Full text of Commercial and Financial Chronicle : June 21, 1913, Vol. 96, No. 2504

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

IV
ommerriH
I N
B ank

&

C L U

D I N

G

Q u o ta tio n

S e c t io n

R a ilw a y &

E a r n in g s

S e c t io n

B a n k e rs ’ C o n v e n tio n

R a ilw a y

2 V

C t m m id e .

1 9 13 .

1 9 12 .

Inc. or
Dec.

1 9 11 .

C hicago-----------C incinnati______
C le v ela n d ______
D etro it........ ............
M ilw au k e e____
In d ia n ap o lis___
C o lu m b u s______
Toledo.....................
P e o r ia ...................
G rand R apids_
_
D a y to n ________
Evansville______
Y oungstow n___
K alam azo o ------Springfield, I I I ..
F o rt W ayne___
C an to n.......... ..........
A kron.......... ............
L ex in g to n_____
R ockford---------South B end____
Springfield, O—
Q uincy------------Bloom ington___
D e c a tu r-----------M an sfield ______
D anville...............
J a c k s o n _____ _
Jacksonville, 111.
Lima _ ________
L a n sin g ________
O w en sb o ro____
Ann A rbor_____
A d rian.....................
T o t.M Id .W cst.

$
3 0 6 ,8 7 9 ,9 8 7
2 4 ,7 3 7 ,65(
2 6 ,1 1 0 ,4 2 2
2 6 ,2 1 9 ,7 2 ?
1 5 ,7 5 3 ,4 0 5
9 ,3 7 9 ,57(
7 ,1 8 0 ,7 0 (
5 ,7 0 6 ,6 1 2
3 ,4 0 0 ,0 0 (
3 ,3 6 4 ,1 5 5
2 ,4 5 7 ,2 4 ?
2 ,9 9 9 ,8 3 6
1 ,5 6 4 ,5 3 2
783,99?
1 ,1 5 0 ,1 0 9
1 ,3 5 8 ,2 4 4
1 ,7 5 2 ,0 4 6
1 ,9 1 9 ,0 0 0
8 1 6 ,8 5 9
1 ,3 1 3 ,6 6 3
1 ,5 2 5 ,3 6 7
8 6 0 ,6 7 8
7 8 8 ,6 6 5
8 1 1 ,3 4 7
539.11C
4 9 7,2 0 8
4 9 9 ,2 2 6
5 5 8,7 2 ?
3 6 3 ,4 0 0
5 1 2 ,1 5 7
5 1 6 ,0 4 5
3 7 5 ,7 4 6
20 7,0 5 5
2 5 ,3 4 2
4 5 1 ,4 0 2 ,5 6 5

$
2 8 7,5 0 3,9 3 1
2 5 ,1 3 7 ,5 0 (
2 1 ,8 9 9 ,7 6 1
22,8 8 6 ,1 2 ?
1 5 ,2 9 5 ,9 3 (
9 ,1 5 6 ,4 9 1
6 ,0 6 2 ,30(
4 ,S 9 7 ,0 8 (
3 ,1 8 6 ,8 8 2
4 ,1 4 2 ,9 0 1
2,2 4 3 ,7 3 1
2 ,3 5 6 ,0 6 1
1 ,2 4 9 ,6 6 (
723,461
1 ,127,745
1 ,334,521
1 ,3 2 8 ,9 0 5
1 ,7 7 3 ,0 0 0
1 ,1 1 8 ,70C
98 1,4 8 4
N o t incl. in
5 3 0 ,3 3 7
6 73,92?
7 4 4 ,0 8 9
627,85!]
4 0 0 ,00C
4 1 9,4 3 3
545.00C
3 0 9 ,6 5 1
4 7 7 ,2 9 2
5 01,834
4 2 7 ,8 3 5
2 14,385
5 0 ,8 2 8
4 2 0 ,3 2 8 ,6 9 6

7.
+ 6.7
—U
+ 19.2
+ 1 4 .f
+ 3.(
+ 2.<
+ 183
+ 16.5
+ 6.7
— 18.)
+ 9.5
+ 2 7 .:
+ 2 5 .2
+ 83
+ 2 .0
+ 1.8
+ 31.$
+ 8 .2
— 27. C
+ 33.?
to ta l.
+ 6 2 .2
+ 17.1
+ 9.C
— 14.C
+ 24.3
+ 19.1
+ 2 .5
+ 17.4
+ 7.3
+ 2.?
— 12.2
— 3.4
— 5 0 .1
+ 7 .4

$
2 7 5 ,1 5 9 ,4 8 6
2 5 ,7 2 2 ,9 5 0
2 3 ,3 1 9 ,6 6 4
2 1 ,9 0 5 ,0 2 1
1 3 ,8 2 9 ,5 6 5
8 ,5 6 8 ,6 9 0
6 ,1 8 3 ,4 0 0
5 ,0 8 3 ,3 9 8
2 ,7 2 0 ,2 0 7
2 ,7 1 6 ,7 2 0
2 ,2 7 2 ,4 3 9
2 ,3 3 0 ,7 2 1
1 ,1 2 9 ,6 1 5
6 4 1 ,4 0 9
1 ,0 1 0 ,4 2 3
1 ,1 4 2 ,9 4 0
1 ,0 9 6 ,0 0 0
1 ,4 3 6 ,5 0 0
8 9 1 ,1 7 8
8 1 9 ,3 5 8
No proper
5 3 6 ,7 9 4
5 7 5 ,3 4 1
6 9 6 ,3 2 4
5 2 3 ,0 7 4
4 4 2 ,1 7 6
4 3 9 ,2 9 3
4 9 8 ,0 0 0
2 4 9 ,5 2 4
4 1 3 ,9 5 4
3 4 6 ,0 8 6
3 7 0 ,6 7 2
1 9 5 ,2 2 0
3 7 ,6 2 3
4 0 2 ,9 3 3 ,0 9 3

San Francisco__
Los Angeles____
S e a ttle _________
P o r tla n d _______
S alt Lake C i t y ..
Spokane________
T aco m a________
O akland________
San D ieg o ............
S acram ento____
P asad en a................
S to c k to n ______
Fresno . .
__
San Jo se_______
N ortli Y a k im a ..
R e n o __________
T o tal P a c ific ..

4 7 ,1 8 2 ,3 1 8
5 1 ,3 1 8 ,0 6 5
—8 .1
2 3 ,5 6 8 ,2 2 4
24.158.58C
— 2.4
1 3 ,6 0 7 ,9 2 2
1 1 ,8 8 4 ,7 3 9 + 1 4.5
11,922,1.86
1 2 ,3 7 3 ,5 7 8
— 3 .6
5 ,4 2 0 ,1 6 3
7 ,8 8 7 ,6 9 7
— 3.1
4 ,5 8 1 ,9 4 9
4 ,5 2 2 ,1 4 0
+ 1.3
3 ,0 8 5 ,6 4 9 N o t lncl. In to ta l.
3 ,6 6 8 ,4 7 1
3 ,6 5 8 ,7 9 1
+ 0 .3
3 ,1 5 6 ,0 8 9
2 ,6 6 4 ,1 6 9 + 1 8.5
1 ,9 1 6 ,3 1 6
1 ,6 4 7 ,0 3 2 + 16.3
9 6 5 ,3 1 4
1 ,0 6 5 ,7 4 9
— 9 .4
9 0 3 ,8 2 7
9 3 9 ,0 8 7
— 3 .8
9 9 0 ,4 9 4
7 7 0 ,0 0 0 + 4 1 .3
6 2 6 ,6 3 5
5 4 3,7 5 1 + 15.3
4 4 8 ,3 0 8
414,269
+ 8.2
2 4 3 ,8 0 3 •
2 5 0 ,2 6 5
— 2.6
1 1 9 ,2 0 2 ,0 1 9
1 2 4 ,0 2 7 ,9 1 2
—3 .9

T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e

For One Y ea r................................................................................................... $10 00
For Six M onths................................................................................................ 0 00

European Subscription (including postago)............................................. 1 3 00
European Subscription six months (including postage)........................ 7 5 0
Annual Subscription in London (including postage).............................. £ 2 14s.
Six Months Subscription in London (including postage)........................ £ 1 n 8,
Canadian Subscription (including p o sta g e )............................................. $ u 5 0
Subscription includes follow in g Supplem ents—
B ank and Q uotation (monthly) I R a il w a y and I ndustrial (3 times yearly)
D a il w a y T a iin fvna / irintl till ) I IPIlectric RAIT \tT t V /Q ♦ »»» ...... -.1 \
*»
P
.
*'
R A Tif av E Ak m . os (m o n th ly
n
E
ailway (3 times yoarly)
State and C ity (semi-annually) B ankers’ Convention (yearly)

1

T e r m s o f A d v e r tis in g

-P e r I n c h

S pace

Transient matter per inch space (14 agate Lines).............................
$ 4 20
T w o Months
( 8 tim es)............................ 22 00
Three Months
(13 tim es).......
29 0 0
Standing Business Cards
Six Months
(20 tim es)........................... 50 00
T w elve Months (52 tim es).............................. 87 00
Chicago O ffice —G eo. M. Shepherd, 513 M onadnock Bln k;T ol.narrison40l2.
London O ffice —E dwards & Smith, 1 Drapers’ Gardens, E. C.
W IL L IA M
P . O . B ox 9 5 8 .

B. DANA

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

F r o n t . P I iio m i d D e p e y s t e r S t s . ,

N ew Y o rk .

Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold O. Dana, Sec. Addresses of all, Office of the Company.

CLEARING-HOUSE RETURNS.
T he following tablo, m ade up b y telegraph, & c., indicates that tho
total bank clearings o f all clearing houses ot tho United States for tho week
ending Juno 21 liavo been $3,164,577,771, against $3,370,509,743 last
week and $3,059,797,469 tho corresponding week last year.
C le a r in g s — R e tu rn s b g T e le g r a p h .
W e e k e n d i n g J u n e 21.

P er
C en t.

1913.

1912.

$1,466,712,380
113,482,557
134,692,475
35,687,605
260,622,108
71,129,970
16,184,409

$1,438,006,998
128,814,492
128,021,537
28,914,443
250,051,901

+ 2.0
— 11.9
+ 5 .2
+ 23.4
+ 6.6

15,830,608

+ 2.2

$2,104,511,510
536,207,492

$2,055,530,849
494,298,767

+ 8.5

$2,640,779,002
523,798,769

$2,549,829,616
509,967,853

+
+

3 .6
2 .7

Total all cities for week.-..................

3,164,577,771
$3,059,797,469
+ 3 .4
T ho full details for tho week covered b y tho abovo will be given next
Saturday. W o cannot furnish them to-day, clearings being made up b y U10
clearing houses at noon on Saturday, and hence in tho abovo tho last day
o f tho week has to bo in all cases estim ated, as wo go to press Friday night.
W o present bolow detailed figures for tho week ending with Saturday
noon, June 14. for four years:
W e e k en d in g J u n e
C le a r in g s a t—

1913.

1912.

I n c . or
D ec.

14.
1911.

1910.

$
$
S
%
$
1,951,240,463 1,927,290,152
+ 1.2 1,904,432,210 1,716,292,978
170,199,632 147,602,427 + 15.3 153,894,376 144,861,108
56,591,623
54,955,873
+ 2.7
46,549,026
50,203,292
40,470,142
35,646,969 + 13.5
33,860,266
29,933,792
12,548,612
10,830,278 + 15.8
10,039,458
9,978,808
8,701,274
7,762,924 + 12.2
7,472,156
6,934,142
6,234,282
5,841,493
+ 6.7
6,453,240
6,147,130
5,204,455
4,483,841
4,604,435 + 13.0
3,962,578
3,128,543
3,025,000
+ 3.4
2,735,649
2,476,624
2,763,075
2,271,466 + 21.7
2,589,333
2,447,006
2,033,687
1,763,583 + 15.3
1,682,824
1,745,494
1,837,670
1,857,113 — 1.1
1,542,100
1,942,240
2,197,761
2,282,701 — 3.7
1,825,314
1,808,469
1,419,610
1,315,777
+ 7.9
1,251,169
1,410,083
2,013,092
1,685,222 + 13.5
1,626,036
1,701,217
947,501
1,010,447 — 6.2
872,767
977,984
1,116,890
1,019,896
+ 9.5
855,740
824,833
678,312
612,120 + 10.8
546,940
628,793
671,951 — 0.2
670,880
619,661
484,936
697.200 + 10.5
770,900
527,600
471,300
633,256
572,567 + 10.6
534,601
527,654
1,557,402
1,343,835 + 15.9
994,315
1,032,926
462,595 Not Included In total

Total Middle. 2,272,059,062 2,214,653,429
154,167,772
8,504,200
4,953,019
3,058,598
2,708,055
2,680,958
2,251,849
1,220,434
1,153,649
550,669
666,397
621,332

174,474,455
8,495,100
4,850.975
3,057,916
2,434,212
2,640,590
1,880,334
1,073,908
1,055,553
648,221
677,761
451,858

+ 2.6 2,185,388,522 1,986,793,387
— 11.6
+ 0.1
+ 2.1
+ 0.02
+ 11.2
+ 1.5
+ 19.7
+ 13.7
+ 9.4
— 15.1
— 1.7
+ 15.5

144,499,747
8,550,500
4.763,200
2,973,437
2,290,688
2,736,426
2,105,178
1,335,594
1,146,658
621,095
679,632
485,534

141,888,703
7,365,300
3,871,295
2,842,882
2,296,208
2,320,525
1,937,987
1,034,369
1,079,311
623,139
500,003

Tot. New Eng. 182,436,932 201,740.883 — 9.6 172,087,689 165,659,722
For Canadian Clearings see “ Commercial and Miscellaneous Nows."




N O .

2 5 0 4

Week ending June 14.

Clearings at—

PUBLISHED WEEKLY.

Boston..............
Provldcnco........
Hartford_______
New Haven____
Springfield..........
Worcester_____
Portland_______
Fall River_____
New Bedford__
Lowell. .......... .
nolyoko........ .....
Bangor-............ .

State and City Section

S e c t io n

SATURDAY, JUNE 21 1913

V O L . 96

New York..........
Philadelphia___
Pittsburgh..........
Baltimore..........
Buffalo...... .........
Washington____
Albany.......... .....
Rochester..........
Scranton............
Syracuso_______
Reading..............
Trenton.......... .
Wheeling_______
Wllkos-Barro___
Wilmington____
York__ ________
Erie______
Chester ..............
Greensburg_____
Binghamton___
Altoona-----------Lancaster..........
Montclair..........

Electric Railway Section

I n d u s t r ia l S e c t io n

K ansas C ity ___
M in n ea p o lis___
O m aha....................
S t. P au l..................
D enver............... ..
S t. Joseph-------Dcs M oines____
Sioux C ity _____
D u lu th _________
W ic h ita ..................
Lincoln ..................
T o p e k a ............. ..
D av en p o rt_____
C edar R apids__
Colorado Springs
Fargo . .......... . .
Pueblo ________
F r e m o n t______
W aterloo_______
H elena_________
A berdeen_______
Hastings.............
Billings ............... ..

6 0 ,3 0 3 ,5 4 6
2 3 ,4 7 7 ,2 8 0
1 7 ,0 1 6 ,4 7 5
9 ,2 5 2 ,3 2 6
9 ,2 8 9 ,8 6 4
8 ,1 4 3 ,7 7 9
5 ,4 0 3 ,3 5 0
3 ,4 5 1 ,0 0 8
3 ,9 1 3 ,4 1 8
3 ,2 7 3 ,3 3 8
1 ,9 8 5 ,0 3 7
1 ,7 4 7 ,9 4 0
1 ,4 7 1 ,1 0 7
1 ,6 4 3 ,5 1 6
7 4 3 .1 4 2
5 4 8 ,8 8 0
5 8 7 ,8 1 7
4 4 2 ,5 2 5
1 ,9 2 4 ,3 2 0
1,100,000
4 3 4 ,4 2 5
1 7 2 ,9 9 7
4 3 6 ,8 9 9

Tot. oth. West

1 4 0 ,7 6 2 ,9 8 9

4 8 ,9 5 6 ,0 6 7
+ 2 .7
1 9 ,3 7 7 ,8 8 3 + 21.2
1 6 ,6 5 7 ,7 8 9
+ 2.1
1 0 ,8 5 9 ,2 7 9 — 1 4 .8
1 0 ,4 2 8 ,5 1 2 — 10.9
7 ,3 S 3 ,0 8 3 + 1 0.3
4 ,4 4 4 ,4 2 6 + 21.6
3 ,0 7 3 ,6 4 4 + 12.6
2 ,8 7 6 ,2 4 4 + 3 0 + 1
3 ,2 9 4 ,5 8 4
— 0.6
1 ,7 9 5 ,5 9 1 + 10.6
1 .6 56.1S 9
+ 5 .5
1 ,5 1 7 ,2 9 9
— 3 .0
1 ,3 5 0 ,2 4 9 + 2 1 .7
8 6 7 ,1 9 5 — 1 4.3
3 9 9 ,6 5 5 + 3 7 .0
5 9 5 ,6 5 4
— 1.3
3 3 2 ,5 4 9 + 3 3.1
1 ,3 1 4 ,5 8 3 + 4 6 .4
9 0 4 ,3 6 6 + 2 1 .7
3 0 0 ,0 1 1 + 4 4 .8
16 1.6 8 2
+ 7 .0
3 2 3 ,7 1 4 + 3 4 .9
1 3 8 ,8 7 0 ,2 4 8

St. L o u i s .............
8 2 ,9 4 9 ,5 5 3
$ 7 7 ,7 4 0 ,8 0 9
New Orleans___
1 0 ,5 5 0 ,1 0 7
1 6 ,5 6 8 ,4 5 8
1 2 ,7 1 7 ,2 6 6
Louisville______
1 3 ,9 8 3 ,5 8 9
7 ,7 3 9 ,3 3 3 Not Included
H ouston..................
7 ,3 0 0 ,9 5 0
R ichm ond______
7 ,8 8 5 ,6 3 9
1 2 ,7 4 7 ,9 8 0
A tla n ta ..................
1 2 ,1 5 1 ,5 6 8
9 ,6 0 3 ,0 0 0
G alv e sto n ..............
7 ,9 5 2 ,0 0 0
Memphis_______
6 ,5 6 2 ,3 9 7
6 ,9 8 4 ,3 8 0
F
’ort Worth____
7 ,3 8 6 ,8 5 6
6 ,3 2 7 ,0 7 1
5 ,3 5 6 ,4 5 4
N ashville................
6 ,5 6 0 ,9 9 7
4 ,0 9 3 ,2 3 2
3 ,9 3 7 ,0 3 8
Savannah .............
3 ,6 9 3 ,2 7 4
N orfolk_______
3 ,1 6 5 ,1 3 5
Birmingham___
2 ,9 2 9 ,2 5 5
2,782,456
1 ,8 0 2 ,7 9 5
Oklahoma_____
1 ,4 1 2 ,6 7 8
4 ,5 0 0 ,0 0 0
3 ,8 0 0 ,0 0 0
Jacksonville___
2 ,1 7 0 ,3 5 0
L ittle R ock____
1 ,7 8 9 ,3 4 0
2 ,7 2 6 ,9 7 0
C h attan o o g a___
2,345,618
1 ,5 1 3 ,4 2 1
Knoxville................
1 ,7 9 0 ,7 1 5
1 ,3 6 7 ,9 6 1
Augusta_______
1,845,009
1 ,3 7 5 ,0 0 0
Mobile.....................
1 ,2 3 1 ,0 5 0
1 ,4 1 2 ,7 7 3
Charleston_____
1 ,4 9 7 ,5 6 2
2 ,8 3 9 ,5 8 1
Macon_________
3,214,562
2 ,4 8 9 ,2 5 7
Austin_________
1 ,0 5 1 ,8 5 1
2 6 3 ,0 7 1
Vicksburg______
2 6 0 ,7 4 2
5 8 3 ,8 4 1
Jackson..................
5 4 3 ,2 2 4
1 ,0 8 4 ,3 7 5
Tulsa.......................
807,405
6 7 9 ,1 0 8
Muskogee .............
921,793
Total Southern 197,746,176 187,502,340
Total all............. 3,370,509,743 3,287,123,508
Outside N. Y .__ 1,419,269,280 1 ,3 6 9 ,8 3 3 ,3 5 8

+ 5 .7

1 9 10 .
$
2 7 3 ,2 6 3 ,2 2 0
2 4 ,5 9 7 ,0 0 0
2 1 ,7 6 0 ,4 5 6
2 1 ,9 0 9 ,0 3 3
1 2 ,8 1 4 ,5 3 9
9 ,9 8 8 ,4 5 3
5 ,8 3 3 ,6 0 0
4 ,6 2 0 ,8 9 1
2 ,9 2 1 ,3 8 5
2 ,6 0 5 ,2 9 5
2 ,1 9 3 ,0 0 5
2 ,2 7 2 ,8 9 1
1 ,1 5 4 ,0 8 5
6 3 7 ,6 8 9
+ 048+ 12
9 9 0 ,8 5 5
1 ,0 7 5 ,0 0 0
1 ,0 1 5 ,0 0 0
7 4 1 ,3 7 6
832+ 35
'4 0 0 ,8 7 9
6 0 0 ,0 0 0
6 6 0 ,5 9 8
4 3 3 ,7 1 3
3 9 0 ,5 6 1
3 8 5 ,9 8 8
51 9^46 8
2 5 1 ,3 6 5
3 2 3 ,8 2 0
3 0 4 ,0 5 6
4 4 0 ,0 0 0
175+ 00
2 8 j2 6 8
3 9 7 ,2 5 9 ,3 7 0

4 8 ,0 6 7 ,5 7 3
1 9 ,9 6 7 ,3 2 0
1 1 ,2 9 4 ,4 8 0
1 1 ,4 3 0 ,7 8 5
6 ,1 6 9 ,0 4 6
4 ,6 2 8 ,6 3 9
N o proper
3 ,7 1 0 ,0 7 6
1 ,3 6 5 ,0 0 0
1 ,3 3 0 ,1 4 7
1 ,0 3 6 ,2 4 1
8 2 0 ,7 6 5
6 5 0 ,0 0 0
5 0 8 ,2 7 9
4 9 6 ,1 8 9
3 0 0 ,0 0 0
1 1 1 ,7 8 0 ,5 4 0

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

4 4 ,7 1 8 ,0 1 2
1 7 ,9 0 3 ,1 6 1
1 4 ,4 3 8 ,7 0 8
9 ,6 0 8 ,3 7 8
1 0 ,1 1 8 ,6 2 2
6 ,9 5 8 ,4 7 5
4 ,0 9 1 ,3 8 9
2,462,0-14
2 ,7 7 1 ,6 1 6
3 ,2 0 7 ,6 4 7
1 ,7 3 6 ,7 9 4
1 ,5 8 1 ,9 2 8
1 ,2 6 6 ,3 1 0
1 ,3 4 1 ,6 0 6
7 4 7,3 5 1
7 8 0 ,4 4 2
5 6 7 ,2 7 9
2 9 7 ,4 2 7
1 ,3 4 7 ,4 1 8
8 6 4 ,9 5 7
4 2 7 ,8 8 2
1 6 2 ,0 3 9
1 3 0,7 9 9

4 9 ,8 0 5 ,3 8 1
1 9 ,3 0 8 ,5 9 7
1 5 ,8 7 3 ,1 1 3
1+ 475+ 17
9 ,3 9 4 ,1 5 7
0+ 34+ 24
3^957^913
3 ,2 1 7 ,6 3 1
3 ,2 4 0 ,7 2 0
2 ^9 4 7 ,0 4 5
1 ,0 2 0 ,2 5 7
1 ,2 7 3 + 9 3
+ 292 + 29
1 ,0 4 0 + 2 8
899+ 86
9 4 9 ,1 8 0
62+ 070
298+ 57
027+ 49
7 7 7 ,7 6 3
552+ 40
1 7 0 i0 0 0
220+ 90

1 2 7 ,5 3 0 ,3 4 4

1 3 6 ,2 0 5 ,4 4 8

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

+ 6 .7
75,021,556
72.421 988
— 0 .1
1 6 ,6 9 9 ,5 9 9
l(Y,2G&]Wo
— 9.1
1 2 ,6 1 6 ,4 2 9
12|666j710
In total
— 7 .4
7 ,1 0 0 ,0 0 0
0 .0 9 9 .2 8 2
+ 4 .9
1 0 ,4 7 0 ,2 5 3
8+50+*?B
+ 2 0 .8
6 ,3 3 8 ,0 0 0
5+ 53+ 00
— 6 .0
5 ,4 4 7 ,7 2 6
4+ 80+ 62
+ 1 6.7
5 ,2 6 2 ,3 9 5
0 ,0 5 0 + 4 4
+ 2 2 .5
4,292,603
3 ,8 4 0 + 7 4
— 3 .8
3,801,171
3+ 00+ 82
+ 1 6.7
2 ,8 3 0 ,1 9 9
3+ 05+ 69
+ 5 .3
2,284,105
2 ,4 9 3 ,3 8 8
+ 2 7 .6
1 ,9 2 8 ,4 2 2
2+00+00
+ 1 8.4
2 ,7 4 4 ,1 4 9
2+ 27+ 87
+ 2 1 .9
1,676,900
1+ 80+ 58
+ 1 6.2
1 ,7 5 6 ,7 0 7
1,807+67
— 1 5.5
1 ,6 4 1 ,6 8 9
1+74,216
— 2 5 .9
1,312,907
1,40+709
+ 1 1.7
1,458,740
1.249,410
— 5 .7
1,642,537
+ 2 3 4 ,4 9 9
— 1 1 .7
2,584,108
759,831
+ 1 3 6.7
3,446,190
1+ 62+ 45
+ 0 .9
2 2 5 ,8 6 3
208+ 80
+ 7 .5
675,188
9 5 0 ,0 0 0
+ 3 4 .3
6 3 9 ,5 3 1
— 2 6 .3
7 7 5 ,8 1 1
+ 5 .6
1 7 4 ,6 7 1 .7 6 8
1 0 3 ,8 8 8 + 5 3
+ 2 .5 3,174.391.954 2 + 5 5 .2 /0 + f7
+ 4.4 ,260,959,746 +2387983+39

1728

THE

CHRONICLE

[ V o l . X C V I.

unchecked sway of the Inter-State Commerce Com­
mission; and if the Commission were given sole au­
THE F INANCI AL SITUATION.
The additional State railroad cases decided by thority to regulate both inter-State and intra-State
the United States Supreme Court the present week rates, the last state of the railroads would be worse
emphasize what we said last week when commenting than the first.
The Court will examine carefully into the facts
on the Court’s decision in the Minnesota cases.
The States retain their right to regulate rates on when State rates are attacked, but will regard the
traffic within State borders and the Court will not Inter-Statg Commerce Commission as sole judge of
set aside or declare invalid rates prescribed on such the facts when inter-State rates are complained of.
traffic if no objections can be urged save that indirectly Thus the roads are really more secure under State
such rates operate to disturb rates on inter-State control than they would be under exclusive Federal
traffic. The Court will interfere if rates are fixed so control. Besides, it has already been made evident
low as to be confiscatory or so as to yield an inade­ that the Inter-State Commerce Commission would not
quate return on the capital invested on the lines be a bit more lenient than the States have been.
within the State. But the evidence that the rates Th New York “ Herald” on Tuesday of last week had
are unremunerative must be clear and conclusive. The interviews with most of the members of the Inter
Court will not ageept hypothetical values, or hypo­ State Commerce Commission. Not one of these had
thetical methods for establishing values or for de- a. word of criticism to make regarding the action of
termining^cost of moving traffic, and permit the the States. Judson Clements said the decision put
rearing thereon of allegations that the rates assailed the whole matter up to Congress. That body would
are not sufficiently lucrative to net a proper return. have to answer the question whether or not it would
But while the Court insists that evidence of a clear, legislate with regard to both intra-State commerce
definite and detailed character must be presented to and inter-State commerce. As for himself, he had
sustain the conclusion that the rates are confiscatory never “ seen enough State regulation to justify Fed­
and unconstitutional, on the other hand when the eral action.”
Commissioner Prouty, on his part, was quoted as
evidence admits of no doubt, the rates are unhesi­
tatingly held to be invalid— at least in all special in­ saying that “ the decision, except for the confisca­
stances where the effect is plainly to leave them un­ tion paragraphs, is simply a statement of the law as
productive. In this week’s decisions the State laws the law stands and as it had been construed by
of Missouri, Oregon, Arkansas and West Virginia everybody except the railroads until the Minnesota
were upheld, just as last week the Minnesota rate rate case came up.” Commissioner Meyer is repre­
laws and rate orders were upheld. But as last sented as saying: “ There was but one way the
week the Minnesota law was held invalid as against Supreme Court could decide the Minnesota rate
the Minneapolis & St. Louis ItII., so the present case— that was against the railroads. Congress
week the Missouri law is held invalid as to a number intended that the right should be reserved for each
of smaller roads. The Minnesota decision last week State to control railroads and their rates between
embraced only three cases. The present week the points wholly within that State.” Commissioner
Court announced its conclusions in no less than McChord was formerly a member of the Kentucky
twenty-two cases; but seventeen of these came from Railroad Commission and he alluded to the decision
Missouri. The Missouri rates are declared invalid as a correct interpretation of the principles involved
as applied to the St. Louis & Hannibal, operating and dwelt upon what he personally had done to
121 miles within the State, the Kansas City Clinton authorize the Kentucky Railroad Commission to
& Springfield, operating 151 miles within the State, prescribe rates. It is thus evident that the railroads
and the Chicago Great Western, operating 84 miles would have absolutely nothing to gain even if the
within the State. By virtue of stipulations between jurisdiction of the Commission were enlarged so
the State and the railroads, the decision holding the as to include all the traffic of the roads.
Under the rules now laid down by the Supreme
rates confiscatory as to the Chicago Great Western
Court, it remains for the roads to prove that the rates
is also made to apply to the Quincy Omaha & Kansas
which the States seek to enforce are non-compensa­
City R R . and the St. Joseph & Grand Island R y.
It is noteworthy that whereas last week’s decisions tory. Thus far they have given less attention to
upholding the Minnesota statutes and rate orders that feature than required, taking it for granted
had the effect of completely upsetting the stock mar­ that if they could show that regulation of intra-State
ket, causing almost a panic, this week's decisions, rates meant interference with inter-State rates,
applying still further the doctrines then announced, nothing further was necessary. But it ought not
have been received with great equanimity by the to be difficult, with net income even on the best of
market. £Obviously, if last week’s decisions furnished roads at such a low ebb, to make out a clear and a
warrant for panicky fears, this week’s decisions ought convincing case. It is only the weaker roads that
to intensify the feeling of uneasiness. But there is have gained a victory, and it is to be noted that it is
now a better appreciation of the real significance of their very weakness that saves them from being
the principles followed by the Court, and a better obliged to adopt the State rates assailed. But the
appreciation also of the fact that no seriously harm­ decree expressly provides that the State may apply
ful results, in the long run, are likely to ensue in at any time to the Court for a new decree whenever
allowing the States to control local rates in the future it shall appear that, by reason of a change in condi­
as in the past. The roads have little to fear from the ; tions, the rates prescribed by the State are sufficient
States so long as the Supreme Court will interfere to yield reasonable compensation for the services
to prevent the enforcement of non-compensatory rendered. It would seem as if the same rule
rates, whereas they have a great deal to fear from the must apply in the case of the roads which have




June 21 1913.]

THE

1720

CHRONICLE

failed in their endeavor to have the State rates de­
clare! void— that is, it would appear that they, too,
must have the right to go into court again and en­
deavor to prove to the satisfaction of the judges that
the rates really do yield an insufficient return.
As far as the weaker roads are concerned, the claim
is made that their victory is a barren one, since if
they seek to maintain the existing rates while their
powerful neighbors are forced to put in effect the
lower rates prescribed by the States, these latter
will get all the business and the weaker roads will
lose. That is true, however, only as far as traffic
to competitive points is concerned. The weaker
roads, being small concerns, have comparatively
little competitive traffic, and the action of the Court
saves them from the necessity of reducing rates on
the local traffic, which is most costly to handle and
where the need for the higher rates is most urgent.

wreck on the 12th inst. on the New Haven road
would not deserve mention here except that they have
excited wide comment and are considered most un­
fortunate, because indicating that even the clergy
is not free from the demagogic spirit and loose talk
so commonly indulged in by the politicians. Rev.
Christian F. Reisner, pastor of the Grace Methodist
Church of this city, preached the sermon referred to.
We take the following report of it as given in the
New York “ Times” :
The

e n g in e -d r iv e r o f th e w reck ed

tr a in b r o k e d o w n a n d

w e p t w h e n g iv in g a n a c c o u n t o f it b e fo r e th e C o r o n e r .
w o u ld h a v e b e e n a g o o d

It

t h in g if s o m e o f th e s to c k h o ld e r s ,

w h o w e re o u t p la y in g g o lf o r te n n is a t th e t im e th e a c c id e n t
o c c u r r e d , h a d b e e n th e re to d o th e s a m e .
are p u t u n d e r h e a v y r e s p o n s ib ility t h a t

P o o r ly -p a id m e n
d iv id e n d s m a y b e

p a id o n w a te r e d s t o c k in h e r ite d fr o m a m illio n a ir e e s t a t e .
T h in k o f th e w e ig h t o f r e s p o n s ib ility p la c e d o n th e e n g in e d riv e r o f a n y

tr a in .

Ho

is e x p e c t e d

to

m a s te r a ll th e

in ­

t r i c a c ie s o f t h e g r e a t m a c h i n e h e d r i v e s a n d t o k e e p a q u i c k
b r a i n a l e r t t o t h e m u l t i p l i e d s ig n a ls o f t h e b l o c k s y s t e m

Numerous more or less definite outlines of the
Banking and Currency Bill which is being prepared
by the leaders of the two houses of Congress, together
with the Secretary of the Treasury and the President,
for submission to Congress, have appeared the present
week and been very closely scrutinized. On Thurs­
day morning the daily papers even purported to
give the full text of the bill. It was quickly repu­
diated, however, from Washington, the statement
being made that this was simply an old draft or
version of the measure and that since then innumer­
able changes had been made. On Thursday night
Congressman Glass thought it best to give out a
lengthy statement indicating the main features of
the proposed reform measure, and this we print in
full on a subsequent page. But it seems the plan
is still subject to change. Under the circumstances
extended discussion of the measure at this stage
would be profitless. Judged by the outlines fur­
nished by Mr. Glass, it contains some good points.
On the other hand in many of its aspects it seems
crude and decidedly amateurish. One is deeply
impressed with that fact in considering the functions
and duties of the Federal Reserve Board, which is
to have jurisdiction over new note issues and is to
“ oversee the whole system.” This to be purely
a political body. Originally it was provided that
the Board should consist of the Secretary of the
Treasury, the Secretary of Agriculture, the Comp­
troller of the Currency, and three members chosen
by the President, and three more chosen by the
banks. This gave the Government a two-thirds
control, that is, six out of the nine members. But
this has now been changed, so the Board is to consist
of only seven members, namely the Secretary of the
Treasury, the Secretary of Agriculture, the Comp­
troller of the Currency and four others all chosen
by the President with the consent of the Senate.
Thus the Board will be exclusively a political bod y .
Among many other things this Board is to establish
each week a rate of discount for the Federal Reserve
Banks which shall be mandatory upon these banks
but which “ shall be made with a view to accommo­
dating the commerce of the country and promoting
a stable price level .” Imagine what will inevitably
follow when a political body attempts to promote
“ a stable price level.”

$200

a m o n th .

b ility

on

th a t

Ho

is c o m p e l l e d

s a la r y ,

w h il e

to

th e

bear

m an

a ll th e

w ho

fo r

r e s p o n s i­

in h e r ite d

th e

m i lli o n s r e p r e s e n t e d in s t o c k d r a w s $ 1 , 0 0 0 a d a y a s h e r i d e s
i n h is y a c h t o r lo lls in h i s c l u b .
I t is v e r y e a s y t o s a y t h a t t h e e n g i n e e r is t o b l a m e .
h a s to b e a r th e to r m e n t o f h a r r o w in g m e m o r ie s .

He

P erhaps

h e w a s t o b l a m e ; b u t b a c k o f h i m is t h e m a n w h o m a k e s i t
n e c e s s a r y t o h ir e s o i n c o m p e t e n t a m a n t o d o s o r e s p o n s i b l e
a ta sk .

I n c r e a s i n g l y , p r o p e r t y is o w n e d b y o v e r - r i c h i n d i ­

v i d u a l s o r b y f a m i l y f o r t u n e s b o u n d t o g e t h e r in a t r u s t c o m ­
pany.

The

ow n ers

of

th o se

fo rtu n e s

assu m e

no

b i l i t y , b u t s h i f t i t t o t h e s h o u ld e r s o f h i r e d m e n .
P re sid e n t o f o n e o f th e g r e a te st in s titu t io n s

r e s p o n s i­
T h e V ic e ­

in N e w

Y ork

to ld m e th e o th e r d a y :
“ N o n e o f th e o ffic e r s o f th is c o m p a n y o w n s m o r e th a n a
fe w

sh ares o f s to c k .

W e

are on

s a la rie s a n d

c a rr y a ll th e

b u r d e n s , w h il e t h e r e a l o w n e r s s h i n e in s o c i e t y . ”
H o u n c o n s c io u s ly w a s r e v e a lin g a c o n d itio n w h ic h th r e a t­
ens u s.

W e a re d o d g in g r e s p o n s ib ility .

so m e h e a d s to ss o n

I f w e c o u ld m a k e

p i l lo w s w i t h a n x i e t y , w h o s e p o s s e s s o r s

d o n o th in g s a v e d r a w d iv id e n d s fr o m r a ilr o a d s , w e w o u ld d o
m a r v e lo u s g o o d .

I t w ill n o t b e l o n g b e f o r e w e s h a ll h a v e

th e e n ta ile d e s ta te s o f ‘ ‘ O ld E n g l a n d . ”
S h a ile r

M a tth e w s

m o r r o w ,”

d e c r ie s

in

th e

h is

book,

te n d e n cy

“ The

of

th e

M a k in g
w e a lth y

of
to

a

To­

tie

up

f o r t u n e s in t r u s t c o m p a n i e s , a n d r e m a r k s t h a t in a f e w y e a r s
c a p ita l

w ill

d iffic u lt y

have

a g a in s t

lo s t

a ll

w h ic h

p e r s o n a lity .
we

are

That

w o r k in g .

is

T h is

th e

exact

c o n d itio n

c a u s e s t h e lo s s o f r e s p o n s i b i l i t y .
C a p i t a l is a n a g g r e g a t i o n , n o t a n i n d i v i d u a l .
s to c k h o ld e r
h ire d m a n .

s h ifts

a ll

b la m e

to

th e

s h o u ld e r s

H e n c e th e
of

th e

poor

H e w o u l d n o t d o t h a t if p e r s o n a l i t y c o u n t e d f o r

m ore.

V ic e -P r e s id e n t M a r s h a ll w a s n o t v e r y fa r fr o m

tru th .

T h e d a y m a y c o m e w h e n w e s h a ll b e g i n t o a s k w h y

th e

s o m e m a n is e n t i t l e d t o c o n t r o l v a s t r a ilr o a d s y s t e m s s i m p l y
b e c a u s e ho h a p p e n e d to b e b o r n w ith th e n a m e “ A s t o r b i l t .”

It is such ill-considered utterances as the foregoing
that are responsible for the harsh public treatment
of the railroads under which their income is being
cut to a dangerous degree and their power to acquire
new supplies of capital is being seriously damaged.
Hence, it is gratifying to find that these utterances
have been generally condemned by the daily press.
Caustic reference has been also made to the economic
notion embodied in a criticism which considers em­
ployees in receipt of $2,400 a year as “ poorly paid.”
There is general curiosity to know the identity of
“ the Vice-President of one of the greatest institu­
tions in New York” who complained to this deluded
dominie that the officers of his company “ are on
salaries, and carry all the burdens, while the real
owners shine in society.” He ought to come forward
and reveal himself to the gaze of the world. This
Vice-President has qualified himself to become a can­
The sensational remarks made on Sunday last didate for a high political office. Perhaps a Coniy a minister of the Gospel with reference to the gressional committee can coax him out of his seclu-




1730
S e n d 't f P^ 0 0 0 T * 5 0 m
000O

the

c h r o n ic l e

hT T ay '

shine in politics and thus be able to console himself
for his inability to “ shine in society.

[Vol. XCVI.

*» a public censorship and an exclusion from
carriage across State lines, or from the mails abso­
lutely , any printed matter which the censor deems
untrue or against the general welfare.
Where shall we stop in this course of progressive
interference, and is there any better place or time
than now and here? In this labor proposal, ship­
ments from States having equivalent child labor
laws are exempted, but this both implies a Federal
review of the efficiency of such State laws and points
out the proper remedy, namely, action by the States.
Agitation will speedily procure State action which will
probably be sufficiently drastic, even if not wholly
wise. Is it not the proper function of each State
to take care of its own domestic affairs, and has not
that mild and innocent commerce clause of the Con­
stitution been made a Pandora’s box far enough ?

The expected bill for a partial suppression of child
labor was introduced in the House this week by M r.
Copley of Illinois. One section declares that em­
ployment of a child under 14 in any mill, factory or
other producing establishment (trading or office
establishments are not mentioned), or of any child
under 16 in any quarry, mine, or similar place, or
in any place where dangerous substances are handled,
or where the work or the materials involve injury
to the health or morals of the child, “ is hereby
designated and defined as anti-social child labor, and
as detrimental to the general welfare and debasing to
commerce.” It has been quite common of late to
print sketch drawings in which capital in the form
Arrival of the new “ Imperator” , at present the
of a gross-looking man is depicted as resting on the latest and largest of modern passenger liners, caused
backs of little children, and a well-known weekly the Long Island road to run a parallel train westward
appears this week with a broad picture of a flock from Montauk Point, as a “ demonstration” of possi­
of miserable-looking children (some of them on
bilities which recalls the old dream of Mr. Austin
crutches) coming to M r. Wilson and saying, “ we
Corbin of an American Fishguard at the eastern
don’t want anything, Mr. President, we just want
extremity of the large island whose shape itself
to grow up.”
suggests a fish. This train made its run to the
The inhumanity and bad economy of child labor Pennsylvania Station here in a little less than 2j/£
need no urging. A stream choked at the source hours, which is the time already decided as the
can never be large. The children in a country are actual schedule time in case the plan ever goes into
not only its most precious possessions, but its most execution, although a run has been made in less
valuable asset, and the nation which permits the than two hours. Had there been piers and an
sacrifice of either its children or its women is com­ actual landing, it is figured out by the officers of
mitting suicide. Any industrial or social growth
the road that the passengers could have been in
which attempts to build upon child labor is doomed the station at 8 p. m ., 14 hours earlier than they
from the start; nothing can excuse it or make it did arrive at the pier in Hoboken, and that the time
necessary. It is as impossible as to live by devouring saving would have sufficed to take them as far in­
one s own flesh; if this could be imagined necessary land as Central Ohio. President Peters has believed
to any nation, that nation would already be dead.
that from five to fifteen hours could be saved,
Entire sympathy with the aim of this bill, so far according to weather, and he offered this train-run
as it is not based upon exaggeration of the extent of
as demonstration and suggestion. Nature, he cor­
the evil, does not hinder objection to it as a wrong
rectly says, seems to have favored this cut-off by
method of approaching the remedy. The method
supplying a deep-water harbor, with a straight and
chosen is the old one of indirection, through control
safe approach. By this means, he forecasts that
of inter-State commerce. Products into which the a four-day trip across the Atlantic could be attained
inhibited labor enters are debarred from such com­ through modern fast liners.
merce, and direct punishment of offending employers
Such is the dream, if it is one. How far it would
is j proposed in a provision whose Constitutional appeal to the pleasure of passengers cannot be
validity it is not necessary to consider now. The foretold with certainty, yet it does concur with the
Secretary of Labor is to watch factories and see that desire for rapid transit, and the transfer from ship
no prohibited labor is employed, and he may issue to train might appear less hindering and unpleasant
certificates that the approved products are “ regis­ than from the ship to a city dock. The train would
tered under the Federal Child Labor A ct,” where­ thus be presented as a perhaps agreeable “ tender”
upon the certified goods may be transported across attractive to the desire for hurry. As for mer­
State boundaries.
chandise (with the exception of mails, which might
It should suffice that this is sentimental legisla­ naturally be included in the plan) that would take
tion and selects a means as bad as the intent is good. the usual course, for a transfer of freights to the
We must again point out that there is no stopping- eastern end of Long Island is too remote a prospect
place to such attempts to accomplish by indirection to need consideration now.
objects which may be deemed for the general wel­
fare. There is a proposition, once dismissed but
The making of new high records of exports con­
now renewed, to discourage business efficiency and tinues to be the predominant feature of our foreign
success by an extra tax upon those guilty of that. trade. Starting with the initial month of the cur­
There is a bill in Congress, introduced by M r. Dent rent fiscal year (July 1912), each succeeding period
of Alabama, which would take advantage of the ex­ since, only excepting February and March, when cot­
clusive jurisdiction over the District of Columbia ton shipments fell off materially, has shown a more
and visit fine or imprisonment or both upon any per­ or less striking gain over the preceding year, giving
son who publishes there, in any manner, any adver­ the eleven months a total conspicuously greater
tisement of something for sale “ which advertisement than ever before and pointing to an aggregate for
contains any assertion, representation or statement the full twelve months of approximately 2,500 mil­
of fact which is wilfully untrue.” The next step lion dollars. It is worthy of note, too, that much




J u n e 2 1 1 9 1 3 .]

TH E

CH RO N ICLE

1731

the larger part of the increase witnessed in recent where they were never used before, indicating that
the intensive idea is taking hold generally. For the
years has been contributed by our manufactures.
Our exports in M ay 1913 totaled $194,593,071 whole belt, we reach the conclusion that area has
and exceeded those of 1912 by 19% millions and 1911 been increased about 3.20% , or 1,116,165 acres.
The planting season was free of any such extended
by 4112 millions, the gain over last year beingquite
/
delay as the flood in the Mississippi Valley caused
generally shared in by all the various articles. Breadstuffs shipments were over double those of a year ago, last year, and while some land was inundated in
due primarily to a large increase in wheat; cotton that locality this year, the water receded compara­
showed an augmentation of 7 % million dollars, and tively early. The season since seed was put in the
manufactures, &c., an excess of about 534 millions. ground has not, of course, been free from complaints
For the five months of the calendar year 1913 the of lack of moisture or excess of it, or of low tempera­
merchandise outflow at 1,003 million dollars was ture. What season is ? The salient fact we deduce
41% millions more than in 1912 and for the eleven from our reports is that the crop is a little late as a
months, at $2,302,464,882, was 236 millions greater result of the adverse climatic conditions, but that
than in 1911-12 and 395 millions larger than in since the first of June the weather has been of a
character to promote healthy and vigorous develop­
1910- 11.
Merchandise imports for M ay were less than in ment of the plant. The outlook apparently is better
1912, reaching $133,466,450, against $155,697,886, than at this time last year, and, with the increased
but compare with $129,814,160 in the month of 1911. area, a normal season from now on should give a
For the five months the inflow of commodities ag­ crop well up to, if not in excess of, the record yield
gregated 748 million dollars, or 5J^ millions less than of 1911-12.
for the corresponding period of 1912, and for the
Building operations in the United States, notwith­
eleven months of the fiscal year 1912-13 they were
$1,681,505,094, or 15934 millions more than in standing an important decrease in activity at some
1911- 12 and 277 millions greater than in 1910-11. of the larger cities of the country, continue of comThe export balance for M ay reached 6134 million comparatively heavy aggregate. As a matter of
dollars, as against 19% millions in 1912 and 23 1-3 fact at very many of the smaller municipalities, as
millions in 1911. For the five months of the calen­ well as at some of the larger cities, construction
dar year the balance of exports is 254% millions, or work has thus far in 1913 been of greater magnitude
47 millions in excess of that for the like period of than ever before, but inactivity in Greater New York
1912, and for the eleven months of 1912-13 the out­ has as a rule largely, if not wholly, offset the result­
ward movement of merchandise runs ahead of im­ ant gain. In M ay this year the estimated contem­
ports by 621 millions, the heaviest total with one plated outlay at New York is not only very much
less than last year but the smallest since 1908, and
exception (1907-08) in our history.
The gold movement of the month shows a net ex­ totals well below 1912 are reported by Boston,
port of $7,906,232 (imports having been $4,561,260 Chicago, St. Louis and Washington. On the other
and the exports $12,467,492, the latter almost hand, Newark, Los Angeles, Detroit, Pittsburgh and
wholly to France), increasing to $11,386,256 the Indianapolis make an excellent showing as compared
export balance for the eleven months of the fiscal with a year ago and many less prominent but steadily
year 1912-13. In the like period of 1911-12 we sent growing rhunicipalities exhibit conspicuous gains.
Altogether, our statement of operations for M ay
out net $1,104,408, while in 1910-11 there was an
includes 140 cities, of which 66 exhibit gains in
import balance of $49,404,401.
intended outlay over the period in 1912, the total
The cotton-crop situation at the present time, as contemplated disbursement reaching $89,599,985
indicated by the extensive investigations made by and comparing with $102,132,737 a year ago and $85,­
us in connection with the issuing of our annual report 796,135 in 1911. Greater New York’s exhibit for
on acreage and condition, is so fully set out on sub­ the month is, as already stated, very poor, the
sequent pages that only brief comment thereon is month’s total being only $14,301,748 as against
called for here. The most interesting, though $24,490,456 in 1912 and $19,079,893 in 1911. For
expected, feature of that report is that there has cities outside of New York the M ay 1913 aggregate
been a fair addition to the area planted and that the is only moderately less than the high record of last
present outlook is for a pretty full yield. The year, $75,298,237, comparing with $77,642,281, and
generality of reports current in the early spring, is in excess of any earlier year.
The result for the five months of the current
when land was being prepared for crops and later
on as planting progressed, indicated that more cotton calendar year sets a new high mark outside of New
would be put in than ever before, and in some cases York, but in consequence of the important falling
the increases, it was stated, would be very large. off here the aggregate for the whole country showed
This latter statement, according to our advices, has a moderate decline from last year. For the 139
not been fully substantiated, for while the gain in outside cities the disbursements arranged for reach
cotton area has been large in some States, elsewhere $317,108,852 against $297,233,123 in 1912 and $275,­
it has been rather nominal, so that the net addition 972,461 in 1911; Greater New York’s operations,
for the whole country over a year ago is compara­ however, call for only $75,569,008 as compared with
tively moderate. In the older cotton-growing dis­ $104,835,466 and $82,343,410, respectively, making
tricts, in fact, the attitude as regards acreage has the grand total (140 cities) $392,677,860, against
been distinctly conservative, efforts rather being $402,068,589 last year and $358,315,871 two years
directed toward intensive cultivation, or increasing ago.
.
As regards Canadian building operations, activity
the productiveness of the soil by the freer use of
fertilizers. Even in Texas, Oklahoma and Arkansas, is still observable in many sections and the aggregate
we find little evidence of radically large additions, of the work planned in May was of considerable
but we do learn that fertilizers are being employed magnitude. But at points in the Western provinces,




1732

TH E

CH RO N ICLE

such as Calgary, Vancouver, Victoria and Saskatoon
the latest month witnessed a striking drop from the
extreme activity of a year ago, and in consequence
the outlay arranged for in the 24 cities in that part
of the Dominion from which returns are at hand
exhibits a rather large decline from a year ago—
$9,707,657, comparing with $12,978,863. For the
five months the same cities furnish a total of only
$33,787,884 against $40,801,586 a year ago. From
the Eastern provinces, however, 24 cities report
an aggregate of estimated expenditures for the month
moderately greater than in 1912, Fort William and
Port Arthur showing especially notable gains, while
for the five months the contrast is between $33,942,­
476 and $26,752,968. For the whole of Canada
(48 cities) the M ay aggregate is 20% millions against
22^2 millions in 1912, and for the five months
reaches $67,730,360 (the record for the period)
against $67,554,554.
By a vote of 346 to 268 the House of Commons
on Thursday, after a discussion of the Parliamentary
Committee’s report on the Marconi disclosures of
the last year, adopted a resolution vindicating the
Attorney-General and the Chancellor of the Ex­
chequer. The resolution was thus adopted by a
majority of 78, as compared with a nominal strength
of 100. The motion was proposed by Sir W. Ryland
Adkins, a Liberal, as follows:
T h is H o u s e , a f t e r h e a r in g th e s t a t e m e n t s o f th e A t t o r n e y G en eral an d
to

th e

C h a n c e llo r o f

th e ir p u r c h a se s

of

sh a res

in

th e
th e

E x c h e q u e r in r e f e r e n c e
M arcon i

Com pany

of

A m e r ic a , a c c e p ts th e ir e x p r e s s io n s o f r e g r e t t h a t s u c h p u r ­

[ V o l . X C V I.

conclusion he said:
“ I wont quarrel with words;
it was injudicious, indiscreet if you will. I acted
carelessly. I acted mistakenly, but I acted openly,
innocently and honestly, and that is why I, with
confidence, place myself in the hands, not merely
of my political friends, but of all the members of
this great assembly.” He and Sir Rufus Isaacs
then left the House together. The Right Hon. H. L.
Samuel, the Postmaster General, whose name was
linked with those of the Attorney-General and the
Chancellor of the Exechequer, in the earlier news­
paper reports repeated his denials of any dealings
in Marconi shares. The British Premier, M r.
Asquith, on Thursday, before the vote on the resolu­
tion that was finally carried, declared that an
explanation was due from the Ministers to the House,
but was there, he asked, ever a franker or more
manly explanation than was given by the Chancellor
of Exchequer and the Attorney-General on Wednes­
day? Mr. Asquith then confided to the House all
that he knew of the Marconi transaction. He was
told last August by the Master of Elibank (now Lord
Murray) that three Ministers had bought American
Marconi shares and that there was no connection
between the English and American companies.
The Premier then placed no importance on the pur­
chases, but he said that now he knew all the facts,
he thought the Ministers ought to have stated these
facts to the House in the debate last August. It
is believed that the end, so far as Parliament is
concerned, of the unfortunate Marconi incident has
been heard.

c h a s e s w e re m a d e a n d t h a t t h e y w e r e n o t m e n tio n e d in th e
d e b a te o f O c t . 11 la s t , a n d a c q u its th e m o f a c tin g o th e rw ise
t h a n in g o o d f a i t h , a n d r e p r o b a t e s t h e c h a r g e s o f c o r r u p t i o n
a g a in s t th e M i n i s t e r s , w h ic h h a v e b e e n p r o v e d t o b e a b s o ­
lu t e ly fa ls e .

The Balkan situation has once more assumed, on
the surface at least, a threatening character. While
Bulgaria and Servia, as a result of the pressure
brought to bear by the Czar, agreed to submit their
differences over territory captured from Turkey to
him as arbitrator, additional excuses for friction
have evidently been sought and found. Bulgaria
on Thursday delivered a voluminous note to the
Servian Government practically declining the lat­
ter’s request for a revision of the ante-bellum treaty
and the possibility of a peaceful settlement of the
Balkan trouble became more remote. Apparently
Bulgaria will accept only Russian arbitration within
the limits of this treaty while Servia is desirous of
having all the disputed questions referred to Russia.
The French Foreign Office has intimated to the
leading French banking interests that the Govern­
ment will strongly disapprove of any loan being made
either to Servia or to Bulgaria until after peace has
been absolutely assured. Austria is being blamed
for the development of what may almost be regarded
as a new crisis, and is said to be so maneuvering
as to make the Servian-Bulgarian compromise im­
possible. Austria is believed to resent the Czar’s
arbitration proposal because of the power that would
result in his control of the Slavonic races.

On Wednesday Sir Rufus Isaacs, the AttorneyGeneral and David Lloyd George, the Chancellor
of the Exchequer, frankly confessed in the House
the unwisdom and indiscretion of their transactions
in American Marconi shares. They defended in
memorable and earnest addresses their honesty of
purpose. The Attorney-General frankly accepted
main responsibility. He admitted that his failure
to disclose the facts to the House on October 11 was
a mistaken course, but asserted that there was no
intention whatever to deceive the House. In the
light of what has since transpired, he would not say
that the purchase of sharesJof|the American Marconi
Company was a discreet transaction. The Chan­
cellor was on his feet before the applause which
greeted the Attorney-General’s speech had died
away. It would have been infinitely better, he
conceded, if the Attorney-General and he, himself,
had placed the whole fact before the House last
October. It was a mistake in judgment, not really
a lack of candor. Having regard to facts that have
Since come to his knowledge, he would not have
touched these transactions, because he now saw
how they lent themselves to misconstruction, per­
The twenty-fifth anniversary of the accession of
haps genuine misconception. Still there was a vast Emperor William to the throne of Germany was cele­
difference between indiscretion in private investment brated on Monday in Berlin and throughout Ger­
and circumstances that would warrant a solemn vote many as a general holiday, the commemoration hav­
of censure by the House of Commons. What had ing been put over from the preceding day, the actual
caused him the most grief was fear lest a thoughtless date of accession, out of respect to the memory of
deed should put in jeopardy even for an hour the the Emperor’s father, Frederick. Among other
great causes which he loved and served. But he was delegations that participated in a series of congratu­
conscious of having done nothing to bring a stain latory receptions was that of the “ Friends of Peace”
on the honor of the Ministers of the Crown. In from the United States, headed by Mr. Andrew




TH E

June 21 1913.]

CH RO N ICLE

Carnegie, who was accompanied by Robert S. Brook­
ing of St. Louis and Jacob G. Schmidlapp of Cincin­
nati. M r. Carnegie handed to the Kaiser an ad­
dress signed by a large number of representative
Americans, engrossed on fine parchment. The
Kaiser, clasping M r. Carnegie’s hand, took up the
volume and said: “ I hope there will follow twentyfive more years of peace.”
“ That sentiment,”
responded M r. Carnegie, “ will be the best ally in our
endeavors for the welfare of the world.”
Viscount Chinda, the Japanese Ambassador, has
advised Secretary Bryan that Japan is willing to
renew for another period of five years her arbitration
treaty with the United States, which expires by limi­
tation on Aug. 24. Secretary Bryan, in making
the announcement, said he not only hoped but ex­
pected the Senate would ratify the new arbitration
treaties already signed with Great Britain and other
countries, despite the opposition to them. I he Sena­
torial opposition which Secretary Bryan is hopeful
of overcoming was originally voiced by Senator
Chamberlain, who insisted that, in renewing a treaty
with Great Britains, pecific exemption should be
made of the Panama Canal tolls controversy from the
field of arbitration. The question of arbitrating
with Japan the issue over the California Alien Land
Law has also been a subject of discussion among Sen­
ators opposed to renewing that arbitration treaty.
Ambassador Chinda has furnished the State Depart­
ment with a statement regarding the seizure by Jap­
anese authorities of the American yacht Columbia.
The Japanese account of the incident, which is re­
garded as closed since the yacht, the passengers and
the captain have been released, is as follows:
“ I t a p p e a rs th a t o n J u n e 8 th e A m e r ic a n y a c h t C o lu m b ia ,
in

d is r e g a r d

of

a

w a rn in g

g iv e n

by

th e

c h ie f

of

th e

lo c a l

p o l ic e s t a t i o n , e n t e r e d , w i t h o u t s p e c ia l p e r m i s s i o n o f t h e a u ­
th o r itie s , a p r iv a to d o c k y a r d a t N a g a h a m a , n e a r N a g a s a k i ,
fo r

r e p a ir s .

The

p la c e

w h ere

sh e

e n te re d

is

not

open

to

fo r e ig n s h ip p in g a n d th e c a p t a in o f th e y a c h t w a s a c c o r d in g ly
p r o s e c u t e d o n J u n e 9 fo r b r e a c h o f th e p r o v is io n s o f th e J a p ­
a n e s e s h ip p in g la w .
case, h o w ever, b y

U pon

p r e lim in a r y e x a m in a tio n o f th e

t h e c o m p e t e n t p u b l i c p r o c u r a t o r , it w a s

d e c id e d o n J u n e 1 2 to d r o p th o p r o c e e d in g s .

T h e q u e s tio n

t h u s c a m e t o a c l o s e .”

Secretary Bryan is authority for the statement
that the reply of our Government regarding the Cali­
fornia land law is not yet ready. Washington dis­
patches say it has been learned from Japanese sources
that secrecy and delay in this matter please the Jap­
anese Premier, who fears a public and Parliamentary
demand for the reply of the United States at this time,
and thinks the Cabinet will lose ground if the remedy
suggested by President Wilson is inadequate. On
Wednesday a delegation of Japanese who have come
to Washington to confer with Viscount Chinda and
the officials of this Government had a long confer­
ence with Secretary Bryan. The delegation con­
sisted of Dr. J. Soyedo and Tadao Kamija, both of
Tokio; George Shima of Berkeley, Cal., and H. Abiko
of San Francisco. Dr. Soyedo and M r. Kamija
are representatives of the Associated Chambers of
Commerce of Japan and of the Japan-American
Affiliation Association.
Probably the best barometer of conditions at the
foreign financial centres is the fact that the public
offerings of the Mexican Government loan have
been indefinitely delayed by the English and German
members of the international syndicate which fin­




1733

anced it, but that the French portion, amounting
to 70,000,000 francs, is to be formally offered in
Paris on June 28. The date of the offering of the
American portion has not yet been announced
and will undoubtedly wait upon market conditions.
The Government loan in question, it will be recalled,
was arranged at the same time that an agreement
was reached for the purchase by an international
syndicate of $26,730,000 of two-year 6% notes of
the National Railways of Mexico. The Government
loan was considered by the international syndicate
mentioned as a necessary antecedent for the railway
loan. It will be in the form of ten-year Treasury
bonds to be sold at 973/6, bear 6% interest and be
secured by customs duties. The Banque de Paris
et des Pays Bas will, it is reported, subscribe almost
50% of the French part of the issue. Telegraphic
advices from Mexico yesterday stated that $50,000,­
000 (Mexican) of the Government loan may not be
available for six months, according to a statement
published by the Minister of Finance. Thirty
million dollars (Mexican), he says, will be at the
disposal of the Government after June 26, and the
remainder in the form of two options of six months
each. He continues: “ The only thing to prevent
a consummation of the transaction will be that con­
ditions in Mexico become so bad as to make the
placing of the bonds by the bankers impossible.”
The London markets for securities showed improve­
ment early in the week, but later a reactionary
tendency appeared, based very largely upon another
threat of outbreak between Bulgaria andServia, due,
it is believed, to the activities of Austria, which does
not relish the influence of the Czar, who last week
forced the two Balkan allies to agree to arbitration.
Following the London settlement, which was con­
cluded, on Friday last, two small failures were re­
ported. These were Benito Weiser, a broker with
Continental connections, and Percy Browning, also
a broker dealing chiefly in American securities. The
latter’s liabilities were only £17,000 however, and
cabled advices state that sufficient sums that would
have prevented the Weiser failure arrived in the
afternoon after the failure had been announced in
the forenoon. Several other firms were reported
to have been helped out. The failures just mentioned
took place on Friday of last week. On Monday there
were two further small embarrassments, the first
being Malcolm Cook & Company, which some years
ago was an important concern; the second was that
of Roderick Reading, a jobber in foreign securities.
While the market during the closing days of the
week has been reactionary in London the declines
in prices have not been especially severe. Consols
closed last evening at 72% , which compares with
73 5-16 a week ago. London & Northwestern stock,
a representative British railway, closed % lower for
the week at 129, Great Eastern closed at 57% ,
which is a decline of % for the week, and Great
Western is 1 point lower at 114. Russian 4s on the
London Stock Exchange, as reported by cable last
evening, closed % lower at 88% , and Turkish 4s
were without change at 85. Bulgarian 6s are 1 point
higher at 103, while Servian unified 4s have declined
two points to 78. German Imperial4s still continue
at 74 and Greek monopoly 4s remain at 56% .
On the Paris Bourse French rentes closed at 83.82%,
which compares with 84.97% francs a week ago.
The Berlin market has continued disturbed by the
poor success of the official Government loans to

1734

TH E

CH RO N ICLE

[ V o l . X C V I.

which we referred in last week’s issue. The close dam, 3 % % . The official rates at the leading foreign
approach of the end of the half-year and the necessary centres are: London, 4 ^ % ; Paris, 4% ; Berlin, 6% ;
preparations to finance the settlement have also Vienna, 6% ; Brussels, 5% , and Amsterdam, 4% .
been unsettling elements. Owing to the failure of
the Government loans and a continued scarcity of
The week’s statement of the Bank of England
money, Reinhokl Sydow, Prussian Minister of Com­ merits a favorable interpretation, since it presents
merce, issued a formal protest to German bankers a further increase of £801,000 in the reserve. Gold
against the further flotations of foreign loans in the and bullion holdings improved £644,509, chiefly as a
German market under existing conditions. He result of receipts by the Bank of the precious metal
notified the banks interested in the international from Egypt, Switzerland and Holland. Germany,
syndicate which is financing the Mexican National however, has continued to take gold from the Bank
Railways and Mexican Government loans that they in addition to purchasing £575,000 of the £750,000
could not be listed on the Bourse. Berlin dispatches South African bars (the remainder being taken for
state that the German underwriters of the loans will India) offered in the open market on M onday.
endeavor to place their quota abroad. It is offi­ Owing to the increase in loans and deposits, the
cially stated that the $12,500,000 Imperial German proportion of reserve to liabilities shows a decline
loan was subscribed to the extent of only 80% and to 51.22%, from 51.70% last week, but compares
the $35,000,000 Prussian loan 40% . Private cable with 49.09% at this date last year. Public deposits
advices from Berlin towards the close of the week were increased £1,264,000 and ordinary deposits
were more reassuring and intimated that ample were £816,000 higher, while loans registered an expan­
preparations had been made by the German banks to sion of £1,335,000. The Bank’s bullion now stands
finance the half-year settlement without disturbance. at £38,493,611 and compares with £41,510,043 one
A number of failures were announced in Berlin dur­ year ago and £39,875,164 in 1911. The reserve is
ing the week, the most important of which appears £28,711,000, against £31,383,683 last year, ordinary
to be the real estate and banking firm of Wiesbaden deposits are £40,959,000, against £40,526,646, pub­
& Bauer, Frankfort, with liabilities of $4,500,000 anc lic deposits £15,080,000, against £23,380,848, and
assets of $3,350,000, and the firm of Felix & Foerster loans (other securities) £32,378,000, against £36,­
in Magdeburg, who operated extensively in Canadian 378,096. Our special correspondent furnishes the
Pacifies and American securities in London. A following details of the gold movement into and out
press dispatch from Berlin states that the banks at of the Bank for the Bank week: Imports, £417,000
that centre do not dispute the fact that the new (of which £265,000 from Holland, £90,000 from
military tax of $262,000,000 has already driven, anc Egypt and £62,000 from miscellaneous sources),
will continue to drive, money out of Germany to exports, n il, and receipts of £228,000 net from the
some destination where it cannot be so severely interior of Great Britain.
taxed. Men of large business are reported to be
declaring that the taxes, the compulsory insurance
The Bank of France reports an increase for the
of employees and the income ta,x provide an aggre­ week of 2,594,000 francs in gold and of 2,644,000
gate burden exceeding 15% of their incomes. A francs silver. A decrease in note circulation of
bill now before the Reichstag includes an extra in­ 43,425,000 francs may be regarded an offset by an
come tax for military purposes and exempts only an increase of 58,075,000 in discounts. General
such incomes as are less than $750. The bill pro­ deposits were reduced 44,625,000, but Treasury de­
vides that in order to ascertain the property tax of posits increased 155,325,000 francs and advances
people without property, incomes between $750 increased 9,075,000. The Bank’s gold now stands
and $2,500 shall be multiplied by 6 and the property at 3,316,013,000, which compares with 3,261,000,000
tax then assessed upon non-existing property of francs a year ago and silver totals 624,241,000 francs,
that value. All this tends to make thrifty persons against 815,625,000. Note circulation aggregates
hoard their cash.
5,456,991,000, comparing with 5,124,510,375 francs;
general deposits 652,646,000, against 605,257,363;
The official European banks did not change their discounts 1,584,499,000, against 1,050,817,559; Treas­
minimum discount rates this week. The Bank of ury deposits 403,553,000, against 302,838,095 and
Bengal at Calcutta, however, reduced its minimum advances 746,808,000, against 679,933,027.
from 5 % to 4 % , and the Bank of Bombay may be
expected to follow this lead. The Bank of England
The Imperial German Bank has made further prog­
and the Continental institutions are not likely to ress in its preparation to meet the strain of the half­
make any changes until the half-year has been com­ yearly payments that will mark the close of the
pleted, and even then will be apt to await a much month. In this week’s statement it reports a gain
more favorable money situation than now exists. of 35,680,000 in its gold item and of 45,148,000 in
In Lombard Street the rate both for sixty-day bank­ total cash. A contraction of 45,007,000 is noted in
ers’ acceptances and long bills, as reported by cable note circulation and decreases aggregating 28,544,000
at the close yesterday, was 4 5-16@ 4^g% . A marks in discounts and 1,408,000 marks in loans.
week ago 4 j4 @ 4 ^ g % was the range for both long and Deposits are 71,291,000 marks higher for the week
short bills. Money in London closed at 33^@33^% , and Treasury bills indicate an increase of 11,922,000
comparing with 3 @ 3 j^ % a week ago. The private marks. The Bank’s cash holdings are 1,492,584,000
bank rate in Paris remained at 3 % % , although this marks, against 1,305,460,000 marks a year ago; loans
figure, it is understood, can be shaded in special in­ and discounts aggregate 1,124,647,000 marks, against
stances. In Berlin an advance to 5 % @ 5 % % (com­ 1,057,860,000 and note circulation 1,775,665,000,
paring with
a week ago) is significant against 1,554,020,000.
of the situation at that centre, although money re­
mains at 3 ^ % . The private bank rate in Brussels
The local money market has continued to work
remains at 4 7-16% ; in Vienna at 5 % % , and Amster­ easier. Recent purchasers of commercial paper by




June 21 1913.]

TH E

CH RO N ICLE

a large national bank has exerted a reassuring in­
fluence, ancl the statement put out last week by
Secretary McAdoo that he would not hesitate to
issue emergency circulation has had at least a senti­
mental effect. If has, for instance, been regarded
somewhat in the nature of a notice that the Treasury
Department has its eyes on the money situation
and is prepared to use all the resources of the Govern­
ment to prevent any distinct stringency; and, in the
next place, there seems a growing disposition at this
centre to regard the Secretary’s announcement as
notice to the banks that unnecessarily high rates will
not be permitted, and that the effect of such rates
would be to encourage the Treasury Department to
use pressure to force the banks to take emergency
circulation. On the basis of current conditions at
New York, it may be figured that the proportion
of emergency currency that the New York national
banks could take out would be $63,750,000. The
total amount of emergency currency that may be
issued under the Aldrich-Vreeland Act is $500,000,­
000. This amount may be apportioned, at the dis­
cretion of the Secretary of the Treasury, by States,
in the proportion that capital and surplus of the na­
tional banks within each State bear to the aggregate
capital and surplus of the national banks of the United
States. On this basis, the national banks of New
York State represent approximately 17% of the
aggregate capital and surplus of the national banks
of the United States, and would be entitled to apply
for $85,000,000 of emergency circulation. The
national banks of New York City in capital and sur­
plus represent an amount equal to 75% of the aggre­
gate capital and surplus of the national banks of the
State. Thus it would seem that their proportion
would be $63,750,000. But this full amount could
not at once be applied for, as, according to last week’s
statement of the Clearing House, there are eleven
national banks at this centre which have not 40%
of their capital outstanding in circulation secured
by Government bonds. These banks, under the
terms of the Aldrich-Vreeland law, must first take
out their full measure of ordinary circulation before
they are entitled to apply for emergency notes.
There has been a German demand in the market far
funds to relieve the strain of the semi-annual settle­
ments at the German centre. Bids have ranged
from 5% % and 6 % for sixty-day loans and have
gone as high as 6 ^ % for thirty-day contracts. But
the bids have not included a guaranty against loss on
the foreign exchange and no important actual transac­
tions have been reported. There have been no im­
portant demands on the New York market for new
capital this week. The Southern Pacific has placed a
large note issue with local bankers, who, however,
will, it is understood, await improvement in invest­
ment conditions before making any formal offering
of the notes to the public.
The slowing down of imports and in various
branches of our domestic activities is exerting the
natural influence of releasing banking funds. There
does not appear to be a strong prospect of distinct
improvement in this direction until the new tariff
has been placed on the statute book. Neither does
the stock market outlook afford ground for the belief
that speculation will require an abnormal volume of
banking accommodation in the near future. Thus the
way seems prepared for meeting the usual yearly crop
requirement without essential strain, and crop funds,
in turn, promise to be released before the mercan­




1735

tile and industrial requirements are likely to respond to
the settlement of tariff uncertainty. Advices from
Washington suggest that the tariff bill will not be
enacted before the latter part of August or, possibly,
the early part'of September. The weekly statement
of the Associated Banks on Saturday indicated a
surplus above reserve requirements of all the banks
and trust companies in the Clearing House of $38,­
812,500, which compares with $29,235,050 a year
ago. There was a decrease of $8,869,000 in loans
for the week but an increase of $4,402,000 in deposits.
The latter added $2,147,900 to the reserve require­
ment, so that while the cash reserve for the week
increased $10,972,000, the surplus above require­
ment showed an expansion of only $8,824,100. The
banks during the coming week will be called upon
to provide for the July 1 dividends and coupons,
whose requirements are among the largest of any
month of the year. However, no important ad­
vances in money rates seem to be expected.
The range for call money this week has been 1 % @
2
and the renewal rates have averaged about
2% . M onday’s extreme figures were l% a n d 2)^ % ,
with 1ys% the renewal figure; Tuesday’s extremes
2 @ 2 ]^ % , with 2}/% the ruling rate; on Wednesday
and Thursday 2]^ and 2% were again the highest and
lowest, respectively, while renewals were on a 2%
basis. Friday’s highest was 2J4%, lowest 2% and
ruling rate 2 / i% . For fixed maturities, closing rates
l
were 3 ^ % for sixty days, 3 % @ 4 % for ninety
days, 43^@ 4% % for six months, 4 % @ 5 % for five
months and 534@ 5//6% for six months. Commercial
paper has been in better demand, but rates are without
change for the week from 5 % @ 6 % for sixty and
ninety-day endorsed bills receivable and for four
to six months names of choice character. Others
are quoted at 6 ^ @ 6 3 ^ % .
Sterling exchange has ruled rather nervous during
the week, though quotations have not fluctuated on
an important scale.- There has been the usual
demand for remittances to pay July dividends and
interest on American securities specifically payable
abroad. The tourist movement has also contributed
a fair demand, but on the other hand the unusually
active export movement of products and other mer­
chandise and the gradual restriction of importations
that is so natural when lower tariff duties are to be
announced in the near future has materially strength­
ened foreign credits. Germany has been bidding
5 % @ 6 % for sixty-day funds and as high as 6 ^ %
for thirty-day funds in the local market, but as
exchange is not guaranteed the propositions were
not attractive to local lenders and it cannot be
learned that any important loans have been arranged.
A local house has been selling francs quite freely this
week. Such action in the past has been frequently
preliminary to exports of gold to Paris, but no
arrangements for such shipments have yet been
announced. It is reported, however, that Germany
has been taking gold very freely in Paris as well as
in London. The Bank of France only reported an
increase this week of 2,594,000 francs in its gold
holdings, which, in view of the half-yearly settlement
period, cannot be considered large, and Paris cables
have suggested that the Bank of France has been
arranging for additional gold importations from this
side.. The easing down of money rates here would
aid such a movement, although foreign exchange rates
are still well above the point at which it is figured

1736

TH E

CH RO N ICLE

the precious metal can.be shipped to Europe as an
exchange transaction without loss.
Within the last
few years, however, the Bank o f France has repeated­
ly assumed whatever loss may be thus incurred in
this direction in order to obtain the precious metal.
Foreign private discounts have ruled firm this week.
Foreign selling of American securities has moderated,
tVhich has materially cut down the demand for remit­
tances.
There has, however, been no important
foreign re-purchases o f American securities. Some
large institutions have been selling sterling and
utilizing the proceeds in various favorable banking
propositions here, to- some extent in the purchase of
commercial paper.
This selling of exchange had
tended to keep down rates well below the gold-export
point. A shipment of $100,000 gold has been ar­
ranged for the Argentine.
The Continental exchanges have not unnaturally
moved in favor o f Berlin. The London check rate
in Paris closed yesterday at 25.24 francs, comparing
with 25.23 francs a week ago, and at Berlin the
sterling check rate closed at 20.42J4 marks, against
20.43J4 marks last week. Berlin exchange in Paris
as reported by cable yesterday was quoted 123.50
francs, against 123.25 francs last week.
Compared with Friday of last week, sterling ex­
change on Saturday was very firm and recorded an
advance of about 15 points on covering of shorts
and anticipation of a favorable bank statement;
demand was quoted at 4 8670@4 8680, cable trans­
fers 4 8710@4 8720 and 60 days 4 8280@4 8290.
On Monday rates continued firm, chiefly due to the
easier tendency in local money quotations; demand
advanced 5 points to 4 8675@4 8685 and cable trans­
fers to 4 8715@4 8725; 60 days was marked up to
4 8310@4 8320. Firmness in discounts at London
and lower rates for money here induced another ad­
vance in sterling to 4 8685@4 8695 for demand and
4 8720@4 8730 for cable transfers; 60 days receded
5 points to 4 8305@4 8315. The upward movement
was checked on Wednesday, when a weaker tone be­
came evident and demand declined to 4 8670@4 8680;
cable transfers to 4 8715@4 8725 and 60 days to
4 8295@4 8305; the main influence was liquidation
by important speculative interests.
On Thursday
sterling ruled weak, with a further recession, due for
the most part to easier English discounts and fresh
selling by speculators here; the range was 4 8665@
4 8675 for demand, 4 8710@4 8720 for cable trans­
fers and 4 8285@4 8295 for 60 days. On Friday
the market ruled firm owing to the firmer discounts
and higher money rates in London. Closing rates
were 4 8295@4 4305 for 60 days, 4 8675@4 8685
for demand bills and 4 8720@4 8730 for cable trans­
fers. Commercial on banks closed at 4 81 *^@4 8 2 ^
and documents for payment 4 9 2 j£ @ 4 83. Cotton
for payment ranged from 4 82*4 to 4 83j4 ; grain for
payment 4 8 2 j4 @ 4 83.
The New York Clearing-House banks in their
. operations with interior banking institutions, have
gained $11,102,000 net in cash as a result of the cur­
rency movements for the week ending June 20.
Their receipts from the interior have aggregated $15,­
680,000, while the shipments have reached $4,578,­
000. Adding the Sub-Treasury operations and the
gold exports, which together occasioned a loss of
$1,094,000, the combined result of the flow of money
into and out of the New York banks for the week ap­
pears to have been a gain of $10,008,000, as follow s:
Week ending June 20 1913.

Into
Banks.

Banks’ Interior m ovem ent..................
Sub-Treas. oper. and gold exp orts..

$15,680,000
25,172,000

$4,578,000 Gain $11,102,000
1,094,000
26,266,000 Loss

T o t a l ................................................

$40,852,000

\r Ulil s in nos non
_
$30,844,000 H n in •Jlu,UUo,UUU

tcw n
w




Out of
Banks.

Net Change in
Bank Holdings.

[Vol. XCYI.

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

E n gla n d..
France___
G erm any.
Russia . .
Aus.-Hun
S p a in ____
Italy .
Neth’land.
N at.Belg
Sweden . .
Swltz’land
N o r w a y ..

June 19 1913.

June 20 1912.

Cold.

Silver.

Total.

Gold.

£

£

£

£

38,493,511
157,609,800
68,826,750
168,614,000
61.095.000
48.325.000
60.538.000
14,495,900
11.796.000
5.703.000
6.836.000
2.263.000

41,510,043
130,439,880
47,741,200
150,288,000
52.067.000
17.038.000
42.320.000
12.033.000
6,727,333
5.134.000
6.420.000
2 .122.000

38,493,511
132,640,520
53,976,750
160,740,000
50.412.000
18.216.000
46.638.000
13.759.000
7.864.000
5.703.000
6.836.000
2.263.000

24,969,280
14.850.000
7.874.000
10.683.000
30.109.000
3.900.000
736,900
3.932.000

Silver.

32,625,440
17,531,700
7.934.000
12.530.000
30.257.000
3.650.000
1,019,200
3,363,667

1

Total.

£
41,510,043
163,065,320
65,272,900
158,222,000
64.597.000
47.295.000
45.070.000
13,052,200
10.091.000
5.134.000
6.420.000
2 .122.000

Total w k. 537,541,781 97,054,190 624,595,961 513,840,456 108,911,0071622,751,463
Prev .week 535,141,885 97,341,737 632,483,622 511,786,704 108,871,353j620,658,057

THE. GERM AN E M PERO R’S T W E N T Y -F IV E
YEARS OF RU LERS HIP.
Emperor William’s jubilee, celebrating the com­
pletion of a quarter century in his reign, has naturally
brought up for consideration many interesting
aspects o f a remarkable career.
In one respect,
the mere fact of the celebration reminds the world
o f what may be called the youthfulness of spirit
possessed by this distinguished sovereign. Except
for the aged Austrian Emperor, and for the young
Spanish King, who was born to the title, the
Kaiser’s reign has been by far the longest of any
sovereign now on a European throne. As against
his twenty-five years o f rulership, the nearest other
parallel is that of Emperor Nicholas of Russia, who
came to his throne six years later than the German
Emperor. Yet the qualities of energy, vigor of
initiative, even impetuousness, which are commonly
associated with youth are almost as marked with
the Emperor to-day as they were when he first
assumed power.
Perhaps still more striking has been the fact that
the ovation given the German Emperor during the
present week has mainly taken the form of recogniz­
ing his work as a peaceful ruler. That such a con­
summation of twenty-five successive years o f sover­
eignty would be possible is something which would
hardly have entered the mind of the observant world
at the time when William ascended his throne in
1888. He was known at that time to be personally
affiliated with the Junker party, whose habitual
attitude toward European politics was then fami­
liarly described as “ rattling the sabre.” His own
language at the time was not altogether reassuring,
and it was known that he entertained little or no
sympathy with his father’s Constitutional ideas.
Indeed, the criticism of the world was most unfavor­
able in regard to the young Emperor, when he
assumed the sovereignty after the brief and tragic
reign of his dying father, Emperor Frederick, which
had lasted only from March 9 to June 15, 1888.
William had then to bear comparison with his father’s
popularity; judgment on him was colored by the
feeling of national grief at that sovereign’s untimely
death. With the German Liberals, a feeling of
bitter disappointment and chagrin could not possibly
be avoided over this turn in events, which apparently
augured so ill for their aspirations.
Yet, although William came into power at a
critical period in European diplomacy, when FrancoGerman hostility was still keenly alive, and although
his country has repeatedly verged toward strained
relations with other Powers since that time, the
historic fact nevertheless is that during the quarter
of a century in which he has ruled Germany, his coun­
try has never been at w ar; whereas every other Euro-

June 21 1913.]

TH E

CH RONICLE

pean State except Austria, Belgium, Holland and
the Scandinavian countries has in that interval been
engaged in one or more serious international conflicts.
It is possible to raise the question, how much of
this result should be placed to William’s credit and
how much to that of the peaceful disposition on the
part of his people or the conservative attitude of
his Ministers. The Kaiser himself has on more than
one occasion taken what might almost have been
described as a belligerent attitude. His telegram to
Kruger in the Transvaal at the time of the Jameson
raid^vas an instance in point. Rightly or wrongly,
popular rumor ascribed to him approval of the
unfriendly acts of Admiral Diedrich toward our
fleet in the Philippines during the Spanish war.
The M orocco incident of 1911, which so gravely
strained relations between France and Germany,
was in its main aspect an acknowledged part of Will­
iam’s diplomatic policy.
It remains to be said, however, that none of these
incidents actually did result in war— which might
easily have followed with an obstinate and ambitious
Emperor— , and that, furthermore, in his personal
relations with the other sovereigns, his influence
has beyond question been consistently employed for
peace. It is possible, indeed, that at the time when
Austria was absorbing the provincial States which
were drifting away from the Young Turk Govern­
ment, the German Emperor’s firm attitude prevented
war between the other States involved.
Having lived down the early criticisms to which
we have referred, and the misgivings arising from
his various impulsive utterances, and having also
surmounted the highly unfavorable comment which
grew out of his curt dismissal of Bismarck from the
Chancellorship in 1890, the Emperor’s own person­
ality has had the best of chances to impress itself
on the world. To-day it is recognized as undoubtedly
the strongest personality among living sovereigns.
In temperament and tendencies, William II. is a
strange and perplexing mixture. One may say that
he is, and has been all along, at once a historical
anachronism and an embodiment of the spirit of
his times. His constant and sometimes almost vio­
lent assertion of the divine right of kings, and his
consequent placing of the Hohenzollern family in
line with the designs of Providence, has a clearly
mediaeval flavor. On the other hand, his insistent
promotion of German commercial industry and insti­
tutions generally has marked him out as a modern
administrator. Indeed, his great individual respect
and official notice for men of affairs, even for mere
men of great personal wealth, belong peculiarly to
the Twentieth Century.
In other directions, too, his career has presented
contradictions. A constant and bitter antagonist
of the Socialists, he has nevertheless been urgent,
especially in the early years of his reign, in pressing
schemes for bettering the condition of the laboring
classes. It was largely under his auspices that the
workingmen’s pension and insurance system, which,
in a different form, England is now considering, was
at a very much earlier period introduced and applied
in Germany. His real achievements stand out all the
more strikingly because of his tendency to under­
take almost everything— sometimes regardless of
the question whether he was fitted to do it or not.
The Emperor would be reported as trying his hand
at poetry, at oratory, at patronizing music; even at
preaching of a Sunday to the sailors of his fleet




1737

Yet, with all these experimental, and not always
successful, undertakings, his achievements in pro­
moting the progress of German industry and com­
merce, and in emphasizing whatever tended toward
distinctive German national life, are recognized as
fully and fairly in Germany itself as in the outside
world. Back of all this remains the highly important
fact that, with all his assertion of the divine right
of kings and of the absolutist theory, he has never
once over-stepped, or tried to overstep, the German
Constitution.
The real power of this interesting sovereign has
undoubtedly rested in the personality behind these
various tendencies and peculiarities. Personality is
often as potent a factor among the sovereigns of
to-day as it ever was in the days of royal and imperial
absolutism. The same throne in the Seventeenth
Century was occupied by the three French rulers,
Henry I V ., Louis X III. and Louis X I V ., whose careers
were as different in their effect on the history of the
time as those of any three men could possibly be. It
was the individuality of the sovereigns rather than
the character of their times which determined the
actual career of each, and, in a large degree, the
history of their country. Similar conditions, so
far as the outside world can judge, may in our own
time produce nonentities among the European
sovereigns; it may produce an Emperor Francis
Joseph or a Queen Victoria, with their potent in­
fluence on the lines of the older school of royalty;
it may produce a Leopold of Belgium or a King
Edward of England, who are abreast of the national
necessities of the day, interested in industrial as well
as political problems, and whose well-trained minds
are adapted to supervise the business requirements
of their respective nations. It is undoubtedly the
achievements of this class of sovereigns which
Emperor William has embodied, on an unusually
important stage and through an unusually long
consecutive period of time.
There are necessary qualifications in this judgment.
Recognizing, as he did, the rightfulness of the German
Constitution and of German representative govern­
ment, the Kaiser has failed to recognize equally
the spirit of that Constitution, especially as it
inevitably developed with the progress of modern
ideas. In this matter, he seems at times to have
reverted to his original non-progressive ideas; of
which the political result is seen in the present chaotic
state of German polities, in the rise of the Socialist
Party, which in Germany represents little more than
a Constitutional opposition, and in the rather general
feeling that great changes in the framework of
government of the German Empire may be witnessed
in the not very distant future. Had the Kaiser
detected, recognized and directed these political
tendencies of the day, as he did its industrial and
social tendencies, his prestige and position would
to-day be one of the most remarkable among modern
sovereigns.
______________________
THE

CO U N T R Y ’S T R E M E N D O U S
PRODUCTION.

STEEL

The Bureau of Statistics of the American Iron &
Steel Institute (William G. Gray, Statistician), in
continuation of the statistical work heretofore done
by the American Iron & Steel Association, has issued
an elaborate bulletin showing the steel production of
the United States during the late calendar y e a r.. And
a wonderful story these statistics tell! The statements

1 7 38

TH E

CH RONICLE

[Vol. XCVI.

embraces some features never previously incorpo­ orders, prices naturally and inevitably advanced, and
rated in the returns, such as the production of duplex the close of the year saw the price situation very
steel ingots and castings. The figures reveal a materially changed for the better. At the present
record-breaking output of steel in this country.
moment the orders being executed are mostly at these
That the 1912 make of steel would surpass that of better prices, and, indeed, there has been no very
all previous years in trade annals was, of course,ex­ serious break in prices even yet, mills and furnaces
pected. But it is to be doubted if many persons being still fully employed on old orders, though the
had any idea of the real magnitude of the production. tendency of prices is now downward and new orders
Stated in brief, the output of all kinds of steel during are on a greatly restricted scale.
the calendar year 1912 aggregated no less than
It is worth noting that the unprecedented pro­
31,251,303 tons. This is more than the combined duction of steel in 1912 was attained notwithstanding
production of Great Britain and Germany, the two that consumption of steel by the railroads was by
other largest steel producers, and probably very no means free and full. This is important to bear in
closely approached the steel output during the same mind, because not so very long ago the railroads
twelve months in the entire rest of the world.
were considered the largest single consumer of iron
At 31,251,303 tons, comparison is with our own and steel in the country. Now the railroads find
steel production in the previous year, which had themselves very much oppressed, their credit is
been somewhat reduced, of 23,676,106 tons, thus impaired, so that they cannot borrow money for new
showing an increase for the year of over 73^ million undertakings except at onerous interest charges, while
tons. It compares with 26,094,919 tons, in the operating expenses are rising so fast that the carriers
calendar year 1910, which was the previous maxi­ find themselves obliged to curtail their outlays for
mum. Stated in another way, we made in 1912 iron and steel in the conduct even of their ordinary
over 5,000,000 tons more than the largest amount operations. The figures of rail production afford
ever previously made in any calendar year. The an idea of what has been going on in that respect.
development of steel production in the United States In 1912 the production of rails was 3,327,915 tons.
in more recent years has been - nothing less than This was better than the production of 1911, which
marvelous. Up to 1905 we had never produced as amounted to only 2,822,790 tons, but compares
much as 15,000,000 tons of steel. In that year with 3,636,031 tons in 1910. In fact, as far back as
the output jumped to 20,023,947 tons and 1906 and 1906 the rail production was 3,977,887 tons. In
1907 saw a further increase to 23,398,136 tons and other directions, also, consumption by the railroads
23,362,594 tons, respectively. Following the panic has been at a minimum rather than a maximum.
of 1907 there was in 1908 an immediate drop to That there should have been such a tremendous
14,023,247 tons. Recovery occurred in 1909 and growth in the output of steel, in face of the diminished
further growth in 1910, with a reaction in 1911 and consumption by the railroads, testifies to the great
an advance to unprecedented heights in 1912. The expansion that has occurred in the consumption of
comparison between the 31,251,303 tons of 1912 and steel for general and miscellaneous purposes.
the 14,023,247 tons of 1908 is not only very striking,
A feature of the production statistics in which
but affords noteworthy testimony to the great great interest continues to be felt the same as here­
difference in results between a good year in the iron tofore is as to the amounts of steel made by each of
and steel trade and a poor year. The iron and steel the different processes, and particularly the amount
industry has always been extremely sensitive to of Bessemer and of open-hearth steel turned out.
ehanges in business conditions. In fact, for that In that regard the record for 1912 is like that of the
reason it is still looked upon as a sort of industrial years immediately preceding. The open-hearth out­
barometer. In 1908 confidence was' deeply dis­ put is forging ahead at a tremendous rate, while the
turbed and therefore new enterprises and under­ Bessemer product is being relegated to a relatively
takings, in which steel is so largely used, were held inferior position. The Bessemer output in 1912
in check. In 1912, on the other hand, business did improve greatly on the small production of 1911,
confidence was maintained unimpaired until towards notwithstanding further contraction in the use of
the very close of the year, and the low prices which Bessemer steel for rails; but even after this recovery
prevailed in the early months furnished an additional the Bessemer product of 1912 is nearly 2,000,000
stimulus to the prosecution of work in which iron tons below that of 1906. In the same six years the
and steel form important elements of cost.
open-hearth production has almost doubled, rising
These facts and observations are of importance at from 10,980,413 tons to 20,780,723 tons. It was in
this juncture because ever since the Presidential 1908, at the time of the big general decline in steel
election of last November confidence has been steadily production, that the open-hearth make for the
declining and is now at a very low ebb. This has first time exceeded the Bessemer make, the latter
followed from the many radical and disturbing laving experienced a larger falling-off than the
proposals which have been suggested or are being former. The excess in favor of open-hearth steel
urged in legislative and Administration circles. that year was not quite 1% million tons. For 1912
Surely it ought to be the aim of those in charge of the open-hearth product, at 20,780,723 tons, was
the Government to avert such unfortunate results more than double the Bessemer product, which was
as invariably occur when depression overtakes the only 10,327,901 tons. One source of loss in the
iron and steel industry.
case of the Bessemer product has been the fact that
From the standpoint of profit, the year 1912, as the railroads have turned so largely to open-hearth
has been previously pointed out in these columns, rails. The same fact has served to increase the
was not entirely satisfactory. Prices for many of production of open-hearth steel. The transforma­
the early months were extremely low. A large part tion in that respect has been marvelous. For
ofj.the year’s business in iron and steel was in execu­ instance, in 1912 only 1,099,926 tons of Bessemer
t i o n ^ orders given when these low prices prevailed. rails were made, as against 3,791,459 tons in 1906.
When the steel plants had their books filled with On the other hand, the production of open-hearth




THE

JUNK 21 1913.]

CH RONICLE

rails in 1912 was no less than 2,105,144 tons, as
against the insignificant amount of 186,413 tons of
open-hearth rails produced in 1906. Nevertheless,
the preference which the railroads are showing for
open-hearth rails will account for only a small part
of the marvelous growth in the open-hearth make
of steel during recent years.
Besides the Bessemer and the open-hearth pro­
duct, a small amount of steel is made by other pro­
cesses. In 1912 121,517 tons of crucible steel were
produced, 18,309 tons of steel by electricity and
2,853 tons by various minor processes. We annex
the following table showing the steel production by
each leading process for the years from 1898 to 1912
inclusive.
IN

U N IT E D

ST A T E S IN GROSS T O N S .
Electric
Total
Years— Ingots and
Openand A ll Ingots and
Castings.
Bessemer.
Hearth.
Crucible.
Other. Castings.
1898
..................... ..................... - 6,609,017
2,230,292 89,747
1899
7.586,354
2,947.316
101,213
4,974 10,639.857
1900
6,684,770
3,398,135
100,562
4.862 10,188,329
1901
8,713.302
4,656,309
98,513
5,471 13,473,595
1902
9,138,363
5,687,729
112,772
8,386 14,947,250
1903
____ 8.592,829
5,829,911
102,434
9,804 14,534,978
1904
______ 7,859,140
5,908,166
83,391
9,190 13,859,887
1905
1 0,941.375 8,971,376 102,233 8,963 20,023,947
1906
12,275,830 10,980,413 127,513 14,380 23,398.136
11,549,736 131,234 14,075 23,362.594
1 9 0 7 ........................... 11,667,549
1 9 0 8 ......................... 6,116,755
7,836,729
63,631
6,132 14,023,247
1909
________ 9,330,783
14,493,936 107,355 22,947 23,955,021
............... 9,412,772
16.504.509 122,303 55,335 26,094,919
1910
1911
............... 7,947,854
15,598,650
97,653 31,949 23,676.106
1912
................ 10,327,901
20,780,723 121,517 21,162 31,251,303
.

.

S T E E L P R O D U C T IO N

COTTON ACREAGE A N D CONDITION
JUNE 1913.
That there should be a well-defined inclination
to increase the area devoted to cotton this spring is
no more nor less than a natural outcome of condi­
tions prevailing anterior to and during the time when
planting was carried on. Last year, as we pointed
out at the time, the tendency toward enlargement
of area was held in check by the phenomenal crop
raised from the previous spring’s planting. Another
crop, equally large, it was felt, might have a de­
pressing influence upon prices, notwithstanding the
rapidly augmenting demand for cotton. Notwith­
standing this fear, however, the area seeded to the
staple was not appreciably diminished. As a result
of our investigations, it was found there had been
only a nominal reduction (averaging 0.54% ). The
crop has proved second only to that of 1911-12.
Most important of all, it has been marketed on a
very remunerative basis of prices. It is this last
fact more than any other that has been instrumental
in stimulating farmers to extend the current year’s
planting to the extent of about 1M million acres,
or 3.20% .
The time has passed when the securing of an ex­
cellent yield in one year should cause planters, either
of their own initiative or in response to specious
advice of pretended well-wishers, to reduce planting,
especially when prices were satisfactory, as they
certainly have been in 1911-12 and in 1912-13. The
demand for cotton has expanded so greatly of recent
years that the getting together of a large surplus re­
serve stock is essential. How conditions have changed
in the last quarter of a century! In 1890 at this time
middling uplands ruled in the New York market
at over 11 cents per lb.; from the planting of that
and the succeeding season comparatively large crops
for the period were obtained and prices fell off ma­
terially, and continued on a low level for some eight
years, going, in fact, below 6 cents at times; this
latter in 1897-98 and 1898-99, when two crops in
excess of 11 million bales succeeded each other.




17351

Again, the large yield of 1904-05 caused a marked
decline in prices— a drop below 7 cents at New York.
Since then, however, there has been no time when
middling has sold below 9 cents here, and the low­
est price last season was 9.20 cents. Moreover,
notwithstanding the large carry-over of last August,
and the early certainty that the current crop would
finally pan out 14 million bales or more, a high
level of values has at all times been maintained. In
old times, either naturally or through manipulation,
the occurrence of two such yields following each
other would have meant a severe drop. The
planter now holds a position of greater independence
and is no longer under the necessity of selling, even
at a sacrifice.
In making our investigations into the extent of
this season’s planting and the condition of cotton
about the 15th of June, we have not been confronted
3,801
8,932,857
with such a situation as was experienced a year ago.
Then, it will be remembered, the country suffered
the most extensive overflow in the Mississippi Valley
and contiguous territory that had been witnessed
since 1897; in fact, the flood is stated by the Agri­
cultural Department to have overshadowed any
former disaster of its kind there. Following the
break on April 16 in Arkansas, there were numerous
other crevasses, and at the end of June water was
still flowing through the broken levee at Hymelia,
above New Orleans. We have been endeavoring
to obtain conclusive information as to the extent
of last year’s flood and to what degree cotton­
growing land was involved, but have not had any
very great measure of success. The best data we
have been able to secure come from the annual report
of the Chief of Engineers of the United States Army,
in which the flood and other matters having to do
with the Mississippi River levees are very extensively
treated, but without specific reference to cotton. It
would seem from that' report that in the first and
second Mississippi River levee districts, extending
from Cape Girardeau, M o., to the White River, 270
miles, 4,379 square miles of territory were over­
flowed by the crevasses; in the third district, from
the White River to Warrenton, Miss., 214 miles,
3,768 square miles were directly inundated, and a
further 1,695 miles overflowed from back water,
while in the fourth district, which covers the re­
mainder of the river to the Passes, 453 miles, 2,665
square miles were under water. Altogether, then,
there would appear to have been an area of 10,812
square miles inundated by the breaks in the levees
(a table in the report so makes it), to which should
be added the back water overflowed lands, giving
a grand total of 12,507 square miles.
As regards the crop of the season now drawing to
a close, it is to be said that the ultimate yield promises
to be well in line with general expectations. At the
time of planting last spring, as in the current year,
all the conditions (prices, &c.) favored a further
extension of area, but, as already stated, the enor­
mous yield of 1911-12 tended to cause farmers to
act cautiously, and, consequently, the territory de­
voted to cotton was slightly decreased. A duplicataion of the meteorological conditions of 1911 would,
hence, have brought a crop about as great as that
of the previous year. Needless to say, there was
not that duplication, and the result is a crop of ap­
proximately 14,000,000 bales, or two million bales
less than last season, but about two million bales in
excess of that of 1910-11. As noted a year ago, the

1740

TH E

CH RONICLE

early spring of 1912 was wet, the rainfall over prac­
tically the whole South, except Texas, having been
above the normal during March and April, and es­
pecially so in Georgia, Alabama and Mississippi.
To a lesser extent the same was true of M ay and
June along the Atlantic and in part of the Gulf
region, with the temperature in the latter month
quite generally below normal. That these condi­
tions had a materially adverse influence on the crop
in those sections where they were most noticeably
operative, is made apparent by the estimates of
expected ultimate yield in the various States. A
reduction of nearly one million bales, or about 34% ,
from the production of 1911-12, for instance, is the
prognostication for Georgia and the declines in
Alabama, Mississippi, North Carolina and South
Carolina range from about 180,000 bales to 370,000
bales. West of the Mississippi River the situation
was somewhat better, but nevertheless Arkansas and
Missouri made quite a little less cotton than in the
previous season. In fact, the one particularly bright
spot the current season has been Texas, where, from
an area a little greater than in 1911-12, a crop close
to five million bales has apparently been secured, or
an increase of some 600,000 bales. The crop of
1912-13, however, while in the matter of number
of bales second only to 1911-12, was not what might
be called a full crop from the area planted. On the
contrary, in no less than 12 of the previous 22
seasons, the product per acre was exceeded, and in
several years quite largely, as the following compila­
tion shows*
Year's Planting

“ Chronicle”
Acreage.

Crop
Dales.

1870_____ _____________
9,985,000
4,352,317
1883
.......... ............
17.449.000
5,714,052
1884
.......... ............
5,669,021
17.834.000
1 8 8 9 ..
. ................... .
20,173,480
7,313,726
1890________ ___________
20,910,320
8,655,518
1 8 9 1 ..
.......... ............
20,838,205
9,038,707
1894________ ___________
20,680,247
9,892,766
1896
........ ..............
21,718,545
8,714,011
1897
_____ ______
23,028,792
11.180.960
1898
............ ..........
23.175.000
11,235,383
1899
_________ _
24,175,245
9.439,559
1900
..................... ..................... ..................... .....................
26,533,944
10,425,141
1901
............ ..........
27,874,105
10,701,453
1902
____________
27,300,371
10,758,326
1903
......................
28,995,986
10.123.686
1904
........ ..............
32,363,690
13,556,841
28,808,415
1905
..................... ..................... .....................
11,319,860
31,557,242
1906
..................... .
13,550,760
33,079,425
1 9 0 7 ..................................
11,581,829
33,512,112
1908
------------------13,828,846
33,862,406
1909
.......................
10.650.961
1910
.......................
35,379,358
12,132,332
37,581,022
1911
____________________________________
16,043,316
1912
...... ................
37,377,276
*14,100,000

Pounds
per Acre.
191
149
144
169
194
203
234
194
237
240
189
193
186
192
170
207
192
211
170
203
153
168
209
186

* Estim ated.

As we have often intimated heretofore, the fore­
going is self-explanatory. It indicates clearly the
unreliability of area alone as a basis for estimating
the final outcome. Note that during the series of
years included in the table the average yield per acre
has ranged all the way from 144 lbs. lint (1884
planting) to 240 lbs. (1898), with production in
excess of 200 lbs. per acre in only eight out of the
twenty-four seasons covered.
Conclusions.
From the details by States given on subsequent
pages, we sum up our conclusions briefly as follows:
F IR S T .— Acreage.— As we have already stated,
there has been a quite general, though not radical,
tendency to add to cotton area this season. The
demand for cotton in augmenting quantity the
world over and the remunerative prices that have
been received for the staple recently have furnished
the needed incentive, but neither of these influences
has served to cause planters to depart from a com­
paratively conservative plan of campaign in making
additions. In fact, in older sections of the belt




[V ol . XCVI.

increases, where made, have been small except in
Mississippi and Louisiana, where, the fear of the bollweevil having practically subsided, there has been a
further more or less considerable return to cotton of
land heretofore thrown out of that crop. Conserva­
tism is even observable west of the Mississippi River,
where much virgin soil is brought under cultivation
each year, the additions in Texas and Oklahoma
having been no more than moderate. In California
we find a large percentage of augmentation but
cotton-raising is yet in its infancy there and the area
limited to the Imperial Valley. For the belt as a
whole the result of the spring’s planting, as we view
the situation, has been a net expansion in area of
3.20% . The changes, as we have made them for
each State, are shown in the following:
States.

Acreage.
1912.

V i r g i n i a ......... .....................................
N o r th C a ro lin a ________________
8 o u th C a r o lin a ________________
G eorgia - . _____________ _____
F lo rid a ______ _ ______________
A l a b a m a _________ ____________
_
M ississip p i______
L o u isia n a _____________ _
T e x a s ___
A r k a n s a s __________
T e n n e s s e e ______
O k l a h o m a _________
M isso u r i, & e ________________

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

T o t a l _________________________

3 7 ,3 7 7 ,2 7 6

Estimated for 1913.
Increase. Decrease. Acres, 19 13
2%
1%

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

"i'%
‘ 2%
1
4%
15%

4%

4%

2A%

10%
3 .2 0 %

—

3 8 ,5 7 3 ,4 4 1

This compilation shows that there is a net increase
compared with 1912 of 3.20% , the total acreage
reaching 38,573,441 acres in 1913, against 37,377,276
acres in 1912. We add the revised acreage for previ­
ous years for comparison, giving at the foot of the
table not only the aggregate acreage but the total
crop for each year, with the percentage of increase
or decrease in area and production compared with the
previous year and the product per acre:
C O T T O N A C R E A G E F O R T H E Y E A R S N A M E D (000s om itted).
1912-13. 1911-12. 1910-11. 1909-10. 1908-09.
V irgin ia ____ _______________
N orth C a ro lin a .. ______
South C a ro lin a .. . ______
G e o r g ia ___________________
F lo r id a ................. .. . . . .
A la b a m a ____ ____________
M ississippi_______ _______
Louisiana_____________ . .
T e x a s ______ __ . _________
Arkansas ._ _______ _____
T e n n e sse o _______
______
O k la h o m a ___________
M issouri, A c ___________

42
1,648
2,777
5,468
300
4,106
3,417
1,090
12,041
2,322
839
3,198
129

42
1,690
2,884
5,628
319
4,190
3,487
1,025
11,747
2,470
857
3,105
131

40
1,631
2,731
5,219
311
3,947
3,419
1,013
10,977
2,458
800
2,724
109

T otal a cre a g e ___________
T otal p ro d u ctio n ...........
Increase in acreago___
Increase in production_____
Product per aero, lbs______

37,377

37,581
16,043
6.22%
32.24%
209

33,862
35,379
10,651
12,132
1.05%
4.48%
13.90% *22.99%
153
168

*0.54%
...............-

40
1,574
2,693
5,078
283
3,876
3,395
1,023
10,272
2,278
785
2,459
100

38
1,480
2,567
5,030
283
3,850
3,404
1,723
9,684
2,140
785
2,421
107
33,512
13,829
1.31%
19.40%
203

* Decrease.

SECOND.— With regard to the maturity, cultiva­
tion and condition of the plant, the conclusions we
reach are as follows:
(1) In maturity the crop at this time, while a little
more advanced, on the whole, than in 1912, is some­
what behind an average year. The planting season
this year was not complicated by floods of any
extent, the overflow of land along the Mississippi
and its tributaries having involved a comparatively
limited area, and especially so as contrasted with
the inundation of the previous year. Nor have any
damaging frosts been reported. Low temperature
combined with lack of moisture acted at times to
delay seeding and similar conditions retarded germina­
tion in various sections, but for the whole of the
South there was only about a normal replanting.
During early May dry weather and low temperature
continued to some extent adverse influences, but since
the latter part of that month quite generally favorable
weather has fostered healthy and vigorous growth,
and telegraphic advices as we go to press indicate an
encouraging outlook; in other words, the prospect,

J une 21 1913.]

THE

CH RO N ICLE

with an average season hereafter, is for a pretty full
yield on the acreage.
(2) Cultivation, our advices denote, has .been very
thoroughly attended to, the dry weather of late
April and early M ay materially assisting. More­
over, when the needed rains came, they were not so
excessive or continuous as to give foreign vegetation
a chance to get the upper hand. Under these cir­
cumstances it is not surprising that many of our
correspondents refer to the state of cultivation as
better than usual. Fertilizers have been much more
freely availed of, the use of commercial sortshaving
spread this year to localities where artificial aids
to productiveness had never been considered at all.
Many of our reports indicate, in fact, that intensive
farming is taking strong hold at the South, efforts
to increase the yield per acre being employed in­
stead of adding to area.
(3) Condition of the plant now is quite satis­
factory on the whole and fully up to the average of
recent years. The plant is a little later in maturity
than in some seasons,-but at this time that is a matter
of secondary or no importance, as, with favoring
climatic conditions hereafter, any such drawback can
be easily overcome.
Our summaries by states are as follows:
V IR G IN IA .— Cotton was planted at about the usual time
in the comparatively limited territory devoted to the staple,
but, retarded by cool nights and dry weather, seed was
slow in coming up. On the whole, however, germination
was fairly satisfactory and no appreciable amount of re­
planting was required. Normal development of the plant
was hindered in early M a y by the same conditions that
militated against the prompt coming up of the seed but
toward the close of the month the weather became very
favorable to growth and at this date s ta n d s are reported
quite generally good. Fields are well cultivated. A c r e a g e .—
Changes in cotton area in Virginia are usually unimportant
from year to year and such has been the case this spring.
Our reports seem to warrant us in estimating that an addi­
tion of about 2 % has been made. Fertilizers have been
more freely used than heretofore.
N O R T H C A R O L IN A .— Preparations for the new crop
wero begun about the average time, but planting operations
were delayed somewhat in localities by the crusty condition
of the soil, moisture having been deficient in April and early
M a y . The actual period of seeding, however, was in ad­
vance of 1912 by about 10 days, the final having been between
M ay 15tli and 20th. D ry, and to some extent cool, weather
was rather detrimental to germination, for, while in somo
instances seed came up well, in goneral it started off poorly.
As regards the weather since growth began, thore is much
unanimity of opinion. During April and most of M a y there
wero complaints of dry weather, and to somo extent low
temperature was reported as hindering satisfactory develop­
ment of the plant. It appears, however, that vory little
replanting was necessary. The weather since Juno opened
has been quite generally favorable, fostering healthy growth,
leading almost all of our correspondents to describe s ta n d s
as good now. Furthermore, it has been possible to give
thorough attention to the fields, so that they aro at this time
in an excellent state of cultivation. A c r e a g e .— The tendency
as regards area in North Carolina has been strictly conserva­
tive. In some sections no change has been mado, but in
others there have been moderate additions, and in still
others cotton has been set aside for other crops. Careful
consideration of our returns leads us to estimate the average
gain in tho State at no more than 1 % . Tho use of f e r t i l i z e r s
has been slightly increased this year.
SO U TH C A R O L IN A .— The burden of complaint in South
Carolina this spring has been dry weather and to some extont low temperature. This applies particularly to late
April and early M a y , as prior to that time not only was thero
sufficient moisture but temperature was on tho whole above
tho normal for the season. The preparation of tho land for
crops was well attented to, however, and planting started
earlior than in 1912. Although dryness of the soil hampered
operations somewhat, all seed seems to have been in the




1741

ground by the 20th of M a y or 10 days in advance of last
year. But with conditions as set out above, germination
was slow and in many instances poor at first. It is to be
said, moreover, that an amount of replanting in excess of
the average had to be done. As to the weather since growth
began, there is quite general agreement that temperature
was too low much of the time at night until about the close
of the second week of M a y and complaints of droughty
conditions were frequent. Latterly, however, the weather
has been more favorable and the plant has recovered some
lost ground, although not as well developed as in an average
year. S ta n d s at this writing average fair, while fields are
as a rule clear of weeds and grass. A c r e a g e . — In the older
cotton-growing localities, more especially in tho Atlantic
section of the belt, as we have frequently stated, -practically
all available agricultural territory has already been given to
one crop or another. It follows, therefore, where changes
are made in any year.it is merely the substituting of one form
of vegetation for another, economic reasons being the con­
trolling factor. This year, we find that in some sections
cotton has been displaced for tobacco and in others has been
tho gainer through the throwing out of grain, &c. The
changes appear to so nearly balance, however, that we
estimate the cotton acreage of the State the same as in 1912.
F e r tiliz a tio n has unquestionably received more attention:
there has been a very noticeable increase in the takings of
commercial aids to productiveness.
G E O R G IA .— Our advices from this State also refer to the
dry weather and to some extent lack of moisture in late
April and early M ay as being responsible for a somewhat
protracted planting season in 1913. In fact, although work
was commenced early in March in some localities, becoming
general April 1 to 10, the finish was not until after the middle
of M a y . One correspondent explains that, owing to the con­
tinued winter rains, the ground was broken up, cloddy and
rough, and consequently fairly good rains were later neces­
sary to bring the plant up. A moderate amount of re­
planting has been required. There is some divergence of
opinion in the returns on germination, but not much. Some
say that seed came up poorly, explanation being made that
thore was not sufficient moisture to induce satisfactory ger­
mination. Others report a fairly good start. Altogether it
would seem that the unfavorable reports were based largely
upon arrested development due to the adverse conditions
roferred to, for recently these drawbacks have disappeared
and now the plant is stated to be doing well quite generally.
S t a n d s . — A s a whole stands .while somewhat irregular, are
in the main good and improving steadily, the rains since
M a y 25th having been very beneficial; the crop, however, is
somewhat late. Cultivation has been well attended to.
A c r e a g e has been increased this year to only a very limited ex­
tent, tho reason therefor being practically the same as given in
reviewing the preceding State. The addition, as we see it,
averages only about 1 % . As a means of increasing the
productiveness of the plant, we note that commercial f e r ­
tiliz e r s have been taken more freely than a year ago.
F L O R ID A .— The spring in Florida was in many respects
quite the opposite of that of 1912. In other words, in
February and March there was a satisfactory rainfall and
temperature was rather above the normal. During April
and early M a y , on the other hand, there was lack of moisture,
interfering with the putting in of seed and at the same time
nights were too cool. Consequent upon these adverse
conditions the planting season was late, all seed not being
in the ground before the 20th of M a y or some ten days or
so later than a year ago. Some seed came up well, al­
though slowly, but on the whole the start was below the
average and an unusual amount of replanting was required.
The above describes the situation down to near the close of
M a y . Since then the temperature has been of a character
that, with the beneficial rains that have fallen, has brought
about a more favorable development of the plant. S t a n d s .—
A fairly good stand has been secured and the fields are clear
of foreign vegetation. A c r e a g e under cotton in Florida is
quite limited in any event, and this year has apparently been
decreased about 2 % . F e r tiliz e r s have never been freely used,
but this year a moderate increase in the takings of commercial
varieties is to bo noted.
A L A B A M A .— Reports from Alabama indicate that
weather conditions served to hinder farm work and planting
to some extent this spring, so that operations were com­
pleted hardly any earlier than in 1912. The hindrance was
due to various causes. First there was an excess of rain,
rendering the soil too wet for plowing and consequent

1742

TH E

CH RO N ICLE

preventing the putting in of seed. Furthermore, a limited area
of bottoms along the Alabama and Tombigbee rivers was
overflowed, stopping all work until the water passed off.
Later came dry weather and cool nights, this condition con­
tinuing well into M a y . Specifically, seeding began in some
districts about March 20, one to two weeks later in others,
becoming general a little after the first of April, and was
finsihed around the middle of M a y . A s regards germination,
first planting came up quite well generally, somo reports in
fact say excellently, but others, covering most of our re­
turns, say rather poorly. Replanting was general and in
some districts extensive, due in part to cold ground and dry
weather, as well as to defective seed and washing rains.
Cold weather and lack of moisture were complained of in
many parts of the State in late April and early M a y . In
fact, a few correspondents state that up to the 20th of the
latter month there had practically been no rain since cotton
was planted. In late M a y conditions turned favorable,
however, and recently have been quite propitious, inducing
a very satisfactory development of the plant. S t a n d s ,
irregular at first, now range from fair to good, and some of
the backwardness of the early season has been overcome.
The work of cultivation has suffered no mentionable inter­
ference and as a result fields are clear of weeds and grass.
A c r e a g e . — This year in some sections there has been a dis­
position to favor corn and oats more than cotton in parceling
out land for sowing. This tendency, however, has been
more than offset elsewhere, increases running as high as
10 and 1 2 % being reported. Taking one with the other,
in our opinion there has been an average increase in acreage
for the State of, say, lb £ % . F e r t i li z e r s . In a number of
districts there has been a very pronounced tendency toward a
greater use of commercial fertilizers and some of our corres­
pondents state the takings in their sections as from 20 to
2 5 % in excess of a year ago.
M IS S IS S IP P I.— Radically different conditions prevailed
in this State during the recent planting season than in 1912.
Then, it will be recalled, a more extensive overflow than over
before experienced occurred, involving practically all the rich
bottom lands in the valley of the Mississippi River, of which
a large part is usually devoted to cotton. These lands were
undor water in whole or in part from the 25th of April until
after the close of M a y , rendering futile any early work done
upon them as well as seriously delaying the putting in of
crops. This year there has also been an overflow, but so
limited in extent as compared with last year as to call for no
special comment. Furthermore, the water was off the land
at a much earlier date. Dismissing that, therefore, as a
factor, our advices indicate that seeding began in earlier
districts about the middle of March and was finished in
all but the overflowed sections between M a y 1st and 10th.
On the whole seed came up well, but we note that quite
some replanting had to be done— much more than in an
average year. W e have heard a few complaints of lack of
moisture and cool nights in late April and early M a y , but
on the whole conditions have been fairly favorable and our
latest advices indicate that from the beginning of the third
week of M a y the weather has left little, if anything, to bo
desired. S ta n d s secured range from good to very good and
the plant is now growing satisfactorily. W ork of cultiva­
tion has been vigorously prosecuted and some of our advices
report the fields as in an ideal condition. A c r e a g e . — Fears
of the boll-weevil having pretty well subsided there has been
a strong inclination to put back under cotton much land
heretofore taken away. Some decreases are also reported,
but these to only a limited extent offset gains elsewhere. W o
feel warranted in making the average addition in the State
4 % . F e r tiliz e r s have been much more freely used this season.
L O U IS IA N A .— In this State there was quite general
complaint of excess of moisture and rather cool weather
during March and April, interfering with farm work, and low
temperature at night was, moreover, to somo extent an
adverse factor in early M a y . Furthermore, somo land was
* flooded by the crevasses along the Mississippi but the area
inundated was very limited as compared with the territory
overflowed in 1912. W ork was, of course, hindered some­
what, but the putting in of seed that started early in March
in a few localities was finished generally shortly after the
first of M a y (flooded lands excluded), or fully two weeks in
advance of a year ago. A number of correspondents com­
plain that cold and wet weather interfered with germination,
but on the whole seed came up fairly well. Excessive rain­
fall and cold nights aro stated to have been the causes re­
sponsible for the replanting made necessary— an amount




[Vol. xcvi.

greater than ordinarily had to be done. Low temperature
and too much rain were, in fact, complained of at times from
various sections as late as the middle of M a y . Subsequent
to that date, however, conditions began to improve, and
latterly have been quite uniformly favorable, materially
assisting the healthy and vigorous development of the plant
and encouraging expectations of a good yield. S t a n d s .—
Some of our early reports referred to stands as only fair, and
a few said bad; but later returns reflecting the effect of the
favoring meteorological conditions denote that in the State
as an entirety a good stand has now been secured and the
plant is doing finely. Cultivation leaves nothing to be com­
plained of. A c r e a g e . — W e note in our returns under this
head a pronounced disposition to increaao the area under
cotton, this being due to the practical passing away of fear of
the boll-weevil. A t some points the additions are roportod
as heavy as 2 5 % , and, as we analyze the returns, there has
been a net gain in the State of 1 5 % . F e r t i li z e r s have never
been largely used in Louisiana but this year wo learn that in
somo of the upland sections there has been a vory marked
increase in tho takings of commercial varieties. In fact, in
many parts of tho South intensive farming, which means
extensive fertilization, is becoming a feature of the times.
T E X A S .— The area covered by Texas is so extensive
that we aro not surprised to find considerable divergencein
the reports from widely separated districts. Tho time of
preparing for crops and tho actual putting in of tho seed varies
widely, of course. This is indicated by tho fact that in the
more southerly districts planting began as early as tho middle
of February and was finished before tho close of March.
Coming further north we find work beginning in mid-March,
and passing to more northerly sections not until after the
first of April, becoming general about tho 10th of that month.
In these later sections work progressed without any unusual
delays and was finally completed tho middle of M a y , or a
little in advance of a year ago. A favorablo featuro of the
current season in Texas was tho bountiful winter rains—
commonly called the season in tho ground— which on account
of the nature of the soil in the State havo many times saved
crops from almost irreparablo damage by drought. These
rains, moreover, put tho land in excellent condition for plow­
ing and planting. There was nothing in tho gonoral con­
ditions of weather this spring to seriously affect germination,
for while some of our reports say that seed came up poorly
or only fairly well, these were the exceptions, a vast majority
of them indicating that cotton got a good start. Wash­
ing rains and to some extent cool nights wore responsible for
more than an average replanting. Development of the
plant was rather slow at first in many localities, the result
of lack of warmth in the atmosphere at night; but after tho
middle of M a y complaints of this adverse influence practi­
cally ceased. A t no time thus far has there been any real
deficiency of moisture, even though claims that it was needed
came from some districts. Recent woathor seems to have
been about as desired and as a consoquonce s ta n d s now range
from good to very good, but the crop is about two weeks late.
Cultivation has been well looked after. Tho current out­
look, as we gather from tho reports of correspondents, is
for another large, if not a record, crop. A c r e a g e . — Each
year finds new territory being brought under cultivation
in Texas, and cotton, with prices satisfactory, is sure to get
an appreciable share of it. This year in tho newer sections
increases running as high as 0 0 % aro reported, and older
districts, too, have made additions. For Texas, as a whole,
wo believe wo are close to the truth in putting the net gain
at 4 % . F e r tiliz e r s have all along been used to only a limited
extent, but the success attained last year in increasing
productiveness by their use has been instrumental in further
augmenting the takings of commercial sorts this year.
A R K A N S A S .— Our reports indicate that the planting
season in Arkansas this spring was earlier than in 1912. This
year, as last, there were breaks in the levees along the
Mississippi River, but the amount of territory involved in
the overflow was much less and, furthermore, the water
receded earlier,so from that cause no prolonged delay occurred
In preparing for the crop. Seeding commenced in some
districts shortly after the first of April, but was hindered
somowhat by cold woathor and consequently was not com­
pleted until after the middle of M a y . Seed on the whole
germinated well, although some late plantings wero slow in
coming up, as a result of low temperatures and to some extent
lack of moisture. There was nothing, howevor, that made
necessary an unusual amount of replanting. An unfavor­
able development of late April was rather low temperature at

June 21 1913.]

THE

CHRONICLE

night and later on lack of rain was an occasional cause for
complaint, but the last three or four woeks conditions have
in the main been favorable, and of late quite generally all
that could bo desired for the welfare of the plant. In fact,
tho situation at this time is very satisfactory. Stands
secured average good. As regards tho condition of the fields,
the returns denote that cultivation has been vigorously
prosecuted and that now there is complete freedom from
grass and weeds. Acreage has been increased. In some
sections, of course, tho area of last year has been merely
adhered to, but in most other districts additions of from 2 to
1 0 % are roported. Carefully analyzing our returns, we are
led to concludo that the augmentation in area in tho State
as a whole this year has been approximately 4 % .
Fertilizers
of tho commercial varieties have been more freely availed of,
with tho expectation of securing a better yield per aero.
O K L A H O M A .— N o material difference this year and
last in the planting season in Oklahoma is evidenced by our
reports. Seeding was commenced in some districts about
tho first of March but was delayed somewhat by cold and
wet weather and consequently was not completed until late
in M a y . As regards germination, reports are quite generally
of a favorable character, the concensus of the replies being
that seed came up well to very well, although some late
plantings slowly on account of low temperatures. It would
seem, however, that only a very limited amount of roplanting
was required, and that tho result of beating and washing
rains. A t times in late April and early M a y there were some
complaints of lack of moisture and too low temperatures, but
no particular stress was laid upon thorn as adverso influ­
ences. In tho main conditions have been favorable and
of late especially so, inducing more rapid and very satis­
factory growth of the plant. Stands secured range from good
to very good, and tho returns on cultivation denote that
work has been carried on energetically and that now tho
fiolds are clear of foreign vegetation. In fact, wo note that
a few correspondents say that tho condition of the fiolds is
excellent and bettor than usual. On tho whole tho present
situation in Oklahoma is such that,with normal meteorological
conditions during tho remainder of the season, thoro is
reason for expecting a vory satisfactory yield from tho
area planted this year. Acreage has been noticeably in­
creased in newer sections, and elsowhoro, as a rulo, tlio area
of last season has been maintained or added to moderately.
As usual, much virgin soil has been brought under cotton
this year. It was not to bo doubted, of courso, that tho
high prices ruling for cotton would prove an incentive to an
increasod planting. Analysis of our returns leads us to
concludo that tho average augmentation in the Stato this
year has been virtually 5 % . Fertilizers have never played
moro than a very unimportant part in tho agriculture of
Oklahoma, but this year there has been some disposition to
go in for intensive cultivation and with that end in view
commercial aids to productiveness have been more freely
availod of than formerly.
T E N N E S S E E .— Heavy rains in March and early April
hindered the preparation of land for crops in somo sections
of Tennessee, but, as a rulo, the soil is stated to have been
in better condition to receive seed than usual. Tho rains
also dolayod planting to an extent, but on tho whole work
was completed a littlo in advance of 1912. Earliest planted
seed in considerable measure came up poorly, dry weather
and low temperatures having been the operating causes,
and being responsible also for a moderate amount of roplant­
ing. Late-planted seed did better, but germinated slowly
on tho wholo. All complaints at hand as to weather con­
ditions sinco the plant began to dovelop have to do with the
period'prior to tho middle of M a y , and somo of them refer
to drought that prevented seod from germinating; lato
in M a y , however, thero were beneficial rains and a higher
range of temperature and the weather sinco has continued
generally satisfactory, stimulating growth of tho plant and
improving tho outlook decidedly. In fact, now tho outlook
in tho Stato is roported as very promising. Stands at first
irregular aro now good to very good almost everywhere and
fields aro well cultivated. Acreage in Tennessee hasjapparently been increased to the extent of about 2 j ^ % . Fertilizers
have nover been freoly used, but this year an increase in
tho takings of commercial varieties is to bo noted. As one
correspondent remarks, tho * people aro improving their
methods of farming.
M IS S O U R I.— Planting in Missouri this year was attended
to earlier, on tho wholo, than in 1912, all seed being in the
ground by about M a y 18, or ten days in advance of a year




1743

ago. A limited area was overflowed in April, but the water
receded in ample time to put in the crop. Seed germinated
well as a rule and but little replanting was required. Some
complaints of cold or dry weatherw ere heard early, but recent
climatic conditions have been quite uniformly favorable,
and the plant has developed well. Stands are good and
fields clean. Acreage.— A few counties in Southeastern
Missouri comprise the district in which cotton-planting is
carried on. The total area is small in any event, but this
year a disposition to extend the planting moderately is
manifest. The addition we estimate at about 3 % . Fer­
tilizers, so far as we can learn, are comparatively neglected.
C A L IF O R N IA .— The cultivation of cotton in California is
practically confined to portions of the Imperial Valley,and,
tho area, although steadily increasing, has not yet attained
an important total. Planting started this year somewhat
later than last, or about the middle of M arch, and reached
completion two months later. Seed came up well as a rule;
and favoring conditions, barring rather cool nights up to
April 25, have fostered very satisfactory growth of plant.
Very little, if any, replanting has been necessitated. Stands
are good and fields in excellent condition. Acreage has been
very largely increased in somo localities; our information
leads us to conclude that for the State as a whole some 2 5 %
measures the augmentation in area this year. Fertilizers .—Tho cotton crop of California being largely, if not wholly,
raised by irrigation, fertilizers are not resorted to.
K E N T U C K Y , K A N S A S , N E W M E X I C O and A R I­
Z O N A .— From such information as has come to hand it
would seem that there have been no developments as regards
cotton calling for extended comment in tho States mentioned
above. In tho first named 3,000 or 4,000 bales aro raised
annually, but in the others the growing of cotton is prac­
tically yet in the experimental stage. This year, however,
current reports are to the effect that 5,000 acres in the Salt
River Valley, Arizona, have been put under Egyptian long
staplo cotton.

F A R M IN G

BY

C O R P O R AT IO N S T H E
FUTURE.

HOPE

OF

THE

To the Editor of the “ Commercial and Financial Chronicle” :
Sir.— All this talk about tho higher cost of living hinges

right down to one thing: There are not enough farmers and
farm workers to produce the supplies needed for our growing
population, and the comforts and necessities of life— food,
clothing, shoes and so on— aro getting higher in cost. N o
moro serious problem, therefore, confronts tho American
peoplo. Tho conservation of soil, woods and water powers
for futuro generations can wait, and future generations will
find a way to deal with it.
But tho question of feeding and clothing tho present genera­
tion adequately and at a cost within our means is ours to solve.
And the solution of it lies with the farmer. If, then, we can
find out what is the matter 'with the farmer and the farm life
of to-day, wo will go far toward finding a remedy for the
high prices of the necessities of life. Trusts, tariffs, coldstorago monopolies and so on may have slight or temporary
effect, but if thero aro farmers enough and they work effecively, tho food and other supplies will bo forthcoming and
tho price will fall, under tho natural laws of supply and
demand.
Tho farmer, then, as representative of the largest class
of producers in this country, lauded for his virtues, and
treated to tho benefit of a commission for tho study of means
to increaso his welfare and happiness, is the subject of the
present discourse. W e all know about the farmer’s hard life;
his increasing toil and long hours of labor, with no union to
help him in an effort to bring about a shorter day’s work.
W o also know all about the farmer’s virtuous living; that
ho is tho backbone of our civilization by very force of num­
bers, keeping up an average for native superiority, as against
tho flood of immigration that would otherwise swamp our
national tradition and ideals. This farmer we are perfectly
familiar with. But there is another farmer that we want to
talk about, and ask him to mend his ways and bring him up
to dato, and, if possible, we must show him the way. For,
to put tho matter plainly, the farmer is not doing what he
sot out to do. The farming class aro not performing their
part, namely that of tilling the soil and producing sufficient
therefrom that tho rest of us, whose lives, perchance, are not
cast in such pleasant places, may be clothed and fed.
There is no other industry that can bo recalled, from mining
to making shoes, but has improved and perfected its pro-

1744

THE

CHRONICLE

cesses, and increased its output, especially in the wonderful
years of progress since the beginning of the last quarter of
the last century. Food, clothing and shelter, the great ne­
cessities of civilized man, generally stated in the order given
as if it were the order of their importance, let them be con­
sidered in a way of fair comparison, and see how they stand.
The manufacture of garments for men’s and women’s wear,
that was formerly a function of the village tailor, or the home
dressmaker, has been developed, expanded and systematized,
until what is virtually a new industry has been created.
In the State of New York this industry was the largest
reported in the Census year 1900, its products amounting to
over $270,000,000, and exceeding those of either agriculture,
ittm or brewing— the next three in order— and almost equaling
the total of any two combined. Over 1,500 establishments
exist in the City of New York alone for the manufacture
of men’s and women’s garments; this has nothing to do with
hosiery or knit underwear, which are largely produced in
another part of the State. All of this industry is comparativelyfnew, having come into existence within the recollection
of men still young.
The same can be said of the shoe industry, which in centres
as far separated as Lynn, Rochester and St. Louis, has
grown to enormous proportions. It is one of the common­
places of the day, and the shipments of shoes in cases. is
reported in current market news with the shipments of flour
in barrels or cotton in bales.
The building of houses, also, it can readly be seen, has
progressed on an enormous scale, and, as the price of lumber
advanced until it seemed as if a prohibitory figure was being
reached, supplies of brick increased, and hollow tiles and other
building materials were put forward. Philadelphia, that
great city of homes, is built almost entirely of brick. But
as the demand increased, a new source of supply, anew m a­
terial, was brought forward.
Reinforced concrete, hardly
more costly and far more durable and safer than wood, was
Offered as a substitute. The rock for producing Portland
cement was found to exist in every State in the Union. In
some States, so it is said, it is found in nearly every county.
It is hardly too much to predict that building houses or other
buildings of wood bids fair to become as obsolete as building
of wattle or thatch.
In other words, the problem of clothing and housing the
great masses of the people has kept pace, and more, with
the demands of the time; by continuous evolution, in mothod,
material and product, it is being met in the spirit of the ago.
If there is not enough clothing or shelter for all, it has not
been the fault of those who provide it. Methods of distri­
bution and other economic reasons must be brought forward,
but there has been a continual gain in production, both in
quantity and quality, greater than the growth of population.
It is evident that if wo had continued to depend upon the
efforts of the village tailor and shoemaker, the greater part
of our population would be in rags and barefoot, whereas
one of the wonders of this wondorful land is the well-clothed
condition of the people. Those who have seen a “ fresh
air” party starting on one of their outings are moved to ex­
claim “ Where are the poor? Certainly not these neat­
looking, well-dressed children.” A barefooted child in city
streets has become a rarity.
It is when wo return from results like this to a considera­
tion of the third and most important factor in human life
that we realize what an entire difference exists in methods
and results. That results are different is only too evident.
The high cost of food forces itself daily on the attention
of every one excepting the very rich. Figures need not be
quoted; they are hard, grinding facts encountered by every
one who has to provide the means of living, and embitter
the taste of our “ daily bread.”
W h y is this difference? The facts, concisely (stated, are
these: The number of farms, the number of farm workers
and the volume of farm products has not been increasing at
any such ratio as population.
That this is the case needs no detailed figures. A year
ago we were importing potatoes from Ireland, Scotland and
Sweden.
The production of apples fell off from 69,000,000 barrels in
1896 to an average of 28,000,000 barrels in 1908 and 1909.
The same tale is heard in the woolen industry. The sup­
ply of wool and the number of sheep fell off rapidly under the
free-wool clause of the Wilson Bill. Under the promise of
protection in the Dingley A ct, the shepherds were to revive
their drooping trade. A t first they “ made good,” and, with
a protection of 11 and 12c. a pound in wool (practically




[ V o l . X C V I.

1 0 0 % ). the number of sheep increased from 37,000,000, the
low-water mark of 1896, to 64,000,000 in 1903.
B ut, alas, Prosperity, that great weakener of good resolu­
tions ! W ith other products bringing high prices, the raising
of sheep was again neglected and the number of sheep fell
off from 64,000,000 to 45,000,000 in three short years.
Sheep are a bother, as every farmer will tell you. Lambs
are preferred for food and their meat brings better prices, so
most of them are slaughtered at or before the yearling age.
The natural increase is curtailed, the nation is deprived
of its promised supplies of wool and mutton, and has to im­
port the former in larger quantities than ever. So the price
soars, and the quality of clothing suffers.
So one could go on with eggs, beef, potatoes and many
another food supply, at prices that make it a continual strug­
gle for the moderate householder to make both ends meet.
N ot to speak of wheat and cotton, our great export staples
that we rely on to keep a favorable balance of trade, and in
which, in spite of high prices, the increase of acreage has in
no wise kept pace with the growth of population or the de­
mands of trade.
The failure of the Reciprocity Treaty was a great dis­
appointment to some people, who hoped that the soven
million people of Canada were so much hotter farmers than
our own that to let in their products duty-free would result
in lower food prices in the United States.
But that is merely a temporary remedy, and, indeed, it is
a question whether the demands of ninety million peoplo
would not soon send Canada farm prices up to levels equal to
our own. They would then bo in the same boat with
us, and wo no better off.
M uch more far-sighted than that will be an entiro change
from the present liap-hazard system of depending on the indi­
vidual farmer for our supplies of food. Something must bo
substituted akin to the factory system of supplying manufac­
tured products. Modern ideas demand the specializing of
production and a large scale of operations. W e should have
corporations, or farm syndicates, for the raising and marketing
of farm products in a scientific manner and on a largo scale.
Sporadic ventures of the kind have been successful boro and
there. Creameries in connection with largo dairy farms have
been profitable and are a principal source of milk and buttor
supply near many large cities. A company has been started,
it is said, to exploit the cheap lands of Southern Now Jersey,
where the soil is adapted to sweet potatoes, corn and so on,
and where well-managed farms have shown a largo profit.
Three thousand acres are to be taken in hand, under one
management, and, if it is successful, the area will bo largely
increased.
The “ W orld’s W ork” recently published an account of
a largo enterprise of this sort located in Toxas. Ohio capi­
talists, including ex-President T a ft’s brother, are carrying
out extensive plans, including town-building, as a corporate
enterprise.
The suggestion can be made of wide application. Much
of the abandoned and so-called worthless land in New
England is’as well adapted as any in Scotland for the successful
raising of sheep,and,as is well known,sheep add fertility to soil.
In Central Now York land is for salo at a tithe of former
prices. Tho boys have left the farm to be near the amuse­
ments and excitements of the towns. Here is a sourco of
much of tho trouble that we are discussing, and it must bo
met at tho outset. Farm life can not be mado pleasant or
stripped of its loneliness if the workers are to spend their
spare hours away from civilization and social life. Under
the now farming system the hands will live in contres of
population, larger or smaller, but adequate for social needs.
They will leave their homes in the morning for tho distant
fields in automobiles, omnibuses or other conveyances, re­
turning again at nightfall to the town. It is useless to
regret the old ideas, the simple life. It was never tho idyl it
was painted and it never can compete again with city
attractions. But we must be clothod and fed and some one
must do the work.
And as the great army of commuters, rising up early and
chasing tho train for a ride to the city, leavos the fields and
birds and the country for the day, so tho new type of farm
laborer will hie him from tho town betimes in tho morning,
brush tho dew from the clover, follow tho furrow and rake in
the harvost. And at night, sated with honest toil, ho will
come home to the electric light, tho janglo of tho trolley
bell, tho restful delights of the vaudoville theatro and tho
moving-picture show.
JOSEPH D . H O L M E S .

June 21 1913.]

THE

CHRONICLE

1745

two Cabinet officers, who are ex-officio members, is fixed at .$10,000, the
Comptroller of the Currency to receive $5,000 in addition to the salary
On Thursday night Representative Glass, Chairman of the which he receives under the existing law.
Tho powers of the Federal Reserve Board are as follows:
House Banking and Curerncy Committee, gave out an out­
(a) To examine at its discretion the accounts and books of each Federal
reserve bank, and to require such statements and reports as it deems nec­
line of the provisions and objects of the proposed currency
essary.
bill. His announcement in the matter followed the publica­
(b) To require, or on application to permit, a Federal reserve bank to re­
tion in Thursday morning’s newspapers of what was said to be discount the paper of any other Federal reserve bank.
(c) To establish each week, or as much oftener as required, a rate of dis­
the tentative draft of the banking and currency bill favored
by the Wilson Administration, and purporting to represent the count which shall be mandatory upon each Federal reserve bank and for
each class of paper, provided that said rate of discount need not be uniform
views of Chairman Glass, Chairman Owen of the Senate Com ­ for all Federal reserve banks, but shall be made with a view to accommodat­
mittee on Banking and Currency, and Secretary of the Treas­ ing the commerce of the country and promoting a stable price level.
(d) To suspend for a period not exceeding thirty days (and to renew such
ury M cAdoo. These newspaper accounts of the provisions suspension for periods not to exceed fifteen days) any and every reserve
of the bill were almost immediately repudiated by Repre­ requirement specified in this Act.
(e) To supervise and regulate the issue of treasury notes to Federal re­
sentative Glass, who is said to have declared that the bills
serve banks.
published were old copies. He was also quoted as stat­
(f) To add to the number of cities classified as reserve and central re­
ing that “ many important changes have been made since, serve cities under existing law in which national banking associations are
subject to the reserve requirements set forth in the Act; or to re-classify
and those copies are now practically worthless, be­
existing reservo and central reserve cities and to designate the banks therein
cause the bill has been changed in dozens of particulars.” situated as country banks at its discretion.
(g) To require the removal of officials of Federal reserve banks for in­
It had been the expectation that the bill would be introduced
in the IIouso of Representatives yesterday (Friday) and that competency, dereliction of duty, fraud or deceit.
(h) To require the writing off of doubtful or worthless assets upon the
President W ilson’s message on tho subject would be forth­ books and balance sheets of Federal reserve banks.
(i) To suspend the further operations of any Federal reserve bank and
coming at the same time; it was made clear on Wednesday
appoint a receiver therefor.
night, however, that both tho issuance of tho message and
(J) To perform the duties, functions or services specified or implied in
the introduction of tho bill would be delayed until Monday the Act.
FEDERAL RESERVE BANKS.
next at least. The statement in full given out by Repre­
Tho bill is based on the belief that no one should participate in the control
sentative Glass on Thursday is as follows:
of the system unless he is financially interested himself, or chosen by those
The bill prepared by Representative Glass of Virginia, and to be intro­
who are, except in so far as the Government steps in and asserts the au­
duced in tho House as a basis of legislative action, will bo gone over in de­
thority of the whole community. With this in mind, the system has been
tail for such alterations as a majority of the Ranking and Currency Com­
devised so as to provide for the continuation of existing national banks, with
mittee may caro to make. The purpose of tho bill Is to be a comprehensive
their organization, powers and function unchanged. In addition there is
revision of tho currency system of the country so as to obtain these princl
established a system of Federal reserve banks, which are incorporated in­
pal objects:
stitutions holding Federal charters, and in all respects managed like na­
1. Provision o f a means for re-discounting commercial paper of specified
tional banks, except as to the election of directors.
types.
As stated, there are twelve of these Federal reserve banks, each managed
2. Provision of a basis for elastic note issues properly safeguarded.
by a board of nine Directors, three of whom will be expert bankers, selected
3. Provision o f machinery for doing foreign banking business.
by the banks; three will be members selected in the same way, but required
In order to accomplish these purposes fully, it is necessary to repeal cer­ to represent tho commercial, industrial or agricultural interests of the dis­
tain portions of existing law, to rectify various conditions in tho present
trict, and subject to removal by the Federal Reserve Board in case they
national banking system, which are In some cases only indirectly connected do not fairly represent these interests. The remaining three Directors are
with the objects sought: to furnish a new class of institutions for the per­ to be chosen by the Federal Reserve Board, and one of them is to be desig­
formance o f some functions which cannot well bo entrusted to existing
nated by said Board as Chairman of the Board of Directors of the Federal
banks, or at all events can better be performed by others, and to alter reserve bank of the district to which he Is appointed and is to be the agent
the present reserve system to a very material degree.
of tho Federal Roserve Board.
Tho scopo o f tho bill can best be understood by an analytical roviow of
Tho national banks are compelled to be stockholding members of the
its contents.
Federal reserve bank of their respective districts, and State banks and trust
PRESENT SITUATION.
companies aro permitted to be members under certain well-defined regula­
The present banking situation in tho United States rests upon the National
tions. All tho domestic transactions o f the Federal reserve bank must bo
Bank Act proper, as slightly modified from time to time, and upon tho sowith member banks and the Government, except that it may purchase
called Aldrich-Vreeland Act of May 30 1908. Of these Acts, the latter is
bankers’ bills and bills of exchange in the open market from individuals, as
completely superseded on tho ground that it lias never become operative,
well as from domestic or 'foreign banks.
probably will not become operative except under extreme stress, and was
DIVISION OF BUSINESS.
never satisfactory. Tho National Bank Act itself is modified in numerous
Tho object of tho bill is to effect a moderate division and classification
essential particulars. In a separate measure, a general revision of the
of banking business along indicated lines, the net result, presumably, being
administrative provisions of the National Bank Act will be provided.
summed up as follows:
NEW CLASS OF BANKS.
1. National reserve banks will be strictly limited to re-discounting actual
Fundamental to tho idea of tho bill is the creation o f a new class of banks,
commercial and industrial transactions evidenced by very short term paper
to bo known as Federal reservo banks, tho chief points about which are
and on raro occasions, under carefully prescribed conditions, to financial
as follows:
operations protected by collateral. They will also be able to engage in
1. Tho number Is to bo twelve, with possible increase later as provided.
2. The ownership is to bo in the hands o f tho stockholding banks of the foreign exchange operations, sales of Government securities, &c., as already
explained.
twelvo districts in which tho reserve banks are situated. The nationa
2. National banks will be subjected to precisely tho same restrictions as
banks aro compelled to bo members and Stato banks and trust companies
at present, with a relaxation in favor of a moderate amount of pCal estate
aro permitted to bo members.
3. Tho capitalization is to be 20% of the capital of tho stockholding loans by country banks under carefully guarded conditions.
3. By a revision of tho administrative features of the National Banking
banks, ono-half paid in and ono-half subject to call.
Act, provision will be made for close oversight of national institutions with
4. Tho business of these Federal reserve banks is to be as follows:
a
(a)
— Ro-discounting of paper presented by stockholding banks under vlow to holding them strictly up to the requirements of a legitimate
specified conditions, provided such paper grows out of actual agricultural, banking business.
4. In order to possess themselves of the kind of paper entitling them to
commercial or industrial transactions, and docs not run more than a speci­
re-discounts, national banks will find themselves obliged to keep a reason­
fied number o f days.
able
(b)
— Buying and selling Government securities, gold and silver bullion proportion of their assets in the form of paper eligible for re-discounting,
and this will mean very considerable emphasis upon the strictly commercial
and foreign coin, foreign exchange and open market bills of given maturity,
aspects of tho business done by national institutions.
(c) — Government fiscal operations.
RELATIONS W ITH TREASURY.
ISSUE OF NOTES.
It is believed that tho present Sub-Treasury system is unsatisfactory,
Evory national bank is allowed to continue its note issue exactly as at
prosont, and, In addition. Federal reserve Treasury notes aro authorized to clumsy, injurious to business, and difficult to manage in times of stress.
bo issued to an amount not exceeding $500,000,000. These notes will, The bill, therefore, provides for:
1. The placing of all current funds of the Treasury in Federal reserve
upon application, bo issued to tho Federal reserve banks upon primo short­
time commercial paper and other liquid collateral. While tho notes will, banks and tho payment of Government creditors by check thereon.
2. The equalization of the public funds between the different reserve
on their faces, purport to be obligations of tho United States, they aro re­
quired to bo secured by a gold reserve of 33 1-3% provided by tho Federal banks by direction of the Secretary of the Treasury and subject to a rate
of interest to bo fixed by the Federal Reserve Board.
reserve bank, and aro a first and paramount lien on all tho assets of these
3. Tho trust funds of the Treasury are to be held as at present in the
banks and aro redeemable in gold on demand at tho Treasury Department
in tho City of Washington or at any Federal reserve bank. Stringent pro­ vaults of tho Treasury.
DIVISION OF EARNINGS.
visions are mado against counting any of these notes as a part of bank re­
Under the terms of the bill, the Federal reserve banks,after the payment
serves, and the system is guarded against Inflation by lodging power with
of all expenses and taxes, are entitled to pay an annual cumulative dividend
tho Federal Reserve Board to exact an interest charge upon Treasury notes
in order to insure their prompt redemption. The notes aro not mado legal of 5% on paid-in capital to their stockholding members. One-half the net
tender, but aro receivable by tho Government and every bank of the sys­ earnings of tho bank must be paid into the surplus fund until said fund
tem at par without exchange. No change is made in the elements of pro­ shall amount to 20% of the paid-in capital of the bank. The remaining
one-lialf of tho bank’s earnings shall be paid to the United States, and
tection afforded existing bank notes.
whenever and so long as the surplus fund of each Federal reserve bank
GOVERNM ENT CONTROL.
Overseeing tho whole system is created a Federal Reserve Board, consist­ amounts to 20% of tho paid-in capital, the shareholders having received
ing of seven members, including tho Secretary o f tho Treasury, tho Secro­ their permissible dividend of 5% . all excess earnings shall be paid to the
tary of Agriculture and tho Comptroller of the Currency as members ox- United States. Every Federal reserve bank is exempt from Federal, State
officio. Four other members aro chosen by the President of the United and local taxation, except in respect to taxes upon real estate.
RESERVES.
States, by and with tho advice and consent of the Senate, for a term of
In tho belief that the present reserve system is antiquated and unsatis­
six years each. One of the members thus appointed by the President is
to be Governor of tho Federal Reserve Board, one Vico-Governor and ono factory. that tho massing of funds in New York and other financial cen­
tres, of which so much has been said in recent years, is largely due to the
Secretary.
Their term of office is for eight years except that of thoso first appointed, present reserve requirements of national banks, and that in order to get
ono is to serve two years, ono four, one six and one oight years. At least one tho real bonefit from the system of re-discount, which has been proposed as
of the members appointed by the President is to be a person of banking ex­ a remedy for many existing evils, it is necessary to base such system upon
perience. Thus it will bo noted that the Government will have absolute an actual control of reserves, provision has been made for re-casting the
control of tho system. Tho salary of each member of the board except tho present bank reserve system. The plan includes:
TH E N E W B A N K IN G A N D




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1. Transfer o f reserves from existing national banks in reserve and
central reserve cities to national reservo banks.
2. Spreading out o f this process of transfer over a period of thirty-eight
months in order to give as little shock as possiblo to market conditions.
3. Ultimately tho establishment of a reserve system at the end of the
transition period in which (1) country banks will have 15% o f reserve, i. e.,
15% o f total demand liabilities, such 15% to bo held 5% in tho bank’s
vaults, 5% with tho national reserve bank and 5% either at home or with
the reserve bank; while (2) reserve and central reserve city banks will have
reserves of 20% o f demand liabilities, of which 10% will be at homo, 5%
with tho reserve bank o f tho district and 5% either at home or with the
reserve bank.
4. The presumed effect of this plan will be to end tho placing of reserves
with central reserve city banks for use in stock market operations, to keep
reserve in some measure at homo, and to require speculators to get tho funds
they need in their operations, either by directly borrowing them from per­
sons who hold them apd want to lend tho cash for that purpose, or else by
borrowing from the banks in tho places where tho operations are to bo
carried on.
FOREIGN BAN KIN G.
In order to meet the view so often expressed in commercial circles, to tho
effect that the prosecution o f American business in foreign countries would
bo greatly helped by improved banking facilities, tho bill authorizes any
national banking association with a minimum capital of 81,000,000 to
establish branches in foreign countries for tho furtherance o f foreign com­
merce o f tho United States and to act as fiscal agents o f tho United States
abroad. Tho Federal Iteservo Board is required to pass upon all applica­
tions of national banks to establish such banks abroad.

LEGISLATIVE, BANKING AND FINANCIAL NEWS.
Thirty shares of bank stock were sold at the Stock Ex­
change this week and none at auction. N o transactions in
trust company stocks.
Shares. BAN If — N ew York.
Low. High. Close.
30 Commerce, Nat. Bank o f------171
171
171

Last ■previous sale.
M ay 1913— U S 'A

Preliminary to a reopening of the “ M oney Trust” inquiry
Representative Henry of Texas on tho 13th inst. introduced a
bill, similar to that which succeeded last year in getting
through the House of Representatives only, intended to
remove all doubt as to the inquisitorial powers of Congress.
The Henry bill proposes to amend the National Bank Act
so as to provide that
“ No banking association shall be subject to any vlsitorial powers other
than such as are authorized by this title, or are vested in the courts of jus­
tice, or such as shall bo or shall havo been exercised or directed by tho
Congress or by either House thereof."

M r. Henry is quoted as saying that “ tho introduction of
this bill means that I think further investigation of the
‘M oney Trust’ should be immediately pressed” . According
to tho statement attributed to him ho says:
The Pujo Committeo barely scratched tho surface of facts underlying
tho concentration o f control o f money and credit. When they undertook
to go into that subject tho Comptroller of tho Currency, tho mere creaturo
o f tho law, perched himself behind tho statute which vested in him and tho
courts exclusively all visitorial powers and denied to tho investigating
committee all access to his records and those of tho banks, although tho
Committeo askod for nothing except touching transactions beyond a million
dollars. Hence, without access to such records, tho Pujo Committee was
powerless to completely expose tho existing relations between tho Wall
Street bankers and their allies with tho trusts and monopolies, stock
gamblers and financial conspirators.

The bill lias been referred to tho House Committee on
Judiciary. On the 17th inst. M r. Henry sought to have
passed in the House by unanimous consent a resolution
authorizing the printing of 100,000 additional copies of tho
Pujo Committee’s “ M oney Trust” roport; this move was
objected to by Representative Austin of Tennessee (Re­
publican) and the House failed to authorize tho issuance of
the additional copies.
Tho Currency Commission of the American Bankers'
Association, at its conference in Atlantic City, N . J ., on
Wednesday, the 18th inst., appointed a sub-committee of
five to prepare a report embodying replies to the thirty-three
questions through which the Senate Banking and Currency
Committee is seeking suggestions for remedial currency
measures. The sub-committee completed its task on Thurs­
day, when its recommendations, slightly modified, were
adopted. A statement respecting this report is expected to
be made in a day or two. The only reference, as far as the
public is concerned, to tho Administration bill,forthcoming
from the bankers during their session was made by A . B .
Hepburn, Chairman of the Currency Commission, who is
quoted by the “ Times” as saying that:
“ The answers to the thirty-three questions will constitute a fairly complete
commentary on tho bill, although not addressed specifically to its provi­
sions. I hey will state the position of the Commission on tho questions
which are tho subject-matter of the bill.
I don’t think further statement
concerning it will be necessary at this time, and I don’t think any member
o f tho Commission ought to discuss it individually.”

1 he sub-committee which prepared the answers consisted
of M r. Hepburn, Chairman of the board of directors of the
Chase National Bank of Now York City; James B . Forgan,
President of the First National Bank of Chicago; Joseph T .
Talbert, Vice-President of the National City Bank of New
York; George M . Reynolds, President of the Continents




[ V o l . XCV 1.

& Commercial National Bank of Chicago; John Perrin of
Perrin, Drake & Riley, Los Angeles.
The Democratic Caucus of the Senate began consideration
of tho tariff revision bill yesterday (Friday). Pending tho
caucus action on the bill, hearings by the lobby investiga­
tion committee have been suspended. During tho past
week the Democratic members of the Senate Finance Com­
mittee, in their revision of the bill, made a number of changes
in it. One important action of the Committee is tho adop­
tion (on the 19th inst.), of an amendment providing for tho
appointment of a commission to be composed of members of
the Senate Finance and the House W ays and Means com­
mittees to make a thorough study of the wholo tariff adminis­
tration question and report recommendations for its readjust­
ment. On the 13th inst. the Committee voted to amend
that section of the Underwood bill which puts on tho free
list all print paper valued at not more than
cents a
pound, by incorporating in tho bill the Canadian Reciprocity
Act of 1911, this extending the free list so as to includo all
print paper valued at not more than four cents a pound;
on tho 19th inst., however, tho Committeo voted to recon­
sider this action, and struck out the amendment, leaving
the Underwood provision undisturbed. On tho 16th inst.
a motion was made by the majority members of tho Com­
mittee to reconsider action approving the free listing of
live stock and wheat subject to a countervailing duty, the
proposal being to eliminate the provision for a counter­
vailing duty and leaving cattle, sheep, hogs and wheat on
tho free list unrestricted; it was subsequently announced
that the Committee would add a countervailing duty
clause, which would make tho products freo only from
such countries which did not make tho articles dutiable
when coming from this country. A n amendment adopted
on the 20th inst., would, it is stated, give tho President
authority to suspend certain rates in tho proposod law and
to proclaim special rates against nations which discriminate
against products of the United States. In substance tho
amendment would provide that when any nation discrim­
inates against the products of tho United States or imposes
restrictions upon United States exports, or does not, in tho
opinion of tho President, reciprocate in trade relations,
the President may, by proclamation, suspend certain rates
and put in effect other rates. Only specified articles, it
is understood, are to bo included under tho terms of this
amendment and the retaliatory rates aro specified also.
Am ong the articles included in the list upon which the Presi­
dent might suspend rates are fish, wheat, wheat flour, coffee,
tea, earthenware, wines and malt liquors, silk dress-goods,
leather gloves, jewelry, sugars and molasses. Tho duties
prescribed vary as to tho different articles. Besides adding
this amendment tho majority members stripped the adminis­
trative provisions of the bill of many of its now features,
including tho inquisitorial clause, which gavo American
agents the right to examine foreigners’ books in cases of
disputed import valuation. They also struck out tho provi­
sion requiring registration bureaus for commissionarios and
agents in American consulates; tho provision to permit attor­
neys to take up valuation claims or protests on a contingent
fee; tho provision to give tho Secretary of tho Treasury tho
right to determine tho existence or non-existonco of a foreign
market; the anti-dumping clause, which provided excess
duties on imports undersold in this country, and tho 5 per
cent, tariff discount on imports in Amorican vossols. i
On the 16th inst. the majority mombors of tho Committee
unanimously rejected tho amendment of Senator Hitchcock
providing for a graduated excise tax on tobacco manu­
facturers. Another amendment to tho incomo tax section
of the bill which was introduced by Senator Hitchcock on
the 17th, provides for a graduated incomo tax upon all cor­
porations having a capital of moro than $100,000,000 pro­
ducing or controlling moro than one-fourth tho entire produc­
tion of any commodity. It was decided by tho Democrats of
the Committee, on tho 19th inst., to change tho basic exemp­
tion of the incomo tax from $4,000, as in tho House bill, to
$3,000. This, it is announced, would apply only to singlo men
or women. An additional provision would givo to tho married
man with a dependent wife or to tho married woman with a
dependent husband $1,000 more exemption or a total of
$4,000. Further exemption is provided for tho family at
the rate of $500 for each minor child, but in no caso would
this apply to more than two children. This would mako tho
exemption for the family with two or more children $5,000.
The Underwood bill treated tho man and tho woman of
the family as a unit in fixing tho exemption of $4,000, but

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the Senate Committee lias added another amendment which
would make taxablo the income of both husband and wife
if each had separate taxable incomes.
According to a preliminary announcement on tho 13th inst.
concerning the findings of the IIouso Committee on Merchant
Marine and Fisheries which has conducted an inquiry into
tho alleged “ shipping trust” , the Committee finds that
competition between coastwiso lines has practically been
eliminated, and that all established lines from American
ports aro parties to “ agreements” . Representative Alex­
ander, Chairman of tho Committee, is quoted as stating that:

1747

Following the dismissal from office in April of Prof. Willis
L . Moore as Chief of the United States Weather Bureau,
Secretary Houston is reported to have suspended the fol­
lowing during tho past few weeks, pending an investiga­
tion: Henry L . Heiskell, Professor of Meteorology; D . J.
Carroll, Chief Clerk; J. Warren Smith, Professor of Meteor­
ology, Columbus, Ohio; Henry B . Hersey, General Inspector,
Milwaukee; Ilosswitte E . Pollock, Section Director, Tren­
ton, N . J ., and Norman P . Conger, General Inspector,
Detroit. In all, about thirty-nine men in the Weather Bu­
reau are said to have suffered either by deposition, demotion
or suspension since Chief Moore was removed from office.

“ In tho domestic trado, agreements between steamship linos toregulato
competition do not play nearly so prominent a part as in tho foreign trado.
But numerous methods may be used to accomplish tho saino purpose, and
tho Committoo is awaro of at least thirty which havo been, or aro being
used, to control competition between water carriers in tho domestic trado.
“ In tho trade with foreign ports, the Committee found at least seventy-six
agreements or understandings whose purpose was to fix and maintain rates,
regulato tho traffic and in many instances pool tho business. These agree­
ments govern nearly all tho regular lines operating in various branches of
tho American foreign trado to Europe, Africa, South America and the
Caribbean district. Practically all tho linos servin g both tho Atlantic and
Pacific seaboards of tho United States aro members of conferences or work in
co-operation through written agreements or oral understandings.”

An appeal to the United States Supreme Court was granted
on the 19th inst. by Chief Justice W hite to Samuel Gompers,
John Mitchell and Frank Morrison, of the American Fed­
eration of Labor. The petition was presented to the Su­
preme Court on M a y 26 after the motions for a writ of error
and rehearing were denied by the Court of Appeals of the
District of Columbia, which on M a y 5 affirmed the contempt
judgment against the labor leaders growing out of the Bucks
Stovo & Range case, but modified the sentences imposed by
Three volumes bearing on tho inquiry havo already been tho Supreme Court of the District of Columbia. The appeal
issued by tho Committee; the first two volumes, according will bo heard after October.
to the “ Journal of Commerce” , contain tho testimony and
The findings in the Grand Jury investigation into the oleo
exhibits presented to tho Committoo during its recent hear­
ings, togothor with a summary of tho views of the representa­ margerino cases compromised by ex-Seeretarj^ of the Treas­
tives of conference linos and Amorican exporters and im­ ury MacVeagh were presented on June 10 to Judge Landis,
porters concerning tho advantages and disadvantages of of tho United States District Court at Chicago, who ordered
steamship conferences and agreements; tho third volumo tho inquiry on March 17. Instead of a claim of $1,200,000
consists of ninety special diplomatic and consular reports on against tho oleomargerine manufacturers (which was com­
tho methods and practices of steamship lines engaged in tho promised for $123,000), the report maintains that a tax of
foroign carrying trado of tho United States. In the fourth more than $2,000,000 should have been levied against the
and final volumo, now in course of preparation, a summary manufacturers for tho artificially colored cottonseed oil
of all the data collected during tho investigation will bo pre­ used. In exonerating the manufacturers from any con­
sented along with tho recommendation sof tho Committee. spiracy to defraud, the report of the Grand Jury says:
The inquiry was authorized under a resolution adopted by
the IIouso of Representatives on March 5 1912.
A radical and far-reaching extension of the Food and Drugs
Act went into effect Juno 16 by the unanimous vote of the
tlireo Secretaries. On motion of Secretary Houston, acting
under an opinion of the Attornoy-General, tho Secretaries
of tho Treasury and of Commerce on that date joined with
tho Department of Agriculture in putting domestic meat and
meat food products for the first timo fully under the provi­
sions of tho Food and Drugs A ct. For tho first time, there­
fore, manufacturers of meat foods will now bo required to
comply with tho Food and Drugs Act as well as tho M eat In­
spection Law. This action was taken by revoking Regula­
tion 39 of tho Rules and Regulations for tho Enforcement of
the A ct, which was adopted Oct. 17 1906, and since that timo
has specifically exempted meats and meat food products
and their producers from the operation of tho Foods and
Drugs Act. Owing to this regulation, now revoked, tho D e­
partment of Agriculture hitherto has been effectually pre­
vented from proceeding against manufacturers of moat foods
under the Pure Food Law, or ordering seizures and prosecu­
tions for misbranding or adulteration of domestic meats.
Tho revocation of UoKulatlon 39 now gives tho Department of Agriculture
tho power to treat meats and meat food products exactly like any other food
In Inter-State commerce. Tho change, however, in no way interferes with
tho powers of tho Department of Agriculture conducted under the Meat
Inspection Law. It simply brings meat under tho Food Act, as well as
under tho Meat Inspection Law, and thus gives tho Government control
over meat foods not only in tho Federally inspected establishments, but
after tho meat product has left such establishment on an Inter-State jour­
ney. Under tho now decision, tho Government can now control meat foods
in Inter-State commerce from tho hoof to tho retailer, subject only to tho
limitations of tho power o f tho Federal Governmentin Inter-State commerce.
Under tho opinion of tho Attorney-General, and tho action of tho threo
Secretaries, tho Department of Agriculture is empowered to requiro all
manufactured meat products to conform fully to its labeling regulation and
can enforce its penalties, prosecutions and seizures for misbranding and
adulteration.
A committee has been appointed by tho Secretary o f Agriculture to pro­
vide an effective plan for co-operation betwcon tho Bureau of Chemistry
and tho Bureau of Animal Industry to exercise control to tho full extent
authorized by law over domestic meats and meat food products. With ef­
fective co-operation between these two bureaus, tho seizure arm of tho Food
and Drugs Act, it is belioved, will bo a powerful means o f regulating traffic
in unsound meats.

Ponding an inquiry into alleged charges of lack of disci­
pline in the Bureau of statistics of tho Department of Agri­
culture, Victor II. Olmsted, statistician of tho Bureau,
was suspended on tho 18th inst. by Secretary Houston.
Nono of tho charges, it is stated, reflect on tho integrity of
M r . Olmsted, but aro said to concern tho discipline of his
offico, which, it is reported, has not been satisfactory.




“ There is no ovidence which shows the manufacturer of tho cottonseed
oil was a party to a scheme to defraud tho Government.
*
*
*
*
*
*
*
Wo havo been advised by the attorneys for tho Government that in view
of tho fact that the Commissioner and other agents of the Bureau of In­
ternal Itovonuo assert they were not imposed upon or deceived, no charge
of fraud is to bo made against those manufacturers. This disposes of tho
matter which was specifically referred to us for investigation by theCourt.
Wo understand tho law gives the Commissioner of Internal Revenue
ample power to summon and examino witnesses and get all tho facts ho
should havo considered in passing upon this offer in compromise. We have
not had tho benefit of tho statements of the Commissioner before us as to
his reasons for failing to get essential information, therefore wo cannot un­
derstand why ho should have compromised what appears to us to havo been
a clear claim on tho part of the Government for 51,200,000 for less than
1 0 % of tho face of tho claim.

W ith regard to new legislation urged, the report, accord­
ing to the Chicago “ Record-Herald,” says:
What was done in this matter convinces us Congress should direct its
attention to tho statute conferring power upon tho Commissioner of In­
ternal Rovenuo in tho making of compromises, and should so modify tho
law, or repeal it if necessary, that a repetition of this will bo impossible.

Concerning tho additional claims referred to in its findings,
tho Grand Jury states that “ as these amounts do not appear
to havo been compromised, we request that the attention of
the proper authorities bo called to the facts that proper steps
may bo taken to collect these unpaid taxes.”
Edwin F . Itorebeck, recently relieved as National Bank
Examiner in charge of tho Now York City district and
assigned to special work under the Comptroller of the Cur­
rency, has resigned. Bank Examiner Charles Starek was
placed in cliargo of the examination of national banks in
tho New York City district, succeeding M r. Rorebeck.
Tho order compelling the attendance of the national bank
examiners at tho annual meetings of the examiners is reported
to havo been revoked by Acting Comptroller of the Currency
T . P . Kane. Under the order of former Comptroller M u r­
ray, tho examiners were required to attend the meetings at
their own expense. M r . Kane, it is said, takes the view
that compulsory attendance throws a burden upon tho shoul­
ders of tho men because of the expense involved, for which he
holds thero aro no compensating results.
M r. Kane has also rescinded the order of M r . Murray re­
quiring tho national bank examiners to furnish bonds of
$20,000 each; in this case he asserts that the bonds had no
legal force, there being no authority under the law for the
requirement of such security. M r . Kano thinks, however,
that bonds ought to be legally required.
Another ruling of ex-Comptroller Murray has beenchanged
by Secrotary M cAdoo. This concerns the examinations of
tho national banks of Chicago. Secretary M cAdoo has direct­
ed that in future they be examined by Federal examiners at
oast twice a year, instead of only once every nine months, as

1748

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[ V o l . X CV I

has been the custom for several years. The number had been I regulatory laws governing national banks, and then accord each all privireduced by former Comptroller Murray because of the co­ I leges granted national institutions.
4.
Establish a bankers’ bank, whose functions shall be in general terms
operation between the national bank examiners and the Chi­ all that tho Bank of France, the Bank of England and the Reichsbank of
Germany aro to those countries. They all have their panics and their
cago Clearing-House examiners in their respective examina­
commercial revolutions and over-speculative periods, but who over heard
tions. It was decided, however, byJSecretary M cAdoo and of those countries In time of peace and plenty suspending currency payments
Acting Comptroller Kane that no exception should be made as we did in 1893 and in 1907?
Suppose I should advocate that the Government enact a law requiring
in favor of Chicago over all other cities, where examinations
every battleship, cruiser, army transport and torpedo boat to anchor in
are made seim-annually.
their foreign ports, and regardless of whether an attack was made on the
Speaking in support of the plan of the National Monetary
Commission proposing the Central Reserve Association,
Senator Theodore E . Burton, a member of the CoiTnnission,
in an address before the Association of CreditJMen at Youngs­
town, Ohio, on M a y 31 said:
The objections to the regional plan are, in the first place, that it is not
truly national. All our banking business, Iiko transportation and many
other commercial and industrial operations, is more and moro becoming
National, and this applies with special emphasis to the utilization of banking
reserves. Separate and unrelated organizations would seek to maintain
their own credit and supply their own customers without regard to the
needs of others. There would be no effective unity of action in facing a
financial storm.
All the advantages which can bo obtained from the separation
into different regional associations can be as adequately and far more fully
secured by the establishment of branches of ono central institution. Under
the regional plan, in case any one bank should bo in trouble, it could have
ready resort to the banking resources of but a fraction of the country: if,
under a central association plan, it would have the immediate support and
backing of all the banks of the country.
In times o f slackness, when a bank has a surplus to invest, under the
central association plan it could seek the very widest field for investment,
a field which under the regional plan would be very much limited. The
two great objects, an adequate and elastic currency and the proper utiliza­
tion of reserves, can be best obtained by a central association.

A t the annual convention in St. Paul of the National
Association of Supervisors of State Banks, held on the
2d, 3d and 4th inst., a committee was appointed to arrange
a meeting of representatives of the various States to consider
uniformity of “ blue sky” laws. The committee consists
Of A . L . Thorndike of Massachusetts, F. C . Williams of
Vermont and J. A . Broderick of New York. The Associa­
tion also adopted a resolution requesting the continuance
by the office of the Comptroller of the Currency of the co­
operation between the national and State banking depart­
ments which was inaugurated by Comptroller Murray. An
apparent disposition by the new Administration to discon­
tinue these relations is said to have prompted the adoption
of the resolution. Edward W . Doyle, Bank Commissioner
of Michigan, is the newly elected President of the Associa­
tion.
An urgent plea for protecting two branches of the country’s
commerce and finance was made by Festus J. W ade, Presi­
dent of the Mercantile Trust Co. and the Mercantile National
Bank of St. Louis, at the commencement exercises of the
College of Commerce and Finance of the St. Louis Uni­
versity. M r . W ade’s remarks had reference to railroad
transportation and the necessity for an increase in freight
rates, and the imperative need of reform in currency legis­
lation, especially with regard to bank reserves. On these
two important subjects M r . W ade spoke in part as follows:
The first problem to be solved is to find a way to remedy the conditions
confronting the railroad companies providing transportation facilities.
It needs no student o f commerce to discover that the railroads to-day aro
obliged to pay from 15% to 40% more In wages than a decade ago. Nor
does it requiro a student of finance to know that tho railroads are required
to buy money at from 25% to 30% more than they had to pay even a year
ago. On tho other hand, the plainest American citizen knows that an
attack on tho railroads by designing politicians, in many cases, misguided
reformers and others, has reduced transportation rates in many of tho States
from 20% to 30%, notwithstanding tho enormous increase of doing
business. Therefore, it must be as plain and simple as A , B, C*
If you increase the cost to tho transportation companies of doing business
from 15% to 40%— 1. e., to buy labor and money— you must not only stop
decreasing transportation rates, but, as a good American citizen, you must
insist upon railroads being granted an increase in transportation.
Therefore I appeal to those of you who have tho interests of tho Govern­
ment at heart to urge the Inter-State Commerce Commission at Washing­
ton, by letter without delay, to grant tho horizontal increase of 5% in rates
asked by the great trunk lines of the East, to tho end that the greatest
artery of commerce (the railroads) may bo protected in an imminent hour
of need. Why they did not demand 10% or 15%, I cannot understand.
And, further, urge in a most emphatic manner that an increase of at least
10% be granted all Western and Southern roads without delay, so that fur­
ther receiverships and disasters may be averted.
The other problem to which I refer is tho department offinance. You
have doubtless heard a great deal about currency legislation, reformation
of the monetary laws of tho nation, the Aldrich bill—all looking to tho
strengthening of tho national financial system. Millions of pages o f readi ng matter have been published on this subject, but, after all is said and done,
there simply remain four fundamental principles to consider. All the other
items are mere details which may be worked out in the counting house by
administrative officers. These fundamental principles are:
1. A bank reserve that may bo used in timo o f fear or panic.
2. Elimination of a fictitious bond-secured currency, and hi its placo
a substitution o f a currency that will be elastic; that may be contracted
or oxpanded as tho needs o f commerce require.
3. Laws that will obligate all corporations, State and national, doing a
general banking business, to bear all the burdens and subscribe to all the




Atlantic or Pacific. They would then be required by law to sit idly by
in their present location, even though that section was in aboslutoly no
danger of attack. Suppose I advocate that the army of tho country bo
obliged to romain at the army posts where they aro now domiciled, and,
regardless of war with a foreign nation or insurrection at home, they bo not
permitted to mobilize or strengthen the weak point of defense. Suppose,
again, that each State pass a law prohibiting its State militia to cross over
the border to a sister State to help it hold its domain against a foreign and
common enemy. Would you not regard me as an enemy of society and a
detriment to the Government and the republic?
Yet, my friends, that is exactly what your law-makers have done with
the most potent reserve of any nation— that is, its cash reserve. The
national bank laws require tho St. Louis national banker to keep on hand
25% reserve against his deposits, and this same law says it is a direct vio­
lation of law, and tho bank’s officers are liable to prosecution, if thoy touch
such reserve. At tho samo time, no provision is made, no matter how solv­
ent a bank may be, for getting money on good clean assets to prevent an
invasion of its reserve or repudiating its obligations, as was dono in 1893
and 1907. The standing army of the United States is divided into 46,000
units (officers and mon) that may be mobilized at any point upon the order
of the Commander-in-Chief, the President. Tho standing cash reservo of
tho United States is divided into 26,000 units (banks and trust companies),
and theso reserves aro not only held in separate units, but those in control
of them aro subject to prosecution and disgrace if they should attempt to
mobilizo tho great force thoy possess to avert a panic, when tho worst o f
all attacks comes upon a people— and that is general financial fear. You
cannot maintain an army or navy, nor can you properly develop your
agricultural resources, manufacturing Industries, commercial establish­
ments or transportation facilities without money. And you cannot
either as a nation, a corporation or individual borrow money on an equitable
basis until your Government has a sound financial system.

In an address before the Indiana Conference on Agricul­
tural and Country Life at Indianapolis on the 4th inst.,
George Woodruff, President of tho First National Bank of
Joliet, 111., submitted his ideas with respect to “ Farm
Finance Legislation.” To M r. Woodruff’s mind, tho dis­
cussion of proposed American legislation on this subject
naturally divides itself into two parts: First, that concerning
personal credit, and, second, that affecting mortgage credit;
furthermore, he sets out, each of these two subdivisions
doubtless demands two different kinds of legislation: one
designed to rapidly improve the present situation and to
bring some immediate degree of relief to the farmer, and tho
other planned to gradually develop and build up permanent
systems of farm finance, the benefits of which will be reaped
by tho farmer some time in the future. In his further treat­
ment of the subject, M r. Woodruff said:
Agricultural personal credit should be developed immediately by an en­
largement of tho facilities of our present banks, and permanently by tho
establishment of a system of little, co-operative, neighborhood, financial
institutions similar to tho co-operative banks of Germany and Italy.
We already have an organization of ordinary joint stock credit banks
such as has never been seen before in any country in tho world. These
banks aro practically all independent, locally owned, community institu­
tions, and if they were given sufficient flexibility, thoy would be ablo to
immediately do much to care for the temporary needs of the American
farmer. This flexibility can be brought about only by tho passage of a
proper Federal banking and currency law creating somo central banking
organization which will tend to bind all of tho independent banks together
as is dono in Europe, where each system of banks, whether joint stock or
co-operative, is hold together by its central bank.
This law should provido for the establishment of a central bank or bank
to which the individual institutions can in timo of need apply for re-dis­
count privileges, and should also authorize bank acceptances. Under such
a law tho small country bank in the little agricultural community would bo
ablo to command enlarged credit facilities for its local agricultural interests
through its ability to ro-discount farmers’ notes with tho central bank, and
would bo ablo to follow the example of European banks, both joint stock
and co-operativo, and by ’ ’accepting” tho farmers’ bill of exchange and ob­
taining tho acceptance of another bank, would bo ablo to turn these bills
into prime mercantile paper, good in tho international discount markets
of the world. Thus by tho passage of a proper Federal banking and cur­
rency law, a great enlargement of short-time agricultural credit could bo
brought about and tho farmer would feel the benefit almost immediately.
Permanent systems of farm finance should doubtless bo co-operative,
and in States where tho need exists a successful system of co-operativo per­
sonal credit banks could perhaps be brought about by tho passago in each
such State of a co-operative personal credit bank law similar to the Mas­
sachusetts Credit Union Law, which provides for tho establishment of little
co-operative banks resembling the co-operativo banks of Europe.
*
*
*
*
*
*
*
*
*
*
*
*
Agricultural mortgago credit should be developed immediately by tho
organization of joint stock mortgago banks, and permanently by the estab­
lishment of a system of co-operative mortgago banks modeled in some rospects after tho American loan and homestead associations, and in others
after tho landschaftenlof Germany. Each State should perhaps pass laws
copied as nearly as possible after their present State banking laws author­
izing tho establishment of a new class of banks to bo incorporated and or­
ganized on exactly tho same lines as tho present State banks and to bo sub­
ject to exactly tho same general restrictions, tho only difference being that
theso Institutions should be known as State mortgago banks and should
have no powers beyond those of loaning money on long-term amortization
mortgages and Issuing and selling bonds secured by the mortgages, but theso
proposed mortgage banks should of course be subject to all of tho special
restrictions which have been found by universal practice to bo necessary
to tho safo conduct of this type of bank. * * * After a while it might

June 21 1913.]

T H E

1 7 4 9

C H R O N IC L E

b o found advantageous to pass a Federal law establishing a largo national
m ortgage bank which would act as a central bank for all o f the individual
State institutions. It would perhaps be best to have this central bank
under tho authority o f the national G overnm ent, although the individual
banks should bo organized under Stato laws because o f tho differing m ort­
gage laws and practices in each Stato. T he functions o f this national m ort­
gage bank m ight be only to accept mortgages under certain restrictions
from the individual Stato banks and issue therefor its bonds secured b y
such mortgages. T ho national bank would therefore merely exchange Its
bonds with the individual bank for its mortgages, but as the bonds o f tho
national bank would be thoroughly known and understood throughout the
world and would bo listed upon tho principal stock exchanges, tho Individual
bank, would always be able to sell at som e price the bonds which it received
from the national bank, and consequently, within certain limits to be pro­
vided to guard against over-extension o f m ortgage credit, tho American
farm er would practically always be able to obtain m oney prom ptly upon his
farm m ortgage, oven though the available m ortgage funds in his ow n com ­
m unity m ight be temporarily exhausted.

le c t e d o n t h e s e g r e g a t e d a s s e t s o f t h e K n i c k e r b o c k e r T r u s t
C o . , p a y a b le J u n e 3 0 t o h o ld e r s o f b e n e fic ia l c e r tific a te s o f
record J u n e 2 5 .

T h e b o o k s w ill n o t c lo s e .

S c h e d u le s i n b a n k r u p t c y o f t h e S t o c k
M itc h e ll &

C o . a re sa id t o sh o w

w h ic h $ 1 7 ,5 8 5
la tte r ,

are secu red , a n d

$ 7 3 ,0 0 6

re p rese n ts

E x c h a n g e fir m

of

lia b ilitie s o f $ 1 8 0 ,9 2 1 , o f
a sse ts o f $ 1 9 0 ,2 4 5 ; o f

o u tsta n d in g

accou n ts,

th e

$ 6 0 ,0 0 0

c o n sists o f a c la im a g a in s t A . M u s ic a & S o n , $ 4 0 ,0 0 0 rep re­
se n ts th e v a lu e o f th e S t o c k E x c h a n g e s e a t o f F . B . A le x ­
an der an d
C o tto n

$ 1 6 ,5 0 0

th e seat o f J .

E xchange.

The

d a t i o n s in c e M a r c h

fir m

M urray

M itc h e ll o n

h a s b e e n in

th e

p ro ce ss o f liq u i­

19.

A p p lic a tio n h a s b e e n m a d e to th e N e w Y o r k S t a t e B a n k in g
A t t h e c o n c l u d i n g s e s s io n o f t h o W e s t V i r g i n i a B a n k e r s ’
C o n v e n tio n

at

E lk in s

on

th e

1 2 th

in s t.

a

r e s o lu tio n

w as

a d o p t e d in w h ic h i t w a s r e c o r d e d a s th e se n se o f th e m e e t in g
t h a t a n e x c u rsio n to
E x p o s itio n

be

th e P a c ific C o a s t d u r in g th e P a n a m a

arran ged

by

th e

A s s o c ia tio n .

A

c o m m itte e

w a s a p p o in t e d to a s c e r ta in th e f e a s ib ilit y o f th e p la n a n d to
m ake

th e

n e c e ssa ry a r ra n g e m e n ts,

th is c o m m i t t e e

c o n sist­

D e p a r t m e n t f o r a c e r t i f i c a t e o f in c o r p o r a t i o n f o r t h e B a n k
o f th e U n ite d
$ 1 0 0 ,0 0 0 .

S ta t e s in N e w

A llm a y e r , H e n r y L o e b , W illia m

C i t y , w it h a c a p ita l o f

T ager and

H . L o u is J a c o b ­

son o f N e w Y o r k a n d Isr a e l S h a p e r o o f A r v e r n e .
T heodore

F.

J ack son ,

in g o f W . B . I r v in e , W . G . W ils o n , G le n n F . B a r n e s , M a s o n

Bank

M a th e w s a n d F . M . S ta u n to n .

e ig h ty -th ir d y e a r .

A n o t h e r r e s o lu tio n a d o p t e d

Y ork

T h o s e id e n tifie d w it h t h e m o v e m e n t a r e E m a n u e l

o f B r o o k ly n

a

d ir e c to r

B orou gh ,

d ie d

M r . J ack son

of

on

th e

th e

F ir s t

1 8 th

N a tio n a l

in s t.

in

h is

w a s fo r m e r ly C o m p t r o lle r

c a lls fo r t h e a p p o in t m e n t b y th e P r e s id e n t o f th e A s s o c ia t io n

o f th e C i t y o f B r o o k ly n a n d se rv e d a s R e g is t r a r o f A rr e a rs

o f a p e r m a n e n t a g r ic u ltu r a l c o m m i t t e e , w ith W . G . W ils o n

d u r in g S e t h L o w ’ s a d m i n i s t r a t i o n a s M a y o r o f B r o o k l y n .

as

C h a ir m a n .
T h e d e p o sits o f th e F ir s t N a t io n a l B a n k o f P a t e r s o n , N . J .,
H en ry

R . T o w n e r e tir e d a s P r e s id e n t o f th e M e r c h a n t s ’

A s s o c ia tio n

of N ew

Y ork

s u c c e e d e d in

t h e o ffic e b y

P re sid e n t

th e

on

of

th e

W illia m

A s s o c ia tio n .

th e P r e s id e n c y fo r

a

1 9 th

s ix th

A .

In

te rm

i n s t ., a n d

has been

M a r b le , F ir s t V ic e ­

a c c e p tin g

r e -e le c tio n

in J a n u a r y ,

M r.

to

Tow ne

a g a i n s h o w a n in c r e a s e a n d a r e n o w
as $ 3 ,2 0 4 ,2 3 2 .

(J u n e 4 1 9 1 3 ) re p o rte d

T h is in s titu t io n , o f w h ic h E d w a r d

T . B e ll

is P r e s i d e n t a n d W . W . S m i t h , C a s h i e r , h a s p a i d in d i v i d e n d s
s in c e i t s o r g a n i z a t i o n $ 2 , 1 9 7 , 0 0 0 .

T h e a n n u a l d iv id e n d r a te

is 1 4 % .

a g r e e d t o c o n t i n u e in t h e o f f i c e o n l y u n t i l s u c h t i m e a s t h e
A s s o c i a t i o n w a s s e t t l e d in i t s n e w q u a r t e r s a n d i t s m a c h i n e r y
w a s in s m o o t h l y r u n n i n g o r d e r .

M r . M a r b le , th e n ew h ead

A s e m i-a n n u a l d iv id e n d o f 3 ^ %
in s t.

by

th e

W estch e ste r

T ru st

w a s d e c la r e d o n t h e 1 7 t h
Co.

of

Y on k ers,

N .

Y .

o f t h e o r g a n i z a t i o n , w a s o n e o f t h e o r ig i n a l m e m b e r s o f t h e

H e r e to fo r e th e c o m p a n y h a s p a id a d iv id e n d a t th e r a te o f

A s s o c ia tio n .

6 % p e r a n n u m , a n d n o w in c r e a s e s t h e s a m e t o t h e r a t e o f 7 % .

H e is a d i r e c t o r a n d a m e m b e r o f t h e e x e c u t i v e

c o m m itte e o f th e C h a m b e r o f C o m m e r c e o f th e U n ite d S ta te s
o f A m e r i c a a n d is V i c e - P r e s i d e n t o f t h e B r o a d w a y A s s o c i a ­
tio n o f th is c it y .

H e is s u c c e e d e d a s V i c e - P r e s i d e n t o f t h o

M e r c h a n t s ' A s s o c ia tio n b y . D a n ie l P . M o r s e .

G eorge W .
1st a n d
Bank

2d

C ow ard

o f th e C o w a rd

Shoe C o . and

C h a r le s

of

th e

bank

has

been

opened

at

W arren

A

new bran ch

and

C h a r le s B o n d

have

b o th

of

been
th e

e le c te d

A m e r ic a n

to su cceed J o h n B u r t a n d J o h n

H .

re tire d .

H .

M a t t l a g e o f C h a r le s F . M a t t la g e & S o n s h a v e b e e n e le c te d
d ir e c to r s o f th e C e n t u r y B a n k o f th is c i t y .

and

o f P h ila d e lp h ia ,

B a iz le y ,
J. M .

Young

V ic e -P r e s id e n ts , r e s p e c tiv e ly ,

G r e e n w ic h

W illia m

C .

C r a ig e

has

been

O ffic e r o f th e P r o v id e n t L ife &

a p p o in te d

A s s is ta n t

T ru st

T r u s t C o . o f P h ila d e lp h ia ;

h e a l s o c o n t i n u e s in t h e p o s t o f T i t l e O f f i c e r .

stre e ts.
The
H en ry

S.

H errm an,

N a tio n a l B a n k
b r ie f il ln e s s .

P r e sid e n t

of

th e

o f th is c i t y , d ie d o n

th e

U n io n
1 6 th

Exchange

in s t. a fte r a

M r . H e r r m a n h a d b e e n a t th e h e a d o f th e in s ti­

t u t i o n s in c e i t s o r g a n i z a t i o n i n 1 9 0 3 ; i t w a s o r i g i n a l l y a S t a t e
b a n k — th e

U n io n

E xchange

th e n a tio n a l s y s te m

Bank— but

in 1 9 0 9 .

w as

c o n v e r te d

d ir e c t o r s o f t h e S a f e

D e p o sit &

T r u s t C o . o f P itts ­

b u r g h h a v e e le c te d W m . D . G e o r g e a V ic e -P r e s id e n t o f t h e
in s titu t io n
d ir e c to r .

a n d J u d g e W illia m
M r.

A . W ay

h a s b e e n e le c te d a

G e o r g e h a s b e e n a d ir e c to r o f th e c o m p a n y

fo r m a n y y e a r s .

to

M r . H e r r m a n w a s a ls o V ic e ­

The

C e n t r a l N a t io n a l B a n k o f F r e d e r ic k , M d . , w a s su c ­

P r e s id e n t o f t h e P a r k R e a lt y C o . a n d a d ir e c to r o f s e v e r a l

ceeded on

o th e r r e a lty

h a v i n g b e e n p l a c e d in v o l u n t a r y l i q u i d a t i o n .

o r g a n iz a tio n s .

th e

2 d in s t. b y th e C e n tr a l T r u s t C o ., th e b a n k
The

in s titu ­

t i o n h a s a c o m b i n e d c a p i t a l a n d s u r p lu s o f $ 4 0 0 , 0 0 0 ; E m o r y
An

o r d e r d is m is s in g

th e

in d ic tm e n t a g a in s t fo r m e r C i t y

C h a m b e r l a i n C h a r l e s H . H y d e w a s is s u e d b y t h e A p p e l l a t e
D iv is io n o f th e S u p r e m e C o u r t o n th e 1 9 th in s t.
d ic t o f th e

C o u r t s e t t in g a s id e M r .

T h e ver­

H y d e ’s c o n v ic tio n w a s

h a n d e d d o w n o n M a y 1 6 a n d r e f e r r e d t o in o u r is s u e o f M a y 1 7

L . C o b l e n t z , w h o w a s P r e s i d e n t o f t h e b a n k , is

P re sid e n t o f

th e c o m p a n y ; C h a r le s W e r t h e im e r a n d J o h n C . L a m a r a r e
V ic e -P r e s id o n ts ;

R .

A .

K em p

(p r e v io u s ly

C a s h ie r )

is

Sec­

r e t a r y a n d T r e a s u r e r , a n d F . C . N o r w o o d is C h a i r m a n o f t h e
E x e c u tiv e C o m m itte e .

T h o o r d e r , s ig n e d b y P r e s i d i n g J u s t i c e I n g r a h a m , is a s f o l l o w s :

T hat the said Judgment bo and the same hereby Is reversed, the indict­
ment dismissed and tho defendant discharged; and said judgm ent Is not
reversed in the exerciso o f the C ou rt’s discretionary power, but solely for
erroneous ruling on tho trial in the admission and exclusion o f evidence, and
upon the ground that the facts proved upon tho trial were insufficient as a
matter o f law to constitute a crime; and reverses the Judgment on the ground
that the instructions given b y the trial court were erroneous in point o f tho
law and that the facts proved upon tho trial d o not as a matter o f fact
constitute a crim e.

T h e F r e d e r i c k T r u s t C o . h a s a l s o b e e n o r g a n i z e d in F r e d ­
e ric k , M d . ,

w ith $ 1 0 0 ,0 0 0

b u s in e s s in S e p t e m b e r .

c a p i t a l ; i t is s c h e d u l e d

to b e g in

T h e o f f ic e r s c h o s e n b y t h e d i r e c t o r s

are R e n o S . H a r p , P re sid e n t; D a v id C r a m e r a n d A lb e r t W .
E c k e r , V ic e -P r e s id e n ts , a n d

C la g g e tt E .

R a m sb u r g , Secre­

_____ ______

ta ry .

T h e o r g a n iz a tio n o f th e F ir s t T r u s t & S a v in g s C o . o f C le v e ­
The

N ew

Y ork

L ife

In su ran ce

&

T ru st

Co.

of 52

S t r e e t , t h i s c i t y , h a s is s u e d f o r d i s t r i b u t i o n a n o w
a n n u ity r a te s .

W a ll

card o f

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

l a n d , w h i c h w a s r e f e r r e d t o in o u r is s u e o f M a y 2 4 , w a s c o m ­
p le te d
fo r m e d

on

th e

as an

1 0 th

in s t.

The

a d ju n c t o f th e

in s t it u t io n , w h ic h

has been

F i r s t N a t i o n a l B a n k , w ill b e

e r a t i o n o f w h i c h t h e c o m p a n y w ill g r a n t a n a n n u i t y o f $ 1 0 0

u n d e r th e m a n a g e m e n t o f th e fo llo w in g o ffic e r s : J o h n S h e r -

p e r a n n u m , a n d a l s o t h e a m o u n t o f a n n u i t y w h ic h w ill b e

w in ,

g ra n te d

V ic e -P r e s id e n ts ; G e o rg e N . S h e r w in , S e c r e ta r y , a n d R o b e r t

in

c o n sid e ra tio n o f $ 1 ,0 0 0 ,

b a se d o n ag es fr o m

20

P re sid e n t; T h o m a s

H .

W ils o n

F . J . W o o d w o r th ,

to 8 5 y e a rs.

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

S . C r a w fo r d , T re a su re r.

in q u ir e r .

t h o c lo s e

a V i c e - P r e s i d e n t o f t h e F i r s t N a t i o n a l t o d e v o t e h is e n t i r e

At

o f b u s in e s s J u n o 4 ,

th e

in s titu t io n

M r.

and

W o o d w o rth

h a s r e s ig n e d a s

o f f i c i a l l y r e p o r t e d d e p o s i t s o f $ 3 2 , 1 5 6 , 8 8 8 , s u r p lu s a n d u n ­

tim e to th e n e w c o m p a n y .

d i v i d e d p r o f i t s o f $ 3 , 9 5 2 , 5 7 2 , in a d d i t i o n t o i t s c a p i t a l s t o c k

a lso

o f $ 1 ,0 0 0 ,0 0 0 , a n d h a d a g g r e g a te reso u rces o f $ 4 0 ,5 8 3 ,9 4 9 .

d ir e c to r a te o f th e F ir s t T r u s t & S a v in g s c o n s is ts o f t w e n t y tw o

The

C o lu m b ia -K n ic k e r b o c k e r

T ru st

Co.

has

a u th o rize d

a d i v i d e n d o f $ 1 5 0 p e r s h a r e o u t o f in t e r e s t e a r n e d a n d c o l ­




r e s ig n e d
m em bers,

as
a ll

an

M r . S h e rw in , th e S e c r e ta r y , h a s

A s s is ta n t

but

C a s h ie r

th r ee o r fo u r

of

th e

F ir s t.

b e in g c o n n e c te d

t h e F i r s t N a t i o n a l e i t h e r a s o f f ic e r s o r d ir e c t o r s .

The
w ith

1 7 5 0

T H E

C H R O N IC L E

T h e p la n s to in c r e a s e th e c a p it a l o f th e G u a r d ia n S a v in g s

&

T ru st

w ere

Co.

of

approved

C le v e la n d

by

th e

fr o m

$ 1 ,0 0 0 ,0 0 0

s to c k h o ld e r s

a n n o u n c e d in th e s e c o lu m n s M a y
s t o c k h a s b e e n o ffe r e d

on

to

th e

$ 2 ,0 0 0 ,0 0 0

1 6 th

1 7 , $ 7 5 0 ,0 0 0

in s t.

As

o f th e n e w

t o t h e p r e s e n t s h a r e h o ld e r s a t $ 2 0 0

p e r s h a r e , a n d t h e o t h e r $ 2 5 0 , 0 0 0 w ill b e d i s p o s e d o f f r o m t i m e
t o t im e a t t h e d is c r e tio n o f th e d ir e c to r s ,

w

The
th e

r e s ig n a t io n

G a r fie ld

o f Josep h

S a v in g s B a n k

n o u n c e d , to ta k e e ffe c t

W .

M e r ia m

as

T reasu rer

C o . o f C le v e la n d

J u ly 1 .

of

has been an ­

M r . M e r ia m , w h o h as b een

w i t h t h e G a r f i e l d f o r t h i r t e e n y e a r s , is t o b e c o m e T r e a s u r e r
o f th e S ta te B a n k in g &
Thom as

J.

H o lm d e n ,

T r u s t C o . o f t h a t c i t y , s u c c e e d in g

w ho

re tire s.

T h e A u s t i n S t a t e B a n k o f C h ic a g o c e le b r a te d it s r e m o v a l
t o it s n e w b u ild in g a t S o u th B o u le v a r d a n d P a r k A v e n u e ,
A u s t i n , o n W e d n e s d a y o f th is w e e k , w it h a p u b lic r e c e p tio n
fr o m 3 to 9 p . m .
prosperous

T h e b a n k is o n e o f t h e o l d e s t a n d m o s t

o f C h ic a g o ’s o u t ly i n g fin a n c ia l in s titu t io n s

h a s d e p o sits o f m o r e th a n $ 2 ,0 0 0 ,0 0 0 .

and

C h a r le s S . C a s t l e is

P r e s id e n t a n d P e r lin D . C a s t le , V ic e -P r e s id e n t a n d C a s h ie r .
C .

S.

C a s tle

is

a lso

P r e sid e n t

of

th e

S ta n d a rd

T ru st

&

S a v in g s B a n k .
T h e M o r g a n P a r k S ta t e B a n k o f C h ic a g o o p e n e d fo r b u s i­
n e ss o n th e 9 t h in s t . a t 2 0 5 5 W e s t 1 1 3 th S t r e e t , w ith a c a p ­
it a l o f $ 2 5 ,0 0 0 .

T . F , M c F a r la n d a n d M . J . B r a n s fie ld are

th e p r in c ip a l in te r e s ts in th e n e w o r g a n iz a tio n .

T h e p r o p o s a l t o in c r e a s e t h e c a p i t a l o f t h e N a t i o n a l B a n k
of

C om m erce

o f D e tr o it

fr o m

$ 7 5 0 ,0 0 0

to

$ 1 ,0 0 0 ,0 0 0

r a tifie d b y th e s to c k h o ld e r s o n th e 1 0 t h in s t .

w as

A s s t a t e d in

a p r e v i o u s i s s u e , t h e s e lli n g p r i c e o f t h e n e w s t o c k is $ 1 6 0
per $ 1 0 0

sh a re.

D u r i n g t h e p a s t t w o m o n t h s , o r s in c e t h e c a ll o f A p r i l 4
1913,

th e

d e p o sits

of

th e

P e o p le ’s S ta te

h a v e in c r e a s e d n e a r ly

tw o

b e in g

a g a in s t

$ 3 8 ,7 1 6 ,6 7 5 ,

as

m illio n

Bank

of

D e tr o it

d o lla r s , t h e fig u r e s n o w

$ 3 7 ,1 9 3 ,0 0 0

in

A p r il.

The

P e o p l e ’ s S t a t e is t h e la r g e s t b a n k in M i c h i g a n , i t s r e s o u r c e s
b e in g $ 4 2 ,4 0 1 ,8 4 0 .
p lu s

and

p r o fits

w e ll-k n o w n
C a s h ie r

head

and

J I.

I t h a s a c a p it a l o f $ 1 ,5 0 0 ,0 0 0 a n d su r­

of

$ 2 ,1 2 3 ,1 8 1 .

of
P.

th e

G eorge

in s titu t io n ,

B orgm an

H .

R u ssel

A u s tin

C a s h ie r

of

E .

is

th e

W in g

S a v in g s

is

D e p a rt­

m e n t.
Thom as
S a v in g s &
in s t.

J e ffe r s o n

P e r e le s ,

P re sid e n t

of

th e

C itiz e n s ’

T r u s t C o . o f M ilw a u k e e , W i s . , d ie d o n

th e 8 th

M r . P e r e le s h a d a l s o b e e n a n a c t i v e l a w y e r ; h e h a d

li k e w i s e h e l d s e v e r a l p u b l i c p o s i t i o n s , h a v i n g b e e n a C o m ­
m is s io n e r o f t h e P u b lic D e b t
B oard .

a n d a m e m b e r o f th e S ch o o l

H e w a s in h is six tie th y e a r .

T h e U n io n T r u s t C o . o f C h a r le s to n , W . V a . , w h ic h w a s
f o r m a l l y o p e n e d f o r b u s in e s s o n M a y 5 , h a s a c a p i t a l o f $ 5 0 0 , ­
0 0 0 , h a l f o f w h ic h is p a i d i n , a n d a s u r p lu s o f $ 1 0 0 , 0 0 0 .

The

f o l l o w i n g a r e t h e o f f i c e r s : W m . O . A b n e y , P r e s i d e n t ; C h a r le s
W a r d a n d A . B . K o o n t z , V ic e -P r e s id e n t s ; I I . P . B r ig h t w e ll,
C a s h ie r , a n d P . J . N e w lo n , A s s is t a n t C a s h ie r .
w e ll

w as

W est

fo r m e r ly

V ir g in ia .

S ec re ta ry

P r e v io u s

to

to

th a t

b a n k e x a m in e r f o r th r e e y e a r s .

M r . B r ig h t-

e x -G o v e m o r
he

had

G la s s c o c k

been

a

of

n a tio n a l

M r . N e w lo n w a s fo r m e r ly

C a s h ie r o f th e F ir s t N a t io n a l B a n k o f S u t t o n , W . V a .

a n d F ir s t N a tio n a l B a n k o f N a s h v ille , T e n n ., h a v e rea ch ed
o f $ 1 4 , 4 0 5 , 2 4 3 , w h il e i t s d e p o s i t s a r e r e p o r t e d

* $ 1 1 ,2 5 8 ,2 3 8 .
and
is

s u r p lu s

The
and

P r e sid e n t; J .

C u r e ll,

in s titu t io n

p r o fits
S.

has

a

c a p it a l

$ 9 1 9 ,1 1 2 .

M cH en ry,

of

Jam es

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

at

$ 1 ,1 0 0 ,0 0 0

E .

C a ld w e ll

and

R andal

C a s h ie r .

G e r m a n ia

Bank

C h a ir m a n
of

o f t h e b o a r d o f d ir e c t o r s o f

Savannah,

G a .,

has

been

e le c t e d

V ic e -P r e s id e n t o f th e in s t it u t io n a n d H a l H . B a c o n su c c e e d s
M r.

B rennan

as

C h a ir m a n .

C a p t.

H en ry

B lu n

is

P r e s i­

d e n t.
C . B . H o b s o n , fo r t w e n t y y e a rs A s s is t a n t C a s h ie r o f th e
M u tu a l

S a v in g s

Bank

of

San

F ra n c isc o , h a s

been

e le c te d

C a s h ie r a n d S e c r e ta r y .
T h e n e w C a n a d ia n B a n k A c t p a sse d th e H o u s e o f C o m ­
m o n s o n th e 2 d in s t. w h e n th e S e n a te a m e n d m e n ts w ere c o n ­
cu rred

n;

I t is

o r ig i n a l A c t p a s s e d in
p r o v is io n s

of

th e

new

1871.
Act

A

s u m m a r y o f th e im p o r ta n t

has

been

prep ared

by

D .

R .

W i l k i e , P r e s i d e n t o f t h e I m p e r i a l B a n k o f C a n a d a , a n d is
p u b l i s h e d a s f o l l o w s in “ T h e M o n e t a r y T i m e s ” o f C a n a d a :

Sections 12 and 16. Additional safeguards have been introduced in con­
nection with the incorporation and organization o f banks to insure tho bona
fides o f original subscriptions fo r stock, and to facilitate tho recovery o f
unpaid liability thereon, while statements o f disbursements for preliminary
expenses will require to be subm itted to the Treasury B oard for approval
beforo a certificate to com m ence business is issued.
. Sections 18 and 20. Changes have been m ade in the internal regulations
in providing for shareholders being kept advised o f the by-laws o f tho bank
in forco from tim e to tim e b y being furnished with copies o f the current b y ­
laws every fiv e years, com m encing with D ec. 31 1913, and b y limiting the
qualification shares o f directors to those o f which they aro absolute and sole
owners in their individual rights.
Sec. 34. Facilities for speedier collection o f original unsubscribed or new
capital stock allotted to shareholders are given b y shortening, in tho di­
rectors' discretion, the period within which acceptance o f allotments
must be m ade.
Sec. 43. Proposals have been introduced making tho keeping o f share
and transfer registers in each P rovince in which shareholders are resident
com pulsory, b ut it is hoped these provisions, which havo m any ob jection
able features, m ay yet be amended.
Sec. 54. T h e annual statement to be subm itted to shareholders has been
somewhat enlarged, so as to m ake it m ore in keeping with tho m onthly
return to the Governm ent. M a n y new headings havo been added, which
makes for a clearer and m ore detailed statement o f affairs. T he m onthly
Governm ent return has also been improved in som e respects.
Sec. 56. A n im portant departure has been m ade in the introduction o
an annual audit b y qualified auditors appointed b y tho shareholders from
a panel selected b y the general managers o f the banks and approved o f
b y the M inister o f Finance. It will be the duty o f theso auditors, who are
given tho widest powers o f access to the books, accounts and securities o f
the banks, to check the cash and verify the securities, and m ake a report
annually to the shareholders. It is placed in the power o f tho M inister o f
Finance to call upon the auditor o f a bank, or any other auditor whom he
m ay select, to make a special report at any time upon tho affairs or business
o f a bank.
Sec. 61. In addition to retaining the present emergency period, extend­
ing from Sept 1 in any year to the last day o f Fobruary in tho ensuing year,
provision for a m uch required increase o f circulation has been m ade against
tho deposit o f current gold and Dom inion notes, or either, in what is termed
tho "Central G old Reserves.” These Central G old Reserves will be under
the control o f trustees appointed b y the Canadian Bankers’ Association
and Minister o f Finance, and will be subject to frequont inspection and audit
b y tho Departm ent o f Finance. It will be the duty o f tho trustees to receive
and, when proper and required, return tho gold and notes deposited with
them b y the banks, which will be entitled to issue Increased circulation to
tho extent o f the amount from time to time on deposit. In this w ay n ot
only is additional circulation assured, but also tho anxiety o f over-circula­
tion when nearing the present limits can be avoided.
Sec. 72. Regulations providing for tho disinfection and sterilization o f
bank notes m ay be m ade b y the Treasury-Board.
Secs. 79 and 91. Additional returns will in future bo m ade to the Govern­
ment annually o f the fair market value o f real estate hold b y the banks for
their uso and occupation, and quarterly o f tho rates o f interest and discount
charged upon loans and discounted paper.
Secs. 84A and 88. Additional powers have been given to banks in the
interests o f thoso concerned to lend to receivers and liquidators appointed
under the winding-up A ct upon the property and assets under their charge,
and also to farmers upon the security o f threshed grain grown upon their
farms, while definitions have been provided o f “ products o f agriculture,”
"p roducts o f the forest” and "products o f the sea, lako and rivers,” which
will materially assist in rem oving doubts which previously existed regarding
the power to lend on certain classes o f goods now com prehended therein.
Sec. 93. T h e limits o f collection and agency charges exigible b y banks
have been somewhat reduced, but not so as to seriously interfere with busi­
ness.
Sec. 99. I t has been m ado com pulsory to obtain tho written consent o f
tho M inister o f Finance before an agreement b y ono bank to sell the
whole or a portion o f its assets to another can bo entered into.
Secs. 131A and 156. Additional offences and penalties havo been in­
serted, including the paym ent o f preliminary expenses otherwise than as
authorized b y the A ct and for officers and others obtaining gifts or showing
favor to any one in relation to the bank’s business, while additional pro­
tection has been afforded to banks from the uso o f the w ord “ ban ker,"
or words o f similar im port b y unauthorized persons.
The

S ta n d a rd

Bank

of Canada

$ 3 ,0 0 0 ,0 0 0 ;
100%

th e n e w

sto ck

o f t h e i n s t i t u t i o n is $ 5 , 0 0 0 , 0 0 0 .
per a n n u m ,

has

record J u ly

been

o f f ic e

A

3}4% ,

T o ro n to )

$ 2 ,5 0 0 ,0 0 0

w ill b e is s u e d a t a

t o h o ld e r s o f r e c o r d J u n e 2 5 .

q u a rte r e n d in g J u ly 3 1 , a t

(h e a d

c a p it a l fr o m

p r e m iu m

is
to
of

T h o a u th o r iz e d c a p ita l
d iv id e n d fo r th e c u r r e n t
b e in g a t th e r a te o f 1 3 %

25.

d e c la r e d , p a y a b le t o

s h a r e h o ld e r s

of

fJLcwctavy! (fromm cuciat gtxcjI

P a tr ic k B r e n n a n ,
th e

of

tin u e th e c h a r te r s o f e x is tin g b a n k s u n til J u ly 1 1 9 2 3 .

s t a t e d t h a t t h e r e is n o r a d ic a l d e p a r t u r e in p r i n c ip le f r o m t h e

p l a n n i n g t o in c r e a s e i t s p a i d - i n

A c c o r d i n g t o t h e c a ll o f J u n o 4 , t h e r e s o u r c e s o f t h e F o u r t h
th e su m

[ V o l . X C V I.

t w ill g o i n t o e f f e c t o n J u l y 1 n e x t a n d w ill c o n ­




[From our own correspondent.]

London, Saturday, June 7 1 9 1 3 .
T h o w e e k h a s b e e n o n o o f th e m o s t a n x io u s t h a t h a s b e e n
e x p e r i e n c e d in L o n d o n f o r a g r e a t m a n y y e a r s . _ E v e n d u r in g
th e m o s t d a n g e r o u s p e r io d o f th e n e g o tia tio n s b e tw e e n
F r a n c o a n d G e r m a n y a c o u p le o f y e a r s a g o r e g a r d in g M o r o c c o
th e r e w a s n o t t h o s a m e a p p r e h e n s i v e n o s s t h a t h a s e x i s t e d
th is w e e k .
O n t h a t o c c a s i o n t h e f u ll e x t e n t o f t h o a l a r m
w a s n o t g e n e r a lly a p p r e c ia te d .
I n d e e d , i t w a s n o t u n t il th o
g r e a t F r e n c h b a n k s w h i c h h a d s o l o n g b e e n in t h e h a b i t o f
fin a n c in g G e r m a n y a n d A u s t r ia -H u n g a r y b e g a n to w ith d r a w
t h e i r b a l a n c e s f r o m b o t h c o u n t r i e s o n a v a s t s c a le a n d t h u s
a d v e r tis e d ' h o w im m in e n t w a r s e e m e d to b o , t h a t th o r e st
o f th e w o r ld f u lly c a m e to u n d e r s ta n d ^ th e p e r il.
B u t th is

June 21 1913.]

T H E

C H R O N IC L E

w e e k , w it h o u t a p p a r e n t s u ffic ie n t r e a s o n , th e r e h a s b e e n a
d e g r e e o f n e r v o u s n e s s t h a t h a s r a r e ly b e e n e x c e e d e d .
One
c a u s e , n o d o u b t , is t h e b e l i e f t h a t t h e le a d e r s o f t h e G e r m a n s
a n d t h e M a g y a r s in A u s t r i a - H u n g a r y a r e s o a l a r m e d b y t h e
r is e o f t h e n e w S l a v S t a t e s t h a t t h e y w e r e i n c l in e d t o a d o p t
d an gerou s m ea su res.
T h e fa ll o f th e H u n g a r ia n P r e m ie r h a s
s o m e w h a t r e l i e v e d t h e s t r a i n ; b u t u n l e s s t h e r e is a c h a n g e in
A u s t r i a n a n d H u n g a r i a n p o l i c y , i t w ill r e v i v e a g a i n .
A n o t h e r c a u s e o f t h e a p p r e h e n s i o n u n d o u b t e d l y is t h e
la r g e w ith d r a w a ls o f g o ld fr o m L o n d o n b y G e r m a n y . D u r in g
t h e p a s t f o r t n i g h t i t is e s t i m a t e d t h a t G e r m a n y h a s b o u g h t
in th e o p e n m a r k e t a b o u t a m illio n s te r lin g o f g o ld b a r s ;
w h ile it h a s w ith d r a w n fr o m th e B a n k o f E n g la n d £ 3 6 6 ,0 0 0 ,
a n d t h e b e l i e f a t p r e s e n t is t h a t i t w ill g o o n t a k i n g g o l d f o r
th e r e m a in d e r o f th is m o n t h ; a n d p o s s ib ly e v e n a fte r w a r d s .
B u t o f a ll t h e i m m e d i a t e c a u s e s o f t h e a p p r e h e n s i o n in
L o n d o n p e r h a p s t h o r u s h o f n e w is s u e s h a s b e e n t h e g r e a t e s t .
O n th o C o n tin e n t th e m o n e y m a r k e ts h a v e b e e n str in g e n t
fo r a lo n g t im e .
T h e g r e a t c e n tra l b a n k s h a v e b e e n u n ­
w illin g to p a r t w ith g o l d .
T h e o th e r b a n k s h a v e b e e n v e r y
c h a r y in g i v i n g a c c o m m o d a t i o n .
B u t in L o n d o n t h e p u b l i c
p e r s is te d in ta k in g a h o p e fu l v ie w o f th e s it u a t io n .
The
r u s h o f n e w is s u e s , h o w e v e r , h a s b e e n so v a s t t h a t th e u n d e r ­
. w r it e r s a r e o v e r - l o a d e d w i t h n e w s e c u r i t i e s .
T h ey can not
s e ll t h e s e s e c u r i t ie s t o t h e p u b l i c , f o r t h e p u b l i c h a s r e f u s e d
to a p p ly fo r t h e m .
C o n s e q u e n t l y , t h e y a r e o b l i g e d t o s e ll
o l d s e c u r i t ie s i n w h i c h t h o p u b l i c b e l i e v e s , a n d , in c o n s e ­
q u e n c e , t h e r e h a s b e e n a n e x c e p t i o n a l l y h e a v y f a l l d u r in g
th o w e e k .
A ll w h o aro in a p o s itio n t o b o w e ll-in fo r m e d
b e l i e v e t h a t t h e r o is n o t h i n g u n s o u n d in L o n d o n o r , i n d e e d ,
in t h o U n i t e d K i n g d o m .
T r a d e is e x c e e d i n g l y p r o s p e r o u s ;
c r e d i t is g o o d ; n o b o d y in h i g h s t a n d i n g h a s s u f f e r e d in a n y
w a y s o f a r a s t h o b e s t a u t h o r i t i e s c a n le a r n .
B u t t h e r e is
s u c h a s c r a m b l e f o r b o r r o w i n g in L o n d o n w h il e t h e o t h e r
g r e a t l e n d i n g m a r k e t s a r e p r a c t i c a l l y c lo s e d t h a t p e o p l e
h a v o b e e n u n r e a s o n a b ly a p p r e h e n s iv e a n d th e w e e k h a s b e e n
fu ll o f a la r m is t r u m o r s .
P o r h a p s t h o s h a r p f a ll i n A m e r i c a n s e c u r i t ie s h a s c o n ­
t r i b u t e d a s m u c h a s a n y t h i n g e ls e t o c r e a t e t h e a p p r e h e n s i v e
fe e lin g .
I t w a s b e lie v e d t h a t A m e r ic a w a s s o fa r r e m o v e d
f r o m th o a r e a o f d is t u r b a n c e t h a t u n le ss sh e c h o s e to e n g a g e
in a w a r s h e n e e d n o t b o d r a w n in t o i t ; a n d , t h e r e f o r e , t h e
g e n e r a l f e e l i n g in E n g l a n d u n t i l q u i t e r e c e n t l y w a s t h a t
A m e r i c a n s w o u l d s u f f e r l i t t l e h o w e v e r E u r o p e a n s e c u r i t ie s
m ig h t d e c lin e .
B u t th o f a l l in A m e r i c a n s e c u r i t ie s t h i s w e e k
h a s b o o n so h e a v y a n d N e w Y o r k s e o m e d so w e a k t h a t p e o p le
h a v o b e g u n t o a s s u m e t h a t t h e y m u s t h a v e b e e n w r o n g in
a ll th e ir p r e v io u s a r g u m e n t s , a n d t h a t th e re m u s t b e s o m e ­
t h i n g w e a k i n A m e r i c a w h ic h t h e y d o n o t u n d e r s t a n d .
That
t h o r e s h o u l d b o w e a k n e s s in t h o p r i n c i p a l E u r o p e a n S t a t e s
seem s n a tu ra l e n o u g h .
B u t t h a t t h e U n i t e d S t a t e s s h o u ld
s e e i t s s e c u r i t ie s f a l l i n g a s t h e y h a v e b e e n f a l l i n g p e r p l e x e s
th e o r d in a r y p u b lic .
T h e I n d i a C o u n c i l o f f e r e d f o r t e n d e r o n W e d n e s d a y 6 0 la c s
o f i t s b ill s a n d t e le g r a p h i c t r a n s f e r s a n d t h e a p p l i c a t i o n s
a m o u n t e d t o 1 9 5 la c s a t p r ic e s r a n g i n g f r o n I s . 3 3 1 - 3 2 d . t o
I s . 4 l-3 2 d . per rup eo.
A p p l i c a n t s f o r b ills a t I s . 4 d . a n d
f o r t e le g r a p h i c t r a n s f e r s a t I s . 4 l - 3 2 d . p e r r u p e o w e r e a l ­
lo t t e d 4 4 p e r c e n t o f th o a m o u n t s a p p lie d f o r .
N e x t w eek
5 0 la c s w i ll b e o f f e r e d .

English Financial Markets— Per Cable.
T h e d a i l y c lo s i n g q u o t a t i o n s f o r s e c u r i t i e s , & c . , a t L o n d o n ,
a s r e p o r te d b y c a b le , h a v o b e e n a s fo llo w s th e p a s t w e e k :

London.
St.
a
Week endlna June 20—
Silver, per oz__________d. 27X
d Consols, 2 X per cents....73 5-16
d For account________ . 73 7-16
dFrench Itentes(lnParls) ,fr 84.95
Amalgamated Copper Co.. 07X
Amer. Smelt. & Refin. Co.. 64
b Anaconda Mining Co__ . o n
Atch. Topeka & Santa Fe.■ 98 H
Preferred................ ....... . 99X
Baltimore & Ohio.............. ■ 95)4
Preferred............ ......... 79
Canadian Pacific.............. 224 H
Chesapeake & Ohio_____ . 58
Chicago Great W estern... 11
Chicago Milw. & St. Paul. 105
Denver & Rio Grande___ 16)4
Preferred........................ 26)4
Erio____
. 25
First preferred........ — 37)4
Second preferred.......... 31
Great Northern, preferred. 123 X
Illinois Central............ — 114
Louisville & Nashville----- 133)4
Missouri Kansas & Texas. 21)4
Preferred........................ . 58
Missouri Pacific...... ......... 30
Nat. UR. of M cx.,lst pref,. 48
Second preferred_____ 16)4
N.Y.Central < Hud. RIv..103
fc
N.Y.Ontario * Western... 28)4
Norfolk & Western.......... 104
Preferred......................... 87
Northern Pacific........ . .108)4
a Pennsylvania__________. 56)4
o Reading Company........ . 80)4
a First preferred______ 44
a Second preferred........ 44
Rock Island......... ............. 15)4
Southern Paclflo................ . 96)4
Southern Railway_______ . 21)4
Preferred........................ . 76
Union Pacific___________.148)4
Preferred.................... .. . 82)4
U. S. Steel Corporation.... 54)4
Preferred_____________ .107
W abash______ ___________ . 2)4
Preferred ........................... 7)4
Extended 4s.................... 51)4
a Price per sharo.
e flat prices.




Mon.
27 5-10
73)4
73)4
C84.05
68)4
65)4
7
98)4
102
95)4
79
225)4
69
12
106
17)4
26)4
25)4
39)4
32
125)4
115
134
22)4
59
32
48
10)4
103)4
28)4
105
87
110
50)4
81)4
4 4 )4

44)4
16)4
97)4
22)4
76)4
149)4
83)4
55)4
107)4
2)4
8
52

b £ sterling,

Tues.
27)4
73 1-16
73 3-16
83.90
66)4
63)4
on
101
101
96
79
222 n
67
12
105)4
16)4
27
24)4
38
31
124
115
133)4
21
59
29)4
48
15 n
102
28)4
105)4
87
108)4
56)4
80
4 4 )4
4 4 )4

15)4
95 H
21)4
76
147 n
83
53)4
106)4
2)4
8
51)4

e Ex-dlvidend.

Wed.
27
73 1-10
73 n
83.92)4
67 n
65
on
98
101
96
79
222)4
58
12
105 n
16)4
27)4
24)4
38)4
32
125
115
134
21)4
59
30
48
is n
102)4
28)4
105)4
87
110
56)4
80)4
4 4 )4
4 4 )4

16)4
96)4
22)4
76
149
84)4
54)4
106)4
2)4
8
51)4

i&omrojetxial au tlI*Xis cell an ccuts Jlcnrs
S T O C K O F M O N E Y I N T H E C O U N T R Y . — T h e fo llo w ­
i n g t a b l e s h o w s t h e g e n e r a l s t o c k o f m o n e y in t h e c o u n t r y a s
w e ll a s t h e h o l d i n g s b y t h e T r e a s u r y , a n d t h e a m o u n t in c ir ­
c u la t io n o n th e d a te s g i v e n .
The statement for June 2 1 9 1 2
will be found in our issue of June 2 2 1 9 1 2 , page 1 6 7 3 .

— Stock of Money June 2 1913------- Money in Circulation—
In United
Held in
June 2
June 1.
States.
Treasury.A
1913.
1912.
Gold.coin and bullion-------$1,861,369,895$171,95S,297 $610,004,429 $608,540,016
81,819,775 997,587,394 960,307,329
Gold certificates.a----------Standard silver dollars----- 565,590,020 10,427,137
72,095,883
70,361,023
Silver certiflcates.a..-------15,685,730 467,381,270 471,733,141
Subsidiary silver...... ......... 175,299,876 21,179,158
154,120,718 144,300,243
Treasury notes of 1890-----2,688,000
9,639
2,678,361
2,942,890
United States notes............ 346,681,016
7,845,947
338,835,069 338,023,218
National bank notes.......... 755,294,066 40,620,480
714,673,586 709,555,476
Total .................... ......... 3,706,922,873 349,546,163 3,357,376,710 3,305,763,336
Population of continental United States June 2 1913, estimated at 97,197,000;
circulation per capita, $34 54.
d This statement of money held In the Treasury as assets of the Government
does not Include deposits of public money in national bank depositories to the credit
of the United States, amounting to $46,825,967 40. For a full statement of assets
see Public Debt Statement.
a For redemption of outstanding certificates, an exact equivalent In amount of
the appropriate kinds of money is held in the Treasury, and is not Included In the
account of money held as assets of the Government.

Breadstuffs figures brought from page 1783.— The
s t a t e m e n t s b e l o w a r e p r e p a r e d b y u s f r o m f ig u r e s c o l l e c t e d b y
th e N e w Y o r k P r o d u c e E x c h a n g e .
T h e r e c e ip ts a t W e s t e r n
la k e a n d r iv e r p o r ts f o r th e w e e k e n d in g la s t S a t u r d a y a n d
s in c e A u g u s t 1 f o r e a c h o f t h e l a s t t h r e e y e a r s h a v e b e e n :

Receipts at—

Flour.

44
4 4 )4

16)4
97)4
22)4
77
149)4
84)4
55)4
106)4
3
8
52)4

Frl.
20 13-16
72 n
72 n
83.82)4
67 n
64)4
on
98)4
101
96)4
79)4
222)4
58)4
12
106
17)4
27)4
24)4
38)4
32)4
126)4
}13)4
134
21
60
31
47
16)4
102)4
32)4
106
90
111)4
56)4
81
44
44)4
16)4
97
22)4
77
149)4
84
54)4
106)4
2)4
7)4
52

d Quottalons here given

Wheat.

Corn.

Oats.

Barley.

Rye.

bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. 6ti.56 lbs.
184,000
336.000 4,384,000 4,006,000
535.000
31.000
Chicago-----58.000
97.000
4,000
23.000
75.000
6,000
Milwaukee—
436.000
18.000
189.000
173.000
18.000
Duluth........
159.000
1,844,000
204.000
552.000
56,000
Minneapolis
91.000
22.000
80.000
Toledo.........
40.000
61,000
"d.ooo
Detroit........
128.000
42.000
133.000
14.000
"4:666
Cleveland . .
436.000
610,000
381.000
63.000
8,000
1,000
St. Louis . . .
10.000
352.000
245.000
61.000
46.000
5,000
Peoria------538.000
480.000
169.000
Kansas City
507.000
233.000
411.000
Omaha........
Tot. wk. '13
Same wk. ’ 12
Same wk. ’ l l

4,098,000
1,669,099
2,326,761

317,000
222,589
290,417

6,827,000
5,859,921
5,699,244

5,798,000 1,408,000
2,315,048
260,728
4,001,794
381,325

117,000
49,986
30,580

Since Aug. 1
1912-13— 16,226,520 244,133,966 207,086,228 222,514,688 94,781,330 16355642
1911-12.. 11,376,797 129,744,845 180,319,984 1136,865,192 60,866,711 7,984,814
1910-11 — 14,184,670 201,792,087 257,721,152 175,392,734 '61,773,469 5,053,028

for

T o t a l r e c e i p t s o f f l o u r a n d g r a in a t t h e s e a b o a r d p o r t s
th e w e e k e n d e d J u n e 1 4 1 9 1 3 fo llo w :

Receipts at—
New York_______
■Rost.nn
Portland, M e____
Philadelphia.........
Baltimore.......... —
New Orleans*___
Newport News_
_
Galveston.......... .
M obile..................
Montreal..............
St. John................

Flour,
bbls.
161,000
27,000
2 7 :6 6 6

30,000
48,000
______
Y4',666
74,000
1,000

Wheat,
bush.
374.000
373.000
72,000
118,000
248,000
198,000
___
71,000
1,000
1,681,000
73,000

Corn,
bush.
16,000

Oats,
bush.
561,000
96,000

62,000
103,000
61,000
31,000
4,000
23,000
1,000

2 9 0 :6 6 6

Rye,
bush.

Barley,
bush.
84,000
13,000

1 0 ,0 0 0
1 ,0 0 0

........ ..

138,000
27,000

4 ,0 0 a
______

______
75,000
......
__
326,000
...........

______
_____
989,000
2,000

____ _
______
—

Total week 1913.. 382,000
3,209,000 301,000 2,103,000 498,000 15,000
Since Jan. 1 1913..9,984,000 75,264,00040,296,000 24,631,000 12166000 1701,000
Week 1912______ 303,659
2,004,784 354,192 1,255,788 131,501
2,000
Since Jan. 1 1912..7,928,387 49,919,73823,233,994 20,042,787 3456,018 280,221
♦Receipts do not Include grain passing through New Orleans for foreign ports on
through bills of lading.
T h e e x p o r ts fr o m th e se v e ra l s e a b o a r d p o r ts fo r th e w e e k
e n d i n g J u n e 1 4 a r e s h o w n in t h e a n n e x e d s t a t e m e n t :

Exports from—•

Thurs.
26)4
73
73
83.95
68)4
65)4
7
98)4
101
96)4
79)4
224
60
11)4
106)4
17)4
27)4
25)4
39
32)4
126)4
113
134)4
21)4
60
31
48
16)4
102)4
31)4
107
90
111)4
56)4
81)4

1 7 5 1

Wheat,
lush.

New York_____ 767,067
72,000
Portland, Me___
Boston ............... 590,269
Philadelphia___ 131,000
Baltimore______ 481,434
20,000
New Orleans___
Newport News.. ______

Corn, Flour,
bush.
bbls.
55,834 60,151
______ ______
36,173
34,000 21,000
2,000 12,756
38,000 22,000
31,000 _____

Oats,
bush.
187,327
89,847

Rye, Barley,
bush.
bush.
34,170 143,764
7,451

______

Peast
bush.
3,024

_____-

50 17,142 . ______ ______
3,500
______ ______ 75,000

Galveston_______
73,000
23,000 14,000
M o b ile ..............
1,000
........... 80,000
Montreal............. 1,519,000
..........
1,000
St. J o h n ............................ 73,000

........................................ 177,000 ........... 336,000
1,500 ..........................

Total week__3,727,770
Week 1912.........3,609,499

459,224
342,731

183,834 247,080
40,984 133,748

58,763 554,764
______ 119,939

3,024
572

D e s t i n a t i o n 'o f t h e s e e x p o r t s f o r t h e w e e k a n d s in c e J u l y 1 :

---------Flour----------------------Wheat----------Since
Since
Week
July 1
Week
July 1
Exports for week and June 14.
1912.
June 14.
1912.
since July 1 to—
bbls.
bbls.
bush.
bush.
United K ingdom ...104,847 5,132,505 2,666,093 80,952,372
Continent................ 59,629 2,258,755 1,017,384 79,788,587
S ou .*C en t. Amcr. 18,547 1,210,855
37,995 1,178,004
West Indies............ 30,975 1,932,306
6,298
122,979
Ilrit. No. Am. Cols.
725
87,743
..............................
Other countries___ 32,357 432,053
.......... 2,169,348

--------- Corn----------- Since
Week
July 1
June 14.
1912.
bush.
bush.
42,894 14,452,543
71,790 22,063,246
3,575
638,746
64,366 2,125,222
_____
49,383
1,209
145,560

Total
- .247,080 11054,217 3,727,770 164211,350
Total 1911-12..........133,748 9,068,947 3,669,499 98,142,249

183,834 39,474,700
40,984 32,786,985

T h e w o r ld ’s s h ip m e n ts o f w h e a t a n d co rn fo r th e w e e k
e n d i n g J u n o 1 4 1 9 1 3 a n d s in c e J u l y 1 1 9 1 2 a n d 1 9 1 1 :_____________

Exports.

1912-13.
Week
June 14.

North Amer.
Russia........
Danube----Argentina . .
Australia—
India ..........
Oth.countr’s.

Since
July 1.

Bushels.
5.840.000
2.424.000
616,000
1.264.000
800,000
2.176.000
04,000

Bushels.
247.030.000
104.139.000
53.415.000
124.654.000
44.604.000
60.012.000
7,142,000

1911-12.
Since
July 1.

1912-13.
Week
June 14.

Since
July 1.

Bushels.
Bushels.
Bushels.
96,000 37.116.000
178,092,000
77.480.000 553.000 11.518.000
74.387.000 621.000 15.991.000
84.458.000 4,871,000 207,645,000
52.860.000
47.602.000
10.921.000

1911-12.
Since
July 1.
Bushels.
29.262.000
39.351.000
82.078.000
28.326.000

Total___ 13184000 641,590,000 525,800,000 6,141,000 272,270,000 179,017,000

1152

T H E

T h e q u a n t it y o f w h e a t a n d c o rn a flo a t fo r E u r o p e o n d a te s
m e n t io n e d w a s a s fo llo w s :

Wheat.
United
Kingdom.

Continent.

Bushels.
24.968.000
25.584.000
26.536.000
25.160.000

Bushels.
26,216,000
31.264.000
28.416.000
25.168.000

Corn.
Total.

United
Kingdom.

Continent.

Total.

Bushels.
17.527.000
17.017.000
19.720.000
6,536,000

Bushels.
28.875.000
27.379.000
28.917.000
12.614.000

T h e f o l l o w i n g s h o w s a ll t h e d i v i d e n d s a n n o u n c e d
f u t u r e b y la r g e o r i m p o r t a n t c o r p o r a t i o n s :

fo r th e

June
June
June
June

14
7
15
17

1913..
1913..
1912..
1911..

.

Byshels. \ Bushels.
51.184.000 11,348,000
56.848.000 10,362,000
54.952.000 9,197,000
50.328.000 6,078,000

D IV ID E N D S .

Dividends announced, this week are -printed in italics.
Name of Company.
Railroads (Steam).
Alabama Great Southern, ordinary.
Preferred____ _______ __________
Albany A Susquehanna____________
Allegheny & Western, guaranteed__

When
Per
Cera. Payable.

Books Closed
Days Inclusive.

2K June 26 Holders of rec. Mny31a
Aug. 28 Holders of rec. July i9a
3
4 K July 1 June 15 to June 30
3
July 1 Holders of rec. June20u
2 K Aug. 1 Holders of rec. June30a
Atlantic Coast Line R R ., common.
3 K July 10 June 20 to July 10
1
Beech Creek, guaranteed (quar.)..
July 1 Holders of rec. June23a
Boston A Albany (quar.)_________
2K June 30 Holders of rec. May31a
Boston & Lowell______ .
4
July 2 May 25 to June 1
IK July 1 Holders of rec. Junel4n
Brazil Railway, preferred (quar.).
IK July 7 July 1 to July 6
Canada Southern............ ..........
IK Aug. 1 Holders of rec. Junc27a
2K June 30 Holders of rec. May31a
Central RR. of New Jersey (quar.)
2
Aug. 1 Holders of rec. July 18 a
Special............................ ................
2
June 27 Holders of rec. June20a
Chesapeake A Ohio (quar.).............. ........
IK June 28 Holders of rec. June 6a
Chicago Burlington A Quincy (quar.)___
2
June 26 Holders of rec. JunelOa
Chic. Indlanap. A Loulsv., common.
IK June 27 Holders of rec. Junel6a
Preferred........ ..........................
2
June 27 Holders of rec. Junel6a
IK July 1 Holders of rec. June 2a
Preferred (quar.).
2
July 1 Holders ol rec. June 2a
IK June 30 Holders of rec. Junel3a
IK July 21 Holders of rec. June27a
Connecting (Philadelphia).
2
June 30 Holders of rec. June20a
Cuba Railroad, preferred..
3
Aug. 1 Holders of rec. June30a
1
2K July 1 June 15 to July
Elmira A Williamsport, preferred.
3.16 July 1 June 21 to June 30
i 6
Aug. 1 Holders of rec. June27a
Fitchburg, preferred (quar.).........
IK July 1 June 1 to June 9
Georgia Railroad d Banking (quar.).
b
3
July 15 July 2 to July 14
3K July 10 Holders of rec. June20a
Extra.......................... ...........
K July 10 Holders of rec. June20a
Hocking Valley (quar.)___
IK June 28 Holders of rcc. June 6a
Extra _______ _______ "
*K June 28 Holders of rec. June 6a
Illinois Central, leased*lines” I I ..........
2
July 1 June 12 to July
4
Interborough Rapid Transit (quar.)II'
2K July 1 June 24 to June 30
Joliet A Chicago (quar.).
IK July 7 Holders of rec. June20a
Kanawha A Michigan........ .........
3
2K June 30 June 1 to July
Extra______ _____________
1
June 30 June 1 to July
3
Kansas City Southern, preferred (quar )
1
July 15 Holders of rec. June30a
Lackawanna RR. of N. J., guar. (quar.).
1
July 1 Holders of rec. June 9a
Lake Shore A Michigan Southern_____
6
July 29 Holders of rec. June27a
Lehigh Valley, common and preferred
$2.50 July 12 Holders of rcc. June 28
Little Schuylkill Nav., RR. A Coal
$1.25 July 15 June 11 to July 14
Louisville A Nashville___
3 K Aug. 9 July 19 to Aug. 10
Lykens Valley Railroad A Coal. I I I IIIII
2
July 1 Holders of rec. Junel5a
Mahoning Coal R R., common
$5
Aug. 1 Holders of rec. July 15a
Preferred..............................
$1.25 July 1 Holders of rec. June20a
Maine Central (quar. ) ! I I I I I I I I I I I I I IK July 1 Holders of rec. Junel6a
Manhattan Ry., guar, (quar.) (Nol 117)
IK July 1 Holders of rec. JunelOa
Michigan Central.
3
July 29 Holders of rec. June27a
Mine Hill A Schuylkill Haven............. . . $1.50 July 15 June 20 to July 14
Morris A Essex, guaranteed____ HI
3 > July 1 June 7 to June 30
4
IK July 15 Holders of rec. June24a
N . Y. Chic. A St. Louis, 1st A 2d pref...
2K Sept. 2 Holders of rec. Aug. la
New York A Harlem, common and pre
5
July 1 Holders of rec. Junel3a
N. Y. Lack. A Western, guar, (quar.)
.
IK July 1 Holders of rec. Junel4a
New York New Haven A Hartf. (quar )
IK June 30 Holders of rec. June 7a
New York Ontario A Western (No. 9)
2
Aug. 4 July 1 to July
8
Norfolk Southern (quar.) (No. 11)
K July 1 Holders of rec. Juncl la
Northern Central........................................
$2 July 15 Holders of rec. June30a
Northern RR. of New Hampshire (quar.)
IK July 1 Holders of rec. June 9a
Norwich A Worcester, preferred (quar )
2
July 1 June 18 to June 30
2
Philadelphia Baltimore A Washington
June 30 Holders of rec. Junella
Philadelphia A Trenton (quar.)_____
2 K July 10 July 1 to July 10
Pittsb. Ft. Wayne A Chic., reg , gu (
8
IK July 8 June 15 to July
Special, guaranteed (quar.)
_
1
IK July 1 June 15 to July
Pittsburgh A Bake Erie...... ................. I
S2.50 Aug. 1 Holders of rec. July23a
Reading Company, common (quar ) *
2
Aug. 14 Holders of rec. July 29a
First preferred (quar.).......... ’
1
Sept. 11 Holders of rec. Aug.26a
Second preferred (quar').
1
July 10 Holders of rcc. June28a
Rensselaer A Saratoga........ I
4
July 1 June 15 to June 30
Rome A Clinton...... .............
3K July 1 June 21 to June 30
St. Louis Rocky Mt. A Pac., pref'(dud 'll
IK June 30 June 21 to June 29
IK July 15 Holders of rec. Junc30a
Southern Pacific Co. (quar.) (No 27)
IK July 1 Holders of rec. June 2a
Southwestern Railroad of Georgia____ *
5
2K July 5 June 15 to July
Union Pacific, common (quar.)........ I.
2K July 1 Holders of rec. May31a
2K July 10 June 21 to Juno 30
Valley RR. (New York)____ I’. ____
2 K July 1 Holders of rec. Junc21u
Street and Electric Railways
July 1
American Cities Co., preferred (No. 4).
3
!1 to June 30
IK July 1 Holders of rec. June23a
IK June 30 June 21 to Juno 30
K July 10 Holders of rec. June23a
Preferred (quar.).
IK July 10 Holders of rcc. June23a
IK July 1 Holders of rec. June21a
Birmingham Ry., Light A Pow., com. A
3
'6 to June 30
June 30
Boston A Worcester Elec. Cos., pref
$1 July 1 Holders of rec. June23a
Brooklyn Rapid Transit (quar.).
"
IK July 1 Holders of rec. June 9a
s of rec. Juue21a
IK July 1
Capital Traction, Wash., I). C. (quar.)
5 to June 30
IK July 1
Caroljna Power A Light, pref. (qu.) (NoE
IK July 1 Holders of rec. Junc23a
Chicago City A Connecting Railways, pref. $2.25 July 1
Chicago City Ry. (quar.)_______________
June 22
2K lune 30
Cincinnati A Hamilton Trac., com. (quar )
1
July 1
June 30
Preferred (quar.).
'
June 30
IK July 1
Cincinnati Street Ry. (q u a r.)..."HUH
June 30
IK July 1
Cleveland Railway (quar.)___ _
IK July 1
Columbia Ry., Gas A Electric, pref. (quar )
5 to July 1
IK July 2
Columbus (Ga.) Elec. Co., pref. (No. 1 4).I 3
s of rec. June23a
July 1
Consolidated Fraction of New Jersey
2
July 15 July 1 to July 15
Continental Passenger Ry., Philadelphia
$3 June 30 Holders of rec. May31a
Duluth-Superior True., com. A pref (qu )
1
July 1 Holders of rec. June21a
Eastern Texas Electric Co., pref. (No 3 ) S3
July 1 Holders of rcc. Junel8a
El Paso Elec. Co., pref. (No. 22).
3
July 14 Holders of rec. June28a
Frankfort A Southwark Pass. Ryl*(quar ) $4.50 July
Holders of rcc. Junel4a
Germantown Pass. Ry., Philadelphia (quar.) $1.31)4 July
June 19 to July 7
Halifax Elec. Tramways, Ltd. (qu.) (No. 66)
2
June 20 to July 2
July
Illinois Traction, preferred (quar.)..........
Holders of rcc. Junel5a
IK July
Indianapolis Street Ry.................... -.1111
3
July
June 22
to July 1
Inter-State Railways, preferred (quar.
30c. July
June 21
to July 1
Lake Shore Electric Ry., 1st pref. (quar.jl
i n July
Holders of rec. Junc2Ua
Little Rock Ry. A Electric, common........
5
July
June 22
to July 1
Preferred.................. .......................... .....
3
July
June 22
to July 1
London (Canada) Street R y .. .....................
3
July
Louisville Traction, common (quar.)____
July
1
June 11 to June 15
Manila Elec. RR. A Ltg. Corp. (quar.)__
IK July
Holders of rec. JunelSa
Mas»"'-‘' ” setts Electric Cos., preferred__
Julv
2
Holders of rec. June 7a




[Vol. XCVI

C H R O N IC L E

Name of Company.
S tr e e t & E le c tric R y s. (C o n c lu d e d ).
M ohaw k Valley Co. (q u ar.) ............. ............
N e w E n g la n d I n v e s tm e n t A S e c u r ity , p r e f . .
N e w O r l e a n s R y . A L i g h t , c o m m o n ___
P r e f e r r e d ( q u a r . ) ______________________
New York S tate R y s ., common (q u a r .)_
_
Preferred (q u a r .)_____________________
N or. Ohio T rac. A L ight, p re f.(q u a r.)___
Philadelphia C o ., com. (q u ar.) (N o . 127)
N on-cum ulative preferred____________
P o r to R ico R a ilw a y s, L td ., c o m m o n (q u a r .) . .
P r e f e r r e d ( q u a r . ) ______________________
P u b lic S e rv ice C o r p o r a tio n o f N . J . ( q u a r ' ) .

Per
When
Cent. Payable.
1K
2
1

IK
IK
IK
IK
IK
2K
1

IK
IK
Puget Sound T r ., L. A P .,c o m .(q u .) (N o.4)
1
Preferred (q u ar.) (N o . 4 ) ............................
IK
R e a d i n g T r a c t i o n ............ ......... ..... ...............
IK
R e p u b lic R y . A L ig h t, p r e f . (q u a r .) ( N o . 8 ) .
IK
R i d g e Are. P a s s . R y . , P h i l a d e l p h i a ( q u a r . ) . .
S3
S t. Jos. R y ., L ., II. A P ., pf. (q u .) (N o. 43)
IK
Second A T hird S ts. P ass. R y ., P h lla .(q u .)
$3
T e r r e H a u t e I n d . A E a s t . T r a c . , p r e f . ( q u .)
IK
Toronto Railway (q u a r .)_______________
2
Tw in C ity Rapid T ra n sit, common (q u a r.)
IK
Preferred (q u a r .)............. ........................ .........
IK
U n i o n P a s s e n g e r R a i l w a y , P h i l a d e l p h i a ___
$4.75
Union T ractio n , Philadelphia.......................... $1.50
U nited Electric of New Jersey __________
2K
U nited Light A R ailw ays, common (q u ar.)
1
F irst preferred (q u a r .)____ __________
IK
Second preferred (q u a r .)....................... .......
K
U nited T rac. A Elec. C o ., P rov. (q u a r .) ..
IK
Virginia R y . A Power, preferred_________
2K
W ash. B alt. A Annapolis, pref. (q u a r .)__
IK
W a s h in g to n W a te r P o w e r , S p o k a n e ( q u a r .).
2
W est End S treet R y ., B oston, p re fe rre d ..
$2
W e s t e r n O h i o R y . , f i r s t p r e f e r r e d ( q u a r . ) __
IK
S e c o n d p r e f e r r e d ( q u a r . ) ............................
IK
W est India Elec. C o ., L td . (q u ar.) (N o .22)
IK
W e s t P h i l a d e l p h i a P a s s e n g e r R y ..................
$5
B an k s
A m e r i c a , B a n k o f .........................................
14
B u tch e rs A D r o v e r s , N a tio n a l
3
C e n t u r y ( q u a r . ) ................ ............ ........... .
3
C h a t h a m A P h e n i x N a t i o n a l ( q u a r . ) _______
2
C h e m i c a l N a t i o n a l ( b i - m o n t h l y ) __ _______
2X
Coal A Iron N ational (q u a r .)___________
IK
C o m m e r c e , N a t i o n a l B a n k o f ( q u a r . ) _____
2
F i r s t N a t i o n a l ( q u a r . ) ____ _____________
7
F i r s t S e c u r i t y C o . ( q u a r . ) ................ .............
3
F l a t b u s h , B a n k o f , B r o o k l y n ( q u a r . ) ............
IK
G e r m a n E x c h a n g e ............................. ......... ..
10
G o t h a m N a t i o n a l ( q u a r . ) ..............................
2
H a n o v e r N a t i o n a l ( q u a r . ) ____ ___________
4
H om estead (B ro o k ly n ).................... ...................
2
I m p o r t e r s ' A T r a d e r s ' N a t i o n a l ..................
12
L i b e r t y N a t i o n a l ( q u a r . ) ................................
5
M a n h a t t a n C o m p a n y . B a n k o f t h e ............
7
M e r c h a n t s ' N a t i o n a l ( N o . 2 2 0 ) ..........................
4
M etropolis, B ank of the (q u a r .)_________
4
M e t r o p o l i t a n ( q u a r . ) ............ ; ............. .........
2
M ount M orris (q u ar.) (N o. 5 4 ) .....................
3
M u tu a l..................................................................... ..
6
N e w Y o r k , B a n k o f , N . B . A . ( N o ' 259)111
8
P a r k , N a t i o n a l ( q u a r . ) .......... ................. .....
4
S eaboard N a tio n a l (q u a r .).
3
S t a t e ................................I ........ I.IIII II .1
5
Union Exchange N atio n al.................................
4
IFesf S i d e .....................................................
6
Y o r k v i l l e ......................................................
1
0
T r u s t C o m p a n ies
B a n k e r s ( q u a r . ) ................ ............ ..............
5
B r o o k l y n ( q u a r . ) ........ ............. ....................
5
C o l u m b i a - K n i c k c r b o c k e r ( q u a r . ) __________
5
E m p i r e ( q u a r . ) .............. ............................
2K
E q u i t a b l e ( q u a r . ) ........ .................................
6
F i d e l i t y ...........................................................
3
F r a n k l i n , B r o o k l y n _____________
6
F u l t o n ( N o . 4 2 ) .......................................... ..............
5
G u aran ty (q u a r .)__________________
0
E x tr a ...........................................
2
Lawyers’ T itle Ins. A T r. (q u ar.) (N o. 59)
3
M echanics’ of New Jersey (q u a r .).................
5
E x tra ..................... ...................................................
5
M e t r o p o l i t a n ( q u a r . ) ( N o . 6 6 ) _____ _____
0
M utual A lliance......................................................
1M
M u t u a l o f W e s t c h e s t e r C o u n t y ( q u a r . ) ____
m
8
N e w Y o r k ( q u a r . ) ................ ........................
5
T i t l e G u a r a n t e e A T r u s t ( q u a r . ) ..................
U nited S tates__________________________ 25
4
W a s h i n g t o n ( q u a r . ) .................. .....................
M iscellan eo u s
Aeolian, W eber Plano A Pianola, pf. (q u .)
IK
1
Amer. Agrlc. C hem ., com. (q u .) (N o. 7 ) . .
IK
Preferred (q u ar.) (N o. 3 2 ) ............................
American Bank N ote, preferred ( q u a r .) ..
IK
Amer Beet Sugar, pref. (q u ar.) (N o. 5 6 ) .
IK
Amcr. Brake Shoe A F d y ., com . (q u a r .) ..
IK
2
Preferred (q u a r .)...............................................
American C an, preferred (q u a r .).....................
IK
Amer. C ar A F d y ., com. (q u ar.) (N o. 4 3 ) .
K
Preferred (q u ar.) (N o. 5 7 ) ............................
IK
1
A m e r i c a n C h i c l e , c o m m o n ( m o n t h l y ) ............
American C igar, preferred (q u a r .)________
IK
American Coal P roducts, common (q u ar.)
IK
IK
Preferred (q u a r .).......... ....................................
S3
American Express (q u a r .).................................
Amer. Gas A Flee., com. (n u .) (N o. 1 3 )_| 2
Preferred (q u ir ) (N o. 2 6 ) ............. ..............
IK
Amer. Iron A Steel M fg ., C om .A pref. (q u .)
IK
A m e r i c a n L o c o m o t i v e , p r e f e r r e d ( q u a r . ) ___
IK
Amer. M anufacturing (q u ar.) (N o . 6 5 ) . . .
IK
A m e r i c a n P l a n o , p r e f . ( q u a r . ) ( N o . 20)
.
IK
American Pipe A C onstruction (q u a r .)___
1
Am. Pow. A Light, pref. (q u ar.) (N o. 15)
IK
A m e r i c a n P u b lic U ti l iti e s , c o m m o n (q u a r .)
P r e f e r r e d ( q u a r . ) ...................................

American R ad iato r, common (q u a r .)___
A m e r ic a n S crew (q u a r .).

K
IK
2K
IK
IK
3k
IK
K
IK
2K
IK
1
IK
IK
IK
1
3K
2K
2
IK
IK
6
IK
2

Am. Smelt Secur., pf. A (q u .) (N o. 3 4 ) . . .
Preferred B (q u ar.) (N o. 3 3 ) .................. American Snuff, common (q u a r .)_______
Preferred (q u a r .)..............................................
American Steel Foundries (q u a r .)_______
Amer. S u g ar R efg.. com . A pref. (q u a r .).
A m erican Surety (q u ar.) (N o. 9 6 ) .............
American Tobacco, preferred (q u a r .)___
Amer. Typefounders, com. (q u a r .)...........
Preferred (q u a r .). . . .
.
Am. W ater Works A G u ., pf. (q u .) (N o .5)
American Woolen, pref. (q u ar.) (N o 5 7 ) .
Balaw ln Locomotive W orks, c o m m o n ....
Preferred ____________
B a l t i m o r e E l e c t r i c C o . , ' p r e f e r r e d ................I
B e l l T e l e p h o n e o f C a n a d a ( q u a r . ) _________
Bethlehem Steel, preferred (q u a r .)................
Booth Fisheries, first preferred (q u a r .)__
B rltish-A m er.T ob., L td .,o rd in ary (In terim ).
Brooklyn Union Gas (q u ar.) (N o . 4 9 ) . . .
E x tra ................................................................ ..
1
Buckeye Pipe Line (q u a r .)IIIIIIIIIIIIII 35
B u f f a l o G e n e r a l E l e c t r i c ( q u a r . ) (N o . 75) II
IK
C a lifo r n ia E le c tr ic G e n e r a tin g , p r e f . ( q u a r . ) .

IK

Books Closed.
Days Inclusive.

July 1 Holders of rec. June24a
July 1 Holders of rec. June20a
June 36 June 20 to June 30
June 36 June 20 to June 30
July 1 Holders of rec. Junel7a
July 1 Holders of rec. Junel7a
July 1 Holders of rec. Junel5a
Aug. 1 Holders of rec. July la
Sept. 2 Holders of rec. Aug. 9a
July 2 Holders of rec. June 21
July 2 Holders of rec. June 21
June 30 Holders of rec. June27a
July 15 Holders of rec. June28a
July 15 Holders of rec. June28a
July 1 June 19 to July 1
July 15 Holders of rec. July 1
July 1 June 17 to July 1
July 1 Holders of rec. Junel4a
July 1 Holders of rec. June 2a
July 1 Holders of rec. June 30
July 2 Holders of rec. June 16a
July 1 Holders of rcc. June20a
July 1 Holders of rec. June20a
July 1 Holders of rec. Juncl4a
July 1 Holders of rec. June 9a
July 1
Not closed.
July 1 Holders of rec. Junel4a
July 1 Holders of rec. Junel4a
July 1 Holders of rec. Junel4a
July 1 Juno 11 to June 15
July 10 Holders of rec. Junel4a
Juno 30 Holders of rec. June21a
July 1 Holders of rcc. Junel4a
July 1 Juno 22 to July 1
July l Holders of roc. Junc23a
July 10 Holders of rcc. June23a
July 2 June 24 to July 2
July 1 Holders of rec. Juncl4a
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
June
July
July

to July ' 1
1 June 21
1 June 20 to June 30
to June 30
June 25
June 22 to June 30
June 26 to June 30
Holders of rec. June 11
June 21
to July 1
Holders of rec. June30a
Holders of rec. Junc30a
June 28 to June 30
June 21 to July 1
Holders of rec. June 30
............
June 21 to
June 21 to July 1
to June 30
June 21
Not closed.
June 27 to June 30
Holders of rcc. Juno 25
Holders of rec. Junc30a
to June 30
June 21
Juno 21 to June 30
June 24 to Juno 30
to June 30
June 22
Holders of rec. Juno 20
Holders of rec. June 25
June 14 to June 30
June 21 to June 30
June 20 to July 1
to June 30
June 22

Holders of rcc. June26a
July
Holders of rcc. June20a
July
Holders of rec. June25a
June
Holders of rec. June 21
June
June
Holders of rec. June24a
June
June 25 to June 30
June 30 Holders of rec. June28a
July 1 Holders of rec. June 23
.June 30 Holders of rec. June24a
'June 30 Holders of rec. Junc24u
July
June 15 to July 1
July
Juno 29 to July 1
July 1
Juno 29
July
June 30
Juno 21
June
June 26 to June 30
July
Holders of rec. Junc30a
July
June 22 to June 30
June
Holders of rcc. June 23
June
June 20 to June 30
July
Holders of rec. June 25
July
Juno 30 Holders of rec . June 25
July 15 Holders of rec June23a
July 15 Holders of rec June23a
July
Holders of rec Junel6a
July
Holders of rec. Junel4a
June 30 Holders of rec. Junc20a
June 30 Holders of rec. June20a
July
Holders of rec. Junel7a
July
Holders of rec. Junella
July
Holders of rcc. Junella
Juno 20 Holders of rcc. Junella
July
Holders of rec. JunelOa
July
Juno 25 to June 30
July 15 July 11
to July 14
July
Holders of rcc. May 3 la
July
Juno 22 to July l
Aug.
July 20 to Aug. 1
Holders of rec. June20a
July
July 21 July 8 to July 21
Holders of rec. June 16
July
June 21
to July 1
July
Holders of rec. Junel4a
July
Juno 21 to June 30
July
June 21
to June 30
July
Juno 21
to June 30
July
June 30 June 22 to June 30
Juno 30 Holders of rec. June 23
July 1 June 21 to June 29
June 21
to June 29
July
July
Holders of rec. JunelOa
July 1 Holders of rec. JunelOa
June 30 Holders of rec. Juuel4a
July 2 Holders of rec. June 2a
Juno 30 June 15 to June 30
July 1 Holders of rcc. Junol4a
July 15 Holders of rec. July 10a
July 15 Holders of rcc. JulylOa
July 1 Holders of rcc. Juno 15
July 15 June 24 to July 7
July
Holders of rec. Juncl4a
July
Holders of rec. Junella
July llllolders of rcc. June 20
July 15 Holders of rec. June 24
July 1 Holders of rec. June 10
II Juno 26 to July 1
Juno 30|
See note (0
July 1 June 15 to Juno 30
July 11
June 15 to June 30
Juno 21|Ilolders of rec. June 7
Juno 30 Holders of rec. Junc20a
July llllolders of rcc. June20a

Junk 21 1913.]
Name of Company.

T H E
When
Per
Cent. Payable.

C H R O N IC L E

Books Closed.
Days Inclusive.

Miscellaneous (Continued)
California Petroleum Corp., com. (quar.).
Holders of rec. JunelOa
I X July
Preferred (quar.).....................................
Holders of rec. JunelOa
I X July
1
Canadian Consol. Rubber, Ltd., com.(qu.)
July
Holders of rec. June 21
Preferred (quar.).......... ..........................
Holders of rec. June 21
IX July
Canadian Cottons, Ltd., pref. (quar.)_____
June 25 to July 3
I X July
Canadian Gen. Elec., Ltd., com. (quar.)..
IX July Holders of rec. June 14
Canadian Locomotive, preferred (quar.)___
Holders of rec. June20a
I X July
Canadian West’house, Ltd. (qu.) (No. 34)
IX July Holders of rec. June 30
Canton Company.......... ......... ............. .........
2
June 22 to July 1
July
Case (J. I.) Thresh. Mach., Inc., pf. (qu.)
IX July Holders of rec. Junel6a
Celluloid Company (quar.)........................
Holders of rec. Junel6a
I X June
Central Coal A Coke, common____________
July
1 to July 15
l'A July
Preferred________________ ________ ____
July
1 to July 15
I X July
Central Leather, preferred (quar.)_______
rec. JunelOa
IX July Holders of rec. June30a
Central A South Amer. Telegraph (quar.)..
Holders of
l'A July
Cent. States Elec. Corp., pf. (qu.) (No. 4)
IX July Holders of rec. June 10
Chic. June. Rys. & U. Stk. Yds, com. (qu.)
Holders of rec. June 16
2
July
Preferred (quar.)________________ _
June 16
IX July Holders of rec. June28a
Chicago Telephone (quar.)....................
2
Holders of rec.
June
Chino Copper (No. 1 ) . . . ....................
June
7 to June 10
75c. June
Cincinnati Gas & Electric (quar.)____
June 15 to June 22
I X July
Cities Service, common (monthly) ..........
5-12 July
Holders of rec. June 15
Preferred (monthly) _____________
July
Holders of rec. June 15
City Investing, preferred (quar.)
Holders of rec. June 25
I X July
Cluett, Peabody & Co., pref. (qu.) (No. 2)
July
of rec. June 20
IX July Holders of rec. JunelOa
Colorado Fuel & Iron, preferred_________
Holders
41
Columbus Gas & Fuel, preferred (quar.)..
IX July Holders of rec. June 14
Columbus Lt., Ht. & Power, com. (quar.)
IX July Holders of rec. Junel4a
Preferred (q u a r.)... .
. ..
Holders
rec. June 14a
July
IX July Holders of rec. June30a
of
1
Computing-Tab’g-Recor. Co. (qu.) (No. 2)
July
1
Connecticut River Power com. (No. 1)____
June 25 to July 1
Cons. Gas, El. L. & P „ Balt., com. (qu.).
IX July Holders of rec. June 20
Consumers’ Power, Michigan, pref. (quar.)
IX July Holders of rec. Junel7a
Continental Can, Inc., pref. (quar.)-------IX July Holders of rec. June20a
Continental Gas A Elec. Corp., com. (No. 1)
Holders of rec. June 20
X July
Holders of rec. June 20
Preferred (quar.)________________ _____
I X July
Holders of rec. June 21
Cote Plano Mfg., pref. (quar.)----------------I X July
Crucible Steel Co. of Am., pf. (qr.) (No. 39)
Holders of rec. June20a
I X June
Cuban-American Sugar, preferred (quar.).
IX July Holders of rec. JunelOa
Dayton Power A Light, preferred (quar.)...
Holders of rec. June30a
I X July
Detroit Edison (quar.)..........................—
IX July Holders of rec. June 30a
Dominion Canners, Ltd., common (quar.)..
June 16 to
June 30
l'A July
Preferred (quar.)______________________
IX July June 10 to June 30
Dominion Iron A Steel, Ltd., com. (quar.). .
1
July
Holders of rec. June 20
Dominion Pow. A Transm., Ltd., pf.(No.28)
3X July June 15 to June 30
Dominion Textile, Ltd., com. (quar.)___
Holders of rec. Junel5a
l'A July
Dominion Textile, preferred (quar.)_____
IX July Holders of rec. June 30
Duluth Edison Electric, preferred (quar.)...
Holders of rec. June 20
l'A July
duPont (E.I.)de Nemours Pow., pref. (qu.)
IX July July 16 to July 25
duPont Internat. Powder, pref. (q u a r.)...
July
Holders of rec. June20a
Eastern Light & Fuel (q u a r ,)...._______
l* July
June 19
Eastern Michigan Edison (quar.)_________
July
1
Holders of rec. June 30
Eastman Kodak, common (quar.)________
2X July Holders of rec. May31a
Common (extra).............. ......... ...............
5
Holders of rec. July31a
Sept.
Preferred (quar.)_____________________
IX July Holders of rec. May31a
Electric Light & Power, Ablngton and
Rockland, Mass. (No. 40)____________ $4
July
Holders of rec. JunelOa
Electric Storage Battery, com. and pref .(quar)
Holders of rec. June 21
July
1
Galena-Signal Oil, common (quar.)_
_
3
June 30 Holders of rec. May 31
Common (extra).................................
June 30 Holders of rec. May 31
1
Preferred (quar.).......... ................ .........
2
June 30 Holders of rec. May 31
General Baking, pref. (quar.) (No. 6)_____
1
July 1 Holders of rec. June 21
General Chemical, preferred (quar.)_____
IX July 1 Holders of rec. June19a
General Chemical Co. of Cal., lsf pref.(quar.)
IX July 1 Holders of rec. June 23
General Electric (quar.)________________
2
July 15 Holders of rec. May31a
General Fireproofing, com. (quar. )(No. 12)
Holders of rec. June 20
I X July
Preferred (quar.) (No. 25)_____________
Holders of rec. June 20
I X July
General Gas & Electric, preferred(quar.)..
IX July June 21 to July 1
Goodrich (B. F.), preferred (quar.)_____
IX July Holders of rec. June20a
Goodyear Tire A Rubber, preferred (quar.)..
June 21 to June 30
I X July
Great Lakes Towing, preferred (q u a r.)...
IX July Holders of rec. June 16
June 14 to June 18
Guggenheim Exploration (quar.) (No. 42).
July
3
Hale & Ktlburn, common (quar.)____
June 30 Holders of rec. Juno 20
1
First and second preferred (quar.)____
IX June 30 Holders of rec. June 20
Hart, Schaffner & Marx, pref. (quar.)___
IX June 30 Holders of rec. June20a
Helme (Geo. W .), common (quar.)__
Holders of rec.
2X July 1 Holders of rec. JunelOa
Preferred (quar.)_________________
JunelOa
IX July 1 Holders of rec. June20a
Homestnke Mining (monthly) (No. 463)-65c. June 25
Ingersoll-Rand Co., preferred..............
3
July 1 Holders of rec. Junel4a
Intercontinental Rubber, pref. (q u a r.)...
IX lJune 30 June 21 to June 30
Int. HarvesterCo.of N.J.,com. (qu.) (No. 14)
IX July 15 Holders of rec. June 25
Intern. Harvester Corp., com. (qu.) (No. 2)
IX July 15 Holders of rec. June 25
International Nickel, common (quar.)____
2 Sept. 2 Aug. 15 to Sept. 2
'X
Preferred (quar.).............. ........................
Aug. 1
July 15 to
I X Aug.
Internat. Smokeless P. & Ch.. com. (qu.).
X July Holders of rec. June20a
Island Creek Coal, common (quar.)______
Holders of rec. July 15
50c. Aug.
Common (extra)_______________________
$3 Aug.
Holders of rec. July 15
Preferred (quar.)_________
Holders of rec. June 25
$1.50 July
Kansas Gas A Elec., pref. (quar') (No. 13).
IX July June 25 to Juno 30
KaufmannDept.StoresInc.,pf.(qu.)(No.2)
IX July Holders of rec. June 20
Kayser (Julius) & Co., common (quar.)..
IX July Holders of rec. June20a
First and second preferred (quar.)____
IX Aug. Holders of rec. July21a
Kolb Bakery, pref. (quar.) (No. 6 )________
IX July Holders of rec. June 21
Kresge (S. S.) Co., pref. (quar.)........ .......
Holders of rec. JunelOa
IX July
La Belle Iron Works, common (quar.)___
X July 31 July 20 to July 31
2
Preferred (quar.)______________ ______
June 30 June 21 to June 30
Lanston Monotype Machine Co. (quar.)..
IX June 30 Holders of rec. June 23
La Rose Consolidated Mines (quar.)____
2X July 20 July 1 to July 17
2
Laurenllde Co., Ltd. (quar.)_____________
July 2 Holders of rec. June 23
3
Lawyers' Mortgage Co. (quar.) (No. 47)July 1 Holders of rec. June 23
Llggett & Myers Tobacco, pref. (quar.)..
I X July 1 Holders of rec. Junel4a
Loose-Wiles Biscuit, 1st pf. (qu.) (No. 5).
IX July 1 June 17 to July 1
Second preferred (quar.) (No. 5 )_____
IX Aug. 1 July 16 to Aug. 1
Lorlllard (P.), common (quar.)__________
2X July 1 Holders of rec. Junel4a
Preferred (quar.)........................ ............
IX July I Holders of rec. Junel4a
Mac Andrews A Forbes, com. (quar')........
2X July 15 Holders of rec. June30a
Preferred (quar.)___________________
l'A July 15 Holders of rec. June30a
Mackay Companies, com. (qu.) (No. 32)1
IX July 1 Holders of rec. Junella
Preferred (quar.) (No. 38)......................
July 1 Holders of rec. Junella
1
Manhattan Shirt, pref. (quar.) (No. 4 )..
IX July 1 Holders of rec. June 17
Massachusetts Lighting Cos. (quar.)_______
IX July 15 Holders of rec. June 25
May Department Stores, pref. (quar.)..
IX July 1 Holders of rec. JunelOa
Mergenthaler Linotype (quar.)..................
2X June 30 Holders of rec. June 7a
Extra.................... - ................. - ............. X June 30 Holders of rec. June 7a
2
July 20 Holders of rec. June30a
Mexican Petroleum, preferred (quar.)........ .
Mexican Telegraph (quar.)------------ --------2X July 15 Holders of rec. June30a
Michigan Light, preferred (quar.)---------IX July 1 Holders of rec. Junel7a
Michigan State Telep., com. A pref. (quar.)
IX June 30 June 15 to Juno 30
Montana Power, common (q u a r.)..........
X July 1 Holders of rec. June 14
IX July 1 Holders of rec. Juno 14
Preferred (quar.)............ ............ - .........
Montreal Light, Heat A Power (qu.) (No. 49)
2X Aug. 15 Holders of rec. July 31
Mortgage-Bond Co. (quar.)_____________
IX June 30 Holders of rec. June 19
National Biscuit, com. (quar.) (No. 6 0 )..
I X July 15 Holders of rec. June28a
Nallonal Carbon, common (quar.).............. .
6 to July 15
I X July 15 ,
Preferred (quar.)______________________
I X Aug. 15 Aug. 6 to Aug. 15
National Enam. A Stamping, pref. (quar.).
IX June 30 June 11 to June 30
National Lead, common (quar.)_________
to June 17
X June 30
National Licorice, pref. (qu ) (No. 44)
l'A June 30 Juno 24 to June 30
National Sugar Refining (quar
)
I X July 2 Holders of rec, June 7
National Surety (quar.)
' .................
July 1 June 21
to Juno 30
3
Nevada Consolidated Copper "(quar)
Z7X0 June 30 June 7 to June 10
New England Power, preferred
July 1 June 25
to July 1
3
New England Telep. A Teleg. (quar)
I X June 30 Holders of rec Junel8a
N . Y. Mortgage A Security (aunr i
July 1 Holders of rec, Juno 24
3
New York Mutual Gas Light. . . ’ ............
July 10 Holders of rec June26a
5
Now York Transit (quar.)__ ~.............
July 15 Holders of rec, June24a
10
Niagara Falls Power (quar.)"”
2
July 15 Holders of rec, July 1
Nlplsslng Mines Co. (quar.)_” ” ”
July 21 July 1 to July 17
5
Extra______ _____ _______ _____
2X July 21 July 1 to July 17
North American Co. (quar.) (No. 37)
I X July 1 Holders of rec Junel6a
Northern Pipe Lino____ ____________
|july 1 Holders of rec , JunelOa
5




1 7 5 3
Per
When
Cem. Payable.

Name of Company.
Miscellaneous (Concluded).
Ogllvle Flour Mills, Ltd., common (quar.)..
Old Dominion Steamship (No. 75)____
Otis Elevator, common (quar.)_______
Preferred (quar.)_________________
Pacific Telep. A Teleg., preferred (quar.)..
Pettlbone, Mulllken & Co., lst&2d pf. (qu)
Phelps, Dodge & Co., Inc. (quar.)_______
Extra________________________________
Pittsburgh Plate Glass, com. (quar.)----Procter A Gamble, common (quar.)________
Common (extra) (payable in com. stock)..
Preferred (quar.)_______________ ______
Producers’ Oil__________________________
Quaker Oats, common (quar.)___________
Preferred (q u a r.)..____ ______________
Quincy Mining (quar.)
............
Ray Consolidated Copper (quar.) (No. 1).
Realty Associates (No. 21)______________
Remington Typewriter, 1st, pref. (quar.).
Second preferred (quar.)_____________
Republic Iron & Steel, preferred (quar.)..
Reynolds (R. j .) Tobacco Co. (quar.)___
Rhode Isld. Perk. Horseshoe, pref. (quar.)..
Royal Baking Powder, common (quar.).Preferred (q u a r,).................... ...............
Safely Car Heating A Lighting (quar.)........
Sears, Roebuck & Co., preferrd (quar.)__
Securities Company_____________________
Shawinlgan Water A Power (quar')........ ..
Sloss-Sheffield Steel & Iron, pref. (quar.).
Solar Refining (payable in stock)__________
South Penn Oil (quar.)................................
South Porto Rico Sugar, common (quar.).
Preferred (quar.)................ ................... .
South West Pa. Pipe Lines (quar.)______
Standard Coupler, common_____________
Preferred____________________________
Standard Gas Light, common___________
Preferred______________ _____ _______ _
Standard Oil (Kansas) (quar.) (No. 2 7 )..
. Special (payable in stock) (No. 28)___
Standard OH (Kentucky) (No. 1 ) . . . ____
Standard Oil of N. Y . (stock dividend).. .
Standard Oil of Ohio (quar.)____________
Standard Screw, common________________
Preferred......... ..................... ......... ..........
Subway Realty (quar.)___________ ______
Sulzberger < Sons Co., preferred (quar.)..
fc
Swift & Co. (quar.) (No. 107)....................
Texas Company (quar.)........................ ......
Tobacco Products Corp., pref. (qu.) (No. 2)
Torrlnglon Company, preferred___________
Underwood Typewriter, common (quar.).
Preferred (quar.).. ________________
Union Carbide (quar.).......... ........... ...........
Union Switch & Signal, com. & pf. (qu.)
United Fruit (quar.) (No. 56)...... ...........
United Gas Improvement (quar.)_______
United Shoe Machinery, com. (quar.)___
Preferred (quar.).___________________
U .S.CastlronPipe&Fdy.,pf.(qu.) (N o.44).
U. S. Printing A Lithographing, 1st pf.(qu.)
Second preferred (quar.)_______________
U. S. Priming of New Jersey, com. (quar.).
U. S. Priming of Ohio (quar.)___________
U. S. Steel Corporation, com. (qu.)(No.38)
United Utilities, pref. (qu.) (No. 10)___
Utah Copper (quar.) (No. 20).......... .......
Utilities Improvemem, common (momhly) . .
Preferred (momhly)------------ --------- -------Ward, (Momgomery) A Co., pref. (quar.)..
Welsbach Company, common_____________
Preferred.............................. ................. .
Western Electric Co. (quar.)____________
Western Union Telegraph (qu.) (No. 177)
Westinghouse Air Brake (quar.)_________
Extra................ .............. .......... .......... .
Westinghouse Elec. A Mfg., common (quar.)
Preferred (quar ) . ................ ......... ......... .
Weyman-Bruton Co., common (quar.)_
_
Preferred (q u a r.).................. .................
WIliya-Overland, pref. (quar.)__________
Woolworth (F. W.) Co., pref. (quar.)___
Yukon Gold Co. (quar.) (No. 16)...............

Books Closed.
Days Inclusive.

July 2 Holders of rec . June 20
June 30 June 20
June 29
July 15 Holders of rec. June 30
July 15 Holders of rec. June 30
IX
July 15 July 1 to July 15
IX
July 1 Holders of rec. Junel7a
IX
June 27 Holders of rec. June16a
2X
2
June 27 Holders of rec. JunelOa
July 1 June 17 to July 1
IX
4
Aug. 15 Holders of rec. July 25a
4n Aug. 15 Holders of rec. July25a
2
July 15 Holders of rec. June30a
$1.50 June 30 Holders of rec. Junella
July 15 Holders of rec. July la
2X
l'A Aug. 30 Holders of rec. Aug. la
$1.25 June 23 May 25 to June 4
37Xo. June 30 June 7 to June 10
3
July 15 Holders of rec. July 5
July 1 Holders of rec. Junel7a
l* July 1 Holders of rec. Junel7a
July 1 Holders of rec. JunelOa
IX
3
July 1 Holders of rec. June 20
1
July 15 Holders of rec. July 1
3
June 30 Holders of rec. JunelOa
June 30 Holders of rec. Junel6a
IX
2
July 1 Holders of rec. Junel7a
July 1 Holders of rec. JunelOa
IX
July 15 July 1 to July 15
2X
July 19 Holders of rec. July 7
IX
July 1 Holders of rec. Junel7a
IX
300g
Holders of rec. June 30
10
June 30 May 21 to July 31
July 1 Holders of rec. Junel4a
1
2
July 1 Holders of rec. Junella
July 1 Holders of rec. JunelOa
5
2
June 30 Holders of rec. June 25a
4
June 30 Holders of rec. June25a
June 30
June 30 June 20 to
IX
3
June 30
June 30 June 20 to
10
June 30 June 1 to June 30
lOOff June 30 June 1 to June 30
July 1 Holders of rec. June 14
5
400 g June 30 Holders of rec. June 13
5
June 28 June 1 to June 17
July 1 Holders of rec. JunelOa
2X
3
July 1 Holders of rec. JunelOa
July 1 Holders of rec. June23a
IX
July 1 June 17 to June 30
IX
July 1 Holders of rec. JunelOa
IX
June 30 Holders of rec. Junel4a
IX
July 1 Holders of rec. June'25
IX
July 1 Holders of rec. June 21
ZX
1
July 1 Holders of rec. June20a
July 1 Holders of rec. June20a
IX
July 1 June 19 to June 30
2X
3
July 10 Holders of rec. June 30
2
July 15 Holders of rec. June26a
SI July 15 Holders of rec. June 30
50c. July 5 Holders of rec. June 18
3 7 X c . July
5
June 18
1m July 15
July 7a
July 1 ,
June 30
IX
2
July 1 .
June 30
July 1
July 1 ,
IX
1 7-16 July 1 ,
July 1
3 to June 8
June 28 ,
IX
2 to July 1
July 1 ,
IX
75c. June 30
r to June 10
1-6 July 1 Holders of rec June 15
June 15
July 1
X
July 1 Holders of rec. June 19
IX
2
June 30 Holders of rec. June 21
z x June 30 Holders of rec. June 21
2
June23a
Juno 30:
July 15:
June20a
X
2
July 15:
June30a
2
July 15
June30a
1
July 30:
June 30
July 1 5 :
IX
June 30
July l :
JunelOa
2X
July l :
JunelOa
IX
July l
June21a
IX
July l Holders of rec JunelOa
IX
7 X c . June 30 June 14 to
June 18
2
3
1

i
a Transfer books not closed for this dividend. 6 Less lncc
Income tax. d Correction.
g Payable In stock. I Transfers received In London on or before June 18 will be
In time to be passed for payment of dividend to transferee.
k Also to distribute
about July 1 to com. stockholders of record June 16, one-tenth of a share of Amtr.
Tobacco pref. stock and one-twenty-second of a share of Amer. Cigar pref, stock
for each share of Amer. Snuff com. stock held. ( Also declared 4% payable Jan. 1
1914 to holders of record June 10 1913. m Declared 4% payable In quarterly In­
stallments. n Payable In common stock.

Auction Sales.— A m o n g o t h e r s e c u r i t i e s , t h e f o l l o w i n g ,
n o t u s u a lly d ea lt i n at th e Stock E x c h a n g e , w e r e r e c e n t l y s o l d a t
a u c t i o n in N e w Y o r k , B o s t o n a n d P h i l a d e l p h i a :
B y M e s s r s . A d r ia n H . M u lle r & S o n s, N e w Y o r k :
Shares.
Per cem. Shares.
Per cent
150 Standard Tube & Metal C o .. 1 39,995 Flsdale Cent. Mines of Por1,000 Nev.-Utah Mines & S Corp.,
cuplne, L t d .................... $5,000
$10 each...... ......... ......... $20 lot.
B y M e s s r s . F ra n c is H e n s h a w &

C o ., B o s to n :

Shares.
$ per sh. I Shares.
$ per sh,
10 Second National Bank_______ 285
1 Chicopee Manufacturing Co— 90
1 Draper Co., com m on..............205 | 1 American Glue Co., pref______ 140X
B y M essrs. R . L . D a y &

C o ., B o s to n :

Shares.
$persh. Shares.
$ per sh,
15 Rlackstone Nat. Bk., Uxbridge 105X 29 Wamsutta Mills, N. B ed ford ..110
5 Naumkeag Steam Cotton C o .. 140
5 Heywood Bros. & Wakefield
16 Dwight Mfg. Co., $500each.. 1075
115}£
Co., common...... ..........
l Nashua Mfg. Co., $500 p a r ...550
16 Hartford Fire Insurance C o ..675
385 Waltham Watch Co., com___ 17
10 Great Falls Mfg. Co_________ 175
1 Boston Athaneum, $300 p a r..320
15 Heywood Bros. & Wakefield
Co., pref-------------------------- 98X

By Messrs, Barnes & Lofland, Philadelphia:
Shares.
% per sh.
12 Fourth St. Nat. Bank........300
3 Franklin Nat. Bank-------- 488H
27 Com’wealthT. I. & T . C o ..238
60 Franklin Tr. Co., $50 each. 54'A
1 Logan Trust Co--------------- 130
2 Real Estate Tr. Co., p ref.. 95X
10 People’s Nat. F. Ins. Co.,
16 X
$25 each-----------2 John B. Stetson Co., p ref.. 175
5 Phlla. & Camden Ferry Co.,
$50 e a c h ....................
140

Shares.
$ per sh,
15,000 Melville Round Mtn. Min’g
Co., $1 each_____________ $5 lot
100 Greenwater Death Val. Min.
Co., $1 each_____________$1 lot
7,600 Manhattan Indian Springs
Mining Co., $1 each------- $3 lot
Bonds.
Per cent.
$1,000 Springfield Water Co. 5s,
1920 ______________ ______ 93 X
$1,000 No. Spring. Wat. Co. 5s, ’28 93J*

By Messrs. Samuel T. Freeman & Co., Philadelphia:
Bonds.
Per cem.
$120,000 Atlan. Turpentine & Refg.
1st 6s, 1931______________ 5
$8,000 United Telep. A Teleg.
1st 5s, 1931.......................... 11

$1,000 Spring!. Wat.
1926 ........

Co.

5s,

93K

1 7 5 4

T H E

National Banks.— T h o f o l l o w i n g i n f o r m a t i o n r e g a r d i n g
n a t i o n a l b a n k s is f r o m t h e o f f ic e o f t h o C o m p t r o l l e r o f t h e
C u rre n c y , T re a su ry D e p a rtm e n t:

Canadian Bank Clearings.— T h e

c le a r i n g s f o r t h e w e e k
e n d i n g J u n e 1 4 a t C a n a d i a n c i t i e s , in c o m p a r i s o n w i t h t h o
sa m e w eek o f 1 9 1 2 , sh o w s
a n in c r e a s e in t h e a g g r e g a t e o f
4 . 0 % . _____________________________________________________________________________

Trust Cos.

Canada—
M on treal_____________
T o ro n to ______________
W innipeg_____________
Vancouver......................
Ottaw a............................
Q uebec............................
H alifax............................
H amilton........................
Catgary............................
Victoria............................
St. John..........................
London ______________
Edm onton......................
R egin a ............................
Brandon______________

New Westminster______
Medicine Hat..................

Dec.

$
63,592,224
43,918,838
31,994,210
12,728,600
4,087,098
3,557,489
2,330,192
3,289,809
4,977,770
3,718,596
1,542,240
2,087,182
4,418,251
2,594,161
548,011
1,954,279
1,117,990
515,800
684,768
1,210,463
611,798
672,695

$
58,163,330
43,865,360
29,347,581
12,800,239
4,692,091
3,304,984
1,885,943
2,8S0,987
5,834,920
3,689,050
1,795,630
1,725,366
4,561,787
2,003,544
610,613
2,237,621
1,258,078
586,117
544,367
1,777,914
Not incl. In
Not lncl. In

%
+ 9.3
+ 0.1
+ 9.0
— 0.6
— 12.9
+ 7.7
+ 23.6
+ 14.2
— 14.7
+ 0.8
— 14.1
+ 21.0
— 3.1
+ 29.5
— 10.2
— 13.0
— 11.2
— 12.0
+ 25.7
— 31.9
total.
total.

Total Canada________ 190,859,031 183,565,522

1911.

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

$
3,784,3
15,733,3
4,554,0
1,300,2
11,469,0
24,240,8
1,315,5
0,085,2
7,222,4
1,665,1
11,866,3
1,242,2
567,5
0,187,9
612,1

$
23,302,0
120,187,0
34,424,0
19,468,0
34,435,0
169,551,0
7,282,0
16,582,0
46,195,0
15,829,0
42,338,0
9,020,0
10,236,0
22,159,0
11,967,0

1910.

$
$
53,125,525 37,367,952
37,151,022 28,420,150
20,289,166 15,677,525
8,364,044
10,761,067
3,986,070 3,157,503
2,346,170
2,572,539
1,849,622
1,525,275
1,859,327
2,552,743
3,607,516 2,708,048
1,867,060
2,727,967
1,316,453
1,440,155
1,291,128
1,397,032
1,372,640
2,569,587
871,759
1,849,475
486,484
558,631
1,265,758
720,288
558,269
649,250

+ 4.01
149,307,235 108,955,865

s h o w s th e c o n d itio n o f th e N e w Y o r k C i t y C le a r in g -H o u s e
m e m b e r s fo r th e w e e k e n d in g J u n e 1 4 .
T h e f ig u r o s f o r t h e
se p a r a te b a n k s are th e a v e r a g e s o f th e d a ily r e s u lts .
In
t h e c a s e o f t o t a l s , a c t u a l f ig u r e s a t t h o e n d o f t h o w e e k
a re a lso g iv e n .
F o r d e fin itio n s a n d r u le s u n d e r w h ic h th e v a r io u s it e m s
a r e m a d e u p , s e e “ C h r o n i c l e ,” V . 8 5 , p . 8 3 6 , in t h o c a s e o f t h e
b a n k s , a n d V . 9 2 , p . 1 6 0 7 , in t h o c a s e o f t h e t r u s t c o m p a n i e s .

DETAILED RETURNS OF,’ BANKS.
We omit two ciphers (00) in all cases.
1
Specie. 1 Legals. Net Depos­ Re­
Average. j.Average. its, Aver. serve.

Banks.
00s omitted.

Capital.

Surplus.

New York___
Manhattan Co
Merchants’ __
Mech.&Metals
America.........
C ity ...............
Chemical ___
Merchants’ Ex
Butch.* Drov.
Greenwich —
Amer. E xch..
Com m erce__
Pacific. ------Chat. & Phen.
P eop le's____
Hanover____
Citizens’ Cent.
Nassau_____
M arket* Fult.
Metropolitan .
CornExchango
Imp.&Traders
Park . --------East River__
F o u rth ........ .
S econ d ______
F ir s t________
Irvin g_______
Bowery ___
N . Y. County.
Gcrman-Amer.
C haso_______
Fifth Avenue.
German Exch.
Germania___
Lincoln ______
G arfield____
F ifth ..............
M etropolis_
_
West Side----Seaboard------Liberty --------N .Y .P rod.E x.
Stato ________
S ecurity------Coal & Iron ..
Union E xch ..
Nassau,Bklyn.

$
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
1,000,0
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
4,000,0
250,0
500,0
750,0
6,000,0
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

$
$
$
$
$
%
21,082,0 3,869,0
838,C 18,126,6 25.9
4,280,1
32,350,0 14,283,C 1,628,0
4,960,1
43,300,6 36.7
2,178,3 20,049,0 4,065,6
977,6
19,855,6 25.3
8,900,6 2,940,6
8,873,7 54,855,0
49,828,6 23.7
6,381,3 24,315,0 4,312,6 1,629,6
23,250,6 25.5
30,516,1 168,084,0 53,796,6 7,448,6 175,001,6 34.9
7,410,4 27,631,0
3,798,6 2,168,6
23,746,6 25.1
526,8
6,426,0
1,431,6
212,6
6,343,0 25.8
127,2
2,113,0
465,0
76,6
2,092,0 25.8
1,032,3
9,187,0
2,445,0
185,6
10,407,0 25.2
4,536,4 41,105,0
8,488,0 2,630,0 40,261,0 27.0
16,526,4 127,134,0 17,823,0 10,170,0 102,891,0 27.2
963,4
4,746,0
466,0
671,0
4,220,0 26.9
18,775,0 3,076,0 1,627,0
1,342,5
18,802,0 25.0
473,6
2,164,0
389,0
150,0
2,233,0 24.1
14,536,6 75,201,0 16,837,0 5,278,0 83,738,0 26.4
22,940,0 5,153,0
2,294,8
611,0 21,631,0 26.6
11,009,0
1,481,0 1,180,0
466,9
11,977,0 22.2
1,946,0
1,925,2
8,990,0
749,0
9,187,0 29.3
12,586,0 2,903,0
269,0
1,803,5
12,779,0 24.8
5,911,5 50,447,0 9,887,0 7,077,0 61,032,0 27.7
3,531,0 2,089,0 21,967,0 25.5
7,900,9 25,160,0
14,134,6 84,450,0 19,682,0 1,817,0 85,404,0 25.1
305,0
67,2
1,399,0
124,0
1,666,0 25.6
5,948,1
29,525,0 5,474,0 2,066,0 29,491,0 25.5
159,0 12,474,0 25.5
2,701,5
13,519,0 3,029,0
22,020,2 104,722,0 24,445,0 1,570,0 94,657,0 27.4
5,397,0 3,184,0 33,924,0 25.2
3,299,8 34,432,0
803,0
791,3
3,421,0
76,0
3,500,0 24.6
670,0
1,340,0
2,012,7
8,277,0
8,167,0 24.0
223,0
835,0
715,2
3,895,0 27.1
4,047,0
10,263,5 91,725,0 20,172,0 5,867,0 101,989,0 25.5
12,374,0 2,485,0 1,111,0
2,225,1
13,800,0 25.9
558,0
343,0
3,554,0 25.3
815,8
3,492,0
254,0
1,056,4
6,132,0 24.0
1,223,0
5,375,0
1,742,1
532,0
14,134,0 20.1
13,944,0 3,164,0
307,0
8,945,0 25.3
1,293,1
1,960,0
8,879,0
496,1
3,975,0 23.9
3,804,0
348,0
603,0
2,251,8
12,240,0 25.6
12,395,0
1,142,0 1,998,0
924,0
4,574,0 25.1
3,963,0
882,0
269,0
2,439,1
23,155,0 5,518,0 1,902,0 27,014,0 27.4
2,745,5 22,716,0 5,266,0
552,0 24,290,0 23.9
910,0
9,0.86,0 2,782,0
10,871,0 28.5
322,0
660,3
18,454,0 5,591,0
399,0 23,576,0 25.3
422,8
12,230,0 2,233,0 1,245,0
14,447,0 24.0
543,7
6,619,0
1,074,0
600,0
6i073|0 25.0
994,1
9,571,0 2,117,0
350|0
9,093,0 25.4
1,153,7
7,189,0
1,383,0
188i0
5,857,0 26.8

$
$
$
$
%
2,034,0
663,0 2,872,0 17,720,0 15.2 + 13.8
48,0 11,600,0 97,051,0 15.0 + 10.6
14,538,0
3,952,0
327,0 4,339,0 28,496,0 15.0 + 13.0
2,010,0
32,0 1,605,0 13,634,0 15.0 + 10.0
2,109,0 1,131,0 2,272,0 21,109,0 15.3 + 9.6
15,052,0 1,139,0 12,135,0 108,741,0 14.8 + 10.0
238,0
770,0 5,478,0 15.7 + 11.2
627,0
1,344,0
388,0 1,330,0 10,788,0 16.0 + 10.9
5,443,0
750,0 4,577,0 40,931,0 15.1 + 10.0
396,0 2,149,0 14,806,0 15.3 + 12.4
1,870,0
3,853,0
571,0 3,649,0 27,461,0 16.1 + 11.7
951,0
891,0
7,195,0 15.4 + 10.9
158,0
1,072,0
232,0 1,064,0 8,599,0 15.1 + 11.0
2,175,0
9.0 2,023,0 12,714,0 17.1 + 13.7
1,305,0
568,0 1,380,0 12,329,0 15.1 + 10.0

97,845,8 582,975,0 58,335,0 6,650,0 52,656,0 427,052,0 15.2 + 10.9
June 14 577,402,0 59,030,0 6,305,0 59,540,0 421,410,0 15.5+12.3

Week
ending
June 14

Capital. Surplus.

Total . . 179,400,0 305,361,4 1.898.087.0 346.887.0 83.983.0 62.656.0 1.754.780.0
Actual
1.318.172.0 293.056.0 77.605.0
Banks __
1.335.888.0
577,402,0 59,030,0 6,305,0 59.540.0 421,410,0
Trust cos.
.......... '1,895,574,0 352,086,0 83,910,0 59,540,0 1,757,298,0

Total . .

The

S ta te

re tu rn s o f
charge.
in

th e

B a n k in g

D ep a rtm en t

S ta te

and

banks

a lso

th e w h o le S t a t e , b u t

th e

fig u r e s a ro c o m p ile d

d is tin g u is h b e tw e e n th o r e s u lts fo r N e w
N ew

fu r n is h e s

tr u st c o m p a n ie s

w e e k ly

under

it s

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

Y ork ) and

Y o r k C ity

so a s to
(G r e a te r

th o se fo r th e r e s t o f th e S t a t e , a s p e r th e

fo llo w in g :
F o r d e fin itio n s a n d

r u le s u n d o r w h i c h

th o v a r io u s Ite m *

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

STATE BANKS AND TRUST COMPANIES.
State Banks,
Trust Cos.
Trust Cos.
State Banks
outside of
outside of
in
in
Greater N . Y. Greater N . Y. Greater N . Y . Greater N . Y .

Week ended June 14

$
65,900,000

38,888,200

168,762,700

12,932,285

16,524,200

298,870,600 1,067,057,900
— 296,900 — 11,751,200

116,389,500
— 336,600

177,712,700
— 538,800

Surplus as of March 7__
Loans and Investments..
Change from last week.

<
§
8,798,000

$
22,850,000

Capital as of March 7___

Change from last week.

61,573,400
+ 5,299,400

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

22,257,800
+ 164,600

$
11,950,000

116,319,900
— 1,074,700
10,174,000
— 194,700

Deposits.......... .................
Change from last week.

348,882,600 1,138,355,100
+ 3,778,900 — 17,843,000

121,849,400
— 641,800

183,438,000
— 862,900

Rcscrvo on deposits____
Change from last week.

98,681,900
+ 4,826,100

133,725,700
— 1,727,700

22,192,200
— 211,700

22,833,000
— 264,400

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

29.1%
28.0%

16.8%
16.4%

19.3%
19.4%

13.5%
13.5%

+ Increase over last week.

— Decrease from last week.

Note.— "Surplus" Includes all undivided profits. "Rcscrvo on deposits" Includes
for both trust companies and Stato banks not only cash Items but amounts due
from reserve agents. Trust companies In New York State aro required by law to
keep a rcscrvo proportionate to their deposits, the ratio varying according to lo­
cation as shown below. The percentage of reservo required Is computed on the
aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive of tlmo deposits not payable within thirty (lays
represented by certificates, and also cxcluslvo of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
tho market value (not exceeding par) of bonds or obligations of tho Stato or City
of New York owned by tho 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 cxcluslvo of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and cxcluslvo of deposits secured (according to amend­
ment of 1911) by bonds or obligations of tho City or Stato of New York, and ex­
clusive of an amount equal to the market valuo (not exceeding par) of bonds or
obligations of the State or City of Now York owned by tho company or held In trust
for It by any public department.
- — Trust Cos.----- — Stale Banks—
Reserve Required for Trust Companies
Total
Of
Total
of
and State Banks.
Reserve
which Reserve which
Location—
Required, in Cash. Required, in Cash.
Manhattan Borough__________________________ i5%
15%
25%
15%
Brooklyn Borough (without branches In Manhat.) 15%
10%
20%
10%
Other Boroughs (without branches In Manhattan) 15%
10%
15%
7ki%
Brooklyn Borough, with branches In Manhattan-15%
15%
20%
20%
Other Boroughs, with branches In M anhattan... 15%
16%
15 %
15%
Cities of the first and second class______________ 10%
5%
____
____
Cities of the third class and villages____________ 1 0 %
3%
___
Elsewhere In State________________________________
____
15%
"jj%
T h e B a n k in g D o p a r t m o n t a ls o u n d e r ta k e s to p r e s e n t s e p a ­

Actual figures Juno 14.

tru st c o m p a n ie s

Circulation.— On tho basis of averages, circulation of national banks In the ClearK House amounted to $47,103,000, and according to actual figures was $47,029,000.

On Dep.
Legal with CM .
Net
Tenders. Banks.
Deposits.

Averages.
$
$
$
S
$
I
$
$
B an ks__ 133,650,0 207,515,61,315,112,0 288,552,0 77,333,0
1,327,728,0
Trust cos. 45,750,0 97,845,8, 582,975,0 58,335,0 6,650,0 52,656,0 427,052,0

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

1318,172,0 293,056,0 77,605,0 1335,888,0 27.7

Specie.

Loans.

Totals, avge.. 133,650,0 207,515,6 1315,112,0 288,552,0 77,333,0 1327,728,0 27.5




Reserve.

SUMMARY COVERING BOTn BANKS AND TRUST COMPANIES.

Statement of New York City Clearing-House Banks
and
Trust Companies.— T h e d e t a i l e d s t a t e m e n t b e l o w

Loans.
Average.

Surplus.

The capital of the trust companies Is as follows: Brooklyn, $1,500,000; Bankers,
$10,000,000: United States Mortgage & Trust, $2,000,000; Astor, $1,250,000; Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000; Fidelity, $1,000,000;
Lawyers' Title Insurance & Trust, $4,000,000; Columbla-Knlckerbocker, $2,000,000;
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln, $1.­
000,000; Metropolitan, $2,000,000; Broadway, $1,000,000; total, $45,750,000.

Week ending June 14.
1912.

XC V I

DETAILED RETURNS OF TRUST COMPANIES.

00s omitted.
APPLICATIONS TO CONVERT APPROVED.
Tho Bank o f Tropico, Cal., into “ Tho First National Bank o f Tropico.”
Capital, $25,000.
Brooklyn____
CHARTERS ISSUED TO N ATION AL BANKS.
Bankers_____
J n 6 to J n 10.
ue
ue
U .S .M tg.& T .
10.4 3 The First National Bank of Malakoff, Tex. Capital, $25,000. A stor________
0—
Wiley Thornton, President: J. F. Neff, Cashier.
10.404— Tho First National Bank o f Kenton, Tenn. Capital, $25,000. TitleGuar.&T.
Walter Howell, President; H. W. Scott, Cashier. (Succeeds tho G uaranty___
Fidelity_____
Kenton Bank.)
10.405— Tho First National Bank of Scranton, N . Dak. Capital, $25,000. LawyersTI&T
W. A. Shaw, President; It. J. List, Cashier. (Conversion of the Col-Knlckerb .
Peoples_____
Grand River State Bank, Scranton, N . Dak.)
10.406— Tho First National Bank of Berryvillo, Ark. Capital, $50,000. New York___
W . P. George, President; B. O. George, Cashier. (Conversion Franklin____
Lincoln _____
o f the Carroll County Bank, Berryvillo, Ark.)
10.407— The First National Bank of Tonasket, Wash. Capital, $25,000. Metropolitan _
Broadway ____
Hans Lund, President; Arthur Lund, Cashier.
VOLUNTARY LIQU IDATION .
7,450— Tho Aetna National Bank of New York, N . Y ., June 5 1913. Totals, avge_.
Consolidated with tho Broadway Trust Co. of New York, N . Y .
Liquidating committee, R. A . Powers, Daniel P. Morse and Actual figures
Herman Elfers, 92 West Broad way. Now York, N. Y .

1913.

[Vol.

C H R O N IC L E

House.

in

th o

to ta ls

G re a ter N e w

fo r

th o S ta t o

Y ork

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

B an ks and

not in the Clearing­
t a b l e b e l o w , a s are

a ls o th e r e s u lts (b o t h a c tu a l a n d a v o r a g o ) f o r J h o ^ C lo a r ln g -

June 21 1913.]

THE

C H R O N IC L E

House banks and trust companies. In addition, we have
oombined 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.

Week ended June 14
Capital Nat. banks'
June 4 and
Surplus State banks
March 7 ---

Clear.-House Clear .-House State Banks and Total of all
Members.
Members.
Trust Cos. Not Banks &Trust
ActualFigures
Average.
in C.-H. Aver. Cos. Average.
$

$

$

179,400,000

179,400,000

305,361,400

305,361,400

B oston and P hiladelphia Banks.— Below is a summary
of the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
We omit two ciphers (00) in all these figures.
Capital
and
Surplus.

Banks.

NEW YORK C ITY BANKS AND TRUST COMPANIES.

$

27,550,000

206,950,000

77,586,800

382,948,200

Loans and Investments 1,895,574,000 1,898,087,000
Change from last week — 8,869,000 — 14,097,000

562,881,500 2,460,968,500
— 4,147,300 — 18,244,300

Deposits.............. ....... 1,757,298,000 1,754,780,000
Change Irom last week +4,402,000
—5,629,000

0564,114,400 2,318,894,400
— 4,735,700 — 10,364,700

Specie .......................... 352,086,000
I Change iromlas week + 10,858,000

346,887,000
+ 7,099,000

66,339,600
—494,800

413,226,600
+ 6,604,200

Legal-tenders . . .
Change Irom last week

83,910,000
+ 114,000

83,983,000
+463,000

67,914,600
— 139,600

91,897,600
+ 323,400

Banks: cash In vault..
Ratio to deposits___

370,661,000
27.74%

365,885,000
27.55%

12,744,400
14.30%

378,629,400

Trust cos.: cash In vault

65,335,000

64,985,000

61,509,800

126,494,800

Aggr’ te money holdings 435,996,000
LChange Irom last week + 10,972,000

430,870,000
+ 7,562,000

74,254,200
—634,400

505,124,200
+ 6,927,600

59,540,000
+ 7,127,000

62,656,000
—2,796,000

15,946,800
—234,800

495,536,000
Total reserve..
Change Irom last week + 18,099,000

483,526,000
+4,766,000

90,201,000
— 869,200

573,727,000
+ 3,896,800

36,689,000
2,123,500

33,953,000
927,200

38,812,500
+ 8,824,100

34,880,200
+8,197,950

Boston.
Apr. 26.
May 3 .
May 10May 17.
May 24.
May 31June 7June 14.
Phlla.
Apr. 26.
M ar 3May 10.
May 17May 24.
May 31June 7June 14.

Loans.

Specie.

$
60,735,4
60,735,4
60,735,4
60,735,4
60,735.4
60,735,4
.60,735,4
60,735,4

$
223,427,0
224,856,0
224,602,0
225,081,0
224,541,0
226,410,0
230,667,0
228,794,0

$
24,895,0
25,798,0
25,895,0
26,502,0
27,482,0
26,029,0
26,284,0
26,991,0

103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3

375,496,0
375,449,0
374,765,0
374,972,0
374,488.0
377,396,0
377,565.0
376,238,0

Banks (above 25% ). .
Trustcos, (above!5%)

Clearinos

$
265,399,0
265,385,0
263,141,0
267,028,0
264,041,0
260,936,0
275,708,0
271,593,0

$
7,988,0
7,968,0
7,974,0
7,973,0
7,937,0
7,946,0
7,956,0
7,966,0

$
165,641,1
162,511.8
160,092,9
157,694,6
139,005,2
110,791,1
160,476,7
154,167,8

*411,732,0
*418,429,0
*414,861,0
*419,351,0
*415,497,0
*423,531,0
*427,133,0
*418,769,0

11,924,0
11,779,0
11,603,0
11,570,0
11,518,0
11,418,0
11,323,0
11,316,0

153,841,0
185,878,7
165,712.0
157,436,5
153,701,8
139,469,7
225,062,1
170,199,6

$
3,588,0
3,582,0
4,004,0
4,028,0
3,846,0
3,845,0
3,993,0
4,184,0

90,611,0
91,532,0
91,903,0
93,136,0
91,690,0
92,218,0
93,402,0
91,611,0

Im ports and Exports fo r th e w eek.— The following are
the imports at New York for the week ending June 14; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS A T NEW YORK.

For Week.

1913.

1912.

$2,743,961
13,214,156

Dry G ood s.................... .
General Merchandise______

Total 24 w e e k s.............

t cos—
15.52%
12.37%

15.21%
10.99%

16.51%
1.14%

26.20%

17.65%

T o ta l.

Circu­
lation.

1910.

1911.

$1,966,934
14,072,599

$2,163,127
13,423,176

$2,441,679
15,900,608

T o ta l.................................. $15,958,117 $16,039,533 $15,586,303 $18,342,287
Snce Jan. 1.
Dry Goods. ---------------------- $70,423,895 $66,729,912 $66,196,258 $74,708,995
General Merchandise........... 391,285,565 404,157,188 340,794,092 371,614,445

27.89%

, Cash In vault..............
, Cash on dcp. with bks

a

Legals. Deposits.

a Includes Government deposits and the Item “ due to other banks.” At Boston
Government deposits amounted to $1,127,000 on June 14, against $1,265,000
on June 7.
* “ Deposits” now Include the Item ot “ Exchanges lor Clearing House,” which
were reported on June 14 as $15,894,000.

68,602,800
— 3,030,800

other bks. & trust cos.
Chango Irom last week

1755

$461,709,460 $470,887,100 $406,990,350 $446,323,440

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 14 and from Jan. 1 to date:

+ Increase over last week. — Decrease Irom last week.
a These aro the deposits alter eliminating the Item "Due Irom reserve depositories
and other banks and trust companies In New York City” ; with this Item Included,
deposits amounted to $634,359,000, a decreaso of $6,249,500 Irom last week. In
the,case ot the Clearing-House members, the deposits are "legal net deposits” both
Ior„tho averago and the actual Ilgures. 5 Includes bank notes.

EXPORTS FROM NEW YO RK .
1911.

1912.

1913.
For the week____ _________
Previously reported________

1910.

$15,650,994 $14,392,869 $14,867,568 $15,693,972
432,006,489 382,171.022 350,254,925 283.344,161

The averages of the New York City Clearing-House banks
Total 24 weeks__________ $447,657,483 $396,563,891 $365,122,493 $299,038,133
and trust companies, combined with those for the State banks
The following table shows the exports and imports of
and trust companies in Greater New York outside of the
Clearing-House, compare as follows for a series of weeks past: specie at the port of New York for the week ending June 14
and since Jan. 1 1913, and for the corresponding periods In
1912 and 1911:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
EXPORTS AND IMPORTS OF SPECIE AT NEW YO RK .

GREATER NEW YORK.

We omit two ciphers in all these figures.
Loans and
Week Ended— Investments
April
April
■April
May
May
May
May
May
Juno
Juno

12
19-----26----3-----10----17----24----31----17----14-----

$
2.478.605.0
2.466.922.1
2.490.418.5
2-50* .421,3
2,, .449,9
2.487.476.8
2,487,401,3
2,478,544,0
2.479.212.8
2.460.968.5

Legals.

Deposits.

Specie.

$
2,316,870,6
2.316.141.5
2.340.090.6
2,350,925,9
2.341.555.2
2.336.385.2
2.338.227.3
2.330.812.1
2.329.259.1
2.318.894.4

S
391,000,5
396.831.5
400,230,8
401.590.5
401.512.3
404.988.4
405,887,1
406.538,7
406.622.4
413.226.6

TotMonei Entire Res
Holdings. onDeposit

$
89.359.2
89,015,9
89,387,8
88,316,0
88,407,7
90.626.3
92.890.2
93.010.3
91,574,2
91,897,6

$
480,359,7
485.847.4
489.618.6
489.906.5
489.920.0
495.614.7
498,777,3
499.549.0
498.196.6
505,124,2

$
544.508.5
552,496,4
560.846.6
566.801.6
562.562.2
570.569.6
568.851.3
571.814.4
569,830,2
573,727,0

R eports of Clearing Non-Member Banks.— The follow­
ing is the statement of condition of the clearing-non-member
banks for week ending June 14, based on average daily results:
We omit two ciphers (00) in all theseftgures.

Banks.

Capi­
tal.

Sur­
plus.

Loans,
Disc'ts
and
Invest­
ments.

New York City.

$

$

$

Manhattan and Bronx.

Washington Helghts.
Battery Park Nat----Century____________
Colonial......................
C olum bia__________
Fidelity...... ...............
Mount Morris_______
M u tu al-----------------New Ncthcrland____
Twenty-third W ard..
Yorkvlllo....................

Brooklyn.

100,0
200,0
500,0
400,0
300,0
200,0
250,0
200,0
200,0
200,0
100,0

350,4
119,9
507,5
615,9
758,1
178,8
346,8
461,0
305,5
101,8
527,4

1,704,0
1,619,0
6,365,0
6,832,0
5,795,0
1,010,0
2,090,0
5,373,0
3,300,0
1,897,0
4,237,0

Legal
On
Tender Deposit
Specie. and
with
Net
Bank C.-H. Deposits.
Notes. Banks.
$
159,0
294,0
678,0
988,0
585,0
54,0
349,0
582,0
400,0
234,0
604,0

First National_______ 300,0
701,6 3,779,0 383,0
Manufacturers* N a t.. 252,0
944,3 5,652,0 456,0
Mechanics’ -------------- 1,000,0
639,1 10,656,0 1,319,0
National City............
300,0
585,5 4,633,0 542,0
North S ide............ ..
200,0
176,8 2,365,0 189,0
Jersey City
First National............
400,0 1,404,2 4,365,0 280,0
Hudson County Nat- 250,0
826,8 3,524,0 220,0
200,0
99,0
Third National..........
431,7 2,663,0
Hoboken
220,0
First National............
682,4 4,260,0 211,0
125,0
Second National------283,7 3,271,0 215,0

$
101,0
54,0
310,0
298,0
501,0
117,0
40,0
396,0
132,0
110,0
197,0

$
195,0
64,0
341,0
872,0
810,0
182,0
321,0
481,0
208,0
250,0
615,0

$
1,460,0
1,597,0
6,131,0
7,054,0
6,667,0
948,0
2,304,0
5,615,0
3,277,0
2,072,0
4,644,0

Since Jan. 1

Wee*.

Week.

Since Jan. I
$46,692
85,438
2,944
434,988
5,061,997
1,622,568
902,275

Great Britain___ __________
France
Germany_
_
West Indies_____________________
Mexico__________________________
South America................ ......... .......
All other countries_______________

$35,439,541
714,000
$17,000
168,551
5,171
22,222,639
’ 22 b’,492
1,479,880

Total 1913......................................
Total 1912......................................
Total 1911.....................................

$237,492 $60,029,782
587,625 22,181,162
100 2,620,581

$331,799 $8,156,902
400,011 9,534,390
741,183 0,267,624

$871,982 521,900,276
2,907,832

$13,279
46,974
12,469
81,022
2,367,549
1,101,000
711,993

Silver.
Great Britain
France
Germany _______________________
West Indies_____________________
Mexico
South America___________ - ______
All other countries_____ - ________
Total 1913.....................................
Total 1912......................................
Total 1911......................................

' ' l l ' , 009

“ 30,906
3,950
1,000

$882,991 $24,033,964
846,652 24,102,360
881,628 22,582,320

$23,360
244,484
38,571
25,384

” $Y,750
103,945
1,487
58,903

$166,085 $4,334,286
211,434 5,194,897
84,052 4,106,706

Of the above Imports for the week in 1913, $21,000 were
American gold coin and $1,250 American silver coin.
illin iu m

)

a n d

f i n a n c i a l .

63,0
550,0 3,095,0
357,0
584,0 5,147,0
628,0 1,550,0 12,683,0
127,0
821,0 4,593,0
137,0
329,0 2,413,0
225,0 1,622,0
84,0
044,0
154,0
570,0
77,0
53,0

453,0
383,0

3,113,0
1,740,0
1,462,0
1,545,0
1,355,0

Totals June 14----- 6,097,0 10,949,2 85,390,0 8,841,0 4,161.0 11,851,0 78,915,0
Totals Juno 7___ 6,097,0 10,821,1 86,220,0 8,893,0 4,189,0 12,485,0 79,847,0
£ Totals May 31----- 6,097,0 10,821,1 86,964,0 8,750,0 4,121,0 12,163,0 80,782,0




Imports.

Exports.

V OIU.
j

W h ite ,

W e ld

&

C o .

Bonds and£ In vestment Securities.
14 W ALL STREET
NEW Y O R K

TH E -ROOKERY
CHICAGO

111 DEVONSHIRE STRE E T
BOSTON

THE

1756

a t t k m ’ (S e m ite ,
W all Street, Friday N ight, Ju n e 20 1913.
The M oney Market and Financial S itu a tion .— The
security markets opened soft on Monday and developed
weakness when it became known that the Supreme Court
had handed down another decision affecting railway rates
similarly with that of the previous week.
On Tuesday there was a more cheerful feeling and substan­
tial recovery was made on evidence that the recent liquida­
tion in stocks had been quite complete, a somewhat easier
money market and the foreign trade statement given out
by the Bureau of Statistics.
This showed the exports to be at a new high record for
the month and imports to be about $22,000,000 below
those for June last year.
Hopes of an effective plan for segregating the Harriman
trans-continental lines have been disturbed somewhat by
the announcement that efforts have been made to hinder the
progress of such plan and an official investigation has been
ordered. The probable necessity for a good deal of readjust­
ment of business to conform to new tariff schedules is re­
ceiving moro and more attention week by week and is restrict­
ing activity in financial as well as in commercial and indus­
trial circles. There is, apparently, a large supply of un­
employed funds deposited in banks and with trust companies,
which investors are reluctant to put out except when special
inducements are offered. It is said that the $20,000,000
Southern Pacific notes, just issued, were placed at a rate
to cost the company somewhat more than six per cent.
Outlines of the Currency Reform Bill have been given out
the present week and have attracted wide attention. Some
of its provisions, if carried into effect, will cause drastic
changes in banking methods, and one may easily imagine
that reserve city banks will be greatly interested in some
features of the measure.
It is reported that German bankers aro again making
offers for loans in this market at rates higher than those
prevailing here. In other particulars the financial situation
at home and abroad is not materially changed.
The open market rate for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1 % @ 2 % % . Friday’s rates on call were 2 @ 2 % % .
Commercial paper on Friday quoted at 5 % @ 6 % for G
O
to 90-day endorsements and for prime 4 to G months’ single
names and 6 % @ 6 % % for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £644,509 and the percentage
of reserve to liabilities was 51.22, against 51.70 last week.
The rate of discount remains unchanged at 4 % % , as fixed
April 17. The Bank of France shows an increaso of 2,594,­
000 francs gold and 2,644,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1913.
Averages for
week ending
June 14.
S
133.650.000
207,515,600
Loans and discounts__ 1.315.112.000
47.103.000
1.327.728.000
288.552.000
77.333.000

Differences
from
previous week.
S
Dec. 5,632,000
Dec.
24,000
Inc. 2,084,000
Inc. 7,810,000
Inc.
607,000

1912.
Averages for
week ending
June 15.

[Vol.

C H R O N IC L E

1911.
Averages for
week ending
June 17.

$
$
131.150.000 134.150.000
195,115,700 200,877,300
1.403.344.000 1.364.429.000
46.878.000
45.393.000
1.460.841.000 1.426.219.000
313.383.000 326.159.000
75.278.000
77.544.000

X C V I.

less l-3 2 @ 9 5 5-16 for short. Amsterdam bankers’ guilders were 40% less
3-32 @ 4 0 % less 1-16 for short.
Exchange at Paris on London, 25f. 24c.; week’s range, 25f. 24c. high and
25f. 21 Me. low. Exchange at Berlin on London, 20m. 4 2 % p f.; week’s
rango, 20m. 4 4% p f. high and 20m. 42% pf. low.
T he range for foreign exchange for the week follows:
Sterling, Actual—
Sixty Days.
Chegues.
Cables.
High for the week___4 8320
4 8695
4 8730
Low for tho week___4 8280
4 8665
4 8710
Paris Bankers' Francs—
H igh for the week___5 21%
5 18% Plus 1-32 5 17% less 1-32
Low for the week___5 21% less 3-32
5 18% less 1-16 5 18%
Germany Bankers’ Marks—
95 7-16
High for the w eek___ 94 7-16
95 5-16
Low for the w eek___ 94%
95%
95 %
Amsterdam Bankers' Guilders—
40% Plus 1-32
High for the w eek___ 39 13-16
4 0% less 1-16
40 Vs less 1-32
L ow for the week___ 39 %
40 1-16
D o m e stic E x ch a n g e .— C hicago, 15c. per $1,000 premium. B oston, par.
St. Louis, 30c. per $1,000 premium bid and 35c. asked. San Francisco,
30c. per $1,000 premium. St. Paul, 65c. per $1,000 premium. M o n ­
treal, par. M inneapolis, 65c. per $1,000 premium. Cincinnati, par.

State and R ailroad B onds.— Sales of State bonds at the
Board include $5,000 New York 4s, 1961, at 98% , $10,000
New York 4s, reg., 1962, at 98%; $2,000 N. Y. Canal 4s,
1960, at 99, and $6,000 N. Y. Canal 4s, 1961, at 98% .
The larger volume of business in bonds noted last week has
not been maintained, but, on the other hand, the transac­
tions have dwindled to very small proportions as tho week
draws to a close. Such net changes in values as have oc­
curred are generally to a higher level, in sympathy with tho
movement of shares.
Rock Island 4s have been notably active, and are excep­
tional in an advance of 1% points within the week. Some
of the local traction issues have been weak, Third Avo. adj.
5s showing a loss of 2 points.
United States B onds.— Sales of Government bonds at
the Board are limited to $1,000 3s, coup., at 103% and $1,400
3s, reg., at 103%. For to-day’s 'prices of all the different
issues and fo r yearly range see third page following.
Railroad and M iscellaneous Stocks.— Tho transactions
in stocks at the Exchange have steadily diminished from a
trifle over 350,000 shares on Monday to almost the smallest
of tho year, and fluctuations have been much narrower than
for some time past. Net changes are, however, generally to
a higher level and in a few cases are worthy of note.
Among the latter is Inter.-Met. preferred, which moved
up nearly 8 points and retains 5. Lehigh Valley, Great
Northern and Northern Pacific are from 2% to 3 % points
higher than last week. American Tobacco has moved up
over 7 points, but several industrial issues have declined,
including tho coppers, Beet Sugar and Itumely preferred.
For daily volume of business see page 1766.
The following sales have occurred this week of shares not
represented in our detailed list on tho pages which follow:
STOCKS.
Week ending June 20.
Adams Express..............
Allls-Chal rets, 5th paidPreferred___________
American Express_____
Amor Tcleg A Cable___
Can Pac subs, 2d paid-Subscrips, 3d p a id ...
Chicago & Alton ..........
Colorado A Southern.-Green Bay & W deb A _.
Havana El Ry L A P __
Homestakc Mining____
Lake Shore A Mich Sou.
Mackay Companies----Mexican Petroleum, pref
Nashv Chatt A St L ----N Y Chic A St I.ouls___
Pacific Tel A Tel, pref-.
Phelps, Dodge A C o----Quicksilver Min, pref—
Sears, Roebuck A Co.pfd
Sloss-Sheff S A L pref .
United Cigar Mfrs____
United Dry Goods____
Preferred___ - - - . .
U S Indus Alcohol, pref.
Virginia Iron Coal A C -.
Virginia Ry A Power-.West Maryland, pref_
_

Sales
for
Week.

Range for Week.
Lowest.

Highest.

10 130 June
100 6 % June
410 13% June
160 160 June
30 65 June
4002l3%June
500 209%June
50 10 June
600 27 June
3 75 June
10 78 June
196 101%June
10C 490 June
200 76 June
10C 85 June
23C 135 June
10C 53% June
5C 90 % June
10C 195 *4June
520 7 June
100 116 June
200 88 June
300 41 June
200 90 June
175 98%June
100 85 June
100 41%June
100 52 June
400 53% June

19 130 June
14 6% June
17 14 June
18 160 June
20 65 June
14 214%June
20 212% June
16 10 June
14 29% June
18 75 June
18 78 Juno
14 102 June
16 490 June
2C 77%June
IS 85 June
16 135 June
2C 53%June
IS 90% June
IS 195%Junc
IS 7%June
19 116 June
16 90 June
19 44 Juno
17 90 June
17 9S%Junc
18 95 June
16 41% Juno
17 52 June
18 54 June

Range since Jan 1.
Lowest.
19 130
14 «%
16 12 %
18 160
20 58
11 204%
19 209%
16 7%
20 23 %
18 75
18 78
19 100
16 470
20 76
18 85
19 132%
20 52 %
18 90
18 195%
18 4
19 97%
14 88
17 40%
18 90
17 98 X
18 80 %
16 38
17 51
18 53%

Highest.

June'lSO
June 7*4
June 16 *4
Jan 170
Marj 66%
June 239
Junc212%
June 18
June 33
June 75
June 87
Mar 120%
May 500
June 87
June 09%
Juno 170
June 64 X
June 95
June 195)1
Feb 8
Feb 126^
Apr 98
June 50%
June 101
June 105%
June 97
June 54
Jan 58
June 67%

Jan
May
May
Feb
Jan
Apr
June
Jan
Jan
June
Feb
Mar
May
June
Jan
Jan
Jan
Apr
Juno
May
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Feb
Jan

Outside Market.— There was very little of interest to
the “ curb” market this week. Trading for tho most part
was in small volume and the movement of prices without
definite trend. Tobacco was actively traded in in thefore
365.885.000 Inc. 8,417,000 390.927.000 401.437.000
331.932.000 Inc.
521,000 365,210,250 356,554,750 part of the week, the price moving up 5 points to 95, then
dropping to 89% , with the final transaction at 90. United
33,953,000 Inc. 7,896,000
44,882,250
Surplus reserve____
25,716,750
Cigar Stores com. sold down from 83% to 79% , up to 82% ,
Note.— The Clearing House now Issues a statement weekly, showing the actual the closo to-day being at 80%.
British-American Tobacco
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also weakened from 21% to 21, recovered to 21% and ends tho
the summary Issued by the State Banking Department, giving the condition of week at 21% .
Anglo-American Oil advanced from 18% to
State banks and trust companies not reporting to the Clearing House, appear on
20 and reacted finally to 19%. Standard Oil of N. J., after
the second page preceding.
fluctuating between 345 and 348, sold down to-day to 342.
F oreign Exchange.— Sterling exchange has ruled steady Trading in bonds was at a standstill. Brooklyn Rapid
during the week, owing chiefly to the easier money rates at Transit 5% notes advanced from 94% to 94% , sank to 94
home and the firmer discounts abroad. A shipment of and recovered subsequently to 94% . Movements in copper
shares were within a narrow rango. Braden Copper roso
$100,000 in gold was arranged for the Argentine.
from 6% to 6 % and closed to-day at 6% . British-ColumT o -d a y ’s (Friday’s) nominal rates for sterling exchange were 4 8 3 H for
60-day and 4 8 7 M for sight. T o -d a y ’s actual rates for sterling exchange bia Copper improved from 2 to 2 % and eased off to 2%
wero 4 829 5 @ 4 8305 for 60 days, 4 8 675@ 4 8685 for cheques and 4 872 0 @
finally. Greene Cananea moved up from 6 to 6% and back
4 8730 for cables. Comm ercial on banks 4 81 >6@ 4 82M and docum ents
to 6. Nipissing advanced from 8 % to 8 % . Goldfield Con­
for paym ent 4 8 2 M @ 4 83. C otton for paym ent 4 82 M @ 4 82 V, and grain
for paym ent 4 8 2 j i @ 4 83.
solidated, which was stricken from tho Stock Exchange list
T he posted rates for sterling, as quoted b y a representative houso, were
advanced on M onday H e. to 4 83 H for 60 days and 4 8 7 H for sight, and for non-compliance with the rules, was roturned to tho
continued at these rates during the remainder o f the week.
“ curb” and was traded in between 1 % and 1 % and at 1 13-16
T o -d a y ’s (F riday’s) actual rates for Paris bankers’ francs wero 5 2 1 H less
1 -1 6 @ 5 2 1 H less 1-32 for long and 5 18H less 1-16@ 5 18H less 1-32 for finally.
short. Germ any bankers’ marks wero 9 4% @ 9 4 7-16 for long and 95 5-16
Outside quotations will bo found on page 1766.




1737

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

TW O

PAG ES

F o r r e c o r d o f s a le s d u r i n g t h e w e e k o f s t o c k s u s u a 'l y

Sle of
as
S O K — IG E T A D L W S S L P IC S
T C S H HS N O ET A E R E.
th
e
y
eek
Study \ ton d a y Tesd y W n a Tus a Jrid20 W
a ra
u a
ed esd y h r dy Fna Sae
ue
hr s
J n 14 J n 16 J n 17 J n 18 J n 19
ue
ue
ue
ue
ue

i n a c t i v e , s e e p r e c e d i n g p a g e ____________________________
STO C K S

N EW Y O R K STOC K
EXCHANGE

Rn e S ce J n 1.
a g in a .
O b sis 01 100-s a lo
na
h re ts
H h t.
ig es

Rne lo P io s
a g r rev u
Y r 1912.
ea
Hh
ig est.

R ailroa d s

8
Feb 111*4 Oct
6
9578 963s 95*8 96
8
95*2 96*4 957 90*4 95*4 96*g 13,650 Atchison Topeka & S F _ . 927 J’ nel2 106*8 Jan 29 103U Jan 104i4 Feb
96*2 J’ne 13 102*4 Jan
101*8
D o pret'-------------------352
98*4 98*4 *97*2 98*8
98*2 98*2 598*4 98*4 *98*4 100
148i2
11
9
117*4 11734 117 1173.1 1163.1 118
118 119 *115 117 *113*2 116*4 1,300 Atlantic Coast Line U B . 112 J’ne 10 1333s Jan 22 i 130*4 Dec 1 117 Au*
8 Apr;
rl01i4 Feb
1063s Jan
5
5,010 Baltimore < : Ohio---------- 9058 J’ne
93*4 94
9312 94*2 93*8 93*4 93*2 9412 94*8 94*4 93*8 04
91 Jam
77*4 J’ne 18 88 Jan 10
86*8 Aug
D o pref_____________
91
100
*75 79< *75 7912 *75
2
80
77*4 77*4 *75 79*2 *75
83
94*2 J’ly:
76*4 Jan
873s 18,500 Brooklyn Rapid Transit. 2 3 4J'ncio 9234 May26
87
88
86*8 88
87% 87*4 87
85*4 87*2 87*.i 88
283
J’ne
26634 Jan 9
217*4 221 21738 220*4 215*2 218*4 217*2 220 217*4 219*2 216 217*4 65,520 Canadian P acific----------- 210*4 J’ne 11 362 Jan 13 226i2 Mcb 395 Aug
Apr,
11
275
305 Jan
Central o f New Jersey—
*275 300 *275 300 275 300 *275 300 *290 300 *288 300
85*4 Oct
68I4 Feb
56*4 57
18,620 Chesapeake & Ohio-------- 53 J’nc 10 80 Jan 2
6614 57*8 55*2 57*2 55*8 57*2 56*4 58*4 56*4 58
20*4 Get
10*8 J’ne 4 177 Jan 9
15*8 Dec
8
Chicago G t West tr c t f s ..
13
113g 1112 1 3 12*4 *11*8 12*4 *12
2,000
1 ,1
12*2 123s 12*2 1238
3912 Apr
3012 Dec
D o pref trust ctfs___ 23 J’ne 10 35 Jan 9
257S 26
2412 25
25*2 25*2 *25*2 27
26 26*4 26*2 26*2 1,700
9
99*8
NOV
98*8 J'nc
8
102*4 10418 10234 1 3
8
0 **8 102*4 1033g 1027 1043a 103*8 104 102*4 1037 17,060 Chicago M ilw & St P aul. 132*2 J’nc 10 116*4 Jan 30 139*4 J’ly 117*8 Jan
12 145 Jan
Dec 146
D o p r e f ____________
620
13412 134l2 134 135
135*2 135*2 135 135 *134*2 136*2 134*2 13412
1,450 Chicago & North Western 123*. J’ne 10 138 Jan 11 134is Dec 145 Apr
127 127
127 127*8 127*8 127*8 128 128 *127 129 128 128
181 May 23 1189 Jan 6 188 Nov 198 Mch
D o p r e f ___________
*173 182 ♦172 183
173 182 *173 182 *172 182 *173 182
6212 Apr
45*4 Dec
40 J’ ne 20 54 Jan 21
40
40
46
46 *
600 Cleve Cln Chic & St L _ .
53 63 *
53 * . . . 46
95 Dec 101*2 Apr
90 Apr 11 9434 Jan 16
95
D o pref_____________
*
95 95
* 95
*93 100 * . . . 95
167 Jan 8
10 Delaware & H udson____ 147*2 J’nc 11 445 Jan 13 162 Dec 175*2 Feb
§155 155 *151 158
*150 158 *148 156
150 157 ♦150 158
530 Aug 597 Dec
390
100 Delaware Lack & W e s t .. 390 J ne 12
*
3
*90
390 390 390 390 *___ 390
9
24 Mch
18*2 J’ly
17
16*4 16*4 1,000 Denver & R io Grande___ 13*8 J’ne 11 23*a Jan 10
*15
13
6 .1 15*4 103S 15*2 15*2 16*8 16*8 *16
34*4 J’ ne
46i4 Jan
1 41 Jan
23 J’nc 1
D o pref__________
*24 30 ♦23 30
600
*25*8 2612 26*8 26*2
28
26*4 26*4
8*2 Jan 2
11=4 May
8 Sep
5 J’ne 4
Duluth So Shore & Atlan
*4*4 612 *5
6*2 *43.t 6*2 *4*4 6*2 *43.i 6*2 *434 6l2
16*4 Jan 2
14 Dec
23 May
10*4 J’ue 6
D o pref__________
12
12*2 *10
100
11 *10
*10
12
11
12
*10
12*2 *10
30 Dec
20*4 J’nclO 32*2 Jan 6
39*8 Apr
24*8 247 2312 241S 34,100 E r i e _______________
8
241S 25U 24*8 25*8 233.1 21*4 24*4 25*4
577, Apr
47*2 Dec
33*2 J’ue 10 49*2 Jan 30
D o 1st preferred.
37*2 38*2 37*2 37*4 37*4 37*8 4,000
3612 37>2 37*4 38*4 37
37
38 Dec
48 Apr
28*4 J'nc 10 41 Jan 30
317 317 30
8
8
D o 2d preferred___
32
30
32
700
30ti 30*4 *31
32
*29*2 31
Aug
122 123*8 123 123*4 122*4 123
8,750 Great Northern pref____ 115*2 J’ne 10 132*8 Jan 9 120 Jan 143*4 Sep
122
120*4 122ti 120*4 122
121U
30 Jan
53
25*2 J’ne 10 41*4 Jan 3
Iron Ore properties___
29
30 *20 30
29
29*8 3,550
29
28
287 2912 28*8 30
8
8
108*2 J’ne 18 12S7 Feb 5 1 20*8 May 14U8 Jan
109*2 110
109 109*8 6,200 11 inois Central_____
108*2 111
*110 112l2 112*2 112*2 112 113
16*4 Dec
22 J’ly
12*8 J’ne 4 19*s Jan 30
8
s
147 16*4 157 16*8 15*4 16*4 1512 157 24,325 Interboro-M etrcp v t c t f.
8
14*4 1534 15 15*8
sJan 30
53*8 Jan
67*8 Oct
45 J'nc 4 663
D o pref_____________
58*4 593s 56*8 58 56,925
52*1 5514 54*8 557 63*4 58*s 57*4 60
8
22 i2 May 31*4 Sep
8
*
277 20*8 27
8
8
12,900 Ivansa C ity Southern___ 21*8 ■ tic 5 277 J’ne 19
2534 27*4 25*4 26*8 257 27*2 27
25*3 261
4
56 “ May 65"'8 Mch
56 J’ne 11 61*2 Jan 7
59
*58
D o pref___________
59
59*2 58*4 59
58
1,600
59*2 69*2 58
6 8 I2 6 !)
11*2 Jan
13 Apr
7 May 2 11*2 l'eb 5
9
9
8*4 8*4 *8
*8
9
100 Lake Erie & W estern ..
*8*8 9*2 *8
*8
8 I2
30 Jail
40 May
*21
25 Mcll 18 35 Jan 6
28
*21
25
D o pref_____________
28
♦21
*20
25
*20
1
*20 28
Lehigh va lley___________ 141*4 J’ nelO 168*8 Jan 2 155's Feb 185*4 Jan
150*8 151
147*4 140*4 147 149*4 149 151
149*4 1507 24,150
a
148 149*2
2,450 Louisville & Nashville___ 126*4 J’ne 11 142*4 Jan 10 138 s Dec 1*0 Aug
129*4 130*8 130 130*2 129 130*2 130*2 131*2 131 131*8 130*2 131
Manhattan Elevated____ 127 J’ne 9 132*8 Feb 7 l287 Dec 138*4 Mch
is*; J’ly
23*4 Jan 2
2712 Jan
12 Jne 11
15
15 ___ ___ §15
§15
8
405 Minneapolis & St L o u is ..
14*2 14*8 15*8 157
32 J'nel2 47 Jan 29 540 Feb 457 Jan
534
34
Do pref_____________
Feb 151*2
124 124*2 125*4 125*2 125 125
8
2,100 Minn St P & S S M a r ie .. 115*4 J’n c ll 142*4 Jan 9 129 Dec 158 Aug
120*8 121*4 122 123*2 1217 123
Aug
D o preferred________ 133 J'nc 11 §150 Jan 22 1-16
133 137 *134 137 *133 137 ♦132 137
*132 142 *133 137
31*s Mch
25*2 Dec
2
20*4 21*2 *20*4 211 20*2 20*2 6,300 Missouri Kan & T exas___ 18*8 J’ne 10 20*8 Jan 7
207 2134 20*2 22
8
20*2 21
57*8 May 66 Apr
52 J'nc 10 64i2 Anr 11
D o preferred_________
62
*56
*57*4 60
57
*55 58
*57 62
57
*56*4 58
100
4734 Mch
30 30*2 29*4 30*2 ♦29*4 30*2 14,100 Missouri P acific_________ 25*8 J’ne 10 43*8 Jan 9 35 J’ly
29*4 31
28 31
28*8 30
02*8 Oct
71 Jan
43 J’ne 20 59 Mcb 3
43
60 *10 50
43
*___ 50 *___ 50
48 * _
100 Nat Rys o f Mex 1st pref.
26*8 Oct
367 Jan
8
Do 2d preferred_____
16 J'nelO 27*2 Jan 2
16 ♦15*2 16*2 *15*2 1612
*15
17
16
16
*15
16*2 *15
200
N Y Central & H R .......... 96*2 J’nc 10 10934 Jan 30 106*8 Dec 12 U2 Apr
9912 99*2 99*8 99*8 99
99*2 1007 99*4 10038 98*4 99*4
s
99*4 9,470
8
99*4 J 'nel3 1297 Jan 10 126 Dec I42i4 Apr
102*2 103*8 102 102*2 7,810 N Y N II & H artford____
100*8 101
9934 101*4 101 104*2 103*4 104
297 J’nc
8
4138 Apr
a
8
27*2 277 28 28*4 27*8 27*1 277 30*4 30*2 31*8 31*i 32*2 14,120 N Y Ontario & W estern. 25*8 J’ne 11 337 Jan 11
8
Feb
10134 10212 102U 103
102*2 103
1023.1 103
103*8 104*2 104 104
3,300 N orfolk & W estern .____ 98 J’nelO 113*2 Jan 3 ! 107*4 J’ne 1FJI4 Aug
92 Feb
88
D o adjustment p r e f..
82*4 M 17 87 Feb 13
et*
*85
*80 90
90
♦80 90 *85 88
90
*80
*80 90
105*8 107*4 106*4 107*8 106 107*2 108 109*4 108*4 109
107*4 108*8 20,467 Northern Pacific_______ 10134 J’ne 10 122*8 Jan 6 115*8 Jan 13112 Aug
8
8
8
109*2 110*8 109«4 110*4 109*8 1*0*4 110 1107 110*8 11034 110 110*8 18,435 P enn sylvania___________ 1067 J’ne 4 123*4 Jan 7 1197 Dec 120 I4 May
98*2 Jan 111*2 Sep
92*2 92*8 94 94
95
*90
04
91
91
*89
420 l ’ittsb Cin Chic & St L ._ 86*4 J’nelO 104 Jan 11
♦88 95
IO I2 Jan 117 Feb
8
D o preferred_________
*96 115
*96 115 *96 115 *96 115
*96 115
115
8
8
8
156*4 1577 156 158*4 155*4 158*8 *157*4 159*2 1577 1587 157*4 158*8 279,220 Readin.--------------------------- 151*8 J’ne 10 1687 Jan - 148*8 Jan 179*4 Apr
8
1st preferred__________
*82
87
87
86 J’nelO 92*2 Apr 10 87*2 J’ne 93*4 Apr
*82
87
*80 87
*84 86*2 ___ 87
92 Dec 10U2 Apr
2d preferred__________
84 J’nelO 95 Apr 10
*85
87*2 *85 8712 *85
86
86
*84*4 87
200
___ 87
87*2
223s Dec
8
30*2 Apr
167 157 16*2 15*8 157 10,500 R ock Island C o m p a n y ..
8
8
12*8 J ne 10 247 Feb 4
8 15*8 16*4 16
8
15*8 16*2 153.1 107
D o preferred________
42*4 Dec
69*8 Apr
207 J’nelO 44*4 Jan 2
8
26
26*8 27*4 257 26*4 10,600
26*8 27
s
25 26*2 243.! 26*4 25
29*2 Mch
234 Jn e 17 19*4 Jan 11
17*2 Dec
3
3
3
3*8 *3*s 4
*3*8 4
1,530 St I.ouis & San Francisco
3
3
3
2*4
69l2 Jan
D o 1st prefer* ed.
68*2 Dec
13*2 J’nol8 59 Feb 11
16
16
13*2 14 *12
*12
1538 15*8
500
16
15 *12
15
4334 Apr
D o 2d p referred .____
26*2 Dec
5*2 J’ne 17 29 Jan 11
*6*4 6*2 1,725
6
6*8 *6*8 7
6
67
8 67
8
6»4
5*2 6*8
4038 Oct
29*4 Jan
27
*25*2 297 ♦26 28
8
27
500 St Louis S outhw estern.. 26 J'ne 4 35*2 Jan 13
27
27
*25
27*4 27*4 27*2
D o preferred___
68*2 Jan
80*8 Oct
65 J’ne 12 75 Jan "
*68
71*2
71
*68
713s *68
68
18 Dec
27i2 Apr
14*2 J’nelO 20*4 Apr *
17*4 1,000 Seaboard Air Line..
17*4 *16*2 17*2 17
15
15*2 15*2 15*4 15*4 16
15
4434 Dec
66I2 J’ne
D o preferred___
38 J’ne 12 48*s Jan 29
42U 41*4 42*4 2,800
39
41*4 42
38*2 39
*38*2 39*8 *38*2 39*4
893g J’ne 11 110 Jan 30 103*2 Dec 11512 Apr
94*8 94*4 19,850 Southern Pacific Co.
s
937 95*2 93*8 95*8 93*8 95*4 947 95*2 9412 95
8
32 Sep
26i2 Jan
19's J’ne 12 28*8 Jan 2
22*4 2078 21*4 21*2 22*8 21*4 217$ 21*2 2 U2 17,100 Southern v tr ctfs stm p d .
20*2 21*4 21
867g Oct
68*4 Feb
D o preferred
do
72 J’nclO 81*2 Mch 26
700
75
75 75*8 *75
74
76
75
74*8 *74
*73*4 76
75*4
20*2 Jan
2612 Nor
10*4 J’ne 4 22*8 Jan 8
16
13
600 Texas & Pacific_______
13*8 13*8
1212 12*2 ♦ 12
13*8 14*4 ♦13
*12*2 13
33*2 Dec
49*4 Jan
277 J’nclO 40*2 Jan "
8
33
8
32*2 33*8 31*2 32*8 31*8 31*8 5,895 Third Avenue (N Y ) ___
31*4 33*4 32*2 32V 31
T oledo St L & W estern.
10*2 Dec
16*8 Mch
9 May 13 ’ 13 Jan
9
9
*7
9
8*2 *7
*7
9
*7
*7
9
*7
D o preferred_________
28 J’ne 36 Apr
15*4 J’ne 4 2934 Jan .
167 17
8
20
*13
422
*15 20
20
17*4 18 *15 20
*15
*102 103*2 ♦ 102 104
103*8 103*8 103*2 103*2 *102*2 105 ♦101*2 105
200 Twin C ity Rapid Transit 101*8 J’ne 6 108*4 Jan 23 103 Dec 111*8 Sep
137*4 J’ ne 11 162*4 Jan ‘ 150*4 Dec 176*4 Sep
141*4 147
144*2 1467 143*8 146*4 145*8 147*4 145*8 146*2 14434 145*8 175,050 Union P acific_____
8
D o preferred_________
88*4 Oct
82
79*4 J’nclO 93*2 Jan
96*2 Deo
82
82
81
82
81
525
♦79*4 81*2 82
81*2 8178 *81
397 Dec
g
28 J’ly
22
22
20
20*8 *19
20*2 20*2 *20
22
20
400 United R ys I n v 't o f S F__ 16 J'ne 11 35*2 Jan
20
*19
D o preferred_______
34
34*4 34
57 J’ly
30 J’ne 11 63*2 Jan
35*2 34
69*8 Deo i
34
35
35 35
35
35
1,600
*33
2*2 2*4 *2*2 2*4
4 Feb 9*4 May
334 J’no
2 J’n c ll
2*8 3*2
2*2 2*2 ♦
500 W abash________________
2*2 2*2
2*2 2 *?
12*8 J’ne 227s Apr i
D o preferred_______
6*8 J’ne 9 13*4 Jan 14
7*2 7*4
7*8 7*4
7
7*4 7*8
7*2 7*2 *7*4 8
7*4 1,500
36
38
36
64i4 Mch
45 Dec
*33
32 J’nelO 46 Jan 2
34
35*2 35*2 ♦34 38
34
*33 38
400 Western M aryland____
5
8 Jan 3
5
4 Jan
11*4 Oct
*412 6*4
3*, May 1
47
8 5
6
5
5
4*2 5
5
1,200 Wheeling & Lake E r ie ..
20
*15
3612 Oct
18 *16
19 *15
11 Jan
13 J’n c ll 28*8 Jan 13
D o 1st preferred____
♦15
19
*15
20
♦15 20
6 Jan
9
8>2 *0*2 8*2
D o 2d preferred
*6
*6*2 8*2 *7
17l2 O ot!
7*2 May 5 14 Jan 3
*6*2 9
♦ I2 9
O
58i2 Apr 23
44
48 Feb
§45 45
44U 44*4 44
62*2 Aug
40*8 J’ne 11
8
670 Wisconsin C entral.
44*2 4412 44 447 ♦43 46
I n d u s tria l & M iscell.
67*2 65*4 66*8 64*2 6512 122,976 Amalgam ated C o p p e r ..
60 Feb
9234 O c t!
61*8 J’ne 10 80*8 Jan 2
66*8 67
65*8 67*8 05*8 66*4 66
*45 49
American Agricul Chem
48
*45 48
♦46
54*8 Dec
46 J’ne 13 57 Jan 3
63*8 Mch
95
D o preferred_________
95
*90
95
*90
*92
98 J’ly 10414 Mch
92*2 J ne 3 99 Jan 2
*92*2 94
95
95
*90
*90
22*4 22*2 22*2 22*2 2212 2,800 American Beet Sugar____
77 Sep 1
1934 J’nclO 50*2 Jan 2
4612 Dec
8
2
23*4 23*4 22
23*2 197 211 21
D o preferred___
*68*2 80
90 Nov 1 0 1 1 4 J ’ no
♦6812 80 *68*2 80
72i2 May20 86 Mch 6
*68*2 80
*68*2 80
*68*2 80
s
26*8 27*4 61,800 American C an ____
1U4 Feb
21 J’n e 11 467 Jan 31
47*8 Oct i
8
20
277 25*4 27*4 267 28*4 27*8 28
8
25*4 27*4
D o preferred___ ___
80*2 J’nelO 129*2 Jan 30
867 85*2 86*4 8512 85*2 3,485
8
90*8 Feb 126 I4 Sep 1
87
8712 87
87*2 *85*8 85*2 86
635s Sep ■
42*4 42*4 7,410 American Car & Foundry 36*2 J’ne 10 56*8 Jan 2
49 Feb
43
4212 43
42*8 41*2 42*2 42
40*4 41*2 41
D o preferred_______
677
108 J’ ncio 117 Mch 5 115 Feb 120 May
8
8
*105 109*4 108*8 108*8 108*4 108*4 108*2 1087 *105 1097 §109 109
34 J’ne 19 48*4 Jan 6
31*4 3
-1 34*4 1,000 American Cities_______
60ig Deo i
30*4 Oct
*34
35*4 34
38 *
37*2 35*2 35*? 35
D o preferred_______
•
78*2 Jan 2
x65*2 J’ne 20
100
83*4 D eo 1
7514 Aug
71
72*2 ♦
x0512 65*2
73
72*4 *70
*70
73*2 *70
33*2 J’ne 12 67*8 Jan 2
36
1,500 American C otton Oil___
60*4 NOV
35
36
45*2 Jan
35
35
36*2 3612 36
35
35*2 35*2 36
D o preferred_______
93is J’no 17 96*4 Jan 10
♦92*4 100
200
95 J a »
*92*2 93*8 ♦92*2
94
99*4 Feb.
*93
95
93*8 93*8 94
6*8 Jan 8
37 J’ne 13
8
714 Sep *
3 Feb
4
*3*t 4*8
200 American Hide Sc Leather
*3*4 4*8 ♦
3*1 4*8 *3*4 4*8 *3*4 4*8
4
D o preferred___
*17
18*4 ♦17 20*2 *18*2 20*2 *18*4 20*2 *18*2 20*2 *18*2 20*2
54 S ep 1
20 Feb
15*8 J’nelO 28*4 Feb 10
17 J’nelO 27*4 Apr 4
30*4 May
18 Jan
20*4 21
207 21*4 21*4 2218 22*2 23
s
22*8 3,100 American Ice S ecurities..
22*a 22*s 22
07 J’ne 10 11*2 Jan 31
s
*8*8 8*4
9 Mcb
300 American Linseed.
177 Apr
8
8*4 8*4
8*4 8*., *8*8 8*4 *8*8 8*4
8*4 8*4
D o preferred___
20*2 J’ne 10 3 U2 Jan 31
24*4 23
43
Apr 1
30 Feb
*22*4 24l2 *23
23
*21
25
♦22 25
100
*23
25
29*4 30*, 29*4 29*4 30*2 30*2 30*8 30% 30
30
31*4 Feb
29
4712 Nov
30*4 1,400 American L ocom otive___ 27 J’ne 10 44*2 Jan 6
D o preferred___
100 J’nc 18 106*4 Jan 2 103 Jan 11012 Aug
♦95 102
*90 102
100 100 *95 102
100
♦95 102
*95*2 102
7*8 J’ne 4 13 Jan 3
*8
4*4 Jan
9
8
8
10
9
*8
*7*2 10
200 American M alt C orp ____
*7*2 10
9
19*8 Aug
D o preferred_________
*46
49
42 Jan
48
*46
45*8 J’nelO 6 U2 Jan 3
§47
47
♦40 50
225
69I4 Aug
47*2 4712 47 47
81
81
81
81
81
84 Deo
81
♦79 81
400 Amer Smelters Sec pref B 79*2 J’nc 12 86 Jan 9
81
8912 J ’no
81
*79
81
4
63
01*8 62*4 12,280 Amer Smelting & R efin'g 68I2 J’nelO 74*4 Jan 30
66*2 Dec
91 S op
62
63*4 62R 04*8 61*2 63*2 03*8 0 *.| §63
D o preferred___
610
97 J’ne 6 107 Feb 7 102*8 Jan 109*8 Sep
09*2 99*2 98*8 99*2 *98*2 99*2 99*8 99*8 *98*2 99*2 §99*2 99*2
in, ♦145 161 ♦145 155 *145 160 ♦145 160
American Snuff_________ 158 Apr 30 193 Jan 22 123 Mch 203U D eo
171*2
*081* 104 ♦99 104
102
♦99 105
D o preferred, new___ 100 J’ne 6 105 Jan 21
99 Feb 105 Aug
•26
26
26
28
30
250 Amer Steel Found (n o w ). 25 J’nc 9 4012 Feb 3
26 Jan
25*4 25*4 *25*4 20M *25*2 26 *26
44*8 Oct
_

_

_

_ _

9534 9634
9914 9914

BANKS AND TRUST COMPANIES—BROKERS’ QUOTATIONS.
Banka

N Yr
ew ok

America Y__
Amer Exch..
Battery Park
BowcryH___
Bronx BoroY
Bronx Nat.
Bryant Park!
Butch & Dr.
Century 1__
Chaso

BI
U
580
425
300
180
150
130
215
630

♦Bid a n d aakod

tSalo at Stock




590
223
....
195
140
230
660

B
id
Banks
Chat &
Phen. 175
135
Chelsea ExY390
350

Coal & Iron. 100
Colonial K__ 450
290
Commcrco .. 1171
Corn Exch 5 _ 305
1
85
East ltlvcr..

D A
id sk
Banks
FldelityY___ 165 175
Filth AvoU.. 4300
___
Filth........... 300 325
First ........... 950 975
Fourth____ 175 185
Garlleld----- ___ 270
Gcrm-Amer Y 140 145
325 German Ex Y 400 415
__ Germania If.. 475 500
___
310 Gotham___ 170
250
105
75 Hanover----- 650 660

A
sk
180
150
410
180
360
165

Banks
B A
id sk
Banks
B
id
B A
id sk
Banks
Harrlman__ 285 295 M t Morris Y- 225 250 Seaboard___ 430
Imp & Trad. 510 525 Mutual Y __ 290
Second ------ 385
120
190
135
340 360
850 875 State Y_____
Manhattan Y 345 350 Now York__ 400 405 23d W ard*.. 175
Mark ,fe Fult. 235 245 Paclllo Y___ 255 265 Union Exch. 160
Mech A Met. 235 242 Park______ 353 364 Wash H'ts Y- 275
Mcrch Exch. 150 155 People’s Y__ 240 250 Wcatch Avfl. 160
Merchants’ .. 185 195 Prod Exch Y- 105 170 West Side Y- 450
350 360 Public^........ 250 290 YorkvlUe Y-- 500
87
90
Metropol’p Y 185 190 Reserve____

Ex-dlv.&rights tN
stock.
£rices; no sales on this day. {Ex-rights. §Lcss than 100pshares.n IJStato banks, asale at this p rice., gewx ^Ut ,
xchangj or at auction this week, cFirst installment a id .. bold at private
E

ASlt

135 j
210*|

165*"|

ifi*[
6*10*’

J Ex 24% accuot,
Full paid.

*m

i

1 )5 8

New York Stock Record—Concluded—Page 2

[VOL. XCVI.

F sr re c o rd o f sale* d u r in g th e w eek o f s to c k s u s u a lly In a ctiv e , see s e co n d p a ge p re ce d in g .
=1
<
STOCKS--HIGHEST AH D LOWEST SALB PRICES.
Saturday
June 14

Monday
June 16

Tuesday
June 17

106l2 1061 *105 108
112
1 12
*110
116 *108 116
♦1271* 1275, 1273* 1271 127** 1271
212>g 215
215 ziy *213 219
99
99
99
991,
*16
22
*16*4 21
*16
20
•76
78
*76
78
78
78
•2 01 * 221 •21
23
22
22
3314 34^,
33*, 341,
331* 33*4
•90 100
99
99
*90
99
41
41
*40
43
41
41
•100
io n , ♦IOOI4 IOU2 ♦loou io n .
28
28lj
27*4 29
267* 28
65*2 6 6 ?a 1661 * 654, •631* 67
•125 130 *123 123 ♦123 130
•___
28
♦25
28
*25
28
30*4 3U4 26*4 311* 2612 28
60
C
O
69
60
*57
60
•------ 1001 .
197* 2 0 ** 197* 20
20
201 *
*90
•8 8 U 90
90
90
90
35
35*4 337* 35*4 3312 345*
•27U 2912 2714 2714
27U 271*
129 1301* 12812 12912 129 129
9l2 95*
9*8 934
9
912
•61*2 65
♦63
6514 *6 U2 65
•951* 97
♦951* 965* ♦951* 965*
1 2 t4 1212
1234 1234 *12
14
•12
17
*12
17
*12
17
•33
42
♦33
4212 ♦331* 34
13-1*4 135
135 135
135 135
26l2 2S12 *26
*26
30
30
•72
80
575
75
♦72
75
17* 17*
2712 28U 27** 23
2712 2712
•S912 9312 ♦901. 94
♦901* 9 5
417* 421. 42
42
42*4 *41
a
145* 14*4
16
15*2 147 15
10612 1061

Wednesday
June 18

Thursday 1 Friday
June 19 1 June 20

*105
*109
1273.,
521734
99h

108 •1051* 108
116 *109'4 116
128
128U 1281,
2173., 217 217
99h ♦97 100
*1684 21
*17
21
7634 763,
78
78
23
23
*22
23
3334 34h
331* 333,
*95
99
♦95
99
*41
42
41
41
ion * 1011 j * 1 0 0
___
28
291* 2712 28
66
66
6 6 I4 O I
6 4
*123 130 *124 130
•25
28
*25
28
281* 29
281* 29
693 60
4
*59
61
*___ 1 0 0
♦_
100
207* 2 I 84
2034 2114
90
90'*
*8912 91
341* 3614 341* 347*
277* 277*
28
28
130 130's *1291. 131
93* 10
95* 10>4
66
65*4 65t4 *63
*95'* 9C12 *9512 963*
1234 1234
*123* 14
*12
17
*12
17
•331* 4212 *3312 42
*134 136l2 13612 1361*
*20
30
27
27
*72
75
721 727*
2
*2612
*9012
4214
*1412

Sales of

281* 273*
94
♦92
4212 42'*
1512 *14l2

*106
112

Week
Shares

10714
1 12

128U 1281,
214 2167*
*97 100
*1634 21
•76 ' 7812
22 U 223.
3234 3314
951* 99
♦40U 42
*101

1 00

28
28
*65
67
*124 129
*25
28
*2734 281
2
59
59
*___
99
5201* 2012
•891* 91
3334 34h
271* 2734
129 129h
91* IOI4
*62
66
*953.4 963*
1234 1234
*13
17
♦3312 42
*13514 138
*2634 28
*72
75

271. *26% 28
94
*90
93
421* 421* 423*
*145* 1514
15

Range Since Jan. 1.
On basis of 100-share lots.

STOCKS

N E W Y O R K STOCK
EXCHANGE.

Highest

I n d u s tr ia l & M isc (Con)
300 American Sugar Kefining
200
D o preferred___
2,690 Amer Telephone & Telcg
1.318 American T o b a cco ___
500
Preferred, new____
American W oolen___
310
D o preferred_________
400 Amer Writing Paper, pref
8,745 aAnaconda C op Par $25
300 Assets Kealization______
400 Baldwin L ocom otive____
100
D o preferred_____
4,300 Bethlehem Steel___
1,300
D o preferred_____
10 Brooklyn Union G a s.
Butterick C o ____________
4.500 California Petrol v t ctfs.
1 ,1 0 0
D o preferred________
C ase(JI)T hreshM pftr cfs
4,065 Central Leather_____
424
D o prejferrod_________
21,450 dChino C opper___Par $5
700 Colorado Fuel & Iro n ___
2.400 Consolidated Gas (N Y ) .
6,800 Cc^n Products Kefining.
100
D o preferred_____
Deere & C o pref________
700 Distillers’ Securities Corp
Federal M in in g * Sinolt’g
_ D o preferred_____
1 ,0 0 0 General E lectric_________
400 Gen M otors v o t tr ctfs
215
D o pref v t c t f s ..
1,400
1,650
D o preferred.
1,600
1,313
C op Par$‘20

102*3 1021* 103
*103 ___ 104 105 5104 104
1 ,0 0 0
1117* 1117* ♦1117* 113
113 113 51H 114 *1117* 1151*
D o preferred,
325
10212 103 ♦103 104
10312 104 5104 104
950 nternat IIarvest<
•___ 116
1117* 1117* 1117* 1117* ♦1117*___ •1117* n o ♦1117*___
200
D o preferred .
•3U 3*4
3** 3** *3U 312 ♦314
3lj
312
334
334
600
4
16
10
14ia 145* •131* 16
*133* 16U 13U 1334 1334 1334
D o pref stk tr c t f s ...
600
87* 9
9
9
83* 83*
*8
9
*8 U 914
83,t 8 %
800
•37
40
39*4 40
37
37
•37
40
37
37 •*371* 391.
C O D o preferred______
O
•7
9*4
•61. 9*4
*0
9
*6
03^ *7
934
*61* 934 ........... iternat Steam Pum p___
225* 225* ♦22U 2712 *2212 2712 *23
2712 *24
27l2 *23
D o preferred____ . . . .
2712
125
•80
87
*80
88
*80
88
*80
88
•80
88
la y s cr* C o (Julius)__
*80
88
•102 ___ *102
*102 ___ *102 ___ *------102
Do
1st p r eferre d .
*102 ___
69
59
•52
64
♦52
63
*52
63
59
60
300 j-esge C o (S S )_________
*58
63
__
•94
99
*9114 97
♦93 100
*93 100
D o preferred________
•93 100
♦94 100
•30
35
...........
♦30
35
♦30
35
•30
35
•30
35
♦30
40
931* 94
*93
96
♦92 100
*94 100
200
*92 100
♦91
95
,*190 215 *192 214 *200 214 •195 214 5214 214 *200 214
50
•108U 115 *1081* 115 *108 115 ♦lOSU 114 *108% 113 •105U 113
' *24
2912 26
26
100 ooso-W iles Bis tr co ctfs
*24
2912 *25
29l2 *25
2
291* •247* 291
*94
99
99 *___
99 *___
99 *___ 09
♦941* 99
D o 1st preferred____
, •------ 891* *
891* •___
891* *___
891* « ___
891*
891* *___
D o 2d p r e fe r r e d .,.__
•150 160 *150 160 *150 ___ *152 162
154 154 •1531* 160
130
_
*103 110 *103 110 *103 110 *103 110 *103 110 *103 110
D o preferred_______
•65
71
♦65
*65
70
70
69
69
68
68
400 la y Departm ent Stores!
*66
70
*96 100
*95 100 5 1 0 0 1 0 0
♦95 100
10
*95 100
*95 100
D o preferred_____ . . .
607* 6U* 68
59
57
681. 58*2 59
581* 5914 673* 60
6,700
21
22U 2U* 217* 21U 211* 213* 2D2 213* 2U2 21
2D4 3,400
109 1097* 1087* 110
11034 11034 110 110 5 1 1 0 110
110 110
746
•115I2 120 ♦1151* 117 *116 120 *11612 125 ♦1151* 122 *116 120 ______
D o preferred_________
, 10t2 1012 ♦101* HI*
10I2 1012 1034 1034 107* 107* ♦101* 1212
420 : fat Enam el’g & Stam p’g
*60
80
♦60
*60
80
♦60
80
*60
80
80
*70
85
D o preferred_________
467* 467* 47
♦45
48
47
547
47
*451* 49
•451* 49
310 rational L ead__________
•10312 107 ♦1031* 10712 *1031* 1071* 10712 10712 10712 107!2 1071* 107'2
370
D o preferred_________
147* 15
147* 15
15U 151* 147* 15** 1434 15
145* 147* *.530 (
*59
63
C
O 60
*59
63
*58
65
*60
65
61
61
430 :
*65
68
♦03*4 68
*6334 68
*6434 68
*0434 68
6434 64*4
100:
19
195* 19
19
*191* 20l2 19U 19U 19
19
19
191* 1.100
261* 27
27
27
2712 29
2884 29
27*4 27
*281* 29t, 2,700
107l2 10712 1071* 107*2 1071* 107U 10734 10734 *10714 10812 •107 10812
500 .
15U 15** *16
18
♦155* 18
*16
18
•1514 17
155* 161*
400
7612 7612 755* 757* *74
77
*75
80
*75
80
7534 761? 1,200
D o preferred______ _
2134 23
24
241* 237* 24
2314 23U 23% 2334
23
23
1,335 reesed Steel C ar____ ___
*90
93
*91
93
*91
93
*91
93
♦91
93
♦91
93
D o preferred________
•112 115 ♦ m i* 1 1 5
112 112 *11H2 115
1111* 1111* *___ 115
200:
*153 153
154 154 *153 156
15312 153*2 5153 154
154 154
4 45
23
235* 23l2 24
23
233* 2312 2334 2414 25
•231* 26
2,600 :
*90
97
*90
97
♦90
97
*00
07
*90
97
*90
97
D o preferred
17U 17*4 17U 177* 171* I73g 17'* 1712 173* 1712 167* 17h 7 ,2 0 0
181. 191* 19** 195* 183* 191* 19
19l2 19
195* 183* 1834 6,895 .
70
75
7534 *75
7684 576
76
•7512 7812 576
*75
761
2
D o preferred____ ____
325
21
2U2 20
2012 •18
*18
20
20
20
20
*18
22
1,350 . lumciy C o ( M )________
*40
43
43
*40
4U2 *40
40
40
40
42
*40
42
400
D o preferred________
>•160 161*4 *161 16212 1625* 1625* 165 165
165 165
162t2 1621*
600
♦241* 2612 25
2512 2534 26
26
25
25
25h
25
25
1,200
33
33
§331* 331* 341 341* *34
2
38
*34
38
*33
38
210
\*5412 62
*55
60
*56
61
•55
60
*55
60
*55
C
O
D o preferred .
; *20
23
2412 ♦221* •25
231* 231* 24
♦23
2412 2412 2412
900
•82
88
831* 8312 8212 85
*80
86
650
*80
85
85>2 8512
\ 301* 31
29
3 H4
28
295* 2934 31
287* 29 U 6,200 r
30
30
101 101
100 101
100 1003* *96 10H2 *96 10H2 100 1001* 1.600 ’
‘ *80
85
*80
85
*791* 85
82
801* 80l2 82
*78
84
200 1
•100 ___ ♦100
*100 ___ *100 ___ * 1 0 0
D o preferred.,
___ ♦ 100
___
•41* 5
4*2 4*2
*41* 5
*41 * 434
700 1 inlon B ag & Pap<
4U 41* *4>s
, 2514 2514
25U 2512 ♦25
30
*25
30
*25
30
380
D o preferred..
*25
SO
•91* 15
*914 13
*914 14
♦9U 14*9U 13
*912 13 ______1
*48
68
*45
53
48
4ST^ *45
50
l ) o preferred.
•47
49
250
•471* 49
*59
63
♦61
65
*60
64
*01
65
______1
*01
65
♦01
65
677* 58
58
68
57
57
2,110 1
58
5914 5814 5812 577* 68
101 102 *100 102
,•1001* 103
102 102 *10U2 103 ♦102 104
800
D o 1st preferred____
1
____ ___
*70
90
*70
00
D o 2d preferred_____
: 63
641* 627* 5414 62i4 537* 53*4 54l2 53l2 541* 625* 631* 286,885 1 nited States Stoci__. . .
104 1043.1 IO334 104h 1037* 10412 1041* 1041* 1031* 10-4
' 104U 1047*
10,324
D o preferred__________
. 42 14 427* 41^4 43*8 413* 423* 4212 43
42
42 L 41
4
4134 21,600 <
•26
28
27*4 277* 27
271* 2714 2714 261* 26l2 *261j 2714 1,000 i
9934 9984 09
100 100
100 100
99
*97
99
99
99
600
Jo preferred.
62
62
63
63
63
63
•017* 64
617* 63
*61
61
1.000 4
•561* 5812 56*3 573* 561* 661* 58l2 60
60
6 O4
I
59
69% 8,400 4
*1057* 1097* •103 110 *1057* 1097* ♦1057* 1097* *1057* 109 *105% 109
D o 1st preferred_
_
875* 89l2 88
8734 881
2 833* 87*4 8U* 841* 16,600 1 7oolworth (F W )____
88i2 863* 88
109 109 •109 110 *107 110 •109 110 •109 111 *109 110
D o preferred______ _ _
200
102

1 02

in

in

10112 1 0 2

Range jor Previous I
Year 1912.
1

1 02

1 0 2 l2 10212

104*4 J’ne 12
110'* J’ ne 12
125i3 J ’ne 10
200 J 'u c 6
987* J ’no 9
16'* J ’ne 10
74 May 7
20 J ’ne 10
307* J ’ne 10
95 J ’ne 11
40 J ’nolO
10H2 J'n c 18
25 J ’ne 10
6214 J ’nc 10
121
J ’nc 10
27i8 Mch 24
2014 J’ne 16
58 J ’n o l l
99 J ’nc 11
17 J ’nolO
188
J ’nolO
30’s J ’ne 10
24i2 J ’ne 10
125ig j ’ne 10
7% J’ne 10
6 i »2 J'n c 10
951* J ’ne 11
9*4 J’ne 10
13 J ’ne 10
33 Mch 19
129*4 J ’ne 10
25 M ayl5
70 May 8
1»2 J ’nolO
26*2 J ’ne 10
89 J ’nolO
41*4 J’ ne 10
14ti J’ ne 10
103*4 Apr 25
96 J ’ne 10
111 May 12
951* J ’no 10
111 May 12
27 * j ’no 10
121* J ’no 4
7*2 J'ne 10
36 J ’no 12
6
May 6
2214 J ’ne 13
83 J ’ne 11
107*4 J»n 22
68 J ’no 9
97 J'no 10
297* J’ no 7
91 J’ no 4
195 J'ne 6
110 J ’no 6
21 J’ n o l l
947* J ’ne 10
90 May21
xl50 J ’ne 13
103 J ’no 10
66 Feb 20
97i2 J ’ne 10
66i* Apr 15
20** J’ no 10
104 J ’n o l l
116 J ’ no 4
9 J ’no 5
75 May 29
44 J ’no 9
100 J’ no 6
13 J'n c 10
68i2J’no 6
60 J'no 9
16 J ’ne 10
23
J ’ne 11
104 J ’ne 10
141* J ’no 11
73 J ’ne 11
181* J ’no 10
88*2 J ’no 10
IIU 2 J ’ne 19
152 J’ nolO
2214 J'no 11

Highest.

118 Jan 31
1165* Jan 28
140 Jan
294*4 Jan 10
1061* Jan 27
21 Apr 17
81 Jan
32U Jan
4li* Jan
120 Jan
53i2 Jan 8
1051. J ’ne 6
4li* Jan 9
72i2 Apr 4
1377* Jan 27
31 Feb 8
661* Feb 3
86 Jan 30
1035* Feb 6
30i* Feb 6
97U Mch 3

113i2 D cc
115*2 •fan
1375* Jan
24U* Feb
101L Jan
18
N ov
79 Dec
251* Jan
$34 Feb
10512 Feb
49 Deo
102*4 Feb
27*4 Feb
66i2 Feb
137l2 Mch
28 N ov
49U Dec
84 Dec
997* Deo
161* Feb
80 Feb
$25 Jan
231 * Feb
135*4 Dec
10 Jan
76 Dec
995* Dec
20 Deo
IU 4 Feb
371* Jan
165 Jan
30 Feb
70U May
$1** Dec
60U Dec
105 Deo
$47 Deo
$165* Deo
1061* Feb

Aug;
407f Sep”
Aug!
1207* A u g
176 Aug
40*4 Sop
105 Aug
t?41* Sep,
35 Dot
Oot
NOV)
10312 O ct
221 N ov
69*4 Sep'
36 Deo
lib O ot
491* Aug
9818 Aug
$4714 May
1305* Sop
115*4 J ’n*
m i * Sop i
177* May
67*4 M ay
2212 May,
613* O ot '
100*4

1Q
3*4

0014 J ’ n e 10

15 J ’no 10
17 J ’ne 10
72 J ’ne 11
20 J’ne 4
40 J’no 16
154*4 J’ne 12
2412 J’ no 12
3i78 Apr 26
6212 May 1
2134 J ’no 12
82U J'no 17
226*4 J ’no 10
89 J ’no 10
78 J ’nolO
110 Apr 8
4i8 J ’no 11
2514 J’ne 14
9U J’ne 10
44i* J’ne 6
501* j ’ne 11
53 J ’ne 10
98 J'no 10
76** Jan 3
497* J ’n o l l
I 0212 J ’ne 10
393* J’ne 10
25U Mayl3
94 M ayl2
681* J ’no 10
63** J’ ne 10
1077* J ’ne 13
81i* J’ne20
109 J ’ne 14

r

BANKS AN D TRU ST COMPANIES— BANKERS’ QUOTATIONS.
Banks
Brooklyn
Coney Isl’d 4
F irst______
F latbush__
Green point_
HI 1 elf___
laid
Homestead 4
Manufact’rs .
Mechanics’! Montauk 4 . .
N assau____

Bid

Ask

135
280
140
- __
___
85
400
190
___
205

155
300
155

Bid
Banka
Brooklyn
National Cltv 280
NorthSlUo4 . 175
People's___ 145

155

125
100
425
210
140
220

Ask
300
200
155

Trust C o’a
N Y City
Astor _____ 345
Bankers’ Tr. 440
B ’way Trust. 148

355
450
153

Trust Cofa Bid
N Y City
Central Trust 976

Ask

Knlckerboc
Commercial .
Empire____
Equitable Tr.
Farm L & Tr
Fidelity___
Fulton’. ____
Guaranty- Tr.

495
92

485
300
475
205
290
635

990

485
1150
215
305
645

T rust C o’*
N Y City
H u d son ___
I-aw T I & Tr
Lincoln Trust
Metropolitan
Mutual Alllanee_____
Mut’l (WestChester)...

Bid

Ask

130
180
123
410

140
190
130
435

130

140

140

150

Trust Co’a Bid Ask
N Y City
N Y L ifo& T i 1000 1030
N Y Trust__ 610
625
435
445
220
200
Union Trust. 1200 1240
450
440
1090 1100
305
W a s h in g t o n . 350
160
W estch ester .
—

Trust C o’*
Brooklyn
Brooklyn T r.
Citizens’ ___ _
Franklin ____
Hamilton__
H om e_ ___
_
Kings County
Nassau____
People’s
Queens Co . .

Bid
475
145
270
116
636
130
286
*•
"

■=!
600
155
240
285
126
295
103
s •

'V
,

Rric£s: n0 sato s°n t y a dW : I Loss than 100 shares. * Ex-rights, a Ex-div. and fights, b N e w stock, d Quoted dollars per share.' >
Sale at Stock Exchange or at auction this week. . s Ex-stock dividend, ifB a n k s marked with a paragraph PD are State banks, , * J
lfix-dlvldon4«.j




1759

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method o f guoting bonds was changed, and prices are now all— “ and interest"— except for income and defaulted bonds.

N.

ip s
U S
US
U S
U S
U S
U S
;U S

U. S. G ov e rn m e n t.
2s consol registered..(11930
2s consol cou pon_____ (11930
3s registered_________ 11918
3s c o u p o n ___________ 11918
4s registered__________ 1925
4s c o u p o n ____________ 1925
Tan Canal 10-30-yr 2 s 11936
Panama Canal 3s g ___1961

F oreig n G o v e rn ,e n t.
Argentine— Internal 5s o f 1909.
Chinese (Hukuang) R y 5s £____
Im perial Japanese Governm ent
i Sterling loan 4 his________ 1925
• 2d Series 4 H s __________ 1925
■ Sterling loan 4s__________ 1031
R epublic o f C uba 5s exten d eb t.
External loan 4 his________ 1 0 4 0
San Paulo (Brazil) trust 5s_1919
T o k y o C ity loan o f 1912 5s-----U 8 o f M exico s f g 5s o f___1899
G old 4s o f 1904__________ 1954

Q -J
Q -J
Q -F
y -F
y -F
y -F
y -F
y -M

High
Ask Lew
1001* 1001 * J’ne'13
100i2 J'no'13
103*2
1031* 1035* 103*2
10334
1031* 1035* 1033.1
1133* 1141* 114i* May*13
114 J ’n e ’ 13
114
100*2 J’n e 'l l
100
103>g 10312 103i* J'neT3

bid
100
100

06
85i2

M-S { 90 97
J -D l 85*2 Sale
F -A
J -J
J -J
M-S
F -A
J -J
M-S
-J
D
t

J 853* 80
851*
85*2
85*2
{ 84
87** 8512
1 70*2------ 75*2 J ’n o ’13
100
t 993* 100 1 0 0
951* Apr '13
{ ____95
907* Fob ’ 13
l ------ 971*
84
84
84 85
1 . . . : 945* 93 J ’n e ’ 13
85 May’ 13
_ . 84
These are v rices on the b

S ta te a n d C ity S e cu ritie s.
N Y C ity— 4 his.....................1960 M -S
4 Mb temp rccts (w 1 )____ 1963
4 % C orporate stock____ 1059 M-N
4 % C orporate stock------ 1958 M-N
4 % C orporate stock------ 1957 M-N
N ew 4 H s ________________ 1957 M-N
[N ew 4 K s ________________ 1917 M-N
4 h i% Corporate stock -----1957 M-N
4 hi % assessment bonds— 1917 M-N
3 hi % Corporate stock-----1954 M-N
IN Y Stato— 4s------------------- 1961 M-S
1 Canal Im provem ent 4s---1961 J - J
■ Canal Im provem ent 4s-----1962 J - J
I Canal Im provem ent 4s---1960 J - J
South Carolina 4 Ms 20-40..1933 J - J
Tenn new settlement 3s___1913 J - J
Virginia funded debt 2-3s__1991 J - J
Cs deferred Brown Bros ctfs

0512
9 65*
951*
xoo
100 Halo 9934
92
02
Sale 91*2
Oil* 92
90*2 J’n e ’ 13
92
92
Oil* 9 2
1003*
1005* 101 1003*
‘ ____102
100
100
1003*
1003* Sale 1001*
100 100*2 1001*
100*4
813* Sale 813*
sis*
987*
087*
------ 98
987*
*98?»____ 987*
98 99
98*2 J’n e ’ 13
90 ____ 99
99

T
-i

R a ilro a d .

g 4s--------hl095
J
A nn A rbor 1stFe gen g 4 s. 1995 yA--O
tch T op & 3

R eg istered _______________ 1995 A -O
Adjustm ent gold 4s_____ /tl095 N ov
R egistered____________ hl995 N ov
' Stam ped______________ M 995M -N
C onv 4s Issue o f 1909____ 1955 J -D
! C onv gold 48 ------------------- 1955 J -D
■ C onv 4s (Issueof 1910)___ 1900 J -D
, 10-year con v gold 5s_____ 1917 J -D
1 Debentures 4s Series I t___1913 F -A
1 E ast Okla D iv 1st g 4s___1928 M-S
.S h o r t Line 1st 4s gold ____ 1058 J - J
i. Cal-Ariz 1st & ref 4 his___ 1 0 6 2 M-S
f S Fo Tree & Ph 1st g 5s_1942 M -S
: Chic & St Louis 1st 0s___1915 M-S
Atl Coast L 1st gold 4s___hl952 M -S
R egistered____________ /il952 M -S
Ala M id 1st gu gold 5s___1928 M-N
[ 'Bruns & W 1st gu gold 4 s .1938 J - J
t Charles & Sav 1st gold 7 s .1936 J -J
>
1 L & N coll gold 4s_____ 01952 M-N
S a v F & V 1st gold 6s____ 1934 A -O
V
,l 1st gold 5s___________ .1934 A -O
f Sil Sp Oca & G gu g 4s___1918 J - J
alt & Ohio prior 3 his___1925 J - J
R egistered__________ 51925 Q -J
G old 4s_________________ 51048 A -O
Registered___________ 51948 y - J
20-yr con v
(wh iss)_1933
I Pitts June 1st gold 6s____1022 J -J
\P Junc& M D iv 1st g 3 hisl925 M-N
1 P L E & W Va Sys ref 4s__1941 M-N
Southw D lv 1st gold 3 his_1925 J -J
I Cent Ohio R l s t c g 4 h is .-1 0 3 0 M -S
‘ C l Lor & W con 1st g 5 s ..1933 A -O
' M ouon River 1st gu g 58..1919 F -A
Ohio River l i lt 1st g 5s— 1936 J-D
' General gold 5s-------------- 1937 A -O
1 Pitts Clov & T o l 1st g 6S..1922 A -O
i Pitts Sc W est 1st g 4s------ 1917 J -J
Stat Isl R y ls t g u g 4 his_1943 J-D
Buffalo R Sc P gen g 5s____1937 M -S
Consol 4 h i s ______________1957 M-N
All A W est 1st g 4s gu ____ 1998 A -O
. C l Sc M ah 1st gu g 5s____1943 J -J
. lio c h S Pitts 1st gold 6 s ..1921 F -A
c
' Consol 1st g 6s________ 1922 J -D
B uff & Susq 1st reg g 4s___(11951 J -J
anada Sou cons gu A 0s_1962 A -O
R egistered____________ 1 0 6 2 A -O
Central o f Ga 1st gold 5 s._p l9 4 5 F-A
! Consol gold 5s__________ 1 0 4 5 M-N
■ R egistered______________ 1 9 4 5 M-N
1 st pref incom e g 5s____ p i 0 4 5 Oct
' 2d prof incom e g 5s____;>1945 Oct
[ 2 d prof Income g 5s s ta m p ed ..
', 3d pref incom o g 5s____ pl945 Oct
3d prof Income g 5s s ta m p ed ..
C hatt D lv pur mon g 4 s ..1951 J -D
J -J
M id Ga S A tl D iv 5s------ 1947 J -J
c
M obile D lv 1st g 5s............1946 J -J
iCen ltit Sc B o f Ga col g 5 s.l0 3 7 M-N
C e n t o f N J gen’l gold 5 s
1987 J - J
R egistered-------------—
A m D ock & Im p gu 5 s
1021 T - j
Lch & Ilu d It gen gu g 5S.1920 j - j
N Y & Bong Br gen g 4S..1041 M -S
C ent Vermont 1 st gu g 4 s . . e l 0 2 0 y-I<

B

C

*-89.- I I "
421, . . . .

103*2 J 'ly TO

99

Apr ’ 13

801* D eo ’ l l
42i» J 'n a ’ 13

70
70
75 70
94
037, Sale 931*
931* Apr T3
83 J ’n o ’ 13
83
86
M ch’ 13
8 H2 8 6
833*
833*
84
85
99i2 M ay’13
96i* s aic 95*2
98i2
eei 2
953 * Sale 955*
98l2
98*2 Sale 98*2
991* J’ly ’ l l
93*2 93 M ay’ 13
86*2
____ 80*2 85*2
98U J’ n o’ 13
98
—
107 Fob T3
1031* Feb ’ 13
8 8 l2
‘ 8 8 * Sale 877*
93 Oct '06
1063* Feb T3
102
“
95 Aug '12
’ 87*2
*87*1* 883, ’ 871*
124i2 1231* J’no T2
112*2 110»* M ay’ l l
97 Oct '12
130
89
tid e 833*
9O 8 8 J ’ne'13
'**
91
VI S&ie 903 *
913* M ay’ 13
92
91
2We Sale 0014
1 12 Jan ‘ 12
80 May’ 13
*83
84
84 J ’n o ’ 13
88*2
88*2 871*
85
100 Apr 13
105 IOOI2 M ch’ 13
—
. . . . 1021* J ’n o '1 2
103*2 Apr T3
1 00
164*2 105*2 Apr T2
—
11312 Fob '12
97
M ay’ 13
901*
_
_ 91 J ’u e ’ 12
91
103 100 103*2 103*2
*97 ____ 1031* Apr '13
953* M ch’ 13
92
103 J ’ly O
S
107* * 16* * 107*4 J ’n e ’ 13
* 712
108 1091, 108*2 J ’n o ’ 13
45*2 Apr ’ 13
105*2
1051* Sale 105
1003* Jan '41
1103 * Mch T3
102
102 104 102
1001* Mch T3
103 Dec 'l l
105 Dec ’ l l
90 N o v 'll
107 D e c ’ ll
____98
851* O ct TO
90 Feb T3
1071* Jan T2
115 N o v ‘05
1093* May 11
993*___ 993*
9934
114 1153* 111 J ’n e ’13
111 ___ 114 M ay’ 13
103i* J ’n o ’ 13
____104
102i2 May’ 12
------ 100
100i2 Jan T3
83 M ay’ 13l
80 *86

Price
Friday
June 20

B ON DS
N . Y . STOCK EXC H AN G E
Week Ending June 20.

Range
Since
Jan. 1

Week’s
Range or
Last Sale

Price
Friday
June 20

BON DS
Y . S TO C K E X C H A N G E
Week Ending June 20.

Week's
Range or
Last Sale

High
bid
Ask Low
Low High Chesapeake & Ohio—
1007* Apr T3
Gen funding & im pt 5s— 1929 J -J ____ 97
100
1011 *
104
1st consol gold 5s------------- 1939 M-N 102 105 103
1 00
IOH4
1093, N o v ’ 12
R egistered---------------------J039 M-N
102*2 103*2
945, 951* 94
9412
General gold 4 his------------1992 M -S
102*2 1033*
M-S
99l2 M ch ’13
R egistered---------------------J992
113*2 1141*
801* Sale 80
82*2
Convertible 4 his------------- 1259 F -A
113*2 114*2
Big Sandy 1st 4s------------- 1944 J-D ___ 861* 85', Feb 13
85
88*2 Oct 12
Coal River R y 1st gu 4 s . . 1945 J-D
102 1031*
1018* Mch T3
Craig Valley 1st g 5s--------1940 J -J — —
8434 Jan T3
Potts Creek B r 1st 4s------ 1946 J -J
88
87*2 J'ue 13
l i & A D lv 1st con g 4s---- 1989 J -J
991*
SO 89
87 M ch ’ 13
2d consol gold 4s_______ 1989 J -J
92
95 O ct TO
Greenbrier R y 1st gu g 4s_1940 M-N
65
67
07 Feb T3
833* 903* Chic & Alton R R ref g 3 s . .1949 A -O
51 Sale 50
51
ltailicay 1st lien 3 h is____1950 J -J
821* 891*
985 , May’ 13
93 1 00
C hic B S Q Denver D iv 4 s. 1922 F -A
c
75*2 83
831*
84
J -J ____ 84
Illinois D iv 3 h is_____ ___1949
9912 102*2
861* Aug 12
R egistered_____________ 1949 J -J
9412 971*
95
95 Sale 95
Illinois D lv 4s_________..1 9 4 9 J -J
906* 971 *
97 Sep T2
J -J
R egistered_____________ 1949
84 89U
T3
Iow a D iv sink fund 5s___1919 A -O 101 10H* 1033, Feb903,
02
951*
Sinking fund 4s_________1919 A -O 964* Sale 963*
83*2 85
96*4 Apr '13
M-N 93 96
Nebraska Extension 4s___1927
of *5 to £
963, Sep T2
R egistered_____________ 1927 M-N
973* M ay’13
96lj . . .
Southwestern D iv 4s_____ 1921 M -S
95t2 1003*
Joint bonds. See Great N orth
995* 1001*
100 Apr T3
Debenture 5 s ................... .1913 M-N
9034 975*
925,
92i* Sale 021*
General 4s________________1958 M-S
90*2 973*
74 Alay’ 13
____ 72
92
073* Chic Sc E 111 ref & imp 4s g_1955 J - J
1st consol gold 6s_________1934 A -O ____120 119 Jan T3
100 105*2
100 J ’n e ’ 13
General consol 1st 5s_____ 1937 M-N ____99
100 102
106*2 Jan T3
R egistered_____________ 1937 M-N
100 105*2
973* Feb T3
Pur m oney 1st coal 5s____ 1942 F -A ____97
1001* 101»*
R egistered__________________
8 H2 86
105*4 M c h ’ 13
____ 104
Chic & Ind C R y 1st 5 s . . . 1936 J - J
987* io i l 2
73 J 'n o '1 3
71
74
987* ioi3 4 C hic Great W est 1st 4s____ 1959 M -S
98*2 10H* Chic Ind Sc Louisv— K ef 6S.1947 J - J ____128*2 116*2 M a y’ 13
____ 1081* 105i* F e b T3
Refunding gold 5 s _______ 1947 J - J
99 101»4
____ 90*2 955, A p r T l
Refunding 4s Series C ____ 1917 J - J
85 ____ 86 J 'ly T2
Ind & Louisv 1st gu 4s___1956 J - J
99
09
90U A u g T2
____ 91
Chic Ind & Sou 50-year 4s_1956 J - J
104 D ec ' l l
Chic L S Sc East 1st 4 his___1969 J -D
92*2
993* 100*2 99*2
Chic M il & St P term lg 5s._1914 J - J
91*2
913*
90 92
G en'l gold 4s Series A ___el989 J - J
98*2 F eb T3
R egistered ____________ el989 Q -J
70 797*
79 80i* 80>* J ’ n e ’ 13
G en’l gold 3 his Ser B ___el989 J - J
921* 981*
86 J ’n o ’ l l
R egistered ____________ el989 J - J
031* 98
87*2 J ’n e ’ 13
87*2 89
25-year deben 4s_________1934 J - J
83
881*
102
Convertible 4 his_________1932 J -D 10U* Sale 101'*
86
86
101*2 102 101*2
101*2
Convertible 4 H s (wh Issued). .
83
88
993 *
993* Sale 993 ,
Gen 4 his (wh iss)______ e 1989 J - J
0912 100
Chic Sc L Sup D iv g 5s___1921 J -J 102 1033* 103 M a y ’ 13
03 1053*
J -J 1021*____ 1043, M a y '13
Chic S M o ltiv D iv 5 s . . .1926
c
927* 1033*
C hic & P VV 1st g 5s..........1921 J -J 101*2 102 1021, J ’a e ’ 13
98 1053*
853*
85 85i2 85
O M Sc Puget Sd 1st gu 4 s . 1949 J -J
D ak S G rt Sou gold 5s___1916 J -J 100 ____ 1003, A p r T3
c
92
93*2
D ubuquo D lv 1st s f 6s___1920 J -J 106 . . . 109*2 A p r T3
85>2 92
Far & Sou assum g 6s____ 1924 J -J 110 . . . 110 J 'n o ’ 13
981* xoo*2
La Crosse Sc D 1st 5s____ 1919 J -J 1001*____ 102*8 Apr T3
107 107
Wis & M inn D iv g 5s____ 1921 J -J 101 1033, 102 J ’n e ’ 13
1031* 1031*
Wls Vail D lv 1st 6 s . . : . ..1 9 2 0 J -J 1061*____ 109s* F eb 13
871* 951 *
M il Sc N o 1st cons 6s_____ 1913 J-D *100 ____ 100 M a y ’ 13
95 05
Extended 4 his__________ 1913 J-D *100 ____ 100*8 A u g T2
105 1063*
103*8
C hic & N or W est cons 7 s ..1915 y - F 1031* Sale 103*8
95*2 M a y ’ 13
Extension 4s_______ 1886-1926 F -A
96 Jan T3
R e gistered _______ 1886-1926 F -A
86*2 92*2
823,
82*, Sale 813*
General goid 3 h is_______ 1987 M -N
813*____ 843* Jan >13
R egistered____________ p 1987 y - F
961*
General 4s________________1987 M-N 96i, sale 96
*
Sinking fund 6s____ 1879-1929 A -O 1061,____ 1113 N o v T l
88
913*
1093* A u g T 2
R e gistered _______ 1879-1929 A -O 1051, . .
88
90*2
104 M a y ’ 13
Sinking fund 5s____ 1879-1929 A -O 1041* . .
90
977,
1045, O c t '12
R e gistered ..............1879-1929 A -O *103 . .
91*2 97
101
Debenture 5s____________ 1921 A -O 101 Sale 101
88'2 97*,
R egistered_____________ 1921 A-O •98 ____ 101 D e c T2
102
M-N 102 Sale 102
Sinking fund deb 5s_____ 1933
86" 89*2
1073* A u g ’ l l
R egistered_____________ 1933 M -N ____102
84
001*
117
Freni Elk & M o V 1st 6S..1933 A -O 117 Sale 117
87
901*
70 ____ 90*2 Sep 09
Alan G B & N W ls t 3 h is 1941 J -J
100 101
691* . .
A lilw & S L 1st gu 3 > is___1941 J - J
106*2 100*2
Alii L S Sc West 1st g 6s_1921 M-S 107 109*2 io7*2 J n ’o ' i j
E xt Sc im p. s f gold 5 s ..1929 F -A 10512 107*2 107U F eb T3
10312 IMl*
Ashland D lv 1st g 6s___1925 M-S 111 . . . 1141, F eb T3
Allch D iv 1st gold 6s___1924 J -J 1 10 . . . li3ia M c h ’ 13
92 J ’n o ’ 13
A lilS p a r& N W ls t g u 48.1947 M -S ____93
901, 97
N orthw Union 1st 7s g ___1917 M -S 1071*____ 115 J ’ ly T l
W inona & St P 1st ext 7S.1916 J -D 106 ____ 108*2 M c h ’ 13
10312 lKP*
103 104»* Chicago R ock Isl& P ac 6s. 1917 J - J 1047,------ 1047, j ’n e ’ 13
109 A u g TO
R egistered______________1017 J - J * ____106
95** 953*
85
841* 86*2 84
General gold 4s__________ 1 0 8 8 J - J
R egistered______________ 1 0 8 8 J -J ____ 031* 91 D e c 12
1071* flOl’2
79*2
Refunding gold 4s________1034 A -O
79 79*2 79
108*2 I l l ’ s
76
78
20-year debenture 5s_____ 1032 J -J ____ 76
38 48
973* Sep T l
C oll trust Series L 4s____ 1014 M-N
105 1001*
94»* J ’n e ’ l l
P 4s_____________________1918 M-N ____ 941,
5534
55*2 Sale 54
Chic R 1 & Pac R R 4s____ 2 0 0 2 M -N
110 1103*
6338 Jan T3
R egistered______________2002 M -N
102 109
873* F e b T3
R I Ark Sc Louis 1st 4his_1934 M -S ____ 83
1001* 1061*
107*2 M a y '13
Bur O R & N — 1st g 5 s ...l 9 3 4 A -O ____110
lUSUSep T l
O I U F S N W 1st gu5s_1921 A - O ____ 106
M Sc St L 1st gu g 7s____ 1927 J - D
051, 993* 997, M ay’ 13
C hoc Okla& G gen g 5 s..o l9 1 9 J - J
Consol gold 5s__________ 1952 M -N ____ 100 106 Jan T3
05 J 'n e ’ 13
94
97
K ook Sc Des Moines 1st 5 s .1923 A -O
81 M ay’ 13
St Paul & K C S h L l s t 4 h i s ’41 F -A ____ 85
C hic St P M & O con 6s___1930 J-D 114*2 1151* 115 J ’n o ’ 13
89U Dec T2
Cons 6s reduced to S h is ..1930 J-D
98
93 Sale 98
993* 1013*
Debenture 5s____________ 1930 M-S
114 1193*
Ch St P Sc Alinn 1st g 6s__1918 M-N 114l2 115 1191* Feb T3
1133*ii8i2 N orth W isconsin 1st 6s___1930 J -J 1141*------ 1295, M ay'09
106
1031* 105*2
a t P Sc S C ity 1st g 6s____ 1919 A -O 105 108U 106
Superior Short L 1st 5sgffl930 M -S 100 .
1001,------ 1071* 1071*
:
100*2 100*2 C liic& West Ind gen g 6s..®1932
823* 87
841* J ’neT 3> ...
83 90
Consol 50-year 4s________ 1952

«

Rne
ag

Since j
Jan. 1 1
----------Low High,
100 102
103 110 j
94 101 I
991* 99*1
80 923a
851, 85*,
100*2
843*
87*2
87

101*4
843*
931,
88 i

63
631,
100 I
853,
933, 98>*
1033, 103*,
963* 991 ,
961* 97 (
973* 974*
993* 1001,
91*2 901*
74
80 1
119 119 |
997, 108
106*2 1063,
973* 98

1051* 1051*,
73
773,1
116*2 125 j
1051* 1051*1

86
917,
100 1063,
100 1041,
991* 997,
103 1045,
1041* 1061*
102 1051*;
85
94 .
1003,101 '4
109*2 1105,
110 110
102>, 1021,
102 1043*1
1093* 1093*.
100 100>*i
103 1051*!
95*2 90
96
96 '
781, 851,,
84
84**:
923* 981*,
104

105

997, 103
102*

10’ 7
‘li'

117

1211*

107*2 112'*
1071* 1071*.
1141, 114*,'
113*2 1131,
913* 94
io s ’ 2 1081*
1047, 1061,
84* *9*4 ,!
*1
781*
72
491* 663*.
633, 04s,
86
873*.
1071* 1083*:
997,
106
95
81
115

I004*i
106
98 i
89
1207,

98
119

1027,,
1201,;

106 1091*!
106
84

1071,;
891,!

M IS C E L L A N E O U S B O N D S — C o n tin u e d o n N ext P a g e.

S treet R ailw a y
1
100
iBrooklyn R apid Tran g 53.1945 A -O 100 Sale 100
87 Salo 80*2
873* 209
■ 1st refund con v gold 4s___2002 J -J
1021* M c h ’ 13 ____
B k C ity 1st con 5 s . .1916-1941 J -J ____ 100
Bk y C o Sc S con gu g 5s_1941 M-N ____ 98 98 A p r T3
99 101 101 M a y ’ 13
Bklyn O C o & S 1st 5 s . . .1941 J -J
993*
9
Bklyn Un El 1st g 4 -5S ...1 9 50 F -A 993* Sale 993,
9 9 3 ,____ 993,
993,
1
Stamped guar 4-5s_____ 1950 F-A
80
831* 83*2 D e c T2
K ings C o u n ty El 1st g 4S.1949 F -A
82
83
82 J ’n o ’ 13i
Stamped guar 4s________1949 F -A
- 77
76*2 M a y ’ 13
1 Nassau Elec guar g jld 4 s .1951 J-J
95*i 96’ * lOD , J 'n o ’ 12
Conn R y & 1 , 1st& ref 5g 4 hi s ’51 J -J
05*2------ 961* M ay'13
I Stamped guar 4 h is______ 1951 J -J
. . 691, 697, J ’n o ’ 13 ____
D e t United 1st cons g 4 h is.l9 3 2 J -J
Olli 03 A p r T2
F t Smith L t & T r 1st g 5s . . 1 0 3 6 M-S
98
2
G rand Rapids R y 1st g 5 s ..1916 J -D
98 ____ 93
95 M ay'13
H avana E lec consol c 5s___1952 F -A ____ 97
591
70
Interboro-M etrop cq il4 h is .l9 5 6 A -O
75i, Sale 744*

S tr e e t R ailw a y
1047,
100 1031* Intorboro R ap T r 5s Ser A . 1952 M-N 104^i Sale 1043*
87
88
843, 923, Manhat R y (N Y ) cons g 4S.1990 A-O ------ 87*2
Stamped tax-exem pt-------- 1990 A-O
873*____ 874*
89*,
101 10212
M etropolitan Street R y—
98
98
64 M ay’12
Refunding gold 4s_____________2002A -O
101 101
C2i2 Jan *13
Farmers Loan Sc T r c t f---------------991* 101*2
594* M ch'12
S ta m p ed _______________________
991, 1011*
Bway & 7th A y 1st c g 5 s.l9 4 3 J -D
C ol Sc 9th A v 1st gu g 5S..1993 M -S
Lox A v Sc P F 1st gu g 5 s .1993 M -S
Third A v R R cons gu 4 s ..2000 J -J
Central Trust C o certlfs__________
001* 997,
Cent T r C o ctfs stam ped_________
097, 75U
Third A vo R y 1st g 5s____ 1937 J -J
M et W S El (Chic) 1st g 4S.1938 F -A
03
03
M llw Elec R y & L t cons g 5sl926 F -A
05
08
Refunding & exten 4 h i s . . 1931 J -J
71
8 U*
Mlnneap St 1st cons g Gs___1919 J 82
70

86
78

100 1023* 100 J ’n e ’ 13
IOH2 Dec T2
____ 99
97*2 M ay'13
74 J ’ly T2
74*2 J ’ly T2
74 N o v ’ 12
104
104 Sale 104
84
931, J’ly 06
lOOtj 102*2 101 J 'n e ’ 13
91 A pr T3
____ 02
102 N o v ’12

1024* 104*
87
95
874* fifil,
62>, Q21,

100

104 107*
1004* 101
ftl
91

* N p ic F a ; la n th we , dD oA ril, eD e M oD oJ n , .5D oJ ly iDue A g, 0D e O pD eN «D oD «O tio
o r e rid y te t is e k u p
u ay. u u e u u .
u
u ct. u ov, u oc, p n




1034*

971* 1*0 *
1

1760
N .

New York Bond Record— Continued— Page 2

BO N D S
Y. STOCK
E X C H A N G E
W e e k E n d in g J u n e 20

P r ic e
F rid a y
June 20

W eek 's
K a nge or
L a st Sale

R a n ge
S in ce
Jan. 1

,

BONDS

Y. STOCK
E XC H A N G E
W e e k E n d in g J u n e 20

[Vol. XCVI.
P rice
F rid a y
J u n e 20

§ 3

W eek’ s
R ange or
Last Sate

B id
A s k L ow
H ig h
L ow H ig h S t P M Sc M ( C o n t i n u e d )
BUI
A sk L ow
C i n II & D 2 d g o l d 4 J ^ s _____ 1 9 3 7 J - J
H igh
------10U 10034 O c t '12
.|
M o n t e x t 1 s t g o l d 4 s _____ 1 9 3 7 J - D
90
93*2 96*4 A p r T 3
1 s t & r e f u n d i n g 4 s __________ 1 9 5 8 J
-------- 9 1 l2
R e g i s t e r e d .......................... . 1 9 3 7 J - D
- . . _ 953.J 98 J ’ n e ' l l
1 s t g u a r a n t e e d 4 s ________ 1 9 5 9 J - J
-------- 8 1 l2 86*4 J ’ n e T 2
P a c i f i c e x t g u a r 4 s £ ______ 1 9 4 0 J - J
C i n D & I 1 s t g u g 5 s ______1 9 4 1 iV I-N -------- 97
92*8 M c h ' l l
98*4 M c h '1 3
9 8 U 1 0 0 i8
E M in n N o r D iv l s t g 4s 1948 A -O
ZZZZ ' 97'
97
S e p 12
C K i n d * F t VV 1 s t g u 4 s g . 1 9 2 3 M - N
88 M c h 11
M i n n U n i o n l s t g 6s . .
1922 J - J
10 s
...
C i n 1 & W 1 s t g u g 4 s _____ 1 9 5 3 J - J
111*4 S e p 12
_____ 9 0
8634 F e b ’ 13
8 6 * 4 86*4
M o n t C 1 s t g u g 6 s ............ 1 9 3 7 J - J
120 . .
124*2 F e b '1 3
D a y & M i c h 1 st c o n s 4 > £s_ 1 931 J - J
R e g i s t e r e d . . ............... ......... 1 9 3 7 J - J
119*2 . . . 136*4 M a y '0 6
I n d D e c & W 1 s t g 5 s ______ 1 9 3 5 J - J
------ 102
1 03
D e c ’ 12
1 s t g u a r g o l d 5 s ________ 1 9 3 7 J - J
10112 ____ 1 0 5 i2 M a y T 3
1 s t g u a r g o l d 5 s ...................... 1 9 3 5 J - J
1 0 7 i2 D e c ’ 02
R e g i s t e r e d ....................... 1 9 3 7 J - J
C l e v e C in C & S t L g e n 4 s . . 1993 J - D
-------- 9 0
907s M a y '1 3
9 0 i4 923g „
W i l l * S F 1 st g o ld 5 s . . . 1938 J - D
I 0 4 i2
2 0 - y r d e b 4 J ^ s _______________1931 J - J
104*2 S a fe ’ 10l'*2
_____ 8934 8934 M a y ’ 13
88 I 2 923g G u l f * S I 1 s t r e f & t g 5 s . . 6 1 9 5 2 J - J
_____ 9 3
90
A pr T3
C a i r o D i v 1 s t g o l d 4 s _______1 9 3 9 J - J
-------- 9 4 l 2
9 0 M c h ’ 13
90
90
R e g i s t e r e d ........................ . . . 6 1 9 5 2 J - J
C i n VV & M D i v 1 s t g 4 s . . 1 9 9 1 J - J
_____ 9 0
8 9 U F e b ’ 13
89 U 8 9 i4
o c k V a l 1 st c o n s g 4 U s . . 1999 J - J
_____ 9 8
97*2
97*2
”
S t L D i v l s t c o ll tr g 4s . . 1990 M -N
_____ 01
90
90
87
91
_____ 96*4
R e g i s t e r e d __________________ 1 900 M - N
100*2 S e p ’ 08
R e g i s t e r e d .....................
1999 J - J
91
O c t '07
C o l & I I V 1 s t e x t g 4 s _____ 1 9 4 8 A - O
92
A p r T3
l s t B 4 s --------- 1 9 4 0 M - S
90 D e c 'l l
F -A
-------- 92*8
W VV V a l D i v 1 s t g 4 s ______1 9 4 0 J - J
C o l & T o l 1 s t e x t 4 s .............1 9 5 5
92*8 A p r T 3
_____ 9 2
91 A p r ’ 12
-J
100*4 B e e T 2
1047g _____ 10478 Mch’13
C I S t L & O c o n s o l 6 s ____1 9 2 0
M -N
1047g 105*4 N o u s B e l t & T e r m 1 s t 5 s . _ 1 9 3 7 J - J
1 s t g o l d 4 s ................................. £ 1 9 3 6 Q - F
J l l i n o i s C e n t r a l 1s t g o l d 4 s . 1 9 5 1 J
100 M a r ’ 13
_____ 9 3
9 7 i 2 N o v 12
R e g i s t e r e d ------------------------£ 1 9 3 6 Q - F
100 S e p 11
V R e g i s t e r e d ....... ..............
1951 J - J
_____ 91
90
M c h ’ 13
90 90
J -J
C i n S & C l c o n 1 s t g 5 s ____1 9 2 3 J - J
887s F e b T 3
1 s t g o l d 3 H s ________ _______ 1 9 5 1
100 _____ 1071* J ’ l y '1 2
C C C & I con sol 7 s ..
1 914 J - D
1951 J - J
R e g i s t e r e d _____________
8 S *2 F e b 13
1003 4 1 0 1 l 2 1 0 U 2 J ’ n e ’ 13
110l2 11012
C o n s o l s in k in g fu n d 7 S ..1 9 1 4 J - D
93*2 M a y ’ 09
E x t e n d e d 1 s t g 3 > $ s _______ 1 9 5 1 A - O
R e g i s t e r e d .........................
1951 A - O
G e n e r a l c o n s o l g o l d 6 s . . l 9 34 J - J
_____ 124
120 M ch’ 13
120 120
R e g i s t e r e d __________________ 1934 J - J
1 s t g o l d 3 s s t e r l i n g ____. . . 1 9 5 1 M - S
80
J ’ l y ' 09
_____ 12112
R e g i s t e r e d ...........................
1951 M -S
I n d B & VV 1 s t p r e f 4 s . . 1 9 4 0 A - O
94
J ’ l y '0 8
* 9 2 * 2 ___
93*2 M a y '1 3
O I n d & VV 1 s t p r e f 5 s ____d l 9 3 8 Q - J
C o l l t r u s t g o l d 4 s ________
1952 A -O
A -O
03*2 95*4 S e p 12
R e g i s t e r e d ............... ..
1952
P e o & E a s t 1 s t c o n 4 s _____ 1 9 4 0 A - O
78*2 8 2 12 83
83
83
89
91
90*2
90*>
1 s t r e f 4 s ____________
1955 M -N
,
I n c o m e 4 s _______________ Z Z Z l 9 9 0 A p r
_____ 38
35
35
35
49*4
84
J -J
83
F e b 13
24
2S3 4 2 5
P u r c h a s e d l i n e s 3 U s _____ 1 9 5 2
C o l M i d a n d 1s t g 4 s
1947 J - J
25
25
361
94
9 3 l 2 A p r '1 3
L N O & T e x g o l d 4 s .............1 9 5 3 M - N
T r u s t C o . c e r t fs . o f d e 'p o s i t ...
23
. . .
25
25
25
2612
89
94*4 J a n ’ l l
R e g i s t e r e d ..................
. 195 3 M -N
89
90
C o l o r a d o & S o u 1s t g 4 s .
1929 F -A
89B
9478
89*4
89
947g J ’ |y 12
C a i r o B r i d g e g o l d 4 s _______ 1 9 5 0 J - D
90*4 92
S ® ^ n ? * e x t 4 M s ............... I l 9 3 5 M - N
9 0 li
91
2
9 0 '4 941
_____ 73
75*8 N o v 12
L i t c h f i e l d D i v 1s t g 3 s ____1 9 5 1 J - J
_____ 10534 106l2 Apr T3
_ F t W & D e n C 1 st g 6 s . . . 1921 J - D
10612 1 03
793g 82
81
M a y '1 3
L o u is v D iv & T e r m g 3 U s 1953 J - J
C o n n & I ’ a s R i v s 1 s t g 4s ._ 1 9 4 3 A - O
J -J
83
A u g 12
R e g i s t e r e d _____
1953
C u b a R R 1 st 5 0 -y r 5s g ..1 9 5 2 J - J
100 May TO
123
M a y '9,
el L a c k & W e s t e r n —
M i d d l e D i v r e g 5s
1921 F - A
_____ 70
75*8 A u g 12
O m a h a D i v l s t g 3 s ............ 1 9 5 1 F - A
ei M o r r i s & E s s e x I s t 7 s .l 9 1 4 M -N
1011 2 102*4 1021.1
102t.i
102*4 1031,8
_____ 75
75*2 M c h 12
S t L o u i s D i v & t e r m g 3 sZ 1 » 5 1 J - J
104
1 s t c o n s o l g u a r 7 s _____ 1 9 1 5 J - D
1 0 4 i2 J ’ n e T 3
104*2 1051
■_____ 75*8
R e g i s t e r e d _____
1951 J - J
R e g i s t e r e d ____________ 1 9 1 5 J - D
—
i l l * * D e c 10
85*2 O c t ' T 2
G o l d 3 U s .....................
1951 J - J
. _ . 1 s t r e f g u g 3 H s ............. 2 0 0 0 J - D
90
M c h '12
101*3 O c t '99
' ‘ 1951 J - J
R e g i s t e r e d ...............
1 08
N Y L a c k & VV 1 s t 6 s _____ 1 9 2 1 J - J
S a l e 1 08
108
108
3
g
100
N o v 00
S p r in g D iv 1st g 3 U s
"1951 J - J
L02 *2 105=8 102*4 J ’ n e '1 3
1923 F -A
C o n s t r u c t i o n 5 s _______
106*8
R e g i s t e r e d ...............
‘ "1951 J - J
93
95
T e r m & I m p r o v e 4 s _____ 1 9 2 3 M - N
9 4 i2
9 4 i2
9 4 l 2 97
94
F eb T3
W e s t e r n lin e s 1 s t g 4s “ ‘ 1951 F - A
W a r r e n 1s t r e f g u g 3 ^ 3 . - 2 0 0 0 F - A
102 is F e b 03
F -A
R e g i s t e r e d .......................... ‘ 1 9 5 1
D e l & H u d 1s t P a D i v 7 s ____1 9 1 7 M - S
108*8 . . . . 1105S M c h '1 3
110*8 1105g
B o l l e v & C a r 1 s t Cs
'1 9 2 3 J - D
117*2 M a y T O
R e g i s t e r e d _______
1 91 7 M - S
149
A u g '01
94*2 J ’ i y 12
C a r b Sc S h a w 1 s t g 4 s . ' ' 1 9 3 2 M - S
1 0 -y r c o n v d e b 4 s . .I
1916 J -D
9658 S a le 9 6
96*8
95*4 9 8
100 111 101
J -D
101
C h i c a t L it; N O g 5 s ____ '1 9 5 1
1 s t l i e n e q u i p g 4 * ^ s _______ 1 9 2 2 J - J
97
S a le
97
97
97
lO H g
____111
114
F e b 'l l
R e g i s t e r e d _______
"1951 J -D
1 s t & r e f 4 s ________
1943 M -N
9358 9 4 l 2 9 3 l 2
9 4 l2
931 2 99*s
G o l d 3 > £ s .....................
1951 J - D
9 0 O c t '0 9
A l b Sc S u s c o n v 3 H s Z Z Z " l 9 4 6 A - O
8 3 1 84
2
83T
83l.|
83
88*4
R e g i s t e r e d .....................
1951 J - D
115
. . .
R e n s Sc S a r a t o g a 1 s t 7 s . . . 1 9 2 1 M - N
121 i 2 M a y '12
92*2 A u g 12
M e m p h D iv 1st g 4s . .
1951 J - D
D e n v & R G r 1st c o n g 4 s . 1936 J - J
81
S a le
807*
81
807g 89 *2
R e g i s t e r e d .....................
1951 J - D
C o n s o l g o l d 4 ^ s .............
1936 J - J
9 3 i 2 M c h '1 3
93
957g
_____ 95*2
9 8 J ’ l y 08
S t L S o u 1s t g u g 4 s . .
1931 M - S
I m p r o v e m e n t g o l d 5 s _____ 1 9 2 8 J D
------- 9 3 i 2 9 6 i2 M a r ’ 13
9 6*2 99
_____ 9 4
92
M a y ’ 13
I n d III & l a 1 s t g 4 s .
'1 9 5 0 J - J
1 s t & r e f u n d i n g 5 s ________ 1 9 5 5 F - A
69
70
685g
691
4
67
84*4
1 00
105
102*2 J ’ n e '1 3
H it & G r e a t N o r l s t g 6s .
1919 M -N
I t o G r J u n e 1s t g u g 5 s . . . 1 9 3 9 J - D
1 09
D e c '12
88
93
93
J ’ n e ’ 13
I o w a C e n t r a l 1 s t g o ld 5 s . . .1 9 3 8 J - D
R i o G r S o 1 s t g o l d 4 s ____1 9 4 0
-------- 7712 6 1 i2 A p r ’ l l
J -J
_____ 54
M -S
57
M a y ’ 13
R e f u n d i n g g o l d 4 s ................1 9 5 1
G u a r a n t e e d ____________
1940 J - J
85
M c h '(.8
T a m e s to w n
F r a n k l i n Sc
R i o G r W e s t 1s t g 4 s . Z Z Z " l 9 3 9 J - J
7934 S a le
7934
80
79*4 85*4
. 937s 91
M a y 13
’
C l e a r f i e l d 1s t 4 s .
1959 J -D
M t g e & c o l t r u s t 4 s A ___ 1 9 4 9 A - O
-------- 7234 7 8
A p r '1 3
78
81
69*4 70
69*4 J ’ n e T 3
/ a n C it y S o u 1 st g o ld 3 s . . 1950 A -O
U t a h C e n t 1s t g u g 4 s . a l 9 1 7 A - O
82
.
97
J a n '08
03
O c t '0 0
„
R e g i s t e r e d ________
1950 A -O
i g e s M o i U n R y 1st g 5 s . ..1 9 1 7 M -N
110 S e p '04
95
96*8 90
J ’ n e ’ 13
R e f & i m p t 5 s ________ A p r 1 9 5 0 J - J
82
_____ 88 A p r '1 3
, D e t & M a c k l s t lie n g 4 s . 1 9 9 5
J -D
88
91
92
91*4
91*4
K a n s a s C i t y T e r m 1st 4 s
1960 J - J
84
88
82
J ’ n e ’ 13
r w 0 lo . 4 ?,r - ............................. 1 9 9 5 J - D
82
101
1025 8 102*8
102*3
a k o E r ie & W 1 st g 5 s . . .1 9 3 7 J - J
D e t R i v T u n -T e r T u n 4 H s . 1961 M -N
-------- 9734 9 7
A p r '1 3
99*8
____100
97
M c h '1 3
2 d g o l d 5 s ...............
1941 J - J
D e t T & l — O S D iv 1 st g 4s 1041 M -S
75
F e b '1 2
____100*8 101*4 J ’ n e 12
A -O
D u l M i s s a b e & N o r g e n 5s 1 9 4 1 J - J
------ 100
r
h.,O W °
U
5 s .
1
5
1 04 U M c h '1 3
104*4 IOH L W V a i l N Y , lls tt 8 u B 4 ^ s ...l 9 9 40 J - J
97
101
1 00 j ’ n e '1 3
eh
s g
g
4
D m & I r o n K a n g e 1 s t 5 s ___ 1 9 3 7 A - O
100 1035s 100 M a r ’ 13
100 100
104*8 M a y
R e g i s t e r e d _______
1 04 0 J - J
1 93 7 A - O
R e g i s t e r e d _________________
106*2 M c h '0 8
94
M a y '1 3
E e h lg h V a U (P a ) c o n s g 4 s Z 2 0 0 3 M -N
2 d 6 s . . . ........................................1 0 1 6 J - J
1 04
F eb 'l l
111
M a y ’ 13
L e h V T e r R y 1 s t g u g 5 s ____1 9 4 1 A - O
1D u S o S h o r e & A t g 5 s
1937
103*8 F e b '1 3
J -J
1035g 193*8
111*8 B e e I I
R e g i s t e r e d __________
1941 A - O
! D M g in J o l & E a s t l s t g 5 S . . 1 9 4 1 M - N
1 10
A u g '1 2
105*2 M c h ’ 13
L e h V a l C o a l C o l s t g u g 5s . 1 9 3 3 J - J
■ ^ f i e 1 s t c o n s o l g o l d 7 s _____1 0 2 0 M - S
_____ 1 13I2 U 3 l 2 M a y ’ 13
11U2 115
R e g i s t e r e d __________
1933 J - J
1 0 1 i2 J ’ n e ' l l
N Y & E r i e 1s t e x t g 4 s . 1 9 4 7 M - N
l s t i n t r e d u c e d t o 4 s . . Z " ' l 9 33 J - J
2 d e x t g o l d 5 s ________
1 9 1 9 M - S *100
103
F e b ‘ 13
103
103
93
J ’ n c '1 2
L eh & N Y ls t g u a r g 4 s ...1 9 4 5 M -S
3 d e x t g o l d 4 ^ s ................... 1 9 2 3 M - S
99*4 O c t '1 2
R e g i s t e r e d .................................... 1 94 5 M - S
4 t h e x t g o l d 5 s __________ 1 9 2 0
1 0 0 l 8 1023 4 103
M c l l ’ 13
A -O
103 103*8
A -O
101*2 F e b TO
E l C & N l s t p r e f 6 s _____ 1 9 1 4
92'*2 . . .
Bo lt l 4 s ----------------- 1 9 2 8 J - D
100 J a n '1 2
103
M e n 12
G o l d g u a r 5 s ...............
1914 A -O
N Y L IS & VV 1 s t g f d 7 s . . 1 9 2 0 M - S
------ 112
115*4 J ’ n e '12
_____ 106
107
M c h ’ 13
L o n g l s l d l s t c o n s g o l d 5 S .6 1 9 3 1 Q - J
E r i e 1 s t c o n g 4 s p r i o r ____1 9 9 6
83
. . .
J -J
83
83
82
87
96*4 M c h '1 2
l s t c o n s o l g o l d 4 s _____
/il9 3 1 Q - J
R e g i s t e r e d ________________ 1 9 9 6 J - J
85
Sep T2
93
F e b '1 3
G e n e r a l g o l d 4 s _____
" 1938 J -D
1s t c o n s o l g e n lie n g 4 s Z Z 'l 9 9 6 J - J
6 8 U S a le
68 >
4
66*8 76
____100
96*4 N o v '1 2
F e r r y g o l d 4 H s ............... ..
1922 M -S
R e g i s t e r e d _________________ 100 6 J - J
A pr T2
_____ 9 7
99*4 O c t '0 6
G o l d 4 s ___________________
. 1932 J -D
P e n n c o i l t r g 4 s ______________ 1951 F - A
87*2 89
89
90
_____ 85
M -S
86 j ’ n e ’ 13
U n i f i e d g o l d 4 s ____Z Z Z " ' 1 9 4 9
5 0 - y e a r c o n v 4 s A ___________ 1053 A - O
6 7 i2 S a l e
68
82*4
____100
104*2 B e e '0 8
D e b e n t u r e g o l d 5 s _____
'1 9 3 4 J - D
65
66
do
S e r i e s D ________ 1 9 5 3 A - O
66
77*8
90
95
1949 M - S
G u a r r e f g o l d 4 s _______
90
J ' n c ’ 13
-------- 108*4
B u f f N Y & E r i e 1s t 7s . . 1 9 1 6 J - D
Apr T2
M -S
9 5 J a n 11
R e g i s t e r e d ________
1 94 9
C h i c & E r i e 1 s t g o l d 5s . . . 1 9 8 2 M - N
106
1 0 8 l2
A p r T3
106
111
10 N o v 06
N Y B & M Ji l s t c o n g 5 s Z l0 3 5 A - O
C le v & M a h o n V al g 5 s . .1 9 3 8 J - J
_____ 1 0 9 l2
M a y ’ 12
N Y & R B 1 s t g 5 s ............... 1 9 2 7 M - S ♦____10*1*4
03 J a n T 3
L o n g D o c k c o n s o l g 6 s ____ 1 9 3 5 A - O
____122
J ’ n e ’ 13
122
124
_____ 104
04
Apr
N o r S h B ls t c o n g g u 5 s .o l9 3 2 Q -J
C o a l & R K 1 st c u r g u 6 s . .1 9 2 2 M -N
-------- 1 0 7 l2
D ec T2
93
F eb T3
_____ 95
L o u i s i a n a * A r k l s t g 5s
1927 M -S
D o c k & Im p 1 st c u r 6 s . . . l 9 I 3 J - J
100 . . .
100ig
100i8 30 100*8 100*2
L o u l s v i l l o Sc N a s h v i l l e —
'
N Y & G reen L g u g 5 s . ..1 9 4 6 M -N
1 0 H 2 109
1 0 3 * i A u g 12
110*2____ 110*2
110*2
G e n e r a l g o l d 6 s ________
1930 J - D
N Y S u s & VV 1 s t r e f 5 s . . . 1 0 3 7 J - J
*9 6
. . .
96
J ’ n e ’ 13
96
101*2
101 ------ 111 M c h '1 3
G o l d 5 s ..............................
1 93 7 M - N
2 d g o l d 4 ^ s _______
1937 F - A
-------- 9 0
IOOI4 D e c '0 6
93
S a le 9 3
93*4
U n i f i e d g o l d 4 s ________
*1940 J - J
G e n e r a l g o l d 5 s ____________ 1 9 4 0 F - A
-------- 84
87
A pr T3
85
87
90*2 S e p '12
R e g i s t e r e d ______________Z Z ' l 9 4 0 J - J
T e r m i n a l 1 s t g o l d 5 s ______ 1 0 4 3 M - N
107*8 F e b T 3
107*8 1 08
100*8 M c h '1 3
C o l l a t e r a l t r u s t g o l d 5 s Z ~ ' l 931 M - N
M i d o f N J 1s t e x t 5 8 _______ 1 0 4 0 A - O
1 1 1*2 M a y ’ 12
1 06
104
-------- 1 05
J -D
E H & N a s h l s t g 6 s _____ 1 9 1 9
W l l k & E a 1 s t g u g 5 s ______1 9 4 2 J - D
-------- 9 8
98
M c h ’ 13
104*4 M a y '1 2
L C i n & L e x g o l d 4 ^ s ______ 1 9 3 1 M - N
E v & I n d 1 s t c o n g u g 6 s ____ 1 9 2 6 J - J
_____ 1 08
106
M a y '1 2
120*4 M c h ’ 13
N O & M l s t g o l d 6 s _______ 1 9 3 0 J - J
E v a n s & T I I 1 s t c o n s 6 s ____ 1 9 2 1 J - J
_____ 10612 1 10 J a n T 3
109 110
I l l 's F e b T 3
J -J
N O & M 2 d g o l d 6 s _______1 9 3 8
1 s t g e n e r a l g o l d 5 s ___________1 9 4 2 A - O
------ 10112 987s M c h ’ 13
987g 987g
94
O c t '1 2
89
_____
P a d u c a h & M e m d i v 4 s ____1 9 4 6 F - A
M t V e r n o n 1 s t g o l d 6 s ____ 1 9 2 3 A - O
1 08 N o v ' l l
1 0 5 * 8 _____ 105*2 M c h '1 3
P e n s a c o l a D i v g o l d 6 s _____ 1 9 2 0 M - S
B u l l C o B r a n c h 1 s t g 5 s ____ 1 9 3 0 A - O
J ' n e ’ 12
_____ 109
112*2 J l y T 2
S t L o u is D i v l s t g o ld 6 S ..1 9 2 1 M - S
T jM o r i d a E C o a s t 1 s t 4 U s . . 1 9 5 9 J - D
_____ 9 3 l 2
94
96*4
M c h ’ 13
____66
69*8 S e p '1 2
2 d g o l d 3 s _____________
1980 M -S
£ ° r t S t U D C o l s t g 4 * S s .1 9 4 1 J - J
A u g TO
88
8 8 *4
8 8 I2 J ’ n c ’ 13
A t l K n o x Sc C i n D i v 4 s ____1 9 5 5 M - N
F t W & R io G r 1 st g 4 s . . . .1 9 2 8 J - J
_____ 74
M a r ’ 13
72
76*2
_____ i l l
103
Jan T3
A t i K n o x & N o r l s t g 5 s . .1 9 4 6 J - D
rea t N orth ern —
1 00
A p r ’ll
R e n d e r B d g o l s t s f g 6 s . . 1931 M - S
C B & Q c o l l t r u s t 4 s ____ 1 9 2 1 J - J
93*8 S a l e
93
96B
93
931 2
_____ 9 1
K e n t u c k y C o n t g o l d 4 s ____1 9 8 7 J - J
88I
4
88*4
R e g i s t e r e d h _______________ 1921
927g 96
927g
-------- 9 5 i 2
9 3 is
____ 101
M -S
10314 F e b T 3
L & N & M & M l s t g 4 H s 1945
l s t & re fu n d in g 4 K s se r A 1961
95
9 8 i 2 98
97
100*8
983*
_____ 85*2
L Sc N - S o u t h M j o i n t 4 s . 1 9 5 2 J - J
87*4 F e b '1 3
R e g i s t e r e d ___________________1 9 6 1
95
9 7 i2
R e g i s t e r e d ________________ 6 1 9 5 2 Q - J
95
F e b '0 5
S t P a u l M Sc M a n 4 s ..............1 9 3 3 j ' - ' j
9 3 i 2 9 5 i 2 9 8 M c h ’ 13
98
98*4
100 _____ 109*2 O c t 12
N F l a & 8 l s t g u g 5 s _______ 1 9 3 7 F - A
1 s t c o n s o l g o l d 6 s _________ 1 9 3 3 j - j
1 18
124*2
1 1 8 l g _____ 118 J ’ n o ’ 13
N & C B d g o g e n g u g 4 >^s 1 9 4 5 J - J
1 0 1 i2 J a n T 3
R e g i s t e r e d _________________ 1 0 3 3 j - j
117*2 124
119*4 119*4
11914 M c h ’ 13
idf*8 iio " 110*4 O c t '1 2
P e n s & A t l l s t g u g 6 s _____ 1 9 2 1 F - A
R e d u c e d t o g o ld 4 H S -1 9 3 3 j - j
-------- 1017S 109*4
100*4 109*4
10934
S & N A l a c o n g u g 5 s _____ 1 9 3 6 F - A
lO O t g J 'ly '12
R e g i s t e r e d _______________ 1 0 3 3 j - j
108*4 J ’ n e '0 9
& J e f f B d g o C o g u g 4 s ____1 9 4 5 M - S
83
88*2 o i t j U c n '12

H

R a n ge
S in ce
Jan. 1
L ow H ig h
95*8 96*4

124

124*2

105*2 109
104*2 110
90
95*2
96

101*4

92
92*8

92
92*4

100

102*4

887g 887g
88*2 88*2

93*2 96*2
90
83
96*4

D

2

10*
22

111

4

ZZ ids
ZZ

G

n

M IS C E L L A N E O U S
'
S t r e e t R a ilw a y
i N e w O rl R y & L t g e n 4 U s .1 9 3 5
N Y R y s l s t R E Sc r e f 4 s t e m p
! 3 0 - y e a r a d j I n c 5 s ________ a 1 9 4 2
P o r t l a n d R y l s t Sc r e r 5 s ____1 9 3 0
P o r t la n d R y L t & P o w ls t
& r e f c o n v s f 5 s _____
1042
f
P o r t la n d G e n E l e c l s t 5 s Z l9 3 5
I S t J o s R y . L .H & P l s t g 5s 1937
t S t P a u l C it y C a b c o n s g 5 s .1937
i T h i r d A v e l s t r e f 4 s ________ i 9 6 0
'
A d j i n c 5 s ___________________ a l 9 G 0
T r i - C i t y R y & L t l s t s f 5 3 .1 9 2 3
U n dergrou n d o f L on d on —
4 H s ......................................................1 0 3 3
I n c o m e 6 s ...................
1948
U n io n E le v (C h ic ) l s t g 5 s . 104 5
U n i t e d R y s I n v l s t lie n c o l l
t r u s t 5 s P i t t s I s s u e __________ 1 0 2 6

J -J
J -J
A -O
M -N

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

J -J
A-O
M-N

on

S treet
_____ 87*2
72*4 S a l e
63*2 S a l e

95

95
98

79*s S a l e
66 S a l e
96
07
93
85

71

_____
89

9212
87*2

71

N ext

M c h ’ 13

___

G a s a n d E le c t r ic L ig h t
A t l a n t a G L C o . l s t g 5s . . . 1 9 4 7
B k iy n U G a s ls t c o n g 5 s__1 9 4 5
B u f f a l o G a s l s t g 5 s __________ 1 0 4 7
C o l u m b u s G a s l s t g 3 s _____ 1 0 3 2
D e t r o i t C i t y G a s g 5 s .............1 9 2 3
D e t G a s C o . c o n l s t g 5 s ____ 1 0 1 8
D e t E d is o n l s t c o ll tr 5 s ._ _ 1 9 3 3
E q G L N Y ls t c o n g 5 s . . . 1932
G a s Sc E l e c B e r g C o c g 5 s __ 1 0 4 9
O r R a p G L C o l s t g 5 s _____ 1 9 1 5
H u d s o n C o G a s l s t g 5 s ____1 9 4 9
K a n C it y (M o ) G a s ls t g 5s 1022

95

96

7
3
___
1

9212 95*4
87
93*2
71

83

02
102*4
93
57

937g
107
09*8
04*4

96
90

99
96*4

101*8 106*2
97

10234

1 00

104*4

93*8 07*2
110*8 111*4
105*2 105**

107

1 08

86

8 9 *s

103
104
93

103
104
93*1

110*8 114*8
110*2 111
01*2 99*a
106*4 106*8
105
106
120*4 130*4
114*8 114*8
105*2 105*4

88*2 92*4
110 111
88*4 92*4
103
103*4
87*4 9 0

101*1 IOU2

P age.

U n ite d R y s S t L l s t g 4 s
1 0 3 4 J -J
S t L o u is T r a n s it g u 5 s . .. Z l 0 2 4 A - O
U n ite d R R s S a n F r s f 4 s
1927 A -O
V a R y & P o w l s t & r e f 5 s Z Z l 9 3 4 J -J

___
___ 103*2 103*2
37 77*2 825s
241 6312 767g
___ 96*4 09*2

105*2

R a ilw a y

___
85
85*4
47 7212 79
355 51*8 60*8
___ 101 101

72*4
53*2

____101
_____

M -N

J -J
J -J

B O N D S — C o n tin u e d

104

J -D
M -N

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

F-A
M -N
A -O

67
S a le
_____ 9 5

100*2
104
50
90
99

73*2 M ch’ 13
72 May'13
56
57
95 M ay’13

10U2 10-1*8 J ’ n
55

54

e 'i s
O ct T2

09*2 99*2 J ’ n e ’ 13
95*8 S e p 0 8
99
S a le 9 9
1061i O c t 12
107
100
F e b ’ 13
lo o "
101 1 00 O c t ’ 09
A p r ’ 13
102*4 102
98*2 S e p T 2
99

ioi'

73*4
72
55
931a

104'

73*4
72 ,
67
95 !

iitfti

09*2 1 0 0
09

102*8

100 100 ^
Idl'*4 103*^

*N p ic F a ; la st b a da e th we , a D eJ n b D e F . dD eA ril, h D oJ ly £D eA g. o D e O s O tio sa .
o r e rid y te id n sk d is e k
u a.
u eb
u p
u u.
u u
u ct.
p n le




June 21 1913.

1761

New York Bond Record— Continued— Page 3

BON DS
EXCHANGE
Week Ending June 20

Y. STOC K

4
M anila HU— Sou lines trs. 1936 M-N
exican Cent inc g 3s
rocts_

/ ’n o
Friday
June 20

Range
Since
Jan. 1

U’eil n
Range or
Last Sale
Low

High

261j Apr ’09

BONDS

N.

Y . ST O C K E X C H A N G E
Week Ending June 20

Price
Friday
June 20

Week's
Rang or
Last Sale

R ange
S in c e
Jan. X

Low High
High
Bid
Ask Low
Low High N Y C & H R — (Con)—
931* 9 8 U
West Shore 1st 4s guar___2361 J -J _____ 943* 93i2 J ’n e '13
907* g 7 i*
913*
907* S a l e 907*
H egistered______________2361 J-J
100i2 J ’ly ’ l l
N Y Cent Lines eq tr 4 k s 1932 J -J
N Y New Haven & Hartf84 891*
84 A p r '13
N on-conv deben 4s_______1955 J -J ____ 861
87 881*
N on-conv 4s______________1956 M-N . . . 83'2 87 A p r '13
75
87
77
77 Sale 75
Conv debentures i-$s_____ 1956 J-J
118i2 126
1187*
Con v debenture 6 s ________ 1948 J-J ____ 1183* 118'2
9 2 i 2 100
991 N ov 12
4
Harlem H -P tC h cs 1st 4 s .1954 IV1-N
59
627*
99i* j ’ ne '12
B & N Y Air Line 1st 4s. .1955 F-A
90'* 901*
90i4 M c h ’ 13
Cent New Eng 1st gu 4 s ..1961 J -J ____ 88
110 110
Ilousatonic R cons g 5s___1937 M-N 105'2 ___ 110 F eb 13
8Sl2 Q8U
887*
8 8 '2 Sale 881*
N Y W ’ches&B ls ts e r 1 4 ^ s *46 J -J
107 A u g ’09
N II & Derby cons cy 5s. .1918 M-N
J -J
New England cons 5s____1945
89i2 9514
U91* V ( V 12
I
Consol 4s_______________ 1945 J -J
74 8134
8 l'« 83U
831 Feb ‘ 13
4
. 80
9734 99l2 Providence Secur deb 4 c ..1957 M-N
921*
85
85 J ’ne 13
. . 89
6712 77l2 N Y G& W ref 1st g 4s____ g 1992 M-S
92i* j 'ne *12
Registered 55,000 o n ly ..y l9 9 2 M-S
80
87
891* K cb *12
77l2 7814 General4s________________ 1955 J -D
901* 991 *
977* A p r T2
. . . 95
Norfolk Sou lst& ref A 5 s ..1961 F -A
102 102
1 00
100
100 M ch *13
82
877* N orf& Sou 1st gold 5s_____ 1941 M-N
118 1 20
N orf& West gen gold 6 s ___1931 M-N ____1193* 118 A p r 13
103 108
123 123
123 Jan 13
Improvement & e x tg 6 s ..1934 F -A ____121
103*2 104l2
1151* 1203*
115'2 J ’ u e ’ 13
New River 1st gold 6 s ____1932 A -O ____119
97l2 10114
88
99
91
90i2 ------ 90
N & W Hy 1st cons g 4s___1996 A -O
96 103
98 Jan ’ l l
A -O _____ 913*
R egistered______________1996
10U2 io n
89
923*
89
89
D lv ’ i 1st 1S gen g 4s____1944 J -J ____ 89
c
103 100l2
104
11-27*
10-25-ycar conv 4s_____ 1932 J -D 105 104 104 A p r *13
95'2 100
99
HU*
M-S 102l2 Sale 1021* 1021
10-20-year conv 4s_____ 1932
'100i4 . . . 1021
98
107
4
102 <
*
C onvertible4 yis (wh.is.)1938
’ 93" ‘ 993 *
861* 9 2
861* J ’ ne *13
Pocah C S ( ' join t 4s___1941 j ' - b ____ 84
c
1 05 k 105>*
1053* .iail 13
C Jc T lstg u a rg o ld 5 s ..1922 j - j ____ 10 J
*65" 7034
893* 953,
83 . . .
891 A p r T3
2
Scio V & N E 1st gu g 4s__1939(M-N
921* 983*
923* bale 921
4
927*
Northern Pacific prior I g 4s 1997 Q -J
787* 88
933* U7*,
9 3 * J ’n e '13
4
Registered_____________ 1997. Q -J
913.J
90
6 3 l2 681*
641*
64'2 ->alc 64'4
General lien gold 3s_____ a2047,Q-F
65
68
66i4 65 M a y ’ 13
Hegistered____________ <j2047 Q -F . . .
90
921*
90 A p r T3
St P .u l-D uiuth D iv g 4 s . .1996 J -D
921* 931*
90 . . . 101 * G e t '12
Dul Short L 1st gu 5s____1916 M -S
10134 103
113 113
113 M c h ’ 13
St P & N P gen gol I 6 s ___1923 F -A ____112
10U2 100
1153* A u g ’ l l
Hegistered certi 1 icates . _ 19 2 3 Q - F ____112
107 Jan T2
St Paul A D .lutll 1st 5 s ..l9 3 1 !H -A
c
78
823*
101 102J*
1011*------ 101 J ’ n c ’ 13
2d 5 s ........................................... 19171A -O
94 v lie 12
1st consol gold 4s_______1968 J -D
77'2 83l2
9D* A p r ’ l l
Wash Cent 1st gold 4s____ 1948 Q-M ____90
96
96
1103* 1113*
1107* . . . 1107* A p r T3
14 H 7 I4 N or Pac Term C o l s t g 6 s . . l 9 3 3 J - J
89
9H*
89 Ma:
c
123* 11234 Oregon-Wash 1st S ref 4 s ..1961 J -J
99U
U
JI*
99 10U*
2
lja c ific Coast C o 1st g 5 s ..l9 4 6 J -D 993$ 10 0
80
857*
1- ennsyivania H R —
|
10712 109
10 1
10 1
4 1 0 1 1 0 H*
1st real est g 4s___________1923 M-N
...............
___ 107 110 Mch’ 12
Consol gold 5s___________1010M -S
99 1001*
99 ----- 99 May’13
Consol gold 4s___________1943 M-N
1001* 101
U i* 137 96U 9 7 1 ,
6
96U bale 931*
Convertible gold 3 >$g________ ol915 J -D
105 10S14
961* 97
961* Apr '13
R egistered____________ ol015 J -D
11 111
991* 17 983* 102s*
99 Sale 99
Consol gold 4s___________1948 M-N
1051* 10512
991* 991 *
Alleg Val gen guar g 4s___1942 M-S ___ 1 0 0 's 99i* Feb TO
100 Sep T2
D K K K & B ’ge 1st gu 4s g '36 F -A
82'! 8812
90 99l2 10J Jail T3 ... . 10 0 ibo
Phila Ualt& W ls t g 4 s ...1 9 4 3 M-N
76l4 78
___ ____ u 2 Jan ’03 — ----- ----- Sod Bay & Sou 1st g 5s___1924 J - J
907* 967*
..... ........... ..
Sunbury & Lewis 1st g 4s. 1936 J - J ...............
75
7612
loll* May T2
U N J HR & Can geu 4 s ..1944 M-S
46
87
Pennsylvania C o—
10 3
10 1021* 104
Guar 1st g 4 )^ s__________ 1921 J - J 10 2 ___ 1027*
791* 8712
1021 * 1 0 2 s*
H egistered______________1921 J - J 1001 * ___ 1023* May’ 13
83
87
87 87
83 ___ 87 May’ 13
Guar 3 Mis coil trust r e g ..1937 M-S
82
8 6*4
863$ got*
83 ___ 853* J’n e’13
Guar 3>aS coll trust ser B . 1941 F -A
871* 0 ll 2
___ ___ _
961*-___ 9/ j ’ne’ 13
Trust Co ctfs gu g 3
___1916 M-N
853* 853*
83 883* 853* May’ 12
Guar 3 Ms trust c t f s C ____ 1942 J -D
7034 83
97 97
873* .Kill *12
Guar 3 Mis trust ctfs D ____1944 J -D
76
80l4
94 963*
94 May’ 13
Guar 15-25-year g 4s_____ 1931 A-O ___ 951*
80
Cin Leb& N o rg u 4s g ____ 1942 M-N ............... 92i* Feb T3 . . . . 921* 92i,
77l2
lib Jai: ’05
Cl Sc M ar 1st gu g 4 Hs__1935;M-N
98
1 0 /J* Dec ’ ll
Ol & P gen gu g 4 }$s ser A 1942' J - J
1093* J ly *09
Series B ________________ 1942 A -O
___ . . . .
911* Feb T2
Int reduced to 3>$s___ 1942 A -O
83 ___ -01$ Get T2 . . . ...............
Series C 3 Mis..................... 1948 M-N
83 ___ 90 May 08
Series l ) 3 ) ( s .....................1950 F -A
oil* May 12
Erie Sc Pitts gu g 3 j.$s B ..1 0 4 0 J - J
JO■; J’ly 12
Series C ________________ 1940 J - J
983* 985*
iofi* 1 6 1 1 *
1011 Feb 13
*
Gr H & 1 ex 1st gu g 4 j^s.1041 J -J
109
May 1 0
Pitts Y & Asli 1st cons 5 s . 1927 M-N
T ol W V J : O g u 4 > S s A . ..1931 J -J
98 ___ 1 0 2 .$ Nov 12 . . . . - - - - — Series B 4>Ss____________1933 J - J
953* Oct 12
Series C 4s______________ 1942 M -S ___ 98
105i2 10/
10 1
J03 1 ,
101 Mch 13
I’ C C J t S tL g u
A ___1940 A -O ___ 1 0 1
10 1
10 11*
10U* May 13
___ 1 0 1
Series B guar____________1942 A-O
.... ....
106 J’ne U
Series C guar____________1942 M-N
97 Dec T 2 . . . .
Series D 4s guar_______ 1945 M-N ___ 98
103 106i4
"90 * *90*
90 Apr T3
Series E
guar g ____1949 F -A
95'* 951*
9 5 1 * Jan TJ
Series F gu 4s g _________1953 J -D
971* 971*
97i* Jan 13
Series G 4s guar_________1957 M-N
90 90
106
106
1 106 108
C St L Sc P 1st con g 5 s .-.1 9 3 2 A -O •1053*___
831 84
4
106 108
106 Feb Ti
P co & Pek U 11 1st g 6 s ____1921 Q -F
___ . . . .
93i* Jan 1 1
2d gold 4 Mis................. ..61921 M-N ___ 95
54 54
Pcre Marquette— Hof 4s___ 1955 J -J ___ 691* 54 Jan Ti
547
g
547j Alay'13 . . . .
Refunding guar 4s______ 1955 J -J ___ 50
98 Oct *12
Cli & W M 5s.................... 1921 J -D
851* 881*
ibo’ i* iooi*
1001* Apr T3
100
10 1
Flint & P M g 6 s ..............1920 A -O
84l2 8 8
95 96
1st consol geld 5s_____ 1939 ,vi-N 90 ___ 96 Feb Ti
90l4 9234
92 961*
90 ___ 92 J’n e’13
P t Huron D iv 1st g 5 S . . 1 U 9 A-O
3
893* 923 *
Sag Tus & H 1st gu g 4 s ..1931 F -A
75’ 831*
75 May’ 13
Philippine Hy 1st 30-yr s f 4 s 37 j - j ___ 74
106 108
103 Apr T 3
Pi'.ts Sh Sc L E 1st g 5s.......... 1940 A -O
1131* Nov 11
1st consoi gold 5s_________ 1943 J
933s 85 913* 971*
9338 Sale 925*
I > eading C o gen g 4s_____ 1997 J
951* 961*
953 * Apr ’ l:
1-V Registered_________________ 1997J -J
9U2 96s*
9D2
91i*
1
Jersey Cent coll g 4s_____ 1951 A -O ___ 941*
Atlau C ity gu 4s g ________ 1951 J
81 Apr T3 ___ 81 84
___ 83ij
i^ t J o & G r l s l l s t g 4 s _____ 1947 J
O t Louis & San Francisco—
105 1141*
1041* . . 105 J’ne’ 13
General gold 6 s ----------------1931 J
93 105
General gold 5s----------------------- 1931J - J95 100 93 J’n e’13
69 74 851* Dec T2
St L & S F HR cons g 4 s ..1996 J - J
83 8 6 i2
5 / 1*
81 5U* 821*
543*
Gen 15-20-yr 5s______________ 1927M-N Sale 543*
8534 89
1 0 0 Jan Ti
10 0
100
Southw D iv 1st g 5s-------1947 A -O
94
9912
673* 23 65 76>*
Refunding g 4 s ----------------------- 1951J - J67** Sale 671*
9712 9712
803* Mch’ ll
Registered_________________ 1951J - J
83l2 89

E quip & coll g 5s________ ID 17 A-O
77 Mch TO
iM ex lnternat 1st con g 4 s ..1977 M-S
79 Nov TO
Stamped guaranteed____ 1977 M-S
124*2 Oct 12
M inn & St L 1st gold 7s____ 1927 J -D
lolg Aug 11
P a cificE x t 1st gold 6 s ____ 1921 A-O ____108
93 J ’n e ’ 13
93
1st consol go d 5s_________ 1934 M-N 8 8
59 May 13
1st and refund gold 4s____ 1949 M-S ____ 59
79*4 Dec T2
Des M & F t D 1st gu 4 s _ .1935 J -J ____ 81
91 J ’n e ’ 13
M S tl’&SSM con g 4s intgu 1938 J -J ____9U2
9 7 > J'ne l 2
*
1 st C hic Term l s f 4s____1941
M-N ____04
961*____ 96*4 May 12
M a S & A 1st g 4s in t g u . 1926 J -J
98*2 Mch 11
!Mississippi Central 1st 5 s ..1949 J -J ____923*
91
M o Kan & T ex 1st gold 4 s . . 1990 J-L> 903* Sale 90'g
/0
76
2d gold 4 s ...................
yl99U F -A ____ 76
1st ext gold 5s___________ 1944 M-N 9 8 I4 98i2 98 J ’n e ’ 13
69
69 Sale 07l2
ls t & refund 4s......... ........... 2004 M-S
80
83
83
Gen sinking fund 4
1936 J-J . . .
78>4 Apr T3
____ 75
8 t Louis D lv 1st ref g 4 s . . 2 0 0 1 A -O
102 Apr T3
D ai & W a l s t g u g S s _____ 1940 M-N
82 I I . . 82 May’ 13
K an C S Pac 1st g 4s_____ 1990 F -A
c
M o K S E 1st gu g 5s____1942 A-O ____102Q 103 Apr '13
c
103 Apr T3
M K & Ok 1st guar 5s____ 1942 M-N ____102
9 / i2
98
94
99
M K & T o f T 1st gu g 5 s . 1942 M-S
96 May'13
____100
8 her Sh & So 1st gu g 5 s ..1942 J-D
Texas & Ok la 1st gu g 5s. . 1943IM-S ____105>4 10U2 M ch’ 13
103
M issouri Pac 1st cons g 6 s _ .1 9 2 0 |
M-N 103'j 104l2 103
96U Sale 9612
961.1
T rust gold 5s stam ped._al917]M -S
97 May 12
H egistered____________ «10171M-S
93
93
1st collateral gold 5s_____ 1920 F -A ____95
H egistered______________1920 F -A
65* '6 6
05
65
M-S
40-year gold loan 4s_____ 1945
. . . 9612 9 6 I2 May 11
3d 7s extended at 4 % -------1938 M-N ____ 81
7934
81
1st S ref couv 5s_________ 1059 M-S
c
90 913* 90 M ay’13
C en t Ur Hy 1st gu g 4s---- 1919 F -A
81 Dee T2
C ent Ur U P 1st g 4s---------194o J -D *79 . . .
110 M ch'05
Leroy & C V A L l s t g 5 s . 1926 J -J
92l2 Apr T3
P ac U o f M o 1st ext g 4 s . . 1938 F -A
2d extended gold 5s-------1938 J -J 1013* Salt 10134 10134
101i2 J ’n c ’ 13
St L Ir M A H gen con g 5 s . 1931 A-O ____101
c
104 Get *12
Gen con stamp gu g 5S..1931 A -O
78
78
78 80
Unified & ref gold 4s____ 1929 J -J
807* Oct -12
Hegistered____________ 1929 J -J
78l2
K lv S G D iv 1st g 4s____1933 M-N ____ 78l2 77l2
c
96 Jan '13
Vordi V 1& W 1st g 5 s . . .1926 M-S
M ob S Ohio new gold 6 s ___1927 J -D 110 119i2 114 Apr T3
c
1st extension gold 6 s ____ A1027 Q - J ____113i2 11234 Jan *13
80 J ’n c ’ 13
79 . . .
General gold 4s__________ 1938 M -S
Montgacn D lv 1st g 5 s ____ 1947 F-A __ no 10712 J ’n c ’ 13
867* Dec 12
90 . . .
8 t L & C airo coll g 4s____cl930 Q -F
92 NOV 12
85 . . .
Guaranteed gold 4s_____ 1931 J -J
ashvllleC h & St L 1st 7s 1913 J -J 100 1003* 100'* May’13
105
105
1st consol gold 5s____1928 A -O ____105
107l2 . . . 111 Jan 13
Jasper Uranch 1st g 6 s ___1923 J -J
M cM M W S Al 1st 6 s ...1 9 1 7 J -J 1023* . . . 105<2 Jan T3
c
102s* . . . 113 J ’ ly ’04
, T & P Uranch 1st 6 s _____ 1917 J -J
84 Apr T3
N a t Hys o f l l e x pr lien 4 J^s 1957 J - J ____80
77 Feb *13
Guaranteed general 4s___1977 A -O ____75
967* Feb '13
N at o f Mox prior lien 4 >-^s.l926 J -J ____97
75 May’ 13
I 1st consol 4s______________1951 A -O ____72
S0l2
49i2 Sale 491*
N O M oh & Chic 1st ref 5 s .1960 J -J
IN O 3c N K prior lien g 6 s . . p i 915 A -O 1001* 102
791*2 Ma'v’ 13
,Ncw Orleans Term 1st 4 s ..1953 J -J ____88
84i2
84i2 Sale 83
’N Y Central 3c 11 H g 3><js_1997 J -J
82 Apr T3
____85
Hegistered____________ 1997 J
90
88>2 O I4 89
O
Debenture gold 4s_______ 1934 M-N
93 May *12
Hegistered____________ 1934 M-N
79U
79U Sale 783*
Lake Shore coll g 3>^s____1993 F -A
79
79 Sale- 79
Hegistered____________ 1993 F -A
7912
791
2
77 80
M id i C ent coll gold 3j$s-1998 F -A
7712 May'13
Hegistered____________ 1998 F -A ____79U
98 Apr T3
lleecii Creek 1st gu g 4 s ..1936 J
99 M ay’l l
Hegistered____________ 1936 J -J
2d guar gold 5s_________ 1930| J -J
Hegistered_____________19361 J -J
Ueech C r E x t lstg3 *^ s.()19 5 1 A -O
88
Oct T
C art 3c Ad 1st gu g 4s____1981 J -D
G ouv 3c Oswe 1st gu g 5 s. . 1942 J -D 10212
983* Jan ’ 13
M oh 3c M ai 1st gu g 4s___1991 M
90i2 . . . 105 Oct '02
N J June K guar 1st 4s___1986 F -A
H egistered______________1986 F
83 . . .
87i* Dee T 2
N Y 3c Harlem g 3 }^ s-------2000 M-N
H egistered_____________ 2000 M-N
____107l2 107 Feb 13
N Y 3c Northern l s t g 5 s ..1927 A
977* A u g ’ ll
____ 93
N Y 3c Pu 1st cons gu g 43.1993 A
N or 3c M on t ls t g u g 5s---- 1916 A-O
H 2 ' I I I 1311* Jan"’09
Pine Creek reg guar 6 s ---- 1932 J -D
K W 3c O con 1st ext 5 s ..1)1922 A-O 10312 107 103 J ’n c ’ 13
101 M ch’ 12
Oswe3c H 2d gu g 5s____C1015 F -A ____101
It V 3c O T H 1 st g u g 5 s ..1918 M-N 101 - - - 101 J ’ n c ’ 10
V
90 Apr 13
Rutland 1st con g 4
1941 J -J
8314 Feb T3
Og 3c L Cham 1st gu 4s g 1948 J - J ____80
92 J ne 09
Hut-Canad ls t g u g 4 s ..1949 J -J
S t Lawr 3c Adlr l s t g 5 s . . . 1996 J - J m i 169-12 108 Sep T2
1191* Mch'12
2d gold 6 s ..............
1996 A -O
997* N o v ’ ll
U tica 3c Ullc Hiv gu g 4 s ..1922 J -J
877*
873* Sale 873*
Lake Shore gold 3J.$s____ 1997 J - l)
8 4 i2 _____ 84i2 May’ 13
H egistered______________ 1 U 7 J -D
9
91
0 0 i 2 S a l e 90i2
Debenture gold 4s______ 1928 M -S
90U
8934 90<2 893*
25-yr gold 4s.....................1931 M-N
93 Oot *12
Hegistered....................... 1931 m -N
Ka A 3c G H 1st gu c 5s. .1938 J -J
M ahon C ’ l HU 1st 5s___1934 J -J
101 11012 11U2 M ch’ l
Pitts 3c L Erie 2d g 5s___:1028 A-O
100 ____ I0o Apr T2
1301* Jan '09
Pitts RlcK 3c Y ls tg u 6S..1932 J -J
2 d guaranteed 6 s .............. 1934 J -J
12314 M ch’ l
M cK ees 3c U V l s t g 6 s ..1918 J - j
111 Jan '12
M ichigan Centra 5s............ 1931 m -SJ ____108
'
Hegistered-------------------1931 q - m
119 J ’ne'06
98 Apr T2
4s ........................................1940 J -J
98i2 N o v ’ r
Hegistered____________ 1940 J -J
90 J ’ne'08
J L 3c 8 1st gold 3 ^ s . . . l 9 5 1 M -S
82 ___ 83 M ay’ 13
1st gold 3 ^ s ..........
}902 M-N
<i0-year debenture 4S-.-102D A -O ------ 85
8534 J ’n o ’ 13
9434 961* 947g
<4*
J7
N Y C h ic3c S tL l s t g 4 s . . 1937 A -O
H egistered--------------------- J937 A -O
97i* Jan *13
85 8 6
Debenture 4s________
1931 M-N
85
85
M ISCELLAN EO US BON DS— C o n tin u e d o n N ext *Page.

N

Oas and Electric Light
Kings Co El L & P g 5s____1937
( Purchase m oney Cs_______1997
Convertible deb Cs_______1922
r E d E l 111 Bkn 1st con g 4 s . 1939
Lac Gas L of St L 1st g 5s.el919

A-O
A-O
M-S
J-J
Q-F
R e f and oxt 1st g 5s_______1934 A-O
M ilwaukee Gas L 1st 4 s ...1 9 2 7 M-N
N ewark Con Gas g 5s.......... 1948 J-D
N Y G E L l l & P g 5s.......... 1948 J-D
Purchase money g 4s_____ 1949 F-A
Ed El III 1st cons g 5s____ 1995 J -J
N Y& QE1 L & P 1st con g 5s 1930 F-A
N Y & Rich Gas 1st g 5s___1921 M-N
iPaclfic G Sc El C o Cal G & E
C o rp u n ify in g * ref 5s____ 1937 M-N
Tac X ow & L t 1 s t * ref 20-yr
’
6 s lnternat Scries________1930 F-A
P a t * Passaic G * K 5s____ 1949 M-S

G a s a n d E le c tr ic L ig h t
10U* 1045* P co Gas & C 1st con g 6 s . . . 1043 A -O ____116
991* 1 0 0 1 *
Refunding gold 5s.........
107 114
H egistered-----------------------------J947M -S
997*
Ch G -L & Cke 1st gu g 5 8 . 1 9 3 7 J - J
881* 881*
61
Con G C o o f Ch I s t g u g 5 s l9 3 6 J -D ____ 1 2 ,
100
10212
Ind N at Gas & Oil 30-yr 5s 36 M-N —
92
100
102
M u Fuel Gas 1st gu g 5 s . . 1947 M-N
89'* 9 0
Philadelphia C o con v 5s— 1919 F -A
971*
971*
C onv debon g 5s------------------------1922M-N
1005* 10312
95
82
8 6 l2 Stan Gas & El conv s f 6 s ..1926 J -D
10
0
1065* 108*2 Syracuse Lighting l s t g 5 s . . 1951 J-D —
99l2 1011* Syracuse L * P 5s----------------------1954J - J
99 . . . .
Trenton G & E 1st g 5s-------1949 M-S
Union Elec L & P 1st g 5 s ..1932 M-S
R e f & ext 5s..................
1933 M-N
027*
9 92
96
92 927* 92s*
Utica El L * P 1st g 5s-------1950 J -J 101 ____
96 . . .
9412 Mch'13 . . . .
9412 9412 Utica Gas & E ref 5s---------.1957 J - J
____05
____102
Westchester Ltg g Gs------------------ 1950J -D
99 . - 1025* J’ly T 2

____10412 1043* Feb T 3
108 114 107 J ’n o ’ 13 . . . .
____123
8 8 '8 Apr '13
101 Sale 1 0 0 i2
101
3
____991* 100 J ’n o ’ 13
881* 905* 89'* Apr T3 . . . .
102
------ 1061* Apr T2
IOD4 53
101s* Sale 1005*
____ 83l2 83>2
83l2 10
102
106 1065 * Apr ' 13
____ 1011 * 1011* J ’n e ’ 13 . . . .
921* J’ly ’09

1161* May’ 13
997* J’ne T3
103 Feb *09
100
100
102 J ’ n c ’ 13
93 M ch‘ 12
1001* A u e ’ 12
971 * May’ 13
971* Feb T3
95 J ’ne* 13
101 D e c 'l l
851* J’ne 12
100 Feb 01
97 J ’n e ’ 13
92 J ’n e ’ 13

1151* U 6 i*
997* 1017*
98
102

1031*
102

971* 971*
971* 98
95 1001*

97
92

102
92

1001* Dec ’ l l .
1021* J ’ne *13 ----- 1021* 1064*

* N pic Fid y la s b a da o . aD eJ n 6D eF . «D eM aD eJ n . AD eJ ly o D eO p D eN
o r e r a te t id n sk d
u a.
u eb
u ay.
u ue
u u,
u ct.
u ov. «O tio sa .
p n le



1762
•
BONUS
Y. STOCK EXCH AP
Week Ending; June 20.
lit L & San Fran (Con)

(O a & Ala R y 1st con 5 s ..
( G a Oar & N o 1st gu g 5s.
• Seab S R oa 1st 5 s. .
c
lou th ern P acific Oo—
"
I

Southern—

',So C ar & Ga 1st g 5s ___
'Virginia M id ser O Gs___
j Series D 4-5s__________

1st coil gt
■G en refund ,

L a D iv B L 1st g 5s.

• 2d 20-year 5s_________ _
f o l 1 & W 1st gold 4s___
>

Union Pacific—
. 1st lilt & land {
' Registered
20-year con v 4s_____

Price
Frida’/
June 20

28 M -I 7
36 A-C>
36 A-C>
29 A-C)
12 A-C
89 M -r I
10 J - .
32 J - l
17 J-C 1
13 J -J
19 J - .
50 A-C
50 A-C
50 A-C
19 F-A
50 A-C
13 M-S
,9 J-J
8 J -J
13
,5
>0
’6

J -J
J -J
J -J
J -J

19 J-D
9 J-D
9 M-£
9 F- /
9 F -A
9 J-D
4 A-O
1 M-P
4 M-F
3 M-N
3 M-N
7 J -J
1 A-C
0 M-Pi J -J
8 A-C
0 J -J

Week's
Range or
Last Sale

Did
As k Low
High
105 10812 105
105'
69 Sale 67*4
69
..............
77*3 J’ly 12
____
103i2 J ’ly '12
------ 99
9914 May’ 13
84i2 86
84i2
85 i2
78 . . .
78
78
7GU /Si 765s
76*8
________ lOUs Apr i)i
807$
8078
____ 81
...............
78
791
.......... .. _
707 * Sale
73 Sale

N.

91.41001s
9
84% 00
78
80
76% 81

7912 8534

xt V
x
1 st cr *
■
6 6 I2 7714
i tts. T crtn 1st i
73
79
84l4 88
l’r C o ctfs .
90
9178
103U 103U t r . J ' us{ O o certfsl
Wash Term 1st
•

10-1 105
10234 10313

106 106»s
110 110
10514 107

7 J -J
7 M-N
7 J -J
6 A -O
3 J -J
5 J -J

lOU* M ay’ 13
« . . . ____ IOU2 J ’n o ’ 13

lOU* 102
10U2 10U2

4 J -J
4 J -J
6 A-O
8 M -S
6 J -J
1 J -J
8 J -J
8 J -J
8 J -J
9 A -O
6 J -J
3 J -J
6 M-N
8 M-S
G A-O
2 J -J
5 J -J
5 J -J
5 J -J
5 J -J
7 A-O
1 M-N
) M-N
>M-S
1 M-S
; m -s
l M-S
; m -n
3 j -j
s A-O
1 F-A
1 J -J
5 J -J
) A -O
4 F -A
3 J -J
) A -O
) J -D
3 Mch
J -J
F -A
. J -J
A -O
J -D
>A -O
j -j
j-j
j-j
A-O
F -A
J -D
J -D
A -O

10U2 Sale
------ 102*8
74 Sale
78i2 Sale
____ 103
____ 83
____ . . . .
83 ____
82 ____

IOU3
1 02
105 Sep ’ l l
737*
7 H4
78t2
78i2
107 M ch ’ 13 84>2 May'13 .
10514 Sep T 2 .
87T Jan T3 82U Feb T4 .

_________
____ 103
10514 103
____ . . . .
G3 G412

105*4 Dee 'l l .
10*1 M ay’ 13 .
106
106
1051* J ’ly '12 .
64i2 M ay’ 13 .
n o M ch ’ i3 .

J -J
J -J
J -J
M-S
Ore lty & K a v :on g 4 s ..
J -D
Ore Short Lino 1st g Gs..
F-A
1st consol ; 5s_________
J -J
J -D
J -J
ls t extended 4s________ 1033 J - J
andalia cons g 4s Ser A . 1055 F -A
C onsol 4s Series B ____1957 M-N
fe ra Cruz & P 1st gu 4>$s_1034 J -J
Virginian 1st 5s Series A _1082 M-N

V

88 ____
____ 89
____106
____1031
____ 105
____108
89
94
110 ____
100 10*41.
no .
10514 107*8

------ 8712 88*s Feb T3
____. . . . 101*8 M a y 'll
87 > Sale 87
8
87*4

10712

10712

. . . . ____
____. . . .
79 M ch’ 13.
100
IOU4 10134 M ay ’ 13 ------ 10412 10312 Jan T3 .
73 Sep T2 98 100
98** J’h e ’ 13 .
____ . . . . 112 Oct '06 ------ . . . . 1031 N o v ’ 12 .
4
___- . . . . 104*4 Jan T3 _ . . . . . . . 101 M ch '1 3 .
102l2 ____ 102>2 J ’n o ’13 .
90*4____ 90*4 J ’n o ’ 13 .
02 J ’n e ’ 13.
10012 10118 101 Feb T3 . . . . ____ 102l2 Apr 'l l .
____100
10*1 Feb T3 .
____ 103
I l l AugT2 .
89*4 May'13 ____ . . . . 1061* Sep T2 .
IOOI4 10234 100U
IOOI4
____ 39
51 N o v ’12 .
*____ 100
9912 Apr '11 .
IOOI2 N ov '04
102 105 10512 Apr T3 .
____103*4 10734 J 'n e '12
. . . . ____ 100 M ay ’ 13 .
94
95
94
94
80
84
85 J ’ne T3 . .
____ 84
84 Dec T2
60ls 54
5012
55
. . . . 65
68 Dec T2 ..
------ 88*8
89 Apr 13 . .
100 ____ 1027s Apr T3 . .
84
85*2 J ’iie ’ 12 . .
95*4 Sale
937g____
877* Sale
S9 ____
91
93
108i2 109i2
103*4 Sale
87is Sale
____ ____ :
- - - 99

9512
90
98i2 Fob T3 . .
87
89
4
887*
887.
91
91
09i2 J’n e ’ 13 __
0312
103*4
801
2
871*
08 Alay’ l l . .

93 A pr *13 . .
93 Mch*13 . .
____95
04 Oct '12 . .
97
97*4 971*
0712

C ent Trust C o c t f s ..
Stam ped_____
E qu it Trust C o ctfs.
-1 r . °
Stam ped..........

85'j
80

89i2
90
M ay’ 13
85*4
86I
4
90
90*2
9412 J’ly '12
88 May’ 13
89^1 Apr T3
104 M ch’ 13
1021* J’ly -12
103 Dec T2
10414 May ’ 12
109*4 Sep ’ 12
93 Apr T3
11914 Mch TO
106 Jan T3
110 M ay ’ 13
105U
105U
86*2

BONUS
Y . STOCK EXCH AP
Week Ending Juno 20.

Low High
105 11314
65
78

85i2 Feb '13
81 J ’n o ’ 13

03
7078
73
74
84l4 MchT3
------ 893 90 J ’n c ’ 13
___
IO3 I4 Jan '13
104 N o v '1 2
100U 101 107 J ’n e ’ 12
____104
104 Apr '13
____ 103
102*4 Apr ’ 13
____1001 105 M ay’ 12
89*2 Sale
________
85U Sale
90
91

Range
Since
Jan. 1

[V

Price
Friday
June 20

Week s
Range or
Last Sale

1

35
2

m
Interest
1 Perlnri

New York Bond Record— Concluded— Page 4

8812 98
86i2 95%
84
0334
90
0 G2
I

S jftfcE K S S ?

V i ^ y e a r equip s f BsZZZIl
88
91
m I ™ ? B 1st 4 3 .. 1
89s4 91% w S
1st Ben 4 s ..l
104 10134

93

88** yo
87

94>8

101*8 10718
10434 10434
73i2 78%
78i2 8 O 2
I
107 107
83U 8812
80% 871
4
104
100

100
109*8

63
6412
1097* n o
1071J 112
79
79
101*4 10212
103*2 103l2
98s* 101
104*4 10434
lot 105
108U IO8 I4
1 0 2 l2 1083*
90U 957g
92
92
101 101
103l2 104
88l2 8934
lOO" 10714

10512 106U
100

1 00

01'2 01I2
94 09
85
91%
47*2 57l2

. X C V I.

Range
Since
Jan. 1

i i
ftjcq

Bid
Ask Low
Hig h No .
M-I7 1 02 1 0 2 * IOH4
4
103
2
F-J l 95*8 9612 95*4
96
J -.
2
M-S ____ 100
99 M ay’ l i . . .
80 .
J-J
8 0 A lcll’ l 1 . . .
J -J
50U Sale 50
51
IB
____ 52
____ 48
64 N o v ’l
45*2
46
2i
102l2 1071 10212 M ay'l 5 . . .
41 J - .
80 A u g ’ l . . .
39 J - i ________
! ___
11 A-C
________
77 M ay’ l ___
11 M-S
54 J -D ♦ 1 0 l3 ___
I 6 I4 M ay’ l ___
15
151
14
16
14
3 - -----14
16
17i2 M ay’ l i ___
1
U
1 M ay’ l. ___
54 J-D
*2 J ’n o ’ l. ___
lj 1
81
821 S2
15 F-7
82
90 _ .
,5 F-7
100 Sep 1‘
77 Sale 77
77
52 A-C
17
100U 1021 10314 M ay’ ir ___
17 J -J
3 A-C ____ 80* 86 (Jot 'l j
13 Nov
IOOIj
>6 A -C 100*4____ 100U
3
95 ____ 95 J ’n o ’ i: ___
>8 J -J
99 Feb 1: ___
0 F-A ____99
80 Apr T2 ___
9 M-S ____ 73
9812 Feb T
2 J -J
84 ------ 867s J’n o ’ lS .
n J -J
____ 8512 90*8 M ay’ l;
9 J -J
84
87
89*4 M ch’ U ___
6 M-N

Low High
101
1061a
94l2 99*2

39
39
39
21
54
56

6 J -J
93

o l

8 A-C
5 Q -E
1 M-N
9 M-S
5 A-O
6 F -A
5 M -S
9 J -J
4 A -O
4 A-O
G old 4s
31"
I
1 F -A
Registered H I
}
1 F -A
9
M d w L o r n V ? er 1s t s~f B i l l . - . J - J
0M -N
r, J -J
2 M-N
g e n t Leather 20-year g" 5
5 A -O
Consol T o b a cco / 4 s K 5
1 F -A
1 tM-N
4 M-N
8 A-O
k x i uon v 1st g 5
jj
7 A -O
L 1 du P o n t Pow der 4 u s
6 J -D
g“
l Baking 1 st 2 5 -y ^ l
0 J -D
2 F -A
185 2 M -S
5 A -O
0 A -O
2 M-N
3 F -A
5 J -J
) M -S
3 A -O
) M-S
5 M -S
1 A -O
5 s _________*
iu u a c / s . j
F -A
Eoriliard" C o (P ) 7*1I
1 1 A -O
F -A
A -O
J -D
) J -J
MwT.
4 0 U ____
.-4 N
M-N
rf
B r a ^ 1st con v (
l M-N
RY s teel Spgs 1st s f 5s
J -J
R epub I & 8 1st & col tri
, A -O
10-3 O-year 5s s f_
) A -O
Standard M illing 1st 5 sl[
M-N
it ? ^ c o n v
deb (
J -J
Union Bag < PaDer 1 sf. *
&
J -J
J -J
M-N
it « v eai h C o " f 'd e b V i
t
M -J
J -J
J -D
I D
M-N
M-N
J -D
J -J
J -J
10-year coll tr notes 5s " lo
A -O

ZZZ
ZZZ

981? 981s
40l2 047g
48

51

1 0 2 12

107

75
15*8
13
15
1
*2
82

80
261*
27*2
23
2
2U
82

75
837*
103l4 107U
Too"'* ion*
95 100
09 io Dj
80 80**
867g 0 1
8912 01**
89>4 001*

50
6212 57 Dec ’ ll
____ 49
50 j ’n o ’ i; . .
497* 63
9714
97U Sale 94
24 94 1017*
9714
95T Sale 9514
9514
C 95
92*4
92*.
____ 92*4
5 9213 05
99 U 100
99U
9914
1 98*4 1031*
72
73
73*s
73*s
2 73** 7(J3j
1027* Sale 102l2 10314 141 102 105
____100
99i3 Jan ’ i;
991* 99'*
90 93
91 M ay’ l;
91
93*4
113 ____ 113
118
2 113 120**
120 N ov 12
95
91i2 9614 95
971*
5 94
83
8134 82
82
90%
1 81
____103*8 10314 May’ 13
103 103U
93i2
94l2
93i2 94
5 93
96*4
80i3 Sale 80i2
81U 16 SOI2 80*4
*1 93*4 22 9 Us 97
9314 Sale 92
____97
96U Apr T3
U I4 9 7 %
O
96>4 Feb T3
9012 96
05*4 0O
14
V0*s 96
90I2
90>2
1 90 931*
91*4 90
9434 Feb T3
------ 96
56I
4
6512 Sale 55U
70 541* 70
81
81 Sale 80
29 797g 0 0
____ 96i2 05 A p r ’ 13
95
9584
75
77
77 M ay’ 13
77
82
10314 17 101*2 105*2
103 Sale 103
____97*4
981a
98I2
3 977* 1 0 0
82
81
821a
82l8
2 6^
89%
997S 20 93*2 101U
997 Sale 99
8
99i2 100 100*4 J ’n o ’ 13
100 105
84
85
84
9484
84 J ’noT3
____ 64
63
03
1 597* 883il
. . 03
95ia M ay’ 13
95
90*4
70 74*8 74 J ’n o ’ 13
73
80U
94
0*17„ 94ia
00
94*4 86 93
ns
11712 Sale 1171a
15 117I2 122%
9984
951*
O I2 12 04
6
9612 97*4
117
115 117 116*4
9 116 1 2 2 %
95l2 12 94*2 097,
0 el2 Sale 95
____ 9714 97 May'13
97 100
83 J n o ’ 13
88
951 *
____ 01
____ 83
88i2 Feb ’ 13
88U 881*
95'2 29 9o*2 991*
95i2 Salo 95*2
0912
9912 Sale 99
4 93*4 103
95i2 97
9o*s Apr T3
95% 98*1
102i2 ____ I02?s M ch’ 13
102/g 1027*
88*2 89
8814
88 U
1 8 8 I4 021 *
83 86
85*2 J'ne '13
85% 891*
96
97
95*4
0012 19 94*4 1007*
____86
90 Feb ’13
90
92
OB4 Jaa T3
____ 89
89*2 91*4
00 Apr ’ 13
100
IOOI4
81
8 B4 84l2 807S
7 807* 80
25
27
27 M ay’ 13
20
30
100*4 32 100 103*4
100*4 Salo 0()l2
03igJan 10
99U 243 96% 102
99'a Sale 98'a
OII4 Sale
997* Sale
88
88i2
____ 05*4

91*4
93i2 10 91*4 98
907g
101
48 99-s 102*4
8912
8912
4 87% 94
U0i2 Apr ’ 13 . . . 961* 907,

88
89
1027* 10*412

J -J
M-S
M-S

9513 993s
9812 9812
803* 97
887S 05l2 ; , ------ r Kuwug iso o a ,ia ou
91
0334
lst 8 f 5S.1018
109 1121s M ich State Telep ls t 5s____ 1 0 2 4
10312 109
1 elophone 5s g . 1920
8 6 t2 93's 0 Y m e,1 >i s? & K on sM ^ s 1030
S r
1 ac Tel Sc T el ls t 5a_
m si
T ei& t
r * IS * !
W est Union col tr cur 5s___1038
M n l n l
* ext s - -----1050
M u tUn W e.i*gu K 4 ^5s____ 1941
971* 9834
N orthwest Tel gu 4 ^ s g . 1 0 3 4

78i2 ------ 82l2 Deo T2 . . .
Q -J
83*2 N o v ’ ll
q -j
____ 97
j-j
99i2 J ’ne T3
89*2 - - - 65 A u g ’ 12
j- j
M-N 100 102
(Ids J ’n e ’ 13 . . .
97*8 93
F -A
97 J ’n o ’13.
M-N
95>2 961a D la
M-N
O
90 is 23
9612 Sale °6*g
J -J
00*8 20
O I2 Sale 98
8
J -J
98i2 35
97 ____ 97
J -J
7
97i2
M-N ____ 90*4
_
90l2 M ay’ 13 _
M-N ................ 1 Ji j 'n e '11 90 ____ 93 Jan T3 . . . .
J -J

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

93

93

M-S
J - l)

7914
89%
89
94
94

82%
02
89%
98

80*4
87
88
87
14 8 2
90
98Hj 100U 99 J ’n o ’ 13 *23 97*4 1107a
1 00
091* Sale 09ia
104 98% 104%

97

1O0U

0013

idi%
101U

97

95% 98
95 101
98 101
97 102%
90% 00%

AlISCELLAN EO U S BON DS— C o n clu d e d .
.
C oa l & Iron
B u f f * Susq Iron s f 5s____ 1932 J -D
! O ebenturo 5s.....................al02G M-S
U0 1 E & X C o gen s f g 5 s . . .1943 F -A
'C o l I<ucl gen Gs__________ 1 9 1 9 M-N
vol ln d u s js t & coll 5s g u . . 1934 F -A
Jons Ind C oal M e ls t 5s___1935 J -D
uons Coal o f M d lst& rof 5s 1950 J -D
*r K iv Coal & O ls t g 6 s ._ /i l 9 l 9 A -O
i a n & B C & C ls t s f g 5s_1951 J -J
Pocah Con (Collier ls t s f 5 s .1957 J -J
Pt L R ock M t & P 1st 5s___1955 J -J
1'onn C oal gen 5s__________ 1051 J -J
i Birm D lv ls t consol Gs___1917 J -J
[ T enn D iv ls t g Gs______ al017 A -O
[C a b C M C o ls t gu g Gs__1922 J -D
Utah Fuel l s t g 5s_________ 1 0 3 1 M-S
flc t o r Fuel ls t s f 5s______ 1 9 5 3 J -J
f a Iron Coal& C oke ls t g 5s 1949 M-S

91 ___
75 80
93*8 97

97 JTy '22
75 J ’neT3 —
75 75
95 90%
97 M ay’ 13
107l4 J’ no'12
78*s 7978 7712 J ’n o ’ 13 . . . . 77% 85
85 J 'n e 'll
___ 94
93 O ct T2
____100
102*8 Apr '06
98 98
98 Jan T3
80 877g
------ 87*s
86 J ’ncT3
70 76
76 J’n e ’ 13
70 80
------ 9973 100 M ay’ 13
100 103
1 0 0 i2 IO
214 101 Apr T3
101 103
------ 102
102 Feb 13 : : : : 1 2 102
0
____104
110 Jaa '09
-----92

80

80

97

93

M ay ’ 13
J ’n o ’ 13

79*4 80
92 98

M is ce lla n e o u s

A-O
J -J

» u » r tax ux______ i u o o A-O

80
90
____
____
75
130
05
58%
75%

81
Sale
89
92
00
145
Sale
Sale
Sale

n m n o C opper ls t con v Gs._1921 J - J
Jnspir C ons C op ls t 6s (r e c t s )..
}n t M ercan M arino 4 )^ s___1922 A -O
Int N avigation lst s f 5 s . . . 1929 F -A
M g e B o n d (N Y) 4s ser 2..10C 6 A -O
, 40 - 2 0 yr 5s series 3 ______ 1 0 3 2 J - J
M orris & C o 1st s f 4 H s . ..i 9 3 9 J - J ____ 83%
S i Y V.°?.k 5°-y r ls t g 4s___ 1951 F-A ____82
N lag 8 alls Pow ls t 5s.......... 1032 J -J 100 101
Ontario Transmission 5s___ 1 9 4 0 M-N
Pub Serv C orp N J gen 5S..1059 A -O
90
90*4
UayConsCopper lst con v 6 s l 0 2 1 J -J 100% 101%
Wash W ater P ow 1st 5s
1 93 0 J -J
................

80
81
2
42
89%
90
89 M ay’ 13 ___ r
94
M ay’ 13
91 A p r ’ 13
144
144
1
94%
95% 23
53%
59
71
75%
70*4
7
99% M ay’ 13

8 0 % J ’n e ’ 13
82
Mav’ 13
1 0 2 % M ch’ 13
92 Deo T 2
89%
90*4

100
102

101
Dec T2

v*N p ic F a ; la st b a da e a u J a d u A ril eD eM p u J n A u J ly A u u oD oO pD eN sD eD c
o r e rid y te id n sk d D o a D o p
u ay D o u o D o u D eA g u ct u ov u o




94

04% 108%
50% 661*
75% 79%

99% 99%
" 80%
84 ’
. . . . 1 02 1 0 2 %
01

82

15 89% 93
40 97% 121
jOptlon sals

17G3

CHICAGO STOCK EXCHANGE— Stock Record.
STOCKS—HIGHEST AND LOWEST SALE PRICES.
Saturday
June 14

Monday
June 16

Tuesday
June 17

Wednesday
June 18

Thursday
June 19

Friday
June 20

STOCKS
C H IC A G O S T O C K

Sales
of the
Week
Shares

exch an ge

•26*2
*75
9U*
18*2
*5*2
•2*2
0
0
0*2

•40

30

♦26*2
*75
91** *90*2
18*4 18*4
0*2
*5*2
•2 **
3
18 ♦
40 ♦
6*2

45

6*2

*40

28
*75
91*2 *91
19
18*4
*5*2
6*2
3
*2*2
18 *___
40 *___
6*2
*0*2
45
*40

30

28
___
91*2
19
0*2
3
18
40
7
45

•26*2
*75
91*2
*18*i
*5*2
♦
2*2
*
*6*2
*40

*261j 30
*261* 30
30
Last Sale 75 Junc’ 13
___
92
91*2 92
1834 ‘ lb'"
19
19
19
Last Sale 51* June’ 13
6*2
June’ 13
Last Sale
3
Last Sale 18 Juno’ 13
18
Last Sale 41 Nov’ 12
40
*6 l2 7
*6*2 7
7
Last Sale 45 Mar’ 13
45

100 Chicago Kiev R ys comlOO
D o pref-------------- -100
205 Chic R ys part c t f 1 ---235 Chic R ys part c t f 2 . . .
Chic R ys part c tf 3 . . .
Chic R ys part c t f 4
Kansas C ity R y & L t . 1 0 0
D o prof__________ 100
45 Streets W Stable C L -100
D o pref----------------100

Miscellaneous

2612 27U 2,390 American Can------------100
267* 28s* 27's 28
25*2 27
D o pref__________ 100
750
85
8512 85*2 86*4 85^4 85*4 85l2 85l2
3 American R a d ia to r* -100
*___ 435
435 435
Do
pref---------------100
Last Sale 130 June’ 13
*___ 13212 *
132*2
45
4534 '" l 2 5 Amer Shipbuilding-----100
*45l2 49
48
48*2 *48*4 49
Do
pref_________ 100
9734 June’ 13
Last Sale
97*4
*97
97*4 ♦97
160 Amer Telep & T e l e * ..100
128G 128*4
1273* 1273* ♦127*2 128 *127l2 128
B ooth Fisheries c o m -100
Last Sale 50 Jun ’ 13
*49*4 50*2 *49*4 50*2
Do
1st pref--------- 100
35
*7412 77
*75*2 ___ ♦76i2 ----- *7512 -----Cal & Chic Canal i D 100
Last Sale 55 Jan’ 13
50
*40
♦40
50
155 C hic Pneumatic T o o l .100
486 49**
s
48*2 4814 48U
48*2 48*2 48
Chicago T e le p h o n e -1 0 0
Last Sale 142 May’ 12
95 Chicago T itle A Trust 100
202 203
203 203
•195 2 0 2 *195 2 0 2 ♦200*2 205 *205 2 1 0
269 Comm on w ’ th- K dison. 100
•127 12712 126*2 127*4 127*2 127*2 127*4 127*4 127U 127l2
250 Corn Prod R ef C o co m l 00
“ 9 *2 ' T i2
10
9*4 9*4 *9
•9
9*2 9*2
9*2 *9
9*2
Do
prof__________100
Last Sale 77 Feb’13
56 Diam ond M a tch ..........100
99
99
99
99
*98*2 99
♦98*2 99
98*4 99
Last Sale 29 june’ 13
28
*20
•26
27
*20
28
*26
28
43 {S S A U iT p -r iS S
•95i2 96
«95l2 96
•96
97
96
96
95*2 95*2 *95*2 96
170
*09
70
♦69
70
70
*09
69
70
*69*2 70
*09*2 70
In teraaU Iarvoeter'C o l 00
Last Sale 100 June’ 13
Knickerbocker Ice pf-100
Last Sale 763s Aug* 121
77
*74
*74
77
•74
77
*74
77
480 National Biscuit-------- 100
109 109*4 1 1 0 1 1 0 . 110*4 110*4 110*2 111
Do
pref--------------- 100
Last Sale 119 May’ 13
*115 118 *115 118 *117 119 *117 119
National C arbon------ 100
Last Sale 114 June’ 13
114 * 1 1 0 114 * 1 1 0 114 * 1 1 0 114
• 11 0
Do
pref--------------- 100
10
*113 114*2 *113 114*2 ♦113 114*2 113*2 113*2
870 Pacific Gas & El C o — 100
41** 411*
41
41
0
39*2 40** 39*2 40
4112 397* 41
Do
preferred-------100
92
*89
92
*89
92
*89
*89
92
92
02
*89
337 People’s Gas L&Coke.lOO
10734 1077g
107*2 107*2 107*2 107*4 107*4 107*4 107*4 107*4
Pub Serv o f N o 111com 100
20
*_____ 69
6812 081*
09
-V-69 *___
09 *
69
Do
pref__________ 100
32
*92
93
*92
93
*92
93
93
92
92*2 *92
91
*90
Rum ely com m on------ 100
Last Sale 25 Apr’ 13
21
*20
*20
21
21
*20
24
*22
D o pref----------------100
45
Last Sale 44 Jure’ 13
*43
*43
45
45
*43
•43
45
Seara-Roebuck com — 100
161 162*4 100*2 162*4 10212 105** 1635g I 6 5 I4 102 >8 103*2 3,684
160 163
D o pref----------------100
64
117l2 117l2
117 117 ♦117 118 *117 118
117*2 117*2 ♦117 118
Studobaker C orp co m .100
Last Sale 26'2 May’ 13
*2 1
22
♦21
22
22
*2 1
22
*2 1
D o prof__________ 100
last Sale 92 Dec’ 12
♦90
91
91
*90
91
*90
91
•90
591 Swift & C o ----------------100
102 102
102 102
1017* 1021* 1017* 102
101*2 101*4 101*4 102
91 T he Quaker Oats C o . 100
210 210
210 210
210
210
*205 212
212
210
212
210
D o * p ref__________ 100
282
101*4 101’ 4 100l2 101
•100*2 101*2 101*4 101*4 * 101*1 1021 ; 101*2 103
520 Union Carbide C o — 100
169'2 171*2 170lj 17212
105 169
160
160 1 00 ♦100*2 165
100
Unit Box Bd & P C o . 100
Last Sale llg May’ 13
*H*
1*
.
1*1
1*
.
1
*4 *U*
* 1*8
* 1 '*
6312 1,450 U S Steol co m ________100
52*4 63*
53*4 64*4 53l2 53?g 53
63
54 *
s 53*4 537,
426 W ard. M on tg’y & C o pref
107** 107*s 107 107* 107U 107* 107*4 107*4 100l2 100i2
Western Stone---------- 100
Last Sale 11 Apr’ 13
10
*8
*8
10
10
*8
10
*8
W oolw orth, co m _____ POO
Last Snl«l913.t May’ 13

27*8 28
26
87*4 87*4 87
•
435 * _ __
*130 134 *130
48*2
*48*4 49
*97
97*4 *97
•127 127*2 *127
___ *4914
*49*4
74*2 74*2 75
•40
50
*40
48
48
48

277*
87*2
435
134
48*2
97*4
127*2
__
75
50
48*4

241 J’ ne 4
2
75 J’ ne 12
88
Jan 14
18 J ’ne 10
5*2 J ’ne 6
2 J’ne 9
18 J’ ne 4

30 Jan 3
91 Jan 20
98*4 Jan 30
20ig Jan 13
8*2 Jan 2
43 * Apr 6
18 J ’ne 4

6*2 J ’ne 6
45 M c h ls

45

2H*
81
435
130
45

J ’ne 10
J’ ne 10
J ’ne 18
J ’ne 11
J ’ne 20
97*4 J’ ne 9
126 J ’nclO
60 J’ ne 5
73*2 J ’ne 10
65 Jan 29
47*2 J’ne 12

9*2

Highest.

Lowest.

Highest.

Lowest.

Railroads

Range for Previous
Year 1912.

Range for Year 1913

Jan 3
M ch 18

461* Jan 31
129*4 Jan 30
500 Feb 11
135 May 1
55 Jan 13
103** Jan 2
139*4 Jan 3
71 Jan 3
89*« Jan 6
55 Jan 29
62 Jan 10

200 Apr 26 2 1 2 Jan
125i* J ’ne 10 145 Jan
8 J ’ne 10 16*2 Jan
77 Feb 11 77 Feb
98i* J ’ne 11 110*4 Feb
28 Mch 18 53 Feb
93*t Jan
94 Mch22
661* Mch 24 761* Jan
100 J ’ne 12 115 Jan

31
11
13
14
31
29

105 J’ne 12 128** Jan
118 M ch l9 123 Jan 14
113 J ’ne 2 1 2 2 ** Feb 17
113*2 J ’ne 10 118 Jan 25
39*2 J’ne 17 63 Jan 27

25 N ov
90 May
83 Dec
19*4 N ov
6 J ’ne
3
Oct
14*4 Aug
40 Oct
0 Mch
35 Jan

40 Apr
93t» Jan
104*8 Jan
33 Jan
11 Jan
67g Jan
25 Sep
60*2 Jan
117g Apr
52 J ’ne

111* Jan
91 Feb
325 Feb
131 Jan
45 Aug
100 Feb
138 Dec
39 Mch
77 Mch
49 Feb
44 Mch
137** Jan
184 Jan
135*4 Jan
10 Feb
87 Oot
103 J ’ly
03 Dec
97 Deo
56 Jan
105** Deo
07 May
114 Deo
122*4 Oct
103 Mch
115 Feb
1 61 J ’ly

47 Ooe
126 Sep
405 J’lr
135 Apr
01 Oct
106** Oct
1987* Mch
70 Deo
95 J ’ne
65*g May
65*2 Oct
145 Mch
222
J’no
150 Mch
2 U2 Oct
87 O ct
111*4 Feb
80i* Sep
102*1 Mch
73** Sep
1207* Sep
76*g Aug
161*2 Apr
130*4 MaF
135 Sep
120 Jan
s 07 Apr

122** Oct
9 103*2 Jan
25 * 80 Dec * 941 * Apr
13 a 98 Dec *107*1 Apr
987* NOV
941 * Dec
21
x 99** Apr il03** O ct
140 Jan 22U* NOV
17 1 2 1 >* Jan 125*4 J ’no
307* J ’ly
49 Aug
13
97*1 Aug
92 Dec
109*4 A pr
1077* Mch 6
98*4 Jan
280 Feb 15 215 Jan 397 N ov
108** Feb 15 105*2 Jan 110 Jan
206** Jan 10 1 135*4 May 234 N ov
17* Jan
»* May
1*2 Feb 10 I
68*s Feb
80*2 Sep
68*4 Jan
108*4 Mch
9 Sep
15 N ov
14*2 Jan
112 Jan 3

104 J’ne 10 116 Jan
82*2 Jan
68*2 J ’ne 20
91 J ’ne 11 101** Jan
69 Feb
25 Apr 2 5
97*» Feb
44 J ’ ne ‘
155 J’ne 11 214*4 Jan
117 M ayl9 124*4 Feb
26*2 May 16 34 Feb
101 J ’ne 11
195 J ’ne 12
100*g J ’ne
148*2 J ’ne 10
1 Jan 17
50 J ’ne 11
105*2 Feb 19
10 M ch l7
87U Mcb 24

Dividend Record

Chicago Banks and Trust Companies
Capital Surp. A
In
Slock.T Profits t
1011.
(00* om Uted.)

Dividend Record
In
1912.

Per­
iod.

Last Paid.
% Bid. Ask.

-

July T3, IX 215 220
2X
American State. - $200,0 $191,3
150
None An an T3, 6
6
65,5
100,0
Calumet National
r22,5 Org. J an. 27 13. V. 95, p. 1585 106 DO
200,0
Capital State----I '12 V. 95, p . 044 145 148
rl6,7 Beg. b as. Oct
250,0
Centrul Mfg Dlst.
Q-J Apr '13, 3 293 295
10
10
Cont & Com Nat. 21,600,0 10,094,9
Q-J Apr'13. 4 108 412
16
16
Corn Exch Nat_ 3,000,0 6,413,5
_
Q-J July T3. I X 210 _
0
0
113,0
Drcxel State____
10
10
QQ July T3, 2X 250 255
382,6
Drovers’ National
8
Q-J Apr '13, 2 180 186
60,5
6M
Englewood State
17 Q-M Uch31’ 13,4« 438 442
12
12,028,9
First Natlonal..
12 M Q-M Mch31’ 13, 2*2 330 —
U>223,8 12
FirstNatEnglcw’ d
--- —
ate Ba nk
667,7
Foreman Bros__
8
8
Q-J July *13, 2 265 275
831,5
Ft Dearborn Nat.
134 136
u22,0 Org. N ov 25 1912
Halsted St StateC
ID
C
1,196,8 Not pu dished — S c note (If)
Hlbernlan Bk Assn
r35,0 Beg. b us Aug T2. V. 95, p. 273. 135 138
Hyde Park State.'
J-J July '13, 5 230 240
215,7
10
10
Kaspar State___
r4,4 Beg. b us.Apr I ’ l l V. 92, p. 1004 105 110
Lake View Statc.
Q-J Apr T3, 2 215 225
Lawndale State—
r57,7
614,4
ElvoStk Exch Nat
10 10A2e Q-M Apr ’ 13, 3 254 260
Mech A Trad State
7-52,6 Bog. b us .Aug 20 T 2 V 00, p 693 136 142
Q-J ApF 13, 2 218 225
8
Nat Bk of Itepub.
1,481,4
8
Q-J Apr T3. IX 186 191
6
National City----6
744,7
6
National Produce
6
115,0
Q-J July T3, 1X 105 168
North Ave State
7
101,2
Q-J July'13. 151 140 146
7
0
North Sldo St Sav
6
Q-J July T3, IX 125 127
rlO,6
6
5
North West State
r48,6
Q-J July 13, \M ftl85 195
Ogden Ave Statc.
7,7 Org.N ov. 27 '12. V. 95, p. 1944 105 110
10
Q-J Apr'13, 2 X 240 250
Feoplc'rStkYdsSt
rlO-1,1
OX
_
_
Second Security. .
rl5,9 Beg. b us Nov I ’ l l V . 93, p. 1235
6
Q-J July T3, 2 2{>0 260
Security . . .
182,3
6
2 220 . . .
8
Q-J Apr'13, <
8
South Chicago Sav
130,0
0
Q-J A pr’ 13. I X 130 135
6
South Sido State.
20,1
12
Q-J July T3, 3 380 390
12
State Bank of Chic
2,603,0
State Bank of Italy
49,8 Beg. b us.Aug 19 T 2 V . 95, p.623 140 143
10 Q-M J’nc 30T3.4 300 —
8
252,1
Stock Yards Sav.
0 M-N May’ 13, 3 181 186
6
Union Bk of Chic
) rl81,l
_
6
Washlngt'nPkNat
20,0
6K (hJ Apr' 13, 2M 225 _
Q-J July'13. 2X *223 225
8
1 2 . 1 0 2 ,0
CentralTr Co of 1 1
1
8
10A2« J-J July '13, 6 300 330
)
396,2
10
Chicago City BAT
0
0
Q-J July T3, I X 148 161
Chicago Sav B AT
)
311,7
Chicago Title A Tr
0 <2,263,2
8
8
Q-J July’ 13, 2 s202 *203
)
488,4 8A2* 8A2« Q-J July’ 13. 2X 220 223
Colonial Tr A Sav
Con t A Com Tr A 8
) 1,911,8 Notpu bLlshcd —80 e note (If)
01)
_
9
159,4
10
Drovers Tr A Sav
Q-J July T3, 2X 255 _
»X
) 3,058,0
10
None Q-M Dec30Tl, 4 .... . . .
First Trust A Sav
_
_
)
16,7 Beg. b us .Apr 3 ’ l l V .92, p.929
FtDcarbomTrAS
0
101,9 Beg. b us .Apr 8*12 V.94, p. 1030 163 107
Franklin Tr A Sav
_ _
_
)
290,7
Q-J J’nc30’ 13,2H _
10
2H
Greoncbaum Sons
)
52,0
142 152
J-J July T3, 3
6
Guaianteo Tr A S
_
) 2,779,1
12
12
Q-J July’ 13, 3 525 _
Harris Tr A Sav.
)
r71,7 Beg. b us. Apr 10 T 1.V.92.P. 100-1 148 152
Home Bank A IT .
J 10,249,7 10A4e 16A4e g Apr T3, 4 490 498
Illinois Tr A Sav.
7
7A2e (J-J July T3, 1M 185 . . .
0
1 0 1 ,t
KcnwoodTr ASav;
6
6
6
8 6 ,7
Q-J July T3, 1>* 210 . . .
LakcVlcwTrASav
115 120
0
280,4 Beg. b us. Ma y ’ U
LaSallcHtTrASav
175
6
28,6 Org. D ec. 0 '12.
Liberty Tr A Sav.
0
727,5 Org. S cpt. 5 •12. V. 05, p, 59: 119 122
Market Tr A Sav.
6
739,: Beg. b us .J’ly 1’ 12 V. 94. p. 481 105
Mcrc’ntllcTrASav
10
Q-J July T3, 4 430 435
0 7,082,C 15
Merchants’ I, A Tr
___
Q-J July'13, We 130 135
0
72,2
Michigan Ave Tr
0 7l02,( Com.b us. Ap 10 T 1 V .92,p.1004 219 223
Mid-CityTr ASav
8
Q-J J’ne30'13,2 320 325
8
Northern Tr C o ..
0 2,885,1
J-J Jan '13, 4 265 272
8
8
Nor-West Tr A S
6 7141/
Old Colony Tr A 9
0
752/ Beg. 1 us.J’n( 1 11 V 9 2 ,p. 1537 125 130
8
Q-J July ’ 13, 2X 302 308
People’s Tr A Sav
0
220^
(J-J J’ne30T3,2
180
8
Pullman Tr A Sav
8
0
304’ 2
3
Q-J Apr’ 13. IX 133 138
Sheridan Tr A Sav
0
51, ___

80 1912.

i Feb. 5 1913.




Capital Surp. A
In
Stock, t Profits.)
1911.
(00* om Uted.)

In
1912.

Per­
iod.

$200,0 $r 23,8 Org. J uly 5
429.4
1,000,0
"6
0 "
r54,8
200,0
8
1,200,0 1,586,0 842«
132.5 8*2« 8&2e
400.0
10
OX
200.0 rl00,6

NAME.

T2.
Q-M
J-J
QM
Q-M
Q-J

%'Bid. As*.
V. 95, p. 18.Y20
July '13, I H ’ 165
Jan T3, 3
J’ne30’ 13,2
300
J’ne30T3,3
Apr 13. 2X 215

124
169
155

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending June 20.

period

Pries
Friday
June 20.

Week’s
Range or
Last Sals

B'ds
Sold

il igh
Ask Low
Bid
91 Feb T3
J -J
897a Junc'13
J - D { 89*s 90
82U Aprll’ 12
l 77
79
Auto Elec 1st M 6s______1928
96** May T2
96
Cal Gas A El unif A ref 5s 1937 M -N { ___
99*2
09*4
Chicago City Ry 5s-------1927 F - A 99*s Sale
797*
SO
**
S0*s Sale
Chic City A Con Rys 5s.dl927 A - O
94 June’ 13
95
J - J { ___
Chicago Elev Ry 5s------- 1914
88 'June’ 13
- J { 88*2 90
Ohio Pneu Tool 1st 5s_al921
96**
96*4
Chicago Rys 6s_________1927 K - A 96*s Sale
93 M ay’13
93
Clilo Rys 6s____ series ‘A’’ A - O { ___
77**
78*4
-I)
78*4 Sale
Chic Rys 4s____ series "B ”
93 Jan ’ 13
93
Chic Rys 4s____ series " C F - A t ___
100 Jan T2
Chid Rys coll 6s.......... 1913 F - A
.72 Mch T3
Chic Ry Pr m M g 4s_cl997 J - J t - I I *74
45 May’ 13
60
Chic Ry Ad] Inc 4s.-.el927 Mayl X___
995*
99*4
Chicago Telephono 5a__ 1923 J - D t 99*4 Safe
96** Dee ’12
98
Cicero Gas Co ref G m__1932 J - J X___
101**
S tlOO'g Sale 100*4
Commonw-Edlaon 5s___ 1943
99
99**
Commonw Elec 5s_ 61943 M - S I 99** Sale
_
09*2
99*2 99*2
Cudahy Paofc 1st M 5s__ 1924 M -N X 99
105 May’ 13
{101 105
Dia Match Con deb 6s_ 1920
_
99*4 AprllT2
99
Gen Mot 6% 1st L notes.1915 A - O t 98
100** May T2
Int Har 3-yr 5% g notes.1915 F - A
105*8 Aprll’ 12
Inland Steel 1st M g 6 s..1928
Kan City Ry A Light Co
90 Oct
5 s .................................. 1913 M -N
87 Jan
Lake St El— 1st 5s.......... 1928 J - J
78*2
78*2
Metr W Side El 1st 4 s ... 1938 F - A { 78*2 79
78** May’ 13
Extension g 4s________ 1938 J - J X 76*2 80
Mil El Ry A Lt 1st g 53..1926 F - A {103 104l2 1047* April 12
94l2 95 Anril'12
94
do
ref A ext 4HS--1931 J - J
87** 87 Juno’ 13
Morris A Co 4 Ha............. 1939 J - J t 86
100*4 May T2
Nat Tube 1st g 5i_______ 1952 M -N
103U Aprll’ 12
Nor Shore El 1st g 5s___ 1922 A - O
100 Jan Y3
99
do
1st A ref g 5s_ 1940 A - O { 98
_
95*2 Sept T2
F -A
Nor Sh Gas of 1 1 1st 5 s . . 1937
1
100U July ’ l l
North West El 1st 4s___ 1911 M - S
99*2 June'13
99*2 100
N V G L A Coke Co 5 s.. 1928 Q -M
V
94
94*2
94*2 Sale
Ogden Gas 6s___________ 1945 M -N
115*2 Sept T2
Peop Gas L A C 1st 6 s ... 1943 A - O
99**
997*
Refunding gold 5s-------1047 M - S 997* Sale
1007*
Chic Gas L A C 1st 5S-1937 J - J {100 Sale 100
100*2 June'13
Consum Gas 1st 5 s . . . -1936 J - D
Mutual Fuel Gas 1st 5s 1947 M -N {100 100*4 997* May’ 13
955* May'13
{ ------ 94
Pul) Sorv Co 1st rel g 5s. 1956
935* 93 May’ 13
South Side Elev 4H »------ 19?} j " - * j t 90
J - J { ------ 997* 997* June’ 13
Swift A Co 1st g 58........... 1914
Tri-City Ily A Lt col*
98*4 April’ 12
trust lien s f 5e-----------1923
{ ___
80
85 Aprtl’ 12
Union Elec (Loop) 5s----- 1945
100 M ay'12
U 8 Gypsum 1st g 5s----- 1922
101 AprU’ 13
Western Elec Co 5s------- 1922
Note—Accrued

Rang*
for
Year 1913
Low
High
91
91
897* 917*
99*4
797*
94
88
96
93
77**
93

1017*
89
98**
94
100*4
94*4
81*4
93

72
75
45
58
99** 101%
997*
99**
99*2
105

103**
102**
100**
1081*

87
87
78
82
77*« 81

100

100

99*2 100<*
94
97

BOSTON STOCK EXCHANGE—Stock Record

1 7 64
SHARK
S atu rd ay
J u n e 14

*96*8 9 6 7s
*98*2 1 00
1 9 2 l2 192*2
89
87
52*2
•250
*7*2
• U -.
*40
•166
*103
*205
• 100*2
116
83*4
* 100*2
12*4

68*2

53

—
8
167

M IC K S — NOT

vt o n d a y
J u n e 16

T u esd a y
J u n e 17

*95*4 9 6
*98*8 98*4
192
192
87
89
*1 8 4
52
5 2 12
*250
260
*7*2 —
___

68*2

8

8

*40
♦161
165
* 101*2

68*2 68*2
100
101

46
40
93*4 93*4
3
3
*17*4
106*4 1 07

111*2 112

112

1 27
127*4
17
*16
77
77*8
65
• 60
95
95
6
♦5*4

46
46
92*4 93
3
3
•17*4
18
1 0 6 l2 107

127*8 1 2 7 78
*16
17
77
77*8
*60
65
*95
96
*6
—
*10*4 14

•10*4 11
*10 . . .

• 260
134
•94*4
•88*4
87
209
•3*8
*20
• 6 7 l2
138
152U
15*s
101*2
*27
• 27
**4
154*2
46
•26*4
53
1 04

1*8

•1*»
•290
295
97g 10 «s

*1>4 1 V%
\
30*4
65*2

20
2*4

112

265
2 6 5 ’ 26*5"
135
134*4 135*2
9 5 l 2 *9434 95*2
90
90*4
90
871*
86
87
209
'2 0 9
210U
3 *2
*3*s
3 *2
30
*20
30
...
* 6 7 * 2 _____
1 38
138
138
153
152
153
15>g *14*2 15*4
101*4 1 0 l 7s 102*4
2 7 i2
27*4 27*4
27
27
28U
**4
1
1
155
154*2 1 5 5
46
45*4 4 6
27*4
27
27U
527a 54*8
54
104
104*4 1 0 5

30*4
66*4
“ '*
20*4

27
8
.00

*25g

6*2

*4 6
80
I 8 I2
*3*8
9
•31,
*5*4
*2*4

6*2
♦21*4
1*4
44
15*8
**4

8*2
25*2
*1*4
.6 0
3*4
43*2
79 ►
17*4
58
17*8
35

46*2
80*8
18*2
3*4
l 7*
9*2
3*8

6
3*i

6*2
22
1*4
46
15*8
1*4

8*2
26

2

6
*45*2
81
18
*3*8
*u2

6
*3*8
*5
* 2*1
♦6*4
♦21*4

*2

2*8
35*2
47

1*2

1*2

*6
11

Q
W
cn
O
►
J
O
»
O
X
w
o

>
*
Q

Pi
U
M
X
P
•

1
•
•

1
1
•

3*4

1*2

1*2
46*2
15*8
1U

8*4

8

2*2
23
3*8

7 78
8
7 'a
4 2 12 42*4 ♦41*4
.9 9
1 * .9 0
M l . _____
MU
45
46
46
.6 0
* .6 0
.6 0

5*2

8
42*4

1
1*4
45

1

• Bid and asked prlcea.




112

1 2 7 7s 128*8
L a s t S ale
77
77*4
60
60

♦10*4

•
•

■

1
1
1
1
•
■

•
•

•
•
•

1
1

10*2

55*2

66*2

14*2
•30
* .4 0

117g
30* 1

•45*2
92*4

47
93*4

•2*8

3*2

6*2 J u n e ’ 13
107
107
112*4 112*4
128*4 128*2
7*8 J u n e ’ 13
76*2 77*2
*60
65

*6

6
11

10*4

10

6

* 2*2
6*8
*21
*1
45
15*4
.9 0

8*2
26
*1*4
* .6 5
3*8
43*2
80
18
50*2
17*4
•35
* 1*8

8
2312
• .20
*25*2
2*3
*23*4
3*4

6

*1

48
81
19
3V,
1*4
7
3*2
5*2
3
65 8
2 1 *j>
1*4
46
15*4
.90

8*8
20
1*4

*1
3*8
43*2
80
18
57*2
17*4
40
1*4

8

23*2
.3 0
25*4
2*4
23*2
3*4

2*8

30
36
46*2 46*4
* 1*2
l*x
7*4
7*4
*42*4 42*4
.99
.99
1*4
1*4
44*4 4 6
.70
*4

a New atock.

10

107
8

•5*4

5*2
5*2
l 7t
X
U?
5 5 78 5 5 78

6

0*2

1

11
5*4
1*3

*2
36
46*4
l*a

112

0
11

1*2

3*2
S>s

*2
35
46*2
* 1*2

10

1
1
1

2 5 '8

24
.3 0
26*4

* ------47
*92*2 93*2
3
3
L a st Sale
107
107

___
10*4

10

v .
iu
l '»
1U
1*4
1*4
♦285
295
290
290
290
290
10
9 7s
9*4
9 7s
9*4
9*4
* 1*8
L a s t S a le .
June’ l
i^ .
31
31
30*2 31
*30
31
66*8 67*4
66
60*4
64*2 65*2
*20
20
20*4
20*4
19*4 2 0
27g 27$
*2*2 2*4
2*2 2*2
.55
.55
1*4
1*4
*1*8
178
23*4 2 3*t
22*4 23*2
23
23
6 OI4 60*4
69*2 60*4
597 8 60*4
415
416
*415
420
415
420
11
11
11
10*2 11
lib
35
35
34*4 3 1 78
34*8 34*8
40
40
40
40
•10*4 40*4
3
L a s t Sale 2*2 J u n e ’ 13
* 2*2

•

1 *2
1*2
*2 .6 0
3*8
44
80
18
57*2
I7V
40
1*4

96
96
*90
96*8
L a s t Sale 98*2 J u n e ’ 13
1 92
192
193
193
88*2 88*4
84*2 88*4
L a st S ale 181 J u n e ’ 13
52*4 53*2
53*2 53*2
L a s t Sale 2 5 0 M a y ’ 13
L a s t Sale 7*2 J u n e '1 3
L a s t Sale 57*2 J u n e ’ 13
L a s t Sale 7
M a y ’ 13
L a s t Sale 13 J u n e ’ 13
163
163
• 164
1 65
* 101*2 ____
101*2 101*2
L a s t S ale 10 M a y ’ 13

267
267
* _____2 7 0
265
270
135
136
135 7s 136*4 136
136*2
95
95
*94*4 95*2
9 0 * i 90*4
90*4 91
’ 90*8 ’ 90*4
*85
87
86
86
86
86
♦209
210*4 *210*4 _____ 210*8 2 1 3
*3*8
L a st Sale
3*2
*20
*2 0
30
*67*2
L a st Sale
z l3 6
137
136*4 137
136
137
153*4 153*2 153*4 153*4
*14*2
15*8
15*8 15*8 *14*2 15*4
102*8 102*4 101*8 102*8 102
102*8
27*4 27»4 * 2 7 U
27U '
27*2 27*2
*2 7
28*2
27*2 27*2
27*2 27*2
Ixist Sale
1
J u n e ’ 13
**4
152
155
151
152*2 151
1 52
z-15
45
45
45
45*2 45*2
z 26*8
26*8 20 *^
265g
263g 2 6 78
53*8 54*8
53*2 54*8
525s 53*4
104
104*8 10-1*2 104*2

•16*8
81
18*2
356
MU

1

6*2
21*4

F rid a y
June 20

S a les
o j the
W eek
Shares

STO C K S
BO STO N STO C K
E X C H A N G E

14

1*2

54

6*8
15

10*2
5*8

1*2
5434
6K«

14*2 14*2
30
30
J u n e ’ 13
0
6
5*2
5*4
48
51
50
50
81*2 81*2 *8 2
82*2
18*| 19
18*4 18*4
*3*8
3*4
3
3% ,
L a s t Sale 1*2 J u n e ’ 13
5*8
6*2
6*2
6*4
*3*2
♦3*2
35 8
3*1
5*4
5*4
5*4
5*4
L a s t Sale 2*2 J u n o ’ 13
7
7
658 6*3
L a st S ale 0*1 J u n e ’ 13
*1
1*3
*1
1*4
*45*2 4 6
45*2 45*2
15
15
15
15
1
1 1
.9 5
8*4
8*8 S %
8*4
25
25*8 25*8
25*4
2
2
2
1*4
* .65
*4 * .60
*4
3*4
3*4
3*8
3*8
44
43
43*4 43*4
79
77
77
79
18
18
17*4 17*4
♦57
57
57*2
58
17*?
17
17*8
17*4
34
35
34
35
* 1*8
l «4
1*8 1*8
7*4
7*4
7*4
7*4
23*2 231 2 *23*4 2 4
4
J u n e ’ 13
25
25*2
2 3 * i 23*4
2*4
2*4
2*2
2*4
*23
23
23
23*2
*3
3U
3
3 l t
X
!
J u n e ’ 13
35*2 35*2
35*2 35*2
47
47
47
47
1*?
1*2
1*2 1*2
7*2
7*2
* 4 1 7g 42*4
41*8 41*8
* .95
1
.9 0
1
*1*4
1*4
*1*4
1*4
45
45
45
45
*4 .8 0
* .6 5
.9 0

e Ass’t paid,

2

b Ex-atoek dlv.

R a n g e S in ce J u n . 1 .
O n b a sis o f 10O-sAure lots

M is c e lla n e o u s
35 A m o r A g r i c u l C h e n i - _ 1 0 0
D o
p r e f ....... ................1 0 0
160 A i n e r P n e u S e r v i c e . . 5 0
D o
p r e f _______________ 5 0
110 A m e r S u g a r B e f i n . . _ 1 0 0
122
D o
p r e f ......................... 1 0 0
2 ,4 1 1 A m e r T e l e p & T c l c g . 1 0 0
A m e r i c a n W o o l e n _____ 1 00
346
D o
p r e f .........................1 0 0
0 A m o s k e a g M a n u fa c t u r in g
49
D o
p r e f ___________
5 0 A t l G u l* Sc W 1 S S L . 1 0 0
D o
p r e f ______________1 0 0
51
5 0 E a s t B o s t o n L a n d ____10
2 8 E d i s o n E l e c I l i u m ____1 0 0
3 4 7 G e n e r a l E l e c t r i c _______ 100
3 M c E 1w a i n ( W H ) 1 s t p r 1 0 0
1 .9 2 0 M a s s a c h u s e t t s u a s C o s l 0 0
D o
p r e f ______________ 1 0 0
239
20 M o r g e n t h a l e r L i n o ____1 0 0

111

10

45
J ’n e ll
925s J ’ n e 12
2*2 J ’ n e l l
16*4 J ’ n e 9
1 05 J u e 12
1 10 J ’ n o 9
125*2 J ’ n e l O
163 4 F e b 2 8
74
M ay 8
M av27
M a y 19
J a n 10
Jan
7
J ’ne 5
J ’nc
J ’ n e 10
M a y 20
A p r 28
J ’ n e 16
J ’ n e l4
J a n 16

17 Apr 9
637 Apr 7
8
.10C zl36 J n e IS
.IOC 152 J’ne 5
1<
14*2 Apr 15
lot 101 J ’ ne 12
3.) 27 J ’ne it
27 Mch2S
25
*4 J ne 6
1 0 (] 150 May l
25 41*2 J’ nelO
25 26*2 J’ nc 10
50 J ’n e ll
100
102*2 J ’ne 10
100

____________ Y a r n _______. 1 0 0
10(
D o
p r e f.
106
75
35
218
63
50

D o
p r e f..
U n io n C o p p e r
853 U n it e d F r u i t 1 ,0 7 9
174
D o
p r e f _____
5 ,9 1 1 U S S t e e l C o r p _
136
D o
p r e f _____

25
25
It
25
A lg o m a h
25
406
lo t
5 ,7 4 8
25
860
175 A r i z o n a C o m m e r c i a l .
5
25
5
100
10
3 ,7 0 0
10
1 ,2 6 7
10
46
25
125
25
8 3 5 C h i n o C o p p e r __________
5
7 5 6 C o p p e r E a n g o C o n C o 100
1
D a l y - W e s t _______________ 20
2 ,7 8 5 E a s t B u t t e C o p M i n . 10
3 5 0 F r a n k l i n ________________ 25
2 .4 1 0 G i r o u x C o n s o l i d a t e d .
5
890 G r a n b y C o n s o lid a
100
1,010 G r e e n c - C a n a n e a _______ 20
4 8 5 H a n c o c k C o n s o l i d a t e d 25
20
10
25
7 55 I n d i a n a M i n i n g ----------- 25
5 64 I s l a n d C r e e k C o a l ____
1
106
1
D o
p r e f __________
1 ,1 7 5 I s l e K .v a le C o p p e r . _ 25
6 0 K e r r L a k e _______________
5
25
4 ,5 4 6 L a k e C o p p e r C o
25
2 0 j L a S a l l e C o p p e r _______ 25
2 5 0 jM a s o n V a lle y M i n e s .
5
25
25
M ia m i C o p p e r .
5
6 0 M i c h i g a n ________
25
214
25
273 N c v a d a C o n s o li d a t e d _
5
5 5 0 N e w A r c a d i a n C o p p e r 25
6 6 5 N i p i s s i n g M i n e s _______
5
2 ,1 5 1
15
330
25
210
25
595 O ld C o l o n y 25
295
25
76
25
6 6 0 P o n d C r e e k C o a l _____ 10
179 Q u i n c y ___________________
25
4 0 2 B a y C o n s o l C o p p e r . . 10
6 5 Sfc M a r y ’ s M i n L a n d . 25
200 S a n t a F e G o l d & C o p - 10
735
10
350
10
S o u t h U t a h M & S ____
5
372
25
955
10
90
25
710
25
T u o l u m n e C o p p e r ____
l
6 0 7 U S S m e l t B e f 3c ’ ”
50
917
D o
p r e f _____________ 50
3 0 0 U t a h - A p c x M i n i n g ____
5
165 U t a h C o n s o l i d a t e d ____
5
25
10
100 V i c t o r i a __________________ 25
40
25
145
25
505
25
\ Ex-rlghia. 4 Ex-dlv. and rights.
350
17
5 ,7 9 3

R a n g e tor P r e v io u s
Y ea r 1912.

II Ighest.

R a ilr o a d s
A t c h T o p & S a n ta F e .1 0 0
94
J ’ n c 12
D o
p r e f ______________1 0 0
98*2 J ’ n e 3
B o s t o n & A l b a n y _____ 1 0 0
190
A p r 30
41
1,022 B o s t o n E l e v a t e d _______ 1 0 0
8 -1*4 M a y 22
B o s t o n & L o w e l l _______ 1 0 0
181
M ay 5
B o s t o n & M a i n e _______ 1 0 0
50
J ’n e l2
B o s t o n & P r o v i d e n c e . 1 00 2 5 0
M a y 14
B o s to n S u b u rb a n E l C o s .
7*2 F e b 19
D o
p r e f __________________
57*2 J ’ n e
B o s to n & W o r e E le c C o s .
5 F e b 25
D o
p r e f . ________________
43
M eh 6
C h ic J u n e B y & U S Y .1 0 0
163 J ’ n e 19
D o
p r e f __________________
101*2 J ’ n e 2 0
M a y 14
C o n n e c t ic u t B i v e r ___1 00 210
F i t c h b u r g p r o f _________ 100
1 00 J ’ n e 5
G a B y & E le c stm p d _ 1 0 0
116
J ’ n e 13
8 2 7g F e b
D o
p r e f ___________, _ 1 0 0
M a i n e C e n t r a l ................ 1 00
1 0 0 A p r 29
3 3 0 M a s s E l e c t r i c C o s ____1 0 0
12*4 J ’ n e 14
511
D o
p r e f s ta m p e d _ 100
67*2 J ’ n e 20
8 4 3 N Y N 11 & H a r t f o r d . 1 0 0
99*2 J ’ n e 12
2 N o r t h e r n N H ________ 1 00 116 M a y 2 6
O l d C o l o n y ______________1 0 0 jrl58*8 J ’ n e 13
R u t l a n d , p r e f ___________ 1 00
30
M a y 15
U n i o n P a c i f i c ................... 1 00 139*2 J ’ n e 12
D o
p r e f ______________ 100
80*8 J ’ n e l O
130
M a y 15
V e r m o n t & M a s s _____ 1 0 0
71
M ay 9
W e s t E n d S t ______________5 0
88 M a y 2 1
D o
p r e f _______________ 5 0

M in in g

2

9
3*4

45*8
15*8
♦*,
8U
25

.6 0
3*4
3’ a
44
44
79
so
18
17*4
58
56
17*4
17*4
35
*35
1*4
'I 'A .
H
7*4
7 78
24
24
23*2
.3 0
* .20
25*2 2 6
25*2
2*2
2*4
2*2
23
23
23
*3
3*s
3*t

35*2
46*2

6*2
46*2
81*2
18
3W ,

112

127*2 128*8
*1 6
17
77*2 77*4
*00
65

3

* 1*8
l 7*
•h j
1*4
2212 23
2 1 7g 22*4
59*8 60*2
5934 60*2
415
414
415
417
•11
13
11
11
34
35
35*2
35&g
40*i •
40** 40*8
10*2
* 2*2
3
•2 5 il 2*4
10
10 *i
10 7s
*10*4
6
*5*2
5*4
5*4
1*4
l!f.
1U
54*2 55*2
5 4 i 2 55*2
6*8
6*4
6*4
0*4
16
15
16
•15*2
*30
31
*3 0
31
.3 0
.6 5
* .4 0
.00

6*2

112

V»

290
290
97g 1 0 «2
*1*4
1*2
30*2 31
65*2 67*8
1978 1 9 78

F R IC K S
T h u rsd a y
J u n e 19

*4 0
*164
165
* 101*2
_____
102
100*4 100*2 *100
100*8 100*8
*115
*115
_____ * 1 1 5
...
*83*2 84*2 * 8 4
85
*84
85
*100
101*2
L a s t Sale .0 0 J u n e ’ l
123 4 13
12*4 13
12*4 13
68*2 68*4
68*2 68*2
67*2 68
1 03
104
102*4 104
101*4 1 0 2 *2
_____
118
118
• 159
L a s t Sale
L a s t Sale 11 J u n e ’ 13
147
147
*145*8 1 1578 1 4 5
145*4
L a s t Sale
*8134 82*4
•127
140
L a s t Sale
*71
72
*7 1
72
*88
90
*88
90

• 15 8
*158
*_
•30
35
31
146*4 146*4 145*4 1 4 5 L
82
•81
*81
81*2
•127
140
*1 2 7
140
71*4 71*2 *71*8 72
—
*88
88
88

46*4 46*i
93
93*4
*3
3*8
*17
106*2 107

C tJ N T U M

W ed n e sd a y
J u n e 18

♦ 96 i2 0 6 7a
*98*4 98*4
193
193
87*4 87*2
*1 8 4
52*8 52*8
♦250
260
*7*2

102
100*2 1003 4
116
*115
116*2
83*4 *8 3
85
2
101*2 *98*2 1011
12*4 12*4
12*4

100*4 101

M U

May 12
Feb 24
J n e 10
.15 May20
29*2 J ’ne l l
62 J ’ne 10
18*2 J ’ne 11
2U J ’ne 6
.05 J’ ne 5
J’ne 1‘4
18*4 J’ ueld
56*2 J’ne 11
400 J ’nelO
10 J’ n c 10
30*4 J’ne 10
37*2 J ’ ne 10
2*2 Mav 13
0*4 J ’nc 10
4*4 J’ nc 9
1 18 J ’no 12
51 J ’ue 10
5*2 J ’ ne 12
14 J’nc 19
277 Jan 10
a
May 8
5*2 J’n e20
44*4 J ’nc 12
/!U2 J’ne 13
16 J ’ nelO
2*8 Jan l-l
H? Jan 7
3*2 J’ne 10
3*4 J ’ne 4
47 J ’ne 12
8
2*4 .J’ nc 11
5*2 J ’ne 10
20ij J ’nnlO
1 J ’ne ll
12 J n e 10
13 J ’neiO
b. J ’nc 10
8’ ia .J’ne 10
2134 J'ne 10
.09 Ma\ 17
J ’ne 6
3 Apr 30
41*4 J’nelO
74*4 J ’ne ll
15 J'ne 10
55 J’n e l l
15*4 J’ n c 10
34 J’ne 13
1 J ’ne 12
7*4 J’ne 10
21 Feb 19
20 Jan 8
22 J ’ne 10
1% Jan 2
21 J ’ne 10
3 Mayl5
1 % Apr 26
34 J’ ne 10
46 J ’nelO
1*8 May 6
7U May 6
40 J ’nelO
.90 J’nelO
1 J’ ne 9
40*4 J’ne 12
.40 J’ne 12
* Unstamped
1

279

8*4

/ / igh est,

1037., F e b
106*4 J a n
2
111*4 O c t
101*8 F e b 4
IO U 4 N o v
10 »t4 F e b
211*j S e p
Jan
2
2 2 2 i2 A p r
112 D e c
J a n 30
134*4 M c h
202 N o v 2 1 8 J a n ,
J a n 27
94
D ec
Jan 3
I0 d 2 Jan ,
290
D ec
Jan
3
300
Apr
10 D e c
i:
M ay
7*2 F e b 19
70
D ec
80
J ’ne
05
M ch 7
7
D ec
1 2 i2 J a n ,
7*4 M c h 6
50
57
Jan !
Aug
45 J a n 24
165
M ay
170
Jan ‘
1 66 F e b 14
112 J ’ n e
1 07
M ch 5
10712 O c t
260
272
Jan I
J ’ ly
2 6 0 J a n 13
119
122 F e b 8
128
Jan j
D eo
124
120
F e b 10
Apr
J ’n e rl7 9
83
85
M c h 27
D ec
91*2 J a n 1
1 1 0 M c h 13
1 25
147*8 M a y
D ec
16
19*8 F e b 4
23*8 J a n
D ec
79
F eb 5
72*8 D e o
83
F eb
130 J a n
9
1 26
D eo
142*8 A p r
130
F e b 21
143
Jan
128*2 O c t
176*2 F e b 11 * 1 7 4
J ’ ne
187
Jan
36
M ch25
41
Jan
70
Jan
152
D ec
162*4 J a n
6
1 7 6 ft S e p
8913 S e p
90*2 J a n
9
937g D e o
150
F e b 27
1 50
D ec
164
Jan 80
O ct
81*2 F e b 8
88 ;3 F e b
96
N ov
100 J a n
3
1 0 3 12 M c h
215
114*4
205
97
290

57

J a n 11

D ec
D ec
Aug
M ch
113*4 D e c
114*4 D e c
137*2 J a n
22 N o v
79U N o v
75
N ov
x 'jo *.| .J’ n e
5
Aug
10*2 A u g
10*4 J a n
272U S e p
155
Jan
1 03
Apr
* 88*8 J ’ l y
93 D e c
214*2 D e c

63*4 M c h
105
M ch
5*4 J ’ U "
2 4 l2 N o v
133*8 M a y
123*4 A u g
149
M ch
30
M ch
94l | M c h
84
M ay
103
M ch
9
F eb
20
Jan
1714 May
300
M ch
1 89
D eo
1 07
Jan
95 O c t
987S F e b
22 J A u g

! 0 Dec
90 Dec
160 Jan ll
It 1 ( *C
i
105*? Jan 2 158 Feb
161 Apr 2
13*4 Jan
108 Mch 5
98*2 Jan
28*2 Jan 15
-7 May
28*4 Jail 20
28 Jan
2 Jan
.85 Jan
1
182 Jan 3 h 1 1 1 Sep
55*4 Feb 4
46*4 Jan
28»2 Feb ■
i
27* Dec
69 Jan 2
58*s Feb
111
Jan 30 107* Feb

105 Jan
107 Mch
161 Mch
1 4 Aug
17*8 Apr
109*8 Sep
32 Jau
: 1 Apr
3*4 Apr
208*o J’ne
57*2 Aug
20*4 Sep
8 0 58 Sep
11038 Oct

99*4 J a n

2

4b Jan
3
23*4 J a n 11
118*2 J a n
3
117*4 F e b
1
140*2 J a n
3
21
A p r 30
8U2 Jan 7
76
J a n 14
1 0 0 J a n 23
6 A p r 15
12 J a i l 3
15
F eb 8
288*2 J a n 10
186*4 J a n 2
104
J a n 13
93*2 J a n 22
95*8 M c h 2 4
219*8 A p r 12
3*2 F e b 8
5'J Apr 2
911 Jan 11

6
Jan 4
330 Jan 3
12 May 26
**4 Jan 3
42U Jan 3
80*4 Jan 2
32 Feb 10
4‘! Mch 6
7 Feb 3
4 Jan 4
45 Jan 2
72*? Jan 2
555 Jan 2
18 Jan 6
47*2 Jan 2
63 Jan 2
4 Jan 2/
15*a Jan 2
9 Jan 2
3 % Jan 2
73*: Jan 2
91? Jan 2
25 Jan 2
35 Apr 28
*4 Jan 3
17 Jan 2
59 Jan 4
87*2 Jan 10
33 Jan 2
3 ’ . Feb 15
A
3*8 Feb 4
26*2 Jan 3
6*4 Jan 3
10*? Jan 2
5*2 Jan 2
15*4 Jail 2
26*? Jan 3
2 Apr 8
65 Jail 7
1U Jan 4
*4
Jan 2
9»? Mch29
34*2 Jan 2
2*4 Jan 2
3*4 Jan 4
8*8 Jan 2
56 Jan 2
107 Jan 2
28*4 Jan 2
80 Jan 3
22 Jan 3
46 Jan 3
3 Jan 2
13*2 Jan 2
28*2 Jan 3
.35 Jan 18
40*J Jan 2
e-l*8 Feb 4
38 Jan 3
6 Jan 9
3*2 Jan 28
43»2Jan 2
60 Jan 6
2*8 Jan 3
I1U Jan 2
60 Jan 2
2 Jan 2
41 * Jan 2
76 Jan 3
1*8 Jan 9

6

300

Dec
• Apr
1*4
Apr 370 J'ly

2 Dec
0 I May
4
35 Dec
51)1, J’ne
60 Feb
925g Oct
241? Feb
35 Ort
2 Jail
o '. Apr
4*1 Dec
9*4 J’no
Ml Apr
- ‘ Uc J’ ly
613.1 J ’ue
19*2 Feb
671? Feb
83*o Aug
405 Feb 615 Sep
27*2 Apr
15*? Dec
25* Feb
50*4 N ov
66*2 Apr
48*2 Dec
.i*? Oct
71? Mch
12*j Jail
16*4 Sep
16*4 Apr
67* Sep
3 Dec
olli0Apr
33 Feb
7734 N ov
7* Feb
11*3 Oct
22 Oct
:<7 J ’ne
16 May
30 Nov
. May
.70 Dec
23 Apr
1 * Sup
05*4 J ’no
40i2 Jan
OIL Aug
85 Jan
20*4 Jau
37*4 Nov
2 Apr
3*8 Feb
.80 Jan
3 May
22*4 Dec
49 Apr
4b Feb
8 Apr
10*4 Dec
11*2 J ’ne
5
Dec
9l4 Jan
2 . . Jan
1
18*2 Apr
2 C Jan
3<
30*8 Sep
I5fl Dec
6*2 Apr
5()l2
73 J ’ ne
18*j Jan
2-1*8 Sop
2 Dec
0*4 Apr
9*4 Deo
5*4 Jan
3938 Oct
2234 Feb
«■ , Apr
<
2*a Deo
e0*4 Jail
1*7 Dec
13*4 May
23? Jan
61 Oct
44 Jan
100 Dec 130b J ’ne
29 ' N ov
15 Mch
72*2 Dec
95 J ’ne
16*fl Jan
Sep
43 Dec
67 Apr
1 Jan
«'« May
9 Jan
177, Aug
17 Feb
31*2 N ov
u Dec
1*4
24 Feb
4S7„ J 'ly
1 Dec
*'t Jan
26 Jan
61 Apr
4 Dec
0J2
212DC0
< " 1. Mch
34 Jan Z506s
47 Jan
52*4 Sep
1 Nov
Fob
91' J'ly
20s, Apr
521? Jan
67*g Sep
1*1 Deo
67
g
31, Deo
7*4 Meh
65 Deo
18*4
1 Dec
17

Interest
Period

Week’s
Range or
Last Sale

BON DS
BOSTON STOCK E XC H AN G E
Week Ending June 20.

Range
Since
Jan. 1.

Bonds
Sold

Price
Friday
June 20

B ON DS
IOSTON STOCK E XCH AN G E
W eek Ending June 20.
I f

Price
Friday
June 20

Week's
Range or
Last Sale

1 Bonds
1 Sold

1765

Boston Bond Record

Jtom 2110134

Range
Since
Jan. 1

High No Low High
Bid
1sk Low
High No. Low Hloh
Did
Ask Low
99 09% 99% Apr '13 ___ 99% 99%
99 102 General M otors 1st 5-yr 6 s .1915 A -O
99% Apr '13
Am Agricul Ohem 1st 5s___ 1028 A-O
8 93% 96%
93%
5
93% 93% 93%
893, G t N or O 1 & Q coll tr 4S..1921 J - J
11 86
86%
Jkm l’elop St Tel coll tr 4 s ..1029 J -J
86% Sale 86%
94% 95%
94% May T3 —
Registered 4s___________ 1021 O -J
102% 100
C onvertlble 4s__________ 193G M-S
96 103 103% M ch’ 13
F -A
993.1 24 99 1043,
10-vcar con v 4 M s------------ 1933 ____
99% Sale 99%
117 Apr'OS
A -O
Jir. Vi it Paper 1st s f 5s g__ 1910 J -J
89% J n- 12 ___ ____ ____
92
92
92 Feb 13
1 U V v^uii a.
\ .I1 y
i»ii
„ i d- o A -O ___ 85
131 fn e '2
Ai
tic L & 8 deb 6s______ 1915 M-N
108% May T3 ___ 108% 113
Kan C Ft Scott & Mem 6s. .1928 V
I-N ____90
98
93
Ate. 1
’op & S Fe gen g -is ..1995 A-O
92% 95% 93% J’n e’ 18
76% 76%
76% Jan T3
K C Ft S & AI Ry ref 4s gu .l93G A-O
Adjustm ent g 4s___ July 1905 Nov
82% 85% 87% Nov 12
90% 90%
90% Feb T3
____ ____ Kan C M & ii gen 4s_______1934 VJ-S ____90
S ta m p ed ________ July 1995 M-N
soil J ’ly 12 __
78 80
Assented income 5s_____ 1934 M-S ____ 78
78% M ay’13
5()-year conv 4s________ 1955 J -D
lOUjSep 12
J c ’ 13 ___ 99% 101%
0-year conv 5s________1917 J -D
98% 99% 111)'-; Mch 11 ___ ___ ___ [Van O & M Ry & Hr 1st 5s. 1929 A -O ____99% 100 J ’’u e '08
_________
115
n
.Vlarq Hough & Ont 1st G s..l9 2 5 A-O
5912 10 59
Atl < ■ f & W 1 SS Lines 5s. 1959 J -J
59 Sale 59
Mass Gas 4 'As--------------------1920 J -J
95
96% 96% J’ne T 3 _ _ 94 97
50
85
50 May’ 13
Bos
Corb 1st conv s f 6s__ 1923 M-N
8 93% 94%
93%
Deben 4 %>s------------- ec 1931 J -J
93% Sale 93%
____ . . . .
95% Fen i;
B'
lev 3 -yr g 4s______1035 M-N
98% C9%
99% 99 May’ 13
100% Mch'09 ___ ____ ____ Mich Telephone 1st 5s_____ 1917 .) -J . . .
Bos
& Lowell 4s________ 1016 J -J
90 93
90 90% 9) J ’ne 13
__
____ ____ New Eng C otton Yarn 5 s ..1929 F -A
Bos. n u M aine 4 %;s_______1944 J -J
1041- Oct '0
New Eng Teleph 5s...............1915 A-O
99 ____ 101 Apr 13 . 101 101
95 Feb 12
!>in s................................1942
4 99*4 101%
100%
5 s ---------1932 A -O 100% Sale 100%
102 102
Bn
M o Rlv cons 6s_____ 1918 J -J io i ~ r r . 102 Jan T3
75 Dec i i
New River (The) conv 5 s ..1934 J - J
Butte El & Bow 1st 5s___ 1951 J -D
92% Mch 12
1 104% 104% N Y N II & II con deb 3H S-1956 J -J
104%
104%
Ceuui liap & M o Riv 1st 7s 1016 M-N
1 118% 125%
1183g
118%
C onv deb 6s--------------------1948 J -J
893;
1 82
Ceni v em it 1st g 4s___May 1020 Q -F
83
83%____ 83
Old Colony gold 4s......... — 1924 F -A
C B & Q Iowa Dlv 1st 5s
1910 A -O 100% 104% 1103 Oct ’07
90% 93% 987* Sep '0: __ _________
98 May 13 ___ 95 98 Oregon R y & Nav con g 4s_104G J -D
Iowa Dlv 1st 4s___
1010 A -O
Oreg Sli Line 1st g 6s----------1922 F-A 108% 109% 111% Oct 1
Denver Exten 4s_
” "1922 F-A
97% 100% 99% Feb 12
98% M ch’ 12 . . . ____ ____ Buget Sd Elec R y 1st 5s------ 1932 F -A
Nebraska Exten 4s
1927 M-N
103 Jan 11
Repub Valley 1st s f 6s------ 1919 J - J
B & S W s f 4s___________ 1921
98% Oec T2
___ _ .
70% Dec Id
S Mch 13 .. 83% 85% Savannah Elec 1st cons 5 s . . 1052 J -J
37<!
1949 J -J
Illinois D lv 3 ^ s ..........
103% 103%
103% Mch ’ 13
7 98% 100-% Seattle Elec 1st g 5s...............1930 F -A ____100
99%
Chic Jet R y & Stk Yds 5s_ .1915 J -J
99% ___ 99%
90
96
90 J ’ n e ’ 13
80% Shannon-Ariz 1st 6s g .......... 1919 M-N
80 J ’n e '13 ___ 80
Coll trust refunding g 4 s.
A-O
____
Elec g
J -J
97 Apr '• 7
Oh M ilw & St P Dub D 6 s ..
J -J 106%------ 107 J ’n c ’ 13 ___ 107 110% Terre Haute1st g 5 s5s---------1929 M-S
100% 100%
ioo% M ch’ ia
Torrington
..............1918
1
Ch M & St B VVis V div 6 s ..
J -J 106% 1127g 113V Feb 1
Union l’ ac R R & id gr g 4 s. 1947 J - J
ioom J’ly ’ i 2
91 Mav 12
Ch & N o M ich 1st gu 5 s ...19 3 1 M-N
87-%____ 10178 M av 12
2 0 -year conv 4s----------------1927 J -J
93% 95 94 Apr '13 __ 92% 98
Chic A W M ich gen 5s.......... 1921 J -D
92
96%
92% . . . 92
5 92
97 % Sep 'll __ - - - - ____ United Fruit gen s f 4 M *— 1923 J - J
J -D
Concord & M on t cons 4s__
93% 95%
94% Apr T3
Debenture 4J^s-------------- 1925 J -J
91 95 95 Mch 1
95
95
2
Copper Range 1st 5s______ 1919 A-O
_____ r_ 100 May’ 13
100 101%
____ U S Steel C o 10-60-yr 5s Aprl9G3 M-N _ _ 1
100% Aug ’ L . . . .
Cudahy Back (The) lstg 5- 1924 M-N
West End Street R y 4s------ 1915 F -A
. . 92
A -O
Current River 1st 5s_____
99% 99%
99% J 'ne T3
Gold 4 H s — .....................1014 M-S
A -O
80% Sep' 'll
D et Or Rap & V 1st 4s___
V
97% 97%
97% Feb 1;
Gold debenture 4s_______1916 M-N
99 ' Feb '13
99
99%
M-N
Dom inion Coal 1st s f 5s_
981- N o v 'll
Gold 4s.................
1917 F-A
M-S
95 Oct T2 . . _
Fitchburg 4s_____________
8 97% 100%
98% Sale 98'98%
Western Teleph & Tel 5s— 1932 J -J
122 122
A-O 116%____ 122 Feb TJ
Fremt Elk & M o V 1st 6s.
93-s Feb T2
-------- ----____ ____ Wisconsin Cent 1st gen 4 s ..1949 J - J ------ 86%
A -O _________ 122 Meh T 2
Unstamped 1st 6s______
N O T E . — Buyer pays accrued Interest In addition to the purchaso price for all Boston bonds.
* No price Friday; latest bid and asked. 1 Hat prices.
1

Philadelphia and Baltimore Stock; Exchanges— .Stock Record, Daily, /eekly, Yearly
Sales

Share Price i —
-Not i’er Centum Prices
Saturday
June 14
•101%
104%
16
•57
110
14%
*38%
25%

102
104%
10%
60
116
14%
39%
20

37%
•37
44% 44%

.1fonday
June 16

102
♦101% 102
104 104% 104%
16%
16% 17
58
68
58
♦1158a 11019
10
16
15%
*
39%
26%
25% 26

37% 37"% ♦37
43% 44% 43

47
47 '
36% 36
72% 72
11
11
♦23
24
82%
83
74% 74
19% 19%
31% 30%
55
55
40% 40
21% 21%
21% 21%
78%
79
5
6
47% 47% 47%
84%
84
84

36 '
72110
23%
83
74%.
19%
31%
54%
40
21%
21%
78%

47
36
72
11
24
83
74%
19%
31
55%
40%
21%
22
79
5
47%
84%

Wednesday
June 18

Tuesday
June 17

*46
♦35%
72%
11
*24
83
73%
*19
*30
547g
40%
21%
21%
77%
5
47
84%

Thursday
June 19

Friday
June 20

106% 100% 107% 105
108% 108% 108
108
16% 16% 16%
17
♦58
59
60
60
117
15% 16
16
*16%
16%
♦42
♦41% 42% *41% 43
25% 25% 26
25^4 25% 25%

105
108
10%
60
117
16%
43
25%

*2
38
43%
♦11%
46
♦3534
73%
*11
♦23%
83%
74%
♦20%
*31%
55%
40%
21%
22%
78%
5
47%
84

2%
38
44
117
8
46
36%
73%
11%
24%
833.1
75%

105
103
101% 108
16%
17
*59
60

38
43%

37% 37%
43% 44

38
44

38
44%

47%
47
47
47
47
*36% 37%
37
36% 30
73
73%
72% ♦72% 73
11%
11
11
11% •11
24
24% 24% 24% 24
83
83% 83% *83% 84%
74u « 7 4% 75% 751.1 75%
,<
20
20%
19% 19% 20
32
32
32
31
31
55% 55% 55% 55 % 55%
40% 40
40% 40% 40%
21% 21% 22
21% 22
21% 22% 22% 22% 22%
79% 79% 79% 79 79 'At
5
4% 4%
5
5
47% 47% 48
47% 47%
84% 84% 84% 84% 84%

a c t iv e

Highest

B altim ore
629 Con Gas El L & B ow .100
Do
p r e f ______ 100
528
1,648 Houston Oil tr ctfs___100
Do
pref tr c t f s .100
1S3
60 Northern Central____ 50
310 Seaboard Air Line___100
Do
pref________100
3,611 United R y & E lectric. 50

101 J’nclO 120 Jan
101 J ’n cl2 120% Jan
23 Apr
14 J ’nelO
58 J ’ne 9 68 Jan
116 J ’ne 14 123 A pr
14i2 J ’ne 11 21 Jan
43>j Feb 28 47% Jan
23 Jan 6 27% Apr

16
2,374
38
1,114
625
722
245
395
1 ,6 8 8

1,653
800
32
55% 3,825
463
40%
21% 4,021
22% 3,410
78% 11,070
1,470
5
941
47%
84% 1,104
201.1

P h ila d e lp h ia
American Cem ent___50
American R ailw a y s.. 50
Cam bria Steel_________ 50
E lectric C o o f America 10
Elec Storage B attery. 100
Gen Asphalt tr c t f s . . 100
Do
pref tr ctfs . 100
K eystone T elephone. 50
Lake Superior C orp-.lO O
Leh C & N av tr c t f s . . 50
Lehigh Valley_______ • 50
Lehigh Valley Transit 50
Do
pref_________ 50
Bennsylvania R R ____ 50
Bhiladel C o (B itts b ).. 50
Philadelphia E le c t* .. 25
Phlla R T v o t tr ctfs_50
R eading_______________50
T onopan M ining____
1
Union T ra ction ________50
United Gas Im pt____ 50

P H IL A D E L P H IA

P H IL A D E L P H IA

P H IL A D E L P H IA

In a ctiv e S tock s
American M illing_____ 10
Amer R ys pref________100
Cam bria Iron__________ 50
Central Coal 3c C ok e. .100
Preferred___________ 100
Consol T rac o f N J___100
H arwood E lectric____ 100
H untington & B T ____50
P referred ___________ 50
Insurance C o o f N A . . 10
Inter Sin Bow & Chem 50
K entucky Securities..100
P re fe rre d __________ 10(i
K eystone Telep, pr.ef_ 50
Keystone W atch Case 100
L it Brothers___________ 10
Little Schuylkill--------50
M inehlll & Schuyl I I . . 50
N at Gas Elec Lt & B ..1 0 0
Pref erred . . . ---------- 100
N orth Pennsylvania.. 50
Pcnnsy receipts $15 paid.
Pennsylvanla Salt------ 50
Pennsylvania Steel___100
P re fe r re d __________ 100
Phlla C o (Pitts) 6% prf 50
6% cumulative pref. 50
Phila German & Norris 50
Phlla Traction_________ 50
Railways General____ 10
T onopah Belm ont Dev
U nited Cos o f N J ------ 100
U nited Trac Pitts pref 50
Virginia R y & Pow or--100
P referred __________ 100
W arwick Iron & Steel. 10
W ashlngton-Va R y — 100
P re fe rre d _____ - — 100
W elsbach C o _________ 100
W est Jersey & Sea Sh_ 50
W estm oreland C o a l.. 50
W ilkes Gas & Elec____ 100
Y ork Railway_____ __ 50
Preferred ___________ 50

B on d s
Prices are all "and
interest”
A lt & L V E lec 4 H »’33F-A
Am Gas & Elec 5s ’ 07.F -A
Am Rys 5s 1917......... A-O
Atl C Gas 1st s f 5s ’60 J-J
Berg&EBrew lst6 s’21 J-J
Bethleh S’ tl 6s 1 9 9 8 .Q-F
Ch Ok & G gen 5s 1919 J-J
Con T rac o f N J 1st 5s 33
Del C o Rys tr ctfs 4s’49J-J
Edison Elec 5s 1 9 4 6 ..A-O
Elec & Peoples T r tr ctfs.
Fr T ac & 11 1st 5s ’4 0 .J-J
Gen Asphalt 5s 1 9 1 6 .M-S
llarw Elec 1st 6s 1942 M -8
Interstate 4s 1943---- F-A
Keystone Tel 5s 1 9 3 5 .-J-J
Lake Sup Corp inc 5s’ 24 O
Lehigh N av 4 ^ s ’ 14.Q-J
Gen M 4 H s g 1 92 4 .Q-F
Leh V C 1st 5s g 1933.J-J
Leh V ext 4s 1st 1948.J-D
Consol 6s 1923____J-D
Consol 4)^s 1923___J-D
Annuity 6s_________J-D
G on cons 4s 2 003 . . M -N
Leh V Tran con 4s ’35 J-D
1st series A 4s 1 93 5 .M-S
1st series B 5s 1935 M -S
MarketStEl 1st 4s '55M -N
N atLH & P serB 5s T9 J-J
New Con Gas 5s 1948.J-D
N Y Ph & N o 1st 4s’39 J-J
„ Incom e 4s 1 9 3 9 .. .M -N
Pa & N Y Can 5s ’3 9 .A-O
Penn Steel 1st 5s ’ 1 7.M -N
People’s T r tr ctfs 4S.1943
‘ Do lst& coll tr5 s ’49M -S
coM tr 5s ’51 M -N
Phil Elec gold tr ctfs.A -O
1 rust ctfs 4s 1949. J-J
P & E gen M 5s g ’ 20.A -O
Gen M Is g 1920
A-O

Ph A Read 2d 5s 1933 A-O
Ex Im p M 4s 1947 A-O
Terminal 5s g 1941 Q-F

99%
40%
88
81
73

1%

21%

98%
103%
38% 39%
41
42
81
80
10
9
6% 6%
233%

9%

12%
35

• Bid and asked; no sales on this day.




H Ex-dlv. and rights.

Piangt (or Previous
Year (1912).

Range Since Jan. 1.

stocks

(For Bonds and Inactive
Stocks see below)

Wee*.
Shares.

2 Feb 6
37 J ’ne 11
41 J ’nelO
116s J ’ne 16
42*2 J ’nelO
33 J ’ne 10
70% J ’ne 10
9% J'ne 10
22 J ’ne 4
81 J nelO
70% J ’nelO
15% Jan 4
29% J'ne 12
53% J ’ne 4
37 J ’nelO
20% J ’ne 10
20 J’nelO
75% J ’nelO
4% J ’nc 10
46% J’ne 10
80*4 J ’nelO
Bid

113

Read T rac 1st 6s ’33 _J-J
Itoch R y & L con 5s ’54J-J
Spanish-Am Ir 6s '2 7 . . J-J 100
102 Stall’d Gas & El 6s’ 2G J-D
Stand Stl Wks lst5s'28 J-J
115
99% U T rac Ind gen 5s '1 9 .J-J
100
Un R ys tr ctfs 4s ’49 .J -J —
United R ys Inv 1st coll tr
s f 5s 1926_______ M -N
73
Welsbach s f 5s 1 0 3 0 ..J-D
82%
Wil-B G&E con 5s '5 5 .J-J —
York R ys 1st 5s 1937.J-D
95%
102%
B A L T IM O R E
57
In a ctiv e S to ck s
90%
Atlan Coast L (C o n n ). 100 219
Canton C o ___________ 100 140
Consolidation C oal— 100 95
25
Georgia Sou & Fla____100
104
1st preferred----------- 100
100
75
2d preferred_______ 100
111%
G-B-S' Brewing______ 100
1%
B on d s
Prices are all "and
93%
Balt C ity 3J^s 1 93 0 ...J -J
4s 1954-1955___Various
5s 1916. ................M -N
Anacostia & Potom 5s A-O
Atl C ’st con v deb 4 s.M -N
Atl Coast L (C t)ctfs 5s J-D
5-20-vr 4s 1925......... J-J
B S P & C 1st 4 Ms '53 F-A
Balt T rac 1st 5s ’2 9 .M -N
N o Balt D lv 5s 1942J-D
98 Cent R y cons 5s ’3 2 .M -N
Ext & Im p 5s 1932 M -S
88
102 Chas C ity R y 1st 5s ’2 j J-J
79% 80 Ohas Ry G A El 5s '99M S
104% Oltv & Sub 1st 5s 1922 J-D
Cltv&Sub (W as) 1st 5s '48

| *15 paid,
|

i 13M paid.

* %U'A paid.

Ask

—
ioo"%

—
90%
*94%

91
....

Highest
16
31
4
9
2
30
24
3

1 J ’ne
8 Feb 6
z49% Feb 24 40% Oct
53% Jan 9 41% Mch
12% Jan 9 11% J ’ly
54% Jan 9 52% Jan
18 Apr
42% Feb 4
78 May 13 59% Apr
13% May 10
6 Apr
31%Jan 9 27 Feb
93% Jan 3 87% Mch
84 K Jan 3 78% Feb
#
8% Jan
23% Mch 28
37% Mch 28 23 Jan
611V«Jan 9 60 Dec
5
'1 Jan 8 49% Dec
24% Feb 14 ||16% Jan
28% Jan 3 22% May
8 4% Jan 2 74% Jan
6 Dec
6% Jan 13
51% Jan V 49% Feb
91% Feb 3 86% Jan
B A L T IM O R E

Coal & C R y 1st 5s T9 A-O
Coal & I R y 1st 5s 20 F-A
Col & Grnv 1st 6s 1916 J-J
Consol Gas 5s 1 9 3 9 .-J -D
Gen 4>£s 1954_____ A-O
Cons G E & P 4 H s ’35 J-J
Consol Coal 5s 1 95 0 ..J -D
Fair & Cl T r 1st 5s ’38 A-O
Ga & Ala 1st con 5s '45 J-J
Ga Car&N 1st 5s g ’ 29 J-J
Georgia I* 1st 6s 1 9 2 2 ..J-J
Ga So & Fla 1st 5s '4 5 .J-J
G-B-S Brew 3-4s ’5 1 .M-S
Houston Oil div c t fs ..F -A
K noxv Trac 1st 5s '28 A-O
M acouIty& L t 1st 5s’53J-J
M d Elec Ry 1st 5s '31 A-O
Memphis St 1st 5s '4 5 .J-J
M onon V T rac 5s '42 J-D
M t Ver C ot Duck 1st 5 s ..
N ptN & O P 1st 5s’38M -N
N & A Term l 5s ’2 9 ..M -S
N or& Port T r 1st 5s'36 J-D
N orf Ry & L 5s '4 9 . . M -N
North Cent 4M s 1925 A-O
Scries A 5s 1926------ J-J
Series B 5s 1926------ J-J
Pitt Un T rac is 1 9 9 7 ..J-J
Poto Val 1st 5s 1941___J-J
Sav Fla & West 5s '34 A-O
Seab Air L 4s 1 9 5 0 ...A - O
Seab & Roan 5s 1 9 2 6 ..J-J
South Bound 1st 5 s__A -0
U El L&P 1st 4 M s’29M -N
Un R y & El 1st 4s ’49 M -S
Incom e 4s 1949___J-D
Funding 5s 1 9 3 6 ..J -D
C onv notes 5s 1914 J-J
Va M id 3d ser 6s '1 6 .M-S
4th ser 3-4-5s 1921 M-S

7 Jan
47 Sep
65% Oct
1 2 % J ly
58% Aug
39% Dec
73% Dec
13 Sep
25% Sep
k i Sep
92% Jan
16% Sep
33% Dec
63 *<« Apr
56% Feb
24% Sep
29 Sep
89% Apr
8% Apr
63 Sep
92% Aug
Bid

Ask

99
100 —
105
94
91
85% 86
87%
99 ”
ioo‘%
_
100% _ _
105
103%
38
81
100 —
97

::::

69% 70
___
98
_
_
____ 88
99
99 . . . .
101
101

101 i » i
101
90%
91
100
101 103
_
102 _ m
99
91%
91% 92%
89
99%
82% 83
86% 88
61% 62
95%
86% . . . .
102
103
____ 104
102 104%
101
102
100
Va (State) 3s new *32.J-J . . . . —
96*
100%
West I f C con 6s 191 4 .J-J 100% ___*
100lill01% Wll & Weld 5s 1 9 3 5 ...J-J 104 . . . "
....

1760

THE

CHRONICLE

Volume of Business at Stock Exchanges

[Vol. xcrvx
ae Bid
10 58
)0

TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.

Railroad,
&
:c.,
Bonds.

State
Bonds.

241,386 $22,307,725
352,302 32,105,200
350,175 31,174,500
345,484 30,803,400
177,478
16,343,300
199,497
18,065,450

51,153,000
1.494.500
1.071.000
1.699.000
1.080.000
1.290.500

$130,000
135.000
207.500
197.500
42,500
117.000

1,666,322 $150,799,575

88,393,000

$829,500

Week ending
June 20 1913.

Shares.

Saturday...
Monday___
Tuesday___
Wednesday.
Thursday...
Friday_____
Total_____ _______
Sales at
New York Stock
Exchange.

Par Value.

Week ending June 20.
1913.

|

1912.

U. S.
Bonds.
$14,000
1,000

$15,000

Jan. 1 to June 20.
1913.

1912.

Stocks— No. shares_
_
1,666,322
1,308,928
44,491,227
67.711,370
Par value_________ $150,799,575 $117,419,350 $4,006,409,275 $6,115,706,575
Bank shares, p a r.._
_
$3,000
$2,700
$80,600
$324,000
Bonds.
Government b on d s...
$15,000
$10,500
$483,000
$975,500
State bonds_________
396,500
829,500
14,839,000
12,951,000
R R. and mlsc. bonds..
11,221,500
8,393,000
259,756,500
379,233,000
Total bonds.

$9,237,500- 511.628.500l

$275,078,500'

$393,159,500

DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES.
Week ending
June 20 1913.

Boston.

Philadelphia.

Listed Unlisted | Bond
Shares. Shares. | Sales.

Listed
Shares.

Saturdav..
M on day_____. . . . .
Tuesday___ . . . . . __
Wednesday_ ______
_
Thursday__________
Friday__________ ___

6,853
9,171

5,024!
6,747i

$10,000
17,000

8,454
4,351
8,197

5,489i
7,939
7,737

34,000
14,300
13,300

5,493
6,275
7,262
11,383
6,809
3,341

Total____________

36,026

32,9361

$88,600

38,563

Unlisted i Bond
Shares. | Sales.
4,684:
5,944
5,910
5,645'
3,9471
3,07229,202

$6,600
10,000
11,700
47,200
33,200
20,700
$129,400

Inactive and Unlisted Securities
All bond prices are now “ and Interest” ezcopt where marked ‘ f.”
Street Hallways— (Con )
Ask United Lt A Rys com_ 101
_
1st preferred_________lot
New York City
2d preferred_________lot
Blceck St A Ful Fy stk._100
16
17 United Rys of StL—
1st mtgo 4s 1950_____ J-J
55 65
Comvottretfs_
_ inr
B’y A 7th Ave stk______100 140 160
« Preferred __ . _
l nr
2d mtge 6s 1914_____ J-J
4 1 00
Wash Rv A El Co
.lot
Broadway Surface RR—
Preferred
..
int
1st 53 1924.................... J-J
0912 102
2
4s 1951........................J-D
Cent Crosstown stock.. 100
10 West Penn TrAWatPow 101
1st rntge 6a 1922___ M-N Io2 104
Con Pk N A E R ltstock.lOO
1
3
Christopher A 10th St stklOO 110 132 Electric, Gas & Power Cos
Dry Dock E B A Batt—
New York City
99 101 Cent Un Gas 6s 1927____J-J
1st gold 6s 1932____ J-D
Scrip 53 1914________F-A / 32
35 e Kings Co El L A P Co.lOt
Eighth Avenue stock_ 100 280 310 New Amsterdam Gas—
_
Scrip 6a 1914.............. F-A / 99 10012
1st consol 6s 1948____ J-J
_
42d A Gr St Fy stock_ 100 225 ____ N Y A E R Gns 1st 5s ’44 J^J
42(1 St M A St N A v e ...100
1st 6s 1910................ IY
I-S
Ninth Avenue stock___ 100
170 N Y A Q El L A Pow CoIlOO
Second Avenuo stock_ 100
_
3
Preferred___________ IO
C
Consol 5s 1948 ctf3..F-A
20
28 N Y A Richmond Gas__ IO
C
•Sixth Avenue stock___ 100 103 112 North’n Un 1st 5s 1927.M-N
Sou Boulev 6s 1945____ J-J
891 100 Standard G L 1st 5a ’30 M-N
So Fer 1st 5s 1919.......... A-O
00
98
Other Cities.
Tarry \YP A M 6s ’28..M-S / 75
80 Am Gas A Elec com___ 60
28 A 29th Sts 6s ’96 ctfa A-O / 5
20
Preferred___________ 50
Twenty-third St stock.. 100 220 260 Am Lt A Trac com____ 100
Union Ity 1st 6s 1942..F-A 100 10312 Preferred . . . .
inn
Westchester 1st 6s ’43.J-J 90
95 Amer Power A Lt com .. 100
Yonkers St R R 63 1946.A-O 88
95
Preferred________
100
Bay Stato Gas.
60
Brooklyn
Buffalo City Gas stock.. 100
Atlan Ave R R con 6s ’31A-0 100 103 Cities Service Co com_ 100
_
B B A W E 5s 1933___ A-O
96 100
Preferred__________ 100
Brooklyn City R R ........ 10
148 153 Columbia Gas A Elcc._.100
Bklyn Hgts 1st 6s 1941.A-O 100 102
1st 5s 1927____
. J-J
Coney Isl A Bklyn______100
08 101 Con Gas of N J 5s 1936..J-J
1st cons g 4s 1948.___ J-J
80
87 Consumers’ L U A Pow—
Con g 4s 1955________ J-J 78
83
6s 1938.......... ........... J-D
Brk C A N 5s 1939___ J-J
97 ICO Consumers Power (Minn)—
Nassau Elec 1st 5s 1944 A-O 101 103
1st A ref 5s ’29 opt ’ 14M-N
N Wmsburgh A Flatbush—
Denver G A El 5s 1949.M-N
1st 4>$s July 1941...F -A
02
95 Elizabeth Gas Lt Co___ 100
Steinway 1st 6s 1922___ J-J 100 103 Essex A Hudson Gas___ 100
Other Cities.
Gas A El Bergen Co___ 100
BufI St Ry 1st con 5s '31F-A 103 104 Gr’t West Pow 5s 1946..J-J
Com’w’lth Pow Ry A L.100 67
61 Hudson County Gas___ 100
Preferred___________ 100 77
81 Indiana Lighting C o .. 100
« Conn Ry A Ltg com_ 100
_
63
66
4s 1958 o p t ___
-F-A
e Preferred__________ 100 65
/ 0 Indianapolis Gas
fin
4 Detroit United R y___ 100
65
69*2
1st g 5s 1952........
A-O
Federal Light A T ra c...l0 0
26
28 Jackson Gas 6s g 1937..A-O
N erred___________ 100 761; 79 •Laclode Gas preferred. 100
Prcf
•Havana Elec Ry L A P 100 75
79 Madison Gas 6s 1926. A-O
e Preferred__________ 100 88
93 Narragan (Prov) El C o. 60
4 Loulsv St 5s 1930.......... J-J 104 105 Newark Gas 6s Apr ’44.Q-J
• New Orl Rys A Lt com. 100 27
100
3712 Nowark Consol G as..
____ No Hud L II A P 5s 1938A-0
e Preferred__________ 100
«N Y State Rys com___ 100
•Nor Ohio Tr A Lt com . 100
69
Preferred__________ 1 00
Pub Serv Corp of N J— See
x list Pat A Pas Gas A E le c ... 100
Tr ctrs 6% perpetual___ 104 106 St Joseph Gas 5s 1937__ J-J
No Jer St 1st 4s 1948 M-N 76
78 Standard Gas A El (Del) 60
Cons Tract of N J___ 100
72
74
Preferred___________ 60
1st 5s 1933...............J-D 100 102 United Electric of N J__ 100
New'k Pass Ry 5s ’30.J-J 104
1st g 4s 1949.............. J-D
Rapid Tran St R y___ 100 230 234 United Gas A Elec Corp. 100
1st 5s 1921.............A-O 100 _ _ _
Preferred____________ 100
J C Hob A Pat 4s ’49 M-N
75
71 Western Power com___ 100
So J Gas El A Trac-.-100 120 ____
Preferred___________ 100
Gu g 5s 1953.......... IV
t-S 97
99 Western States Gas A El—
No Hud Co Ry 6s 1914 J-J 100 —
1st A ref g 5s 1941 op . J-D
'
Con M 6s 1928____ J-J 100
Ext 6s 1924.......... M-N
95 ____
Ferry Companies
Pat Ry con 6s 1931..J-D 107
— B
1st 6s 1911.........J-J
2d 6s 1914 opt___ A-O 100 10012 N A N Y R Ferry stock.. 100
YAE
Republic Ry A Light__ 100
22
1st 5s 1922................ M-N
Preferred___________ 100 "70 ‘ 73 N Y A Hob 5s May ’4 6 ..J-D
Tehneasee Ry LAP com. 100 15
Hob Fy 1st 6s 1946..M-N
Preferred.......... ......... loo
72
73 N Y A N J 5s 1946...
J-J
•Toledo Rys A Light___ 100
212 10th A 23d Sts Ferry.
100
Trent P A II 5s 1943...J-D _9 2' —
1st mtgo 5s 1919. . J-D
Union Ry Gas A El com. 100 61
64 Union Ferry stock
inn
Preferred___________ 100 85
88
1st 5s 1920___
M-N
Street Railways

11 id
*66
*74
*69

Ask
69
70
72

10
3278
89 lj
88
823j
31
76

100
111

91
91
821?
32
77

103
114

0834 99l2
100l2 102
99 102
145
60
60
70
80
25
40
99 101
101 104
*70
•44
365
105

75
46
375
10712
68
76
78
*Mi
%
>
5
95
98
80
82
1058 1034

95
90
85
94
350
130
85
77
120
38
65
95
88

87
90
135
88
83
128
42
67
105
90
10212

123
93
90
85
85
90
* 9
♦35
85
78
22

9312

87

10
44

95
10
36
90
80
26
76
18
47

92

05

80
7
50
98
102
07
25
65
18
94

00
9
60

35
65
20
97

a And accrued dividend.
b Basis.
* Ex s u b l l d f e .
“ EQ
x^
rUeyExVr S . /in c lu d e s a l l ' n e ^ c T ^ i ™
-‘
•les. 11 any. will be found on a preceding page.




Ask

Indust and Mlscell— ( C o n ) Bid A lt
Am Steel Fdy 63 1035.A-O
98i2 100
F-A 67
Deb 4s 1923.........
69
American Surety_____ "..60 190 195
American Thread prefIII . 5
5
Amer Typefounders com.100 ~40 " 43
Preferred___________ 100 94
97
Deb g 6s 1939.......... M-N
9712 100
Amer Writing Paper___ 100
1
Hi
Barney A Smith Car com 100
8
12
Preferred___________ 100
65
75
Bliss (E W) Co com_____ 50
75
80
50 122 130
Preferred)................
Bond A Mtge Guar____ 100 282 288
Short-Term Notes
Borden’s Cond Milk com.100 112 114
■
S 973. 98U
Preferred___________ 100 103 105
9412 British Col Copper Co___ 5
J 94
*21S 2*4
0 O tj 97
O
40
“trown Shoo com___ ___100
50
J 03
96
Preferred___________ 100 84
88
J ____
110 120
8
98
99
126 12S
O 98
99
35
40
9734
O 97
Preferred___________ 100
90
95
Y StkEx list.
80
84
Hudson Companies—
82
e 1st preferred______ 100
8$
5 98 100
81
• 2d preferred_______ 100
85
J 981 09*2
2
43
50
A 94
90
Preferred ................... 100
05!2 9 »
\ 07U 9812
70
80
s / ____
1412 18
4 9914 99*8
Preferred_______I I I I 100
45
75
99i2
4 99
Debenture 4s 1951..".A-O / 50
60
93
\ 90
Continental Can com. 100 40
40
97
N 95
Preferred___________ X00 88
92
3 9314 9414 Crucible Steel co m .IIIloo
1278 13U
2 b 5.21 4.80
e Preferred............ ...... 1 00 i 85>4 8512
J b 5 .21 4.80 lavls-Daly Copper C o. _ 10
*178 2
J b 5.21 4.SO uPont(EI) do Nem Pow 100 ul30 132
993s
S 99
e Preferred__________ 1 00
95
V 973. 98i2 Cmcraon-lirantlngham.. 100 " 20"
35
1 9914 9934
Preferred___________ 100 82
90
J 9878 6938 Implre Steel A Iron com 100
N Y N H A Hartf l
13
3 ____ 75
Preferred...............
100
37
S ------ 75
General Chemical com. 100 *170 185
9834
S 97
e Preferred__________ 100 102 105
\ 973s 98*4 i Hackensack Water Co—
J 95
98
Ref g 4s ’52 op 191 2 ...J-J
3 9934 lOOhi lalo A Kilburn com___100
Y Stk E X list
1st preferred_________ 100
2d preferred_________ 100 96
98
lavana Tobacco Co___ 100
3
0
3
734 10
Preferred___________ 1 00
5
10
J 10
40
1st g 5s June 1 1922.. J-D ' 61
65
3 115 130
tecker-Joncs-Jewell Milling
3 130 140
1st 6s 1922__________ M-S 100 1011,
0
28
30
7
15
• 1st preferred.
0 64
67
3 65
65
1st 6s Nov 1930........M-N 102
0
521 6434 locking Val Products. .100
2
1
0 ____
• 1st preferred___
30
1st g 5s 1961................ J-J
• 2d preferred___ ______ 0 ____
100
Northern Securities Stubs. . 101 105
89
e Preferred__________100
) *28
32 ]
8
91,
0 *67
67
105 110
e Railroad Securities C o 117 120
85 ! Preferred___________ 100
99 100
5 70* 7712 I
3
4
Standard OH Stocks
Per sl}nre
1st g 5s 1951.............. A-O / 48
61
l *18i2 1912 1 iternatlonal Silver prof. 100 125 130
J 570 600
1st 6s 1948..................J-D 109i2 11011
J 280 300
-105 115
I
J *155 158 {1
78S4 80
3 655 670 'r
197 202
) 0 0 1 00
I
183 195
1825 1900 5
60
70
*58
61
98 102
Preferred___________100
) 68
73 1
,
'I 'A IMi
355 300
A
100 104
) ISO 185 e
155 165
140 145 e
5
20
*118 125
e Preferred__________100
25
40<|
» 37
39 Is
190 195
1 325
355 I
N
.100 105 110
1 95
1 00
I
N
*3l2 4*1
•128 130 ts
75
82
1 295 301
C
*5*
««
1 710
730 e
21,
2
1 238 240
0
71
69
12 205 2 1 0
Preferred___________ 1 00
99
97
Rights.
*100
110
e Pettlbono-Mulllken Co 100 17
25
1 147
153
e 1st preferred_______100
78
90
1 169
171 P
♦10l2 11
1 312
318
Preferred_______IIIIIso *34i2 35
1 280 290
e
95
98
1 400
110
1
12
16
1 260 270
Preferred___________ 100
46
50<i
1022
____ F
101
Stand Oil of N J.
342 345
P
130
*080 ____ r
105 110
1
139 141
38
39
268 275
1st preferred.._______100
98
991,
185 195
2d preferred................ 100
98
991,
68
70 r
188 193
175 177
Preferred___________M
)0
104 106
32 e Rumcly (M) Co com— See Stk Ex list
*28
1450 1550 S
107 109
S
<
Stk E x list
T obacco Stocks
e Preferred— See Chic Stk Ex U
s
e also Stock Exchange
S
294
Ainer Cigar com_____
130 145 S
35
95
80
Preferred_________I I 100 105 i n
45
65 S
70
74
*2118 2138 s
91
95
270 290 T
95 1 00
135 165 e
90
05
1 00
116 T
Stk E x list
160 175 T
4
7
180 2 00
60
Preferred new________ 100
65
ISO 200 T
240 255 U
1 00
L0
2
Preferred________- — 100
O*
89
91 e United Dry Goods----- 100
90
4078 45
e Preferred__________ 100 98
091|
93 .02 U
190 200
8034 8112 rU
109 120
105
10
Preferred______.. ... 1 0 0 102 105
200
100
u
60
65
« Preferred_______
108
20
U
3
41|
Young (J S) Co.............. ..
140 170
Preferred___ _______ 100 17
20
I ndu strlulA .M iscellaneous
1st tt 5s 1919................ J-J 80
90
Vdams Express_______ 100 125 135
Con g 5s 1929----- _---J-J
60
68
Col tr g 4s 1947.......... J-D / 76
78 e U S Indus Alcohol___ 100
25
35
Alliance Realty________ 100 105
e Preferred__________ 100
10
80 100
Amer Bank Note com___ 50 *40
48 U 3 Steel Corporation—
Preferred____________ 50 *5U2 53
Col s f Apr 5s 1951 op 1911 113 1141,
American Book________ 1D0 165
75
Col s f Apr 6s 1951 not opt 113 1141,
American Brass________ 100 134
38 U
82
American Chicle com_ 100 190
_
00
«
' 39*14 41
Preferred___________ 100 95
98 «
n o 11S
« American Express____ 100 158
02
W
Am Graphophone com ..100 ____ 60
A M tgo Guar______
100 105
Preferred___________ ipo
80 0 Westlngh’so Air Brake 50 *12812
American Hardware___ 100 125
. . . Vflllys-Ovcrland c o m .. 100 60
V
60
Amcr Malting 6s 1914..J-D 100
01U
P referred ______
iqo *80
90
Amer Press AsSoc’n____ 100
38
43
W
____ 75
e Amcr Tcleg A Cable..

102

66
100
110

25 100
72
)0
60
)0 40
50
10 1151 —
30 •771 83
30 6-4
68
50 ____ 120
25 65
75
91
1 89
0
25 80
95

hi

THE

J u n e 21 19 13 .]

J u v rea tm cu t
.

.

. . . .

a n d

S la ilr a a d

1767

CHRONICLE

R A IL R O A D

G R O S S.

#E

lu tc llig e v ic e .
ARNINGS.

. . . . . . .

Js

S

T h e f o llo w i n g t a b le s h o w s t h e g r o s s e a r n in g s o f e v e r y S T E A M r a ilr o a d f r o m w h ic h r e g u la r w e e k ly o r m o n t h l y r e t u r n s !
ca n b e o b ta in e d .
T h e f ir s t t w o c o lu m n s o f fig u r e s g i v e t h e g r o s s e a r n in g s f o r t h e l a t e s t w e e k o r m o n t h , a n d t h e l a s t t w o :
c o lu m n s t h e e a r n in g s f o r t h e p e r io d f r o m July 1 t o a n d i n c l u d in g s u c h l a t e s t w e e k o r m o n t h .
W e a d d a su p p le m e n ta r y
s t a t . m e n t t o s h o w t h e fis c a l y e a r t o t a l s o f t h o s e r o a d s w h o s e f is c a l y e a r d o e s n o t b e g in w i t h J u l y , b u t c o v e r s s o m e o t h e r
p e rio d .
T h e re tu r n s o f the elec tric r a ilw a y s a re b rou g h t to g eth er s e p a r a t e ly o n a s u b s e q u e n t p a g e . __________________ ________________ J

J u ly 1 to Latest Date.

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Al a N O & Tex P a eN O & N or E ast. M ay______
356,089
A la Sc V icksburg. M ay______
157,854
Vick Shrov & Pac M a y______
140,763
Ann A rbor________ 1st wkJuno
44,168
A tch Topeka & 8 Fc A p ril_____ 9,408,981
Atlanta B irm & Atl A p r il_____
269,298
Atlantic Coast Lino A p r il_____ 3,236,584
Chariest & W Car A p r il_____
159,902
Lou Ilend & St L A p r il_____
94,091
gBaltimore & O hio. A p r il_____ 7,567,179
146,899
II & O Ck Ter HU A p r il_____
338,009
Bangor Sc Aroostook A p r il_____
695,068
Bessom & Lake Erie A p ril_____
122,401
Birmingham South. A p r il_____
Boston & M aine___ A p ril_____ 3.873,797
B u ff K oclifc P it ts .. 2d wk Juno 280,529
211,833
April .
B uffalo & S u sq ..
Canadian Northern 2(1 wk Juno 606,500
Canadian P a cific. . 2d wk Juno 2,563,000
Central o f Goorgia. 2d wk Juno 201,300
Cent of Now Jersoy A p r il_____ 2,489,393
327,100
Cent Now England- A p ril_____
352,076
Central V erm on t.. A p ril_____
Chea & Ohio Linos. 2d wk June 687,277
Chicago S A lton ---- 1st wkJune 308,185
c
C hic Burl S Quincy A p ril_____ 7,081,599
c
p Chic Great W est. 2d wk June 299,218
C hic Ind & Louisv. 2d wk June 133,841
Chic M iiw & St P_\ A p ril_____ 7,166,906
Chic M il & P ugS )
®ChIc& North West A p r il____ '. 1,432,814
eChic St Paul M &O A p r il_____ 1,270,515
C h t c T l l & S E ____ A p r il_____
160,855
Cin Ilam Sc Dayton A p r ii_____
533,798
Colorado M idlan d. A p r il_____
09,698
b Colorado Sc South 2d wk Juno 237,119
20,406
C orn w a ll__________ April ___ _
35,034
Cornwall & Leban. A p r ii_____
450,651
Cuba R a ilroa d ____ A p ril____
Delaware Sc Hudson A p rii_____ 1,896,081
D el Lack & W e s t .. A p r il_____ 3,282,011
D on v & Illo Grande 2d wk Juno 423,900
026,100
Western P acific. M a y.
25,010
Denver & Salt Lake 1st wkJuno
102,525
Detroit Tol S Iront April .
c
23,655
D etroit & M ackinac 2d wk Juno
254,800
Dul & Iron R an ge. A p r il_____
Dul Sou Shore S Atl 2d wk Juno
c
77,581
Elgin Joliet & East A p r il_____ 1,092,415
722,411
El Paso & Sou West A p rii.
A p r il__. . . 4,723,769
E r i e _________
79,014
Fonda Johns & Glov April
483,320
Florida East C oast. April
256,228
Georgia R ailroad. April
Grand Trunk P a c. 4th wkM ay 147,148
Grand Trunk Syst. 2d wk Juno 1,143.971
Grand Trk West 4th wkM ay 202.436
D ot G r Ila v & M 4tli wkM ay
61,429
Canada A tlantic. 4th wkM ay
70,370
Great N orth S y s t.. M a y ____ 6,870,956
G ulf & Ship Island. A p r il____
172,289
Hocking Valley____ A p r ii_____
652,829
Illinois Central____ M a y______ 5,582,677
Intcrnat & G t N o r . 2d wk June 149,000
a Interocoanic M ex 2d wk Juno 165,556
Kanawha & M ich . April
238,448
Kansas C ity South. M a y _____
901,363
Lehigh Valloy_____ A p ril____ 3,530,767
Louisiana & A rkan. A p r ii____
147,608
3 Louisv & N a s h v .. 1st wkJuno 1,112,510
M acon & Birm ’kani M a y.
9,978
April
911,441
M aine Central
44,024
M aryland & Penna. April
312,200
a Mexican Railway- 4th wkM ay
15,415
Mineral R ango____ 2d wk Juno
M inn & St L o u is ..' 2d wk June 205,115
Iowa Central___
M inn St P & SS M 1st wkJune 580.075
Chicago Division.
80,514
Mississippi Central. A p r il_____
u .M o Kan Sc T exas. 2d wk Juno 540,132
t Missouri P a cific. . 2d wk June 1,082,000
Nashv Ohatt S St L A p r il_____ 1,095.721
c
a N at R ys o f M e x .l 2d wk June
613,329
N o vada-Cal-Orcgon 1st wkJune
6,572
N O M oblo Sc C h ic. A p r il_____
224,566
N ow Orl Grt N orth . A p r il____
155,891
e N Y O J t Hud ltiv A p r il____ 9,371,490
Lake Shore & M S April ____ 4,893,684
n Lake Erio Sc W A p r ii_____
466.076
Chic Ind & South A p r il____
326,366
Michigan Central A p r ii____ 31,49,565
Clevo (3 C Sc St I A p rii____ 2,218,454
204,568
Peoria & Eastern Aprii _____
76,645
Cincinnati North Aprii _____
Pitts Sc Lake Erie Aprii _____ 1,674,912
958,681
N Y Chic & St L . A p r il_____
391.555
Tol S Ohio C ent. A p r ii_____
c
23731996
T o t all lines above April
N Y N II & H artf. A p r il_____ 5,701,842

Current
Year.

Previous
Year.

Previous
Year

$
339,122
104,691
42.402
40,405
,186,291
257,293
,202,856
177,594
100,007
,589,078
125,204
276,327
573,996
81,888
,755,654
228,255
95,635
375.100
.525,000
226.100
,757,547
291,462
347,195
689,M 0
271,918
,726,131
303,968
126,191
,469,510

S
3,610,218
1,744,558
2,024,205
2,144,949
98.907,424
2,763,349
30.589,746
1,625.818
1,024,177
83,573,249
1,480,963
2,681,778
6,956,508
1,043.265
40,491,208
10,521,142
2,061,909
21,789,600
132656 291
13.387,780
26,747,085
3,104.781
3.466.021
33,312,847
14,309,802
79,583,138
13,323,669
6,682,151
79,114,107

3.569.436
1,513,138
1,835,216
2,163,936
89,869,954
2,781,014
28,065,622
1,662,684
1.074,615
76,026,494
1.288.436
2,868,305
6.384,409
717,814
38,159,392
9,154,972
1.970,161
18,547,200
116825 723
13,400,080
24,830,907
2,914,820
3,397,631
32,660.075
13,662,836
73,188,167
12,268,809
6,215,466
66,090,188

,844,803
,171,152
106,664
702,747
126,071
215,316
15,653
23,807
396,723
,136,291
.140,904
445,600
448.827
24,066
118,270
24,121
164,837
72,748
912,012
668,941
,773,514
68,213
508,112
268,652

,086,493
,501,761
,633,721
,300.954
,580,254
,363,432
202,439
353,298
,785.813
,137,997
,556,638
,400,340
,662,935
,069,375
,384,781
,186,937
.114,361
,237,327
,993,077
,220,260
,879,756
816,199
,293,491
,633.160

522,776
808,526
602,858
221,158
557,958
447,555
161,088
252,675
,119,580
,544,128
.834,315
,221,130
,789,249
.117,273
,507,474
,180,189
.923,938
,998,803
,455,895
,249.643
,177,726
772.311
,637,068
.912,633

1,050,171
178,537
56,184
67,771
5,667,710
161,870
349,454
5,030,335
161,000
178,011
183,038
764,530
1,924,229
133,175
1,015,420
11,571
■
823,570
43,169
260,700
14,456
184,830

53,082 063
6,750 146
2,249 ,701
2,216 ,257
71,725 ,907
1,740 141
6,338 692
59.356 ,052
10,812 ,834
8,756 ,061
2,673 ,698
9,852 ,329
35,50-1 ,675
1,405 ,046
55,885 ,985
146 ,933
9,449 ,430
422 .254
8,102 ,900
803 ,609
9,304 .340

,103,384
,104.484
,058,330
,933,796
,330,088
,655,246
,984,635
,956,881
,942,823
,488,857
,552,363
,505,736
,956,032
,214,374
.898,244
155,821
,875,020
369,698
.756,000
728,427
,475,506

453,013 30,201.970 24,651,316
67,925
477,536
1,029,000
1,073,713
1,148,908
9,043
159,534
122,822
8.068.634
4,044,474
414,989
285,407
2.679,099
2,346,916
222.377
114.008
1.071.258
912,088
247,146
20406395
5,451,477

870,754
31,020,867
59.628.275
11,115,544
55,068.124
378,515
2,112,299
1.463,311
95,118,252
48,403,714
6.040,325
3,670,677
29,378,854
28,173,895
2,984,831
1.166,393
16,420,029
10,543,057
4.512,675
245428804
57,457,546

733,010
27,029,901
52,121.287
10,161.868
58,881,456
350,382
1,623,802
1,344,310
87,819.734
42,083,374
4,667.112
3,360.450
26,203,845
25,742,006
2,657,965
1.130,792
13,344,022
9,602,806
4,320,395
220932493
53,623,453

Latest Gross Earnings.
ROADS.

Week or
Month.

J u ly 1 to Latest Date.

Current
Year.

Previous
Year.

Current
Year.

S
725,895
357,941
62,039
3,152,492
5,698,244
271,804
608,955
14830280
23,482
30S.608
864,561
9,480
322,842
1,106,325
1,761,907
411.324
4,869,305
423,447
3.041.566
853,214

355,773
188,281
60,941
3,508,855
5.201.648
252,866
398,453
13291728
20,979
263,649
814,037
8,670
284,123
912,330
1,620,970
484,043
4,021,487
459,734
3,281,404
672,225

7,843,420
3,169,114
3,400,828
36,095,463
60,885,499
3,028,684
6.590,808
150667039
262,672
2,928,426
9,344,890
128,840
3,031,362
11,052,626
17,469,173
5,275,200
54,189,744
4,620,802
36,876,826
9.391,024

7,265,135
3,139,143
3,045,081
32,752,959
52,781,962
2,870,724
6,267,256
135932836
228,389
2.481.771
8.717.643
111,789
2,738,200
10,544,392
15,875,550
5,210,427
45,881.537
4,347,765
33,829,208
8,436,812

20721729
9.319,367
30041096
1.376,232

s

Previous
Year.

N Y O n t & W e s t .. . A p r il_
_
N Y Susq & W e s t .. A p r il_____
N orfolk S outhorn.. 1st wkJuno
N orfolk Sc W estern. April _____
Northern Pacific___ A p r il_____
Northwestern P a c. A p r il_____
Pacific Coast C o — A p r il_____
Pennsylvania R R . . A p r il_____
Balt Ches Sc A tl. A p r il_____
Cumberland Vail A p r il_____
Long Island_____ A p r il_____
M aryl'd Del Sc Va A p r il_____
N Y Phila & N orf A p r il_____
Northern Central A p r ii_____
Phil Balt & Wash A p r il_____
W Jersey & Seash A p ril_____
Pennsylvania Co— A p r ii___ _ .
Grand Rap Sc Ind Aprii _ _ _ _ .
Pitts O O & St L . A p r il_____
Vandal i a ____ ___ A p ril___ __
T otal L in e s ..
East Pitts S E . _ . A p r il_____
c
W est Pitts Sc E _ . A p ril_____
All East &West A p r il_____
Pere M arquette___ A p r il_____
Reading Co—
Phila & R eading. A p r il_____
Coal Sc Iron C o . . A p r ii_____
T otal both C os— A p r ii_____
Rich Fred & Potom A p r ii_____
R io Grande J u n e .. M arch____
Rio Grande South_ 2d wk June
R ock Island Lines_ April _____
R utland----------------- A p r il_____
St Jos & Grand Isl’d A p r il_____
St L Iron M tn Sc So A p r ii_____
St L R ocky M t & P A p r il_____
St Louis Sc San Fran M arch____
/C l d c & East 111. A p r il_____
T otal all lines___ M arch____
St Louis Southwest. 2d wk June
_
San Ped L A & S L . A p r il_
Seaboard Air L ine. . 1st wkJune
Southern P a cific. _ A p r ii__
Southern R ailw ay_ 2d wk June
M obile fc O h io ... 1st wkJuno
O in N O & T o x P . 1st wkJune
A la Groat S outh. 1st wkJuno
Ga South Sc F l a .. 1st wkJune
_
Spok Port & Seattle A p r il_
'Bonn Ala & Goorgia 1st wkJune
_
Tennessee C entral. A p ril_
Texas & P acific____ 2d wk June
_
Tidewater & W est. A p r il_
T oled o Poor Sc AVest 2d wk June
T oledo St L & West 2d wk June
Union P acific S yst. A p r il____
Virginia & So W est. Aprii _____
Virginian _________ A pril______
W abash__________ M ay______
AVostern M aryland A p r il___
AVlioel Sc Lako E rie. M a y ___
W riglitsv & Tennillo A p r il___
Y azoo Sc Miss V ail. M a y____

18711151
8,552,060
27263211
1,380,251

212517431
106306741
318824173
14.681.235

192921504
93,617,894
286539397
13,978,727

4,235,118 2,987,465
4,160,226 903,717
8,395,344 3,891,182
296,140 245,183
72,521
60,075
12,574
8,019
5,208,590 4,874,232
283,692 277,640
120,872 131,549
2,697,829 2,173,136
148,071
190,711
3,678,459 3,462,772
1,203,922 968,964
4.946,840 4,869,151
215,000 217,000
830,874 791,323
489,751 465.633
11059395 10487057
1,155,831 1,112,276
233,092 214,464
192,297 187,100
89,116
84,375
43,560
42,065
408,461 371,317
2,568
3,144
141,915 130,814
260,675 233,166
8.900
7,867
23,823
29.5M
74,844
88,081
7.000,573 6,968,578
160,392 139,658
639,968 417,224
2,610,795 2,307,287
630,252 620,706
741,148 595,340
28,476
23,706
814,217 597,971

43,154,940
36,195,374
78,350,314
2.427.976
878,600
630,199
59.618,809
3,056,226
1.308.977
28,871,797
1,884,387
35,144,762
13,571,005
47.511,845
12,765,052
8,436,598
23,034,696
119346030
65.595.235
11.464,847
9,771,007
4,880,171
2,412,440
4,433,743
126,353
1,399,510
17,349,823
87,108
1.305,964
4,109,233
78,804,215
1,495,473
5,150,644
29,168,912
6,277,713
7,066,251
273,272
10,153,232

38,292,311
31,825,554
70,117,865
2,057,589
751,858
484,355
53,736.789
2,853,977.
1,317,114
25,220,340
1,665,814
32,384.859
12,973,502
44,389,397
11,531,995:
7,349,199.
21,664,107!
109951394
60,962,304
10,480,056
9,123.469
4,482,280
2 .308,317i
4,033.563'
101,890
1,265,262'
16,314,102
79,788'
1.214.4631
3,714.094
72,097,501'
1,446.962:
4,030,140
25,953,387.
6,016,431!
6,791,785!
313,4671
8,890.500

Various Fiscal Years.

Period.

Current
Year.

Previous
Year.

Delaware S c H udson___________ Jan
N Y Central & Hudson R iv e r.e . Jau
Lake Shore & Michigan South Ian
Ian
Lake Erie & W cs te rn -n ...
Chicago Indiana S c Southern. Jan
M ichigan Central__________ Jan
C leve Cin Chic & St L o u is .. Jau
Peoria & Eastern___________ Jan
Cincinnati N orthern_______ Jan
Pittsburgh & Lake E rie_____ Jan
N ew York Chicago & St Louis Jan
T oled o & Ohio Central_____ Jan
T otal all lines_____________ Jan
Pennsylvania Railroad_______ Jan
Baltimore Chesap & Atlantic Jan
•Cumberland V alley_________ Jan
Long Island_________________ Jan
M aryland Delaw S c V irgin ia .. Jan
N Y Philadelphia S c N o rfo lk . _ Jan
Northern Central____________ Jan
Philadelphia Balt S c W ash___ Jan
W est Jersey & Scashoro_
_
Jan
Pennsylvania Company_________ Jan
Grand Rapids S c Indiana____ Jan
Pitts Cincln Chic <c St Louis Jan
5
Vandalia __________________ Jan
T o ta l lines— East Pitts & Erie Jan
— W est PittsJc Erie Jan
— All lines K Sc W_ Jan
R io Grande Junction______ ___ Doc
R utland________________________ Jan

1
1
1
1
1
1
1
i
t
i

1
1
1
1
1
1
1
1
1

1

1
1
1
1

i
1

1

1
1
1
1

to Apr 30 7,829,937 6,410,212
to Apr 30 35,873,958 32,659.973 1
to . Apr 30 19,166,022 16,467,422'
to Apr 30 1,854,258 1,770,460
to A pr 30 1,460,651 1,410,688
to Apr 30 11,704,495 10,098,769
to Apr 30 10,154,473 9,735,977
to A pr 30 1,061,413 1,003,959
to Apr 30
364,504
422,800
to Apr 30 6.328,348 4,972,768
to A pr 3(1 4,044,093 3.736,603
to Apr 30 1,568.712 1,490,021
to A p r 30 93,5S6,927 83,769.428
to Apr 30 58,089.557 53,771,105
to Apr 3(1
72,838
60,098
to A pr 30 1,171.370
981.724
to Apr 3(1 3.076.302 2.883.287
to Apr 30
36.206
26.533
to . A pr 30 1,161,317 1.010,191
to A pr 30 4,218,514 4,006.328
to A p r 3(1 6,691,728 6.080.643
to A pr 3(1 1,570,781 1,580,145
to A pr 3(1 18,739,042 16,471.745
to Apr 3(1 1,681,250 1,661.262
to A pr 81 13,531,125 13,330,889
to A pr 30 3,462.023 3,236,479
to A pr 30 80,104.812 73,958.598
to A pr 3< 37.886.683 35,141,369
to Apr 3( 117991495 109099967
306,665
267,492
to M ar 31
to Apr 30 1,060,991 1.011.093

AGGREGATE> OF GROSS EARNINGS—Weekly and Monthly. - .v«
Weekly Summaries.

Current
Year.

Previous
Year.

Increase o r,
Decrease.

%

■ M onthly Summaries

••

' Current /
Year. '■

Previous
Year.

Increase or
Decrease.

Cur. Yr. Prcv. Yr.
t
Mileage.
$
S
S
S
$
A u g u st.___ .239,230 235,404 2 7 6 , 9 2 7 , 4 1 6 251.067,032 +25,800,384 10.30
12.980.560 13,312,977
— 332,417 2.50
Septem ber. .237,591 235,140 272,209,629 252,318.597 + 19,891,032 7.88'
+ 55,799 0.41
13,514,895 13,489,096
October — .237,217 233,545 293.738,091 258,473,408 +35,264,683 1 3 . 6 4
14.098.561 13,402,134
+ 696,427 5.20
N ovem ber. .237,376 233,305 276.430,016 244,461,845 +31,968,171 13.07
+844,525 4.68
18,903,550 18,059,025
December _ .238.072 234,146 263,768,603 234,087,361 +29,681.242 12.68
+579,703 4.49
13,500,986 12,921,283
January — .235,607 232,179 246.663,737 208,535.060 +38,128,677 18.28
+826,152 6.24
14,069,124 13,242,972
February__ .240,986 237,756 232.726.241 218,336,929 + 14,389,312 6.59
+ 504,541 3.84
13,655,723 13,151,182
M arch------- .240,510 237,295 249,230,551 238,634,712 +10.595,839 4.40
20,223,520 19,138,924 + 1,084.596 5.07
April __— .240,740 236,515 245,170,143 220,981,373 +24,188,770 10.90
14,155,295 13,576,071
+579,224 4.27
M a y ---------- . 88,816
86,735 75,041,869 68,027,250 +7,014,619' 10.30
11,110,153 11,144,979
— 34,826 0.31
a
.
?
° xlcan C h e n e y , b Does not InrAulo earnings o f Colorado Springs^ Cripple Croek District Railway from N o r . 1 1911. e Includes the Bor*
ton & Albany, the New York Sc Ottawa, the St. Lawrence & Adirondack and the Ottawa Sc New York Railway, the latter o f which, being a Canadian
road,does not make returns to the Inter-State Commerce Commission. /In clu d e s Kvansville Sc Terre Haute and Kvansville Sc In d ia n a R R . <7 I n eludes the Cleveland Lorain & Wheeling R y. in both years, n Includes the Northern Ohio R R . p Includes earnings of M ason C ity Sc F t. D odge and
Wisconsin Minnesota & I acitic. s Includes Louisville & Atlantic and the Frankfort Sc Cincinnati, t Includes the Mexican International, u Includes
th e lexas Central in both years and the Wichita Falls Linos in 1912, beginning N ov. 1 .
v Includes not only operating revenues, b u t also all o th e r,
receipts, x Includes, S t ,. Louis Iron M ountain & -Southern.
•
1st week April
2d week April
3d week April
4th week April
1st week M ay
2d week M ay
3d week M ay
4th week M ay
1st week Juno
2d week Juno

39
3!)
40
40
38
40
37
40
42
29




roads)____
roads)____
roads)____
r o a d s ) ...I
roads)___I
roads)___
roads)___I
roads)____
roads)___I
roads)____

17«8

THE

CHRONICLE

Latest Gross Earnings by Weeks.

— I n th e ta b le w h ic h
f o l l o w s w e s u m u p s e p a r a t e l y t h e e a r n in g s f o r t h e s e c o n d w e e k
of June.
T h e ta b le c o v e r s 2 9 ro a d s a n d sh o w s 0 . 3 1 %
d e c re a se in th e a g g r e g a te u n d e r th e sa m e w e e k la s t y e a r .

1913.

Second week o f June.

1912.

$
52,274
131,400
38,000

1,050,171

E X P R E S S C O M P A N IE S .

----- Month of A pril ------- -J u l y 1 to A pril 30—
Gross receipts from operationi
Express privileges— D r _____

1913.
s
90,975
35,156

1912.
S
63,663
24,796

1913.
$
784,145
305,116

1912.
$
501,054
194,25»

T otal operating revenues.
T otal operating expenses. _ ^_

55,818
32,730

38,865
18,966

479,028
302,601

306,800
163,891

N et operating revenue____
One-twelfth o f annual taxes.

Increase. Decrease.

$
$
B uffalo R ochester & Pittsburgh
280,529
228,255
Canadian N orthern------------------506,500
375,100
Canadian P a cific_______________ 2,563,000 2,525,000
C entral o f Georgia_______
201,300
226,100
Chesapeako & O hio______
687,277
689,540
C hicago G reat W estern ..
299,218
303,968
C hicago In d & Louisville.
133.841
126,191
C olorado & Southern__________
237,119
215,316
D en ver & R io Grando________
423,900
445,600
D etroit & M ackinac___________
23,655
24,121
DuhMh South Shore & Atlantic
77,581
72,748

[ V o l . X C V I.

23,087
631

19,899
540

176,968
5,053

142,908
3,431

19,359

171,915

139,477

Canadian Northern—

93,800

Grand T ru nk o f Canada_____ )
Grand Trunk W estern .
\ 1,143,971
D etroit Gr Hav & M ilw
'
j
Canada A tlantic_____
In tem a t & Great Northern
149,000
Interoceanic o f M ex ico_________
165,556
_
M ineral R ange_____
15,415
M inneapolis & St L o u is .. 11 III
205,115
Iowa C entral______ . .
_ J
M issouri Kansas & Texas............
540,132
M issouri P a cific________________ 1,082,000
N ational Railways o f M ex ico . _
613,329
R io Grande Southern__________
12,574
St Louis Southwestern_________
215,000
Southern R ailw a y_____
1,155,831
Texas & P a cific________________
260,675
T oledo Peoria & W estern______
29,554
T oled o S t Louis & W estern____
88,081

7,650
21,803
4,833

161,000
178,011
14,456
184,830

959
20,285

477,536
1,029,000
1,148,908
8,019
217,000
1,112,276
233,166
23,823
74,844

62,596
53,000

11,110,153 11,144,979
—
...........-

581.187
...........

4,555
43,555
27,509
5,731
13,237

$
24,800
2,2b3
4,750

First week o f June.

Total (42 road s)........... ........
N et increase (4 .2 7 % )_________

962,192
4,741
3,763
36,267
5,197
944
1,495
97,090
18,628
"l~,098
24,118

14,155,295 13,576,071 1,155,533
579,224

12,000
12,455

535,579
._

2,000
_______

616,013
34,826

573,262

2,471
"5 7 6
576,309

Net Earnings Monthly to Latest Dates.

$
23,201
224,605
2,243
34,450
764,530
8,505,736
89.168
1,074,015
595,340
6,791,785

$
14,285
154,232
2,907
27,772
338,555
3,690,310
1,948
216,096
152,195
1,847,171

S
7,180
89,410
213
14,001
235,635
2,704,351
4,818
197,116
182,769
2,203,629

INDUSTRIAL COMPANIES.
----- Gross E(irntngs------ ------ N et Ea rmngs-----Current
Year.

Companies.

$
Cities Service C o ......... .M a y
111,142
June 1 to M a y 3 1 ............ 1,403,777
K eystone T e le p h o n e .a .M a y
106,329
Jan 1 to M a y 31______
520,573
K ings C o E l L & P, including
E d El 111 C o o f Bkln a M a y
436.369
Jan 1 to M a y 3 1 ______ 2,345,087
g M exican L t & P ow er. .M a y
785,232
Jan 1 to M a y 3 1 ______ 3,848,282
Pennsylvania Ltg b ___M a y
10,909
Jan 1 to M a y 3 1 ______
55,860
Southw U tilities C orp __M a y
162,971
June 1 to M a y 3 1 ______ 2,021,536
Utah Securities C o rp ___M a y
144,903
679,447

Previous
Year.

Current
Year.

Previous
Year.

$
78,981
1,079,556
101,653
496,080

$
104,112
1.334,922
52,628
255.417

$
73.501
1,007,640
51,599
248,351

409,701
2,199,995
709,074
3,620,525
8,847
49,243
140,500
1,724,792
118,391
608,712

153,370
903,671
582,366
2,838,337
6,731
34,991
76.435
887,806
91,309
398,410

136,917
836,864
501,256
2,667.188
5,145
28,791
59,360
767,088
60,013
347,692

a N et earnings here given are after deducting taxes,
b N et earnings here given are before deducting taxes.

g These results are in M exican currency.

Interest Charges and Surplus.
- I n t ., Rentals, & c. -------- Bal. o f Net Earns .—•
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

Roahs.

$
T oled o i Peor . & . est____A pr
W
.
.
------- 24,503

July 1 to Apr 30...........

242,924

$
$
$
23,68.5 zd efl3 ,3 8 0 z d e fll.3 8 0

239,001

*31,835

* 1 ,6 2 2

INDUSTRIAL COMPANIES.
— In t., Rentals. & c. ------ Bal. o f N et Earns .—
Companies.

K eystone Telephone— M ay
Jan 1 to M a y 3 1 ---------Kings C o El L t & P , including
E d El 111 C o o f B kln . .M a y
Jan 1 to M a y 3 1 ______
Pennsylvania L tg ______M a y
Jan 1 to M a y 3 1 ______

Current
Year.

$
24,765
125,989
55,364
376,145
3,500
17,499

Previous
Year.

Previous
Year.

24,804
124,886

$
27,863
129,428

26.795
123,465

72,756
363,363
3,383
16,740

*103.656
*554,285
3,231
17,492

*68,518
*497,783
1,762
12,051

* A fter allowing for other incom e received.




Current
Year.

1913.

Gross receipts from operation 2,292,517
Express privileges— D r _____ 1,115,337

1912.
1913.
19127
$
$
$
2,444,393 23,785,208 21,151,014
1.163,081 11,449,239 10,004,687
1,281,312 12,335,968 11,146,327
1,164,564 10,849,093 9,403,569-

One-twelfth o f annual taxes.

— 59,373
30,000

116,747
24,750

1,486,875
240,000

1,742,757
197.948

Operatlng incom e_________

— 89.373

91.997

1.246.875

1.544.809-

ELECTRIC RAILWAY AND TRACTION COMPANIES.

— T h e ta b le
f o l l o w i n g s h o w s t h e g r o s s a n d n e t e a r n in g s o f S T E A M r a il­
r o a d s a n d in d u s tr ia l c o m p a n ie s r e p o r te d th is w e e k :
----- Gross Earnings------- ------- N et Earnings ------Previous
Current
Current
Previous
Roads.
Year.
Year.
Year.
Year.

$
Ala Tenn & N or S yst_ A pr
_
36,894
July 1 to A p r 3 0 ______
378,885
Birm & Southeastern ..A p r
8,825
July 1 to A p r 3 0 ______
75.280
Kansas C ity S o u .b ____M ay
901,363
July 1 to M a y 31______ 9,852,329
T o l Peor & W estern .b . .A p r
93,483
July 1 to A p r 3 0............ 1,152,885
W heel & Lake E r io .b ___M ay
741,148
July 1 to M a y 31______ 7,066.251

22,455

— M onth of February------- July 1 to Feb. 28—

. 1,177,179
1,236,552

1912.

1913.

-

Wells, Fargo & Co .—

21,700
466

F o r t h e f i r s t w e e k o f J u n e o u r f in a l s t a t e m e n t c o v e r s 4 2
r o a d s a n d s h o w s 4 . 2 7 % in c r e a s e in t h e a g g r e g a t e o v e r t h e
s a m e w e e k la s t y e a r .

Previously reported (30 roads) _ 11,546,427 11,157,497
A labam a Great S ou th ern ..........
89,116
84,375
Ann A rb o r_____ _____ _______
44,168
40,405
Chicago & A lton _______________
308,185
271,918
Cine N ew Orl & Tex P a cific____
192,297
187,100
D enver & Salt Lake___________
25,010
24,066
Georgia Southern & Florida____
43,560
42,065
Louisville & N ashville_________ 1,112,510 1,015,420
M o b i l e * O hio...............................
233,092
214,464
N ovada-Clifornia-O regon______
6,572
9,043
N orfolk Southern_____________
62,039
60,941
Seaboard A ir Line_____________
489,751
465,633
Tenn Alabam a & Goergia______
2,568
3,144

Operating incom e.

Nam e of
Road.

Lalesr Gross Earnings.
Week or
Month.

Current
Year.

Previous
Year.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

$
American R ys C o ___ M a y.
433,589 398,642 1,980,626 1,870,697
A tlantic Shore R y ___ M a y .
28,927
25.207
120,618
115,000
c Aur Elgin & Ch R y . April
146,266 141,974
551,729
521,853
Bangor R y & E lec Co April
51.492
57,448
228.756
208,777
Baton R ouge E lec C o April
12,240
11,129
49,813
45,187
Brazilian Trac, L & P A pril______ 1933,317 1691,600 7,645,284 6.477.504
Brock & Plym St R y . A p ril______
8.354
8,285
31,085
29,845
Bklyn Rap Tran Syst February_ 1708.795 1724.865 3,511.270 3,546,816
Cape Breton E lec R y A p ril______
27,917
26,559
102,980
113,992
Cent Park N & E Riv February_
50.683
93,205
121,265
45,638
Chattanooga R y & Lt A pril______
92,389
320.201
370,057
81.208
C leve Painesv & East A p ril_____
29.683
27,839
100.245
110,306
C leve Southw & C o l. A p ril_____
94,941
91,091
354,933
334.396­
Colum bus (Ga) El Co A p ril______
47,131
43,447
190.723
170,797
C om m onw P,R y& L t. A p ril........... 545,577 490,119 2,276,200 2,007,485
C oney Isl & Brooklyn F eb ru a ry ..
98.391
98,218
206.543
196,436
Dallas E lectric C orp . A p ril_____
166,008 141.098
674,875
547,076
D etroit United I t y .. 4 th wltM ay 361,150 311,661 5,012,499 4,302,380
D D E B & B at (R ec) February. _
43,418
48,136
91,895
98,885
Duluth-Superior T rac A p ril______ 101,042
91,998
379,704
354,486
East St Louis & Sub- A p ril______ 204,769 179,744
833,677
757,607
El Paso E lectric C o s. A p ril______
69,200
58,110
301.805
252,584
42d St M & St N A ve F e b ru a ry .. 135,543 127.839
289.374
255.151
G alv-H oust E lec C o . A p ril______ 185,508 151.603
702.863
583,472
Grand Rapids R y C o. A p ril........... 100,108
94,339
403,026
382,013
M a y ______
Harrisburg Railways
87,087
80,698
382,175
358.246
H avana Electric R y . W k Junel5
54,536
47,040 1,288,856 1,149,702.
Honolulu R apid Tran
& Land C o _______ A pril...........
48,447
44,008
203.963
181,504
H oughton C o T r C o . April
25.700
24,567
97,828
93,147
Hudson &Manhattan F e b ru a ry .. 295,250 298,388
625,630
617,087
Idaho T raction C o . . A p ril_____
33.392
128,356
31,663
118,701
Illinois T ra ction ____ A p ril______ 603,659 563,505 2,484,120 2,353.867
Interboro Rap T ra n . A pril______ 2850,645 2806,388 11,312,353 11.135,862
Jacksonville T rac Co A pril______
56,364
51,284
198,331
214.962
Lake Shoro E lec R y . A p ril______ 100,218
97,806
359,197
382,561
Lehigh Valley Transit M a y ______ 125,340 105,318
526,043
623,948
Lewis Aug & W aterv A p ril______
49.274
184,170
45,045
160,727
Long Island E lectric. February. .
13,607
12,897
25.630
28,697
M ilw El R y & L t C o . A p ril_____
492,981 459,608 1,995,240 1,864,130
M ilw L t, H t & T r Co A p ril_____
102,862
88.390
337,357
397,572
Monongahela Vail T r A pril______
71,065
243,232
65,227
277,446
Nashville R y & Light A p ril........... 176,036 168,976
708,291
663.697
N Y C ity I n te rb o ro .. F eb ru a ry ..
41,501
30,836
88,416
63,840
N Y & Long Isl T r . . . February. .
25.184
24,376
53,347
48,507
N Y & N orth Shore. . F e b ru a ry ..
9.808
9,576
19,391
20,599
N Y & Queens C o ___ F ebruary. .
90.540
84,952
194,125
175,576
N ew York R ailways. A p ril_____ 1202,761 1157,654 4,616,383 4,397,518
Northam Easton& W A p ril______
13,907
13.680
50,924
53,385
N orth Ohio T rac & Lt A p r il_____ 238,546 221,784
845.271
925,727
N orth Texas Elec Co A p ril_____
164.683 134.935
502.310
651,409
N orthw Ponnsylv R y M a y _____ _
30,874
26,674
115,214
129,344
Ocean Electric (L I ) . F eb ru a ry ..
4.158
4,061
8,215
8,689
Paducah T r & L t C o . A p r il_____
13.701
23,625
89,401
94,904
Pensacola Electric C o April______
22.491
21,156
91,746
90,076
Phila Rap Trans C o . A p r il_____ 1998.245 1903,908 7,784,912 7,321,162
Port (Ore) R yL & P C o . A p ril______ 546,231 532,562 2,174,796 2,125.840
Portland (M e) R R . . A p ril...........
70,472
284.723
74,793
264.202
Puget Sound T r ,L * P A p r il_____ 689,941 669,409 2,749.256 2,742,910
Richm ond L t & R R . F e b ru a ry ..
47.756
22,564
22,287
45.954
3t .1oseph(M o) R y ,L t .
Heat & Power C o . A pril______
404,579
90,423
97,713
378,985
Santiago Elec Lt & T r M a y _____
187,272
32,178
161,696
38,166
Savannah Electric C o A p ril..........
263,167
60,721
234,481
66,378
65,873
Second Avenue (R ec) F ebruary..
152,532
71,164
136,653
Southern B oulevard. February. .
8,527
26,572
12,491
17,603
Staten Isl’d M idlan d. February. .
15,527
15,738
33,653
31,847
Tam pa Electric C o . . A p ril..........
62,395
60,180
256.371
244,862
Third A venu e............ F ebruary.. 298,928 290,739
625.372
596,307
Twin C ity Rap T ra n . 1st wk Jun 169,745 155,165 3,638,730 3,381,721
Underground Elec R y o f London
London Elec R y _ . W k June 7 £13,525 £13,845 £328,925 £325,260
M etropolitan D fst. W k June 7 £13,346 £12,728
£302,343
£289,616
London Gen B u s .. W k June 7 £71,898 £52,282 £1,361,069 £1,042,873
Union R y Co o f N Y C F eb ru a ry .. 178.056 171,540
351,670
379.805
U nlonR yG & E C od ll). A p ril.......... 363,898 279,735 1.554,707 1,202,811
United R ys o f St L ._ M a rch ____ 1047.48S 977,001 2,969.051 2,802.815
Westchester E lectric. February. .
81,042
36.541
77.346
39.765
Western R ys & Light A pril.......... 187,285 171,000
702,796
794.364
Yonkers R ailroad___ F ebruary..
102,334
77,836
49,350
50,127
York Railways______ A p r il.........
234,947
221,935
54.076
57.987
73,520
Youngstow n & O hio. A p r il.........
17.765
71,288
19,216
35.970
Youngstown & South M a rch ____
12,191
13,302
32,839
c These figures are for consolidated com pany.

Electric Railway Net Earnings.

— T h e fo llo w in g t a b le
g iv e s th e r e tu r n s o f E L E C T R I C r a ilw a y g r o ss a n d n e t
e a r n in g s r e p o r t e d t h i s w e e k :
----- Gross Ecirnings------ ------ Net Eatrnings-----Current
Previous
Previous
Current
Roads.
Year.
Year.
Year.
Year.

A tlantic Shore R y . b - - . M a y
Consol C ities L , P & T r .M a y
Jan 1 to M a y 3 1 ______
Harrisburg R ailw ays___M ay
_
(/M exico T ram w ays_ M ay
Jan 1 to M a y 31______
M iddlesex & B o sto n ___M a y

S
28.927
120,618
47,775
395,527
87,087
382,175
595.795
2.676,760
83,736
839,132

$
25,207
115,009
—

80,698
358,246
559,832
2,713.066
79,326
792,294

$
5,272
17,697
46.803
389,259
22,038
62,606
319,465
1,267,849
22,387
209,990

$
2,921
12,866

2 5,759

98,733
291,107
1,257,067
24,377
211,782

THE

J u n e 21 1913.]

Roads.
N orthwestern P enn____M a y
Jan 1 to M a y 3 1 ---------U tilities Im prov’ t C o ___M a y
Jan 1 to M a y 3 1 ______
W ash Balto & Annapolis M a y
Jan 1 to M a y 3 1 ______

— Gross Earnings----Current
Previous
Year.
Year.
$
$
26,674
30.874
116,214
129.344
_
137.369
724,319
68,994
73,066
284,209
323.338

------ N et Earnings-----Current
Previous
Year.
Year.
$
$
9,239
2,511
20,887
17,989
134.500
712,913
37,539
39,160
134,766
155,120

a N et earnings here given are after deducting taxes,
b N et earnings hero given are before deducting taxes.
(/T h ese results are in M exican currency.

Interest Charges and Surplus.
— In t., Rentals, A c - — Dal. o f Net Earns.—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
16,702
C onsol Cities L , P & T r .M a y
30,100
---------240,444
Jan 1 to M a y 3 1 ______
148,814
10,451
8,736
M iddlesex & B oston ___ M a y
13,651
13,926
56,137
60,295
July 1 to M a y 3 1 ______
149,694
155,644
Roads.

a; A fter allowing for other incom e received.

A N N U A L R E P ORTS.
Annual Reports.— A n i n d e x t o a n n u a l r e p o r t s o f s t e a m
r a ilr o a d s , s tr e e t r a ilw a y s a n d m is c e lla n e o u s c o m p a n ie s w h ic h
h a v e b e e n p u b l i s h e d d u r i n g t h e p r e c e d in g m o n t h w ill b e
g iv e n o n th e la s t S a t u r d a y o f e a c h m o n t h .
T h i s i n d e x w ill
not in c l u d e r e p o r t s in t h e i s s u e o f t h e “ C h r o n i c l e ” i n w h i c h
i t is p u b l i s h e d .
T h e l a t e s t i n d e x w ill b e f o u n d in t h e is s u e
of M a y 3 1 . T h e n e x t w ill a p p e a r in t h a t o f J u n e 2 8 .
Middle West Utilities Co., Chicago.
{Report for

1

1

Months ending April

3 0 1 9 1 3 .)

P r e s i d e n t S a m u e l I n s u l l s a y s in s u b s t a n c e :

Acquisitions.— A t organization the com pany acquired certain public
sorvico properties in Indiana, Illinois, Kentucky, Missouri and the Now
England States (V. 95, p . 1416, 1545, 1746). Since then it has materially
increased its holdings in these States, excepting Missouri, and has acquired
also properties in M ichigan (V . 96, p. 360) and Oklahoma [see Public Ser­
vice C o. o f Oklahoma on a subsequent page].
T h e various properties, except thoso in M ichigan, havo been consoli­
dated into one or more subsidiary operating companies in each State. T he
junior securities o f these companies are either in their entirety or in a large
m ajority owned b y this com pany. Its policy is, so far as possible, to keep
the junior securities o f its subsidiary companies in its own treasury.
T h e subsidiary com panies are in the aggregate serving 274 separate
com m unities, having a com bined population o f between 800,000 and 900,­
000, with one or more classes o f public utility service, nam ely, electric light
and power, gas, heat, ice, transportation and water.
Combined Earnings o f these Subsidiary Companies from Date o f Acquisition
to A pril 30 1913 (Average Period Covered N ine M onths).
Gross earnings___________ $3,680,6771Charges, outside h o ld e rs .. .$639,862
N et earnings_____ ________ 1,238,0921Dividends, & c--------------------- 161,795
Balance, surplus (paid to M iddle W est as interest, $111,181; as____
d ivs., $224,375; leaving balanco undistributed, o f $100,879).-$436,435
T h o properties contributing to this result have been under the control
o f tho com pany only nine m onths, and these results have been obtained
largely under tho adverse operating conditions which existed before their
acquisition and consolidation. These operating conditions are rapidly
being im proved b y tho com pletion o f transmission lines and tho replacement
o f numerous inefficient and obsolete small generating plants b y a limited
number o f modern, econom ical power stations.
Collateral N otes.— Since April 30 tho directors havo authorized tho issue
o f $3,500,000 o f "T hreo-Y ear 6 % Collateral G old N otes,” secured b y tho
deposit with a trustee o f $4,667,000 par valuo o f m ortgago bonds o f sub­
sidiary companies; $2,000,000 o f theso notes will bo [havo been] sold im m e­
diately
Tne proceeds o f the issue will bo used to com pleto paym ents on
Dronertios heretofore contracted for, to provide funds for tho developm ent
o f subsidiary cos. and to fund the floating debt. [See another page.]
IN C O M E A N D PR O F/T A N D LOS^ A C C O U N T FOR 11H M O N T H S
Interest received and accrued on bonds and debentures------------— $113,306
Dividends received and accrued on stocks o f subsidiary com panies. 224,375
Dividends received and accrued on stocks o f outside com panies—
40,j>91
Sundry interest on notes receivable, brokerage, & c------------------------ ob.Joo
T otal _______________________________________________
...
$465,240
P rofits from sale o f properties or securities where proceeds have been
realized in cash_______________ _________________________________ 287,598
Profits from sale o f properties to sub. cos. where proceeds in se­
curities or notes havo not all been sold, arrived at on basis o f
values fixed b y tho board o f directors____________________________ 159,131
T otal incom e and profits as aforesaid____________________________ $911,969
Deduct— Administration expenso, $93,957; interest, $60,655____$154,612
Depreciation and losses on investm ents____________________________
19,744
M iscell. charges, incl. taxes, deprec. o f orfico furniture, & c _______
38,591
Dividends on pref. stock paid and accrued to d a t e . - . _____ _______ 353,418
T otal deductions, including preferred d iv id e n d s .......................... 566,366
Balanco, surplus, for p e r i o d .................................................
$345,603
B A L . SHEET OF CO. A P R . 30 1913— TOTAL E A C H S ID E $18,543,809.
Com m on s tock .....................$7,356,200
Securltes, plants, con­
Preferred stock _________ 8,476,100
tracts, good-w ill, & c.,
Q9o
at book value_________ $15,923,632 Collateral loans_________ 1,600,000
Deferred paym ents on
A dvances on unclosed
purchase con tracts___
con tracts_____________
109,523
563,500
Accounts p ayablo______
72,499
A dvances to sub. cos.
__,
(construction, & c . ) . . . b381,9j>5 Pref., & c., d lv. accrued.
135,906
345,603
Prof, d ivs., & c., accruedbOAUJ Surplus............................. ..

C a s h __________________

1,068.595

O f tho securities held, $2,449,200 par value have been pledged to securo
collateral loans. T otal auth. stock, $12,000,000 each, com m on and pref.;
totals issued, $7,798,400 and $9,133,000, but $442,200 and $662,900,
respectively, aro in tho tresaury, leaving outstanding $7,356,200 and
$8,470,100.— V. 96, p. 1702.

American Water Works & Guarantee Co., Pittsburgh.
(Report for Fiscal Year ending April 3 0 1 9 1 3 . )
I n t h o h a n d s o m e l y i l l u s t r a t e d q u a r t o r e p o r t , 5 6 p a g e s in
l e n g t h , d e a li n g w i t h t h o s u b s id i a r i e s a s w e ll a s t h e p a r e n t
c o m p a n y , P r e s id e n t J a m e s S . K u h n , P it t s b u r g h , J u n e 11
1 9 1 3 , s a y s in s u b s t a n c e :

T h e net earnings o f tho com pany were $1,704,500, after all operating
expenses, taxes and intorost charges, representing an increase o f $613,439
ovor tho yoar 1911-12 and com paring with an estimate o f $1,500,000 m ade




1769

CHRONICLE

in M a y 1912, when application was pending to list the $10,000,000 6 %
cum . participating pref. stock on the N . Y . Stock Exchange. As the com ­
pany had the benefit o f the proceeds o f the pref. stock issue only for a por­
tion o f the year, financial results d o not reflect the maximum probabilities
therefrom. W e feel justified in estimating that net earnings for the period
ending April 30 1914 will exceed $2,000,000.
Net Earnings after all Deductions for the Past Five Years.
1909.
1910.
1911.
1912.
1913.
$680,210
$780,634
$823,133
$1,091,061
$1,704,500
From a modest beginning the com pany has steadily widened its activi­
ties, b y construction and purchase, and now owns, controls and operates
constituent com panies in 17 States. Gross earnings o f $4,889,723 testify
not only to the enlarged facilities for furnishing service, but indicate the
remarkable growth and developm ent o f the towns, cities and com m unities
in which you r com p a n y’s subsidiaries con du ct their operations. T he sub­
sidiaries ombrace water works, hydro-electric, electric railway and irriga­
tion companies, and also the m ining o f bituminous coal.
S ta te m e n t

from

R e p o rt a s t o

N ew S u b s id ia r y ,
W a te r P ow er C o m p a n y .

S o u th ern

Id a h o
_

T he properties o f the Southern Idaho W ater Power C o . were purchased
Sept. 1 1912 from U . S. Senator James H . B rady. T he principal power
plants are located at American Falls on the Snake R iver. As originally
purchased, the output o f electrical energy was about 2,000 h. p. The
business increased so rapidly that an additional power plant capacity was
required, and there has just been com pleted and put into service, on April 1
1913, a unit capable o f generating about 4,000 h. p ., the first o f an ultimate
developm ent o f abou t 25,000 h . p ., which is the low-water capacity. The
plants o f the com pany are located on the main line o f the Oregon Short
Line, which operates its railroad shops in the vicin ity b y power purchased
from the com pany. Its main shops are at P ocatello. T h e property is
also within transmission distance o f Salt Lake C ity, where an abundant
market is at hand. [The com pany, it appears, has succeeded to the prop­
erties o f Idaho C onsol. Power C o.; see V . 85, p . 1405. See also T w in Falls
Land & W ater C o .; Twin Falls Oakley Land & W ater C o .; Tw in Falls
Salmon River Land & W ater C o . and Sacramento Valley Irrigation Co.,
under “ Industrials” below.
RESULTS FOR YEARS ENDING APRIL 30.
1912-13.
1911-12.
1910-11.
Gross earnings of all companies and divs. rec’d
by Amcr. Water-Works & Guar. C o------------$3,977,5511
Other incomo & profits of Amer. Water-Works
\ $4,137,743 $3,916,363
912.172J
& Guar. Co., less operating expenses. ..........
Total.........................................
$4,889,723$4,137,743$3,916,363
Operating expenses, ailcom panies..................$1,505,084 $1,442,327 $1,603,816
Coupon int. on bonds of operating companies.. 1,680,139
1,604,355 1,489,413
Preferred dividends (6 % )...................................
600,000
------------------------ -----Total.........................................
Balance, surplus............ ...................................... $1,104,500

$3,785,223$3,046,682$3,093,229
$1,091,061
$823,134

BALANCE SHEET AMERICAN WATER-WORKS A GUARANTEE CO.
May 1 ’ 13. Aug. 1 ’ 12.
May 1 ’ 13. Aug. 1 ’ 12.
$
S
Liabilities—
Assets—
S
S
,000,000 10,000,000
Common stock ... 10
Stocks of sub. cos.,
,000,000 10,000,000
Preferred stock ... 10
book valuen____ 10,433,363 8,719
67,872
82,968
Accounts payable.
Stocks for sale-----35,511
30
Operating & main­
Bonds for sale____
934,140 61,690
tenance reserve. ’ 2,182,228 2,232,294
38,626
33
City warrants-----Profit and loss___ . 1,782,705 1,014,425
Notes & accts. rec. 10,736,751 10,973
3,500
3
Other assets...........
Cash...............
1,850,914 1,878
Total................. 24,032,805 23,329,687

Total....... ..........24,032,805 23,329,687

a Par value 546,481,050 in 1913, against 535,406,500 in 1912.
6 Includes bonds in 1912.
EARNINGS OF CONTROLLED COMPANIES— YEARS ENDING APRIL 30.
Gross
Net Revenue Coupon
Balance,
Surplus.
Revenue. (after Taxes) Interest.
Water Companies—
$6,906
$119,787
Arkansaw Water C o . . .......... [1912.. $219,563 $126,693
10,711
111,551
122,262
207,228
Little Hock, &c., Arkansas\1911._
8,714
27,120
35,834
69,787
Belleville (111.) Water Supply/1912..
8,852
25,295
66,489
34,147
C o ................................
11911..
90,178
221,697
522,208
311,875
Blrmingham (Ala.) W ater-/1912..
133,369
214,882
563,241
348,251
Works Co........ ............. ...\ 1 9 1 1 ..
10,337
48,150
81,118
58,487
Butler Water C o------------------- 1912..
4,324
50,675
54,999
110,231
City of New Castle (Pa.), 1912­
7,293
46,372
102,637
53,665
Water C o . . ........ ............ - 1911..
16,856
138,010
154,866
275,170
City Water Co. of Chattan­ 1912..
28,715
157,341
128,026
1911 — 267,583
ooga, Tenn............ .............
91,152
168,198
259,350
East St. Louis & Granite 1912 — 418,586
92.039
155,069
247,108
390,685
City, 111_________________ 1911­
3,978
18,457
22,435
48,641
Marinette, W l s .. ......... ....... 1912..
2,944
18,200
21,144
47,447
1911..
9.950 dcf.1,300
8,650
24,974
1912­
Merrill, Wls.
9.950 def.3,863
6,087
24,393
1911 —
4,487
31,439
35.926
60,918
Clinton (Iowa) Water-Works] 1912 —
7,773
30,186
37,959
61,610
C o ....................................... 1911 —
11.040
25,498
36,538
57,597
Conncllsvillo (Pa.) Water Co. 1912..
13,052
24,523
37,575
57,267
1911 —
I,
1.250
2,340
3,981
Guyandotto (W. Va.) Water­ 1912 —
693
1.250
1,943
works C o............................ 1911..
3,516
40,533
32,681
73,214
Huntington (W. Va.) Water 1912 — 108,180
39,972
28,194
C o........... ................... ......... 1911 — 102,749
68,166
7,492
53,350
60,842
Joplin (Mo.) Water-Works 1912 — 103,269
19,617
49,832
69,449
C o-------------- ------------------- 1911 — 105,629
3,162
17,279
46,892
20,441
Keokuk (Iowa) Water-Works 1912­
21,000 def.6,156
42,585
14,844
1911..
Co
11,935
20,084
53,873
32,019
Kokomo (Ind.) Water-Works 1912..
12,610
20,845
51,515
33,455
C o............. .......... .......... — 1911 —
6,600 def.3,548
3,052
15,907
Louisiana (Mo.) Water C o ... 1912 —
6,600 def.4,079
2,521
16,214
1011_
20,789
9,930
30,719
47,896
Monongahela Valley (Pa.) 1912..
20,750
10,575
31,325
48,719
Water Co----------------------- 1911
____________
9,100
1,456
10,556
22,952
Mt. Vernon (Ind.) Water­ 1912 —
9,023
580
9,603
21,668
1911 —
works C o.......... .
21,794
36,617
58,411
87,379
Muncie (Ind.) Water-Works 1912—
34,612
16,545
51,157
80,036
1911..
C o_
_
64,675
102,340
239,855
167,015
Portsmouth Berkley & Suf­ 1912­
62,548
98,573
161,121
folk (Va.) Water C o.......... 1911 — 224,023
50,883
28,367
79,250
137,599
Racine (Wis.) Water C o----- 1912..
35,165
49,260
84,425
'11911 — 134,725
171,164
5,756
176,920
286,915
St. Joseph (Mo.) Water C o .. 1912..
161,983
I I , 305
173,288
1911 — 277,805
62,500
19,427
81.927
142,106
Shreveport (La.) Water-Wks 1912..
61,072
85,300
24,228
142,142
C o........................................ 1911­
94,854
139,529
234,383
South Pittsburgh (Pa.) Water 1912— 350,453
216,705
138,960
77.745
331,628
■ p U B J H I j n __________ .1911..
Co
16,383
32,345
15,962
51,269
Warren Water C o........ ........... 1912—
16,833
5,670
9,420
3.750
Wellsvllle (N. Y.) Water Co. 1912­
17,283
3,145
6,895
3.750
1911_
29.746
161,948
101,532
71,786
____________
Wichita Water Co. (Dela­ 1912
32,202
153,826
60,878
93,080
1911_
ware) ........ .........................Miscellaneous Companies—
159,378
West Penn Traction Co. (Pa.) 1912.. 3,408,586 1,579,127 c l,419,749
482,230
1 9 1 1 - 2,260,287 1,148,006
C665.776
88,174
e441,837
United Coal C o...................... 1912.. 998,745 d530,011
2,411
C398.944
1911 — 699,820
401.355
25,638 def.36,795
21,607 def.11,157
Idaho Southern Railroad Co. 1912—
28,060 def.34,435
1911 —
28,677 def.6,375
33,238
083,049
116,287
189,419
Great Shoshone & Twin Falls 1912..
31,371
081,132
112,503
180,932
Water Power Co. (Del.). . . 1911..
8,510
2,194
10,704
1912..
21,774
Mt. Vernon (Ind.) E le ctric--------6,931
2,150
9,081
20,754
Light & Power C o........ — 11911..
1,313
. 63,300
4,613
12,568
Wellsvllle (N.Y.) Elce. L igh t,/19121,678
63,225
4,903
10,825
Heat & Power C o-------------[1911—
o Includes “ other charges.” 6 “ Interest on floating debt." c ‘ Fixed charges.
d Net is hero shown after deducting “ depreciation of coal lands, $252,U05, and
"replacement of equipment, $216,730.” e "Interest on bonds.

090

1770

THE

CHRONICLE

BALANCE SHEETS OF LEADING CONTROLLED COMPANIES.
[Aa of April 30, except aa Indicated.]
-Arkansaw Water Co.- -BirminghamW.W.Co-----CityW .W .Co. .ChattAssets—
1913.
al912.
1913.
1912.
1913.
1912.
Property___ $2,765,511 $2,680,795 $6,325,284 $6,037,256 $3,814,633 $3,679,000
Acc’ts recelv.
120,489
38,728
228,411
237,577
237,697
215,033
Bonda & atka.
26,000
39,000
48,993
2,897
600
1
1,448
Suppliea_____
1,544
3,920
3,906
2,176
1,051
Cash...............
5,860
9,183
22,404
11,849
2,122
1,987
T o bo amort.
9,190
11,301
97,000
92,000
Miacellaneoua
660
660
1,755
1,525
952
887
Liabilities—
Capital stock. $500,000 $500,000 $1,500,000 $1,500,000 $1,500,000 $1,500,000
Funded debt. 2,249,000 2,098,000 4,476,000 4,283,000 2,462,000 2,329,000
Int.,Ac.,accr.
35,449
6,504
69,366
42,103
42,182
67,965
Bills, &c.........
148,280
156,794
342,760
197,783
169,548
166,939
5,248
Deposits____
2,235
4,897
4,206
5,868
5,173
F orexten ..
3,674
3,990
31,531
24,748
27,596
18,712
Profit A loss..def.12,494
13,688
207,614
215,908 def.57,640 def.66,312
a July 31 1912.
CUj Wat.Co.ofE. St.L. GreatSbosbone W.P.Co. -Joplin Wat.-Wks.Co.Assets—
1913.
1912.
*1913.
yl912.
1913.
1912.
Property------$7,464,417 $7,270,213 $3,488,697 $3,238,231 $1,848,131 $1,781,470
Acc’ta recelv.
212,165
219,865
69,994
60,032
48,151
33,026
Bonds A stks.
173,000
9,000 a2,471,689 2,026,689
9,400
...
Subscribed (For $450,000 new cap. stock of the $1,250,000)
450,000
450,000
Supplies.........
2,774
6,376
87,473
57,053
3,080
5,222
33,932
21,100
Cash-----------497
1,341
T o beamort.
............
60,941
36,036
6,400
4,900
Miscellaneous
1,280
1,300
3,579
1,896
Liabilities—
Capital stock.$4,000,000 $4,000,000 $1,500,000 $1,500,000 $1,250,000 $1,250,000
Fundeddebt. 3,461,000 3,257,0003,470,000 2,803,000
1,043,000
963,000
Int.,Ac.,accr.
57,811
52,550
31,271
‘
10,432
19,876
12,481
Bills, A c.........
319,830
189,442 51,128,472 1,043,391
50,238
63,165
Deposits........
4,471
3,624
...........
1,292
F orexten ..
5,187
6,559
...........
Profit & loss.
8,417
302
2,802
82,983
72,874 def.6,518
a Includes $1,825,000 1st M . 5a deposited to secure collateral trust 6% notes on
hand; also capital stock and bonds of Shoshone Falls Power Co., Ltd., $362,689;
capital stock of Jerome Water-Worka Co., Ltd., $50,000; 1st M . 5s on hand,
$175,000, and collateral trust 6% notes, $59,000.
6 Includes "accounts payable less accounts receivable (associated cos.), $929,135.”
z Jan. 1 1913. ySept. 1 1912.
-Keokuk Wal.-Wks.Co. -St. Joseph Water Co.-----South Pitts. Wat. Co.Assets—
1913.
1912.
1913.
1912.
1913.
1912.
Property___ $1,032,313 $1,012,372 $7,492,492 $7,408,711 $4,770,970 $4,666,141
Acc’ts recelv.
4,123
2,749
98,532
84,884
171,894
149,126
_
Bonds, &c_
23,000
37,000
Cash............ .
1,967
*1*133
811
5,273
13,515
9,085
23,033
To be amort.
6,755
11,433
3,092
Miscellaneous
*1,750
1,731
2,525
2,875
3,497
Liabilities
Capital stock. $600,000 $600,000 $4,000,000 $4,000,000a$3,000,000a$3,000,000
Funded debt.
350,000 3,486,000 3,363,000 1,759,000 1,646,000
350,000
Interest, A c ..
10,281
9,277
17,961
18,147
47,440
50,379
110,648
Bills, Ac.........
149,787
93,923
110,113
59,479
68,397
...............................
For extensions
..............................
29,443
23,915
Profit A loss, dcf.48,428 def.51,552
27,955
21,567
63,893
76,159
a Includes preferred, $250,000.
Twin F.O., L.&W. Co.
Assets—
*1913,
j/1912.
Property___ $2,284,266 $1,917,294
Accounts, Ac.
162,089
189,797
Contracts rec. 1,845,508 1,854,903
..........
Bonds held..
Stocks______
_ ___
_
C a sh ............
2,715
15,237
______
Miscellaneous
Liabilities—
Capital stock. $250,000 $250,000
Funded debt. 1,425,000 1,425,000
Int.,Ac.,accr_
21,375
28,500
BUIS, Ac......... 0225,628
196,663
Assoc, cos.b.
407,934
134,711
For extensions
______
Water sales.. 1,964,641 1,942,358
Profit A loss.
..........

TuoinF.S.R.L.& W.Co. UnUedWater & LI. Co.
*1913,
1/1912.
1913.
1912.
$4,452,875 $4,504,495
...............................
57,449
38,935
...............................
2,747,110 2,614,617
...............................
400
400$10,869,000 $9,654,000
887,600
887,600
3,814
13,562
$500,000
1,884,000
9,420
4,178
1,924,181

$500,000
1,884,000
18,840
8,359
1,839,413

2,939,860

2,921,395

$500,000
8,864,000

$500,000
7,911,000

1,867",690

1,581,062

524,910

549,538

a Includes water contracts payable, $61,957. 5 Amer. Water-Works A Guar. Co.
and associated companies. zJan. 1. y Aug. 1.
— Wichita Water Co.—
Assets—
1913.
1912.
Property___ $3,426,748 $3,417,860
74,996
Accounts, Ac.
81,279
Bonds in treas
13,000
do pledged.
Cash.............
974
2,285
T o be amort.
3,675
Miscellaneous
661
371
Liabilities—
Capital stock.$2,000,000 $2,000,000
Funded debt. 1,460,000 1,423,000
Int.,Ac.,accr.
13,924
26,196
Bills, Ac.........
38,860
55,702
Mtg. bds. outstand. as coll
...........
Bills A acc’ts.
19
Miscellaneous
3,595
Profit A loss.
553

-----United Coal Co.-------- California-Idaho Co.*1912.
1911.
*1913.
j/1912.
$8,980,473 $8,910,037$14,126,356$14,073,104
0239,243
307,647 216,306
159,519
17,300
14,800 266,700
672,000
3,886,500 3,811,500
...............................
94,605
62,885 215,675
362,775
...........................c3,665,792 n l,559,896
$4,000,000 $4,000,000$10,000,000$10,000,000
4,768,889 8,713,393 6,500,000 6,500,000
177,479
83,368
79,508
97,133
6243,000 h243,000
13,477
2,621
3,866,500
162,252

..
...........
7,383
69,726

1,740,835
157,010
...........

157,068
70,472

a "Accounts and bills receivable, coal on docks, supplies, A c., less accounts and
bills payable." 6 “ Notes for bonds borrowed, payable in bonds,” * Jan. 1 1913.
j/Aug. 1 1912. c Includes land and water rights, $2,688,412; land contracts,
$149,548; coupon Interest, $465,094; development work, $194,468, and cost of
selling land, $168,271. * Dec. 31 1912.
MINOR COS— SECURITIES OUTSTANDING— PROFIT AND LOSS. SURPLUS
P .& L .
Cap. Stk. Bonds. BillsPay. Misc.
Water Companies—
$
$
$
$
S
6,820
Bellvllle W . 8. Co-Apr. 30 1913.. 750,000 556.000 75,168 14,745
Butler Water Co.-A pr. 30 1913... 100,000 963.000 42,588 12,459 def.2,220
City of NewCastleW.Co.-i4pr.30’ 13 600,000 1,200,000 53,944 29,143 def.15,980
City W .W . Co. of Marinette(Wis.)
June 30 1912................................ 200,000 364,000 45,560 10,056 def.4,229
City W. W. Co. of Merrill (Wls.)
June 30 1912................................ 125,000 199.000 100.364
5.640 def.50,278
Clinton W. W. (Ia.)-Apr. 30 1913. 125,000 632.000 51,654 13,044 def.3,415
2,191
Connellsv.(Pa.)W.Co.-Apr. 30 T3 250,000 511.000
2,714
4,119
GuyandotteW. W. Co.-Apr.3 0 T3 50,000
25.000
8,781
386 def.8,626
35,984
6,282
Huntington Wat. Co.-A pr. 30 T 3 . 100,000 666.000
2,015
Kokomo W. W. Co.-A pr. 30 1913. 125,000 412.000
3,590
8,438
4,531
2,228 def.27,279
Louisiana Water Co .-Apr. 30 1913 150,000 110.000 70,016
31,935
Monon. Val. W . Co .-Apr. 30 1913 250,000 374.000
7,216
9,314
3,305
M t. Vernon W . W. Co-Apr. 30 ’ 13 60,000
2,249
9,394
182.000
5,932
Muncle W. W . Co.-A pr. 30 1913. 100,000 736,000
7,304
4,263
62,357
Portsm.Ber.A8uf.W.Co.-Apr.30’ 13 500,000 1.678.000 77,757 15,456
Racine (Wls.) W . Co.-June 30 ’ 12 400,000 1.106.000 99,348 15,152
18,145
Shreveport W . W . Co.-Apr. 30 '13 250,000 1,250,000 168.364 23,079
1,800
Warren Water Co .-Apr. 30 1913.. 100,000 321,500 23,828
12,934
7,486
Wellsvllle Water Co -Dec. 31 1912 50,000
7,640
75.000 39,509
Miscellaneous Companies—
Idaho Southern R y.-Jan. 1 1913.-3,000,000 1,150,000 338,691 757,319 def.62,613
Mt.Vernon El.L.AP.-Apr. 30 '13.
5,000
4,203
83,000 44,628
964
WellsvUle El.L.,II.A P-Dec. 31 T2 20,000
139
........... 63,181
8,679
W . Penn Tr.A W .P .-Dec. 31 T2.a26,994,800
........... 202,296
.. 159,378

& a Includes $6,497,400 pref. stock and $20,497,400 com stock.—V. 96, p. 1558.




[ V o l . XCVI

Lindsay Light Co., Chicago, 111.
{Statement for Year ending May

31

1 9 1 3 .)

Net profits for the year applicable to divs. were $60,935, against $42,473 in
BALANCE SHEETS M A Y 31.
1913.
1912.
1913.
J j« s —
$
S
Liabilities—
$
Good-will, trade­
P ref.stock................ 400,0001
marks, A c_______ a679,660
Common stock......... 600,000/
Bldg. A real estate.. 143,854
108,566 Accts. payable........
25,982
Bills A accts. recelv 115,476
99,359 Bills payable---------40,000
Inventory (cost)___
89,885
73,554 Dividend payable
Mach'y, fixtures, Ac. 39,743
41,700
8,000
June 16................
Cash..........................
5,363
1,984 Surplus....................
...........
T o ta l.................... 1,073,982

325,163

T o ta l.................... 1,073,982

1911-12:
1912.
$
200,000
9,758
51,000
64,405
325,163

a After deducting $20,340 charged oft.
Dividend Record for Fiscal Years ending May 31.
1907-08.
1908-09. 1909-10. 1910-11. 1911-12.
1912-13.
27% A 50% stock
10%
20%
16%
16%
16% A 400% stock
As to stock dividend, see item on a subsequent page.— V. 96, p. 1233, 1092.

Nevada Consolidated Copper Co.
{Report for Fiscal Year ending Dec.

31

1 9 1 2 .)

T h is c o m p a n y , $ 5 ,0 0 2 ,5 0 0 o f w h o se $ 9 ,9 9 7 ,2 8 5 s to c k is
o w n ed b y th e U ta h C o p p e r C o . re p o rte d as o f A p r il 1 8 ,
t h r o u g h P r e s . S . W . E c c l e s , in s u b s t a n c e :

Results.— T h e results are m ost satisfactory when it is considered that
mining operations were suspended during practically tho entire m onth o f
O ctober, owing to labor disturbances and the subsequent delays and d iffi­
culties unavoidable in the reorganization o f tho working forces.
Tho net profit for tho year was $4,823,839; $2,999,137 was disbursed in
four quarterly dividends and $481,307 was written o ff for ore-extinguish­
m ent, leaving $1,343,395 as a credit to undivided profits on tho year’s
operations. An extra dividend o f 50 cents per sharo, or $999,728, was
also paid D ec. 31 and charged to surplus account. T his, with m inor ad­
justm ents, makes a net decrease o f $998,782 in tho surplus account.
From the beginning o f operations to D ec. 31, 9,612,060 tons o f sulphide
pro have been milled and 125,176 tons o f carbonato oro smelted, resulting
in a production o f 241,070,716 not lbs. o f refined copper. Dividends ag­
gregated $9,728,676, and there remain in undivided p rofits $3,172,177.
T ho cost for the year on a net production o f 63,063,261 lbs. was 8.33 cts.
per lb. o f electrolytic refined copper f. o . b. A tlantic Seaboard, including
tho amount paid the Steptoe Valfey Smelting & M ining C o . for plant d e­
preciation and all other charges o f every description except oro extinguish­
m ent, which latter is a direct chargo to undivided profits. This is an in­
crease o f 1.36 cts. per lb. over tho 15-month period ended D ec. 31 1911.
Ore Reserve.— T he ore reserve as o f D ec. 31 1912 amounts to 38,853,551
tons, averaging 1.67% copper, as com pared with 40,853,371 tons D ec. 31
1911, averaging 1.662% copper, a reduction o f 1,999,820 tons o f oro in the
reserve, after allowing for tho new oro developed during tho year, viz.:
600,000 tons, averaging 1.59% copper. Consulting Engineer I’ opo Y ea tman states that tho lateral extent or tho oro body has been pretty well de­
termined, and that additional tonnage developed will bo in depth from sec­
tions where it has not been possible to sink tho drill holes as deep as d e­
sired, owing to tho present character o f tho ground. This developm ent
work will bo carried forward as rapidly as physical conditions permit.
Steptoe Valley Smelling & M ining Co.—-The operations o f tho Steptoe
Com pany have been very satisfactory, and in addition to treating tho ores
o f tho N evada Consolidated C o ., a considerable tonnago o f Giroux Consoli­
dated Mines C o. ore was treated under tho terms o f tho five-year contract
entered into early in 1912, which involves tho treatment o f a tonnago equiva l e n t t o one-eighth o f the capacity o f tho concentrator, leaving sovon
eighths available for tho treatment o f N evada Consolidated ores, an ample
am ount, considering the present known ore reserves. W hile tho contract
is drawn for a fivo-year period, it can b e canceled on a year’s notico.
Nevada Northern R y.— This property has successfully m et all demands
m ado on it in connection with your operations, and is in excellent con dition,
both as to roadway and equipment.
Special Charges.— During the year a chargo o f $481,307 was m ade
against incom o account to cover the Initial cost o f tho ore extracted from
tho mine, making a total to date o f $1,798,909, which has been charged
against profits and credited to property.
There has been carried to "deferred charges to operations” tho amount
expended In stripping, nam ely, $1,077,938, less $457,224 which was ab­
sorbed in operating costs. T h e deferred charges at D ec. 3 l amounted to
$2,738,075, being an increase o f $620,714. These deferred charges rep­
resent the prepaid expense applicable to the ore remaining in the pits.
W ith tho exception o f grade slopes, all the over-burden has now been re­
m oved from the Eureka pit ore b od y.
Investment Account.— Tho decrease in this account is duo to the fact that
tho Steptoe Valley Smelting & M ining C o . from its depreciation reserve
purchased $900,000 o f our Steptoe capital stock, and since D ec. 31 has re­
tired it, leaving issued and outstanding at this date $7,000,000, all owned
b y the N evada Consolidated C opper C o. This transaction is an account­
ing m atter o n ly , which does not appear in the com bined statement o f assets.
E AR N IN G S A N D EXPENSES.
Year end. 15 Mos.end.
Year end. 15 Mos. end.
Dec. 31 ’ 12. Dec. 31 ’ l l .
Dec. 31 ’ 12. Dec. 31 ’ l l .
Freight on ore ..
$893,310
$759,129
Sales of Copper
1,531,859
(lbs).............. 63,063,261 78,541,270 Milling.............. 1,414,506
1,485,635
Avge. p rice ..
15.979c.
12.50c. Smelting--------- 1,480.089
Cop. produced.$10,076,872 $9,818,262 Rent of Steptoe
pIant(incl.proGold A silver
por.of dcpr.)_ 1,204,630
1,467,610
produced___
521,278
595,185
Fr’t A refining.
918,152
1,145,811
103,359
Total revenue $10,598,150 $10,413,447 Selling comm’n.
97,145
Oper. expenses—
Mln’g, lncl. por­
tion of strip.
Total exp----- $7,316,231 $7,693,492
expense........ $1,436,369 $1,072,122
IN C O M E AC C O U N T.
Year end. 15 M o . end. — Years end. Sept. 30—
D ec. 31 ’ 12. Dec. 31 ' l l .
1910.
1909.
N et operating p rofit____ $3,281,919
$2,719,955 $2,345,382 $1,646,062
D ivs. on In v e stm e n ts...
1,459,112 1,537,160
1,223,435
582,987
I n t., rentals, A c _______
82,808
87,002
40,490
7,612
T otal in co m e ................. $4,823,839
______
Interest on bonds______
M aint. C u m b.-E ly................................
D iv id e n d s ........................... $2,999,137
D ividend r a t e . . ..........
*30%

$4,344,117
___
$7,900
$3,746,895
37H %

$3,609,307
$26,999
1,522
$2,982,644
3 0%

$2,236,661
$174,791

$3,754,795 $3,011,165
T otal deductions..........$2,999,137
$174,791
$598,142 $2,061,870
$589,322
Balance, surplus..............$1,824,702
* Also an extra dividend o f 50 cts. per sharo (1 0 % ), or $999,728, paid
D ec. 31 1912 and charged to surplus account, leaving $8,071,579.
B A L A N C E SHEET DE C . 30.
1911.
1912.
1912.
1911.
Liabilities—
$
S
Assets—
$
S
Cost of mines, less
Capital stock___ 9,997,285 9,996,970
500
extinguishment. 4,383,377 4,847,585 Bonds
___
500
789,794 Acc’ts payable_
600,619
Equip. A develop795,852
582,682
_
Investments a___ 10,000,000 10,900,000 Unpaid treatment
334,664
361,792
Deferred chges. 6- 2,738,075 2,117,361
on metals______
Material A auppl177,409
215,114 Surplus—Prem. A
Acc’ts collectible.
437,563
profit on securi­
320,018
Metals on hand
ties sold_______ 8,071,579 9,070,361
A in transit___ 2,886,660 2,515,809 Undivided profits.d3,172,177 1,828,782
Cash......................
739,951
153,243
T o ta l.................22,158,888 21,858,924
T o ta l................ 22,158,888 21,858,924
a Investments Include N evada N orthern R y . stock, $2,000,000, and 5 %
bonds, $1,000,000, and Steptoe Valley S. & M . C o . stock, $7,000,000.
b Represents cost o f opening up pits, shafts, stripping, tracks,[shovels,& c.
d After deducting $481,307 for ore extinguishment.

THE

J u n e 21 19 13 .]

CO M B IN ED B A L A N C E SHEET DEC. 31.
1912
1912.
1911.
L ia b ilitie s —
$
A s se ts —
S
S
Cap. stock (Ncv.
Prop., equip. &
Consol, on ly ).. 9,997,285
construction__ 16,748,382 17,077,330
Deferred charges. 2,73S,075 2,117,361 Bonds (Nev. Cons.
o n ly )_________
600
Materials Asuppl.
684,334
697,964
Surplus........ — - 8,071,579
Acc’ts coll., pre­
658,827
paid insur., &c.
629,531
436,218 Accounts payable.
Stocks & bonds of
Unpaid treatment
„.
on metals______
334,664
other companies
23,000
143,697
Deferred accounts
25,500
Metals on hand <
&
In transit_____ 2,886,660 2,515,809 Res’ve for deprec. 2,102,723
Cash & cash Items 958,780
562,395 Undivided profits. 3,477,684
T o ta l.......... -..24,608,762 23,550,774
— V . 96, p. 1233, 1160.

1911.
3
9,996,970
500
,070,361
585,781
361,792
27,089
,376,810
,131,471

T o ta l................ 24,668,762 23,550,774

American District Telegraph Co. (of New Jersey).
( R ep or t f o r F i s c a l Y e a r e n d in g D e c . 31 1912.)
T ho rovonuo and incom e show a substantial increase over 1911 and tho
Increase in exponses is In proportion therewith. T he net earnings from the
signal department havo m aterially increased and the adjustment o f tho
general oxpenses in connection with the elimination o f the messenger
business has now been practically com pleted, with tho result that tho bal­
ance for tho year carried to surplus has increased $77,389 over that for
1911 (V . 94, p. 1315).
„ ,
Attention Is called to tho “ provident liability reserve for $100,000.
T h o directors havo adopted the samo plan for em ployees’ pensions, disa­
b ility benefits and insurance as was adopted b y tho Western Union l c l . C o
and tho American Telephone & Telegraph O o. and Associated C os in
con form ity with tho provisions o f tho general scheme.
IN C O M E A C C O U N T FOR C A L E N D A R YEARS.
1909.
1912.
1911.
1910.
$3,638,928
G r o s s . . ............................. $2,351,347 $2,162,784 $3,894,578
2,756,779
Expenses _____________
1,481,029
1,369,857
3,090,832
N o t ..................................
D ividends ( 4 % ) ________

$870,318
398,554

$792,927
398,552

$803,746
398,549

$ 882,149
398,496

_.

$471,764

$394,375

$405,197

$483,653

Surplus

B A LA N C E SHEET DEC. 31.
1912.
1911.
1912.
L ia b ilit ie s —
S
$
Assets—
$
Properties acct__ 13,705,412 13,510,327 Capital stock ___ 9,965,351
218,383
191,950 Cap. stk. sub. cos.
15,299
Securities owned.
258,286
359,000
100,795 B on d s__________
Cash.... ...............
277,752
269,016 Purch.money mtgs 540,625
Accts. receivable.
19,492
10,223 Bay’tsrec’dtnadv.
144,126
Deferred charges.
83,532
118,062
Supplies In stock..
45,453 Reserves________
Current liabilities. *133,037
Surplus ................ 3,287,357

1911.
$
9,965,351
16,799
374,000
583,333
129,017
183,462
2,875,802

T o ta l................ 14,562,857 14,127,764
♦ Current liabilities includo bills payable, $100 in 1912, against $40,000
inJ1911; accounts payable, $132,937 in 1912, against $143,462.— V .96, p.1023

Southern California Edison Co., Los Angeles, Cal.
( Report

for Fiscal Year ending Dec.

31

1 9 1 2 .)

P r e s . J o h n B . M i l l e r , F e b . 2 7 , w r o t o in s u b s t a n c o :

Results.— The abnorm al shortage in rainfall during 1912 reduced our water
power capacity so that wo were put to extraordinary expense in ordor to
supply tho deficiency b y steam . Nevertheless, the gross earnings wero
$4,337,441, contrasting with $4,250,000, tho original estimate, and tho
not earnings $2,008,355, against $2,150,000. while interest called for only
$708,796. For 1913, based on plans for securing new business and on nor­
m al conditions, tho estimated earnings arc $5,000,000 gross and $2,500,000
net, while tho interest charges are expected to be $820,000.
Stock and Bonds.— The 8,300 shares o f com m on stock sold during the
year wero included in the 12,000 shares referred to in our report tor 1911.
A u th ority has been secured from the State K it. Commission for the sale
In 1913 o f $2,500,000 o f General M . 5s, to provido for additions to plant
and now property (V . 96, p . 423).

R eports of V.-P. B rackcnridgc and Sec. R. II. Ballard Feb. 1913.

Tho original L ong Beach steam plant was 16,000 h. p. A second turbine
o f 20,000 n. p. was added in 1912, and this year a third turbine o f 27,000
li. i). will be installed, making tho total capacity 63,000 h. p. Tho building
will bo enlarged to accom m odate this third turbine and two additional
turbines o f 27,000 h. p . each, which will bo added as requirements demand.
A pplications for permits under tho new Governm ent regulations for tho
developm ent o f power projects N os. 2 to 5 on Kern River are pending.
T ho steel-tower transmission lino on private right-of-w ay between Long
Beach and C olton, about 75 miles, was com pleted during tho year. T ho ma­
jor portion o f tho lino between Los Angeles and C olton carried on wooden
poles along tho Southern Pacific U R . has been dismantled. W o havo also
constructed a lino from Newmark to Shorb to give service to Pasadena and
M on rovia . A number o f distributing stations o f modern fire-proof con­
struction havo been built, particularly at Los Angeles, Chino and C olton;
stations at Pucnto and Newmark are under construction. During tho com ­
ing year a number o f other distributing stations will bo built at various
points, along with now lines to serve additional customers.
Generating Plants, Total Present Capacity, 92,800 h. p.
Water-power (42,500 h. p .)—
Steam Plants (50,300 h. p .)—
Kern R iv er___________________ 30,000 Los Angeles___________________ 13,500
Santa Ana River (2 )__________ 5,350 Long B each___________________36,000
M ill Creek (3 ).............................. 6,500 Redlands ......................................
800
L ytlo Creek---------------------------650 (
T ho installation o f tho third turbine at Long Beach will increase tho ca­
pacity 27,000 li. p ., making a total o f 119,800 h. p.
Generation of Power by City o f Los Angeles in Connection with Owens River
Acqueduct.— Somo o f tho city power is expected to bo available lato this
yea r. Negotiations aro pending with a view to distributing tho power
through tho com panies operating in Los Angeles, which seems to bo tho
wish o f tho m ajority o f tho people, although somo advocate tho ownership
o f tho distributing system b y tno city . In any event, it is not likely that
our gross earnings will ever fall below tho am ount o f 1912.
Balance Sheet.— T ho Increase in plants and properties represents: New
construction expenditures. $2,167,029; increase in intangible value, $470,­
217; total, $2,637,246; less docreaso In securities o f other corporations,
$418,681; balance, $2,218,564.
Securities.— There havo been issued and sold com m on stock,' $500,000
also $406,000 bonds, on account o f expenditures for now construction.
Debentures o f $668,000 wero redoomed April 1 1912, from funds o n
hand, leaving $332,000 outstanding.
Increases in notes payablo and accounts payablo wero necessary on ac­
count o f tho largo amount o f now construction work done. Depreciation
reservo Increased $536,080, which represents tho unexpended balance o f
am ount set asido from earnings during tho year on account o f depreciation.
Decreaso in surplus account was duo tore-valuation o f stock and accounts
o f subsidiary companies.
, ,
,
Sub-Companies.— T ho foregoing balance sheet and Incomo statement
d o not Includo totals for Santa Barbara Gas & E lectric C o. and Long Beach
Consolidated Gas C o ., control o f which Is held by this com pany. W e havo
included in tho earnings o f tho parent com pany only tho am ount o f dividends
received from stock or theso subsidiary companies.

Extracts from R eport of GeneralJAsent S. M. Kennedy, Feb. 10 1913.

New Territory.— Extensions tho past year embrace tho now industrial town
o f Torranco and tho now towns o f Lankershim and Van N uys and surround­
ing territory in San Fernando Valley. Preparations are being m ado for ex­
tensions to Harbor C ity and Lom lta territory in R edondo district, and also
to Yucaipa Valley and tho towns o f Beaumont and Banning in Redlands
district. Tho transmission and distributing lines adequately servo a popu­
lation o f 1,000,000 in Los Angeles, Orange. Riversido, San Bernardino,
Vontura and Korn counties.
Rates.— E ffective Jan. 1 1913, tho com pany mado a voluntary reduction
In its m aximum lighting rate in all districts outsido o f Los Angeles from 9 c.




1771

CHRONICLE

to 8c. per k. w . h ., with gradual reductions to a minimum o f 3c. per k . w . h .
in proportion to m onthly consum ption. It is confidently expected that
these reductions will increase the individual consum ption.
Business.— T he records show that a total o f 14,597 electric consumers
and 2,303 gas consumers were added during the year, m aking a com bined
gain o f 16,900 consum ers. On Jan. 1 1913 the com pany was supplying
service to a total o f 92.618 con sum ers (com pared with 75.716 Jan. 1 1912)
T he new lighting business added during 1912 represents an additional
connected load o f approxim atley 10,000 h. p . Power contracts aggregating
5,692 h. p. represent gas engines displaced.
Prospects.— T he prospects for additional business during 1913 are ex­
ceedingly bright. There appears to be an increasing tendency for large
Eastern enterprises to locate in certain favored sections o f Southern Cali.
C O M P A R A T IV E IN S T A L L A T IO N RECORD D EC. 31- -IN C O M E
A C C O U N T C A L E N D A R YEAR S.
1910.
Installation Dec. 31—
1912.
1911.
922,567
1,240.861
Incandescents (50 w att e q u iv a le n t).. 1,436,617
55,191
66,398
M eters— E le c t r ic -------------------80,995
12,065
9,318
11,623
Gas ..........
4,273
5,077
M otors, n u m b er---------------------6,452
61,649
H o rse -p o w e r-----------------------97,478
72,441
2,770
2,649
Arcs (a ll)_____________________
2,496
$3,738,165 $3,384,933
Gross earnings---------------------------$4,337,441
1,717,856
Operating expenses------------------ 2,329,085
1,835,885
N et earnings________________ $2,008,355
Deduct— Interest and a m o r tiz a tio n ..
$708,796
Reserve for depreciation___
650.O0O
Preferred dividend ( 5 % ) ----200,000
C om m on d ivid en d s------------(5% )420,000

$1,902,280 $1,667,076
$651,492
$624,829
545.000
650.000
200.000
200.000
(5)371,250(3 JU 270,000

T otal deductions.................... .............$1,978,796 $1,846,079 $1,666,492
Balance, su rp lu s_____________________
$29,559
$56,201
$584
C O M PA R A TIV E B A LA N C E SH EET D E C . 31.
1912.
1911.
1911.
1912.
L ia b ilit ie s —
S
S
S
$
_
Plants & property 27 ,729,027 25,510,462 Common stock_ 8 ,400,000 7,900,000
4 ,000,000 4.000. 000
Construe, deposits
157 1,001,890 Preferred stock
329,000 Bonds.............. ......13 ,971,000 13,565,000
Treasury stock—
29,000
25.000
CrsIi
_________
230,607 Bonds called____
113,758
332,000 1.000.
65,335 Debentures_____
Bills receivable—
353,708
300,000
542,614 Notes payable------ ,170,000
Acc’ts receivable.
552,627
152,015
355,906
135,053 Accounts payable67,875
Due from sub .cos.
80,901
69,656
581,201
233,326 Sundry deposits..
Material & suppl.
79,219
83,411 Accrued Interest. .
69,959
138,135
Sinking fund........
7,262 Accrued taxes___
12,685
1,765
Miscellaneous----614,838
Reserve for depr.. ,150,918
Unamort. dlsct.on
5,803
62,720 Res. for llab. Ins..
191,228
14,661
funded debt----6,275
458 Reserve for uncol­
Prepaid Ins. & tax.
15.000
3,923
lectible bills___
Prepaid Interest..
475,362
227,300
Profit and loss___
74,406
Sund.prcp’d accts.
A s se ts —

Total ........ ...29,814,086 28,202,138
— V . 96. p. 1026.

GENERAL

T o ta l................ 29,814,086 28,202,138

IN V E S T M E N T

NEWS.

RAILROADS, INCLUDING ELECTRIC ROADS.
Alaska Northern Railway.—Operation.— A
press
d i s p a t c h f r o m S e w a r d , A l a s k a , s t a t e s t h a t t h o r o llin g s t o c k
an d tra ck a g e rig h ts o f th e c o m p a n y w ere o n J u n e 1 0 tu r n e d
o v o r t o a c o m m i t t e e o f lo c a l b u s in e s s m e n t o b e o p e r a t e d
fo r th o b e n e fit o f th e c o m m u n it y .

This step was taken b y C hief Engineer Swanitz becauso o f a demand b y
the United States for paym ent o f $67,000 mileage tax which tho com pany
says that Congress expressly relieved the com pany from paying until 1916.
Contributions were mado b y Seward business men to hire crews and run
trains to carry supplies to miners and settlers in tho interior. N o fixed
charge for the service, it is stated, is m ade, but the com m ittee will accept
gifts o f m oney. A press despatch on T hursday stated that operations
for tho "b e n e fit o f the co m m u n ity " had been halted under orders from
tho head o ffice o f tho C om p a n y .— V . 95, p . 1401.

Atchison Topeka & Santa Fe Ry.— Lease Authorized. —
T h o K a n s a s P . U . C o m m is s io n o n J u n e 1 4 a u th o riz e d th e
c o m p a n y t o le a s e i t s s u b s i d i a r y , t h e D o d g e C i t y & C i m a r r o n
V a lle y R y . , w h ic h w a s r e c e n tly c o m p le t e d fr o m D o d g e C i t y ,
K a n ., to E lk h a r t , O k la ., fo r 1 0 y e a r s a t a n a n n u a l r e n ta l o f
8 1 2 0 ,0 0 0 . C o m p a r e V . 9 5 , p . 5 4 3 , 9 8 2 .— V . 9 6 , p . 1 6 2 7 ,1 0 8 8 .

Atlantic Northern & Southern Ry.—

Sale.— T h e C o u r t
a t A t l a n t i c , I o w a , o n J u n e 1 6 c o n f i r m e d t h e s a le o f t h e r o a d
a s fo llo w s : N o r t h e n d to th e b o n d h o ld e r s fo r 8 8 7 ,0 0 0 a n d
s o u th e n d t o A b e le s & T a u s s i g , c o n tr a c to r s a n d p re fe rre d
c r e d it o r s o f S t . L o u i s f o r 8 9 8 , 0 0 0 .

T ho C ourt fixed A ug. 9 as the date upon which tho deed is to bo passed.
An application from parties interested in the south end for an extension
o f time o f a year, within which they proposed to operate tho road and dem on­
strate their claims, was denied. An appeal was form ally entered, appeal
bond being fixed at $320,000. O . H . Zesker o f Villisca and others opposed
tho confirm ation. T ho proposition o f tho Blakodell com pany to give notes
for tho road, if sold to them , was ignored.— V . 96, p. 1487, 946.

Baltimore & Ohio RR.— Report of Expert— Property in
Excellent Condition— 5 0 % Increase in Earnings Expected in
1 0 Years.— E x p e r t J o h n F . S t e v e n s , h a v i n g m a d o a c a r e f u l
i n s p e c t i o n o f 3 , 5 0 0 m i le s o f t h e s y s t e m o n a s p e c ia l t r a i n ,
m a k e s , s u b s t a n t ia lly th e fo llo w in g c o m m e n t s :

Beforo this trip I had seen little o f the B . & O. for several years. I was
surprised to find how the road compares with the best in tho U . S.
It is no exaggeration to say that the main lino between Baltimore and Chi­
cago is second to no other in the country; the rails are all 100-lb., ballast
ample and carefully distributed.
_
„ ,
.
T ho com pany's problem is to handle a great volum e o f business at an
extremely low rate, necessitating tho minimum o f expense per unit o f traffic.
On tho eastern end o f the system , between Cumberland and Baltimore,
tho traffic has already reached 1,000,000 tons a m onth (all freight in both
directions). T ra ffic hero has about reached tho saturation point, and it is
hero that tho com pany is spending $6,000,000 on tho M agnolia cu t-o ff,
to savo five out o f eleven miles o f distance and to gain an additional track.
T ho fa ct is that tho com pany’s traffic is still increasing on a large scale,
and must continue to do so as far as anyone can see into the future. Pri­
m arily a coal-carrier, the road serves eight or nine coal regions, not one o f
which has reached its maximum productive capacity, and all arc able to
produco at tho present or a greater rate for an indefinite time— I suppose
for tho next 14 generations. T ho road’s gross earnings this year will be
about $100,000,000. I haven’t a doubt that in ten years tho com pany will
bo earning fully $150,000,000.
HKTho only difficulty will bo to furnish facilities and avoid congestion.
That is a matter o f raising capital, and I hold that tho B . & O. will bo able
to find the m oney if any railroad can.
President Willard properly looks first to his terminals. A t Baltimore,tho road owns m agnificent export terminals to handle its great volum e o f
coal for water shipment. A t Lorain, the road’s chief Lake port. It has tw o
now coal and orejdocks, which, with their loading and unloading m achinery,
aro nowliero surpassed. A t Cincinnati tho com pany owns nearly 400 acres
o f unlmprovod terminal ground, worth many millions, and capable o f al­
most unlimited developm ent, particularly for interchange with the Cine.
Hamilton & D ayton .
„ , ^
Baltimore & Ohio’s construction work is a good deal like that o f the Con­
tinental European roads— done to last for all tim e.— V . 96, p. 1700, 1627.

000

1772

THE

B ir m in g h a m

( A la .)

R y .,

Lt.

&

Pow er

C o .—

CHRONICLE

Dividend.

A dividend o f 3 % has been declared, payable June 30 to holders o f record
'
Juno 25, on the $3,500,000 com m on stock, along with the usual semi-annual
distribution o f 3 % on the $3,500,000 pref. stock, com paring with 4 % each
on D ec. 30 and July 1 1912 and D ec. 30 1911, 3% in July 1911 and 2 H %
In Jan. 1911 and July 1910 and 2 % in Jan. 1910, when paym ents were
resum ed.— V. 96, p. 1020, 61.

Buffalo

Susquehanna

&
Ry.— Receivers' Certificates. —
T h e N e w Y o r k S u p r e m e C o u r t , E rie C o ., h a s a u th o r iz e d
R e c e i v e r M i l l e r t o m a k e a n e w is s u e o f £ 1 0 0 , 0 0 0 o r $ 5 0 0 , 0 0 0
6 m o n t h s ’ c e r tific a te s d a te d J u n e 1 t o p r o v id e fo r th e $ 5 0 0 ,% c e r t if i c a t e s m a t u r i n g o n t h a t d a t e .

T h e sterling certificates have interest discounted in advance and the
dollar certificates bear interest at 6 % per annum. Under the authority
m entioned £69,000 were discounted and $105,000 o f interest-bearing cer­
tificates sold. The certificates bear date June 2 1913 and mature D ec. I
1913, subject to call at 100 K , and in the case o f the dollar certificates with
accrued interest. The remaining £10,000 or $50,000 have not yet been s o ld .
Principal and interest o f the dollar bonds is payable in N ew Y ork at the
office o f William Salomon & C o. and o f the sterling bonds in London at the
o ffice o f M essrs. Salomon & C o.— V . 95, p. 746.

Central Crosstown RR., N. Y — To Abandon Part of Road
T h e P . S. Commission on June 18 approved the application to abandon
the portion o f its route which was form erly operated b y horse cars on 17th
and 18th streets, between Broadway and Avenue A , which was a part o f
the line from the East 23d St. ferry to the Christopher S t. ferry. T he
com pany is to rem ove the tracks and restore the pavem ent o f the street
at its expense within 3 m onths.— V . 94, p. 766.

Chicago Burlington

&

Quincy RR.— B o n d s Called.—

T w o hundred and seventy-seven Burlington & Missouri River U R . in N e­
braska consolidated M tge. 6 % bonds due July 1 1918, o f $1,000 each, and
56 o f $600 each, and 34 Republican Valley R R . 6% bonds duo July 1 1919,
o f $1,000 each, and 15 o f $600 each, for paym ent at par and interest on
July 1 at New England Trust C o ., B oston.— V. 96. p. 1228, 789.

Chicago City

Connecting Rys.

&
— No Common Divi­
dend.— A s e m i - a n n u a l d i v i d e n d o f $ 2 2 5 ( t h e f u l l r a t e w h ic h
h a s b e e n p a i d f r o m o r g a i n z a t i o n in 1 9 1 0 ) h a s b e e n d e c la r e d
o n th e $ 2 5 0 ,0 0 0 p r e f. p a r tic ip a tio n s h a r e s , p a y a b le J u ly 1 to
h o ld e r s o f r e c o r d J u n e 1 6 .

N o paym ent will be m ade on the 150,000 com m on participation shares,
on which $1 per share was paid regularly to July 1912, inclusive, but on
which no distribution was m ade [in Jan. last, owing to the fact that the p ay­
ment in July 1912 exhausted the surplus from which payments were m ade.
— V . 96, p. 1555, 419.

Chicago Elevated Rys.— Suit Against Controlled Cos.—
S t a t e ’s A t t o r n e y H o y n e o n J u n e 1 6 file d q u o w a r r a n to p r o ­
c e e d in g s in t h e S t a t e C i r c u i t C o u r t a g a i n s t t h e M e t r o p o l i ­
t a n W e s t S id e , S o u t h S id e a n d U n io n e le v a te d
r a ilr o a d
c o m p a n ie s o n th e g r o u n d t h a t th e y “ h a v e v io la te d th e ir S t a t e
c h a r t e r s b y is s u in g w a t e r e d s t o c k . ”

All o f the roads, M r. H oyno says in a form al statement, were organized
under the “ Railroad A c t ,” under which it is provided that such com pany
"shall not issue their stocks or bonds except for m oney, labor or property
actually received and applied to the purposes for which such corporation was
created: any stock dividends or other fictitious increase o f capital stock or
indebtedness shall be v o id .” It is requested in each o f the suits that the
com panies be com pelled to answer in C ourt and show b y what right they
operate under the alleged illegal conditions.
M r. H oyne claims that while the statements m ade b y the com panies
on Juno 1 make it appear that tho amounts o f capital stock and debt aggre­
gate $122,000,000, “ the properties could not have honestly cost in excess
o f $52,000,000.”
T he State’s A ttorney also says: “ I have filed these now informations as an
attem pt to clarify, not com plicate, the situation, and if at any timo it ai>pears that their pendency or prosecution is a hindrance rather than aid to a
settlement which will give the public m ore com fortable, convenient and
rapid transportation, or for any other reason they are ill-advised, they can
bo dismissed or discontinued.” — V . 96, p. 1364. 1296.

Chicago Rock Island

&

Pacific Ry.— Offering of Equip

ment Notes— Financial Status.—

W h it e , W e ld & C o . and
B r o w n B r o s . & C o . a r e o ffe r in g b y a d v . o n a n o th e r p a g e , a t

534%»

p r i c e s 't o y i e l d
t h e u n s o l d p o r t i o n (le s s t h a n 2 5 % ) o f
t h e t o t a l is s u e o f $ 4 , 4 1 0 , 0 0 0
E q u ip m e n t G o ld N o t e s .
T h e s e n o t e s a r e s e r ie s H , d a t e d J u l y 1 1 9 1 3 a n d m a t u r i n g
$ 4 4 1 ,0 0 0 a n n u a lly fr o m J u ly 1 1 9 1 4 to J u ly 1 1 9 2 3 .
Par
$ 1 ,0 0 0 c & r .
In t. J . & J .
T h e b a n k e rs re p o rt:

5%

A d irect obligation o f the Chicago R ock Island & Pacific R y . C o. and
secured on new standard equipm ent costing approxim ately $5,521,000.
the balance o f the cost, $1,111,000. or 2 0 % . being paid b y the R y. C o. in
cash. T he equipment covered consists o f 87 locom otives, 2,050 cars for
freight servico and 72 steel cars for passenger train service. Title to tho
equipment remains with the trustee until the last note has been paid.
Incom e Acct. for Years end. June 30. 1910.
1911.
1912.
Gross earnings________________
_.$66,220,579 $68,487,473 $64,712,853
T o ta l incom e after taxes......................... 15,497,741 16,908,616 15,887,289
Interest and rentals__________________ 10,749,860 11,465.902 12,036,893
Surplus after charges-------------------------- 4,747,881
5,442,714 3,850,396
F or 9 months ending M ar. 31 1913 net earnings, after taxes, were reported
as having increased $1,499,243 over the corresponding period o f 1912, while
m aintenance charges were increased $2,159,437 during the period. The
com pany has paid dividends on its capital stock without interruption for
over 30 years.
Vico-Pres. J. J. Quinlan writes: “ On June 11 1913 tho railway com ­
panies com posing the R ock Island Lines had on deposit in banks and trust
com panies a balance exceeding $6,000,000 in cash. On that date none o f
the companies had outstanding any loans or other floating debt. The
R y . C o. does not contem plate in the immediate future any new financing
o f any s o rt.” — V . 96, p. 1556, 1488.

Commutation Rates.— N. J. Commission Sustained.—

T he C ourt o f Errors and Appeals on June 18 affirmed the decision o f the
Supreme Court confirm ing the order o f the State Public Utilities Comm is­
sion that com panies within N ew Jersey must give special rates for com m u­
tation between points within the State. T he Pennsylvania, W est Jersey
& Seashore, N . J. & N . Y ., Erie and N . Y . Susquehanna & Western ap­
pealed from tho ruling o f the lower C ourt. Com pare V . 95, p. 1039: V.
§5, p. 175: V . 93, p. 1105.

Dallas (Tex.) Electric Corp.— Favorable Decision.—

T h e C ivil C ou rt o f Appeals o f the Fifth D istrict on June 14 affirmed the
decision o f Judgo Foree In the Fourteenth D istrict C ourt, who granted an
injunction restraining the enforcement o f tho initiative ordinance passed
at the special election on April 2 last, providing for the sale o f 7 tickets for
25 cents and for only 3-cont fares where passengers have to stand. Chief
Justice Rainey wroto the opinion.
I t is held that the ordinance was invalid because the city charter grants
to the Commissioners o f the city and not to the people tho right to regulate
fares, charges and service o f the public utility corporations, and that only
after serving notice and giving a hearing. T he Court says that the voters
are granted the power to vote on initiative ordinances o f a general nature,
b ut that no provision is m ade as to the regulation o f public service cor­
porations, and another provision o f the charter expressly grants that power
to the C ity Commissioners. T he fa ct that tho criminal ordinance to pro­
vide for penalties has never been passed, it is said, does not prevent tho
ordinance from being a law, and an injunction is necessary to protect the
Interests o f the street railway com pany against injuries from tho civil ordi­
nance. Com pare V. 95. p. 1472.— V. 96, p . 1422.

Denver

Rio Grande RR.

&
— Earnings— Financial Status.
— C h a ir m a n E . T . J e ffe r y c o n fir m s th o s t a t e m e n t p u b lis h e d




[ V o l . X C V I.

| o n J u n e 3 , s t a t i n g t h a t h e e s t i m a t e s t h e s u r p lu s o f t h e c o m ­
p a n y fo r th e fis c a lfy e a r e n d in g J u n e 3 0 1 9 1 3 a t a b o u t $ 1 ,­
7 0 0 , 0 0 0 , a f t e r m e e t i n g a ll i n t e r e s t p a y m e n t s a n d o t h e r c h a r g e s
a g a in s t th e c o m p a n y , e x c lu s iv e o f w h a t it m a y h a v e t o c o n ­
tr ib u te to w a r d W e s t e r n P a c ific 1 st M . b o n d in te r e s t.
The
s t a t e m e n t , c o n fir m e d fu r th e r , s a y s :

The com pany is, as usual, freo from all forms o f floating debt, except
the usual current m onth’s pay-roll vouchers, payable during the succeeding
m onth in the ordinary course o f business. T he securities shown in the last
annual report as froe treasury assets, o f which $5,500,000 to $6,000,000
are bonds, are intact.
T he earnings o f the D enver & R io Grande on business to and from the
Western P acific are at the rate o f $2,500,000 per annum .— V. 95, p. 1541.
D u lu th -S u p e r io r
T r a c tio n
Co.— Explanation.— R e f e r ­
rin g to th e r e d u c tio n o f th e q u a r te r ly d iv id e n d o n th e $ 3 ,­
5 0 0 ,0 0 0 c o m m o n s to c k fr o m 1 3 4 % to 1 % , A . E . A m e s &
C o . of T o ro n to sa y :

T ho reduction was felt to be wise in view o f the com pany’s cash p o ­
sition having suffered because o f the strike last year, which continued for
about tw o m onths. The directors considered that it was in tho interest
o f tho shareholders to maintain tho com pany’s financial strength. Tho
reserve funds and undivided surplus at the end o f last year (V . 96 n. 1225)
totaled $767,000, o f which $273,000 was invested in outside securities:
this fund, how ever, being available only for now construction. General
conditions in the cities o f Duluth and Superior are good , and the United
States Steel Corporation have a force o f 1,000 men em ployed in construct­
ing their immense plant, which force is likeiy to be increased to 1,500 dur­
ing the present year, after which the different manufactories o f tho plant
should soon com e into operation one b y one.— V. 96, p . 1700, 1224.
E r ie R R .—

Offering of Extended Bonds— Guaranty.—

See Now York Lake Erie & Western D ocks & Im provem ent C o . under
industrials” below.— V . 96, p. 1700, 1629.
F e d e ra l L ig h t & T r a c tio n C
W h it e , W e ld & C o . are
$ 1 0 0 , 0 0 0 “ F i r s t L ie n 5 % S i n k i n g
d u e M a r . 1 1 9 4 2 , b u t r e d e e m a b le

Bonds.—

o ., N e w Y o r k .— F ir s t L ie n
o ffe r in g p r iv a t e ly a fu r th e r
F u n d G o ld B o n d s o f 1 9 1 2 ,
as a w h o le , a t 1 0 2 a n d in t .

. 'lo ta l a u th ., $50,000,000. viz.: Outstanding, $3,471,500;retired b y sink‘ "K ™ nd, $28,500: reserved for conversion o f $1,500,000 6 % debentures,
•pi,bbo,b07; reserved for improvements, acquisitions, & c., under conservaoJ?
544.833,333. See V. 95, p. 419, and com pare V . 96, p.
284, /1 0 , 1154.

Galveston Harrisburg & San Ant. Ry.— Bonds Pledged.

See Southern Pacific C o. below.— V . 94, p. 1695, 630.

Grand Trunk Pacific Ry.—

Debentures to Secure Loan.—
T h e s h a r e h o ld e r s w ill v o t e J u l y 1 6 o n a u t h o r i z i n g t h o is s u e
o f $ 1 5 ,0 0 0 ,0 0 0 d e b e n tu r e s u n d e r th e p r o v is io n s o f “ T h e
G r a n d T r u n k P a c ific L o a n A c t , 1 9 1 3 .”
C om p are
96
p . 1 6 2 9 .—
96, p . 1700, 1629.

V.
Kanawha

V.

Michigan Ry.

&
— Extra Dividend.— A s e m i ­
a n n u a l d iv id e n d o f 2 ) 4 % a n d a ls o 1 % e x tr a h a v e b e e n d e ­
c la r e d o n t h e $ 9 , 0 0 0 , 0 0 0 s t o c k , $ 8 , 0 5 4 , 5 0 0 o f w h i c h is o w n e d
jo in t ly b y C h e s . & O h io a n d L a k e S h o re & M i c h . S o . R y .

T he same rate (without any extra) was paid semi-annually in 1912 and
D ec^ l9 1 1 ^ a n d in June 1911 the first distribution o f 4 % was m ade.—

Kansas City Mexico

Orient Ry.

&
— Foreclosure Decree.
— J u d g e P o l l o c k in t h e U . S . D i s t r i c t C o u r t a t K a n s a s C i t y ,
K a n . , o n W e d n e s d a y p o s t p o n e d u n t i l M o n d a y t h e s ig n in g
o f a d e c r e e o f f o r e c lo s u r e .

T he date o f sale is n o t to be fixed until the reorganization com m ittee is
ready to purchase tho road. B. S. Harmon, a Now Y ork attorney repre­
senting the stockholders in the three construction com panies, and S. W.
M oore, representing the bondholders, both stated to tho C ourt that they
had reached an agreement for the protection o f all interests, and that the
plan to underwrite the agreement and get the m oney necessary to com plete
the road and put it on a sound basis was maturing rapidly, and that the
w ouW bo ready for a formal sale In a few m onths.— V. 96, p.
1089, 716.
K a n s a s C i t y V i a d u c t & T e r m i n a l R y . — Tentative Propo­
T h e “ K a n sa s C ity S ta r”
p u b li s h e s s u b s t a n t i a l l y t h e f o l l o w i n g r e g a r d i n g t h e t e n t a t i v e
p r o p o s i t i o n f o r t h e s a l e o f t h e v i a d u c t t o t h e c it i e s o f K a n s a s
C i t y , M o . , a n d K a n s a s C i t y , K a n . , w h ic h w a s m a d o la s t
m o n th b y th e b o n d h o ld e r s ’ p r o te c tiv e c o m m it t e e , R . C ,
S to r y o f B o s t o n , C h a ir m a n , a n d h a s y e t to b e c o n s id e r e d :

sition to City— Status of Enterprise.—

T ho tentative proposition was to turn over the inter-city viaduct to tho
two cities In return for 4 % interest on the bonds. T ho issue o f bonds
against tho structure Is $3,500,000 and the com m ittee offered to take a
loss o f $1,000,000 in bonds if tho two cities would nay int. on $2,500,000.
T he offer involves tho negotiations for a new M etropolitan Street R y.
franchise in tho two cities. The interest at 4 % on the $2,500,000 bonds
would be $100,000 a year. T he M etropolitan was to be required to use tho
viaduct and pay $150,000 a year rental. Out o f this revenue tho two cities
would pay tho annual interest and divert tho remaining $50,000 a year to
an amortization fund to retire the bonds finally. Tho roadway was to bo
freo for all traffic.
Tho last year the M etropolitan Street R y. used tho
viaduct for one line, the M innesota A ve. cars, and paid the viaduct com ­
pany a revenue o f $60,000. That was at the rate o f a cent a passenger.
Tho viaduct com pany officials said that if tho M etropolitan St. R y . C o .
were to send the Quindaro Boulevard and the Chelsea Park cars over tho
structure in addition to the Minnesota A ve. cars, tho rental should bo
$150,000 a year.
The revenue o f the Inter-C ity viaduct from vehicle tolls has been about
$20,000 a year and that has been absorbed b y tho taxes and operating
expenses. In good weather the daily revenuo is about $90. It now pays
no interest on Its bonds. If the viaduct were thrown open to tho public
and the collecting o f tolls and tho administration oxpenso obviated , the cost
o f maintenance and operation probably would bo reduced to $5,000 a year.
Then if the two cities took over the viaduct without providing tho annual
amortization fund o f $50,000 they would have to meet an annual interest
charge o f $100,000 and operating and maintenance oxpenso o f $5,000, or
a total o f $105,000 each year.— V. 96, p. 285.

Lehigh Valley RR.

— New Director.— F r o d . M . K i r b y
h a s b e e n e le c t e d a d i r e c t o r t o s u c c e e d A l f r e d C . H a r r i s o n ,
w h o r e s i g n e d .— V . 9 6 , p . 1 2 9 7 , 1 1 5 7 .
‘

Lehigh Valley Transit Co.

— Collateral Notes.— A t t h o
a d j o u r n e d m e e t i n g o n J u n e 2 0 t h e s h a r e h o ld e r s a u t h o r i z e d
a n in c r e a s e in t h e f u n d e d d e b t f r o m $ 1 5 , 0 0 0 , 0 0 0 t o $ 1 6 , 0 0 0 , ­
0 0 0 , fo r th e p u r c h a s e o f c o n tr o l o f th e E a s t o n C o n s o lid a te d
E le c tr ic C o .

T he now issue, it is stated, will consist o f 10-year 6 % collateral notes
with Easton Consol. Elec, stock as collateral. Com pare V . 96, p. 1489.

Lewisburg

Tyrone

&
RR.— Foreclosure Sale.— T h o r o a d
w a s s o l d u n d e r fo r e c lo s u r e s a l e o n J u n o 1 6 b y S a m u e l T .
F r e e m a n & C o ., 1 5 1 9 -2 1 C h e s t n u t S t ., fo r $ 6 0 4 ,0 0 0 , to
R o b e r t E . M a r s h a ll o f S id n e y , O h io , r e p r e s e n tin g th e P e n n ­
s y lv a n ia R R .
C om p are V. 9 6 , p . 1489.
L ic k in g R iv e r R R .—

To Be Dismantled.—

T h e com pany has filed notice at Frankfort, K y ., o f its intention to give
up business. Com pare V . 95, p . 1273.

THE

J u n e 21 1 9 1 3 .J

Massachusetts Law.

1773

CHRONICLE
.—

— W a s h b u r n B i ll P a s s e d O ver V e t o
T h o M a ssa ch u setts L e gisla tu re o n Ju n e 13, b y v o te s o f 170 ye a s t o 58
n a ys in th o H ou se an d 33 yeas t o 3 n a y s in th e S en a te, passed (o v e r th e v e to
o f G o v e rn o r F oss) th e s o -ca lle d W a s h b u rn b ill, w h ich enlarges th e m em ber­
ship o f th e B oa rd o f R a ilroad C o m m issio n e rs so as t o co n sist o f 5 c o m m is ­
sion ers, an d ehan ges th e n am e t o P u b lic S e rv ice C o m m issio n , w ith pow er
t o su p erv ise railroad s, express, tele p h o n e a n d ele ctric co m p a n ie s , an d p r e ­
s crib e rates and c h a rg e s.
U n d er it (S e ctio n 1 5 ), ra ilroad s are p e rm itte d
t o issu e b o n d s, n otes o r o th e r e v id e n ce s o f in d e b te d n e ss t o an ag g re g a te o f
tw ice th o a m o u n t o f th e c a p ita l s t o c k .
F ree tra n sp o rta tio n w ith in the
S tate is p r o h ib ite d e x c e p t t o railro a d e m p lo y e e s.

Middle West Utilities Co., Chicago.—R e p o r t . —
See “ A n n u a l R e p o rts ” on a p reced in g page.
N e w N o t e s . — N . W . Halsey & C o.,

Russell, Brewster &
C o ., M cC oy & Co. and A . H . Bickmore & Co. are placing
at 98 and int., yielding 6 % % , the present issue of $2,000,000
“ Three-Year 6 % Collateral Gold N otes,” secured by deposit
with trustee of $2,070,000 par value of mortgage bonds of
subsidiary companies. A circular shows:
D a te d Jun o 1 1913 a n d d u e Ju n o 1 1910, b u t re d e e m a b le as a w h o le or
in park at 100 an d in t. on a n y in terest d a y u p on 60 d a y s ’ notice . Par
$ 1 ,0 0 0 c * .
in terest J. S 1). in C h ic a g o .
c
A u th o riz e d issu e $ 3 ,5 0 0 ,0 0 0 .
Illin ois T r u s t S S av in gs B a n k , C h ic a g o , trustee.
c

Digest of Statem ent of Pres. Samuel Insull, C hicago, June 11 1913
Organization.— O rg a n iz e d in D e la w a re in M a y 1912 t o a cq u ire c o n tr o l
o f p u b lic u tilities p ro p e rtie s , be in g a su ccessfu l h o ld in g c o m p a n y w h ich
ow n s o r c o n tr o ls esta b lish e d p ro p e rtie s in g ro w in g co m m u n itie s . T h e m an ­
a g em en t is in th e h an d s o f an e ffic ie n t o rg a n iz a tio n [headed b y M r . Insull.
— E d .], th e m em bers o f w h ich h a v e had lo n g exp erien ce in th e o p e ra tio n o f
p u b lic u tility prop ertie s.
Company's Capitalization Apr. 30 1913—
Authorized. Issued & Sold.
P referred s to c k — 6 % c u m u la t iv e ________________ $ 1 2 ,0 0 0 ,0 0 0
$ 8 ,4 7 0 ,1 0 0
C om m on sto ck _
_ ________________________________ 12,0 0 0 ,0 0 0
7 ,3 5 0 ,2 0 0
3 ,5 0 0 ,0 0 0
See b e lo w .
T h re e -y e a r 6 % c o ll, g o ld n o te s ___________________
B a sed on th o m a rk e t p rices o f t o -d a y , th e o u ts ta n d in g p re fe rre d an d
c o m m o n s to c k s w hich aro ju n io r t o these n otes are w orth o v e r $ 8 ,5 0 0 ,0 0 0 .
Note Issue.— T h o pro ce e d s o f th o en tire a u th o rize d issue ($ 3 ,5 0 0 ,0 0 0 will
b e used t o c o m p le te p a y m e n ts o n pro p e rtie s h e re to fo re c o n t r a c te d fo r to
p r o v id o fu n d s fo r th o d e v e lo p m e n t o f su b sid ia ry co m p a n ie s an d t o fu n d
flo a tin g d e b t.
A s secu rity fo r the $ 2 ,0 0 0 ,0 0 0 n o te s n o w s o ld , th ere aro
d ep o s ite d w ith th e trustee $ 2 ,0 7 0 ,0 0 0 par v alu e o f m o rtg a g e b o n d s o f vari
ou s su b sid ia ry com p a n ie s ow n ed e n tire ly o r co n tr o lle d b y th e M id d lo W est
U tilities C o .
T h o latest statem en ts o f earnings o f the p rop erties o n w hich th e p led ged
b o n d s are secu red sh ow th a t in all cases the net earn in gs fo r th e p ast y ear
aro in excess o f 1 'A tim es all th eir b o n d Interest, th e a v e ra g e r a tio th e re o f
bein g 1.74. T h o par va lu e o f b o n d s d e p o s ite d m u st a t all tim es equa l
133 1-3 % o f tho a m o u n t o f n o te s o u ts ta n d in g , an d n o d e p o s ite d b o n d s can
bo w ith d raw n e x c e p t u p o n d e p o s it in lieu t h e r e o f o f eith er (1) n o te s o f this
issue (or cash ) equ a l a t par to 7 5 % o f th e p ar o f b o n d s w ith d raw n ; o r (2)
par in o th e r b on d s o f c o m p a n ie s w h o se a n n u al net earnings are 1 A tim es
tho in terest o n all their o u tsta n d in g b o n d s. T h o c o m p a n y co v e n a n ts
th a t all th e p rov is ion s o f th e m o rtg a g e s se cu rin g th e p le d g e d b o n d s shall
b o fa ith fu lly c o m p lie d w ith .
[T h e n o te issue is lim ite d t o $ 3 ,5 0 0 ,0 0 0 and th o par va lu e o f th e b a n d s
p led g ed th erefor is $ 4 ,0 0 7 ,« 0 0 .
See ann ual re p o rt on a p re ce d in g page.]

New York Municipal Railway Corp.—

—

S lock I n c r e a s e .
T h o c o m p a n y has a p p lie d t o th o P . S . C o m m is s io n fo r a u th o r ity t o issue
$40 0,00 0 a d d itio n a l s t o c k , m a k in g th e to t a l $ 5 0 0 ,0 0 0 . A hearin g w ill
take p la ce o n Ju n e 2 6 .— V . 9 6 , p . 94 7 . 863 .

New York New Haven & Hartford RR.— S u b s i d i a r y
R e su m e s D i v i d e n d s .—

See New York Ontario & Western R y .
below — V . 96, p. 1702, 1630.

New York Ontario & Western Ry.— D i v i d e n d s

R esu m ed .

— a dividend of 2 % has been declared on the $58,113,982
common stock, payable Aug. 14 to holders of record June 30,
being the same amount as in 1906 to 1911 inclusive. No
payment was made last year, but in 1905 4 l % was paid,
A
3 % in Jan. being an initial distribution from accumulated
earnings and 1J^% in July the regular yearly payment.
As the N . Y . N . H . & Hartford owns $29,160,000 of the stock,
its share of the dividend declared will be $583,200.
N e w D i r e c t o r s . — J. P . Morgan and Edward Milligan of
Hartford have boon elected directors to succeed the late
J. Pierpont Moi-gan and L. C . Ledyard, who resigned.—
V . 96, p. 653, 420.

Norfolk & Western Ry.— C o a l

T r a f f i c to B e H a n d le d b y

30 M i l e s o f M a i n L i n e . — The “ Railway Age
Gazette” of June 13 said in substance:
E le c tr ic ity o n

T h e N . & W . is p ro ce e d in g w ith th e e le ctr ific a tio n o f 30 m iles o f its m ain
line fro m B lu efield , W . V a ., to V iv ia n , W . V a ., p r a c tic a lly a sep arate
gath erin g d iv isio n fo r th e c o a l t r a ffic fro m th e P o c a h o n ta s re g io n , c o m ­
prising a b o u t 85 m iles o f tra ck . T h o d iv isio n is d o u b le tra ck e x ce p t in th e
E lk h o rn tu n n el, a n d lias a large a m o u n t o f sid in g s a n d bra n ch es in t o th e
coa l w o rk in g s. T h o grades are fro m 1.5 t o 2 % e a s tb o u n d , t o an d th rou gh
tho su m m it tu n n e l, 10 m iles, o v e r w h ich co a l train s o f 3 ,2 5 0 to n s are h au led
at a b o u t 7 l m iles an h o u r b y th ree M a lle t engines.
A
It is n o t th e in ten tion
at present t o c o n d u c t th o th ro u g h m e rch a n d ise fre ig h t o r th o passenger
service b y e le ctr ic ity , b u t a b o u t 20 c o a l "t o n n a g e tra in s ” d a ily o f 3 ,2 5 0
tons ea ch w ill bo e le ctrica lly o p e ra te d b y h ead engines a n d pusher* a t a
speed o f 13 m iles an h o u r up th e h e a v ie s t g ra d e . A n o v e r h e a d electrica l
c o n d u c to r w ill b e u sed, th o lo ca l co n d itio n s pre clu d in g th o use o f t h e th ird
rail.
E lectric p o w e r w ill b e g en erated in a steam p o w e r h o u se t o b e erected
b y th o c o m p a n y at B lu e sto n e , w ith an in stalled c a p a c ity a t present o f
24,000 k . w . A ll w ork is t o b e c o m p le te d fo r s e rv ice in th e su m m er o f 1914.
it will be seen th a t th o lo ca l co n d itio n s are e sp e cia lly fa v o r a b le fo r elec­
tric h au lage, th e t r a ffic bein g den se, w ith h e a v y tra in u n its m o v in g a t
fairly u n iform in te rv a ls, an d w ith e xcellen t co a l o b ta in a b le a t th e p o in t
o f origin fo r t h e ge n e ra tio n o f e le ctr ic ity .
E lim in a tio n o f sm o k e In th e
E lk h orn tu n n el w ill b o an Im p o rta n t g a in .— V . 96, p . 1557, 1157.

Northwestern Pacific RR.—

B o n d s P l e d g e d .—
T h e re a re n ow o u ts ta n d in g $ 1 7 ,7 0 8 ,0 0 0 1st & R e f. M . 4 A s, o f w h ich
$17 ,5 0 0 ,0 0 0 a re p led ged as p a r t s e cu rity fo r th e new n otes o f th e S ou th ern
P a cific C o . See th a t c o m p a n y b e lo w .— V . 9 6 . p . 1489.

Oakland Antioch & Eastern Ry.—

N o t C o n tr o lle d .—
T e r r i t o r y S e rv e d —
III.
Jn d .
K y.
M o . M ic h .
O k la . N .E n g . T o ta l.
P a rties in a p o s itio n t o k n o w th o fa c ts sta te th a t it is n o t tru e, as w e w ere
Communities, N o ..
192
29
13
2
0
fi
26274in form ed re c e n tly , th a t this c o m p a n y is n ow a s u b s id ia ry o f th e U nited
Population served 418,400 151,000 53,500 15,000 36,000 61,700 94,000 829,600
P rop erties C o .— V . 96, p . 1157. 1630.
In each o f said S la te s e x c e p t M ic h ig a n th e re h a v e been fo rm e d sep arate
o p e ra tin g su b sid ia ry c o m p a n ie s o f the M id d le W e s t U tilities C o .
— I n t e r e s t P a i d . — Tho interest due
Audited Annual Earnings— Company's Estimate for Year end. Apr. 30 1914.
June 12 on the $2,500,000 6 % 10-month notes was paid
[A u d ited earnings c o v e r fo r each c o . tho y ear p re ce d in g d a te o f a u d it.]
(1) Subsidiary Companies—
Audited.
Est. 1913-14.
maturity and the issue has been temporarily extended,
G ross ea rn in gs______________________________________$ 5 ,4 7 4 ,1 6 3
$ 6 ,4 0 0 ,0 0 0
pending efforts to put through the plan outlined last week.
O p era tin g exp en ses________________________________ 3 ,5 6 2 ,2 7 4
4 ,0 0 0 ,0 0 0

Oakland Railways.

N e t e a rn in gs______________________________________ 5 1 ,9 1 1 ,8 8 9
$ 2 ,4 0 0 ,0 0 0
(2) Middle West Utilities Co.— U'A Mos. ending Apr. 30 1913, Audited.
T o t a l in com e all sou rces (seo r e p o r t ), $ 91 1,96 9; to ta l expenses,
$21 2 ,9 4 8 ; ba la n ce, n et in c o m e ------------------------------------------------------ $699,021
A n n u al interest ch arge on tho total au th o riz e d issue o f those n otes
($3,500,0000 -------------------------- --------------------------------------------- ----------- ,* 2 1 0 , 0 0 0
In a d d ition tb th e a b o v e re ce ip ts o f th e c o m p a n y , th e u n d istrib u ted
earnings o f properties o w n e d a m o u n te d d u rin g th e y ear t o $10 0 ,8 7 9 .

.—

N e w S u b s id ia r y to O p era te i n O k la h o m a
See P u b lic S ervice C o . o f O k la h o m a b e lo w .— V . 96. p . 1702.
— P la n E f fe c t i v e — F u r th e r D e p o s i t s
A s u f f i c i e n t a m o u n t o f t h e 4 % S t . L o u i s & C a i r o c o ll a t e r a l
g o l d b o n d s h a v i n g b e e n d e p o s i t e d w it li A . T selin & C o .
u n d o r o f f e r o f F e b . 1 7 ( V . 9 6 , p . 5 .5 4 ) f o r e x c h a n g e a t p a r
f o r b o n d s o f a n e w is s u e o f 8 8 , 0 0 0 , 0 0 0 M o b i l o & O h i o
S t . L o u i s D i v i s i o n 5 % m o r t g a g e g o ld b o n d s , d a t e d A u g . I
1 9 1 3 , t h e p la n o f e x c h a n g e , it is a n n o u n c e d , h a s b e c o m e
e ffe c tiv e .
F u r t h e r d e p o s i t s w ill b e r e c e i v e d b y t h e f ir m
n a m e d u p t o a n d in c l u d i n g J u n e 2 5 .
C o m p a r e a d v . in la s t

Mobile & Ohio RR.

w e e k ’s is s u e a n d

V . 96, p.

.—

1365,

1022.

New Orleans Railway & Light Co.

— In c r e a se d C o m m o n
D i v i d e n d — A d iv id e n d o f 1 %
h a s b e e n d e c la r e d o n t h e
$ 2 0 , 0 0 0 , 0 0 0 c o m m o n s t o c k , p a y a b l o J u n e 3 0 t o h o ld e r s o f
re c o r d J u n o 2 0 , c o m p a r in g w ith
of 1 %
D ec. 31
1912
a n d a n in it ia l p a y m e n t o f 1 % o n J u l y 1 1 9 1 2 . — V . 9 6 , p .
1489,

1365.

New York Central Lines.—

F a vo ra b le D e c i s i o n .— J u s t i c e
C h e s t e r in t h o S u p r e m e C o u r t a t A l b a n y o n J u n e 2 0 , in t h e
s u i t o f m i n o r i t y s t o c k h o l d e r s , h e ld le g a l t h e N e w Y o r k C e n t r a l
L in e s ’ e q u ip m e n t tr u s ts o f 1 9 1 3 , w h ic h w ero a u th o r iz e d b y
t h e P u b l i c S e r v ic e C o m m i s s i o n , S e c o n d D i s t r i c t , a n d t h o
R a ilr o a d C o m m is s io n o f M ic h ig a n .
T h e C o u rt say s:
T h e fa c t th a t th e single c o m p a n y n o w c o n tr o ls d ir e ctly o r in d ire ctly th o
L a k o S hore, th o M ic h ig a n C e n tra l, th o C a n a d a Sou th ern an d o th e r lines
c a rry in g t r a ffic botw een B u ffa lo an d C h ic a g o w hen there aro several c o m ­
p etin g lines b otw een th ose p o in ts , an d all u nd er G o v e rn m e n t c o n t r o l, is
n o t s u fficie n t cau se, in m y o p in io n , t o h o ld th a t th is single c o n tr o l, o r th e
agreem en t m ade fo r tho b e n e fit o f all co n ce rn e d in it, sh ou ld b o co n d e m n e d
as a v iola tion o f w h at is k n o w n as th o S herm an A c t o f C on gress— V .
96, p . 1089, 286.

New York Central & Hudson River RR.—

at

The F. M . Smith creditors’ committee on June 11 said:

T h e su cce ss o f this plan is d e p e n d e n t u p o n th e c o -o p e ra tio n o f th e cred ­
itors o f F . M . S m ith an d o f th e R e a lty S y n d ic a te an d o f th o sto ck h old ers o f
tlxo c o m p a n ie s in te re ste d an d o f th o n o t e h o ld e rs o f th e $ 1 ,1 0 0 ,0 0 0 n o te
issue o f th e O ak lan d T e rm in a l C o ., d u e A u g . 29. M e a n w h ile , th e interest
on th o $ 2 ,5 0 0 ,0 0 0 n o te issue d u e T h u r sd a y (Ju n e 12) w ill b e p a id .
I t is
b e lie v e d th a t th o c o n s u m m a tio n o f th e plan w ill p u t th e railw ay p rop er­
ties o n a s o u n d fin a n cia l b a s is .”
[In a d d itio n t o these n o te s, there is said
to b o a b o u t $ 1 ,5 0 0 ,0 0 0 o f flo a tin g d e b t o n th e tra ctio n p rop erties.) C o m ­
pare V . 96, p . 1702.

Oskaloosa (Iowa) Traction & Light Co.— S a l e . —
See W estern R y . & L ig h t C o . b e lo w .— V . 9 5 , p . 1208.

Pacific Electric Ry., Los Angeles.—B o n d s

P le d g e d .

—

See Sou th ern P a c ific C o . b o lo w .— V . 9 6 , p . 1365, 1298.

Pennsylvania RR.— C u r s u n d e r E q u i p . T r u s t . — The $19,­
700,000 equip, trust 4>^s described last week cover 15,000
cars, viz.: 4,500 box cars, 1,000 gondola cars, 6,500 hopper
gondola cars, 1,500 coke cars, 1,000 automobile cars and
500 refrigerator cars. As to other data see V . 96, p. 1702.
Philadelphia Rapid Transit Co.— T r a n s it

M ea su res

S i g n e d .—

Governor Tener on June 17 signed the last of the
Philadelphia transit measures, the enabling bill making
possible the extension of transportation facilities by oitybuilt subway and elevated lines and their operation or lease,
and also the personal property tax bill, providing an asset
upon which tho city may borrow $40,000,000 to $45,000,000
to finance tho construction.— V . 96, p. 1490, 863.

Public Service Co. of Oklahoma, Oklahoma City.—
C o . — This company was incorporated in Oklahoma
on M a y 31 with $3,000,000 of auth. capital to unite and oper­
ate a number of local electric-light and power plants and street
railway enterprises in tho interest of the Middlo West Utili­
ties Co. See “ Annual Reports” above. The “ Oklahoman”
of Oklahoma City on June 5 said:
M erger

F orm al a n n o u n ce m e n t o f th o plans o f th e P u b lic S e rvice C o . ch a rtered
in O k la h o m a C it y last S a tu rd a y w ith a c a p ita l s to c k o f $ 3 ,0 0 0 ,0 0 0 w as m a d e
W e d n e s d a y b y F re d . In su ll. re p resen tative o f th e C h ic a g o c a p ita lists, w h o
aro b a ck in g th o c o n c e r n . T h o c o m p a n y an n o u n ce s th a t it a lre a d y h a s so cu re d c o n tr o l o f ele ctric p o w e r pla n ts in G u th rie , T u ls a (V . 9 5 , p . 6 8 5 ),
V in lta , A to k a , C o a lg a to , L eh igh an d C h ick a s h a , an d still is n eg otia tin g
fo r th o L a w to n p la n t, w h ich in clu d es a s treet ra ilw a y a n d interu rb an
p r o p o s itio n .
D ir e c to rs : F red W . Insull (P r e s .), M a r tin J . Insull (V .-P r e s .) , B u rton
F rench (S e c .), It. F . F ran k (T r e a s .), P aul M . G a llo w a y o f T u ls a an d G alen
C r o w o f G u th rie . G eneral o ffic e s . O k la h o m a C it y .

M e e tin g A d ­
j o u r n e d .— T h e m e e t i n g o f s h a r e h o ld e r s t o a u t h o r i z e t h e n e w
m t g e . h a s b e e n p o s tp o n e d u n t il O c t . 1 6 . S e e V . 9 6 , p . 1 4 2 4 .
R a te s.— S u p r e m e C o u rt D e c i s i o n s . — The U . S. Supreme
N o t e I s s u e s .— P r e s i d e n t B r o w n
is q u o t e d a s s a y i n g :
Court on Monday handed down decisions in 22 cases involv­
In 1908 sailroad s w ero com p e lle d t o b o rro w $ 18 7,00 0,0 00 on o n o -y e a r
n o te s , as th o m on ey c o u ld n o t b o raised a d v a n ta g e o u s ly on lo n g -tim e
ing State freight and passenger rates in four States in which
secu rities. In 1909 these te m p o ra ry borro w in g s hail in crea sed t o $ 3 1 9 ,it applied the principles laid down in the so-called Minne­
0 0 0 ,ttOO an d in 1912 t o $ 3 6 8 ,0 0 0 ,0 0 0 .
I f I knew th e e x a c t fig u re s fo r 1913.
sota rate cases decided last week (p. 1604), tho State rates
I sh ou ld b e a fra id to express th em . O ur ow n c o m p a n ie s. In d e fa u lt o f tho
p os s ib ility o f selling lon g-term b on d s on term s w e c o u ld a ffo r d , h a v e p u t
being sustained except where it was found that their applica­
o u t m ore titan $ 1 0 0 ,0 0 0 ,0 0 0 o f o n e -y e a r n o te s, and unless th o m a rk e t im ­
tion to particular roads would result in confiscation, in which
p ro v e s , w o shall h a v e t o p u t o u t still larger am ou n ts. A ft e r 40 yea rs o f
in tim a te ob s erv a tion o f co n d itio n s In th e W est, I h a ve n ever seen th o tim e
cases the rates wero enjoined subject to their being put into
w hen on Ju n o 12 th e p rom ise o f a n oth er great c r o p w as b e tte r , b u t in th e i
fa c e o f th is c o n d itio n o u r ra ilro a d s aro raising m o n e y fo r perm an en t im - I effect if at any time in the future it is proved that conditions
p rov em en ts at 6 % , 6 ff% and 7 % ; and unless th is c o n d itio n is c h a n g e d ,
have so changed as to make the rates yield a reasonable com­
p erm an en t im p rov em e n ts on railroad s o f th o U nited S tates w ill a b s o lu te ly
None of tho rates involved was passed upon by
com a t o a sta n d still.— V . 96, p . 1489, 1424.
• pensation.




*774

THE

CHRONICLE

the Inter-State Commerce Commission. The opinions
(which were brief) wore as in the Minnesota cases all written
by Justice Hughes and unanimously concurred in. The
Texas-Louisiana case, which is on appeal from the Commerce
Court, has not yet been argued before the Supreme Court.

Missouri Rate Cases.-—T h e se in v o lv e d th e fre ig h t rates a n d p assen gerfa r o A c t s p assed In 1907. T h e rates w ere su stain ed as t o th e C h ic a g o B u r­
lin g to n & Q u in c y , A t c h is o n T o p e k a & San ta F e , K a n sas C it y S o u th e rn ,
M is s o u r i K an sas & T e x a s , C h ic a g o R o c k Island & P a cific (in clu d in g S t.
L o u is K a n sa s C it y & C o lo r a d o ) an d St. L o u is & San F ra n cis co .
U n d e r th e
s tip u la tio n s en tered in to in th e low er C o u r t , th e d e cisio n w ill a p p ly also t o
th e S t. L ou is S ou th w estern , M isso u ri P a cific , S t. L o u is Iro n M t n . & S o u th ­
ern , \\a b a sh , C h ic a g o M ilw a u k e e A S t. P aul a n d C h ic a g o A A lt o n .
The
ra tes w ere fou n d c o n fis c a to r y in th e cases o f th e S t. L o u is & H a n n ibal,
K a n sa s C it y C lin to n & S p rin gfield a n d C h ic a g o G re a t W e s te rn , th e d e ­
cis io n as t o th e la tter a p p ly in g b y s tip u la tio n t o th e Q u in cy O m a h a &
K a n sa s C it y an d St. J osep h S G ra n d Isla n d.
c
Arkansas Rates.— T h e se co n c e r n e d th e 2 -c e n t passenger law o f 1901 an d
i « S o m a'T ,!n u m freig h t rates e sta b lish e d b y th o S ta to R B . C o m m issio n in
.‘
1908.
1 h e rates w ere h eld v a lid as t o t h e S t. L o u is Ir o n M t n . & S ou th ern
a n d S t. L ou is S ou th w estern .
West Virginia.— T h e 2 -ce n t passen ger ra te law o f 1907 w as sustain ed
as t o th o C h esap eak e & O h io .
O n ly th o q u e s tio n o f in te rfe re n ce w ith
in te r-S ta te c on u n erco w as co n s id e r e d , n o issu e o f c o n fis c a tio n b e in g p r e ­
sen ted .
Oregon.— T h e suit b y th o O e g o n K it . & N a v ig a tio n C o . w as b r o u g h t to
restra in th o e n forcem en t o f an o r d e r o f th o I t lt . C o m m is s io n m a d e on
A p ril 22 1908, prescrib in g fre ig h t ra tes, a n d th at o f th o S outhern P a cific
C o . (in w h ich th e O regon & C a lifo rn ia l t l t . w as jo in e d as co m p la in a n t)
t o restrain th e freigh t rates p re scrib e d in an o rd e r m a d e S ep t. 10 1910.
O n ly th e issue o f in terfere n ce w ith in te r-S ta te c o m m e r c e w as b ro u g h t up
a n d th e roa d s lost.
In a n oth er case d e c id e d b y th o C o u r t o n th e sam e d a y w h ich d id n o f
fo llo w th e M in n e s o ta ra te ca se s, it w as h e ld th a t th o S tate o f K ansas has
th e rig h t t o f ix rea son a b le m a x im u m rates fo r tho tra n sp o rta io n o f oil an d
o il p r o d u c ts on railroa d s w ith in its b o rd e rs . T h o M issou ri P a c ific c o n ­
tes ted th e la w , w h ich a ls o im p o s e d p en a lties o f $500 fo r eadh in fr a c tio n ,
p a y a b le t o th e a g g rie v e d sh ip p e rs.

.—

I r o n O re a n d C o k e R a tes R e d u c e d
T h e I n te r -S ta to C o m m e r c e C o m m is s io n on Jun e 13 h an d ed d o w n d e ­
cision s u p o n c o m p la in t o f th o “ in d e p e n d e n t” steel and c o k e p ro d u ce rs , re­
d u c in g rates fo r railroa d tra n s p o rta tio n on iron ore sh ipm en ts fro m L a k o
E r ie p o r ts t o th o P ittsb u rg h d is tric t (w h ich are t o be n o higher than fro m
L a k e E rie p orts to th e W h e e lin g d istrict) an d o n c o k o sh ip m en ts fro m th e
C o n n e lls v ille d is tric t t o m a n y E astern an d W estern p oin ts (a verage 12 to
1 5 % ).
T h o n ow rates are t o b e in e ffe c t fo r tw o years fro m A u g . n e x t,
a n d , it is r e p o r te d , w ill e ffe c t a sa vin g o f o v e r $ 5 ,0 0 0 ,0 0 0 y e a rly t o th o
P itts b u r g h d is tric t. E llis S D o n a ld s o n , cou n sel fo r the co m p la in a n ts say:
c
“ O n e o f th e m o s t im p o rta n t q u e s tio n s o ver presented to th e C o m m issio n
w as d e c id e d in th e oro ca se , th e “ eq u a liza tio n o f assem bling c o s ts ” th e o r y .
F o r yea rs d is c rim in a to ry rates o n single co m m o d itie s h a v e been d e fe n d e d
b y th e railroad s o n the g ro u n d th a t such rates, w hen taken in c o n n e c tio n
w ith rates o n o th e r c o m m o d itie s , p ro d u c e d an eq u a liz a tio n o f a ssem blin g
co s ts w h ich w as ju s tifie d b y co n s id e ra tio n o f p ra ctica l e x p e d ie n cy as well
as p u b lic p o lic y .
T h o c o m p la in in g ore sh ip p ers, h o w e v e r , co n te n d e d th a t
it w as w h o lly b e y o n d th e fu n c tio n s o f r a ilro a d s to equ a lizo assem blin g co sts
a n d d e p r iv e co m m u n itie s o f the b e n e fits o f th eir natu ral a d v a n ta g e s o f
lo ca tio n , a n d this co n te n tio n th e C o m m is s io n e m p h a tic a lly s u s t a in e d ." —
V . 96, p . 1425, 1229.

Register & Glennville RR.—

.—

R e c e iv e r s' S a l e
R e c e iv e r s W . V . D a v is , W . B . Stillw ell and G e o . W . T ie d e m a n w ill on
J u ly 1 o ffe r th e ro a d a t a u c tio n a t K e id sv ille , G a ., u n d er d e cre e o f th o
T a tn a ll S u p erior C o u r t ren d ered A p ril 11, sign ed b y J u d g o W a lte r W . S h ep­
p a r d in th e su it o f H en ry T a lm a d g c & C o . v s . T h e P erk in s L u m b e r C o . e t al.

Republic Railway & Light Co., New York. — S e c u r e d
W hite, Weld & Co., N . Y .f and Chicago, are

G o ld N o t e s . —

offering privately, at a price to yield 6 % , $600,000 Secured
5 % Gold N otes, dated April 1 1912 and due Jan. 1 1916,
but redeemable, all or part, on 30 days’ notice at 100 and int.
Authorized $5,000,000; outstanding, $2,600,000.
Seo V . 96, p . 1119, a n d c o m p a r e m a p a n d d a t a o n pages 131 an d 132 o f
‘ E le c tr ic R a ilw a y S e c tio n .”
D a t a F u r n is h e d b y V ic e - P r e s . G e o . A . G a lliv e r , M ay 20 1913.

Outstanding Stock of Republic Railway A Light Co. (No Bonds Outstanding).
6 % c u m . p r e f. s t o c k , p ar v a lu o ____ $ 5 ,1 8 7 ,8 0 0 \ M a r k e t va lu e o f
C o m m o n s t o c k , p ar va lu e _________ 6 ,2 0 4 ,0 0 0 /
'
,
e q u it y abou t_,$5.100,000
T h e se n otes a re secu red b y : (1) U n en cu m bered first lion o n th e p ro p e rty
o f th o P en n sy lv a n ia P o w e r C o . at E llw o o d C it y , P a . (.acquired a t a c o s t o f
S 3 2 0 .0 0 0 ), th rou g h d e p o s it o f all th o 1st M . b o n d s an d all th e s t o c k o f t h a t
com pany.
(2) U n en cu m b e re d fir s t lien o n all th e p r o p e r t y n o w o w n e d
o r t o b e acq u ired b y th e R e p u b lic C o n s tr u c tio n C o . (e stim a te d co st
$ 1 ,2 5 0 ,0 0 0 ), th rou gh d e p o s it o f all th o 1st M . b o n d s a n d all th o s t o c k o f
th a t c o m p a n y .
(3) D e p o s it o r o v e r 9 8 .5 5 % ($ 1 0 ,5 9 2 ,5 0 0 p a r va lu e ) o f
th o o u ts ta n d in g s t o c k o f th e M a h o n in g S S hen ango R y . S L ig h t C o .
c
c
T h o p ro ce e d s o f th e $ 6 0 0,00 0 n o te s n o w issued w ill bo used t o reim bu rse
th o c o m p a n y fo r a d v a n c e s m a d e t o su b sid ia ry co m p a n ie s o n a c c o u n t o f
b e tte r m e n ts an d im p rov em e n ts a lre a d y m a d e o r t o b o m a d e , a n d t o r ctiro
flo a tin g d e b t in cu rred d ir e c t ly b y s u b . c o . o n a c c o u n t o f su ch b e tte rm e n ts.
Earnings of Controlled Companies, Subject to Audit, Years ended Mch. 3 1 .
1913.
1912.
I
1913.
191 2.
G ross e a r n s . .$ 2 ,7 5 5 ,2 0 6 $ 2 ,4 6 7 ,8 6 6 ] In t.c h g o .s u b .c o s . * $ 53 3,29 9*$532 ,385
N e t a ft . t a x e s $ 1 ,0 9 2 ,8 7 5
*984,3071 B a la n ce , s u r p lu s .$ 5 3 9 ,5 7 6 $45 1 ,9 2 2
* E x clu s iv e o f in te re s t p a id t o R e p u b lic R a ilw a y S L ig h t C o .
c
T h e R e p u b lic C o n s tr u c t io n C o . has re c e n tly co m p le te d a n ow p o w e r
h ou se a t L o w e liv illc , h a lf w ay b e tw e e n Y o u n g s to w n an d N e w C a stle , w h ich
has an in itia l in stalled g en e ra tin g c a p a c it y o f 18,000 k .v .a . (a b o u t 22,000
h . p . ) , an d is b u ild in g a h igh -te n sio n transm ission lin o 30 m iles lo n g , ty in g
in th o new s ta tio n w ith th e d is trib u tio n sy ste m s o f Y o u n g sto w n a n d N ew
C a s tle .
I t has also pu rch ased 15 new cars an d p ro v id e d fo r th o b u ild in g
o f a n ew c a r b a m in Y o u n g s to w n . A ll o f this now p r o p e r ty lias been or
w ill b e leased t o the o p e r a tin g c o m p a n y — the M a h o n in g S Shen ango R y .&
c
L ig h t C o . T h e new gen era tin g s t a tio n n ea rly dou b le s th o fo rm e r c a p a c it y
o f the c o m p a n y ’s o t h e r s ta tio n s , a n d a la rg e p a r t o f its o u tp u t lias a lre a d y
b e e n c o n t r a c te d fo r b y large con su m ers o f p o w e r. N e w c o n t r a c ts h a v e been
c losed f o r p ow er t o b o su p p lie d fro m this s t a t io n fro m w h ich a n e stim a te d
a n n u a l gross In c o m e o f o v e r $ 2 5 8,00 0 w ill bo o b ta in e d . T h e o th e r e x te n ­
sion s a n d b e tte r m e n ts r e c e n tly m a d e o r to b e m ad e t o th e e x is tin g pro p e r­
ties sh ou ld largely in crea so th e n e t earn n gs o f th o su b sid ia ry co m p a n ie s
d u rin g th o n e x t th ree y e a rs .— V . 9 6 , p . 1703.

St. Louis Peoria

Northwestern Ry.—

.—

&
M o rtg a g e
S to c k h o ld e r s o f th e c o m p a n y a n d o f th e M a c o u p i n C o u n t y
R y . , b o t h s u b s id i a r i e s o f t h e C h i c a g o & N o r t h W e s t e r n
R y . , h a v e a p p r o v e d t h e s a le o f t h e l a t t e r t o t h e f o r m e r .
A
m o r t g a g e o f th e S t . L o u is P e o r ia & N . W . R y . h a s a ls o b e e n
a u t h o r i z e d t o s e c u r e a n is s u e o f $ 1 0 , (X X ),0 0 0 b o n d s .
Com ­
pare V . 9 5 , p . 1157; V . 9 5 , p . 7 5 5 ; V . 9 3 , p . 8 8 6 .

St. Louis & San Francisco RR.—

C o m m it t e e f o r T w o Year 5 %
N o te s D u e J u n e 1 1 9 1 3 .— T h e c o m m it t e e n a m e d
b e lo w r e q u e s ts im m e d ia t e d e p o s its o f th e c o m p a n y ’s $ 2 ,2 5 0 ,­
0 0 0 “ T w o -Y e a r 5 % S e cu re d G o ld N o t e s ” , d a te d J u n o 1 1 9 1 1 ,
d u o J u n e 1 1 9 1 3 , w i t h e it h e r t h e O l d C o l o n y T r u s t C o . ,
B o s t o n , th e d e p o s ita r y , o r th e L a w y e r s ’ T it le I n s . & T r u s t
N . Y . , a s a g e n t fo r th e d e p o s it a r y .
T h o c o m m itte e sa y :

Co.,

These notes are secured by tho doposit with tho Old Colony Trust C
o.
of $ 2 ,5 0 0 ,0 0 0 St. L. & San Fran. R R . Co. common stock trust certificates
issued in respect of Chicago & Eastern Illinois U R . C o’s common stock:
$ 1 ,4 9 0 ,0 0 0 Kansas City Fort Scott A Memphis Ry. C o.’s guaranteed 4 %
p r e f. stock trust certificates and $10 0 ,0 0 0 St. Louis S San Francisco Gen.
c
Lien 5s duo 1927. The situation is one which makes expedient immediate




[ V o l . X C V I.

c o -o p e r a tio n . C o m m itte e : Sew all H . F essenden ( o f F . S. M o s e le y & C o )
C h a irm a n : P h ilip S t o c k t o n , P re s. O ld C o lo n y T r u s t C o .: L o u is V B rig h t
P res. L a w y e r s ’ T it le In su ra n ce & T r u s t C o .
’
N o t i c e to F r e n c h B o n d h o l d e r s . — Tho “ Association Nationale
des Porteurs Francais de Valours Etrangeres,” 5 Ruo Gaillon, Paris, has constituted itself a protective committee to
represent French holders of the company’s bonds, of which
it says $23,000,000 general mortgage 5 % bonds and $5,000,­
000 New Orleans Texas & Mexican division 1st M . 4 J^s
were brought out in France. Holders are requested to
communicate with the Association.
B o n d S a les i n F r a n c e .— The following from tho “ Railway
Age Gazette” of June 13 is understood to be a fair statement:
S p ey er & C o . , in b u y in g th o b o n d s fr o m th o railro a d c o m p a n y , w ere
u n d e r n o illusion w h a te v e r as t o th e fin a n cia l c o n d itio n a n d fu tu re requ ire­
m e n ts ot th e p r o p e r ty .
In re-sellin g th e b o n d s t o th e large F ren ch ban k ers,
th e y w ere e n tire ly fra n k in th eir re p resen tation s, a n d it is s a fe t o s a y th a t
tneso ban kers an d th e largo in v e sto rs w h o b o u g h t fro m th e F ren ch ban k ers
w e re fu lly c o g n iz a n t o f th e fin a n c ia l c o n d itio n o f th e S t. L o u is S San F ran­
c
c is c o .
1 he A m e rica n ba n k e rs sold th o b o n d s t o th o F re n ch ban kers a t a
v e r y sm all m argin o f p r o fit , less th an 1 % .
T h e F re n ch ba n k e rs, k n ow in g
all th e tim e th e e x a ct s ta tu s o f th e b o n d s, sold th em t o th eir c u stom ers
r
i i ?V S
s a y , o f o v e r 1 0 % . I f a n y o n e w as n o t m a d e aw are
o r th e risk taken in b u y in g these b o n d s, it w as th e sm all c u s to m e r o f th e
r r e n c h b an k ers. I t w o u ld se e m , th e re fo re , th a t it is d isin g e n u o u s, t o s a y
th e le a st, fo r th e F re n ch ban kers t o a llo w th o b la m e fo r a n y risk w id en
th eir c u sto m e rs h a v e u n w ittin g ly taken t o rest e ith e r on A m e rica n rail­
ro a d s o r o n A m e r ic a n r a ilro a d b a n k e rs.— V . 9 6 , p . 1703, 1630.

St. Louis Southwestern Ry.— A p p l i c a t i o n . — The Stephenville Nortli & South Texas R y . on June 14 applied to
tho Texas IIR . Commissioners for authority to register
$280,(XX) bonds additional to tho $2,423,000 bonds outstand­
ing.— V . 96, p. 1557, 1490.
San Antonio Uvalde & Gulf RR.—

—

Stock I n c r e a s e .
T h e c o m p a n y has file d n o t ic e o f increa se o f s t o c k fro m $2 8 0 ,0 0 0 t o $ 3 1 5 ,­
00 0 , th e ch a n g e o f th e p rin cip a l o f fic e fro m C r y s ta l C it y t o San A n to n io
an d o f an e xten sion fr o m M a th is t o C o rp u s C h ristI, a b o u t 35 m ile s .— V . 96,
p . 1630.

Southern Pacific Co.— N e w N o t e s . — Participants in the
syndicate organized by Kuhn, Loeb & Co. are offering at
99 and int. (to which price they are restricted) tho now
$20,000,000 “ One-Year 5 % Secured Gold N otes” dated June
16 1913 and due June 15 1914.
Data fr o m J. K ruttsch nitt, C h a ir m a n Southern Pacific C o
P a rt o f an au th o riz e d issu e o f *3 0 ,0 0 0 3 )0 0 , w hich is t o b o secu red b y th o
p le d g e w ith th e C e n tra l T r u s t C o . o f N . Y ., as tru stee, u n d er a trust a g r e e ­
m e n t, o f th o fo llo w in g -d e s c r ib e d b o n d s o r parts th e r e o f, p r o p o r tio n a te t o
th o a m o u n t o f n otes fro m tim e t o t im e O utstandingN o rth w e ste rn P a cific R R . C o . " F ir s t & R e fu n d in g M t g o . ”
5 0 -ye a r 4 J4 % g o ld b o n d s d u o M a r c h 1 1957____________________ $ 1 7 ,5 0 0 ,0 0 0
I a c ific E le ctric R y . C o . "R e fu n d in g M o r t g a g e ” 5 0 -y c a r 5 %
g o ld b o n d s , Series A , d u e S e p t. 1 1961_________________________ 1 7 ,500,000
G a lv e sto n H arrisburg S San A n to n io R y . C o . G a lv e s to n -V ic c
4 ,0 0 0 ,0 0 0
to ria d iv isio n 1st M . 6 % g o ld b o n d s, d u o Ju n e 1 1940_______
,
o f d e fin itiv e n o te s, $ 1 ,0 0 0 .
In terest fro m Ju n e 15 1913 o n D e c . 15
4 , ,no 15.
I rin cipal an d in terest p a y a b lo in N o w Y o r k o r , a t o p t io n
S L r . i r ‘ Jn L o n d o n a t fix e d rate o f ex ch a n g e o f $4 8 6 )4 t o £, w ith o u t
a e a u ctio n fo r a n y ta x o r G o v e rn m e n ta l ch a rg e w hich t h o Sou th ern P a cific
G o n ip a n y o r th e trustee m a y b e requ ired o r au th o riz e d t o p a y , o r t o d e d u ct
tnererrom , und er a n y present or fu tu re law o f th o U . H. o f A m e r ic a , o r o f
a n y S ta te , c o u n t y , m u n ic ip a lity o r o th e r ta xin g a u th o r ity therein .
1 ho trust in d en tu re w ill c o n ta in p ro v is io n fo r su b s titu tio n o f o th e r m o r t ­
ga g e b on d s as co lla te ra l u p o n ap p ra isal.
|The term s o f th o u n d e rw ritin g a greem en t in d ica te th a t th e c o m p a n y
co n te m p la te s o ffe r in g co n v e r tib le b o n d s o r o th e r se cu rities t o th o s t o c k ­
h olders b e fo r e th o n otes m atu re. T h e c o m p a n y c h a n g e d its p lan s an d
d e cid e d t o sell th ese o n e -y e a r n otes instead o f th e 2 -y e a r issuo s a n ctio n e d
b y th e C a l. R R . C o m m issio n . ]— V . 96, p . 1703.

Terminal RR. Association of St. Louis.— D e c r e e . —
Judges Sanborn and Smith on June 16 filed an interlocutory
deereo in the U . S. District Court at St. Louis instructing
the company to file new contracts in accordance with the
decision of the U . S. Supreme Court in the suit brought
by the Government.
T h e d e c r e e d o e s n o t co n fo rm t o t h a t s u b m itte d b y tho G o v e rn m e n t,
w h ic h s p e c ific a lly p ro h ib ite d th e A s s o c ia tio n fro m le v y in g a b rid g e toll on
t r a ffic en terin g S t. L o u is fro m th o E ast. J u d g o H o o k file d a dissen tin g
o p in io n . T h e d ecree is sim ila r t o th a t file d a y ear a go b y J u d g e T r ie b e r ,
w h ich w as o b je c te d t o b y th e G o v e rn m e n t on tho g ro u n d th a t it d id n o t
re m o v e th o “ brid ge a r b itr a r y .”
T h e d eereo d ir e cts th o c o m p a n y to s u b ­
m it t o th e C o u r t fo r a p p ro v a l its c o n t r a c ts w ith co n s titu e n t road s, a n d if
these c o n tr a c ts are a p p ro v e d , a fin a l decree w ill lie en tered.
T h o S u p rem o C o u r t o rd e re d th a t a d e cre e b o file d d ire ctin g th o A s s o c ia ­
tion t o r e -fra m e its c o n tr a c ts s o th a t all ro a d s w ou ld bo a d m itte d to the
term in al on equ a l te rm s, t o g iv e ro a d s n o t m o m bers o f th e A sso cia tion
equ a l use o f its fa c ilitie s , t o abo lish th o p r a c tic e o f b illin g g o o d s fro m tho
E a st to E a st S t. L o u is an d r o -b iliin g th em to S t. L o u is , an d to ab o lish a n y
brid ge a r b itra ry on t r a ffic o rig in a tin g w ithin 100 m iles th a t d id n o t a p p ly
t o llk o tr a ffic o rig in a tin g o u tsid e th o 100-m ile zon e.
A s th o a r b itra ry a lre a d y lias been abo lish e d on th o lo n g -h a u l tr a ffic , th o
G o v e rn m e n t asked th a t th e in te rlo c u to r y d eereo s p e c ific a lly p r o h ib it th o
le v y in g o f th o brid ge to ll on c o a l fro m Illinois fie ld s. C o u n se l fo r th o
T e rm in a l A s s o cia tio n resisted su ch a d e cree, c o n te n d in g th a t th o A ssoci­
ation a ctu a lly le v ie d the a rb itra ry o n all tr a ffic , b u t th a t the railroad s a b ­
s o r b e d th o ch a rg e on th e lo n g h au l.— V . 96, p . 1158, 716.

ri Toledo & Indiana (Electric) RR.—N e w

P re sid en t, & c .—

Treasurer D . D . Schenck has also been elocted President,
to succeed his father, the late S. C. Schenck, and Louis R .
Schenck of New York, a younger brother of tho now Presi­
dent, has been elected a director.
T oledo B la d e ” Ju n e 12 said: " P r e s id e n t S ch en ck r e p o rts th a t s o m e p r o ­
gress is b ein g m a d e in th o w o rk o f secu rin g r ig h t-o f-w a y fo r jt h o p ro p osed
exten sion fro m B rya n t o M o n tp e lie r . A p p a r e n tly th o c o m p a n y intends
a t so m e futu ro tim o to b u ild this exten sion . T h e T . S I. w ill d e v e lo p plans
c
lo r an exten sion fro m B rya n w estw ard t o B u tle r, w here it p r o b a b ly will
n ieet tho p ro p o se d exten sion o f th o F o rt W a y n e S N o rth w e ste rn eastw a rd
c
fro m W a te r lo o , I n d .— V . 93, p . 287 . 230 .

Toronto Railway.— O ffe r to S ell to
Globe” on Juno 18 said in substance:

C i t y .—

Tho “ Toronto

Sir W illia m M a c k e n z ie y e s te rd a y g a v o M a y o r ITockon a w ritten s tatem en t
o ffe r in g to sell to th e c it y o f T o r o n t o : (a) A ll th o stre e t railw ay lines w ithin
t n ° lim its o f th e m u n icip a lity fo r a p p ro x im a te ly $ 2 1 ,5 0 0 ,0 0 0 , in clu d in g
th e fra n ch ise a n d all o th er assets o f th o T o r o n t o S treet R y . an d th o radials
w ith in th e c it y lim its,
(ft) B o th T o r o n t o S treet R a ilw a y an d T o r o n t o
E l. L ig h t C o . fo r s lig h tly o v e r $ 2 9 ,0 0 0 ,0 0 0 . T h o sta te m e n t will bo su b m itted
t o th e C it y C o u n c il a t t o -d a y ’s sp e cia l m e e tin g .
P residen t M a ck e n z ie
fu rth er states th a t h o w ill agreo th a t, If th o deal is e ffe c te d , th o agreem en t
b y w h ich th o T o r o n t o P o w e r C o . su pplies th o T o r o n t o Street R y . w ith
p o w e r m a y b o ca n ce le d b y th o c it y w hen th o fra n ch ise oxplros in 1921 if
tn o c it y s o desires. T h o c o s t o f im p ro v e m e n ts an d extensions a cco u n ts fo r
th o increaso in th o p rice. C o m p a re V . 9 6 , p . 1365.

Union Pacific RR.— C o lla tera l P led g e d f o r S o u th e r n P a ­
N o t e s . —See that company above.
O ffi c ia l S ta t e m e n t . —Chairman R. S. Lovott in a vorbal
statement made on June 17 said in substance:
cific

THE

J u n e 21 1913.J

T h e so lo p u r p o s e o f U n io n P a c ific in th o p r o p o s e d deal w ith th e P e n n s y l­
v a n ia w as t o d is p os e o f * 3 8 ,0 0 0 ,0 0 0 S ou th ern P a c ific s to c k n o w in c u s t o d y
o f th o c o u r ts .
W o are p ro p o s in g t o exch a n g e th a t fo r s t o c k w h ich is s u b ­
s ta n tia lly o f th o sam e v a lu e .
. „ ,
_
.
. , ..
„
. _
T h e re is n o d esire on th o p art o f th o U n io n I a c ific t o c o n tr o l th o 15. & O .
W e h a v e grea t t r a ffic c o n n e c tio n s w ith E a stern ro a d s w h ich g iv e us as m u ch
business as th o l i . & O ., an d so m e o f th em g iv e us m o re .
\\ o h a v e a b s o ­
lu te ly n o in te n tio n o f co n tr o llin g t h e B . & O . C o n tr o l m a y result fr o m th o
ex c h a n g e , b u t th is w ou ld b e a m ere in cid e n t a n d n o t a p u rp o s e .
I h e ex­
ch a n g e w ou ld g iv e us 3 8 % o f 11. & O . s t o c k .
T h e P e n n s y lv a n ia on th o o th e r h an d, has n o w 2 0 % of B a ltim o re & O h io
s t o c k . A lm o s t e v e r y o n e k n o w s th a t P e n n sy lv a n ia has n o t bee n an xio u s
t o h o ld th is s t o c k fo r several years. T h is e x ch a n g e a ffo r d s P e n n s y lv a n ia
a n o p p o r t u n it y t o d isp o se o f B a ltim o re & O h io s to c k tor so m e th in g else
s u b s ta n tia lly eo u iv a le n t in v a lu e .
I k n o w th a t th ere has been s o m e c r itiX n o f th e P en n sy lv a n ia interest in B a ltim o re & O h io , p a rticu la rly in W e s t
V irg in ia b eca u se th e y are c o m p e tin g lines. T h is has been p u re ly an in ­
v e s tm e n t w ith P en n sylva n ia . U n d e r th o p ro p o se d arran gem en t P e n n sy l­
v a n ia g ets a p p ro x im a te ly 1 4 % o f S ou th ern P a c ific s t o c k . T h is is n o t c o n ­
tr o l, a n d is s tr ic tly w ith in th e lin e.
.
.. _
B y th o arran gem en t fo r exch a n g e o f th e s t o c k there w ill b e ta k en o f f o f
th o m a rk et $ 3 8 ,0 0 0 ,0 0 0 Sou th ern P a c ific s to c k a n d * 4 2 ,0 0 0 ,0 0 0 B a ltim o re
& O h io s to c k — this w ill n o t c o m e o n th e m a rk e t a n d w ill re lievo th o situ a­
t io n t o th a t ex te n t.
. . .
, „ , „
,
.
.. Tr .
T h is ta lk a b o u t c o m m o n b a n k in g c o n tr o l o f th e P en n sy lv a n ia , th e U nion
P a c ific S ou th ern P a c ific an d B a ltim o re & O h io is p e r fe ctly p rep osterou s.
T h o P en n sy lv a n ia is n o t tie d u p w ith a n y ban k in g fir m . I t has, l b e lie v o ,
o v e r * 5 0 0 ,0 0 0 ,0 0 0 o f c a p ita l s to c k o u ts ta n d in g .
I d o not know how m any
th o u s a n d s to ck h o ld e rs thero are, b u t m y re c o lle c tio n is th a t it is o v e r
100 00 0 , s ca ttered all o v e r th o w o rld , an d n o sin gle ban k c o u ld c o n tr o l a
sy s te m liko th a t.
S o fa r as th o P e n n sy lv a n ia is c o n ce rn e d , th o id e a th a t
it w ou ld b o u n d er c o m m o n b a n k in g c o n tr o l is p re p o ste ro u s. So fa r as
U n ion P a cific Is c o n c e r n e d , K u h n , L o e b & C o . are in terested t o a large d o g reo, b u t I c a n n o t im a gin e a n y th in g e v e n m o re p rep osterou s th an th e s to r y
t h a t tliis is a sch em e t o g e t all theso ro a d s u n d er c o n tr o l o f o n o b a n k in g
E v e r y tim o th a t w o h a v e h ad a n y plan c o n n e c te d w ith U n io n P a c ific Sou th ern P a cific d is s o lu tio n , I th in k th a t w ith o u t a sin gle e x c e p tio n w o h a v o
h a d calls fro m p arties p u rp o rtin g t o b o a b le t o exert g reat in flu e n ce w it h
C on gress an d in o th e r places.
I h a v o refu sed t o see a n y o f th e se p arties,
a n d I d o n o t b eliev e a single w ord th e y h a v e said a b o u t w h at th e y ca n a c­
c o m p lis h fo r u s. F o llo w in g theso c o m m u n ic a tio n s th ere w as ge n e ra lly
s o m e s o r t o f a ru m or a p p e a rin g in th e press w h ich I c o u ld n o t h e lp b u t
c o n n e c t w ith theso v is its .— V . 96, p . 1 /0 3 , 1031.

United Properties Co. of California.— Correction .—
See O a k la n d A n tio c h & E a stern I iy . a b o v e .— V . 9 6 , p . 1703, 1031.

United Railways Co. of St. Louis.—Option to Holders
of M aturing Bonds.— As stated in adv. on another page, tho
company has arranged to tako care of the bonds maturing
July 1 as follows, offering to holders tho option show n:
To Be Extended 10 Years at 5% Interest, Payable .J. & , / . atMerc. Tr. Co.. St.L.
(1 ) C o m p t o n U ts . O n. D e p o t & M e r c h . T e r m . 11R. I s t M . 6 s _ _ .$ 1,000,000

To Be Paid .July 1— Holders Offered Exchange for Aforesaid Extended 5s.
(2) B a d e n & S t. L ou is H U . 1st M . 5 % b o n d s ----------------------------------- $ 2 5 0 ,0 0 0
(3) T a y lo r A v e n u o Ity. C o . 1st M . 6 s ----------------------------------------------5 00 ,000
O p tio n t o h old ers w ho d e p o s it their b o n d s p r o m p tly in S t. L o u is eith er
w ith M e r ca n tile T r u s t C o . , M ississip p i V a lle y T r u s t C o . o r F ra n cis, B r o . &
C o .: (a) Issuo N o . ( 1 ). th o p r iv ile g e o f h a v in g their b o n d s e x te n d e d , r e ­
c e iv in g th e ex ten d ed 5 % b o n d s a t 9 8 . th e d is c o u n t, * 2 0 p er * 1 ,0 0 0 b o n d ,
t o b o p a id in ca sh .
(6) Issues N o s . (2) an d ( 3 ), t h o p riv ile g e o f ex ch a n g in g
th e ir b on d s fo r C o m p t o n H e ig h ts U n ion D e p o t & M e r ch a n ts ’ T e rm in a l
U R . C o . E x ten d ed 5 % b o n d s , r e ce iv in g th o e x te n d e d b o n d s a t 9 8 , th o d is ­
c o u n t $20 per * 1 ,000 b o n d , t o b e p a id in cash.
H old ers o f a n y o f th e a b o v e b o n d s n o t d esirin g t o ex te n d o r e x ch a n g e th o
s a m e m a y present th em a t eith er th o M e r ca n tile T r u s t C o . , S t. L o u is , or
th e M ississip p i V a lley T r u s t C o . , S t. L o u is , a n d r e c e iv e prin cip a l a n d Int.
t o d a t e o f d e liv e ry b e fo r e J u ly l 1913. o r , a fte r J u ly 1 1913 w ith in te re st
t o J u ly 1 1913.— V . 9 0 , p . 1703.

Wages.— Massachusetts Trolley Law .— Tho M ass. Legis­
lature this week passed over tho veto of G ov. Foss the socalled 9-in -l 1-hour bill, for employees of street railways.
T h o law p ro v id e s su b s ta n tia lly th a t th o hou rs o f la b o r shall n o t e xceed
9 h ou rs a n d shall b o s o a rran ged as t o b o p e rfo rm e d w ith in 11 c o n s e cu tiv e
h ou rs, b u t th a t i f an e m p lo y e o s o desires, h o m a y , fo r extra c o m p e n s a tio n ,
w ork m oro hou rs than th o so p re scrib e d in th e A c t ; b u t th e e m p lo y e r shall
n o t requ ire su c h extra w ork o f him an d shall be pun ished b y a fin e o f fro m
*1 0 0 to *5 0 0 fo r v io la tin g th e A c t o r a n y o f its pro visio n s.
C h a p te r 333 o f th o A c ts o f 1912, o f w h ich th e law is an a m e n d m e n t,
p r o v id e d th a t fo r certa in e m p lo y e e s o f street a n d e le v a te d railw ays a d a y ’s
w o rk sh ou ld co n s ist o f 9 h ours to bo p e rfo rm e d w ith in 12 co n s e c u tiv e h ou rs.
T h a t law w as a p p ro v e d o n A p ril 25 1912 an d w e n t in to e ffe c t Ja n . 1 1913.
T h o law o f last y ea r stip u la te d a 9 h o u rs ’ w o rk in g lim it su b sta n tia lly in
th o term s o f th o present b ill, p r o v id e d , h o w e v e r, th a t if a sch ed u le c o u ld n o t
b e so arranged as t o furnish a d a y ’s w o rk o f a p p ro x im a te ly 9 h o u rs ’ tim o ,
o n o n o t exceed in g 9 l h ou rs sh o u ld b o arran ged.
A
G o v e rn o r F oss sa ys: “ In m y ju d g m e n t, th e law o f last y e a r w e n t as far
as legislation o f this ch a ra cte r ca n w ell g o fo r th o p resen t, an d I tak e th is
o c c a s io n to sa y th at I b e lie v e th a t th o so w h o a d v iso th o w o rk in g m e n o f
M a ssa ch u setts in resp e ct t o these re p e a te d de m a n d s aro r a p id ly d e fe a tin g
th eir p u rp oses an d in ju rin g th o tru e interests o f la b o r in M a ssa ch u se tts
b y fo rc in g their a lw a ys increasing requ irem en ts fa s te r th a n e c o n o m ic c o n ­
d itio n s o f this S ta te ju s tify .
* * *
l i d s present bill in d ica tes h o w
r a p id ly an d w ith w h at little reason those de m a n d s aro be in g m a d e a t th o
p resen t tim o . A t a d a te w h en th e law o f 1912 w ith resp ect t o th o e m p lo y e e s
o f street ra ilw a ys had been in e ffe c t o n ly 8 d a y s , this d e m a n d fo r a lu rth cr
ch a n g e in th o law w ou ld u p set th e sch ed u le o f all the c o rp o ra tio n s co n c e r n e d ,
p u t th em t o m u c h a d d e d expen se, anil still fu rth er a c t t o d isco u ra g e th o
in v e s tm e n t o f c a p ita l in those co r p o r a tio n s . — V . 96, p . 1230, 1022.

Wilmington & Philadelphia Traction Co.— M aturing
Bonds — Offer of Exchange.— This company, as lessee, an­
nounces that tho $04,(XX) Dela. County & Phila. E l. R y.
1st M . 6s of 1893 and the $175,(XX) Chester Darby & Phila.
R y . 1st M . 5s of 1893 will be paid on and aftor July 1 upon
presentation, the former at tho offices of Nowburger Hender­
son & Loeb, Phila., and tho latter at tho Dela. County Trust,
Safe Dep. & Title ins. C o., Chester, Pa.
T h o -lio ld e r s h a v o th e p riv ile g e o f ex ch a n g in g th o sa m o n o t la te r th a n
J u n o 25 fo r now 1st M . 5 % b o n d s o f th e r e s p e c tiv e co m p a n ie s d a te d J u ly 1
1913, issu ed fo r lik o aggregate a m o u n ts , t o r e fu n d a b o v o lo a n s , in tcr e s tfre o
o f ta x In I’ e n n a ., secu red o n th o sam o p ro p e rtie s, r e s p e c tiv e ly , w ith th o sam e
gu aran ties u nd er lease, fo r prln . a n d In t., a n d t o m atu ro in 30 yea rs, w ith
o p t io n o n th a p art o f th o o b lig o r t o redeem a t 103 an d in t. a fte r 1914.
H old ers exercisin g this p rivilege will b e en title d t o re ce iv o th o sum o f * 1 0
p e r $ 1 ,0 0 0 b o n d o n d e p o sitin g their h old in gs w ith 11. B . H ollins & C o
N e w Y o r k , o r N o w b u rg e r, H en derson & L o e b , P h ila .— V . 9 6 , p . 20 4 .

INDUSTRIAL, GAS AND MISCELLANEOUS.
American Gas Co., Philadelphia.—Earnings.—
N o t surplus earnings o f su b sid ia ry c o m p a n ie s fo r th e firs t 3 m o u th s o f
1913 w ero * 1 3 1 ,6 0 6 , a gain st * 1 1 5 ,6 4 4 in th e co rre s p o n d in g p e r io d o f 1912.
— V . 96, p . 1626, 1491.

American Pneumatic Service Co.—Earnings.—
M a rc h

31.

Year-

_ Net
Bond Int.,
Earnings. Dep'n, Ac.

1 9 1 2 -1 3 ........................... $ 6 3 2 ,7 5 4
1911-12 ......................... - 632 ,113
— V . 9 6 . p . 555

$ 1 7 2,06 7
192,277

Net
Profits.

Dividends
Paid.

Balance,
Surplus.

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

* 2 6 3 ,4 8 2
168 .582

* 1 9 7 ,2 0 4
2 71 ,252

C alifo rn ia-Id ah o C o.— Sub-Company, & c .—
See S a cra m en to V a lle y I rrig a tio n C o . b e lo w .— V . 96, p . 490 .

■ Cities Service C o., New Y o r k .— N otes .— Ilonry L . D o­
herty & C o ., Now York, aro offoring at par and int. the un­




1775

CHRONICLE

sold portion of $2,000,000 7 % 5-year convertible coupon
notes, par $100, $500 and $1,000. Seeadv. A circular shows:
T o t a l au th o riz e d issu e, S 1 0 ,0 0 0 .0 0 0 . O n ly * 5 ,0 0 0 ,0 0 0 n ow issu ed ,
* 3 ,0 0 0 ,0 0 0 h a v in g b e e n so ld in L o n d o n , le a v in g $ 2 ,0 0 0 ,0 0 0 fo r A m e rica n
in v e s to rs . T r u s te e , E q u it a b le T r u s t C o . , N e w Y o r k . D a te d M a y 15
1913 an d d u o M a y 15 1918, re d . b y c o m p a n y a n y tim e at 102 a n d in t. o n
30 d a y s ’ n o tice , a n d c o n v e r tib le a t o p t io n o f h o ld e r a n y tim e p rio r t o r e ­
d e m p tio n or m a tu r ity in t o p re f. s to c k a t p a r. P rin cip a l a n d In te re st (J. &
J .) p a y a b le a t H e n ry L . D o h e r ty & C o . , 6 0 W a ll S t., N . Y . , o r a t S perlin g
& C o ., L o n d o n . C o m p a n y h as n o b o n d e d d o b t , a n d , u n d e r th e tru st a g ree­
m e n t, ca n n o t create a n y a d d itio n a l in d e b te d n e ss w hile a n y o f th eso n otes
rem ain o u ts ta n d in g , e x c e p t t o p r o v id e fo r th e ir re tire m e n t.
O n M a y 31 la st th e p r e f. a n d c o m m o n s to c k s o f th e c o m p a n y fo llo w in g
th is n o te issuo h ad a m a r k e t v a lu e o f o v e r * 1 8 ,0 0 0 ,0 0 0 , o r m o re th an th ree
tim es th e a m o u n t o f th o n o te s n o w o u ts ta n d in g . M o n t h ly d iv id e n d s are
p a id o n b o th th o p re f. a n d c o m m o n s to c k s a t th e r a te o f 6 % a n d 5 % p e r
an n u m , re sp e ctiv e ly .
C o m p a n y ow n s s u b s ta n tia lly all o f th o c o m m o n s to c k o f D e n v e r G a s &
E le c . L igh t C o ., E m p ire D is tr ic t E le c . C o . , M is s o u r i: B ru sh E le c . C o . ,
G a lv e sto n : D a n b u ry & B e th e l (C o n n .) G a s < E l. C o ., E m p ire D is t. G as
fc
C o . , K ansas: an d a c o n t r a c t fo r th e a c q u is itio n o f 9 1 % o f th e c o m m o n s to c k
o f S t. Joseph R y ., L t . , l i t . & P o w e r C o . A t presen t ra te o f earn in gs,
b a se d on th e a ctu al fig u re s fo r th e fir s t fo u r m o n th s , t h e n et earnings fo r
th e calen dar year 1913 sh ou ld b e m o r e th a n f iv e tim e s th e in terset ch arges
o n those n o te s, a n d , a fte r p a y in g in terest o n th ese n o te s a n d d iv id e n d s on
p re f. s to ck sh ou ld b o o v e r 12 % o n c o m m o n s to c k .
[A largo p art o f these * 2 ,0 0 0 ,0 0 0 n o te s h as, it is s ta te d , be e n ta k en b y
t h e A m erican sh a re h o ld e rs.!— V . 96, p . 1631, 191.

Citizens’ Telephone Co. of Grand Rapids, Mich.—
T h e d iv id e n d ra te w ill, it is s t a t e d , b e r e d u c e d fr o m 8 % t o 6 % y e a r ly .
P a y m e n ts h a v o be e n m a d e q u a rte r ly o n J a n ., A p r il, J u ly a n d O c t . 20
S t o c k o u ts ta n d in g a t la s t a c c o u n ts , * 3 ,6 7 0 ,0 0 0 .— V . 89, p . 723.

Citizens’ Telephone Co. of Jackson, Mich.— D ecision.
T h e U . S. S up rem e C o u rt o n Ju n e 10 d e cla re d C o n s titu tio n a l th e M ic h i­
g a n ad v alorem te le p h o n e la w o f 1909, w h ich c o n ta in e d a p r o v is io n e x em p t­
ing telep hone co m p a n ie s w h ose an n u al r e ce ip ts d id n o t ex ce e d * 5 0 0 . T h is ,
it w'as cla im e d , c o n s titu te d u n ju s t d is crim in a tio n a g a in st th o larger c o n ­
cerns and w as th e re fo re a v io la tio n o f th e 14th A m e n d m e n t o f th e F ed era l
C o n s titu tio n .
T h e C o u rt (J u stice M c K e n n a w ritin g th e o p in io n ) t o o k th e g r o u n d th a t
th o M ich ig a n L e gislatu re has th e p o w e r t o cla s sify p r o p e r t y fo r th o p u r ­
poses o f ta x a tio n , an d ca n g o as fa r as is n ecessary t o fa c ilita te th e c o lle c ­
tio n o f taxes as lon g as lt d o e s n o t exercise Its p o w e r “ in th e sp irit o f p r e ju ­
d ic e .”
T h e C o u rt fo u n d th a t 430 co m p a n ie s . In clu d in g s u b -lice n see or
bra n ch lines, w h ich aro u su ally c o n s tr u c te d b y lo ca l p a r tie s , are e x e m p te d
b y th e law , a lth o u g h in so m e cases th o la rge r te le p h o n e c o m p a n ie s m ay h a v e
interest in them an d are o p e r a te d n o t fo r p r o fit , b u t fo r th e c o n v e n ie n c e o f
their ow n ers.— V . 8 2 , p . 80 7 .

Colorado Fuel & Iron Co.—Approved.—
T h e sto ck h o ld e rs o n Ju n e 17 ra tifie d t h e v a r io u s sto p s re fe rre d t o in
V . 96, p . 1492.— V . 9 6 . p . 1704, 1492.

Connecticut River Power Co.— First

Common Dividend.

A n initial sem i-an n u al d iv id e n d o f 1 % has been d e cla re d o n th e $ 2 ,7 0 0 ,­
000 co m m o n s t o c k , p a y a b le J u ly 1 t o h olders o f re c o rd Ju n o 24. T h e d iv i­
den d is p aid u n d er th e a gre e m e n t, r e c e n tly a n n o u n c e d , w h e r e b y th e N e w
E n gla n d Bow er C o . o f M a in e , th e p aren t c o m p a n y , has gu a ra n te ed p a y ­
m ents e q u iv a le n t t o *6 p er share per an n u m o n th e $ 5 0 0 ,0 0 0 p referred
s to c k (th o firs t disb u rse m e n t o f 3 % h a v in g been m a d e tills m o n t h ), a n d
o n its c o m m o n s t o c k , o f * 2 p e r share in 1913,*3 in 1914 a n d n o t less than
* 4 in 1915 an d th e re a fte r.— V . 96, p . 6 5 6 , 64.

Crescent Pipe Line Co.—

.—

Balance Sheet, & c
T h o net in c o m o fro m all sou rces fo r th o y e a r en d ed D e c . 31 1912 w as
* 4 2 6 ,1 1 1 : d iv id e n d s p a id ( 1 2 % ) , $ 3 6 0 ,0 0 0 , le a v in g b a la n c e , su rp lu s,
* 6 6 ,1 1 1 .
Balance Sheet Dec. 31 1912 (Total Each Side $ 3 ,3 5 9 ,5 9 4 ).
In v e stm e n ts (less d e p r e c . ) . $ 9 5 0 ,0 2 5 !C a p ita l s t o c k _____________ * 3 ,0 0 0 ,0 0 0
M a te ria ls & s u p p lie s----------5 ,5 5 6 1A c c o u n t s p a y a b le ________
27,802
C a sh a c c ’ ts r c c ., & c -------------2 ,4 0 4 ,0 1 3 j P r o fit a n d lo s s ____________
3 31 ,792
— V . 9 4 , p. 563.

Denver (Col.) Union Water Co.— Re-hearing

D enied. —

See " D o n v e r ” in “ S ta te an d C i t y ” D e p a r tm e n t.— V . 9 6 , p . 1559, 1024.

(E. I.) du Pont de Nemours Powder Co.— Bonds

Called.

O ne hun dred a n d - t w e n ty -fo u r ($ 1 2 4 ,0 0 0 ) 1st M . 5 % c o ll, tru s t g old
b o n d s d u o 1922, fo r p a y m e n t a t 105 S in t. o n J u ly 1 a t M e tr o p o lita n
c
T r u s t C o . o f N e w Y o r k .— V . 9 6 , p . 1301, 360 .

Farbenfabriken of Elberfeld Co.— Alleged “ Dye Stuff
Trust.” — See items regarding “ Banks, Bankers, & c .,” on
previous page.

Ford Motor Co., Detroit.— 5 0 0 % Dividend.— The com­
pany has declared a $10,000,000 dividend, of which Pres.
Henry Ford will receive $5,500,000 and the remainder will
go to about a dozen shareholders.— See V . 96, p. 1705.
General Electric Co.— N ew Officers.— E . W . Rice Jr.,
senior Vico-Pres., has been elected President to succeed C . A .
Coffin, who has resigned to become Chairman of the board.
— V . 90, p. 1427, 1303.
Goldfield Consolidated Mines Co.— Again

on Curb.—

T h o listin g c o m m itte e o f th e N e w Y o r k C u rb M a r k e t A s s o c ia tio n has
gran toil th e a p p lic a tio n t o lis t th e c o m p a n y ’s *3 5 ,5 9 1 ,8 0 0 s t o c k , w h ich w as
r e m o v e d fro m th e N ew Y o r k S t o c k E x ch a n g e o n Ju n o 16 b e ca u s e o f failu re
t o m ain ta in s e p a ra te o ffic e s fo r th o tra n sfe r a n d re gistra tio n o f s t o c k , in
v io la tio n o f th o rules o f th e E x ch a n g e . O n ly o n e o f fic e w as k e p t.

Announcement of Omission to Declare Dividend.— Secre­
tary Howe in a circular says: “ The directors concluded to
omit tho payment of a dividend on July 31 for tho reason
that the approximate earnings of tho second calendar quar­
ter will be $600,000, or $467,000 less than the regular divi­
dend requirements. It will be understood that the magni­
tude of the company’s operations requires the maintenance
of a large cash reserve, and it is felt that the payment of a
regular dividend in July would involve a reduction of the
cash below a figure which, in the judgment of the board, it
is prudent to maintain. The present cash balance is $ 1 ,24 5,576.” — V . 96, p. 1632, 1226.

Great Lakes Coal Co., Pittsburgh, Pa.— Reorganization.
T h o c o m m itte e , W illia m P rice o f P itts b u rg h , C h a ir m a n , a p p o in te d to
r o t c c t tho in terests o f b o n d h o ld e rs in th o fo re clo s u re o f th e m o rg ta g e,
as p ro cu re d th o p r o p e r ty an d fra n ch ises o f th e C o a l C o . , an d as a sa vin g
o f con sid e ra b le e xp en se will b e e ffe c te d b y re o rg a n iz a tio n u n d er th o ch a r­
te r o f th e G re a t L akes C o a l C o .,in s t e a d o f in c o rp o ra tin g a new c o m p a n y ,
has ca lle d a m e e tin g o f all th o s e in te re ste d in th o p r o p e r ty fo r 2 p . m .
J u ly 1 a t th e C o m m o n w e a lth T r u s t C o . , P itts b u r g h , t o e le ct d ir e cto r s ,
de te rm in e th e a m o u n t o f ca p ita l s t o c k a n d a d o p t a c o r p o r a te n a m e .— V .
9 5 . p . 1405, 1125.

E

Greene-Cananea Copper Co.— Production.— The pro­
duction of copper for the five months ending M a y 31 1913
was 20,955,690 lbs., against 18,588,000 in 1912, as follows:

Pounds—
1913.
1912.
~
■
------------Pounds—
1913.
1912.
J a n u a r y ............. 5 ,4 5 0 ,0 0 0
3 ,5 5 2 .0 0 0 A p r il.................... 3 ,5 8 1 .6 9 0 4 ,6 5 4 .0 0 0
F e b r u a r y .......... 4 .8 8 0 .0 0 0
2 ,9 4 8 ,0 0 0 M a y . . ............... 2 ,2 7 2 ,0 0 0 4 .6 0 0 .0 0 0
M a r c h _________ 4 .7 7 2 ,0 0 0
2 ,8 3 4 .0 0 0
T o t a l (p o u n d s) fo r f iv e m o n th s ____
.20,955,690 18,588.000

1776

THE

CHRONICLE

T h e p r o d u c tio n o f silve r fo r th o fiv e m o n th s e n d in g M a y 31 1913 w as
5 8 0 ,0 5 3 oz»s., a ga in st 579 ,2 3 9 o z s . in 1912, a n d th e g o ld p r o d u c tio n 3 ,1 3 6
oz s . in 1913, a ga in st 2 ,8 1 9 o z s .— V . 96, p . 1366.

Idaho Consolidated Power Co.— Sale.—
See S ou th ern I d a h o W a te r P ow er C o . in re p o rt o f A m e rica n W a te r W o r k s
& G u a r. C o . u n d er " A n n u a l R e p o r t s .” — V . 8 5 . p . 1405.

Island Creek Coal Co., Boston. —

E x tr a D i v i d e n d , & c —
A q u a rte r ly d iv id e n d o f 50 cents a share a n d an e xtra d iv id e n d o f $3
a sh are h a v e been d ecla re d o n t h e co m m o n shares, p a y a b le A u g . I t o h o ld e rs
o f r ecord J u ly l o .
T h e new s to c k is t o b e o ffe r e d t o s to c k h o ld e r s o f r e co rd
J u ly 15 a t 3 5 0 a share in th e sam e m an n er as a y ear a g o , in ord er to restore
t o w o rk in g capital th e a m o u n t o f th e e xtra d iv id e n d . T h e d ire cto rs desire
th u s t o d iv id e su b sta n tia lly 350 0,00 0 each y e a r in cash an d a co m m o n s to c k
d iv id e n d until such tim e as th e y deem it w ise t o d is trib u te 35 p e r share
In cash t o co m m o n stock h o ld e rs.
A s y n d ic a te o f d ire cto rs has agreed to
aa
w ltllou t coram ision a n y s to c k th e s to ck h o ld e rs m a y n o t s u b s c r ib e fo r.
11 T h e re are n ow 105,556 c o m m o n shares o u ts ta n d in g , an d th e s to c k d iv id e n d
w ill call fo r a b o u t 6,333 shares a d d itio n a l. T h e ra tio o f s u b s crip tio n will
be p r a c tic a lly th e sam e as a y e a r a g o , n a m e ly 6-100 o f a share o f new s to c k
fo r each share o f th e old s t o c k . T h e usual $1 50 a share is p a y a b le on p re f.
shares t o h olders o f reco rd Jun e 25. C o m p a re V . 9 4 , p . 1630.
Ijred . H . G o ff an d B e n P . B o le o f C le v e la n d , trustees o f th e A lb e r t F .
H o ld e n esta te, h a v e been e le cte d d ire cto rs in th e p la ce o f A lb e r t F . H o ld e n ,
d e ce a s e d , and P h ilip E . C o y le , resign ed . T h e fo llo w in g o ffic e r s w ere
c h osen :
I . B . D a v is (fo rm e rly V . - P . ) , P residen t; to su cce e d A . F . H old en ;
™
,* V ice-P resid en t; W . I I . C o o lid g e , C h airm an o f th e b o a r d , and
• W - B a tch ek ler, Secretary and T reasu rer; M . A . D o n o v a n , A s s t. S ec.
a n d T r e a s .; all r e-elected .— V . 96, p . 1025.

International Mercantile Marine Co.— Bonds

Called.—

T w o hu n dred an d s ix ty -fo u r ($ 2 6 4 ,0 0 0 ) 1st M . sin k . fd . 5 % g o ld b o n d s
Issued u n d er m tge. d a te d F e b . 1 1899, u n d er th o fo rm e r n a m e o f th e In te r­
n a io n a l N a v ig a tio n C o . , fo r p a y m e n t o n A u g . 1, a t par an d i n t ., a t F i­
d e Ity Trust C o ., P h ila d e lp h ia , tru ste e .— V . 9 6 , p . 1632, 1621.

(The) International Nickel Co., N. Y.—

2H%.—

D iv .
T h is new c o m p a n y (fo rm e d p e r p lan in V . 95, p. 239 , 682) has d eclared
a d iv id e n d o f 2 A % on its $ 3 8 ,0 3 1 ,5 6 5 c o m m o n s t o c k , p a y a b le S e p t. 2 to
h old ers o f r ecord A u g . 14, co m p a r in g w ith 3 % in Jun o an d 2'A% in M a r .
1913 an d 2 % in D e c . last. T h e regular q u a rte rly d iv id e n d o f W i% has
been d ecla red on th e $ 8 ,9 1 2 ,6 2 6 6 % p re f. s t o c k , p a y a b le A u g . 1 t o h olders
o f r ecord J u ly 14.
T h e se are th o fo u r th d iv id e n d p a y m e n ts sin co th e exch a n g e o f th e o ld
I n te rn a tio n a l c o m m o n s to c k fo r 2 5 0 % in th o c o m m o n s to c k o r th o new
c o m p a n y , th e exch a n g e o f th e o ld p re f. fo r n ew p r e f., $ fo r $, an d th e issue
o f 4 3 5 4 % new c o m m o n a t par fo r ca sh . T h e o ld c o m p a n y p aid on its
c o m m o n sto ck : In 1909, 2'A%\ 1910, 6 % ; 1911, 10 A % : 1912, t o a n d in ch
S ep t. 3, 17 A % . C o m p a re V . 95, p . 2 4 0 .— V . 9 6 . p . 1632, 1621.

Kansas Natural Gas Co.— D ecision.—
J h d g o M arshall in th e U. S . D is t r ic t C o u r t last w eek h eld th a t th o re­
c e iv e rs a p p o in te d b y th e S ta te D is tr ic t C o u r t sh ou ld h a v e ch arge o f th e
c o m p a n y ’s affa irs in K ansas an d th e F ed era l C o u r t o f th e m a tte rs o u ts id e
o f th e S ta te. A n o ffic e r o f th o K an sas C it y G as C o . says:
“ T h e gas com p a n ies are s o tied up in th e co u rts th a t it is im p o ssib le to
m a k e a n y im p rov em en ts an d th ere is n o p r o s p e c t o f an increase in th o sou rces
o f s u p p ly . A g reat m a n y can h a v e gas all th o tim e an d all h a v e gas the
grea ter p a rt o f th e y ea r.
F o r th a t reason w e are n o t a t presen t co n sid e rin g
th e plan o f servin g n o tico o f a return to a rtificia l gas an d ask in g th o C o u rt
t o fix a higher ra te.
W e be lie v e th e p e o p le w o u ld rath er e n d u re b r ie f
p e rio d s o f in con v en ien ce. H o w e v e r , w e h a v o g o t t o c o m e to th o a rtific ia l
gas e v e n tu a lly .” — V . 96, p . 1159, 949.

Keystone Telephone Co., Philadelphia.— Bonds.—
P h ila . “ N ew s b u r e a u ” on Ju n o 14 said : “ In referen ce t o th o r e p o r t th a t
th e K e y s to n e T e le p h o n e C o . has so ld $50 0 ,0 0 0 o f 5 % b o n d s t o re fu n d tho
$30 0 ,0 0 0 2-y ea r 5 % n o te s m a tu rin g A u g . I n e x t an d le a v e a b a la n ce for
im p ro v e m e n ts , in terests c o n n e c te d w ith th e c o m p a n y th a t n o plan o f
fin a n cin g w ill bo a n n ou n ce d u n til n e x t fa ll. T h o n o te s are selling a b o u t par
a n d th e c o m p a n y ’s arran gem en ts fo r m e e tin g th em h a v e been m a d e . —
V . 96, p . 1427, 139.

Lindsay Light Co.— 4 0 0 %

Stock Dividend.—

T h e s tock h old ers o n Ju n e 17 v o te d t o increase th e s to c k fro m $ 2 0 0 ,0 0 0 ,
all o f o n e cla ss, t o $ 1 ,0 0 0 ,0 0 0 , d iv id e d in to $40 0 ,0 0 0 o f new 7 % preferred
a n d $6 0 0 ,0 0 0 c o m m o n s to c k . A s to c k d iv id e n d o f 4 0 0 % w as d e cla re d ,
p a y a b le 2 0 0 % each in p referred an d co m m o n s to c k .
P referred d iv id e n d s
w ill b e p aid q u a rterly , th e firs t p a y m e n t o f 1 % % be in g d u o a b o u t S e p t. 15.
See “ A n n u a l R e p o r t s ." C o m p a re V . 9 6 , p . 1233, 1092.

Louisville (Ky.) Gas & El. Co.— Natural

Gas Franchise

[ V o l . X C V I.

b i. Y . Par §1,0 00 c *.Int. J. & J. Principal and int. guar­
anteed under the lease by Erie R R . Co. Tax-exempt in
New Jersey. A circular shows:
, l,RiriF nall3r issu ? d in 1883, c a rry in g 6 % in t. an d m atu rin g J u ly 1 1913.
\\ dl be e x te n d e d fo r 30 years a t 5 % . A first m o rtg a g e on the prin cipa l
tid e w a te r freigh t term in al o f th e E rie R R . system o n N . Y . h a rb o r loca ted
o n th o H u dson R iv e r a t W e e h a w k e n , N . J ., o p p o s ite 23d St N ’ Y
in­
clu d in g 68.71 a cres o f u p la n d w ith rip arian righ ts to 52.92 acres u nd er
w a te r, h a v in g a fro n ta g e o f 2,591 ft. a lo n g th e pierhead lino o f th o H u d son
R iv e r , an d th e im p ro v e m e n ts th e re o n , n a m ely: F ive c o v e re d piers t w o
o p e n piers, o n e c o a l transfer pier w ith trestles and p o ck e ts , tw o m o orin g
rack s and transfer bridge: 21.9 5 m iles o f railroad tra ck s, a freigh t h ou se
an engine h o u se , a w arehouse an d o th e r m iscella neous bu ildin gs.
Presi­
d e n t U n d erw ood w rites: " I k n o w o f no o th e r sh o re fro n t p r o p e r ty o f equal
size and s u ita b ility fo r term in als a v a ila b le a t th e present tim e a t a n y p o in t
alo n g th e N e w Jersey sh o re o f th e H u dson R ive r.
T h o p r o p e r ty is an in­
d isp en sable p a rt o f th o E rie term inals a lo n g th e H u dson R iv e r , a n d is very
v a lu a b le as real e sta te regardless o f th e uso t o w h ich it is p u t .”
C o m p a re
V . 96, p . 1427.

O m aha (N eb .) Electric L igh t & Power C o.— D ecision .—
T h e U . S. S u p rem e C o u rt o n Ju n e 16, reversin g th e low er c o u r ts , held
th a t th e c o m p a n y has a p erpetu al fra n ch ise, in clu d in g th e rig h t t o d istrib u te
ligh t, heat an d p o w e r. T h e fra n ch ise , it is s ta te d , rested p rim a rily on th e
o rd in a n ce a d o p te d b y th e C o u n cil in D e ce m b e r 1884 m ade t o th o N e w
O m aha T h o m s o n -H o u s to n E le c tr ic L ig h t C o . , th e predecessor o f th o c o m ­
p a n y . T h e g ra n t, th e C o u rt s a y s , is, h o w e v e r, s u b je c t t o tho full exertion
of th e p o lic e p o w e r o f th e S tate in re sp e ct o f th o rates t o bo ch a rg e d , th e
m o d e o f c o n d u c tin g th e business an d th e ch a ra cte r anil q u a lity o f th o s e r v ic a
to b o ren d ered , and th a t b y reason o f Its p u b lic n ature it m ay b e fo rfe ite d
for acts o f a b u se , a b a n d o n m e n t o r n o n -u se , b u t ca n n o t bo im p aired a r b i­
trarily.. J u stice Van D e v a n te r w ro te th e d e cis io n , w hich w as c o n cu rred
in b y all o f th o o th e r Ju stices. C o m p a re V . 9 6 , p . 866: V. 91, p . 1776.

P h iladelph ia Co. for G uar. M ortgages.—

Stock, etc.

T h e s to ck h o ld e rs on Ju n e 16 v o t e d t o increa se th e c a p ita l s to c k fro m $1 000 ,000 t o $ 2 ,0 0 0 ,0 0 0 , presen t shareh olders t o bo allo w e d to su b scrib e fo r
th e en tire $ 1 ,0 0 0 ,0 0 0 new s to c k a t par o n o r b e fo re J u ly 25. S u b scrip tion s
aro p a y a b le in 5 m o n th ly in stallm en ts o f $20 each begin n in g J u ly 25, o r in
a d v a n c e , i f d esired, c a r r y in g in terest a t 4 % till D e c. 1 1913.
M a y 31.
G ro ss
N e t (a fte r D i v s . P a i d
B a l.,
G u a r a n t ie s
Y e a r—

E a r n in g s .

T a x e s).

(6 % ).

S u r p lu s.

O u t s t a n d 'g .

1912-13......................... .$ 1 3 4 ,1 9 3 $ 1 0 5,86 7 $ 6 0 ,0 0 0 $45 ,8 6 7 $ 1 5 ,3 6 2 ,6 0 0
102,576
6 0 ,0 0 0
4 2 ,5 7 6
1 3 ,813,350
1911-12---------------------- 126,233
C a p ita l s t o c k , $ 1 ,0 0 0 ,0 0 0 : surplus M a y 31 1912, $ 40 0,00 0; u n d iv id e d
p ro fits , $ 37 ,451 : ca sh , $17 3 ,9 4 5 ; m o rtg a g e s o w n e d , $ 1 ,2 6 8 ,7 0 0 ; bills p a y 1
a ble, n o n e .— V. 96, p . 1160.

Pond Creek Coal C o., B o sto n .— Officers, & c., Elected .—
G alen L . S to n e , C h airm an o f th o b o a r d ; T . 11. D a v is , P resident; S . E .
r a r w e ll, V ic e -P r o s ., an d F . W . H atch eld er, S ec. an d T re a s.
I' • •1 • G o ff, President o f th e C le v e la n d T r u s t C o . , h a s been e lected a d i­
re cto r t o su cce e d th e late A . F. H o ld e n , an d also b e co m e s a m em ber o f th o
e x e cu tiv e c o m m itte e .— V . 96, p . 1233, 1093.

Procter & G am ble C o., C in cin n a ti.— 4 % Stock D iv. —
In a d d itio n t o th o regular cash d iv id e n d o f 4 % p a y a b lo o n A u g . 15 on th e
$1 2 ,0 0 0 ,0 0 0 c o m m o n s to c k t o h olders o f record J u ly 25, an e xtra d is trib u ­
tio n o f 4 % has also been d ecla red p a y a b lo in co m m o n s to c k o n an d a fter
A u g . 15 t o h olders o f r e co rd o f th o sam o d a te , per plan V . 96, p . 1334.
S crip will b o issued fo r fra ctio n a l shares, b u t will n o t bear d iv id e n d s . T h e
lirs t d istrib u tio n o n th e new issuo will b o m a d e N o v . 15. T h o regular
qu a rte rly 8 % c u m u la tiv e p r e f.s t o c k has a lso been d e c la r e d , p a y a b lo J u ly 15
t o h old ers o f re co rd Ju n e 3 0 .— V . 96. p. 291.

Q uaker Oats C o., C h icago.— Statement by Director.—
J. R . N u tt, a Cleveland director, is quoted with reference to
the suit brought by the Government last week as follows:
“ T h o m e th o d s o f th e c o m p a n y h a v e been fa ir. It has novor a tte m p te d
to crush a, riv al an d its progress has been based on skilful m an agem en t
and e ffe c t iv e a d v e rtis in g . P ra ctica l m illers fo rm e d th o c o m p a n y and aro
th o m o s t a c tiv e in its o p e ra tio n ; th e y h a v e all th eir fo rtu n e in vested in it
an d a d d to th o in telligen ce w ith w h ich th e y c o n d u c t th o business an in ti­
m a te k n o w le d g e o f cereal co n d itio n s an d tra d e . T h o c o m p a n y t o -d a y has
h u n d re d s o f c o m p e tito r s , an d 1 h a v e never heard a n y c o m p a n y c o m p la in
th a t e ffo r ts w ere m a d e t o p u t it o u t o f business o r th at w o h ad been g u ilty
o f s t o c k -jo b b in g .
“ U s business in o a tm e a l, w h ich seem s t o b o th o c h ie f p o in t so u g h t to b o
m a d e in th o G o v e rn m e n t p e titio n , fo rm s a c o m p a r a tiv e ly sm all p art o f
its to ta l business. I t is tu rn in g o u t fro m 700 to 800 ton s o r ch ick e n feed
a d a y , th o u sa n d s o f to n s o f ca ttle feed and a h o s t o f o th e r p r o d u c ts .”
The
a b s o rp tio n o f th o G rea t W estern C ereal C o . , h e sa y s, w as b ecau se o f c o n ­
d itio n s m a k in g it ad v isa b le .

T h e 2 0 -y ea r fra n ch ise fo r su p p ly in g natu ral gas in L o u is v ille w as pur
ch a sed a t a u ctio n on Ju n o 14 fo r $ 2 5 ,0 0 0 , th o u p se t p rice , b y a representa­
t iv e o f I I . M . B y lle s b y <c C o . T h o fra n ch ise p ro v id e s fo r the use b y n ext
S
sp rin g o f W e s t V irgin ia natu ral gas in L o u is v ille , b o th for Illum inating and
h ea tin g purposes unless it shall b e d ete rm in e d th a t it is im p o ssib le to fu r­
nish natural gas a t rates agreed u p o n w hen a r tific ia l gas is t o be used in
w h ole or in p a rt, th e G en eral C o u n c il t o fix th e p rico fo r th e a rtificia l or
“ m ix e d ” p r o d u c t.
T h o B o a rd o f W o rk s m a y d e te rm in e w hen th e h o ld e r
o f th e fra n ch ise ca n n o lon ger fu rn ish n atural gas in s u ffic ie n t q u a n tities
to m eet th o d em a n d . T h e n ext step in th e m orger deal w ill, it is s a id , be
th e sign in g o f a c o n t r a c t w ith th e c it y re gu la tin g th o rates t o b o ch a rged
fo r e le ctr ic ity .

President Crowell has sent a letter to stockholders denying
the allegations that a monopoly exists and assuring them that
the company has done nothing illogal. He says: “ W o shall
make a strong and, we believe, successful dofense.” — V . 96,
p. 1706, 649.
R ich m on d R adiator C o., New Y o rk .— First Dividend.—

Fledge of Securities.— See Standard Gas & Electric Co.
below.— V . 96, p. 1632, 1559.

A n initial sem i-an n u al d iv id e n d o f 3 H % has been d eclared o n tho
$ 1 ,5 7 5 ,0 0 0 7 % cu m u la tiv e preferred s t o c k , p a y a b lo J u ly 1 to s to c k o f record
Ju n o 2 0 .— V . 95, p . 1477.

Marconi Wireless Teleg. Co. of Am.— First

D iv. —

A n initial d iv id e n d o f 2 % has been d eclared o n th e $ 1 0 ,0 0 0 ,0 0 0 s t o c k ,
p a y a b le A u g . 1 t o h old ers o f re c o rd J u ly 15. D is tr ib u tio n , it is s a id , m ay
b o m a d e sem i-a n n u a lly i f co n d itio n s w arrant. See a nn ual r e p o r t, C h r o n ic le ,
p a g e 1706, last w eek .— V . 9 6 , p . 1706.

Michigan State Telephone Co.— Application.—
T h e c o m p a n y on Ju n o 18 a p p lie d t o th o S tate R R . C o m m is s io n fo r au­
t h o r it y to sell $ 3 ,2 5 0 ,0 0 0 s t o c k w ith w h ich t o r e p a y th e A m e rica n T e le ­
gra p h < T e le p h o n e C o . fo r a d v a n ce s t o p r o v id e fo r th e p u rch ase o f tho
fe
H o m e T e le p h o n e C o . o f D e tr o it a n d o th e r lines. T h o a u th o rize d issues o f
s to c k are $ 6 ,0 0 0 ,0 0 0 co m m o n an d $ 4 ,0 0 0 ,0 0 0 p r e f., o f w h ich $ 3 ,5 0 0 ,0 0 0
c o m m o h an d $ 2 ,2 8 5 ,0 0 0 p re f. are o u ts ta n d in g .— V . 96, p . 1233, 949 .

Montreal Light, Heat

&

Power Co.— On

1 0 % Basis. —

A csu a rterly d iv id e n d ( N o . 49) o f 2 A % has been de cla re d o n th o $ 1 7 ,0 0 0 ,­
000 s t o c k , p a y a b le A u g . 15 t o h olders o f re c o rd J u ly 31, co m p a r in g w ith
2 }4% fro m A u g . 1912 t o M a y 1913, i n c h , in crea sin g ra to fro m 9 t o 1 0 % .

Dividend Record (Per Cent).
1901 t o 1905. 1906. 1907. 1908. 1909. 1910. 1911. 1912.
4 y e a r ly
4'A
5A
6
6A
7
8
8A
— V . 96, p . 1624, 1632, 1427.

Montreal Water & Power Co.— Earnings.—

,

April 3 0 .
Year—

Gross
Profits.

Net
Profits.

Bond
Interest.

1913.

2 1 4 ,2 'A ,2 M

Dividends on
Inc. Securs.

Balance,
Surplus.

1 9 1 2 -1 3.............. $ 6 7 1,68 4 $ 3 7 2,23 8 $ 2 4 0 ,8 3 9
( 2 M % )$ 2 6 ,8 6 5
$ 1 0 4,53 4
1 91 11 2 .. 5 06 .504 2 7 7 ,6 0 4
132,575
(2 ^ % )2 6 ,8 6 5
118,164
F rom th o surplus a b o v e in 1912-13, $ 1 0 4 ,5 3 4 , th ere w as d e d u cte d $38 ,8 2 8
fo r m iscella n eou s reserves, again st $11 8 ,8 0 9 in 1911-12, le a v in g $65 ,706
in 1912-13, against a d e fic it o f $ 1 ,6 4 5 . A m o u n t ca rried fo rw a rd A p ril 30
1913, $9 6 ,8 8 2 . B o n d in terest as a b o v e is sh o w n a fte r d e d u ctin g Interest
re c e iv e d an d a m ou n t ch arged on un fin ish ed c o n s tr u c tio n w o r k , $ 2 7 ,0 8 8 in
191213, again st $56 .8 3 5 .— V . 9 5 , p . 542.

New York Lake Erie & Western Docks & Improvement
Co.— Offering of Extended Bonds, Guaranteed Under Lease .-—
Brown Brothers & Co. aro offering at par and int. the avail­
able portion of tho issue of §3,396,000 1st M . (extended) 5 %
gold bonds dated July 1 1913 and duo July 1 1943, but re­
deemable on any interest date up to July 1 1918 at 1023^
and int.; thereafter at 105 and int. Total authorized,
§4,0 00,0 00 , viz.: outstanding in hands of public, §3,396,000,
and owned by Erie R R . and deposited under its First Cons,
m tge., §604,000. Trustee, Farmers’ Loan & Trust C o.,




Sacram ento

Valley

(C al.)

Irrigation

C o.— Construe.

T h e r e p o rt o f th e A m e rica n W a te r W o r k s & G u a ra n te e O o . (see “ A n n u al
R e p o r t s ” a b o v e ) s a y s in part:
O v e r 400 m iles or ca n a ls and latera ls an d a b o u t 350 o f drains h a v o been
c o m p le te d , w hich is th o m a jo r p o rtio n o f th o w ork as orig in a lly o u tlin e d ,
and w h ich n o w furnishes th e n ecessary w ater fo r th e irrigation o f a b o u t
6 0 ,0 0 0 acres.
T h o lands h a v o be e n su b d iv id e d in to 4 0 -acro u n its, a n d a
lateral brin gs th e w ater t o each tr a c t o f th a t sizo. A r o a d w a y has been
c o n s tru cte d a rou n d ea ch q u a rte r -s e ctio n , w h ich g iv e s a ro a d o n t w o sides
o f th e farm s. A d rain age s y s te m p erm its o f re m o v a l o f surplus w ater.
A ce m e n t n ipo system has been p r o v id e d fo r th o 10,000 acres o f lan d
se le cte d b y tn e Jam es M ills S a cra m e n to V alley O rchard & C itru s F ru it
C o . (see b e lo w ) . A c o n c r e te p ip e sy s te m fo r th o M o n r o o v illo tra ct has also
been co m p le te d , and th e p la n tin g o f 1,000 acres t o d o cid u o u s fru its—
prunes, a p r ic o ts , fig s , w aln uts an d o lives— is progressin g r a p id ly . T rees
h a vo a lre a d y been sot o u t on a largo p o r tio n o f this acreage, an d th o re ­
m ainder will b e pla n te d du rin g th o present season. T h e h o te l on th o tow n
sito o f D e ie v a n , on th o Sou th ern P c ific R R . d , has been c o m p le te d ; several
b u n galow s h a ve been bu ilt an d are o c c u p ie d . T h o o p e n in g sale o f lots
w ill o c c u r at an early d a te .
It is p la n n e d to lay o u t a b o u le v a rd betw een
D e ie v a n an d th o tra ct w est o f th o to w n s o f D e ie v a n and M a x w e ll, palm s
an d roso bushes t o b e p lan ted alo n g th o b o u lo v a r d . T h e altern ate fa rm
un its w ill b e p lan ted w ith o ra n ge , lem on an d o th e r trees.
T h o C a lifo m ia -I d a h o C o . (co n tr o lle d b y A m . W . W . & G u ar. C o . b y
s to c k ow nersh ip— V . 96, p . 940) has co n tin u e d to seed t o a lfa lfa a b o u t f ir o
acres t o each fa rm -u n it o f 20 acres in v a rio u s d is tric ts , thus increased tho
selling valu e o f th o p r o p e r ty . I t is also a id in g settlors to erect farm b u ild ­
ings. T h o C a l .-I d a h o C o . has org a n ize d th e J a m e s M i l l s S a c r a m e n t o
V a l l e y O r c h a r d & C i t r u s F r u i t s C o . , fo r th o p u rp o se , p rim a rily , o f th o p la n t­
ing an d d e v e lo p in g o f citru s fru it o rch a rd s. Jam es M ills , fo rm e rly o f
R iv e rsid e , C a l., is th e P resid en t.
T h o 10,000 acres selected b y the
new c o m p a n y are a b o u t e q u a lly d iv id e d b etw een th o fo o th ills w est o f th o
D e ie va n an d M a x w e ll u n its a n d th e v a lle y lan ds o f th o H a m ilto n u n it.
In th e tra ct w est o f th o M a x w e ll u n it, 2 2 ,5 0 0 lem on trees w ere sot o u t ea rly
in 1912, on 300 acres, a d jo in in g w h ich 700 acres aro b ein g p lan ted t o le m on s,
grape fru it and V a len cia o r a n g e s ,5 2 ,5 0 0 trees be in g requ ired fo r this p u r­
pose. O n th e H a m ilto n u n it o ra n g o trees w ere p lan ted o n 70 acres in
1912, an d early this ye a r 430 acres w ere p re p a re d , o n w hich 32,250 o ra n g o
trees have already been set out.
Ail additional 500 acres are being p re­
pared for planting during the season o f 1914.
Lands that w ill la te r bo
Included in the citrus planting are being sown to a lfa lfa , & c., to furnish
forage for the horses and mules em ployed in preparatory work. Th e com ­
pany now has 220 mules in service, besides tw o oil tractors, each o f w hich
pulls 15 plow s and does the w ork o f 60 m ules. An extensive citrus nursery,
housing 200,000 plants, has been provided, w ith a covered seed bed 120
by 460 fe e t, containin g 2,000,000 seeds. T h e nursery w ithin a year or tw o
w ill supply the requirem ents o f the com pany and w ill nlso perm it o f sale
o f tree stock to outside Interests.— V. 05, p. 1611.

THE

J u n e 21 19 13 .]

San Diego (Cal.) Consol. Gas

Elec.

&
G o — Bonds —
T h e C a l. H K . C om m issio n has been ask ed t o s a n ctio n th e issuing o f | 6 3 9 ,000 1st M . 6 % b o n d s , v is .: $ 1 8 0,00 0 t o p a y existing d e b t an d $ 4 5 9 ,0 0 0 fo r
ex ten sion s.— V. 9 6 , p . 1560, 657.

Sheffield Farms-Slawson-Decker Co., New York.—
Pref. Slock— O’Connor & Kahler, N . Y ., are offering pri­

vately, at 101 and div., $100,000 6 % cum. pref. stock,
callable after 5 years at 107H and divs. (Q .-M .). A cir­
cular shows:
,
xx „
„„ „„„ „„„

Capitalization.— C o m m o n s to ck a u th . a n d o u ts ta n d in g , $ 1 ,0 0 0 ,0 0 0 ;
p r e f. s t o c k a u t h ., $ 1 ,5 0 0 ,0 0 0 ; o u tsta n d in g (in cl. th is issu e ), $90 0 ,0 0 0 .
F o r c a l. y ea r 1912 th e n e t p ro fits (a fte r ch argin g o f f d e p re cia tio n ) w e re at
ra te o f o v e r 14 tim es th e 6 % d iv id e n d o n th e then o u ts ta n d in g pre f. sto c k .
T h e p ro ce e d s o f th is a d d itio n a l p re f. s t o c k w ill b o used t o a cq u ire new p r o p ­
e r t y t o k eep p a c e w ith th e business.
In a d d itio n t o its e q u ip m e n t, a c c o u n ts
re ce iv a b le & c
c o m p a n y ow ns real esta te in N . Y . C it y a n d elsew here,
in clu d in g w areh ou ses, sto re s, cream eries, & c ., in v e n to rie s a t o v e r $ 2 ,0 0 0 ,­
000 all free an d clea r D e c . 31 1912 e x c e p t fo r m o rtg a g e s a m o u n tin g t o
$57 9 000
N o a d d itio n a l m o rtg a g o an d n o b o n d e d d e b t w ith o u t co n s e n t
o f tw’o -th ir d s in in terest o f th e pre fe rre d a n d c o m m o n s t o c k . C o m p a r e
V . 9 2 , p . 1440; V . 95. p . 1276.

Solar Refining Co.—Ratified.—
T h e s tock h old ers o n Ju n e 16 a u th o riz e d an incroaso in th e c a p ita l s to c k
fro m $50 0 ,0 0 0 t o $ 2 ,0 0 0 ,0 0 0 , th e n ew .sto c k t o b o d istrib u te d as a 3 0 0 %
d iv id e n d .— V . 9 6 , p . 1493, 1368.
T h e s t o c k d iv id e n d w ill b o d istrib u te d t o h olders o f re c o rd Ju n o 30 as
s o o n as p ossib le a fte r th a t d a te .— V . 9 6 , p . 1493, 1368.

Southern California Edison Co.— Bonds

Called.—

110 fir s t an d ref. b o n d s (N o s . 662 t o 771, b o t h in clu sive) o f th e E d is o n
E lo c tr ic C o . o f L o s A n g e lo s, d a te d S ep t. 1 1902, fo r p a y m e n t a t p a r a n d in t.
on S e p t. 1 a t U . S. M o r tg a g o & T r u s t C o . , N . Y . — V . 96, p . 1026, 423 .

Southern Idaho Water Power Co.— Control.—
S ee A m erica n W a te r W o rk s & G u a ra n te e C o . u n d er “ R e p o r t s ” a b o v e .

Standard Gas & Electric Co., Chicago.—N ew Notes
Offered— Proceeds to be Used Chiefly to Acquire Control of
Louisville Gas & Electric Co.— The Continental & Commercial
Tr. & Sav. Bank (the trustee for the notes), Chicago, and
H . M . Byllesby & C o ., Chicago and New York, are offering
by adv. on another page $3,000,000 “ Collateral Trust 0 %
serial notes,” $ 5 0 0 ,0 0 0 due Juno 1 1914 at 99.52 and int., to
yield 6 H % ; $500,000 due June 1 1915 at 98.62 and int., to
yield 6 % % ; $2,000,000 due June 1 1916 at 97.34 and int.,
to yield 7 % . The major portion of the proceeds of these
notes will be used to pay for a controlling interest in both the
common and pref. stock of the Louisville Gas & Electric
C o.
See below and V . 96, p. 556, 1025, 1559, 1632.
A
circular shows (compare map, & c., on pages 176 and 177
of “ Railway & Industrial Section” ):
T h o so n otes w ore firs t o ffe re d s o le ly t o th e p re f. a n d c o m m o n s h a r e h o ld ­
ers, an d th e u n sold p o r tio n is n ow o ffe r e d , all u n d erw ritten .
N o te s d a te d Jun o 2 1913. All ca lla b le o n 30 d a y s n o tice as fo llo w s:
M a tu r itie s 1914 at p ar ($1,000) an d in t.; m a tu ritie s 1915 at 100 M an d in t.
o n o r b e fo re Ju n o 1 1914 a n d par ($ 1 ,0 0 0 ) th e re a fte r; m a tu ritie s 1916 at 101
a n d in t. on or b efore Ju n e 1 1915 an d p ar ($ 1 ,0 0 0 , $500 o r $10 0) th e re a fte r.
In te r e s t p a y a b lo J . & D . in C h ic a g o an d N e w Y o r k .
Secu red b y d e p o s it o f b o n d s, s to c k s a n d n o te s h a v in g an e s tim a te d
p resen t v a lu e o f $ 5 ,0 3 4 ,2 3 2 , as fo llo w s: $ 1 ,2 2 3 ,1 0 0 b o n d s a n d n o te s , $ 1 ,­
223 ,1 0 0 ; $ 3 ,3 9 2 ,9 0 0 p r e f. s to c k s , $ 2 ,9 7 5 ,2 5 7 ; $ 1 ,1 7 8 ,7 0 0 c o m m o n s to c k s ,
$ 8 3 5 ,8 7 5 ; t o ta l, $ 5 ,0 3 4 ,2 3 2 .
Capitalization of Standard Gas A Electric Co.—
Authorized. Outstanding.
C o n v e r tib le 6 % b o n d s ---------------------------------------------C o lla te ra l tru s t 6 % n o t e s ---------------------------------------- o n ’SSS’SSn
P referred 8 % c u m u la tiv e s t o c k -------------------------------3 0 ,0 0 0 ,0 0 0
C o m m o n s t o c k _______________________________________ 1 5,000,000
9 ,3 4 3 ,1 5 0

Earnings Applicable to Securities Held by Standard Gas A Electric Co.,
Year ended Feb. 28 1913.
.
., , ,

[T h is s ta te m e n t in clu d e s th e earnings fro m co lla te ra l herein d e p o s ite d .]
G ross e a rn in g s____________ $ 2 ,1 4 7 ,8 2 8 B o n d in te re s t______________ $ 6 1 8,00 0
N o t e a rn in gs_______________ 2 ,1 0 9 ,4 7 1 1In te re st o n those n o t e s —
180,000
S u r p l u s ____________________________________________________________ $1,311,471

D ig e s t o f S t a t e m e n t b y P r e s . H . M . B y ll e s b y , C h i c a g o , M a y 31 1913.
O rga n ized in D e la w a re A p ril 28 1910 a n d o w n s b o n d s, s to c k s an d o th e r
securities o f 20 p u b lic s e rv ice co r p o r a tio n s se rvin g 132 co m m u n itie s w ith a
total p o p u la tio n o f a p p ro x im a te ly 1 ,5 2 6 ,0 0 0 , situ a te d in Illin ois, Iow a ,
W iscon s in , M in n e s o ta , N o rth D a k o t a , A rk a n sa s, O k la h o m a , K e n tu c k y ,
A la b a m a , C o lo r a d o , M o n ta n a , I d a h o , W a s h in g to n , O regon a n d C a li­
fo rn ia . T lies o in v es tm e n ts are w ell d iv e rs ifie d a m o n g secu rities o f gas,
e le ctric lig h t, p o w e r , tra ctio n an d te le p h o n e co m p a n ie s , s itu a te d in the
m o s t p rosp erou s sectio n s o f th e U n ited S ta te s, as fo llo w s:
A rk a n sas V a lloy R y ., L t . & P o w . C o . N o rth e rn I d a h o & M o n t . P o w . C o .
C o n s u m e rs ’ P o w e r C o .
N o rth e r n S tates P o w e r C o .
E l R e n o G as & E le c tr ic C o .
O k la h o m a G as & E lo c tr ic C o .
O ly m p ia G as C o .
E n id E le c tr ic & G as C o .
O ttu m w a R a ilw a y & L ig h t C o .
E v e r e t t G as C o .
San D ie g o C o n s o l. G a s & E le c . C o .
F o r t S m ith L ig h t & T r a c tio n C o .
Sap u ip a E le c tr ic C o .
L o u is v ille G as & E le c tr ic C o .
M ississip p i V a lley G as & E le c . C o . S ou thw estern G en eral G as C o .
T a c o m a G as C o .
M o b ilo E le c tr ic C o .
W estern S tates G as & E le c tr ic C o .
M u s k o g e e G as & E le c tr ic C o .
Total No. of Consumers Served 247,964 Mar. 31 1913, Incresefor Year 1 8 .8 % .

El. Lt. and Power. Steam Heat.

Gas.

Telephone.

Water.

Elec.Ry.

»- 131,975
828
109,426
2,5 3 0
3 ,2 0 5
(86 m iles.)
A ll o f th e p rop erties w h oso secu rities are o w n e d b y th e c o m p a n y are in
h igh c o n d itio n o f p h y s ica l u p k e e p , o p e ra te u n d er fra n ch ises w h ich a ffo r d
s a tis fa c to r y c o n d itio n s ; are, p r a ctica lly w ith o u t e x c e p tio n , in co m m u n itie s
w h ich h a v e sh ow n a ra p id g ro w th in th e p a st an d w h ich h a v e e v e r y e x p e ct a t i o n jo f co n tin u in g th is g ro w th in th e fu tu re . T h e p rin cipa l cities in
w h ich th e a b o v e com p a n ie s o p e ra te in clu d e : M o b ilo , Ala.; F o r t S m ith and
V a n B u re n , Ark.; E u rek a, R ic h m o n d , San D ie g o an d S t o c k t o n , Cal.; C a n o n
C it y , C r lp p lo C reek , L a J u n ta , P u e b lo and V ic to r , Colo.; G a len a , III.;
O ttu m w a Iowa; L o u is v ille , /<j/.; F a rib a u lt, M a n k a to , M in n e a p o lis , S t.

c o m a , IKas/t., an d P la tte v ille , Wis.

Collateral Specifically Pledged to Secure this Note Issue.
------- Pref. Stocks-------- — Com. Stock—
Bonds— Notes
■
Amount. Value. Amount. Value. Amount. Value.
$
S
S
$
$
& E . C o . 1,7 5 0 .0 0 0 1,7 5 0 ,0 0 0 8 5 0 ,0 0 0 4 2 5 ,0 0 0 .............
-COM ,3 0 0 .0 0 0
9 1 0 ,0 0 0 ........................................ .........
W estern S tates G as
& E l. C o . ( D e l .) . 108.900
100,732 ............. ............. 2 3 2 ,1 0 0 232 ,1 0 0
N o r . S tates P ow . C o . 109,000
9 2 ,6 5 0 .................................................. ........
A rk a n sas V a l. I ly .,
L t . & P o w . C o . . 125,000
121,875
O k la . G a s & E l. C o .
171,000 2 1 3 .7 5 0 ....... .................
San D ie g o C o n s o l.
G a s & E le c . C o . .
157,700 197,125 2 7 6 ,0 0 0 2 7 6 ,0 0 0
F t . S m ith L ig h t &
T r . C o . d e b e n s ..
3 0 0 .0 0 0 3 0 0 ,0 0 0
C a sh ex ch a n g ea b le
fo r s ecu rities____
3 5 0 .0 0 0 3 5 0 ,0 0 0
E n id E le c tr ic & G as
C o . n o t e s ________
6 5 ,0 0 0 6 5 ,0 0 0

L o u is v .O

T o ta l...................3,392,900 2,975,257 1178700 835,875 1223100 1223100




1777

CHRONICLE

T h e S ta n d a rd G a s & E le c t r ic C o . agrees t h a t n o a d d itio n a l c o n v e r t ib le
6 % sin k in g fu n d b o n d s d a te d D e c . 1 1911 a n d d u e D o c . 1 1926 sh all b e
issu ed d u rin g th e life o f th ese n o te s . T h e p ro ce e d s o f these n o te s le a v e th e
c o m p a n y fre e o f flo a tin g d e b t a n d w ith a su bstan tial sum o f m o n e y in h a n d .
S tan d ard G a s & E le c tr ic C o . w ill th en b o in a p o s itio n t o retire th e colla tera l
n o te s h e re w ith o ffe r e d fro m its su rp lu s in c o m e an d fro m th e sale o f such
p a rt o f its secu rities as m a y , fro m tim e t o tim e , b o fo u n d p r o fita b le a n d ex­
p e d ie n t.— V . 9 5 , p . 1688, 82 2 .

Standard Screw Co., Chicago.— Dividend Increased .—
A semi-annual dividend of 2 Y z°/o has been declared on the $2 ,­
500,000 common stock payable July 1 on stock of June 10.

Dividend Record of Common Stock since 1901 (Per Cent).
Jan. 1905 to July 1911.
Jan. 1912. July 1912. Jan. 1913. July 1913.
6 % p e r a n n . (3 % J . & J .)
1%
1%
2%
, 2J^%
O n th e $ 2 ,0 0 0 ,0 0 0 p re f. s t o c k 3 % h as be e n regu larly p a id ea ch J. & J.
— V . 96, p . 1698. 1493.

Twin Falls Land & Water Co.— Property .— The report
of the American Water Works & Guarantee C o ., cited on a
preceding page, says in part:
A t M iln e r o n th e S n a ko R iv e r is lo c a te d th e g re a t M iln e r d a m , w h ich haa
an ovo r-a ll len gth o f 2,2 2 0 f t . a n d a h e ig h t o f 58 t o 74 f t . a b o v e th e riv e r
b ottom .
W ater is d iv e r te d fro m th is d a m t o c a n a ls ly in g o n b o t h sides o f
th e riv er.
T o th e s o u th w ater is ta k e n fo r th e lands o f th e Twin Falls
Land A Water Co., s o m e 2 4 0 ,0 0 0 a cre s. T h is w as th e fir s t large irriga­
tio n d e v e lo p m e n t in S ou th ern I d a h o , a n d has p r o v e d m o s t su cce ssfu l.
O n th e n o rth s id e , th e c a n a l o f th e Twin Falls North Side Land A Water
Co. (V . 92. p . 1247, 530) is b u ilt o f co n c r e te fo r a p o r tio n o f its le n g th , u n til
it reaches th a t c o m p a n y ’s 800 m iles o f d iv e rsio n d itch e s a n d lat­
erals. T h e w ater d iv e r te d fro m th e m ain ca n a l is used fo r th e irriga tion
o f lands co v e r e d b y th re e d iffe r e n t se g re g a tio n s, to ta lin g a p p ro x im a te ly
210 ,0 0 0 acres; o n ly a b o u t 2 0 ,0 0 0 a cres o f irriga b le lands rem ain u n sold .
In M a rch 1913 an ag re e m e n t w as en te re d in to w ith t h e U . S . G o v e rn m e n t
b y th e K u h n I rrig a tio n & C a n a l C o . fo r th e en la rge m e n t o f th e J a ck s on
L a k e re se rvo ir, a t th e h e a d w a te rs o f t h e S n a ke R iv e r , w h e re b y its s tora g e
c a p a c ity w ill b e raised fro m 3 8 0 ,0 0 0 t o 7 8 0 ,0 0 0 a c re -fe e t. T h e larger
v o lu m e o f w a te r w ill e n a b le th e c o m p a n y t o m a rk e t a d d itio n a l lan ds ly in g
u n d er th e o rig in a l North Side s e g re g a tio n , a n d o th e r lands; a n d , s e c o n d ,
assure a s u fficie n t s u p p ly i f th e S n a ke R iv e r sh o u ld re a ch an a b n o rm a lly
low stage in th e su m m er season . T h e c o n s tr u c tio n w o rk is b e in g d o n e b y
th e G o v e rn m e n t, a n d w ill p r o b a b ly b o c o m p le te d ip 1915. T h e reservoir
is lo ca te d a t J a c k s o n ’s H o le , W y o m in g , ju s t s o u th o f Y e llo w s to n e N a tio n a l
P a rk . Its w atersh ed is th e T e t o n M o u n ta in s , the a v e ra g e r u n -o ff fro m
w h ich th e p a s t ten yea rs in d ica te s th a t a 7 8 0 ,0 0 0 -a c r e -fo o t s to ra g e will n o t
h o ld n early all o f th e w a ter flo w in g fr o m tn e m o u n ta in s .— V . 9 1 , p . 158.

Twin Falls North Side Land & Water Co.—

Status.— ■

See T w in F alls L a n d & W a te r C o . a b o v e .— V . 9 2 , p . 1247, 53 0 .

Twin Falls Oakley Land & Water Co.—

Status.—

T h e r e p o r t o f th e A m . W a te r W o rk s & G u a ra n te e C o ., o n a p r eced in g
o a g o co n ta in s a ba la n ce sh e e t o f this c o m p a n y an d says in brief:
T h e gre a t d a m o f th e T w in F alls O a k le y L a n d & W a te r C o . a t O a k le y ,
o n e o f th e largest o f its t y p e in e xisten ce, is p ra c tic a lly co m p le te d ; it is
145 fe e t h ig h , 1,025 fe e t lo n g an d 750 fe e t w id e a t th e base, w ith slop es o f
th ree t o o n e u p stre a m a n d t w o t o o n e o n th e d o w n stre a m sid e. T h e
fill requ ired 1,0 7 4 ,0 0 0 c u . y d s . o f earth ; 6 5 ,0 0 0 c u . f t . o f r o c k w ere used fo r
rip ra p p in g th e slo p e s, a n d 6,2 0 0 c u . y d s . o f co n c r e te w o n t in to th e c o r e -w a ll.
T h e reservoir, w h ich is a natu ral c a n y o n , has a len gth o f fiv e m iles, an a ver­
age w id th o f 1,800 fe e t and sto ra g e c a p a c ity o f 74,9 0 0 a c r e -fe e t o f w a ter.
T h e re is a s p ill-w a y , in so lid r o c k , a t th e w est en d o f th e d a m , w ith a c a p a c ity
o f 2,000 s e c o n d -fe e t. A co n c r e te -lin e d o u tle t tu n n el w as d riv e n th rou g h
so lid r o c k eigh t b y ten fe e t fo r a d ista n ce o f 870 fe e t. T h o w ater stored
c o m e s fro m fo u r cre e k s, t w o o f w h ich are im p o u n d e d b y t h e m a in d a m , w h ile
th e o th e r t w o requ ire dive rsio n d am s an d feeder c a n a ls , th e la tte r to ta lin g
20 m iles in le n g th , a n d in clu d in g e a rth an d r o c k d itch e s, tu n n e ls, flu m es
a n d c o n c r e te in clin es o r d ro p s.
T h o d is trib u tin g sy s te m has 150 m iles o f can als an d laterals a n d co v e rs
a se gre ga tio n o f 4 5 ,0 0 0 aefes o f la n d , o f w h ich 5,0 0 0 acres are u n s o ld .
W a te r lias been tu rn ed in to th e can als an d d itch e s and th e o u tlo o k fo r th e
t r a c t is m o s t p rom isin g. N o a tte m p t w as m a d e to d is trib u te w ater u n tu
it w as a b s o lu te ly ce r ta in th a t th e d a m w o u ld b e c o m p le te d In tim e t o s to r e
th o necessary w ater. N o w th a t all d o u b t has been re m o v e d , it is n a tu ra lly
presu m ed th a t th e re w ill lie a s te a d y in flu x o f settlers. T h e O a k le y V alloy
w as first se ttle d a b o u t 40 years a g o , th e p e o p le o w n in g , in d iv id u a lly or
c o lle c t iv e ly , w ater rig h ts an d sm all irrigatin g d itch e s . T h o se w ater r ig h ts,
& c ., w ere a cq u ire d b y th o T w in Kails O a k le y L a n d & W a te r C o . , and th e
farm s th ereu n d er, as w ell as a d ja c e n t te rrito ry su sce p tib le o f irrigation
are served b y th o O a k le y d a m , can als an d latera ls.— Y . 9 5 , p . 1625, 1547.

Twin Falls Salmon River Land & Water Co.—
T h e r e p o rt o f th e A m e rica n W a te r W o r k s & G u a ra n te e C o ., c ite d o n a
p re ce d in g p a g e , has a b a la n ce sheet o f this c o m p a n y , a n d sa y s in su b sta n ce:
T w in F a lls S a lm on R iv e r L a n d & W a te r C o . is be lie v e d t o h a v e o n e o f
th o b e s t d a m an d can al sy ste m s o f a n y W estern irrigation p r o je c t . T h e
d a m is b u ilt o f c o n c r e te an d is 220 f t . in h e igh t fro m t h e fo u n d a tio n r o c k .
Its sto ra g e c a p a c it y is a p p ro x im a te ly 180,000 a cre -fe e t, an d th e reservoir
th e n a tu ral cou rse o f th o S alm on R iv e r , is a b o u t 13 m iles in le n g th .
The
se gregation c o n ta in s 120,000 acres, th e sy ste m h a vin g been c o n s tr u c te d t o
irrigate th o en tire t r a c t, o f w h ich a b o u t 20,0 0 0 acres o f irrigable la n d h a v e
n o t y e t been m a rk e te d . T h e c o m p a n y b e g a n t o sto re w ater in th o su m m er
o f 1911, a n d th e in flo w d u rin g th e p a s t w in ter an d sprin g seasons w as su f­
fic ie n t to s u p p ly req u irem en ts o f th e settlers. A n n o u n ce m e n t w as m a d e in
A p ril 1913 b y th e O re g o n S h ort L in e R R . th a t it had d e cid e d t o ex ten d th e
railroad in th e near fu tu re fro m near T w in F alls t o c o n n e c t w ith th e S ou th ­
ern P a cific at W e lls , N e v a d a . T h is exte n sio n w ill pass th ro u g h th e s eg re­
ga tio n an d its c o m p le tio n w ill a ffo r d e a sy a ccess fo r p r o d u c ts raised o n th e
tr a c t to th e San F ra n cis co m a rk e t b y sa vin g fro m 500 t o 600 m iles as c o m ­
pared w ith th o present ro u te . P rosp erou s an d flou rish in g to w n s an d cities
h a v e arisen lik e m a g ic th ro u g h o u t th e en tire d is trict in w h a t w as r e c e n tly
o n ly a d e se rt w a ste .— V . 9 5 , p . 1625. 1547.

Union Lumber Co., San Francisco.— Bonds

Called .—

A ll o f th o o u ts ta n d in g 1st M . 6 % b o n d s secu red b y m tg e . d a te d Jan . 1
1909, a ggre ga tin g $ 6 9 6,00 0 an d m atu rin g fro m Jan . 1 1914 to Ja n . 1 1919,
b o th in clu s iv e , h a v e been ca lle d fo r p a y m e n t a t 103 a n d in t. o n J u ly 1 at
D e tr o it T r u s t C o .. D e tr o it , M ic h .— V . 8 9 , p . 477 .

Westinghouse Electric & Mfg. Co.—

Debenture Certfs .—

T h e $ 1 ,5 4 0 ,0 0 0 d e b e n tu re ce r tific a te s w ill b e p a id , p rin cipa l an d in terest,
a t tho B a n k ers T r u s t C o ., N . Y . C it y , on J u ly 1 1913.— V . 96, p . 1707.

— D ay & Zimmermann, engineers, constructors and man­
agers for public utility properties, have reprinted in booklet
form an article from the March 1912 issue of tho “ Engineer­
ing M agazine,” entitled “ Some Criteria of Value in Public
Service Industries.” The article was written by Clarence
P. Fowler, engineer, and of D ay & Zimmermann’s depart­
ment of examinations and reports, and is now reprinted pn
account of its timeliness and present application in the dis­
cussion of the valuation of public service properties. Com­
plimentary copy will be mailed on request to the firm’s
offices at 611-613 Chestnut S t., Philadelphia.
— M cC oy & C o ., 105 South La Salle S t., Chicago, an­
nounce the election of John F . Bacon as Secretary and Sales
Manager. M r. Bacon was formerly with N . W . Harris &
Co. and E . H . Rollins & Sons, and is well and favorably
known in Wisconsin and Minnesota.
— Robert S. Dana, formerly with Callaway, Fish & C o .,
is now associated with A . H . Bickmore & C o ., I l l Broadway.

1778

THE
© o m m m ia l

CHRONICLE

[V o l . XCVI.

flu te s .

C O T T O N .

COMMERCIAL EPITOME.
Friday Night, June 20 1913.
Trade in the aggregate makes a good showing, though
conservatism is still noticeable. Retail business keeps grow­
ing.
Foreign trade is very large.
W heat exports far
exceed those of last year. High-record balances in the
foreign trade are being made. Bank exchanges exceed those
of the same week for the last two years. A large wheat crop
is promised and is beginning to come to market. M anu­
facturing industries are generally fairly active, though cotftn s and woolens are more or less affected by impending
tariff changes. New business in steel is not active. On
tho whole trade is of greater volume than last year, though
it must be added that collections are slow.
L A R D has been in fair demand, with prime Western still
$11 40 , refined for the Continent $11 65, for South America
$12 35 and for Brazil in kegs $13 35. Lard futures have
been rather weaker of late, owing to a decline in hogs, though
the firmness of com has acted as something of a check on
the decline in futures.
Milwaukee packers are said to
have bought September and October. To-day prices ad­
vanced slightly and then reacted on selling by packers and
bull traders.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.

. t h e M O V E M E N T OP T
H
®
* S
/ g
30ur
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
30,264 bales, against 35,551 bales last week and 43 284
bales the previous week, making the total recoipts since
the 1st of September 1912 9,381,341 bales, against 11,378 133 bales for tho same period of 1911-12, showing a decrease
since Sept. 1 1912 of 1,996,792 bales.
°
Sat.
G a lv e s t o n ______
T e x a s C i t y ______
P o r t A r th u r ____
A ran sas P a ss, & c
N e w O rlean s____
G u lfp o r t _________
M o b i l e _________
P e n sa co la _______
J a c k so n v ille , & c .
S a v a n n a h _______
B r u n s w i c k ______
C h a r le s to n ___
G e o r g e t o w n ____
W ilm in g to n
N o r f o lk ____
N ’p o r t N e w s , & c
N e w Y o r k _____
B o s to n ____
B a lt im o r e _______
P h ila d e lp h ia ____
T o t a ls this w e e k .

1 Mon.

2,244

Tues. j Wed.

736

2,3 0 9
50

Thurs.

1,406

1,299
175

Fri.

Total.

1,334
—

9 ,3 2 8
225
—
8 ,1 2 4

'8 9 3

1,400

'§ 8 4

2 .089

1,951

'8 0 7

7

154

'2 3 5

” 13

" l3 7

” 14

OOU

” 50
1,008
145
3

” 85
5,8 1 7
145
463

” 53
OO/I
138
260

"457
4 ,3 9 8
138
84
IOC
lo o
260

4 ,7 4 0

3 0 ,2 6 4

” 30
1,018

'8 9 6

l",329

l 'o o i

*17

” 28

*201

*126

'5 6 5
” OO
yo

'1 1 3
514

'I 6 §
338

"1 2 9
486

” 25
482

"2 9
1,654!

" 19
25

” 65
” 49

4 .8 8 0

A
.

"I§7 j

—

____

3 ,6 6 0

5,772

5,207

6 ,0 0 5

The following shows the week’s total receipts, the total
T .
...
SatMon. Tues.
Wed.
Thurs.
Fri
since Sept. 1 1912, and the stocks to-night, compared with
July delivery----- cts.11.00
11.07**
11.05
11.07**
11.101107'**
September delivery___ 11.12**
11.22**
11 15
11 20^
11 2 2 u1 1lastUyear:
2 2
October delivery......11.07** 11.17**
11.17**
11 22**
l l M f t nil?**
P O R K continues steady; mess $22 25 @ $ 2 2 75, clear
191 2-1 3.
1911-12.
Stock.
Receipts to
$20 7 5 @ $ 2 2 25, family $23 5 0 @ $ 2 5 . Beef quiet but steady;
June 20.
This Since Sep This Since Sep
mess $19 @ $ 2 0 , packet $21 @ $ 2 2 , family $ 2 2 @ $ 2 4 , extra
Week. 1 1912.
Week. 1 1911.
1913.
1912.
India mess $31 @ $ 3 2 . Cut meats steady; pickled hams,
G a l v e s t o n ___
9,328 3 ,7 6 8 ,7 1 7
6,399 3 ,4 8 7 ,4 5 9
8 1 ,0 9 2
6 1 .507
10 to 20.1bte., 1 5 @ 1 5 % c .; bellies, clear, f.o .b . New York, T e x a s C i t y ___
225
665 ,824
586 ,468
4,1 0 0
6 to 12 lbs., 1 6 @ 1 7 K o . Butter, creamery extras, 2 8 @ 2 8 J^c. P o r t A r t h u r ______
138.642
200 ,569
A ran sas P a ss, & c .
123.523
79,206
Cheese, State, whole milk, fresh, colored, specials, 14J ^ @ N e w O rlean s____
8", 124 1,402,239
2,459 1 ,6 17,512
3 7 ,9 4 0
5 2,882
14 % o . Eggs, fresh-gathered extras, 2 2 j^ @ 2 4 c .
G u lfp o r t .............
6 6 ,845
2 ,5 9 6
M o b i l e ___________
‘ 560 222",054
378,901
l',063
2 ,8 2 7
O IL S .— Linseed steady; C ity, raw American seed, 4 7 @
5,8 9 6
P e n sa co la ________
2 15 ,379
2 ,678
124.659
48c.; boiled 4 8 ® 49c.; Calcutta 70c. Cottonseed oil higher; J a ck so n v ille , & c .
‘ ‘ 80
31
50,418
14,884
/SOI
5,8 1 7 1,260,605
3,1 4 2 2 ,3 6 5 ,5 4 8
4 5 ,7 7 2
winter 7.80o.; summer white 7.85c. Cocoanut oil steady; S a v a n n a h ...............
4 5 ,7 0 0
B r u n s w ic k _______
145
403 ,983
234 ,129
106
928
Cochin l l K @ l l % c . ; Ceylon 1 0 ^ @ 1 0 % c . Chinawood C h a r le s to n _______
463
"9 6 2
3 04 ,543
4 12 ,970
1 0 ,9 4 9
10,462
fairly active at 7 M @ 7 % c . Corn stronger at 5 .8 0 @ 5 .85c. G e o r g e t o w n ______
110
1,169
W ilm in g t o n _____
'4 5 7
'5 1 3
3 41 .643
543 ,200
~Y, 331
' 9 ,8 0 3
Cod steady at 3 8 @ 4 0 c .
N o r f o l k _________
4 ,3 9 8
5 27 ,065
1,923
7 38 ,705
27,351
2 8 ,6 8 8
C O F F E E has been quiet, with N o . 7 Rio 9 % c .; mild N e w p o r t N e w s .& c
138
111,268
37,031
N o w Y o r k _______
84
14,676
6,257
4 1 .6 9 5
149".H 6
grades also slow; fair to good Cucuta l l M @ l l % c . Coffee B o s t o n ___________
185
4 5 .1 7 0
182
62,117
8 ,543
8.971
futures, after declining, have latterly been rather firmer at B a ltim o re ________
260
7 3 ,995
89
122,144
3 ,629
6 ,7 6 7
7,5 9 5
2,252
1,103
1.284
home and abroad. It has been a natural reaction from the P h ila d e lp h ia ____
T o t a l _________
recent extreme depression. Shorts have of late covered
3 0,264 9.38 1 .3 4 1 19,441 1,378,133
27 4 ,1 0 0
3 8 3 ,4 3 3
freely. The weather in Brazil has at times been cold and
In order that comparison may bo made with other years,
unseasonable. Y et the Santos crop is still estimated at
10,000,000 bags, and most people look upon upturns merely we give below the totals at leading ports for six seasons:
as rallies in an inherently weak market. To-day prices de­
Receipts at—
1913.
1912.
1911.
191 0. 1 1909.
1908.
clined, with renewed liquidation and depressed foreign mar­
kets. Closing prices were as follows:
G a lv e s t o n ___
9,3 2 8
6,3 9 9
2 ,1 7 0
4 ,2 4 0
9,7 3 3
1 4 ,3 7 9
T e x a s C ity ,& c
225
J u n e _ _ ........... 9 .2 3 © 9 .2 5 October____ 9.53
8 ,7 1 0
F e b r u a r y ___ 9 .7 2 @ 9 .7 5
N e w O rle a n s.
8 ,1 2 4
2,4 5 9
J u l y ------------- 9 . 2 3 @ 9 .2 5 November ..9.58
” 1,618
'8 , 1 9 8
8 ,8 6 6
10,712
M a r c h ______9 .7 8 © 9 .7 9
M o b i le _______
560
1,063
A u g u s t ........... 9 .3 5 © 9 .3 8 December ..9.63
58
550
1,384
1,220
A p ril .......... - 0 .8 0 @ 9 .8 3

S e p te m b e r . . 9 . 4 8 @ 9 .4 9 J a n u a r y ____ 9.6 7
_

4a
M a y : : : : ; : : 9 . 8 3 @ 9 . '8 4

S U G A R .— Raw higher. The receipts at Atlantic ports for
the week were 54,721 tons, against 52,943 last week and
34,033 last year. Advices of dry, hot weather on the Conti­
nent had some effect, though there has not been any damage
reported as yet. Centrifugal, 96-degrees test, 3.3 3c.; mus­
covado, 89-degrees test, 2.8 3c.; molasses, 89-degrees test,
2.58c. Refined quiet at 4.30c. for granulated.
P E T R O L E U M steady; barrels 8 .7 0 @ 9 .7 0 c .; b u lk 5 @ 6 c .;
casesill @ 1 2 e . Pennsylvania crude $2 @ $ 2 50; Kansas and
Oklahoma 88c.; Corsicana, T ex ., 80 to 95c.; North Lima
$1 39; South Lima $1 34; Indiana $ 1 34; Illinois $1 30.
Naphtha slightly easier; 73 to 76 degrees, in 100-gallon
drums, 2 5 ^ c ; drums $8 50 extra. Gasoline, 86 degrees,
29>£c.; 74 to 76 degrees, 2 5 M c .; 68 to 70 degrees, 22L£c.;
and stove 21c. Spirits of turpentine 3 9 H @ 4 0 c .
Common
to good strained rosin $ 4 @ $ 4 10.
T O B A C C O .— There is only the ordinary demand for
binder, the supply of which is small. Filler is also anything
but active; purchases are from hand to mouth. Cuban leaf
sells in only very moderate quantities. A steady but not
active demand prevails for Sumatra. The slowness of trade
reflects a conservative sentiment. Working on the lower
grades of cigars manufacturers are employed to a fair per­
centage of their capacity, but there is no disposition to an­
ticipate future wants on a large scale.
t i
^as been somewhat less active at a decline;
Lake 14^gc.; electrolytic 14% c .; London lower. Tin easier,
but latterly more steady; spot here 45c.; London firmer of
late. The demand here rather small, however. Lead
4 .3 2 M e-; spelter 5.10c. Pig iron weaker; N o . 2 East $15 25
@ $ 1 5 75; N o . 2 Southern $11 @ $ 1 1 50. Finished steel
rather less active and somewhat depressed. Specifications
on lighter products are decreasing. Pittsburgh reports
that the bookings in the first half of June of plates, struc­
tural shapes, bars and pipes were larger than in the same
time in M a y , but specifications are only 6 0 % of the output.
i6111 « nished steel, it is said, is to be put in the free list by
the Senato. Lighter products lower. New business in
steel generally smaller.




S a v a n n a h -----B r u n s w ic k ___
C h a rle sto n ,& c
W ilm in g t o n - .
N o r f o l k ______
N ’ p o r t N .,& c .
A ll o th e r s____

5,817
145
463
457
4,398
138
609

962
513
1,923

1,020
102
11
871
340

" 2,9 8 0

' ” 681

T o t a l th is w k .

30,264

19,441

6,871

3 ,142

3 ,2 9 0
_______ !
649
208
1,575
348
3,3 0 3
22,361

3,161

5 ,8 9 0

324
126
925
187
1,004

551
3 ,0 9 9
4,811

3 4 ,4 2 0

4 3 ,3 5 5

2 ,6 9 3

Sin ce S e p t. 1 . 9,38 1 ,3 4 1 11378133 8 .3 4 9 ,7 2 5 7 ,0 8 3 ,8 1 2 9 ,67 5 ,0 3 0 8 ,0 5 6 ,1 1 8

The exports for the week ending this evening reach a total
of 34,179 bales, of which 4,781 were to Great Britain,
3,350 to France and 26,048 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1912:

Exports
from—

Week ending June 20 1913 .From Sept. 1 1912 to June 20 1913.
Exported to—
Exported to—
Great
Conti­
Britain. France nent. Total.
____
____
____
____

____
____
____
____
943
____
____
_
_
—
____
____
____
____
2,407
____
____
____
____
____
____
—

Great
Britain.

France.

Conti­
nent.

Total.

G alveston..
Texas C ity.
Port Arthur
Ar.Pass.&c.
New Orleans
M o b ile ____
Pensacola. .
Savannah. .
Brunswick .
Charleston.
Wilmington
Norfolk____
N ’ portNews
New Y ork .
B o s to n ____
B altim ore..
Phlladel’a . .
Portl’d, Me.
San F ra n ..
Pt. Towns’ d
Portl’d, Ore

2,159
303
925
1,334
____
____
—
—

T otal____

4,781

-id
3,350 26,048| 34,179 3,503,933

T o t .1911-12

6,907

8,176 14.7181 29,801 4,163,786 1,159,085 4,887,891 10210762

____
____
____
____
____
____
____

3,846
____
____
4,005
3,391
____
_
_
2,350
____
____
____
8,582
.
3,083
100
—
691
— -

3,846 1,305,663
____ 406,308
____
31,480
12,921
4',948 719,401
3,391
59,533
____
24,309
130,270
2,350 111,029
73,367
106,043
16,412
291
13', 148 299,902
363 147.836
7,389
4,008
1,434
51,272
....
507
691
....
....
...........

390,643 1,394,319 3,090,625
84,212 637,313
146,793
79,213 138,642
27,949
8,606
16,048
37,575
143,850 427,953 1,291,204
25,562
55,589 140,084
65,759 124,859
34,791
63,269 611,401 804,940
100,328 211,357
5,000 146,952 225,319
59,673 152,115 317,831
500
54,399
71,311
291
51,263 194,974 546,139
10,146 157,982
2,650
46,362
56,401
7,876
69,148
______
507
______
261,444 261,444
______
103,601 103,601
3,250
3,250
...........
967,991 3,808,499 8,280,423

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. W o add similar figures for
N ew iYork.
© k * k k fe L L lj

J une

THE

21 1918.]

J n 20 a—
ue t

CHRONICLE

O S ip o rd N C a e for—
n h b a , ot le r d
Ge t
ra
Gr O e C a
e­
thr o st­
L v g
ea in
B in F a c m n F reig w
rita . r n e. a y. o n ise. T ta S c .
o l.
to k

Now Orleans..
Galveston___
Savannah ___
Charleston___
M obile_______
Norfolk______
Now York___
Other ports_
_

3,717
3,351

Total 1913..
Total 1012. .
Total 1911..

9,248
13,358
3,719

1,742

16,619
1,976 18,771
200
800
800 2,299
15,341 15,341
3,500
—
1,600

100
—

200
1,100

2,200
—

1,842 7,772 21,751
100 4,882 28,602
792 11,146 8.936

36,263
42,736
44,900
10,462
3,597
12,010
38,195
27,007

18,317 58,930
19,452 66,934
6,698 31,291

819

680
1,000
500

2,794 8,366
2.859 10,585
600

215,170
317,039
216,555

Speculation in cotton for future delivery has been at times
more activo and early in the week there was a sharp advance.
Later came a reaction, owing to realizing of profits. The
rise in October at one time reached 40 points. Other nowcrop months have also been strong.
The old-crop deliv­
eries havo been firm, not only because there is still believed
to be somo short interest in them, notably in August, but
also because of the fact that the stock here is small and stead­
ily decreasing. It is the smallest at this time for five years.
Also of late the temperatures east of the Mississippi havo
been quite high. In fact they havo been as high as 104 in
Mississippi and Alabama, 103 in Florida, 102 in Georgia and
Tennesseo and 100 in South Carolina. Somo have con­
tended that these temperatures have been rather injuri­
ous
than
otherwise.
However
that
might
be,
there
was
certainly
some
buying
on
the hot
weather east of the Mississippi on Wednesday and Thursday.
Further rains have fallen in Georgia and the Carolinas,
which somo have regarded as rather unfavorable. An idea
of not a few is that what the Eastern belt now needs is fair
and warm weather for a time but not extremely high tem­
peratures. On Thursday there were reports of largo num­
bers of boll-weevil in the vicinity of Little Rock, A rk., also
in Louisiana and Mississippi. These reports had some
effect. Also Liverpool’s spot sales of late havo increased.
Early in tho week they dropped to 8,000 bales a day. Later
they rose to 10,000. Some favorablo reports in regard to the
cotton-goods trade have been in circulation. Four of the
largest Southern mills engaged in manufacturing heavy
cotton
are
under contract for
delivery
to
China
and Africa for
the rest
of
tho year.
One crop
roport put the condition at 83.9 on June 11, against
84.6 on M a y 29 and 80.2 on June 11 last year.
The comment made on this was that instead of showing an
improvement sinco M a y 29th, there was actually somo docrease in the condition, even though it was comparatively
slight. Tho fact, too, that the “ Chronicle” put tho increase
in acreago at only 3 .2 0 % , including 4 % in Texas, was also
regarded as more or less of a bullish factor by many. Liver­
pool at one time sold the old-crop months but bought tho
new. Latterly large W all Street interests, it is understood,
have been buying cotton for a rise. Reeontly some of this
element, it is understood, went short of tho market, but
covered on the recent bulge and then took tho long sido.
On tho other hand there are those who boliove that tho hot
weather in tho Atlantic States is beneficial rather than
otherwise. Toxas has had good rains lately. They will
help tho crop, in the southwestern portion of the State
especially. There are those who believo that if prices
advance much further, European buying will fall off. Lat­
terly, indeed, the Continent lias been selling freely in Liver­
pool. Liverpool peoplo take the ground that the advanco
m the fore part of tho week was too rapid. The short in­
terest has been considerably reduced to-day, prices advanced
partly on renewed talk of boll-weevil and of tho relativo
scarcity of contracts hero. Covering of July shorts carried
up the prices of that month.
Now^crop months followed.
Spot cotton closed at 12.50c. for middling uplands, showing
an advanco for tho week of 15 points.
The official quotation for middling upland cotton in tho
Now York market each day for tho past week has been:

J n 14 to J n 20—
ue
ue
Sat. Mon. T ues. W ed. T hurs. Frl.
Middling uplands......................12.35 12.35 12.40 12.40 12.35 12.50
N E W Y O R K Q U O T A T IO N FO R 32 Y E A R S .
The quotations for middling uplands at Now York on
Juno 20 for each of tho past 32 years havo been as follows:
1913-C-.
1912____
191 l ____
1910
1909_____
1908_____
1907.........
1906_____

..1 2 .5 0
..1 1 .6 0
..1 5 .4 0
15.15
..1 1 .4 0
..1 2 .2 0
- 12.85
-.1 0 .9 5

1905.C__
1901____
1903____
1902.........
1901-------1900------1899_____
1898_____

9.15
.1 1 .25
12.40
. . 9.25
. . 8.62
. . 9.31
. . 6.25
. . 6.44

1897.c _.
1896____
1895____
1894____
1893_____
1892.........
1891_____
1890____

. . 7.81
. . 7.62
. . 7.19
. . 7.25
. . 7.94
. . 7.44
. . 8.44
-.1 2 .1 2

1889
1888
1887
1886
1885
1884
1883
1882

9.12

M A R K E T A N D SA LES A T N E W Y O R K .
Tho total sales of cotton on tho spot each day during tho
week at Now York are indicated in tho following statement.
For tho convenionco of tho reader wo also add columns which
show at a glanco how tho market for spot and futures closed
on saino days.

S o M rk
p t a et
C sed
lo .
Saturday_
_
M onday_
_
Tuesday_
_
Wednesday.
Thursday . .
F r id a y ___

F tu
u res
M rk
a et
C sed
lo .

Q u lo t ...................
S te a d y _________
Steady 5 pts adv_
_
Qulot ____________
Quiet 5 pts dec____
Steady 15 pts a d v ..

_
Very Steady_
Steady________
Steady________
Steady________
Steady________
Steady________

Total . . .




SLS
AE.
S o C n t T ta
p t. o tr’c o l.
2,300
"1 4
39
53

2,300

'166

"1 4
39
100

2,400

2,453

1779

F U T U R E S .— The highest, lowest and closing prices at
New York the past week have been as follows:

Study Mn a , T esd y W 'd y T u 'y F a ,
a r a,
h rsd , rid y
a
J n 14. J oed y Jue 17., Jed a , J n 19. J n 20 W .
ue
ue
eek
u 16. u
n
u e 18. u e
n
n
J n—
ue

--- 12.05 —
R a n g e ------ — @ — — @ — — @ — — © — 12.05 — --Closing____ 11.94-.96 12.12— 12
.14
.10-.12 12.04-.08 12.02-.04 12.16-. 18 —

J ly
u—

R a n g e ------ 11.94-.03 12.0.3- .20 12.09-.22 12.05-.15 12.00-.09 12.05-.24 11.94-.24
Closing____ 12.02-.03 12.17-.18 12.15-.16 12
.10-.12 12.05-.06 12.19-.20 —

A g.—
u

R a n g e ------ 11.85-.93 11.96-.15 12.05-.19 12.04-.13 11.96-.07 12.01-.15 11.85-.19
Closing------ ll.9 2 -.9 3 12.ll-.1 3 12.12-.13 12
.0S-.10 12.03-.04 12.0S-.09 —

S t.—
ep

R a n g e ------ 11.53-.55 11.62-.72 11.73-.90 11.76 — —
11.85-.87 11.53-.90
Closing------ 11.54-.55 11.76-.78 11.84- .85 11.74-.76 11.72-.74 11.84-.85 —

Ot.—
c

R a n g e ------ 11.29-.38 11.40-.62 11.53-.75 11.56-.66 11.49-.57 11.53-.73 11.29-.75
Closing------ 11.37-.38 11.60-.61 11.67-.68 11.58-.59 11.56-.57 11.67-.68 —

N .—
ov

—

R a n g e ------ — @ — — © — 11.67 — — ©
11.50 — 11.49 — 11.49-.67
Closing------ 11.32-.34 11.55-.57 11.63-.65 11.52-.55 11.50-.52 ll.6 1 -.6 3 —

Dc—
e.

R a n g e ------ 11.28-.37 11.39-.62 11.52-.75 11.55-.64 11.47-.55 ll.5 l-.7 2 11.28-.75
Closing------ 11.36-.37 11.58-.59 11.66- .67 11.55-.56 11.53-.54 11.66-.67 —

J n—
a.

R a n g e ------ 11.21-.30 11.33-.55 11.45-.67 11.47-.56 11.39-.47 11.43-.64 11.21-.67
Closing------ 11.29-.30 11.53-.54 11.58-.59 11.48-.49 11.44-.45 11.60-.61 —

F .—
eb

R a n g e ------ — @ — — © — — © — — © — — @ — — © — — © —
Closing------ 11.31-.33 11.54-.56 11.59-.61 11.49-.51 11.45-.47 11.61-.63 ---------—

Mrch
a —

R a n g e ------ 11.31-.40 11.44-.64 11 57-.78 11.57-.65 11.50-.57 11.55-.73 11.31-.78
Closing------ 11.39-.41 11.63-.64 11.68-.69 11.57-.58 11.56-.57 11.70-.71 —

Ar —
p il

R a n g e ------ --- @ --- — @ — — @ — — @ — — © — — © — — © —
Closing------

My—n g e -----aa
R

— © — 11.46 — 11.60-.75 11.62-.70 11.56-.58 — © — 11.46-75
Closing------ 11.43-.45 ll.6 7 -.6 9 11.76-.78 11.02-.63 11.61-.63 11.75-.77 —

T H E V IS IB L E SU P P L Y OF C O T T O N to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week’s returns, and conse­
quently all foreign figures aro brought down to Thursday
evening. But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.

J n 20—
ue
1913.
1912.
Stock at Liverpool.................bales.1,009.000 1,106,000
Stock at London..............................
5,000
7,000
Stock at Manchester____________
63,000 104,000

1911.
748,000
10,000
83,000

1910.
527,000
12,000
48,000

Total Great Britain stock........ 1,077,000 1,217,000
Stock at Hamburg_____________
10,000
7,000
Stock at Bremen________
358,000
463,000
Stock at Havre________________ 221,000
252,000
3,000
3,000
Stock at Marseilles_____________
20,000
18,000
Stock at Barcelona_____________
Stock at Genoa________________
33,000
36,000
Stock at Trieste________________
27,000
14,000

841.000
12,000
131.000
182.000
2,000
20,000
13,000
8,000

587.000
11,000
186.000
182,000
3.000
11,000
22,000
8.000

368,000

423,000

Total Continental stocks_____

672,000

793,000

Total European stocks_______ 1,749,000 2,010,000 1,209,000 1,010,000
148.000
India cotton afloat for Europe_
_ i 19,000
130.000
183.000
Amer. cotton afloat for E urope.. 175,988
154,711
104,571
98,533
10,000
Egypt,Brazil,&c.,aflt.for Europe.
33,000
35,000
37,000
Stock In Alexandria, Egypt_____ 133,000
82,000
102.000
105.000
Stock In Bombay, India________ 910,000
610,000
578.000
699.000
Stock In U. S. ports____________ 274,100 383,433
247,846 301,909
Stock in U. S. interior towns____ 251,024
164,619
182,841
144,718
4,417
4,072
80
U. S. exports to-day___________
2,160
Total visible supply------------------- 3,649,5293
,543,695 2,605,257 2,588,541
Of tho above, totals of American and other descriptions are as follows:

A erica —
m n

Liverpool stock-------------------------Manchester stock_______________
Continental stock_______________
American afloat for Europe_____
U. S. port stocks._____________
U. S. Interior stock_____________
U. S. exports to-day___________

826,000
43,000
626,000
175,988
274,i 00
251,024
4,417

983.000
78,000
759.000
104,571
383,433
164.619
4,072

610,000
65,000
326,000
98,533
247,846
144,718
2,160

437.000
38,000
367.000
154,711
301,909
102,841
80

Total American........................ 2,200,529 2,476,695 1,494,257 1,481,541
E st In ia , B zil, & .—
a d n ra
c
Liverpool s t o c k ............................ 183,000
123,000 138,000
90,000
London stock____________
5,000
7,000
10,000
12,000
Manchester stock____________
20,000
26,000
18,000
10,000
46,000
34,000
42,000
56,000
Continental s t o c k ........................
India afloat for E u rop e............... 119,000
130,000 183,000 148,000
Egypt. Brazil, &c., afloat.............
33,000
35,000
37,000
10,000
Stock in Alexandria, Egypt......... 133,000
102,000 105,000
82,000
Stock in Bombay. India.............. 910,000
610,000 578,000 699,000
Total East India, &c_________1 449,000 1,067,000 1,111,000 1,107,000
Total American______________2 ,200,529 2,476,695 1,494,257 1,481,541
Total visible supply__________ 3.649.529 3,543,695 2,605,257 2,588,541
8.21d.
8.05d.
Middling Upland, Liverpool_____
6.79d.
6.63d.
'
" ' *
15.10c.
15.05c.
Middling Upland, New York____ 12.50c.
11.65c.
Egypt, Good Brown, Liverpool . .
10 25d. 10 13-16d. 11 l d.
4
8Kd.
Peruvian, Hough Good, Liverpool
9.25d.
9.50d. 11.25d.
lid .
Broach, Fine, Liverpool________
6U d. 6 3-10d. 7 11-10d.
7d.
Tinnevclly, Good, Liverpool___ 6 5-lod.
& d 7 9-16d.
K.
7d.

Continental imports for tho past week have been 6 1 ,(XX)
bales.
Tho above figures for 1913 show a decrease from last week
of 154,433 bales, a gain of 105,834 bales over 1912, an excess
of 1,044,272 bales over 1911 and a gain of 1,060,988 bales
over 1910.
Q U O T A T IO N S
FO R
M ID D L I N G
COTTON
AT
O T H E R M A R K E T S .— Below aro the closing quotations
of middling cotton at Southern and other principal cotton
markets for each day of the week.

C sin Q u tio s for M d g C lto on
lo g o ta n
id lin o n rid y.
on a u a ed a h rsd
S t’d y. M d y. T esd y. W ’d y. T u ’y. F a
a a
\2%
Galveston ----- 12 M
12 K
12K _ 12K
12K
New Orleans. _ 12 7-16 12M
12 9-16 12 9-16 12 9-16 12 9-16
12
UK
UK
11K
Mobile . . -- -- UK
UK
12 K
V
2K
Savannah ----- V
12 K
12 K
2K
12K
_______
UK
Wilmington----11
UK
UK
1V
2s
12 %
12%
N orfolk ---------- 12K
1K
2
12K
Baltim ore------- 12K
12K
\2%
12K
12M
12.65
12.65
Philadelphia— 12.60
12.60
12.75
12.60
12 K
Augusta---------- 12H
12K
\2K
12K
12H
12K
M em phis-------- 12
12y.
12
12H _
12 K
12 5-16 12 5-16 12 5-16 12 5-16
St. Louis--------- \2K
12 K
12 K
H o u ston --------- 12 1-16 V
12 3-16 12 5-16
V
2K
2K
UK
Little R ock ----- UK
UK
U%
UK
UK
wc en m
e ic a g
J n 20.
ue

1780

THE

CHRONICLE

A T TH E
I N T 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 ,
t h e r e c e i p 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 h e s h i p m e n t s f o r
th e w e e k a n d th e s to c k s t o -n ig h t , a n d th e s a m e ite m s fo r th e
c o r r e s p o n d i n g p e r i o d 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 ta il b e lo w .
M o v e m e n t to J u n e
T ow n s.

R e c e ip ts .
W eek .

A l a ., E u f a u l a ..
M o n tg o m e r y
S e lm a ________
A r k ., H e l e n a ..
L ittle R o c k . .
G a ., A lb a n y ___
, A th en s _______
A tla n ta _______
f A u g u s t a _____
: C o lu m b u s____
! M a c o n _______
R o m o ________
L a ., Shrevep ort
M ls s .,C o lu m b ’s
i G r e e n v il le ___
! G re e n w o o d ___
M e r id ia n ____
N a t c h e z _____
V ick s b u rg ____
► a zoo C it y ..
Y
M o . , S t. L o u is .
N .C ., R a le ig h ..
O ., C in cin n a ti.
O k la ., H u g o * . .
S . C . , G reen w ’ d
T e n n .,M om p h ls
N a s h v ille ____
T e x ., Brenham
C la rk sv ille___
D a lla s________
H oney G rov e.
H o u s to n ...........
P a r is__________

S ea son .

19
386
499
____
62
____
110
613
847
40
10
36
200
11
5
____
229

21,092
1 5 6 ,15S
118,228
41,593
180,860
23,945
107,102
161,128
334,294
74,856
36,785
5 1,327
140,907
27,635
49,306
108,937
57,767
18,131
3
2 9,245
22,476
3,5 8 0 553,352
85
10,888
2,669 223,909
30,200
318
19,672
2 ,257 804,045
1
7,715
35
17,630
43,835
150
132,402
45,137
3 ,157 3,27 6,9 77
—
151,138

20 1913.

M o v e m e n t to J u n e

S h ip -

S to ck s
June

W eek .

20.

322
981
732
1,163
50
701
724
2 ,829
375
658
300
253
251
8
500
814
55
114
82
4,1 1 7
150
3 ,274
382
7,884
93
20
350
95
7,740
80

R e c e ip ts .
W eek .

1,982
9 ,219
2 ,168
178
20,192
900
4,371
3,124
24,572
13,071
7,195
5 ,108
3 ,397
771
175
3 ,5 0 0
4,242
800
890
2,761
23,971
161
24,245
2,8 5 0
36,279
424
621
80
2,800
580
4 9,768
720

T o t a l, 33 tow ns

15,323 7,07 8,5 73 35,097 251,025
♦Last y ea r’s figures are fo r L ou isville, K y .

21 1912.
S tock s
June

S h ip m e n ls .
W eek .

S ea son .

21.

25,011
194,412
144,475
69,894
211 ,23 0
32,711
183,818
277,693
542,269
83,640
70,304
67
67,181
100 142,450
151
37,612
4
44,476
95,091
403
103,876
8
19,882
32
38,136
29,8 98
3 ,610 648,266
116
23,116
2,656 268,863
42
7,838
185
16,941
5 ,513 952,212
30
7,252
28
17,611
54,773
97,662
50,604
2 ,2 6 i 3 ,0 0 8 ,5 2 4
—
167,016

14
1,478
3,811
378
51C
331
555
105
619 10,498
44C
27
5,3 8 4
1.00C
4 ,8 1 6
1,107
3 ,962 31,8 37
2,2 7 3
325
2,0 6 5
1,271
45C
3,8 0 0
300
500
150
34
151
900
200
4,6 4 2
917
282
851
255
67
100
3,9 3 2 15,175
50
150
3,311 15,054
90
52
1,874
272
6,2 9 7 23,5 77
52
302
446
95

16,973 7 ,7 3 4 ,7 9 7

29,697 164,619

6
185
111
48
167
8
11C
431
671
30

5,0 1 8
—

32,1 64
....

O VER LAN D
M O V E M E N T
FOR TH E W E E K
A N D
S I N C E S E P T . 1 .— W e g iv e b e lo w a s t a t e m e n t s h o w in g th e
o v e r 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
rid a y n ig h t .
T h e r e s u lts fo r th e
la s t tw o y e a r s a r e a s fo llo w s :

------ 1911-12-------

------ 1912-13-------

J n 20
ue
Slip e —
hp
ip ed

Sc
in e
S t. 1.
ep

W .
eek

Sc
in e

533,318
227,242
21,345
86,301
128,028
141,036
384,810

S t. 1.
ep
3,932
635,738
a 1,442 a239,490
8,408
1,202
106,712
1,165
125,537
120
189,459
1,038 440,864

7,940 1.522,080

8,899 1,815,208

529
486
1,772

141,436
124,416
97,739

271
248
2,492

192,770
101,412
72,822

2,787

363,591

3,011

367,004

4,117

211

242
750
740
693
1,187

D u tS ip en —
ed c h m ts

Overland to N. Y ., Boston, &c._
Between interior towns_________

W .
eek

5,153 1,158,489
^Including movement by rail to Canada,

5,888 1.448,204

aRevised.

T h e fo r e g o in g s h o w s th e w e e k ’s n e t o v e r la n d m o v e m e n t h a s
b e e n 5 , 1 5 3 b a l e s , a g a i n s t 5 , 8 8 8 b a le s f o r t h e w e e k l a 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 te th e a g g r e g a te n e t o v e r la n d
e x h ib its a d e c r e a se fr o m a y e a r a g o o f 2 8 9 ,7 1 5 b a le s .

In S h a d S in ers’
ig t n p n
Tk g
a in s.

-------- 1912-13--------

W .
eek

Sc
in e
S t. l.
ep

-1911-12-

Sc
in e

9,381,341
1,158,489
2,382,000

S t. 1.
ep
19,441 11,378,133
5,888 1,448,204
56,000 2,180,000

Total marketed........................... 94,417 12,921,830
153,989
Interior stocks in excess________ *19,774

81,329 15,006,337
*12,724
64,182

r' Came into sight during week.. 74,643 ________
^ Total In sight Juno 20_______________ 13,075,819
North’s spinn’s takings to June 20 14,228 2,342,855

68,605 ________
------- 15,070,519
19,793 2,469,115

Receipts at ports to Juno 20_____ 30,264
Netjoverland to Juno 20............
5,153
Southern consumption to Juno 20 59,000

W .
eek

* Decrease during week.
M o v o m e n t i n t o s i g h t in p r e v i o u s y e a r s .

W —
eek

B a le s . I
S c S . 1—
in e ep
1911— June 23.........................50,68911910-11— June 23
1910— June 24______________ 54,064 1909-10— June 24
1909— June 25______________ 75,427 1908-09—Juno 25

B le
a s.

11,466,055
10,092,019
13,156,326

N E W
O R L E A N S O P T IO N
M A R K E T . — T h e h ig h e st,
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 o 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 :

S t'd y, M d y. T esd y. W ’d y T u 'y, F a
a a
ed a h rsd
on a u a
rid y.
J n 14. J n 16. J n 17. J n 18. J n 19. J n 20.
ue
ue
ue
ue
ue
ue
J n —•
ue

Range ........... — © — — < — — © — — © — — © — — © —
Closing______ 12.21 — 12.48 — 12.40 — 12.28 — 12.36 — 12.44 —

J ly—
u

Range ______ 12.19-.33 12.28-.46 12.30-.50 12.3l-.42 12.24 .37 12.35-.56
Closing______ 12.19-.20 12.4b-.50 12.40-.41 12.30-.32 12.36-.38 12.48-. 49

A g st—
uu

Itango __
ll.87-.99 12.01-.00
Closing______ 11.87-.88 12.25-.26
R a n g e ........... — © — 11.69 —
Closing______ ll.45-.47 11.81-.83
Oto e —
c br
Range ______ 11.35-.50 tl.44-.72
Closing______ 11.35-.36 11.71 —
D b —
ecemer
Range ______ 11.35-.50 11.46-.72
Closing___
lt.35-.36 ll.71-.72
Jna —
a u ry
Range ______ ll.38-.46 11.48-.72
Closing______ 11.37-.38 ll.73-.74
M rch
a —
Range ______ 11.54-.00 11.59-.76
Closing______ 11.45-.47 ll.82-.84
Tn—
oe
Firm.
Spot________ Steady.
Options_____ Steady. Steady.

S te b r
ep me —




12.10-.29 12.12-.17 12.02-.lt 12.20-.29
12.21-.22 12.10-.13 12.13-.15 12.18-.20
— © — 11.72 — — © — — © —
ll.76-.78 11.70-.72 11.71-.73 ll.8 l-.8 3
11.57-.78 ll.58-.69 11.51— 11.55-.77
.60
11.67-.68 11.58-.59 11.59-.60 11.68-.69
11.57-. 80 11.59-.69 11.52-.61 11.56-. 76
ll.68-.69 11.59-.60 11.60-.61 11.68-.69
11.63-.78 ll.60-.72 ll.54-.62 11.63.78
ll.69-.70 ll.60-.61 11.61-.62 11.71-.72
11.70-.87 ll.71-.76 ll.66-.70 11.72-.88
11.78-.79 11.69-.70 ll.70-.71 11.79-.80
Steady.
Quiet.
Quiet.
Steady.
Very sty. Steady. Steady. Stoady.

[Vol. X V
CI

W E A T H E R R E P O R T S B Y T E L E G R A P H .— Advices to
us by telegraph from the South this evening indicate that
where rain has fallen during the week, the precipitation has
been light as a rule, and over a considerable section dry
weather has prevailed. Temperature has been favorable on
the wholo. Crop reports continue quite favorable in the
main but moisture is claimed to be needed in somo sections.
Pests are reported in districts of Texas, but no oxtonsive
damage is apprehended.
G alveston, T ex . — Cool and cloudy weathor has been quite
general throughout the week and light to good rains occurred
in all sections. Pests are reported, but no extensive damage
is feared from this source. Rain has fallen on one day of the
week, the precipitation reaching ninety-four hundredths of
an inch. Average thermometer 82, highest 91, lowest 72.
A b ile n e , T ex. — It has rained on two days during the week,
the rainfall having reached seventy-eight hundredths of an
inch. Minimum thermometer 68.
B ren h a m , T ex . — There has been rain on one day the past
week, the rainfall reaching six hundredths of an inch. The
thermometer has averaged 76, ranging from 64 to 88.
C u ero, T ex . — Rain has fallen on four days during the week,
the precipitation reaching one inch. The thermometer has
ranged from 62 to 94, averaging 78.
D a lla s, T ex . — It has rained on one day of the week, the
rainfall being sixty-two hundredths of an inch. Average
thermometer 75, highest 94 and lowest 56.
H en rietta , T ex . — There has been rain on two days during
the week, the precipitation being twenty-eight hundredths
of an inch. The thermometer has averaged 77, the highest
being 92 and the lowest 62.
H u n tsv ille, T e x . — W e have had light rain on one day of the
week, the rainfall reaching sixteen hundredths of an inch.
The thermometer has averagod 74, ranging from 60 to 88.
K e r r v ille , T ex . — W e have had heavy rain on threo days
during the week, the rainfall boing three inches and fortyfour hundredths. Tho thermometer has ranged from 62
to 88, averaging 75.
L a m p a sa s, T ex. — It has rained on two days of tho weok,
the precipitation reaching one inch and eight hundredths.
Average thermometer 69, highest 92 and lowest 46.
L on g view , T ex . — It has rained on two days of the week,
the precipitation reaching ono inch and twelve hundredths.
Average thermometer 77, highest 96 and lowest 58.
L u tin g , T ex. — Rain has fallen on four days of tho week,
the precipitation reaching eighty hundredths of an inch.
Average thermometer 79, highest 92, lowest 66.
N a cog d och es, T ex . — It has rained on ono day during the
week, the rainfall having reached fourteen hundredths of an
inch. The thermometer has averaged 73, the highest being
92 and the lowest 54.
P a lestin e, T ex . — There has been rain on two days of the
week, the rainfall reaching four hundredths of an inch. The
thermometer has averaged 74, ranging from 58 to 90.
P a ris, T ex. — W e have had rain on one day during tho week,
the precipitation reaching six hundredths of an inch. The
thermometer has ranged from 56 to 94, averaging 75.
San A n to n io , T ex. — W e have had rain on four days tho
past week, the rainfall being sixty-one hundredths of an inch.
Average thermometer 79, highest 92, lowest 66.
T a ylor, T ex . — It has rained on two days during tho weok,
the rainfall having reached twenty-four hundredths of an
inch. Minimum thermometer 60.
W ea th erfo rd , T ex . — Thero has been rain on three days dur­
ing the week, tho rainfall reaching ono inch and sixty-two
hundredths. Tho thermometer has averaged 79, ranging
from 64 to 94.
A r d m o r e , O kla. — W e have had rain on two days during the
week, the precipitation reaching sixteen hundredths of an
inch. The thermometer has ranged from 59 to 95, aver­
aging 77.
.
.
t
.
H old en v ille, O kla. — It has rained on ono day during tho
weok, the rainfall being two hundredths of an inch. Aver­
age thermometer 76, highest 93, lowest 60.
M a r lo w , O kla. — There has been rain on ono day during
the weok, tho precipitation being fifteon hundredths of an
inch. The thermometer has averaged 80, tho highest boing
99 and the lowest 60.
E ldora do, A r k . — There has been no rain the past weok.
The thermometer has averaged 75, ranging from 54 to 97.
H ele n a , A r k . — Crops are needing moisture.
W o havo had
no rain during the week. Tho thermomoter has ranged from
57 to 96, averaging 77.
,
L ittle R ock, A r k . — W e have had no rain the past week.
Average thermometer 77, highest 95, lowest 60.
A le x a n d r ia , L a . — It has been dry all the week.
Tho ther­
momoter has averaged 76, tho highest boing 97 and the lowest
56.
.
N ew O rlean s, L a . — There has been rain on one day during
the week, the rainfall being twenty hundredths of an inch.
Tho thermometer has averaged 82, ranging from 67 to 97.
Shreveport, L a . — Rain has fallen to an inappreciable ex­
tent during the week. Tho thermomoter has ranged from
60 to 94, averaging 77.
_
C olu m bu s, M i s s . — W e have had no rain during the week.
Average thermometer 80, highost 104, lowest 55.
M e r id ia n , M i s s . — It has been dry all tho weok.
The ther­
mometer has averaged 76, the highest boing 96 and the
lowest 56.

THE

J u n e 21 1913.]

V ic k s b u r g , M i s s . — There has been no rain during the week.
The thermometer has averaged 80, ranging from 63 to 97.
M o b i l e , A l a . — Weather favorable.
Local showers of much
benefit. W e have had rain on two days during the week, the
precipitation reaching ten hundredths of an inch. The ther­
mometer has ranged from 59 to 100, averaging 78.
M o n t g o m e r y , A l a . — W e have had rain on two days of the
week, the precipitation reaching four hundredths of an inch.
The thermometer has averaged 80, the highest being 98
and the lowest 57.
S e l m a , A l a . — Rainfall for the week twenty-five hundredths
of an inch, on two days. The thermometer has averaged
77.5, ranging from 58 to 96.
A u g u s t a , G a . — W e have had no rain during the week.
The thermometer has ranged from 58 to 98, averaging 78.
S a v a n n a h , G a . — It has rained on one day during the week,
the rainfall being two hundredths of an inch. Average ther­
mometer 80, highest 98 and lowest 55.
W a s h i n g t o n , G a . — Dry all the week.
The thermometer
has averaged 76, highest being 93 and lowest 59.
C h a r le s t o n , S . C . — There has been rain on one day during
the week, to the extent of seventy-seven hundredths of an
inch. The thermometer has ranged from 55 to 95, averag­
ing 75.
G r e e n v ille , S . C . — It has rained on one day of the week,
the rainfall reaching eleven hundredths of an inch. Aver­
age thermometer 76, highest 97, lowest 56.
S p a r t a n b u r g , S . C . — W e have had rain on ono day during
the week, the rainfall being thirty-seven hundredths of an
inch. The thermometer has averaged 76, the highest being
99 and tho lowest 53.
G a i n e s v i l l e , F l a . — There has been rain on one day during
the week, the rainfall reaching ten hundredths of an inch.
Tho thermometer has ranged from 60 to 98, averaging 79.
M a d i s o n , F l a . — It has rained on ono day of tho week, the
rainfall being one inch and sixty hundredths. Average ther­
mometer 81, highest 96 and lowest 57.
T a lla h a s s e e , F l a . — W e have had rain on one day during the
week, the precipitation being one inch and forty hundredths.
The thermometer has averaged 81, highest 99, lowest 64.
D y e r s b u r g , T e n n . — There has been no rain during the week.
The thermometer has ranged from 60 to 99, averaging 80.
M e m p h i s , T e n n .— W o have had no rain the past week.
Average thermometer 80, highest 96 and lowest 63.
N a s h v i l l e , T e n n . — W e have had rain on one day of the past
week, tho rainfall reaching twenty hundredths of an inch.
Tho thermometer has averaged 81, the highest being 98 and
the lowest 63.
C h a r lo tte, N . C . — Rain has fallen on one day of the week,
the rainfall being five hundredths of an inch. Tho thermomoter has averaged 78, ranging from 62 to 92.
G r e e n s b o r o , N . C . — There has been rain on one day during
the week, to the extent of seventeen hundredths of an inch.
Tho thermometer has ranged from 57 to 91, averaging 74.
R a le ig h , N . C . — Rain has fallen on one day during the week,
to tho extent of thirty-eight hundredths of an inch. Aver­
age thermometer 80, highest 96, lowest 64.

W O R L D ’S S U P P L Y A N D T A K IN G S OF C O T T O N —
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the week and
since Sept. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for tho like period:
C otton Takings.
Week and Season.

1912-13.

W .
eek

1911-12.

S so .
ea n

W .
eek

S so .
ea n

Visiblo supply Juno 13________ 3,803,962 ________ 3,732,118
2,135,485 ----------- 1,603,418
Visible supply Sept. 1________
68,605 15,070,519
74“,643 13,075,819
American in sight to Juno 2 0 ..
23,000 2,186,000
39.000 2,543,000
Bombay receipts to Juno 19_
_
406.000
37,000
244.000
11.000
Other India ship’ts to Juno 19.
966,100
993,500
400
Aloxandria receipts to June 18500
219.000
294.000
2,000
Other supply to Juno 18*_____
6,000
Total su pp ly................ ......... 3,935,105 19,447,804 3,863,123 20,289,337
D u—
ed ct
Visible supply June 20________ 3,649,529 3,649.529 3,543,695 3,543,695
Total takings to Juno 20a_____ 285,576 15,798,275 319,428 16,745,642
Of which American_________
206.076 12,240,775 238,028 13,446,242
Of which o t h e r ------------------79,500 3,557,500
81,400 3,299,400
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
aThis total embraces tho total estimated consumption by Southern mills,
2,382,000 bales in 1912-13 and 2,180,000 bales in 1911-12— takings not
being available— and tho aggregate amounts taken by Northern and foreign
spinners, 13,416,275 bales in 1912-13 and 14,565,642 bales in 1911-12, of
which 9,858,775 bales and 11,266,242 bales American.

A L E X A N D R I A R E C E IP T S A N D S H IP M E N T S .

A n ria E yp
lexa d , g t,
J n 18.
ue
R eip (cantars)—
ec ts

This week______
Since Sept. 1_________

E p rts (bales)—
xo
To
To
To
To

Liverpool___________
Manchester______
Continent and India.
America____________

1912-13.
5,000
__ 7,450,997

1911-12.

1910-11.

6,500
7,248,123

HUBBARD BROS. & CO.,
STEPHEN M . WELD & CO.
WELD & NEVILLE,
GEO. II. M cFADDEN & BRO.
D ICK BROTHERS & CO.,
RENSKORF, LYON & CO.,
HENRY HENTZ & Co.,
HOPKINS, DW IGHT & CO..
ROBERT MOORE & CO.,
LEHMAN BROS.,
J. S. BACIIE & CO.,
GW ATUM EY & CO.,
EUGEN C. ANDRES CO.,
W OODWARD & STILLM AN,
W ILLIAM RAY & CO.,
GEO. M . SHUTT & CO.,

800 194,288
6.500 222,879
2.500 350,240
2,500409,038

1,250 208,813
214,497
5~500 384,312
1,000 118,244

Total exports________ 7,500 889,132 12,300876,445 7,750 925,866
cantar is 99 lbs. Egyptian bales weigh about 750 lbs.

The statement shows that the receipts for the week were
5,000 cantars and tho foreign shipments 7,500 bales.

HENRY CLEWS & CO.,
H ERKLOTZ, CORN & CO.,
BROWNING & CO.,
T. B. LYN D & CO.,
H. & B. BEER,
HAYW ARD & CLARK,
MORRIS H. ROTHSCHILD & CO.,
VAN LEER & CO.,
R. II. HOOPER & CO.,
HOOPER, BAZETT & CO..
REYNOLDS & GIBSON,
THOMPSON, TOWLE & CO.,
GIBERT & CLAY,
W. R. CRAIG & CO.,
HAYDEN, STONE & CO.

Also the cards of a number of the leading dry goods corn­
mission merchants and mill selling agents in the country.
Those represented are—
W OODWARD, BALDW IN & CO.,
FLEITM AN & CO.,
GRINNELL, WILLIS & CO.,
CATLIN & CO.,
L. F. DOM M ERICH & CO.,
J E. STEVENS & CO.,
SCHEFER. SCHRAMM & VOGEL,
II. A. CAESAR & CO.,

BLISS, FABYAN & CO.,
LAWRENCE & CO.,
W ILLIAM ISELIN & CO.,
JAMES TALCOTT,
J. SPENCER TURNER CO.,
W ELLINGTON, SEARS & CO.,
IN TERN ATION AL COTTON
M ILLS.

C O T T O N C O N S U M P T IO N A N D O V E R L A N D M O V E ­
M E N T TO J U N E 1.— Below we present a synopsis of the
crop movement for the month of M a y and the nine months
ended M a y 31 for three years:
1912-13.
Gross overland for M ay------------ --------. .
Gross overland for 9 months------- ---------Net overland for M ay................ ........... ..
Net overland for 9 months.....................
Port receipts in M ay..................................
Port receipts in 9 months______________
Exports in M ay.......................... ...............
Exports in 9 months___________________
Port stocks on May 31...................... .......
Northern spinners’ takings to June 1___
Southern consumption to June 1________ !
Overland to Canada for 9 months (in-,
eluded in net overland)_____________
Burnt North and South in 9 months___ |
Stock at North, interior markets June 1.
Came in sight during M ay-------------------Amount of crop in sight June 1------------ 12
Came in sight balance of season________
Total crop-------------------------------------------Average g o weight of bales__________
r ss
Average n t weight of bales____________
e

1911-12.

88,537
,494,775
63,829
,140,809
260,208
,279,054
487,861
,118,762
356,403
,299,037
,213.000

1910-11.

104,696
1,779,605
70,478
1,419,971
203,495
11,306,780
365,534
10,093,079
446.844
2.414,429
2,012,000

56,388
1.269,770
40,047
1,002,077
246,501
8,284,250
297,114
7,185,549
334,215
2,018,589
1,844,000

125.018
135,417
127,926
22
143
7.777
20,000
24,905
15,200
343,548
447,027
429,907
,857,853 14,841,685 11,282,177
850,155
1,201,631
16,043,316 12,132,332
516.42
510.48
513.84
491.42
488.84
485.48

IN D I A C O T T O N M O V E M E N T F R O M A L L P O R T S.—
The receipt's o f cotton from Bombay and the shipments from
all India ports for the week and for the season from Sept.il
for three years have been as follows:
1911-12.

1912-13.

J n 19.
ue
Rc ip a—
e e ts t

1910-11.

1 Sc
ine
Sc
ine
1 Sc
ine
e k e t.
We . Sp 1. We . | Sp 1. We . | Sp 1.
e k e t.
e k e t.

Bombay------------ ------------ 39,000 2,543,000 23,000 2,186,000 40,000i2,326,000

S c Sp me 1.
ine e te br
Frth We .
o e ek
Ge t Cn
ra
aa
o ti­ J p n
Ge t |Cn J p n
r a 1 o tl- a a
Bita . nn A h a Tta Bita . nn < C in . Tta
r in e t. C in o l. r in e t. fc h a o l.

Ep r
x o ts
fr m
o—
Bombay—
1912-13..
1911-12..
1910-11..
Caicutta—
1912-13..
1911-12..
1910-11..
Madras—
1912-13..
1911-12..
1910-11..
All others—
1912-13..
1911-12..
1910-11..

16 '166 8.000
6
5,000 5 0 10 0
,0 0 0 0
,0 0 31,000 2 ,0 0
5 11,0 0 15,000|
",666
15,000!
0
4,0 0 10,000 1,0 0 15,000j 43,000
0;
0

Total all—
1912-13..
1911-12..
1910-11..

5 0 17,000
,0 0
5 0 13,000
,0 0

38,000 370,000 832,000 1,240,000
10,000 305,000 784,0001,099,000
57,000 839,000 548,0004,444,000

1,000 8,000' 47,000 56,000
1 3,000 1,000 4,000
i",66o 3,000! 3 ,0 0 39,000
50
1,000
3,000

3,000
2.000;
3,000;

1,0 0
0:

1,000
....

i,ooo| 14,000 52,000 67,000
19,000 41,000
7,100 36,100

23,000
20,000
33,000

32,000
15,000;
19,000

58,000
37,000
55,000

2,000
3.000

1,000

3'66 o 6,000

___
___

19,000
3,000
18,000

1,000
300

21,000
7,000
26,300
’ I.W*
327,000

196,000
139,000I
234,000

111,0 0
0

0 ,0 0
46,000 2 0 0
13,000 290,000

63.000 608,000 975,0004,646,000
30.000 467.000 846,0001,343,000
111,0001,124,000 580,3001,815,300

M A N C H E S T E R M A R K E T .— Our report received by
cable to-night from Manchester states that the market>is
steady for yarns and quiet for shirtings. The demandjfor
India is poor. W e give the prices for to-day below and leave
those for previous weeks of this and last year for comparison.

4,500
7,556,509

N e.— A
o




C O T T O N A C R E A G E R E P O R T .— In our editorial col­
umns will be found to-day our annual Cotton Acreage Re­
port, with an account at length of the condition of the plant
in each section of the South. The report has been prepared
in circular form, and the circulars may be had in quantities
with business card printed thereon.
Special business cards of the following representative
cotton commission and brokerage houses of New York and
other cities will be found in the advertising columns of this
issue of the “ Chronicle.”

I

1913.

C
ofn
in s, c m o M
g o mn id:
tofin st. U l’s
e
p

8 Hlb. S ir
s h t­

Cp
o
T ist.
w

h S e
in
in e
h
T is S c T is I ep c T is S c
h
in e
eek
eek ep
W . S t. 1. W .'S t. 1. W . S t. 1.
eek ep
192,108
4',666 200,432
3,500 377,476
119,116

1781

CHRONICLE

32s

d.

d.
M *y
2
9
16
23
30

June
6
13
20

9 1 5 -1 6 ®
®
10
10
@
10
@
10
@
10
10

10 Mi

@
@
@

10K
10H
10K
10M
10K

a d.
.
6
6
6
6

•

10H 6
10K 6
10% 6

2
2
2

2
2

s. d.
@ 11
@ 11
@ 11
@ 11
@ 11

4H
4H
4H
4
4K

H

2 @ 11 4 X
2 @ 11 4H
2Min 11 5

d.

1912.

d.

h lb. S ir C
i s h t- ofn
in s c m o M .
g, o mn id
p
t fin st. U rs
o e
a d.
.
a. d. d.
8

s Cp
o
T ist.
w

32

d.

6
6
6
6
6

6.72 9 K
6.6 8 9H
6.7 2 9 11-1 6®
6.79 9 H
@
6.61 9 %
©

(
d

10M
10H
10*4
10 M
10 H

3
3
3
3
3

6.37
6.53
6.47
6.36
6.36

6.6 7 9M
6.7 7 9H
6.79 9 K

@
@

I0 K 6 1 K @ H 3
10 H 0 2 @ 1 1 3
1054 6 . 1 K @ 1 1 2

6.45
6.63
6.63

1 @ 11
11
IK @ 11
1K @ 11
1K @ 11

THE

1782
S H IP P IN G N E W S .— Shipments in detail:

CHRONICLE

T ta b le
o l a s.

NEW Y O R K — T o Liverpool— June 18— Adriatic, 1,814...............
1,814
To Manchester— Juno 13— Archimedes, 345__________________
345
To Havre— Juno 18—-Maylands, 2,357 upland, 50 Sea Island.. 2,407
T o Bremen— Juno 18— Berlin, 213________________________ ___
213
T o Hamburg— Juno 16— Pennsylvania, 250 upland, 65 foreign.
315
T o Llbau— June 14— Kursk, 100_____________________________
100
T o Genoa— Juno 12— Lazio, 1,460
June 13— Perugia, 1,670
_ June 18— Princlpo dl Piemonte, 2,724__________________ 5,854
_
300
T o Naples— June 13— San Gugllelmo, 300_____
T o Venice— June 13— Martha Washington, 1,000____________ 1,000
T o Trieste— June 13— Martha Washington, 500_______________
500
To Japan— June 13— Ambria, 300____________________________
300
GALVESTON— To Bremen— June 13— Chemnitz, 3,846__________ 3,846
.N E W ORLEANS— To Havre— Juno 18— Oxonian, 643.....................
643
1
T o Dunkirk— Juno 18— Oxonian, 300________________________
300
T o Hamburg— June 19— Ethelwolf, 562______________________
562
T o Antwerp— June 17— Bjornstjerne Bjornsen, 212__________
212
T o Barcelona— Juno 18— Miguel M . Pinlllos, 1,350__________ 1,350
T o Venice— Juno 14— Gerty, 300_____________________________
300
To Trieste— June 14— Gerty, 132____________________________
132
To Mexico— June 18— City of Tampico, 1,449________________ 1,449
MOBILE— To Bremen— June 14— Nordfarer, 3,391_______________3,391
BRUNSWICK— To Bremen— June 14— Gresham, 2,350...................2,350
BOSTON— T o Liverpool— Juno 12— Sachem, 363____ ____________
363
BALTIM ORE— To Liverpool— June 13— Vedamore, 925__________
925
T o Bremen— Juno 18— Breslau, 3,083------------------------------------- 3,083
PHILADELPHIA— T o Manchester— June 16— Manchester Mer­
chant, 1,334________ ________ _________________ ______ _____ 1.334
To Genoa— June 12— Ancona, 100____________________________
100
SAN FRANCISCO— T o Japan— Juno 12— Siberia, 691____________
691
.34,179

T ota l.

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:

th u p
lex.,
Ge t F ch Gr — O .E ro e— A
r a ren
ea a . o l.
a y. orth o th
B in p rts, m n N . S u . etc. ,J p n T ta
rita . o

_
New York_ . . 2,159
Galveston_
_
Now Orleans.
M obile______
Brunswick_
_
B oston______ . .
363
B altim ore__ . .
925
Philadelphia . . . 1.334
San Francisco . . -----T o ta l_____ . . 4,781

2,407

943

100

300

—

3,350 13,760

1,782 1,449
____
_
_
____
_
_

_
_
_
_
_
_
---i

___
—

3,083
—

7,654

212
___
___

528
3,846
562
3,391
2,350

100
—

_
_
---

_
_
691

13,148
3,846
4,948
3,391
2,350
363
4,008
1,434
691

9,536 1,449

991

34,179

312

The exports to Japan since Sept, 1 have been 358,209 bales
from Pacific ports, 300 bales from Savannah and 12,200
bales from New York.
L IV E R P O O L .— Sales, stocks, & c., for past week:

J n 6.
ue

A y 30.
la
Sales of the week___________
53,000
Of which speculators took. .
2,000
Of which exporters took_
_
45,000
Sales, American____________
16,000
Actual export_______________
73,000
Forwarded__________________
Total stock— Estimated_____ 1,119,000
928,000
80,000
Total imports of the week_
_
64,000
Of which American_______
106,000
Of which American...
77,000

58,000
4,000
1,000
47,000
3,000
72,000
1,068,000
883,000
31,000
21,000
115,000
92,000

J n 13.
ue

63,000
6,000
2,000
54,000
8,000
68,000
1,020,000
840,000
27,000
19,000
132,000
101,000

J n 20.
ae

48.000
2,000
1,000
40.000
6,000
67.000
1,009,000
826,000
61.000
50.000
92.000
57,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Sa tu rd a y .

M onday.

T u e sd a y.

{ M o d e ra te
1 d em a n d .

G ood
d em a n d .

F air
business
d oin g .

Sp o t.

M a r k e t,
12:15
P .M .

f

W e d n e s d a y . 'T h u r s d a y .

F air
business
d oin g .

G ood
d em a n d .

F r id a y .

Q u iet.

M i d .U p l’ds

6 .73

6 .75

6 .8 0

6.81

0 .77

6 .79

S a l e s _____
S p e c & ex p.

7 ,0 0 0
500

10,000
500

8,0 0 0
1,000

8,0 0 0
1,000

10,000
1,000

7 ,0 0 0
300

Q u iet,
Fu tu re s.
Q uiet,
M a rk e t
1 2 @ 2 % pts. 1 @ 1 % pts.
op en ed /
d eclin e.
advance.
M a rk e t,

f

4
P. M .

1

S tea d y ,
3 @ 4 pts.
advance.

Q uiet,
2 % @ 3 pts.
a d v a n ce.

Q uiet,
3 @ 4 pts.
declin e.

S tea d y
3 @ 4 pts.
a d v a n ce.

Q uiet,
Q u iet,
F irm ,
Q uiet,
S tea d y
R a rely s t’ y ,
1% @ 2 pts. -1 @ 5 % pts. % p t. d ec. 2 % @ 3 pts. 3 % @ 5 pts. 5 @ 5 % pts.
d eclin e.
a d v a n ce. to 1 p t .a d v . a d v a n ce.
d eclin e.
a d v a n ce.

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

T ep
h rices a e g e inp ce a d IQ lh. T u 6 53 m n 6 53-100d.
r iv n en n Q s h s:
ea s
S t. 1 M
a
on.
T es.
u
W .
ed
June 14
Tu
h rs.
F
ri.
to
X

J u n o ___
Juno-July
July-Aug
Aug.-SepSept.-Oct.
Oct.-Nov.
Nov.-Dee.
Dec.-.Ian.
Jan .-F eb.
Feb.-Mar.
Mar .-Apr.
Apr.-JVIay
May-June

d
.

6
6
6
___ 6
6
_
_ 6
6
6
_
_ 6
6
6
___ 6
— 6

X C V I.

ported in Nebraska and Illinois, where the harvesting will
begin next week, though this report was questioned. Shorts
covered freely, however. The strength of corn and oats has
not been without its effect on wheat. The exports of wheat
and flour have been rather liberal. On days when the trad­
ing in oats and corn was particularly animated, the excite­
ment was communicated to wheat. Also, there has at times
been quite a good export trade in wheat. Last M onday the
export sales, it was said, amounted to 800,000 bushels,
chiefly N o . 1 Northern to arrive. Also, considerable business
for Europe has been reported at Kansas City. On Thurs­
day the cash business at Chicago was some 250,000 bushels
to Eastern millers and exporters. June on that day was
1 cent over July in Chicago. M uch of the export business
was in hard winter wheat. The cash situation at Chicago
is becoming more stringent, as is indicated by the increasing
premium on June wheat over July. Some rain was reported
late in the week in the Dakotas and Minnesota and also
in the Canadian Northwest. But it is contended that fur­
ther rains are much needed. On the other hand, new wheat
has begun to move in the Southwest. St. Louis received
its first car on Wednesday from Southeastern Missouri.
Harvesting is pushing northward. M an y contend that
there
has
been
no
serious
damage
to
the
crop
anywhere. July has been somewhat depressed of late, owing
to persistent liquidation. On Thursday came quite a sharp
set-back on the reports of rain at the Northwest. September
dropped from 92 }4 to 90 15-16 and December from 95 / s to
l
94. Crop advices from France are favorable and supplies
of native wheat there are larger. In the main the crop out­
look in Germany is good and there are very fair supplies
now of native wheat. In Southern Russia the crop pros­
pects are cheerful. The Australian outlook is bright; the
coming acreage is expected to be larger. In Italy an average
crop is expected. The weather in the United Kingdom has
been, in the main, favorablo. In Roumania and Hungary
the prospects aro reassuring. In this country it is largely a
weathor market. The world’s shipments last week fell off,
it is of interest to add, to 13,184,000 bushels, against 15,­
152,000 in the previous week and 14,768,000 bushels in the
same week last year. To-day prices advanced and then
reacted, owing to rains at the Northwest. The Nebraska
crop, too, was estimated at 70,000,000 bushels. Crop re­
ports from the spring-wheat belt were generally favorable.
Chicago, Omaha and Duluth, however, reported large sales
of hard wheat to Eastern millers and exporters, amounting
to some 900,000 bushels. The first car-load of new wheat
has reached Chicago and graded N o . 2 hard.
DAILY CLOSING PRICES OF W HEAT FUTURES IN NP.VV YORK.
l.
S l AIon “ u “ ed T u F '
a " . T es. W . h rs. “ ri.
110
112
112
110
110
l1
No. 2 red___________________ c t s . l 1l 1
100
99
98%
101% 99% 100
July delivery in elevator_________ 100
98% 99
98% 98
98% 100
Sept, delivery In elevator________ 98% 100
D A IL Y CLOSING PRICES OF W HEAT FUTURES IN CHICAGO.
ill

u
ed h rs. Fri.
S t. M
a
on. T es. W . T u

July delivery in elevator-------- cts. 92%
92%
September delivery in elevator___ 92 %
92%
December delivery in elevator___ 94%
94%

93%
93%
96%

91%
91%
94%

91%
92%
95%

90%
91
94%

90%
90%
93%

Oats have advanced sharply, reaching new high levels.
Stop orders have been caught on the short side. The trad­
ing has been active and excited. Back of all this wero un­
favorable crop reports. Some of them have been sensa­
tional. H ot, dry weather has given rise to such reports.
Adverse crop advices have come from most of the leading
States. The oats belt needs rain and lower temperatures for
a time. Doubtless the reports of damago are, as usual,
exaggerated, but large operators at the W est aro acting on
them. A rise of 4 cents took place. Commission houses
havo been good buyers. Covering has beenactivo. The
stock at Chicago, on the other hand, increased last week
800,000 bushels. The cash demand has been only fair.
Heavy selling to securo profits has at times been a feature.
To-day prices broke early but rallied later. The tendency is
rather to overdo the bull side of oats and corn.

to
S!

to
4 12% 4 12% 4 12% 4 12% 4
June 20. 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.

[Vol.

d
.

53%
47%
45%
36
23%
16%
12%
11%
11%
12%
13%
14%
15%

D A ILY CLOSING PRICES OF OATS IN NEW YORK.

d
.

Standards.cts_46©46H 46% @ 47 47@47% 47@47% 47@47% 47@47%
No. 2 w h ite..
47
47%
48
48
48
48
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.

55%
49%
47%
37%
25
18
14
13
13
14
15
16
17

d
.

58
52
50
40
29
22
18
17
17
18
19
20
21

d
.

60%
54%
52%
43
31 %
25
21
20
20
21
22
23
24

d
.

58
51%
50
41
29%
23
19
18
18
19
20
21
22

d
.

61
54%
53
43 %
32
25 %
22
21
21
22
23
24
24%

d
.

61
64%
53
44
32
26
22
21
21
22
23
24
25

d
.

56 %
50
48%
39%
28
22
18%
17%
17%
18%
29%
20%
21%

d
.

56
49%
48
39
28
22
18%
17 %
17%
18 %
19%
20%
21%

d
.

58%
52
50%
41%
30
23%
20
19
19
20
21
22
23

d
.

61
54%
53
44
33%
27
23%
22%
22%
23 %
24%
25%
26%

BREADSTUFFS.
Friday Night, June 20 1913.
Flour has remained quiet partly for one thing because of
the rather erratic course of the wheat market. That has
made it hard to gauge the flour situation. N ot unnaturally
under the circumstances buyers have stuck to their policy
of buying from hand to mouth. Rumors of sales of Minne­
sota patents at as low as $4.50@ $4.G 0 have been current
whether such prices would generally be accepted or not.
The production at Minneapolis, Duluth and Milwaukee last
week was 322,680 bbls.,again st320,540 on the previous week
and 274,838 last year.
W heat has advanced on dry weather in the W est and fears
of serious crop damago. Also, it has been hot at the North­
west and other parts of the wheat belt. Damage was re­




S t.
a

M
on.

T es.
u

W .
ed

Tu
h rs.

F
ri.

S t. A on. T es. W . T u F
a
t
u
ed h rs. ri.

July delivery in elevator______cts. 401s
September delivery in elevator___ 40%
December delivery in elevator___ 41%

42% 41%
42% 42
43% 43%

42%
42%
43%

42
42%
43%

41%
42
43%

Indian corn has risen very noticeably. H ot, dry weather
was tho cause. Also the advance in wheat and oats has had
some effect on corn. The speculative trading has been very
large. There are some reports of damage to tho crop from
tho high temperatures and the absence of rain. Tho fear of
damage has had its effect apart from any actual injury to
the crop. It has been particularly dry in tho Southwest.
Latterly, too, the crop movement has shown some signs of
decreasing. Shorts have covered freely. On tho other
hand, Texas of late has had some rain; also Illinois. Tho
cash demand has been light. Tho receipts early in the week
wero very large, evidently owing to rising prices. Last M on ­
day over 1,0(X) cars wero on the railroad tracks at Chicago.
The Chicago stock increased 1,950,000 bushels last weok.
Somo reports state, too, that the hot weather has really been
favorable for corn. Others insist that Missouri and tho wliolo
Southwest need rain. September has boon especially firm.
Mississippi river. Also crop
ports were generally favorable, despite tho recent dry, hot
period.

THE

J u n e 21 19 13 .]

CHRONICLE

D A IL Y CLOSING PRICES OF NO. 2 M IX E D CORN IN NEW YO R K .

S t. M
a
on. T es. W . T u F
u
ed h rs. ri.

Cash corn_______________________ nom. nom. nom. nom. nom. nom.
D A IL Y CLOSING PRICES OF CORN FUTURES IN CHICAGO.

S t. M
a
on. T es. W . T u F
u
ed h rs. ri.

July delivery in elevator______cts. 61% 62%
63%
September delivery in elevator----- 62%
December delivery in elevator.— 69% 61%

62
63
60%

62%
63%
61%

61%
62%
60%

60%
61%
59%

The following are closing quotations:
FLOUR.
Spring clears_________$4 00
Winter, low grades___ S3 10C
Kansas straights, sacks. 4 35
Winter patents________ 6 40 C
Kansas clears, sacks__ 3 75
Winter straights---------- 4 60(j
Winter clears___________4 10C
City patents__________ 6 95
Rye flour_____________ 3 65
Spring patents------------ 4 90<i
Spring straights______ 4 60@ 47 5 Graham flour___________ 400
GRAIN .
Wheat, per bushel— f. o. b.
Corn, per bushel—
N . Spring. No. I . . . .......... *1 01%
No. 2 ---------------- elevator Nominal
N. Spring, No. 2 ................ 1 00
Steamer________ elevator Nominal
Red winter, N o. 2_______ 1 10
N o. 3 --------------------c.l.f. Nominal
Hard winter. N o. 2---------10 2%
Ryo, per bushel—
Oats, per bushel, new—
cts.
N o. 2................................. 67%
Standards_____________ 47 @ 47%
State and Pennsylvania..Nominal
N o. 2, white___________
48
Barley— Malting__________58 @65
No. 3 ................................ 46% @47
For other tables usually given here, see page 1751.

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports June 14 1913 was as follows:
UNITED STATES GRAIN STOCKS.
In

A m er. Bonded
W h eat. W h eat.
bu sh .
b u sh .

T h o u sa n d s—

New Y ork............
Boston....................
Philadelphia...........
Baltimore.......... .....
New Orleans..........
Galveston...............
Buffalo..................
Toledo................ .
Detroit__________
Chicago__________
“
afloat.........
Milwaukee----------Duluth------ -------Minneapolis---------St. Louis_________
Kansas City...........
Peoria....................
Indianapolis--------Omaha........... .......
On Lakes.......... —
On canal and river..
Total June
Total Juno
Total June
Total Juno

14
7
15
17

..

566

..
151
..
301
..
514
..
246
. . 1,192
..
305
179
.. 2,297
..
95
..
31
. . 8,343
..15,518
. . 460
. . 1,066
..
2
..
98
..
336
. . . 1,120
..
76

A m er. A m er. Bonded A m er. A m er.
O ats.
O a ts.
C orn.
R y e . B a rle y .
bush.
bu sh .
bush.
bush.
bu sh .

378
63
13
20
85
11
113
184
122
83
6
583
445
909
___
65
78
___
53
27
___ 3,424 5,575
303
150
319
1,015
20
193
___
26
93
___
435
90
___
421
19
__
_
172
272
—
361
97
___
710
618
—
438
115
—
—
30
•7
11
881
947
162

1913..32,954 4,059
1913..34,053 4,992
1912..26,367 4,295
1911.-25,643 ___
CANADIAN

727
138
82

54
2

4

343

21
108
131
7

bs .
uh

45

24
3
14
23
177

9
2

8
407
140
1

88

57

2
74
—

7,312 9,230 1,124
4,397 8,456 1,257
8,172 5,186 1,532
6,036 10,153 —
GRAIN STOCKS.

___
422
506
495
22

12
23
1,092
1,259
642
839

154
225
216

C n d nBn e Cn d n Bn e C n d n Bn e
a a ia o dd a a ia o dd a a ia o dd
We t. We t. Cr . Ots Ots R B r y B r y
ha ha o n a . a .
je.
b s . b s . b s . b s . b s . b s . ale . ale ,
uh uh uh uh uh uh b s . b s .
uh uh
........1,122 ____

Montreal.............
Ft. William & Pt. Arth. 6,079
Other Canadian.. ____ 3,948
Total
Total
Total
Total

June
Juno
Juno
Juno

14 1913. .11,149
7 1913. .12,662
15 1912. .12,177
17 1911. . 5,034

Juno
Juno
Juno
Juno

5

—

1,195
4,591
4,291

5 10,077
___
5 9,746
___
3 5,698
___
118 4,597
SUMMARY.

34

551

___

34
42
___
___

551
594
39
31

___

____

___
___
___

Bn e
o dd
Bn e
o dd
Bn e
o dd
We t. We t. Cr . Ots Ots Re B r y B r y
ha ha o n a . a . y . ale . ale .
bs . bs . bs . bs . bs . bs . bs . bs .
uh uh uh uh uh uh uh uh

American
Canadian
Total
Total
Total
Total

___
....

.32,954 4,059
.11,149 —
14
7
15
17

7,312 9,230
5 10,077

1,124
—

422
34

1,092
551

154
—

1913. .44,103 4,059 7,317 19,307
1913. .47,315 4,992 4,402 18,202
1912. .38,544 4,295 8,175 10,884
1911. .30,727 —
6,154 14,750

1,124
1,257
1,532

456
548
495
22

1,643
1,853
681
870

154
225
216

T H E D R Y GOODS T R A D E .

1783

terials and styles are likely to be in best demand during the
coming fall and winter. The men’s wear trade continues
unsettled, owing to the tariff, and much speculation is going
round as to what prices will be named at the opening of
new spring lines. Current business is light and stocks are
not plentiful, as manufacturers are curtailing production
as much as possible. Both clothiers and cutters-up are being
warned by selling agents that there will be no accumulation
of stocks from which to draw for late fall requirements, and
that spot supplies will be scarce during the coming fall and
winter.
D O M E S T IC C O T T O N G O O D S .— The exports of cotton
goods from this port for the week ending June 14 were 2,429
packages, valued at $211,552, their destination being to the
points specified in the table below:
--------1!913-------

N Y rk to J n 1 —
ew o
ue 4

Great Britain____________ ____
Other Europe______________
C h in a______- ___ - ________ _ _ _
India ________________________
Arabia________________________
A frica ________________________
West Indies.......................... .......
M ex ico ___ ___________________
Central America______________ ___
South America-----------------------Other countries_______ ______

S c
in e
W . J n 1.
eek a .

267

Total.................................. .......---------- 2,429

uuu
436
31 706
8^256
16,261
13*484
19*104
1*358
7>00
26,982
Q 17A
D #o
OU,l

156,123

5.457

207,040

Tho value of these New York exports since Jan. 1 has been
$12,566,434 in 1913, against $13,670,706 in 1912.
Conditions in markets for domestic cotton goods are very
encouraging, as demand shows signs of improvement, while
the tendency of prices is upward. In fact, it is the opinion
of many that a larger business than generally believed is
being booked in both light and heavy-weights. M ail orders
aro very satisfactory in number, although there appears
to be a general tendency among many houses to confine new
business to near-by deliveries, preferring to await the out­
come of the tariff before operating ahead. Denims are in
good domand and in many instances deliveries are wanted
before they are due. Sales of sheetings have been liberal for
both domestic and export account, while there is also consid­
erable activity in bleached cottons as well as in browns and
colored goods. Tickings rule steady, with the popular
Southern makes well sold ahead. Liberal contracts for
duck have been placed and it is reported that leading mills
are well conditioned with business. As regards print cloths,
staple constructions are said not to be plentiful and prices
are well maintained. Gray goods, 3 8 3^-inch standard, are
quoted at 5j^ c.
W O O L E N G O O D S .— In markets for men’s wear and
dress goods quietness prevails, as news from Washington
regarding the tariff continues as a deterrent of new business,
and, according to reports, there is a diminishing volume of
duplicate orders fer fall delivery. It is stated that a number
of mills making dress goods are well booked with business
for some time ahead, but that these conditions are not true
in regard to mills manufacturing men’s wear.
F O R E IG N D R Y G O O D S .— Less activity lias been wit­
nessed in the market for linens during the past week, al­
though prices hold steady. The tariff agitation appears
to be checking demand to some extent for both spot and
future delivery. Liberal inquiries, however, are taken to
indicate that leading buyers have confidence in the future
and that stocks in second hands are not burdensome. Bur­
lap markets continue quiet and featureless, with values un­
changed. Light-weights are quoted at 5.50c. and heavy­
weights at 7.70c.

N ew York, Friday N ight, June 20 1913.
Business in staple dry goods, although quiet, has shown
further improvement during the past week. W arm weather
has greatly reduced stocks in the hands of rotailers and con­
sequently jobbers are in steady receipt of calls for additional
supplies of summer merchandise. Light-weight summer Importations and Warehouse Withdrawals of DryGoods
underwear and hosiory have been moved in good volume
The importations and warehouse withdrawals of dry goods
and a very fair business has been done in the bettor grades of
at this port for the week ending June 14 1913 and since
wash goods. Staplo cottons are steadily working into a
Jan. 1 .1913, and for the corresponding periods of last year,
stronger position, with buyors showing much more interest were as follows:
in futuro business. While orders for fall delivery continue Im ports E ntered fo r C onsu m ption fo r the Week and Since Jan. 1.
small, they are more numerous, and both jobbers and selling
W Ed g
eek n in
J n 14 1 9 lf
ue
agents are looking forward to a better fall business than they
S c J n 1 1913.
in e a .
Pg
k s. V lu .
a e
Pg
k s.
V lu
a e.
did a month ago. On ginghams and prints, orders for fall Manufactures „of—^
$
%
W o o l . . ........................
348
75,725
are improving and some business has been placed for delivery
3,328,010
13,747
C otton ---------------------------------- 1,737
436,349
68,314 18.970,362
as late as the last month of tho year. Brown and bleached
Silk------- -------1,295
629,833
35,212 15,323,380
goods are also in better domand. Generally speaking, tho
Flax ...............................
905
733,750
49,036 10,587,156
Miscellaneous________________ 1,065
73,532
6.281,751
67,194
situation in staplo cotton goods at the moment is very sat­
isfactory and first hands have no difficulty in maintaining
5,348
1,949.189 233,503 54,490,659
Total 1913.-------Total 1912_________________ 6,565
1,620,339 255.289 53,605,048
values. Several lines have been advanced to new levels and
W arehouse W ithdrawals T hrow n U pon the Market.
others aro being held at valuo for any distant dolivory. In
Manufactures 'Jof—
tho export division of the market moro business has como
W ool_______
294
6,199
1,552,246
C o tt o n -_____________________
581
15,619
4,531,005
forward from China and Red Sea merchants, which has served
Silk..............
306
4,510
1.893,357
to strengthen tho position of manufacturers. Tho business
F la x _________________ _____ _ .
625
13.562
2,806,625
M iscellaneou s...................
971
boing placed for China account is expected to reach a very
58,648
2,520.852
satisfactory volume beforo the end of tho month. Orders
Total withdrawals_________ 2,777
98,538 13,304,085
for Red Sea account aro quite numerous, though for small Entered for consumption________ 5,348
233,503 64,490.659
quantities, mostly for the African trado. However, with tho
Total marketed 1913----------- 8,125 2,503,483 332,041 67.794,744
war situation cleared up, a much better business is looked
Total marketed 1912------------10,177 2,063,988 380,533 67,108,196
Im ports Entered for W arehouse D uring Same Period.
forward to in the Mediterranean. India is still withholding
from the market, probably in expectation of a further cut in Manufactures of—
W ool__________________
397
108,114
10,395
2,387.404
the price of drills. In dress goods additional business for
C o tto n ________________
262,571
19,009
5,380,490
Silk___________ _____ _
172,136
460
5,049
2,012.395
fall is light and manufacturers are beginning to fear that
F la x __________________
_
163,676
17,284
3,777,291
much of the business already booked will not be accepted,
Miscellaneous............................ 1,303
88,275
2,375,656
71,558
especially should thoro be an early adjustment of tho tariff.
T o t a l ------------ --------------- 3,865
794,772 123,295 15,933,236
Reports from salesmen on tho road are not very encouraging Entered for consumption_________ 5,348 1.949.189 233,503 54,490,659
and business is reported to be spotty. Both selling agents
Total imports 1913..................9,216 2,743,961 356,798 70,423,895
and buyers seem to be very much in doubt as to what ma­
Total imports 1912................ 11,163 1.966.934 380.070 66.729.912
.11,163




THE

178 +

CHRONICLE

N e w s Ite m s .
Beacon, Dutchess County, N. Y . — Commission Form
of Government Approved. — Reports state that this city at a
recent election approved the proposition providing for a com­
mission form of government.
Cape May, Cape May County, N. J . — Election on Com­
m ission Form of Government.— Reports state that an election
will be held July 1 to vote on the question of establishing
a commission form of government.

Denver, Colo.— Application for Re-IIearing in Water Case
Denied by U . S. Supreme Court.— The U . S. Supreme Court
has denied the application recently made by the Denver
Union Water Co. for a re-hearing of their suit against the
city and county of Denver to prevent the sale of bonds for
the construction of a municipal water plant. On M a y 26
the U . S. Supreme Court handed down a decision holding that
the city is not compelled to purchase tho plant of the local
water company, nor is it obliged to renew the company’s
20-year franchise, granted in 1890. See V . 96, p. 1641.

Mississippi.— Special Session of Legislature A d jou rn s .—
The Legislature, which convened in special session on June
10, adjourned June 14, after providing for the issuance of
SI ,000,000 bonds by the Mississippi Levee Board.
New York State.— Laws Intended to Facilitate the Sale
of State Bonds Repealed.— G ov. Sulzer on June 17 signed tvvo
bills passed by the Legislature, which convened in special
session on June 16, repealing two measures approved by
him at the regular session on April 25, and which were in­
tended to facilitate the sale of State bonds. These bills
became Chapters 356 and 357 of the laws of 1913; tho former
was to exempt bonds or other obligations issued by tho State
of New York from the provisions of the Inheritance Tax haw,
while the latter amended Section 190 of the Tax Law so as
to provide that corporations paying franchise taxes which
shall own any State bonds shall have credited to them annu­
ally 1 ^ % . instead of 1 % , of the par value of all bonds bear­
ing not exceeding 3 % interest, and also shall be allowed a
credit of % of 1 % on all holdings at more than 3 % and not
exceeding 4 % . These bills were severely criticized on the
ground that they would occasion a large loss of revenue to
the State. The Governor on April 28 caused to be prepared
and introduced bills to repeal the two laws. The Senate
passed the repeal bills on April 29, but in the Assembly they
were overlooked during the closing hours.
It is stated that the Governor approved the above meas­
ures at the regular session under the impression that they af­
fected only State bonds to be issued in the future. When he
was advised that they applied to both old and new bonds,
he at once recommended their repeal.
After signing the repeal measures, the Governor issued a
statement congratulating the people of the State upon the
prompt action taken by the Legislature and also stated that
tho loss which the Treasury would suffer for Jdie short time
the laws were on the books would be less than 812,000.
Subsequent to the introduction of the repeal bills, at the
regular session, a bill was passed and signed by the Governor
on June 2, increasing from 4 % to 4
the rate of interest
on bonds hereafter issued for canal and highway improve­
ments and barge canal terminal facilities. The measure,
which is now known as Chapter 787 of tho Laws of 1913, was
given in full in tho “ Chronicle” for June 7 1913.

United States.— Dates Upon which Various States Rati­
fied Amendment Providing for Direct Election of U . S. Sena­
tors.— W e are publishing below an official list showing tho
dates upon which each of the 36 States ratified tho Seven­
teenth Amendment to the Constitution providing for the
direct election of U . S. Senators by tho people of the several
States.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

S le
ta —
D teof R tifica n
a
a
tio .
Massachusetts_____May 22 1912
M innesota________Juno 10 1912
New York________ Jan. 15 1913
A rizon a__________ Juno
3 1912
North Carolina____Jan. 25 1913
Oregon___________ Jan. 23 1913
M ichigan_________ Jan. 28 1913
C olorado_________ Feb. 13 1913
Wyoming................-Fob. 11 1913
I d a h o - .................. Jan. 31 1913
Texas . ................... -Feb.
7 1913
M ontana_________ Feb.
7 1913
Illinois.................
Feb.13 1913
M aine-.....................F eb. 20 1913
N e v a d a ................ .F eb. 19 1913
New Hampshire_ Fob. 21 1913
_
V e rm o n t................Feb. 19 1913
Oklahoma________ Feb. 24 1913

19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36

State—

D a t e o f R a tific a t io n .

North Dakota............Feb. 18 1913
Washington........... ..F e b . 7 1913
New M ex ico______ Mar. 15 1913
Tennessee------------- April 11913
Now Jersey________Mar. 18 1913
Kansas----------------- Jan. l7 1913
West Virginia--------- Fob. 4 1913
Connecticut------------April 15 1913
Arkansas.............. .*Aj)ril 14 1913
Missouri-----------------Mar. 7 1913
Pennsylvania----------April 15 1913
O h io ......................... Feb. 25 1913
Indiana ................. -M ar. 6 1913
Iow a......................... Feb. 6 1913
California................... Jan. 28 1913
Nebraska__________ Feb. 5 1913
South Dakota........... Feb. 27 1913
Wisconsin ............... M ay 9 1913

* Date of certificate.

Philadelphia, Pa.— Department of City Transit to be Estab­
lished.— Realizing its responsibility with regard to planning
future rapid transit facilities, this city recently appointed
A . Merritt Taylor as Director of a new Department of City
Transit, to bo established July 1 of this year.
i■
■
’*<&,
In M a y 1912 M r. Taylor took up the investigation, for
M ayor Blankenburg’s administration, of the city’s transpor­
tation deficiencies and its future needs with special reference
to subway and elevated extensions. He was given the widest
latitude in securing the best technical advisers in this im­
portant matter, and enlisted the services of the firm of Ford,




[ V o l . XCVI.

Bacon & Davis, consulting engineers, of New York, who have
specialized in the transit problems of the larger cities in the
United States. The resulting report is said to be a source of
satisfaction to the present administration on account of the
thoroughly scientific manner in which it has been prepared,
and on account of the practical solutions of tho problems in­
volved which are suggested. Those who are familiar with
its findings and recommendations believe that it sets a now
standard and will, when it is published, furnish an example
to other cities which are confronted by problems arising from
inadequate transportation facilities.

B o n d P r o p o s a ls a n d N e g o t ia t io n s this week
been as follows:

have

AKRON, O hio.— B O N D S A L E . — On Juno 12 tho 9 issues of publicimpt. bonds, aggregating §224,110 (V. 96, p. 1613), woro awarded to
Hayden. Miller & Co. of Cleveland, it is stated, for $224,620— making the
price 100.227.
ALBANY, L inn C ounty, Ore.— B O N D O F F E R I N G . — Proposals will bo
received until 8 p. m. July 9 by H. B. Cusick, City Treasurer, for §22,500
5% gold sewer bonds. Date Jan. 1 1913. Int. J. & J. in N. Y . Duo
Jan. 1 1928, subject to call after Jan. 1 1923. Certified chock for 2% of
bonds bid for required. Bonds to bo delivered in Albany. The legality
of this issue will be approved by Caldwell,Massllch & Reed of N. Y ., whose
favorable opinion will be furnished purchaser. Bids must bo unconditional
and upon blank forms furnished by City Treasurer or attorneys. Purchaser
to pay .accrued interest.
T h e o f f ic ia l n o tic e o f th is b o n d
m ents

e lse w h e re

in

t h is

o f f e rin g

w ill be f o u n d

am ong

th e a d v e r t is e ­

D e p artm e n t.

ALBANY TOWNSHIP (P. O. A lbany), W hiteside C ounty, 111.—
N O
A C T IO N
Y E T
T A K E N . — No action has yet been taken, tho Town
Clerk advises us, looking towards tho issuance of tho §7,000 road bonds
voted May 29 (V. 96, p. 1643).
ANDERSON SCHOOL DISTRICT NO. 17 (P. O. A nderson), A n­
derson County, So. Caro.— B O N D S A L E . — On Juno 17 tho $05,000 40year bldg, bonds (V. 96, p. 1643) were awarded to J. N. Brown of Ander­
son for $65,400 (100.615) as 5s. Other bids follow:
Citizens’ National Bank, Anderson____________________________$65,325
Farson, Son & Co., Chicago---------- --------- -----------------------------------65,015
Seasongood & Mayer, Cincinnati (conditional bid )---------------------- 65,000
ANITA SCHOOL DISTRICT (P. O. A nita), Cass C ounty, Iow a.—
D E S C R I P T I O N O F B O N D S . — Tho $32,000 bldg, bonds awarded on April 18
to Geo. M. Bechtel & Co. of Davenport at par (V. 96, p. 1435) bear inter­
est at the rate of 5% and are in the denom. of $1,000 and $2,000. Date
May 1 1913
Int. M. & N. Duo May 1 1923, subject to call $1,000 yrly.
from 1917 to 1922 and $2,000 yrly. from 1923 to 1935 Incl.
APACHE COUNTY (P. O. St. Johns), Ariz.— B O N D O F F E R I N G . —
Reports state that proposals will be received until 9 a. m. July 7 by T.
Lopez, Clerk Board of Sup., for $25,000 5% bonds. Int. semi-ann.
Cert, check for $500 required.
APPALACHIA, Wise C ounty, Va .— B O N D O F F E R I AY; .— Proposals
will bo received until 2 p. nt. July 1 (time extended from Juno 17) by E. A.
Collins. Recorder, for the $21,000 5% 30-year coup, or rog. house-sewerage
bonds voted April 29 (V. 96, p. 1643). Denom. $100 or any multiple
thereof, not exceeding $1,000, to suit purchaser. Int. ann. at Town Ireas.
office. Certified check for 2% of bonds bid for, payablo to the Town
Treasurer, required. No bonded debt. Floating debt, $2,500. Assessed
valuation 1913, $395,590: actual valuation (est.), $950,000.
ARCHBOLD^VILLAGE SCHOOL D ISTR IC T (P.» O. A rchbold),
F ulton County, O hio.— B O N D S D E F E A T E D . — Tho proposition to issue
the $24,000 impt. bonds (V. 96, p. 1643) was defeatedjby afvote of 57 "for”
to 143 “ against” at the election hold Juno 10.
ARKANSAS CITY, Cowley C ounty, Kan.— O N D S A L E . — On
B
May 26 the $10,000 6% paving bonds (V. 96, p. 1509) were awarded at
100.20. Other bids were:
,
_
Home Nat. Bk., Ark. C--§10,017 50|Spitzcr, Rorick&Co., Tol-$10,000 00
ARMIJO UNION HIGH SCHOOL DISTRICT (P. O. Suisuni'City),
Solano County, Cal .— B O N D O F F E R I N G . — Proposals will bo received
until July 21, by G. 'I'. Halliday, Clerk Board of Sup., for tho $70,000-5%
constr. bonds voted May 17 (V. 96, p. 1570). Denom. $1,000.
ASHVILLE, Pickaway C ounty, O hio.— B N T O F R G .— Pro­
O D f F E IN S
posals will be received until 12 in. July 14 by E. F. Sehlegcl.fVil. Clerk, for
the following 6% Main St. impt. bonds:
$7,000 impt. (village’s portion) bonds. Duo $500 yearly on Mar. 1 from
1914 to 1927 incl.
„
14,000 impt. (assess.) bonds. Duo $1,000 yearly on Mar. 1 from 1915 to
Denom $500. Date July 1 1013. Int. M . & S. at office of VilJTreas.
Cert check for 2% of bonds bid for, payable to Vil. 1reas., required.fBonds
to be delivered and paid for within 10 days from time of award. Purchaser
to pay accrued interest.
t a t TTMORE M d — C I T Y S T O C K A L L S O L D . — Tho $5,500,000 4%
>
registeretl stock ’of which only $400,000 was sold at public sale on June 5,
has all b « 3 placed. Practically all of these securities were sold by the city
n
over the counter at 90 After tho city was unablo to sell its stock atfpubBc sale the Balttmore "Sun” offered to sell over its counter»$10,000 in
amounts of $100 This proved to bo such a success that whenVtho sale
finally'closed on June lii it was found that tho local newspaper had disposed
As stated °In‘ l^t8 week’s ^hronPcIe^” up to June 13 therdtylhad sold
$2^653,700. and in si'x*days the "Sun” had placed $434,000.' ^
BARTHOLOMEW COUNTY (P. O. C olum bus), Ind .— B O N D
S A L E . — On Juno 18 the two issues of 4 'A
% gravel road bonds, aggregating
80 168 (V 96 n 1715), were awarded at par, It is stated, §5,000Jto J. F.
w ild & Co. of Indianapolis; $2,704 to the Hope State Bank; $832 to F.
Fittmann of Jonesville and $032^to C. Collier of Llizabethtown.
BARTLESVILLE, W ashington County, Okla.— B O N D E L E C T I O N .
— An election will bo held June 24 to submit to a vote tho question of is­
suing the $8,000 (not $7,500 as first reported) 5% 25-year incineratingplant bonds (V. 96, p. 1570).
BEAR CREEK TOWNSHIP (P. O. Bryant), Jay C ounty, In d .—
B O N D S A L E . — On June 11 $20,000 5% bldg, bonds were awarded to the
First Nat. Bank of Portland, Ind., at 103. Denom. $500. Date Juno 11
1913. Int. J. & J- Duo $2,000 each six months from July 24 1919Ito
Jan. 24 1924, incl.
BEE COUNTY (P. O. Beeville), Tex.— B O N D O F F E R I N G . — An'election will bo held July 23 to submit to a vote tho question ot issuing $100,000
5% 20-40-year (opt.) road-construction bonds.
BELLAIRE, Belm ont C ounty, O hio.— B O N D S N O T S O L D . — No bids
were received for the $5,129 80 5% 51<j-year (averago)^Soventcenth St.
sewer (assessment) bonds offered on Juno 18 (V. jo , p. lo/u ).
BELL COUNTY (P. O. B elton), Tex.— I D R E J E C T E D .— Only "one
B
bid was received for tho $150,000 5% 4 0 - y r . Road Dist. No. 1 impt. bonds
offered on June 11. This offer was rejected. Int. semi-ann. atiNew
York or Belton. These bonds will bo offered at pi ivato salo.
BENTON COUNTY (P. O. Fowler), I n d .—B N fO F R G— ProO D F E IN .
posals will be received until 2 p. ni. June 23 (time extended from Juno 17)
by W. II. Chcadlo, County
“asuror, for.,tho following 4H%Iroad bonds
(V. 96, p. 1715):
’ ’ *Sf
$8,240 J. Votter road bonds dated Juno 5 1913. Int. .T. & I) .* * • ■
** •'
3,760 C. Nattinger road bonds dated Juno 5 1913. Int. J. & D.
£S
8,520 J. Moynihan road bonds dated May 15 1913. Int. M . &JN.
9,040 J. Kelley road bonds dated May 15 1913. Int. M . & N.
9,580 W. Mann road bonds dated June 5 1913. Int. J. & D.
4.800 O. Courtney road bonds dated Juno 5jl913. Int. J. & 'D .
BENTON HARBOR, Berrien C ounty, M ich.— B O N D S V O T E D } }
The question of issuing tho $100,000 4j^% water bonds (V. 96, p. 1570)

THE

Junf 21 1913.]

CHRONICLE

carried at the election held June .5 by a vote of 561 to 220. Duo June 1 1943.
We are advised that these bonds are now being offered at private salo.
BIDDEFORD, York County, Me.— BOND O FFER IN G . — It is reported
that the City Treas. will receive proposalsluntil 1 0 a. m. Juno 2o tor 5oU.000 4% sewer bonds
Date July 1 191
Due $ ,000 yearly from 1911 to
1923 incl.
BINGHAM TON, Broome County, N. Y .— BOND S A F E — Wo are
advised that the Sinking Fund purch sod an issue of $-0,000 4 A /0 pav
Ing bonds.
.
.
BINGHAM T O W N SH IP (P. O. Ubly), Huron b ou n ty, M ich.—

BOND S A F E . — The $20,000 liighway-impt. bonds (V. 96, p. 1570) nave
been sold, we are advised.
■ t TTirii'TFT T) Mercer Countv. W . Va.— BONDS N O T SOED. Under
r
date of June 17 the City Auditor writes us th$ ™ sale A m if 1 8 9 ™ &p°
of the $25,000 5% 20-year refunding bonds offered on April is U . Jb, p.

BLUE H ILL, W ebster County, Neb .— BOND
7AT).— Pro­
posals will bo received until 8 p. m. July 5 by J. B. Lane, V 1la e < llerk,
1 ig< C
for the $ 6 000 5% 5-20-year (opt.) coup, water bonds voted April 1 (V . JO,
n 890)
Denom. $500
Date July 1 1913. Int. J. & J. at office of State
^Treasurer. Certified check for 5% , payable to W . C. Frahm, \ lliage
Treasurer, required.
___ . . . . . .
BLUE ISLAND, Cook County, 111.— B ID S R EJECTED . Allbids
received for the $30,000 funding bonds offered on Juno 9 were rejected.
It is stated that the bonds will bo re-advertised.
BLUFFTON, W ells County, In d .— BOND OFF ERI NO .— Proposals
will bo received until 7:30 p. m. July 4 by W. J.
Dffllom’
for $20,000 4H % electric-light and w^er-plant-impt. ^ n d s. Dm om .
$1,000. Date June 6 1913. Int. J. & D. Due SI.000 each six. mont s
from date. Purchaser to pay accrued interest. A similar issue ot bonds
was offered for sale on Juno 6 (V . 96, p. 1570).
■RPTTifi-FTON SCHOOL DISTRICT (P. O. B ridgeton), Y ork Co.,
P J — I W N I ^ P R O P O S E D -T h e district is contemplating the issuance of
$7 5 , 0 0 0 building bonds, according to reports.
RBTPWTOM SCHOOL DISTRICT NO. 7 (P. O. R ochester), M onroe
C o u n t ^ N Y — BOND OFFERIN G.— Proposals will be received until
8 n m l u n o 2 5 by the Board of Trustees, E . Laass Chairman, for $2,100
^ ’s^'nnVhonds Y Denom. 8300. Date July 7 1913. Int. ann. on Jan. 1
^M erchants” Bank Rochester, in N. Y . exchange. Duo $300 yearly on
Jan 1 'f r o m 1914 to 1920 incl. Cert, check, bank draft or cash for 10%
of bonds Did for required.
BROOKVILLE, Hernando County, Fla.— NO A C T I O N Y E T T A K E N

__tie., „ ro advised by tho Town Clerk that no action has yet been taken
inniHmr towards the calling of an election to decide whether or not this town
shall issue the $10,000 st.-impt. bonds (V. 96, p. 1314).
BR OW N C O U N TY COMMON SCHOOL D ISTR ICT NO. 3, Tex.—

BONDS R EG ISTE R E D . — On Juno 10 an issue of $600 5% 5-20-yr. (opt.)

bldg, bonds was registered by tho Stato Comptroller.
BOND S A F E . — Tho Stato Board of Ed. purchased those bonds at par
and int. on tho same day.
BROW N C O U N TY COMMON SCHOOL D ISTR ICT NO. 52 Tex.—
BONDS R E G ISTE R E D .— An issue of $700 5 % 5-20-year (opt.) constr.
bonds was registered on June 10 by tho Stato Comptroller.

BOND S A F E . —-These bonds were purchased on tho same day by tho Stato

Board o f Education at par and interest.
CADDO Brvan County, Okla — BOND SALE.— The Chairman Bd. of
Trustees advises us under dato of Juno 11 that tho $30,000 6 % 25-yr. rcg.
co™pseweragebonds offered on April 14 (V. 96, p. 1110) havefteen awarded
to Geo. I. Gilbert of Oklahoma City at par.
r AT DW ELL Noble County, Ohio— BOND S A F E — On Juno 14 tho
« 9 1 nn ft<7 eltctrlc-llght ami :waterworks-deficiency bonds (V. 96, p. 1509)
wero^awardedto th e Farmers’ & Merchants' Bank of Caldwell for $2,196 75
— making tho prico 104.607.
CALIFORN IA .— BONDS A W A R D E D I N F A R T BO N D O FFER IN G .
— Of the $1,200,000 4% 17-year (average) highway bonds offered on
Tune 16 (V 96 p. 1644), $600,000 were awarded on that day to bankers and
qVntn Board of Control at par and interest.
thTho Stato Treasurer advises us that tho remainder ($600,000) of the bonds
will bo sold July 15.
r* AMnFN Problo County. Ohio.— BOND OFFER IN G .— Proposals will
b S
R
H
. S S j - 1 8 - O. E Stf
h. VU. C M f » OjM O
§ V ' U !” ato‘ l u [ r ‘ i ° T t t n n AU,D i f l o 3 9y » .? y “ (Vo°m 'f l u to 1918
>
0
incl Bonds to be delivered and paid for within 10 days from time of award.
Cert, check for 10% of bonds bid for, payable to tho Vil. Ircas., required.
Purch. to pay accrued int.
nr
CANYON SCHOOL D IST R IC T . Sonoma County, Cal.

BOND Oh-

FE R IN G . — According to reports, tills district will offer for sale $1,400
school bonds. W. W. Felt Jr. is County Clerk (P. O. Santa Rosa).

CAPORN

SCHOOL

D IST R ICT

(P.

O.

Grass Valley),

Nevada

County, Cal. — BOND E F E C T IO N .— Nowspaper reports state that an
election will bo held Juno 28 to decide whether or not this district shall
Issue $3 , 0 0 0 school bonds.
CARL JUNCTION SCHOOL DISTR ICT (P. O. Carl Junction),

Jasper County, Mo.— BOND O FFER IN G .— According to reports pro­
posals wilt be received until 6 p. m. July 1 by C. W. Roney, City Clerk, for
the $13,000 5% 1 0 - 2 0 -year (opt.) building bonds voted May 20 (V. 96, p.
1570). Date July 10 1913. Interest J. & J.
CARROLL COU N TY (P. O. Delphi), In d .— BOND S A F E . — On Juno
17 the 8 8 000 4j^% Noah Davis gravel-road bonds (V. 96, p. 1716) were
awarded to tho Delphi Stato Bank at 100. 25 and Int. A bid was also
received from J. F. Wild & Co. of Indlannapolis.
CASS CO U N TY (P. O. Logan3port), I n d .-—BONDS A W A R D E D I N

__Of the two issues of 4 % KravGl“ro 8 rd bonds, SKffr©g8 .tinsf S14*~
382 offered on Juno 16 (V 96?p.T 716). the $10,700 A. B. Ireland bonds
wore awarciocTon Vliat day to X U
& Co. of Indianapolis at par and
Int. Thero wore no other bidders.
p a r t

r*ASTANA INDEPENDENT SCHOOL D ISTR ICT (P. O. Castana),

M n ^ m o C oun ty Iow a — BOND S A F E .— On June 10 tho $2,000 5%
l o T “ oup b"dgy W n d T (V . 96 P 1509) were awarded to II. C. Speer &
Sons C o . o f C h ic a g o at par and in t.

CEDAR FALLS, Blackhawk County, Iowa. BOND S A F E .— On
Juno 9 tho $50,000 municipal clcctric-light-plant bonds (V. 96, p. 1644)
were awarueu to uuu. ivi. dluuu« & Co. ^ ~-*~***......... 5)4s. ^
awarded tu Geo. M . Bechtel
of Davenport as ' ^ x
CELESTE INDEPENDENT SCHOOL DISTRICT (P. O. Celeste),
H unt County, Tex.— BOND S A F E . — During tho month of May tho $12,“ l
000 5 % 10-20-year (opt.) bldg, bonds registered by the Stato Comptroller
on Mav 19 (V 96. 1). 1570) wore purchased by tho Stato Board of Ed. at
5
.r.. uQiiuiu. .jfu u
w*
.........
par• Denom. $600. Date April ^ 1913. Int. ann. in May.
c r p p q h i g h SCHOOL DISTRICT, Stanislaus C ounty, Cal.—
BONDS N O T SOFD. — No bids wero received .reports state, for the $35,000
5% site-purchase and building bonds offered on Juno 10 (V. .)(>, p. 1644.)
CHERRYVILLE, Gaston County, No. Caro — BOND S A F E . — On
June 15 tho $31,000 30-yr. coup, tax-freo funding and w.ate^works bonds
(V. 96, p. 1644) wero awarded to Sidney Spltzer & Co. of roledo at par
for 6 s.
CHEVIOT (P. O. C incinnati), Hamilton County, Ohio. -BOND
S A F E . — O n Juno 18 the two issues of 5% 5 !^-year (average) street-impt.
(assessment) bonds, aggregating $13,110 (V. 96, p. 1.>0.1) were awarded,
it is stated, to tho First Nat. Bank of Cheviot as follows:
$5 450 Davis Avo. impt. bonds for $5,479 97— making tho price 100.549.
7 660 Woodbine Avo. Impt. bonds for $7,702 13—making tho prico
’
100.811.
CHURCHILL COUNTY (P. O. Fallon), Nev.— LO/UV O F F E R I N G . —
Proposals will be received until 10 a. m. July 7 , it is reported, by the County
Commissioners for a loan of $10,000.
CLARK COUNTY (P. O. Jeffersonville), In d .— BOND S A F E . —On
Juno tl tho five issues of \ 'A % tax-free gravel road bonds aggregating
$32,250 (V. 96, p. 1644), wero awarded, it Is statod, to Miller & Co. ot
Indianapolis at par and int.
COLUMBIA SCHOOL DISTRICT (P. O. Colum bia), M arion
C ounty Miss.— BOND O F F E R IN ’!.— Proposals will be received until
12 m July 1 by O. A. Flllingamo, City Clerk,for $15,000 bldg, and equip,
bonds.




1785

COLUMBUS, M uscogee C ounty, Oa..— BOND E L E C T IO N . — An elec­
tion will be hold on July 16 (time extended from July 5) to vote on the pro­
position to issue $60,000 4 H % gold coup, hospital-constr bonds (V. 96.,
p. 1244). Denom. $1,000. Date Jan. 1 1 9 1 4 . Int. J. & J . at City Ireasury. Due $2,000 yrly. on Jan. 1 from 1915 to 1944 incl.
COMANCHE, Com anche C ounty, Tex.— D E S C R IP T IO N OF BONDS.
— Tho City Sec. advises us that tho $15,000 5% 20-40-year (opt.) schoolbldg. and impt. bonds voted M ay 20 (V. 96, p. 1571) bear date of July 1
1913. Int. ann. on July 1.
CONVERSE COUNTY SCHOOL D ISTR IC T, W yo.— BOND S A F E .—
An issue of $9,000 5% 10-20-yr. (opt.) bldg, bonds has been awarded to the
Stato of Wyoming at par.
COW LAKE DRAINAGE DISTR IC T, Jackson C ounty, Ark.—
BOND OFFERIN G . — Proposals will bo received until 10 a. m. July 8 by
G R Hays, Dist. Sec. (P. O. address, care Phillips, Ilillhouse & Boyce,,
Newport), for $100,000 6 % drainage bonds.
CROOKSTON, P olk C ounty, M inn.— NO BONDS V OTED .— Under
dato of Juno 16. the City Clerk advises us that the reports stating that this
city recently voted $54,000 refunding bonds (V. 96, p. 1571) are erroneous.
CROSWELL, Sanilac C ounty, M ich.— BOND OFFER IN G .— Pro­
posals will be received until 8 p. m. June 23 by J. W. Dexter, City Clerk,
for 81 788 04 5% Main Sewer District No. 2 bonds.
Denom. $447.01.
Date Aug. 1 1913. Due $447 01 yrly. on Aug. 1 from 1914 to 1917 incl.
CUBA, A llegheny C ounty, N. Y .— BOND OFFERIN G . — According to
renorts, proposals will be received until 3 p. m. June 23 by C. A. Ackerly,
Vi) prest., for the $10,000 paving bonds voted May 13 (V. 96, p. 1436).
Due $500 yearly, beginning 1914. Cert, check for 5% required.
CUYAHOGA COUNTY (P. O. Cleveland), O hio.— BOND S A F E .—
On Tune 14 the following seven issues of 5% coup, road-impt. bonds, aggre­
gating $215,602 (V. 96, p. 1645), wero awarded to Hayden, Miller & Co.
S8 ?63VBrookpark No. 1 road-impt. assess, bonds for $8,778.
50 460 Brookpark No. 1 road-impt. (co.’s portion) bonds for $50,550.
10 500 Aurora Road impt. (assess.) bonds for $10,518.
01 452 Aurora Itoad impt. (co.’s portion) bonds for $61,572.
9
718 Brookpark No. 2 road-impt. (assess.) bonds for $9,735
48439 Brookpark No. 2 road-impt. (co.’s portion) bonds for $48,523.
26 270 Richmond Road No. 3 impt. bonds for $26,316.
tiniva Creek onuge-consir. minus. weuuui. \io> wuu, yu
Tiilv 1 1913. Int. A. & O. Due $521 on Oct. 1 1916, $500 yearly Oct. I
from 1917 to 1919 incl. and $1,000 yearly on Oct. 1 from 1920 to 1925 incl.
Pert check on a bank other than the one making the bid, for 1 0 % of bonds
bid for payable to the County Treas.. required. Bonds to be delivered
ami paid for within 1 0 days from time of award.
' rjADE C IT Y , Pasco County, Fla.— BOND S A F E . — Reports state that
tho two issues of 5% 30-year coup, bonds offered without success on Dec. 16
1912 (V. 96, p. 151) have been disposed of.
DALLAS C O U N TY COMMON SCHOOL D IST R ICT NO . 29, Tex.—

BONDS R EG ISTE R E D . — Tho State Comptroller registered $8,500 5%

5-40-yr. (opt.) constr. bonds on June 10.
DALLAS CO U N T Y COMMON SCHOOL D IST R ICT NO 35, Tex.—

BOND S A F E . — On June 10 an issue of $2,500 5% 5-40-yr. (opt.) bonds
was purchased by the State Bd. of Ed. at par and Int.
DANBURY

TO W N SH IP (P. O. Danbury), Ottawa County, O hio.—

BOND S A F E .— On Juno 14 the $8,400 5% coup, road-impt. bonds (V. 96,
p 1510) wero awarded to the German-American Bank, Port Clinton, at

par, int. and blank bonds. Other bids follow:
Spitzcr, Rorick & C o., Toledo, bid par and int. less $190 for expenses.
Scasongood & Mayer of Cine, bid $8,410 and int., no blank bonds.
DECATUR C O U N TY (P. O. Greensburg), In d .— BO N D OFFERIN G.

__Proposals will bo received until 2 p. m. June 24 by I. L. Dols, County
Treas., for the following 4 H % highway-impt. bonds:
$8,480 impt. bonds. Denom. $424. Due part each six months.
13.600 impt. bonds. Denom. $680.
Date Juno 15 1913. Interest J. & D.
DECATUR TO W N SH IP (P. O. W est Newton), Marion C ounty-

In d .— B O N D O F F E R I N G . — According to reports, proposals will bo re
coived until 10 a. m. June 27 by M . Burk, Twp. Trustee, for $19,000 school
bonds.
DELAWARE, Delaware County, O hio .—BOND

OFFERING.—Yro-

posals will bo received until 12 m. July 16 by F. D. King, City Aud., for
tho following 5% coup. impt. bonds:
„„„
$ 1 1 , 0 0 0 Griswold St. impt. (assess.) bonds. Denom. $500. Duo $1,500
on Mar. 1 1945 and 1916 and $1,000 yrly. on Mar. 1 from 1917 to
1924 incl.
,
,
. .
.
6.500 Lake St. sanitary sewer-ext.-impt. (assess.) bonus, Denom.
$500. Duo on Mar. 1 as follows: $1,500 in 1915, $1,000 in 1916
and $500 yearly from 1917 to 1925 incl.
. . .
„
4,000 West Central Ave. sanitary sewer-ext. (assess.) bonds. Denom.
$400. Duo $400 yearly on Mar 1 from 1915 to 1924 incl.
3,550 Webb St. impt. (assess.) bonds. Denom. (1) $400, (9) $350.
Due $400 on Mar. 1 1915 and $350 yearly on Mar. 1 from 1916 to
1924 incl.
w
4.500 street-impt. (city’s portion) bonds. Denom. $500. Due $500
yearly on Sept. 1 from 1914 to 1922 incl.
» or,n i-,
1.500 sidewalk-impt. (city’s portion) bonds
Denom. $300. Due
8300 vearlv on Sept. 1 from 1914 to 1918 incl.
___
Dato July T 1913. except last issue ($1,500), which is dated June 1 1913
Int. semi-ann. at office of Sinking Fund depository.
BOND S A F E .— On Juno 17 the two issuos of 5% coup, flood-emergency
hornls aggregating $8,150 (V. 96, p. 1716) were awarded to tho City Nat.
Bank of Dejlware for $8,158 50-m aking tho price 100.104. The First
National Bank of Delaware bid $8,157 50.
D ELAW ARE CO U N T Y (P. O. Muncie), In d .— BOND S A F E .— On

June 12 tlie $81,500 4H % bridge and road-impt. bonds (V. 96, p. 1571) were
awarded, it is stated, to tho Merchants Nat. Bank of Muncie at par and
int.
BOND O FF ER IN G . — Reports state that proposals will be received until
10 a. m. Juno 23 by G. L. Raymond, County Treas., for $18,700 highwayimprovement bonds.
DENVER, Colo. — N O A C T IO N Y E T T A K E N .— W o are advised that
no action lias yet been taken looking toward tho issuanco of the $260,U U
U
bonds voted May 20 (V. 96, p. 1571) to pay the city’s sharo in tho construc­
tion of tho Colfax Larimer Viaduct.
DE W IT T CO U N TY COMMON SCHOOL D IST R ICT NO. 40, Tex.—

BONDS R E G ISTE R E D .— On Juno 10 $15,000 5% 10-40-yr. (opt.) bldg,
bonds was registered by the State Comptroller.
BONDS A W A R D E D I N P A R T . — On the same day $5,000 of the above
issue|was purchased by the State Board of Ed. at par and int.

DICKSON CO U N TY (P. O. Charlotte), T enn.— BOND O FFER IN G .—

Bids will be opened on July 15 by W. H Neblett. Sec. Highway Commis­
sion, for tho $250,000 5% 30-year road-impt. bonds voted Apr. 26 (V.96
p. 1437).
D IVIDE CO U N T Y (P. O. Crosby), No. Dak.

BOND S A F E .— W e

are advised by tho County Aud. under date of June 1 2 that the $18,500
10-year coup, or reg. refunding bonds offered on April 7 (V. 9b, p. 1039)
have been awarded to the State of North Dakota at par for 4s.
gQ
DOVER, Strafford County. N. H .— BOND O FF ER IN G .— Reports
state that proposals will bo received until 10 a. m. June 25 by the City
Treas. for $45,000 4% bridge bonds
Date July 1 1913. Due $10,000
July 1 1926 and $5,000 yearly on July 1 from 1927 to 1933 Incl.
DULUTH SCHOOL DISTR ICT (P. O. D ulu th), St. Louis County,

M in n __BOND O FFER IN G .— Proposals will bo received until i :30 p. m.
iulv 3 bv C. A. Bronson, Clerk Board of Ed., for the $200,000 4 >3%, 20­
30-year (opt.) gold coup. bldg, bonds voted Feb. 1 (V. 96, p. 1039). Cert,
check for $ 1 , 0 0 0 roquired.
DUQUESNE SCHOOL D ISTR ICT (P. O. Duquesne),

Allegheny

Countv Pa.— BO N D S A F E . — We are advised by tho Sec. of the Bd. of
Ed under date of June 13 that the First Nat. Bank of Duquesne has been
awarded an issue of $200,000 i 'A % tax-free school bonds. Denom.
$1 000
Dato July 1 1913. Int. J. & J. at Duquesne Trust Co.. Duquesno. Due $1,0000 yearly from 1928 to 1932 incl. and $15,000 yearly
from 1933 to 1942 incl.

n «x o

THE

CHRONICLE

E D D Y I N D E P E N D E N T S C H O O L D I S T R I C T (P . O . E d d y ) , M c L e n ­
n a n C o u n t y , T e x . — BO N DS KEG I S T ER EO .— On June 10 the State

X C V I.

police
stat,? n * ? d *5 000 West Side fire and
T x i 1niQ0n t '*? t “ r yrl
i. r
«r
£0UP* bonds. Denom. SI 000. Date
r-U
e nt’ dl & d ’ at oifice of City Treas. or at some bank in N. Y .
C. at option of purchaser. Cert, check on a Great Falls bank for 81 nnn
payable to the City Treas. required. Official circulars t a t ^ that all hnrnl
b e ln c o n ^ le d 0011 ^
Pr° mptly at P u r i t y and' that'‘n o l i u e ^ S

Co£9$KL,er registered $19,000 5% 10-40-yr. (opt.) bldg, bonds.
BOi\ D S A W A R D E D I N P A R T . — $4,750 of the avove issue was purchased
on the same day at par and int. by the State Bd. of Ed
^
EL P A SO S C H O O L D IS T R IC T

[Vol.

(P . O . E l P a s o ) , E l P a s o C o u n t v -

and fire-protection bonds (V. 96, p. 1717) will, it is stated, be held Juno 28
E U G E N E , Lane C o u n t y , O r e .— BOND S A L E .— The $32,850 1-10-yr
Savt-R!^ E ti b ? dr 'i V V9m’ P’ ,43,2) '^ r o awarded on Feb. 1 0 to the Security
T
1<H3.B Int& & O
AX
f T o‘ edo for $33,067 50 (100.66) as 6 s. Date April 1

GREENCASTLE TOWNSHIP (P. O. Greencastle) Putnam fn n n tv
Ind .— BOND O FFER IN G .— Proposals will be received untU 2 p ^ P j u f v ? '
it is stated, by G. Landes, Township Trusteo, for $ 5 000 4 1 4 ^ ' school­
building bonds. Denom. $500. Date July 15 1 9 1 3 . ’ Int. j2 & J.
° 01
GREENSVILLE, Greene C ounty, T enn .— BONDS v o t e d __Ao
cording to local newspaper reports, the propositions to issue the sower in i
water-works bonds (V. 96, p. 1572) carried at the election held J u m 3
d
GREENSVILLE, H u nt C ounty, T e x . — NO A C T I O N Y E T T A K E N —
Under date of Juno 16, wo are advised by the City Clerk that no action has
yet been taken looking towards tho issuanco of the $ 1 (L0 0 0 5 % market
squaro site-purchase bonds voted M ay 12 (V. 90 p 1572)
u 0 / 0 marK0»
GROVE C IT Y SCHOOL D ISTRICT (P. 6 . Grove Citv) Mercer
i W
'n - V f T
S O ^ - N o sale was nmde on Jime 12 of the
$75,000 4>4% tax^ree bldg, bonds offered on that day. Date M ay 27
1913. Int. M . & N. Due $5,000 yearly June 1 from 1928 to 1942 incl
HAMILTON COUNTY (P. O. C incinnati) Ohio — B O N D S am r r n

iP cSornS state that proposals will bo received until
P-h™;,i[.ulyrT by
8 . Bryson, City Recorder, for $25,000 10-year
paving bonds. Cert, check for 10% required.

d M o ^ Juno^M^liat- toe6 .^423)00*4% ^nomtaxabfe'^schoo^^omls
Without success on M ay 23 (V.’ 96. p .W w K f t e '

Ed. under date of Juno 16 that no action has yet been taken looking toward
the issuance o f the $12 000 10-yr. bldg, bonds voted M ay 17 (V. 96 p
1571), as an injunction has been served on the Board o f Directors and offi­
cers restraining them from selling the bonds.
E M P IR E

SCHOOl

b ld g . S ' S S S f r a

D IS T R IC T ,
j M e 'l o 1

b

S ta n is la u s

l d

C o u n tv

'' w ero

C a l_ roaths
_

fo r '* h »

C » ^ Y ? m ^ Cw ^ ? ^ D I ^ T R I C T (P - O . E u r e k a ) , H u m b o l d t C o u n t y ,

5 'fl- BO N DS \ .9 T ^ P : P y a vote of 537 to 208, this district recently
voted the $150,000 high-school bonds (V. 96, p. 1717), reports state.
t E Y ? . ? E T T ’ M id d le s e x C o u n t y , M a s s . — T E M P O R A R Y L O A N . — On
f U t i ^ /T t n r nnnai 0, the Old Colony Trust Co. o f Boston was awarded
in
a loan o f $50,000, in anticipation of taxes, at 5% discount plus $1 25
premium. Due April 10 1914. These notes are exempt from taxation.
E X L IN E S C H O O L D IS T R IC T

(P . O . E x lin e ) , A p p a n o o s e C o u n t v

SA LE .
On June 6 the $2,500 bldg, bonds recontly voted
(V . 96, p. 1571) wero awarded to the Bradleys Sav. Bank of Exlino for 6 s.
T ^ IB T i ? L D
F

IN D E P E N D E N T

SCH O OL

D IS T R IC T

(P .

O.

F a ir -

f l e i d ) , J e f f e r s o n C o u n t y , l o w a . — RONDS V O TED .— lb is reported that
this district on Juno 9 voted in favor of the proposition to issue $15,000
high-school-equlp. bonds. The vote was 305 to 134.
F A IR F IIIL D T O W N S H IP

(P . O . N o r t h F a i r f i e l d ) , H u r o n C o u n t v

C oun ts^ N ^ J —

&

consh
tmcHonn§ondsJl(V

<>, H am m onton), A tlantic
f h lo K R t p ^ c h ^ lfa n d

fvipnlwn ’ r ? ue ,00° y®ar,y °n July I from 1918 to 1928 incl. Cert’, check
•22^.%
bonds, payablo to A. B. Davis, Custodian, required
Official
u
,lar statts that there is no controversy pending or threatened affecting
of n r w ir °.f b0 ?'ls ’ and thafc the town has never ^faulted in the payment
of S o n d ^ h is ^ e v ^ b ^ n q u to o n e d ! 6
° f th‘S ° r any provious issuo
2

Ju?eA7 t h ^ ? n n n r ^ T ^ i (P’. ° ’ O reonfield), In d . — BOND S A L E .— On
N
Campbell
br rgr° bi?nds ^Y,’
p> 117D wero awarded to E. M .
101 062 ' ijenom. $ 1 ,0 0 0 . IndlanaPP,,s for 1913. Int. M . & N. tho prico
lui-ofiz. D enonf $1 nnn Date May 15 S25.265 50, making

O h i o .— BO N DS N O 7 SOLD.
The Township Clerk advises under date of
Juno 17 that no sale has vet been made of the $25,000 5% coup, road-impt.
bonds offered on Apr. 26 (V. 96, p. 1039).
v
F A I R V I E W S C H O O L D I S T R I C T (P . O . F a ir v ie w ) , F u l t o n

C o u n tv

?ho”rj^nn
y this district recently Bd:
t ^10
E 0 , 0 0 0 bldg, bonds
reports stating that 7?iT 'rp}}e, 9 ’ erl<
voted $ 1 d* advises us that
(V. 96, p. 1645) are erroneous.

th e

EL° y P

COUNTY

(P . O . N e w A l b a n y ) , I n d . — BO N DS N O T ,S O L D

— N o bids were received, it is reported, for the $27,200 414% highwayimpt. bonds offered on Juno 16 (V. 96, p. 1645).
/0
K
y
F O R T P L A I N , M o n t g o m e r y C o u n t y , N . Y . — BO N D S A L E — On
Juno 9 the Home.Savings Bank o f Albany was awarded the $12,000 water
bonds at par and int. for 4.80s. Denom. $1,000. Int. semi-annual
Dun
serially from 1918 to 1929, inclusive
annual, duo
F O U N T A I N , E l P a s o C o u n t y , C o l o .— BO N DS OFFERED B Y B A N K

ERS. $18,000 (of an issue of $55,000) 6 % 10-15-yr. (opt.) municipal wa­
ter-works bonds is being offered to investors by the Oerman-American
Trust Co. o f Denver. Denom. $500. Date Mar 1 1913
Int. M . & 8
at the First Nat. Bank of Fountain or at Kountze Bros.. N. Y
Bonded
debt $55,000. Assess, val. 1912, $105,000; actual value (est.), $400,000.
F R A N K F O R T U N I O N F R E E S C H O O L D I S T R I C T N O . 9 (P . O .
F r a n k f o r t ) , H e r k im e r C o u n t y , N . Y .— BO N D O FFER IN G .— Proposals
w H be received until 10 a. m Juno 26, It is stated, by Thos. Monolian,

Clerk Bd. of Trustees, for the $45,000 18K-yr. bldg, bonds (V. 96, p. 151).
Cert, check for 10% required.

F R E M O N T , D o d g e C o u n t y , N e b . — BO N DS A W A R D E D I N P A R T . — •

Of the $25,000 5% 5-20-year (opt.) paving bonds offered on Juno 9 (V. 96,
p. 1571), $8,000 wero awarded to Richards, Keene & Co. of Fremont at
par and $4,000 to the Home Savings Bank of Fremont at 100.025. A bid
of $24,025 was received from C. H. Coffin of Chicago.
G A L L A T IN

C O U N T Y S C H O O L D I S T R I C T N O . 3 , M o n t . — BOND

O FFER IN G . — Reports stato that proposals will bo reeceived until 8 p. m
June 25 by L. M . Le Lachauer, Clerk Board o f School Trustees (P. O.
Manhattan), for $25,000 5% 10-20-year (opt.) school bonds. Int. semiann. Cert, check for $500 required.
G A R D N E R , W o r c e s t e r C o u n t y , M a s s . — T E M P O R A R Y L O A N . — On
Juno 12 the $40,000 tax-exempt loan in anticipation o f taxes (V. 96, p.
1645) was negotiated with Leo, Higginson & Co. of Boston at 4.89% dis­
count. Denom. $ 1 0 ,0 0° . Date Juno 10 1913. Due $10,000 on N ov. 10
17 and 24 and Dec. 1 1913.
G I B S O N C O U N T Y (P . O . P r i n c e t o n ) , I n d . — BOND S A L E . — On
June 17 the two issues of 4 >4% 1— 10-yr. (serial) Union Twp. highway-oxt.
bonds, aggregating $27,300 (V. 96, p. 1717) wero awarded to Miller & Co.
of Indianapolis at par.
G I R A R D , T r u m b u l l C o u n t y , O h i o . — BO N D O FFER IN G . — Proposals
will bo received until 12 m. July 14 by J. E. Statler, Vii. Clerk, for $17,500
Liberty St. impt. and $17,500 Broadway lmpt. 5% coup, (assess.) bonds.
Date July 1 1913. Int. M . & S. Duo $1,500 o f each issue yearly on
Mar. 1 from 1914 to 1918 incl. and $2,000 of each issuo yearly on Sent. 1
from 1914 to 1918 incl. Cert, check on a Trumbull County bank for 5%
of bonds bid for, payable to Vil. Treas., required. Bonds to be delivered
and paid for within 10 days from timo o f award. Purchaser to pay accrued
Interest. Bids must be unconditional except a condition “ subject to the
legality of tho preceding issue." •
G L A S G O W S C H O O L D I S T R I C T (P . O . G l a s g o w ) , H o w a r d C o u n t y ,
M o . — BO N D S A L E . —On Juno 2 an issuo of $6,000 school-impt. bonds voted

M ay 20 (V. 96, p. 1572) was disposed of.

G L O V E R S V I L L E , F u l t o n C o u n t y , N . Y . — B O N D "O F F E R IN G —
Proposals will be received until 10 a. m. July 17 by O. L. Everest, City
Chamberlain, for $50,000 4>4% local improvement bonds. Denom. $250.
Date April 1 1913. Int. A. & O. at Fourth Nat. Bank, N . Y ., or at City
Chamberlain’s office, Gloversville. Duo $8,500 In 1 year, $11,000 in 2
years, $10,500 in 3 years and $10,000 in 4 and 5 years. Wo aro advised
that these bonds take tho place o f the $53,500 Issue offered without success
on April 19 (V. 96, p. 1040).
G O N Z A L E S , G o n z a l e s C o u n t y , T e x . — BOND S A L E . — The $30,000 5%
20-40-year (opt.) bldg, bonds registered by tho State Comptroller on M ay
19 (V. 96, p. 1572) have been purchased by tho Stato.
G R A H A M , A l a m a n c h e C o u n t y , N o . C a r o . — BO N DS V O TED . — ReEon lsS t a t 6 that t h l 3 town on Juno 10- voted to Issuo $50,OOOstreet-Impt.
G R A N T C O U N T Y S C H O O L D I S T R I C T N O . 9 (P . O . E p h r a t a ) ,
W a s h . — BO N D O FFER IN G . — P rop osals will b e received u n til 2 p . m .
J un e 2 8 b y O . T . S an d ers, C o u n ty T r e a s ., for $ 1 5 ,0 0 0 b ld g , an d $ 5 ,0 0 0
fu n d in g bon d s a t n o t exceeding 6 % i n t ., p ay a b lo a n n u a lly .
D u e in 10
y e a rs, su b jec t to call a n y in te re st-p a y in g d a y a fte r 5 y e a rs.
P urchaser
o& fu r n ish b lan k b on d s.
, .
wf

$500*C
(D°$700ndSb a ^ U a r ? T l9 jf? 9
M
Due $500 on Mar. 1 1914, 1915 and 1916 and V 0 0 on M a f f i o v V S '
check on a Delawaro County bank (or cash- for si no
)
f r o m dtim e E o f aw anr d ! ' e d -

B ° Dd8

‘ ° b ° d e , iv e r c d a u d » a l d ^ ^ t h i n S d a y s

HARTFORD, Hartford C ounty, C onn.— N O T ES A U T H O R I Z E D __
^ o r d in a n c e * » Passed Juno 16, it is stated, providing for the issuanco of
system^ notos to meot contracts in connection with tho Nepaug water^ HARTFO RD NORTHEAST SCHOOL DISTRICT (P. O. H artford)
H artford C ounty, C °n n . — BONDS A U T H O R IZ E D .— A resolution was
§om id dUn°
re0 ° rts ^ate, providing for tho issuanco of $30,000 bldg.
HENDRICKS COUNTY (P. O. Danville), In d .— BOND O F F E R IN G ___
N o w s p a n e r r e p o r t s s t a t e t h a t p r o p o s a ls w i l l b e r e c e i v e d u n t i l June'go
b y O . M a c o m b e r C o u n ty T r e a s .. f o r 8 2 7 .2 8 0 4 ' 4 % L in c o ln T w o M e h w a y - im p r o v e m e n t b o n d s .
D e n o m . $ 1 ,3 6 4 .
D a te M a v 15 lo T ^
Tnt
on iu n elO ^ V ?

A “ k° amount of bonda

TlW^^Proposals’ w^HbeTeceivwl tmtM ^ iaa^°m8 ^imon2P 'l^ B 'P^EHckMn"
V>
? ° un.ty Aud., for $18,500 Hennepin Ditcii No. 19 bonds at not exceorllnir
6 % «nt.
Denom. (8 ) $1,800. (l) $2,000. (1) $2,100 Int seml^ann
D Y0 iol ’,8e°e yrly- ° “ Ja« ' 1 from 1915 to 1922 Incl., $2,000 on Jan 1 1923
and $2,100 on Jan. 1 1914
Dert. check for 2% of’ bonds bid fo?% ayablo
to i l •G. Hanke, County Treasurer, reQuired.
J
t ^ ® n e Y. OR 0 y E- T annin C ounty, T e x . — BOND S A L E .— Tho Stato
T
Board of Education was awarded at 101.50 during Mav tho 85 nnfi sw
F1& F * 9

^ 96S p°°l 572)^
.C

Denonu 3L000 .1 ^ a ^ A u g ^ l

t o s u b m i t t o t h e v o t e r s t h o q u e s t io n o f is s u in g $

1 0 0 ,0 0 0

f i r e - p r o t e c t i o n b o n d s .’

HUNTINGTON, Cabell C ounty, W. Va .— BOND O FFER IN G .— V7<£
K Utilities for $180 000 sewers 7 (sixth ’ series) and $20 000 incinoi-V
cd
JllIy by T S’ acanlon Commissioner
of I ublic,i'■Jr£i-5.eceivr
«rno t) 7 ;3°-year b°nds voted May 31 (V. 96, p. 1646. Denomination
f
$500. Int. ann. Cert, check for $1,000 required.
I ° WA CITY, Joh nson C ounty. Iow a.— BOND S A L E .— On Juno 6
an Issue o f $65,000 5% funding bonds was purchased by Geo. M . Bechtel
& Co. of Davenport, It Is stated.
IOW A C IT Y SCHOOL DISTR IC T (P. O. Iow a City), Joh nson
C ounty, Iowa. BOND S A L E . — Local papers stato that Geo. M . Bcchtol
*
of Davenport havo purcliasejl an issuo of $20,000 5% bldg, bonds.
These bonds wero previously awarded to John Nuvecn & Co. of Chicago
as 4H s, but subsequently refused by thorn.
■■'-ago
.v,1? .0 ?1 0 ? ’ Lawrence C ounty, O hio.— BOND S A L E .— On Juno 16
.1’
the Sinking Fund T ru ste es decided to take up $7,500special assess., $10,000
f.cKK.e=
ency and $9,000 fire-engine bonds recontly authorized by tho
JACKSON, Hinds C oun ty Miss.— BOND O FFER IN G .— Proposals
will be received until 10 a. m. July 1, it is stated bv L J Monahan1 nitv
andr tl£°nnn r « wi° ’ km
’ ,575,000 funding, $60,000 street-imp^
and $1.),000 publlc-bldg. 5% 20-yr. bonds voted Juno 7 (V. 96, p. 1718).
Cert, check for 1% required.
' v
JANESVILLE, R ock C ounty, W is.— BOND E L E C T IO N .— Tho olec"
,Vot?, °^rthn°nClues,t^ '^ of .i,‘7
sulng tho *38,000 Milwaukee St. brldgoconstr. bonds (V. 96, p. 1718) will, reports stato, bo hold July 2.
™ J ^ Y BOUNTY (P. O. P ortland), In d .— BOND -O F F E R IN G .— ProPOfaJl will bo received until 10 a. m. June 24 by J. B. Ropp, Co. Treas..
hlgbway bonds. Denom. $315. Dato Juno 20 1913.
Int. M . & N.__ Due part each six months from 1914 to 1923 Incl.
,
JETMORE, Horgeman C ounty Kan.— BO N DS V O T E D .— The^quosi riY Issuing tho $10,000 olectrlc-Ilght and water -works bonds (V 96 p
1511) carried, reports state, at the election held June 7.
P
JONESBORO, C layton County, Ga.— BOND S A L E __On Tune O
the $10,000 electric-light bonds voted Jan. 21 (V .9 0 p 301)"woro awardecl
reports state, to tho Bank of Jonesboro at par.
P
awarded.

G R A N T C O U N T Y S C H O O L D I S T R I C T N O . 1 1 5 , W a s h . — BOND
O n Ju n e 7 tho $ 2 3 ,0 0 0 1 0 -2 0 -y e a r ( o p t .) sch ool b o n d s ( V . 9 6 , p .
C l ^ m S . ^ r 8? h L C? « ? 1
<S&,lf S ; ~ ? 0^
VD S A L E .— W e aro advised by tho
1572)
w ero aw ard ed to th e S ta te o f W a sh in g to n a t p ar for 5 s .
O th e r bid s
® ®% viaduct-construction bonds havo boon
fo llo w :
A #i par’ Denom. $100. Dato July 1 1913. Int.
awYYiio/t
“t n . ca{?r’ 8ubJect to call at any timo. Those bonds
O. S ’ S °S ?n’ S l l ! c a g 0 ........................................................................ $ 2 3 ,0 5 0 for 5 1 4 s
Y 0c^iriW
!Vid. d °i? ^eb- 10 to 'Vm. R. Compton & Co. of St. Louis (V. 90,
O. H . Coffin, C h ic a g o -..--------------------------------------------- 23,461 for 6 s
p. 6s
505), but subsequently refused by them.
2 3 ,2 0 5 for
W . D . P erk ins & C o . , S e a ttlo ________________________________
H o e h le r & C u m m in g s , T o le d o ------------------------------- 2 3 ,1 1 7 for 6s
t „??N B F IG K , Bryan County, Okla.— BOND O FF ER IN G . — Proposals
o
23 030 for 6 s
James N. Wright & C o ., Denver-------------------- ~~
BoL h'
?
,
rp - m - J " 'y 7 by W. E. Strickland, President or
J . R . Sutherlin & C o ., Kansas C ity_____________ 1 1 1 1 1 2 1 22.310 for 6s "
Board, for $5,000 b % 25-year water-works-extension bonds.

SA L E . —

GRANT

T O W N S H IP

(P .

O . W a t e r lo o ), D e K a lb

C o u n ty , I n d .—
Ju ly 5 it Is

BO N D O FFER IN G . — P rop osals will b e received u ntil 1 p . m

II. R e e d . T w p . T r u ste e , fo r $ 3 ,0 0 0 school b o n d s.
...
GREAT~*ALLS2 Cascade C ounty, M ont.— BOND O FF ER IN G .—
W . H. Harrison, City Clerk, will offer for sale at public auction at 10 a. m.
r e p o rted , b y J .




Th^8inn n n ? ? S X Y9 rlP’ ? ’ Grand Rapids), M ich .— BO N D S A L E .—
J
, ■ ^9
i
x < Y °r ' tax-free coup, road-lmpt. bonds offered without
f
®Y.c s S a/on n u t S ? ’ . p -, 1573) wero purchased at par on Juno 14, It is
1 YT
V'
stated. $8.j,000 by local banks and $15,000 by the Mayor.
r m ,n ? y Aiv.9rYA S S & 9 £ ,L,R I
i
J?T IIICT (p - O. K eosauqua), Van Buren
C ounty, Iowa. BO N DS V O T ED . — T h i s d i s t r i c t , b y a v o t o o f 2 9 8 t o 2 4

June 21 1913.]

THE

voted in favor, reports state, of the question o f Issuing $7,000 bldg, bonds
at the election held Juno 14.
KING COUNTY SCHOOL DISTRICT NO. 169, W ash.— BO N D
S A L E . — On June 7 tho $5,000 20-yr. coup. bldg, and equip, bonds (V. 96,
p. 1573) were awarded to the State o f Washington as 5)4s at par. It is also
stipulated that the bonds may be redeemed after ono year. W. D . Perkins
& Co. o f Seattle bid par for 6 s.
KING COUNTY SCHOOL DISTRICT NO. 180, W ash.— BON D
S A L E .— On June 7 tho $3,000 1-10-yr. (opt.) coup. bldg, and equip, bonds
(V. 96, p. 1573) were awarded to tho State„of Washington at par for 5Ks.
There were no other bidders.
KLAMATH FALLS, Klam ath C ounty, Ore.— BON D S A L E . —-lieports state that $40,500 city-hall, fire-apparatus and garbage-plant bonds
nave been awarded to tho Security Sav. Bk. & Tr. Co. of Toledo for $41,275
— making the price 101.913. A similar amount of bonds was reported sold
to Weil, Roth & Co. of Chicago in April 1912 (V. 94, p. 1133.)
LAPORTE COUNTY (P. O. La Porte), I n d .— B O N D O F F E R I N G .—•
Proposals will bo received until 10 a. m. June 26 by J. Johannl, County
Treasurer, for tho following 414 % road-impt. bonds:
.
„
$54,000 Condon Road bonds. Denom. $900. Int. M . & N. Duo
$2,700 each six months from May 15 1914 to Nov. 15 1923 tocl.
78.000 Taylor Road bonds. Denom. $975. Int. M . & N. Due $1,950
each six months from May 15 1914 to Nov. 15 1933 incl.
10.000 Kelly Road bonds. Denom. $250. Int. M . & N. Due $250
each six months from May 15 1914 to Nov. 15 1933 Incl.
38.000 Pox Road bonds. Denom. $950. Int. M . & N. Duo $950 each
six months from May 15 1914 to Nov. 15 1933 Incl.
1 3 ,2 0 0 Frehso Road bonds.
Denom. $ 3 3 0 . Int. M . & N. D u e $ 3 3 0
each six months from May 15 19 14 to Nov. 15 1 9 33 incl.
8,200 C o u lte r Road bonds. Denom. $205. Int. M . & N. Due $205
each six months from May 15 1914 to Nov. 15 1933 incl.
6,800 Commens Road bonds. Denom. $170. Int. M . & N. Due
$170 each six months from May 15 1914 to Nov. 15 1933 incl.
LA SALLE-PERU TOWNSHIP SCHOOL DISTRICT (P. O. La Salle),
La Salle C oun ty, 111.— BONDS TO BE OFFFERD SH O R T LY . — Reports
state that this district will shortly offer for sale $25,000 bldg.-impt bonds.
LAWRENCE COUNTY (P. O. Iron ton ), O hio.— B O N D S A L E .—
On June 16 tho $10,000 5% 10-yr. state highway bonds (V. 96, p. 1573)
were awarded, it is stated, to Breed, Elliott & Harrison at 100.98.
LAWRENCE COUNTY (P. O. Iron ton ), O hio.— B O N D O FFER IN G .
— Proposals will bo received until July 17 by the Co. Commrs., reports
state, for $20,000 5% bridge bonds.
LEE COUNTY (P. O. Sanford), No. Caro.— BO N D O FF E R IN G .—
It is stated that proposals will bo received until 10 a. m. Juno 23 by D . E.
M ’ lber, Co. Atty.. for $25,000 5% 30-yr. funding bonds. Int. semi-ann.
Oert. check for $100 required.
LEWISTON, NEZ PERCE COUNTY, Id ah o.— D E S C R IP T IO N OF
B O N D S. — Tho $35,000 5% 10-20-yr. (opt.) Clearwater bridge bonds
awarded on May 12 to the Security Bridge Co. at par (V. 96, p.1573) are
in the denom. o f $500 each and dated Jan. 1 1913. Int. J. & J.
LIC K IN G COUNTY (P. O. Newark), O h io.— BO N D O FF ER IN G —
Proposals will bo received until 1 p. m. July 9 by C. L. Riley, Co. Aud.,
for tho following 5 % coup. pike-Impt. bonds:
$34,000 Nowark and Jaclcsontown road bonds. Due $1,500 each six
months from Fob. 1 1914 to Aug. 1 1917 incl.and $1,000 each six
months from Feb. 1 1918 to Aug. 1 1928 incl.
51.000 Granville and Croton road bonds. Duo $1,500 each six months
from Feb. 1 1914 to Aug. 1 1917 and from Feb. 1 1924 to Aug. 1
1928 inc . and $2,000 each six months from Feb. 1 1918 to Aug. 1
1922 incl.
45.000 Newark and Columbus road bonds. Due $1,500 each six months
from Feb. 1 1914 to Aug. 1 1928 incl.
20.000 Newark and Linnville road bonds. Duo $500 each six months
from Fob. 1 1914 to Aug. 1 1923 incl. and $1,000 each sixmonths
from Fob. 1 1924 to Aug. 1 1928 incl.
,
20.000 Nowark and Zanesville road bonds. Duo $1,000 each six months
from Feb. 1 1914 to Aug. 1 1918 incl. and $500 each six months
from Feb. 1 1919 to Aug. 1 1928 incl.
20.000 Utica and Lock road bonds. Due $4,000 each six months from
Feb. 1 1914 to Aug. 1 1918 Incl.
, ,
20.000 Linnville ext. road bonds. Due $4,000 each six months from
Fob. 1 1914 to Aug. 1 1918 incl.
Denom. $500. Dato Aug. 1 1913. Int. F. & A. at Co. Treas. Cert,
check (or cash) for 10% of bonds bid for, payable to Pres. Bd. of Co. Com­
missioners, required. Bonds to bo delivered and paid for on or before
Aug. 1 1913. Purchaser to pay accrued Interest.
LILLINGTON, H arnett C ounty, No. Caro.— BON D ~OFFERING.—
Proposals will bo received until 12 m. July 15 by J. B. Baggett, Mayer,
for tho $25,000 6 % 30-yr. coup, water-works and sewerage bonds votod
Jan. 15 (V. 96, p. 302). Int. semi-ann. at any bank to be named by pur­
chaser. Cert, check for 2% of bonds bid for, required.
LOCKPORT SCHOOL DISTRICT (P. O. Lockport), Niagara C ou n ­
ty, N. Y .— BONDS PROPOSED.— Reports state that tho Board o f Ed. on
Juno 6 adopted resolutions asking the Aldermen to authorize a bond issue
of $ 1 0 0 , 0 0 0 for high-school-impts.
LONDON, M adison County, O hio.— BON D O FFERIN G .— Proposals
will bo received until 12 m. July 15 by J. W. Byers, Vil. Clerk, for $f5,000
5% Elm St.-impt. bonds. Auth. Sec. 3914 Gen. Code. Denom. $500.
Dato Sept. 1 1913. Int. ann. Due on March 1 as follows: $1,000 yearly
from 1914 to 1917 incl., $1,500 yearly from 1918 to 1923 incl. and $500 in
1916, 1919, 1922 and 1925. Bonds to be delivered and paid for within 10
days from time of award. Cert, check for 5% of bonds bid for, payable
to tho Vil. Clerk, required. Purchaser to pay accrued interest.
LONOKE COUNTY (P. O. Lonoke), Ark .— BON D O FF ER IN G .—
Proposals will bo received until 10 a. m. Juno 24 by tho District Commis­
sioners for $20,000 Dist. No. 1, $120,000 Dist. No. 2, $85,000 Dist. No. 3
and $150,000 Dist. No. 4 road bonds. Int. semi-annual. Duo in 15, 20
or 25 years, as the boards may elect.
LOUISIANA SCHOOL DISTRICT (P. O. L ouisiana), Pike C ounty
Mo.— BO N D S A L E . — Tho Sec. Bd. of Ed. advises us that tho $42,000 5%
bldg, bonds votod M ay 6 (V. 96, p. 1438) have been purchased by tho Com­
merce Trust Co. of Kansas City.
LOWNDES COUNTY (P. O. Colum bus), Miss.— BON D O FFER IN G .
— Proposals will bo received until 2 p. m. July 7 by the Board of Super­
visors, B. A. Lincoln, Clerk, for $50,000 5H % Supervisors District No. 2
road bonds. Denom. $500. Dato July 1 1913. Int. J. & J. at County
Treasurer’s offico. Duo $500 yearly on July 1 from 1924 to 1932, inclusive,
and $44,500 on July 1 1933. Certified check for $1,000, payable to Clerk,
required. A like amount of bonds was offered on June 2 (V. 96, p. 1573).
LOWER MERION TOWNSHIP (P. O. Ardm ore), M ontgom ery
C ounty, Pa .— BOND O FFER IN G .— Proposals will be received until 12 m.
July 2 by W . A. L. Barker, Chairman Finance Committee, for the follow­
ing tax-free coup, bonds:
$90,000 4>4% highway bonds, series B, C and E. Due $30,000on Jan. 1
in 1916,1917 and 1919.
20.000 4)^% playground bonds. Duo In 1943.
Cert, check for 5% of bonds bid for required.
The official notice o f this bond offering will be found among the advertise
ments elsewhere in this Department.
McDOWELL COUNTY (P. O. M arion), No. Caro.— BOND OFFER­
IN G . — This county is offering for tho $50,000 Marion Twp., $20,000 Old

Fort Twp. and $10,000 Nebo Twp. 5)4% bonds voted May 13 (see “ Chroniclo” May 17). Int. semi-ann. at Chase Nat. Bank, N . Y . C. A. Blan­
ton is Chairman of tho Marlon Twp. Highway Commission.
M cK IT T R IC K SCHOOL DISTRICT (P. O. M cK ittrick), Kern
C ounty, Cal.— BONDS V O T ED . — According to reports, this district re­
cently voted $4,000 school bonds. Denom. $1,000.
MADISON COUNTY (P. O. L on d on ), O h io.— BON D S A L E .— On
June 16 tho $25,000 5% coupon flood-emergency bonds (V. 96, p. 1719)
wero awarded to Hochlcr & Cummings of Toledo, it is reported, at 100.884.
MANLY, W orth C ounty, Iow a .— BOND S A L E .— Tho $9,000 5*4%
water-works bonds offered on Juno 2 (V. 96, p. 1573) havo been awarded
to Schanko & Co. o f Mason City.
M A R I O N , M a r io n C o u n t y , O h i o . — BO N D O FF E R IN G .— Proposals
will bo received until 12 m. July 18 by II. E. Mason, City Auditor, for




1787

CHRONICLE

$4,000 5% coupon Lincoln and Garfield parks improvement bonds author­
ized April 14 (V. 96, p. 1316). Denom. $500. Dato Mar. 1 1913. Int.
M . & S. Due $500 each six months from Mar. 1 1914 to Sept. 1 1917.
inclusive. Certified check for $200, payable to City Treasurer, required.
M A R Y S V IL L E

SCHOOL

D IS T R IC T

(P .

O.

M a r y s v i ll e ) ,

U n io n

C o u n t y , O h i o .— BON D O FF ER IN G . — Proposals will be received until 12
m. July 1 by D. B. Edwards, Clerk Bd. of Ed., for the $80,000 5% bldg,
bonds voted April 1. Auth. Secs. 7625, 7626 and 7627, Gen. Code. De­
nom. $500. Date Juno 2 1913. Int. M . & 8. at the District Depositary.
Due $2,000 each six months from Mar. 2 1914 to Sept. 2 1933 incl. Cert,
check for $1,200, payable to Treas. Bd. of Ed., required. Bonds to be de­
livered and paid for within 10 days from time of award. Bids must be uncon­
ditional. These bonds were offered without success on June 2 (V. 96,p. 1646).
M A T H E R V IL L E ,

M ercer

C o u n ty ,

111.— BOND

E L E C T IO N .— A n

election will bo hold to-day (June 21) ,it is stated, to vote on the question
of issuing $2,500 town-hall-jail-and-fire-engine-house-constr. bonds.
M A T T H E W S S C H O O L D I S T R I C T (P . O . M a t t h e w s ) , M e c k le n b u r g

C o u n t y , N o . C a r o .— BO N D S A L E . — On Juno 9 the $12,000 6% 20-yr.
bldg, bonds (V. 96, p. 1646) were awarded to Hoehler & Cummings of T o ­
ledo for $12,187, making the price 101.558. Denom. $1,000. Date
July 1 1913. Int. J. & J.
M A Y V I L L E S C H O O L D I S T R I C T (P . O . M a y v il le ) , T u s c o l a C o u n t y ,

M i c h .— BO N DS V O T ED . — The proposition to issue $5,000 school-impt.
bonds carried, reports state, at the election held June 9 by a vote of 50 to 7.
M E R ID IA N ,

L a u d e r d a lo

C o u n ty ,

M i s s .— BON DS

V O T ED . — T h e

propositions to issue tho $25,000 (city’s share) street-paving and $10,000
sanitary sower bonds and $13,279 32 paving sidewalk and $50,524 41 street­
paving certificates carried at the election held June 3 (V. 96, p. 1247). T h e
bonds were previously sold to the First Nat. Bk. of Cleveland, having been
re-voted at the purchaser’s request because of their actual issuance under
commission government.
M I A M I C O U N T Y (P . O . P e r u ) , I n d . — BO N D S A L E .— On June 10 th e
six issues of 4)4 % highway impt. bonds, aggregating $53,880, were awarded
at par as follows: $8,540 20-yr., $8,760 ‘20-yr., $15,600 20-yr.and $7,150
10-yr. bonds to the Citizens’ Nat. Bank, Peru; $8,200 20-yr. bonds to Geo.
Smith of Peru and $5,630 10-yr. bonds to John M . Hatfield, Miami. D a t e
May 15 1913. Int. M . & N.
M I D W A Y S C H O O L D I S T R I C T , K e r n C o u n t y , C a l .— BON D S A L E .

— The $20,000 bldg, bonds offered on Juno 7 (V. 96, p. 1511) have been
awarded, reports state, to the Bank of Kern, Kern, at 100.085.
M IL A M
COUNTY (P . O. Cameron), T e x .— BOND S A L E . — The
$150,000 Justice Precinct N o. 1 road-const, bonds voted April 18 (V. 96.
p. 1247) have been purchased, reports state, by E. B. Blanton of Gaines­
ville.
M I L W A U K E E , W i s . — BO N D S N O T SOLD.— No bids were received, it is
stated, for tho threo issues o f 414% 1-20-yr. (ser.) coup, tax-free bonds,
aggregating $475,000, offered on June 12 (V. 96, p. 1647).
M I L W A U K I E , C la c k a m a s C o u n t y , O r e . — BOND OFFER IN G .— Pro­
posals will be received until 8 p. m. June 27 by D. P. Mathews, Town R e ­
corder, for tho $20,000 5% 20-yr. water-works bonds voted Mar. 18 (V. 96,
p. 1719). Denom. $1,000. Date July 1 1913. Int. J. & J. Cert, ch eck
for 5% of bonds bid for, payable to Mayor, required.
M IN D E N

C I T Y , S a n i l a c C o u n t y , M i c h .— BOND O FFER IN G .— P ro ­

posals will bo received at any time for $2,500 5% street-improvement bonds.
Auth. vote of 57 to 9 at an election held June 17.
M I N N E A P O L I S , M i n n . — B ID S R E JE C T E D .— The two bids received
for tho nine issues of bonds, aggregating $892,500, offered on June 16 (V. 96,
p. 1573) wero rejected, local papers state.
M I N N E S O T A . — C E R T IF IC A T E S N O T SOLD.— No bids were received
it is reported, for the two issues of certificates of indebtedness, aggregating
$275,000, offered on Juno 16 (V. 96, p. 1720.)
M I S S I S S I P P I L E V E E D I S T R I C T (P . O . G r e e n v i l l e ) , M i s s .— BONDS
A U T H O R IZ E D .— Prior to tho adjournment of tho special session of the

Legislature on Juno 14, provision was made for the issuance by the Levee
Board of $1,000,000 bonds.
M O N T P E L I E R , W i l l i a m s C o u n t y , O h i o . — BON D S A L E . — On J un e 14
tho $15,000 5 % 20-yr. municipal water-works and electric-light-plant-impt.
bonds (V. 96, p. 1573) were awarded, it is stated, to Hoehler & Cummings
of Toledo for $15,161 51— making the price 101.767.
M O O R E F IE L D

T O W N S H IP

(P . O . P i e d m o n t ) , H a r r i s o n C o u n t y ,

O h i o . — BON D O FF ER IN G . — Proposals will be received until 12 m. Juno 25
by T . S. Beatty, Twp. Clerk, for $2,000 6% inter-county highway (town­
ship’s share) bonds. Denom. $1,000. Dato June 25 1913. Int. J. & D.
Duo $1,000 on April 1 and Oct. 1 1915. Cert, check for 5% of bonds bid
for, payable to Twp. Treas., required. Bonds to be delivered and paid for
within 10 days from time of award. Purchaser to pay accrued interest.
MORGAN

COUNTY

(P .

O.

M a r t e n s v i lle ) ,

I n d . — BON D

S A L E .—

On June 17 tho two issues of 4)4 % gravel-road bonds, aggregating $15,900
(V. 96, p. 1647) were awarded, it is stated, to the Citizens’ Nat. Bank of
Martinsville at 100.61 and int.
M O R G A N T O N T O W N S H I P (P . O . M o r g a n t o n ) , B u r k e C o u n t y , N o .

C a r .— BONDS N O T SO LD . — No sale was made on June 14 of the $15,000
5% 30-year road bonds offered on that day (V. 96, p. 1647).
M O R R O W A N D M A R I O N C O U N T I E S , O h i o . — BONDS R E F U S E D .—

R e p o r ts s ta te t h a t S p itz e r , R o r ic k & C o .
t h o $ 3 5 ,2 6 0 5 % c o u p . C o x J o in t - c o u n ty
M a y 2 0 (V . 9 6 , p . 1 5 1 1 ), th e ir c o u n s e l
b e c a u s e t w o c o u n tie s c a n n o t s e ll b o n d s t o

o f T o le d o h a v e re fu s e d t o a c c e p t
p i k e b o n d s a w a r d e d t o t h e m on
h o l d i n g t h a t t h e is s u e w a s i l l e g a l
b u ild a p ik e .

M O N T P E L I E R C O N S O L I D A T E D S C H O O L D I S T R I C T (P . O . W e s t

P o i n t ) , C la y C o u n t y , M i s s .— BOND O FFRE IN G . — Proposals will be re­
ceived until 2 p. m. July 9 by L. J. Howard, Clerk, for $5,000 6% coupon
building bonds. Int. annually on Fob. 1. Duo Feb. 1 1933. Certified
check for $200 required.
M O U N T M O R R I S , L i v i n g s t o n C o u n t y , N . Y .— BO N D O FF E R IN G .—

Proposals will be received until 8:30 p. m. Juno 23 by J. A. Striker,Vil. Clerk,
for tho following coup, bonds at not exceeding 414 % int. (V. 96, p. 1720):
$100,000 water bonds. Date Oct. 1 1913. Due $4,000 yrly. aft. 5 yrs.
4 5 ,0 0 0

sow er bond s.

D a t o A u g . 1 1 9 1 3 . D u e $ 2 ,0 0 0 y r l y . b e g . 1 9 1 4 .

Denom. $500. Int. semi-ann. N. Y . Certk check for 1% of bonds bid
for, payablo to Vil. Treas., required. Reports state that the sewer bonds
were recently offered without success.
Official circular states that there is no litigation pending that would affect
this or any other outstanding issuo of bonds, that the principal and interest
of all bonds previously issued has always been paid promptly at maturity,
and that there has never boon any default in the payment of any obligations.
NEVADA

IN D E P E N D E N T

SCH O OL

D IS T R IC T

(P .

O.

N e v a d a ),

C o lli n C o u n t , T e x . — BON DS R EG ISTE R E D .— An issuo of $17,100 5%
20-40-year (opt.) bldg, bonds was registered on June 10 by the State Compt.
BONDS A W A R D E D I N P A R T . — On tho same day the State Board of
Ed. purchased $10,000 of the above bonds at par and int.
NEW

BEDFORD,

B r is to l

C o u n ty .

M a s s .— BO N DS N O T

SOLD.—

No sale was made, it is stated, of the following tax-free bonds, aggregating
$550,000, offered on Juno 19:
$200,000 4% coupon sower
bonds. Denom. $1,000.Date June 11913.
Int. J. & D. Due $8,000 yearly June 1 from 1914 to 1923,
incl., and $6,000 yearly June 1 from 1924 to 1943, incl.
100.000 4% coupon sower
bonds. Denom. $1,000.Date July 11913.
Int. J. & J. Due $4,000 yearly July 1 from 1914 to 1923,
incl., and $3,000 yearly July 1 from 1924 to 1943, incl.
250.000 5% registered Municipal Loan No. 1 of 1913 bonds offered with­
out success on Feb. 19 (V. 96, p. 1172). Denom. $1,000 or
multiples thereof. Int. M . & S. Due $25,000 yearly Mar. 1
from 1914 to 1923, inclusive.
T E M P O R A R Y L O A N .— A loan of $100,000, dated June 23 and due
Nov. 6 1913, has been negotiated, reports state, with Morgan & Bartiet
of New York at 5% discount.
N E W L E I P Z I G , M o r t o n C o u n t y , N o . D a k .— BOND O FFER IN G .—
P rop osals will b e received b y tho V il. C lerk fo r $ 4 ,0 0 0 b o n d s.
I n t . (rate
to b e n am ed in b id ).
C e r t , ch eck fo r $ 1 0 0 requ ired .
N E W L E X I N G T O N , P e r r y C o u n t y , O h i o .— BO N DS V O T ED .— T h e
qu estion o f Issuing th e $ 5 0 ,0 0 0 w a ter-p la n t-p u rch a se b on d s ( V . 9 6 , p . 12 47 )
carried , rep orts s t a te , b y a v o t e o f 3 9 2 to 9 8 a t th e election h eld J u n e 1 6 .
N E W M E X I C O . — BOND O FFER IN G .— Proposals will b e received u ntil
J u ly 1 (p ostp on ed fr o m Jun o 16) b y O . N . M a r r o n , S ta te T re asu rer, a t
S a n ta F e , for $ 2 0 0 ,0 0 0 o f an issuo o f $ 5 0 0 ,0 0 0 4 % go ld co u p o n h ig h w a y
b o n d s.
D e n o m . $ 1 ,0 0 0 .
D a t e J u ly 1 1 9 1 3 .
In t. J . & J .
D u e p a rt

1788

THE

CHRONICLE

yearly. These bonds were offered on June 16 (V. 96, p. 1647), but only
ono bid was received; this, being unsatisfactory, was rejected.
N EW ROCHELLE, W estchester County, N. Y .— BOND B A L E .—
On June 17 the five Issues of 5% reg. bonds, aggregating $221,400 (V. 96,
p. 1647), were awarded to R . W. I’ressprlch & Co. of N. Y . for $224,033
(101.189) and int. Other bids follow:
H arris, Forbes&Co.,N.Y_ $223,222 12|Estabrook & Co., N. Y . .$221,997 78
A d am s* C o., N . Y _____ 222,107 00)
NILES, Trumbull County. Ohio.— BOND O FF ER IN G .— Proposals
will be received until 2 p. m. July 16 by II. Thomas, City Auditor, for tho
following 5% (assessment) Lafayette Ave. improvement bonds:
$11,415 improvement bonds. Denom. (1) $415, (22) $500. Due on
hri
July 1 as follows: $2,500 in 1914 and 1915, $2,000 in 1916 and 1917
and $2,415 in 1918.
, ,
740 improvement bonds. Denom. $148. Duo $148 yearly on July 1
from 1914 to 1918, inclusive.
„
Authority Sec. 91, Municipal Code. Date July 1 1913. Int. J. & J.
Certified check for 5% of bonds bid for, payable to City Treasurer, required.
Bonds to bo delivered and paid for within 10 days from time of award.
Purchaser to pay accrued interest.
NORMAL, McLean County, 111.— D E S C R IP T IO N OF BO N D S .— W e
are advised by the City Clerk that the $10,500 paving and street-impt.
coup, bonds voted May 17 (V. 96, p. 1574) are in denom. of $500 and bear
Interest at the rate of 5% . Dato Oct. 1 1913. Int. ann. on Mar. 31 at
office of Town Treas. Duo Mar. 31 1918.
N O R TH BEND, Coos County, Ore.— BOND S A L E . — On June 10 tho
$35,000 20-yr. funding bonds (V. 96, p. 1513) were awarded to John E.
Price & Co. of Seattle as 6s at par, int. and blank bonds. Other bids folJasf’N. Wright & Co. of Denver bid $35,100 for 5K s, less $1,475 for ex­
penses; also tho right to refuse tho bonds if not approved by attorney.
The bid of Hoehler & Cummings of Toledo was received too late to be
considered.
O AK HARBOR, Ottawa County, Ohio.— BO N D S A L E .— On Juno 10
$3,500 5% 1-5-yr. (ser.) street bonds were awarded, it is stated, to the
Oak Harbor State Bank at par and int. There were no other bidders.
O K LAH OM A.— BO N DS N O T TO BE RE-OFFERED A T P R E SE N T .—

The Chief Clerk of the Stat o Treasurer’s office advises us under date of June 11
that it is not likely that the $3,000,000 4% coup, refunding bonds offered
without success on Feb. 1 (V. 96, p. 1112) will be re-offered in the near fu­
ture. He further states that the question is being considered of introducing
a resolution in the Legislature, when it convenes Juno 23, asking that a prop­
osition bo submitted to the people at tho election Aug. 5 authorizing the
Finance Committee to issue 4 f i % bonds.
OLEAN, Cattaraugus C ounty, N. Y . — BOND S A L E . — Tho $22,000
4 1 % 20-yr. reg. police-station and jail-const, bonds offered on Juno 2
^
(V. 96, p. 1439) have been awarded to Adams * Co. of N. Y. at par and int.
OLIVET, Eaton County, Mich.— BONDS V O TED . — Wo are advised
that the question of issuing the $14,500 water-works bonds (V. 96, p.
1720) carried at the election held Juno 14 by a vote of 202 to 30.
OVERTON INDEPENDENT SCHOOL D IST R ICT (P. O. Overton),

Rusk County, Tex. — BOND S A L E .— The $7,000 5% 10-40-yr. (opt.)
bldg, bonds registered by tho State Compt. on May 19 (V. 96, p. lo74)
havo been purchased by the State at par.
OWENSMOUTH SCHOOL DISTRICT (P. O. Owensm outh), Los
Angeles County, Cal.— BOND S A L E . — Reports state that the $50,000
5% 1-40-yr. (ser.) bldg, bonds offered without success on March 10 (V. 96,
p. 966) have been sold to the Homo Sav. Bank and the Title Insurance &
Trust Co. o f Los Angeles.
O X N A R D , Ventura County, Cal.— BOND S A L E . — It is stated that
tho $100,000 5% 22-yr. (av.) gold coup, tax-free municipal water-works
bonds offered without success on May 27 (V. 96, p. 1720) have been pur­
chased by C. D. Vincent of Oakland at par and int.
PAR K ER SBUR G, W ood County, W . V a .— BOND S A L E .— On
Juno 12 tho $200,000 4H % 10-yr. coup, public-impt. bonds (V . 96, p. 1648)
were awarded at par and int. as follows: $100,000 to Seasongood & Mayer
of Cin. and $100,000 to Well, Roth & Co. of Cin.
PARKERSBURG SCHOOL D ISTR ICT (P. O. Parkersburg), Wood

County W . V a.— BONDS V O T ED . — According to reports tho proposition
to issue the $300,00 4% bldg, bonds (V. 96, p. 1574) carriod at tho election
held Juno 10 by a vote of 1,001 to 271.
PASCO C O U N TY (P. O. Dade City), Fla..— BO N DS VOTED.— Local
papers state that the proposition to issue $150,000 Special Road & Bridge
Dist. No. 1 road-const, bonds carried at a recent election.
PEASTER SCHOOL D IST R IC T (P. O. Peaster), Parker County,
Tex.— BO N DS V O T ED . — According to reports, this district recently voted

$5,000 building bonds.
PENN TO W N SH IP SCHOOL D IST R IC T , Westmoreland County,
Pa. — BO N D S A L E . — On Juno 12 $50,000 5% tax-free bonds were awarded

to J S & W. S. Kuhn, Inc., of Pittsburgh at 102.20 and int. Denom.
$1,000. Date May 1 1913. I n t .M .& N . Due $10,000 in 5 yrs., 10 yrs.,
15 yrs., 20 yrs. and 25 yrs.

PERTH AM BOY, Middlesex County, N. J.— BONDS N O T SOLD.—•

No bids were received for tho $97,000 5% 10-yr. coup, or reg. street-impt.
bonds offered on June 16 (V. 96, p. 1574).
PITTSFIELD, Berkshire County, Mass.— T E M P O R A R Y L O A N .—

On Juno 18 a loan of $100,000, in anticipation of taxes maturing Oct. 17,
was negotiated with R. L. Day & Co. of Boston, it is stated, at 4.89%
discount.
PLYM OUTH TOW NSH IP SCHOOL D IST R ICT (P. O. Plymouth
Meeting), Montgomery County, Pa.— BOND O FFER IN G . — Proposals

will bo received until 10 a. m. July 1, it is reported, by W. S. Dickerson,
Dist. Sec., for $30,000 4 H % 17 1-6-yr. (aver.) bldg, bonds. Int. semiann. Cert, check for 2% required.
POLK, Polk County, N eb.— BONDS VOTED . —Tho question of issuing
$16,000 water and light bonds carried, reports state, at tho election hold
June 11 by a vote of 104 to 8.
POLK CO U N T Y (P. O. Benton), Tenn.— BOND O FF E R IN G . — Ac­
cording to reports, proposals will be received until 12 m. July l by J. H.
Williamson. Chairman of County Court, for tho $80,000 6% 1944-year
(av.) highway and bridge bonds recontly voted (V. 96, p. 1514).
PORT OF SEATTLE, K ing County, W ash.— BOND O FF ER IN G .—
Proposals will be received until 1:30 p. m. July l by tho Port Commission,
H . M . Chittenden, Prest. (P. O. 843 Central Bldg., Seattlo) for tho follow­
ing 4)4 % gold harbor-impt. bonds, aggregating $950,000:
$400,000 Smith’s Cove-impt. bonds. Due $4,000 In 1, 2, 3, 4, 6, 7, 8
and 10 years, $6,000 in 5, 9. 11, 12, 13, 14 and 15 years,
$8,000 yearly from 16 to 22 years, Inch, $10,000 yoarly from
23 to 27 years inch, $12,000 in 28 and 29 years, $14,000 in
30, 31 and 32 years, $16,000 yearly from 33 to 37 years inch,
$18,000 yearly from 38 to 41 years inch and $2,000 in 42 years.
200.000 East Waterway-lmpt. bonds. Duo $1,000 in 1 and 42 years,
$3,000 yearly from 2 to 9 years inch, $4,000 in 10, 11, 12,
14, 15, 19 and 20 years, $5,000 in 13, 16, 17, 18 and 35 yrs. and
$5,000 yearly from 21 to 30 years. $6,000 in 31 and 32 years,
$7,000 in 33, 34, 36, 37, 38 and 40 years and $9,000 in 41 years.
200.000 Central waterfront-impt. bonds. Due $2,000 in 1, 2, 3, 4, 5,
6, 8, 9 and 11 years. $3,000 in 7, 10, 12. 13, 14 and 15 years,
$4,000 yearly from 16 to 22 years incl., $5,000 yrly from 23
to 27 yrs. incl., $6,000 in 28 and 29 yrs., $7,000 in 30, 31 and
32 yrs., $8,000 in 33. 34, 36 and 37 yrs. and $9,000 in 35, 38,
39 and 40 yrs. and $10,000 in 41 years.
150.000 Lake Washington-impt. bonds. Due $1,000 in 1, 3 and 6 years,
$2,000 in 2. 4, 5. 7, 8, 9. 10. 11, 13 and 15 years, $3,000 in
14, 24 and 42 years and $3,000 yearly from 16 to 22 years incl.,
$4,000 in 23, 25, 26, 27, 29, and 31 years, $5,000 in 28, 30,
32 and 34 years. $6,000 in 33, 35, 36, 37, 38 and 40 years and
$7,000 in 39 and 41 years.
Denom. $1,000. Date May 1 1913. Int. M . & N. at office of fiscal
;agency of State of Wash, in N. Y . Cit... r v r f . check fcp 1% of bonds bid




[ V o l . XCVI.

for, payable to Port Commission, required. Bonds may bo registered at
holder’s option and expense by the Equitable Tr. C o., N. Y ., tho fiscal
agent of tho State of Wash. These bonds will be certified as to genuineness
by the Columbia-Knickerbockor Tr. Co. and their legality approved by
Caldwell, Masslich & Reed of N. Y . City, whoso favorable opinion will bo
furnished upon request. All bids must bo absolute.
The official notice of this bond offering will be found among the advertise­
ments elsewhere in this Department.
BONDS V O TED . — Tho question of issuing tho $3,000,000 terminal-lmpt.

bonds (V. 96, p. 1514) carried, it is reported, at the election held Juno 17.
POOLER, Chatham C ounty, Ga.— BO N D O F F E R IN G .— Proposals
will be received until 4 p. m. July 5 by C. A. Ryan, Mayor, for $6,000 6%
water-system-constr. bonds. Denom. $500. Int. somi-ann. Duo $1,000
yrly. within 1 to 8 yrs. incl. from date. Cert, check for 2% of bonds bid
for, payable to “ Town of Pooler,” required. Bonds to bo delivered on
or before Aug. 1.
PUSHMATAHA COUNTY (P. O. A ntlers), Okla.— BO N DS PRO­
POSED. — According to reports petitions aro being circulated asking for
$30,000 Kiamichi River brklgo-constr. bonds.
PUTNAM COUNTY (P. O. Greencastle), In d .— BO N D S A L E .— On
June 18 the $2,869 4 14% coupon Eli Brattain road bonds (V. 96, p. 1721)
were awarded to J. O. Smith at par and int. Denom. (1) $152, (19) $143.
Dato Juno 3 1913.
QUINCY, N orfolk C ounty, Mass.— BOND O FFER IN G .— Proposals
will l)o received until 12 m. Juno 23 by II. F.Tilden, City Treasurer, for
$38,775 4)4% coupon or registered tax-free sidewalk and stroct bonds.
Denom. $1,000, $500 and $275. Dato Juno 1 1913. Int. J. * D.at Nat.
Shawmut Bank, Boston. Due on June 1 as follows: $9,275 in 1914,
$8,000 yearly from 1915 to 1917 incl. and $5,500 in 1918.
Thoso bonds
will be certified as to genuineness by the Old Colony Trust Co., and thoir
legality approved by Ropes, G ray* Gorham of Boston, a copy of whose
opinion will accompany tne bonds when delivered, without chargo to pur­
chaser. Bonds to be delivered on or about July 1.
RANCHESTER, Sheridan C ounty, W yo.— BOND S A L E .— On Juno 2
$13,000 6% 15-30-year (opt.) wator-works bonds were awarded to C. H.
Coffin of Chicago at par less exponses. Denom. $1,000. DatoJuno2 1913.
Int. ann. on June 2 at tho National City Bank, N. Y .
READING, Berks C ounty, Pa.— BONDS A W A R D E D I N P A R T .—
Wo are advised by the Comptroller that $20,000 of tho $244,000 (unsold
portion of $300,000) 4% tax-freo sower bonds (V. 96, p. 1574) havo boon
sold. Int. F. & A.
RED LAKE FALLS, Red Lake C ounty, M inn.— BOND S A L E .— On
June 10 tho $54,000 refunding bonds (V. 96, p. 1514) were awarded to tho
Farmers’ Nat., tho Merchants’ Stato and tho First State Banks of Rod
Lako Falls at their joint bid of par for 0s. Denom. $1,000. Dato Juno 2
1913. Int. J. & D. Duo Juno 1 1933.
RICHLAND TOWNSHIP (P. O. A uburn), D ecatur C ounty, In d .—
BOND O FFER IN G . — Proposals will bo received until July 7, it is stated,
by G. Shaffer, Twp. Trustee, for $20,000 school bonds.
RICHTON, Porry C ounty, Miss.-— BO N DS V O T ED .— 'Tho proposition
to issue water-works bonds carried, reports stato, at tho election held Juno 10
by a voto of 53 to 21.
RIPLEY COUNTY (P. O. Versailles), In d .— BOND O FFER IN G .—
Reports state that proposals will bo received until 1 p. m. July 7 by J. N.
Hess, Co. Treas., for the following pike bonds dated July 7 1913:
$7,260 Johnson township bonds. Denom. $363. Duo $363 each six mos.
from May 15 1914 to Nov. 15 1923 incl.
11,500 Center Township bonds. Denom. $575. Duo $575 oach six mos.
from May 15 1914 to Nov. 15 1923 incl.
_
, ,
6,160 Franklin Township bonds. Denom. $308. Duo $308 oach six mos.
from M ay 15 1914 to Nov. 15 1923 incl.
RIVERBANK SCHOOL DISTRICT, Stanislaus C ounty, Cal.—
BOND S A L E . — Tho $4,000 5% bldg, bonds offered on April 15 havo boon
awarded to the Union Sav. Bank of Modesto at par and int.
RIVERSIDE, Riverside C ounty, Cal.— BOND S A L E .— Tho romaining
$560,000 of an issue of $1,160,000 5% i-40-yr. (ser.) coup, tax-free water­
works bonds (V. 96, p. 1648) havo been purchased, it is stated, by a syn­
dicate composed of E. H. Rollins * Sons and N. W. Halsey & Co. of San
Francisco and tho Continental & Commercial Tr. * Sav. Ilk. of Chicago.
Dato Juno 1 1913. Duo $14,000 yrly. Juno 1 1914 to 1953 incl.
ROBERTSON COUNTY (P. O. Franklin), Tex.— BO N D S N O T S O LD .
— The Co. Judgo informs us that no award has yet been mado of the $50,000
5% 10-10-vr. (opt.) Justices Precinct No. 5 road-impt. bonds offered on
April 14 (V. 96, p. 1113).
ROCKY MOUNT, Edgecom b C ounty, No. Caro .— BO N D O FFER IN G .
— Proposals will bo received until 8 D. m. July 10 by C. II. Harris, Clerk,
for tho $135,000 sower, paving and water-works and $65,000 municipal
gas works 5% 40-yr. bonds voted May 26 (V. 96, p. 1574). Denom. $100
or multiples thereof. Dato July l 1913. Int. J. & J. at N. Y . City.
Cert, check for $2,000, payable to L. F. Tillery, Mayor, required. Official
circular states that there is no litigation pending or threatened, that there
has never been any litigation and that there has never been any default.
ROCKY MOUNT GRADED SCHOOL D ISTR IC T (P. O. R ocky
M ount), Edgecombe C ounty, No. Caro.— BOA/) OF B E R IN G . 1 roposals will be received until 8 p. m. July 10 by F. I f. Battle, Chairman, for
the $35,000 5% 10-yr. coup. bldg, bonds voted M ay 26 (V. 96. p. 1574).
Denom. $100 or multiples thereof. Int. A. & O . in N. Y. < . Cert, chock
for $1,000. payable to Chairman, required. Official circular states that
there is no litigation pending or threatened, that there has never been any
litigation and that there has nover been any default. Bonded debt M ay l
1913, $15,000. Assess, val., $4,990,000.
ROSENBERG INDEPENDENT SCHOOL DISTRICT (P. O. R osen­
berg), Ford County, Tex.— BONDS A W A R D E D I N I A R T . Curing
the month of April Cutter, May & Co. of Chicago were awarded $27,000
of tho $57,000 5% bldg, bonds registered by tho State Compt. on May 19
(V. 96, p. 1574).
RUSHVILLE, R ush C ounty, Ind .— BOND S A L E .— The $12,000 4 J-j %
5-16-year (ser.) refunding bonds (V. 96, p. 434) were awarded on bob. 16
to Breed, Elliott * Harrison of Indianapolis at 103.90.
ST. PARIS, Champaign County, O h io.— BOND OFFERING — Pro­
posals will be received until 12 m. Juno 25 by C. b . Offenbacher, Vil. Clerk,
for tho S30.000 6% coup, paving bonds authorized In March (V .96, p. 814).
Denom. $250, $500 and $1,000. Date May 15 1913. Int. M . * S. at
Central Nat. Bank, St. M ary’s. Duo part yearly beginning Mar. 1 1914.
Cert, check for $300, payable to “ Vlllago of St. Baris,” roqulrod. Bonds
are not tax-free.
ST. PAUL, M inn.— BONDS R E F U S E D .— Local papers state that Wells
& Dickey Co. of Minneapolis havo refused to tako tho $50,000 4 H % water­
works bonds awarded to them on May 12 (V 96, p. 1440). •ho rejection
is based on a technicality as to tho method of publication of notice of tho
sale, the purchasers contending two weeks notlco should bo given.
SAN ANTONIO, Bexar C ounty, Texas.— BOND E L E C T IO N .— lie ports state that an election will be held July 18 to decklo whethor or not this
city shall issue $3,450,000 public-improvement bonds.
SANGAMON AND DRUMMF.R DRAINAGE! D ISTRICT (P. O.
Gibson City), Ford County, 111.— BOND O FFERIN G — U Is reported
that proposals will be received until 1 p. in. June 2o for $24,000 ditch bonds
SAN MATEO COUNTY (P. O. R edw ood City), Cal.— BOND OFFBR­
IN G
— T
----’ ” r ,r X ~ ’*
T ’
Clerk ]
bonds
at offic
City,
to
cash)
vided
..—— ------ ---------- - , ,
,
, , ,.
accrued int. Bids must bo mado upon blank forms furnished by i
Bonds to be delivered on date to be mutually agreed upon between pur­
chaser and Bd. of Superv. The legality of t.heso bonds will bo approved
by Dillon. Thompson & Clay of N. Y. and Mason * Loeko of San Fran.,
whoso favorable opinion will bo furnished purchaser or pruchasers. Official
circular states that there Is no litigation pending or threatened involving
the legality of this issue.

[June 21 1913.

THE

CHRONICLE

SANTA CRUZ, Santa Cruz County, C a l— BO N D E L E C T IO N .—

Reports state that an election will bo held June 25 to submit to a vote the
question of issuing $220,000 city-water-plant-purchase bonds.
SANTA PAULO UNION H IG H SCHOOL D IST R IC T (P. O. Santa

Paulo), Ventura County, Cal.— BONDS V O T ED .— The proposition to
issuo *72,000 5% bldg, bonds carried at the election held M ay 31 by a vote
of 537 to 208. Int. semi-ann. Duo $3,000 yrly. Wo aro advised that
theso bonds will probably be offered In July.
SAVANNAH , Chatham County, G a.— BOND S A L E . — The following
bids were received for tho $213,000 4 'A % coup, refunding bonds offered
Bidder—
Amt.
Bid.
Bid.
George J. Mills_____ $2,500 100
$8,500 100
2,000 103
10,000 100K John I. Stoddard___
0,000 103
10,000 100 H W. G. Revel_______
J oh n L . H a m m on d &.{
W. M. Davant____ (
2,000 10014
Co ...................... 1 10,000 100 K
213,000 100)4
2,500 10014
l
Savannah Fire Ins.Co. 38,000 100
N a t . B ank S a v a n n a h . 213,000 10014
1,000 104
Savannah Female OrA . F . M a rm elsteln ___
3,000 103
phan Asylum_____
9,000 100
4,000 103 \ .
4
5,000 90
4,000 10314 German Mutual Fire]
3,000 95
Albert Wylly.
4,000 103
2,000 97
Insurance Co____ [
3,000 104
E. M. Broderick........ 10,000 100
Charles Ellis___
5,000 100
2,000 102
Mrs. B. Brady_____
Farson, Son & Co___ 213.000 100.009
213.000
SEATTLE, W ash.— B ID R EJE C T ED — SHORT T E R M BO N D S IS ­
S U E D .— On May 17 this city offered five issues of bonds, aggregating
$1,700,000, including three issues of 1-20-year (serial) ref. bonds amounting to
$975,000. A bid of 96.00 and interest for $1,400,000 5% refunding and
light-extension bonds from Chapman, Mills & Co. of Chicago and Geo. II.
Tilden & Co. of Seattlo was the only offer received for the five issues.
This bid, howover, was rejected.
„
,
Acting upon tho advico of Caldwell. Masslich & Ilecd, attorneys, or Now
York, tho city then arranged to refund the $975,000 bonds maturing
July 1 by tho issuance of 5% 1 - 5 -year (serial) bonds and providing for a
tax levy of 1 mill per $ 1 , 0 0 0 of city property to pay them within the period.
As a result of this action by thecity, tho entire issuo was taken by local bank­
ers at par. Tho short-term bonds are in denomination of $500 instead of
$ 1 ,0 0 0 . as was tho case with tho original issuo.
(
SHASTA COUNTY (P . O. R edding), Cal.— N O BOND E L E C T IO N .—
Wo aro advised by tho Co. Clerk that there will bo no election to vote on the
proposition to issue tho $500,000 road-impt. bonds (V .96, p. 1379.)
SILVER BOW COUNTY SCHOOL D IST R IC T NO. 1 (P. O. B utte),
M ont .— BOND O FFER IN G .— Proposals will be received until 4 p. m. July
15 by L. T . Gainor, Chairman, Hoard of Trustees, for tho $100,000 10-20year (opt.) bldg, bonds at not oxceeding5% int. VotedM ay 31 (V. 96, p.
1715). Donom. $1,000. Date July 1 1913. Int. .1. & J. in N Y . City.
Cert, chock (or cash) for $1,000, payable to Chairman, required. Ronds to
bo delivered and paid for within 60 days from day of purchase. Purchaser
to furnish blank bonds and deliver purchaso price at Co. Treas. office.
SMITH COUNTY (P. O. T yler), T ex.— BOND O FF E R IN G .— Proposals
will bo received until July 10, it is stated, by J. P. Odom, Co. Judge, for tho
$75,000 5 % 40-yr. road bonds voted May 15 (V. 96, p. 1514.)
SOUTH CHARLESTON, Clark C ounty, O h io.— BOND O FFER IN G .
— Proposals (sealed or verbal) will bo received until 8 p. m. July 15 by W. L.
Wintz, Vil. Clerk, for $3,000 5% coup, street-repair bonds. Denom. $500.
Date Juno 1 1913. Int. ann. on Sept. 1 at office of Vil. Treas. Duo $500
yearly on Sept. 1 from 1924 to 1929 incl. Cert, check for 5% of bonds bid
for, required. Ronds to bo delivered and paid for within 10 days from time
of award.
SOUTH ST. PAUL, Dakota C ounty, M inn. — BOND S A L E .— On
Juno 16 Wells < Dickey Co. of Minneapolis took tho $80,000 514% 20-yr.
fc
refunding bonds at par on a ten-day-option.
SPANGLER BOROUGH SCHOOL DISTRICT (P. O. Spangler),
Cambria C ounty, Pa. — BONDS N O T SOLD .— Tho Secy. Rd. of Ed. ad­
vises us under date of Juno 16 that no sale has yet been mado of tho $17,000
414 % 5-20-yr. (opt.) coupon tax-freo refunding and funding bonds offered
on April 21 (V. 96, p. 1174).
SPARTANBURG, Spartanburg C ounty, So. Car.— BOND ELEC­
T IO N .— According to reports the question of issuing tho $100,000 streotimpt. bonds (V. 96. p. 1721) will bo submitted to a vote on July 8 .
SPENCER COUNTY (P. O. R ockport), In d .— BOND O FFERIN G.—
Proposals will bo received until 4 p. m. Juno 24 by J. C. Kinney, Co. Treas.,
for $14,760 414% coup. Edgar Miller road-impt. bonds. Denom. (60)
$200 (20) $138. Int. semi-ann. Duo S738 each six months from May 15
1914 to Nov. 15 1923 incl.
Proposals will bo received until 10 a. m. Juno 28 by J. C. Kinney, County
Treas., for $8,320 414% highway-impt. bonds. Denom. $208.
Proposals will bo received by J. C. Kinney, County Treas., until 10 a. m.
July 7 for $9,500 414% coup. J. Lakey et al. road-impt. bonds. Denom.
$950. Int. sem -ann. Duo $950 each six months from May 15 1914 to
N ov. 15 1918 incl.
SPRINGFIELD, Hampden C ounty, Mass.— T E M P O R A R Y L O A N .—
On Juno 17 a four-month's loan c;f $100,000 in anticipation of taxes was
awarded, reports state, to It. L. Day & Co. of Boston at 4.89% discount.
SPRINGFIELD, Clark C ounty, O hio. — BOND S A L E .— On Juno 14
tho $22,000 414% coup, flood-emergency bonds (V. 96, p. 1318) were
awarded to tho New Fii;st Nat. Bank of Columbus, it is reported, at par
and interest.
SPRINGFIELD C ITY SCHOOL DISTRICT (P. O. Springfield),
Clark C ounty, O hio.— BOND O FFER IN G . — Prorposals will bo received
until 2 p. m. July 2 by W. II. Holmes, Clerk Bd. of Ed., for $100,000 5%
school bonds.
Auth. Sec. 7629, Gen. Codo.
Denom. $1,000.
Dato July 2 1913. Int. J. & J. at offico of Treas. of Bd. of Ed.
Duo $5,000 yrly. on July 2 from 1920 to 1939 incl.
STELLA SCHOOL D ISTRICT (P. O. Stella), R ichardson C ounty.
N ob.— BONDS V O T E D .— According to reports this district on Juno 11
voted in favor of the question of issuing the $15,000 5% bldg, bonds (V . 96,
I). 1575) by a vote of 186 to 24. Int. ann.
STOCKTON GRAMMAR SCHOOL D ISTRICT (P. O. S tockton),
San Joaquin C ounty, Cal.— D E S C R IP T IO N OF B O N D S .— Wo aro
advised that tho $498,000 5 % gold sito-purcliaso and bldg, bonds authorized
by vote of 2,468 to 406 at tho election held June 5 (V. 96, p. 1721) are in tho
denomination of $1,000. Int. semi-ann. Duo $3,000 in 3 years, $5,000
in 4 and 5 years, $lO,000 yearly from 6 to 11 years incl. $15,000 yearly
from 1 - to 2 2 years incl. and $2 0 , 0 0 0 yearly from 23 to 35 years incl. Theso
bonds will bo offered for sale lato in July or tlio first part of August.
STOCKTON HIGH SCHOOL. DISTR IC T (P. O. S tockton ), San
Joaquin C ounty, Cal.— D E S C R IP T IO N OF BO N D S .— Tho Attorney for
tlio Board of Education advises us that tho $98,000 5% fgold bldg, and
equip, bonds authorized by voto of 2,378 to 475 at tho election held June 5
(V. 90, p. 1721) aro in the denom. of $1,000. Int. semi-ann. Duo $1,000
in 2 and 3 years from date and $5,000 yearly from 4 to 2 2 years incl. Theso
bonds will bo offered for sale somo time during tlio latter part of July or
tho early part of August.
SUMMIT COUNTY (P. O. A kron), O hio.— BO N DS N O T SO LD .—
Reports state that no sale was made of tho $160,000 5% coup, floodemergency bonds offered on Juno 18 (V. 96, p. 1649). Tho bonds will bo
re-advertised.
TARKINGTON PRAIRIE SCHOOL DISTRICT (P. O. T arkington
Prairie), Liberty County, Tex.— D E S C R IP T IO N OF B O N D S .— Wo aro
advised that the $8,000 bldg, bonds recently voted (V. 96, p. 1379) are in
tho denomination of $200 and bear interest at tho rate of 5% . Int. payable
ann. Duo in 1953.
„ TAUNTON, B ristol C ounty, Mass.— BOND S A L E .— On Juno 19
*-•>.000 4 % water. $30,000 4% water, $32,000 414% municipal and $100,­
0 0 0 414% school bonds were awarded, it is stated, to R. E. Day & Co. of
Boston.
TA YLO R COUNTY (P. O. Abilene), Tex.— B ID S R E J E C T E D .— All
V. 8 received for tho $150,000 5 % 40-year court-houso bonds offered on
Juno 9 (V. 96, p. 1575) wero rejected. The bonds will bo sold at private sale.
TAYLORVILLE SCHOOL DISTRICT (P. O. Taylorville), C hristian
C ounty, 111— BOND S A L E .— O n Juno 9 $6,000 5% bldg, bonds wero
awaulo<l, it is stated, to tho Taylorvlllo Nat. Rank at par. Dato Aug. 1
1913. Duo $1,000 yearly Aug. 1 from 1914 to 1919 incl.




1789

TEMPLE, Belt County, T ex .— BO N D O FFERIN G. — Proposals will be
received until July 8, it is stated, for the $75,000 5% sanltary-sewersystem-extension bonds voted April 1. Due in 20 and 40 years. These
bonds were offered without success on June 10 (V. 96, p. 1649.)
TENNESSEE.— B ID S R E JE C T E D .— All bids received for the $11,458,­
000 4% coupon refunding bonds offered on June 17 (V. 96, p. 1649) wore
rejected, reports state. It is further stated that tho bids received were for
only small amounts .aggregating $1,565,000 and ranging in price from 87.43
to par.
Tho Legislature has taken steps to have issued short-term bonds or notes
at not exceeding 6% interest to tako up the various State bonds maturing
July 1 and Oct. 1 of this year. Provision has also been made for the sale
of the regular issue of bonds at any time during the lifo of the proposed
short-term securities, which will mature in two years.
TIN LEY PARK, Cook County, 111.— BO N D OFFER IN G . — Proposals
will be received until July 7 for the $5,000 4% general corporate purpose
bonds (V. 96, p. 1649). Auth. voto of 53 to 38 at the election held June 17.
Denom. $500. Date June 1 1913. Int. semi-ann. Due $500 yearly
July 1 from 1916 to 1925 incl.
TOISNOT (P. O. Elm City), W ilson County, No.

C
a.ro.—B ID S

RE­

JE CT ED . — All bids received for the $10,000 6% 20-yr. coup. water-wrorks
and sewerage bonds (V. 96, p. 1571) wero rejected. The bonds will be
sold at private sale.
TOLEDO, Lucas County, O hio. — BOND O FFER IN G . — Proposals will
be received until 7.30 p. m. July 16 by J. J. Lynch, City Aud., for $150,000
of an issue of $175,000, auth. Nov. 5 1912, 414% coup, park-boulevard
bonds. Denom. $1,000. Date June 1 1913. Int. J. & D. at U. S. Mtge.
& Tr. C o., N . Y . C ity. Due Sept. 1 1936. Cert, check on a national bank
in Toledo for 5% of bonds bid for, payable to City Aud., required. ■ »»«<
• <

TOPPENISH,

Yakima

County,

W ash.— BONDS

OFFERED

BY

B A N K E R S . — The German-American Trust Co. of Denver is offering to
investors $54,000 6% coup, public-improvem nt bonds. Denom. $100.
Dato April 28 1913. Int. ann. on April 28 at the City Treas. office. Due
April 28 1923, subject to call in numerical order by call of the City Treas.
Total bonded debt $81,500. Assess, val. 1912 $1,041,760; real val. 1912
(cst.) $3,500,000.
fSJTROY, N. Y .— BO N D S A L E .— On June 19 the $100,000 5% tax-exempt
certificates of indebtedness, or revenue bonds (V. 96, p. 1722), wero awarded
to L. Von Hoffman & C o . of New York at 100.008 and int. The Manufac­
turers’ National Bank of Troy bid par.

TUSCARAW AS C O U N TY (P. O. New Philadelphia), Ohio.— BOND
OFFERING. — Proposals will be received until 1 p. m. July 14 by W. O.

Shott, Co. Aud., for $60,000 6% bridge bonds (V. 96, p. 1722). Denom.
$1,000. Date April 25 1913. Int. A. & O. Due $20,000 Aug. 25 1915;
$30,000 Feb. 25 1916 and $10,000 Aug. 25 1916. Bonds to be delivered and
paid for on or before Aug. 25 1913. Cert, check for 1% of bonds bid for,
payabio to tho Co. Aud., required. Bids must be unconditional. Pur­
chaser to pay accrued interest.
UNION CO U N TY (P. O. Marysville), O hio.— BO N D OFFERIN G —
Proposals will be received until 1 p. m. July 2 by C. A. Morolock, Co. Aud.,
for tho $105,000 5% flood-emergency bonds (V. 96, p. 1379). Denom. $100,
but may bo issued in $500 denom. if so specified in bid. Dato July 2 1913.
Int. J. & J. at the Co. Treasury. Due $17,500 each six months from Jan. 2
1914 to July 2 1916 incl. Cert, check (or cash) for 5% of bonds bid for,
payabio to Co. Treas., required. Bonds to be delivered and paid for on
July 16.
UNION TO W N SH IP (P. O. Rutherford), Bergen County, NJ J-—

BONDS V O T ED . — The proposition to issue tho $43,500 town-iiall-constr.
and $4,500 site-purchase 414% bonds (V.96, p. 1722) carried by a vote of
296 to 138 at the election held June 17. Denom. $1,000. Int. J. & J.
Duo $2,000 yearly Jan. 1 from 1918 to 1941 incl.

UPPER D A R B Y TO W N SH IP (P.O. Upper Darby), Delaware Coun­
ty,P a. — BONDS A U T H O R IZ E D . — An ordinance has been passed,reports

state, providing for the issuance of $25,000 drainage-impt. bonds.

U TICA, Oneida County, N. Y .— BONDS A W A R D E D I N P A R T .—

On Juno 17 the two issues of 4 14 % reg. tax-free bonds, aggregating $119,000
(V. 96, p. 1722), wero awarded as follows:
$19,000 park bonds to Thomas E. Harrison of West Winfield at par and int.
Thero were no other bidders for these bonds.
10,000 of tho $100,000 school bonds to the City Sinking Fund at par.
VANCE CO U N T Y (P. O. Henderson), No. Caro.— B ID S R EJE C T E D .
All bids received for the $200,000 5% coup, road bonds offered on M ay 31

(V. 96, p. 1515) were rejected, reports state.
VIG O

T O W N S H IP

(P.

O.

Newport),

In d .— BOND

S A L E . — On

W abash), * In d .— BOND

~ A L E .— On
S

Juno 12 tho $15,000 414% school-bldg, bonds (V .9 6,p . 1575) were awarded
to E . M . Campbell Sons & Co. of Indianapolis. A bid was also received
from tho Fletcher-American Nat. Bank of Indianapolis. * * $ * ;•
►* ■ »• •
W ABASH

CO U N T Y

(P ." O.

Juno 14 tho four issues of 414% gravel-road bonds, aggregating $52,180
(V. 96, p. 1649), wero awarded to the Lafontaine Rank. Lafontaine at par.
There wore no other bidders. Denom. $328, $1,202, $485 and $589. Date
Juno 15 1913. Int. M . & N.
W ALLA W ALLA, W alla W alla County, W ash.— BO N DS A W A R D E D
I N P A R T . — According to local papers, $1,000 of an issue of $14,215.45

East Alder St.-impt. bonds were awarded on Juno 4 to George E. Kellough
at 100.50.
BO N D S A L E . — On June 3 the $16,000 6% local-impt. bonds (V. 96, p.
1320) wero awarded to local parties at par. Denom. $500. Date June 3
1913. Int. ann. in June. Duo June 3 1923, subject to call at any interest
period.
W ALLIN G FO R D , New Haven County, C onn.— BO N DS A W A R D E D
I N P A R T — Of tho $135,000 (unsold portion of $177,000) 414% 15-30-yr.

(opt.) bonds (V. 96, p. 1575) $40,000 have been sold to tho Meriden Sav­
ings Rank of Meriden at par. ’
gg
W ARREN TO W N SH IP, Putnam County, In d .— BOND O FFER IN G -

— Proposals will bo received until 2 p. m. July 1 by F. Masten, Twp. Trus­
tee (P .O . Greencastlo R. F. D. No. 2), for $1,380 4 J4 % school-bldg, bonds.
Denom. $230. Date Juno 1 1913. Int. J. & J. Due $230 each six months
from July 15 1914 to Jan. 15 1917 incl.

school-impt. bonds. Denom. $1,000. Date May 5 1913 “ Int". M . & N.
at Treas. offico. Due May 5 1943. No deposit required with bid.
W A SH IN G T O N C. H ., Fayette County, O hio.— BO N D S A L E __

On June 17 an issue of $2,000 5% 714-yr. (aver.) Rawlings and Pearl St.mpt. bonds was awarded, it is stated, to the Commercial Rank of Washing­
ton C. II. at par and int.
W ASH IN G T O N SCHOOL TO W N SH IP (P. O. Reelsville), Putnam

County, Ind . — BOND O FFERIN G. — Proposals will be received until 2 p.m.
July 5 by A. D. Chew, Twp. Trustee, for $1,000 5% bldg, bonds. Denom.
$250. Dato Juno 15 1913. Int. J. & J. Due $250 oach six months from
July 15 1914 to Jan. 15 1916 incl.
W ASH IN G TO N TO W N SH IP (P. O. W est Toledo), Lucas County,

O hio. — BOND O FFER IN G . — Proposals will bo received until 12 m. July 15
by D. C. Rower, Twp. Clerk, for $2,000 5% road-impt. bonds. Auth.
Sec. 3295 Gen. Codo. Int. ann. Purchaser to pay accrued interest.
WESTMORELAND CO U N TY (P. O. Greensburg), p a .— BOND
O FFER IN G . — Proposals will be received until 12 m. June 30, it is stated

by J. S. Sell, Co. Compt., for $250,000 414% 16-20-yr. (opt.) av. funding

road bonds.

W ILFRED

Int. semi-ann.

Cert, check for 10% required.

SCHOOL D ISTR ICT,

Sonoma County

Cal — BOND

O FFER IN G . — Tliis district, reports state, will shortly offer for sale $2 000
school bonds. W. W. Felt Jr. is Co. Clerk (P. O. Santa Rosa.)
’
W ILLIAMS CO U N TY (P. O. Bryan), O hio.— BOND O FFER IN G .—
Proposals will be received until 12 m. Juno 23 by G. C. Beucler, Co. Aud
for $5,000 5% coupon tax-free flood-emergency bonds. Dato June 10 1913!
Int. M . S. at offico of Co. Treas. Due $500 each six months from Mar. 10
1914 to Sept. 10 1918 incl- Cert, check for 5% of bonds bid for, payabio
to Co. Aud., required. Bonds to be delivered and paid for within 10 days
from time of award. Purchaser to pay accrued interest. . ^ v *. ' t w y

W ILLIAMSON CO U N T Y (P. O. Georgetown), Tex.— N O BOND
E L E C T IO N .— The Co. Judge advises us that the reports stating that an

election was to have been held .Tune 14 to vote on tho proposition to issuo
$50,000 Precinct No. 3 road-impt. bonds (V. 96, p. 1650) are erroneous.

1790

THE

CHRONICLE

W ILLIAM SON C O U N T Y COMMON SCHOOL D ISTR ICT NO. 57,
Tex.— BO N D S A L E . — On M ay 10 the Board o f Ed. was awarded at par
the $500 5% I0-20-year (opt.) bldg, bonds registered by the State Comp­
troller on M ay 19 (V. 96, p. 1575). Denom. $100. Dato Apr. 10 1913.
Int. annually on April 10.
W IL LISTO N SPECIAL SCHOOL DISTR ICT NO. 1 (P. O. W illlston ), W illiams County. No. Da It.— BOND E L E C T IO N .— A n election
will be held June 27, It is reported, to vote on the proposition to Issue

[Vol.

X C V I.

ZANESVILLE, M uskingum County, Ohio.— BOND O FFER IN G . __
Proposals will be received until 12 m. July 7 by F. H. Bolin, City Aud for
$2,000 4 ^ % 10-yr. Warwick and Blandy Aves. grading (city’s portion)
bonds. Auth. Sec. 3939 Gen. Code. Denom. $500. Date March 1 1913.
Int. M . & S. Cert, check for 10% o f bonds bid for, payable to City Treas
required. Bonds to be delivered and paid for within 10 days from time of
award. Purchaser to pay accrued Interest.

$20,000 4% 20-year bldg, boncks (V. 96, p. 668).

W IL L O W LAK E, Clark County, So. Dak.— V O TE. — The election
hold June 10 to vote on the question of issuing $15,000 5% municipal-water­
works bonds (V. 96, p. 1650) resulted In a tie vote of 29 “ for” to 29 “ against’ ,
W IN N E SH IE K C O U N T Y (P. O. Decorah), Iowa .— BO N D S N O T
SOLD. — N o sale was made on June 16 of the $65,870 40 5% 20-yr. bridge-

warrant funding bonds offered on that day (Y. 96, p. 1723).
WOBURN,

Middlesex

County,

Mas3.— T E M P O R A R Y

LOAN

—

Reports state that on June 19 a loan of $80,000 in anticipation of taxes,
maturing $40,000 Oct. 17 and $40,000 Nov. 26, was negotiated with the
Old Colony Trust Co. o f Boston at 5.09% discount plus 25 cents premium.
W OLFE C IT Y SCHOOL D ISTR ICT (P. O. W olfe City),

Hunt

C ounty, Tex.— BONDS V O TED .— The question o f Issuing tho $9,500 (not
$10,000 as first reported) 5% 15-40-year (opt.) bldg, bonds (V. 96, p. 1517)
carried at the election recently held by a vote of 107 to 9.
W O O D BIN E, Harrison County, Iowa.— BON D E L E C T IO N .— An
election will be held July 7, reports state, to vote on the Issuance of $20,000
sewerage and $8,000 water-plant-impt. bonds. A like amount o f bonds
was recently voted (V. 96, p. 895), but owing to a technicality was declared
illegal.
irtifll
W OOD C O U N T Y (P. O. Bowling Green), Ohio.— BOND O FFER IN G .

-••■Proposals will be received until 1 p. m. July 7 by C. E. Stinebaugh, C o.’
Aud., for $30,000 6% coupon detention home-constr. bonds. Denom.
$500. Date July 15 1913. Int. M . & S. at office of Co. Treas. Duo
$3,000 each six months from March 1 1914 to Sept. 1 1918 Lncl. Cert,
check, payable by a Bowling Green bank for $500, required.
W ORCESTER, Worcester County, Mass.— T E M P O R A R Y L O A N .—

Despatches state that Estabrook & Co. o f Boston have been awarded a
loan of $150,000, dated June 21 and due Oct. 17 at 4.93% discount and
$1.25 premium.
W O R T H IN G T O N ,

Franklin

C ounty,

Ohio.— BO N D S

V O T E D .—

W e are advised that the proposition to issue $6,000 5H % paving bonds
carried at the election held June 17 by a vote of 101 to 29.
W R IG H T T O W N SH IP (P. O. W aldron), Hillsdale C ounty, M ich.—

BON D E L E C T IO N . — According to newspaper reports, an election will bo
held June 30 to decide whether or not this township shall issue $60,000
highway-impt. bonds.

YO LO

COUNTY

RECLAM ATION

D IST R IC T

NO.

900,

C al.—

BON DS A W A R D E D I N P A R T .— On Juno 4, $168,000 o f tho $200,000 6%
reclamation bonds (V. 96, p. 1576), were purchased, it is stated, by the
West Sacramento Co., of Sacramento.

Y O R K TO W N SH IP, Athens County. Ohio.— BO N DS V O T E D .—

This township voted on June 10 in favor of the question o f issuing the $25,­
000 bldg, bonds, according to reports. (V. 96, p. 1576).
YUBA COUNTY

(P. O. Marysville), C al.— BOND O FFER IN G —

According to reports, proposals will be received until 10 a. m. Juno 28 by
the County Treas. for $350,000 reclamation district N o. 1,000 bonds.

C a n a d a ,

P r o v in c e s

$9,000 for public improvements (V. 96, p. 1249.)
CALG AR Y, A lta .— D E B E N T U R E S A L E .— It is stated that W. A.
Mackenzie & Co. of Toronto have been awarded $250,000 5% school de­
bentures.
CHAMBERLAIN, Sask .— D E B E N T U R E S N O T TO BE OFFERED A s
P R E SE N T . — The Secy .-Treas. advises us under dato of June 14 that the

$1,500 impt. debentures recently authorized (V. 96, p. 1576) will not be
offered for sale at present.
CLINTON, O n t.— D E B E N T U R E S A L E .— Tho $25,000 5% 25-yr.
hydro-oloctric-light-plant debentures (V. 96, p. 1043) were awarded on
April 11 to Spitzer, Rorick & C o. of Toledo. Denom. $1,000. Date
April 1 1913. Int. ann. in April.
.. CLIVE, Alta .— D E B E N T U R E S A U T H O R IZ E D .— Reports state that
tnis villago has been authorized to borrow $1,000 for street and sidewalks.
COBLENZ, Sask.— D E B E N T U R E S N O T SOLD.— No sale has been
made of an issue of $1,000 debentures recently offered by this villago.
DRYD EN , O nt.— D E S C R IP T IO N OF D E B E N T U R E S .— W o are ad­
vised by tho Municipal Clerk imder date of Juno 16 that tho $2,500 water­
power-; and-purchase, $2,500 telephono-systom-constr., $5,000 firo-liall
and jail-constr. and $6,000 to acqulro power and eloctricity from tho Drydon
lim ber & Powor Co., Ltd., debentures voted May 3 (V. 96, p. 1443) bear
interest at the rate of 6% and are coup, in form. Donom. not less than

$950,000

$ 1 0 ,0 0 0

PO T O SE T L , W SH G N
R
F A T E A IN TO ,

of Seattle, a municipality coterminous with King
County, Washington. Bonds are dated M ay 1,
1913, and mature serially in different amounts in
from 1 to 42 years (average maturity about 26 H
years), denomination $1,000, interest four and
one-half per cent, payablo semi-annually at
Washington fiscal agency in New York City.
Bonds will be engraved under the supervision
of, and certified as to their genuineness by, the
Columbia-Knickerbocker Trust Company, and
their legality examined by Caldwell, Masslich
& Reed o f New York City, whoso opinion will
be furnished to the purchaser. All bids must bo
absolute and accompanied by certified check for
one per cent of par value o f bonds bid for. For
further particulars, including statement o f amount
maturing in each year, address undersigned or
tho Columbia-Knickerbocker Trust Company,
60 Broadway, New York.
Seattle, June 5, 1913.
TIIE PORT COMMISSION OF THE
PORT OF SEATTLE,
By II. M . CHITTEN DEN ,
President.
C. E. REMSBERG,
Secretary.

C O N R A D ,

&

W illa m a n

M U N I C I P A L B O N D S
Legal for Savlsgs Bm Jcs,
Postal Savhaga wMi Tnwt FwmIs .
SE N D FOB L IS T .

29 South La Sail* St.,

B O N D S
LIST ON APPLICATION

&

M A Y E R

Ingalls Building
CINCINNATI




Village

o f E ast A u ro ra ,

N . Y .,

WATER EXTENSION BONDS
Sealed Proposals will bo received by D. N.
Rumsoy, Clerk of said village, at ids offico in
the said villago of East Aurora, Now York, until
the 24TII DAY OF JUNE. 1913, at eight o ’clock
In the afternoon, for tho purchase of Water Ex­
tension Bonds of the said villagojto the amount of
$17,000, bearing dato July 1st, 1913. Said
bonds being of the denomination of $1,000 each,
one of which to become due July 1st, 1918, and
one on July 1st of each year until July 1st, 1934.
Interost payable on first days of July and January
in each year.
Proposals will be received for the wholo or any
part thereof, and bonds will be awarded to the
bidder or bidders who will take the samo at not
less than par and accrued Interest to tho dato of
delivery at tho lowest rate of interest.
Bids must be accompanied by a Certified Check
for two per cent of tho amount of bonds bid for,
as a guaranty of good faith on tho part of the
bidder. Said check to be unconditional and to
be made payable to tho order of Alfred Brother­
hood, President of tho Villago of East Aurora, and
shall be deemed forfeited upon failuro of tho bidder
to accept bonds within a reasonable time accord­
ing to the provisions of the bid. Checks will be
returned at once if bids are not accepted.
The Board of Trustees reserves tho right to
reject any and all bids.
Dated East Aurora, Now York, M ay 27th, 1913,
B y Order of the
Board of Trustees.
D . N. RUMSEY,
Villago Clerk.

28TH

D AY OF J U L Y , A. D. 1913,

at the hour o f seven o’clock p. m. of that day.
That the Council reserves the right to reject
any or ail bids or offers of purchase.
The Principal of said Bonds to be payable in
twenty years from the date hereof, and $2,000 00
redeemable in ten years, $3,000 00 redeemable
in fifteon years from tho date thereof at the option
o f the Town Council. All tenders, bids or offers
to purchase to be addressed to John G. Weitzol,
City Clerk, and a certified check for not less than
$100 00 to accompany each bid to insure good faith
on behalf o f tho bidder.
Dated at Conrad, Montana, this 2d day of
Juno, 1913.
JOHN G. W EITZEL, City Clerk.
By order o f the City Council, Juno 2d, 1913.

$150,000
C O U N T Y ,

A L A .,

ROAD BONDS
Mobile County, Alabama, respectfully aaks
bids for $150,000 00 in $ p»r c a b twsaty-ysa
road bonds. Bids to be opeaed
THU RSDAY, JUNE 26TH. 1913.
For particulars address
GEO. M. STONE, Treasurer.
MoiaJle, Air..

STACY

A

BRAUN

in v e s tm e n t B o n d s
Toledo

Cincinnat

CHICAGO

M U N IC IP A L A M D R A IL R O A D

S E A S O N G O 0 D

$17,000
M O N T.,

Notice is hereby given by the City Council of
the City o f Conrad, in the State of Montana,
that tho Sewer Bonds of said City in the sum of
$10,000 00, bearing interest at six (6) per cent
per annum, interest payable semi-annually, on
tho first o f January and first of July in each year,
will bo offered for sale at Public Auction to the
bidder offering tho highest prico therefor at the
Council Chambers of the City of Conrad in the
City o f Conrad, County of Teton, and State of
Montana, on the

M O B IL E
M osser

NEW LOANS

SEWER BONDS.

4y2% GOLD BONDS
Sealed proposals will bo received by the under-

O F

M u n ic ip a litie s .

BUSHVILLE (Rural M unicipality No. 348), Sask.— D E B E N T U R E S
A U T H O R IZ E D .— According to local reports this municipality will borrow

NEW LOANS.

C IT Y

a n d

of the two issues of 5% debentures, aggregating $3,710 23, offered on
Juno 2 (V. 96, p. 1576). Dato Doc. 1 1912. Int. ann. on Dec. 1.
D IST R IC T NO. 2609 (P. O. Midole), Sask.—
D E B E N T U R E S A L E . — On Juno 1 an issuo of $1,200 7% 10-installment
bldg, debentures was awarded to the Western School Supply Co. of Regina
at par. Int. ann. in Dec.
BERLIN, O nt.— N O A C T I O N Y E T T A K E N .— W e are advised by the
City Clerk under date of June 7 that no action has yet been taken looking
toward the issuance of the $30,000 doublo-track-constr. debentures recently
voted (V. 96, p. 1576.)
BRANDON, M an.— D E B E N T U R E S V O T E D .— According to reports,
the propositions to issue $100,000 water-works-ext., $13,000 water-meters,
$7,000 bridge-repairs, $13,000 llbrary-site-purchaso, $150,000 street-railwpy-constr., $100,000 hospital-ext. debentures and $15,000 as a grant to
the Western Arts and Agricultural Assn. (V. 96, p. 1576) carried at the
recent election.
BRO AD VIEW , Sask .— D E B E N T U R E O FF ER IN G .— Proposals will
bo received until July 12 by A. Sinclair, Secy .-Treas., for $25,000 6% townball debentures. Date June 1 1913. Due in 20 ann. installments of prin­
cipal and Interest.

HEW LOAMS.

B o lg e r ,

it s

A R T H U R , O n t— D E B E N T U R E S N O T SOLD.— No sale has been made

A cts as
E x ec u to r,
T ru stee,
A d m in istra to r,
G u ard ian ,
R e ce iv e r,
R e g istra r a n d
T ra n s fe r A gent.
I n t e r e s t allo w ed
o n d e p o sits.

Girard Trust Company
P H IL A D E L P H IA

C h a rte re d 1836

CAPITAL and SURPLUS, $10,000,000
E . B . M o r r is , P r e s id e n t.

June

THE

21 1913.1

1 7 91

CH RO N ICLE

$100. D ate M a y 7 1913. In t. ann. on M a y 7 at office o f T ow n Troas.
D u e part yrly. for 15 years.
EDMONTON SCHOOL D IST R IC T NO. 7 (P. O. Edm onton), A lta .—
D E B E N T U R E S A L E — On Juno 12 $1,250,000 5 % sito-pnrchase and bldg
debentures wero awarded to Sidney Spitzer & G o. o f T oled o. D enom .
$1,000. D ate A pril 15 1913. l n t . A . & O . D uo A pr. 15 1913.
E ST ER H AZY SCHOOL D IST R IC T NO. 804. (P. O. Estahazy). Sask.
— D E B E N T U R E S A L E . — On M a y 15 $6,000 6 >4 % 20-year bldg, debentures
were awarded to O . H . Burgess & C o. o f T oron to at 97. D ate M a y 1 1913.
Int. ann. in M a y .
F A IR VIEW (Rural M unicipality), Sask.— D E B E N T U R E S A U T H O R ­
I Z E D . — This m unicipality, reports state, has been authorized to borrow
$ 7 , 0 0 0 for permanent improvem ents.
FORT W ILLIAM , O n t.— D E B E N T U R E O F F E R I N G .— T ho C ity
Council has decided to soil $1,212,400 water-works debentures, reports
state.
GALT, O n t .— D E B E N T U R E E L E C T I O N . — O n J u ly 15 th e proposition s

LOST MOUNTAIN VALLEY (Rural M unicipality No. 250). (P. O.

G ovan), Sask.— DEBEN TU RE SALE.— On Juno 9 the $10,000 6 % 20lnstallment road-im pt. debentures (V . 96, P- 1321) were awarded to the
F lood Land C o . o f Regina at 97.30. Other bids were:
Sink. Fd. Trustees, W innipeg.*$9,7601C . H . Burgess & C o ., T o ro n to .$9,521
W est. Sch. Supply C o., Regina 9,600 Brent, N oxon & C o ., T o ro n to . 9,417
W o o d , Gundy & C o ., T oron to. 9,541 |H. O’ Hara & C o ., W in n ip e g .. 9,335
♦This bid appears to b e higher than that o f the purchaser’s bu t Is so given
____
b y the Secy.-Treas. In t. annual.

MANITOU LAKE (Rural M unicipality No. 442), gask~^E S jpT 7-

TURE OFFERING.— Proposals will be received until 6 p . m . June 28 b y
A Cam pbell, Secy.-Treas. (P . O . M arsden) for $5,000 5 H % 20-yr. debs.

MAPLE CREEK SCHOOL D IS T R IC T NO. 80 (P. O. Maple Creek),

Sask .— DEBEN TU RE OFFERIN G.— Proposals will be received until 12 m .
July 1 b y C . A . K ing, S ecy.-T rea s., for $25,000 7 % school-bldg, debentures.
D u e in 30 annual installments.
r MAYFIELD, Sask.— DEBEN TU RES AU T H O R IZ E D .— Local reports
sta te that this village has been authorized to borrow $1,700 permanentto issuo $ 1 6 ,0 0 0 g y m n a siu m -c o n s tr . an d $ 7 0 ,0 0 0 w a te r -w o r k s-o x t. d eb en ­
improvem ent debentures.
^
tures w ill b o su b m itte d to a v o t e , it is s ta te d .
MIDDLESEX COUNTY (P. O. L o n d o n ), O n t.— DEBEN TU RES
GORDEN SCHOOL D IST R IC T , M a n . - D E B E N T U R E E L E C T I O N . —
A U T H O R IZ E D .— R eports state that a recom m endation has been adopted
R e p o r ts s t a t e t h a t an election w ill b e hold J u n e 2 5 to s u b m it t o a v o t e th e
b v the Council providing for the borrow ing o f $80,000 debenture interest
q u e stion o f issu ing $ 2 ,5 0 0 sch ool d eb en tu res.
a n d sinking fund and $170,911 current expenditure debentures.^
GR AVENH UR ST, O nt.— D E B E N T U R E S V O T E D . — T h e p roposition s
MIDLAND, O n t.— DEBEN TU RES N O T Y E T SOLD .— W e are advised
to issu e tho $ 2 ,0 0 0 4 % w a te r -w o r k s deb en tu res d a te d A u g . 5 19 13 an d
b v the T ow n Treas. under date o f June 16 that no sale has yet been m ade o f
$ 8 ,0 0 0 5 > 4 % S o . F a lls p o w e r -s ta tio n -im p t. deb en tu res d ate d J u ly 1 19 13
the $ 8 000 sidewalk and $15,000 water and light 5 % debentures offered
( V . 9 6 , p . 1 6 5 2 ) carried a t th e election h eld J u n e 13 b y a v o t e o f 9 0 to 14
without succession M a y 19 (V . 96. p . 1577.) VS
■
an d 9 5 to 10 r e sp e c tiv e ly .
NEW TORONTO, O nt.— D E B E N T U R E -E L E C T IO N PROPOSED.—
H AM ILTON, O n t.— D E B E N T U R E S A U T H O R I Z E D . — Local news- T h e ratepayers will b e called upon to vote in the near future on the question
•aper reports state that the C ouncil has passed a by-law to raise $396,000 o f raising $47,000 for hydro-electric pow er.
*
*
Pa
‘or
Fc local im provem ents.
O A K BLUFF SCHOOL D ISTR IC T NO. 600, M a n .— DE B EN TU R E
HEARTS H ILL (Rural M unicipality No. 352), Sask .— D E B E N T U R E S
FT F.CTION.— A n election will be held June 26 to subm it to a vote the
A U T H O R I Z E D . — 'The Council Board has been authorized to borrow $5,000
ouestion o f issuing $10,000 5 )4 % school debentures. D enom . (79) $250.
for im provem ents, it is reported. D . M cL eod is Secy.-Treas. (P . O.
m * 5 250. D u e $250 yearly on A ug. 1 from 1914 to 1932 incl. and $5,250
Lusoland.)
on August 1 1933.
• **». .1 !-**
f i
HO LYRO O D SCHOOL D ISTR ICT NO. 2596 (P. O. Islay), Sask.—
O R A N G E V IL L E , O nt. — L O A N OFFERING.— Proposals will be re­
D E B E N T U R E S A L E . — A n issue o f $1,200 6)4 % bldg, debentures has been
reived until June 30 for $30,000 5 % debentures ( V . 96, p . 1577) to be
awarded to tho Western School Suplpy C o. or Regina at par. D a te June 1 granted as a loan to the D od d s Knitting C o . o f A lton.
1913. Int. ann. in Juno. D uo Juno 1 1923.
OTTAW A O nt. — DEBENTURES PROPOSED.— This city will issue
HULL, Q ue.— D E B E N T U R E S V O T E D . — A ccording to reports tho som e tim e dining August about $1,000,000 4 M % debentures, according
ratepayers recently voted in favor o f the by-law to raise $ 1 2 , 0 0 0 sewerto reports.'ft
* *• •
constr. debentures.
•
OWEN SOUND, O n t.— D E B E N TU R E E LEC TIO N PROPOSED.—
K AM SACK S a s k . — D E B E N T U R E S V O T E D . — T h o questions o f issuing
An election will bo held in the near future, reports state, to v o te on the pro­
tho *63 000 water-works, $23,000 electric-light and $1,500 sewerage deben­
position to issue $40,000 road debentures.
<. . . . .
tures (V 96 p . 1518) carried, reports state, at the election held M a y 31. *1
PEEL COUNTY (P. O. Bram pton), O nt.— D E B EN TU R E OFFERING.
L EN N O X SCHOOL D IST R IC T NO. 317, Man .— D E B E N T U R E
Proposals will be received until 2 p . m . June 23 b y R . C raw ford, C o .
O F F E R I N G . — P rop osals w ill b e rec lv e d u n til J un o 3 0 b y D . E . T o m p s e ll,
T reas., for $60,000 30-year (ser.) road debentures.
_
S e c y .-T r e a s . ( P . O . G o o d la n d s ), fo r $ 4 ,5 0 0 6 % 2 0 -y e a r sch ool d eb en tu res.
P O R T ARTH UR Ont.— D EBEN TU RE E LEC TION .— T he questions
LONDON, O n t.— D E B E N T U R E O F F E R I N G . — A ccording to Canadian
, {centner * in 0 0 0 nlavground-apparatus, $15,000 park-land-im pt. and
papers the fourteen issues o f cou p, debentures, aggregating $764,500,
$ 3 i 5 0 ^ c ^ l 0 T b e K ° a n d J ^ T O O a s a b o n u s t o J . E . C on le y -w ill be
k
offered at public salo Juno 2 (V . 96, p. 1443), have been placed in the hands
subm itted to tho'jratepayers on Juno 25, reports state.
^5- C S
o f W ood , G u ndy & C o. o f T oron to for disposal.
PORT MOODY, B. C — DEBENTURE ELECTION PROPOSED— I t is
LO N G LAK ETO N (Rural M unicipality No. 219), Sask. —- D E B E N ­
reported that tho question o f raising $35,000 to construct a m unicipal-hall
T U R E S A U T H O R I Z E D . —-Reports state that this m unicipality will borrow
will bo subm itted to the voters in the near future.
$ 1 0 , 0 0 0 perm anent-lm pt. debentures.

TRUST COMPANIES.

NEW LOANS

C H A R T E R E D 1853
$ 1 1 0 ,0 0 0

L ow er M erion T o w n s h ip , U n it e d S t a t e s T r u s t C o m p a n y o f N e w Y o r k
45-47 WALL STREET

Montgomery County, Pennsylvania,
HIGHWAY AND
PLAYGROUNDS BONDS
Bids are invited for all or any part o f tw o issues
o f bonds o f Lower M erion Tow nship, in M on t­
gom ery C ounty, Pennsylvania.
$90,000 4 )4 % coupon Highway bonds, Series
B , C and E , o f $30,000 each, maturing January 1,
1916, 1917 and 1919, free o f all Pennsylvania
taxes.
$20,000 4 )4 % coupon Playground bonds, ma­
turing 1943, free o f all Pennsylvania taxes.
Sealed bids, addressed to Chairman o f Finance
C om m ittee, O ffice o f Township Comm ission,
A rdm ore, P a ., and marked “ Bid for Township
Bonds ” accom panied b y a certified check for
5 % o f tho par value o f the bonds bid for, will be
received up to noon July 2nd.
.
, ,
,
Circular giving full inform ation can be obtained
fr° m

G . C . A N D E R S O N , Clerk,
Ardm ore, Pa.

$ 2 2 ,5 0 0
C it y

o f

A lb a n y ,

Sealed bids for above bonds, dated January
1st, 1913, maturing January 1st, 1928, redeem­
able on January 1st, 1923, and subsequent in­
terest dates, principal and semi-annual interest
(J. and J.) at five per cent per annum, payable
in gold in N ew Y ork , will be received b y tho under­
signed until E IG H Y P. M. J U L Y 9 th , 1913.
Legality will be approved b y Caldwell, Masslich
& Reed N ow Y ork , whoso favorablo opinion
will be given to purchaser without charge. Bids
m ust bo unconditional, upon blank form s to be
furnished, together with other inform ation, b y
said attorneys or tho undersigned. _ Bids must
be accom panied by certified check for two per
cent, o f am ount bid for. D elivery in A lbany,
Oregon. N o bids will be considered for less than
par and accrued interest. T ho right to reject
any and all bids is reserved. O U SIO K
'

T h is C o m pa n y aots as E xe cu to r, A d m in is tra to r, G u a rd ia n , T ruste e , C o u rt
D epositary and in other recognized tru st capacities.
I t allow s interest a t cu rren t rates on deposits.
,
I t holds, manages and invests m oney, securities and other p rop e rty, real or
personal, fo r estates, corporations and in d iv id u a ls.
E D W A R D W . S H E L D O N , P re s id e n t
W IL L IA M M. K IN G S L E Y , V ic e -P re s id e n t
W IL F R E D J . W O R C E ^ E R ^ S e c r e t a r y
W IL L IA M S O N P E L L , A ss t. S e cre ta ry
C H A R L E S A . E D W A R D S , 2d A s s t. S e cy
TRUSTEES
J O H N A . S T E W A R T , C h a ir m a n o f t h e B o a rd
L E W IS CASS L E D Y A R D
W IL L IA M M . K IN G S L E Y
W IL L IA M R O C K E F E L L E R
L Y M A N U GAGE
W IL L IA M S T E W A R T T O D
ALEXANDER E. ORR
P A Y N E W H IT N E Y
O G D E N M IL L S
W I L L I A M H . M A O Y JR
E G E R T O N L . W IN T H R O P
E D W A R D W . SH E L D O N
W IL L IA M D . SL O A N E
C O R N E L IU S N . B L ISS JB
OHAUNOEY KEEP
FRANK LYM AN
H E N R Y W . de F O R E ST
G E O R G E L . R IV E S
JAM ES S T IL L M A N
R O B E R T I. G A M M E L L
A R T H U R O U R T ISS JA M E S
JOHN O L A F L IN
JO H N J. P H E L P S

More and more people are fin d in g it con v en ien t to keep their
Securities and other Valuables uptown instead of downtown.
T h e U nion T ru st C om pany o f New Y ork offers unexcelled
facilities at moderate prices in the uptown vaults ol the Lenox
Safe Deposit Company.
A t F ifth A venue and Sixtieth Street they are very near the
“ social centre” of New York, and convenient for most people
who live uptown.
In sp ection an d patron age are invited.

C ity Treasurer.

$25,000 Twsh o Cvert, Mh a
o n ip f o
ic ign
HIGHW AY IMPROVEMENT BONDS
Sealed bids will bo rocoived until 1 P. M.,
jiji v
1st 1913 b y Henry W ilson, low n sh ip
Clerk, C overt, M ichigan, for $25,000 5% Highway
Im provem ent Bonds. Denomination $1,000 each
D ated August 1, 1913. Certified check 2 % .
R ight resorved to reject any and all olds. Tor
further particulars address,
H E N R Y W IL S O N , Township Clerk.
C overt, M ich .




$ 2 ,0 0 0 ,0 0 0 0 0

$ 14,020,801 12

O reg on ,

SEWER BONDS

’

Capital, ......................................
Surplus and Undivided Profits

B LO D G E T

&

CO

BONDS
60 S TA TE STREET. BOSTON
30 P IN E STREET. N E W YORK

S T A T E , C IT Y & R A IL R O A D B O N D S

F .

W

M .

K R A F T

LA W Y E R .

Specialiizng in Examination of
Municipal and Corporation Bonds
1 8 3 7 -9 F I R S T

N A T IO N A L

B AN K

C H IC A G O , IL L .

B L D O .,

1792

TH E

CH RONICLE

P R A IR IE R O S E
( R u r a l M u n i c i p a l i t y N o . 309), S a s k .— PRICE
P A I D FOR D E B E N TU R E S.— T he price paid for the $5,000 6 % 20-year
road debentures awarded on Juno 1 t o i l . O’ Hara & C o. o f Winnipeg (V . 96
p . 1725) was 97.
D a te June 1 1913. Int. ann. on Jan. 1.
’
P R E E C E V I L L E , S a s k . — DEBEN TU RES VOTED.— A ccording to news­
paper reports, the burgesses voted in favor o f the questions o f issuing $1,600
sidewalk and $ 1 , 0 0 0 fire-protection debentures.
P R E S T O N , O n t . — DEBEN TU RES N O T Y E T SOLD.— W e are advised
b y the T ow n Clerk and Treas. that no sale had yet been made o f tho $18,000
5 % loan debentures (V . 96, p. 1443.)
Q U I L L L A K E , S a s k .— DEBENTURE SALE.— C . II. Burgess & C o . o f
T o ro n to have been awarded $2,000 6 % 10-year cou p, town-hall-erection
debentures at 92. D onom . $200. D ate June 1 1913. In t. ann. on D e c. 1.
Q U IL L

P L A IN S

SCHOOL

D IS T R IC T

NO.

2848

(P .

O.

W a tso n ),

S a sk .— D E B EN TU R E SA LE.— An issue o f $1,600 6 M % 1-10-yr. (ser.)
cou p . bklg. debentures was awarded on April 26 to the W estern School
School Supply C o. o f Itegma at par. Int. ann. in O ct.
.
^}\?l‘ 7Uj?EBEN T URES VOTED.— T he questions o f issuing
tJie $ 1 , 0 0 0 park, $ 1 0 , 0 0 0 street-im pt. (city's share), $26,000 water-system im p t. and $8,000 road-grading debentures (V . 96, p. 1577) carried at the
election Juno 9. The vote was 55 to 9, 65 to 1, 63 to 2 and 59 to 3, re­
spectively.
R IV E R S , M an.— DEBEN TU RE E LEC TIO N .— 'The proposition to issue
$ 2 0 , 0 0 0 2 0 -year street-im pt. debentures will be subm itted to tho rate­
payers on Juno 23 .reports state.
S T . M A R Y 'S , O n t.— DEBEN TU RES N O T SOLD.— W e are advised b y
the Clerk that no award has yet been made o f the $17,000 5 % over-dratf
debentures offered on April 15 (V . 96, p . 155.)
SEED ERSTROM

SCH O OL

D IS T R IC T

NO.

882

(P .

O.

W e b b ),

S a sk .— DEBEN TU RE SALE.— An issue o f $2,008 6 % % 10-year bldg,
bonds has been awarded to the W estern School Supply C o. o f Regina at par.
D a to June 1 1913. Int. ann. in Juno.
C O L C H E S T E R T O W N S H I P (P . O . H a r r o w ) , O n t . — DE­
B EN TU RE SALE.— T he $29,238 80 5 % 15-year Richm ond-drain dobcnes ( V . 96, p. 1443) have been awarded to local parties at 99. D ato July 1
1913. Int. ann. on July 1 .
S P Y H IL L

( R u r a l M u n i c i p a l i t y N o . 1 5 2 , P . O . S p y H i l l ) , S a s k .—

DEBEN TU RE SALE.— On M a y 20 tho $10,000 b'A % 20-installment deben­
tures offered on April 10 (V . 96, p. 1044) were awarded to the Flood Land
C o . o f Regina at 93.60. D a te M a y 22 1913. Int. ann. in M a y .
S T A R C I T Y , S a sk .— DEBEN TU RES A U T H O R IZ E D .— ' his village
T
has been authorized to borrow $ 1 , 2 0 0 perm anent-im pt. debentures.
STOUGHTON,
S a s k .— DESC R IPTION
OF DE B EN TU R E S.— T ho
Secretary-Treasurer advises us that the $5,000 perm anent-im provem ent
debentures recently authorized (V . 96, p. 1578) are in the denom ination

[V o l . XCVI

o f $1,000 and bear interest at the rate o f 6 % . Dato M a y 15 1913.
annually in N ovem ber. D ue part yearly for 15 years.

Interest

i
D n t.— DEBENTURES VOTED.— T ho propositions to
issue $10,0°0 to be granted as a, loan to the Canadian Forging C o. and $5,000
fire-hall-constr. debentures (V . 96, p. 1653) carried, it is stated, at the
election held June 9.
T O U C H W O O D (R u ra l M u n icip a lity N o. 248), S ask.— DEBEN TU RE
c v Le k
tho $5,000 6 % perm anent-impt. debentures
(V . 96, p . 1653) have been awarded to Brent, N oxon & C o. o f T oron to.
T R E N T O N , O n t.— DEBEN TU RES VOTED.— T he question o f issuing
$75,000 paving debentures carried, it is stated, at tho recent election?
8
™ 3 RU/ ^ ’ ,?,a s k -— DEBEN TU RES A U TH O R IZ E D .--A cco r d in g to r o
Im provem ents ^ 8 0 ^
been empowerecl to borrow $ 2 , 0 0 0 for perm anontT U R N B E .R R Y T O W N S H IP , O n t.— DEBENTURES VOTED.— At tho
hel“
7 tho by-law providing for tho issuance o f tho $12,000
bridge-constr. debentures (V . 96, p. 1653) carried, reports state.
W A L T R O U S , S ask.— DEBENTURES VOTED.— It is reported that tho
issuing the $70,000 water-waorks and sewerage-com pletion,
siclewalk-constr. debentures and $11,000 as a bonus to tho Farmers
M achine C o. carried at the election held Juno 2 (V . 96, p. 1578.)
W A T E R L O O , O n t.— LO A N E LECTION PROPOSED.— It is reportod
that an election will be held in tho near future to submit to a voto a bv-law
to raise $10,000 as a loan to tho Quality Mattress C o
y
W E L L IN G T O N R U R A L M U N IC IP A L IT Y N O . 9 7 S a s k __DEBEN­
TURES A U T H O R IZ E D .— A ccording to reports.authorityli“ s been gran tal
this m unicipality to borrow $ 2 , 0 0 0 for perm anent-improvem ents.
8
(R u ra l M u n icip a lity N o. 253), S ask.— DEBENTURES
r?f H ? V V ^ n n ^ KCp? riSK a t 0
t ,S5
,
aw Providing for tho issuanco
or tho $5,500 hospital-bldg, and equip, debentures (V . 90, p. 15781 was
defeated by tho ratepayers on June 4.
.W I N N I P E G , M a n . - DEBEN TU RES N OT TO BE OFFERED TH IS
YEAR.— T he M a yor advises us that the $1,250,000 Salter St. subway de­
bentures voted M a y 1 (V . 96, p. 1382) “ will not be placed on tho market
this year.
, „ ^ , ? > D S T O C K , O n t.— D E B E N TU R E S N O T TO BE OFFERED TH IS
O
^ bo C ity Clerk advises us under date o f June 17 that tho $12,000
5% 30-yr. water debentures voted M a y 12 (. 96, p . 1578) will not be
offered this year.
S&s* -— DEBENTURES AU T H O R IZ E D .— It is stated
tnat this village is authorized to borrow $ 2 , 0 0 0 for permanent im provonm ets.
r m P / P n J , ? ™ LIi£i S C H O O L 'D IS T R IC T N O . 159, S a sk .— DEBEN M f ■/,rhS(! 5 ^ 6 WTIro p o ^;U? ' viu b 0 received until July l b y C . J.
2 0 annual instaMmeTite^'’
“ S l 5 ’ 0 0 0 5 % s c h ° o1 debentures.
D uo in

MISCELLANEOUS.

MISCELLANEOUS.

OFFICE OF TU B

ATLANTIC MUTUAL INSURANCE COMPANY.Ube Government Hccountani
New Y ork, January 22d,

Premiums on such risks from the 1st January, 1912, to the 31st December, 1912__________________ $4,069 457 6G
753,427 33
Premiums on Policies not marked oil 1st January, 1912_____________ __________ ___________________
Total Premiums............................................................................................................................................................$4,822,884 99
Premiums marked off from January 1st, 1912, to Decem ber 31st, 1912___________________________ $4,055,834 05
Interest on the Investments of tho Company received during the year___ $302,088 79
42,787 34
Interest on Deposits in Banks and Trust Companies, e tc............................
R ent received less Taxes and Expenses.................................................... .......... 130,987 28

P. 0 . BOX 27. MAI N OFFICE.
W ASHINGTON, D. C.

1913.

The Trustees, in conformity with the Charter of the Company, submit the following statement of its affairs on tin
31
if of December, 1912.
The Company’s business has been confined to marine and inland transportation insurance.

475.863 41

Losses paid during the year----------------------------------------------------------------------------- --------- $2,104,257 48
Less Salvages____________________ ________________ $197,204 74
Re-Insurances________ ________. _____ ____________ 544,016 02
D iscount_______ ___________________________________
195.79
741,416 65

OFFIC IAL ORGAN OF T H E ASSOCIATION OF
AMERICAN G O VE R N M EN T ACCOUNTANTS
A M O N TH LY M A G A ZIN E OF IN T E R E S T TO
ACCOUNTING AN D F IN A N C IA L O FFIC E RS
)F M U N IC IP A L IT IE S , B A N K S. R A IL W A Y S
IN D O T H E R PU BL IC SE R V IC E C O R P O R A H ON S.
r o BE FOUND IN A L L L E A D IN G C E R T IF IE D
^ P U B L IO ACCOU N TANTS’ OFFICES.

$1,362,8-10 93
Returns o f Premiums_____________ __________________________________________________
Expenses, including officers’ salaries and clerks’ compensation, stationery, advertise­
ments, e tc________ ________________ _________ __________________ ______ ______________

563,285 21

A dividend o f Interest of Six per cent on the outstanding certificates o f profits will be paid to the holders
thereof, or their legal representatives, on and alter Tuesday the fourth o f February next.
The outstanding certificates o f the Issue o f 1907 will be redeemed and paid to the holders thereof, or theli
legal representatives, on and after Tuesday the fourth of February next, from which date all interest thereon
will cease. The certificates to be produced at the time o f payment and canceled.
A dividend of Forty per cent Is declared on the earned premiums o f the Company for the year ending 31st
Decem ber, 1912, which are entitled to participate in dividend, for which, upon application, certificates will be
Issued on and after Tuesday the sixth o f May next.
By order of tho Board,

Q . STANTON FLO YD -JO N E S, Secretary.

TRUSTEES.
JOHN N . BEACH,
E R N E ST C. BLISS,
V E RN O N H . BR O W N ,
W A L D R O N P. BR O W N ;
JOHN CLAFLIN
G EO RG E C. C L A R K ,
CLEV ELA N D I I . DODGE;
CORN ELIUS E L D E R T ,
R IC H A R D H . E W A R T ,
P H IL IP A . S. F R A N K L IN ;

H E R B E R T L . GRIGG S,
ANSON W . H A R D ,
THOMAS H. H U B B A R D ;
L E W IS CASS LED Y A R D .
CH A RLE S D . LE VE IU C H ;
G EO RG E H . MACY,
N ICH OLAS F. PA LM ER ,
H E N R Y PA R ISH ,
AD O LF PA VE N STE D T,
JAMES H . POST,

ACCOUNTANTS.

$91,649 80

C H A RLE S M. P R A T T ,
D ALLAS B . P R A T T ,
G EORGE W . Q U IN TA R D ;
ANTON A . R A V E N ,
JOHN J. IU K E R ,
DOUGLAS ROBIN SO N,
W ILLIA M J. SC H IE FFE LIN ,
W IL L IA M SLOANE,
LOUIS ST ER N .
W ILLIA M A. S T R E E T .
G EO RG E E . T U R N U R E .

A. A. R A V E N , President.
CO RNELIUS E L D E R T , Vice-President.
W A L T E R WOOD PARSON S, 2d Vice-President.
CH ARLES E. F A Y , 3d Vice-President.
JOHN H . JONES S T E W A R T , 4th Vice-President.

PARK, P O T T E R & CO.
OKRTIFLBD PUBLIC ACC O U N TAN T S.

N e w Y o r k , C h ic a g o , C in c in n a t i a n d
L o n d o n , E n g la n d .
AUDITOR8 FOR FIN A N C IA L IN S T IT U ­
TIO N S, IN D U ST R IAL A N D
M IN IN G CO M PAN IES.
Investigations. Financial Statements,
Periodical Audlte and Accounting

R AN G E

O F P R IC E S

J?OU 30 YEARS.

B A LA N C E SHEET.

ASSETS.

„

_

$13,623,851 38

$11,020,590 67

Thus leaving a balance o f ---------------------------------------------------------------------------------- . . . ________________ $2,603,260 71
Accrued Interest on Bonds on the 31st day of December, 1912, amounted t o _____________________
$40,804 99
ents due and accrued on the 31st day o f December, 1912. amounted t o ..............................................
26,696 99
e-insurance due or accrued, In companies authorized in New York, on the 31st day o f D ecem ber,
1912, amounted t o ............- .............. - - - - - ........................................................................................................
257,330 00
Unexplred re-lnsurance premiums on the 31st day o f December, 1912, amounted t o .............................
47,650 39
Note: The insurance Department has estimated the value of the Real Estate corner Wall and
William Streets and Exchange Plata In excess of the Book Value given above, a t ................
450.573 96
And the property at Staten Island in excess of the Book Value, a t ................................................
63,700 00
The Market Value o f Stocks, Bonds and other Securities on the 31st day o f Decem ber, 1912, ex­
ceeded the Company’ s valuation b y ................................................................................................................ 1,695,027 24

g

the basis of these increased valuations the balance would be........................................................ $5,186,044 28




1883—1913

LIABILITIES.

United States and State o f New Y ork
Estimated Losses and Losses Unsettled
$670,000 00
In process o f Adjustm ent_____________ $2,174,058 00
Bonds .........................................................
New York City and New York Trust
Premiums on Unterminated Risks............
767,050 94
1,777,900 00 Certificates of Profits and Interest Un­
Companies and Bank S tocks________ 262,924 05
paid ................................... ........ ....
Stocks and Bonds of Railroads__________ 2,716,537 00
282,520 00 Return Premiums Unpaid_________I I
Other Securities-------- -------- ------------------104,322 78
Reserve for Taxes......... _ _............ ......
_
Special Deposits In Banks and Trust
110.025 19
900.000 00 Re-Insurance Premiums............__
Companies ..............................................203,735 55
Claims not Settled, Including Compen­
Real Estate cor. Wall and William Streets
sation, e t c ..........................................
and Exchange Place, containing offices 4.290.426 04
82,698 09
Certificates of Profits Ordered Redeemed,
Real Estate ®n Staten Island (held under
Withheld for Unpaid Premiums______
75,000 00
provisions of Chapter 481,Laws of 1887)
22,556 09
692.766 69 Certificates o f Profits O u t s t a n d in g ...... 7,293,220 00
Premium N otes_________________________
615,303 16
Bills R e c e iv a b le ________________________
( ash in hands of European Bankers to
pay losses under policies payable in
foreign countries_____________________
298,641 20
Cash in Bank.
994,882 29
Tem porary Investments (payable Janu­
ary 1 91 3)____________________________ .
400,875 00

OUR A N N U A L

T h e

F in a n c ia l

Gtvee a monthly range
Prices for fire years.
1888
1893
1898
1903
1908
1913

issue
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M

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R e v ie w

Stock and Bond

We can supply

which gives
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1883-1887
1888-1892
1893-1897
1898-1902
1903-1907
1908-1912

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Commercial & Financial Chronicle
138 Front Street
NEW

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