e .........................................................................................................................................
1 0 0.0 8
Centre, N. Y . . .J
Orange, N . J ____ )
to 100.51
W . L. Raym ond A / 20,000 100.164
O B E R L IN . Lorain C o u n ty , O h io .— Bond Offering, — P rop osa ls will he
Greenwich Bank, / 1 0 0 . 0 0 0 . - 1 0 0 .3 1
receiv ed u n til 12 m . Ju ly 8 by’ l i . T . .Marsh, VII. Clerk, fo r $26 300 4
Co., B oston___ 1
to 100.539
New Y o rk ............ \
to 1 0 0.61
b o n d s as fo llo w s:
4 ^ /0
Fisk
A
Robinson,/
Livingston’S * C o .,/ 3 0 0 . 0 0 0 .
$4,2 0 0 P a rk S treet p a v in g b on d s.
D en om . $420.
. 1 0 0.1 3 New Y o rk ...........1 500,000.. 100.082
New Y o r k ...........\
5,200 F orest S treet-p a v in g b on d s.
D en om . $520.
to 1 0 0.0 3
Abel E . Blackm ar,/
8 ,4 0 0 P leasan t S treet-p a v in g b o n d s.
D e n o m . $840
1 1 0 0 .0 0 0 .
.1 0 0 .1 6 3 B r o o k ly n ...........1
2 ,0 0 0 .. 101.125
8.5 0 0 E a st L orain S treet-p a v in g b on d s.
D en om . $850
Sutro Bros. * C o.,) 1 0 0 ,0 0 0 .1 0 0 .1 3 3
Peck A C o.,/
D ate J u ly 1 1912. In t. J . A J . D ue on e b on d o f each Issue veA ik- on
New Y ork........... J 1 0 0 .0 0 0 .
-1 0 0 .0 5 Smith,
3
Ja n . 1 from 1914 to 1923 in cl. C ert, ch e ck fo r 2 % o f b on d s bld f o /D a v a h l e
New
Y
o
rk
______
)
50,000.-100.063
Amer. Exch. N a t./1 ,000 ,000 .. 100.2
to Vil. Treas . requ ired. B on d s to be d eliv ered w ithin 10 d a y s f r o n f t t a e
Mary E. Thompson,/
Bank, New York)
to 100.5
o f a w a rd .
P u rchaser to p a y a ccru e d Interest.
ne
New Y o r k . . ___ )
10,000.. 100.76
Mechanics’ * Farm ./ 174.000.
-100.2512
O CEA N V IE W SCHOOL D IS T R IC T , C a l.— B on d S a fe.— T h e C a liforn ia
Merchants’ Union /
50,000.. 100.28
to 1 0 0.6
Bank. A lban y.-\
N
ation
a
l
B
a
n
k
o
f
S
an
ta
A
n
a
has
been
aw
ard
ed
an
Issue
o
f
$10
000
hm
m
l
Trust Co., P h lla.)
5 0,000.. 100.33
Oneida Val. Nat.Bk.
2,000..101
a cco rd in g to rep orts.
*
U0Iias«
Kings Co. Trust Co.,/
G. T . Tow nsend,/
O H IO C IT Y SCHOOL D IS T R IC T ( P .O .O h io C ity ), Van W e rt C ou n tv
B r o o k ly n ........... )
50,000.. 100.75
M id dletow n ___ )
3,000..1 00.5
O h i o — Bond Offering.— P roposals will be received until 2 p . m j n l f i h i
W . N. Color A C o .,/
Peoples’ Trust C o .,/ 100.000.
A - P - J o u n g . Clerk B d . o f E d ., fo r $6,000 4 H % c o u p , repair b on d s
A u th
. 100.25 New Y ork --------- ) 121,000.. 100.045
B r o o k ly n ...........)
S e c. 7625, G en. C od e, and v o te o f 132 to 16 at election held M ay 21
100.000.
. 100.5
Blake Bros. A C o .,/ 5 0 0 ,0 0 0 .. 1 0 0.2 8
n
o
m
.
$500.
D
a
te
J
u
ly
10
1912.
I
n
t.
M
.
A
S
.
a
t
o
ffic
e
o
f
T
reas
iw
Nassau (/Trust C o.,)
2 5.000.
.100.1 New Y ork ........... )
to 1 0 0.3 8
$500 y r l y . o n S e p t. 1 fro m 1913 to 1924 ln cl. U n con d ition a l c e r t ' o h e e t
B r o o k l y n ............... )
2 5 .000.
-100.15
fo r $500 req u ired . Pu rchaser to furnish blank b on d s free o f ch arge
rui
2 5.000.
. 100.2Total Class 1 bonds aw arded.$20,000,000
J
m u st be u n co n d itio n a l.
s
lU!s




1

J

1644

THE CHRONICLE

O S G O O D SC H O O L D IS T R IC T (P . O . O s g o o d ). D arke C o u n ty . O h io .—

Bond Offering.— P roposals w ill be re ce iv e d until 12 m . Ju n e 20 b y I I . H .
Strak er, Clerk, fo r S 8.000 5 % c o u p o n ta x -fre e s c h o o l-h o u s e b o n d s. A u th .
S ecs. 7625, 7626, 7627, 762 8, 762 9, 2294 and 2295 G en. C od e.
D enom .
(1)<$400, (1) 5600 (14) 5500.
D ate Ju n e 20 1912. In t. M. & S.
Due
5400 M arch 20 1913; 5600 S e p t. 20 1913; an d 5500 each six m o n th s fro m
M arch 20 1914 to S e p t. 20 1920 Incl. C ert, ch e ck fo r 5 % o f b o n d s bid fo r,
p a y a b le to T re a s ., req u ire d .
B o n d s to he deliv e re d w ith in 5 d a y s fro m tim e
o f ,a w a n l . P u rch a ser to p a y a ccru e d in te re s t.^
FS’ O V E R C U P SL O U G H D R A I N A G E D IS T R IC T , A r k — B o n d Offering.—
P rop osa ls will be receiv ed until 3 p . m . Ju n e 20 b y Jones & C a m p bell, A t t o r ­
n e y s fo r th e d is tric t, a t N e w p o rt, fo r ^ n n ro x im a te ly 530 ,000 6 % b o n d s.
I*' O X N A R ,
cn ura C o u n ty , C a l.— Bona fi fering.— F u rth erad cta lls are
a t h an d r ela tiv e t o the olle rin g o n Jun e 25 o f the fo llo w in g 5 % g o ld c o u p ,
b on d s ( V . 9 4 , p. 1523):
530 .0 0 0 m u n icip a l street-ligh tin g-system b o n d s.
D u e 51,000 y e a r ly M a y 1
1922 to 1951 incl.
100 .000 m u n icip a l w ater-w ork s b o n d s.
D u e 5 4 ,000 y e a rly M ay 1 1922 t o
1946 Inclusive.
•P rop osa ls w ill be received until 8 p . m . o n th a t d a y (June 25) b y G . R .
B ellah . C ity C lerk. D en o m . $500.
D ate M ay 1 1912. I n t. M . & N . at
th e C ity T rea s. o ffic e . C ert, o r C ashier’s c h e c k o n a ban k in .C a lifo rn ia fo r
5 % o f b o n ds bid fo r, paya ble to the C ity Clerk,,1s re q u ire d .
- •>, .J
" P A R I S TO
b t l l P (P . O . M in e rv a ), Starke C o u n ty , O h io .— isond Offer­
ing.— P rop osa ls w ill be rece iv e d u n til 1 p . m . Ju n e 29 b y S . E . M o re h e a d ,
T w p . Clerk, fo r 514 ,500 5 % b o n d s . A u th . S ecs. 3295, 3939, G en. C o d e .
D e n o m . 550 0. I n t. sem i-an n .
D ue 51,000 J u ly 1 1913 an d 5 1 ,500 y r ly .
on J u ly 1 from 1914 to 1922 in c l. C ert, c h e ck fo r 5200, p a y a b le to T w p .
T rea s ., req u ired .
B on d s to be deliv e re d w ith in 15 d a y s fro m tim e o f a w a r d .
• P A R S O N S . L a b ette C o u n ty , K a n s .— Bond Election.— T h e q u e stio n o f Is­
su in g 517 ,500 term inal bond s w ill, a c c o r d in g to re p o rts, b e v o te d u p o n a t an
e lection to be held Jun e 20.
P E N N , P a .— Bond Sale.— J . S . & W . S . K u h n , I n c ., o f n t t s b u r g h , h a ve
been aw ard ed 515,000 5 % ta x -fr e e s c h o o l b o n d s.
D e n o m . 5500. D ate
M ay 1 1912.
In t. M . & N .
D ue 55.0 0 0 in 1922, 1927 an d 1932.
PE N N Y A N SC H O O L D IS T R IC T
. 0 . P c n n Y a n ) . a te s C o u n ty , N. Y.
— Bonds Voted.— An electio n h eld Ju n e 10 re su lte d in fa v o r o f a p ro p o sitio n
t o Issue 525,000 6 % 1-2 5 -yca r (ser.) b ld g , b o n d s. JT h e v o t e w as 109 to 48.
’ " 'P E R R Y , J effers on C o u n ty , K an .— Bond Sale.— O n Ju n e i t e 55,000
5 % co u p o n electric-lig h t b on d s (V . 9 4 , p . 1001) w ere aw ard ed to the S ta te
o f K ansas a t par and Int.
B ids w ere also re ce iv e d fro m the C o m m e rce
T ru st C o. o f K ansas C ity, M o ., the W a tk in s N a t. B a n k o f L a w ren ce a n d the
B a n k o f P erry In P erry .
P E R R Y T O W N S H I P SC H O O L D IS T R IC T (P . O . W e s t M a n s fie ld ), O h io.
— Bond Offering.— P rop osa ls will be rece iv e d until 12 m . Jun e 24 b y C. E .
W o o le y , Clerk B oa rd o f E d u c a tio n , it is sta te d , fo r 530 ,000 5 % 1-15-ycar
(serial) s c h o o l b ,n d s .
I n t. s em i-an n u al. C ert, ch e ck fo r 5 % req u ire d .
• P H I L A D E L P H I A , a ,— Loan Offering.— P rop osals w dl e re ce iv e d until
12 m . Ju n e 25 (sale deferred fro m Ju n e 18) b y M a y o r R . B lan k en bu rg, fo r
th e 5 4 ,2 2 5 ,0 0 0 4 % 3 0 -y r. c o u p , o r reg. loans (V . 94, p . 140 0). D e n o m . to
su it p u rchaser, fro m 5100 u p .
D a te J u ly 1 1912. I n t. J . & J . L o a n s a rc
ta x -fr e e in P a . C ert, ch e ck fo r 5 % o f lo a n b id fo r is re q u ire d .
P I N E L L A S C O U N T Y (P . O . Clear W a te r , F la .— Bonds Defeated.— T h e
e le ctio n h eld Ju n e 4 resulted in the d e fe a t o f the q u e stio n o f Issuing th e
527 5 .0 0 0 r o a d b on d s (V . 94, p . 1343).
P I Q U A SC H O O L D IS T R IC T (P . O. P iq u a ), M iam i C o u n ty , O h io.— B o n d
Sale.— O n Ju n e 12 the 5125,000 4 % c o u p , ta x -fre e h lg h -s ch o o l-b ld g . b on d s
(V . 94, p . 1401) w ere aw arded to the D a v ie s-B e rtra m C o . o f C ine, a t 100.57
an d Int. O th er bids fo llo w :
W e s te rn -G e rm . B k ., C l n .5125,330 75
P r o v id e n t S avin gs B ank
& T r . C o ., C in c in n a t i.512 5,58 7 50 P iq u a N a t. B a n k , P iq u a . 125,200 00
C. E . D enison & C o ., C ler.1 2 5 ,3 8 8 60 F ifth -T h ir d N a t. B a n k ,
S ea son g ood & M ayer, C ln. 125,388 00 • C in cin n a ti_____________ 125,161 25
P O C A H O N T A S SC H O O L D IS T R IC T (P . O . P o c a h o n ta s ), R a n d o lp h
C o u n ty , A r k . — Bonds Voted.— A c c o r d in g t o re p o rts, this d is trict has v o te d
t o Issue s c h o o l-b ld g .-a d d itio n b o n d s.
I t Is s ta te d th a t the a m o u n t o f
b o n d s t o be Issued w ill be a b o u t 5 5 , 0 0 0 . ...................................................................
P R A I R I E , M on roe C o u n ty . M iss.— Bond Offering.— P ro p o sa ls will be
receiv ed until J u ly 1 b y J. M . H ow ell, T o w n C lerk, fo r 535 ,000 c o u p o n stre e tim p t. b o n d s.
A u t h . S e cs. 341 5, 3416, 3419 an d 3420 C od e o f 1906 and
am en d m en ts th ereto.
D e n o m . $100.
D ate J u ly 2 1912. I n t. an n . at
o ffic e o f T reas.
D u e p art y r ly o n J u ly 2 fro m 1913 to 1930 i n c l / C ertc h e ck fo r 1 0 % , p a y a b le to the Clerk, requ ired . • N o o th e r deD t
• R A V E N N A , i-orta g e C o u n ty , O h io .— Bond Sale.— O n Ju n e 10 th e 55,000
s e w e r-ex ten . an d 51,000 W a h o o D rainage Im pt. 4 ) 4 % c o u p , b o n d s ( V . 94,
p . 1401) w ere aw ard ed t* the R a v e n n a N a t. B a n k In R a v e n n a a t 102 .25.
O th er b ids fo llo w ;
F irst N a t. B k ., G a r r e t t s r ..5 6 ,1 2 6 90 W eil, R o th & C o ., C ln cln _ _ 5 6 ,1 0 7 00
C. E . D en ison & C o .. C l e r . 6,124 60 First N a t. B a n k , C le v ______ 6,0 9 7 30
S e a s o n g o o d & M ayer, C in o . 6,123 00 S ta c y & B rau n, T o le d o ____ 6 ,0 9 5 40
D a v ies-B ertra m C o ., C l n . . 6,1 2 0 50 S e c. N a t. B a n k , R a v e n n a .. 6,086 30
C itizen s’ N a t. B k ., W o o s te r ‘ 6,113 20 T illo ts o n & W o lc o t t C o ., C le.6 ,0 8 0 40
H a y d e n , M iller & C o ., C lev. 6,111 00 P r o v . S a v .B k . & T r .C o .,C in e .6,074 58
B reed & H arrison, C in e— 0,109 80 O tis & H o u g h , C le v e la n d .. 6,072 00
A . E . A u b & C o ., C incinnati 6,109 20 F irst N a t. B a n k , C olu m bu s 6,057 00
B id receiv ed to o late.
R E D L A K E F A L L S , R ed L ake C o u n ty , M in n .— Bond Sale.— O n Jun e 4
th e 525 000 2 0 -y r . co u p o n w ater-w ork s b o n d s (V . 94, p . 1524) w ere aw arded
t o E d w in W h ite & C o. o f S t. P a u l a t 103.60 and Int. fo r 6s. O th er bids
J0 lA WD ufIy, R e d L a k e F a l l s -------------------525 ,875 fo r 6s
C. H . C offin , C h i c a g o .......... .................. ....... 25,301 fo r 6s
S p ltzer, R o r ic k & C o ., T o le d o ---------------- 2 5 ,5 7 0 fo r 6s o r 524 ,680 fo r 5 )4 s
B olg er, M osser & W illa m a n , C h icago . . 2 5 ,0 0 0 fo r 5s
S . A . K ea n & C o ., C h i c a g o .......... .............. 25,0 0 0 fo r 6s o r 523,875 fo r 5s
R F N D V I L L E . P erry C o u n ty , O h io .— Bond Offering.— P roposals will be
re ce iv e d until 12 m . Ju ly 9 b y J . R . C rom w ell, V ll. Clerk, fo r 51,000 6 %
c o u p o n M ain S t. im p t. b on d s. A u th . S e c. 3939 G en. C od e.
D e n o m . 5100.
D a te A u g u s t 10 1912. I n t. s e m i.a n n .
D ue 5100 each " s ix m on th s fro m
d a te o f Issue” . C ert, ch e ck fo r 5 % o f b o n d s bid fo r, p a y a b le to Vll. T re a s.,
req u ired . B on d s to be d eliv e re d w ith in 10 d a y s fro m tim e o f aw ard.
P u rch a ser to pay a ccru ed interest.
R H I N E L A N D E R . O neida C o u n ty , W is .— Bond Sale.— O n Ju n e 1 the
538 000 5 % h lg h -s ch o o l-b ld g . b o n d s (V . 94, p . 1463) were aw ard ed to the
U n ion In v estm en t C o. o f M in n eapolis a tl0 3 .7 1 3 an d in terest.
R IC H W O O D . U nion C o u n ty , O h io.— Bond Offering.— P ro p o sa ls w ill
b e re ce iv e d until 12 m . Ju n e 17 b y P . B . V a n W in k le , V illage C lerk, fo r
th e fo llo w in g 4 )4 % b on d s:
til noo O tta w a S treet Im pt. assess, b o n d s.
D e n o m . 5 1 ,0 0 0 .
D ate Ju n e 1
Q ’
1912. I n t . A . A O . D u e 51,000 y r ly . o n A p ril 1 fro m 1914 to
1922 Incl.
in o o o B o w fo rd S treet im p t. assess, b o n d s.
D e n o m . 5500.
D a te O c t . 1
16,uuu u o w u
A & Q
D u e 51i000 A p ril 1 1913; 52,000 A p ril 1 1914;
51 000 A p ril 1 1915; *2,0 0 0 A p ril 1 1916; 5 1 ,000 A p ril 1 1917; 52,000
A p ril 1 1918; *2.0 0 0 A p ril 1 1919; 52,000 A p ril 1 1920; 5 L 0 0 0 A p ril 1
1921, a n d 52.000 A p ril 1 1022.
7 000 engine an d app aratu s b o n d s . D e n o m . 550 0.
D ate A p ril 1 1912.
7,u
in t A & O .
D ue 5500 y r ly . o n A p ril 1 fro m 1913 to 1926 incl.
C ert c h e ck fo r 5 % o f b o n d s b id fo r, p a y a b le t o V ll. T re a s ., re q u ire d .
B o n d s to be deliv ered w ith in 10 d a y s fro m tim e o f a w a rd . P u rch a ser to
p a y a ccru ed Interest.
R O S E A U C O U N T Y (P . O . R o s e a u ), Alinn.— Bond Sale— T h e S ecu rity
T ru s t C o. o f S t. P a u l has been aw ard ed 523 8,00 0 d rain age b o n d s, a c co rd in g
t o r e p o r ts .
c t c i A I R S V I L L E SCH O OL D IS T R IC T (P . O . St. C la ir s v ille ), B e lm o n t
r A n n iv O h io — Bond* Defeated.— T h e e le ctio n h eld M a y 21 resulted In the
defea t b y 14 v o te s o f the p r o p o s itio n t o Issue the 560,000 b ld g , b o n d s.
(V . 94, p . 1 4 0 1 ).
CT M A R Y ’ S A u g la iz e C o u n ty . O h io .— Bond Offering.— P rop osa ls w ill
ho rprelveii until 12 m . Ju n e 29 b y the T ru stees o f S in k in g F u n d , T . A .
w h it e See
fo r 521.000 4 % c o u p , ta x -fre e refu n d in g s tr ce t-lm p t. b o n d s .
D en om *1 000
D ate J u ly 1 1912. I n t. J . & J . a t o ffic e o f S in k in g F u n d
T ru s te e s / D ue 1932. C ert, c h e c k fo r 2 % o f b o n d s b id fo r, p a y a b le t o
tru stees, req u ired .
_
..
’
SAN B E R N A R D IN O H IG H SC H O O L D IS T R IC T (P . O . San B crn a rd io n ),
San B ernard ino C o u n t y . C a l.— Bonds Defeated.— T h e e le ctio n held Ju n e 6




[V O L . L X X X X I V

resulted in the d e fe a t o f the p r o p o s itio n t o issue the 52 3 0 ,0 0 0 p o ly te c h n ic
h ig h -sch o o l b o n d s (V . 94, p . 152 4).
S A N D U S K Y , Erie C o u n ty . O h io .— Bonds Defeated.— A t an e le ctio n h e ld
in this c it y on M ay 31 a p ro p o s itio n t o issue 5160,000 m u n icip a l lig h tin g pla n t b o n d s w as, a c c o r d in g to re p o rts, d e fe a te d b y a v o te o f 1,116 t o 1,094—
a tw o -th ird s m a jo r it y bein g n ecessary t o c a r r y .
SAN J O A Q U IN C O U N T Y (P . 0 . S t o c k t o n ), CaL— Bond Sale.— O n Ju n e 4
the 525 0,00 0 5 % c o u p o n h igh w ay bon d s (V . 94, p . 1402) w ere a w a r d e d t o
E . II. R ollin s & Son s o f San F ran , fo r 5266,573 70, m ak in g the p rice 106.629.
O th er bids fo llo w :
J .iI .A d a m s & C o .,S a n F r .5266,501 0 0 1V u lca n F ire In s. C o ________ 526 6,00 0
N .W .H a ls e y & C o .,San Fr. 266,253 9 0 1
D e n o m . 5 1 ,0 0 0 .
D ate J u ly 1 1909.
I n t. J . & J .
D u e J u ly 1 1912 t o
1949.
SA N R A F A E L . M arin C o u n ty , C aL — Bond Sale.— A n Issue o f 526 ,650
b o n d s has been s o ld , it Is sta te d , fo r 527 ,2 9 1 — m ak in g the price 102.405.
S A N T A P A U L A SC H O O L D IS T R IC T (P . O . Santa P a u la ), V en tu ra
C o u n ty , C a l.— Bonds Defeated.— A p r o p o s itio n to Issue 580 ,0 0 0 b o n d s fa ile d
to c a r r y a t a r e c e n t e le c t io n .
S A R A N A C L A K E , Franklin C o u n ty , N. Y .— Bonds Voted.— A n election
held Ju n e 11 resulted in fa v o r o f th e p r o p o s itio n to Issue 5 50 ,000 s e w e r -e x t.
an d im p t. b o n d s a t n o t e x c e e d in g 4 ) 4 % lo t . T h e v o t e w as 115 to 7 4 . D u e
52.000 y e a rly fro m J u ly 1 1912.
S A V A N N A , Carroll C o u n ty , III.— Bonds Offered by Bankers.— T h e $20 ,­
000 5 % 1 -2 0 -yr. (ser.) w ater-w ork s b o n d s offered o n Alay 9 (V . 94, p . 1267)
are n o w being offered to in vestors b y th e M erca n tile T r . C o. o f S t. L o u is.
• S C O T IA , S ch e n e cta d y C o u n ty , N. Y .— Bond Offering.— P rop osa ls w ill be
re ce iv e d until 8 p . m . June 18 b y E . C. H o y t , V ll. C lerk, fo r th e fo llow in g
c o u p , bond s a t n o t e x c e e d in g 5 % in terest:
516.000 fu n d in g b o n d s.
D e n o m . (5) 5 1 .6 0 0 , (8) 5 1 ,0 0 0 .
D ue 51,600
y e a rly on A u g . 1 fro m 1913 to 1918 iuct. an d 51.0 0 0 ye a rly on
A u g . 1 fro m 1919 to 1925 Incl.
.
2,0 0 0 w ater b o n d s.
D e n o m . 5 1 ,0 0 0 .
D ue A u g . 1 1928.
1,600 w ater b o n d s.
D enom .
580 0. D u e A u g . 1 1928.
500 w ater b o n d s.
D enom .
550 0. D u e A u g . 1 1928.
1,000 w ater b o n d s.
D e n o m . 5 1 .0 0 0 .
D ue A u g . 1 1928.
1,400 sew er b o n d s.
D enom .
570 0. D u e A u g . 1 1928.
500 sew er b o n d s.
D enom .
*500.
D ue A u g . 1 1928.
600 sew er b o n d s.
D enom .
560 0.
D ue A u g . 1 1928.
500 village-h all b o n d s.
D e n o m . 550 0.
D ue A u g . 1 1912.
D a te A u g . 1 1912. I n t. F . & A . a t S c h e n e c ta d y T ru s t C o ., S c h e n e c ta d y .
C ert, c h e ck fo r 2 % o f b on d s b id fo r . p a y a b le to V ll. T r e a s ., re q u ir e d .
SCOTT C O U N T Y (P . O. F o r r e s t), A liss.— Bonds Awarded in Part.— It
Is r e p o rte d th at o f the 575 ,000 6 % ro a d -c o n s t, b o n d s offered o n Ju n e 3
(V . 94, p. 140 2), 550 ,0 0 0 were aw ard ed to W . D . C ook o f the F a rm ers’ &
M e rch a n ts’ B a n k o f F o rre st fo r 552,274 60— m a k in g the price 1 04 .549 .
SC R A N T O N , L a ck a w a n n a C o u n ty , P a.— Bond Offering.— P rop osals will
be re ce iv e d until 12 m . Jun e 25 b y J . V on B ergen , M a yo r, fo r 515 0,00 0 4 ) f %
c o u p o n or reg. ta x -fre e m u n icip a l -Im p t. b o n d s.
D e n o m . 5 1 ,0 0 0 .
D ate
Ju n e 1 1912.
I n t. J . & D . a t o ffic e o f T re a s.
D ue * 5 ,0 0 0 y r ly o n Ju n o 1
fro m 1913 to 1942 Incl.
B on d s will be certified as to genuineness b y the
U. S. A lortgage & T ru st C o ., N . Y .,
T h eir le ga lity has been a p p ro v e d b y
C aldw ell, M assllch & R e e d , N . Y . C ert, c h e ck o n an in c o rp o ra te d ban k or
trust c o m p a n y fo r 52,0 0 0 requ ired.
S IO U X C E N T E R IN D E P E N D E N T SC H O O L D IS T R IC T (P . 0 . S iou x
C e n te r), S iou x C o u n ty , I o w a .— Bond Offering.— P rop osa ls w ill be re ce iv e d
until 12 m . Jun e 25 b y N . B a lk em a, Pres. B d .,fo r 520 ,000 5 % 10-yr. s c h o o lh ouse b o n d s.
D e n o m . 5 1 ,000.
D ate M ay 1 1912.
I n t. M . & A .
D ue
51.000 in 1914, 51.0 0 0 y r ly . fro m 1916 to 1921 Incl. an d *1 3 ,0 0 0 In 1022
C ert, c h e c k fo r 10 % o f b o n d s b id fo r, re q u ire d .
SO U TH N O R W A L K . Fairfield C o u n ty , C o n n .— B o n d Offerin n — P r o ­
posals w ill be re ce iv e d until 8 p . m . J u ly 11 b y W m . M iller, C o m m itte e on
F in an ce, fo r $ 1 0 0,00 0 4 X % 10-yr. p a v in g b o n d s.
D a te A u g . 1 1912. I n t .
F . & A . C ert, c h e c k fo r 2 % Is requ ired .

The official notice of this bond offering will be found among the advertise­
ments elsewhere in this Department.
SPOKANE, W a s h .— Bond Offering.— P rop osa ls w ill be re ce iv e d u n til
J u ly 5 b y J . A . S m ith , C ity A u d ., fo r 525 0,00 0 5 % serial c it y -h a ll b o n d s.
S P R IN G F IE L D T O W N S H IP , A lahoning C o u n ty , O h io .— Bond Sale.—
O n Ju n e 11 the fo llo w in g bids w ere reoelved fo r the * 4 0 ,0 0 0 5 % 1 -8 -y r .
(ser.) r o a d -lm p t. bond s ( V . 9 4 , p . 1524):
H a y d e n , M iller & C o ., C l e v ..5 4 1 ,3 4 0 S e a so n go o d & M ayer, C ln ___ * 4 1 ,1 4 5
O tis & H o u gh , C le v e la n d ____ 41,325
First N at. Bank, C le v ________ 41,1 3 7
S ta c y & B rau n, T o le d o _______41,320
W ell, R o th & C o ., C in c ln ____ 4 1 ,0 4 0
H oeh ler & C u m m ings, T o l ___41,208
N ew First N at. B k ., C o l u m . . 4 0 ,8 3 3
F ifth -T h ir d N at. B k ., C i n e .. 41,152 S pitzer, R o r ic k & C o ., T o l ___ 40,6 6 8
S P R I N G F I E L D SCHOOL D IS T R IC T NO. 185, S a n ga m on C o u n ty , III.
— Description of Bonds.— T h e 515 0,00 0 4 ) 4 % b ld g , b on d s a w a rd e d o n
M ay 27 to the M ercantile T ru st C o . o f S t. L ou is (V . 94, p . 1583) are In th e
d e n o m . o f 51,000 an d 5500 an d d a te d Jun e 1 1912.
In t. J . & D . a t t h e
M ercantile T ru st C o. In S t. L ou is.
D ue 57,500 y r ly . Ju n e 1 1913 to 1932
Incl.
B o n d e d d e b t 5 15 3,00 0. A ssess, v a lu e , 5 1 7 ,9 9 7 ,0 0 0 .
S W A IN S B O R O , Em anuel C o u n ty , G a .— Bond Sale.— O n Ju n e 1 the
57,500 5 % 3 0 -y r . ele ctrlc-llg h t-p la n t b on d s (V . 94, p. 1208) w ere a w a rd ed
to the R o b in s o n -IIu m p h r e y -W a r d la w C o . o f A tla n ta fo r *7,56..fl m akin g th e
p rice 100 .86— a basis o f a b o u t 4 .9 4 5 % .
D e n o m . 5500.
D a te J u n o 1
1912. I n t. a n n . in Ju n e.
T A L L U L A . AIcnard C o u n ty , III.— Bond Offering.— P rop osa ls w ill b e re­
ce iv e d until 1 p. m . Jun e 20 b y R . B . R u h , V lli. Clerk, fo r $1,500 6 % t o w n hall b o n d s.
D en om . 5300.
D ate A u g . 1 1912.
I n t. a n n .
D ue *300
y e a rly o n A u g . 1 fro m 1913 t o 1917 in cl. C ert, o h e ck fo r $150, p a y a b le toV illa ge Clerk, re q u ire d .
T A R R A N T C O U N T Y (P . O . F o rt W o r t h ). T e x .— B onds Offered by Bank
ers.— In an ad ve rtise m e n t on a pre ce d in g page B olger, M osser & W illa m a n
o f C h ica go are offerin g to investors the 5 1 ,0 0 0 ,0 0 0 road an d * 6 0 0 ,0 0 0 b rid g e
5 % 10 -4 0 -yr. (o p t.) b o n d s pu rch ased b y th em In M arch (V . 94, p . 8 6 7 ).
D e n o m . 5 1 ,000. D a te A p ril 10 1912. I n t . a n n . a t C h em ical N a t. B a n k ,
N ew Y o r k . B o n d s w ere registered b y th e S ta te C o m p tro lle r o n A p ril 26.
T E K O A , W h itm a n C o u n ty , W a s h .— Bonds Defused.— W e a rc in fo rm ed
th a t K eeler B ros, o f D e n v e r,a ctin g u p o n the a d v ic e o f Caul w ell,M assllch
& R e e d o f N ew Y o r k , h a ve refu sed to take $9,000 5 ) 4 % refu n d in g b on d s,
o n the gro u n d th at the original b o n d s Issued in 1892 e x ce e d e d the c o n s ti­
tu tio n a l lim it.
T O P E K A , K a n .— Bond Sale.— T h e * 1 6 0 ,0 0 0 4 ) 4 % p a v in g b o n d s w h ich
this c it y has been o fferin g for sale (V . 94, p . 1267) h a v e been d isp o sed o f
to lo ca l In vestors a t par and Interest.
T R E N T O N . N. J.— Bond Sale.— O n Ju n e 12 th e * 1 4 9 ,8 5 5 4 ) 4 % 10-yr,
reg. str e e t-p a v in g assess, b on d s (V . 94, p. 1583) w ere a w a rd e d to P a rk inson
& B u rr o f N . Y . a t 102.1871 and in t.— a basis o f a b o u t 4 . 2 3 % . O th er
bids fo llo w :
B lo d g e t & C o ., N . Y --------------102.051 K issel, K in n lc u tt & C o ., N . Y .1 0 1 .6 7 3
K o u n tz e B r o s ., N . Y -------------101.643
A d a m s & C o ., N . Y ----------------102.03
R . M . G rant & C o ., N . Y _ ._ 1 0 1 .6 2 8
J o h n D . E v e rltt & C o ., N . Y . 101.85
H arris, F o rb e s & C o ., N . Y . . 101.691 A . B . L ea ch & C o .. N . Y -------101.27
T U P E L O , Lee C o u n ty , Aliss .— Bonds Offered by Bankers.— F a rson, S on
& C o . o f N . Y . an d C h ic, are offerin g to Investors * 5 0 ,0 0 0 5 % 2 0 -y r. streetIm p t. b o n d s.
D e n o m . *500 . D ate Ju n e 1 1912. I n t. J . & D . In N . Y .
U N IO N C IT Y (P . O. G reen ville), O h io .— BondSale .— O n A p ril 1 t h e * 3 ,789
5 % E lm S t .-p a v in g assess, bon d s (V . 94, p . 723) w ere aw ard ed to tho F irst
N a t. B a n k o f A n son ia fo r $3,851, m a k in g the price 101.63.
U N IO N T O W N S H IP , N od a w a y C o u n ty , A lo .—Bonds Voted.— T h e e le c ­
tio n h e ld Ju n e 1 resulted In fa v o r o f the p ro p o s itio n to issue tho $ 1 5 ,0 0 0
ro a d b o n d s (V . 94, p . 140 2). T h e v o t e w as 163 to 32.
V A L L E J O , S olano C o u n ty , CaL — Bonds Defeated.— P ro p o s itio n s t o Issue
$75 ,000 c ity -h a ll and 5100,000 m u n icip a l ligh t and p o w e r -p la n t b on d s
w ere de fe a te d a t an e lection held M ay 2 0 .
V A N Z A N D T C O U N T Y (P . 0 . C a n to n ), T e x .— B ond* Defeated.— A n
e lection held M ay 4 resulted In de fe a t o f the p r o p o s itio n to Issue * 5 0 ,0 0 0
G ra n d -S a lln e -R o a d -D ls t.-Im p t. b o u d s .
W A C O . M cL en n a n C o u n ty , T e x a s .— Bond Sale.— O n Ju n e 4 th o $ 4 0 0,00 0
w ater-w ork s and $20 ,000 U re-dept. 5 % 3 0 -y r . co u p o n b o n d s (V . 94, p . 1403)
w ere aw arded to the C om m erce T ru st C o . at 104.28.
D a le Ja n . 1 1912.
In terest J . & J .

r W A H K I A K U M C O U N T Y SC H O O L D I S T R I C r NO. 4 . --------Sale.— O n M ay 31 $3,300 6 % 1 -5 -y r. (o p t.) s ch o o l b ld g , b o n d s were aw arded
t o the W a h k ia k u m C o u n ty H ank o f C a th la m et a t par.
N o o th e r b ids w ere
re c e iv e d .
D e n o m . <«) $500 a n d (1) $30 0. D a te J u ly 1 1912. In te re st
a n n u a lly In J u ly .
W A S H IN G T O N C O U N T Y (P . O . J o n e s b o r o ). T erm .— pond Sale— T h is
c o u n t y , a c c o r d in g t o re p o rts , has a w a rd e d an Issue o f $2o,0 0 0 co u r t-h o u s e
b on d s t o J n o . D . C o x o f J o n e s b o ro .
.
...................
r- W A T F P T O W N
M id d le s e x C o u n ty . M a ss.— Temporary Loan.— O n
Jun e 12 a loan o f $50 ,000 d u e A p ril 14 1913 w as n e g o tia te d w ith E stab roolc
& C o . o f B oston a t 3 .6 0 % d is co u n t.
W ATPPTOW N
lefferso n C o u n ty , N. Y .— Bonds Voted.— A n e le ctio n
L i d JuncR 10°resuited i n ^ v o r o f th e q u e stio n o f Issuing 9 issues o f st; e c tSm pt. b o n d s agg reg a tin g $11 0 ,0 0 0 , a t n o t e x c e e d in g 4 X /o in t.
D ate J u ly 1
1912. I n t . J . & J . at the C ity T r c a s . o ffic e .
D ue J u ly 1 1942.
F W A U K E G A N SC H O O L D IS T R IC T (P . O . W a u k e g a n ). Lake C o u n ty ,
in '— B on d s v o /e d ^ —-The ele ctio n held Ju n e 3 resu lted in fa v o r o f th e q u es­
tio n o f Issuing the $20 ,000 2 0 -y r . b ld g , b o n d s (V . 94, p . 1 5 2 o ). A c c o r d in g
t o re p o rts , the v o t e w as 65 to 35.
W A V N F C O U N T Y (P . O . R ic h m o n d ), Ind — Bond Offering — P rop osals
w in b e d e c e i v e d until t2 m . J u ly 1 b y A . It. A lb e r ts o n . C o u n ty T r c a s ., fo r
s i r n o n 4 u % h lg h w a y -lm p t. b o n d s.
D en om . (80) $500, (20) $300.
D ate
J u ly 1 1912. In t M & W. D u e $2,300 each six m o n th s fro m M a y 15
1 91 3 to N o r . 15 1922 ln c l. • ■
•
W F N A T C H E E , C helan C o u n ty . W a s h .— Bond Sale.— T h e $44 ,000 re­
fu n d in g b o n d s (V . 94, p . 1345) h a v e been a w a rd e d , It Is s ta te d , t o W o o d ln ,
M e N ear & M oore o f C h ica g o .
■ ■
W E S T C A R R O L L T O N SC H O O L D IS T R IC T (P . O . W e s t C a r r o llto n ),
M o n tg o m e ry C o u n ty , O h io .— Bond Ottering.— P r o p o sa ls w ill be re ce iv e d
until 12 m . Ju n e 27 for $25,000 4 M % s c h o o l.b ld g , b o n d s (V . 94, p . 152 5 ).
A u th . S ecs. 7624 and 7625 G en. C o d e .
D enom . $500.
I n t . M . & S . a t the
F irst N at. Hanlr o f M ia m sb u rg.
D u e $1,0 0 0 S e p t. 1 1914 an d $1,500 y r ly .
o n S ep t. 1 from 1915 t o 1930 ln cl. C ert, ch e ck fo r $500, p a y a b le to C. I I .
B loss, Clerk, req u ired .
B o n d s to be d e liv e re d J u ly 5.
P u rch a se r t o paya ccru ed Interest. • N o "c o n d ltio n a l bids c o n s id e r e d .
W H IT M A N C O U N T Y SC H O O L D IS T R IC T NO. 180 (P . O . C o l f a x ) ,
W a s h .— Bond Offering.— P rop osa ls w ill be re ce iv e d u n til 10 a . m . Ju n e 24
fo r $19 ,500 s c h o o l-h o u s c-lm p t. an d gro u n d s b o n d s a t n o t e x c e e d in g 6 %
in t .
D en om . (19) $1,000 (1) $500.
D ate J u ly 15 1912.
I n t . p a y a b le a t
o ffic e o f C ou n ty T r e a s ., o r b y T reasu rer's c h e c k .
D u e J u ly 15 193 2,
op tio n a l after J u ly 15 1913. C ert, c h e c k o r d r a ft fo r 1 % o f b o n d s b id fo r,
p a y a b le to C ou n ty T re a s ., re q u ire d .
B idders t o sta te w h eth er o r n o t th e y
w ill furnish the n ecessary b lan k b o n d s.
W I L K I N S T O W N S H IP SC H O O L D IS T R IC T , A lle g h e n y C o u n t y , P a .—
Bond Sale.—J . S. & W . S . K uhn, I n c ., o f P ittsb u rg h h a v e been a w a rd e d ,
t Is s ta ted , an Issue o f $37 ,000 4 y,% ta x -fre e s ch o o l b o n d s. D ate A p r . 1 1 9 1 ..
W I N T H R O P . S u ffolk C o u n ty . M a s s .— T e m p ^ a r y L o a n •— T h is c it y h a s
n e g otia ted a te m p o ra ry loan , It Is s ta te d , fo r $30 ,000 a t 3 .73^ 0 d is c o u n t
w ith the O ld C o lo n y T ru s t C o. o f B o s to n . L o a n m atu res A p ril 2 1913.
• W IN T O N SC H O O L D IS T R IC T , M erced C o u n ty , C a l.— Bond Sale.— O n
T u n e 1 4 $4 o o o 6 % 2 0 -y e a r s c h o o l-b u iU lin g b o n d s w ere a w a rd e d to the
A m e r lla n S a v L L B a K
L os A n geles a t 101.275
A b id o f $ 4 ,0 0 7 50
w as also receiv ed fro m G. G. B ly m y e r & C o. o f San^F ran. D e n o m . $ 4 0 0 .
D a te J u ly 1 1913. ■ I n t . an n . In J u ly . y ........................ I'J
I- W O R C E S T E R , W o r c e s te r C o u n ty ," M a ss.—-Temporary Loan.— A te m D orarv loan o f $ 10 0,00 0, m atu rin g O c t . 17 1912, has b e e n n e g o tia te d , It Is
gtated, w ith K lsoel, K ln n lc u tt & C o . « f B o s to n a t 3 .4 4 7 % d is c o u n t .

City

W Y M A N SC H O O L D IS T R I C T (P . 0 . rW y m a n ).' L o u is a 'C o u n ty , Io w a .—

Bonds Voted.— B y a v o t e o f 89 t o 28 this d is t r ic t ,. It is stated ,, recen tly
......................i-Ai*
vized th e issu an ce o f $15,000 b u ild in g bondsY A K I .«
i T Y SCH O OL' D IS T R IC T NO. 3 4 . W a s h - B o n d Sale.—
O n Jun e 8 53,000 1 -2 0 -y r. (o p t .) b o n d s w ere a w a rd e d to th e S ta te o f W a sh ­
in g to n a t p a r and bla n k b o n d s tor 5J4s. • A b id o f $ 3,010*for 6«_was^also
re ce iv e d fro m th e D c x t e r -H o r t o n N a t. B a n k .in S e a ttle ..

a 1'

Canada, its Provinces and Municipalities.
"• B A R R I E , O n t.— Debentures"Voted.— B y -l a w s 'p r o v id in g fo r 'th e " issuance
o f $7,000 h y d r o -e le c , an d $ 2 0 ,0 0 0 s t r e e t-im p t.. d eben tu res carried,iltjt.is
s ta te d , a t a re ce n t e l e c t i o n ..
•
• B E R L IN , O n t.— Debentures Proposed.— T h e 'q u e s t i o n o f i s s u i n g $100,000
m u n ic ip a l s h e d , s tr e e t
a cc o r d in g to re p o rts .

NEW LOANS.

S S 0 .0 0 0

$ 6 3 ,0 0 0

4 'A %

ca rs

Virginia, Union Free School District No. 2,
Towns of New Castle and Bedford,
BONDS
Westchester County, N. Y.,

Sealed proposals will be received by
W . T . Swann, Chairman of the Finance
Committee, until July 8, 1912, at 12
o’clock M. for the purchase of $50,000
Refunding Bonds, dated August 1,
1912, maturing August 1, 1942, and
bearing interest at 4 ^ % , payable
semi-annually.
.
Each proposal to be accompanied by
a certified check for $500, payable to
the Treasurer of the City of Danville,
V a ., as a guarantee for the purchase
of the bonds within ten days from date
•f acceptance of the bid.
The right is reserved to reject any
•r all bids.
ROBERT BRYDON,
Auditor.
$ 1 0 0 , 0 0 0 . 0 0

SOUTH NORWALK, CONN.
4 J 4 % STREET P A V IN G BONDS
S caled prop osals will be re ce iv e d u n til eigh t
•’c lo c k p . m . J U L Y 11. 191 2, b y the u nd ersigned
fo r the M a y or a n d C ou n cil o f said c it y , fo r the
w h ole o r a n y p a rt o f $100,000 00 4 )4 per ce n t
S treet P a v in g B on d s to be d a te d A u g u s t 1, 1912,
due A u g u s t 1, 1922. In terest p a y a b le F eb ru a ry
an d A u g u s t.
B on d s to he d e liv e re d an d p aid fo r
A u g u s t 1, 1912. C ertified ch e ck fo r 2 per ce n t o f
b id req u ired .
R ig h t reserved to r e je c t a n y o r all
b id s. F u ll particu lars m a y be o b ta in e d b y a d ­
dressin g the um derslgned.
.
W IL L IA M M IL L E R .
C o m m ttcc on F in a n ce ,
S ou th N o rw a lk , C on n .
g l u e C S jc r v jc r t x m x t x l J ix jc jo x t ix t a t x

P. O. BOX 27, MAIN OFFICE.
WASHINGTON. D. C.

4^%

BONDS

N o tic e Is h e re b y given th a t th e u nd ersigned
w ill re ce ive sealed bids at the C o rp o ra tio n R o o m s ,
In the V illage o f M ou n t K lsco , until
JU N E 2 5 , 1912. A T 4 O 'C L O C K P .M ..
fo r th e p urchase o f $65,000 R egistered b o n d s o f
U n ion Free S ch o o l D istrict N o . 2, ToW us o f N ew
C astle and B e d fo rd , In the C o u n ty o f W e stch e ste r
and S ta te o f N ew Y o r k , o f $1,000 each , bearin g
Interest a t a rate o f 4 J4 % Pcr an n u m , p a y a b le
se m i-an n u ally a t the o ffic e o f C o lu m b ta -K n lck e rb o c k e r T r u s t C o m p a n y , N e w Y o r k C ity , N . Y .
Said b o n d s will bear d a te as o f Ju n e 1, 1912,
an d w ill m ature $2,000 ann ually fro m Ju n e 1,
1917, to Ju n e 1, 1927, an d $3,000 an n u ally there­
a fte r t o and Inclu din g Jun e 1, 1941, an d $1,000
Ju n e 1, 1942.
, , , ,
Purchasers will b e requ ired to d e p o sit w ith their
b ids cash o r a certified c h e c k o n a ban k o r trust
c o m p a n y , p a y a b le to the ord e r o f R u d o lp h G erdes,
V illage T reasurer, fo r 5 % o f the par va lu e o f the
b o n d s b id fo r .
.
T h e le ga lity o f the b o n d s Is be in g exa m in ed
b y M essrs. C aldw ell, M assllch & R e e d , A tto r n e y s ,
N ew Y o r k C ity, w hose fa v o r a b le o p in io n w ill be
give n to the purchasers.
T h e b o n d s will be prepared and certified as to
genuineness
by
the
C o lu m b ia -K n ic k c r b o c k e r
T ru s t C o m p a n y , N ew Y o r k C ity, N . Y .
T h e rig h t Is reserved to r e je c t a n y o r all bid s.
D a te d , Ju n e 12, 1912.
RU D OLPH GERDES,
T reasu rer o f the V illa ge o f
M o u n t K ls co , N . Y .
F R A N K G . F O W L E R , P residen t:
G I L B E R T II. K N A P P .
CH ARLES E. G REG O RY,
E . F . C I IA U N C E Y ,
G E O R G E G. B R O W N ,
M em bers o f the B o a rd o f E d u c a tio n o f U nion
Free S ch o o l D istrict N o . 2, T o w n s o f N ew
Castle a n d B e d fo r d .

TO BE FOUND IN ALL LEADING CERTIFIED
PUBLIC ACCOUNTANTS’ OFFICES.




s y s te m ^ d e b e n tu r e S jJ s _ p r o p o s e d ,
•

NEW LOANS.

Port of Seattle District, Wash.,
DEVELOPM ENT BONDS
Sealed prop osals w ill b e rece iv e d a t th e o ffic e of
th e P o rt o f S eattle C om m ission , 843 C en tral
B u ild in g , S eattle, W a s h ., until 12 M .JU L Y 1.
1912. an d then p u b licly o p e n e d , fo r th e purch ase
o f th e fo llo w in g bon d Issues a u th o rize d b y the
P o r t o f Seattle D istrict (co -tc r m ln o u s w ith the
C o u n ty o f K in g , in w hich the C ity o f S e a ttle is
lo ca te d ) a t a special election held In said D istrict
M arch 5. 1912. fo r the p u rp ose o f p ro v id in g fu n d s
fo r th e d e v e lo p m e n t o f th e P ort o f Seattle.
F o r th e S m ith 's C o v e W a te r w a y p ro­
j e c t .................................................................... $1,0 0 0 ,0 0 0
F o r th e E a st W a te r w a y p r o je c t ___________________ 850,000
F o r the S alm on B a y p r o je c t .......... ............
350,000
F or th e Cen tral W a te r fr o n t p r o je c t _______________ 750 ,000
F o r th e L a ke W a sh in gto n ferry p r o je ct
150,000
F o r th e H a rb o r Isla n d T erm in al p r o je c t 3,0 0 0 ,0 0 0
T o t a l ...............................................
$ 6 ,100,000
F u ll particu lars w ill b e fu rn ish ed u p o n ap p lica ­
tio n .

B LO D G ET & CO.
BONDS

,

60 S T A T E S T R E E T B O S T O N

,

30 P I N E S T R E E T N E W Y O R E .

STATE, C ITY & R A IL R O A D BONDS

H0DENPYL, HARDY & CO.
1 4 W a l l S t . , N ew Y o r k
Railroad, Street R y ., Gas & Elec. Light

SECURITIES

MUNICIPAL BONDS
ESTABLISHED 1885.

H. C. SPEER & SONS CO.
First Nat. Bank Bldg., Chicago
SCHOOL,
M U N IC IP A L BONDS

OFFICIAL ORGAN OF THE ASSOCIATION OF COUNTY A N D
AMERICAN GOVERNMENT ACCOUNTANTS
A MONTHLY MAGAZINE OF INTEREST TO
ACCOUNTING AND FINANCIAL OFFICERS
OF MUNICIPALITIES. BANKS. RAILW AYS
AND OTHER PUBLIC SERVICE CORPORA­
TIONS.
______

tru n k

$ 6 , 1 0 0 , 0 0 0

Danville,
30-Y E A R

and

B L Y T H E , O n t.— Debentures Voted.— T h e e le ctio n held J u n e 'l l (V .r94 ,rp .
1584) resulted in fa v o r o f th e p r o p o s itio n to issue $ 5 ,000 5 % 20-in stallm en t
O re-p rotection d e b e n tu re s . T h e v o t e was 120 to 8. • W e are a d v is e d that
these d eben tu res w ill p r o b a b ly b e ofleredyfor sale ln jth e near futu reB R I D G E B U R G , O n t.— Debenture Sale.— O n Ju n e 1 th e $ 1 3 ,5 2 8 '2 o X » %
10-in stallm en t sew er d e b e n tu re s (V . 94, p . 1464) w ere aw ard ed t o „ W .; A .
M acken zie & C o . o f T o r o n t o fo r $ 1 3 ,2 8 6 , m a k in g the price 9 8 .2 0 9 . •i
B R I T T A N I A SC H O O L D IS T R IC T NO. 1517, I\\an— Debenture Offering—
P rop osa ls will be re ce iv e d u n til 12 m . Ju n e 22 b y W . I I . A p p le to n , S ec.
T r e a s ., 488 Craig S t ., W in n ip e g , fo r $ 1 0 0,00 0 5 % .2 0 -ln stallm en t d eben tu res.
B R U C E C O U N T Y , O n t.— Debenture Sale.— T h e O n ta rio S e c u r itie s C o .fo f
T o r o n t o w as aw arded o n Ju n e 1 $ 2 0 ,0 0 0 .4 J 4% . brid ge^ debentures_due,.in
20 Installm en ts.
• C A Y L E Y , A lb e rta .— Debenture Sale.— T h is ^ v illa g e lh a s a w a ra e d r$ 2 ,5 0 0
6 % 1 0 -vr. d eb en tu res to N a y & Jam es o f R e g in a .
C R A I K , Sask.— Debenture Sale.— O n Jun e 1 th e $ 2 2 .o o o to w n -h a lF a n d
$6,000 rink 6 % 20-in stallm en t d eb en tu res (V . 94, p . 1404) w ere aw ard ed to
th e O n t. S ecu r. C o ., L t d ., o f T o r o n t o , fo r $27 ,417 , m a k in g th e p rice .9 7 .9 1 7 .
O th er b ids fo llo w :
• ' ,
• • .
■ sw B ren t, N o x o n & C o ., T o r o n t o .$ 2 7 ,020 N a t. F in a n ce C o .,’ 1 L t d .,
‘ •'
N a y & Jam es, R e g in a ............. 2 6 ,3 9 0 1 T o r o n t o .................... ................ $26,328
D U R H A M , O n t.— Debenture Offering.— P ro p o sa ls w ill b e r e c e iv e d until
6 p . in. Ju n e 25 b y W . U. V o lle t, Clerk, fo r $20,000 5 % fu n d in g d eb en tu res,
p a y a b le In 20 ann ual in stallm en ts. T h e p r o c e e d s o f t h e . issu e _ w illj.b e
loaned t o the D u rham F u rn itu re F a c t o r y , -i
• E T O B IC O K E T O W N S H I P . O n t.— Debenture"Sale.— 'T h e ' $ 3 ,5 0 0 " 5 % 'r12in stallm en t sch o o l d eb en tu res ( V . 94, p .7 2 4 ) h a v e _ b ce n .s o ld ,.lt Is s ta ted , to
B ren t, N o x o n & C o . o f T o r o n t o .
G A L T , O n t.— Debenture Sale.— O n” J u n c 'rl ''t h e $18 ,714 6 5 ' 4 0 -y r .'"a n d
$ 1 5 ,7 1 1 6 1 15-yr. 5 % d e b e n tu re s ( V .;9 4 , p . 1464) w ere a w a r d e d _ to Athe
M on treal C ity & S av in gs B a n k . ...
H A I L E Y B U R Y , O n t.— Debenture Sale.— G. A . S tim so n & C o . o f T o r o n to
h a v e , It Is s ta te d , pu rch ased $15,109 5 % 2 0 -ln sta llm e n t d e b e n tu re s , i
vi
|F H IG H R I V E R . A lla .— Debentures' Not Sold.— N o aw ard w as m a d e 'o n
M ay 31 o f th e $12 5,00 0 5 % 40-in sta llm en t w a te r-w o rk s a n d sew erage
d eben tu res offe re d o n th a t d a y (V . 94, p . 1404.)

NEW LOANS.

of

1645

THE CHRONICLE

'June 15 1912 |

Sutherlin & Company
M U N IC IP A L BONDS
Commerce Building
KANSAS CITY

MISSOURI

Yielding 3 .8 5 % to 5 .0 0 %

STACY
Toledo, 0.

&

BRAUN
Cincinnati, 0.

Charles M. Smith & Co
CORPORATION AND
MUNICIPAL BONDS
FIRST N ATIO N A L B A N K B U IL D IN G
CHICAGO

1646

THE CHRONICLE

[VOL.

LXXXXIV.

h a i ^ S o S o o 16 % 4 0 -y r r ^ ? b e n ” u re s ^ al€' ~ ^ ay * Jam es o f R e g in a p u r-

$ 1Oj)'o 0 has^beer? authm -fzed Autf,orize<i'

5 p LAmC ,&
f e
^
D enom . $ 1 0 0 0
I n t . sem l-an n . ’ T en ders’ t o be a c c o m p a n ie d b y
an a c c e p te d c h e c k t o th e a m o u n t o f * 1 ,5 0 0 .

ST . M A R Y ’ S, O n t.— Debentures Defeated .— The e le ctio n h e ld Ju n e 1 re­
su lted in th e d e fe a t o f th e q u e s tio n o f issuing th e $ 40 ,000 s c h o o l dehpntnres
IV . 04, p . 1 3 4 6 ). T h e v o t e w as 217 " f o r ” t o 227 “ a g a in s t.”
en tiires

L A N G , S a sk .— Debenture Sale.— A n issue o f $2,000 7 % 10-vr d e b e n tu re s
has been sold , it is s ta te d , to N a y & Jam es o f R e g in a . 7
V aeD entures

S A S K A T O O N , Sask .— Debentures Authorized.-*- B y -la w s h a v e been passed
p r o v id in g fo r th e e x p e n d itu re o f $ 84 0,00 0 o n p u b lic enterprises
A c c o r d in g
t o th e " M o n e t a r y T im e s ” o f T o r o n t o , th e prin cip a l Item s p r o v id e d fo r a re
as fo llo w s : E le c tr ic -lig h t and p o w e r m a ch in e ry , $17 5,00 0- e x te n sion s t o
e le ctric-lig h t an d p o w e r -d is tr ib u tio n syste m , $80 ,000 ; to p r o v id e Industrial
sites, $1 0 0 ,0 0 0 ; to c o n s tr u c t s u b w a y u n d er C anadian N o rth e rn R y a t 23d
b t . , $10 0,00 0; sto rm sew ers, $ 50 ,000 ; n ew bu ild in gs an d im p ro v e m e n ts t o
fa ir gro u n d s, $ 5,000; h ou se sew ers a n d w ater co n n e c tio n s , $ 7 5 ,0 0 0 - lib r a r y
site, $26 ,0 0 0 ; b o a r d o f w ork s an d h ealth e q u ip m e n t, $ 3 5 ,0 0 0 ; p o lic e p a tr o l
a n d fire-alarm s y ste m , $ 55 ,000 ; m aterial y a r d , $44 ,0 0 0 ; land fo r p a rk s and
o p e n in g stre e ts, $ 7 5 ,0 0 0 .

t

,

LLOYDMINSTER, B . C.— Loan Election.— T h e B urgesses w ill v o t e

Jun e 17, it is sta te d , o n a b y -la w to au th o rize a $5,000 s tr e e t-im p t. lo a n .

KN’ *0 n t , T i 25J!e" <“ res Proposed.— T h e q u e stio n o f issu in g $ 5 0 ,0 0 0
s ch ool d e b e n tu re s is b e in g co n s id e re d .

McTAGGART SCHOOL DISTRICT NO. 1143, Sask.— Debenture Offering.

— J’ roP osals w il b e r e ce iv e d until A u g . 1 b y R . j . J a ck s o n , S e c .-T re a s ., fo r
$ 4 ,0 0 0 d eb e n tu re s , d u e in 20 annual in stallm en ts.
MINNEDOSA, M a n.— Debenture Sale.— O n Ju n e 4 th e $10 ,000 5 % 2 9 -y r .
1i ? u ( V - 9 4 > P- 1346> w ere a w a rd e d to
M u rray M ath er & C o . a t 94.61 an d in t. O th er bids fo llo w :
J; £ v 18t & C°nV T o r - -$ 9 ,4 0 9 I B ren t, N o x o n & C o ., T o r . . . .$ 9 , 0 3 7
O n t . S e c . C o ., L t d ., T o r --------- 9 ,0 7 7 |R. C . M a tth e w s & C o ., T o r . . 8,9 7 5

SO U T H V A N C O U V E R , B. C — Debentures Defeated.— T h e e le ctio n h eld
M a y 18 resu lted in th e d e fe a t o f th e p r o p o s itio n to Issue the $27 5 ,0 0 0 s e w e r ­
a g e -sy ste m deben tu res (V . 94, p . 140 5). T h e v o t e w as 312 “ f o r ” t o 429
aga in st.

^>asii'7ZR?(>ent,u!'es Voted.— I t ap p ears th a t th e v o t e r s
th em ew jm b lic lib r a r y add ltlonaI lssue o f * 2 5 ,0 0 0 d e b e n tu re s t o c o m p le t e

S V D N E Y , N. S — Debentures Voted.— T h e e le ctio n h eld Ju n e 3 (V . 94,
p . 146o) resulted In fa v o r o f th e qu e stio n o f issuing the $1 ,0 0 0 ,0 0 0 d eben tu res
t o ^ 7 2 °nU3 t0 the B r lt*sll‘ C a iiadlan S h ip b u ild in g C o . T h e v o t e w as 1,042

B 0 A R D ,, DISTRICT NO. 1 , Sask.— Debenture
Offering .— P rop os a ls w ill be r e ce iv e d until 5 p . m . J u ly 3 b y C . K e m p to n ,
tT rca m b f<l r
5 % a d d itio n d e b e n tu re s, d u e in 30 ann ual in sta ll­
m e n ts .
B ids t o in clu d e a ccru e d in t ., ban k ch arges a n d c o s t o f p r in tin g d e b s .
NELSON, B. C .— Debenture Election — A n e le ctio n w ill be h e ld J u n e 20,
it is sta ted , t o v o te o n the q u e stio n o f issuing $ 2 0 ,0 0 0 flre -h a ll, $ 7,500
sew er an d $ 7 ,5 0 0 w a te r-w o rk s deb e n tu re s.
i OUTLOOK, Sask.— Debentures Voted.— A p r o p o s itio n t o issue $1 5 ,0 0 0
etec.-u g n t-sy stera d eben tu res carried a t a r e c e n t e le ctio n , r e p o r ts s ta te .
OUTREMONT, Q u e .— Debenture Sale— O n Ju n e 5 th e $45 0,00 0 4H %
deben tu res (V . 94, p. 1405) w ere a w a rd e d to th e M on treal C ity & D is tr ic t
S a v . B ank o f M ontreal a t 102 .024 . O th e r b ids fo llo w :
H arris & C o ---------------------------1 0 1 .0 0 0 1O n t. S e c . C o ., L t d ., T o r _____97.559
H an son B ro3.. M o n t r e a l_____ 1 0 0 .0 7 0 1
PARRY SOUND, Ont.— Loan Election Proposed.— T h is p la ce is c o n ­
siderin g h old in g an e le ctio n to v o t e o n a b y -la w p r o v id in g fo r a lo a n o f
$4,500 fo r s c h o o l Im p r o v e m e n ts , it is r e p o r te d .
Debenture Offering.— P roposals w ill be re c e iv e d until 12 m . Ju n e 18 b y
E . E . A rm s tro n g , C lerk, fo r $ 5 ,750 5 % 3 0 -y r . d e b s. D ate " w h e n is s u e d ."
RICHMOND. B. C.— Debenture Sale.— T h e $20 ,000 5 % 2 0 -y r sc h o o l
deb en tu res ( V . 94, p . 1465) w ere a w a rd ed o n Jun e 1 t o th e O n ta rio Se­
cu rities C o . o f T o r o n t o .

Ont.—

r e X i w r ? U i i T, ° VX,NSrH 1P ’,
Debenture Offering.— Proposals w ill be
r e c e iv e d u n til 12 m Jun e 22 fo r the $10,000 5 % 20-in stallm en t d e b en tu res
(V . 94, p . 140 5). J . M cA rth u r (P . O . B e a v e rto n ) Is C lerk.
“ c u c u ‘ ulc3
1n
A' ^ Thl s villa ge has d isp o se d o f $ 1 ,1 0 0 6 %
10-yr. d eben tu res to N a y & Janies o f R e g in a .
W A I N W R i a H T . A lta .— Debentures Voted.— T h e e le ctio n h e ld M a y 27
r 0 4 , p l 4 ^ ° ) 0 T h c % ^ v a s ^ 8 t<^ 1nonetflC * U ' 50° b0UUS dcbentU res
W A T E R L O O , O n t. Doan Voted.— R e p o rts sta te th a t th e ra te n a v e r-

£ bjyswKw** io“ °[ ""•mo “ c,,“ W I L T O N (R ural M u n ic ip a lity ). S i s k .— Debenture S ale— Nay & Jam es
o f R e g in a re c e n tly p u rch ased $10 ,000 6 % 2 0 -y r . d e b e n tu re s.
V
.. V O R K T O N . M an-— Loan Proposed.— The issuance o f a $65 000 e le ctricligh t an d p o w e r lo a n is being co n sid e re d , reports s ta te . * ’
e tc cc n c
Z E A L A N D I A , S a sk .— Debentures Voted.— T h e e le ctio n held M a v i « re­
s u lte d , a c c o r d in g t o rep orts, in fa v o r o f th e p ro p o sitio n s t o Issue th e $3 000
p a rk a n d $3,000 re fu n d in g de b e n tu re s (V . 94, p . 1 3 4 6 ).
9 '

NEW LOANS.

MISCELLANEOUS.

$ 3 2 5 ,0 0 0

OFFICE OF THE

C ITY OF MINNEAPOLIS,
BONDS
S e a le d b id s w ill b e re c e iv e d b y th e C o m m itte e o n
W a y s an d M eans o f th e C ity C o u n cil o f M in n e ­
a p o lis , M in n esota , a t th e o ffic e o f th e u n d ersign ed ,
THURSDAY. JUNE 20TH. 1912, a t 2 o ’ c lo c k
P . M ., fo r th e w h o le , o r a n y p a rt o f $32 5 ,0 0 0
P e rm a n e n t I m p r o v e m e n t R e v o lv in g F u n d B o n d s ,
d a te d Ju n e 1st, 1912, p a y a b le Ju n e 1st, 1942
b ea rin g in terest a t th e ra te o f F o u r ( 4 % ) P e r C en t
p er a n n u m , p a y a b le s em i-a n n u a lly D e ce m b e r 1st,
a n d J u n e 1st, a n d n o b id o r p ro p o s a l w ill be
ea te r ta in e d fo r a sum less than 9 5 % o f th e p a r
v a lu e o f sa id b o n d s , a n d a c c r u e d in terest o n sam e
t o d a t e o f d e liv e ry .
T h e a b o v e b on d s are t a x -e x e m p t in th e S ta te
o f M in n esota .
T h e rig h t t o r e je c t a n y o r all b id s is h e r e b y
reserved.
A c ertified c h e c k fo r T w o (2 % ) P e r C en t o f th e
p a r v a lu e o f th e b o n d s b id f o r , m a d e t o C . A .
B lo o m q u ls t, C it y T rea su re r, m u st a c c o m p a n y
each b id .
C ircu lar c o n ta in in g fu ll p a rticu la rs w ill b e
m a iled u p o n a p p lic a t io n .
B y o rd er o f th o C o m m itte e o n W a y s a n d M eans
a t a m eetin g h eld M a y 2 3 rd , 1912.
DAN C. BR O W N ,
C ity C o m p tr o lle r .

A T L A N T IC M U T U A L

Mosser &

Willaman

MUNICIPAL BONDS
L ega l fo r S a v in gs B a n k s,
P ostal S a v in g s a n d T ru st F u n ds.

SEND FOR LIST.

29 South La Salle S t.,

CHICAGO

M U N IC IP A L A N D R A IL R O A D

BONDS
L IS T

O N A P P L IC A T IO N

SEA S0NG 00D & MAYER
Ingalls Building
CIN CINN ATI

F. W M . K R A F T
LAWYER.

Specializing in Examination of

Municipal and Corporation Bonds
1037-9 FIRST NATIONAL BANK BLDO..

CHICAGO, IL L .

GEO. B. EDWARDS
Tribune Building. NEW YORK. N. Y.
Tel. 4218 B eek m a n .
G o o d Reference*
N e g o t ia t io n s ,I n v e s t ig a t io n s ,S e t t le m e n t s
P u rch a se s o f P r o p e r ty , In fo r m a tio n
In N e w Y o r k C ity or a n y w h e r e .




IN S U R A N C E C O M P A N Y .

The Trustees, in conformity with the Charter of the Company, submit the following*statement™! Us'a'lIaUs^on the
31st of December. 1911.
The Company's business has been confined to marine and inland transportation insurance.
Premiums on such risks from the 1st January, 1911, to the 31st Decem ber, 1911_______ _________ $3,653,325 18
873,680 37
Premiums on Policies not marked oft 1st January, 1 9 1 1 --_____________ ___________________________
Total Premiums............................................................................................................................................................$4jiH ,005~55
Premiums marked off from January 1st, 1911, to D ecem ber 31st, 1911___________________________ $3,773,578 22
Interest on the investments o f the Company received during the year___ $333,897 03
Interest on Deposits i i Banks and Trust Companies, e t c ...........................
39,628 24
R en t received less Taxes and Expenses............................................................... 153,167 66

526,692 93

Losses paid during the year........................................................................
$1 385 386 4 ft
Less S alvages......... .......... ............ .......... ....................... $220,704 52 ‘
’
R e-insurances................................................................... 205,151 34
425,855 86

Returns o f Premiums..........................................
EiT e S ^ ’e l ^ 1.UdI“ g. r CerS’ salarles and cl,!rks' compensation ,*stationery I advert i « £

$959,530 60
o ia ho

siq b

570.472 18

A fd « d.hn<? S1 In,tercst of ? ix Per cent on the outstanding certificates o f profits will be paid t « the holders
thereof, or their egal representatives, on and alter Tuesday the sixth o f February next.
lh e outstanding certificates o f the issue o f 1906 will be redeemed and paid to the holders thereof, o r theij
legal representatives on and alter Tuesday the sixth o f February next, from which date all Interest thereon
will cease. The certificates to be produced at the time o f payment and canceled.
A dividend o f Forty per cent is declared on the earned premiums o f the Company for tho year ending 31st
December, 1911, which are entitled to participate in dividend, for which, upon application, certificates will bo
Issued on and after Tuesday tho seventh of May next.

By order of the Board,

Bolger,

A c c o r d in g t o r e p o rts , a lo a n o f

FRAN CIS M. BACON,
JOHN N. BEACH ,
ER N E ST C. BLISS,
VERN O N H . BR O W N ,
W ALD R O N P. BR O W N .
JOHN CLAFLIN
G EORGE G. C L A R K ,
CLEVELAN D H . DODGE;
CORN ELIUS ELD E ItT ,
R IC H A R D H . E W A R T ,
P H IL IP A . S. f r a n k L i n ;

0. STANTON FLOYD-JONES, Secretary.
TRUSTEES.

H E R B E R T L . GRIGGS,
C H A R LE S M . P R A T T ,
CLEM ENT A . GRISCOM,
D ALLAS B . P R A T T ,
ANSON W . H A R D ,
GEO RG E W . Q U 1N TA RD ,
THOM AS H . H U B B A R D ;
ANTON A . R A V E N ,
L E W IS CASS L E D Y A R D ,
JOHN J. H IK E R ,
CH A RLE S D . L E V E R IC lf;
DOUGLAS R O BIN SO N .
LE A N D E U N . LO VELL,
GUSTAV II. SC H W A B,
GEO RG E I I . M ACY,
W IL L IA M SLOANE,
CH A RLE S I I . M AR SH ALL;
LOU IS S T E R N ,
NICHOLAS F. PA LM ER .
W ILLIA M A . S T R E E T ;
H E N R Y P A R ISH ,
G EO RG E E . T U R N U R E .
AD O LF PA VE N STED T,
A. A. RA V E N . President.
CORN ELIUS E L D E R T . Vice-President.
W A L T E R WOOD PARSONS. 2d Vice-President.
CH A RLE S F,. F A Y , 3d Vice-President.
JOHN H . JONES S T E W A R T , 4th Vice-President.

BALANCE SHEET.
, „
ASSETS.
United States and State o f New Y ork
B o n d s .........................................................
New York City and New Y ork Trust Co.
and Bank S tocks................................... ..
Stocks and Bonds of Railroads................
Other Securl t ie s ......... ............................. ..
Special Deposits in Banks and Trust
Companies
_____ __________________
Real Estate cor. W all and William Streets
and Exchange Place, containing offices
Real Estate on Staten Island (held under
provisions o f Chapter 481,Laws o f 1887)
Premium N otes..............................................
Bills R e c e iv a b le ............................................
Cash in hands o f European Bankers to
pay losses under policies payable in
foreign countries.................................. ..
Cash in B ank......... ........................................
New Y ork City Revenue B on ds................

LIABILITIES.

$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

Estimated Losses and Losses Unsettled
in pronwiq o f Adjustm ent____
J2 31^,027 00
753,427 33
Premiums on Unterminated Risks______
Certificates o f Profits and Interest Un­
paid .............................................................
267,092 05
Return Premium^ Unpaid
100 742 lti
Reserve for Taxes______________________
57,512 16
Re-insurance Premiums
183 599 07
Claims not Settled, including Compen­
69,104 08
sation, e t c ................................... ...............
Certificates o f Profits Ordered Redeem ed.
Withheld for Unpaid Premiums......... ..
22,471 29
Certificates o f Profits Outstanding............ 7,401,390 00

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

$13,465,923 62

$11,174,365 14

Thus leaving a balance o f ______________ _____ - .............. 1_____
$2,291,558 48
$41,878 80
Accrued Interest on Bonds on the 31st day o f Decem ber, 1911, amounted t o ........................................
21,970 46
Rents due on the 31st day of Decem ber, 1911, amounted t o _____ ______
_______
lie-insurance due or accrued, in companies authorized in New York, on tho 31st day o f D ecem ber,
214,367 00
1911, amounted t o ....... ....................... ..
......... - ...................
............
83,096 43
Uucxpired re-lnsurance premiums on the 31st day o f December, 1911, a m o u n te d 'to .I I I I ..................
N ote; The insurance Department has estimated the value of the Real Estate corner W all and
450,573 08
William Streets and Exchange Place In excess of the Book Value given abovo, a t63,700 00
And the property at Staten Island in excess o f the Book Value, a t . _____ ___________
The Market Value o f Stocks, Bonds and other Securities on the 31st day o f Decem ber, 1911, exceeded the Company’s valuation b y ........................................................................... ..................................- 1,588,635 82
On the basis o f these increased valuations the balance would b e ............................................................... $4,755,780 75